DOEPE 20/04/2017 - Pág. 38 - Poder Executivo - Diário Oficial do Estado de Pernambuco
38 - Ano XCIV• NÀ 73
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 20 de abril de 2017
'HPRQVWUDo}HVGDVPXWDo}HVGRSDWULP{QLROtTXLGR3HUtRGRVILQGRVHPGHGH]HPEUR
&255('(,5$6(1(5*e7,&$6$&13-1±5HODWyULRGD$GPLQLVWUDomR'DQGRFXPSULPHQWR
GHH HPPLOKDUHVGHUHDLV
jVGHWHUPLQDo}HVOHJDLVHHVWDWXWiULDVVXEPHWHPRVjDSUHFLDomRGRV6HQKRUHV$FLRQLVWDV&OLHQWHV)RUQHFHGRUHVHj6RFLHGDGH
HPJHUDOHVWH5HODWyULRGD$GPLQLVWUDomRHDV'HPRQVWUDo}HV&RQWiEHLVUHIHUHQWHVDRH[HUFtFLRVRFLDOILQGRHP
3UHMXt]RV
$GLDQWDPHQWRVSDUDIXWXUR
DFRPSDQKDGRVGR5HODWyULRGRV$XGLWRUHV,QGHSHQGHQWHV2DQRGHIRLPXLWRGLItFLOVREUHWXGRSHORDXPHQWRGRVULVFRVHP
&DSLWDOVRFLDO
$FXPXODGRV
6XEWRWDO
DXPHQWRGHFDSLWDO
7RWDO
IXQomR GD FUHVFHQWH ³MXGLFLDOL]DomR´ GR 6HWRU (OpWULFR ,QREVWDQWH HVVDV GLILFXOGDGHV D &RPSDQKLD FRQWLQXRX UHDOL]DQGR
LQYHVWLPHQWRVHDYDQoDQGRQRGHVHQYROYLPHQWRGRVHXSURMHWR5HFLIH±3($'LUHWRULD
6DOGRVHPGHGH]HPEURGH
3UHMXt]RGRSHUtRGR
'HPRQVWUDo}HVGRVIOX[RVGHFDL[D
%DODQoRVSDWULPRQLDLVGHGH]HPEURGHH
6DOGRVHPGHGH]HPEURGH
3HUtRGRVILQGRVHPGHGH]HPEURGHH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
3UHMXt]RGRSHUtRGR
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
1RWDV
6DOGRVHPGHGH]HPEURGH
$WLYR
)OX[RGHFDL[DGDVDWLYLGDGHV
&LUFXODQWH
SUHVHQWH OHJDORXQmRIRUPDOL]DGD HPFRQVHTXrQFLDGHXPHYHQWRSDVVDGR LL pSURYiYHOTXHEHQHItFLRVHFRQ{PLFRVVHMDPUHTXHULGRVSDUDOLTXLGDU
RSHUDFLRQDLV
&DL[DHHTXLYDOHQWHVGHFDL[D
DREULJDomRH LLL XPDHVWLPDWLYDFRQILiYHOGRYDORUGDREULJDomRSRVVDVHUIHLWD$GHVSHVDUHODWLYDDRUHFRQKHFLPHQWRGHTXDOTXHUSURYLVmRp
3UHMXt]RGRSHUtRGR
7RWDOGRDWLYRFLUFXODQWH
DSUHVHQWDGDQDGHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR3URYLV}HVSDUDULVFRVWULEXWiULRVFtYHLVHWUDEDOKLVWDV$&RPSDQKLDQmRSRVVXLFRQWLQJrQFLDV
$MXVWHVSDUDFRQFLOLDURUHVXOWDGRGR
FXMDDYDOLDomRGDVH[SHFWDWLYDVGHSHUGDVGHVHXVDVVHVVRUHVMXUtGLFRVVHMD³SURYiYHO´$VVLPQHQKXPDSURYLVmRSDUDSHUGDVIRLFRQVWLWXtGDHP
SHUtRGR
1mRFLUFXODQWH
H-XOJDPHQWRVHVWLPDWLYDVHSUHPLVVDVFRQWiEHLVVLJQLILFDWLYRV$VGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVFRPEDVHHPGLYHUVDV
-XURVYDULDo}HVPRQHWiULDVHFDPELDLV
,QWDQJtYHO
EDVHVGHDYDOLDomRXWLOL]DGDVQDVHVWLPDWLYDVFRQWiEHLV$VHVWLPDWLYDVFRQWiEHLVHQYROYLGDVQDSUHSDUDomRGDVGHPRQVWUDo}HVFRQWiEHLVIRUDP
OtTXLGDV
'LIHULGR
EDVHDGDVHPIDWRUHVREMHWLYRVHVXEMHWLYRVFRPEDVHQRMXOJDPHQWRGD$GPLQLVWUDomRSDUDGHWHUPLQDomRGRYDORUDGHTXDGRDVHUUHJLVWUDGRQDV
7RWDOGRDWLYRQmRFLUFXODQWH
$FUpVFLPR GHFUpVFLPRGHDWLYRV
GHPRQVWUDo}HVFRQWiEHLV$OLTXLGDomRGDVWUDQVDo}HVHQYROYHQGRHVVDVHVWLPDWLYDVSRGHUiUHVXOWDUHPYDORUHVVLJQLILFDWLYDPHQWHGLYHUJHQWHVGRV
UHJLVWUDGRV QDV GHPRQVWUDo}HV FRQWiEHLV GHYLGR DR WUDWDPHQWR SUREDELOtVWLFR LQHUHQWH DR SURFHVVR GH HVWLPDWLYD $ &RPSDQKLD UHYLVD VXDV
,PSRVWRVHFRQWULEXLo}HVDUHFXSHUDU
7RWDOGRDWLYR
HVWLPDWLYDVHSUHPLVVDVSHORPHQRVDQXDOPHQWH
$FUpVFLPR GHFUpVFLPR GHSDVVLYRV
,QWDQJtYHO2DWLYRLQWDQJtYHOQRPRQWDQWHGH5 5HODWyULRGRVDXGLWRUHVLQGHSHQGHQWHVVREUHDVGHPRQVWUDo}HVFRQWiEHLV$RV
5 HVWiUHSUHVHQWDGRSRUJDVWRVHPGHVHQYROYLPHQWRGH $FLRQLVWDVH$GPLQLVWUDGRUHVGD&RUUHGHLUDV(QHUJpWLFD6$5HFLIH3(2SLQLmR
)RUQHFHGRUHV
3DVVLYR
SURMHWRVUHODFLRQDGRVjFRQVWUXomRGD3&+&RUUHGHLUDV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
&LUFXODQWH
([DPLQDPRV DV GHPRQVWUDo}HV FRQWiEHLV GD &RUUHGHLUDV (QHUJpWLFD 6$
)RUQHFHGRUHV
³&RPSDQKLD´ TXHFRPSUHHQGHPREDODQoRSDWULPRQLDOHPGHGH]HPEURGH
3DUWHVUHODFLRQDGDV
&DL[DDSOLFDGRQDVDWLYLGDGHVRSHUDFLRQDLV
,PSRVWRVHFRQWULEXLo}HVDUHFROKHU
HDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDVPXWDo}HV
)OX[RGHFDL[DGDVDWLYLGDGHVGH
7RWDOGRSDVVLYRFLUFXODQWH
GRSDWULP{QLROtTXLGRHGRVIOX[RVGHFDL[DSDUDRSHUtRGRILQGRQHVVDGDWDEHPFRPR
3DVVLYR
LQYHVWLPHQWRV
DV FRUUHVSRQGHQWHV QRWDV H[SOLFDWLYDV LQFOXLQGR R UHVXPR GDV SULQFLSDLV SROtWLFDV
1mRFLUFXODQWH
$SOLFDomRQRLQWDQJtYHO
1mRFLUFXODQWH
FRQWiEHLV (P QRVVD RSLQLmR DV GHPRQVWUDo}HV FRQWiEHLV DFLPD UHIHULGDV
&RUUHGHLUDV+ROGLQJ6$
&DL[DDSOLFDGRQDVDWLYLGDGHVGH
3DUWHVUHODFLRQDGDV
DSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVDSRVLomRSDWULPRQLDO
LQYHVWLPHQWRV
7RWDOGRSDVVLYRQmRFLUFXODQWH
H ILQDQFHLUD GD &RUUHGHLUDV (QHUJpWLFD 6$ HP GH GH]HPEUR GH R
)OX[RGHFDL[DGDVDWLYLGDGHVGH
6REUHDVRSHUDo}HVGHP~WXRKiLQFLGrQFLDHUHFROKLPHQWRGH
GHVHPSHQKRGHVXDVRSHUDo}HVHRVVHXVIOX[RVGHFDL[DSDUDRSHUtRGRILQGRQHVVD
ILQDQFLDPHQWRV
3DVVLYRDGHVFREHUWR
,2)QRVWHUPRVGDOHJLVODomRILVFDOYLJHQWH
GDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO%DVHSDUDRSLQLmR
3DUWHVUHODFLRQDGDV
&DSLWDOVRFLDO
3DWULP{QLROtTXLGRD &DSLWDO VRFLDO 2 FDSLWDO VRFLDO 1RVVDDXGLWRULDIRLFRQGX]LGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGH
&DL[DJHUDGRSHODVDWLYLGDGHVGH
3UHMXt]RVDFXPXODGRV
VXEVFULWRHPGHGH]HPEURGHHpGH5HHVWi DXGLWRULD 1RVVDV UHVSRQVDELOLGDGHV HP FRQIRUPLGDGH FRP WDLV QRUPDV HVWmR
ILQDQFLDPHQWR
GHVFULWDVQDVHomRDVHJXLULQWLWXODGD³5HVSRQVDELOLGDGHVGRDXGLWRUSHODDXGLWRULDGDV
GLVWULEXtGRGDVHJXLQWHIRUPD
$FUpVFLPR GHFUpVFLPR QRFDL[DH
$GLDQWDPHQWRVSDUDIXWXURDXPHQWRGH
GHPRQVWUDo}HV FRQWiEHLV´ 6RPRV LQGHSHQGHQWHV HP UHODomR j &RPSDQKLD GH
HTXLYDOHQWHVGHFDL[D
FDSLWDO
$o}HV
$FLRQLVWDV
DFRUGRFRPRVSULQFtSLRVpWLFRVUHOHYDQWHVSUHYLVWRVQR&yGLJRGHeWLFD3URILVVLRQDOGR
'HPRQVWUDomRGRDFUpVFLPR GHFUpVFLPR
7RWDOSDVVLYRDGHVFREHUWR
&RQWDGRUHQDVQRUPDVSURILVVLRQDLVHPLWLGDVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH
&RUUHGHLUDV+ROGLQJ6$
QRFDL[DHHTXLYDOHQWHVGHFDL[D
HFXPSULPRVFRPDVGHPDLVUHVSRQVDELOLGDGHVpWLFDVGHDFRUGRFRPHVVDVQRUPDV
2XWURVDFLRQLVWDV
1RILQDOGRSHUtRGR
7RWDOGRSDVVLYRHSDVVLYRDGHVFREHUWR
$FUHGLWDPRV TXH D HYLGrQFLD GH DXGLWRULD REWLGD p VXILFLHQWH H DSURSULDGD SDUD
1RLQtFLRGRSHUtRGR
'HPRQVWUDo}HVGRVUHVXOWDGRV
E $GLDQWDPHQWRV SDUD IXWXUR DXPHQWR GH FDSLWDO 2V IXQGDPHQWDU QRVVD RSLQLmR 5HVSRQVDELOLGDGHV GD $GPLQLVWUDomR H GD
$FUpVFLPR
GHFUpVFLPR
QRFDL[DH
3HUtRGRVILQGRVHPGHGH]HPEURGHH
HTXLYDOHQWHVGHFDL[D
DGLDQWDPHQWRV FRQFHGLGRV SHORV DFLRQLVWDV GHVWLQDGRV DR JRYHUQDQoDSHODVGHPRQVWUDo}HVFRQWiEHLV$$GPLQLVWUDomRpUHVSRQViYHOSHOD
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
DXPHQWRGHFDSLWDOVHUmRHIHWLYDPHQWHFDSLWDOL]DGRVHP HODERUDomRHDGHTXDGDDSUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDV
'HPRQVWUDo}HVGRVUHVXOWDGRVDEUDQJHQWHV
,QVWUXPHQWRV ILQDQFHLURV 2V SULQFLSDLV LQVWUXPHQWRV SUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOHSHORVFRQWUROHVLQWHUQRVTXHHODGHWHUPLQRX
3HUtRGRVILQGRVHPGHGH]HPEURGHH
'HVSHVDVRSHUDFLRQDLV
FRPRQHFHVViULRVSDUDSHUPLWLUDHODERUDomRGHGHPRQVWUDo}HVFRQWiEHLVOLYUHVGH
ILQDQFHLURVGD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHVGHFDL[DH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
*HUDLVHDGPLQLVWUDWLYDV
GLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR1DHODERUDomR
SDUWHVUHODFLRQDGDVHFRQWDVDSDJDUDIRUQHFHGRUHV(PGH
GDV GHPRQVWUDo}HV FRQWiEHLV D $GPLQLVWUDomR p UHVSRQViYHO SHOD DYDOLDomR GD
2XWUDVGHVSHVDVRSHUDFLRQDLV
GH]HPEURGHHQmRKDYLDGLIHUHQoDVLJQLILFDWLYDHQWUH FDSDFLGDGHGHD&RPSDQKLDFRQWLQXDURSHUDQGRGLYXOJDQGRTXDQGRDSOLFiYHORV
3UHMXt]RGRSHUtRGR
5HVXOWDGRGRSHUtRGR
RV YDORUHV FRQWiEHLV H RV GH PHUFDGR SDUD RV LQVWUXPHQWRV DVVXQWRV UHODFLRQDGRV FRP D VXD FRQWLQXLGDGH RSHUDFLRQDO H R XVR GHVVD EDVH
2XWURVUHVXOWDGRVDEUDQJHQWHV
4XDQWLGDGHGHDo}HV
ILQDQFHLURVGD&RPSDQKLD$&RPSDQKLDQmRUHDOL]DRSHUDo}HV FRQWiELOQDHODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLVDQmRVHUTXHD$GPLQLVWUDomR
5HVXOWDGRDEUDQJHQWHGRSHUtRGR
3UHMXt]RSRUDomRHP5HDLV
GHKHGJHVZDSRXTXDLVTXHURXWUDVRSHUDo}HVTXHHQYROYDP SUHWHQGDOLTXLGDUD&RPSDQKLDRXFHVVDUVXDVRSHUDo}HVRXQmRWHQKDQHQKXPD
1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HVFRQWiEHLVGHGH]HPEURGHH 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV LQVWUXPHQWRVILQDQFHLURVGHULYDWLYRV
DOWHUQDWLYDUHDOLVWDSDUDHYLWDURHQFHUUDPHQWRGDVRSHUDo}HV2VUHVSRQViYHLVSHOD
,QIRUPDo}HVVREUHD&RPSDQKLD$&RUUHGHLUDV(QHUJpWLFD6$ ³&RPSDQKLD´ pXPDVRFLHGDGHSRUDo}HVGHFDSLWDOIHFKDGR
&RQWDGRU$PLOWRQ4XHLUR]GD6LOYD±&5&3(2 JRYHUQDQoD GD &RPSDQKLD VmR DTXHOHV FRP UHVSRQVDELOLGDGH SHOD VXSHUYLVmR GR
FRPVHGHQDFLGDGHGR5HFLIH3(TXHWHPFRPRREMHWRVRFLDODSURGXomRHFRPHUFLDOL]DomRGHHQHUJLDHOpWULFDFRPDSURYHLWDPHQWR
SURFHVVR GH HODERUDomR GDV GHPRQVWUDo}HV FRQWiEHLV 5HVSRQVDELOLGDGHV GR
'LUHWRUHV5LFDUGR-HU{QLPR3HUHLUD5rJR-~QLRU
GHUHFXUVRVKtGULFRVQDWXUDLVPHGLDQWHDXWRUL]DomRGR3RGHU3~EOLFRFRPSHWHQWH&RQVLGHUDQGRTXHD$1((/DLQGDQmRFRQFHGHXD
DXGLWRUSHODDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV1RVVRVREMHWLYRVVmRREWHU
H3HGUR3RQWXDO0DUOHWWL
DXWRUL]DomRSDUDDLPSODQWDomRGRHPSUHHQGLPHQWRDVREUDVGD3&+&RUUHGHLUDVDLQGDQmRIRUDPLQLFLDGDVHDSUHYLVmRpGHTXHDV
VHJXUDQoDUD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVWRPDGDVHPFRQMXQWRHVWmR
PHVPDVVyRFRUUDPDSDUWLUGH'LDQWHGLVVRD$GPLQLVWUDomRGD&RPSDQKLDHVWLPDTXHDRSHUDomRFRPHUFLDOGD8VLQDRFRUUD OLYUHVGHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUURHHPLWLUUHODWyULRGHDXGLWRULDFRQWHQGRQRVVDRSLQLmR6HJXUDQoD
DR ILQDO GR DQR GH $ FRQWURODGRUD JDUDQWH R VXSRUWH ILQDQFHLUR SDUD HYHQWXDLV QHFHVVLGDGHV GH FDL[D GD &RPSDQKLD UD]RiYHOpXPDOWRQtYHOGHVHJXUDQoDPDVQmRXPDJDUDQWLDGHTXHDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGH
$SUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVHVXPiULRGDVSUiWLFDVFRQWiEHLV$VGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDV DXGLWRULDVHPSUHGHWHFWDPDVHYHQWXDLVGLVWRUo}HVUHOHYDQWHVH[LVWHQWHV$VGLVWRUo}HVSRGHPVHUGHFRUUHQWHVGHIUDXGHRXHUURHVmRFRQVLGHUDGDV
HHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOTXHFRPSUHHQGHPRVGRFXPHQWRVHPLWLGRV UHOHYDQWHVTXDQGRLQGLYLGXDOPHQWHRXHPFRQMXQWRSRVVDPLQIOXHQFLDUGHQWURGHXPDSHUVSHFWLYDUD]RiYHODVGHFLV}HVHFRQ{PLFDVGRVXVXiULRV
SHOR &RPLWr GH 3URQXQFLDPHQWRV &RQWiEHLV &3& DSURYDGRV SHOR &RQVHOKR )HGHUDO GH &RQWDELOLGDGH &)& FRPR 1RUPDV WRPDGDVFRPEDVHQDVUHIHULGDVGHPRQVWUDo}HVFRQWiEHLV&RPRSDUWHGDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGH
%UDVLOHLUDVGH&RQWDELOLGDGH 1%& $VGHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDRSHUtRGRILQGRHPGHGH]HPEURGH DXGLWRULDH[HUFHPRVMXOJDPHQWRSURILVVLRQDOHPDQWHPRVFHWLFLVPRSURILVVLRQDODRORQJRGDDXGLWRULD$OpPGLVVR,GHQWLILFDPRVHDYDOLDPRVRVULVFRV
IRUDPDXWRUL]DGDVSDUDHPLVVmRGHDFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH 7ULEXWDomR ,PSRVWR GH GHGLVWRUomRUHOHYDQWHQDVGHPRQVWUDo}HVFRQWiEHLVLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUURSODQHMDPRVHH[HFXWDPRVSURFHGLPHQWRVGH
UHQGD H FRQWULEXLomR VRFLDO $ WULEXWDomR VREUH R OXFUR FRPSUHHQGH R LPSRVWR GH UHQGD H D FRQWULEXLomR VRFLDO RV TXDLV VmR DXGLWRULDHPUHVSRVWDDWDLVULVFRVEHPFRPRREWHPRVHYLGrQFLDGHDXGLWRULDDSURSULDGDHVXILFLHQWHSDUDIXQGDPHQWDUQRVVDRSLQLmR2ULVFRGHQmR
UHJLVWUDGRV FRP EDVH QR SULQFtSLR GD FRPSHWrQFLD H FDOFXODGRV FRQIRUPH OHJLVODomR ILVFDO HP YLJRU WHQGR SRU EDVH R ³/XFUR GHWHFomRGHGLVWRUomRUHOHYDQWHUHVXOWDQWHGHIUDXGHpPDLRUGRTXHRSURYHQLHQWHGHHUURMiTXHDIUDXGHSRGHHQYROYHURDWRGHEXUODURVFRQWUROHV
3UHVXPLGR´ ,QVWUXPHQWRV ILQDQFHLURV 2V LQVWUXPHQWRV ILQDQFHLURV VRPHQWH VmR UHFRQKHFLGRV D SDUWLU GD GDWD HP TXH D LQWHUQRVFRQOXLRIDOVLILFDomRRPLVVmRRXUHSUHVHQWDo}HVIDOVDVLQWHQFLRQDLV2EWHPRVHQWHQGLPHQWRGRVFRQWUROHVLQWHUQRVUHOHYDQWHVSDUDDDXGLWRULD
&RPSDQKLDVHWRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGHXPLQVWUXPHQWRILQDQFHLUR2SULQFLSDODWLYRILQDQFHLURUHFRQKHFLGRSHOD SDUDSODQHMDUPRVSURFHGLPHQWRVGHDXGLWRULDDSURSULDGRVjVFLUFXQVWkQFLDVPDVQmRFRPRREMHWLYRGHH[SUHVVDUPRVRSLQLmRVREUHDHILFiFLDGRV
&RPSDQKLD p FDL[D H HTXLYDOHQWHV GH FDL[D 2V SULQFLSDLV SDVVLYRV ILQDQFHLURV UHFRQKHFLGRV SHOD &RPSDQKLD VmR SDUWHV FRQWUROHVLQWHUQRVGD&RPSDQKLD$YDOLDPRVDDGHTXDomRGDVSROtWLFDVFRQWiEHLVXWLOL]DGDVHDUD]RDELOLGDGHGDVHVWLPDWLYDVFRQWiEHLVHUHVSHFWLYDV
UHODFLRQDGDVHFRQWDVDSDJDUDIRUQHFHGRUHV&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRPD GLYXOJDo}HVIHLWDVSHOD$GPLQLVWUDomR&RQFOXtPRVVREUHDDGHTXDomRGRXVRSHOD$GPLQLVWUDomRGDEDVHFRQWiELOGHFRQWLQXLGDGHRSHUDFLRQDOHFRP
ILQDOLGDGH GH DWHQGHU D FRPSURPLVVRV GH FDL[D GH FXUWR SUD]R H QmR SDUD LQYHVWLPHQWR RX RXWURV ILQV ,QWDQJtYHO $WLYRV EDVHQDVHYLGrQFLDVGHDXGLWRULDREWLGDVVHH[LVWHLQFHUWH]DUHOHYDQWHHPUHODomRDHYHQWRVRXFRQGLo}HVTXHSRVVDPOHYDQWDUG~YLGDVLJQLILFDWLYDHP
LQWDQJtYHLVDGTXLULGRVVHSDUDGDPHQWHVmRPHQVXUDGRVDRFXVWRGHDTXLVLomRQRPRPHQWRGRVHXUHFRQKHFLPHQWRLQLFLDO$SyVR UHODomRjFDSDFLGDGHGHFRQWLQXLGDGHRSHUDFLRQDOGD&RPSDQKLD6HFRQFOXLUPRVTXHH[LVWHLQFHUWH]DUHOHYDQWHGHYHPRVFKDPDUDWHQomRHPQRVVR
UHFRQKHFLPHQWRLQLFLDORVDWLYRVLQWDQJtYHLVVmRDSUHVHQWDGRVDRFXVWRPHQRVDPRUWL]DomRDFXPXODGDHSHUGDVDFXPXODGDVSRU UHODWyULRGHDXGLWRULDSDUDDVUHVSHFWLYDVGLYXOJDo}HVQDVGHPRQVWUDo}HVFRQWiEHLVRXLQFOXLUPRGLILFDomRHPQRVVDRSLQLmRVHDVGLYXOJDo}HVIRUHP
UHGXomRDRYDORUUHFXSHUiYHO'LIHULGR&RQIRUPHIDFXOWDGRSHOD/HLQD&RPSDQKLDRSWRXSHODPDQXWHQomRGRV LQDGHTXDGDV1RVVDVFRQFOXV}HVHVWmRIXQGDPHQWDGDVQDVHYLGrQFLDVGHDXGLWRULDREWLGDVDWpDGDWDGHQRVVRUHODWyULR7RGDYLDHYHQWRVRXFRQGLo}HV
VDOGRVGRDWLYRGLIHULGRUHJLVWUDGRHPGHGH]HPEURGHDWpVXDFRPSOHWDDPRUWL]DomR3RUHVWDUHPIDVHSUpRSHUDFLRQDOD IXWXUDVSRGHPOHYDUD&RPSDQKLDDQmRPDLVVHPDQWHUHPHPFRQWLQXLGDGHRSHUDFLRQDO$YDOLDPRVDDSUHVHQWDomRJHUDODHVWUXWXUDHRFRQWH~GRGDV
&RPSDQKLD QmR YHP DPRUWL]DQGR R DWLYR GLIHULGR 3HUGD SRU UHGXomR DR YDORU UHFXSHUiYHO GH DWLYRV QmR ILQDQFHLURV $ GHPRQVWUDo}HVFRQWiEHLVLQFOXVLYHDVGLYXOJDo}HVHVHDVGHPRQVWUDo}HVFRQWiEHLVUHSUHVHQWDPDVFRUUHVSRQGHQWHVWUDQVDo}HVHRVHYHQWRVGH
$GPLQLVWUDomRUHYLVDDQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDUHYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDV PDQHLUD FRPSDWtYHO FRP R REMHWLYR GH DSUHVHQWDomR DGHTXDGD &RPXQLFDPRQRV FRP RV UHVSRQViYHLV SHOD JRYHUQDQoD D UHVSHLWR HQWUH RXWURV
HFRQ{PLFDVRSHUDFLRQDLVRXWHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO6HQGRWDLVHYLGrQFLDVLGHQWLILFDGDVH DVSHFWRVGRDOFDQFHSODQHMDGRGDpSRFDGDDXGLWRULDHGDVFRQVWDWDo}HVVLJQLILFDWLYDVGHDXGLWRULDLQFOXVLYHDVHYHQWXDLVGHILFLrQFLDVVLJQLILFDWLYDVQRV
RYDORUFRQWiELOOtTXLGRH[FHGHURYDORUUHFXSHUiYHOpUHFRQKHFLGDXPDSHUGDHVWLPDGDSHODGHVYDORUL]DomRGRDWLYRDMXVWDQGRR FRQWUROHVLQWHUQRVTXHLGHQWLILFDPRVGXUDQWHQRVVRVWUDEDOKRV5HFLIH 3( GHPDUoRGH(5167 <281*$XGLWRUHV,QGHSHQGHQWHV66&5&
YDORUFRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO3URYLV}HV3URYLV}HVVmRUHFRQKHFLGDVTXDQGR L D&RPSDQKLDWHPXPDREULJDomR
63))UDQFLVFRGD6LOYD3LPHQWHO&RQWDGRU&5&63273(
(92535)