35(&$8d¯(6(5(&20(1'$d¯(6*(5$,6
3DUDREWHURPi[LPRUHQGLPHQWRGDSODFDOHLDDWHQWDPHQWHHVWDVLQVWUXo}HVHFRQVHUYHDVSDUDFRQVXOWDVIXWXUDV
(VWDVLQVWUXo}HVVmRDSHQDVYiOLGDVSDUDRV3DtVHVFXMDVDEUHYLDWXUDVGHGHVWLQRVHMDPPHQFLRQDGDVQDILFKDWpFQLFDGR
SURGXWRHQDSODFD
0DQWHQKDRVPDWHULDLVGDHPEDODJHPVDFRVGHSOiVWLFRSHoDVHPSROLVWLUHQRHWFIRUDGRDOFDQFHGDVFULDQoDVMiTXH
VmRSRWHQFLDOPHQWHSHULJRVRV
9HULILTXHVHDSODFDVRIUHXDOJXPGDQRGXUDQWHRWUDQVSRUWHHUHPRYDTXDOTXHUSHOtFXODGHSURWHFomRGRVFRPSRQHQWHV
GRDSDUHOKR
(VWDSODFD&ODVVHIRLFRQFHELGDDSHQDVSDUDXPXVRGRPpVWLFRHSDUDFR]LQKDUDOLPHQWRV4XDOTXHU
RXWUDXWLOL]DomRH[DTXHFLPHQWRGHVDODVpFRQVLGHUDGDLQDGHTXDGDHORJRSRWHQFLDOPHQWHSHULJRVD
&HUWLILTXHVHGHTXHDLQVWDODomRHDVOLJDo}HVGHJiVHOpFWULFDVVmRHIHFWXDGDVSRUXPWpFQLFRTXDOLILFDGR
GHDFRUGRFRPDVQRUPDVGHVHJXUDQoDORFDLV
(VWHDSDUHOKRVyGHYHVHULQVWDODGRHXWLOL]DGRHPGLYLV}HVEHPYHQWLODGDVGHDFRUGRFRPDVQRUPDV
DFWXDLV/HLDDWHQWDPHQWHDVLQVWUXo}HVDQWHVGHLQVWDODUHXWLOL]DUHVWHDSDUHOKR
2DMXVWHGRJiVHDSUHVVmRGHIRUQHFLPHQWRHQFRQWUDPVHLQGLFDGRVQDFKDSDGHFDUDFWHUtVWLFDVVLWXDGD
VREDSODFD6HRDSDUHOKRHVWLYHUSUHSDUDGRSDUDIXQFLRQDUFRPXPWLSRGHJiVGLIHUHQWHGRGLVSRQtYHO
FRQVXOWHRSDUiJUDIR´$GDSWDomRDGLIHUHQWHVWLSRVGHJiVµ
5()(5È1&,$$1250$6/2&$,6
&HUWLILTXHVHGHTXHDLQVWDODomRHDVOLJDo}HVGHJiVVmRHIHFWXDGDVSRUXPWpFQLFRTXDOLILFDGRGHDFRUGRFRPDVLQVWUXo}HV
GRIDEULFDQWHHHPFRQIRUPLGDGHFRPDVQRUPDVGHVHJXUDQoDORFDLV
$'9(57È1&,$6$0%,(17$,6
(PEDODJHP
2PDWHULDOGDHPEDODJHPpWRWDOPHQWHUHFLFOiYHOFRQIRUPHFRQILUPDGRSHORVtPERORGHUHFLFODJHP RTXDORLGHQWLILFD
FRPRXPWLSRGHPDWHULDOTXHGHYHVHUHQYLDGRSDUDRVFHQWURVGHHOLPLQDomRGHUHVtGXRV
3URGXWR
(VWHDSDUHOKRHVWiFODVVLILFDGRGHDFRUGRFRPD'LUHFWLYD(XURSHLD(&VREUH5HVtGXRVGHHTXLSDPHQWRHOpFWULFR
HHOHFWUyQLFR5(((
$RJDUDQWLUDHOLPLQDomRDGHTXDGDGHVWHSURGXWRHVWDUiDDMXGDUDHYLWDUSRWHQFLDLVFRQVHTXrQFLDVQHJDWLYDVSDUDR
DPELHQWHHSDUDDVD~GHS~EOLFDTXHSRGHULDPGHULYDUGHXPPDQXVHDPHQWRGHGHVSHUGtFLRVLQDGHTXDGRGHVWHSURGXWR
2VtPEROR QRSURGXWRRXQRVGRFXPHQWRVTXHDFRPSDQKDPRSURGXWRLQGLFDTXHHVWHDSDUHOKRQmRSRGHUHFHEHU
XPWUDWDPHQWRVHPHOKDQWHDRGHXPGHVSHUGtFLRGRPpVWLFR
3HORFRQWUiULRGHYHUiVHUGHSRVLWDGRQRUHVSHFWLYRFHQWURGHUHFROKDSDUDDUHFLFODJHPGHHTXLSDPHQWRHOpFWULFRH
HOHFWUyQLFR
$HOLPLQDomRGHYHUiVHUHIHFWXDGDHPFRQIRUPLGDGHFRPDVQRUPDVDPELHQWDLVORFDLVSDUDDHOLPLQDomRGHGHVSHUGtFLRV
3DUDREWHULQIRUPDo}HVPDLVGHWDOKDGDVVREUHRWUDWDPHQWRDUHFXSHUDomRHDUHFLFODJHPGHVWHSURGXWRFRQWDFWHR
'HSDUWDPHQWRQDVXDORFDOLGDGHRVHXVHUYLoRGHHOLPLQDomRGHGHVSHUGtFLRVGRPpVWLFRVRXDORMDRQGHDGTXLULXR
SURGXWR
'HFODUDomRGHFRQIRUPLGDGH
(VWDSODFDIRLFRQFHELGDIDEULFDGDHGLVWULEXtGDHPFRQIRUPLGDGHFRP
UHTXLVLWRVGHVHJXUDQoDGD'LUHFWLYD&((´*iVµ
UHTXLVLWRVGHVHJXUDQoDGD'LUHFWLYD&((´%DL[D7HQVmRµ
UHTXLVLWRVGHSURWHFomRGD'LUHFWLYD&((´(0&µ
UHTXLVLWRVGD'LUHFWLYD&((
(VWDSODFDIRLFRQFHELGDSDUDHVWDUHPFRQWDFWRFRPDOLPHQWRVHHVWiHPFRQIRUPLGDGHFRPD'LUHFWLYD&((
37
127$6
$XWLOL]DomRLPSUySULDGDVJUHOKDVSRGHSURYRFDUGDQRVQDVXSHUItFLHGDSODFD1mRFRORTXHDVJUHOKDVYLUDGDVDR
FRQWUiULRQHPDVDUUDVWHVREUHDSODFD
6HDSODFDSRVVXLUXPWRSRYLWURFHUkPLFRQmRXWLOL]H
&KDSDVGHIHUURIXQGLGRRXSDQHODVHUHFLSLHQWHVGHWHUUDFRWD
'LIXVRUHVGHFDORUH[UHGHVPHWiOLFDV
'RLVELFRVSDUDDPHVPDSDQHOD
1RFDVRGHXWLOL]DomRSURORQJDGDVHUiQHFHVViULDYHQWLODomRDGLFLRQDODEUDXPDMDQHODRXDXPHQWHDIRUoDGHVXFomRGR
H[DXVWRU
0DQWHQKDDSODFDIRUDGRDOFDQFHGDVFULDQoDVTXDQGRHVWLYHUDIXQFLRQDUHQmRDVGHL[HEULQFDUFRPRVFRPDQGRVRX
TXDLVTXHURXWURVFRPSRQHQWHVGRDSDUHOKR
$GYHUWrQFLD
DVEDVHVGHERUUDFKDGHSURWHFomRDSOLFDGDVQDVJUHOKDVFRQVWLWXHPXPSHULJRGHHVWUDQJXODPHQWRSDUD
DVFULDQoDV'HSRLVGHUHPRYHUDVJUHOKDVFHUWLILTXHVHGHTXHWRGDVDVEDVHVHVWmRGHYLGDPHQWHHQFDL[DGDV
$WHQomR
DWDPSDGHYLGURVHIRUQHFLGDSRGHSDUWLUHPFDVRGHVREUHDTXHFLPHQWR$QWHVGHDIHFKDUFHUWLILTXHVHGH
TXHWRGRVRVTXHLPDGRUHVHVWmRGHVOLJDGRV
$SyVDXWLOL]DomRFHUWLILTXHVHGHTXHRVERW}HVHVWmRQDSRVLomR2))HIHFKHDWRUQHLUDSULQFLSDOGHJiVRXDWRUQHLUDGD
ERWLMD
,167$/$d®2
,QIRUPDo}HVWpFQLFDVSDUDRLQVWDODGRU
$SODFDSRGHVHULQWHJUDGDQXPDEDQFDGDFRPXPDHVSHVVXUDHQWUHHPP
6HQmRKRXYHUQHQKXPIRUQRGHEDL[RGDSODFDLQWURGX]DXPSDLQHOGHVHSDUDomRTXHWHQKDXPDVXSHUItFLH
SHORPHQRVLJXDOjDEHUWXUDGDVXSHUItFLHGHWUDEDOKR(VWHSDLQHOGHYHVHUSRVLFLRQDGRDXPDGLVWkQFLD
Pi[LPDGHPPDEDL[RGDVXSHUItFLHVXSHULRUGDVXSHUItFLHGHWUDEDOKRPDVQXQFDDPHQRVGH PP
GRIXQGRGDSODFD&DVRSUHWHQGDLQVWDODUXPIRUQRSRUEDL[RGDSODFDFHUWLILTXHVHGHTXHHOHpIDEULFDGR
SHOD:KLUOSRROHGHTXHHOHHVWiHTXLSDGRFRPXPVLVWHPDGHDUUHIHFLPHQWR2IDEULFDQWHGHFOLQDWRGDH
TXDOTXHUUHVSRQVDELOLGDGHFDVRXPIRUQRGHRXWUDPDUFDVHMDLQVWDODGRGHEDL[RGDSODFD
$QWHVGDLQVWDODomRFHUWLILTXHVHGHTXH
DVFRQGLo}HVORFDLVGHDEDVWHFLPHQWRGHJiVQDWXUH]DHSUHVVmRVmRFRPSDWtYHLVFRPDVGHILQLo}HVGDSODFD
FRQVXOWHDFKDSDGHFDUDFWHUtVWLFDVHDWDEHODGRVLQMHFWRUHV
$VVXSHUItFLHVH[WHULRUHVGRPyYHORXGRVDSDUHOKRVDGMDFHQWHVjSODFDVmRUHVLVWHQWHVDRFDORUGHDFRUGRFRPDV
QRUPDVORFDLV
2VSURGXWRVGHFRPEXVWmRVmRHOLPLQDGRVSDUDRH[WHULRUDWUDYpVGHH[DXVWRUHVSUySULRVRXGHYHQWRLQKDVHOpFWULFDV
PRQWDGDVQDSDUHGHHRXQDMDQHOD
$FLUFXODomRGHDUQDWXUDOFRQWtQXDpDVVHJXUDGDDWUDYpVGHXPDDEHUWXUDQDSDUHGHGHSHORPHQRVFP
(VWDDEHUWXUDQDSDUHGHGHYH
D VHUSHUPDQHQWHQXPDSDUHGHTXHGrSDUDRH[WHULRUGDGLYLVmRDYHQWLODU
E VHUIHLWDGHIRUPDDQmRSRGHUVHUREVWUXtGDDSDUWLUGRLQWHULRURXGRH[WHULRUQHPPHVPRDFLGHQWDOPHQWH
F HVWDUSURWHJLGDSRUJUHOKDVGHSOiVWLFRUHGHVPHWiOLFDVHWFWHQGRRFXLGDGRGHQmRUHGX]LUDiUHDGHYHQWLODomR
HIHFWLYDPHQFLRQDGDDFLPD
G HVWDUORFDOL]DGDMXQWRDRQtYHOGRFKmRHSRVLFLRQDGDGHIRUPDDQmRLQWHUIHULUFRPRIXQFLRQDPHQWRGRVLVWHPDGH
H[DXVWmR