You are on page 1of 42

)UHVDGRUPHFkQLFR

&UHPDOKHLUD
&UHPDOKHLUD

&UHPDOKHLUD

‹6(1$,63

7UDEDOKRHODERUDGRSHOD'LYLVmRGH0DWHULDO'LGiWLFRGD'LUHWRULDGH7HFQRORJLD(GXFDFLRQDOGR6(1$,
63

(ODERUDGRU 5DXO&DOORUL
'LJLWDOL]DomR 81,&207HUFHLUL]DomRGHVHUYLoRV/WGD

D
6G 6(1$,63'0'&UHPDKHLUD3RU5DXO&DOORULL HG6mR3DXOR
6pULH0HWyGLFD2FXSDFLRQDO)UHVDGRU0HFkQLFR 

)UHVDGRUPHFkQLFR&UHPDOKHLUD,W ,,V


&'8,%,&7

6(1$, 6HUYLoR1DFLRQDOGH$SUHQGL]DJHP,QGXVWULDO
'HSDUWDPHQWR5HJLRQDOGH6mR3DXOR
$Y3DXOLVWD&HUTXHLUD&HVDU
6mR3DXOR±63
&(3

7HOHIRQH ;; 


7HOHID[ ;; 
6(1$,RQOLQH 

(PDLO VHQDL#VSVHQDLEU
+RPHSDJH KWWSZZZVSVHQDLEU

6(1$,63,175$1(7
&UHPDOKHLUD

6XPiULR

,QWURGXomR 
7UHPGHHQJUHQDJHQV JHQHUDOLGDGHV 
'LYLVRUOLQHDU 
&DEHoRWHSDUDIUHVDUFUHPDOKHLUD 
0RQWDUVXSRUWHGHHQJUHQDJHQVHGHURGDVGHQWDGDV 
)UHVDUGHQWHVGHFUHPDOKHLUD 
&UHPDOKHLUD 
3ODQRGHWUDEDOKR 

6(1$,63,175$1(7
&UHPDOKHLUD

6(1$,63,175$1(7
&UHPDOKHLUD

,QWURGXomR

(VWXGDQGRHVWDXQLGDGHGHLQVWUXomRYRFrYDLDSUHQGHUDPRQWDUVXSRUWHGH
HQJUHQDJHQVHGHURGDVGHQWDGDVHIUHVDUGHQWHVGHFUHPDOKHLUD

9RFrWHUiLQIRUPDo}HVVREUH
• 7UHPGHHQJUHQDJHQV
• 'LYLVRUOLQHDU
• &DEHoRWHSDUDIUHVDUFUHPDOKHLUD

3DUDUHDOL]DUDWDUHIDFUHPDOKHLUDYRFrH[HFXWDUiDOpPGDVRSHUDo}HVTXHMi
FRQKHFHDVVHJXLQWHVRSHUDo}HVQRYDV
• 0RQWDUVXSRUWHGHHQJUHQDJHQVHGHURGDVGHQWDGDV
• )UHVDUGHQWHVGHFUHPDOKHLUD

6(1$,63,175$1(7 
&UHPDOKHLUD

 6(1$,63,175$1(7
&UHPDOKHLUD

7UHPGHHQJUHQDJHQV
JHQHUDOLGDGHV

'iVHRQRPHGHWUHPGHHQJUHQDJHQVDXPFRQMXQWRGHURGDVGHQWDGDVFXMD
FRPELQDomRHVWiGHVWLQDGDDWUDQVPLWLURPRYLPHQWRJLUDWyULRGHXPHL[RDRXWURGH
DFRUGRFRPXPDFHUWDUHODomRGHYHORFLGDGHSUHYLVWD

&ODVVLILFDomR

([LVWHGLYHUVRVWLSRVGHWUHPGHHQJUHQDJHQVWDLVFRPR
• 7UHQVGHHQJUHQDJHQVGHHL[RVIL[RV
• 7UHQVGHHQJUHQDJHQVGHVORFiYHLV
• 7UHQVGHHQJUHQDJHQVEDVFXODQWHV
• 7UHQVGHHQJUHQDJHQVSODQHWiULRV

(PSUHJDGRVQRVPHFDQLVPRVGHPXGDQoDGHYHORFLGDGHVPXGDQoDVGHDYDQoRV
LQYHUVmRGHPDUFKDHWF1HVWHWHPDQRVSUHRFXSDUHPRVH[FOXVLYDPHQWHGRV³WUHQVGH
HQJUHQDJHQVGHHL[RVIL[RV´SRUVHUHVWHVRV~QLFRVTXHVHFDOFXODPSDUDWURFDUVHRX
PRGLILFDUVHQRPRPHQWRSUpYLRjH[HFXomRGHXPGHWHUPLQDGRWUDEDOKR

&RQVWLWXLomRGHXPWUHPGHHQJUHQDJHQV

6(1$,63,175$1(7 
&UHPDOKHLUD

$VPiTXLQDVIHUUDPHQWDVRQGHVHXVDHVWHPHFDQLVPRWrPRVHOHPHQWRV
QHFHVViULRVSDUDSRGHUDUPiORHPRQWiORGHGLIHUHQWHVPDQHLUDV$VSDUWHV
SULQFLSDLVGHXPWUHPGHHQJUHQDJHPVmR
• 6XSRUWHGHHQJUHQDJHQV 6
• (L[RLQWHUPHGLiULR (
• 5RGDVGHQWDGDV
− FRQGXWRUD $
− LQWHUPHGLiULD %
− FRQGX]LGD &

6XSRUWHGHHQJUHQDJHQV

eXPDSODFDGHIHUURIXQGLGRFRPGLYHUVDVUDQKXUDV D SDUDSHUPLWLURDFRSODPHQWR
GRVHL[RVLQWHUPHGLiULRV/HYDXPIXUR E TXHVHUYHGHJXLDSDUDIL[DomRHFRPRSLY{
SDUDIDFLOLWDURDMXVWHGRWUHPGHHQJUHQDJHQV

2VVXSRUWHVGHHQJUHQDJHQVSRGHPWHUIRUPDVYDULDGDVGHSHQGHQGRGDPiTXLQDH
OXJDUHPTXHVHVLWXDP

(L[RVLQWHUPHGLiULRV

 6(1$,63,175$1(7
&UHPDOKHLUD

6mRRVHL[RVTXHVHVLWXDPQRVXSRUWHGHHQJUHQDJHQVSDUDPRQWDUDVURGDV
GHQWDGDVTXHFRPSOHWDPRWUHPGHHQJUHQDJHQV

1HVWHVHL[RVVHGLVWLQJXHPEDVLFDPHQWHDVVHJXLQWHVSDUWHV
• 3DUWHFLOtQGULFD / QDTXDOYmRVLWXDGDVDVHQJUHQDJHQV6HXFRPSULPHQWRDGPLWH
XPPi[LPRGHGXDV  HQJUHQDJHQV
• (VSLJD 5 TXHSHUPLWHDIL[DomRGRHL[RQRVXSRUWHGHHQJUHQDJHQV
• )XURURVFDGR 7 TXHDORMDRSDUDIXVRTXHLPSHGHDVDtGDGDVHQJUHQDJHQV

([LVWHPHL[RVTXHHPOXJDUGRIXURURVFDGRSRVVXHPXPDUDQKXUDFLUFXODU * TXH
DORMDXPDQHOVHVHJXUDQoD

(QWUHRHL[RHRIXURFHQWUDOGDVURGDVGHQWDGDVPRQWDVHXPDEXFKD ) FRPUDVJR
SDUDFKDYHWDTXHSHUPLWHDURGDFRQGX]LGDGHWUDQVPLWLURPRYLPHQWRGHJLURjURGD
FRQGXWRUDGRPHVPRHL[R

5RGDVGHQWDGDV

6(1$,63,175$1(7 
&UHPDOKHLUD

$VPiTXLQDVHPTXHVHDSOLFDPRVWUHQVGHHQJUHQDJHQVGHHL[RVIL[RVWUD]HPXPRX
PDLVMRJRVGHURGDVGHQWDGDVFRPGLIHUHQWHQ~PHURGHGHQWHVTXHSRVVLELOLWDPXPD
YDVWDJDPDGHFRPELQDo}HV

6HJXQGRDSRVLomRUHODWLYDTXHQRWUHPGHHQJUHQDJHPWHQKDPDVURGDVGHQWDGDV
VHUiIXQomRGHFDGDXPDGHODVHRQRPHTXHUHFHEHP(VWDVVmRWUrV
• (QJUHQDJHPFRQGXWRUD H UHFHEHRPRYLPHQWRGHXPHL[RHRWUDQVPLWHD
XPDHQJUHQDJHP
• (QJUHQDJHPFRQGX]LGD H UHFHEHRPRYLPHQWRGHXPDHQJUHQDJHPHR
WUDQVPLWHDXPHL[R
• (QJUHQDJHPLQWHUPHGLiULD , UHFHEHRPRYLPHQWRGHXPDHQJUHQDJHPHR
WUDQVPLWHDRXWUDHQJUHQDJHP7DPEpPpFRQKHFLGDFRPRHQJUHQDJHPSDUDVLWD
SRUQmRDOWHUDUDUHODomRGHWUDQVPLVVmRQRWUHPGHHQJUHQDJHQV

&iOFXORGHXPWUHPGHHQJUHQDJHQV UHODomRGHWUDQVPLVVmR 

&RPRDILQDOLGDGHGHXPWUHPGHHQJUHQDJHQVpWUDQVPLWLURPRYLPHQWRGHJLURGHXP
HL[RDRXWURGHDFRUGRFRPXPDFHUWDUHODomRSRGHVHGHWHUPLQDUPHGLDQWHXP
FiOFXORVLPSOHVTXDLVGHYHPVHUDVHQJUHQDJHQVTXHWRUQDUmRSRVVtYHODWUDQVPLVVmR
GRPRYLPHQWRQDVFRQGLo}HVSUHYLVWDVDSOLFDQGRDIyUPXODVHJXLQWH

1$ =
  %
1% =$

QDTXDO

1$ YHORFLGDGHGHURWDomRGRHL[R³$´
1% YHORFLGDGHGHURWDomRGRHL[R³%´
=% Q~PHURGHGHQWHVGDHQJUHQDJHPTXHGHYHLUQRHL[R³%´
=$ Q~PHURGHGHQWHVGDHQJUHQDJHPTXHGHYHLUQRHL[R³$´

 6(1$,63,175$1(7
&UHPDOKHLUD

([HPSOR
8PHL[R³$´JLUDDUSPHVHGHVHMDWUDQVPLWLUVHXPRYLPHQWRDRXWURHL[R³%´
SRUpPGHPDQHLUDTXHDYHORFLGDGHGRHL[R³%´VHMDGHUSP4XHHQJUHQDJHQV
GHYHPVHUXWLOL]DGDVSDUDFRQVHJXLUHVWDUHODomRpFRPRGHYHPVHUSUHVDVDRVHL[RV"

'HVHQYROYLPHQWR

1$ =
$SOLFDQGRDIyUPXOD   %
1% =$

 =
6HREWpPDRVXEVWLWXLU   %
 =$

 
$RGLYLGLUFDGDWHUPRSRUUHVXOWD  
 


&RPRRSURSyVLWRpGHWHUPLQDURQ~PHURGHGHQWHVGDVHQJUHQDJHQVQDIUDomR VH

PXOWLSOLFDFDGDWHUPRSRUXPPHVPRQ~PHURSDUDREWHUXPDIUDomRFXMRQXPHUDGRUH
GHQRPLQDGRUFRLQFLGDPFRPRQ~PHURGHGHQWHVGHXPSDUGHURGDVGHQWDGDVQR
MRJRGHHQJUHQDJHQVGDPiTXLQD

 
 
 

RTXDOVHLQWHUSUHWDGDVHJXLQWHPDQHLUD

D  2QXPHUDGRU=% FRUUHVSRQGHDXPDURGDGHQWDGDGHGHQWHVTXHGHYHVHU
FRORFDGDQRHL[R³%´

6(1$,63,175$1(7 
&UHPDOKHLUD

E  2GHQRPLQDGRU=$ FRUUHVSRQGHDXPDHQJUHQDJHPGHGHQWHVTXHGHYH
VHUFRORFDGDQRHL[R³$´

'HVWDPDQHLUDYHULILFDVHDUHODomRGHWUDQVPLVVmR

1$ =  
  % MiTXH  
1% =$  

(VWHH[HPSORSHUPLWHREWHUDOJXPDVFRQFOXV}HVGHRUGHPJHUDO

1$
D 6HJXQGRVHMDDUHODomRGHYHORFLGDGH HQWUHRHL[RTXHWUDQVPLWHRPRYLPHQWR
1%
HL[RFRQGXWRU HRHL[RTXHUHFHEHRPRYLPHQWR HL[RFRQGX]LGR VHUiDUHODomRTXH
WHPHQWUHRQ~PHURGHGHQWHVGDHQJUHQDJHPFRQGXWRUDHGDHQJUHQDJHPFRQGX]LGD

=$

=%

D 6HQGRQHFHVViULRLQWHUFDODUXPDHQJUHQDJHPGHQWDGD , HQWUHXPDHQJUHQDJHP


FRQGXWRUD =$ HXPDFRQGX]LGD =% DUHODomRGHWUDQVPLVVmR

1$ =%
  QmRVHDOWHUD3RULVVRDURGDLQWHUPHGLiULDVHGHQRPLQDWDPEpPSDUDVLWD
1% =$

D $SOLFDQGRDIyUPXODGHUHODomRGHWUDQVPLVVmR

1$ =%
  SRGHVHGHWHUPLQDUTXDOTXHUWLSRGHWUHPGHHQJUHQDJHQV
1% =$

 6(1$,63,175$1(7
&UHPDOKHLUD

7LSRVGHWUHQVGHHQJUHQDJHQV

2VWUHQVGHHQJUHQDJHQVVHGLIHUHQFLDPHQWUHVLSHODTXDQWLGDGHGHURGDVFRQGXWRUDV
HURGDVFRQGX]LGDVTXHOHYDP(VWDTXDQWLGDGHGHURGDVHVWiGHWHUPLQDGD
SULQFLSDOPHQWHSRUGRLVIDWRUHV
• 3HODUHODomRGHWUDQVPLVVmRTXHSRGHVHUPDLVVLPSOHVRXPDLVFRPSOH[DTXH
RXWUDVVHJXQGRVHMDPDVFDUDFWHUtVWLFDVGRVHL[RVIXVRVHSDUDIXVRVTXHVH
TXHUHPYLQFXODUPHGLDQWHXPWUHPGHHQJUHQDJHQV
• 3HODJDPDGHURGDVGHQWDGDVGHGLIHUHQWHQ~PHURGHGHQWHVTXHWHQKDRMRJRGH
URGDVGDPiTXLQD

=$
'HDFRUGRDHVWDVGXDVFRQGLo}HVDUD]mR SRGHVHGHFRPSRUHPYiULRVIDWRUHV
=%
FRPR

=$ = = = = = =
     HWDPEpP $        
=% = =  =% = =  =

RTXDOVHPDOWHUDUDUHODomRGHWUDQVPLVVmRRULJLQDRVGLIHUHQWHVWLSRVGH
HQJUHQDJHQV

 7UHPGHHQJUHQDJHQVVLPSOHV

1$ =
  %
1% =$

&DUDFWHUL]DVHSRUWHUXPDURGDFRQGXWRUD =$ HXPDFRQGX]LGD =% 

6(1$,63,175$1(7 
&UHPDOKHLUD

2H[HPSORGHVFULWRDQWHULRUPHQWHFRUUHVSRQGHDXPWUHPGHHQJUHQDJHQVVLPSOHV
1HVWHWUHPSRGHPRVLQWHUFDODUXPDRXGXDVHQJUHQDJHQVLQWHUPHGLiULDV , VHJXQGR
FRQYHQKDTXHUVHMDSRUTXHDVHQJUHQDJHQVFRQGXWRUDVHFRQGX]LGDVILFDPPXLWR
VHSDUDGDVRXSRUTXHGHVHMDVHTXHRHL[RFRQGX]LGRJLUHHPGHWHUPLQDGRVHQWLGR

,VWRpYiOLGRSDUDTXDOTXHUWUHPGHHQJUHQDJHQV

 7UHPGHHQJUHQDJHQVFRPSRVWRGHTXDWURURGDV

1$ = =
    
1% = = 

(VWHWUHPGHHQJUHQDJHQVFDUDFWHUL]DVHSRUSRVVXLUGXDVHQJUHQDJHQVFRQGX]LGDV
=H= HGXDVFRQGXWRUDV =H= 

([HPSOR
1HFHVVLWDVHTXHXPHL[R³%´GrYROWDVQRPHVPRWHPSRTXHXPHL[R³$´Gi
YROWDV&DOFXODUXPWUHPGHHQJUHQDJHQVTXHWRUQHSRVVtYHOHVWDUHODomRHLQGLFDUD
IL[DomRGHFDGDURGD

 6(1$,63,175$1(7
&UHPDOKHLUD

'HVHQYROYLPHQWR

1$ =
$SOLFDQGRDIyUPXOD   %
1% =$

 =
7HPVHDRVXEVWLWXLU   %
 =$

0XOWLSOLFDQGRQXPHUDGRUHGHQRPLQDGRUSRUREWrPVHDVHJXLQWHSURSRUomR

 
 
 

 [
1mRKDYHQGRURGDGHQWDGDGHGHQWHVDUD]mR SRGHFRQYHUWHUVHHP
 [
QDTXDOPXOWLSOLFDQGRFDGDWHUPRSRUFRQYHUWHVHHP

[
[

'HVWDPDQHLUDYHULILFDVHDUHODomRGHWUDQVPLVVmR

1$ = =
    
1% = = 

 7UHPGHHQJUHQDJHQVFRPSRVWRGHVHLVURGDV

1$ = = =
      
1% = =  =

6(1$,63,175$1(7 
&UHPDOKHLUD

(VWHWUHPGHHQJUHQDJHQVFDUDFWHUL]DVHSRUOHYDUWUrVURGDVFRQGXWRUDV ==H= H
WUrVFRQGX]LGDV ]]H= 

([HPSOR
1HFHVVLWDVHFRQHFWDUGRLVHL[RVGHPDQHLUDTXHHQTXDQWRRHL[RFRQGXWRUGiYROWDV
RFRQGX]LGRGDUi

'HWHUPLQDUXPWUHPGHHQJUHQDJHQVTXHSURSRUFLRQHHVWDUHODomRHGDUDSRVLomRTXH
FRUUHVSRQGHDFDGDURGDGHQWDGD

'HVHQYROYLPHQWR

1$ =
$SOLFDVHDIyUPXOD   %
1% =$

6XEVWLWXLQGRRVWHUPRVSHORVYDORUHVFRQKHFLGRVHSURFHGHQGRVHJXQGRDVUHJUDVGDV
UD]}HVHSURSRUo}HVVHREWpPVXFHVVLYDPHQWH

 [  [  [[


       
 [  [  [[

 [[
HILQDOPHQWH  
 [[

FRPRTXHDUHODomRGHWUDQVPLVVmRpYHULILFDGD

1$ = = =
      
1% = =  =

'LVSRVLomRGHXPWUHPGHHQJUHQDJHQV

3DUD DUPDU XP WUHP GH HQJUHQDJHQV H GLVWULEXLU DV URGDV GHQWDGDV GHYHVH WHU
SUHVHQWHRVVHJXLQWHVDVSHFWRV
 ,GHQWLILFDUTXDOpRHL[RFRQGXWRUGRPRYLPHQWRHTXDOVHUiRFRQGX]LGR
 (PIXQomRGRHL[RFRQGXWRUGHWHUPLQDUTXDLVVmRDVURGDVFRQGXWRUDVHTXDLVDV
FRQGX]LGDV

 6(1$,63,175$1(7
&UHPDOKHLUD

 $V URGDV FRQGXWRUDV SRGHP VHU FRORFDGDV HP TXDOTXHU SRVLomR VHPSUH TXH
PDQWHQKDPVXDFRQGLomRGHFRQGXWRUDV YHUGHILQLomR 2PHVPRpYiOLGRSDUDDV
FRQGX]LGDV
 $VURGDVLQWHUPHGLiULDVRXSDUDVLWDVQmRPRGLILFDPDUHODomRGHWUDQVPLVVmRPDV
VLPPRGLILFDPRVHQWLGRGHURWDomRILQDO
 2 VHQWLGR GH URWDomR GR HL[R FRQGX]LGR VHUi LJXDO DR VHQWLGR GH URWDomR GR HL[R
FRQGXWRUVHRQ~PHURGHHL[RV GRWUHP GH HQJUHQDJHQVIRU tPSDU 6HUi FRQWUiULR
VHRWRWDOGHHL[RVIRUXPQ~PHURSDU

$SOLFDo}HVGRWUHPGHHQJUHQDJHQV

2 WUHP GH HQJUHQDJHQV p XP PHFDQLVPR EiVLFR SDUD REWHU TXDOTXHU UHODomR GH
WUDQVPLVVmR XWLOL]DVH FRP PXLWD IUHTrQFLD QDV PiTXLQDV IHUUDPHQWDV WRUQR H
IUHVDGRUD

1RWRUQRSULQFLSDOPHQWHSDUDURVFDU

1D IUHVDGRUD SDUD WRUQDU SRVVtYHO D GLYLVmR GLIHUHQFLDO SDUD ID]HU GLYLV}HV OLQHDUHV
SDUD ID]HU IUHVDJHP GH WUDJHWyULD FLUFXODU KHOLFRLGDO H HVSLUDO 2V FiOFXORV SDUD D
DSOLFDomR GR WUHP GH HQJUHQDJHQV HP FDGD XP GHVVHV FDVRV VmR WUDWDGRV FRPR
WHPDVLQGHSHQGHQWHV

6(1$,63,175$1(7 
&UHPDOKHLUD

 6(1$,63,175$1(7
&UHPDOKHLUD

'LYLVRUOLQHDU

(VWHGLYLVRUpXPPHFDQLVPRTXHVHOLJDFRPRSDUDIXVRGHDFLRQDPHQWRORQJLWXGLQDO
GDPHVDGDIUHVDGRUD0HGLDQWHHVWHPHFDQLVPRVHSRGHID]HUGLYLV}HVHPXPD
SHoDQRVHQWLGRGRGHVORFDPHQWRGDPHVDHPIRUPDPXLWRPDLVF{PRGDHSUHFLVDGR
TXHUHFRUUHQGRDRDQHOJUDGXDGRGRUHVSHFWLYRSDUDIXVR8WLOL]DVHHVSHFLDOPHQWH
SDUDDXVLQDJHPGHFUHPDOKHLUDV

7LSRVGHGLYLVRUHVOLQHDUHV

$VIRUPDVHPTXHVHDSUHVHQWDHVWHPHFDQLVPRVmRPXLWRYDULDGDVGHSHQGHQGRGR
WLSRGHIUHVDGRUDHGRSURMHWRGRIDEULFDQWH$VHJXLUVHLQGLFDPDOJXQVGRVWLSRVPDLV
XVDGRV

7UHPGHHQJUHQDJHQVFRPRGLYLVRUOLQHDU
&RQVLVWHHPXPWUHPGHHQJUHQDJHQVGLVSRVWRHPXPVXSRUWHGHHQJUHQDJHQV
ORFDOL]DGRQDH[WUHPLGDGHGDPHVDFXMD~OWLPDURGDGHQWDGDVHUiSUHVDFRPRIXVRGD
PHVD ILJXUDDEDL[R 2JLURVHHIHWXDFRPXPDPDQLYHOD 1 DFRSODGDDRHL[R
FRQGXWRU3DUDFRQWURODURJLURVHGLVS}HGHXPGLVFR ' JHUDOPHQWHFRPTXDWUR
UDQKXUDVQDVXDSHULIHULDHXPSLQRUHWUiWLO 5 FXMRVXSRUWHHVWiIL[RDRVXSRUWHGH
HQJUHQDJHQV

6(1$,63,175$1(7 
&UHPDOKHLUD

3DUDGHWHUPLQDURWUHPGHHQJUHQDJHQVTXHYDLVHUXVDGRFRPRGLYLVRUOLQHDUVH
HPSUHJDDVHJXLQWHIyUPXOD

3 ]
  
S =

QDTXDO

3 SDVVRGDVGLYLV}HVTXHVHTXHUID]HU
S SDVVRGRIXVRGDPHVD
] URGDFRQGXWRUD
= URGDFRQGX]LGD

2FiOFXORGRQ~PHURGHURGDVGHQWDGDVGRWUHPGHHQJUHQDJHQVFRPRDTXDQWLGDGH
GHGHQWHVGHFDGDXPDVHHIHWXDGDPHVPDPDQHLUDTXHSDUDFDOFXODUXPWUHPGH
HQJUHQDJHQVTXDOTXHU

'HVWDIRUPDFRPXPDYROWDFRPSOHWDGDPDQLYHODVHFRQVHJXHID]HUXPDGLYLVmR

1RFDVRGDVFUHPDOKHLUDVFRPRFDGDGLYLVmRFRUUHVSRQGHDRSDVVRHQWUHGHQWHV
WHPRVTXHWHUSUHVHQWHDOJXPDVFRQVLGHUDo}HV
D  2SDVVR3pLJXDODRPyGXOR0GRGHQWHPXOWLSOLFDGRSRUʌ 3 Pʌ 

E  3DUDRFiOFXORRYDORUGHʌSRGHVHUVXEVWLWXtGRSHODIUDomR VHPTXHLVWR

DIHWHPXLWRDSUHFLVmRGDGLYLVmR
F  8PDIRUPDGHVLPSOLILFDURVFiOFXORVSDUDIUHVDUFUHPDOKHLUDFRPSDVVRV
GLIHUHQWHVpGHWHUPLQDUXPWUHPGHHQJUHQDJHQVSDUDID]HUFUHPDOKHLUDVGH
PyGXOR0 HXWLOL]DURPHVPRWUHPSDUDFUHPDOKHLUDVGHTXDOTXHUPyGXOR
SRUpPFRPDFRQGLomRGHWHUTXHGDUQDPDQLYHODWDQWDVYROWDVFRPRXQLGDGHV
UHSUHVHQWDRPyGXORTXHVHGHVHMDXVLQDU3RUH[HPSORSDUDRPyGXOR0 VH
GHYHGDUGXDVYROWDVHPHLDQDPDQLYHODSDUDFDGDGLYLVmR

 6(1$,63,175$1(7
&UHPDOKHLUD

'LVFRGHIXURVFRPRGLYLVRUOLQHDU

(VWDpXPDIRUPDEDVWDQWHVLPSOHVSDUDID]HUGLYLV}HVOLQHDUHVePRQWDGRHIL[DGRQR
IXVRGDPHVDXPGLVFRGHIXURV ' QRTXDOVHDMXVWDDSRQWDGRSLQRUHWUiWLO 5 QD
PDQLYHOD 1 HJLUDHPIRUPDVROLGiULDFRPRIXVRGDPHVD3DUDLPRELOL]DURGLVFRHR
IXVRVHXVDXPVXSRUWH / IL[RQDIDFHGDPHVD

$IyUPXODXWLOL]DGDSDUDRFiOFXORp

S D
 
3 F

GRQGH
S SDVVRGDVGLYLV}HVDID]HU
3 SDVVRGRIXVRGDPHVD
D Q~PHURGHIXURVTXHVHGHYHJLUDUDPDQLYHOD
F QXPHURGHIXURVGDFLUFXQIHUrQFLDHVFROKLGD

$FLUFXQIHUrQFLDGRVIXURVpHVFROKLGDGHDFRUGRFRPRSDVVR³S´GRIXVRGDPHVD

2VGLVFRVGHIXURVSDUDHVWHVHIHLWRVVmRIDEULFDGRVFRPFtUFXORVSUHFLVRVSDUD
FRQVHJXLURSDVVRFRUUHVSRQGHQWHDWRGRVRVPyGXORVQRUPDLV

6(1$,63,175$1(7 
&UHPDOKHLUD

5HGXWRUGHHQJUHQDJHQVHGLVFRFRPRGLYLVRUOLQHDU

(VWHPHFDQLVPRFRQVWDGHXPDUHGXomRGHHQJUHQDJHQV ( XPGLVFR ' FRPXP


FtUFXORGHIXURVHXPDPDQLYHOD 1 FRPVHXFRUUHVSRQGHQWHSLQRUHWUiWLO 5 

3DUDVHXIXQFLRQDPHQWRVHDFRSODDUHGXomRDRIXVRGDPHVD(VWDUHGXomRpWDOTXH
DRID]HUJLUDUDPDQLYHODQXPDYROWDFRPSOHWDDPHVDDYDQoDPP'RQGHVHGHGX]

TXHDFDGDIXURTXHVHSHUFRUUHDPHVDDYDQoDUi GHYROWDRTXHpLJXDOD

PP

3DUDID]HUGLYLV}HVSUDWLFDPHQWHQmRVHQHFHVVLWDGHFiOFXORV$VVLPSDUDID]HUXPD
FUHPDOKHLUDGHPyGXOR0 FRPRRSDVVRpS EDVWDGDUWUrVYROWDV
FRPSOHWDVQDPDQLYHODHSHUFRUUHUTXDWRU]HIXURV

&RQFOXVmR

$VVLPFRPRHVWHVPHFDQLVPRVH[LVWHPRXWURVTXHFRPPDLRURXPHQRUSUHFLVmRVmR
HPSUHJDGRVSDUDID]HUGLYLV}HVOLQHDUHVSRUH[HPSORRSUySULRGLYLVRUXQLYHUVDOR
TXDODLQGDTXHYDULDQGRHPVHXIXQFLRQDPHQWRHIRUPDVHPSUHGHYHLUDFRSODGRDR
IXVRGDPHVDSDUDVHUSRVVtYHODGLYLVmROLQHDU

 6(1$,63,175$1(7
&UHPDOKHLUD

&DEHoRWHSDUDIUHVDU
FUHPDOKHLUD

eXPDFHVVyULRGDIUHVDGRUDTXHVHPRQWDQRVXSRUWHjVHPHOKDQoDGRFDEHoRWH
XQLYHUVDOHVHUYHSDUDIUHVDUFUHPDOKHLUDVeGHIHUURIXQGLGRHJHUDOPHQWHHVWi
FRQVWLWXtGRSRUGRLVRXWUrVFRUSRVHQFDL[DGRVHPSODWDIRUPDJLUDWyULDTXHSHUPLWHPD
LQFOLQDomRGRHL[R

$YDQWDJHPGHXWLOL]DUHVWHDSDUHOKRpSRGHUXVDUDVIUHVDVFRPXQVSDUDIUHVDJHP
GRVGHQWHVGHHQJUHQDJHPTXDQGRQmRVHGLVS}HGHIUHVDVHVSHFLDLVGHGLkPHWURV
PDLRUHVRXDVVLPpWULFRV

6(1$,63,175$1(7 
&UHPDOKHLUD

)XQFLRQDPHQWR

2PRYLPHQWRJLUDWyULRGHVHXHL[RpWUDQVPLWLGRSHORHL[RSULQFLSDODWUDYpVGRHL[R
LQWHUPHGLiULRHRPHFDQLVPRLQWHUQRGRDSDUHOKR

7LSRV

([LVWHDSDUHOKRVSDUDIUHVDJHPGHFUHPDOKHLUDVTXHPRQWDPVHQROXJDUGRWHUFHLUR
FRUSRGRFDEHoRWHXQLYHUVDO

2XWURWLSRGLVS}HGHXPDVyPHVDTXHSHUPLWHDLQFOLQDomRGRVHXHL[RQRSODQR
KRUL]RQWDOHPDOJXQVFDVRVVmRWDPEpPXWLOL]DGRVHPRXWUDVRSHUDo}HV

 6(1$,63,175$1(7
&UHPDOKHLUD

2DSDUHOKRPDLVVLPSOHVPRVWUDVHQDILJXUDDEDL[RRTXDOpIL[RHQmRWHP
SRVVLELOLGDGHGHLQFOLQDomR

&RQGLo}HVGHXVR

(VWHVDSDUHOKRVSDUDTXHHVWHMDPHPERDVFRQGLo}HVGHXVRpQHFHVViULRTXH
HVWHMDPDMXVWDGRVTXHWHQKDPURODPHQWRVHPSHUIHLWRHVWDGRVHXVFRQHVHIDFHVGH
DSRLRVHPUHEDUEDVHPRVVDV

&RQVHUYDomR
3DUDPDQWrORHPERPHVWDGRGHFRQVHUYDomRpQHFHVViULR
• /XEULILFiORSHULRGLFDPHQWHFRPyOHRRXJUD[DDGHTXDGRVHUHFRPHQGDGRVSHOR
IDEULFDQWH
• /LPSDURVFRQHVHIDFHVGHDSRLRDQWHVGHPRQWiORQDIUHVDGRUD
• 'HSRLVGHXWLOL]DGROLPSiORHSURWHJrORGDFRUURVmRFRPXPDSHOtFXODGHyOHR
• *XDUGiORHPOXJDUDSURSULDGROLYUHGHSyHXPLGDGH

6(1$,63,175$1(7 
&UHPDOKHLUD

 6(1$,63,175$1(7
&UHPDOKHLUD

0RQWDUVXSRUWHGH
HQJUHQDJHQVHGHURGDV
GHQWDGDV

eVLWXDUHIL[DURVXSRUWHGHHQJUHQDJHQVHDVHQJUHQDJHQVHQWUHRIXVRGDPHVDGD
IXUDGRUDHRFDEHoRWHGLYLVRURXHQWUHDiUYRUHGRFDEHoRWHGLYLVRUHRVHXHL[R
VHFXQGiULR



$SULPHLUDPRQWDJHPVHID]SDUDDIUHVDJHPGHUDQKXUDVKHOLFRLGDLVHGLYLV}HV
OLQHDUHVeDSOLFDGDQDFRQVWUXomRGHURGDVGHQWDGDVEURFDVHDODUJDGRUHV
KHOLFRLGDLVFUHPDOKHLUDVHJUDGXDomRGHUpJXDV$VHJXQGDPRQWDJHPpSDUDID]HU
GLYLV}HVSHORVLVWHPDGLIHUHQFLDO

3URFHVVRGHH[HFXomR

RSDVVR±0RQWHRFDEHoRWHGLYLVRUQRH[WUHPRGDPHVDGDIUHVDGRUD

RSDVVR±6HOHFLRQHDVHQJUHQDJHQVSUHYLDPHQWHFDOFXODGDV

6(1$,63,175$1(7 
&UHPDOKHLUD

RSDVVR±&RORTXHRVXSRUWHVREUHVHXDSRLR

2EVHUYDomR
2VXSRUWHGHHQJUHQDJHQVSRGHWHUVHXDSRLRQRFDEHoRWHGLYLVRURXQDH[WUHPLGDGH
GDPHVD



RSDVVR±0RQWHDVHQJUHQDJHQV

&DVR,±7UHPVLPSOHV

D 0RQWHDVURGDVFRQGXWRUD % HDFRQGX]LGD $ HPVHXVHL[RVUHVSHFWLYRV


E 0RQWHRHL[RSDUDDURGDLQWHUPHGLiULD
F 0RQWHDURGDLQWHUPHGLiULD

 6(1$,63,175$1(7
&UHPDOKHLUD

&DVR,,±7UHPFRPSRVWR

D 0RQWHDVURGDVFRQGXWRUD ' HFRQGX]LGD $ HPVHXVHL[RVUHVSHFWLYRV


E 0RQWHRHL[RLQWHUPHGLiULRSDUDDSULPHLUDURGDFRQGX]LGDHDVHJXQGDFRQGXWRUD
F 0RQWHDVURGDVFRQGX]LGD & HFRQGXWRUD % 

2EVHUYDo}HV
  4XDQGRVHTXHULQYHUWHURVHQWLGRGHURWDomRpQHFHVViULRPRQWDUPDURGD
LQWHUPHGLiULD

  1RFDVRGHXPWUHPGHHQJUHQDJHQVFRPPDLVGHTXDWURURGDVPRQWDVHPDLVXP
HL[RLQWHUPHGLiULRSDUDFDGDSDUDGLFLRQDOGHURGDVFRQGXWRUDVHFRQGX]LGDV
  1RFDVRGHILFDUXPHVSDoRHQWUHDVURGDVHQmRVHTXHULQYHUWHURVHQWLGRGH
URWDomRPRQWDPVHGXDVURGDVLQWHUPHGLiULDVTXHHQJUHQHPFRPXPDFRQGXWRUD
HXPDFRQGX]LGD

6(1$,63,175$1(7 
&UHPDOKHLUD

RSDVVR±$MXVWHHIL[HRWUHPGHHQJUHQDJHQV
D 'HVOL]HRSULPHLURHL[RLQWHUPHGLiULRDWpFRQVHJXLUXPHQJUHQDPHQWRFRUUHWRHIL[H

2EVHUYDo}HV
  4XDQGRKiPDLVGHXPHL[RLQWHUPHGLiULRSURFHGDGHLJXDOPDQHLUDFRPFDGDXP
DWpFRQVHJXLUTXHHQJUHQHPWRGDVDVURGDV

  $VURGDVGHYHPHQJUHQDUHPWRGRFRPSULPHQWRGRVGHQWHVDILPGHHYLWDU
SRVVtYHOUXWXUD

E *LUHRVXSRUWHDWpFRQVHJXLUXPHQJUHQDPHQWRFRUUHWRHQWUHD~OWLPDURGDHDTXH
HVWiPRQWDGDIRUDGRVXSRUWH

RSDVVR±)L[HVXDYHPHQWHRVXSRUWHGHHQJUHQDJHP

RSDVVR±9HULILTXHPDQXDOPHQWHSRUPHLRGDVPDQLYHODVGDPHVDRXGRFDEHoRWH
GLYLVRUVHRWUHPIXQFLRQDVHPGLILFXOGDGH

RSDVVR±)L[HRVXSRUWHGHHQJUHQDJHP

 6(1$,63,175$1(7
&UHPDOKHLUD

RSDVVR/XEULILTXHDVEXFKDVHRVHL[RVLQWHUPHGLiULRV

3UHFDXomR
6HKiSURWHWRUSDUDDVHQJUHQDJHQVFRORTXHR&DVRFRQWUiULRXWLOL]HXPPHLRGH
FKDPDUDDWHQomRSDUDHYLWDUDFLGHQWHV

6(1$,63,175$1(7 
&UHPDOKHLUD

 6(1$,63,175$1(7
&UHPDOKHLUD

)UHVDUGHQWHVGHFUHPDOKHLUD

eIUHVDUUDQKXUDVUHWDVGLVWULEXtGDVXQLIRUPHPHQWHHPXPDVXSHUItFLHSODQDGHPRGR
TXHRVGHQWHVILTXHPSHUSHQGLFXODUHVDRHL[RORQJLWXGLQDOGDSHoD FUHPDOKHLUDGH
GHQWHVUHWRV RXLQFOLQDGRVHPUHODomRDHVVHHL[R FUHPDOKHLUDGHGHQWHVLQFOLQDGRV

 
&UHPDOKHLUDGHQWHVUHWRV&UHPDOKHLUDGHQWHVUHWRV &UHPDOKHLUDGHQWHV
LQFOLQDGRV

3URFHVVRGHH[HFXomR

RSDVVR±0RQWHHSUHSDUHRGLYLVRUOLQHDU

6(1$,63,175$1(7 
&UHPDOKHLUD

D 0RQWHRWUHPGHHQJUHQDJHQVFDOFXODGRFRORFDQGRDURGDFRQGX]LGDQRIXVRGD
PHVDIUHVDGRUD
E 0RQWHRGLVFRHDPDQLYHOD

RSDVVR±0RQWHHDOLQKHDSHoD

&DVR,±&UHPDOKHLUDGHGHQWHVUHWRV
)L[HDSHoDGHPDQHLUDTXHILTXHSDUDOHODDRHL[RORQJLWXGLQDOGDPHVDIUHVDGRUD

&DVR,,±&UHPDOKHLUDGHGHQWHVLQFOLQDGRV
)L[HDSHoDGHPRGRTXHDGLUHomRGRVGHQWHVVHMDSDUDOHODDRHL[RGDiUYRUHGD
IUHVDGRUD

2EVHUYDo}HV
3DUDHVWHFDVRDSHoDSRGHVHUIHLWDFRPDPHVDLQFOLQDGDRXVHPLQFOLQDomR
  4XDQGRVHID]DFUHPDOKHLUDLQFOLQDQGRDPHVDDSHoDGHYHVHUPRQWDGDSDUDOHOD
DRHL[RORQJLWXGLQDOGDPHVDDTXDOVHJLUDHPXPkQJXORLJXDODRGRVGHQWHVGD
FUHPDOKHLUDREVHUYDQGRVHDFRUUHomRDVHUIHLWDQRSDVVR

 6(1$,63,175$1(7
&UHPDOKHLUD

  4XDQGRQmRVHLQFOLQDDPHVDDSHoDSRGHVHUPRQWDGDGLUHWDPHQWHVREUHD
PHVDRXVREUHXPJDEDULWRGHPDQHLUDTXHVXDLQFOLQDomRHPUHODomRDRHL[R
ORQJLWXGLQDOGDPHVDFRUUHVSRQGDjLQFOLQDomRGRGHQWHGDFUHPDOKHLUD

RSDVVR±9HULILTXHRDOLQKDPHQWRHQLYHODPHQWRGDSHoD

RSDVVR±0RQWHRFDEHoRWHSDUDIUHVDUFUHPDOKHLUD

2EVHUYDomR
(PFDVRGHQmRGLVSRUGHVWHDFHVVyULRXVHRFDEHoRWHXQLYHUVDOLQFOLQDQGRR
VHJXQGRRkQJXORGHPRQWDJHPGDIUHVDGHSHUILODVVLPpWULFR

RSDVVR±6HOHFLRQHHPRQWHDIUHVD

RSDVVR±3UHSDUHSDUDRFRUWH
D 6HOHFLRQHHUHJXOHDUSPHRDYDQoR
E &RORTXHDSHoDQDSRVLomRGDSULPHLUDUDQKXUD
F &RORTXHDPDQLYHODHRSLQRUHWUiWLOQDSRVLomRLQLFLDOGDGLYLVmR
G 3RQKDDPiTXLQDHPIXQFLRQDPHQWR
H 7RTXHPDWHULDOFRPDIHUUDPHQWDHPPRYLPHQWRHWRPHUHIHUrQFLDQRDQHO
JUDGXDGR
I 3DUHDPiTXLQDHDIDVWHDSHoDGDIHUUDPHQWD

3UHFDXomR
$IDVWHDSHoDGDIHUUDPHQWDGHXPDGLVWkQFLDVXILFLHQWHSDUDPHGLUDILPGHHYLWDU
DFLGHQWHV

6(1$,63,175$1(7 
&UHPDOKHLUD

J 9HULILTXHDPHGLGD³O´

RSDVVR±)DoDDSULPHLUDUDQKXUD
D 'rDSURIXQGLGDGHGHFRUWHFRPDIUHVDIRUDGDSHoD

2EVHUYDomR
6HJXQGRDVGLPHQV}HVGRVGHQWHVHRWLSRGHPDWHULDODUDQKXUDSRGHUiVHUIHLWDHP
XPRXHPYiULRVSDVVHV

E )L[HRPRYLPHQWRYHUWLFDO
F ,QLFLHRFRUWHPDQXDOPHQWH
G &RPSOHWHRSDVVHFRPDYDQoRDXWRPiWLFR
H 3DUHDPiTXLQDHDIDVWHDSHoDGDIHUUDPHQWD
I &RQWUROHDSURIXQGLGDGHGDUDQKXUD

RSDVVR±)DoDDVHJXQGDUDQKXUDHUHSLWDDVLQGLFDo}HV³F´H³G´GRSDVVRDQWHULRU

RSDVVR±9HULILTXHDVGLPHQV}HVGRGHQWHREWLGR

RSDVVR±&RQWLQXHID]HQGRUDQKXUDVDWpFRPSOHWDUDFUHPDOKHLUD

1RWD
&DVRDIUHVDGRUDQmRGLVSRQKDGHGLYLVRUOLQHDUDVGLYLV}HVGDFUHPDOKHLUDSRGHPVHU
IHLWDV
• $FRSODQGRRFDEHoRWHGLYLVRUDRIXVRGDPHVDFRPHQJUHQDJHQVRX
• &RQWURODQGRRGHVORFDPHQWRORQJLWXGLQDOGDPHVDGLUHWDPHQWHFRPRDQHO
JUDGXDGR

 6(1$,63,175$1(7
5()(5Ç1&,$
1R 23(5$d®(6129$6(7(&12/2*,$
)2 ),7
 )5 0RQWDUVXSRUWHGHHQJUHQDJHQVHGHURGDVGHQWDGDV
 )5 )UHVDUGHQWHVGHFUHPDOKHLUD
  7UHPGHHQJUHQDJHQV JHQHUDOLGDGHV
  $SDUHOKRGLYLVRUHVSHFLDOHIyUPXODV
  &DEHoRWHSDUDIUHVDUFUHPDOKHLUD

  5pJXD 'D)7)5
R
1 4XDQW
'HQRPLQDo}HVHREVHUYDo}HV 0DWHULDOHGLPHQV}HV
3HoD
7$5()$ 7Ë78/2 81,'$'(
PP
352-(d­2

 &UHPDOKHLUD (6&$/$

'$7$

25,*(0 48$/,),&$d­2 )2/+$

&)3 )5(6$'250(&Æ1,&2 


1R 7e&1,&$'(75$%$/+2 )(55$0(17$6

$OXQR 1R0DWU 2FXSDomR


7DUHID&UHPDOKHLUD
4XDOLILFDomR)UHVDGRUPHFkQLFR
3/$12'(75$%$/+2


7UHLQDPHQWR2FXSDFLRQDO(VSHFLDOL]DomR

)UHVDGRUPHFkQLFR
%ORFRIUHVDGR
3ULVPDUHWDQJXODU
&DOoRHP³9´
5pJXDFRPIXURVHUHEDL[RV
&DOoRSDUDOHOR
(L[RFRPFKDYHWDVHSHUILVTXDGUDGRHVH[WDYDGR
%ORFRIUHVDGRFRPUDQKXUDV
'LVFRFRPHVWULDV
%DVHFRPUDQKXUDHUHEDL[R
0DQGULOGHVFHQWUiYHO
&UHPDOKHLUD
/XYDGHDFRSODPHQWR
(VPHULOKDGRUDPDQXDO HQJUHQDJHQV
(QJUHQDJHPGHQWHGHVHUUD
(QJUHQDJHPKHOLFRLGDO
(VPHULOKDGRUDPDQXDO
(L[RH[FrQWULFR FDPH
3DUDIXVRVHPILP
&RURD
(QJUHQDJHPF{QLFD
7DUHIDVGHUHIRUoR

You might also like