Vous êtes sur la page 1sur 5

'HO RI

3UHVLGrQFLDGD5HS~EOLFD
6XEFKHILDSDUD$VVXQWRV-XUtGLFRV

'(&5(72/(,1ž'('()(9(5(,52'(

'LVS}H  VREUH  D  UHVSRQVDELOLGDGH  GRV  3UHIHLWRV  H


9HUHDGRUHVHGiRXWUDVSURYLGrQFLDV

 2 35(6,'(17( '$ 5(3Ò%/,&$  XVDQGR GD DWULEXLomRTXH OKH FRQIHUH RSDUiJUDIR ž  GR DUWLJRž  GR $WR
,QVWLWXFLRQDOQžGHGHGH]HPEURGH

'(&5(7$

  $UW  ž  6mR  FULPHV  GH  UHVSRQVDELOLGDGH  GRV  3UHIHLWRV  0XQLFLSDO  VXMHLWRV  DR  MXOJDPHQWR  GR  3RGHU  -XGLFLiULR
LQGHSHQGHQWHPHQWHGRSURQXQFLDPHQWRGD&kPDUDGRV9HUHDGRUHV

,DSURSULDUVHGHEHQVRXUHQGDVS~EOLFDVRXGHVYLiORVHPSURYHLWRSUySULRRXDOKHLR

,OXWLOL]DUVHLQGHYLGDPHQWHHPSURYHLWRSUySULRRXDOKHLRGHEHQVUHQGDVRXVHUYLoRVS~EOLFRV

,OOGHVYLDURXDSOLFDULQGHYLGDPHQWHUHQGDVRXYHUEDVS~EOLFDV

,9HPSUHJDUVXEYHQo}HVDX[tOLRVHPSUpVWLPRVRXUHFXUVRVGHTXDOTXHUQDWXUH]DHPGHVDFRUGRFRPRVSODQRV
RXSURJUDPDVDTXHVHGHVWLQDP

9RUGHQDURXHIHWXDUGHVSHVDVQmRDXWRUL]DGDVSRUOHLRXUHDOL]i,DVHPGHVDFRUGRFRPDVQRUPDVILQDQFHLUDV
SHUWLQHQWHV

9,GHL[DUGHSUHVWDUFRQWDVDQXDLVGDDGPLQLVWUDomRILQDQFHLUDGR0XQLFtSLRD&kPDUDGH9HUHDGRUHVRXDR
yUJmRTXHD&RQVWLWXLomRGR(VWDGRLQGLFDUQRVSUD]RVHFRQGLo}HVHVWDEHOHFLGRV

9,,'HL[DUGHSUHVWDUFRQWDVQRGHYLGRWHPSRDRyUJmRFRPSHWHQWHGDDSOLFDomRGHUHFXUVRVHPSUpVWLPRV
VXEYHQo}HVRXDX[tOLRVLQWHUQRVRXH[WHUQRVUHFHELGRVDTXDOTXHUWLWXOR

  9,,,    &RQWUDLU  HPSUpVWLPR  HPLWLU  DSyOLFHV  RX REULJDU  R 0XQLFtSLR SRU  WtWXORV GH FUpGLWR  VHP DXWRUL]DomR GD
&kPDUDRXHPGHVDFRUGRFRPDOHL

,;&RQFHGHUHPSUpVWLPRDX[tOLRVRXVXEYHQo}HVVHPDXWRUL]DomRGD&kPDUDRXHPGHVDFRUGRFRPDOHL

;$OLHQDURXRQHUDUEHQVLPyYHLVRXUHQGDVPXQLFLSDLVVHPDXWRUL]DomRGD&kPDUDRXHPGHVDFRUGRFRPD
OHL

;,$GTXLULUEHQVRXUHDOL]DUVHUYLoRVHREUDVVHPFRQFRUUrQFLDRXFROHWDGHSUHoRVQRVFDVRVH[LJLGRVHPOHL

;,,$QWHFLSDURXLQYHUWHUDRUGHPGHSDJDPHQWRDFUHGRUHVGR0XQLFtSLRVHPYDQWDJHPSDUDRHUiULR

;,,,1RPHDUDGPLWLURXGHVLJQDUVHUYLGRUFRQWUDH[SUHVVDGLVSRVLomRGHOHL

;,91HJDUH[HFXomRDOHLIHGHUDOHVWDGXDORXPXQLFLSDORXGHL[DUGHFXPSULURUGHPMXGLFLDOVHPGDURPRWLYR
GDUHFXVDRXGDLPSRVVLELOLGDGHSRUHVFULWRjDXWRULGDGHFRPSHWHQWH

;9'HL[DUGHIRUQHFHUFHUWLG}HVGHDWRVRXFRQWUDWRVPXQLFLSDLVGHQWURGRSUD]RHVWDEHOHFLGRHPOHL

;9,±GHL[DUGHRUGHQDUDUHGXomRGRPRQWDQWHGDGtYLGDFRQVROLGDGDQRVSUD]RVHVWDEHOHFLGRVHPOHLTXDQGRR
PRQWDQWHXOWUDSDVVDURYDORUUHVXOWDQWHGDDSOLFDomRGROLPLWHPi[LPRIL[DGRSHOR6HQDGR)HGHUDO ,QFOXtGRSHOD/HL
GH

KWWSZZZSODQDOWRJRYEUFFLYLO'HFUHWR/HL'HOKWP 
'HO RI

  ;9,,  ±  RUGHQDU  RX DXWRUL]DU  D  DEHUWXUD  GH  FUpGLWR HP GHVDFRUGR  FRP RV  OLPLWHV  HVWDEHOHFLGRV  SHOR  6HQDGR
)HGHUDO  VHP IXQGDPHQWR QD OHL RUoDPHQWiULD RX QD GH FUpGLWR DGLFLRQDO RX FRP LQREVHUYkQFLD GH SUHVFULomR OHJDO
,QFOXtGRSHOD/HLGH

;9,,,±GHL[DUGHSURPRYHURXGHRUGHQDUQDIRUPDGDOHLRFDQFHODPHQWRDDPRUWL]DomRRXDFRQVWLWXLomRGH
UHVHUYDSDUDDQXODURVHIHLWRVGHRSHUDomRGHFUpGLWRUHDOL]DGDFRPLQREVHUYkQFLDGHOLPLWHFRQGLomRRXPRQWDQWH
HVWDEHOHFLGRHPOHL ,QFOXtGRSHOD/HLGH

;,;±GHL[DUGHSURPRYHURXGHRUGHQDUDOLTXLGDomRLQWHJUDOGHRSHUDomRGHFUpGLWRSRUDQWHFLSDomRGHUHFHLWD
RUoDPHQWiULDLQFOXVLYHRVUHVSHFWLYRVMXURVHGHPDLVHQFDUJRVDWpRHQFHUUDPHQWRGRH[HUFtFLRILQDQFHLUR ,QFOXtGR
SHOD/HLGH

;;±RUGHQDURXDXWRUL]DUHPGHVDFRUGRFRPDOHLDUHDOL]DomRGHRSHUDomRGHFUpGLWRFRPTXDOTXHUXPGRV
GHPDLV  HQWHV  GD  )HGHUDomR  LQFOXVLYH  VXDV  HQWLGDGHV  GD  DGPLQLVWUDomR  LQGLUHWD  DLQGD  TXH  QD  IRUPD  GH  QRYDomR
UHILQDQFLDPHQWRRXSRVWHUJDomRGHGtYLGDFRQWUDtGDDQWHULRUPHQWH ,QFOXtGRSHOD/HLGH

;;,±FDSWDUUHFXUVRVDWtWXORGHDQWHFLSDomRGHUHFHLWDGHWULEXWRRXFRQWULEXLomRFXMRIDWRJHUDGRUDLQGDQmR
WHQKDRFRUULGR ,QFOXtGRSHOD/HLGH

;;,,±RUGHQDURXDXWRUL]DUDGHVWLQDomRGHUHFXUVRVSURYHQLHQWHVGDHPLVVmRGHWtWXORVSDUDILQDOLGDGHGLYHUVD
GDSUHYLVWDQDOHLTXHDDXWRUL]RX ,QFOXtGRSHOD/HLGH

 ;;,,, ±UHDOL]DU RXUHFHEHU WUDQVIHUrQFLDYROXQWiULD HP GHVDFRUGRFRPOLPLWHRX FRQGLomRHVWDEHOHFLGD HP OHL
,QFOXtGRSHOD/HLGH

  †ž2VFULPHVGHILQLGRVQrVWH DUWLJRVmRGH DomRS~EOLFD  SXQLGRV  RV  GRV  LWHQV  ,  H ,,  FRP D SHQD GH
UHFOXVmRGHGRLVDGR]HDQRVHRVGHPDLVFRPDSHQDGHGHWHQomRGHWUrVPHVHVDWUrVDQRV

  † ž $ FRQGHQDomR GHILQLWLYD HP TXDOTXHU  GRV  FULPHV GHILQLGRV QHVWH DUWLJR  DFDUUHWD D SHUGD GH FDUJR H D
LQDELOLWDomR  SHOR SUD]R GH FLQFR DQRV  SDUD R H[HUFtFLR GH FDUJR RX IXQomR S~EOLFD  HOHWLYR RX GH QRPHDomR  VHP
SUHMXt]RGDUHSDUDomRFLYLOGRGDQRFDXVDGRDRSDWULP{QLRS~EOLFRRXSDUWLFXODU

$UWž2SURFHVVRGRVFULPHVGHILQLGRVQRDUWLJRDQWHULRUpRFRPXPGRMXt]RVLQJXODUHVWDEHOHFLGRSHOR&yGLJR
GH3URFHVVR3HQDOFRPDVVHJXLQWHVPRGLILFDo}HV

,$QWHVGHUHFHEHUDGHQ~QFLDR-XL]RUGHQDUiDQRWLILFDomRGRDFXVDGRSDUDDSUHVHQWDUGHIHVDSUpYLDQR
SUD]RGHFLQFRGLDV6HRDFXVDGRQmRIRUHQFRQWUDGRSDUDDQRWLILFDomRVHUOKHiQRPHDGRGHIHQVRUDTXHPFDEHUi
DSUHVHQWDUDGHIHVDGHQWURQRPHVPRSUD]R

,,$RUHFHEHUDGHQ~QFLDR-XL]PDQLIHVWDUVHiREULJDWyULDHPRWLYDGDPHQWHVREUHDSULVmRSUHYHQWLYDGR
DFXVDGRQRVFDVRVGRVLWHQV,H,,GRDUWLJRDQWHULRUHVREUHRVHXDIDVWDPHQWRGRH[HUFtFLRGRFDUJRGXUDQWHD
LQVWUXomRFULPLQDOHPWRGRVRVFDVRV

,,,'RGHVSDFKRFRQFHVVLYRRXGHQHJDWyULRGHSULVmRSUHYHQWLYDRXGHDIDVWDPHQWRGRFDUJRGRDFXVDGR
FDEHUiUHFXUVRHPVHQWLGRHVWULWRSDUDR7ULEXQDOFRPSHWHQWHQRSUD]RGHFLQFRGLDVHPDXWRVDSDUWDGRV2UHFXUVR
GRGHVSDFKRTXHGHFUHWDDSULVmRSUHYHQWLYDRXRDIDVWDPHQWRGRFDUJRWHUiHIHLWRVXVSHQVLYR

 †ž 2VyUJmRV IHGHUDLV HVWDGXDLVRXPXQLFLSDLV  LQWHUHVVDGRV QDDSXUDomRGDUHVSRQVDELOLGDGHGR3UHIHLWR


SRGHP UHTXHUHU  D DEHUWXUD GR LQTXpULWRSROLFLDO RX D LQVWDXUDomR GD DomR SHQDO SHOR 0LQLVWpULR 3~EOLFR  EHP FRPR
LQWHUYLUHPTXDOTXHUIDVHGRSURFHVVRFRPRDVVLVWHQWHGDDFXVDomR

†ž6HDVSUHYLGrQFLDVSDUDDDEHUWXUDGRLQTXpULWRSROLFLDORXLQVWDXUDomRGDDomRSHQDOQmRIRUHPDWHQGLGDV
SHODDXWRULGDGHSROLFLDORXSHOR0LQLVWpULR3~EOLFRHVWDGXDOSRGHUmRVHUUHTXHULGDVDR3URFXUDGRU*HUDOGD5HS~EOLFD

$UWž29LFH3UHIHLWRRXTXHPYLHUDVXEVWLWXLUR3UHIHLWRILFDVXMHLWRDRPHVPRSURFHVVRGRVXEVWLWXtGRDLQGD
TXHWHQKDFHVVDGRDVXEVWLWXLomR

$UWž6mRLQIUDo}HVSROtWLFRDGPLQLVWUDWLYDVGRV 3UHIHLWRV0XQLFLSDLVVXMHLWDVDR MXOJDPHQWRSHOD&kPDUD GRV


9HUHDGRUHVHVDQFLRQDGDVFRPDFDVVDomRGRPDQGDWR

KWWSZZZSODQDOWRJRYEUFFLYLO'HFUHWR/HL'HOKWP 
'HO RI

,,PSHGLURIXQFLRQDPHQWRUHJXODUGD&kPDUD

,,,PSHGLURH[DPHGHOLYURVIROKDVGHSDJDPHQWRHGHPDLVGRFXPHQWRVTXHGHYDPFRQVWDUGRVDUTXLYRVGD
3UHIHLWXUD  EHP FRPR  D  YHULILFDomR  GH  REUDV  H  VHUYLoRV  PXQLFLSDLV  SRU  FRPLVVmR  GH  LQYHVWLJDomR  GD  &kPDUD  RX
DXGLWRULDUHJXODUPHQWHLQVWLWXtGD

,,,'HVDWHQGHUVHPPRWLYRMXVWRDVFRQYRFDo}HVRXRVSHGLGRVGHLQIRUPDo}HVGD&kPDUDTXDQGRIHLWRVD
WHPSRHHPIRUPDUHJXODU

,95HWDUGDUDSXEOLFDomRRXGHL[DUGHSXEOLFDUDVOHLVHDWRVVXMHLWRVDHVVDIRUPDOLGDGH

9'HL[DUGHDSUHVHQWDUj&kPDUDQRGHYLGRWHPSRHHPIRUPDUHJXODUDSURSRVWDRUoDPHQWiULD

9,'HVFXPSULURRUoDPHQWRDSURYDGRSDUDRH[HUFtFLRILQDQFHLUR

9,,3UDWLFDUFRQWUDH[SUHVVDGLVSRVLomRGHOHLDWRGHVXDFRPSHWrQFLDRXHPLWLUVHQDVXDSUiWLFD

  9,,,    2PLWLUVH  RX QHJOLJHQFLDU  QD  GHIHVD  GH  EHQV  UHQGDV  GLUHLWRV  RX  LQWHUHVVHV  GR  0XQLFtSLR  VXMHLWR  j
DGPLQLVWUDomRGD3UHIHLWXUD

  ,;    $XVHQWDUVH  GR  0XQLFtSLR  SRU  WHPSR  VXSHULRU  DR  SHUPLWLGR  HP  OHL  RX DIDVWDUVH  GD  3UHIHLWXUD  VHP
DXWRUL]DomRGD&kPDUDGRV9HUHDGRUHV

;3URFHGHUGHPRGRLQFRPSDWtYHOFRPDGLJQLGDGHHRGHFRURGRFDUJR

$UWž2SURFHVVRGHFDVVDomRGRPDQGDWRGR3UHIHLWRSHOD&kPDUDSRULQIUDo}HVGHILQLGDVQRDUWLJRDQWHULRU
REHGHFHUiDRVHJXLQWHULWRVHRXWURQmRIRUHVWDEHOHFLGRSHODOHJLVODomRGR(VWDGRUHVSHFWLYR

,$GHQ~QFLDHVFULWDGDLQIUDomRSRGHUiVHUIHLWDSRUTXDOTXHUHOHLWRUFRPDH[SRVLomRGRVIDWRVHDLQGLFDomR
GDV SURYDV  6H R GHQXQFLDQWH IRU  9HUHDGRU  ILFDUi LPSHGLGR GH YROWDU  VREUH D GHQ~QFLD H GH LQWHJUDU  D &RPLVVmR
SURFHVVDQWHSRGHQGRWRGDYLDSUDWLFDUWRGRVRVDWRVGHDFXVDomR6HRGHQXQFLDQWHIRUR3UHVLGHQWHGD&kPDUD
SDVVDUi D 3UHVLGrQFLD DR VXEVWLWXWR OHJDO  SDUD RV DWRV GR SURFHVVR  H Vy YRWDUi VH QHFHVViULR SDUD FRPSOHWDU  R
TXRUXP  GH  MXOJDPHQWR  6HUi  FRQYRFDGR  R  VXSOHQWH  GR  9HUHDGRU  LPSHGLGR  GH  YRWDU  R TXDO QmR  SRGHUi LQWHJUDU  D
&RPLVVmRSURFHVVDQWH

,,'HSRVVHGDGHQ~QFLDR3UHVLGHQWHGD&kPDUDQDSULPHLUDVHVVmRGHWHUPLQDUiVXDOHLWXUDHFRQVXOWDUiD
&kPDUDVREUHRVHXUHFHELPHQWR'HFLGLGRRUHFHELPHQWRSHORYRWRGDPDLRULDGRVSUHVHQWHVQDPHVPDVHVVmRVHUi
FRQVWLWXtGDD&RPLVVmRSURFHVVDQWHFRPWUrV9HUHDGRUHVVRUWHDGRVHQWUHRVGHVLPSHGLGRVRVTXDLVHOHJHUmRGHVGH
ORJRR3UHVLGHQWHHR5HODWRU

,,,5HFHEHQGRRSURFHVVRR3UHVLGHQWHGD&RPLVVmRLQLFLDUiRVWUDEDOKRVGHQWURHPFLQFRGLDVQRWLILFDQGRR
GHQXQFLDGRFRPDUHPHVVDGHFySLDGDGHQ~QFLDHGRFXPHQWRVTXHDLQVWUXtUHPSDUDTXHQRSUD]RGHGH]GLDV
DSUHVHQWHGHIHVDSUpYLDSRUHVFULWRLQGLTXHDVSURYDVTXHSUHWHQGHUSURGX]LUHDUUROHWHVWHPXQKDVDWpRPi[LPRGH
GH] 6H HVWLYHU DXVHQWHGR 0XQLFtSLRDQRWLILFDomRIDUVHi SRU HGLWDO SXEOLFDGRGXDVYH]HVQR yUJmR RILFLDO FRP
LQWHUYDORGHWUrVGLDVSHORPHQRVFRQWDGRRSUD]RGDSULPHLUDSXEOLFDomR'HFRUULGRRSUD]RGHGHIHVDD&RPLVVmR
SURFHVVDQWHHPLWLUiSDUHFHUGHQWURHPFLQFRGLDVRSLQDQGRSHORSURVVHJXLPHQWRRXDUTXLYDPHQWRGDGHQ~QFLDRTXDO
QHVWHFDVRVHUiVXEPHWLGRDR3OHQiULR6HD&RPLVVmRRSLQDUSHORSURVVHJXLPHQWRR3UHVLGHQWHGHVLJQDUiGHVGH
ORJR  R  LQtFLR  GD  LQVWUXomR  H  GHWHUPLQDUi  RV  DWRV  GLOLJrQFLDV  H  DXGLrQFLDV  TXH  VH  IL]HUHP  QHFHVViULRV  SDUD  R
GHSRLPHQWRGRGHQXQFLDGRHLQTXLULomRGDVWHVWHPXQKDV

  ,9   2  GHQXQFLDGR GHYHUi VHU  LQWLPDGR GH WRGRV RV DWRV  GR SURFHVVR  SHVVRDOPHQWH  RX QD SHVVRD GH VHX
SURFXUDGRU FRP D DQWHFHGrQFLD SHOR PHQRV  GHYLQWHHTXDWUR KRUDV VHQGROKH SHUPLWLGR DVVLVWLU DV GLOLJrQFLDVH
DXGLrQFLDVEHPFRPRIRUPXODUSHUJXQWDVHUHSHUJXQWDVjVWHVWHPXQKDVHUHTXHUHURTXHIRUGHLQWHUHVVHGDGHIHVD

9&RQFOXtGDDLQVWUXomRVHUiDEHUWDYLVWDGRSURFHVVRDRGHQXQFLDGRSDUDUD]}HVHVFULWDVQRSUD]RGHFLQFR
GLDV  H  DSyV  D  &RPLVVmR  SURFHVVDQWH  HPLWLUi  SDUHFHU  ILQDO  SHOD  SURFHGrQFLD  RX LPSURFHGrQFLD  GD  DFXVDomR  H
VROLFLWDUiDR3UHVLGHQWHGD&kPDUDDFRQYRFDomRGHVHVVmRSDUDMXOJDPHQWR1DVHVVmRGHMXOJDPHQWRRSURFHVVR
VHUiOLGRLQWHJUDOPHQWHHDVHJXLURV9HUHDGRUHVTXHRGHVHMDUHPSRGHUmRPDQLIHVWDUVHYHUEDOPHQWHSHORWHPSR
Pi[LPRGHTXLQ]HPLQXWRVFDGDXPHDRILQDORGHQXQFLDGRRXVHXSURFXUDGRUWHUiRSUD]RPi[LPRGHGXDVKRUDV

KWWSZZZSODQDOWRJRYEUFFLYLO'HFUHWR/HL'HOKWP 
'HO RI

SDUDSURGX]LUVXDGHIHVDRUDO

9,&RQFOXtGDDGHIHVDSURFHGHUVHiDWDQWDVYRWDo}HVQRPLQDLVTXDQWDVIRUHPDVLQIUDo}HVDUWLFXODGDVQD
GHQ~QFLD  &RQVLGHUDUVHi  DIDVWDGR  GHILQLWLYDPHQWH  GR  FDUJR  R  GHQXQFLDGR  TXH  IRU  GHFODUDGR  SHOR  YRWR  GH  GRLV
WHUoRV  SHOR  PHQRV  GRV  PHPEURV  GD  &kPDUD  HP  FXUVR  GH  TXDOTXHU  GDV  LQIUDo}HV  HVSHFLILFDGDV  QD  GHQ~QFLD
&RQFOXtGRRMXOJDPHQWRR3UHVLGHQWHGD&kPDUDSURFODPDUiLPHGLDWDPHQWHRUHVXOWDGRHIDUiODYUDUDWDTXHFRQVLJQH
D  YRWDomR  QRPLQDO  VREUH  FDGD  LQIUDomR  H  VH  KRXYHU  FRQGHQDomR  H[SHGLUi  R  FRPSHWHQWH  GHFUHWR  OHJLVODWLYR  GH
FDVVDomRGRPDQGDWRGH3UHIHLWR6HRUHVXOWDGRGDYRWDomRIRUDEVROXWyULRR3UHVLGHQWHGHWHUPLQDUiRDUTXLYDPHQWR
GRSURFHVVR(PTXDOTXHUGRVFDVRVR3UHVLGHQWHGD&kPDUDFRPXQLFDUij-XVWLoD(OHLWRUDORUHVXOWDGR

9,,2SURFHVVRDTXHVHUHIHUHHVWHDUWLJRGHYHUiHVWDUFRQFOXtGRGHQWURHPQRYHQWDGLDVFRQWDGRVGDGDWD
HPTXHVHHIHWLYDUDQRWLILFDomRGRDFXVDGR7UDQVFRUULGRRSUD]RVHPRMXOJDPHQWRRSURFHVVRVHUiDUTXLYDGRVHP
SUHMXt]RGHQRYDGHQ~QFLDDLQGDTXHVREUHRVPHVPRVIDWRV

  $UW  ž  ([WLQJXHVH  R  PDQGDWR  GH  3UHIHLWR  H  DVVLP  GHYH  VHU  GHFODUDGR  SHOR  3UHVLGHQWH  GD  &kPDUD  GH
9HUHDGRUHVTXDQGR

,2FRUUHUIDOHFLPHQWRUHQ~QFLDSRUHVFULWRFDVVDomRGRVGLUHLWRVSROtWLFRVRXFRQGHQDomRSRUFULPHIXQFLRQDO
RXHOHLWRUDO

,,'HL[DUGHWRPDUSRVVHVHPPRWLYRMXVWRDFHLWRSHOD&kPDUDGHQWURGRSUD]RHVWDEHOHFLGRHPOHL

,,,,QFLGLUQRVLPSHGLPHQWRVSDUDRH[HUFtFLRGRFDUJRHVWDEHOHFLGRVHPOHLHQmRVHGHVLQFRPSDWLELOL]DUDWpD
SRVVHHQRVFDVRVVXSHUYHQLHQWHVQRSUD]RTXHDOHLRXD&kPDUDIL[DU

  3DUiJUDIR ~QLFR  $ H[WLQomR GR PDQGDWR LQGHSHQGH GH GHOLEHUDomR GR SOHQiULR H VH WRUQDUi HIHWLYD GHVGH D
GHFODUDomRGRIDWRRXDWRH[WLQWLYRSHOR3UHVLGHQWHHVXDLQVHUomRHPDWD

$UWž$&kPDUDSRGHUiFDVVDURPDQGDWRGH9HUHDGRUTXDQGR

,8WLOL]DUVHGRPDQGDWRSDUDDSUiWLFDGHDWRVGHFRUUXSomRRXGHLPSURELGDGHDGPLQLVWUDWLYD

,,)L[DUUHVLGrQFLDIRUDGR0XQLFtSLR

,,,3URFHGHUGHPRGRLQFRPSDWtYHOFRPDGLJQLGDGHGD&kPDUDRXIDOWDUFRPRGHFRURQDVXDFRQGXWDS~EOLFD

  †  ž 2  SURFHVVR  GH  FDVVDomR GH  PDQGDWR  GH  9HUHDGRU  p  QR TXH FRXEHU  R  HVWDEHOHFLGR  QR  DUW  ž GHVWH
GHFUHWROHL

†ž23UHVLGHQWHGD&kPDUDSRGHUiDIDVWDUGHVXDVIXQo}HVR9HUHDGRUDFXVDGRGHVGHTXHDGHQ~QFLDVHMD
UHFHELGDSHODPDLRULDDEVROXWDGRVPHPEURVGD&kPDUDFRQYRFDQGRRUHVSHFWLYRVXSOHQWHDWpRMXOJDPHQWRILQDO2
VXSOHQWHFRQYRFDGRQmRLQWHUYLUiQHPYRWDUiQRVDWRVGRSURFHVVRGRVXEVWLWXtGR 5HYRJDGRSHOD/HLQžGH


$UWž([WLQJXHVHRPDQGDWRGR9HUHDGRUHDVVLPVHUiGHFODUDGRSHOR3UHVLGHQWHGD&kPDUDTXDQGR

,2FRUUHUIDOHFLPHQWRUHQ~QFLDSRUHVFULWRFDVVDomRGRVGLUHLWRVSROtWLFRVRXFRQGHQDomRSRUFULPHIXQFLRQDORX
HOHLWRUDO

,,'HL[DUGHWRPDUSRVVHVHPPRWLYRMXVWRDFHLWRSHOD&kPDUDGHQWURGRSUD]RHVWDEHOHFLGRHPOHL

,,,'HL[DUGHFRPSDUHFHUVHPTXHHVWHMDOLFHQFLDGRDFLQFRVHVV}HVRUGLQiULDVFRQVHFXWLYDVRXDWUrVVHVV}HV
H[WUDRUGLQiULDVFRQYRFDGDVSHOR3UHIHLWRSDUDDDSUHFLDomRGHPDWpULDXUJHQWH

 ,,,GHL[DUGHFRPSDUHFHUHPFDGDVHVVmROHJLVODWLYDDQXDOjWHUoDSDUWHGDVVHVV}HVRUGLQiULDVGD&kPDUD
0XQLFLSDOVDOYRSRUPRWLYRGHGRHQoDFRPSURYDGDOLFHQoDRXPLVVmRDXWRUL]DGDSHODHGLOLGDGHRXDLQGDGHL[DUGH
FRPSDUHFHUDFLQFRVHVV}HVH[WUDRUGLQiULDVFRQYRFDGDVSHORSUHIHLWRSRUHVFULWRHPHGLDQWHUHFLERGHUHFHELPHQWR
SDUDDSUHFLDomRGHPDWpULDXUJHQWHDVVHJXUDGDDPSODGHIHVDHPDPERVRVFDVRV 5HGDomRGDGDSHOD/HLž
GH

KWWSZZZSODQDOWRJRYEUFFLYLO'HFUHWR/HL'HOKWP 
'HO RI

,9,QFLGLUQRVLPSHGLPHQWRVSDUDRH[HUFtFLRGRPDQGDWRHVWDEHOHFLGRVHPOHLHQmRVHGHVLQFRPSDWLELOL]DUDWpD
SRVVHHQRVFDVRVVXSHUYHQLHQWHVQRSUD]RIL[DGRHPOHLRXSHOD&kPDUD

†ž2FRUULGRHFRPSURYDGRRDWRRXIDWRH[WLQWLYRR3UHVLGHQWHGD&kPDUDQDSULPHLUDVHVVmRFRPXQLFDUiDR
SOHQiULRHIDUiFRQVWDUGDDWDDGHFODUDomRGDH[WLQomRGRPDQGDWRHFRQYRFDUiLPHGLDWDPHQWHRUHVSHFWLYRVXSOHQWH

†ž6HR3UHVLGHQWHGD&kPDUDRPLWLUVHQDVSURYLGrQFLDVQRSDUiJUDIRDQWHULRURVXSOHQWHGR9HUHDGRURXR
3UHIHLWR 0XQLFLSDO SRGHUi  UHTXHUHU  D  GHFODUDomR GH H[WLQomR GR PDQGDWR  SRU  YLD MXGLFLDO  H VH SURFHGHQWH  R MXL]
FRQGHQDUiR3UHVLGHQWHRPLVVRQDVFXVWDVGRSURFHVVRHKRQRUiULRVGHDGYRJDGRTXHIL[DUiGHSODQRLPSRUWDQGRD
GHFLVmRMXGLFLDOQDGHVWLWXLomRDXWRPiWLFDGRFDUJRGD0HVDHQRLPSHGLPHQWRSDUDQRYDLQYHVWLGXUDGXUDQWHWRGDD
OHJLVODWXUD

  † ž 2  GLVSRVWR QR LWHP ,,,  QmR VH DSOLFDUi jV VHVV}HV H[WUDRUGLQiULDV TXH IRUHP FRQYRFDGDV SHOR 3UHIHLWR
GXUDQWHRVSHUtRGRVGHUHFHVVRGDV&kPDUDV0XQLFLSDLV ,QFOXtGRSHOD/HLQžGH

$UWž2SUHVHQWHGHFUHWROHLHQWUDUiHPYLJRUQDGDWDGHVXDSXEOLFDomRUHYRJDGDVDV/HLVQ~PHURVGH
GHMDQHLURGHHGHGHMDQHLURGHHGHPDLVGLVSRVLo}HVHPFRQWUiULR

%UDVtOLDGHIHYHUHLURGHžGD,QGHSHQGrQFLDHžGD5HS~EOLFD

+&$67(//2%5$1&2
&DUORV0HGHLURV6LOYD

(VWHWH[WRQmRVXEVWLWXLRSXEOLFDGRQR'28GHHUHWLILFDGRQR'28GH

KWWSZZZSODQDOWRJRYEUFFLYLO'HFUHWR/HL'HOKWP 

Vous aimerez peut-être aussi