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1. Palavras iniciais.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯ
2. Liderança.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯ
2.1. Estilos de liderança autocrática, democrática e liberal.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϬ
2.2. Os quatro sistemas de liderança de Likert.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭ
2.3. Teorias dos Traços.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϯ
2.4. Teorias Comportamentais da Liderança.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱ
2.4.1. Grade Gerencial de Blake e Mouton.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϳ
2.5. Teorias Contingenciais da Liderança.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϵ
2.5.1. Modelo de Liderança de Fiedler.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϬ
2.5.2. Teoria do Caminho-Meta, de House.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϮϮ
2.5.3. Teoria Situacional de Hersey e Blanchard.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϯ
2.5.4. O continuum do comportamento do líder.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϲ
2.6. Teoria de troca entre líderes e liderados (LMX).͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϳ
2.7. Liderança Carismática.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϴ
2.8. Liderança Transformacional.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘Ϯϵ
2.9. Liderança Autêntica.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϭ
2.10. Liderança Servidora.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϮ
3. Questões comentadas͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϯϯ
4. Lista de questões͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϭϭ
5. Gabarito.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱϮ
6. Bibliografia principal.͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘͘ϭϱϯ


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94654393471

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94654393471

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GHVFRQILDQoD H D RUJDQL]DomR LQIRUPDO FKHJD D VHU LQGHVHMDGD
2IRFRGROtGHUHVWiQDVSXQLo}HVHPHGLGDVGLVFLSOLQDUHVFRPR
IRUPDGHFRQWURODURGHVHPSHQKRHQmRHPUHFRPSHQVDVTXH
94654393471

VmRUDUDV

x 6LVWHPD ,, ± $XWRULWiULREHQHYROHQWH RV OtGHUHV VmR


DXWRULWiULRVHLPSRVLWLYRVPDVDWXDPGHIRUPDPHQRVUtJLGDGR
TXH QR VLVWHPD DXWRULWiULRFRHUFLWLYR 1HVWH FDVR D GHFLVmR
DLQGD p FRQFHQWUDGD PDV Mi Ki GHOHJDomR GDV WDUHIDV PDLV
VLPSOHV $V FRPXQLFDo}HV IXQFLRQDP XP SRXFR PHOKRU GR TXH
QRVLVWHPD,PDVDLQGDVmRSUHFiULDV$VUHODo}HVLQWHUSHVVRDLV
VmRWROHUDGDVPDV DH[LVWrQFLDGHXPDRUJDQL]DomRLQIRUPDOp

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϭĚĞϭϱϯ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
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dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϬ

WLGD FRPR XPD DPHDoD j RUJDQL]DomR IRUPDO $V UHFRPSHQVDV


VDODULDLVFRPHoDPDDSDUHFHUPDVDVUHFRPSHQVDVVRFLDLVVmR
UDUDV $OpP GLVVR DV SXQLo}HV H PHGLGDV GLVFLSOLQDUHV VmR
XWLOL]DGDV FRP PHQRU IUHTXrQFLD H LQWHQVLGDGH GR TXH QR
VLVWHPD,

x 6LVWHPD ,,, ± &RQVXOWLYR QHVWH HVWLOR Ki PHQRV


DUELWUDULHGDGHV GR TXH QRV DQWHULRUHV SRLV DV SHVVRDV GD
RUJDQL]DomRVmRRXYLGDVSHOD OLGHUDQoD1DWRPDGDGHGHFLVmR
DOLGHUDQoDFRQVXOWDDRSLQLmRGHVXDHTXLSHHUHDOL]DGHOHJDomR
HP DOJXQV FDVRV $V FRPXQLFDo}HV IOXHP DLQGD PHOKRU WDQWR
YHUWLFDOPHQWH TXDQWR KRUL]RQWDOPHQWH $V SHVVRDV UHFHEHP
PDLV FRQILDQoD H RV UHODFLRQDPHQWRV TXH JHUDP XPD
RUJDQL]DomR LQIRUPDO HILFD] VmR HVWLPXODGRV $V SXQLo}HV DRV
FRPSRUWDPHQWRV³HUUDGRV´GHL[DPGHVHURIRFReGDGDJUDQGH
rQIDVH jV UHFRPSHQVDV PDWHULDLV KDYHQGR WDPEpP FHUWR QtYHO
GHUHFRPSHQVDVVRFLDLV

x 6LVWHPD ,9 ± 3DUWLFLSDWLYR WUDWDVH GH XP VLVWHPD


RUJDQL]DFLRQDOFRPHVWLORGHPRFUiWLFR1HVVHHVWLORDOLGHUDQoD
HQIRFDRFRQWUROHGRVUHVXOWDGRVGHILQLQGRSROtWLFDVHREMHWLYRV
HGHL[DQGRDVGHPDLVGHFLV}HV SDUDVHUHPUHVROYLGDVGHIRUPD
GHVFHQWUDOL]DGD 7UDEDOKDQGR GH IRUPD PDLV RUJkQLFD DV
94654393471

FRPXQLFDo}HVVmRFHQWUDLVSDUDRVXFHVVRVHQGRDEDVHSDUDR
FRPSDUWLOKDPHQWR GH LQIRUPDo}HV 2 WUDEDOKR p UHDOL]DGR HP
HTXLSH H D H[LVWrQFLD GH XPD RUJDQL]DomR LQIRUPDO VH WRUQD
PXLWR SRVLWLYD SDUD R ERP IXQFLRQDPHQWR GD RUJDQL]DomR $R
UHFRPSHQVDU VXD HTXLSH RV JHVWRUHV GmR rQIDVH jV
UHFRPSHQVDV VRFLDLV PDV WDPEpP RIHUHFHP UHFRPSHQVDV
PDWHULDLV FRP FHUWD IUHTXrQFLD $V SXQLo}HV VmR UDUDV H SDUD
TXHRFRUUDPDRSLQLmRGRJUXSRpIXQGDPHQWDO

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϮĚĞϭϱϯ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
>ĞŐŝƐůĂƚŝǀŽʹĚŵŝŶŝƐƚƌĂĕĆŽʹĚŽ^ĞŶĂĚŽ&ĞĚĞƌĂů͘;ĐŽŵǀŝĚĞŽĂƵůĂƐͿ
dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϬ

 7HRULDVGRV7UDoRV

$7HRULDGRV7UDoRVGL]TXHRVOLGHUHVSRVVXHPWUDoRVTXHRVDMXGDD
H[HUFHUDOLGHUDQoD(ODWHQWDH[SOLFDURTXHGHVWDFDRVJUDQGHVOtGHUHVFRPR
1DSROHmR%RQDSDUWH0RLVpV-HVXV&ULVWRHWFGRUHVWRGDSRSXODomR

1HVWH VHQWLGR D SUHPLVVD FHQWUDO p TXH FHUWRV WUDoRV VH UHODFLRQDP


DR VXFHVVR GH XPD SHVVRD HQTXDQWR OtGHU $VVLP DV SHVVRDV GHWHQWRUDV GRV
WUDoRV FRUUHWRV SRGHULDP VHU LGHQWLILFDGDV SHODV RUJDQL]Do}HV H VHOHFLRQDGRV
SDUDVHUHPOLGHUHV

'H TXDOTXHU IRUPD GLIHUHQWHV DXWRUHV DUJXPHQWDP HVWUXWXUDV


GLIHUHQWHV SDUD D 7HRULD GRV 7UDoRV %U\PDQ  DSXG /LPRQJL)UDQoD H
$UHOODQR FLWDDH[LVWrQFLDGHWUrVJUDQGHVWLSRVGHWUDoR

x )DWRUHVItVLFRVTXHWHPUHODomRFRPDVFDUDFWHUtVWLFDVItVLFDV
GRLQGLYtGXRFRPRSHVRDOWXUDDSDUrQFLDHWF(VVHVDVSHFWRV
PDUFDP DV SHVVRDV GH IRUPDV GLVWLQWDV 3HVVRDV DOWDV H FRP
YR] ILUPH VmR SHUFHELGDV GH IRUPD GLIHUHQWH GR TXH SHVVRDV
PDLVEDL[DVHFRPYR]HVPDLVIUDFDV

x +DELOLGDGHV DV KDELOLGDGHV TXH FDGD XP SRVVXL FRPR VXD


LQWHOLJrQFLD IOXrQFLD DR IDODU QtYHO GH HVFRODULGDGH
FRQKHFLPHQWRVHVSHFtILFRVHIRUPDVGHDSOLFiORVHWF
94654393471

x $VSHFWRV GD SHUVRQDOLGDGH DTXL VH HQFRQWUDP TXHVW}HV


FRPR D IRUPD GH DJLU D H[WURYHUVmR D DXWRFRQILDQoD D
VHQVLELOLGDGHSHVVRDOHRFRQWUROHHPRFLRQDO

2XWUDFODVVLILFDomRpSURSRVWDSRU5REELQVHWDO  (VVHVDXWRUHV


DFUHGLWDTXHRIRFRGDWHRULDGRVWUDoRVHVWiVREUHRVWUDoRVGHSHUVRQDOLGDGH
TXHVmRRV~OWLPRVDSUHVHQWDGRVQDOLVWDDQWHULRU(VVHVDXWRUHVSURS}HPTXH
RV WUDoRV GH SHUVRQDOLGDGH SRGHP VHU DSRLDGRV QR PRGHOR GH SHUVRQDOLGDGH
GRVFLQFRIDWRUHV %LJ)LYH DSUHVHQWDGRDVHJXLU

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϯĚĞϭϱϯ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
>ĞŐŝƐůĂƚŝǀŽʹĚŵŝŶŝƐƚƌĂĕĆŽʹĚŽ^ĞŶĂĚŽ&ĞĚĞƌĂů͘;ĐŽŵǀŝĚĞŽĂƵůĂƐͿ
dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϬ

x ([WURYHUVmRpDGLPHQVmR TXHVH UHIHUHDRQtYHOGHFRQIRUWR


GH XPD SHVVRD FRP VHXV UHODFLRQDPHQWRV 4XDQWR PDLV
FRQIRUWiYHLV PDLV H[WURYHUWLGRV $V SHVVRDV H[WURYHUWLGDV
FRVWXPDP VHU PDLV DJUHJDGRUDV DVVHUWLYDV H VRFLiYHLV GR TXH
DVLQWURYHUWLGDV

x $PDELOLGDGH WUDWDVH GH XPD GLPHQVmR TXH VH UHIHUH j


SURSHQVmRTXHXPLQGLYtGXRWHPGHDFHLWDUDVLGHLDVGRVRXWURV
3HVVRDVDPiYHLVFRVWXPDPVHUPDLVFRRSHUDWLYDVUHFHSWLYDVH
FRQILiYHLV GR TXH DV SHVVRDV SRXFR DPiYHLV TXH VmR PDLV
IULDVGHVDJUDGiYHLVHJHUDGRUDVGHFRQIOLWRV

x &RQVFLHQFLRVLGDGH p R QtYHO GH FRQILDELOLGDGH GDV Do}HV TXH


XPD SHVVRD WRPD $OJXpP FRQVFLHQFLRVR p SHUVLVWHQWH H
UHVSRQViYHO TXDQGR YDL UHDOL]DU GHWHUPLQDGD WDUHID DR
FRQWUiULR GRV TXH QmR SRVVXHP HVVD FDUDFWHUtVWLFD TXH VmR
GLVWUDtGRV GHVRUJDQL]DGRV H SRXFR FRQILiYHLV TXDQWR j VXD
UHDOL]DomR

x (VWDELOLGDGH HPRFLRQDO p XPD GLPHQVmR OLJDGD DR TXmR


FDOPDV DXWRFRQILDQWHV H VHJXUDV DV SHVVRDV VmR 2 RSRVWR
GLVVRVHULDRQHUYRVLVPRDGHSUHVVmRHLQVHJXUDQoD

x $EHUWXUD SDUD H[SHULrQFLDV WUDWDVH GH XPD GLPHQVmR TXH


94654393471

VH UHIHUH DR LQWHUHVVH GH XP LQGLYLGXR SRU QRYLGDGHV $V
SHVVRDVPDLVDEHUWDVFRVWXPDPVHUPDLVFULDWLYDVHFXULRVDVGR
TXH DV SRXFR DEHUWDV TXH WHQGHP D VHU FRQYHQFLRQDLV H
FRQVHUYDGRUDV

$V FDUDFWHUtVWLFDV TXH SDUHFHP WHU PDLRU LPSRUWkQFLD SDUD R


VXUJLPHQWRGDOLGHUDQoDpDH[WURYHUVmRSRLVVHPHODpGLItFLOPDQWHUXPDOWR
QtYHO GH LQWHUDomR HQWUH OLGHUHV H OLGHUDGRV GH PRGR TXH DTXHOH LQIOXHQFLH R
FRPSRUWDPHQWRGHVWHV

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϰĚĞϭϱϯ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
>ĞŐŝƐůĂƚŝǀŽʹĚŵŝŶŝƐƚƌĂĕĆŽʹĚŽ^ĞŶĂĚŽ&ĞĚĞƌĂů͘;ĐŽŵǀŝĚĞŽĂƵůĂƐͿ
dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϬ

2HQIRTXHGDGRSHODWHRULDGRVWUDoRVIRLDSULQFLSDOIRUPDGHH[SOLFDU
DOLGHUDQoDDWpDGpFDGDGH9iULDVOLPLWDo}HVGHVVDWHRULDIL]HUDPFRP
TXH HOD QmR IRVVH EHP DFHLWD QRV GLDV GH KRMH $OJXPDV OLPLWDo}HV VmR DV
VHJXLQWHV

x 1mR Ki WUDoRV XQLYHUVDLV TXH SRVVDP SUHYHU D OLGHUDQoD HP


WRGDVDVVLWXDo}HV

x 2V WUDoRV VmR PHOKRUHV HP SUHYHU R VXUJLPHQWR GD OLGHUDQoD


HP VLWXDo}HV SRXFR UHOHYDQWHV GR TXH HP VLWXDo}HV GH JUDQGH
LPSRUWkQFLD

x 1mRKiFODUDVHYLGrQFLDVHQWUHFDXVDHHIHLWRGRVWUDoRVVREUHD
FDSDFLGDGHGHH[HUFtFLRGDOLGHUDQoD

x 2V WUDoRV IXQFLRQDP PHOKRU SDUD SUHYHU R VXUJLPHQWR GD


OLGHUDQoD GR TXH SDUD GLVWLQJXLU HQWUH OtGHUHV HILFD]HV H
LQHILFD]HV

9DPRV YHU DJRUD FRPR IXQFLRQD R FRQMXQWR GH WHRULDV


FRPSRUWDPHQWDLVGDOLGHUDQoD

 7HRULDV&RPSRUWDPHQWDLVGD/LGHUDQoD
94654393471

$V WHRULDV FRPSRUWDPHQWDLV GD OLGHUDQoD VH RS}HP UDGLFDOPHQWH j


WHRULDGRVWUDoRV(QTXDQWRSDUDDWHRULDGRVWUDoRVDOLGHUDQoDVHH[SOLFDSRU
WUDoRV LQDWRV SDUD DV WHRULDV FRPSRUWDPHQWDLV D OLGHUDQoD VH H[SOLFD SRU
FRPSRUWDPHQWRVWtSLFRVGHOtGHUHV

(FRPRLVVRFRORFDDVGXDVHPFDPSRVRSRVWRV"

5 'HL[HP TXH HX H[SOLTXH $ WHRULD GRV WUDoRV TXDQGR SRVWD HP
SUiWLFD IDULD FRP TXH D RUJDQL]DomR SURFXUDVVH SRU SHVVRDV FRP WUDoRV

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϱĚĞϭϱϯ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
>ĞŐŝƐůĂƚŝǀŽʹĚŵŝŶŝƐƚƌĂĕĆŽʹĚŽ^ĞŶĂĚŽ&ĞĚĞƌĂů͘;ĐŽŵǀŝĚĞŽĂƵůĂƐͿ
dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϬ

HVSHFtILFRV SRLV HODV VHULDP ³OtGHUHV QDWXUDLV´ Mi TXH QmR KDYHULD D
SRVVLELOLGDGH GH DOJXpP DSUHQGHU D OLGHUDU -i DV WHRULDV FRPSRUWDPHQWDLV
FRQVLGHUDP TXH D OLGHUDQoD VH H[SOLFD SHORV FRPSRUWDPHQWRV DGRWDGRV SHOR
OtGHU H QmR SRU VHXV WUDoRV LQDWRV &RP LVVR RV FRPSRUWDPHQWRV WtSLFRV GH
XP OtGHU SRGHULDP VHU HQVLQDGRV H DSUHQGLGRV SRU TXDOTXHU SHVVRD
GLIHUHQWHPHQWHGRTXHDFRQWHFLDFRPD7HRULDGRV7UDoRV

'XDVJUDQGHVFRUUHQWHVVHGHVWDFDPQDVWHRULDVFRPSRUWDPHQWDLVGD
OLGHUDQoD

x 2 SHQVDPHQWR GD 8QLYHUVLGDGH (VWDGXDO GH 2KLR 2KLR


6WDWH 8QLYHUVLW\  3DUD HVVD FRUUHQWH GH SHQVDPHQWR RV OtGHUHV
SRVVXHPGRLVWLSRVGHFRPSRUWDPHQWRV

R (VWUXWXUD GH LQLFLDomR WUDWDVH GD FDSDFLGDGH GR OtGHU


GH HVWUXWXUDU QmR Vy R WUDEDOKR GH VHXV VXERUGLQDGRV
PDV WDPEpP R VHX SUySULR WUDEDOKR /tGHUHV FRP DOWD
SRQWXDomR QHVVD GLPHQVmR GHILQHP R SDGUmR GH
GHVHPSHQKRGRVWUDEDOKRVGHOHJDP WDUHIDVHVSHFtILFDVH
HQIDWL]DPRFXPSULPHQWRGRVSUD]RVDFRUGDGRV

R &RQVLGHUDomRHVVDGLPHQVmRVH UHIHUHDFDSDFLGDGHGH
XPD SHVVRD PDQWHU UHODFLRQDPHQWRV GH WUDEDOKR GH
P~WXD FRQILDQoD GH UHVSHLWR DV LGHLDV GRV RXWURV H
94654393471

UHVSHLWRSHORVVHXVVHQWLPHQWRV

x 2 SHQVDPHQWR GD 8QLYHUVLGDGH GH 0LFKLJDQ $VVLP FRPR


QR FDVR DQWHULRU D R JUXSR GH SHVTXLVDGRUHV TXH HVWXGDYDP
OLGHUDQoD QD 8QLYHUVLGDGH GH 0LFKLJDQ SURS{V D H[LVWrQFLD GH
GXDV GLPHQV}HV FRPSRUWDPHQWDLV GRV OLGHUHV 3DUD HOHV RV
OLGHUHVSRGHULDPDGRWDURVVHJXLQWHVFRPSRUWDPHQWRV

R /LGHUDQoD RULHQWDGD SDUD D SURGXomR p R WLSR GH


OLGHUDQoD TXH Gi PDLRU rQIDVH DRV DVSHFWRV SUiWLFRV GDV

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϲĚĞϭϱϯ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
>ĞŐŝƐůĂƚŝǀŽʹĚŵŝŶŝƐƚƌĂĕĆŽʹĚŽ^ĞŶĂĚŽ&ĞĚĞƌĂů͘;ĐŽŵǀŝĚĞŽĂƵůĂƐͿ
dĞŽƌŝĂĞdžĞƌĐşĐŝŽƐͲWƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌͲƵůĂϭϬ

WDUHIDV D VHUHP UHDOL]DGDV QR WUDEDOKR 2 IRFR HVWi HP


ID]HU FRP TXH DV SHVVRDV UHDOL]HP D WDUHID PHVPR TXH
QmR FRPSUHHQGDP R SRUTXr GH ID]rOR e VHPHOKDQWH j
GLPHQVmR ³HVWUXWXUD GH LQLFLDomR´ GD 8QLYHUVLGDGH
(VWDGXDOGH2KLR

R /LGHUDQoD RULHQWDGD SDUD DV SHVVRDV D OLGHUDQoD


GHVWH WLSR Gi PDLRU rQIDVH jV UHODo}HV LQWHUSHVVRDLV QR
WUDEDOKRVHQGRSDXWDGDVSHORLQWHUHVVHQRVIXQFLRQiULRVH
VXDVQHFHVVLGDGHV HQDDFHLWDomRGDVGLIHUHQoDVHQWUHDV
SHVVRDV e LPSRUWDQWH TXH RV IXQFLRQiULRV FRPSUHHQGDP
R VLJQLILFDGR GDV WDUHIDV UHDOL]DGDV e VHPHOKDQWH j
GLPHQVmR ³FRQVLGHUDomR´ GD 8QLYHUVLGDGH (VWDGXDO GH
2KLR

 *UDGH*HUHQFLDOGH%ODNHH0RXWRQ

&RP EDVH QRV HVWXGRV GDV GXDV FRUUHQWHV WHyULFDV GD OLGHUDQoD
FRPSRUWDPHQWDO IRL GHVHQYROYLGD D WHRULD GD *UDGH *HUHQFLDO GH %ODNH H
0RXWRQTXHEXVFDYDFDUDFWHUL]DURHVWLORGHOLGHUDQoDDGRWDGRQDRUJDQL]DomR
FRP EDVH HP GXDV GLPHQV}HV SUHRFXSDomR FRP DV SHVVRDV H SUHRFXSDomR
FRPDSURGXomR 94654393471

+i FRPR SUHVVXSRVWR D LGHLD GH TXH DOJXQV HVWLORV VmR GRPLQDQWHV
SDUDDOJXPDVVLWXDo}HVVH DOWHUQDQGRFRPHVWLORVVXEGRPLQDQWHVTXDQGRRV
OtGHUHV HVWmR VRE SUHVVmR WHQVmR RX FRP FRQIOLWRV SDUD UHVROYHU GH IRUPD
GLIHUHQWH GR WUDGLFLRQDO 2V HVWLORV YmR VH DOWHUQDQGR H VHQGR XWLOL]DGRV D
GHSHQGHUGDVLWXDomRHQIUHQWDGD

9DPRVYLVXDOL]DUD*UDGH*HUHQFLDOGH%ODNHH0RXWRQ

WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϭϳĚĞϭϱϯ


ĚŵŝŶŝƐƚƌĂĕĆŽ'ĞƌĂů͕Z,ĞKƌŐĂŶŝnjĂĕĆŽĞDĠƚŽĚŽƐƉĂƌĂŶĂůŝƐƚĂ
>ĞŐŝƐůĂƚŝǀŽʹĚŵŝŶŝƐƚƌĂĕĆŽʹĚŽ^ĞŶĂĚŽ&ĞĚĞƌĂů͘;ĐŽŵǀŝĚĞŽĂƵůĂƐͿ
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WƌŽĨ͘ĂƌůŽƐyĂǀŝĞƌ ǁǁǁ͘ĞƐƚƌĂƚĞŐŝĂĐŽŶĐƵƌƐŽƐ͘ĐŽŵ͘ďƌ WĄŐŝŶĂϮϱĚĞϭϱϯ


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