DOEPE 11/04/2019 - Pág. 21 - 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 - 21
H[LVWHQWHV$VGLVWRUo}HVSRGHPVHUGHFRUUHQWHVGHIUDXGHRXHUURHVmRFRQVLGHUDGDVUHOHYDQWHVTXDQGRLQGLYLGXDOPHQWHRXHPFRQMXQWRSRVVDPLQÀXHQFLDUGHQWURGHXPDSHUVSHFWLYDUD]RiYHODVGHFLV}HVHFRQ{PLFDVGRVXVXiULRVWRPDGDVFRPEDVHQDVUHIHULGDV
GHPRQVWUDo}HVFRQWiEHLV&RPRSDUWHGDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULDH[HUFHPRVMXOJDPHQWRSUR¿VVLRQDOHPDQWHPRVFHWLFLVPRSUR¿VVLRQDODRORQJRGDDXGLWRULD$OpPGLVVR,GHQWL¿FDPRVHDYDOLDPRVRVULVFRVGH
GLVWRUomRUHOHYDQWHQDVGHPRQVWUDo}HVFRQWiEHLVLQGLYLGXDLVHFRQVROLGDGDVLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUURSODQHMDPRVHH[HFXWDPRVSURFHGLPHQWRVGHDXGLWRULDHPUHVSRVWDDWDLVULVFRVEHPFRPRREWHPRVHYLGrQFLDGHDXGLWRULDDSURSULDGDHVX¿FLHQWHSDUD
IXQGDPHQWDUQRVVDRSLQLmR2ULVFRGHQmRGHWHFomRGHGLVWRUomRUHOHYDQWHUHVXOWDQWHGHIUDXGHpPDLRUGRTXHRSURYHQLHQWHGHHUURMiTXHDIUDXGHSRGHHQYROYHURDWRGHEXUODURVFRQWUROHVLQWHUQRVFRQOXLRIDOVL¿FDomRRPLVVmRRXUHSUHVHQWDo}HVIDOVDVLQWHQFLRQDLV2EWHPRV
HQWHQGLPHQWRGRVFRQWUROHVLQWHUQRVUHOHYDQWHVSDUDDDXGLWRULDSDUDSODQHMDUPRVSURFHGLPHQWRVGHDXGLWRULDDSURSULDGRVjVFLUFXQVWkQFLDVPDVQmRFRPRREMHWLYRGHH[SUHVVDUPRVRSLQLmRVREUHDH¿FiFLDGRVFRQWUROHVLQWHUQRVGD&RPSDQKLDHVXDVFRQWURODGDV$YDOLDPRVD
DGHTXDomRGDVSROtWLFDVFRQWiEHLVXWLOL]DGDVHDUD]RDELOLGDGHGDVHVWLPDWLYDVFRQWiEHLVHUHVSHFWLYDVGLYXOJDo}HVIHLWDVSHOD$GPLQLVWUDomR&RQFOXtPRVVREUHDDGHTXDomRGRXVRSHOD$GPLQLVWUDomRGDEDVHFRQWiELOGHFRQWLQXLGDGHRSHUDFLRQDOHFRPEDVHQDVHYLGrQFLDVGH
DXGLWRULDREWLGDVVHH[LVWHLQFHUWH]DUHOHYDQWHHPUHODomRDHYHQWRVRXFRQGLo}HVTXHSRVVDPOHYDQWDUG~YLGDVLJQL¿FDWLYDHPUHODomRjFDSDFLGDGHGHFRQWLQXLGDGHRSHUDFLRQDOGD&RPSDQKLDHVXDVFRQWURODGDV6HFRQFOXLUPRVTXHH[LVWHLQFHUWH]DUHOHYDQWHGHYHPRVFKDPDU
DWHQomRHPQRVVRUHODWyULRGHDXGLWRULDSDUDDVUHVSHFWLYDVGLYXOJDo}HVQDVGHPRQVWUDo}HVFRQWiEHLVLQGLYLGXDLVHFRQVROLGDGDVRXLQFOXLUPRGL¿FDomRHPQRVVDRSLQLmRVHDVGLYXOJDo}HVIRUHPLQDGHTXDGDV1RVVDVFRQFOXV}HVHVWmRIXQGDPHQWDGDVQDVHYLGrQFLDVGHDXGLWRULD
REWLGDVDWpDGDWDGHQRVVRUHODWyULR7RGDYLDHYHQWRVRXFRQGLo}HVIXWXUDVSRGHPOHYDUD&RPSDQKLDHVXDVFRQWURODGDVDQmRPDLVVHPDQWHUHPHPFRQWLQXLGDGHRSHUDFLRQDO&RPXQLFDPRQRVFRPRVUHVSRQViYHLVSHODJRYHUQDQoDDUHVSHLWRHQWUHRXWURVDVSHFWRVGRDOFDQFH
SODQHMDGRGDpSRFDGDDXGLWRULDHGDVFRQVWDWDo}HVVLJQL¿FDWLYDVGHDXGLWRULDLQFOXVLYHDVHYHQWXDLVGH¿FLrQFLDVVLJQL¿FDWLYDVQRVFRQWUROHVLQWHUQRVTXHLGHQWL¿FDPRVGXUDQWHQRVVRVWUDEDOKRV5HFLIHGHPDUoRGH(5167 <281*$XGLWRUHV,QGHSHQGHQWHV66&5&
632)UDQFLVFRGD6LOYD3LPHQWHO&RQWDGRU&5&63273(
$PLOWRQ4XHLUR]GD6LOYD±&RQWDGRU&5&3(2'LUHWRUHV0R]DUWGH6LTXHLUD&DPSRV$UD~MRH5LFDUGR-HU{QLPR3HUHLUD5rJR-~QLRU
&255('(,5$6(1(5*e7,&$6$ &13- 1 ± 5HODWyULR GD $GPLQLVWUDomR 'DQGR FXPSULPHQWR jV UHFXSHUiYHO'LIHULGR&RQIRUPHIDFXOWDGRSHOD/HLQD&RPSDQKLDRSWRXSHODPDQXWHQomRGRVVDOGRVGRDWLYRGLIHULGR
GHWHUPLQDo}HVOHJDLVHHVWDWXWiULDVVXEPHWHPRVjDSUHFLDomRGRV6HQKRUHV$FLRQLVWDV&OLHQWHV)RUQHFHGRUHVHj6RFLHGDGHHPJHUDO UHJLVWUDGR HP GH GH]HPEUR GH DWp VXD FRPSOHWD DPRUWL]DomR 3RU HVWDU HP IDVH SUpRSHUDFLRQDO D &RPSDQKLD QmR YHP
HVWH5HODWyULRGD$GPLQLVWUDomRHDV'HPRQVWUDo}HV&RQWiEHLVUHIHUHQWHVDRH[HUFtFLRVRFLDO¿QGRHPDFRPSDQKDGRVGR DPRUWL]DQGRRDWLYRGLIHULGR3HUGDSRUUHGXomRDRYDORUUHFXSHUiYHOGHDWLYRVQmR¿QDQFHLURV$$GPLQLVWUDomRUHYLVDDQXDOPHQWHR
5HODWyULR GRV $XGLWRUHV ,QGHSHQGHQWHV 2 DQR GH IRL SRVLWLYR PDV DV GL¿FXOGDGHV H RV ULVFRV UHODWDGRV HP RXWURV H[HUFtFLRV YDORU FRQWiELO OtTXLGR GRV DWLYRV FRP R REMHWLYR GH DYDOLDU HYHQWRV RX PXGDQoDV QDV FLUFXQVWkQFLDV HFRQ{PLFDV RSHUDFLRQDLV RX
SHUPDQHFHUDP DPHDoDQGR D &RPSDQKLD HVSHFLDOPHQWH HP IXQomR GD FUHVFHQWH ³MXGLFLDOL]DomR´ GR 6HWRU (OpWULFR ,QREVWDQWH HVVDV WHFQROyJLFDVTXHSRVVDPLQGLFDUSHUGDGHVHXYDORUUHFXSHUiYHO6HQGRWDLVHYLGrQFLDVLGHQWL¿FDGDVHRYDORUFRQWiELOOtTXLGRH[FHGHUR
GL¿FXOGDGHVD&RPSDQKLDFRQWLQXRXUHDOL]DQGRLQYHVWLPHQWRVHDYDQoDQGRQRGHVHQYROYLPHQWRGRVVHXVSURMHWRV5HFLIH±3($'LUHWRULD YDORUUHFXSHUiYHOpUHFRQKHFLGDXPDSHUGDHVWLPDGDSHODGHVYDORUL]DomRGRDWLYRDMXVWDQGRRYDORUFRQWiELOOtTXLGRDRYDORUUHFXSHUiYHO
3URYLV}HV 3URYLV}HV VmR UHFRQKHFLGDV TXDQGR L D &RPSDQKLD WHP XPD REULJDomR SUHVHQWH OHJDO RX QmR IRUPDOL]DGD HP
%DODQoRSDWULPRQLDOGHGH]HPEURGHH
'HPRQVWUDomRGRVÀX[RVGHFDL[D
FRQVHTXrQFLDGHXPHYHQWRSDVVDGR LL pSURYiYHOTXHEHQHItFLRVHFRQ{PLFRVVHMDPUHTXHULGRVSDUDOLTXLGDUDREULJDomRH LLL XPD
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
3HUtRGRV¿QGRVHPGHGH]HPEURGHH
HVWLPDWLYDFRQ¿iYHOGRYDORUGDREULJDomRSRVVDVHUIHLWD$GHVSHVDUHODWLYDDRUHFRQKHFLPHQWRGHTXDOTXHUSURYLVmRpDSUHVHQWDGDQD
1RWDV
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
GHPRQVWUDomRGRUHVXOWDGRGRSHUtRGR3URYLV}HVSDUDULVFRVWULEXWiULRVFtYHLVHWUDEDOKLVWDV$&RPSDQKLDQmRSRVVXLFRQWLQJrQFLDVFXMD
$WLYR
DYDOLDomRGDVH[SHFWDWLYDVGHSHUGDVGHVHXVDVVHVVRUHVMXUtGLFRVVHMD³SURYiYHO´$VVLPQHQKXPDSURYLVmRSDUDSHUGDVIRLFRQVWLWXtGDHP
&LUFXODQWH
)OX[RGHFDL[DGDVDWLYLGDGHVRSHUDFLRQDLV
H-XOJDPHQWRVHVWLPDWLYDVHSUHPLVVDVFRQWiEHLVVLJQL¿FDWLYRV$VGHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVFRPEDVH
&DL[DHHTXLYDOHQWHVGHFDL[D
HP GLYHUVDV EDVHV GH DYDOLDomR XWLOL]DGDV QDV HVWLPDWLYDV FRQWiEHLV $V HVWLPDWLYDV FRQWiEHLV HQYROYLGDV QD SUHSDUDomR GDV
3UHMXt]RGRSHUtRGR
7RWDOGRDWLYRFLUFXODQWH
&
D
L
[
D
O
L
T
X
L
G
R
D
S
O
L
F
D
G
R
Q
D
V
D
W
L
Y
L
G
D
G
H
V
GHPRQVWUDo}HVFRQWiEHLVIRUDPEDVHDGDVHPIDWRUHVREMHWLYRVHVXEMHWLYRVFRPEDVHQRMXOJDPHQWRGD$GPLQLVWUDomRSDUDGHWHUPLQDomR
1mRFLUFXODQWH
GRYDORUDGHTXDGRDVHUUHJLVWUDGRQDVGHPRQVWUDo}HVFRQWiEHLV $OLTXLGDomRGDVWUDQVDo}HVHQYROYHQGRHVVDVHVWLPDWLYDVSRGHUi
RSHUDFLRQDLV
,QWDQJtYHO
UHVXOWDU HP YDORUHV VLJQL¿FDWLYDPHQWH GLYHUJHQWHV GRV UHJLVWUDGRV QDV GHPRQVWUDo}HV FRQWiEHLV GHYLGR DR WUDWDPHQWR SUREDELOtVWLFR
)OX[RGHFDL[DGDVDWLYLGDGHVGHLQYHVWLPHQWR
'LIHULGR
LQHUHQWHDRSURFHVVRGHHVWLPDWLYD$&RPSDQKLDUHYLVDVXDVHVWLPDWLYDVHSUHPLVVDVSHORPHQRVDQXDOPHQWH
$SOLFDomRQRLQWDQJtYHO
7RWDOGRDWLYRQmRFLUFXODQWH
&DL[D OLTXLGR DSOLFDGR QDV DWLYLGDGHV GH
7RWDOGRDWLYR
,QWDQJtYHO2DWLYRLQWDQJtYHOQRPRQWDQWHGH 3DWULP{QLROtTXLGRD &DSLWDOVRFLDO2FDSLWDOVRFLDOVXEVFULWRHPGH
LQYHVWLPHQWR
5 5 HVWi UHSUHVHQWDGR SRU GH]HPEURGHHpGH5HHVWiGLVWULEXtGRGDVHJXLQWHIRUPD
3DVVLYR
)OX[RGHFDL[DGDVDWLYLGDGHVGH¿QDQFLDPHQWR
1mRFLUFXODQWH
JDVWRV HP GHVHQYROYLPHQWR GH SURMHWRV $FLRQLVWDV
$o}HV
E $GLDQWDPHQWRV SDUD IXWXUR
UHODFLRQDGRVjFRQVWUXomRGD3&+&RUUHGHLUDV
&DSWDomRGHP~WXRFRPSDUWHVUHODFLRQDGDV
3DUWHVUHODFLRQDGDV
&RUUHGHLUDV+ROGLQJ6$
D X P H Q W R G H F D S L W D O 2 V
&DL[D
OLTXLGR
JHUDGR
SHODV
DWLYLGDGHV
GH
7RWDOGRSDVVLYRQmRFLUFXODQWH
2XWURVDFLRQLVWDV
3DUWHVUHODFLRQDGDV
DGLDQWDPHQWRV FRQFHGLGRV SHORV
¿QDQFLDPHQWR
3DVVLYRDGHVFREHUWR
DFLRQLVWDV GHVWLQDGRV DR DXPHQWR
3DVVLYR
$FUpVFLPR GHFUpVFLPR QRFDL[DHHTXLYDOHQWHV
&DSLWDOVRFLDO
GHFDSLWDOVHUmRHIHWLYDPHQWHFDSLWDOL]DGRVHP,QVWUXPHQWRV¿QDQFHLURV2V
1mRFLUFXODQWH
GHFDL[D
3UHMXt]RVDFXPXODGRV
SULQFLSDLVLQVWUXPHQWRV¿QDQFHLURVGD&RPSDQKLDVmRFDL[DHHTXLYDOHQWHVGHFDL[DH
&RUUHGHLUDV+ROGLQJ6$
'HPRQVWUDomR GR DFUpVFLPR GHFUpVFLPR QR
SDUWHV UHODFLRQDGDV (P GH GH]HPEUR GH H QmR KDYLD GLIHUHQoD
FDL[DHHTXLYDOHQWHVGHFDL[D
$GLDQWDPHQWRVSDUDIXWXURDXPHQWRGH
6REUH DV RSHUDo}HV GH P~WXR Ki LQFLGrQFLD H VLJQL¿FDWLYDHQWUHRVYDORUHVFRQWiEHLVHRVGHPHUFDGRSDUDRVLQVWUXPHQWRV¿QDQFHLURV
1R¿QDOGRSHUtRGR
FDSLWDO
1RLQtFLRGRSHUtRGR
UHFROKLPHQWR GH ,2) QRV WHUPRV GD OHJLVODomR GD&RPSDQKLD$&RPSDQKLDQmRUHDOL]DRSHUDo}HVGHKHGJHVZDSRXTXDLVTXHURXWUDV
7RWDOSDVVLYRDGHVFREHUWR
¿VFDOYLJHQWH
RSHUDo}HVTXHHQYROYDPLQVWUXPHQWRV¿QDQFHLURVGHULYDWLYRV
$FUpVFLPR GHFUpVFLPR QRFDL[DHHTXLYDOHQWHV
7RWDOGRSDVVLYRHSDVVLYRDGHVFREHUWR
GHFDL[D
5HODWyULRGRDXGLWRULQGHSHQGHQWHVREUHDVGHPRQVWUDo}HVFRQWiEHLV$RV$FLRQLVWDVH$GPLQLVWUDGRUHVGD&RUUHGHLUDV(QHUJpWLFD
'HPRQVWUDomRGRUHVXOWDGR
6$5HFLIH3(2SLQLmR([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLVGD&RUUHGHLUDV(QHUJpWLFD6$ ³&RPSDQKLD´ TXHFRPSUHHQGHPR
3HUtRGRV¿QGRVHPGHGH]HPEURGHH
EDODQoRSDWULPRQLDOHPGHGH]HPEURGHHDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWHGDVPXWDo}HVGR
'HPRQVWUDomRGRUHVXOWDGRDEUDQJHQWH
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLVH[FHWRRSUHMXt]RSRU
SDWULP{QLROtTXLGRHGRVÀX[RVGHFDL[DSDUDRH[HUFtFLR¿QGRQHVVDGDWDEHPFRPRDVFRUUHVSRQGHQWHVQRWDVH[SOLFDWLYDVLQFOXLQGRR
3HUtRGRV¿QGRVHPGHGH]HPEURGHH
DomRHPUHDLV
UHVXPRGDVSULQFLSDLVSROtWLFDVFRQWiEHLV(PQRVVDRSLQLmRDVGHPRQVWUDo}HVFRQWiEHLVDFLPDUHIHULGDVDSUHVHQWDPDGHTXDGDPHQWHHP
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
WRGRVRVDVSHFWRVUHOHYDQWHVDSRVLomRSDWULPRQLDOH¿QDQFHLUDGD&RUUHGHLUDV(QHUJpWLFD6$HPGHGH]HPEURGHRGHVHPSHQKR
'HVSHVDVRSHUDFLRQDLV
GHVXDVRSHUDo}HVHRVVHXVÀX[RVGHFDL[DSDUDRH[HUFtFLR¿QGRQHVVDGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO%DVH
*HUDLVHDGPLQLVWUDWLYDV
3UHMXt]RGRSHUtRGR
SDUDRSLQLmR1RVVDDXGLWRULDIRLFRQGX]LGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD1RVVDVUHVSRQVDELOLGDGHV
2XWUDVGHVSHVDVRSHUDFLRQDLV
2XWURVUHVXOWDGRVDEUDQJHQWHV
HP FRQIRUPLGDGH FRP WDLV QRUPDV HVWmR GHVFULWDV QD VHomR D VHJXLU LQWLWXODGD ³5HVSRQVDELOLGDGHV GR DXGLWRU SHOD DXGLWRULD GDV
3UHMXt]RGRSHUtRGR
5HVXOWDGRDEUDQJHQWHGRSHUtRGR
GHPRQVWUDo}HVFRQWiEHLV´6RPRVLQGHSHQGHQWHVHPUHODomRj&RPSDQKLDGHDFRUGRFRPRVSULQFtSLRVpWLFRVUHOHYDQWHVSUHYLVWRVQR
3UHMXt]RSRUDomRHP5HDLV
&yGLJRGHeWLFD3UR¿VVLRQDOGR&RQWDGRUHQDVQRUPDVSUR¿VVLRQDLVHPLWLGDVSHOR&RQVHOKR)HGHUDOGH&RQWDELOLGDGHHFXPSULPRVFRPDV
GHPDLVUHVSRQVDELOLGDGHVpWLFDVGHDFRUGRFRPHVVDVQRUPDV$FUHGLWDPRVTXHDHYLGrQFLDGHDXGLWRULDREWLGDpVX¿FLHQWHHDSURSULDGD
'HPRQVWUDomRGDVPXWDo}HVGRSDWULP{QLROtTXLGR3HUtRGRV¿QGRVHPGHGH]HPEURGHH
SDUD
IXQGDPHQWDU QRVVD RSLQLmR 5HVSRQVDELOLGDGHV GD $GPLQLVWUDomR H GD JRYHUQDQoD SHODV GHPRQVWUDo}HV FRQWiEHLV $
9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV
$GPLQLVWUDomRpUHVSRQViYHOSHODHODERUDomRHDGHTXDGDDSUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVGHDFRUGRFRPDVSUiWLFDVFRQWiEHLV
$GLDQWDPHQWRV
DGRWDGDVQR%UDVLOHSHORVFRQWUROHVLQWHUQRVTXHHODGHWHUPLQRXFRPRQHFHVViULRVSDUDSHUPLWLUDHODERUDomRGHGHPRQVWUDo}HVFRQWiEHLV
SDUDIXWXUR
OLYUHV GH GLVWRUomR UHOHYDQWH LQGHSHQGHQWHPHQWH VH FDXVDGD SRU IUDXGH RX HUUR 1D HODERUDomR GDV GHPRQVWUDo}HV FRQWiEHLV D
&DSLWDO
DXPHQWRGH
3UHMXt]RV
$GPLQLVWUDomRpUHVSRQViYHOSHODDYDOLDomRGDFDSDFLGDGHGHD&RPSDQKLDFRQWLQXDURSHUDQGRGLYXOJDQGRTXDQGRDSOLFiYHORVDVVXQWRV
VRFLDO
7RWDO
FDSLWDO
6XEWRWDO
DFXPXODGRV
UHODFLRQDGRVFRPDVXDFRQWLQXLGDGHRSHUDFLRQDOHRXVRGHVVDEDVHFRQWiELOQDHODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLVDQmRVHUTXHD
6DOGRVHPGHGH]HPEURGH
$GPLQLVWUDomR SUHWHQGD OLTXLGDU D &RPSDQKLD RX FHVVDU VXDV RSHUDo}HV RX QmR WHQKD QHQKXPD DOWHUQDWLYD UHDOLVWD SDUD HYLWDU R
3UHMXt]RGRSHUtRGR
HQFHUUDPHQWRGDVRSHUDo}HV2VUHVSRQViYHLVSHODJRYHUQDQoDGD&RPSDQKLDVmRDTXHOHVFRPUHVSRQVDELOLGDGHSHODVXSHUYLVmRGR
6DOGRVHPGHGH]HPEURGH
SURFHVVRGHHODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLV5HVSRQVDELOLGDGHVGRDXGLWRUSHODDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV
3UHMXt]RGRSHUtRGR
1RVVRV REMHWLYRV VmR REWHU VHJXUDQoD UD]RiYHO GH TXH DV GHPRQVWUDo}HV FRQWiEHLV WRPDGDV HP FRQMXQWR HVWmR OLYUHV GH GLVWRUomR
6DOGRVHPGHGH]HPEURGH
UHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUURHHPLWLUUHODWyULRGHDXGLWRULDFRQWHQGRQRVVDRSLQLmR6HJXUDQoDUD]RiYHOp
1RWDVH[SOLFDWLYDVjVGHPRQVWUDo}HVFRQWiEHLVGHGH]HPEURGHH 9DORUHVH[SUHVVRVHPPLOKDUHVGHUHDLV ,QIRUPDo}HV XPDOWRQtYHOGHVHJXUDQoDPDVQmRXPDJDUDQWLDGHTXHDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGH
VREUHD&RPSDQKLD$&RUUHGHLUDV(QHUJpWLFD6$ ³&RPSDQKLD´ pXPDVRFLHGDGHSRUDo}HVGHFDSLWDOIHFKDGRFRPVHGHQDFLGDGHGR DXGLWRULDVHPSUHGHWHFWDPDVHYHQWXDLVGLVWRUo}HVUHOHYDQWHVH[LVWHQWHV$VGLVWRUo}HVSRGHPVHUGHFRUUHQWHVGHIUDXGHRXHUURHVmR
5HFLIH3(TXHWHPFRPRREMHWRVRFLDODSURGXomRHFRPHUFLDOL]DomRGHHQHUJLDHOpWULFDFRPDSURYHLWDPHQWRGHUHFXUVRVKtGULFRVQDWXUDLV FRQVLGHUDGDVUHOHYDQWHVTXDQGRLQGLYLGXDOPHQWHRXHPFRQMXQWRSRVVDPLQÀXHQFLDUGHQWURGHXPDSHUVSHFWLYDUD]RiYHODVGHFLV}HV
PHGLDQWHDXWRUL]DomRGR3RGHU3~EOLFRFRPSHWHQWH)RLVROLFLWDGRMXQWRj$1((/DUHQRYDomRGR'563&+GD3&+&RUUHGHLUDV'HVSDFKR HFRQ{PLFDVGRVXVXiULRVWRPDGDVFRPEDVHQDVUHIHULGDVGHPRQVWUDo}HVFRQWiEHLV&RPRSDUWHGDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDV
$1((/QXPDYH]TXHQmRREWLYHPRVROLFHQFLDPHQWRDPELHQWDOQRSUD]RHVWDEHOHFLGRGHDQRV$VVLPFRQIRUPHDVUHJUDV QRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULDH[HUFHPRVMXOJDPHQWRSUR¿VVLRQDOHPDQWHPRVFHWLFLVPRSUR¿VVLRQDODRORQJRGDDXGLWRULD
GD5HVROXomR1RUPDWLYDQHVWDPRVQRDJXDUGRGDUHQRYDomRSDUDSURVVHJXLUFRPDREWHQomRGROLFHQFLDPHQWRDPELHQWDOH $OpPGLVVR ,GHQWL¿FDPRVHDYDOLDPRVRVULVFRVGHGLVWRUomRUHOHYDQWHQDVGHPRQVWUDo}HVFRQWiEHLVLQGHSHQGHQWHPHQWHVHFDXVDGDSRU
SRVWHULRUVROLFLWDomRGDRXWRUJDGHDXWRUL]DomR&RQVLGHUDQGRTXHDDXWRUL]DomRSDUDDLPSODQWDomRGRHPSUHHQGLPHQWRDLQGDQmRIRL IUDXGHRXHUURSODQHMDPRVHH[HFXWDPRVSURFHGLPHQWRVGHDXGLWRULDHPUHVSRVWDDWDLVULVFRVEHPFRPRREWHPRVHYLGrQFLDGHDXGLWRULD
REWLGDDVREUDVGD3&+&RUUHGHLUDVDLQGDQmRIRUDPLQLFLDGDVHDSUHYLVmRpGHTXHDVPHVPDVVyRFRUUDPDSDUWLUGH'LDQWHGLVVRD DSURSULDGDHVX¿FLHQWHSDUDIXQGDPHQWDUQRVVDRSLQLmR2ULVFRGHQmRGHWHFomRGHGLVWRUomRUHOHYDQWHUHVXOWDQWHGHIUDXGHpPDLRUGRTXH
$GPLQLVWUDomRGD&RPSDQKLDHVWLPDTXHDRSHUDomRFRPHUFLDOGD8VLQDRFRUUDDR¿QDOGRDQRGH$FRQWURODGRUDJDUDQWHRVXSRUWH RSURYHQLHQWHGHHUURMiTXHDIUDXGHSRGHHQYROYHURDWRGHEXUODURVFRQWUROHVLQWHUQRVFRQOXLRIDOVL¿FDomRRPLVVmRRXUHSUHVHQWDo}HV
¿QDQFHLURSDUDHYHQWXDLVQHFHVVLGDGHVGHFDL[DGD&RPSDQKLD$SUHVHQWDomRGDVGHPRQVWUDo}HVFRQWiEHLVHVXPiULRGDVSUiWLFDV IDOVDVLQWHQFLRQDLV2EWHPRVHQWHQGLPHQWRGRVFRQWUROHVLQWHUQRVUHOHYDQWHVSDUDDDXGLWRULDSDUDSODQHMDUPRVSURFHGLPHQWRVGHDXGLWRULD
FRQWiEHLV$VGHPRQVWUDo}HVFRQWiEHLVIRUDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSROtWLFDVFRQWiEHLVDGRWDGDVQR DSURSULDGRVjVFLUFXQVWkQFLDVPDVQmRFRPRREMHWLYRGHH[SUHVVDUPRVRSLQLmRVREUHDH¿FiFLDGRVFRQWUROHVLQWHUQRVGD&RPSDQKLD
%UDVLOTXHFRPSUHHQGHPRVGRFXPHQWRVHPLWLGRVSHOR&RPLWrGH3URQXQFLDPHQWRV&RQWiEHLV &3& DSURYDGRVSHOR&RQVHOKR)HGHUDOGH $YDOLDPRVDDGHTXDomRGDVSROtWLFDVFRQWiEHLVXWLOL]DGDVHDUD]RDELOLGDGHGDVHVWLPDWLYDVFRQWiEHLVHUHVSHFWLYDVGLYXOJDo}HVIHLWDVSHOD
&RQWDELOLGDGH &)& FRPR1RUPDV%UDVLOHLUDVGH&RQWDELOLGDGH 1%& 2H[HUFtFLRVRFLDOGD&RPSDQKLDFRPSUHHQGHRSHUtRGRGHGH $GPLQLVWUDomR&RQFOXtPRVVREUHDDGHTXDomRGRXVRSHOD$GPLQLVWUDomRGDEDVHFRQWiELOGHFRQWLQXLGDGHRSHUDFLRQDOHFRPEDVHQDV
MDQHLURDGHGH]HPEUR$VGHPRQVWUDo}HVFRQWiEHLVGD&RPSDQKLDSDUDRSHUtRGR¿QGRHPGHGH]HPEURGHIRUDPDXWRUL]DGDV HYLGrQFLDVGHDXGLWRULDREWLGDVVHH[LVWHLQFHUWH]DUHOHYDQWHHPUHODomRDHYHQWRVRXFRQGLo}HVTXHSRVVDPOHYDQWDUG~YLGDVLJQL¿FDWLYDHP
SDUDHPLVVmRGHDFRUGRFRPDUHVROXomRGD$GPLQLVWUDomRHPGHPDUoRGH7ULEXWDomR,PSRVWRGHUHQGDHFRQWULEXLomRVRFLDO UHODomRjFDSDFLGDGHGHFRQWLQXLGDGHRSHUDFLRQDOGD&RPSDQKLD6HFRQFOXLUPRVTXHH[LVWHLQFHUWH]DUHOHYDQWHGHYHPRVFKDPDUDWHQomR
$WULEXWDomRVREUHROXFURFRPSUHHQGHRLPSRVWRGHUHQGDHDFRQWULEXLomRVRFLDORVTXDLVVmRUHJLVWUDGRVFRPEDVHQRSULQFtSLRGD HPQRVVRUHODWyULRGHDXGLWRULDSDUDDVUHVSHFWLYDVGLYXOJDo}HVQDVGHPRQVWUDo}HVFRQWiEHLVRXLQFOXLUPRGL¿FDomRHPQRVVDRSLQLmRVHDV
FRPSHWrQFLDHFDOFXODGRVFRQIRUPHOHJLVODomR¿VFDOHPYLJRUWHQGRSRUEDVHR³/XFUR3UHVXPLGR´ ,QVWUXPHQWRV¿QDQFHLURV2V GLYXOJDo}HVIRUHPLQDGHTXDGDV1RVVDVFRQFOXV}HVHVWmRIXQGDPHQWDGDVQDVHYLGrQFLDVGHDXGLWRULDREWLGDVDWpDGDWDGHQRVVRUHODWyULR
LQVWUXPHQWRV¿QDQFHLURVVRPHQWHVmRUHFRQKHFLGRVDSDUWLUGDGDWDHPTXHD&RPSDQKLDVHWRUQDSDUWHGDVGLVSRVLo}HVFRQWUDWXDLVGHXP 7RGDYLDHYHQWRVRXFRQGLo}HVIXWXUDVSRGHPOHYDUD&RPSDQKLDDQmRPDLVVHPDQWHUHPFRQWLQXLGDGHRSHUDFLRQDO&RPXQLFDPRQRVFRP
LQVWUXPHQWR ¿QDQFHLUR 2 SULQFLSDO DWLYR ¿QDQFHLUR UHFRQKHFLGR SHOD &RPSDQKLD p FDL[D H HTXLYDOHQWHV GH FDL[D 2 SULQFLSDO SDVVLYR RV UHVSRQViYHLV SHOD JRYHUQDQoD D UHVSHLWR HQWUH RXWURV DVSHFWRV GR DOFDQFH SODQHMDGR GD pSRFD GD DXGLWRULD H GDV FRQVWDWDo}HV
¿QDQFHLURUHFRQKHFLGRSHOD&RPSDQKLDpSDUWHVUHODFLRQDGDV&DL[DHHTXLYDOHQWHVGHFDL[D2VHTXLYDOHQWHVGHFDL[DVmRPDQWLGRV VLJQL¿FDWLYDV GH DXGLWRULD LQFOXVLYH DV HYHQWXDLV GH¿FLrQFLDV VLJQL¿FDWLYDV QRV FRQWUROHV LQWHUQRV TXH LGHQWL¿FDPRV GXUDQWH QRVVRV
FRPD¿QDOLGDGHGHDWHQGHUDFRPSURPLVVRVGHFDL[DGHFXUWRSUD]RHQmRSDUDLQYHVWLPHQWRRXRXWURV¿QV,QWDQJtYHO$WLYRVLQWDQJtYHLV WUDEDOKRV 5HFLIH GH PDUoR GH (5167 <281*$XGLWRUHV ,QGHSHQGHQWHV 66 &5&632 )UDQFLVFR GD 6LOYD
DGTXLULGRVVHSDUDGDPHQWHVmRPHQVXUDGRVDRFXVWRGHDTXLVLomRQRPRPHQWRGRVHXUHFRQKHFLPHQWRLQLFLDO$SyVRUHFRQKHFLPHQWR 3LPHQWHO&RQWDGRU&5&63273(
&RQWDGRU$PLOWRQ4XHLUR]GD6LOYD±&5&3(2
LQLFLDO RV DWLYRV LQWDQJtYHLV VmR DSUHVHQWDGRV DR FXVWR PHQRV DPRUWL]DomR DFXPXODGD H SHUGDV DFXPXODGDV SRU UHGXomR DR YDORU
'LUHWRULD0R]DUWGH6LTXHLUD&DPSRV$UD~MRH5LFDUGR-HU{QLPR3HUHLUD5rJR-~QLRU