$17(6'(86$52$57,*2
&216(/+263$5$$3527(&d®2'2
$0%,(17(
2DSDUHOKRTXHDGTXLULXGHVWLQDVHDSHQDVD
XPXVRGRPpVWLFR
3DUDREWHUPHOKRUHVUHVXOWDGRVGRVHX
DSDUHOKRDFRQVHOKDPRVTXHOHLD
DWHQWDPHQWHDVLQVWUX
}HVGHXWLOL]D
mR
RQGHSRGHUiHQFRQWUDUDGHVFUL
mRGRVHX
DSDUHOKRHFRQVHOKRV~WHLVSDUDD
FRQVHUYD
mRGRVDOLPHQWRV
*XDUGHHVWHPDQXDOSDUDIXWXUDVFRQVXOWDV
$SyVWHUGHVHPEDODGRRDSDUHOKRFHUWLILTXH
VHGHTXHHOHQmRHVWiGDQLILFDGRHGHTXHD
SRUWDIHFKDFRUUHFWDPHQWH(YHQWXDLVGDQRV
GHYHPVHUFRPXQLFDGRVDRUHYHQGHGRUQXP
SUD]RGHKRUDV
'HL[HRDSDUHOKRUHSRXVDUGXUDQWHGXDVKRUDV
DQWHVGHROLJDUDILPGHSHUPLWLUTXHRFLUFXLWR
UHIULJHUDQWHHVWHMDSHUIHLWDPHQWHHILFLHQWH
&HUWLILTXHVHGHTXHDOLJDomRHDLQVWDODomR
HOpFWULFDVmRHIHFWXDGDVSRUXPWpFQLFR
HVSHFLDOL]DGRVHJXQGRDVLQVWUXo}HVIRUQHFLGDV
SHORIDEULFDQWHHHPFRQIRUPLGDGHFRPDV
QRUPDVGHVHJXUDQoDORFDLVHPYLJRU
/LPSHRLQWHULRUGRDSDUHOKRDQWHVGHRXWLOL]DU
(PEDODJHP
$HPEDODJHPpFRQVWLWXtGDSRUPDWHULDO
UHFLFOiYHOHHVWiPDUFDGDFRPRVtPERORGH
UHFLFODJHP3DUDDHOLPLQDomRUHVSHLWHDV
QRUPDVORFDLV2PDWHULDOGHHPEDODJHPVDFRV
GHSOiVWLFRSHGDoRVGHSROLVWLUHQRHWFGHYHP
VHUPDQWLGRVIRUDGRDOFDQFHGDVFULDQoDVGDGR
TXHFRQVWLWXHPSRWHQFLDLVIRQWHVGHSHULJR
'HVPDQWHODPHQWR
2SURGXWRIRLIDEULFDGRFRPPDWHULDOUHXWLOL]iYHO
(VWHDSDUHOKRHVWiFODVVLILFDGRGHDFRUGRFRPD
'LUHFWLYD(XURSHLD(&VREUH5HVtGXRV
GHHTXLSDPHQWRHOpFWULFRHHOHFWUyQLFR&((
$RJDUDQWLUDHOLPLQDomRDGHTXDGDGHVWHSURGXWR
HVWDUiDDMXGDUDHYLWDUSRWHQFLDLVFRQVHTXrQFLDV
QHJDWLYDVSDUDRDPELHQWHHSDUDDVD~GHS~EOLFD
TXHSRGHULDPGHULYDUGHXPPDQXVHDPHQWRGH
GHVSHUGtFLRVLQDGHTXDGRGHVWHSURGXWR
2VtPEROR QRSURGXWRRXQRVGRFXPHQWRV
TXHDFRPSDQKDPRSURGXWRLQGLFDTXHHVWH
DSDUHOKRQmRSRGHUHFHEHUXPWUDWDPHQWR
VHPHOKDQWHDRGHXPGHVSHUGtFLRGRPpVWLFR
3HORFRQWUiULRGHYHUiVHUGHSRVLWDGRQR
UHVSHFWLYRFHQWURGHUHFROKDSDUDDUHFLFODJHP
GHHTXLSDPHQWRHOpFWULFRHHOHFWUyQLFR
1RPRPHQWRGRGHVPDQWHODPHQWRWRUQHR
DSDUHOKRLQXWLOL]iYHOFRUWDQGRRFDERGH
DOLPHQWDomRHUHWLUDQGRDVSRUWDVHDVSUDWHOHLUDV
GHPDQHLUDDTXHDVFULDQoDVQmRSRVVDPDFHGHU
IDFLOPHQWHDRLQWHULRUGRIULJRUtILFR
(PFDVRGHGHVPDQWHODPHQWRUHFRPHQGDPRV
TXHUHVSHLWHDVQRUPDVORFDLVUHODWLYDVj
HOLPLQDomRGHUHVtGXRVHHQWUHJXHRQRV
GHYLGRVFHQWURVGHHVFRDPHQWRVHPRGHL[DU
VHUVHUYLJLDGRQHPVHTXHUGXUDQWHSRXFRVGLDV
SRLVSRGHYLUDVHUXPDIRQWHGHSHULJRSDUDDV
FULDQoDV3DUDREWHULQIRUPDo}HVPDLV
GHWDOKDGDVVREUHRWUDWDPHQWRDUHFXSHUDomRH
DUHFLFODJHPGHVWHSURGXWRFRQWDFWHR
'HSDUWDPHQWRQDVXDORFDOLGDGHRVHXVHUYLoR
GHHOLPLQDomRGHGHVSHUGtFLRVGRPpVWLFRVRXD
ORMDRQGHDGTXLULXRSURGXWR
,QIRUPD
mR
(VWHDSDUHOKRQmRFRQWpP&)&RFLUFXLWR
UHIULJHUDQWHFRQWpP5DQHP+)&
RFLUFXLWRUHIULJHUDQWHFRQWpP5D
3DUDRVDSDUHOKRVFRP,VREXWDQR5D
RLVREXWDQRpXPJiVQDWXUDOQmRSUHMXGLFLDODR
PHLRDPELHQWHPDVLQIODPiYHO3RUWDQWRp
LQGLVSHQViYHOFHUWLILFDUVHGHTXHRVWXERVGR
FLUFXLWRUHIULJHUDQWHQmRHVWmRGDQLILFDGRV
'HFODUD
mRGHFRQIRUPLGDGH
(VWHDSDUHOKRIRLFRQFHELGRSDUDFRQVHUYDU
SURGXWRVDOLPHQWDUHVHIRLIDEULFDGRHP
FRQIRUPLGDGHFRPD'LUHFWLYD(XURSHLD
&((&(HRUHJXODPHQWR&(
1
(VWHDSDUHOKRIRLFRQFHELGRIDEULFDGRH
GLVWULEXtGRHPFRQIRUPLGDGHFRPRVHJXLQWH
RVREMHFWLYRVGHVHJXUDQoDGD'LUHFWLYD%DL[D
7HQVmR&((
RVUHTXLVLWRVGHSURWHFomRGD'LUHFWLYD´(0&µ
&((
PRGLILFDGDVSHOD'LUHFWLYD&((
$VHJXUDQoDHOpFWULFDGRDUWLJRHVWi
DVVHJXUDGDDSHQDVTXDQGRHVWLYHU
FRUUHFWDPHQWHOLJDGRDXPDHILFLHQWH
LQVWDODomRjWHUUDVHJXQGRDVQRUPDVOHJDLV
Silvia_Montaperti_31302000.book Page 66 Tuesday, May 10, 2005 12:24 PM