Académique Documents
Professionnel Documents
Culture Documents
&DGDVWUHVH
/RJLQ
(QYLDVXDSHUJXQWD
5HWRUQDUDR3RUWDO
3URGXWRV
'RZQORDGV
6XSRUWH
7UHLQDPHQWR
(EHULFN¿¬$QiOLVHGRGLPHQVLRQDPHQWR
$XWR$WHQGLPHQWR¿(EHULFN¿'LPHQVLRQDPHQWRGDHVWUXWXUD¿3LODUHV¿$QiOLVHGRGLPHQVLRQDPHQWR
2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
(QJ$QGUp.LUVWHQ([FHOHQWH$YDOLDo}HVYLVXDOL]Do}HV 7ZHHWDU 0HJXVWD
6KDUH
$SOLFDVHjVYHUV}HV(%Y(%Y*ROG(%Y(%Y*ROG(%Y(%Y*ROG(%Y(%Y*ROG
$VVXQWR
'HTXDLVPDQHLUDVSRGHVHDJLUGHIRUPDDRWLPL]DURUHVXOWDGRGHDUPDGXUDHPSLODUHV"
$UWLJR
$IDVHGHSURMHWRFRQVWLWXLXPDHWDSDIXQGDPHQWDOSDUDDFRQFHSomRGHXPSURGXWRGHHQJHQKDULD2SURFHVVRWUDGLFLRQDO
GHSURMHWRWHPVHDPSDUDGRQDH[SHULrQFLDKDELOLGDGHHLQWXLomRGHHQJHQKHLURV2REMHWLYRGDRWLPL]DomRHP
HQJHQKDULDpREWHUSURMHWRVPDLVHILFLHQWHVHDRPHVPRWHPSRVHJXURV
$WUDYpVGHVWHDUWLJRSUHWHQGHVHPRVWUDUDOJXQVSURFHGLPHQWRVYLVDQGRDRWLPL]DomRGRVUHVXOWDGRVGHDUPDGXUDHP
SLODUHV
1HVWHDUWLJRVHUmRDQDOLVDGRVRVSLODUHVGRHGLItFLRH[HPSORDEDL[R
)LJXUD²3yUWLFR'GDHVWUXWXUD
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO
6XSRUWH2QOLQH$OWR4L2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
)LJXUD²3ODQWDEDL[DGHWRGRVRVSDYLPHQWRVGRSURMHWR
$FLPDGHVWDFDGRVHPDPDUHORHVWmRRVSLODUHVRVTXDLVVHUmRHVWXGDGRVQHVWHDUWLJR
7DEHOD²5HVXPRGHPDWHULDLVLQLFLDO
$EDL[RVHFLWDPRSo}HVYLVDQGRRWLPL]DURUHVXOWDGRGHDUPDGXUDHPSLODUHV
2SomR0RGLILFDUDSRVLomRGHSLODUHV
(VWDpXPDRSomRYLiYHOTXDQGRDDUTXLWHWXUDSHUPLWHPRGLILFDUDSRVLomRGHXPGHWHUPLQDGRSLODU
8PGRVSULQFtSLRVEiVLFRVGDDQiOLVHHVWUXWXUDOpGHTXHRVRPDWyULRGHPRPHQWRVHPUHODomRDXPQyGDHVWUXWXUDGHYH
VHUVHPSUHLJXDOj]HURSDUDTXHDPHVPDVHHQFRQWUHHPHTXLOtEULR'HVVDIRUPDTXDQGRKiGHVFRQWLQXLGDGHGHPRPHQWR
IOHWRUGHXPDYLJDVREUHXPDSRLR¨0HVWDGHVFRQWLQXLGDGHpWUDQVPLWLGDSDUDRHOHPHQWRQRTXDOHVWDYLJDVHDSyLD
$QDOLVDQGRRSLODU3GHVWDHVWUXWXUDYHULILFRXVHDWUDYpVGR3yUWLFRXQLILODUGDPHVPDTXHKiGHVFRQWLQXLGDGHGH
PRPHQWRVVREUHHVWHSLODU¨0HPWRGRVRVSDYLPHQWRVGRSURMHWRHVWDGHVFRQWLQXLGDGHGHPRPHQWRIOHWRU¨0p
WUDQVPLWLGDDRSLODU3
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO
6XSRUWH2QOLQH$OWR4L2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
)LJXUD²0RPHQWRVIOHWRUHVHDUPDomRGRSLODU3
(VWDGHVFRQWLQXLGDGHGHPRPHQWRIOHWRUVREUHRSLODU3RFRUUHGHYLGRDRIDWRGHVWDHVWUXWXUDVHUDVVLPpWULFD
0DLVLQIRUPDo}HVjUHVSHLWRGHVLPHWULDHPHVWUXWXUDVSRGHPVHUREWLGDVQRDUWLJR6LPHWULDQDVHVWUXWXUDV
3DUDRFDVRGHVWDHVWUXWXUDH[HPSOREDVWRXDOWHUDUDSRVLomRGRSLODU3GHIRUPDDWRUQDUDHVWUXWXUDVLPpWULFD
$SyVPRGLILFDUDSRVLomRGRSLODU3RVPRPHQWRVIOHWRUHVREWLGRVHRGLPHQVLRQDPHQWRGHVWHSLODUIRUDPPRGLILFDGRV
WDPEpPFRPRYLVWRQDILJXUDDEDL[R
)LJXUD²0RPHQWRVIOHWRUHVHDUPDomRGRSLODU3DSyVPRGLILFDUDSRVLomRGRPHVPR
$SHQDVPRGLILFDQGRDSRVLomRGHVWHSLODUDDUPDomRGRPHVPRGLPLQXLXQRVSDYLPHQWRV´7LSRµH´7pUUHRµ
2SomR5RWDFLRQDUDVHomRGRSLODU
2XWUDIRUPDGHRWLPL]DURGLPHQVLRQDPHQWRGHXPSLODUpYHULILFDURVPRPHQWRVDWXDQWHVVREUHRPHVPRFRPRH[HPSOR
YDLVHDQDOLVDURSLODU3GHVWHSURMHWRH[HPSOR$EDL[RWHPVHRVPRPHQWRVDWXDQWHVVREUHHVWHSLODUHDDUPDomRGR
PHVPRHPWRGRVRVSDYLPHQWRVGRSURMHWR¬¬¬¬¬¬¬¬
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO
6XSRUWH2QOLQH$OWR4L2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
)LJXUD²0RPHQWRVIOHWRUHVHDUPDomRGRSLODU3
)LJXUD²0RPHQWRVIOHWRUHVHDUPDomRGRSLODU3DSyVURWDFLRQDUDVHomRGRPHVPR
2SomR8VRGHOLJDomRVHPLUtJLGD
6DEHVHTXHHPXPDHVWUXWXUDDSyVDVXDH[HFXomRQmRVHJDUDQWHGDULJLGH]GDOLJDomRHQWUHRVHOHPHQWRV
VHPSUHLUiH[LVWLUFHUWDGHIRUPDomRHILVVXUDomRGRHOHPHQWR&RQVWUXo}HVGH&RQFUHWRDUPDGR9RO²/HRQKDUGW0RQQLJ
²&DSVHQGRDVVLPSRGHVHFRQVLGHUDUXPDUHGLVWULEXLomRGHHVIRUoRVGHYLGRDHVWHHIHLWR(QWUHWDQWRRHQJHQKHLUR
GHYHDYDOLDUFXLGDGRVDPHQWHRXVRGHVWDVROXomRWHQGRFRPREDVHWDPEpPRHVWDEHOHFLGRQRLWHPGD
1%5RQGHRVYDORUHVGHUHGLVWULEXLomRILFDPOLPLWDGRVDSDUDHVWUXWXUDVGHQyVIL[RVHSDUDHVWUXWXUDV
GHQyVPyYHLV
0DLVLQIRUPDo}HVjUHVSHLWRGHVWHDVVXQWRSRGHPVHUREWLGDVQRDUWLJR5HGLVWULEXLomRGHHVIRUoRV
0DLVLQIRUPDo}HVjUHVSHLWRGRFRPSRUWDPHQWRGHXPDHVWUXWXUDGHDFRUGRFRPDVYLQFXODo}HVDGRWDGDVSRGHPVHU
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO
6XSRUWH2QOLQH$OWR4L2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
REWLGDVQRDUWLJR&RPSRUWDPHQWRGHXPDHVWUXWXUDGHDFRUGRFRPDYLQFXODomRDGRWDGD
)LJXUD²5HGLVWULEXLomRGHPRPHQWRVIOHWRUHVHPXPDYLJD
$RXWLOL]DUOLJDomRVHPLUtJLGDHQWUHXPDYLJDHXPSLODUKiUHGLVWULEXLomRGRPRPHQWRQHJDWLYRGDYLJDSDUDPRPHQWR
SRVLWLYRFRPRYLVWRQDILJXUDDFLPDGHVWDIRUPDRPRPHQWRWUDQVPLWLGRGDYLJDSDUDRSLODUWDPEpPWHPDWHQGrQFLDGH
GLPLQXLUVROLFLWDQGRPHQRVRHOHPHQWR
WtWXORGHH[HPSORRGLPHQVLRQDPHQWRGRSLODU3VHUiDQDOLVDGRFRQVLGHUDQGRGXDVVLWXDo}HV
/LJDomRHQJDVWDGD$VYLJDVHVWmROLJDGDVDRSLODU3DWUDYpVGHOLJDo}HVHQJDVWDGDV
/LJDomRVHPLUtJLGD$VYLJDVHVWmROLJDGDVDRSLODU3DWUDYpVGHOLJDo}HVVHPLUtJLGDV
)LJXUD²0RPHQWRVIOHWRUHVHDUPDomRGRSLODU3FRQVLGHUDQGROLJDomRHQJDVWDGDHOLJDomRVHPLUtJLGD
&RPRYLVWRQDILJXUDDFLPDDWUDYpVGRXVRGHOLJDomRVHPLUtJLGDDDUPDomRGRSLODU3GLPLQXLXQRSDYLPHQWR
´&REHUWXUDµFRPUHODomRjOLJDomRHQJDVWDGD
2SomR9HULILFDomRGRWUDYDPHQWRGHSLODUHV
$OpPGRVPRPHQWRVREWLGRVGDDQiOLVHGDHVWUXWXUDRVSLODUHVWDPEpPVmRGLPHQVLRQDGRVFRQVLGHUDQGRRXWURVIDWRUHV
FRPRPRPHQWRIOHWRUGHVHJXQGDRUGHPORFDO0GPRPHQWRGHFRUUHQWHGDIOXrQFLD0FGHPRPHQWRDFLGHQWDO0DG
(PDOJXPDVVLWXDo}HVRPRPHQWRGHVHJXQGDRUGHPORFDO0GHPXPSLODUSRGHWHULQIOXrQFLDFRQVLGHUiYHOQRVHX
GLPHQVLRQDPHQWRTXDQWRPDLRUIRUDHVEHOWH]GHXPSLODUPDLRUpRYDORUGH0G
0DLVLQIRUPDo}HVjUHVSHLWRGDHVEHOWH]HPSLODUHVSRGHPVHUREWLGDVGRDUWLJR(VEHOWH]HPSLODUHVUHWDQJXODUHV
$FHVVDQGRRFURTXLGRSDYLPHQWR´7pUUHRµYrVHTXHRVSLODUHV33H3QmRHVWmRWUDYDGRVHPVXDVGLUHo}HVGHPHQRU
LQpUFLDFRPRYLVWRQDILJXUDDEDL[R
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO
6XSRUWH2QOLQH$OWR4L2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
)LJXUD²3ODQWDEDL[DGRSDYLPHQWR´7pUUHRµ²3LODUHV33H3
&RPRRVSLODUHVLQGLFDGRVDFLPDQmRHVWmRWUDYDGRVHPXPDGHVXDVGLUHo}HVRFRPSULPHQWRGHIODPEDJHPGHVWHVSLODUHV
pPDLRUGRTXHVHRVPHVPRVIRVVHPWUDYDGRVHPVXDVGXDVGLUHo}HVGHVWDIRUPDDHVEHOWH]GRVPHVPRVWDPEpPpPDLRU
HFRQVHTXHQWHPHQWHRVPRPHQWRVGHVHJXQGDRUGHPTXHDWXDPVREUHHVWHVSLODUHVWHPPDLRULQIOXrQFLDQR
GLPHQVLRQDPHQWRGRVPHVPRV
0DLVLQIRUPDo}HVjUHVSHLWRGRWUDYDPHQWRGHSLODUHVSRGHPVHUREWLGDVQRDUWLJR7UDYDPHQWRGHSLODUHV
WtWXORGHH[HPSORVHUiDQDOLVDGRRGLPHQVLRQDPHQWRGRSLODU3GHVWHSURMHWR
)LJXUD²$UPDomRGRSLODU3
&RPRYLVWRQDILJXUDDFLPDHVWHSLODUDSUHVHQWDDUPDomRPDLRUQRVSDYLPHQWRV´7pUUHRµH´7LSRµGRTXHQRSDYLPHQWR
GHFREHUWXUDRQGHHVWHVSLODUHVHVWmRWUDYDGRVSRUYLJDVHPXPDGLUHomRHODMHQDRXWUDGLUHomR1DMDQHODGH
GLPHQVLRQDPHQWR´3LODUHVHPSUXPDGDµDWUDYpVGRPHQX´5HODWyULRV²¬&iOFXOR'HWDOKDGRµSRGHVHYHULILFDURV
FRPSULPHQWRVGHIODPEDJHPHPRPHQWRVGHGLPHQVLRQDPHQWRGHVWHSLODUWtWXORGHH[HPSORYDPRVDQDOLVDURUHODWyULR
GHFiOFXORGHWDOKDGRGRSLODU3QRSDYLPHQWR´7LSRµ
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO
6XSRUWH2QOLQH$OWR4L2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
)LJXUD²5HODWyULRGHFiOFXORGHWDOKDGRSDUDRSLODU3GRSDYLPHQWR´7LSRµ
WtWXORGHH[HPSORDGLFLRQDQGRXPDYLJDOLJDQGRRVSLODUHV33H3GHVWHSDYLPHQWRHVWHVSLODUHVSDVVDPDILFDU
WUDYDGRVHPVXDGLUHomRGHPHQRULQpUFLDFRPRYLVWRDEDL[R
)LJXUD²3ODQWDEDL[DGRSDYLPHQWR´7pUUHRµDSyVODQoDUYLJDOLJDQGRRVSLODUHV33H3
$QDOLVDQGRRUHODWyULRGHFiOFXORGHWDOKDGRGRSLODU3QRSDYLPHQWR´7LSRµSDUDDVLWXDomRLQGLFDGDDFLPDVHWHPRV
VHJXLQWHVUHVXOWDGRV
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO
6XSRUWH2QOLQH$OWR4L2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
)LJXUD²1RYR5HODWyULRGHFiOFXORGHWDOKDGRSDUDRSLODU3GRSDYLPHQWR´7LSRµ
&RPRYLVWRQRUHODWyULRDFLPDDSHQDVWUDYDQGRRSLODU3HPVXDGLUHomRGHPHQRULQpUFLDQRSDYLPHQWR´7pUUHRµD
HVEHOWH]GLPLQXLXSDUDVHQGRTXHRPRPHQWRGHVHJXQGDRUGHP0GQDGLUHomR%GLPLQXLXVLJQLILFDWLYDPHQWHR
YDORUDQWHULRUGH0GHUDGHNJIPDSyVODQoDUXPDYLJDFRPDIXQomRGHWUDYDUHVWHVSLODUHVRPRPHQWR0GSDVVRX
DVHUGHNJIPHFRQVHTXHQWHPHQWHRPRPHQWRGHGLPHQVLRQDPHQWR0VG[GLPLQXLXSDUDNJIPFHUFDGHGR
PRPHQWRIOHWRULQLFLDO
$DUPDomRILQDOGHVWHSLODUILFRXFRPRGHILQLGRDEDL[R
)LJXUD²$UPDomRGRSLODU3
2SomR$XPHQWDUXPDRXPDLVGLPHQV}HVGDVHomRGRSLODU
2XWUDRSomRSRVVtYHOSDUDGLPLQXLUDDUPDomRGRSLODU3VHPWHUTXHODQoDUDYLJDQHFHVViULDSDUDRWUDYDPHQWRGR
PHVPRFRPRYLVWRQD2SomRVHULDDXPHQWDUDPHQRUGLPHQVmRGHVWHHOHPHQWRGHVVDIRUPDWUrVIDWRUHVFRQWULEXLULDP
SDUDXPDPHQRUDUPDomRGHVWHSLODU
2EUDoRGHDODYDQFDQHVWDGLUHomRDXPHQWDULDRTXHFRQWULEXLULDSDUDDGLPLQXLomRGDDUPDomRGRSLODU
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO
6XSRUWH2QOLQH$OWR4L2WLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHV
$HVEHOWH]GRSLODUGLPLQXLULDRTXHIDULDFRPTXHRVPRPHQWRVGHVHJXQGDRUGHPDWXDQWHVQRPHVPRIRVVHP
PHQRUHVFRQVHTXHQWHPHQWHRPRPHQWRGHGLPHQVLRQDPHQWR0VG[WDPEpPGLPLQXLULD
2YDORUGRFRHILFLHQWHPDMRUDGRUJDPDQREWLGRGD7DEHODGD1%5VHULDPHQRUFRQVHTXHQWHPHQWHR
PRPHQWRGHGLPHQVLRQDPHQWR0VG[WDPEpPGLPLQXLULD
7DEHODGD1%5²9DORUHVGRFRHILFLHQWHDGLFLRQDOŠQ
$XPHQWDQGRDVHomRGHVWHSLODUGH[SDUD[DDUPDomRILQDOGRPHVPRILFDLJXDODRREWLGRQD2SomRYHU)LJXUD
5HDOL]DQGRDVPRGLILFDo}HVVXJHULGDVQHVWHDUWLJRWHPVHRVHJXLQWHTXDQWLWDWLYRGHPDWHULDLV
7DEHOD²5HVXPRGHPDWHULDLVILQDO
1HVWHDUWLJRSURFXURXVHDSUHVHQWDURSo}HVSDUDRHQJHQKHLURDYDOLDUYLVDQGRDRWLPL]DomRGRGLPHQVLRQDPHQWRGH
SLODUHV(QWUHWDQWRpQHFHVViULRID]HUXPDDYDOLDomRHVSHFtILFDSDUDFDGDFDVRGHSURMHWRDYDOLDQGRVHDVROXomRSRVVtYHO
HVWiDGHTXDGD'HYHVHWHUHPPHQWHTXHDRWLPL]DomRpLPSRUWDQWHHYLWDQGRGLPHQVLRQDPHQWRVH[FHVVLYRVGHDUPDGXUD
HQWUHWDQWRpLPSRUWDQWHWHUHPPHQWHTXHHVWHVSURFHGLPHQWRVGHYHPVHUUHDOL]DGRVFRPEDVWDQWHFXLGDGRHDWHQomR
YLVDQGRVHPSUHJDUDQWLUDVHJXUDQoDHVWUXWXUDO
WDJV'LPHQVLRQDPHQWR3LODU2WLPL]DomR
$YDOLHHVWHDUWLJR
,UUHOHYDQWH
%RP
([FHOHQWH
6REUHRV$XWRUHV
$UWLJRV5HODFLRQDGRV
KWWSIDTDOWRTLFRPEUFRQWHQWSWEURWLPL]DQGRRGLPHQVLRQDPHQWRGHSLODUHVKWPO