DOEPE 25/04/2015 - Pág. 36 - Poder Executivo - Diário Oficial do Estado de Pernambuco
36
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 25 de abril de 2015
%,±(035(6$'((678'26(1(5*e7,&266$&13-1±5HODWyULRGD'LUHWRULD±6HQKRUHV$FLRQLVWDVHP HTXLYDOrQFLDSDWULPRQLDOUHSUHVHQWDQGRROXFUROtTXLGRDWULEXtYHODRDFLRQLVWDGDFRQWURODGD$VGHPRQVWUDo}HVFRQWiEHLVGD
FXPSULPHQWRDRVSUHFHLWRVOHJDLVHHVWDWXWiULRVVXEPHWHPRVjDSUHFLDomRGH96DVDV'HPRQVWUDo}HV&RQWiEHLVUHIHUHQWHVDRH[HUFtFLRVRFLDOILQGR FRQWURODGDVmRSUHSDUDGDVFRQVLGHUDQGRRPHVPRSHUtRGRGHGLYXOJDomRTXHD&RPSDQKLD$SyVDDSOLFDomRGRPpWRGRGD
HTXLYDOrQFLDSDWULPRQLDOD&RPSDQKLDGHWHUPLQDVHpQHFHVViULRUHFRQKHFHUSHUGDDGLFLRQDOGRYDORUUHFXSHUiYHOVREUHR
HPSHUPDQHFHQGRjGLVSRVLomRSDUDSUHVWDURVHVFODUHFLPHQWRVQHFHVViULRV5HFLIH3($'LUHWRULD
LQYHVWLPHQWRGD&RPSDQKLDHPVXDFRQWURODGD$&RPSDQKLDGHWHUPLQDHPFDGDGDWDGHIHFKDPHQWRGREDODQoRSDWULPRQLDO
%DODQoRVSDWULPRQLDLV
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHV
VHKiHYLGrQFLDREMHWLYDGHTXHRVLQYHVWLPHQWRVQDVFRQWURODGDVVRIUHUDPSHUGDVSRUUHGXomRDRYDORUUHFXSHUiYHO6HDVVLP
(PGHGH]HPEURGHH
([HUFtFLRVILQGRVHPGHGH]HPEURGHH
(PPLOKDUHVGHUHDLV
IRUFRQVWDWDGRD&RPSDQKLDFDOFXODRPRQWDQWHGDSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHOFRPRDGLIHUHQoDHQWUHRYDORU
(PPLOKDUHVUHDLV
1RWD
UHFXSHUiYHOGDFRQWURODGDHRYDORUFRQWiELOHUHFRQKHFHRPRQWDQWHQDGHPRQVWUDomRGRUHVXOWDGR1RVSHUtRGRVUHODWLYRVDRV
5HVXOWDGRGRSHUtRGR
$WLYR
H[HUFtFLRVILQGRVHPGHGH]HPEURGHHGHGH]HPEURGHD$GPLQLVWUDomRGD&RPSDQKLDQmRLGHQWLILFRX
2XWUDVUHVXOWDGRVDEUDQJHQWHV
&LUFXODQWH
HYLGrQFLDVTXHUHTXHUHVVHRUHFRQKHFLPHQWRQRUHVXOWDGRGHSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHOGRVHXLQYHVWLPHQWRHP
&DL[DHHTXLYDOHQWHVGHFDL[D
FRQWURODGD3HUGDSRUUHGXomRDRYDORUUHFXSHUiYHOGHDWLYRVQmRILQDQFHLURV$$GPLQLVWUDomRGD&RPSDQKLDUHYLVD
5HVXOWDGRDEUDQJHQWHWRWDO
7RWDOGRDWLYRFLUFXODQWH
DQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDUHYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDV
RSHUDFLRQDLVRXWHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO3ULQFLSDLVIRQWHVGHMXOJDPHQWRVH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDV
HVWLPDWLYDV1DSUHSDUDomRGDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDV1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGHHGLWDGDV
GHPRQVWUDo}HVFRQWiEHLV
1mRFLUFXODQWH
SHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGHpUHTXHULGRTXHD$GPLQLVWUDomRIDoDMXOJDPHQWRVHVWLPDWLYDVHSUHPLVVDVTXH
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
DIHWDPDDSOLFDomRGHSROtWLFDVFRQWiEHLVHRVYDORUHVUHSRUWDGRVGHDWLYRVSDVVLYRVUHFHLWDVHGHVSHVDV2VUHVXOWDGRVUHDLV
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D
,QYHVWLPHQWRV
SRGHPGLYHUJLUGHVVDVHVWLPDWLYDV(VWLPDWLYDVHSUHPLVVDVVmRUHYLVWRVGHXPDPDQHLUDFRQWtQXD$VUHYLV}HVGDVHVWLPDWLYDV
([HUFtFLRVILQGRVHPGHGH]HPEURGHH
7RWDOGRDWLYRQmRFLUFXODQWH
VmRUHFRQKHFLGDVSURVSHFWLYDPHQWH
(PPLOKDUHVUHDLV
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
,QYHVWLPHQWRV
)OX[RGHFDL[DGDVDWLYLGDGHVRSHUDFLRQDLV
7RWDOGRDWLYR
3UHMXt]RGRSHUtRGR
$WLYR
D0XWDomRGRVLQYHVWLPHQWRV
3DVVLYR
$MXVWHVSDUDFRQFLOLDURUHVXOWDGRGRSHUtRGR
1mRFLUFXODQWH
&LUFXODQWH
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
$)$&&RUUHGHLUDV+ROGLQJ6$
6DOGRLQLFLDO
)RUQHFHGRUHV
$)$&7DSLUDSXm+ROGLQJ6$
$XPHQWRGHLQYHVWLPHQWRV
'HFUpVFLPRVGHDWLYRV
7RWDOGRSDVVLYRFLUFXODQWH
$)$&8VLQD9HOKD+ROGLQJ6$
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
,PSRVWRVDUHFXSHUDU
6DOGRILQDO
3DWULP{QLROtTXLGR
$FUpVFLPRVGHSDVVLYRV
&DSLWDOVRFLDO
E,QIRUPDomRVREUHFRQWURODGDVGLUHWDV
)RUQHFHGRUHV
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
&RUUHGHLUDV
8VLQD9HOKD
7DSLUDSXm
3UHMXt]RVDFXPXODGRV
+ROGLQJ6$
+ROGLQJ6$
7RWDO
+ROGLQJ6$
7RWDOGRSDWULP{QLROtTXLGR
&DL[DDSOLFDGRQDVDWLYLGDGHVRSHUDFLRQDLV
&DSLWDOVRFLDO
3DWULP{QLROtTXLGR
7RWDOGRSDVVLYRHSDWULP{QLROtTXLGR
3UHMXt]RGRSHUtRGR
)OX[RGHFDL[DGDVDWLYLGDGHVGHLQYHVWLPHQWRV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDV
4XDQWLGDGHVGHDo}HVSRVVXtGDV
5HFXUVRVSDUDDXPHQWRGHFDSLWDODSOLFDGRQDV
GHPRQVWUDo}HVFRQWiEHLV
GHSDUWLFLSDomR
LQYHVWLGDV
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
&DL[DDSOLFDGRQDVDWLYLGDGHVGH
'HPRQVWUDo}HVGRVUHVXOWDGRV
LQYHVWLPHQWRV
([HUFtFLRVILQGRVHPGHGH]HPEURGHH
,QYHVWLPHQWRV
(PPLOKDUHVUHDLVH[FHWRRSUHMXt]RSRUDomR
)OX[RGHFDL[DGDVDWLYLGDGHVGH
ILQDQFLDPHQWRV
E,QIRUPDomRVREUHFRQWURODGDVGLUHWDV
'HVSHVDVRSHUDFLRQDLV
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
&RUUHGHLUDV
8VLQD9HOKD
7DSLUDSXm
&DL[DJHUDGRSHODVDWLYLGDGHVGH
*HUDLVHDGPLQLVWUDWLYDV
+ROGLQJ6$ +ROGLQJ6$
7RWDO
+ROGLQJ6$
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
ILQDQFLDPHQWRV
&DSLWDOVRFLDO
2XWUDVUHFHLWDV GHVSHVDV OtTXLGDV
3DWULP{QLROtTXLGR
$FUpVFLPR GHFUpVFLPR QRVFDL[DVH
3UHMXt]RGRSHUtRGR
5HVXOWDGRDQWHVGDVUHFHLWDV GHVSHVDV
HTXLYDOHQWHVGHFDL[D
4XDQWLGDGHVGHDo}HVSRVVXtGDV
ILQDQFHLUDV
'HPRQVWUDomRGRDFUpVFLPR GHFUpVFLPR QRV
GHSDUWLFLSDomR
FDL[DVHHTXLYDOHQWHVGHFDL[D
5HVXOWDGRGRSHUtRGR
1RLQtFLRGRSHUtRGR
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
1RILPGRSHUtRGR
5HVXOWDGRSRUDomR%DVLFR HP5
$FUpVFLPR GHFUpVFLPR QRVFDL[DVH
,QYHVWLPHQWRV
HTXLYDOHQWHVGHFDL[D
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDV
GHPRQVWUDo}HVFRQWiEHLV
GHPRQVWUDo}HVFRQWiEHLV
3DWULP{QLROtTXLGR&DSLWDOVRFLDO2FDSLWDOVRFLDOHPGHGH]HPEURGHpGH5 5
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGRH[HUFtFLRVILQGRVHPGHGH]HPEURGHH
UHSUHVHQWDGR SRU Do}HV RUGLQiULDV QRPLQDWLYDV H VHP YDORU QRPLQDO$ WRWDOLGDGH GDV Do}HV SHUWHQFH j DFLRQLVWD
(PPLOKDUHVGHUHDLV
%UHQQDQG,QYHVWLPHQWRV6$ (PGHMDQHLURGHIRLDSURYDGDHP$VVHPEOHLD*HUDO([WUDRUGLQiULDDXPHQWRGH
7RWDO FDSLWDOVRFLDOQRPRQWDQWHGH5VHPDHPLVVmRGHQRYDVDo}HVPHGLDQWHDFDSLWDOL]DomRGRVUHFXUVRVSDUDDXPHQWRGH
SDWULP{QLR FDSLWDO,QVWUXPHQWRVILQDQFHLURVREMHWLYRVHSROtWLFDVSDUDJHVWmRGHULVFRILQDQFHLURD,QVWUXPHQWRVILQDQFHLURV2V
5HFXUVRVSDUD
&DSLWDOVRFLDO
OtTXLGR SULQFLSDLVLQVWUXPHQWRVILQDQFHLURVGD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHVGHFDL[D(PGHGH]HPEURGHHQmR
3UHMXt]RVDFXPXODGRV
DXPHQWRGHFDSLWDO
6DOGRVHPGHGH]HPEURGH
KDYLDGLIHUHQoDVLJQLILFDWLYDHQWUHRVYDORUHVFRQWiEHLVHRVGHPHUFDGRSDUDRVLQVWUXPHQWRVILQDQFHLURVGD&RPSDQKLD$
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
&RPSDQKLDQmRUHDOL]DRSHUDo}HVGHKHGJHVZDSRXTXDLVTXHURXWUDVRSHUDo}HVTXHHQYROYDPLQVWUXPHQWRVILQDQFHLURV
$XPHQWRGHFDSLWDO
GHULYDWLYRVE2EMHWLYRVHSROtWLFDVSDUDJHVWmRGHULVFRILQDQFHLUR&RQVLGHUDQGRRDWXDOHVWiJLRGHVXDVRSHUDo}HVD
3UHMXt]RGRSHUtRGR
&RPSDQKLDQmRHVWiH[SRVWDDULVFRGHPHUFDGRULVFRGHFUpGLWRHULVFRGHOLTXLGH]
6DOGRVHPGHGH]HPEURGH
$PLOWRQ4XHLUR]GD6LOYD±&RQWDGRU&5&3(2
$XPHQWRGHFDSLWDO
'LUHWRUHV5LFDUGR-HU{QLPR3HUHLUD5rJR-~QLRUH3HGUR3RQWXDO0DUOHWWL
5HFXUVRVSDUDDXPHQWRGHFDSLWDO
5HODWyULRGRVDXGLWRUHVLQGHSHQGHQWHVVREUHDVGHPRQVWUDo}HVFRQWiEHLV$RV$FLRQLVWDVH$GPLQLVWUDGRUHVGD%,
3UHMXt]RGRSHUtRGR
(PSUHVDGH(VWXGRV(QHUJpWLFRV6$5HFLIH3(([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLVGD%,(PSUHVDGH(VWXGRV
6DOGRVHPGHGH]HPEURGH
(QHUJpWLFRV6$ ³&RPSDQKLD´ TXHFRPSUHHQGHPREDODQoRSDWULPRQLDOHPGHGH]HPEURGHHDVUHVSHFWLYDV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
GHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDVPXWDo}HVGRSDWULP{QLROtTXLGRHGRVIOX[RVGHFDL[DSDUDR
1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HVFRQWiEHLVHPGHGH]HPEURGHH (PPLOKDUHVGHUHDLVH[FHWRTXDQGRLQGLFDGRGHRXWUDIRUPD
H[HUFtFLR ILQGR QDTXHOD GDWD DVVLP FRPR R UHVXPR GDV SULQFLSDLV SUiWLFDV FRQWiEHLV H GHPDLV QRWDV H[SOLFDWLYDV
,QIRUPDo}HVVREUHDFRPSDQKLD2EMHWRVRFLDOHDWLYLGDGHRSHUDFLRQDO $%,(PSUHVDGH(VWXGRV(QHUJpWLFRV6$ ³&RPSDQKLD´ pXPD
5HVSRQVDELOLGDGHGDDGPLQLVWUDomRVREUHDVGHPRQVWUDo}HVFRQWiEHLV$$GPLQLVWUDomRGD&RPSDQKLDpUHVSRQViYHO
VRFLHGDGHSRUDo}HVFRPVHGHQDFLGDGHGR5HFLIH3(TXHWHPFRPRREMHWRVRFLDO D SURGXomRHFRPHUFLDOL]DomRGHHQHUJLDHOpWULFDPHGLDQWH
SHODHODERUDomRHDGHTXDGDDSUHVHQWDomRGHVVDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDV
DXWRUL]DomRGR3RGHU3~EOLFRFRPSHWHQWH$&RPSDQKLDWHPFRPRSULQFLSDODWLYLGDGHRSHUDFLRQDODHODERUDomRHRGHVHQYROYLPHQWRGHHVWXGRVHSURMHWRV
QR %UDVLO DVVLP FRPR SHORV FRQWUROHV LQWHUQRV TXH HOD GHWHUPLQRX FRPR QHFHVViULRV SDUD SHUPLWLU D HODERUDomR GH
GH QRYRV HPSUHHQGLPHQWRV UHODWLYRV D XVLQDV H FHQWUDLV JHUDGRUDV GH HQHUJLD HOpWULFD 4XDQGR WDLV SURMHWRV HVWmR DXWRUL]DGRV H DSWRV D VHUHP
GHPRQVWUDo}HV FRQWiEHLV OLYUHV GH GLVWRUomR UHOHYDQWH LQGHSHQGHQWHPHQWH VH FDXVDGD SRU IUDXGH RX HUUR
LPSOHPHQWDGRVD&RPSDQKLDRVWUDQVIHUHSDUDRXWUDVHPSUHVDVGR*UXSRUHVSRQViYHLVSRUVXDLPSOHPHQWDomRHRSHUDomR'HYLGRDVFDUDFWHUtVWLFDVGD
5HVSRQVDELOLGDGHGRVDXGLWRUHVLQGHSHQGHQWHV1RVVDUHVSRQVDELOLGDGHpDGHH[SUHVVDUXPDRSLQLmRVREUHHVVDV
VXDDWLYLGDGHRSHUDFLRQDODFRQWURODGRUDJDUDQWHRVXSRUWHILQDQFHLURSDUDDVQHFHVVLGDGHVGHFDL[DGD&RPSDQKLD3ULQFLSDLVSROtWLFDVHSUiWLFDV
GHPRQVWUDo}HVFRQWiEHLVFRPEDVHHPQRVVDDXGLWRULDFRQGX]LGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGH
FRQWiEHLV %DVHGHSUHSDUDomRHDSUHVHQWDomR$VGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDV
DXGLWRULD(VVDVQRUPDVUHTXHUHPRFXPSULPHQWRGHH[LJrQFLDVpWLFDVSHORVDXGLWRUHVHTXHDDXGLWRULDVHMDSODQHMDGDH
SROtWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOTXHFRPSUHHQGHPRVSURQXQFLDPHQWRVLQWHUSUHWDo}HVHRULHQWDo}HVGR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV
H[HFXWDGD FRP R REMHWLYR GH REWHU VHJXUDQoD UD]RiYHO GH TXH DV GHPRQVWUDo}HV FRQWiEHLV HVWmR OLYUHV GH GLVWRUomR
&3& DSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& FRPR1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH 1%&V $&RPSDQKLDGHILQLXR5HDOFRPRD
UHOHYDQWH8PDDXGLWRULDHQYROYHDH[HFXomRGHSURFHGLPHQWRVVHOHFLRQDGRVSDUDREWHQomRGHHYLGrQFLDDUHVSHLWRGRV
VXDPRHGDIXQFLRQDOHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVFRPEDVHQRFXVWRKLVWyULFR$VGHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDR
YDORUHV H GLYXOJDo}HV DSUHVHQWDGRV QDV GHPRQVWUDo}HV FRQWiEHLV 2V SURFHGLPHQWRV VHOHFLRQDGRV GHSHQGHP GR
H[HUFtFLRILQGRHPGHGH]HPEURGHIRUDPDXWRUL]DGDVSDUDHPLVVmRGHDFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH
MXOJDPHQWR GR DXGLWRU LQFOXLQGR D DYDOLDomR GRV ULVFRV GH GLVWRUomR UHOHYDQWH QDV GHPRQVWUDo}HV FRQWiEHLV
7ULEXWDomR$&RPSDQKLDDSXUDROXFURWULEXWiYHOFRPEDVHQDVLVWHPiWLFDGR³/XFUR3UHVXPLGR´&RQIRUPHOHJLVODomRHPYLJRUVREUHRWRWDOGHUHFHLWDV
LQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR1HVVDDYDOLDomRGHULVFRVRDXGLWRUFRQVLGHUDRVFRQWUROHVLQWHUQRV
LQFLGHDDSOLFDomRGDVUHVSHFWLYDVEDVHVGHSUHVXQomR,53-H&6//$VDOtTXRWDVLQFLGHQWHVVmR L ,53-$GLFLRQDOGHH LL &6//
UHOHYDQWHV SDUD D HODERUDomR H DGHTXDGD DSUHVHQWDomR GDV GHPRQVWUDo}HV FRQWiEHLV GD &RPSDQKLD SDUD SODQHMDU RV
,QVWUXPHQWRVILQDQFHLURV$&RPSDQKLDVRPHQWHUHFRQKHFHRVLQVWUXPHQWRVILQDQFHLURVQDGDWDHPTXHIRUDPRULJLQDGRVRXDSDUWLUGDGDWDHP
SURFHGLPHQWRVGHDXGLWRULDTXHVmRDSURSULDGRVQDVFLUFXQVWkQFLDVPDVQmRSDUDILQVGHH[SUHVVDUXPDRSLQLmRVREUHD
TXH VH WRUQD SDUWH GDV GLVSRVLo}HV FRQWUDWXDLV GRV LQVWUXPHQWRV ILQDQFHLURV $ &RPSDQKLD GHVUHFRQKHFH XP DWLYR ILQDQFHLUR TXDQGR RV GLUHLWRV
HILFiFLDGHVVHVFRQWUROHVLQWHUQRVGD&RPSDQKLD8PDDXGLWRULDLQFOXLWDPEpPDDYDOLDomRGDDGHTXDomRGDVSUiWLFDV
FRQWUDWXDLVDRVIOX[RVGHFDL[DGRDWLYRH[SLUDPRXTXDQGRWUDQVIHUHVXEVWDQFLDOPHQWHRVULVFRVHEHQHItFLRVGDWLWXODULGDGHDWHUFHLURV$&RPSDQKLD
FRQWiEHLV XWLOL]DGDV H D UD]RDELOLGDGH GDV HVWLPDWLYDV FRQWiEHLV IHLWDV SHOD DGPLQLVWUDomR EHP FRPR D DYDOLDomR GD
GHVUHFRQKHFHXPSDVVLYRILQDQFHLURTXDQGRVXDREULJDomRFRQWUDWXDOpUHWLUDGDFDQFHODGDRXH[SLUDGD2VSULQFLSDLVDWLYRVILQDQFHLURVUHFRQKHFLGRV
DSUHVHQWDomR GDV GHPRQVWUDo}HV FRQWiEHLV WRPDGDV HP FRQMXQWR $FUHGLWDPRV TXH D HYLGrQFLD GH DXGLWRULD REWLGD p
SHOD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHVGHFDL[D&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRPDILQDOLGDGHGHDWHQGHU
VXILFLHQWHHDSURSULDGDSDUDIXQGDPHQWDUQRVVDRSLQLmR2SLQLmR(PQRVVDRSLQLmRDVGHPRQVWUDo}HVFRQWiEHLVDFLPD
DFRPSURPLVVRVGHFDL[DGHFXUWRSUD]R,QYHVWLPHQWRV$WXDOPHQWHD&RPSDQKLDpFRQWURODGRUDHGHWpPGRFDSLWDOGDVHPSUHVDV8VLQD9HOKD
UHIHULGDVDSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVDSRVLomRSDWULPRQLDOHILQDQFHLUDGD%,(PSUHVD
+ROGLQJ6$&RUUHGHLUDV+ROGLQJ6$H7DSLUDSXm+ROGLQJ6$2LQYHVWLPHQWRGD&RPSDQKLDHPVXDFRQWURODGDpUHFRQKHFLGRFRPEDVHQRPpWRGRGD
GH(VWXGRV(QHUJpWLFRV6$HPGHGH]HPEURGHRGHVHPSHQKRGHVXDVRSHUDo}HVHRVVHXVIOX[RVGHFDL[DSDUDR
HTXLYDOrQFLDSDWULPRQLDO8PDFRQWURODGDpXPDHQWLGDGHVREUHDTXDOD&RPSDQKLDH[HUoDLQIOXrQFLDVLJQLILFDWLYD$GHPRQVWUDomRGRUHVXOWDGRUHIOHWHD
H[HUFtFLRILQGRQDTXHODGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO5HFLIHGHDEULOGH.30*
SDUFHOD GR UHVXOWDGR GDV RSHUDo}HV GD FRQWURODGD $ SDUWLFLSDomR VRFLHWiULD QD FRQWURODGD p DSUHVHQWDGD QD 'HPRQVWUDomR GR 5HVXOWDGR FRPR
$XGLWRUHV,QGHSHQGHQWHV&5&3(±)-RmR$OEHUWRGD6LOYD1HWR&RQWDGRU&5&5627&(
(73346)