&ROHomR3UHYLGrQFLD6RFLDO
9ROXPH
:RUNVKRS
3UHYLGrQFLD$VVLVWrQFLD
6RFLDOHRPEDWHj3REUH]D
WUDQVFULomRGDVSDOHVWUDVHGHEDWHV
1
@ 2000 Ministério da Previdência e Assistência Social
(VWHOLYURIRLSXEOLFDGRQRkPELWRGR$FRUGRGHRRSHUDomR7pFQLFD03$6(3$/2VF...
)D[
7LUDJHPH[HPSODUHV
,PSUHVVRQR%UDVLO3ULQWHGLQ%UD]LO
eSHUPLWLGDDUHSURGXomRWRWDORXSDUFLDOGHVWDREUDGHVGHTXHFLWDGDDIRQWH
''
%%UD...
5
:RUNVKRS´3UHYLGrQFLD$VVLVWrQFLD6RFLDOHRPEDWHj3REUH]Dµ
7UDQVFULomRGDVSDOHVWUDVHGHEDWHV
SUMÁRIO
$SUHVHQWDomR««««««««««««««««««««««««««««««« 
3UHIiFLR««««««««««««««««««««««««««««««««« 
DStWXOR8P,QWURGXomR«««««««...
,0RWLYDomR«««««««««««««««««««««««««««««« 
,,23UREOHPD3UHYLGHQFLiULR«««««««««««««««««««««««« 
,,,6LPXODo}HVHQiULR%iVLFR««««...
««««««««««««««««« 
DStWXOR 4XDWUR $VSHFWRV 6RFLDLV GD 3UHYLGrQFLD QR %UDVLO 2 'HVDILR GH $XPHQWDU D
REHUWXUD9LQtFLXV3LQKHLUR
,,QWURGXomR«««««««««««««««««««««««««««««« 
,,23DSHO6RFLDOGD3UHYLGrQFLD«««««««««««««««««««««« 
,,,2'HVDILRGD([SDQVmRGDREHUW...
,,QWURGXomR««««««««««««««««««««««««««««
,,0HWRGRORJLD««««««««««««««««««««««««««««««
,,%DVHGHGDGRV«««««««««««««««««««««««««...
6
DStWXOR6HLV8QLYHUVDOL]DomRGH'LUHLWRV6RFLDLV0tQLPRVQR%UDVLORDVRGD3UHYLGrQFLD
5XUDOQRV$QRV*XLOKHUPH'HOJDGRH-RVpHOVRDUGRVR-U
,5HVXPR««««««««««««««««««««««««««««««« 
,,5HFRQILJXUDomRGR(VSDoR5XUDO%UDVLOHLURj/X]GR6HWRUGH$SRVHQWDGRVH
3HQVLRQLVWDVDOJXP...
5
$$3355((66((1177$$dd®®22
eFRPVDWLVIDomRTXHDSUHVHQWDPRVRWHUFHLURYROXPHGD Coleção Previdência SocialTXHWUD]RV
WUDEDOKRVGHV...
$ ROHomR 3UHYLGrQFLD 6RFLDO FRQWD WDPEpP FRP VpULHV GH SXEOLFDo}HV GH WUDGXo}HV HVWXGRV H
OHJLVODomRHWHPFRPRREMHWLYRGLIXQG...
6
3355(())ÉÉ,,22
1R DQR  D 3UHYLGrQFLD 6RFLDO DWLQJLX R SDWDPDU GH  PLOK}HV GH EHQHItFLRV SDJRV
PHQVDOPHQWH FRP XP YDORU W...
'LVVHPLQDU LQIRUPDo}HV GR SDSHO VRFLDO GD 3UHYLGrQFLD p IXQGDPHQWDO SDUD TXH D VRFLHGDGH
SRVVDHQJDMDUVHUHVSRQVDYHOPHQWHHVR...
$3Ì78/280
,1752'8d®2
:RUNVKRS´3UHYLGrQFLD$VVLVWrQFLD6RFLDOHRPEDWHj3REUH]Dµ
%UDVtOLDHGHPDUoRGH
6(66®2'$0$1+®
0(675('((5,0Ñ1...
SRVVDPRVFDGDYH]PDLVQRVFRQKHFHUPHOKRUHDVVLPSRGHUWUDEDOKDUGHPRGRPDLVHILFD]HPDLV
HIHWLYRSDUDFRQVHJXLUDOFDQoDUQRVVRVREMHWLYRVV...
2TXHGL]DWHRULDHFRQ{PLFDpTXHDXPHQWRVGRVDOiULRPtQLPRSRGHPJHUDUDGLPLQXLomRGR
HPSUHJRRDXPHQWRGDWD[DGHGHVHPSUHJR5HFHQWHPHQWHHVV...
UHIHUHVH j SURSRUomR GH SREUHV EDVHDGR Vy HP UHQGD GR WUDEDOKR $FKR TXH SREUH]D EDVHDGD HP
UHQGDGRWUDEDOKRpXPDPHGLGDLQWHUH...
DXPHQWRXPDVXEVWDQWLYDUHGXomRGHSREUH]DHSDVVDGHSDUDRXVHMDPXOWLSOLFDPDLVGH
HPXPIDWRUGHRLPSDFWRVREUHDSREUH]DPDVLVVRpUHFXUVRS~E...
$QDOLVDQGRGDGRVGHRXWURVSDtVHVYHULILTXHLSDUDPLQKDVXUSUHVDTXHDÉIULFDGR6XOWHPXP
FRPSRUWDPHQWR VHPHOKDQWH HP UHQGD GR WUDEDOKR...
SDJDPHQWRpPHQVDO9LPRVLVVRQRSHUtRGRGHLQIODomRDOWDTXDQGRHUDDOJRUHOHYDQWHGRVOHJDLV
GRVFRPFDUWHLUDSHUFHELDPSDJDPHQWRVPHQVDLVFR...
2-RVp0iUFLRIDODUiVREUHUHIRUPDVLQVWLWXFLRQDLVGRVDOiULRPtQLPR1DYHUGDGHJUDQGHSDUWH
GRVUHVXOWDGRVDSUHVHQWDGRVVmRWUDEDOKRVFRQMX...
2TXHR'U9LQtFLXVGLVVHUDJRUDQmRYDOHFRPR
SRVLomRGR0LQLVWURQDRPLVVmRGDkPDUDTXHHVWXGDRVDOiULRPtQLPR
9,1Ì,86$59$/+23,1+(,52(PSUL...
(VVHpXPSUREOHPDPDLVHVWUXWXUDOTXHGHYHVHUFRPEDWLGRFRPGHVHQYROYLPHQWRVXVWHQWDGR
RXSRUSURJUDPDVGHGLVWULEXLomRGHUHQGDSURJUDPDVG...
1mRQRVFDEHFRPHQWDUDVUD]}HVGHVVDVPXGDQoDV(ODVHVWmRDOLDGDVDIHQ{PHQRVHVWUXWXUDLV
GHPXGDQoDQRPHUFDGRGHWUDEDOKRjDXWRPDomRGHSURF...
1R FDVR GR VHWRU GH VHUYLoRV p LPSRUWDQWH FLWDU XPD PHGLGD WRPDGD HP  D GD VXE
URJDomR1HODRFRQWUDWDQWHUHWpPGDIDWXUDSDJDjHP...
RPDSDODYUDR'U-RVp0iUFLRDPDUJR
-26e 0É5,2 $0$5*2 ² $V GXDV DSUHVHQWDo}HV IRUDP H[WUHPDPHQWH LQWHUHVVDQWHV 0HX
REMHWLYR VHUi...
DWLQJLULDPLOK}HVGHSHVVRDVFRPRWHQGHULDDUHGX]LUDSREUH]DQRIXWXURDWUDYpVGRLQFHQWLYRSDUD
DPHOKRULDGRQtYHOHGXFDFLRQDOGDVFULDQoDV...
,QIHOL]PHQWHjPHGLGDHPTXHILFDPRVPDLVYHOKRVYDPRVWDPEpPILFDQGRPDLVSHUWRGD
PRUWH SHOR PHQRV HP WHUPRV GH SUREDELOLGDGH
( DR LQYHVWLU QRV PDLV YHOKRV HVWDPRV WDPEpP
LQYHVWLQGRUHFXUVRVHVFDVVRVHPSHVVRDVTXHWrPXPDPDLRUSUREDELOLGDGHGHYLYHUPHQRVGRT...
,VVRWDPSRXFRVLJQLILFDTXHQmRVHGHYHDXPHQWDUDUHQGDGRVLGRVRV2SRQWRp
TXHLVVRQmRSRGHVHUXPDSULRULGDGHGRSDtV1RVVRVLGRVRVSRGHPWHUVL...
(RYROXPHGHGLQKHLURTXHR(VWDGRWHPGHJDVWDUSDUDVXVWHQWDUHVVHVLGRVRVpPXLWRJUDQGH$
UHODomRFRQWULEXLQWHEHQHILFLiULRQD3UHYLGrQFLD6...
UHQGD IDPLOLDU QR SUHVHQWH H R UHWRUQR GHVWH GLQKHLUR VRPHQWH LUi DSDUHFHU QR IXWXUR TXDQGR RV
FRQWULEXLQWHVVHDSRVHQWDUHP
...
DWHUHPHPSUHJRV
FRP FDUWHLUD GH WUDEDOKR DVVLQDGD ( QHVWH VHQWLGR GHYHPRV QRV SHUJXQWDU SRU TXH WRGRV RV
HPSUHJDGRVQmRWrPHP...
H[LJrQFLDDSHVVRDGLVVHQmRSUHFLVRPDLVWHUFDUWHLUDDVVLQDGDSDUDSRGHULUDRSRVWRGHVD~GH0DLV
XPDUD]mRSDUDQmRWHUFDUWHLUDGHWUDEDOKRDV...
1mR YDOHQGR ID]HU SURYRFDo}HV VRPHQWH DR
DPDUJRHVWmRDEHUWRVRVGHEDWHVRPDSDODYUDD$QD$PpOLD
$1$$0e/,$$0$5$12(VWXGHLQDPHVPDHVF...
3DVVRDSDODYUDDR(PtGLR
(0Ì',25(%(/2),/+26RXDSRVHQWDGRWHQKRDQRVHMiIXLFKDPDGRGHYDJDEXQGR+RMH
IXLFKDPDGRGHLPSUHVWiYHO
225'(1$'250LQLVWUR:DOGHFN2UQpODV
RPHVVDLGDGHQmR
(0Ì',25(%(/2),/+2(XTXHURGL]HUDR3URIDPDUJRTXHHXQmRVRXVXVWHQWDGRSHOR
(VWDGRDVVLPFRPRPLOK}HVGHEUDVLOHLURVQmRRV...
$JUDGHoR DR 5REHUWR 0DUWLQV 3UHVLGHQWH GR
,3($ SHOD SDUWLFLSDomR (VVH p XP GHEDWH WUDYDGR QR PHLR DFDGrPLFR ,PDJLQHP HVVH ...
FUHGHQFLDU,VVRpWXGRRTXHQmRTXHUHPRVHPWHUPRVGHHGXFDomR(XDFKRTXHWHPGHKDYHUPXLWR
FXLGDGRFRPHVVDSURSRVWD
225'(1$'250LQLVWUR:DOG...
3DVVRDSDODYUDDR-RVp0iUFLRDPDUJRSDUD
TXHHOHVHGHIHQGD
-26e 0É5,2 $0$5*2  $JUDGHoR DR 5REHUWR $FKR TXH HOH PRVWURX PXLWR EHP ...
KRMH QmR YDL SDJDU PLQKD DSRVHQWDGRULD 7HQKR FHUWH]D DEVROXWD GLVVR 'DGDV DV UHJUDV DWXDLV GD
DSRVHQWDGRULDDVRFLHGDGHYDLHV...
3DUWLFXODUPHQWHHXTXHULDTXHJDVWDVVHPDLV0DVRSULQFLSDOSUREOHPDpDTXHVWmRGDTXDOLGDGHGR
JDVWR9iULRVHVWXGRVPRVWUDPFRPRR-RVp0iUFLR...
3RUH[HPSORDFKRTXHXPDYDQWDJHPGHVVDSURSRVWDpTXHYRFrQmRVyUHJLRQDOL]DRVDOiULR
PtQLPRFRPRGL]HUTXHOiQRHDUiWHPPDLVDQDOIDEHWRVTXHH...
RP D SDODYUD R 'U 9LQtFLXV SDUD RV VHXV
FRPHQWiULRV
9,1Ì,86$59$/+23,1+(,522SULPHLURSRQWRTXHHXJRVWDULDGHFRPHQWDUHPUHODomRD
...
VHWRUSULYDGReR~QLFRSODQRHPTXHSDUDFDGDUHDOTXHRWUDEDOKDGRUFRORFDRHPSUHJDGRUFRORFD
PDLVUHDLV(PVHJXQGROXJDURQRVVRSODQRpFRPSOHW...
+iPDLVTXDWURLQVFULWRVHOHFLQR0DUJDULGD
HFKLQ H +HOPXW RPR RV TXDWUR VmR GD DVD H HVWDPRV FRP XPD KRUD GH DWUDVR  IDUHPRV XP...
225'(1$'259LQtFLXVDUYDOKR3LQKHLUR
1HVWHSDLQHOKDYHUiDSDOHVWUDGR'U5LFDUGR
3DHV GH %DUURV 'LUHWRU GH 3ROtWLFD 6RFLDO GR ,3($ VHJXLGR GH FRPHQWiULRV GR H[6HFUHW...
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Vol.03   previdência, assistência social e combate à pobreza
Nächste SlideShare
Wird geladen in …5
×

Vol.03 previdência, assistência social e combate à pobreza

105 Aufrufe

Veröffentlicht am

Concurso Inss 2015

0 Kommentare
0 Gefällt mir
Statistik
Notizen
  • Als Erste(r) kommentieren

  • Gehören Sie zu den Ersten, denen das gefällt!

Keine Downloads
Aufrufe
Aufrufe insgesamt
105
Auf SlideShare
0
Aus Einbettungen
0
Anzahl an Einbettungen
3
Aktionen
Geteilt
0
Downloads
1
Kommentare
0
Gefällt mir
0
Einbettungen 0
Keine Einbettungen

Keine Notizen für die Folie

Vol.03 previdência, assistência social e combate à pobreza

  1. 1. &ROHomR3UHYLGrQFLD6RFLDO 9ROXPH :RUNVKRS 3UHYLGrQFLD$VVLVWrQFLD 6RFLDOHRPEDWHj3REUH]D WUDQVFULomRGDVSDOHVWUDVHGHEDWHV
  2. 2. 1 @ 2000 Ministério da Previdência e Assistência Social (VWHOLYURIRLSXEOLFDGRQRkPELWRGR$FRUGRGHRRSHUDomR7pFQLFD03$6(3$/2VFRPHQWiULRV H RSLQL}HV H[SUHVVDGRV QHVWH OLYUR VmR GH UHVSRQVDELOLGDGH GH VHXV DXWRUHV QmR QHFHVVDULDPHQWH UHIOHWLQGRDSRVLomRRILFLDOGDVLQVWLWXLo}HVTXHSURPRYHUDPRHYHQWRHUHDOL]DUDPHVWDSXEOLFDomR 3UHVLGHQWHGD5HS~EOLFD)HUQDQGR+HQULTXHDUGRVR 0LQLVWURGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO:DOGHFN2UQpODV 6HFUHWiULRGH3UHYLGrQFLD6RFLDO9LQtFLXVDUYDOKR3LQKHLUR 'LUHWRUGR'HSDUWDPHQWRGR5HJLPH*HUDOGH3UHYLGrQFLD6RFLDO*HUDOGR$OPLU$UUXGD 'LUHWRUGR'HSWžGRV5HJLPHVGH3UHYLGrQFLDQR6HUYLoR3~EOLFR'HO~ELR*RPHV3HUHLUDGD6LOYD (GLomRHGLVWULEXLomR 0LQLVWpULRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO 6HFUHWDULDGH3UHYLGrQFLD6RFLDO (VSODQDGDGRV0LQLVWpULRV%ORFR) ²%UDVtOLD²') 7HO
  3. 3. )D[
  4. 4. 7LUDJHPH[HPSODUHV ,PSUHVVRQR%UDVLO3ULQWHGLQ%UD]LO eSHUPLWLGDDUHSURGXomRWRWDORXSDUFLDOGHVWDREUDGHVGHTXHFLWDGDDIRQWH '' %%UDVLO0LQLVWpULRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO 3UHYLGrQFLD6RFLDOROHomR3UHYLGrQFLD6RFLDOVpULHGHEDWHV ZRUNVKRS´3UHYLGrQFLD$VVLVWrQFLD6RFLDOHRPEDWHj3REUH]Dµ %UDVtOLD03$6ROHomR3UHYLGrQFLD6RFLDO6pULH'HEDWHV S 3UHYLGrQFLD6RFLDO$SRVHQWDGRULD3REUH]D$VVLVWrQFLD6RFLDO ,7tWXOR,,ROHomR3UHYLGrQFLD6RFLDO²6pULH'HEDWHV
  5. 5. 5 :RUNVKRS´3UHYLGrQFLD$VVLVWrQFLD6RFLDOHRPEDWHj3REUH]Dµ 7UDQVFULomRGDVSDOHVWUDVHGHEDWHV
  6. 6. SUMÁRIO $SUHVHQWDomR««««««««««««««««««««««««««««««« 3UHIiFLR««««««««««««««««««««««««««««««««« DStWXOR8P,QWURGXomR««««««««««««««««««««««««« DStWXOR 'RLV $VSHFWRV )LVFDLV H 6RFLDLV GH 0RGDOLGDGHV $OWHUQDWLYDV GH 5HDMXVWH GH $SRVHQWDGRULDVH3HQV}HV3~EOLFDV0DUFHOR1HUL
  7. 7. ,0RWLYDomR«««««««««««««««««««««««««««««« ,,23UREOHPD3UHYLGHQFLiULR«««««««««««««««««««««««« ,,,6LPXODo}HVHQiULR%iVLFR«««««««««««««««««««««««« ,92(SLVyGLRGH0DLRGH««««««««««««««««««««««« 9$QiOLVHGH6HQVLELOLGDGH««««««««««««««««««««««««« 9,RQFOXV}HV«««««««««««««««««««««««««««««« 9,,5HIHUrQFLDV%LEOLRJUiILFDV««««««««««««««««««««««««« DStWXOR7UrV'LUHLWRV,QIRUPDLV0DUFHOR1HUL
  8. 8. ««««««««««««««««« DStWXOR 4XDWUR $VSHFWRV 6RFLDLV GD 3UHYLGrQFLD QR %UDVLO 2 'HVDILR GH $XPHQWDU D REHUWXUD9LQtFLXV3LQKHLUR
  9. 9. ,,QWURGXomR«««««««««««««««««««««««««««««« ,,23DSHO6RFLDOGD3UHYLGrQFLD«««««««««««««««««««««« ,,,2'HVDILRGD([SDQVmRGDREHUWXUD««««««««««««««««««« ,9RQVLGHUDo}HV)LQDLV«««««««««««««««««««««««««« DStWXORLQFR$SRVHQWDGRULDHSREUH]DQR%UDVLO5LFDUGR3DHVGH%DUURV6HUJLR)LUSR5RVDQH 0HQGRQoD'DQLHO6DQWRV
  10. 10. ,,QWURGXomR«««««««««««««««««««««««««««« ,,0HWRGRORJLD«««««««««««««««««««««««««««««« ,,%DVHGHGDGRV««««««««««««««««««««««««««« ,,RQFHLWRVEiVLFRV«««««««««««««««««««««««««« ,,(VWUDWpJLDHPStULFD««««««««««««««««««««««««« ,,,5HVXOWDGRV3UHOLPLQDUHV(PStULFRV««««««««««««««««««««« ,9RQFOXV}HV«««««««««««««««««««««««««««««« 95HIHUrQFLDV%LEOLRJUiILFDV«««««««««««««««««««««««««
  11. 11. 6 DStWXOR6HLV8QLYHUVDOL]DomRGH'LUHLWRV6RFLDLV0tQLPRVQR%UDVLORDVRGD3UHYLGrQFLD 5XUDOQRV$QRV*XLOKHUPH'HOJDGRH-RVpHOVRDUGRVR-U
  12. 12. ,5HVXPR««««««««««««««««««««««««««««««« ,,5HFRQILJXUDomRGR(VSDoR5XUDO%UDVLOHLURj/X]GR6HWRUGH$SRVHQWDGRVH 3HQVLRQLVWDVDOJXPDVHYLGrQFLDVIDFWXDLV«««««««««««««««««« ,,,2'HEDWH7HyULFRGR¶1RYR5XUDO·RTXHKiGHQRYRQR%UDVLO«««««««««« ,9RQGLo}HVGH5HSURGXomRGD(FRQRPLD)DPLOLDU««««««««««««««« ,9(VWUXWXUD GRV 5HQGLPHQWRV 'RPLFLOLDUHV H RQGLomR GH $WLYLGDGH GRV (VWDEHOHFLPHQWRV3HVTXLVDGRV«««««««««««««««««««« ,95HODo}HV GH 7UDEDOKR H RQGLo}HV GH ,QVHUomR 2FXSDFLRQDO GRV %HQHILFLiULRV««««««««««««««««««««««««««« ,9(VWUXWXUDGRV*DVWRV'RPLFLOLDUHV«««««««««««««««««« ,9/LQKDVGH3REUH]DH7LSLILFDomRGDV8QLGDGHV'RPLFLOLDUHV««««««««« 9RQFOXV}HV««««««««««««««««««««««««««««« 9,5HIHUrQFLDV%LEOLRJUiILFDV««««««««««««««««««««««««
  13. 13. 5 $$3355((66((1177$$dd®®22 eFRPVDWLVIDomRTXHDSUHVHQWDPRVRWHUFHLURYROXPHGD Coleção Previdência SocialTXHWUD]RV WUDEDOKRVGHVHQYROYLGRVQRWorkshop´3UHYLGrQFLD$VVLVWrQFLD6RFLDOHRPEDWHj3REUH]DµRFRUULGR HPPDUoRGHSURPRYLGRSHOR0LQLVWpULRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO²03$6FRPR DSRLRGD)8135(9)XQGDomR$1$636$VVRFLDomR1DFLRQDOGRV6HUYLGRUHVGD3UHYLGrQFLD6RFLDO
  14. 14. $ ROHomR 3UHYLGrQFLD 6RFLDO FRQWD WDPEpP FRP VpULHV GH SXEOLFDo}HV GH WUDGXo}HV HVWXGRV H OHJLVODomRHWHPFRPRREMHWLYRGLIXQGLUHSURPRYHUDGLVFXVVmRVREUHDVTXHVW}HVSUHYLGHQFLiULDVHP VXDVP~OWLSODVGLPHQV}HVVRFLRHFRQ{PLFDSROtWLFDGHPRJUiILFDDWXDULDOHMXUtGLFD 2 FRQWH~GR HVSHFtILFR GHVWD SXEOLFDomR p UHVXOWDGR GRV WUDEDOKRV DSUHVHQWDGRV QR UHIHULGR ZRUNVKRS SRU WpFQLFRV H DFDGrPLFRV FRP DPSOD H[SHULrQFLD HP HVWXGRV VREUH SREUH]D PHUFDGR GH WUDEDOKRGHPRJUDILDHLPSOLFDo}HVVRFLDLV GD SROtWLFD SUHYLGHQFLiULD 2V HVWXGRV DQDOLVDP RV HIHLWRV SRVLWLYRVGDSUHYLGrQFLDVREUHDGLVWULEXLomRGHUHQGDQtYHOGHSURWHomRVRFLDOHFRQGLomRHFRQ{PLFD GDVIDPtOLDV $VLQIRUPDo}HVDSUHVHQWDGDVHQIDWL]DPRSDSHOIXQGDPHQWDOGRVLVWHPDSUHYLGHQFLiULREUDVLOHLUR QDHVWDELOLGDGHVRFLDOHQRGLQDPLVPRHFRQ{PLFRGRSDtV2VEHQHItFLRVSDJRVSHOD3UHYLGrQFLD6RFLDO HOHYDP D UHQGD SHU FDSLWD GDV IDPtOLDV SULQFLSDOPHQWH GDTXHODV PDLV H[SRVWDV DRV ULVFRV VRFLDLV PHOKRUDQGRDGLVWULEXLomRGHUHQGDHDX[LOLDQGRQRFRPEDWHjSREUH]D (VSHUDVH TXH D OHLWXUD GHVWD SXEOLFDomR H GDV GHPDLV GD ROHomR 3UHYLGrQFLD 6RFLDO GHVSHUWH R LQWHUHVVHVREUHRWHPDSUHYLGHQFLiULRDXPHQWHDFXULRVLGDGHSDUDEXVFDULQIRUPDo}HVDGLFLRQDLVVREUH SUHYLGrQFLDHSULQFLSDOPHQWHVHMD~WLOSDUDDIRUPDomRGHSURILVVLRQDLVTXHVHUmRUHVSRQViYHLVSHOD IRUPXODomRGHSROtWLFDVS~EOLFDVQRIXWXUR Waldeck Ornélas 0LQLVWURGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO
  15. 15. 6 3355(())ÉÉ,,22 1R DQR D 3UHYLGrQFLD 6RFLDO DWLQJLX R SDWDPDU GH PLOK}HV GH EHQHItFLRV SDJRV PHQVDOPHQWH FRP XP YDORU WRWDO VXSHULRU D 5 ELOK}HV RQVLGHUDQGR D DPSOLWXGH GHVWHV SDJDPHQWRVTXHEHQHILFLDPWDQWRRVVHJXUDGRVFRPRWRGRRJUXSRIDPLOLDUHPWRUQRSHUFHEHVHTXH HVWDSROtWLFDS~EOLFDpXPGRVSLODUHVGDHVWDELOLGDGHVRFLDOHGRGLQDPLVPRHFRQ{PLFRGRSDtV $3UHYLGrQFLD6RFLDOpUHVSRQViYHOSRUSDUFHODVLJQLILFDWLYDGDUHQGDGRVHVWDGRVHPXQLFtSLRV2 SDJDPHQWRGHEHQHItFLRVUHSUHVHQWDGR3,%QD5HJLmR1RUGHVWHFRQVHJXLQGRDOFDQoDUQD 3DUDtED H QR 3LDXt $OpP GLVVR DV WUDQVIHUrQFLDV GH UHFXUVRV SDUD R FXVWHLR GH EHQHItFLRV SUHYLGHQFLiULRVpPDLRUTXHR)XQGRGH3DUWLFLSDomRGRV0XQLFtSLRVHPORFDOLGDGHVHVSDOKDGDV HPWRGRRSDtVRTXHUHSUHVHQWDGRWRWDOGHPXQLFtSLRVEUDVLOHLURV 2EVHUYDVH WDPEpP TXH D 3UHYLGrQFLD 6RFLDO SURWHJH JUDQGH SDUFHOD GD SRSXODomR LGRVD SULQFLSDOPHQWHDTXHOHVGHUHQGDPDLVEDL[DGDSRSXODomRFRPPDLVGHDQRVGHLGDGHUHFHEH DOJXPWLSRGHEHQHItFLR$VIDPtOLDVFRPLGRVRVWrPUHQGLPHQWRVVXSHULRUHVjVIDPtOLDVVHP LGRVRV PHVPR FRQWDQGR FRP XP Q~PHUR PHQRU GH SHVVRDV WUDEDOKDQGR (VWH TXDGUR VH GHYH HVSHFLDOPHQWHj3UHYLGrQFLD6RFLDOSRLVRVUHQGLPHQWRVGHDSRVHQWDGRULDVHSHQV}HVUHSUHVHQWDP GDUHQGDWRWDOGDVPXOKHUHVQDIDL[DGHDDQRVHGDUHQGDWRWDOGRVKRPHQVQDPHVPDIDL[D HWiULD 1DiUHDUXUDORSDSHOVRFLDOGD3UHYLGrQFLD6RFLDOVHWRUQDDLQGDPDLVHYLGHQWH2VWUDEDOKDGRUHV UXUDLVTXHYLYHPHPUHJLPHGHHFRQRPLDIDPLOLDUIRUDPLQFRUSRUDGRVDRVLVWHPDDSyVDSURPXOJDomR GDRQVWLWXLomRGHPHVPRQmRWHQGRVXILFLHQWHFRQWUDSDUWLGDFRQWULEXWLYD$3UHYLGrQFLD6RFLDO SURYrUHQGDDPDLVGHPLOK}HVGHEHQHILFLiULRVUXUDLVSHUPLWLQGRXPQtYHOGHHVWDELOLGDGHHFRQ{PLFD IXQGDPHQWDOHPPXLWDVUHJL}HV 2VDUJXPHQWRVH[SRVWRVVmRFODURVQRHQWDQWRRVERQVHIHLWRVVRFLDLVHHFRQ{PLFRVGDSROtWLFD SUHYLGHQFLiULD SUHFLVDP VHU PDLV GLIXQGLGRV H FRQKHFLGRV SHOD VRFLHGDGH 2 GHEDWH H D WURFD GH LQIRUPDo}HV IDUmR FRP TXH D 3UHYLGrQFLD 6RFLDO VHMD YLVWD SHOD VRFLHGDGH FRPR XPD SROtWLFD VRFLDO LPSRUWDQWHHHILFD]QRFRPEDWHjSREUH]D$IDOWDGHFRQKHFLPHQWRGDLPSRUWkQFLDGD3UHYLGrQFLDVH UHIOHWH QR IDWR GH TXH H[LVWHP QR %UDVLO PDLV GH PLOK}HV GH WUDEDOKDGRUHV VHP VHJXUR VRFLDO H[SRQGRVHDULVFRVVHPSURWHomRSDUDVLHVXDIDPtOLD ,QIRUPDo}HVDFHUFDGDLPSRUWkQFLDVRFLDOGD3UHYLGrQFLDSHUPHDUDPWRGRR :RUNVKRS7DQWRQDV SDOHVWUDV H GLVFXVV}HV UHDOL]DGDV TXDQWR QRV DUWLJRV SURGX]LGRV SRU SDOHVWUDQWHV H DTXL WDPEpP DSUHVHQWDGRVHVWmRFODUDVTXHVW}HVIXQGDPHQWDLVFRPRRSDSHOGD3UHYLGrQFLD6RFLDOQRFDPSRVHX LPSDFWRVREUHRV QtYHLVGHSREUH]DVXDUHODomRFRPR PHUFDGR IRUPDO H LQIRUPDO GH WUDEDOKR H D FREHUWXUDGRVLVWHPDIUHQWHjSRSXODomREUDVLOHLUDRFXSDGD'HIDWRPDLVGRTXHOHYDQWDUUHVSRVWDV GHILQLWLYDVVREUHDOJXPDVTXHVW}HVHVWDSXEOLFDomRDSUHVHQWDXPJUDQGHOHTXHGHSHVTXLVDVTXHVHDEUH SDUDHVWXGRVGHSROtWLFDVVRFLDLVFRPEDWHjSREUH]DSUHYLGrQFLDHDVVLVWrQFLDVRFLDO
  16. 16. 'LVVHPLQDU LQIRUPDo}HV GR SDSHO VRFLDO GD 3UHYLGrQFLD p IXQGDPHQWDO SDUD TXH D VRFLHGDGH SRVVDHQJDMDUVHUHVSRQVDYHOPHQWHHVREUHWXGRFRQWULEXLUSDUDXPVLVWHPDXQLYHUVDOHMXVWRRPHVWH REMHWLYRSXEOLFDPRVHVWHOLYURFRPRSDUWHGDVDWLYLGDGHVGHFRRSHUDomRWpFQLFDHQWUHR0LQLVWpULRGD 3UHYLGrQFLDH$VVLVWrQFLD6RFLDOHD(3$/ 9LQtFLXVDUYDOKR3LQKHLUR 5HQDWR%DXPDQQ 6HFUHWiULRGH3UHYLGrQFLD6RFLDO 'LUHWRU 0LQLVWpULRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO (VFULWyULRGD(3$/QR%UDVLO
  17. 17. $3Ì78/280 ,1752'8d®2 :RUNVKRS´3UHYLGrQFLD$VVLVWrQFLD6RFLDOHRPEDWHj3REUH]Dµ %UDVtOLDHGHPDUoRGH 6(66®2'$0$1+® 0(675('((5,0Ñ1,$6(VWHHYHQWRFRQWDFRPRDSRLRGD$VVRFLDomR1DFLRQDOGRV)LVFDLV GD3UHYLGrQFLD$QILSHGD)XQGDomRGH3UHYLGrQFLD)XQSUHY 3DUDDEHUWXUDRILFLDOHFRRUGHQDomRGRVWUDEDOKRVQDSDUWHGDPDQKmFRPDSDODYUDR0LQLVWUR GH(VWDGRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO:DOGHFN2UQpODV 0,1,6752:$/'(.251e/$6,QLFLDOPHQWHGHVHMRDJUDGHFHUDWRGRVSHODSUHVHQoDHSHOD SDUWLFLSDomRQHVWHHYHQWR 2PHXSDSHOKRMHpPDLVRXYLUTXHIDODU$3UHYLGrQFLDTXHUVHFRQKHFHUPHOKRUHGDPHVPD IRUPDD$VVLVWrQFLD6RFLDO$PEDVTXHUHPWHUXPDDYDOLDomRHXPFRQKHFLPHQWRPDLVGHWDOKDGRVREUH DVXDSUHVHQoDDVXDSDUWLFLSDomRHDVXDLPSRUWkQFLDQDVRFLHGDGHEUDVLOHLUD(VVHpRVHQWLGRGHVWH HQFRQWURRQGHUHXQLPRVYiULRVSHVTXLVDGRUHVSURIHVVRUHVHDFDGrPLFRV$SDUWLUGRVWUDEDOKRVTXH YrP VHQGR UHDOL]DGRV VREUH HVVH WHPD TXH VmR PXLWR SRXFRV QR %UDVLO SRGHUVHi REWHU HVVH FRQKHFLPHQWR$ILPGHHVWLPXODUDo}HVGHVWHWLSRHVWDPRVILUPDQGRXPFRQYrQLRFRPRRQVHOKRGH 5HLWRUHVGDV8QLYHUVLGDGHV%UDVLOHLUDVSRLVSUHFLVDPRVHGHVHMDPRVHVWLPXODUDVXQLYHUVLGDGHVDTXH LQYHVWLJXHP D TXH PHUJXOKHP QR HVWXGR VREUH R SDSHO H D SUHVHQoD GD 3UHYLGrQFLD 6RFLDO H GD $VVLVWrQFLD6RFLDOQRSDtVEHPFRPRDLPSRUWkQFLDTXHLVVRUHSUHVHQWDQDQRVVDVRFLHGDGH eSUHFLVRYHUTXHD3UHYLGrQFLDQmRYHPFXPSULQGRVHXSDSHOVRFLDO$SHVDUGDUHOHYkQFLD DSRQWDGDSHORVHVWXGRVUHDOL]DGRVGHPRQVWUDQGRHVVHSDSHOTXHD3UHYLGrQFLDWHPDLQGDDVVLPFRPR QRV LQGLFDP RV GDGRV GD 31$' GH GH FDGD SHVVRDV TXH WUDEDOKDP QR %UDVLO QmR WrP VHJXURVRFLDO1mRSRGHPRVFRQWLQXDUFRQYLYHQGRFRPHVVDUHDOLGDGH3RULVVRODQoDPRVR3URJUDPD GH (VWDELOLGDGH 6RFLDO 2 TXH VH GHVHMD p ID]HU XPD JUDQGH PRELOL]DomR SDUD HVFODUHFHU WRGRV RV WUDEDOKDGRUHVEUDVLOHLURVVREUHDLPSRUWkQFLDGHTXHHOHVIDoDPVHXVHJXURVRFLDO(VVDpDUD]mRSRU TXHHVWDPRVIOH[LELOL]DQGRDVUHJUDVGHDGHVmRGRVWUDEDOKDGRUHVDXW{QRPRVGRVWUDEDOKDGRUHVSRU FRQWDSUySULDTXHVmRJHUDOPHQWHFKDPDGRVGHFRQWULEXLQWHVREULJDWyULRVPDVTXHVHQmRFRQWULEXHP QmRWrPEHQHItFLRVRVWXPRGL]HUTXHHOHVHVWmROHJDOPHQWHKDELOLWDGRVDVHILOLDUj3UHYLGrQFLD6RFLDO PDVQmRVmRFRQWULEXLQWHVREULJDWyULRVQRVHQWLGRUHDOHPERUDSRVVDPVrORGRSRQWRGHYLVWDOHJDO $VVLPpSUHFLVRTXHFULHPRVFRQGLo}HVSDUDTXHHOHVVHLQWHJUHPSDUDTXHVHILOLHPj3UHYLGrQFLD 6RFLDO 'RPHVPRPRGRWHUHPRVRXWURSURMHWRGHOHLTXHGHYHHVWDULQGRSDUDRRQJUHVVR1DFLRQDO QHVWDVHPDQDRXQDSUy[LPDUHODWLYRDRVHWRUUXUDOHQYROYHQGRWDQWRHPSUHJDGRUUXUDOSHVVRDItVLFD FRPRHPSUHJDGRUUXUDOSHVVRDMXUtGLFDHVHXVHPSUHJDGRVDVDJURLQG~VWULDVRFRQWUDWRGHVDIUD R FRQGRPtQLRSRURSomRRFRQGRPtQLRUXUDOWRGDVHVVDVVmRLQLFLDWLYDVTXHR0LQLVWpULRYHPWRPDQGR QRVHQWLGRGHFULDUFRQGLo}HVSDUDDPSOLDUDFREHUWXUDGD3UHYLGrQFLD6RFLDOQR%UDVLO 2WUDEDOKR TXH VHUi GHVHQYROYLGR QR GLD GH KRMH Ki GH QRV VHUYLU FRPR XPD E~VVROD SDUD LQGLFDU QRYRV FDPSRV GH LQYHVWLJDomR GH SHVTXLVD GH HVWXGR QRYDV OLQKDV GH WUDEDOKR SDUD TXH
  18. 18. SRVVDPRVFDGDYH]PDLVQRVFRQKHFHUPHOKRUHDVVLPSRGHUWUDEDOKDUGHPRGRPDLVHILFD]HPDLV HIHWLYRSDUDFRQVHJXLUDOFDQoDUQRVVRVREMHWLYRVVRFLDLV 'LWR LVVR SDVVR D SDODYUD DR SULPHLUR H[SRVLWRU 'U 0DUFHOR 1HUL GD )XQGDomR *HW~OLR 9DUJDVTXHIDODUiVREUH´6DOiULR0tQLPR3UHYLGrQFLDH3REUH]Dµ 0$5(/21(5,eXPDJUDQGHKRQUDSDUWLFLSDUGHVWHVHPLQiULRRQFRUGRWRWDOPHQWHFRPDV SDODYUDVGR6U0LQLVWURVREUHDFDUrQFLDGHWUDEDOKRVQDiUHDGD3UHYLGrQFLDHPSDUWLFXODUVREUHR FKDPDGRODGRVRFLDOGHVWD-iVDEHPRVDOJXPDVFRLVDVVREUHDVLPSOLFDo}HVILVFDLVGDSUHYLGrQFLDPDV DVLPSOLFDo}HVVRFLDLVDLQGDVmRSRXFRHVWXGDGDV 1DYHUGDGHD3UHYLGrQFLDpSDVVtYHOGHHVWXGRVFRPEDVHHPSHVTXLVDVGRPLFLOLDUHVHHVWDVVmR SDUWLFXODUPHQWHDSURSULDGDVSDUDHVWXGDUD3UHYLGrQFLD6RFLDODRFRQWUiULRGHRXWURVWLSRVGHJDVWRV S~EOLFRVeXPDSDXWDTXHSRGHVHUVXSULGDGRSRQWRGHYLVWDHPStULFR 9RX DSUHVHQWDU DOJXQV HQVDLRV LQGHSHQGHQWHV VREUH R ODGR VRFLDO GD 3UHYLGrQFLD RV TXDLV YHUVDPVREUHFLQFRDVSHFWRVSULQFLSDLV1RSULPHLURHQIRFRRVDVSHFWRVILVFDLVHVRFLDLVUHODWLYRVj PRGDOLGDGH GH UHDMXVWH GD 3UHYLGrQFLD (VVD p XPD GLVFXVVmR PRPHQWRVD H VH WUDWD GD IRUPD GH FRQFHGHUUHDMXVWHVGD3UHYLGrQFLDHPSDUWLFXODUOHYDQGRVHHPFRQWDRDWUHODPHQWRDRVDOiULRPtQLPR WDO FRPR IL[DGR SHOD RQVWLWXLomR GH 2OKDQGR HQWmR SHOR ODGR GD IL[DomR GRV EHQHItFLRV SUHYLGHQFLiULRV 2XWURWUDEDOKRHQIRFDDSROtWLFDVRFLDOEUDVLOHLUDHPXPDSHUVSHFWLYDJHUDFLRQDOQRVHQWLGRGH SURFXUDUDQDOLVDUDVFRQGLo}HVGHYLGDGHLGRVRVFULDQoDVHHPSDUWLFXODUDVLPSOLFDo}HVGLVWULEXWLYDV GD3UHYLGrQFLDWDQWRSHORVEHQHItFLRVFRPRSHODFRQWULEXLomR 8PD WHUFHLUD QRWD DERUGD RV SUREOHPDV GH LQFHQWLYRV jV FRQWULEXLo}HV QDV UHODo}HV HQWUH D OHJLVODomRWUDEDOKLVWDHSUHYLGHQFLiULD )LQDOPHQWHRVGRLV~OWLPRVWUDEDOKRVTXHHPERUDQmRVHMDPLQFOXtGRVQDH[SRVLomRID]HP SDUWHGDEURFKXUDTXHHQWUHJXHLRVTXDLVIRUDPSXEOLFDGRVQROLYURHGLWDGRSHOR,3($HSHOD$QD $PpOLD DPDUDQR H WUDWDP GH FRPSRUWDPHQWRV ILQDQFHLURV SULYDGRV FRPSOHPHQWDUHV DR VLVWHPD SUHYLGHQFLiULRHVREUHFRQGLo}HVGHYLGDGDVIDPtOLDVFKHILDGDVSRULGRVRV 'HVVHV HVWXGRV HP VXPD XP HQIRFD RV EHQHItFLRV H R RXWUR D FRQWULEXLomR RXWUR FRPSRUWDPHQWRV ILQDQFHLURV FRPSOHPHQWDUHV j 3UHYLGrQFLD H QR IXQGR R REMHWLYR GH WRGR HVVH WUDEDOKRpFRQYHUJLUSDUDDYDOLDURLPSDFWRVRFLDOGD3UHYLGrQFLD3DUDLVVRpSUHFLVRDQDOLVDUFRPRDV FRQWULEXLo}HVVmRIHLWDVFRPRRVEHQHItFLRVVmRDIHULGRVTXDORLPSDFWRVREUHDSREUH]DHTXHWLSRGH FRPSRUWDPHQWRWrPRVDJHQWHVFRPSOHPHQWDUHVRXVXEVWLWXWRVj3UHYLGrQFLD6RFLDO'HVVDIRUPDHVWD EURFKXUD UHSUHVHQWD XPD SULPHLUD DERUGDJHP DR TXH MXOJR RV SULQFLSDLV DVSHFWRV GR ODGR VRFLDO GD SUHYLGrQFLD $ SHGLGR GR 6HFUHWiULR 9LQtFLXV YRX FHQWUDU D DSUHVHQWDomR QD UHODomR HQWUH 3UHYLGrQFLD H VDOiULRPtQLPR(VVHWHPDPHUHFHGLVFXVVmRPDLVDSURIXQGDGD RPHQWDUHLUDSLGDPHQWHDOJXQVLPSDFWRVGRVDOiULRPtQLPRVREUHRPHUFDGRGHWUDEDOKR −H HVVH QmR p R FHQWUR GD H[SRVLomR PDV p LPSRUWDQWH ID]HU HVVD UHIHUrQFLD SRLV R VDOiULR PtQLPR SUHWHQGH VHU XP LQVWUXPHQWR GH PHUFDGR GH WUDEDOKR H QR %UDVLO DFDED WDPEpP DIHWDQGR D 3UHYLGrQFLD0DVHVVHpXPFDVRDWtSLFRHPWHUPRVGHH[SHULrQFLDVLQWHUQDFLRQDLV'HSRLVYRXHQWUDU QRLPSDFWRGRVDOiULRPtQLPRVREUHD3UHYLGrQFLD6RFLDODVUHODo}HVHQWUH3UHYLGrQFLDVDOiULRPtQLPR HSREUH]D
  19. 19. 2TXHGL]DWHRULDHFRQ{PLFDpTXHDXPHQWRVGRVDOiULRPtQLPRSRGHPJHUDUDGLPLQXLomRGR HPSUHJRRDXPHQWRGDWD[DGHGHVHPSUHJR5HFHQWHPHQWHHVVHSUHVVXSRVWRIRLTXHVWLRQDGRSRUXPD VpULH GH HVWXGRV HPStULFRV QRV (VWDGRV 8QLGRV 5HDOL]DPRV DOJXQV HVWXGRV QR %UDVLO DOJXQV WHVWHV HPStULFRVHQDYHUGDGHQRVVRVWHVWHVGHPRQVWUDPTXHDWHRULDHFRQ{PLFDHVWiFHUWDQRFDVREUDVLOHLUR LVWR p TXH DXPHQWRV GR VDOiULR PtQLPR WHQGHP D HOHYDU D GHVRFXSDomR H SDUWLFXODUPHQWH D LQIRUPDOLGDGHGDHFRQRPLD3RUH[HPSORDQDOLVDPRVDSUREDELOLGDGHGHXPWUDEDOKDGRUFRPFDUWHLUD GHWUDEDOKRVHWRUQDUGHVRFXSDGRHPGDWDVIRUDGRUHDMXVWHGRPtQLPR,VVRGiXPDPpGLDGH(P PHVHVHPTXHRFRUUHUHDMXVWHHVVDPpGLDYDLSDUD2XVHMDTXDQGRKiUHDMXVWHGRPtQLPRD SUREDELOLGDGHGHWUDQVLWDUHPGLUHomRjQmRRFXSDomRpPDLRU (PVHJXQGROXJDUHPDLVLPSRUWDQWHpDGLIHUHQoDHQWUHGDWDGHUHDMXVWH YHUVXVGDWDHPTXH QmRRFRUUHUHDMXVWHGHVDOiULRPtQLPR1RTXHVHUHIHUHjWUDQVLomRGHFRPFDUWHLUDSDUDVHPFDUWHLUD HVVHGLIHUHQFLDOpPDLRU)RUDGDVGDWDVGHUHDMXVWHDSUREDELOLGDGHPpGLDGHWUDQVLomRpGHHP GDWDGHUHDMXVWHGRPtQLPRHVVDWUDQVLomRpRXVHMDRGREUR$LQGDJHUDPRVDOJXPDVHYLGrQFLDV SUHOLPLQDUHVFRPSOHPHQWDGDVHFRUURERUDGDVSRUDOJXQVWHVWHVGHVpULHVWHPSRUDLVTXHPRVWUDPTXH GHIDWRH[LVWHXPDUHODomRLQYHUVDHQWUHRPtQLPRUHDOGHXPODGRHRQtYHOHDTXDOLGDGHGRHPSUHJR GRRXWUR 0DV R PtQLPR WDPEpP SRGH H[HUFHU LPSDFWRV SRVLWLYRV QD HFRQRPLD HP SDUWLFXODU SDUD DTXHOHVTXHQmRSHUGHUDPVHXHPSUHJRRXQmRVHWRUQDUDPVHPFDUWHLUDHPIXQomRGRDXPHQWRGH FXVWRGDVHPSUHVDVLPSDFWDGDVSHORUHDMXVWHGRPtQLPR $HVWDWtVWLFDXVDGDpDSURSRUomRGHSHVVRDVFXMRUHDMXVWH −HDtHVWRXROKDQGRVyDUHQGDGR WUDEDOKRSULQFLSDO−pH[DWDPHQWHLJXDODRPtQLPR3HJDPRVDVSHVVRDVDQWHVHGHSRLVGRUHDMXVWHGR PtQLPRHDQDOLVDPRVDSURSRUomRGHSHVVRDVFXMRUHDMXVWHVDODULDOIRLH[DWDPHQWHLJXDODRPtQLPR3DUD LVVR WHPRV GH DFRPSDQKDU DV SHVVRDV DR ORQJR GR WHPSR H LVVR HVWi UHSUHVHQWDGR QHVVH JUiILFR RPSDUDQGRVHVHWRUIRUPDOFRPLQIRUPDOHVHDUD]mRGHUHQGDHVWLYHUHPWRUQRGHpVLQDOTXHD UHQGDQRPLQDO−HPPDLRHPUHODomRjDEULOQRFDVRGH −QmRPXGRX(VVDpUD]mRGHUHQGD QRPLQDO GH PDLR HP UHODomR j DEULO 2X VHMD PDLV D WD[D GH YDULDomR GRV VDOiULRV (VVD p D SRUFHQWDJHPGRPHQRUUHDMXVWHSDUDRPDLRUUHDMXVWH+iXPDJUDQGHFRQFHQWUDomRGHPDVVDHPWRUQR GHRXVHMDSHVVRDVTXHDSUHVHQWDUDPVDOiULRQRPLQDOFRQVWDQWHHQWUHGRLVPHVHV −HLVVRpVHPSUH JUDQGH(QWUHWDQWRRTXHFKDPDDDWHQomRpRQ~PHURVLJQLILFDWLYRGHSHVVRDVQHVVDGDWD −− FXMRUHDMXVWHHTXLYDOHXH[DWDPHQWHDRGRVDOiULRPtQLPRLVWRp(PPDLRGHTXDQGRIRL GDGRXPUHDMXVWHSDUDRVDOiULRPtQLPRJUDQGHSDUWHGDVSHVVRDVVHJXLXH[DWDPHQWHHVVHUHDMXVWH (VVH UHDMXVWH IRL PDLV IRUWH QR VHWRU LOHJDO GD HFRQRPLD QR VHWRU LQIRUPDO SDUD RV WUDEDOKDGRUHV VHP FDUWHLUD RX VHMD RV WUDEDOKDGRUHV LOHJDLV IRUDP DIHWDGRV SHOD OHL $OJR GLItFLO GH HQWHQGHUHPERUDVHMDXPDUHJXODULGDGHHPStULFDTXHVHREVHUYDGHPDQHLUDUREXVWDGHVGH(P WRGDV DV GDWDV GH UHDMXVWH GH VDOiULR PtQLPR D SDUWLU GH XPD DXPD − H HODV IRUDP PXLWDV SRUTXHKRXYHXPSHUtRGRGHLQIODomRDOWDRQGHRVUHDMXVWHVHUDPIUHTHQWHV −VHPSUHRVVHPFDUWHLUD IRUDP PDLV DIHWDGRV SHOR PtQLPR VHJXQGR HVVD PHGLGD GR TXH RV FRP FDUWHLUD %DVLFDPHQWH HP GRVVHPFDUWHLUDDSUHVHQWDUDPUHDMXVWHH[DWDPHQWHLJXDODRPtQLPRHDSHQDVGRVFRP FDUWHLUD ,VVR p LPSRUWDQWH HP WHUPRV GH SREUH]D SRLV RV SREUHV HVWmR DOWDPHQWH FRQFHQWUDGRV QR VHJPHQWRVHPFDUWHLUDGHWUDEDOKR2XVHMDDOHLDIHWDRVSREUHVHDPSOLILFDRLPSDFWRVREUHRQtYHO DJUHJDGRGHSREUH]D 'HIDWRDQDOLVDPVHDVVpULHVWHPSRUDLVGHSREUH]DVyFRPEDVHHPPHUFDGRGHWUDEDOKR2 VDOiULRPtQLPRUHDOHPpSRFDGHLQIODomRDOWDDQWHVGR3ODQR5HDOVREHHGHVFHSRLVKiUHDMXVWHVD LQIODomRFRUUyLRVDOiULRPtQLPRUHDOHRVDOiULRpUHDMXVWDGR$SDUWLUGDTXLR3ODQR5HDO$VpULHD]XO
  20. 20. UHIHUHVH j SURSRUomR GH SREUHV EDVHDGR Vy HP UHQGD GR WUDEDOKR $FKR TXH SREUH]D EDVHDGD HP UHQGDGRWUDEDOKRpXPDPHGLGDLQWHUHVVDQWHSRUVLQWHWL]DUXPDVpULHGHHIHLWRVDWXDQWHVHPGLUHo}HV RSRVWDV$SREUH]DSRGHVHUEDVHDGDHPUHQGDGRPLFLOLDU SHUFDSLWD6RPDVHDUHQGDGHWRGRRPXQGR GRGRPLFtOLRLQFOXVLYHRVTXHQmRWrPUHQGDHRVTXHWrPUHQGDSUHFiULD1RIXQGRHVWiVHOHYDQGR HPFRQWDWDQWRVRVHIHLWRVSRVLWLYRVTXDQWRRVQHJDWLYRVGRPtQLPRVREUHRPHUFDGRGHWUDEDOKRe XPDPHGLGDVtQWHVHVHQGRTXHIRFDQDFDXGDGDGLVWULEXLomRHVWiROKDQGRVySDUDTXHPHVWiDEDL[RGD OLQKDGHSREUH]DSDUDDSURSRUomRGHSHVVRDVTXHHVWiDEDL[RGDOLQKDGHSREUH]D 'HSRLVGR3ODQR5HDORVDOiULRPtQLPRWHYHUHDMXVWHGHHPPDLRGHSDVVRXGH SDUD UHDLV $ LQIODomR Mi HVWDYD UD]RDYHOPHQWH EDL[D H D SREUH]D VRIUHX XPD JUDQGH TXHGD H[DWDPHQWH HP PDLR GH *UDQGH SDUWH GD UHGXomR GH SREUH]D RFRUULGD GHSRLV GR 5HDO HP PHUFDGR GH WUDEDOKR VH GHX H[DWDPHQWH QRV GLDV GH PDLR GH 2EYLDPHQWH p VHPSUH FRPSOLFDGRHVWDEHOHFHUUHODo}HVGHFDXVDOLGDGH+iXPDTXHGDGDSREUH]DPXLWRFRQFHQWUDGDHPXP VyPrVDSHVDUGHMiWHUKDYLGRUHGXo}HVGHSREUH]DQRFRPHoRGR5HDO(PMXQKRGHTXDQGRR 5HDOpODQoDGRKiXPSLFR(PVHWHPEURGHKiXPSHTXHQRUHDMXVWHGRVDOiULRPtQLPR −SDVVRX GHSDUDUHDLVHDOJXPLPSDFWRVREUHDSREUH]D (PWHUPRVGHPHUFDGRGHWUDEDOKRPLQKDSHUFHSomRpGHTXHH[LVWHPHYLGrQFLDV −HLVVRQmR pWHRULFDPHQWHEHPIXQGDPHQWDGRSRLVRHIHLWRpDPEtJXRWHPHIHLWRVSRVLWLYRVHQHJDWLYRV −GHTXH H[LVWHXPDUHODomRLQYHUVDHQWUHSREUH]DHVDOiULRPtQLPR3RUH[HPSORXPDUHJUHVVmRGRSHUtRGRD GHPRQVWUDDH[LVWrQFLDGHXPDFRUUHODomRVLJQLILFDWLYDHQHJDWLYDHQWUHPtQLPRHSREUH]DQRkPELWR GRPHUFDGRGHWUDEDOKR 3DVVDQGRSDUDDTXHVWmRSUHYLGHQFLiULDLQIHOL]PHQWHQmRWHPRVGDGRV$30(SHVTXLVDTXH HVWRXXWLOL]DQGRQHVVHHVWXGRQmRID]SHUJXQWDVREUHUHQGDGDSUHYLGrQFLDHQWmRQmRFRQVHJXLPRVWHU HVVHDFRPSDQKDPHQWRPHQVDOGRLPSDFWRGRPtQLPRVREUHSREUH]DYLD3UHYLGrQFLD2TXHIL]HPRV IRLUHFRUUHUj31$'1DYHUGDGHpXPDSHVTXLVDPXLWRPDLVUHSUHVHQWDWLYDPXLWRPHOKRUSRUTXH FDSWDWRGDVDVUHQGDVGRVDJHQWHVLQFOXVLYHSUHYLGrQFLDDQtYHOQDFLRQDO )L]HPRVXPDVLPXODomR8VDQGRXPDOLQKDGHSREUH]DGHUHDLVSDUDYHQGRTXDOVHULDD SURSRUomRGHSHVVRDVSREUHVXVDQGRHVVDOLQKDGHSREUH]DGHDFRUGRFRPD31$'YHULILFDPRV TXHWHUtDPRV)L]HPRVXPH[HUFtFLRDTXLFRPXPUHDMXVWHGHUHDOGRVDOiULRPtQLPR − pXPERPQ~PHURSRUTXHIDFLOLWDDOHLWXUDGHHODVWLFLGDGHRPDSREUH]DFDLHDHODVWLFLGDGHp RXVHMDpPDLVIiFLOFDSWDURUHDMXVWH,VWRQmRpGHPRGRQHQKXPXPDSURSRVWDGHUHDMXVWHQDGD GLVVR 4XHIL]HPRVFRPD31$'/RFDOL]DPRVDVSHVVRDVTXHSHUFHEHPH[DWDPHQWHXPPtQLPRRX HVWmRHQWUHRPtQLPRDQWLJRHPtQLPRQRYRFDVRKRXYHVVHRUHDMXVWHGHUHDO −KRMHVHULDLUPDLV RXPHQRVD4XDOVHULDRLPSDFWRVREUHDSREUH]DVHRVDOiULRPtQLPRVyDXPHQWDVVHDUHQGDGR VHWRUSULYDGRIRUPDO$SREUH]DFDLULDGHSDUD(DtHVWRXDVVXPLQGRTXHRPtQLPRQmR WHPLPSDFWRVREUHHPSUHJRHXDXPHQWRDUHQGDGDVSHVVRDVHQLQJXpPSHUGHRHPSUHJR3RUWDQWRp XPDHVWLPDWLYDRWLPLVWDGRLPSDFWRGRPtQLPRVREUHRPHUFDGRGHWUDEDOKR 6HTXLVHUPRVHQWHQGHUDUHODomRHQWUHPtQLPRHSREUH]DQR%UDVLOQmRSRGHPRVGHL[DUGH ROKDUYLDPHUFDGRGHWUDEDOKRRVHWRULQIRUPDO7HPRVGHHQWHQGHUSRUTXHRVHWRULQIRUPDOVHJXHD OHL,VVRpDOJRTXHH[LJHPXLWDSHVTXLVDPXLWDGLVFXVVmRPDVDVHYLGrQFLDVHPStULFDVDSRQWDPSDUDD RFRUUrQFLDHUHOHYkQFLDGHVVHHIHLWR 'HWRGDVDVIRUPDVRSXORGHSDUDGRLPSDFWRGDSREUH]DFRPRVGHUHDMXVWH VHGiTXDQGRVHLQFRUSRUDDHVIHUDILVFDOjDQiOLVH2XVHMDTXDQGRVHLQFRUSRUDIXQFLRQDOLVPRS~EOLFR PXQLFLSDOHVWDGXDOIHGHUDOHSHQV}HVHDSRVHQWDGRULDVS~EOLFDV2UHDMXVWHGHSURYRFDXPJUDQGH
  21. 21. DXPHQWRXPDVXEVWDQWLYDUHGXomRGHSREUH]DHSDVVDGHSDUDRXVHMDPXOWLSOLFDPDLVGH HPXPIDWRUGHRLPSDFWRVREUHDSREUH]DPDVLVVRpUHFXUVRS~EOLFRXWLOL]DGR2EYLDPHQWHVH HVWiDXPHQWDQGRDLQMHomRGHUHFXUVRVS~EOLFRVQDHFRQRPLDHPGLUHomRjVIDPtOLDVDSREUH]DQmR SRGHDXPHQWDUVyWHQGHDFDLU(ODVySRGHULDILFDUSDUDGDVHHVVHVUHFXUVRVUHFDtVVHPH[DWDPHQWHQRV QmRSREUHV1DPHGLGDHPTXHRVSREUHDXIHUHPWDPEpPKiXPLPSDFWRVREUHDSREUH]D $SHVDUGRPtQLPRSRVVXLULPSDFWRVREUHDSREUH]DYLDPHUFDGRGHWUDEDOKRRTXHQmRp LQHTXtYRFRSHODWHRULDRJURVVRGRHIHLWRVHGiSHODYLDILVFDOHPSDUWLFXODUYLD3UHYLGrQFLD6RFLDO 2EVHUYHPDGLVWULEXLomRGRVQtYHLVGHUHQGDGDSUHYLGrQFLDDtLQFOXLQGRQmRVyR,166FRPR RVLQDWLYRVGRVHWRUS~EOLFR(VVDVVmRWRGDVDVUHQGDVSUHYLGHQFLiULDVGHFDGDSHVVRDVRPDGDV6HD SHVVRDDFXPXODSHQVmRDSRVHQWDGRULDHWFHQWUD,VVRpSDUDH1mRFRQVHJXLPRVGLIHUHQFLDU PXLWRSRUTXHKiSHVVRDVTXHQHPDSDUHFHPQRJUiILFRHWrPUHQGDVPXLWRDOWDVLQTHQWDHFLQFR SRUFHQWRGDVSHVVRDVSHUFHEHPH[DWDPHQWHRSLVRSUHYLGHQFLiULR(QWmRIRLLVVRTXHVLPXODPRV6yR UHDMXVWHIRUFRQFHGLGRSDUDHVVDVSHVVRDVHYLPRVRLPSDFWRVREUHDSREUH]D1mRUHDMXVWDPRVRJUXSR DTXLGHFLPD 6HTXLVHUPRVWHUXPDSHUFHSomRPDLVFODUDGHVVHVHIHLWRVSRGHPRVWUXQFDUDTXLHHPYH]GH YHUHVVDVFRLVDVPDLVRXPHQRVVHSDUDGDV$TXLRVDOiULRPtQLPRpDTXLpHDTXLp QRVGLIHUHQWHVDQRV 2SRQWRTXHFRQVLGHURPDLVLPSRUWDQWHQDDSUHVHQWDomRpH[SORUDUVHJXLQGRXPDVLPXODomR GHUHDORTXHDFRQWHFHULDFRPDSREUH]DVHXViVVHPRVGXDVPRGDOLGDGHVDOWHUQDWLYDVGHUHDMXVWH 8PDPRGDOLGDGHUHDMXVWDVySLVRSUHYLGHQFLiULRFRPRPtQLPRTXHpRTXHDRQVWLWXLomRRUGHQD$ RQVWLWXLomRGHIL[DRSLVRSUHYLGHQFLiULRDRVDOiULRPtQLPRHREULJDDPDQXWHQomRGRSRGHUGH FRPSUDHPERUDQmRHVSHFLILTXHRtQGLFHDRVGHPDLVUHQGLPHQWRVGDDSRVHQWDGRULD5HDMXVWHVQDUHQGD GDDSRVHQWDGRULDVmRSDUWLFXODUPHQWHVpULRVHPXPFRQWH[WRGHLQIODomREDL[DSRUTXHVHIRUFRPHWLGR XPHUURQmRVHFRQVHJXHYROWDU$GHFLVmRpLUUHYHUVtYHOVHDLQIODomRFRQWLQXDUEDL[D(QWmRWRGDD FDXWHODGHYHVHUWRPDGDSDUDQmRHUUDUDPmRQRUHDMXVWHSRUTXHQHVVHFDVRVHWHUiGHWRUFHUSDUDD LQIODomRYROWDUSDUDFRQVHJXLUUHYHUWHUHVVHHIHLWR 1HVVHVGRLVFHQiULRVGHUHGXomRGHSREUH]DGRVGHUHDMXVWHTXDOVHULDRLPSDFWRVHVy GHVVHSDUDDEDVHHPDQWLYHVVHUHDODTXHPHVWiQRSLVRGD3UHYLGrQFLDHVHPDXPHQWRUHDOSDUD RVGHPDLVPDQWLYHVVHRSRGHUGHFRPSUDGHTXHPHVWiDFLPD$SREUH]DFDLULD(VHGHVVHSDUD WRGRPXQGR6HGHUSDUDWRGRPXQGRRPHVPRUHDMXVWHDSREUH]DFDLPDLVPDVQmRFDLPXLWRPDLV FRQWUD RV GR FDVR DQWHULRU $ TXHVWmR p TXDO R FXVWR ILVFDO GH FDGD XPD GHVVDV GXDV PRGDOLGDGHVDOWHUQDWLYDVGHUHDMXVWHV 6HGHUSDUDWRGRPXQGRUHDOGHUHDMXVWHDIROKDSUHYLGHQFLiULDYDLDXPHQWDUSRU GHILQLomR6HIRUVySDUDDEDVHDIROKDSUHYLGHQFLiULDYDLDXPHQWDUPHQRVGHYH]HVGRTXHVHIRVVH SDUDWRGRPXQGRLVWRp2XVHMDDSREUH]DFDLXPSRXFRPDLV −−VHGHURUHDMXVWHSDUD WRGR PXQGR 2 FXVWR ILVFDO SRU VXD YH] p PDLRU 3RGHVH WUDoDU XPD UHODomR FXVWR ILVFDOEHQHItFLRVRFLDOQDPpGLD$UHODomRpGHSDUD2XVHMDTXDQWRFXVWDFDGDSRQWRSHUFHQWXDO GHUHGXomRGHSREUH]DTXHVHDOFDQoD6HGHURPtQLPRFRQVWLWXFLRQDOHOHWHPXPFXVWRILVFDOYH]HV PHQRUGRTXHVHGHUSDUDWRGRRPXQGR$SURSRVWD −QDYHUGDGHLVVRMiWHPVLGRHVWXGDGRSRUYiULDV SHVVRDVHPSDUWLFXODUSHOR0LQLVWpULRGD3UHYLGrQFLD −pDGYRJDUHPGLUHomRjFRQFHVVmRGHUHDMXVWHV GLIHUHQFLDGRV$RQVWLWXLomRSHUPLWHLVVRHDFKRTXHpGHVHMiYHOGRSRQWRGHYLVWDVRFLDO3RUTXH 3RUTXHDSHVDUGHGRVEHQHILFLiULRVGD3UHYLGrQFLDUHFHEHUHPRSLVRGDUHQGDGD3UHYLGrQFLD YDLSDUDTXHPHVWiDFLPDGRSLVR2VDSRVHQWDGRVHSHQVLRQLVWDVPDLVULFRVVHDSURSULDPGH GRERORSUHYLGHQFLiULRGRSDtV,VVRpFRPSDUiYHOjGHVLJXDOGDGHGHUHQGDREVHUYDGDQRPHUFDGRGH WUDEDOKR EUDVLOHLUR TXH p UHFRQKHFLGDPHQWH DOWD 2X VHMD QRVVD 3UHYLGrQFLD UHSURGX] D HQRUPH GHVLJXDOGDGHGHUHQGDREVHUYDGDQRPHUFDGRGHWUDEDOKR
  22. 22. $QDOLVDQGRGDGRVGHRXWURVSDtVHVYHULILTXHLSDUDPLQKDVXUSUHVDTXHDÉIULFDGR6XOWHPXP FRPSRUWDPHQWR VHPHOKDQWH HP UHQGD GR WUDEDOKR H UHQGD GD SUHYLGrQFLD (PERUD QmR VHMD XPD FRPSDUDomRPXLWRKRQURVDpSUy[LPD 3DUWLQGRSDUDDDQiOLVHGDHVWUXWXUDGHJDVWRVRFLDO−FRQIRUPHJHUDGRSHOR,3($−HPRXWURV WUDEDOKRVGD$PpULFD/DWLQDFRPSDUDQGRVHDUHODomRJDVWRVRFLDOFRPR3,%GR%UDVLOHPUHODomRD RXWURVSDtVHVGD$PpULFD/DWLQDHODpDFLPDGHWRGRVRVRXWURVLQFOXVLYHGDRVWD5LFDSDtVTXHWHP XP3,%SHUFDSLWDPXLWRPHQRUHXPDWUDGLomRVRFLDOIDPRVD4XDQGRLQFOXtPRVJDVWRVRFLDOFRP3,% VHPSUHYLGrQFLDR%UDVLOVHDOLQKDFRPRXWURVSDtVHV 2TXHFRORFDR%UDVLOFRPRSRQWRIRUDGDFXUYDHPWHUPRVGHJDVWDUPXLWRQDiUHDVRFLDOpD SUHYLGrQFLD 2 %UDVLO GHYRWD TXDVH PHWDGH GRV JDVWRV VRFLDLV D WtWXOR GH SUHYLGrQFLD 2EYLDPHQWH SUHYLGrQFLDpDOJRFRPSOLFDGRGHVHROKDUVyVREHVVDyWLFDSRUTXHDWRGREHQHItFLRSUHYLGHQFLiULR FRUUHVSRQGHXPDFRQWULEXLomRSUpYLDDWRGRRFXVWRILVFDOFRUUHVSRQGHXPEHQHItFLRVRFLDO(QILPp XPDGLVFXVVmRFRPSOH[DTXHQmRVHUHVWULQJHVRPHQWHDHVVHQ~PHUR'HWRGDVDVIRUPDVHVVHpXP Q~PHURLQGLFDWLYRGDLPSRUWkQFLDGDSUHYLGrQFLDQDSROtWLFDVRFLDOEUDVLOHLUDPHWDGHGRVUHFXUVRVYmR DWtWXORGHSUHYLGrQFLDHLVVRJHUDLPSOLFDo}HVLQWUDHLQWHUJHUDFLRQDLV 2VJUXSRVPDLVGHVSURYLGRVGDQRVVDVRFLHGDGHQmRVmRRVLGRVRVPDVDVFULDQoDVDVSHVVRDV DEDL[RGHDQRVGHLGDGH$tpRQGHVHHQFRQWUDRQRVVRPDLRUGpILFLWVRFLDO3RUH[HPSORDUHQGD GRPLFLOLDU SHU FDSLWD D VRPD GD UHQGD GH WRGR R PXQGR p GLYLGLGD SHOR Q~PHUR GH SHVVRDV GR GRPLFtOLRLQFOXLQGRFULDQoDV2XVHMDDVVXPHVHTXHDUHQGDGD3UHYLGrQFLDpVRFLDOL]DGDGHQWURGR GRPLFtOLR$UHQGDGDVSHVVRDVDFLPDGHDQRVpRGREURGDUHQGDGDVSHVVRDVDEDL[RGHDQRV$ UHQGDGRPLFLOLDUSHUFDSLWDGDVSHVVRDVDFLPDGHDQRVpGHGHDGDVSHVVRDVDEDL[RGH DQRVHGHQDPpGLDHPWRGRVRVJUXSRVHWiULRV )LFDPRVPHLRSHUGLGRVQHVVHGHEDWHVHQmRROKDUPRVDTXHVWmRJHUDFLRQDOKDPRDDWHQomR SDUD R IDWR GH TXH D FRQFHVVmR GH UHDMXVWHV QRPLQDLV RX GH UHDMXVWHV UHDLV H[SUHVVLYRV GR VDOiULR PtQLPRHSRUFRQVHTrQFLDSDUDD3UHYLGrQFLD6RFLDOYDLUHWLUDUUHFXUVRVGHiUHDVPDLVQHFHVVLWDGDV QRVHQWLGRGHQmRWHUHPVLGRDLQGDVXSULGDVSHODSROtWLFDVRFLDOEUDVLOHLUDFRPDPHVPDJHQHURVLGDGH $ RQVWLWXLomR GH FRP WRGRV RV VHXV SUREOHPDV IH] XPD YHUGDGHLUD UHYROXomR HP WHUPRV GR SDSHO VRFLDO GD 3UHYLGrQFLD 2 *XLOKHUPH 'HOJDGR YDL VH UHIHULU j XQLYHUVDOL]DomR GD SUHYLGrQFLDUXUDOTXHpXPJUDQGHJDQKRVRFLDO7RGDYLDGHYHPRVSHQVDUHPXPDUHYROXomRVLPLODU SDUDDVFULDQoDVHSDUDLVVRSUHFLVDVHGHUHFXUVRV $FKDUJHTXHpFDSDGROLYURGR.RWOLNRYVREUHWUDQVIHUrQFLDJHUDFLRQDOUHVXPHXPSRXFRD LGpLDGHVVDVWUDQVIHUrQFLDVJHUDFLRQDLV(VVDpXPDYHUVmRDPHULFDQDSDUDHVVDVWUDQVIHUrQFLDV2XVHMD D´JHURFUDFLDQmRpXPSUREOHPDVyEUDVLOHLUR2SUREOHPDSUHYLGHQFLiULRHQYROYHHVVDVWUDQVIHUrQFLDV JHUDFLRQDLVHGHYHPRVFRPHoDUDROKDUSRUHVVDyWLFD )DODUHPRVXPSRXFRVREUHFRQWULEXLo}HVSUHYLGHQFLiULDVLQIRUPDOLGDGHHGLUHLWRVWUDEDOKLVWDV eLPSRUWDQWHROKDUQmRVyRVEHQHItFLRVREYLDPHQWHPDVDVFRQWULEXLo}HVGD3UHYLGrQFLD(KiXP IDWRHVWLOL]DGRTXHSULPHLURDSDUHFHXHPWHUPRVGHVDOiULRPtQLPR2TXHYtDPRVQRVDOiULRPtQLPRp TXHHOHHUDXPDH[SUHVVmRPDLVIRUWHSDUDRVHWRUVHPFDUWHLUDRVLOHJDLVGRTXHSDUDRVOHJDLV1D 31$'GRVLOHJDLVSHUFHEHPH[DWDPHQWHRPtQLPRFRQWUDGRVOHJDLVGRVFRPFDUWHLUDGRV HPSUHJDGRV$VVLPRPtQLPRpPDLVIRUWHSDUDRVVHPFDUWHLUDGRTXHSDUDRVFRPFDUWHLUD $OHJLVODomRIL[DXPSLVR7RGDYLDpH[DWDPHQWHTXHPHVWiQRSLVRTXHpPDLVIRUWHPHQWH DIHWDGR2PtQLPRpXPDUHVWULomRHIHWLYD$QDOLVDQGRRXWUDVFOiXVXODVGDOHJLVODomRWUDEDOKLVWDEHP FRPRROLPLWHGHVWDVFRPRMRUQDGDGHWUDEDOKRHSUD]RGHSDJDPHQWRYHPRVTXHRVVHPFDUWHLUD WDPEpPVmRDIHWDGRVSRUHODV3RUH[HPSORDOHJLVODomRWUDEDOKLVWDGHWHUPLQDTXHRSUD]RPi[LPRGH
  23. 23. SDJDPHQWRpPHQVDO9LPRVLVVRQRSHUtRGRGHLQIODomRDOWDTXDQGRHUDDOJRUHOHYDQWHGRVOHJDLV GRVFRPFDUWHLUDSHUFHELDPSDJDPHQWRVPHQVDLVFRQWUDGRVLOHJDLVGRVVHPFDUWHLUD$OHJLVODomR REULJDRVHPSUHJDGRUHVDSDJDUDWpRTXLQWRGLD~WLOGRPrVYHQFLGR2OKDQGRDGLVWULEXLomRYrVHTXH GRVFRPFDUWHLUDVHVLWXDPQROLPLWHFRQWUDGRVVHPFDUWHLUD(QWmRGHDOJXPDIRUPDRV VHPFDUWHLUDHVWmRDFRPSDQKDQGRDOHL 2WHVWHTXHFRQVLGHURPDLVLQWHUHVVDQWHpDMRUQDGDGHWUDEDOKR$RQVWLWXLomRGHPXGRXD MRUQDGDGHWUDEDOKRGHSDUDKRUDV$QWHVGDRQVWLWXLomRWLQKDPH[DWDPHQWHKRUDVGH MRUQDGDGHWUDEDOKR'HSRLVHVVHQ~PHURSDVVRXSDUD2XVHMDPXGRXDOHLHRVVHPFDUWHLUDVH DGHTXDUDPjQRYDOHL3RUTXH3RUTXHQDYHUGDGHRVHPFDUWHLUDpSRWHQFLDOPHQWHXPFRPFDUWHLUD 6HUHFRUUHUj-XVWLoDGR7UDEDOKRHOHWHPSUREDELOLGDGHGHFRQVHJXLUWRGRVRVGLUHLWRVWUDEDOKLVWDV,VVR FULDXPLQFHQWLYRjH[LVWrQFLDGHDFRUGRVHVS~ULRVHQWUHILUPDVHWUDEDOKDGRUHV$ILUPDSDJDRVGLUHLWRV WUDEDOKLVWDV GR WUDEDOKDGRU H HOH QmR UHFRUUH (QWmR TXDO R JDQKR GHVVH EHQHItFLR SRU TXH QmR VH IRUPDOL]D3RUTXHQRDFRUGRTXHPSDJDDFRQWDpRJRYHUQR6HSRUH[HPSORROKDUPRVFRQWULEXLomR HHQFDUJRVVRFLDLVYHUHPRVTXHDtHVWiDJUDQGHGLIHUHQoDHQWUHRFRPHRVHPFDUWHLUDGRVVHP FDUWHLUDFRQWULEXHPFRQWUDGRVFRPFDUWHLUD$VVLPLQIRUPDOLGDGHVHULDQmRWDQWRQHVVDYLVmR XPDIRUPDGHSUHFDUL]DomRGDVUHODo}HVHQWUHILUPDVHWUDEDOKDGRUHVPDVXPDPRGDOLGDGHGHHYDVmR ILVFDO ( LVVR SRUTXH D OHJLVODomR QmR SUHVWRX PXLWD DWHQomR QmR WRPRX RV GHYLGRV FXLGDGRV FRP LQFHQWLYRV$LGpLDpTXHDPLJUDomRSDUDXPVLVWHPDGHFDSLWDOL]DomRGHSUHYLGrQFLDGrFRQWDGHVVH SUREOHPD (P JHUDO R VHP FDUWHLUD p XP FDVR KtEULGR SRLV HVWi HQWUH XP FRP FDUWHLUD H XP VHP OHJLVODomRHPERUDVHMDDIHWDGR$QmRVHUQRFDVRGRVDOiULRPtQLPRTXHpXPFDVRDWtSLFRRQGHHOHp PDLVDIHWDGRSHODOHLGRTXHRVFRPFDUWHLUD 2GHEDWHVREUHVDOiULRPtQLPRQR%UDVLOHVWiPXLWRPDOFRORFDGR'HEDWHS~EOLFRKiPHVHV /HPEURPHGRWHPSRGDLQIODomRDOWDTXDQGRVHSHQVDYDQDLQIODomRGRPrVVHJXLQWHHVyVHROKDYDR FXUWR SUD]R 3DVVDUDP RV ~OWLPRV PHVHV GLVFXWLQGR VDOiULR PtQLPR TXH QmR WHP WRGD HVVD LPSRUWkQFLDQDPLQKDYLVmR1DYHUGDGHWHPPXLWDLPSRUWkQFLDSRUTXHDIHWDPXLWDVSHVVRDVPDVp PXLWRPDLVXPGHEDWHHPRFLRQDO 2VDOiULRPtQLPRGHIDWRSRGHH[HUFHUHIHLWRVSRVLWLYRVVREUHRPHUFDGRGHWUDEDOKRPDVHOH QmRpXWLOL]DGRHQTXDQWRWDOSHORIDWRGHVHUXPD~QLFDUHIHUrQFLDSDUDPXLWDVFRLVDVQDHFRQRPLD(OH DIHWD DWLYRV H LQDWLYRV DIHWD VHWRU S~EOLFR H VHWRU SULYDGR H PDLV GR TXH LVVR DIHWD XP SDtV FRP GLPHQV}HVFRQWLQHQWDLVFRPRR%UDVLO2%UDVLOpXPSRQWRIRUDGDFXUYDpXPFDVRDWtSLFRHPWHUPRV GHHYLGrQFLDVLQWHUQDFLRQDLVGHWHUVyXPVDOiULRPtQLPRPHVPRHPPHUFDGRGHWUDEDOKR6HJXQGR HVWXGRV GD 2,7 0DXULWLXV TXH p XPD LOKD PXLWR SHTXHQD WHP VDOiULR PtQLPR UHJLRQDOL]DGR $ +RODQGDWHPVDOiULRPtQLPRUHJLRQDOL]DGR2V(VWDGRV8QLGRVWDPEpPWrP1R-DSmRRVDOiULRQmR VypUHJLRQDOL]DGRFRPRVHWRULDOL]DGR2%UDVLOpXPFDVRDWtSLFRSULQFLSDOPHQWHSHORVHXWDPDQKR 'HYHUtDPRVHVWDUGLVFXWLQGRPHQRVHVVHUHDMXVWHFRPRVHWHPIHLWRGHPDQHLUDVLVWHPiWLFDR TXHOHYDDXPJUDQGHGHVSHUGtFLRGHWHPSRHGHYRWDQGRQRVVRVHVIRUoRVSDUDUHIRUPDVLQVWLWXFLRQDLV GR VDOiULR PtQLPR UHIRUPDV TXH SHUPLWLVVHP FULDU XP VDOiULR PtQLPR PDLRU SDUD R PHUFDGR GH WUDEDOKR(QmRVHFRQVHJXHID]HULVVRSRUTXHRQLYHODPHQWRWHPTXHVHUIHLWRSRUEDL[R $FKRTXHpDDOWHUQDWLYDXPDSRVVLELOLGDGHSDUDDTXHVWmRGHUHJLRQDOL]DomR$UHJLRQDOL]DomR WDOFRPRHVWiVHQGRFRORFDGDQDPDQFKHWHGH 2*ORERGHKRMHWHPPXLWDUHVLVWrQFLDSROtWLFDRPR HVWiVHQGRIHLWRFULDUXPDEDQGDGHVDOiULRV −UHDLVpRPHQRUVHRVHVWDGRVTXLVHUHPTXHIL[HP VDOiULRV PtQLPRV PDLRUHV DWp UHDLV − WHP XPD FKDQFH GH SDVVDU GR SRQWR GH YLVWD SROtWLFR 7RGDYLD WDOYH] IRVVH PDLV DGHTXDGR VH IL[DU − DWp SDUD R FHDUHQVH RX R QRUGHVWLQR TXH SHUFHEHP VDOiULRPtQLPRHVHVHQWHPXPSRXFRGHVSUHVWLJLDGRVFRPXPVDOiULRPtQLPRPHQRUVDOiULRPtQLPR HPFLPDGHDWULEXWRVLQGLYLGXDLV$FKRTXHRPHOKRUGHOHVpHGXFDomR6HULDIL[DGRXPVDOiULRPtQLPR GLIHUHQFLDGRSRUQtYHLVHGXFDFLRQDLV
  24. 24. 2-RVp0iUFLRIDODUiVREUHUHIRUPDVLQVWLWXFLRQDLVGRVDOiULRPtQLPR1DYHUGDGHJUDQGHSDUWH GRVUHVXOWDGRVDSUHVHQWDGRVVmRWUDEDOKRVFRQMXQWRVFRPHOH$LGpLDVHULDFULDUXPSLVRVDODULDOQD/7 −QmRSUHFLVDPH[HUQDRQVWLWXLomRQHPFRPDSRVHQWDGRULD1DSUiWLFDQmRWHP QDGD DYHUFRP SUHYLGrQFLD QR VHQWLGR GLUHWR Vy LQGLUHWDPHQWH − SRU DOJXPD FDUDFWHUtVWLFD 3RGH VHU UHJLmR HWF 'HYHULDVHUIL[DGRRYDORUGRVDOiULRPtQLPRGHDFRUGRFRPRVQtYHLVGHHGXFDomRSRUTXHVHJXQGR XPDVpULHGHHVWXGRVHPSDUWLFXODURVGH5LFDUGR3DHVGH%DUURVDSULQFLSDOYDULiYHOH[SOLFDWLYDGR PHUFDGRGHWUDEDOKREUDVLOHLURpDHGXFDomR3RUH[HPSORDQRVFRPSOHWRVGHHVWXGRV$LGpLDVHULD XWLOL]DU HVVD YDULiYHO 9HMR LQFOXVLYH FRPR YDQWDJHP D H[LVWrQFLD GH XPD SURSRVWD HP WHUPRV GH DWULEXWRVPLFURHFRQ{PLFRVHPYH]GHDWULEXWRVFRPRDUHQGDPpGLDGHXPHVWDGR3RUH[HPSORH[LVWH PXLWD GLVSDULGDGH GHQWUR GR HDUi )RUWDOH]D p PXLWR GLIHUHQWH GR LQWHULRU GR HDUi 2EYLDPHQWH TXDQGRVHUHJLRQDOL]DRPtQLPRTXDQGRVHHVWDGXDOL]DRPtQLPRDGLVSDULGDGHVHWRUQDPHQRU0DV GHQWURGRVHVWDGRVHVVDGLVSDULGDGHpJUDQGHHDYDQWDJHPGHXVDUDWULEXWRVPLFURpTXHGHXPODGR IRJHVHGHVVDFRQRWDomRUHJLRQDO$VSHVVRDVGR1RUGHVWHVHVHQWHPGHVSUHVWLJLDGDVFRPLVVRHPERUD DSURGXWLYLGDGHGRHVWDGRVHMDPHQRUTXHDGH6mR3DXORSRLVRVQtYHLVGHHGXFDomRVmRPHQRUHV$R PHVPR WHPSR VH KRXYHU XP SLVR VDODULDO IOH[tYHO HOH VH DGDSWD D FDGD PHUFDGR GH WUDEDOKR $ YDQWDJHP−HLVVRKiTXHVHUFRPSURYDGR −pTXHHGXFDomRpDOJRGLUHWDPHQWHREVHUYiYHOWRGRR PXQGRWHULDRXQmRXPGLSORPDDGHFODUDU(VVHpRSRQWRPDLVFUtWLFRGDSURSRVWD (UDRTXHHXWLQKDDGL]HU 225'(1$'250LQLVWUR:DOGHFN2UQpODV
  25. 25. 2TXHR'U9LQtFLXVGLVVHUDJRUDQmRYDOHFRPR SRVLomRGR0LQLVWURQDRPLVVmRGDkPDUDTXHHVWXGDRVDOiULRPtQLPR 9,1Ì,86$59$/+23,1+(,52(PSULPHLUROXJDUJRVWDULDGHFXPSULPHQWDUR0DUFHOR 1HULSHODVXDEULOKDQWHH[SRVLomR (VWHZRUNVKRSpRLQtFLRGHXPDVpULHGHWUDEDOKRVTXHGHYHUmRVHUUHDOL]DGRVHPFRQMXQWRSHOR 0LQLVWpULRGD3UHYLGrQFLD6RFLDOHRXWUDVLQVWLWXLo}HVGH*RYHUQRFRPRR,3($HIRUDGHJRYHUQR FRPR XQLYHUVLGDGHV H RXWUDV LQVWLWXLo}HV 2EMHWLYDVH HVWXGDU XP WHPD TXH p XP QRYR GHVDILR HP UHODomRj3UHYLGrQFLD6RFLDOFRPRDPSOLDUDFREHUWXUDGRVLVWHPDSUHYLGHQFLiULR *RVWDULD GH HQIRFDU XP WHPD FRPSOHPHQWDU DR DERUGDGR SHOR SURIHVVRU 0DUFHOR 1HUL GHL[DQGRSDUDR'U-RVp0iUFLRDPDUJRRFRPHQWiULRHVSHFtILFRVREUHDH[SRVLomRDQWHULRU ([LVWHPDWXDOPHQWHFHUFDGHPLOK}HVGHSHVVRDV QmRFREHUWDV SHORVHJXURVRFLDO1R IXWXUR HVVDV SHVVRDV RX YmR UHGX]LU D UHQGD GH VXDV IDPtOLDV SRUTXH GHSHQGHUmR GHODV SDUD VHX SURYHQWRRXGHSHQGHUmRGHEHQHItFLRVDVVLVWHQFLDLVRQHUDQGRR(VWDGRHWRGDDVRFLHGDGH $OpPGLVVRpLPSRUWDQWHUHVVDOWDUTXHKiQRSUHVHQWHSHVVRDVGHVDPSDUDGDVVHQmRHVWmR FREHUWDVSHOD3UHYLGrQFLDSRGHQGRVHFLWDURH[HPSORGDPDWHUQLGDGH$RGDUjOX]DVWUDEDOKDGRUDV QmRVHJXUDGDVWrPGHVDLUGRPHUFDGRGHWUDEDOKRGHL[DUGHUHFHEHUVHXVSURYHQWRV+iWDPEpPR ULVFRGDLQYDOLGH]RXPRUWHTXHDIHWDWRGRWUDEDOKDGRUDTXDOSRGHVHUIDWDOQmRVySDUDVLFRPRSDUD RVGHSHQGHQWHVSRLVQmRKDYHUiUHSRVLomRGHUHQGD 2EYLDPHQWHHVWHQmRpVyXPSUREOHPDGD3UHYLGrQFLD6RFLDOPDVGRVLVWHPDGHSURWHomR VRFLDO FRPR XP WRGR )RFDOL]DQGR XP SRXFR HVVD FREHUWXUD D ILP GH WHQWDU HQWHQGHU SRU TXr DV SHVVRDVHVWmRIRUDGRVLVWHPDSUHYLGHQFLiULRRSULPHLURGDGRTXHVDOWDDRVROKRVpTXHDPDLRUSDUWH GHODVQmRFRQWULEXLSDUDD3UHYLGrQFLD6RFLDOVLPSOHVPHQWHSRUTXHQmRWHPUHQGDVXILFLHQWH2VGDGRV DSRQWDPTXHVRPDGDVDVSHVVRDVTXHQmRWrPUHQGLPHQWRVGRWUDEDOKRPDLVRFRQWLQJHQWHGDTXHODV TXHJDQKDPDWpXPVDOiULRPtQLPRWHPRVXPWRWDOGHGDSRSXODomRGHQmRFRQWULEXLQWHV(VWHV QmRFRQWULEXHPVLPSOHVPHQWHSRULQVXILFLrQFLDGHUHQGD
  26. 26. (VVHpXPSUREOHPDPDLVHVWUXWXUDOTXHGHYHVHUFRPEDWLGRFRPGHVHQYROYLPHQWRVXVWHQWDGR RXSRUSURJUDPDVGHGLVWULEXLomRGHUHQGDSURJUDPDVGHUHQGDPtQLPD3RUWDQWRpDOJRPDLVDPSOR TXHDVLPSOHVTXHVWmRGDILOLDomRj3UHYLGrQFLD6RFLDO 1HVVH FRQWLQJHQWH GH PLOK}HV GH SHVVRDV Ki XPD VpULH GH SHVVRDV TXH WDPSRXFR GHYHULDP HVWDU WUDEDOKDQGR 6mR GD SRSXODomR GH QmR FRQWULEXLQWHV HQWUH H DQRV (VWH FRQWLQJHQWHWDPSRXFRpXPSUREOHPDHVSHFtILFRGDSROtWLFDGH3UHYLGrQFLD6RFLDOPDVXPSUREOHPDGD 3ROtWLFD GH $VVLVWrQFLD 6RFLDO PDLV HVSHFLILFDPHQWH XP SUREOHPD TXH GHYH VHU FRPEDWLGR SRU SURJUDPDVGHHUUDGLFDomRGRWUDEDOKRLQIDQWLO $RVHUGHSXUDGRDTXHOHXQLYHUVRGHPLOK}HVGHSHVVRDVHLVRODQGRVHQHVVDVYDULiYHLV UHQGDHLGDGHFKHJDVHDXPFRQWLQJHQWHSDVVtYHOGHLQFRUSRUDomRDRVLVWHPDSUHYLGHQFLiULRGH PLOK}HV $QDOLVDGRVHVVHVGDGRVSRUSRVLomRQDRFXSDomRYrVHTXHDFREHUWXUDHQWUHRVHPSUHJDGRVp PDLVHOHYDGDFHUFDGHHVyQmRpPDLVHOHYDGDSRUFRQWDGRFKDPDGRWUDEDOKDGRULQIRUPDOR VHP FDUWHLUD XP WUDEDOKDGRU LOHJDO HUFD GH PLOK}HV GH WUDEDOKDGRUHV VHP FDUWHLUD QmR HVWmR FRQWULEXLQGR SDUD D SUHYLGrQFLD (QWHQGHPRV VHU R FDVR GH LQWHQVLILFDomR GD FRQVFLHQWL]DomR H GD ILVFDOL]DomRSRUTXHDREULJDomRGHUHFROKLPHQWRQRFDVRGHVVHVVHJXUDGRVpGRHPSUHJDGRUHQmR GHOHVSUySULRVHQRIXWXURHOHVSRGHPEDWHUjVSRUWDVGRVLVWHPDGH3UHYLGrQFLD6RFLDOSDUDWHQWDUD FRQWDJHPGHWHPSRGHVGHTXHFRPSURYHPHVVHWHPSRGHVHUYLoR1DYHUGDGHDUHVSRQVDELOLGDGHSHOD ILOLDomRQmRpGRVHJXUDGRHVLPGRHPSUHJDGRUTXHQmRSRGHVHUSUHMXGLFDGRHPUD]mRGDDWLWXGHGR HPSUHJDGRU2HPSUHJDGRUQHVWHFDVRHVWiHPVLWXDomRGHLOHJDOLGDGHGHLQIRUPDOLGDGHHGHYHVHU REMHWRGHDo}HVQmRVyGHFRQVFLHQWL]DomRFRPRWDPEpPGHILVFDOL]DomR 2 PDLV SUHRFXSDQWH GH IDWR p D FREHUWXUD HP UHODomR DR FKDPDGR WUDEDOKDGRU SRU FRQWD SUySULDRWUDEDOKDGRUDXW{QRPRFRPFREHUWXUDGH(VWDpPXLWREDL[DSRUXPDUD]mRPXLWR VLPSOHV HQTXDQWR SDUD R WUDEDOKDGRU FRP FDUWHLUD D ILOLDomR j 3UHYLGrQFLD 6RFLDO p DXWRPiWLFD QR PRPHQWR HP TXH DVVLQD R FRQWUDWR GH WUDEDOKR SDUD R WUDEDOKDGRU SRU FRQWD SUySULD D ILOLDomR j 3UHYLGrQFLDpXPDWRGHOLEHUDGRGHLQVFULomR$SHVDUGHVHUREULJDWyULDpQHFHVViULRTXHRWUDEDOKDGRU WHQKDDOJXPLQFHQWLYRSDUDLUDXPDDJrQFLDGD3UHYLGrQFLD6RFLDORXPHVPRWHOHIRQDUDRVVHUYLoRV RIHUHFLGRVSHOR0LQLVWpULRGD3UHYLGrQFLDHVHLQVFUHYHU,VVRVXS}HXPJHVWRGHOLEHUDGRGRWUDEDOKDGRU GHID]HUDLQVFULomR $OpPGLVVRpLPSRUWDQWHUHVVDOWDURFDVRGRWUDEDOKDGRUGRPpVWLFR1RV~OWLPRVDQRVKRXYH DXPHQWR GD FREHUWXUD $QDOLVDGD D HYROXomR GHVVH LQGLFDGRU GHVGH DWp R PRPHQWR R TXH VH REVHUYDpXPSHTXHQRDXPHQWRGDFREHUWXUDH[SOLFDGRHPUD]mRGDILOLDomRGRWUDEDOKDGRUGRPpVWLFR 0DVFRQVLVWHDLQGDHPSUREOHPDVHUtVVLPRDLQVFULomRGHVWHWUDEDOKDGRUVHPFDUWHLUDSRLVVmRFHUFDGH PLOKmRGHSHVVRDVTXHQmRHVWmRFREHUWDVSHOD3UHYLGrQFLD6RFLDOHSX[DPDFREHUWXUDSDUDHVVH VHWRUSDUDFHUFDGH 7RGRHVWHTXDGURWHQGHDVHDJUDYDUHPUD]mRGDVPXGDQoDVTXHHVWmRRFRUUHQGRQRPHUFDGR GH WUDEDOKR (P YHUGDGH R TXH VH REVHUYD GHVGH D SDUWLU GRV GDGRV GD 30( p R DXPHQWR VLJQLILFDWLYRGRQ~PHURGHWUDEDOKDGRUHVSRUFRQWDSUySULDHGRQ~PHURGHWUDEDOKDGRUHVVHPFDUWHLUD DVVLQDGD IUHQWH D XPD GLPLQXLomR HQRUPH HP UHODomR DRV WUDEDOKDGRUHV FRP FDUWHLUD DVVLQDGD $ SRSXODomR FDWLYD GD 3UHYLGrQFLD 6RFLDO HP WHUPRV GH FREHUWXUD D SRSXODomR FREHUWD SRU GHILQLomRDFRPFDUWHLUDDVVLQDGDHVWiSHUGHQGRFDGDYH]PDLVH[SUHVVmRHPWHUPRVGDFRPSRVLomRGD IRUoDGHWUDEDOKR 3RURXWURODGRRWUDEDOKDGRUSRUFRQWDSUySULD²TXHWHPFRQWULEXLomRREULJDWyULDHPERUD VHPSUHVXMHLWDDXPJHVWRGHYRQWDGHDXPHQWRXTXDVHQHVVHV~OWLPRVDQRVHRWUDEDOKRLOHJDOR VHPFDUWHLUDRLQIRUPDOIRLSDUDSDWDPDUHVDFLPDGH
  27. 27. 1mRQRVFDEHFRPHQWDUDVUD]}HVGHVVDVPXGDQoDV(ODVHVWmRDOLDGDVDIHQ{PHQRVHVWUXWXUDLV GHPXGDQoDQRPHUFDGRGHWUDEDOKRjDXWRPDomRGHSURFHVVRVGHWUDEDOKRHDRDXPHQWRGRVHWRUGH VHUYLoRV$VVLPQmRH[LVWHXPGHVDILRVyGR0LQLVWpULRGD3UHYLGrQFLD6RFLDOPDVGHWRGDDVRFLHGDGH 2VLQVWLWXWRVGHSHVTXLVDHDVXQLYHUVLGDGHVGHSDUDPVHFRPDTXHVWmRGHFRPRDGHTXDUD3UHYLGrQFLD DHVVDQRYDFRPSRVLomRDHVVDQRYDHVWUXWXUDGHPHUFDGRGHWUDEDOKR(VVHpXPSUREOHPDFRQFUHWR TXH GHYH VHU GLVFXWLGR SRU WRGRV 'HYHVH WLUDU XP SRXFR D GLVFXVVmR GD 3UHYLGrQFLD GR IRFR H[FOXVLYDPHQWH ILVFDO H DWXDULDO H OHYDQWDU R SUREOHPD VRFLDO H[LVWHQWH SRU WUiV GHVVD PXGDQoD GH FRPSRVLomRGRPHUFDGRGHWUDEDOKR $RLVRODUDLQIOXrQFLDGHFDGDXPDGDVYDULiYHLVHPUHODomRjTXHODSRSXODomRRFXSDGDUHVWULWD TXH VHUYLX GH EDVH SDUD HVVD FRPSDUDomR YrVH TXH R SULQFLSDO IDWRU H[SOLFDWLYR GD ILOLDomR j 3UHYLGrQFLD6RFLDOpDUHQGD$3UHYLGrQFLD6RFLDOFKHJDDVRPHQWHGRFRQWLQJHQWHGHSHVVRDVTXH JDQKDPXPVDOiULRPtQLPR$SDUWLUGRPRPHQWRHPTXHYDLDXPHQWDQGRDUHQGDDDDFLPD GH VDOiULRV PtQLPRV D 3UHYLGrQFLD FKHJD D GR FRQWLQJHQWH ( LVVR p YiOLGR QmR Vy SDUD WUDEDOKDGRU FRP FDUWHLUDPDV WDPEpPSDUDWUDEDOKDGRU SRU FRQWD SUySULD H WUDEDOKDGRU GRPpVWLFR VHQGRYiOLGRHPTXDOTXHUHVWDGRRXUHJLmRGD)HGHUDomRORFDLVGHWUDEDOKRHUDPRVGHDWLYLGDGHRP D UHQGD DOLDGD j HGXFDomR FRQVHJXHVH HVVH PHVPR UHVXOWDGR H HVVH p R SULQFLSDO GHWHUPLQDQWH GD ILOLDomRj3UHYLGrQFLD6RFLDORTXHGHPRQVWUDDLPSRUWkQFLDGHFDPSDQKDVGHFRQVFLHQWL]DomR ([LVWH XP GHEDWH PXLWR LQWHUHVVDQWH PHVPR GHQWUR GR 0LQLVWpULR VREUH D HIHWLYLGDGH GH FDPSDQKDVSXEOLFLWiULDVGHFDPSDQKDVGH PDUNHWLQJGHFRQVFLHQWL]DomRGRVSRWHQFLDLVVHJXUDGRVGD 3UHYLGrQFLD6RFLDO(VVHGDGRGHPRQVWUDTXHDVFDPSDQKDVVmRHIHWLYDVSRUTXHDOLDGRDRDXPHQWRGD UHQGDHGDLQVWUXomRHVWiWDPEpPDFRQVFLHQWL]DomRGHFRQWULEXLUSDUDRVLVWHPDSUHYLGHQFLiULR 2TXHVXUSUHHQGHXPSRXFRpTXHDLGDGHQmRH[SOLFDPXLWRDILOLDomRj3UHYLGrQFLDFRP H[FHomR GRV FDVRV H[WUHPRV GD GLVWULEXLomR D SRSXODomR DEDL[R GH DQRV H DFLPD GH 1HVVH HQRUPH XQLYHUVR GD SRSXODomR HQWUH H DQRV D FREHUWXUD GD 3UHYLGrQFLD p PDLV RX PHQRV FRQVWDQWHHQWUHHRPDH[FOXVmRGHVVDVIDL[DH[WUHPDVGHVVDVIDL[DVGDSRQWDPDLVMRYHQVH PDLV LGRVRV QmR Ki GLVWLQomR ,VVR WDPEpP p YiOLGR HQWUH UHJL}HV UDPRV GH DWLYLGDGH SRVLomR QD RFXSDomRSDUDH[SOLFDUDFREHUWXUDGD3UHYLGrQFLD6RFLDO KHJDVHDRXWURUHVXOWDGRH[WUHPDPHQWHLPSRUWDQWHDQDOLVDQGRVHHVVDFREHUWXUDSRUUDPRGH DWLYLGDGHRXVHMDSRUVHWRUGHDWLYLGDGHHFRQ{PLFD²RTXHVHUYHSDUDIRFDOL]DomRGDVDo}HVQmRVyGH FRQVFLHQWL]DomR PDV WDPEpP GH FULDomR GH PHFDQLVPRV LQVWLWXFLRQDLV SDUD DWUDLU RV FRQWULEXLQWHV LQGLYLGXDLVHPHVPRFKDPDUDDWHQomRGDILVFDOL]DomR1DVDWLYLGDGHVLQGXVWULDLVpPDLVH[SUHVVLYRR WUDEDOKRFRPFDUWHLUDGHFDLQGRXPSRXFRHVWDSDUWLFLSDomRDRVHSDVVDUSDUDRVHWRUGHVHUYLoRV2TXH H[SOLFDHVVDTXHGDpMXVWDPHQWHDFRPSRVLomRGRWUDEDOKRRXVHMDQRVHWRUGHVHUYLoRVRWUDEDOKRSRU FRQWD SUySULD p PDLRU TXH R WUDEDOKR FRP FDUWHLUD DVVLQDGD $ LQG~VWULD GD FRQVWUXomR FLYLO p XPD H[FHomRHPUHODomRDRVHWRULQGXVWULDOFRPRXPWRGRSRUTXHDQDWXUH]DGDUHODomRGRWUDEDOKRpPXLWR PDLVSUy[LPDDRGRVHWRUGHVHUYLoRVHVXDFREHUWXUDpPXLWREDL[D4XDQWRDRVHWRUDJUtFRODHVWH DSUHVHQWDXPDFREHUWXUDEDL[tVVLPD 20LQLVWpULRGD3UHYLGrQFLD6RFLDOYHPHPSUHHQGHQGRXPDVpULHGHPRGLILFDo}HVQDOHJLVODomR HPRGLILFDo}HVDGPLQLVWUDWLYDVSDUDIRFDOL]DURVVHWRUHVGHVHUYLoRVHDJUtFROD 1R FDVR GDV DWLYLGDGHV DJUtFRODV p LPSRUWDQWH FRPHQWDU XP SURMHWR GH OHL TXH HVWi VHQGR GLVFXWLGRDWXDOPHQWH RTXDO SUHYr DR HPSUHJDGRU D SRVVLELOLGDGH GH GHGX]LU D FRQWULEXLomR GR VHX HPSUHJDGR GR PRQWDQWH WRWDO GD VXD FRQWULEXLomR (OH SRGHUi GHGX]LU GR PRQWDQWH D FRQWULEXLU j 3UHYLGrQFLDRTXHSDJDRHPSUHJDGR,VVRpXPFODURLQFHQWLYRjGHFODUDomRGRWUDEDOKDGRUUXUDO1mR VH EXVFD WHU DFUpVFLPR GH DUUHFDGDomR HP UHODomR D HVVH VHWRU PDV HVSHUDVH FRQKHFHU PHOKRU R WUDEDOKDGRUUXUDORVHJXUDGRHVSHFLDOHDXPHQWDUDFREHUWXUDTXHpH[WUHPDPHQWHEDL[D
  28. 28. 1R FDVR GR VHWRU GH VHUYLoRV p LPSRUWDQWH FLWDU XPD PHGLGD WRPDGD HP D GD VXE URJDomR1HODRFRQWUDWDQWHUHWpPGDIDWXUDSDJDjHPSUHVDFRQWUDWDGRUDGHVHUYLoRVDWtWXORGH FRQWULEXLomRSUHYLGHQFLiULD3RVWHULRUPHQWHHVVDHPSUHVDTXHHVWiSUHVWDQGRVHUYLoRVSRGHGHGX]LU HVVDFRQWULEXLomRGHVGHTXHVHMDFRPSURYDGDDVXDIROKD,VVRVLJQLILFRXQRV~OWLPRVPHVHV PLOK}HVGHUHDLVGHLQFUHPHQWRGHDUUHFDGDomRHPUHODomRDHVVHVVHWRUHV(VVDVGXDVPHGLGDVPRVWUDP TXHWHPRVDOWHUQDWLYDVDHVVDPXGDQoDEUXVFDTXHHVWiDFRQWHFHQGRQRPHUFDGRGHWUDEDOKRHFRPLVVR SRGHPRVDXPHQWDUDFREHUWXUDSUHYLGHQFLiULD 3DUD ILQDOL]DU GHYH VHU GLWR TXH HVVHV VmR Vy RV UHVXOWDGRV DJUHJDGRV GH XP WUDEDOKR H[WUHPDPHQWHH[WHQVRTXHHVWiVHQGRGHVHQYROYLGRQR0LQLVWpULRGD3UHYLGrQFLDH$VVLVWrQFLD6RFLDO (VSHUDVHWHUDFRRSHUDomRGRVHVSHFLDOLVWDVSUHVHQWHVSDUDPDSHDURVQmRFRQWULEXLQWHVSHUPLWLQGR VDEHUH[DWDPHQWHRQGHHOHVHVWmRDLGDGHDUHQGDRUDPRGHDWLYLGDGHHPTXHWUDEDOKDPRORFDOGR WUDEDOKRDSRVLomRGDVXDRFXSDomRHSRUTXHQmRFRQWULEXHP2XVHMD pUHQGDTXHH[SOLFDLVVR (PERUDDUHQGDVHMDXPIDWRUGHWHUPLQDQWHWDPEpPGHYHVHVDEHUTXDOpRSHUILOHTXDODPRWLYDomR GDVSHVVRDVSDUDYLUHPDFRQWULEXLUSDUDD3UHYLGrQFLDRPEDVHQHVVHWUDEDOKRYDPRVGHIODJUDUXPD YHUGDGHLUD FDPSDQKD QmR Vy GH FRQVFLHQWL]DomR PDV WDPEpP GH PXGDQoDV LQVWLWXFLRQDLV H DGPLQLVWUDWLYDV SDUD DWLQJLU HVVH REMHWLYR TXH p GH WRGRV QyV DXPHQWDU D FREHUWXUD GD 3UHYLGrQFLD 6RFLDO0XLWRREULJDGR 225'(1$'250LQLVWUR:DOGHFN2UQpODV
  29. 29. RPDSDODYUDR'U-RVp0iUFLRDPDUJR -26e 0É5,2 $0$5*2 ² $V GXDV DSUHVHQWDo}HV IRUDP H[WUHPDPHQWH LQWHUHVVDQWHV 0HX REMHWLYR VHUi WHQWDU OHYDQWDU SRQWRV SURYRFDWLYRV TXH QmR IRUDP WUDWDGRV GLUHWDPHQWH QDV DSUHVHQWDo}HV$QWHVGHPDLVQDGDJRVWDULDGHDQWHFLSDUDRVSDUWLFLSDQWHVGHVWHVHPLQiULRTXHPHX REMHWLYR p LQGX]LU DV SHVVRDV D SHQVDUHP RV SUREOHPDV HP GLVFXVVmR ROKDQGRRV VRE D yWLFD GR HFRQRPLVWD SUHRFXSDGR FRP LQFHQWLYRV H UHVWULomR RUoDPHQWiULD (VWD DWLWXGH PXLWDV YH]HV DFDED OHYDQGRDSRVLo}HVFRQVLGHUDGDVSROLWLFDPHQWHLQFRUUHWDV3RUpPRREMHWLYRpGHVSHUWDUDDWHQomRSDUD RVSUREOHPDVGHFRUUHQWHVGDDWXDOOHJLVODomRGDSUHYLGrQFLDGHWDOIRUPDTXHSRVVDPRVQDPHGLGDGR SRVVtYHODSUHVHQWDUFDPLQKRVTXHFRQVLJDPWRUQiODPDLVFRQVLVWHQWHPDLVMXVWDHPDLVDGHTXDGDDRV REMHWLYRVDRVTXDLVQRVSURSRPRV (PSULPHLUROXJDUWUDWDUHLGDTXHVWmRGRVHIHLWRVGRVDOiULRPtQLPRVREUHDSUHYLGrQFLDHD SREUH]D6HJXQGRGDTXHVWmRGRVLQFHQWLYRVjQmRFRQWULEXLomRJHUDGRVSRUDOJXQVGLVSRVLWLYRVGD DWXDOOHJLVODomRSUHYLGHQFLiULD $DSUHVHQWDomRGR0DUFHOR1HULIRLH[WUHPDPHQWHLQWHUHVVDQWHSRUTXHID]SHQVDUHPDOJXQV SRQWRVEiVLFRV2SULPHLURpTXHXPDXPHQWRGRVDOiULRPtQLPRQDPHGLGDHPTXHDIHWDRYDORUGD SHQVmREiVLFDGD3UHYLGrQFLDGLPLQXLSREUH]D6HULDXPDVXUSUHVDVHLVVRQmRDFRQWHFHVVH(QWUHWDQWR RSUREOHPDpTXHHVWDpXPDIRUPDSRXFRHILFD]GHUHGX]LUDSREUH]D6HJXQGRRVGDGRVGR0DUFHOR XPDXPHQWRGHGRVDOiULRPtQLPRUHDOJHUDXPDUHGXomRGDSREUH]DGHVHQGRTXH GHVWDUHGXomRDGYrPGRIXQFLRQDPHQWRGRPHUFDGRGHWUDEDOKRHRUHVWRGRVEHQHItFLRVFRQFHGLGRV SHOD 3UHYLGrQFLD 6RFLDO 6XSRQGR TXH HVVHV UHVXOWDGRV HVWHMDP FRUUHWRV − H GHYHP HVWDU Mi TXH R 0DUFHOR p XP H[SHUW QHVVD iUHD − HVWDPRV GL]HQGR TXH VH R *RYHUQR DXPHQWDU VHXV JDVWRV SUHYLGHQFLiULRVHP5ELOK}HVSRUDQRDUHGXomRGDSREUH]DQRSUHVHQWHVHUiGH (VWRX FHUWR TXH RV HVWXGLRVRV GDV FDXVDV GD SREUH]D H GD GHVWLQDomR GRV JDVWRV VRFLDLV SUHVHQWHVFRQFRUGDPFRPLJRTXDQWRjH[LVWrQFLDGHSURJUDPDVTXHSRGHULDPUHGX]LUDSREUH]DQHVWD PHVPDSURSRUomRQRSUHVHQWHHLQGX]LUPHQRUSREUH]DQRIXWXURFRPJDVWRVPHQRUHV(PRXWUDV SDODYUDV H[LVWHP SROtWLFDV PDLV HILFD]HV SDUD UHGX]LU D SREUH]D GR TXH DXPHQWDQGRVH R VDOiULR PtQLPR6ySDUDGDUXPH[HPSORTXHWRGRPXQGRHP%UDVtOLDFRQKHFH5ELOK}HVGHUHDLVJDVWRV HPXPSURJUDPDGHEROVDHVFROD SDJDQGR 5SRU PrV SRU IDPtOLD DWHQGHULD PLOK}HV GH FULDQoDV 6XSRQGR TXH DV IDPtOLDV WHQKDP HP PpGLD PHPEURV XP SURJUDPD FRPR HVWH QmR Vy
  30. 30. DWLQJLULDPLOK}HVGHSHVVRDVFRPRWHQGHULDDUHGX]LUDSREUH]DQRIXWXURDWUDYpVGRLQFHQWLYRSDUD DPHOKRULDGRQtYHOHGXFDFLRQDOGDVFULDQoDVSREUHVGHKRMH *RVWDULDGHFKDPDUDDWHQomRSDUDRIDWRGHTXHVHR*RYHUQRTXHUJDVWDUELOK}HVGHUHDLV SDUDUHGX]LUDSREUH]DDIRUPDFRUUHWDGHID]rORQmRpDXPHQWDQGRRSLVRGD3UHYLGrQFLD6RFLDOFRP DXPHQWRVGRVDOiULRPtQLPReFODURTXHXPDXPHQWRQRVDOiULRPtQLPRRXQRSLVRGD3UHYLGrQFLD 6RFLDO UHGX]LUi D SREUH]D 7RGDYLD FRPR R DXPHQWR GR VDOiULR PtQLPR UHGX] SREUH]D IXQGDPHQWDOPHQWHDWUDYpVGD3UHYLGrQFLDpSRUPHLRGRDXPHQWRGHJDVWRS~EOLFRHHPVHQGRDVVLP GHYHPRVROKDUVHHVVDpDIRUPDPDLVHILFD]GHUHGX]LUSREUH]D4XDQGRVHHVWiXWLOL]DQGRRGLQKHLUR GR(VWDGRGHYHVHSHQVDUQDHILFLrQFLDGRJDVWRRXVHMDQRXVRDOWHUQDWLYRGRVUHFXUVRVS~EOLFRV2V GDGRVPRVWUDPTXHHVVDQmRpDIRUPDPDLVHILFLHQWHGHUHGX]LUSREUH]D 2VHJXQGRSRQWRIXQGDPHQWDOpTXHHVWHSDtVMiJDVWDFRPRVVHXVLGRVRVPDLVGHWUrVYH]HVR TXHJDVWDFRPRVVHXVMRYHQVFRPVXDVFULDQoDV6yGHDSRVHQWDGRULDVHSHQV}HVVmRPDLVGHGR 3,%WRGRVRVDQRVIRUDRVJDVWRVFRPHGXFDomRHVD~GHGRVDGXOWRVHLGRVRVHQTXDQWRFRPRHQVLQR SULPiULRRVJDVWRVVmRPHQRUHVTXHGR3,%20DUFHORPRVWURXTXHRVSiULDVGDQRVVDVRFLHGDGH QmRVmRRVYHOKRVPDVDVFULDQoDV6HHIHWLYDPHQWHVHTXHUUHGX]LUSREUH]DDWUDYpVGHWUDQVIHUrQFLDGH UHQGDQmRpSRUPHLRGHWUDQVIHUrQFLDGHUHQGDSDUDRVLGRVRVHKRMHMiSRVVRIDODULVVRFRPPDLV WUDQTLOLGDGHSRUTXHMiHVWRXPDLVYHOKR4XDQGRHUDMRYHPHVWDVSDODYUDVFDXVDYDPJUDQGHLUULWDomR QRV PDLV YHOKRV SRLV SDUHFLD TXH HVWDYD GHIHQGHQGR D PLQKD JHUDomR HP GHWULPHQWR GD JHUDomR DQWHULRU
  31. 31. ,QIHOL]PHQWHjPHGLGDHPTXHILFDPRVPDLVYHOKRVYDPRVWDPEpPILFDQGRPDLVSHUWRGD PRUWH SHOR PHQRV HP WHUPRV GH SUREDELOLGDGH
  32. 32. ( DR LQYHVWLU QRV PDLV YHOKRV HVWDPRV WDPEpP LQYHVWLQGRUHFXUVRVHVFDVVRVHPSHVVRDVTXHWrPXPDPDLRUSUREDELOLGDGHGHYLYHUPHQRVGRTXHVH LQYHVWLUPRVQRVPDLVMRYHQVQDVFULDQoDV1RPtQLPRSRUHVWDUD]mRRLQYHVWLPHQWRQDVFULDQoDVWHQGH DGDUUHWRUQRVVRFLDLVPDLVHOHYDGRVGRTXHRVLQYHVWLPHQWRQRVPDLVYHOKRV$PHVPDTXDQWLGDGHGH GLQKHLURJDVWDFRPXPDFULDQoDUHQGHUiPDLVHPWHUPRVVRFLDLVSDUDRSDtVGRTXHRJDVWRFRPXP LGRVR,VWRQmRVLJQLILFDTXHRVJDVWRVFRPRVLGRVRVHDGXOWRVQmRVHMDPPHULWyULRV5HDOPHQWHRVmRH QmRJRVWDULDGHGHL[DUDLPSUHVVmRGHTXHQmRGHYHPRVQRVSUHRFXSDUFRPREHPHVWDUGHVWDVSHVVRDV (QWUHWDQWRTXDQGRDGLVSDULGDGHQDGLVWULEXLomRGRVJDVWRVVRFLDLVpWmRJUDQGHTXDQWRQR%UDVLOQmR SRGHPRVGHL[DUGHFRQFOXLUTXHHVWDPRVDORFDQGRQRVVRVLQYHVWLPHQWRVVRFLDLVGHIRUPDHUUDGD1D YHUGDGHXPDSDUWHVXEVWDQFLDOGHVWHVJDVWRVGHYHVHUFDUDFWHUL]DGDFRPRJDVWRVGHFRQVXPRHQmRGH LQYHVWLPHQWRV 2 LQYHVWLPHQWR GHYH VHU IHLWR QDV FULDQoDV H QRV MRYHQV (VWH p XP SUREOHPD TXH GHYHPRVGLVFXWLUHWHQWDUUHVROYHUQRIXWXURSUy[LPRVHTXLVHUPRVHIHWLYDPHQWHUHGX]LUDSRUFHQWDJHP GHSREUHVQR%UDVLOGHIRUPDVXVWHQWiYHOQRIXWXUR1RYDPHQWHRH[HPSORGREROVDHVFRODpERP SRUTXHID]H[DWDPHQWHLVVRLQYHVWHQDVFULDQoDV eYHUGDGHTXHXPDSDUWHGRGLQKHLURTXHRVLGRVRVUHFHEHPUHSDVVDPSDUDDVFULDQoDVVyTXH QmRJHUDPRVLQFHQWLYRVFRUUHWRV6HHIHWLYDPHQWHVHTXHUUHGX]LUDSREUH]DRSRQWRIXQGDPHQWDOpR VHJXLQWHQmRVHUiSRUPHLRGD3UHYLGrQFLD6RFLDO3DUDUHGX]LUSREUH]DKiSURJUDPDVPDLVHIHWLYRV PXLWRPHOKRUHVHTXHYmRGDUPXLWRPDLVUHVXOWDGRVKRMHHQRIXWXUR$WUDYpVGD3UHYLGrQFLD6RFLDOVH JDVWDFRPFRQVXPRHSDUDUHGX]LUDSREUH]DQRIXWXURpQHFHVViULRJDVWDUFRPLQYHVWLPHQWRVRFLDOH QmRFRPFRQVXPR
  33. 33. ,VVRWDPSRXFRVLJQLILFDTXHQmRVHGHYHDXPHQWDUDUHQGDGRVLGRVRV2SRQWRp TXHLVVRQmRSRGHVHUXPDSULRULGDGHGRSDtV1RVVRVLGRVRVSRGHPWHUVLGRSiULDVVRFLDLVGRSDtVQR SDVVDGRPDVQmRVmRPDLV 2SUREOHPDpTXHRSDtVHVWiSDVVDQGRSRUXPDWUDQVLomRVRFLROyJLFDGLItFLO2VVRFLyORJRV SUHVHQWHVSRGHUmRGL]HUTXHQmRWHPQDGDGHVRFLROyJLFRPDVQmRLPSRUWD9RXFKDPDUGHWUDQVLomR VRFLROyJLFDRVHJXLQWHDWpPXLWRSRXFRWHPSRDWUiVQRVVDVIDPtOLDVVXVWHQWDYDPQRVVRVLGRVRVSRLV HOHVPRUDYDPFRPVHXVILOKRV4XDQGRMRYHQVQmRFRQWULEXtDPSDUDD3UHYLGrQFLD6RFLDOHQYHOKHFLDP H FRPR QmR WLQKDP DSRVHQWDGRULD SDVVDYDP D PRUDU FRP VHXV ILOKRV 2X VHMD SDVVDYDP D VHU VXVWHQWDGRVSHODVIDPtOLDV1DPHGLGDHPTXHDVRFLHGDGHIRLVHXUEDQL]DQGR −HVHXUEDQL]RXPXLWR UDSLGDPHQWH−LVVRIRLDFDEDQGR(QHVVDWUDQVLomRRVLGRVRVSDVVDUDPDVHUVXVWHQWDGRVSHOR(VWDGR
  34. 34. (RYROXPHGHGLQKHLURTXHR(VWDGRWHPGHJDVWDUSDUDVXVWHQWDUHVVHVLGRVRVpPXLWRJUDQGH$ UHODomRFRQWULEXLQWHEHQHILFLiULRQD3UHYLGrQFLD6RFLDOEUDVLOHLUDpDPHVPDGD%pOJLFDHD%pOJLFDWHP XPDHVWUXWXUDHWiULDPXLWRPDLVYHOKDTXHR%UDVLOeFODURTXHWHPDOJXPSUREOHPDDtKiDOJRHUUDGR ,VVR REYLDPHQWH QmR p VXVWHQWiYHO H p SRU LVWR TXH R *RYHUQR HVWi WHQWDQGR ID]HU D UHIRUPD GD 3UHYLGrQFLDKiDOJXPWHPSR(VVDWUDQVLomRpGLItFLOpFRPSOLFDGD1mRVHLFRPRYDPRVFKHJDUQR ILQDOGRSURFHVVRPDVHODWHPGHVHUIHLWDDVRFRQWUiULRQmRYDPRVFRQVHJXLUQHPVXVWHQWDUQRVVRV LGRVRVQHPPXLWRPHQRVYDPRVFRQVHJXLUUHVROYHUQRVVRVSUREOHPDVVRFLDLV'HL[RHVVDREVHUYDomR SDUDRVVHQKRUHVSHQVDUHP ,VVRQmRVLJQLILFDTXHRVDOiULRPtQLPRQmRVHMDLPSRUWDQWH2VDOiULRPtQLPRpLPSRUWDQWH PDVFRPRSROtWLFDGHPHUFDGRGHWUDEDOKR,VWRSRUTXHRVDOiULRPtQLPRFRPRPRVWURXR0DUFHORQD VXD H[SRVLomR p XP ELW GH LQIRUPDomR SDUD R PHUFDGR GH WUDEDOKR XP PHUFDGR TXH p PXLWR GHVRUJDQL]DGRPXLWRFRPSOLFDGR2PHUFDGRLQIRUPDOpPXLWRGHVRUJDQL]DGRWHPSRXFDLQIRUPDomR FLUFXODQGR R VDOiULR PtQLPR p XP ELW GH LQIRUPDomR VXPDPHQWH LPSRUWDQWH SDUD RUJDQL]DU HVVH PHUFDGR$OpPGLVVRRVDOiULRPtQLPRpXPDIRUPDGHDXPHQWDURSRGHUGHEDUJDQKDGRWUDEDOKDGRU GD EDVH GD SLUkPLGH VDODULDO HP XP PHUFDGR TXH QmR p WRWDOPHQWH FRQFRUUHQFLDO 6H HOH IRVVH WRWDOPHQWH FRQFRUUHQFLDO R VDOiULR PtQLPR Vy JHUDULD GHVHPSUHJR RPR QmR p WRWDOPHQWH FRQFRUUHQFLDORVDOiULRPtQLPRDXPHQWDRSRGHUGHEDUJDQKDGRWUDEDOKDGRUHFRPLVWRDXPHQWDR VDOiULRGRWUDEDOKDGRUHRQtYHOGHHPSUHJR0DVpXPDSROtWLFDGHPHUFDGRGHWUDEDOKRQmRpXPD SROtWLFDGHUHGXomRGHSREUH]D3RULVVRRVDOiULRPtQLPRWHPGHVHUGLIHUHQFLDGRRXSRUUHJL}HVRX SRU TXDOTXHU RXWUR FULWpULR TXH VHMD DGHTXDGR $ PHX YHU D LGpLD GH UHJLRQDOL]DU Mi p XP DYDQoR HQRUPH1mRID]RPHQRUVHQWLGRWHURPHVPRVDOiULRPtQLPRQR3LDXtQR$PD]RQDVQR5LR*UDQGH GR6XOHP6mR3DXORQR5LRGH-DQHLURQR0DWR*URVVR(LVVRSRUXPDUD]mRPXLWRVLPSOHVQR 3LDXtSRUH[HPSORGDIRUoDGHWUDEDOKRUHFHEHPHQRVTXHRPtQLPR(P6mR3DXORHVWHQ~PHUR pSUy[LPRGH]HUR2XVHMDDGLVWULEXLomRGHVDOiULRHP6mR3DXORFRPHoDDFLPDGRPtQLPRHQTXDQWR QR3LDXtPHWDGHGDVSHVVRDVMiUHFHEHPHQRVTXHRPtQLPR3RULVVRQmRID]VHQWLGRGL]HUTXHpR PHVPRVDOiULRPtQLPRSDUDWRGRPXQGR1mRVHSRGHQHPDXPHQWDURVDOiULRGH6mR3DXORQHP GLPLQXLU R VDOiULR GR 3LDXt $ LGpLD GH UHJLRQDOL]DU p IXQGDPHQWDO $ LGpLD GH XQLILFDU p WRWDOPHQWH HTXLYRFDGDHQmRVHLSRUTXHFDUJDVG·iJXDHVWHSDtVDDGRWRX1RPXQGRLQWHLURHXQmRFRQKHoRQHP XPSDtVTXHWHQKDVDOiULRPtQLPRXQLILFDGRQDFLRQDOPHQWHFRPRpRFDVRGR%UDVLO −DQmRVHUSDtVHV PXLWRSHTXHQRV 2RXWURSUREOHPDpFRPRDPSOLDUDFREHUWXUDGD3UHYLGrQFLD6RFLDO(QHVWHDVVXQWRVRX PXLWRFpWLFRSRUTXHSDUDDPSOLDUDFREHUWXUDGD3UHYLGrQFLD6RFLDOWHUtDPRVGHID]HUWDQWDFRLVDTXH DFUHGLWRTXHYDPRVGHPRUDUDQRV6HEHPTXHRV~OWLPRVDQRVIRUDPWmRIpUWHLVHPUHIRUPDVTXH TXHPVDEH 'LVFRUGRGHDOJXPDVFRLVDVTXHR9LQtFLXVIDORXPDLVGDVFRQFOXV}HVGRTXHSURSULDPHQWHGR FRQWH~GRGDSDOHVWUDGHOH$SULQFLSDOUD]mRSHODTXDORVLQIRUPDLVQmRFRQWULEXHPSDUDD3UHYLGrQFLD 6RFLDOpSRUTXHQmRYDOHDSHQDHFRQRPLFDPHQWHIDODQGR1mRVHWUDWDGHXPDTXHVWmRGHLQIRUPDomR PDVGHYDQWDJHPHFRQ{PLFD1HVWHVHQWLGRXPDFDPSDQKDGHYHWHUSRXFRHIHLWRVREUHDGHFLVmRGH FRQWULEXLUGHXPDJUDQGHSDUWHGDVSHVVRDVTXHKRMHQmRFRQWULEXHP3RUTXHHVWRXGL]HQGRLVVR2 9LQtFLXVPRVWURXTXHGRVQmRFRQWULEXLQWHVVmRWUDEDOKDGRUHVTXHJDQKDPPHQRVGHVDOiULRV PtQLPRV 2UD VDEHPRV TXH WRGRV RV FLGDGmRV EUDVLOHLURV FRQWULEXLQGR RX QmR WrP GLUHLWR D XPD SHQVmRDRDWLQJLUDQRVGHVDOiULRPtQLPRGHVGHTXHFRPSURYHSREUH]DRTXHQmRpPXLWRGLItFLO GHFRPSURYDUSDUDHVWHJUXSRVRFLDO,VVRVLJQLILFDTXHWRGDVHVVDVSHVVRDVTXHUHFHEHPPHQRVGH VDOiULRV PtQLPRV VmR SRWHQFLDOPHQWH HOHJtYHLV D UHFHEHU SHQVmR TXDQGR DWLQJLUHP D YHOKLFH LQGHSHQGHQWHPHQWHGHWHUHPFRQWULEXtGRRXQmRSDUDD3UHYLGrQFLD6RFLDO 2 SRQWR D VHU GHVWDFDGR p TXH LQGHSHQGHQWHPHQWH GH FDPSDQKD GH LQIRUPDomR D UHODomR FXVWREHQHItFLRGHFRQWULEXLUSDUDDSUHYLGrQFLD6RFLDOSDUDHVWHJUXSRVRFLRHFRQ{PLFR pDOWtVVLPR 3DUDHVWHJUXSRRGLQKHLURTXHpJDVWRFRPDFRQWULEXLomRpH[WUHPDPHQWHLPSRUWDQWHSDUDFRPSRUD
  35. 35. UHQGD IDPLOLDU QR SUHVHQWH H R UHWRUQR GHVWH GLQKHLUR VRPHQWH LUi DSDUHFHU QR IXWXUR TXDQGR RV FRQWULEXLQWHVVHDSRVHQWDUHP (PRXWUDVSDODYUDVFRPRDWXDOVLVWHPDGH3UHYLGrQFLDH$VVLVWrQFLD6RFLDOSDUDRVLGRVRV H[LVWHXPHQRUPHLQFHQWLYRSDUDTXHDVSHVVRDVSREUHVQmRFRQWULEXDP,VVRQmRWHPPXLWRMHLWR2V SREUHVQmRYmRFRQWULEXLUDQmRVHUTXHHOHVVHMDPREULJDGRVDID]rOR(TXHPVmRRVREULJDGRVD FRQWULEXLU $V SHVVRDV TXH WrP FDUWHLUD DVVLQDGD SRUTXH TXHP FRQWULEXL QD YHUGDGH p D HPSUHVD 3RUWDQWRSDUDTXHHVWDVSHVVRDVFRQWULEXDPGHYHPRVLQGX]tODVRXjVHPSUHVDV
  36. 36. DWHUHPHPSUHJRV FRP FDUWHLUD GH WUDEDOKR DVVLQDGD ( QHVWH VHQWLGR GHYHPRV QRV SHUJXQWDU SRU TXH WRGRV RV HPSUHJDGRVQmRWrPHPSUHJRFRPFDUWHLUDDVVLQDGD6HUiXPDTXHVWmRGHILVFDOL]DomR$FUHGLWRTXH QmR2SUREOHPDpTXHH[LVWHXPHQRUPHLQFHQWLYRSDUDDVSHVVRDVQmRWHUHPFDUWHLUDDVVLQDGD3RU TXH H[LVWH LQFHQWLYR SDUD DV SHVVRDV QmR WHUHP FDUWHLUD DVVLQDGD 3RUTXH D OHJLVODomR WUDEDOKLVWD LQFHQWLYD D LQIRUPDOLGDGH RPR p TXH IXQFLRQD 9RX FRQWDU XPD KLVWRULQKD RPR IXQFLRQD D OHJLVODomRWUDEDOKLVWDEUDVLOHLUD9RFrFRQWUDWDXPDSHVVRDQDLQIRUPDOLGDGHQmRSDJDQHQKXPGLUHLWR SDUDHODRXDWpSDJDQmRLPSRUWD4XDQGRDSHVVRDpGHPLWLGDHODHQWUDQD-XVWLoDGR7UDEDOKRFRQWUD RSDWUmR(QWUDQD-XVWLoDGR7UDEDOKRHGL]HOHPHGHYHPLOUHDLV(OHQmRSDJRXGpFLPRWHUFHLURQmR SDJRXIpULDVQmRSDJRXKRUDH[WUDQmRDVVLQRXPLQKDFDUWHLUDHWF'RLVRXWUrVPHVHVGHSRLVTXHHOH HQWURXQD-XVWLoDRMXL]FKDPDRVGRLVSDUDFRQFLOLDomR3URYDYHOPHQWHDOJXPDVSHVVRDVMiYLYHUDP HVVHSURFHVVRDTXLQHVWDVDOD$tVHYDLjDXGLrQFLDGHFRQFLOLDomR2MXL]VHQWDQDVXDFDGHLUDHPJHUDO PDLV DOWD R WUDEDOKDGRU ILFD GH XP ODGR H R HPSUHJDGRU GR RXWUR ODGR FRP VHXV UHVSHFWLYRV DGYRJDGRV /HPEUHPVH TXHP FRQYHUVD FRP R MXL] p Vy R DGYRJDGR QyV SREUHV PRUWDLV QmR SRGHPRVIDODUFRPRMXL]$SULPHLUDIUDVHGRMXL] −HXIL]TXHVWmRGHDFRPSDQKDUXPDVFHPYH]HV DXGLrQFLDV QD -XVWLoD GR 7UDEDOKR SDUD HQWHQGHU GLUHLWLQKR FRPR IXQFLRQD − p D VHJXLQWH VHQKRU HPSUHViULR R VHX IXQFLRQiULR IXODQR GH WDO HVWi UHFODPDQGR TXH R VHQKRU QmR SDJRX PLO UHDLV DR ORQJR GD UHODomR GH WUDEDOKR 2 VHQKRU QmR JRVWDULD GH OKH ID]HU XPD FRQWUDSURSRVWD $t GL] R DGYRJDGRGRHPSUHViULRFODURVHQKRUMXL](XJRVWDULDGHSURSRUDHOHSDJDUUHDLV2WUDEDOKDGRU SRGHDFHLWDU RXQmRDFHLWDU2WUDEDOKDGRUGL]QmRYRXDFHLWDU%RPPXLWDVYH]HV R -XL] VXJHUH D FRQFLOLDomRFRPXPDIUDVHGRWLSRVHQKRUWUDEDOKDGRUpVHPSUHPHOKRUXPPDXDFRUGRGRTXHXPD ERDEULJD2VHQKRUUHDOPHQWHQmRTXHUDFHLWDUHVVDFRQWUDSURSRVWDGRVHXHPSUHJDGRU6XSRQKDTXH RWUDEDOKDGRULQVLVWDHGLJDQmRHXQmRTXHURDFHLWDU2MXL]GL]WXGREHPYRXDQDOLVDURVDXWRV − LVVRSRUTXHDWpDTXHOHPRPHQWRHOHQmRWLQKDQHPROKDGRRVDXWRV(DtGHPRUDDDQRVHP PpGLD SDUD GDU D VHQWHQoD 8PD YH] FRQKHFLGD D VHQWHQoD R HPSUHJDGRU SRGH UHFRUUHU QR 757 'HSRVLWDHPMXt]RHUHFRUUHDR757'HPRUDPDLVDQRVHPPpGLDSDUDFKHJDUDDomRDRILQDO2X VHMDVHRWUDEDOKDGRUQmRDFHLWDUHOHSRGHDWpUHFHEHUWXGRPDVGDTXLDRXDQRV(QWmRKiXPD GLVSXWDHQWUHWHPSRHUHFHEHURGLQKHLURQDKRUD$VVLPGDVGHPDQGDVWUDEDOKLVWDVVmRUHVROYLGDV QRSULPHLURHVWiJLR(DSHVVRDJDQKDGRTXHHVWiGHPDQGDQGRHPPpGLD(VVHVQ~PHURVQmR VmR GD PLQKD FDEHoD GHFRUUHP GH XPD SHVTXLVD TXH IL] QD -XVWLoD GR 7UDEDOKR GH 0LQDV *HUDLV DFRPSDQKDQGRSURFHVVRVSRUDQR5HSLWRJDQKDPHPPpGLDGRTXHGHPDQGDUDP 'HGXDVXPDRXHOHVHVWmRUHFHEHQGRPHQRVGRTXHWrPGLUHLWRRXHVWmRGHPDQGDQGRPDLV GRTXHWrPGLUHLWR1RVGRLVFDVRVYDOHDSHQDVHULQIRUPDO9DOHDSHQDDRHPSUHViULRQmRSDJDU SRUTXHHOHQmRSDJDQGRYDLSDJDUPHQRVHPDLVWDUGHPHQRV9DOHDSHQDSDUDRWUDEDOKDGRUWDPEpP SRUTXHVHHOHHVWiGHPDQGDQGRPDLVGRTXHWHPGLUHLWRHOHSRGHTXHUHUPDLVGHSRLV $LQIRUPDOLGDGHQHVVHWLSRGHVLVWHPDWHQGHDVHUPXLWRHOHYDGDHTXDQWRPDLVDFHVVRWLYHUHP RVLQIRUPDLVDRVGLUHLWRVVRFLDLVDRVEHQVVRFLDLVJHUDGRVSHOR(VWDGRPDLVLQFHQWLYRHVVDVSHVVRDVYmR WHUSDUDVHUHPLQIRUPDLV(QWmRFDGDYH]DLQIRUPDOLGDGHYDLDXPHQWDUPDLV RPDRQVWLWXLomRGHDLQIRUPDOLGDGHDXPHQWRX$WpSDUDDVSHVVRDVWHUHPDFHVVRD XPSRVWRGHVD~GHWLQKDPGHWHUDFDUWHLUDGHWUDEDOKRDVVLQDGD(XVHLTXHpXPGLUHLWRXQLYHUVDO WRGRVWHUHPDFHVVRjVD~GH1mRHVWRXGL]HQGRTXHQmRpHVWRXGL]HQGRTXHDWpDVSHVVRDVSDUD WHUHPDFHVVRDXPSRVWRGHVD~GHWLQKDPGHWHUFDUWHLUDDVVLQDGD1DKRUDHPTXHVHDFDERXFRPHVVD
  37. 37. H[LJrQFLDDSHVVRDGLVVHQmRSUHFLVRPDLVWHUFDUWHLUDDVVLQDGDSDUDSRGHULUDRSRVWRGHVD~GH0DLV XPDUD]mRSDUDQmRWHUFDUWHLUDGHWUDEDOKRDVVLQDGD1mRHVWRXIDODQGRTXHDVSHVVRDVQmRWrPGHWHU DFHVVRDXPSRVWRGHVD~GH2TXHHVWRXGL]HQGRpTXHTXDQWRPDLVDFHVVRVHGHULQGHSHQGHQWHPHQWH GHTXDOTXHUFRQWULEXLomRTXHRWUDEDOKDGRUIDoDPDLVLQIRUPDOLGDGHKDYHUi2PHVPRRFRUUHFRPD SHQVmRSRULGDGHFRPRGHVFULWRDFLPD,VVRpSDUWHGRIXQFLRQDPHQWRGRPXQGR(QWmRDPLQKD H[SHFWDWLYDpTXHYDLDXPHQWDUDLQIRUPDOLGDGHQRIXWXUR(DXPHQWDQGRDLQIRUPDOLGDGHGDGRTXHHX DFKR TXH R LQFHQWLYR HVWi Dt YmR GLPLQXLU RV FRQWULEXLQWHV (VVH p R SUREOHPD (X VRX FpWLFR HP UHODomRDTXDOTXHUFRLVDGRWLSRFDPSDQKDHWF(XQmRDFKRTXHVHMDTXHVWmRGHLQIRUPDomR$JRUD DFKRTXHH[LVWHXPDFRLVDDVHUIHLWDHpXPDFRLVDTXHWHPGHVHUIHLWDFRPRDGDSWDUDVUHJUDVGD 3UHYLGrQFLD6RFLDODHVVDQRYDHVWUXWXUDGHPHUFDGRGHWUDEDOKR e GLItFLO LPDJLQDU SDUD RQGH FDPLQKDU PDV DFKR TXH p IXQGDPHQWDO VH TXLVHUHP WRUQDU D 3UHYLGrQFLDPLQLPDPHQWHILQDQFLiYHOQHVWHSDtVYDPRVWHUGHDGDSWDUDVUHJUDVGD3UHYLGrQFLDDHVVD QRYDHVWUXWXUDGHPHUFDGR,VVRpXPDFRLVDSDUDVHUHVWXGDGDHWUDEDOKDGDFRPPXLWRFXLGDGR'D IURPDDWXDODWHQGrQFLDpFDGDYH]PHQRVFRQWULEXLQWHVHFDGDYH]PDLVEHQHILFLiULRV1mRWHQKRPXLWD G~YLGDTXDQWRDLVVR0XLWRREULJDGR 225'(1$'25 0LQLVWUR :DOGHFN 2UQpODV
  38. 38. 1mR YDOHQGR ID]HU SURYRFDo}HV VRPHQWH DR DPDUJRHVWmRDEHUWRVRVGHEDWHVRPDSDODYUDD$QD$PpOLD $1$$0e/,$$0$5$12(VWXGHLQDPHVPDHVFRODTXHR-RVp0iUFLR6RXHFRQRPLVWDHDFKR TXHDVXDYLVmRpSRUGHPDLVHFRQRPLFLVWD(QFDUDUJDVWRVFRPLGRVRVFRPRFXVWRVHFRPMRYHQV FRPRLQYHVWLPHQWRpXPDYLVmRHFRQRPLFLVWD$WpSRUTXHJUDQGHSDUWHGRVJDVWRVFRPLGRVRVVmRXPD UHWULEXLomRGDFRQWULEXLomRIHLWDDRORQJRGDYLGDSURGXWLYD(QWmRRVJDVWRVQmRVmRWDQWRVVHGHGX]LU RTXHIRLIHLWRGHFRQWULEXLomRSUHYLGHQFLiULDDRORQJRGDYLGD 2VHJXQGRSRQWRpTXHYRFrGL]TXHVHGiPXLWRDRYHOKR2DSRVHQWDGRWHPXPVHJXUR YLWDOtFLRTXHpDDSRVHQWDGRULD0DVLVVRYRFrQmRGiDRYHOKRGijIDPtOLDGRYHOKR(OHHQWUDSDUDD IDPtOLD 2TXHHVWDPRVREVHUYDQGRDJRUDpDLPSRUWkQFLDGDUHQGDGRLGRVRQDUHQGDGDVIDPtOLDV2 LGRVRHVWiLQVHULGRHPXPDIDPtOLDHHPXPDIDPtOLDTXHHVWiVHH[SDQGLQGRFRPDYROWDGRVILOKRV DGXOWRVSDUDDFDVDFRPDYROWDGRVQHWRVFRPVHSDUDo}HVFRPGHVHPSUHJRGRVMRYHQV(QWmR D UHQGDGRLGRVRpXPDFRQWULEXLomRLPSRUWDQWHDWpSDUDDQmRFRQWLQXDomRGRDXPHQWRGDSREUH]D(OD WHPXPDUHSHUFXVVmRPDLRUGRTXHVLPSOHVPHQWHDUHQGDGRYHOKReUHQGDGDIDPtOLDGRYHOKR 1DUHIRUPDGD3UHYLGrQFLD6RFLDOHXDFKRTXHGHYHKDYHUPXGDQoDVVLPHPYiULRVVHQWLGRV 7HPRVGHSHQVDUTXHRVYHOKRVGHDPDQKmVmRRVMRYHQVGHKRMH2VYHOKRVGHKRMHVLPQmRVmR SiULDVHVWmRHPPHOKRUHVFRQGLo}HVILQDQFHLUDVHVWmRSRGHQGRDMXGDUDIDPtOLDWrPFDVDSUySULDHWF 0DVRVGHDPDQKm$UHIRUPDGD3UHYLGrQFLDYDLGHWHUPLQDUHPTXHFRQGLo}HVYDLHVWDURLGRVRGH DPDQKm 2 MRYHP GH KRMH QmR WHP PDLV PHUFDGR GH WUDEDOKR VHJXUR FRP FDUWHLUD DVVLQDGD FRP VLVWHPD)LQDQFHLURGH+DELWDomRDWXDQWHSDUDTXHHOHFRPSUHXPDFDVDILQDQFLDGDFRPFRQWULEXLomR SUHYLGHQFLiULD2UHSHQVDUDUHIRUPDGD3UHYLGrQFLDWHPGHSDVVDUFRPRYRFrIDORXSRUHVVDVTXHVW}HV GRQRYRPXQGRGRWUDEDOKRSDUDTXHVHSHQVHRTXHYDLVHURYHOKRGHDPDQKmSDUDHOHQmRVHUSiULD − HOH GHL[RX GH VHU SiULD SDUD QmR YROWDU D VHU SiULD QR IXWXUR 9RFr GLVVH TXH DQWHV R YHOKR HUD VXVWHQWDGRSHODIDPtOLDDJRUDpVXVWHQWDGRSHOR(VWDGRHHOHVXVWHQWDDIDPtOLD$FKRTXHLQYHUWHXXP SRXFRDUD]mRGHGHSHQGrQFLD0XLWRREULJDGR 225'(1$'250LQLVWUR:DOGHFN2UQpODV
  39. 39. 3DVVRDSDODYUDDR(PtGLR (0Ì',25(%(/2),/+26RXDSRVHQWDGRWHQKRDQRVHMiIXLFKDPDGRGHYDJDEXQGR+RMH IXLFKDPDGRGHLPSUHVWiYHO
  40. 40. 225'(1$'250LQLVWUR:DOGHFN2UQpODV
  41. 41. RPHVVDLGDGHQmR (0Ì',25(%(/2),/+2(XTXHURGL]HUDR3URIDPDUJRTXHHXQmRVRXVXVWHQWDGRSHOR (VWDGRDVVLPFRPRPLOK}HVGHEUDVLOHLURVQmRRVmR1yVFRQWULEXtPRVSDUDWHUHVVDUHWULEXLomR FRPREHQHItFLR3RUWDQWRQmRVRPRVVXVWHQWDGRVSHOR(VWDGR6HR(VWDGRQmRVRXEHJHULURVUHFXUVRV TXHQyVFRORFDPRVjGLVSRVLomRSDUDHOHJHUHQFLDUDFXOSDQmRpQRVVD $SUR[LPDGDPHQWHPLOK}HVGHSHVVRDVTXHQmRFRQWULEXtUDPSDUDD3UHYLGrQFLDV(VVHVVLP 0DVQyVQmRVRPRV FRQWUDTXHHOHVVHMDP EHQHILFLDGRV SRUTXH VmR RV WUDEDOKDGRUHV UXUDLV $VVLP 3URIDPDUJRQmRVRXVXVWHQWDGRSHOR(VWDGR$OpPGRPDLVRWUDWDPHQWRSDUDRFLGDGmRWHPGHVHU GHLJXDOGDGHHGHHTXLGDGH1mRSRGHVHUGLVFULPLQDWyULRFRPR96DFRORFRX 6HDFRQWULEXLomRSUHYLGHQFLiULDIRLXWLOL]DGDSDUDRXWURVSURJUDPDVQmRFDEHDQyVVHJXUDGRV H[SOLFDU(DLQGDPDLVFRPRDSRVHQWDGRHFRPREHQHILFLiULRGD3UHYLGrQFLD6RFLDOJDUDQWRTXHWRGR FLGDGmREUDVLOHLURGHYHWHUVXDSUHYLGrQFLDVRFLDOGHYHVHSUHSDUDUSDUDLVVR,QFOXVLYHMiSURSXVHPRV QRRQVHOKR1DFLRQDOGH3UHYLGrQFLD6RFLDOTXHVHIDoDXPDFDPSDQKDQDFLRQDOSDUDEXVFDURVTXH QmR FRQWULEXHP SDUD QmR VRIUHUHP R GLVVDERU GDTXHOHV TXH KRMH SDVVDP QHFHVVLGDGH 3RUWDQWR GHIHQGHPRV TXH WRGR FLGDGmR EUDVLOHLUR GHYH VHU VHJXUDGR GD 3UHYLGrQFLD 6RFLDO VHP HVVD GLVFULPLQDomR0XLWRREULJDGR 52%(5720$57,16(XTXHULDID]HUXPDREVHUYDomRVREUHRLPSDFWRSRVLWLYRGRUHDMXVWHGR PtQLPRQRVHWRULQIRUPDODSRQWDGRSHOR0DUFHOR1HUL 2V HVWXGRV GR ,3($ PRVWUDP TXH DTXLOR RFRUUHX H[FOXVLYDPHQWH HP H HP QHQKXP RXWURPRPHQWR'HPRGRTXHLVVRVLJQLILFDTXHRUHDMXVWHGRVDOiULRPtQLPRYLDPHUFDGRGHWUDEDOKR QmRWUD]QHQKXPEHQHItFLRHPWHUPRVGHUHGXomRGHSREUH]DRXGHPHOKRULDGHGLVWULEXLomRGHUHQGD (XDFUHGLWRTXHRXWURVHVWXGRVFRQFRUGDPFRPRVHXGHTXHRUHDMXVWHGRVDOiULRPtQLPRWHQGHD DXPHQWDURGHVHPSUHJRHRJUDXGHLQIRUPDOLGDGHRPRQRVHVWXGRVGR5LFDUGR3DHVGH%DUURVQmR VHREVHUYDHVVHLPSDFWRSRVLWLYRVREUHDUHQGDGRVHWRULQIRUPDODQmRVHUHPSRUUD]}HVDLQGD QmRHQWHQGLGDVQLQJXpPVDEHGLUHLWRSRUTXHLVVRDFRQWHFHX(QWmRRUHDMXVWHGRVDOiULRPtQLPRRV HIHLWRVVRFLDLVYLDPHUFDGRGHWUDEDOKRTXDVHFRPFHUWH]DVmRQHJDWLYRV 2RXWURSRQWRTXHHXTXHULDFRPHQWDUpDTXHVWmRTXHVHWRUQRXTXHQWHTXHJHURXIRUWHV HPRo}HV$VVLPFRPRD$QD$PpOLDHXHVWXGHLQDPHVPDHVFRODTXHR-RVp0iUFLRHPDLVJUDYH DLQGDQDPHVPDWXUPD1mRFRQVLGHURHFRQRPLFLVWDRTXHR-RVp0iUFLRIDORXHDFKRLQFOXVLYHXPD SHQDTXHDVSHVVRDVWHQKDPUHDJLGRGHIRUPDHPRFLRQDOFRPRVHHOHWLYHVVHIHLWRXPDDILUPDomRpWLFD FRPRVHHOHWLYHVVHPDQLIHVWDGRXPDHVFROKDpWLFD´HXJRVWDULDTXHIRVVHDVVLPDFKRTXHGHYHULDVHU DVVLPµ(OHQmRIRLHFRQRPLFLVWDDSHQDVFXPSULXRSDSHOGHDSRQWDUFRPEDVWDQWHFODUH]DRTXHVmR LQFHQWLYRVDFHUWRVFRPSRUWDPHQWRVRXVHMDTXHDOHJLVODomRJHUDLQFHQWLYRVQHVVDRXQDTXHODGLUHomR (QWHQGLFODUDPHQWHTXHHOHQmRIH]DILUPDo}HVpWLFDVPDVDQDOtWLFDVHFRQFRUGRSOHQDPHQWHFRPHODV 225'(1$'25 0LQLVWUR :DOGHFN 2UQpODV
  42. 42. $JUDGHoR DR 5REHUWR 0DUWLQV 3UHVLGHQWH GR ,3($ SHOD SDUWLFLSDomR (VVH p XP GHEDWH WUDYDGR QR PHLR DFDGrPLFR ,PDJLQHP HVVH GHEDWH QD kPDUDGRV'HSXWDGRVRPDSDODYUDD6{QLD5RFKD 6Ñ1,$52+$)LTXHLSUHRFXSDGDFRPDSURSRVWDGR0DUFHOR1HULVREUHDFULDomRGHVDOiULRV PtQLPRVGLIHUHQFLDGRV−QmRRVGLIHUHQFLDGRVUHJLRQDOPHQWHSRUTXHHXDFKRTXHGHYHKDYHUDOJXPD GLIHUHQFLDomRGRVDOiULRPtQLPRHMiWHPRVHVVDGLVFXVVmRKiPXLWRWHPSR −HDWULEXLURXYLQFXODUHVVD GLIHUHQFLDomRjFDUDFWHUtVWLFDHGXFDFLRQDO'HIDWRHGXFDomRpXPGHWHUPLQDQWHLPSRUWDQWHGDUHQGDH GH HOLPLQDomR GH SREUH]D 0DV DVVRFLDU GLIHUHQFLDo}HV GH VDOiULR D GLSORPD SRGHULD YROWDU DR EDFKDUHOLVPRLDFULDUGLILFXOGDGHVHQRUPHVGHPHOKRUDUDTXDOLGDGHGHHGXFDomRTXHpRPRWHKRMHQD PHGLGD HP TXH DV SHVVRDV LULDP j HVFROD QmR SDUD DSUHQGHU PDV SDUD WHU XP GLSORPD SDUD VH
  43. 43. FUHGHQFLDU,VVRpWXGRRTXHQmRTXHUHPRVHPWHUPRVGHHGXFDomR(XDFKRTXHWHPGHKDYHUPXLWR FXLGDGRFRPHVVDSURSRVWD 225'(1$'250LQLVWUR:DOGHFN2UQpODV
  44. 44. 3DVVRDSDODYUDDR-RVp0iUFLRDPDUJRSDUD TXHHOHVHGHIHQGD -26e 0É5,2 $0$5*2 $JUDGHoR DR 5REHUWR $FKR TXH HOH PRVWURX PXLWR EHP PLQKD SRVLomRHPUHODomRDHVVHSUREOHPD(VWRXDTXLFRPRHXGLVVHQRLQtFLRGDPLQKDH[SRVLomRID]HQGR XPD DQiOLVH GH HFRQRPLVWD WHQWDQGR PRVWUDU TXH DV SHVVRDV IXQFLRQDP VHJXQGR LQFHQWLYRV ( RV LQFHQWLYRVGDOHJLVODomRKRMHVmRWRWDOPHQWHLQFRUUHWRVGDGDDHFRQRPLDYLJHQWH 6HPG~YLGD$QD$PpOLDDUHQGDGRLGRVRGHDOJXPDIRUPDYDLSDUDDIDPtOLD3RUpPVH YDPRVWUDQVIHULUUHQGDSDUDDIDPtOLDSRUTXHWUDQVIHULUSDUDRLGRVRHQmRSDUDDFULDQoD3RUTXHQmR GLUHFLRQDUHVWDWUDQVIHUrQFLDGHDOJXPDIRUPDSDUDDFULDQoDHFRPRFRPSHQVDomRSHGLUTXHHODTXH IUHTHQWHDHVFROD(VVHpRSRQWRIXQGDPHQWDO$tVHJHUDXPLQFHQWLYRSDUDTXHDIDPtOLDFRORTXHD FULDQoDQDHVFRODUHFHEHUDTXHODUHQGD6HDUHQGDGRLGRVRYDLSDUDDIDPtOLDDGDFULDQoDWDPEpPYDL (DOpPGLVVRJHUDXPLQFHQWLYRSRVLWLYRPDQWHUDFULDQoDQDHVFROD(QTXDQWRDUHQGDGRLGRVRQmR JHUDTXDOTXHULQFHQWLYRSRVLWLYRDRFRQWUiULRSRGHDWpJHUDULQFHQWLYRQHJDWLYRQDPHGLGDHPTXH GLPLQXLDYRQWDGHGRVMRYHQVGHSURFXUDUHPSUHJRSRUTXHYLYHjVFXVWDVGRYHOKR(VWRXQRYDPHQWH ID]HQGRXPDDQiOLVHSXUDPHQWHGHLQFHQWLYRHQmRIDODQGRTXHYDLDFRQWHFHU2DVVXQWRLQFHQWLYRp PXLWRFRPSOLFDGRHQR%UDVLOHPJHUDODVSHVVRDVQmRHVWmRPXLWRSUHRFXSDGDVFRPLVVR 4XDOTXHU OHJLVODomR JHUD LQFHQWLYRV PXLWR HVSHFtILFRV H LVVR p XP SUREOHPD 1yV WHPRV SUREOHPDVJUDYHVGHILQDQFLDPHQWRGHJDVWRVRFLDOH[DWDPHQWHSRULVVR 2XWURSRQWRLPSRUWDQWHpTXHDWDEHODGR0DUFHORPRVWUDFODUDPHQWHRVHJXLQWHDUHQGD SHU FDSLWDGDVFULDQoDVpPHWDGHGDUHQGDSHUFDSLWDGRLGRVRSRUTXHDVIDPtOLDVTXHWrPFULDQoDVVmRPDLRUHV TXHDVIDPtOLDVTXHVyWrPLGRVRV(QWmRQmRYDLSDUDDFULDQoDWRGDDUHQGDQmRDRFRQWUiULRXPD SDUWHVXEVWDQFLDOILFDVyFRPRVLGRVRV eLPSRUWDQWHGHL[DUFODURTXHHVWDPRVDTXLWHQWDQGREXVFDUVROXo}HV1HVVHPRPHQWRWHPRV GHROKDUHYHUTXDORSLRUFDVR(DtWHPGHVHUFRQWUDHOH(XHVWRXDTXLID]HQGRHVVHSDSHO 6HDUHQGDGRLGRVRpLPSRUWDQWHSDUDDUHQGDGDIDPtOLD$QD$PpOLDDGDFULDQoDWDPEpPp LPSRUWDQWHHHXSUHILURGDUSDUDDFULDQoDTXHSDUDRLGRVR 2XWURSRQWR'U(PtGLRQmRFKDPHLQLQJXpPGHLPSUHVWiYHO2VHQKRUPHGHVFXOSHVHVH VHQWLXDVVLP3HORFRQWUiULRDGRURRVPHXVLGRVRVQmRRVFRQVLGHURLPSUHVWiYHLVGHQHQKXPDIRUPD 2VPHXVLGRVRVVmRPLQKDPmHPHXSDLLQIHOL]PHQWHMiPRUUHXPDVWHQKRWLRVLGRVRVTXHHXDGRUR 6mRWRGRVDSRVHQWDGRVWRGRVFRQWULEXtUDPSDUDD3UHYLGrQFLD6RFLDOPDVQHQKXPGHOHVFRQWULEXLXR VXILFLHQWHSDUDUHFHEHUDDSRVHQWDGRULDTXHHVWiUHFHEHQGR$VRFLHGDGHHVWiSDJDQGRXPDSDUWHGD DSRVHQWDGRULDGHOHV0LQKDPmHWHPDQRVDSRVHQWRXVHDRVHSRXFRVHDFKRTXHYDLYLYHUDWpRV DQRV7HQKRFHUWH]DTXHHODQmRFRQWULEXLXRVXILFLHQWHSDUDUHFHEHURGLQKHLURTXHHVWiUHFHEHQGR HVVHWHPSRWRGRFRPRDSRVHQWDGD 2VHQKRUWHPWRGDUD]mRXPDSDUWHGRGLQKHLURYHPGDFRQWULEXLomRDVSHVVRDVFRQWULEXtUDP HHVWmRUHFHEHQGRGHYROWDSRUTXHFRQWULEXtUDP0DVVyHPSDUWH8PDJUDQGHSDUWHGDVSHVVRDVTXH QmR VmR SREUHV H TXH FRQWULEXtUDP SDUD D 3UHYLGrQFLD 6RFLDO H VH DSRVHQWDUDP YmR UHFHEHU GD 3UHYLGrQFLDPDLVGRTXHFRQWULEXtUDP3URYDYHOPHQWHRVSREUHVTXHFRQWULEXHPYmRUHFHEHURTXH FRQWULEXtUDP$JRUDXPDJUDQGHSDUWHGRVQmRSREUHVYDLUHFHEHUPDLVGRTXHFRQWULEXLXSRUYiULDV UD]}HV8PDGHODVpTXHDVSHVVRDVYLYHPPXLWRIHOL]PHQWH(XMiIDOHLTXHPLQKDPmHYDLYLYHUDWpRV DQRV(XYRXYLYHUDWp(WHQKRFHUWH]DGHTXHRTXHHVWRXFRQWULEXLQGRSDUDD3UHYLGrQFLD
  45. 45. KRMH QmR YDL SDJDU PLQKD DSRVHQWDGRULD 7HQKR FHUWH]D DEVROXWD GLVVR 'DGDV DV UHJUDV DWXDLV GD DSRVHQWDGRULDDVRFLHGDGHYDLHVWDUWUDQVIHULQGRUHQGDSDUDPLP,VVRpXPHTXtYRFR'RSRQWRGH YLVWDVRFLDOLVVRpXPHUURVmRRVSREUHVWUDQVIHULQGRUHQGDSDUDRVQmRSREUHV6HVHTXHUDFDEDUFRP DSREUH]DQRSDtVWHPGHDFDEDUFRPLVVR 1mRFKDPHLQLQJXpPGHLPSUHVWiYHOSRLVpLPSRUWDQWHTXHR(VWDGRWHQKDSUHYLGrQFLDVRFLDO TXHQyVFRQWULEXDPRVHTXHUHFHEDPRVRTXHFRQWULEXtPRVPDVQmRpRFDVRGR%UDVLOKRMHeQHVVH VHQWLGR TXH HX GLVFRUGR GR VHQKRU )DOR GH LJXDOGDGH H GH HTwLGDGH SRUTXH KRMH QR %UDVLO Ki LJXDOGDGHVySDUDRVULFRV2VSREUHVQmRVmRQDGDLJXDLVQHVWHSDtVHDFDEDPSDJDQGRRVULFRV$ WUDQVIHUrQFLD GH UHQGD QHVWH SDtV p SHUYHUVD H[DWDPHQWH SHOR TXH DFRQWHFH QD SUHYLGrQFLD 2 TXH GHIHQGRpDLJXDOGDGHSDUDRVSREUHV 0$5(/2 1(5, 6H R VLVWHPD GH SUHYLGrQFLD QR %UDVLO IRVVH GH FDSLWDOL]DomR SOHQD VHULD DWXDULDOPHQWH MXVWR 0DV QmR p R FDVR 1D YHUGDGH ID]HPRV XP HVIRUoR SDUD FDOFXODU RV LPSDFWRV VRFLDLV HP WHUPRV DWXDULDLV (VVD p XPD TXHVWmR DLQGD DEHUWD (P XP VLVWHPD GH QmR FDSLWDOL]DomR SOHQDKiHVVHVLQFHQWLYRV²LQIRUPDOLGDGHHWF +iXPSUREOHPDGHFRORFDUDGLVFXVVmRHQWUHJHUDo}HV2TXHPHLPSUHVVLRQDPDLVTXHD UHQGDPpGLDGRVLGRVRVVmRGXDVFRLVDV3ULPHLURDGHVLJXDOGDGHGHUHQGDGRVLGRVRV1mRVHSRGH JHQHUDOL]DU$UHQGDGRVDSRVHQWDGRVGR,166pRLWRYH]HVPHQRUTXHDUHQGDGRVVHUYLGRUHVS~EOLFRV LQDWLYRV+iXPDJUDQGHGHVLJXDOGDGHFRPRHXSURFXUHLPRVWUDUGDPDVVDGHUHQGLPHQWRGH DSRVHQWDGRULDYDLSDUDRVPDLVULFRV(QWmRQmREDVWDROKDUVySDUDDPpGLDWHPRVGHROKDUSDUDD GLVSHUVmR(VVHpXPSRQWRLPSRUWDQWH (PUHODomRjTXHVWmRJHUDFLRQDOKiXPSRQWRLPSRUWDQWH$PHOKRULGDGHHPWHUPRVGHUHQGD SDUDVHWHUQR%UDVLOKRMHpHQWUHHDQRV3RUTXr3RUTXHHVWiSUy[LPRGRVHXSLFRGHFLFORGH YLGD GH UHQGD GR WUDEDOKR SRUTXH GDV SHVVRDV Mi UHFHEHP DSRVHQWDGRULD H DV DSRVHQWDGRULDV QHVVDVIDL[DVPpGLDVVmRPDLRUHVGRTXHWRGRVRVJUXSRVePDLRUTXHRJUXSRTXHWHPDQRV (QWmRRSUREOHPDQmRpWDQWRHQWUHLGRVRVHQmRLGRVRVPDVGHDSRVHQWDGRVSUHFRFHVVLP(VVHpXP SUREOHPD LPSRUWDQWH H Dt D LQMXVWLoD p PDLRU 6mR HVVHV GRLV SRQWRV TXH HX JRVWDULD GH FKDPDU D DWHQomR )DoRXPDGHQGRjVREVHUYDo}HVGR-RVp0iUFLR7HPRVXPSUREOHPDGHHFRQRPLDSROtWLFD FRPSOLFDGRTXHVHWRUQDSDUWLFXODUPHQWHVpULRHPDQRGHHOHLomRTXHpRVHJXLQWHFULDQoDQmRYRWD (QWmRDVFULDQoDVQmRVHID]HPUHSUHVHQWDGDVQRGHEDWHSROtWLFR(PWRGRROXJDUGRPXQGRpDVVLP 0DVKiXPYLpVSHORPHUFDGRHOHLWRUDOFRQWUiULRjVFULDQoDV2VLGRVRVYRWDPVHID]HPUHSUHVHQWDGRV (HXDFKRTXHSRULVVRR(VWDGRWHPGHDOJXPDIRUPDID]HUXPHVIRUoRHVSHFLDOSHODVFULDQoDV(P UHODomRjTXHVWmRGHLQYHVWLPHQWRHGHFRQVXPRRIDWRpTXHHGXFDomRQDGHILQLomRGHHFRQRPLDp LQYHVWLPHQWRVLPLQYHVWLPHQWRHPFDSLWDOKXPDQRIXQGDPHQWDOQmRVyDRFUHVFLPHQWRHFRQ{PLFR FRPRGL]WRGDDPRGHUQDWHRULDGRFUHVFLPHQWRHFRQ{PLFRFRPRpIXQGDPHQWDOSDUDDFDEDUFRPD GHVLJXDOGDGH 4XDQGRVHWUDQVIHUHUHQGDSDUDDFULDQoDRLGHDOpTXHVHMDFRPRRSURJUDPDEROVDHVFROD −QD YHUGDGHIRLR-RVp0iUFLRTXHPSURS{VLVVRHPXPGHEDWHFRPR6XSOLFHDFKRTXHpXPDLGpLD PXLWRLPSRUWDQWHTXHQmRVyYDLSDUDFULDQoDVPDVYDLHPWHUPRVGHLQYHVWLPHQWRHQmRGHFRQVXPR (XDFKRTXHEROVDHVFRODHSURJUDPDVGHVVHWLSRDWHQGHPDLVVR(VWiVHSHQVDQGRRTXHVHUiR%UDVLO GDTXLDDQRV6HUiRTXHVmRDVFULDQoDVKRMHHRVILOKRVGHODV (VVHSRQWRDERUGDGRSHOR-RVp0iUFLRpPXLWRLPSRUWDQWH$SROtWLFDVRFLDOQR%UDVLOpPtRSH pIXJD]SRUTXHPHWDGHYDLSDUDWUDQVIHUrQFLDVFRPSHQVDWyULDVSDUDSHVVRDVTXHMiHVWmRQRILQDOGR VHXFLFORGHYLGD,VVRpRTXHRVQ~PHURVGHPRQVWUDP2EYLDPHQWHpSUHFLVRVHUIHLWRFiOFXORDWXDULDO HWF PDV p SUHRFXSDQWH 2 %UDVLO JDVWD PXLWR QD iUHD VRFLDO SDUD SDGU}HV ODWLQRDPHULFDQRV
  46. 46. 3DUWLFXODUPHQWHHXTXHULDTXHJDVWDVVHPDLV0DVRSULQFLSDOSUREOHPDpDTXHVWmRGDTXDOLGDGHGR JDVWR9iULRVHVWXGRVPRVWUDPFRPRR-RVp0iUFLRGLVVHTXHVHJDVWDSRXFRFRPRVSREUHVRXVHMD SRXFRSURJUHVVLYRHRSRQWRTXHFKDPRDDWHQomRpTXHpSRXFRSHUVLVWHQWH2VHIHLWRVGDSROtWLFD VRFLDO YmR VH HVYDLU UDSLGDPHQWH 2 FRQWUiULR RFRUUHULD VH KRXYHVVH XP LQYHVWLPHQWR PDFLoR HP HGXFDomR2SUySULRLQYHVWLPHQWRHPHGXFDomRpGHVLJXDO0XLWRYDLSDUDDXQLYHUVLGDGH(QILPRD TXDOLGDGHGRJDVWRVRFLDOEUDVLOHLURWHPGHVHUPHOKRUDGD (P UHODomR DRV SRQWRV HVSHFtILFRV FRPHQWDGRV HP SULPHLUR OXJDU TXHUR DJUDGHFHU DR 5REHUWR 0DUWLQV 2 TXH RV PHXV GDGRV GHPRQVWUDP p TXH WHP XPD FRUUHODomR QHJDWLYD FODUD 2EYLDPHQWHSRGHWHUFRUUHODomRHVS~ULD0DVVHSHJDUPRVRVGDGRVHQWUHSREUH]DVDOiULRPtQLPR LQIODomRHGHVHPSUHJRKiXPDHODVWLFLGDGHGHHXPDHVWDWtVWLFDDWpGH7XGREHPYRFrVDEH FRPRVmRHVVHVPpWRGRV0DVRSULPHLURUHVXOWDGRHDTXHOHVJUiILFRVWDPEpPGHPRQVWUDPPRVWUD TXHH[LVWHXPDFRUUHODomRFODUDHQWUHSREUH]DEDVHDGDHPPHUFDGRGHWUDEDOKR3REUH]DHPEXWHFRPR SURFXUHLGHPRQVWUDUDTXLXPDVpULHGHLQWHUDo}HVTXHDFRQWHFHPQRPHUFDGRGHWUDEDOKRQmRVyD UHQGD GDV SHVVRDV RFXSDGDV PDV R GHVHPSUHJR D LQIRUPDOLGDGH WXGR HVWi HPEXWLGR DOL H R GDGR GHPRQVWUD TXH WHP XPD FRUUHODomR QHJDWLYD e PXLWR FODUR D ROKR QX QmR SUHFLVD QHP WLUDU XPD UHJUHVVmRRXID]HUXPDDQiOLVHHVWDWtVWLFDPDLVDSXUDGDVREUHLVVR(XDFKRTXHLVVRpXPDFRLVDYLVtYHO D ROKR QX H VREUH HVVD TXHVWmR GR FDQDO GH LQIRUPDOLGDGH HX FRQFRUGR WRWDOPHQWH TXH WHPRV GH HVWXGDUPXLWRPDLVLVVR 4XDQWRDRFRQMXQWRGHWUDEDOKDGRUHVVHPFDUWHLUDSHUFHEHPH[DWDPHQWHRPtQLPR3RU H[HPSORHPTXDQGRRVDOiULRPtQLPRHUDGHUHDLV3RUTXHXPDSHVVRDGHYHWHUXPVDOiULR GHUHDLV(XQmRYHMRQHQKXPDUD]mR6HIRVVHFRPRSRGHULDGL]HUTXHDVSHVVRDVJRVWDP GH)L[DPVHHPQ~PHURVUHGRQGRVpQRUPDO0DVUHDLV'HSRLVID]VHRUHDMXVWHGR PtQLPRHHVVDVSHVVRDVSDVVDPSDUDSDUWLFXODUPHQWHRVLQIRUPDLV$QDOLVDQGRWRGDVDVGDWDVGH UHDMXVWHGRVDOiULRPtQLPRUHDMXVWHDUHDMXVWHYLDTXDQWLGDGHGHSHVVRDVFXMRUHDMXVWHpH[DWDPHQWH LJXDODRPtQLPR(GHVGHVHPSUHHPWRGRVRVPHVHV$SURSRUomRGHVHPFDUWHLUDFXMRUHDMXVWH pLJXDODRVDOiULRPtQLPRpVXSHULRUDRVFRP FDUWHLUD1mRHVWRXIDODQGRGHXPDDQiOLVHHSLVyGLFD 2EYLDPHQWHTXHTXDQWRDRLPSDFWRVREUHDSREUH]DHOHVWrPGHVHUPHOKRUDQDOLVDGRV1mRHVWRX TXHUHQGRGL]HUTXHPHXUHVXOWDGRpFHUWRSURQWRHDFDERX$JRUDTXHH[LVWHDOJXPDFRLVDHVWUDQKDQR VHQWLGRGHTXHpXPDFRLVDLQHVSHUDGDQRVGDGRVH[LVWH -iWLYHYiULRVGHEDWHVTXHFRQWULEXtUDPPXLWRSDUDHXFUHVFHUQDPLQKDSHVTXLVDHPUHODomRD LVVR(XDFKRTXHLVVRpXPDFRLVDTXHWHPGHVHUH[SOLFDGD3RUTXHGRVVHPFDUWHLUDUHFHEHP VDOiULRPtQLPRHGRVFRPFDUWHLUDUHFHEHPRPtQLPR2PtQLPRQmRGHYHULDDIHWDURVOHJDLV1mR pXPDFRLVDGDOHL'HYHULDDIHWDURVOHJDLVHQmRRVLOHJDLV0DVQmRVHLSRUTXHFDUJDVG·iJXD −GHYHWHU DOJXPDV FRQMHFWXUDV PDV QmR XP PRGHOR IRUPDO XPD FRLVD IHFKDGD − HOH LPSDFWD VLP R VHWRU LQIRUPDO(XQmRWLYHDFHVVRDRVUHVXOWDGRVTXHYRFrVHUHIHULXGR5LFDUGR3DHVH%DUURV(XWHQKR PXLWRUHVSHLWRSHODSHVTXLVDGHOHHDWpJRVWDULDGHSURSRUXPGHEDWHVREUHHVVHWHPDXPDUHHGLomR GRVPHXVGHEDWHVFRPR5LFDUGR3DHVH%DUURVVREUHRWHPD2TXHHVWiIDOWDQGRpGHEDWHVREUHDiUHD VRFLDO )LQDOPHQWHVREUHDTXHVWmRGHHGXFDomRDJUDGHoRD6{QLD(VVDpDFRLVDERDGDDFDGHPLD SURSRUDLGpLDDFUtWLFDpXPDFRLVDDEHUWD­SROtWLFDVRFLDOQR%UDVLODSUHYLGHQFLiULDSULQFLSDOPHQWH HVWiIDOWDQGRGHEDWHHVWiIDOWDQGRGLVFXVVmRGHLGpLDV(XFRQIHVVRTXHHVVDLGpLDGHYLQFXODURVDOiULR PtQLPRjHGXFDomRpUHFHQWHpDOJRTXHQmRIRLPXLWRSHQVDGRHVWRXOHYDQWDQGRDTXLHPS~EOLFR $JRUD R TXH YRFr DFKD UXLP HX DFKR TXH p YLUWXGH GD PLQKD SURSRVWD 7RGRV RV HVWXGRV VREUH PHUFDGR GH WUDEDOKR QR %UDVLO PRVWUDP TXH D HGXFDomR FRP WRGDV DV LPSHUIHLo}HV RX VHMD DQRV FRPSOHWRVGHHVWXGRH[SOLFDPGHDGDGHVLJXDOGDGHGHUHQGLPHQWR,VVRpPDLRUTXHHP RXWUDVSDUWHVGRPXQGR(XDFKRTXHQRV(VWDGRV8QLGRVVmR(GXFDomRpIXQGDPHQWDOQR %UDVLOeLPSRUWDQWHHPWHUPRVGHVLQDOL]DomRTXHDVSHVVRDVVDLEDPGLVVR
  47. 47. 3RUH[HPSORDFKRTXHXPDYDQWDJHPGHVVDSURSRVWDpTXHYRFrQmRVyUHJLRQDOL]DRVDOiULR PtQLPRFRPRGL]HUTXHOiQRHDUiWHPPDLVDQDOIDEHWRVTXHHP6mR3DXOR4XDORSUREOHPDGR VDOiULRPtQLPR6HKiXPVDOiULRPXLWRDFLPDGDSURGXWLYLGDGHGDVSHVVRDVJHUDPDLVGHVHPSUHJRLVWR p ID] PDLV PDO GR TXH EHP 1D PLQKD RSLQLmR R SULQFLSDO DWULEXWR GR LQGLYtGXR TXH H[SOLFD VXD SURGXWLYLGDGHpHGXFDomR7XGREHPTXHKiYDULiYHLVGDILUPDGRSRVWRGHWUDEDOKR0DVHPWHUPRV LQGLYLGXDLVpDHGXFDomR1DYHUGDGHRLGHDOVHULDID]HUXPDHTXDomRHWHQWDUH[SOLFDUGDPHOKRUIRUPD SRVVtYHO (PWHUPRVGHSURSRVWDGHSROtWLFDWHPRVGHWHUXPD FRLVDVLPSOHV (GXFDomRpVLPSOHV H WHRULFDPHQWH SRVVR HVWDU HUUDGR REVHUYiYHO (QWmR HX DFKR TXH p XPD PDQHLUD GH VH WHQWDU HP SULPHLUROXJDUDGHTXDUHVVDLQWHUYHQomRSURGXWLYDGDVSHVVRDV −QmRHVWRXIDODQGRHPFHDUHQVHVH SDXOLVWDVHVWRXIDODQGRHPDQDOIDEHWRVHXQLYHUVLWiULRV$YDQWDJHPpDGHTXDUSRUH[HPSOR)RUWDOH]D DRLQWHULRUGRHDUiTXHVmRWmRGLIHUHQWHVTXDQWR)RUWDOH]DGD*UDQGH6mR3DXOR$WULEXWRVPLFUR WrPHVVDYDQWDJHPYRFrDGDSWDePHOKRUXVDUXPFULWpULRPHVRUHJLRQDOTXHXPPDFURQDFLRQDO 0DVQDPLQKDRSLQLmRQmRQHFHVVDULDPHQWHHVVDpDPHOKRUSURSRVWD −UHDOPHQWHWHPRVGHGLVFXWLU PXLWR−PDVRLGHDOpXVDUXPDWULEXWRPLFURSRUTXHDtHXDGDSWR3RUH[HPSORDFLGDGHGH9LoRVD WHP XPD XQLYHUVLGDGH 3RGH WHU PXLWRV XQLYHUVLWiULRV Oi (QWmR ID] VHQWLGR WHU XP VDOiULR PtQLPR PDLRU(VVHpXPSRQWRDGHTXDURVDOiULRPtQLPRjSURGXWLYLGDGH(XDFKRTXHpXPDYDQWDJHP2 VHJXQGRHXDFKRTXHpXPVXESURGXWR2TXHYRFrHQWHQGHFRPRXPDFRLVDQHJDWLYDHXDFKRTXHp XPDYLUWXGHGDSURSRVWDYRFrVLQDOL]DSDUDDVSHVVRDV3RUH[HPSORQRV(VWDGRV8QLGRVH[LVWHVDOiULR PtQLPRGLIHUHQFLDGRSDUDDGROHVFHQWH(XDFKRTXHRVMRYHQVTXHDLQGDHVWmRHPIDVHGHIRUPDomRGH DFXPXODomRGHFDSLWDOKXPDQRWHUHPXPVDOiULRPtQLPRPHQRUpERPSRUTXHHOHVYmRWHULQFHQWLYRV D FRQWLQXDU LQYHVWLQGR QR VHX HVWXGR Mi WHQGR XP VLQDO VH PHX VDOiULR PtQLPR p XP VLQDO VH HX DFXPXODUFDSLWDOKXPDQRYDLDXPHQWDU([LVWHPHVWXGRVQRKLOHQRV(VWDGRV8QLGRVHHXDFKRTXH GHYHULDPVHUIHLWRVQR%UDVLO −HFUHLRTXHHVWiQDVXDOLQKDGHSHVTXLVD −GHTXHVDOiULRPtQLPR LPSDFWDDVWD[DVGHHYDVmRHVFRODU9RFrVREHRVDOiULRPtQLPRDVSHVVRDVGHL[DPDHVFRODHYmRSDUDR PHUFDGRGHWUDEDOKR3RGHID]HUVHQWLGRQRFXUWRSUD]RPDVpUXLPSDUDDTXHOHLQGLYtGXRHUXLPSDUD RSDtVSRUTXHDHGXFDomRWHPH[WHUQDOLGDGHQRORQJRSUD]R1DYHUGDGHXPDGDVYDQWDJHQVGHVVD SURSRVWD DOpP GH DGHTXDU PHOKRU DV HVSHFLILFLGDGHV QmR Vy UHJLRQDLV FRPR VHWRULDLV RX TXDOTXHU FULWpULR p MXVWDPHQWH GDU HVVH VLQDO HVVD VLQDOL]DomR $JRUD FRQFRUGR FRP YRFr TXH LVVR UHTXHU GHEDWHVHGHEDWHV0XLWDVYH]HVSDUWHVHSDUDXPDLGpLDHPXGDVHGHLGpLDGHSRLVSRUTXHSURYDPR FRQWUiULR0DVDSULQFtSLRHVVDpPLQKDSRVLomR 225'(1$'25 0LQLVWUR :DOGHFN 2UQpODV
  48. 48. RP D SDODYUD R 'U 9LQtFLXV SDUD RV VHXV FRPHQWiULRV 9,1Ì,86$59$/+23,1+(,522SULPHLURSRQWRTXHHXJRVWDULDGHFRPHQWDUHPUHODomRD HVVD GLFRWRPLD TXH WHP VLGR DERUGDGD p VREUH SROtWLFD SDUD 3UHYLGrQFLD 6RFLDO H SROtWLFD SDUD DV FULDQoDVSDUDRVPDLVMRYHQV eKRUDGHFRPHoDUPRVDVHUPDLVFULDWLYRVHSHQVDUHPSROtWLFDLQWHJUDGDVRPHVVHREMHWLYR IRL DSURYDGD QR ILQDO GR DQR SDVVDGR XPD PXGDQoD VXEVWDQFLDO QR SDJDPHQWR GR VDOiULR IDPtOLD EHQHItFLRSDJRSHOD3UHYLGrQFLD6RFLDO+RMH'U-RVp0iUFLRRVDOiULRIDPtOLDSDJRIRFDOL]DGDPHQWH SDUD VHJXUDGRV TXH JDQKDP DWp VDOiULRV PtQLPRV p SDJR PHGLDQWH FRPSURYDomR GD IUHTrQFLD HVFRODU(DSHVDUGHRVDOiULRIDPtOLDVHUXPDTXDQWLDUHODWLYDPHQWHEDL[DUHDLVSDUDTXHPJDQKD VDOiULRPtQLPRpXPDTXDQWLDHOHYDGDUHLRTXHHVVHpRFDPLQKRSDUDWHQWDUFRUULJLURVGHVHTXLOtEULRV LQWHUJHUDFLRQDLV DWXDOPHQWH H[LVWHQWHV 2X VHMD SROtWLFDV VRFLDLV LQWHJUDGDV ( R VDOiULR IDPtOLD p XP H[HPSORFODURGHVVHWLSRGHSROtWLFDTXHMiHVWiLPSOHPHQWDGDQRQRVVRTXDGURGHEHQHItFLRV 2XWURSRQWRDERUGDGRIRLTXHQmRYDOHDSHQDFRQWULEXLUSDUDD3UHYLGrQFLD6RFLDO,QFOXVLYH QHVVDGLVFXVVmRGRIDWRUFRPHoDPRVDID]HUFRQWDV(PRVWUDPRVTXHD3UHYLGrQFLD6RFLDOpRSODQR GH EHQHItFLRV PDLV JHQHURVR TXH H[LVWH PHVPR TXDQGR VH FRPSDUDGR FRP SODQR GH EHQHItFLRV GR
  49. 49. VHWRUSULYDGReR~QLFRSODQRHPTXHSDUDFDGDUHDOTXHRWUDEDOKDGRUFRORFDRHPSUHJDGRUFRORFD PDLVUHDLV(PVHJXQGROXJDURQRVVRSODQRpFRPSOHWRHOHWHPDX[tOLRUHFOXVmRWHPVDOiULRIDPtOLD WHPVDOiULRPDWHUQLGDGHSDJDLQYDOLGH]SHQVmREHQHItFLRVDFLGHQWiULRVHXPDVpULHGHRXWURVSHTXHQRV EHQHItFLRV GR VLVWHPD (QWmR R SODQR p RQHURVR p JHQHURVR SRU LVVR LQFOXVLYH TXH HVWDPRV HP VLWXDomRGHILFLWiULD(VHIRUPRVID]HUDFRQWD QD SRQWDGROiSLV HOHUHDOPHQWHYDOH DSHQDTXDQGR FRPSDUDGRDRXWUDVRSo}HVTXHH[LVWHPQRPHUFDGR2TXHWHPRVREVHUYDGRHPUHODomRDRPHUFDGRp XPDDPSOLDomRGRVSODQRVGHSUHYLGrQFLDDEHUWD (PUHODomRDRVGHVHTXLOtEULRVLQWHUJHUDFLRQDLVHXTXHULDDSUHVHQWDURXWURSRQWRH[WUHPDPHQWH LPSRUWDQWHTXHIRLXPDYDQoRDSURYDGRUHFHQWHPHQWHRIDWRUSUHYLGHQFLiULR1RQRVVRHQWHQGHUR IDWRUSUHYLGHQFLiULRUHWULEXLjVSHVVRDVRTXHHODVFRQWULEXtUDP(OHLQWURGX]QRVLVWHPDSUHYLGHQFLiULR XP FULWpULR GH MXVWLoD LQWHUJHUDFLRQDO e OyJLFR TXH H[LVWH XP HVWRTXH GH EHQHItFLRV SUHYLGHQFLiULRV VHQGR SDJRV H TXH LVVR LQGX] D JUDYHV GHVHTXLOtEULRV LQWHUJHUDFLRQDLV PDV SDUD DV IXWXUDV DSRVHQWDGRULDVHVVHSUREOHPDHVWiSDUFLDOPHQWHUHVROYLGRFRPDLQWURGXomRGRIDWRUSUHYLGHQFLiULR 3RU~OWLPRTXHULDOLVWDUDOJXQVWLSRVGHPHGLGDVTXHPRVWUDPTXHKiVDtGDHPUHODomRDRTXH HVWiDFRQWHFHQGRQRPHUFDGRGHWUDEDOKR(VVDVDtGDSDVVDSRUXPODGRSRUPXGDQoDVLQVWLWXFLRQDLVH OHJDLVHSRURXWURSRUHGXFDomR 8PDPHGLGDDSURYDGDQDUHIRUPDFRQVWLWXFLRQDOGHpMXVWDPHQWHDGHDWULEXLUj-XVWLoDGR 7UDEDOKRDFRPSHWrQFLDSDUDUHFROKHUD3UHYLGrQFLD6RFLDO3RGHVHUTXHQHVVHSULPHLURPRPHQWRKDMD XPD HYDVmR RV WUDEDOKDGRUHV VHPFDUWHLUD HYDGDP R VLVWHPD H TXH LVVR VHMD UHVROYLGR QR IXWXUR PHGLDQWHDFRUGRQD-XVWLoDGR7UDEDOKR0DVQHVWHPRPHQWRD3UHYLGrQFLDYDLHVWDUOiWDPEpPSDUD FREUDUDFRQWULEXLomRSUHYLGHQFLiULD(QWmRKRXYHGHIHULPHQWRGRSDJDPHQWRGDFRQWULEXLomR(VVDp XPDPHGLGDLQVWLWXFLRQDOUHFHQWHPHQWHDSURYDGD $OpP GLVVR XPD VpULH GH PHGLGDV FRPR R ILP GD HVFDOD GR VDOiULR EDVH D DPSOLDomR GD FREHUWXUDDRVDOiULRPDWHUQLGDGHDTXHVWmRGHSHUPLWLUDUHGXomRGDFRQWULEXLomRGRDXW{QRPRQR FDVRGHSUHVWDUVHUYLoRSDUDHPSUHVDDVLPSOLILFDomRGHFDWHJRULDVIRUDPXPDVpULHGHPHGLGDVTXH WRUQDUDP PDLV VLPSOHV PDLV IOH[tYHLV DV UHJUDV GR VLVWHPD SUHYLGHQFLiULR SDUD RV DXW{QRPRV H SRUWDQWRPDLVDWUDWLYRHVVHVLVWHPDSDUDRVFRQWULEXLQWHVLQGLYLGXDLV2EULJDGR 225'(1$'250LQLVWUR:DOGHFN2UQpODV
  50. 50. +iPDLVTXDWURLQVFULWRVHOHFLQR0DUJDULGD HFKLQ H +HOPXW RPR RV TXDWUR VmR GD DVD H HVWDPRV FRP XPD KRUD GH DWUDVR IDUHPRV XP LQWHUYDORGHPLQXWRV 6(*81'23$,1(/
  51. 51. 225'(1$'259LQtFLXVDUYDOKR3LQKHLUR
  52. 52. 1HVWHSDLQHOKDYHUiDSDOHVWUDGR'U5LFDUGR 3DHV GH %DUURV 'LUHWRU GH 3ROtWLFD 6RFLDO GR ,3($ VHJXLGR GH FRPHQWiULRV GR H[6HFUHWiULR GH 3UHYLGrQFLD6RFLDODWXDO6HFUHWiULR$GMXQWRGD6HFUHWDULDGH'LUHLWRV+XPDQRV'U0DUFHOR9LDQDH GD'UD6{QLD5RFKDWpFQLFDGR,3($RPDSDODYUDR'U5LFDUGR 5,$5'2 3$(6 '( %$5526 2 TXH YRX DSUHVHQWDU DTXL HP FHUWR VHQWLGR p XPD ERD FRQWLQXDomRGDTXHOHGHEDWHKDYLGRFRPR-RVp0iUFLR(PFHUWRVHQWLGRVHHXIRUEHPVXFHGLGRYRX HVWDUDSUHVHQWDQGRXPDVpULHGHFRQILUPDo}HVHPStULFDVGDTXLORTXHR3URI-RVp0iUFLRPHQFLRQDYD 9RX WHQWDU DSUHVHQWDU DOJXQV UHVXOWDGRV GD FRQH[mR HQWUH SREUH]D H SRSXODomR LGRVD RX WDOYH]DIDOWDGHFRQH[mRHQWUHSREUH]DHSRSXODomRLGRVD9RXWHQWDUPHFRQFHQWUDUHPGRLVSRQWRV FKDYH2SULPHLURTXHIRLRSRQWRLQLFLDOTXHFRPHoDPRVDLQYHVWLJDUTXDQGRLQLFLDPRVHVVDSHVTXLVD pLQYHVWLJDUSRUTXHHHPTXHPHGLGDRVLGRVRVVmRSREUHV9RXWHQWDUDSUHVHQWDUXPDGLVFXVVmRVREUH HPTXHPHGLGDRJUDXGHSREUH]DHQWUHRVLGRVRVpPDLVHOHYDGRGRTXHRJUDXGHSREUH]DHQWUHRV

×