Baixe o app para aproveitar ainda mais
Prévia do material em texto
$�VREHUDQLD�FRQVLVWH��QD�GHILQLomR�GH�0DUFHOR�&DHWDQR��HP��XP�SRGHU�SROtWLFR�VXSUHPR�H� LQGHSHQGHQWH��HQWHQGHQGR�VH�SRU�SRGHU�VXSUHPR�DTXHOH�TXH�QmR�HVWi�OLPLWDGR�SRU�QHQKXP� RXWUR�QD�RUGHP�LQWHUQD�H�SRU�SRGHU�LQGHSHQGHQWH�DTXHOH�TXH��QD�VRFLHGDGH�LQWHUQDFLRQDO�� QmR�WHP�GH�DFDWDU�UHJUDV�TXH�QmR�VHMDP�YROXQWDULDPHQWH�DFHLWDV�H�HVWi�HP�Sp�GH�LJXDOGDGH� FRP�RV�SRGHUHV�VXSUHPRV�GRV�RXWURV�SRYRV���e�D�FDSDFLGDGH�GH�HGLWDU�VXDV�SUySULDV�QRUPDV�� VXD�SUySULD�RUGHP�MXUtGLFD��D�FRPHoDU�SHOD�/HL�PDJQD���GH�WDO�PRGR�TXH�TXDOTXHU�UHJUD� KHWHU{QLPD�Vy�SRVVD�YDOHU�QRV�FDVRV�H�QRV�WHUPRV�DGPLWLGRV�SHOD�SUySULD�&RQVWLWXLomR��$� &RQVWLWXLomR�WUD]�D�IRUPD�GH�H[HUFtFLR�GD�VREHUDQLD�SRSXODU�QR�DUWLJR�����D�FLGDGDQLD� UHSUHVHQWD�XP�VWDWXV�H�DSUHVHQWD�VH�VLPXOWDQHDPHQWH�FRPR�REMHWR�H�XP�GLUHLWR�IXQGDPHQWDO� GDV�SHVVRDV� $�GLJQLGDGH�GD�SHVVRD�KXPDQD�FRQFHGH�XQLGDGH�DRV�GLUHLWRV�H�JDUDQWLDV�IXQGDPHQWDLV�� VHQGR�LQHUHQWH�jV�SHUVRQDOLGDGH�KXPDQDV��(VVH�IXQGDPHQWR�DIDVWD�D�LGHLD�GH�SUHGRPtQLR� GDV�FRQFHSo}HV�WUDQVSHVVRDOLVWDV�GH�(VWDGR�H�1DomR��HP�GHWULPHQWR�GD�OLEHUGDGH�LQGLYLGXDO�� $�GLJQLGDGH�p�XP�YDORU�HVSLULWXDO�H�PRUDO�j�SHVVRD��TXH�VH�PDQLIHVWD�VLQJXODUPHQWH�QD� DXWRGHWHUPLQDomR�FRQVFLHQWH�H�UHVSRQViYHO�GD�SUySULD YLGD�H�TXH�WUD]�FRQVLJR�D�SUHWHQVmR� GDV�GHPDLV�SHVVRDV��FRQVWLWXLQGR�VH�XP�PtQLPR�LQYXOQHUiYHO�TXH�WRGR�HVWDWXWR�MXUtGLFR�GHYH� DVVHJXUDU��GH�PRGR�TXH��VRPHQWH�H[FHSFLRQDOPHQWH��SRVVDP�VHU�IHLWDV�OLPLWDo}HV�DR� H[HUFtFLR�GRV�GLUHLWRV�IXQGDPHQWDLV��PDV�VHPSUH�VHP�PHQRVSUH]DU�D�QHFHVViULD�HVWLPD�TXH� PHUHFHP�WRGDV�DV�SHVVRDV�HQTXDQWR�VHUHV�KXPDQRV�H�D�EXVFD�DR�'LUHLWR�i�)HOLFLGDGH��2� 6XSUHPR�7ULEXQDO�)HGHUDO�LQWHUSUHWDQGR�R�3ULQFtSLR�GD�'LJQLGDGH�GD�3HVVRD�+XPDQD�HGLWRX� D�6~PXOD�9LQFXODQWH�Q���FRP�R�VHJXLQWH�WHRU���6y�p�OtFLWR�R�XVR�GH�DOJHPDV�HP�FDVRV�GH� UHVLVWrQFLD�H�GH�IXQGDGR�UHFHLR�GH�IXJD�RX�GH�SHULJR�j�LQWHJULGDGH�ItVLFD�SUySULD�RX�DOKHLD�� SRU�SDUWH�GR�SUHVR�RX�GH�WHUFHLURV��MXVWLILFDGD�D�H[FHSFLRQDOLGDGH�SRU�HVFULWR��VRE�SHQD�GH� UHVSRQVDELOLGDGH�GLVFLSOLQDU��FLYLO�H�SHQDO�GR�DJHQWH�RX�GD�DXWRULGDGH�H�GH�QXOLGDGH�GD�SULVmR� RX�GR�DWR�SURFHVVXDO�D�TXH�VH�UHIHUH��VHP�SUHMXt]R�GD�UHVSRQVDELOLGDGH�FLYLO�GR�(VWDGR��� ,JXDOPHQWH��HP�LPSRUWDQWtVVLPD�GHFLVmR��HP�UHODomR�DR�WUDWDPHQWR�FRQVWLWXFLRQDO�GD� WRUWXUD��R�SULQFtSLR�GD�'LJQLGDGH�GD�3HVVRD�+XPDQD�H�D�/HL�GH�$QLVWLD��DILUPRX�R�6XSUHPR� 7ULEXQDO�)HGHUDO�TXH��R�DUJXPHQWR�GHVFRODGR�GD�GLJQLGDGH�GD�SHVVRD�KXPDQD�SDUD�DILUPDU� D�LQYDOLGDGH�GD�FRQH[mR�FULPLQDO�TXH�DSURYHLWDULD�DRV�DJHQWHV�SROtWLFRV�TXH�SUDWLFDUDP� FULPHV�FRPXQV�FRQWUD�RSRVLWRUHV�SROtWLFRV��SUHVRV�RX�QmR��GXUDQWH�R�UHJLPH�PLOLWDU��QmR� SURVSHUD���FRQFOXLQGR�TXH���D�OHL�HVWHQGHX�D�FRQH[mR�DRV�FULPHV�SUDWLFDGRV�SHORV�DJHQWHV�GR� (VWDGR�FRQWUD�RV�TXH�OXWDYDP�FRQWUD�R�(VWDGR�GH�H[FHomR���SRLV��D�FKDPDGD�/HL�GD�$QLVWLD� YHLFXOD�XPD�GHFLVmR�SROtWLFD�DVVXPLGD�QDTXHOH�PRPHQWR���(P�UHVSHLWR�DR�3ULQFtSLR�GD� 'LJQLGDGH�GD�3HVVRD�+XPDQD�H�QR�LQWXLWR�GH�FRPEDWHU�D�H[SORUDomR�GH�WUDEDOKR�HVFUDYR��IRL� HGLWDGD�D�(PHQGD�&RQVWLWXFLRQDO�����GH����GH�MXOKR�GH�������SUHYHQGR�D�H[SURSULDomR�GR� LPyYHO�FRPR�SXQLomR��'HVWD�IRUPD��DV�SURSULHGDGHV�UXUDLV�H�XUEDQDV�GH�TXDOTXHU�UHJLmR�GR� 3DtV�RQGH�IRU�ORFDOL]DGD�D�H[SORUDomR�GH�WUDEDOKR�HVFUDYR�QD�IRUPD�GD�OHL�VHUmR�H[SURSULDGDV� H�GHVWLQDGD�j�UHIRUPD�DJUiULD�H�D�SURJUDPDV�GH�KDELWDomR�SRSXODU��VHP�TXDOTXHU�LQGHQL]DomR� DR�SURSULHWiULR�H�VHP�SUHMXt]R�GH�RXWUDV�VDQo}HV�SUHYLVWDV�HP�OHL��2EVHUYH�VH��DLQGD��TXH� WRGR�H�TXDOTXHU�EHP�GH�YDORU�HFRQ{PLFR�DSUHHQGLGR�HP�GHFRUUrQFLD�GD�H[SORUDomR�GH� WUDEDOKR�HVFUDYR�VHUi�FRQILVFDGR�H�UHYHUWHUi�D�IXQGR�HVSHFLDO�FRP�GHVWLQDomR�HVSHFtILFD��QD� IRUPD�GD�OHL� 2V�YDORUHV�VRFLDO�GR�WUDEDOKR�H�GD�OLYUH�LQLFLDWLYD�JDUDQWHP�D�VXEVLVWrQFLD�H�FUHVFLPHQWR�GR� SDtV��SUHYHQGR�D�&RQVWLWXLomR�HP�GLYHUVDV�SDVVDJHQV��D�OLEHUGDGH��R�UHVSHLWR�H�D�GLJQLGDGH�DR� WUDEDOKDGRU��&RPR�VDOLHQWD 3DROR�%DULOH��D�JDUDQWLD�GH�SURWHomR�DR�WUDEDOKR�QmR�HQJORED� VRPHQWH�R�WUDEDOKDGRU�VXERUGLQDGR��PDV�WDPEpP�DTXHOH�DXW{QRPR�H�R�HPSUHJDGRU�� HQTXDQWR�HPSUHHQGHGRU�GR�FUHVFLPHQWR�GR�SDtV� 2�SOXUDOLVPR�SROtWLFR�GHPRQVWUD�D�SUHRFXSDomR�GR�OHJLVODGRU�FRQVWLWXLQWH�HP�DILUPDU�VH�D� DPSOD�H�OLYUH�SDUWLFLSDomR�SRSXODU�QRV�GHVWLQRV�SROtWLFRV�GR�SDtV��JDUDQWLQGR�D�OLEHUGDGH�GH� FRQYLFomR�ILORVyILFD�H�SROtWLFD�H��WDPEpP�D�SRVVLELOLGDGH�GH�RUJDQL]DomR�H�SDUWLFLSDomR�HP� SDUWLGRV�SROtWLFRV��2�HVWDGR�'HPRFUiWLFR�GH�'LUHLWR�TXH�VLJQLILFD�D�H[LJrQFLD�GH�UHJHU�VH�SRU� QRUPDV�GHPRFUiWLFDV��FRP�HOHLo}HV�OLYUHV��SHULyGLFDV�H�SHOR�SRYR��EHP�FRPR�R�UHVSHLWR�GDV� DXWRULGDGHV�S~EOLFDV�DRV�GLUHLWRV�H�JDUDQWLDV�IXQGDPHQWDLV��SURFODPDGR�QR�FDSXW�GR�DUWLJR�� DGRWRX��LJXDOPHQWH��QR�VHX�SDUiJUDIR�~QLFR��R�GHQRPLQDGR�SULQFtSLR�GHPRFUiWLFR��DR� DILUPDU�TXH��WRGR�R�SRGHU�HPDQD�GR�SRYR��TXH�R�H[HUFH�SRU�PHLR�GH�UHSUHVHQWDQWHV�HOHLWRV� WƌŝŶĐşƉŝŽƐ�&ƵŶĚĂŵĞŶƚĂŝƐ ƐĄďĂĚŽ͕�ϴ�ĚĞ�ũƵůŚŽ�ĚĞ�ϮϬϭϳ Ϯϭ͗ϱϵ RX�GLUHWDPHQWH��QRV�WHUPRV�GHVWD�&RQVWLWXLomR���&DQRWLOKR�H�0RUHLUD�LQIRUPDU�R�DOFDQFH�GR� SULQFtSLR�GHPRFUiWLFR��GL]HQGR���$�DUWLFXODomR�GDV�GXDV�GLPHQV}HV�GR�SULQFtSLR�GHPRFUiWLFR� MXVWLILFD�VXD�FRPSUHHQVmR�FRPR�XP�SULQFtSLR�QRUPDWLYR�PXOWLIRUPH��7DO�FRPR�D�RUJDQL]DomR� GD�HFRQRPLD�DSRQWD��QR�SODQR�FRQVWLWXFLRQDO��SDUD�XP�VLVWHPD�HFRQ{PLFR�FRPSOH[R�� WDPEpP�D�FRQIRUPDomR�GR�SULQFtSLR�GHPRFUiWLFR�VH�FDUDFWHUL]D�WHQGR�HP�FRQWD�D�VXD� HVWUXWXUD�SOXULGLPHQVLRQDO� 3ULPHLUDPHQWH��D�GHPRFUDFLD�VXUJH�FRPR�XP�SURFHVVR�GH�GHPRFUDWL]DomR��HQWHQGLGR�FRPR� SURFHVVR�GH�DSURIXQGDPHQWR�GHPRFUiWLFR�GD�RUGHP�SROtWLFR��HFRQ{PLFD��VRFLDO�H�FXOWXUDO�� 'HSRLV��R�SULQFtSLR�GHPRFUiWLFR�UHFROKH�DV�GXDV�GLPHQV}HV�KLVWRULFDPHQWH�FRQVLGHUDGDV� FRPR�DQWLWpWLFDV��SRU�XP�ODGR��DFROKH�RV�PDLV�LPSRUWDQWHV�HOHPHQWRV�GD�WHRULD�GHPRFUiWLFD� UHSUHVHQWDWLYD��yUJmRV�UHSUHVHQWDWLYRV��HOHLo}HV�SHULyGLFDV��SOXUDOLVPR�SDUWLGiULR��VHSDUDomR� GH�SRGHUHV���SRU�RXWUR�ODGR��Gi�JXDULGD�D�DOJXPDV�GDV�H[LJrQFLDV�IXQGDPHQWDLV�GD�WHRULD� SDUWLFLSDWLYD��DODUJDPHQWR�GR�SULQFtSLR�GHPRFUiWLFR�D�GLIHUHQWHV�DVSHFWRV�GD�YLGD� HFRQ{PLFD��VRFLDO�H�FXOWXUDO��LQFRUSRUDomR�GH�SDUWLFLSDomR�SRSXODU�GLUHWD��UHFRQKHFLPHQWR�GH� SDUWLGRV�H�DVVRFLDo}HV�FRPR�UHOHYDQWHV�DJHQWHV�GH�GLQDPL]DomR�GHPRFUiWLFD�HWF����$VVLP��R� SULQFtSLR�GHPRFUiWLFR�H[SULPH�IXQGDPHQWDOPHQWH�D�H[LJrQFLD�GD�LQWHJUDO�SDUWLFLSDomR�GH� WRGRV�H�GH�FDGD�XPD�GDV�SHVVRDV�QD�YLGD�SROtWLFD�GR�SDtV� 'LUHLWR�&RQVWLWXFLRQDO�����HGLomR��$OH[DQGUH�GH�0RUDHV��TXLQWD�IHLUD�����GH�MXOKR�GH������jV���������
Compartilhar