Mapas Mentais Ponto - Administrativo

Direito Administrativo em Mapas Mentais (TURMA 2)

Revisão por Mapas Mentais Otimizando o aprendizado e a memorização, com a revisão esquematizada da matéria. Edição revista e atualizada

Por: Thiago Strauss Marcelo Leite www.pontodosconcursos.com.br

SUMÁRIO Visão Geral ............................................................................ .................... 1. Introdução ao Direito Administrativo .................................................... 2. Administração Pública ........................................................................... 2.1 Administração pública – noções gerais .......................................... ................... ............................... ........ 2.2 Descentralização administrativa ............................................ ................... ........................................ ............... 2.3 Órgão ............................................................................................... 2.4 Entidades em espécie ......................................................................... 2.5 Entidades em espécie – Autarquia ........................................................ 2.6 Terceiro Setor – Entidades Paraestatais ................................................. 2.7 Contrato de gestão ............................................................................. 3. Princípios Fundamentais ....................................................................... 4. Poderes Administrativos Administrativos ............................................................ ............ 5. Atos Administrativos ............................................................................. 5.1 Noções introdutórias ........................................................................... 5.2 Classificação dos Atos Administrativos ................................................... 5.3 Requisitos do Ato Administrativo .......................................................... 5.4 Atributos dos Atos Administrativos ........................................................ 5.5 Espécies de Atos Administrativos ...................................... ................ .......................................... .................... 5.6 Atos discricionários e vinculados ........................................................... 5.7 Formas de extinção e vícios do ato administrativo ................................... ............................ ....... 6. Licitações .............................................................................................. 6.1 Noções gerais .................................................................................... 6.2 Princípios da Licitação ......................................................................... 6.3 Alienação de bens pela Administração Administração Pública ........................................ ..................... ................... 6.4 Contratação direta .............................................................................. 6.5 Modalidades de Licitação ..................................................................... 6.6 Tipos de Licitação ............................................................................... 6.7 Procedimentos de Licitação .................................................................. 7. Contratos Administrativos Administrativos .................................................... ................. 7.1 Conceito e formalização ...................................................................... 7.2 Cláusulas exorbitantes ........................................................................ 7.3 Mutabilidade dos contratos administrativos ............................................ 7.4 Extinção dos contratos administrativos .................................................. 8. Servidores Públicos ............................................................................... 8.1 Agentes públicos ................................................................................ 8.2 Normas constitucionais ....................................................................... 8.3 Lei 8.112/90 ......................................... ................... ................................................. ............................................. .................. 8.4 Processo Administrativo Disciplinar – PAD .............................................. 9. Serviços Públicos ................................................................................... 9.1 Conceito Conceito ................. ......................... ................. ................. ................ ................ ................ ................ ................ ................ .......... 9.2 Considerações gerais .......................................... .................. ............................................... ................................ ......... 9.3 Classificação dos serviços públicos ............................................ ...................... .................................. ............ 9.4 Delegação de serviços públicos ........................................ ................ ............................................ .................... 9.5 Delegação comum – Disposições da Lei 8.987/95 ................................... 9.6 Parcerias Público-Privadas – PPP ........................................................... 10. Responsabilidade Responsabilidade Civil do Estado ......................................................... 11. Controle da Administração Administração Pública ...................................................... 12. Improbidade Administrativa ................................................................ 13. Processo Administrativo – Lei 9.784/99 .............................................. 14. Bens Públicos Públicos ............ ................... ............. ............. ............. ............. .............. ............. ............. ............. ............. ............. ........ ..

www.pontodosconcursos.com.br

3 4 6 6 9 10 11 13 15 17 18 20 23 23 24 25 27 28 30 31 32 32 33 34 35 37 39 40 42 42 43 45 46 47 47 48 51 53 56 56 57 58 59 60 62 63 65 66 68 70

SUMÁRIO Visão Geral ............................................................................ .................... 1. Introdução ao Direito Administrativo .................................................... 2. Administração Pública ........................................................................... 2.1 Administração pública – noções gerais .......................................... ................... ............................... ........ 2.2 Descentralização administrativa ............................................ ................... ........................................ ............... 2.3 Órgão ............................................................................................... 2.4 Entidades em espécie ......................................................................... 2.5 Entidades em espécie – Autarquia ........................................................ 2.6 Terceiro Setor – Entidades Paraestatais ................................................. 2.7 Contrato de gestão ............................................................................. 3. Princípios Fundamentais ....................................................................... 4. Poderes Administrativos Administrativos ............................................................ ............ 5. Atos Administrativos ............................................................................. 5.1 Noções introdutórias ........................................................................... 5.2 Classificação dos Atos Administrativos ................................................... 5.3 Requisitos do Ato Administrativo .......................................................... 5.4 Atributos dos Atos Administrativos ........................................................ 5.5 Espécies de Atos Administrativos ...................................... ................ .......................................... .................... 5.6 Atos discricionários e vinculados ........................................................... 5.7 Formas de extinção e vícios do ato administrativo ................................... ............................ ....... 6. Licitações .............................................................................................. 6.1 Noções gerais .................................................................................... 6.2 Princípios da Licitação ......................................................................... 6.3 Alienação de bens pela Administração Administração Pública ........................................ ..................... ................... 6.4 Contratação direta .............................................................................. 6.5 Modalidades de Licitação ..................................................................... 6.6 Tipos de Licitação ............................................................................... 6.7 Procedimentos de Licitação .................................................................. 7. Contratos Administrativos Administrativos .................................................... ................. 7.1 Conceito e formalização ...................................................................... 7.2 Cláusulas exorbitantes ........................................................................ 7.3 Mutabilidade dos contratos administrativos ............................................ 7.4 Extinção dos contratos administrativos .................................................. 8. Servidores Públicos ............................................................................... 8.1 Agentes públicos ................................................................................ 8.2 Normas constitucionais ....................................................................... 8.3 Lei 8.112/90 ......................................... ................... ................................................. ............................................. .................. 8.4 Processo Administrativo Disciplinar – PAD .............................................. 9. Serviços Públicos ................................................................................... 9.1 Conceito Conceito ................. ......................... ................. ................. ................ ................ ................ ................ ................ ................ .......... 9.2 Considerações gerais .......................................... .................. ............................................... ................................ ......... 9.3 Classificação dos serviços públicos ............................................ ...................... .................................. ............ 9.4 Delegação de serviços públicos ........................................ ................ ............................................ .................... 9.5 Delegação comum – Disposições da Lei 8.987/95 ................................... 9.6 Parcerias Público-Privadas – PPP ........................................................... 10. Responsabilidade Responsabilidade Civil do Estado ......................................................... 11. Controle da Administração Administração Pública ...................................................... 12. Improbidade Administrativa ................................................................ 13. Processo Administrativo – Lei 9.784/99 .............................................. 14. Bens Públicos Públicos ............ ................... ............. ............. ............. ............. .............. ............. ............. ............. ............. ............. ........ ..

www.pontodosconcursos.com.br

3 4 6 6 9 10 11 13 15 17 18 20 23 23 24 25 27 28 30 31 32 32 33 34 35 37 39 40 42 42 43 45 46 47 47 48 51 53 56 56 57 58 59 60 62 63 65 66 68 70

'LUHLWR$GPLQLVWUDWLYRHP0DSDV0HQWDLV

&RQFHLWRHIRUPDOL]DomR &OiXVXODVH[RUELWDQWHV 0XWDELOLGDGHHH[WLQomR

',5(,72$'0,1,675$7,929,62*(5$/

,QWURGXomR DR'LUHLWR $GPLQLVWUDWLYR

&RQWUDWRV DGPLQLVWUDWLYRV

$JHQWHVS~EOLFRV 1RUPDVFRQVWLWXFLRQDLV /HL 3URFHVVRDGPLQLVWUDWLYR GLVFLSOLQDU3$'

6HUYLGRUHV S~EOLFRV $GPLQLVWUDomR 3~EOLFD

&RQFHLWRFODVVLILFDomR IRUPDVGHSUHVWDomR 'HOHJDomR &RPXP 3DUFHULDV 3~EOLFR3ULYDGDV

$GPLQLVWUDomRS~EOLFDH GHVFHQWUDOL]DomRDGPLQLVWUDWLYD 'HVFRQFHQWUDomRHyUJmR $XWDUTXLD )XQGDo}HV (QWLGDGHV S~EOLFDV HPHVSpFLH (PSUHVDS~EOLFD 6RFLHGDGHGH HFRQRPLDPLVWD (QWLGDGHV 3DUDHVWDWDLV

&RQFHVVmR

3HUPLVVmR $XWRUL]DomR 'LVSRVLo}HVGD/HL 3DUFHULDV3~EOLFR3ULYDGDV333 &RQFHLWR (YROXomRKLVWyULFD 5HVSRQVDELOLGDGH H[WUDFRQWUDWXDO QD&) $omRGHUHSDUDomR &RQFHLWR &ODVVLILFDomR

&RQFHLWRREMHWRIRQWHV 6LVWHPDVDGPLQLVWUDWLYRV 5HJLPHMXUtGLFRDGPLQLVWUDWLYR

6HUYLoRV S~EOLFRV

5HVSRQVDELOLGDGH FLYLOGR(VWDGR

3ULQFtSLRV IXQGDPHQWDLV

',5(,72 $'0,1,675$7,92

&RQWUROHGD $GPLQLVWUDomR3~EOLFD

$VSHFWRVJHUDLV 'HVFULomRGRVDWRV GHLPSURELGDGH 6DQo}HV 3URFHGLPHQWRV DGPLQLVWUDWLYRV HDo}HVMXGLFLDLV $EUDQJrQFLDHDSOLFDomR 3ULQFtSLRV ,QtFLRGRSURFHVVR HOHJLWLPDGRV ,PSHGLPHQWRHVXVSHLomR )RUPDWHPSRH OXJDUGRVDWRV 5HFXUVRDGPLQLVWUDWLYR HSUD]RV

,PSURELGDGH DGPLQLVWUDWLYD

3URFHVVR DGPLQLVWUDWLYR

&RQFHLWRFODVVLILFDomR HFDUDFWHUtVWLFDV $IHWDomRHGHVDIHWDomR 3ULQFLSDLVHVSpFLHV GHEHQVS~EOLFRV 8VRSULYDWLYRGH EHQVS~EOLFRV

%HQV S~EOLFRV

3RGHUHV DGPLQLVWUDWLYRV

$WRV DGPLQLVWUDWLYRV

/LFLWDomR

6LVWHPD6 26 26&,3

6XSUHPDFLDGR LQWHUHVVHS~EOLFR ,QGLVSRQLELOLGDGHGR LQWHUHVVHS~EOLFR /HJDOLGDGH ,PSHVVRDOLGDGH 0RUDOLGDGH 3XEOLFLGDGH (ILFLrQFLD 5D]RDELOLGDGHH SURSRUFLRQDOLGDGH $XWRWXWHOD &RQWLQXLGDGH 1Ro}HVLQWURGXWyULDV 3RGHUYLQFXODGR 3RGHUGLVFULFLRQiULR 3RGHUKLHUiUTXLFR 3RGHUGLVFLSOLQDU 3RGHUUHJXODPHQWDU 3RGHUGHSROtFLD &RQFHLWRHDWULEXWRV &ODVVLILFDomR 5HTXLVLWRV (VSpFLHV $WRVGLVFULFLRQiULRV HYLQFXODGRV )RUPDVGH H[WLQomRHYtFLRV

&RQFHLWRILQDOLGDGH HDEUDQJrQFLD 3ULQFtSLRV &RQWUDWDomR ,QH[LJLELOLGDGH GLUHWD 'LVSHQVD 0RGDOLGDGHV 7LSRVGHOLFLWDomR )DVHVDQXODomRHUHYRJDomR



'LUHLWR $GPLQLVWUDWLYR HP 0DSDV 0HQWDLV

&DS   ,QWURGXomR DR 'LUHLWR $GPLQLVWUDWLYR

,1752'8d2$2',5(,72$'0,1,675$7,92,

5

L&RQMXQWRGHyUJmRV DJHQWHVH SHVVRDVMXUtGLFDVDGPLQLVWUDWLYDV eRUDPRGRGLUHLWRS~EOLFR TXHWHPSRUREMHWR

LL)XQomR DGPLQLVWUDWLYD

$WLYLGDGHMXUtGLFDQmRFRQWHQFLRVD $GPLQLVWUDomR3~EOLFDHPVHQWLGR 2%-(7,92 LLL*HVWmRGRVEHQVS~EOLFRV 6HJXQGRHVVHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHRFRQMXQWR GHSULQFtSLRVTXHUHJHPD$'0,1,675$d23Ò%/,&$ &RQMXQWRGHyUJmRVHSHVVRDVMXUtGLFDV 6HQWLGR VXEMHWLYR $GPLQLVWUDomR 3~EOLFD $WLYLGDGHVGR(VWDGRGHVWLQDGDV jVDWLVIDomRFRQFUHWDHLPHGLDWD GRVLQWHUHVVHVS~EOLFRV 6HQWLGR $WLYLGDGHMXUtGLFDQmRFRQWHQFLRVD REMHWLYR

&ULWpULRGD $GPLQLVWUDomR 3~EOLFD

&ULWpULR PDLV DFHLWR

5DPRGRGLUHLWRS~EOLFR TXHWHPSRUREMHWR

0DULD 6\OYLD

+HO\ /RSHV

6HJXQGRHVVHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGH OHLVDGPLQLVWUDWLYDVYLJHQWHVOHLVGHFUHWRVUHJXODPHQWRV &RQFHLWR 'HVFRQVLGHUDGHPDLVIRQWHVGR'LUHLWR$GPLQLVWUDWLYR UHVWULWLYR ([3ULQFtSLRVMXUtGLFRV

&UtWLFD &UHWHOOD

&RQFHLWR &ULWpULR GR3RGHU ([HFXWLYR

$FLrQFLDMXUtGLFDpXPFRQMXQWRGHSULQFtSLRVHQmR SRGHFRQVLVWLUHPFRPHQWiULRVGDOHJLVODomRSRVLWLYD

6HJXQGRHVVHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGHSULQFtSLRV MXUtGLFRVTXHGLVFLSOLQDPDRUJDQL]DomRHDDWLYLGDGHGR 3RGHU([HFXWLYR &UtWLFD 'HPDLVSRGHUHVWDPEpPH[HUFHPDDWLYLGDGHDGPLQLVWUDWLYD 6HJXQGRHVVHFULWpULRR'LUHLWR $GPLQLVWUDWLYRDEUDQJHULDRFRQMXQWRGH QRUPDVTXHUHJHPDVUHODo}HVHQWUH

&ULWpULRGD UHODomRMXUtGLFD

&UtWLFD

&ULWpULRV QmR DGRWDGRV

$GPLQLVWUDomR DGPLQLVWUDGR

2XWURVUDPRVGRGLUHLWRWDPEpPGLVFLSOLQDPWDLVUHODo}HVMXUtGLFDV 'LUHLWR$GPLQLVWUDWLYRDEUDQJHDLQGDD &ULWpULR LQVXILFLHQWH RUJDQL]DomRLQWHUQDGD$GPLQLVWUDomR3~EOLFD

6HJXQGRHVVHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDDGLVFLSOLQDMXUtGLFDTXH UHJXODDLQVWLWXLomRDRUJDQL]DomRHRIXQFLRQDPHQWRGRVVHUYLoRVS~EOLFRV &ULWpULR GRVHUYLoR S~EOLFR

,QVSLUDGRQDMXULVSUXGrQFLDGR&RQVHOKRGH(VWDGR)UDQFrV IL[DomRGDFRPSHWrQFLDGRVWULEXQDLVDGPLQLVWUDWLYRVHP IXQomRGDH[HFXomRGHVHUYLoRVS~EOLFRV

&UtWLFD

&ULWpULR WHOHROyJLFR

&ULWpULR QHJDWLYLVWD RXUHVLGXDO

&ULWpULRUHVWULWLYR $ORFXomRVHUYLoRS~EOLFRLQWHJUDRFRQFHLWRVHPHVWDUGHILQLGD 1mRGLVWLQJXHRUHJLPHMXUtGLFRDTXHVHVXMHLWDDDWLYLGDGH

6HJXQGRHVVHFULWpULRR'LUHLWR$GPLQLVWUDWLYRDEUDQJHULDRVLVWHPDGRVSULQFtSLRV MXUtGLFRVTXHUHJXODPDDWLYLGDGHGR(VWDGRSDUDFXPSULPHQWRGHVHXV ILQV 2IHUHFHH[SUHVV}HV $WLYLGDGHGR(VWDGR QmRGHILQLGDV )LQVGR(VWDGR &UtWLFD 6HJXQGRHVVHFULWpULRR'LUHLWR$GPLQLVWUDWLYRVHULDRUDPRGRGLUHLWRTXH UHJXODWRGDDDWLYLGDGHHVWDWDOTXHQmRVHMDOHJLVODWLYDHMXULVGLFLRQDO &UtWLFD &RQFHLWRSRXFRDJUHJD

L5HODo}HVLQWHUQDVjDGPLQLVWUDomRS~EOLFD

2EMHWR

L2VyUJmRVDJHQWHVHSHVVRDVMXUtGLFDVDGPLQLVWUDWLYDV TXHLQWHJUDPD$GPLQLVWUDomR3~EOLFD LL$DWLYLGDGHMXUtGLFDQmRFRQWHQFLRVDTXHH[HUFHH LLL2VEHQVGHTXHVHXWLOL]DSDUDFRQVHFXomR GHVHXVILQVGHQDWXUH]DS~EOLFD

&RQMXQWRKDUP{QLFRGHSULQFtSLRVMXUtGLFRVTXHUHJHPRVyUJmRV RVDJHQWHVHDVDWLYLGDGHVS~EOLFDVWHQGHQWHVDUHDOL]DUFRQFUHWD GLUHWDHLPHGLDWDPHQWHRVILQVGHVHMDGRVSHOR(VWDGR

&ULWpULR OHJDOLVWD

'LUHLWR $GPLQLVWUDWLYR

$GPLQLVWUDomR3~EOLFD HPVHQWLGR68%-(7,92

(QWUHRVyUJmRVHDVHQWLGDGHVDGPLQLVWUDWLYDVXQVFRPRVRXWURV HHQWUHDDGPLQLVWUDomRHVHXVDJHQWHVHVWDWXWiULRVHFHOHWLVWDV

LL5HODo}HVHQWUHDDGPLQLVWUDomRHRVDGPLQLVWUDGRV LLL$WLYLGDGHVGHDGPLQLVWUDomRS~EOLFDHPVHQWLGRPDWHULDO H[HUFLGDVSRUSDUWLFXODUHVVREUHJLPHGRGLUHLWRS~EOLFR

([3UHVWDomRGHVHUYLoRVS~EOLFRVPHGLDQWH FRQWUDWRVGHFRQFHVVmRRXGHSHUPLVVmR 


&DS   ,QWURGXomR DR 'LUHLWR $GPLQLVWUDWLYR

,1752'8d2$2',5(,72$'0,1,675$7,92,, eRUHJLPHDGRWDGRSHOR(VWDGRSDUDRFRQWUROHGH OHJDOLGDGHHOHJLWLPLGDGHGRVDWRVDGPLQLVWUDWLYRV

D&RQFHLWR

&RQWHQFLRVRDGPLQLVWUDWLYR 3RGHU-XGLFLiULR

L-XULVGLomRFRPXP 'XDOLGDGH GHMXULVGLomR

E6LVWHPD )UDQFrV

LL-XULVGLomR DGPLQLVWUDWLYD

6LVWHPDV $GPLQLVWUDWLYRV

6LVWHPDMXGLFLiULRRXGH MXULVGLomRXQD L3RGHU $SUHFLDWRGDVKLSyWHVHVGHOLWtJLRUHVROXomRGHFRQIOLWRV MXGLFLiULR 8QLFLGDGH LL$GPLQLVWUDomR GHMXULVGLomR 'HFLGHMXOJDVHPMXULVLGLomR S~EOLFD 6HPGHILQLWLYLGDGH

F6LVWHPD ,QJOrV

6LVWHPD DGPLQLVWUDWLYR XWLOL]DGRQR%UDVLO

D/HL

-XULVGLomRHVSHFLDOGRFRQWHQFLRVRDGPLQLVWUDWLYR 5HVROYHOLWtJLRVQRVTXDLVDDGPLQLVWUDomRpSDUWH 7ULEXQDLV$GPLQLVWUDWLYRVH&RQVHOKRGH(VWDGR ,QGHSHQGrQFLDGRVSRGHUHVH GHVFRQILDQoDFRPUHODomRDRMXGLFLiULR

3ULQFtSLRGDLQDIDVWDELOLGDGHGHMXULVGLomR &)DUWLQF;;;9

)RQWHSULPiULD 6HQWLGRDPSORLQFOXLQGRPHGLGDVSURYLVyULDVHUHJXODPHQWRV

E-XULVSUXGrQFLD

)RQWHVHFXQGiULD 5HLWHUDGDVGHFLV}HVMXGLFLDLVSURIHULGDVQRPHVPRVHQWLGR (PUHJUDQmRSRVVXHPIRUoDFRHUFLWLYDSDUDDDGPLQLVWUDomR ([FHWR

L&RQWUROHGHFRQVWLWXFLRQDOLGDGHH LL6~PXODYLQFXODQWHGR67)

)RQWHVHFXQGiULD )RUPDRVLVWHPDWHyULFRGHSULQFtSLRVDSOLFiYHLVDRGLUHLWRSRVLWLYR

F'RXWULQD

)RQWHV

)RQWHVHFXQGiULD 5HLWHUDomRXQLIRUPHGHXPFRPSRUWDPHQWRWLGRFRPRREULJDomROHJDO

'LUHLWR $GPLQLVWUDWLYR

3UHVHQoDGH HOHPHQWRV

G&RVWXPHV

(OHPHQWRREMHWLYRVXEVWDQFLDO

8VRFRQWLQXDGRGDSUiWLFDQRWHPSR

(OHPHQWRVXEMHWLYRUHODFLRQDO

&RQYLFomRGDREULJDWRULHGDGHGD SUiWLFDFRPRQHFHVVLGDGHVRFLDO

6RPHQWHDGPLWLGRVTXDQGRQmRIRUHPFRQWUiULRVjVOHLVFRQWUDOHJHQ 1mRSRVVXLRHOHPHQWRVXEMHWLYR 1mR VHFRQIXQGHFRPD FRQYLFomRJHUDOGDFRUUHomRGRFRPSRUWDPHQWR 35$;( $'0,1,675$7,9$ URWLQDDGPLQLVWUDWLYD 'LRJHQHV*DVSDULQLDILUPDTXHQDRSLQLmRGDPDLRULD GRVDXWRUHVQmRpIRQWHGR'LUHLWR$GPLQLVWUDWLYR 5HJLPHGHGLUHLWR S~EOLFRDSOLFiYHO

D&RQFHLWR

5HJLPH -XUtGLFR $GPLQLVWUDWLYR

DRVyUJmRVHHQWLGDGHVTXHFRPS}HPDDGPLQLVWUDomRS~EOLFDH jDWXDomRGRVDJHQWHVDGPLQLVWUDWLYRV &RQMXQWRVLVWHPDWL]DGRGHSULQFtSLRVHUHJUDVTXHGmRLGHQWLGDGHDR 'LUHLWR$GPLQLVWUDWLYRGLIHUHQFLDQGRRGRVGHPDLVUDPRVGRGLUHLWR $RPHVPRWHPSRTXHDV35(552*$7,9$6FRORFDPDDGPLQLVWUDomRHP SRVLomRGHVXSUHPDFLDSHUDQWHRSDUWLFXODUDVUHVWULo}HV68-(,d®(6 OLPLWDPVXDDWLYLGDGHDGHWHUPLQDGRVILQVHSULQFtSLRV

E6XSUHPDFLDGR LQWHUHVVHS~EOLFR

35(552*$7,9$6RXSRGHUHVHVSHFLDLVGDDGPLQLVWUDomRS~EOLFD 6mREHQHItFLRVFRQFHGLGRVSHODRUGHPMXUtGLFD 9LVDPJDUDQWLUDFRQVHFXomRGRVLQWHUHVVHVS~EOLFRV L3RVLomR SULYLOHJLDGD ([3UD]RVPDLRUHVHPSURFHVVRVMXGLFLDLV LL3RVLomRGH VXSUHPDFLD

9HUWLFDOLGDGHQDVUHODo}HVDGPLQLVWUDomRSDUWLFXODU &DUiWHULQVWUXPHQWDO 'HYHUHV3RGHUHV ([&OiXVXODVH[RUELWDQWHVGRVFRQWUDWRVDGPLQLVWUDWLYRV

,QGLVSRQLELOLGDGHSHODDGPLQLVWUDomRGRVLQWHUHVVHVS~EOLFRV

F,QGLVSRQLELOLGDGH GRLQWHUHVVH S~EOLFR

L3ULQFtSLRGDOHJDOLGDGH

68-(,d®(6

$GPLQLVWUDUpDSOLFDUDOHLGHRItFLR

%HQVHLQWHUHVVHVS~EOLFRVQmRVHHQFRQWUDP jOLYUHGLVSRVLomRGRDGPLQLVWUDGRU LL6XMHLo}HV eDRUGHPOHJDOTXHGLVS}HVREUHDILQDOLGDGH ([1HFHVVLGDGHGHUHDOL]DomRGHOLFLWDo}HVSDUDFHOHEUDomRGHFRQWUDWRV 


&DS   $GPLQLVWUDomR 3~EOLFD

$'0,1,675$d23Ò%/,&$,

90 5

L7HUULWyULR LL3RYR

D(OHPHQWRV GR(VWDGR

(OHPHQWRItVLFR

(OHPHQWRKXPDQR

LLL*RYHUQR VREHUDQR

(VWDGR

2UJDQL]DomRGR(VWDGRRFRUUHFRQIRUPHVXDOLYUHHVREHUDQDYRQWDGH

3DUDRGLUHLWRR(VWDGRpSHVVRDMXUtGLFDWHUULWRULDOVREHUDQDUHJLGDSHORGLUHLWRS~EOLFR

E $FHSomR MXUtGLFD

3RVVXL SHUVRQDOLGDGHMXUtGLFD

$SWLGmRJHQpULFDSDUDDGTXLULUGLUHLWRVHFRQWUDLUREULJDo}HV $WULEXWRQHFHVViULRSDUDVHUVXMHLWRQDVUHODo}HVMXUtGLFDV

)XQomR /HJLVODWLYD ,GHQWLILFRXIXQo}HV GLVWLQWDVH[HUFLGDV SHORSRGHUVREHUDQR

)XQomR ([HFXWLYD

$SOLFDUDVQRUPDVJHUDLV DRVFDVRVFRQFUHWRV

)XQomR -XGLFDQWH

$SOLFDUDVQRUPDVJHUDLV SDUDGLULPLUHYHQWXDLV FRQIOLWRVRFRUULGRV

$ULVWyWHOHV

D1Ro}HV KLVWyULFDV 0RQWHVTXLHX

(ODERUDUQRUPDV JHUDLVHDEVWUDWDV

3ULQFtSLRGDVHSDUDomRGRVSRGHUHV 3URS{VTXHDVIXQo}HVQmRSRGHULDP VHUH[HUFLGDVSHORPHVPRyUJmR 3DUDHYLWDUDEXVRQR H[HUFtFLRGRSRGHU DVIXQo}HVGHYHULDP VHUGLVWULEXtGDVSRUFHQWURVLQGHSHQGHQWHVHQWUHVLGHIRUPDD SRVVLELOLWDUDOLPLWDomRGRSRGHUSHORSRGHU  'LYLVmRIOH[tYHOGDVIXQo}HVHVWDWDLV

6LVWHPD DWXDO

$GPLQLVWUDomR 3~EOLFD

3RGHUHV GR(VWDGR

&DGDSRGHU H[HUFH

8PDIXQomRSUHFtSXDWtSLFDH 2XWUDVIXQo}HVGHQDWXUH]DDFHVVyULDDWtSLFDV

0HFDQLVPRGHFRQWUROHV UHFtSURFRVHQWUHRVSRGHUHV

6LVWHPDGHIUHLRVHFRQWUDSHVRV

5HSUHVHQWDPXPDGLYLVmRHVWUXWXUDOLQWHUQDFRPILQDOLGDGHGHHVWDEHOHFHU RHTXLOtEULRHRFRQWUROHGRH[HUFtFLRGRSRGHUGHVREHUDQLD

E&RQFHLWR

)UHLRVHFRQWUDSUHVRV 6mRVHJPHQWRVHVWUXWXUDLVHPTXHVHGLYLGHRSRGHUJHUDOHDEVWUDWRGDVREHUDQLD &DGD3RGHUH[HUFHXPDIXQomRSUHFtSXD

)XQo}HV 7Ë3,&$6

3RGHU/HJLVODWLYR

([HUFHDIXQomROHJLVODWLYDHGHFRQWUROH ([HUFHDIXQomRDGPLQLVWUDWLYD

3RGHU([HFXWLYR

([HUFHDIXQomR MXULVGLFLRQDO

3RGHU-XGLFLiULR

1mRKiH[FOXVLYLGDGHQRH[HUFtFLRGDVIXQo}HV -XOJDRVFULPHVGH UHVSRQVDELOLGDGH

3RGHU /HJLVODWLYR

F'LVWULEXLomR GDVIXQo}HV QD&)

$GPLQLVWUD

&ULPHVGHQDWXUH]DSROtWLFD &)DUW

2UJDQL]DVHXVVHUYLoRVLQWHUQRV &)DUWVH

([HUFHRSRGHUUHJXODPHQWDU

)XQo}HV $7Ë3,&$6

&)DUW

1mRpGHILQLWLYRQmRID]FRLVDMXOJDGD

3RGHU ([HFXWLYR

-XOJD

3ULQFtSLRGDLQDIDVWDELOLGDGHGD MXULVGLomR&)DUW;;;9 6HPMXULVGLomR

([HUFHDIXQomRQRUPDWLYD HODERUDUHJLPHQWRVLQWHUQRV

3RGHU -XGLFLiULR

$GPLQLVWUD

&)DUW,D

2UJDQL]DVHXVVHUYLoRVLQWHUQRV &)DUW 



$'0,1,675$d23Ò%/,&$,,

5905

$GPLQLVWUDomR3~EOLFD HPVHQWLGR$03/2 DEUDQJH

L*RYHUQR LL$GPLQLVWUDomR3~EOLFDVHQWLGRHVWULWR (VWDEHOHFHRVSODQRVGHDomR

3ODQHMDU $WLYLGDGHGH &RPSUHHQGH D)81d2 32/Ë7,&$

'LULJLU

'HILQHDVGLUHWUL]HV

&RPDQGDU

D6HQWLGR REMHWLYR

$WRVGHJRYHUQR SROtWLFRV

*RYHUQR

6DQomRHYHWR 1RPHDomRGHPLQLVWUR *XHUUDHSD] (VWDGRGHVtWLR 'HFODUDomR (VWDGRGHHPHUJrQFLD

(QYROYHRV3RGHUHVHRVyUJmRVFRQVWLWXFLRQDLVUHVSRQViYHLVSHODIXQomRSROtWLFD 7UDoDGLUHWUL]HV 'LULJHHFRPDQGDD$GPLQLVWUDomR3~EOLFD 3RGHU([HFXWLYR (ODERUDSODQRVGHJRYHUQR

E6HQWLGR VXEMHWLYR

3RGHU/HJLVODWLYR $JHQWHV SROtWLFRV

3DUWLFLSDFRPPHQRUSUHGRPLQkQFLD $WLYLGDGHGHDSURYDomRHFRQWUROH ([HUFHPFRPSHWrQFLDVFRQVWLWXFLRQDLV 0DQLIHVWDomRGDVREHUDQLD 3RVVXHPFRQGXWDLQGHSHQGHQWH

7DPEpPFKDPDGRGHVHQWLGRPDWHULDORXIXQFLRQDO ([HFXWDU $WLYLGDGHGH 3UHVWDUVHUYLoR &RPSUHHQGHD )81d2 $WLYLGDGHFRQFUHWDHLPHGLDWD $'0,1,675$7,9$ TXHR(VWDGRH[HUFH &RQFHLWR 6REUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR 3DUDFRQVHFXomRGHLQWHUHVVHVFROHWLYR


L6HUYLoR 3~EOLFR

$WLYLGDGHVTXHSRUVXDHVVHQFLDOLGDGH RXUHOHYkQFLDIRUDPDVVXPLGDVSHOR (VWDGRFRPRXVHPH[FOXVLYLGDGH

LL3ROtFLD $GPLQLVWUDWLYD D6HQWLGR REMHWLYR LLL)RPHQWR

3RGHUGHSROtFLD $GPLQLVWUDomRS~EOLFDSRGHFRQGLFLRQDU RXUHVWULQJLURXVRHRJR]RGHEHQV GLUHLWRVHDWLYLGDGHVLQGLYLGXDLVHP EHQHItFLRGDFROHWLYLGDGHRXGR(VWDGR

,QFHQWLYRjLQLFLDWLYDSULYDGD GHLQWHUHVVHS~EOLFR

$EUDQJH

$GPLQLVWUDomR 3~EOLFDHP VHQWLGRHVWULWR

,QWHUYHQomR GR(VWDGRQR VHWRUSULYDGR

LY,QWHUYHQomR

2EV

,QWHUYHQomRQD SURSULHGDGHSULYDGD &)DUW;;,9 ,QWHUYHQomRLQGLUHWD QRGRPtQLRHFRQ{PLFR &)DUW

0DULD6\OYLDQmRFRQVLGHUD DDWXDomRGLUHWD GR(VWDGR QRGRPtQLRHFRQ{PLFRFRPR IXQomRDGPLQLVWUDWLYD 1HVVHFDVRR(VWDGR VXEPHWHVHDRUHJLPHMXUtGLFR GHGLUHLWRSULYDGR&)DUW

7DPEpPFKDPDGRGHVHQWLGRIRUPDORXRUJkQLFR $EUDQJHRFRQMXQWRGHyUJmRV SHVVRDVMXUtGLFDV HDJHQWHVLQWHJUDQWHVGDDGPLQLVWUDomRS~EOLFD 2%UDVLODGRWDRFULWpULRIRUPDOGHDGPLQLVWUDomRS~EOLFD

E6HQWLGR VXEMHWLYR

$VHQWLGDGHVSULYDGDVTXHSUHVWDPVHUYLoRS~EOLFRPHGLDQWHGHOHJDomR FRQFHVVLRQiULDVHSHUPLVVLRQiULDVDSHVDUGHH[HUFHUHPDWLYLGDGHV SUySULDVGDIXQomRDGPLQLVWUDWLYDQmRLQWHJUDPDDGPLQLVWUDomRS~EOLFD ,QWHJUDGRSRU

LÏUJmRVGDDGPLQLVWUDomRGLUHWD LL(QWLGDGHVGDDGPLQLVWUDomRLQGLUHWD LLL$JHQWHVDGPLQLVWUDWLYRV 


&HQWUDOL]DomR $GPLQLVWUDWLYD


$'0,1,675$d23Ò%/,&$,,,

D&RQFHLWR

)RUPDGHRUJDQL]DomRHDWXDomRDGPLQLVWUDWLYDQDTXDOR (VWDGRH[HFXWDVXDVWDUHIDVGLUHWDPHQWHSRUPHLRGRV yUJmRVHDJHQWHVLQWHJUDQWHVGD$'0,1,675$d2',5(7$ )RUPDGLUHWDHLPHGLDWD

E([HFXomRGD$WLYLGDGH3UHVWDomRGR6HUYLoR

D&RQFHLWR

)RUPDGHRUJDQL]DomRHDWXDomRDGPLQLVWUDWLYDQDTXDOR(VWDGR GHVHPSHQKDVXDVDWULEXLo}HVSRUPHLRGHRXWUDVSHVVRDV eDGLVWULEXLomRGHFRPSHWrQFLDVGHXPD SDUDRXWUDSHVVRDItVLFDRXMXUtGLFD

E([HFXomRGD$WLYLGDGH3UHVWDomRGR6HUYLoR

L2XWRUJD

'HVFHQWUDOL]DomR $GPLQLVWUDWLYD F)RUPDVGH GHVFHQWUDOL]DomR


LL'HOHJDomR

'HVFHQWUDOL]DomRSRUVHUYLoRV 3RGHU3~EOLFRFULDXPDSHVVRDMXUtGLFD HDHODDWULEXLD7,78/$5,'$'(HD (;(&8d2GHVHUYLoRS~EOLFR 2FRUUHPHGLDQWH/(, 3UHVVXS}HREULJDWRULDPHQWHD HGLomRGHXPDOHLTXHLQVWLWXDD HQWLGDGHRXDXWRUL]HVXDFULDomR 'HVFHQWUDOL]DomRSRUFRODERUDomR 3RGHU3~EOLFRDWULEXLDXPD SHVVRDMXUtGLFDGHGLUHLWRSULYDGR D(;(&8d2GHVHUYLoRS~EOLFR 2FRUUH &2175$72 RX PHGLDQWH $7281,/$7(5$/

'HVFHQWUDOL]DomRJHRJUiILFD 7HUULWyULRV)HGHUDLV (QWLGDGHORFDOJHRJUDILFDPHQWH GHOLPLWDGDGRWDGDGHSHUVRQDOLGDGH LLL7HUULWRULDO MXUtGLFDSUySULDGHGLUHLWRS~EOLFRFRP FDSDFLGDGHDGPLQLVWUDWLYDJHQpULFD $XWDUTXLDWHUULWRULDO &)DUW RXJHRJUiILFD &)DUW 9HU0DSD0HQWDOGH'HVFHQWUDOL]DomR$GPLQLVWUDWLYD

D&RQFHLWR

7pFQLFDDGPLQLVWUDWLYDGHGLVWULEXLomRLQWHUQD GHFRPSHWrQFLDVGHXPDSHVVRDMXUtGLFD 5HSDUWLomRGHIXQo}HVHQWUHYiULRVyUJmRV GHVSHUVRQDOL]DGRVVHPTXHEUDGDKLHUDUTXLD 'HVFRQFHQWUDomRHQYROYHREULJDWRULDPHQWH XPDVySHVVRDMXUtGLFD ([ 8QLmRGLVWULEXLFRPSHWrQFLDVHQWUHGLYHUVRVyUJmRV GHVXDSUySULDHVWUXWXUDFRPRRVPLQLVWpULRV

E([HFXomRGDDWLYLGDGH3UHVWDomRGRVHUYLoR

'HVFRQFHQWUDomR $GPLQLVWUDWLYD

)RUPDLQGLUHWDHPHGLDWD

)RUPDGLUHWDHLPHGLDWD

F&RQWUROHH[HUFLGR &21752/( +,(5È548,&2

2FRUUHQDVUHODo}HVGHKLHUDUTXLDHGH VXERUGLQDomRH[LVWHQWHVHQWUHRVyUJmRV UHVXOWDQWHVGDGHVFRQFHQWUDomR

5(/$d2'(68%25',1$d2 $872787(/$ $EUDQJrQFLD

9HULILFD

'HFDUiWHULQWHUQR

/HJDOLGDGH &RQYHQLrQFLD 0pULWR 2SRUWXQLGDGH

([5HFXUVRKLHUiUTXLFR 



$'0,1,675$d23Ò%/,&$,9'(6&(175$/,=$d2$'0,1,675$7,9$ 90 5

)RUPDGHDWXDomRHPTXHR(VWDGRGHVHPSHQKDVXDVDWULEXLo}HVSRUPHLRGHRXWUDVSHVVRDV eDGLVWULEXLomRGHFRPSHWrQFLDVGHXPDSDUDRXWUDSHVVRDItVLFDRXMXUtGLFD )RUPDLQGLUHWDHPHGLDWD ([HFXomRGD$WLYLGDGH3UHVWDomRGR6HUYLoR

&RQFHLWR )RUPDVGH GHVFHQWUDOL]DomR

L2XWRUJD LL'HOHJDomR LLL7HUULWRULDO JHRJUiILFD

1mRKiKLHUDUTXLDQDVIRUPDVGHGHVFHQWUDOL]DomR (QWUHDDGPLQLVWUDomR 俶 +i9,1&8/$d2 GLUHWDHLQGLUHWD 1mRKiVXERUGLQDomR

2EV

'HVFHQWUDOL]DomRSRUVHUYLoRV 7,78/$5,'$'( H D(;(&8d2

3RGHU3~EOLFRFULDXPDSHVVRDMXUtGLFDHDHODDWULEXLD 3UHVVXS}HREULJDWRULDPHQWH DHGLomRGHXPD/(,TXH

/HL$8725,=$D FULDomRGDHQWLGDGH

&DUDFWHUtVWLFDV

(QWHSROtWLFR

2XWRUJD

,QVWLWXDDHQWLGDGHRX $XWRUL]HVXDFULDomR 3HVVRDMXUtGLFD GHGLUHLWRS~EOLFR

$XWDUTXLD )XQGDomRS~EOLFD GHGLUHLWR3Ò%/,&2

3HVVRDMXUtGLFDGH GLUHLWRSULYDGR

)XQGDomRS~EOLFDGH GLUHLWR35,9$'2 (PSUHVDS~EOLFD 6RFLHGDGHGHHFRQRPLDPLVWD

/HL&5,$DHQWLGDGH

7UDQVIHUrQFLD SRUPHLRGHOHL &)DUW;,;

GHVHUYLoRS~EOLFR

3HUGHDGLVSRQLELOLGDGHGRVHUYLoR 3DUDUHWRPiORGHSHQGHUiGHOHL

&RQWUROHH[HUFLGR 'HSHQGHGHSUHYLVmROHJDOTXH HVWDEHOHoDPHLRVDVSHFWRVH RFDVL}HVGHFRQWUROHDWRVGHWXWHOD

&21752/( ),1$/Ë67,&2

'HVFHQWUDOL]DomR $GPLQLVWUDWLYD 787(/$ $'0,1,675$7,9$

5(/$d2'( 9,1&8/$d2

9LVDDVVHJXUDUDUHDOL]DomR GRVREMHWLYRVIL[DGRVQRVDWRV GHFRQVWLWXLomRGDHQWLGDGH 'HFDUiWHU H[WHUQR

6XSHUYLVmR PLQLVWHULDO

1mRKiWXWHODVHP OHLTXHDSUHYHMD

9HULILFDomRGRVUHVXOWDGRV +DUPRQL]DomRFRPDV SROtWLFDVJRYHUQDPHQWDLV

([HUFLGRSHODDGPLQLVWUDomRGLUHWD VREUHDGPLQLVWUDomRLQGLUHWD ([HUFLGRSHOR0LQLVWpULRDRTXDO DHQWLGDGHHVWHMDYLQFXODGD

9HULILFDRDOFDQFHGRVREMHWLYRVGDHQWLGDGHIL[DGRVQDOHL 'HYHSUHVHUYDUDDXWRQ{PLDGDHQWLGDGHGHVFHQWUDOL]DGD ([&RQWUROHVSUpYLRV1RPHDomRGHGLULJHQWHV

$EUDQJrQFLD

'HVFHQWUDOL]DomRSRUFRODERUDomR 3RGHU3~EOLFRDWULEXLDXPDSHVVRDMXUtGLFDGHGLUHLWRSULYDGRD(;(&8d2GHVHUYLoRS~EOLFR 2FRUUHPHGLDQWH&2175$72 RX$7281,/$7(5$/ L3RUFRQWUDWR

'HOHJDomR

(VSpFLHV LL3RUDWR DGPLQLVWUDWLYR

(IHWLYDGDSRUSUD]RGHWHUPLQDGR &RQFHVVmR 0RGDOLGDGHV 3HUPLVVmR

(PUHJUDQmRKiSUD]RFHUWRHPUD]mRGDSUHFDULHGDGH 3RVVLELOLGDGHGHUHYRJDomRDTXDOTXHUWHPSR $XWRUL]DomRGHVHUYLoRS~EOLFR&)DUW;,H;,, 0RGDOLGDGH

2EV 7HUULWyULRV )HGHUDLV

 7HUULWRULDO JHRJUiILFD

&)DUW

$WUDQVIHUrQFLDQmRpGDSUHVWDomRPDVVLP GDH[SORUDomRGHGHWHUPLQDGRVHUYLoRS~EOLFR

(QWLGDGHORFDOJHRJUDILFDPHQWHGHOLPLWDGDGRWDGDGHSHUVRQDOLGDGH MXUtGLFDSUySULDGHGLUHLWRS~EOLFRFRPFDSDFLGDGHDGPLQLVWUDWLYDJHQpULFD $XWDUTXLDWHUULWRULDORXJHRJUiILFD&)DUWVH

&DUDFWHUtVWLFDV

L3HUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR LL&DSDFLGDGHGHDXWRDGPLQLVWUDomR LLL'HOLPLWDomRJHRJUiILFD LY&DSDFLGDGHDGPLQLVWUDWLYDJHQpULFD

$WXDomRHPGLYHUVDViUHDVGRVHWRUS~EOLFR

Y6XMHLomRDRFRQWUROHSHORSRGHUFHQWUDO 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH




$'0,1,675$d23Ò%/,&$Ï5*2


8QLGDGHGHDWXDomRLQWHJUDQWHGDHVWUXWXUDGD DGPLQLVWUDomRGLUHWDRXDGPLQLVWUDomRLQGLUHWD

&RQFHLWR

/HLDUW 1mRWHPSHUVRQDOLGDGHMXUtGLFD &HQWURVGHFRPSHWrQFLDLQVWLWXtGRVSDUDRGHVHPSHQKRGHIXQo}HVHVWDWDLVSRU PHLRGHVHXVDJHQWHVFXMDDWXDomRpLPSXWDGDjSHVVRDMXUtGLFDDTXHSHUWHQFHP 6mRWHRULDVTXHVXUJLUDPSDUDH[SOLFDUDVUHODo}HVGR(VWDGRSHVVRDMXUtGLFDFRPVHXVDJHQWHV 7HRULDDGRWDGDSHODGRXWULQDHMXULVSUXGrQFLD $SHVVRDMXUtGLFDPDQLIHVWDVXDYRQWDGHSRUPHLRGRVyUJmRVGHIRUPDTXHTXDQGRRV DJHQWHVTXHRVFRPS}HPDQLIHVWDPDVXDYRQWDGHpFRPRVHRSUySULR(VWDGRRIL]HVVH $YRQWDGHGDSHVVRDMXUtGLFDGHYHVHUDWULEXtGDDRVyUJmRV TXHDFRPS}HPVHQGRHVWHVFRPSRVWRVGHDJHQWHV 俶 7HRULDGR -XVWLILFDDYDOLGDGHGRVDWRV yUJmR 3ULQFtSLRGD SUDWLFDGRVSRUIXQFLRQiULRGHIDWR LPSXWDomRYROLWLYD $SOLFDomR 3HVVRDSUDWLFDDWRHVWDQGR FRQFUHWD )XQomR LUUHJXODUPHQWHLQYHVWLGDQRFDUJR GH)DWR 0DVFRPDSDUrQFLDGHOHJDOLGDGH

7HRULDV

俺

俺

2DJHQWHS~EOLFRVHULDUHSUHVHQWDQWHGR(VWDGR $JHQWHS~EOLFRVHULDHTXLSDUDGRDRUHSUHVHQWDQWH WXWRURXFXUDGRUGHSHVVRDVLQFDSD]HV (TXLSDUDDSHVVRDMXUtGLFD(VWDGRDRLQFDSD] &UtWLFD 3UREOHPDVTXDQWRjUHVSRQVDELOL]DomRGDSHVVRDMXUtGLFDSDUDRVFDVRV QRVTXDLVRUHSUHVHQWDQWHXOWUDSDVVDVVHRVSRGHUHVGDUHSUHVHQWDomR

7HRULDGD UHSUHVHQWDomR

7HRULDGR PDQGDWR

2DJHQWHS~EOLFRVHULDPDQGDWiULRGR(VWDGR &RQWUDWRPHGLDQWHRTXDOXPDSHVVRDPDQGDQWHRXWRUJDSRGHUHV DRXWUDPDQGDWiULRSDUD TXHHVWDH[HFXWHGHWHUPLQDGRVDWRVHP QRPHGRPDQGDQWHHVREUHVSRQVDELOLGDGHGHVWH 0DQGDWR 3URFXUDomR ,QVWUXPHQWRGRFRQWUDWRGHPDQGDWR

&UtWLFD

ÏUJmR

(VWDGRTXHQmRSRVVXLYRQWDGHSUySULDQmRSRGHRXWRUJDUPDQGDWR 3UREOHPDVTXDQWRjUHVSRQVDELOL]DomRGDSHVVRDMXUtGLFDSDUDRV FDVRVQRVTXDLVRPDQGDWiULRH[RUELWDVVHRVOLPLWHVGDSURFXUDomR

L6LPSOHV D4XDQWRj HVWUXWXUD

E4XDQWRj DWXDomR IXQFLRQDO

&RQVWLWXtGRVSRUXPVyFHQWURGHFRPSHWrQFLD

LL&RPSRVWR

'HVFRQFHQWUDomRLQWHUQD 5H~QHPHPVXDHVWUXWXUDGLYHUVRVyUJmRV ([ eRTXHRFRUUHFRPRV0LQLVWpULRVHDV6HFUHWDULDV

L6LQJXODU

0RQRFUiWLFRGHFLV}HVVmRDWULEXLomRGHXP~QLFRDJHQWH

LL&ROHJLDGR

$WXDPHGHFLGHPPHGLDQWHPDQLIHVWDomRFRQMXQWDGHVHXVPHPEURV

L,QGHSHQGHQWHV

&ODVVLILFDomR

2ULJLQiULRVGD&RQVWLWXLomR)HGHUDO 5HSUHVHQWDWLYRVGRV3RGHUHVGR(VWDGR 6HPVXERUGLQDomR KLHUiUTXLFDRXIXQFLRQDO ÏUJmRVSULPiULRV &DUDFWHUtVWLFDV 6XMHLWRVVRPHQWHDRVFRQWUROHVFRQVWLWXFLRQDLV GHXP3RGHUVREUHRRXWUR

LL$XW{QRPRV

6XERUGLQDGRVDRVFKHIHVGRVyUJmRVLQGHSHQGHQWHV )LQDQFHLUD $XWRQRPLD $GPLQLVWUDWLYD 2SHUDFLRQDO ([HUFHPIXQo}HVSUHFtSXDVGHSODQHMDPHQWR VXSHUYLVmRFRRUGHQDomRHFRQWUROHGDVDWLYLGDGHV ([0LQLVWpULRV6HFUHWDULDVGH(VWDGR$GYRFDFLD*HUDOGD8QLmR

LLL6XSHULRUHV

6XMHLWRVjVXERUGLQDomRHDRFRQWUROHKLHUiUTXLFR 'LUHomR 'HWrP &RQWUROH SRGHUGH 'HFLVmR &RPDQGR 1mRJR]DPGHDXWRQRPLDILQDQFHLUDDGPLQLVWUDWLYDHRSHUDFLRQDO ([6HFUHWDULDGR7HVRXUR1DFLRQDO671

F4XDQWRj SRVLomR HVWDWDO

LY6XEDOWHUQRV

([HUFHPDWULEXLo}HVGHPHUDH[HFXomR 


$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,(,

D&RQFHLWR


3HVVRDVMXUtGLFDVGH',5(,723Ò%/,&2GH FDSDFLGDGHH[FOXVLYDPHQWHDGPLQLVWUDWLYD 6HUYLoRDXW{QRPRFULDGRSRUOHLFRPSHUVRQDOLGDGHMXUtGLFD SDWULP{QLRHUHFHLWDSUySULRVSDUDH[HFXWDU$7,9,'$'(67Ë3,&$6 GD$GPLQLVWUDomR3~EOLFDTXHUHTXHLUDPSDUDVHXPHOKRU IXQFLRQDPHQWRJHVWmRDGPLQLVWUDWLYDHILQDQFHLUDGHVFHQWUDOL]DGD ([%DQFRFHQWUDO&RPLVVmRGHYDORUHVPRELOLiULRV&90,EDPD

L$XWDUTXLDFRPXP LL$XWDUTXLDIXQGDFLRQDO

$XWDUTXLD LLL $XWDUTXLD WHUULWRULDO E(VSpFLHV

eDGLYLVmRJHRJUiILFDFRPSHUVRQDOLGDGH MXUtGLFDSUySULDFULDGDSDUDSUHVWDUVHUYLoRV JHQpULFRVjVRFLHGDGH 7HUULWyULRVIHGHUDLV

LY $XWDUTXLD SURILVVLRQDO FRUSRUDWLYD Y $XWDUTXLD LQWHUIHGHUDWLYD

)XQGDomRS~EOLFDGHGLUHLWRS~EOLFR

&RQVHOKRVGHILVFDOL]DomR GHSURILVV}HV

1DIRUPDGH DVVRFLDomRS~EOLFD

&RQVyUFLRVS~EOLFRV

,QWHJUDDDGPLQLVWUDomRLQGLUHWD GHPDLVGHXPHQWHIHGHUDGR

9HU0DSDV0HQWDLVGH$XWDUTXLDV,H$XWDUTXLDV,,

(QWLGDGHV HP(VSpFLH

D&RQFHLWR

'RWDGRGHSHUVRQDOLGDGHMXUtGLFDGH',5(,72 3Ò%/,&2RXGH',5(,7235,9$'2 3DWULP{QLR 'HVWLQDGRSRUOHLjSUHVWDomRGH DWLYLGDGHVS~EOLFDVQDiUHDVRFLDO $WULEXLomRGHSHUVRQDOLGDGHMXUtGLFDDGHWHUPLQDGR SDWULP{QLRGHVWLQDGRDILPHVSHFtILFR /HLFRPSOHPHQWDU &)DUW;,; ÈUHDGHDWXDomR

L)XQGDomRS~EOLFDGHGLUHLWR3Ò%/,&2 &ULDomR

&ULDGDVSRU/(,HVSHFtILFD &)DUW;,;

5HJLPH MXUtGLFR

5HJLPHMXUtGLFRGH',5(,723Ò%/,&2 6XEPHWHVHjVPHVPDVVXMHLo}HV HSUHUURJDWLYDVTXHFDUDFWHUL]DPR UHJLPHMXUtGLFRGHGLUHLWRS~EOLFR (VSpFLHGR )XQGDomRDXWiUTXLFD JrQHURDXWDUTXLD

)XQGDomR 3~EOLFD ([)XQDL E 1DWXUH]D -XUtGLFD

LL)XQGDomRS~EOLFDGHGLUHLWR35,9$'2

&ULDomR

5HJLPH MXUtGLFR +Ë%5,'2

&ULDGDVSRU$72 GR3RGHU3~EOLFR PHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFD &)DUW;,; 5HJLPHMXUtGLFRGH',5(,7235,9$'2FRP GHUURJDo}HVGHQRUPDVGH',5(,723Ò%/,&2 ,PXQLGDGH UHFtSURFD 3UHUURJDWLYDV ([HPSORVGH &)DUW LQFLGrQFLDGR /LFLWDomR GLUHLWRS~EOLFR &RQFXUVRS~EOLFR 6XMHLo}HV 9HGDomRGH DFXPXODomRGHFDUJRV 


$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,(,,

D&RQFHLWR


3HVVRDVMXUtGLFDVGH',5(,7235,9$'2LQWHJUDQWHVGDDGPLQLVWUDomRLQGLUHWD LQVWLWXtGDVSHORSRGHUS~EOLFRPHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFDVRE TXDOTXHUIRUPDMXUtGLFDHFRPFDSLWDOH[FOXVLYDPHQWHS~EOLFR

$72GR 3RGHU3~EOLFR

E&ULDomR &ULDomRGH 6XEVLGLiULD

,QVFULomRGRDWRFRQVWLWXWLYR QRUHJLVWURFRPSHWHQWH

&&DUW &)DUW;,;

$SyVDXWRUL]DomRHPOHLHVSHFtILFD 1HFHVViULDDXWRUL]DomR OHJLVODWLYDSDUDFULDomR

&)DUW;; 俺 1mRSUHFLVDVHUDXWRUL]DomRHVSHFtILFD 3RGHFRQVWDUGDSUySULDOHLTXH DXWRUL]RXDLQVWLWXLomRGDHVWDWDO

5HJLPHMXUtGLFRGHGLUHLWRSULYDGR

L([SORUDDWLYLGDGH HFRQ{PLFD

'HUURJDGRVRPHQWHQRTXHGLVS}HD&) &)DUW,,

(PSUHVD 3~EOLFD

5HJLPHMXUtGLFRGH GLUHLWRSULYDGR

F5HJLPH MXUtGLFR

LL3UHVWD VHUYLoRS~EOLFR

'HUURJDGRSRU

&)

5HVSRQVDELOLGDGHFLYLO REMHWLYDVXMHLomR &)DUW

([

/HL &)DUW L)RUPDGHRUJDQL]DomR G7UDoRV GLVWLQWRV

LL&RPSRVLomRGRFDSLWDO

H5HJLPHGHSHVVRDO

D&RQFHLWR

([FOXVLYDPHQWHS~EOLFR

(PSUHVD 3~EOLFD)HGHUDO

LLL)RURSURFHVVXDO

(QWLGDGHV HP(VSpFLH

4XDOTXHUGDVIRUPDVDGPLWLGDVQR'LUHLWR

(PSUHJR3~EOLFR

-XVWLoD IHGHUDO

([FHWRFDXVDVWUDEDOKLVWDV &)DUW,

&/7 2EULJDWRULHGDGHGHFRQFXUVRS~EOLFR

3HVVRDVMXUtGLFDVGH',5(,7235,9$'2LQWHJUDQWHVGDDGPLQLVWUDomRLQGLUHWD LQVWLWXtGDVSHORSRGHUS~EOLFRPHGLDQWHDXWRUL]DomRHPOHLHVSHFtILFDVRED IRUPDGHVRFLHGDGHDQ{QLPDHFRPFDSLWDLVS~EOLFRVHSULYDGRV

$72GR 3RGHU3~EOLFR

,QVFULomRGRDWRFRQVWLWXWLYR QRUHJLVWURFRPSHWHQWH

&&DUW

$SyVDXWRUL]DomRHPOHLHVSHFtILFD

E&ULDomR &ULDomRGH 6XEVLGLiULD

1HFHVViULDDXWRUL]DomR OHJLVODWLYDSDUDFULDomR

L([SORUDDWLYLGDGH HFRQ{PLFD

6RFLHGDGHGH (FRQRPLD0LVWD

&)DUW;,;

&)DUW;; 俺 1mRSUHFLVDVHUHVSHFtILFD 3RGHFRQVWDUGDSUySULDOHLTXH DXWRUL]RXDLQVWLWXLomRGDHVWDWDO

5HJLPHMXUtGLFRGHGLUHLWRSULYDGR

'HUURJDGRVRPHQWHQRTXHGLVS}HD&) &)DUW,, 5HJLPHMXUtGLFRGHGLUHLWRSULYDGR

F5HJLPH MXUtGLFR

LL3UHVWDVHUYLoR S~EOLFR

'HUURJDGRSRU

&)

([

5HVSRQVDELOLGDGHFLYLO REMHWLYDVXMHLomR &)DUW

/HL &)DUW L)RUPDGHRUJDQL]DomR G7UDoRV GLVWLQWRV

LL&RPSRVLomRGRFDSLWDO LLL)RURSURFHVVXDO

H5HJLPHGHSHVVRDO

6RFLHGDGHDQ{QLPDFDSLWDODEHUWRRXIHFKDGR &DSLWDOS~EOLFRHSULYDGR

-XVWLoDHVWDGXDO

(PSUHJR3~EOLFR

&/7 2EULJDWRULHGDGHGHFRQFXUVRS~EOLFR 



$'0,1,675$d23Ò%/,&$(17,'$'(6(0(63e&,($87$548,$, 35905

&RQFHLWR

6XUJHPDSDUWLUGDGHVFHQWUDOL]DomRDGPLQLVWUDWLYDSRURXWRUJDSRUVHUYLoRVIXQFLRQDORXWpFQLFD 3HVVRDVMXUtGLFDVGH ',5(,723Ò%/,&2 GH FDSDFLGDGHH[FOXVLYDPHQWH DGPLQLVWUDWLYD 6mRFULDGDV SDUDGHVHPSHQKDU $7,9,'$'(67Ë3,&$6GD$GPLQLVWUDomR3~EOLFDTXHUHTXHLUDPSDUD VHXPHOKRUIXQFLRQDPHQWRJHVWmRDGPLQLVWUDWLYDHILQDQFHLUD GHVFHQWUDOL]DGD'/DUW, ([%DQFRFHQWUDO&RPLVVmRGHYDORUHVPRELOLiULRV&90,EDPD

&)DUW;,; &RPLQtFLRGDYLJrQFLDGDOHLDDXWDUTXLDDGTXLUHSHUVRQDOLGDGHMXUtGLFDHHVWiLQVWLWXtGD

D&ULDomRSRU OHLHVSHFtILFD

3RUSRVVXtUHPSHUVRQDOLGDGHMXUtGLFDVmRWLWXODUHVGHGLUHLWRVHREULJDo}HV 6XMHLo}HV 5HJLPHMXUtGLFRGH',5(,723Ò%/,&2 3UHUURJDWLYDV

E3HUVRQDOLGDGH MXUtGLFD GHGLUHLWRS~EOLFR

1mRSRVVXHP FDSDFLGDGHSROtWLFD $XWDUTXLDJHRJUiILFDRXWHUULWRULDO 俶 3RVVXHP L*HQpULFD ([HUFHP~OWLSORVVHUYLoRV FDSDFLGDGH QRkPELWRGHVHXWHUULWyULR DGPLQLVWUDWLYD $XWDUTXLDGHVHUYLoRRXLQVWLWXFLRQDO LL(VSHFtILFD ([HUFHRVHUYLoRTXHOKHpDWULEXtGRSRUOHL

F&DSDFLGDGHGH DXWRDGPLQLVWUDomR

&DUDFWHUtVWLFDGDGHVFHQWUDOL]DomRDGPLQLVWUDWLYDSRUVHUYLoRVRXIXQFLRQDO 3ULQFtSLRGD &DGDDXWDUTXLDpHVSHFLDOL]DGDQDPDWpULDTXHDOHLOKHDWULEXLX HVSHFLDOL]DomR 2VVHUYLoRVSUHVWDGRVUHTXHUHPPDLRUJUDXGHHVSHFLDOL]DomR 2EV(VVDFDUDFWHUtVWLFDQmRVHDSOLFDjDXWDUTXLDJHRJUiILFDRXWHUULWRULDO

G(VSHFLDOL]DomRGRV ILQVRXDWLYLGDGHV

6XMHLWDVDFRQWUROHGDSHVVRDSROtWLFD TXHDVFULRXjTXDOVmRYLQFXODGDV

&DUDFWHUtVWLFDV H6XMHLomRDRFRQWUROHRXWXWHOD

5HVSRQVDELOLGDGH REMHWLYD

I5HVSRQVDELOLGDGHFLYLO J-Xt]RFRPSHWHQWH

$XWDUTXLD

/LWtJLRVFRPXQVGDVDXWDUTXLDVIHGHUDLV

-XVWLoD IHGHUDO&)DUW,

9HGDGDDLQVWLWXLomRGHLPSRVWRVVREUHSDWULP{QLRUHQGDHVHUYLoRVGDVDXWDUTXLDV &)DUW

K,PXQLGDGH WULEXWiULD

L)RUPDGHLQYHVWLGXUD

&RQIRUPHSUHYLVmRQDOHLRXQRHVWDWXWRGDDXWDUTXLD

&RPSHWrQFLD

L'LULJHQWHV

5HODomRGHYLQFXODomR &RQWUROHILQDOtVWLFR

LL1RPHDomR

LLL([RQHUDomR

&KHIHGR([HFXWLYR&)DUW;;9

3RGHUiVHUH[LJLGDQD&)RXQDOHLD DSURYDomRSUpYLDGR6HQDGR)HGHUDO

&)DUW;,9 ([%DFHQ

1mRSRGHDOHLHVWDEHOHFHUKLSyWHVHVGH H[LJrQFLDGH DSURYDomROHJLVODWLYDSUpYLD 2IHQVDDRSULQFtSLRGDVHSDUDomRGRVSRGHUHV 67)

D$XWDUTXLDFRPXP E$XWDUTXLDIXQGDFLRQDO

F$XWDUTXLD WHUULWRULDO

(VSpFLHV

)XQGDomRS~EOLFDLQVWLWXtGDGLUHWDPHQWHSRUOHLHVSHFtILFD FRPSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR

eDGLYLVmRJHRJUiILFDFRPSHUVRQDOLGDGHMXUtGLFDSUySULD FULDGDSDUDSUHVWDUVHUYLoRVJHQpULFRVjVRFLHGDGH eXPDH[FHomRDRSULQFtSLRGDHVSHFLDOL]DomR ,QWHJUDPD8QLmR 7HUULWyULRV &ULDomRSRUOHLFRPSOHPHQWDU IHGHUDLV &RQJUHVVR1DFLRQDOFRPSDUHFHUSUpYLRGR7&8 3UHVWDomRGHFRQWDVGHJRYHUQR

&RQVHOKRVGH ILVFDOL]DomR GHSURILVV}HV G$XWDUTXLD SURILVVLRQDO FRUSRUDWLYD

H$XWDUTXLD LQWHUIHGHUDWLYD

67)

(IHWXDPRVVHUYLoRVGHILVFDOL]DomRGH SURILVV}HVUHJXODPHQWDGDV 3RGHUGHSROtFLD ([HUFHPQRTXHWDQJHjVDWLYLGDGHV 3RGHUGHWULEXWDU SURILVVLRQDLVUHJXODPHQWDGDV 3RGHUGHSXQLU

1mRHVWmRQD DGPLQLVWUDomRLQGLUHWD

0DVSRVVXHPQDWXUH]DMXUtGLFDGHGLUHLWRS~EOLFR

1mRLQFOXL 2

%$1DIRUPDGHDVVRFLDomRS~EOLFD

&RQVyUFLRVS~EOLFRV&)DUWFF&&DUW,9

,QWHJUDDDGPLQLVWUDomRLQGLUHWDGHPDLVGHXPHQWHIHGHUDGR



Direito Administrativo em Mapas Mentais

Cap. 2 - Administração Pública

$87$548,$,,$*Ç1&,$65(*8/$'25$6 5HIRUPDGD $GPLQLVWUDomR 3~EOLFD

&RQWH[WRGH VXUJLPHQWR

L&ULVHILQDQFHLUDILVFDO LL,QHILFLrQFLDQDSUHVWDomRGRVVHUYLoRVS~EOLFRV

D3UREOHPDV

L*HVWmRSULYDGDGHVHUYLoRVS~EOLFRV 3ULYDWL]DomRHP VHQWLGRHVWULWR LL'HVHVWDWL]DomR

3ULYDWL]DomRHP VHQWLGRDPSOR

E6ROXomR SURSRVWD

LLL'HVUHJXODomR

$XWDUTXLDVREUHJLPH HVSHFLDOFRPDDWULEXLomR GHH[HUFHUD5(*8/$d2

'HILQLomR

GHVHUYLoRVS~EOLFRV HFRQ{PLFRVFRPHUFLDLV HLQGXVWULDLV

([LVWHPDLQGDDTXHODVTXHH[HUFHP IXQomRGHSROtFLDDGPLQLVWUDWLYD

2EV

([ $QDWHO &)DUW

([ $13

1mRKiREULJDWRULHGDGHH[SUHVVDQRRUGHQDPHQWRMXUtGLFRGHTXHDVDJrQFLDV UHJXODGRUDVVHFRQVWLWXDPQDIRUPDGHDXWDUTXLDV1RHQWDQWRGHYHPHPUD]mRGD QDWXUH]DGDDWLYLGDGHTXHGHVHPSHQKDPWHUSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRS~EOLFR

D([HUFHP

$JrQFLD 5HJXODGRUD

'HQDWXUH]DWpFQLFD 5HJXODPHQWDomRVREUHPDWpULDGHRUGHPWpFQLFD FRPEDVHQRVSDUkPHWURVHQDVGLUHWUL]HVGDOHL 5HDOL]DPSURFHGLPHQWRVOLFLWDWyULRVSDUDHVFROKDGH FRQFHVVLRQiULRRXSHUPLVVLRQiULRGHVHUYLoRS~EOLFR &HOHEUDPFRQWUDWRVGHFRQFHVVmR HSHUPLVVmRGHVHUYLoRS~EOLFR 3UDWLFDPDWRXQLODWHUDOGHRXWRUJDGDDXWRUL]DomR )LVFDOL]DPDH[HFXomRGHDWLYLGDGHVVREVXDFRPSHWrQFLD $SOLFDPVDQo}HVDGPLQLVWUDWLYDV

LL)XQomR DGPLQLVWUDWLYD

5HVROXomRGHFRQIOLWRVDIHWRVjiUHDUHJXODGD ,QVWkQFLDDGPLQLVWUDWLYD

LLL)XQomR TXDVHMXGLFLDO L$XWRQRPLD GHFLVyULD E3RVVXHP

&DUiWHUILQDOGHVXDVGHFLV}HV 1mRSDVVtYHLVGHDSUHFLDomRSRURXWURV yUJmRVRXHQWLGDGHVGD$GPLQLVWUDomR3~EOLFD 5HODWLYDHVWDELOLGDGH GHVHXVGLULJHQWHV

LL$XWRQRPLD DGPLQLVWUDWLYD

L&RQWUROHGR /HJLVODWLYR F&RQWUROH

([HUFHURFRQWUROH HDILVFDOL]DomR

,QYHVWLGXUDDWHUPRPDQGDWRIL[R 9HGDGDH[RQHUDomRDGQXWXP

3RVVXHPUHFXUVRVSUySULRV ,QVWLWXLomRGHWD[DVGHUHJXODomR

LLL$XWRQRPLD ILQDQFHLUD

)LQDOLGDGH

&)DUW

,PS}HOLPLWDo}HVDGPLQLVWUDWLYDVSUHYLVWDVHP OHLILVFDOL]DPUHSULPHPDSOLFDPSHQDOLGDGHV ([ $1$$QYLVD$16

L)XQomR QRUPDWLYD

&DUDFWHUtVWLFDV

&RQFHVV}HVHSHUPLVV}HV GHVHUYLoRVS~EOLFRV

(VWDGRFRPRDJHQWHUHJXODGRU GDDWLYLGDGHHFRQ{PLFD

GH DWLYLGDGHV HFRQ{PLFDV

5HGXomRGDLQWHUYHQomR QDDWLYLGDGHHFRQ{PLFD

6HXVDWRVQRUPDWLYRVQmRSRGHPFRQIOLWDU FRPQRUPDVFRQVWLWXFLRQDLVHOHJDLV 6XMHLWDVDRFRQWUROHHjILVFDOL]DomR &)DUW; GR&RQJUHVVR1DFLRQDO 6XMHLWDVDRFRQWUROHILQDQFHLUR FRQWiELOHRUoDPHQWiULR

&)DUW

LL&RQWUROHGR ([HFXWLYR

7XWHODDGPLQLVWUDWLYDRXFRQWUROHILQDOtVWLFR ([HUFLGRSHOR0LQLVWpULRD 6XSHUYLVmRPLQLVWHULDO TXHVHDFKDPYLQFXODGDV &)DUWLQF,

LLL&RQWUROHGR -XGLFLiULR

6XMHLWDVDRFRQWUROHMXULVGLFLRQDO 3ULQFtSLRGDLQDIDVWDELOLGDGHGDMXULVGLomR &)DUWLQF;;;9

'HOHJDGRV /LYUHV LL'HDWLYLGDGHVGHLQWHUHVVHS~EOLFR L'RVVHUYLoRVS~EOLFRV

14



5()250$$'0,1,675$7,9$(7(5&(,526(725(17,'$'(63$5$(67$7$,6,

'HILQLomR

3HVVRDVSULYDGDVVHPILQVOXFUDWLYRVTXHH[HUFHPDWLYLGDGHVGHLQWHUHVVH S~EOLFRPDVQmRH[FOXVLYDVGR(VWDGRUHFHEHQGRIRPHQWRGR3RGHU3~EOLFR HTXHQmRLQWHJUDPD$GPLQLVWUDomR3~EOLFDHPVHQWLGRIRUPDO

L(QWLGDGHVSULYDGDVVHPILQDOLGDGHOXFUDWLYD LL([HUFHPDWLYLGDGH GHLQWHUHVVHS~EOLFR

6HUYLoRV QmRH[FOXVLYRV GR(VWDGRDRVTXDLV R3RGHU3~EOLFRGLVSHQVDHVSHFLDOSURWHomR

LLL5HFHEHPLQFHQWLYR GR3RGHU3~EOLFR

)RPHQWR

&DUDFWHUtVWLFDV

6HJXQGR0DULD6\OYLDSRUHVVDUD]mRVXMHLWDPVH DRFRQWUROHSHOD$GPLQLVWUDomR3~EOLFDHSHOR7&8

6HWRU3~EOLFR1mR(VWDWDO LY,QWHJUDPR 7HUFHLUR6HWRU

1mRDEUDQJHPDVHQWLGDGHVGD$GPLQLVWUDomR,QGLUHWD 3ULPHLUR6HWRU

&RPSRVWRSHOR(VWDGR

6HJXQGR6HWRU

&RPSRVWRSHORPHUFDGR

2EV

6mRSHVVRDVMXUtGLFDVSULYDGDVFULDGDVHPUHJUDSRUHQWLGDGHV SULYDGDVUHSUHVHQWDWLYDVGHFDWHJRULDVHFRQ{PLFDV&RQIHGHUDomR 1DFLRQDOGD,QG~VWULD&RQIHGHUDomR1DFLRQDOGR&RPpUFLRHWF DSyVDXWRUL]DomRHPOHLPDQWLGDVSRUFRQWULEXLo}HVSDUDILVFDLV

D'HILQLomR

(QWLGDGHV 3DUDHVWDWDLV

/HLDXWRUL]DGRUD

E&ULDomR

6HUYLoRV 6RFLDLV $XW{QRPRV

([

6HVF6HUYLoR6RFLDOGR&RPpUFLR 6HQDF6HUYLoR1DFLRQDOGH$SUHQGL]DJHP&RPHUFLDO 6HVL6HUYLoR6RFLDOGD,QG~VWULD 6HQDL6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO

F)LQDOLGDGH

$WRGDUHVSHFWLYD HQWLGDGH UHSUHVHQWDWLYD

,QLFLDOPHQWHVXDFULDomRpSUHYLVWDHPOHL $DTXLVLomRGHSHUVRQDOLGDGHMXUtGLFDRFRUUH TXDQGRDHQWLGDGHSULYDGDLQVWLWXLGRUDLQVFUHYH RUHVSHFWLYRDWRFRQVWLWXWLYRQRUHJLVWURFLYLOGDV SHVVRDVMXUtGLFDV&yGLJR&LYLODUW 3RVVXLSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGR

3UHVWDPDWLYLGDGHVRFLDOFRPRDVVLVWrQFLDHHQVLQR SURILVVLRQDOL]DQWHDRVUHVSHFWLYRVJUXSRVVRFLDLVRXSURILVVLRQDLV L3HVVRDVMXUtGLFDVGHGLUHLWRSULYDGRVHPILQVOXFUDWLYRV LL0DQWLGRVSRU FRQWULEXLo}HVSDUDILVFDLV

LLL&RODERUDPFRP R3RGHU3~EOLFR

7ULEXWR 1DWXUH]DFRPSXOVyULD &)DUW

3UHVWDPDWLYLGDGHVRFLDO 1RUPDOPHQWHGLUHFLRQDGDSDUDSUHVWDomR GHXPVHUYLoRGHXWLOLGDGHSXEOLFD 1RPHDomRGHGLULJHQWHV

G&DUDFWHUtVWLFDV 5HJXODPHQWR LY&RQWUROHSHOR 3RGHU3~EOLFR

1RUPDOPHQWHDSURYDGR SRUGHFUHWR

6XSHUYLVmR0LQLVWHULDO 6XMHLWRVjMXULVGLomR GR7&8

'/DUW $GPLQLVWUDP UHFXUVRVS~EOLFRV

1mRVHVXMHLWDP j/HL-XULVSUXGrQFLD7&8 



5()250$$'0,1,675$7,9$(7(5&(,526(725(17,'$'(63$5$(67$7$,6,, 4XDOLILFDomRFRQFHGLGD SHOR3RGHU([HFXWLYR

L 3HVTXLVD&LHQWtILFD LL (QVLQR LLL'HVHQYROYLPHQWR 7HFQROyJLFR LY & XOWXUD Y 0 HLR $PELHQWH YL 6D~GH

ÈUHDGHDWXDomR 3(7&X0$6 D'HILQLomR

3URJUDPD1DFLRQDOGH3XEOLFL]DomR 2EMHWLYR (VWDEHOHFHUGLUHWUL]HVHFULWpULRVSDUDDTXDOLILFDomRGH26

313

$EVRUomRGHDWLYLGDGHVGHVHQYROYLGDVSRUHQWLGDGHVHyUJmRV S~EOLFRVGD8QLmRTXHDWXHPQDViUHDVFLWDGDV 3(7&X0$6

)LQDOLGDGH

'HYHPWHUSHUVRQDOLGDGHMXUtGLFDGHGLUHLWRSULYDGR 'HYHPLQYHVWLURVH[FHGHQWHVILQDQFHLURV 1mRSRGHPWHU QRGHVHQYROYLPHQWRGDVSUySULDVDWLYLGDGHV ILQDOLGDGHOXFUDWLYD

E5HTXLVLWRVGH KDELOLWDomR

2UJDQL]Do}HV 6RFLDLV26

$SHVVRDVMXUtGLFDVGHGLUHLWRSULYDGR 6HPILQVOXFUDWLYRV 3DUDSUHVWDUDWLYLGDGHGHLQWHUHVVHFROHWLYR

'HYHPDWXDUHPDWLYLGDGHVUHODFLRQDGDVjViUHDVFLWDGDV 3(7&X0$6 1mRVmRGHOHJDWiULDVGHVHUYLoRVS~EOLFRV 2EV 1mRH[HUFHPDWLYLGDGHVS~EOLFDVHP QRPHGR(VWDGR

$WRGH TXDOLILFDomR F4XDOLILFDomR

'LVFULFLRQiULR &RPSHWrQFLD

L0LQLVWUR LL7LWXODUGRyUJmR

0RWLYR

'HVFXPSULPHQWRGDVGLVSRVLo}HVFRQWLGDVQRFRQWUDWRGHJHVWmR

)RUPD

3URFHVVRDGPLQLVWUDWLYR

G'HVTXDOLILFDomR &RQVHTXrQFLD

(QWLGDGHV 3DUDHVWDWDLV

6HJXQGRFULWpULRVGHFRQYHQLrQFLDHRSRUWXQLGDGH

5HYHUVmR

$VVHJXUDGDDDPSODGHIHVD

'RVEHQVSHUPLWLGRV 'RVYDORUHVHQWUHJXHVjXWLOL]DomRGD26

)RPHQWRGR3RGHU3~EOLFR ([HFXomRGHDWLYLGDGHVSHOD26 UHODFLRQDGDVjViUHDVFLWDGDV3(7&X0$6 ,QVWUXPHQWRILUPDGRHQWUHRSRGHUS~EOLFRHDHQWLGDGHTXDOLILFDGDFRPR 26YLVDQGRIRUPDomRGHSDUFHULDHQWUHDVSDUWHVSDUDIRPHQWRHH[HFXomR GHDWLYLGDGHVUHODWLYDVjViUHDVFLWDGDV 3(7&X0$6/HL 9tQFXORGHSDUFHULD TXHHQYROYH

'HILQLomR

H&RQWUDWR GHJHVWmR

D'HILQLomR

([HFXomR

3URJUDPDGHWUDEDOKRSURSRVWRSHOD26 0HWDVDVHUHPDWLQJLGDV $EUDQJH 3UD]RVGHH[HFXomR &ULWpULRVREMHWLYRVGHDYDOLDomRGHGHVHPSHQKR 2EV $H[HFXomRVHUiILVFDOL]DGDSHORyUJmRRXHQWLGDGH VXSHUYLVRUDGDUHVSHFWLYDiUHDGHDWXDomR

)RPHQWR

L5HFXUVRVRUoDPHQWiULRV 'LVSHQVDGDOLFLWDomR LL%HQVS~EOLFRV 3HUPLVVmRGHXVR LLL&HVVmRHVSHFLDOGHVHUYLGRU

$EUDQJH

4XDOLILFDomR MXUtGLFDDWULEXtGDDDOJXPDVSHVVRDVGH GLUHLWR SULYDGR HPUD]mRGDV DWLYLGDGHVTXHYHQKDPDGHVHQYROYHUHPUHJLPHGH SDUFHULDFRP3RGHU3~EOLFR 3HVVRDVMXUtGLFDVGHGLUHLWRSULYDGRVHPILQVOXFUDWLYRVLQVWLWXtGDVSRUSDUWLFXODUHVSDUD GHVHPSHQKDUVHUYLoRVVRFLDLVQmRH[FOXVLYRVGR(VWDGRFRPLQFHQWLYRHILVFDOL]DomR GRSRGHUS~EOLFRPHGLDQWHYtQFXORMXUtGLFRLQVWLWXtGRSRU WHUPRGHSDUFHULD/HL 'HVHPSHQKDPDWLYLGDGHVGHLQWHUHVVHS~EOLFRSRUPHLRGH WHUPRGHSDUFHULD 1mRGLVWULEXHPHQWUHVyFLRVDVVRFLDGRVFRQVHOKHLURV GLUHWRUHVRXHPSUHJDGRVOXFURVGLYLGHQGRVERQLILFDo}HV 6RFLHGDGHVVHP SDUWLFLSDo}HVRXSDUFHODVGRSDWULP{QLR ILQVOXFUDWLYRV

26&,3 E&DUDFWHUtVWLFDV

$WRGH TXDOLILFDomR

9LQFXODGR &RPSHWrQFLD

7HUPRGH SDUFHULD

$WHQGLGRVRVUHTXLVLWRVSUHYLVWRVQmR/HL pH[SHGLGRFHUWLILFDGRGHTXDOLILFDomR 0LQLVWURGD-XVWLoD

9tQFXORMXUtGLFR (VWDEHOHFHXPYtQFXORGHFRRSHUDomRHQWUHD26HRSRGHUS~EOLFR 16



&2175$72'(*(672

,QVWUXPHQWRLQVHULGRQR'LUHLWR$GPLQLVWUDWLYRDSDUWLUGDUHIRUPD DGPLQLVWUDWLYDWDPEpPFKDPDGRSHODGRXWULQDGH$FRUGR3URJUDPD LÏUJmRRXHQWLGDGHGD $GPLQLVWUDomR3~EOLFD $MXVWHILUPDGRHQWUHD DGPLQLVWUDomRGLUHWDH

&RQFHLWR

LL$XWDUTXLDRXIXQGDomRS~EOLFD LLL2UJDQL]DomRVRFLDO

2EV

DÏUJmRRX HQWLGDGH GD $GPLQLVWUDomR 3~EOLFD

&)DUWLQFOXtGRSHOD(& /HL

/HL

1mRSRVVXLFDUDFWHUtVWLFDVGHFRQWUDWR ,QVWUXPHQWRGHFRQWUROHSRUUHVXOWDGR $GPLQLVWUDomRJHUHQFLDO &RQWH[WR $(&LQVHULXQRGRDUWDEDVHFRQVWLWXFLRQDOSDUDFHOHEUDomR GRFRQWUDWRGHJHVWmRFRPDDGPLQLVWUDomRGLUHWDHDLQGLUHWD /LJDGRDRSULQFtSLRGDHILFLrQFLDHVWDEHOHFHXPPHLRSDUDRFRQWUROH GHUHVXOWDGRVGD$GPLQLVWUDomR3~EOLFDDGPLQLVWUDomRJHUHQFLDO )L[DomRGHPHWDVGHGHVHPSHQKR (VWDEHOHFHURFRQWUROH GHUHVXOWDGRVPHGLDQWH &RQWUROHVHFULWpULRVGH DYDOLDomRGHGHVHPSHQKR 2EMHWLYR $PSOLDU DDXWRQRPLDJHUHQFLDORUoDPHQWiULD HILQDQFHLUDGRVyUJmRVHHQWLGDGHV $/HLDXWRUL]RXR3RGHU([HFXWLYRDTXDOLILFDUFRPR$*Ç1&,$ (;(&87,9$DDXWDUTXLDRXDIXQGDomRS~EOLFDTXHDWHQGHQGRDGHWHUPLQDGRV UHTXLVLWRVFHOHEUHFRQWUDWRGHJHVWmRFRPRPLQLVWpULRVXSHUYLVRU

1mRVHWUDWDGHQRYRWLSRGHSHVVRDMXUtGLFD $JrQFLD ([HFXWLYD 2EMHWLYR

&RQWUDWR GH*HVWmR

俶 7UDWDVHGH48$/,),&$d2 FRQFHGLGD

jVDXWDUTXLDVHjVIXQGDo}HVS~EOLFDV

(VWDEHOHFHURFRQWUROHGHUHVXOWDGRV $PSOLDU DDXWRQRPLDJHUHQFLDORUoDPHQWiULD HILQDQFHLUDGDVHQWLGDGHVTXDOLILFDGDV L7HUXPSODQRHV WUDWpJLFRGHUHHVWUXWXUDomRH GHGHVHQYROYLPHQWRLQVWLWXFLRQDOHPDQGDPHQWR

E$XWDUTXLDRX IXQGDomR S~EOLFD

&HOHEUDGR FRP

5HTXLVLWRVGH TXDOLILFDomR

4XDOLILFDomR

&RQWUDWR GH*HVWmR

2EMHWLYDDPHOKRULDGDTXDOLGDGH GDJHVWmRHDUHGXomRGHFXVWRV LL7HUFHOHEUDGR&RQWUDWRGH*HVWmRFRP RUHVSHFWLYR0LQLVWpULRVXSHUYLVRU &RQFHGLGDSRUGHFUHWRGR3UHVLGHQWHGD5HS~EOLFD &HOHEUDGRFRPSHULRGLFLGDGHPtQLPDGHXPDQR 2EMHWLYRVPHWDVHLQGLFDGRUHVGH GHVHPSHQKRGDHQWLGDGH (VWDEHOHFH 5HFXUVRVQHFHVViULRVHRVFULWpULRVH LQVWUXPHQWRVSDUDDYDOLDomRGRVHXFXPSULPHQWR

(VWDEHOHFHUXPDUHODomRGHSDUFHULDFRP HQWLGDGHVVHPILQVOXFUDWLYRVSXEOLFL]DomR 5HVWULQJLUDDXWRQRPLDGDSHVVRDSULYDGD

2EMHWLYR

F2UJDQL]DomR VRFLDO &RQWUDWR GH*HVWmR

(ODSDVVDDVXMHLWDUVHjVH[LJrQFLDVFRQWLGDVQRFRQWUDWRDR DWLQJLPHQWRGRVUHVXOWDGRVSDFWXDGRVHDRFRQWUROHUHODWLYRj JHVWmRGRVEHQVHGRVUHFXUVRVS~EOLFRVDHODFRQFHGLGRV 23RGHU3~EOLFRGHVWLQDUHFXUVRVHFREUDRDWLQJLPHQWR GHPHWDVQDSUHVWDomRGHVHUYLoRVGHLQWHUHVVHS~EOLFR (VWDEHOHFHXPYtQFXORGHSDUFHULD 3URJUDPDGHWUDEDOKR 0HWDV L([HFXomR FRPSHWHj26 3UD]RVGHH[HFXomR &ULWpULRVREMHWLYRVGH DYDOLDomRGHGHVHPSHQKR (QYROYH 5HFXUVRVRUoDPHQWiULRV LL)RPHQWR FRPSHWH DR %HQV 'LVSHQVDGDOLFLWDomR 3RGHU3~EOLFR S~EOLFRV 3HUPLVVmRGHXVR &HVVmRHVSHFLDOGHVHUYLGRU 17


35,1&Ë3,26$'0,1,675$7,926,

&DS   3ULQFtSLRV )XQGDPHQWDLV

3ULQFtSLRLPSOtFLWR 1DVUHODo}HVMXUtGLFDVHPTXHR(VWDGRDWXHFRPRUHSUHVHQWDQWHGD VRFLHGDGHVHXVLQWHUHVVHVSUHYDOHFHPFRQWUDLQWHUHVVHVSDUWLFXODUHV 'HFODUDDVXSHULRULGDGHGRLQWHUHVVHGDFROHWLYLGDGH D&RQFHLWR GHWHUPLQDQGRDSUHYDOrQFLDGHOHVREUHRSDUWLFXODU L,QWHUHVVHSULPiULR GR(VWDGR

6XSUHPDFLDGR LQWHUHVVHS~EOLFR

E'HYHVH GLVWLQJXLU

LL,QWHUHVVH ,QWHUHVVHV,QGLYLGXDLVGR(VWDGR VHFXQGiULR GR(VWDGR 6RPHQWHYiOLGRVTXDQGRLQVWUXPHQWDLVDRLQWHUHVVHS~EOLFR

F&RQVHTXrQFLDV GRSULQFtSLR

35(552*$7,9$6

3UHVXQomRGHOHJLWLPLGDGHH YHUDFLGDGHGRVDWRVDGPLQLVWUDWLYRV 3RGHUGHLPSpULRRXH[WURYHUVR $XWRH[HFXWRULHGDGHGRVDWRVDGPLQLVWUDWLYRV 2XWUDV

3ULQFtSLRLPSOtFLWR 2LQWHUHVVHS~EOLFRTXDOLILFDGRFRPRSUySULR GDFROHWLYLGDGHpLQGLVSRQtYHOLQDSURSULiYHO 1DDGPLQLVWUDomRS~EOLFDRVEHQVHLQWHUHVVHVQmR HVWmRjOLYUHGLVSRVLomRGDYRQWDGHGRDGPLQLVWUDGRU D&RQFHLWR eDRUGHPOHJDOTXHGLVS}HVREUHDILQDOLGDGHDTXHHVWmRDGVWULWRV

,QGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR

E&RQVHTXrQFLDV GRSULQFtSLR

3ULQFtSLRV $GPLQLVWUDWLYRV

,QWHUHVVHS~EOLFRSURSULDPHQWHGLWR 'LPHQVmRS~EOLFDGRVLQWHUHVVHVLQGLYLGXDLV

68-(,d®(6

3ULQFtSLRGDOHJDOLGDGH 2EULJDWRULHGDGHGRGHVHPSHQKRGDDWLYLGDGHS~EOLFD ,QDOLHQDELOLGDGHGRVGLUHLWRV FRQFHUQHQWHVDLQWHUHVVHVS~EOLFRV 2XWUDV

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 3RGHID]HUWXGRRTXHDOHLQmRSURtEH 6LJQLILFDDXWRQRPLD 1LQJXpPVHUiREULJDGRDID]HURXGHL[DUGH GDYRQWDGH 3DUDR &),, ID]HUDOJXPDFRLVDVHQmRHPYLUWXGHGHOHL 0DULD SDUWLFXODU 6\OYLD $DGPLQLVWUDomRS~EOLFDVy SRGHID]HURTXHDOHLSHUPLWH 6LJQLILFDYRQWDGHOHJDO 3DUDDGPLQLVWUDomRS~EOLFD

/HJDOLGDGH +HO\/RSHV

1DDGPLQLVWUDomRS~EOLFDQmRKiOLEHUGDGHQHPYRQWDGHSHVVRDO (QTXDQWRQDDGPLQLVWUDomRSDUWLFXODUpOtFLWRID]HUWXGRDTXLORTXHDOHLQmR SURtEHQDDGPLQLVWUDomRS~EOLFDVypSHUPLWLGRID]HURTXHDOHLDXWRUL]D eSULQFtSLRHVSHFtILFRGR(VWDGRGH'LUHLWR

&HOVR $QW{QLR

6XUJHFRPR GHFRUUrQFLD QDWXUDOGDLQGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR

)UXWRGDVXEPLVVmRGR(VWDGRjOHL

2VLQWHUHVVHVS~EOLFRVVmRGHILQLGRV SHOR/HJLVODWLYRTXHUHSUHVHQWDRSRYR 6XEPLVVmRGDIXQomRDGPLQLVWUDWLYDDWRVFRQFUHWRVj IXQomROHJLVODWLYDDWRVJHUDLVLPSHVVRDLVHDEVWUDWRV

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 2VDWRVHSURYLPHQWRVDGPLQLVWUDWLYRVVmRLPSXWDGRVDRyUJmR RXjHQWLGDGHDTXHVHYLQFXODRDJHQWHS~EOLFRQmRDHOHSUySULR $VSHVVRDVMXUtGLFDVH[SUHVVDPVXD YRQWDGHSRUPHLRGRVVHXVyUJmRV D&RPUHODomRj 7HRULD DGPLQLVWUDomR $DWLYLGDGHGRVyUJmRV GRyUJmR S~EOLFD LGHQWLILFDVHHUHODFLRQDVH 俶 5HODomRGH 0DULD FRPDGDHQWLGDGH ,0387$d2 6\OYLD

,PSHVVRDOLGDGH E&RPUHODomR DRVDGPLQLVWUDGRV eRPHVPR SULQFtSLRGDILQDOLGDGH

+HO\/RSHV

(VWiHQWUHODoDGRFRPR SULQFtSLRGDLJXDOGDGH

5HODFLRQDGR DRSULQFtSLR GDILQDOLGDGH

eVHPSUHRLQWHUHVVHS~EOLFRTXHGHYH QRUWHDURFRPSRUWDPHQWRGDDGPLQLVWUDomR 4XDOTXHUDWRGDDGPLQLVWUDomRS~EOLFDGHYH ]HODUSHORLQWHUHVVHS~EOLFRQmRSHVVRDO

,PS}HDRDGPLQLVWUDGRUS~EOLFRTXH VySUDWLTXHRDWRSDUDRVHXILPOHJDO $ILQDOLGDGHWHPVHPSUHFRPRREMHWLYR FHUWRHLQDIDVWiYHORLQWHUHVVHS~EOLFR ,PS}HjDGPLQLVWUDomRWUDWDULJXDOPHQWHDWRGRV TXHHVWHMDPQDPHVPDVLWXDomRIiWLFDHMXUtGLFD 


&DS   3ULQFtSLRV )XQGDPHQWDLV

35,1&Ë3,26$'0,1,675$7,926,,

90 5

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW $FHSomRVXEMHWLYD 1mRVHWUDWDGDPRUDOFRPXP

7UDWDVHGD PRUDOMXUtGLFD

D&RQFHLWR

0RUDOLGDGH

E7HRULDGRVFtUFXORV FRQFrQWULFRV

$FHSomRREMHWLYD &RQMXQWRGHUHJUDVGHFRQGXWDWLUDGDVGD GLVFLSOLQDLQWHULRUGDDGPLQLVWUDomRS~EOLFD 0RUDOLQWHUQDGDLQVWLWXLomRFRPSOHPHQWDUjOHL 2VDWRVGHYHPVHUDOpPGHOHJDLVKRQHVWRVH VHJXLURVERQVFRVWXPHVHDERDDGPLQLVWUDomR

$QWLJDpDGLVWLQomRHQWUHPRUDOHGLUHLWRDPERVUHSUHVHQWDGRVSRUFtUFXORV FRQFrQWULFRVVHQGRRPDLRUFRUUHVSRQGHQWHjPRUDOHRPHQRUDRGLUHLWR

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW 5HJUD 7RGRVRVDWRVGHYHPVHUS~EOLFRVJDUDQWLQGRDWUDQVSDUrQFLDHVWDWDO ([FHomR DRSULQFtSLR

3XEOLFLGDGH

'HYHPVHUOHJDOPHQWHSUHYLVWDVHWDPEpPDWHQGHUHPDRLQWHUHVVHS~EOLFR &)DUW;;;,,, 6HJXUDQoD1DFLRQDO

([ 'HIHVDGDLQWLPLGDGH

2EV

(ILFLrQFLD

&)DUW/;

3XEOLFDomRRILFLDOGRVDWRV H[WHUQRVGDDGPLQLVWUDomRS~EOLFD

eUHTXLVLWRGHHILFiFLD 1mRpSUHVVXSRVWRGHYDOLGDGH

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUWFDSXW LQVHULGRSHOD(& 3UHJDDPD[LPL]DomRGHUHVXOWDGRVQDDWXDomRGD DGPLQLVWUDomRS~EOLFDTXHGHYHVHUUiSLGD~WLOHFRQ{PLFD 3ULQFtSLRFRQVWLWXFLRQDOLPSOtFLWR&)DUW/,9 &RQGXWDDSWDDSURGX]LURVHIHLWRVGHVHMDGRV L$GHTXDomR 2SULQFtSLR FRQGX]jV LGHLDVGH

3ULQFtSLRV $GPLQLVWUDWLYRV

LL1HFHVVLGDGH

D&RQFHLWR

5D]RDELOLGDGHH SURSRUFLRQDOLGDGH

&RQGXWDGHQWURGRVSDGU}HV QRUPDLVGHDFHLWDELOLGDGH ,QH[LVWrQFLDGHRXWURPHLRPHQRV JUDYRVRSDUDDOFDQoDURILPGHVHMDGR

LLL3URSRUFLRQDOLGDGH

3RQGHUDomRHQWUH

0HLRVHPSUHJDGRV )LQVDOFDQoDGRV

/LPLWDomRjGLVFULFLRQDULHGDGHDGPLQLVWUDWLYD $PSOLDomRGRkPELWRGHDSUHFLDomRGRDWRDGPLQLVWUDWLYRSHOR3RGHU-XGLFLiULR E$SOLFDomR

3RGHU-XGLFLiULRDSUHFLD VHDVUHVWULo}HVVmR

$GHTXDGDV -XVWLILFDGDVSHORLQWHUHVVHS~EOLFR )RUPDGHFRQWUROHGRH[FHVVRGHSRGHU

&DEHjDGPLQLVWUDomRS~EOLFDUHYHUVHXVSUySULRVDWRVDQXODQGR RVLOHJDLVHUHYRJDQGR RVLQFRQYHQLHQWHVRXLQRSRUWXQRV 'LIHUHQWHGDWXWHODTXHpFRQWUROHH[WHUQR VXMHLomRH[HUFLGDSRURXWUDSHVVRD eFRQWUROHLQWHUQR

D&RQFHLWR

eRSRGHUTXHWHPDDGPLQLVWUDomRSDUDUHYHUVHXVSUySULRVDWRV

L$VSHFWRGHOHJDOLGDGHHOHJLWLPLGDGH

$XWRWXWHOD

E$EUDQJrQFLD LL$VSHFWRGHPpULWR

6~PXOD67)

&RQWLQXLGDGH

&RQGX]D

$QXODomR &RQYDOLGDomR

$QiOLVHGHFRQYHQLrQFLDHGHRSRUWXQLGDGH 5HYRJDomR &RQGX]D

$DGPLQLVWUDomRSRGHDQXODU VHXVSUySULRVDWRVTXDQGRHLYDGRVGHYtFLRV TXHRVWRUQHPLOHJDLVSRUTXHGHOHVQmRVHRULJLQDPGLUHLWRVRXSRGH UHYRJiORV SRUPRWLYRGHFRQYHQLrQFLDRXRSRUWXQLGDGHUHVSHLWDGRVRV GLUHLWRVDGTXLULGRVHUHVVDOYDGDHPWRGRVRVFDVRVDDSUHFLDomRMXGLFLDO

3ULQFtSLRFRQVWLWXFLRQDOLPSOtFLWR&)DUW,9 (VWDEHOHFHDQHFHVVLGDGHGHTXHD$GPLQLVWUDomR3~EOLFDQmRLQWHUURPSDD SUHVWDomRGHVHXVVHUYLoRVSRLVIXQGDPHQWDLVHHVVHQFLDLVjFROHWLYLGDGH &RQFHLWR 3DUDD/HLVHUYLoRDGHTXDGRpDTXHOHTXH VDWLVID]HQWUHRXWUDVDVFRQGLo}HVGHFRQWLQXLGDGH 


Cap. 4 - Poderes Administrativos

32'(5(6$'0,1,675$7,926,

5

3UHUURJDWLYDVFRQFHGLGDVSHORRUGHQDPHQWRMXUtGLFRj $GPLQLVWUDomR3~EOLFDSDUDFRQVHFXomRGRVILQVS~EOLFRV

D&RQFHLWR

'HFRUUrQFLDGLUHWDGRSULQFtSLRGDVXSUHPDFLDGRLQWHUHVVHS~EOLFR

&RQFHLWR

L8VRGR SRGHU

3UHUURJDWLYDHVSHFLDOFRQFHGLGDSHOR'LUHLWR 3~EOLFRSDUDFRQVHFXomRGRVILQVS~EOLFRV

LL$EXVR GHSRGHU

2FRUUHTXDQGRKiH[HUFtFLR LOHJtWLPRGHVVDVSUHUURJDWLYDV

1Ro}HV LQWURGXWyULDV

$JHQWHDWXDIRUDGRVOLPLWHV GDVXDFRPSHWrQFLD

L([FHVVR GHSRGHU

E$EXVR GHSRGHU

9tFLRQRHOHPHQWRFRPSHWrQFLD

/HLDUWD 0RGDOLGDGHV GH$%862 '(32'(5

$JHQWHHPERUDGHQWURGHVXDyUELWDGH FRPSHWrQFLDVDIDVWDVH GRLQWHUHVVHS~EOLFR LL'HVYLR GHSRGHU

%XVFDDOFDQoDUILPGLYHUVRGDTXHOHTXHD OHLOKHSHUPLWLXH[SOtFLWDRXLPSOLFLWDPHQWH 9tFLRQRHOHPHQWR ILQDOLGDGH

'HVYLRGHILQDOLGDGH

/HLDUWH eRSRGHUTXHGLVS}HDDGPLQLVWUDomRS~EOLFDSDUDSUiWLFDGHDWRVYLQFXODGRV

D&RQFHLWR

7UDWDVHPDLVGHXPGHYHU GRTXHSURSULDPHQWHXPSRGHU &RPSHWrQFLD $OHLGHWHUPLQDWRGRVRV HOHPHQWRVQHFHVViULRV jSUiWLFDGRDWR

3RGHU YLQFXODGR

)RUPD 0RWLYR

E$WR YLQFXODGR

3RGHUHV $GPLQLVWUDWLYRV

)LQDOLGDGH

2EMHWR 1mRKiPDUJHPGHOLEHUGDGHDRDGPLQLVWUDGRUFRQYHQLrQFLDHRSRUWXQLGDGH eRSRGHUTXHGLVS}HjDGPLQLVWUDomRS~EOLFDSDUDSUiWLFDGHDWRVGLVFULFLRQiULRV 2'LUHLWRFRQFHGHjDGPLQLVWUDomRGHPRGRH[SOtFLWRRXLPSOtFLWRR SRGHUSDUDSUiWLFDGHDWRVDGPLQLVWUDWLYRVFRPOLEHUGDGHGHHVFROKD

D&RQFHLWR 0pULWRDGPLQLVWUDWLYR

/LEHUGDGHGHHVFROKD

&RQYHQLrQFLD 2SRUWXQLGDGH

&RPSHWrQFLD

E(OHPHQWRV YLQFXODGRV

)LQDOLGDGH )RUPD 0RWLYR

F(OHPHQWRVGLVFULFLRQiULRV

2EMHWR $EUDQJHHOHPHQWRVYLQFXODGRV

3RGHU GLVFULFLRQiULR

&RQWUROHGH /(*$/,'$'( H /(*,7,0,'$'(

G&RQWUROH H[HUFLGRSHOR 3RGHU-XGLFLiULR

$EUDQJH HOHPHQWRV GLVFULFLRQiULRV

)XQGDPHQWR

/LPLWDo}HVLPSRVWDVSHORV SULQFtSLRVJHUDLVGRGLUHLWR 3ULQFtSLRGDLQDIDVWDELOLGDGH GDMXULVGLomR &)DUW;;;9

1mRKiFRQWUROHGH0e5,72 $EUDQJHHOHPHQWRVYLQFXODGRV

H&RQWUROH H[HUFLGRSHOD DGPLQLVWUDomR S~EOLFD

&RQWUROHGH /(*$/,'$'( H /(*,7,0,'$'(

$EUDQJH HOHPHQWRV GLVFULFLRQiULRV )XQGDPHQWR

3ULQFtSLRGDUD]RDELOLGDGH HGDSURSRUFLRQDOLGDGH FRQWUROHGHOHJLWLPLGDGH 3ULQFtSLRGDDXWRWXWHOD

&RQWUROHGH0e5,72 20


32'(5(6$'0,1,675$7,926,,

&DS   3RGHUHV $GPLQLVWUDWLYRV

L'LVWULEXLUHHVFDORQDUIXQo}HV LL2UGHQDUHUHYHUDWXDomRGHVHXVDJHQWHV (VWiUHODFLRQDGRjSUySULDIRUPDGHRUJDQL]DomRGDIXQomRDGPLQLVWUDWLYD eDUHODomRGHVXERUGLQDomRH[LVWHQWHHQWUH yUJmRVHDJHQWHVGDDGPLQLVWUDomRS~EOLFD 'LVWULEXLomRGHIXQo}HV +LHUDUTXLD 5HODomRGHVXERUGLQDomRFRQVLVWHHP *UDGXDomRGDDXWRULGDGHGRVDJHQWHV eRSRGHUTXHGLVS}HDDGPLQLVWUDomRS~EOLFDSDUD

D&RQFHLWR

2EV

1mRKiKLHUDUTXLDHQWUHGLIHUHQWHVSHVVRDVMXUtGLFDV 1mR KiKLHUDUTXLDQR -XGLFLiULR H )XQomR-XULVGLFLRQDOOLYUHFRQYLFomRGRMXL] /HJLVODWLYRQDVXDVIXQo}HVSUySULDV )XQomR/HJLVODWLYD $UHODomRH[LVWHQWHHQWUHDDGPLQLVWUDomRGLUHWDHDVHQWLGDGHV GDDGPLQLVWUDomRLQGLUHWDpDUHODomRGH9,1&8/$d2

3RGHU +LHUiUTXLFR

$WRGLVFULFLRQiULRUHYRJiYHODTXDOTXHUWHPSRQRTXDOR DJHQWHRULJLQDOPHQWHFRPSHWHQWHGHOHJDQWHFRQIHUHDRXWUR DJHQWHGHOHJDGRRH[HUFtFLRWHPSRUiULR GHDOJXPDVDWULEXLo}HV 1mRSUHFLVDVHUKLHUDUTXLFDPHQWHVXERUGLQDGR  LLL'HOHJDU $JHQWHGHOHJDGR /HLDUW $WRGLVFULFLRQiULRQRTXDORVXSHULRUKLHUiUTXLFRWUD]SDUDVL RH[HUFtFLRWHPSRUiULRGHDWULEXLomRGHXPVXERUGLQDGR 3UHFLVDVHUKLHUDUTXLFDPHQWHVXERUGLQDGR $JHQWHGHOHJDGR /HLDUW

LY$YRFDU


L6XERUGLQDomR DGPLQLVWUDWLYD

1mR FRQIXQGLU

LL9LQFXODomR DGPLQLVWUDWLYD

D&RQFHLWR

0DQXWHQomRGHDWRVYiOLGRVFRQYHQLHQWHVHRSRUWXQRV 5HYRJDomRGHDWRVGLVFULFLRQiULRV LQFRYHQLHQWHVRXLQRSRUWXQRV $QXODomRGHDWRVLOHJDLV &RQYDOLGDomRGHDWRVFRPGHIHLWRVVDQiYHLV

&RQVHTXrQFLD

LL&RQWURODU E)DFXOGDGHV GHFRUUHQWHV GR3RGHU +LHUiUTXLFR

'HYHUGHREHGLrQFLD $VGHWHUPLQDo}HVVXSHULRUHVGHYHPVHUILHOPHQWHFXPSULGDV DPHQRVTXHVHMDPPDQLIHVWDPHQWHLOHJDLV

&RQVHTXrQFLD

L2UGHQDU

7XWHODDGPLQLVWUDWLYD &RQWUROHILQDOtVWLFR 6XSHUYLVmR

eDIDFXOGDGHGH

(VWDEHOHFLGRHQWUHyUJmRVGHXPD PHVPDSHVVRDDGPLQLVWUDWLYD

&DUiWHULQWHUQR

'HFRUUHGD$872787(/$

&DUiWHU H[WHUQR

5HVXOWDGRFRQWUROHTXHSHVVRDVIHGHUDWLYDVH[HUFHP VREUHSHVVRDVSHUWHQFHQWHVjDGPLQLVWUDomRLQGLUHWD

'HFRUUHGD787(/$

L3XQLULQWHUQDPHQWH LQIUDo}HVIXQFLRQDLV GRVVHXVVHUYLGRUHV LL3XQLU LQIUDo}HVDGPLQLVWUDWLYDV FRPHWLGDVSRUSHVVRDVVXMHLWDV jGLVFLSOLQDGRVyUJmRVHVHUYLoRVGDDGPLQLVWUDomRS~EOLFD

3RGHUGLVFLSOLQDUpFRUUHODWRDRSRGHU KLHUiUTXLFRPDVFRPHOHQmRVHFRQIXQGH 6DQomRGLVFLSOLQDUHPDJHQWH 'HFRUUrQFLDGLUHWDGRSRGHUGLVFLSOLQDU L5HODomR FRPSRGHU S~EOLFRLQIUDomRIXQFLRQDO 'HFRUUrQFLDLQGLUHWDGRSRGHUKLHUiUTXLFR KLHUiUTXLFR 6DQomRSRUGHGHVFXPSULPHQWR GHFRQWUDWRDGPLQLVWUDWLYR +iH[HUFtFLRGRSRGHUGLVFLSOLQDU LQIUDomRDGPLQLVWUDWLYD 1mRH[LVWHUHODomRKLHUiUTXLFD

3RGHU 'LVFLSOLQDU

LL'HFRUUHGD VXSUHPDFLD HVSHFLDO E&DUDFWHUtVLWFDV

$DGPLQLVWUDomRS~EOLFDH[HUFH VXSUHPDFLDHVSHFLDOVREUHWRGRV DTXHOHVTXHDHODVHYLQFXODPSRUUHODo}HVGHTXDOTXHUQDWXUH]D VXERUGLQDQGRVHjVQRUPDVGHIXQFLRQDPHQWRGRVHUYLoRRXGR HVWDEHOHFLPHQWRTXHSDVVDPDLQWHJUDUGHILQLWLYDHWUDQVLWRULDPHQWH 9tQFXORMXUtGLFRHVSHFtILFR 'HFRUUHGDVXSUHPDFLDHVSHFLDO

LLL1mRVHFRQIXQGH FRPRSRGHU SXQLWLYRGR(VWDGR

)XQomR MXULVGLFLRQDO

LY'LVFULFLRQDULHGDGH

4XDQWR

'HFRUUHGDVXSUHPDFLDJHUDO

4XDQWRj

Y9LQFXODomR 0RWLYDomR 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

5HSUHVVmRGHFULPHVHFRQWUDYHQo}HVSHQDLV

¬JUDGXDomRGDSHQDOLGDGHGLVFLSOLQDU $RHQTXDGUDPHQWRGDFRQGXWDGHQWUHDVKLSyWHVHV SUHYLVWDVQDOHLFRQFHLWRVMXUtGLFRVLQGHWHUPLQDGRV

$SXUDomRGDUHVSRQVDELOLGDGH/HLDUWVH  $SOLFDomRGDSHQDFDEtYHO 2DWRGHDSOLFDomRGHSHQDOLGDGHGHYHVHUPRWLYDGR 


&DS   3RGHUHV $GPLQLVWUDWLYRV

32'(5(6$'0,1,675$7,926,,,

3UHUURJDWLYDFRQIHULGDDRFKHIHGR3RGHU([HFXWLYRSDUDHGLWDU GHFUHWRVHUHJXODPHQWRVSDUDDILHOH[HFXomRGDVOHLV &)DUW,9 $FRPSHWrQFLDSDUDH[SHGLomRGRVGHFUHWRVRXUHJXODPHQWRVGH H[HFXomRQmRpSDVVtYHOGHGHOHJDomR &)DUWS~QLFR eHVSpFLHGRJrQHURSRGHUQRUPDWLYR 3UHUURJDWLYDFRQIHULGDjDGPLQLVWUDomRS~EOLFDSDUD HGLWDUDWRVQRUPDWLYRVJHUDLVHDEVWUDWRVSDUD FRPSOHPHQWDUDVOHLVHSHUPLWLUVXDHIHWLYDDSOLFDomR 3RGHUQRUPDWLYR 2EV 5HJXODPHQWDomRWpFQLFD &RPSHWrQFLDSDUD 0HGLDQWHSDUkPHWURVSUHYLDPHQWH HVWDEHOHFLGRVQDOHL 3RGHU UHJXODGRU ÆPELWR $WLYLGDGHVDGPLQLVWUDWLYDVGHDOWDFRPSOH[LGDGHWpFQLFD

D&RQFHLWR

3RGHU 5HJXODPHQWDU

L&RQWUROHOHJLVODWLYR

6XVWDDWRVQRUPDWLYRVGR3RGHU([HFXWLYRTXH H[RUELWHPGRSRGHUUHJXODPHQWDU&)DUW9

'HFUHWR /HJLVODWLYR

E)RUPDV GHFRQWUROH

&RQWUROHGHOHJDOLGDGHHOHJLWLPLGDGH

'RGHFUHWR DXW{QRPR

&RQWUROHGH FRQVWLWXFLRQDOLGDGH

1mRSRGHFULDU GLUHLWRVHREULJDo}HV

D&RQFHLWR


eDWRQRUPDWLYRRULJLQiULR

,QH[LVWrQFLDGHOHL

LL&RQWUROH MXULVGLFLRQDO

F/LPLWHV

eDWRQRUPDWLYRGHULYDGR

([LVWrQFLDGHOHL

'RGHFUHWR UHJXODPHQWDU

1mRSRGHFRQWUDULDURVFRPDQGRVOHJDLV

67) 3UHVVXSRVWRV

&DUiWHU 1RUPDWLYR &DUiWHU $XW{QRPR

$WRQRUPDWLYRH[WUDSRODRVOLPLWHVGDOHL 3ULQFtSLRGDOHJDOLGDGH&)DUW,,

)DFXOGDGHTXHGLVS}HDDGPLQLVWUDomRS~EOLFDSDUDFRQGLFLRQDURXUHVWULQJLURXVRHR JR]RGHEHQVGLUHLWRVHDWLYLGDGHVLQGLYLGXDLVHPEHQHItFLRGDFROHWLYLGDGHRXGR(VWDGR

%HQV ,QFLGHVREUH 'LUHLWRV $WLYLGDGHV 1mRLQFLGHVREUH3(662$6

ÏUJmRV DGPLQLVWUDWLYRV

E,QFLGrQFLD 2EV

3ROtFLD

,QFLGHVREUHEHQV GLUHLWRVHDWLYLGDGHV ,QFLGHQRkPELWRGDV LQIUDo}HVDGPLQLVWUDWLYDV

3ROtFLDGHPDQXWHQomR GDRUGHPS~EOLFD ÏUJmRVGH VHJXUDQoD FRUSRUDo}HV HVSHFLDOL]DGDV

3RGHU GH3ROtFLD

3ROtFLD DGPLQLVWUDWLYD

3ROtFLDMXGLFLiULD

,QFLGHGLUHWDPHQWH VREUHSHVVRDV

,QFLGHQRkPELWR GRVLOtFLWRVSHQDLV

俺1mRVHWUDWDGRSRGHUGHSROtFLD

HVWXGDGRQR'LUHLWR$GPLQLVWUDWLYR

L'LVFULFLRQDULHGDGH F$WULEXWRV

LL$XWRH[HFXWRULHGDGH LLL&RHUFLELOLGDGH

([FHWRQDFREUDQoDGHPXOWDV

1mRVHDSOLFDDWRGRVRVFDVRV 3RGHUOHJLVODWLYRHVWDEHOHFHSRU OHLDVOLPLWDo}HVDGPLQLVWUDWLYDV

G0HLRVGH DWXDomR

&RQGLo}HV 5HTXLVLWRV

L([SHGLomR GHQRUPDV $DGPLQLVWUDomRS~EOLFDH[SHGHDWRVQRUPDWLYRVUHJXODPHQWDUHVjVOHLV OLPLWDGRUDVH 'HILQLWLYRH VDQFLRQDGRUDV YLQFXODQWH GDFRQGXWD $OYDUiGHOLFHQoD $DGPLQLVWUDomRS~EOLFD 2XWRUJDR H[SHGH DWRVQHJRFLDLV $/9$5È 3UHFiULRH GHFRQVHQWLPHQWR $OYDUiGH DXWRUL]DomR GLVFULFLRQiULR LL)LVFDOL]DomRGDVDWLYLGDGHHEHQVVXMHLWRV DRFRQWUROHGDDGPLQLVWUDomRS~EOLFD

H&RPSHWrQFLD

)L[D

([SHGLomRGH DWRV SXQLWLYRVVDQFLRQDWyULRV

0XOWD

7HPFRPSHWrQFLDSDUDSROLFLDUDHQWLGDGHTXHGLVS}HGRSRGHUGHUHJXODUDPDWpULD




$726$'0,1,675$7,92612d®(6,1752'87Ï5,$6

&DS   $WRV $GPLQLVWUDWLYRV

2VDWRVDGPLQLVWUDWLYRVVmRHVSpFLHGRJrQHURDWRMXUtGLFR

$72 -85Ë',&2

0DQLIHVWDomRXQLODWHUDOGHYRQWDGHVHPFRQWH~GRQHJRFLDO  TXHGHWHUPLQDDSURGXomRGHHIHLWRVOHJDOPHQWH SUHYLVWRV

$WRDGPLQLVWUDWLYRpWRGDQDQLIHVWDomRXQLODWHUDOGHYRQWDGH GD DGPLQLVWUDomRS~EOLFDTXHDJLQGRQHVWDTXDOLGDGHWHQKDSRUILPLPHGLDWR DGTXLULUUHVJXDUGDUWUDQVIHULUPRGLILFDUH[WLQJXLUHGHFODUDU GLUHLWRVRXLPSRUREULJDo}HVDRVDGPLQLVWUDGRVRXDVLSUySULR

+HO\ /RSHV

'HFODUDomRGR(VWDGRRXGHTXHPRUHSUHVHQWHTXHSURGX]HIHLWRV MXUtGLFRVLPHGLDWRVFRPREVHUYkQFLDGDOHLVREUHJLPHMXUtGLFRGH GLUHLWRS~EOLFRHVXMHLWDDFRQWUROHSHOR3RGHU-XGLFLiULR

0DULD 6\OYLD

,$JHQWHVGD DGPLQLVWUDomRS~EOLFD

&RQFHLWR

L6XEMHWLYR

,,'HOHJDWiULRV

(OHPHQWRV LL2EMHWLYR

$WRV $GPLQLVWUDWLYRV

([6HUYLGRUHVS~EOLFRV

&RQFHVVLRQiULRVHSHUPLVVLRQiULRV GHVHUYLoRS~EOLFR

([ 3URPRomRH[SURSULDWyULD

3URGXomRGHHIHLWRVMXUtGLFRVFRPILPS~EOLFR

LLL5HJLPHMXUtGLFR

'LUHLWRS~EOLFR

L$WRV /HJLVODWLYRV

&DWHJRULDV GHDWRV H[LVWHQWHVQRH[HUFtFLR GDDWLYLGDGHS~EOLFD

LL$WRV -XGLFLDLV

(ODERUDomRGHQRUPDVSULPiULDV $SOLFDomRGDVQRUPDVQDVROXomR GHFRQIOLWRVGHLQWHUHVVH

LLL$WRV DGPLQLVWUDWLYRV

$SOLFDomRGDVQRUPDVQR FDVRFRQFUHWRQDJHVWmR GRVLQWHUHVVHVFROHWLYRV

1DVXDDFHSomRPDLVDPSOD DWRVGDDGPLQLVWUDomR VH UHIHUHPDWRGRVRVDWRVSUDWLFDGRVSHOD$GPLQLVWUDomR3~EOLFD

L$WRV MXUtGLFRV

$WRVGD $GPLQLVWUDomR

,'HGLUHLWRSULYDGR ,,'HGLUHLWRS~EOLFR

$WRVDGPLQLVWUDWLYRV

6mRDWRVGHPHUDH[HFXomRGH GHWHUPLQDo}HVDGPLQLVWUDWLYDV $EUDQJHP

LL$WRV DMXUtGLFRV

,$WRV PDWHULDLV

1mRWrPFRPRFRQWH~GRXPD PDQLIHVWDomRGHYRQWDGH

([ &RQVWUXomRGHXPDHVFROD ,,$WRVGHFRQKHFLPHQWR RSLQLmRMXt]RHYDORU




&/$66,),&$d2'26$726$'0,1,675$7,926

Cap. 5 - Atos Administrativos

5905

4XDQWRj LPSHUDWLYLGDGH

E$WRVQHJRFLDLV

5HVXOWDPGRFRQVHQWLPHQWRGHDPEDVDV SDUWHVDGPLQLVWUDomRS~EOLFDHSDUWLFXODU ([ /LFHQoDDXWRUL]DomRQRPHDomRH[RQHUDomRDSHGLGR

'HFODUDomRGHYRQWDGHGHXP~QLFRyUJmR

D6LPSOHV

4XDQWRj IRUPDomR GDYRQWDGH

,PSRVWRVDRSDUWLFXODULQGHSHQGHQWHPHQWHGHVHXFRQVHQWLPHQWR

D$WRVGHLPSpULR

0DQLIHVWDomRGHYRQWDGHGHGRLVRXPDLVyUJmRV 9RQWDGHVVHIXQGHPSDUDIRUPDU~QLFRDWRUHTXLVLWRGHSHUIHLomR 9RQWDGHVDXW{QRPDV &RQMXJDomRGHYRQWDGHV

E&RPSOH[RV

0DQLIHVWDomRGHYRQWDGHGHGRLVRXPDLVyUJmRV $XW{QRPRGHWHUPLQDRFRQWH~GRGRDWR 3ULQFLSDO

F&RPSRVWRV

'RLVDWRV

$FHVVyULR

,QVWUXPHQWDODXWRUL]DRDWRRXOKHFRQIHUHHILFiFLD

,QFHUWRV ,QGHWHUPLQDGRV $WLQJHTXDQWLGDGHLQGHWHUPLQDGDGHSHVVRDVTXHVHHQFRQWUDPQDPHVPDVLWXDomRIiWLFD ([5HJXODPHQWRVSRUWDULDV $WRVQRUPDWLYRV

'HVWLQDWiULRV

D*HUDLV

&HUWRV 'HWHUPLQDGRV $WLQJHGHVWLQDWiULRVLQGLYLGXDOL]DGRVGHILQLGRVPHVPRFROHWLYDPHQWH 3URGX]HPHIHLWRMXUtGLFRQRFDVRFRQFUHWR 1RPHDomR $WRVFRQFUHWRV ([ /LFHQoD $XWRUL]DomR

4XDQWRDRV GHVWLQDWiULRV

'HVWLQDWiULRV

E,QGLYLGXDLV

&ODVVLILFDomR GRV$WRV $GPLQLVWUDWLYRV

D3HUIHLWR

4XDQWRj H[HTXLELOLGDGH

&RPSOHWRXFLFORGHIRUPDomR (VWiHPFRQGLo}HVGHSURGX]LUHIHLWRV

E,PSHUIHLWR F3HQGHQWH G&RQVXPDGR

4XDQWRDRV HIHLWRV

1mRFRPSOHWRXFLFORGHIRUPDomR ([ $XVrQFLDGHKRPRORJDomR

3HUIHLWRPDVVXMHLWRDFRQGLomRRXWHUPRSDUDTXHSURGX]DHIHLWRV -iH[DXULXVHXVHIHLWRV

D&RQVWLWXWLYR

eDTXHOHHPTXHD$GPLQLVWUDomRFULDPRGLILFDRXH[WLQJXHGLUHLWRV ([3HUPLVVmRDXWRUL]DomR

E'HFODUDWyULR

eDTXHOHHPTXHD$GPLQLVWUDomRDSHQDVUHFRQKHFHGLUHLWRH[LVWHQWH ([/LFHQoD

F(QXQFLDWLYR

D9iOLGR

$WHVWDRXUHFRQKHFHVLWXDomRGHIDWRRXGHGLUHLWR (QFHUUDPMXt]RFRQKHFLPHQWRRSLQLmR 0HURVDWRVDGPLQLVWUDWLYRV

eRTXHHVWiHPWRWDOFRQIRUPLGDGHFRPRRUGHQDPHQWRMXUtGLFR $IHWDGRGHYtFLRLQVDQiYHO

4XDQWRj YDOLGDGHH H[LVWrQFLD

E1XOR

,QIULQJrQFLDjOHL ,QIULQJrQFLDDRVSULQFtSLRVGRGLUHLWRS~EOLFR

6LVWHPDGLFRW{PLFRWHRULDGXDOLVWD 1XOLGDGHDEVROXWD L$WRV 1mRSRGHVHUFRQYDOLGDGR 9tFLRLQVDQiYHO QXORV

7HRULDGDV QXOLGDGHV LL$WRVDQXOiYHLV

F,QH[LVWHQWH Prof. Thiago Strauss Prof. Marcelo Leite

1XOLGDGHUHODWLYD 3RGHVHUFRQYDOLGDGR &RPSHWrQFLDQmRH[FOXVLYD 9tFLRVDQiYHO )RUPDQmRHVVHQFLDO

$SHQDVWHPDSDUrQFLDGHPDQLIHVWDomRUHJXODUGDDGPLQLVWUDomR 1mRFKHJDDVHDSHUIHLoRDUFRPRDWRDGPLQLVWUDWLYR (TXLSDUDPVHDRVDWRVQXORVHVHVXERUGLQDPjVPHVPDVUHJUDVGHLQYDOLGDomR ([ $WRSUDWLFDGRSRUXVXUSDGRUGHIXQomRS~EOLFD 24



5(48,6,726'26$726$'0,1,675$7,926, D&RQFHLWR

3RGHUOHJDOSDUDSUiWLFDGRDWR

'RWDGRVGH SHUVRQDOLGDGHMXUtGLFD

L(QWHV SROtWLFRV

&RQVWLWXLomR )HGHUDO&)

6mRWLWXODUHVGH GLUHLWRVHREULJDo}HV

'HILQHDVFRPSHWrQFLDV GHFDGDHQWHSROtWLFR &)DUW

6mRFHQWURVGHFRPSHWrQFLDLQVWLWXtGRV SDUDRGHVHPSHQKRGHIXQo}HVHVWDWDLV

E'LVWULEXLomR GHFRPSHWrQFLD LLÏUJmRV DGPLQLVWUDWLYRV

([HUFHPDVIXQo}HVTXH FRPSHWHPDRVHQWHVSROtWLFRV /HL

LLL$JHQWHV

'HWHUPLQDDFRPSHWrQFLD &)DUW,,FFDUW9,D

1RUPDVDGPLQLVWUDWLYDVGHFDUiWHULQWHUQR GLVWULEXHPDFRPSHWrQFLDIL[DGDLQLFLDOPHQWH SDUDRyUJmRQRTXDODWXDP

L'HFRUUHVHPSUHGHOHL LL,QWUDQVIHUtYHO LLL,PRGLILFiYHOSHODYRQWDGHGRDJHQWH 2QmRH[HUFtFLRGDFRPSHWrQFLDQmR LPSRUWDQGRTXDQWRWHPSRQmRDH[WLQJXH LY,PSUHVFULWtYHO

&RPSHWrQFLD

Y,UUHQXQFLiYHO

5HTXLVLWRV GR$WR $GPLQLVWUDWLYR

6DOYRDXWRUL]DomROHJDO /HLDUWSDUiJUDIR~QLFR,, 3ULQFtSLRGDDGPLQLVWUDomRS~EOLFD 3DUDyUJmRKLHUDUTXLFDPHQWH VXERUGLQDGRRXQmR

F&DUDFWHUtVWLFDV YL'HOHJDomR

5HYRJiYHODTXDOTXHUWHPSR SHODDXWRULGDGHGHOHJDQWH

9HGDGDD GHOHJDomR

,$WRVQRUPDWLYRV ,,'HFLVmRGHUHFXUVRV DGPLQLVWUDWLYRV ,,,&RPSHWrQFLDH[FOXVLYD

/HLDUWV &DUiWHUH[FHSFLRQDOHPRWLYRV UHOHYDQWHVGHYLGDPHQWHMXVWLILFDGRV

YLL$YRFDomR

6RPHQWHSDUDyUJmR KLHUDUTXLFDPHQWHVXERUGLQDGR

/HLDUW ,QWHUHVVHS~EOLFR

D6HQWLGRDPSOR

)LQDOLGDGH

'HIHLWR

'HVYLRGHILQDOLGDGHJHQpULFR

)LPOHJDOHVSHFLILFDGRQDOHL

E6HQWLGRHVWULWR

'HIHLWR

'HVYLRGHILQDOLGDGHHVSHFtILFR ([5HPRomRFRPRIRUPDGHSXQLomR

)RUPD 0RWLYR 2EMHWR 25


5(48,6,726'26$726$'0,1,675$7,926,,


&RPSHWrQFLD )LQDOLGDGH D&RQFHLWR

5HYHVWLPHQWRH[WHULRUL]DGRUGRDWRDGPLQLVWUDWLYR 5HYHVWLPHQWRPDWHULDOGRDWR

)RUPD +HO\ /RSHV

'LVWLQJXH

&RQMXQWRGHRSHUDo}HVH[LJLGDVSDUDSHUIHLomRGRDWR

3URFHGLPHQWR

([WHULRUL]DomRGRDWR

&RQFHSomR UHVWULWLYD

([(VFULWDYHUEDOGHFUHWRSRUWDULD L([WHULRUL]DomRGRDWR )RUPDOLGDGHVTXHGHYHP VHUREVHUYDGDVGXUDQWHR SURFHVVRGHIRUPDomRGD LL3URFHGLPHQWR YRQWDGHGDDGPLQLVWUDomR

$EUDQJH

&RQFHSomR DPSOD

LLL3XEOLFLGDGH

E'RXWULQD 0DULD 6\OYLD 2EV

2DVSHFWRIRUPDOFRQVWLWXLJDUDQWLDMXUtGLFDSDUDRDGPLQLVWUDGR HSDUDDSUySULDDGPLQLVWUDomRSRLVSRVVLELOLWDRFRQWUROHGRDWR )RUPD $VSHFWRIRUPDO 2EVHUYkQFLD 3URFHGLPHQWR

)RUPD

2EVHUYkQFLDREULJDWyULD ,QREVHUYkQFLDWRUQDRDWRQXOR $IHWDD L(VVHQFLDO YDOLGDGHGRDWR *DUDQWLDGHUHVSHLWR DRVGLUHLWRVLQGLYLGXDLV ([ 'HFUHWRTXHGHFODUDLPyYHO FRPR GHLQWHUHVVHVRFLDO&)DUW LL1mRHVVHQFLDO

&ODVVLILFDomR

5HTXLVLWRV GR$WR $GPLQLVWUDWLYR

5HIHUHQWHjH[SRVLomRGRVPRWLYRVGRDWRDGPLQLVWUDWLYR $PRWLYDomRpHOHPHQWRIRUPDOtVWLFRGRDWRDGPLQLVWUDWLYR

'HILQLomR

L5HJUDGH'LUHLWR 'HYHFRQWHU

5HTXLVLWRV

LL)DWRV

F0RWLYDomR

&$%DQGHLUDGH0HOOR D'HILQLomR 'LRJHQHV*DVSDULQL

0RWLYRH[SUHVVRIRUDGRDWR

eRSUHVVXSRVWRGHIDWRTXHDXWRUL]DRXH[LJHDSUiWLFDGRDWR 3RGHVHUSUHYLVWRHPOHLRXQmR &LUFXQVWkQFLDGHIDWRRXGHGLUHLWRTXHDXWRUL]DRX LPS}HDRDJHQWHS~EOLFRDSUiWLFDGRDWRDGPLQLVWUDWLYR

6LWXDomRREMHWLYDUHDOHPStULFD

E0RWLYRGHIDWR

0XQGRGRVIDWRVSODQRGDH[LVWrQFLD

([&RQVWUXomRLUUHJXODUSRGHHQVHMDUDHGLomRGHXPDWRDGPLQLVWUDWLYRHPEDUJR 3UHYLVmRDEVWUDWDGHXPDVLWXDomRIiWLFDQRUPDMXUtGLFD 2PRWLYRSRGHHVWDURXQmRQDOHL 6HRPRWLYRGHGLUHLWRIRUFRQVWDQWHGDOHLDSUiWLFDGR 'LRJHQHV*DVSDULQL DWRGHSHQGHUiGDHIHWLYDRFRUUrQFLDGDVLWXDomRSUHYLVWD ([ 'HPLVVmRGHVHUYLGRUSRUDFXPXODomRLOHJDOGHFDUJRV /HLDUW

G7HRULDGRVPRWLYRV GHWHUPLQDQWHV

2EMHWR

3UHVVXSRVWRVGHIDWR

0RWLYRFRQWLGRQRSUySULRDWR

L&RQWH[WXDO

LL$OLXQGH /HLDUW

F0RWLYRGH GLUHLWR

3UHVVXSRVWRVGH'LUHLWR )XQGDPHQWRMXUtGLFR

LLL5HODomRGHSHUWLQrQFLDOyJLFD

0RGDOLGDGHV

0RWLYR

0RGRSHORTXDODGHFODUDomRVHH[WHULRUL]D

2VIDWRVTXHVHUYLUDPGHVXSRUWHDVXDGHFLVmRLQWHJUDPDYDOLGDGHGRDWR 2DWRVRPHQWHVHUiYiOLGRVHRVPRWLYRVHQXQFLDGRVHIHWLYDPHQWHDFRQWHFHUDP

eR()(,72-85Ë',&2,0(',$72TXHRDWRSURGX]

26



$75,%8726'26$726$'0,1,675$7,926

6HDDWXDomRDGPLQLVWUDWLYDRFRUUHVRPHQWHTXDQGRDXWRUL]DGD SRUOHLKiGHVHSUHVXPLUVHUHPOHJtWLPRVVHXVDWRV

'HFRUUrQFLDGR SULQFtSLRGDOHJDOLGDGH

$72 5HIHUHVHDRSUySULRDWR

D3UHVXQomRGHOHJLWLPLGDGH HPVHQWLGRHVWULWR

&RQIRUPLGDGHFRPD/HLLQWHUHVVHS~EOLFR

)$72 5HIHUHVHDRVIDWRV DOHJDGRV SHODDGPLQLVWUDomRS~EOLFD

3UHVXPHPVHYHUGDGHLURV

L(QTXDQWRQmRGHFUHWDGDLQYDOLGDGHR DWRSURGX]LUiHIHLWRVHGHYHVHUFXPSULGR

3UHVXQomRGH /HJLWLPLGDGH

$DGPLQLVWUDomRS~EOLFD QmRQHFHVVLWDFRPSURYDU DYDOLGDGHFRQIRUPLGDGH GRDWRFRPR'LUHLWR

E3UHVXQomR GHYHUDFLGDGH (IHLWRV

LL 3UHVXQomR UHODWLYD  MXULV WDQWXP

5HJUD

&DEHDRDGPLQLVWUDGR R{QXVGDSURYD ,QYHUVmRGR{QXVGDSURYD

/HLDUW ([FHomR

5HODWLYDPHQWHDRV yUJmRVGHFRQWUROH &DEHjDGPLQLVWUDomRS~EOLFD DFRPSURYDomRGDOHJDOLGDGH HGDUHJXODULGDGHGDGHVSHVD

4XDOLGDGHGHVHLPSRUDWHUFHLURV LQGHSHQGHQWHPHQWHGDYRQWDGHGRDGPLQLVWUDGR

$WULEXWRV GRV$WRV $GPLQLVWUDWLYRV

,PSRU

&ULDXPDREULJDomR 3RGHUH[WURYHUVR

,PSHUDWLYLGDGH 1mRpDEVROXWD

1mRH[LVWHHPDWRVTXH RXWRUJXHPGLUHLWRV

([

3HUPLVVmR $XWRUL]DomR

4XDOLGDGHGHFRPSHOLUPDWHULDOPHQWHRDGPLQLVWUDGR LQGHSHQGHQWHPHQWHGHRUGHPMXGLFLDO

([HFXWDU

L$XWRUL]DomRH[SUHVVD

$XWRH[HFXWRULHGDGH 'HFRUUH

4XDOLGDGHGHH[LJLU

([LJLELOLGDGH

([LJLU

0HLRVGLUHWRVGHFRHUomR

LL$XWRUL]DomR LPSOtFLWD

/HL

6LWXDomRLQGLVSHQViYHOj JDUDQWLDGRLQWHUHVVHS~EOLFR

8UJrQFLD

([ $WRGHGHPROLomRGHSUpGLRTXHDPHDoDUXLU

,PSHOHRGHVWLQDWiULRjREHGLrQFLDGHREULJDo}HVLPSRVWDV

0HLRVLQGLUHWRVGHFRHUomR 6DQomR 'HVFXPSULPHQWR ([0XOWD

$WULEXWRSHORTXDORDWRGHYHFRUUHVSRQGHUDILJXUDVSUHYLDPHQWHGHILQLGDVHPOHL

7LSLFLGDGH

'HFRUUrQFLDGR SULQFtSLRGDOHJDOLGDGH

$GPLQLVWUDomRS~EOLFD 3DUWLFXODU

9RQWDGHOHJDODXWRUL]DGD

$XWRQRPLDGDYRQWDGH

5HSUHVHQWDXPDJDUDQWLDSDUDRDGPLQLVWUDGR 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH





(63e&,(6'($726$'0,1,675$7,926,

2VDWRVQRUPDWLYRVFRQWrPGHWHUPLQDo}HVJHUDLVLPSHVVRDLVHDEVWUDWDV ,,QGHSHQGHQWH RXDXW{QRPR

L1RUPDWLYR *HUDO D'HFUHWR

,,5HJXODPHQWDU RXGHH[HFXomR

&)DUW9, &)DUW,9

1mRpDWRQRUPDWLYR LL(VSHFtILFR ,QGLYLGXDO

$WRGHHIHLWRFRQFUHWRSRLV SURYrVLWXDo}HVSDUWLFXODUHV 1RPHDomRHH[RQHUDomR

([

1RUPDWLYRV

'HVDSURSULDomR

$WRVDGPLQLVWUDWLYRVQRUPDWLYRVGHDWXDomR LQWHUQD 6HGHVWLQDPDUHJHURIXQFLRQDPHQWR GHyUJmRVHFRUSRUDo}HVOHJLVODWLYDV

E5HJLPHQWR

([SHGLGRVSRU0LQLVWURVGH(VWDGRSDUD H[HFXomRGDVOHLVUHJXODPHQWRVHGHFUHWRV

F,QVWUXomRQRUPDWLYD 2EV

&)DUW,,

2XWURVH[HPSORV5HVROXo}HVGHOLEHUDo}HVHSRUWDULDV

'LVFLSOLQDPRIXQFLRQDPHQWR GD$GPLQLVWUDomRHDFRQGXWD IXQFLRQDOGHVHXVDJHQWHV

(VSpFLHV GH$WRV $GPLQLVWUDWLYRV

2UGLQDWyULRV ([

(PDQDPGRSRGHUKLHUiUTXLFR $EUDQJrQFLDLQWHUQD

,QVWUXo}HVFLUFXODUHVDYLVRVSRUWDULDV RUGHQVGHVHUYLoRGHVSDFKR

6mRDTXHOHVSHORTXDOD$GPLQLVWUDomRDSHQDVDWHVWDRXUHFRQKHFH GHWHUPLQDGDVLWXDomRGHIDWRRXGHGLUHLWRGHFODUDRTXHMiH[LVWH 6ROLFLWDomRDFULWpULRGDDGPLQLVWUDomR

L)DFXOWDWLYR

&DUiWHU RSLQDWLYR

$XWRULGDGHQmR HVWiYLQFXODGDDR VHXWHRU 俺QmRpDWRDGPLQLVWUDWLYR

/HLH[LJHFRPRSUHVVXSRVWRSDUDSUiWLFDGRDWR 2EULJDWRULHGDGHTXDQWRjVROLFLWDomR

LL2EULJDWyULR D3DUHFHU

&DUiWHU RSLQDWLYR

$XWRULGDGHQmR HVWiYLQFXODGDDR VHXWHRU QmRpDWRDGPLQLVWUDWLYR

$GPLQLVWUDomRpREULJDGDD VROLFLWiORHDDFDWDUVXDGHFLVmR

3HUGHPR FDUiWHURSLQDWLYR

(QXQFLDWLYRV

e DWRDGPLQLVWUDWLYR

LLL9LQFXODQWH ([

E&HUWLGmR F$SRVWLOD

-XQWDPpGLFDRILFLDO

/HLDUW,

'HFODUDomRGHFRQKHFLPHQWR (QXQFLDPRXGHFODUDPVLWXDomRDQWHULRUFULDGDSRUOHL

2EV'RXWULQD

2VDWRVHQXQFLDWLYRVGHFDUiWHURSLQDWLYRVmRPHURVDWRV DGPLQLVWUDWLYRVSRLVHQFHUUDPMXt]RFRQKHFLPHQWRRXRSLQLmR HQmRPDQLIHVWDomRGHYRQWDGHSURGXWRUDGHHIHLWRVMXUtGLFRV 1mRVmRDWRVDGPLQLVWUDWLYRVSURSULDPHQWHGLWRVHSXURV 



(63e&,(6'($726$'0,1,675$7,926,,

'HFODUDomRGDYRQWDGHGR3RGHU3~EOLFRFRLQFLGHQWHFRPDSUHWHQVmRGRSDUWLFXODU ,QWHUHVVHUHFtSURFRGD $GPLQLVWUDomRHGRDGPLQLVWUDGR

1mRSRVVXHPRDWULEXWRGH,03(5$7,9,'$'( $WRDGPLQLVWUDWLYRYLQFXODGRH GHILQLWLYRSHORTXDOR3RGHU3~EOLFR YHULILFDQGRTXHRLQWHUHVVDGRDWHQGHX WRGDVDVH[LJrQFLDVOHJDLVIDFXOWDOKH

L2GHVHPSHQKRGHDWLYLGDGHV LL$UHDOL]DomRGHIDWRVPDWHULDLV DQWHVYHGDGRVDRSDUWLFXODU

/HLHVWDEHOHFHRVUHTXLVLWRVSDUDVXDIRUPDomR

D/LFHQoD

'LUHLWRLQGLYLGXDOGRUHTXHUHQWH

L9LQFXODGR

&DUDFWHUtVWLFDV

$WRGHFODUDWyULRGHGLUHLWR 3UDWLFDGRHPIDFHGHXPGLUHLWR LQGLYLGXDOGRUHTXHUHQWH

LL'HILQLWLYR

([/LFHQoDSDUDRH[HUFtFLRGHSURILVVmRDOYDUiSDUDFRQVWUXomRGHXPDREUD L$UHDOL]DomRGHFHUWDDWLYLGDGHVHUYLoR

$WRDGPLQLVWUDWLYRGLVFULFLRQiULRH SUHFiULRSRUPHLRGRTXDOR3RGHU 3~EOLFRWRUQDSRVVtYHODRSUHWHQGHQWH

LL$XWLOL]DomRGHGHWHUPLQDGRV EHQVSDUWLFXODUHVRXS~EOLFRV ,QWHUHVVH

([FOXVLYRRXSUHGRPLQDQWH LQWHUHVVHGRSUHWHQGHQWH

&RQIRUPHFULWpULRVGH FRQYHQLrQFLDHRSRUWXQLGDGH 6XUJHGHXPDOLEHUDOLGDGH GDDGPLQLVWUDomRS~EOLFD

1HJRFLDLV

(VSpFLHV GH$WRV $GPLQLVWUDWLYRV

&DUDFWHUtVWLFDV

L'LVFULFLRQiULR

1mR Ki GLUHLWRVXEMHWLYR DVXDREWHQomR $WRFRQVWLWXWLYR

LL3UHFiULR

3RGHPVHUUHYRJDGRVDTXDOTXHUWHPSR

E$XWRUL]DomR

$WLYLGDGHSULYDGD TXHQHFHVVLWD GHFRQVHQWLPHQWRS~EOLFR

L$WRGHSROtFLD DGPLQLVWUDWLYD

([

3RUWHGHDUPD 3URGXomRHFRPpUFLR GHPDWHULDOEpOLFR

)DFXOWDDRSDUWLFXODUDXWLOL]DomR GHXPEHPS~EOLFR

+LSyWHVHV LL'HXVRGH EHPS~EOLFR

([ 8WLOL]DomRGHYLDVS~EOLFDV SDUDIHLUDVOLYUHV 'HOHJDDRSDUWLFXODUDH[SORUDomR GHVHUYLoRS~EOLFRDWtWXORSUHFiULR

LLL'HVHUYLoRS~EOLFR

([ $XWRUL]DomR SDUDSUHVWDomR GHVHUYLoRGHWi[L

$WRDGPLQLVWUDWLYRGLVFULFLRQiULRHSUHFiULRJUDWXLWR RXRQHURVRSHORTXDOD$GPLQLVWUDomRIDFXOWDDR SDUWLFXODUDXWLOL]DomRSULYDWLYDGHEHPS~EOLFR

F3HUPLVVmR

8VRGHEHP S~EOLFR

,QWHUHVVHVFRQFRUUHQWHVGRSHUPLWHQWH GRSHUPLVVLRQiULRHGRS~EOLFR

3HUPLVVmR GH VHUYLoRVS~EOLFRV

1mRpDWRDGPLQLVWUDWLYR &RQWUDWRDGPLQLVWUDWLYR/HL

9LVDPSXQLUHUHSULPLULQIUDo}HVDGPLQLVWUDWLYDV L0XOWD

3XQLWLYRV

D'HDWXDomRH[WHUQD

LL,QWHUGLomRGHDWLYLGDGH LLL'HVWUXLomRGHFRLVD 9LVDPDGLVFLSOLQDGRVVHUYLGRUHV

E'HDWXDomRLQWHUQD 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

&RQIRUPHHVWDEHOHFLGRQRUHJLPHMXUtGLFRDTXHHVWmRVXMHLWRV 



$726',6&5,&,21È5,26(9,1&8/$'26 /LEHUGDGHGHQWURGDOHL

D'LVFULFLRQDULHGDGH

3RGHUFRQIHULGRSHODOHLDRDJHQWHS~EOLFRSDUDTXH HOHGHFLGDVREUHDFRQYHQLrQFLDHRSRUWXQLGDGH GHSUDWLFDUGHWHUPLQDGRDWRGLVFULFLRQiULR

E0pULWR DGPLQLVWUDWLYR

9DORUDomRGRVPRWLYRV (VFROKDGRREMHWR

5HODFLRQDGDjXWLOLGDGHGRDWR ,QWHUHVVHS~EOLFR

L&RQYHQLrQFLD

5HODFLRQDGDDRPRPHQWR

LL2SRUWXQLGDGH

,&RPSHWrQFLD ,,)LQDOLGDGH 4XDQGRH[LJLGDSRUOHL ([ 'HFODUDomRGHLPyYHO ,,,)RUPD GHLQWHUHVVHVRFLDOSDUD ILQVGHUHIRUPDDJUiULD

L9LQFXODGRV

,/HLQmRGHILQH RPRWLYR

F(OHPHQWRV

)RUPD'HFUHWR &)DUW

([([RQHUDomRDGQXWXP

,,8WLOL]DomRGHFRQFHLWRVMXUtGLFRVLQGHWHUPLQDGRV

$WR 'LVFULFLRQiULR

([ 3HQDV H[SXOVLYDV

,0RWLYR

LL'LVFULFLRQiULRV

,QVXERUGLQDomRJUDYHH FRQGXWDHVFDQGDORVD

2EV&DUYDOKR)LOKRHQWHQGHTXHD GLVFULFLRQDULHGDGH QmRSUHVVXS}H LPSUHFLVmRGHVHQWLGR ,,2EMHWR L([SUHVVR QDOHL

$WRV 'LVFULFLRQiULRV H9LQFXODGRV

G+LSyWHVHV

5HYHUVmRQRLQWHUHVVHGD$GPLQLVWUDomR/HLDUW 5HPRomRH[RIILFLRHDFULWpULRGD$GPLQLVWUDomR

([

LL/HLpRPLVVD LLL/HLSUHYrGHWHUPLQDGDFRPSHWrQFLD PDVQmRHVWDEHOHFHDFRQGXWD &RQWUROHGH OHJDOLGDGH

9HULILFDDFRQIRUPLGDGHFRPDOHLGRV HOHPHQWRVFRPSHWrQFLDILQDOLGDGHHIRUPD

&RQWUROHGH OHJLWLPLGDGH

9HULILFDVHRPRWLYRHRREMHWRGRDWR HVWmRHPFRQIRUPLGDGHFRPRVSULQFtSLRV GR'LUHLWR$GPLQLVWUDWLYRHPHVSHFLDOR GDUD]RDELOLGDGHHGDSURSRUFLRQDOLGDGH

L3RGHU -XGLFLiULR H&RQWUROH GRVDWRV GLVFULFLRQiULRV

LL$GPLQLVWUDomR3~EOLFD

6LWXDomRGHIDWR GHOLQHDGDQDQRUPDOHJDO

D9LQFXODomR

$WR 9LQFXODGR

E(OHPHQWRV

([0DWpULDVDIHWDVDRSRGHUGHSROtFLD

&RQWUROHDPSOR

&RQWUROHGHOHJDOLGDGH &RQWUROHGHOHJLWLPLGDGH &RQWUROHGHPpULWR

7LSLILFDomROHJDO 1mRH[LVWHDSUHFLDomRVXEMHWLYD 1mRKiPDUJHPGHOLEHUGDGHSDUDGHFLGLURXDJLU

/HLGHILQHWRGRVRVHOHPHQWRV

'LUHLWRVXEMHWLYRGRDGPLQLVWUDGR F&RQVHTXrQFLD ([2XWRUJDGHOLFHQoDSDUDFRQVWUXLU

D3HUIHLWR

3HUIHLomR YDOLGDGH H HILFiFLD

E9iOLGR

$WRFRPSOHWRRXIRUPDGR &RPSOHWRXVHXFLFORGHIRUPDomR &RQIRUPLGDGHFRPRRUGHQDPHQWRMXUtGLFR $SWRDSURGX]LUHIHLWRVMXUtGLFRV &RQGLomR (YHQWRIXWXURHLQFHUWRTXHVXERUGLQDDHILFiFLDGRDWR

F(ILFD]

1mR VXMHLWRD

7HUPR

(YHQWRIXWXURHFHUWRTXHVXERUGLQDDHILFiFLDGRDWR

$WRGH&RQWUROH

$SURYDomRKRPRORJDomR

30



)250$6'((;7,1d2(9Ë&,26'26$726$'0,1,675$7,926 35905

([*R]RGHIpULDV

L(VJRWDPHQWRGRHIHLWRMXUtGLFR

D&XPSULPHQWR GRVHIHLWRV

LLL,PSOHPHQWRGHFRQGLomRUHVROXWLYDRXWHUPRILQDO

([0RUWHGHVHUYLGRUH[WLQJXHDQRPHDomR

L6XMHLWR E'HVDSDUHFLPHQWR

([([HFXomRGHRUGHPGHGHPROLomRGHFDVD

LL([HFXomRPDWHULDO

LL2EMHWR

3RGHUS~EOLFRHPLWHDWRFRPHIHLWRH[WLQWLYR 'HVID]LPHQWRGHDWRDGPLQLVWUDWLYRGLVFULFLRQiULRH YiOLGR SRUUD]}HVGHRSRUWXQLGDGHHFRQYHQLrQFLD &RQFHLWR 'HFRUUHGDDXWRWXWHOD

L5HYRJDomR

0RWLYR

&RQFHLWR 0RWLYR (IHLWR F5HWLUDGD

$WRWRUQRXVHLQFRQYHQLHQWHHLQRSRUWXQR

1mRUHWURDWLYRH[QXQF 

(IHLWR

)RUPDV GHH[WLQomR

,QWHUHVVHS~EOLFR

'HVID]LPHQWRGRDWRDGPLQLVWUDWLYRSRUUD]}HVGHLOHJDOLGDGH 'HFRUUHGDDXWRWXWHOD 3ULQFtSLRGDOHJDOLGDGHHVWULWD 5HWURDWLYRH[WXQF  7HRULDGXDOLVWD

LL$QXODomR

,$WRQXOR 7HRULDGDV QXOLGDGHV

1XOLGDGHDEVROXWD 'HIHLWRLQVDQiYHO

,,$WRDQXOiYHO

5HWLUDGDDWRDGPLQLVWUDWLYRSRUTXHVREUHYHLRQRUPDMXUtGLFD

LY&DGXFLGDGH

(PLVVmRGHDWRFRQWUDSRVWRDWRSRVWHULRUFRQWUiULRDRDWRLQLFLDO ([1RPHDomRHH[RQHUDomR

Y&RQWUDSRVLomR

&ULPH 3UiWLFDGHDWRVHPLQYHVWLGXUD QRFDUJRHPSUHJRRXIXQomR

,8VXUSDomRGHIXQomR L,QFRPSHWrQFLD

,,PSHGLPHQWR LL,QFDSDFLGDGH

E)LQDOLGDGH

'HVYLRGHILQDOLGDGH

,QYHVWLGXUDLUUHJXODUQRFDUJRHPSUHJRRXIXQomR $SDUrQFLDGHOHJDOLGDGH

/HL DUW

3UHVXQomRDEVROXWDGHLQFDSDFLGDGH $XWRULGDGHWHPGHYHUGHFRPXQLFDU 3UHVXQomRUHODWLYDGHLQFDSDFLGDGH 'HYHVHUDUJXLGDSHORLQWHUHVVDGR

,,6XVSHLomR

9tFLRV GRDWR

(VSpFLHGHDEXVRGHSRGHU $JHQWHH[FHGHOLPLWHVGDFRPSHWrQFLD

,,([FHVVRGHSRGHU ,,,)XQomRGHIDWR

D&RPSHWrQFLD

1XOLGDGHUHODWLYD 3RGHVHUFRQYDOLGDGR 'HIHLWRVDQiYHO

'HVWLQDWiULRGRDWRDGPLQLVWUDWLYRGHVFXPSULXFRQGLo}HV ,OHJDOLGDGHQDH[HFXomR

LLL&DVVDomR

)RUPDVGH ([WLQomRH 9tFLRV

'HYHUGHDQXODUDWRVLOHJDLV

/HL DUW

(VSpFLHGHDEXVRGHSRGHU ,QWHUHVVHS~EOLFR L$PSOR

LL5HVWULWR

/HL ([5HPRomRH[RIItFLRFRPREMHWLYRGHSXQLU

F)RUPD G0RWLYR

L,QH[LVWrQFLDIDOVLGDGHGRPRWLYR 0RWLYR LL)DOWDGHFRQJUXrQFLDHQWUH 5HVXOWDGRGRDWR

L/tFLWR LL3RVVtYHO H2EMHWR

'HYHVHU

LLL0RUDO

9tFLRLOLFLWXGH 9tFLRLPSRVVLELOLGDGH 9tFLRLPRUDOLGDGH

LY'HWHUPLQDGR

9tFLRLQFHUWH]D

/HLDUW 


&DS   /LFLWDo}HV

/,&,7$d®(6

/LFLWDomRpXPSURFHGLPHQWRDGPLQLVWUDWLYRPHGLDQWHRTXDODDGPLQLVWUDomR S~EOLFDVHOHFLRQDDSURSRVWDPDLVYDQWDMRVDSDUDRFRQWUDWR

&RQFHLWR

'HFRUUH GLUHWDPHQWHGR

L3ULQFtSLRGDOHJDOLGDGH LL3ULQFtSLRGDLQGLVSRQLELOLGDGH GRLQWHUHVVHS~EOLFR

6XMHLo}HV

&XVWR

2QHURVLGDGH

L6HOHFLRQDUDSURSRVWD PDLVYDQWDMRVD SDUDD DGPLQLVWUDomR

)LQDOLGDGH GDOLFLWDomR

PHOKRU UHODomR

%HQHItFLR

4XDOLGDGH

/HLDUW

LL$VVHJXUDUDREVHUYkQFLDGR SULQFtSLRFRQVWLWXFLRQDOGD LVRQRPLD&RPSHWLomR LLL3URPRYHURGHVHQYROYLPHQWRQDFLRQDOVXVWHQWiYHO 5HIHUHVHDTXHPVHVXEPHWHjOHJLVODomRGHOLFLWDomRS~EOLFD DEUDQJrQFLDVXEMHWLYDHSDUDTXDLVKLSyWHVHVDEUDQJrQFLDREMHWLYD

&$62

&RPSUDV $OLHQDo}HV 6HUYLoRV 2EUDV

/RFDo}HV

/HLDUW

D2EMHWLYD RTXr

L'HXVRGHEHQVS~EOLFRV $SOLFDomRVXEVLGLiULD GD/HL FDVRV /HL TXHQmRFRQIOLWHPFRP DUW DOHJLVODomRHVSHFtILFD LL'HVHUYLoR S~EOLFR /HL /HJLVODomRHVSHFtILFD /HL

&RQFHVV}HV HSHUPLVV}HV

/LFLWDo}HV E6XEMHWLYD TXHP

&)DUWLQF;;,

L$GPLQLVWUDomRGLUHWD LL$GPLQLVWUDomRLQGLUHWD , 5HSDUWLo}HV VHGLDGDVQRH[WHULRU GHYHPREVHUYDU

 3HFXOLDULGDGHVORFDLVH 2VSULQFtSLRVEiVLFRVGD/HL QDIRUPDGHUHJXODPHQWDomRHVSHFtILFD /HLDUW

$EUDQJrQFLD ,,(PSUHVD S~EOLFDH VRFLHGDGHGH HFRQRPLDPLVWD H[SORUDGRUDV 7&8 GHDWLYLGDGH HFRQ{PLFD

2EV

67)

5HJUD

6XEPHWHPVHj/HL HQTXDQWR QmRHGLWDGRRHVWDWXWRMXUtGLFRSUHYLVWR QRDUWGD&)

5HVVDOYD  SRGHPSUHVFLQGLU GD/HL

3HWUREUiV

3DUDFRQWUDWDo}HVGH EHQV HVHUYLoRVTXHFRQVWLWXDP VXDDWLYLGDGHILPH 1RVFDVRVHPTXHDOHL FRQVWLWXDyELFHLQWUDQVSRQtYHO jDWLYLGDGHQHJRFLDOGDHVWDWDO

8WLOL]DR5HJXODPHQWRGH 3URFHGLPHQWR/LFLWDWyULR6LPSOLILFDGR

'HFUHWR FFDUWGD/HL ,,,(QWLGDGHV SDUDHVWDWDLV

F1RUPDV

3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

1mRLQWHJUDPD$GPLQLVWUDomR3~EOLFDHPVHQWLGRIRUPDO 1mRVHVXMHLWDPj/HL 0DVGHYHPVHJXLURVSULQFtSLRVGD $GPLQLVWUDomR3~EOLFDSDUDDFRQWUDWDomR

&)DUW;;9,, &)DUW;;, &)DUW,,, /HL /HL 


35,1&Ë3,26'$/,&,7$d2 +HO\ /RSHV

/HJDOLGDGH

1DDGPLQLVWUDomRS~EOLFDQmRKiOLEHUGDGHQHPYRQWDGHSHVVRDO (QTXDQWRQDDGPLQLVWUDomRSDUWLFXODUpOtFLWRID]HUWXGRDTXLORTXHDOHLQmR SURtEHQDDGPLQLVWUDomRS~EOLFDVypSHUPLWLGRID]HURTXHDOHLDXWRUL]D $XWRQRPLD GDYRQWDGH

3DUWLFXODU 0DULD 6\OYLD

,PSHVVRDOLGDGH

$GPLQLVWUDomR S~EOLFD

3RGHID]HUWXGRRTXHDOHLQmRSURtEH 1LQJXpPVHUiREULJDGRDID]HURXGHL[DUGHID]HU DOJXPDFRLVDVHQmRHPYLUWXGHGHOHL&)DUW,,

9RQWDGH OHJDO

$DGPLQLVWUDomRS~EOLFDVySRGHID]HU RTXHDOHLSHUPLWH&)DUWFDSXW

2SULQFtSLRLPS}HDRDGPLQLVWUDGRUDEXVFDGRLQWHUHVVHS~EOLFR 7RGRVRVOLFLWDQWHVGHYHPVHUWUDWDGRV ,QWLPDPHQWHOLJDGRDRSULQFtSLRGD LJXDOPHQWHHPWHUPRVGHGLUHLWRVHREULJDo}HV LVRQRPLDHGR MXOJDPHQWRREMHWLYR

3ULQFtSLRFRQVWLWXFLRQDOH[SUHVVR&)DUW;;, 9HGDRHVWDEHOHFLPHQWRGHFRQGLo}HVTXHLPSOLTXHP SUHIHUrQFLDHPIDYRUGHOLFLWDQWHVHPGHWULPHQWRGRVGHPDLV ,PSOtFLWRDRSULQFtSLR GDFRPSHWLWLYLGDGH

/HLDUW

,JXDOGDGH LVRQRPLD

2EV

LL3URFHGLPHQWRV OLFLWDWyULRVQRVTXDLV L0DUJHP EiVLFD SRGHVHHVWDEHOHFHU PDUJHQVGH SUHIHUrQFLD

LL0DUJHP DGLFLRQDO

3ULQFtSLRV GD/LFLWDomR

L%HQVHVHUYLoRVSURGX]LGRVQR3DtV LL%HQVHVHUYLoRVSURGX]LGRVRXSUHVWDGRV SRUHPSUHVDVEUDVLOHLUDV LLL%HQVH VHUYLoRVSURGX]LGRVRXSUHVWDGRVSRU HPSUHVDVTXHLQYLVWDPHPSHVTXLVDHQR GHVHQYROYLPHQWRGHWHFQRORJLDQR3DtV 3DUDSURGXWRVPDQXIDWXUDGRVHSDUDVHUYLoRV QDFLRQDLVTXHDWHQGDPDQRUPDVWpFQLFDVEUDVLOHLUDV 2EV $PDUJHPEiVLFDpH[WHQVtYHODRVEHQVH VHUYLoRVRULJLQiULRVGRV(VWDGRV3DUWHVGR0HUFRVXO 3DUDSURGXWRVPDQXIDWXUDGRVHVHUYLoRV QDFLRQDLVUHVXOWDQWHVGHGHVHQYROYLPHQWR HLQRYDomRWHFQROyJLFDUHDOL]DGRVQR3DtV

7DLVPDUJHQVQmRSRGHPXOWUDSDVVDURPRQWDQWHGH VREUHRSUHoRGRVUHVSHFWLYRVSURGXWRVRXVHUYLoRV 2EV /HLDUWD LLL3UHIHUrQFLDQDFRQWUDWDomRGHPLFURHPSUHVDVH HPSUHVDVGHSHTXHQRSRUWH/&DUW &RQGXWDSDXWDGD QDPRUDOMXUtGLFD

&RQMXQWRGHUHJUDVGHFRQGXWDWLUDGDVGDGLVFLSOLQDLQWHULRUGDDGPLQLVWUDomR

([LJrQFLDGHDWXDomRpWLFDGRVDJHQWHVGDDGPLQLVWUDomRGXUDQWHWRGRRSURFHGLPHQWROLFLWDWyULR 2VDWRVGRSURFHGLPHQWR OLFLWDWyULRVHUmRS~EOLFRV

3XEOLFLGDGH

9HGDomRDGLVFULPLQDo}HVLQMXVWLILFDGDV 7UDWDPHQWRLJXDOLWiULRDRVVHPHOKDQWHV

eYHGDGRFOiXVXODVHFRQGLo}HVTXHIUXVWUHPRFDUiWHUFRPSHWLWLYRGDOLFLWDomR $GPLVVLELOLGDGHGHFULWpULRVGHKDELOLWDomRTXHYLVHP JDUDQWLUDDGHTXDGDH[HFXomRGRREMHWROLFLWDGR

L(PLJXDOGDGHGHFRQGLo}HV FRPRFULWpULRGHGHVHPSDWH pDVVHJXUDDSUHIHUrQFLD

0RUDOLGDGH


6DOYRTXDQWRDR6,*,/2'$63523267$6  DWpDUHVSHFWLYDDEHUWXUD

5HTXLVLWRGHHILFiFLDGRFRQWUDWR/HLDUW

&RQFHLWR

$GMXGLFDomR FRPSXOVyULD

&XLGDGR

$GMXGLFDUVLJQLILFDHQWUHJDURREMHWRGDOLFLWDomRDRYHQFHGRU 2SULQFtSLRLPSHGHTXHDDGPLQLVWUDomRFRQFOXtGRRSURFHGLPHQWR DWULEXDRREMHWRGDOLFLWDomRDRXWUHPTXHQmRRYHQFHGRU 2SULQFtSLRQmRREULJDDDGPLQLVWUDomRDFRQYRFDURYHQFHGRUSDUDFHOHEUDURFRQWUDWR ([LVWrQFLDGHMXVWDFDXVDVXSHUYHQLHQWH L5HYRJDomRGRFHUWDPH 3RVVtYHLV FRQVHTXrQFLDV ([LVWrQFLDGHYtFLRGHOHJDOLGDGH GDOLFLWDomR LL$QXODomRGRFHUWDPH LLL&HOHEUDomRGRFRQWUDWR

9LQFXODomRDR LQVWUXPHQWRFRQYRFDWyULR

-XOJDPHQWRREMHWLYR &RPSHWLomR

(GLWDORXFDUWDFRQYLWH eDOHLLQWHUQDGDOLFLWDomR 9LQFXODDRVVHXVWHUPRVWDQWRRVOLFLWDQWHVFRPRDDGPLQLVWUDomRTXHRH[SHGLX

,QVWUXPHQWRFRQYRFDWyULRGDOLFLWDomR

$DSUHFLDomRGDVSURSRVWDVRFRUUHVHJXQGRFULWpULRVREMHWLYRV FODURVHGHILQLGRVQRLQVWUXPHQWRFRQYRFDWyULR

2SULQFtSLRLPS}HRGHYHUGHDPSOLDomRGRDFHVVRGRVLQWHUHVVDGRVDRFHUWDPH eYHGDGRFOiXVXODVHFRQGLo}HVTXHIUXVWUHPRFDUiWHUFRPSHWLWLYRGDOLFLWDomR 



$/,(1$d2'(%(163(/$$'0,1,675$d23Ò%/,&$ L,QWHUHVVHS~EOLFR GHYLGDPHQWHMXVWLILFDGR

5HTXLVLWRV D$GPLQLVWUDomR GLUHWD DXWDUTXLDVH IXQGDo}HVS~EOLFDV

LL$YDOLDomRSUpYLD LLL$XWRUL]DomROHJLVODWLYD

&RQFRUUrQFLD 0RGDOLGDGH

5HVVDOYDGDVDVKLSyWHVHV GHOLFLWDomRGLVSHQVDGD

/HLDUW, L,QWHUHVVHS~EOLFR GHYLGDPHQWHMXVWLILFDGR

5HTXLVLWRV

2EV

E(PSUHVDV S~EOLFDV HVRFLHGDGHVGH HFRQRPLDPLVWD

%HQV LPyYHLV

LL$YDOLDomRSUpYLD

1mRKiH[LJrQFLDGH DXWRUL]DomROHJLVODWLYD

&RQFRUUrQFLD 0RGDOLGDGH

5HVVDOYDGDVDVKLSyWHVHV GHOLFLWDomRGLVSHQVDGD

/HLDUW, (QYROYHEHQVLPyYHLVGH TXDOTXHUyUJmRRXHQWLGDGH GD$GPLQLVWUDomR3~EOLFD DGTXLULGRVSRU

$OLHQDomR GH%HQV

L3URFHGLPHQWRV MXGLFLDLV LL'DomRHP SDJDPHQWR

L$YDOLDomRGRVEHQVDOLHQiYHLV

F%HQVDGTXLULGRV GHSURFHGLPHQWRV MXGLFLDLVRXGH GDomRHPSDJDPHQWR

5HTXLVLWRV

LL&RPSURYDomR GDQHFHVVLGDG H RXXWLOLGDGHGDDOLHQDomR

2EV 0RGDOLGDGH

1mR KiH[LJrQFLDGH DXWRUL]DomROHJLVODWLYD

&RQFRUUrQFLDRX /HLOmR

/HLDUW

D$EUDQJrQFLD

(QYROYHEHQVPyYHLVGHTXDOTXHUyUJmR RXHQWLGDGHGD$GPLQLVWUDomR3~EOLFD L,QWHUHVVHS~EOLFRGHYLGDPHQWHMXVWLILFDGR LL$YDOLDomRSUpYLD

E5HTXLVLWRV

%HQV PyYHLV

2EV

1mR KiH[LJrQFLDGH DXWRUL]DomROHJLVODWLYD

L3DUDYHQGDGH EHQVPyYHLV DYDOLDGRVHP TXDQWLDQmRVXSHULRUD5/HLOmR

F0RGDOLGDGH

LL3DUDRV GHPDLVFDVRV

$OHLQmRHVWDEHOHFHPRGDOLGDGH HVSHFtILFDGHOLFLWDomR 5HVVDOYDGDVDVKLSyWHVHV GHOLFLWDomRGLVSHQVDGD 


&2175$7$d2',5(7$ 5HJUD JHUDO

([FHomR

1Ro}HV JHUDLV


([LJHVHOLFLWDomRSUpYLDSDUDFRQWUDWDo}HVGD$GPLQLVWUDomR3~EOLFD 'HFRUUrQFLDGRSULQFtSLRGD LQGLVSRQLELOLGDGHGRLQWHUHVVHS~EOLFR +iVLWXDo}HVHPTXHDOLFLWDomRWRUQDVH LPSRVVtYHORX LQDGHTXDGDSDUDDUHDOL]DomRGDVIXQo}HVHVWDWDLV 3DUDHVVHVFDVRVD&)SUHYrDUW;;,DSRVVLELOLGDGHGHFRQWUDWDomR GLUHWDKLSyWHVHVHPTXHDOLFLWDomRQmRRFRUUHUiRXSRGHUiQmRRFRUUHU L,QH[LJLELOLGDGH ,/LFLWDomR',63(16$'$ LL'LVSHQVD ,,/LFLWDomR',63(16È9(/

(VSpFLHVGH FRQWUDWDo}HVGLUHWD

$VKLSyWHVHVGHFRQWUDWDomRGLUHWDQmRVHDSOLFDP jV&21&(66®(6H3(50,66®(6GHVHUYLoRS~EOLFR $OLFLWDomRp,1(;,*Ë9(/QDVKLSyWHVHVHPTXHKDMD ,19,$%,/,'$'( MXUtGLFDGHFRPSHWLomROLFLWDomRpMXULGLFDPHQWHLPSRVVtYHO 5ROH[HPSOLILFDWLYR

/HLDUW

L$TXLVLo}HV

)RUQHFHGRUH[FOXVLYR 9HGDGDSUHIHUrQFLDGH0$5&$ L6HUYLoRWpFQLFR SURILVVLRQDO HVSHFLDOL]DGR 673(

,QH[LJLELOLGDGH

LL&RQWUDWDomRGH VHUYLoR WpFQLFR SURILVVLRQDO HVSHFLDOL]DGR 673(

+LSyWHVHV

LL 1DWXUH]DVLQJXODU GRREMHWR

5HTXLVLWRV

LLL1RWyULDHVSHFLDOL]DomR GRFRQWUDWDGR 9HGDGRSDUDVHUYLoRVGH 38%/,&,'$'(H',98/*$d2

&RQWUDWDomR 'LUHWD

'LUHWDPHQWHRXSRUPHLRGHHPSUHViULRH[FOXVLYR 'HYHVHUDUWLVWD 3HODFUtWLFDHVSHFLDOL]DGDRX FRQVDJUDGR 3HODRSLQLmRS~EOLFD

LLL&RQWUDWDomRGH SURILVVLRQDOGR VHWRUDUWtVWLFR

$',63(16$GHOLFLWDomRRFRUUHQDVKLSyWHVHVSUHYLVWDVQDOHLTXDQGRKDMD 9,$%,/,'$'(MXUtGLFDGHFRPSHWLomROLFLWDomRpMXULGLFDPHQWHSRVVtYHO

D/LFLWDomR ',63(16$'$

6mRKLSyWHVHVYLQFXODGDV

2DGPLQLVWUDGRU'(9(GLVSHQVDU

7UDWDVHGHGLVSHQVDGH OLFLWDomRSDUDDOLHQDo}HV

5ROH[DXVWLYR/HLDUW

$OLHQDomR

'LVSHQVD

eD WUDQVIHUrQFLD YROXQWiULDGRGRPtQLRGHXPEHPRXGLUHLWR

6mRKLSyWHVHV GLVFULFLRQiULDV

E/LFLWDomR ',63(16È9(/

5ROH[DXVWLYR

2DGPLQLVWUDGRU32'(GLVSHQVDU &RQIRUPHFULWpULRVGHFRQYHQLrQFLDHRSRUWXQLGDGH

/HLDUW

9HU0DSD0HQWDO3ULQFLSDLV&DVRVGH/LFLWDomR'LVSHQViYHO L&DUDFWHUL]DomRGD VLWXDomR HPHUJHQFLDORXFDODPLWRVD TXHMXVWLILTXHDGLVSHQVDTXDQGRIRURFDVR

5HTXLVLWRV

2VSURFHVVRVGHGLVSHQVDH LQH[LJLELOLGDGHGHYHPFRQWHU

LL5D]mRGDHVFROKDGRIRUQHFHGRURXH[HFXWDQWH

/HLDUW

LY'RFXPHQWRGHDSURYDomRGRVSURMHWRVGH SHVTXLVDDRVTXDLVRVEHQVVHUmRDORFDGRV

LLL-XVWLILFDWLYDGRSUHoR

eREULJDWyULDDPRWLYDomRGRDWRDGPLQLVWUDWLYRTXH GHFLGDVREUHDGLVSHQVDRXDLQH[LJLELOLGDGHGHOLFLWDomR

/HLDUW,9




35,1&,3$,6&$626'(/,&,7$d2',63(16È9(/

2EUDVVHUYLoRV HFRPSUDVGH SHTXHQRYDORU

L2EUDVHVHUYLoRV GHHQJHQKDULD

9DORUDWpGRFRQYLWHPLOUHDLV

LL2XWURVVHUYLoRV HFRPSUDV

9DORUDWpGRFRQYLWHPLOUHDLV

/LPLWHGH GRFRQYLWH

9HGDGR IUDFLRQDPHQWR GHGHVSHVD

&RQVyUFLR3~EOLFR 6RFLHGDGHGH HFRQRPLDPLVWD (PSUHVDS~EOLFD $JrQFLD([HFXWLYD


/HL DUW~QLFR

&RQILJXUD IDOWDGHSODQHMDPHQWR DGLVSHQVDGH OLFLWDomRSDUDFRQWUDWDo}HVDTXLVLo}HVGHPHVPD QDWXUH]DHPLGrQWLFRH[HUFtFLRILQDQFHLURFXMRV YDORUHVJOREDLVH[FHGDPROLPLWHSUHYLVWR

*XHUUDRXJUDYHSHUWXUEDomRGDRUGHP

$EUDQJrQFLD

 (PHUJrQFLD RX FDODPLGDGH S~EOLFD

/LFLWDomR 'LVSHQViYHO

%HQVQHFHVViULRVDRDWHQGLPHQWRGDVLWXDomR 3DUFHODVGHREUDVVHUYLoRVFRQFOXtGDVQRSUD]R Pi[LPRGHGLDVFRQVHFXWLYRVFRQWDGRVGD RFRUUrQFLDGDHPHUJrQFLDFDODPLGDGH

L(PHUJrQFLDRXFDODPLGDGHS~EOLFD LL8UJrQFLDGH 2FDVLRQDUSUHMXt]R DWHQGLPHQWR &RPSURPHWHUVHJXUDQoD 9HGDGDSURUURJDomRGRVUHVSHFWLYRVFRQWUDWRV

3UHVVXSRVWRV SDUDDGLVSHQVD

2FRUUHTXDQGRDOLFLWDomRpFRQYRFDGDPDVQmRDSDUHFHPLQWHUHVVDGRV L'HPRQVWUDomRGH TXHD UHSHWLomRGDOLFLWDomR FDXVDUiSUHMXt]RSDUDDDGPLQLVWUDomR 3UHVVXSRVWRV SDUDDGLVSHQVD LL0DQXWHQomRQDFRQWUDWDomRGLUHWDGH WRGDVDVFRQGLo}HVSUHHVWDEHOHFLGDV

/LFLWDomR GHVHUWD

$OLFLWDomRIUDFDVVDGDRFRUUHTXDQGR DSDUHFHPLQWHUHVVDGRVPDVQHQKXP pVHOHFLRQDGRHPUD]mRGH

,QDELOLWDomRGRVOLFLWDQWHV 'HVFODVVLILFDomRGDVSURSRVWDV

$OLFLWDomRIUDFDVVDGDSRGHUiUHVXOWDUHP FRQWUDWDomRGLUHWDHVSHFLILFDPHQWH TXDQGR WRGRVRVOLFLWDQWHVIRUHPGHVFODVVLILFDGRV SRUDSUHVHQWDUHPSURSRVWDVFRP

/LFLWDomR IUDFDVVDGD

6RPHQWHGLVSHQVDUi DSyVIL[DUDRVOLFLWDQWHV

3UHVVXSRVWRV SDUDDGLVSHQVD

3HUVLVWLQGR DVLWXDomR

3UHoRVPDQLIHVWDPHQWHVXSHULRUHV DRVSUDWLFDGRVQRPHUFDGRQDFLRQDO 3UHoRVLQFRPSDWtYHLVFRPRVIL[DGRV SRUyUJmRVRILFLDLVFRPSHWHQWHV 3UD]RGHGLDV~WHLVSDUDQRYDSURSRVWD 3UD]RGHGLDV~WHLV &RQYLWH

6HUiDGPLWLGDDDGMXGLFDomRGLUHWDGRVEHQVRX VHUYLoRVSRUYDORUQmRVXSHULRUDRFRQVWDQWH GRUHJLVWURGHSUHoRVRXGRVVHUYLoRV

/HLDUW9,,FFDUW

5HPDQHVFHQWH 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

&RQWUDWDomRGHUHPDQHVFHQWHGHREUDVHUYLoRRX IRUQHFLPHQWRHPFRQVHTXrQFLDGHUHVFLVmRFRQWUDWXDO L$WHQGLGDDRUGHPGHFODVVLILFDomRGDOLFLWDomRDQWHULRU 3UHVVXSRVWRV SDUDDGLVSHQVD LL$FHLWDVDVPHVPDVFRQGLo}HV GRYHQFHGRU LQFOXVLYHTXDQWRDRSUHoRFRUULJLGRPRQHWDULDPHQWH 



02'$/,'$'(6'(/,&,7$d2,

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR 4XDOTXHULQWHUHVVDGRTXHFRPSURYHUHTXLVLWRVPtQLPRV 6XMHLWR ([LJHKDELOLWDomRSUHOLPLQDU

&RQFRUUrQFLD

$EUDQJrQFLD

L2EUDVHVHUYLoRVGHHQJHQKDULDDFLPDGH5 LL&RPSUDVHVHUYLoRVTXHQmR VHMDP GHHQJHQKDULDDFLPDGH5 LLL&RPSUDHDOLHQDomRGHEHQVLPyYHLV LY&RQFHVV}HVGHGLUHLWRUHDOGHXVR Y/LFLWDo}HVLQWHUQDFLRQDLV

2EMHWR

$FRQFRUUrQFLDVHDSOLFDDRVFDVRVHPTXHFRXEHUWRPDGDGHSUHoRVHFRQYLWH

2EV

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR L,QWHUHVVDGRVGHYLGDPHQWHFDGDVWUDGRV ([LJH FDGDVWUDPHQWR

6XMHLWR

7RPDGD GHSUHoRV

LL,QWHUHVVDGRVQmRFDGDVWUDGRV TXHDWHQGHUHPFRQGLo}HV H[LJLGDVSDUDRFDGDVWUDPHQWR

$EUDQJrQFLD

2EMHWR

2EV

0RGDOLGDGHV GHOLFLWDomR

&RUUHVSRQGHjIDVHGHKDELOLWDomR eSUpYLR

L2EUDVHVHUYLoRVGHHQJHQKDULDDWp5 LL&RPSUDVHVHUYLoRVTXHQmRVHMDP GHHQJHQKDULDDWp5 6HDDGPLQLVWUDomRSRVVXLU FDGDVWURLQWHUQDFLRQDO LLL/LFLWDo}HVLQWHUQDFLRQDLV

$WRPDGDGHSUHoRVVHDSOLFDDRVFDVRVHPTXHFRXEHUFRQYLWH

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDHVWLPDWLYDGDFRQWUDWDomR &DGDVWUDGRVRXQmR L &RQYLGDGRVLQWHUHVVDGRV GR UDPRSHUWLQHQWHDRVHXREMHWR 1RQ~PHURPtQLPR GHSDUWLFLSDQWHV 6XMHLWR $WpKRUDVDQWHVGRSUD]R LL &DGDVWUDGRVTXH SDUDHQWUHJDGDVSURSRVWDV PDQLIHVWDUHPLQWHUHVVH D$EUDQJrQFLD L2EUDVHVHUYLoRVGHHQJHQKDULDDWp5 LL&RPSUDVHVHUYLoRVTXHQmRVHMDPGHHQJHQKDULDDWp5 2EMHWR LLL/LFLWDomRLQWHUQDFLRQDOTXDQGRQmRKRXYHU IRUQHFHGRUGREHPRXVHUYLoRQRSDtV

&RQYLWH

5HJUDJHUDO E1~PHURGH SURSRVWDV F3XEOLFLGDGH

([FHomR

2EV

6HQmRKRXYHUSHORPHQRVSURSRVWDVUHSHWHRFRQYLWH /LPLWDo}HVGHPHUFDGR 0DQLIHVWRGHVLQWHUHVVHGRVFRQYLGDGRV

)HLWDGLUHWDPHQWHDRVFRQYLGDGRV

G,QVWUXPHQWRFRQYRFDWyULR

&DUWDFRQYLWH 1mRKiHGLWDO

6HFRXEHUFRQYLWHDDGPLQLVWUDomRSRGHUiXWLOL]DUD WRPDGDGHSUHoRVHHPTXDOTXHUFDVRDFRQFRUUrQFLD

eSULQFtSLRGHYHVHUREVHUYDGR

2EV

3DUFHODPHQWR GRREMHWR

2EMHWRGH QDWXUH]DGLYLVtYHO

eYHGDGR )UDFLRQDPHQWR GDGHVSHVD 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

$WpRGLDDQWHULRUjGDWDGR UHFHELPHQWRGDVSURSRVWDV

/HLDUW

2EULJDWyULDDDGMXGLFDomRSRULWHP HQmRSRUSUHoRJOREDO 'HVGHTXHWpFQLFDHHFRQRPLFDPHQWHYLiYHO 6~PXODGR7&8

/HLDUW

4XDQGRSDUFHODGRGHYHVHUHVFROKLGDDPRGDOLGDGH SHUWLQHQWHDRREMHWRWRGRRXVHMDRVRPDWyULRGDVSDUFHODV 


Cap. 6 - Licitações

02'$/,'$'(6'(/,&,7$d2,,

5

D&RQFHLWR

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR $GRWDGRSDUDDOLHQDo}HV ,QVHUYtYHLVSDUDDDGPLQLVWUDomR $WpRYDORUGH5

L%HQVPyYHLV

/HLOmR

E2EMHWR GROHLOmR

LL%HQVLPyYHLV LLL3URGXWRV

/HJDOPHQWHDSUHHQGLGRVRXSHQKRUDGRV

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR L7UDEDOKRWpFQLFRFLHQWtILFRRXDUWtVWLFR 8WLOL]DGRSDUD 6HOHFLRQDGRV HVFROKDGH SUHIHUHQFLDOPHQWH LL6HUYLoRVWpFQLFRVSURILVVLRQDLV PHGLDQWHFRQFXUVR HVSHFLDOL]DGRV673(

D&RQFHLWR

&RQVWLWXLomRGHFRPLVVmRHVSHFLDOLQWHJUDGDSRUSHVVRDV GHUHSXWDomRLOLEDGDHUHFRQKHFLGRFRQKHFLPHQWRGD PDWpULDHPH[DPH/HLDUW  1mRXWLOL]DRVWLSRVGHOLFLWDomR

&RQFXUVR

E3URFHGLPHQWR

D&RQFHLWR

-XOJDPHQWR

E2EMHWR GRSUHJmR

/HLDUW 5HDOL]DGRSHODFRPLVVmRHVSHFLDOFRQIRUPH GHILQLGRQRUHJXODPHQWRSUySULRGRFRQFXUVR

3URFHGLPHQWROLFLWDWyULRDGRWDGRHPUD]mRGDQDWXUH]DGRREMHWR 8WLOL]DGRSDUDDTXLVLomRGHEHQVHVHUYLoRVFRPXQV /HLDUW

%HQVHVHUYLoRV FRPXQV

3UHJmR

6mRDTXHOHVFXMRV SDGU}HVGHGHVHPSHQKR HTXDOLGDGHSRVVDPVHU

2EMHWLYDPHQWH GHILQLGRVSHORHGLWDO 6HJXQGRHVSHFLILFDo}HV XVXDLVGHPHUFDGR

1mRVHDSOLFDD FRQWUDWDomRGHREUDVGHHQJHQKDULDORFDo}HV LPRELOLiULDVHDOLHQDo}HVHPJHUDO'HFUHWRDUW  3RGHVHUXWLOL]DGRSDUDTXDOTXHUYDORUGHFRQWUDWR

F$GRomRGRSUHJmR

G7LSRGHOLFLWDomR

2EULJDWyULR

8QLmR 'HFUHWRDUW

)DFXOWDWLYR

(VWDGRV')HPXQLFtSLRV /HLDUW

0HQRUSUHoR

H0RGDOLGDGHVGHSUHJmR

/HLDUW;

3UHVHQFLDO (OHWU{QLFD

,QYHUVmRGDVIDVHV

I3HFXOLDULGDGHV GRSUHJmR

+RPRORJDomR RFRUUHGHSRLV GDDGMXGLFDomR

$KDELOLWDomRGRVOLFLWDQWHVpIDVHSRVWHULRU jGHMXOJDPHQWRGDVSURSRVWDV 俶

5HJUD

([FHomR

&RQVXOWD

3URFHGLPHQWRVMXGLFLDLV 'DomRHPSDJDPHQWR

3HUPLWHDSDUWLFLSDomRGHTXDOTXHULQWHUHVVDGR 1mRKiH[LJrQFLDGHKDELOLWDomR eYHQFHGRUGROHLOmRDTXHOHTXHRIHUHFHURPDLRU ODQFHLJXDORXVXSHULRUDRYDORUGDDYDOLDomR

F&DUDFWHUtVWLFDV

0RGDOLGDGHV GH/LFLWDomR

&XMDDTXLVLomR KDMDGHULYDGRGH

3UHJRHLURDGMXGLFD $XWRULGDGHFRPSHWHQWHKRPRORJD 4XDQGRKiLQWHUSRVLomRGHUHFXUVRVD DXWRULGDGHFRPSHWHQWHDGMXGLFDHKRPRORJD /HLDUW;;,H;;,,

0RGDOLGDGHGHOLFLWDomRDSOLFiYHOH[FOXVLYDPHQWHjVDJrQFLDVUHJXODGRUDV 8WLOL]DGDSDUDDTXLVLomRGH ([FHWXDGRVREUDVHVHUYLoRVGHHQJHQKDULDFLYLO EHQVHVHUYLoRVQmRFRPXQV 38



7,326'(/,&,7$d2

5

eRFULWpULRXWLOL]DGRSDUD MXOJDPHQWRGDVSURSRVWDV 6RPHQWHDGPLWHPVHRVWLSRVSUHYLVWRQD OHJLVODomRSHUWLQHQWHjOLFLWDomRS~EOLFD

&RQFHLWR

'HYHVHU

2EV

/LVWDH[DXVWLYD

/HLDUW

2EMHWLYR 3UHYLDPHQWHHVWDEHOHFLGRQR,167580(172&2192&$7Ï5,2 L&RQFXUVR

1mRVHDSOLFDD

9HQFHGRU D0HQRUSUHoR

LL&RQFHVVmRHSHUPLVVmRGHVHUYLoRS~EOLFR

$TXHOHTXHDSUHVHQWDUDSURSRVWDGHDFRUGRFRPDV HVSHFLILFDo}HVGRHGLWDORXFRQYLWHHRIHUWDURPHQRUSUHoR -XOJDPHQWRFRQFHQWUDGRHPTXHVW}HVHFRQ{PLFRILQDQFHLUDV

2EV3UHJmR

6RPHQWHDGPLWHRWLSRPHQRUSUHoR

7LSRXWLOL]DGRH[FOXVLYDPHQWHSDUDVHUYLoRVGHQDWXUH]DSUHGRPLQDQWHPHQWHLQWHOHFWXDO

L,QVWUXPHQWRFRQYRFDWyULRIL[DRSUHoRPi[LPR LL$EHUWXUDGDVSURSRVWDVWpFQLFDVGRV OLFLWDQWHVSUHYLDPHQWHTXDOLILFDGRV

E0HOKRU WpFQLFD

3URFHGLPHQWR

$YDOLDomRHFODVVLILFDomR

6RPHQWHGRVOLFLWDQWHVTXH DWLQJLUDPYDORUDomRPtQLPD

LLL$EHUWXUDGDV SURSRVWDV GHSUHoR

5HIHUrQFLD

1HJRFLDomR

7LSRVGH /LFLWDomR

2UGHP

3URSRVWDGH PHQRUSUHoR

$SDUWLUGDSURSRQHQWH PHOKRUFODVVLILFDGD

/HLDUW,,FFDUW 7LSRXWLOL]DGRH[FOXVLYDPHQWHSDUDVHUYLoRVGHQDWXUH]DSUHGRPLQDQWHPHQWHLQWHOHFWXDO

L$EHUWXUDGDVSURSRVWDVWpFQLFDVGRV OLFLWDQWHVSUHYLDPHQWHTXDOLILFDGRV

7LSRV 3URFHGLPHQWR

$YDOLDomRHFODVVLILFDomR GDVSURSRVWDVWpFQLFDV

LL$EHUWXUDGDV SURSRVWDVGHSUHoR $YDOLDomRHYDORUDomRGDVSURSRVWDVGHSUHoR

LLL5HVXOWDGR

0pGLDSRQGHUDGDGDVYDORUDo}HV GDVSURSRVWDVGHWpFQLFDHSUHoR

/HLDUW,,,FFDUW F7pFQLFD HSUHoR

2EV%HQVHVHUYLoRV GH,1)250È7,&$ %HQVHVHUYLoRVGH LQIRUPiWLFDFRPXQV

6mRDTXHOHVFXMRVSDGU}HVGH GHVHPSHQKRHTXDOLGDGHSRVVDP VHUREMHWLYDPHQWHGHILQLGRVQRHGLWDO

L3DGURQL]DGRV 3HUPLWHPDXWLOL]DomRGD PRGDOLGDGHSUHJmR7LSRPHQRUSUHoR %HQVHVHUYLoRVGHLQIRUPiWLFDHVSHFtILFRV

LL1mRSDGURQL]DGRV

8WLOL]DVHRWLSR WpFQLFDHSUHoR

/HLDUW

&DVRVGHDOLHQDomRGHEHQVRXFRQFHVVmRGHGLUHLWRUHDOGHXVR

G0DLRUODQFHRXRIHUWD

/HLDUW,9





352&(',0(1726'(/,&,7$d2, ,QLFLDVHQDUHSDUWLomRLQWHUHVVDGDFRPDDEHUWXUDGRSURFHVVR

D,QtFLR

eGHILQLGRRREMHWRGDOLFLWDomRHRUHFXUVRSUySULRSDUDDGHVSHVD

/HLDUW

E(ODERUDomR GRHGLWDO

(GLWDO

eDOHLLQWHUQDGD/LFLWDomR

9LQFXODDDGPLQLVWUDomRHRV SURSRQHQWHVDRVVHXVWHUPRV

1mRpXWLOL]DGRQDPRGDOLGDGH&219,7(

&DUWDFRQYLWH

&RQFXUVR 5HJLPHGH HPSUHLWDGDLQWHJUDO

GLDV &RQFRUUrQFLD

7LSRPHOKRUWpFQLFD 7LSRWpFQLFDHSUHoR

3UD]RPtQLPRHQWUHD SXEOLFDomRGRUHVXPR GRHGLWDOHRUHFHELPHQWR GDVSURSRVWDV

&RQFRUUrQFLD

'HPDLVFDVRVQmR HVSHFLILFDGRVDFLPD

GLDV 7RPDGDGHSUHoRV

F3UD]RV 7RPDGDGHSUHoRV

GLDV

7LSRPHOKRUWpFQLFD 7LSRWpFQLFDHSUHoR 'HPDLVFDVRVQmR HVSHFLILFDGRVDFLPD

/HLOmR

)DVH LQWHUQD

3URFHGLPHQWRV GH/LFLWDomR

)RUPDVGH H[HFXomR

GLDV~WHLV

&RQYLWH

GLDV~WHLV

3UHJmR

L'LUHWD

LL,QGLUHWD

eDTXHODIHLWDGLUHWDPHQWH SHODDGPLQLVWUDomRS~EOLFD eDTXHODIHLWDSRUWHUFHLURVPHGLDQWHFRQWUDWR FHOHEUDGRFRPDDGPLQLVWUDomRS~EOLFD

6mRUHJLPHVHVSpFLHVGHH[HFXomRLQGLUHWD

L(PSUHLWDGDSRU SUHoRJOREDO 1mR FRQIXQGLU LL(PSUHLWDGDSRU SUHoRXQLWiULR

&RQWUDWDDH[HFXomRGDREUDRXGR VHUYLoRSRUSUHoRFHUWRHWRWDO

&RQWUDWDDH[HFXomRGDREUD RXGRVHUYLoRSRUSUHoRFHUWR GHXQLGDGHVGHWHUPLQDGDV

5HJLPHVGH H[HFXomR LLL(PSUHLWDGD LQWHJUDO

LY7DUHID

&RQWUDWDXP

(PSUHHQGLPHQWRHP VXDLQWHJUDOLGDGH (QWUHJDDRFRQWUDWDQWH HPFRQGLo}HVGH HQWUDGDHPRSHUDomR

0mRGHREUDSDUDSHTXHQRV WUDEDOKRVSRUSUHoRFHUWR

)DVHH[WHUQD $QXODomRHUHYRJDomR 


352&(',0(1726'(/,&,7$d2,,


)DVHLQWHUQD /HLJHUDOGDVOLFLWDo}HV (WDSDUHODFLRQDGDjDYDOLDomRGDVTXDOLGDGHVGRVOLFLWDQWHV $DGPLQLVWUDomRYHULILFDDDSWLGmRGR FDQGLGDWRSDUDDIXWXUDFRQWUDWDomR 3UHFOXVmR GRGLUHLWR 2OLFLWDQWHLQDELOLWDGRQmRSRGHUi GHSDUWLFLSDU 2EV SDUWLFLSDUGRVDWRVVXEVHTXHQWHV L+DELOLWDomRMXUtGLFD LL4XDOLILFDomRWpFQLFD LLL4XDOLILFDomRHFRQ{PLFRILQDQFHLUD LY5HJXODULGDGHILVFDOHWUDEDOKLVWD 5HVWULo}HVHSURLELo}HV Y&XPSULPHQWRGD &)DUW;;;,,, DRWUDEDOKRGRVPHQRUHV

([LJrQFLDGH GRFXPHQWDomR UHODWLYDD L+DELOLWDomR TXDOLILFDomR

3RGHVHU ',63(16$'$

1DVPRGDOLGDGHVFRQYLWHOHLOmRHFRQFXUVR 3DUDIRUQHFLPHQWRGHEHQVSDUDSURQWDHQWUHJD /HLDUW $UHJXODULGDGHILVFDOUHIHUHQWHj VHJXULGDGHVRFLDOQmRSRGHVHU GLVSHQVDGDHPQHQKXPFDVR 2EV &)DUW

3RGHVHU 68%67,78Ë'$

1RFDVRGRFHUWLILFDGRGHUHJLVWURFDGDVWUDO /HLDUW

/HL

(WDSDUHODFLRQDGDjDYDOLDomRGDV SURSRVWDV $GHTXDomRDRHGLWDO $QiOLVH IRUPDO $GHTXDomRDRV ,$QiOLVHGD UHTXLVLWRVOHJDLV DGPLVVLELOLGDGH GDSURSRVWD $QiOLVH ([HTXLELOLGDGH PDWHULDO )DVHV 4XDOLGDGH

)DVH H[WHUQD LL-XOJDPHQWR FODVVLILFDomR

3URFHGLPHQWRV GH/LFLWDomR

5HODFLRQDGDDRV ,,$QiOLVHGD YDQWDMRVLGDGHGDSURSRVWD WLSRVGHOLFLWDomR

LLL+RPRORJDomR

LY$GMXGLFDomR

$XWRULGDGHFRPSHWHQWHDSURYDRSURFHGLPHQWR &RQWUROHGHOHJDOLGDGHGRSURFHGLPHQWROLFLWDWyULR /LFLWDQWHDGTXLUHTXDOLGDGHGHYHQFHGRUHGHWLWXODU GDSUHIHUrQFLDSDUDFHOHEUDomRGRFRQWUDWR

/HLGR3UHJmR /LFLWDQWHVRIHUWDPODQFHV

L)DVHFRPSHWLWLYD

LL)DVHGHKDELOLWDomR /HL LLL$GMXGLFDomR

LY+RPRORJDomR

5HDOL]DGDFRPROLFLWDQWHTXHDSUHVHQWRX PHOKRUSURSRVWDQDIDVHFRPSHWLWLYD /HLDUW;,,

3UHJRHLURDGMXGLFD $XWRULGDGHFRPSHWHQWHKRPRORJD 4XDQGROLFLWDQWHLPSHWUDUHFXUVRDDXWRULGDGH FRPSHWHQWHDGMXGLFDHKRPRORJD ([FHomR /HLDUW;;,H;;,,

&RQWUROHGH /(*$/,'$'(

D$QXODomR

$QXODomRH 5HYRJDomR E5HYRJDomR

1mR JHUD REULJDomR GHLQGHQL]DU

'HRItFLR 3RUSURYRFDomRGHWHUFHLURV

(QWUHWDQWRDQXOLGDGHGRFRQWUDWRQmRH[RQHUDD DGPLQLVWUDomRGRGHYHUGHLQGHQL]DURFRQWUDWDGR SHORTXHHVWHKRXYHUH[HFXWDGR

&RQWUROHGH0e5,72 3RUUD]}HVGHLQWHUHVVHS~EOLFRGHFRUUHQWHGH IDWRVXSHUYHQLHQWHGHYLGDPHQWHFRPSURYDGR 2VHXIXQGDPHQWRGHYHVHUSRVWHULRUjDEHUWXUDGDOLFLWDomR 


&DS   &RQWUDWRV $GPLQLVWUDWLYRV

&2175$726$'0,1,675$7,926

5

$MXVWHTXHDDGPLQLVWUDomRS~EOLFDDJLQGRQHVVDTXDOLGDGH ILUPDFRPSDUWLFXODURXFRPRXWUDHQWLGDGHDGPLQLVWUDWLYDSDUD FRQVHFXomRGHREMHWLYRVGHLQWHUHVVHS~EOLFRQDVFRQGLo}HV GHVHMDGDVSHODSUySULDDGPLQLVWUDomR

&RQFHLWRGH &RQWUDWR $GPLQLVWUDWLYR

+HO\ /RSHV

L$FRUGRGHYRQWDGHVELODWHUDOLGDGH

&DUDFWHUtVWLFDV

LL5HJLPHMXUtGLFR GHGLUHLWRS~EOLFR

,QFLGrQFLDGHSUHUURJDWLYDVHVSHFLDLV

$FHSomRDPSODDEUDQJHQGRWRGRVRVDMXVWHV GRVTXDLVDDGPLQLVWUDomRS~EOLFDVHMDSDUWH L3ULQFtSLRGDLJXDOGDGH HQWUHDVSDUWHV LL$XWRQRPLDGDYRQWDGH

&DUDFWHUtVWLFDV

D6REUHJLPH GHGLUHLWR 35,9$'2

LLL)RUoDREULJDWyULD GDVFRQYHQo}HV 3DFWDVXQWVHUYDQGD

([&RQWUDWRGHORFDomRQRTXDO D DGPLQLVWUDomR S~EOLFD ILJXUHFRPRORFDWiULD

&RQFHLWR

0DULD 6\OYLD

6mR GHQRPLQDGRV FRQWUDWRVDGPLQLVWUDWLYRV

&RQWUDWRVGD DGPLQLVWUDomR

L3ULQFtSLRGDVXSUHPDFLD GD DGPLQLVWUDomR S~EOLFD HPUHODomRDRSDUWLFXODU &OiXVXODVH[RUELWDQWHV

E6REUHJLPH GHGLUHLWR 3Ò%/,&2

LL3ULQFtSLRGDOHJDOLGDGH

&DUDFWHUtVWLFDV

&RQWUDWRV $GPLQLVWUDWLYRV

$WXDomRDGPLQLVWUDWLYD QRVOLPLWHVDXWRUL]DGRV SRUOHL LLL0XWDELOLGDGHGDV FOiXVXODVUHJXODPHQWDUHV

$MXVWHVTXHDDGPLQLVWUDomRQHVVDTXDOLGDGHFHOHEUDFRP SHVVRDItVLFDRXMXUtGLFDS~EOLFDVRXSULYDGDVSDUDFRQVHFXomR GHILQVS~EOLFRVVHJXQGRUHJLPHMXUtGLFRGHGLUHLWRS~EOLFR

&RQFHLWRGH &RQWUDWR $GPLQLVWUDWLYR

&RQWUDWRVDGPLQLVWUDWLYRV

6mRVHPSUHIRUPDLVHHVFULWRV

&RQWUDWRHVFULWR

eDTXHOHODYUDGRQDVUHSDUWLo}HVLQWHUHVVDGDV

&RQWUDWRVROHQH

eDTXHOHODYUDGRQR FDUWyULRGHQRWDV

5HJUD

)RUPDOL]DomR

([FHomR

&RQWUDWR YHUEDO

3HTXHQDVFRPSUDVGH SURQWRSDJDPHQWR

5HODWLYRDGLUHLWRVUHDLV VREUHEHQVLPyYHLV

/HLDUW 9DORUQmRVXSHULRUD5 6REUHJLPHGHDGLDQWDPHQWR

/HLDUWSDUiJUDIR~QLFR

$SXEOLFDomRGRUHVXPRGRLQVWUXPHQWRGHFRQWUDWRRXGHVHXV DGLWDPHQWRVpFRQGLomRLQGLVSHQViYHOjHILFiFLDGRFRQWUDWR

/HLDUWSDUiJUDIR~QLFR 3RWHQFLDOLGDGHGHSURGXomRGHHIHLWRVMXUtGLFRV

3XEOLFLGDGH

1mR FRQIXQGLU

(ILFiFLD

9LJrQFLD 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

$SWLGmRSDUDSURGXomRFRQFUHWDGHHIHLWRV 3HUtRGRQRTXDORDGLPSOHPHQWRGRFRQWUDWR SHUPDQHFHREULJDWyULRHQWUHDVSDUWHV





&2175$726$'0,1,675$7,926&/È868/$6(;25%,7$17(6,

&RQFHLWR

6mRSUHUURJDWLYDVGHGLUHLWRS~EOLFRFRQIHULGDVSRUOHLjDGPLQLVWUDomR S~EOLFDTXHDFRORFDPHPVLWXDomRGHVXSHULRULGDGHIUHQWHDRFRQWUDWDGR ([RUELWDPGDVFOiXVXODVFRPXQVGRGLUHLWRSULYDGR 6mRGHFRUUHQWHVGRUHJLPHMXUtGLFR 'HULYDPGRSULQFtSLRGDVXSUHPDFLDGRLQWHUHVVHS~EOLFR GRVFRQWUDWRVDGPLQLVWUDWLYRV $FULWpULRGDDXWRULGDGHFRPSHWHQWHGHVGHTXHSUHYLVWDQRLQVWUXPHQWRFRQYRFDWyULR SRGHVHUH[LJLGDSUHVWDomRGHJDUDQWLDQDVFRQWUDWDo}HVGHREUDVVHUYLoRVHFRPSUDV

D&RQFHLWR

'LVFULFLRQiULD

E&DUDFWHUtVWLFDV

$FULWpULRGDDXWRULGDGHFRPSHWHQWH

'HYHVHUSUHYLVWDQRLQVWUXPHQWRFRQYRFDWyULR/HLDUW HPGLQKHLUR HPWtWXORVGDGtYLGDS~EOLFD LL6HJXURJDUDQWLD LLL)LDQoDEDQFiULD

L&DXomR F0RGDOLGDGHV 2EV

$VPRGDOLGDGHVHVWmRSUHYLVWDVQDOHLUHODomRH[DXVWLYD &DEHDRFRQWUDWDGRDHVFROKDGDPRGDOLGDGH/HLDUW

 ([LJrQFLD GHJDUDQWLD

1mRH[FHGHUiDGRYDORUGRFRQWUDWR

5HJUDJHUDO

*UDQGHYXOWRHQYROYHQGRDOWDFRPSOH[LGDGH WpFQLFDHULVFRVILQDQFHLURVFRQVLGHUiYHLV

(OHYDomRGR OLPLWHDWp ([LJrQFLD GHJDUDQWLD DGLFLRQDO

G3HUFHQWXDLV

3DUDRVFRQWUDWRVTXH LPSRUWHPQDHQWUHJDGHEHQV SHODDGPLQLVWUDomRS~EOLFD

/HLDUW

5HJUDV HVSHFtILFDV

([LJrQFLDGHJDUDQWLD SDUDSURSRVWDVGH EDL[RYDORU

&OiXVXODV ([RUELWDQWHV

2FRQWUDWDGRILFDUi FRPRGHSRVLWiULR $JDUDQWLDVHUiDFUHVFLGD GRYDORUGHVVHVEHQV

2EUDV6HUYLoRV GH(QJHQKDULD

7LSRPHQRUSUHoR

6LWXDomRGH5LVFR

3URSRVWDGR OLPLWHSUHYLVWRQDOHL

/HLDUW 3UHUURJDWLYDFRQFHGLGDjDGPLQLVWUDomRS~EOLFDSDUD XQLODWHUDOPHQWH DOWHUDURVFRQWUDWRVDGPLQLVWUDWLYRV/HLDUW, $RVFRQWUDWRVDGPLQLVWUDWLYRV QmRVHDSOLFDLQWHJUDOPHQWHRSULQFtSLRGR SDFWDVXQWVHUYDQGD

D&RQFHLWR 3DFWDVXQWVHUYDQGD

2EULJDomRTXHWrPDVSDUWHVGHFXPSULU ILHOPHQWHRTXHIRLHQWUHHODVDYHQoDGR

&OiXVXODV5HJXODPHQWDUHVRXGH6HUYLoR

E$EUDQJrQFLD

&OiXVXODV (FRQ{PLFDV

$OFDQoD

1mRDOFDQoD /HLDUWH 7DLVFOiXVXODVHVWDEHOHFHP 5HPXQHUDomRGRFRQWUDWDGR DUHODomRHQWUH (QFDUJRVDVVXPLGRV 1mR SRGHPVHU DOWHUDGDV VHPSUpYLD FRQFRUGkQFLDGRFRQWUDWDGR

$OWHUDomR XQLODWHUDO GRFRQWUDWR

7UDWDVHGHDOWHUDomRFRQWUDWXDOTXH DIHWDRHTXLOtEULRHFRQ{PLFRILQDQFHLUR $UHYLVmRFDUDFWHUL]DDOWHUDomRGRFRQWUDWRHYLVDR UHHVWDEHOHFLPHQWRGRHTXLOtEULRHFRQ{PLFRILQDQFHLUR

5HYLVmR 1mR FRQIXQGLU 5HDMXVWH

7UDWDGDSUHYLVmRDQWHFLSDGDGDRFRUUrQFLDGDLQIODomR HGDDGRomRGHVROXomRSDUDQHXWUDOL]DUVHXVHIHLWRV 1mRFDUDFWHUL]DDOWHUDomRGRFRQWUDWRPDV VLPDWXDOL]DomRGRYDORUSDJRIUHQWHjLQIODomR

0RGLILFDomRGRSURMHWR RXGDVHVSHFLILFDo}HV

L4XDOLWDWLYDV

/HL  DUWH DUWG H /HL DUW,,,H DUW

0HOKRUDGHTXDomRWpFQLFDDRVVHXVREMHWLYRV

1mRVXMHLWDDOLPLWHVREMHWLYRV



9DORULQLFLDODWXDOL]DGRGRFRQWUDWR



5HIRUPD

F7LSRV LL4XDQWLWDWLYDV

*DUDQWLDDRHTXLOtEULR HFRQ{PLFRILQDFHLUR

,(GLItFLR ,,(TXLSDPHQWR

1mR Ki OLPLWH SDUD6835(66®(6

'HVGHTXHUHVXOWDQWHGHDFRUGR HQWUHRVFRQWUDWDQWHV 



&2175$726$'0,1,675$7,926&/È868/$6(;25%,7$17(6,, /HLDUW,D;,,H;9,, 3UHUURJDWLYDFRQFHGLGDjDGPLQLVWUDomRS~EOLFDSDUD H[WLQJXLUXQLODWHUDOPHQWHRFRQWUDWRDQWHVGRSUD]R VHPDQHFHVVLGDGHGHUHFRUUHUDR3RGHU-XGLFLiULR D&RQFHLWR L,QDGLPSOHPHQWRGRFRQWUDWDGR

5HVFLVmR XQLODWHUDO GRFRQWUDWR

LL'HVDSDUHFLPHQWRGRVXMHLWR

E&DVRV

'HDOWDUHOHYkQFLDHDPSORFRQKHFLPHQWR -XVWLILFDGDVHGHWHUPLQDGDVSHODPi[LPDDXWRULGDGH GDHVIHUDDGPLQLVWUDWLYDDTXHHVWiVXERUGLQDGRR FRQWUDWDQWHHH[DUDGDVQRSURFHVVRDGPLQLVWUDWLYR

LLL,QWHUHVVH S~EOLFR

LY&DVRIRUWXLWRRXIRUoDPDLRU 5HSUHVHQWDQWHGDDGPLQLVWUDomRILVFDOL]DDH[HFXomRGRFRQWUDWR

)LVFDOL]DomR

1mRH[FOXLRXUHGX]DUHVSRQVDELOLGDGHGRFRQWUDWDGRSHORVGDQRV TXHSRUFXOSDRXGRORDH[HFXomRYHQKDDFDXVDUDWHUFHLURV

D$GYHUWrQFLD

LL,QH[HFXomR

2EV

&OiVXODV ([RUELWDQWHV $SOLFDomRGH SHQDOLGDGHV

/HLDUW

/HLDUW,,

$VPXOWDVSRGHPVHUGLUHWDPHQWH GHVFRQWDGDVGDJDUDQWLDGRFRQWUDWR 7UDWDVHGHH[FHSFLRQDODXWRH[HFXWRULHGDGHGDFREUDQoDGHPXOWD 6XVSHQVmRWHPSRUiULDHPSDUWLFLSDUGHOLFLWDomR ,PSHGLPHQWRGHFRQWUDWDUFRP D$GPLQLVWUDomR3~EOLFD

$EUDQJH

F6XVSHQVmR WHPSRUiULD

0RWLYR

,QH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR

'XUDomR

0i[LPRDQRV $XWRULGDGHFRPSHWHQWH

&RPSHWrQFLD

$EUDQJH

G'HFODUDomRGH LQLGRQHLGDGH

/HLDUW

/HLDUW,

L$WUDVRLQMXVWLILFDGR

E0XOWD

/HLDUW

0RWLYR 'XUDomR

6XVSHQVmRWHPSRUiULDHPSDUWLFLSDUGHOLFLWDomR ,PSHGLPHQWRGHFRQWUDWDUFRP D$GPLQLVWUDomR3~EOLFD ,QH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR 0tQLPRDQRV

&RPSHWrQFLD

([FOXVLYDGH0LQLVWURGH(VWDGRRX 6HFUHWiULR(VWDGXDO0XQLFLSDO

/HLDUW9 3DUDRVVHUYLoRVHVVHQFLDLVDDGPLQLVWUDomRS~EOLFDSRVVXLD SUHUURJDWLYDGHRFXSDUSURYLVRULDPHQWHEHQVPyYHLVLPyYHLV SHVVRDOHVHUYLoRVYLQFXODGRVDRREMHWRGRFRQWUDWR D&RQFHLWR L&RPRPHGLGDDFDXWHODWyULDSDUDDSXUDomR DGPLQLVWUDWLYD GH LUUHJXODULGDGHV QD H[HFXomRGRFRQWUDWR

2FXSDomR WHPSRUiULD E+LSyWHVHV

LL,PHGLDWDPHQWHDSyVDUHVFLVmR XQLODWHUDOGRFRQWUDWRDGPLQLVWUDWLYR

2EMHWLYDDSXUDU DLUUHJXODULGDGH

2EMHWLYDDVVHJXUDUD FRQWLQXLGDGHGDSUHVWDomR GRVHUYLoRS~EOLFR 


Cap. 7 - Contratos Administrativos

087$%,/,'$'('26&2175$726$'0,1,675$7,926 俶

$EUDQJH

&OiXVXODVUHJXODPHQWDUHV

$PXWDELOLGDGHQmRGHFRUUHQWHGHDFRUGR QmRDOFDQoDDVFOiXVXODVHFRQ{PLFRILQDQFHLUDV

$EUDQJrQFLD

1mR DEUDQJH

&OiXVXODV HFRQ{PLFR ILQDQFHLUDV

eGLUHLWRGRFRQWUDWDGRDPDQXWHQomRGR HTXLOtEULR HFRQ{PLFRILQDQFHLUR/HLDUW,,G

(TXLOtEULR HFRQ{PLFR ILQDQFHLUR

(TXLOtEULRHQWUHRHQFDUJRDVVXPLGRSHOR FRQWUDWDGRHDFRQWUDSUHVWDomRSHFXQLiULD DVVHJXUDGDSHODDGPLQLVWUDomR

7HRULDHODERUDGDFRPYLVWDVDDQDOLVDURVGLYHUVRVHOHPHQWRV GHLQVHJXUDQoDULVFRVTXHFDUDFWHUL]DPDPXWDELOLGDGHGRV FRQWUDWRVDGPLQLVWUDWLYRVHVXDVUHVSHFWLYDVFRQVHTXrQFLDV

D&RQFHLWR

6mRRVULVFRVTXHRSDUWLFXODUHQIUHQWDDRFRQWUDWDUFRPDDGPLQLVWUDomR

EÈOHDV ULVFRV

'LYLGLGRVHP

LÈOHDRUGLQiULDHPSUHVDULDO LLÈOHDH[WUDRUGLQiULD

5LVFRLQHUHQWHDRQHJyFLR

LÈOHDRUGLQiULD HPSUHVDULDO

5HVXOWDGRGDSUySULDIOXWXDomRGRPHUFDGR 7RGRFRQWUDWRSRVVXLGHWHUPLQDGRULVFR HFRQ{PLFRGHQRPLQDGRiOHDFRQWUDWXDORUGLQiULD

&RQVHTXrQFLD

3RUVHUSUHYLVtYHORSDUWLFXODUUHVSRQGHSHORULVFR L$OWHUDomRXQLODWHUDO GRFRQWUDWR

0XWDELOLGDGH GRV&RQWUDWRV $GPLQLVWUDWLYRV

LL)DWRGR SUtQFLSH

4XDOLWDWLYD 4XDQWLWDWLYD

0HGLGDVGHRUGHPJHUDOQmR GLUHWDPHQWHUHODFLRQDGDVDRFRQWUDWR PDVTXHQHOHUHSHUFXWHPFDXVDQGR GHVHTXLOtEULRHFRQ{PLFRILQDQFHLUR

,$GPLQLVWUDWLYD

(TXLOtEULR HFRQ{PLFR GRVFRQWUDWRV DGPLQLVWUDWLYRV

LLL)DWRGR DGPLQLVWUDomR

&RQGXWDGD$GPLQLVWUDomR TXHFRPRSDUWHFRQWUDWXDO WRUQHLPSRVVtYHODH[HFXomR GRFRQWUDWRRXSURYRTXHVHX GHVHTXLOtEULRHFRQ{PLFR

$DGPLQLVWUDomRUHVSRQGHSHOR UHHVWDEHOHFLPHQWRGRHTXLOtEULRURPSLGR

&RQVHTXrQFLD

'LUHLWRGRFRQWUDWDGRjPDQXWHQomR GRHTXLOtEULRHFRQ{PLFRILQDQFHLUR

/HLDUW,,G LLÈOHD H[WUDRUGLQiULD

$FRQWHFLPHQWRH[WHUQRDRFRQWUDWR LPSUHYLVtYHO HVWUDQKRjYRQWDGHGDVSDUWHV &DXVDGHVHTXLOtEULRPXLWRJUDQGH H[FHVVLYDPHQWHRQHURVRSDUDRFRQWUDWDGR $SOLFDomRGDUHJUDUHEXVVLFVWDQWLEXV &RQYHQomRQmRSHUPDQHFHHPYLJRU VHDVFRLVDVQmRSHUPDQHFHUHPFRPR HUDPQRPRPHQWRGDFHOHEUDomR

,,(FRQ{PLFD 7HRULDGD LPSUHYLVmR

6HGHXPODGRDRFRUUrQFLDGH FLUFXQVWkQFLDVH[FHSFLRQDLVQmROLEHUD RSDUWLFXODUGDREULJDomRFRQWUDWXDO SRURXWURQmRpMXVWRTXHHOHUHVSRQGD VR]LQKRSHORVSUHMXt]RVVRIULGRV &DVRIRUWXLWR

&DXVDV

)RUoDPDLRU ,QWHUIHUrQFLDVLPSUHYLVWDV

&RQVHTXrQFLD

(PSULQFtSLRUHSDUWHPVHRVSUHMXt]RV

45


Cap. 7 - Contratos Administrativos

(;7,1d2'26&2175$726$'0,1,675$7,926

'HFRUUHGRDGLPSOHPHQWRGRFRQWUDWR

7pUPLQRQRUPDOGRYtQFXORREULJDFLRQDO

2UGLQiULD

3RGHGHFRUUHUGH

L&RQFOXVmRGRREMHWRGRFRQWUDWR LL7pUPLQRGRSUD]RGRFRQWUDWR

L,OHJDOLGDGHQDFHOHEUDomR

([WLQomRGRFRQWUDWR GHFRUUHQWHGH

LL9tFLRLQVDQiYHO QDOLFLWDomR

/HLDUW 'HVFRQVWLWXLRVHIHLWRV MXUtGLFRVMiSURGX]LGRV

$GHFODUDomRGHQXOLGDGH RSHUDUHWURDWLYDPHQWH

D$QXODomR &RQVHTXrQFLDV

,PSHGHRVHIHLWRVTXHR FRQWUDWRGHYHULDSURGX]LU

$GHFODUDomRGHQXOLGDGHQmRH[RQHUDD$GPLQLVWUDomR GRGHYHUGHLQGHQL]DURFRQWUDWDGRSHORTXHHOHKRXYHU H[HFXWDGRDWpDGDWDGDGHFODUDomR

/HLDUW 'HVID]LPHQWRGRFRQWUDWRDGPLQLVWUDWLYR GXUDQWHVXDH[HFXomR/HLDUW eFOiXVXOD H[RUELWDQWH

$WRXQLODWHUDOGDDGPLQLVWUDomR

L5HVFLVmR XQLODWHUDO DGPLQLVWUDWLYD

([WLQomRGRV &RQWUDWRV $GPLQLVWUDWLYRV

)DOWDVFRQWUDWXDLV

,3RUFXOSDGRFRQWUDWDGR ,,6HPFXOSD GRFRQWUDWDGR

LL5HVFLVmRDPLJiYHO

,QWHUHVVHS~EOLFR &DVRIRUWXLWRRXIRUoDPDLRU

6LWXDo}HVHPTXHKiGHVFXPSULPHQWR FRQWUDWXDOSRUSDUWHGH$GPLQLVWUDomR

ÒQLFRPRGRjGLVSRVLomRGRFRQWUDWDGR

([WUDRUGLQiULD

LLL5HVFLVmR MXGLFLDO

2FRQWUDWDGRVRPHQWHSRGHSOHLWHDUD UHVFLVmRGRFRQWUDWRSHODYLDMXGLFLDO ([FHSWLRQQRQDGLPSOHWLFRQWUDFWXV

'HILQLomR

eDVXVSHQVmRGDH[HFXomRGRFRQWUDWRSHOD SDUWHSUHMXGLFDGDSRUPRWLYRGHLQDGLPSOrQFLD GRRXWURFRQWUDWDQWH&&DUW

E5HVFLVmR

5HJUD JHUDO

,QRSRQLELOLGDGHGRSULQFtSLR FRQWUDDDGPLQLVWUDomRS~EOLFD 3ULQFtSLRGDVXSUHPDFLDHGD FRQWLQXLGDGHGRVHUYLoRS~EOLFR

([FHomRGR FRQWUDWRQmR FXPSULGR

$WUDVRGHSDJDPHQWR VXSHULRUDGLDV

&RQWUDWDGRSRGH SOHLWHDUDUHVFLVmR MXGLFLDO

$SOLFDELOLGDGH QRVFRQWUDWRV DGPLQLVWUDWLYRV

&DODPLGDGH S~EOLFD

$EUDQGDPHQWR

([FHWR

*UDYH SHUWXUEDomR GDRUGHP *XHUUD

/HLDUW;9

LY5HVFLVmRGH SOHQRGLUHLWR

'HFRUUHGHIDWRH[WLQWLYR

2EMHWR 6XMHLWR

,QGHSHQGHGHPDQLIHVWDomRGHYRQWDGH

46


Cap. 8 - Servidores Públicos

6(59,'25(63Ò%/,&26$*(17(63Ò%/,&26

&RQFHLWR

$JHQWHVS~EOLFRV VmRWRGRVDTXHOHVTXHH[HUFHP IXQomRS~EOLFD FRPRSUHSRVWRVGR(VWDGR

D&RQFHLWR

6mRDTXHOHVYLQFXODGRVDR(VWDGRSRU XPDUHODomRSHUPDQHQWHGHWUDEDOKR ([HUFHPFRPFDUiWHUGHSHUPDQrQFLD XPDIXQomRS~EOLFD 6mRRVXVXDOPHQWHFRQKHFLGRVFRPR6(59,'25(63Ò%/,&26 ([HUFHPHIHWLYDSURILVVmRTXDQGR QRGHVHPSHQKRGHVXDVIXQo}HV

L3URILVVLRQDOLGDGH


LL'HILQLWLYLGDGH

5HJUDJHUDORVHUYLGRUH[ HUFHVXD IXQomRFRPFXQKRGHSHUPDQrQFLD ([FHomR )XQomRGHFDUiWHUWHPSRUiULR

LLL5HODomRMXUtGLFDGHWUDEDOKR

,9LWDOtFLR 2FXSDP FDUJR S~EOLFR

$JHQWH DGPLQLVWUDWLYR

3DUWHGDGRXWULQDFODVVLILFDRV RFXSDQWHVGHFDUJRVYLWDOtFLRV FRPRDJHQWHVSROtWLFRV

L6HUYLGRU HVWDWXWiULR ,,(IHWLYR

$JHQWHV 3~EOLFRV

5HJLPHOHJDO

LL(PSUHJDGRS~EOLFR

LLL6HUYLGRU WHPSRUiULR

(VWDWXWRMXUtGLFRHVWDWXWiULR

2FXSDPHPSUHJR S~EOLFR &/7 5HJLPHFRQWUDWXDO

([HUFHPIXQomRS~EOLFD 1HFHVVLGDGHWHPSRUiULD GH H[FHSFLRQDOLQWHUHVVHS~EOLFR 5HJLPHMXUtGLFRHVSHFLDOPLVWR &)DUW,;

6XMHLWRVjVUHJUDVGD&RQVWLWXLomR)HGHUDO 俺1mRVXMHLWRV jVUHJUDV GRVVHUYLGRUHVS~EOLFRV 1mRHVWmRHPUHJUDVXMHLWRVjKLHUDUTXLD 3RVVXHPVWDWXV FRQVWLWXFLRQDO


$JHQWH KRQRUtILFR

,VRODGRVRX 2UJDQL]DGRV HPFDUUHLUD

6mRRVDJHQWHVS~EOLFRVTXHH[HUFHPDIXQomRSROtWLFD

$JHQWH SROtWLFR

$JHQWHHP GHOHJDomR

2FXSDQWH GHFDUJRV

,,,(PFRPLVVmR

F7LSRV

D&RQFHLWR

0HPEURVGR3RGHU-XGLFLiULR 0HPEURVGR0LQLVWpULR3~EOLFR 0HPEURVGRV 7ULEXQDLVGH&RQWDV

俶

5HFHEHPGR(VWDGRDFRPSHWrQFLDSDUDH[HFXWDUGHWHUPLQDGDDWLYLGDGHS~EOLFD /HLORHLURVSHULWRVVHUYLoRVQRWDULDLV ([ &RQFHVVLRQiULRVSHUPLVVLRQiULRVHDXWRUL]DWiULRV &RODERUDPFRPR(VWDGRWHPSRUDULDPHQWH 1mRSRVVXHPYtQFXORSURILVVLRQDO FRPDDGPLQLVWUDomRS~EOLFD ([-XUDGRVPHViULRVHWF

$JHQWHFUHGHQFLDGR

5HFHEHPDLQFXPErQFLDSDUDUHSUHVHQWDUD DGPLQLVWUDomRS~EOLFDHPGHWHUPLQDGDVDWLYLGDGHV

47


&DS   6HUYLGRUHV 3~EOLFRV

6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,

5

1RUPDGHHILFiFLDFRQWLGD

'HYHSUHHQFKHURVUHTXLVLWRVHVWDEHOHFLGRVQDOHL

5HTXLVLWRVSDUD DFHVVRDFDUJRVH HPSUHJRVS~EOLFRV

L%UDVLOHLUR

D&DUJR HPSUHJR HIXQomR S~EOLFD

$FHVVR

,'HYHPVHU SUHYLVWRVHPOHL

俺 (GLWDOQmRSRGH HVWDEHOHFHU

UHTXLVLWRVRXUHVWULo}HVDRDFHVVR

,,'HYHPREVHUYDURSULQFtSLRGDUD]RDELOLGDGH HHVWDUUHODFLRQDGRVjQDWXUH]DGDVDWULEXLo}HV GRFDUJRRXHPSUHJR ,,,'HYHPVHSDXWDUHPFULWpULRVREMHWLYRV

&)DUW, 1DIRUPDGDOHL

LL(VWUDQJHLUR

1RUPDFRQVWLWXFLRQDOGHHILFiFLDOLPLWDGD

&)DUW, ,3UHVLGHQWHH9LFH3UHVLGHQWHGD5HS~EOLFD ,,3UHVLGHQWHGD&kPDUDGRV'HSXWDGRVHGR6HQDGR)HGHUDO ,,,0LQLVWURGR6XSUHPR7ULEXQDO)HGHUDO ,90LQLVWURGH(VWDGRGH'HIHVD 92ILFLDOGDV)RUoDV$UPDGDV 9,&DUUHLUDGLSORPiWLFD

LLL&DUJRVSULYDWLYRV GHEUDVLOHLURQDWR &)DUW

(IHWLYR 2EULJDWyULR

L&DUJRS~EOLFR

LL E&RQFXUVR S~EOLFR

6HUYLGRUHV 3~EOLFRV

3UD]RGH YDOLGDGH

俺 &RPLVVmR

/LYUHQRPHDomRHH[RQHUDomR 1mRSUHFLVDGHFRQFXUVR

(PSUHJRS~EOLFR

$Wp$QRV

3URUURJiYHO

YH]SRULJXDOSHUtRGR

&)DUW,,,

'XUDQWHRSUD]RLPSURUURJiYHORDSURYDGRVHUi FRQYRFDGRFRPSULRULGDGHVREUHQRYRVFRQFXUVDGRV

eXPDJDUDQWLDGHRUGHPFRQVWLWXFLRQDO &RQIHULGDDRFXSDQWHVGHFDUJRS~EOLFR()(7,92 9LVDDVVHJXUDUVXDSHUPDQrQFLDQRFDUJRHQTXDQWRDWHQGLGRVRVUHTXLVLWRVOHJDLV

D&RQFHLWR

E5HTXLVLWRV

L$SURYDomR HPFRQFXUVRS~EOLFRSDUDFDUJRS~EOLFRGHSURYLPHQWRHIHWLYR LL7UrVDQRVGHHIHWLYRH[HUFtFLR LLL$YDOLDomRHVSHFLDOGHGHVHPSHQKRSRUFRPLVVmRLQVWLWXtGDSDUDHVVDILQDOLGDGH

(VWDELOLGDGH F+LSyWHVHVGH SHUGDGRFDUJR DSyVDHVWDELOLGDGH

L6HQWHQoDMXGLFLDOWUDQVLWDGDHPMXOJDGR LL3URFHVVRDGPLQLVWUDWLYRDVVHJXUDGDDPSODGHIHVD LLL3URFHGLPHQWRGH 1RUPDFRQVWLWXFLRQDOGHHILFiFLDOLPLWDGD DYDOLDomRSHULyGLFD 1DIRUPDGDOHLFRPSOHPHQWDU GHGHVHPSHQKR &)DUW LY&XPSULPHQWRGRVOLPLWHVFRPD GHVSHVDFRPSHVVRDODWLYRHLQDWLYR

俺 9HGDGD

&)DUW,9 6~PXOD67)

1RUPDFRQVWLWXFLRQDO GHHILFiFLDOLPLWDGD &)DUW

$FXPXODomRUHPXQHUDGDGHFDUJRVHPSUHJRVRXIXQo}HV &)DUW;9,H;9,, FDUJRVGHSURIHVVRU +DYHQGR FRPSDWLELOLGDGH GHKRUiULRV

([FHWR

$FXPXODomR

&DUJRGHSURIHVVRU FDUJRWpFQLFRRXFLHQWtILFR FDUJRVSULYDWLYRVGDiUHDGHVD~GH 0DQGDWRGHYHUHDGRU &)DUW,,, 3HUPLVVmRSDUDMXt]HV H[HUFHUHPRPDJLVWpULR

&)DUWS~QLFR,

3HUPLVVmRSDUDPHPEURVGR0LQLVWpULR 3~EOLFRH[HUFHUHPRPDJLVWpULR 俺9HGDGD

DFXPXODomR

$FXPXODomRGHUHPXQHUDomR FRPSURYHQWRVGHDSRVHQWDGRULD GRUHJLPHGHSUHYLGrQFLD SUySULRGRVVHUYLGRUHV5336

([FHWR SDUD

&)DUW,,G

3URYHQWRVGHDSRVHQWDGRULDGR5336FRP 5HPXQHUDomRGHFDUJRHPSUHJRRXIXQomR &DUJRVDFXPXOiYHLVQDIRUPDGD&RQVWLWXLomR &DUJRVHOHWLYRV &DUJRVHPFRPLVVmR

&)DUW 


6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,,


$RVHUYLGRUS~EOLFRFLYLOpJDUDQWLGRRGLUHLWRjOLYUHDVVRFLDomRVLQGLFDO 1RUPDFRQVWLWXFLRQDOGHHILFiFLDSOHQD

'LUHLWRj $VVRFLDomR6LQGLFDO

)L[DomRGHYHQFLPHQWRV GRVVHUYLGRUHVS~EOLFRV

俺1mRSRGHVHUREMHWRGHFRQYHQomRFROHWLYD

6~PXOD67)

0RGDOLGDGHGHUHPXQHUDomR FRQIHULGDDFHUWRVFDUJRV

&KHIHVGR3RGHU([HFXWLYR 0LQLVWURVGH(VWDGR 6HFUHWiULRV(VWDGXDLVH0XQLFLSDLV 3RGHU/HJLVODWLYR 3RGHU-XGLFLiULR 0HPEURVGR 0LQLVWpULR3~EOLFR 7ULEXQDLVGH&RQWDV

2EULJDWyULR SDUD

D6XEVtGLR

3RGHPDGRWDU

)L[DGDHPSDUFHOD~QLFD 9HGDGRRDFUpVFLPRGHJUDWLILFDomRDGLFLRQDO DERQRSUrPLRYHUEDGHUHSUHVHQWDomRRXRXWUD HVSpFLHUHPXQHUDWyULD

6HUYLGRUHVS~EOLFRVRUJDQL]DGRVHPFDUUHLUD

E9HQFLPHQWRVUHPXQHUDomRHPV E9HQFLPHQWRVUHPXQHUDomRHPVHQWLGRHVWULWR HQWLGRHVWULWR $SOLFDGRDRVVHUYLGRUHVHVWDWXWiULRV

5HWULEXLomRSHFXQLiULDSHORH[HUFtFLRGRFDUJRS~EOLFR

&RPSRVLomR

9HQFLPHQWRV

9HQFLPHQWREiVLFR GRFDUJR

9DQWDJHQVSHFXQLiULDV SHUPDQHQWHV



2YHQFLPHQWRGRFDUJRHIHWLYRDFUHVFLGRGHYDQWDJHQVSHUPDQHQWHVpLUUHGXWtYHO

6HUYLGRUHV 3~EOLFRV

F6DOiULR

&RQWUDSUHVWDomRSHFXQLiULDSDJDDRVHPSUHJDGRVS~EOLFRV

6XEVtGLRGR0LQLVWURGR67) L8QLmR

6LVWHPD 5HPXQHUDWyULR

)L[DGRSRUOHLGHLQLFLDWLYDGR67)

eRWHWRJHUDOSDUDWRGRVRV3RGHUHV HPWRGDVDVHVIHUDVGD)HGHUDomR 6XEVtGLRGR *RYHUQDGRU

3RGHU([HFXWLYR

6XEVtGLRGRV'HSXWDGRV (VWDGXDLV'LVWULWDLV

3RGHU/HJLVODWLYR

6XEVtGLRGRV'HVHPEDUJDGRUHVGR 7ULEXQDOGH-XVWLoDOLPLWDGRD GRVXEVtGLRGR0LQLVWURGR67)

LL(VWDGRV')

3RGHU -XGLFLiULR

H/LPLWHV

/LPLWHDSOLFiYHO WDPEpPDRV

)DFXOWDGRDRV(VWDGRV')IL[DUFRPROLPLWH ~QLFRRVXEVtGLRGRV'HVHPEDUJDGRUHVGR7-

2EV

LLL0XQLFtSLRV LY6DOiULRGRV HPSUHJDGRV S~EOLFRV

0HGLDQWHHPHQGDj&RQVWLWXLomR(VWDGXDO 1mRVHDSOLFDROLPLWHDRVXEVtGLR GRV GRV 'HSXWDGRV 'HSXWDGRV (VWDGXDLV'LV (VWDGXDLV'LVWULWD WULWDLV LV QHPGRV9HUHDGRUHV

6XEVtGLRGR3UHIHLWR

&)DUW $SOLFDELOLGDGHGRWHWRVRPHQWHjVHVWDWDLVTXH UHFHEHUHPUHFXUVRVGRHQWHSROtWLFRSDUDSDJDPHQWR GHGHVSHVDVGHSHVVRDORXGHFXVWHLRHPJHUDO

Y3DUFHODVGHFDUiWHU LQGHQL]DWyULRSUHYLVWDVHPOHL 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

,0HPEURVGR 0LQLVWpULR3~EOLFR ,,3URFXUDGRUHV ,,,'HIHQVRUHV3~EOLFRV

1mRVmRFRPSXWDGDVQDDSOLFDomRGRWHWR &)DUW 


6(59,'25(63Ò%/,&261250$6&2167,78&,21$,6,,, ([HUFLGRQRVWHUPRVHQRVOLPLWHV GHILQLGRVHPOHLHVSHFtILFD

'LUHLWR GH*UHYH

67)


1RUPDFRQVWLWXFLRQDO GHHILFiFLDOLPLWDGD

&)DUW9,,

$SOLFDomRHQTXDQWRQmRHGLWDGDDOHLTXHUHJXODPHQWDRLQFLVR9,,GR $SOLFDomRHQTXDQWRQmRHGLWDGDDOHLTXHUHJXODPHQWDRLQFLVR9,,GR DUWGD&)QRTXHFRXEHUGDOHLGHJUHYHYLJHQWHQRVHWRUSULYDGR

6HUYLGRUHVS~EOLFRVWLWXODUHVGHFDUJRHIHWLYR

D$EUDQJrQFLD

&DUJRHPFRPLVVmR (PSUHJRS~EOLFR &DUJRWHPSRUiULR

俺 1mRVHDSOLFD

DRRFXSDQWHGH

3DUDFRQFHVVmRGHDSRVHQWDGRULDRTXHLPSRUWDpRWHPSR GHFRQ GH FRQWUL WULEX EXLom LomR R HQmRRWHPSRGHVHUYLoR俺

L5HJLPH FRQWULEXWLYR E&DUDFWHUtVWLFDV

$SOLFDVHR $SOLFDVH R 5HJLPH *HUDOGH3UHYLGrQFLD 6RFLDO&)DUW

/HJLWLPRXDH[LJrQFLDGHFRQWULEXLomRGRV DSRVHQWDGRVHSHQVLRQLVWDV&)DUW

LL5HJLPH VROLGiULR

&DOFXODGRVDSDUWLUGDVUHPXQHUDo}HVXWLOL]DGDVFRPR EDVHSDUDFRQWULEXLomRGRVHUYLGRUQDIRUPDGDOHL

F3URYHQWRVGH DSRVHQWDGRULD

5HSUHVHQWRXRILPGDVDSRVHQWDGRULDVFRPSURYHQWRVLQWHJUDLVSDUD RVVHUYLGRUHVTXHLQJUHVVDUDPQRVHUYLoRS~EOLFRGHSRLVGD(& (&VXSULPLX VXSULPLXDUHJUDTXHDVVHJXUDYDSDULGDGHHQWUHRVSURYHQWRV $(& GHDSRVHQWDGRULDHSHQVmRHDUHPXQHUDomRGRVVHUYLGRUHVDWLYRV

L,QYDOLGH] SHUPDQHQWH

6HUYLGRUHV 3~EOLFRV

3URYHQWRVSURSRUFLRQDLVDRWHPSRGHFRQWULEXLomR L$FLGHQWHHPVHUYLoR LL0ROpVWLDSURILVVLRQDO LLL'RHQoDJUDYHFRQWDJLRVDRXLQFXUiYHO LY6HUYLGRUHVDSRVHQWDGRVSRULQYDOLGH] TXHWHQKDPLQJUHVVDGRQRVHUYLoR 俺 ([FHWR S~EOLFRDWp(& 2VSURYHQWRVVHUmRFDOFXODGRVFRPEDVH QRYDORUGDUHPXQHUDomRGRFDUJRHIHWLYR HPTXHVHGHUDDSRVHQWDGRULDDVVHJXUDGD DSDULGDGHGHUHDMXVWHFRPRVDWLYRV

5HJLPHGH 3UHYLGrQFLD 3UySULRGRV 6HUYLGRUHV 3~EOLFRV

LL&RPSXOVyULD

3URYHQWRVSURSRUFLRQDLVDRWHPSRGHFRQWULEXLomR DQRV

5HTXLVLWRGH WHPSRPtQLPR SDUDRVGRLVFDVRV LLL9ROXQWiULD H+LSyWHVHVGH DSRVHQWDGRULD

DQRVGHHIHWLYRH[HUFtFLR QRVHUYLoRS~EOLFR DQRVQRFDUJRHIHWLYRHP TXHVHGDUiDDSRVHQWDGRULD

3URYHQWRVFDOFXODGRVDSDUWLUGDV UHPXQHUDo}HVXWLOL]DGDVFRPREDVH SDUDDVFRQWULEXLo}HVGRVHUYLGRU DQRV ,GDGHPtQLPD

,3URYHQWRV QmR SURSRUFLRQDLV +RPHP DRWHPSRGH FRQWULEXLomR

0XOKHU

&DVRV

7HPSRGH FRQWULEXLomR

DQRV

,GDGHPtQLPD

DQRV

7HPSRGH FRQWULEXLomR

DQRV

2EV3URIHVVRU 2EV3URIHVVRUH[FOXVLYRGDHGXFDomRLQIDQWLO HGRHQVLQRIXQGDPHQWDOHPpGLR 7HPSRGHFRQWULEXLomRHLGDGHUHGX]LGRVHPDQRV

1mRYDOHSDUDSURIHVVRUHVXQLYHUVLWiULRV ,,3URYHQWRV +RPHP SURSRUFLRQDLVDR SURSRUFLRQDLV  WHPSRGHFRQWULEXLomR 0XOKHU

I$ERQRGH SHUPDQrQFLD

DQRV

,GDGHPtQLPD ,GDGHPtQLPD

DQRV

%HQHItFLRFRQFHGLGRDRVHUYLGRUTXHSHUPDQHFHWUDEDOKDQGR DSyVWHUFXPSULGRWRGRVRVUHTXLVLWRVSDUDDDSRVHQWDGRULD YROXQWiULDQmRSURSRUFLRQ YROXQWiULDQ mRSURSRUFLRQDODRWHPSRGHFR DODRWHPSRGHFRQWULEXLomR QWULEXLomR 6HUYLGRUILFDGLVSHQVDGRGRSDJDPHQWRGDFRQWULEXLomRSUHYLGHQFLiULD DWpFRPSOHWDUDVH[LJrQFLDVSDUDDDSRVHQWDGRULDFRPSXOVyULD 


6(59,'25(63Ò%/,&26/(,,

Cap. 8 - Servidores Públicos

$WRDGPLQLVWUDWLYRSHORTXDOVHSUHHQFK $WRDGPLQLVWUDWLYRSHORTXDOVHSUHHQFKHRFDUJRYDJR HRFDUJRYDJR 9tQFXORLQLFLDOGRVHUYLGRUDRFDUJR L2ULJLQiULR 1RPHDomR

D&RQFHLWR

'HSHQGHGHYtQFXORDQWHULRUFRPDDGPLQL 'HSHQGHGHYtQFXORDQWHULRUFRPDDGPLQLVWUDomRS~EOLFD VWUDomRS~EOLFD

3RGHVHU LL'HULYDGR

L1RPHDomR

LL3URPRomR

9HGDGRV

$&(662RX$6&(162 HD75$16)(5Ç1&,$

'HFODUDGRV LQFRQVWLWXFLRQDLV

)RUPDGHSURYLPHQWRRULJLQiULR &DUJRHIHWLYRPHGLDQWHFRQFXUVRS~EOLFR 1mRH[LJH FRQFXUVRS~EOLFR &DUJRHPFRPLVVmR )RUPDGHSURYLPHQWRGHULYDGR )RUPDGHYDFkQFLDGRFDUJRDQWHULRU (PFDUJRHIHWLYRRUJDQL]DGRHPFDUUHLUD )RUPDGHSURYLPHQWRGHULYDGR ,QYHVWLGXUDGRVHUYLGRUHPFDUJRGHDWULEXLo ,QYHVWLGXUDGRVHUYLGRUHPFDUJRGHDWULEXLo}HVFRPSDWtYHLV }HVFRPSDWtYHLVFRPD FRPD OLPLWDomRTXHWHQKDVRIULGRHPVXDFDSDFLGDGHItVLFDRXPHQWDO 9HULILFDGDHPLQVSHomRPpGLFD &DVRQmRKDMDFDUJRYDJRRVHUYLGRUILFDUiFRPRH[FHGHQWH

LLL5HDGDSWDomR

)RUPDGHSURYLPHQWRGHULYDGR ,3RU LQYDOLGH]

LY5HYHUVmR

3URYLPHQWR

5HWRUQRj DWLYLGDGHGR DSRVHQWDGR ,,9ROXQWiULR

E)RUPDV

/HL Y$SURYHLWDPHQWR

-XQWDPpGLFDRILFLDOGHFODUDLQVXEVLVWHQWHV RVPRWLYRVGDDSRVHQWDGRULD (QFRQWUDQGRVHSURYLGRRFDUJR RVHUYLGRUILFDUiFRPRH[FHGHQWH 1RLQWHUHVVHGDDGPLQLVWUDomRS~EOLFD L7HQKDVROLFLWDGRDUHYHUVmR LL$DSRVHQWDGRULDWHQKD VLGRYROXQWiULD LLL(VWiYHOTXDQGRQDDWLYLGDGH 5HTXLVLWRV LY$SRVHQWDGRULDRFRUULGRQRV DQRVDQWHULRUHVjVROLFLWDomR Y+DMDFDUJRYDJR

)RUPDGHSURYLPHQWRGHULYDGR 5HWRUQRjDWLYLGDGHGRVHUYLGRUHPGLVSRQLELOLGDGH (QTXDQWRHPGLVSRQLELOLGDGHpUHP (QTXDQWRHPGLVSRQLELOLGDGHpUHPXQHUDGRSURSRUFLRQDOPH XQHUDGRSURSRUFLRQDOPHQWH QWH DRWHPSRGHVHUYLoRHQmRWHPSRGHFRQWULEXLomR ([FOXVLYRSDUDVHUYLGRUHVWiYHO )RUPDGHSURYLPHQWRGHULYDGR 5HWRUQRjDWLYLGDGHGRLOHJDOPHQWHGHPLWLGR 5HVVDUFLPHQWRGHWRGRVRVSUHMXt]RVVRIULGRV 2VHUYLGRUVHUiDSURYHLWDGRHPRXWURFDUJRRX ([WLQWRRFDUJR )LFDUiHPGLVSRQLELOLGDGHFRPUHPXQHUDomR SURSRUFLRQDODRWHPSRGHVHUYLoR

YL5HLQWHJUDomR

YLL5HFRQGXomR

D&RQFHLWR

3RVVH

,5HFRQGX]LGRDRFDUJRGHRULJHP VHPGLUHLWRjLQGHQL]DomR (YHQWXDORFXSDQWH ,,$SURYHLWDGR HPRXWURFDUJR GRFDUJRSRGHUiVHU ,,,3RVWRHPGLVSRQLELOLGDGHFRPUHPXQHUDomR SURSRUFLRQDODRWHPSRGHVHUYLoR ([FOXVLYRSDUDVHUYLGRUHVWiYHO )RUPDGHSURYLPHQWRGHULYDGR ,(VWiJLR ,(VWiJLR SUREDWyULR SUREDWyULR ,QDELOLWDomR UHODWLYRDRXWURFDUJR 'HVLVWrQFLD6~PXOD$*8 &DVRV ,,5HLQWHJUDomRGRDQWHULRURFXSDQWH ([FOXVLYRSDUDVHUYLGRUHVWiYHO

$WRELODWHUDOHQWUHRDSURYDGRHPFRQFX $WRELODWHUDOHQWUHRDSURYDGRHPFRQFXUVRS~EOLFRHDDGPL UVRS~EOLFRHDDGPLQLVWUDomRS~EOLFD QLVWUDomRS~EOLFD $WRXQLODWHUDOGDDGPLQLVWUDomRS~EOLFD $WRXQLODWHUDOGDDGPLQLVWUDomRS~EOLFD 1mRFRQIXQGLU FRP120($d2 IRUPDGHSURYLPHQWRRULJLQiULRGRFDUJR 3UD]RSDUD 3266(

GLDVFRQWDGRVGDSXEOLFDomRGRDWRGHSURYLPHQWR 6HUiWRUQDGRVHPHIHLWRRDWRGHSURYLPHQWR 2EV VHDSRVVHQmRRFRUUHUQRSUD]RSUHYLVWR

E3UD]R 3UD]RSDUDR(;(5&Ë&,2

GLDVFRQWDGRVGDGDWDGDSRVVH 51


6(59,'25(63Ò%/,&26/(,,,


6mRDVKLSyWHVHVSUHYLVWDVQDOHLQDVTXDLVRVHUYLGRUGHVRFXSD RFDUJRWRUQDQGRRSDVVtYHOGHVHUSUHHQFKLGRSRURXWUDSHVVRD ,5HSURYDomRHPHVWiJLRSUREDWyULR 'HRItFLR ,,7RPDSRVVHHQmRHQWUDHP &DUJR H[HUFtFLRQRSUD]ROHJDO HIHWLYR $SHGLGR /HLDUW

L([RQHUDomR

&DUJRHPFRPLVVmR

$MXt]RGDDXWRULGDGHFRPSHWHQWH $SHGLGR /HLDUW

([FHVVRGHGHVSHVDVFRPSHVVRDODWLYRHLQDWLYR

2EV

)RUPDV

9DFkQFLD

LL'HPLVVmR

&)DUW

1mRpVDQomR

eVDQomR SHQDOLGDGHGLVFLSOLQDUDVHU DSOLFDGDQRVFDVRVOHJDOPHQWHSUHYLVWRV /HLDUW

LLL3URPRomR LY5HDGDSWDomR Y$SRVHQWDGRULD

3DVVDJHPGRVHUYLGRUGDDWLYLGDGHSDUD DLQDWLYLGDGHVHJXQGRUHJUDVSUySULDV

YL)DOHFLPHQWR YLL3RVVHHPRXWURFDUJRLQDFXPXOiYHO

2EV

/HL

2HVWDWXWRQmRLQFOXLQRUROGHYDFkQFLDV DUHFRQGXomR &RQWXGRQDSUiWLFDTXDQGRGHVXDRFRUUrQFLDKiSURYLPHQWR GHXPFDUJRHDRPHVPRWHPSRRXWURILFDYDJR 3URPRomRHUHDGDSWDomR /HL )RUPDVGHSURYLPHQWR HYDFkQFLD 'RXWULQD 3URPRomRUHDGDSWDomRHUHFRQGXomR

3HUtRGRGHH[HUFtFLRGRVHUYLGRUGXUDQWHRTXDOpREVHUYDGDHDSXUDGDSHODDGPLQLVWUDomR DFRQYHQLrQFLDRXQmRGHVXDSHUPDQrQFLDQRVHUYLoRS~EOLFRPHGLDQWHDYHULILFDomRGRV UHTXLVLWRVHVWDEHOHFLGRVHPOHLSDUDDDTXLVLomRGDHVWDELOLGDGH 3UD]R DQRV

(VWiJLR 3UREDWyULR

5HPRomR

&ULWpULRV

/HLDUW

'HVORFDPHQWRGR6(59,'25QRkPELWRGRPHVPRTXDGURFRPRXVHPPXGDQoDGHVHGH /HLDUW ,$FULWpULRGDDGPLQLVWUDomRS~EOLFD L$SHGLGR ,,,QGHSHQGHQWHPHQWHGRLQWHUHVVHGDDGPLQLVWUDomRS~EOLFD )RUPDV LL'HRItFLR

2EV

5HGLVWULEXLomR

6XEVWLWXLomR

L$VVLGXLGDGH LL'LVFLSOLQD LLL&DSDFLGDGHGHLQLFLDWLYD LY3URGXWLYLGDGH Y5HVSRQVDELOLGDGH

1mRpIRUPDGHSURYLPHQWRRXYDFkQFLD

'HVORFDPHQWRGR&$5*2 GHSURYLPHQWRHIHWLYRRFXSDGRRXYDJRQRkPELWR GRTXDGURJHUDOGHSHVVRDOSDUDRXWURyUJmRRXHQWLGDGHGRPHVPR3RGHU /HLDUW 1mRpIRUPDGHSURYLPHQWRRXYDFkQFLD 2EV 6HUYLGRUHVLQYHVWLGRVHPFDUJRRXIXQomRGHGLUHomRRXFKHILDHRVRFXSDQWHVGHFDUJRGH 1DWXUH]D(VSHFLDOWHUmRVXEVWLWXWRVLQGLFDGRVQRUHJLPHQWRLQWHUQRRXQRFDVRGHRPLVVmR SUHYLDPHQWHGHVLJQDGRVSHORGLULJHQWHPi[LPRGRyUJmRRXHQWLGDGH /HLDUWH 



6(59,'25(63Ò%/,&26352&(662$'0,1,675$7,92',6&,3/,1$53$' 90 5

,OtFLWRDVVRFLDGRDR H[HUFtFLRGRFDUJR

,OtFLWRV DGPLQLVWUDWLYRV GLVFLSOLQDUHV

$SXUDIDWRVUHODFLRQDGRVj GLVFLSOLQDGRVVHUYLGRUHV

LL2EMHWLYD

D$EUDQJrQFLD

6HUYLGRUHVHVWDWXWiULRV

LL6XEMHWLYD

(IHWLYR

2FXSDQWHVGHFDUJR

&RPLVVmR

$XWRULGDGHTXHWLYHUFLrQFLDGHLUUHJXODULGDGH QRVHUYLoRS~EOLFRpREULJDGDDSURPRYHUDVXD DSXUDomRPHGLDQWH

,QWURGXomR

E&LrQFLDGH LUUHJXODULGDGH

3$'

'HYHUGHDSXUDomR

/HLDUW 1mRSRGH VHU DQ{QLPD

L,GHQWLILFDomRHHQGHUHoR GRGHQXQFLDQWH 5HTXLVLWRVGH DGPLVVLELOLGDGH

F'HQ~QFLD

6LQGLFkQFLD

LL)RUPXODGDSRUHVFULWR

)RUPDO

LLL2REMHWRGDGHQ~QFLDGHYH FRQILJXUDULQIUDomRGLVFLSOLQDU 'HYHUGRVHUYLGRU

/HLDUW9,H;,,

(QFDPLQKDGDSHODYLDKLHUiUTXLFDHDSUHFLDGDSHOD DXWRULGDGHVXSHULRUjTXHODFRQWUDDTXDOpIRUPXODGD

G5HSUHVHQWDomR

3$' 3URFHGLPHQWRDGPLQLVWUDWLYRTXH YLVDDSXUDomRGHLUUHJXODULGDGH

6LQGLFkQFLDHPVHQWLGRDPSOR

3URFHGLPHQWRDGPLQLVWUDWLYRLQYHVWLJDWLYR GLVFULFLRQiULRHGHQDWXUH]DLQTXLVLWRULDO

L6LQGLFkQFLD LQTXLVLWRULDO

D&RQFHLWR 7LSRORJLD

LL6LQGLFkQFLD FRQWUDGLWyULD

3URFHGLPHQWRFpOHUHGHVWLQDGRDDSXUDU UHVSRQVDELOLGDGHGHPHQRUJUDYLGDGH

/HL

RXVHUYLGRUHVHVWiYHLV

E&RPLVVmR

$/HLQmRHVWDEHOHFHQHQKXPDIDVH

6LQGLFkQFLD

F)DVHV

5HFRPHQGDPHVPRUHJUDPHQWRGR3$'5LWR2UGLQiULR

'RXWULQD

L$UTXLYDPHQWRGRSURFHVVR

G&RQVHTXrQFLDV

LL$SOLFDomRGHSHQDOLGDGHGH

$GYHUWrQFLD 6XVSHQVmRGHDWpGLDV

LLL,QVWDXUDomRGH3$' L$GYHUWrQFLD

H3HQDOLGDGHV

LL6XVSHQVmRSRUDWpGLDV $WpGLDV

I3UD]RV

&RQFOXVmR

3URUURJDomR

3RULJXDOSUD]R





6(59,'25(63Ò%/,&263$'5,7225',1È5,2

,QVWUXPHQWRGHVWLQDGRDDSXUDUUHVSRQVDELOLGDGH GHVHUYLGRUSRULQIUDomRSUDWLFDGD

2EULJDWyULRTXDQGRLOtFLWR SUDWLFDGRHQVHMDUSHQDOLGDGHGH

&RQFHLWR

L6XVSHQVmRSRUPDLVGHGLDV ,'HPLVVmR LL2XWUDV PDLVJUDYHV ,,&DVVDomRGH

$SRVHQWDGRULD 'LVSRQLELOLGDGH ,,,'HVWLWXLomRGHFDUJRHPFRPLVVmR

)RUPDGDSRUWUrVVHUYLGRUHVHVWiYHLV 2SUHVLGHQWHGD L&DUJRHIHWLYRGHPHVPRQtYHORXVXSHULRUHRX FRPLVVmRGHYHWHU LL1tYHOGHHVFRODULGDGHLJXDORXVXSHULRUDRGRLQGLFLDGR

&RPLVVmR

3UD]RV

L1RH[HUFtFLRGHVXDVDWULEXLo}HVRX LL4XHWHQKDUHODomRFRPDVDWULEXLo}HV GRFDUJRHPTXHVHHQFRQWUHLQYHVWLGR

1mRH[FHGHUiGLDVFRQWDGRVGDSXEOLFDomRGRDWRFRQVWLWXWLYRGDFRPLVVmR 3URUURJiYHOSRULJXDOSHUtRGR

&RQFOXVmRGR3$'

D,QVWDXUDomR

,QLFLDFRPDSXEOLFDomRGRDWRTXHFRQVWLWXLUDFRPLVVmR $QiOLVHSUpYLDHPTXHDDXWRULGDGHFRPSHWHQWH GHFLGHVHGHWHUPLQDRXQmRDLQVWDXUDomRGR3$' 'HYHVHUSUHFHGLGDGH 'HYHKDYHU H[DPHGHDGPLVVLELOLGDGH L0DWHULDOLGDGHIDWRHRX LQGtFLRVGH LL$XWRULDVXMHLWR %XVFDHOHPHQWRVSDUDDPSDUDUDIRUPDomRGH FRQYLFomRGDFRPLVVmRHGDDXWRULGDGHMXOJDGRUD 2EMHWLYDDFROHWDGHSURYDV 'LOLJrQFLDV $WRVGHLQVWUXomRSUREDWyULD 3HUtFLDV UROH[HPSOLILFDWLYR 'HSRLPHQWRVGHWHVWHPXQKDV ,QWHUURJDWyULRGRDFXVDGR

L,QVWUXomR

3$' 5LWR 2UGLQiULR

,QGLFLDomR

)DVHV

ÒOWLPRDWRGDLQVWUXomR ,QVWUXPHQWRGHDFXVDomRIRUPDOGRVHUYLGRU 6HUYLGRUSDVVDGHDFXVDGRSDUD,1',&,$'2 4XDOLILFDRVHUYLGRU L$XWRULD $LQGLFLDomR GHOLPLWDD DFXVDomR 'HVFUHYH TXDQWRj RVIDWRV LL0DWHULDOLGDGH

&RQWUDGLWyULR 'LUHLWRGH FLrQFLD 'LUHLWRGH FRQWHVWDomR $SRQWDDVSURYDV

E,QTXpULWR DGPLQLVWUDWLYR

LL'HIHVD

)RUPD

)RUPDHVFULWD 3ULQFtSLRGRIRUPDOLVPRPRGHUDGRLQVWUXPHQWDOLGDGHGDVIRUPDV

5HYHOLD

1mRDSUHVHQWDomRGDGHIHVDQRSUD]R 6HUYLGRUHVWiYHORXQmR L'HVLJQDomRGH &DUJRHRX GHIHQVRUGDWLYR 5HTXLVLWRV (IHLWRVGD (VFRODULGDGH UHYHOLD LL&RPSHWrQFLDSDUD $XWRULGDGHLQVWDXUDGRUD GHVLJQDURGHIHQVRUGDWLYR

'LULJLGRjDXWRULGDGHLQVWDXUDGRUD 'HYHFRQWHUJUDXGHFRQYLFomR 0HQomRjVSURYDV

LLL5HODWyULR

'HYHVHU FRQFOXVLYR TXDQWRj

,,QRFrQFLD ,,5HVSRQVDELOLGDGH

'LVSRVLWLYROHJDOWUDQVJUHGLGR $JUDYDQWHV &LUFXQVWkQFLDV $WHQXDQWHV

F-XOJDPHQWR

&RQWUDGLWyULRHDPSODGHIHVD

'HYHPVHUFRQFHGLGRVDSDUWLUGDIDVHGRLQTXpULWRDGPLQLVWUDWLYR /HLDUW

&DEtYHO

$IDVWDPHQWR SUHYHQWLYR 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

0HGLGDFDXWHODU 3UD]R

3DUDTXHVHUYLGRUQmRYHQKDLQIOXLUQDDSXUDomR 1mRpSHQDOLGDGH

$WpGLDV 3URUURJiYHOSRULJXDOSHUtRGR sua




6(59,'25(63Ò%/,&263$'5,72680È5,2(35$=26


&DUJRV (PSUHJRVRX

L$FXPXODomRLOHJDOGH

)XQo}HVS~EOLFDV

LL$EDQGRQR GHFDUJR

$XVrQFLDLQWHQFLRQDOSRUPDLVGHGLDV

/HLDUW

D+LSyWHVHV

)DOWDLQMXVWLILFDGDSRUGLDV

LLL,QDVVLGXLGDGH KDELWXDO

,QWHUSRODGDPHQWHHP SHUtRGRGHPHVHV

5LWR 6XPiULR

/HLDUW VHUYLGRUHVHVWiYHLV

E&RPLVVmR

L,QVWDXUDomR

,QGLFDomR

$XWRULD 0DWHULDOLGDGHGDWUDQVJUHVVmR

,,QGLFLDomR

F)DVHV

LL,QVWUXomRVXPiULD

,,'HIHVD ,,,5HODWyULR

3$' 5LWR 6XPiULR H3UD]RV

LLL-XOJDPHQWR

3UD]RSDUDFRQFOXVmRPDLVSUD]RSDUDMXOJDPHQWR

L6LQGLFkQFLD D3UD]RGR SURFHVVR

GLDV

LL3$'5LWRRUGLQiULR LLL3$'5LWRVXPiULR

GLDV GLDV

L3HQDVH[SXOVLYDVFDSLWDLV

3UD]RV

LL6XVSHQVmR LLL$GYHUWrQFLD E3UHVFULomR

DQRV GLDV ,&RPHoD DFRUUHU

PRPHQWRV

DQRV

,,,QWHUURPSH

,,,5HFRPHoD

$SDUWLUGHTXDQGRRIDWR VHWRUQRXFRQKHFLGR $EHUWXUDVLQGLFkQFLD ,QVWDXUDomR3$' $SyVSUD]RGHFLVmRILQDO SUD]RSURFHVVR 


&21&(,72'(6(59,d23Ò%/,&2 $WXDOPHQWHDOJXQVDXWRUHVDGRWDPXPFRQFHLWRDPSORSDUDVHUYLoR S~EOLFRHQTXDQWRRXWURVDGRWDPXPFRQFHLWRUHVWULWRQmRVH SRGHQGRDILUPDUFRQWXGRTXHXPVHMDPDLVFRUUHWRTXHRRXWUR

,QWURGXomR

0DLV DPSOR

&DS   6HUYLoRV 3~EOLFRV

2VVHUYLoRVS~EOLFRVLQFOXLULDPWRGDVDVDWLYLGDGHVGR(VWDGRIXQomRS~EOLFD /HJLVODomR 俶 ,QFOXL -XULVGLomR ([HFXomR

2EV

2&HVSHDGRWRXHVVHFRQFHLWR7&8DRFRQVLGHUDUHUUDGDDDILUPDWLYD VHJXQGRDTXDOR')GHYHULDSUHVWDURVVHUYLoRVS~EOLFRVSUHYLVWRVFRPRGH FRPSHWrQFLDGRVHVWDGRVHGRVPXQLFtSLRVFXPXODWLYDPHQWH

2VVHUYLoRVS~EOLFRVDEUDQJHULDPDVDWLYLGDGHV GHDGPLQLVWUDomRS~EOLFDHPVHQWLGRPDWHULDO /HJLVODomR ([FOXL -XULVGLomR

$PSOR 俶

&RQFHLWRGH 6HUYLoR 3~EOLFR

,QFOXL

([HFXomR

2VVHUYLoRV S~EOLFRV DEUDQJHULDP

6HUYLoRS~EOLFRHPVHQWLGRHVWULWR 6HUYLoRS~EOLFR 6HUYLoRVDGPLQLVWUDWLYRV GDDGPLQLVWUDomRS~EOLFD 3ROtFLDDGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR

L6HUYLoRS~EOLFRHP VHQWLGRHVWULWR

3UHVWDo}HVGHXWLOLGDGHVRXFRPRGLGDGHV PDWHULDLVHIHWXDGDV',5(7$0(17(j SRSXODomRSHODDGPLQLVWUDomRS~EOLFDRX VHXVGHOHJDWiULRV

LL 6HUYLoRVDGPLQLVWUDWLYRV GDDGPLQLVWUDomRS~EOLFD

5HVWULWR

$WLYLGDGHVLQWHUQDVDWLYLGDGHVPHLR GDDGPLQLVWUDomRS~EOLFDYROWDGDV ,1',5(7$0(17( DRVLQWHUHVVHVRX QHFHVVLGDGHVGRVDGPLQLVWUDGRV

/HJLVODomR -XULVGLomR

([FOXL ([HFXomR

3ROtFLDDGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR 6HUYLoRS~EOLFRHPVHQWLGRHVWULWR 6HUYLoRVDGPLQLVWUDWLYRVGDDGPLQLVWUDomRS~EOLFD

,QFOXL

6HUYLoRS~EOLFR

2EV

&RQFHLWRDGRWDGRSRU0DULD6\OYLD'L3LHWUR

2VVHUYLoRVS~EOLFRVDEUDQJHULDPVRPHQWHDVSUHVWDo}HVGH XWLOLGDGHVRXFRPRGLGDGHVPDWHULDLVHIHWXDGDV',5(7$0(17( jSRSXODomRSHODDGPLQLVWUDomRS~EOLFDRXVHXVGHOHJDWiULRV

6HUYLoRS~EOLFRHP VHQWLGRHVWULWR

/HJLVODomR -XULVGLomR

0DLV UHVWULWR

([FOXL ([HFXomR

俶

,QFOXL

6HUYLoRVDGPLQLVWUDWLYRVGDDGPLQLVWUDomRS~EOLFD 3ROtFLDDGPLQLVWUDWLYD )RPHQWR ,QWHUYHQomRLQGLUHWDQRGRPtQLRHFRQ{PLFR

6RPHQWHRVHUYLoRS~EOLFRHPVHQWLGRHVWULWR

2EV&RQFHLWRDGRWDGRSRU&HOVR$QW{QLR0DUFHOR$OH[DQGULQRH9LFHQWH3DXOR 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH





6(59,d263Ò%/,&26&216,'(5$d®(6*(5$,6

05

(PVXDVRULJHQVRVDXWRUHVDGRWDYDP &5,7e5,26SDUDFRQFHLWXDUVHUYLoRS~EOLFR 6HUYLoRVS~EOLFRVVHULDPVRPHQWHDTXHOHVSUHVWDGRVGLUHWDPHQWH SHOR(67$'2PHGLDQWHVHXVyUJmRVRXHQWLGDGHVHVWDWDLV

D&ULWpULR RUJkQLFR VXMHWLYR

&UtWLFD

(VVHFULWpULRHQWURXHPGHFOtQLRFRPRVXUJLPHQWRGHIRUPDVGH SUHVWDomRLQGLUHWDGHVHUYLoRVS~EOLFRVGHOHJDomRDSHVVRDVSULYDGDV

$GRWDGRSHODHVFRODRXFRUUHQWHHVVHQFLDOLVWD 8WLOL]DFRPRFULWpULRSDUDGHILQLomRGHVHUYLoRS~EOLFRDQDWXUH]DGDDWLYLGDGH UHOHYkQFLD 6HUYLoRVS~EOLFRVVHULDPDTXHOHVUHODFLRQDGRVj VDWLVIDomRGH1(&(66,'$'(6(66(1&,$,6 GD FROHWLYLGDGHLQWHUHVVHVFROHWLYRVSULPiULRV 

E&ULWpULR PDWHULDO REMHWLYR

&UtWLFD

&ULWpULRV

6HUYLoRV HVVHQFLDLV

1HPVHPSUHRVVHUYLoRVS~EOLFRVFRQVWLWXHPDWLYLGDGHVHVVHQFLDLVjFROHWLYLGDGH ([LVWHPDWLYLGDGHSUHVWDGDVSHOR(VWDGRHPUD]mRGDVXD FRQYHQLrQFLD LQWHUHVVHVFROHWLYRVQmRHVVHQFLDLV6HUYLoRV~WHLV

$GRWDGRSHODHVFRODRXFRUUHQWHIRUPDOLVWDOHJDOLVWD 'HIHQGHDWHVHGHTXHQmRpSRVVtYHOLGHQWLILFDUXPQ~FOHRUHODWLYRj QDWXUH]DGDDWLYLGDGHTXHDOHYHDVHUFODVVLILFDGDFRPRVHUYLoRS~EOLFR 8WLOL]DFRPRFULWpULRSDUDGHILQLomRGHVHUYLoRS~EOLFR RUHJLPHMXUtGLFR VRERTXDODDWLYLGDGHpGHVHQYROYLGD

F&ULWpULR IRUPDO

6HUYLoRVS~EOLFRVVHULDPDVDWLYLGDGHV HVWDWDLVH[HUFLGDVVREUHJLPHMXUtGLFR GH',5(,723Ò%/,&2

6XSUHPDFLDGRLQWHUHVVHS~EOLFR ,QGLVSRQLELOLGDGHGRLQWHUHVVHS~EOLFR

&RQFHLWRPXLWRDPSOR TXHDEUDQJHULDDOpPGD IXQomRDGPLQLVWUDWLYDDMXULVGLFLRQDOHDOHJLVODWLYD &UtWLFD

(PDOJXQVFDVRVLQFLGHPUHJUDVGHGLUHLWRSULYDGR UHJLPHMXUtGLFRKtEULGR SULQFLSDOPHQWHTXDQGRR VHUYLoRS~EOLFRpH[HFXWDGRSRUSHVVRDVSULYDGDV

2VHUYLoRpSUHVWDGRSHODDGPLQLVWUDomRGLUHWD

D&HQWUDOL]DGD

6HUYLoRV 3~EOLFRV

2VHUYLoRpSUHVWDGRSRUSHVVRDGLIHUHQWHGRHQWH IHGHUDGRDTXHD&RQVWLWXLomRDWULEXLDWLWXODULGDGH 2VHUYLoRpSUHVWDGRSRUHQWLGDGHGDDGPLQLVWUDomR LQGLUHWDjTXDODOHLWUDQVIHUHDVXDWLWXODULGDGH

)RUPDVGH SUHVWDomR

L3RUVHUYLoRV

'HVFHQWUDOL]DomRPHGLDQWHRXWRUJDOHJDO

E'HVFHQWUDOL]DGD

2VHUYLoRpSUHVWDGRSRUSDUWLFXODUHVDRV TXDLVPHGLDQWHGHOHJDomRGRSRGHUS~EOLFR pDWULEXtGDDVXDPHUDH[HFXomR

LL3RUFRODERUDomR

'HVFHQWUDOL]DomRPHGLDQWHGHOHJDomR

,QFXPEHDR3RGHU3~EOLFRGLUHWDPHQWHRXVREUHJLPH GHFRQFHVVmRRXSHUPLVVmRVHPSUHPHGLDQWH OLFLWDomRDSUHVWDomRGHVHUYLoRVS~EOLFRV

'LVSRVLo}HV FRQVWLWXFLRQDLV &)DUW 

$OHLGLVSRUi VREUH

,6HUYLoRS~EOLFR ,,6HUYLoRS~EOLFRSUHFHGLGDGD H[HFXomRGHREUDS~EOLFD /HL

D&RQFHVVmR (VSpFLHV LL3DUFHULDV 3~EOLFR3ULYDGDV E3HUPLVVmR

6HUYLoRVS~EOLFRV HFRQ{PLFRV

L5HJLPHGDVHPSUHVDVFRQFHVVLRQiULDVHSHUPLVVLRQiULDV FRQWUDWRHFRQGLo}HVGHFDGXFLGDGHILVFDOL]DomRH UHVFLVmRGDFRQFHVVmRRXSHUPLVVmR LL'LUHLWRVGRVXVXiULRV LLL3ROtWLFDWDULIiULD LY2EULJDomRGHPDQWHUVHUYLoRDGHTXDGR

L&RPXP

'HOHJDomRGH VHUYLoRS~EOLFR

&)DUW

,&RQFHVVmRSDWURFLQDGD ,,&RQFHVVmRDGPLQLVWUDWLYD /HL 9HUPDSD3DUFHULDV3~EOLFR3ULYDGDV

/HL

F$XWRUL]DomR 9HUPDSDV'HOHJDomRH'LVSRVLo}HVGD/HL 



&/$66,),&$d2'266(59,d263Ò%/,&26

3UHVWDGRVDWRGDFROHWLYLGDGHLQGLVWLQWDPHQWH 6mRXVXIUXtGRVDSHQDVLQGLUHWDPHQWHSHORLQGLYtGXRV 8VXiULRVVmRLQGHWHUPLQDGRVRXLQGHWHUPLQiYHLV (['HIHVDS~EOLFDVHUYLoRVDGPLQLVWUDWLYRVLOXPLQDomRS~EOLFDOLPSH]DXUEDQD

,QGLYLVtYHLV D*HUDLV XWLXQLYHUVL 

4XDQWRDR XVXiULR

(VSHFtILFRV E,QGLYLGXDLV XWLVLQJXOL 

4XDQWRj SUHVWDomR

D'HOHJiYHLV QmRH[FOXVLYRV E,QGHOHJiYHLV H[FOXVLYRV

9LVDPDVDWLVIDomRLQGLYLGXDOHGLUHWD GDVQHFHVVLGDGHVGRVFLGDGmRV

3RGHPVHUUHPXQHUDGRVPHGLDQWHWD[DUHJLPHOHJDORXWDULIDVUHJLPHFRQWUDWXDO ([)RUQHFLPHQWRGHiJXDHQFDQDGDJiVFDQDOL]DGRHQHUJLDHOpWULFD 3RGHPVHUSUHVWDGRVSHOR(VWDGRRXDOWHUQDWLYDPHQWH VHUHPGHOHJDGRVDSDUWLFXODUHV 俶 $GPLWHPGHOHJDomR

6RPHQWHSRGHPVHUSUHVWDGRVSHOR(VWDGR 1mRDGPLWHPGHOHJDomR $WHQGHPDQHFHVVLGDGHVLQWHUQDVGDDGPLQLVWUDomRS~EOLFD 1mRVmRXVXIUXtGRVGLUHWDPHQWHSHODFRPXQLGDGH ([,PSUHQVDRILFLDO

D$GPLQLVWUDWLYRV

$WHQGHPDRVGLUHLWRV VRFLDLVGDSRSXODomR &)DUWH7tWXOR9,,,

$WHQGHPDQHFHVVLGDGHVFROHWLYDVHP TXHDDWLYLGDGHGR(VWDGRpHVVHQFLDO 3RVVXHPQDWXUH]D62&,$/

E6RFLDLV

23RGHU3~EOLFRRVSUHVWDVHPLQWXLWRGHOXFUR

4XDQGRH[HUFLGR 1mRVmRGHWLWXODULGDGH SRUSDUWLFXODUHV H[FOXVLYDGR3RGHU3~EOLFR

1mR p VHUYLoRS~EOLFR 俶 eVHUYLoRSULYDGR

([ 6D~GHHGXFDomRSUHYLGrQFLDFXOWXUD

&ODVVLILFDomR GRV6HUYLoRV 3~EOLFRV

$WHQGHPDQHFHVVLGDGHVFROHWLYDVGHRUGHPHFRQ{PLFD

4XDQWR DRREMHWR

([SORUDGRFRPD SRVVLELOLGDGHGHOXFUR

3RVVXHPQDWXUH]D(&21Ð0,&$ 俶 6mRGH

F(FRQ{PLFRV FRPHUFLDLVRX LQGXVWULDLV

WLWXODULGDGH )RUPDGH H[FOXVLYDGR SUHVWDomR 3RGHU3~EOLFR

,QGLUHWD

3UHVWDGRSHOR3RGHU3~EOLFR 3UHVWDGRSRUSDUWLFXODUHVPHGLDQWH GHOHJDomRGHVHUYLoRS~EOLFR

0DULD 6\OYLD E6HUYLoRS~EOLFR LPSUySULR

3UySULRVH LPSUySULRV D6HUYLoR S~EOLFRSUySULR

5HJLPHGH FRQFRUUrQFLD 5HJLPHGH PRQRSyOLR

([SORUDomRGLUHWDGH DWLYLGDGHHFRQ{PLFD &)DUW ([FOXVLYRVGD8QLmR &)DUW

6mRDTXHOHVTXHDWHQGHQGRDQHFHVVLGDGHVFROHWLYDVR(VWDGR DVVXPHFRPRVHXVHRVH[HFXWDGLUHWDPHQWHSRUPHLRGHVHXV DJHQWHVRXLQGLUHWDPHQWHPHGLDQWHFRQFHVVLRQiULRVHSHUPLVVLRQiULRV

D6HUYLoR S~EOLFRSUySULR

E6HUYLoR S~EOLFR LPSUySULR

'LUHWD

([7UDQVSRUWHHQHUJLDHOpWULFDWHOHFRPXQLFDo}HV 1mRVHFRQIXQGHP FRP DWXDomRGLUHWDGR(VWDGR QRGRPtQLRHFRQ{PLFR

+HO\ /RSHV

&)DUW

6mR DWLYLGDGHVSULYDGDV H[HUFLGDVSRU SDUWLFXODUHV PDVTXHSRU DWHQGHUHPDQHFHVVLGDGHVFROHWLYDVGHSHQGHPGHDXWRUL]DomR GR3RGHU3~EOLFRVHQGRSRUHOH UHJXODPHQWDGDV H ILVFDOL]DGDV 1mRpUHDOPHQWHVHUYLoRS~EOLFRHPVHQWLGRMXUtGLFR ([ 6HUYLoRVGHVHJXURHGHSUHYLGrQFLDSULYDGD 6mRDTXHOHVUHODFLRQDGRVjVDWULEXLo}HVGR3RGHU3~EOLFR HSDUDRVTXDLVD$GPLQLVWUDomRXVDGH6835(0$&,$ 6yGHYHPVHUSUHVWDGRVSRUyUJmRVHHQWLGDGHV S~EOLFDVVHPGHOHJDomRDSDUWLFXODUHV

6mRDTXHOHVTXHQmRDIHWDPVXEVWDQFLDOPHQWHDVQHFHVVLGDGHV GDFRPXQLGDGHPDVVDWLVID]HPDLQWHUHVVHVFRPXQV $DGPLQLVWUDomRRVSUHVWD 6HXVyUJmRV UHPXQHUDGDPHQWH $GPLQLVWUDomRLQGLUHWD SRULQWHUPpGLRGH &RQFHVVLRQiULRV SHUPLVVLRQiULRVDXWRUL]DWiULRV 


6(59,d263Ò%/,&26'(/(*$d2 'HOHJDomR GDSUHVWDomR

L&RQFHVVmRGH VHUYLoRS~EOLFR

0HGLDQWHOLFLWDomRQDPRGDOLGDGHFRQFRUUrQFLD )HLWDjSHVVRD MXUtGLFDRXjFRQVyUFLRGHHPSUHVDV 3RUSUD]RGHWHUPLQDGR

D&RQFHLWR LL&RQFHVVmRGHVHUYLoR S~EOLFRSUHFHGLGDGD H[HFXomRGHREUDS~EOLFD


&RQVWUXomR GHOHJDGD

/LFLWDomRQDPRGDOLGDGHFRQFRUUrQFLD )HLWDjSHVVRD MXUtGLFDRX jFRQVyUFLRGHHPSUHVDV ,QYHVWLPHQWRUHPXQHUDGRDPRUWL]DGR PHGLDQWHDH[SORUDomRGRVHUYLoRRXGDREUD 3RU SUD]RGHWHUPLQDGR

L3UHVWDomRVHUYLoRSUHFHGLGDRXQmRGHREUD 5HJUDJHUDO &RQFRUUrQFLD 1RVFDVRVGHSULYDWL]DomRVLPXOWDQHDPHQWHFRP RXWRUJDGHFRQFHVVmRGHVHUYLoRS~EOLFRSUHVWDGR SRUSHVVRDVMXUtGLFDVVREFRQWUROHGD8QLmR

&RQFHVVmR &RPXP

LL0RGDOLGDGH GHOLFLWDomR

([FHWRSDUDVHUYLoRVGHWHOHFRPXQLFDomR /HLDUW /HLOmR


5HJUDDSOLFiYHOWDPEpPQRVFDVRVHPTXHRWLWXODUGD FRQFHVVmRGHFRPSHWrQFLDGD8QLmRIRUHPSUHVDVRE FRQWUROHGRV(VWDGRV')RXGRV0XQLFtSLRVGHVGHTXH DVSDUWHVDFRUGHPTXDQWRjVUHJUDVHVWDEHOHFLGDV

/HLDUW 3HVVRD MXUtGLFD &RQVyUFLRGHHPSUHVDV LY3RUSUD]RGHWHUPLQDGR Y1mRpFDEtYHOUHYRJDomRGRFRQWUDWR LLL&RQFHVVLRQiULR

2EV

'HOHJDomR

3ULYDWL]DomRVLPXOWDQHDPHQWHFRPRXWRUJDGH FRQFHVVmRGHVHUYLoRS~EOLFRSUHVWDGRSHODVHVWDWDLV

/LFLWDomRQD PRGDOLGDGHOHLOmR

([FHWRVHUYLoRVGH7HOHFRP

/HLDUW 9HUPDSDGH'LVSRVLo}HVGD/HL 'HOHJDomRGDSUHVWDomR GHVHUYLoRVS~EOLFR

D&RQFHLWR

$WtWXORSUHFiULR 0HGLDQWHOLFLWDomR )HLWDjSHVVRDItVLFDRXSHVVRD MXUtGLFD

L3UHVWDomRGHVHUYLoRS~EOLFR &DEtYHOFRQIRUPHRFDVR LL0RGDOLGDGHGHOLFLWDomR

3HUPLVVmR E&DUDFWHUtVWLFDV

LLL3HUPLVVLRQiULR LY$WtWXOR SUHFiULR

3HVVRDItVLFD 3HVVRD MXUtGLFD

(PERUDD/HLQmRHVWDEHOHoDH[SUHVVDPHQWHRVFRQWUDWRVGH SHUPLVVmRGHVHUYLoRS~EOLFRGHYHPVHUFHOHEUDGRVSRUSUD]R GHWHUPLQDGR

9HUPDSDGH'LVSRVLo}HVGD/HL 6HUYLoRGHLQWHUHVVHSUHGRPLQDQWHRXH[FOXVLYRGRSDUWLFXODU 5HJUDJHUDORVHUYLoRpSUHVWDGRDXVXiULRVUHVWULWRV 1mR KiRFDUiWHUGH VHQGRR EHQHILFLiULR SUySULR SDUWLFXODUDXWRUL]DGR JHQHUDOLGDGHXQLYHUVDOLGDGH

1mRKiOLFLWDomRSUpYLD 8QLODWHUDO

'LVFULFLRQiULR

$XWRUL]DomR eDWR DGPLQLVWUDWLYR

3UHFiULR

'HSHQGHGRFRQWUROHGHPpULWRGD$GPLQLVWUDomR S~EOLFDFRQYHQLrQFLDHRSRUWXQLGDGH 2EV $/HL*HUDOGH 1HVVHFDVRQmRFDEHUiDDQiOLVHGHPpULWR 7HOHFRPXQLFDo}HV GHILQHDXWRUL]DomR 'LUHLWRVXEMHWLYRGRSDUWLFXODU FRPRDWRYLQFXODGR TXHSUHHQFKHURVUHTXLVLWRV $WR GHFODUDWyULR OHJDLVHUHJXODPHQWDUHV

5HJUDJHUDOpRXWRUJDGDVHPSUD]RGHWHUPLQDGR ,QH[LVWrQFLDGHGLUHLWRDLQGHQL]DomRQRFDVRGHUHYRJDomR ([FHSFLRQDOPHQWHQRVFDVRVHPTXHDDXWRUL]DomRWHQKDVLGR RXWRUJDGDSRUSUD]RFHUWRDVXDUHYRJDomRDQWHVGRWHUPR ILQDO HVWLSXODGRSRGHJHUDUGLUHLWRDLQGHQL]DomRGRVSUHMXt]RV 2EV TXHRSDUWLFXODUWHQKDVRIULGRGDQRVHPHUJHQWHV 


6(59,d263Ò%/,&26'(/(*$d2&2080/(,


90 5

/HLGHQRUPDVJHUDLVVREUHRVUHJLPHVGHFRQFHVVmRHGHSHUPLVVmRGHVHUYLoRVS~EOLFRV

/HL

L5HJXODULGDGH

6HUYLoR DGHTXDGR

,QWHUUXSomRHPVLWXDomRGHHPHUJrQFLD 1mRFDUDFWHUL]D ,0RWLYDGDSRU 2UGHPWpFQLFD GHVFRQWLQXLGDGH $SyV UD]}HVGH 6HJXUDQoDGDV GRVHUYLoR SUpYLR LQVWDODo}HV DYLVR LQDGLPSOHPHQWR ,,3RU GRXVXiULR FRQVLGHUDGRRLQWHUHVVHGDFROHWLYLGDGH

LL&RQWLQXLGDGH

6HUYLoR DGHTXDGRpR TXHVDWLVID]DV FRQGLo}HVGH

LLL(ILFLrQFLD LY6HJXUDQoD Y$WXDOLGDGH

,0RGHUQLGDGH

&RPSUHHQGH

'DVWpFQLFDVHTXLSDPHQWRV LQVWDODo}HVHFRQVHUYDomR

,,0HOKRULDHH[SDQVmRGRVHUYLoR

YL*HQHUDOLGDGH YLL&RUWHVLDQDVXDSUHVWDomR YLLL0RGLFLGDGHGDVWDULIDV

D7DULID

3UHoRS~EOLFRTXHUHSUHVHQWDDFRQWUDSUHVWDomRSHFXQLiULDGHXP VHUYLoRS~EOLFRSDJRGLUHWDPHQWHSHORXVXiULRDRUHVSHFWLYRSUHVWDGRU )L[DGDSHORSUHoRGDSURSRVWDYHQFHGRUDGDOLFLWDomR $OWHUDo}HVSRQWXDLVQRYDORUGDWDULIDSDUD5((67$%(/(&(5RHTXLOtEULRHFRQ{PLFRILQDQFHLUR 'HFRUUHGHIDWRUHVTXHDOWHUDPGHPRGRH[WUDRUGLQiULRDV ÈOHDH[WUDFRQWUDWXDOHH[WUDRUGLQiULD FRQGLo}HVH[LVWHQWHVQRPRPHQWRGDFHOHEUDomRGRFRQWUDWR

3ROtWLFD WDULIiULD

)DWRGR 3UtQFLSH

E5HYLVmR &DVRV

'LVSRVLo}HVGD /HL

&ULDomRDOWHUDomRRXH[WLQomRGHWULEXWRVRX HQFDUJRVOHJDLVDSyVDDSUHVHQWDomRGD SURSRVWDTXDQGRFRPSURYDGRVHXLPSDFWR

/HLDUW $OWHUDomRXQLODWHUDOGRFRQWUDWRTXHDIHWHR )DWRGD VHXLQLFLDO HTXLOtEULRHFRQ{PLFRILQDQFHLUR $GPLQLVWUDomR /HLDUW

$OWHUDo}HVSHULyGLFDVQRYDORUGDWDULIDSDUDDWXDOL]iODHPUHODomRDSHUGDVLQIODFLRQiULDV 2EMHWLYDD0$187(1d2GRHTXLOtEULRHFRQ{PLFRILQDQFHLUR %DVHDGRHP tQGLFHVTXHUHIOLWDPDYDULDomRGRVSUHoRVGRVLQVXPRV

F5HDMXVWH

L&RQFHVVmR

&RQFRUUrQFLD /HL /HLOmR

LL3HUPLVVmR

&DEtYHO

D0RGDOLGDGH

0HQRUYDORUGDWDULID 0DLRURIHUWD 1RVFDVRVGHSDJDPHQWRDRSRGHUFRQFHGHQWHSHODRXWRUJDGDFRQFHVVmR

/LFLWDomR E7LSR

0HOKRUSURSRVWDWpFQLFDFRPSUHoRIL[R 0HOKRURIHUWDGHSDJDPHQWRSHODRXWRUJDDSyVTXDOLILFDomRGHSURSRVWDVWpFQLFDV &RPELQDomRGHWLSRVQRVWHUPRVGD/HL

2HGLWDOSRGHUiSUHYHUDLQYHUVmRGDRUGHPGDVIDVHVGHKDELOLWDomRH MXOJDPHQWR L$OWHUDomRXQLODWHUDOGDVFOiXVXODVGHH[HFXomR

3ULQFLSDLV SUHUURJDWLYDV GRSRGHU FRQFHGHQWH

/HLDUW$

'HYHDVVHJXUDUDPDQXWHQomRGRHTXLOtEULR HFRQ{PLFRILQFDQFHLURGRFRQWUDWR

LL([WLQomRXQLODWHUDOGDFRQFHVVmRRXGDSHUPLVVmRDQWHVGRWpUPLQRGRSUD]RHVWDEHOHFLGR LLL,QVSHomRHILVFDOL]DomR LY$SOLFDomRGHSHQDOLGDGHVFRQWUDWXDLVHDGPLQLVWUDWLYDV 3URFHGLPHQWRDFDXWHODWyULRDGRWDGRQRFDVRGHSUHVWDomR LQDGHTXDGDGRVHUYLoR $VVHJXUDUDDGHTXDomRQDSUHVWDomRGRVHUYLoR EHPFRPRRILHOFXPSULPHQWRGDVQRUPDV )LQDOLGDGH $SXUDUHYHQWXDLVLUUHJXODULGDGHVKDYLGDVQDSUHVWDomRGRVHUYLoR )HLWDPHGLDQWH'(&5(72GR SRGHUFRQFHGHQWHTXHFRQWHUi Y,QWHUYHQomR

3URFHGLPHQWR


5HVVDOYDGRV RV LPSRVWRVVREUHDUHQGD

'HVLJQDomRGRLQWHUYHQWRU 3UD]RGDLQWHUYHQomR 2EMHWLYRVHOLPLWHVGDPHGLGD

&RPSURYDUDVFDXVDV GHWHUPLQDQWHVGDLQWHUYHQomR $SXUDUUHVSRQVDELOLGDGHV 3UD]RV $VVHJXUDURGLUHLWRGHDPSODGHIHVD 'HDWpGLDVSDUDFRQFOXVmRGRSURFHGLPHQWRDGPLQLVWUDWLYR &HVVDGDDLQWHUYHQomRVHQmRIRUH[WLQWDDFRQFHVVmRVHUiGHYROYLGD jFRQFHVVLRQiULDSUHFHGLGDGHSUHVWDomRGHFRQWDVSHORLQWHUYHQWRU

GLDVSDUDLQVWDXUDU SURFHGLPHQWR DGPLQLVWUDWLYRSDUD




6(59,d263Ò%/,&26'(/(*$d2&2080/(,


2FRQWUDWRSRGHUiSUHYHUPHFDQLVPRVSULYDGRVSDUDUHVROXomRGHGLVSXWDVUHODFLRQDGDV DRFRQWUDWRLQFOXVLYHDUELWUDJHPGHYHVHUUHDOL]DGDQR%UDVLOHHPOLQJXDSRUWXJXHVD

D$UELWUDJHP

L'HVHQYROYLPHQWRGHDWLYLGDGHVLQHUHQWHVDFHVVyULDV RXFRPSOHPHQWDUHVDRVHUYLoRFRQFHGLGR FRQWUDWDUFRPWHUFHLURV LL,PSOHPHQWDomRGHSURMHWRVDVVRFLDGRV 1mRVHWUDWDGDFRQWUDWDomRGHWHUFHLURVSDUDSUHVWDomRGRVHUYLoRS~EOLFRFRQFHGLGR 1DWXUH]DMXUtGLFDGH',5(,7235,9$'2VHPTXDOTXHU &RQWUDWR SULYDGR UHODomRMXUtGLFDHQWUHWHUFHLURVHRSRGHUFRQFHGHQWH

俶 2 FRQFHVVLRQiULR SRGHUi

E&RQWUDWDomR GHWHUFHLURV

F6XEFRQFHVVmR

&RQWUDWRGH FRQFHVVmR

G7UDQVIHUrQFLD GDFRQFHVVmR

H7UDQVIHUrQFLD GRFRQWUROH DFLRQiULR

2EV

eDWUDQVIHUrQFLDSDUFLDOGDH[HFXomRGRSUySULRVHUYLoRS~EOLFRFRQFHGLGR $VXEFRQFHVVmRWHPDPHVPD QDWXUH]DS~EOLFDGRFRQWUDWRGHFRQFHVVmR 'HYHHVWDUSUHYLVWDQRFRQWUDWRGHFRQFHVVmR 'HYHVHUH[SUHVVDPHQWHDXWRUL]DGDSHORSRGHUFRQFHGHQWH 5HTXLVLWRV 'HYHVHUSUHFHGLGDGHFRQFRUUrQFLD $VXEFRQFHVVLRQiULDVHVXEURJDUiDVVXPLUiWRGRVRVGLUHLWRVH DVREULJDo}HVGDFRQFHVVLRQiULDGHQWURGRVOLPLWHVGDVXEFRQFHVVmR eDHQWUHJDGRREMHWRGDFRQFHVVmRDRXWUDSHVVRD 'HYHWHUDSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH $WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDILQDQFHLUDH 5HTXLVLWRV 3UHWHQGHQWH UHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR GHYH &RPSURPHWHUVHFRPWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU eDWUDQVIHUrQFLDGRFRQWUROHVRFLHWiULRGDFRQFHVVLRQiULDQmRVHDOWHUDQGRDSHVVRD MXUtGLFDXPDYH]TXHRVVyFLRVSRVVXHPSHUVRQDOLGDGHMXUtGLFDGLVWLQWDGDHQWLGDGH 'HYHWHUDSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH $WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDILQDQFHLUDH 5HTXLVLWRV 3UHWHQGHQWH UHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR GHYH &RPSURPHWHUVHFRPWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU

$WUDQVIHUrQFLDGDFRQFHVVmRRXGRFRQWUROHVRFLHWiULRGDFRQFHVVLRQiULD VHP SUpYLDDQXrQFLDGRSRGHUFRQFHGHQWHLPSOLFDDFDGXFLGDGHGDFRQFHVVmR eRDGYHQWRGRWHUPRFRQWUDWXDOWpUPLQRGRSUD]RHVWDEHOHFLGRQRFRQWUDWR ([WLQWDDFRQFHVVmRRVEHQVUHYHUVtYHLVHVSHFLILFDGRVQR FRQWUDWRDUW;SDVVDPjSURSULHGDGHGRSRGHUFRQFHGHQWH 6mRDTXHOHVGHVFULWRVQRFRQWUDWRTXHSDVVDPDXWRPDWLFDPHQWH %HQV UHYHUVtYHLV jSURSULHGDGHGRSRGHUFRQFHGHQWHFRPDH[WLQomRGDFRQFHVVmR 3URFHGLPHQWR $UHYHUVmRpIHLWDFRPDLQGHQL]DomRGRV LQYHVWLPHQWRVYLQFXODGRVDEHQVUHYHUVtYHLV 9LVDJDUDQWLUDFRQWLQXLGDGHH DWXDOLGDGHGRVHUYLoR DLQGDQmRDPRUWL]DGRVRXGHSUHFLDGRV

'LVSRVLo}HVGD /HL D5HYHUVmR

E(QFDPSDomR

5HWRPDGDGRVHUYLoRDQWHVGRWpUPLQRGRSUD]R GDFRQFHVVmRSRUPRWLYRGHLQWHUHVVHS~EOLFR $GRWDGDPHGLDQWH OHLDXWRUL]DWLYDHVSHFtILFDDSyVSUpYLRSDJDPHQWRGDLQGHQL]DomR &RQGLo}HVSDUD ,QWHUHVVHS~EOLFR /HLDXWRUL]DWLYDHVSHFtILFD HQFDPSDomR 3DJDPHQWRSUpYLRGDLQGHQL]DomR ([WLQomRGDFRQFHVVmRHPUD]mRGHLQH[HFXomRWRWDO RXSDUFLDOGRFRQWUDWRSRUSDUWHGDFRQFHVVLRQiULD 7UDQVIHUrQFLDGDFRQFHVVmRRXGRFRQWUROHDFLRQiULR L9LQFXODGD VHPSUpYLDDQXrQFLDGRSRGHUFRQFHGHQWH 7LSRV LL'LVFULFLRQiULD 'HFRUUHGHLQH[HFXomRWRWDORXSDUFLDOGRFRQWUDWR

([WLQomRGD FRQFHVVmR

F&DGXFLGDGH 3URFHGLPHQWR

L&RPXQLFDomRj FRQFHVVLRQiULD GRV GHVFXPSULPHQWRV FRQWUDWXDLV GDQGROKHXPSUD]RSDUDFRUULJLUDVIDOKDVHWUDQVJUHVV}HVDSRQWDGDV LL,QVWDXUDomRGH3URFHVVR 9HULILFDVHDLQDGLPSOrQFLD $GPLQLVWUDWLYRRQGH $VVHJXUDVHRGLUHLWRDDPSODGHIHVD LLL 'HFODUDomR GDFDGXFLGDGH

G5HVFLVmR

H$QXODomR

0HGLDQWH'(&5(72 ,QGHSHQGHQWHGHLQGHQL]DomRSUpYLD $LQGHQL]DomRVHUiFDOFXODGDQRGHFRUUHUGRSURFHVVR

)RUPD MXGLFLDOGHH[WLQomRGDFRQFHVVmRSRULQLFLDWLYDGDFRQFHVVLRQiULD 'HFRUUHGHGHVFXPSULPHQWRGDVQRUPDVFRQWUDWXDLVSHORSRGHUFRQFHGHQWH $GRWDGDH[FOXVLYDPHQWHSRU DomRMXGLFLDO 6HUYLoRVSUHVWDGRVQmRSRGHUmRVHULQWHUURPSLGRVRXSDUDOLVDGRVDWpDGHFLVmRMXGLFLDO WUDQVLWDGDHPMXOJDGRLQDSOLFDELOLGDGHSOHQDGRH[FHSWLRQQRPDGLPSOHWLFRQWUDWR ([WLQomRGRFRQWUDWRHPGHFRUUrQFLDGHYtFLR PRWLYRGHLOHJDOLGDGHRXOHJLWLPLGDGH

I)DOrQFLDH[WLQomRGDFRQFHVVLRQiULD 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH





6(59,d263Ò%/,&26&21&(6623$5&(,5$63Ò%/,&235,9$'$

$V3DUFHULDV3~EOLFR3ULYDGDV333VmRPRGDOLGDGHVHVSHFtILFDV GHFRQWUDWRVGHFRQFHVVmRGLVSRVWDVQD/HL 7UDWDVHGHFRQFHVVmRGHVHUYLoRS~EOLFRTXDQGRHQYROYHU DGLFLRQDOPHQWHjWDULIDFREUDGDGRVXVXiULRVFRQWUDSUHVWDomR L&RQFHVVmR SHFXQLiULDGRSDUFHLURS~EOLFRDRSDUFHLURSULYDGR 3DWURFLQDGD

0RGDOLGDGHV GH333

&RQFHLWR

LL&RQFHVVmR $GPLQLVWUDWLYD

eRFRQWUDWRGHSUHVWDomRGHVHUYLoRVGHTXHD$GPLQLVWUDomR 3~EOLFDVHMDDXVXiULDGLUHWDRXLQGLUHWDDLQGDTXHHQYROYD H[HFXomRGHREUDRXIRUQHFLPHQWRHLQVWDODomR

1mRFRQVWLWXL333DFRQFHVVmRFRPXPSRLVHVWDQmRHQYROYH FRQWUDSUHVWDomRSHFXQLiULDGRSDUFHLURS~EOLFRDRSDUFHLURSULYDGR L9DORUGRFRQWUDWRVHMDLQIHULRUDPLOK}HVGHUHDLV 9HGDo}HV LL3HUtRGRGHSUHVWDomRLQIHULRUDDQRV j 333 LLL7HQKDFRPRREMHWR~QLFRIRUQHFLPHQWRGHPmRGHREUD GHHTXLSDPHQWRVRXDH[HFXomRGHREUDS~EOLFD 0RGDOLGDGH &RQGLo}HV SDEHUWXUD SURFHVVR

2HGLWDO SRGHUiSUHYHU

/LFLWDomR

3DUFHULDV 3~EOLFR 3ULYDGDV

3URFHGLPHQWR

&RQFRUUrQFLD $V GHVSHVDV FULDGDVRXDXPHQWDGDVQmRSRGHUmRDIHWDUDV PHWDVGHUHVXOWDGRVILVFDLV (VWLPDWLYDGRLPSDFWRRUoDPHQWiULRILQDQFHLURQRVH[HUFtFLRVHPTXHGHYDYLJRUDUD333 6HXREMHWRHVWDUSUHYLVWRQR33$HPYLJRU 3DUDDVFRQFHVV}HVSDWURFLQDGDVHPTXHPDLVGHGD $XWRUL]DomROHJLVODWLYD UHPXQHUDomRGRSDUFHLURSULYDGRIRUSDJDSHOD$GPLQLVWUDomR3~EOLFD HVSHFtILFD ([LJrQFLDGHJDUDQWLDGHSURSRVWDGROLFLWDQWH (PSUHJRGRVPHFDQLVPRVSULYDGRVSDUDUHVROXomRGHGLVSXWDVLQFOXVLYHDUELWUDJHP 2MXOJDPHQWRSRGHUiVHUSUHFHGLGRGHHWDSDGHTXDOLILFDomRGHSURSRVWDVWpFQLFDV GHVFODVVLILFDQGRVHRVOLFLWDQWHVTXHQmRDOFDQoDUHPDSRQWXDomRPtQLPD L0HQRUYDORUGDWDULID LL0HOKRUSURSRVWDHP UD]mRGDFRPELQDomR GRFULWpULR &ULWpULRVGH GHPHQRUYDORUGDWDULIDFRPRGHPHOKRUWpFQLFD MXOJDPHQWR LLL0HQRUYDORUGDFRQWUDSUHVWDomRDVHUSDJDSHOD$GPLQLVWUDomR3~EOLFD LY0HOKRUSURSRVWDHPUD]mRGDFRPE LQDomRGRFULWpULRGHPHQRU YDORUGD FRQWUDSUHVWDomRDVHUSDJDSHOD$GP3~EOLFDFRPRGHPHOKRUWpFQLFD

L3URSRVWDVHVFULWDVHPHQYHORSHVODFUDGRV )HLWRVQDRUGHPLQYHUVDGDFODVVLILFDomRGDV $SUHVHQWDomR SURSRVWDVHVFULWDVVHQGRYHGDGR DRHGLWDO GDVSURSRVWDV LL3URSRVWDVHVFULWDV OLPLWDUDTXDQWLGDGHGHODQFHV HFRQ{PLFDV VHJXLGDVGHODQFHV 3RGHUiKDYHUUHVWULomRDRVOLFLWDQWHV HPYLYDYR] FXMDSURSRVWDHVFULWDIRUQRPi[LPR PDLRUTXHPHOKRUSURSRVWD 2HGLWDOSRGHUiSUHYHUDLQYHUVmRGDRUGHPGDVIDVHVGHKDELOLWDomRH MXOJDPHQWR $VFOiXVXODVGRVFRQWUDWRVGH333DWHQGHUmRQRTXHFRXEHUjVGRFRQWUDWRGHFRQFHVVmRFRPXP 3UD]RGH 'HYHVHUFRPSDWtYHOFRPDDPRUWL]DomRGRVLQYHVWLPHQWRVUHDOL]DGRV YLJrQFLD 1mRSRGHVHULQIHULRUD DQRVQHPVXSHULRUDDQRVLQFOXLQGRHYHQWXDOSURUURJDomR

&RQWUDWR GH333

&RQWUDSUHVWDomR GD$GPLQLVWUDomR 3~EOLFD

5HDMXVWH

L2UGHPEDQFiULD $FRQWUDSUHVWDomR LL&HVVmRGHFUpGLWRV12WULEXWiULRV SRGHVHUIHLWDSRU LLL2XWRUJDGHGLUHLWRVHPIDFHGD$GPLQLVWUDomR3~EOLFD LY2XWRUJDGHGLUHLWRVVREUHEHQVS~EOLFRVGRPLQLFDLV $UHPXQHUDomRSRGHUiVHUYDULiYHO FRQIRUPHR GHVHPSHQKRGRSDUFHLURSULYDGR 2SDJDPHQWRSRGHUi $FRQWUDSUHVWDomRGD$GP3~EOLFDVHUiREULJDWRULDPHQWH VHUSDUFHODGR SUHFHGLGDGD GLVSRQLELOL]DomR GR VHUYLoR REMHWRGD333

3RGHUiKDYHUFOiXVXODVGH DWXDOL]DomRDXWRPiWLFD

$SOLFDGDVVHPQHFHVVLGDGHGHKRPRORJDomRSHOD$GP3~EOLFD ([FHWRSRU UD]}HVIXQGDPHQWDGDV SDUDD UHMHLomRGRUHDMXVWH

$QWHVGDFHOHEUDomRGRFRQWUDWR GHYHUiVHUFRQVWLWXtGDXPD63(

6RFLHGDGH GH SURSyVLWR HVSHFtILFR 63( 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

,QFXPELGDGHLPSODQWDUHJHULURREMHWRGDSDUFHULD 3RGHUiDVVXPLUDIRUPDGHFRPSDQKLDGHFDSLWDODEHUWR $WUDQVIHUrQFLDGR FRQWUROHGD63(pFRQGLFLRQDGDjDXWRUL]DomRH[SUHVVDGD$GPLQLVWUDomR3~EOLFD $WHQGHUjVH[LJrQFLDVGHFDSDFLGDGHWpFQLFDLGRQHLGDGHILQDQFHLUD 2SUHWHQGHQWHjDTXLVLomR HUHJXODULGDGHMXUtGLFDHILVFDOQHFHVViULDVjDVVXQomRGRVHUYLoR GRFRQWUROHGHYHUi &RPSURPHWHUVHDFXPSULUWRGDVDVFOiXVXODVGRFRQWUDWRHPYLJRU eYHGDGRj$GP3~EOLFDVHUWLWXODUGD PDLRULDGRFDSLWDOYRWDQWHGDV63(

([FHWRSRU LQVWLWXLomRILQDQFHLUDFRQWURODGDSHORSRGHU S~EOLFR HPFDVRGH LQDGLPSOHPHQWR GRILQDQFLDPHQWR 


5(63216$%,/,'$'(&,9,/'2(67$'2, 7DPEpPFKDPDGDGH 5HVSRQVDELOLGDGH ([WUDFRQWUDWXDOGR(VWDGR

L5HVSRQVDELOLGDGHFLYLO LL([WUDFRQWUDWXDO

&RQFHLWR

&DS   5HVSRQVDELOLGDGH &LYLO GR (VWDGR

2EULJDomRGHUHSDUDU GDQRVSDWULPRQLDLV

1mRGHFRUUHGH GHVFXPSULPHQWRGHFRQWUDWR

2EULJDomRTXHWHPR(VWDGRGHLQGHQL]DURVGDQRVSDWULPRQLDLVRXPRUDLVTXH VHXVDJHQWHVDWXDQGRHPVHXQRPHRXVHMDQDTXDOLGDGHGHDJHQWHVS~EOLFRV FDXVHPjHVIHUDMXULGLFDPHQWHWXWHODGDGRVSDUWLFXODUHV

D7HRULDGD LUUHVSRQVDELOLGDGH

E7HRULDVFLYLOLVWDV

F7HRULDGDFXOSD DGPLQLVWUDWLYD

5HVSRQVDELOLGDGH &LYLOGR(VWDGR

(VWDGRVQmRSRGLDPVHUUHVSRQVDELOL]DGRV SRLVHUDPSHUVRQLILFDGRVSHODILJXUDGRUHL 7KHNLQJFDQGRQRZURQJ

7HRULDGDFXOSDFLYLOFRPXPGR(VWDGR 3UHWHQGLDHTXLSDUDUR(VWDGRDRLQGLYtGXR 7HRULDGDUHVSRQVDELOLGDGHVXEMHWLYDGRDJHQWHS~EOLFR L&XOSDRXGRORGRDJHQWHS~EOLFR 5HTXLVLWRV LL'DQR 7HRULDGDFXOSDGRVHUYLoR FXOSDDQ{QLPDGRVHUYLoRS~EOLFR 7UDQVLomRHQWUHDWHRULDGDUHVSRQVDELOLGDGHVXEMHWLYD HDWHRULDGRULVFRDGPLQLVWUDWLYR UHVSRQVDELOLGDGHREMHWLYD $UHVSRQVDELOLGDGHSRULQGHQL]DUSDVVDDVHU GR(VWDGRHQmRPDLVGRDJHQWHDQ{QLPD $REULJDomRGHLQGHQL]DU L,QH[LVWrQFLDGRVHUYLoR VXUJHGHXPDGDVIRUPDV LL0DXIXQFLRQDPHQWRGRVHUYLoR GDIDOWDGRVHUYLoR LLL5HWDUGDPHQWRGRVHUYLoR

5HTXLVLWRV

'HYHVHUFRPSURYDGD

L)DOWDGRVHUYLoR LL'DQR

7HRULDGDUHVSRQVDELOLGDGH2%-(7,9$ $REULJDomRGHUHSDUDURGDQRRFRUUH LQGHSHQGHQWHPHQWHGDH[LVWrQFLDGDIDOWD GRVHUYLoRRXGDFXOSDGRDJHQWHS~EOLFR

(YROXomR KLVWyULFD

,)DWRGR VHUYLoR

1mRVHH[LJHD FRPSURYDomRGHFXOSD

,,'DQR

5HTXLVLWRV ,,,1H[RGH FDXVDOLGDGH

L5LVFR DGPLQLVWUDWLYR G7HRULD GRULVFR

([FOXGHQWHV GH UHVSRQVDELOLGDGH

5HODomRGHFDXVDOLGDGH HQWUHDSUHVWDomRGH VHUYLoRS~EOLFRHRGDQR FDXVDGRDWHUFHLUR

,&XOSDH[FOXVLYDGDYtWLPD ,,&XOSDGHWHUFHLURV ,,,)RUoDPDLRU

ÐQXVGDSURYDGHFXOSDGRSDUWLFXODUVH H[LVWHQWHFDEHVHPSUHj$GPLQLVWUDomR $YtWLPDILFDGLVSHQVDGDGH FRPSURYDUDFXOSDGD$GPLQLVWUDomR

&)DUW

LL5LVFR LQWHJUDO

1mRKiH[FOXGHQWHVGHUHVSRQVDELOLGDGH $REULJDomRGHLQGHQL]DURFRUUHPHVPRTXHR GDQRGHFRUUDGHFXOSDH[FOXVLYDGRSDUWLFXODU %DVWDDH[LVWrQFLDGHHYHQWRGDQRVRHQH[RFDXVDO 3DUD+HO\/RSHVHVVDWHRULDMDPDLVIRL DGRWDGDHPQRVVRRUGHQDPHQWRMXUtGLFR 


5(63216$%,/,'$'(&,9,/'2(67$'2,,

&DS   5HVSRQVDELOLGDGH &LYLO GR (VWDGR

5(63216$%,/,'$'(2%-(7,9$ GR(VWDGR&)DUW &RQGXWDFRPLVVLYD 7HRULDGRULVFRDGPLQLVWUDWLYR L3HVVRDMXUtGLFD GHGLUHLWRS~EOLFR

$EUDQJrQFLD

LL3HVVRDMXUtGLFD GHGLUHLWRSULYDGR

5HVSRQVDELOLGDGH ([WUDFRQWUDWXDO QD&)

$GPLQLVWUDomR'LUHWD $XWDUTXLDVHIXQGDo}HVS~EOLFDV (PSUHVDVS~EOLFDVSUHVWDGRUDV GHVHUYLoRVS~EOLFR 6RFLHGDGHVGHHFRQRPLDPLVWD SUHVWDGRUDVGHVHUYLoRS~EOLFR )XQGDo}HVS~EOLFDVGHGLUHLWR SULYDGRTXHSUHVWHPVHUYLoRS~EOLFR &RQFHVVLRQiULDV 'HOHJDWiULDVGH VHUYLoRVS~EOLFRV 3HUPLVVLRQiULDV $XWRUL]DGDV

1mR LQFOXLDV HPSUHVDVS~EOLFDV H VRFLHGDGHVGHHFRQRPLDPLVWD (;3/25$'25$6'($7,9,'$'((&21Ð0,&$ 2EV (VWDVVmRUHJLGDVSHOR'LUHLWR &LYLOHRXSHOR'LUHLWR&RPHUFLDO $UHVSRQVDELOLGDGHFLYLOREMHWLYDGDVSUHVWDGRUDVGHVHUYLoR S~EOLFRDEUDQJHRVGDQRVFDXVDGRVDRVXVXiULRVGRVHUYLoR S~EOLFRHWDPEpPDWHUFHLURVQmRXVXiULRVGRVHUYLoRS~EOLFR $JHQWHHVWDWDOGHYHHVWDUH[HUFHQGRVHXRItFLRRX IXQomRRXDSURFHGHUFRPRVHDHVWLYHVVHH[HUFHQGR 7HRULDGDFXOSDDGPLQLVWUDWLYD $&)QmRWUD]UHJUDVUHODWLYDVDUHVSRQVDELOLGDGHFLYLOSRU HYHQWXDLVGDQRVFDXVDGRVSRURPLVV}HVGR3RGHU3~EOLFR

5HVSRQVDELOLGDGH &LYLOGR(VWDGR

5HVSRQVDELOLGDGH 6XEMHWLYD GD $GPLQLVWUDomR

0DVDMXULVSUXGrQFLDFRQVWUXLXRHQWHQGLPHQWRTXHHVWDpSRVVtYHO &XOSDDQ{QLPDRXFXOSDGRVHUYLoR 2PLVVmRFXOSRVD &RQGXWDRPLVVLYD 2{QXVGDSURYD GR3RGHU3~EOLFR 'HYHVHUFRPSURYDGD pGRSDUWLFXODU DIDOWDGRVHUYLoR

([FOXGHQWHV GH UHVSRQVDELOLGDGH

$WRV /HJLVODWLYRV $WRV -XULVGLFLRQDLV

L([FOXVLYDPHQWHDWRVGHWHUFHLURV LL)RUoDPDLRUIHQ{PHQRVGDQDWXUH]D

(PUHJUDQmRDFDUUHWDPUHVSRQVDELOLGDGHH[WUDFRQWUDWXDOGR(VWDGR L(GLomRGHOHLVLQFRQVWLWXFLRQDLV ([FHomR LL(GLomRGHOHLVGHHIHLWRVFRQFUHWRV $UHJUDJHUDOpDLUUHVSRQVDELOLGDGHGR(VWDGRSHORVDWRVMXULVGLFLRQDLV 2(VWDGRLQGHQL]DUiRFRQGHQDGRSRUHUURMXGLFLiULR&)DUW/;;9 ÈUHDFULPLQDO 1mRDOFDQoDDHVIHUDFtYHO

D$FRUGR DGPLQLVWUDWLYR

5HFRQKHFLGRRGDQRSHOR3RGHU3~EOLFRHKDYHQGRDFRUGRHQWUHDV SDUWHVSRGHKDYHULQGHQL]DomRGLUHWDPHQWHSHODYLDDGPLQLVWUDWLYD 5HSDUDomRGRGDQRDPLJDYHOPHQWH

&RQWUDD$GPLQLVWUDomRVRPHQWH E$omR MXGLFLDO

&RQWUDD$GPLQLVWUDomRHR DJHQWHS~EOLFRHPOLWLVFRQVyUFLR &RQWUDRDJHQWHS~EOLFRVRPHQWH

$omRGH 5HSDUDomR GRGDQR

3UD]RGHSUHVFULomR GDDomRGHUHSDUDomR

F$omR UHJUHVVLYD

DQRV

67)pFRQWUDULR D HVVDSRVVLELOLGDGH 67)pFRQWUDULR D HVVDSRVVLELOLGDGH -XULVSUXGrQFLD67'HFUHWRDUW /HLDUW&

2(VWDGRLQGHQL]DRWHUFHLURHRDJHQWHS~EOLFRLQGHQL]DR(VWDGR L4XHD$GPLQLVWUDomRMiWHQKDVLGRFRQGHQDGD DLQGHQL]DUDYtWLPDSHORGDQRH 5HTXLVLWRV LL4XHWHQKDKDYLGRFXOSDRXGRORSRUSDUWH GRDJHQWHFXMDDWXDomRRFDVLRQRXRGDQR &)DUW 


&RQFHLWR

&DS   &RQWUROH GD $GPLQLVWUDomR 3~EOLFD

&21752/('$$'0,1,675$d23Ò%/,&$

2FRQWUROHGDDGPLQLVWUDomRS~EOLFDHVWiHPEDVDGRQRSULQFtSLRGDOHJDOLGDGH &RQMXQWRGHLQVWUXPHQWRVSHORVTXDLVDSUySULDDGPLQLVWUDomRS~EOLFDRV 3RGHUHV -XGLFLiULR H/HJLVODWLYRHDLQGDRSRYRGLUHWDPHQWHRXSRUPHLRGHVHXVyUJmRVHVSHFLDOL]DGRVSRVVDP H[HUFHURSRGHUGHILVFDOL]DomR RULHQWDomRHUHYLVmRGDDWXDomRDGPLQLVWUDWLYDGHWRGRVRV yUJmRVHQWLGDGHVHDJHQWHVS~EOLFRVHPWRGDVDVHVIHUDVGR3RGHU ([HUFLGRQRkPELWRLQWHUQRGRPHVPR3RGHU  SRUyUJmRVSUHVHQWHVHPVXDHVWUXWXUD 'iVHVREUHOHJDOLGDGHHILFLrQFLDHPpULWRGRVVHXVDWRV&)DUW

L,QWHUQR D&RQIRUPH DRULJHP

([HUFLGRGHXP3RGHUVREUHRXWURUHODWLYDPHQWHDDWRVDGPLQLVWUDWLYRV 7DPEpPpH[WHUQRRFRQWUROHGDDGPLQLVWUDomRGLUHWDVREUHDLQGLUHWD ([ $XGLWRULDUHDOL]DGDSHOR7&8VREUHGHVSHVDVUHDOL]DGDVSHOR3([HFXWLYR

LL([WHUQR

7UDWDVHGDSRVVLELOLGDGHGHDFROHWLYLGDGHILVFDOL]DUDDGPLQLVWUDomRS~EOLFD ([3URSRVLomRGHDomRSRSXODU&)DUW/;;,,,

LLL3RSXODU L3UpYLR E&RQIRUPHR PRPHQWRGH H[HUFtFLR

&KDPDVHSUHYHQWLYRSUpYLRRXDSULRUL 2FRUUHTXDQGRpHIHWLYDGRDQWHVGRLQtFLRRXGDFRQFOXVmRGRDWR

LL&RQFRPLWDQWH

&KDPDGRFRQWUROHSRVWHULRUVXEVHTXHQWHRXFRUUHWLYR 2FRUUHDSyVDILQDOL]DomRGRDWR 6HXREMHWLYRpGHVID]rORVHLOHJDORXLQFRQYHQLHQWH HLQRSRUWXQRFRUULJLORRXDLQGDFRQILUPiOR

LLL3RVWHULRU

L/HJDOLGDGH OHJLWLPLGDGH

&RQWUROHGD $GPLQLVWUDomR 3~EOLFD

F4XDQWR DRDVSHFWR FRQWURODGR LL0pULWR

9HULILFDVHVHRDWRIRLSUDWLFDGRHPFRQIRUPLGDGHFRPDRUGHPMXUtGLFD )D]VHRFRQIURQWRHQWUHXPDFRQGXWD DGPLQLVWUDWLYDHXPDQRUPDMXUtGLFD 5HVXOWDQDYDOLGDGHDQXODomRRXFRQYDOLGDomRGRDWRFRQWURODGR

9LVDYHULILFDUDRSRUWXQLGDGHHDFRQYHQLrQFLD DGPLQLVWUDWLYDVGRDWRFRQWURODGR 7UDWDVHGHDWXDomRGLVFULFLRQiULDH[HUFLGDVREUHDWRVGLVFULFLRQiULRV (PUHJUDFRPSHWHH[FOXVLYDPHQWHDRSUySULR 3RGHUTXHHGLWRXRDWRDGPLQLVWUDWLYR 5HVXOWDQDUHYRJDomRSHODDGPLQLVWUDomRGH DWRVGLVFULFLRQiULRVSRUHODSUySULDHGLWDGRV 3RGHU-XGLFLiULRH[HUFHFRQWUROHGH/(*$/,'$'(H/(*,7,0,'$'( VREUHRV OLPLWHV GDDWXDomR GLVFULFLRQiULD GDDGPLQLVWUDomR

&ODVVLILFDomR

1XQFDUHDOL]DFRQWUROHGHPpULWRGHDWRSUDWLFDGRSRURXWUR3RGHU

L+LHUiUTXLFR

'HFRUUHGRHVFDORQDPHQWRYHUWLFDOGHyUJmRVGD PHVPDSHVVRDMXUtGLFDGDDGPLQLVWUDomRS~EOLFD 5HODomRGH68%25',1$d2 eVHPSUHXP FRQWUROHLQWHUQR HQWUHFRQWURODGRHFRQWURODGRU

([0LQLVWpULRVH[HUFHPFRQWUROHKLHUiUTXLFRVREUHVXDVVHFUHWDULDV

G4XDQWRj DPSOLWXGH

LL)LQDOtVWLFR

([HUFLGRSHODDGPLQLVWUDomRGLUHWDVREUH DVHQWLGDGHVGDDGPLQLVWUDomRLQGLUHWD 5HODomRGH 9,1&8/$d2 5HVXOWDGDGHVFHQWUDOL]DomR HQWUHDVSHVVRDV DGPLQLVWUDWLYD 'HSHQGHGHQRUPDOHJDOTXHHVWDEHOHoDPHLRVHRFDVL}HVGHFRQWUROH 7DPEpPGHQRPLQDGRGHWXWHODDGPLQLVWUDWLYDRXVXSHUYLVmRPLQLVWHULDO

L$GPLQLVWUDWLYR

H4XDQWRDR yUJmRTXH RH[HUFH

LL/HJLVODWLYR RX3DUODPHQWDU

LLL-XGLFLiULR 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

&RQWUROHGXUDQWHDUHDOL]DomRGRDWR ([ $XGLWRULDGXUDQWHDH[HFXomRGRRUoDPHQWR

$VSHFWRVGHOHJDOLGDGHHGHPpULWRGHIRUPD SURYRFDGDRXSRULQLFLDWLYDSUySULD³H[RIILFLR´ eRFRQWUROHLQWHUQRIXQGDGRQRSRGHU GHDXWRWXWHODOHJDOLGDGHHPpULWR $$GPLQLVWUDomRSRGH DQXODUVHXVSUySULRVDWRVTXDQGRHLYDGRV GHYtFLRVTXHRVWRUQDPLOHJDLVRXUHYRJiORVSRUPRWLYRGH FRQYHQLrQFLDRXRSRUWXQLGDGHUHVSHLWDGRVRVGLUHLWRVDGTXLULGRV ([HUFLGRVRERVDVSHFWRVSROtWLFRHILQDQFHLUR ,&3, ,,&RQYRFDomRGHDXWRULGDGHVHSHGLGRGHLQIRUPDomR ,,,3DUWLFLSDomRQDIXQomRDGPLQLVWUDWLYD 0HLRV ,9)XQomRMXULVGLFLRQDO 9)LVFDOL]DomRFRQWiELOILQDQFHLUDHRUoDPHQWiULD 9,6XVWDomRGHDWRVQRUPDWLYRV ([HUFLGRSHOR-XGLFLiULRVREUHDWRVDGPLQLVWUDWLYRV HPDQDGRVGHTXDOTXHUGRV3RGHUHV 9HULILFDH[FOXVLYDPHQWHDOHJDOLGDGHRXOHJLWLPLGDGH GRVDWRVDGPLQLVWUDWLYRVQXQFDRPpULWR 


&DS   ,PSURELGDGH $GPLQLVWUDWLYD

,0352%,'$'($'0,1,675$7,9$, &)DUW

D%DVH FRQVWLWXFLRQDO

2VDWRVGHLPSURELGDGH DGPLQLVWUDWLYDLPSRUWDUmRHP

5HJXODPHQWDomROHJDO

L6XVSHQVmRGRVGLUHLWRVSROtWLFRV LL3HUGDGDIXQomRS~EOLFD LLL,QGLVSRQLELOLGDGHGRVEHQV LY5HVVDUFLPHQWRDRHUiULR

/HL

L$GPLQLVWUDomRS~EOLFDGLUHWDHLQGLUHWDGHTXDOTXHUGR 3RGHUHVGD8QLmRGRVHVWDGRVGR')HGRVPXQLFtSLRV LL(PSUHVDHVWDWDORXHQWLGDGHFXMDFULDomRRXFXVWHLR RHUiULRFRQFRUUDFRPPDLVGHFLQTXHQWDSRUFHQWR GRSDWULP{QLRRXGDUHFHLWDDQXDO

E6XMHLWRV SDVVLYRV

$VSHFWRV JHUDLV

F6XMHLWRV DWLYRV

LLL(QWLGDGHTXHUHFHEDVXEYHQomREHQHItFLRRXLQFHQWLYRILVFDORX FUHGLWtFLRGHyUJmRS~EOLFREHPFRPRDTXHODVSDUDFXMDFULDomRRX FXVWHLRRHUiULRKDMDFRQFRUULGRRXFRQFRUUDFRPPHQRVGHGR SDWULP{QLRRXGDUHFHLWDDQXDOOLPLWDQGRVHD VDQomRSDWULPRQLDOj UHSHUFXVVmRGRLOtFLWRVREUHDFRQWULEXLomRGRVFRIUHVS~EOLFRV L([HUoDPDQGDWRFDUJRHPFRPLVVmR RXIXQomRGHFRQILDQoD LL([HUoDFDUJRHIHWLYRRXHPSUHJRS~EOLFR

$JHQWHVS~EOLFRV HPVHQWLGRDPSOR /HLDUW L$GPLQLVWUDWLYD

,PSURELGDGH $GPLQLVWUDWLYD

G1DWXUH]DGDV VDQo}HV

LL&LYLO

3HUGDGDIXQomRS~EOLFD 3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFR

5HVVDUFLPHQWRDRHUiULR 3HUGDGRVEHQVHYDORUHVLOtFLWRV 0XOWDFLYLO

LLL3ROtWLFD

6XVSHQVmRGRVGLUHLWRVSROtWLFRV

$/HL QmR HVWDEHOHFH 6$1d®(6 3(1$,6SHODSUiWLFDGHDWRVGHLPSURELGDGH

9DQWDJHPSDWULPRQLDO LQGHYLGDHPUD]mRGR H[HUFtFLRGH

D(QULTXHFLPHQWR LOtFLWR

&DUJR 0DQGDWR )XQomR (PSUHJR $WLYLGDGHV

3~EOLFRV

/HLDUW

'HVFULomR GRVDWRVGH LPSURELGDGH

$omRRXRPLVVmR GRORVDRXFXOSRVD TXHHQVHMH

E3UHMXt]R DRHUiULR

3HUGDSDWULPRQLDO 'HVYLR $SURSULDomR 0DOEDUDWHDPHQWR 'LODSLGDomR

GRVEHQVRXKDYHUHV GR3RGHU3~EOLFR

/HLDUW 6DQo}HV $omRRXRPLVVmRTXH YLROHRVGHYHUHVGH

F$WHQWDPFRQWUD RVSULQFtSLRVGD DGPS~EOLFD

+RQHVWLGDGH ,PSDUFLDOLGDGH /HJDOLGDGH /HDOGDGH

/HLDUW 6DQo}HV





&DS   ,PSURELGDGH $GPLQLVWUDWLYD

,0352%,'$'($'0,1,675$7,9$,,

L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH2,72D'(=DQRV LL3HUGDGDIXQomRS~EOLFD LLL3HUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWHDRSDWULP{QLR LY5HVVDUFLPHQWRLQWHJUDOGRGDQRTXDQGRKRXYHU

D(QULTXHFLPHQWR LOtFLWR

Y3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH'(=DQRV YL3DJDPHQWRGHPXOWDFLYLOGHDWp75Ç6 YH]HVRYDORUGRDFUpVFLPRSDWULPRQLDO

L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH&,1&2D2,72DQRV LL3HUGDGDIXQomRS~EOLFD

6DQo}HV

LLL3HUGDGRVEHQVRXYDORUHVDFUHVFLGRVLOLFLWDPHQWH DRSDWULP{QLRVHFRQFRUUHUHVWDFLUFXQVWkQFLD

E3UHMXt]R DRHUiULR

LY5HVVDUFLPHQWRLQWHJUDOGRGDQR Y3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH&,1&2DQRV YL3DJDPHQWRGHPXOWDFLYLOGHDWp'8$6YH]HVRYDORUGRGDQR L6XVSHQVmRGRVGLUHLWRVSROtWLFRVGH75Ç6D&,1&2DQRV LL3HUGDGDIXQomRS~EOLFD LLL5HVVDUFLPHQWRLQWHJUDOGRGDQRTXDQGRKRXYHU

F$WHQWDPFRQWUD RVSULQFtSLRVGD DGPS~EOLFD

LY 3URLELomRGHFRQWUDWDUFRPR3RGHU3~EOLFRRXUHFHEHU EHQHItFLRVRXLQFHQWLYRVILVFDLVRXFUHGLWtFLRVGLUHWDRX LQGLUHWDPHQWHDLQGDTXHSRULQWHUPpGLRGHSHVVRDMXUtGLFD GDTXDOVHMDVyFLRPDMRULWiULRSHORSUD]RGH75Ç6DQRV Y3DJDPHQWRGHPXOWDFLYLOGHDWp&(0YH]HVR YDORUGDUHPXQHUDomRSHUFHELGDSHORDJHQWH

,PSURELGDGH $GPLQLVWUDWLYD

4XDOTXHUSHVVRDSRGHUHSUHVHQWDUjDXWRULGDGHDGPLQLVWUDWLYDFRPSHWHQWH SDUDTXHVHMDLQVWDXUDGDLQYHVWLJDomR/HLDUW /HLDUW /HJLWLPDGRV DGFDXVDQ SDUDSURSRUDDomR

3URFHGLPHQWRV DGPLQLVWUDWLYRVH Do}HVMXGLFLDLV

L0LQLVWpULR3~EOLFR

4XDQGRQmRIRUSDUWHQRSURFHVVR DWXDUiFRPRILVFDOGDOHL

LL3HVVRDMXUtGLFDLQWHUHVVDGD TXHWHQKDVRIULGROHVmRSDWULPRQLDO eYHGDGD DWUDQVDomR DFRUGR RXFRQFLOLDomRQDV Do}HVSRUDWRVGHLPSURELGDGHDGPLQLVWUDWLYD $SHUGDGDIXQomRS~EOLFDHDVXVSHQVmRGRVGLUHLWRVSROtWLFRV VyVHHIHWLYDPFRPRWUkQVLWRHPMXOJDGRGDVHQWHQoDFRQGHQDWyULD

/HLDUW $XWRULGDGHMXGLFLDORXDGPLQLVWUDWLYDSRGHUiWRGDYLD GHWHUPLQDURDIDVWDPHQWRWHPSRUiULRGRDJHQWHS~EOLFR 1mRKiIRURHVSHFLDOQDDomRGHLPSURELGDGHDGPLQLVWUDWLYD

-Xt]RFRPSHWHQWH

1DWXUH]DFtYHO

/HLDUW D0DQGDWRFDUJRHPFRPLVVmR IXQomRGHFRQILDQoD

3UHVFULomR

E&DUJRHIHWLYRRX HPSUHJRS~EOLFR

(VWDEHOHFLGRHPOHLHVSHFtILFDSDUDIDOWDV GLVFLSOLQDUHVSXQtYHLVFRPGHPLVVmR

F5HVVDUFLPHQWRDRHUiULR 3URI7KLDJR6WUDXVV 3URI0DUFHOR/HLWH

3UHVFUHYHPHPDWpFLQFRDQRVDSyVRWpUPLQR

,PSUHVFULWtYHLV &)DUW 


352&(662$'0,1,675$7,92, 'LVFLSOLQDRSURFHVVRDGPLQLVWUDWLYRQR kPELWRGDDGPLQLVWUDomRS~EOLFD)('(5$/

/HL

$EUDQJrQFLD HDSOLFDomR

$SOLFiYHOjDGPLQLVWUDomRS~EOLFDIHGHUDOGLUHWDH LQGLUHWDLQFOXVLYH yUJmRVGR/HJLVODWLYRH-XGLFLiULR

/HL DGPLQLVWUDWLYD )('(5$/

1mRREULJDHVWDGRVHPXQLFtSLRV

1mRpOHLQDFLRQDO

7HPFDUiWHU VXSOHWLYRRX VXEVLGLiULR

6HKRXYHUOHLHVSHFtILFDD/HLUHJXODVRPHQWHHYHQWXDORPLVVmR ([3URFHVVRDGPLQLVWUDWLYRGLVFLSOLQDU3$'/HLOHLHVSHFtILFD /HJDOLGDGH )LQDOLGDGH 0RWLYDomR 5D]RDELOLGDGH 3URSRUFLRQDOLGDGH 0RUDOLGDGH $PSODGHIHVD &RQWUDGLWyULR 6HJXUDQoDMXUtGLFD ,QWHUHVVHS~EOLFR (ILFLrQFLD

$$GPLQLVWUDomR3~EOLFD REHGHFHUiGHQWUHRXWURV DRVSULQFtSLRVGD

D3ULQFtSLRV H[SUHVVRV

3ULQFtSLRV

L,QIRUPDOLVPR

E3ULQFtSLRV LPSOtFLWRV

3URFHVVR $GPLQLVWUDWLYR

&DS   3URFHVVR $GPLQLVWUDWLYR

LL2ILFLDOLGDGH

6yVmRH[LJLGDVIRUPDVGHWHUPLQDGDVSDUDRV DWRVSURFHVVXDLVVHDOHLDVVLPHVWDEHOHFHU ,QLFLDGRRSURFHVVRSHORDGPLQLVWUDGRFRPSHWH jDGPLQLVWUDomR PRYLPHQWiORDWpDGHFLVmRILQDO

LLL9HUGDGHPDWHULDO LY*UDWXLGDGH

/HLDUW

'HYHVHEXVFDURFRQKHFLPHQWR GRVIDWRVHIHWLYDPHQWHRFRUULGRV

1mRH[LVWHP{QXVFRPRVXFXPErQFLDFXVWDVRXKRQRUiULRV

/HLDUW 'HFRUUrQFLDGRSULQFtSLRGDRILFLDOLGDGH L'HRItFLR 0HGLDQWHSURYRFDomRGRLQWHUHVVDGR

D,QtFLRGR SURFHVVR LL$SHGLGR

,QtFLRGRSURFHVVR H/HJLWLPDGRV

'HYHUiDSUHVHQWDUjDGPLQLVWUDomR UHTXHULPHQWRHVFULWR

eYHGDGDDVLPSOHV5(&86$,027,9$'$

E/HJLWLPDGRV

/HLDUW L7LWXODUHVGHGLUHLWRVRXLQWHUHVVHVLQGLYLGXDLV RXQRH[HUFtFLRGRGLUHLWRGHUHSUHVHQWDomR LL3RVVXLGLUHLWRRXLQWHUHVVHVDIHWDGRVSHODGHFLVmRGRSURFHVVR LLL2UJDQL]Do}HV H DVVRFLDo}HV UHSUHVHQWDWLYDV GLUHLWRVHLQWHUHVVHVFROHWLYRV LY3HVVRDVRXDVVRFLDo}HVTXDQWRDGLUHLWRVRXLQWHUHVVHVGLIXVRV

/HLDUW

D,PSHGLPHQWR

,PSHGLPHQWR H6XVSHLomR

E6XVSHLomR

eLPSHGLGRGHDWXDUQR SURFHVVRDGPLQLVWUDWLYRR VHUYLGRURXDXWRULGDGHTXH

L7HQKDLQWHUHVVHGLUHWRRXLQGLUHWRQDPDWpULD LL3DUWLFLSDGRFRPRSHULWRWHVWHPXQKD RXUHSUHVHQWDQWH LLL2FRUUHPVLWXDo}HVTXDQWRDRF{QMXJH FRPSDQKHLURRXSDUHQWHHDILQVDWpR WHUFHLURJUDX LY(VWHMDOLWLJDQGRMXGLFLDORX DGPLQLVWUDWLYDPHQWHFRPRLQWHUHVVDGR RXUHVSHFWLYRF{QMXJHRXFRPSDQKHLUR

/HLDUW $XWRULGDGHRXVHUYLGRUTXHWHQKDDPL]DGHtQWLPDRXLQLPL]DGHQRWyULDFRP DOJXPGRVLQWHUHVVDGRVRXUHVSHFWLYRVF{QMXJHVRXSDUHQWHVDWpWHUFHLURJUDX $OHJDomRGHVXVSHLomRpIDFXOGDGHGRLQWHUHVVDGR 


&DS   3URFHVVR $GPLQLVWUDWLYR

352&(662$'0,1,675$7,92,,

3ULQFtSLRGRLQIRUPDOLVPR

/HLDUW

2VDWRVGRSURFHVVRQmRGHSHQGHP GHIRUPDGHWHUPLQDGD VHQmRTXDQGRDOHLH[SUHVVDPHQWHDH[LJLU

D)RUPD

)RUPDWHPSR HOXJDUGRVDWRV

/HLDUW E7HPSR HOXJDU

D,QWLPDU

$UHDOL]DomRGRVDWRVGRSURFHVVRVHGiHPGLDV~WHLV QRKRUiULRGHIXQFLRQDPHQWRGDUHSDUWLomRQDTXDOWUDPLWDU

'DUFLrQFLDDR LQWHUHVVDGRGH

DOJXPDWR SUDWLFDGRQR SURFHVVRRX GHDOJXPD SURYLGrQFLDTXH GHYDVHUDGRWDGD

GHSHQGDRXQmRGR FRPSDUHFLPHQWRGR LQWHUHVVDGRjUHSDUWLomR

/HLDUW

,QWLPDomRGR LQWHUHVVDGR

E$WRVTXH QHFHVVLWDP VHULQWLPDGRV

L5HVXOWHPDRLQWHUHVVDGRLPSRVLomRGHGHYHUHV LLÐQXV VDQo}HV RXUHVWULomRDRH[HUFtFLRGHGLUHLWRVH DWLYLGDGHVHRVDWRVGHRXWUDQDWXUH]DGHVHXLQWHUHVVH

L3HVVRDOSURYDGDDFLrQFLDGRLQWHUHVVDGR LL9LDSRVWDOFRPDYLVRGHUHFHELPHQWR

3URFHVVR $GPLQLVWUDWLYR

F)RUPDV

LLL2XWURVPHLRVGHVGHTXHDVVHJXUHP DFHUWH]DGDFLrQFLDGRLQWHUHVVDGR LY3RUPHLRGHSXEOLFDomRRILFLDOHPFDVRGHLQWHUHVVDGRV LQGHWHUPLQDGRVRXFRPGRPLFLOLRLQGHILQLGR

/HLDUW 'HVWLQDVHjDYHULJXDomRHFRPSURYDomRGRVGDGRV QHFHVViULRVjWRPDGDGHXPDGHFLVmRIXQGDPHQWDGD

D,QVWUXomR

 ,QVWUXomR HGHFLVmR

ÐQXVGDSURYDpGRLQWHUHVVDGRLVWRp FDEHDHOHSURYDURVIDWRVDOHJDGRV

/HLDUW

(QFHUUDGDDLQVWUXomRDEUHVHXPSUD]RGH GLDV SDUDPDQLIHVWDomRGRLQWHUHVVDGR &RQFOXtGDDLQVWUXomRDDGPLQLVWUDomRWHP RSUD]RGHDWpGLDV SDUDHPLWLUDGHFLVmR

E'HFLVmR

$HGLomRGHXPDGHFLVmRH[SOtFLWDp REULJDWyULDSDUDDDGPLQLVWUDomR

/HLDUW

$/HLFRQVDJUDRGLUHLWRDRGXSORJUDXGHMXULVGLomRDGPLQLVWUDGD

5HFXUVR DGPLQLVWUDWLYR

7UDWDVHGHUHFXUVRKLHUiUTXLFRHRFRUUHSRU UD]}HVGHOHJDOLGDGHHGHPpULWRDGPLQLVWUDWLYR (PUHJUDRFRUUHDLQH[LJLELOLGDGHGHJDUDQWLDGHLQVWkQFLD FDXomRSDUDLQWHUSRVLomRGHUHFXUVRVVDOYRH[LJrQFLDOHJDO

5HFXUVRVVDOYRGLVSRVLomROHJDOQmRWHPHIHLWRVXVSHQVLYR





%(163Ò%/,&26,

&DS   %HQV 3~EOLFRV

6mRS~EOLFRVRVEHQVGRGRPtQLRQDFLRQDOSHUWHQFHQWHVjVSHVVRDV MXUtGLFDVGHGLUHLWR3Ò%/,&2 LQWHUQRWRGRVRVRXWURVVmRSDUWLFXODUHV

3HVVRDVMXUtGLFDVGH GLUHLWR3Ò%/,&2

D&RQFHLWR

1Ro}HV JHUDLV

8QLmR (VWDGRV 'LVWULWR)HGHUDO 0XQLFtSLRV $XWDUTXLDVHIXQGDo}HVS~EOLFDV GHQDWXUH]DDXWiUTXLFD

&RQFHLWRUHODFLRQDGRDRDVSHFWRIRUPDO&yGLJR&LYLODUW 2VEHQVGDVSHVVRDVMXUtGLFDVGHGLUHLWR35,9$'2LQWHJUDQWHV GDDGPLQLVWUDomRS~EOLFD1262%(163Ò%/,&26 (PSUHVDV(VWDWDLV 35(67$'25$6'( 6(59,d23Ò%/,&2

6mRDTXHOHVTXHSRGHPVHUXWLOL]DGRVVHPTXDOTXHUIRUPDOLGDGH (PUHJUDVmRFRORFDGRVjGLVSRVLomRGDSRSXODomRJUDWXLWDPHQWH ([5LRVPDUHVHVWUDGDVUXDVHSUDoDV

D8VRFRPXP GRSRYR

&ODVVLILFDomR TXDQWRj GHVWLQDomR

'HVWLQDGRVHVSHFLILFDPHQWHjH[HFXomRGHGHWHUPLQDGR VHUYLoRS~EOLFR ([(GLItFLRVGDDGPLQLVWUDomRS~EOLFDHPJHUDO

E8VR HVSHFLDO

&RQVWLWXHPRSDWULP{QLRGLVSRQtYHOGDV SHVVRDVMXUtGLFDVGHGLUHLWRS~EOLFRLQWHUQR 1mRHVWmRDIHWDGRVDTXDOTXHUILQDOLGDGHS~EOLFD ([7HUUHQRVS~EOLFRVEDOGLRVWHUUDVGHYROXWDV

F'RPLQLFDLV

%HQV 3~EOLFRV

&DUDFWHUtVWLFDV

3RGHPHVWDUVXMHLWDVDUHJUDVSUySULDV GRUHJLPHMXUtGLFRGRVEHQVS~EOLFRV

%HQVS~EOLFRVGHXVRFRPXPGRSRYRHGHXVR HVSHFLDOQmRSRGHPVHUYHQGLGRV&&DUW %HQVGRPLQLFDLVHGHVDIHWDGRVSRGHPVHU DOLHQDGRVREVHUYDGDVDVH[LJrQFLDVOHJDLV 'HPRQVWUDomRGRLQWHUHVVHS~EOLFR ([LJrQFLDV 3UpYLDDYDOLDomR OHJDLVDUW ([FHomR /HL /LFLWDomR $XWRUL]DomROHJLVODWLYD HPFDVRGHEHPLPyYHO

D,QDOLHQDELOLGDGH

1mRVHVXMHLWDPjSHQKRUD,PSDVVtYHLVGHH[HFXomRMXGLFLDO E,PSHQKRUDELOLGDGH

F,PSUHVFULWLELOLGDGH

'pELWRVGD)D]HQGD3~EOLFDVHUmRSDJRVSRU SUHFDWyULRV&)DUW

3URLELGDDTXLVLomRGHEHQVS~EOLFRVSRU868&$3,2 3UHVFULomRDTXLVLWLYDGRGLUHLWRGHSURSULHGDGH 8VXFDSLmR &)DUWSDUiJUDIR~QLFR

G1mRRQHUDomR

D$IHWDomR

$IHWDomRH GHVDIHWDomR

E'HVDIHWDomR

%HQVS~EOLFRVQmRSRGHPVHUJUDYDGRVSRUGLUHLWRVUHDLVGHJDUDQWLD 3HQKRU 'LUHLWRVUHDLV $QWLFUHVH GHJDUDQWLD +LSRWpFD

'L]UHVSHLWRjXWLOL]DomRGREHPS~EOLFR 2FRUUHTXDQGRGHWHUPLQDGREHPS~EOLFRHVWHMD VHQGRXWLOL]DGRSDUDXPDILQDOLGDGHS~EOLFD ([ 8PSUpGLRHPTXHIXQFLRQHXPDUHSDUWLomR S~EOLFDHVWDDIHWDGRDRILPS~EOLFR %HQVDIHWDGRVQmRSRGHPHQTXDQWR SHUPDQHFHUHPQHVVDVLWXDomRVHUDOLHQDGRV 2FRUUHTXDQGRXPEHPS~EOLFRQmRHVWi VHQGRXWLOL]DGRSDUDTXDOTXHUILPS~EOLFR ([ ,PyYHOGD8QLmRTXHQmRHVWHMDVHQGR XVDGRSDUDTXDOTXHUILPS~EOLFR 6RPHQWHRVEHQVGHVDIHWDGRVSRGHPVHUDOLHQDGRV &DVRRVEHQVGHXVRFRPXPGRSRYRHRVEHQVGHXVRHVSHFLDO YHQKDPDVHUGHVDIHWDGRVFRQYHUWHUVHmRHPEHQVGRPLQFLDLV 

Mapas Mentais Ponto - Administrativo

Recommend Documents