DOEPE 16/10/2020 - Pág. 18 - Poder Executivo - Diário Oficial do Estado de Pernambuco
18 - Ano XCVII • NÀ 194
Diário Oficial do Estado de Pernambuco - Poder Executivo
Recife, 16 de outubro de 2020
7(03(676(59,d26'(,1)250È7,&$6$&13-Q
'HPRQVWUDo}HV¿QDQFHLUDVLQGLYLGXDLVHFRQVROLGDGDVGHGH]HPEURGHHGH
%DODQoRV3DWULPRQLDLVHPGH'H]HPEURGHH (P5HDLV
'HPRQVWUDo}HVGR5HVXOWDGR$EUDQJHQWH
HPGH'H]HPEURGHH (P5HDLV
&RQWURODGRUD
&RQVROLGDGR 3$66,92(
&RQWURODGRUD
&RQVROLGDGR
$7,92
1RWDV
3$75,0Ð1,2/Ë48,'2
1RWDV
&RQWURODGRUD
&RQVROLGDGR
&LUFXODQWH
&LUFXODQWH
&DL[DHHTXLYDOHQWHVGHFDL[D
)RUQHFHGRUHV
/XFUR SUHMXt]R GRH[HUFtFLR
&RQWDVDUHFHEHU
(PSUpVWLPRVH¿QDQFLDPHQWRV
2XWURVUHVXOWDGRVDEUDQJHQWHV
$GLDQWDPHQWRV
2EULJDo}HVWUDEDOKLVWDV
7RWDOGRUHVXOWDGR
,PSRVWRVDUHFXSHUDU
2EULJDo}HVWULEXWiULDV
DEUDQJHQWHGRH[HUFtFLR
3DUFHODPHQWRV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
1mRFLUFXODQWH
2XWUDVFRQWDVDSDJDU
'HPRQVWUDo}HVGRV)OX[RVGH&DL[DHPGH'H]HPEURGHH (P5HDLV
5HDOL]iYH,DORQJRSUD]R
3URYLVmRSDUDSHUGD
&RQWURODGRUD
&RQVROLGDGR
3DUWHVUHODFLRQDGDV
GHLQYHVWLPHQWR
$SOLFDo}HV¿QDQFHLUDV
/XFURGRH[HUFtFLRDQWHVGR,5H&6//
'HSyVLWRV-XGLFLDLV
1mRFLUFXODQWH
$MXVWHV
$GLDQWDPHQWRSDUDIXWXUR
(PSUpVWLPRVH¿QDQFLDPHQWRV
'HSUHFLDomRHDPRUWL]DomR
DXPHQWRGHFDSLWDO
3DUFHODPHQWRV
,5H&6//
3URYLVmRSDUDFRQWLQJrQFLDV
(TXLYDOrQFLD3DWULPRQLDO
,QYHVWLPHQWRV
3URYLVmRSDUDSHUGDGHLQYHVWLPHQWR
ÈJLRQDFRPSUDGHLQYHVWLPHQWR
3DWULP{QLROtTXLGR
-XURVSDVVLYR
,PRELOL]DGR
&DSLWDOVRFLDO
3UHMXt]R /XFURDMXVWDGR
,QWDQJtYHO
$MXVWHGHFRQYHUVmRGH
FRQWURODGDQRH[WHULRU
$XPHQWRV UHGXo}HVGRVDWLYRV
5HVHUYDGHOXFURV
&RQWDVDUHFHEHU
$GLDQWDPHQWRV
3DUWLFLSDomRGHQmRFRQWURODGRUHV
,PSRVWRVDUHFXSHUDU
7RWDOGRSDVVLYRHGR
3DUWHVUHODFLRQDGDV
7RWDOGRDWLYR
SDWULP{QLROtTXLGR
'HSyVLWRVMXGLFLDLV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
'HPRQVWUDo}HVGR5HVXOWDGRHPGH'H]HPEURGHH (P5HDLV
$XPHQWRV UHGXo}HV GRVSDVVLYRV
&RQWURODGRUD
&RQVROLGDGR
&RQWURODGRUD
&RQVROLGDGR
)RUQHFHGRUHV
1RWDV
1RWDV
6DOiULRVHHQFDUJRVVRFLDLV
5HFHLWD,tTXLGD
2XWUDVUHFHLWDVH
,PSRVWRVDSDJDU
GHYHQGDVHVHUYLoRV
GHVSHVDVRSHUDFLRQDLV
3DUFHODPHQWRV
&XVWRGRVVHUYLoRVSUHVWDGRV
/XFURDQWHVGRV
2XWUDVFRQWDVDSDJDU
0mRGHREUD
HIHLWRV¿QDQFHLURV
2XWURVJDVWRV
5HFHLWDV¿QDQFHLUDV
&DL[DOtTXLGRSURYHQLHQWH
3/5
'HVSHVDV¿QDQFHLUDV
GDVDWLYLGDGHVRSHUDFLRQDLV
/XFUREUXWR
/XFURDQWHVGDV
)OX[RGHFDL[DGDV
5HFHLWDVGHVSHVDVRSHUDFLRQDLV
DWLYLGDGHVGHLQYHVWLPHQWRV
0mRGHREUD
SURYLV}HVWULEXWiULDV
,5
$TXLVLo}HVGHLQYHVWLPHQWRV
2XWURVJDVWRV
&6//
$TXLVLo}HVGHEHQVGRDWLYRLPRELOL]DGR
3HUGDVHPLQYHVWLPHQWRV
/XFUROtTXLGR
$XPHQWRHPDGLDQWDPHQWR
(TXLYDOrQFLD3DWULPRQLDO
SDUDIXWXURDXPHQWRGHFDSLWDO
3/5
1~PHURGHDo}HVLQWHJUDOL]DGDV
$XPHQWRGHDSOLFDo}HV¿QDQFHLUDV
'HSUHFLDomR
/XFURSRUDo}HV
$XPHQWRGHDWLYRLQWDQJtYHO
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
%DL[DGHEHQVGRDWLYRLPRELOL]DGR
'HPRQVWUDo}HVGDV0XWDo}HVGR3DWULP{QLR/tTXLGRHPGH'H]HPEURGHH (P5HDLV
&DL[DOtTXLGRSURYHQLHQWHGDV
$MXVWHGHFRQ
/XFURVRX
3DUWLFLSDomR
DWLYLGDGHVGHLQYHVWLPHQWRV
&DSLWDO 5HVHUYD
5HVHUYD YHUVmRGHFRQWUR
3UHMXt]RV
GHQmRFRQ
)OX[RGHFDL[DGDV
6RFLDO
OHJDO
GHOXFURV
ODGDQRH[WHULRU
DFXPXODGRV
7RWDO
WURODGRUHV
7RWDO
DWLYLGDGHVGH¿QDQFLDPHQWRV
6DOGRVHPGHGH]HPEURGH
&DSWDomRGHHPSUpVWLPRV
5HVXOWDGRGRH[HUFtFLR
%DL[DGHHPSUpVWLPRV
/XFURVGLVWULEXtGRV
7UDQVIHUrQFLDSDUDUHVHUYDGHOXFURV
$XPHQWRGHFDSLWDOVRFLDO
6DOGRVHPGHGH]HPEURGH
3DUWLFLSDomRGHQmRFRQWURODGRUHV
$XPHQWRGH&DSLWDOHPGH0DUoRGH
/XFURVGLVWULEXtGRV
'LYLGHQGRVGLVWULEXtGRVFRQIRUPH
&DL[DOtTXLGRSURYHQLHQWHGDV
DWDHPLWLGDHPGHDEULOGH
DWLYLGDGHV¿QDQFLDPHQWRV
$GLDQWDPHQWRGHGLYLGHQGRVFRQIRUPH
$XPHQWROtTXLGRGHFDL[DH
DWDHPLWLGDHPGHDEULOGH
HTXLYDOHQWHVGHFDL[D
$XPHQWRGH&DSLWDOGH-XOKRGH
'LIHUHQoDFDPELDOOtTXLGD
$XPHQWRGH&DSLWDOHPGH6HWHPEURGH
&DL[DHHTXLYDOHQWHGHFDL[DQR
$MXVWHGHFRQYHUVmRGHFRQWURODGDQRH[WHULRU
LQtFLRGRH[HUFtFLR
5HVXOWDGRGRH[HUFtFLR
&DL[DHHTXLYDOHQWHGHFDL[DQR
&RQVWLWXLomRGHUHVHUYDOHJDO
¿QDOGRH[HUFtFLR
7UDQVIHUrQFLDSDUDUHVHUYDGHOXFURV
$XPHQWROtTXLGRGHFDL[DH
3DUWLFLSDomRGHQmRFRQWURODGRUHV
HTXLYDOHQWHVGHFDL[D
6DOGRVHPGHGH]HPEURGH
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
$VQRWDVH[SOLFDWLYDVVmRSDUWHLQWHJUDQWHGDVGHPRQVWUDo}HVFRQWiEHLV
1RWDVH[SOLFDWLYDVGD$GPLQLVWUDomRjVGHPRQVWUDo}HVFRQWiEHLV([HUFtFLRV¿QGRVHPGHGH]HPEURGHH (P5HDLV
,QIRUPDo}HV JHUDLV 2 7HPSHVW 6HUYLFRV GH ,QIRUPiWLFD 6$ VLJQL¿FDQWHULVFRGHPXGDQoDGHYDORURVTXDLVVmRUHJLVWUDGRVSH SHORPpWRGROLQHDUGHDFRUGRFRPDVWD[DVGLYXOJDGDVQD1RWD([ QDPRHGDGHDSUHVHQWDomRFRPRVHJXH D 2VDWLYRVHSDVVLYRV
³7HPSHVW´RX³&RPSDQKLD´ pXPDVRFLHGDGHDQ{QLPDGHFDSLWDO ORV YDORUHV GH FXVWR DFUHVFLGRV GRV UHQGLPHQWRV DXIHULGRV DWp DV SOLFDWLYDQ2VWHUUHQRVQmRVmRGHSUHFLDGRV8PLWHPGRLPREL GHFDGDEDODQoRSDWULPRQLDODSUHVHQWDGRVmRFRQYHUWLGRVSHODWD[D
IHFKDGRGHGLUHLWRSULYDGRFRPVHGHHP5HFLIH(VWDGRGH3HUQDP GDWDVGRVEDODQoRVTXHQmRH[FHGHPRVHXYDORUGHPHUFDGRRX OL]DGRpEDL[DGRDSyVDOLHQDomRRXTXDQGRQmRKiEHQHItFLRVHFR GHIHFKDPHQWRGDGDWDGREDODQoR E $VUHFHLWDVHGHVSHVDVGH
EXFRHWHPSRUREMHWLYRSULQFLSDODSUHVWDomRGHVHUYLoRVHVSHFLDOL GH UHDOL]DomR ,QVWUXPHQWRV ¿QDQFHLURV &ODVVL¿FDomR H Q{PLFRVIXWXURVUHVXOWDQWHVGRXVRFRQWtQXRGRDWLYR2VJDQKRVH FDGD GHPRQVWUDomR GR UHVXOWDGR VmR FRQYHUWLGDV SHODV WD[DV GH
]DGRVHPVHJXUDQoDGDLQIRUPDomR&RPH[SHULrQFLDGHDQRV PHQVXUDomR$&RPSDQKLDFODVVL¿FDVHXVDWLYRV¿QDQFHLURVVRED DVSHUGDVGHFRUUHQWHVGHDOLHQDo}HVVmRGHWHUPLQDGRVSHODFRP FkPELRPpGLDV DPHQRVTXHHVVDPpGLDQmRVHMDXPDDSUR[LPD
HPFLEHUVHJXUDQoDHFRPEDWHDIUDXGHVGLJLWDLV$VSUHVHQWHVGH FDWHJRULDGHHPSUpVWLPRVHUHFHEtYHLV$FODVVL¿FDomRGHSHQGHGD SDUDFmRFRPRYDORUFRQWiELOHVmRUHFRQKHFLGRVQDGHPRQVWUDomR omRUD]RiYHOGRHIHLWRFXPXODWLYRGDVWD[DVYLJHQWHVQDVGDWDVGDV
PRQVWUDo}HV¿QDQFHLUDVIRUDPDSURYDGDVSHODGLUHWRULDGDHPSUHVD ¿QDOLGDGHSDUDRTXDORVDWLYRV¿QDQFHLURVIRUDPDGTXLULGRVHDDG GRUHVXOWDGRGRH[HUFtFLR5HSDURVHPDQXWHQomRVmRDSURSULDGRV RSHUDo}HVHQHVVHFDVRDVUHFHLWDVHGHVSHVDVVmRFRQYHUWLGDV
HPGHPDUoRGH
PLQLVWUDomR GHWHUPLQD D VXD FODVVL¿FDomR QR UHFRQKHFLPHQWR LQL DRUHVXOWDGRGXUDQWHRSHUtRGRHPTXHVmRLQFRUULGRV2FXVWRGDV SHOD WD[D GDV GDWDV GDV RSHUDo}HV F 7RGDV DV GLIHUHQoDV GH
$SUHVHQWDomR GDV GHPRQVWUDo}HV FRQWiEHLV H SULQFLSDLV FLDO2VHPSUpVWLPRVHUHFHEtYHLVVmRDWLYRV¿QDQFHLURVQmRGHULYD SULQFLSDLVUHQRYDo}HVpLQFOXtGRQRYDORUFRQWiELOGRDWLYRQRPR FkPELRUHVXOWDQWHVVmRUHFRQKHFLGDVFRPRXPFRPSRQHQWHVHSD
SUiWLFDVFRQWiEHLV$SUHVHQWDomRGDVGHPRQVWUDo}HVFRQ WLYRVFRPSDJDPHQWRV¿[RVRXGHWHUPLQiYHLVTXHQmRVmRFRWDGRV PHQWR HP TXH IRU SURYiYHO TXH RV EHQHItFLRV HFRQ{PLFRV IXWXURV UDGRQRSDWULP{QLROtTXLGRQDFRQWD³$MXVWHVGHDYDOLDFmRSDWULPR
WiEHLV$VGHPRQVWUDo}HVFRQWiEHLVLQGLYLGXDLVHFRQVROLGDGDVIR HPXPPHUFDGRDWLYR6mRDSUHVHQWDGRVFRPRDWLYRFLUFXODQWHH[ TXHXOWUDSDVVDUHPRSDGUmRGHGHVHPSHQKRLQLFLDOPHQWHDYDOLDGR QLDO´ 1D FRQVROLGDomR DV GLIHUHQoDV GH FkPELR GHFRUUHQWHV GD
UDPSUHSDUDGDVHHVWmRVHQGRDSUHVHQWDGDVGHDFRUGRFRPDVSUi FHWRDTXHOHVFRPSUD]RGHYHQFLPHQWRVXSHULRUDPHVHVDSyVD SDUDRDWLYRH[LVWHQWHÀXLUmRSDUDR,QVWLWXWR$VSULQFLSDLVUHQRYD FRQYHUVmRGRLQYHVWLPHQWROtTXLGRHPRSHUDo}HVQRH[WHULRUVmRUH
WLFDVFRQWiEHLVDGRWDGDVQR%UDVLOFRPEDVHQDVGLVSRVLo}HVFRQ GDWD GH HPLVVmR GR EDODQoR HVWHV VmR FODVVL¿FDGRV FRPR DWLYRV o}HVVmRGHSUHFLDGDVDRORQJRGDYLGD~WLOUHVWDQWHGRDWLYRUHODFLR FRQKHFLGDVQRSDWULP{QLROtTXLGR&RQIRUPHDSUHVHQWDGRQR&3&
WLGDVQD/HLGDV6RFLHGDGHVSRU$o}HVHSURQXQFLDPHQWRVRULHQWD QmR FLUFXODQWHV D $WLYRV ¿QDQFHLURV GLVSRQtYHLV SDUD YHQGD QDGR5HGXomRDRYDORUUHFXSHUiYHOGHDWLYRV2LPRELOL]D RUHVSHFWLYRYDORUQmRGHYHWUDQVLWDUSHORUHVXOWDGRGD&RPSD
o}HV H LQWHUSUHWDo}HV HPLWLGDV SHOR &RPLWr GH 3URQXQFLDPHQWRV 2V DWLYRV ¿QDQFHLURV GLVSRQtYHLV SDUD YHQGD VmR QmR GHULYDWLYRV GR H RXWURV DWLYRV QmR FLUFXODQWHV VmR UHYLVWRV DQXDOPHQWH SDUD QKLDVHQGRUHFRQKHFLGRHPRXWURVUHVXOWDGRVDEUDQJHQWHVHPFRQ
&RQWiEHLV &3& HDSURYDGRVSHOR&RQVHOKR)HGHUDOGH&RQWDELOL TXHVmRFODVVL¿FDGRVQHVVDFDWHJRULDRXTXHQmRVmRFODVVL¿FDGRV LGHQWL¿FDU VH H[LVWHP HYLGrQFLDV GH SHUGDV QmR UHFXSHUiYHLV RX WD HVSHFt¿FD GR 3DWULP{QLR OtTXLGR ,QWDQJtYHO 2V JDVWRV
GDGH &)& 0RHGDIXQFLRQDOHGHDSUHVHQWDomR$$GPLQLV HPQHQKXPDRXWUDFDWHJRULD(OHVVmRLQFOXtGRVHPDWLYRVQmRFLU DLQGDVHPSUHTXHHYHQWRVRXDOWHUDo}HVQDVFLUFXQVWkQFLDVLQGLFD FRPDWLYLGDGHVGHSHVTXLVDVmRUHFRQKHFLGRVFRPRGHVSHVDQRSH
WUDomR GD &RPSDQKLD GH¿QLX D PRHGD FRUUHQWH GR %UDVLO R UHDO FXODQWHVDPHQRVTXHD$GPLQLVWUDomRSUHWHQGDDOLHQDURLQYHVWL UHPTXHRYDORUFRQWiELOSRGHQmRVHUUHFXSHUiYHO4XDQGRHVWHIRU UtRGRHPTXHVmRLQFRUULGRVHVHSUHHQFKLGRFRQGLo}HVHVSHFt¿FDV
5 FRPRVXD³0RHGD)XQFLRQDO´%DVHGHHODERUDomR$V PHQWRHPDWpPHVHVDSyVDGDWDGREDODQoR2VDWLYRV¿QDQFHL RFDVRRYDORUUHFXSHUiYHOpFDOFXODGRSDUDYHUL¿FDUVHKiSHUGD (PSUpVWLPRV2VHPSUpVWLPRVWRPDGRVVmRUHFRQKHFLGRV
GHPRQVWUDo}HVFRQWiEHLVIRUDPHODERUDGDVFRPEDVHQRFXVWRKLV URVGLVSRQtYHLVSDUDYHQGDVmRFRQWDELOL]DGRVSHORYDORUMXVWR2V 4XDQGRKRXYHUSHUGDHODpUHFRQKHFLGDSHORPRQWDQWHHPTXHR LQLFLDOPHQWHSHORYDORUMXVWRQRUHFHELPHQWRGRVUHFXUVRVOtTXLGRV
WyULFRH[FHWRVHLQGLFDGRGHRXWUDIRUPD%DVHGHFRQVROLGD MXURV GH WtWXORV GLVSRQtYHLV SDUD YHQGD FDOFXODGRV FRP R XVR GR YDORU FRQWiELO GR DWLYR XOWUDSDVVD VHX YDORU UHFXSHUiYHO TXH p R GRVFXVWRVGHWUDQVDomR(PVHJXLGDRVHPSUpVWLPRVWRPDGRVVmR
omR&RQWURODGDV$VSROtWLFDVFRQWiEHLVHDVGHPRQVWUDo}HVFRQ PpWRGRGDWD[DGHMXURVHIHWLYDVmRUHFRQKHFLGRVQDGHPRQVWUDomR PDLRUHQWUHRSUHoROtTXLGRGHYHQGDHRYDORUHPXVRGHXPDWLYR DSUHVHQWDGRVSHORFXVWRDPRUWL]DGRLVWRpDFUHVFLGRVGHHQFDUJRV
WiEHLVGDVFRQWURODGDVVmRLQFOXtGDVQDVGHPRQVWUDo}HVFRQWiEHLV GRUHVXOWDGRFRPRUHFHLWDV¿QDQFHLUDV$SDUFHODFRUUHVSRQGHQWHj 3DUD¿QVGHDYDOLDomRRVDWLYRVVmRDJUXSDGRVQRPHQRUJUXSRGH H MXURV SURSRUFLRQDLV DR SHUtRGR LQFRUULGR (pro rata temporis).
FRQVROLGDGDVDSDUWLUGDGDWDHPTXHRFRQWUROHVHLQLFLDDWpDGDWD YDULDomRQRYDORUMXVWRpODQoDGDFRQWUDSDWULP{QLROtTXLGRQDFRQ DWLYRVSDUDRTXDOH[LVWHPÀX[RVGHFDL[DLGHQWL¿FiYHLVVHSDUDGD 3DVVLYRFLUFXODQWHHQmRFLUFXODQWH2VSDVVLYRVFLUFXODQ
HPTXHRFRQWUROHGHL[DGHH[LVWLU3HUGDGHFRQWUROH4XDQGRKi WDDMXVWHVGHDYDOLDomRSDWULPRQLDOVHQGRUHDOL]DGDFRQWUDUHVXOWD PHQWH2.5.6. “Impairment” GHDWLYRVQmR¿QDQFHLURV2VDWLYRV WHVHQmRFLUFXODQWHVVmRGHPRQVWUDGRVSHORVYDORUHVFRQKHFLGRV
SHUGD GH FRQWUROH D &RPSDQKLD GHL[D GH UHFRQKHFHU RV DWLYRV H GRTXDQGRGDVXDOLTXLGDomRRXSRUSHUGDFRQVLGHUDGDSHUPDQHQWH TXHWrPXPDYLGD~WLOLQGH¿QLGDQmRHVWmRVXMHLWRVjDPRUWL]DomRH RX FDOFXOiYHLV DFUHVFLGRV TXDQGR DSOLFiYHO GRV FRUUHVSRQGHQWHV
SDVVLYRVGDFRQWURODGDHTXDOTXHUSDUWLFLSDomRGHQmRFRQWURODGR ³LPSDLUPHQW´E (PSUpVWLPRVHUHFHEtYHLV,QFOXHPVHQHVWDFD VmRWHVWDGRVDQXDOPHQWHSDUDLGHQWL¿FDUHYHQWXDOQHFHVVLGDGHGH HQFDUJRVYDULDo}HVPRQHWiULDVHRXFDPELDLVLQFRUULGDVDWpDGDWD
UHVHRXWURVFRPSRQHQWHVUHJLVWUDGRVQRSDWULP{QLROtTXLGRUHIHUHQ WHJRULDRVHPSUpVWLPRVFRQFHGLGRVHRVUHFHEtYHLVTXHVmRDWLYRV UHGXomRDRYDORUUHFXSHUiYHO LPSDLUPHQW 2VDWLYRVTXHHVWmRVX GREDODQoRSDWULPRQLDO4XDQGRDSOLFiYHORVSDVVLYRVFLUFXODQWHVH
WHVDHVVDFRQWURODGD4XDOTXHUJDQKRRXSHUGDRULJLQDGRSHODSHU ¿QDQFHLURV QmR GHULYDWLYRV FRP SDJDPHQWRV ¿[RV RX GHWHUPLQi MHLWRVjDPRUWL]DomRVmRUHYLVDGRVSDUDDYHUL¿FDomRGHLPSDLUPHQW QmRFLUFXODQWHVVmRUHJLVWUDGRVHPYDORUSUHVHQWHWUDQVDomRDWUDQ
GDGHFRQWUROHpUHFRQKHFLGRQRUHVXOWDGR,QYHVWLPHQWRVHPHQWL YHLVQmRFRWDGRVHPXPPHUFDGRDWLYR6mRLQFOXtGRVFRPRDWLYR VHPSUH TXH HYHQWRV RX PXGDQoDV QDV FLUFXQVWkQFLDV LQGLFDUHP VDomRFRPEDVHHPWD[DVGHMXURVTXHUHÀHWHPRSUD]RDPRHGD
GDGHVFRQWDELOL]DGDVSHORPpWRGRGHHTXLYDOrQFLDSDWULPRQLDO FLUFXODQWHH[FHWRDTXHOHVFRPSUD]RGHYHQFLPHQWRVXSHULRUD TXHRYDORUFRQWiELOSRGHQmRVHUUHFXSHUiYHO8PDSHUGDSRULP HRULVFRGHFDGDWUDQVDomR$FRQWUDSDUWLGDGRVDMXVWHVDYDORUSUH
2VLQYHVWLPHQWRVHPFROLJDGDVFRQWURODGDVHQmRFRQWURODGDVVmR PHVHVDSyVDGDWDGHHPLVVmRGREDODQoR HVWHVVmRFODVVL¿FDGRV SDLUPHQWpUHFRQKHFLGDSHORYDORUDRTXDORYDORUFRQWiELOGRDWLYR VHQWHpFRQWDELOL]DGDFRQWUDDVFRQWDVGHUHVXOWDGRTXHGHUDPRUL
FRQWDELOL]DGRVSRUPHLRGRPpWRGRGHHTXLYDOrQFLDSDWULPRQLDO7DLV FRPRDWLYRVQmRFLUFXODQWHV 2VHPSUpVWLPRVHUHFHEtYHLVGR,QVWL H[FHGHVHXYDORUUHFXSHUiYHORTXDOUHSUHVHQWDRPDLRUYDORUHQWUH JHPDRUHIHULGRSDVVLYR3URYLV}HV$VSURYLV}HVVmRUHFR
LQYHVWLPHQWRVVmRUHFRQKHFLGRVLQLFLDOPHQWHSHORFXVWR$SyVRUH WXWRFRPSUHHQGHPDVFRQWDVDUHFHEHUGHFOLHQWHVGHPDLVFRQWDVD RYDORUMXVWRGHXPDWLYRPHQRVVHXVFXVWRVGHYHQGDHRVHXYDORU QKHFLGDVTXDQGRD&RPSDQKLDWHPXPDREULJDomRSUHVHQWHOHJDO
FRQKHFLPHQWRLQLFLDODVGHPRQVWUDo}HVFRQWiEHLVFRQVROLGDGDVLQ UHFHEHUHFDL[DHHTXLYDOHQWHVGHFDL[DH[FHWRRVLQYHVWLPHQWRVGH HPXVR3DUD¿QVGHDYDOLDFmRGRLPSDLUPHQWRVDWLYRVVmRDJUXSD RXQmRIRUPDOL]DGDFRPRUHVXOWDGRGHHYHQWRVSDVVDGRVHpSURYi
FOXHPDSDUWLFLSDomRGD&RPSDQKLDQROXFURRXSUHMXt]RGRH[HUFt FXUWRSUD]R2VHPSUpVWLPRVHUHFHEtYHLVVmRFRQWDELOL]DGRVSHOR GRVQRVQtYHLVPDLVEDL[RVSDUDRVTXDLVH[LVWDPÀX[RVGHFDL[D YHOTXHXPDVDtGDGHUHFXUVRVVHMDQHFHVViULDSDUDOLTXLGDUDREUL
FLRHRXWURVUHVXOWDGRVDEUDQJHQWHVGDLQYHVWLGDDWpDGDWDHPTXH FXVWRDPRUWL]DGRXVDQGRRPpWRGRGDWD[DGHMXURVHIHWLYD LGHQWL¿FiYHLVVHSDUDGDPHQWH XQLGDGHVJHUDGRUDVGHFDL[D 8*& JDomRHXPDHVWLPDWLYDFRQ¿iYHOGRYDORUSRVVDVHUIHLWD$GHVSH
D LQÀXrQFLD VLJQL¿FDWLYD RX FRQWUROH GHL[D GH H[LVWLU 7UDQVDo}HV &RQWDVDUHFHEHU$VFRQWDVDUHFHEHUVmRDYDOLDGDVQRPRPHQWR ,QYHVWLPHQWRV2VLQYHVWLPHQWRVHPFRQWURODGDVVmRFRQWD VDUHODWLYDDTXDOTXHUSURYLVmRpDSUHVHQWDGDQDGHPRQVWUDomRGR
HOLPLQDGDV QD FRQVROLGDomR 6DOGRV H WUDQVDo}HV LQWUDJUXSR H LQLFLDOSHORYDORUSUHVHQWHHGHGX]LGDVGDV3HUGDV(VWLPDGDVFRP ELOL]DGRVSHORPpWRGRGHHTXLYDOrQFLDSDWULPRQLDO$VLQYHVWLGDVGD UHVXOWDGROtTXLGDGHTXDOTXHUUHHPEROVR5HFRQKHFLPHQWR
TXDLVTXHUUHFHLWDVRXGHVSHVDVGHULYDGDVGHWUDQVDo}HVLQWUDJUXSR &UpGLWRVGH/LTXLGDomR'XYLGRVD$V3HUGDV(VWLPDGDVFRP&UpGL FRQWURODGRUDVmRDVVHJXLQWHV
GDUHFHLWD$UHFHLWDFRPSUHHQGHRYDORUMXVWRGDVSUHVWDo}HVGH
VmRHOLPLQDGRVQDSUHSDUDomRGDVGHPRQVWUDo}HVFRQWiEHLVFRQVR WRVGH/LTXLGDomR'XYLGRVDVmRHVWDEHOHFLGDVTXDQGRH[LVWHXPD
3DUWLFLSDomR VHUYLoRVGD&RPSDQKLDSDUDVHXVFOLHQWHV$UHFHLWDSHODSUHVWDomR
OLGDGDVEHPFRPRRVLQYHVWLPHQWRVVHQGRGHVWDFDGDDSDUWLFLSD HYLGrQFLDREMHWLYDGHTXHD(PSUHVDQmRVHUiFDSD]GHFREUDUWR 7HPSHVW8.
GHVHUYLoRpUHFRQKHFLGDQRPRPHQWRHPTXHRVVHUYLoRVVmRHIH
omRGHDFLRQLVWDVQmRFRQWURODGRUHV3ULQFLSDLVSUiWLFDVFRQ GRVRVYDORUHVGHYLGRVGHDFRUGRFRPRVSUD]RVRULJLQDLVGDVFRQ (O3HVFDGRU
WLYDPHQWHSUHVWDGRVTXDQGRIRUSURYiYHOTXHRVEHQHItFLRVHFRQ{
WiEHLV DGRWDGDV &DL[D H HTXLYDOHQWHV GH FDL[D &DL[D H WDVDUHFHEHU2YDORUGDSURYLVmRpDGLIHUHQFDHQWUHRYDORUFRQWi &RQYHUVmRGHEDODQoRVGHLQYHVWLGDVQRH[WHULRU2VUH PLFRVUHODWLYRVDHVVHVVHUYLoRVYHQKDPDVHUSHUFHELGRV
HTXLYDOHQWHVGHFDL[DLQFOXHPGLQKHLURHPFDL[DHUHFXUVRVHPFRQ ELOHRYDORUUHFXSHUiYHO,PRELOL]DGReGHPRQVWUDGRDRFXV VXOWDGRVHDSRVLFmR¿QDQFHLUDGHWRGDVDVHQWLGDGHVFXMDPRHGD $SXUDomRGRUHVXOWDGRGRH[HUFtFLR$VUHFHLWDVFXVWRVHGHVSH
WDVEDQFiULDVGHOLYUHPRYLPHQWDomRHTXHHVWmRVXMHLWRVDXPLQ WRGHGX]LGRGDGHSUHFLDomRDFXPXODGD$GHSUHFLDomRpFDOFXODGD IXQFLRQDO p GLIHUHQWH GD PRHGD GH DSUHVHQWDomR VmR FRQYHUWLGRV VDVGHFRUUHQWHVGDVDWLYLGDGHVGHHQVLQRVmRUHFRQKH
continua...