DOEPE 18/04/2017 - Pág. 48 - Poder Executivo - Diário Oficial do Estado de Pernambuco
48 - Ano XCIV• NÀ 71
Diário Oficial do Estado de Pernambuco - Poder Executivo
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGR
62-2$48,0(1(5*e7,&$6$&13-1±5HODWyULRGD$GPLQLVWUDomR'DQGRFXPSULPHQWR
3HUtRGRVILQGRVHPGHGH]HPEURGH
jVGHWHUPLQDo}HVOHJDLVHHVWDWXWiULDVVXEPHWHPRVjDSUHFLDomRGRV6HQKRUHV$FLRQLVWDV&OLHQWHV)RUQHFHGRUHVHj6RFLHGDGH
H HPPLOKDUHVGHUHDLV
HPJHUDOHVWH5HODWyULRGD$GPLQLVWUDomRHDV'HPRQVWUDo}HV&RQWiEHLVUHIHUHQWHVDRH[HUFtFLRVRFLDOILQGRHP
DFRPSDQKDGRVGR5HODWyULRGRV$XGLWRUHV,QGHSHQGHQWHV2DQRGHIRLPXLWRGLItFLOVREUHWXGRSHORDXPHQWRGRVULVFRVHP
IXQomR GD FUHVFHQWH ³MXGLFLDOL]DomR´ GR 6HWRU (OpWULFR ,QREVWDQWH HVVDV GLILFXOGDGHV D &RPSDQKLD FRQWLQXRX UHDOL]DQGR
&DSLWDO 5HVHUYDVGH 3UHMXt]RV
LQYHVWLPHQWRVHDYDQoDQGRQRGHVHQYROYLPHQWRGRVHXSURMHWR5HFLIH±3($'LUHWRULD
VRFLDO
FDSLWDO
$FXPXODGRV 7RWDO
%DODQoRVSDWULPRQLDLVGHGH]HPEURGHH 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
6DOGRVHPGH
GH]HPEURGH
1RWDV
1RWDV
3UHMXt]RGRSHUtRGR
3DVVLYR
$WLYR
6DOGRVHPGH
&LUFXODQWH
&LUFXODQWH
GH]HPEURGH
)RUQHFHGRUHV
&DL[DHHTXLYDOHQWHVGHFDL[D
3UHMXt]RGRSHUtRGR
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
7RWDOGRDWLYRFLUFXODQWH
6DOGRVHPGH
7RWDOGRSDVVLYRFLUFXODQWH
GH]HPEURGH
1mRFLUFXODQWH
3DUWHVUHODFLRQDGDV
1mRFLUFXODQWH
FRQVHTXrQFLDGHXPHYHQWRSDVVDGR LL pSURYiYHOTXHEHQHItFLRV
7RWDOGRSDVVLYRQmRFLUFXODQWH
,PRELOL]DGR
HFRQ{PLFRVVHMDPUHTXHULGRVSDUDOLTXLGDUDREULJDomRH LLL XPD
3DWULP{QLROLTXLGR
,QWDQJtYHO
HVWLPDWLYDFRQILiYHOGRYDORUGDREULJDomRSRVVDVHUIHLWD$GHVSHVD
&DSLWDOVRFLDO
7RWDOGRDWLYRQmRFLUFXODQWH
UHODWLYDDRUHFRQKHFLPHQWRGHTXDOTXHUSURYLVmRpDSUHVHQWDGDQD
5HVHUYDGHFDSLWDO
GHPRQVWUDomR GR UHVXOWDGR GR SHUtRGR 3URYLV}HV SDUD ULVFRV
3UHMXt]RVDFXPXODGRV
WULEXWiULRV FtYHLV H WUDEDOKLVWDV $ &RPSDQKLD QmR SRVVXL
7RWDOGRSDWULP{QLROtTXLGR
7RWDOGRSDVVLYRHSDWULP{QLROtTXLGR
7RWDOGRDWLYR
FRQWLQJrQFLDVFXMDDYDOLDomRGDVH[SHFWDWLYDVGHSHUGDVGHVHXV
DVVHVVRUHVMXUtGLFRVVHMD³SURYiYHO´$VVLPQHQKXPDSURYLVmRSDUD
'HPRQVWUDo}HVGRVUHVXOWDGRV3HUtRGRVILQGRVHP
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D
SHUGDV IRL FRQVWLWXtGD HP H -XOJDPHQWRV
GHGH]HPEURGHH 9DORUHVH[SUHVVRVHP HVWLPDWLYDVHSUHPLVVDVFRQWiEHLVVLJQLILFDWLYRV$VGHPRQVWUDo}HV
3HUtRGRVILQGRVHPGHGH]HPEURGHH
PLOKDUHVGHUHDLVH[FHWRRSUHMXt]RSRUDomRHPUHDLV FRQWiEHLV IRUDP HODERUDGDV FRP EDVH HP GLYHUVDV EDVHV GH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
DYDOLDomR XWLOL]DGDV QDV HVWLPDWLYDV FRQWiEHLV $V HVWLPDWLYDV
FRQWiEHLVHQYROYLGDVQDSUHSDUDomRGDVGHPRQVWUDo}HVFRQWiEHLV
'HVSHVDVRSHUDFLRQDLV
)OX[RGHFDL[DGDVDWLYLGDGHV
IRUDP EDVHDGDV HP IDWRUHV REMHWLYRV H VXEMHWLYRV FRP EDVH QR
*HUDLVHDGPLQLVWUDWLYDV
RSHUDFLRQDLV
MXOJDPHQWRGD$GPLQLVWUDomRSDUDGHWHUPLQDomRGRYDORUDGHTXDGR
5HVXOWDGRDQWHVGDVGHVSHVDV
3UHMXt]RGRSHUtRGR
D VHU UHJLVWUDGR QDV GHPRQVWUDo}HV FRQWiEHLV $ OLTXLGDomR GDV
ILQDQFHLUDV
$FUpVFLPR GHFUpVFLPRGHSDVVLYRV
'HVSHVDVILQDQFHLUDV
WUDQVDo}HV HQYROYHQGR HVVDV HVWLPDWLYDV SRGHUi UHVXOWDU HP
)RUQHFHGRUHV
YDORUHV VLJQLILFDWLYDPHQWH GLYHUJHQWHV GRV UHJLVWUDGRV QDV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
3UHMXt]RGRSHUtRGR
4XDQWLGDGHGHDo}HV
GHPRQVWUDo}HV FRQWiEHLV GHYLGR DR WUDWDPHQWR SUREDELOtVWLFR
LQHUHQWH DR SURFHVVR GH HVWLPDWLYD $ &RPSDQKLD UHYLVD VXDV
3UHMXt]RSRUDomRHP5HDLV
&DL[DDSOLFDGRQDVDWLYLGDGHVRSHUDFLRQDLV
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHV
HVWLPDWLYDVHSUHPLVVDVSHORPHQRVDQXDOPHQWH
)OX[RGHFDL[DGDVDWLYLGDGHVGH
3HUtRGRVILQGRVHPGHGH]HPEURGHH
LQYHVWLPHQWR
,PRELOL]DGR 2 DWLYR LPRELOL]DGR GD &RPSDQKLD HVWi
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
$SOLFDomRQRLQWDQJtYHO
UHSUHVHQWDGRSRUWHUUHQRVTXHHPGHGH]HPEURGHH
&DL[DDSOLFDGRQDVDWLYLGDGHVGH
WRWDOL]DYDRPRQWDQWHGH5
3UHMXt]RGRSHUtRGR
LQYHVWLPHQWR
,QWDQJtYHO
2XWURVUHVXOWDGRVDEUDQJHQWHV
)OX[RGHFDL[DGDVDWLYLGDGHVGH
5HVXOWDGRDEUDQJHQWHGRSHUtRGR
ILQDQFLDPHQWR
D
'LUHLWRGHFRQFHVVmR
&DSWDomRGHP~WXRVFRPSDUWHV
E
'HVHQYROYLPHQWRGHSURMHWRV
1RWDV H[SOLFDWLYDV jV GHPRQVWUDo}HV FRQWiEHLV GH
UHODFLRQDGDV
GH]HPEURGHH 9DORUHVH[SUHVVRVHPPLOKDUHVGH
&DL[DJHUDGRSHODVDWLYLGDGHVGH
(VWiUHSUHVHQWDGRSHORYDORUSDJRDPDLRUQDDTXLVLomRGR
UHDLV ,QIRUPDo}HVVREUHD&RPSDQKLDD 2EMHWRVRFLDO D
ILQDQFLDPHQWR
$ 6mR -RDTXLP (QHUJpWLFD 6$ ³&RPSDQKLD´ p XPD SURMHWR SDUD LPSODQWDomR GR SURMHWR GD 3&+ GHYLGDPHQWH
'HFUpVFLPRQRFDL[DHHTXLYDOHQWHVGH
VRFLHGDGHSRUDo}HVGHFDSLWDOIHFKDGRFRPVHGHQDFLGDGH DSURYDGR SHOR yUJmR UHJXODGRU HP GHFRUUrQFLD GR GLUHLWR GH
FDL[D
GR 5HFLIH3( TXH WHP FRPR REMHWR VRFLDO D JHUDomR H D FRQFHVVmR (VVH YDORU VHUi DPRUWL]DGR D SDUWLU GR LQtFLR GD
'HPRQVWUDomRGRGHFUpVFLPRQRFDL[DH
FRPHUFLDOL]DomR GH HQHUJLD HOpWULFD FRP DSURYHLWDPHQWR GH RSHUDomRGD&RPSDQKLDDWpRSUD]RILQDOGRUHIHULGRGLUHLWRGH
HTXLYDOHQWHVGHFDL[D
UHFXUVRV KtGULFRV QDWXUDLV PHGLDQWH DXWRUL]DomR GR 3RGHU FRQFHVVmR E 5HIHUHPVH D JDVWRV FRP GHVHQYROYLPHQWR GH
1RILQDOGRSHUtRGR
3~EOLFRFRPSHWHQWHE (VWiJLRDWXDOGRHPSUHHQGLPHQWR$ SURMHWRVUHODFLRQDGRVjLPSODQWDomRGD3&+
1RLQtFLRGRSHUtRGR
&RPSDQKLDWHPFRPRHPSUHHQGLPHQWRRHVWXGRGRLQYHQWiULR
'HFUpVFLPRQRFDL[DHHTXLYDOHQWHVGH
3DUWHVUHODFLRQDGDV
GRULR3HORWDVQRPXQLFtSLRGH9DFDULD56TXHREWHYHMXQWRD
FDL[D
$1((/RDFHLWHGHVHXVHVWXGRVGH3URMHWR%iVLFR$
3DVVLYR
&RPSDQKLDDJXDUGDDSXEOLFDomR'HVSDFKRGHDGHTXDELOLGDGHDRVHVWXGRVGHLQYHQWiULRHDRXVRGRSRWHQFLDOKLGUiXOLFRGR6XPiULR 1mRFLUFXODQWH
([HFXWLYR '563&+ $H[SHFWDWLYDGRVFRQWURODGRUHVpTXHD&RPSDQKLDLQLFLHDVREUDVHPHDRSHUDomRFRPHUFLDOHP 6mR-RDTXLP+ROGLQJ6$
(QTXDQWRQmRLQLFLDDRSHUDomRFRPHUFLDODFRQWURODGRUDJDUDQWHRVXSRUWHILQDQFHLURSDUDHYHQWXDLVQHFHVVLGDGHVGHFDL[DGD
&RPSDQKLD$SUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVHVXPiULRGDVSUiWLFDVFRQWiEHLV$VGHPRQVWUDo}HVFRQWiEHLV
6REUHDVRSHUDo}HVGHP~WXRKiLQFLGrQFLDHUHFROKLPHQWRGH,2)
IRUDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOTXHFRPSUHHQGHPRV QRVWHUPRVGDOHJLVODomRILVFDOYLJHQWH
GRFXPHQWRVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV &3& DSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& 3DWULP{QLROtTXLGRD &DSLWDOVRFLDO2FDSLWDOVRFLDOHPGH
FRPR 1RUPDV %UDVLOHLUDV GH &RQWDELOLGDGH 1%& $V GHPRQVWUDo}HV FRQWiEHLV GD &RPSDQKLD SDUD R SHUtRGR ILQGR HP GH GH]HPEURGHHpGH5UHSUHVHQWDGRSRU
GH]HPEURGHIRUDPDXWRUL]DGDVSDUDHPLVVmRGHDFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH Do}HVRUGLQiULDVQRPLQDWLYDVHVHPYDORUQRPLQDOHHVWiGLVWULEXtGR
$SXUDomRGRUHVXOWDGR$VUHFHLWDVHGHVSHVDVVmRFRQWDELOL]DGDVSHORUHJLPHGHFRPSHWrQFLD7ULEXWDomR,PSRVWRGHUHQGDH GDVHJXLQWHIRUPD
FRQWULEXLomRVRFLDO$WULEXWDomRVREUHROXFURFRPSUHHQGHRLPSRVWRGHUHQGDHDFRQWULEXLomRVRFLDORVTXDLVVmRUHJLVWUDGRVFRP
EDVH QR SULQFtSLR GD FRPSHWrQFLD H FDOFXODGRV FRQIRUPH OHJLVODomR ILVFDO HP YLJRU WHQGR SRU EDVH R ³/XFUR 3UHVXPLGR´
,QVWUXPHQWRVILQDQFHLURV2VLQVWUXPHQWRVILQDQFHLURVVRPHQWHVmR2VLQVWUXPHQWRVILQDQFHLURVVRPHQWHVmRUHFRQKHFLGRVDSDUWLU
GDGDWDHPTXHD&RPSDQKLDVHWRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGHXPLQVWUXPHQWRILQDQFHLUR2~QLFRDWLYRILQDQFHLUR
UHFRQKHFLGRSHOD&RPSDQKLDpFDL[DHHTXLYDOHQWHVGHFDL[D2SULQFLSDOSDVVLYRILQDQFHLURUHFRQKHFLGRSHOD&RPSDQKLDpSDUWHV
UHODFLRQDGDV&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRPDILQDOLGDGHGHDWHQGHUDFRPSURPLVVRV
GH FDL[D GH FXUWR SUD]R H QmR SDUD LQYHVWLPHQWR RX RXWURV ILQV ,PRELOL]DGR 6mR DSUHVHQWDGRV DR FXVWR GH DTXLVLomR RX
FRQVWUXomRGHGX]LGRVGDGHSUHFLDomRDFXPXODGDHGHTXDLVTXHUSHUGDVDFXPXODGDVSRUUHGXomRDRYDORUUHFXSHUiYHOVHIRURFDVR
2UHIHULGRFXVWRLQFOXLRFXVWRGHUHSRVLomRGHSDUWHGRLPRELOL]DGRHRVFXVWRVGHHPSUpVWLPRGHSURMHWRVGHFRQVWUXomRGHORQJR
SUD]RTXDQGRRVFULWpULRVGHUHFRQKHFLPHQWRIRUHPVDWLVIHLWRV7RGRVRVFXVWRVGHUHSDURVHPDQXWHQomRVmRUHFRQKHFLGRVQD
GHPRQVWUDomRGRUHVXOWDGRTXDQGRLQFRUULGRV$&RPSDQKLDHQFRQWUDVHHPIDVHSUpRSHUDFLRQDOHQmRYrPGHSUHFLDQGRRVVHXV
EHQVGRDWLYRLPRELOL]DGRH[FHWXDQGRVHDSHQDVRVEHQVTXHMiVHHQFRQWUDPHPXVRRXRSHUDomR ,QWDQJtYHO$WLYRV
LQWDQJtYHLVDGTXLULGRVVHSDUDGDPHQWHVmRPHQVXUDGRVDRFXVWRGHDTXLVLomRQRPRPHQWRGRVHXUHFRQKHFLPHQWRLQLFLDO$SyVR
UHFRQKHFLPHQWRLQLFLDORVDWLYRVLQWDQJtYHLVVmRDSUHVHQWDGRVDRFXVWRPHQRVDPRUWL]DomRDFXPXODGDHSHUGDVDFXPXODGDVSRU
UHGXomR DR YDORU UHFXSHUiYHO 3RU HQFRQWUDUVH HP IDVH SUpRSHUDFLRQDO D &RPSDQKLD QmR YHP DPRUWL]DQGR RV VHXV DWLYRV
LQWDQJtYHLV3HUGDSRUUHGXomRDRYDORUUHFXSHUiYHOGHDWLYRVQmRILQDQFHLURV$$GPLQLVWUDomRUHYLVDDQXDOPHQWHRYDORUFRQWiELO
OtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDUHYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDVRSHUDFLRQDLVRXWHFQROyJLFDVTXH
SRVVDP LQGLFDU SHUGD GH VHX YDORU UHFXSHUiYHO 6HQGR WDLV HYLGrQFLDV LGHQWLILFDGDV H R YDORU FRQWiELO OtTXLGR H[FHGHU R YDORU
UHFXSHUiYHOpUHFRQKHFLGDXPDSHUGDHVWLPDGDSHODGHVYDORUL]DomRGRDWLYRDMXVWDQGRRYDORUFRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO
3URYLV}HV3URYLV}HVVmRUHFRQKHFLGDVTXDQGR L D&RPSDQKLDWHPXPDREULJDomRSUHVHQWH OHJDORXQmRIRUPDOL]DGD HP
$FLRQLVWDV
6mR-RDTXLP+ROGLQJ6$
'HPDLVDFLRQLVWDV
4XDQWLGDGHGH
Do}HV
3DUWLFLSDomR
E 5HVHUYD GH FDSLWDO (P GH MXQKR GH RV DFLRQLVWDV
DSURYDUDPSRUPHLRGH$VVHPEOHLD*HUDO([WUDRUGLQiULDDXPHQWR
GHFDSLWDOVRFLDOQRYDORUGH5FRPDHPLVVmRGHQRYDV
Do}HVWRWDOPHQWHLQWHJUDOL]DGDVPHGLDQWHDWUDQVIHUrQFLDDYDORU
FRQWiELOGHWHUUHQRVHPIDYRUGD&RPSDQKLDSHOD6mR-RDTXLP
+ROGLQJ6$SRUVLHSRUFRQWDHRUGHPGRVGHPDLVDFLRQLVWDV
ILFDQGRUHJLVWUDGDDGLIHUHQoDHQWUHRYDORUGRVWHUUHQRVHRYDORUGR
DXPHQWRGHFDSLWDOQRPRQWDQWHGH5 DVHULQWHJUDOL]DGR
SHORV DFLRQLVWDV FRPR UHVHUYD GH FDSLWDO QD &RPSDQKLD
,QVWUXPHQWRVILQDQFHLURV2VSULQFLSDLVLQVWUXPHQWRVILQDQFHLURV
GD &RPSDQKLD VmR FDL[D H HTXLYDOHQWHV GH FDL[D H SDUWHV
UHODFLRQDGDV (P GH GH]HPEUR GH H QmR KDYLD
GLIHUHQoDVLJQLILFDWLYDHQWUHRVYDORUHVFRQWiEHLVHRVGHPHUFDGR
SDUDRVLQVWUXPHQWRVILQDQFHLURVGD&RPSDQKLD$&RPSDQKLDQmR
UHDOL]DRSHUDo}HVGHKHGJHVZDSRXTXDLVTXHURXWUDVRSHUDo}HV
TXHHQYROYDPLQVWUXPHQWRVILQDQFHLURVGHULYDWLYRV
Recife, 18 de abril de 2017
5HODWyULRGRDXGLWRULQGHSHQGHQWHVREUHDVGHPRQVWUDo}HVFRQWiEHLV$RV
$FLRQLVWDV H $GPLQLVWUDGRUHV GD 6mR -RDTXLP (QHUJpWLFD 6$ 5HFLIH 3(
2SLQLmR([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLVGD6mR-RDTXLP(QHUJpWLFD
6$ ³&RPSDQKLD´ TXHFRPSUHHQGHPREDODQoRSDWULPRQLDOHPGHGH]HPEUR
GHHDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWH
GDVPXWDo}HVGRSDWULP{QLROtTXLGRHGRVIOX[RVGHFDL[DSDUDRSHUtRGRILQGR
QHVVDGDWDEHPFRPRDVFRUUHVSRQGHQWHVQRWDVH[SOLFDWLYDVLQFOXLQGRRUHVXPR
GDVSULQFLSDLVSROtWLFDVFRQWiEHLV(PQRVVDRSLQLmRDVGHPRQVWUDo}HVFRQWiEHLV
DFLPDUHIHULGDVDSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVD
SRVLomR SDWULPRQLDO H ILQDQFHLUD GD 6mR -RDTXLP (QHUJpWLFD 6$ HP GH
GH]HPEURGHRGHVHPSHQKRGHVXDVRSHUDo}HVHRVVHXVIOX[RVGHFDL[D
SDUDRSHUtRGRILQGRQHVVDGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR
%UDVLO %DVH SDUD RSLQLmR 1RVVD DXGLWRULD IRL FRQGX]LGD GH DFRUGR FRP DV
QRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD1RVVDVUHVSRQVDELOLGDGHVHP
FRQIRUPLGDGH FRP WDLV QRUPDV HVWmR GHVFULWDV QD VHomR D VHJXLU LQWLWXODGD
³5HVSRQVDELOLGDGHV GR DXGLWRU SHOD DXGLWRULD GDV GHPRQVWUDo}HV FRQWiEHLV´
6RPRV LQGHSHQGHQWHV HP UHODomR j &RPSDQKLD GH DFRUGR FRP RV SULQFtSLRV
pWLFRV UHOHYDQWHV SUHYLVWRV QR &yGLJR GH eWLFD 3URILVVLRQDO GR &RQWDGRU H QDV
QRUPDV SURILVVLRQDLV HPLWLGDV SHOR &RQVHOKR )HGHUDO GH &RQWDELOLGDGH H
FXPSULPRVFRPDVGHPDLVUHVSRQVDELOLGDGHVpWLFDVGHDFRUGRFRPHVVDVQRUPDV
$FUHGLWDPRVTXHDHYLGrQFLDGHDXGLWRULDREWLGDpVXILFLHQWHHDSURSULDGDSDUD
IXQGDPHQWDU QRVVD RSLQLmR 5HVSRQVDELOLGDGHV GD $GPLQLVWUDomR H GD
JRYHUQDQoDSHODVGHPRQVWUDo}HVFRQWiEHLV$$GPLQLVWUDomRpUHVSRQViYHO
SHOD HODERUDomR H DGHTXDGD DSUHVHQWDomR GDV GHPRQVWUDo}HV FRQWiEHLV GH
DFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOHSHORVFRQWUROHVLQWHUQRV
TXH HOD GHWHUPLQRX FRPR QHFHVViULRV SDUD SHUPLWLU D HODERUDomR GH
GHPRQVWUDo}HV FRQWiEHLV OLYUHV GH GLVWRUomR UHOHYDQWH LQGHSHQGHQWHPHQWH VH
FDXVDGD SRU IUDXGH RX HUUR 1D HODERUDomR GDV GHPRQVWUDo}HV FRQWiEHLV D
$GPLQLVWUDomR p UHVSRQViYHO SHOD DYDOLDomR GD FDSDFLGDGH GH D &RPSDQKLD
FRQWLQXDURSHUDQGRGLYXOJDQGRTXDQGRDSOLFiYHORVDVVXQWRVUHODFLRQDGRVFRP
DVXDFRQWLQXLGDGHRSHUDFLRQDOHRXVRGHVVDEDVHFRQWiELOQDHODERUDomRGDV
GHPRQVWUDo}HV FRQWiEHLV D QmR VHU TXH D $GPLQLVWUDomR SUHWHQGD OLTXLGDU D
&RPSDQKLDRXFHVVDUVXDVRSHUDo}HVRXQmRWHQKDQHQKXPDDOWHUQDWLYDUHDOLVWD
SDUDHYLWDURHQFHUUDPHQWRGDVRSHUDo}HV2VUHVSRQViYHLVSHODJRYHUQDQoDGD
&RPSDQKLDVmRDTXHOHVFRPUHVSRQVDELOLGDGHSHODVXSHUYLVmRGRSURFHVVRGH
HODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLV5HVSRQVDELOLGDGHVGRDXGLWRUSHOD
DXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV1RVVRVREMHWLYRVVmRREWHUVHJXUDQoD
UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVWRPDGDVHPFRQMXQWRHVWmROLYUHV
GHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUURHHPLWLU
UHODWyULRGHDXGLWRULDFRQWHQGRQRVVDRSLQLmR6HJXUDQoDUD]RiYHOpXPDOWRQtYHO
GHVHJXUDQoDPDVQmRXPDJDUDQWLDGHTXHDDXGLWRULDUHDOL]DGDGHDFRUGRFRP
DVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULDVHPSUHGHWHFWDPDVHYHQWXDLV
GLVWRUo}HVUHOHYDQWHVH[LVWHQWHV$VGLVWRUo}HVSRGHPVHUGHFRUUHQWHVGHIUDXGH
RXHUURHVmRFRQVLGHUDGDVUHOHYDQWHVTXDQGRLQGLYLGXDOPHQWHRXHPFRQMXQWR
SRVVDPLQIOXHQFLDUGHQWURGHXPDSHUVSHFWLYDUD]RiYHODVGHFLV}HVHFRQ{PLFDV
GRVXVXiULRVWRPDGDVFRPEDVHQDVUHIHULGDVGHPRQVWUDo}HVFRQWiEHLV&RPR
SDUWHGDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLV
GHDXGLWRULDH[HUFHPRVMXOJDPHQWRSURILVVLRQDOHPDQWHPRVFHWLFLVPRSURILVVLRQDO
DR ORQJR GD DXGLWRULD $OpP GLVVR ,GHQWLILFDPRV H DYDOLDPRV RV ULVFRV GH
GLVWRUomR UHOHYDQWH QDV GHPRQVWUDo}HV FRQWiEHLV LQGHSHQGHQWHPHQWH VH
FDXVDGDSRUIUDXGHRXHUURSODQHMDPRVHH[HFXWDPRVSURFHGLPHQWRVGHDXGLWRULD
HPUHVSRVWDDWDLVULVFRVEHPFRPRREWHPRVHYLGrQFLDGHDXGLWRULDDSURSULDGDH
VXILFLHQWHSDUDIXQGDPHQWDUQRVVDRSLQLmR2ULVFRGHQmRGHWHFomRGHGLVWRUomR
UHOHYDQWHUHVXOWDQWHGHIUDXGHpPDLRUGRTXHRSURYHQLHQWHGHHUURMiTXHDIUDXGH
SRGHHQYROYHURDWRGHEXUODURVFRQWUROHVLQWHUQRVFRQOXLRIDOVLILFDomRRPLVVmR
RX UHSUHVHQWDo}HV IDOVDV LQWHQFLRQDLV 2EWHPRV HQWHQGLPHQWR GRV FRQWUROHV
LQWHUQRVUHOHYDQWHVSDUDDDXGLWRULDSDUDSODQHMDUPRVSURFHGLPHQWRVGHDXGLWRULD
DSURSULDGRVjVFLUFXQVWkQFLDVPDVQmRFRPRREMHWLYRGHH[SUHVVDUPRVRSLQLmR
VREUHDHILFiFLDGRVFRQWUROHVLQWHUQRVGD&RPSDQKLD$YDOLDPRVDDGHTXDomR
GDVSROtWLFDVFRQWiEHLVXWLOL]DGDVHDUD]RDELOLGDGHGDVHVWLPDWLYDVFRQWiEHLVH
UHVSHFWLYDV GLYXOJDo}HV IHLWDV SHOD $GPLQLVWUDomR &RQFOXtPRV VREUH D
DGHTXDomR GR XVR SHOD $GPLQLVWUDomR GD EDVH FRQWiELO GH FRQWLQXLGDGH
RSHUDFLRQDOHFRPEDVHQDVHYLGrQFLDVGHDXGLWRULDREWLGDVVHH[LVWHLQFHUWH]D
UHOHYDQWH HP UHODomR D HYHQWRV RX FRQGLo}HV TXH SRVVDP OHYDQWDU G~YLGD
VLJQLILFDWLYDHPUHODomRjFDSDFLGDGHGHFRQWLQXLGDGHRSHUDFLRQDOGD&RPSDQKLD
6H FRQFOXLUPRV TXH H[LVWH LQFHUWH]D UHOHYDQWH GHYHPRV FKDPDU DWHQomR HP
QRVVRUHODWyULRGHDXGLWRULDSDUDDVUHVSHFWLYDVGLYXOJDo}HVQDVGHPRQVWUDo}HV
FRQWiEHLV RX LQFOXLU PRGLILFDomR HP QRVVD RSLQLmR VH DV GLYXOJDo}HV IRUHP
LQDGHTXDGDV 1RVVDV FRQFOXV}HV HVWmR IXQGDPHQWDGDV QDV HYLGrQFLDV GH
DXGLWRULD REWLGDV DWp D GDWD GH QRVVR UHODWyULR 7RGDYLD HYHQWRV RX FRQGLo}HV
IXWXUDV SRGHP OHYDU D &RPSDQKLD D QmR PDLV VH PDQWHUHP HP FRQWLQXLGDGH
RSHUDFLRQDO $YDOLDPRV D DSUHVHQWDomR JHUDO D HVWUXWXUD H R FRQWH~GR GDV
GHPRQVWUDo}HV FRQWiEHLV LQFOXVLYH DV GLYXOJDo}HV H VH DV GHPRQVWUDo}HV
FRQWiEHLVUHSUHVHQWDPDVFRUUHVSRQGHQWHVWUDQVDo}HVHRVHYHQWRVGHPDQHLUD
FRPSDWtYHOFRPRREMHWLYRGHDSUHVHQWDomRDGHTXDGD&RPXQLFDPRQRVFRPRV
UHVSRQViYHLV SHOD JRYHUQDQoD D UHVSHLWR HQWUH RXWURV DVSHFWRV GR DOFDQFH
SODQHMDGRGDpSRFDGDDXGLWRULDHGDVFRQVWDWDo}HVVLJQLILFDWLYDVGHDXGLWRULD
LQFOXVLYH DV HYHQWXDLV GHILFLrQFLDV VLJQLILFDWLYDV QRV FRQWUROHV LQWHUQRV TXH
LGHQWLILFDPRVGXUDQWHQRVVRVWUDEDOKRV5HFLIHGHPDUoRGH(5167
<281*$XGLWRUHV,QGHSHQGHQWHV66&5&63))UDQFLVFRGD6LOYD
3LPHQWHO&RQWDGRU&5&63273(
&RQWDGRU$PLOWRQ4XHLUR]GD6LOYD±&5&3(2
'LUHWRUHV5LFDUGR-HU{QLPR3HUHLUD5rJR-~QLRU
H3HGUR3RQWXDO0DUOHWWL
(92467)