Baixe o app para aproveitar ainda mais
Prévia do material em texto
�� &DStWXOR�� %LRVVHJXUDQoD%LRVVHJXUDQoD%LRVVHJXUDQoD%LRVVHJXUDQoD%LRVVHJXUDQoD H� ERDV� SUiWLFDV� ODERUDWRULDLVH� ERDV� SUiWLFDV� ODERUDWRULDLVH� ERDV� SUiWLFDV� ODERUDWRULDLVH� ERDV� SUiWLFDV� ODERUDWRULDLVH� ERDV� SUiWLFDV� ODERUDWRULDLV &tQWLD�GH�0RUDHV�%RUED 0DUFR�$QWRQLR�)��GD�&RVWD 0DULD�(YHOLQH�GH�&DVWUR�3HUHLUD 3DXOR�5REHUWR�GH�&DUYDOKR 6LOYLR�9DOOH ,QWURGXomR,QWURGXomR,QWURGXomR,QWURGXomR,QWURGXomR 2�ODERUDWyULR�p�XP�DPELHQWH�H[WUHPDPHQWH�KRVWLO��&RQYLYHP�QR�PHVPR HVSDoR�HTXLSDPHQWRV��UHDJHQWHV��VROXo}HV��PLFURUJDQLVPRV��SHVVRDV��SDSpLV� OLYURV��DPRVWUDV��HQWUH�RXWURV�HOHPHQWRV��3DUD�TXH�HVVH� VLVWHPD� IXQFLRQH�GH IRUPD�DGHTXDGD�H�VHJXUD��WRUQD�VH�QHFHVViULR� 'LVFLSOLQD� 5HVSHLWR�jV�QRUPDV�H�OHJLVODo}HV�SHUWLQHQWHV� 7UDEDOKDU�QR�FRQWH[WR�GD�TXDOLGDGH�H�GD�%LRVVHJXUDQoD� &RQVFLrQFLD�pWLFD� 2�DPELHQWH�ODERUDWRULDO�GHYH�VHU�HQWHQGLGR�FRPR�XP�VLVWHPD�FRPSOH� [R��RQGH�H[LVWHP�LQWHUDo}HV�FRQVWDQWHV�HQWUH�RV�IDWRUHV�KXPDQRV��DPELHQWDLV� ��� &RQFHLWRV�H�0pWRGRV�SDUD�D�)RUPDomR�GH�3URILVVLRQDLV�HP�/DERUDWyULRV�GH�6D~GH WHFQROyJLFRV��HGXFDFLRQDLV�H�QRUPDWLYRV��(VVDV�LQWHUDo}HV��PXLWDV�YH]HV��IDYR� UHFHP�D�RFRUUrQFLD�GH�DFLGHQWHV� 8P�LQVWUXPHQWR�TXH�SRGH�FRQWULEXLU�SDUD�D�PLQLPL]DomR�GHVVDV�RFRUUrQ� FLDV�GHVDJUDGiYHLV�p�D�%LRVVHJXUDQoD��GHILQLGD�FRPR� &RQMXQWR�GH�HVWXGRV�H�Do}HV�GHVWLQDGRV�D�SUHYHQLU��FRQ� WURODU��UHGX]LU�RX�HOLPLQDU�ULVFRV�LQHUHQWHV�jV�DWLYLGDGHV�TXH SRVVDP�FRPSURPHWHU�D�VD~GH�KXPDQD��DQLPDO��YHJHWDO�H�R PHLR�DPELHQWH� 1HVVD�OLQKD��GHYHPRV�HQWHQGHU�RV�FRQFHLWRV�GH�SHULJR��ULVFR�H�DFLGHQWH� 3(5,*2��5,6&2� $&,'(17( %,2/Ð*,&2 1R�%UDVLO��D�%LRVVHJXUDQoD�SRVVXL�GXDV�YHUWHQWHV� �$�¶OHJDO·��TXH�WUDWD�GDV�TXHVW}HV�HQYROYHQGR�D�PDQLSXODomR�GH 2UJDQLVPRV�*HQHWLFDPHQWH�0RGLILFDGRV��2*0V��H�SHVTXLVDV FRP� FpOXODV�WURQFR� HPEULRQiULDV�� H� TXH� WHP� XPD� OHL�� D� GH� QR ��������FKDPDGD�/HL�GH�%LRVVHJXUDQoD��VDQFLRQDGD�SHOR�JRYHU� QR�EUDVLOHLUR�HP����GH�PDUoR�GH�������6,/9$��3(/$(=�H 9$//(��������9$//(��������9$//(�H�%$55(,5$�������� �$�¶SUDWLFDGD·��DTXHOD�GHVHQYROYLGD��SULQFLSDOPHQWH��QDV�LQVWLWXL� o}HV�GH�VD~GH�H�ODERUDWyULRV�HP�JHUDO��TXH�HQYROYH�RV�ULVFRV�SRU DJHQWHV�TXtPLFRV��ItVLFRV��ELROyJLFRV��HUJRQ{PLFRV�H�SVLFRVVRFLDLV� 2�SHULJR�p�XPD�SRVVLELOLGDGH�GH�FDXVDU�GDQRV��R ULVFR�p�D�SUREDELOLGDGH�GH�FRQFUHWL]DomR�GHVVH SHULJR�H�DFLGHQWH�p�D�FRQFUHWL]DomR�GHVVH�ULVFR� 5HODWLYR�D��RX�SUySULR�GRV�VHUHV�YLYRV��'LFLRQiULR +RXDLVV�GD�/tQJXD�3RUWXJXHVD�� �� SUHVHQWHV� QHVVHV� DPELHQWHV�� TXH� VH� HQFRQWUD� QR� FRQWH[WR� GD VHJXUDQoD�RFXSDFLRQDO��&267$�H�&267$��������&267$�H &267$��������������9$//(�H�7(//(6��������&$59$� /+2�������� (VWH�FDStWXOR��SRUWDQWR��WHP�FRPR�REMHWLYR�DSUHVHQWDU��GH�IRUPD�GLGiWL� FD��DOJXPDV�FDUDFWHUtVWLFDV�GD�%LRVVHJXUDQoD�H�GD�TXDOLGDGH�SUDWLFDGDV�HP�HVSD� oRV�ODERUDWRULDLV��(VWDQGR�D�%LRVVHJXUDQoD�H�D�TXDOLGDGH�DOLFHUoDGDV��SULQFLSDO� PHQWH��QD�SRVWXUD�SURILVVLRQDO��FRQVLGHUDPRV�LPSRUWDQWH�GLVFXWLU��WDPEpP��DO� JXQV�FRQFHLWRV�UHODFLRQDGRV�j�pWLFD� ��� )DFLOLWDQGR� D� SUi[LV� GD� %LRVVHJXUDQoD��� )DFLOLWDQGR� D� SUi[LV� GD� %LRVVHJXUDQoD��� )DFLOLWDQGR� D� SUi[LV� GD� %LRVVHJXUDQoD��� )DFLOLWDQGR� D� SUi[LV� GD� %LRVVHJXUDQoD��� )DFLOLWDQGR� D� SUi[LV� GD� %LRVVHJXUDQoD 2�KRPHP�p�XP� VHU�ELROyJLFR�� ORJR�� XP�SURGXWR�GD�QDWXUH]D��0DV WDPEpP�p�XP�VHU�VRFLDO�� LVWR�p��XP�SURGXWR�GD�FXOWXUD��GR�VDEHU��GDV�VXDV LQWHUUHODo}HV��'H�DFRUGR�FRP�6FKUDPP�������� R�KXPDQR�HQIUHQWD�VHX�HVWDGR�GH�QHFHVVLGDGH�H�SUHFDULHGD� GH�GH�YiULDV�PDQHLUDV��LQFOXVLYH�FRP�R�VDEHU�ID]HU�UDFLRQDO�H RSHUDFLRQDO�GD�WHFQRFLrQFLD��$GHPDLV��QHVWH�VpFXOR�DGTXL� ULX�D�FRPSHWrQFLD�ELRWHFQRFLHQWtILFD��TXH�YLVD�WUDQVIRUPDU�H UHSURJUDPDU�R�DPELHQWH�QDWXUDO��RV�RXWURV�VHUHV�YLYRV�H�D�VL PHVPR�HP� IXQomR�GH� VHXV�SURMHWRV�H�GHVHMRV�� IDWR�TXH� VH WRUQD��FDGD�YH]�PDLV��PRWLYR�GH�JUDQGHV�HVSHUDQoDV�H�DQJ~V� WLDV��FRQVHQVRV�H�FRQIOLWRV��HP�SDUWLFXODU�GR�WLSR�PRUDO� $V�SUHRFXSDo}HV�GD�FLWDomR�DQWHULRU��RULXQGDV�GR�GHVHQYROYLPHQWR�WpF� QLFR�FLHQWtILFR�GR�QRVVR�WHPSR��YrP�LPSDFWDQGR�GH�IRUPD�DFHQWXDGD�DV�UHOD� o}HV�KXPDQDV�H��QHVVH�VHQWLGR��WRUQD�VH�LPSRUWDQWH�FRPSUHHQGHU�DOJXQV�FRQ� FHLWRV�FRPR�RV�GH�PRUDO��pWLFD��ELRpWLFD��GHRQWRORJLD��GLFHRORJLD��&RPLWrV�GH eWLFD�HP�3HVTXLVD��&RPLWrV�GH�eWLFD�QR�8VR�GH�$QLPDLV�H�DV�UHODo}HV�GHVVHV FRQFHLWRV�FRP�R�GLUHLWR��$�GHYLGD�FRPSUHHQVmR�GHVVHV�FRQFHLWRV�IDFLOLWDUi� VREUHPDQHLUD�� R� HQWHQGLPHQWR� GDV� UHODo}HV� TXH� HQYROYHP� D� %LRVVHJXUDQoD �*2/',0�������� %LRVVHJXUDQoD�H�ERDV�SUiWLFDV�ODERUDWRULDLV ��� &RQFHLWRV�H�0pWRGRV�SDUD�D�)RUPDomR�GH�3URILVVLRQDLV�HP�/DERUDWyULRV�GH�6D~GH 2�IXQFLRQiULR�QmR�WHP�PRUDO��(OH�DJLX�VHP�pWLFD��$ILQDO�GH FRQWDV��R�TXH�p�025$/�H�R�TXH�p�e7,&$" 1RUPDOPHQWH��DV�SDODYUDV�¶PRUDO·�H�¶pWLFD·�VmR�XWLOL]DGDV�FRPR�VLQ{QL� PRV��YLQFXODGDV�D�XP�FRQMXQWR�GH�UHJUDV�REULJDWyULDV��(VWD�FRQIXVmR�RFRUUH�Ki PXLWRV�VpFXORV��$�SUySULD�HWLPRORJLD�GHVWHV�WHUPRV�JHUD�FRQIXVmR��Mi�TXH�pWLFD YHP�GR�JUHJR�¶HWKRV·��TXH�VLJQLILFD�¶PRGR�GH�VHU ·��H�¶PRUDO·�WHP�VXD�RULJHP GR�ODWLP��TXH�YHP�GH�¶PRUHV·��VLJQLILFDQGR�¶FRVWXPHV·��3RGHPRV�GHILQLU�HVVHV WHUPRV�GD�VHJXLQWH�IRUPD� 025$/ e7,&$ ¶9DORUHV·�VmR�QRUPDV��SULQFtSLRV�RX�SDGU}HV�VRFLDLV�DFHLWRV�RX�PDQWLGRV SRU�LQGLYtGXR��FODVVH��VRFLHGDGH��HWF��9iVTXH]��������DSRQWD�TXH�D�pWLFD�p WHyULFD�H�UHIOH[LYD��HQTXDQWR�D�PRUDO�p�HPLQHQWHPHQWH�SUiWLFD��8PD�FRPSOHWD�D RXWUD��KDYHQGR�XP�LQWHUUHODFLRQDPHQWR�HQWUH�DPEDV��SRLV��QD�DomR�KXPDQD��R FRQKHFHU�H�R�DJLU�VmR�LQGLVVRFLiYHLV� 1RUPDV�pWLFDV��VHJXQGR�&KULVWRIDUL������������ GL]HP�UHVSHLWR�DR�´DJLUµ�KXPDQR��6mR�DTXHODV�TXH�GLVFLSOL� QDP�R�FRPSRUWDPHQWR�GR�KRPHP��WDQWR�R�GH�IRUR�tQWLPR�H e�XP�FRQMXQWR�GH�QRUPDV�TXH�UHJXODP�R�FRPSRUWDPHQWR KXPDQR��(VWDV�QRUPDV�VmR�DGTXLULGDV�SHOD�HGXFDomR��SHOD WUDGLomR� H� SHOR� FRWLGLDQR�� RX� VHMD�� SHOR� SURFHVVR� GH FXOWXUDOL]DomR��$�PRUDO�p�DOJR�SHVVRDO�H�tQWLPR��3RU�H[HPSOR� DQGDU�FRP�RV�VHLRV�j�PRVWUD�QD�SUDLD�QmR�p�PRUDOPHQWH DFHLWR�QR�%UDVLO��SRUpP��HP�RXWURV�SDtVHV�LVVR�p�QRUPDO� e�R�FRQMXQWR�GH�¶YDORUHV·�TXH�RULHQWDP�R�FRPSRUWDPHQWR KXPDQR�HP�VRFLHGDGH��2�TXH�D�FDUDFWHUL]D�p�D�UHIOH[mR VREUH�D�DomR�KXPDQD��3RU�H[HPSOR��p�pWLFR�MRJDU�UHVtGXR TXtPLFR�QD�SLD" �� VXEMHWLYR��TXDQWR�R�GH�QDWXUH]D�H[WHULRU�H�VRFLDO��3UHVFUHYHP GHYHUHV�SDUD�D�FRQVHFXomR�GH�YDORUHV��(QWUHWDQWR��QmR�DSH� QDV� LPSOLFDP�HP�MXt]RV�GH�YDORU��PDV� LPS}HP�D�HVFROKD�GH XPD�GLUHWUL]��GH�FDUiWHU�REULJDWyULR�QXP�GHWHUPLQDGR�JUXSR VRFLDO��6XD�SULQFLSDO�FDUDFWHUtVWLFD�p�D�SRVVLELOLGDGH�GH�VHUHP YLRODGDV� (�%LRpWLFD��R�TXH�p" ([LVWHP�YiULDV�GHILQLo}HV�SDUD�R�WHUPR�%LRpWLFD��GR�JUHJR�¶ELRV·��YLGD��H pWLFD��3RGHPRV�GHILQL�OD�GD�VHJXLQWH�IRUPD� %,2e7,&$ $�%LRpWLFD�HVWi�DSRLDGD�HP�TXDWUR�SULQFtSLRV� $XWRQRPLD� 1mR�PDOHILFrQFLD� �%HQHILFrQFLD� �-XVWLoD� 3ULQFtSLR�GD�DXWRQRPLD�²�e�R�UHVSHLWR�j�YRQWDGH��j�FUHQoD��DRV�YDORUHV PRUDLV�GR�LQGLYtGXR�H�j�VXD�LQWLPLGDGH��'LVFXVV}HV�VREUH�RV�OLPLWHV�PRUDLV�GD HXWDQiVLD��GR�DERUWR��HQWUH�RXWURV��HVWmR�QR�FRQWH[WR�GHVWH�SULQFtSLR��$V�SHVVR� DV�WrP�R�GLUHLWR�GH�GHFLGLU�VREUH�DV�TXHVW}HV�UHODFLRQDGDV�DR�VHX�FRUSR�H�j�VXD YLGD��(P�LQGLYtGXRV�LQWHOHFWXDOPHQWH�GHILFLHQWHV��H�QR�FDVR�GH�PHQRUHV�GH��� DQRV��HVWH�SULQFtSLR�GHYH�VHU�H[HUFLGR�SHOD�IDPtOLD�RX�SHOR�UHVSRQViYHO�OHJDO� 3ULQFtSLR�GD�EHQHILFrQFLD�²�$VVHJXUD�R�EHP�HVWDU�GDV�SHVVRDV��HYLWDQ� GR�GDQRV��H�JDUDQWH�TXH�VHMDP�DWHQGLGRV�VHXV�LQWHUHVVHV��%XVFD�VH�D�PD[LPL]DomR GR�EHQHItFLR�H�D�PLQLPL]DomR�GRV�DJUDYRV� e�XPD�iUHD�GR�FRQKHFLPHQWR�LQWHUGLVFLSOLQDU��LQWHJUDomR�HQ� WUH�DV�GLVFLSOLQDV���FXMD�ILQDOLGDGH�p�FRPSUHHQGHU�H�UHVROYHU TXHVW}HV�pWLFDV� UHODFLRQDGDV�DRV�DYDQoRV� WHFQROyJLFRV�GD %LRORJLD�H�GD�0HGLFLQD�H�TXHVW}HV�TXH�GH�DOJXPD�IRUPD�LQ� IOXHQFLDP�DV�QRVVDV�YLGDV� %LRVVHJXUDQoD�H�ERDV�SUiWLFDV�ODERUDWRULDLV ��� &RQFHLWRV�H�0pWRGRV�SDUD�D�)RUPDomR�GH�3URILVVLRQDLV�HP�/DERUDWyULRV�GH�6D~GH 3ULQFtSLR� GD� QmR�PDOHILFrQFLD ²�$VVHJXUD� TXH� VHMDP�PLQRUDGRV� RX HYLWDGRV�GDQRV�ItVLFRV�DRV�VXMHLWRV�GD�SHVTXLVD�RX�SDFLHQWHV��e�XQLYHUVDOPHQWHFRQVDJUDGR�DWUDYpV�GR�DIRULVPR�KLSRFUiWLFR�SULPXP�QRQ�QRFHUH��SULPHLUR�QmR SUHMXGLFDU�� 3ULQFtSLR�GD�MXVWLoD ²�([LJH�HTXLGDGH��RX�VHMD��D�REULJDomR�pWLFD�GH WUDWDU�FDGD�LQGLYtGXR�GH�DFRUGR�FRP�R�TXH�p�PRUDOPHQWH�FRUUHWR�H�DGHTXDGR H�GH�GDU�D�FDGD�XP�R�TXH�OKH�p�GHYLGR� (P�MXQKR�GH�������HP�UHXQLmR�QD�VHGH�GD�2UJDQL]DomR�GDV�1Do}HV 8QLGDV�SDUD�D�(GXFDomR��D�&LrQFLD�H�D�&XOWXUD��8QHVFR���SDUD�VHU�GLVFXWLGD D�'HFODUDomR�8QLYHUVDO�VREUH�%LRpWLFD�H�'LUHLWRV�+XPDQRV��R�%UDVLO�WHYH�XP LPSRUWDQWH�SDSHO�DR�SURSRU�H�FRQVHJXLU�D�DSURYDomR�GD�LQFOXVmR�QHVWH�GRFX� PHQWR� GRV� FDPSRV� ¶VDQLWiULR·�� ¶VRFLDO·� H� ¶DPELHQWDO·�� (VWD� GHFODUDomR� IRL DSURYDGD�SRU�DFODPDomR�HP�RXWXEUR�GH�������QD���D�VHVVmR�GD�&RQIHUrQ� FLD�*HUDO�GD�8QHVFR� 2�LPSRUWDQWH�GHVVD�GHFODUDomR�p�TXH�D�%LRpWLFD�QmR�ILFD�UHVWULWD�jV FLrQFLDV�GD�VD~GH��PDV�D�WXGR�DTXLOR�TXH�GH�DOJXPD�IRUPD�WHQKD�LPSOLFDomR VREUH�DV�QRVVDV�YLGDV��3RUWDQWR��HQWUH�DV�TXHVW}HV�GLVFXWLGDV�QD�%LRpWLFD� WHPRV� $ERUWR��(XWDQiVLD��&ORQDJHP��3HVTXLVDV�FRP�HP�KX� PDQRV��$OLPHQWRV�WUDQVJrQLFRV��)HUWLOL]DomR�LQ�YLWUR� 8VR�GH� FpOXODV�WURQFR�HPEULRQiULDV��7HVWHV� FRP�QRYRV PHGLFDPHQWRV��$TXHFLPHQWR�JOREDO��7UDWDPHQWR�H�GLV� SRVLomR�GH�UHVtGXRV��HQWUH�RXWURV� (�R�TXH�p�'HRQWRORJLD" $�SDODYUD�¶GHRQWRORJLD·�p�RULJLQiULD�GR�JUHJR�¶GHRQWRV·��R�TXH�p�REUL� JDWyULR��H�¶ORJRV·��HVWXGR���&RP�LVVR��SRGHPRV�GHILQL�OD�GD�VHJXLQWH�IRUPD� �� '(2172/2*,$ ([LVWHP�LQ~PHURV�FyGLJRV�GH�'HRQWRORJLD��VHQGR�HVWD�FRGLILFDomR�GD UHVSRQVDELOLGDGH�GH�DVVRFLDo}HV�RX�FRQVHOKRV�SURILVVLRQDLV��1RUPDOPHQWH��RV FyGLJRV�GHRQWROyJLFRV�WrP�SRU�EDVH�DV�JUDQGHV�GHFODUDo}HV�XQLYHUVDLV�H�HVIRU� oDP�VH� SRU� WUDGX]LU� R� VHQWLPHQWR� pWLFR� H[SUHVVR� QHVWDV�� DGDSWDQGR�R�� QR HQWDQWR��jV�SDUWLFXODULGDGHV�GH�FDGD�SDtV�H�GH�FDGD�JUXSR�SURILVVLRQDO��(VWHV FyGLJRV� SURS}HP� VDQo}HV�� VHJXQGR� SULQFtSLRV� H� SURFHGLPHQWRV� H[SOtFLWRV� SDUD�RV�LQIUDWRUHV�GR�PHVPR��$OJXQV�FyGLJRV�QmR�DSUHVHQWDP�IXQo}HV�QRUPDWLYDV� WHQGR�DSHQDV�XPD�IXQomR�UHJXODGRUD� &Ð',*2�'(�e7,&$�²�9LVD�j�IRUPDomR�GD�FRQVFLrQ� FLD�SURILVVLRQDO�VREUH�SDGU}HV�GH�FRQGXWD�GH�XPD�GHWHU� PLQDGD�FODVVH� (�'LFHRORJLD" 'LFHRORJLD�GHULYD�GR�JUHJR�¶GLFHR·��GLUHLWRV��H�¶ORJRV·��HVWXGR���3RU� WDQWR��SRGHPRV�GHILQL�OD�FRPR� ',&(2/2*,$ e�XP�WUDWDGR�GH�GHYHUHV�H�RX�FRQGXWDV�TXH UHJHP�XP�SURILVVLRQDO��2�SURILVVLRQDO�HVWi�VX� MHLWR�D�XPD�GHRQWRORJLD�HVSHFtILFD�SDUD�R�H[HU� FtFLR�GD�VXD�SURILVVmR�FRQIRUPH�R�FyGLJR�GH pWLFD�GD�VXD�FODVVH� e�XP�WUDWDGR�VREUH�RV�GLUHLWRV�SURILVVLRQDLV�GH XPD�GHWHUPLQDGD�FODVVH��j�OX]�GR�VHX�FyGLJR GH�pWLFD� %LRVVHJXUDQoD�H�ERDV�SUiWLFDV�ODERUDWRULDLV
Compartilhar