DOEPE 11/04/2019 - Pág. 19 - Poder Executivo - Diário Oficial do Estado de Pernambuco
Recife, 11 de abril de 2019
Diário Oficial do Estado de Pernambuco - Poder Executivo
Ano XCVI • NÀ 69 - 19
HPTXHIRUDPSURPXOJDGDVQDGDWDGREDODQoR,PSRVWRVREUHYHQGDV5HFHLWDVGHVSHVDVHDWLYRVVmRUHFRQKHFLGRVOtTXLGRVGRVLPSRVWRVVREUHYHQGDVH[FHWR L TXDQGR
RVLPSRVWRVVREUHYHQGDVLQFRUULGRVQDFRPSUDGHEHQVRXVHUYLoRVQmRIRUHPUHFXSHUiYHLVRLPSRVWRVREUHYHQGDVpUHFRQKHFLGRFRPRSDUWHGRFXVWRGHDTXLVLomRGR
DWLYRRX GR LWHP GH GHVSHVD FRQIRUPH R FDVR H LL YDORUHV D UHFHEHU H D SDJDU DSUHVHQWDGRV FRQMXQWDPHQWH FRP RYDORU GRV LPSRVWRV VREUH YHQGDV 7UDQVDo}HV
GHQRPLQDGDVHPPRHGDHVWUDQJHLUD$VWUDQVDo}HVHPPRHGDHVWUDQJHLUDVmRUHFRQKHFLGDVXWLOL]DQGRVHDWD[DGHFkPELRYLJHQWHQDGDWDGDUHVSHFWLYDWUDQVDomR2VDWLYRV
HSDVVLYRVGHQRPLQDGRV³HPPRHGDHVWUDQJHLUD´VmRFRQYHUWLGRVSHODWD[DGHFkPELRYLJHQWHQDGDWDGREDODQoRSDWULPRQLDO$VYDULDo}HVFDPELDLVVmRUHFRQKHFLGDVQD
GHPRQVWUDomRGRUHVXOWDGRTXDQGRLQFRUULGDV,QVWUXPHQWRV¿QDQFHLURV2VLQVWUXPHQWRV¿QDQFHLURVVRPHQWHVmRUHFRQKHFLGRVDSDUWLUGDGDWDHPTXHD&RPSDQKLDVH
WRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGHXPLQVWUXPHQWR¿QDQFHLUR4XDQGRUHFRQKHFLGRVVmRLQLFLDOPHQWHUHJLVWUDGRVDRVHXYDORUMXVWRDFUHVFLGRGRVFXVWRVGHWUDQVDomR
TXHVHMDPGLUHWDPHQWHDWULEXtYHLVjVXDDTXLVLomRRXHPLVVmRH[FHWRQRFDVRGHDWLYRVHSDVVLYRV¿QDQFHLURVFODVVL¿FDGRVQDFDWHJRULDDRYDORUMXVWRSRUPHLRGRUHVXOWDGR
RQGHWDLVFXVWRVVmRGLUHWDPHQWHODQoDGRVQRUHVXOWDGRGRH[HUFtFLR6XDPHQVXUDomRVXEVHTXHQWHRFRUUHDFDGDGDWDGHEDODQoRGHDFRUGRFRPDVUHJUDVHVWDEHOHFLGDVSDUD
FDGDWLSRGHFODVVL¿FDomRGHDWLYRVHSDVVLYRV¿QDQFHLURV 2VSULQFLSDLVDWLYRV¿QDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDHVXDVFRQWURODGDVVmR FDL[DHHTXLYDOHQWHVGH
FDL[DDSOLFDo}HV¿QDQFHLUDVHFRQWDVDUHFHEHUGHFOLHQWHV 2VSULQFLSDLVSDVVLYRV¿QDQFHLURVUHFRQKHFLGRVSHOD&RPSDQKLDHVXDVFRQWURODGDVVmR FRQWDVDSDJDUD
IRUQHFHGRUHVHPSUpVWLPRVH¿QDQFLDPHQWRVHRXWUDVFRQWDVDSDJDU&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRVFRPD¿QDOLGDGHGHDWHQGHUD
FRPSURPLVVRVGHFDL[DGHFXUWRSUD]RHQmRSDUDLQYHVWLPHQWRRXRXWURV¿QV$&RPSDQKLDHVXDVFRQWURODGDVFRQVLGHUDPHTXLYDOHQWHVGHFDL[DXPDDSOLFDomR¿QDQFHLUDGH
FRQYHUVLELOLGDGHLPHGLDWDFRPSUD]RGHYHQFLPHQWRLQIHULRUD QRYHQWD GLDVHPXPPRQWDQWHFRQKHFLGRGHFDL[DHHVWDQGRVXMHLWDDXPLQVLJQL¿FDQWHULVFRGHPXGDQoDGH
YDORU3RUFRQVHJXLQWHXPLQYHVWLPHQWRQRUPDOPHQWHVHTXDOL¿FDFRPRHTXLYDOHQWHGHFDL[DTXDQGRWHPYHQFLPHQWRGHFXUWRSUD]RSRUH[HPSORWUrVPHVHVRXPHQRVD
FRQWDUGDGDWDGDFRQWUDWDomR,PRELOL]DGR 6mRDSUHVHQWDGRVDRFXVWRGHDTXLVLomRRXFRQVWUXomRGHGX]LGRVGDGHSUHFLDomRDFXPXODGDHGHTXDLVTXHUSHUGDV
DFXPXODGDVSRUUHGXomRDRYDORUUHFXSHUiYHOVHIRURFDVR 2UHIHULGRFXVWRLQFOXLRFXVWRGHUHSRVLomRGHSDUWHGRLPRELOL]DGRHRVFXVWRVGHHPSUpVWLPRGHSURMHWRVGH
FRQVWUXomRGHORQJRSUD]RTXDQGRRVFULWpULRVGHUHFRQKHFLPHQWRIRUHPVDWLVIHLWRV7RGRVRVFXVWRVGHUHSDURVHPDQXWHQomRVmRUHFRQKHFLGRVQDGHPRQVWUDomRGR
UHVXOWDGRTXDQGRLQFRUULGRV$GHSUHFLDomRGRVEHQVpFDOFXODGDSHORPpWRGROLQHDUjVWD[DVPHQFLRQDGDVQD1RWD GH¿QLGDVSRUPHLRGHUHJXODPHQWDomRGD$1((/DV
TXDLVOHYDPHPFRQVLGHUDomRRWHPSRGHYLGD~WLOHVWLPDGRGRVEHQV$VFRQWURODGDVGD&RPSDQKLDTXHVHHQFRQWUDPHPIDVHSUpRSHUDFLRQDORXGHHVWXGRHOHYDQWDPHQWR
SDUDLPSODQWDomRGHSURMHWRVGHJHUDomRGHHQHUJLDQmRYrPGHSUHFLDQGRRVVHXVEHQVGRDWLYRLPRELOL]DGRH[FHWXDQGRVHDSHQDVRVEHQVTXHMiVHHQFRQWUDPHPXVRRXHP
RSHUDomR ,QWDQJtYHO $WLYRV LQWDQJtYHLV DGTXLULGRV VHSDUDGDPHQWH VmR PHQVXUDGRV DR FXVWR GH DTXLVLomR QR PRPHQWR GR VHX UHFRQKHFLPHQWR LQLFLDO $SyV R
UHFRQKHFLPHQWRLQLFLDORVDWLYRVLQWDQJtYHLVVmRDSUHVHQWDGRVDRFXVWRPHQRVDPRUWL]DomRDFXPXODGDHSHUGDVDFXPXODGDVSRUUHGXomRDRYDORUUHFXSHUiYHO3HUGD
SRUUHGXomRDRYDORUUHFXSHUiYHOGHDWLYRVQmR¿QDQFHLURV $ $GPLQLVWUDomRUHYLVDDQXDOPHQWHRYDORUFRQWiELOOtTXLGRGRVDWLYRVFRPRREMHWLYRGHDYDOLDUHYHQWRVRX
PXGDQoDVQDVFLUFXQVWkQFLDVHFRQ{PLFDVRSHUDFLRQDLVRXWHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO6HQGRWDLVHYLGrQFLDVLGHQWL¿FDGDVHRYDORU
FRQWiELOOtTXLGRH[FHGHURYDORUUHFXSHUiYHOpUHFRQKHFLGDXPDSHUGDSHODGHVYDORUL]DomRDMXVWDQGRRYDORUFRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO3URYLV}HV3URYLV}HV
VmRUHFRQKHFLGDVTXDQGR L D&RPSDQKLDWHPXPDREULJDomRSUHVHQWH OHJDORXQmRIRUPDOL]DGD HPFRQVHTXrQFLDGHXPHYHQWRSDVVDGR LL pSURYiYHOTXHEHQHItFLRV
HFRQ{PLFRVVHMDPUHTXHULGRVSDUDOLTXLGDUDREULJDomR H LLL XPDHVWLPDWLYDFRQ¿iYHOGRYDORUGDREULJDomRSRVVDVHUIHLWD$GHVSHVDUHODWLYDDRUHFRQKHFLPHQWRGHTXDOTXHU
SURYLVmRpDSUHVHQWDGDQDGHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR3URYLV}HVSDUDULVFRVWULEXWiULRVFtYHLVHWUDEDOKLVWDV$&RPSDQKLDpSDUWHHPGLYHUVRVSURFHVVRVMXGLFLDLV
HDGPLQLVWUDWLYRV3URYLV}HVVmRFRQVWLWXtGDVSDUDWRGDVDVFRQWLQJrQFLDVUHIHUHQWHVDSURFHVVRVMXGLFLDLVSDUDRVTXDLVpSURYiYHOTXHXPDVDtGDGHUHFXUVRVVHMDSURYiYHO
SDUDOLTXLGDUDFRQWLQJrQFLDREULJDomRHXPDHVWLPDWLYDUD]RiYHOSRVVDVHUIHLWD-XOJDPHQWRVHVWLPDWLYDVHSUHPLVVDVFRQWiEHLVVLJQL¿FDWLYRV$VGHPRQVWUDo}HV
FRQWiEHLV IRUDP HODERUDGDV FRP EDVH HP GLYHUVDV EDVHV GH DYDOLDomR XWLOL]DGDV QDV HVWLPDWLYDV FRQWiEHLV $V HVWLPDWLYDV FRQWiEHLV HQYROYLGDV QD SUHSDUDomR GDV
GHPRQVWUDo}HVFRQWiEHLVIRUDPEDVHDGDVHPIDWRUHVREMHWLYRVHVXEMHWLYRVFRPEDVHQRMXOJDPHQWRGD$GPLQLVWUDomRSDUDGHWHUPLQDomRGRYDORUDGHTXDGRDVHUUHJLVWUDGR
QDVGHPRQVWUDo}HVFRQWiEHLV$OLTXLGDomRGDVWUDQVDo}HVHQYROYHQGRHVVDVHVWLPDWLYDVSRGHUiUHVXOWDUHPYDORUHVVLJQL¿FDWLYDPHQWHGLYHUJHQWHVGRVUHJLVWUDGRVQDV
GHPRQVWUDo}HVFRQWiEHLVGHYLGRDRWUDWDPHQWRSUREDELOtVWLFRLQHUHQWHDRSURFHVVRGHHVWLPDWLYD$&RPSDQKLDUHYLVDVXDVHVWLPDWLYDVHSUHPLVVDVSHORPHQRVDQXDOPHQWH
1RUPDVQRYDVRXUHYLVDGDVDSOLFDGDVSHODSULPHLUDYH]HP$&RPSDQKLDQmRLGHQWL¿FRXLPSDFWRVVREUHVXDSRVLomRSDWULPRQLDOH¿QDQFHLUDHGHVHPSHQKRGDV
RSHUDo}HVHPGHFRUUrQFLDGDDGRomRGHDOWHUDo}HVGDV1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH 1%& TXHHQWUDUDPHPYLJrQFLDDSDUWLUGHGHMDQHLURGH1RUPDVH
LQWHUSUHWDo}HVGHQRUPDVHPLWLGDVPDVDLQGDQmRYLJHQWHV2VSURQXQFLDPHQWRVHLQWHUSUHWDo}HVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV &3& HTXHIRUDP
DSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& FRPR1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH1%&PDVTXHQmRHVWDYDPHPYLJRUDWpDGDWDGHHPLVVmRGH
'HPRQVWUDo}HV&RQWiEHLVGD&RPSDQKLDVmRRVVHJXLQWHV 1%&7* 5 TXHDSURYRXR&3&2SHUDo}HVGH$UUHQGDPHQWR0HUFDQWLO $1%&7* 5 DWXDOL]RXDV
QRUPDVGHDUUHQGDPHQWRVH[LVWHQWHVLQFOXLQGRD1%&7* 5 HTXLYDOHQWHD,)56/HDVLQJHD,7*TXHDSURYRXD,&3& ,)5,&6,&H6,& $VSHFWRV
&RPSOHPHQWDUHVGDV2SHUDo}HVGH$UUHQGDPHQWR0HUFDQWLO(VVDQRUPDFRPHoRXDYLJLUSDUDRVH[HUFtFLRVLQLFLDGRVHPGHMDQHLURGH $&RPSDQKLDSUHWHQGHDGRWDU
HVVDVQRUPDVTXDQGRDSOLFiYHLVTXDQGRVHWRUQDUHPYLJHQWHV$&RPSDQKLDQmRHVSHUDTXHHVVDVQRUPDVWHQKDPLPSDFWRVUHOHYDQWHVHPVXDV'HPRQVWUDo}HV&RQWiEHLV
3DUWHV UHODFLRQDGDV $V GHPRQVWUDo}HV FRQWiEHLV LQFOXHP DV LQIRUPDo}HV
&DL[DHHTXLYDOHQWHVGHFDL[D
&RQVROLGDGR
&RQWURODGRUD
¿QDQFHLUDVGD&RPSDQKLDHVXDVFRQWURODGDVGLUHWDVHLQGLUHWDVUHODFLRQDGDVQD1RWD
2TXDGURDVHJXLUDSUHVHQWDRVVDOGRVHPDEHUWRHPGHGH]HPEURGHH
EHPFRPRRYDORUWRWDOGDVWUDQVDo}HVUHDOL]DGDVFRPSDUWHVUHODFLRQDGDVQRV
$SUHVHQWDomR GDV GHPRQVWUDo}HV FRQWiEHLV H VXPiULR GDV SUiWLFDV FRQWiEHLV $V )XQGR¿[RGHFDL[D
&RQVROLGDGR
&RQWURODGRUD
GHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDV &RQWDVFRUUHQWHVEDQFiULDV
$WLYR
FRQWiEHLV DGRWDGDV QR %UDVLO TXH FRPSUHHQGHP RV GRFXPHQWRV HPLWLGRV SHOR &RPLWr GH $SOLFDo}HV¿QDQFHLUDV
&LUFXODQWH
3URQXQFLDPHQWRV&RQWiEHLV &3& DSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGH &)& FRPR
'LYLGHQGRVDUHFHEHU
1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH 1%& 2H[HUFtFLRVRFLDOGD&RPSDQKLDFRUUHVSRQGHDRSHUtRGR
GH R GH MDQHLUR D GH GH]HPEUR $V GHPRQVWUDo}HV FRQWiEHLV LQGLYLGXDLV H FRQVROLGDGDV GD $V DSOLFDo}HV ¿QDQFHLUDV UHIHUHPVH VXEVWDQFLDOPHQWH D RSHUDo}HV ,WDPDUDWL1RUWH6$$JURSHFXiULD
&RPSDQKLDSDUDRSHUtRGR¿QGRHPGHGH]HPEURGHIRUDPDXWRUL]DGDVSDUDHPLVVmRGH FRPSURPLVVDGDVFRPUHPXQHUDo}HVHTXLYDOHQWHVTXHYDULDPHQWUHHGD 3DPSHDQD(QHUJpWLFD6$
DFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH %DVHGHFRQVROLGDomR$V WD[D GH &', (VVDV RSHUDo}HV SRVVXHP OLTXLGH] LPHGLDWD QmR HVWmR VXMHLWDV D 7RFDQWLQV(QHUJpWLFD6$
GHPRQVWUDo}HVFRQWiEHLVFRQVROLGDGDVVmRFRPSRVWDVSHODVGHPRQVWUDo}HVFRQWiEHLVLQGLYLGXDLVGD YRODWLOLGDGHGHPHUFDGRHVmRGHVWLQDGDVDVXSULUDVQHFHVVLGDGHVGHFDL[DSDUD 9iU]HDGR-XED(QHUJpWLFD6$
%UHQQDQG,QYHVWLPHQWRV&RPHUFLDOL]DGRUD6$
&RPSDQKLDHGHVXDVFRQWURODGDVHPGHGH]HPEURGHHDSUHVHQWDGDVDVHJXLU
GHSDUWLFLSDomR $VFRQWURODGDVVmRFRQVROLGDGDV
$SOLFDo}HV ¿QDQFHLUDV &RQVROLGDGR 5HIHUHPVH VXEVWDQFLDOPHQWH DRV 1mRFLUFXODQWH
LQWHJUDOPHQWHDSDUWLUGDGDWDGH IXQGRVGHLQYHVWLPHQWRVFRPUHPXQHUDo}HVHTXLYDOHQWHVDGDWD[DGH&', $GLDQWDPHQWRVSDUDIXWXURVDXPHQWRVGHFDSLWDO
DTXLVLomRVHQGRHVWDDGDWDQD
,WDPDUDWL1RUWH6$$JURSHFXiULD
(VVDVDSOLFDo}HVIRUDPFHGLGDVHPJDUDQWLDGHHPSUpVWLPRVFRQWUDtGRVMXQWRDR %,(PSUHVDGH(VWXGRV(QHUJpWLFRV6$
TXDO D &RPSDQKLD REWHYH R
7RFDQWLQV(QHUJpWLFD6$
%1'(6UHDOL]DGRVSHODVFRQWURODGDV3DPSHDQD(QHUJpWLFD6$H9iU]HDGR-XED 1RYD-XED(QHUJpWLFD6$
FRQWUROH H FRQWLQXDP D VHU
1RYD-XED(QHUJpWLFD6$
(QHUJpWLFD6$UHVSHFWLYDPHQWHFRQIRUPHGHPRQVWUDGRVQD1RWD
FRQVROLGDGDVDWpDGDWDHPTXH
9iU]HDGR-XED(QHUJpWLFD6$
HVVHFRQWUROHGHL[DUGHH[LVWLU$V
3DPSHDQD(QHUJpWLFD6$
3DVVLYR
GHPRQVWUDo}HV FRQWiEHLV GDV &RQWDVDUHFHEHU &RQVROLGDGR 5HIHUHPVHDFRQWDVDUHFHEHUGHFOLHQWHV
%,(PSUHVDGH(VWXGRV(QHUJpWLFRV6$
&LUFXODQWH
%UHQQDQG,QYHVWLPHQWRV&RPHUFLDOL]DGRUD6$ FRQWURODGDV IRUDP SUHSDUDGDV GHFRUUHQWHVGDYHQGDGHHQHUJLD(VVDVFRQWDVDUHFHEHUGHFOLHQWHVQRPRQWDQWHGH
'LYLGHQGRVDSDJDU
QRPHVPRSHUtRGRGHGLYXOJDomR 5 5 VmR FRPSRVWDV VXEVWDQFLDOPHQWH SRU YDORUHV 5%)%,6$
TXHRGDFRQWURODGRUDXWLOL]DQGR YHQFLGRV HP QR Pi[LPR GLDV (P GH GH]HPEUR GH H D -0%%,6$
SROtWLFDVFRQWiEHLVFRQVLVWHQWHV7RGRVRVVDOGRVLQWUDJUXSRUHFHLWDVHGHVSHVDVHJDQKRVHSHUGDVQmR $GPLQLVWUDomRGD&RPSDQKLDHVXDVFRQWURODGDVFRQFOXtUDPQmRKDYHUQHFHVVLGDGH 50%&%,6$
GHUHFRQKHFHUSHUGDHVWLPDGDFRPFUpGLWRGHOLTXLGDomRGXYLGRVD
UHDOL]DGRVRULXQGRVGHWUDQVDo}HVLQWUDJUXSRVmRHOLPLQDGRVSRUFRPSOHWR&RQFLOLDomRHQWUHROXFUR
0/0%%,6$
OtTXLGRHRSDWULP{QLROtTXLGRGDFRQWURODGRUDHFRQVROLGDGR$FRQFLOLDomRGROXFUROtTXLGRGRSHUtRGRH 'LYLGHQGRV D UHFHEHU &RQWURODGRUD (P GH GH]HPEUR GH D 30%&3%,6$
SDWULP{QLR OtTXLGR HQWUH FRQWURODGRUD H FRQVROLGDGR HP GH GH]HPEUR GH H p DVVLP &RPSDQKLDWHPXPVDOGRGHGLYLGHQGRVDUHFHEHUQRPRQWDQWHGH5 3%*%,6$
UHVXPLGD
5 FRUUHVSRQGHQWHVDR VDOGR UHVLGXDOGH GLYLGHQGRV GLVWULEXtGRV HP
3DWULP{QLROtTXLGR
5HVXOWDGR
SHUtRGRV DQWHULRUHVH DR YDORU D UHFHEHU GRV GLYLGHQGRV PtQLPRV REULJDWyULRV
1RSHUtRGRGHDVGHVSHVDVFRPKRQRUiULRVGD$GPLQLVWUDomRWRWDOL]DUDP5
GLVWULEXtGRVQRSHUtRGRGH
6DOGRVDSUHVHQWDGRVQDFRQWURODGRUD
5
3DUWLFLSDo}HVHDGLDQWDPHQWRVGH
,QYHVWLPHQWRV &RQWURODGRUD D 0XWDomRGRVLQYHVWLPHQWRV
QmRFRQWURODGRUHV
6DOGRGHGLYLGHQGRVGLVWULEXtGRVHPSHUtRGRVDQWHULRUHV
D
(OLPLQDomRGRDWLYRGLIHULGR
6DOGRLQLFLDO
'LYLGHQGRVUHFHELGRVQRSHUtRGR
6DOGRVDSUHVHQWDGRVQRFRQVROLGDGR
$XPHQWRGRVLQYHVWLPHQWRV
'LYLGHQGRVGLVWULEXtGRVSHODVFRQWURODGDVQRSHUtRGR 1RWD
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
6DOGRGHGLYLGHQGRVDUHFHEHU
D $ $GPLQLVWUDomR GD &RPSDQKLD HIHWXRX D HOLPLQDomR GR VDOGR GR DWLYR GLIHULGR UHIHUHQWH jV
'LYLGHQGRVDUHFHEHUUHFHELGRV 1RWD
GHVSHVDV SUpRSHUDFLRQDLV QDV GHPRQVWUDo}HV FRQWiEHLV FRQVROLGDGDV$ PDQXWHQomR GHVVH DWLYR
6DOGR¿QDO
GLIHULGR Vy p SHUPLWLGD SHODV SUiWLFDV FRQWiEHLV DGRWDGDV QR %UDVLO QDV GHPRQVWUDo}HV FRQWiEHLV E ,QIRUPDomRVREUHFRQWURODGDVGLUHWDV
%UHQQDQG
7RFDQWLQV 1RYD-XED
%,(PSUHVDGH
,WDPDUDWL
LQGLYLGXDLV,QYHVWLPHQWRV2VLQYHVWLPHQWRVGD&RPSDQKLDHPVXDVFRQWURODGDVVmRUHFRQKHFLGRV
9iU]HDGR 3DPSHDQD
,QYHVWLPHQWRV
(VWXGRV
1RUWH6$ (QHUJpWLFD (QHUJpWLFD
FRP EDVH QR PpWRGR GD HTXLYDOrQFLD SDWULPRQLDO DWUDYpV GR TXDO D SDUWLFLSDomR VRFLHWiULD QDV
6$
-XED(QHUJpWLFD6$ &RPHUFLDOL]DGRUD (QHUJpWLFRV6$
6$
$JURSHFXiULD
7RWDO
FRQWURODGDV p DSUHVHQWDGD QD GHPRQVWUDomR GR UHVXOWDGR FRPR HTXLYDOrQFLD SDWULPRQLDO
GHGH]HPEURGH
6$
(QHUJpWLFD
UHSUHVHQWDQGRROXFURRXSUHMXt]ROtTXLGRDWULEXtYHODRVDFLRQLVWDVGDVFRQWURODGDV8PDFRQWURODGDp
$WLYRV
6$
XPDHQWLGDGHVREUHDTXDOD&RPSDQKLDWHPDPDLRULDGRFDSLWDOYRWDQWHHH[HUFHLQÀXrQFLDVLJQL¿FDWLYD
2VJDQKRVHSHUGDVQmRUHDOL]DGRVUHVXOWDQWHVGHWUDQVDo}HVHQWUHD&RPSDQKLDHDVFRQWURODGDVVmR 3DVVLYRV
HOLPLQDGRVTXDQGRDSOLFiYHOGHDFRUGRFRPDSDUWLFLSDomRPDQWLGDQDVFRQWURODGDV$&RPSDQKLD &DSLWDOVRFLDO
GHWHUPLQDDFDGDWpUPLQRGHH[HUFtFLRVRFLDOVHKiHYLGrQFLDREMHWLYDGHTXHRVLQYHVWLPHQWRVQDV 3DWULP{QLROtTXLGR
FRQWURODGDVVRIUHUDPSHUGDVSRUUHGXomRDRYDORUUHFXSHUiYHO6HDVVLPIRUFRQVWDWDGRD&RPSDQKLD $GLDQWDPHQWRV SDUD IXWXURV DXPHQWRV
FDOFXODRPRQWDQWHGDSHUGDSRUUHGXomRDRYDORUUHFXSHUiYHOFRPRDGLIHUHQoDHQWUHRYDORUUHFXSHUiYHO GHFDSLWDO
/XFUR
SUHMXt]R
GRSHUtRGR
GDVFRQWURODGDVHRYDORUFRQWiELOHUHFRQKHFHRPRQWDQWHGHVVDSHUGDQDGHPRQVWUDomRGRUHVXOWDGR
5HFRQKHFLPHQWRGDUHFHLWD5HFHLWDGDVRSHUDo}HV$UHFHLWDGHYHQGDGHHQHUJLDpUHFRQKHFLGDQR 4XDQWLGDGHGHDo}HVSRVVXtGDV
GHSDUWLFLSDomR
UHVXOWDGRTXDQGR L VHXYDORUSRGHVHUPHQVXUDGRGHIRUPDFRQ¿iYHO LL WRGRVRVULVFRVHEHQHItFLRV
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
LQHUHQWHVjYHQGDGHHQHUJLDVmRWUDQVIHULGRVSDUDRFOLHQWH LLL D&RPSDQKLDQmRGHWpPPDLVRFRQWUROH
6DOGRGRLQYHVWLPHQWR
RXDUHVSRQVDELOLGDGHVREUHDYHQGDGHHQHUJLD H LY pSURYiYHOTXHRVEHQHItFLRVHFRQ{PLFRVVHUmR
GHGH]HPEURGH
JHUDGRVjIDYRUGD&RPSDQKLD8PDUHFHLWDQmRpUHFRQKHFLGDVHKiXPDLQFHUWH]DVLJQL¿FDWLYDTXDQWR
5HVXOWDGRGHHTXLYDOrQFLDSDWULPRQLDO
D VXD UHDOL]DomR 5HFHLWD GH MXURV 3DUD WRGRV RV LQVWUXPHQWRV ¿QDQFHLURV DYDOLDGRV DR FXVWR
6DOGRGRLQYHVWLPHQWR
DPRUWL]DGRHDWLYRV¿QDQFHLURVTXHUHQGHPMXURVFODVVL¿FDGRVFRPRGLVSRQtYHLVSDUDYHQGDDUHFHLWD
,PRELOL]DGR &RQVROLGDGR
RX GHVSHVD ¿QDQFHLUD p UHFRQKHFLGD XWLOL]DQGRVH D WD[D GH MXURV HIHWLYD $ UHFHLWD GH MXURV p
6DOGRHP
6DOGRHP
7D[DDQXDOGH
DSUHVHQWDGDFRPRUHFHLWD¿QDQFHLUDQDGHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR7ULEXWDomR,PSRVWR
5HFODVVL¿FDo}HV 7UDQVIHUrQFLDV
$GLo}HV
%DL[DV
GHSUHFLDomR
GHUHQGDHFRQWULEXLomRVRFLDO $WLYRVHSDVVLYRVWULEXWiULRVFRUUHQWHVGR~OWLPRH[HUFtFLRHGHDQRV &XVWRFRQWiELO
DQWHULRUHV VmR PHQVXUDGRV DR YDORU UHFXSHUiYHO HVSHUDGR RX D SDJDU SDUD DV DXWRULGDGHV ¿VFDLV 7HUUHQRV
UHVSHFWLYDPHQWH$VDOtTXRWDVGHLPSRVWRHDVOHJLVODo}HV¿VFDLVXVDGDVSDUDFDOFXODURPRQWDQWHVmR 5HVHUYDWyULRVEDUUDJHQVHDGXWRUDV
DTXHODVTXHHVWmRHPYLJRURXVXEVWDQFLDOPHQWHHPYLJRUQDGDWDGREDODQoR1DVFRQWURODGDV,WDPDUDWL (GL¿FDo}HVREUDVFLYLVHEHQIHLWRULDV
D
1RUWH6$$JURSHFXiULDH%UHQQDQG,QYHVWLPHQWRV&RPHUFLDOL]DGRUD6$DWULEXWDomRVREUHROXFURp /LQKDGHWUDQVPLVVmR
FDOFXODGDWHQGRSRUEDVHR³OXFURUHDO´$WULEXWDomRVREUHROXFURQDVGHPDLVFRQWURODGDVpFDOFXODGD 0yYHLVHXWHQVtOLRV
D
WHQGRSRUEDVHR³OXFURSUHVXPLGR´(PDPERVRVFDVRVDUHIHULGDWULEXWDomRRFRUUHFRPEDVHQR &RPSXWDGRUHVHSHULIpULFRV
D
SULQFtSLRGDFRPSHWrQFLD,PSRVWRVGLIHULGRV &RQWURODGD,WDPDUDWL1RUWH6$$JURSHFXiULD ,PSRVWR 0iTXLQDVHHTXLSDPHQWRV
GLIHULGR p JHUDGR SRU GLIHUHQoDV WHPSRUiULDV QD GDWD GR EDODQoR HQWUH DV EDVHV ¿VFDLV GH DWLYRV H 9HtFXORV
SDVVLYRV H VHXV YDORUHV FRQWiEHLV ,PSRVWRV GLIHULGRV SDVVLYRV VmR UHFRQKHFLGRV SDUD WRGDV DV ,PRELOL]DGRHPDQGDPHQWR
D
GLIHUHQoDVWULEXWiULDVWHPSRUiULDV,PSRVWRVGLIHULGRVDWLYRVVmRUHFRQKHFLGRVSDUDWRGDVDVGLIHUHQoDV 2XWURV
WHPSRUiULDVGHGXWtYHLVFUpGLWRVHSHUGDVWULEXWiULRVQmRXWLOL]DGRVQDH[WHQVmRHPTXHVHMDSURYiYHO 7RWDOGRFXVWR
TXH R OXFUR WULEXWiYHO HVWHMD GLVSRQtYHO SDUD TXH DV GLIHUHQoDV WHPSRUiULDV GHGXWtYHLV SRVVDP VHU 7RWDOGDGHSUHFLDomRDFXPXODGD
UHDOL]DGDVHFUpGLWRVHSHUGDVWULEXWiULRVQmRXWLOL]DGRVSRVVDPVHUXWLOL]DGRV,PSRVWRVGLIHULGRVDWLYRV 7RWDOOtTXLGR
HSDVVLYRVVmRPHQVXUDGRVjWD[DGHLPSRVWRTXHVmRHVSHUDGDVDVHUHPDSOLFiYHLVQRDQRHPTXHR ,PRELOL]DGRHPFXUVR2VDOGRGRLPRELOL]DGRHPDQGDPHQWRUHIHUHVHEDVLFDPHQWHDYDORUHVDSOLFDGRVQDFRQVWUXomRGDV3&+¶V-XELQKD,,-XELQKD,,,H-XED,9WRGDV
DWLYRVHUiUHDOL]DGRRXRSDVVLYROLTXLGDGREDVHDGRQDVWD[DVGHLPSRVWRSUHYLVWDVQDOHJLVODomR¿VFDO SHUWHQFHQWHVjFRQWURODGD1RYD-XED(QHUJpWLFD6$
1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HVFRQWiEHLVGHGH]HPEURGHH 9DORUHVH[SUHVVRV
HPPLOKDUHVGHUHDLV ,QIRUPDo}HVVREUHD&RPSDQKLDHFRQWURODGDV D 2EMHWRVRFLDO$
%UHQQDQG,QYHVWLPHQWRV6$ ³&RPSDQKLD´ pXPDVRFLHGDGHSRUDo}HVGHFDSLWDOIHFKDGRFRP
VHGHQDFLGDGHGR5HFLIH3($&RPSDQKLDWHPFRPRSULQFLSDOREMHWRVRFLDODSDUWLFLSDomRDFLRQiULD
HPHPSUHHQGLPHQWRVQRVHWRUGHHQHUJLDHOpWULFDWHQGRDWRWDOLGDGHGRVHXFDSLWDOVRFLDOFRQWURODGR
SHODVKROGLQJVIDPLOLDUHVFRQIRUPHGHPRQVWUDGRQD1RWD$%UHQQDQG,QYHVWLPHQWRV6$pD
FRQWURODGRUDGDVVHJXLQWHVFRPSDQKLDV &RQWURODGDVGLUHWDVHPRSHUDomR ,WDPDUDWL1RUWH6$
$JURSHFXiULDTXHPDQWpPHPRSHUDomRGXDV8+(¶V -XED,H-XED,, 7RFDQWLQV(QHUJpWLFD6$TXH
PDQWpPHPRSHUDomRWUrV3&+¶V 6REUDGR'LDFDO,,H'LDQySROLV 9iU]HDGR-XED(QHUJpWLFD6$
TXHPDQWpPHPRSHUDomRD3&+*UDoD%UHQQDQGH3DPSHDQD(QHUJpWLFD6$TXHPDQWpPHP
RSHUDomRD3&+3DPSHDQD &RQWURODGDVGLUHWDVHPSUHVDVHPIDVHSUpRSHUDFLRQDO 1RYD
-XED(QHUJpWLFD6$ 3&+V-XELQKD,,-XELQKD,,,H-XED,9 $GLFLRQDOPHQWHD&RPSDQKLDSRVVXL
DV FRQWURODGDV GLUHWDV %UHQQDQG ,QYHVWLPHQWRV &RPHUFLDOL]DGRUD 6$ H %, (PSUHVD GH (VWXGRV
(QHUJpWLFRV6$(VWD~OWLPDFRQWURODLQGLUHWDPHQWHWUrVFRPSDQKLDVTXHVHHQFRQWUDPHPIDVHSUp
RSHUDFLRQDO HPIDVHGHGHVHQYROYLPHQWRGHSURMHWRVSRUPHLRGDVKROGLQJV8VLQD9HOKD+ROGLQJ6$
&RUUHGHLUDV +ROGLQJ 6$ H 7DSLUDSXm +ROGLQJ 6$ 8VLQD 9HOKD (QHUJpWLFD 6$ &RUUHGHLUDV
(QHUJpWLFD6$H7DSLUDSXm(QHUJpWLFD6$UHVSHFWLYDPHQWH E 3RWrQFLDLQVWDODGDHFDSDFLGDGH
SURGXWLYD$VFRQWURODGDVGD&RPSDQKLDSRVVXHPDVVHJXLQWHVSRWrQFLDVHFDSDFLGDGHVGHJHUDomR
GHHQHUJLD
3RWrQFLD HP0:
8+(3HTXHQD&HQWUDO
,QVWDODGD
+LGUHOpWULFD
&RPSDQKLD
(PRSHUDomR
3&+*UDoD%UHQQDQG
9iU]HDGR-XED(QHUJpWLFD6$
8+(-XED,
,WDPDUDWL1RUWH6$$JURSHFXiULD
8+(-XED,,
,WDPDUDWL1RUWH6$$JURSHFXiULD
3&+'LDQySROLV
7RFDQWLQV(QHUJpWLFD6$
3&+'LDFDO,,
7RFDQWLQV(QHUJpWLFD6$
3&+6REUDGR
7RFDQWLQV(QHUJpWLFD6$
3&+3DPSHDQD
3DPSHDQD(QHUJpWLFD6$
3UpRSHUDFLRQDO
3&+-XELQKD,,
1RYD-XED(QHUJpWLFD6$
3&+-XELQKD,,,
1RYD-XED(QHUJpWLFD6$
3&+-XED,9
1RYD-XED(QHUJpWLFD6$
F $XWRUL]Do}HV SDUD IXQFLRQDPHQWR $V
3UD]RGHFRQFHVVmR
8+(3&+
DXWRUL]Do}HV SDUD IXQFLRQDPHQWR QD
DQRV
3&+*UDoD%UHQQDQG
FRQGLomR GH SURGXWRU LQGHSHQGHQWH GH
DQRV
8+(-XED,H,,
HQHUJLDHOpWULFDIRUDPHPLWLGDVSHOD$JrQFLD
DQRV
3&+'LDQySROLV
1DFLRQDO GH (QHUJLD (OpWULFD $1((/ SDUD
DQRV
3&+'LDFDO,,
FDGDXPDGDV8+(H3&+GDVFRQWURODGDV
DQRV
3&+6REUDGR
GD&RPSDQKLDQRVVHJXLQWHVWHUPRV
DQRV
3&+3DPSHDQD
DQRV
3&+-XELQKD,,
DQRV
3&+-XELQKD,,,
DQRV
3&+-XED,9