DOEPE 30/03/2021 - Pág. 57 - Poder Executivo - Diário Oficial do Estado de Pernambuco
Recife, 30 de março de 2021
Diário Oficial do Estado de Pernambuco - Poder Executivo
2XWUDVFRQWDVDSDJDU$&RPSDQKLDSRVVXLFRQWUDWRVGHORQJRSUD]RSDUDDYHQGD &RPSURPLVVRV$&RPSDQKLDSRVVXLFRPSURPLVVRVGHORQJRSUD]RHVWDEHOHFLGRVD
GHHQHUJLDRVTXDLVVmRUHJXODGRVSHOD&kPDUDGH&RPHUFLDOL]DomRGH(QHUJLD(OpWULFD SDUWLU GD YHQGD GH HQHUJLD FRQWUDWDGD QR /HLOmR GH (QHUJLD 3URYHQLHQWH GH 1RYRV
±&&((HSUHYHHPTXHDVYDULDo}HVREVHUYDGDVQDHQHUJLDJHUDGDVHUmRUHFHELGDVRX (PSUHHQGLPHQWRVGH*HUDomR /(1 UHDOL]DGRSHOD$1((/HPGHGH]HPEURGH
SDJDVSHOD&RPSDQKLDDRILQDOGHFDGDFLFORTXDGULHQDO(PGHGH]HPEURGHD FRPFRQWUDWRVGHIRUQHFLPHQWRSDUDRSHUtRGRGHGHPDLRGHDGHGH]HPEURGH
$GPLQLVWUDomR GD &RPSDQKLD UHFRQKHFHX REULJDomR GHFRUUHQWH GD TXDQWLGDGH GH $&RPSDQKLDSUHYrTXHDFRPHUFLDOL]DomRGHHQHUJLDSDUDRVH[HUFtFLRVIXWXURVVHUi
HQHUJLDJHUDGDDPHQRUQRSHUtRGRFRPSUHHQGLGRHQWUHDGDWDGHLQtFLRGRVXSULPHQWR HTXLYDOHQWHDVXDJHUDomRKLVWyULFDTXHpHTXLYDOHQWHDVXDJDUDQWLDItVLFDUHVXOWDQGRQDV
GHHQHUJLDHOpWULFDQR$PELHQWHGH&RQWUDWDomR5HJXODGD±$&5 RFRUULGRHPGH VHJXLQWHVSUHYLV}HVSDUDRVFRPSURPLVVRVDVHUHPDVVXPLGRVSHOD&RPSDQKLD
MDQHLURGH HGHGH]HPEURGHQRPRQWDQWHGH5 5 HP $QR
4XDQWLGDGHGH0:+
GRVTXDLV5 5HP HVWmRFODVVLILFDGRVQRSDVVLYRFLUFXODQWHH
5 5 HP QR SDVVLYR QmR FLUFXODQWH 3URYLVmR SDUD
GHVPRELOL]DomR$&RPSDQKLDSRVVXLREULJDomRGHUHWLUDGDGHDWLYRVGHFRUUHQWHVGH
H[LJrQFLDVFRQWUDWXDLVHOHJDLV$SURYLVmRIRLLQLFLDOPHQWHPHQVXUDGDDRMXVWRYDORUH
SRVWHULRUPHQWHpDMXVWDGDDYDORUSUHVHQWHHPXGDQoDVQRYDORURXQDWHPSHVWLYLGDGH
GRVIOX[RVGHFDL[DHVWLPDGRV2VFXVWRVGHGHVPRQWDJHPHUHPRomRGRDWLYRIRUDP DWpRILQDOGDDXWRUL]DomRFRQFHVVmR
FDSLWDOL]DGRV FRPR SDUWH GR YDORU FRQWiELO GR DWLYR UHODFLRQDGR H HVWmR VHQGR
DPRUWL]DGRVDRORQJRGDYLGD~WLOUHPDQHVFHQWHGRDWLYR3DUDGHWHUPLQDomRGRDMXVWHD $ &RPSDQKLD SRVVXL FRPSURPLVVRV GH FXUWR H ORQJR SUD]RV FRP D HPSUHVD :REEHQ
YDORU SUHVHQWH GD SURYLVmR SDUD GHVPRELOL]DomR IRL XWLOL]DGD D WD[D GH GHVFRQWR GH :LQGSRZHU,QG~VWULDH&RPpUFLR/WGDHVWDEHOHFLGRVDSDUWLUGDVXDFRQWUDWDomRHPGH
DD3DWULP{QLROtTXLGRD &DSLWDOVRFLDO2FDSLWDOVRFLDOVXEVFULWRH RXWXEURSDUDRIRUQHFLPHQWRGHDHURJHUDGRUHV(1(5&21( .Z2V
WRWDOPHQWH LQWHJUDOL]DGR HP GH GH]HPEUR GH H p GH 5 SUD]RVGRVSDJDPHQWRVIRUDPGHILQLGRVGHDFRUGRFRPRVPDUFRVSUpHVWDEHOHFLGRVTXH
UHSUHVHQWDGRSRUDo}HVRUGLQiULDVQRPLQDWLYDVHVHPYDORUQRPLQDO$WRWDOLGDGH VHLQLFLDUDPFRPRSDJDPHQWRGHGRZQSD\PHQWHPDWpGLDVGDGDWDGDDVVLQDWXUDGR
GDV Do}HV SHUWHQFH j DFLRQLVWD %UHQQDQG (QHUJLD 6$ E &DSLWDO DXWRUL]DGR $ FRQWUDWRDWpDGDWDGDDFHLWDomRIRUPDOSHOD&RPSDQKLDGRVDHURJHUDGRUHVPRQWDGRVH
&RPSDQKLDSRGHUiPHGLDQWHGHOLEHUDomRGR&RQVHOKRGH$GPLQLVWUDomRDXPHQWDUR DSWRV D HQWUDUHP HP RSHUDomR$ &RPSDQKLD WDPEpP PDQWpP FRPSURPLVVR GH ORQJR
FDSLWDO VRFLDO LQGHSHQGHQWHPHQWH GH UHIRUPD HVWDWXWiULD DWp R OLPLWH GH 5 SUD]R ILUPDGR HP GH QRYHPEUR GH SRU PHLR GR FRQWUDWR GH PDQXWHQomR GH
HPLWLQGR SURSRUFLRQDOPHQWH DV Do}HV FRUUHVSRQGHQWHV DR DXPHQWR UHDOL]DGR QR DHURJHUDGRUHV FRP D :REEHQ :LQGSRZHU ,QG~VWULD H &RPpUFLR /WGD TXH IRUQHFHUi RV
FDSLWDOVRFLDO5HFHLWDRSHUDFLRQDOOtTXLGD
VHUYLoRVGHPDQXWHQomRGRVDHURJHUDGRUHVGXUDQWHWRGRRSHUtRGRGHRSHUDomRGRV
TXLQ]H DQRVGRSDUTXHHyOLFR%DUD~QDV,,2VSDJDPHQWRVHVWmRVHQGRHIHWXDGRVSHOD
5HFHLWDEUXWDGHIRUQHFLPHQWRGHHQHUJLDHOpWULFD
&RPSDQKLD HP GR]H SDUFHODV LJXDLV H PHQVDLV UHDMXVWiYHLV DQXDOPHQWH VHQGR D
3URYLVmRFRQWUDWXDO
SULPHLUD SDUFHOD GHYLGD DR ILQDO GR SULPHLUR PrV GH FDGD DQR RSHUDFLRQDO 3DUD
,PSRVWRVVREUHYHQGDVHRXWUDVGHGXo}HV
FRPSURPLVVRV UHODFLRQDGRV FRP DUUHQGDPHQWRV GH WHUUHQRV YLGH 1RWD
5HFHLWDRSHUDFLRQDOOtTXLGD
,QVWUXPHQWRVILQDQFHLURVREMHWLYRVHSROtWLFDVSDUDJHVWmRGHULVFRILQDQFHLURD
&XVWRVHGHVSHVDVRSHUDFLRQDLV
,QVWUXPHQWRVILQDQFHLURV2VSULQFLSDLVLQVWUXPHQWRVILQDQFHLURVGD&RPSDQKLDVmRFDL[DH
HTXLYDOHQWHV
GH FDL[D DSOLFDo}HV ILQDQFHLUDV FRQWDV D UHFHEHU HPSUpVWLPRV H
3RUIXQomR
&XVWRGDVYHQGDV
ILQDQFLDPHQWRVHFRQWDVDSDJDUDIRUQHFHGRUHVHREULJDo}HVSRUDUUHQGDPHQWRV2YDORU
'HVSHVDVJHUDLVHDGPLQLVWUDWLYDV
MXVWRGRVDWLYRVHSDVVLYRVILQDQFHLURVpLQFOXtGRQRYDORUSHORTXDORLQVWUXPHQWRSRGHULDVHU
WURFDGRHPXPDWUDQVDomRFRUUHQWHHQWUHSDUWHVGLVSRVWDVDQHJRFLDUHQmRHPXPDYHQGD
RXOLTXLGDomRIRUoDGD(PGHGH]HPEURGHH QmRKDYLDGLIHUHQoDVLJQLILFDWLYD
3RUQDWXUH]D
'HSUHFLDomR
HQWUHRVYDORUHVFRQWiEHLVHRVGHPHUFDGRSDUDRVLQVWUXPHQWRVILQDQFHLURVGD&RPSDQKLD
$PRUWL]DomRGRGLUHLWRGHXVR
$&RPSDQKLDQmRUHDOL]DRSHUDo}HVGHKHGJHVZDSRXTXDLVTXHURXWUDVRSHUDo}HVTXH
(QFDUJRVGHFRQH[mR
HQYROYDPLQVWUXPHQWRVILQDQFHLURVGHULYDWLYRVE 2EMHWLYRVHSROtWLFDVSDUDJHVWmRGHULVFR
6HUYLoRVWHUFHLURV
ILQDQFHLUR2VSULQFLSDLVSDVVLYRVILQDQFHLURVGD&RPSDQKLDUHIHUHPVHDHPSUpVWLPRVH
/LTXLGDomRILQDQFHLUD±&&((
ILQDQFLDPHQWRVFRQWDVDSDJDUDIRUQHFHGRUHVHREULJDo}HVSRUDUUHQGDPHQWRV2SULQFLSDO
0DWHULDLV
SURSyVLWRGHVVHVSDVVLYRVILQDQFHLURVpFDSWDUUHFXUVRVSDUDDVRSHUDo}HVGD&RPSDQKLD
2XWUDVGHVSHVDV
$ &RPSDQKLD QmR FRQWUDWD WUDQVDo}HV FRP GHULYDWLYRV$$GPLQLVWUDomR GD &RPSDQKLD
VXSHUYLVLRQDDJHVWmRGHVVHVULVFRV$VSULQFLSDLVDWLYLGDGHVHPTXHVHDVVXPHPULVFRV
ILQDQFHLURVVmRUHJLGDVSRUSROtWLFDVHSURFHGLPHQWRVDSURSULDGRVHRVULVFRVILQDQFHLURV
5HFHLWDV GHVSHVDV ILQDQFHLUDV
VmRLGHQWLILFDGRVDYDOLDGRVHJHUHQFLDGRVGHDFRUGRFRPDVSROtWLFDVGD&RPSDQKLDHVXD
GLVSRVLomRSDUDULVFR5LVFRGHWD[DGHMXURV5LVFRGHWD[DVGHMXURVpRULVFRGHTXHR
5HFHLWDVILQDQFHLUDV
5HQGLPHQWRVGHDSOLFDo}HVILQDQFHLUDV
YDORUMXVWRGRVIOX[RVGHFDL[DIXWXURVGHXPLQVWUXPHQWRILQDQFHLURIOXWXHGHYLGRDYDULDo}HV
QDVWD[DVGHMXURVGHPHUFDGR$H[SRVLomRGD&RPSDQKLDDRULVFRGHPXGDQoDVQDVWD[DV
2XWUDVUHFHLWDVILQDQFHLUDV
GH MXURV GH PHUFDGR UHIHUHVH SULQFLSDOPHQWH jV REULJDo}HV VXMHLWDV D WD[DV GH MXURV
YDULiYHLV$&RPSDQKLDJHUHQFLDRULVFRGHWD[DGHMXURVPDQWHQGRXPDFDUWHLUDHTXLOLEUDGD
'HVSHVDVILQDQFHLUDV
7DULIDVEDQFiULDV
GHHPSUpVWLPRVDSDJDUVXMHLWRVDWD[DVIL[DVHDWD[DVYDULiYHLV$&RPSDQKLDQmRWHP
-XURVVREUHHPSUpVWLPRVHILQDQFLDPHQWRV
SDFWXDGRFRQWUDWRVGHGHULYDWLYRVSDUDID]HUVZDSFRQWUDHVWHULVFR3RUpPD&RPSDQKLD
$MXVWHDYDORUSUHVHQWH±DUUHQGDPHQWRV
PRQLWRUDFRQWLQXDPHQWHDVWD[DVGHMXURVGHPHUFDGRFRPRREMHWLYRGHDYDOLDUDHYHQWXDO
$WXDOL]DomRPRQHWiULD
QHFHVVLGDGHGHFRQWUDWDomRGHGHULYDWLYRVSDUDVHSURWHJHUFRQWUDRULVFRGHYRODWLOLGDGH
GHVVDVWD[DV6HQVLELOLGDGHDWD[DVGHMXURV$WDEHODDEDL[RGHPRQVWUDDVHQVLELOLGDGHD
$MXVWHDYDORUSUHVHQWH±SURYLVmRSDUD
GHVPRELOL]DomR
XPD SRVVtYHO PXGDQoD QDV WD[DV GH MXURV PDQWHQGRVH WRGDV DV RXWUDV YDULiYHLV
2XWUDVGHVSHVDVILQDQFHLUDV
FRQVWDQWHV QR SUHMXt]R GD &RPSDQKLD DQWHV GD WULEXWDomR p DIHWDGR SHOR LPSDFWR GRV
HPSUpVWLPRVDSDJDUVXMHLWRVDWD[DVYDULiYHLV
$XPHQWRUHGXomR
(IHLWRQRSUHMXt]RDQWHV
5HVXOWDGRILQDQFHLUR
HP
GDWULEXWDomR±5
,PSRVWR GH UHQGD H FRQWULEXLomR VRFLDO &RQFLOLDomR GD GHVSHVD HIHWLYD GH
LPSRVWRGHUHQGDHFRQWULEXLomRVRFLDO 2LPSRVWRGHUHQGDHDFRQWULEXLomRVRFLDO
5HDLV
VREUH R OXFUR DSUHVHQWDGRV QD GHPRQVWUDomR GR UHVXOWDGR DSUHVHQWDP D VHJXLQWH
5HDLV
UHFRQFLOLDomRjDOtTXRWDHIHWLYD
5HDLV
,53&6//
,53- &6//
5HFHLWDEUXWDGRSHUtRGR
5HDLV
$OtTXRWDGHSUHVXQomRGRLPSRVWR
$PRYLPHQWDomRSUHVXPLGDHPSHUFHQWXDOSDUDDDQiOLVHGHVHQVLELOLGDGHDWD[DVGHMXURVp
EDVHDGDQDVWD[DVDWXDOPHQWHSUDWLFDGDVQRDPELHQWHGHPHUFDGR 5LVFRGHFUpGLWR2
5HFHLWDILQDQFHLUD
ULVFRGHFUpGLWRpRULVFRGHDFRQWUDSDUWHGHXPQHJyFLRQmRFXPSULUXPDREULJDomRSUHYLVWD
HPXPLQVWUXPHQWRILQDQFHLURRXFRQWUDWRFRPFOLHQWHRTXHOHYDULDDRSUHMXt]RILQDQFHLUR$
3DUFHODGHGHGXomR
&RPSDQKLD HVWi H[SRVWD DR ULVFR GH FUpGLWR HP VXDV DWLYLGDGHV RSHUDFLRQDLV 5LVFR GH
%DVHGHFiOFXOROXFURSUHVXPLGR
OLTXLGH] $ &RPSDQKLD DFRPSDQKD R ULVFR GH HVFDVVH] GH UHFXUVRV SRU PHLR GH XPD
IHUUDPHQWD GH SODQHMDPHQWR GH OLTXLGH] UHFRUUHQWH &REHUWXUD GH VHJXURV $
'HVSHVDFRPLPSRVWRGHUHQGDHFRQWULEXLomR
VRFLDO
&RPSDQKLDPDQWpPFREHUWXUDGHVHJXURVSDUDULVFRVRSHUDFLRQDLVQRVPRQWDQWHVGH
$OtTXRWDHIHWLYD
Ano XCVIII • NÀ 61 - 57
5H5SDUDULVFRGHUHVSRQVDELOLGDGHFLYLOYDORUHVWHTXHDEUDQJHXP/0, /LPLWH
0i[LPRGH,QGHQL]DomR JHUDOSDUDWRGDVDVHPSUHVDV(yOLFDVGR*UXSR%UHQQDQG(QHUJLD$
DSyOLFHGHVHJXURHVWiHPQRPHGD3HGUD%UDQFD6$2YDORUGRVVHJXURVFRQWUDWDGRVHPGH
GH]HPEUR GH p FRQVLGHUDGR VXILFLHQWH SHOD $GPLQLVWUDomR DPSDUDGD QD RSLQLmR GH
DVVHVVRUHV HVSHFLDOLVWDV HP VHJXURV SDUD FREULU HYHQWXDLV SHUGDV 5HODWyULR GR DXGLWRU
LQGHSHQGHQWH VREUH DV GHPRQVWUDo}HV FRQWiEHLV $RV $FLRQLVWDV H $GPLQLVWUDGRUHV GD
%DUD~QDV,,(QHUJpWLFD6$5HFLIH3(2SLQLmR([DPLQDPRVDVGHPRQVWUDo}HVFRQWiEHLV
GD%DUD~QDV,,(QHUJpWLFD6$ ³&RPSDQKLD´ TXHFRPSUHHQGHPREDODQoRSDWULPRQLDOHP
GHGH]HPEURGHHDVUHVSHFWLYDVGHPRQVWUDo}HVGRUHVXOWDGRGRUHVXOWDGRDEUDQJHQWH
GDVPXWDo}HVGRSDWULP{QLROtTXLGRHGRVIOX[RVGHFDL[DSDUDRH[HUFtFLRILQGRQHVVDGDWDEHP
FRPR DV FRUUHVSRQGHQWHV QRWDV H[SOLFDWLYDV LQFOXLQGR R UHVXPR GDV SULQFLSDLV SROtWLFDV
FRQWiEHLV (P QRVVD RSLQLmR DV GHPRQVWUDo}HV FRQWiEHLV DFLPD UHIHULGDV DSUHVHQWDP
DGHTXDGDPHQWH HP WRGRV RV DVSHFWRV UHOHYDQWHV D SRVLomR SDWULPRQLDO H ILQDQFHLUD GD
&RPSDQKLDHPGHGH]HPEURGHRGHVHPSHQKRGHVXDVRSHUDo}HVHRVVHXVIOX[RVGH
FDL[DSDUDRH[HUFtFLRILQGRQHVVDGDWDGHDFRUGRFRPDVSUiWLFDVFRQWiEHLVDGRWDGDVQR%UDVLO
%DVH SDUD RSLQLmR 1RVVD DXGLWRULD IRL FRQGX]LGD GH DFRUGR FRP DV QRUPDV EUDVLOHLUDV H
LQWHUQDFLRQDLVGHDXGLWRULD1RVVDVUHVSRQVDELOLGDGHVHPFRQIRUPLGDGHFRPWDLVQRUPDVHVWmR
GHVFULWDV QD VHomR D VHJXLU LQWLWXODGD ³5HVSRQVDELOLGDGHV GR DXGLWRU SHOD DXGLWRULD GDV
GHPRQVWUDo}HVFRQWiEHLV´6RPRVLQGHSHQGHQWHVHPUHODomRj&RPSDQKLDGHDFRUGRFRPRV
SULQFtSLRVpWLFRVUHOHYDQWHVSUHYLVWRVQR&yGLJRGHeWLFD3URILVVLRQDOGR&RQWDGRUHQDVQRUPDV
SURILVVLRQDLV HPLWLGDV SHOR &RQVHOKR )HGHUDO GH &RQWDELOLGDGH H FXPSULPRV FRP DV GHPDLV
UHVSRQVDELOLGDGHVpWLFDVGHDFRUGRFRPHVVDVQRUPDV$FUHGLWDPRVTXHDHYLGrQFLDGHDXGLWRULD
REWLGD p VXILFLHQWH H DSURSULDGD SDUD IXQGDPHQWDU QRVVD RSLQLmR 5HVSRQVDELOLGDGHV GD
DGPLQLVWUDomRHGDJRYHUQDQoDSHODVGHPRQVWUDo}HVFRQWiEHLV$DGPLQLVWUDomRpUHVSRQViYHO
SHOD HODERUDomR H DGHTXDGD DSUHVHQWDomR GDV GHPRQVWUDo}HV FRQWiEHLV GH DFRUGR FRP DV
SUiWLFDV FRQWiEHLV DGRWDGDV QR %UDVLO H SHORV FRQWUROHV LQWHUQRV TXH HOD GHWHUPLQRX FRPR
QHFHVViULRV SDUD SHUPLWLU D HODERUDomR GH GHPRQVWUDo}HV FRQWiEHLV OLYUHV GH GLVWRUomR
UHOHYDQWHLQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUUR1DHODERUDomRGDVGHPRQVWUDo}HV
FRQWiEHLV D DGPLQLVWUDomR p UHVSRQViYHO SHOD DYDOLDomR GD FDSDFLGDGH GH D &RPSDQKLD
FRQWLQXDU RSHUDQGR GLYXOJDQGR TXDQGR DSOLFiYHO RV DVVXQWRV UHODFLRQDGRV FRP D VXD
FRQWLQXLGDGH RSHUDFLRQDO H R XVR GHVVD EDVH FRQWiELO QD HODERUDomR GDV GHPRQVWUDo}HV
FRQWiEHLV D QmR VHU TXH D DGPLQLVWUDomR SUHWHQGD OLTXLGDU D &RPSDQKLD RX FHVVDU VXDV
RSHUDo}HVRXQmRWHQKDQHQKXPDDOWHUQDWLYDUHDOLVWDSDUDHYLWDURHQFHUUDPHQWRGDVRSHUDo}HV
2V UHVSRQViYHLV SHOD JRYHUQDQoD GD &RPSDQKLD VmR DTXHOHV FRP UHVSRQVDELOLGDGH SHOD
VXSHUYLVmRGRSURFHVVRGHHODERUDomRGDVGHPRQVWUDo}HVFRQWiEHLV5HVSRQVDELOLGDGHVGR
DXGLWRUSHODDXGLWRULDGDVGHPRQVWUDo}HVFRQWiEHLV1RVVRVREMHWLYRVVmRREWHUVHJXUDQoD
UD]RiYHOGHTXHDVGHPRQVWUDo}HVFRQWiEHLVWRPDGDVHPFRQMXQWRHVWmROLYUHVGHGLVWRUomR
UHOHYDQWH LQGHSHQGHQWHPHQWH VH FDXVDGD SRU IUDXGH RX HUUR H HPLWLU UHODWyULR GH DXGLWRULD
FRQWHQGRQRVVDRSLQLmR6HJXUDQoDUD]RiYHOpXPDOWRQtYHOGHVHJXUDQoDPDVQmRXPDJDUDQWLD
GHTXHDDXGLWRULDUHDOL]DGDGHDFRUGRFRPDVQRUPDVEUDVLOHLUDVHLQWHUQDFLRQDLVGHDXGLWRULD
VHPSUH GHWHFWD DV HYHQWXDLV GLVWRUo}HV UHOHYDQWHV H[LVWHQWHV $V GLVWRUo}HV SRGHP VHU
GHFRUUHQWHVGHIUDXGHRXHUURHVmRFRQVLGHUDGDVUHOHYDQWHVTXDQGRLQGLYLGXDOPHQWHRXHP
FRQMXQWRSRVVDPLQIOXHQFLDUGHQWURGHXPDSHUVSHFWLYDUD]RiYHODVGHFLV}HVHFRQ{PLFDVGRV
XVXiULRVWRPDGDVFRPEDVHQDVUHIHULGDVGHPRQVWUDo}HVFRQWiEHLV&RPRSDUWHGDDXGLWRULD
UHDOL]DGD GH DFRUGR FRP DV QRUPDV EUDVLOHLUDV H LQWHUQDFLRQDLV GH DXGLWRULD H[HUFHPRV
MXOJDPHQWRSURILVVLRQDOHPDQWHPRVFHWLFLVPRSURILVVLRQDODRORQJRGDDXGLWRULD$OpPGLVVR
,GHQWLILFDPRV H DYDOLDPRV RV ULVFRV GH GLVWRUomR UHOHYDQWH QDV GHPRQVWUDo}HV FRQWiEHLV
LQGHSHQGHQWHPHQWHVHFDXVDGDSRUIUDXGHRXHUURSODQHMDPRVHH[HFXWDPRVSURFHGLPHQWRVGH
DXGLWRULDHPUHVSRVWDDWDLVULVFRVEHPFRPRREWLYHPRVHYLGrQFLDGHDXGLWRULDDSURSULDGDH
VXILFLHQWH SDUD IXQGDPHQWDU QRVVD RSLQLmR 2 ULVFR GH QmR GHWHFomR GH GLVWRUomR UHOHYDQWH
UHVXOWDQWHGHIUDXGHpPDLRUGRTXHRSURYHQLHQWHGHHUURMiTXHDIUDXGHSRGHHQYROYHURDWRGH
EXUODURVFRQWUROHVLQWHUQRVFRQOXLRIDOVLILFDomRRPLVVmRRXUHSUHVHQWDo}HVIDOVDVLQWHQFLRQDLV
2EWLYHPRVHQWHQGLPHQWRGRVFRQWUROHVLQWHUQRVUHOHYDQWHVSDUDDDXGLWRULDSDUDSODQHMDUPRV
SURFHGLPHQWRV GH DXGLWRULD DSURSULDGRV jV FLUFXQVWkQFLDV PDV QmR FRP R REMHWLYR GH
H[SUHVVDUPRV RSLQLmR VREUH D HILFiFLD GRV FRQWUROHV LQWHUQRV GD &RPSDQKLD $YDOLDPRV D
DGHTXDomR GDV SROtWLFDV FRQWiEHLV XWLOL]DGDV H D UD]RDELOLGDGH GDV HVWLPDWLYDV FRQWiEHLV H
UHVSHFWLYDVGLYXOJDo}HVIHLWDVSHODDGPLQLVWUDomR &RQFOXtPRVVREUHDDGHTXDomRGRXVRSHOD
DGPLQLVWUDomR GD EDVH FRQWiELO GH FRQWLQXLGDGH RSHUDFLRQDO H FRP EDVH QDV HYLGrQFLDV GH
DXGLWRULDREWLGDVVHH[LVWHLQFHUWH]DUHOHYDQWHHPUHODomRDHYHQWRVRXFRQGLo}HVTXHSRVVDP
OHYDQWDU G~YLGD VLJQLILFDWLYD HP UHODomR j FDSDFLGDGH GH FRQWLQXLGDGH RSHUDFLRQDO GD
&RPSDQKLD6HFRQFOXLUPRVTXHH[LVWHLQFHUWH]DUHOHYDQWHGHYHPRVFKDPDUDWHQomRHPQRVVR
UHODWyULRGHDXGLWRULDSDUDDVUHVSHFWLYDVGLYXOJDo}HVQDVGHPRQVWUDo}HVFRQWiEHLVRXLQFOXLU
PRGLILFDomRHPQRVVDRSLQLmRVHDVGLYXOJDo}HVIRUHPLQDGHTXDGDV1RVVDVFRQFOXV}HVHVWmR
IXQGDPHQWDGDV QDV HYLGrQFLDV GH DXGLWRULD REWLGDV DWp D GDWD GH QRVVR UHODWyULR 7RGDYLD
HYHQWRV RX FRQGLo}HV IXWXUDV SRGHP OHYDU D &RPSDQKLD D QmR PDLV VH PDQWHUHP HP
FRQWLQXLGDGH RSHUDFLRQDO $YDOLDPRV D DSUHVHQWDomR JHUDO D HVWUXWXUD H R FRQWH~GR GDV
GHPRQVWUDo}HV FRQWiEHLV LQFOXVLYH DV GLYXOJDo}HV H VH DV GHPRQVWUDo}HV FRQWiEHLV
UHSUHVHQWDPDVFRUUHVSRQGHQWHVWUDQVDo}HVHRVHYHQWRVGHPDQHLUDFRPSDWtYHOFRPRREMHWLYR
GDDSUHVHQWDomRDGHTXDGD&RPXQLFDPRQRVFRPRVUHVSRQViYHLVSHODJRYHUQDQoDDUHVSHLWR
HQWUH RXWURV DVSHFWRV GR DOFDQFH H GD pSRFD GRV WUDEDOKRV GD DXGLWRULD SODQHMDGRV H GDV
FRQVWDWDo}HV VLJQLILFDWLYDV GH DXGLWRULD LQFOXVLYH DV GHILFLrQFLDV VLJQLILFDWLYDV QRV FRQWUROHV
LQWHUQRVTXHHYHQWXDOPHQWHWHQKDPVLGRLGHQWLILFDGDVGXUDQWHQRVVRVWUDEDOKRV5HFLIH GH
PDUoR GH (5167 <281* $XGLWRUHV ,QGHSHQGHQWHV 66 &5&63 2
)UDQFLVFRGD6LOYD3LPHQWHO&RQWDGRU&5&63273(
$PLOWRQ4XHLUR]GD6LOYD±&RQWDGRU&5&3(2
'LUHWRULD $GHOVRQ*RPHV)HUUD]H3DXORGH7DUVRGD&RVWD