&RQHFWDUHODSDUDWRDODUHGHOpFWULFDILJXUD
■ 7HQVLyQYHUSODFDGHFDUDFWHUtVWLFDV
■ &RQHFWDUH[FOXVLYDPHQWHVHJ~QHOHVTXHPDGHFRQH[LyQ
%10DUUyQ
%8$]XO
*1<(9HUGH\DPDULOOR
%.1HJUR
*<*ULV
■ 6HJ~QHOWLSRGHFRQH[LyQSXHGHVHUQHFHVDULRPRGLILFDUOD
GLVSRVLFLyQGHORVWHUPLQDOHVVXPLQLVWUDGRVSRUIiEULFD3DUD
HOORVHUiQHFHVDULRFRUWDUORVWHUPLQDOHV\HOLPLQDUHODLVODQWH
QHFHVDULRSDUDFRORFDUXQWHUPLQDOTXHXQDGRVFDEOHV
1RWD &RPSUREDUHOIXQFLRQDPLHQWRVLHQHOSDQHOLQGLFDGRUGHO
DSDUDWRDSDUHFH
—…‹‹ “‹†‚„ y “VLJQLILFDTXHHVWiPDO
FRQHFWDGR'HVFRQHFWDUHODSDUDWRGHODUHG\FRPSUREDUOD
LQVWDODFLyQGHOFDEOHGHDOLPHQWDFLyQHQODFDMDGHFRQH[LyQ\HQ
ODUHGHOpFWULFD
'HVPRQWDUHODSDUDWR
'HVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFD
: £5LHVJRGHGHVFDUJDHOpFWULFD
$OGHVFRQHFWDUHODSDUDWRGHODUHGHOpFWULFDHVWHSXHGHTXHGDU
FDUJDGRHQVXVERUQDV/DFRQH[LyQHOpFWULFDHVWiVRORSHUPLWLGD
SRUXQWpFQLFRHVSHFLDOLVWDDXWRUL]DGR
(QORVDSDUDWRVPRQWDGRVDUDVGHVXSHUILFLHUHWLUDUODMXQWDGH
VLOLFRQD([WUDHUHODSDUDWRSUHVLRQDQGRGHVGHDEDMR
£$WHQFLyQ
£'DxRVHQHODSDUDWR1RLQWHQWHH[WUDHUHODSDUDWRKDFLHQGR
SDODQFDGHVGHDUULED
pt pt
ì
,QVWUXo}HVGHPRQWDJHP
,QVWUXo}HVLPSRUWDQWHV
3DUDSUHSDUDURPyYHOXVDGRSDUDDPRQWDJHPVLJDDV
LQVWUXo}HVGHPRQWDJHPGRVFRPDQGRV
6HJXUDQoD D VHJXUDQoD GXUDQWH D XWLOL]DomR Vy HVWi JDUDQWLGD VH
DLQVWDODomRWLYHUVLGRHIHFWXDGDGHIRUPDFRUUHFWDDQtYHO
WpFQLFRHGHDFRUGRFRPHVWDVLQVWUXo}HVGHPRQWDJHP2V
GDQRVFDXVDGRVSRUXPDPRQWDJHPLQDGHTXDGDVHUmRGD
UHVSRQVDELOLGDGHGRLQVWDODGRU
(VWHDSDUHOKRpSHUPLWLGRSDUDVHUXVDGRDWp PHWURVGH
DOWXUD
: 3RUWDGRUHVGHLPSODQWHVHOHWUyQLFRV
2DSDUHOKRSRGHFRQWHUtPDQHVSHUPDQHQWHVTXHSRGHPDIHWDU
LPSODQWHVHOHWUyQLFRVSRUH[HPSORSDFHPDNHUVRXERPEDVGH
LQVXOLQD3RULVVRGXUDQWHDPRQWDJHPGHYHUHVSHLWDUVHXPD
GLVWkQFLDPtQLPDGHFPHPUHODomRDRVLPSODQWHVHOHWUyQLFRV
/LJDomRHOpFWULFDGHYHVHUHIHFWXDGDDSHQDVSRUXPWpFQLFR
HVSHFLDOLVWDDXWRUL]DGRHGHDFRUGRFRPDVGLVSRVLo}HVGD
FRPSDQKLDGHIRUQHFLPHQWRHOpFWULFRGD]RQD
2 DSDUHOKR WHP GH HVWDU OLJDGR D XPD LQVWDODomR IL[D H GH DFRUGR
FRPRVUHJXODPHQWRVGHLQVWDODomRGHYHPVHULQVWDODGRV
LQWHUUXSWRUHVVHFFLRQDGRUHV
7LSRGHOLJDomRRDSDUHOKRSHUWHQFHjFODVVHGHSURWHFomR ,H
DSHQDVSRGHVHUXWLOL]DGRHPFRPELQDomRFRPXPDOLJDomRFRP
FRQGXWRUGHWRPDGDGHWHUUD
2 IDEULFDQWH QmR VH UHVSRQVDELOL]D SHOR IXQFLRQDPHQWR LQFRUUHFWR
HSRUSRVVtYHLVGDQRVSURYRFDGRVSRULQVWDODo}HVHOpFWULFDV
LQDGHTXDGDV
&DERGHUHGHSRGHUiMiHVWDUFRQHFWDGRjFDL[DGHOLJDomR
GDSODFDGHFR]LQKDURXVHUIRUQHFLGRFRPRDSDUHOKR
SRGHQGRDSHQDVVHULQVWDODGRSRUXPWpFQLFRDXWRUL]DGRRXSRU
SHVVRDOTXDOLILFDGRGD$VVLVWrQFLDWpFQLFD2VGDGRVGHOLJDomR
QHFHVViULRV HQFRQWUDPVH LQGLFDGRV QD SODFD GH FDUDFWHUtVWLFDV H
QRHVTXHPDGHOLJDo}HV
8WLOL]HDSHQDVRFDERIRUQHFLGRMXQWDPHQWHFRPRDSDUHOKRRX
SHOD$VVLVWrQFLDWpFQLFD
0RQWDJHPSRUEDL[RGDEDQFDGDGHWUDEDOKR$SODFDGH
LQGXomR DSHQDV SRGH VHU LQVWDODGD SRU FLPD GH JDYHWDV RX IRUQRV
FRPYHQWLODGRU3RUEDL[RGDSODFDGHFR]LQKDUQmRSRGHPVHU
LQFRUSRUDGRVIULJRUtILFRVPiTXLQDVGHODYDUORXoDIRUQRVVHP
YHQWLODomRQHPPiTXLQDVGHODYDUURXSD
([DXVWRUDGLVWkQFLDHQWUHRH[DXVWRUHDSODFDGHFR]LQKDUWHP
GH FRUUHVSRQGHU SHOR PHQRV j GLVWkQFLD LQGLFDGD QDV LQVWUXo}HV
GHPRQWDJHPGRH[DXVWRU
%DQFDGDSODQDKRUL]RQWDOHVWiYHO6LJDDVLQVWUXo}HVGR
IDEULFDQWHGDEDQFDGD
6HDHVSHVVXUDGDEDQFDGDGHWUDEDOKRQDTXDOpLQFRUSRUDGDD
SODFDGHFR]LQKDUQmRFRUUHVSRQGHUDRVUHTXLVLWRVUHIRUFHD
EDQFDGD GH WUDEDOKR FRP PDWHULDO UHVLVWHQWH DR IRJR H j iJXD DWp
VHUDWLQJLGDDHVSHVVXUDPtQLPDUHFRPHQGDGD&DVRFRQWUiULR
QmRWHUiHVWDELOLGDGHVXILFLHQWH
■ $EDQFDGDGHWUDEDOKRQDTXDODSODFDGHFR]LQKDUp
LQFRUSRUDGDGHYHUHVLVWLUDFDUJDVGHDSUR[ NJ
■ 9HULILTXHRQLYHODPHQWRGDSODFDGHFR]LQKDUDSHQDVTXDQGR
HVWDHVWLYHUPRQWDGD
*DUDQWLDXPDLQVWDODomROLJDomRRXPRQWDJHPLQDGHTXDGD
LPSOLFDDDQXODomRGDJDUDQWLDGRSURGXWR
1RWD 4XDOTXHUPDQLSXODomRQRLQWHULRUGRDSDUHOKRLQFOXLQGRD
PXGDQoDGRFDERGHDOLPHQWDomRGHYHVHUUHDOL]DGD
H[FOXVLYDPHQWHSRUSHVVRDOWpFQLFRGR6HUYLoRGH$VVLVWrQFLD
FRPIRUPDomRHVSHFtILFD
3UHSDUDomRGRPyYHOILJXUD
0yYHLVHQFDVWUDGRVUHVLVWHQWHVDXPDWHPSHUDWXUDPtQLPDGH
&
&DYLGDGHUHPRYHUDVDSDUDVGHPDGHLUDDSyVRVWUDEDOKRVGH
FRUWH
6XSHUItFLHVGHFRUWHYHGDUFRPPDWHULDOUHVLVWHQWHDRFDORU
0RQWDJHPjVXSHUItFLHILJXUDD
$VEDQFDGDVGHYHPVHUSODQDVKRUL]RQWDLVHUREXVWDV5HVSHLWH
DVLQVWUXo}HVGRIDEULFDQWHGDVEDQFDGDV
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
(QFDVWUHSODQRjVXSHUItFLHILJXUDE
$VEDQFDGDVGHYHPVHUSODQDVKRUL]RQWDLVHUREXVWDV5HVSHLWH
DVLQVWUXo}HVGRIDEULFDQWHGDVEDQFDGDV
eSRVVtYHORHQFDVWUHUHQWHjVXSHUItFLHQXPDEDQFDGD
2 DSDUHOKR SRGH VHU PRQWDGR QDV VHJXLQWHV EDQFDGDV HVWDQTXHV
HUHVLVWHQWHVjWHPSHUDWXUD
■ %DQFDGDVHPPiUPRUH
■ %DQFDGDVHPSOiVWLFRSH[&RULDQ
■ %DQFDGDVHPPDGHLUDPDFLoDDSHQDVHPFRQVRQkQFLDFRPR
IDEULFDQWHGDEDQFDGDVHODURVFDQWRVGRQLFKR
■ 2XWURVPDWHULDLVFRQVXOWDURIDEULFDQWHGDVEDQFDGDV
1mRpSRVVtYHOXPDLQVWDODomRHPEDQFDGDVGHPDGHLUD
FRPSULPLGD
1RWDV
■ 3DUDQLYHODURDSDUHOKRQmRXWLOL]HDSRLRVHPORFDLVLQGLYLGXDLV
■ $VDGDSWDo}HVQDVXSHUItFLHGHWUDEDOKRWrPGHVHUHIHWXDGDV
SRUXPSUHVWDGRUGHVHUYLoRVHVSHFLDOL]DGRHPFRQIRUPLGDGH
FRP R HVERoR GH HQFDVWUDPHQWR $ DUHVWD GH FRUWH WHP GH HVWDU
OLPSD H SUHFLVD SRLV R UHERUGR GD VXSHUItFLH HVWi YLVtYHO /LPSH
HOXEULILTXHDVDUHVWDVGHFRUWHFRPXPSURGXWRGHOLPSH]D
FRUUHVSRQGHQWH
%DQFDGDGHYHWHUXPDHVSHVVXUDPtQLPDGH PP
&RPELQDomRGHYiULRVDSDUHOKRV9DULRILJXUD
3DUDFRPELQDUYiULRVDSDUHOKRV9DULRpQHFHVViULRRIULVRGH
XQLmR9$ (VWHIULVRSRGHVHUDGTXLULGRHP
VHSDUDGR FRPR DFHVVyULR HVSHFLDO $TXDQGR GD FULDomR GR QLFKR
WHUHPFRQWDDQHFHVVLGDGHGHHVSDoRDGLFLRQDOSDUDRIULVRGH
XQLmRHQWUHRVDSDUHOKRVYHULQVWUXo}HVGHPRQWDJHP9$
2VDSDUHOKRVWDPEpPSRGHPVHULQVWDODGRVHPQLFKRV
LQGLYLGXDLV PDQWHQGR XPD ODUJXUD GH DSRLR GH SHOR PHQRV PP
HQWUHFDGDXPGRVQLFKRV
3DUDFRPELQDUDSDUHOKRVFRPRXVHPFREHUWXUDDVGLIHUHQWHV
GLPHQV}HV SRGHP VHU FRPSHQVDGDV FRP D H[WHQVmR GR DSDUHOKR
9$ FRQIRUPHDODUJXUDGRDSDUHOKR
9HQWLODomRILJXUD
3DUD JDUDQWLU XP IXQFLRQDPHQWR FRUUHWR GR DSDUHOKR p QHFHVViULR
YHQWLODUDSODFDGHFR]LQKDUDGHTXDGDPHQWH
&RPR D YHQWLODomR QD SDUWH LQIHULRU GR DSDUHOKR QHFHVVLWD GH XPD
DOLPHQWDomRVXILFLHQWHGHDUIUHVFRRVPyYHLVWrPGHVHU
GLPHQVLRQDGRVHPFRQIRUPLGDGH3DUDLVVRpQHFHVViULRR
VHJXLQWH
■ XPD GLVWkQFLD PtQLPD HQWUH D SDUWH GH WUiV GR PyYHO H D SDUHGH
GD FR]LQKD H HQWUH D VXSHUItFLH GD EDQFDGD GH WUDEDOKR H D SDUWH
VXSHULRUGDJDYHWD ILJXUD D
■ XPDDEHUWXUDHPFLPDQDSDUWHGHWUiVGRPyYHO ILJXUD E
■ FDVRDGLVWkQFLDPtQLPDGH PPQDSDUWHGHWUiVGRPyYHO
QmRHVWHMDDVVHJXUDGDpQHFHVViULRFULDUXPDDEHUWXUDQD
SDUWHLQIHULRU ILJXUD F
■ FDVRDODUJXUDLQWHULRUGRPyYHOQmRVHMDVXSHULRUD PP
HIHWXDULQFLV}HVQDVSDUHGHVODWHUDLV ILJXUD G