DOEPE 08/05/2015 - Pág. 22 - Poder Executivo - Diário Oficial do Estado de Pernambuco
22-Ano XCII • NÀ 84
Diário Oficial do Estado de Pernambuco - Poder Executivo
%5(11$1'(1(5*,$&20(5&,$/,=$'25$6$ &13-1±5HODWyULRGD'LUHWRULD±
6HQKRUHV$FLRQLVWDVHPFXPSULPHQWRDRVSUHFHLWRVOHJDLVHHVWDWXWiULRVVXEPHWHPRVjDSUHFLDomRGH96DVDV'HPRQVWUDo}HV
&RQWiEHLV UHIHUHQWHV DR H[HUFtFLR VRFLDO ILQGR HP SHUPDQHFHQGR j GLVSRVLomR SDUD SUHVWDU RV HVFODUHFLPHQWRV
QHFHVViULRV5HFLIH3($'LUHWRULD
Recife, 8 de maio de 2015
,QVWUXPHQWRVILQDQFHLURV2VLQVWUXPHQWRVILQDQFHLURVVRPHQWHVmRUHFRQKHFLGRVQDGDWDTXHPTXHIRUDPRULJLQDGRVRXDSDUWLUGDGDWDHP
TXHD&RPSDQKLDVHWRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGRVLQVWUXPHQWRVILQDQFHLURV$&RPSDQKLDGHVUHFRQKHFHXPDWLYRILQDQFHLURTXDQGR
RVGLUHLWRVFRQWUDWXDLVDRVIOX[RVGHFDL[DGRDWLYRH[SLUDPRXTXDQGRWUDQVIHUHVXEVWDQFLDOPHQWHRVULVFRVHEHQHItFLRVGDWLWXODULGDGHDWHUFHLURV
$ &RPSDQKLD GHVUHFRQKHFH XP SDVVLYR ILQDQFHLUR TXDQGR VXD REULJDomR FRQWUDWXDO p UHWLUDGD FDQFHODGD RX H[SLUDGD 2V SULQFLSDLV DWLYRV
ILQDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHVGHFDL[DHFRQWDVDUHFHEHUGHFOLHQWHV2VSULQFLSDLVSDVVLYRVILQDQFHLURV
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHVH[HUFtFLRV
%DODQoRVSDWULPRQLDLVHPGHGH]HPEURGHH
UHFRQKHFLGRVSHOD&RPSDQKLDVmRRFRQWDVDSDJDUHIRUQHFHGRUHV&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRP
ILQGRVHPGHGH]HPEURGHH
(PPLOKDUHVGH5HDLV
DILQDOLGDGHGHDWHQGHUDFRPSURPLVVRVGHFDL[DGHFXUWRSUD]RHQmRSDUDLQYHVWLPHQWRRXRXWURVILQV$&RPSDQKLDFRQVLGHUDHTXLYDOHQWHVGH
(PPLOKDUHV5HDLV
1RWD
FDL[DXPDDSOLFDomRILQDQFHLUDGHFRQYHUVLELOLGDGHLPHGLDWDFRPSUD]RGHYHQFLPHQWRLQIHULRUD QRYHQWD GLDVHPXPPRQWDQWHFRQKHFLGRGH
$WLYR
FDL[DHHVWDQGRVXMHLWDDXPLQVLJQLILFDQWHULVFRGHPXGDQoDGHYDORU3HUGDSRUUHGXomRDRYDORUUHFXSHUiYHOGHDWLYRVQmRILQDQFHLURV$
$GPLQLVWUDomRUHYLVDDQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDUHYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDV
&LUFXODQWH
RSHUDFLRQDLVRXWHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO 3URYLV}HV$&RPSDQKLDQmRSRVVXLFRQWLQJrQFLDVFXMD
5HVXOWDGRGRSHUtRGR
&DL[DHHTXLYDOHQWHVGHFDL[D
DYDOLDomRGDVH[SHFWDWLYDVGHSHUGDVGHVHXVDVVHVVRUHVMXUtGLFRVVHMDSURYiYHO$VVLPQHQKXPDSURYLVmRSDUDSHUGDVIRLFRQVWLWXtGD$VGHPDLV
2XWURVUHVXOWDGRVDEUDQJHQWHV
&RQWDVDUHFHEHUGHFOLHQWHV
H
SURYLV}HV JHUDLV IRUDP UHFRQKHFLGDV HP FRQIRUPLGDGH FRP R HVWDEHOHFLGR QD 1%& 7* 3URYLV}HV 3DVVLYRV &RQWLQJHQWHV H D$WLYRV
,PSRVWRVDUHFXSHUDU
&RQWLQJHQWHVFXMDGHVSHVDSRUFRQWDGRVHXUHFRQKHFLPHQWRpDSUHVHQWDGDQDGHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR3ULQFLSDLVIRQWHVGH
5HVXOWDGRDEUDQJHQWHWRWDO
2XWURVFUpGLWRV
MXOJDPHQWRHHVWLPDWLYDV1DSUHSDUDomRGDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDV1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGHHGLWDGDVSHOR
7RWDOGRDWLYRFLUFXODQWH
&RQVHOKR)HGHUDOGH&RQWDELOLGDGHpUHTXHULGRTXHD$GPLQLVWUDomRIDoDMXOJDPHQWRVHVWLPDWLYDVHSUHPLVVDVTXHDIHWDPDDSOLFDomRGHSROtWLFDV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
FRQWiEHLVHRVYDORUHVUHSRUWDGRVGHDWLYRVSDVVLYRVUHFHLWDVHGHVSHVDV2VUHVXOWDGRVUHDLVSRGHPGLYHUJLUGHVVDVHVWLPDWLYDV(VWLPDWLYDVH
1mRFLUFXODQWH
GDVGHPRQVWUDo}HVFRQWiEHLV
SUHPLVVDVVmRUHYLVWRVGHXPDPDQHLUDFRQWtQXD$VUHYLV}HVGDVHVWLPDWLYDVVmRUHFRQKHFLGDVSURVSHFWLYDPHQWH
,PSRVWRVDUHFXSHUDU
&DL[DHHTXLYDOHQWHVGHFDL[D
3DWULP{QLROtTXLGR
7RWDOGRDWLYRQmRFLUFXODQWH
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D([HUFtFLRVILQGRV
D&DSLWDOVRFLDO2FDSLWDOVRFLDOHPGHGH]HPEURGHHp
HPGHGH]HPEURGHH
GH5UHSUHVHQWDGRSRUDo}HVRUGLQiULDVQRPLQDWLYDVHVHP
7RWDOGRDWLYR
(PPLOKDUHV5HDLV
&RQWDVFRUUHQWHVEDQFiULDV
YDORUQRPLQDOWRGDVSHUWHQFHQWHj,QGLDYDt(QHUJpWLFD6$
$SOLFDo}HVILQDQFHLUDV
E'HVWLQDomRGHOXFURV'HDFRUGRFRPRHVWDWXWRGD&RPSDQKLDp
DVVHJXUDGRDDFLRQLVWDGLYLGHQGRVPtQLPRVREULJDWyULRVGHVREUH
3DVVLYR
)OX[RGHFDL[DGDVDWLYLGDGHV
OXFUROtTXLGRGRH[HUFtFLRDMXVWDGRQDIRUPDGDOHJLVODomRVRFLHWiULD
$VDSOLFDo}HVILQDQFHLUDVUHIHUHPVHVXEVWDQFLDOPHQWHDRVIXQGRV
RSHUDFLRQDLV
FRQIRUPHGHPRQVWUDGRDVHJXLU
&LUFXODQWH
GHLQYHVWLPHQWRVFRPUHPXQHUDo}HVHTXLYDOHQWHVDGDWD[DGH
5HVXOWDGRGRSHUtRGR
)RUQHFHGRUHV
H
&',(VVDVRSHUDo}HVVmRGHFXUWRSUD]RSRVVXHPOLTXLGH]LPHGLDWD
6DOiULRVHHQFDUJRVVRFLDLVDSDJDU
FRP SUD]R GH YHQFLPHQWR LQIHULRU D QRYHQWD GLDV QmR HVWmR /XFUROLTXLGR 3UHMXt]R GRH[HUFtFLR
$MXVWHVSDUDFRQFLOLDURUHVXOWDGRGR
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
VXMHLWDV D YRODWLOLGDGH GR PHUFDGR H VmR GHVWLQDGDV D VXSULU DV $EVRUomRGR3UHMXt]R
SHUtRGRDRFDL[DJHUDGR
'LYLGHQGRVDSDJDU
&RQVWLWXLomRGDUHVHUYDOHJDO
QHFHVVLGDGHVGHFDL[DSDUDRSHUDo}HVGHFXUWRSUD]R
SHODV XVDGRVQDV DWLYLGDGHV
2XWUDVFRQWDVDSDJDU
$EVRUomRGHUHVHUYDOHJDO
RSHUDFLRQDLV
&RQWDVDUHFHEHUGHFOLHQWHV5HIHUHVHDFRQWDVDUHFHEHUGH
7RWDOGRSDVVLYRFLUFXODQWH
-XURVYDULDo}HVPRQHWiULDVH
FOLHQWHVGHFRUUHQWHVGDYHQGDGHHQHUJLD(VVDVFRQWDVDUHFHEHUGH %DVHGHFiOFXORSDUDGLVWULEXLomR
FDPELDLVOtTXLGDV
FOLHQWHV QR PRQWDQWH GH 5 5 5 VmR
3DWULP{QLROLTXLGRHSDVVLYRD
FRPSRVWDVVXEVWDQFLDOPHQWHSRUYDORUHVYLQFHQGRVQRSUD]RPi[LPR
GHVFREHUWR
'LYLGHQGRVPtQLPRVREULJDWyULRV
GHGLDV(PGHGH]HPEURGHHD$GPLQLVWUDomRGD
&DSLWDOVRFLDO
$FUpVFLPRV GHFUpVFLPRV GHDWLYRV
&RPSDQKLD FRQFOXLX QmR KDYHU QHFHVVLGDGH GH UHFRQKHFHU SHUGDV
3UHMXt]RVDFXPXODGRV
$UHVHUYDOHJDOMiDWLQJLXROLPLWHPi[LPRHVWDEHOHFLGRHP/HLYLGH
&RQWDVDUHFHEHUGHFOLHQWHV
HVWLPDGDVFRPFUpGLWRVGHOLTXLGDomRGXYLGRVD
7RWDOGRSDWULP{QLROtTXLGRH
LWHP³F´QHVWD1RWD
,PSRVWRVHFRQWULEXLo}HVDUHFXSHUDU
SDVVLYRDGHVFREHUWR
,PSRVWRVHFRQWULEXLo}HVDUHFXSHUDU
F5HVHUYDGHOXFURVF5HVHUYDOHJDO(PFRQIRUPLGDGHFRPRDUWLJR
3DUWHVUHODFLRQDGDV
GD/HLGROXFUROtTXLGRGRSHUtRGR FLQFRSRUFHQWR
2XWURVFUpGLWRV
7RWDOGRSDVVLYRHSDWULP{QLR
'HVFULomR
VHUmRDSOLFDGRVDQWHVGHTXDOTXHURXWUDGHVWLQDomRQDFRQVWLWXLomRGD
OtTXLGR
5HVHUYD/HJDOTXHQmRH[FHGHUi YLQWHSRUFHQWR GRFDSLWDOVRFLDO
$FUpVFLPRV GHFUpVFLPRV GH
,53-DFRPSHQVDU
(PGHGH]HPEURGHD&RPSDQKLDXWLOL]RXRVDOGRGDUHVHUYD
SDVVLYRV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
&6//
OHJDOSDUDDEVRUYHUSDUWHGRSUHMXt]RGRSHUtRGRHPFRQIRUPLGDGHFRP
GDVGHPRQVWUDo}HVFRQWiEHLV
)RUQHFHGRUHV
&2),16
RDUWLJRGD/HLGDV6$
6DOiULRVHHQFDUJRVVRFLDLVDSDJDU
'HPRQVWUDo}HVGRVUHVXOWDGRV
2XWURV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
([HUFtFLRVILQGRVHPGHGH]HPEURGHH
5HFHLWDRSHUDFLRQDOOtTXLGD
3DUWHVUHODFLRQDGDV
(PPLOKDUHVGHUHDLVH[FHWRROXFURSUHMXt]RSRUDomR
&LUFXODQWH
2XWUDVFRQWDVDSDJDU
5HFHLWDEUXWD
1mRFLUFXODQWH
1RWD
9HQGDVGHHQHUJLD
,PSRVWRVHGHGXo}HVGDUHFHLWD
5HFHLWDRSHUDFLRQDOOtTXLGD
)RUQHFHGRUHV 5HIHUHVH D FRQWDV D SDJDU D IRUQHFHGRUHV
&DL[DJHUDGRSHODVDWLYLGDGHV
SULQFLSDOPHQWH GH HQHUJLD $V H[SOLFDo}HV VREUH R SURFHVVR GH
RSHUDFLRQDLV
&XVWRGHFRPHUFLDOL]DomRGHHQHUJLD
JHUHQFLDPHQWRGRULVFRGHFUpGLWRGD&RPSDQKLDHVWmRDSUHVHQWDGDV
/XFUREUXWR
)OX[RGHFDL[DGDVDWLYLGDGHVGH
QD1RWD
&XVWRVHGHVSHVDVSRUQDWXUH]D
ILQDQFLDPHQWRV
'HVSHVDVRSHUDFLRQDLV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
&DSWDomRGHP~WXRFRPSDUWHV
*HUDLVHDGPLQLVWUDWLYDV
UHODFLRQDGDV
2XWUDVGHVSHVDVOtTXLGDV
&XVWRVGDVYHQGDV
,53
3DJDPHQWRGHHPSUpVWLPRVH
5HVXOWDGRDQWHVGDVUHFHLWDVH
'HVSHVDVJHUDLVHDGPLQLVWUDWLYDV
3,6
ILQDQFLDPHQWRV
GHVSHVDVILQDQFHLUDV
2XWUDVUHFHLWDV GHVSHVDV OtTXLGDV
&2),16
3DJDPHQWRGHP~WXRVDSDUWHV
,&06VXEVWLWXWR
UHODFLRQDGDV
5HFHLWDVILQDQFHLUDV
2XWURVLPSRVWRV
&DL[DDSOLFDGRQDVDWLYLGDGHVGH
'HVSHVDVILQDQFHLUDV
ILQDQFLDPHQWR
6HUYLoRVSUHVWDGRVSRUWHUFHLURV
'LYLGHQGRVDSDJDU(PGHGH]HPEURGHD&RPSDQKLD &RPSUDGHHQHUJLD
SRVVXL
XP
VDOGR
GH
GLYLGHQGRV
D
SDJDU
QR
PRQWDQWH
GH
5
$FUpVFLPRQRVFDL[DVH
5HVXOWDGRDQWHVGRLPSRVWRGHUHQGDH
2XWUDVGHVSHVDVJHUDLVHDGPLQLVWUDWLYDV
5 UHIHUHQWHV D DSURYDomR GR GLYLGHQGR DGLFLRQDO
HTXLYDOHQWHVGHFDL[D
GDFRQWULEXLomRVRFLDO
SURSRVWRQRH[HUFLFLRGH
'HPRQVWUDomRGRDFUpVFLPRQRV
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO
5HFHLWDV GHVSHVDV ILQDQFHLUDV
FRUUHQWH
FDL[DVHHTXLYDOHQWHVGHFDL[D
3DUWHVUHODFLRQDGDV
1RLQtFLRGRSHUtRGR
5HFHLWDVILQDQFHLUDV
$WLYR
1RILQDOGRSHUtRGR
5HVXOWDGRGRSHUtRGR
5HQGLPHQWRVGHDSOLFDo}HVILQDQFHLUDV
&LUFXODQWH
-XURVDWLYRV
,QGLDYDt(QHUJpWLFD6$
5HVXOWDGRSRUDomR%iVLFR HP5
$FUpVFLPRQRVFDL[DVH
HTXLYDOHQWHVGHFDL[D
2PEUHLUDV(QHUJpWLFD6$
'HVSHVDVILQDQFHLUDV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWH
$OWR-DXUX(QHUJpWLFD6$
&RPLVV}HVHGHVSHVDVEDQFiULDV
GDVGHPRQVWUDo}HVFRQWiEHLV
GDVGHPRQVWUDo}HVFRQWiEHLV
,ELUDPD(QHUJpWLFD6$
&DQW~(QHUJpWLFD6$
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGR([HUFtFLRVILQGRVHPGHGH]HPEURGHH
8QDt(QHUJpWLFD6$
(PPLOKDUHVGH5HDLV
,QVWUXPHQWRV ILQDQFHLURV REMHWLYRV H SROtWLFDV SDUD JHVWmR GH
7RWDO 6DQWD*DEULHOD(QHUJpWLFD6$
/XFURV
ULVFRILQDQFHLURD,QVWUXPHQWRVILQDQFHLURV2VSULQFLSDLVLQVWUXPHQWRV
SDWULP{QLR
SUHMXt]RV
5HVHUYD
'LYLGHQGRV
&DSLWDO
ILQDQFHLURVGD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHVGHFDL[DFRQWDVD
OtTXLGR 3DVVLYR
DFXPXODGR
OHJDO
3URSRVWRV
VRFLDO
UHFHEHUGHFOLHQWHVHIRUQHFHGRUHV2YDORUMXVWRGRVDWLYRVHSDVVLYRV
&LUFXODQWH
6DOGRVHPGHGH]HPEURGH
ILQDQFHLURVpLQFOXtGRQRYDORUSHORTXDORLQVWUXPHQWRSRGHULDVHUWURFDGR
$OWR-DXUX6$
HPXPDWUDQVDomRFRUUHQWHHQWUHSDUWHVGLVSRVWDVDQHJRFLDUHQmRHP
6DQWD*DEULHOD(QHUJpWLFD6$
5HVXOWDGRGRSHUtRGR
XPDYHQGDRXOLTXLGDomRIRUoDGD(PGHGH]HPEURGHH
'HVWLQDomRGROXFUR
,QGLDYDt(QHUJpWLFD6$
QmR KDYLD GLIHUHQoD VLJQLILFDWLYD HQWUH RV YDORUHV FRQWiEHLV H RV GH
2PEUHLUDV(QHUJpWLFD6$
&RQVWLWXLomRGDUHVHUYDOHJDO
PHUFDGRSDUDRVLQVWUXPHQWRVILQDQFHLURVGD&RPSDQKLD$&RPSDQKLD
9iU]HDGR-XED(QHUJpWLFD6$
'LYLGHQGRVPtQLPRVREULJDWyULRV
QmRUHDOL]DRSHUDo}HVGHKHGJHVZDSRXTXDLVTXHURXWUDVRSHUDo}HV
'LYLGHQGRDGLFLRQDOSURSRVWR
TXH HQYROYDP LQVWUXPHQWRV ILQDQFHLURV GHULYDWLYRV E 2EMHWLYRV H
5HVXOWDGR
6DOGRVHPGHGH]HPEURGH
SROtWLFDV SDUD JHVWmR GH ULVFR ILQDQFHLUR 2 SULQFLSDO SURSyVLWR GRV
5HFHLWDFRPYHQGDGHHQHUJLD
SDVVLYRVILQDQFHLURVPDQWLGRVSHOD&RPSDQKLDpRGH FDSWDUUHFXUVRV
&XVWRGHFRPSUDGHHQHUJLD
'LVWULEXLomRDRVDFLRQLVWDV
SDUDILQDQFLDUDVVXDVRSHUDo}HV$&RPSDQKLDSRVVXLDWLYRVILQDQFHLURV
5HVXOWDGRGRSHUtRGR
$V FRQWDV D UHFHEHU GH SDUWHV UHODFLRQDGDV FODVVLILFDGDV FRPR TXHUHVXOWDPGLUHWDPHQWHGHVXDVRSHUDo}HV$&RPSDQKLDQmRFRQWUDWD
$EVRUomRGDUHVHUYDOHJDO
WUDQVDo}HV
FRP GHULYDWLYRV $ &RPSDQKLD HVWi H[SRVWD D ULVFR GH
FOLHQWHVHRXWURVFUpGLWRV HDVFRQWDVDSDJDUGHSDUWHVUHODFLRQDGDV
6DOGRVHPGHGH]HPEURGH
PHUFDGR ULVFR GH FUpGLWR H ULVFR GH OLTXLGH] $ $GPLQLVWUDomR GD
FODVVLILFDGDV FRPR IRUQHFHGRUHV H RXWURV FUHGRUHV GHFRUUHP GH
&RPSDQKLD VXSHUYLVLRQD D JHVWmR GHVVHV ULVFRV e SROtWLFD GD
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
RSHUDo}HV GH FRPSUD H YHQGD GH HQHUJLD EHP FRPR GLUHLWRV GH
&RPSDQKLDQmRSDUWLFLSDUGHTXDLVTXHUQHJRFLDo}HVGHGHULYDWLYRVSDUD
FUpGLWRVGHFRUUHQWHVGHOLTXLGDo}HVILQDQFHLUDVMXQWRD&&((UHDOL]DGD
1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HVFRQWiEHLV(PGHGH]HPEURGHH (PPLOKDUHVGHUHDLVH[FHWRTXDQGR
ILQV HVSHFXODWLYRV$$GPLQLVWUDomR UHYLVD H HVWDEHOHFH SROtWLFDV SDUD
HQWUH
DV
HPSUHVDV
GRV
*UXSRV
%UHQQDQG
(QHUJLD
H
%UHQQDQG
LQGLFDGR GH RXWUD IRUPD ,QIRUPDo}HV VREUH D FRPSDQKLD 2EMHWR VRFLDO $ %UHQQDQG (QHUJLD &RPHUFLDOL]DGRUD 6$
JHVWmRGHFDGDXPGHVVHVULVFRVRVTXDLVVmRUHVXPLGRVDEDL[R
³&RPSDQKLD´ pXPDVRFLHGDGHSRUDo}HVGHFDSLWDOIHFKDGRFRPVHGHQDFLGDGHGR5HFLIH3($&RPSDQKLDWHPSRUSULQFLSDO ,QYHVWLPHQWRVGRTXDOID]SDUWHD&RPSDQKLD
REMHWRVRFLDODFRPHUFLDOL]DomRGHHQHUJLDHOpWULFDDUHSUHVHQWDomRGHDJHQWHVJHUDGRUHVGHHQHUJLDHOpWULFDSHUDQWHD&kPDUDGH 5LVFRGHPHUFDGR &RQVLGHUDQGRTXHD&RPSDQKLDHVWiLQVHULGDQDFDGHLDGHFRPHUFLDOL]DomRGHHQHUJLDHOpWULFDDRFRUUrQFLDGRULVFRGH
&RPHUFLDOL]DomRGH(QHUJLD(OpWULFD&&((HDFRPHUFLDOL]DomRGHFUpGLWRVGHFDUERQRQRVPROGHVSUHYLVWRVQR3URWRFRORGH PHUFDGR SRGH PDQLIHVWDUVH GHQWUH RXWUDV IRUPDV HYHQWXDOPHQWH DWUDYpV GD UHJXODPHQWDomR GD SROtWLFD GH SUHoRV SRU SDUWH GRV yUJmRV
.\RWR&RPHUFLDOL]DomRGH(QHUJLD(OpWULFD$&RPSDQKLDDWXDFRPRFRPHUFLDOL]DGRUDGHHQHUJLDHOpWULFDQRkPELWRGD&kPDUD UHJXODGRUHV5LVFRGHFUpGLWR$&RPSDQKLDHVWiH[SRVWDDRULVFRGHFUpGLWRHPVXDVDWLYLGDGHVRSHUDFLRQDLVSULQFLSDOPHQWHFRPUHODomRDFRQWDV
GH&RPHUFLDOL]DomRGH(QHUJLD(OpWULFD&&((UHDOL]DQGRWUDQVDo}HVGHFRPSUDHYHQGDVGHHQHUJLDMXQWRDFRQVXPLGRUHVGR DUHFHEHULQFOXLQGRGHSyVLWRVEDQFiULRVHDSOLFDo}HVILQDQFHLUDVPDQWLGRVHPLQVWLWXLo}HVILQDQFHLUDV&RQWDVDUHFHEHU2ULVFRGHFUpGLWRGR
PHUFDGR OLYUH H WDPEpP MXQWR D RXWUDV FRPHUFLDOL]DGRUDV GH HQHUJLD $OpP GHVWD IXQomR D &RPSDQKLD WDPEpP DWXD FRPR FOLHQWHpDGPLQLVWUDGRGHIRUPDFHQWUDOL]DGDHVWDQGRVXMHLWRDRVSURFHGLPHQWRVFRQWUROHVHSROtWLFDHVWDEHOHFLGDSHOD&RPSDQKLDHPUHODomRD
UHSUHVHQWDQWHGHDOJXPDVGDVFRPSDQKLDVGR*UXSRMXQWRD&&((FRPDIXQomRGHUHDOL]DURVUHJLVWURVIRUPDLVGDVYHQGDVGH HVVHULVFR2VOLPLWHVGHFUpGLWRVmRHVWDEHOHFLGRVHDTXDOLGDGHGRFUpGLWRpDYDOLDGDSDUDWRGRVRVFOLHQWHVFRPEDVHHPFULWpULRVLQWHUQRVGH
HQHUJLDHOpWULFDUHDOL]DGDVGLUHWDPHQWHSRUWDLVFRPSDQKLDV3ULQFLSDLVSUiWLFDVHSROtWLFDVFRQWiEHLV%DVHGHSUHSDUDomRH FODVVLILFDomR2VUHFHEtYHLVGHFOLHQWHVHPDEHUWRVmRDFRPSDQKDGRVFRPIUHTXrQFLDHRVFRQWUDWRVGHYHQGDFRVWXPDPWHUJDUDQWLDVILUPDGDVRX
DSUHVHQWDomR$VGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDVFRQWiEHLV RXWUDVIRUPDVGHVHJXURGHFUpGLWR
$PLOWRQ4XHLUR]GD6LOYD±&RQWDGRU&5&3(2
DGRWDGDVQR%UDVLOTXHFRPSUHHQGHPRVSURQXQFLDPHQWRVLQWHUSUHWDo}HVHRULHQWDo}HVGR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV
'LUHWRUHV5LFDUGR-HU{QLPR3HUHLUD5rJR-~QLRUH3HGUR3RQWXDO0DUOHWWL
&3& DSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& FRPR1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH 1%&V $&RPSDQKLD
GHILQLXR5HDOFRPRDVXDPRHGDIXQFLRQDOHDVGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVFRPEDVHQRFXVWRKLVWyULFR$V 5HODWyULR GRV DXGLWRUHV LQGHSHQGHQWHV VREUH DV GHPRQVWUDo}HV FRQWiEHLV $RV $FLRQLVWDV H $GPLQLVWUDGRUHV %UHQQDQG (QHUJLD
GHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDRH[HUFtFLRILQGRHPGHGH]HPEURGHIRUDPDXWRUL]DGDVSDUDHPLVVmRGH &RPHUFLDOL]DGRUD6$5HFLIH3(([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLVGD%UHQQDQG(QHUJLD&RPHUFLDOL]DGRUD6$ ³&RPSDQKLD´ TXH
DFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH7ULEXWDomR,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO FRPSUHHQGHPREDODQoRSDWULPRQLDOHPGHGH]HPEURGHHDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDV
FRUUHQWHV$WLYRVHSDVVLYRVWULEXWiULRVFRUUHQWHVGR~OWLPRH[HUFtFLRHGHDQRVDQWHULRUHVVmRPHQVXUDGRVDRYDORUUHFXSHUiYHO PXWDo}HVGRSDWULP{QLROtTXLGRHGRVIOX[RVGHFDL[DSDUDRH[HUFtFLRILQGRQDTXHODGDWDDVVLPFRPRRUHVXPRGDVSULQFLSDLVSUiWLFDVFRQWiEHLVH
HVSHUDGRRXDSDJDUSDUDDVDXWRULGDGHVILVFDLVUHVSHFWLYDPHQWH$VDOtTXRWDVGHLPSRVWRHDVOHLVWULEXWiULDVXVDGDVSDUDFDOFXODUR GHPDLV QRWDV H[SOLFDWLYDV 5HVSRQVDELOLGDGH GD DGPLQLVWUDomR VREUH DV GHPRQVWUDo}HV FRQWiEHLV $$GPLQLVWUDomR GD &RPSDQKLD p
PRQWDQWHVmRDTXHOHVTXHHVWmRHPYLJRURXVXEVWDQFLDOPHQWHHPYLJRUQDGDWDGREDODQoR,PSRVWRVREUHYHQGDV5HFHLWDV UHVSRQViYHOSHODHODERUDomRHDGHTXDGDDSUHVHQWDomRGHVVDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR
GHVSHVDVHDWLYRVVmRUHFRQKHFLGRVOtTXLGRVGRVLPSRVWRVVREUHYHQGDVH[FHWRTXDQGRRVLPSRVWRVVREUHYHQGDVLQFRUULGRVQD %UDVLODVVLPFRPRSHORVFRQWUROHVLQWHUQRVTXHHODGHWHUPLQRXFRPRQHFHVViULRVSDUDSHUPLWLUDHODERUDomRGHGHPRQVWUDo}HVFRQWiEHLVOLYUHV
FRPSUDGHEHQVRXVHUYLoRVQmRIRUUHFXSHUiYHOMXQWRjVDXWRULGDGHVILVFDLVKLSyWHVHHPTXHRLPSRVWRVREUHYHQGDVpUHFRQKHFLGR GH GLVWRUomR UHOHYDQWH LQGHSHQGHQWHPHQWH VH FDXVDGD SRU IUDXGH RX HUUR 5HVSRQVDELOLGDGH GRV DXGLWRUHV LQGHSHQGHQWHV 1RVVD
FRPRSDUWHGRFXVWRGHDTXLVLomRGRDWLYRRXGRLWHPGHGHVSHVDFRQIRUPHRFDVRHYDORUHVDUHFHEHUHDSDJDUDSUHVHQWDGRV UHVSRQVDELOLGDGHpDGHH[SUHVVDUXPDRSLQLmRVREUHHVVDVGHPRQVWUDo}HVFRQWiEHLVFRPEDVHHPQRVVDDXGLWRULDFRQGX]LGDGHDFRUGRFRPDV
FRQMXQWDPHQWHFRPR YDORUGRVLPSRVWRVVREUHYHQGDV 2YDORUOtTXLGRGRVLPSRVWRVVREUHYHQGDVUHFXSHUiYHORXDSDJDUp QRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD(VVDVQRUPDVUHTXHUHPRFXPSULPHQWRGHH[LJrQFLDVpWLFDVSHORVDXGLWRUHVHTXHDDXGLWRULDVHMD
SODQHMDGDHH[HFXWDGDFRPRREMHWLYRGHREWHUVHJXUDQoDUD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVHVWmROLYUHVGHGLVWRUomRUHOHYDQWH
LQFOXtGRFRPRFRPSRQHQWHGRVYDORUHVDUHFHEHURXDSDJDUQREDODQoRSDWULPRQLDO