Professional Documents
Culture Documents
My 2016 - 161 5b1 Gol 66
My 2016 - 161 5b1 Gol 66
6LJQLILFDGRVGRVVtPERORV
¤ $'9(57Ç1&,$
7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HV
SHULJRVDVTXHSRGHPFDXVDUDPRUWHRXIHUL
PHQWRVJUDYHVQRFDVRGHLQREVHUYkQFLD
b &8,'$'2
7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HV
SHULJRVDVTXHSRGHPFDXVDUIHULPHQWRVOH
YHVRXJUDYHVQRFDVRGHLQREVHUYkQFLD
127$
7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HVSH
ULJRVDVTXHSRGHPFDXVDUGDQRVDRYHtFXOR
QRFDVRGHLQREVHUYkQFLD
ҧϜ
ҧϜ
ҧϜ
ҧϜ
3(5,*2
7H[WRVFRPHVWHVtPERORLQGLFDPVLWXDo}HV
H[WUHPDPHQWHSHULJRVDVTXHSRGHPFDXVDU
DPRUWHRXIHULPHQWRVJUDYHVQRFDVRGH
LQREVHUYkQFLD
0XLWRREULJDGRSRUVXDFRQILDQoD
$QWHVGDSULPHLUDXWLOL]DomROHLDHDWHQWHSDUDDVLQIRUPDo}HVFRQWLGDVQHVWH0DQXDOGHLQVWUX
o}HVSDUDTXHYRFrFRQKHoDGHIRUPDUiSLGDHDEUDQJHQWHRYHtFXOREHPFRPRSDUDSRGHUUHFR
QKHFHUHHYLWDUSRVVtYHLVSHULJRVSDUDVLHSDUDWHUFHLURV
&HQWUDOGH5HODFLRQDPHQWRFRP&OLHQWHV9RONVZDJHQ
,QWHUQHW
7HOHIRQH
)D[
&DUWD
9RONVZDJHQGR%UDVLO
0XLWRREULJDGRSRUVXDFRQILDQoD
ËQGLFH
6REUHHVWH0DQXDOGH 6HQWDUGHIRUPDFRUUHWDHVHJXUD
LQVWUXo}HV
5HSDURVQRVFRPSRQHQWHVGR
FRQFHLWRGHVHJXUDQoDGR
YHtFXOR ,OXPLQDomRHYLVLELOLGDGH
9LVWDJHUDOGRYHtFXOR
9LVWDVH[WHUQDV
7UDQVSRUWDU
,QWHULRUGRYHtFXOR
(TXLSDPHQWRVSUiWLFRV
'XUDQWHDFRQGXomR
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
,QVWUXPHQWRFRPELQDGR
9RODQWHPXOWLIXQo}HV 6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
&OLPDWL]DomR
$QWHVGDFRQGXomR
$QWHVGHSDUWLU 1RSRVWRGHFRPEXVWtYHO
$EULUHIHFKDU
&RQVHUYDomR/LPSH]D
0DQXWHQomR
1RFRPSDUWLPHQWRGRPRWRU
ËQGLFH
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
$EUHYLDWXUDVXWLOL]DGDV
ËQGLFHUHPLVVLYR
$XWRDMXGD
2ULHQWDo}HVSUiWLFDV
ËQGLFH
6REUHHVWH0DQXDOGHLQVWUXo}HV
&RPSRQHQWHVIL[RVGDOLWHUDWXUDGH
ERUGR
&RPSRQHQWHVDGLFLRQDLVGDOLWHUDWXUD
GHERUGRRSFLRQDLV
2XWURVDQH[RV
6REUHHVWH0DQXDOGHLQVWUXo}HV
5HSDURVQRVFRPSRQHQWHVGRFRQFHLWRGHVHJXUDQoD
GRYHtFXOR
5HSDURVQRVFRPSRQHQWHVGRFRQFHLWRGHVHJXUDQoDGRYHtFXOR
9LVWDJHUDOGRYHtFXOR
9LVWDVH[WHUQDV
9LVWDODWHUDO
)LJ
ҧϜ
PDoDQHWDVGDVSRUWDVWUDVHLUDVVmRYiOLGDVVRPHQWHSDUD
YHtFXORVSRUWDV
9LVWDJHUDOGRYHtFXOR
9LVWDIURQWDO
)LJ
ҧϜ
9LVWDVH[WHUQDV
9LVWDWUDVHLUD
)LJ
ҧϜ
9LVWDJHUDOGRYHtFXOR
,QWHULRUGRYHtFXOR
9LVWDJHUDOGDSRUWDGRFRQGXWRU
)LJ
ҧϜ
01
,2
,QWHULRUGRYHtFXOR
9LVWDJHUDOGRODGRGRFRQGXWRUYDULDQWH
)LJ
ҧϜ
& '
-
* + /+ E
b
9LVWDJHUDOGRYHtFXOR
()'( ,/7
z
U
W
Z
\
42)0 /+ 2%3%4
,QWHULRUGRYHtFXOR
9LVWDJHUDOGRODGRGRFRQGXWRUYDULDQWH
)LJ
ҧϜ
& '
-
* + /+ E
b
9LVWDJHUDOGRYHtFXOR
X
W
\
%.4%2
=
,QWHULRUGRYHtFXOR
9LVWDJHUDOGRFRQVROHFHQWUDO
3DUWHVXSHULRUGRFRQVROHFHQWUDO
)LJ
ҧϜ
_
q
=
ҧϜ 5iGLR
9LVWDJHUDOGRYHtFXOR
3DUWHLQIHULRUGRFRQVROHFHQWUDO
)LJ
ҧϜ
,QWHULRUGRYHtFXOR
9LVWDJHUDOGRODGRGRSDVVDJHLURGLDQWHLUR
)LJ
ҧϜ
6tPERORVQRUHYHVWLPHQWRGRWHWR
6tPEROR 6LJQLILFDGR
*/s ҧϜ
9LVWDJHUDOGRYHtFXOR
,QVWUXPHQWRFRPELQDGR
/X]HVGHDGYHUWrQFLDHGHFRQWUROH
ҧϜ ҧϜ
ҧϜ ,QVWUXPHQWRV
1mRSURVVHJXLU
~ ҧϜ
E
1mRSURVVHJXLU
ҧϜ
q
1mRSURVVHJXLU
ҧϜ
i ҧϜ
F ҧϜ
ҧϜ
à
J
ҧϜ
ҧϜ
B
%0#
ҧϜ
ҧϜ
T ҧϜ
= ҧϜ
D ҧϜ b
,QVWUXPHQWRFRPELQDGR
6tPEROR 6LJQLILFDGRҧϜ 9HU
ҧϜ
ҧϜ
ҧϜ
ҧϜ
3!&% ҧϜ
).30 ҧϜ
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH Ɣ 8PYHtFXORSDUDGRVHPDGHYLGDVLQDOL]D
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD omRUHSUHVHQWDXPJUDQGHULVFRGHDFLGHQWH
UDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHLURV SDUDVLPHVPRHSDUDWHUFHLURV6HPSUHDFLR
HYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOREHP QDUDVOX]HVGHDGYHUWrQFLDHXWLOL]DURWULkQ
FRPRHYHQWXDLVDFLGHQWHV JXORGHVHJXUDQoDSDUDDOHUWDURXWURVYHtFX
ORV
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
DFHVDVHDVPHQVDJHQVGHWH[WR Ɣ $QWHVGHDEULUDWDPSDGRFRPSDUWLPHQWR
GRPRWRUGHVOLJDURPRWRUHDJXDUGDUDWp
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP TXHVXDWHPSHUDWXUDWHQKDEDL[DGRVXILFLHQ
ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt WHPHQWH
FXORHDRVGHPDLVFRQGXWRUHV
Ɣ 2FRPSDUWLPHQWRGRPRWRUGHWRGRYHtFX
Ɣ (VWDFLRQDURYHtFXORDXPDGLVWkQFLDVH ORpXPDiUHDSHULJRVDHSRGHFDXVDUIHUL
JXUDGDSLVWDGHURGDJHPGHIRUPDTXHQH PHQWRVJUDYHVҧϜ3iJLQD3UHSDUDo}HV
QKXPDGDVSHoDVGRVLVWHPDGHHVFDSHHQWUH SDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU
HPFRQWDWRFRPPDWHULDLVLQIODPiYHLVFRPR
SRUH[HPSORJUDPDVHFDFRPEXVWtYHOyOHR
HWF
127$
2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVQR
YHtFXOR
9LVWDJHUDOGRYHtFXOR
,QVWUXPHQWRV
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
$GLVWUDomRGRFRQGXWRUHQTXDQWRGLULJHR
YHtFXORSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
Ɣ 1XQFDFRPDQGDURVERW}HVGRLQVWUXPHQ
WRFRPELQDGRGXUDQWHDFRQGXomR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧϜ
ҧϜ 0DQXWHQomRHJDUDQWLD
9LVWDJHUDOGRVLQVWUXPHQWRV
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
,QGLFDGRUGHWHPSHUDWXUDGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU~ ҧϜ
,QGLFDGRUGRQtYHOGHFRPEXVWtYHO ҧϜ
9HORFtPHWUR
7HFODGHUHWURFHVVR ҧϜ
b
,QVWUXPHQWRFRPELQDGR
7HFODGHDMXVWHGRUHOyJLRGRLQVWUXPHQWRFRPELQDGR
7HFODGHUHLQLFLDOL]DomRGRLQGLFDGRUGRLQWHUYDORGHVHUYLoR ҧϜ
,QGLFDGRUHVGRGLVSOD\ ҧϜ
7HFODGHUHJXODJHPGDLOXPLQDomRGRSDLQHOGHLQVWUXPHQWRV
7DF{PHWURFRQWDJLURV
'
ҧϜ
Ɣ &RPRPRWRUIULRHYLWDUURWDomRGRPRWRU Ɣ 3DUDHYLWDUGDQRVDRPRWRURSRQWHLURGR
PXLWRHOHYDGDDFHOHUDomRWRWDOHIRUWHGHPDQ WDF{PHWURFRQWDJLURVSRGHSHUPDQHFHUDSH
GDDRPRWRU QDVSRUXPFXUWRSHUtRGRQDiUHDYHUPHOKDGD
HVFDOD
,QGLFDGRUHVGRGLVSOD\
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
7H[WRVGHDGYHUWrQFLDHGHLQIRUPDomR
ҧϜ
ҧϜ
ҧϜ
b
ҧϜ
9LVWDJHUDOGRYHtFXOR
&RUGR
7LSRGHPHQVDJHP 6LJQLILFDGR
VtPEROR
1mRSURVVHJXLU ҧϜ
ҧϜ
5iGLR 127$
2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVQR
YHtFXOR
$'9(57Ç1&,$
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD
UDDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHL
URVHYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOR
EHPFRPRHYHQWXDLVDFLGHQWHV
,QVWUXPHQWRFRPELQDGR
,QGLFDGRUGRLQWHUYDORGHVHUYLoR
VHUYLoRFRQGLFLRQDGRDRWHP
SRRXjTXLORPHWUDJHP
5HDOL]DomRGRVHUYLoR
VHUYLoRHVWLYHUSDUDYHQFHU
,163 5HYLV¤RLPHGLDWD
5HVWDXUDURLQGLFDGRUGRLQWHUYDORGH
VHUYLoR
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD ҧϜ
ҧϜ
FRP 1mR
ҧϜ
ҧϜ 0DQXWHQomRHJDUDQWLD
ҧϜ 0DQX
WHQomRHJDUDQWLD
9LVWDJHUDOGRYHtFXOR
,QGLFDGRUGHFRQVXPRGHFRPEXVWtYHO1RYR*RO%OXH0RWLRQ7HFKQRORJ\
ҧϜ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
,QVWUXPHQWRFRPELQDGR
6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ&RPSXWDGRUGHERUGR
¤ ,QWURGXomRDRWHPD
&RPS%RUGR
&RQILJXUD¨¶HV
(&2&RPIRUW
&RQIRUWR ,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
,OXPH9LVLE ҧϜ
ҧϜ
$'9(57Ç1&,$
$GLVWUDomRGRFRQGXWRUHQTXDQWRGLULJHR
YHtFXORSRGHSURYRFDUDFLGHQWHVHIHULPHQ
WRV
Ɣ 1XQFDDFHVVDURVPHQXVGRLQVWUXPHQWR
FRPELQDGRGXUDQWHDFRQGXomR
9LVWDJHUDOGRYHtFXOR
9LVWDJHUDOGDHVWUXWXUDGRPHQX
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RPS%RUGRҧϜ3iJLQD
ÈXGLRҧϜ3iJLQD
(VWDGRYHtFXORҧϜ3iJLQD
&RQILJXUDo}HVҧϜ3iJLQD
,QVWUXPHQWRFRPELQDGR
&RQWURODURVPHQXVGRLQVWUXPHQWRFRPELQDGR
)LJ
$FHVVDURVXEPHQX
&RPDQGRFRPDDODYDQFDGRVOLPSDGRUHVGR
SDUDEULVD $
%
&RPDQGRFRPRYRODQWHPXOWLIXQo}HV
* +
)LJ
¤
$GRWDUFRQILJXUDo}HVGRPHQX
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$FHVVDURPHQXSULQFLSDO
ҧϜ $ ҧϜ 9ROWDUDRPHQXSULQFLSDO
ҧϜ % 3RUPHLRGRPHQX
&RPDQGRFRPDDODYDQFDGRVOLPSDGRUHVGR 9ROWDU
SDUDEULVD $ &RPDQGRFRPDDODYDQFDGRVOLPSDGRUHVGR
SDUDEULVD
%
ҧϜ
&RPDQGRFRPRYRODQWHPXOWLIXQo}HV 9ROWDUDRLWHPDQWHULRU
ҧϜ &RPDQGRFRPRYRODQWHPXOWLIXQo}HV
E
9LVWDJHUDOGRYHtFXOR
0HQXSULQFLSDO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
(VWDGRGRYH®
FXOR
ҧϜ
&RQILJXUD¨¶HV
ҧϜ
0HQX&RPS%RUGR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD GHYLDJHPLQGLYLGXDO
±0HPyULD
±0HPyULDGHYLDJHP
WRWDO
,QVWUXPHQWRFRPELQDGR
([LELo}HVSRVVtYHLV
0HQX&RPS%RUGR )XQomR
&RQVXPRPRPHQW£QHRGH
FRPEXVW®YHO
&RQVXPRPªGLRGHFRP
EXVW®YHO
$XWRQRPLD
7HPSRGHYLDJHP
'LVW£QFLDSHUFRUULGD
9HORFLGDGHPªGLD
9HORFLGDGHGLJLWDO
$OHUWDYHORFLGDGH
$OWHUQDUHQWUHRVLQGLFDGRUHV
9HtFXORVVHPYRODQWHPXOWLIXQo}HV NPK NPK
9HtFXORVFRPYRODQWHPXOWLIXQo}HV
* +
3DUDGHVDWLYDU $OHUWD
$SDJDUDPHPyULDRXPDQXDOPHQWH GHYHORF
6HOHomRSHVVRDOGRVLQGLFDGRUHV
&RQILJXUD¨¶HV 'DGRV&
$UPD]HQDUDYHORFLGDGHSDUDRDOHUWDGH %RUGR
YHORFLGDGH
ҧϜ
$OHUWDGHYHORF
9LVWDJHUDOGRYHtFXOR
0HQX&RQILJXUD¨¶HV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
0HQX&RQILJXUD
)XQomR
¨¶HV
,GLRPD/DQJ
'DGRV&%RUGR
ҧϜ
6HQVRUHVWDF
(&2&RPIRUW
ҧϜ
&RQIRUWR ҧϜ
,OXPH9LVLE ҧϜ
0DQXWHQ¨¤R
ҧϜ
$MXVWHI¢EULFD &RQILJXUD¨¶HV
9ROWDU
6XEPHQX(&2&RPIRUW
(&2&RPIRUW
)LJ
¤
ҧϜ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ b
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
,QVWUXPHQWRFRPELQDGR
7H[WRVGHDOHUWD (&2&20)257 1¤RDFLRQDURSHGDOGR
(&2&20)257 5HVLVW«QFLDGRDU)HFKDU DFHOHUDGRUFRPYH®FXORSDUDGR
MDQHODV (&2&20)257 &RORFDUDDODYDQFDVHOH
(&2&20)257 $UFRQGLFLRQDGROLJDGR WRUDQDSRVL¨¤R'
)HFKDUMDQHODV
(&2&20)257 2EVHUYDULQGLFDGRUGHPX (&2&20)257 (YLWDUWHURPRWRUHP
GDQ¨DGHPDUFKDV IXQFLRQDPHQWRFRPYH®FXORSDUDGR
(&2&20)257 1DIUHQDJHPGHVHQJDWDU
DSHQDVDEDL[RGHUSP
(&2&20)257 1¤RDFLRQDURSHGDOGR
DFHOHUDGRUQRDUUDQTXHGRPRWRU
6XEPHQX&RQIRUWR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
0HQX&RQIRUWR )XQomR
6LQDO6RQRUR
6LQDO/XPLQRVR
)HFK$XWRP
ҧϜ
9ROWDU &RQILJXUD¨¶HV
6XEPHQX,OXPH9LVLE
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
0HQX,OXPH9L
)XQomR
VLE
&RPLQJ+RPH
/HDYLQJ+RPH ҧϜ
$XWRP¢WLFR
0DQXDO
'HVOLJDGR
9ROWDU &RQILJXUD¨¶HV
9LVWDJHUDOGRYHtFXOR
9RODQWHPXOWLIXQo}HV
9RODQWHPXOWLIXQo}HVFRPFRPDQGRVGRUiGLRHGR6LVWHPD
GHLQIRUPDo}HV9RONVZDJHQ
¤ ,QWURGXomRDRWHPD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ ҧϜ 5iGLR
ҧϜ
&RPDQGRVGRYRODQWHPXOWLIXQo}HV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVQDSiJLQD
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
&
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
b
9RODQWHPXOWLIXQo}HV
7HFODV 8WLOL]DomR )XQomR
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRDWHFODGXDVYH]HVEUHYHPHQWH
- 3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRDWHFODEUHYHPHQWH
'
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
0HQXXGLR 3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
/+
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV b
9LVWDJHUDOGRYHtFXOR
7HFODV 8WLOL]DomR )XQomR
3UHVVLRQDQGRDWHFODEUHYHPHQWH
E
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
0HQXXGLR 3UHVVLRQDQGRDWHFODEUHYHPHQWH
3UHVVLRQDQGRSRUDOJXQVVHJXQGRV
ҧϜ 5iGLR
9RODQWHPXOWLIXQo}HV
$QWHVGDFRQGXomR
$QWHVGHSDUWLU
2ULHQWDo}HVSDUDFRQGXomR
¤ ,QWURGXomRDRWHPD
ҧϜ
ҧϜ
$'9(57Ç1&,$
'LULJLUVREDLQIOXrQFLDGHiOFRROGURJDVPH
GLFDPHQWRVHHQWRUSHFHQWHVSRGHFDXVDUDFL
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GHQWHVJUDYHVHIHULPHQWRVIDWDLV
Ɣ ÈOFRROGURJDVPHGLFDPHQWRVHHQWRUSH
ҧϜ FHQWHVSRGHPGLPLQXLUFRQVLGHUDYHOPHQWHR
ҧϜ JUDXGHSHUFHSomRRVWHPSRVGHUHDomRHD
VHJXUDQoDGDFRQGXomRRTXHSRGHFDXVDUD
ҧϜ SHUGDGRFRQWUROHGRYHtFXOR
3UHSDUDWLYRVGHYLDJHPHVHJXUDQoDGDFRQGXomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)LJ
/LVWDGHFRQWUROH
d
ҧϜ
d
d
ҧϜ ҧϜ
d
d
ҧϜ
b
$QWHVGDFRQGXomR
d
/LVWDGHFRQWUROHFRQWLQXDomR
d
ҧϜ
d
ҧϜ
d
d
ҧϜ
d
ҧϜ
d
ҧϜ
d
d
d
d
d
d
0DQXWHQomRHJDUDQWLD
$'9(57Ç1&,$
5HVSHLWDUVHPSUHDVUHJUDVGHWUkQVLWRDWXDLV
HRVOLPLWHVGHYHORFLGDGHHFRQGX]LUSUHYHQ
WLYDPHQWH$DYDOLDomRFRUUHWDGDVLWXDomRGH
FRQGXomRSRGHID]HUDGLIHUHQoDHQWUHFKH
JDUDRGHVWLQRGDYLDJHPHPVHJXUDQoDHVR
IUHUXPDFLGHQWHFRPIHULPHQWRVJUDYHV
ҧϜ 0DQXWHQomRHJDUDQ
WLD
ҧϜ
$QWHVGHSDUWLU
&RQGXomRQRH[WHULRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
/LVWDGHFRQWUROH
d
d
d
d
d ҧϜ
d
127$
$9RONVZDJHQQmRVHUHVSRQVDELOL]DSRUGDQRV
FDXVDGRVDRYHtFXORHPUD]mRGHFRPEXVWtYHO
GHEDL[DTXDOLGDGHPDQXWHQomRLQVXILFLHQWH
LQFRUUHWDHXWLOL]DomRGHSHoDVQmRRULJLQDLV
7UDYHVVLDGHWUHFKRVDODJDGRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
$SyVFRQGXo}HVSRUiJXDODPDORGRHWF
SRGHRFRUUHUXPUHWDUGDPHQWRQDDWXDomRGR
IUHLRHPUD]mRGHXPLGDGHRXFRQJHODPHQWR
GRVGLVFRVHSDVWLOKDVGHIUHLRH[LJLQGRR
DXPHQWRGDGLVWkQFLDGHIUHQDJHP
Ɣ ³6HFDURVIUHLRVHHOLPLQDURJHOR´SRU
QRPi[LPR
PHLRGHDo}HVFXLGDGRVDVGHIUHQDJHP3UR
ҧϜ
FHGHUVHPFRORFDURVGHPDLVFRQGXWRUHVHP
ULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HVOH
JDLV
Ɣ (YLWDUPDQREUDVEUXVFDVHUHSHQWLQDVGH
IUHQDJHPORJRDSyVDWUDYHVVLDGHWUHFKRV
DODJDGRV b
$QWHVGDFRQGXomR
127$ 127$FRQWLQXDomR
Ɣ 1DWUDYHVVLDGHWUHFKRVDODJDGRVDOJXPDV Ɣ -DPDLVFRQGX]LUSRUiJXDVDOJDGDRVDOSR
SHoDVGRYHtFXORFRPRSRUH[HPSORPRWRU GHSURYRFDUFRUURVmR/DYDULPHGLDWDPHQWH
WUDQVPLVVmRFKDVVLRXVLVWHPDHOpWULFRSR FRPiJXDGRFHWRGDVDVSDUWHVGRYHtFXORTXH
GHPVHUVHULDPHQWHGDQLILFDGRV WHQKDPHQWUDGRHPFRQWDWRFRPDiJXDVDOJD
GD
$QWHVGHSDUWLU
'DGRVWpFQLFRV
¤ ,QWURGXomRDRWHPD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧ
ҧϜ
ҧϜ
ҧ
ҧϜ 0DQXWHQomRHJDUDQWLD ҧϜ
ҧϜ
$'9(57Ç1&,$
1mRREVHUYDURXH[FHGHURVYDORUHVLQGLFD
GRVSDUDSHVRVFDUJDGLPHQV}HVHYHORFLGD
GHPi[LPDSRGHPRFDVLRQDUDFLGHQWHVHIHUL
PHQWRVJUDYHV
$QWHVGDFRQGXomR
'DGRVGHLGHQWLILFDomRGRYHtFXOR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(WLTXHWDGRIDEULFDQWH
1~PHURGHLGHQWLILFDomRGRYHtFXOR9,1 ҧϜ
Q~PHURGRFKDVVL
(WLTXHWDGHLGHQWLILFDomRGRDQRGH
IDEULFDomR
ҧϜ
1~PHURGHLGHQWLILFDomRGRYHtFXORSDUFLDO
Q~PHURGRFKDVVLSDUFLDO
127$
6HIRUQHFHVViULRVXEVWLWXLUHWLTXHWDVRXUHJUD
YDUFRPSRQHQWHVGRYHtFXORVROLFLWHDRULHQWD
omRGHXPD&RQFHVVLRQiULD9RONVZDJHQ
ҧϜ
127$
$SHOtFXODSOiVWLFDDSOLFDGDQDUHJLmRGDJUDYD
omRGRQ~PHURGHLGHQWLILFDomRGRYHtFXORQ~
PHURGRFKDVVLpXPDSURWHomRDQWLFRUURVLYD
HQmRLPSHGHDWUDQVIHUrQFLDGRQ~PHURSDUD
1~PHURGHLGHQWLILFDomRGRPRWRU XPDIROKDGHSDSHOGHFDOTXHGRFKDVVL3RU
WDQWRHODQmRGHYHVHUUHPRYLGDGHIRUPDDOJX
PDULVFRGHSHUGDGDJDUDQWLDFRQWUDSHUIXUD
omRSRUFRUURVmR
ҧϜ
$QWHVGHSDUWLU
'DGRVGRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
727$/)/(;N:
9:
727$/)/(;N:
9:
727$/)/(;N:
9:
$QWHVGDFRQGXomR
'LPHQV}HV
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/HJHQGDSDUDҧϜ)LJ0RWRUHVH
VHPRVHVSHOKRVUHWURYLVRUHVH[WHUQRV
FRPRVHVSHOKRVUHWURYLVRUHVH[WHUQRV
$QWHVGHSDUWLU
/HJHQGDSDUDҧϜ)LJ1RYR*RO7UDFN
/HJHQGDSDUDҧϜ)LJ1RYR*RO5DOO\H
Ɣ &RQGX]LUFRPFXLGDGRHPHVWDFLRQDPHQWRV Ɣ &RQGX]LUFDXWHORVDPHQWHVREUHHQWUDGDVGH
FRPPHLRILRVDOLHQWHRXEDOL]DVIL[DV2EMHWRV WHUUHQRVUDPSDVPHLRILRHRXWURVREMHWRV
PDLVDOWRVTXHRFKmRSRGHPGDQLILFDURSDUD 3DUWHVGRYHtFXORPDLVUHEDL[DGDVFRPRSDUD
FKRTXHHRXWUDVSHoDVGRYHtFXORDRHVWDFLR FKRTXHVSRLOHUHSHoDVGRFKDVVLPRWRURX
QDURXVDLUGDYDJD GRVLVWHPDGHHVFDSHSRGHPVHUGDQLILFDGRV
QDSDVVDJHP
$QWHVGDFRQGXomR
'HVHPSHQKRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
9HORFLGDGHPi[LPD
7LSRGHWUDQV 9HORFLGDGHPi[LPDD
3RWrQFLDGRPRWRU &'0
PLVVmR *DVROLQD (WDQRO
7LSRGH 9HORFLGDGHPi[LPDD
3RWrQFLDGRPRWRU &'0 9HUVmR
WUDQVPLVVmR *DVROLQD (WDQRO
$FHOHUDomR
3RWrQFLDGRPR 7LSRGH $FHOHUDomRNPKD $FHOHUDomRNPKD
&'0
WRU WUDQVPLVVmR *DVROLQD (WDQRO *DVROLQD (WDQRO
$QWHVGHSDUWLU
$EULUHIHFKDU
-RJRGHFKDYHVGRYHtFXOR
¤ ,QWURGXomRDRWHPD
3(5,*2FRQWLQXDomR
Ɣ 3URFXUDUDX[tOLRPpGLFRLPHGLDWDPHQWH
TXDQGRKRXYHUDVXVSHLWDGHTXHXPDEDWHULD
IRLHQJROLGD
$'9(57Ç1&,$
8PDXWLOL]DomRGHVDWHQWDRXGHVFRQWURODGD
GDVFKDYHVGRYHtFXORSRGHFDXVDUDFLGHQWHV
HIHULPHQWRVJUDYHV
Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
FRQVLJRDRGHL[DURYHtFXOR&ULDQoDVRXSHV
VRDVQmRDXWRUL]DGDVSRGHPWUDYDUDVSRUWDV
ҧϜ HDWDPSDWUDVHLUDGDUSDUWLGDQRPRWRURXOL
JDUDLJQLomRHFRPLVVRDFLRQDUHTXLSD
ҧϜ PHQWRVHOpWULFRVFRPRSRUH[HPSORRVYL
ҧϜ GURVHOpWULFRV
ҧϜ Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
QHFHVVLGDGHHVSHFLDLVVR]LQKDVQRYHtFXOR
3(5,*2 (PFDVRGHHPHUJrQFLDHODVQmRHVWDULDP
HPFRQGLo}HVGHGHL[DURYHtFXORVR]LQKDV
4XDQGREDWHULDVFRPGLkPHWURGHPPRX RXGHDMXGDUHPDVLPHVPDV(PXPYHtFXOR
RXWUDVEDWHULDVGHOtWLRVmRHQJROLGDVDFRQ IHFKDGRGHDFRUGRFRPDHVWDomRGRDQR
VHTXrQFLDSRGHVHUOHV}HVJUDYHVRXDWpID SRGHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDVRX
WDLVHPXPFXUWRHVSDoRGHWHPSR PXLWREDL[DVTXHSRGHPFDXVDUIHULPHQWRV
Ɣ &RQVHUYDUVHPSUHDFKDYHGRYHtFXOR JUDYHVHHQIHUPLGDGHVSULQFLSDOPHQWHHP
EHPFRPRFKDYHLURVFRPEDWHULDVEDWHULDV FULDQoDVSHTXHQDVRXOHYDUjPRUWH
GHUHSRVLomRFpOXODVWLSRERWmRHRXWUDVED Ɣ 1XQFDUHWLUDUDFKDYHGDLJQLomRHQTXDQWR
WHULDVIRUDGRDOFDQFHGHFULDQoDV R YHtFXORHVWLYHUHPPRYLPHQWR
$QWHVGDFRQGXomR
&KDYHGRYHtFXORFRPFRPDQGRUHPRWR
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD ҧϜ
&KDYHGRYHtFXORFRPFRPDQGRUHPRWR 127$
7RGDFKDYHGRYHtFXORFRQWpPFRPSRQHQWHV
HOHWU{QLFRV3URWHJHUDVFKDYHVFRQWUDDYDULDV
ҧϜ XPLGDGHHYLEUDo}HVLQWHQVDV
ҧϜ
ҧϜ
ҧϜ
5HEDWHUDKDVWHGDFKDYHSDUDIRUDRXSDUD
GHQWUR
ҧϜ
UHEDWHUSDUDGHQWUR
ҧϜ
ҧϜ 7UDYDPHQWR
FHQWUDOHVLVWHPDGHWUDYDPHQWR
&KDYHGHUHSRVLomR
$EULUHIHFKDU
&KDYHGRYHtFXORPHFkQLFD
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ $
ҧϜ $
ҧϜ %
'HVGREUDUHGREUDUDKDVWHGDFKDYH
PHFkQLFDGREUiYHO
ҧϜ %
GREUDUSDUDGHQWUR
&KDYHGHUHSRVLomR
/X]GHFRQWUROHGDFKDYHGRYHtFXORFRPFRPDQGRUHPRWR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
)LJ
ҧϜ
$QWHVGDFRQGXomR
6XEVWLWXLUDEDWHULD
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
Ɣ 8PDWURFDGHEDWHULDUHDOL]DGDGHIRUPD
LQDGHTXDGDSRGHGDQLILFDUDFKDYHGRYHtFXOR
Ɣ %DWHULDVLQDGHTXDGDVSRGHPGDQLILFDUD
FKDYHGRYHtFXOR6XEVWLWXLUEDWHULDVGHVFDUUH
JDGDVVRPHQWHSRUEDWHULDVQRYDVFRPDPHV
PDWHQVmRWDPDQKRHHVSHFLILFDomR
Ɣ 1DLQVWDODomRGDEDWHULDREVHUYDUDSRODUL
ҧϜ GDGHFRUUHWD
6XEVWLWXLUDEDWHULD
ҧϜ
ҧϜ ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
$EULUHIHFKDU
6LQFURQL]DUDFKDYHGRYHtFXORFRPFRPDQGRUHPRWR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
1
0
$QWHVGDFRQGXomR
7UDYDPHQWRFHQWUDOHVLVWHPDGHWUDYDPHQWR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
8PDXWLOL]DomRLQFRUUHWDGRWUDYDPHQWRFHQ
WUDOSRGHFDXVDUIHULPHQWRVJUDYHV
Ɣ 2WUDYDPHQWRFHQWUDOWUDYDWRGDVDVSRU
WDV8PYHtFXORWUDYDGRSRUGHQWURSRGHLP
SHGLUXPDDEHUWXUDLQYROXQWiULDGDVSRUWDVH
DLQYDVmRGHSHVVRDVQmRDXWRUL]DGDV(P
FDVRGHHPHUJrQFLDRXDFLGHQWHHQWUHWDQWR
SRUWDVWUDYDGDVGLILFXOWDPRDFHVVRGHVRFRU
ULVWDVDRLQWHULRUGRYHtFXORSDUDDWHQGHUDV
SHVVRDV
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
QHFHVVLGDGHVHVSHFLDLVVR]LQKDVQRYHtFXOR
QmR
2DFLRQDPHQWRGRERWmRGRWUDYDPHQWRFHQ
WUDOSRGHUiWUDYDUDVSRUWDVGRYHtFXORSRU
GHQWURGLILFXOWDQGRRXLPSHGLQGRDVDtGD
3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDVD
WHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
Ɣ &RQIRUPHDHVWDomRGRDQRSRGHPRFRU
UHUWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
QRLQWHULRUGHXPYHtFXORIHFKDGRTXHSR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
GHPFDXVDUIHULPHQWRVJUDYHVHHQIHUPLGD
ҧϜ GHVSULQFLSDOPHQWHHPFULDQoDVSHTXHQDV
ҧϜ RXOHYDUjPRUWH
ҧϜ Ɣ 1XQFDGHL[DUSHVVRDVGHQWURGHXPYHt
ҧϜ FXORWUDYDGR(PFDVRGHHPHUJrQFLDHODV
SRGHULDPQmRWHUFRQGLo}HVGHGHL[DURYHt
ҧϜ
FXORVR]LQKDVRXGHDMXGDUHPDVLPHVPDV
ҧϜ
Ɣ 6RPHQWHDEULURXIHFKDUDVSRUWDVHDWDP
SDWUDVHLUDTXDQGRQmRKRXYHUQLQJXpPHP
VHXUDLRGHDEHUWXUD
$EULUHIHFKDU
7UDYDPHQWRPHFkQLFR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
VHP
)XQomR $omRFRPDFKDYHPHFkQLFDҧϜ)LJQDIHFKDGXUD
$'9(57Ç1&,$
&RPDVSRUWDVWUDYDGDVHYLWDVHRDFHVVRLQ
GHVHMDGRSHORODGRGHIRUDSRUH[HPSORQD
SDUDGDHPVHPiIRUR3RGHUmRGLILFXOWDUFRQ
WXGRDDomRGHVRFRUURQRFDVRGHHPHUJrQ
FLD
/X]GHFRQWUROH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
3LVFDQGR &DXVDSRVVtYHO
à
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt
FXORHDRVGHPDLVFRQGXWRUHV
$'9(57Ç1&,$ Ɣ 4XDQGRRYHtFXORSDUDRXSUHFLVDVHUHV
WDFLRQDGRSDUDUHSDURVHVWDFLRQDUVHPSUHR
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH YHtFXORDXPDGLVWkQFLDVHJXUDGDUXDOLJDU
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD DVOX]HVGHDGYHUWrQFLDGHVOLJDURPRWRUH
UDDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHL DGRWDURXWUDVPHGLGDVGHVHJXUDQoDSDUD
URVHYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOR DOHUWDURWUkQVLWR
EHPFRPRHYHQWXDLVDFLGHQWHV
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD 127$
DFHVDVHDVPHQVDJHQVGHWH[WR
2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVQR
YHtFXOR
$QWHVGDFRQGXomR
'HVFULomRGRWUDYDPHQWRFHQWUDO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
7UDYDURYHtFXORDSyVRDFLRQDPHQWRGR
DLUEDJ
ҧϜ
ҧϜ )XQomR $omR
SRUGHQWUR
ҧϜ 1
ҧϜ
ҧϜ SRUIRUD 28
ҧϜ )HFKD
PHQWRGHHPHUJrQFLD
ҧϜ -RJRGHFKDYHVGRYHtFXOR
ҧϜ
7UDYDPHQWRDXWRPiWLFR$XWR/RFN
à
$EULUHIHFKDU
'HVWUDYDUHWUDYDURYHtFXORSRUIRUD
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)LJ
1
QRVHQWLGRKRUiULR
q
QRVHQWLGRDQWLKRUiULR
ҧϜ
QmR
XPDYH]
GXDVYH]HV
b
$QWHVGDFRQGXomR
)HFKDPHQWRGHHPHUJrQFLD
ҧϜ 7UDYDUDSRUWDGRSDVVDJHLURGLDQ
WHLURHDVSRUWDVWUDVHLUDVPDQXDOPHQWH
ҧϜ
$EHUWXUDHIHFKDPHQWRGHFRQIRUWR
ҧϜ
'HVWUDYDUHWUDYDURYHtFXORSRUGHQWUR
QmR
IRUD
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
0
3UHVVLRQDUDWHFODҧϜ)LJ
0
1
ҧϜ
$EULUHIHFKDU
6LVWHPDGHDODUPHDQWLIXUWR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD 9iOLGRSDUDYHtFXORVFRPVLVWHPDGH
WUDYDPHQWRFHQWUDOHVHPDODUPH
4XDQGRRDODUPHpGLVSDUDGR"
QmR
9iOLGR
SDUDYHtFXORVFRPVLVWHPDGHWUDYDPHQWRFHQWUDOH
FRPDODUPH
ҧϜ
'HVOLJDUDODUPH
'HVWUDQFDUPHFDQLFDPHQWHWRGDVDVSRUWDV
GRYHtFXORDEHUWXUDGHHPHUJrQFLD
$QWHVGDFRQGXomR
0RQLWRUDPHQWRGRLQWHULRUGRYHtFXOR
ҧϜ
5LVFRVGHIDOKDGRDODUPH
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
/LJDURPRQLWRUDPHQWRGRLQWHULRUGR
127$
YHtFXOR
9iOLGRVRPHQWHSDUDYHtFXORVFRP6LVWHPDGH
,QIRUPDo}HV9RONVZDJHQVHRPRQLWRUDPHQWR
GRLQWHULRUGRYHtFXORHVWLYHUGHVOLJDGRHKRX
YHUDQHFHVVLGDGHGHGHL[DUXPDSHTXHQD
DEHUWXUDQRVYLGURVGHYHPVHUREVHUYDGDVDV
'HVOLJDURPRQLWRUDPHQWRGRLQWHULRUGR VHJXLQWHVRULHQWDo}HV
YHtFXOR Ɣ 'HVDWLYDUDIXQomRGHIHFKDPHQWRDXWRPiWL
FDGRVYLGURVSRUPHLRGRVXEPHQX&RQIRUWR
QDRSomR)HFK$XWRP1HVWDFRQGLomRGHYH
VHVHPSUHGHVOLJDURPRQLWRUDPHQWRGRLQWH
ҧϜ ULRUGRYHtFXORFDVRFRQWUiULRRDODUPHSRGHUi
à GLVSDUDU
Ɣ $9RONVZDJHQUHFRPHQGDTXHHVWHSURFHGL
PHQWRVHMDUHDOL]DGRDSHQDVVHQHFHVViULR
à
$EULUHIHFKDU
3RUWDV
¤ ,QWURGXomRDRWHPD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV $'9(57Ç1&,$FRQWLQXDomR
ҧϜ Ɣ $RIHFKDUDWHQWDUSDUDTXHDSRUWDHQFDL
ҧϜ [HGHIRUPDVHJXUDHFRPSOHWD$SRUWDIH
FKDGDGHYHHVWDUDOLQKDGDFRPDVSHoDVDG
ҧϜ MDFHQWHVGDFDUURFHULD
Ɣ $EULURXIHFKDUDVSRUWDVVRPHQWHTXDQGR
$'9(57Ç1&,$ QmRKRXYHUQLQJXpPHPVHXUDLRGHDEHUWXUD
8PDSRUWDIHFKDGDLQFRUUHWDPHQWHSRGHVH
DEULUVXELWDPHQWHGXUDQWHDFRQGXomRHFDX $'9(57Ç1&,$
VDUIHULPHQWRVJUDYHV 8PDSRUWDPDQWLGDDEHUWDSHORGLVSRVLWLYRGH
Ɣ 3DUDULPHGLDWDPHQWHHIHFKDUDSRUWD UHWHQomRGDSRUWDSRGHVHIHFKDUHPFRQGL
o}HVGHYHQWRIRUWHHHPDFOLYHVFDXVDQGR
IHULPHQWRV
Ɣ 6HJXUDUVHPSUHDVSRUWDVSHODPDoDQHWD
DRDEULUHIHFKDU
$QWHVGDFRQGXomR
7DPSDWUDVHLUD
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
QmRSHUPLWLUVXDDEHUWXUDTXDQGRKRXYHUFDU
JDDIL[DGDQHODSRUH[HPSORELFLFOHWDV8PD
WDPSDWUDVHLUDDEHUWDSRGHVHDEDL[DUGHYLGR
DSHVRDGLFLRQDO6HQHFHVViULRDSRLDUD
WDPSDWUDVHLUDRXUHWLUDUSUHYLDPHQWHDFDUJD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ )HFKDUHWUDYDUDWDPSDWUDVHLUDHWRGDVDV
ҧϜ SRUWDVTXDQGRRYHtFXORQmRHVWLYHUHPXVR
&HUWLILFDUVHGHTXHQLQJXpPSHUPDQHFHX
ҧϜ GHQWURGRYHtFXOR
ҧϜ Ɣ 1XQFDGHL[DUFULDQoDVEULQFDUVHPVXSHU
YLVmRGHQWURRXSUy[LPDVGRYHtFXORVREUH
WXGRTXDQGRDWDPSDWUDVHLUDHVWLYHUDEHUWD
$'9(57Ç1&,$ &ULDQoDVSRGHPHQWUDUQRFRPSDUWLPHQWRGH
8PGHVWUDYDPHQWRDEHUWXUDRXIHFKDPHQWR EDJDJHPIHFKDUDWDPSDHILFDUSUHVDV&RQ
LQFRUUHWRHVHPVXSHUYLVmRGDWDPSDWUDVHLUD IRUPHDHVWDomRGRDQRSRGHPRFRUUHUWHP
SRGHFDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV SHUDWXUDVPXLWRDOWDVRXPXLWREDL[DVQRLQ
Ɣ $EULURXIHFKDUDWDPSDWUDVHLUDVRPHQWH WHULRUGHXPYHtFXORIHFKDGRTXHSRGHP
TXDQGRQmRKRXYHUQLQJXpPHPVHXUDLRGH FDXVDUIHULPHQWRVJUDYHVHHQIHUPLGDGHV
IXQFLRQDPHQWRHDEHUWXUD SULQFLSDOPHQWHHPFULDQoDVSHTXHQDVRXOH
YDUjPRUWH
Ɣ $SyVRIHFKDPHQWRGDWDPSDWUDVHLUDYH
ULILFDUVHHODHVWiIHFKDGDHWUDYDGDGHPDQHL Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
UDFRUUHWDSDUDTXHQmRSRVVDVHDEULUGX QHFHVVLGDGHVHVSHFLDLVVR]LQKDVQRYHtFXOR
UDQWHDFRQGXomR$WDPSDWUDVHLUDIHFKDGD 2DFLRQDPHQWRGDWHFODGRWUDYDPHQWRFHQ
GHYHHVWDUDOLQKDGDFRPDVSHoDVDGMDFHQWHV WUDOSRGHUiWUDYDUDVSRUWDVGRYHtFXORSRU
GDFDUURFHULD GHQWURGLILFXOWDQGRRXLPSHGLQGRDVDtGD
3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDVD
Ɣ 0DQWHUVHPSUHIHFKDGDDWDPSDWUDVHLUD
WHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
GXUDQWHDFRQGXomRSDUDTXHJDVHVWy[LFRV
QmRSRVVDPSHQHWUDUQRLQWHULRUGRYHtFXOR
127$
Ɣ 1XQFDDEULUDWDPSDWUDVHLUDTXDQGRKRX
YHUFDUJDSRUH[HPSORHPXPEDJDJHLUR'D $QWHVGHDEULUDWDPSDWUDVHLUDYHULILFDUVH
PHVPDIRUPDDWDPSDWUDVHLUDHYHQWXDOPHQWH H[LVWHHVSDoRVXILFLHQWHSDUDDEULUHIHFKDUD
WDPSDSRUH[HPSORHPFRQGXo}HVFRPUHER
TXHRXHPJDUDJHQV
/X]GHDGYHUWrQFLD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
q
1mRSURVVHJXLU
q
b
$EULUHIHFKDU
$'9(57Ç1&,$
8PDWDPSDWUDVHLUDIHFKDGDLQFRUUHWDPHQWH
SRGHVHDEULUVXELWDPHQWHGXUDQWHDFRQGX
omRHFDXVDUIHULPHQWRVJUDYHV
Ɣ 3DUDULPHGLDWDPHQWHHPXPORFDOVHJXUR
HIHFKDUDWDPSDWUDVHLUD
Ɣ $SyVRIHFKDPHQWRGDWDPSDWUDVHLUDYH
ULILFDUVHDWUDYDHQJDWRXFRUUHWDPHQWHQRIH
FKR
$EULUDWDPSDWUDVHLUD
)LJ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$EULUDWDPSDWUDVHLUDFRPDWHFODQR
FRQVROHFHQWUDO
ҧϜ
ҧϜ
q $'9(57Ç1&,$
2GHVWUDYDPHQWRRXDEHUWXUDLQFRUUHWDRX
$EULUDWDPSDWUDVHLUDFRPFKDYHGRYHtFXOR VHPVXSHUYLVmRGDWDPSDWUDVHLUDSRGHFDX
VDUIHULPHQWRVJUDYHV
PHFkQLFD
ҧϜ Ɣ &RPXPEDJDJHLURPRQWDGRVREUHDWDP
QRVHQWLGRKRUiULR SDWUDVHLUDPDLVDFDUJDXPDWDPSDWUDVHLUD
GHVWUDYDGDQHPVHPSUHSHUPLWHVHUUHFRQKH
$EULUDWDPSDWUDVHLUDFRPDFKDYHGR FLGD8PDWDPSDWUDVHLUDGHVWUDYDGDSRGHVH
YHtFXORFRPFRPDQGRUHPRWR DEULUUHSHQWLQDPHQWHGXUDQWHDFRQGXomR
q
$QWHVGDFRQGXomR
)HFKDUDWDPSDWUDVHLUD
$'9(57Ç1&,$
)LJ 2IHFKDPHQWRLQFRUUHWRRXVHPVXSHUYLVmR
¤
GDWDPSDWUDVHLUDSRGHFDXVDUIHULPHQWRV
JUDYHV
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ Ɣ 1XQFDGHL[DURYHtFXORVHPVXSHUYLVmRRX
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD FULDQoDVEULQFDUHPGHQWURRXSUy[LPDVGR
o}HVGHVHJXUDQoD QDSiJLQD YHtFXORVREUHWXGRTXDQGRDWDPSDWUDVHLUD
HVWLYHUDEHUWD&ULDQoDVSRGHPHQWUDUQR
)HFKDUDWDPSDWUDVHLUD FRPSDUWLPHQWRGHEDJDJHPIHFKDUDWDPSDH
ILFDUSUHVDV8PYHtFXORIHFKDGRSRGHDTXH
ҧϜ FHURXUHVIULDUH[WUHPDPHQWHGHDFRUGRFRP
DHVWDomRGRDQRHFDXVDUIHULPHQWRVJUDYHV
HQIHUPLGDGHVRXDWpOHYDUjPRUWH
7UDYDUDWDPSDWUDVHLUD
$EULUHIHFKDU
9LGURV
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1LQJXpPGHYHSHUPDQHFHUQRLQWHULRUGR
YHtFXORTXDQGRDVSRUWDVIRUHPWUDYDGDVHV
SHFLDOPHQWHFULDQoDVHSHVVRDVFRPQHFHV
VLGDGHVHVSHFLDLV
Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR
FRQVLJRDRGHL[DURYHtFXOR$SyVVHGHVOLJDU
DLJQLomRRVYLGURVDLQGDSRGHPVHUDEHUWRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV RXIHFKDGRVSHODVWHFODVGDVSRUWDVSRUXP
EUHYHSHUtRGRHQTXDQWRDSRUWDGRFRQGXWRU
ҧϜ RXGRSDVVDJHLURGLDQWHLURQmRIRUDEHUWD
Ɣ $RWUDQVSRUWDUFULDQoDVQREDQFRWUDVHLUR
ҧϜ GHVDWLYDUVHPSUHRVYLGURVHOpWULFRVWUDVHL
URVFRPDWHFODGHVHJXUDQoDSDUDTXHQmR
$'9(57Ç1&,$ SRVVDPVHUDEHUWRVRXIHFKDGRV
8PDXWLOL]DomRVHPDGHYLGDDWHQomRGRVYL
127$
GURVHOpWULFRVSRGHFDXVDUIHULPHQWRVJUD
YHV &RPRVYLGURVDEHUWRVDFKXYDSRGHPROKDUR
DFDEDPHQWRLQWHUQRGRYHtFXORHRFDVLRQDUGD
Ɣ $EULURXIHFKDURVYLGURVHOpWULFRVVRPHQ
WHTXDQGRQmRKRXYHUQLQJXpPHPVXDiUHD
QRVQRYHtFXOR
GHIXQFLRQDPHQWR
$EULURXIHFKDURVYLGURVPDQXDOPHQWH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUDYHtFXORVSRUWDV
VHPDFLRQDPHQWRHOpWULFRGRVYLGURV
$QWHVGDFRQGXomR
$EULURXIHFKDURVYLGURVHOHWULFDPHQWH
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
7HFODQDSRUWDGRSDVVDJHLURGLDQWHLURHQDV
SRUWDVWUDVHLUDV
2DFLRQDPHQWRHOpWULFRGRVYLGURVWUDVHLURVpYiOL
GRVRPHQWHSDUDYHtFXORVSRUWDV
7HFODVQDSRUWDGRFRQGXWRUHQRFRQVROH
FHQWUDO
ҧϜ ҧϜ
$EULURXIHFKDURVYLGURV
$omRFRPDVWHFODVQDSRUWDGRFRQGX $omRFRPDVWHFODVQRFRQVROHFHQWUDO
)XQomR
WRUHQDVGHPDLVSRUWDVGRYHtFXOR
$EULUHIHFKDU
9LGURVHOpWULFRV±)XQo}HV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HVWDEHOHFHUDIXQomRGHIHFKDPHQWRH
DEHUWXUDDXWRPiWLFD
'HSHQGHQGRGDYHUVmRGRYHtFXORHGRVHTXLSD
PHQWRVLQVWDODGRVDVIXQo}HVIHFKDPHQWRHDEHU
WXUDGHFRQIRUWRHIHFKDPHQWRDXWRPiWLFRSRGH
QmRHVWDUGLVSRQtYHODSUHVHQWDUYDULiYHLVRXIXQ
FLRQDUSDUFLDOPHQWH
)XQomRGHIHFKDPHQWRHDEHUWXUD
DXWRPiWLFD
3DUDDIXQomRGHIHFKDPHQWRDXWRPiWLFR
3DUDDIXQomRGHDEHUWXUDDXWRPiWLFD
$EHUWXUDHIHFKDPHQWRGHFRQIRUWR
3DUDURFXUVRDXWRPiWLFR
0
QRVHQWLGRDQWLKRUiULR
QRVHQWLGRKRUiULR
ҧϜ b
$QWHVGDFRQGXomR
)HFKDPHQWRDXWRPiWLFR
QRVHQWLGRKRUiULR
QRVHQWLGRDQWL
0 KRUiULR
/LPLWDGRUGHIRUoDGRVOHYDQWDGRUHVGRVYLGURV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ 5HVWDEHOHFHUDIXQomRGHIHFKDPHQ
WRDXWRPiWLFRSRUIRUD
$EULUHIHFKDU
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
2IHFKDPHQWRGRVYLGURVHOpWULFRVVHPOLPL Ɣ 2OLPLWDGRUGHIRUoDQmRHYLWDTXHRVGH
WDGRUGHIRUoDSRGHFDXVDUIHULPHQWRVJUD GRVHRXWUDVSDUWHVGRFRUSRVHMDPSUHVVLR
YHV QDGRVFRQWUDRTXDGURGRYLGURHDVVLPVR
IUDPIHULPHQWRV
Ɣ )HFKDUVHPSUHRVYLGURVHOpWULFRVFRP
DWHQomR
Ɣ 1LQJXpPGHYHSHUPDQHFHUQDiUHDGHIXQ
FLRQDPHQWRGRVYLGURVHOpWULFRVSULQFLSDO
PHQWHVHRIHFKDPHQWRIRUUHDOL]DGRVHPOL ҧϜ
PLWDGRUGHIRUoD
$QWHVGDFRQGXomR
6HQWDUGHIRUPDFRUUHWDHVHJXUD
$MXVWDUDSRVLomRGREDQFR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
$QWHVGHTXDOTXHUFRQGXomRDMXVWDUVHPSUH
FRUUHWDPHQWHREDQFRRFLQWRGHVHJXUDQoD
HRVDSRLRVSDUDFDEHoDFHUWLILFDQGRVHGH
TXHWRGRVRVSDVVDJHLURVHVWHMDPFRPRV
FLQWRVFRORFDGRVFRUUHWDPHQWH
Ɣ (PSXUUDUREDQFRGRSDVVDJHLURGLDQWHLUR
SDUDWUiVWDQWRTXDQWRSRVVtYHO
Ɣ $MXVWDUREDQFRGRFRQGXWRUGHPRGRTXH
1~PHURGHDVVHQWRV
KDMDQRPtQLPRFPGHHVSDoRHQWUHRWy
FLQFR UD[HRFHQWURGRYRODQWH$MXVWDUREDQFRGR
FRQGXWRUORQJLWXGLQDOPHQWHGHPRGRTXHRV
SHGDLVSRVVDPVHUDFLRQDGRVWRWDOPHQWH
FRPDVSHUQDVOHYHPHQWHGREUDGDVHDGLV
WkQFLDGDiUHDGRMRHOKRSDUDRSDLQHOGHLQV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
WUXPHQWRVVHMDGHSHORPHQRVFP4XDQ
ҧϜ GRHVWDH[LJrQFLDQmRSXGHUVHUDWHQGLGDHP
ҧϜ UD]mRGHSDUWLFXODULGDGHVItVLFDVHQWUDUHP
ҧϜ FRQWDWRREULJDWRULDPHQWHFRPXPD&RQFHVVL
RQiULD9RONVZDJHQSDUDVHIRURFDVRHIHWX
$'9(57Ç1&,$ DULQVWDODo}HVHVSHFLDLV
Ɣ 1XQFDFRQGX]LUFRPRHQFRVWRGREDQFR
8PDSRVLomRLQFRUUHWDQRYHtFXORSRGHDX
PXLWRLQFOLQDGRSDUDWUiV4XDQWRPDLVRHQ
PHQWDURULVFRGHIHULPHQWRVJUDYHVRXIDWDLV
FRVWRGREDQFRHVWLYHULQFOLQDGRSDUDWUiV
HPPDQREUDVGHGLUHomRHGHIUHQDJHPV~EL
PDLRUVHUiRULVFRGHIHULPHQWRVSRUXPDGLV
WDHPXPDFROLVmRRXDFLGHQWHHQRDFLRQD
SRVLomRLQFRUUHWDGRFDGDUoRGRFLQWRGHVH
PHQWRGRVDLUEDJV
JXUDQoDHXPDSRVLomRLQFRUUHWD
Ɣ $QWHVGDSDUWLGDWRGRVRVRFXSDQWHVGH
Ɣ 1XQFDFRQGX]LUFRPRHQFRVWRGREDQFR
YHPDGRWDUXPDSRVWXUDFRUUHWDQRVEDQFRV
LQFOLQDGRSDUDIUHQWH8PDLUEDJIURQWDODFLR
HFRQVHUYiODGXUDQWHDFRQGXomR,VWRWDP
QDGRSRGHODQoDURHQFRVWRGREDQFRSDUD
EpPpYiOLGRSDUDRXVRGRFLQWRGHVHJXUDQ
WUiVHIHULURVSDVVDJHLURVGRVEDQFRVWUDVHL
oD
URV
Ɣ 1XQFDWUDQVSRUWDUPDLVSHVVRDVGRTXHD
Ɣ $GRWDUHPDQWHUDPDLRUGLVWkQFLDSRVVt
TXDQWLGDGHGHDVVHQWRVFRPFLQWRGHVHJX
YHOGRYRODQWHHGRSDLQHOGHLQVWUXPHQWRV
UDQoDGLVSRQtYHOQRYHtFXOR
Ɣ 6HQWDUVHPSUHGHIRUPDHUHWDFRPDVFRV
Ɣ 3URWHJHUVHPSUHDVFULDQoDVQRYHtFXOR
WDVFRQWUDRHQFRVWRGREDQFRQRVEDQFRV
FRPXPVLVWHPDGHUHWHQomRKRPRORJDGRH
GLDQWHLURVFRUUHWDPHQWHDMXVWDGRV1mRSRVL
DSURSULDGRDVXDLGDGHҧϜ3iJLQD7UDQV
FLRQDUQHQKXPDSDUWHGRFRUSRGLUHWDPHQWH
SRUWHGHFULDQoDVQRYHtFXORҧϜ3iJLQD
RXPXLWRSUy[LPDGRORFDOGHLQVWDODomRGR
6LVWHPDGHDLUEDJ
DLUEDJ
Ɣ 0DQWHUVHPSUHRVSpVQDiUHDSDUDRVSpV
Ɣ 3DUDRVSDVVDJHLURVQRVEDQFRVWUDVHL
GXUDQWHDFRQGXomR1XQFDFRORFDURVSpV
URVDXPHQWDVHRULVFRGHIHULPHQWRVJUDYHV
SRUH[HPSORVREUHRDVVHQWRRXVREUHRSDL
TXDQGRHOHVQmRHVWLYHUHPVHQWDGRVGHIRU
QHOGHLQVWUXPHQWRVHQXQFDPDQWrORVSDUD
PDHUHWDSRLVRVFLQWRVGHVHJXUDQoDQmR
b
IRUDGRYHtFXOR'RFRQWUiULRRDLUEDJHR
HVWDULDPSRVLFLRQDGRVFRUUHWDPHQWH
FLQWRGHVHJXUDQoDSRGHPQmRSURWHJHUDX
PHQWDQGRRULVFRGHIHULPHQWRVHPXPDFL
GHQWH
6HQWDUGHIRUPDFRUUHWDHVHJXUD
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
8PDMXVWHLQFRUUHWRGRVEDQFRVSRGHFDXVDU Ɣ $MXVWDUDDOWXUDDLQFOLQDomRHDGLUHomR
DFLGHQWHVHIHULPHQWRVJUDYHV ORQJLWXGLQDOGRVEDQFRVGLDQWHLURVVRPHQWH
TXDQGRQmRKRXYHUQLQJXpPQDiUHDGHDMXV
Ɣ $MXVWDURVEDQFRVVRPHQWHFRPRYHtFXOR WHGRVEDQFRV
SDUDGRSRLVGRFRQWUiULRHOHVSRGHPVH
GHVORFDULQHVSHUDGDPHQWHGXUDQWHDFRQGX Ɣ $iUHDGHDMXVWHGRVEDQFRVGLDQWHLURV
omRSRGHQGRSURYRFDUDSHUGDGHFRQWUROH QmRGHYHVHUUHVWULQJLGDSRUREMHWRV
GRYHtFXOR$OpPGLVVRpDGRWDGDXPDSRVWX
UDLQFRUUHWDGXUDQWHRDMXVWH
3HULJRGHXPDSRVWXUDLQFRUUHWDQREDQFR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
7RGDSRVWXUDLQFRUUHWDQRYHtFXORDXPHQWDR
ULVFRGHIHULPHQWRVJUDYHVRXIDWDLVHPFDVR
GHDFLGHQWHVRXPDQREUDVGHGLUHomRHGH
IUHQDJHPV~ELWDV
Ɣ 7RGRVRVRFXSDQWHVGHYHPPDQWHUVHP
SUHDSRVLomRGREDQFRFRUUHWDHHVWDUFRPR
6HPSUHTXHRYHtFXORHVWLYHUHP
FLQWRGHVHJXUDQoDEHPFRORFDGRGXUDQWHD
PRYLPHQWR FRQGXomR
Ɣ 3HODSRVLomRGREDQFRLQFRUUHWDRQmR
XVRGRFLQWRGHVHJXUDQoDRXXPDGLVWkQFLD
PXLWRSHTXHQDHPUHODomRDRDLUEDJRVRFX
SDQWHVVHH[S}HPDSHULJRVGHIHULPHQWRVID
WDLVHVSHFLDOPHQWHTXDQGRRVDLUEDJVVmR
DFLRQDGRVHDWLQJHPXPRFXSDQWHTXHDGR
WRXXPDSRVLomRGREDQFRLQFRUUHWD
$QWHVGDFRQGXomR
3RVWXUDFRUUHWDQREDQFR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
3DUDRSDVVDJHLURGLDQWHLURYDOH
ҧϜ
3DUDRVRFXSDQWHVGRYHtFXORGDSDUWH
WUDVHLUDYDOH
3DUDRFRQGXWRUYDOH
ҧϜ
ҧϜ
ҧϜ
ҧϜ
6HQWDUGHIRUPDFRUUHWDHVHJXUD
&RPDQGRVPHFkQLFRVGREDQFRGLDQWHLUR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)LJ
$MXVWDURDSRLRSDUDFDEHoD
¤
)LJ )LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$QWHVGDFRQGXomR
$MXVWDUDDOWXUDGRDSRLRSDUDFDEHoD $MXVWHGRDSRLRSDUDDFDEHoDSDUDSHVVRDV
GLDQWHLUR DOWDV
ҧϜ ҧϜ
$'9(57Ç1&,$
$FRQGXomRFRPRVDSRLRVSDUDFDEHoDUH
$MXVWDUDDOWXUDGRDSRLRSDUDFDEHoD
PRYLGRVRXDMXVWDGRVLQFRUUHWDPHQWHDX
WUDVHLUR
PHQWDRULVFRGHIHULPHQWRVJUDYHVRXIDWDLV
HPFDVRGHDFLGHQWHVHPDQREUDVGHGLUHomR
ҧϜ HGHIUHQDJHPV~ELWDV
ҧϜ
Ɣ &RQGX]LUVHPSUHFRPRVDSRLRVSDUDFD
ҧϜ
EHoDFRUUHWDPHQWHLQVWDODGRVHDMXVWDGRVVH
KRXYHUXPDSHVVRDQRDVVHQWR
Ɣ &DGDRFXSDQWHGHYHDMXVWDURDSRLRSDUD
$MXVWHFRUUHWRGRDSRLRSDUDFDEHoD FDEHoDFRUUHWDPHQWHFRQIRUPHVXDHVWDWXUD
SDUDUHGX]LURULVFRGHIHULPHQWRVQRSHVFR
oRHPFDVRGHDFLGHQWH$RPHVPRWHPSRD
ERUGDVXSHULRUGRDSRLRSDUDFDEHoDGHYHVH
HQFRQWUDUSUHIHUHQFLDOPHQWHQDPHVPDOLQKD
GDSDUWHVXSHULRUGDFDEHoD±SRUpPQmR
$MXVWHGRDSRLRSDUDFDEHoDSDUDSHVVRDV DEDL[RGDDOWXUDGRVROKRV3RVLFLRQDUDSDU
EDL[DV WHSRVWHULRUGDFDEHoDRPDLVSHUWRSRVVtYHO
GRDSRLRSDUDFDEHoD
Ɣ 1XQFDDMXVWDURDSRLRSDUDFDEHoDGXUDQ
WHDFRQGXomR
'HVLQVWDODUHLQVWDODURDSRLRSDUDFDEHoD
¤
)LJ )LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD b
6HQWDUGHIRUPDFRUUHWDHVHJXUD
5HPRYHURDSRLRSDUDFDEHoDGLDQWHLUR
ҧϜ
ҧϜ
ҧϜ
ҧϜ
,QVWDODURDSRLRSDUDFDEHoDGLDQWHLUR $'9(57Ç1&,$
$FRQGXomRFRPRVDSRLRVSDUDFDEHoDUH
PRYLGRVRXDMXVWDGRVLQFRUUHWDPHQWHDX
PHQWDRULVFRGHIHULPHQWRVJUDYHVRXIDWDLV
HPFDVRGHDFLGHQWHVHPDQREUDVGHGLUHomR
ҧϜ HGHIUHQDJHPV~ELWDV
Ɣ &RQGX]LUVHPSUHFRPRVDSRLRVSDUDFD
ҧϜ EHoDFRUUHWDPHQWHLQVWDODGRVHDMXVWDGRVVH
KRXYHUXPDSHVVRDQRDVVHQWR
5HPRYHURDSRLRSDUDFDEHoDWUDVHLUR
Ɣ ,QVWDODURVDSRLRVSDUDFDEHoDUHPRYLGRV
ҧϜ GHLPHGLDWRSDUDTXHRVSDVVDJHLURVHVWH
MDPDGHTXDGDPHQWHSURWHJLGRV
ҧϜ
127$
ҧϜ
1DUHPRomRHLQVWDODomRGRVDSRLRVSDUDFDEH
oDDWHQWDUSDUDTXHHOHVQmREDWDPQRUHYHVWL
PHQWRGRWHWRRXQRHQFRVWRGREDQFRGLDQWHL
UR&DVRFRQWUiULRRUHYHVWLPHQWRGRWHWRHRX
WUDVSHoDVGRYHtFXORSRGHPVHUGDQLILFDGRV
,QVWDODURDSRLRSDUDFDEHoDWUDVHLUR
ҧϜ
$QWHVGDFRQGXomR
$MXVWDUDSRVLomRGRYRODQWH
$'9(57Ç1&,$
2XVRLQFRUUHWRGRDMXVWHGDSRVLomRGRYR
ODQWHHXPDMXVWHLQFRUUHWDGRYRODQWHSRGHP
FDXVDUIHULPHQWRVJUDYHVRXIDWDLV
Ɣ 3UHVVLRQDUDDODYDQFD VHPSUHFRPILU
PH]DSDUDFLPDDSyVRDMXVWHSDUDTXHRYR
ODQWHQmRPXGHVXDSRVLomRGXUDQWHDFRQGX
omR
Ɣ 1XQFDDMXVWDURYRODQWHGXUDQWHDFRQGX
omR6HIRUFRQVWDWDGRTXHXPDMXVWHpQH
FHVViULRGXUDQWHDFRQGXomRSDUDUGHIRUPD
VHJXUDHDMXVWDURYRODQWHFRUUHWDPHQWH
Ɣ 2YRODQWHDMXVWDGRGHYHDSRQWDUVHPSUH
)LJ QDGLUHomRGRWyUD[HQmRQDGLUHomRGRURV
¤
WRSDUDQmRUHVWULQJLUDSURWHomRGRDLUEDJ
IURQWDOGRFRQGXWRUHPFDVRGHXPDFLGHQWH
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ Ɣ 6HJXUDUVHPSUHRYRODQWHFRPDPEDVDV
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD PmRVODWHUDOPHQWHQDERUGDH[WHUQDSRVLomR
o}HVGHVHJXUDQoD QDSiJLQD GDVKHGDVKGXUDQWHDFRQGXomRSDUDUH
GX]LUIHULPHQWRVFDXVDGRVSRUXPDFLRQD
PHQWRGRDLUEDJIURQWDOGRFRQGXWRU
Ɣ 1XQFDVHJXUDURYRODQWHQDSRVLomRGDV
ҧϜ KRXGHRXWUDPDQHLUDSRUH[HPSORQR
FHQWURGRYRODQWH1RDFLRQDPHQWRGRDLUEDJ
IURQWDOGRFRQGXWRUSRGHPRFRUUHUIHULPHQ
WRVJUDYHVQRVEUDoRVQDVPmRVHQDFDEH
oD
ҧϜ
ҧϜ
ҧϜ
6HQWDUGHIRUPDFRUUHWDHVHJXUD
&LQWRVGHVHJXUDQoD
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ &LQWRVGHVHJXUDQoDVmRRPHLRPDLVHIL
FLHQWHSDUDUHGX]LURULVFRGHIHULPHQWRVJUD
YHVHIDWDLVHPFDVRGHDFLGHQWH3DUDDSUR
WHomRGRFRQGXWRUHGHWRGRVRVRFXSDQWHV
GRYHtFXORRVFLQWRVGHVHJXUDQoDGHYHPHV
WDUVHPSUHEHPFRORFDGRVHQTXDQWRRYHtFX
ORHVWLYHUHPPRYLPHQWR
Ɣ 7RGRVRVRFXSDQWHVGRYHtFXORGHYHPDV
VXPLUVHPSUHDSRVLomRFRUUHWDQREDQFR
FRORFDUFRUUHWDPHQWHRUHVSHFWLYRFLQWRGH
VHJXUDQoDDQWHVGDFRQGXomRHPDQWrORFR
ORFDGRGXUDQWHDFRQGXomR,VWRpYiOLGRSDUD
WRGRVRVSDVVDJHLURVHPTXDOTXHUFRQGLomR
GHWUiIHJRGRYHtFXOR
Ɣ 3URWHJHUDVFULDQoDVQRYHtFXORGXUDQWHD
FRQGXomRFRPXPVLVWHPDGHUHWHQomRFRU
UHVSRQGHQWHjLGDGHGDFULDQoDFRPRVFLQ
WRVGHVHJXUDQoDFRUUHWDPHQWHFRORFDGRV
ҧϜ3iJLQD
Ɣ &RQGX]DRYHtFXORVRPHQWHTXDQGRWRGRV
RVSDVVDJHLURVHVWLYHUHPFRPRFLQWRGHVH
JXUDQoDFRORFDGRFRUUHWDPHQWH
Ɣ (QFDL[DUDOLQJXHWDGRFLQWRGHVHJXUDQoD
VRPHQWHQRIHFKRGRFLQWRGHVHJXUDQoDGR
DVVHQWRFRUUHVSRQGHQWHHIL[DUILUPHPHQWH
2XVRGHXPIHFKRGRFLQWRGHVHJXUDQoD
QmRSHUWHQFHQWHDRUHVSHFWLYRDVVHQWRUHGX]
ҧϜ DSURWHomRHSRGHFDXVDUIHULPHQWRVJUDYHV
Ɣ -DPDLVGHL[DUREMHWRVHVWUDQKRVRXOtTXL
GRVSHQHWUDUHPQRVHQJDWHVGRVIHFKRVGRV
FLQWRVGHVHJXUDQoD,VWRSRGHOLPLWDUDIXQ
FLRQDOLGDGHHRWUDYDPHQWRGRVIHFKRVGRV
FLQWRVGHVHJXUDQoDHGRVFLQWRVGHVHJXUDQ
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
oD
ҧϜ
Ɣ 1XQFDWLUDURFLQWRGHVHJXUDQoDGXUDQWH
ҧϜ DFRQGXomRGRYHtFXOR
ҧϜ Ɣ &RORFDUVHPSUHXP~QLFRFLQWRGHVHJX
UDQoDSRUSHVVRD
ҧϜ Ɣ 1XQFDWUDQVSRUWDUFULDQoDVRXEHErVQR
FROR
$'9(57Ç1&,$ Ɣ 1mRFRQGX]LUFRPURXSDVVROWDVSRU
&LQWRVGHVHJXUDQoDQmRFRORFDGRVRXFROR H[HPSORXPFDVDFRVREUHXPSDOHWySRLV
FDGRVLQFRUUHWDPHQWHSURSRUFLRQDPULVFRGH LVWRUHVWULQJLUiRDVVHQWDPHQWRFRUUHWRHD
IHULPHQWRVJUDYHVRXIDWDLV$SURWHomRLGHDO IXQFLRQDOLGDGHGRFLQWRGHVHJXUDQoD b
GRVFLQWRVGHVHJXUDQoDpREWLGDDSHQDV
TXDQGRRVFLQWRVGHVHJXUDQoDVmRFRORFD
GRVHXWLOL]DGRVFRUUHWDPHQWH
$QWHVGDFRQGXomR
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
&LQWRVGHVHJXUDQoDGDQLILFDGRVUHSUHVHQ &LQWRVGHVHJXUDQoDTXHIRUDPXWLOL]DGRVGX
WDPXPJUDQGHSHULJRHSRGHPFDXVDUIHUL UDQWHXPDFLGHQWHHSRULVVRVRIUHUDPDORQ
PHQWRVJUDYHVRXIDWDLV JDPHQWRRXGLVSDURGRSUpWHQVLRQDGRUGH
YHPVHUVXEVWLWXtGRVSRUXPD&RQFHVVLR
Ɣ 1XQFDGDQLILFDURFLQWRGHVHJXUDQoD QiULD9RONVZDJHQ$VXEVWLWXLomRSRGHUiVHU
SUHQVDQGRRQDSRUWDRXQRPHFDQLVPRGR QHFHVViULDPHVPRTXDQGRQmRKRXYHUGDQR
EDQFR YLVtYHO$OpPGLVVRDVDQFRUDJHQVGRVFLQWRV
Ɣ 6HRWHFLGRGRFLQWRGHVHJXUDQoDRXRX GHVHJXUDQoDGHYHPVHUYHULILFDGDV
WUDVSHoDVGRFLQWRGHVHJXUDQoDHVWLYHUHP Ɣ 1XQFDWHQWDUUHSDUDUPRGLILFDURXGHV
GDQLILFDGRVRVFLQWRVGHVHJXUDQoDSRGHP PRQWDURVFLQWRVGHVHJXUDQoDSRUFRQWD
VHURPSHUHPXPDFLGHQWHRXHPXPDPDQR SUySULD$SHQDVXPD&RQFHVVLRQiULD
EUDGHIUHQDJHPEUXVFD 9RONVZDJHQSRGHUHDOL]DUUHSDURVQRFLQWRGH
Ɣ 6XEVWLWXLULPHGLDWDPHQWHRVFLQWRVGHVH VHJXUDQoDQRHQURODGRUDXWRPiWLFRHQDV
JXUDQoDGDQLILFDGRVSRUFLQWRVGHVHJXUDQoD SHoDVGHIL[DomRGRFLQWRGHVHJXUDQoD
QRYRVHPXPD&RQFHVVLRQiULD9RONVZDJHQ
/X]GHDGYHUWrQFLD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HSHQGHQGRGDYHUVmRGRYHtFXORDOX]GHDGYHU
WrQFLDGRFLQWRGHVHJXUDQoDSRGHQmRHVWDUGLV
SRQtYHO
)LJ
$FHVD
RXSLV &DXVDSRVVtYHO 6ROXomR
FDQGR
i
$'9(57Ç1&,$
&LQWRGHVHJXUDQoDQmRFRORFDGRRXFRORFD
GRLQFRUUHWDPHQWHSURSRUFLRQDULVFRGHIHUL
PHQWRVJUDYHVRXIDWDLV$SURWHomRLGHDOGR
FLQWRGHVHJXUDQoDpREWLGDDSHQDVTXDQGRR
FLQWRpXWLOL]DGRFRUUHWDPHQWH
i
i
6HQWDUGHIRUPDFRUUHWDHVHJXUD
&ROLV}HVIURQWDLVHDVOHLVGDItVLFD
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
$QWHVGDFRQGXomR
2TXHDFRQWHFHFRPRVRFXSDQWHVGRYHtFXORVHPFLQWRGHVHJXUDQoD"
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
6HQWDUGHIRUPDFRUUHWDHVHJXUD
2VFLQWRVGHVHJXUDQoDSURWHJHP
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
$QWHVGDFRQGXomR
0DQXVHLRGRVFLQWRVGHVHJXUDQoD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
/LVWDGHFRQWUROH
d
ҧϜ
d
d
d
d
d
&LQWRGHVHJXUDQoDWRUFLGR $'9(57Ç1&,$
2PDQXVHLRLQFRUUHWRGRFLQWRGHVHJXUDQoD
DXPHQWDRULVFRGHIHULPHQWRVJUDYHVRXID
WDLV
Ɣ 9HULILFDUUHJXODUPHQWHRVFLQWRVGHVHJX
UDQoDHDVSHoDVLQWHJUDQWHVTXDQWRjVXD
SHUIHLWDFRQGLomR
Ɣ 0DQWHURVFLQWRVGHVHJXUDQoDVHPSUH
OLPSRV
Ɣ 1mRSHUPLWLUTXHRFDGDUoRGRFLQWRGHVH
JXUDQoDVHMDSUHQVDGRGDQLILFDGRRXTXHHQ
WUHHPDWULWRFRPVXSHUItFLHVDILDGDV
Ɣ 0DQWHURIHFKRGRFLQWRGHVHJXUDQoDHR
HQJDWHGRIHFKRGDOLQJXHWDGRFLQWRGHVHJX
UDQoDVHPSUHOLYUHVGHREMHWRVHVWUDQKRVH
GHOtTXLGRV
6HQWDUGHIRUPDFRUUHWDHVHJXUD
&RORFDURXWLUDURFLQWRGHVHJXUDQoD
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
&RORFDURFLQWRGHVHJXUDQoD
$'9(57Ç1&,$
ҧϜ 8PDSRVLomRLQFRUUHWDGRFDGDUoRGRFLQWR
GHVHJXUDQoDSRGHFDXVDUIHULPHQWRVJUDYHV
ҧϜ RXIDWDLVHPFDVRGHDFLGHQWH
Ɣ $SURWHomRLGHDOGRVFLQWRVGHVHJXUDQoD
VypREWLGDTXDQGRRHQFRVWRGREDQFRHVWL
YHUHPXPDSRVLomRDGHTXDGDHRFLQWRGH
QmR VHJXUDQoDHVWLYHUFRORFDGRFRUUHWDPHQWH
ҧϜ FRQIRUPHDHVWDWXUDGRRFXSDQWH
Ɣ $UHWLUDGDGRFLQWRGHVHJXUDQoDGXUDQWH
DFRQGXomRSRGHFDXVDUIHULPHQWRVJUDYHV
ҧϜ RXIDWDLVHPFDVRGHDFLGHQWHVRXPDQREUDV
GHIUHQDJHP
7LUDURFLQWRGHVHJXUDQoD
ҧϜ
$QWHVGDFRQGXomR
3RVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD
)LJ
3RVLomRFRUUHWDGRFDGDUoRGRFLQWRGH
VHJXUDQoD
)LJ PXOKHUHVJUiYLGDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
$GHTXDUDSRVLomRGRFDGDUoRGRFLQWRGH
VHJXUDQoDjHVWDWXUD
ҧϜ
ҧϜ
$'9(57Ç1&,$
8PDSRVLomRLQFRUUHWDGRFDGDUoRGRFLQWR
GHVHJXUDQoDSRGHFDXVDUIHULPHQWRVJUDYHV
ҧϜ $MXVWDUDSR HPFDVRGHDFLGHQWHRXPDQREUDVGHIUHQD
VLomRGREDQFR JHPPXGDQoDGHGLUHomRV~ELWDV b
6HQWDUGHIRUPDFRUUHWDHVHJXUD
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
Ɣ $SURWHomRLGHDOGRVFLQWRVGHVHJXUDQoD Ɣ 1mRWRUFHURFDGDUoRGRFLQWRGHVHJXUDQ
VypREWLGDTXDQGRRHQFRVWRGREDQFRHVWL oDTXDQGRIRUFRORFiOR
YHUHPXPDSRVLomRDGHTXDGDHRFLQWRGH Ɣ 1XQFDPDQWHURFLQWRGHVHJXUDQoDDIDV
VHJXUDQoDHVWLYHUFRORFDGRFRUUHWDPHQWH WDGRGRFRUSRFRPDPmR
Ɣ $SDUWHVREUHDUHJLmRGRRPEURGRFLQWR Ɣ 1mRSDVVDURFDGDUoRGRFLQWRGHVHJX
GHVHJXUDQoDGHYHSDVVDUVREUHRFHQWURGR UDQoDVREUHREMHWRVVyOLGRVRXIUiJHLVSRU
RPEURHQXQFDVREREUDoRRXVREUHRSHV H[HPSORyFXORVFDQHWDVRXFKDYHV
FRoR
Ɣ 1XQFDDOWHUDUDSRVLomRGRFDGDUoRGR
Ɣ 2FLQWRGHVHJXUDQoDGHYHHVWDUSODQRH FLQWRGHVHJXUDQoDSRUPHLRGHJUDPSRV
VHPRFDGDUoRWRUFLGRVREUHDSDUWHVXSHULRU ROKDLVGHUHWHQomRRXVLPLODUHV
GRFRUSR
Ɣ $IDL[DLQIHULRUGRFLQWRGHVHJXUDQoDGH
YHSDVVDUVHPSUHSHODUHJLmRSpOYLFDHQXQFD
VREUHRDEGRPH2FLQWRGHVHJXUDQoDGHYH
HVWDUSODQRHVHPHVWDUWRUFLGRVREUHDUHJL
mRSpOYLFD6HQHFHVViULRHVWLFDUXPSRXFR
RFDGDUoRGRFLQWRGHVHJXUDQoD
Ɣ $IDL[DLQIHULRUGRFLQWRGHVHJXUDQoDGH
YHSDVVDURPDLVEDL[RSRVVtYHOSHODUHJLmR
SpOYLFDGHJUiYLGDVDRUHGRUGDEDUULJD³DUUH
GRQGDGD´
$QWHVGDFRQGXomR
$MXVWDURFDGDUoRGRFLQWRGHVHJXUDQoDVHPHQURODGRUDXWRPiWLFRQR
EDQFRWUDVHLUR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ $'9(57Ç1&,$
8PDSRVLomRLQFRUUHWDGRFDGDUoRGRFLQWR
GHVHJXUDQoDSRGHFDXVDUIHULPHQWRVJUDYHV
RXIDWDLVHPFDVRGHDFLGHQWH
Ɣ $SURWHomRLGHDOGRVFLQWRVGHVHJXUDQoD
VypREWLGDTXDQGRRHQFRVWRGREDQFRHVWL
ҧϜ YHUHPXPDSRVLomRYHUWLFDOHRFLQWRGHVH
ҧϜ JXUDQoDHVWLYHUFRORFDGRFRUUHWDPHQWHFRQ
IRUPHDHVWDWXUDGRRFXSDQWH
Ɣ $UHWLUDGDGRFLQWRGHVHJXUDQoDGXUDQWH
DFRQGXomRSRGHFDXVDUIHULPHQWRVJUDYHV
RXIDWDLVHPFDVRGHDFLGHQWHVRXPDQREUDV
GHIUHQDJHP
Ɣ $OLQJXHWDGRFLQWRGHVHJXUDQoDVHPHQ
URODGRUDXWRPiWLFRGHYHVHPSUHHVWDULQWUR
GX]LGDQRUHVSHFWLYRIHFKRHVWDQGRRFLQWR
GHVHJXUDQoDHPXVRRXQmR2FLQWRGHVH
ҧϜ
JXUDQoDVROWRSRVVLELOLWDULVFRVGHDFLGHQWHV
ҧϜ
QRDFHVVRHVDtGDGREDQFRWUDVHLUR
6HQWDUGHIRUPDFRUUHWDHVHJXUD
$MXVWDURFDGDUoRGRFLQWRGHVHJXUDQoDVXEDEGRPLQDOQRDVVHQWR
FHQWUDOGREDQFRWUDVHLUR
)LJ
¤
$'9(57Ç1&,$
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ 8PDSRVLomRLQFRUUHWDGRFDGDUoRGRFLQWR
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD GHVHJXUDQoDSRGHFDXVDUIHULPHQWRVJUDYHV
o}HVGHVHJXUDQoD QDSiJLQD RXIDWDLVHPFDVRGHDFLGHQWH
Ɣ $SURWHomRLGHDOGRVFLQWRVGHVHJXUDQoD
VypREWLGDTXDQGRRHQFRVWRGREDQFRHVWL
YHUHPXPDSRVLomRYHUWLFDOHRFLQWRGHVH
JXUDQoDHVWLYHUFRORFDGRFRUUHWDPHQWHFRQ
ҧϜ IRUPHDHVWDWXUDGRRFXSDQWH
Ɣ $UHWLUDGDGRFLQWRGHVHJXUDQoDGXUDQWH
DFRQGXomRSRGHFDXVDUIHULPHQWRVJUDYHV
RXIDWDLVHPFDVRGHDFLGHQWHVRXPDQREUDV
GHIUHQDJHP
Ɣ $OLQJXHWDGRFLQWRGHVHJXUDQoDVXEDE
GRPLQDOWUDVHLURGHYHVHPSUHHVWDULQWURGX]L
GDQRUHVSHFWLYRIHFKRHVWDQGRRFLQWRGH
ҧϜ
VHJXUDQoDHPXVRRXQmRSRLVRFLQWRGHVH
JXUDQoDVROWRSRVVLELOLWDULVFRVGHDFLGHQWHV
ҧϜ QRDFHVVRHVDtGDGREDQFRWUDVHLUR
$QWHVGDFRQGXomR
5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD
ҧϜ
ҧϜ 3RVL
omRGRFDGDUoRGRFLQWRGHVHJXUDQoD
)LJ
¤
$'9(57Ç1&,$
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ 1XQFDUHJXODUDDOWXUDGRFLQWRGHVHJXUDQoD
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD GXUDQWHDFRQGXomR
o}HVGHVHJXUDQoD QDSiJLQD
(QURODGRUDXWRPiWLFRGRFLQWRGHVHJXUDQoDSUpWHQVLRQDGRUGRFLQWRGH
VHJXUDQoDHOLPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3UpWHQVLRQDGRUGRFLQWRVGHVHJXUDQoD
ҧϜ
(QURODGRUDXWRPiWLFRGRFLQWRGHVHJXUDQoD
6HQWDUGHIRUPDFRUUHWDHVHJXUD
/LPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD
6HUYLoRGHGHVFDUWHGRSUpWHQVLRQDGRUGRFLQWRGHVHJXUDQoD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
WRGHVHJXUDQoDSRGHULDQmRVHUDFLRQDGR
TXDQGRIRVVHQHFHVViULRRXVHUDFLRQDGR
VHPQHFHVVLGDGH
Ɣ 5HSDURVHUHJXODJHQVEHPFRPRDGH
VLQVWDODomRHLQVWDODomRGHSHoDVQRVSUp
WHQVLRQDGRUHVGRVFLQWRVGHVHJXUDQoDRX
QRVFLQWRVGHVHJXUDQoDVySRGHPVHUUHDOL
]DGRVSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
ҧϜ3iJLQD$FHVVyULRVUHSRVLomRGHSH
oDVUHSDURVHPRGLILFDo}HV
Ɣ 2VSUpWHQVLRQDGRUHVGRVFLQWRVGHVHJX
UDQoDHRVHQURODGRUHVGRVFLQWRVGHVHJX
UDQoDDXWRPiWLFRVQmRSRGHPVHUUHSDUDGRV
HGHYHPVLPVHUVXEVWLWXtGRV
Ɣ 2VSUpWHQVLRQDGRUHVGRVFLQWRVGHVHJX
UDQoDWrPFDSDFLGDGHSDUDDSHQDVXPDFLR
QDPHQWR8PDYH]DFLRQDGRVRVSUpWHQVLR
$'9(57Ç1&,$ QDGRUHVGRFLQWRGHVHJXUDQoDGHYHPVHU
VXEVWLWXtGRV
2WUDWDPHQWRLQFRUUHWRHDWpPHVPRUHSDURV
UHDOL]DGRVQRVFLQWRVGHVHJXUDQoDHQUROD
GRUHVGRFLQWRGHVHJXUDQoDDXWRPiWLFRVH
SUpWHQVLRQDGRUHVGRVFLQWRVGHVHJXUDQoD
SURSRUFLRQDPULVFRGHIHULPHQWRVJUDYHVRX
IDWDLV1HVVHFDVRRSUpWHQVLRQDGRUGRFLQ
$QWHVGDFRQGXomR
6LVWHPDGHDLUEDJ
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
2EMHWRVHQWUHRVRFXSDQWHVGRYHtFXORHD
iUHDGHH[SDQVmRGRVDLUEDJVDXPHQWDPR
ULVFRGHIHULPHQWRVQRDFLRQDPHQWRGRDLU
EDJ$VVLPDiUHDGHH[SDQVmRGRVDLUEDJV
VHULDDOWHUDGDRXRVREMHWRVVHULDPDUUHPHV
VDGRVFRQWUDRVFRUSRVGRVRFXSDQWHV
Ɣ 1XQFDVHJXUDUREMHWRVQDVPmRVRXFDUUH
JiORVQRFRORGXUDQWHDYLDJHP
Ɣ 1XQFDWUDQVSRUWDUREMHWRVQREDQFRGR
SDVVDJHLURGLDQWHLUR2VREMHWRVSRGHPDO
FDQoDUDiUHDGHH[SDQVmRGRVDLUEDJVGX
UDQWHPDQREUDVV~ELWDVGHIUHQDJHPRXGH
GLUHomRHVHUDUUHPHVVDGRVGHIRUPDSHULJR
VDSHORLQWHULRUGRYHtFXORQRDFLRQDPHQWR
GRDLUEDJ
Ɣ 2FXSDQWHVGRVEDQFRVGLDQWHLURVHWUDVHL
URVLQFOXVLYHFULDQoDVDQLPDLVHREMHWRVQmR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GHYHPSHUPDQHFHUQDiUHDGHH[SDQVmRGRV
ҧϜ DLUEDJV
ҧϜ
ҧϜ $'9(57Ç1&,$
ҧϜ 2VLVWHPDGHDLUEDJpDSWRSDUDDSHQDVXP
DFLRQDPHQWRGRVDLUEDJV6HRVDLUEDJVWLYH
ҧϜ UHPVLGRDFLRQDGRVVHUiQHFHVViULRVXEVWL
WXLURVLVWHPD
ҧϜ Ɣ 2VDLUEDJVDFLRQDGRVHDVUHVSHFWLYDVSH
oDVGRVLVWHPDGHYHPVHUVXEVWLWXtGRVSRU
ҧϜ
SHoDVQRYDVTXHHVWHMDPOLEHUDGDVSDUDR
YHtFXORSHOD9RONVZDJHQ
$'9(57Ç1&,$
Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORGHYHP
1XQFDXWLOL]DUVRPHQWHRVLVWHPDGHDLUEDJ VHUUHDOL]DGRVVRPHQWHSRUXPD&RQFHVVLR
SDUDVHSURWHJHU QiULD9RONVZDJHQ$V&RQFHVVLRQiULDV
Ɣ 0HVPRTXDQGRXPDLUEDJpDFLRQDGRHOH 9RONVZDJHQSRVVXHPDVIHUUDPHQWDVQHFHV
WHPVRPHQWHXPDIXQomRGHSURWHomRVXSOH ViULDVDSDUHOKRVGHGLDJQyVWLFRVLQIRUPD
PHQWDU o}HVGHUHSDURHSHVVRDOTXDOLILFDGRSDUDHV
Ɣ 2VLVWHPDGHDLUEDJVySURSRUFLRQDSURWH WHILP
omRFRPRFLQWRGHVHJXUDQoDFRORFDGRFRU Ɣ 1XQFDLQVWDODUQRYHtFXORSHoDVGHDLUEDJ
UHWDPHQWHSDUDPLQLPL]DUOHV}HV GHVPRQWDGDVGHYHtFXORVDQWLJRVRXRULJLQi
ҧϜ3iJLQD&LQWRVGHVHJXUDQoD ULDVGHUHFLFODJHP
Ɣ 7RGRVRVRFXSDQWHVGRYHtFXORGHYHPDV Ɣ 1XQFDDOWHUDUTXDLVTXHUFRPSRQHQWHVGR
VXPLUVHPSUHDSRVLomRFRUUHWDQREDQFR VLVWHPDGHDLUEDJ
FRORFDUFRUUHWDPHQWHRFLQWRGHVHJXUDQoD
FRUUHVSRQGHQWHDREDQFRDQWHVGRYHtFXOR $'9(57Ç1&,$
HQWUDUHPPRYLPHQWRHPDQWrORFRORFDGR
FRUUHWDPHQWHGXUDQWHWRGRRWHPSR 8PSyILQRSRGHUiVHUJHUDGRQRDFLRQDPHQ
WRGRVDLUEDJV,VWRpSHUIHLWDPHQWHQRUPDOH
QmRUHSUHVHQWDULVFRGHLQFrQGLRQRYHtFXOR b
6HQWDUGHIRUPDFRUUHWDHVHJXUD
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
Ɣ 2SyILQRSRGHLUULWDUDSHOHHDPXFRVD Ɣ (Q[DJXDURVROKRVFRPiJXDVHKRXYHU
GRVROKRVEHPFRPRRFDVLRQDUGLILFXOGDGHV FRQWDWRFRPRSy
UHVSLUDWyULDVHVSHFLDOPHQWHHPSHVVRDVTXH
VRIUHPRXVRIUHUDPGHDVPDRXRXWUDVOLPLWD $'9(57Ç1&,$
o}HVQDFRQGLomRUHVSLUDWyULD3DUDUHGX]LU
RVSUREOHPDVUHVSLUDWyULRVGHVFHUGRYHtFX 2XVRGHSURGXWRVGHOLPSH]DWRUQDPDVX
ORRXDEULURVYLGURVRXDVSRUWDVSDUDUHVSL SHUItFLHGRVPyGXORVGHDLUEDJVSRURVDVRX
UDUDUIUHVFR TXHEUDGLoDV(PFDVRGHDFLRQDPHQWRHVWDV
SHoDVSRGHUmRIUDJPHQWDUVHVROWDUVHH
Ɣ 1RFRQWDWRFRPRSyODYDUDVPmRVHR FDXVDUIHULPHQWRVJUDYHV
URVWRFRPVDERQHWHVXDYHHiJXDDQWHVGD
SUy[LPDUHIHLomR Ɣ 1XQFDXWLOL]DUTXDOTXHUSURGXWRTXtPLFR
RXGHOLPSH]DQDVXSHUItFLHGRVPyGXORVGH
Ɣ 1mRGHL[DURSyHQWUDUHPFRQWDWRFRPRV DLUEDJV3DUDOLPSH]DXWLOL]DUDSHQDVGHXP
ROKRVRXFRPIHULPHQWRVQmRFLFDWUL]DGRV SDQRXPHGHFLGRFRPiJXD
/X]GHFRQWUROH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
T
3(5,*2FRQWLQXDomR
Ɣ 2VLVWHPDGHDLUEDJGHYHYHULILFDGRVHU
LPHGLDWDPHQWHSRUXPD&RQFHVVLRQiULD
9RONVZDJHQ
3(5,*2 Ɣ 1XQFDPRQWDUXPDFDGHLUDGHFULDQoDQR
EDQFRGRSDVVDJHLURGLDQWHLURTXDQGRRDLU
4XDQGRDOX]GHFRQWUROHGRVLVWHPDGHDLU EDJHVWLYHUOLJDGR2DLUEDJIURQWDOGRSDVVD
EDJSHUPDQHFHUDFHVDKiDYDULDVQRVLVWHPD JHLURGLDQWHLURSRGHVHUDFLRQDGRHPXPDFL
GHDLUEDJpSRVVtYHOTXHHOHVHMDDFLRQDGR GHQWHDSHVDUGDVDYDULDV
GHIRUPDLPSHUIHLWDQmRVHMDDFLRQDGRRXVH
MDDFLRQDGRLQHVSHUDGDPHQWHRTXHSRGH
127$
FDXVDUIHULPHQWRVJUDYHVRXIDWDLV
2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
VXDVGHVFULo}HVHRULHQWDo}HVSDUDHYLWDUGD
QRVQRYHtFXOR
$QWHVGDFRQGXomR
'HVFULomRHIXQomRGRVDLUEDJV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
&RPSRQHQWHVGRFRQFHLWRGHVHJXUDQoDGR
YHtFXOR
6LWXDo}HVHPTXHRVDLUEDJVIURQWDLVQmR
VmRDFLRQDGRV
6HQWDUGHIRUPDFRUUHWDHVHJXUD
(PFDVRGHDFLRQDPHQWRGRVDLUEDJV
)XQomRGHWHFomRGHFROLVmRFUDVK ҧ
GHWHFWLRQ
ҧ
$LUEDJVIURQWDLV
)LJ
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD ҧϜ
$QWHVGDFRQGXomR
ҧϜ 3(5,*2FRQWLQXDomR
Ɣ 1mRFRODUUHYHVWLUDOWHUDURXFRORFDUTXDO
ҧϜ
TXHUPDWHULDOVREUHDVXSHUItFLHGRFHQWURGR
YRODQWHDFLRQDGRUGHEX]LQDHGDVXSHUItFLH
GRPyGXORGRDLUEDJIURQWDOGRSDVVDJHLUR
ҧϜ GLDQWHLURQRSDLQHOGHLQVWUXPHQWRV
ҧϜ
$'9(57Ç1&,$
ҧϜ 2VDLUEDJVIURQWDLVVHLQIODPGLDQWHGRYRODQ
WHҧϜ)LJHGRSDLQHOGHLQVWUXPHQWRV
ҧϜ)LJ
Ɣ 6HJXUDURYRODQWHGXUDQWHDFRQGXomR
ҧϜ
VHPSUHFRPDVGXDVPmRVODWHUDOPHQWHQD
ҧϜ
ERUGDH[WHUQDSRVLomRGDVKHK
Ɣ $MXVWDUREDQFRGRFRQGXWRUGHPRGRTXH
KDMDQRPtQLPRFPGHHVSDoRHQWUHRWy
3(5,*2 UD[HRFHQWURGRYRODQWH6HHVWDH[LJrQFLD
QmRSXGHUVHUDWHQGLGDHPUD]mRGHSDUWLFX
$LQIODomRGHXPDLUEDJDFLRQDGRRFRUUHHP ODULGDGHVItVLFDVHQWUDUHPFRQWDWRREULJDWR
IUDo}HVGHVHJXQGRVHFRPYHORFLGDGHPXLWR ULDPHQWHFRPXPD&RQFHVVLRQiULD
DOWD 9RONVZDJHQRXXPDHPSUHVDHVSHFLDOL]DGD
Ɣ 'HL[DUDViUHDVGHH[SDQVmRGRVDLUEDJV SDUDHYHQWXDOPHQWHHIHWXDULQVWDODo}HVHVSH
IURQWDLVVHPSUHOLYUHV FLDLV
Ɣ 1XQFDIL[DUREMHWRVQDVFREHUWXUDVEHP Ɣ $MXVWDUREDQFRGRSDVVDJHLURGLDQWHLUR
FRPRQDiUHDGHH[SDQVmRGRVPyGXORVGRV GHPRGRTXHH[LVWDDPDLRUGLVWkQFLDSRVVt
DLUEDJVFRPRSRUH[HPSORSRUWDFRSRVVX YHOHQWUHRSDVVDJHLURHRSDLQHOGHLQVWUX
SRUWHVSDUDWHOHIRQHV*36HWF PHQWRV
Ɣ 3HVVRDVDQLPDLVRXREMHWRVQmRGHYHP
VHUFRORFDGRVHQWUHRVRFXSDQWHVGRVEDQ
FRVGLDQWHLURVHDiUHDGHH[SDQVmRGRDLU
EDJ
Ɣ 1mRIL[DUREMHWRVFRPRSRUH[HPSORDSD
UHOKRVPyYHLVGHQDYHJDomRQRSDUDEULVD
DFLPDGRDLUEDJIURQWDOGRSDVVDJHLURGLDQ
WHLUR
6HQWDUGHIRUPDFRUUHWDHVHJXUD
7UDQVSRUWHGHFULDQoDVQRYHtFXOR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ &ULDQoDVGHDWpDQRVGHLGDGHRXFRP
PHQRVGHPGHDOWXUDGHYHPVHUWUDQV
SRUWDGDVVHPSUHQREDQFRWUDVHLUR
Ɣ 3URWHJHUDVFULDQoDVQRYHtFXORVHPSUH
FRPXPVLVWHPDGHUHWHQomRKRPRORJDGRH
DGHTXDGRFRQIRUPHVXDLGDGH
Ɣ &RORFDUVHPSUHRFLQWRGHVHJXUDQoDQDV
FULDQoDVRXQDFDGHLUDGHFULDQoDTXHHVWmR
VHQGRWUDQVSRUWDGDVHID]rODVDVVXPLUXPD
SRVLomRFRUUHWDQRVEDQFRV
Ɣ $WHQWDUSDUDDSRVLomRFRUUHWDGRFDGDUoR
GRFLQWRGHVHJXUDQoDSDUDFDGDFRQGLomRGH
XVR6HIRUQHFHVViULRSDVVDURFLQWRGHVH
JXUDQoDSHORFRUSRGDFULDQoDDWHQWDUSDUD
TXHRFLQWRSDVVHSHORPHLRGRRPEURHQXQ
FDSUy[LPRDRSHVFRoRGDFULDQoD
Ɣ 1XQFDWUDQVSRUWDUFULDQoDVRXEHErVQR
FROR
Ɣ &RORFDUVHPSUHDSHQDVXPD~QLFDFULDQoD
QDFDGHLUDGHFULDQoD
Ɣ /HUHREVHUYDUDVLQVWUXo}HVGHXVRGRID
EULFDQWHGDFDGHLUDGHFULDQoDHVSHFLDOPHQWH
TXDQWRjFRORFDomRFRUUHWDGRFLQWRGHVHJX
UDQoDGRYHtFXOR
$'9(57Ç1&,$
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV (PXPDPDQREUDGHIUHQDJHPRXGHGLUHomR
ҧϜ EUXVFDEHPFRPRHPDFLGHQWHVXPDFDGHL
ҧϜ UDGHFULDQoDVROWDHGHVRFXSDGDSRGHVHU
ODQoDGDSHORLQWHULRUGRYHtFXORHFDXVDUIHUL
$'9(57Ç1&,$ PHQWRV
Ɣ )L[DUVHPSUHXPDFDGHLUDGHFULDQoDPHV
&ULDQoDVGHVSURWHJLGDVRXQmRSURWHJLGDV
PRTXHHVWHMDGHVRFXSDGDGXUDQWHDFRQGX
FRUUHWDPHQWHSRGHPVRIUHUIHULPHQWRVJUD
omRGRYHtFXORRXDFRPRGiODGHIRUPDVHJX
YHVRXIDWDLVGXUDQWHDFRQGXomRGRYHtFXOR
UDQRFRPSDUWLPHQWRGHEDJDJHP
Ɣ 1XQFDGHL[DUHPXPDFDGHLUDGHFULDQoD
YROWDGDSDUDWUiVQREDQFRGRSDVVDJHLURGL
DQWHLURSRUFDXVDGHSRVVtYHLVOHV}HVGHYLGR
DRDFLRQDPHQWRGRDLUEDJ
$QWHVGDFRQGXomR
,QIRUPDo}HVJHUDLVVREUHRWUDQVSRUWHGHFULDQoDVQRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
/LVWDGHFRQWUROH
d
ҧϜ
d
d
d
ҧϜ
d
d
d
d
1RUPDVHVSHFtILFDVGHFDGDSDtVSDUD
WUDQVSRUWHGHFULDQoDVHPYHtFXORV
b
6HQWDUGHIRUPDFRUUHWDHVHJXUD
6XEGLYLVmRGHJUXSRVGDVFDGHLUDVGHFULDQoDGHDFRUGRFRPD5HVROXomRGR&2175$1
7LSRGHVLVWHPDGHUHWHQ
)RUPDGHLQVWDODomR ,GDGH
omR
ҧϜ
ҧϜ
ҧϜ
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
QHODGHVFULWDV
$'9(57Ç1&,$
(PXPDFLGHQWHREDQFRWUDVHLURpRORFDO
$'9(57Ç1&,$ PDLVVHJXURSDUDFULDQoDVFRPDFDGHLUDGH
$REVHUYkQFLDGDOLVWDGHFRQWUROHpHVVHQFL FULDQoDFRUUHWDPHQWHFRORFDGD
DOSDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURV Ɣ 8PDFDGHLUDGHFULDQoDDGHTXDGDTXHHV
HGHPDLVFRQGXWRUHVHYLWDQGRSRVVtYHLVDFL WHMDLQVWDODGDFRUUHWDPHQWHHTXHVHMDXVDGD
GHQWHVHIHULPHQWRV HPXPGRVOXJDUHVGREDQFRWUDVHLURSUR
SRUFLRQDDSURWHomRPi[LPDSDUDFULDQoDVGH
DWpDQRVQDPDLRULDGDVVLWXDo}HVGHDFL
GHQWH
$QWHVGDFRQGXomR
'LIHUHQWHVVLVWHPDVGHIL[DomR
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6LVWHPDVGHIL[DomRHVSHFtILFRVGHFDGDSDtV
7LSRVGHFDGHLUDVGHFULDQoD ҧϜ
2VVLVWHPDVGHPRQVWUDPDIL[DomRGRVLVWHPD
GHUHWHQomRSDUDFULDQoDVGHEDQFRWUDVHLUR
FRPXPFLQWRGHVHJXUDQoDGRYHtFXOR
8WLOL]DomRGDFDGHLUDGHFULDQoDQREDQFRGRSDVVDJHLURGLDQWHLUR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
QXQFD
6HQWDUGHIRUPDFRUUHWDHVHJXUD
([FHo}HVSUHYLVWDVSDUDRWUDQVSRUWHGHFULDQoDV
3(5,*2
QREDQFRGLDQWHLUR ҧϜ
1XQFDGHL[DUXPDFULDQoDHPXPDFDGHLUDGH
FULDQoDYROWDGDSDUDWUiVQREDQFRGRSDVVD
JHLURGLDQWHLURTXDQGRRDLUEDJIURQWDOGR
SDVVDJHLURGLDQWHLURHVWLYHUOLJDGR$FULDQoD
SRGHVHUPRUWDQRDFLRQDPHQWRGRDLUEDJ
IURQWDOSRLVDFDGHLUDGHFULDQoDpDWLQJLGD
FRPIRUoDHODQoDGDFRQWUDRHQFRVWRGR
EDQFR
3(5,*2
(PFDVRGHXPDFULDQoDHVWDUXVDQGRHVWDU Ɣ 6HIRUQHFHVViULRTXHXPDFULDQoDXWLOL]H
XVDQGRREDQFRGRSDVVDJHLURGLDQWHLUR REDQFRGRSDVVDJHLURGLDQWHLURGHVORFDUR
REVHUYDUREULJDWRULDPHQWH EDQFRWRWDOPHQWHSDUDWUiVQRVHQWLGRORQJL
WXGLQDOSDUDSURSRUFLRQDUDPDLRUGLVWkQFLD
SRVVtYHOGRDLUEDJIURQWDO
Ɣ 0DQWHURHQFRVWRGREDQFRQDSRVLomR
YHUWLFDO
Ɣ 3URWHJHUDVFULDQoDVQRYHtFXORVHPSUH
FRPXPVLVWHPDGHUHWHQomROLEHUDGRHDGH
TXDGRFRQIRUPHVXDLGDGH
8WLOL]DomRGDFDGHLUDGHFULDQoDQREDQFRWUDVHLUR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
$QWHVGDFRQGXomR
)L[DUDFDGHLUDGHFULDQoDFRPRFLQWRGHVHJXUDQoDGRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
VDO
XQLYHU
X
[
X
*UXSR
[ [
X X
*UXSR
[
X X
*UXSR
[
X X
*UXSR
[
)L[DUDFDGHLUDGHFULDQoDFRPRFLQWRGH
VHJXUDQoDGRYHtFXOR
'HVLQVWDODUDFDGHLUDGHFULDQoD
ҧϜ
ҧϜ
ҧϜ
$'9(57Ç1&,$
$OLEHUDomRGRFLQWRGHVHJXUDQoDGXUDQWHD
FRQGXomRSRGHFDXVDUIHULPHQWRVJUDYHVRX
IDWDLVHPFDVRGHDFLGHQWHVRXPDQREUDVV~
ELWDVGHIUHQDJHPHGHGLUHomR
Ɣ 7LUDURFLQWRGHVHJXUDQoDVRPHQWHFRPR
YHtFXORSDUDGR
6HQWDUGHIRUPDFRUUHWDHVHJXUD
7UDYDGHVHJXUDQoDSDUDFULDQoDV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
&RPDWUDYDGHVHJXUDQoDSDUDFULDQoDVDFLR
QDGDDUHVSHFWLYDSRUWDQmRSRGHVHUDEHUWD
$WUDYDGHVHJXUDQoDSDUDFULDQoDVQDVSRUWDVWUD SRUGHQWUR
VHLUDVpYiOLGDVRPHQWHSDUDYHtFXORVSRUWDV Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
QHFHVVLGDGHVHVSHFLDLVVR]LQKDVQRYHtFXOR
TXDQGRDVSRUWDVIRUHPWUDYDGDV,VWRSRGHUi
ID]HUFRPTXHHVWDVSHVVRDVILTXHPWUDQFD
GDVGHQWURGRYHtFXORHPFDVRGHHPHUJrQ
FLD3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDV
DWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
RXDLQGDFRPIDOWDGHDU
$FLRQDURXGHVDFLRQDUDWUDYDGHVHJXUDQoD Ɣ &RQIRUPHDHVWDomRGRDQRSRGHPRFRU
SDUDFULDQoDV UHUWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
QRLQWHULRUGHXPYHtFXORIHFKDGRTXHSR
GHPFDXVDUIHULPHQWRVJUDYHVHHQIHUPLGD
GHVSULQFLSDOPHQWHHPFULDQoDVSHTXHQDV
ҧϜ
OHYDQGRDVjPRUWH
ҧϜ
ҧϜ
$QWHVGDFRQGXomR
,OXPLQDomRHYLVLELOLGDGH
,OXPLQDomR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
3RGHPRFRUUHUDFLGHQWHVHIHULPHQWRVJUDYHV
VHDUXDQmRHVWLYHUVXILFLHQWHPHQWHLOXPLQD
GDHRYHtFXORIRUYLVWRVRPHQWHFRPGLILFXO
GDGHRXQmRIRUYLVWRSRURXWURVFRQGXWRUHV
Ɣ /LJDURIDUROEDL[RVHPSUHQDHVFXULGmR
QHEOLQDRXFRPPiYLVLELOLGDGH
$'9(57Ç1&,$
8PIDUROFRPUHJXODJHPPXLWRDOWDHDXWLOL
]DomRLQDGHTXDGDGRIDURODOWRORQJRDOFDQ
FHSRGHPGLVWUDLUHLPSHGLUDYLVmRGHRXWURV
FRQGXWRUHV,VWRSRGHFDXVDUDFLGHQWHVHIH
ULPHQWRVJUDYHV
Ɣ $WHQWDUSDUDTXHRIDUROHVWHMDUHJXODGR
FRUUHWDPHQWH
Ɣ 1XQFDXWLOL]DURIDURODOWRORQJRDOFDQFH
RXRVLQDOGHOX]TXDQGRDYLVmRGHRXWURV
FRQGXWRUHVSXGHUVHURIXVFDGD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧϜ
ҧϜ
,OXPLQDomRHYLVLELOLGDGH
/X]HVGHFRQWUROH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2IDUROGHORQJRDOFDQFHpYiOLGRVRPHQWHSDUDDO
JXPDVYHUV}HV
ҧϜ
ҧϜ
$'9(57Ç1&,$FRQWLQXDomR
Ɣ (VWDFLRQDURYHtFXORDXPDGLVWkQFLDVH
JXUDGDSLVWDGHURGDJHPGHIRUPDTXHQH
QKXPDGDVSHoDVGRVLVWHPDGHHVFDSHHQWUH
HPFRQWDWRFRPPDWHULDLVLQIODPiYHLVFRPR
$'9(57Ç1&,$ SRUH[HPSORJUDPDVHFDFRPEXVWtYHOyOHR
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH HWF
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD Ɣ 8PYHtFXORSDUDGRVHPDGHYLGDVLQDOL]D
UDDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHL omRUHSUHVHQWDXPJUDQGHULVFRGHDFLGHQWH
URVHYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOR SDUDVLPHVPRHSDUDWHUFHLURV6HPSUHDFLR
EHPFRPRHYHQWXDLVDFLGHQWHVHDVPHQVD QDUDVOX]HVGHDGYHUWrQFLDHXWLOL]DURWULkQ
JHQVGHWH[WR JXORGHVHJXUDQoDSDUDDOHUWDURVRXWURVYHt
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD FXORV
DFHVDVHDVPHQVDJHQVGHWH[WR
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP 127$
ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt 2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
FXORHDRVGHPDLVFRQGXWRUHV DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVQR
YHtFXOR
$QWHVGDFRQGXomR
$ODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGRIDURODOWRORQJRDOFDQFH
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
$'9(57Ç1&,$
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD $XWLOL]DomRLQDGHTXDGDRXDQmRXWLOL]DomR
GRVLQGLFDGRUHVGHGLUHomREHPFRPRHV
2IDUROGHORQJRDOFDQFHpYiOLGRVRPHQWHSDUDDO TXHFHUGHGHVOLJiORVSRGHFRQIXQGLURVGH
JXPDVYHUV}HV PDLVFRQGXWRUHV,VWRSRGHFDXVDUDFLGHQWHV
HIHULPHQWRVJUDYHV
'HVORFDUDDODYDQFDSDUDDSRVLomRGHVHMDGD
Ɣ 0XGDQoDGHIDL[DGHURGDJHPPDQREUDV
ҧϜ GHXOWUDSDVVDJHPHFRQYHUVmRVHPSUHGH
YHPVHULQGLFDGDVHPWHPSRKiELOSRUPHLR
ҧϜ GRVLQGLFDGRUHVGHGLUHomR
ҧϜ Ɣ 'HVOLJDURVLQGLFDGRUHVGHGLUHomRDSyVD
FRQFOXVmRGDPXGDQoDGHIDL[DGHURGDJHP
GDPDQREUDGHXOWUDSDVVDJHPRXGDFRQYHU
VmR
VLQDOGHOX] $'9(57Ç1&,$
8PDXWLOL]DomRLQFRUUHWDGRIDURODOWRORQJR
DOFDQFHSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHVXPDYH]TXHRIDURODOWRORQJRDO
FDQFHSRGHGLVWUDLUHRIXVFDURVGHPDLVFRQ
GXWRUHV
ҧϜ (PFDVRGHHPHUJrQFLD
$X[tOLRGHPXGDQoDGHIDL[DGHURGDJHP
IDURODOWRORQJRDOFDQ
FH
b
,OXPLQDomRHYLVLELOLGDGH
/LJDUHGHVOLJDUDVOX]HV
)LJ
!54/
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
*LUDURLQWHUUXSWRUGDVOX]HVQDDODYDQFDҧϜ)LJSDUDDSRVLomRGHVHMDGD
3RVLomR &RPDLJQLomRGHVOLJDGD &RPDLJQLomROLJDGD
/
b
$QWHVGDFRQGXomR
*LUDURLQWHUUXSWRUGDVOX]HVҧϜ)LJSDUDDSRVLomRGHVHMDGD
3RVLomR &RPDLJQLomRGHVOLJDGD &RPDLJQLomROLJDGD
!54/ ҧϜ
)XQomR³&RPLQJ+RPH´H³/HDYLQJ+RPH´
LOXPLQDomRGHRULHQWDomR
)DUROHODQWHUQDGHQHEOLQDSDUDYHtFXORV
FRPLQWHUUXSWRUJLUDWyULR
/
ҧϜ (PYHtFXORVVHPODQWHUQDGHQHEOLQD
/
3DUDYHtFXORVFRPIDUROGHQHEOLQDHODQWHUQDGH
QHEOLQD $OHUWDVRQRURSDUDOX]HVQmRGHVOLJDGDV
ҧϜ
ҧϜ $'9(57Ç1&,$
$OX]GHSRVLomRQmRpLQWHQVDRVXILFLHQWH
SDUDLOXPLQDUDUXDVXILFLHQWHPHQWHHVHUYLV
WDSRURXWURVFRQGXWRUHV
/
Ɣ /LJDURIDUROEDL[RVHPSUHQDHVFXULGmR
3DUDYHtFXORVDSHQDVFRPIDUROGHQHEOLQD QHEOLQDRXFRPPiYLVLELOLGDGH
Ɣ 'HYLGRDRVHXIRUWHHIHLWRRIXVFDQWHD
ҧϜ ODQWHUQDGHQHEOLQDVyGHYHVHUOLJDGDTXDQ
GRRDOFDQFHYLVXDOIRUPXLWRUHGX]LGR
)DUROHODQWHUQDGHQHEOLQDSDUDYHtFXORV
FRPWHFODQRFRQVROHFHQWUDO
ҧϜ
ҧϜ
b
,OXPLQDomRHYLVLELOLGDGH
,OXPLQDomRHYLVLELOLGDGH±IXQo}HV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HSHQGHQGRGDYHUVmRGRYHtFXORRFRQWUROHDXWR
PiWLFRGDOX]GHFRQGXomR!54/SRGHQmRHVWDU !54/
GLVSRQtYHO
&RQWUROHDXWRPiWLFRGDOX]GHFRQGXomR
!54/
!54/
ҧϜ
ҧϜ
'HVOLJDUDXWRPDWLFDPHQWHRXFRPXWDUSDUD
/LJDomRDXWRPiWLFDGDLOXPLQDomRGRYHtFXOR
OX]GHFRQGXomRGLXUQD
HVFXULGmR
ҧϜ
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 2FRQWUROHDXWRPiWLFRGDOX]GHFRQGXomR
!54/OLJDRIDUROEDL[RVRPHQWHFRPDOWHUD
o}HVGDOXPLQRVLGDGHHQmRFRPQHEOLQDSRU
H[HPSOR
$'9(57Ç1&,$
3RGHUmRRFRUUHUDFLGHQWHVVHDUXDQmRHVWL
YHUVXILFLHQWHPHQWHLOXPLQDGDHRYHtFXORIRU
YLVWRVRPHQWHFRPGLILFXOGDGHRXQmRIRUYLV
WRSHORVGHPDLVXVXiULRVGDYLD
0DVFDUDURXPXGDUDSRVLomRGRIDURO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD b
$QWHVGDFRQGXomR
)XQomR³&RPLQJ+RPH´H³/HDYLQJ+RPH´LOXPLQDomRGHRULHQWDomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
VHP
FRP
9HtFXORVVHPVHQVRUFUHSXVFXODUHGHFKXYD
0RGRPDQXDO
³&RPLQJ+RPH´ $omR
³/HDYLQJ+RPH´ $omR
9HtFXORVFRPVHQVRUFUHSXVFXODUHGHFKXYD
³&RPLQJ+RPH´ $omR
ҧϜ
/
b
,OXPLQDomRHYLVLELOLGDGH
³/HDYLQJ+RPH´ $omR
!54/ HVFXULGmR
/
/
&RQILJX
UD¨¶HV &RQILJXUD
¨¶HV
ҧϜ 0HQX&RQILJXUD¨¶HV
5HJXODJHPGDLOXPLQDomRGRVLQVWUXPHQWRVHGRVLQWHUUXSWRUHV
6HQVRUGHLOXPLQDomRGRSDLQHOGH
LQVWUXPHQWRV
'HSHQGHQGRGDYHUVmRGRYHtFXORRVHQVRUGHLOX
PLQDomRGRSDLQHOGHLQVWUXPHQWRVSRGHQmRHVWDU
GLVSRQtYHO
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
HPRUGHPFUHVFHQ
WH
/DQWHUQDVLQWHUQDVHGHOHLWXUD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
%RWmRRX )XQomR
SRVLomR
/
b
$QWHVGDFRQGXomR
%RWmRRX )XQomR
SRVLomR
*
/DQWHUQDGRFRPSDUWLPHQWRGHEDJDJHP
ҧϜ
,OXPLQDomRHYLVLELOLGDGH
3URWHomRVRODU
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
2VSDUDVyLVUHEDWLGRVSDUDEDL[RSRGHPUH
GX]LURFDPSRGHYLVmRHGLPLQXLUDVHJXUDQ
oDQDFRQGXomR
Ɣ 5HFRQGX]LUVHPSUHRVSDUDVyLVGHYROWD
DRVVXSRUWHVTXDQGRHOHVQmRIRUHPPDLVQH
FHVViULRV
3DUDVyLV
(VSHOKRGHFRUWHVLDLOXPLQDGR
127$
0DQXVHLHRVSDUDVyLVHDFREHUWXUDGRVHVSH
OKRVGHFRUWHVLDFRPFXLGDGRSDUDQmRGDQLIL
¤
)LJ
FiORV
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HSHQGHQGRGDYHUVmRGRYHtFXORRSDUDVROSRGH
FRQWHUGLIHUHQWHVFRPELQDo}HVFRQWHQGRRXQmR
LOXPLQDomRFREHUWXUDGRHVSHOKRHHVSHOKRGH
FRUWHVLD
3RVVLELOLGDGHVGHDMXVWHGRVSDUDVyLVSDUD
R FRQGXWRUHSDUDRSDVVDJHLURGLDQWHLUR
ҧϜ
$QWHVGDFRQGXomR
3DUDEULVDGHYLGURGHJUDGr
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
,OXPLQDomRHYLVLELOLGDGH
/LPSDGRUHVHODYDGRUHVGRVYLGURV
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 8WLOL]DURVODYDGRUHVGRVYLGURVVRPHQWH
FRPDQWLFRQJHODQWHVXILFLHQWHHPWHPSHUDWX
UDVGHLQYHUQR
Ɣ 1XQFDXWLOL]DURVODYDGRUHVGRSDUDEULVD
HPWHPSHUDWXUDVGHLQYHUQRHQTXDQWRRSDUD
EULVDQmRWLYHUVLGRDTXHFLGRFRPRVLVWHPD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GHYHQWLODomR&DVRFRQWUiULRRDGLWLYRDQWL
ҧϜ FRQJHODQWHSRGHFRQJHODUVREUHRSDUDEULVD
ҧϜ HUHGX]LUDYLVLELOLGDGH
ҧϜ $'9(57Ç1&,$
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDYLGUR
ҧϜ WUDVHLURJDVWDVRXVXMDVUHGX]HPDYLVLELOLGD
GHHDXPHQWDPRULVFRGHDFLGHQWHVHGHIHUL
$'9(57Ç1&,$ PHQWRVJUDYHV
Ɣ 6HPSUHTXHHVWLYHUHPGDQLILFDGDVRXJDV
(PEDL[DVWHPSHUDWXUDVDiJXDGRVODYDGR
WDVDVSDOKHWDVGRVOLPSDGRUHVGRSDUDEUL
UHVGRSDUDEULVDVHPDQWLFRQJHODQWHVXILFL
VDYLGURWUDVHLURGHYHPVHUVXEVWLWXtGDV
HQWHSRGHFRQJHODUVREUHRSDUDEULVDHOLPL
WDUDYLVLELOLGDGHIURQWDO
127$
(PFDVRGHJHDGDYHULILFDUDQWHVGHOLJDURV
OLPSDGRUHVGRSDUDEULVDYLGURWUDVHLURVHDV
SDOKHWDVGRVOLPSDGRUHVGRSDUDEULVDYLGUR
WUDVHLURQmRHVWmRFRQJHODGDV
$QWHVGDFRQGXomR
$ODYDQFDGRVOLPSDGRUHVGRVYLGURV
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
0RYHUDDODYDQFDSDUDDSRVLomRGHVHMDGDҧϜ
/&&
z
,/7
()'(
W
Z
\
127$ 127$FRQWLQXDomR
6HDLJQLomRIRUGHVOLJDGDFRPRVOLPSDGRUHV Ɣ $QWHVGHLQLFLDUDFRQGXomRVHQHFHVViULR
GRSDUDEULVDYLGURWUDVHLUROLJDGRVRVOLPSD UHPRYHUDQHYHHRJHORGRVOLPSDGRUHVGRSD
GRUHVLUmRFRPSOHWDURPRYLPHQWRHUHWRUQDUj UDEULVDYLGURWUDVHLUR
SRVLomRGHUHSRXVR*HDGDQHYHHRXWURVRE Ɣ 6ROWDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD
VWiFXORVVREUHRVYLGURVSRGHPRFDVLRQDUGD EULVDFRQJHODGDVFXLGDGRVDPHQWHGRSDUDEUL
QRVDRVOLPSDGRUHVGRSDUDEULVDYLGURWUDVHL VD3DUDLVVRD9RONVZDJHQUHFRPHQGDXP
URHDRPRWRUGRVOLPSDGRUHVGRSDUDEULVDYL VSUD\DQWLFRQJHODQWH
GURWUDVHLUR
,OXPLQDomRHYLVLELOLGDGH
6HQVRUGHFKXYD
)LJ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HSHQGHQGRGDYHUVmRGRYHtFXORRVHQVRUGH
FKXYDSRGHQmRHVWDUGLVSRQtYHO
ҧϜ
ҧϜ
ҧϜ
$'9(57Ç1&,$
2VHQVRUGHFKXYDSRGHQmRUHFRQKHFHUVXIL
&RPSRUWDPHQWRGHDFLRQDPHQWRDOWHUDGR FLHQWHPHQWHTXDOTXHUFKXYDHQmRDWLYDURV
GRVHQVRUGHFKXYD OLPSDGRUHVGRVYLGURV
Ɣ 6HQHFHVViULROLJDUPDQXDOPHQWHRVOLP
QDiUHDGDVXSHUItFLHVHQVtYHO ҧϜ SDGRUHVGRVYLGURVTXDQGRDiJXDLQWHUIHULU
QDYLVLELOLGDGHGRVYLGURV
ҧϜ
b
$QWHVGDFRQGXomR
9HULILFDUHUHDEDVWHFHURQtYHOGHiJXDGRVODYDGRUHVGRSDUDEULVDYLGUR
WUDVHLUR
&DSDFLGDGHV
$'9(57Ç1&,$
1XQFDPLVWXUDUDGLWLYRDQWLFRQJHODQWHRXDGL
WLYRVVHPHOKDQWHVLQDGHTXDGRVjiJXDGRV
ODYDGRUHVGRSDUDEULVDYLGURWUDVHLUR,VVR
SRGHFDXVDUDIRUPDomRGHXPDSHOtFXOD
ROHRVDVREUHRYLGURTXHUHGX]EDVWDQWHDYL
VLELOLGDGH
Ɣ 8WLOL]DUiJXDOLPSDHFODUDFRPXPSURGX
WRGHOLPSH]DGHYLGURVUHFRPHQGDGRSHOD
)LJ
9RONVZDJHQ
Ɣ 6HIRURFDVRPLVWXUDUDGLWLYRVDQWLFRQJH
¤
ODQWHVDGHTXDGRVjiJXDGRVODYDGRUHVGR
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ SDUDEULVDYLGURWUDVHLUR
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD 127$
Ɣ 1XQFDPLVWXUDURVSURGXWRVGHOLPSH]DUH
FRPHQGDGRVSHOD9RONVZDJHQFRPRXWURVSUR
GXWRVGHOLPSH]D,VVRSRGHFDXVDUFRDJXODomR
GRVFRPSRQHQWHVHFRPLVVRSURYRFDUDRE
VWUXomRGRVELFRVGRVODYDGRUHVGRSDUDEULVD
ҧϜ Ɣ $RUHDEDVWHFHUQmRFRQIXQGLURVIOXLGRVHP
QHQKXPDKLSyWHVH&DVRFRQWUiULRSRGHP
RFRUUHUIDOKDVJUDYHVGHIXQFLRQDPHQWRRXXP
Y ҧϜ GDQRDRPRWRU
ҧϜ
ҧϜ
,OXPLQDomRHYLVLELOLGDGH
(VSHOKRVUHWURYLVRUHV
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
$MXVWDURVHVSHOKRVUHWURYLVRUHVH[WHUQRVHR
HVSHOKRUHWURYLVRULQWHUQRGXUDQWHDFRQGX
omRSRGHGLVWUDLURFRQGXWRU,VWRSRGHFDX
VDUDFLGHQWHVHIHULPHQWRVJUDYHV
Ɣ $MXVWDURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
HRHVSHOKRUHWURYLVRULQWHUQRVRPHQWHFRPR
ҧϜ YHtFXORSDUDGR
Ɣ $RHVWDFLRQDUPXGDUGHIDL[DHHPPDQR
EUDVGHXOWUDSDVVDJHPHGHFRQYHUVmRRE
VHUYDUVHPSUHDiUHDDRUHGRUGRYHtFXORMi
TXHGHPDLVXVXiULRVGDYLDHREMHWRVWDP
EpPSRGHPVHHQFRQWUDUQRSRQWRFHJR
Ɣ $WHQWDUVHPSUHSDUDTXHRVHVSHOKRVUH
WURYLVRUHVHVWHMDPDMXVWDGRVFRUUHWDPHQWHH
TXHDYLVLELOLGDGHWUDVHLUDQmRVHMDOLPLWDGD
GHYLGRDRHPEDoDPHQWRRXSRURXWURVREMH
WRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧϜ
ҧϜ
(VSHOKRUHWURYLVRULQWHUQR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(VSHOKRUHWURYLVRULQWHUQRFRP
DQWLRIXVFDQWHPDQXDO
ҧϜ
$QWHVGDFRQGXomR
(VSHOKRUHWURYLVRULQWHUQRFRP
DQWLRIXVFDQWHDXWRPiWLFR
'HSHQGHQGRGDYHUVmRGRYHtFXORRUHWURYLVRULQ
WHUQRFRPDQWLRIXVFDQWHDXWRPiWLFRSRGHQmRHV
WDUGLVSRQtYHO
ҧϜ
ҧϜ
$'9(57Ç1&,$
Ɣ 2HVSHOKRUHWURYLVRULQWHUQRGHYHVHU
ҧϜ DMXVWDGRDQWHVGHFRORFDURYHtFXORHPPRYL
ҧϜ PHQWRSDUDQmRGHVYLDUDDWHQomRGRFRQGX
WRUQRWUkQVLWR
Ɣ 1DXWLOL]DomRGRHVSHOKRUHWURYLVRUQDSR
VLomRDQWLRIXVFDQWHDYLVmRSDUDWUiVILFDOL
PLWDGD
WUiV Ɣ 2GLVSOD\LOXPLQDGRGRDSDUHOKRGHQDYH
ҧϜ JDomRSRGHFRPSURPHWHURIXQFLRQDPHQWR
GRHVSHOKRUHWURYLVRULQWHUQRFRPDQWLRIXV
FDQWHDXWRPiWLFRFDXVDQGRDFLGHQWHVHIHUL
IUHQWH PHQWRVJUDYHV
DXWRPDWLFDPHQWH
,OXPLQDomRHYLVLELOLGDGH
(VSHOKRVUHWURYLVRUHVH[WHUQRV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$FHVVDURVDMXVWHVGRHVSHOKRUHWURYLVRU
H[WHUQRGLUHLWR
5 /
ҧϜ
ҧϜ
*LUDURLQWHUUXSWRUURWDWLYRSDUDDSRVLomRGH
VHMDGD
$'9(57Ç1&,$
, 2VHVSHOKRVUHWURYLVRUHVH[WHUQRVGHYHPVHU
DMXVWDGRVDQWHVGHFRORFDURYHtFXORHPPR
YLPHQWRSDUDQmRGHVYLDUDDWHQomRGRFRQ
GXWRUQRWUkQVLWR
2 $'9(57Ç1&,$
2UHEDWLPHQWRGHVDWHQWRSDUDGHQWURRXSDUD
IRUDGRVHVSHOKRVUHWURYLVRUHVH[WHUQRVSRGH
FDXVDUIHULPHQWRV
Ɣ 5HEDWHURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
$UPD]HQDURVDMXVWHVGRHVSHOKRUHWURYLVRU SDUDGHQWURRXSDUDIRUDVRPHQWHTXDQGR
H[WHUQRGLUHLWRSDUDDPDUFKDjUpWLOWGRZQ QmRKRXYHUQLQJXpPHPVXDiUHDGHIXQFLR
QDPHQWR
5 Ɣ $WHQWDUVHPSUHSDUDTXHQHQKXPGHGR
VHMDSUHVRHQWUHRHVSHOKRUHWURYLVRUH[WHUQR
HDEDVHGRHVSHOKRTXDQGRRHVSHOKRUHWUR
YLVRUH[WHUQRVHPRYHU b
$QWHVGDFRQGXomR
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
$DYDOLDomRLPSUHFLVDGDGLVWkQFLDGRVYHtFX Ɣ 6HPSUHTXHSRVVtYHOXWLOL]DURHVSHOKRUH
ORVYLQGRVGHWUiVSRGHFDXVDUDFLGHQWHVRX WURYLVRULQWHUQRSDUDGHWHUPLQDUDGLVWkQFLD
IHULPHQWRVJUDYHV GRVYHtFXORVYLQGRVGHWUiVRXDGLVWkQFLDGH
RXWURVREMHWRV
Ɣ $VVXSHUItFLHVDEDXODGDVGRVHVSHOKRVUH
WURYLVRUHVFRQYH[DVRXDVIpULFDVDXPHQWDP Ɣ *DUDQWLUTXHRFDPSRGHYLVmRWUDVHLURVH
R FDPSRGHYLVmRHID]HPRVREMHWRVSDUHFHU MDVXILFLHQWH
PHQRUHVHPDLVGLVWDQWHV
Ɣ 2XVRGHVXSHUItFLHVDEDXODGDVGRVHVSH
127$
OKRVUHWURYLVRUHVSDUDDDYDOLDomRGDVGLVWkQ (PXPVLVWHPDGHODYDJHPDXWRPiWLFDUHEDWHU
FLDVGHYHtFXORVYLQGRVGHWUiVQDPXGDQoD VHPSUHRVHVSHOKRVUHWURYLVRUHVH[WHUQRV
GHIDL[DGHURGDJHPpLPSUHFLVRHSRGHFDX
VDUDFLGHQWHVHIHULPHQWRVJUDYHV
,OXPLQDomRHYLVLELOLGDGH
7UDQVSRUWDU
2ULHQWDo}HVSDUDFRQGXomR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ $FRPRGDUWRGRVRVREMHWRVQRYHtFXORGH
PDQHLUDVHJXUD$FRPRGDUEDJDJHQVHREMH
WRVSHVDGRVVHPSUHQRFRPSDUWLPHQWRGH
EDJDJHP
Ɣ )L[DUVHPSUHREMHWRVFRPILWDVGHDPDUUD
omRRXFRPFLQWDVWHQVRUDVSDUDTXHRVREMH
WRVQmRSRVVDPDOFDQoDUDiUHDGHH[SDQVmR
GRVDLUEDJVIURQWDLVGXUDQWHXPDPDQREUD
EUXVFDGHGLUHomRHGHIUHQDJHP
Ɣ $FRPRGDUREMHWRVQRLQWHULRUGRYHtFXOR
GHPDQHLUDTXHHOHVQXQFDFKHJXHPDiUHD
GHDomRGRVDLUEDJVGXUDQWHDFRQGXomR
Ɣ 0DQWHURVSRUWDREMHWRVVHPSUHIHFKDGRV
ҧϜ GXUDQWHDFRQGXomR
Ɣ 2EMHWRVDFRPRGDGRVQXQFDGHYHPOHYDU
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV RVRFXSDQWHVDDVVXPLUXPDSRVLomRLQFRUUH
ҧϜ WDQREDQFR
ҧϜ Ɣ 6HREMHWRVDFRPRGDGRVEORTXHDUHPXP
ҧϜ DVVHQWRGREDQFRHVWHQXQFDGHYHUiVHU
RFXSDGRHXWLOL]DGRSRUXPDSHVVRD
ҧϜ
ҧϜ $'9(57Ç1&,$
$'9(57Ç1&,$ 2FRPSRUWDPHQWRGHGLUHomREHPFRPRR
HIHLWRGHIUHQDJHPDOWHUDPVHEDVWDQWHGX
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWHSR UDQWHRWUDQVSRUWHGHREMHWRVJUDQGHVHSHVD
GHPFDXVDUIHULPHQWRVJUDYHVHPFDVRGH GRV
PDQREUDVGHGLUHomRHGHIUHQDJHPV~ELWDV
Ɣ $GHTXDUDYHORFLGDGHHDIRUPDGHFRQGX
RXHPFDVRGHDFLGHQWHV,VWRYDOHHVSHFLDO
omRGHDFRUGRFRPDVFRQGLo}HVGHYLVLELOL
PHQWHQRVFDVRVHPTXHREMHWRVVmRDWLQJL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
GRVSHORDLUEDJTXDQGRHVWHVHLQIODVHQGR
DUUHPHVVDGRVSHORLQWHULRUGRYHtFXOR3DUD Ɣ $FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWHOR
GLPLQXLURULVFRGHIHULPHQWRVREVHUYDURVH VDHFXLGDGRVD
JXLQWH Ɣ (YLWDUPDQREUDVGHGLUHomRHGHIUHQDJHP
V~ELWDV
Ɣ )UHDUDQWHVGRXVXDO
$QWHVGDFRQGXomR
$FRPRGDUYROXPHVGHEDJDJHP
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
2VILODPHQWRVGRGHVHPEDoDGRUGRYLGURWUD
VHLURSRGHPVHUDYDULDGRVGHYLGRDRDWULWR
$FRPRGDUWRGRVRVYROXPHVGHEDJDJHP FRPREMHWRVDFRPRGDGRVVREUHDVXSHUItFLH
FRPVHJXUDQoDQRYHtFXOR DWUiVGREDQFRWUDVHLUR
ҧϜ &RQ
GXomRFRPUHERTXH
ҧϜ
&RQGX]LUFRPDWDPSDWUDVHLUDDEHUWD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
± (YLWDUPDQREUDVGHGLUHomRHGHIUHQD
JHPV~ELWDVRXEUXVFDVSRLVDWDPSDWUD
VHLUDSRGHVHPRYHUGHPDQHLUDGHVFRQ
WURODGD
± *DUDQWLUTXHREMHWRVSDUDIRUDGRFRP
SDUWLPHQWRGHEDJDJHPHVWHMDPYLVtYHLV
SDUDRVGHPDLVFRQGXWRUHV2EVHUYDUDV
GHWHUPLQDo}HVOHJDLV
± 4XDQGRKRXYHUREMHWRVSDUDIRUDGR
$'9(57Ç1&,$
FRPSDUWLPHQWRGHEDJDJHPDWDPSDWUD
$FRQGXomRFRPDWDPSDWUDVHLUDGHVWUDYDGD VHLUDQXQFDSRGHUiVHUXWLOL]DGDSDUD
RXDEHUWDSRGHFDXVDUIHULPHQWRVJUDYHV ³SUHQVDU´RX³IL[DU´REMHWRV
Ɣ $9RONVZDJHQQmRRULHQWDTXHRYHtFXOR ± 5HWLUDUREULJDWRULDPHQWHDFDUJDPRQWD
VHMDFRQGX]LGRFRPDWDPSDWUDVHLUDDEHUWD GDVREUHDWDPSDWUDVHLUDTXDQGRIRUQH
PDVFDVRUHIHULGDFRQGXomRVHMDGHH[WUHPD FHVViULRFRQGX]LUFRPDWDPSDWUDVHLUD
QHFHVVLGDGHIDYRUVHDWHQWDUSDUDDVVHJXLQ DEHUWD
WHVRULHQWDo}HV
± &RQGX]LUVHPSUHFRPDWDPSDWUDVHLUD $'9(57Ç1&,$
IHFKDGD
*DVHVWy[LFRVGRHVFDSHSRGHPDOFDQoDUR
± $FRPRGDUWRGRVRVREMHWRVQRFRPSDU LQWHULRUGRYHtFXORVHDWDPSDWUDVHLUDHVWLYHU
WLPHQWRGHEDJDJHPFRPVHJXUDQoD2E DEHUWD,VWRSRGHOHYDUjLQFRQVFLrQFLDLQWR
MHWRVVROWRVSRGHPFDLUGRFRPSDUWLPHQWR [LFDomRSRUGLy[LGRGHFDUERQRDFLGHQWHVH
GHEDJDJHPHIHULURXWURVFRQGXWRUHV IHULPHQWRVJUDYHV
± &RQGX]LUVHPSUHGHPDQHLUDFDXWHORVD
Ɣ 3DUDLPSHGLUDHQWUDGDGHJDVHVWy[LFRV
HGHIHQVLYD
GRHVFDSHFRQGX]LUVHPSUHFRPDWDPSDWUD
VHLUDIHFKDGD b
7UDQVSRUWDU
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
Ɣ (PFDVRVH[FHSFLRQDLVVHIRUSUHFLVR ± /LJDURYHQWLODGRUQRQtYHOGHYHQWLODomR
FRQGX]LUFRPDWDPSDWUDVHLUDDEHUWDGHYH Pi[LPD
VHSURFHGHUGDVHJXLQWHPDQHLUDSDUDUHGX
]LUDHQWUDGDGHJDVHVWy[LFRVGRHVFDSHQR 127$
LQWHULRUGRYHtFXOR
$DOWXUDGRYHtFXORVHPRGLILFDTXDQGRDWDPSD
± )HFKDUWRGRVRVYLGURV
WUDVHLUDHVWiDEHUWD
± (PYHtFXORVFRPDUFRQGLFLRQDGRGHV
OLJDURPRGRGHUHFLUFXODomRGRDU
± $EULUWRGRVRVGLIXVRUHVGHDUQRSDLQHO
GHLQVWUXPHQWRV
&RQGX]LUFRPRYHtFXORFDUUHJDGR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
6HDFDUJDGHVOL]DUDHVWDELOLGDGHHDVHJX
UDQoDGDFRQGXomRGRYHtFXORSRGHUmRVHU
EDVWDQWHUHGX]LGDVFDXVDQGRDFLGHQWHVHIH
ULPHQWRVJUDYHV
Ɣ )L[DUDFDUJDFRUUHWDPHQWHSDUDTXHHOD
QmRGHVOL]H
ҧϜ
Ɣ (PFDVRGHREMHWRVSHVDGRVXWLOL]DUILWDV
GHDPDUUDomRRXFLQWDVWHQVRUDVDGHTXDGDV
Ɣ (QFDL[DURHQFRVWRGREDQFRWUDVHLURGH
IRUPDVHJXUD
ҧϜ
,QGLFDo}HVGHSHVRHVSHFtILFDVGRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ 0DQX
WHQomRHJDUDQWLD
$QWHVGDFRQGXomR
&DUJDDG &DUJDDG
&DUJDDG
3HVRHP 3HVREUXWR PLVVtYHO PLVVtYHO
3RWrQFLDGR 7LSRGH PLVVtYHO
&'0 RUGHPGH DGPLVVtYHO VREUHR VREUHR
PRWRU WUDQVPLVVmR VREUHR
PDUFKDD 3%7 HL[RGLDQ HL[RWUD
WHWR
WHLUR VHLUR
&DUJD &DUJD
&DUJD
3HVRHP DGPLVVt DGPLVVt
7LSRGH 3HVREUX DGPLVVt
3RWrQFLDGR RUGHP YHOVR YHOVR
&'0 9HUVmR WUDQVPLV WRDGPLV YHOVR
PRWRU GHPDU EUHRHL EUHRHL
VmR D VtYHO3%7 EUHRWH
FKD [RGLDQ [RWUD
WR
WHLUR VHLUR
([FHGHURSHVREUXWRDGPLVVtYHOHDVFDUJDV Ɣ 2UHVSHLWRDRVOLPLWHVPi[LPRVGHSHVRH
VREUHRVHL[RVSRGHFDXVDUGDQRVQRYHtFX jFDUJDDGPLVVLYHOVREUHRVHL[RVpHVVHQFLDO
ORDFLGHQWHVHIHULPHQWRVJUDYHV SDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURVH
GHPDLVFRQGXWRUHV
Ɣ $VFDUJDVUHDLVVREUHRVHL[RVMDPDLVGH
YHPH[FHGHUDVFDUJDVDGPLVVtYHLVVREUHRV
HL[RV
127$
Ɣ 2FDUUHJDPHQWRHDGLVWULEXLomRGDFDUJD 'LVWULEXLUDFDUJDVHPSUHGHPDQHLUDXQLIRUPH
QRYHtFXORWrPLQIOXrQFLDVREUHRFRPSRUWD HRPDLVIXQGRSRVVtYHOQRYHtFXOR$RWUDQV
PHQWRGHGLUHomRHVREUHRHIHLWRGHIUHQD SRUWDUREMHWRVSHVDGRVQRFRPSDUWLPHQWRGH
JHP$GHTXDUDYHORFLGDGHFRQIRUPHQHFHV EDJDJHPHVWHVGHYHPVHUSRVLFLRQDGRVDQWHV
ViULR GRHL[RWUDVHLURRXVREUHHOHSDUDDOWHUDUR
FRPSRUWDPHQWRGHGLUHomRRPtQLPRSRVVtYHO
7UDQVSRUWDU
&RPSDUWLPHQWRGHEDJDJHP
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
PHQWHQRVFDVRVHPTXHREMHWRVVmRDWLQJL
GRVSHORDLUEDJTXDQGRHVWHVHLQIODVHQGR
DUUHPHVVDGRVSHORLQWHULRUGRYHtFXOR3DUD
GLPLQXLURULVFRGHIHULPHQWRVREVHUYDURVH
JXLQWH
Ɣ $FRPRGDUWRGRVRVREMHWRVQRYHtFXORGH
PDQHLUDVHJXUD$FRPRGDUEDJDJHPHREMH
WRVSHVDGRVVHPSUHQRFRPSDUWLPHQWRGH
EDJDJHP
Ɣ )L[DUREMHWRVVHPSUHFRPILWDVGHDPDUUD
omRRXFRPFLQWDVWHQVRUDVSDUDTXHRVREMH
WRVQmRVHMDPDUUHPHVVDGRVSHORLQWHULRUGR
YHtFXORHQmRSRVVDPDOFDQoDUDiUHDGH
DomRGRVDLUEDJVIURQWDLVGXUDQWHXPDPDQR
ҧϜ
EUDGHGLUHomRHGHIUHQDJHPV~ELWD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 0DQWHURVSRUWDREMHWRVVHPSUHIHFKDGRV
ҧϜ GXUDQWHDFRQGXomR
ҧϜ Ɣ 1mRDFRPRGDUREMHWRVUtJLGRVSHVDGRV
RXGHVXSHUItFLHFRUWDQWHHPSRUWDREMHWRV
ҧϜ
DEHUWRVQRLQWHULRUGRYHtFXORVREUHDVXSHU
ҧϜ ItFLHDWUiVGREDQFRWUDVHLURRXQRSDLQHOGH
ҧϜ LQVWUXPHQWRVVHPTXHHVWHMDPFRUUHWDPHQWH
IL[DGRV
$'9(57Ç1&,$ Ɣ 5HWLUDUREMHWRVUtJLGRVSHVDGRVRXGHVX
4XDQGRRYHtFXORQmRHVWLYHUHPXVRRXHVWL SHUItFLHFRUWDQWHGHSHoDVGHURXSDHEROVDV
YHUVHPVXSHUYLVmRWUDQFDUVHPSUHDVSRU QRLQWHULRUGRYHtFXORHDFRPRGiORVGHPD
WDVHDWDPSDWUDVHLUDSDUDUHGX]LURULVFRGH QHLUDVHJXUD
IHULPHQWRVJUDYHVRXIDWDLV
Ɣ 1XQFDGHL[DUFULDQoDVVHPVXSHUYLVmR $'9(57Ç1&,$
HVSHFLDOPHQWHTXDQGRDWDPSDWUDVHLUDHVWL $RWUDQVSRUWDUREMHWRVSHVDGRVDVFDUDFWH
YHUDEHUWD&ULDQoDVSRGHPHQWUDUQRFRP UtVWLFDVGHFRQGXomRGRYHtFXORVmRDOWHUD
SDUWLPHQWRGHEDJDJHPHIHFKDUDWDPSDWUD GDVHDGLVWkQFLDGHIUHQDJHPDXPHQWD&DU
VHLUD(PVLWXDo}HVFRPRHVVDVXPDFULDQoD JDVSHVDGDVQmRDFRPRGDGDVHQmRIL[DGDV
QmRFRQVHJXLULDVDLUGRFRPSDUWLPHQWRGH GDPDQHLUDFRUUHWDSRGHPID]HUFRPTXHR
EDJDJHPVR]LQKD,VWRSRGHFDXVDUIHULPHQ FRQGXWRUSHUFDRFRQWUROHGRYHtFXORFDX
WRVJUDYHVRXIDWDLV VDQGRIHULPHQWRVJUDYHV
Ɣ 1XQFDSHUPLWLUTXHFULDQoDVEULQTXHPQR Ɣ $RWUDQVSRUWDUREMHWRVSHVDGRVDVFDUDF
YHtFXORRXMXQWRDHOH WHUtVWLFDVGHFRQGXomRGRYHtFXORVmRDOWHUD
Ɣ 1XQFDWUDQVSRUWDUSHVVRDVQRFRPSDUWL GDVGHYLGRDRGHVORFDPHQWRGRFHQWURGH
PHQWRGHEDJDJHP JUDYLGDGH
Ɣ 'LVWULEXLUDFDUJDVHPSUHGHPDQHLUDXQL
$'9(57Ç1&,$ IRUPHHRPDLVIXQGRSRVVtYHOQRYHtFXOR
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWHSR Ɣ $FRPRGDUREMHWRVSHVDGRVGHPDQHLUD
GHPFDXVDUIHULPHQWRVJUDYHVHPFDVRGH VHJXUDRPDLVIXQGRSRVVtYHOQRFRPSDUWL
PDQREUDVGHGLUHomRHGHIUHQDJHPV~ELWDV PHQWRGHEDJDJHPDQWHVGRHL[RWUDVHLUR b
RXHPFDVRGHDFLGHQWHV,VWRYDOHHVSHFLDO
$QWHVGDFRQGXomR
127$
2VILODPHQWRVGRGHVHPEDoDGRUGRYLGURWUD
VHLURRXDDQWHQDSRGHPVHUDYDULDGRVGHYLGR
DRDWULWRFRPREMHWRV
'REUDURHQFRVWRGRDVVHQWRGREDQFRWUDVHLURSDUDIUHQWHRXSDUDWUiV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ ҧϜ ҧϜ
ҧϜ
ҧϜ
5HEDWHUREDQFRWUDVHLURSDUDWUiV
5HEDWHUREDQFRWUDVHLURSDUDIUHQWH ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ b
7UDQVSRUWDU
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 0DQWHUDVPmRVRVGHGRVRVSpVHDVGH
PDLVSDUWHVGRFRUSRVHPSUHGLVWDQWHVDRUH
ҧϜ
EDWHURHQFRVWRGREDQFRWUDVHLURSDUDIUHQWH
HSDUDWUiV
Ɣ 2HQFRVWRGREDQFRWUDVHLURGHYHHVWDU
5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUD HQFDL[DGRGHPDQHLUDVHJXUDSDUDJDUDQWLUD
DFHVVRDRFRPSDUWLPHQWRGHEDJDJHPSHOR SURWHomRGRVFLQWRVGHVHJXUDQoDQREDQFR
LQWHULRUGRYHtFXOR WUDVHLUR,VVRVHDSOLFDVREUHWXGRDROXJDU
FHQWUDOGREDQFRWUDVHLUR4XDQGRXPDVVHQ
WRHVWiRFXSDGRHRUHVSHFWLYRHQFRVWRGR
ҧϜ EDQFRWUDVHLURQmRHVWiHQFDL[DGRFRPVHJX
UDQoDRRFXSDQWHpHPSXUUDGRSDUDIUHQWH
FRPRHQFRVWRGREDQFRWUDVHLURHPFDVRGH
ҧϜ PDQREUDVGHGLUHomRHGHIUHQDJHPV~ELWDV
EHPFRPRHPDFLGHQWHV
$'9(57Ç1&,$ Ɣ 6HRHQFRVWRGREDQFRWUDVHLURHVWiLQFOL
5HEDWHURHQFRVWRGREDQFRWUDVHLURSDUD QDGRSDUDIUHQWHRXQmRHVWLYHUHQFDL[DGRGH
IUHQWHRXSDUDWUiVGHPDQHLUDGHVFRQWURODGD PDQHLUDVHJXUDSHVVRDVRXFULDQoDVQmRGH
RXGHVDWHQWDSRGHFDXVDUIHULPHQWRVJUDYHV YHUmRVHUWUDQVSRUWDGDVQHVVHVDVVHQWRV
Ɣ $RUHEDWHURHQFRVWRGREDQFRWUDVHLUR
SDUDIUHQWHVHPSUHDWHQWDUSDUDTXHQmRKDMD 127$
SHVVRDVRXDQLPDLVQDiUHDGRHQFRVWRGR Ɣ (PYHtFXORVFRPFLQWRVGHVHJXUDQoDFRP
EDQFRWUDVHLUR HQURODGRUDXWRPiWLFRRVFDGDUoRVGHYHPILFDU
Ɣ 1XQFDUHEDWHURHQFRVWRGREDQFRWUDVHL HQFDL[DGRVQRVSRVLFLRQDGRUHVHQTXDQWRR
URSDUDIUHQWHRXSDUDWUiVFRPRYHtFXORHP HQFRVWRGREDQFRHVWLYHUDEDL[DGR
PRYLPHQWR Ɣ (PYHtFXORVFRPFLQWRVGHVHJXUDQoDVHP
Ɣ $WHQWDUSDUDTXHRFLQWRGHVHJXUDQoDQmR HQURODGRUDXWRPiWLFRDWHQWHSDUDTXHRFDGDU
VHMDSUHVRRXGDQLILFDGRDRUHEDWHURHQFRV oRGRFLQWRQmRILTXHSUHVRHQWUHRDVVHQWRGR
WRGREDQFRWUDVHLURSDUDWUiV EDQFRHDODWHUDOGRYHtFXOR
&REHUWXUDGRFRPSDUWLPHQWRGHEDJDJHP
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HPRYHUDFREHUWXUDGRFRPSDUWLPHQWRGH
EDJDJHP
)LJ
ҧϜ
ҧϜ b
$QWHVGDFRQGXomR
,QVWDODUDFREHUWXUDGRFRPSDUWLPHQWRGH $'9(57Ç1&,$FRQWLQXDomR
EDJDJHP IHULPHQWRVJUDYHVHPFDVRGHPDQREUDVGH
GLUHomRHGHIUHQDJHPV~ELWDVRXHPFDVRGH
DFLGHQWHV
ҧϜ Ɣ 1mRDFRPRGDUREMHWRVUtJLGRVSHVDGRV
RXGHVXSHUItFLHFRUWDQWHQRVEROVRVGRYHV
ҧϜ WXiULRHPEROVDVRXVROWRVVREUHDFREHUWXUD
GRFRPSDUWLPHQWRGHEDJDJHP
$'9(57Ç1&,$ Ɣ 1XQFDWUDQVSRUWDUDQLPDLVVREUHDFREHU
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWH WXUDGRFRPSDUWLPHQWRGHEDJDJHP
EHPFRPRDQLPDLVVREUHDFREHUWXUDGR
FRPSDUWLPHQWRGHEDJDJHPSRGHPFDXVDU 127$
3DUDHYLWDUGDQRVjFREHUWXUDGRFRPSDUWLPHQ
WRGHEDJDJHPFDUUHJDURFRPSDUWLPHQWRGH
EDJDJHPDSHQDVDWpXPSRQWRQRTXDODFREHU
WXUDQmRSUHVVLRQHDFDUJDDRIHFKDUDWDPSD
WUDVHLUD
5HGHSDUDEDJDJHP
$'9(57Ç1&,$
$UHGHSDUDEDJDJHPHOiVWLFDSUHFLVDVHUHV
WLFDGDTXDQGRIRUIL[DGDQRVROKDLVQRFRP
SDUWLPHQWRGHEDJDJHP8PDUHGHSDUDEDJD
JHPTXDQGRSUHVDHVWiVREWHQVmR$VDO
oDVGDUHGHSDUDEDJDJHPSRGHPSURYRFDU
IHULPHQWRVVHDUHGHSDUDEDJDJHPIRUIL[DGD
RXUHPRYLGDGHPRGRLQDGHTXDGR
Ɣ 3UHQGHUVHPSUHDVDOoDVGDUHGHSDUDED
)LJ JDJHPHYLWDQGRTXHHODVHVROWHEUXVFDPHQ
¤
WHGRROKDODRVHUIL[DGDRXUHPRYLGD
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ Ɣ 3URWHJHURVROKRVHRURVWRSDUDHYLWDUIH
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD ULPHQWRVFDVRDVDOoDVVHVROWHPEUXVFDPHQ
o}HVGHVHJXUDQoD QDSiJLQD WHDRVHUHPIL[DGDVRXUHPRYLGDV
Ɣ 3UHQGHUVHPSUHDVDOoDVGDUHGHSDUDED
JDJHPQDVHTXrQFLDGHVFULWD6HXPDGDVDO
oDVGDUHGHSDUDEDJDJHPVHVROWDUKiULVFR
GHIHULPHQWR
)L[DUDUHGHQRFRPSDUWLPHQWRGHEDJDJHP
ҧϜ 127$
$UHGHSDUDEDJDJHPGHYHVHUXWLOL]DGDSDUD
JXDUGDUREMHWRVSHTXHQRVHOHYHVTXHQmRXO
5HPRYHUDUHGHSDUDEDJDJHP WUDSDVVHPNJ
ҧϜ
7UDQVSRUWDU
&RQGXomRFRPUHERTXH
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 8WLOL]DURGLVSRVLWLYRGHUHERTXHDSHQDV
TXDQGRHVWLYHUFRUUHWDPHQWHIL[DGRHVHP
GDQRV
Ɣ 1mRUHDOL]DUQHQKXPDPRGLILFDomRRXUH
SDURQRGLVSRVLWLYRGHUHERTXH
$'9(57Ç1&,$
$FRQGXomRFRPXPUHERTXHHRWUDQVSRUWH
GHREMHWRVSHVDGRVRXFRPVXSHUItFLHVJUDQ
GHVSRGHDOWHUDUDVFDUDFWHUtVWLFDVGHFRQGX
omRHFDXVDUDFLGHQWHV
Ɣ $VVLPRDWHQGLPHQWRjVRULHQWDo}HVDEDL
[RpIXQGDPHQWDOjJDUDQWLDGHVHJXUDQoDGR
FRQGXWRUSDVVDJHLURVHGHPDLVFRQGXWRUHV
± )L[DUVHPSUHDFDUJDFRUUHWDPHQWHFRP
ILWDVGHDPDUUDomRRXFLQWDVWHQVRUDV
DGHTXDGDVHHPERDVFRQGLo}HVGHXVR
± $GHTXDUDYHORFLGDGHHDIRUPDGHFRQ
GXomRGHDFRUGRFRPDVFRQGLo}HVGHYL
VLELOLGDGHFOLPiWLFDVGDSLVWDHGRWUkQVL
WR
± 5HERTXHVFRPFHQWURGHJUDYLGDGH
PDLVDOWRSRGHPWRPEDUPDLVIDFLOPHQWH
GRTXHUHERTXHVFRPFHQWURGHJUDYLGDGH
PDLVEDL[R
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
± (YLWDUPDQREUDVGHGLUHomRHGHIUHQD
ҧϜ
JHPDEUXSWDVHV~ELWDV
± $WHQomRHVSHFLDOGXUDQWHDVXOWUDSDVVD
ҧϜ JHQV
ҧϜ ± 5HGX]LULPHGLDWDPHQWHDYHORFLGDGHDR
SHUFHEHURPDLVOHYHPRYLPHQWRSHQGXODU
ҧϜ GRUHERTXH
ҧϜ ± &RPUHERTXHQmRFRQGX]LUFRPYHORFL
GDGHVXSHULRUDNPKHPFDVRVH[FHS
ҧϜ FLRQDLVWDPEpPNPK,VWRWDPEpPp
YiOLGRSDUDSDtVHVHPTXHDYHORFLGDGH
Pi[LPDSHUPLWLGDpPDLVHOHYDGD2EVHU
$'9(57Ç1&,$ YDUYHORFLGDGHVPi[LPDVHVSHFtILFDVGH
2WUDQVSRUWHGHSDVVDJHLURVHPXPUHERTXH SDtVHVTXHSDUDYHtFXORVFRPUHERTXHV
FRORFDYLGDVHPULVFRHSRGHVHULOHJDO SRGHPHVWDUDEDL[RGDTXHODVSDUDYHtFX
ORVVHPUHERTXHV
$'9(57Ç1&,$ ± 1XQFDWHQWDU³HVWDELOL]DU´SRUPHLRGH
DFHOHUDo}HVXPFRQMXQWRTXHHVWLYHURVFL
$XWLOL]DomRLQDGHTXDGDGRGLVSRVLWLYRGHUH
ODQGR
ERTXHSRGHFDXVDUIHULPHQWRVHDFLGHQWHV
ҧϜ
$QWHVGDFRQGXomR
&RQGLo}HVWpFQLFDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(VSHOKRVUHWURYLVRUHVH[WHUQRV
$'9(57Ç1&,$
'LVSRVLWLYRGHUHERTXHPRQWDGRQRSDUD 8PGLVSRVLWLYRGHUHERTXHLQDGHTXDGRRX
FKRTXH PRQWDGRLQFRUUHWDPHQWHSRGHID]HUFRPTXH
RUHERTXHVHVROWHGRYHtFXORHSURYRTXHIH
ULPHQWRVJUDYHV
127$
Ɣ 6HDVODQWHUQDVWUDVHLUDVGRUHERTXHQmRIR
UHPFRQHFWDGDVFRUUHWDPHQWHRVFRPSRQHQ
WHVHOHWU{QLFRVGRYHtFXORSRGHPVHUGDQLILFD
6LVWHPDGHDUUHIHFLPHQWRGRPRWRU GRV
Ɣ 6HRUHERTXHFRQVXPLUFRUUHQWHHPH[FHV
VRRVFRPSRQHQWHVHOHWU{QLFRVGRYHtFXORSR
GHPVHUGDQLILFDGRV
Ɣ 1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUHER
TXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWULFDVGDV
ODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQWHGHFRU
)UHLRGRUHERTXH UHQWH8WLOL]DUVRPHQWHFRQH[}HVDGHTXDGDV
SDUDDDOLPHQWDomRGHFRUUHQWHDRUHERTXH
&DERGHUXSWXUD
ҧϜ
/DQWHUQDVWUDVHLUDVGRUHERTXH
ҧϜ
7UDQVSRUWDU
(QJDWDUHFRQHFWDURUHERTXH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 7RGRVRVWUDEDOKRVQRVLVWHPDHOpWULFRVR
PHQWHSRGHPVHUUHDOL]DGRVSRUXPD&RQ
FHVVLRQiULD9RONVZDJHQRXSRUXPDHPSUHVD
&DERGHUXSWXUD HVSHFLDOL]DGD
Ɣ 1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUH
ERTXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWUL
FDVGDVODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQ
WHGHFRUUHQWH
127$
7RPDGDGRUHERTXH 8PUHERTXHHVWDFLRQDGRVREUHDURGDGHDSRLR
RXVREUHRVVXSRUWHVGRUHERTXHQmRGHYHSHU
PDQHFHUDFRSODGRDRYHtFXOR3RUH[HPSORR
YHtFXORVHHUJXHHVHDEDL[DGHYLGRDDOWHUD
o}HVGDFDUJDRXDYDULDGHSQHXV1HVVHFDVR
/DQWHUQDVWUDVHLUDVGRUHERTXH IRUoDVGHJUDQGHLQWHQVLGDGHDWXDPVREUHR
GLVSRVLWLYRGHUHERTXHHVREUHRUHERTXHHSR
GHPFDXVDUGDQRVQRYHtFXORHQRUHERTXH
$'9(57Ç1&,$
&RQGXWRUHVHOpWULFRVLQDGHTXDGRVRXLQFRU
UHWDPHQWHFRQHFWDGRVSRGHPHQHUJL]DURUH
ERTXHFDXVDUIDOKDVGHIXQFLRQDPHQWRQRV
FRPSRQHQWHVHOHWU{QLFRVGRYHtFXORHFDXVDU
IHULPHQWRVJUDYHV
$QWHVGDFRQGXomR
&DUUHJDURUHERTXH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3UHVVmRGRVSQHXV
&DUJDGHUHERTXHHFDUJDGHDSRLR
ҧϜ ҧϜ
ҧϜ
$'9(57Ç1&,$
([FHGHUDFDUJDPi[LPDDGPLVVtYHOVREUHR
HL[RHDFDUJDGHDSRLREHPFRPRDFDSDFL
GDGHPi[LPDRXWRWDOGHWUDomRGRYHtFXORH
GRUHERTXHSRGHUHVXOWDUHPDFLGHQWHVHIHUL
DEDL[R
PHQWRVJUDYHV
Ɣ 1XQFDH[FHGHURVYDORUHVLQGLFDGRV
Ɣ 1XQFDH[FHGHUDFDUJDPi[LPDDGPLVVtYHO
VREUHRHL[RFRPRSHVRDWXDOQRHL[RGLDQ
WHLURHWUDVHLUR1XQFDH[FHGHURSHVREUXWR
FDU
Pi[LPRDGPLVVtYHOFRPRSHVRGLDQWHLURRX
JDGHDSRLR
WUDVHLURGRYHtFXOR
$'9(57Ç1&,$
6HDFDUJDGHVOL]DUDHVWDELOLGDGHHDVHJX
UDQoDGHFRQGXomRGRFRQMXQWRSRGHPVHU
EDVWDQWHUHGX]LGDVFDXVDQGRDFLGHQWHVHIH
&DSDFLGDGHPi[LPDGHWUDomR ULPHQWRVJUDYHV
Ɣ &DUUHJDUVHPSUHRUHERTXHFRUUHWDPHQWH
Ɣ )L[DUVHPSUHDFDUJDFRPILWDVGHDPDUUD
omRRXFLQWDVWHQVRUDVDGHTXDGDVHHPERDV
&DUUHJDURUHERTXH FRQGLo}HVGHXVR
7UDQVSRUWDU
&RQGX]LUFRPXPUHERTXH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
' ҧϜ
5HJXODJHPGRIDURO
$'9(57Ç1&,$
3DUWLFXODULGDGHVQDFRQGXomRFRPXP 3X[DUXPUHERTXHLQFRUUHWDPHQWHSRGHFDX
UHERTXH VDUDSHUGDGHFRQWUROHGRYHtFXORHIHULPHQ
IUHLRFRPSOHPHQWDU WRVJUDYHV
VXDYHPHQWHQRLQtFLR Ɣ $FRQGXomRFRPXPUHERTXHHRWUDQV
SRUWHGHREMHWRVSHVDGRVRXFRPVXSHUItFLHV
JUDQGHVSRGHDOWHUDUDVFDUDFWHUtVWLFDVGH
FRQGXomRHDXPHQWDUDGLVWkQFLDGHIUHQD
JHP
Ɣ &RQGX]LUVHPSUHGHPDQHLUDFDXWHORVDH
GHIHQVLYD)UHDUDQWHVGRXVXDO
Ɣ $GHTXDUDYHORFLGDGHHDIRUPDGHFRQGX
omRGHDFRUGRFRPDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR5HGX
]LUDYHORFLGDGHHVSHFLDOPHQWHHPGHFOLYHV
Ɣ $FHOHUDUGHIRUPDHVSHFLDOPHQWHFDXWHOR
VDHFXLGDGRVD(YLWDUPDQREUDVGHGLUHomRH
GHIUHQDJHPDEUXSWDVHV~ELWDV
Ɣ $WHQomRHVSHFLDOGXUDQWHDVXOWUDSDVVD
JHQV5HGX]LULPHGLDWDPHQWHDYHORFLGDGHDR
SHUFHEHURPDLVOHYHPRYLPHQWRSHQGXODUGR
UHERTXH
$UUDQTXHFRPXPUHERTXHHPDFOLYHV Ɣ 1XQFDWHQWDU³HVWDELOL]DU´SRUPHLRGH
DFHOHUDo}HVXPFRQMXQWRTXHHVWLYHURVFLODQ
GR
Ɣ 3DUDYHtFXORVFRPUHERTXHREVHUYDUTXH
DVYHORFLGDGHVPi[LPDVSRGHPHVWDUDEDL[R
GDTXHODVSDUDYHtFXORVVHPUHERTXH
$QWHVGDFRQGXomR
,QVWDODURGLVSRVLWLYRGHUHERTXHSRVWHULRUPHQWH
,QVWDODURGLVSRVLWLYRGHUHERTXH
$'9(57Ç1&,$
&RQGXWRUHVHOpWULFRVLQDGHTXDGRVRXOLJDGRV
LQFRUUHWDPHQWHSRGHPFDXVDUIDOKDVGHIXQ
FLRQDPHQWRGHWRGRVRVFRPSRQHQWHVHOHWU{
QLFRVGRYHtFXORHSURYRFDUDFLGHQWHVHIHUL
PHQWRVJUDYHV
Ɣ 1XQFDFRQHFWDURVLVWHPDHOpWULFRGRUH
ERTXHGLUHWDPHQWHFRPDVFRQH[}HVHOpWUL
FDVGDVODQWHUQDVWUDVHLUDVRXFRPRXWUDIRQ
WHLQDGHTXDGDGHFRUUHQWH8WLOL]DUVRPHQWH
FRQHFWRUHVDGHTXDGRVSDUDDFRQH[mRGRUH
ERTXH
Ɣ $LQVWDODomRSRVWHULRUGHXPGLVSRVLWLYR
GHUHERTXHGHYHVHUUHDOL]DGDSRUXPDHP
SUHVDHVSHFLDOL]DGD
$'9(57Ç1&,$
8PGLVSRVLWLYRGHUHERTXHLQDGHTXDGRRXLQ
FRUUHWDPHQWHLQVWDODGRSRGHID]HUFRPTXHR
UHERTXHVHVROWHGRYHtFXORGHWUDomR,VWR
)LJ
SRGHFDXVDUDFLGHQWHVJUDYHVHIHULPHQWRV
¤
IDWDLV
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD 127$
o}HVGHVHJXUDQoD QDSiJLQD $FRQGXomRFRPUHERTXHUHSUHVHQWDXPPDLRU
HVIRUoRSDUDRYHtFXOR$QWHVGHGHFLGLUSRU
ҧϜ XPDLQVWDODomRSRVWHULRUFRQWDWHXPD&RQFHV
VLRQiULD9RONVZDJHQSDUDVDEHUVHpQHFHVVi
ULRHIHWXDUSUHYLDPHQWHDOJXPDDOWHUDomRQR
VLVWHPDGHDUUHIHFLPHQWRRXVHGHYHPVHULQV
WDODGDVFKDSDVGHEOLQGDJHPWpUPLFD
7UDQVSRUWDU
&DUJDVGHUHERTXHPi[LPDVDGPLVVtYHLV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
WHQomRHJDUDQWLD
ҧϜ 0DQX
5HERTXHFRP
5HERTXHVHPIUHLR
3RWrQFLDGRPRWRUҧϜ &'0 IUHLRDFOLYHVDWp
DFOLYHVDWp
5HERTXHFRP 5HERTXHVHP
3RWrQFLDGRPRWRUҧϜ 9HUVmR &'0 IUHLRDFOLYHV IUHLRDFOLYHVDWp
DWp
$'9(57Ç1&,$ 127$
6HDFDUJDGHUHERTXHPi[LPDLQGLFDGDIRU 6HDFDUJDGHUHERTXHPi[LPDLQGLFDGDIRUH[
H[FHGLGDSRGHPRFRUUHUDFLGHQWHVJUDYHVH FHGLGDSRGHPRFRUUHUGDQRVVLJQLILFDWLYRVDR
GDQRVVLJQLILFDWLYRVDRYHtFXOR YHtFXOR
Ɣ 1XQFDH[FHGHUDFDUJDGHUHERTXHLQGLFD Ɣ 1XQFDH[FHGHUDFDUJDGHUHERTXHLQGLFD
GD GD
&DSDFLGDGHPi[LPDGHWUDomRDGPLVVtYHO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ 0DQX
WHQomRHJDUDQWLD
&DSDFLGDGHPi[LPDGHWUDomR
3RWrQFLDGRPRWRU &'0 7LSRGHWUDQVPLVVmR
&07DҧϜ
$QWHVGDFRQGXomR
7LSRGHWUDQVPLV &DSDFLGDGHPi[LPDGHWUD
3RWrQFLDGRPRWRU 9HUVmR &'0
VmR omR&07DҧϜ
7UDQVSRUWDU
(TXLSDPHQWRVSUiWLFRV
3RUWDREMHWRV
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
2EMHWRVQDiUHDSDUDRVSpVGRFRQGXWRUSR
GHPLPSHGLUROLYUHDFLRQDPHQWRGRVSHGDLV
,VWRSRGHFDXVDUDSHUGDGHFRQWUROHGRYHt
FXORHDXPHQWDRULVFRGHIHULPHQWRVJUDYHV
Ɣ $WHQWDUSDUDTXHWRGRVRVSHGDLVSRVVDP
VHUDFLRQDGRVVHPLPSHGLPHQWRV
Ɣ )L[DUVHPSUHRWDSHWHSDUDRVSpVFRPVH
JXUDQoD
Ɣ 1XQFDFRORFDUWDSHWHVSDUDRVSpVRXRX
WURVUHYHVWLPHQWRVGHDVVRDOKRVREUHRWDSH
WHSDUDRVSpVLQVWDODGR
Ɣ $WHQWDUSDUDTXHQHQKXPREMHWRDOFDQFHD
iUHDSDUDRVSpVGRFRQGXWRUGXUDQWHDFRQ
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GXomR
ҧϜ 127$
ҧϜ 5iGLR Ɣ 2VILODPHQWRVGRGHVHPEDoDGRUGRYLGUR
WUDVHLURSRGHPVHUDYDULDGRVGHYLGRDRDWULWR
$'9(57Ç1&,$ FRPREMHWRVDFRPRGDGRVVREUHDVXSHUItFLH
2EMHWRVVROWRVSRGHPVHUDUUHPHVVDGRVSHOR DWUiVGREDQFRWUDVHLUR
LQWHULRUGRYHtFXORHPPDQREUDVGHGLUHomRH Ɣ 1mRJXDUGDUREMHWRVVHQVtYHLVDRFDORUDOL
GHIUHQDJHPV~ELWDV,VWRSRGHFDXVDUIHUL PHQWRVRXPHGLFDPHQWRVQRLQWHULRUGRYHtFX
PHQWRVJUDYHVHWDPEpPDSHUGDGHFRQWUROH OR2FDORUHRIULRSRGHPGDQLILFiORVRXWRUQi
GRYHtFXOR ORVLQDSURSULDGRVSDUDXVRRXFRQVXPR
Ɣ 1mRFRORFDUDQLPDLVHREMHWRVUtJLGRVSH Ɣ 2EMHWRVGHPDWHULDLVWUDQVSDUHQWHVGHL[D
VDGRVRXGHVXSHUItFLHFRUWDQWHHPFRPSDUWL GRVQRYHtFXORFRPRSRUH[HPSORyFXORV
PHQWRVDEHUWRVGRYHtFXORVREUHRSDLQHOGH OHQWHVRXYHQWRVDVWUDQVSDUHQWHVQRVYLGURV
LQVWUXPHQWRVQDVXSHUItFLHDWUiVGREDQFR SRGHPIRFDOL]DURVUDLRVGRVROHDVVLPFDX
WUDVHLURVHPSHoDVGHYHVWXiULRRXEROVDV VDUGDQRVQRYHtFXOR
QRLQWHULRUGRYHtFXOR
Ɣ 0DQWHURVSRUWDREMHWRVVHPSUHIHFKDGRV
GXUDQWHDFRQGXomR
$QWHVGDFRQGXomR
3RUWDREMHWRVGRODGRGRFRQGXWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
2EMHWRVVROWRVSRGHPVHUODQoDGRVSHORLQWH
ULRUGRYHtFXORHPUD]mRGHXPDPDQREUDGH
GLUHomRRXGHIUHQDJHPV~ELWDEHPFRPRHP
XPDFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
Ɣ 1mRDFRPRGDUREMHWRVUtJLGRVSHVDGRV
RXGHVXSHUItFLHFRUWDQWHQRSRUWDREMHWRV
DEHUWR
)LJ
3RUWDREMHWRVGLDQWHLUR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
ҧϜ
)LJ
3RUWDREMHWRVGRODGRGRSDVVDJHLURGLDQWHLUR
)LJ
b
)LJ
(TXLSDPHQWRVSUiWLFRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
8PSRUWDOXYDVDEHUWRSRGHDXPHQWDURULVFR
GHIHULPHQWRVJUDYHVHPFDVRGHXPDFLGHQ
3RUWDREMHWRVQDODWHUDOGREDQFRGLDQWHLUR WHRXPDQREUDGHGLUHomRRXGHIUHQDJHPV~
ELWDV
ҧϜ Ɣ 0DQWHURSRUWDOXYDVVHPSUHIHFKDGRGX
UDQWHDFRQGXomR
$EULUHIHFKDURSRUWDOXYDV
DEULU ҧϜ
IHFKDU
3RUWDREMHWRVQREDQFRGRSDVVDJHLURGLDQWHLUR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)LJ
$QWHVGDFRQGXomR
3RUWDREMHWRVWUDVHLURV
)LJ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3RUWDREMHWRVQRFRQVROHFHQWUDOWUDVHLUR
%ROVDSRUWDREMHWRV
ҧϜ
ҧϜ
3RUWDREMHWRVQDODWHUDOGREDQFRWUDVHLURYHtFXORSRUWDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
1RVYHtFXORVSRUWDV
ҧϜ
)LJ
(TXLSDPHQWRVSUiWLFRV
2XWURVSRUWDREMHWRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1mRDFRPRGDUREMHWRVUtJLGRVSHVDGRV
RXGHVXSHUItFLHFRUWDQWHQRVEROVRVGRYHV
WXiULRHPEROVDVRXVROWRVVREUHDVXSHUItFLH
2XWURVFRPSDUWLPHQWRVSRVVtYHLV DWUiVGRHQFRVWRGREDQFRWUDVHLUR
Ɣ 1XQFDWUDQVSRUWDUDQLPDLVVREUHDVXSHU
ItFLHDWUiVGRHQFRVWRGREDQFRWUDVHLUR
$'9(57Ç1&,$
*DQFKRSDUDURXSDV
5RXSDVSHQGXUDGDVSRGHPUHGX]LUDYLVLELOL
GDGHGRFRQGXWRUHDVVLPFDXVDUDFLGHQWHV
HIHULPHQWRVJUDYHV
$'9(57Ç1&,$
Ɣ 3HQGXUDUDVURXSDVQRJDQFKRSDUDURX
2EMHWRVVROWRVRXIL[DGRVLQFRUUHWDPHQWHVR SDVVHPSUHGHIRUPDDQmRUHGX]LUDYLVLELOL
EUHDVXSHUItFLHDWUiVGRHQFRVWRGREDQFR GDGHGRFRQGXWRU
WUDVHLURSRGHPFDXVDUIHULPHQWRVJUDYHVHP
Ɣ 8WLOL]DURJDQFKRSDUDURXSDVQRYHtFXOR
FDVRGHPDQREUDVGHGLUHomRHGHIUHQDJHP
VRPHQWHSDUDSHQGXUDUURXSDVOHYHV1XQFD
V~ELWDVRXHPFDVRGHDFLGHQWHV
GHL[DUREMHWRVSHVDGRVUtJLGRVRXGHVXSHU
ItFLHFRUWDQWHGHQWURGDVVDFRODV
$QWHVGDFRQGXomR
3RUWDFRSRV
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDFRORFDUFRSRVSHVDGRVPDQWLPHQ
WRVRXRXWURVREMHWRVSHVDGRVQRVSRUWDFR
SRV(VVHVREMHWRVSHVDGRVSRGHPYRDUSHOR
LQWHULRUGRYHtFXORHPXPDFLGHQWHHFDXVDU
IHULPHQWRVJUDYHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
$'9(57Ç1&,$
ҧϜ *DUUDIDVGHEHELGDIHFKDGDVQRLQWHULRUGR
YHtFXORSRGHPH[SORGLUSRUDomRGRFDORUH
$'9(57Ç1&,$ HVWRXUDUSRUDomRGRIULR
$XWLOL]DomRLQFRUUHWDGRVSRUWDFRSRVSRGH Ɣ 1XQFDGHL[DUJDUUDIDVGHEHELGDIHFKDGDV
FDXVDUIHULPHQWRV QRLQWHULRUGHXPYHtFXORLQWHQVDPHQWHDTXH
Ɣ 1XQFDFRORFDUEHELGDVTXHQWHVHPXP FLGRRXLQWHQVDPHQWHUHIULJHUDGR
SRUWDFRSRV'XUDQWHDFRQGXomRHPXPD
PDQREUDGHIUHQDJHPV~ELWDRXHPXPDFL 127$
GHQWHEHELGDVTXHQWHVHPXPSRUWDFRSRV
1mRPDQWHUEHELGDVDEHUWDVQRSRUWDFRSRV
SRGHPVHUGHUUDPDGDVHFDXVDUTXHLPDGX
GXUDQWHDFRQGXomR%HELGDVGHUUDPDGDVSRU
UDV
H[HPSORGXUDQWHIUHQDJHQVSRGHPFDXVDUGD
Ɣ &HUWLILFDUVHGHTXHJDUUDIDVGHEHELGDRX QRVQRYHtFXORHDRVLVWHPDHOpWULFR
RXWURVREMHWRVQmRDOFDQFHPDiUHDSDUDRV
SpVGRFRQGXWRUGXUDQWHDFRQGXomRDWUDSD
OKDQGRRDFLRQDPHQWRGRVSHGDLV
3RUWDFRSRVQRFRQVROHFHQWUDO
¤
)LJ )LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD ҧϜ
o}HVGHVHJXUDQoD QDSiJLQD ҧϜ
(TXLSDPHQWRVSUiWLFRV
3RUWDFRSRVQDODWHUDOGREDQFRWUDVHLURYHtFXORSRUWDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
1RVYHtFXORVSRUWDV
ҧϜ
)LJ
&LQ]HLURHDFHQGHGRUGHFLJDUUR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
$XWLOL]DomRLQFRUUHWDGRVFLQ]HLURVHGR
DFHQGHGRUGHFLJDUURSRGHFDXVDULQFrQGLRV
TXHLPDGXUDVHRXWURVIHULPHQWRVJUDYHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 1XQFDFRORFDUQRFLQ]HLURSDSHORXTXDO
TXHURXWURWLSRGHREMHWRVRERULVFRGHFDX
ҧϜ VDUXPLQFrQGLR
Ɣ 2FLQ]HLURWHPFRPR~QLFDILQDOLGDGHDU
ҧϜ PD]HQDURVFLJDUURVTXHIRUDPXWLOL]DGRVDV
VLPFRPRDVVXEVWkQFLDVSURGX]LGDVSHORV
PHVPRVFRPRFLQ]DVSRUH[HPSOR
&LQ]HLUR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$EULURXIHFKDURFLQ]HLUR
$EULU ҧϜ
IHFKDU
(VYD]LDURFLQ]HLUR
)LJ
$QWHVGDFRQGXomR
$FHQGHGRUGHFLJDUUR
ҧϜ
$'9(57Ç1&,$
$XWLOL]DomRLQFRUUHWDGRDFHQGHGRUGHFLJDU
URSRGHFDXVDULQFrQGLRVTXHLPDGXUDVHRX
WURVIHULPHQWRVJUDYHV
Ɣ 8WLOL]DURDFHQGHGRUGHFLJDUUR
DGHTXDGDPHQWHVRPHQWHSDUDDFHQGHUFLJDU
)LJ
UR
¤
Ɣ 1XQFDGHL[DUFULDQoDVVHPVXSHUYLVmR
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ GHQWURGRYHtFXOR2DFHQGHGRUGHFLJDUUR
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD SRGHVHUXWLOL]DGRFRPDLJQLomROLJDGD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ 7RPDGD
(TXLSDPHQWRVSUiWLFRV
7RPDGD
¤ ,QWURGXomRDRWHPD
127$
Ɣ 3DUDHYLWDUGDQRVDRVLVWHPDHOpWULFRQXQFD
FRQHFWDUQDWRPDGD9DFHVVyULRVTXHIRUQH
oDPFRUUHQWHSDUDFDUUHJDUDEDWHULDGRYHtFX
ORFRPRSRUH[HPSORSDLQpLVVRODUHVRXFDU
UHJDGRUHVGHEDWHULD
Ɣ 8WLOL]DUVRPHQWHDFHVVyULRVTXHWHQKDPVL
GRYHULILFDGRVFRQIRUPHDVGLUHWUL]HVYLJHQWHV
FRPUHODomRjFRPSDWLELOLGDGHHOHWURPDJQpWL
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV FD
ҧϜ Ɣ 3DUDHYLWDUGDQRVSRUYDULDo}HVGHFRUUHQWH
DQWHVGHOLJDUHGHVOLJDUDLJQLomREHPFRPR
DQWHVGHOLJDURPRWRURVFRQVXPLGRUHVFR
ҧϜ QHFWDGRVjWRPDGD9GHYHPVHUGHVOLJDGRV
Ɣ 1XQFDFRQHFWDUFRQVXPLGRUHVHOpWULFRVTXH
$'9(57Ç1&,$ FRQVXPDPPDLVGRTXHDSRWrQFLDLQGLFDGDD
$XWLOL]DomRLQFRUUHWDGDWRPDGDHGHDFHVVy XPDWRPDGD9$RH[FHGHUDSRWrQFLDPi[L
ULRVHOpWULFRVSRGHFDXVDULQFrQGLRVHIHUL PDRVLVWHPDHOpWULFRGRYHtFXORSRGHVHUGD
PHQWRVJUDYHV QLILFDGR
Ɣ 1XQFDGHL[DUFULDQoDVVHPVXSHUYLVmR
GHQWURGRYHtFXOR&RPDLJQLomROLJDGDWR
PDGDHDSDUHOKRVFRQHFWDGRVDHODSRGHP
VHUXWLOL]DGRV
Ɣ 6HRDSDUHOKRHOpWULFRFRQHFWDGRHVTXHQ
WDUGHPDLVGHVOLJDURDSDUHOKRLPHGLDWDPHQ
WHHWLUDURSOXJXHGDWRPDGD
$QWHVGDFRQGXomR
7RPDGDGRYHtFXOR
¤
)LJ
127$
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD Ɣ 2EVHUYDURVPDQXDLVGHLQVWUXo}HVGRV
o}HVGHVHJXUDQoD QDSiJLQD DSDUHOKRVFRQHFWDGRV
Ɣ 1XQFDH[FHGHUDSRWrQFLDPi[LPDMiTXH
3RWrQFLDPi[LPD GHVWDIRUPDWRGRRVLVWHPDHOpWULFRGRYHtFXOR
SRGHUiVHUGDQLILFDGR
7RPDGD 3RWrQFLDPi[LPD
Ɣ 7RPDGD9
± 8WLOL]DUVRPHQWHDFHVVyULRVTXHWHQKDP
VLGRYHULILFDGRVFRQIRUPHDVGLUHWUL]HVYL
JHQWHVFRPUHODomRjFRPSDWLELOLGDGHHOH
WURPDJQpWLFD
± 1XQFDDSOLFDUFRUUHQWHQDWRPDGD
7RPDGD9
ҧϜ
(TXLSDPHQWRVSUiWLFRV
'XUDQWHDFRQGXomR
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
/LJDUHGHVOLJDURPRWRU
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
HTXLSDPHQWRVGHVHJXUDQoDGRYHtFXORVmR
DWLYRVVRPHQWHFRPRPRWRUHPIXQFLRQD
PHQWR
Ɣ 'HVOLJDURPRWRUVRPHQWHFRPRYHtFXOR
SDUDGR
,QGLFDGRUGRLPRELOL]DGRU $'9(57Ç1&,$
2ULVFRGHIHULPHQWRVJUDYHVSRGHVHUUHGX]L
3!&%
GRFRPRPRWRUHPIXQFLRQDPHQWRRXGXUDQ
WHDSDUWLGDGRPRWRU
(PSXUUDURXSX[DU Ɣ 1XQFDOLJDURPRWRURXGHL[iORIXQFLR
QmR QDQGRHPORFDLVIHFKDGRVRXVHPYHQWLODomR
2VLVWHPDGHHVFDSHGRPRWRUFRQWpPHQWUH
RXWURVPRQy[LGRGHFDUERQRXPJiVWy[LFR
LQRGRURHLQFRORU2PRQy[LGRGHFDUERQR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV SRGHFDXVDUGHVPDLRVHPRUWH
ҧϜ Ɣ 1XQFDGHL[DURYHtFXORFRPRPRWRUHP
ҧϜ IXQFLRQDPHQWRVHPVXSHUYLVmR2YHtFXOR
SRGHULDVHGHVORFDUVXELWDPHQWHRXXPHYHQ
ҧϜ
WRLQFRPXPSRGHULDRFRUUHUFDXVDQGRGDQRV
ҧϜ HIHULPHQWRVJUDYHV
ҧϜ Ɣ 1XQFDXWLOL]DUXPDFHOHUDGRUGHSDUWLGD
ҧϜ 8PDFHOHUDGRUGHSDUWLGDSRGHH[SORGLURX
ҧϜ FDXVDUXPV~ELWRDXPHQWRGDURWDomRGRPR
WRU
ҧϜ
$'9(57Ç1&,$ $'9(57Ç1&,$
$VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP
8PGHVOLJDPHQWRGRPRWRUGXUDQWHDFRQGX
PXLWR3RULVVRSRGHPRFRUUHULQFrQGLRVH
omRWRUQDDSDUDGDGRYHtFXORPDLVGLItFLO&R
IHULPHQWRVJUDYHV
PRFRQVHTXrQFLDSRGHPRFRUUHUWDQWRDSHU
GDGHFRQWUROHGRYHtFXORFRPRDFLGHQWHVH Ɣ 1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH
IHULPHQWRVJUDYHV SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ
WDWRFRPPDWHULDLVLQIODPiYHLVHPEDL[RGR
Ɣ 2VVLVWHPDVGHDSRLRjIUHQDJHPHjGLUH
YHtFXORFRPRSRUH[HPSORDUEXVWRVIROKDV
omRRVLVWHPDGHDLUEDJRSUpWHQVLRQDGRU
JUDPDVHFDFRPEXVWtYHOGHUUDPDGRHWF
GRFLQWRGHVHJXUDQoDEHPFRPRGLYHUVRV
Ɣ 1XQFDXWLOL]DUSURWHomRDGLFLRQDOSDUDD
SDUWHLQIHULRUGRYHtFXORRXSURGXWRVDQWLFRU
URVLYRVQRWXERGRHVFDSDPHQWRFDWDOLVDGR
UHVRXFKDSDVGHEOLQGDJHPWpUPLFD
'XUDQWHDFRQGXomR
&LOLQGURGDLJQLomR
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
3RVLo}HVGDFKDYHGRYHtFXORҧϜ)LJ
$'9(57Ç1&,$FRQWLQXDomR
EORTXHDGRUGH
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
UHSHWLomRGHSDUWLGD
QHFHVVLGDGHHVSHFLDLVVR]LQKDVQRYHtFXOR
(PFDVRGHHPHUJrQFLDHODVQmRHVWDULDPHP
FRQGLo}HVGHGHL[DURYHtFXORVR]LQKDVRXGH
&KDYHGRYHtFXORQmRKDELOLWDGD FXLGDUHPGHVLPHVPDV(PXPYHtFXORIH
FKDGRGHDFRUGRFRPDHVWDomRGRDQRSR
GHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDVRX
PXLWREDL[DVTXHSRGHPFDXVDUIHULPHQWRV
JUDYHVHHQIHUPLGDGHVSULQFLSDOPHQWHHP
7UDQVPLVVmRPDQXDORXWUDQVPLVVmRDXWRPDWL FULDQoDVSHTXHQDVRXOHYDUjPRUWH
]DGD Ɣ 1XQFDUHWLUDUDFKDYHGRYHtFXORGDLJQL
omRHQTXDQWRRYHtFXORHVWLYHUHPPRYLPHQ
WR
$'9(57Ç1&,$
8PDXWLOL]DomRGHVDWHQWDRXVHPVXSHUYLVmR 127$
GDVFKDYHVGRYHtFXORSRGHFDXVDUDFLGHQWHV 2PRWRUGHSDUWLGDVySRGHVHUDFLRQDGRFRP
HIHULPHQWRVJUDYHV RPRWRUSDUDGR6HRPRWRUGHSDUWLGDYROWDUD
Ɣ /HYDUVHPSUHWRGDVDVFKDYHVGRYHtFXOR VHUDFLRQDGRLPHGLDWDPHQWHDSyVVHGHVOLJDUR
FRQVLJRDRGHL[DURYHtFXOR2PRWRUSRGH PRWRUWDQWRHOHTXDQWRRPRWRUGRYHtFXORSR
VHUOLJDGRHHTXLSDPHQWRVHOpWULFRVFRPRRV GHPVHPGDQLILFDGRV
YLGURVHOpWULFRVSRGHPVHURSHUDGRVRTXH
SRGHFDXVDUIHULPHQWRVJUDYHV
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
'DUDSDUWLGDQRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
3DUDYHtFXORVVHPRVLVWHPDGHSDUWLGDDTXHFLGD
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
'DUSDUWLGDQRYHtFXORFRPDWUDQVPLVVmR 'DUSDUWLGDQRYHtFXORFRPWUDQVPLVVmRDX
3DVVR
PDQXDO WRPDWL]DGD$6*
ҧϜ ҧϜ
ҧϜ
3DUDYHtFXORVFRPRVLVWHPDGHSDUWLGDDTXHFLGD
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
3DV
7UDQVPLVVmRPDQXDO 7UDQVPLVVmRDXWRPDWL]DGD
VR
ҧϜ
D
ҧϜ
D
ҧϜ
'XUDQWHDFRQGXomR
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
3DV
7UDQVPLVVmRPDQXDO 7UDQVPLVVmRDXWRPDWL]DGD
VR
ҧϜ
$'9(57Ç1&,$
1XQFDVDLUGRYHtFXORFRPRPRWRUHPIXQ
FLRQDPHQWR2YHtFXORSRGHULDGHVORFDUVH
VXELWDPHQWHHHVSHFLDOPHQWHFRPDPDUFKD
RXDUHVSHFWLYDSRVLomRGHPDUFKDHQJDWDGD
FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
$'9(57Ç1&,$
8PDFHOHUDGRUGHSDUWLGDSRGHH[SORGLURX
FDXVDUXPV~ELWRDXPHQWRGDURWDomRGRPR
WRU
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
'HVOLJDURPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
([HFXWDUDVDo}HVVHPSUHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ
1XQFDGHVOLJDURPRWRUHQTXDQWRRYHtFXOR Ɣ $GLUHomRKLGUiXOLFDQmRIXQFLRQDFRPR
HVWLYHUHPPRYLPHQWR,VWRSRGHFDXVDUD PRWRUGHVOLJDGR&RPRPRWRUGHVOLJDGRp
SHUGDGHFRQWUROHGRYHtFXORHSURYRFDUDFL QHFHVViULRDSOLFDUPDLVIRUoDSDUDFRQGX]LUR
GHQWHVHIHULPHQWRVJUDYHV YHtFXOR
Ɣ 2VDLUEDJVHRSUpWHQVLRQDGRUGRVFLQWRV
GHVHJXUDQoDQmRIXQFLRQDPFRPDLJQLomR
127$
GHVOLJDGD 4XDQGRRYHtFXORpFRQGX]LGRFRPDOWDGHPDQ
Ɣ 2VHUYRIUHLRQmRIXQFLRQDFRPRPRWRU GDGRPRWRUHVWHSRGHVXSHUDTXHFHUDSyVD
GHVOLJDGR&RPRPRWRUGHVOLJDGRpQHFHV SDUDGD3DUDHYLWDUGDQRVDRPRWRUGHL[iOR
ViULRDSOLFDUXPDSUHVVmRPDLRUVREUHRSH IXQFLRQDQGRQDSRVLomRQHXWUDSRUDSUR[LPD
GDOGRIUHLRSDUDSDUDU GDPHQWHGRLVPLQXWRVDQWHVGHGHVOLJiOR
'XUDQWHDFRQGXomR
,PRELOL]DGRUHOHWU{QLFR
ҧϜ
)LJ
6$)( &KDYHQ¤R
¤
HQFRQWUDGD ҧϜ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
7URFDUDPDUFKD
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 8VDUR.LFN'RZQVRPHQWHTXDQGRDV
FRQGLo}HVGHYLVLELOLGDGHFOLPiWLFDVGDSLV
WDHGRWUkQVLWRSHUPLWLUHP
$'9(57Ç1&,$
1XQFDGHL[DURVIUHLRV³GHVOL]DUHP´FRPIUH
TXrQFLDHSRUPXLWRWHPSRRXDFLRQDURSH
GDOGRIUHLRFRPIUHTXrQFLDHSRUPXLWRWHP
SR)UHQDJHQVFRQVWDQWHVFDXVDPVXSHUD
TXHFLPHQWRGRVIUHLRV,VWRSRGHGLPLQXLU
EDVWDQWHRGHVHPSHQKRGHIUHQDJHPDXPHQ
WDUDGLVWkQFLDGHIUHQDJHPHVREFHUWDVFLU
FXQVWkQFLDVFDXVDUDIDOKDWRWDOGRVLVWHPD
&RPDPDUFKDjUpHQJDWDGDHDLJQLomR GHIUHLR
OLJDGDRFRUUHRVHJXLQWH
127$
Ɣ 1XQFDGHL[DURVIUHLRV³DUUDVWDUHP´FRP
XPDSUHVVmROHYHQRSHGDOTXDQGRQmRIRUUH
DOPHQWHQHFHVViULRIUHDU,VWRDXPHQWDRGHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV JDVWH
ҧϜ
Ɣ $QWHVGHSHUFRUUHUXPWUHFKRPDLVORQJR
ҧϜ FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFLGD
ҧϜ GHPXGDUSDUDXPDPDUFKDPDLVEDL[DRXVH
OHFLRQDUXPDSRVLomRGHPDUFKDLQIHULRU$V
ҧϜ VLPpSRVVtYHODSURYHLWDGDRHIHLWRGHIUHQD
JHPGRPRWRUSRUFRPSOHWRHRIUHLRpDOLYLDGR
ҧϜ &DVRFRQWUiULRRIUHLRSRGHVHVXSHUDTXHFHUH
SRVVLYHOPHQWHIDOKDU8WLOL]DURVIUHLRVVRPHQ
ҧϜ WHTXDQGRQHFHVViULRSDUDGLPLQXLUDYHORFLGD
GHRXSDUDU
$'9(57Ç1&,$
8PDDFHOHUDomRUiSLGDSRGHOHYDUjSHUGDGH
WUDomRHGHUUDSDJHQVHVSHFLDOPHQWHHPUXDV
HVFRUUHJDGLDV,VWRSRGHFDXVDUDSHUGDGH
FRQWUROHGRYHtFXORDFLGHQWHVHIHULPHQWRV
JUDYHV
'XUDQWHDFRQGXomR
3HGDLV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ $WHQWDUSDUDTXHWRGRVRVSHGDLVSRVVDP
VHUDFLRQDGRVVHPLPSHGLPHQWRV
Ɣ )L[DURVWDSHWHVVHPSUHFRPVHJXUDQoD
QDiUHDSDUDRVSpV
Ɣ 1XQFDFRORFDUWDSHWHVSDUDRVSpVRXRX
WURVUHYHVWLPHQWRVGHDVVRDOKRVREUHRWDSH
WHSDUDRVSpVLQVWDODGR
Ɣ $WHQWDUSDUDTXHQHQKXPREMHWRSRVVDDO
FDQoDUDiUHDSDUDRVSpVGRFRQGXWRUGXUDQ
WHDFRQGXomR
127$
$'9(57Ç1&,$ 2DFLRQDPHQWRGRVSHGDLVGHYHHVWDUGHVLPSH
GLGRRWHPSRWRGR'HVWDIRUPDHPFDVRGHID
2EMHWRVQDiUHDSDUDRVSpVGRFRQGXWRUSR OKDGHXPFLUFXLWRGRIUHLRSRUH[HPSORpQH
GHPLPSHGLUROLYUHDFLRQDPHQWRGRVSHGDLV FHVViULDXPDGLVWkQFLDGHIUHQDJHPPDLRUSDUD
,VWRSRGHFDXVDUDSHUGDGHFRQWUROHGRYHt SDUDURYHtFXOR1HVVHFDVRSLVDUQRSHGDOGR
FXORHDXPHQWDRULVFRGHIHULPHQWRVJUDYHV IUHLRPDLVIXQGRHIRUWHTXHRXVXDO
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
7UDQVPLVVmRPDQXDOHQJDWDUDPDUFKD
ҧϜ
$'9(57Ç1&,$
2YHtFXORFRPRPRWRUHPIXQFLRQDPHQWRVH
PRYLPHQWDLPHGLDWDPHQWHDVVLPTXHXPD
PDUFKDpHQJDWDGDHRSHGDOGDHPEUHDJHP
pOLEHUDGR
Ɣ 1XQFDGHVOLJDURPRWRUHQTXDQWRRYHtFX
ORHVWLYHUHPPRYLPHQWR
Ɣ 1XQFDHQJDWDUDPDUFKDjUpHQTXDQWRR
)LJ YHtFXORHVWLYHUHPPRYLPHQWR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
8PDUHGXomRGHPDUFKDLQFRUUHWDSDUDPDU
FKDVPXLWREDL[DVSRGHFDXVDUDSHUGDGH
FRQWUROHGRYHtFXORHSURYRFDUDFLGHQWHVHIH
ULPHQWRVJUDYHV
ҧϜ
127$
6HHPYHORFLGDGHVRXURWDo}HVGRPRWRUDOWDV
DDODYDQFDGDWUDQVPLVVmRIRUFRORFDGDHP
ҧϜ XPDPDUFKDPXLWREDL[DSRGHPRFRUUHUGDQRV
VLJQLILFDWLYRVjHPEUHDJHPHjWUDQVPLVVmR,V
VRWDPEpPpYiOLGRVHRSHGDOGDHPEUHDJHP
SHUPDQHFHUDFLRQDGRHQmRKRXYHUHQJDWH
(QJDWDUDPDUFKDjUp
127$
3DUDHYLWDUGDQRVHXPGHVJDVWHSUHPDWXUR
REVHUYDURVHJXLQWH
ҧϜ Ɣ 'XUDQWHDFRQGXomRQmRGHL[DUDPmRUH
SRXVDUVREUHDDODYDQFDGDWUDQVPLVVmR$
SUHVVmRGDPmRpWUDQVIHULGDSDUDRVJDUIRVGH
HQJDWHGDWUDQVPLVVmR
Ɣ $WHQWDUSDUDTXHRYHtFXORHVWHMDWRWDOPHQWH
SDUDGRDQWHVGHHQJDWDUDPDUFKDjUp
Ɣ 'XUDQWHDPXGDQoDGHPDUFKDSLVDUVHP
SUHQRSHGDOGDHPEUHDJHPDWpRIXQGR
Ɣ (PDFOLYHVQmRVHJXUDURYHtFXORFRPD
5HGXomRGHPDUFKD
HPEUHDJHP³SDWLQDQGR´FRPRPRWRUHPIXQ
FLRQDPHQWR
ҧϜ
'XUDQWHDFRQGXomR
,QGLFDGRUGHWURFDGHPDUFKD1RYR*RO%OXH0RWLRQ7HFKQRORJ\
$'9(57Ç1&,$
$UHFRPHQGDomRGHPDUFKDpDSHQDVXP
PHLRDX[LOLDUHQmRGHYHLQWHUIHULUQDDWHQomR
GRFRQGXWRUFRPRWUkQVLWRjVXDYROWD
Ɣ 2LQGLFDGRUGHWURFDGHPDUFKDYLVDWmR
VRPHQWHDX[LOLDURFRQGXWRUDREWHUXPDPDL
RUHFRQRPLDGHFRPEXVWtYHOeGHH[FOXVLYD
UHVSRQVDELOLGDGHGRFRQGXWRUDYDOLDUGXUDQ
WHDFRQGXomRVHDVFRQGLo}HVGRYHtFXORGD
SLVWDHGRWUkQVLWRSHUPLWHPTXHVHMDVHJXLGR
)LJ RLQGLFDGRUGHWURFDGHPDUFKDFRPRSRU
¤
H[HPSORHPXOWUDSDVVDJHQVRXQDFRQGXomR
GRYHtFXORWRWDOPHQWHFDUUHJDGR
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
,QGLFD
omRQR 6LJQLILFDGR
GLVSOD\
ҧϜ
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
7UDQVPLVVmRDXWRPDWL]DGD$6*HQJDWDUDPDUFKD
)LJ
'0
ҧϜ
'0 1 5
1
5
)LJ ҧϜ WRWDO
¤
PHQWHSDUDGR
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD ҧϜ b
'XUDQWHDFRQGXomR
3RVLomRGD
DODYDQFD 'HQRPLQDomR 6LJQLILFDGRҧϜ
VHOHWRUD
$
&RQGXomRDXWRPDWL
]DGD
1
-
&RQGXomRPDQXDO
ҧϜ
. 1HXWUR
SDUDGR
2 0DUFKDDUp
'
3
FRPURWDo}HVGRPRWRUPDLV
&RQGXomRHVSRUWLYD
DOWDV PDLVFHGR '
2HQJDWHLQFRUUHWRGDDODYDQFDVHOHWRUDSRGH VDLUGRYHtFXORFRPRPRWRUHPIXQFLRQD
RFDVLRQDUDSHUGDGHFRQWUROHGRYHtFXORDFL PHQWRSX[DURIUHLRGHHVWDFLRQDPHQWRHFR
GHQWHVHIHULPHQWRVJUDYHV ORFDUDDODYDQFDVHOHWRUDQDSRVLomR1
Ɣ 1XQFDDFHOHUDUDRHQJDWDUXPDSRVLomR Ɣ &RPRPRWRUHPIXQFLRQDPHQWRHDSRVL
GHPDUFKD omRGHPDUFKD'SRVLomRFHQWUDO0SRVL
omRFHQWUDORX5HQJDWDGDpQHFHVViULR
Ɣ &RPPRWRUHPIXQFLRQDPHQWRHDSRVLomR PDQWHURYHtFXORSDUDGRFRPRSHGDOGR
GHPDUFKDHQJDWDGDRYHtFXORVHPRYLPHQWD IUHLR0HVPRHPPDUFKDOHQWDDWUDQVPLVVmR
DVVLPTXHRSHGDOGRDFHOHUDGRUIRUDFLRQD GHIRUoDQmRpWRWDOPHQWHLQWHUURPSLGDHR
GR YHtFXOR³GHVOL]DYDJDURVDPHQWH´
Ɣ 1XQFDDFLRQDUDPDUFKDjUpGXUDQWHD Ɣ 1XQFDPXGDUSDUDDSRVLomRGHPDUFKD5
FRQGXomR RX1VHRYHtFXORHVWLYHUHPPRYLPHQWR
Ɣ 1XQFDGHL[DURYHtFXORQDSRVLomRGHPDU
$'9(57Ç1&,$ FKD12YHtFXORGHVFHUiXPGHFOLYHLQGH
Ɣ &RPRFRQGXWRUQXQFDGHL[DUREDQFRGR SHQGHQWHGHRPRWRUHVWDUHPIXQFLRQDPHQWR
FRQGXWRUFRPRPRWRUIXQFLRQDPHQWRHXPD RXQmR
SRVLomRGHPDUFKDHQJDWDGD6HIRUSUHFLVR
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
ҧϜ
7URFDUGHPDUFKDQRPRGRPDQXDO³0´
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2SHUDURPRGRPDQXDOFRPRVVHOHWRUHV
EDVFXODQWHV
' 6 0
ҧϜ
2SHUDURPRGRPDQXDOFRPDDODYDQFD
VHOHWRUD
'0 0
'
)XQomR$XWR'RZQ
ҧϜ
'XUDQWHDFRQGXomR
127$ 127$FRQWLQXDomR
Ɣ $RDFHOHUDUXPSRXFRDQWHVGHDWLQJLUDUR Ɣ 6HIRUVROLFLWDGDXPDPXGDQoDEUXVFDGH
WDomRPi[LPDDGPLVVtYHOGRPRWRUDWUDQVPLV PDUFKDWDQWRQDDFHOHUDomRFRPRQDGHVDFHOH
VmRDXWRPDWL]DGDPXGDDXWRPDWLFDPHQWHSDUD UDomRRVLVWHPDQmRSHUPLWLUiHVVDPXGDQoD
DPDUFKDLPHGLDWDPHQWHVXSHULRU VHDYHORFLGDGHQmRIRUFRPSDWtYHO
Ɣ 1DUHGXomRGHPDUFKDPDQXDODWUDQVPLV
VmRPXGDDPDUFKDVRPHQWHTXDQGRXPDDOWD
URWDomRGRPRWRUQmRIRUPDLVSRVVtYHO
&RQGX]LUFRPWUDQVPLVVmRDXWRPDWL]DGD$6*
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQGX]LUHPGHFOLYHV
1
&RQGX]LU
5
28
ҧϜ
&RQGX]LUDRUHERFDUXPYHtFXORUHERTXH
'0
&RQGX]LUDRVHUUHERFDGR
ҧϜ
1
3DUDWHPSRUiULD
3DUDUHPXPDVXELGD
(VWDFLRQDPHQWR VHPSUH
ҧϜ
ҧϜ 1XQFD
5
1
$UUDQFDUHPXPDVXELGD
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
$'9(57Ç1&,$FRQWLQXDomR
ҧϜ Ɣ $GHTXDUVHPSUHDIRUPDGHFRQGXomRDR
IOX[RGRWUkQVLWR
)XQomR.LFN'RZQ
Ɣ 8WLOL]DUR.LFN'RZQRXDDFHOHUDomRUiSL
GDVRPHQWHTXDQGRDVFRQGLo}HVGHYLVLELOL
' 6 GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWRSHUPL
0 WLUHPHRVRXWURVXVXiULRVGRWUkQVLWRQmR
FRUUHUHPULVFRGHYLGRjDFHOHUDomRGRYHtFX
ORHDIRUPDGHFRQGXomR
Ɣ 2EVHUYDUTXHDVURGDVGHWUDomRSRGHP
JLUDUHPIDOVRHRYHtFXORSRGHHVFRUUHJDU
HVSHFLDOPHQWHVHDUXDHVWLYHUHVFRUUHJDGLD
ҧϜ
127$
Ɣ $RSDUDUHPDFOLYHVFRPXPDSRVLomRGH
PDUFKDHQJDWDGDQmRLPSHGLUDPRYLPHQWDomR
GRYHtFXORSRUPHLRGRSHGDOGRDFHOHUDGRU,V
$'9(57Ç1&,$ WRSRGHVXSHUDTXHFHUDWUDQVPLVVmRDXWRPDWL
8PDDFHOHUDomRUiSLGDSRGHOHYDUjSHUGDGH ]DGDHGDQLILFiOD
WUDomRHGHUUDSDJHQVHVSHFLDOPHQWHHPUXDV Ɣ 1XQFDGHL[DURYHtFXORSDWLQDUQDSRVLomR
HVFRUUHJDGLDV,VWRSRGHFDXVDUDSHUGDGH GHPDUFKD1HVSHFLDOPHQWHFRPRPRWRUGHV
FRQWUROHGRYHtFXORDFLGHQWHVHIHULPHQWRV OLJDGR$WUDQVPLVVmRDXWRPDWL]DGDQmRpOX
JUDYHV EULILFDGDHSRGHDVVLPVHUGDQLILFDGD
'XUDQWHDFRQGXomR
7H[WRVGHDGYHUWrQFLDRXRXWUDVLQIRUPDo}HVQRGLVSOD\
)LJ
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ $RVDLUGHVOLJXHRPRWRURXVHOHFLRQH1H
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD DFLRQHRIUHLRGHPmR
o}HVGHVHJXUDQoD QDSiJLQD )DOKDQRVLVWHPD(QWUHHPFRQWDWRFRP
VHUYLoR9:
3LVHQRIUHLRHUHSLWDDPDQREUD
&kPELRVREUHDTXHFLGR3$5(0DQXDOGH
LQVWUXo}HV
&kPELRVREUHDTXHFLGR
&kPELRVREUHDTXHFLGR
3$5(0DQXDOGHLQVWUXo}HV ҧϜ
7H[WRVGHDGYHUWrQFLD ҧϜ
3LVHQRIUHLRHVHOHFLRQH1SDUDDSDUWLGDGR b
PRWRU
$WHQomR*DUDQWDRIUHLRGHPmRDFLRQDGR
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
1XQFDXWLOL]DURSHGDOGRDFHOHUDGRUSDUDPDQ $'9(57Ç1&,$FRQWLQXDomR
WHURYHtFXORSDUDGRHPVXELGDV1HVWDVLWXD
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
omRXWLOL]DURSHGDOGRIUHLRRXRIUHLRGHHVWD
ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt
FLRQDPHQWR
FXORHDRVGHPDLVFRQGXWRUHV
1XQFDXWLOL]DURSHGDOGRIUHLRRXRIUHLRGHHV
Ɣ 4XDQGRRYHtFXORSDUDRXSUHFLVDVHUHV
WDFLRQDPHQWRMXQWDPHQWHFRPRSHGDOGRDFH
WDFLRQDGRSDUDUHSDURVHVWDFLRQDUVHPSUHR
OHUDGRU
YHtFXORDXPDGLVWkQFLDVHJXUDGDUXDOLJDU
&kPELRVREUHDTXHFLGR DVOX]HVGHDGYHUWrQFLDGHVOLJDURPRWRUH
3$5(0DQXDOGHLQVWUXo}HV DGRWDURXWUDVPHGLGDVGHVHJXUDQoDSDUD
DOHUWDURWUkQVLWR
&8,'$'2
2VREUHDTXHFLPHQWRGDHPEUHDJHPUHGX]D
YLGD~WLOGRVFRPSRQHQWHVGDWUDQVPLVVmRH
$'9(57Ç1&,$
FRQVHTXHQWHPHQWHSRGHRFDVLRQDUXPDSD
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH QHQRYHtFXOR
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD
UDDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHL 127$
URVHYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOR
EHPFRPRHYHQWXDLVDFLGHQWHV 2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVDR
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
YHtFXOR
DFHVDVHDVPHQVDJHQVGHWH[WR
'XUDQWHDFRQGXomR
)UHDUSDUDUHHVWDFLRQDU
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 3X[DUVHPSUHRIUHLRGHHVWDFLRQDPHQWR
FRPILUPH]DTXDQGRRYHtFXORIRUSDUDGRRX
HVWDFLRQDGR
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
QHFHVVLGDGHVHVSHFLDLVVR]LQKDVQRYHtFXOR
(ODVSRGHULDPVROWDURIUHLRGHHVWDFLRQD
PHQWRDFLRQDUDDODYDQFDGDGHWURFDGH
PDUFKDHDVVLPFRORFDURYHtFXORHPPRYL
VLVWHPDVGHDVVLVWrQFLDjIUHQDJHP PHQWR,VWRSRGHULDFDXVDUDFLGHQWHVHIHUL
PHQWRVJUDYHV
Ɣ /HYDUVHPSUHDVFKDYHVGRYHtFXORDRGHL
[DURYHtFXOR2PRWRUSRGHVHUOLJDGRHHTXL
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV SDPHQWRVHOpWULFRVFRPRRVYLGURVHOpWULFRV
ҧϜ SRGHPVHUFRPDQGDGRVRTXHSRGHFDXVDU
ҧϜ IHULPHQWRVJUDYHV
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
ҧϜ QHFHVVLGDGHVHVSHFLDLVVR]LQKDVQRYHtFXOR
(PFDVRGHHPHUJrQFLDHODVQmRHVWDULDPHP
$'9(57Ç1&,$ FRQGLo}HVGHGHL[DURYHtFXORVR]LQKDVRXGH
FXLGDUHPGHVLPHVPDV(PXPYHtFXORIH
$FRQGXomRFRPSDVWLOKDVGHIUHLRJDVWDVRX FKDGRFRQIRUPHFRPDHVWDomRGRDQRSR
XPVLVWHPDGHIUHLRDYDULDGRSRGHFDXVDU GHPRFRUUHUWHPSHUDWXUDVPXLWRDOWDVRX
DFLGHQWHVHIHULPHQWRVJUDYHV PXLWREDL[DVTXHSRGHPFDXVDUIHULPHQWRV
Ɣ 6HKRXYHUDVXVSHLWDGHTXHDVSDVWLOKDV JUDYHVHHQIHUPLGDGHVSULQFLSDOPHQWHHP
GHIUHLRHVWmRJDVWDVRXTXHRVLVWHPDGH FULDQoDVSHTXHQDVRXOHYDUjPRUWH
IUHLRSRVVXLXPDDYDULDSURFXUDUXPD&RQ
FHVVLRQiULD9RONVZDJHQLPHGLDWDPHQWHH 127$
PDQGDUYHULILFDURVLVWHPDGHIUHLRHWURFDU
DVSDVWLOKDVGHIUHLRJDVWDV Ɣ 3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGR
YHtFXORDRSDUDURYHtFXORVRPHQWHWLUDURSp
GRSHGDOGRIUHLRGHSRLVGHSX[DURIUHLRGHHV
$'9(57Ç1&,$ WDFLRQDPHQWR
(VWDFLRQDURYHtFXORGHIRUPDLQFRUUHWDSRGH Ɣ &RQGX]LUFRPFXLGDGRHPHVWDFLRQDPHQWRV
FDXVDUIHULPHQWRVJUDYHV FRPPHLRILRVDOLHQWHVRXEDOL]DVIL[DV2EMH
Ɣ 1XQFDUHWLUDUDFKDYHGRYHtFXORGRFLOLQ WRVPDLVDOWRVTXHRFKmRSRGHPGDQLILFDUR
GURGDLJQLomRHQTXDQWRRYHtFXORHVWLYHUHP SDUDFKRTXHHRXWUDVSHoDVGRYHtFXORDRHVWD
PRYLPHQWR FLRQDURXVDLUGDYDJD3DUDHYLWDUGDQRVSDUDU
Ɣ 1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH DQWHVTXHDVURGDVWRTXHPQDVEDOL]DVRXQRV
SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ PHLRVILRV
WDWRFRPPDWHULDLVLQIODPiYHLVHPEDL[RGR Ɣ &RQGX]LUFDXWHORVDPHQWHVREUHHQWUDGDVGH
YHtFXORFRPRSRUH[HPSORYHJHWDomRUDV WHUUHQRVUDPSDVPHLRVILRVHRXWURVREMHWRV
WHLUDIROKDVJUDPDVHFDFRPEXVWtYHOGHUUD 3HoDVGRYHtFXORPDLVUHEDL[DGDVFRPRSDUD
PDGRHWF FKRTXHVSRLOHUHSHoDVGRFKDVVLPRWRURX
VLVWHPDGHHVFDSHSRGHPVHUDYDULDGDVQD
SDVVDJHP
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
/X]HVGHDGYHUWrQFLDHGHFRQWUROH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
ҧϜ
1mRSURVVHJXLU
H
ҧϜ
1mRSURVVHJXLU
ҧϜ
1mRSURVVHJXLU
J
ҧϜ
1mRSURVVHJXLU
J
H
ҧϜ
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 6HDOX]GHDGYHUWrQFLDGRVLVWHPDGH
IUHLRHVHDFHQGHMXQWDPHQWHFRPDOX]GH
FRQWUROHGR$%6JDIXQomRGHUHJXODJHP
GR$%6SRGHHVWDUIDOKDQGR&RPLVVRp
$'9(57Ç1&,$ SRVVtYHOTXHDVURGDVWUDVHLUDVWUDYHPGH
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH IRUPDUHODWLYDPHQWHUiSLGDHPXPDIUHQD
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD JHP5RGDVWUDVHLUDVWUDYDGDVSRGHPOHYDUj
UDDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHL SHUGDGHFRQWUROHGRYHtFXOR4XDQGRIRU
URVHYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOR SRVVtYHOUHGX]LUDYHORFLGDGHHFRQGX]LUFXL
EHPFRPRHYHQWXDLVDFLGHQWHV GDGRVDPHQWHHPYHORFLGDGHPtQLPDDWpD
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD &RQFHVVLRQiULD9RONVZDJHQPDLVSUy[LPD
DFHVDVHDVPHQVDJHQVGHWH[WR SDUDYHULILFDURVLVWHPDGHIUHLR'XUDQWHR
WUDMHWRHYLWDUPDQREUDVGHGLUHomRHGHIUH
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP QDJHPV~ELWDV
ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt
FXORHDRVGHPDLVFRQGXWRUHV Ɣ 6HDOX]GHFRQWUROHGR$%6JQmRVH
DSDJDRXVHDFHQGHGXUDQWHDFRQGXomRR
$%6QmRHVWiIXQFLRQDQGRFRUUHWDPHQWH2
$'9(57Ç1&,$ YHtFXORVRPHQWHSRGHVHUSDUDGRFRPRV
$FRQGXomRFRPIUHLRVUXLQVSRGHFDXVDU IUHLRVQRUPDLVVHP$%6$SURWHomRTXHp
DFLGHQWHVHIHULPHQWRVJUDYHV SURSRUFLRQDGDSHOR$%6QmRHVWiGLVSRQtYHO
Ɣ 6HDOX]GHDGYHUWrQFLDGRVLVWHPDGH QHVVHFDVR3URFXUDUXPD&RQFHVVLRQiULD
IUHLRHQmRVHDSDJDRXVHDFHQGHGXUDQWHD 9RONVZDJHQRPDLVUiSLGRSRVVtYHO
FRQGXomRRQtYHOGRIOXLGRGRIUHLRQRUHVHU
YDWyULRHVWiPXLWREDL[RRXRVLVWHPDGHIUHLR 127$
HVWiDYDULDGR3DUDULPHGLDWDPHQWHHSURFX 2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
UDUDX[tOLRWpFQLFRҧϜ3iJLQD)OXLGRGH DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVQR
IUHLR YHtFXOR
'XUDQWHDFRQGXomR
)UHLRGHHVWDFLRQDPHQWR
$'9(57Ç1&,$
$XWLOL]DomRLQFRUUHWDGRIUHLRGHHVWDFLRQD
PHQWRSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHV
Ɣ 1XQFDXWLOL]DURIUHLRGHHVWDFLRQDPHQWR
SDUDIUHDURYHtFXORH[FHWRHPFDVRGHHPHU
JrQFLD$GLVWkQFLDGHIUHQDJHPpFRQVLGHUD
YHOPHQWHPDLRUSRLVVRPHQWHDVURGDVWUD
VHLUDVVmRIUHDGDV8WLOL]DUVHPSUHRSHGDOGR
IUHLR
)LJ Ɣ 1XQFDFRQGX]LUFRPDDODYDQFDGRIUHLR
¤
GHHVWDFLRQDPHQWRXPSRXFRSX[DGR,VVR
SRGHVXSHUDTXHFHURIUHLRHLQIOXHQFLDUQHJD
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ WLYDPHQWHRVLVWHPDGHIUHLR$OpPGLVVR
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD FDXVDXPGHVJDVWHSUHPDWXURGDVSDVWLOKDV
o}HVGHVHJXUDQoD QDSiJLQD GHIUHLRWUDVHLUDV
Ɣ 1XQFDDFHOHUDUFRPSRVLomRGHPDUFKD
RXPDUFKDHQJDWDGDDSDUWLUGRFRPSDUWLPHQ
WRGRPRWRUFRPRPRWRUHPIXQFLRQDPHQWR
2YHtFXORSRGHHQWUDUHPPRYLPHQWRPHVPR
3X[DURIUHLRGHHVWDFLRQDPHQWR
FRPRIUHLRGHHVWDFLRQDPHQWRSX[DGR
127$
ҧϜ
3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGRYHt
H
FXORDRSDUDURYHtFXORVRPHQWHWLUDURSpGR
SHGDOGRIUHLRGHSRLVGHSX[DURIUHLRGHHVWD
ҧϜ
FLRQDPHQWR
6ROWDURIUHLRGHHVWDFLRQDPHQWR
ҧϜ
(VWDFLRQDU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
'
(VWDFLRQDURYHtFXOR
ҧϜ
b
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
$'9(57Ç1&,$FRQWLQXDomR
YHtFXORFRPRSRUH[HPSORYHJHWDomRUDV
WHLUDIROKDVJUDPDVHFDFRPEXVWtYHOGHUUD
PDGRHWF
$GLFLRQDOPHQWHHPVXELGDVHGHFOLYHV
127$
Ɣ 3DUDHYLWDUPRYLPHQWDo}HVLQGHVHMDGDVGR
YHtFXORDRSDUDURYHtFXORVRPHQWHWLUDURSp
GRSHGDOGRIUHLRGHSRLVGHSX[DURIUHLRGHHV
WDFLRQDPHQWR
Ɣ &RQGX]LUFRPFXLGDGRHPHVWDFLRQDPHQWRV
FRPPHLRILRVDOLHQWHRXEDOL]DVIL[DV2EMHWRV
PDLVDOWRVTXHRFKmRSRGHPGDQLILFDURSDUD
FKRTXHHRXWUDVSHoDVGRYHtFXORDRHVWDFLR
$'9(57Ç1&,$ QDURXVDLUGDYDJDGHHVWDFLRQDPHQWR3DUD
$VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP HYLWDUGDQRVSDUDUDQWHVTXHDVURGDVWRTXHP
PXLWR3RULVVRSRGHPFDXVDULQFrQGLRVHIH QDVEDOL]DVRXQRVPHLRVILRV
ULPHQWRVJUDYHV Ɣ &RQGX]LUFDXWHORVDPHQWHVREUHGHSUHVV}HV
Ɣ 1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH HHQWUDGDVGHWHUUHQRVUDPSDVPHLRVILRVH
SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ RXWURVREMHWRV3HoDVGRYHtFXORPDLVEDL[DV
WDWRFRPPDWHULDLVLQIODPiYHLVHPEDL[RGR FRPRSDUDFKRTXHVSRLOHUHSHoDVGRFKDVVL
GRPRWRURXGRVLVWHPDGHHVFDSHSRGHPVHU
DYDULDGDVQDSDVVDJHP
,QIRUPDo}HVVREUHRVIUHLRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
IUHLRVPROKDGRV
3DVWLOKDVGHIUHLRQRYDV
ҧϜ
1RSHUtRGRGRDPDFLDPHQWRD
GLVWkQFLDGHIUHQDJHPpPDLRUHPIUHDGDVWR ҧϜ
WDLVRXIUHQDJHQVGHHPHUJrQFLD FDPDGDGHVDOVREUHRVGLVFRVGHIUHLRH
VREUHDVSDVWLOKDVGRIUHLR
GHVJDVWHGDVSDVWLOKDVGHIUHLR ҧϜ
&RUURVmR VXMHLUD
ҧϜ 0DQX
WHQomRHJDUDQWLD
'XUDQWHDFRQGXomR
$'9(57Ç1&,$FRQWLQXDomR
Ɣ $QWHVGHSHUFRUUHUXPWUHFKRPDLVORQJR
FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFL
ҧϜ
GDGHPXGDUSDUDXPDPDUFKDPDLVEDL[DRX
$YDULDQRVLVWHPDGHIUHLR VHOHFLRQDUXPDSRVLomRGHPDUFKDLQIHULRU
$VVLPpSRVVtYHODSURYHLWDURHIHLWRGHIUH
QDJHPGRPRWRUSRUFRPSOHWRHRIUHLRpDOL
YLDGR
H Ɣ 6SRLOHUVGLDQWHLURVTXHQmRVHMDPGHVpULH
RXTXHHVWHMDPDYDULDGRVSRGHPUHVWULQJLUD
DOLPHQWDomRGHDUGRVIUHLRVHFDXVDURVXSH
UDTXHFLPHQWRGRVIUHLRV
$'9(57Ç1&,$
)UHLRVPROKDGRVRXFRQJHODGRVRXIUHLRV
6HUYRIUHLR VDOJDGRVIUHLDPPDLVWDUGHHDXPHQWDPD
GLVWkQFLDGHIUHQDJHP
Ɣ ([SHULPHQWDURVIUHLRVFRPWHVWHVFDXWH
ORVRV
Ɣ 6HFDUVHPSUHRVIUHLRVSRUPHLRGHDOJX
PDVIUHQDJHQVFDXWHORVDVHPDQWrORVOLYUHV
GHJHORHVDOTXDQGRDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWRSHUPL
ҧϜ WLUHP
$'9(57Ç1&,$ $'9(57Ç1&,$
3DVWLOKDVGHIUHLRQRYDVQmRWrPLQLFLDOPHQWH $FRQGXomRVHPVHUYRIUHLRSRGHDXPHQWDU
DDomRLGHDOGHIUHQDJHP EDVWDQWHDGLVWkQFLDGHIUHQDJHPHDVVLP
FDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV
Ɣ 3DVWLOKDVGHIUHLRQRYDVDLQGDQmRSRV
VXHPDDomRWRWDOGHIUHQDJHPDWpNPH Ɣ 1XQFDGHL[DURYHtFXORURGDUFRPRPRWRU
SUHFLVDPVHU³DPDFLDGDVSRUGHVJDVWH´1HV GHVOLJDGR
VHFDVRXPDDomRUHGX]LGDGHIUHQDJHPSR Ɣ 4XDQGRRVHUYRIUHLRQmRIXQFLRQDURXR
GHVHUDXPHQWDGDDSOLFDQGRVHPDLVSUHVVmR YHtFXORIRUUHERFDGRRSHGDOGRIUHLRGHYH
VREUHRSHGDOGRIUHLR VHUSLVDGRFRPPDLVYLJRUSRLVDGLVWkQFLD
Ɣ 3DUDHYLWDUDRFRUUrQFLDGHDFLGHQWHVIHUL GHIUHQDJHPDXPHQWDHPUD]mRGDIDOWDGH
PHQWRVJUDYHVHDSHUGDGRFRQWUROHVREUHR DVVLVWrQFLDjIRUoDGHIUHQDJHP
YHtFXORGHYHVHFRQGX]LUGHIRUPDHVSHFLDO
PHQWHFXLGDGRVDFRPSDVWLOKDVGHIUHLRQR 127$
YDV Ɣ 1XQFDGHL[DURVIUHLRV³DUUDVWDUHP´FRP
Ɣ 'XUDQWHRSHUtRGRGHDPDFLDPHQWRGDV XPDSUHVVmROHYHQRSHGDOTXDQGRIRUUHDO
SDVWLOKDVGHIUHLRQRYDVQXQFDVHDSUR[LPDU PHQWHQHFHVViULRIUHDU3UHVVmRFRQVWDQWHVR
GHPDLVGHRXWURVYHtFXORVRXJHUDUVLWXDo}HV EUHRSHGDOGRIUHLRFDXVDXPVXSHUDTXHFL
GHURGDJHPTXHUHVXOWHPHPXPDVROLFLWDomR PHQWRGRVIUHLRV,VWRSRGHGLPLQXLUEDVWDQWHR
HOHYDGDGRIUHLR GHVHPSHQKRGHIUHQDJHPDXPHQWDUDGLVWkQ
FLDGHIUHQDJHPHVREFHUWDVFLUFXQVWkQFLDV
$'9(57Ç1&,$ FDXVDUDIDOKDWRWDOGRVLVWHPDGHIUHLR
)UHLRVVXSHUDTXHFLGRVUHGX]HPRHIHLWRGH Ɣ $QWHVGHSHUFRUUHUXPWUHFKRPDLVORQJR
IUHQDJHPHDXPHQWDPPXLWRDGLVWkQFLDGH FRPGHFOLYHVDFHQWXDGRVGLPLQXLUDYHORFLGD
IUHQDJHP GHPXGDUSDUDXPDPDUFKDPDLVEDL[DRXVH
OHFLRQDUXPDSRVLomRGHPDUFKDLQIHULRU$V
Ɣ 1DFRQGXomRHPGHFOLYHVRVIUHLRVVmR VLPpSRVVtYHODSURYHLWDURHIHLWRGHIUHQDJHP b
VROLFLWDGRVGHIRUPDFRQVLGHUiYHOHDTXHFHP
UDSLGDPHQWH
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
127$FRQWLQXDomR
GRPRWRUSRUFRPSOHWRHRIUHLRpDOLYLDGR&D
VRFRQWUiULRRIUHLRSRGHVXSHUDTXHFHUHSRV
VLYHOPHQWHIDOKDU8WLOL]DURVIUHLRVVRPHQWH
TXDQGRQHFHVViULRSDUDGLPLQXLUDYHORFLGDGH
RXSDUDU
6LVWHPDGHDVVLVWrQFLDGHIUHQDJHP
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
6LVWHPDDQWLEORTXHLRGRIUHLR$%6 8PDFRQGXomRUiSLGDVREUHUXDVFRQJHOD
GDVHVFRUUHJDGLDVRXPROKDGDVSRGHRFD
VLRQDUDSHUGDGHFRQWUROHGRYHtFXORHIHUL
PHQWRVJUDYHVQRFRQGXWRUHQRVSDVVDJHL
URV
Ɣ $GHTXDUDYHORFLGDGHHDIRUPDGHFRQGX
omRGHDFRUGRFRPDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR$
PDLRUVHJXUDQoDRIHUHFLGDSHORVVLVWHPDVGH
DSRLRjIUHQDJHP$%6H(%9QmRGHYHLQFHQ
WLYDUDFRORFDUDVHJXUDQoDHPULVFR
Ɣ 2VLVWHPDGHDVVLVWrQFLDjIUHQDJHPQmR
SRGHLUDOpPGRVOLPLWHVLPSRVWRVSHODItVLFD
5XDVHVFRUUHJDGLDVHPROKDGDVFRQWLQXDP
PXLWRSHULJRVDV
Ɣ 8PDFRQGXomRPXLWRUiSLGDSRUSLVWDV
PROKDGDVSRGHSURYRFDUDSHUGDGRFRQWDWR
GDVURGDVFRPDSLVWDHD³DTXDSODQDJHP´
8PYHtFXORQmRSRGHVHUIUHDGRFRQGX]LGRH
PRYLPHQWRSXOVDQWHGRSHGDOGRIUHLR FRQWURODGRVHWLYHUSHUGLGRRFRQWDWRFRPD
SLVWD
WRGDV
Ɣ 2VLVWHPDGHDVVLVWrQFLDjIUHQDJHPQmR
SRGHLPSHGLUXPDFLGHQWHTXDQGRSRUH[HP
SORHVWLYHUFRQGX]LQGRPXLWRSUy[LPRRX
PXLWRUiSLGRSDUDDUHVSHFWLYDVLWXDomRGH
'LVWULEXLGRUHOHWU{QLFRGDIRUoDGHIUHQDJHP FRQGXomR
(%9 Ɣ $SHVDUGHRVLVWHPDGHDVVLVWrQFLDjIUH
QDJHPVHUPXLWRHILFLHQWHHDX[LOLDUDFRQWUR
ODURYHtFXORHPVLWXDo}HVGLItFHLVOHPEUDU
VHPSUHTXHDHVWDELOLGDGHGDFRQGXomRGH
SHQGHGDDGHUrQFLDGRVSQHXV b
'XUDQWHDFRQGXomR
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
Ɣ $RDFHOHUDUVREUHXPDSLVWDHVFRUUHJDGLD Ɣ /HPEUDUVHPSUHTXHFRQYHUV}HVHPRGLIL
SRUH[HPSORVREUHJHORRXQHYHDFHOHUDU FDo}HVQRYHtFXORSRGHPLQIOXHQFLDURIXQ
FDXWHORVDPHQWH$VURGDVWDPEpPSRGHP FLRQDPHQWRGR$%6H(%9
SDWLQDUFRPVLVWHPDGHDVVLVWrQFLDjIUHQD Ɣ 0RGLILFDo}HVQRVLVWHPDGHDPRUWHFLPHQ
JHPRTXHSRGHFDXVDUDSHUGDGHFRQWUROH WRGRYHtFXORRXDXWLOL]DomRGHFRPELQDo}HV
GRYHtFXOR GHURGDVHSQHXVQmROLEHUDGDVSRGHPLQIOX
HQFLDURIXQFLRQDPHQWRGR$%6H(%9HUH
$'9(57Ç1&,$ GX]LUVXDHILFLrQFLD
$HILFLrQFLDGR$%6SRGHVHUEDVWDQWHUHGX Ɣ $HILFLrQFLDGR$%6H(%9WDPEpPpGHIL
]LGDTXDQGRRXWURVFRPSRQHQWHVHVLVWHPDV QLGDSRUXPSQHXDGHTXDGRҧϜ3iJLQD
TXHHQYROYDPDGLQkPLFDGRYHtFXORQmRWLYH 5RGDVHSQHXV
UHPPDQXWHQomRFRUUHWDRXQmRHVWLYHUHP
IXQFLRQDQGR,VWRVHUHIHUHWDPEpPDIUHLRV
SQHXVHRXWURVVLVWHPDVPHQFLRQDGRVDQWH
ULRUPHQWHPDVQmRVRPHQWHDHOHV
)OXLGRGHIUHLR
(VSHFLILFDomRGRIOXLGRGHIUHLR
'27 ҧϜ
)LJ
¤
1tYHOGRIOXLGRGRIUHLR
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
ҧϜ
o}HVGHVHJXUDQoD QDSiJLQD
7URFDGRIOXLGRGRIUHLR
ҧϜ 0DQXWHQomRHJDUDQWLD
ҧϜ b
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
127$
2IOXLGRGHIUHLRGHUUDPDGRRXYD]DGRGDQLILFD
DSLQWXUDGRYHtFXORDVSHoDVGHSOiVWLFRHRV
SQHXV/LPSDULPHGLDWDPHQWHRIOXLGRGRIUHLR
$'9(57Ç1&,$ TXHGHUUDPDGRRXYD]DGRVREUHDGDSLQWXUD
GRYHtFXORRXVREUHRXWUDVSHoDVGRYHtFXOR
8PDIDOKDGRIUHLRRXXPHIHLWRGHIUHQDJHP
Ɣ 1XQFDPLVWXUHIOXLGRGRIUHLRGLIHUHQWHV
UHGX]LGRSRGHPVHUFDXVDGRVSRUXPQtYHO
GRIOXLGRGRIUHLRPXLWREDL[RRXSRUXPIOXL Ɣ /LPSDUDWDPSDDQWHVGHUHWLUiODHDQWHVGH
GRGRIUHLRPXLWRYHOKRRXLQDGHTXDGR FRORFiODQRUHVHUYDWyULRSDUDIHFKDU
Ɣ 9HULILFDUUHJXODUPHQWHRVLVWHPDGHIUHLRH
RQtYHOGRIOXLGRGRIUHLR
Ɣ 5HDOL]DUDWURFDGRIOXLGRGRIUHLRUHJXODU
PHQWHFRQIRUPHDVSUHVFULo}HVGRҧϜFDGHU
QR0DQXWHQomRHJDUDQWLD
Ɣ 8PDVROLFLWDomRLQWHQVDGRVIUHLRVFRP
IOXLGRGRIUHLRYHOKRSRGHFDXVDUXPDIRUPD
omRGHEROKDVGHYDSRU%ROKDVGHYDSRUUH
GX]HPRHIHLWRGHIUHQDJHPDXPHQWDPFRQ
VLGHUDYHOPHQWHDGLVWkQFLDGHIUHQDJHPHSR
GHPFDXVDUDIDOKDWRWDOGRVLVWHPDGHIUHLR
Ɣ $WHQWDUSDUDTXHVHMDXWLOL]DGRRIOXLGRGR
IUHLRFRUUHWR8WLOL]DUVRPHQWHIOXLGRGHIUHLR
FRPDHVSHFLILFDomR'274XDOTXHURXWUR
IOXLGRGHIUHLRSRGHUHVWULQJLUDIXQomRGHIUH
QDJHPHUHGX]LURHIHLWRGHIUHQDJHP1mR
XWLOL]DURIOXLGRGRIUHLRVHDHVSHFLILFDomR
'27QmRFRQVWDUQDHPEDODJHPGRIOXLGR
GRIUHLR
Ɣ 2IOXLGRGRIUHLRUHDEDVWHFLGRGHYHVHU
QRYR
$'9(57Ç1&,$
2IOXLGRGRIUHLRpWy[LFR
Ɣ 3DUDUHGX]LURSHULJRGHLQWR[LFDomRQXQ
FDXWLOL]DUJDUUDIDVGHEHELGDVRXRXWURVUHFL
SLHQWHVSDUDJXDUGDURIOXLGRGRIUHLR(VVHV
UHFLSLHQWHVSRGHPLQGX]LUSHVVRDVDEHEHU
RVOtTXLGRVPHVPRTXDQGRRUHFLSLHQWHHVWL
YHULGHQWLILFDGR
Ɣ &RQVHUYDURIOXLGRGRIUHLRVHPSUHQRVUH
FLSLHQWHVRULJLQDLVHIRUDGRDOFDQFHGHFULDQ
oDV
'XUDQWHDFRQGXomR
&RQGX]LUFRPFRQVFLrQFLDHFROyJLFD
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
$GHTXDUDYHORFLGDGHHDGLVWkQFLDGHVHJX
UDQoDHPUHODomRDRVYHtFXORVjIUHQWHVHP
SUHGHDFRUGRFRPDVFRQGLo}HVGHYLVLELOL
GDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
(VWLORGHFRQGXomRHFRQ{PLFR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
7URFDUGHPDUFKDPDLVUDSLGDPHQWH
&RQGX]LUSUHYHQWLYDPHQWHH³DFRPSDQKDU´
RWUkQVLWR
&RQGX]LUFRPWUDQTXLOLGDGHHFRP
UHJXODULGDGH
'HL[DUURGDU
$SOLFDUFRQVXPLGRUHVDGLFLRQDLVGHIRUPD
PRGHUDGD
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
2XWURVIDWRUHVTXHDXPHQWDPRFRQVXPR
GHFRPEXVWtYHOH[HPSORV
&RQGX]LUHFRQRPL]DQGRFRPEXVWtYHO
(YLWDUWUHFKRVFXUWRV
WHPSHUDWXUDGH
VHUYLoR WHPSHUDWXUDDP
ELHQWH
ҧϜ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$GHTXDUDSUHVVmRGRVSQHXV
'XUDQWHDFRQGXomR
8WLOL]DUyOHRGRPRWRUGHEDL[DIULFomR
5HPRYHULQVWDODo}HVHSHoDVDJUHJDGDV
QmRXWLOL]DGDV
(YLWDUFDUJDGHVQHFHVViULD
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
'LUHomR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
4XDQGRDDVVLVWrQFLDGDGLUHomRQmRHVWi
IXQFLRQDQGRRYRODQWHVySRGHVHUJLUDGR
FRPGLILFXOGDGHHDPDQREUDGRYHtFXORpGL
ILFXOWDGD
Ɣ $DVVLVWrQFLDGDGLUHomRIXQFLRQDVRPHQ
WHFRPRPRWRUHPIXQFLRQDPHQWR
Ɣ 1XQFDGHL[DURYHtFXORURGDUFRPRPRWRU
GHVOLJDGR
Ɣ 1XQFDUHWLUDUDFKDYHGRYHtFXORGDLJQL
omRHQTXDQWRRYHtFXORHVWLYHUHPPRYLPHQ
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV WR
ҧϜ
ҧϜ
ҧϜ
9HULILFDURQtYHOGRIOXLGRGDGLUHomRKLGUiXOLFD
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD ҧϜ
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
9HULILFDURQtYHOGRIOXLGRFRPRPRWRUIULR
ҧϜ
3UHSDUDo}HV
ҧϜ
ҧϜ b
'XUDQWHDFRQGXomR
&8,'$'2
&RPRPRWRUHPIXQFLRQDPHQWRQmRVHGHYH
PDQWHURYRODQWHJLUDGRDWpREDWHQWHPDLVGH
VHJXQGRV,VVRSRGHOHYDUDGDQRVQDGL
9HULILFDURQtYHOGRIOXLGRFRPRPRWRU UHomRKLGUiXOLFD
TXHQWH Ɣ &RPRYRODQWHJLUDGRDWpREDWHQWHRIOXL
GRKLGUiXOLFRpIRUWHPHQWHDTXHFLGRSHOD
ҧϜ ERPEDGDGLUHomRKLGUiXOLFD$RPDQWHURYR
ODQWHJLUDGRDWpREDWHQWHFRPRYHtFXORSD
UDGRVHUmRRXYLGRVUXtGRVGHYLGRjIRUWHVR
OLFLWDomRTXHDERPEDILFDUiVXEPHWLGD$OpP
ҧϜ
GLVVRRUHJLPHGHPDUFKDOHQWDGRPRWRU
ҧϜ
WDPEpPpPRPHQWDQHDPHQWHUHGX]LGR
&8,'$'2
Ɣ &DVRRYHtFXORWUDIHJDUFRPRQtYHOGR
IOXLGRIRUDGDUHJLmR PRWRUIULRRX
PRWRUTXHQWHRVLVWHPDGHGLUHomRKLGUiXOL
FDVHUiGDQLILFDGR
Ɣ 8WLOL]DUDSHQDVSDQRVTXHQmRGHVILHPH
QmRVROWHPILDSRVSDUDOLPSDUDKDVWHGHPH
GLomRGRQtYHOGRIOXLGRSDUDHYLWDUTXHUHVt
$'9(57Ç1&,$ GXRVFDXVHPGDQRVjGLUHomRKLGUiXOLFD
'HL[DUVHPSUHRPRWRUHVIULDUWRWDOPHQWHDQ
WHVGHDEULUFXLGDGRVDPHQWHDWDPSDGRFRP
SDUWLPHQWRGRPRWRU$RVHUHPWRFDGDVSDU
WHVTXHQWHVSRGHPTXHLPDUDSHOH
'DUSDUWLGDWURFDUDPDUFKDHVWDFLRQDU
6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
&RQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 2EVHUYDUVHPSUHDiUHDDRUHGRUGRYHt
FXORMiTXHFULDQoDVSHTXHQDVDQLPDLVHRE
MHWRVQmRVmRLGHQWLILFDGRVSHORVVHQVRUHV
GHXOWUDVVRPHPWRGDVDVVLWXDo}HV
Ɣ &HUWDVVXSHUItFLHVGHREMHWRVHURXSDVSR
GHPQmRUHIOHWLURVVLQDLVGRVVHQVRUHVGHXO
WUDVVRP(VVHVREMHWRVHSHVVRDVFRPWDLV
URXSDVSRGHPQmRVHUUHFRQKHFLGRVSHOR
VLVWHPDRXVHUUHFRQKHFLGRVHUURQHDPHQWH
Ɣ )RQWHVGHVRPH[WHUQDVSRGHPLQIOXHQFL
DURVVLQDLVGRVVHQVRUHVGHXOWUDVVRP$V
VLPVREGHWHUPLQDGDVFLUFXQVWkQFLDVSHV
VRDVRXREMHWRVSRGHPQmRVHUUHFRQKHFL
GRV
127$
Ɣ 2EMHWRVFRPRSRUH[HPSOREDUUDVGHUHER
TXHKDVWHVILQDVFHUFDVSRVWHViUYRUHVH
WDPSDVWUDVHLUDVDEHUWDVRXVHDEULQGRHYHQ
WXDOPHQWHQmRVmRUHFRQKHFLGRVSHORVVHQVR
UHVGHXOWUDVVRPHSRGHPFDXVDUGDQRVQRYHt
FXOR
Ɣ 4XDQGRRFRQWUROHGHGLVWkQFLDGHHVWDFLR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV QDPHQWRMiWLYHUUHFRQKHFLGRHQRWLILFDGRXP
ҧϜ REVWiFXORSRUPHLRGHDOHUWDVREVWiFXORVPXL
WREDL[RVRXPXLWRDOWRVSRGHUmRGHVDSDUHFHU
ҧϜ GDiUHDGHPHGLomRGRVVHQVRUHVGHXOWUDVVRP
GXUDQWHDDSUR[LPDomRGRYHtFXORHQmRVHUHP
ҧϜ PDLVUHFRQKHFLGRV$VVLPHVVHVREMHWRVWDP
EpPQmRVmRPDLVQRWLILFDGRV
ҧϜ Ɣ 6HRDOHUWDGRFRQWUROHGHGLVWkQFLDGHHVWD
FLRQDPHQWRIRULJQRUDGRSRGHUmRRFRUUHUGD
$'9(57Ç1&,$ QRVFRQVLGHUiYHLVDRYHtFXOR
2FRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR Ɣ 2VVHQVRUHVGHXOWUDVVRPQRSDUDFKRTXH
QmRSRGHVXEVWLWXLUDDWHQomRGRFRQGXWRU SRGHPVHUGHVUHJXODGRVRXGDQLILFDGRVSRU
FKRTXHVSRUH[HPSORDRHQWUDUQDYDJDGHHV
Ɣ 0RYLPHQWRVGRYHtFXORVHPDGHYLGDDWHQ
WDFLRQDPHQWR
omRSRGHPFDXVDUIHULPHQWRVJUDYHV
Ɣ 3DUDRFRUUHWRIXQFLRQDPHQWRGRVLVWHPD
Ɣ $GHTXDUVHPSUHDYHORFLGDGHHDIRUPD
PDQWHURVVHQVRUHVGHXOWUDVVRPGRVSDUD
GHFRQGXomRGHDFRUGRFRPDVFRQGLo}HVGH
FKRTXHVOLPSRVVHPQHYHHVHPJHORHQmR
YLVLELOLGDGHFOLPiWLFDVGDSLVWDHGRWUkQVLWR
FREULORVFRPHWLTXHWDDGHVLYDRXRXWURVREMH
Ɣ 2VVHQVRUHVGHXOWUDVVRPSRVVXHPSRQ WRV b
WRVFHJRVQRVTXDLVSHVVRDVHREMHWRVQmR
SRGHPVHUGHWHFWDGRV
'XUDQWHDFRQGXomR
127$FRQWLQXDomR 127$FRQWLQXDomR
Ɣ 1DOLPSH]DGRVVHQVRUHVGHXOWUDVVRPFRP Ɣ 3HoDVDJUHJDGDVPRQWDGDVQRYHtFXORSRV
XPODYDGRUGHDOWDSUHVVmRRXFRPXPMDWRGH WHULRUPHQWHFRPRSRUH[HPSORVXSRUWHGHEL
YDSRUMDWHDURVVHQVRUHVGHXOWUDVVRPGLUHWD FLFOHWDVSRGHPOLPLWDURIXQFLRQDPHQWRGR
PHQWHDSHQDVSRUXPFXUWRSHUtRGRHPDQWHU FRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
VHPSUHXPDGLVWkQFLDPDLRUTXHFP
Ɣ )RQWHVGHUXtGRSRGHPJHUDUPHQVDJHQVGH
HUURGRFRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQ
WRSRUH[HPSORDVIDOWRiVSHURSDUDOHOHStSH
GRVERELQDVGHLQGXomRPiTXLQDVGHFRQVWUX
omRHUXtGRGHRXWURVYHtFXORV
&RPDQGDURFRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ 3DUWLFXODULGDGHVGRFRQWUROHGHGLVWkQFLDGH
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD HVWDFLRQDPHQWR
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
/LJDUHGHVOLJDURFRQWUROHGHGLVWkQFLDGH
HVWDFLRQDPHQWR
/LJDU
b
'HVOLJDU
6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
$7(1
2$2&21'8=,5(00$5&+$5
&RQILJXUD¨¶HV %(685(,7,66$)(72'5,9(,1
5(9(56(
ҧϜ
ҧϜ
5iGLR
6LQDLVVRQRURVHYLVXDLVGRFRQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWRQD
UHJLmRWUDVHLUD
$7(1
2$2&21'8=,5(00$5&+$5
)LJ %(685(,7,66$)(72'5,9(,1
5(9(56(
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
ҧϜ 5iGLR
ҧϜ
$'9(57Ç1&,$
1mRVHGHL[DUGLVWUDLUGRVDFRQWHFLPHQWRVGR
WUkQVLWRSHODVLPDJHQVH[LELGDVQRGLVSOD\
'XUDQWHDFRQGXomR
6LVWHPDUHJXODGRUGHYHORFLGDGH*5$
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDXWLOL]DUR*5$HPWUiIHJRLQWHQVR
HPGLVWkQFLDVPXLWRSHTXHQDVHPWUHFKRV
tQJUHPHVFKHLRVGHFXUYDVHHVFRUUHJDGLRV
FRPRSRUH[HPSORQHYHJHORXPLGDGHRX
'HSHQGHQGRGDYHUVmRGRYHtFXORRVLVWHPDUHJX FDVFDOKRHWDPEpPQmRHPUXDVDODJDGDV
ODGRUGHYHORFLGDGH*5$SRGHQmRHVWDUGLVSRQt Ɣ 1XQFDXWLOL]DUR*5$HPWHUUHQROLYUHRX
YHO HPUXDVQmRSDYLPHQWDGDV
Ɣ $MXVWDUDYHORFLGDGHHDGLVWkQFLDGHVH
JXUDQoDFRPYHtFXORVjIUHQWHVHPSUHjV
FRQGLo}HVGRFOLPDGDSLVWDHGRWUkQVLWR
Ɣ 3DUDHYLWDUXPDUHJXODJHPGHYHORFLGDGH
LQGHVHMDGDVHPSUHGHVOLJDUR*5$DSyVD
ҧϜ XWLOL]DomR
Ɣ eSHULJRVRUHWRPDUDYHORFLGDGHDUPD]H
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
QDGDVHDYHORFLGDGHSDUDDVFRQGLo}HVDWX
ҧϜ DLVGDUXDGRWUkQVLWRRXDWPRVIpULFDVIRU
PXLWRDOWD
ҧϜ Ɣ (PYLDJHQVSRUGHVFLGDVD*5$QmRSR
GHPDQWHUDYHORFLGDGHGRYHtFXORFRQVWDQWH
$'9(57Ç1&,$ 2SHVRSUySULRGRYHtFXORDXPHQWDDYHORFL
4XDQGRQmRIRUSRVVtYHOFRQGX]LUFRPVHJX GDGH5HGX]LUPDUFKDRXIUHDURYHtFXORFRP
UDQoDFRPXPDGLVWkQFLDVXILFLHQWHHYHORFL RIUHLRGHSHGDO
GDGHFRQVWDQWHDXWLOL]DomRGRVLVWHPDUHJX
ODGRUGHYHORFLGDGHSRGHFDXVDUDFLGHQWHVH
IHULPHQWRVJUDYHV
,QGLFDGRUHVGRGLVSOD\
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
,QGLFDGRUHVGRGLVSOD\GR*5$
6WDWXV ҧϜ
)LJ b
6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
$'9(57Ç1&,$
$QmRREVHUYkQFLDGDVOX]HVGHDGYHUWrQFLD
DFHVDVHGDVPHQVDJHQVGHWH[WRSRGHFDX
VDUSDUDGDVQRWUkQVLWRXUEDQRDFLGHQWHVH
IHULPHQWRVJUDYHV
Ɣ 1XQFDGHL[DUGHREVHUYDUOX]HVGHDGYHU
WrQFLDHPHQVDJHQVGHWH[WR
127$
$LQREVHUYkQFLDGHOX]HVGHFRQWUROHTXHVH
DFHQGHPHGHPHQVDJHQVGHWH[WRSRGHFDXVDU
GDQRVDRYHtFXOR
&RPDQGDURVLVWHPDUHJXODGRUGHYHORFLGDGH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)LJ
3RVLomRGRVLQWHUUXSWR
)XQomR UHVRSHUDomRGRVLQWHU $omR
UXSWRUHVҧϜ)LJ
/.
3%4
#!.#%,
28
2%3 b
'XUDQWHDFRQGXomR
3RVLomRGRVLQWHUUXSWR
)XQomR UHVRSHUDomRGRVLQWHU $omR
UXSWRUHVҧϜ)LJ
2%3
EUHYHPHQWH
2%3 SRUXPWHPSR
3%4
EUHYHPHQWH
VHP
3%4 SRUXPWHPSR
/&&
&RQGX]LUHPGHVFLGDVFRPR*5$
'HVOLJDPHQWRDXWRPiWLFR
6LVWHPDVGHDVVLVWrQFLDDRFRQGXWRU
&OLPDWL]DomR
$TXHFHU9HQWLODU5HIULJHUDU
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ $VVHJXUDUVHPSUHTXHRDUFRQGLFLRQDGR
HRGHVHPEDoDGRUGRYLGURWUDVHLURHVWmR
VHQGRXVDGRVFRUUHWDPHQWHSDUDWHUERDV
FRQGLo}HVGHYLVLELOLGDGH
Ɣ 1XQFDXWLOL]DURPRGRGHUHFLUFXODomRGH
DUSRUPXLWRWHPSRTXDQGRRVLVWHPDGHUH
IULJHUDomRHVWLYHUGHVOLJDGRRVYLGURVSR
GHPHPEDoDUPXLWRUDSLGDPHQWHQRPRGRGH
UHFLUFXODomRGHDUHOLPLWDUPXLWRDVFRQGL
o}HVGHYLVLELOLGDGH
Ɣ 'HVOLJDUVHPSUHRPRGRGHUHFLUFXODomR
2ILOWURGHSRHLUDHSyOHQ GHDUVHHOHQmRIRUQHFHVViULR
Ɣ 2DUUHFLUFXODGRXWLOL]DGRSRUORQJRVSH
UtRGRVSRGHOHYDUDRFDQVDoRHjIDOWDGH
FRQFHQWUDomRGRFRQGXWRURTXHSRGHFDX
ҧϜ VDUFROLV}HVDFLGHQWHVHIHULPHQWRVJUDYHV
0DQXWHQomRHJDUDQWLD
127$
Ɣ 6HKRXYHUGHVFRQILDQoDGHTXHRDUFRQGL
FLRQDGRSRVVDWHUVLGRDYDULDGRGHVOLJDURDU
FRQGLFLRQDGR$VVLPGDQRVVHFXQGiULRVSR
GHPVHUHYLWDGRV2DUFRQGLFLRQDGRGHYHVHU
YHULILFDGRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
RXSRUXPDHPSUHVDHVSHFLDOL]DGD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 5HSDURVQRDUFRQGLFLRQDGRH[LJHPFRQKH
ҧϜ FLPHQWRVHVSHFLDOL]DGRVHIHUUDPHQWDVHVSHFL
DLV3DUDLVWRD9RONVZDJHQUHFRPHQGDDV
ҧϜ &RQFHVVLRQiULDV9RONVZDJHQ
ҧϜ
$'9(57Ç1&,$
0iVFRQGLo}HVGHYLVLELOLGDGHHPWRGRVRV
YLGURVDXPHQWDPRULVFRGHFROLV}HVHDFL
GHQWHVTXHSRGHPFDXVDUIHULPHQWRVJUDYHV
Ɣ $VVHJXUDUVHPSUHTXHWRGRVRVYLGURVHV
WmROLYUHVGHJHORQHYHHHPEDoDPHQWRSDUD
JDUDQWLUERDVFRQGLo}HVGHYLVLELOLGDGH
Ɣ $PDLRUSRWrQFLDGHDTXHFLPHQWRHRPDLV
UiSLGRGHVHPEDoDPHQWRGRVYLGURVVySR
GHPVHUDWLQJLGRVVHRPRWRUMiWLYHUDWLQJLGR
VXDWHPSHUDWXUDGHVHUYLoR3DUWLUVRPHQWH
VHKRXYHUERDVFRQGLo}HVGHYLVLELOLGDGH
'XUDQWHDFRQGXomR
&RPDQGRVGRVLVWHPDGHDTXHFLPHQWRYHQWLODomRHDUFRQGLFLRQDGR
)LJ
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
7HFODUHJX ,QIRUPDo}HVFRPSOHPHQWDUHVGRVLVWHPDGHDTXHFLPHQWRHYHQWLODomRҧϜ)LJH
ODGRU DUFRQGLFLRQDGRҧϜ)LJ
e
&OLPDWL]DomR
7HFODUHJX ,QIRUPDo}HVFRPSOHPHQWDUHVGRVLVWHPDGHDTXHFLPHQWRHYHQWLODomRҧϜ)LJH
ODGRU DUFRQGLFLRQDGRҧϜ)LJ
6LVWHPDGHDTXHFLPHQWRHYHQWLODomR
< $UFRQGLFLRQDGR
K
L
u
$UFRQGLFLRQDGR
!#
$UFRQGLFLRQDGR ҧϜ
$'9(57Ç1&,$
2DUUHFLUFXODGRXWLOL]DGRSRUORQJRVSHUtR
GRVSRGHOHYDUDRFDQVDoRHjIDOWDGHFRQ
FHQWUDomRGRFRQGXWRURTXHSRGHFDXVDU
FROLV}HVDFLGHQWHVHIHULPHQWRVJUDYHV
2ULHQWDo}HVGHIXQFLRQDPHQWRGRVLVWHPDGHDTXHFLPHQWRHGH
YHQWLODomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
0DQWHURSDUDEULVDHRVYLGURVODWHUDLV
GHVHPEDoDGRV
ҧϜ
7HPSHUDWXUD
u
5HJXODJHPSDUDREWHUFRQGLo}HVGH
YLVLELOLGDGHLGHDLV
ҧϜ
<
'XUDQWHDFRQGXomR
2ULHQWDo}HVGHIXQFLRQDPHQWRGRDUFRQGLFLRQDGR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUWLFXODULGDGHV
iJXDFRQGHQVDGD
5HVIULDPHQWRUiSLGRGRLQWHULRUGRYHtFXOR
5HJXODJHPSDUDREWHUFRQGLo}HVGH K
YLVLELOLGDGHLGHLDV
ҧϜ
ҧϜ <
2VLVWHPDGHUHIULJHUDomRQmRSRGHVHU
OLJDGR
&OLPDWL]DomR
'LIXVRUHVGHDU
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
'LIXVRUHVGHDU 1mRFRORFDUQHQKXPDOLPHQWRPHGLFDPHQWR
RXRXWURVREMHWRVVHQVtYHLVDRFDORUGLDQWHGRV
GLIXVRUHVGHDU2DUTXHFRUUHGHGHQWURGRV
GLIXVRUHVSRGHGDQLILFDURXWRUQDULQXWLOL]iYHLV
ҧϜ DOLPHQWRVPHGLFDPHQWRVHREMHWRVVHQVtYHLV
DRFDORURXDRIULR
'HVHPEDoDGRUGRYLGURWUDVHLUR
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$
ҧϜ
%
'XUDQWHDFRQGXomR
% =
0RGRGHUHFLUFXODomRGHDU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
$UYLFLDGRSRGHOHYDUDRFDQVDoRUiSLGRHj
IDOWDGHFRQFHQWUDomRGRFRQGXWRURTXHSR
,QIRUPDo}HVEiVLFDV GHFDXVDUFROLV}HVDFLGHQWHVHIHULPHQWRV
JUDYHV
Ɣ 1XQFDGHL[DURPRGRGHUHFLUFXODomRGH
DUOLJDGRSRUPXLWRWHPSRXPDYH]TXHRDU
IUHVFRQmRDWLQJHRLQWHULRUGRYHtFXOR
Ɣ 4XDQGRRVLVWHPDGHUHIULJHUDomRHVWLYHU
GHVOLJDGRRVYLGURVSRGHPHPEDoDUPXLWR
UDSLGDPHQWHHOLPLWDUPXLWRDVFRQGLo}HVGH
YLVLELOLGDGH
< Ɣ 'HVOLJDUVHPSUHRPRGRGHUHFLUFXODomR
ҧϜ GHDUVHHOHQmRIRUQHFHVViULR
/LJDUHGHVOLJDURPRGRGHUHFLUFXODomRGH
DU 127$
/LJDU (PYHtFXORVFRPDUFRQGLFLRQDGRQmRIXPDU
TXDQGRRPRGRGHUHFLUFXODomRGHDUHVWLYHUOL
JDGR$IXPDoDVXFFLRQDGDSRGHVHGHSRVLWDU
'HVOLJDU
QRHYDSRUDGRUGRVLVWHPDGHUHIULJHUDomREHP
FRPRQRILOWURGHSRHLUDHSyOHQHOHYDUDRGR
UHVLQF{PRGRVGXUDGRXURV
&OLPDWL]DomR
1RSRVWRGHFRPEXVWtYHO
$EDVWHFLPHQWR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDHQWUDUQRYHtFXORDRDEDVWHFHU6H
IRUQHFHVViULRHQWUDUQRYHtFXORIHFKDUDSRU
WDHWRFDUXPDVXSHUItFLHPHWiOLFDDQWHVGH
VHJXUDUQRYDPHQWHDSLVWRODGHDEDVWHFLPHQ
WR,VWRLPSHGHDJHUDomRGHGHVFDUJDVHOH
WURVWiWLFDVFDXVDGRUDVGHIDtVFDV$RDEDVWH
FHUIDtVFDVSRGHPLQLFLDUXPLQFrQGLR
Ɣ 1XQFDDEDVWHFHURXHQFKHUXPUHFLSLHQWH
SDUDUHVHUYDSHUWRGHFKDPDVH[SRVWDVIDtV
FDVRXREMHWRVHPEUDVDSRUH[HPSORFLJDU
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV URV
ҧϜ Ɣ (YLWDUGHVFDUJDVHOHWURVWiWLFDVHUDGLD
ҧϜ o}HVHOHWURPDJQpWLFDVDRDEDVWHFHU
ҧϜ Ɣ 2EVHUYDUDVLQGLFDo}HVGHVHJXUDQoDGR
SRVWRGHFRPEXVWtYHO
ҧϜ Ɣ 1XQFDGHUUDPDUFRPEXVWtYHOQRYHtFXOR
RXQRFRPSDUWLPHQWRGHEDJDJHP
ҧϜ
$'9(57Ç1&,$
$'9(57Ç1&,$ 3RUPRWLYRVGHVHJXUDQoDD9RONVZDJHQUH
8PDEDVWHFLPHQWRLQFRUUHWRHRXVR FRPHQGDQmRFDUUHJDUXPUHFLSLHQWHSDUDUH
LQDGHTXDGRGRFRPEXVWtYHOSRGHPFDXVDU VHUYDQRYHtFXOR6REUHWXGRHPFDVRGHDFL
H[SORV}HVLQFrQGLRVTXHLPDGXUDVHRXWURV GHQWHRUHFLSLHQWHFKHLRRXYD]LRSRGHGHUUD
IHULPHQWRVJUDYHV PDUFRPEXVWtYHOHVHLQIODPDU,VVRSRGH
Ɣ *DUDQWLUVHPSUHRIHFKDPHQWRFRUUHWRGD FDXVDUH[SORV}HVLQFrQGLRVHIHULPHQWRV
WDPSDGRWDQTXHGHFRPEXVWtYHOSDUDHYLWDUD Ɣ (PFDVRVH[FHSFLRQDLVTXDQGRIRUQH
HYDSRUDomRHRYD]DPHQWRGHFRPEXVWtYHO FHVViULRWUDQVSRUWDUFRPEXVWtYHOHPUHFL
Ɣ 2FRPEXVWtYHOpDOWDPHQWHH[SORVLYRHID SLHQWHVSDUDUHVHUYDDWHQWDUSDUDRVHJXLQWH
FLOPHQWHLQIODPiYHOHSRGHFDXVDUTXHLPDGX ± $RHQFKHURUHFLSLHQWHSDUDUHVHUYD
UDVJUDYHVHRXWURVIHULPHQWRV QXQFDFRORFDURUHFLSLHQWHGHQWURRXVR
EUHRYHtFXORSRUH[HPSORQRFRPSDUWL
Ɣ $EDVWHFHUFRPRPRWRUHPIXQFLRQDPHQ
PHQWRGHEDJDJHPRXQDWDPSDWUDVHLUD
WRRXFRPRELFRGDERPEDGHVHQFDL[DGRGR
3RGHRFRUUHUXPDGHVFDUJDHOHWURVWiWLFD
ERFDOGHDEDVWHFLPHQWRGRWDQTXHGHFRP
GXUDQWHRHQFKLPHQWRHLQIODPDURVYDSR
EXVWtYHOSRGHID]HUFRPTXHRFRPEXVWtYHO
UHVGRFRPEXVWtYHO
HVSLUUHRXWUDQVERUGH,VVRSRGHFDXVDULQ
FrQGLRVH[SORV}HVTXHLPDGXUDVJUDYHVH ± &RORFDURUHFLSLHQWHSDUDUHVHUYDVHP
RXWURVIHULPHQWRV SUHVREUHRFKmR
Ɣ 3RUPRWLYRVGHVHJXUDQoDGHVOLJDURPR ± ,QWURGX]LURELFRGDERPEDRPi[LPR
WRUHDLJQLomRDRDEDVWHFHU SRVVtYHOQRJDUJDORGRUHFLSLHQWHSDUDUH
VHUYD
Ɣ $RDEDVWHFHUGHVOLJDUVHPSUHRWHOHIRQH
± (PFDVRGHUHFLSLHQWHVSDUDUHVHUYDGH
PyYHOUiGLRVSRUWiWHLVHRXWURVHTXLSDPHQ
PHWDOVHPSUHPDQWHURELFRGDERPEDHP
WRVGHUiGLR5DGLDo}HVHOHWURPDJQpWLFDVSR
FRQWDWRFRPRUHFLSLHQWHSDUDHYLWDUXPD
b
GHPJHUDUIDtVFDVHDVVLPFDXVDUXPLQFrQ
FDUJDHVWiWLFD
GLR
'XUDQWHDFRQGXomR
$'9(57Ç1&,$FRQWLQXDomR 127$FRQWLQXDomR
± 2EVHUYDUDVSUHVFULo}HVOHJDLVDRXWLOL PXORGHFRPEXVWtYHOQmRTXHLPDGRQRVLVWHPD
]DUDFRPRGDUHWUDQVSRUWDUXPUHFLSLHQWH GHHVFDSH,VVRSRGHGDQLILFDURILOWURGRFDWDOL
SDUDUHVHUYD VDGRU
127$
Ɣ 5HPRYHULPHGLDWDPHQWHRFRPEXVWtYHOGHU
UDPDGRGHWRGDVDVSHoDVGRYHtFXORSDUDHYL
WDUGDQRVjFDL[DGHURGDSQHXVHSLQWXUD
Ɣ 1XQFDFRQGX]LUDWpHVYD]LDURWDQTXHGH
FRPEXVWtYHO2DEDVWHFLPHQWRGHFRPEXVWtYHO
LUUHJXODUSRGHFDXVDUIDOKDVGHLJQLomRHDF~
/X]GHFRQWUROHHLQGLFDGRUGRQtYHOGHFRPEXVWtYHO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)LJ
3RVLomRGRSRQWHLUR
$FHVD 3RVVtYHLVFDXVDVҧϜ 6ROXomR
ҧϜ)LJ
ҧϜ
ҧϜ
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 8PQtYHOGHFRPEXVWtYHOPXLWREDL[RSRGH
FDXVDUXPDEDVWHFLPHQWRGHFRPEXVWtYHOGR
PRWRULUUHJXODUHVSHFLDOPHQWHHPWUHFKRVGH
VXELGDRXGHVFLGD
$'9(57Ç1&,$
Ɣ $GLUHomRHWRGRVRVVLVWHPDVDVVLVWrQFLD
&RQGX]LUFRPXPQtYHOGHFRPEXVWtYHOPXLWR DRFRQGXWRUHGHIUHQDJHPQmRIXQFLRQDP
EDL[RSRGHFDXVDUSDUDGDVQRWUkQVLWRDFL TXDQGRRPRWRU³HQJDVJD´RXPRUUHSRUIDOWD
GHQWHVHIHULPHQWRVJUDYHV RXDEDVWHFLPHQWRLUUHJXODUGHFRPEXVWtYHO
Ɣ $EDVWHFHUVHPSUHTXDQGRRWDQTXHGH
FRPEXVWtYHOHVWLYHUHPVRPHQWHSDUDHYL
WDUXPDSDUDGDSRUIDOWDGHFRPEXVWtYHO b
1RSRVWRGHFRPEXVWtYHO
127$ 127$FRQWLQXDomR
Ɣ 2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFH PXORGHFRPEXVWtYHOQmRTXHLPDGRQRVLVWHPD
VDVHVXDVGHVFULo}HVHRULHQWDo}HVSDUDHYLWDU GHHVFDSH,VVRSRGHGDQLILFDURILOWURGRFDWDOL
GDQRVQRYHtFXOR VDGRU
Ɣ 1XQFDFRQGX]LUDWpHVYD]LDURWDQTXHGH
FRPEXVWtYHO2DEDVWHFLPHQWRGHFRPEXVWtYHO
LUUHJXODUSRGHFDXVDUIDOKDVGHLJQLomRHDF~ ҧϜ
$EDVWHFHUFRPJDVROLQDRXHWDQRO
ҧϜ
$EDVWHFHU
ҧϜ
FKHLR
)LJ
ҧϜ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)HFKDUDWDPSDGRWDQTXHGHFRPEXVWtYHO
$QWHV
WDQWRJDVROLQDFRPRHWDQRO
HPTXDOTXHUSURSRUomR
ҧϜ
$EULUDWDPSDGRWDQTXHGHFRPEXVWtYHO
$'9(57Ç1&,$
3DUDUGHDEDVWHFHUTXDQGRRELFRGDERPED
GHVOLJDUSHODSULPHLUDYH]2WDQTXHGHFRP
EXVWtYHOSRGHVHUDEDVWHFLGRHPH[FHVVR
&RPLVVRRFRPEXVWtYHOSRGHYD]DURXUHV
SLQJDU,VVRSRGHFDXVDULQFrQGLRVH[SOR
V}HVHIHULPHQWRVJUDYHV b
ҧϜ
'XUDQWHDFRQGXomR
127$ 127$
Ɣ 6HRYHtFXOR727$/)/(;ILFDULPRELOL]DGR 5HPRYHULPHGLDWDPHQWHFRPEXVWtYHOGHUUDPD
SRU³IDOWDGHFRPEXVWtYHO´VHUiQHFHVViULR GRQDSLQWXUDGRYHtFXORSDUDHYLWDUGDQRVj
DEDVWHFHURYHtFXORFRPRPHVPRWLSRGR~OWL FDL[DGHURGDSQHXVHSLQWXUD
PRFRPEXVWtYHOXWLOL]DGRJDVROLQDRXHWDQRO
Ɣ 6HIRUQHFHVViULRDEDVWHFHURWDQTXHFRP
FRPEXVWtYHOGLIHUHQWHGRTXHHVWDYDVHQGRXWL
OL]DGRSRGHUiRFRUUHU
± 'LILFXOGDGHQDSDUWLGDFRPRPRWRUIULR
± 3HUFHSWtYHLVTXHGDVQRUHQGLPHQWRGR
PRWRU
Ɣ 2YHtFXORGHYHUiSHUFRUUHUDSUR[LPDGDPHQ
WHTXLO{PHWURVSDUDUHFRQKHFHURQRYRFRP
EXVWtYHOSDUDTXHQmRRFRUUDXPDGDVVLWXD
o}HVDFLPD
&DSDFLGDGHV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
&DSDFLGDGHGRWDQTXHGHFRPEXVWtYHO
1RSRVWRGHFRPEXVWtYHO
&RQWUROHVDRDEDVWHFHU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
/LVWDGHFRQWUROH
ҧϜ 3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU
d
d
ҧϜ
d
ҧϜ
d
ҧϜ
d
ҧϜ
d
ҧϜ
d
ҧϜ
ҧϜ
ҧϜ
'XUDQWHDFRQGXomR
&RPEXVWtYHO
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ $RPDQXVHDURFRPEXVWtYHOGHVOLJDUWHOH
IRQHVPyYHLVHDSDUHOKRVGHUiGLR5DGLD
o}HVHOHWURPDJQpWLFDVSRGHPJHUDUIDtVFDV
HDVVLPFDXVDUXPLQFrQGLR
Ɣ (YLWDUGHVFDUJDVHOHWURVWiWLFDVHUDGLD
o}HVHOHWURPDJQpWLFDVSUy[LPDVDFRPEXVWt
YHLV
Ɣ 1XQFDGHUUDPDUFRPEXVWtYHOQRYHtFXOR
RXQRFRPSDUWLPHQWRGHEDJDJHP
Ɣ 2EVHUYDUDVLQGLFDo}HVGHVHJXUDQoDHDV
SUHVFULo}HVORFDLVYiOLGDVSDUDRXVRGH
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV FRPEXVWtYHLV
ҧϜ 0DQXWHQomRHJDUDQWLD
ҧϜ 127$
Ɣ 6HRYHtFXOR727$/)/(;ILFDULPRELOL]DGR
ҧϜ SRU³IDOWDGHFRPEXVWtYHO´VHUiQHFHVViULR
DEDVWHFHURYHtFXORFRPRPHVPRWLSRGR~OWL
$'9(57Ç1&,$ PRFRPEXVWtYHOXWLOL]DGRJDVROLQDRXHWDQRO
Ɣ 6HIRUQHFHVViULRDEDVWHFHURWDQTXHFRP
6HXVDGRGHIRUPDLQDGHTXDGDRFRPEXVWt
FRPEXVWtYHOGLIHUHQWHGRTXHHVWDYDVHQGRXWL
YHOSRGHFDXVDUH[SORV}HVLQFrQGLRVTXHL
OL]DGRSRGHUiRFRUUHU
PDGXUDVJUDYHVHRXWURVIHULPHQWRV
± 'LILFXOGDGHQDSDUWLGDFRPRPRWRUIULR
Ɣ 2FRPEXVWtYHOpDOWDPHQWHH[SORVLYRHID
± 3HUFHSWtYHLVTXHGDVQRUHQGLPHQWRGR
FLOPHQWHLQIODPiYHO
PRWRU
Ɣ 3RUPRWLYRVGHVHJXUDQoDD9RONVZDJHQ
Ɣ 2YHtFXORGHYHUiSHUFRUUHUDSUR[LPDGDPHQ
UHFRPHQGDQmRFDUUHJDUXPUHFLSLHQWHSDUD
WHTXLO{PHWURVSDUDUHFRQKHFHURQRYRFRP
UHVHUYDQRYHtFXOR6REUHWXGRHPFDVRGH
EXVWtYHOSDUDTXHQmRRFRUUDXPDGDVVLWXD
DFLGHQWHRUHFLSLHQWHFKHLRRXYD]LRSRGH
o}HVDFLPD
GHUUDPDUFRPEXVWtYHOHVHLQIODPDU,VVRSR
GHFDXVDUH[SORV}HVLQFrQGLRVHIHULPHQWRV
JUDYHV
Ɣ (PFDVRVH[FHSFLRQDLVTXDQGRIRUQH
FHVViULRWUDQVSRUWDUFRPEXVWtYHOHPUHFL
SLHQWHVSDUDUHVHUYDWRUQDUVHREULJDWyULR
VHJXLUDVRULHQWDo}HVPHQFLRQDGDVDSDUWLU
GDҧϜ3iJLQD
Ɣ 0DQWHUTXDOTXHUWLSRGHFKDPDFRPR
DTXHODVSURGX]LGDVSRULVTXHLURVSHoDV
TXHQWHVHIDtVFDVORQJHGRFRPEXVWtYHO
ҧϜ
1RSRVWRGHFRPEXVWtYHO
4XDOLGDGHGRVFRPEXVWtYHLV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
2VGDQRVSURYRFDGRVQRPRWRUSHODXWLOL]DomR
6LVWHPDGHLQMHomRGHFRPEXVWtYHO GHFRPEXVWtYHOGHTXDOLGDGHUXLPRXLQVXILFL
HQWHHVWmRH[FOXtGRVGDJDUDQWLD
*DVROLQD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
Ɣ $XWLOL]DomRGHDGLWLYRVSDUDJDVROLQD
LQDGHTXDGRVSRGHFDXVDUVpULRVGDQRVDRPR
7LSRVGHJDVROLQD WRUHGDQLILFDURFDWDOLVDGRU
Ɣ 6HHPFDVRGHHPHUJrQFLDRYHtFXORSUHFL
VHPFKXPERRXRXWURVDGLWLYRV VDUVHUDEDVWHFLGRFRPJDVROLQDFRPPDLRURX
PHWiOLFRVSRUH[HPSORPDQJDQrV PHQRUSURSRUomRGHHWDQRODQLGURRPRWRUGH
YHVHUFRQGX]LGRFRPURWDomRPpGLDHFRP
PHQRUGHPDQGD(YLWDUDVDOWDVURWDo}HVHGH
PDQGDVLQWHQVDVGRPRWRU&DVRFRQWUiULRSR
$GLWLYRVSDUDJDVROLQD GHPRFRUUHUGDQRVDRPRWRU$VVLPTXHSRVVt
YHOUHDEDVWHFHUFRPDJDVROLQDUHFRPHQGDGD
(WDQRO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
QROKLGUDWDGR
HWD
'XUDQWHDFRQGXomR
127$
2UHVHUYDWyULRGRVLVWHPDGHSDUWLGDDIULRGH
YHUiHVWDUVHPSUHDEDVWHFLGRFRPJDVROLQD
SUHIHUHQFLDOPHQWHDGLWLYDGDSDUDDX[LOLDUDSDU
WLGDGRPRWRUҧϜ3iJLQD6LVWHPDGHSDUWLGD
DIULR
3URJUDPDSDUDSUHVHUYDomRGRPHLRDPELHQWH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
1tYHOVRQRUR
7LSRGH (PLVVmRGH
3RWrQFLDGRPR Pi[LPRFRP 5RWDomRHP
9HUVmR &'0 WUDQVPLV &2HPPDU
WRU YHtFXORSDUD PDUFKDOHQWDE
VmR FKDOHQWDE
GRD
1RSRVWRGHFRPEXVWtYHO
&RQVHUYDomR/LPSH]D0DQXWHQomR
1RFRPSDUWLPHQWRGRPRWRU
3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDWUDEDOKDUVRERYHtFXORTXDQGRHV
WHQmRHVWLYHUVHJXURFRQWUDPRYLPHQWDomR
6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXORHQ
TXDQWRDVURGDVHVWmRHPFRQWDWRFRPRVR
ORRYHtFXORGHYHHVWDUSDUDGRHPXPSODQR
DVURGDVGHYHPHVWDUWUDYDGDVHDFKDYHGR
YHtFXORGHYHHVWDUIRUDGDLJQLomR
Ɣ 6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXOR
HVWHGHYHVHUDSRLDGRDGLFLRQDOPHQWHFRP
FDYDOHWHVDGHTXDGRV2PDFDFRQmRpVXILFL
HQWHSDUDHVVDILQDOLGDGHHSRGHIDOKDURTXH
SRGHFDXVDUIHULPHQWRVJUDYHV
$'9(57Ç1&,$
2FRPSDUWLPHQWRGRPRWRUGHWRGRYHtFXORp
XPDiUHDSHULJRVDHSRGHFDXVDUIHULPHQWRV
ҧϜ
JUDYHV
Ɣ (PWRGRVRVWUDEDOKRVVHUVHPSUHH[WUH
PDPHQWHSUHYHQLGRHFDXWHORVREHPFRPR
REVHUYDUDVSUHFDXo}HVGHVHJXUDQoDJHUDO
PHQWHYiOLGDV1XQFDDVVXPLUXPULVFRSHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV VRDO
ҧϜ Ɣ 5HDOL]DUWUDEDOKRVQRPRWRUHQRFRPSDU
WLPHQWRGRPRWRUVRPHQWHTXDQGRHVWLYHUID
ҧϜ PLOLDUL]DGRFRPDVDo}HVQHFHVViULDV4XDQ
GRKRXYHULQVHJXUDQoDVREUHRTXHID]HURV
ҧϜ
WUDEDOKRVQHFHVViULRVGHYHPVHUUHDOL]DGRV
ҧϜ SRUXPD&RQFHVVLRQiULD9RONVZDJHQRXSRU
ҧϜ XPDHPSUHVDHVSHFLDOL]DGD)HULPHQWRVJUD
ҧϜ YHVSRGHPUHVXOWDUGHWUDEDOKRVUHDOL]DGRV
LQFRUUHWDPHQWH
ҧϜ Ɣ 1XQFDDEULURXIHFKDUDWDPSDGRFRPSDU
WLPHQWRGRPRWRUHQTXDQWRVDLUYDSRURXOt
ҧϜ
TXLGRGHDUUHIHFLPHQWR9DSRUTXHQWHRXOt
TXLGRGHDUUHIHFLPHQWRSRGHPFDXVDUTXHL
ҧϜ PDGXUDVJUDYHV(VSHUDUVHPSUHDWpTXHQmR
VHRXoDQHPYHMDPDLVYDSRURXOtTXLGRGH
$'9(57Ç1&,$ DUUHIHFLPHQWRGRFRPSDUWLPHQWRGRPRWRU
0RYLPHQWRVLQYROXQWiULRVGRYHtFXORGXUDQWH Ɣ 'HL[DUVHPSUHRPRWRUHVIULDUDQWHVGH
RVWUDEDOKRVGHPDQXWHQomRSRGHPFDXVDU DEULUDWDPSDGRFRPSDUWLPHQWRGRPRWRU
IHULPHQWRVJUDYHV Ɣ 3HoDVTXHQWHVGRPRWRURXGRVLVWHPDGH
HVFDSHSRGHPTXHLPDUDSHOHVHWRFDGDV b
&RQVHUYDomR/LPSH]D0DQXWHQomR
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
Ɣ 4XDQGRRPRWRUWLYHUHVIULDGRGHYHVH Ɣ 1XQFDHQFRVWDUQDYHQWRLQKDGRUDGLDGRU
DWHQWDUDRVHJXLQWHDQWHVGHDEULUDWDPSDGR RXQDiUHDGDYHQWRLQKDGRUDGLDGRU2FRQWD
FRPSDUWLPHQWRGRPRWRU WRFRPDVOkPLQDVGRURWRUSRGHFDXVDUIHUL
± 3X[DURIUHLRGHHVWDFLRQDPHQWRHFROR PHQWRVJUDYHV$YHQWRLQKDpFRQWURODGDSRU
FDUDDODYDQFDVHOHWRUDQDSRVLomR'0RX WHPSHUDWXUDHSRGHOLJDUSRUFRQWDSUySULD
DDODYDQFDGDWUDQVPLVVmRQDSRVLomR PHVPRFRPDLJQLomRGHVOLJDGDRXFRPD
QHXWUD FKDYHGRYHtFXORIRUDGDLJQLomR
± 5HWLUDUDFKDYHGRYHtFXORGDLJQLomR Ɣ 4XDQGRIRUQHFHVViULRUHDOL]DUWUDEDOKRV
± 0DQWHUFULDQoDVVHPSUHORQJHGRFRP GXUDQWHRSURFHVVRGHSDUWLGDRXFRPRPR
SDUWLPHQWRGRPRWRUHVREDVXSHUYLVmR WRUHPIXQFLRQDPHQWRH[LVWHXPSHULJRGH
GHDGXOWRV PRUWHGHYLGRjVSHoDVJLUDWyULDVSRUH[HP
SORFRUUHLDGHQWDGDRXSRO\9JHUDGRUHYHQ
Ɣ &RPRPRWRUTXHQWHRVLVWHPDGHDUUHIH
WRLQKDGRUDGLDGRUHGHYLGRDRVLVWHPDGHLJ
FLPHQWRGRPRWRUHVWiVRESUHVVmR1XQFD
QLomRGHDOWDWHQVmR$JLUVHPSUHFRPH[WUH
DEULUDWDPSDGRUHVHUYDWyULRGROtTXLGRGH
PDFDXWHOD
DUUHIHFLPHQWRGRPRWRUFRPRPRWRUTXHQWH
&DVRLVVRVHMDIHLWRROtTXLGRGHDUUHIHFLPHQ ± $WHQWDUVHPSUHSDUDTXHQHQKXPDSDU
WRSRGHUHVSLQJDUHFDXVDUTXHLPDGXUDVH WHGRFRUSRMRLDVJUDYDWDVSHoDVGHURX
RXWURVIHULPHQWRVJUDYHV SDIROJDGDVHFDEHORVFRPSULGRVSRVVD
DOFDQoDUSHoDVJLUDWyULDVGRPRWRU$QWHV
± *LUDUDWDPSDOHQWDPHQWHHFRPPXLWR
GRWUDEDOKRUHPRYHUVHPSUHMRLDVHJUD
FXLGDGRQRVHQWLGRDQWLKRUiULRHQTXDQWR
YDWDVSUHQGHUFDEHORVFRPSULGRVSDUDFL
SUHVVLRQDDWDPSDOHYHPHQWHSDUDEDL[R
PDHDSHUWDUWRGDVDVSHoDVGHURXSDFRQ
± 3URWHJHUVHPSUHRURVWRDVPmRVHRV WUDRFRUSRSDUDHYLWDUTXHVHSUHQGDPHP
EUDoRVGROtTXLGRGHDUUHIHFLPHQWRTXHQWH SHoDVGRPRWRU
RXGRYDSRUFRPXPSDQRJUDQGHHHV
± $FLRQDURSHGDOGRDFHOHUDGRUVHPSUH
SHVVR
FRPFDXWHODHQXQFDGHVDWHQWDPHQWH2
Ɣ $RUHDEDVWHFHUQmRGHUUDPDUIOXLGRVVR YHtFXORSRGHHQWUDUHPPRYLPHQWRPHV
EUHSDUWHVGRPRWRURXVREUHRVLVWHPDGH PRFRPRIUHLRGHHVWDFLRQDPHQWRSX[D
HVFDSH2VIOXLGRVGHUUDPDGRVSRGHPFDX GR
VDULQFrQGLRV
Ɣ 1mRGHL[DUQHQKXPREMHWRFRPRSRU
H[HPSORSDQRVGHOLPSH]DRXIHUUDPHQWDV
$'9(57Ç1&,$ QRFRPSDUWLPHQWRGRPRWRU2EMHWRVGHL[D
$OWDWHQVmRGRVLVWHPDHOpWULFRSRGHFDXVDU GRVSDUDWUiVSRGHPFDXVDUIDOKDVGHIXQFLR
FKRTXHVHOpWULFRVTXHLPDGXUDVIHULPHQWRV QDPHQWRGDQRVDRPRWRUHXPLQFrQGLR
JUDYHVHDPRUWH
Ɣ 1XQFDFRORFDURVLVWHPDHOpWULFRHPFXU $'9(57Ç1&,$
WRFLUFXLWR$EDWHULDGRYHtFXORSRGHULDH[ )OXLGRVHDOJXQVPDWHULDLVQRFRPSDUWLPHQWR
SORGLU GRPRWRUVmRIDFLOPHQWHLQIODPiYHLVHSRGHP
Ɣ 3DUDUHGX]LURVULVFRVGHXPFKRTXHHOp FDXVDULQFrQGLRVHIHULPHQWRVJUDYHV
WULFRHGHIHULPHQWRVJUDYHVREVHUYDURVH Ɣ 1XQFDIXPDUQDVSUR[LPLGDGHVGRFRP
JXLQWHHQTXDQWRRPRWRUHVWLYHUHPIXQFLRQD SDUWLPHQWRGRPRWRU
PHQWRRXGXUDQWHDSDUWLGD
Ɣ 1XQFDWUDEDOKDUQDVSUR[LPLGDGHVGHFKD
± 1XQFDHQFRVWDUQRVFRQGXWRUHVHOpWUL PDVH[SRVWDVRXIDtVFDV
FRVGRVLVWHPDGHLJQLomR
Ɣ 1XQFDGHUUDPDUIOXLGRVVREUHRPRWRU(V
± 1XQFDHQFRVWDUQRVFDERVGHDOLPHQWD
WHVSRGHPLQIODPDUFRPSHoDVTXHQWHVGR
omR
PRWRUHFDXVDUIHULPHQWRV
Ɣ 6HIRUHPQHFHVViULRVWUDEDOKRVQRVLVWH
$'9(57Ç1&,$ PDGHFRPEXVWtYHORXQRVLVWHPDHOpWULFR
1RFRPSDUWLPHQWRGRPRWRUHQFRQWUDPVH REVHUYDURVHJXLQWH b
SHoDVJLUDQGRTXHSRGHPFDXVDUIHULPHQWRV
JUDYHV
1RFRPSDUWLPHQWRGRPRWRU
$'9(57Ç1&,$FRQWLQXDomR
± 'HVFRQHFWDUVHPSUHDEDWHULDGRYHtFX
OR$WHQWDUSDUDTXHRYHtFXORHVWHMDGHV
WUDYDGRTXDQGRDEDWHULDGRYHtFXORIRU
GHVFRQHFWDGDSRLVFDVRFRQWUiULRRVLV
WHPDGHDODUPHVHUiDWLYDGR
± 1XQFDWUDEDOKDUSHUWRGHDTXHFLPHQWRV
DTXHFHGRUHVGHSDVVDJHPRXRXWUDVFKD
PDVH[SRVWDV
Ɣ 7HUVHPSUHjPmRXPH[WLQWRUGHLQFrQGLR
IXQFLRQDOHLQVSHFLRQDGR
127$
$RWURFDURXUHDEDVWHFHUIOXLGRVDWHQWDUSDUD
TXHRVIOXLGRVHVWHMDPQRVUHFLSLHQWHVFRUUH
WRV)OXLGRVLQFRUUHWRVSRGHPFDXVDUGHILFLrQ
FLDVIXQFLRQDLVVpULDVHGDQRVDRPRWRU
3UHSDUDURYHtFXORSDUDWUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
/LVWDGHFRQWUROH
d
ҧϜ
d
d
d
ҧϜ
'0
d
ҧϜ
d
ҧϜ
d
d
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
$REVHUYkQFLDGDOLVWDGHFRQWUROHpHVVHQFL Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
DOSDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURV WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
HGHPDLVFRQGXWRUHVHYLWDQGRSRVVtYHLVDFL JHUDOPHQWHYiOLGDV
GHQWHV
&RQVHUYDomR/LPSH]D0DQXWHQomR
$EULUHIHFKDUDWDPSDGRFRPSDUWLPHQWRGRPRWRU
)LJ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)HFKDUDWDPSDGRFRPSDUWLPHQWRGRPRWRU
ҧϜ
$EULUDWDPSDGRFRPSDUWLPHQWRGRPRWRU ҧϜ '
ҧϜ &
ҧϜ
QmR
ҧϜ $
ҧϜ
ҧϜ %
b
ҧϜ &
ҧϜ '
1RFRPSDUWLPHQWRGRPRWRU
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
8PDWDPSDGRFRPSDUWLPHQWRGRPRWRUIH Ɣ $EULURXIHFKDUDWDPSDGRFRPSDUWLPHQWR
FKDGDLQFRUUHWDPHQWHSRGHVHDEULUVXELWD GRPRWRUVRPHQWHVHQmRKRXYHUQLQJXpP
PHQWHGXUDQWHDFRQGXomRHEORTXHDUDYLVWD HPVHXUDLRGHDEHUWXUD
SDUDIUHQWH,VWRSRGHULDFDXVDUDFLGHQWHVH
IHULPHQWRVJUDYHV 127$
Ɣ $SyVIHFKDUDWDPSDGRFRPSDUWLPHQWR Ɣ 3DUDHYLWDUGDQRVjWDPSDGRFRPSDUWLPHQ
GRPRWRUYHULILFDUVHDWUDYDHQJDWRXFRUUHWD WRGRPRWRUHDRVEUDoRVGRVOLPSDGRUHVGR
PHQWHQRIHFKR$WDPSDGRFRPSDUWLPHQWR SDUDEULVDVRPHQWHDEULUDWDPSDGRFRPSDUWL
GRPRWRUGHYHHVWDUDOLQKDGDFRPDVSHoDV PHQWRGRPRWRUFRPRVOLPSDGRUHVGRSDUD
DGMDFHQWHVGDFDUURFHULD EULVDUHEDWLGRV
Ɣ 6HIRUFRQVWDWDGRGXUDQWHDFRQGXomRTXH Ɣ $QWHVGRLQtFLRGDFRQGXomRUHEDWHUVHP
DWDPSDGRFRPSDUWLPHQWRGRPRWRUQmRHVWi SUHRVEUDoRVGRVOLPSDGRUHVGRSDUDEULVDVR
IHFKDGDFRUUHWDPHQWHSDUDULPHGLDWDPHQWHH EUHRSDUDEULVD
IHFKDURFRPSDUWLPHQWRGRPRWRU
&RQVHUYDomR/LPSH]D0DQXWHQomR
ÏOHRGRPRWRU
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU
RyOHRGRPRWRUSRLVDVVLPKiULVFRGHTXH
RXWUDVSHVVRDVSRVVDPLQJHULURyOHRGRPR
WRUDUPD]HQDGR
Ɣ 2FRQWDWRIUHTXHQWHFRPRyOHRGRPRWRU
SRGHFDXVDUOHV}HVQDSHOH(PFDVRGHFRQ
WDWRFRPRyOHRGRPRWRUODYDUDSHOHFXLGD
GRVDPHQWHFRPiJXDHVDEmR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ &RPRPRWRUHPIXQFLRQDPHQWRRyOHR
ҧϜ 0DQXWHQomRHJDUDQWLD GRPRWRUILFDH[WUHPDPHQWHTXHQWHSRGHQGR
FDXVDUTXHLPDGXUDVJUDYHV'HL[DUVHPSUHR
PRWRUHVIULDU
ҧϜ
ҧϜ
$'9(57Ç1&,$
6HPDQXVHDGRGHIRUPDLQDGHTXDGDRyOHR
GRPRWRUSRGHFDXVDUTXHLPDGXUDVHRXWURV
IHULPHQWRVJUDYHV
Ɣ 8VDUVHPSUHyFXORVGHSURWHomRGXUDQWH
RPDQXVHLRGRyOHRGRPRWRU
Ɣ 2yOHRGRPRWRUpWy[LFRHGHYHVHUFRQ
VHUYDGRIRUDGRDOFDQFHGHFULDQoDV
Ɣ &RQVHUYDURyOHRGRPRWRUVRPHQWHQRUH
FLSLHQWHRULJLQDOIHFKDGR,VWRYDOHWDPEpP
SDUDRyOHRXVDGRDWpRPRPHQWRGHVHXGHV
FDUWH
1RFRPSDUWLPHQWRGRPRWRU
/X]GHDGYHUWrQFLD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
3LVFDQ
&DXVDSRVVtYHO 6ROXomR
GR
1mRSURVVHJXLU
E
ҧϜ
QmR
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
VDVpHVVHQFLDOSDUDDVHJXUDQoDGRFRQGX ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt
WRUHGRVSDVVDJHLURVHYLWDQGRSRVVtYHLVD FXORHDRVGHPDLVFRQGXWRUHV
SDUDGDVGRYHtFXOREHPFRPRHYHQWXDLVDFL E
GHQWHV
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLDH
DVPHQVDJHQVGHWH[WR
(VSHFLILFDomRGRyOHRGRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$3,6/ $3,60 $3,61
6$(: 6$(: 6$(: 6$(
: 6$(:
9:
ZZZYRONVZDJHQ
FRPEU 6HUYLoR 6HUYLoRVH0DQX
WHQomR ÏOHRVH)OXLGRV ҧϜ b
9:
&RQVHUYDomR/LPSH]D0DQXWHQomR
&RPSOHWDURXWURFDURyOHRGRPRWRU (VSHFLILFDomRGRyOHRGRPRWRU
9:
1XQFDXOWUDSDVVHROLPLWHVXSHULRUGDIDL[D
Ɣ 8WLOL]DUVRPHQWHDHVSHFLILFDomRGHyOHRGR Ɣ 1mRPLVWXUDUDGLWLYRVOXEULILFDQWHVDGLFLR
PRWRUH[SUHVVDPHQWHKRPRORJDGRSHOD QDLVDRyOHRGRPRWRU'DQRVFDXVDGRVSRU
9RONVZDJHQ$XWLOL]DomRGHRXWURVyOHRVGH WDLVDGLWLYRVHVWmRH[FOXtGRVGDFREHUWXUDHP
PRWRUSRGHFDXVDUGDQRVDRPRWRU JDUDQWLD
9HULILFDURQtYHOGRyOHRGRPRWRUHUHDEDVWHFHUFRPyOHRGRPRWRU
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
/LVWDGHFRQWUROH
ҧϜ
TXHQWH
ҧϜ
E ҧϜ
ҧϜ
1RFRPSDUWLPHQWRGRPRWRU
/LVWDGHFRQWUROHFRQWLQXDomR
ҧϜ
1mR ҧϜ
REULJDWRULDPHQWH
ҧϜ
ҧϜ
ҧϜ ҧϜ
ҧϜ
127$
Ɣ 1mROLJDURPRWRUVHRQtYHOGRyOHRGRPR
WRUHVWLYHUDFLPDGDiUHD³0$;´3URFXUDUDX[t
OLRWpFQLFRHVSHFLDOL]DGR&DVRFRQWUiULRRFD
WDOLVDGRUHRPRWRUSRGHPVHUGDQLILFDGRV
b
&RQVHUYDomR/LPSH]D0DQXWHQomR
&DSDFLGDGHV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
4XDQWLGDGHGHyOHRGRPRWRUFRPDWURFDGRILOWUR
&RQVXPRGHyOHRGRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
7URFDGHyOHRGRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
6HHPFDVRVH[FHSFLRQDLVYRFrPHVPRSUH
FLVDUWURFDURyOHRGRPRWRUREVHUYDURVVH
JXLQWHVSRQWRV
ҧϜ 0DQXWHQomRHJD Ɣ 8VDUVHPSUHyFXORVGHSURWHomR
UDQWLD Ɣ 'HL[DUVHPSUHRPRWRUHVIULDUWRWDOPHQWH
SDUDHYLWDUTXHLPDGXUDV
Ɣ 0DQWHURVEUDoRVQDKRUL]RQWDOTXDQGR
GHVDSDUDIXVDURSDUDIXVRGHGUHQDJHPGR
yOHRSDUDHYLWDUTXHRyOHRGUHQDGRSRVVDHV
FRUUHUSHOREUDoR
Ɣ 8WLOL]DUXPUHFLSLHQWHDSURSULDGRSDUDD
FROHWDGRyOHRXVDGRTXHSRVVDFRPSRUWDU
QRPtQLPRDTXDQWLGDGHWRWDOGHyOHRGRPR
WRU b
ҧϜ 0DQXWHQomRH
JDUDQWLD
1RFRPSDUWLPHQWRGRPRWRU
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU
RyOHRGRPRWRUSRLVDVVLPRyOHRGRPRWRU
DOLFRQWLGRQHPVHPSUHSRGHUiVHULGHQWLILFD
GRSRURXWUDVSHVVRDV
Ɣ 2yOHRGRPRWRUpWy[LFRHGHYHVHUFRQ
VHUYDGRIRUDGRDOFDQFHGHFULDQoDV
127$
1mRPLVWXUDUDGLWLYRVOXEULILFDQWHVDGLFLRQDLV
DRyOHRGRPRWRU'DQRVFDXVDGRVSRUWDLVDGL
WLYRVHVWmRH[FOXtGRVGDFREHUWXUDHPJDUDQWLD ҧϜ
&RQVHUYDomR/LPSH]D0DQXWHQomR
/tTXLGRGHDUUHIHFLPHQWRGRPRWRU
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
2OtTXLGRGHDUUHIHFLPHQWRGRPRWRUpWy[LFR
Ɣ &RQVHUYDUROtTXLGRGHDUUHIHFLPHQWRGR
PRWRUHPVHXUHFLSLHQWHRULJLQDOIHFKDGRH
HPOXJDUVHJXUR
Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV
RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU
ROtTXLGRGHDUUHIHFLPHQWRGRPRWRUMiTXH
KiULVFRGHROtTXLGRDUPD]HQDGRVHULQJHUL
GRSRURXWUDVSHVVRDHRXFRQWDPLQDGRRSH
ORVUHVtGXRVGRUHFLSLHQWH
Ɣ 0DQWHUROtTXLGRGHDUUHIHFLPHQWRGRPR
WRUIRUDGRDOFDQFHGHFULDQoDV
Ɣ $VVHJXUDUTXHVHMDSUHYLVWDDSURSRUomR
ҧϜ
FRUUHWDGHDGLWLYRGROtTXLGRGHDUUHIHFLPHQWR
GRPRWRUGHDFRUGRFRPDWHPSHUDWXUDDPEL
HQWHQDTXDORYHtFXORVHUiRSHUDGR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧϜ
ҧϜ
1RFRPSDUWLPHQWRGRPRWRU
/X]GHDGYHUWrQFLDHLQGLFDGRUGHWHPSHUDWXUDGROtTXLGRGH
DUUHIHFLPHQWRGRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
)LJ
3RVLomRGR
$FHVD SRQWHLUR &DXVDSRVVtYHO 6ROXomR
ҧϜ)LJ
1mRSURVVHJXLU
ҧϜ
~
ҧϜ
~
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt
UDDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHL FXORHDRVGHPDLVFRQGXWRUHV
URVHYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOR
EHPFRPRHYHQWXDLVDFLGHQWHV 127$
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD 2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
DFHVDVHDVPHQVDJHQVGHWH[WR DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVQR
YHtFXOR
&RQVHUYDomR/LPSH]D0DQXWHQomR
(VSHFLILFDo}HVGROtTXLGRGHDUUHIHFLPHQWRGRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
3URWHomRDQWLFRQJHODQWHLQVXILFLHQWHQRVLV
WHPDGHDUUHIHFLPHQWRGRPRWRUSRGHOHYDU
DRFRODSVRGRPRWRU
iJXDSRWiYHO Ɣ $VVHJXUDUTXHVHMDSUHYLVWDDSURSRUomR
FRUUHWDGHDGLWLYRGROtTXLGRGHDUUHIHFLPHQWR
GRPRWRUGHDFRUGRFRPDWHPSHUDWXUDDPEL
HQWHQDTXDORYHtFXORVHUiRSHUDGR
127$
1XQFDPLVWXUDUDGLWLYRVGROtTXLGRGHDUUHIHFL
PHQWRGRPRWRURULJLQDLVFRPRXWURVOtTXLGRV
GHDUUHIHFLPHQWRQmROLEHUDGRVSHOD
9RONVZDJHQ$PLVWXUDFRPOtTXLGRVGHDUUHIH
FLPHQWRHVWUDQKRVSRGHFDXVDUJUDYHVGDQRV
VHPSUH DRPRWRUHDRVLVWHPDGHDUUHIHFLPHQWRGRPR
WRU
Ɣ 4XDQGRROtTXLGRQRUHVHUYDWyULRFRPSHQ
VDGRUGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUHV
WLYHUFRPDFRORUDomRPDUURPROtTXLGRGHDU
UHIHFLPHQWRGRPRWRUIRLFRQWDPLQDGR1HVVH
FDVRROtTXLGRGHDUUHIHFLPHQWRGRPRWRUGHYH
VHUWURFDGRLPHGLDWDPHQWH&DVRFRQWUiULRSR
GHPRFRUUHUIDOKDVGHIXQFLRQDPHQWRJUDYHV
RXGDQRVDRPRWRU
iJXDSRWiYHO
ҧϜ
1RFRPSDUWLPHQWRGRPRWRU
9HULILFDURQtYHOGROtTXLGRGHDUUHIHFLPHQWRGRPRWRUHUHDEDVWHFHUFRP
OtTXLGRGHDUUHIHFLPHQWRGRPRWRU
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
QRYR ҧϜ
3UHSDUDo}HV ҧϜ 1mRFRPSOHWDUDFLPDGDPDUFD
PD[ ҧϜ
ҧϜ
ҧϜ iJXDSRWiYHO
ҧϜ
«
ҧϜ ҧϜ
9HULILFDURQtYHOGROtTXLGRGHDUUHIHFLPHQWR
GRPRWRU $'9(57Ç1&,$
9DSRURXOtTXLGRGHDUUHIHFLPHQWRGRPRWRU
TXHQWHVSRGHPFDXVDUTXHLPDGXUDVJUDYHV
ҧϜ Ɣ 1XQFDDEULUDWDPSDGRFRPSDUWLPHQWRGR
PRWRUTXDQGRVHSXGHUYHURXRXYLUYDSRURX
OtTXLGRGHDUUHIHFLPHQWRVDLQGRGRFRPSDUWL
PHQWRGRPRWRU(VSHUDUVHPSUHDWpTXHQmR
VHYHMDRXRXoDPDLVYDSRURXOtTXLGRGHDU
UHIHFLPHQWRVDLQGR
Ɣ 'HL[DUTXHRPRWRUDWLQMDDWHPSHUDWXUD
5HDEDVWHFHUFRPOtTXLGRGHDUUHIHFLPHQWR DPELHQWHDQWHVGHDEULUFXLGDGRVDPHQWHD
GRPRWRU WDPSDGRFRPSDUWLPHQWRGRPRWRU$RVHUHP
WRFDGDVSDUWHVTXHQWHVSRGHPTXHLPDUDSH
OH
Ɣ 4XDQGRRPRWRUWLYHUHVIULDGRGHYHVH
DWHQWDUDRVHJXLQWHDQWHVGHDEULUDWDPSDGR
FRPSDUWLPHQWRGRPRWRU b
ҧϜ
&RQVHUYDomR/LPSH]D0DQXWHQomR
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
± 3X[DURIUHLRGHHVWDFLRQDPHQWRHFROR VDULQFrQGLRV(PFLUFXQVWkQFLDVGHWHUPLQD
FDUDDODYDQFDGDWUDQVPLVVmRQDSRVLomR GDVRHWLOHQRJOLFROGROtTXLGRGHDUUHIHFLPHQ
QHXWUDRXDDODYDQFDVHOHWRUDQDSRVL WRGRPRWRUSRGHSHJDUIRJR
omR'0
± 5HWLUDUDFKDYHGRYHtFXORGDLJQLomR 127$
± 0DQWHUFULDQoDVVHPSUHORQJHGRFRP Ɣ &RPSOHWDUFRPOtTXLGRGHDUUHIHFLPHQWRGR
SDUWLPHQWRGRPRWRUHVREDVXSHUYLVmR PRWRUVRPHQWHDWpDPDUFD³PD[´ҧϜ)LJ
GHDGXOWRV &DVRFRQWUiULRDRDTXHFHUVHROtTXLGRH[FH
Ɣ &RPRPRWRUTXHQWHRVLVWHPDGHDUUHIH GHQWHVHULDH[SXOVRGRVLVWHPDGHDUUHIHFLPHQ
FLPHQWRGRPRWRUHVWiVRESUHVVmR1XQFD WRHSRGHULDFDXVDUGDQRV
DEULUDWDPSDGRUHVHUYDWyULRGROtTXLGRGH Ɣ (PFDVRGHPDLRUHVSHUGDVGHOtTXLGRGH
DUUHIHFLPHQWRGRPRWRUFRPRPRWRUTXHQWH DUUHIHFLPHQWRGRPRWRUFRPSOHWDUFRPOtTXLGR
&DVRLVVRVHMDIHLWRROtTXLGRGHDUUHIHFLPHQ GHDUUHIHFLPHQWRVRPHQWHFRPRPRWRUHP
WRSRGHUHVSLQJDUHFDXVDUTXHLPDGXUDVH WHPSHUDWXUDDPELHQWH$WULEXHPVHPDLRUHV
RXWURVIHULPHQWRVJUDYHV SHUGDVGHOtTXLGRGHDUUHIHFLPHQWRGRPRWRUD
± *LUDUDWDPSDOHQWDPHQWHHFRPPXLWR YD]DPHQWRVGRVLVWHPDGHDUUHIHFLPHQWR2
FXLGDGRQRVHQWLGRDQWLKRUiULRHQTXDQWR VLVWHPDGHDUUHIHFLPHQWRGRPRWRUGHYHVHU
SUHVVLRQDDWDPSDOHYHPHQWHSDUDEDL[R YHULILFDGRSRUXPD&RQFHVVLRQiULD9RONVZDJHQ
± 3URWHJHUVHPSUHRURVWRDVPmRVHRV RXSRUXPDHPSUHVDHVSHFLDOL]DGD&DVRFRQ
EUDoRVGROtTXLGRGHDUUHIHFLPHQWRGRPR WUiULRSRGHPRFRUUHUGDQRVDRPRWRU
WRUTXHQWHRXGRYDSRUFRPXPSDQR Ɣ $RUHDEDVWHFHUFRPIOXLGRVFHUWLILFDUVHGH
JUDQGHHHVSHVVR TXHRUHVHUYDWyULRFRUUHWRHVWiVHQGRSUHHQ
Ɣ $RUHDEDVWHFHUQmRGHUUDPDUIOXLGRVVR FKLGR$XWLOL]DomRGHIOXLGRVLQFRUUHWRVSRGH
EUHSDUWHVGRPRWRURXVREUHRVLVWHPDGH UHVXOWDUHPIDOKDVGHIXQFLRQDPHQWRJUDYHVH
HVFDSH2VIOXLGRVGHUUDPDGRVSRGHPFDX GDQRVDRPRWRU
1RFRPSDUWLPHQWRGRPRWRU
6LVWHPDGHSDUWLGDDIULR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 6HRSURFHGLPHQWRDQWHULRUQmRIRUUHVSHL
WDGRSRGHID]HUFRPTXHRFRPEXVWtYHOHV
SLUUHRXWUDQVERUGHKDYHQGRXPSRWHQFLDO
ULVFRGHLQFrQGLRVH[SORV}HVTXHLPDGXUDV
JUDYHVHRXWURVIHULPHQWRV
Ɣ 3RUPRWLYRVGHVHJXUDQoDGHVOLJDURPR
WRUHDLJQLomRDRDEDVWHFHU
Ɣ $RDEDVWHFHUGHVOLJDUVHPSUHRWHOHIRQH
PyYHOUiGLRVSRUWiWHLVHRXWURVHTXLSDPHQ
WRVGHUiGLR5DGLDo}HVHOHWURPDJQpWLFDVSR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GHPJHUDUIDtVFDVHDVVLPFDXVDUXPLQFrQ
GLR
ҧϜ Ɣ 1XQFDHQWUDUQRYHtFXORDRDEDVWHFHU6H
ҧϜ IRUQHFHVViULRHQWUDUQRYHtFXORIHFKDUDSRU
WDHWRFDUXPDVXSHUItFLHPHWiOLFDDQWHVGH
ҧϜ VHJXUDUQRYDPHQWHDSLVWRODGHDEDVWHFLPHQ
WR,VWRLPSHGHDJHUDomRGHGHVFDUJDVHOH
$'9(57Ç1&,$ WURVWiWLFDVFDXVDGRUDVGHIDtVFDV$RDEDVWH
8PDEDVWHFLPHQWRLQFRUUHWRHRXVR FHUIDtVFDVSRGHPLQLFLDUXPLQFrQGLR
LQDGHTXDGRGRFRPEXVWtYHOSRGHPFDXVDU Ɣ (YLWDUGHVFDUJDVHOHWURVWiWLFDVHUDGLD
H[SORV}HVLQFrQGLRVTXHLPDGXUDVHRXWURV o}HVHOHWURPDJQpWLFDVDRDEDVWHFHU
IHULPHQWRVJUDYHV Ɣ 2EVHUYDUDVLQGLFDo}HVGHVHJXUDQoDGR
Ɣ *DUDQWLUVHPSUHRIHFKDPHQWRFRUUHWRGD SRVWRGHFRPEXVWtYHO
WDPSDGRUHVHUYDWyULRGHJDVROLQDGRVLVWHPD Ɣ 1XQFDGHUUDPDUFRPEXVWtYHOQRYHtFXOR
GHSDUWLGDDIULRSDUDHYLWDUDHYDSRUDomRHR RXQRFRPSDUWLPHQWRGHEDJDJHP
YD]DPHQWRGHFRPEXVWtYHO
Ɣ 2FRPEXVWtYHOpDOWDPHQWHH[SORVLYRHID 127$
FLOPHQWHLQIODPiYHOHSRGHFDXVDUTXHLPDGX
UDVJUDYHVHRXWURVIHULPHQWRV 5HPRYHULPHGLDWDPHQWHRFRPEXVWtYHOGHUUD
PDGRGHWRGDVDVSHoDVGRYHtFXORSDUDHYLWDU
Ɣ 1XQFDDEDVWHFHURYHtFXORFRPRPRWRU GDQRVjFDL[DGHURGDSQHXVHSLQWXUD
HPIXQFLRQDPHQWRRXFRPRELFRGDERPED
GHVHQFDL[DGRGRERFDOGHDEDVWHFLPHQWRGR
UHVHUYDWyULRGHJDVROLQDGRVLVWHPDGHSDUWL
GDDIULR
&DSDFLGDGHV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
&DSDFLGDGHGRUHVHUYDWyULRGHJDVROLQDSDUDRVLVWHPDGHSDUWLGDDIULR
&RQVHUYDomR/LPSH]D0DQXWHQomR
5HVHUYDWyULRGHJDVROLQDSDUDRVLVWHPDGHSDUWLGDDIULR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GHYHVHUDEDVWHFLGRSUHIHUHQFLDOPHQ
WHFRPJDVROLQDDGLWLYDGD
$QWHV $'9(57Ç1&,$
1XQFDHQFKHURUHVHUYDWyULRGRVLVWHPDGH
SDUWLGDDIULRDFLPDGDPDUFD³0$;´
Ɣ 8PDEDVWHFLPHQWRLQFRUUHWRHRPDQXVHLR
LQFRUUHWRGDJDVROLQDSRGHPFDXVDUH[SOR
ҧϜ ҧϜ V}HVLQFrQGLRVHTXHLPDGXUDVHIHULPHQWRV
JUDYHV(PFDVRGHJDVROLQDGHUUDPDGDIH
FKDUDWDPSDGRUHVHUYDWyULRHUHPRYHUDJD
ҧϜ VROLQDGHUUDPDGDFRPiJXD
ҧϜ Ɣ 'XUDQWHRDEDVWHFLPHQWRSRUPRWLYRVGH
0DQXWHQomRHJDUDQWLD VHJXUDQoDpQHFHVViULRGHVOLJDURPRWRUD
LJQLomRRYHQWLODGRUGRVLVWHPDGHYHQWLOD
$EDVWHFLPHQWRGRUHVHUYDWyULRGHJDVROLQD omRHDTXHFLPHQWRRXGRDUFRQGLFLRQDGRR
GRVLVWHPDGHSDUWLGDDIULR WHOHIRQHPyYHOUiGLRVSRUWiWHLVHRXWURV
HTXLSDPHQWRVGHUiGLR
ҧϜ ҧϜ
1RFRPSDUWLPHQWRGRPRWRU
6LVWHPDGHSDUWLGDDTXHFLGD()/(;
,QIRUPDo}HVVREUHRVLVWHPDGHSDUWLGDDTXHFLGD
D
ҧϜ
D 127$
Ɣ 6HRYHtFXOR727$/)/(;ILFDULPRELOL]DGR
SRU³IDOWDGHFRPEXVWtYHO´VHUiQHFHVViULR
DEDVWHFHURYHtFXORFRPRPHVPRWLSRGR~OWL
PRFRPEXVWtYHOXWLOL]DGRJDVROLQDRXHWDQRO
D
Ɣ 6HIRUQHFHVViULRDEDVWHFHURWDQTXHFRP
FRPEXVWtYHOGLIHUHQWHGRTXHHVWDYDVHQGRXWL
OL]DGRSRGHUiRFRUUHU
ҧϜ
± 'LILFXOGDGHQDSDUWLGDFRPRPRWRUIULR
± 3HUFHSWtYHLVTXHGDVQRUHQGLPHQWRGR
PRWRU
Ɣ 2YHtFXORGHYHUiSHUFRUUHUDSUR[LPDGDPHQ
WHTXLO{PHWURVSDUDUHFRQKHFHURQRYRFRP
ҧϜ 0DQXWHQomRHJDUDQWLD EXVWtYHOSDUDTXHQmRRFRUUDXPDGDVVLWXD
o}HVDFLPD
ҧϜ
ҧϜ
&RQVHUYDomR/LPSH]D0DQXWHQomR
%DWHULDGRYHtFXOR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
7UDEDOKRVQDFRPDEDWHULDGRYHtFXORHQR
VLVWHPDHOpWULFRSRGHPFDXVDUTXHLPDGXUDV
TXtPLFDVLQFrQGLRVRXFKRTXHVHOpWULFRV
JUDYHV$QWHVGHTXDOTXHUSURFHGLPHQWROHU
HREVHUYDUVHPSUHRVVHJXLQWHVDOHUWDVHSUH
FDXo}HVGHVHJXUDQoD
Ɣ $QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGR
YHtFXORGHVOLJDUDLJQLomRHWRGRVRVFRQVX
PLGRUHVHOpWULFRVHGHVFRQHFWDURFDERGR
SRORQHJDWLYRGDEDWHULDGRYHtFXOR
Ɣ 0DQWHUFULDQoDVORQJHGRHOHWUyOLWRGDED
WHULDHGDEDWHULDGRYHtFXOR
ҧϜ Ɣ 8VDUVHPSUHyFXORVGHSURWHomR
Ɣ 2HOHWUyOLWRGDEDWHULDpPXLWRDJUHVVLYR
(OHSRGHTXHLPDUDSHOHHSURYRFDUDSHUGD
GDYLVmR$RPDQXVHDUDEDWHULDGRYHtFXOR
SURWHJHUSULQFLSDOPHQWHDVPmRVRVEUDoRV
HRVROKRVGHUHVSLQJRVGHHOHWUyOLWR
Ɣ 1mRIXPDUHQXQFDWUDEDOKDUSUy[LPRGH
/RFDOGHLQVWDODomRGDEDWHULDGRYHtFXOR
FKDPDVH[SRVWDVRXGHIDtVFDV
Ɣ (YLWDUDSURGXomRGHIDtVFDVSRUFDERVH
DSDUHOKRVHOpWULFRVEHPFRPRGHGHVFDUJDV
6LJQLILFDGRGRVDOHUWDVQDEDWHULDGRYHtFXOR HOHWURVWiWLFDV
6tPEROR 6LJQLILFDGR Ɣ 1XQFDSRURVSRORVGDEDWHULDHPFXUWR
FLUFXLWR
Ɣ 1XQFDXWLOL]DUXPDEDWHULDGRYHtFXORGD
QLILFDGDKDYHQGRDQHFHVVLGDGHGHVXEVWLWXL
ODLPHGLDWDPHQWHVRERULVFRGDEDWHULDH[
SORGLU
Ɣ 8PDEDWHULDGHVFDUUHJDGDSRGHFRQJHODU
HPWHPSHUDWXUDVHPWRUQRGH&(PFDVR
GHFRQJHODPHQWRDEDWHULDWDPEpPGHYHVHU
VXEVWLWXtGDLPHGLDWDPHQWH
Ɣ $VVHJXUDUVHTXHQmRKDMDSHVVRDVQRLQ
WHULRUGRYHtFXORGXUDQWHDVXEVWLWXLomRGD
EDWHULD(PFDVRGHXPDSDQHHOpWULFDRVDLU
EDJVSRGHPVHUDFLRQDGRVDFLGHQWDOPHQWHH
SURYRFDUIHULPHQWRVJUDYHVRXDWpIDWDLVQRV
RFXSDQWHVGRYHtFXOR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ 0DQXWHQomRHJDUDQWLD
127$
Ɣ 1XQFDGHVFRQHFWDUDEDWHULDGRYHtFXOR
ҧϜ
FRPDLJQLomROLJDGDRXFRPRPRWRUHPIXQ
FLRQDPHQWRQHPFRQHFWiODDRXWUDSRLVVHQmR
ҧϜ RVLVWHPDHOpWULFRHRVFRPSRQHQWHVHOHWU{QL
FRVSRGHPVHUGDQLILFDGRV b
1RFRPSDUWLPHQWRGRPRWRU
127$FRQWLQXDomR
Ɣ 1mRH[SRUDEDWHULDGRYHtFXORSRUSHUtRGRV
SURORQJDGRVjOX]VRODUGLUHWDSRLVRVUDLRVXO
WUDYLROHWDVSRGHPGDQLILFDUDFDUFDoDGDEDWH
ULD
Ɣ &RPRYHtFXORSDUDGRSRUXPORQJRSHUtR
GRSURWHJHUDEDWHULDGRYHtFXORGRIULRGHPR
GRTXHQmR³FRQJHOH´HDVVLPVHMDGHVWUXtGD
ҧϜ &DUUHJDUVXEVWL
WXLUGHVFRQHFWDURXFRQHFWDUDEDWHULDGRYHtFXOR
/X]GHDGYHUWrQFLD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
DFHVDVHDVPHQVDJHQVGHWH[WR
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
$'9(57Ç1&,$ ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt
FXORHDRVGHPDLVFRQGXWRUHV
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD
127$
UDDVHJXUDQoDGRFRQGXWRUHGRVSDVVDJHL
URVHYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOR 2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
EHPFRPRHYHQWXDLVDFLGHQWHV DVPHQVDJHQVGHWH[WRSDUDHYLWDUGDQRVQR
YHtFXOR
9HULILFDURQtYHOGHHOHWUyOLWRGDEDWHULDGRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3UHSDUDo}HV
ҧϜ
ҧϜ b
&RQVHUYDomR/LPSH]D0DQXWHQomR
9HULILFDURQtYHOGRHOHWUyOLWRGDEDWHULD $'9(57Ç1&,$
7UDEDOKRVQDEDWHULDGRYHtFXORSRGHPFDX
VDUTXHLPDGXUDVTXtPLFDVH[SORV}HVRX
FKRTXHVHOpWULFRVJUDYHV
Ɣ 8VDUVHPSUHOXYDVHyFXORVGHSURWHomR
Ɣ 2HOHWUyOLWRGDEDWHULDpPXLWRDJUHVVLYR
(OHSRGHTXHLPDUDSHOHHSURYRFDUDSHUGD
GDYLVmR$RPDQXVHDUDEDWHULDGRYHtFXOR
SURWHJHUSULQFLSDOPHQWHDVPmRVRVEUDoRV
HRVROKRVGHUHVSLQJRVGHHOHWUyOLWR
&RU $omR Ɣ 1XQFDYLUDUDEDWHULDGRYHtFXOR(OHWUyOLWR
SRGHVDLUGDVDEHUWXUDVGHYHQWLODomRHFDX
VDUTXHLPDGXUDVTXtPLFDV
$PDUHOR
Ɣ -DPDLVDEULUXPDEDWHULDGRYHtFXOR
FODUR LQ
FRORU Ɣ (PFDVRGHUHVSLQJRVGHHOHWUyOLWRQDSHOH
RXQRVROKRVODYDULPHGLDWDPHQWHDiUHDDIH
WDGDFRPiJXDJHODGDSRUDOJXQVPLQXWRV
(PVHJXLGDSURFXUDULPHGLDWDPHQWHXPPp
GLFR
Ɣ (PFDVRGHLQJHVWmRGRHOHWUyOLWRSURFX
UDUXPPpGLFRLPHGLDWDPHQWH
&DUUHJDUVXEVWLWXLUGHVFRQHFWDURXFRQHFWDUDEDWHULDGRYHtFXOR
ҧϜ
6XEVWLWXLUDEDWHULDGRYHtFXOR
)LJ
'HVFRQHFWDUDEDWHULDGRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&DUUHJDUDEDWHULDGRYHtFXOR
ҧϜ b
1RFRPSDUWLPHQWRGRPRWRU
3RUTXHPRWLYRDEDWHULDGRYHtFXORVH
ҧϜ GHVFDUUHJD"
&RQHFWDUDEDWHULDGRYHtFXOR
$'9(57Ç1&,$
2XVRGHEDWHULDVGRYHtFXORLQFRUUHWDVRXD
VXDIL[DomRLQDGHTXDGDSRGHPFDXVDUFXUWR
ҧϜ FLUFXLWRVLQFrQGLRVHIHULPHQWRVJUDYHV
ҧϜ Ɣ 8WLOL]DUVRPHQWHEDWHULDVQRYHtFXORVHP
QHFHVVLGDGHGHPDQXWHQomRHSURWHJLGDV
FRQWUDYD]DPHQWRVTXHSRVVXDPDVPHVPDV
ҧϜ FDUDFWHUtVWLFDVHVSHFLILFDo}HVHGLPHQV}HV
GDEDWHULDGRYHtFXORLQVWDODGDGHIiEULFD
Ɣ $VVHJXUDUVHTXHQmRKDMDSHVVRDVQRLQ
WHULRUGRYHtFXORGXUDQWHDVXEVWLWXLomRGD
EDWHULD(PFDVRGHXPDSDQHHOpWULFDRVDLU
EDJVSRGHPVHUDFLRQDGRVDFLGHQWDOPHQWHH
SURYRFDUIHULPHQWRVJUDYHVRXDWpIDWDLVQRV
RFXSDQWHVGRYHtFXOR
$'9(57Ç1&,$
$RFDUUHJDUDEDWHULDGRYHtFXORpSURGX]LGD
XPDPLVWXUDGHJDVHVDOWDPHQWHH[SORVLYD
Ɣ &DUUHJDUDEDWHULDGRYHtFXORVRPHQWHHP
UHFLQWRVEHPYHQWLODGRV
ҧϜ
ҧϜ 0DQXWHQomR Ɣ 1XQFDFDUUHJDUXPDEDWHULDGRYHtFXOR
HJDUDQWLD FRQJHODGDRXTXHWHQKDVLGRGHVFRQJHODGD
8PDEDWHULDGRYHtFXORGHVFDUUHJDGDSRGH
'HVOLJDPHQWRDXWRPiWLFRGRV FRQJHODUHPWHPSHUDWXUDVHPWRUQRGH&
FRQVXPLGRUHV Ɣ 6XEVWLWXLUVHPIDOWDXPDEDWHULDGRYHtFX
ORTXHMiWHQKDFRQJHODGR
Ɣ &DERVGHFRQH[mRTXHQmRWHQKDPVLGR
FRQHFWDGRVFRUUHWDPHQWHSRGHPFDXVDUXP
FXUWRFLUFXLWR3ULPHLUDPHQWHFRQHFWDURFD
ERSRVLWLYRSDUDHQWmRFRQHFWDURFDERQH
JDWLYR
127$
Ɣ 1XQFDGHVFRQHFWDURXFRQHFWDUDEDWHULDGR
YHtFXORFRPDLJQLomROLJDGDRXFRPRPRWRU
HPIXQFLRQDPHQWRQHPFRQHFWiODDRXWUDSRLV
VHQmRRVLVWHPDHOpWULFRHRVFRPSRQHQWHVHOH
WU{QLFRVSRGHPVHUGDQLILFDGRV
Ɣ 1XQFDFRQHFWDUQDWRPDGD9RXQRDFHQ
GHGRUGHFLJDUURDFHVVyULRVTXHIRUQHoDPFRU
UHQWHSDUDFDUUHJDUDEDWHULDGRYHtFXORFRPR
SDLQpLVVRODUHVRXFDUUHJDGRUHVGHEDWHULDV
&DVRFRQWUiULRRVLVWHPDHOpWULFRGRYHtFXOR
SRGHVHUGDQLILFDGR b
&RQVHUYDomR/LPSH]D0DQXWHQomR
1RFRPSDUWLPHQWRGRPRWRU
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
&RQVHUYDUHOLPSDUDSDUWHH[WHUQDGRYHtFXOR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
3URGXWRVGHFRQVHUYDomRSRGHPVHUWy[LFRV
HSHULJRVRV3URGXWRVGHFRQVHUYDomR
LQDGHTXDGRVHDVXDXWLOL]DomRLPSUySULDSR
GHPFDXVDUDFLGHQWHVEHPFRPRIHULPHQWRV
TXHLPDGXUDVHHQYHQHQDPHQWRJUDYHV
Ɣ 0DQWHURVSURGXWRVGHFRQVHUYDomRVR
PHQWHHPUHFLSLHQWHVRULJLQDLVIHFKDGRV
Ɣ 2EVHUYDUDVLQIRUPDo}HVGDHPEDODJHP
Ɣ -DPDLVXWLOL]DUODWDVGHDOLPHQWRYD]LDV
JDUUDIDVRXRXWURVUHFLSLHQWHVSDUDRDUPD]H
QDPHQWRGHSURGXWRVGHFRQVHUYDomRMiTXH
VHXFRQWH~GRQHPVHPSUHSRGHVHUUHFRQKH
FLGRSHODVSHVVRDVFRPRSURGXWRGHFRQVHU
YDomR
Ɣ 0DQWHUWRGRVRVSURGXWRVGHFRQVHUYDomR
IRUDGRDOFDQFHGHFULDQoDV
Ɣ 'XUDQWHDXWLOL]DomRSRGHPVHUOLEHUDGRV
YDSRUHVQRFLYRV3RULVVRXWLOL]DUSURGXWRV
GHFRQVHUYDomRVRPHQWHDRDUOLYUHRXHPUH
FLQWRVEHPYHQWLODGRV
Ɣ -DPDLVXWLOL]DUFRPEXVWtYHOWHUHEHQWLQD
yOHRGRPRWRUUHPRYHGRUGHHVPDOWHVRXRX
PDQXWHQomRGRYDORU WURVOtTXLGRVPXLWRYROiWHLVSDUDFRQVHUYD
omRODYDJHPRXOLPSH]DGRYHtFXOR(OHVVmR
Wy[LFRVHEDVWDQWHLQIODPiYHLV
$'9(57Ç1&,$
$FRQVHUYDomRHDOLPSH]DLQDSURSULDGDGH
SHoDVGRYHtFXORSRGHPSUHMXGLFDURVHTXL
SDPHQWRVGHVHJXUDQoDGRYHtFXORHFRPLV
VRFDXVDUIHULPHQWRVJUDYHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ /LPSDUHFRQVHUYDUDVSHoDVGRYHtFXOR
VRPHQWHGHDFRUGRFRPDVLQVWUXo}HVGRID
ҧϜ
EULFDQWH
Ɣ 8WLOL]DURVSURGXWRVGHOLPSH]DOLEHUDGRV
ҧϜ
RXUHFRPHQGDGRV
ҧϜ 127$
3URGXWRVGHOLPSH]DFRPVROYHQWHVDJULGHPRV
ҧϜ
PDWHULDLVHSRGHPGDQLILFiORV b
&RQVHUYDomR/LPSH]D0DQXWHQomR
127$
1XQFDWHQWDUUHPRYHUVXMHLUDVODPDRXSyFRP
DVXSHUItFLHGRYHtFXORVHFD1mRXWLOL]DUWDP
EpPFRPHVVDILQDOLGDGHXPSDQRRXHVSRQMD
VHFRVSDUDQmRULVFDUDSLQWXUDQHPRVYLGURV
GRYHtFXOR6XMHLUDVODPDHSyGHYHPVHUDPR
OHFLGRVFRPiJXDDQWHVGHVHUHPUHPRYLGRV
/DYDURYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD YD
OXYDGHODYDJHP
HVSRQMD
HVFR
[DPSX
GHOLPSH]D
$'9(57Ç1&,$
SDUWHLQIHULRU 3HoDVSRQWLDJXGDVGRYHtFXORSRGHPRFDVLR
6LVWHPDGHODYDJHPDXWRPiWLFR QDUIHULPHQWRV
2EVHUYDUDVRULHQWDo}HVGLVSRQLELOL]DGDVQR Ɣ 3URWHJHUDVPmRVHRVEUDoRVGHSDUWHV
VLVWHPDGHODYDJHPDXWRPiWLFR SRQWLDJXGDVDROLPSDUSRUH[HPSORDSDUWH
LQIHULRUGRYHtFXORRXDSDUWHLQWHUQDGDVFDL
[DVGHURGD
$'9(57Ç1&,$
$SyVDODYDJHPGRYHtFXORRHIHLWRGHIUHQD
JHPSRGHVRIUHUDWUDVRDXPHQWDQGRDGLV
ҧϜ WkQFLDGHIUHQDJHPGHYLGRjXPLGDGHQRV
GLVFRVGRIUHLRHQDVSDVWLOKDVGRIUHLRRXDR
VHXFRQJHODPHQWRGXUDQWHRLQYHUQR
Ɣ ³6HFDURVIUHLRVHHOLPLQDURJHOR´SRU
PHLRGHPDQREUDVGHIUHQDJHPFXLGDGRVDV
3URFHGHUVHPFRORFDURVGHPDLVFRQGXWRUHV
HPULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HV
OHJDLV
127$
Ɣ $WHPSHUDWXUDGDiJXDQmRGHYHHVWDUDFL
ҧϜ /LPSDURVYLGURVHRVHV PDGH&
SHOKRVUHWURYLVRUHVH[WHUQRV
Ɣ 3DUDHYLWDUGDQRVjSLQWXUDQmRODYDURYHt
/DYDJHPPDQXDO FXORVREOX]VRODUGLUHWD b
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
127$FRQWLQXDomR 127$FRQWLQXDomR
Ɣ 1mRXWLOL]DUHVSRQMDVGHLQVHWRVHVSRQMDV Ɣ &RPSDUDUDELWRODGRYHtFXORFRPDGLVWkQ
iVSHUDVRXVLPLODUHVSRLVDVXSHUItFLHSRGH FLDGRVWULOKRVGRVLVWHPDGHODYDJHPDXWRPi
VHUGDQLILFDGD WLFRSDUDQmRGDQLILFDURVDURVHRVSQHXV
Ɣ /LPSDURIDUROFRPXPSDQRRXHVSRQMD Ɣ &RPSDUDUDDOWXUDHDODUJXUDGRYHtFXOR
~PLGRVQXQFDVHFRV8WLOL]DUSUHIHUHQFLDOPHQ FRPDDOWXUDHDODUJXUDGHSDVVDJHPGRVLVWH
WHiJXDFRPVDEmR PDGHODYDJHPDXWRPiWLFR
Ɣ /DYDJHPGRYHtFXORHPFOLPDVIULRVDROD Ɣ 5HEDWHURVHVSHOKRVUHWURYLVRUHVH[WHUQRV
YDURYHtFXORFRPXPDPDQJXHLUDQmRGLULJLUR Ɣ 3DUDHYLWDUGDQRVjSLQWXUDGDWDPSDGR
MDWRGHiJXDGLUHWDPHQWHVREUHDVIHFKDGXUDV FRPSDUWLPHQWRGRPRWRUUHEDWHUDVSDOKHWDV
RXMXQWDVGDSRUWDRXWDPSD$VIHFKDGXUDVH GRVOLPSDGRUHVGRSDUDEULVDVREUHRSDUDEUL
DVYHGDo}HVSRGHPFRQJHODU VDTXDQGRHVWLYHUHPVHFDV1mRGHL[DUDVSD
OKHWDVFDLUHP
127$ Ɣ 7UDYDUDWDPSDWUDVHLUDSDUDHYLWDUXPD
$QWHVGHXWLOL]DUXPVLVWHPDGHODYDJHPDXWR DEHUWXUDVHPVXSHUYLVmRQRVLVWHPDGHODYD
PiWLFRREVHUYDUREULJDWRULDPHQWHRVVHJXLQ JHPDXWRPiWLFR
WHVSRQWRVSDUDHYLWDUGDQRVQRYHtFXOR
/DYDJHPFRPODYDGRUGHDOWDSUHVVmR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 0DQWHUGLVWkQFLDVXILFLHQWHHQWUHRELFRGR
MDWRHRVSQHXV
Ɣ -DPDLVOLPSDURVSQHXVFRPELFRVGHMDWR
FLUFXODU³WXEHLUDV´0HVPRFRPXPDGLVWkQ
FLDUHODWLYDPHQWHJUDQGHHXPFXUWRWHPSR
SUHVVmR GLVWkQFLDGR GHH[SRVLomRLVVRSRGHUHVXOWDUHPGDQRV
MDWR ҧϜ YLVtYHLVRXQmRYLVtYHLVQRVSQHXV
$'9(57Ç1&,$
$SyVDODYDJHPGRYHtFXORRHIHLWRGHIUHQD
JHPSRGHVRIUHUDWUDVRDXPHQWDQGRDGLV
WkQFLDGHIUHQDJHPGHYLGRjXPLGDGHQRV
GLVFRVGRIUHLRHQDVSDVWLOKDVGRIUHLRRXDR
VHXFRQJHODPHQWRGXUDQWHRLQYHUQR
Ɣ ³6HFDURVIUHLRVHHOLPLQDURJHOR´SRU
PHLRGHPDQREUDVGHIUHQDJHPFXLGDGRVDV
3URFHGHUVHPFRORFDURVGHPDLVFRQGXWRUHV
HPULVFRRXGHVUHVSHLWDUDVGHWHUPLQDo}HV
OHJDLV
ҧϜ
127$
ELFRVGHMDWRFLUFX
ODUHV WXEHLUDV ҧϜ Ɣ $WHPSHUDWXUDGDiJXDQmRGHYHVHUVXSHUL
RUD&
$'9(57Ç1&,$ Ɣ 3DUDHYLWDUGDQRVjSLQWXUDQmRODYDURYHt
2XVRLQDGHTXDGRGHODYDGRUHVGHDOWDSUHV FXORVREOX]VRODUGLUHWD
VmRSRGHFDXVDUGDQRVSHUPDQHQWHVQRV Ɣ 3DUDTXHRFRQWUROHGHGLVWkQFLDGHHVWDFLR
SQHXVHRXWURVPDWHULDLVYLVtYHLVRXQmR,V QDPHQWRIXQFLRQHFRUUHWDPHQWHRVVHQVRUHV
VRSRGHFDXVDUDFLGHQWHVHIHULPHQWRVJUD QRSDUDFKRTXHGHYHPVHUPDQWLGRVOLPSRVH b
YHV
&RQVHUYDomR/LPSH]D0DQXWHQomR
127$FRQWLQXDomR 127$FRQWLQXDomR
OLYUHVGHJHOR'XUDQWHDOLPSH]DFRPODYDGR Ɣ /DYDJHPGRYHtFXORHPFOLPDVIULRVDROD
UHVGHDOWDSUHVVmRRXMDWRGHYDSRUVRPHQWH YDURYHtFXORFRPXPDPDQJXHLUDQmRGLULJLUR
ERUULIDURVVHQVRUHVUDSLGDPHQWHPDQWHQGR MDWRGHiJXDGLUHWDPHQWHVREUHDVIHFKDGXUDV
VHPSUHXPDGLVWkQFLDVXSHULRUDFP RXMXQWDVGDSRUWDRXWDPSD$VIHFKDGXUDVH
Ɣ 1mROLPSDURVYLGURVFRQJHODGRVRXFREHU DVYHGDo}HVSRGHPFRQJHODU
WRVGHJHORFRPODYDGRUHVGHDOWDSUHVVmR
/LPSDURVYLGURVHRVHVSHOKRVUHWURYLVRUHVH[WHUQRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LPSH]DGRVYLGURVHGRVHVSHOKRV
UHWURYLVRUHVH[WHUQRV
5HPRYHUDQHYH
ҧϜ
5HPRYHURJHOR
5HPRYHUUHVtGXRVGHFHUD
UHVtGXRV VHP
GHFHUD
$'9(57Ç1&,$
9LGURVVXMRVHHPEDoDGRVUHGX]HPDYLVLELOL
GDGHHDXPHQWDPRULVFRGHDFLGHQWHVHGH
IHULPHQWRVJUDYHV
Ɣ &RQGX]LUDSHQDVTXDQGRIRUSRVVtYHOHQ
[HUJDUQLWLGDPHQWHDWUDYpVGHWRGRVRVYL
GURVGRYHtFXOR
Ɣ 5HWLUDURJHORHDQHYHHGHVHPEDoDUDVX
SHUItFLHGRVYLGURVWDQWRSRUGHQWURTXDQWR
SRUIRUD
ҧϜ 127$
Ɣ (PQHQKXPDKLSyWHVHPLVWXUDURVSURGXWRV
UHFRPHQGDGRVFRPRXWURVSURGXWRVQRUHVHU
YDWyULRGHiJXDGRVODYDGRUHVGRVYLGURV,VVR b
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
127$FRQWLQXDomR 127$FRQWLQXDomR
SRGHFDXVDUFRDJXODomRGRVLQJUHGLHQWHVH ILODPHQWRVGRGHVHPEDoDGRUHMDPDLVOLPSDUD
FRPLVVRSURYRFDUDREVWUXomRGDVVDtGDVGH SDUWHLQWHUQDGRYLGURWUDVHLURFRPSURGXWRV
iJXDGRVODYDGRUHV FRUURVLYRVRXTXHFRQWHQKDPiFLGRVRXRXWURV
Ɣ 1mRUHWLUDUDQHYHRXRJHORGRVYLGURVH LQJUHGLHQWHVTXtPLFRV
GRVHVSHOKRVUHWURYLVRUHVH[WHUQRVFRPiJXD
PRUQDRXTXHQWH&DVRFRQWUiULRRYLGURSRGH
VHSDUWLU
Ɣ 2VILODPHQWRVGRGHVHPEDoDGRUGRYLGUR
WUDVHLURORFDOL]DPVHQDSDUWHLQWHUQDGRYLGUR
WUDVHLUR1mRFRODUHWLTXHWDVDGHVLYDVVREUHRV
/LPSDUHVXEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGRSDUDEULVDYLGUR
WUDVHLUR6WDQGDUG
)LJ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HSHQGHQGRGDYHUVmRGRYHtFXORDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDYLGURWUDVHLURPRGHOR
6WDQGDUGSRGHPQmRHVWDUGLVSRQtYHLV
(UJXHUHUHEDWHUSDUDIRUDRVEUDoRVGRV
OLPSDGRUHVGRSDUDEULVDYLGURWUDVHLUR
VRPHQWH
/LPSDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD
EULVDYLGURWUDVHLUR
DVSDOKHWDVGRVOLPSDGRUHVGRSDUD
EULVDYLGURWUDVHLURFRPDWULWR
ҧϜ b
&RQVHUYDomR/LPSH]D0DQXWHQomR
ҧϜ GHPHVPRWDPDQKRHPRGHOR
6XEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGR
SDUDEULVD
$'9(57Ç1&,$
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDYLGUR
WUDVHLURJDVWDVRXVXMDVUHGX]HPDYLVLELOLGD
GHHDXPHQWDPRULVFRGHDFLGHQWHVHIHUL
ҧϜ
PHQWRVJUDYHV
Ɣ 6XEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGR
SDUDEULVDYLGURWUDVHLURVHPSUHTXHHVWLYH
UHPGDQLILFDGDVRXJDVWDVHQmROLPSDUHP
PDLVRVYLGURVGHIRUPDVXILFLHQWH
127$
GHPHVPRWDPDQKRHPRGHOR
Ɣ 3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDYL
GURWUDVHLURGDQLILFDGDVRXVXMDVSRGHPULVFDU
RVYLGURV
Ɣ 3URGXWRVGHOLPSH]DFRPVROYHQWHVHVSRQ
MDVGXUDVHRXWURVREMHWRVSRQWLDJXGRVGDQLIL
FDPRUHYHVWLPHQWRGHJUDILWHGDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDYLGURWUDVHLURGXUDQ
WHDOLPSH]D
6XEVWLWXLUDSDOKHWDGROLPSDGRUGRYLGUR Ɣ 1mROLPSDURVYLGURVFRPFRPEXVWtYHOUH
WUDVHLUR PRYHGRUGHHVPDOWHVVROYHQWHVGHWLQWDRXOt
TXLGRVVHPHOKDQWHV
ҧϜ
/LPSDUHVXEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGRSDUDEULVDYLGUR
WUDVHLUR$HURZLVFKHU
)LJ )LJ
b
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
GHPHVPRWDPDQKRHPRGHOR
'HSHQGHQGRGDYHUVmRGRYHtFXORDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDYLGURWUDVHLURPRGHOR
$HURZLVFKHUSRGHPQmRHVWDUGLVSRQtYHLV 6XEVWLWXLUDSDOKHWDGROLPSDGRUGRYLGUR
WUDVHLUR
ҧϜ
GHPHVPRWDPDQKRHPRGHOR
DVSDOKHWDVGRVOLPSDGRUHVGRSDUD
EULVDYLGURWUDVHLURFRPDWULWR
ҧϜ
$'9(57Ç1&,$
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDYLGUR
WUDVHLURJDVWDVRXVXMDVUHGX]HPDYLVLELOLGD
GHHDXPHQWDPRULVFRGHDFLGHQWHVHIHUL
PHQWRVJUDYHV
Ɣ 6XEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGR
(UJXHUHUHEDWHUSDUDIRUDRVEUDoRVGRV SDUDEULVDYLGURWUDVHLURVHPSUHTXHHVWLYH
OLPSDGRUHVGRSDUDEULVDYLGURWUDVHLUR UHPGDQLILFDGDVRXJDVWDVHQmROLPSDUHP
PDLVRVYLGURVGHIRUPDVXILFLHQWH
VRPHQWH 127$
Ɣ 3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVDYL
/LPSDUDVSDOKHWDVGRVOLPSDGRUHVGRSDUD GURWUDVHLURGDQLILFDGDVRXVXMDVSRGHPULVFDU
EULVDYLGURWUDVHLUR RVYLGURV
Ɣ 3URGXWRVGHOLPSH]DFRPVROYHQWHVHVSRQ
MDVGXUDVHRXWURVREMHWRVSRQWLDJXGRVGDQLIL
FDPRUHYHVWLPHQWRGHJUDILWHGDVSDOKHWDVGRV
OLPSDGRUHVGRSDUDEULVDYLGURWUDVHLURGXUDQ
WHDOLPSH]D
Ɣ 1mROLPSDURVYLGURVFRPFRPEXVWtYHOUH
PRYHGRUGHHVPDOWHVVROYHQWHVGHWLQWDRXOt
TXLGRVVHPHOKDQWHV
ҧϜ
6XEVWLWXLUDVSDOKHWDVGRVOLPSDGRUHVGR
SDUDEULVD
ҧϜ
&RQVHUYDomR/LPSH]D0DQXWHQomR
&RQVHUYDUHSROLUDSLQWXUDGRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3ROLU
&RQVHUYDU
JRWDVYLVt
YHLV OLPSD
FHUDFRQVHUYDQWH
127$
FHUDFRQVHUYDQWH Ɣ 3DUDHYLWDUGDQRVQmRDSOLFDUSURGXWRVGH
SROLPHQWRRXFHUDFRQVHUYDQWHVREUHRIDURO
VREUHDVODQWHUQDVHVREUHDVSHoDVGHSOiVWLFR
RXSLQWDGDVFRPDFDEDPHQWRIRVFR
Ɣ 1mRSROLUDSLQWXUDGRYHtFXORHPDPELHQWHV
FRPDUHLDRXSRHLUDRXVHKRXYHUVXMHLUD
ZZZYRONVZDJHQFRPEU
6HUYLoRV 6HUYLoRVH0DQXWHQomR
&RQVHUYDomRHOLPSH]DGRYHtFXORH[WHU
QD
/LPSDUHFRQVHUYDUDVSHoDVFURPDGDVHGHDOXPtQLR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$FRQWLQXDomR
Ɣ 1mRXWLOL]DUSURGXWRVSDUDFRQVHUYDomRFRP
LQWHQVDDomRDEUDVLYDSRUH[HPSORFUHPHGH
OLPSH]D
Ɣ 1mRXWLOL]DUHVSRQMDVSDUDLQVHWRVHVSRQMDV
iVSHUDVGHFR]LQKDRXVLPLODUHV
Ɣ 1mRSROLUVXSHUItFLHVVXMDV
VHPVROYHQWH
Ɣ 1mRXWLOL]DUSURGXWRVGHOLPSH]DFRPVRO
YHQWHV
Ɣ 1mRXWLOL]DUFHUDV
127$
3DUDTXHDVSHoDVFURPDGDVHGHDOXPtQLRQmR 127$
VHMDPGDQLILFDGDV &DORWDVFHQWUDLVGDVURGDVFURPDGDVRXFDOR
Ɣ 1mROLPSDURXSROLUVREOX]VRODUGLUHWD WDVLQWHJUDLVSRGHPVHUSLQWDGDVDGLFLRQDOPHQ
WHHQmRSRGHPVHUWUDWDGDVFRPFRQVHUYDQWHV
Ɣ 1mROLPSDURXSROLUHPDPELHQWHFRPDUHLD jEDVHGHFURPRRXSROLGRUHVGHDOXPtQLR$R
RXSRHLUD LQYpVGLVVRXVDUXPSURGXWRGHFRQVHUYDomR
GDSLQWXUDHXPSURGXWRGHSROLPHQWRGHSLQWX
UDFRPXQV
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
/LPSDURVDURV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LPSDUDVURGDVGHDoR
/LPSDUHFRQVHUYDUDVURGDVGHOLJDOHYH
DFDGDVHPDQDV
DFDGDPHVHV
&RQVHUYDUDVYHGDo}HVGHERUUDFKD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
'HVFRQJHODURFLOLQGURGDIHFKDGXUDGDVSRUWDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
$XWLOL]DomRGHSURGXWRVSDUDGHVFRQJHODPHQ
WRFRPVXEVWkQFLDVGHVHQJRUGXUDQWHVSRGH
HQIHUUXMDURFLOLQGURGDIHFKDGXUDGDVSRUWDV
3URWHomRGDSDUWHLQIHULRUGRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQVHUYDomR/LPSH]D0DQXWHQomR
&8,'$'2 &8,'$'2FRQWLQXDomR
$SURWHomRSDUDDSDUWHLQIHULRUGRYHtFXORH Ɣ 1mRXWLOL]DUSURGXWRVDQWLFRUURVLYRVHGH
SURGXWRVDQWLFRUURVLYRVSRGHUmRVHLQFHQGL SURWHomRGDSDUWHLQIHULRUGRYHtFXORQRWXER
DUVHHQWUDUHPHPFRQWDWRFRPRVLVWHPDGH GRHVFDSDPHQWRQRVFDWDOLVDGRUHVQRVHV
HVFDSHDTXHFLGRRXFRPRXWUDVSDUWHVTXHQ FXGRVWpUPLFRVRXHPRXWUDVSHoDVTXHQWHV
WHVGRPRWRU GRYHtFXOR
&DYLGDGHVRFDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
/LPSDURFRPSDUWLPHQWRGRPRWRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
7RGRVRVWUDEDOKRVQRPRWRURXQRFRPSDUWL
PHQWRGRPRWRUSRGHPUHVXOWDUHPIHULPHQ
WRVTXHLPDGXUDVHULVFRGHDFLGHQWHVHGH
ҧϜ LQFrQGLR
Ɣ $QWHVGRVWUDEDOKRVWRPDUFRQKHFLPHQWR
GDVDo}HVQHFHVViULDVHGDVSUHFDXo}HVGH
VHJXUDQoDJHUDOPHQWHYiOLGDVҧϜ3iJLQD
3UHSDUDo}HVSDUDWUDEDOKRVQRFRPSDUWLPHQ
WRGRPRWRU
Ɣ $9RONVZDJHQUHFRPHQGDTXHRVWUDED
OKRVVHMDPUHDOL]DGRVHPXPD&RQFHVVLR
ҧϜ QiULD9RONVZDJHQ
127$
$iJXDLQWURGX]LGDPDQXDOPHQWHQDFDL[DFROH
WRUDGHiJXDDRXVDUXPODYDGRUGHDOWDSUHV
VmRSRUH[HPSORSRGHFDXVDUGDQRVJUDYHV
DRYHtFXOR
&DL[DFROHWRUDGHiJXD
&RQVHUYDomR/LPSH]D0DQXWHQomR
&RQVHUYDUHOLPSDURLQWHULRUGRYHtFXOR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 2EVHUYDUDVLQIRUPDo}HVGDHPEDODJHP
Ɣ -DPDLVXWLOL]DUODWDVGHDOLPHQWRYD]LDV
JDUUDIDVRXRXWURVUHFLSLHQWHVSDUDRDUPD]H
QDPHQWRGHSURGXWRVGHFRQVHUYDomRMiTXH
VHXFRQWH~GRQHPVHPSUHSRGHVHUUHFRQKH
FLGRSHODVSHVVRDVFRPRSURGXWRGHFRQVHU
YDomR
Ɣ 0DQWHUWRGRVRVSURGXWRVGHFRQVHUYDomR
IRUDGRDOFDQFHGHFULDQoDV
Ɣ 'XUDQWHDXWLOL]DomRSRGHPVHUOLEHUDGRV
YDSRUHVQRFLYRV3RULVVRXWLOL]DUSURGXWRV
GHFRQVHUYDomRVRPHQWHDRDUOLYUHRXHPUH
FLQWRVEHPYHQWLODGRV
Ɣ -DPDLVXWLOL]DUFRPEXVWtYHOWHUHEHQWLQD
yOHRGRPRWRUUHPRYHGRUGHHVPDOWHVRXRX
WURVOtTXLGRVPXLWRYROiWHLVSDUDFRQVHUYD
omRODYDJHPRXOLPSH]DGRYHtFXOR(OHVVmR
Wy[LFRVHEDVWDQWHLQIODPiYHLV
$'9(57Ç1&,$
$FRQVHUYDomRHDOLPSH]DLQDSURSULDGDVGH
SHoDVGRYHtFXORSRGHPSUHMXGLFDURVVHXV
HTXLSDPHQWRVGHVHJXUDQoDHFRPRFRQVH
TXrQFLDFDXVDUIHULPHQWRVJUDYHV
Ɣ /LPSDUHFRQVHUYDUDVSHoDVGRYHtFXOR
VRPHQWHGHDFRUGRFRPDVLQVWUXo}HVGRID
EULFDQWH
Ɣ 8WLOL]DURVSURGXWRVGHOLPSH]DOLEHUDGRV
RXUHFRPHQGDGRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV 127$
Ɣ 3URGXWRVGHOLPSH]DPDQFKDVVXMHLUDVH
ҧϜ RXWUDVVHGLPHQWDo}HVFRPVROYHQWHVDJULGHP
RVPDWHULDLVHSRGHPGDQLILFiORVGHIRUPDLU
ҧϜ UHSDUiYHOPHVPRDSyVXPFXUWRWHPSRGHH[
SRVLomR
$'9(57Ç1&,$ Ɣ 5HPRYHUDVPDQFKDVVXMHLUDVHRXWUDVVH
GLPHQWDo}HVRPDLVUiSLGRSRVVtYHOHQmRSHU
3URGXWRVGHFRQVHUYDomRSRGHPVHUWy[LFRV
PLWLUTXHHODVVHTXHP
HSHULJRVRV3URGXWRVGHFRQVHUYDomR
LQDGHTXDGRVHVXDXWLOL]DomRLPSUySULDSR Ɣ 3DUDHYLWDUGDQRVFRQWUDWDUXPDHPSUHVD
GHPFDXVDUDFLGHQWHVEHPFRPRIHULPHQWRV HVSHFLDOL]DGDHPOLPSH]DSDUDHIHWXDUDUHPR
TXHLPDGXUDVHHQYHQHQDPHQWRVJUDYHV omRGHPDQFKDVSHUVLVWHQWHV
Ɣ 0DQWHURVSURGXWRVGHFRQVHUYDomRVR
PHQWHHPUHFLSLHQWHVRULJLQDLVIHFKDGRV
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
0DQXVHLRGRUHYHVWLPHQWRGRVEDQFRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
/LVWDGHFRQWUROH
d
ҧϜ
d
d
d
127$ 127$FRQWLQXDomR
$LQREVHUYkQFLDGDLPSRUWDQWHOLVWDGHFRQWUROH Ɣ 2EVHUYDUDOLVWDGHFRQWUROHHUHDOL]DUDV
SDUDDFRQVHUYDomRGRUHYHVWLPHQWRGRVEDQ Do}HV
FRVSRGHDFDUUHWDUGDQRVRXPDQFKDVQRHVWR
IDPHQWRHQRVUHYHVWLPHQWRVHPWHFLGR
/LPSDUHVWRIDPHQWRVUHYHVWLPHQWRVHPWHFLGRH$OFDQWDUD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LPSH]DGRVHVWRIDPHQWRVHPEDQFRVFRP
DTXHFLPHQWRHGHEDQFRVFRPDMXVWH
HOpWULFRRXFRPFRPSRQHQWHVGRDLUEDJ
/LPSH]DGRVHVWRIDPHQWRVHPEDQFRVVHP
DTXHFLPHQWRHGHEDQFRVVHPDMXVWH
HOpWULFRRXVHPFRPSRQHQWHVGRDLUEDJ
ҧϜ
ҧϜ
&RQVHUYDomR/LPSH]D0DQXWHQomR
ҧϜ
5HPRYHUPDQFKDV
ҧϜ
ҧϜ
7LSRGHPDQFKDV /LPSH]DUHFRPHQGDGDGREDQFRHGRHVWRIDPHQWR
0DQFKDVGHEDVHDTXRVD
0DQFKDVSHUVLVWHQWHV
0DQFKDVGHEDVHJRUGXUR
VD
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
&RQVHUYDUHOLPSDUUHYHVWLPHQWRVHPFRXURQDWXUDO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LPSH]D
&RQVHUYDomRHWUDWDPHQWR
$QWHVGDOLPSH]D
ҧϜ
/LPSH]DGRVHVWRIDPHQWRVHPEDQFRVFRPDTXH
FLPHQWRHGHEDQFRVFRPDMXVWHHOpWULFRRXFRP
FRPSRQHQWHVGRDLUEDJ
ҧϜ
7LSRGHPDQFKDV /LPSH]D
6XMHLUDVPDLVSHVDGDV
0DQFKDVGHEDVHDTXRVD
ҧϜ
0DQFKDVGHEDVHJRUGXUR
VD
ҧϜ
0DQFKDVHVSHFLDLV
Ɣ 2FRXURQmRSRGHVHUWUDWDGRFRPVROYHQ Ɣ $EVRUYHULPHGLDWDPHQWHRVOtTXLGRVGHUUD
WHVFHUDJUD[DGHVDSDWRVUHPRYHGRUGHPDQ PDGRVFRPXPSDQRDEVRUYHQWHSRLVDVXSHU
FKDVRXVLPLODUHVHPQHQKXPDKLSyWHVH ItFLHGRFRXURHDVFRVWXUDVQmRUHVLVWHPSRU
PXLWRWHPSRjSHQHWUDomRGHOtTXLGRV
Ɣ 6HXPDPDQFKDSHQHWUDUQDVXSHUItFLHGH
FRXURDSyVXPORQJRWHPSRGHH[SRVLomRD Ɣ 3URWHJHURFRXURGHH[SRVLomRDRVROH[
PDQFKDQmRSRGHUiPDLVVHUUHPRYLGD FHVVLYDSDUDHYLWDUXPGHVERWDPHQWR
&RQVHUYDomR/LPSH]D0DQXWHQomR
/LPSDUUHYHVWLPHQWRVHPFRXURDUWLILFLDO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
2FRXURDUWLILFLDOQmRSRGHVHUWUDWDGRFRPVRO
YHQWHVFHUDJUD[DGHVDSDWRVUHPRYHGRUGH
PDQFKDVRXVLPLODUHVHPQHQKXPDKLSyWHVH
(VWHVRFDVLRQDPRUHVVHFDPHQWRHRURPSL
ҧϜ /LPSDUHVWRIDPHQWRVUHYHVWLPHQ PHQWRSUHPDWXURGRPDWHULDO
WRVHPWHFLGRH$OFDQWDUD
/LPSDURVSRUWDREMHWRVRVSRUWDFRSRVHRFLQ]HLUR
VHPVROYHQWHV
/LPSDURFLQ]HLUR
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
/LPSDURSRUWDREMHWRVHRSRUWDFRSRV
/LPSDUHFRQVHUYDUDVSHoDVGHSOiVWLFRRVHOHPHQWRVGHFRUDWLYRVGH
PDGHLUDHRSDLQHOGHLQVWUXPHQWRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
2XVRGHSURGXWRVGHOLPSH]DFRPVROYHQWHV
WRUQDDVXSHUItFLHGRVPyGXORVGHDLUEDJSR
URVD(PFDVRGHXPDFLGHQWHFRPDFLRQD
PHQWRGRDLUEDJDVSHoDVGHPDWHULDOVLQWpWL
FRTXHVHVROWDPSRGHPFDXVDUIHULPHQWRV
SHoDVGHSOiVWLFRGHQWURHIRUDGRYHt
JUDYHV
FXORHRSDLQHOGHLQVWUXPHQWRV
VHPVRO Ɣ 1XQFDWUDWDURSDLQHOGHLQVWUXPHQWRVHD
YHQWHV ҧϜ VXSHUItFLHGRVPyGXORVGRDLUEDJFRPSURGX
WRVGHFRQVHUYDomRFRPVROYHQWH b
HOHPHQWRVGHFRUDWLYRVHPPDGHLUD
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
127$
$OJXQVRGRUL]DGRUHVGHYHtFXORDSUHVHQWDP
VXEVWkQFLDVHPVXDFRPSRVLomRTXtPLFDTXH
SRGHPFDXVDUGDQRVjHVWUXWXUDjVXSHUItFLHH
jSLQWXUDGHUHYHVWLPHQWRVLQWHUQRVGRYHtFXOR
/LPSDURVFLQWRVGHVHJXUDQoD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 2VFLQWRVGHVHJXUDQoDEHPFRPRVHXV
FRPSRQHQWHVMDPDLVGHYHPVHUKLJLHQL]DGRV
TXLPLFDPHQWHRXHQWUDUHPFRQWDWRFRPOt
TXLGRVFRUURVLYRVVROYHQWHVRXREMHWRVFRU
WDQWHV,VWRSUHMXGLFDSURIXQGDPHQWHDUHVLV
WrQFLDGRWHFLGRGRFLQWR
Ɣ 8PFLQWRGHVHJXUDQoDOLPSRGHYHHVWDU
WRWDOPHQWHVHFRDQWHVGHVHUUHFROKLGRSRLV
DXPLGDGHSRGHGDQLILFDURHQURODGRUDXWR
ҧϜ PiWLFRHSUHMXGLFDUVXDIXQomR
Ɣ -DPDLVGHL[DUREMHWRVHVWUDQKRVRXOtTXL
GRVSHQHWUDUHPQRVHQJDWHVGRVIHFKRVGRV
FLQWRVGHVHJXUDQoD,VWRSRGHOLPLWDUDIXQ
FLRQDOLGDGHGRVIHFKRVGRVFLQWRVGHVHJX
QHXWUR UDQoDHGRVFLQWRV
Ɣ 1XQFDWHQWDUUHSDUDUPRGLILFDURXGHV
PRQWDURVFLQWRVGHVHJXUDQoDSRUFRQWD
SUySULD
Ɣ 6XEVWLWXLULPHGLDWDPHQWHRVFLQWRVGHVH
JXUDQoDGDQLILFDGRVSRUFLQWRVQRYRVOLEHUD
$'9(57Ç1&,$ GRVSDUDRYHtFXORSHOD9RONVZDJHQ&LQWRV
9HULILFDUUHJXODUPHQWHRHVWDGRGHWRGRVRV GHVHJXUDQoDTXHIRUDPXWLOL]DGRVGXUDQWH
FLQWRVGHVHJXUDQoD6HRWHFLGRGRFLQWRRX XPDFLGHQWHHSRULVVRVRIUHUDPDORQJD
RXWURVFRPSRQHQWHVGRFLQWRHVWLYHUHPGDQL PHQWRGHYHPVHUVXEVWLWXtGRVHPXPD&RQ
ILFDGRVHOHVGHYHPVHUGHVPRQWDGRVHVXEV FHVVLRQiULD9RONVZDJHQ$VXEVWLWXLomRSR
WLWXtGRVSRUXPD&RQFHVVLRQiULD9RONVZDJHQ GHUiVHUQHFHVViULDPHVPRTXDQGRQmRKRX
&LQWRVGHVHJXUDQoDGDQLILFDGRV YHUXPGDQRYLVtYHO$OpPGLVVRDVDQFRUD
UHSUHVHQWDPXPJUDQGHSHULJRHSRGHP JHQVGRVFLQWRVGHVHJXUDQoDGHYHPVHUYH
FDXVDUIHULPHQWRVJUDYHVRXIDWDLV ULILFDGDV
&RQVHUYDomR/LPSH]D0DQXWHQomR
5RGDVHSQHXV
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 3QHXVQRYRVSUHFLVDPVHUURGDGRVSRLV
VXDDGHUrQFLDHHIHLWRGHIUHQDJHPVmRLQLFL
DOPHQWHUHGX]LGDV3DUDHYLWDUDFLGHQWHVH
IHULPHQWRVJUDYHVFRQGX]LUFRPDGHYLGD
SUHFDXomRGXUDQWHRVSULPHLURVNP
Ɣ 9HULILFDUUHJXODUPHQWHDSUHVVmRGRV
SQHXVHPDQWHUVHPSUHRYDORUGHSUHVVmR
GRVSQHXVLQGLFDGR8PDSUHVVmRGRVSQHXV
PDLVEDL[DSRGHDTXHFHUIRUWHPHQWHRV
SQHXVSRGHQGRFDXVDURVROWDPHQWRGDEDQ
GDGHURGDJHPHRHVWRXURGRSQHX
Ɣ 1XQFDGLULJLUFRPSQHXVGDQLILFDGRVIX
URVFRUWHVUDVJRVHEROKDVHGHVJDVWDGRV
$FRQGXomRFRPHVVHVSQHXVSRGHFDXVDUR
HVWRXURGRVSQHXVDFLGHQWHVHIHULPHQWRV
JUDYHV3QHXVGHVJDVWDGRVRXGDQLILFDGRV
GHYHPVHUVXEVWLWXtGRVLPHGLDWDPHQWH
Ɣ 1XQFDH[FHGHUDYHORFLGDGHPi[LPDHD
FDSDFLGDGHGHFDUJDSHUPLWLGDVSDUDRV
SQHXVLQVWDODGRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ $HILFLrQFLDGRVVLVWHPDVGHDVVLVWrQFLD
DRFRQGXWRUHGRVVLVWHPDVGHDVVLVWrQFLDGH
ҧϜ
IUHQDJHPWDPEpPGHSHQGHGDDGHUrQFLDGRV
ҧϜ SQHXV
ҧϜ Ɣ 6HGXUDQWHDFRQGXomRIRUHPLGHQWLILFD
GDVYLEUDo}HVLQFRPXQVRXRYHtFXORHVWLYHU
ҧϜ SX[DQGRSDUDXPGRVODGRVSDUDULPHGLDWD
ҧϜ PHQWHHPXPORFDOVHJXURHYHULILFDUDVUR
GDVHRVSQHXVTXDQWRDGDQRV
ҧϜ
Ɣ 3DUDGLPLQXLURULVFRGHSHUGDGHFRQWUROH
ҧϜ GDGLUHomRGHDFLGHQWHRXGHIHULPHQWRVJUD
ҧϜ YHVQXQFDVROWDURVSDUDIXVRVGHDURVFRPR
DQHOGRDURSDUDIXVDGR
$'9(57Ç1&,$ Ɣ 1mRXWLOL]DUURGDVRXSQHXVGHSURFHGrQ
3QHXVGHVJDVWDGRVRXGDQLILFDGRVQmRVmR FLDGHVFRQKHFLGD5RGDVHSQHXVXVDGRVSR
FDSD]HVGHSURSRUFLRQDURFRQWUROHHHIHLWR GHUmRHVWDUGDQLILFDGRVPHVPRVHRVGDQRV
GHIUHQDJHPWRWDLVGRYHtFXOR QmRIRUHPYLVtYHLV
Ɣ 8PPDQXVHLRLQDGHTXDGRGHURGDVH Ɣ 3QHXVYHOKRV±PHVPRVHQXQFDXVDGRV±
SQHXVSRGHUHGX]LUDVHJXUDQoDGHFRQGXomR SRGHPHVYD]LDURXHVWRXUDUVXELWDPHQWH
HFDXVDUDFLGHQWHVHIHULPHQWRVJUDYHV SULQFLSDOPHQWHHPDOWDVYHORFLGDGHVHFDX
VDUDFLGHQWHVHIHULPHQWRVJUDYHV3QHXV
Ɣ 8WLOL]DUVRPHQWHSQHXVUDGLDLVGHHVWUXWX
FRPPDLVGHDQRVVyGHYHPVHUXWLOL]DGRV
UDHWDPDQKRVGLkPHWURVLJXDLVHFRPR
HPFDVRGHHPHUJrQFLDFRPH[WUHPRFXLGD
PHVPRSHUILOHPWRGDVDVURGDV
GRHIRUPDGHFRQGXomRLJXDOPHQWHFXLGDGR
VDGHYHQGRVHUVXEVWLWXtGRVLPHGLDWDPHQWH
DRWpUPLQRGDHPHUJrQFLD b
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
0DQXVHLRGHURGDVHSQHXV
ҧϜ
ҧϜ
ҧϜ
3QHXVXQLGLUHFLRQDLV
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ ҧϜ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
7URFDUDVURGDV
ҧϜ
(YLWDUGDQRVDRVSQHXV
ҧϜ 0DQXWHQomRHJDUDQWLD
QmRSHQHWUDUDPQRLQWHULRUGR b
SQHX ҧϜ
ҧϜ
&RQVHUYDomR/LPSH]D0DQXWHQomR
3QHXVPDLVYHOKRVGRTXHDQRV $'9(57Ç1&,$
3QHXVYHOKRV±PHVPRVHQXQFDXVDGRV±
SRGHPHVYD]LDURXHVWRXUDUVXELWDPHQWH
SULQFLSDOPHQWHHPDOWDVYHORFLGDGHVHFDX
VDUDFLGHQWHVHIHULPHQWRVJUDYHV
Ɣ 3QHXVFRPPDLVGHDQRVVyGHYHPVHU
XWLOL]DGRVHPFDVRGHHPHUJrQFLDFRPH[WUH
PRFXLGDGRHIRUPDGHFRQGXomRLJXDOPHQWH
FXLGDGRVDGHYHQGRVHUVXEVWLWXtGRVLPHGLD
WDPHQWHDRWpUPLQRGDHPHUJrQFLD
ҧϜ
4). ҧϜ
$UPD]HQDURVSQHXV
1mR
$'9(57Ç1&,$
/tTXLGRVHVXEVWkQFLDVDJUHVVLYRVSRGHP
FDXVDUGDQRVYLVtYHLVHQmRYLVtYHLVDRV
SQHXVRTXHSRGHRFDVLRQDURHVWRXURGRV
SQHXV
Ɣ 0DQWHUSURGXWRVTXtPLFRVyOHRVJRUGX
UDVFRPEXVWtYHLVIOXLGRVGHIUHLRHRXWUDV
VXEVWkQFLDVDJUHVVLYDVVHPSUHORQJHGRV
SQHXV
$URV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
b
ҧϜ
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
3DUDIXVRVGHURGD $'9(57Ç1&,$
$XWLOL]DomRGHDURVGDQLILFDGRVRX
LQDGHTXDGRVSRGHFRPSURPHWHUDVHJXUDQoD
ҧϜ
GHFRQGXomRHFDXVDUDFLGHQWHVHIHULPHQWRV
$URVFRPDQHOGRDURLQWHUQRDSDUDIXVDGR JUDYHV
Ɣ 8WLOL]DUVRPHQWHDURVOLEHUDGRVSDUDRYHt
FXOR
Ɣ 9HULILFDUUHJXODUPHQWHSRVVtYHLVGDQRV
QRVDURVHVHQHFHVViULRVXEVWLWXtORV
$'9(57Ç1&,$
$VROWXUDRXIL[DomRLQDGHTXDGDGRVSDUDIX
VRVHPDURVFRPDQpLVGHDURLQWHUQRVDSDUD
ҧϜ IXVDGRVSRGHFDXVDUDFLGHQWHVHIHULPHQWRV
JUDYHV
$URVFRPHOHPHQWRVGHFRUDWLYRV Ɣ -DPDLVVROWDURVSDUDIXVRVGRVDURVFRP
DSDUDIXVDGRV DQHOGRDURLQWHUQRDSDUDIXVDGR
Ɣ 7RGRVRVWUDEDOKRVHPDURVFRPDQpLVGH
DURLQWHUQRVDSDUDIXVDGRVGHYHPVHUH[HFX
WDGRVSRUXPDHPSUHVDHVSHFLDOL]DGD3DUD
LVVRD9RONVZDJHQUHFRPHQGDDV&RQFHVVLR
QiULDV9RONVZDJHQ
ҧϜ
3QHXVQRYRVHVXEVWLWXLomRGRVSQHXV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
6XEVWLWXLURVSQHXV
3QHXVQRYRV ҧϜ
URGDGRV
ҧϜ ҧϜ
$'9(57Ç1&,$
3QHXVQRYRVSUHFLVDPVHUURGDGRVSRLVVXD
DGHUrQFLDHHIHLWRGHIUHQDJHPVmRLQLFLD
OPHQWHUHGX]LGDV
Ɣ 3DUDHYLWDUDFLGHQWHVHIHULPHQWRVJUDYHV
FRQGX]LUFRPDGHYLGDSUHFDXomRGXUDQWHRV
SULPHLURVNP b
&RQVHUYDomR/LPSH]D0DQXWHQomR
$'9(57Ç1&,$
$VURGDVGHYHPWHUDIROJDQHFHVViULD
DGHTXDGDSDUDVHXIXQFLRQDPHQWR6HQmR
KRXYHUIROJDSRGHRFRUUHUDWULWRGRVSQHXV
FRPSDUWHGRHL[RGDFDUURFHULDHGDVPDQ
JXHLUDVGRIUHLRRTXHSRGHFDXVDUIDOKDGR
VLVWHPDGHIUHLRHVROWXUDGDEDQGDGHURGD
JHPGRSQHXHFRPLVVRSRGHRFDVLRQDUR
HVWRXURGRSQHX
Ɣ $VPHGLGDVUHDLVGRVSQHXVQmRSRGHP
VHUPDLRUHVTXHDVPHGLGDVGRVSQHXVOLEH
UDGRVSHOD9RONVZDJHQHQmRSRGHPJHUDU
DWULWRFRPRXWUDVSDUWHVGRYHtFXOR
3UHVVmRGRVSQHXV
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ WDYHORFLGDGH
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
SQHXIULR
ҧϜ
9HULILFDUDSUHVVmRGRVSQHXV
ҧϜ
DO
b
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
$'9(57Ç1&,$FRQWLQXDomR
GRVSQHXVHVROWXUDGDEDQGDGHURGDJHPR
TXHSRGHOHYDUjSHUGDGHFRQWUROHGDGLUH
omR
Ɣ 8PDSUHVVmRGRVSQHXVPXLWRDOWDRX
PXLWREDL[DHQFXUWDDYLGD~WLOGRVSQHXVH
SLRUDRFRPSRUWDPHQWRGHGLUHomRGRYHtFX
OR
Ɣ 9HULILFDUUHJXODUPHQWHDSUHVVmRGRV
SQHXVQRPtQLPRXPDYH]DFDGDGLDVH
DGLFLRQDOPHQWHDQWHVGHFDGDFRQGXomR
PDLVORQJD
Ɣ 7RGRVRVSQHXVSUHFLVDPWHUVHPSUHD
URGDGHHPHUJrQFLD SUHVVmRGRVSQHXVDGHTXDGDSDUDDFDUJD
Ɣ -DPDLVUHGX]LUDSUHVVmRHOHYDGDGH
SQHXVTXHQWHV
$'9(57Ç1&,$
8PDSUHVVmRGRVSQHXVPXLWREDL[DRXPXL 127$
WRDOWDSRGHID]HUFRPTXHRSQHXHVYD]LHRX
Ɣ $RLQVHULURPHGLGRUGHSUHVVmRGRVSQHXV
HVWRXUHGXUDQWHDFRQGXomR,VWRSRGHFDX
DWHQWDUSDUDTXHHOHQmREDWDQDYiOYXOD&DVR
VDUDFLGHQWHVJUDYHVHIHULPHQWRVIDWDLV
FRQWUiULRSRGHPRFRUUHUGDQRVQDYiOYXODGR
Ɣ 8PDSUHVVmRGRVSQHXVPDLVEDL[DSRGH SQHX
DTXHFHUIRUWHPHQWHRVSQHXVSRGHQGRFDX
Ɣ 7DPSDVGHYiOYXODLQH[LVWHQWHVRXPDOURV
VDURVROWDPHQWRGDEDQGDGHURGDJHPHR
TXHDGDVSRGHPOHYDUDGDQRVQDYiOYXODGR
HVWRXURGRSQHX
SQHX3RULVVRFRQGX]LUVHPSUHFRPDVWDP
Ɣ 9HORFLGDGHH[FHVVLYDRXVREUHFDUJDGR SDVGDVYiOYXODVFRPSOHWDPHQWHURVTXHDGDVH
YHtFXORSRGHPJHUDUVXSHUDTXHFLPHQWRHGD TXHFRUUHVSRQGHPjVWDPSDVGHYiOYXODLQVWD
QRVUHSHQWLQRVDRVSQHXVLQFOXVLYHHVWRXUR ODGDVGHIiEULFD
3URIXQGLGDGHGRSHUILOHLQGLFDGRUHVGHGHVJDVWH
3URIXQGLGDGHGRSHUILO
ҧϜ
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD b
o}HVGHVHJXUDQoD QDSiJLQD
&RQVHUYDomR/LPSH]D0DQXWHQomR
,QGLFDGRUHVGHGHVJDVWHGRSQHX $'9(57Ç1&,$
3QHXVJDVWRVUHSUHVHQWDPXPULVFRjVHJX
UDQoDHSRGHPRFDVLRQDUDSHUGDGHFRQWUROH
GRYHtFXORFRPSRWHQFLDOULVFRGHDFLGHQWHV
ҧϜ
TXHUHVXOWHPHPIHULPHQWRVJUDYHV
Ɣ 2VSQHXVGHYHPVHUVXEVWLWXtGRVSRU
SQHXVQRYRVDQWHVTXHVHGHVJDVWHPDWpR
LQGLFDGRUGHGHVJDVWH
Ɣ 3QHXVJDVWRVWrPXPDDGHUrQFLDH[WUHPD
PHQWHUHGX]LGDHVSHFLDOPHQWHVREUHUXDV
PROKDGDVHRYHtFXORWHQGHD³IOXWXDU´
DTXDSODQDU
Ɣ 3QHXVJDVWRVUHGX]HPDSRVVLELOLGDGHGH
FRQWURODUEHPRYHtFXORHPVLWXDo}HVGHUR
GDJHPQRUPDLVHGLItFHLVHDXPHQWDPDGLV
WkQFLDGHIUHQDJHPHRULVFRGHGHUUDSDJHP
'DQRVQRVSQHXV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)RUPDGHFRQGXomR
9LEUDo}HV
SX[DPHQWRGHXPODGR
ҧϜ
)DOWDGHEDODQFHDPHQWRGDVURGDV
3HQHWUDomRGHFRUSRVHVWUDQKRVQRSQHX
5HJXODJHPGRFKDVVL
$'9(57Ç1&,$
9LEUDo}HVLQFRPXQVRXSX[DPHQWRGHXPOD
'HVJDVWHGRVSQHXV GRGRYHtFXORGXUDQWHDFRQGXomRSRGHPLQ
GLFDUGDQRQRVSQHXV
Ɣ 5HGX]LUDYHORFLGDGHLPHGLDWDPHQWHHSD
UDUUHVSHLWDQGRDVOHLVGHWUkQVLWR b
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
Ɣ 9HULILFDURVSQHXVHRVDURVTXDQWRDGD Ɣ 6HQHQKXPGDQRIRUYLVtYHOH[WHUQDPHQWH
QRV FRQGX]LUGHYDJDUHFRPSUHFDXomRDWpDSUy
Ɣ -DPDLVVHJXLUYLDJHPFRPSQHXVRXDURV [LPD&RQFHVVLRQiULD9RONVZDJHQRXXPD
GDQLILFDGRV(PYH]GLVVRSURFXUDUDX[tOLR HPSUHVDHVSHFLDOL]DGDSDUDRYHtFXORVHUYH
WpFQLFRHVSHFLDOL]DGR ULILFDGR
5RGDGHHPHUJrQFLD
'LIHUHQoDVHQWUHDURGDGHHPHUJrQFLDHRV
SQHXVGHURGDJHP
ҧϜ
ҧϜ 5RGDGHHPHUJrQFLDFRPDUR
SROHJDGDV
2EVHUYDUDVRULHQWDo}HVSDUDFRQGXomR
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
5HPRYHUDURGDGHHPHUJrQFLD
ҧϜ ҧϜ
$'9(57Ç1&,$
*XDUGDUDURGDVXEVWLWXtGD
8PXVRLQDGHTXDGRGDURGDGHHPHUJrQFLD
SRGHRFDVLRQDUDSHUGDGHFRQWUROHGRYHtFX
ORFROLV}HVRXRXWURVDFLGHQWHVFRPULVFRV
GHIHULPHQWRVJUDYHV
Ɣ (PQHQKXPDKLSyWHVHXWLOL]DUDURGDGH
HPHUJrQFLDVHHODHVWLYHUGDQLILFDGDRXGHV
JDVWDGDDWpRVLQGLFDGRUHVGHGHVJDVWH
Ɣ (PDOJXQVYHtFXORVDURGDGHHPHUJrQFLD
SRGHVHUPHQRUTXHRFRQMXQWRGHSQHXVRUL
JLQDOҧϜ3iJLQD5RGDGHHPHUJrQFLDFRP
DURSROHJDGDV
Ɣ -DPDLVFRQGX]LUHPYHORFLGDGHVXSHULRUD
NPK(YLWDUDUUDQTXHVHIUHQDJHQVEUXV
FDVEHPFRPRFXUYDVHPDOWDYHORFLGDGH b
&RQVHUYDomR/LPSH]D0DQXWHQomR
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
Ɣ $URGDGHHPHUJrQFLDGHYHVHUIL[DGD Ɣ $SyVDLQVWDODomRGDURGDGHHPHUJrQFLD
VHPSUHFRPRVSDUDIXVRVIRUQHFLGRVGHIi DSUHVVmRGRVSQHXVGHYHVHUYHULILFDGDR
EULFD PDLVUiSLGRSRVVtYHOҧϜ3iJLQD3UHVVmR
GRVSQHXV
,QVFULomRGRVSQHXV
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
ҧϜ)LJ ,QVFULomRGRVSQHXV 6LJQLILFDGR
H[HPSOR
4).
ҧϜ
$$ $
% &
&
$ % & $
%
ҧϜ
ҧϜ
ҧϜ
28 ҧϜ
RX RX X
6 (
ҧϜ
1RPHGDPDUFD ORJRWLSR
Û
Ü b
&RQVHUYDomR/LPSH]D0DQXWHQomR
ҧϜ)LJ ,QVFULomRGRVSQHXV 6LJQLILFDGR
H[HPSOR
(
H
3QHXVXQLGLUHFLRQDLV
&yGLJRGHYHORFLGDGH
&DSDFLGDGHGHFDUJDGRVSQHXV
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
3URORQJDGRGHVXVR
¤ ,QWURGXomRDRWHPD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧϜ
ҧϜ
ҧϜ
&KDVVL
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVQDSiJLQD
127$FRQWLQXDomR
Ɣ $R[LGDomRGRVGLVFRVRXWDPERUHVWRUQDP
RIUHLRH[FHVVLYDPHQWHDJUHVVLYR3DUDPLQLPL
]DUVHXVHIHLWRVQHJDWLYRVRYHtFXORLVHQWRGH
XPLGDGHGHYHVHUJXDUGDGRHPOXJDUVHFR
Ɣ 2SRGHUOXEULILFDQWHGDJUD[DGRURODPHQWR
GDVURGDVHVHPLHL[RWHPVXDVSURSULHGDGHV
DOWHUDGDVDSyVXPORQJRWHPSRGHLQDWLYLGDGH
2UHFRPHQGDGRpVXEVWLWXLURVFRPSRQHQWHV
127$ DSyVRGHVXVRSURORQJDGRPDLVGHPHVHV
Ɣ 2VSQHXVGHYHPSHUPDQHFHUVXVSHQVRV LVWRFDVRQmRVHMDSRVVtYHODFLRQiORVHVSRUD
VHPFRQWDWRFRPRVRORSDUDHYLWDUTXHVH GLFDPHQWHPHVPRTXHVHMDVRPHQWHSRUDO
GHIRUPHPSHUPDQHQWHPHQWH JXQVPHWURV
&RQVHUYDomR/LPSH]D0DQXWHQomR
&DUURFHULD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVQDSiJLQD ҧϜ
ҧϜ
0RWRUWUDQVPLVVmR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVQDSiJLQD
$SyVRGHVXVR
$QWHVGRGHVXVR
(OpWULFD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVQDSiJLQD
$QWHVGRGHVXVR
$'9(57Ç1&,$
$SyVRGHVXVR 1XQFDSHUPDQHoDHPDPELHQWHIHFKDGRHQ
TXDQWRRPRWRUHVWLYHUIXQFLRQDQGR2VJD
VHVWy[LFRVGRVLVWHPDGHHVFDSHSRGHPOH
YDUjLQFRQVFLrQFLDLQWR[LFDomRSRUGLy[LGR
GHFDUERQRDFLGHQWHVHIHULPHQWRVJUDYHV
ҧϜ 5iGLR
ҧϜ
ҧϜ
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
$FHVVyULRVUHSRVLomRGHSHoDVUHSDURVHPRGLILFDo}HV
¤ ,QWURGXomRDRWHPD
ҧϜ
ҧϜ
ҧϜ 5iGLR
$'9(57Ç1&,$
3HoDVGHUHSRVLomRHDFHVVyULRV
LQDGHTXDGRVEHPFRPRWUDEDOKRVPRGLILFD
o}HVHUHSDURVUHDOL]DGRVGHPDQHLUDLQFRUUH
WDSRGHPFDXVDUGDQRVQRYHtFXORDFLGHQWHV
HIHULPHQWRVJUDYHV
Ɣ $9RONVZDJHQUHFRPHQGDTXHDSHQDV
DFHVVyULRVOLEHUDGRVSHOD9RONVZDJHQHSH
oDVRULJLQDLV9RONVZDJHQVHMDPXWLOL]DGRV
3DUDLVVRD9RONVZDJHQWHPHVWDEHOHFLGR
FUHGLELOLGDGHVHJXUDQoDHTXDOLILFDomR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORGHYHP
ҧϜ VHUUHDOL]DGRVVRPHQWHSRUXPD&RQFHVVLR
ҧϜ QiULD9RONVZDJHQ$V&RQFHVVLRQiULDV
9RONVZDJHQSRVVXHPDVIHUUDPHQWDVQHFHV
ҧϜ
ViULDVDSDUHOKRVGHGLDJQyVWLFRLQIRUPD
ҧϜ o}HVGHUHSDURHSHVVRDOTXDOLILFDGR
ҧϜ Ɣ ,QVWDODUDSHQDVSHoDVTXHFRUUHVSRQGDP
ҧϜ jYHUVmRHjVFDUDFWHUtVWLFDVRULJLQDLVGHIi
EULFDGRYHtFXOR
ҧϜ Ɣ -DPDLVFRORFDUPRQWDURXDFRSODUREMHWRV
WDLVFRPRSRUWDFRSRVVXSRUWHGHWHOHIRQH
ҧϜ PyYHOH*36VLVWHPDGHSRVLFLRQDPHQWR
JOREDODRODGRRXVREUHDVFREHUWXUDVGRV
PyGXORVGRDLUEDJRXQDViUHDVGHH[SDQVmR
ҧϜ
GRDLUEDJ
ҧϜ
Ɣ 8WLOL]DUDSHQDVFRPELQDo}HVGHDURVH
SQHXVHURGDOLEHUDGDVSHOD9RONVZDJHQSDUD
ҧϜ RPRGHORGHYHtFXOR
ҧϜ
ҧϜ
&RQVHUYDomR/LPSH]D0DQXWHQomR
$PDFLDPHQWR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$WpRVTXLO{PHWURVYDOH
$PDFLDPHQWRGRPRWRU (QWUHHTXLO{PHWURV
JUDGXDOPHQWH
$PDFLDPHQWRGDVSDVWLOKDVGRIUHLRHGH
SQHXVQRYRV
ҧϜ
ҧϜ
$FHVVyULRVHSHoDVGHUHSRVLomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
5HSDURVHPRGLILFDo}HVUHDOL]DGRVGHIRUPD
LQDGHTXDGDQRYHtFXORSRGHPFRPSURPHWHU
DHILFiFLDGRVDLUEDJVEHPFRPRFDXVDUID
OKDVGHIXQFLRQDPHQWRDFLGHQWHVHIHULPHQ
WRVIDWDLV
Ɣ -DPDLVFRORFDUPRQWDURXDFRSODUREMHWRV
$FHVVy WDLVFRPRSRUWDFRSRVVXSRUWHGHWHOHIRQH
ULRV9RONVZDJHQ 3HoDV2ULJLQDLV9RONVZDJHQ PyYHOH*36VLVWHPDGHSRVLFLRQDPHQWR
JOREDODRODGRRXVREUHDVFREHUWXUDVGRV
PyGXORVGRDLUEDJRXQDViUHDVGHH[SDQVmR
GRDLUEDJ
Ɣ 2EMHWRVFRORFDGRVPRQWDGRVRXDFRSOD
GRVGHQWURGDiUHDGHH[SDQVmRGRVDLUEDJV
QmROLEHUDGRVSHOD9RONVZDJHQ SRGHUmRFDXVDUIHULPHQWRVJUDYHVRXIDWDLV
VHRVDLUEDJVIRUHPDFLRQDGRV
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
)OXLGRVHUHFXUVRV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ /HUHDWHQWDUVHPSUHSDUDDVLQIRUPDo}HV
HDOHUWDVGDVHPEDODJHQVGRVIOXLGRV
7RGRVRVIOXLGRVHUHFXUVRV Ɣ 8WLOL]DUSURGXWRVTXHHPLWDPYDSRUHVWy[L
FRVVHPSUHHPiUHDVDEHUWDVRXEHPYHQWLOD
GDV
Ɣ -DPDLVXWLOL]DUFRPEXVWtYHOWHUHEHQWLQD
yOHRGRPRWRUUHPRYHGRUGHHVPDOWHRXRX
WURVOtTXLGRVYROiWHLVSDUDFRQVHUYDomRGR
YHtFXOR(VVDVVXEVWkQFLDVVmRWy[LFDVHDO
WDPHQWHLQIODPiYHLV(ODVSRGHPFDXVDULQ
FrQGLRVHH[SORV}HV
$'9(57Ç1&,$ 127$
)OXLGRVHUHFXUVRVLQDGHTXDGRVEHPFRPR Ɣ 5HDEDVWHFHUDSHQDVFRPIOXLGRV
VXDXWLOL]DomRLQFRUUHWDSRGHPFDXVDUDFL DGHTXDGRV(PKLSyWHVHDOJXPDXWLOL]DUIOXLGRV
GHQWHVIHULPHQWRVJUDYHVTXHLPDGXUDVHLQ GLIHUHQWHVGRVUHFRPHQGDGRV&DVRFRQWUiULR
WR[LFDomR SRGHPRFRUUHUIDOKDVJUDYHVGHIXQFLRQDPHQWR
Ɣ &RQVHUYDUIOXLGRVVRPHQWHHPUHFLSLHQWHV RXXPGDQRDRPRWRU
RULJLQDLVIHFKDGRV Ɣ $FHVVyULRVHSHoDVLQVWDODGDVFRQWUDDHQ
Ɣ 1XQFDXWLOL]DUODWDVGHDOLPHQWRVJDUUDIDV WUDGDGHDUSUHMXGLFDPRDUUHIHFLPHQWRGRPR
RXRXWURVUHFLSLHQWHVYD]LRVSDUDDUPD]HQDU WRU(PFRQGLo}HVGHDOWDWHPSHUDWXUDDPELHQ
IOXLGRVSRLVDVVLPKiULVFRGHTXHRIOXLGR WHHGHPDQGDLQWHQVDGRPRWRURPRWRUSRGH
DUPD]HQDGRSRVVDVHULQJHULGRSRURXWUDV VXSHUDTXHFHU
SHVVRDV
Ɣ 0DQWHURVIOXLGRVHUHFXUVRVIRUDGRDO
FDQFHGHFULDQoDV
5HSDURVHPRGLILFDo}HVWpFQLFDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(PFDVRGHUHSDURVHPRGLILFDo}HVWpFQLFDV
DVGLUHWUL]HV9RONVZDJHQGHYHPVHUHVWULWD
PHQWHVHJXLGDV ҧϜ
3H
oDV2ULJLQDLV9RONVZDJHQ b
&RQVHUYDomR/LPSH]D0DQXWHQomR
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
5HSDURVHPRGLILFDo}HVUHDOL]DGRVGHIRUPD HILFiFLDGRVLVWHPDGHDVVLVWrQFLDDR
LQDGHTXDGDSRGHPFDXVDUIDOKDVGHIXQFLR FRQGXWRU,VVRSRGHRFDVLRQDUDFLGHQWHVHIH
QDPHQWRHGDQRVQRYHtFXORHFRPSURPHWHUD ULPHQWRVJUDYHV
Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORVyGH
YHPVHUUHDOL]DGRVSRUXPD&RQFHVVLRQiULD
9RONVZDJHQ
5HSDURVHOLPLWDo}HVGRVLVWHPDGHDLUEDJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(PFDVRGHUHSDURVHPRGLILFDo}HVWpFQLFDV $'9(57Ç1&,$
DVGLUHWUL]HV9RONVZDJHQGHYHPVHUHVWULWD
5HSDURVHPRGLILFDo}HVUHDOL]DGRVGHIRUPD
PHQWHVHJXLGDV ҧϜ
LQDGHTXDGDSRGHPFDXVDUIDOKDVGHIXQFLR
QDPHQWRGDQRVQRYHtFXORHFRPSURPHWHUD
HILFiFLDGRVLVWHPDGHDLUEDJ,VVRSRGHRFD
VLRQDUDFLGHQWHVHIHULPHQWRVJUDYHVRXID
WDLV
Ɣ 5HSDURVHPRGLILFDo}HVQRYHtFXORVyGH
YHPVHUUHDOL]DGRVSRUXPD&RQFHVVLRQiULD
9RONVZDJHQ
Ɣ 2VPyGXORVGRDLUEDJQmRSRGHPVHUUH
SDUDGRVPDVVLPVXEVWLWXtGRV
Ɣ 1XQFDLQVWDODUQRYHtFXORSHoDVGHDLUEDJ
GHVPRQWDGDVGHYHtFXORVDQWLJRVRXRULJLQi
ULDVGHUHFLFODJHP
$'9(57Ç1&,$
8PDDOWHUDomRQDVXVSHQVmRGRYHtFXORLQ
FOXVLYHDXWLOL]DomRGHFRPELQDo}HVGH
SQHXVHDURVQmROLEHUDGDVSHOD9RONVZDJHQ
SRGHPDOWHUDURIXQFLRQDPHQWRGRVDLUEDJVH
DXPHQWDURULVFRGHIHULPHQWRVJUDYHVRXID
WDLVHPFDVRGHDFLGHQWH
Ɣ -DPDLVLQVWDODUFRPSRQHQWHVGDVXVSHQ
VmRTXHQmRDSUHVHQWHPFDUDFWHUtVWLFDVLGrQ
WLFDVjVSHoDVRULJLQDLVLQVWDODGDVQRYHtFX
OR
Ɣ -DPDLVXWLOL]DUFRPELQDo}HVGHDURVH
SQHXVTXHQmRWHQKDPVLGROLEHUDGDVSHOD
9RONVZDJHQ
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
,QVWDODomRSRVWHULRUGHDSDUHOKRVGHWUDQVPLVVmR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
8PDSDUHOKRGHWUDQVPLVVmRQmRIL[DGRRXIL
[DGRLQFRUUHWDPHQWHSRGHVHUODQoDGRSHOR
LQWHULRUGRYHtFXORHPUD]mRGHXPDPDQREUD
GHGLUHomRRXGHIUHQDJHPV~ELWDVEHPFR
PRHPXPDFLGHQWHHFDXVDUIHULPHQWRVJUD
YHV
Ɣ )L[DURXJXDUGDUHPVHJXUDQoDRDSDUHOKR
GHWUDQVPLVVmRVHPSUHGHPDQHLUDFRUUHWDH
IRUDGDiUHDGHH[SDQVmRGRDLUEDJGXUDQWHD
FRQGXomR
&8,'$'2
1DRSHUDomRGHXPDSDUHOKRGHWUDQVPLVVmR
VHPFRQH[mRFRPXPDDQWHQDH[WHUQDRVYD
ORUHVOLPLWHGHUDGLDomRHOHWURPDJQpWLFDQR
YHtFXORSRGHPVHUH[FHGLGRV,VWRWDPEpPp
YiOLGRFRPXPDDQWHQDH[WHUQDQmRLQVWDODGD
GHPDQHLUDFRUUHWD
Ɣ 2SHUDURDSDUHOKRGHWUDQVPLVVmRQRYHt
FXORVRPHQWHFRPXPDDQWHQDH[WHUQDFR
QHFWDGDGHPDQHLUDFRUUHWD
,QIRUPDo}HVDUPD]HQDGDVQDVXQLGDGHVGHFRQWUROH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HSURJUDPDomRGDVXQLGDGHVGHFRQWUROH
ҧϜ 0DQXWHQomRHJDUDQWLD
2XWURVUHJLVWURVGDRILFLQD
&RQVHUYDomR/LPSH]D0DQXWHQomR
/HLWXUDGRUHJLVWURGHIDOKDVGRYHtFXOR
8WLOL]DomRGHXPWHOHIRQHPyYHOQRYHtFXORVHPFRQH[mRFRPDDQWHQD
H[WHUQD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
8PWHOHIRQHPyYHOQmRIL[DGRRXIL[DGRLQ
FRUUHWDPHQWHSRGHVHUODQoDGRSHORLQWHULRU
GRYHtFXORHPUD]mRGHXPDPDQREUDGHGLUH
omRRXGHIUHQDJHPV~ELWDEHPFRPRHPXP
DFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
Ɣ )L[DURWHOHIRQHPyYHORXWURVDSDUHOKRV
EHPFRPRDFHVVyULRVGRWHOHIRQHFRPRSRU
H[HPSORVXSRUWHVSDUDWHOHIRQHPyYHOEORFR
GHQRWDVH*36VLVWHPDGHSRVLFLRQDPHQWR
JOREDOGHPDQHLUDFRUUHWDRXDFRPRGiORV
GHPDQHLUDVHJXUDGXUDQWHDFRQGXomRHIRUD
GDViUHDVGHH[SDQVmRGRDLUEDJ b
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
$RXWLOL]DUXPWHOHIRQHPyYHOVHPFRQH[mR Ɣ 0DQWHUXPDGLVWkQFLDPtQLPDGHFHQWt
FRPXPDDQWHQDH[WHUQDRVYDORUHVOLPLWHGH PHWURVHQWUHDVDQWHQDVGRWHOHIRQHPyYHOH
UDGLDomRHOHWURPDJQpWLFDQRYHtFXORSRGHP XPPDUFDSDVVRFDUGtDFRSRLVWHOHIRQHVPy
VHUH[FHGLGRVHDVVLPDVD~GHGRFRQGXWRU YHLVSRGHPLQIOXHQFLDUQDIXQomRGHPDUFD
HGRVSDVVDJHLURVSRGHVHUSUHMXGLFDGD,VWR SDVVRVFDUGtDFRV
WDPEpPpYiOLGRFRPXPDDQWHQDH[WHUQD Ɣ 1mRFDUUHJDUWHOHIRQHVPyYHLVOLJDGRVQR
QmRLQVWDODGDGHPDQHLUDFRUUHWD EROVRGRSHLWRGLUHWDPHQWHVREUHRPDUFD
SDVVR
Ɣ 1RFDVRGHVXVSHLWDGHLQWHUIHUrQFLDGR
WHOHIRQHPyYHOFRPXPPDUFDSDVVRFDUGt
DFRRXFRPRXWURGLVSRVLWLYRPpGLFRGHVOL
JDURWHOHIRQHPyYHOLPHGLDWDPHQWH
3RQWRVGHDSRLRSDUDDVXVSHQVmRGRYHtFXOR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
3DUDYHtFXORVFRPVROHLUDVH[WHUQDVpQHFHVViULR ҧϜ
DQWHVGHVXVSHQGHURYHtFXORGHVHQFDL[DUDFR
EHUWXUDGHDFHVVRDRSRQWRGHDSRLRGRPDFDFR
$'9(57Ç1&,$
ҧϜ
$VXVSHQVmRLQDGHTXDGDGRYHtFXORFRP
XPDSODWDIRUPDHOHYDWyULDRXFRPXPPDFD
ҧϜ ҧϜ
FRSRGHFDXVDUIHULPHQWRVJUDYHV
ҧϜ Ɣ $QWHVGHVXVSHQGHURYHtFXORREVHUYDUR
ҧϜ PDQXDOGHLQVWUXo}HVGDSODWDIRUPDHOHYDWy
ULDRXGRPDFDFREHPFRPRDVHYHQWXDLV
GHWHUPLQDo}HVOHJDLV
Ɣ 1mRSRGHKDYHUSHVVRDVGHQWURGRYHtFX
ORGXUDQWHVXDVXVSHQVmRRXFRPRYHtFXOR
VXVSHQVR b
&RQVHUYDomR/LPSH]D0DQXWHQomR
$'9(57Ç1&,$FRQWLQXDomR $'9(57Ç1&,$FRQWLQXDomR
Ɣ 6XVSHQGHURYHtFXORVRPHQWHSHORVSRQ Ɣ $WHQWDUVHPSUHSDUDTXHRSHVRGRYHtFX
WRVLQGLFDGRVQDVILJXUDVҧϜ)LJH ORQmRH[FHGDDFDSDFLGDGHGHFDUJDGDSOD
ҧϜ)LJ6HRYHtFXORQmRIRUVXVSHQVRSH WDIRUPDHOHYDWyULD
ORVSRQWRVLQGLFDGRVRYHtFXORSRGHFDLUGD
SODWDIRUPDHOHYDWyULDTXDQGRSRUH[HPSORR 127$
PRWRURXDVXVSHQVmRIRUGHVPRQWDGR
Ɣ -DPDLVVXVSHQGHURYHtFXORSHORFiUWHUSH
Ɣ 2VSRQWRVGHDSRLRSDUDVXVSHQVmRGR ODWUDQVPLVVmRSHORHL[RWUDVHLURRXSHORHL[R
YHtFXORGHYHPHVWDUDSRLDGRVVREUHDPDLRU GLDQWHLUR
iUHDSRVVtYHOHFHQWUDOL]DGRVVREUHRVDSRLRV
GDSODWDIRUPDHOHYDWyULD Ɣ $RVXVSHQGHURYHtFXORXWLOL]DUVHPSUH
XPDFDPDGDGHERUUDFKDSDUDQmRGDQLILFDUD
Ɣ -DPDLVOLJDURPRWRUVHRYHtFXORHVWLYHU SDUWHLQIHULRUGRYHtFXOR$OpPGLVVRpQHFHV
VXVSHQVR2YHtFXORSRGHFDLUGDSODWDIRUPD ViULRREVHUYDUDSDVVDJHPOLYUHGRVEUDoRVGD
HOHYDWyULDGHYLGRjVYLEUDo}HVGRPRWRU SODWDIRUPDHOHYDWyULD
Ɣ 6HIRUQHFHVViULRWUDEDOKDUVREXPYHtFX Ɣ 2VEUDoRVGDSODWDIRUPDHOHYDWyULDQmRGH
ORVXVSHQVRWUDYDURYHtFXORFRPEORFRVGH YHPWRFDUDVVROHLUDVODWHUDLVRXRXWUDVSHoDV
VXVWHQWDomRTXHSRVVXDPXPDFDSDFLGDGH GRYHtFXOR
GHFDUJDFRUUHVSRQGHQWH
Ɣ -DPDLVXWLOL]DUDSODWDIRUPDHOHYDWyULDFR
PRDX[tOLRSDUDHPEDUTXH
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
,QIRUPDo}HVDRFRQVXPLGRU
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
2PDQXVHLRLQDGHTXDGRGRYHtFXORDXPHQWD
RULVFRGHDFLGHQWHVHIHULPHQWRV
Ɣ 2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
Ɣ 2EVHUYDUR0DQXDOGHLQVWUXo}HV
127$
2PDQXVHLRLQDGHTXDGRGRYHtFXORSRGHRFD
VLRQDUGDQRVQRYHtFXOR
Ɣ 2EVHUYDUDVGHWHUPLQDo}HVOHJDLV
Ɣ ([HFXWDURVVHUYLoRVGHPDQXWHQomRGH
DFRUGRFRPRҧϜFDGHUQR0DQXWHQomRHJDUDQ
WLD
Ɣ 2EVHUYDUR0DQXDOGHLQVWUXo}HV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧϜ
ҧϜ 0DQXWHQomRHJDUDQWLD
(WLTXHWDVDGHVLYDVHSODTXHWDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&HUWLILFDGRGHVHJXUDQoD
(WLTXHWDVDGHVLYDVGHDOHUWDGHDOWDWHQVmR
&RQVHUYDomR/LPSH]D0DQXWHQomR
8WLOL]DomRGRYHtFXORHPRXWURVSDtVHVHFRQWLQHQWHV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
$9RONVZDJHQQmRVHUHVSRQVDELOL]DSRUGDQRV
FDXVDGRVDRYHtFXORHPUD]mRGHFRPEXVWtYHO
GHEDL[DTXDOLGDGHVHUYLoRVLQGHYLGRVIRUDGD
5HGH$XWRUL]DGDRXXWLOL]DomRGHSHoDVQmR
RULJLQDLV
,QVWDODURUiGLR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
1XQFDFRUWDURFDERGHOLJDomRGHL[DQGRR
VHPLVRODPHQWR,VVRSRGHFDXVDUXPLQFrQ
GLR
127$
Ɣ 8PDOLJDomRGHILFLHQWHGRUiGLRSRGHSURYR
QmR FDUDGHVWUXLomRGHFRPSRQHQWHVHOpWULFRVLP
SRUWDQWHVRXDIHWDURVHXIXQFLRQDPHQWR(YHQ
WXDLVLQWHUIHUrQFLDVFRPRSRUH[HPSORQRVL
QDOGDYHORFLGDGHSRGHPSURYRFDUIDOKDVQR
IXQFLRQDPHQWRGRPRWRU$%6HWF
Ɣ $VLPSOHVOLJDomRGRVLQDOGHYHORFLGDGHD
XPUiGLRFRPDMXVWHDXWRPiWLFRGRYROXPHGH
RXWURVIDEULFDQWHVSRGHGDURULJHPDHVVHVWL
SRVGHIDOKDV
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
9ROXPHGRUiGLRRXGRVLVWHPDGHQDYHJDomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
2IXQFLRQDPHQWRGRUiGLRRXGRVLVWHPDGH
QDYHJDomRFRPJUDQGHYROXPHVREUHWXGR
FRPXPDSUHVVmRVRQRUDVXSHULRUDGHFL
EHLVSRGHSURYRFDUGDQRVjDXGLomR
Ɣ 6HRYROXPHHVWLYHUGHPDVLDGRDOWRVL
QDLVDF~VWLFRVGRH[WHULRUSRUH[HPSORVL
QDLVGHDYLVRGHYHtFXORVGDSROtFLDERPEHL
URVRXRXWURVYHtFXORVSRGHPQmRVHURXYL
GRVHRFDVLRQDUDFLGHQWHV
)RQHGHRXYLGR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
$RXWLOL]DUIRQHVGHRXYLGRGXUDQWHDFRQGX
omRVLQDLVDF~VWLFRVGRH[WHULRUSRUH[HP
SORVLQDLVGHDYLVRGHYHtFXORVGDSROtFLD
ERPEHLURVRXRXWURVYHtFXORVSRGHPQmR
VHURXYLGRVHRFDVLRQDUDFLGHQWHV
6HUYLoRGHDWHQGLPHQWRDRFOLHQWH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)D[
&DUWD
9RONVZDJHQGR%UDVLO&HQWUDOGHUHODFLRQD
PHQWRFRP&OLHQWHV
,QWHUQHW
7HOHIRQH
&RQVHUYDomR/LPSH]D0DQXWHQomR
'HFODUDomRGHFRQIRUPLGDGH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
(TXLSDPHQWRVGHUDGLRIUHTXrQFLD
(TXLSDPHQWRVHOpWULFRV
/LFHQoDGHXWLOL]DomRGDFKDYHFRPFRPDQGRUHPRWR
ҧϜ
)LJ
¤
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
/LFHQoDGHXWLOL]DomRGRLPRELOL]DGRUHOHWU{QLFR
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
&RQVHUYDomR/LPSH]D0DQXWHQomR
8QLGDGHGHFRQWUROHGRPRWRUHVLVWHPDGHSXULILFDomRGR
JiVGHHVFDSH
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
$VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP
PXLWR,VVRSRGHFDXVDULQFrQGLRV
Ɣ 'HVOLJDURYHtFXORGHIRUPDTXHQHQKXPD
SHoDGRVLVWHPDGHHVFDSHHQWUHHPFRQWDWR
FRPPDWHULDLVIDFLOPHQWHLQIODPiYHLVSRUEDL
[RGRYHtFXORFRPRSRUH[HPSORJUDPDVH
FD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Ɣ 1XQFDXWLOL]DUSURWHomRDGLFLRQDOSDUDD
SDUWHLQIHULRUGRYHtFXORRXSURGXWRVDQWLFRU
ҧϜ
URVLYRVQRWXERGRHVFDSDPHQWRFDWDOLVDGR
ҧϜ UHVRXFKDSDVGHEOLQGDJHPWpUPLFD
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
/X]HVGHFRQWUROH
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
%0#
B
3LVFDQ
&DXVDSRVVtYHO 6ROXomR
GR
B
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
ORFDOVHJXURDWRGRVRVSDVVDJHLURVGRYHt
FXORHDRVGHPDLVFRQGXWRUHV
$'9(57Ç1&,$
127$
$REVHUYkQFLDGDVOX]HVGHDGYHUWrQFLDDFH
2EVHUYDUVHPSUHDVOX]HVGHFRQWUROHDFHVDVH
VDVHGDVPHQVDJHQVGHWH[WRpHVVHQFLDOSD
VXDVGHVFULo}HVHRULHQWDo}HVSDUDHYLWDUGD
UDDVHJXUDQoDGRFRQGXWRUHSDVVDJHLURV
QRVQRYHtFXOR
HYLWDQGRSRVVtYHLVSDUDGDVGRYHtFXOREHP
FRPRHYHQWXDLVDFLGHQWHV B %0#
Ɣ 1XQFDLJQRUDUDVOX]HVGHDGYHUWrQFLD
DFHVDVHDVPHQVDJHQVGHWH[WR
5HJXODJHPHOHWU{QLFDGDSRWrQFLDGRPRWRU(3&
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQVHUYDomR/LPSH]D0DQXWHQomR
&DWDOLVDGRU
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
127$
8P~QLFRDEDVWHFLPHQWRFRPJDVROLQDFRP
FKXPERRXRXWURVDGLWLYRVPHWiOLFRVSRU
H[HPSORPDQJDQrVpVXILFLHQWHSDUDUHGX]LUD
HILFiFLDGRFDWDOLVDGRUHSDUDGDQLILFiOR
ҧϜ
ҧϜ
)LOWURGHFDUYmRDWLYDGRVLVWHPDGHDOLPHQWDomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
&RQVHUYDomRHPDQXWHQomRGRYHtFXOR
$XWRDMXGD
2ULHQWDo}HVSUiWLFDV
3HUJXQWDVHUHVSRVWDV
DQWHV
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ b
$XWRDMXGD
3DUWLFXODULGDGH &DXVDVSRVVtYHLV 6ROXo}HVSRVVtYHLV
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
2ULHQWDo}HVSUiWLFDV
(PFDVRGHHPHUJrQFLD
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
8PYHtFXORSDUDGRUHSUHVHQWDXPJUDQGHULV
FRGHDFLGHQWHSDUDVLPHVPRHSDUDWHUFHL
URVQRWUkQVLWR
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
ORFDOVHJXUR(VWDFLRQDURYHtFXORDXPDGLV
WkQFLDVHJXUDGRIOX[RGHWUkQVLWRSDUDWUDYDU
VHJXUDPHQWHWRGDVDVSRUWDVHPFDVRGH
HPHUJrQFLD/LJDUDVOX]HVGHDGYHUWrQFLDSD
UDDOHUWDURXWURVFRQGXWRUHV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ 1XQFDGHL[DUFULDQoDVGHILFLHQWHVRXSHV
ҧϜ VRDVFRPQHFHVVLGDGHVHVSHFLDLVVR]LQKDV
ҧϜ QRYHtFXORTXDQGRDVSRUWDVIRUHPWUDYDGDV
ҧϜ ,VWRSRGHUiID]HUFRPTXHHODVVHMDPWUDQFD
GDVGHQWURGRYHtFXORHPFDVRGHHPHUJrQ
FLD3HVVRDVWUDQFDGDVSRGHPILFDUH[SRVWDV
DWHPSHUDWXUDVPXLWRDOWDVRXPXLWREDL[DV
3URWHJHUDVLPHVPRHDRYHtFXOR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
)LJ
/LVWDGHFRQWUROH
ҧϜ
ҧϜ
ҧϜ
ҧϜ
'0
ҧϜ
ҧϜ
$XWRDMXGD
/LVWDGHFRQWUROHFRQWLQXDomR
$'9(57Ç1&,$
$REVHUYkQFLDGDOLVWDGHFRQWUROHpHVVHQFL
DOSDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURV
HGHPDLVFRQGXWRUHVHYLWDQGRSRVVtYHLVDFL
GHQWHV
Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
JHUDOPHQWHYiOLGDV
$'9(57Ç1&,$
$VSHoDVGRVLVWHPDGHHVFDSHHVTXHQWDP
([HPSORVHPTXHDVOX]HVGHDGYHUWrQFLD PXLWR3RULVVRSRGHPRFRUUHULQFrQGLRVH
GHYHPVHUDFLRQDGDV IHULPHQWRVJUDYHV
Ɣ 1XQFDHVWDFLRQDURYHtFXORGHIRUPDTXH
SHoDVGRVLVWHPDGHHVFDSHHQWUHPHPFRQ
WDWRFRPPDWHULDLVIDFLOPHQWHLQIODPiYHLV
HPEDL[RGRYHtFXORFRPRSRUH[HPSORJUD
PDVHFDRXFRPEXVWtYHO
ҧϜ
/X]HVGHIUHQDJHPGHHPHUJrQFLD(66(PHUJHQF\6WRS6LJQDO
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
2ULHQWDo}HVSUiWLFDV
7ULkQJXORGHVHJXUDQoD
ҧϜ
$'9(57Ç1&,$
2EMHWRVVROWRVSRGHPVHUODQoDGRVSHORLQWH
ULRUGRYHtFXORHPUD]mRGHXPDPDQREUDVGH
GLUHomRRXGHIUHQDJHPV~ELWDEHPFRPRHP
XPDFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
Ɣ $IL[DURWULkQJXORGHVHJXUDQoDQRVGHYL
GRVVXSRUWHVVHPSUHGHPDQHLUDVHJXUD
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HPRYHURH[WLQWRUGHLQFrQGLR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
DQWHV
ҧϜ
)LJ
$XWRDMXGD
8WLOL]DURH[WLQWRUGHLQFrQGLR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ ҧϜ
ҧϜ
ҧϜ
0DQXWHQomRGRH[WLQWRUGHLQFrQGLR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ ҧϜ b
2ULHQWDo}HVSUiWLFDV
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 6HPSUHTXHRH[WLQWRUGHLQFrQGLRIRUXWL
OL]DGRRXDWLQJLURSUD]RGHGXUDELOLGDGHGDWD
GHYHQFLPHQWRHOHGHYHVHUVXEVWLWXtGRLPH
GLDWDPHQWHSRUXPQRYR
Ɣ $9RONVZDJHQUHFRPHQGDID]HUDVXEVWLWX
LomRGRH[WLQWRUGHLQFrQGLRGRVHXYHtFXOR
HPXPD&RQFHVVLRQiULD9RONVZDJHQRXHP
HVWDEHOHFLPHQWRVFUHGHQFLDGRVSHOR,10(
752SDUDHVWDILQDOLGDGH
$'9(57Ç1&,$
Ɣ 2H[WLQWRUGHLQFrQGLRGRYHtFXORHVWiSUH
YLVWRSDUDVHUXWLOL]DGRDSHQDVXPDYH]HWHP
YDOLGDGHGHILQLGDSRUOHL
$XWRDMXGD
)HFKDPHQWRGHHPHUJrQFLD
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDGHL[DUFULDQoDVRXSHVVRDVFRP
QHFHVVLGDGHHVSHFLDLVVR]LQKDVQRYHtFXOR
(PFDVRGHHPHUJrQFLDHODVQmRHVWDULDP
HPFRQGLo}HVGHGHL[DURYHtFXORVR]LQKDV
RXGHFXLGDUHPGHVLPHVPDV
Ɣ (PXPYHtFXORIHFKDGRGHDFRUGRFRPD
HVWDomRGRDQRSRGHPRFRUUHUWHPSHUDWXUDV
PXLWRDOWDVRXPXLWREDL[DVTXHSRGHPRFD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV VLRQDUIHULPHQWRVJUDYHVHHQIHUPLGDGHV
SULQFLSDOPHQWHHPFULDQoDVSHTXHQDVRX
ҧϜ
RFDVLRQDUDPRUWH
ҧϜ
$'9(57Ç1&,$
ҧϜ
$iUHDGHIXQFLRQDPHQWRGDVSRUWDVpSHULJR
ҧϜ VDHSRGHFDXVDUIHULPHQWRV
Ɣ $EULURXIHFKDUDVSRUWDVVRPHQWHTXDQGR
$'9(57Ç1&,$ QmRKRXYHUQLQJXpPHPVXDiUHDIXQFLRQDO
8PIHFKDPHQWRGHHPHUJrQFLDVHPVXSHUYL
VmRSRGHFDXVDUIHULPHQWRVJUDYHV 127$
$RH[HFXWDUXPIHFKDPHQWRGHHPHUJrQFLDDV
SHoDVGHYHPVHUUHPRYLGDVFXLGDGRVDPHQWHH
UHLQVWDODGDVFRUUHWDPHQWHSDUDHYLWDUGDQRVQR
YHtFXOR
2ULHQWDo}HVSUiWLFDV
7UDYDUDSRUWDGRSDVVDJHLURGLDQWHLURHDVSRUWDVWUDVHLUDVPDQXDOPHQWH
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2WUDYDPHQWRGHHPHUJrQFLDGDVSRUWDVWUDVHLUDV
pYiOLGDVRPHQWHSDUDYHtFXORVSRUWDV
127$
$RUHDOL]DUXPWUDYDPHQWRGHHPHUJrQFLDGHV
PRQWDUDVSHoDVFRPFXLGDGRHPRQWDUFRUUH
QmR WDPHQWHDSyVUHDOL]DURWUDEDOKRSDUDHYLWDU
GDQRVQRYHtFXOR
1 ҧϜ
ҧϜ ҧϜ
ҧϜ
ҧϜ 'HVWUDQFDUPHFDQLFDPHQWHWRGDVDV
SRUWDVGRYHtFXORDEHUWXUDGHHPHUJrQFLD
$XWRDMXGD
)HUUDPHQWDVGHERUGR
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$
8PDIHUUDPHQWDGHERUGRHXPDURGDGH
HPHUJrQFLDVROWRVSRGHPVHUDUUHPHVVDGRV
SHORLQWHULRUGRYHtFXORGXUDQWHPDQREUDVGH
GLUHomRRXGHIUHQDJHPV~ELWDVEHPFRPR
HPXPDFLGHQWHHFDXVDUIHULPHQWRVJUDYHV
Ɣ *DUDQWLUVHPSUHTXHDVIHUUDPHQWDVGH
ERUGRRXDURGDGHHPHUJrQFLDHVWmRIL[DGRV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV FRPVHJXUDQoDQRFRPSDUWLPHQWRGHEDJD
JHP
ҧϜ
ҧϜ $'9(57Ç1&,$
ҧϜ 8PDIHUUDPHQWDGHERUGRLQDGHTXDGDRXGD
QLILFDGDSRGHRFDVLRQDUDFLGHQWHVHIHULPHQ
WRV
Ɣ 1XQFDWUDEDOKDUFRPXPDIHUUDPHQWDGH
ERUGRLQDGHTXDGDRXGDQLILFDGD
$FRPRGDomR
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
)LJ
2ULHQWDo}HVSUiWLFDV
$FHVVRjVIHUUDPHQWDVGHERUGR
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)L[DUDFDL[DGHIHUUDPHQWDVGHERUGR
6ROWDUDFLQWDGHIL[DomRGDFDL[DGH
IHUUDPHQWDVGHERUGR
ҧϜ
$XWRDMXGD
&RPSRQHQWHV
&RPSRQHQWHVGDVIHUUDPHQWDVGHERU
GRҧϜ
ҧϜ
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2ULHQWDo}HVSUiWLFDV
&DORWDV
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ &DORWDVPRQWDGDVLQFRUUHWDPHQWHSRGHP
VHVROWDUGXUDQWHDFRQGXomRHFRORFDURX
WURVFRQGXWRUHVHPULVFR
Ɣ 1mRXWLOL]DUFDORWDVGDQLILFDGDV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
Ɣ *DUDQWLUVHPSUHTXHRIRUQHFLPHQWRGHDU
SDUDUHIULJHUDomRGRVIUHLRVQmRHVWHMDLQWHU
ҧϜ URPSLGRRXUHGX]LGR,VWRWDPEpPpYiOLGR
ҧϜ SDUDLQVWDODomRSRVWHULRUGHFDORWDV8PIOX
ҧϜ [RGHDULQVXILFLHQWHSRGHUHVXOWDUHPXPD
GLVWkQFLDGHIUHQDJHPFRQVLGHUDYHOPHQWH
PDLRU
$'9(57Ç1&,$
&DORWDVLQDGHTXDGDVHXPDPRQWDJHPLQFRU
127$
UHWDGDVFDORWDVSRGHPFDXVDUDFLGHQWHVH
IHULPHQWRVJUDYHV 'HVLQVWDODUFXLGDGRVDPHQWHDVFDORWDVHUHLQ
VWDODUFRUUHWDPHQWHSDUDHYLWDUGDQRVQRYHtFX
OR
6XSHUFDORWD
,QVWDODUDVXSHUFDORWD
127$
$VXSHUFDORWDHVWiIL[DGDQDURGDHQmRSRGH
VHUUHWLUDGDVHPDUHPRomRGRVSDUDIXVRVGD
URGD
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
5HPRYHUDVXSHUFDORWD
ҧϜ
ҧϜ
$XWRDMXGD
&DSDGHFREHUWXUDGRVSDUDIXVRVGDURGD
ҧϜ
ҧϜ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2ULHQWDo}HVSUiWLFDV
7URFDGHURGD
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 3DUDURYHtFXORDVVLPTXHSRVVtYHOHPXP
ORFDOVHJXUR(VWDFLRQDURYHtFXORDXPDGLV
WkQFLDVHJXUDGRIOX[RGHWUkQVLWRSDUDSRGHU
UHDOL]DUDWURFDGHURGD
Ɣ 7RGRVRVSDVVDJHLURVHHVSHFLDOPHQWHDV
FULDQoDVGHYHPVHPSUHVHPDQWHUDXPDGLV
WkQFLDVHJXUDHDIDVWDGDGDiUHDGHWUDEDOKR
GXUDQWHDWURFDGHURGD
Ɣ /LJDUDVOX]HVGHDGYHUWrQFLDHXWLOL]DUR
WULkQJXORGHVHJXUDQoDSDUDDOHUWDURXWURV
FRQGXWRUHV
Ɣ *DUDQWLUTXHRSLVRVHMDSODQRHILUPH6H
IRURFDVRXWLOL]DUXPDSRLRHVWiYHOHFRP
VXSHUItFLHODUJDSDUDRPDFDFR
Ɣ 5HDOL]DUDWURFDGHURGDSRUFRQWDSUySULD
VRPHQWHVHHVWLYHUIDPLOLDUL]DGRFRPDV
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV Do}HVQHFHVViULDV&DVRFRQWUiULRSURFXUDU
ҧϜ DX[tOLRWpFQLFRHVSHFLDOL]DGR
ҧϜ Ɣ 8WLOL]DUVRPHQWHIHUUDPHQWDVDGHTXDGDVH
QmRGDQLILFDGDVSDUDXPDWURFDGHURGD
ҧϜ
Ɣ 'HVOLJDUVHPSUHRPRWRUSX[DURIUHLRGH
ҧϜ HVWDFLRQDPHQWRHFRORFDUDDODYDQFDVHOHWRUD
ҧϜ QDSRVLomR'0RXFRPWUDQVPLVVmRPDQXDO
ҧϜ HQJDWDUXPDPDUFKDSDUDUHGX]LURULVFRGH
XPPRYLPHQWRVHPVXSHUYLVmRGRYHtFXOR
$'9(57Ç1&,$ Ɣ $SyVXPDWURFDGHURGDPDQGDUYHULILFDU
RWRUTXHGHDSHUWRGRVSDUDIXVRVGDURGD
8PDWURFDGHURGDSRGHVHUSHULJRVDHVSH
FLDOPHQWHVHIRUUHDOL]DGDQDPDUJHPGDUXD
FRPXPWRUTXtPHWURFDOLEUDGR
3DUDHYLWDUTXHDFLGHQWHVRFRUUDPGHYHP
VHUREVHUYDGDVDVVHJXLQWHVRULHQWDo}HV
3UHSDUDo}HVSDUDDWURFDGHURGD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
/LVWDGHFRQWUROH
ҧϜ
ҧϜ
'0 ҧϜ
ҧϜ
ҧϜ b
$XWRDMXGD
/LVWDGHFRQWUROHFRQWLQXDomR
ҧϜ
$REVHUYkQFLDGDOLVWDGHFRQWUROHpHVVHQFL Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
DOSDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURV WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
HGHPDLVFRQGXWRUHVHYLWDQGRSRVVtYHLVDFL JHUDOPHQWHYiOLGDV
GHQWHV
5RGDGHHPHUJrQFLDFRPDURSROHJDGDV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
8PXVRLQDGHTXDGRGDURGDGHHPHUJrQFLD
GHDURSROHJDGDVSRUWHPSRSURORQJDGR
RXSRUVXEVWLWXLomRGHILQLWLYDDRDURSROH
JDGDVSRGHSURYRFDUGDQRVQRSQHXRFD
VLRQDUDSHUGDGHFRQWUROHGRYHtFXORFROL
ҧϜ V}HVRXRXWURVDFLGHQWHVFRPULVFRVGHIHUL
PHQWRVJUDYHV
Ɣ -DPDLVFRQGX]LUHPYHORFLGDGHVXSHULRUD
NPKFRPDURGDGHHPHUJrQFLDFRPDUR
GHSROHJDGDVPRQWDGD(YLWDUDUUDQTXHVH
IUHQDJHQVEUXVFDVEHPFRPRFXUYDVDFHQWX
DGDV
Ɣ 1XQFDXWLOL]HPDLVGHXPDURGDGHDUR
SROHJDGDVDRPHVPRWHPSR
2ULHQWDo}HVSUiWLFDV
3DUDIXVRVGDURGD
7RUTXHGHDSHUWRGRVSDUDIXVRVGDURGD
1P
DQWHV
GDYHULILFDomR
)LJ
¤
$'9(57Ç1&,$
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ 3DUDIXVRVGDURGDDSHUWDGRVLQFRUUHWDPHQWH
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD SRGHPVHVROWDUGXUDQWHDFRQGXomRHFDXVDU
o}HVGHVHJXUDQoD QDSiJLQD DFLGHQWHVIHULPHQWRVJUDYHVHDSHUGDGH
FRQWUROHGRYHtFXOR
Ɣ 8WLOL]DUVRPHQWHSDUDIXVRVGDURGDTXH
SHUWHQoDPDRUHVSHFWLYRDUR
Ɣ 1XQFDXWLOL]DUSDUDIXVRVGDURGDGLIHUHQ
WHV
Ɣ 2VSDUDIXVRVGDURGDHRVRULItFLRVURV
TXHiYHLVGRVFXERVGDVURGDVGHYHPHVWDU
OLPSRVGHIiFLOPDQXVHLRHVHPyOHRHJUD[D
Ɣ 8WLOL]DUDSHQDVDFKDYHGHURGDIRUQHFLGD
GHIiEULFDFRPRYHtFXORSDUDVROWDUHDSHUWDU
RVSDUDIXVRVGDVURGDV
6ROWDURVSDUDIXVRVGDURGD
Ɣ (QTXDQWRRYHtFXORQmRHVWLYHUOHYDQWDGR
SHORPDFDFRVROWDURVSDUDIXVRVGDURGD
ҧϜ
FHUFDGHXPDYROWDDSHQDV
Ɣ 1XQFDHQJUD[DURXOXEULILFDURVSDUDIXVRV
XPD
GDURGDRXRVRULItFLRVURVTXHiYHLVGRFXER
ҧϜ
GDVURGDV(OHVSRGHPVHVROWDUGXUDQWHD
,QIRUPDo}HVLPSRUWDQWHVVREUHRV FRQGXomRPHVPRFRPRWRUTXHGHDSHUWR
SDUDIXVRVGDURGD SUHVFULWR
Ɣ 6HRVSDUDIXVRVGDURGDIRUHPDSHUWDGRV
FRPXPWRUTXHGHDSHUWRPXLWREDL[RRVSD
UDIXVRVGDURGDHRVDURVSRGHPVHVROWDU
GXUDQWHDFRQGXomR8PWRUTXHGHDSHUWRH[
FHVVLYRSRGHRFDVLRQDUGDQRVDRVSDUDIXVRV
GDURGDRXjURVFD
$XWRDMXGD
/HYDQWDURYHtFXORFRPRPDFDFR
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD ҧϜ
ҧϜ
ҧϜ
ҧϜ
/LVWDGHFRQWUROH
ҧϜ
'0 ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
b
2ULHQWDo}HVSUiWLFDV
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
8PDXWLOL]DomRLQFRUUHWDGRPDFDFRSRGHUH Ɣ 1XQFDGHL[DUXPDSDUWHGRFRUSRSRU
VXOWDUQRGHVOL]DPHQWRGRYHtFXORSDUDIRUD H[HPSORXPEUDoRRXDSHUQDGHEDL[RGR
GRPDFDFRSURYRFDQGRIHULPHQWRVJUDYHV YHtFXORTXHHVWHMDOHYDQWDGRVRPHQWHFRPR
3DUDUHGX]LURULVFRGHIHULPHQWRVREVHUYDU PDFDFR
RVHJXLQWH Ɣ $VVHJXUHVHGHTXHWRGRVRVSDVVDJHLURV
Ɣ 8WLOL]DUVRPHQWHPDFDFRVOLEHUDGRVSHOD GHL[HPRYHtFXOR
9RONVZDJHQSDUDRYHtFXOR2XWURVPDFDFRV Ɣ 6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXOR
PHVPRGHRXWURVPRGHORVGD9RONVZDJHQ HVWHGHYHVHUDSRLDGRDGLFLRQDOPHQWHFRP
SRGHPGHVOL]DU FDYDOHWHVDGHTXDGRV
Ɣ 2SLVRGHYHVHUSODQRHILUPH8PSLVRLQ Ɣ 1XQFDOHYDQWDURYHtFXORVHHOHHVWLYHULQ
FOLQDGRRXPDFLRSRGHFDXVDURGHVOL]DPHQ FOLQDGRSDUDRODGRRXRPRWRUHVWLYHUHP
WRGRYHtFXORSDUDIRUDGRPDFDFR6HIRUR IXQFLRQDPHQWR
FDVRXWLOL]DUXPDSRLRHVWiYHOHFRPVXSHUIt Ɣ 1XQFDOLJDURPRWRUFRPRYHtFXOROHYDQ
FLHODUJDSDUDRPDFDFR WDGR&RPDVYLEUDo}HVGRPRWRURYHtFXOR
Ɣ (PFDVRGHXPSLVRHVFRUUHJDGLRFRPR SRGHFDLUGRPDFDFR
SRUH[HPSORSLVRGHODGULOKRVXWLOL]DUXPD
EDVHDQWLGHUUDSDQWHSRUH[HPSORXPWDSHWH $'9(57Ç1&,$
GHERUUDFKDSDUDHYLWDURGHVOL]DPHQWRGR
$REVHUYkQFLDGDOLVWDGHFRQWUROHpHVVHQFL
PDFDFR
DOSDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURV
Ɣ 3RVLFLRQDURPDFDFRVRPHQWHQRVSRQWRV HGHPDLVFRQGXWRUHVHYLWDQGRSRVVtYHLVDFL
LQGLFDGRV$JDUUDGRPDFDFRGHYHVHHQFDL GHQWHV
[DUQRSHUILOGDORQJDULQDGHIRUPDVHJXUD
Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
ҧϜ)LJ
WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
Ɣ 1RFDVRGHFRQGXomRFRPUHERTXHGHVD JHUDOPHQWHYiOLGDV
FRSODURUHERTXHGRYHtFXORGHWUDomRDQWHV
GHVXEVWLWXLUDURGD
/HYDQWDURYHtFXORFRPRPDFDFR1RYR*RO5DOO\HH1RYR*RO7UDFN
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD ҧϜ
ҧϜ
$XWRDMXGD
/LVWDGHFRQWUROH
ҧϜ
'0
ҧϜ
ҧϜ
ҧϜ
8PDXWLOL]DomRLQFRUUHWDGRPDFDFRSRGHUH Ɣ 1XQFDGHL[DUXPDSDUWHGRFRUSRSRU
VXOWDUQRGHVOL]DPHQWRGRYHtFXORSDUDIRUD H[HPSORXPEUDoRRXDSHUQDGHEDL[RGR
GRPDFDFRSURYRFDQGRIHULPHQWRVJUDYHV YHtFXORTXHHVWHMDOHYDQWDGRVRPHQWHFRPR
3DUDUHGX]LURULVFRGHIHULPHQWRVREVHUYDU PDFDFR
RVHJXLQWH Ɣ $VVHJXUHVHGHTXHWRGRVRVSDVVDJHLURV
Ɣ 8WLOL]DUVRPHQWHPDFDFRVOLEHUDGRVSHOD GHL[HPRYHtFXOR
9RONVZDJHQSDUDRYHtFXOR2XWURVPDFDFRV Ɣ 6HIRUQHFHVViULRWUDEDOKDUVRERYHtFXOR
PHVPRGHRXWURVPRGHORVGD9RONVZDJHQ HVWHGHYHVHUDSRLDGRDGLFLRQDOPHQWHFRP
SRGHPGHVOL]DU FDYDOHWHVDGHTXDGRV
Ɣ 2SLVRGHYHVHUSODQRHILUPH8PSLVRLQ Ɣ 1XQFDOHYDQWDURYHtFXORVHHOHHVWLYHULQ
FOLQDGRRXPDFLRSRGHFDXVDURGHVOL]DPHQ FOLQDGRSDUDRODGRRXRPRWRUHVWLYHUHP
WRGRYHtFXORSDUDIRUDGRPDFDFR6HIRUR IXQFLRQDPHQWR
FDVRXWLOL]DUXPDSRLRHVWiYHOHFRPVXSHUIt Ɣ 1XQFDOLJDURPRWRUFRPRYHtFXOROHYDQ
FLHODUJDSDUDRPDFDFR WDGR&RPDVYLEUDo}HVGRPRWRURYHtFXOR
Ɣ (PFDVRGHXPSLVRHVFRUUHJDGLRFRPR SRGHFDLUGRPDFDFR
SRUH[HPSORSLVRGHODGULOKRVXWLOL]DUXPD
EDVHDQWLGHUUDSDQWHSRUH[HPSORXPWDSHWH $'9(57Ç1&,$
GHERUUDFKDSDUDHYLWDURGHVOL]DPHQWRGR
$REVHUYkQFLDGDOLVWDGHFRQWUROHpHVVHQFL
PDFDFR
DOSDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURV
Ɣ 3RVLFLRQDURPDFDFRVRPHQWHQRVSRQWRV HGHPDLVFRQGXWRUHVHYLWDQGRSRVVtYHLVDFL
LQGLFDGRV$JDUUDGRPDFDFRGHYHVHHQFDL GHQWHV
[DUQRSHUILOGDORQJDULQDGHIRUPDVHJXUD
Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
ҧϜ)LJ
WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
Ɣ 1RFDVRGHFRQGXomRFRPUHERTXHGHVD JHUDOPHQWHYiOLGDV
FRSODURUHERTXHGRYHtFXORGHWUDomRDQWHV
GHVXEVWLWXLUDURGD
2ULHQWDo}HVSUiWLFDV
7URFDUDURGD
1RVYHtFXORVFRPFDORWDWLSRFRSLQKR
1RVYHtFXORVFRPVXSHUFDORWD
ҧϜ
1RVYHtFXORVFRPFDORWDFHQWUDO
ҧϜ
)LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
8PWRUTXHGHDSHUWRLQFRUUHWRRXSDUDIXVRV
GHURGDWUDWDGRVLQFRUUHWDPHQWHSRGHPRFD
5HPRYHUDURGD VLRQDUDSHUGDGHFRQWUROHGRYHtFXORSURYR
ҧϜ FDQGRDFLGHQWHVHIHULPHQWRVJUDYHV
ҧϜ Ɣ 0DQWHUWRGRVRVSDUDIXVRVGDURGDHRULIt
FLRVURVTXHiYHLVGRVFXERVGDVURGDVVHP
ҧϜ SUHOLPSRVHLVHQWRVGHyOHRHJUD[D2VSD
UDIXVRVGDVURGDVGHYHPVHUGHIiFLOPDQX
VHLRHDSHUWDGRVFRPRWRUTXHGHDSHUWR
SUHVFULWR
1RVYHtFXORVFRPVXSHUFDORWD
ҧϜ 127$
$9RONVZDJHQUHFRPHQGDHVSHFLDOFXLGDGRGX
UDQWHDUHPRomRGDFDORWDFHQWUDOSRLVRVHQ
FDL[HVSOiVWLFRVSRGHPVHUGDQLILFDGRVVHIR
UHPVXEPHWLGRVDHVIRUoRVGHVQHFHVViULRV
,QVWDODUDURGDGHHPHUJrQFLD
ҧϜ
OHYHPHQWH
$XWRDMXGD
$SyVDWURFDGDURGD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
$'9(57Ç1&,$
$SyVDWURFDGDURGDVHPSUHVHFHUWLILFDUGH
TXHDVIHUUDPHQWDVGHERUGRHDURGDGH
HPHUJrQFLDHVWmREHPHQFDL[DGDVHPVHXV
DORMDPHQWRV
ҧϜ
127$
2WRUTXHGHDSHUWRSUHVFULWRSDUDRVSDUDIXVRV
GDURGDGHDoRRXGHOLJDOHYHpGH1PH
GHYHVHUFRQWURODGRRPDLVUiSLGRSRVVtYHO
FRPXPWRUTXtPHWUR3DUDLVWRD9RONVZDJHQ
UHFRPHQGDDV&RQFHVVLRQiULDV9RONVZDJHQ
2ULHQWDo}HVSUiWLFDV
)XVtYHLV
¤ ,QWURGXomRDRWHPD
127$
Ɣ 3DUDHYLWDUGDQRVDRVLVWHPDHOpWULFRGRYHt
FXORDQWHVGDWURFDGHXPIXVtYHOpQHFHVViULR
TXHDLJQLomRDOX]HWRGRVRVFRQVXPLGRUHV
HOpWULFRVHVWHMDPGHVOLJDGRVHDFKDYHGRYHt
FXORHVWHMDIRUDGDLJQLomR
Ɣ 6HXPIXVtYHOIRUVXEVWLWXtGRSRUXPGH
PDLRULQWHQVLGDGHSRGHUmRVXUJLUGDQRVWDP
EpPHPRXWUDVSDUWHVGRVLVWHPDHOpWULFR
Ɣ &DL[DVGHIXVtYHLVDEHUWDVGHYHPVHUSURWH
JLGDVFRQWUDDSHQHWUDomRGHLPSXUH]DVHXPL
GDGH,PSXUH]DVHXPLGDGHQDVFDL[DVGHIXVt
YHLVSRGHPFDXVDUGDQRVDRVLVWHPDHOpWULFR
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
$'9(57Ç1&,$
$DOWDWHQVmRGRVLVWHPDHOpWULFRSRGHFDXVDU
FKRTXHVHOpWULFRVJUDYHVTXHLPDGXUDVHD
PRUWH
Ɣ 1XQFDHQFRVWDUQRVFRQGXWRUHVHOpWULFRV
GRVLVWHPDGHLJQLomR
Ɣ (YLWDUFXUWRVFLUFXLWRVQRVLVWHPDHOpWULFR
$'9(57Ç1&,$
2XVRGHIXVtYHLVLQDGHTXDGRVRUHSDURGH
IXVtYHLVHDFRQH[mRHPSRQWHGHXPFLUFXLWR
HOpWULFRVHPIXVtYHLVSRGHPFDXVDUXPLQ
FrQGLRHIHULPHQWRVJUDYHV
Ɣ 1XQFDLQVWDODUIXVtYHLVTXHWHQKDPXPD
LQWHQVLGDGHGHFRUUHQWHPDLRU6XEVWLWXLURV
IXVtYHLVVRPHQWHSRUIXVtYHLVFRPDPHVPD
LQWHQVLGDGHPHVPDFRUHLQVFULomRHRPHV
PRWDPDQKR
Ɣ 1XQFDUHSDUDUIXVtYHLV
Ɣ 1XQFDVXEVWLWXLUIXVtYHLVSRUXPDWLUDGH
PHWDOXPFOLSHGHHVFULWyULRRXVLPLODUHV
$XWRDMXGD
)XVtYHLVGRYHtFXOR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
$EULUDFDL[DGHIXVtYHLVQRFRPSDUWLPHQWR
GRPRWRU
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ
&RUGHUHIHUrQFLDGRVIXVtYHLV
,QWHQVLGDGHGDFRUUHQWHHP
&RU
$PSHUH LQVWDODomR
127$
Ɣ 5HPRYHUFXLGDGRVDPHQWHDVFREHUWXUDV
GDVFDL[DVGHIXVtYHLVHUHLQVWDODUFRUUHWDPHQ
WHSDUDHYLWDUGDQRVQRYHtFXOR
Ɣ &DL[DVGHIXVtYHLVDEHUWDVGHYHPVHUSURWH
JLGDVFRQWUDDSHQHWUDomRGHLPSXUH]DVHXPL
GDGH,PSXUH]DVHXPLGDGHQDVFDL[DVGHIXVt
YHLVSRGHPFDXVDUGDQRVDRVLVWHPDHOpWULFR
$EULUDFDL[DGHIXVtYHLVQRSDLQHOGH
LQVWUXPHQWRV
ҧϜ
2ULHQWDo}HVSUiWLFDV
6XEVWLWXLURVIXVtYHLVTXHLPDGRV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
IXVtYHLVPDLRUHV
ҧϜ %
3UHSDUDo}HV PHVPD
PHVPR
ҧϜ
ҧϜ
5HFRQKHFHUIXVtYHLVTXHLPDGRV 127$
6HXPIXVtYHOIRUVXEVWLWXtGRSRURXWURGHPDL
ҧϜ RULQWHQVLGDGHSRGHPVXUJLUGDQRVHPRXWUDV
SDUWHVGRVLVWHPDHOpWULFR
6XEVWLWXLURIXVtYHO
ҧϜ
IXVtYHLVSHTXHQRV
ҧϜ $
$XWRDMXGD
&DL[DGHIXVtYHLVQRSDLQHOGHLQVWUXPHQWRV
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
2ULHQWDo}HVSUiWLFDV
&DL[DGHIXVtYHLVQRFRPSDUWLPHQWRGRPRWRU
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
$'9(57Ç1&,$
$QWHVGHTXDOTXHUWUDEDOKRQRFRPSDUWLPHQ
WRGRPRWRUVHPSUHOHUHREVHUYDUDVQRWDV
GHDYLVRVҧϜ3iJLQD3UHSDUDo}HVSDUD
WUDEDOKRVQRFRPSDUWLPHQWRGRPRWRU2
FRPSDUWLPHQWRGRPRWRUGHWRGRVRVYHtFX
ORVpXPDiUHDSHULJRVDHSRGHFDXVDUIHUL
PHQWRVJUDYHV
$XWRDMXGD
7URFDGHOkPSDGDVLQFDQGHVFHQWHV
¤ ,QWURGXomRDRWHPD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
$'9(57Ç1&,$
$FRQGXomRFRPOkPSDGDVLQFDQGHVFHQWHV
TXHLPDGDVDOpPGHLUUHJXODUJHUDXPSRWHQ
FLDOULVFRGHDFLGHQWHV(YHQWXDLVOkPSDGDV
LQFDQGHVFHQWHVTXHLPDGDVGHYHPVHUVXEVWL
WXtGDVRPDLVEUHYHSRVVtYHO
Ɣ $LOXPLQDomRLQVXILFLHQWHGDVYLDVS~EOL
FDVFRPRSRUH[HPSORUXDVDYHQLGDVH
SUDoDVDFDUUHWDDEDL[DYLVLELOLGDGHHWDP
EpPSRWHQFLDOL]DRULVFRGHDFLGHQWHVXPD
YH]TXHRXWURVFRQGXWRUHVWHULDPGLILFXOGD
GHVHPYLVXDOL]DUXPYHtFXORTXHHVWLYHVVH
WUDIHJDQGRFRPDVOkPSDGDVLQFDQGHVFHQWHV
TXHLPDGDV
$'9(57Ç1&,$
8PDWURFDGHOkPSDGDLQFDQGHVFHQWHH[HFX
WDGDGHIRUPDLQFRUUHWDSRGHFDXVDUDFLGHQ
WHVHIHULPHQWRVJUDYHV
Ɣ $QWHVGHTXDOTXHUWUDEDOKRQRFRPSDUWL
PHQWRGRPRWRUOHUHREVHUYDUVHPSUHRV
DOHUWDVҧϜ3iJLQD3UHSDUDo}HVSDUDWUDED
OKRVQRFRPSDUWLPHQWRGRPRWRU2FRPSDU
WLPHQWRGRPRWRUGHWRGRVRVYHtFXORVpXPD
iUHDSHULJRVDHSRGHFDXVDUIHULPHQWRVJUD
YHV
Ɣ 6XEVWLWXLUDOkPSDGDLQFDQGHVFHQWHHP
TXHVWmRVRPHQWHVHHODHVWLYHUWRWDOPHQWH
IULD
Ɣ 1XQFDUHDOL]DUXPDWURFDGHOkPSDGDLQ
(VSHFLILFDo}HVDGLFLRQDLVGHOkPSDGDV FDQGHVFHQWHVHQmRHVWLYHUIDPLOLDUL]DGRFRP
LQFDQGHVFHQWHV DVDo}HVQHFHVViULDV6HKRXYHULQVHJXUDQoD
VREUHRTXHID]HURVWUDEDOKRVQHFHVViULRV
GHYHUmRVHUUHDOL]DGRVSRUXPD&RQFHVVLR
QiULD9RONVZDJHQRXSRUXPDHPSUHVDHVSH
FLDOL]DGD b
2ULHQWDo}HVSUiWLFDV
$'9(57Ç1&,$FRQWLQXDomR 127$
Ɣ 1mRVHJXUDUREXOERGHYLGURGDOkPSDGD $9RONVZDJHQUHFRPHQGDFXLGDGRHVSHFLDO
LQFDQGHVFHQWHFRPRVGHGRVGHVFREHUWRV FRPDOJXPDVSHoDVSOiVWLFDVTXHSRVVXHP
,PSUHVV}HVGLJLWDLVUHPDQHVFHQWHVVREUHD SUHVLOKDVTXHSRGHPTXHEUDUVHGXUDQWHDUH
OkPSDGDLQFDQGHVFHQWHHYDSRUDPFRPRFD PRomRRXLQVWDODomRGDVOkPSDGDV
ORUTXDQGRHVWDpOLJDGDHGHL[DPRUHIOHWRU
³RSDFR´
Ɣ 1DFDUFDoDGRIDUROQRFRPSDUWLPHQWRGR
PRWRUHQDFDUFDoDGDODQWHUQDWUDVHLUDH[LV
WHPSHoDVFRPDUHVWDVDILDGDV3URWHJHUDV
PmRVQDWURFDGHOkPSDGDVLQFDQGHVFHQWHV
127$
6HDSyVXPDWURFDGHOkPSDGDLQFDQGHVFHQWH
DVFREHUWXUDVGHERUUDFKDGDFDUFDoDGRIDURO
QmRIRUHPPRQWDGDVFRUUHWDPHQWHSRGHUmR
RFRUUHUGDQRVQRVLVWHPDHOpWULFR±SULQFLSDO
PHQWHSHODSHQHWUDomRGHiJXD
,QIRUPDo}HVVREUHDWURFDGHOkPSDGDVLQFDQGHVFHQWHV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
/LVWDGHFRQWUROH
ҧϜ
ҧϜ
ҧϜ
ҧϜ
'0 ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
$XWRDMXGD
$'9(57Ç1&,$
$REVHUYkQFLDGDOLVWDGHFRQWUROHpHVVHQFL
DOSDUDDVHJXUDQoDGRFRQGXWRUSDVVDJHLURV
HGHPDLVFRQGXWRUHVHYLWDQGRSRVVtYHLVDFL
GHQWHV
Ɣ 6HJXLUVHPSUHDVDo}HVGDOLVWDGHFRQ
WUROHHREVHUYDUDVSUHFDXo}HVGHVHJXUDQoD
JHUDOPHQWHYiOLGDV
127$
5HPRYHUHLQVWDODUDVOkPSDGDVVHPSUHFRP
FXLGDGRHYLWDQGRGDQRVQDSLQWXUDGRYHtFXOR
RXHPRXWUDVSHoDVGRYHtFXOR
2ULHQWDo}HVSUiWLFDV
7URFDUDOkPSDGDLQFDQGHVFHQWHGRIDUROEDL[RDOWRIDUROVLPSOHV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHGDOX]GHSRVLomRIDUROVLPSOHV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ ҧϜ
ҧϜ
ҧϜ
2ULHQWDo}HVSUiWLFDV
7URFDUDOkPSDGDLQFDQGHVFHQWHGRLQGLFDGRUGHGLUHomRGLDQWHLURIDURO
VLPSOHV
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ ҧϜ
ҧϜ
ҧϜ
$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHGRIDUROEDL[RIDUROGXSOR
)LJ
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ $ ҧϜ % ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
2ULHQWDo}HVSUiWLFDV
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHGRIDURODOWRORQJRDOFDQFHHOX]GH
SRVLomRIDUROGXSOR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
2IDUROGHORQJRDOFDQFHpYiOLGRVRPHQWHSDUDDO
JXPDVYHUV}HV
7URFDUDOkPSDGDLQFDQGHVFHQWHGRIDURODOWRORQJRDOFDQFH
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
b
2ULHQWDo}HVSUiWLFDV
7URFDUDOkPSDGDLQFDQGHVFHQWHGDOX]GHSRVLomR
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHGRLQGLFDGRUGHGLUHomRGLDQWHLURIDURO
GXSOR
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ ҧϜ
ҧϜ
ҧϜ
2ULHQWDo}HVSUiWLFDV
7URFDUDOkPSDGDLQFDQGHVFHQWHQRSDUDFKRTXHGLDQWHLURIDUROGH
QHEOLQD
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
ҧϜ
ҧϜ 3RQWRVGHDSRLRSDUDDVXV
SHQVmRGRYHtFXOR
)LJ
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ
$'9(57Ç1&,$
1XQFDHOHYDURYHtFXORFRPRPDFDFRSDUDD
WURFDGDOkPSDGDGRIDUROGHQHEOLQD
$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHQRSDUDFKRTXHGLDQWHLUR1RYR*RO
5DOO\H
)LJ
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
2ULHQWDo}HVSUiWLFDV
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
127$
$9RONVZDJHQUHFRPHQGDTXHDWURFDGDOkP
SDGDGRIDUROGHQHEOLQDVHMDIHLWDHPXPD&RQ
FHVVLRQiULD9RONVZDJHQRXHPXPDHPSUHVD
HVSHFLDOL]DGDSDUDHYLWDUGDQRVQRYHtFXOR
$XWRDMXGD
7URFDUDOkPSDGDLQFDQGHVFHQWHQRSDUDFKRTXHGLDQWHLUR1RYR*RO
7UDFN
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)LJ
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
ҧϜ
b
2ULHQWDo}HVSUiWLFDV
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
127$
$9RONVZDJHQUHFRPHQGDTXHDWURFDGDOkP
SDGDGRIDUROGHQHEOLQDVHMDIHLWDHPXPD&RQ
FHVVLRQiULD9RONVZDJHQRXHPXPDHPSUHVD
HVSHFLDOL]DGDSDUDHYLWDUGDQRVQRYHtFXOR
7URFDUDVOkPSDGDVLQFDQGHVFHQWHVGDODQWHUQDWUDVHLUDQDFDUURFHULD
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
)LJ
5HPRYHUDODQWHUQDWUDVHLUDGDFDUURFHULD
ҧϜ
ҧϜ
ҧϜ b
$XWRDMXGD
ҧϜ
ҧϜ
7URFDUDVOkPSDGDVLQFDQGHVFHQWHV
ҧϜ
ҧϜ
ҧϜ
,QVWDODUDODQWHUQDWUDVHLUDQDFDUURFHULD
ҧϜ
ҧϜ
YiOLGRSDUD
YHtFXORVFRPODQWHUQDGHQHEOLQD
127$
Ɣ 5HPRYHUHLQVWDODUDODQWHUQDWUDVHLUDQD
FDUURFHULDVHPSUHFRPFXLGDGRHYLWDQGRGD
QRVQDSLQWXUDGRYHtFXORRXHPRXWUDVSHoDV
GRYHtFXOR
Ɣ $9RONVZDJHQUHFRPHQGDFXLGDGRHVSHFLDO
FRPDOJXPDVSHoDVSOiVWLFDVTXHSRVVXHP
SUHVLOKDVTXHSRGHPTXHEUDUVHGXUDQWHDUH
PRomRRXLQVWDODomRGDVOkPSDGDV
2ULHQWDo}HVSUiWLFDV
7URFDUDOkPSDGDLQFDQGHVFHQWHGDODQWHUQDGDSODFDGHOLFHQoD
¤
)LJ
(PSULPHLUROXJDUOHUHREVHUYDUDVLQIRUPDo}HVLQWURGXWyULDVHDVLQGLFDo}HVGHVHJXUDQ
oD QDSiJLQD
([HFXWDUDVDo}HVVRPHQWHQDVHTXrQFLDLQGLFDGD
ҧϜ
ҧϜ
$XWRDMXGD
7URFDGHODQWHUQDVTXHXWLOL]DP/('
¤ ,QWURGXomRDRWHPD
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV
ҧϜ
ҧϜ
ҧϜ
,QIRUPDo}HVLPSRUWDQWHV
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVQDSiJLQD
/DQWHUQDGRLQGLFDGRUGHGLUHomRODWHUDO
/DQWHUQDGHIUHLRHOHYDGDEUDNHOLJKW
2ULHQWDo}HVSUiWLFDV
$X[tOLRjSDUWLGD
¤ ,QWURGXomRDRWHPD
$'9(57Ç1&,$FRQWLQXDomR
Ɣ 1XQFDFDUUHJDUXPDEDWHULDGRYHtFXOR
FRQJHODGDRXTXHWHQKDVLGRGHVFRQJHODGD
8PDEDWHULDGRYHtFXORGHVFDUUHJDGDSRGH
FRQJHODUHPWHPSHUDWXUDVHPWRUQRGH&
Ɣ 8PDEDWHULDGRYHtFXORFRQJHODGDRXTXH
WHQKDVLGRGHVFRQJHODGDGHYHVHUVXEVWLWXt
GD
ҧϜ
Ɣ 'XUDQWHRDX[tOLRjSDUWLGDXPDPLVWXUD
GHJiVGHWRQDQWHDOWDPHQWHH[SORVLYDpIRU
PDGDQDEDWHULDGRYHtFXOR0DQWHUIRJRIDtV
FDVFKDPDVH[SRVWDVHFLJDUURVHPEUDVD
VHPSUHGLVWDQWHVGDEDWHULDGRYHtFXOR1XQ
FDXWLOL]DUXPWHOHIRQHPyYHOHQTXDQWRRVFD
ERVDX[LOLDUHVGHSDUWLGDVmRFRQHFWDGRVH
GHVFRQHFWDGRV
Ɣ &DUUHJDUDEDWHULDGRYHtFXORVRPHQWHHP
ORFDLVEHPYHQWLODGRVSRLVQRDX[tOLRjSDUWL
,QIRUPDo}HVHDOHUWDVFRPSOHPHQWDUHV GDpIRUPDGDXPDPLVWXUDGHJiVGHWRQDQWH
DOWDPHQWHH[SORVLYD
ҧϜ Ɣ 2VFDERVDX[LOLDUHVGHSDUWLGDQXQFDGH
ҧϜ YHPHQWUDUHPFRQWDWRFRPSHoDVJLUDWyULDV
QRFRPSDUWLPHQWRGRPRWRU
$'9(57Ç1&,$ Ɣ 1XQFDFRQIXQGLURSRORSRVLWLYRFRPR
SRORQHJDWLYRRXFRQHFWDURVFDERVDX[LOLD
$XWLOL]DomRLQDGHTXDGDGRVFDERVDX[LOLDUHV UHVGHSDUWLGDLQFRUUHWDPHQWH
GHSDUWLGDHXPDX[tOLRjSDUWLGDUHDOL]DGRGH
IRUPDLQFRUUHWDSRGHPFDXVDUXPDH[SORVmR Ɣ 2EVHUYDURPDQXDOGHLQVWUXo}HVGRIDEUL
GDEDWHULDGRYHtFXORHIHULPHQWRVJUDYHV3D FDQWHGRFDERDX[LOLDUGHSDUWLGD
UDUHGX]LURULVFRGHH[SORVmRGDEDWHULDGR
YHtFXORREVHUYDURVHJXLQWH 127$
Ɣ 7RGRVRVWUDEDOKRVQDEDWHULDGRYHtFXORH 3DUDHYLWDUGDQRVFRQVLGHUiYHLVDRVLVWHPD
QRVLVWHPDHOpWULFRSRGHPFDXVDUTXHLPDGX HOpWULFRGRYHtFXORREVHUYDURVHJXLQWH
UDVJUDYHVLQFrQGLRVHFKRTXHVHOpWULFRV Ɣ &DERVDX[LOLDUHVGHSDUWLGDFRQHFWDGRVLQ
$QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGRYHt FRUUHWDPHQWHSRGHPSURYRFDUXPFXUWRFLUFXL
FXOROHUHREVHUYDUVHPSUHRVVHJXLQWHVDOHU WR
WDVHSUHFDXo}HVGHVHJXUDQoDҧϜ3iJLQD
Ɣ 1mRGHYHKDYHUFRQWDWRHQWUHRVYHtFXORV
%DWHULDGRYHtFXOR
GRFRQWUiULRSRGHUiKDYHUIOX[RGHFRUUHQWHDR
Ɣ $EDWHULDGRYHtFXORIRUQHFHGRUDGHFRU FRQHFWDURVSRORVSRVLWLYRV
UHQWHGHYHWHUDPHVPDWHQVmR9HDSUR
[LPDGDPHQWHDPHVPDFDSDFLGDGHYHUJUD
YDomRQDEDWHULDGRYHtFXORTXHDEDWHULDGR
YHtFXORGHVFDUUHJDGD
$XWRDMXGD
([HFXWDURDX[tOLRjSDUWLGD
)LJ )LJ
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVHDVLQGLFD
o}HVGHVHJXUDQoD QDSiJLQD
SUHWR
SUHWR
ҧϜ
/LJDURPRWRU
&RQHFWDURFDERDX[LOLDUGHSDUWLGD
ҧϜ 5HPRYHURFDERDX[LOLDUGHSDUWLGD
ҧϜ
YHUPHOKR ҧϜ
ҧϜ
YHUPHOKR b
2ULHQWDo}HVSUiWLFDV
$'9(57Ç1&,$ $'9(57Ç1&,$FRQWLQXDomR
8PDX[tOLRjSDUWLGDH[HFXWDGRGHIRUPDLQ Ɣ 1XQFDIL[DURFDERQHJDWLYRHPSHoDVGR
FRUUHWDSRGHSURYRFDUXPDH[SORVmRGDEDWH VLVWHPDGHFRPEXVWtYHORXQDVWXEXODo}HV
ULDGRYHtFXORHIHULPHQWRVJUDYHV3DUDUHGX GRIUHLR
]LURULVFRGHH[SORVmRGDEDWHULDGRYHtFXOR Ɣ $VSDUWHVQmRLVRODGDVGDVJDUUDVGRVSR
REVHUYDURVHJXLQWH ORVQmRGHYHPVHWRFDU$OpPGLVVRRFDER
Ɣ 7RGRVRVWUDEDOKRVQDEDWHULDGRYHtFXORH IL[DGRQRSRORSRVLWLYRGDEDWHULDGRYHtFXOR
QRVLVWHPDHOpWULFRSRGHPFDXVDUTXHLPDGX QmRGHYHHQWUDUHPFRQWDWRFRPSHoDVGR
UDVJUDYHVLQFrQGLRVHFKRTXHVHOpWULFRV YHtFXORFRQGXWRUDVGHFRUUHQWH
$QWHVGHTXDOTXHUWUDEDOKRQDEDWHULDGRYHt Ɣ 9HULILFDURYLVRUGDEDWHULDGRYHtFXORHVH
FXOROHUHREVHUYDUVHPSUHRVVHJXLQWHVDOHU QHFHVViULRXWLOL]DUXPDODQWHUQD&DVRHVWHMD
WDVHSUHFDXo}HVGHVHJXUDQoDҧϜ3iJLQD DPDUHORFODURRXLQFRORUQmRH[HFXWDURDX
%DWHULDGRYHtFXOR [tOLRjSDUWLGDHSURFXUDUDX[tOLRWpFQLFRHVSH
Ɣ $VVHJXUDUTXHQmRKDMDSHVVRDVQRLQWHUL FLDOL]DGR
RUGRYHtFXORGXUDQWHDFRQH[mRGRVFDERV Ɣ (YLWDUGHVFDUJDVHOHWURVWiWLFDVQDVLPH
DX[LOLDUHVGHSDUWLGDQDEDWHULD(PFDVRGH GLDo}HVGDEDWHULDGRYHtFXOR2JiVGHWRQDQ
SDQHHOpWULFDRVDLUEDJVSRGHPVHUDFLRQD WHTXHHVFDSDGDEDWHULDGRYHtFXORSRGHVH
GRVDFLGHQWDOPHQWHHSURYRFDUOHV}HVJUDYHV LQIODPDUSHODIRUPDomRGHIDtVFDV
RXDWpIDWDLVQRVRFXSDQWHVGRYHtFXOR Ɣ 1XQFDH[HFXWDURDX[tOLRjSDUWLGDVHDED
Ɣ 8VDUVHPSUHXPDSURWHomRDGHTXDGDSDUD WHULDGRYHtFXORHVWLYHUGDQLILFDGDFRQJHODGD
RVROKRVHQXQFDVHGHEUXoDUVREUHDEDWHULD RXTXHWHQKDVLGRGHVFRQJHODGD
GRYHtFXOR
Ɣ &RQHFWDURVFDERVQDVHTXrQFLDFRUUHWD± 127$
SULPHLURRFDERSRVLWLYRGHSRLVRFDERQH 8PFDERDX[LOLDUGHSDUWLGDLQFRUUHWDPHQWHOL
JDWLYR JDGRSRGHSURYRFDUGDQRVFRQVLGHUiYHLVQR
VLVWHPDHOpWULFRGRYHtFXOR
$XWRDMXGD
3X[DUHUHERFDU
¤ ,QWURGXomRDRWHPD
2YHtFXORFRPEDWHULDGRYHtFXORGHVFDUUHJDGD
QmRGHYHVHUUHERFDGRSRUUD]}HVWpFQLFDV(P
YH]GLVVRXWLOL]DURDX[tOLRjSDUWLGD
ҧϜ
3RUPRWLYRVWpFQLFRVRYHtFXORQmRGHYHVHU
HPSXUUDGR$RLQYpVGLVVRXWLOL]DURDX[tOLRj
SDUWLGD ҧϜ
5HERFDJHP
¤ (PSULPHLUROXJDUOHUHREVHUYDUDVLQ
IRUPDo}HVLQWURGXWyULDVQDSiJLQD
127$
5HVSHLWHVHPSUHDOHJLVODomRGHWUkQVLWRYLJHQ
WHVREUHRSURFHGLPHQWRGHUHERTXH
9RONVZDJHQ6HUYLFH
ҧϜ
9RONVZDJHQ6HUYLFH
2ULHQWDo}HVSUiWLFDV
$EUHYLDWXUDVXWLOL]DGDV
$EUHYLDWXUD 6LJQLILFDGR
$EUHYLDWXUDVXWLOL]DGDV
$EUHYLDWXUD 6LJQLILFDGR
$EUHYLDWXUDVXWLOL]DGDV
ËQGLFHUHPLVVLYR
$ $ODYDQFDGRVLQGLFDGRUHVGHGLUHomRHGR
IDURODOWRORQJRDOFDQFH
$EDVWHFHU $OFDQWDUD
$OHUWDVRQRUR
$OHUWDVVRQRURV
$EDVWHFLPHQWR
$OWHUDo}HV
$OWHUQDGRU
$PDFLDPHQWR
$EHUWXUDGHFRQIRUWR
$QWHQDH[WHUQD
$EHUWXUDLQGHSHQGHQWHGDSRUWD
$QWHVGDLGDj&RQFHVVLRQiULD9RONVZDJHQ
$EULU
$SDUHOKRGHWUDQVPLVVmR
$SRLRSDUDFDEHoD
$TXHFLPHQWR
$UFRQGLFLRQDGR
$%6
$FHQGHGRUGHFLJDUUR
$FHVVyULRV
$FLRQDPHQWRGRVYLGURV
$o}HVGHSUHSDUDomR
$URV
$FRPRGDUYROXPHVGHEDJDJHP
ÈJXDGRVODYDGRUHVGRSDUDEULVDYLGUR
$VVHQWRV
WUDVHLUR
$WLYLGDGHVGHSUHSDUDomR
$LUEDJ
$LUEDJIURQWDO
$X[tOLRDRHVWDFLRQDPHQWR
$LUEDJIURQWDOGRSDVVDJHLUR
$X[tOLRjSDUWLGD
$MXVWDU
$X[tOLRjSDUWLGDH[WHUQR
$YDULDGRPRWRU
$MXVWDURUHOyJLR
%
$MXVWDUSDVWLOKDVGHIUHLR %DQFR
%DQFRV
$ODYDQFDGRIDURODOWRORQJRDOFDQFH
ËQGLFHUHPLVVLYR
%DWHULD &DUJDVVREUHRVHL[RV
&DUUHJDU
%DWHULDGRYHtFXOR
&DUURFHULD
&DVRGHSDQH
&DWDOLVDGRU
&DYLGDGHVRFDV
&HQWUDOGHUHODFLRQDPHQWRDRFOLHQWH
&KDVVL
&KDYH
&KDYHFRPFRPDQGRUHPRWR
%XVFDGHDYDULDV
%XVFDGHIDOKDV &KDYHGHLJQLomR
%XVFDGHSUREOHPDV
%X]LQD &KDYHGHUHSRVLomR
&KDYHGRYHtFXOR
&
&DERGHUXSWXUD &KDYHGRYHtFXORFRPFRPDQGRUHPRWR
&DGHLUDGHFULDQoD
&DGHLUDVGHFULDQoD &KDYHGRYHtFXORPHFkQLFD
&LQWRGHVHJXUDQoD
&LQWRVGHVHJXUDQoD
&DL[DFROHWRUDGHiJXD
&DORWDGDURGD
&DORWDV
&DSDFLGDGHGHFDUJDGRVSQHXV
&DSDFLGDGHGHWUDomR
&DSDFLGDGHV
&LQ]HLUR
&OLPDWL]DomR
&DUJDGHDSRLR &REHUWXUDGRFRPSDUWLPHQWRGHEDJDJHP
&yGLJRGHYHORFLGDGH
&DUJDGHUHERTXH &RPDQGR
&RPDQGRVGRYRODQWHPXOWLIXQo}HV
ËQGLFHUHPLVVLYR
&RPEXVWtYHO
&RPSDUWLPHQWRGHEDJDJHP
&RPSDUWLPHQWRGRPRWRU
&RPSXWDGRUGHERUGR
&RQGXomR
&RQGXomRFRPUHERTXH
&RQGXomRQRLQYHUQR
&RQGX]LU
&RQVROHFHQWUDO
&RQVXPLGRUHOpWULFR
&RQVXPRGHFRPEXVWtYHO
&RQWUROHDXWRPiWLFRGDOX]GHFRQGXomR
&RQWUROHGHGLVWkQFLDGHHVWDFLRQDPHQWR
&RQGX]LUFRPFRQVFLrQFLDHFROyJLFD
&RQGX]LUHFRQRPLFDPHQWH
&RQGX]LUHFRQRPL]DQGRFRPEXVWtYHO
&RQH[mRGHGLDJQyVWLFR
&RQVHUYDomR &RQWUROHVDRDEDVWHFHU
&ULVWDOL]DomRGDSLQWXUD
&RQVHUYDomRGHSHoDVFURPDGDV
&RQVHUYDomRGHSHoDVGHDOXPtQLR
&RQVHUYDomRGRYHtFXOR '
'DGRVGHLGHQWLILFDomRGRYHtFXOR
'DGRVGRPRWRU
ËQGLFHUHPLVVLYR
'DGRVWpFQLFRV (OpWULFD
(OHWUyOLWRGDEDWHULD
(PFDVRGHHPHUJrQFLD
(PLVVmRGH&2
(PSXUUDU
(QFRVWRGREDQFRWUDVHLUR
(QJDWDUDPDUFKD
(QURODGRUDXWRPiWLFRGRFLQWRGHVHJXUDQ
oD
(3&5HJXODJHPHOHWU{QLFDGDSRWrQFLDGR
PRWRU
(TXLSDPHQWRVGHVHJXUDQoD
(TXLSDPHQWRVTXHFRQVRPHPHOHWULFLGDGH
'DQRVQRVSQHXV (UJXHURYHtFXOR
'HFODUDomRGHFRQIRUPLGDGH
'HVFDUWH (VSHOKR
'HVFRQJHODUDVIHFKDGXUDV
'HVFRQJHODURFLOLQGURGDIHFKDGXUDGDV (VSHOKRUHWURYLVRULQWHUQR
SRUWDV (VSHOKRVUHWURYLVRUHV
'HVHPEDoDGRUGRYLGURWUDVHLUR
'HVHPSHQKRV
'HVJDVWHGRVSQHXV
'HVOLJDPHQWRDXWRPiWLFRGRVFRQVXPLGR
UHV
(VSHOKRVUHWURYLVRUHVH[WHUQRV
'HVWUDYDU
'LIXVRUHVGHDU
'LPHQV}HV
'LUHomR
'LUHomRKLGUiXOLFD (66(PHUJHQF\6WRS6LJQDO
(VWDFLRQDU
(VWLORGHFRQGXomRHFRQ{PLFR
'LVSOD\
(WDQRO
'LVSOD\GHWHPSHUDWXUD
(WLTXHWDGHGDGRVGRYHtFXOR
(WLTXHWDGHLGHQWLILFDomR
'LVSRVLWLYRGHUHERTXH
(WLTXHWDVDGHVLYDV
([WHULRU
'LVWULEXLGRUHOHWU{QLFRGDIRUoDGHIUHQDJHP
(%9
( ([WLQWRUGHLQFrQGLR
()/(;
(%9
ËQGLFHUHPLVVLYR
)
)DOKDGHIXQFLRQDPHQWR )UHLRGHHVWDFLRQDPHQWR
)UHLRV
)XQomR&RPLQJ+RPH
)XQomRGHWHFomRGHFROLVmR
)XQomR.LFN'RZQ
)XQomR/HDYLQJ+RPH
)DOKDGHXPDOkPSDGDLQFDQGHVFHQWH )XQFLRQDPHQWRQRLQYHUQR
)DOKDVVXSRVWDV )XQo}HVGHFRQIRUWR
)$4V
)DURO )XVtYHLV
)DUROEDL[R
)DUROHODQWHUQDGHQHEOLQD
)HFKDPHQWRDXWRPiWLFR
)HFKDPHQWRGHFRQIRUWR
)HFKDPHQWRGHHPHUJrQFLD
)HFKDU
*
*DQFKRSDUDYHVWLPHQWDV
*DVROLQD
)HUUDPHQWDV
*5$
)HUUDPHQWDVGHERUGR
+
+DELWiFXOR
)LOWURGHFDUYmRDWLYDGR +RG{PHWUR
)LOWURGHSRHLUD +RG{PHWURSDUFLDO
)LOWURGHSyOHQ +RG{PHWURWRWDO
)LOWURGHSROXHQWHV
)OXLGRGRIUHLR ,
,6\VWHP
)OXLGRV
,JQLomR
)RQHGHRXYLGR
)UHLR
,OXPLQDomR
,OXPLQDomRDPELHQWH
,PRELOL]DGRU
,PRELOL]DGRUHOHWU{QLFR
,QGLFDGRUGHFRQVXPRGHFRPEXVWtYHO
,QGLFDGRUGHIUHQDJHPGHHPHUJrQFLD
ËQGLFHUHPLVVLYR
,QGLFDGRUGHWURFDGHPDUFKD /DQWHUQDGHOHLWXUD
/DQWHUQDLQWHUQD
,QGLFDGRUGRLQWHUYDORGHVHUYLoR /DQWHUQDVTXHXWLOL]DP/('
,QGLFDGRUGRQtYHOGHFRPEXVWtYHO /DQWHUQDWUDVHLUD
/DYDGRUGHDOWDSUHVVmR
,QGLFDGRUHVGHGHVJDVWH /DYDGRUHVGRSDUDEULVDYLGURWUDVHLUR
,QGLFDGRUHVGRGLVSOD\
,QGLFDGRUHVGRLQVWUXPHQWRFRPELQDGR /DYDGRUHVGRVYLGURV
,QIRUPDo}HVDRFRQVXPLGRU /DYDJHP
,QIRUPDo}HVDUPD]HQDGDVQDXQLGDGHGH
FRQWUROH
,QIRUPDo}HVVREUHRVLVWHPDGHSDUWLGD /DYDJHPGRYHtFXOR
DTXHFLGD
,QVWDODomRSRVWHULRU /DYDURYHtFXOR
,QVWDODURUiGLR /('
,QVWUXPHQWRFRPELQDGR /HYDQWDPHQWRGRYHtFXOR
/HYDQWDURYHtFXOR
/LFHQoDGHXWLOL]DomRGDFKDYHFRPFRPDQ
GRUHPRWR
/LFHQoDGHXWLOL]DomRGRLPRELOL]DGRUHOHWU{
QLFR
/LPLWDGRUGHIRUoD
,QVWUXPHQWRV
/LPLWDGRUGHIRUoDGRFLQWRGHVHJXUDQoD
/LPSDGRUHVGRSDUDEULVDYLGURWUDVHLUR
-
-DQHODGHFRPXQLFDomR
-RJRGHFKDYHVGRYHtFXOR /LPSDGRUHVGRVYLGURV
/LPSH]D
/
/kPSDGDGDOX]GHSRVLomR /tTXLGRGHDUUHIHFLPHQWR
/kPSDGDGDOX]GHSRVLomRIDUROGXSOR
/kPSDGDGDOX]GHSRVLomRIDUROVLPSOHV
/kPSDGDGRIDURODOWRIDUROGXSOR /tTXLGRGHDUUHIHFLPHQWRGRPRWRU
/kPSDGDGRIDURODOWRIDUROVLPSOHV
/kPSDGDGRIDUROEDL[RIDUROGXSOR
/kPSDGDGRIDUROEDL[RIDUROVLPSOHV
/kPSDGDGRIDUROGHQHEOLQD
/kPSDGDGRIDUROGHQHEOLQD1RYR*RO5DO
O\H
/kPSDGDGRIDUROGHQHEOLQD1RYR*RO /tTXLGRGHSURWHomRDQWLFRQJHODQWH
7UDFN /LVWDGHFRQWUROH
/kPSDGDGRLQGLFDGRUGHGLUHomR
/kPSDGDGRLQGLFDGRUGHGLUHomRGLDQWHLUR
IDUROGXSOR
/kPSDGDGRLQGLFDGRUGHGLUHomRGLDQWHLUR
IDUROVLPSOHV
ËQGLFHUHPLVVLYR
/X]HVGHIUHQDJHPGHHPHUJrQFLD
0
0DFDFR
0DoDQHWDVGDVSRUWDV
PDQXWHQomRGRH[WLQWRUGHLQFrQGLR
0DQXWHQomRGRYHtFXOR
/X]
0HQX&RQILJXUDo}HV
0HQXSULQFLSDO
0RGLILFDo}HV
0RGLILFDo}HVQRYHtFXOR
0RGLILFDo}HVWpFQLFDV
0RGRGHUHFLUFXODomRGHDU
0RQLWRUDPHQWRGRLQWHULRUGRYHtFXOR
0RQWDJHQVHDFRSODPHQWRV
/X]GHDGYHUWrQFLD 0RWRU
0RWRUHLJQLomR
0RWRUQRYR
/X]GHFRQGXomR
/X]GHFRQWUROH
1
1tYHOVRQRUR
1RWDVREUHRLPSDFWRDPELHQWDO
1~PHURGHDVVHQWRV
1~PHURGHLGHQWLILFDomR
1~PHURGHLGHQWLILFDomRGRPRWRU
1~PHURGHLGHQWLILFDomRGRYHtFXOR
1~PHURGRFKDVVL
2
/X]GHSRVLomR 2FWDQDJHP
/X]HVGHDGYHUWrQFLD
ËQGLFHUHPLVVLYR
ÏOHR 3HoDVGHUHSRVLomR
3HGDLV
ÏOHRGHPRWRU 3HUJXQWDVHUHVSRVWDV
3HVRV
ÏOHRGRPRWRU 3HVRWRWDO
3ODTXHWDGHIiEULFD
3ODTXHWDV
3ODWDIRUPDHOHYDWyULD
3QHXV
3QHXVPDLVYHOKRV
2SHUDomRQRLQYHUQR 3QHXVQRYRV
3QHXVXQLGLUHFLRQDLV
2TXHDFRQWHFHFRPRVRFXSDQWHVGRYHt 3ROLPHQWR
FXORVHPFLQWRGHVHJXUDQoD" 3RQWRVGHDSRLRSDUDDVXVSHQVmRGRYHt
2TXHDFRQWHFHVH" FXOR
2ULHQWDo}HVSDUDFRQGXomR 3RUWDFRSRV
2VFLQWRVGHVHJXUDQoDSURWHJHP
3 3RUWDOXYDV
3DLQHOGHLQVWUXPHQWRV 3RUWDREMHWRV
3DOKHWDGROLPSDGRUGRYLGURWUDVHLUR
3DOKHWDVGRVOLPSDGRUHVGRSDUDEULVD
3DUDEULVD
3RUWDGRFRQGXWRU
3DUDEULVDFRPUHYHVWLPHQWRPHWiOLFR
3DUDEULVDLQIUDYHUPHOKR 3RUWDV
3DUDVyLV
3DUDGRQRWUkQVLWR 3RUWLQKRODGRWDQTXHGHFRPEXVWtYHO
3DUDIXVRVGDURGD 3RVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD
3RVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD
VHPHQURODGRUDXWRPiWLFR
3DUWLFXODULGDGHV 3RVLomRGRFDGDUoRGRFLQWRGHVHJXUDQoD
VXEDEGRPLQDO
3RVLomRQREDQFR
3UpWHQVLRQDGRUGRFLQWRGHVHJXUDQoD
3UpWHQVLRQDGRUGRVFLQWRVGHVHJXUDQoD
3UHSDUDWLYRVGHYLDJHP
3UHVVmRGRVSQHXV
3ULQFtSLRItVLFRGHXPDFROLVmRIURQWDO
3DUWLGDDTXHFLGD
ËQGLFHUHPLVVLYR
3URFHGLPHQWRVSUHSDUDWyULRV 5HJLVWURGHIDOKDV
5HJLVWURVGHGDGRVGXUDQWHDFRQGXomR
5HJXODJHPGHDOWXUDGRFLQWRGHVHJXUDQoD
3URIXQGLGDGHGRSHUILO 5HJXODJHPHOHWU{QLFDGDSRWrQFLDGRPRWRU
3URJUDPDSDUDSUHVHUYDomRGRPHLRDPEL (3&
HQWH 5HJXODU
5HOyJLR
3URORQJDGRGHVXVR 5HPRYHUDQHYH
3URWHomRGDSDUWHLQIHULRUGRYHtFXOR 5HPRYHURH[WLQWRUGHLQFrQGLR
3URWHomRVRODU 5HPRYHURJHOR
3X[DU 5HPRYHUUHVtGXRVGHFHUD
5HSDURV
3X[DUHUHERFDU
4
5HSURJUDPDomRGDVXQLGDGHVGHFRQWUROH
4XDOLGDGHGRVFRPEXVWtYHLV
5HVHUYDWyULRGHJDVROLQDSDUDRVLVWHPDGH
SDUWLGDDIULR
5 5HYHVWLPHQWRGRVEDQFRV
5iGLR
5HEDWLPHQWRGRHVSHOKRUHWURYLVRUH[WHUQR
GLUHLWR
5HERFDJHP
5HERFDU
5HERTXH
5RGDGHHPHUJrQFLD
5RGDGHHPHUJrQFLDFRPDURSROHJD
GDV
5RGDU
5RGDVHSQHXV
5HFHSomRGRUiGLR
5HFLSLHQWHSDUDUHVHUYD
5HFXUVRV
5HGHGRFRPSDUWLPHQWRGHEDJDJHP
5HGHSDUDEDJDJHP
5HJLVWUDUGDGRV
ËQGLFHUHPLVVLYR
6LVWHPDGH$LUEDJ
6LVWHPDGHDODUPH
6LVWHPDGHDODUPHDQWLIXUWR
6LVWHPDGHDVVLVWrQFLD
6LVWHPDGHDVVLVWrQFLDGHIUHQDJHP
6LVWHPDGHIUHLR
6LVWHPDGHLQIRUPDo}HV9RONVZDJHQ
6LVWHPDGHODYDJHPDXWRPiWLFR
5RWDomRHPPDUFKDOHQWD 6LVWHPDGHSDUWLGDDIULR
5XtGRV
6LVWHPDGHSDUWLGDDTXHFLGD
6LVWHPDGHSXULILFDomRGRJiVGHHVFDSH
6
6$)( 6LVWHPDUHJXODGRUGHYHORFLGDGH
6HJXUDQoDGDFRQGXomR
6HQVRUGHFKXYD
6LVWHPDV
6HQWDU
6LVWHPDVGHDVVLVWrQFLD
6HUYLoRGHDWHQGLPHQWRDRFOLHQWH
6HUYRIUHLR
6tPERORV
6LVWHPD
6XEPHQX&RQIRUWR
6XEPHQX(&2&RPIRUW
6LVWHPDDQWLEORTXHLRGRIUHLR$%6 6XEPHQX,OXPH9LVLE
6LVWHPDGHDLUEDJ 6XEVWLWXLomRGHSHoDV
6XVSHQGHURYHtFXOR
6XVSHQVmRGRYHtFXOR
7
7DF{PHWURFRQWDJLURV
7DPSDGRFRPSDUWLPHQWRGHEDJDJHP
ËQGLFHUHPLVVLYR
7DPSDGRFRPSDUWLPHQWRGRPRWRU 7UDQVSRUWDUFULDQoDVQRYHtFXOR
7UDQVSRUWH
7DPSDGRWDQTXHGHFRPEXVWtYHO
7UDQVSRUWHGHFULDQoDVQRYHtFXOR
7UDYDGHVHJXUDQoDSDUDFULDQoDV
7DPSDVGDVYiOYXODV 7UDYDPHQWRFHQWUDO
7DPSDWUDVHLUD
7DSHWHV
7DUD 7UDYDU
7HFODGRWUDYDPHQWRFHQWUDO
7HOHIRQHFHOXODU
7UDYDUDSRUWDGRSDVVDJHLURGLDQWHLURHDV
7HOHIRQHPyYHO SRUWDVWUDVHLUDPDQXDOPHQWH
7UDYDUDSRUWDGRSDVVDJHLURGLDQWHLURHDV
7HOHIRQHYHLFXODU SRUWDVWUDVHLUDVPDQXDOPHQWH
7H[WRVGHDGYHUWrQFLDRXRXWUDVLQIRUPD 7UDYHVVLDGHWUHFKRVDODJDGRV
o}HVQRGLVSOD\ 7UDYHVVLDGHWUHFKRVDODJDGRVFRPiJXD
VDOJDGD
7,1 7UHDGZHDU
7RPDGD 7ULkQJXORGHVHJXUDQoD
7URFDGDOkPSDGDLQFDQGHVFHQWH
7RPDGDV
7URFDGDVOkPSDGDVLQFDQGHVFHQWHV
7RUTXHGHDSHUWR
7UDomR 7URFDGHOkPSDGDVLQFDQGHVFHQWHV
7UDQVPLVVmR
7UDQVPLVVmRDXWRPDWL]DGD
7UDQVPLVVmRDXWRPDWL]DGD$6*
7URFDGHODQWHUQDVTXHXWLOL]DP/('
7URFDGHURGD
7UDQVPLVVmRPDQXDO 7URFDUDPDUFKD
7UDQVSRUWDU
7URFDUOkPSDGDV
ËQGLFHUHPLVVLYR
8
8QLGDGHGHFRQWUROHGRPRWRU
8QLGDGHVGHFRQWUROH
8WLOL]DURH[WLQWRUGHLQFrQGLR
9LGURVPHFkQLFRV
9
9DUHWDGHPHGLomRGHyOHR 9LVWDJHUDO
9HGDo}HVGHERUUDFKD
9HtFXOR
9HORFLGDGHPi[LPD
9HQGDGRYHtFXOR
9HQWLODomR
9HQWLODomRLQGLUHWD
9HULILFDURQtYHOGRIOXLGRGDGLUHomRKLGUiX
9LVWDJHUDOGRYHtFXOR
OLFD
9HULILFDURQtYHOGRyOHRGRPRWRU
9LDJHQVLQWHUQDFLRQDLV
9LVWDVH[WHUQDV
9RODQWH
9LGURHOpWULFR
9LGURV
9LGURVHOpWULFRV
9RODQWHPXOWLIXQo}HV
9ROXPHGRUiGLR
ËQGLFHUHPLVVLYR
9RONVZDJHQGR%UDVLO