$UFiGLD
$UFiGLD
1
&ROpJLRGH/DPHJR $QR1žMXQKR7ULPHVWUDO3UHoR
8PDGHVSHGLGD
VHQWLGD
(VWiSUHVWHVDGHVFHURUHSRVWHLURGRDQROHWLYRHPFXU
VR9DLVDLUDJHUDomRPDLVGRXUDGDGHVHPSUHRžDQR
(QWUDUDPSHTXHQLQRVDOJXQVFRPQRYHDQRV
DTXLFKHJDUDPQRMiORQJtQTXRDQR4XHPDUDYLOKD
GHPL~GRV3DUHFLDPDGXOWRVQDVXDPDQHLUDGHSHQVDUH
DJLU$EUDoDUDPR&ROpJLRFRPRSDUFHLURGHFRPSDQKLD
HHQWXVLDVPR3HORVVHXVFDQWRVHUHFDQWRVjVRPEUDGH
JURVVDViUYRUHVIURQGRVDVHPLOHQDUHVVREUHDDXUpRODGD
LPDJHPPDULDQDSODQWDGDQRFLPRGDUDPSDGHDFHVVR
DHVWHYHOKRFDVDUmRFRPDQRVGHH[LVWrQFLDFUHV
FHUDP¿]HUDPVHKRPHQV6HPSUHQDSHUVHYHUDQoDGD
DPL]DGHFRPSDQKHLULVPRHFXPSOLFLGDGHFRPRSHQKRU
GHVWD YLWyULD ¿QDO GH VHUHP RV SULPHLURV GH VHPSUH
8QLUDPVHQRVHVWXGRVHQRGHVSRUWRHPVDGLRVGHVSLTXHV
)RUDPFDPSH}HVGHYROHLERODWpDR¿P([WUDYDVDUDP
GHWDOPDQHLUDRERPFRPSRUWDPHQWRHDVHOHYDGDVTXD
OL¿FDo}HVTXHPXLWRVGHRXWUDVHVFRODVDWUDtGRVSHODVXD
HOHJkQFLDGHYLYHUHPDQHLUDGHHVWDUYLHUDPHQJURVVDU
DVVXDV¿OHLUDVYHQGRQRVREULJDGRVDDEULUPDLVWXUPDV
$JRUDWHUPLQDP)L]HUDPXPDPLVVDGHGHVSHGLGDFRP
RVVHXVSDLVHIDPLOLDUHVQDFDSHODGR&ROpJLRQRYLGDGH
QXQFDDQWHVDFRQWHFLGD)LFDUmRSDUDVHPSUHUHJLVWDGRV
QRVDQDLVGR&ROpJLRFRPRRVPHOKRUHVHPWXGR'HL
[DPRYD]LRHVDXGDGHGHXPDSDUWLGDTXHVHUiGLItFLOGH
YLUDVHUSUHHQFKLGDHPTXDQWLGDGHHTXDOLGDGH1XQFD
OHYDQWDUDPDYR])RUDPVHPSUHVXEPLVVRV2EULJDGR
%RDVRUWHQRGLItFLODPDQKm
3H$EHO0DWLDV
junho de 2013
&KHIHGH5HGDFomR3H$EHO‡'LUHFWRU'$YHOLQR0DUWLQV26%
2SRUTXrGDUHXQLmR
GRV$QWLJRV$OXQRV
&KHJDPGHWXGRTXDQWRpVtWLRFRPRDGROHVFHQWHVTXH
YROWDPjVRULJHQV5HFRUGDURVOXJDUHVVDJUDGRVTXHRV
YLUDP FUHVFHU 7UDWDPVH SHOD YHOKD DOFXQKD FRP TXH
IRUDP EDWL]DGRV SUD[H PXLWR XVXDO QR &ROpJLR 3DV
VHLDPHPVLOrQFLRQRVFRUUHGRUHV6XVSLUDP$EDIDPD
UHVSLUDomRHWRUQDPRVSDVVRVHPYHOXGRSDUDQmRVHUHP
QRWDGRV(QWUDPQDFDSHODHRUDPVHQWDPVHFRPRYLGRV
QDPHVPDYHOKDFDUWHLUDRQGHDSUHQGHUDPWDQWRVDEHUH
FRPSHWrQFLDSDUDRVYRRVGDYLGD'HL[DPjVRFDSDRV
VHXVQRPHVHVFULWRVQRTXDGURSUHWRFRPDLQVFULomR
HXWDPEpPIXLDOXQRGHVWH&ROpJLR
&RQWLQXDomRQDSiJLQD
'U0DQXHO0DULD&DUULOKR
YROWDDR&ROpJLR
'XPDIDPtOLDGHDOWDEXUJXHVLDVHXSDLHUDHQWmRR
*RYHUQDGRU&LYLOGR'LVWULWRGH9LVHX'RXWRU0DQXHO
0DULD&DUULOKRQDVFHXHPQDTXHODFLGDGHGR9LULD
WR)UHTXHQWRXROLFHXGDVXDWHUUD1DWDODWpDRVDQRV
HHPYHLRSDUDR&ROpJLRGH/DPHJRPRPHQWR
PXLWR FRQWRUYDGR GD VXD YLGD SRLV IRL REULJDGR SRU
VHXSDLDYLUHQ¿OHLUDUQDGLVFLSOLQDUtJLGDGR&ROpJLRGH
/DPHJRHKDELWDURVTXDUWRVGD³9HOKD6LEpULD´SRUTXH
VH WLQKD GLVWUDtGR QD UHEHOGLD GD VXD DGROHVFrQFLD H
LDDGHULQGRDJUXSRVGHFRQWHVWDomRDR(VWDGR1RYR
VDFULOpJLR SDUD VHX SDL H IDPtOLD DPLJRV tQWLPRV GR
3URIHVVRU'RXWRU$QWyQLR2OLYHLUD6DOD]DU
5XPRXDWp/LVERDDFXUVDU)LORVR¿D1D8QLYHUVLGDGH
1RYDOLFHQFLRXVHGRXWRURXVHHLPEXLXVHDOWDPHQWH
QDPRGHUQLGDGHGDFLrQFLDHQXPD¿ORVR¿DSROtWLFDGH
HVTXHUGD3DVVRXSRUYiULRVFHQWURVLQWHUQDFLRQDLVGR
ULJRUGRSHQVDPHQWRFRPR%UX[HODVH3DULV$WLQJLXR
DOWR SDWDPDU GD VDEHGRULD HVFUHYHX YiULRV OLYURV IRL
0LQLVWUR GD &XOWXUD GR *RYHUQR GH$QWyQLR *XWHUUHV
GHSRLVIRLSDUDR3DUODPHQWR(XURSHX'HL[DRVHXQRPH
OLJDGRjIRUPDomR¿ORVy¿FDGRVHFXQGiULRQRVFULWpULRV
GDYHUL¿FDELOLGDGH±FRQ¿UPDELOLGDGHFRPRVHXOLYUR³$
)LORVR¿DGDV&LrQFLDV´(GLWRULDO3UHVHQoDDRHVFUHYHU
³2([WUDRUGLQiULRGHVHQYROYLPHQWRGDFLrQFLDPRGHUQD
OHYRXHQWUHWDQWRjLGHQWL¿FDomRGDLQGXomRFRPRFKDYH
GRVHXVXFHVVRGDQGRDVVLPRULJHPDXPDGDVPDLV
IRUWHVFRQFHo}HVGD¿ORVR¿DGDVFLrQFLDV«´
$JRUDIH]SDXVDQRVHXPRGHUQLVPRHEHPHVWDUGD
FDSLWDOGHVFHDR&ROpJLRGH/DPHJRWUDMDQGRYHVWHV
GXPUDSD]LQKRFKLTXHLGHQWL¿FDQGRVHFRPRXPGRV
DWXDLVDOXQRVDUHWRPDUR¿RGDPHDGDGHWRGDDVXD
FXOWXUDGHVGHRVSULPyUGLRV
$SUHVHQWRXVH GLDQWH GH XP QXPHURVR DXGLWyULR
FRQVWLWXtGRSHORVHFXQGiULRHVSHFLDOPHQWHDOXQRV
GR ž DQR TXH VmR QDGD PHQRV FRPR D JHUDomR
PDLVEULOKDQWHTXHSRUDTXLSDVVRXHIH]XPDSHUIHLWD
¿ORVR¿DGDKLVWyULDGRSHUtRGRGDFULVHHFRQyPLFDTXH
DWXDOPHQWHYLYHPRV
$SODXGLGRSRUWRGRVHDGPLUDGRSHODVXDDOWDSHUVRQD
OLGDGHHULJRUGLDOpWLFRFRPHoRXSRUUHFRUGDUHVDXGDU
R&ROpJLRGH/DPHJR³&RPRpERPWHURSULYLOpJLRGH
UHJUHVVDU DRV VtWLRV TXH QRV IRUPDUDP 6HP IDPtOLD
VHP LUPmRV IRL R PRPHQWR GHFLVLYR GD GHVFREHUWD
GR PXQGR LQWHULRU D H[SHULrQFLD GD VROLGmR IH] PH
SHQVDUQRPXQGRHQDVXDEHOH]D$EDQGRQDGRHVy
DSUR[LPRXVH GH PLP R SURIHVVRU GH ¿ORVR¿D 3DGUH
-RUJH)HUUHLUDERPFRQVHOKHLURVHQGRPRPHQWRFDSLWDO
&RQWLQXDomRQDSiJLQD
9LVLWHRVLWHGR&ROpJLRZZZFROHJLRGHODPHJRHGXSW
$UFiGLD
2
junho de 2013
ž&,&/2GHVHMDERDV)pULDV(VFRODUHV
26321726&$5'($,6
(XJRVWRGRVSRQWRVFDUGHDLVSRUTXHDVVLPSRVVRVDEHURQGH
HVWRXHSDUDPHRULHQWDU
2V SRQWRV FDUGHDLV VmR TXDWUR H FKDPDPVH 1RUWH 6XO
(VWH2HVWH
1RUHFUHLRGDPLQKDHVFRODIRPRVYHURVSRQWRVFDUGHDLV
FRPDE~VVROD
)RLPXLWRGLYHUWLGRJRVWHLPXLWR6DELDPTXHR(VWHpDRQGH
QDVFHR6ROR6XOpDRQGH¿FDR6ROQRPHLRGLDHR2HVWHp
TXDQGRR6ROVHS}H
2TXHHVWiDLQGLFDUR1RUWHR6XOR(VWHHR2HVWHFKDPD
VHURVDGRVYHQWRV
)RLPXLWRGLYHUWLGRDSUHQGHULVWR
0DV R PDLV GLYHUWLGR IRL TXH SXGH DSUHQGHU LVWR FRP RV
PHXVFROHJDVHDPLJRV
2EULJDGD SURIHVVRUD 3DXOD 'XDUWH SRU HVWD IDQWiVWLFD
H[SHULrQFLD
$QDH0DULD/DFHUGDžDQR
',$081',$/'2/,952
'LD0XQGLDOGR$PELHQWH
1RGLD0XQGLDOGR$PELHQWHIRPRVDR3DUTXH%LROyJLFR
GD6HUUDGDV0HDGDVSDUDIHVWHMDUHVWHGLD)RPRVGHFDUULQKD
DWpOiHTXDQGRFKHJDPRVIRPRVYHURVDQLPDLV9LPRVXP
EXIRUHDOFHJRXPDSHUGL]HPEDOVDPDGDSDWRVHDWpPHVPR
YHDGRV$SUHQGHPRV TXH DWUDYpV GRV FKLIUHV GH XP YHDGR
FRQVHJXLPRVVDEHUTXDQWRVDQRVHOHWHP
$VHJXLUIRPRVID]HUDWLYLGDGHVMRJDPRVDRMRJRGDPDOKD
HDRMRJRGDPHPyULD
4XDQGR DFDEDPRV IRPRV ODQFKDU QXPDV PHVDV GH
SLTXHQLTXH
$SyVRODQFKHIRPRVYHUPXLWRVPDLVDQLPDLVXPEXUULQKR
FKDPDGR0DQWHLJDVXPFDYDORHXPDpJXD
9LPRVWDPEpPFRHOKLWRVYLPRVOLQGRVSDY}HVPDVTXDQGR
FKHJDPRVDRKDELWDWGRVMDYDOLVHVWDYDXPFKHLURKRUUtYHOH
XPDiUYRUHGHVWUXtGD
1R¿PGDYLVLWDDPLQKDSDUWHSUHIHULGDIRLRODQoDPHQWR
GHXPFRUYR
(XDGRUHLHVWHGLD
2EULJDGDSRUHVWDH[SHULrQFLD
0DULD$QD5RGULJXHVž$QR
(;3(5,Ç1&,$6
12/$%25$7Ï5,2
2VDOXQRVGRžDQRIRUDPDWpDRODERUDWyULRGHItVLFDFRPR
LQWXLWRGHGHVSHUWDUDFXULRVLGDGHSDUDRVIHQyPHQRVGDFLrQFLD
&RPDRULHQWDomRGRSURIHVVRU-RDTXLPGH0DWRVDDXODFR
PHoRXSHODVUHJUDVEiVLFDVGHVHJXUDQoDDWHUQXPODERUDWyULR
3RVWHULRUPHQWHRSURIHVVRUPRVWURXRPDWHULDODXWLOL]DUHH[
SOLFRXRSURFHGLPHQWRDVHJXLUHPFDGDXPDGDVH[SHULrQFLDV
2VDOXQRVJRVWDUDPEDVWDQWHGHVWHGLDXPDYH]TXHFRP
PDWHULDLVDFHVVtYHLVUHDOL]DUDPH[SHULrQFLDVVLPSOHV
$(678)$
&RPR FRPHPRUDomR GR GLD PXQGLDO GR OLYUR R ž FLFOR
GHVORFRXVH j ELEOLRWHFD GR QRVVR FROpJLR FRP R LQWXLWR GH
PRWLYDURVDOXQRVDWHUHPKiELWRVGHOHLWXUD
'HSRLV GH XPD EUHYH YLVLWD DV FULDQoDV RXYLUDP XPD
KLVWyULD FRQWDGD SHODV SURIHVVRUDV TXH RV GHL[RX EDVWDQWH
HQWXVLDVPDGRV
7UrV&DPSH}HV
QR&ROpJLR
1RGLDGHDEULOSHODVKRUDVQD(VFROD%iVLFD
H6HFXQGiULD*RPHV7HL[HLUDHP$UPDPDUGHFRUUHX
R,,,&DPSHRQDWR5HJLRQDOGR-RJRGR
2 -RJR GR p XP GHVD¿R TXH SURSRUFLRQD DRV
DOXQRVXVDUHPDPDWHPiWLFDGHXPDIRUPDGLYHUWLGD
FULDQGROKHV R JRVWR SHOD GLVFLSOLQD GHVHQYROYHQGR H
WUHLQDQGRRVHXFiOFXORPHQWDO3HODYH]FRQVHFXWLYD
R &2/e*,2 '( /$0(*2 IRL FRQYLGDGR (VWH GLD p
FKHLRGHHQWXVLDVPRSDUDRVDOXQRVSDUWLFLSDQWHVSRLV
DVHJXLUDRDOPRoRGHL[DPDVDWLYLGDGHVOHWLYDV9mR
DOHJUHVFRQ¿DQWHVHVHPSUHHVSHUDQoDGRVSHODYLWyULD
3DUWLFLSDUDPDOXQRVGRžžHžFLFORVGRQRVVR
&ROpJLRHQR¿QDOWRGRVVHFRQVDJUDUDPFDPSH}HV
2V DOXQRV YHQFHGRUHV H RV UHVWDQWHV SDUWLFLSDQWHV
HVWmR GH SDUDEpQV SHOR VHX HPSHQKR H SDUWLFLSDomR
QRVWUHLQRVSDUDHVWHFDPSHRQDWReGHORXYDURVHX
HQWXVLDVPRDVXDGLVSRQLELOLGDGHSRLVVHQGRHVWDXPD
DWLYLGDGHQmROHWLYDSHUGHUDPPXLWRVPLQXWRVGRVHX
WHPSROLYUHHPIDYRUGHVWHGHVD¿R
$ SURIHVVRUD QD DXOD GH (VWXGR GR 0HLR IDORX GDV
SDUWHVFRQVWLWXLQWHVGHXPDSODQWD2EVHUYDPRVYiULRV
WLSRVGHSODQWDVQRMDUGLPGRQRVVRFROpJLR
)DODPRVVREUHDVHVWXIDVHFRPRHXWLQKDHPFDVD
XPDGLVVHSDUDWUD]HUSDUDDHVFROD
4XDQGRFKHJXHLjPLQKDVDODWRGRVJRVWDUDPPXLWRH
DOJXQVGLVVHUDPTXHHUDPXLWRERQLWD$SURIHVVRUDS{V
QXPSDSHO³1mRPH[HUQDHVWXID´
7DPEpPFRORFDPRVIHLM}HVHPDOJRGmRFRPiJXD(X
MiWLQKDQDPLQKDHVWXIDRVWRPDWHVSODQWDGRV
(PPLQKDFDVDWHQKRPXLWDVSODQWDVFRPÀRUHHXH
RPHXSDLJRVWDPRVPXLWRGHSODQWDV
$VSODQWDVHPPLQKDFDVD
GmR ± QRV PXLWD DOHJULD H
HQIHLWDP
(X JRVWR PXLWR GD PLQKD
HVWXID
*RVWHLGHDSUHQGHUDFRQV
WLWXLomRGDVSODQWDVHGHYH
PRVUHVSHLWDUWRGDDQDWXUH
]DSRUTXHWDPEpPVmRVHUHV
YLYRVFRPRQyV
7LDJR(LUDžDQR
9LVLWDGH(VWXGR
1RGLDGHMXQKRIL]HPRVDQRVVDYLVLWDGHHVWXGRDR
0XVHX1DFLRQDOGR3mRHP6HLD
4XDQGRFKHJiPRVOiGLULJLPRQRVDR3DUTXHGDV0H
UHQGDVRQGHEULQFiPRVHDOPRoiPRV'HVHJXLGDIRPRV
SDUDD&HQWUDOGH&DPLRQDJHPDSDQKDURFRPERLRWXUtVWLFR
TXHQRVOHYRXDWpDRPXVHX
¬FKHJDGDXPJUXSRGHPRQLWRUHVUHFHEHXQRVGLYLGLX
QRVHPGRLVJUXSRVHFRPHoiPRVDYLVLWD
(PSULPHLUROXJDURXYLPRVDQDUUDomRGR&LFORGR3mR
GHVGHRSUHSDUDUDWHUUDSDUDDVHPHQWHLUDDWpjIDEUL
FDomRGRSmR
4XDVH D WHUPLQDU D YLVLWD QyV PHVPRV IL]HPRV XP
EHORWUDEDOKRFRPPDVVDGHSmRSDUDWUD]HUPRVFRPR
UHFRUGDomR
1R ILP GHOLFLiPRQRV FRP RV SHGDFLQKRV GH SmR GH
PLOKRHGHFHQWHLR
5HJUHVViPRVGHFRPERLRjFHQWUDOHDtMiGHDXWRFDUUR
VXELPRVDWpDRSRQWRPDLVDOWRGD6HUUDGD(VWUHODăD
7RUUH6DtPRVHREVHUYiPRVDSDLVDJHPTXHQRVURGHD
YDHSDUDQRVVRHVSDQWRFRQVHJXLPRVYLVOXPEUDUDOJXQV
VtWLRVFRPQHYH
7RGRVRVDOXQRVYLYHUDPHVWHGLDFRPPXLWDDOHJULDH
VDWLVIDomR
&KHJiPRV XP SRXFR FDQVDGRV PDV PXLWR FRQWHQWHV
FRPHVWHSDVVHLR
,QVFUHYDRVHXILOKRHDPLJRQR&ROpJLRGH/DPHJR
$UFiGLD
3
junho de 2013
3iJLQDGHVSRUWLYD
&DGHWHV
*,5$92/(,
$SyVDSDUWLFLSDomRQRHQFRQWURUHJLRQDOUHDOL]DGRQRGLD
GH0DLRQR6iWmRFRPVHWHGXSODVDSXUDPRVVHLVGXSODVSDUD
RHQFRQWURQDFLRQDO(VWHUHDOL]RXVHQRVGLDVHGH-XQKR
HP&DVWHORGH9LGH3RUWDOHJUHRQGHUHLQRXXPJUDQGHHVStULWR
GHGHVSRUWLYLVPRFRPSHWLomRHIDLUSOD\1RHQFRQWURQDFLRQDO
R&ROpJLRGH/DPHJRVDJURXELFDPSHmQDFLRQDOXPDGXSODH
WUrVGXSODVYLFHFDPSHmV$WRGRVRVDWOHWDVTXHUHPRVGDURV
SDUDEpQVSHODH[FHOHQWHSUHVWDomR
$SDL[mRSRUHVWDHTXLSDSRUHVWHGHVSRUWRHSRUHVWH
FOXEH DQGD GH PmRV GDGDV REULJDWRULDPHQWH FRP DV
GHUURWDVHFRPDVYLWyULDV0HVPRKDYHQGRHVWHWXUELOKmR
GHVHQWLPHQWRVDJDUUDPRQRVDHVWDSDL[mRFRPRVHQmR
KRXYHVVHQDGDPDLVQRPXQGR
1HVWDpSRFDDQRVVDHTXLSDGHFDGHWHVOXWRXTXDQGRQmR
WLQKDTXDLVTXHUFRQGLo}HVSDUDRID]HU/HV}HVSUREOHPDV
HFRQÀLWRV1mRJDQKDPRVRWtWXORQHPHVWLYHPRVSHUWR
GLVVR$SHVDU GH WXGR H GH WRGRV OXWiPRV DWp DR ¿P H
GHPRVRQRVVRPHOKRUPHVPRTXHVyWHQKDPRVVLGRDSX
UDGDVSDUDD¿QDOFRQTXLVWDQGRXPKRQURVRRLWDYROXJDU
3HUDQWHWXGRRTXHDFRQWHFHXQHVWDpSRFDSRVVRFRQ
¿UPDUTXHSDUDHVWDSDL[mRQDGDPDLVLPSRUWDGRTXHD
HQWUHJDUHVSHLWROXWD(VWDQmRVHDOLPHQWDGHFRLVDVSH
TXHQDV([LJHWXGRQmRDFHLWDQGRGHVWHPRGRRPHGLDQR
&KRUDDGHFHSomRODPXULDSHODGRU$SDL[mRRGHLDRTXH
WDQWROKHID]VRIUHUPDVFRQWLQXDDSDL[RQDGD
1R¿PGHFRQWDVpVyXPMRJRGHYROHLERO&RPWRGDV
DVSHUVRQDJHQVHQDUUDWLYDVTXHOKHGL]UHVSHLWR0DVTXH
YHQKDPDLVXPDQRSRLVQLQJXpPGLVVHTXHYLYHUHVWD
QRVVDSDL[mRQmRGRtD
2VSURIHVVRUHVUHVSRQViYHLV
7HUHVD)L~]D
5XLÏVFDU3LQWR
7251(,2$5/,95(
1RGLDGH-XQKRUHDOL]RXVHHP/DPHJRDIDVH
UHJLRQDOGR7RUQHLRGH$U/LYUH'XSODVGH9ROHLEROHP
/DPHJR 0DLV XPD YH] R &ROpJLR IH]VH UHSUHVHQWDU
FRPDOJXPDVGXSODVQRVHVFDO}HVGH,QIDQWLV,QLFLDGRV
H &DGHWHV RQGH DSXURX VHLV GXSODV SDUD R HQFRQWUR
QDFLRQDODUHDOL]DUQR¿PGHVHPDQDGHHGH-XOKR
HP*XLPDUmHV
$WRGRVGHVHMDPRVERDVRUWHQDIDVHVHJXLQWHRQGH
GHVORFDUVHmRjFDSLWDOGR'HVSRUWRDUHSUHVHQWDU
PDLVXPDYH]DVFRUHVGRQRVVR&ROpJLR
92/(,%2/
,QIDQWLV%)HPLQLQR0LQLV%)HPLQLQR
$SHVDUGHDpSRFDDLQGDQmRWHUWHUPLQDGRHDIDVH
PDLV LPSRUWDQWH VH DYL]LQKDU FDPSHRQDWR QDFLRQDO
DV QRVVDV PDLV QRYDV DWOHWDV WrP GHPRQVWUDGR XP
WUDEDOKREDVWDQWHSRVLWLYR
5HODWLYDPHQWH DR 'HVSRUWR (VFRODU VDJUDUDPVH
FDPSHmVUHJLRQDLVGH,QIDQWLV%IHPLQLQRDSyVGLVSXWDU
D¿QDOFRPXPDHTXLSDGD(VFROD%iVLFDGH/DPHJR
1RTXHVHUHIHUHDR'HVSRUWR)HGHUDGRSDUWLFLSDPRV
QRV7RUQHLRVGH1DWDOGH$QR1RYRHQR'LDGR9ROHLERO
GH-XQKRGD$VVRFLDomRGH9ROHLEROGR3RUWRRQGH
¿FDPRVHPWRGRVHPžOXJDU
2SUy[LPRGHVD¿RVHUiRFDPSHRQDWRQDFLRQDOGH0LQL
9ROHLERODSyVWHUPRV¿FDGRDSXUDGRVDRFODVVL¿FDUPR
QRVHPSULPHLUROXJDUSHOD$VVRFLDomRGH9ROHLEROGH
9LVHX
$VVLP QR GLD GH -XQKR LUHPRV GHVORFDUPRQRV
j1DYHGH(VSLQKRDVVLPFRPRDVUHVWDQWHVHTXLSDV
DSXUDGDVSHODVUHVWDQWHVDVVRFLDo}HV9LWyULDGH*XL
PDUmHV$9%UDJD&$,&$9&RLPEUD$(3HGUR(DQHV
/REDWR$9/LVERD9LDQD9ROHLERO&OXEH$99LDQDGR
&DVWHORH&$0DGDOHQD$$60DPHGHH6&(VSLQKR
$93RUWRGLVSXWDURWtWXORQDFLRQDOGHPLQLYROHLEROGH
'HVHMDPRV D WRGDV DV DWOHWDV ERD VRUWH QHVWD IDVH
¿QDOHHVSHUDPRVTXHPDQWHQKDPDFRQFHQWUDomRHR
HPSHQKRGHPRQVWUDGRDWpjGDWD
6DXGDo}HVGHVSRUWLYDV
7HUHVD)L~]DH-RVp3DUHQWH
9LVLWHRVLWHGR&ROpJLRZZZFROHJLRGHODPHJRHGXSW
$UFiGLD
4
junho de 2013
3HOR&ROpJLR
7LDJR)HLMmR
IH]KLVWyULD
5HXQLmR
GRV$QWLJRV
$OXQRV
0DLVIXWHERO
&RPR VHPSUH DV VHJXQGDV IHLUDV VmR DMXVWHV GH
FRQWDVHQWUHEHQ¿TXLVWDVHSRUWLVWDV3RUYH]HVDSRVWD
SHUGLGDOiSDUHFHXPHQFDUQDGRYHVWLGRGHD]XOGXUDQWH
WRGRRGLD(VWHDQRSDUDQmRIXJLUjUHJUDRVSRUWLVWDV
IHVWHMDUDPRWULFDPSHRQDWR2VEHQ¿TXLVWDVHQWUDUDPQR
&ROpJLRPXGRVSRLVFDQWDUDPPXLWRDQWHVGRWHPSRH
DJRUDQmRDJXHQWDUDPDSUHVVmR7ULVWHFLQDHVWDGRV
HQFDUQDGRVTXHKiPDLVGHDQRVIRUDPDPDOGLoRDGRV
SHORVHXWUHLQDGRUK~QJDUR%pOOD*XWWPDQQQDKRUDGD
GHVSHGLGDFRQWLQXDQGRHVWDQXYHPQHJUDDSDLUDUVREUH
R(VWiGLRGD/X]HPERUDRPtWLFR(XVpELRMiWLYHVVH
LGRUH]DUjVXDFDPSDFRPPLVWRGHEUX[HGRSDUDTXH
HVWDWHUUtYHOVHQWHQoDOKHVIRVVHUHWLUDGD0DLVXPDQR
VHPJDQKDUHPQDGD
2VGLDVHGHPDLRFKHLRVGHQRVWDOJLDIRUDP
XPVXFHVVRSDUDR&ROpJLRGH/DPHJR0DLVGHXPD
FHQWHQD GH DQWLJRV DOXQRV FRUURtGRV SHOD VDXGDGH
FKHJDUDPGHWXGRTXDQWRpVtWLRDHVWHULQFmRVDJUDGR
HPSUDQWRGHJUDWLGmR&RPRGL]RH[DOXQR'U-RVp$O
EHUWR0DUTXHVSUHVLGHQWHGD$$QWLJRV$OXQRV³6DOYH
&ROpJLR GH /DPHJR PHX SHUPDQHQWH UHJUHVVR PHX
HVWHLRGHYLGDPHXUHGXWRGHHVSHUDQoDPLQKDSDL[mR
DVVXPLGD´-RJRXVHYROHLERO0LVVDGHDomRGH*UDoDV
KRPHQDJHP DR DLQGD MRYHP UHFpPIDOHFLGR$QWyQLR
3RUWXJDOHWF'HSRLV«FRPHUDPHEHEHUDPFRQWDUDP
KLVWyULDVUHOHPEUDUDPYLYrQFLDVGHXPDDGROHVFrQFLD
/HRQDUGR
-i Oi YmR QRYH HGLo}HV GHVWH SUHVWLJLRVR FRQFXUVR LUUHYHUHQWHHQRLWHGHQWURUHJUHVVDUDPjVVXDVWHUUDV
e LQpGLWR QR &ROpJLR GH /DPHJR D JUDQGH]D GH XP
GH FXOWXUD JHUDO LQVWLWXtGR SHOR EULOKDQWH 3URIHVVRU GH DQLPDGRVSDUDRGLItFLOPXQGRGRWUDEDOKRVHXJDQKD DOXQR GR ž DQR *DVSDU *RQoDOYHV QD PRGDOLGDGH
3RUWXJXrV'U$QWyQLR0DQXHO0DUWLQV&RPRQRVRXWURV SmRGHFDGDGLD
GHFLFOLVPR+iRLWRDQRVTXHSRUFiDQGDVHPID]HU
DQRVHVWDIRLXPDJUDQGH¿QDOOHYDGDDHIHLWRSHOR7LDJR
JUDQGHVRQGDVMRJDQGRYROHLEROFRPRPXLWRVGRVVHXV
)HLMmRžDQR3DXOR5HJRž3HGUR6DQWRVžH
FROHJDVGHDQR1DWXUDOGHXPDIUHJXHVLDGRVDUUHGRUHV
5DIDHO3LQWRžDQRQRGLDGH0DUoRGRGHFRUUHQWH
GH/DPHJR3HQXGHDFRQ¿QDUFRPDVDOWXUDVGD6HUUD
DQROHWLYR$XGLWyULRGR&ROpJLRFKHLRFRPFODTXHVRUJD
GDV0HDGDV¿OKRGRFLFOLVWDWDPEpP*DVSDU*RQoDOYHV
QL]DGDVDOXWDUSHODYLWyULDGHVHXVImV&RPRQRV~OWLPRV
TXH FRUUHX GH] YROWDV D 3RUWXJDO SRU JUDQGHV FOXEHV
GRLVDQRVR7LDJRQmRGHXKLSyWHVHVDQLQJXpP)RLR
2GLDGHPDLRpXPDGDWDDUHFRUGDU&HOHEUDVHR HPEOHPiWLFRV VHPSUH FRP ERDV FODVVL¿FDo}HV FHGR
MXVWRYHQFHGRUORJRQDSULPHLUDURQGDHDVVLPSDVVDD FLQTXHQWHQiULRGDPRUWHGRDQWLJRDOXQR$TXLOLQR5LEHLUR VHJXLX DV SHJDGDV GH VHX SDL DFRPSDQKDQGRR HP
FKDPDUDVLRr[LWRGHVHURSULPHLURDYHQFHUHVWHFHU (PERUD¿JXUDFRQWURYHUVDIRLDTXLTXHDSUHQGHXDDUWH JUDQGHVGLVWkQFLDVVHUUDDFLPDVHUUDDEDL[R+RMH
WDPHSHODWHUFHLUDYH]FRQVHFXWLYD1mRJDQKDUiPDLV GH EHP HVFUHYHU$XWRU GD ³*UDQGH &DVD GH 5RPDUL FRP DQRV DWLQJLX R WRS HP WRGRV RV HVFDO}HV GH
XPDYH]TXHpRXOWLPRDQRTXHIUHTXHQWDR&ROpJLR JmHV´³20DOKDGLQKDV´³25RPDQFHGD5DSRVD´H IRUPDomR FRPR FDPSLRQtVVLPR WDQWR HP YiULRV FLU
'R7LDJRQmRVHHVSHUDYDRXWUDFRLVDWHQGRHPYLVWD PXLWDVRXWUDVREUDV0DVpHP³$UFDV(QFRLUDGDV´TXH FXLWRVFRPRQDYROWDD3RUWXJDOpFDPSHmRQDFLRQDO
DH[FHOHQWHFDUUHLUDDFDGpPLFDFRPTXHHQJUDQGHFHX HOHUHWUDWDRVHX&ROpJLR³0DVHVWH&ROpJLRLPSXQKDVH GHFRQWUDUUHOyJLRYHQFHGRUGDYROWDD/RXOpHVHJXQGR
HVWH&ROpJLRGXUDQWHRLWRDQRV
FRPRHVWDEHOHFLPHQWRDGPLUiYHOHTXHURFRQIHVVDUTXH FODVVL¿FDGRGD7DoDGDV1Do}HVHP3DULVSHODVHOHomR
DVPLQKDVUpPLJHVSHTXHQDVFRPRVmRFUHVFHUDPDOL 1DFLRQDO0DVDVXDDPELomRQmR¿FDSRUDTXLSUHWHQGH
jPHGLGDGRVHXSRUWHQDWXUDO1LQJXpPPDVDSDURX WLUDURFXUVRGH(GXFDomR)tVLFD*DVSDUYRWRVSDUDTXH
QHPVHDUPRXGHWHVRXUDVSDUDRID]HU7DPEpPQmR VHMDVRVXEVWLWXWRGRJUDQGH-RDTXLP$JRVWLQKRQmRp
PHFRQWUD¿]HUDPDDOPDjPHQWLUDHjKLSRFULVLD´+RMH SHGLUPXLWRjVRUWH3DUDEpQV
p XPD SHUVRQDOLGDGH JUDQGH 5HSRXVD DR ODGR GRV
JUDQGHVHVFULWRUHVQR3DQWHmR1DFLRQDOFRPRSHUWHQoD
GR&ROpJLRGH/DPHJR
&LFOLVPR
$TXLOLQR5LEHLUR
8PGLDQDPLQKDYLGD«
0DWHPiWLFD
1yVHRVOLYURV
2&ROpJLRGH/DPHJRWDPEpPpJUDQGHQDV&LrQFLDV
1RGLDGH$EULOQD(VFROD%iVLFDH6HFXQGiULD*RPHV
7HL[HLUDH[DOXQRGR&ROpJLRHP$UPDPDUGHFRUUHXR
,,,&DPSHRQDWR5HJLRQDOGR-RJReXPGHVD¿RTXH
SURSRUFLRQD DRV DOXQRV XVDUHP D 0DWHPiWLFD GH XPD
IRUPDGLYHUWLGDFULDQGROKHVJRVWRSHODGLVFLSOLQDGHVHQ
YROYHQGRHWUHLQDQGRRVHXFiOFXORPHQWDO(IXVLYDPHQWH
SDUWLFLSDUDPDOXQRVGRžžHžFLFORVGRQRVVR&ROpJLR
(VWHDQRVDJUDUDPVHFDPSH}HVQRVWUrVHVFDO}HV0LJXHO
3HUHLUD6DUGmRžFLFOR0DULDQD)HUQDQGHV0RXUDž
FLFORH'LRJR*DEULHO$QWXQHVžFLFOR2VDOXQRVYHQ
FHGRUHVHRVUHVWDQWHVSDUWLFLSDQWHVFRPFODVVL¿FDo}HV
DURQGDURVSULPHLURVOXJDUHV$OH[DQGUD%HUQDUGR$QD
/HRSROGLQDH-RVp0LJXHO5LMRUHVSHWLYDPHQWHGRžž
HžDQRVFRQVHJXLUDPRžOXJDU3DUDEpQVDWRGRVe
GHORXYDURVHXHQWXVLDVPRDVXDGLVSRQLELOLGDGHSRLV
VHQGR HVWD XPD DWLYLGDGH QmR OHWLYD SHUGHUDP PXLWRV
PLQXWRVGRVHXWHPSROLYUHHPIDYRUGHVWHGHVD¿R6HP
SURIHVVRUHVFRPSHWHQWHVQDGDGLVWRWHULDDFRQWHFLGR8P
DEUDoRGHSDUDEpQVj'0DULDGRV$QMRVH'3DXOD7HL
[HLUDTXHFRPDVXDFODVVHHPHVWULDGHERDVSURIHVVRUDV
QRHQVLQRHQJUDQGHFHUDPR&ROpJLR
)RLQRVSURSRVWRXPSURMHWRQRkPELWRGD
GLVFLSOLQDGH7,&SDUDRžHžSHUtRGR
2SURMHWRUHVLGLDHPID]HUPRVRDFHUYRGD
ELEOLRWHFDGR&ROpJLRGH/DPHJR
1RLQtFLRGRžSHUtRGRFRPHoDPRVDLGHQ
WL¿FDU DV HVWDQWHV DV SUDWHOHLUDV GD QRVVD
ELEOLRWHFD H GHSRLV LQLFLDPRV D FDWDORJDomR
GRV OLYURV PDV LVVR Vy IRL SRVVtYHO FRP D
DMXGDGRQRVVRSURIHVVRUGH7,&R6U3UR
IHVVRU-RVp$PpULFRHWDPEpPGR6U3DGUH
3DXOLQRTXHIRUDPPXLWRSUHVWiYHLVGXUDQWH
RGHFRUUHUGRQRVVRSURMHWR
$VVLPFRPHVWHWUDEDOKRUHDOL]DGRFRQVH
JXLPRVWRUQDUPXLWRPDLVIiFLODUHTXLVLomR
GHXPOLYUR
0HWDjYLVWD
2žDQRDGRURXGHVHQYROYHUHVWHSURMHWR
TXHSHQVDWHUVLGRPXLWR~WLOSDUDR&ROpJLR
HSDUDRERPIXQFLRQDPHQWRGDELEOLRWHFD
$OXQRVGRžDQR
eR~OWLPRSHUtRGRGRDQROHWLYR/RQJDPDUD
WRQDTXHWHYHLQtFLRDGH6HWHPEUR(LVQRVDFRPHoDUD
~OWLPDHWDSDQXPGLDLPSUySULRSDUDJHQWHVHQVDWD1RGLD
GHDEULOVHJXQGDIHLUDGH3iVFRDIpULDVLQFRPSOHWDVSRLVHP
PXLWDVWHUUDVID]LDVHDLQGDD9LVLWD3DVFDORVLQWHUQRVFRP
FDUDVRUXPEiWLFDUHJUHVVDYDPDR&ROpJLR1RGLDVHJXLQWH
PXLWRFHGRSHODVKRUDVHQWUDYDPRVH[WHUQRVSDUDUHFRPH
oDUDUHWD¿QDOGRDQROHWLYRFRPH[DPHVjYLVWD7RGRVHVWHV
LQFyPRGRV SRU FDXVD GR 0LQLVWpULR GD (GXFDomR TXH WHLPD
HPQmRID]HUDLQWHUUXSomROHWLYDGD3iVFRDFRPXPDVHPDQD
DQWHVHRXWUDGHSRLV
,QVFUHYDRVHXILOKRHDPLJRQR&ROpJLRGH/DPHJR
$UFiGLD
5
junho de 2013
$WLYLGDGHVQRFROpJLR
2SRUTXrGDUHXQLmR
GRV$QWLJRV$OXQRV
&RQWLQXDomRGDSiJLQD
³eTXHLVWRGHWHUHVWDGRQR&ROpJLRGH/DPHJRpXPD
REVHVVmR TXH ¿FD XPD IHULGD DEHUWD TXH GyL PXLWR H
QXQFDPDLVFLFDWUL]D´0DLVTXHVLPSOHVHGLItFLRSRURQGH
SDVVDUDPJHUDo}HVHJHUDo}HVp³+LVWyULD9LYD´IUHVFDV
SHJDGDVUHVVRQkQFLDVLQWLPDVHVYDtGDVLOXV}HVVRQKRV
GHVIHLWRVWURSHo}HVDFUREiWLFRVWtPLGDVHVSHUDQoDVID
OKDGDVHHP¿PVDJUDGRHVFUtQLRGHYDOHQWLDHOHDOGDGH
GHWDQWRVMRYHQVTXHVHRUJXOKDPGHDTXLOKHWHUQDVFLGDV
DVUpPLJHVTXHOKHVFRPDQGDPDYLGDFRPRGL]RQRVVR
YHOKRFRPSDQKHLUR$TXLOLQR5LEHLURDJRUDGHVFDQVDQR
3DQWHmR1DFLRQDOTXHQHVWHPRPHQWRpQDGDPHQRVTXH
XPDSRUomRGR&ROpJLRGH/DPHJR
(FRQWLQXD³DH[LVWrQFLDpXPDYLDVDFUDHVWiHVFULWR
eRVREUHWXGRSDUDDVDXGDGHGRVKRPHQVDHQWUDUQRV
XPEUDLVGDQRLWHHWHUQD0DVWHPRVVHXVGHVFDQVRVPHV
PRSDUDDLPDJLQDomRHQGRORULGD8PGHVWHVSDUDPLP
TXHRXoRRGREUHGRVLQRQRFDPSDQiULRGDPLQKDDOGHLD
DHVVH&ROpJLRGH/DPHJRFDVDVROLFLWXGHHGHVFXLGDQoD
GRVPHXVTXLQ]HHGH]DVVHLVDQRV´LQ$JXDUHODGRYHOKR
&ROpJLR±$TXLOLQR5LEHLUR
$UD]mRGHVHUGDUHXQLmRGRV$QWLJRV$OXQRVpTXHR
&ROpJLRpXPDOWDUjYROWDGRTXDOVHFRQJUHJDPHPURPD
JHPGHVDXGDGH&RPRWHPSRWRUQRXVHUHJDoRQRTXDO
VHDQLQKDPFRQIRUWiYHLVHIHOL]HVQXPDSDLVDJHPFKHLD
GHPLVWpULRVHRGRUHVVXDYHVGRWHPSRGHDGROHVFrQFLD
8PDFRUUHQWHGHVDOXWDURUJXOKRFKDPDGD$VVRFLDomRGRV
$QWLJRV$OXQRVOLDPHLQYLVtYHOGHIRUoDHURPDQWLVPR
ID]LQWHUOLJDomRHQWUH3DVVDGR3UHVHQWHH)XWXUR9HP
H[DOXQRLQVFUHYHWHQHVWDWXD$VVRFLDomRHIHVWHMDFRP
WHXV&ROHJDVH)RUPDGRUHVQRGLDGR$QWLJR$OXQR~OWLPR
ViEDGRGRPrVGH0DLRHWUD]SDUDFRPSDUWLOKDUFRPRV
WHXVDPLJRVDVWXDVUHFRUGDo}HVHPHPyULDVTXHRWHPSR
QXQFDFRQVHJXLUiDSDJDU1mRSURIDQHVHVWDVDFUDOLGDGH
FRPUHXQL}HVORQJHGHVWHVDQWXiULR3UHFLVDPRVXUJHQ
WHPHQWHGDJHUDomRGR1XQR0DQVLOKD%UDQFR0iULR
&DWDOmR-RUJH/XtV&RUUHLDHWDQWRVRXWURVeXPDREUL
JDomRSRUTXHIRUDPPXLWREHPWUDWDGRVDTXLQR&ROpJLR
3H$EHO0DWLDV
'U0DQXHO0DULD&DUULOKR
YROWDDR&ROpJLR
&RQWLQXDomRGDSiJLQD
$OWDPHQWHFRQKHFHGRUGRPRPHQWRDWXDOHPEUHQKDGR
QR VLVWHPD SROLWLFR GD RSRVLomR FKHLR GH DOWHUQDWLYDV
SDUDPXGDURUXPRGHVWDMXYHQWXGHDIDVWDGDWRWDOPHQWH
GHVWHVLVWHPDGHGHPRFUDFLDDWXDOSDUDTXHPRGH
$EULOQmRSDVVDGHXPPHURIHULDGR³&OLFDUQmRpIRUPDU´
GL]LDHOH$SHORXDRVYDORUHVQHVWHPRPHQWRGHFULVH
ROKDURPXQGRHFRPSUHHQGHUTXHHVWDPRVPHUJXOKDGRV
QDUHVLJQDomRGDPDLRUFULVHPXQGLDOQRDSyVJXHUUD
9LYHPRVRSDUDGLJPDGRFRQVXPRRYtFLRGRWHOHPyYHO
HGRFDUUR)DORXGHWXGRXPSRXFRGHVGHD5HYROX
omR,QGXVWULDOSODQR0DUVKDOOGHL[DQGRjMRYHPSODWHLD
LGHLDVPXLWRSRVLWLYDVSDUDXPIXWXURTXHWHUiPHVPR
TXHSDVVDUSHORVR¿VPDGHFUHVFLPHQWRHDXVWHULGDGH
GDYRVVDJHUDomRTXHQXQFDFRQKHFHXRPDOHVWDUHD
GRUGRQmRWHU
(IXVLYDPHQWH DSODXGLGR SDVVRX DR GLiORJR FRP RV
DOXQRVPXLWRULFRSRLVPRVWURXWRGDDVXDH[SHULHQFLD
VDEHUHFODULYLGrQFLDGHPHVWUHQRVSUREOHPDVDWXDLV
(IRLPDLVXPDJUDQGHMRUQDGDGH3HUFXUVRVGH9LGD
LQVWLWXtGR SHORV$QWLJRV$OXQRV GR &ROpJLR 2V DWXDLV
DJUDGHFHP H UHFRQKHFHP R YDORU GH PXLWRV TXH SRU
DTXLSDVVDUDP
3H$EHO0DWLDV
ŽŵĞŶƚĄƌŝŽăƉĂůĞƐƚƌĂ͞WĞƌĐƵƌƐŽƐĚĞsŝĚĂ͟
ĚŝƌŝŐŝĚĂƉĞůŽƌ͘DĂŶƵĞůDĂƌŝĂĂƌƌŝůŚŽ
EŽƉĂƐƐĂĚŽĚŝĂϭϴĚĞďƌŝů͕ŶŽąŵďŝƚŽĚŽƉƌŽũĞƚŽ͞WĞƌĐƵƌƐŽƐ
ĚĞsŝĚĂ͕͟Ă>ƉƌĞƐĞŶƚĞŽƵƚŽĚŽƐŽƐĂůƵŶŽƐĚŽƐĞĐƵŶĚĄƌŝŽ
ĚŽ ŽůĠŐŝŽ ĚĞ >ĂŵĞŐŽ͕ ĐŽŵ Ă ǀŝƐŝƚĂ ĚĞ Ƶŵ ĂŶƟŐŽ ĂůƵŶŽ Ğ
ĮŐƵƌĂƉƷďůŝĐĂĂƚƵĂůŶŽƌĂŵŽĚĂ&ŝůŽƐŽĮĂĞĚĂƉŽůşƟĐĂ͕ŽWƌŽĨ͘
ŽƵƚŽƌDĂŶƵĞůDĂƌŝĂĂƌƌŝůŚŽ͘dĂůĐŽŵŽƚŽĚŽƐŽƐĂŶƚĞƌŝŽƌĞƐ
ƉĂůĞƐƚƌĂŶƚĞƐ͕Žƌ͘DĂŶƵĞůDĂƌŝĂĂƌƌŝůŚŽĞŶƵŶĐŝŽƵƚŽĚŽŽƐĞƵ
ƉĞƌĐƵƌƐŽĞƐĐŽůĂƌĞĂĐĂĚĠŵŝĐŽ͕ŽƋƵĂůŝŶĐůƵŝ͕ĠĐůĂƌŽ͕ĂƉĂƐƐĂŐĞŵ
ƉĞůŽŶŽƐƐŽĐŽůĠŐŝŽĞ͕ĨŽĐŽƵĂŝŶĚĂĚĞƚĞƌŵŝŶĂĚŽƐĂƐƉĞƚŽƐŶŽ
ƋƵĞĐŽŶĐĞƌŶĞĂŽĂƚƵĂůĞƐƚĂĚŽĚŽƉĂşƐĞĂĂƟƚƵĚĞƋƵĞĚĞǀĞͲ
ŵŽƐƚŽŵĂƌƉĞƌĂŶƚĞƚŽĚĂƐĂƐĂĚǀĞƌƐŝĚĂĚĞƐĞĐŽŶƚƌĂƌŝĞĚĂĚĞƐ
ĚĞƵŵĂǀŝĚĂĨƵƚƵƌĂ͘
ŽůŽŶŐŽĚĞƚŽĚŽŽƐĞƵĚŝƐĐƵƌƐŽŽƌ͘DĂŶƵĞůDĂƌŝĂĂƌƌŝůŚŽ͕
ĂƚƌĂǀĠƐĚŽƐĞƵĚŽŵƉĂƌĂĂƉĂůĂǀƌĂĞĐĂƉĂĐŝĚĂĚĞĚĞĚŝƐĐƵƌƐĂƌ
ƷŶŝĐĂ͕ ĐŽŶƐĞŐƵŝƵ ĐĂƉƚĂƌ Ă ĂƚĞŶĕĆŽ ĚĞ ƚŽĚŽƐ ŽƐ ŽƵǀŝŶƚĞƐ͕
ƚƌĂŶƐŵŝƟŶĚŽͲŶŽƐŽƐǀĂůŽƌĞƐĠƟĐŽƐĞŵŽƌĂŝƐ͕ƋƵĞŶŽƐĂũƵĚĂƌĆŽ
ĂĨĂnjĞƌĞƐĐŽůŚĂƐŵĂŝƐĂĐĞƌƚĂĚĂƐĞĂƐĞŐƵŝƌŽŵĞůŚŽƌĐĂŵŝŶŚŽ͕
ĂŽůŽŶŐŽĚĞƚŽĚĂĂŶŽƐƐĂǀŝĚĂ͘
ƐƐŝŵĞĚĞƵŵŵŽĚŽŐĞƌĂů͕ũƵůŐŽƋƵĞĂǀŝŶĚĂĚŽƌ͘DĂŶƵĞů
DĂƌŝĂĂƌƌŝůŚŽ͕ďĞŵĐŽŵŽĚĞƚŽĚŽƐŽƐĂŶƚĞƌŝŽƌĞƐƉĂůĞƐƚƌĂŶͲ
ƚĞƐ͕ĂŽŶŽƐƐŽĐŽůĠŐŝŽĠĚĞŵĄdžŝŵĂŝŵƉŽƌƚąŶĐŝĂ͕ƵŵĂǀĞnjƋƵĞ
ĂƚƌĂǀĠƐĚŽƐƐĞƵƐƉĞƌĐƵƌƐŽƐĚĞǀŝĚĂ͕ĚĂƐƐƵĂƐǀŝǀġŶĐŝĂƐĞĚĂƐ
ƐƵĂƐĄƌĞĂƐĞƐƉĞĐşĮĐĂƐĚŽƐĂďĞƌ͕ĐŽŶƐĞŐƵĞŵƚƌĂŶƐŵŝƟƌͲŶŽƐŽƐ
ǀĂůŽƌĞƐĂƐĞŐƵŝƌƉĂƌĂƋƵĞŶŽƐƚŽƌŶĞŵŽƐŵĞůŚŽƌĞƐŚŽŵĞŶƐĞ
ŵƵůŚĞƌĞƐĚŽĂŵĂŶŚĆ͘
EƵŶŽDĞŶĞƐĞƐϭϭǑĂŶŽ
8PDYLDJHPGHHVWXGR
1RGLDGH0DLRGH
RV DOXQRV GDV WXUPDV GR ž
ž H ž DQRV GR &ROpJLR GH
/DPHJRDFRPSDQKDGRVSHORV
SURIHVVRUHVGH)tVLFR4XtPLFD
'U4XLP+LVWyULD'U&DUOD
GH,QJOrV'U$OH[DQGUDHGH
0DWHPiWLFD 'U 0DULD GRV
$QMRV IRUDP DR 3RUWR QXPD
YLVLWDGHHVWXGR
3DUWLPRVGR&ROpJLRjV
(VWiYDPRV PXLWR DQVLRVRV
DQWHVGDYLDJHP(QWUDPRVQD
$XWR(VWUDGD HP $PDUDQWH
0DLVjIUHQWH¿]HPRVXPDSH
TXHQDSDUDJHPQXPDHVWDomR
GHVHUYLoRSDUDWRPDURODQFKH
GD PDQKm SRLV Mi HVWiYDPRV
IDPLQWRV
)LQDOPHQWH FKHJDPRV DR
6HD /LIH GD FLGDGH GR 3RUWR
/i tDPRV FRQKHFHU LQ~PHUDV
HVSpFLHVGHSHL[HVHFULDWXUDV
PDULQKDV (QWUH HODV YLPRV UDLDV SROYRV WDUWDUXJDV
WXEDU}HVFDYDORVPDULQKRVPHGXVDVSHL[HVSDOKDoRV
HVWUHODVGRPDUHPXLWRPDLV
'H VHJXLGD IRPRV SDUD D 5LEHLUD RQGH LQLFLDPRV
FRPRHVWDYDSURJUDPDGRR&UX]HLURGDV3RQWHVQXP
EDUFRUDEHORQRULR'RXUR$OPRoDPRVDERUGRRIDUQHO
TXHOHYDPRV)RLXPSDVVHLRÀXYLDOSDQRUkPLFRXPD
YLDJHP GHOLFLRVD QXPD iJXD FDOPD H D]XO SDVVDQGR
SRUEDL[RGDV3RQWHVGH'/XtV,GH0DULD3LDGH6mR
-RmRGD$UUiELGDGR)UHL[RHGR,QIDQWH
7HUPLQDGRR&UX]HLURGLULJLPRQRVDR0XVHX5RPkQ
WLFRQRFHQWURGH0DVVDUHORVQD4XLQWDGD0DFLHLULQKD
URGHDGRSHODPDQFKDYHUGHGRV-DUGLQVGR3DOiFLRGH
&ULVWDO(VWDFDVDGHFDPSRGH¿QDLVGRVpFXOR;9,,,IRL
DGTXLULGDSHOD&kPDUD0XQLFLSDOGR3RUWRHPSDUD
DtVHUFULDGRRPXVHXTXHSUHWHQGHUHFULDUDPELHQWHV
LQWHULRUHVGHXPDFDVDDEDVWDGDGRVpFXOR;,;$R¿P
GDWDUGH¿]HPRVDYLDJHPGHUHJUHVVRWHQGRODQFKDGR
QDPHVPDHVWDomRGHVHUYLoR)RLXPGLDEHPSDVVDGR
/XtV)UHLWDVžDQR
9LVLWDGH(VWXGRžHž$QRV
1R GLD VHLV GH MXQKR RV DOXQRV GR ž FLFOR ¿]HUDP
D VXD YLVLWD GH HVWXGR TXH WHYH FRPR GHVWLQRV %UDJD
*XLPDUmHVH9LODGR&RQGH
$FRPSDQKDUDPRVDOXQRVDVUHVSHWLYDVGLUHFWRUDVGH
WXUPDSURIHVVRUD$OH[DQGUD3LPHQWDHSURIHVVRUD$QD
0DUJDULGDDSURIHVVRUD&DUOD3LQWRHR6HQKRU3DGUH
$YHOLQR'LUHWRUGR&ROpJLR
(P%UDJDYLVLWiPRVR6DQWXiULRGR%RP-HVXVHRV
VHXVMDUGLQVR6DQWXiULRGR6DPHLURHRVHXULFRLQWHULRU
DFDEiPRVSRUDOPRoDUQD3HQKD
(P*XLPDUmHVYLVLWiPRVR3DoRGRV'XTXHVGH%UD
JDQoDWHPFKDPLQpVRFDVWHORGH*XLPDUmHVHD
LJUHMDGH6mR0LJXHORQGHVHJXQGRUH]DDOHQGDIRLEDS
WL]DGRRSULPHLURUHLGH3RUWXJDO'$IRQVR+HQULTXHV
1DUHWD¿QDOGDQRVVDYLVLWDIRPRVD9LODGR&RQGH
KLVWyULFRHEDVWDQWHGLYHUWLGD
RQGHSXGHPRVYHUDVXDIRUWDOH]D
1DPLQKDRSLQLmRDYLDJHPIRLPXLWRHGXFDWLYDDQtYHO
9LVLWHRVLWHGR&ROpJLRZZZFROHJLRGHODPHJRHGXSW
0DULDQD0RXUD±ž$QR
$UFiGLD
6
junho de 2013
$92='2$1
5HFRUGDQGR$QWyQLR3RUWXJDO
'U-RVp$OEHUWR0DUTXHV
3UHVLGHQWHGD$$$&/
DEUHD6HVVmR
&RPR VHPSUH HP
RFDVL}HV FRPR HVWD
DQWHV GH YRV VDXGDU
FRPHoR SRU LQYRFDU
SHUDQWH WRGRV SRUTXH
QLVVR QRV FRQJUHJD
PRVDUD]mRPDLRUGR
QRVVR UHJUHVVR DQR
DSyVDQRDHVWH&ROp
JLRGH/DPHJR7HPRV
FRQQRVFRDSHUPDQHQWH
PHPyULDHDSURMHFomR
FRQVWDQWHQRGLDDGLD
GH XP HVStULWR XQL¿FD
GRU YLYR H UHFRQIRU
WDQWHTXHQHVWD(VFROD
DSUHQGHPRV H FRP R
TXDOID]HPRVRWUDMHFWRGDQRVVDYLGD3RULVVRUHSLWR
DPHVPDVDXGDomRGHKiXPDQRQDFHUWH]DGHTXH
QHODLQFRUSRURRVHQWLPHQWRGHWRGRV+RQUDHJOyULDDR
QRVVR&ROpJLRGH/DPHJR«
&RPRMi¿]QRXWUDVRFDVL}HVHUHEXVFDQGRSDODYUDV
HQWmRXVDGDVSRUTXHDGHTXDGDVjRFDVLmRHj¿QDOLGDGH
SUHWHQGLGDQmRSRVVRQHPTXHURWHUPLQDURXVRGDSDOD
YUDVHPFXPSULUFRPUHJR]LMRXPLPSHUDWLYRGHMXVWLoD
WULEXWDQGRWRGRRPHXDJUDGHFLPHQWRDRVHOHPHQWRVGD
'LUHFomRGD$VVRFLDomRHGRVUHVWDQWHVFRUSRVVRFLDLV
SHORHPSHQKRHQWXVLDVPRHHVIRUoRSRVWRVDRVHUYLoR
GDQRVVDFDXVDFRPXPIXQFLRQDOL]DGDDRVVXSHULRUHV
LQWHUHVVHV GR &ROpJLR GH /DPHJR -XQWRV PDUFDPRV
XPWHPSRXPDHVWUDWpJLDHXPHVWLORVHPGHWULPHQWR
GHRXWURVTXHFRQVLGHUDPRVDMXVWDGRVjQREUHPLVVmR
TXHHVWD$VVRFLDomRGHYHSURVVHJXLU
+i XP DQR DWUiV GHL[DPRV XPD SDODYUD GH UHDOFH
DRDPLJR3RUWXJDOTXHDWUDYHVVDYDQHVVDDOWXUDXPD
IDVHGLItFLOQDVXDYLGDGHVWDFDQGRTXH³QDVXDSRVWXUD
SUHVWiYHOKXPLOGHHGHGLFDGDWDQWRWHPGDGRjQRVVD
$VVRFLDomR GH $QWLJRV $OXQRV VHP DODUGHV ID]HQGR
DTXLORTXHHPFDGDPRPHQWRpSUHFLVRID]HU´(QWUH
WDQWRR&ROHJDH$PLJR3RUWXJDOFRPRGHL[HLHVFULWRHP
DUWLJRSXEOLFDGRQR³$UFiGLD´GRQRVVRFRQYtYLRItVLFRVH
DSDUWDQGR³IH]DFHQGHUPDLVXPOX]HLURQR¿UPDPHQWR
GDTXHOHVTXHIRUDPFDSD]HVQDWHUUDGHVHHOHYDUj
FDWHJRULD GRV TXH GHL[DP R PXQGR PDLV SREUH PDV
LOXPLQDGRSHODFUHQoDHSHODHVSHUDQoDGRWULXQIR¿QDO
GD ERQGDGH H GD VROLGDULHGDGH´ 3UHVWDPRVOKH KRMH
VHQWLGDHPHUHFLGDKRPHQDJHPTXHR([Pž6U(QJž
3LQWRGH6RXVDGLJQtVVLPR3UHVLGHQWHGD$VVHPEOHLD
*HUDOPDLVEHPVHHQFDUUHJDUiGHWUDGX]LUHPSDODYUDV
UHQGHQGROKHHXGHIRUPDVLQJHODQDTXDOLGDGHHPTXH
RIDoRRWULEXWRGRQRVVRHWHUQRDJUDGHFLPHQWRSRUDTXL
ORTXHHUDHTXHUHSUHVHQWDYDSDUDDQRVVD$VVRFLDomR
GH$QWLJRV$OXQRV
(DVVLPWHUPLQRLOXPLQDGRSHOD¿JXUDVLPSOHVGHXP
GRVQRVVRVPHOKRUHVUHD¿UPDQGRTXHD$VVRFLDomRGH
$QWLJRV$OXQRV³WHPTXHFRQWLQXDUDSHUFRUUHURWUDMHFWR
GHXQLmRHGHFUHVFLPHQWRVDEHQGRFRQJORPHUDUYRQ
WDGHVHPHUHFHUVHUSDODGLQRGRHVStULWRHGRVYDORUHV
GHVWHQRVVR&ROpJLRGH/DPHJR´RQGHVHPSUHYROWD
UHPRVFRPRVROKRVKXPHGHFLGRVSHODVPHPyULDVRV
OiELRV DGRoDGRV SHOD GRoXUD TXH DTXL FROKHPRV H RV
EUDoRVDEHUWRVDDSHUWDUHPWRGRVHFDGDXPGDTXHOHV
TXH DFUHGLWDP TXH MXQWRV HVWDUHPRV PDLV SHUWR GH
VHUPRVPHOKRUHV
(UDLVWRTXHWLQKDSDUDOKHVGL]HU
2TXHWHQKRSDUDOKHVGL]HUpLVWR
8PKRPHPERPFRPWDOHQWRSDUDIRUPDUYHQFHGRUHV
0HXVDPLJRVHFR
OHJDV EHPYLQGRV D
PDLVXPDQRGR$QWLJR
$OXQR KRMH LQVSLUDGR
SHOD LQTXHVWLRQiYHO
SHVVRD GH EHP TXH
HUD$QWyQLR 3RUWXJDO
eVHPSUHXPDJUDQGH
UHVSRQVDELOLGDGHIDODU
VREUH XPD SHUVRQD
JHPTXHPDUFRXXPD
JHUDomR
1D ~OWLPD $VVHP
EOHLD *HUDO GD$VVR
FLDomR GRV $QWLJRV
$OXQRVGR&ROpJLRGH
/DPHJRUHDOL]DGDQR
SDVVDGRPrVGH1RYHPEURRLOXVWUH([3UHVLGHQWHGD
QRVVD$VVRFLDomR'U3DXOR'RORUHVDRSHGLUDSDODYUD
jPHVDSURS{VFRPHPRomRHHORTXrQFLDTXHVH¿]HVVH
XPDMXVWDKRPHQDJHPD$QWyQLR3RUWXJDOSDUDH[SULPLU
DJUDWLGmRTXHWRGRVOKHGHYHPRVSHORVDWRVUHOHYDQWHV
TXHDRORQJRGDVXDYLGDFRQWULEXLXFRPRKRPHPFRPR
GLULJHQWHGDQRVVD$VVRFLDomRHFRPRGHVSRUWLVWDUHDOL
]DQGRFRPDVXDSDUWLFLSDomRHPDLVWDUGHFRPRIRUPDGRU
GHJUDQGHVHTXLSDVGHYROHLTXHWDQWRVWtWXORVUHJLRQDLV
HQDFLRQDLVGHUDPDHVWHJORULRVR&ROpJLR
7DPEpPR'U-RmR$XJXVWR5RFKDH[RUWRXHHORJLRX
DVVXDVTXDOLGDGHVKXPDQDVHSHVVRDLV7DPEpP$QWyQLR
$OWHGD9HLJDQmRTXLVGHL[DUGHGL]HUXPDSDODYUDGHVDX
GDGH7RGRVRVSUHVHQWHVJRVWDULDPGHPDQLIHVWDURVHX
DSUHoRDWmRPDUFDQWH¿JXUDGDQRVVD$VVRFLDomRPDVR
WHPSRQmRRSHUPLWLD0DVWRGRVWLYHUDPWHPSRSDUDFRP
HPRomRHWHUQXUDUHOHPEUDU$QWyQLR3RUWXJDO$VVLPIRL
H[DUDGDHPDWDDGHFLVmRXQkQLPHGHKRPHQDJHDUWmR
HGL¿FDQWH¿JXUD9RXOHUXPH[WUDWRGRWH[WRHVFULWRSHOR
'U3DXOR'RORUHVTXHIRLWUDQVFULWRQROLYURGHDWDVHTXH
SDUDVHPSUH¿FDUiQDPHPyULDGHWRGRV
³1­26(,6(+È$/8126&5('25(6'2&2/e*,2
0$66(+289(57(1+2$&(57(=$48(80'(/(6e2
$17Ï1,232578*$/²²²²²²²²²²²²²²²²²
2 &2/e*,2 '(9(/+( 08,72 3(162 1$ 9(5'$'(
48($+,67Ï5,$'292/(,%2/'2&2/e*,21­26(5,$
$0(60$6(02&2175,%872,17(5(66(('(',&$d­2
'2$17Ï1,232578*$/%$67$5(&25'$548(08,7$6*(5$
d®(6'($/8126$35(1'(5$0&20(/((&2023$'5(-25*(
)(55(,5$$'$52635,0(,5267248(6180$%2/$'(92/(,%2/
26$/8126 48( &2167,78,5$0$ 35,0(,5$ (48,3$ &$03(­
1$&,21$/ '2 &2/e*,2 3$66$5$0 72'26 (/(6 3(/$6 0­26
'232578*$/²²²²²²²
$ 1266$ $662&,$d­2 7$0%e0 /+( '(9( 08,72 $ 025
7( '2 32578*$/ '(6)(= $48(/( 75,2 48( -8/*È9$026
(7(512 /$&(5'$ 9(1Æ1&,2 ( 32578*$/ 80 75,2 48(
5(63,5$9$ 75$%$/+2 '(',&$d­2 ,17(5(66( ( (1786,$6
02 3(/$ 1266$ 9,'$ $662&,$7,9$ 325 ,662 0(602 180
'$'2 020(172 '( 80 '26 0(86 0$1'$726 &202 35(
6,'(17( '$ ',5(&d­2 26 352029, $ ³',5(&725(6 9,7$/Ë
&,26´²²²²²²²²²²²²²²²²²²²²²²²´
4XHPGHYHULDHVWDUDTXLQRPHXOXJDUVHULD3DXOR'RORUHVTXH
SRUPRWLYRVPXLWRIRUWHVQmRSRGHVHUHOHFRPRVHULDMXVWRRSRUWD
YR]GRVVHQWLPHQWRVGHWRGRVQyV'DGDDVXDLPSRVVLELOLGDGHHHP
FRQVRQkQFLDFRPRQRVVRDPLJRHSUHVLGHQWHGD$VVRFLDomRGRV
$QWLJRV$OXQRVGR&ROpJLRGH/DPHJR'U-RVp$OEHUWR0DUTXHV
GHFLGLUDPSUHVHQWHDUPHFRPHVWDPLVVmRSHUDQWHYyV
6UD'0DULD/XFLDH[WUHPRVDHVSRVDGH$QWyQLR3RUWXJDO$QD
,VDEHOH-RVp(GXDUGRVHXV¿OKRVVDEHPRVRTXHSDVVDUDPSRU
WHUHPSHUGLGRWmRJHQHURVRFDULQKRVRHWHUQRVHUKXPDQRSHOR
TXHRFRQKHFLDPRVFRPRDPLJRRTXHGHYHULDVHUFRPRPDULGRH
SDLFRQFHUWH]DTXHLQYXOJDU2VKRPHQVERQVGHL[DPPXLWDPDLV
VDXGDGHHVRIULPHQWRpEHPPDLRU
2$QWyQLR 3RUWXJDO HUD SDUD WRGRV QyV XP KRPHP JUDQGH HP
PRGpVWLDDPLJRFRPFDUiWHUH¿FD]HVROLGiULR+iGLDVIDODQGR
FRPR$GULDQR/DFHUGDRXWUDJUDQGH¿JXUDGDQRVVD$VVRFLDomRWDO
FRPRR0DQXHO9HQkQFLRPHOHPEUDYDTXHQDSUHSDUDomRGR'LD
GR$QWLJR$OXQRRXGHTXDOTXHURXWURHYHQWRGHUHOHYkQFLDSDUDR
&ROpJLRHSDUDD$VVRFLDomRGRV$QWLJRV$OXQRVR3RUWXJDOQXQFD
IDOWDYD TXDQGR OKH HUD VROLFLWDGR TXDOTXHU WDUHID 2$QWyQLR GRV
WUrVHUDR~QLFRTXHQmRWLQKDDVXDDWLYLGDGHQR&ROpJLRSRULVVR
HUDVHPSUHPDLVGLItFLODVXDGLVSRQLELOLGDGHTXHQmRRLPSHGLD
FRQWXGRGHHVWDUSUHVHQWH
(VWHV WUrV PRVTXHWHLURV GR &ROpJLR GH /DPHJR IRUDP VHPSUH
GLUHFWRUHVGD$VVRFLDomRGHVGHTXHIRLIXQGDGDHP$TXLHVWmR
YiULRVIXQGDGRUHVPDVTXHULDVXEOLQKDUDSUHVHQoDGR&RQVHOKHLUR
-RVp0DULDQR3HJR'HVGHRSULPHLURSUHVLGHQWHRPHXTXHULGR
DPLJRHVDXGRVR'U-RVp&DUGRVRGD5RFKDDQRVRVHJXQGR
SUHVLGHQWHHXDQRVRWHUFHLURSUHVLGHQWHRPHXJUDQGHDPLJR
'U3DXOR'RORUHVDQRVHDFWXDOPHQWHRPHXERPDPLJR'U-RVp
$OEHUWR0DUTXHVDQRVTXHDLQGDKiEHPSRXFRWHPSRLQLFLRX
HVWDGLUHomRHTXHWmREHPWHPJHULGRFRPDVXDMXYHQWXGHDLQGD
WHPPXLWRSDUDGDUDHVWD$VVRFLDomRTXHSHUID]DQRV
&DOFXORQmRKDYHUQRGLFLRQiULRGDOtQJXDSRUWXJXHVDXPVLJQL¿
FDGRSDUDWmRJUDQGHGHGLFDomR
3DUDGLJQL¿FDUHID]HUSHUGXUDUDPHPyULDGH$QWyQLR3RUWXJDOYDL
VHUHQWUHJXHjVXDIDPtOLDSHORQRVVRSUHVLGHQWH'U-RVp$OEHUWR
0DUTXHVXPDLQVtJQLDGDQRVVD$VVRFLDomRTXHUHSUHVHQWDRPp
ULWRRYDORUKXPDQRGHWRGRVRVTXHFRQWULEXtUDPSDUDDYDORUL]DomR
GR&ROpJLRHGDQRVVD$VVRFLDomR
(WX3RUWXJDOSHUWHQFHVDRVHOHLWRVPHUHFHGRUHVGHXPVtPEROR
SDUDTXHPVRXEHYLYHUGDQGRSDUWHGDVXDYLGDSDUDVHUYLUVHP
DOJXPDYH]SHQVDUHPUHFHEHU
0DQXHO3LQWRGH6RXVD
,QVFUHYDRVHXILOKRHDPLJRQR&ROpJLRGH/DPHJR
$UFiGLD
7
junho de 2013
17,*2$/812
&2029,9,2',$'2$17,*2$/812
&KHJDPRVFHGR(QFRQWUDPRQRVQRiWULRGR&ROpJLR
2UHHQFRQWURpVHPSUHXPPRPHQWRDOWRGHH[SHFWDWL
YDVHGHHPRo}HV$EUDoRVHPDLVDEUDoRV&RQWLQXDPRV
DPDQWHUIRUWHVODoRVGHFDULQKRHDPL]DGH5HVSHLWDPR
QRVPXWXDPHQWH9ROWDPRVWRGRVjFDVD±PmHDRQRVVR
&ROpJLR
2 GLD HVWi VRODUHQJR $V JLHVWDV HP À{U PDUFDP D
SDLVDJHPHRULWPRGRWHPSR
&DGD XP GH QyV WUDQVSRUWD D PHPyULD YLYD GH XP
SUHVHQWHSDVVDGRPDVVHPSUHDFWXDO
5HYLYHPRV PRPHQWRV ~QLFRV GH FDPDUDGDJHP 5H
FRUGDPRVHSLVyGLRVTXHQXQFDVHDSDJDUmRQRWHPSR
7UDQVSRUWDPRVKLVWyULDVHPHPyULDVDQWLJDV
2QRVVR&ROpJLRUHFHEHQRVGHEUDoRVDEHUWRVFRPR
VHIRVVHRSULPHLURGLDGDVQRVVDVYLGDVHQyVDJUDGH
FHPRVHVVDGLVSRQLELOLGDGHSDUDTXHPHPQyVDFUHGLWRX
HDSRLRXDRORQJRGDQRVVDMXYHQWXGH
(XSUH¿URRHUURGRHQWXVLDVPRjLQGLIHUHQoDGRERP
VHQVR
0XLWRVGRVDOXQRVTXHHVWXGDUDPQHVWD,QVWLWXLomRH
TXHQRVYLVLWDPDQXDOPHQWHGLVWLQJXLUDPVHQDVVXDV
PDLVYDULDGDVSUR¿VV}HVGDVDUWHVjFLrQFLDHVFULWD
PHGLFLQD HQJHQKDULD PDJLVWUDWXUD MXGLFLDO H GR PL
QLVWpULRS~EOLFRFDUUHLUDPLOLWDULQVSHFWRUHVMXGLFLDLV
SROtWLFDHQVLQRDGYRFDFLDYLQLFXOWXUDHPXLWDVRXWUDV
$SURYHLWDPRVHVWHHQFRQWURDQXDOSDUDUHÀHFWLUHUH
SDUWLUDVQRVVDVH[SHULrQFLDVSHVVRDLVHSUR¿VVLRQDLVTXH
PXLWRJUDWL¿FDPDQRVVDHYROXomRFRPXPDLGHQWLGDGH
SUySULDXQVPDLVRXVDGRVRXWURVPDLVWtPLGRVVHPSUH
FRPDGHWHUPLQDomRGRTXHUHUVREUHYLYHUQXPPXQGR
SRUYH]HVFUXHOPDVTXHQRVXQHWDQWRQDJOyULDFRPR
QDDGYHUVLGDGH
$PHPyULDDJHFRPRDOHQWHFRQYHUJHQWHQDFkPDUD
HVFXUDUHGX]WRGDVDVGLPHQV}HVHSURGX]GHVVDIRUPD
XPDLPDJHPEHPPDLVEHODGRTXHRRULJLQDO
5HOHPEUDPRVRVDXVHQWHVFRPRVHFDGDXPGHOHVIRV
VHXPHORLQGLVVRFLiYHOH¿]HVVHSDUWHGHQyVSUySULRV
$OXQRVSURIHVVRUHVHHGXFDGRUHVTXHMiSDUWLUDPPDV
TXHFRQWLQXDUmRSUHVHQWHVQDQRVVDPHPyULD3UHVWDPRV
OKHVDQXDOPHQWHXPDVLPEyOLFDHVHQWLGDKRPHQDJHP
GLDQWHGRVVHXVHQWHVPDLVTXHULGRVTXHWDPEpPPXLWR
QRV KRQUD FRP D VXD SUHVHQoD QHVWH HYHQWR (VWH DQR
SUHVWDPRVKRPHQDJHPDR$QWyQLR3RUWXJDO
2 HIHLWRGD PHPyULD p OHYDUQRV DRV DXVHQWHV SDUD
TXHHVWHMDPRVFRPHOHVHWUD]rORVDHOHVDQyVSDUD
TXHHVWHMDPFRQQRVFR
&RPRMipWUDGLomRQHVWHHYHQWRGR'LDGR$QWLJR$OXQR
FRQWDPRV FRP XP HVSDoR SUySULR SDUD D DEHUWXUD GH
XPDH[SRVLomRGHGLFDGDjVDUWHV1HVWHHYHQWRPHUHFHX
DVKRQUDVGDFDVDRQRVVRFROHJD'LQLV&RUWHVFRPD
H[SRVLomRGHIRWRJUD¿D±'RXUR3DWULPyQLR1DWXUDO
$OpP GDV DSWLG}HV H GDV TXDOLGDGHV KHUGDGDV p D
WUDGLomRTXHID]GHQyVDTXLORTXHVRPRV
$SUHFLDPRVDJDVWURQRPLDFRPLQWHQVRVDERUUHJLRQDO
GRYLQKRDRSmRHjVWUDGLFLRQDLVLJXDULDVGDUHJLmRGH
/DPHJR
2FRQYtYLRLQWHQVRHIDUWRQDVPHVDVWUDQVSRUWDP
QRVSDUDXPPRPHQWR~QLFRGHGLYHUVLGDGHGHJRVWRVH
SDODGDUHV
1R~OWLPR6iEDGRGH0DLRGHFDGDDQRGL]HPRVSUH
VHQWH
'DQLHO )LOLSH 6LOYD (UPLGD 0DUWLQV GH )UHLWDV H[
DOXQR GR &ROpJLR GH /DPHJR IRL HOHLWR 3UHVLGHQWH GD
'LUHFomRGD$VVRFLDomRGH(VWXGDQWHVGD)DFXOGDGHGH
(QJHQKDULDGD8QLYHUVLGDGHGR3RUWR$()(83FXMDV
HOHLo}HVGHFRUUHUDPDHGH0DLRSDVVDGR
2&ROpJLRGH/DPHJRVHQWHVHIHOL]HSRUHVWHPHLR
YHPGDUXPDEUDoRGH3DUDEpQVDR'DQLHO
$WRPDGDGHSRVVHGRVyUJmRVVRFLDLVHPUHVXOWDGR
GDTXHODV HOHLo}HV RFRUUHX QR$XGLWyULR GD )(83 QR
GLDGH-XQKRGHVHQGRHQWmRHPSRVVDGRVRV
HOHPHQWRVHOHLWRV
$UHIHULGD$VVRFLDomRDEUDQJHXPXQLYHUVRGHFHUFD
GHHVWXGDQWHVVHQGRDPDLRU$VVRFLDomRGH(V
WXGDQWHVGD8QLYHUVLGDGHGR3RUWR7HPLQVWDODo}HVHP
HGLItFLRSUySULRQDVLPHGLDo}HVGD)(83
0DLRGH&ROpJLRGH/DPHJR
0DQXHO'yULD9LODU
2 DQWLJR DOXQR 3LQWR GD &RVWD UHFRUGD &ROpJLR
³)RLXPDQRLQWHUHVVDQWHTXHSDVVHLHP
/DPHJR´
3DUWLFLSHLUHFHQWHPHQWHQXPGRVDOPR
oRV TXH R 1~FOHR GR 3RUWR GRV $QWLJRV
$OXQRV GR /LFHX GH /DPHJR RUJDQL]D
PHQVDOPHQWH H TXH WHP VLGR XP SRQWR
GHHQFRQWURXPDRSRUWXQLGDGHSDUDUHYHU
DPLJRV H FROHJDV 8P HYHQWR TXH p Mi
XPDUHIHUrQFLDHTXHKiYiULRVDQRVp
LUUHSUHHQVLYHOPHQWHRUJDQL]DGRSRU-RVp
0DQXHO 3LQKHLUR GD 0RWD 5H¿UDVH SRU
FXULRVLGDGHTXHGHVWDYH]VHQWDUDPVHj
PHVDFHUFDGHXPDFHQWHQDGHDQWLJRV
DOXQRV
2UHVWDXUDQWHHPFDXVDHVWiLQWHJUDGR
QR0RQWH$YHQWLQRXP&RPSOH[RVLWXDGR
MXQWRDR(VWiGLRGR'UDJmR1HPGHSUR
SyVLWRIHOL]FRLQFLGrQFLDHQTXDQWRHVWDYD
DUHFROKHULPDJHQVSDUDID]HUXPDUHSRU
WDJHPSDUDD7HOHYLVmRGR'RXURHQWUDQR
UHVWDXUDQWHSDUDDOPRoDUR3UHVLGHQWHGR
)XWHERO&OXEHGR3RUWR6DEHQGRTXHHOH
WLQKD VLGR DOXQR GR &ROpJLR GH /DPHJR
SURSXVOKHID]HUXPDSHTXHQDHQWUHYLVWD
VREUHRDQROHWLYRTXHSDVVRXHP/DPHJR
6LPSDWLFDPHQWH 3LQWR GD &RVWD DFHGHX
DRFRQYLWHHFRPHoRXSRUUHFRUGDUTXHD
FLGDGHGH/DPHJROKHWUD]ERDVUHFRUGD
o}HV³$SHVDUGHWHUIUHTXHQWDGRR&ROpJLR
GH/DPHJRDSHQDVQRDQROHWLYR
¿]OiPXLWRVDPLJRV$FKHLVHPSUHPXLWR
ERQLWD D FLGDGH GH 1RVVD 6HQKRUD GRV
5HPpGLRV5HFRUGRTXHKDYLDXPFDIpQD
EDL[DGDFLGDGHMXOJRTXHMiQmRH[LVWH
FKDPDGR&DIpGR4XLQWLQRRQGHVHUHX
QLDPRVSRUWLVWDVSDUDRXYLURVUHODWRVGH
IXWHERO´
6REUHR&ROpJLR3LQWRGD&RVWDOHPEURX
DOJXQV SURIHVVRUHV GD pSRFD FRP TXHP
PDQWHYH FRQWDFWR GXUDQWH PXLWRV DQRV
³&ULHLERDVDPL]DGHVQmRVyFRPRVGR
FHQWHVPDVWDPEpPFRPJHQWHGDWHUUD
3RUH[HPSORFRPR)DXVWR*HQWLOGHTXHP
IXLJUDQGHDPLJRLQIHOL]PHQWHMiIDOHFHX
IRL PpGLFR HP *XLPDUmHV H DLQGD PH
OHPEURGRQRPHFRPSOHWR)DXVWR*HQWLO
5LFD*XHGHV*RPHV
)RLXPDQRLQWHUHVVDQWHTXHSDVVHLHP
/DPHJRDSHVDUGRPXLWRIULRHGHSHOD
SULPHLUDYH]QDYLGDWHUWLGRIULHLUDV´
0DVRIULRULJRURVRGRVLQYHUQRVHP/D
PHJRGHL[RXQRHQWDQWRRXWUDPDUFDHP
3LQWRGD&RVWD³)RLDSULPHLUDYH]TXHYL
XPJUDQGHQHYmR$FRUGDPRVGHPDQKm
HHVWDYDWXGREUDQFR7LQKDQHYDGRLQWHQ
VDPHQWHGXUDQWHDQRLWH)RLXPDDOHJULD
3DUDDOpPGDLPDJHPPDUDYLOKRVDTXHQRV
SURSRUFLRQRXVREUHDFLGDGHSHUPLWLXTXH
WLYpVVHPRVWUrVGLDVVHPDXODVSRLVRFR
OpJLRHVWiVLWXDGRQDSDUWHDOWDGDFLGDGH
HRVSURIHVVRUHVQmRVHSRGLDPGHVORFDU
XPDYH]TXHRVDFHVVRVHVWDYDPFRUWDGRV
)RUDPWUrVGLDVGHIpULDVVHPFRQWDUj
FXVWDGRQHYmR´
6REUH D ULYDOLGDGH HQWUH DOXQRV GR
&ROpJLRHGR/LFHX3LQWRGD&RVWDIRLSH
UHQWyULR³1mRKDYLD(XDWpWLQKDDPLJRV
TXH IUHTXHQWDYDP R /LFHX FRP DOJXPD
DVVLGXLGDGH MXQWiYDPRQRV QR &DIp GR
4XLQWLQRHQXQFDQRWHLTXDOTXHUULYDOLGDGH
RXGHVFULPLQDomR´
$TXL¿FDRUHJLVWRGHXPDQWLJRDOXQR
GR&ROpJLRGH/DPHJR³&OXELWHV´jSDUWH
-RUJH1XQR3LQWRGD&RVWDpLQGLVFXWLYHO
PHQWH XPD QRWiYHO SHUVRQDOLGDGH FRP
JUDQGHSURMHomRQDFLRQDOHLQWHUQDFLRQDO
SRVVXLGRUGHXPSDOPDUpVLQYHMiYHOHTXH
WHPFRQWULEXtGRQmRVySDUDDD¿UPDomR
GRVHX)XWHERO&OXEHGR3RUWRPDVDFLPD
GHWXGRSDUDDSURMHomRGRIXWHEROSRUWX
JXrVQRPXQGR
9LVLWHRVLWHGR&ROpJLRZZZFROHJLRGHODPHJRHGXSW
+XPEHUWR&RVWD
$UFiGLD
8
junho de 2013
1DKRUDGDGHVSHGLGD
$GHXV&ROpJLR
DWpGHSRLV
$TXLRELEHIH]VHWUDMH
9HOR]HEUDQGRFRPRVyRWHPSR
$TXLIH]VHGRVVRQKRVDUHDOLGDGH
'DG~YLGDHLQFHUWH]D
)H]VHDFRQTXLVWDGDFHUWH]D
$TXLVHQWHVHMiDVDXGDGH
'HULVRVHFRQYHUVDVMRJDGDVDRYHQWR
'HWXGRRTXHVRQKiPRV
(PWmREUHYHHVSDoRGHWHPSR
$TXL¿]HUDPVHDPLJRVSDUDDYLGD
$TXLSDUWLOKiPRVVRUULVRVHOiJULPDV
$TXLGHUHSHQWH
)H]VHGDYLGDSUHVHQWHRIXWXURGLVWDQWH
)H]VHGRTXRWLGLDQRDOHPEUDQoDTXHULGD
)H]VHGR&ROpJLRXPDPHPyULDVHQWLGD
$TXLJDQKiPRVDVDVSDUDXPGLDYRDU
$TXL&ROpJLRpVDHVWUHOD
4XHDWRGRHDFDGDPRPHQWR
,OXPLQDUiRQRVVRYRR
3DUDTXHQDHVFXULGmRGRWHPSR
$OFDQFHPRVRIXWXUREULOKDQWH
&KHJRXDKRUDGHSDUWLU
(VSDOKDUHPRVSHORFDPLQKR
3pWDODVGHVRQKRVHGHVDXGDGH
(VSHUDQoDVGHXPGLDUHJUHVVDU
7UD]HQGRQRROKDUREULOKRGDVDXGDGH
1RVOiELRVRVRUULVRGRVXFHVVRDOFDQoDGR
&KHJRXDKRUDGHSDUWLU
$GHXV&ROpJLR«DWpGHSRLV«
$UFiGLD
6DUD3LQWR5LEHLUR2OLYHLUDGD6LOYDžDQR
&ROpJLRGH/DPHJR/DPHJR
2Oi&ROpJLR
9RXWHVHUVLQFHUDVLQWRPHPXLWRWULVWH7ULVWHSRUWHHVWDUDHV
FUHYHUXPDUWLJRGHGHVSHGLGDDWLTXHVHPSUHPHSURSRUFLRQDVWH
PRPHQWRV~QLFRVHGHHWHUQDUHFRUGDomR
9LPSDUDDTXLDSHQDVQRGpFLPRDQRPDVMiWHQKRWDQWDFRLVDD
GL]HUWHTXHSDUHFHTXHHVWXGHLDTXLGHVGHVHPSUH$LQGDPHOHPEUR
GRSULPHLURGLDGHDXODV«eYHUGDGHTXHHVWUDQKHLEDVWDQWH1mR
HVWDYDPXLWRKDELWXDGDDXPDPELHQWHWmRFDOPRHVHUHQRFRPRR
WHX6HQWLVDXGDGHVGRVPHXVFROHJDVHGDTXHOD³FRQIXVmR´DTXH
HVWDYDKDELWXDGD5DSLGDPHQWHPHVHQWLHPFDVD$PLQKDWXUPD
DTXHPGHYRPXLWRDFROKHXQRVDPLPHDRXWURVFROHJDVDFDED
GLQKRVGHFKHJDUFRPRXPDYHUGDGHLUDIDPtOLD7DPEpPGHYRXP
VLQFHURREULJDGDDRVVHQKRUHVSDGUHVTXHFRPRVHXFRQKHFLPHQWR
HDXWRULGDGHQRVHGXFDUDPGHXPDPDQHLUDH[WUDRUGLQiULDHQRV
¿]HUDPVHPSUHYHUTXDORFDPLQKRTXHGHYtDPRVVHJXLU7DPEpPDRV
SURIHVVRUHVGHYRDFDXVDGHVWHEHPHVWDUTXHWDQWRQRVHQVLQDUDP
FRPRQRV¿]HUDPFUHVFHU(SRU¿PXPREULJDGDDRVQRVVRVSDLV
TXHVHHVIRUoDUDPWRGRVRVGLDVSDUDQRVPDQWHUQHVWDFDVDSRLV
VDELDPTXHHUDRPHOKRUSDUDQyV
$FUHGLWDVTXHPHFDLXXPDOiJULPD"eYHUGDGH9RXVHQWLUWDQWDV
VDXGDGHVWXDV&ROpJLR9RXVHQWLUIDOWDGRVODoRVIRUWHVTXHHPWL
VHYLYHP9RXUHOHPEUDURWHXWRTXH/HPEUDUPHHLWRGRVRVGLDV
GHPXLWDVFDUDVGHVGHDVFULDQoDVGDSULPiULDDRVIXQFLRQiULRV
(LPSRVVtYHOGHHVTXHFHURWHXFKHLURTXHpXPPLVWRGHDPL]DGH
WUDEDOKRHPXLWRHVIRUoR$FUHGLWDTXHDWpGHXPVLPSOHVSDQLTXHYRX
VHQWLUIDOWDTXHYLQGRGHWLWHPXPVDERUHVSHFLDOVHPSUHPHOKRU
GRTXHWRGRVRVRXWURVeLQFUtYHOFRPRDWXDVLPSOLFLGDGHFRQTXLVWD
WRGDVDVSHVVRDVTXHSRUDTXLSDVVDP
$¿QDOQmRPHYRXGHVSHGLUGHWLSRUTXHQXQFDQRVYDPRVVH
SDUDU3URPHWRTXHWHYHQKRYLVLWDUHWUDJRRVPHXVDPLJRV$Wp
OiUHFHEHEHPRVRXWURVMRYHQVTXHSRUDTXLYmRSDVVDUWDOFRPR
¿]HVWHFRPLJR
8PDGHXVDR&ROpJLR
)RLPHSHGLGRTXHHVFUHYHVVHXPWH[WRGHGHVSHGLGDQHVWDKRUD
HPTXHVHDSUR[LPDRDGHXVDR&ROpJLRRQGHSDVVHLRV~OWLPRV
DQRV$YHUGDGHpTXHDWpDJRUDKRUDHPTXHHVFUHYRDLQGDQmR
PHWLQKDDSHUFHELGRWRWDOPHQWHGHVWDUHDOLGDGH±DSUR[LPDVHD
XPD YHORFLGDGH YHUWLJLQRVD D KRUD GD SDUWLGD 7HUi VLGR WDOYH]
HVWD PHVPD LGHLD GH ³SDUWLGD´ ± UXPR DR GHVFRQKHFLGR D QRYRV
REMHFWLYRVHGHVD¿RV±TXHPHWHQKDLPSHGLGRGHROKDUSDUDRYHU
GDGHLURVLJQL¿FDGRGHVWHVGLDVTXHSDVVDPRV~OWLPRVQHVWDHVFROD
$DQVLHGDGHSURYHQLHQWHGDQHFHVVLGDGHXUJHQWHGHGHVFREULUXP
FDPLQKRHDRPHVPRWHPSRDVVHJXUiORFRQFHQWURXDVPLQKDV
DWHQo}HVWRUQDQGRDTXLORTXHGHYHULDVHUXPIDFWRSUHYLVtYHOQXPD
³TXDVHVXUSUHVD´4XDVHSRUTXHHVWHPRPHQWRpDOJRTXHVHYDL
HVSHUDQGRHLPDJLQDQGRGXUDQWHYiULRVDQRVDQWHULRUHVjVXDUHDO
RFRUUrQFLD VXUSUHVD SRUTXH QXQFD LPDJLQDULD TXH FKHJDVVH WmR
GHSUHVVD
(QTXDQWR HVFUHYR SHUFRUUR PHQWDOPHQWH DV PHPyULDV TXH VH
IRUDPFRQVWUXLQGRQRVFRUUHGRUHVVDODVSDYLOKmRHH[WHULRUHVGR
&ROpJLRFRPDFHUWH]DGHTXHWRGRVHVWHVPRPHQWRVDLQGDYtYLGRV
DVVLPSHUPDQHFHUmRHVHUmRRWHVWHPXQKRTXHFDGDXPGHQyV
JXDUGDUi FRPR RXWURV QRXWURV WHPSRV JXDUGDUDP ± GRV DQRV
SDVVDGRVQHVWD&DVD(SRUHQWUHDQRVWDOJLDGHVVDVUHFRUGDo}HV
VXUJH XP RXWUR VHQWLPHQWR PDLV GRPLQDQWH H XUJHQWH JUDWLGmR
3UHWHQGRDVVLPWHUPLQDUHVWDGHVSHGLGDDJUDGHFHQGRDWRGRVFRP
TXHPHFUX]HLQHVWHVDQRVHTXHGHL[DUDPLQYDULDYHOPHQWHXPD
PDUFDQDVPHPyULDVTXHKiSRXFRUHIHULD&ROHJDVSURIHVVRUHV
VHQKRUHVSDGUHVIXQFLRQiULRVHIXQFLRQiULDVDWRGRVXPVLQFHUR
REULJDGRSRUWXGRTXDQWRPHRIHUHFHUDPQHVWHWHPSRTXHPHVPR
WHUPLQDQGRSHUPDQHFHUiSDUDVHPSUHQDPLQKDPHPyULDHFRQ¿R
QDGHWRGRVDTXHOHVFRPTXHPWLYHDVRUWHGHRSDUWLOKDU
7LDJR)HLMmRž
-RDQD&DUYDOKDLVžDQR
(WXGRYDOHXDSHQD
'HFRUULDRDQRGHTXDQGRLQLFLHLRPHXSHUFXUVRHVFRODUQXPDHVFRODGHUHIHUrQFLDR&ROpJLRGH/DPHJRORFDOGHFUHVFLPHQWR
LQWHJUDOGHEHPHVWDUHRQGHFDGDXPS{GHHQFRQWUDUYDORUHVHUHIHUrQFLDVSDUDRVHXSURMHWRGHYLGD
3DVVDGRVTXHIRUDPHVWHVDQRVDRORQJRGHVWHSHUtRGRKRXYHPRPHQWRVGHDQVLHGDGHPRPHQWRVPHQRVFRQVHJXLGRVPDVQXQFD
SHUGHPRVRHQWXVLDVPRRRWLPLVPRQHPPXLWRPHQRVDHVSHUDQoD9DOHXDSHQDRHPSHQKRRHVIRUoRHDGHGLFDomRDVSHTXHQDV
FRQTXLVWDVGHWRGRVQyVFRPXQLGDGHHGXFDWLYD
)RLQHVWHLPSRQHQWHORFDOGHUHQRPHTXHHQFRQWUHLRHQWXVLDVPRDVDSLrQFLDDSHUVLVWrQFLDDGLVSR
QLELOLGDGHRJRVWRGHHQVLQDUGHDSUHQGHUGHSDUWLOKDU2WHPSRIRLSDVVDQGRHDFDGDYLUDUGHSiJLQDIXL
HVFUHYHQGRDKLVWyULDGRPRPHQWR(RVPRPHQWRVVXFHGHUDPVHDVDPL]DGHVFULDUDPUDt]HVDPDUUDV
TXHQRVIRUWDOHFHUDPHDFDGDLQVWDQWHGHIUDTXH]DOiHVWDYDHPFDGDHVSDoR³XPSURIHVVRU´SDUDQRV
HQFRUDMDUSDUDQRVDSRLDUQRVLQFHQWLYDUDXOWUDSDVVDUPDLVXPDHWDSDXPGHVkQLPR«
&ULDUDPVHODoRVLQVHSDUiYHLVDRVTXHQRVHQVLQDUDPDWRPDUGHFLV}HVFRQVFLHQWHVPXLWRPDLVGR
TXHXPDFRPSDQKDPHQWRLQGLYLGXDOL]DGRKRXYHVHPSUHXPWUDEDOKRFRODERUDWLYRGHHTXLSDRULHQWDGR
WHQGRXPREMHWLYRRVXFHVVRHGXFDWLYR
0XLWDVGDV¿JXUDVGDYLGDFXOWXUDOSRUWXJXHVDHLOXVWUHVFLGDGmRVSDVVDUDPSRUHVWDLQVWLWXLomRHTXHP
VDEHTXDQWRVDLQGDQREUHV¿JXUDVSDVVDUmR"
2UJXOKRPHGHSHUWHQFHUDRJUXSRGHDOXQRVTXHID]DKLVWyULDGHVWDLQVWLWXLomRHGXFDWLYDHTXHRV
DIHWRVTXHQRVXQHPVHMDPQR$PDQKmXPPRWLYRGHTXHWXGRYDOHXDSHQD
$WRGRVTXHFRQWULEXtUDPHFRQWULEXHPSDUDTXHHVWH&ROpJLRFRQWLQXHDIRUPDUHHGXFDUDWRGRVTXH
PHDSRLDUDPHDMXGDUDPQDFRQFUHWL]DomRGRPHXVRQKRXPPXLWR2EULJDGD
5DTXHO6RXVD6DQWRVž$QR
LAMEGO
,QVFUHYDRVHXILOKRHDPLJRQR&ROpJLRGH/DPHJR