Littérature scientifique sur le sujet « Limited Partners »

The main purpose of this article is to present the role and position of partners in a limited partnership. The growing interest in choosing this organizational and legal form is due to its specificity. A limited partnership allows shaping the rights and obligations of the company’s partners, who are divided into two groups: general partners and limited partners. The reason for different legal nature of these entities who are relative to each other should be noticed. Furthermore their liability for the company’s liabilities is shaped differently, as well as the issue of running company’s affairs and its representation. Currently a common type of limited partnership called Limited Liability Limited Partnerships (LLLP), wherein Limited Liability Company as a legal person becomes the general partner. This legal solution is beneficial for its partners. In doctrine is considered as an atypical legal company.

Although providing support in romantic relationships is important for the well-being of both partners, providing support can be effortful. People have varying implicit theories about the exertion of effort; limited willpower theorists believe that mental resources become exhausted with use, while nonlimited willpower theorists believe that exerting effort can even prepare you for future exertion. While limited willpower theorists are more likely to experience depletion and limitations themselves, they may also be more likely to perceive and empathize with the depletion and limitations of their romantic partners. We conducted a daily diary study ( N = 363; 1,429 observations) to examine how willpower theories relate to participants’ intentions to support their romantic partners in the evenings. We find that limited theorists report their partners as more tired (predicting more intention to support)—however, limited theorists also report more fatigue and lower mood themselves (predicting less intention to support). Overall, limited willpower beliefs were associated with less, not more, intent to support one’s partner for the rest of the evening. Even if limited willpower theories improve people’s abilities to perceive their partner’s fatigue, at the end of the day, they may not feel they have the mental resources to support their romantic partners.

In most long-term romantic relationships, partners experience sexual conflicts of interest in which one partner declines the other partner’s sexual advances. We investigated the distinct ways people reject a partner’s advances (i.e., with reassuring, hostile, assertive, and deflecting behaviors) in Studies 1 and 2. Using cross-sectional (Study 3) and daily experience methods (Study 4), we investigated how perceptions of a partner’s rejection behaviors are linked with the rejected partner’s relationship and sexual satisfaction. We found robust evidence that perceived partner reassuring behaviors were associated with greater satisfaction, whereas perceived partner hostile behaviors were associated with lower levels of satisfaction. Perceived partner responsiveness was a key mechanism underlying the effects. Findings for assertive and deflecting behaviors were limited, but the effect of deflecting behaviors was qualified by levels of hostile behaviors for sexual satisfaction. Findings provide the first empirical investigation of the specific ways partners can decline one another’s advances to preserve satisfaction.

The indirect placement of a limited partner’s surname in business name of a limited liability partnershipIn the limited liability partnership, whose general partner is a non-natural person, there is a possibility that in its business name may occur an indirect placement of a limited partner’s surname when general partner’s business name contains surname of a limited partner. Accordance to art. 104 § 3 of Polish Code of Commercial Companies CCC limited liability partnership’s business name shall contain full business name of at least one of its general partners who are non-natural persons. In the result art. 104 § 4 CCC is infringed by the force of the law itself. This conflict of laws can be resolved by application of either lingual or functional interpretations of these contracting to each other provisions. Due to the needs of business practice, more liberal approach to the application of art. 104 § 4 should be adopted. Additionally, it would be wrong to punish entities who are acting in accordance with law for obeying it. Finally, the indirect placement of a limited partner’s surname in the business name of a limited liability partnership shall not result in holding limited partner liable for its debts.

Article is dedicated to the trade and economic links of USA and EU. The authors tried to find out key features and characteristics of these cooperation. The result of the investigation and the analysis is development of the term “economic anamorphosis”, the concept of which is the critical domination of the weight and share of limited list of partners in the system of bilateral cooperation, when one of the partners is regional economic integration, and the biggest share of trade, capital, human and other flows is attracted by these determined limited list of countries. Such situation can be estimated as disproportion of partner’s estimation and evaluation by each other. It means that economic integration is estimated not as the complex partner and subject of the global economy but with the using of deduction method.

We report on African American adolescents' (N=850;Mage = 15.4) contraceptive practices and type of contraception utilized during their last sexual encounter. Respondents completed measures of demographics, contraceptive use, sexual partner type, and ability to select “safe” sexual partners. 40% endorsed use of dual or multiple contraceptive methods; a total of 35 different contraceptive combinations were reported. Perceived ability to select “safe” partners was associated with not using contraception (OR = 1.25), using less effective contraceptive methods (OR = 1.23), or hormonal birth control (OR = 1.50). Female gender predicted hormonal birth control use (OR = 2.33), use of less effective contraceptive methods (e.g., withdrawal; OR = 2.47), and using no contraception (OR = 2.37). Respondents' age and partner type did not predict contraception use. Adolescents used contraceptive methods with limited ability to prevent both unintended pregnancies and STD/HIV. Adolescents who believed their partners posed low risk were more likely to use contraceptive practices other than condoms or no contraception. Reproductive health practitioners are encouraged to help youth negotiate contraceptive use with partners, regardless of the partner's perceived riskiness.

<span>This article is based on a survey of managing partners of Big Six public accounting firms in the U.S. The purpose of the survey was to obtain the perception of managing partners regarding the reasons for the exodus of numerous managers and partners over the past few years. The 137 managing partner respondents indicated that the major reason that managers left was limited partner opportunities. The major reason that partners left was inadequate business development skills.</span>

Data regarding disclosure of HIV status to sexual partners among perinatally acquired HIV-infected (PHIV) youth are limited, particularly from Asian countries. This cross-sectional study assessed the patterns of, attitudes about, and factors associated with HIV disclosure to sexual partners among PHIV youth aged 15–24 years who attended a pediatric HIV clinic in Thailand. Participants were interviewed using a semi-structured questionnaire designed to elicit demographic and sexual behavior information. Those who had sexual partners were queried about their relationship and HIV status disclosure. Reasons to disclose or not to disclose were assessed accordingly. Among the 51 (44.4%) youth who had sexual partners, 55.8% had steady partners, 45.1% did not always use condoms, and 41.2% disclosed their HIV status. Reasons to disclose included trust and concern about the risk of infection to their partners. Reasons not to disclose included fear of rejection and stigmatization, and not knowing how to disclose. Most youth reported a need for disclosure-related guidance. Knowing their sexual partner’s HIV status was the only independent factor associated with disclosure (aOR 14.6; 95% CI 2.8–75.4). This study demonstrates a high rate of unsafe sex and a low rate of partner disclosure in PHIV youth, and highlights the need for a comprehensive guideline for HIV disclosure to sexual partners.

Background: This paper examines contemporary changes and challenges within the Swedish private equity industry and reasons of their existence. Our research stems from the past years’ industry reports pointing out substantial inflows of capital on financial markets as one of the drivers behind high valuations and extended holding periods. Aim: The aim of this paper was to examine and analyse changes on the Swedish private equity market and how Swedish private equity participants experience how demand from investors have transformed and affected the industry. Completion: For this paper, we conducted semi-structured interviews with twelve actors at twelve different private equity firms operating on the Swedish private equity market. The participants were asked about their experiences regarding changes within the Swedish private equity market. Results: Through in-depth interviews we found that there are different views on whether there is too much capital on the private equity market. Frequent opinions were that demand for private equity investments from limited partners have increased, successful general partners see greater access to funding, the funds have increased in size, holding periods have extended and competition for portfolio companies has increased. We also found that some general partners think that the industry is at the top of a private equity cycle and faces a correction in the near future.
Bakgrund: Denna uppsats undersöker samtida förändringar och utmaningar i den svenska private equity-branschen samt orsaken till att dessa finns. Vår undersökning utgår från de senaste årens branschrapporter som pekar ut kraftiga kapitalinflöden på finansiella marknader som en av drivkrafterna bakom höga bolagsvärderingar och allt längre innehavsperioder. Syfte: Syftet med denna uppsats var att undersöka och analysera förändringar på den svenska private equity-marknaden och hur svenska private equity-aktörer upplever att efterfrågan från investerare har förändrats och påverkat sektorn. Genomförande: För studien har vi genomfört semistrukturerade intervjuer med tolv aktörer på tolv olika private equity-bolag verksamma på den svenska private equity- marknaden. De medverkande tillfrågades om hur de upplever förändringar på den svenska private equity-marknaden. Resultat: Genom djupgående intervjuer fann vi att det råder delade meningar om huruvida det finns för mycket kapital på private equity-marknaden. Återkommande åsikter var att efterfrågan på private equity-investeringar hos limited partners har ökat, att framgångsrika general partners har lättare att få finansiering till sina fonder, att fonderna har vuxit i storlek, innehavsperioderna har förlängts och konkurrensen om portföljbolag har ökat. Vi fann även att vissa general partners anser att branschen befinner i toppen av en private equity-cykel och står inför en korrigering inom en snar framtid.

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The partners of a limited liability company s negotiate the company s features when they enter into the articles of association, which must observe the limits provided by applicable legislation. However, the articles of association are not the only and exclusive means the partners have for regulating their rights and obligations insofar as they may enter into other contracts, complementary and accessory to the articles of association. Among these complementary agreements, we accent the quotaholders agreement. The quotaholders agreement is the contract entered into by partners of a limited liability company to discipline their rights and obligations, taking into consideration, in varying degrees, the corporate relationship derived from the company. The present study aimed at analyzing the legal regime applicable to the quotaholders agreement, in view of the doctrine that divides agreements in three spheres (existence, validity and effectiveness) and, also, pursuant to applicable legislation, especially regarding the application of Law 6,404/76 to limited liability companies. We conclude that the quotaholders agreement (i) exists when partners of a limited liability company enter into an agreement, in parallel to the articles of association, in order to discipline their rights and obligations; (ii) is valid when it does not violate applicable legislation or the articles of association, nor is used to harm third parties; and (iii) effects, always, the contracting parties and, provided that certain requisites are observed (filing with the company s headquarters and register before the Public Commercial Board), third parties, including the company
A escolha das características de uma sociedade limitada é realizada pelos sócios quando da sua contratação, formalizada por meio do contrato social, pautado pelos limites impostos pelo ordenamento jurídico. Entretanto, o contrato social não esgota todas as possibilidades dos sócios pactuarem acerca dos seus direitos e obrigações, vez que os sócios podem realizar outros negócios jurídicos, de caráter complementar e acessório ao contrato social, dentre os quais se destaca o acordo de sócios. O acordo de sócios consiste no pacto firmado por pessoas titulares de direitos de sócio de uma sociedade limitada, o qual tem por fim disciplinar direitos e obrigações entre suas partes, visando, em menor ou maior grau, a relação societária derivada da sociedade limitada. O presente trabalho buscou analisar qual o regime jurídico do acordo de sócios, levando em conta a divisão do negócio jurídico em três planos (existência, validade e eficácia), bem como as características da sociedade limitada e a legislação aplicável ao caso, em especial a aplicabilidade das disposições da Lei 6.404/76 à sociedade limitada. Concluímos, assim, que, o acordo de sócios (i) passa a existir quando titulares de direitos de sócios de uma sociedade limitada firmam um acordo onde disciplinam, à margem do contrato social, o exercício de direitos e deveres dos sócios; (ii) será válido quando não descumprir qualquer preceito legal ou do contrato social, tampouco for utilizado para prejudicar terceiros; e (iii) será eficaz, sempre, perante as partes signatárias e, desde que preenchimentos certos requisitos (arquivamento na sede da sociedade e registro Junta Comercial), perante terceiros, inclusive a sociedade

The purpose of this study was to examine the effectiveness of water and sanitation service delivery in resource-limited settings using two different social theories (modernization and world system). Understanding that barriers to effectiveness are rooted in global structures that tend to present at local levels helps redefine the problem leading to comprehensive policies and practices. The guiding research questions included an identification of an effectiveness gap in services delivered in developed countries compared to those in developing countries. This study included a survey of water and sanitation professionals gauging their opinions on trends within the sector. Survey respondents demonstrated that the sector tends to align with localized (i.e. modernist) approaches. This may explain the perpetuation of differential patterns in water and sanitation access and associated diseases and deaths in developing countries. Through a case study of Partners In Health (PIH), a medical-oriented non-governmental organization used as a proxy for water and sanitation organizations, this work illustrated why personal and organizational philosophies and perspectives influence how we organize and act. It concludes with a discussion of engineering decision making through the lenses offered by modernization and world system theories; presents an organizational structure that allows organizations to overcome theoretical and geographic boundaries; and offers a set of recommendations learned from PIH and those the sector does well. This research shows how water and sanitation organizations, practices, and policies that consider local and global forces are more effective at delivering services in developing countries than those focusing solely on local forces.
Ph. D.

Using data of first time fund in venture capital in United States from 1995 to 2015, I explore characteristics of the funds in relation to the fund performances. Three groups of characteristics that examined are fund characteristics, manager characteristics and limited partners’ characteristics. The paper also incorporates the time effects to show if market cycles have influences in these relationships. Some of the critical findings include that fund sizes have essentially zero impact on the fund return. In manager characteristics, it is very helpful to have a lead manager with MBA or equivalent degree. For limited partners, it is useful to have school endowments as limited partners which could influence the funds’ return positively. Both general partners and limited partners could learn from this paper and be more mindful of certain factor when investing in first time fund.

Esta dissertação propõe-se a analisar a regulamentação da exclusão extrajudicial de sócio na sociedade empresária limitada no direito brasileiro, tendo como núcleo da pesquisa a incidência e aplicação das disposições do artigo 1.085 do Código Civil sobre o tema, a partir do qual são abordados os requisitos de ordem material e procedimental necessários para que se possa lançar mão de tal ferramenta jurídica, que tem por principal objetivo a proteção da empresa e de sua continuidade diante dos atos de inegável gravidade praticados pelos sócios minoritários. Busca-se analisar os elementos que permitam uma compreensão do instituto a fim de facilitar e disseminar sua utilização. Para tanto, aborda-se no primeiro capítulo os pressupostos deontológicos do contrato de sociedade limitada no direito brasileiro, com a análise dos deveres dos sócios e da utilização do fim social como parâmetro interpretativo da conduta dos sócios frente tais deveres. No segundo capitulo é abordada a justa causa da exclusão extrajudicial de sócio no Código Civil brasileiro, sendo realizada a apresentação das justas causas da exclusão judicial e extrajudicial de sócio, para que, posteriormente, seja abordado o conceito de atos de inegável gravidade que coloquem em risco a continuidade da empresa. No terceiro parágrafo são analisados os requisitos prévios ao conclave no qual será tomada a deliberação de exclusão de sócio. Finalmente, no quarto capítulo são abordados os requisitos formais relativos ao conclave no qual a deliberação do sócio será tomada.
This master thesis proposes to examine the regulation of the non-judicial expel of a partner from the limited liability companies in the Brazilian Law. The research has as its core the provisions of the article 1085 of the Brazilian Civil Code, from which it examines the material and the procedural requirements for the company to use the legal tool represented by the non-judicial expel of a partner. The main purpose of such non-judicial expel is to protect the company and the continuity of its enterprise, regarding the undeniable gravity of acts committed by the minority of shareholders. This essay aims to analyse the elements that allow an understanding of the institute to facilitate and disseminate their use. For that, it is discussed in the first chapter the ethical assumptions of the limited liability companies in the Brazilian Law, with the analysis of the partners duties and the use of the company purposes as an interpretative parameter of the members conduct considering those duties. In the second chapter it is addressed the cause of the non-judicial expel of a partner in the Brazilian Civil Code. In this part of the essay, the causes of judicial and non-judicial expel of a partner will be compared to gather the elements to analyse the concept used by the article 1085 of the Brazilian Civil Code: the acts of undeniable gravity to bring the enterprise continuity into risk. In the third chapter, the requirements prior to the conclave, in which the determination of expel of a partner will be taken, are analysed. Finally, the fourth chapter examines the formal requirements concerning the conclave in which the expel of the partner will be decided.

Abstrakt Syftet med studien är att undersöka herrelitföreningarnas beroende av yttre partners. Samtidigt lyfta fram elitföreningarnas användning av kommersiell verksamhet och hur det påverkar deras ekonomi. Studien kommer också att diskutera fördelar och nackdelar som de undersökta föreningarna ser med införandet av idrottsaktiebolag, eftersom idrottsföreningens går mot ett mer företagsliknande förhållningssätt. Studien är förankrad i den osäkra miljön som bildas när kommersialisering och det ideella idealet ställs mot varandra inom svensk idrott. Forskning instämmer i att idrotten måste skapa en balans mellan kommersialisering och ideell idealet. Å andra sidan råder en viss oenighet om kommersiella intäkter handlar om vinstmaximering eller nyttomaximering. Resource Dependence Theory används för att förklara hur partners minskar deras beroende och osäkerheter i miljön de arbetar i förhållande till yttre partners. Metoden som används är en blandning av kvantitativ och kvalitativ forskning, genom ett frågeformulär som innehåller frågor i en blandning av enkätfrågor och semistrukturerade intervjufrågor. Sexton respondenter deltog i studien. Studien visar att herrelitföreningar tycker att samarbete med externa partners är något att sträva efter, men att det också skapar ett beroende av dessa externa partners. Det verkar också som om beroendet är oförändrat oavsett sammansättningsform.
Abstract The purpose of the study is to investigate the dependence of associations on external organizations. At the same time highlight the sports associations' use of commercial activities and how it affects their finances. The study will also discuss the advantages and disadvantages that the surveyed associations see with the incorporation of sports associations, as the sports associations world is moving towards a more corporate-like approach. The study is rooted in the uncertain environment that is formed when commercialization and the non-profit ideal are set against each other within Swedish sports. Research agrees that sport needs to strike a balance between commercialization and the non-profit ideal. On the other hand, there is disagreement as to whether commercial revenue is about profit maximization or utility maximization. Resource Dependence Theory is used to explain how organizations reduce their dependence and uncertainties in the environment they operate in relation to external partners. The method applied is a mixture of quantitative and qualitative research, through a questionnaire containing questions in a mixture of survey and semi-structured interview questions. Sixteen respondents participated in the study. The study shows that elite sports associations find that collaboration with external organizations is something to strive for, but that it also creates a dependency on these external organizations. It also appears that the dependency is unchanged regardless of the form of association.

A dissertação examina o regime jurídico do direito de retirada de sócios de sociedade simples e de sociedade limitada a partir da vigência do CC/2002. Para tanto, parte do estudo de sua natureza jurídica e de uma releitura dos fundamentos jurídicos deste instituto. Serve-se, ainda, de considerações sobre a evolução histórica do direito de retirada tanto no direito nacional quanto em ordenamentos estrangeiros (Alemanha, Espanha, França, Itália e Portugal). Assume especial relevo neste percurso o tratamento dado ao direito de retirada de sócio de sociedade limitada e a construção pela doutrina e pela jurisprudência do instituto da dissolução parcial stricto sensu sob a vigência do Decreto n° 3.708/1919 e do Código Comercial de 1850, respectivamente. Com base nos pressupostos acima, a dissertação passa a abordar de forma pormenorizada o direito de retirada de sócios de sociedade simples e sociedade limitada previsto no CC/2002, identificando as hipóteses em que é legalmente autorizada e aprofundando-se no exame do seu regime jurídico em cada tipo societário. Por fim, analisando as hipóteses de dissolução total de sociedades previstas pelo CC/2002, procura definir se e em quais hipóteses o instituto da dissolução parcial stricto sensu ainda é aplicável.
This dissertation examines the legal framework of the right of partners to withdraw from a simple company (sociedade simples) and from a limited liability company (sociedade limitada) under the current Brazilian Civil Code (CC/2002). For such purposes, the dissertation starts by studying its legal nature and revisits its legal basis. It also considers the historical development of the right to withdraw under Brazilian law and that of certain other jurisdictions (Germany, Spain, France, Italy and Portugal). In the context of this historical analysis, it assumes special importance the right of partners to withdraw from a limited liability company (sociedade limitada) and the doctrinal and case law creation of the institute of partial dissolution (dissolução parcial stricto sensu) under Decree No 3,708/1919 and the Commercial Code of 1850, respectively. Having regard such review, the dissertation addresses, in detail, the right of partners to withdraw from a simple company (sociedade simples) and a limited liability company (sociedade limitada), as contemplated by the current Brazilian Civil Code (CC/2002), thereby also identifying when the same is authorized in each type of corporate vehicle and each applicable legal framework. Finally, by analyzing the scenarios for dissolution of companies contemplated by the current Brazilian Civil Code (CC/2002), it seeks to identify whether and in which scenarios the partial dissolution (dissolução parcial stricto sensu) is still applicable.

The thesis clarifies the operation of the limited partnership in the Czech law system. In particular, it explains the establishment, the operation and the expiration of the limited partnership. There are stated the basic characteristics of the limited partnership and there are described the differences between unlimited partner and limited partner. The establishment of the limited partnership from the limited liability company by the change of the legal form is explained on the concrete example. In conclusion, there is the explanation of the various manners of expirations.

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The present study has as its objective to analyze the responsibility limitation of the partners, the managers and the administrators for the company liabilities of the private limited companies regarding the Social Security. It will be analyzed the debtor of the tax liability, its concept and choosing way, differentiating taxpayers and responsible persons for the Social Security credit, against the company, within the aspects as outlined by the National Tax Code. The personality of the corporate body will be analyzed in order to point out its main attribution: the patrimonial autonomy, an attribution that is of the essence for the correct ascribing of responsibility to the individuals regarding the fiscal debts as assumed. The autonomy of the corporate body is of utmost importance for the economic development as it limits the investor s responsibility. Consequently, the theme of the partners responsibility will also be approached, under an economic prism, through the analysis of the relationship between the limitation of the partners responsibility and the economic efficiency, taking into account the fact that the rule, that establishes the partners limited responsibility for the company liabilities, is focused on enhancing and fomenting the economic activities, becoming an instrument that results from the capitalist structure. The controversy of the subject matter is shown very clearly when we take a quick look at the scenery of the status of companies in the country, being pressed by a growing increase in the taxation burden and by the successive economic plans that do not promote, be directly or indirectly, the development of the economy. It is not without a reason that there is tax default, being presently shown, in the massive majority of cases, the impossibility by the corporate bodies to cover the existing debts with their assets, giving an opportunity to the Tax Bureau to involve the partners and other individuals in the tax foreclosures, having a purpose more intimidating than efficacious. The theory of the corporate entity disregard will be approached with the objective of outlining criteria for its correct application, considering that the Article 50 of the 2002 Civil Code was an advance in order to guide the correct application of the theory as it brought the necessary effectiveness to the Law professionals. The concern, that was pointed out by the doctrine on an on-going basis, was how the theory of the corporate entity disregard has been utilized by our Courts, in order that it is not indiscriminately applied, being kept the principle of the corporate body autonomy, to be disregarded only in exceptional cases. The issue of the responsibility of the partners and other individuals rotates around the Article 135, item III of the National Tax Code. In accordance with such provision, the administrators of limited companies become personally liable for the fiscal debts of the company as from the time they start taking action with excessive powers or with violation to the law. It will be analyzed the hypothesis in which the partner is liable for obligations that, in theory, should belong to the company, that is, 10 the hypothesis as established on the Article 13 of the Law 8,212/93. Therefore, it is necessary the joint analysis of the Articles 124, 128 and 135 of the National Tax Code with the Article 13 of the Law 8,212/91. It will still be approached the question of the unconstitutionality of this specific Article 13 which, due to the fact of legislating as regards to general rules of Tax Law, violates what is established by our Constitution, on Article 146, item III, subitem b , requiring a complementary law to the Constitution in order to legislate about the matter. And, finally, at a practical level, it will be analyzed the question related to the necessary inclusion of the name of partners, managers and administrators on the executive document of the Tax Bureau, under penalty of nullity of the registration and consequent collection action
O presente trabalho tem por objetivo examinar a limitação da responsabilidade dos sócios, gerentes e administradores pelas obrigações sociais das sociedades limitadas perante a Previdência Social. Será analisado o sujeito passivo da obrigação tributária, seu conceito e forma de eleição, diferenciando-se contribuintes e responsáveis pelo crédito previdenciário, dentro dos aspectos delineados pelo Código Tributário Nacional. Será analisada a personalidade da pessoa jurídica a fim de se destacar sua principal atribuição: a autonomia patrimonial, atribuição fundamental para a correta responsabilização das pessoas físicas pelas dívidas fiscais contraídas. A autonomia da pessoa jurídica é de suma importância para o desenvolvimento econômico, uma vez que limita a responsabilidade do investidor. Assim, o tema da responsabilidade dos sócios também é analisado sob um prisma econômico, através da análise da relação da limitação da responsabilidade dos sócios e da eficiência econômica, considerando-se o fato de que a norma que prescreve a responsabilidade limitada dos sócios pelas obrigações sociais destina-se a acentuar e fomentar as atividades econômicas, constituindo instrumento resultante da estrutura capitalista. A controvérsia do tema mostra-se evidente quando vislumbramos o panorama em que se encontram as empresas no país, pressionadas por um crescente aumento da carga tributária e pelos sucessivos planos econômicos que não favorecem, seja direta ou indiretamente, o desenvolvimento da economia. 7 Não é sem razão que há inadimplência de tributos, mostrando-se presente na maciça maioria dos casos a impossibilidade das pessoas jurídicas arcarem com seus bens os débitos existentes, ensejando a provocação pela Fazenda Pública dos sócios e demais pessoas físicas nas execuções fiscais, com intuito muitas vezes mais intimidador do que eficaz. Será abordada a teoria da desconsideração da personalidade jurídica, com o objetivo de traçar critérios para a sua correta aplicação, considerando-se que o artigo 50 do Código Civil de 2002 representou um avanço para nortear a correta aplicação da teoria, pois trouxe aos operadores do Direito a efetividade necessária. A preocupação constantemente destacada pela doutrina é como a teoria da desconsideração da personalidade jurídica tem sido utilizada pelos nossosossos Tribunais, a fim de que não seja aplicada indiscriminadamente, mantendo-se o princípio da autonomia da pessoa jurídica para, somente em casos excepcionais, desconsiderá-la. A questão da responsabilidade dos sócios e demais pessoas físicas gira em torno do artigo 135, III do CTN. De acordo com tal dispositivo, os administradores de sociedades por quotas passam a ser pessoalmente responsáveis pelos débitos fiscais da empresa, a partir do momento em que agem com excesso de poderes ou com infração à lei. Será examinada a hipótese em que o sócio responde por obrigações que, em tese, deveriam caber à sociedade, qual seja, a hipótese prevista no artigo 13 da Lei 8.212/93. Assim, necessária a análise conjunta dos artigos 124, 128 e 135, do CTN, com o artigo 13 da Lei 8.212/91. Será abordada, ainda, a questão da inconstitucionalidade deste mesmo artigo 13, que, pelo fato de dispor a respeito de normas gerais sobre Direito Tributário, 8 viola o quanto determinado pela nossa Carga Magna, no artigo 146, III, b , exigindo lei complementar para o trato da matéria. E, por fim, numa esfera prática, será tratada a questão da necessária inclusão do nome dos sócios, gerentes e administradores no título executivo da Fazenda Pública, sob pena de nulidade da inscrição e conseqüente ação de cobrança

AbstractAchieving the 2030 Agenda for Sustainable Development with its 17 Sustainable Development Goals (SDGs) requires significant behavioural changes from a variety of actors, including actors in development cooperation. Within this context, this chapter discusses important political as well as technical factors that influence the contribution of the Global Partnership for Effective Development Co-operation (GPEDC) and its monitoring framework to the implementation of the SDGs. These are, among other things, the complementarity of the GPEDC monitoring framework to the SDGs; the limited enthusiasm of development partners from the Global South, in particular China and India; the limited attention paid to the platform in general and the monitoring framework in particular by member countries of the Organisation for Economic Co-operation and Development (OECD); as well as the missing interpretative evaluations and follow-up processes in the aftermath of the respective monitoring rounds.

AbstractAs international collaboration within the scientific community is increasing, for scientific and political reasons, it is necessary to deepen our understanding of tension between self-organising and steering. To do so, this contribution contrasts two in-depth case studies of international collaboration in nanosciences. Tracing the emergence and evolution of collaboration helps identify relevant dimensions of self-organisation and steering by analysing scientists’ freedom to act and the influence of grant agencies on collaborative topics, types of research, partners, and modes of interaction. While existing literature indicates that self-organisation leads to productive collaborations and steering can be problematic and trigger the emergence of ‘artificial collaborations’, insights from the case studies here reveal that self-organisation and steering are intertwined, and both can have positive and problematic effects. Self-organisation allows freedom to choose collaborators and topics but can provide limited opportunities for learning from diverse collaborators and for expansion due to lack of resources. Steering can not only provide resources for larger and more diverse collaborations but can also entail compromises on topics and collaborators as well as considerable administrative burdens. Rather than being in tension with each other, self-organisation and steering in successful collaborations can reinforce each other, allowing collaborations to grow.

AbstractThere is very limited literature on the experiences of fathers during Obstetric prenatal care (PNC), especially hearing from fathers’ voices directly. The MGH Fatherhood Project conducted two annual surveys—data combined for analysis—of all fathers who accompanied their partners to prenatal care visits over 2-week periods at a large, tertiary-care urban hospital in Boston, MA. The anonymous, voluntary close-ended survey was offered in multiple languages and self-administered on iPads.Results: Nine hundred fifty nine fathers participated, 86% of attending fathers, possibly making the study the largest research sample of fathers in PNC. Fathers are actively and deeply engaged with the impending birth; they have substantial physical health needs (obesity, family planning and lack of primary care), and mental health needs (stress, depressive symptoms, and personal isolation). Fathers perceived they were well treated during the PNC visit, but were desirous of more reproductive, relational, and infant health information and skills, which they preferred to receive from publications, social media, or health professionals; and they were very supportive of PNC fatherhood initiatives.Discussion: The results suggest five sets of practical recommendations to create a more father-friendly environment in Obstetric care-Staff Training; Father-Friendly Clinic Environment; Explicit Affirmation of Father Inclusion; Development of Educational Materials; and Specialized Father-Focused Health Initiatives, all with the goal of improving reproductive health outcomes for families.

Abstract Invasive plants often occur at high densities and tend to be highly generalist in their interactions with herbivores, pathogens, mycorrhiza, endophytes and pollinators. These characteristics mean that invasive plants should frequently participate in diverse indirect biotic interactions with the surrounding community, mediated by their direct interaction partners (e.g. antagonists and mutualists). Indirect interactions play an important role in many ecological processes, yet we still lack a systematic understanding of the circumstances under which they influence the success and impacts of invasive species. In this chapter, I first describe several of the indirect interaction pathways that are commonly encountered in invasion biology and review their contribution to the impacts of plant invasions on co-occurring species. The literature review revealed that there are now many case studies describing various indirect impacts of invasive plants. However, identical interaction motifs (e.g. plant-enemy-plant, plant-mutualist-plant) can bring about several possible outcomes, depending upon each species' provenance, relative abundances and interaction strengths, abiotic resource availability, spatial and temporal scale and the influence of other species. Moreover, knowledge gaps identified include a lack of studies of indirect facilitation outside of plant-pollinator systems, limited consideration of indirect invader impacts on other non-native species, and the scarcity of generalizable results to date. Second, I integrate the literature with some trending research areas in invasion biology (interaction networks, biogeography, invasion dynamics) and identify some potential future research directions. Finally, I discuss how knowledge about indirect biotic interactions could be incorporated into the management of invasive plants.

AbstractThis research investigates the case of the Joint Programming Initiative (JPI) Urban Europe and its role as an intermediary organization, developing research, and innovation programs for urban transition. In the literature, the role of an intermediary organization has recently been discussed as an effective promoter and developer of connecting visions, strategies, activities, and stakeholders. A conceptual approach to intermediary organizations for urban transition is operationalized, and its functions are discussed in this paper. As an example, the Joint Programming Initiative Urban Europe reveals how a transnational R&I initiative, represented by 20 national R&I programs in Europe, can provide scientific evidence for sustainable urbanization with a cross-sectoral, integrated, inter- and transdisciplinary approach implemented through activities beyond joint calls. The findings show that JPI Urban Europe acts as broker and facilitator of joint visions and starts to build communities for innovation, which is one of the important functions of intermediaries. The development of its Strategic Research and Innovation Agenda clearly followed a co-creation process, putting the dilemmas of city practitioners in the center. JPI Urban Europe managed to attract high levels of commitment from a diversity of stakeholders to its strategic priorities and mobilized respective budgets for its implementation. The analysis of JPI Urban Europe participation in funded projects shows that challenge-driven calls (putting the problem owners in the center) seems to successfully develop a common language for all stakeholders and has a higher likelihood to generate more transformative outcomes. The number of funded urban living labs in projects shows that room for experimentation in niches and their extension is provided. The number of city representatives as funded project partners could be increased to further stimulate active involvement. The JPI Urban Europe also acts as a translator and enabler for learning in the urban—as well as in the policy sphere—the third function. This can be confirmed by the number and type of organizations reached with its specific formats. JPI Urban Europe coordinates joint activities of mainly national R&I programs but has only indirect influence on change in these organizations and limited influence on changes within research organizations, businesses, or cities that are even less connected. Overall, it can be concluded that the strategic ambition of JPI Urban Europe towards transformative change is obvious, but some instruments and formats to translate the ambition into action need further refinement, and it needs further in-depth research to better understand the outcomes and impacts of its diverse activities.

Cross-company collaboration in product development is currently faced with major challenges because of varieties of reasons. Companies depend on acquiring the know-how for innovative future products from outside the company while the support is not limited on the product development but rather on continuous collaboration over product life cycle and consequently are planned for long term normally. These development partners have to get an early and deep read into product and process design of the company for a goal-oriented cooperation. Despite these far-reaching knowledge of the development partner about the own company, the selection of a development partners is still founded on subjective criteria or random acquaintances yet. This approach uses data from ERP systems for the business view and of PDM systems representing the technical view for the monitoring of current cooperation and development partners. It becomes possible to monitor actual collaborations continuously and targeted for their suitability and also serves to gather and analyze information in order to select suitable development partners.

The law establishes that representatives in the courts can be both lawyers and other persons providing legal assistance, as well as legal representatives. The Constitutional Court in its Resolution No. 15-P of 16.07.2004 indicated that representatives of legal entities in arbitration proceedings can be any person. But in accordance with Item II (A) (a) of the List of Specific Obligations of the Russian Federation for Services Included in Annex I to the Protocol of 16 December 2011 "On the Accession of the Russian Federation to the Marrakesh Agreement on the establishing of the WTO", only those who received the status Lawyer in accordance with Russian law, has the right to represent in criminal courts and Russian arbitration courts, as well as act as a representative of organizations in civil and administrative proceedings and proceedings on cases of administrative violations. Appropriate legislative changes are needed. The law states that the use of the terms "advocacy", "lawyer", "lawyer's chamber", "lawyer’s entity" in the names of organizations is allowed only by lawyers. Every year, Russia's tax inspections register dozens of organizations set up by non-layers, illegally including the above terms in their names. The law should provide not only prohibitions, but also sanctions for violation of these prohibitions. Collegiums of advocates often include the phrase "partners" in their names. But lawyers - members of the board are not partners and do not sign partnership agreements. Partners can not be among the governing bodies of the collegium . The application by collegiums of lawyers of the rules provided for non-commercial partnerships by the Federal Law "On Non-Profit Organizations" in the part of partners is illegal. Only lawyers can establish a lawyer’s bureau and conclude a partnership agreement. But in practice in lawyer’s bureau, persons who do not have the status of a lawyer become partners. In other countries, in associating lawyers limited liability partnerships, along with partners, there are "associates". The introduction of such "associates" in our lawyer’s bureau will be a good alternative to attempts to include commercial organizations in the composition of lawyer entities.

There has been given preview of published scientific works, in which the influence of COVID-19 pandemic and consequencies in production sector, including industry are analyzed. Pandemic has limited the flow of people and merchandise and in this way endangered supply of raw materials for processing industry as well as delivery of final products for clients. Searching for solution on how to get out of crisis, production sector has made changes in organization of work and attitude towards partners, introducing new flexible technologies, reinforcing innovations, etc. Application of digital technologies made it possible to reduce consequencies of negative influence of pandemic and faster way out of crisis. Industry 4.0 enables flexibility, visibility, traceability and reliability of raw material supply and industrial products.

TransCanada PipeLines Limited (TransCanada) has continued its leading effort in developing and implementing pipeline technologies. With a well structured and large-scale technology implementation program and collaboration of many partners over a period of three years, TransCanada has successfully implemented a number of technologies in a 38 km long NPS 42 pipeline construction project. The technology implementation program included installation of 7.3 km Grade 690 (X100) pipe supplied by two manufacturers, deployment of tandem welding system, field trial of a phased array automated ultrasonic testing (AUT) system, the application of high performance composite coating (HPCC) and Alternative Integrity Validation (AIV) process that led to first ever construction hydrostatic test waiver from National Energy Board. The paper provides an overview of the technology implementation program and the experience gained in applying a wide range of advanced pipeline technologies.

There are substantial benefits for both industry and universities from performing joint R&D projects. Given the significant potential benefits, both tangible and intangible, the level of such activity, however, seems surprisingly low. One reason hypothesized for this discrepancy is that the potential partners are motivated towards opposite goals: industry wishes to limit publication of research results due to fears of loss of competitive advantage in their markets as competitors obtain the benefits of the research at no cost, while academia is motivated to maximize publication. Intuitively, this would seem to be a fundamental difference between the potential partners. This paper studies this issue through the use of insights gained by a new analytic model of the profitability of such collaborations. First amongst these is that given the typical speed of product innovation and the typical publishing delay found in archival journals, little or no competitive advantage is expected to be lost by the industrial partner by allowing unrestricted publication freedom to the university partner. A second interesting insight occurs in the situation where a firm’s competitor forms the collaboration with the university partner. In general, if it is profitable for one industry partner to join the collaboration, the most beneficial decision for other firms in that market is to also join the collaboration.

This paper aims to describe very briefly the Rolls-Royce 18 MW SMIC marine Spey gas turbine, the development of which was dealt with in more detail in reference 1, and then to show how intercooling and regeneration could be added to increase its power to about 22 MW, with an associated increase in thermal efficiency to about 43%. As the SM1C based “ICR” unit is still very much in the infancy of its design, this paper does not discuss the design in detail; indeed, the details are certainly not all within the Rolls-Royce design sphere, as the Allison Gas Turbine Division of General Motors Corporation and Garrett AiResearch are partners of Rolls-Royce Limited and Rolls-Royce Inc. in the project. The broad principles of the improved cycle are described and then the effects of the use of such a unit on the operational characteristics of warships are discussed, comparing them with those of warships using simple cycle Spey SM1C units in different installation configurations. This paper stands on its own, but may also be regarded as the second part of reference 1.

In order to enhance the availability of facilities in the field of contact thermometry in European emerging National Metrology Institutes (NMIs) and Designated Institutes (DIs), where access to types of facilities is currently limited an EMPIR Research Potential Project named “Traceable Measurement Capabilities for Monitoring Thermocouple Performance” (MetForTC) has been launched. Overall ten partners has been involved in the project, five of them participating from the emerging countries. This project will develop skills and tools for less experienced NMIs/DIs in order to acquire the required knowledge and expertise in temperature metrology. The MetForTC Project has been addressing the accurate low uncertainty temperature measurements by thermocouple which is of crucial importance for ensuring better manage of the metrological features of the thermal instrumentation used for realizing of temperature measurements as well as to construct a comprehensive approach for the uncertainty budget assessment. Special emphases has been given on novel practical methods and technical capabilities for checking the thermocouple’s drift performance in-situ and easy-to-use thermocouple with integrated miniature cells required to determine the inhomogeneity of thermocouples for primary and secondary calibration laboratory.

This study looks at the research education in universities and is aimed at assessment of the Baltic – Nordic Higher Education Establishments’ participation to the EU Horizon 2020 Framework Programme on basis of the open source data. The author analyses university interest in Horizon 2020 support for doctoral students’ training, correlation between university PhD intensity and involvement in research projects, correlation between Horizon 2020 success and World university rankings, participation comparison of Nordic universities versus the Baltic ones. A brief overview of universities’ commitment to Sustainable development goals is also included. The study concludes that Nordic universities are more thoroughly engaged than the Baltic ones and are taking advantage of the Horizon 2020 opportunities; however, Estonia has a remarkable success. Although Nordic universities are looking for collaboration partners further into Western Europe than to the neighbours across the Baltic Sea, for teaming activities Baltic universities choose Nordic mentors. Nordic universities are more involved in activities leading to excellent research. On contrary – in many cases participation of Baltic universities is limited to coordination of research activities without a direct access to the leading European science communities and respective possibilities for students.

This paper deals with the application of remote collaborative environments in product design, in particular for design review activities. In this context, companies actually face some troubles: limited knowledge about available tools, difficulty in coming to know and using innovative systems, and complexity in evaluating the impact of the technology on design collaboration. The present research suggests a novel collaborative environment (the CoReD platform) that merges system simplicity, project-oriented approach and customizable functions. It defines a metric-based protocol considering both performances and cognitive aspects to assess collaboration quality and then monitors design review sessions within three industrial Consortia. Research contributions are to answer two main questions: how to arrange a low-cost co-design environment and how to effectively evaluate the human-system interaction and collaborative performance in industrial use. Experimental results highlight that the CoReD platform is able to efficiently improve collaborative processes by affecting both product-process performance and human-based collaboration, mainly thanks to: system architecture simplicity, low cost, high customizable functionalities and ease of use for remote design. However, results demonstrate also that significant advantages can be achieved only if industrial partners have a good level of technical expertise and high motivation to collaborate each other.

The limited participation of Iraqi women in community decision-making in Kirkuk and Diyala is the result of various intertwined factors. This study explores emerging opportunities for social transformation in the context of sedimented layers of male privilege and the questioning of restrictive gender norms in the two governorates. With this report, Oxfam and its partners aim to dismantle barriers to women’s active participation, which is currently constrained by stereotypes and restrictive ideas about gender. Among the promising pathways for change are awareness-raising activities with male allies, alongside other longer-term efforts advancing transformative change in attitudes, practices, and behaviors.

There is growing consensus that political factors are a key determinant of development impact. The practice of Thinking and Working Politically (TWP) is built around three interconnected principles: (i) strong political analysis, insight, and understanding; (ii) detailed appreciation of, and response to, the local context; and (iii) flexibility and adaptability in program design and implementation. The literature notes that while TWP emphasises the centrality of politics and power, technical knowledge is still important and can reinforce the political agenda, for example by increasing the confidence of smaller states or by strengthening collective understanding. Furthermore, improving the quality of domestic cooperation can be a step towards regional cooperation, and flexible engagement with the diverse range of actors that populate transboundary settings has been shown to be an effective strategy. The literature also highlights lessons learned including Transboundary cooperation can be built from the bottom up and for development partners, pre-existing bilateral partnerships may facilitate their engagement at a transboundary level, particularly on sensitive issues. Given the relatively isolated experience of TWP in transboundary settings, the evidence base for this report is also limited. The two areas where most examples were found concern regional integration and transboundary water management.

In 2019, the Gambling Commission announced a National Strategy to Reduce Gambling Harms. Underlying the strategy is the Framework of Harms, outlined in Measuring gambling-related harms: A framework for action. "The Framework" adopts a public health approach to address gambling-related harm in Great Britain across multiple levels of measurement. It comprises three primary factors and nine related subfactors. To advance the National Strategy, all componentsneed to be supported by a strong evidence base. This report examines existing research expertise relevant to the Framework amongacademics based in the UK. The aim is to understand the extent to which the Framework factors and subfactors have been studied in order to identify gaps in expertise and provide evidence for decision making thatisrelevant to gambling harms research priorities. A social network analysis identified coauthor networks and alignment of research output with the Framework. The search strategy was limited to peer-reviewed items and covered the 12-year period from 2008 to 2019. Articles were selected using a Web of Science search. Of the 1417 records identified in the search, the dataset was refined to include only those articles that could be assigned to at least one Framework factor (n = 279). The primary factors and subfactors are: Resources:Work and Employment, Money and Debt, Crime;Relationships:Partners, Families and Friends, Community; and Health:Physical Health, Psychological Distress, and Mental Health. We used Gephi software to create visualisations reflecting degree centrality (number of coauthor networks) so that each factor and subfactor could be assessed for the density of research expertise and patterns of collaboration among coauthors. The findings show considerable variation by framework factor in the number of authors and collaborations, suggesting a need to develop additional research capacity to address under-researched areas. The Health factor subcategory of Mental Health comprised almost three-quarters of all citations, with the Resources factor subcategory of Money and Debt a distant second at 12% of all articles. The Relationships factor, comprised of two subfactors, accounted for less than 10%of total articles. Network density varied too. Although there were few collaborative networks in subfactors such as Community or Work and Employment, all Health subfactors showed strong levels of collaboration. Further, some subfactors with a limited number of researchers such as Partners, Families, and Friends and Money and debt had several active collaborations. Some researchers’ had publications that spanned multiple Framework factors. These multiple-factor researchers usually had a wide range of coauthors when compared to those who specialised (with the exception of Mental Health).Others’ collaborations spanned subfactors within a factor area. This was especially notable forHealth. The visualisations suggest that gambling harms research expertise in the UK has considerable room to grow in order to supporta more comprehensive, locally contextualised evidence base for the Framework. To do so, priority harms and funding opportunities will need further consideration. This will require multi-sector and multidisciplinary collaboration consistent with the public health approach underlying the Framework. Future research related to the present analysis will explore the geographic distribution of research activity within the UK, and research collaborations with harms experts internationally.

The main recommendations of the panel report can be summarised under four headings: 1. From Source to Sea: River systems, from their source to the sea and beyond, should form the focus for research projects, allowing the integration of all archaeological work carried out along their course. Future research should take a holistic view of the marine and maritime historic environment, from inland lakes that feed freshwater river routes, to tidal estuaries and out to the open sea. This view of the landscape/seascape encompasses a very broad range of archaeology and enables connections to be made without the restrictions of geographical or political boundaries. Research strategies, programmes From Source to Sea: ScARF Marine and Maritime Panel Report iii and projects can adopt this approach at multiple levels; from national to site-specific, with the aim of remaining holistic and cross-cutting. 2. Submerged Landscapes: The rising research profile of submerged landscapes has recently been embodied into a European Cooperation in Science and Technology (COST) Action; Submerged Prehistoric Archaeology and Landscapes of the Continental Shelf (SPLASHCOS), with exciting proposals for future research. Future work needs to be integrated with wider initiatives such as this on an international scale. Recent projects have begun to demonstrate the research potential for submerged landscapes in and beyond Scotland, as well as the need to collaborate with industrial partners, in order that commercially-created datasets can be accessed and used. More data is required in order to fully model the changing coastline around Scotland and develop predictive models of site survival. Such work is crucial to understanding life in early prehistoric Scotland, and how the earliest communities responded to a changing environment. 3. Marine & Maritime Historic Landscapes: Scotland’s coastal and intertidal zones and maritime hinterland encompass in-shore islands, trans-continental shipping lanes, ports and harbours, and transport infrastructure to intertidal fish-traps, and define understanding and conceptualisation of the liminal zone between the land and the sea. Due to the pervasive nature of the Marine and Maritime historic landscape, a holistic approach should be taken that incorporates evidence from a variety of sources including commercial and research archaeology, local and national societies, off-shore and onshore commercial development; and including studies derived from, but not limited to history, ethnology, cultural studies, folklore and architecture and involving a wide range of recording techniques ranging from photography, laser imaging, and sonar survey through to more orthodox drawn survey and excavation. 4. Collaboration: As is implicit in all the above, multi-disciplinary, collaborative, and cross-sector approaches are essential in order to ensure the capacity to meet the research challenges of the marine and maritime historic environment. There is a need for collaboration across the heritage sector and beyond, into specific areas of industry, science and the arts. Methods of communication amongst the constituent research individuals, institutions and networks should be developed, and dissemination of research results promoted. The formation of research communities, especially virtual centres of excellence, should be encouraged in order to build capacity.

The IDB has been a predominant partner supporting Haiti development efforts for many years. Nowadays, the IDB is the main source of investment for the country. Considering the vital weight of road transport sector in the socio-economy of the country, the IDB has concentrated a large part of investment efforts in rehabilitating and improving national road infrastructures. In the same time, a rapid increase of motorization and relatively higher speeds have contributed to increasing the number of traffic fatalities and injuries. In 2017, road injuries were the fifth cause of mortality in Haiti. The Road Safety situation of the country is preoccupying with many Vulnerable Road Users involved, in particular pedestrians and motorcyclists. The country is facing multi-sector challenges to address this Road Safety situation. Despite recent efforts, high political will has not been continuous in promoting a multi-sector coordination and the success of technical efforts remained mitigated over the last years. Road user awareness is still weak in the country. Risk factors include dangerous driving, bad safety conditions of vehicles, together with limited law enforcement and poor maintenance of safety devices on the roads. In this context, the Road Safety situation of the country may be getting worse in the coming years if no action is taken. However, the new Decade provides with a unique opportunity to achieve Sustainable Development Goals (SDGs) including significant progress in reducing the burden of traffic crashes. The IDB has already initiated vital investments in modernizing crash data collection, promoting institutional dialogue and supporting capacity building in the area of Road Safety. Future actions to address Road Safety challenges in Haiti in the framework of the five UN five pillars would require a range of investments in the area of political commitment, institutional coordination and technical efforts. A change of political paradigm from making roads for travelling faster to making roads safer for all users is highly needed at national level. This technical note on Road Safety in Haiti present the current situation of the country and provides with recommendations for future actions on Road Safety.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.