DOEPE 21/03/2019 - Pág. 14 - Poder Executivo - Diário Oficial do Estado de Pernambuco
14 - Ano XCVI • NÀ 54
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 21 de março de 2019
&RQFHVVLRQiULD5RWDGRV&RTXHLURV6$
'HPRQVWUDo}HVFRQWiEHLVDFRPSDQKDGDVGRUHODWyULRGRDXGLWRULQGHSHQGHQWH(PGHGH]HPEURGH
5HODWyULRGRDXGLWRULQGHSHQGHQWHVREUHDVGHPRQVWUDo}HVFRQWiEHLV$RV$FLRQLVWDV&RQVHOKHLURVH$GPLQLVWUDGRUHVGD&RQFHVVLRQiULD5RWDGRV&RTXHLURV6$ 5HFLIH3(2SLQLmR ([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLVGD&RQFHVVLRQiULD5RWDGRV&RTXHLURV
6$ &RPSDQKLD TXH FRPSUHHQGHP R EDODQoR SDWULPRQLDO HP GH GH]HPEUR GH H DV UHVSHFWLYDV GHPRQVWUDo}HV GR UHVXOWDGR GDV PXWDo}HV GR SDWULP{QLR OtTXLGR H GR IOX[R GH FDL[D SDUD R H[HUFtFLR ILQGR QHVVD GDWD EHP FRPR DV FRUUHVSRQGHQWHV QRWDV
H[SOLFDWLYDVLQFOXLQGRRUHVXPRGDVSULQFLSDLVSROtWLFDVFRQWiEHLV(PQRVVDRSLQLmRDVGHPRQVWUDo}HVFRQWiEHLVDFLPDUHIHULGDVDSUHVHQWDPDGHTXDGDPHQWHHPWRGRVRVDVSHFWRVUHOHYDQWHVDSRVLomRSDWULPRQLDOHILQDQFHLUDGD&RQFHVVLRQiULD5RWDGRV&RTXHLURV6$
HPGHGH]HPEURGHRGHVHPSHQKRGHVXDVRSHUDo}HVHRVHXIOX[RGHFDL[DSDUDRH[HUFtFLRILQGRQDTXHODGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO%DVHSDUDRSLQLmR 1RVVDDXGLWRULDIRLFRQGX]LGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVH
LQWHUQDFLRQDLVGHDXGLWRULD1RVVDVUHVSRQVDELOLGDGHVHPFRQIRUPLGDGHFRPWDLVQRUPDVHVWmRGHVFULWDVQDVHomR5HVSRQVDELOLGDGHVGRDXGLWRUSHODDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV6RPRVLQGHSHQGHQWHVHPUHODomRj&RPSDQKLDGHDFRUGRFRPRVSULQFtSLRV
pWLFRVUHOHYDQWHVSUHYLVWRVQR&yGLJRGHeWLFD3URILVVLRQDOGR&RQWDGRUHQDVQRUPDVSURILVVLRQDLVHPLWLGDVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGHHFXPSULPRVDVGHPDLVUHVSRQVDELOLGDGHVpWLFDVGHDFRUGRFRPHVVDVQRUPDV$FUHGLWDPRVTXHDHYLGrQFLDGHDXGLWRULD
REWLGD p VXILFLHQWH H DSURSULDGD SDUD IXQGDPHQWDU QRVVD RSLQLmR ÇQIDVH 2SHUDomR /DYD -DWR &RQIRUPH PHQFLRQDGR QD 1RWD ([SOLFDWLYD QR GHVGH HQFRQWUDPVH HP DQGDPHQWR LQYHVWLJDo}HV H RXWUDV PHGLGDV OHJDLV FRQGX]LGDV SHOD -XVWLoD )HGHUDO H SHOR
0LQLVWpULR3~EOLFR)HGHUDOQRFRQWH[WRGDFKDPDGD2SHUDomR/DYD-DWRHTXHHQYROYHPHPSUHVDVHH[HFXWLYRVGR*UXSR2GHEUHFKWGRTXDOD&RPSDQKLDID]SDUWH$WpRSUHVHQWHPRPHQWRQmRKiFRPRGHWHUPLQDUVHD&RPSDQKLDVHUiDIHWDGDSHORVUHVXOWDGRVGDV
UHIHULGDVLQYHVWLJDo}HVHSRUTXDLVTXHUGHVHXVGHVGREUDPHQWRVHVXDVFRQVHTXrQFLDVIXWXUDV$VGHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDQmRLQFOXHPTXDLVTXHUHIHLWRVTXHSRVVDPDGYLUGHVVHVDVVXQWRVHQRVVDRSLQLmRQmRHVWiPRGLILFDGDHPUHODomRDHVVHWHPD
5HVSRQVDELOLGDGHGD$GPLQLVWUDomRHGDJRYHUQDQoDVREUHDVGHPRQVWUDo}HVFRQWiEHLV $ $GPLQLVWUDomRpUHVSRQViYHOSHODHODERUDomRHDGHTXDGDDSUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOHSHORVFRQWUROHV
LQWHUQRVTXHHODGHWHUPLQRXFRPRQHFHVViULRVSDUDSHUPLWLUDHODERUDomRGHVVDVGHPRQVWUDo}HVFRQWiEHLVOLYUHVGHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR1DHODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLVD$GPLQLVWUDomRpUHVSRQViYHOSHOD
DYDOLDomRGDFDSDFLGDGHGHD&RPSDQKLDFRQWLQXDURSHUDQGRGLYXOJDQGRTXDQGRDSOLFiYHORVDVVXQWRVUHODFLRQDGRVFRPVXDFRQWLQXLGDGHRSHUDFLRQDOHRXVRGHVVDEDVHFRQWiELOQDHODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLVDQmRVHUTXHD$GPLQLVWUDomRSUHWHQGD
OLTXLGDUD&RPSDQKLDRXFHVVDUVXDVRSHUDo}HVRXQmRWHQKDQHQKXPDDOWHUQDWLYDUHDOLVWDSDUDHYLWDURHQFHUUDPHQWRGDVRSHUDo}HV2VUHVSRQViYHLVSHODJRYHUQDQoDGD&RPSDQKLDVmRDTXHOHVFRPUHVSRQVDELOLGDGHSHODVXSHUYLVmRGRSURFHVVRGHHODERUDomRGDV
GHPRQVWUDo}HVFRQWiEHLV5HVSRQVDELOLGDGHGRVDXGLWRUHVSHODDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV 1RVVRVREMHWLYRVVmRREWHUVHJXUDQoDUD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVWRPDGDVHPFRQMXQWRHVWmROLYUHVGHGLVWRUomRUHOHYDQWHLQGHSHQGHQWHVH
FDXVDGDSRUIUDXGHRXHUURHHPLWLUUHODWyULRGHDXGLWRULDFRQWHQGRQRVVDRSLQLmR6HJXUDQoDUD]RiYHOpXPDOWRQtYHOGHVHJXUDQoDPDVQmRXPDJDUDQWLDGHTXHDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULDVHPSUHGHWHFWDPDV
HYHQWXDLVGLVWRUo}HVUHOHYDQWHVH[LVWHQWHV$VGLVWRUo}HVSRGHPVHUGHFRUUHQWHVGHIUDXGHRXHUURHVmRFRQVLGHUDGDVUHOHYDQWHVTXDQGRLQGLYLGXDOPHQWHRXHPFRQMXQWRSRVVDPLQIOXHQFLDUGHQWURGHXPDSHUVSHFWLYDUD]RiYHODVGHFLV}HVHFRQ{PLFDVGRVXVXiULRVWRPDGDV
FRPEDVHQDVUHIHULGDVGHPRQVWUDo}HVFRQWiEHLV&RPRSDUWHGHDXGLWRULDUHDOL]DGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULDH[HUFHPRVMXOJDPHQWRSURILVVLRQDOHPDQWHPRVFHWLFLVPRSURILVVLRQDODRORQJRGDDXGLWRULD$OpPGLVVR ,GHQWLILFDPRV
H DYDOLDPRV RV ULVFRV GH GLVWRUomR UHOHYDQWH QDV GHPRQVWUDo}HV FRQWiEHLV LQGHSHQGHQWHPHQWH VH FDXVDGD SRU IUDXGH RX HUUR SODQHMDPRV H H[HFXWDPRV SURFHGLPHQWRV GH DXGLWRULD HP UHVSRVWD D WDLV ULVFRV EHP FRPR REWLYHPRV HYLGrQFLD GH DXGLWRULD DSURSULDGD H
VXILFLHQWHSDUDIXQGDPHQWDUQRVVDRSLQLmR2ULVFRGHQmRGHWHFomRGHGLVWRUomRUHOHYDQWHUHVXOWDQWHGHIUDXGHpPDLRUGRTXHRSURYHQLHQWHGHHUURMiTXHDIUDXGHSRGHHQYROYHURDWRGHEXUODURVFRQWUROHVLQWHUQRVFRQOXLRIDOVLILFDomRRPLVVmRRXUHSUHVHQWDo}HVIDOVDV
LQWHQFLRQDLV 2EWLYHPRVHQWHQGLPHQWRGRVFRQWUROHVLQWHUQRVUHOHYDQWHVSDUDDDXGLWRULDSDUDSODQHMDUPRVSURFHGLPHQWRVGHDXGLWRULDDSURSULDGRVjVFLUFXQVWkQFLDVPDVQmRFRPREMHWLYRGHH[SUHVVDUPRVRSLQLmRVREUHHHILFiFLDGRVFRQWUROHVLQWHUQRVGD&RPSDQKLD
$YDOLDPRVDDGHTXDomRGDVSROtWLFDVFRQWiEHLVXWLOL]DGDVHDUD]RDELOLGDGHGDVHVWLPDWLYDVFRQWiEHLVHUHVSHFWLYDVGLYXOJDo}HVIHLWDVSHOD$GPLQLVWUDomR &RQFOXtPRVVREUHDDGHTXDomRGRXVRSHOD$GPLQLVWUDomRGDEDVHFRQWiELOGHFRQWLQXLGDGHRSHUDFLRQDOHFRPEDVH
QDVHYLGrQFLDVGHDXGLWRULDREWLGDVVHH[LVWHLQFHUWH]DUHOHYDQWHHPUHODomRDHYHQWRVRXFRQGLo}HVTXHSRVVDPOHYDQWDUG~YLGDVLJQLILFDWLYDHPUHODomRjFDSDFLGDGHGHFRQWLQXLGDGHRSHUDFLRQDOGD&RPSDQKLD6HFRQFOXLUPRVTXHH[LVWHLQFHUWH]DUHOHYDQWHGHYHPRV
FKDPDUDWHQomRHPQRVVRUHODWyULRGHDXGLWRULDSDUDDVUHVSHFWLYDVGLYXOJDo}HVQDVGHPRQVWUDo}HVFRQWiEHLVRXLQFOXLUPRGLILFDomRHPQRVVDRSLQLmRVHDVGLYXOJDo}HVIRUHPLQDGHTXDGDV1RVVDVFRQFOXV}HVHVWmRIXQGDPHQWDGDVQDVHYLGrQFLDVGHDXGLWRULDREWLGDVDWp
DGDWDGHQRVVRUHODWyULR7RGDYLDHYHQWRVRXFRQGLo}HVIXWXUDVSRGHPOHYDUD&RPSDQKLDDQmRPDLVVHPDQWHUHPFRQWLQXLGDGHRSHUDFLRQDO $YDOLDPRVDDSUHVHQWDomRJHUDODHVWUXWXUDHRFRQWH~GRGDVGHPRQVWUDo}HVFRQWiEHLVLQFOXVLYHDVGLYXOJDo}HVHVHDV
GHPRQVWUDo}HVFRQWiEHLVUHSUHVHQWDPDVFRUUHVSRQGHQWHVWUDQVDo}HVHRVHYHQWRVGHPDQHLUDFRPSDWtYHOFRPRREMHWLYRGHDSUHVHQWDomRDGHTXDGD&RPXQLFDPRQRVFRPRVUHVSRQViYHLVSHODJRYHUQDQoDDUHVSHLWRHQWUHRXWURVDVSHFWRVGRDOFDQFHSODQHMDGRGDpSRFD
GD DXGLWRULD H GDV FRQVWDWDo}HV VLJQLILFDWLYDV GH DXGLWRULD LQFOXVLYH DV HYHQWXDLV GHILFLrQFLDV VLJQLILFDWLYDV QRV FRQWUROHV LQWHUQRV TXH LGHQWLILFDPRV GXUDQWH QRVVRV WUDEDOKRV 6mR 3DXOR GH IHYHUHLUR GH (GLQLOVRQ$WWL]DQL &7 &5& 63 2 6 3(
*UDQW7KRUQWRQ$XGLWRUHV,QGHSHQGHQWHV&5&63263(
%DODQoRVSDWULPRQLDLVHPGHGH]HPEURGHH(PPLOKDUHVGHUHDLV
$7,92
1RWDV
$WLYRFLUFXODQWH
&DL[DHHTXLYDOHQWHVGHFDL[D
&RQWDVDUHFHEHU
7ULEXWRVDUHFXSHUDU
'HVSHVDVDQWHFLSDGDV
2XWURVDWLYRV
$WLYRQmRFLUFXODQWH
5HDOL]iYHODORQJRSUD]R
&RQWDVYLQFXODGDV
&RQWDVDUHFHEHU
,PSRVWRGHUHQGDHFRQWULEXLomR
VRFLDOGLIHULGRV
D
'HVSHVDVDQWHFLSDGDV
2XWURVDWLYRV
,PRELOL]DGR
,QWDQJtYHO
7RWDOGRDWLYR
3$66,92(3$75,0Ð1,2/Ë48,'2
1RWDV
3DVVLYRFLUFXODQWH
)RUQHFHGRUHV
(PSUpVWLPRVHILQDQFLDPHQWRV
7ULEXWRVDSDJDU
6DOiULRVHHQFDUJRVVRFLDLV
&RQWULEXLomRDR
IXQGRVyFLRDPELHQWDO
2XWURVSDVVLYRV
3DVVLYRQmRFLUFXODQWH
(PSUpVWLPRVHILQDQFLDPHQWRV
3DUWHVUHODFLRQDGDV
,PSRVWRGHUHQGDHFRQWULEXLomR
VRFLDOGLIHULGRV
D
3URYLVmRSDUDFRQWLQJrQFLDV
3URYLVmRGHFRQVHUYDHVSHFLDO
3DWULP{QLROtTXLGR
&DSLWDOVRFLDO
5HVHUYDGHFDSLWDO
5HVHUYDVGHOXFURV
7RWDOGRSDVVLYRHGR
SDWULP{QLROtTXLGR
$VQRWDVH[SOLFDWLYDVGD$GPLQLVWUDomRVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
'HPRQVWUDomRGDVPXWDo}HVQRSDWULP{QLROtTXLGR (PPLOKDUHVGHUHDLV
5HVHUYDGHOXFUR
&DSLWDO
5HVHUYD
5HVHUYD
5HVHUYDGH
5HVHUYDGH
/XFURV
VRFLDO
GHFDSLWDO
OHJDO LQYHVWLPHQWR
LQFHQWLYRILVFDO
DFXPXODGRV
(PGHMDQHLURGH
/XFUROtTXLGRGRH[HUFtFLR
5HFODVVLILFDo}HV
'HVWLQDomRGROXFUR 1RWD
'LYLGHQGRVSURSRVWRV 1RWD Y
(PGHGH]HPEURGH
(PGHMDQHLURGH
3HMXt]RGRH[HUFtFLR
(PGHGH]HPEURGH
1RWDVH[SOLFDWLYDVGDDGPLQLVWUDomR
jVGHPRQVWUDo}HVFRQWiEHLVSDUDRV
H[HUFtFLRVILQGRVHPGHGH]HPEURGH
(PPLOKDUHVGHUHDLVH[FHWR
TXDQGRLQGLFDGRGHRXWUDIRUPD
,QIRUPDo}HVJHUDLV
$ &RQFHVVLRQiULD5RWDGRV&RTXHLURV6$ 5RWDGRV&RTXHLURV
RX&RPSDQKLD pXPD6RFLHGDGHGH3URSyVLWR(VSHFtILFR 63(
FRQVWLWXtGDHPGHGH]HPEURGHTXHWHPFRPRREMHWRVR
FLDOH[SORUDUPHGLDQWHFRQFHVVmRSDWURFLQDGDSUHFHGLGDGHREUDV
RVLVWHPDYLiULRFRPSRVWRSHODSUDoDGHSHGiJLRORFDOL]DGDQR0X
QLFtSLRGH-DERDWmRGRV*XDUDUDSHV 3UDoDGH3HGiJLR%DUUDGH
-DQJDGD SHODSRQWHGHDFHVVRVREUHR5LR-DERDWmRTXHLQWHUOL
JDUi RV 0XQLFtSLRV GH -DERDWmR GRV *XDUDUDSHV H GR &DER GH
6DQWR$JRVWLQKRSHODYLDSULQFLSDOGR'HVWLQRGH7XULVPRH/D]HU
3UDLDGR3DLYD 9LD3DUTXH DH[WHQVmRFRQFHGLGDpGHNP
TXHVHLQLFLDQDUHIHULGDSRQWHGHDFHVVRHVHJXHDWpFRQHFWDUVH
FRPDYLDPXQLFLSDO5XD'H]HVVHWHGR&DERGH6DQWR$JRVWLQKR
QD3UDLDGH,WDSXDPD HSHODSUDoDGHSHGiJLRORFDOL]DGDQR0X
QLFtSLRGH&DERGH6DQWR$JRVWLQKR 3UDoDGH3HGiJLR,WDSXDPD
$ &RPSDQKLDWHPSRUREMHWRDLQGDDSUHVWDomRGRVHUYLoRS~EOLFR
GHRSHUDomRHDWLYLGDGHVGHDSRLRQHFHVViULDVDRIXQFLRQDPHQWR
GDUHIHULGDSRQWHHVLVWHPDYLiULR$VREUDVGHH[HFXomRGDFRQ
FHVVmRWLYHUDPLQtFLRHPMDQHLURGHHIRUDPFRQFOXtGDVHP
PDUoRGHFRPLQtFLRGDVRSHUDo}HVHPGHMXQKRGH
$VDWLYLGDGHVVmRUHDOL]DGDVFRPEDVHQRFRQWUDWRGHVHUYLoRGH
ORQJRSUD]RDVVLPFODVVLILFDGRV
2EMHWRGRFRQWUDWR
3UD]R
3RGHU
&RQFHGHQWH
([SORUDomRGRVLVWHPDYLiULRFRPSRV DQRVH
(VWDGRGH
WRSHODSUDoDGHSHGiJLRGH-DERDWmR PHVHV 3HUQDPEXFR
GRV*XDUDUDSHVSHODSRQWHGHDFHVVR
VREUHR5LR-DERDWmRSHODYLDSULQFLSDO
GD5HVHUYDGR3DLYDHSHODSUDoDGH
SHGiJLRGR&DERGH6DQWR$JRVWLQKR
$ &RPSDQKLDpSDUWHLQWHJUDQWHGD2UJDQL]DomR2GHEUHFKW 2U
JDQL]DomR H FRQWURODGD GLUHWDPHQWH SHOD 2GHEUHFKW 5RGRYLDV
6$ 2'%5RGRYLDV HFRQWURODGDLQGLUHWDPHQWHSHOD2GHEUHFKW
7UDVSRUW6$ 273 $ HPLVVmRGHVVDVGHPRQVWUDo}HVFRQWiEHLV
GD&RPSDQKLDIRLDXWRUL]DGDSHODGLUHWRULDHPGHIHYHUHLURGH
&DSLWDOFLUFXODQWHOtTXLGR (PGHGH]HPEURGHD
&RPSDQKLD DSUHVHQWDYD H[FHVVR GH DWLYRV FLUFXODQWHV VREUH
SDVVLYRVFLUFXODQWHVQRPRQWDQWHGH5 GHGH]HPEURGH
5 ,QYHVWLJDo}HVHPHGLGDVMXGLFLDLVHPDQGD
PHQWR &RPRpGHFRQKHFLPHQWRS~EOLFRGHVGHHQFRQWUDP
VHHPDQGDPHQWRLQYHVWLJDo}HVHRXWURVSURFHGLPHQWRVOHJDLVFRQ
GX]LGRVSHOR0LQLVWpULR3~EOLFR)HGHUDOHRXWUDVDXWRULGDGHVS~EOL
FDVQRFRQWH[WRGDFKDPDGD2SHUDomR/DYD-DWRTXHLQYHVWL
JDSULQFLSDOPHQWHSUiWLFDVUHODFLRQDGDVDFRUUXSomRHODYDJHPGH
GLQKHLURHTXHHQYROYHPHPSUHVDVH[H[HFXWLYRVHH[HFXWLYRVGR
*UXSR2GHEUHFKW$ &RPSDQKLDQmRIRLQRWLILFDGDDUHVSHLWRGHVHU
REMHWRGHTXDOTXHULQYHVWLJDomRSURPRYLGDSRUyUJmRVUHJXODGRUHV
LQWHUQRVRXRUJDQLVPRVLQWHUQDFLRQDLVFRQWUDD&RPSDQKLDRXVHXV
H[HFXWLYRVUHODFLRQDGDj2SHUDomR/DYD-DWREHPFRPRQmRVRIUHX
EXVFDHDSUHHQVmRHPVHXVHVWDEHOHFLPHQWRVHQmRWHYHQHQKXP
H[HFXWLYRLQGLFLDGRGHQXQFLDGRRXWDPSRXFRFRQGHQDGRDWpRPR
PHQWR&RQVLGHUDQGRTXHDVLQYHVWLJDo}HVDLQGDHVWmRHPDQGD
PHQWRQmRKiFRPRGHWHUPLQDUVHVHUiDIHWDGDSHORVUHVXOWDGRV
GRUHIHULGR$FRUGRHSRUTXDLVTXHUGHVHXVGHVGREUDPHQWRVHVXDV
FRQVHTXrQFLDVIXWXUDV5HVXPRGDVSULQFLSDLVSROtWLFDVFRQ
WiEHLV $V SULQFLSDLV SROtWLFDV FRQWiEHLV DSOLFDGDV QD SUHSDUDomR
GHVWDVGHPRQVWUDo}HVFRQWiEHLVHVWmRGHILQLGDVDVHJXLU(VVDVSROtWL
FDVYrPVHQGRDSOLFDGDVGHPRGRFRQVLVWHQWHHPWRGRVRVSHUtR
GRV DSUHVHQWDGRV VDOYR GLVSRVLomR HP FRQWUiULR %DVH GH
SUHSDUDomR $VGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVFRQIRUPH
DVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLOLQFOXLQGRRVSURQXQFLD
PHQWRVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV &3&
H HYLGHQFLDP WRGDV DV LQIRUPDo}HV UHOHYDQWHV SUySULDV GDV
GHPRQVWUDo}HVFRQWiEHLVHVRPHQWHHODVDVTXDLVHVWmRFRQVLV
WHQWHV FRP DV XWLOL]DGDV SHOD$GPLQLVWUDomR QD VXD JHVWmR$
$GPLQLVWUDomRDYDOLRXDFDSDFLGDGHGD&RPSDQKLDHPFRQWLQXDU
RSHUDQGRQRUPDOPHQWHHHVWiQHJRFLDQGRDSURUURJDomRGRHP
SUpVWLPRMXQWRDR%DQFRGR1RUGHVWHGR%UDVLO6$ %1% HHVWi
FRQYHQFLGDGHTXHDVPHVPDVSRVVXHPUHFXUVRVSDUDGDUFRQ
WLQXLGDGHDVHXVQHJyFLRVQRIXWXUR$GLFLRQDOPHQWHD$GPLQLVWUDomR
QmRWHPRFRQKHFLPHQWRGHQHQKXPDLQFHUWH]DPDWHULDOTXHSRVVD
JHUDUG~YLGDVVLJQLILFDWLYDVVREUHDFDSDFLGDGHGHFRQWLQXDURSHUDQ
GR3RUWDQWRDVGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVHHVWmR
VHQGR DSUHVHQWDGDV FRP EDVH QHVVH SUHVVXSRVWR $V
GHPRQVWUDo}HV FRQWiEHLV GD &RPSDQKLD HVWmR VHQGR DSUHVHQ
WDGDV FRQIRUPH 2ULHQWDomR 7pFQLFD 2&3& TXH WUDWD GRV
UHTXLVLWRVEiVLFRVGHHODERUDomRHHYLGHQFLDomRDVHUHPREVHUYDGRV
TXDQGRGDGLYXOJDomRGRVUHODWyULRVFRQWiEHLVILQDQFHLURVHPHV
SHFLDOGDVFRQWLGDVQDVQRWDVH[SOLFDWLYDV$ $GPLQLVWUDomRFRQILU
PDTXHHVWmRVHQGRHYLGHQFLDGDVWRGDVDVLQIRUPDo}HVUHOHYDQWHV
SUySULDVGDVGHPRQVWUDo}HVFRQWiEHLVHTXHHVWDVFRUUHVSRQGHP
jV XWLOL]DGDV HP VXD JHVWmR$V GHPRQVWUDo}HV FRQWiEHLV IRUDP
SUHSDUDGDVFRQVLGHUDQGRRFXVWRKLVWyULFRFRPREDVHGHYDORU$
SUHSDUDomRGHGHPRQVWUDo}HVFRQWiEHLVUHTXHURXVRGHFHUWDVHV
WLPDWLYDVFRQWiEHLVFUtWLFDVHWDPEpPRH[HUFtFLRGHMXOJDPHQWRSRU
SDUWHGD$GPLQLVWUDomRGD&RPSDQKLDQRSURFHVVRGHDSOLFDomRGDV
'HPRQVWUDomRGRUHVXOWDGR
'HPRQVWUDomRGRVIOX[RVGHFDL[D
([HUFtFLRVILQGRVHPGHGH]HPEUR
([HUFtFLRVILQGRVHPGHGH]HPEUR
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
1RWDV
GHGH]HPEURGH GHGH]HPEURGH
2SHUDo}HVFRQWLQXDGDV
5HFHLWDOtTXLGD
)OX[RVGHFDL[DGDV
&XVWRGRVVHUYLoRV
DWLYLGDGHVRSHUDFLRQDLV
/XFUREUXWR
/XFUROtTXLGRGRH[HUFtFLR
DQWHVGRLPSRVWR
'HVSHVDV UHFHLWDV RSHUDFLRQDLV
*HUDLVHDGPLQLVWUDWLYDV
GHUHQGDHGDFRQWULEXLomRVRFLDO
$MXVWHV
2XWUDVUHFHLWDV GHVSHVDV OtTXLGDV
0DUJHPGHFRQVWUXomR
/XFURRSHUDFLRQDODQWHVGR
$WXDOL]DomRGRDWLYRILQDQFHLUR
UHVXOWDGRILQDQFHLUROtTXLGR
3URYLVmRSDUDFRQWLQJrQFLD
5HFHLWDVILQDQFHLUDV
3URYLVmRGDFRQVHUYDHVSHFLDO
'HVSHVDVILQDQFHLUDV
-XURVHYDULDo}HVPRQHWiULDV
5HVXOWDGRILQDQFHLUROtTXLGR
3HUGDQDEDL[DGR,PRELOL]DGR
3UHMXt]R OXFUR DQWHVGR
H,QWDQJtYHO
LPSRVWRGHUHQGDHGD
'HSUHFLDomRHDPRUWL]DomR
FRQWULEXLomRVRFLDO
,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO
9DULDomRGRVDWLYRVHSDVVLYRV
FRUUHQWHHGLIHULGR
E H F
&RQWDVDUHFHEHU
3UHMXt]R OXFUR GRH[HUFtFLR
'HVSHVDVDQWHFLSDGDV
7ULEXWRVDUHFXSHUDU
3UHMXt]R OXFUR EiVLFR
2XWURVDWLYRV
SRUORWHGHPLODo}HV
&RQWULEXLomRDRIXQGRVyFLRDPELHQWDO
QRILPGRH[HUFtFLR5
)RUQHFHGRUHV
$VQRWDVH[SOLFDWLYDVGD$GPLQLVWUDomRVmR
2EULJDo}HVWULEXWiULDV
SDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
2EULJDo}HVVRFLDLVHWUDEDOKLVWDV
2XWUDVSDVVLYRV
'HPRQVWUDomRGRUHVXOWDGRDEUDQJHQWH
2XWUDVFRQWDVDSDJDU
([HUFtFLRVILQGRVHPGHGH]HPEUR
&DL[DOtTXLGRSURYHQLHQWH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
GDVRSHUDo}HV
7RWDO
-XURVSDJRV
&DL[DOtTXLGRSURYHQLHQWH
3UHMXt]R OXFUR GRH[HUFtFLR
GDVDWLYLGDGHVRSHUDFLRQDLV
)OX[RGHFDL[DGDVDWLYLGDGHV
2XWURVUHVXOWDGRVDEUDQJHQWHV
5HVXOWDGRDEUDQJHQWHGRH[HUFtFLR
GHLQYHVWLPHQWR
&RQWDVYLQFXODGDV
$GLo}HVDRLPRELOL]DGR
$VQRWDVH[SOLFDWLYDVGD$GPLQLVWUDomR
$GLo}HVDRLQWDQJtYHO
VmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
&DL[DOtTXLGRDSOLFDGRQDV
DWLYLGDGHVGHLQYHVWLPHQWRV
SROtWLFDVFRQWiEHLVGR*UXSR$TXHODViUHDVTXHUHTXHUHPPDLRU )OX[RGHFDL[DGDVDWLYLGDGHV
QtYHOGHMXOJDPHQWRHWrPPDLRUFRPSOH[LGDGHEHPFRPRDViUHDV GHILQDQFLDPHQWRV
QDV TXDLV SUHPLVVDV H HVWLPDWLYDV VmR VLJQLILFDWLYDV SDUD DV (PSUpVWLPRV DPRUWL]DomRGHSULQFLSDO
GHPRQVWUDo}HVFRQWiEHLVHVWmRGLYXOJDGDVQD1RWDQR$VSULQ &DL[DOtTXLGRDSOLFDGRQDV
FLSDLV SUiWLFDV FRQWiEHLV DSOLFDGDV QD SUHSDUDomR GHVWDV DWLYLGDGHVGHILQDQFLDPHQWRV
GHPRQVWUDo}HV FRQWiEHLV HVWmR GHILQLGDV D VHJXLU &DL[D H $XPHQWR UHGXomR GHFDL[D
HTXLYDOHQWHVGHFDL[D &DL[DHHTXLYDOHQWHVGHFDL[DLQFOXHPRFDL[D HHTXLYDOHQWHVGHFDL[D
QXPHUiULRVHPWUkQVLWRRVGHSyVLWRVEDQFiULRVHRXWURVLQYHVWLPHQWRV &DL[DHHTXLYDOHQWHVGHFDL[D
GHFXUWRSUD]RGHDOWDOLTXLGH]FRPYHQFLPHQWRVRULJLQDLVGHDWp QRLQtFLRGRH[HUFtFLR
PHVHV H FRP ULVFR LQVLJQLILFDQWH GH PXGDQoD GH YDORU &DL[DHHTXLYDOHQWHVGHFDL[D
$WLYRVILQDQFHLURV&ODVVLILFDomR $ &RPSDQKLDFODVVLILFD QRILQDOGRH[HUFtFLR
VHXVDWLYRVILQDQFHLURVQRUHFRQKHFLPHQWRLQLFLDOVREDVVHJXLQWHV
$VQRWDVH[SOLFDWLYDVGD$GPLQLVWUDomRVmRSDUWHLQWHJUDQWHGDV
FDWHJRULDV PHQVXUDGRVDRYDORUMXVWRSRUPHLRGRUHVXOWDGRHHP
GHPRQVWUDo}HVFRQWiEHLV
SUpVWLPRVHUHFHEtYHLV$ FODVVLILFDomRGHSHQGHGDILQDOLGDGHSDUD YDORUUHFXSHUiYHO(VWH~OWLPRpRYDORUPDLVDOWRHQWUHRYDORUMXVWRGH
DTXDORVDWLYRVHSDVVLYRVILQDQFHLURVIRUDPDGTXLULGRV D $WLYRV XP DWLYR PHQRV RV FXVWRV GH YHQGD H R VHX YDORU HP XVR 3DUD RV
ILQDQFHLURVDRYDORUMXVWRSRUPHLRGRUHVXOWDGR 2VDWLYRVIL H[HUFtFLRV ILQGRV HP GH GH]HPEUR GH H QmR IRUDP
QDQFHLURVDRYDORUMXVWRSRUPHLRGRUHVXOWDGRVmRDWLYRVILQDQFHLURV UHJLVWUDGDVSHUGDVGH LPSDLUPHQWWDQWRSDUDDWLYRVILQDQFHLURVTXDQWR
PDQWLGRVSDUDQHJRFLDomR8PDWLYRILQDQFHLURpFODVVLILFDGRQHVVD SDUDRVQmRILQDQFHLURV&RQWDVDUHFHEHU $VFRQWDVDUHFHEHUVmR
FDWHJRULDVHIRLDGTXLULGRSULQFLSDOPHQWHSDUDILQVGHYHQGDQRFXUWR UHJLVWUDGDVSHORVUHVSHFWLYRVYDORUHVIDWXUDGRVHHVWmRUHSUHVHQWDGDV
SUD]R E (PSUpVWLPRVHUHFHEtYHLV 2VHPSUpVWLPRVHUHFHEtYHLV VXEVWDQFLDOPHQWH SRU UHFHEtYHLV GH SHGiJLR HOHWU{QLFR H UHFHLWDV
VmRDWLYRVILQDQFHLURVQmRGHULYDWLYRVFRPSDJDPHQWRVIL[RVRXGH DFHVVyULDVFRPSUD]RGHUHFHELPHQWRLQIHULRUDGLDV&RPRWDPEpP
WHUPLQiYHLV TXH QmR VmR FRWDGRV HP XP PHUFDGR DWLYR 6mR SHOD &RQWUDSUHVWDomR$GLFLRQDO j 7DULID &$7 FRP SUD]R GH UHFHEL
DSUHVHQWDGRVFRPRDWLYRFLUFXODQWHH[FHWRDTXHOHVFRPSUD]RGH PHQWRGHGLDVFRQWDGRVGRUHFHELPHQWRGDIDWXUDSHOR3RGHU&RQFH
YHQFLPHQWR VXSHULRU D PHVHV DSyV D GDWD GH HPLVVmR GR GHQWH FRQIRUPH FOiXVXOD FRQWUDWXDO &DVR VHMD MXOJDGR QHFHVViULR p
EDODQoR HVWHVVmRFODVVLILFDGRVFRPRDWLYRVQmRFLUFXODQWHV FRQVWLWXtGDSURYLVmRSDUDSHUGDVHVWLPDGDVFRPFUpGLWRVGHOLTXLGDomR
5HFRQKHFLPHQWRHPHQVXUDomR 2VDWLYRVILQDQFHLURVDRYDORUMXVWR GXYLGRVD'HVSHVDVDQWHFLSDGDV $VGHVSHVDVDQWHFLSDGDVFRP
SRUPHLRGRUHVXOWDGRVmRLQLFLDOPHQWHUHFRQKHFLGRVSHORYDORUMXVWR SRVWDV SRU SUrPLRV GH VHJXURV D DSURSULDU VmR DYDOLDGDV DR FXVWR
2VHPSUpVWLPRVHUHFHEtYHLVVmRFRQWDELOL]DGRVVXEVHTXHQWHPHQWH OtTXLGDVGDVDPRUWL]Do}HVTXHVmRUHFRQKHFLGDVDRUHVXOWDGRGHDFRU
SHORFXVWRDPRUWL]DGRXVDQGRRPpWRGRGDWD[DHIHWLYDGHMXURV GRFRPRSUD]RGHYLJrQFLDGRVHJXUR,PRELOL]DGR &RPSUHHQGH
2VDWLYRVILQDQFHLURVVmREDL[DGRVTXDQGRRVGLUHLWRVGHUHFHEHU
PiTXLQDVHHTXLSDPHQWRVGHLQIRUPiWLFDHPyYHLVHXWHQVtOLRVQmRUH
IOX[RVGHFDL[DWHQKDPYHQFLGRRXWHQKDPVLGRWUDQVIHULGRV
YHUVtYHLVDRSRGHUS~EOLFR2VLWHQVGRLPRELOL]DGRVmRGHPRQVWUDGRV
,PSDLUPHQWGHDWLYRVILQDQFHLURVHQmRILQDQFHLURV $ &RPSDQ
DRFXVWRKLVWyULFRGHDTXLVLomRPHQRVRYDORUGDGHSUHFLDomRHGHTXDO
KLD DYDOLD QR ILQDO GH FDGD SHUtRGR GR UHODWyULR VH Ki HYLGrQFLD
TXHUSHUGDQmRUHFXSHUiYHODFXPXODGD2FXVWRKLVWyULFRLQFOXLRVJDV
REMHWLYDGHTXHRDWLYRILQDQFHLURRXRJUXSRGHDWLYRVILQDQFHLURV
WRVGLUHWDPHQWHDWULEXtYHLVQHFHVViULRVSDUDSUHSDUDURDWLYRSDUDRXVR
HVWiGHWHULRUDGR8PDWLYRRXJUXSRGHDWLYRVILQDQFHLURVHVWiGH
SUHWHQGLGR SHOD DGPLQLVWUDomR 2V YDORUHV UHVLGXDLV D YLGD ~WLO H RV
WHULRUDGRHRVSUHMXt]RVGH LPSDLUPHQW VmRLQFRUULGRVVRPHQWHVH
PpWRGRV GH GHSUHFLDomR GRV DWLYRV VmR UHYLVDGRV H DMXVWDGRV VH
KiHYLGrQFLDREMHWLYDGH LPSDLUPHQW FRPRUHVXOWDGRGHXPRXPDLV
QHFHVViULRTXDQGRH[LVWLUXPDLQGLFDomRGHPXGDQoDVLJQLILFDWLYDGHVGH
HYHQWRV RFRUULGRV DSyV R UHFRQKHFLPHQWR LQLFLDO GRV DWLYRV XP
D~OWLPDGDWDGHEDODQoR2VJDVWRVFRPUHSDURVHPDQXWHQomRVmRDSUR
HYHQWRGHSHUGD HDTXHOHHYHQWR RXHYHQWRV GHSHUGDWHPXP
SULDGRV DR UHVXOWDGR GXUDQWH R SHUtRGR HP TXH VmR LQFRUULGRV
LPSDFWRQRVIOX[RVGHFDL[DIXWXURVHVWLPDGRVGRDWLYRILQDQFHLUR
$WLYRVLQWDQJtYHLVGHFRUUHQWHVGRFRQWUDWRGHFRQFHVVmR 2VDWLYRV
RXJUXSRGHDWLYRVILQDQFHLURVTXHSRGHVHUHVWLPDGRGHPDQHLUD
LQWDQJtYHLVFRQVWLWXtGRVHPGHFRUUrQFLDGRFRQWUDWRGHFRQFHVVmRVmR
FRQILiYHO3DUDRVDWLYRVQmRILQDQFHLURVTXHHVWmRVXMHLWRVjDPRU
UHJLVWUDGRVFRQIRUPH,&3&&RQWUDWRVGH&RQFHVVmRLWHPj
WL]DomRpIHLWDXPDUHYLVmRSHULyGLFDSHOD$GPLQLVWUDomRVHPSUH
PHGLGDTXHD&RPSDQKLDREWpPRGLUHLWRGHFREUDUGRVXVXiULRVGRVHUYLoR
TXHHYHQWRVRXPXGDQoDVQDVFLUFXQVWkQFLDVLQGLFDUHPTXHRYDORU
S~EOLFRHDRULHQWDomR2&3&GHVVHPHVPR&RPLWr2DWLYRLQWDQJtYHO
FRQWiELOSRGHQmRVHUUHFXSHUiYHO8PDSHUGDSRULPSDLUPHQWpUH
p DYDOLDGR SHOR FXVWR KLVWyULFR VRPDGR D PDUJHP GH FRQVWUXomR GH
FRQKHFLGDSHORYDORUDRTXDORYDORUFRQWiELOGRDWLYRH[FHGHVHX
FRQWLQXD