An1 Ment Inst Med EcaterinaLung PDF

(&$7(5,1$/81*
0(17$/,7 ,ù,&8/785 Ì1(98/0(',8

(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHLúL&HUFHW ULL
SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLùWLLQ LILFH
GLQÌQY PkQWXO6XSHULRU

'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL
/81*(&$7(5,1$
0HQWDOLW LúLFXOWXU vQ(YXO0HGLX(FDWHULQD/XQJ
%XFXUHúWL(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
%LEOLRJU
,6%1

5HSURGXFHUHDLQWHJUDO VDXIUDJPHQWDU SULQRULFHIRUP
úLSULQPLMORDFHWHKQLFHHVWHVWULFWLQWHU]LV
úLVHSHGHSVHúWHFRQIRUPOHJLL

5 VSXQGHUHDSHQWUXFRQ LQXWXOúLRULJLQDOLWDWHDWH[WXOXL
UHYLQHH[FOXVLYDXWRUXOXLDXWRULORU

&RSHUWD
/D'DPHjODOLFRUQHVIkUúLWXOVHF;9WDSLVHULH
0XVpHGHV7KHUPHVHWGHO¶+{WHOGH&OXQ\3DULVFDUWHSRúWDO

81,9(56,7$7($63,58+$5(7
)$&8/7$7($'(,6725,(

&RQIXQLYGU(&$7(5,1$/81*

%XFXUHúWL

&835,16

,QWURGXFHUH«««««««««««««««««««««««

3$57($,
$63(&7(7(25(7,&(«««««««««««««««««
$SDUL LDúLHYROX LDLVWRULHLPHQWDOLW LORU«««««««««
&ULWLFDLVWRULHLPHQWDOLW LORU«««««««««««««
$QWURSRORJLDLVWRULF ««««««««««««««««««
2QRX SDUDGLJP LVWRULRJUDILF LVWRULDFXOWXUDO «««««
,VWRULDPHQWDOLW LORUvQ5RPkQLD««««««««««««

3$57($$,,$
&$'5(/((;,67(1 (,0(',(9$/(ù,5(35(=(17 5,/(
$&(6725$««««««««««««««««««««««
&DGUHOHYLH LL«««««««««««««««««««««
%LVHULFDRILFLDO úLFUHúWLQLVPXOSRSXODUvQ(YXO0HGLX«««
,PDJLQHDVSD LXOXLODvQFHSXWXULOH(YXOXL0HGLX««««««
6SD LXOIHXGDO«««««««««««««««««««
&DVWHOXO««««««««««««««««««««««
2UDúXO««««««««««««««««««««««
5HSUH]HQW ULDOHWLPSXOXL«««««««««««««««
7LSXULVRFLDOH«««««««««««««««««««««
5HSUH]HQW ULDOHIHPHLLvQ(YXO0HGLX«««««««««
&DYDOHULLúLFXUWHQLL«««««««««««««««««
5HSUH]HQW ULDOHHYUHLORU«««««««««««««««
$WLWXGLQL«««««««««««««««««««««««
&RUSXO««««««««««««««««««««««
0XQFD««««««««««««««««««««««
$WLWXGLQLvQID DPRU LL««««««««««««««««
9LD DFRWLGLDQ ««««««««««««««««««««

&RQFOX]LL««««««««««««««««««««««««
'RFXPHQWH
&DGUHOHH[LVWHQ HLPHGLHYDOHúLUHSUH]HQW ULOHDFHVWRUD««««««
$&UHúWLQLVPXOSRSXODU«««««««««««««««««
%6SD LXO«««««««««««««««««««««««
&7LPSXO«««««««««««««««««««««««
'7LSXULVRFLDOH««««««««««««««««««««
(,PDJLQHDIHPHLL«««««««««««««««««««
)&RUSXO«««««««««««««««««««««««
*0RDUWHD««««««««««««««««««««««
+0XQFD«««««««««««««««««««««««
,9LD DFRWLGLDQ ««««««««««««««««««««
%LEOLRJUDILH«««««««««««««««««««««««

,1752'8&(5(

'HPHUVXO DFWXDO vúL SURSXQH V RIHUH VWXGHQ LORU GH OD IDFXOW LOH GH
LVWRULH GDU úL SXEOLFXOXL ODUJ LQWHUHVDW V FXQRDVF HYROX LLOH PDL UHFHQWH
GLQ LQWHULRUXO GLVFLSOLQHL LVWRULFH R LQWURGXFHUH vQ SUREOHPDWLFD
PHQWDOLW LORUvQJHQHUDOúLDFHORUPHGLHYDOHvQVSHFLDO
&RQFHSWXOGHÄPHQWDOLWDWH´FKLDUGDF YHKLFXODWGHRPDQLHU IRDUWH
VXV LQXW vQ DQLL ¶¶ vQ LVWRULRJUDILD RFFLGHQWDO vQ VSHFLDO IUDQFH] D
SXV GH OD vQFHSXWXUL SUREOHPH GH GHILQLUH 2 DQXPLW DPELJXLWDWH D H[LVWDW
vQWRWGHDXQD GDWRULW VHPQLILFD LLORU GLIHULWH FDUH DX IRVW DWULEXLWH
FRQFHSWXOXLvPSUXPXWDWGLQSVLKRORJLH
'LILFXOW LOH GHILQLULL PHQWDOLW LORU QX vQVHDPQ F QX DX H[LVWDW
WHQWDWLYH GH D FLUFXPVFULH PDL SUHFLV GRPHQLXO 'DW ILLQG SUHRFXSDUHD
QRDVWU SHQWUXSHULRDGD(YXOXL0HGLXYRPvQFHSHSULQDQHUHIHULOD+HUYp
0DUWLQ FDUH vQWUR DQDOL] DVW ]L FODVLF D PHQWDOLW LORU PHGLHYDOH
SURSXQHVLWXDUHDFRQFHSWXOXLGHPHQWDOLWDWHvQWUHQR LXQLOHYHFLQHGHFXOWXU
úLLGHRORJLH(OFRQVLGHU FXOWXUDFDRYL]LXQHGHVSUHOXPHúLXQDQVDPEOXGH
FRPSRUWDPHQWH LQFOXVLY FHOH PDL RELúQXLWH FDUH VH OHDJ GH DFHDVWD
FRQGL LLúLPLMORDFHDOHFXQRDúWHULLDWLWXGLQLFRUSRUDOHPRUDOHúLUHOLJLRDVH
WUDGXFHUHD OLWHUDU úL DUWLVWLF D DFHVWRUD 3HQWUX GHILQLUHD LGHRORJLHL
0DUWLQIDFHDSHOOD$OWKXVVHUJkQGLWRUPDU[LVWFDUHFRQVLGHUDLGHRORJLDÄXQ
VLVWHP FDUH SRVHG ORJLFD úL ULJRDUHD SURSULL GH UHSUH]HQW UL LPDJLQL
PLWXUL LGHL VDX FRQFHSWH GRWDW FX R H[LVWHQ úL FX XQ URO LVWRULF vQ VkQXO
XQHL VRFLHW L GDWH´ 6DX SRWULYLW DFHOXLDúL DXWRU ÄLGHRORJLD FRQVWLWXLH XQ
VLVWHP GH UHSUH]HQW UL ± LPDJLQL FRQFHSWH RELHFWH FXOWXUDOH SHUFHSXWH
DFFHSWDWHVXSRUWDWH±FDUHDF LRQHD] IXQF LRQDODVXSUDRDPHQLORUSULQWUXQ
SURFHV LQFRQúWLHQW´ 0DL VLPSOX LGHRORJLD DU UHSUH]HQWD YL]LXQHD GHVSUH
OXPH FDUH FDUDFWHUL]HD] XQ DQXPLW JUXS VRFLDO F UXLD vL LQIOXHQ HD]
DF LXQHD

+HUYp 0DUWLQ 0HQWDOLWpV PpGLpYDOHV ;,H;9H VLqFOH 3DULV 38)
S

/RXLV$OWKXVVHU&LWLQGXOSH0DU[%XFXUHúWL(GLWXUD3ROLWLF S

3HQWUX0LFKHO9RYHOOHPHQWDOLW LOHVXQWXQFRQFHSWPDLODUJGHFkWFHO
GH LGHRORJLH vQWUXFkW HOH LQWHJUHD] FHHD FH QD IRVW IRUPXODW FHHD FH
U PkQH DSDUHQW QHVHPQLILFDWLY OD QLYHOXO PRWLYD LLORU LQFRQúWLHQWH (OH DU
WUHEXL SODVDWH vQ GXUDWD OXQJ GHILQLW GH %UDXGHO GDWRULW LQHU LHL
VWUXFWXULORUPHQWDOHFDUHUHIX] VFKLPE ULOHUDSLGH
'LVWLQF LD vQWUH PHQWDOLWDWH LGHRORJLH FXOWXU SH FDUH R XUP P vQ
GHPHUVXO QRVWUX HVWH FHD I FXW GH -DFTXHV /H *RII FDUH RSXQH GLVFXUVXO
FRQVWUXLW úL RUJDQL]DW DO LGHRORJLHL FRQúWLLQ HL FRQIX]H D PHQWDOLW LORU
FRQVLGHUDWH FD XQ VRFOX SURIXQG DO SVLKLVPXOXL ,VWRULD PHQWDOLW LORU VDU
DWDúD FUHGLQ HORU FHORU PDL FRPXQH UHSUH]HQW ULORU FHORU PDL VWDELOH
JHVWXULORUFHORUPDLRELúQXLWHLGHLORUSULPLWHGHDJDWDÌQDFHVWVHQVLVWRULD
PHQWDOLW LORU VWXGLD] FHHD FH DX vQ FRPXQ Ä&H]DU úL XOWLPXO VROGDW GLQ
OHJLXQLOH VDOH 6IkQWXO /XGRYLF úL UDQXO FDUHL OXFUD S PkQWXO &ULVWRIRU
&ROXPEúLPDULQDUXOGHSHFDUDYHOHOHVDOH´
'XS FXP DU WD /H *RII LVWRULD PHQWDOLW LORU VH SODVHD] OD
MRQF LXQHDGLQWUHGXUDWDOXQJ úLFHDVFXUW GLQWUHLQFRQúWLHQWúLLQWHQ LRQDW
GLQWUHLQGLYLGXDOúLFROHFWLY
'H DOWIHO XQD GLQ VLQWDJPHOH IUHFYHQW YHKLFXODWH GH FHL FH VH
SUHRFXSDX GH PHQWDOLW L D IRVW FHD GH LQFRQúWLHQW FROHFWLY $FHVWD DU
UHSUH]HQWD DFHO QLYHO DO LQFRQúWLHQWXOXL FRPXQ XQHL vQWUHJL VRFLHW L OD XQ
PRPHQWGDWJUHXGHSHUFHSXWSHQWUXFRQWHPSRUDQLvQWUXFkWSDUHV PHDUJ
GHODVLQHV IDF SDUWHGLQGDWHOHLPXDELOHDOHQDWXULLGLQLGHLOHSULPLWHGHD
JDWD ORFXULOH FRPXQH FRGXULOH GH FRPSRUWDPHQW úL GH PRUDO H[SUHVLLOH
DGPLVHLPSXVHRULH[FOXVHGLQVHQWLPHQWHúLGLQIDQWDVPH
0DL PXOW GHFkW GLVFXUVXULOH HODERUDWH LVWRULD PHQWDOLW LORU OXFUHD]
DVXSUD JHVWXULORU ULWXDOXULORU FXYkQWXOXL RELúQXLW DVXSUD IHOXOXL vQ FDUH
IDSWHOHGHFRQúWLLQ LQGLYLGXDOHúLFROHFWLYHVHDFWXDOL]HD] VHODV Y ]XWH
úLVHUHSURGXFFRWLGLDQ0HQWDOLWDWHDVHFRQWRSHúWHFXLGHRORJLDODYkUIúL
FXFXOWXUDvQ HOHDV GUHSWSHUFHS LHDOXPLLODED]

0LFKHO9RYHOOH,GpRORJLHVHWPHQWDOLWpV3DULVpGLWLRQV/D'pFRXYHUWH
S

-DFTXHV /H *RII /HV PHQWDOLWpV XQH KLVWRLUH DPELJXs vQ -DFTXHV /H *RII
3LHUUH1RUDpG)DLUHGHO¶KLVWRLUH3DULVS

&DUOR *LQ]EXUJ %UkQ]D úL YLHUPLL 8QLYHUVXO XQXL PRUDU GLQ VHFROXO DO ;9,
OHD%XFXUHúWL1HPLUDS

3KLOLSSH $ULpV +LVWRLUH GHV PHQWDOLWpV vQ -DFTXHV /H *RII 5RJHU &KDUWLHU
-DFTXHV5HYHOFRRUG/DQRXYHOOHKLVWRLUH3DULVS

-DFTXHV/H*RIIRSFLWS

+0DUWLQRSFLWS

ÌQFRQGL LLOHDFHVWRUGLILFXOW LFDUHQXVXQWGRDUGHGHILQLUHFLVHSRW
UHJ VLúLODQLYHOXOPHWRGRORJLHLXWLOL]DWHGHPHUVXOQRVWUXQXvúLSURSXQHV
ILHXQXOH[KDXVWLY
$PvQFHUFDWvQSULPDSDUWHDDFHVWHLOXFU ULV SUH]HQW PHYROX LLOH
LVWRULRJUDILFHGLQXOWLPHOHGHFHQLLSHQWUXDDU WDIHOXOvQFDUHPHQWDOLW LOH
VHFRQVWLWXLHFDXQVXELHFWOHJLWLPDOFHUFHW ULORULVWRULFH3HGHDOW SDUWHQL
VDS UXWQRUPDOV SUH]HQW PSHVFXUWúLDOWHGHPHUVXULvQUXGLWHFXLVWRULD
PHQWDOLW LORU VDX GHULYDWH vQWUR DQXPH P VXU GLQ DFHDVWD $VWIHO
SXEOLFXO YD DYHD OD vQGHPkQ XQ WDEORX DO HYROX LLORU UHFHQWH FDUH V L
SHUPLW V VLWXH]HPDLELQHVWXGLLOHGHFD]SUH]HQWDWHvQFHDGHDGRXDSDUWH
DOXFU ULL
ÌQSDUWHDDGRXDYRPDQDOL]DXQHOHDVSHFWHDOHUHSUH]HQW ULORUVRFLDOH
úL DOH LPDJLQDUXOXL FROHFWLY FDUH QL VDX S UXW UHYHODWRDUH SHQWUX
PHQWDOLW LOHPHGLHYDOH$PSRUQLWvQVHOHFWDUHDúLRUJDQL]DUHDPDWHULDOXOXL
úL GH OD XQHOH GLQ VXJHVWLLOH OXL 5RJHU &KDUWLHU FDUH DU WD F RELHFW DO
VWXGLLORU XQLWH VXE HWLFKHWD FXSULQ] WRDUH GH LVWRULD PHQWDOLW LORU DX IRVW
FDWHJRULLSVLKRORJLFHHVHQ LDOHXWLOL]DWHvQFRQVWUXF LDWLPSXOXLDVSD LXOXL
vQSURGXFHUHDLPDJLQDUXOXLvQUHSUH]HQWDUHDDFWLYLW LORUXPDQH
7UHEXLH SUHFL]DW F VSD LXO DYXW vQ YHGHUH D IRVW vQ SULPXO UkQG FHO
RFFLGHQWDO GDWRULW DEXQGHQ HL ELEOLRJUDILHL FDUH SHUPLWH DERUGDUHD
DFHVWXLD$FRORXQGHvQV QHDIRVWSRVLELODPIRORVLWúLH[HPSOHGLQ%L]DQ úL
FKLDUúLGLQVSD LXOURPkQHVF/LPLWHOHFURQRORJLFHDOHOXFU ULLVXQWFHOHDOH
(YXOXL0HGLXvQDFFHS LXQHDVDFODVLF GHSHULRDG FDUHPHUJHvQJHQHUDO
GHSHODDQXOSkQ VSUH'DUDFRORXQGHQHYRLOHGHPRQVWUD LHLúL
DOH FRHUHQ HL DX FHUXWR VDX SRVLELOLW LOH RIHULWH GH GRFXPHQWD LH DX
vQJ GXLWRDFHVWHOLPLWHDXIRVWGHS úLWHúLvQDPRQWHúLvQDYDO
6HOHF LD WHPDWLF RSHUDW DUH R DQXPLW vQF UF WXU VXELHFWLY
VXELHFWHOH VHOHFWDWH QHILLQG QHDS UDW úL VLQJXUHOH GHPQH GH D IL IRVW WUDWDWH
6SHFLILFLWDWHD XQXL GHPHUV FDUH VW OD ED]D XQXL FXUV XQLYHUVLWDU VSD LXO
GLVSRQLELODXvQFOLQDWODUkQGXOORUEDODQ DvQIDYRDUHDDFHVWHLVHOHF LL
&RQVLGHU P SDJLQLOH FDUH XUPHD] GUHSW XQ vQGHPQ OD R DSOHFDUH
SOLQ GHvQ HOHJHUHúLLQWHUHVDVXSUD(YXOXL0HGLX

5RJHU&KDUWLHU$XERUGGHODIDODLVH/¶KLVWRLUHHQWUHFHUWLWXGHVHWLQTXLpWXGH
3DULV$OELQ0LFKHOS

3$57($,
$63(&7(7(25(7,&(

$3$5, ,$ù,(92/8 ,$,6725,(,0(17$/,7 ,/25

6WXGLHUHDPHQWDOLW LORUHVWHXQGRPHQLXUHODWLYQRXvQH[LVWHQ D
PLOHQDU DGLVFLSOLQHLLVWRULFHvQWUXFkWDIRVWFRQWXUDW vQVHFROXO;;
SULQ FRQWHVWDUHD PDQLHUHL WUDGL LRQDOH GH D VFULH LVWRULH $FHDVWD VH
FRQWXUDVHvQVHFROXODO;,;OHDRGDW FXSURIHVLRQDOL]DUHDLVWRULHLSULQ
vQWHPHLHUHD FDWHGUHORU VSHFLDOL]DWH úL D LQVWLWXWHORU GH SURILO úL
SUHVXSXQHD UHDOL]DUHD XQHL LVWRULL SROLWLFH úL HYHQLPHQ LDOH ,VWRULD
WUHEXLDI FXW QXPDLSHED]DGRFXPHQWHORUFHHDFHHUDRLGHHIRDUWH
FRUHFW GDUVLQJXUHOHGRFXPHQWHDFFHSWDWHGHúFRDODSR]LWLYLVW HUDX
FHOHGHDUKLY úLRIHUHDXGRDULQIRUPD LLSHED]DF URUDVHSXWHDVFULH
LVWRULD YLH LL SROLWLFH LQVWLWX LRQDOH D FRQIOLFWHORU PLOLWDUH úL D
WUDWDWHORUGLSORPDWLFH
3URLHFWXOUHDOL] ULLXQHLQRLLVWRULLGHRVHELW GHFHDWUDGL LRQDO
SROLWLF HYHQLPHQ LDO VDGDWRUDWJUXS ULLFDUHVDQXPLWùFRDODGHOD
$QQDOHV vQWHPHLDW GH 0DUF %ORFK úL /XFLHQ )HEYUH vQ DQLL ¶ DL
VHFROXOXL DO ;;OHD 0LúFDUHD VD FULVWDOL]DW vQ MXUXO UHYLVWHL $QQDOHV
G¶KLVWRLUHpFRQRPLTXHHWVRFLDOHvQWHPHLDW GHFHLGRLLVWRULFLvQ
ÌQWHPHLHWRULL FRQVLGHUDX LPSRUWDQW OHJ WXUD GLQWUH JHRJUDILH
HFRQRPLH DQWURSRORJLH HOHPHQWH FRQVWLWXWLYH DOH QRXOXL GHPHUV
LVWRULRJUDILFSHFDUHvOSURSXQHDXFDUDFWHUL]DWSULQLQWHUGLVFLSOLQDULWDWHD
RSXV LVWRULHL SR]LWLYLVWH FODVLFH 'H DVHPHQHD PRGHOXO SURSXV VH
GHRVHEHDGHLVWRULRJUDILDWUDGL LRQDO SULQLPSRUWDQ DDFRUGDW VWUXFWX
ULORU DQRQLPH SULQ DWHQ LD SHQWUX DVSHFWH DOH VHQWLPHQWHORU VDX DOH
H[SHULHQ HLvQWUXSDWHvQPHQWDOLW LFROHFWLYH

/\QQ+XQW)UHQFK+LVWRU\LQWKH/DVW7ZHQW\<HDUV7KH5LVHDQG
)DOORIWKH$QQDOHV3DUDGLJPvQÄ-RXUQDORI&RQWHPSRUDU\+LVWRU\ÝRO
QUS

*HRUJ,JJHUV+LVWRULRJUDSK\LQWKH7ZHQWLHWK&HQWXU\+DQRYHUDQG
/RQGRQS

&KLDUGDF DXIRVWSUHRFXSD LvQSULQFLSDOGHHFRQRPLFúLVRFLDO
)HEYUH úL %ORFK SRW IL FRQVLGHUD L úL SULQWUH vQWHPHLHWRULL LVWRULHL
PHQWDOLW LORU
/XFLHQ)HEYUHLQWXLHúWHLGHHDGHPHQWDOLW LFROHFWLYHYRUEHúWH
GH ÄXWLODMXO PLQWDO´ vQ SH FDUH vQFHDUF V OH DQDOL]H]H vQ
OXFU ULOH VDOH GHGLFDWH XQRU SHUVRQDOLW L HPEOHPDWLFH ± /XWKHU
0DUWLQ /XWKHU 8Q GHVWLQ 5DEHODLV 5HOLJLD OXL 5DEHODLV
3UREOHPD QHFUHGLQ HL vQ VHFROXO DO ;9,OHD 0DUJDUHWD GH
1DYDUUD $PRXU VDFUp DPRXU SURIDQH DXWRXU GH O¶+HSWDPpURQ
ÌQ VWXGLXO DVXSUD OXL /XWKHU HO SXQHD SUREOHPD UDSRUWXOXL
GLQWUHLQGLYLGúLFROHFWLYLWDWHUHFXQRVFkQGvQUHIRUPDWRUXOUHOLJLRVXQ
H[SRQHQWDOVSLULWXOXLJHUPDQPRGHUQ
6WXGLXO GHGLFDW UHOLJLHL OXL 5DEHODLV GHPRQVWUHD] SULQ DQDOL]D
RSHUHORU VFULLWRUXOXL IUDQFH] D FRQWH[WXOXL vQ FDUH DFHVWD D WU LW D
P UWXULLORU FRQWHPSRUDQLORU F DWHLVPXO GH FDUH 5DEHODLV IXVHVH
DFX]DW GH XQLL LVWRULFL GH OD VIkUúLWXO VHFROXOXL DO ;,;OHD QX HUD GH
FRQFHSXW SHQWUX RDPHQLL VHFROXOXL DO ;9,OHD 1RXWDWHD HUD
FRQVLGHUDUHDIHQRPHQXOXLUHOLJLRVFDRSDUWHDPHQWDOLW LLFROHFWLYH
$FHHDúL SUHRFXSDUH SHQWUX PHQWDOLW L VWXGLDWH SULQ SULVPD
SVLKRORJLHLHVWHUHOHYDW GHOXFUDUHDGHGLFDW 0DUJDUHWHLGH1DYDUUD
VRUDOXL)UDQFLVF,DXWRDUHvQDFHODúLWLPSDXQRUVFULVRULH[WUHPGH
SLRDVHWLQ]kQGVSUHPLVWLFLVPúLDXQRUQXYHOHFRURVLYHvQJHQXOOXL
%RFFDFLR )HEYUH DU WD DQDOL]kQG FRQWH[WXO PRUDO úL LQWHOHFWXDO DO
HSRFLLFDúLPHGLXOFXU LLIUDQFH]HGLQSULPDSDUWHDVHFROXOXLDO;9,
OHD F SHQWUX R SHUVRDQ HGXFDW GLQ DULVWRFUD LH UHOLJLR]LWDWHD
VLQFHU SXWHDFRH[LVWDFXFRQFHS LLPRUDOHPDLÄHPDQFLSDWH´$FHHDúL
LGHHD DS UHD vQ DQHFGRWD GHVSUH )UDQFLVF , FDUH vQWUR GLPLQHD
vQWRUFkQGXVH GH OD DPDQWD VD D WUHFXW SULQ ID D XQHL ELVHULFL WRFPDL
FkQGVXQDXFORSRWHOHSHQWUXVOXME 5HJHOHDLQWUDWvQELVHULF SHQWUXD
DVLVWD OD VOXME úL D VH UXJD $WLWXGLQHD FDUH QRX QH SDUH LQFRHUHQW
UHSUH]HQWDvQV FUHGHD)HEYUHQRUPDOLWDWHDSHQWUXRDPHQLLVHFROXOXL
DO ;9,OHD FDUH QX VLP HDX FRQWUDGLF LD vQWUH DPRUXULOH LOLFLWH úL
SLHWDWHDPDQLIHVW

0DXULFH %L]LqUH 3LHUUH 9D\VVLqUH +LVWRLUH HW KLVWRULHQV $QWLTXLWp
0R\HQÆJH)UDQFHPRGHUQHHWFRQWHPSRUDLQH3DULV+DFKHWWHS

*HRUJ,JJHUVRSFLWS

3KLOLSSH $ULpV +LVWRLUH GHV PHQWDOLWpV vQ -DFTXHV /H *RII 5RJHU
&KDUWLHU-DFTXHV5HYHOFRRG/DQRXYHOOHKLVWRLUH3DULVS

0DUF%ORFKVDSUHRFXSDWúLHOGHVWXGLXOPHQWDOLW LORUSXQkQG
XQ DFFHQW PDL PDUH vQV SH R LQYHVWLJD LH GH WLS VRFLRORJLF vQ 5HJLL
WDXPDWXUJL $XWRUXO DQDOL]HD] PRGXO vQ FDUH VD IRUPDW úL D
VXSUDYLH XLW SkQ vQ VHFROXO DO ;,;OHD FUHGLQ D vQ SXWHUHD UHJLORU
)UDQ HL úL $QJOLHL GH D YLQGHFD VFURIXOHOH LQIODPD LH D JDQJOLRQLORU
OLPIDWLFLGXS XQJHUHDFDPRQDUKL$FHDVW ÄLVWRULHDXQXLPLUDFROúL
DFUHGLQ HLvQDFHVWPLUDFRO´-/H*RIIHVWHRLOXVWUDUHDDSOLF ULLvQ
GRPHQLXO PHQWDOLW LORU D PHWRGHL FRPSDUDWLYH SH FDUH )HEYUH D
VXV LQXWRvQWRWGHDXQD
7RWXúL OD vQFHSXWXO $QQDOHORU SUHRFXS ULOH HVHQ LDOH HUDX GH
LVWRULH HFRQRPLF úL VRFLDO GDU DFHVWHD DX SXWXW FRQGXFH WUHSWDW OD
GHILQLUHD XQRU VXELHFWH FDUH DYHDX V ILH DERUGDWH GH LVWRULD
PHQWDOLW LORU )DSWHOH HFRQRPLFH SUHFXP SUH XUL VDODULL LPSR]LWH
FUHGLW SLD HUDX OHJDWH GH YLD D FRWLGLDQ DYkQG LQIOXHQ DVXSUD
VFXPSHWHL PL]HULHL VDX vPERJ LULL D IRDPHWHL HSLGHPLLORU PRUWD
OLW LL ÌQVHULHUHD GDWHORU GH LVWRULH HFRQRPLF úL VRFLDO SHUPLWHD R
DOWIHOGHOHFWXU DYLH LLHFRQRPLFHDSURSLDW GHLVWRULDSVLKRORJLF
'XS U ]ERL VWXGLXO PHQWDOLW LORU LQWU vQWUXQ UHODWLY FRQ GH
XPEU UHYLVWD $QQDOHV VXE FRQGXFHUHD OXL )HUQDQG %UDXGHO
SULYLOHJLLQGDQDOL]HOHGHLVWRULHHFRQRPLF úLVRFLDO &XWRDWHDFHVWHD
XQXOGLQDYDWDUXULOHLVWRULHLHFRQRPLFHúLDQXPHGHPRJUDILDLVWRULF
DYHD V UHLQWURGXF IHQRPHQHOH GH PHQWDOLWDWH vQ SUREOHPDWLFD
VWXGLDW GH LVWRULFLL IUDQFH]L ,VWRULD GHPRJUDILF VWXGLD UHOD LD vQWUH
SRSXOD LH VXE]LVWHQ IRDPHWH úL HSLGHPLL IRORVLQGXVH GH GDWH
VWDWLVWLFH'DUVHULLOHVWDWLVWLFHDXI FXWSRVLELO DSDUL LDXQRUDWLWXGLQL
vQ ID D YLH LL YkUVWHL EROLL úL PRU LL $GDSWDUHD RDPHQLORU OD VWDUHD
HFRQRPLF QX VH I FHD DXWRPDW vQWUH FRPSRUWDPHQWXO GHPRJUDILF úL
QLYHOXO UHVXUVHORU H[LVWkQG ÄXQ VLVWHP RSWLF FDUH PRGLILFD LPDJLQHD
UHDO VLVWHPXOPHQWDOLW LORU´
$QLL ¶¶ PDUFDX DILUPDUHD FHOHL GHD WUHLD JHQHUD LL úL
vQWRDUFHUHDùFROLLGHOD$QQDOHVVSUHVWXGLXOPHQWDOLW LORUvQSDUDOHO

-0%L]LqUH39D\VVLqUHRSFLWS

3KLOLSSH$ULpVRSFLWS

,ELGHPS

9H]L DQDOL]D I FXW DFHVWRUD GLQ XUP GH 3KLOLSSH $ULpV vQ 2PXO vQ
ID DPRU LL%XFXUHúWL(GLWXUD0HULGLDQH

3KLOLSSH$ULpVRSFLWS

FX XQ GHFOLQ UHODWLY DO VWXGLLORU GH LVWRULH HFRQRPLF úL VRFLDO
0LúFDUHD FULVWDOL]DW DFXP VH DXWRLQWLWXOD Ä1RXD LVWRULH´ ± DYkQG FD
GRFXPHQW SURJUDPDWLF OXFUDUHD FRRUGRQDW GH /H *RII /D QRXYHOOH
KLVWRLUHDS UXW vQ1RXDLVWRULHPRúWHQHDGHODDGRXDJHQHUD LH
D $QQDOHORU LPSRUWDQ D DFRUGDW PHWRGHORU FDQWLWDWLYH WRWXO SXWHD IL
QXP UDW úL DQDOL]D SXWHD FRQGXFH OD FRQFOX]LL FDUH YL]DX LVWRULD
FXOWXUDO úL D PHQWDOLW LORU FRQWUDFWHOH GH F V WRULH SULQ SURFHQWXO
VHPQ WXULORU UHOHYDX QLYHOXO GH DOIDEHWL]DUH D VRFLHW LL WHVWDPHQWHOH
SXWHDXLOXVWUDHYROX LDDWLWXGLQLORUUHOLJLRDVH±SLHWDWHDúLDWLWXGLQLOHvQ
ID D PRU LL HWF 'H DVHPHQHD DQWURSRORJLD VWUXFWXUDO D OXL /pYL
6WUDXVVvLLQIOXHQ DSURIXQGSHLVWRULFLGHVFKL]kQGXOHQRLSHUVSHFWLYH
DVXSUDVWXGLHULLDOWHULW LLVWUXFWXULORUGHUXGHQLHULWXULORUPLWXULORUúL
VXJHUkQG QRL PHWRGH SUHFXP DQFKHWHOH GH WHUHQ DQFKHWHOH RUDOH
DQDOL]D GRFXPHQWHORU LFRQRJUDILFH D VXUVHORU DUKHRORJLFH 0LFKHO
)RXFDXOW ILORVRI FRQYHUWLW OD LVWRULH D H[HUFLWDW OD UkQGXO V X R
DQXPLW LQIOXHQ DVXSUD LVWRULFLORU PHQWDOLW LORU SUHRFXSD L GH
LQWHUGLVFLSOLQDULWDWH úL GH UHDOL]DUHD XQHL LVWRULL FDUH V UHLD DQXPLWH
WHPHDOHUHIOH[LHLILORVRILFHSODVkQGXOHvQV vQSHUVSHFWLYDGXUDWHL
1RXDLVWRULHHUDLQWHUHVDW GHRULFHDFWLYLWDWHXPDQ SURSXQkQG
DVWIHO LGHDOXO XQHL ÄLVWRULL WRWDOH´ KLVWRLUH WRWDOH FDUH V VWXGLH]H
FRSLO ULD PRDUWHD QHEXQLD FOLPDWXO PLURVXULOH PXUG ULD úL FXU
HQLD JHVWXULOH WUXSXO IHPLQLWDWHD PDVFXOLQLWDWHD OHFWXUD YRUELUHD
W FHUHD &HHD FH vQDLQWH HUD FRQVLGHUDW QHVFKLPEDW HVWH DFXP SULYLW
GUHSW ÄFRQVWUXF LH FXOWXUDO ´ VXELHFW DO YDULD LHL vQ WLPS úL VSD LX
$FHVW UHODWLYLVP FXOWXUDO FRQWULEXLH OD PLQDUHD GLVWLQF LHL WUDGL LRQDOH
vQWUHFHHDFHHVWHFHQWUDOúLFHHDFHHVWHSHULIHULFvQLVWRULH
3UHRFXSDUHD SHQWUX R LVWRULH WRWDO FDUH DUH vQ YHGHUH WRDWH
GRPHQLLOH DFWLYLW LL XPDQH FKLDU vQWHPHLHWRULL FRPSDUDX LVWRULFXO FX
F SF XQXO GLQ SRYHVWH FDUH VH UHSHGH DFROR XQGH VLPWH PLURV GH FDUQH
RPHQHDVF DFRQGXVODQHFHVLWDWHDLQWHUGLVFLSOLQDULW LL3URPRWRULL1RLL
,VWRULL DX IRORVLW DFKL]L LL FRJQLWLYH DOH DQWURSRORJLORU HFRQRPLúWLORU
FULWLFLORUOLWHUDULVRFLRORJLORUSVLKRORJLORU,DXLQIOXHQ DWODUkQGXOORUSH

3KLOLSSH$ULpVRSFLWS

3HWHU%XUNHHG1HZ3HUVSHFWLYHVRQ+LVWRULFDO:ULWLQJ&DPEULGJH
S

LVWRULFLL DUWHL OLWHUDWXULL úL úWLLQ HL FDUH vQ PRG RELúQXLW DF LRQDX
LQGHSHQGHQWGHLVWRULFLLÄSURSULX]LúL´
6DU SXWHD VSXQH F GRPHQLXO FHO PDL FDUDFWHULVWLF LOXVWUDW GH
Ä1RXD LVWRULH´ HVWH LVWRULD PHQWDOLW LORU &RQFHSW DPELJXX UHSURú
FDUHLVDI FXWDGHVHDúLFDUHVHSDUHF DúLFRQWULEXLWvQWURDQXPLW
P VXU OD GHFOLQXO DFHVWHL GLUHF LL JUHX GH WUDGXV vQ DOWH OLPEL
WHUPHQXO GH LVWRULD PHQWDOLW LORU D IRVW ILH LJQRUDW ILH SUHOXDW GUHSW
QHRORJLVP FD DWDUH FD vQ OXPHD DQJORVD[RQ &RQFHSWXO GH
ÄPHQWDOLWDWH´ DYHD V VH LPSXQ vQ DQLL ¶ vQ PRG SDUDGR[DO SULQ
RSHUD XQXL LVWRULF VLWXDW vQ DIDUD FXUHQWXOXL GH OD $QQDOHV 3KLOLSSH
$ULqV/¶HQIDQWHWODYLHIDPLOLDOHVRXVO¶$QFLHQ5pJLPH
Ä1RXO WHULWRULX´ GH]Y OXLW LVWRULFLORU DYHD V VH EXFXUH GH XQ
LPHQV VXFFHV SULQWUH DOWHOH úL GHRDUHFH I FHD DSHO OD
LQWHUGLVFLSOLQDULWDWHD FDUH IXVHVH SUHVFULV GH S ULQ LL IRQGDWRUL HUD
QHYRLH GH FRPSHWHQ H GH WLS DQWURSRORJLF SVLKRORJLF GH LVWRULF
FDQWLWDWLYLVW2DOW FDX] DVXFFHVXOXLHUDFDUDFWHUXOFYDVLLQHSXL]DELO
DO GRPHQLXOXL FDUH SXWHD vPEU LúD GH OD VWXGLXO IDPLOLHL úL DO
VH[XDOLW LL OD DWLWXGLQL GHVSUH SODWD LPSR]LWHORU FRQFHS LL GHVSUH
PRDUWH UHSUH]HQWDUHD GLDYROXOXL FXOWXUD SRSXODU WHDPD SHUFHS LD
WLPSXOXLV UE WRDUHDFRQWUDFHS LDHWF'XS FXPDU WD/XFLDQ%RLD
LVWRULDPHQWDOLW LORUFXSULQGHDODvQFHSXWXODQLORU¶LQWHUSUHW ULúL
LPDJLQLVHQWLPHQWHúLSDVLXQLGHSULQGHULúLRELFHLXULDWLWXGLQLID GH
OXPHYLD úLVRFLHWDWHDIODWHvQVWDGLXOFHOPDLSXUQHHODERUDWHVXE
IRUPD XQHL LGHRORJLL 3HQWUX 0LFKHO 9RYHOOH LVWRULD PHQWDOLW LORU
HVWH ÄVWXGLXO PHGLHULORU úL DO UDSRUWXOXL GLDOHFWLF GLQWUH FRQGL LLOH
RELHFWLYHDOHYLH LLRDPHQLORUúLIHOXOvQFDUHHLúLRSRYHVWHVFúLFKLDU
FHOvQFDUHRWU LHVF´ÌQFHOHGLQXUP SXWHPFRQVLGHUDPHQWDOLW LOH
GUHSW XQ DQVDPEOX GH UHSUH]HQW UL FUHGLQ H FRQYLQJHUL LPDJLQL
GRPLQDQWHFDUHVHDIO ODJUDQL DGLQWUHFRQúWLHQWúLLQFRQúWLHQWúLFDUH
VXQW DVRFLDWH DWLWXGLQLORU FRQGXLWHORU úL SUDFWLFLORU SH FDUH OH
H[SULP

3KLOLSSH$ULpVRSFLWS

/XFLDQ%RLD,VWRULDPHQWDOLW LORUFXSULYLUHVSHFLDO DVXSUDúFROLL
GHOD$QQDOHVvQÄ5HYLVWDGHLVWRULH´WRPQUS

0LFKHO9RYHOOH,GpRORJLHVHWPHQWDOLWpVS

3DWULFN + +XWWRQ 7KH +LVWRU\ RI 0HQWDOLWLHV 7KH 1HZ 0DS RI
&XOWXUDO+LVWRU\Ä+LVWRU\DQG7KHRU\´;;S

'DF GHILQLUHD PHQWDOLW LORU D SXV PDUL SUREOHPH SkQ OD D
VXJHUDXQRUIRúWLSDUWL]DQLDLDFHVWHLDDEDQGRQDUHDFRQFHSWXOXLVXQWPDL
XúRUGHUHSHUWRULDWRVHULHGHFDUDFWHULVWLFLDOHDFHVWRUDÌQSULPXOUkQG
PHQWDOLW LOH VXQW FROHFWLYH ILLQG vPS UW úLWH GH PHPEULL XQHL FXOWXUL
VRFLHW LVDXDLXQXLJUXSVRFLDODQXPH3HGHDOW SDUWHFKLDU)HEYUH
VXEOLQLDLPSRUWDQ DFDUHWUHEXLHGDW úLFRQúWLLQ HLLQGLYLGXDOHQXGRDU
PRGXOXLGHDJkQGLVSHFLILFXQHLvQWUHJLFROHFWLYLW L(OHVXQWIRDUWH
VWDELOH QHILLQG DIHFWDWH GH VFKLPE UL EUXúWH úL FRQVWLWXLH OHJ WXUD FHD
PDLUH]LVWHQW GLQWUHLQGLYLGúLFROHFWLYLWDWHXQHRULVXSUDYLH XLQGFKLDU
úLH[LOXOXLVDXH[SDWULHULL0HQWDOLW LOHQXVXQWRPRJHQHGHRDUHFHvQ
FDGUXODFHOHLDúLVRFLHW LVXSUDYLH XLHVFRVHULHGHÄUHVWXUL´FDUHSRWLHúL
ODVXSUDID vQVLWXD LLGHFUL] ÄFkQG HVXWXULOHVRFLDOHSDUGLQWURGDW
V FHGH]H´ &kQG VXQW DGXQDWH PDUL PXO LPL VH SRDWH SURGXFH
IHQRPHQXO GH ÄFRQWDJLXQH PHQWDO ´ SULQ FDUH QLYHOXO JHQHUDO DO
DWLWXGLQLORUúLFRPSRUWDPHQWHORUWLQGHV VHUHJOH]HVSRQWDQSHLGHLOHúL
LPSXOVXULOH FHOH PDL SULPLWLYH 0HQWDOLW LOH UH]LGXDOH FDUDFWHUL]HD]
úL LQGLYL]LL vQWUXFkW VLWXD LLOH GH FUL] SRW JHQHUD úL OD QLYHO SHUVRQDO
UHDF LLWRWDOGLIHULWHGHFHOHÄQRUPDOH´
3RUQLQGGHODGHILQLUHDIRDUWHODUJ DFRQFHSWXOXLGHPHQWDOLWDWH
úL GH OD VWDELOLUHD XQRU FDUDFWHULVWLFL DOH DFHVWHLD LVWRULFLL GLQ D WUHLD
JHQHUD LHDùFROLLGHOD$QQDOHVVDXSUHRFXSDWGHDWLWXGLQLOHSRSXODUH
vQ FRQWH[WH HFRQRPLFH úL VRFLDOH GDWH SUHFXP 5REHUW 0DQGURX FDUH
DQDOL]HD] YU MLWRULD úL LGHLOH FDSLWDOLVWWLPSXULL DOH )XJJHULORU /H
*RIIúL'XE\FDUHWUDWHD] VHJPHQWHDOHUHOLJLR]LW LLSRSXODUHLGHLDOH
RDPHQLORU PHGLHYDOL )DVFLQD LD SHQWUX FRPSXWHU WUDQVIRUPDVH

$OH[DQGUX )ORULQ 3ODWRQ 6RFLHWDWH úL PHQWDOLW L vQ (XURSD
PHGLHYDO ,DúL(GLWXUD8QLYHUVLW LLÄ$O,&X]D´S

$QGUp%XUJXLqUH7KH)DWHRIWKH+LVWRU\RIWKH0HQWDOLWHVLQWKH$QQDOHV
Ä&RPSDUDWLYH6WXGLHVLQ6RFLHW\DQG+LVWRU\ÝROQUS

$OH[DQGUX)ORULQ3ODWRQRSFLWS

,ELGHPS

,ELGHPS

5REHUW 0DQGURX 0DJLVWUDWV HW VRUFLHUV HQ )UDQFH GX ;9,,H VLqFOH
3DULV ,GHP /HV )XJJHUV SURSULpWDLUHV IRQFLHUV HQ 6RXDEHV
pWXGHGHFRPSRUWHPHQWVVRFLRpFRQRPLTXHVjODILQGX;9,HVLqFOH3DULV

*HRUJ,JJHUVRSFLWSDVHYHGHDvQVSHFLDO/H*RII3HQWUXXQ
DOW(Y0HGLX1DúWHUHD3XUJDWRULXOXL'XE\&HOHWUHLRUGLQHVDXLPDJLQDUXO
IHXGDOLVPXOXLVDX&DYDOHUXOIHPHLDúLSUHRWXO

VWXGLXO PHQWDOLW LORU SULQ DSOLFDUHD PHWRGHL FDQWLWDWLYH OD PDVH GH
GRFXPHQWH3LHUUH&KDXQX0LFKHO9RYHOOHDXDQDOL]DWWHVWDPHQWH
SH ED]D F URUD DX UHFRQVWLWXLW DWLWXGLQL vQ ID D PRU LL VDX D UHOLJLHL
SLHWDWHGHFUHúWLQDUH
$QDOL]D PHQWDOLW LORU VH SXWHD IDFH vQV úL SULQ PHWRGH
FDOLWDWLYH GXS PRGHO DQWURSRORJLF GXS FXP DYHD V DUDWH /H 5R\
/DGXULH vQ 0RQWDLOORX PRQRJUDILH vQ FDUH vQFHDUF SH ED]D
UHJLVWUXOXL LQFKL]LWRULDO V UHFRQVWLWXLH FHOH PDL LQWLPH úL SHUVRQDOH
GHWDOLLúLJkQGXULDOHRDPHQLORUGHUkQG
&HHDFHúFRDODGHOD$QQDOHVvQFHUFDHUDV vQ HOHDJ VRFLHWDWHD
FD XQ RUJDQLVP LQWHJUDW DILUPkQG DVWIHO LGHDOXO XQHL LVWRULL WRWDOH
JOREDOH
'HDOWIHOvQWURFRQFHS LHFDUHYHGHDVRFLHWDWHDFDXQVLVWHPFX
WUHL QLYHOH IRDUWH DSURSLDW vQ SRILGD QHJD LLORU GH FHD PDU[LVW
PHQWDOLW LOHDUILUHSUH]HQWDWDOWUHLOHDQLYHOSULQFLSLLYDORULFUHGLQ H
SUDFWLFL VLPEROLFH 3DUWL]DQLL LVWRULHL PHQWDOLW LORU VXEOLQLDX vQV
ÄDXWRQRPLD PHQWDOXOXL´ FDUH UHIX] FRQGL LRQ ULOH HFRQRPLFR
VRFLDOH
,VWRULD PHQWDOLW LORU SURPRYDW GH ùFRDOD GH OD $QQDOHV D
PDUFDW vQ PRG GXUDELO LVWRULRJUDILD XQLYHUVDO GLQ XOWLPD MXP WDWH D
VHFROXOXL DO ;;OHD úL U PkQH úL DVW ]L FKLDU GDF XQHRUL VXE DOWH
QXPHDQWURSRORJLHLVWRULF VDXLVWRULHFXOWXUDO RGLUHF LHLPSRUWDQW
úLIHFXQG vQVWXGLXOLVWRULHL

&ULWLFDLVWRULHLPHQWDOLW LORU

6XFFHVXO LVWRULHL PHQWDOLW LORU QX D HOLPLQDW vQV QLFLRGDW
FULWLFLOH DGUHVDWH DFHVWHLD GLPSRWULY $FHVWHD DX SRUQLW XQHRUL GLQ
WDE UDSDUWL]DQLORULVWRULRJUDILHLGHWLSWUDGL LRQDO$OWHRULDXYHQLWvQV
FKLDU GLQ SDUWHD XQRU LVWRULFL LQWHUHVD L GH vQQRLUL WHPDWLFH úL

3LHUUH&KDXQXHWDOLL/D0RUWj3DULV3DULV

0LFKHO 9RYHOOH 3LpWp EDURTXH HW GpFKULVWLDQLVDWLRQ HQ 3URYHQFH
3DULV,GpRORJLHVHWPHQWDOLWpV3DULV

*HRUJ,JJHUVRSFLWS

/\QQ+XQWHG7KH1HZ&XOWXUDO+LVWRU\8QLYHUVLW\RI&DOLIRUQLD
3UHVV%HUNHOH\/RV$QJHOHV/RQGRQ,QWURGXFWLRQS

0LFKHO9RYHOOHRSFLWS

PHWRGRORJLFHQHPXO XPL LvQV GHLQVXILFLHQ HOHGHPHUVXULORUUHXQLWH
VXEQXPHOHGHÄLVWRULDPHQWDOLW LORU´
ÌQF GLQ DQLL ¶ &DUOR *LQ]EXUJ UHIX]D LGHHD GH PHQWDOLWDWH
SHQWUXLQVLVWHQ DH[FOXVLY SHHOHPHQWHOHREVFXUHLQHUWHLQFRQúWLHQWH
vQWURYL]LXQHGHWHUPLQDW DVXSUDOXPLLÌQDFHVWIHOFRQVLGHUDHOVH
UHGXFHD LPSRUWDQ D LGHLORU UD LRQDOH H[SULPDWH FRQúWLHQW 'H DVHPH
QHD HO FRQGDPQD WHRULD FDUDFWHUXOXL ÄLQWHUFODVLDO´ DO PHQWDOLW LORU
FDUH SUHVXSXQHD F vQWUHDJD VRFLHWDWH OD XQ DQXPLW PRPHQW DU
vPS UW úLDFHODúLÄXWLODMPHQWDO´*LQ]EXUJHUDúLvPSRWULYDDOLDQ HLFX
GHPHUVXULOHFDQWLWDWLYHVHULDOHFDUHDUUHLILFDFRQ LQXWXULOHJkQGLULLVDU
DWDúD GRDU FHORU PDL VHPQLILFDWLYH H[SUHVLL LJQRUkQG VLQJXODULWDWHD
$VWIHO*LQ]EXUJvLLQYLW SHLVWRULFLV SULYLOHJLH]HLQGLYLGXDOXOFHHD
FHHODúLI FXWvQ%UkQ]DúLYLHUPLLOXFUDUHGHYHQLW XQVRLGHPDQLIHVW
SHQWUX XQ DOW WLS GH GHPHUV GH VXFFHV vQ VSHFLDO vQ VSD LXO LWDOLDQ úL
DQXPH PLFURLVWRULD $VWIHO *LQ]EXUJ SURSXQHD FHHD FH D QXPLW
ÄSDUDGLJPDLQGLFLDU ´DVHP QkQGGHPHUVXOLVWRULFXOXLFXFHODOGHWHF
WLYXOXLFDUHUHFRQVWLWXLHHYHQLPHQWHOHSRUQLQGGHODLQGLFLLúLXUPH
2FULWLF IRDUWHLQIOXHQW DIRVWDGXV vQGHF WUH*HRIIUH\
/OR\G vQ 'HP\VWLI\LQJ PHQWDOLWLHV vQ FDUH SXQHD vQ GLVFX LH LGHL
HVHQ LDOHDOHLVWRULHLPHQWDOLW LORUÌQSULPXOUkQG/OR\GFRQWHVW IDSWXO
F vQWUHDJD VRFLHWDWH DU DYHD XQ VHW VWDELO úL RPRJHQ GH LGHL FUHGLQ H
DúDFXPFRQVLGHUDHOF DUDILUPDLVWRULFLLPHQWDOLW LORU(OFRQVLGHUDF
LQVLVWHQ DDVXSUDIHQRPHQHORUVWDELOHVWUXFWXUDOHFRQGXFHDODLJQRUDUHD
VFKLPE ULLFDUHRSHUHD] ODQLYHOXOVWUXFWXULORU$SRL/OR\GQXHUDGH
DFRUGFXLGHHDF WRDWHJkQGXULOHúLFRPSRUWDPHQWHOHXQXLLQGLYLGVXQW
JXYHUQDWHGHRXQLF VWUXFWXU PHQWDO
$VHPHQHD SUHVXSR]L LL GXFHDX vQ YL]LXQHD VD OD úWHUJHUHD
GLIHUHQ HORU GLQWUH LQGLYL]L 'H DVHPHQHD VH vQFKLGHD vQWUR FRHUHQ
DUWLILFLDO SOXUDOLWDWHDVLVWHPHORUGHFUHGLQ HúLDPRGXULORUGHJkQGLUH
SH FDUH DFHODúL JUXS VDX LQGLYLG OH SRW PRELOL]D VXFFHVLY &HHD FH

(QF\FORSHGLD RI WKH 6RFLDO DQG %HKDYLRUDO 6FLHQFHV HG 1HLO -
6PHOVHU3DXO%%DOWHVDUW&XOWXUDO+LVWRU\

&DUOR*LQ]EXUJ0\WKHVHPEOqPHVWUDFHV0RUSKRORJLHHWKLVWRLUH
3DULV)ODPPDULRQ

*HRIIUH\ /OR\G 3RXU HQ ILQLU DYHF O¶KLVWRLUH GHV PHQWDOLWpV 3DULV
S

SURSXQH/OR\GVXQWÄVWLOXULOHGHUD LRQDOLWDWH´SRUQLQGGHODLGHHDF
GRDULQGLYL]LLVLQJXODULJkQGHVFQXFRPXQLW LOH
ÌQUHDOLWDWHLVWRULFLLPHQWDOLW LORUQXDSOLFDXPHFDQLFFRQFHSWXO
GH PHQWDOLW L LQWHUFODVH HUDX DWHQ L OD GLIHUHQ LHULOH VRFLDOH FDUH
FRQGXFHDXvQILHFDUHVRFLHWDWHODPRGXULGLIHULWHGHDJkQGLúLDVLP L
'HDVHPHQHDHLQXLJQRUDXSUH]HQ DPDLPXOWRUPHQWDOLW LODDFHODúL
LQGLYLG D VH YHGHD IHOXO vQ FDUH /H *RII HYLGHQ LD] FRH[LVWHQ D vQ
/XGRYLFDO;,OHDDPDFKLDYHOLVPXOXLPRGHUQFXVXSHUVWL LLOHFHOHPDL
FUDVH
5 PkQHvQV YDODELO FULWLFDSRWULYLWF UHLDLVWRULDPHQWDOLW LORU
QX D SXWXW QLFLRGDW V úL GHILQHDVF GH R PDQLHU FODU úL XQDQLP
RELHFWHOH PHWRGHOH FRQFHSWHOH $VW ]L vQ 2FFLGHQW FRQFHSWXO GH
ÄLVWRULHDPHQWDOLW LORU´GXS FHDIRVWRYUHPHSDU LDOvQORFXLWFXFHO
GHÄLPDJLQDUFROHFWLY´FXÄLVWRULDVHQVLELOLW LORU´GXS FHVDSURSXV
ÄR LVWRULH UHVWUkQV D PHQWDOLW LORU´ D LQWUDW vQWUXQ FRQ GH XPEU
FDUHSDUHGHILQLWLY7HPHOHúLPHWRGHOHDFHVWXLGHPHUVDXVXSUDYLH XLW
vQV vQFHHDFHDVW ]LVHQXPHúWHÄLVWRULHFXOWXUDO ´

$ODLQ %XUHDX 3URSRVLWLRQV SRXU XQH KLVWRLUH UHVWUHLQWH GHV
PHQWDOLWpVvQÄ$QQDOHV(6&´S

$175232/2*,$,6725,&

ÌQSDUWHúLFDU VSXQVODFULWLFLOHDGXVHPHQWDOLW LORUFRQVLGHUDWH
XQFRQFHSWSUHDYDJDOF UXLFkPSGHDSOLFDELOLWDWHQXHVWHGHILQLWvQ
PRGFRHUHQWLVWRULFLLDXvQFHSXWFKLDUGLQDQLL¶V SUDFWLFHFHHDFH
VDQXPLWDQWURSRORJLDLVWRULF
&RQWH[WXOHUDPDUFDWGHLHúLUHD)UDQ HLGLQU ]ERLXOFRORQLDOúLDO
VWkQJLL IUDQFH]H GLQ HSRFD LOX]LLORU 6H GRYHGLVH F SUROHWDULDWXO QX
PDLDUHHODQUHYROX LRQDUFDDWDUHSUHRFXS ULOHGLQúWLLQ HOHXPDQHVH
vQGUHSWDXWRWPDLIUHFYHQWF WUHOXPHDDWUHLDF UHLDLVHDWULEXLDDFXP
GDWRULD UHYROX LHL PRQGLDOH 3H GH DOW SDUWH VH GH]YROWD VRFLHWDWHD
SRVWLQGXVWULDO vQFDUHDFFHQWXOVHGHSODVDGHODSUREOHPDSURGXF LHL
OD SUREOHPD RUJDQL] ULL 5HRULHQWDUHD LQWHUHVXOXL F WUH VRFLHWDWHD
FLYLO SHWUHFXW vQ DFHVWH FRQGL LL D FRQGXV OD R SXQHUH vQ YDORDUH D
DVSHFWHORU FXOWXUDOH FDUH LPSUHJQHD] LQFOXVLY SROLWLFXO 'H]YROWDUHD
IOX[XOXLPLJUDWRULXYHQLWGLQVSUHIRVWHOHFRORQLLDYHDV SXQ vQID D
LQWHOHFWXDOLW LL IUDQFH]H WRW PDL IUHFYHQW SUREOHPD DOWHULW LL D
FHOXLODOWDGUHSWXOXLODGLIHUHQ 3HDFHVWIRQGDQWURSRORJLDvQFHSHV
RFXSH SR]L LD KHJHPRQLF vQ DQVDPEOXO úWLLQ HORU VRFLDOH SH FDUH R
GH LQXVHSkQ DWXQFLLVWRULD
$QWURSRORJLD LVWRULF VH GH]YROW GHFL SRUQLQG GH OD R GXEO
RULJLQH SH GH R SDUWH HVWH YRUED GH XQD H[RJHQ UHSUH]HQWDW GH
DOLDQ DFXDQWURSRORJLDSHGHDOW SDUWHGHXQDHQGRJHQ UH]XOWDWDO
HYROX LLORULQWHUQHDOHFXUHQWXOXLGHOD$QQDOHVúLDOSUHOXQJLULLQR LXQLL
GHPHQWDOLWDWH
$QWURSRORJLD LVWRULF D UHSUH]HQWDW SURGXVXO XQHL DSURSLHUL
UHFLSURFH GLQWUH LVWRULFL úL DQWURSRORJL SULPLL GDWRULW LQWHUHVXOXL
SHQWUX PHQWDOLW L FRWLGLDQ HYROX LLOH OHQWH vQFDGUDWH vQ SHUVSHFWLYD
ÄGXUDWHL OXQJL´ $FHDVW ÄGRPLQD LH VXYHUDQ ´ D PRGHOXOXL

-HDQ&ODXGH 6FKPLWW /¶$QWKURSRORJLH KLVWRULTXH vQ Ä'LFWLRQQDLUH GH
O¶HWKQRORJLHHWGHO¶DQWKURSRORJLH´GLU3LHUUH%RQWH0LFKHO,]DUG38)S

DQWURSRORJLF PDL vQWkL SH ILOLHUD &ODXGH /pYL6WUDXVV VD WUDGXV vQ
SUHRFXS ULOHID GHULWXDOXULFDUQDYDOULWXULGHWUHFHUHHWF3HGHDOW
SDUWH úL DQWURSRORJLL DX vQFHSXW V VHVL]H]H GLPHQVLXQHD WHPSRUDO
LVWRULF D VRFLHW LORU SH FDUH OH VWXGLDX úL FDUH QX HUDX vQFUHPHQLWH
vQWUR DWHPSRUDOLWDWH GHV YkUúLW ([HPSOH FODVLFH GH DQWURSRORJL
FRQYHUWL LODLVWRULHVXQW0DUVKDOO6DKOLQVúLvQWURRDUHFDUHP VXU
&OLIIRUG*HHUW])HUQDQG%UDXGHODWU VHVHGHMDDWHQ LDDVXSUDXFURQLHL
DQWURSRORJLHL VWUXFWXUDOH úL FRQFHSWXO GH GXUDW OXQJ HUD vQGUHSWDW
SDU LDOúLvPSRWULYDLGHLLGHVWUXFWXU DWHPSRUDO vQWUXFkWDU WDF vQ
FHOHGLQXUP RULFHVWUXFWXU VHX]HD] vQWLPS
'LQ PRPHQWXO vQ FDUH DX vQFHSXW V VH FRQWXUH]H SUHRFXS ULOH
UHXQLWHVXEQXPHOHGHDQWURSRORJLHLVWRULF DXDS UXWúLvQFHUF ULOHGH
LGHQWLILFDUH D vQDLQWH PHUJ WRULORU ,VWRULFLL IUDQFH]L DX UHGHVFRSHULW
RSHUD OXL /HJUDQG G¶$XVVL FRQWHPSRUDQ DSURDSH REVFXU DO
HQFLFORSHGLúWLORU FDUH vQ SXEOLFD +LVWRLUH GH OD YLH SULYpH GHV
)UDQoDLV vQ FDUH GHVHPQD GRPHQLXO GH LQWHUHV DO XQHL LVWRULL QRQ
HYHQLPHQ LDOH ÄEXUJKH]XO vQ RUDúXO V X UDQXO vQ FROLED VD
JHQWLORPXOvQFDVWHOXOV XvQILQHIUDQFH]XOvQPLMORFXOPXQFLORUVDOH
DO SO FHULORU VDOH DO IDPLOLHL úL FRSLLORU V L´ ,VWRULFXO GLQ SHULRDGD
/XPLQLORU UHXúLVH V UHDOL]H]H GLQ SURLHFWXO SURSXV GRDU R LVWRULH D
DOLPHQWD LHLIRDUWHPRGHUQ vQFDUHVWXGLDvQDFHODúLWLPSSURGXVHOH
WHKQLFLOHúLFRPSRUWDPHQWHOHDOLPHQWDUH&KLDUúL5RXVVHDXDQWLFLSDVH
SRVLELOLWDWHD XQHL LVWRULL DQWURSRORJLFH GDU HO R FRQVLGHUD SRVLELO úL
GH]LUDELO GRDUSHQWUXDúDQXPL LLÄV OEDWLFL´DGLF SHQWUXSRSRDUHOH
I U LVWRULHÌQFD]XOORUWUHEXLDXVWXGLDWHPDQLHUHOHGHDVHvPEU FDúL
GH D VH KU QL RUJDQL]DUHD YLH LL ORU GH IDPLOLH UHOD LLOH vQWUH VH[H
FUHGLQ HOH úL FHUHPRQLLOH ORU &HHD FH LVWRULFLL QXPHDX PRUDYXUL
GHYHQHDXSXUW WRDUHGHLVWRULHvQWUXFkWvQORFXLDXDFRORLQVWLWX LLOH

/\QQ+XQWHGRSFLWS

ÌQ,VODQGRI+LVWRU\DS UXW vQ6DKOLQVDQDOL]DFHVDvQWkPSODW
ODVRVLUHDOXL&RRNvQ+DZDLLúLIHOXOvQFDUHDSDUL LDHXURSHQLORUDPRGLILFDW
SURIXQG VWUXFWXULOH VRFLHW LORU LQGLJHQH $VWIHO HO DU WD FXP FXOWXUD HVWH
VXELHFWDOLVWRULHL

$QGUp%XUJXLqUH$QWURSRORJLHKLVWRULTXHvQ-/H*RII5&KDUWLHU
-5HYHOFRRUGRSFLWS

$QGUp%XUJXLqUHRSFLWS

ÌQVHFROXODO;,;OHDRFRQWULEX LHGHPQ GHOXDWvQFRQVLGHUDUH
HVWH FHD D OXL -XOHV 0LFKHOHW FDUH SURSXQHD XQ SURLHFW GH UHVXUHF LH
LQWHJUDO D WUHFXWXOXL SULQ FDUH XUP UHD V GHVFULH GLQFROR GH
HYHQLPHQWHOHOHJDWHGHH[HUFL LXOSXWHULLH[LVWHQ DRDPHQLORUGHUkQG
0LFKHOHW DFRUGD R PDUH LPSRUWDQ LQWXL LHL úL HPSDWLHL FDUH SHUPLW
LVWRULFXOXL V vQ HOHDJ PDQLHUHOH GH D YHGHD úL GH D VLP L DOH XQHL
HSRFL DERUGDUH FDUH vL YD FDUDFWHUL]D PDL WkU]LX SH HWQRORJL 7RFPDL
GLQDFHVWHPRWLYHDIRVWUHVSLQVGHLVWRULFLLSR]LWLYLúWLGDUPDLWkU]LX
D IRVW UHYHQGLFDW GUHSW vQDLQWH PHUJ WRU GH ùFRDOD GH OD $QQDOHV
-DFTXHV /H *RII VXEOLQLD PDUHOH PHULW DO LVWRULFXOXL URPDQWLF GH D IL
DFRUGDW LVWRULFLORU GUHSWXO OD DúL IRORVL LPDJLQD LD FHHD FHSHQWUXXQ
PHGLHYLVWVHDUDW DGHVHDDILRQHFHVLWDWHHVHQ LDO
3 ULQ LL IRQGDWRUL DL ùFROLL GH OD $QQDOHV VXQW GH DOWIHO
FRQVLGHUD L úL vQWHPHLHWRUL DL XQHL PDQLHUH DQWURSRORJLFH GH D IDFH
LVWRULH PDL DOHV ILOLHUD 0DUF %ORFK 3HQWUX HL LVWRULD HFRQRPLF úL
VRFLDO HUDRPRGDOLWDWHGHDERUGDUHDYLH LLFRWLGLHQHDRDPHQLORUGH
UkQG 3HQWUX SDUWL]DQLL DQWURSRORJLHL LVWRULFH RELHFWXO DFHVWHLD HVWH
VWXGLXO D FHHD FH HVWH RELúQXLW vQ RSR]L LH FX H[FHS LRQDOXO úL
HYHQLPHQ LDOXO
&RQFHSXW GH)HUQDQG%UDXGHOFDROXFUDUHGHLVWRULHHFRQRPLF
úLVRFLDO PDUHDVDVLQWH] &LYLOL]D LHPDWHULDO úLFDSLWDOLVPDSXWXW
V ILH UHYHQGLFDW GUHSW DQXQ kQG DQWURSRORJLD LVWRULF PDL DOHV vQ
SDUWHDVXJHVWLYQXPLW 6WUXFWXULOHFRWLGLDQXOXL$LFL%UDXGHOSUH]HQWD
VWXGLXOÄIHOXULORUGHKUDQ ORFXLQ HORUYHúPLQWHORUOX[XOXLXQHOWHORU
LQVWUXPHQWHORU PRQHWDUH DO FDGUXOXL SH FDUHO FRQVWLWXLH VDWXO VDX
RUDúXO±vQIRQGVWXGLXOWXWXURUHOHPHQWHORUGHFDUHVHVOXMHúWHRPXO´
6H SRDWH REVHUYD DVHP QDUHD vQWUH FHHD FH vúL SURSXQHD %UDXGHO V
VWXGLH]H úL GHPHUVXO ÄLVWRULHL YLH LL GH ]L FX ]L´ D JHUPDQLORU FX
GHRVHELUHD F LVWRULFXO IUDQFH] QX VH OLPLWD OD FRPXQLW L UHGXVH
vQFHUFkQG V UHVWLWXLH R LVWRULH D YLH LL FRWLGLHQH OD VFDUD PDFUR D
(XURSHL RFFLGHQWDOH OD vQFHSXWXO HSRFLL PRGHUQH 'HPHUVXO OXL VH

0DXULFH%L]LqUH3LHUUH9D\VVLqUHRSFLWS

,ELGHPS


)HUQDQG %UDXGHO 6WUXFWXULOH FRWLGLDQXOXL SRVLELOXO úL LPSRVLELOXO
%XFXUHúWL(GLWXUD0HULGLDQHS

GHRVHEHD úL GH FHO DOSUHFHGHQWHORUOXFU ULFRQVDFUDWHYLH LLFRWLGLHQH
VDX PRUDYXULORU FXP VH PDL QXPHD GHPHUVXO SHQWUX F HO QX VD
PXO XPLW V HQXPHUH RELHFWHOH SUH]HQWH vQ XQLYHUVXO GH ]L FX ]L DO
RDPHQLORU(ODDU WDWFXPPDULOHHFKLOLEUHHFRQRPLFHPDULOHFLUFXLWH
FRPHUFLDOHSURGXFHDXúLWUDQVIRUPDXWUDPDYLH LLELRORJLFHúLVRFLDOHD
LQGLYL]LORU 3HQWUX HO HUD LPSRUWDQW IHOXO vQ FDUH FRPSRUWDPHQWHOH
LQWHJUDXJXVWXULORUJHVWXULORUXQDQXPHSURGXVDOLPHQWDUDGXVUHFHQW
GLQWUXQDOWFRQWLQHQWVDXSUHOXDWGHODRDOW FODV VRFLDO H[HPSOXO
FRQVXPXOXLGHFDIHDúLDOGLIX]LXQLLVDOHJHRJUDILFHúLVRFLDOHúLFXP
DVWIHORLQRYD LHVHWUDQVIRUPDvQRELFHL
8QGHPHUVGHWLSDQWURSRORJLFDIRVWSURSXVPDLDOHVGHF WUHD
WUHLD JHQHUD LH D ùFROLL GH OD $QQDOHV vQ XUPD VXFFHVXOXL
VWUXFWXUDOLVPXOXL DQWURSRORJLF DO OXL /pYL6WUDXVV FDUH DYHD PDUHOH
DYDQWDM DO XQXL IRUPDOLVP ORJLF GDU FDUH SXWHD IL úL PHWDIRULF VDX
SRHWLF 6SUH GHRVHELUH GH DúD QXPLWD HWQRLVWRULH SUDFWLFDW GH
HWQRORJL SULQ FDUH VH VWXGLDX SRSXOD LLOH I U VFULHUH VH FRQWXUD FD R
QRX GLVFLSOLQ DQWURSRORJLDLVWRULF SULQFDUHXQGHPHUVGHWLSQRXvúL
SURSXQHDV VWXGLH]HFXPLMORDFHLQVSLUDWHGHDQWURSRORJLHVRFLHW LOH
FDUHFXQRVFXVHU VFULHUHD'LUHF LLOHSURPRYDWHGHDQWURSRORJLDLVWRULF
PHUJHDX SH GH R SDUWH F WUH VWXGLHUHD FLYLOL]D LHL PDWHULDOH XUPkQG
DVWIHOF LOHGHVFKLVHGHIRQGDWRULLúFROLLúLGHF WUH%UDXGHO
$SURSLHUHD LVWRULFLORU GH DQWURSRORJLD LVWRULF VD I FXW vQ PDL
PXOWHVWLOXUL8QXODUSXWHDILFRQVLGHUDWVWLOXOOXL*HRUJHV'XE\FDUH
SUHLDXQFRQFHSWvOFXIXQG vQWUREDLHGHLVWRULHúLvOXWLOL]HD] DSRL
vQWURPDQLHU SURSULH'HH[HPSOXDFHVWDDSUHOXDWGHOD/pYL6WUDXVV
QR LXQHD GH ÄOLJQDJH´ QHDP SH FDUH D SODVDWR vQ FRQWH[WXO
IHXGDOLVPXOXL vQ FDUH REVHUY PRGXO vQ FDUH VD FRQVWLWXLW XQ QRX
VLVWHPGHUXGHQLH'HOD0DUFHO0DXVVDSUHOXDWFRQFHSWXOGHÄGDU´
FXSDQGDQWXOV XÄFRQWUDGDU´SHFDUHOHIRORVHúWHvQDQDOL]DVRFLHW LL
IHXGDOHWLPSXULL*XHUULHUVHWSD\VDQV'HOD'XPH]LODSUHOXDWLGHHD
GH WULIXQF LRQDOLWDWH SH FDUH D LOXVWUDWR vQ &HOH WUHL RUGLQH VDX
LPDJLQDUXOIHXGDOLVPXOXL
([LVW úL VWLOXO /H 5R\ /DGXULH FDUH DU SXWHD IL FDUDFWHUL]DW
SULQWUXQ HFOHFWLVP LQWHJUDO ÌQ 0RQWDLOORX DFHVWD D XWLOL]DW WRDWH



FXUHQWHOHúLWRDWHúFROLOHDQWURSRORJLFHDWXQFLFkQGDDYXWQHYRLHGHXQ
FRQFHSW
&XP DU WDVHP PDL VXV vQ DIDU GH vPSUXPXWXULOH GLUHFWH GH OD
DQWURSRORJLHQRXOGHPHUVVDFRQVWLWXLWúLSHED]DHYROX LHLLQWHUQHD
LVWRULHLPHQWDOLW LORUOLQLD%ORFKGHYHQLW GRPHQLXOFDUHDFDSDUDVH
RSDUWHVHPQLILFDWLY DFkPSXOXLLVWRULRJUDILFIUDQFH]úLQXQXPDLGLQ
DQLL¶'HDOWIHORGDW FXDWDFXULOHODDGUHVDPHQWDOLW LORURSR]DQ LL
DXVXV LQXWF UHFXUVXOODFHHDFHVDQXPLWDQWURSRORJLHLVWRULF DUIL
GRDURWUDYHVWLUHDGRPHQLXOXLFRQWHVWDW
ÌQSRILGDXQRUDVHPHQHDDFX]D LLLVWRULFLLIUDQFH]LDXvQFHUFDWV
DUDWH F DQWURSRORJLD LVWRULF QDU IL R VLPSO SUHOXQJLUH D LVWRULHL
PHQWDOLW LORUVDXXQDOWQXPHDFRUGDWDFHVWHLD'LIHUHQ DFRQVW vQWUR
FRQFHSWXDOL]DUHPDLULJXURDV DRELHFWXOXLGHVWXGLXSULQSUHRFXSDUHD
SHQWUXVLQFURQLHúLDQDOL]DVWUXFWXULORUvQSDUDOHOFXVWXGLXOGLDFURQLHL
WUDQVIRUP ULORUvQWLPS,VWRULFLLDXvQFHSXWV YDG WUHFXWXOFDSHR
Ä DU VWU LQ ´VFRSXOORUILLQGDFXPLQWHUSUHWDUHDOLPEDMXOXLFXOWXULORU
DFHVWXLD ,VWRULFLL VH FRQIUXQW FD úL DQWURSRORJLL FX GLILFXOWDWHD
WUDGXFHULL FRQFHSWHORU VWXGLDWH vQ FHOH DOH FXOWXULL F UHLD vL DSDU LQH
FHUFHW WRUXO,VWRULFXOWUHEXLHV IDF YL]LELO DOWHULWDWHDúLVWUDQLHWDWHD
WUHFXWXOXL3HGHDOW SDUWHWUHFXWXOQXWUHEXLHWUDWDWFDILLQGFRPSOHW
VWU LQHOWUHEXLHJkQGLWvQWHUPHQLGHGLVWDQ FXOWXUDO &HLGLQWUHFXW
WUHEXLH vQ DFHODúL WLPS Y ]X L FD ILLQG GLIHUL L GH QRL SHQWUX D HYLWD
DQDFURQLVPXO GDU úL LGHQWLFL SHQWUX D OH DFFHSWD XPDQLWDWHD
IXQGDPHQWDO 'H DVHPHQHD LVWRULFLL DX SUHOXDW GH OD DQWURSRORJL
LGHHD GH FHUFHWDUH GH ÄWHUHQ´ GLIHULW vQV GH FHD D DQWURSRORJLORU vQ
VHQVXO F LVWRULFXO FX H[FHS LD FRQWHPSRUDQHLVWXOXL SUDFWLFDQW DO
ÄLVWRULHL RUDOH´ vQWUHSULQGH XQ GLDORJ FX GRFXPHQWH QX FX SHUVRDQH
UHDOH $VHP QDUHD FX WHUHQXO DQWURSRORJLORU FRQVW vQ JHQHUDOL]DUHD
XQHLSUREOHPDWLFLSRUQLQGGHODVWXGLXOXQXLFD]SDUWLFXODU±VSHFLILFXO
PLFURLVWRULHL H[HPSOH /H 5R\ /DGXULH FX 0RQWDLOORX VDW RFFLWDQ
VDX *LQ]EXUJ FX %UkQ]D úL YLHUPLL vQ HOHDV GH XQLL DXWRUL FD R

(PPDQXHO /H 5R\ /DGXULH 0RQWDLOORX VDW RFFLWDQ 'H OD
SkQ OD%XFXUHúWL(GLWXUD0HULGLDQH

-HDQ&ODXGH6FKPLWWRSFLWS

3HWHU%XUNH9DULHWLHVRI&XOWXUDO+LVWRU\&DPEULGJHS

,ELGHPS

YDULDQW DLVWRULHLWRWDOHDSOLFDW vQV ODQLYHOUHJLRQDO$OWHPHWRGH
FRPXQH FX FHOH DQWURSRORJLFH VXQW DQFKHWHOH RUDOH VWXGLXO LFRQR
JUDILFHODERUDUHDVWDWLVWLF DGDWHORURE LQXWHLQWHUSUHWDUHDUH]XOWDWHORU
FHUFHW ULORUDUKHRORJLFH
2SRVLELO GHILQL LHDDQWURSRORJLHLLVWRULFHDUILFHDGHLVWRULHD
RELFHLXULORU RELFHLXUL IL]LFH DOLPHQWDUH DIHFWLYH PHQWDOH JHVWXUL
'RPHQLXO SURSULX DO DQWURSRORJLHL DU IL VWXGLHUHD IHQRPHQHORU SULQ
FDUH VH GHVHPQHD] R VRFLHWDWH úL R FXOWXU IHQRPHQHOH FRQVLGHUDWH
VHPQLILFDWLYH SHQWUX FXOWXUD UHVSHFWLY GLJHUDWH úL LQWHULRUL]DWH GH
F WUHVRFLHWDWH
7HPHOH SULRULWDUH SHQWUX DQWURSRORJLD LVWRULF DX IRVW VWXGLHUHD
LVWRULHL IDPLOLHL úL D UXGHQLHL F V WRULD WHKQLFLOH úL VLPEROLVPXO
FRUSXOXL PLWRORJLD VWUXFWXUD IROFORULF UHSUH]HQW ULOH SXWHULL LVWRULD
FOLPDWXOXL D DOLPHQWD LHL D YHVWLPHQWD LHL D WHKQLFLORU úL LQRYD LLORU
LQGXVWULDOHDPDODGLLORU
&kWHYD H[HPSOH GH GHPHUVXUL FRQVLGHUDWH VSHFLILFH DQWURSR
ORJLHL LVWRULFH SRW H[SOLFD PDL ELQH SDUDGLJPD PHWRGRORJLF úL SRW
VXJHUDQRLFkPSXULGHLQYHVWLJD LH
,VWRULDDOLPHQWD LHLVHSRDWHUHDOL]DSHED]DXQRUVXUVHPXOWLSOH
GDU GLILFLO GH RE LQXW SHQWUX SHULRDGHOH PDL vQGHS UWDWH vQ WLPS PDL
DOHVFkQGVHvQFHDUF UHFRQVWLWXLUHDXQHLLVWRULLDFRQVXPXOXL6DI FXW
DSHO OD UD LLOH DWULEXLWH HFKLSDMHORU GH SH FRU ELL PHPEULORU
FRPXQLW LORU PRQDVWLFH FHORU DIOD L vQ VSLWDOH vQ FD]XO vQ FDUH HOH
LQGLFDX FDQWLWDWHD 6DX SXWXW IRORVL FRQWUDFWH GH PXQF GDF vQ HOH
H[LVWDX SUHYHGHUL UHIHULWRDUH OD SDUWHD vQ QDWXU SH FDUH DQJDMDWRUXO
XUPDV RRIHUHFHOXLDQJDMDWVXEIRUP GHUD LHDOLPHQWDU 6DSXWXW
REVHUYDGHH[HPSOXYDULD LDFRQVXPXOXLGHFDUQHSHGXUDWDOXQJ GH
OD R SUH]HQ UHODWLY LPSRUWDQW vQ DOLPHQWD LD RDPHQLORU GH UkQG GLQ
SHULRDGD FDUROLQJLDQ FDUH HUD R HSRF D ÄRPXOXL UDU´ OD R VF GHUH
SURJUHVLY SH P VXUD FUHúWHULL GHPRJUDILFH GLQ (YXO 0HGLX FHQWUDO
'XS FUL]DVHFROXOXLDO;,9OHDvQGHRVHELvQXUPD0DULL&LXPHFDUH

/\QQ+XQWHGRSFLW,QWURGXFWLRQS





DXFLVvQWUHXQVIHUWúLRWUHLPHGLQSRSXOD LD(XURSHLGDUDDIHFWDWPDL
SX LQ úHSWHOXO VH FRQVWDW R FUHúWHUH D FRQVXPXOXL GH FDUQH YL]LELO
GLQ VHFROXO DO ;9OHD SkQ OD vQFHSXWXO FHOXL GHDO ;9,OHD
6XSUDYLH XLWRULLDXSXWXWSURILWDGHFRQGL LLSHQWUXDúLDPHOLRUDPRGXO
GH YLD &X FUHúWHUHD GHPRJUDILF SH FDUH QX D XUPDWR R FUHúWHUH
FRUHVSXQ] WRDUH D SURGXF LHL DJULFROH FX SXQHUHD vQ H[SORDWDUHD
DJULFRO DQRLWHUHQXULFRQGXFkQGODUHGXFHUHDQXP UXOXLGHDQLPDOH
FH SRW IL FUHVFXWH SRQGHUHD F UQLL vQ DOLPHQWD LD S WXULORU SRSXODUH
GHVFUHúWH GLQ QRX vQ 2FFLGHQW SkQ OD R FYDVLGLVSDUL LH vQ VHFROXO
DO;9,,,OHD
8Q DOW GRPHQLX GH LQWHUHV SHQWUX LVWRULD DOLPHQWD LHL SRDWH IL
LQWURGXFHUHDúLUHFHSWDUHDXQRUQRLDOLPHQWH$FFHSWDUHDQRLORUFXOWXUL
YHQLWHGLQ$PHULFDQXVDI FXWI U UH]LVWHQ HFDGHH[HPSOXFXOWXUD
SRUXPEXOXL FDUH QX DUH OD vQFHSXW XQ PDUH VXFFHV vQ 2FFLGHQW
vQWUXFkW HUD GH SURYHQLHQ LQGLDQ GLQWUR FXOWXU LQIHULRDU GDU
HVWHDFFHSWDWSHVFDU ODUJ vQ%DOFDQLúLvQ]RQHOHVXSXVHGRPLQD LHL
RWRPDQHSUHFXP ULOH5RPkQH'LQDFHVWH]RQHRULHQWDOHSRUXPEXO
UHLQWU vQ 2FFLGHQW VXE QXPHOH GH ÄJUkX WXUFHVF´ VXE FDUH HVWH
FXQRVFXW vQ *HUPDQLD úL 2ODQGD GH H[HPSOX ,QWURGXFHUHD VD D
FRQWULEXLWODUHGXFHUHDLQFLGHQ HORUIRDPHWHORUFHDS UHDXSHULRGLF
,VWRULDYHVWLPHQWD LHLHVWHXQDOWGRPHQLXvQFDUHGHPHUVXOGHWLS
DQWURSRORJLF D DGXV vQQRLUL LPSRUWDQWH SH ED]D XQRU VXUVH SUHFXP
LQYHQWDUHOH GXS GHFHV D IRLORU GH ]HVWUH D WHVWDPHQWHORU D VXUVHORU
LFRQRJUDILFH 6D REVHUYDW FXP vQ YHVWLPHQWD LD HXURSHDQ VH
SURGXFHRWUHSWDW GLIHUHQ LHUHDFRVWXPXOXLPDVFXOLQGHFHOIHPLQLQ
GLQSXQFWXOGHYHGHUHDOVWUXFWXULLúLDORUQDPHQWD LHL'HH[HPSOXGH
DELDODVIkUúLWXO(YXOXL0HGLXVHUHQXQ ODURE YHúPkQWXOFRPXQúL
E UED LORUúLIHPHLORUVXEIRUPDGHF PDú VDXURFKLH5HQDúWHUHDHVWH
FHDFDUHSXQHvQYDORDUHvQSULPXOUkQGFRUSXOPDVFXOLQúLLQL LDOvQ
5HQDúWHUHURFKLLOHVWUkQVHSHWUXSVXQWFRQGDPQDWHFDRvQFHUFDUHGHD
X]XUSDSUHURJDWLYHPDVFXOLQH

3LHUUH 5LFKp %HUQDUG *XLOOHPDLQ -HDQ )DYLHU 0LFKHO 0RULQHDX
6X]DQQH 3LOORUJHW ,VWRULD XQLYHUVDO YRO ,, 'H OD (YXO 0HGLX OD 6HFROXO
/XPLQLORU/DURXVVH%XFXUHúWLS


)HUQDQG%UDXGHORSFLWS

'HDVHPHQHDvQVHFROXODO;9,,,OHDVDSXWXWREVHUYDRWUHFHUH
WUHSWDW GH OD YHúPkQWXO GHFRUDWLY RULHQWDW F WUH FXOWLYDUHD
DSDUHQ HORU FDUH QX PDUFD vQ H[FHV GLIHUHQ LHUHD VH[XDO F WUH
YHúPkQWXO DGDSWDW FRUSXOXL 6IkUúLWXO VHFROXOXL DO ;9,,,OHD úL
VHFROXOXL ;,; UHSUH]LQW úL SHULRDGD vQ FDUH GHFRUD LD vQFHSH V ILH
UH]HUYDW IHPHLORU LDU QX E UED LORU FD SkQ DWXQFL 6HFROXO DO ;,;
OHD LPSXQH FD SULQFLSLX VREULHWDWHD FRVWXPXOXL PDVFXOLQ OLPLWDW
DGHVHD OD FRPELQD LD GH DOE úL QHJUX vQ SDUDOHO FX H[XEHUDQ D úL
GHFRUDWLYXOUH]HUYDWHFRVWXPD LHLIHPLQLQH
$OWH GHPHUVXUL FDUH DX I FXW RELHFWXO DQWURSRORJLHL LVWRULFH DX
IRVW VWXGLXO FRUSXOXL DO PDODGLLORU DO VH[XDOLW LL úL DO SUDFWLFLORU
FRQWUDFHSWLYH DO VWUXFWXULORU GH UXGHQLH DO FXOWXULL SRSXODUH DO
YHVWLPHQWD LHLHWF

'DQLHO5RFKH/DFXOWXUHGHVDSSDUHQFHV8QHKLVWRLUHGXYrWHPHQW
;9,,H;9,,,HVLqFOH3DULV)D\DUG

2128 3$5$',*0 ,6725,2*5$),&
,6725,$&8/785$/

ÌQ XOWLPHOH WUHL GHFHQLL SDUDGLJPD GRPLQDQW vQ LVWRULRJUDILD
PRQGLDO SDUH V VH IL VFKLPEDW FX GHSODVDUHD DFFHQWXOXL GH SH
HFRQRPLF úL VRFLDO SH FXOWXU úL SH XQ UHYLULPHQW DO LVWRULHL SROLWLFH
JkQGLW úLLQWHUSUHWDW vQV ODUkQGXOHLSULQWURJULO GHOHFWXU GHWLS
FXOWXUDO$FHDVW vQWRDUFHUHF WUHFXOWXU FXOWXUDOWXUQVDVROGDWFXR
vQPXO LUHDGHPHUVXULORUGHLVWRULHFXOWXUDO 'LQWUXQDQXPLWSXQFWGH
YHGHUH VH SRDWH FRQVLGHUD F QRXD LVWRULH FXOWXUDO VH VLWXHD] vQ
SUHOXQJLUHD GHPHUVXULORU DQWHULRU HWLFKHWDWH GUHSW ©LVWRULD PHQWDOL
W LORUªVDX©DQWURSRORJLHLVWRULF ª
ÌQ FHHD FH XUPHD] QH SURSXQHP V DU W P IHOXO vQ FDUH VH
GHILQHVF vQ WLPS DWkW WLSXULOH GH GHPHUV LQFOXVH DVW ]L VXE HWLFKHWD
IRDUWH FXSULQ] WRDUH GH ÄLVWRULH FXOWXUDO ´ FkW úL RELHFWHOH GH LQWHUHV
SHQWUX R GLVFLSOLQ VDX PDL GHJUDE R IHGHUD LH GH GLVFLSOLQH
PXOWLIRUP
&RQFHSWXO GH ÄLVWRULH FXOWXUDO ´ D vQFHSXW V VH JHQHUDOL]H]H vQ
XOWLPLLGHDQLXQHRULVXEIRUPDÄQRXDLVWRULHFXOWXUDO ´SHQWUX
DGHVHPQDXQWLSVSHFLILFGHGHPHUVLVWRULRJUDILF)RORVLUHDVDULGLF
XQHOHSUREOHPHGHWHUPLQRORJLHGDWRULW GHRVHELULORUGLQWUHHQJOH] úL
OLPELOHURPDQLFHÌQHQJOH] ÄFXOWXUDOKLVWRU\´GHVHPQHD] úLFHHDFH
vQ URPkQ VDU WUDGXFH SULQ ÄLVWRULD FXOWXULL´ GLVFLSOLQ FX R LVWRULH
YHQHUDELO GDUúLRDERUGDUHPDLQRX FDUHYL]HD] VWXGLHUHDLVWRULHL
FXOWXULLvQ HOHDV vQVHQVDQWURSRORJLFÌQIUDQFH] vQV F UHLDOLPEDMXO
LVWRULFGHVSHFLDOLWDWHGLQURPkQ vLHVWHIRDUWHWULEXWDUH[LVW GLVWLQF LD
GLQWUH YHFKHD ÄKLVWRLUH GH OD FXOWXUH´ LVWRULD FXOWXULL úL ÄKLVWRLUH
FXOWXUHOOH´$FHVWGLQXUP FRQFHSWGHVHPQHD] SHGHRSDUWHLVWRULD
FXOWXUDO SURPRYDW vQ XOWLPHOH GHFHQLL vQ VSHFLDO GH úFRDOD DQJOR
VD[RQ GDU úL R YDULDQW j OD IUDQoDLVH SUHRFXSDW V úL GHILQHDVF
SURSULD VSHFLILFLWDWH úL FDUH vQ JHQHUDO VH VLWXHD] vQ SUHOXQJLUHD
LVWRULHLPHQWDOLW LORU

&RQWH[WXOvQFDUHvQFHSHDV VHDILUPHRLVWRULHFXOWXUDO FDUHvL
UHFXQRúWHD GUHSW vQDLQWH PHUJ WRUL SH %XUFNKDUGW úL +XL]LQJD HUD
PDUFDW GH FUL]D PDULORU SDUDGLJPH H[SOLFDWLYH FDUH GRPLQDVHU
JkQGLUHD HXURSHDQ vQ XOWLPHOH GHFHQLL ÌQ SULPXO UkQG WUHEXLH
DPLQWLW HUR]LXQHDSURJUHVLY DSR]L LLORULQWHOHFWXDOHDOHPDU[LVPXOXL
FDUH vúL PDQLIHVWDVH LQIOXHQ D DVXSUD XQHL S U L D LVWRULRJUDILHL úL D
úWLLQ HORU VRFLDOH GLQ 2FFLGHQW vQ SHULRDGD SRVWEHOLF PDL DOHV SULQ
YDULDQWHOH SURSXVH GH *HRUJ /XNDFV VDX /RXLV $OWKXVVHU 'H
DVHPHQHD WUHSWDW VWUXFWXUDOLVPXO vúL DWLQJHD OLPLWHOH VXSXV FULWLFLL
SRVWVWUXFWXUDOLVWHVDXSRVWPRGHUQLVWH
ÌQ úWLLQ HOH VRFLDOH DQWURSRORJLD úL OLQJYLVWLFD SUHOXDX FRQGX
FHUHD GH OD LVWRULH FDUH SULQ ùFRDOD GH OD $QQDOHV vúL LPSXVHVH vQ
SHULRDGD SRVWEHOLF FHO SX LQ vQ DQXPLWH ]RQH DOH FRQWLQHQWXOXL
KHJHPRQLD ,QIOXHQ D DFHVWRUD VH I FHD VLP LW FKLDU DVXSUD LVWRULHL
SULQ vPSUXPXWDUHD XQRU FRQFHSWH úL PHWRGH GH OD DQWURSRORJLH
$FHDVWD FRQGXVHVH OD FRQWXUDUHD XQHL ÄDQWURSRORJLL LVWRULFH´ Y ]XW
vQV GH XQLL FD XQ DOW QXPH GDW LVWRULHL PHQWDOLW LORU ÌQ WLPS VH
GHILQHD úL PDL FODU R LVWRULH PDUFDW GH DSURSLHUHD GH DQWURSRORJLH
ÄLVWRULH FX JHUPHQH DQWURSRORJLF´ GXS FXP R QXPHD 5REHUW
'DUQWRQúLFDUHDSRLDYHDV ILHQXPLW ÄQRXDLVWRULHFXOWXUDO ´
/LQJYLVWLFDDYHDV H[HUFLWHRLQIOXHQ GXUDELO DVXSUDúWLLQ HORU
VRFLDOHSULQFHHDFHDIRVWQXPLWOLQJXLVWLFWXUQ
&RWLWXUD OLQJYLVWLF SRDWH IL FRQVLGHUDW XQ FXUHQW LQWHOHFWXDO
FDUHIDFHGLQOLPEDMSUHRFXSDUHDSULQFLSDO úLFDUHDVLPLOHD] WH[WHORU
FHOH PDL GLIHULWH SURGXF LL FXOWXUDOH ,GHLOH FHQWUDOH DOH WXUQXULL
OLQJYLVWLFH DU IL PDL vQWkL F OLPED HVWH XQ VLVWHP GH VHPQH D F URU
UHOD LHvQV úLSURGXFHPXOWLSOHúLLQVWDELOHvQ HOHVXULGLQFRORGHRULFH

/XFUDUHD HVHQ LDO HVWH FRQVLGHUDW &LYLOL]D LD 5HQDúWHULL vQ ,WDOLD
DS UXW vQ

'LQWUH RSHUHOH OXL +XL]LQJD SDUWL]DQLL LVWRULHL FXOWXUDOH DSUHFLD] vQ
VSHFLDO $PXUJXO (YXOXL 0HGLX GDU úL FRQIHULQ HOH XOWHULRDUH GLQWUH
FDUHIRDUWHLPSRUWDQW HVWHFHDGLQ6DUFLQDLVWRULHLFXOWXUDOH7KH7DVN
RI&XOWXUDO+LVWRU\

5RJHU &KDUWLHU +LVWRLUH FXOWXUHOOH vQ Ä+LVWRLUH HQ )UDQFH´ HG
7KLHUU\3DTXRW3DULV/D'pFRXYHUWHS

LQWHQ LHVDXFRQWUROVXELHFWLYDSRLF ÄUHDOLWDWHD´QXH[LVW GLQFRORGH
GLVFXUVHDILLQGvQWRWGHDXQDFRQVWUXLW SULQSUDFWLFLGLVFXUVLYH
$VWIHO OLQJXLVWLF WXUQ VDX FRWLWXUD OLQJYLVWLF DIHFWD DQVDPEOXO
úWLLQ HORU VRFLDOH SULQ SRVWXODWXO SRWULYLW F UXLD RULFH HYHQLPHQW VDX
SURFHV HVWH DFFHVLELO SULQWUXQ GLVFXUV DVXSUD DFHVWXLD FD DWDUH WRWXO
WUHEXLH DQDOL]DW FX PLMORDFH DVHP Q WRDUH FULWLFLL OLWHUDUH FD XQ WH[W
vQWUXFkW WRWXO HVWH ÄWH[W´ +D\GHQ :KLWH SURIXQG WULEXWDU PHWRGHORU
WHRULHL úL FULWLFLL OLWHUDUH DU WD F RULFH LVWRULH HVWH GH IDSW R
ÄPHWDLVWRULH´RELHFWLYLWDWHDH[LVW FDLQWHQ LRQDOLWDWHGDUQXFDUHDOLWDWH
vQWUXFkWRSHUHOHLVWRULFLORUVXQWvQWRWGHDXQDLQWHUSUHW ULQXUHFRQVWLWXLUL
DOHFHHDFHVDSHWUHFXW±VXQWGHFLvQWUXQDQXPLWVHQVILF LXQL
&OLPDWXO HUD DWXQFL IDYRUDELO SHQWUX R UHvQWRDUFHUH OD VXELHFWXO
XPDQFDUHJkQGHúWHúLFDUHDF LRQHD] GRPHQLXPXOW YUHPHRFXOWDWGH
RLVWRULHHFRQRPLF úLVRFLDO FDUHSXQHDDFFHQWXOSHUROXOGHWHUPLQDQW
DO VWUXFWXULORU ÄRELHFWLYH´ GDU úL GH R LVWRULH D PHQWDOLW LORU FDUH
SULYLOHJLDLQFRQúWLHQWXODXWRPDWLFXOvQGHIDYRDUHDUD LRQDOLW LL
/HJDW GHDFHVWHWUDQVIRUP ULGLQDQLL¶¶HVWHúLDúDQXPLWD
FXOWXUDO WXUQ FRWLWXUD FXOWXUDO FDUH GHVHPQHD] LQWHUHVXO FUHVFkQG
DFRUGDWFXOWXULLvQ HOHDV vQVHQVXOODUJDQWURSRORJLF
&RWLWXUD FXOWXUDO DIRVWPDLFODUYL]LELO PDLvQWkLvQRSHUHDOH
LVWRULFLORU(YXOXL0HGLXWkU]LXúLHSRFLLPRGHUQHWLPSXULLSUHRFXSD L
PDL DOHV GH SUREOHPHOH UHOLJLHL SRSXODUH FXOWXULL SRSXODUH SUHFXP
&DUOR *LQ]EXUJ 3HWHU %XUNH 1DWDOLH =HPRQ 'DYLV ,QWHUHVXO
LVWRULFLORU SHQWUX FXOWXUD SRSXODU D vQFXUDMDW F XWDUHD DQDORJLLORU vQ
VWXGLLOHDQWURSRORJLFH&RWLWXUDFXOWXUDO DFRQGXVODLQWHUHVXOSHQWUXR
SUREOHPDWLF QRX WHRULD úL SUDFWLFD FRPXQLF ULL UHSUH]HQW ULOH
VRFLDOH LQWHUDF LXQHD GLQWUH QDUD LXQL GLVFXUVXUL úL IHOXO vQ FDUH
JUXSXUL úL LQGLYL]L OH IRORVHVF úL VH H[SULP SULQ LQWHUPHGLXO ORU
ÌQWUHEDUHDVSHFLILF LVWRULHLFXOWXUDOHHVWHQXGRDUFHDSR]LWLYLVW Ä&XP
DIRVWFXDGHY UDW"´FLPDLGHJUDE Ä&XPDIRVWSHQWUXHOVDXHDVDX
HL"´5 VSXQVXODIRVWSRVLELOSULQDFFHSWDUHDJHQHUDOL]DW DIDSWXOXLF

,QWHUQDWLRQDO(QF\FORSHGLDRIWKH6RFLDODQG%HKDYLRUDO6FLHQFHVHG
1HLO-6PHOVHU3DXO%%DOWHV(GLWXUD(OVHYLHUDUW&XOWXUDO+LVWRU\5RJHU
&KDUWLHU

+D\GHQ :KLWH +LVWRULFDO 7H[W DV /LWHUDU\ $UWLIDFW vQ Ä7URSLFV RI
'LVFRXUVH(VVD\VLQ&XOWXUDO&ULWLFLVP´7KH-RKQ+RSNLQV8QLYHUVLW\3UHVV
%DOWLPRUHDQG/RQGRQ

LVWRULFXO VFULH vQ IXQF LH GH FRQWH[WXO vQ FDUH WU LHúWH úL FDUH HVWH
UHVSRQVDELO GH EDJDMXO V X FXOWXUDO úL LGHRORJLF úL GH DVHPHQHD HVWH
FRQGL LRQDWGHSURSULDVXELHFWLYLWDWH'HDOWIHODFHDVW LGHHIXVHVHFX
FODULWDWH H[SULPDW vQF GH %HQHGHWWR &URFH vQ FHOHEUD VD DILUPD LH
SRWULYLWF UHLDRULFHLVWRULHHVWHXQDFRQWHPSRUDQ
)RDUWH LPSRUWDQW SHQWUX RULHQWDUHD LVWRULFLORU PDL DOHV D FHORU
DQJORVD[RQL VSUH DQWURSRORJLH D IRVW LQIOXHQ D OXL &OLIIRUG *HHUW]
UHSUH]HQWDQW DO DQWURSRORJLHL VLPEROLFH VDX LQWHUSUHWDWLYH 3HQWUX HO
FXOWXUDHVWHRUH HDGHVHPQLILFD LLZHEVRIVLJQLILFDWLRQVvQLQWHULRUXO
F UHLD RPXO HVWH VXVSHQGDW &XOWXUD HVWH DVWIHO VWXGLDW SULQ LQWHU
SUHWDUHD VHPQLILFD LHL VLPEROXULORU YDORULORU FUHGLQ HORU úL HWKRVXOXL
XQHL VRFLHW L 'HILQLUHD FXOWXULL OD *HHUW] HVWH XQD VHPLRWLF OHJDW
GHFL GH VHPQLILFD LL GH PRGXO vQ FDUH H[SHULHQ D HVWH FRQVWUXLW GH
FHQWUDOLWDWHDVLPEROXULORU
Ä&UH]kQG vPSUHXQ FX 0D[ :HEHU F RPXO HVWH XQ DQLPDO
VXVSHQGDWvQUH HOHGHVHPQLILFD LLSHFDUHHOvQVXúLOHD HVXWFRQVLGHU
FXOWXUD D IL DFHVWH UH HOH úL DQDOL]D HL D IL GHFL QX R úWLLQ
H[SHULPHQWDO vQF XWDUHDOHJLW LORUFLXQDLQWHUSUHWDWLY vQF XWDUHD
vQ HOHVXOXL´
3H DFHVWH ED]H VH GHILQHD GHFL R ÄQRX LVWRULH FXOWXUDO ´
SURIXQG LQIOXHQ DW vQ YDULDQWD HL DPHULFDQ GH *HHUW] FDUH VH
SUH]HQWD FD R úWLLQ LQWHUSUHWDWLY DO F UXL VFRS HVWH V FDXWH
VHPQLILFD LDDYXW GHSURFHVHOHIHQRPHQHOHRELHFWHOHFXOWXUDOHSHQWUX
FRQWHPSRUDQLLDFHVWRUD6DUFLQDFHQWUDO DQRLLLVWRULLFXOWXUDOHDQJOR
VD[RQHHUDY ]XW FDILLQGGHVFLIUDUHDVHPQLILFD LHL3HGHDOW SDUWH
SRUQLQG GH OD R DVWIHO GH GHILQLUH VH SRDWH XúRU DMXQJH OD XQ VRL GH
ÄLPSHULDOLVP´ FDUH FRQVLGHU F RULFH LVWRULH HVWH FXOWXUDO F FL
IHQRPHQHOHVXQWUH]XOWDWXOvQ HOHVXULORUDWULEXLWHGHLQGLYL]LOXFUXULORU
FXYLQWHORUFRPSRUWDPHQWHORU

%HQHGHWWR&URFH7KpRULHHW+LVWRLUHGHO
KLVWRULRJUDSKLH*HQqYH

1LFKRODV % 'LUNV ,V 9LFH 9HUVD" +LVWRULFDO $QWKURSRORJLHV DQG
$QWKURSRORJLFDO +LVWRULHV vQ 7- 0F'RQDOG 7KH +LVWRULF 7XUQ LQ WKH
+XPDQ6FLHQFHVS

&OLIIRUG*HHUW]7KH,QWHUSUHWDWLRQVRI&XOWXUH%DVLF%RRNVS

/\QQ+XQWHGRSFLWS

5RJHU&KDUWLHURSFLW

'HDFHHDWUHEXLHGHWHUPLQDWFHHDFHDVW ]LSRDWHILFRQVLGHUDWFD
I FkQGSDUWHGLQGRPHQLXOLVWRULHLFXOWXUDOH$WHQ LDFHUFHW WRULORUVD
vQGUHSWDW DVWIHO F WUH EXQXULOH FXOWXUDOH úL VHPQLILFD LD DFHVWRUD
$VXSUDQRLLLVWRULLFXOWXUDOHDQDOL]HOHVRFLRORJLFHDOHOXL%RXUGLHXDX
DYXW XQ LPSDFW VHPQLILFDWLY GDWRULW SUHRFXS ULORU VDOH SULYLQG
EXQXULOHFXOWXUDOHVLPEROLFH%RXUGLHXDVXV LQXWGHH[HPSOXLGHHD
F PRGXOGHH[SUHVLHFDUDFWHULVWLFXQHLSURGXF LLFXOWXUDOHGHSLQGHGH
OHJLOHSLH HLSHFDUHDFHDVWDHVWHRIHULW 'HDOWIHOEXQXULOHVLPEROLFH
DX ORJLFD ORU VSHFLILF GLIHULW GH FHD D RELHFWHORU PDWHULDOH úL HOH
FRQIHU FHHDFHVHSRDWHQXPLÄFDSLWDOFXOWXUDO´
1RXD LVWRULH FXOWXUDO DQJORVD[RQ QXWULW GH XQHOH LQIOXHQ H
WHRUHWLFH GLQ VSD LXO IUDQFH] vQWUH FDUH DO WXUL GH %RXUGLHX WUHEXLH
DPLQWL L 0LFKHO )RXFDXOW -DFTXHV 'HUULGD VH GHILQHD vQV XQHRUL
LPSOLFLW DOWHRUL GHVFKLV FD R UHDF LH OD YDULDQWD IUDQFH] GH LVWRULH
VRFLDO 3ULQFLSDOHOH SUREOHPH HUDX UDSRUWXO FUHD LLORU FXOWXUDOH FX
VWUXFWXULOHHFRQRPLFHúLVRFLDOHúLUHOD LDUHDOLWDWH±SUDFWLF GLVFXUVLY
ùFRDOD GH OD $QQDOHV YHGHD VRFLHWDWHD FD XQ VLVWHP FX WUHL
QLYHOHYL]LXQHIRDUWHDSURSLDW vQSRILGDQHJD LLORUGHFHDPDU[LVW
DVSHFWHOH FXOWXUDOH DU IL UHSUH]HQWDW DO WUHLOHD QLYHO SULQFLSLL YDORUL
FUHGLQ H SUDFWLFL VLPEROLFH 'H H[HPSOX LQIOXHQ DW GH PDU[LVP vQ
'H OD FDYH DX JUHQLHU 0LFKHO 9RYHOOH VLWXHD] PHQWDOXO FD SDUWH D
GRPHQLXOXLFXOWXUDOODXOWLPXOHWDMDOXQXLHGLILFLXDOF UXLVXEVROHVWH
RFXSDW GH SURSULHWDWHD DVXSUD PLMORDFHORU GH SURGXF LH )D GH
DFHDVW YL]LXQHFDUHSUHVXSXQHDGHWHUPLQDUHDVXSUDVWUXFWXULLFXOWXUDOH
GH F WUH ED]D HFRQRPLF úL VWUXFWXUD VRFLDO SDUWL]DQLL QRLL LVWRULL
FXOWXUDOHDQJORVD[RQHVXV LQHDXFXSXWHUHDXWRQRPLDIDSWXOXLFXOWXUDO
1RLOH YL]LXQL DVXSUD FXOWXULL FD UHODWLY DXWRQRP ID GH
VWUXFWXULOHHFRQRPLFHúLVRFLDOHVXQWvQV SXUW WRDUHODUkQGXOORUGH
SULPHMGLL 8QD GLQWUH DFHVWHD HVWH F GHUHD vQ UHODWLYLVP úL vQ
LUHOHYDQ 5RJHU &KDUWLHU DWU JHD DWHQ LD DVXSUD IDSWXOXL F LVWRULD
FXOWXUDO QX WUHEXLH V vQORFXLDVF R WHRULH UHGXF LRQLVW D FXOWXULL

$ VH YHGHD FXOHJHUHD GH DUWLFROH WUDGXV vQ URPkQ VXE WLWOXO
(FRQRPLDEXQXULORUVLPEROLFH(GLWXUD0HULGLDQH

3DVFDO2U\/¶KLVWRLUHFXOWXUHOOH3DULV38)S

3DWULFLD 2¶%ULHQ 0LFKHO )RXFDXOW¶V +LVWRU\ RI &XOWXUH vQ /\QQ
+XQWHGRSFLWS

Y ]XW FDUHIOHFWkQGUHDOLWDWHDVRFLDO FXRDOWDODIHOGHUHGXF LRQLVW
FDUH FRQVLGHU F ULWXDOXULOH úL FHOHODOWH IRUPH GH DF LXQH VLPEROLF
H[SULP vQ PRG VLPSOX QHPHGLDW R VHPQLILFD LH FHQWUDO FRHUHQW
FRPXQ 'RFXPHQWHOH GHVFULLQG DF LXQL VLPEROLFH GLQ WUHFXW QX VXQW
WH[WH LQRFHQWH WUDQVSDUHQWH HOH DX IRVW VFULVH GH DXWRUL FX LQWHQ LL úL
VWUDWHJLLYDULDWH&HLFHSUDFWLF LVWRULDFXOWXUDO WUHEXLHV úLGH]YROWH
úL HL SURSULLOH VWUDWHJLL GH D FLWL DFHVWH GRFXPHQWH FHHD FH MXVWLILF
LPSRUWDQ DDFRUGDW GHPHUVXULORULQVSLUDWHGHWHRULDOLWHUDU
ÌQFHHDFHSULYHúWHUDSRUWXOGLQWUHUHDOLWDWHDLVWRULF úLGLVFXUVXO
DVXSUDDFHVWHLUHDOLW LSUDFWLFDQ LLDQJORVD[RQLDLLVWRULHLFXOWXUDOHVH
UHYHQGLF GHVFKLVGHODOLQJXLVWLFWXUQ+D\GHQ:KLWHUHIHULQ PDMRU
SHQWUX QRLL LVWRULFL FXOWXUDOL FRQVLGHUD F QX H[LVW FULWHULX
HSLVWHPRORJLF XOWLP FDUH V SHUPLW GLIHUHQ LHUHD vQWUH UHDOLWDWHD
LVWRULF úLUHSUH]HQWDUHDDFHVWHLDvQGLVFXUVXOLVWRULF
'H SDUWHD IUDQFH] DFHVW PRG GH D YHGHD OXFUXULOH D IRVW
SXWHUQLFFULWLFDWDU WkQGXVHF vQDFHVWIHOVHDMXQJHODXQUHODWLYLVP
FDUH VH SRDWH DU WD H[WUHP GH SHULFXORV ÌQWUR DVWIHO GH ORJLF VH
RIHU DUJXPHQWHFHORUFDUHQHDJ UHDOLWDWHD+RORFDXVWXOXLVDXD*XODJ
XOXL0LFKHO)RXFDXOWVDX3LHUUH%RXUGLHXDILUPDXvQXOWLP LQVWDQ
LUHGXFWLELOLWDWHDUHDOLW LLODGLVFXUVXOFDUHvQFHDUF V RRUJDQL]H]HV
RFHQ]XUH]HV RUHSUH]LQWH'DUGHDLFLúLSkQ ODDQHJDSRVLELOLWDWHD
FXQRDúWHULLLVWRULFHGUXPXOHVWHPXOWSUHDOXQJ
ÌQXOWLPLLGHDQLVHREVHUY úLvQPHGLXOLVWRULRJUDILFIUDQFH]
R SUHRFXSDUH VXV LQXW SHQWUX LVWRULD FXOWXUDO vQ SDUDOHO vQV FX R
vQFHUFDUHGHGHOLPLWDUHID GHFHHDFHHVWHFRQVLGHUDWH[FHVPDQLIHVWDW
vQVSD LXODQJORVD[RQ
3ULQWUH SULPLL WHRUHWLFLHQL DL LVWRULHL FXOWXUDOH IUDQFH]H VH DIO
5RJHU &KDUWLHU XQXO GLQWUH vQDLQWHPHUJ WRULL GLDORJXOXL LQWHUGLVFL
SOLQDUúLFHOFDUHDI FXWSRVLELO FRODERUDUHDFXLVWRULFLLDQJORVD[RQL
$FHVWD FRQVWDWD F GXS HVWH YL]LELO vQ FkPSXO LVWRULRJUDILF
IUDQFH] R GLVWDQ DUH ID GH SULQFLSLLOH GH LQWHOLJLELOLWDWH FDUH DX

/\QQ+XQWHGRSFLWS

+D\GHQ:KLWH0HWDKLVWRU\S

*pUDUG 1RLULHO 6XU OD ÄFULVH´ GH O¶KLVWRLUH 3DULV (GLWXUD %HOLQ
S

JXYHUQDWGHPHUVXULOHLVWRULFLORUvQXOWLPHOHGHFHQLLFHHDFHSURGXFHR
PXWD LHvQGRPHQLXOFHUFHW ULORULVWRULFH
5RJHU &KDUWLHU FRQVLGHUD F LVWRULD FXOWXUDO VD GHILQLW SULQ
RSR]L LH FX LVWRULD LGHLORU WUDGL LRQDO SULYLOHJLLQG YDORULOH IRUPHOH
VLPEROXULOH vPS UW úLWH úL QX FUHD LD LQWHOHFWXDO LQGLYLGXDO ÌQ
IRQGSHQWUX&KDUWLHUGDUúLSHQWUXDO LDXWRULIUDQFH]LLVWRULDFXOWXUDO
SURPRYDW vQFHSkQGGHSULQDQLL¶¶UHSUH]LQW XQXOWLPDYDWDUDO
LVWRULHL PHQWDOLW LORU 'H DOWIHO FKLDU VXEWLWOXO XQHL S U L GLQWUXQ
DUWLFROIRDUWHLQIOXHQWDODFHVWXLDXWRUUHFHSWDWFDSURJUDPDWLFGHPXO L
LVWRULFLIUDQFH]LSURSXQHDWUHFHUHDGHODRÄLVWRULHVRFLDO DFXOWXULLOD
RLVWRULHFXOWXUDO DVRFLDOXOXL´
ÌQ WUDGL LD GHVFKLV GH &KDUWLHU úL XUPDW GH QXPHURúL LVWRULFL
IUDQFH]L 3DVFDO 2U\ YHGH FXOWXUD GUHSW ÄDQVDPEOXO UHSUH]HQW ULORU
FROHFWLYHSURSULLXQHLVRFLHW L´ÌQDFHVWFRQWH[WLVWRULDFXOWXUDO DU
ILvQUXGLW FXLVWRULDVRFLDO FDÄLVWRULHVRFLDO DUHSUH]HQW ULORU´(DVDU
VSULMLQL SH SULQFLSLLOH úL GHFXSDMHOH RSHUDWH FkQGYD GH LVWRULD
HFRQRPLF úL VRFLDO UHFXSHUkQG DVWIHO WUDGL LD LVWRULRJUDILF
IUDQFH] SXV VXEVHPQXOvQWUHE ULLGHFXUHQWHOHDQJORVD[RQH
2 DVWIHO GH SHUVSHFWLY VXEOLQLD] GLIHUHQ D GLQWUH QRXD LVWRULH
FXOWXUDO úL YHFKLXO WLS GH LVWRULH FXOWXUDO SH FDUH DP SXWHD VR
QXPLP ÄFDOLWDWLY ´ úL FDUH VWXGLD SURGXVHOH FXOWXULL ÄvQDOWH´ LVWRULD
DUWHL D úWLLQ HORU D PDULL OLWHUDWXUL D LGHLORU $FHVWH GHPHUVXUL HUDX
vQWHPHLDWH SH MXGHF L GH YDORDUH úL SH F XWDUHD )UXPRVXOXL
$GHY UXOXL%LQHOXLFXPDMXVFXOHvQWRDWHFD]XULOHvQVLQJXODULWDWHD
RSHUHORU úL DXWRULORU 2 PRGDOLWDWH FDUDFWHULVWLF LVWRULHL FXOWXUDOH
FODVLFHFRQWHVWDW GHQRXDLVWRULHFXOWXUDO HUDGHDUHDOL]DVWXGLLPDL

7RDGHU 1LFRDU ÌQWUH LVWRULD UHSUH]HQW ULORU úL LVWRULD FXOWXUDO
LVWRULD PHQWDOLW LORU D]L vQ Ä7HQWD LD LVWRULHL ÌQ PHPRULD SURIHVRUXOXL
3RPSLOLX 7HRGRU´ FRRUG 1LFRODH %RFúDQ 2YLGLX *KLWWD 'RUX 5DGRVODY
3UHVD8QLYHUVLWDU &OXMHDQ S

5RJHU &KDUWLHU +LVWRLUH FXOWXUHOOH vQ Ä+LVWRLUH HQ )UDQFH´ HG
7KLHUU\3DTXRW3DULV/D'pFRXYHUWHS

5RJHU&KDUWLHU/HPRQGHFRPPHUHSUpVHQWDWLRQvQÄ$QQDOHV(6&´
QRYGHFQUS

3DVFDO 2U\ 4X¶HVWFH TXH O¶KLVWRLUH FXOWXUHOOH" vQ Ä8QLYHUVLWp GH
WRXV OHV VDYRLUV /¶+LVWRLUH OD 6RFLRORJLH O¶$QWKURSRORJLH´ GLU <YHV
0LFKDXG(GLWXUD2GLOOH-DFRE3DULVS

5RJHU&KDUWLHURSFLWS

GHJUDE PRQRJUDILFHSXQkQGvQHYLGHQ OXQJLVHULLGHLQGLYLGXDOLW L
FUHDWRDUH ÌQ RSR]L LH FX DFHDVW DERUGDUH QRXD LVWRULH FXOWXUDO VH
SUHRFXS PDLGHJUDE GHSUDJXULGHFkWGHFDVDSURSULX]LV
$VWIHO QRXD LVWRULH FXOWXUDO IUDQFH] VH SUHRFXS GH GLPHQ
VLXQLOHFROHFWLYHDOHIHQRPHQHORUVWXGLDWHúLGHvQU G FLQDUHDORUvQWUXQ
PHGLX VRFLDO úL FXOWXUDO 'LQ DFHDVWD GHFXUJH SULPDWXO DFRUGDW
P VXUDELOXOXLDVSHFWHORUPHGLDWLFHVRFLDOXOXL'HDVHPHQHDU PkQH
XQWLSGHLVWRULHFDUHSULYLOHJLD] PDVHOHvQUDSRUWFXHOLWHOHJHQHUDOXO
vQUDSRUWFXSDUWLFXODUXODúDFXPSURFHGDXvQDLQWHPHUJ WRULLLVWRULHL
PHQWDOLW LORU
/D UHSURúXO F DVWIHO VH UHYLQH OD LVWRULD FDQWLWDWLY D FHOXL GHDO
WUHLOHD QLYHO FDUH VH GRUHD D IL vQ DQLL ¶ LVWRULD LQFLSLHQW D
PHQWDOLW LORU VH SRDWH U VSXQGH F DVW ]L LVWRULD FXOWXUDO QX PDL
DFFHSW WULSDUWL LDGHWLSPDU[LVWvQWUHED] HFRQRPLF VWUXFWXU VRFLDO
úL VXSUDVWUXFWXU LGHRORJLF úL FXOWXUDO 3H GH DOW SDUWH LVWRULD
FXOWXUDO QXFRQVLGHU F WRWXOSRDWHILFXDQWLILFDW'DUGLQDQDOL]HQX
SRDWHOLSVLDWHQ LDGDW SURSRU LLORUI U GHFDUHDUILLPSRVLELO OXDUHD
vQFRQVLGHUDUHDKHJHPRQLLORUDUDSRUWXULORUGHIRU H
$WHQ LDDU WDW IHQRPHQHORUGHPHGLHUHFRQGXFHODLQWHUHVXOQRLL
LVWRULLFXOWXUDOHSHQWUXFLUFXOD LHSHQWUXSXQHUHDvQUHOD LHDRELHFWHORU
UHSUH]HQWDWLYH&HHDFHFRQWHD] YRUILGHFLIHQRPHQHOHGHGLIX]LXQH
PHGLHUHUHFHSWDUHPHFDQLVPHOHGHFRQVDFUDUH'HDVHPHQHDHDYD
SULYLOHJLDVWXGLHUHDFRQILJXUD LHLJUXSXOXLvQID DDWHQ LHLSHQWUXHVHQ D
XQHLD VDX DOWHLD GLQWUH DFWLYLW LOH FHUFHWDWH VDX D IHQRPHQHORU GH
FUHD LHÌQDFHDVW RUGLQHGHLGHLvQXOWLPXOVIHUWDOVHFROXOXLDO;;
OHDDXDS UXWGHPHUVXULFDUHV VWXGLH]HGHH[HPSOXQXLVWRULDIL]LFLL
FLSHFHDDIL]LFLHQLORUQXLVWRULDSUHVHLFLDMXUQDOLúWLORUHWF

3DVFDO2U\RSFLWS

0LFKHO9RYHOOH'HODFDYHDXJUHQLHU8QLWLQpUDLUHHQ3URYHQFHDX
;9,,,H VLqFOH 'H O¶KLVWRLUH VRFLDOH j O¶KLVWRLUH GHV PHQWDOLWpV 6HUJH )OHXU\
(GLWHXU4XpEHFS

5RJHU &KDUWLHU +LVWRLUH LQWHOOHFWXHOOH HW KLVWRLUH GH PHQWDOLWpV vQ
Ä$X ERUG GH OD IDODLVH /¶+LVWRLUH HQWUH FHUWLWXGHV HW LQTXLpWXGH´ 3DULV
(GLWXUD$OELQ0LFKHOS

3DVFDOH *RHWVFKHO (PPDQXHOOH /R\HU +LVWRLUH FXOWXUHOOH GH OD
)UDQFHGHOD%HOOHeSRTXHjQRVMRXUV3DULV$UPDQG&ROOLQS

2ELHFWHOH DVXSUD F URUD VH DSOHDF LVWRULD FXOWXUDO LQGLF úL R
PRGLILFDUHVHPQLILFDWLY ID GHPDLYHFKHDLVWRULHDPHQWDOLW LORUúL
DQXPHSULYLOHJLHUHDSHULRDGHLFRQWHPSRUDQH'HDOWIHOFDPSLRQLLQRLL
LVWRULL FXOWXUDOH IUDQFH]H DX IRVW LVWRULFL FRQWHPSRUDQHLúWL vQ VHQVXO
SHFDUHDFHDVW vPS U LUHvODUHvQ+H[DJRQXQGHSHULRDGDFRQWHPSR
UDQ vQFHSHOD
3UHOXDUHDPHWRGHORUVHPLRWLFHRIHU XQSRVLELOPRGHODODQDOL]HL
FXOWXUDOH PHWRGD OXL 3LWLULP 6RURNLQ SURSXV GH 0DXULFH &UXEH
OOLHU 3RWULYLW DFHVWRU VXJHVWLL RULFH SURGXV VDX SURGXF WRU FXOWXUDO
SRDWHILvQ HOHVvQIXQF LHGHUDSRUWXOGLQWUHHPLWHQW±PHVDM±FDQDOGH
FRPXQLFDUH±UHFHSWRU
ÌQDFHDVW RUGLQHGHLGHLHPLWHQWXOSRDWHILLGHQWLILFDWFXDXWRUXO
RSHUHL VDX FX JUXSXO vQ FDGUXO F UHLD RSHUD D IRVW UHDOL]DW VDX R
DQXPLW SUDFWLF DIRVWSHUIRUPDQW 0HVDMXOHVWHRSHUDUHVSHFWLY VDX
SRDWHFRQVWDGLQPRGXULGHDJkQGLVLP LMXGHFDGLQSUDFWLFLFXOWX
UDOHVSHFLILFHXQHLFRPXQLW LVDXXQHLHSRFL0LMORFXOGHFRPXQLFDUH
VDX FDQDOXO HVWH DOF WXLW GLQ PHGLD VDX YHKLFXOH SULQ FDUH PHVDMXO
RSHUDSUDFWLFDDMXQJHGHODHPLWHQWODUHFHSWRU$FHVWHYHKLFXOHSRW
ILUHSUH]HQWDWHGHODFD]ODFD]GHúFRDO F U LUHYLVWHULWXULUHOLJLRD
VHV UE WRULPRGH5HFHSWRUXOHVWHUHSUH]HQWDWGHJUXSXOF UHLDvLHVWH
GHVWLQDW RDQXPLW SURGXF LHVDXSUDFWLF GHQDWXU FXOWXUDO
0DXULFH&UXEHOOLHUSURSXQHDFDRDQDOL] GHDFHVWWLSV vQFHDS
FX VWXGLHUHD YHKLFXOHORU FDUH SRW DYHD R DSDUHQ PDL RELHFWLY
LQVWLWX LRQDOL]DW 6WXGLHUHDPHVDMXOXLWUHEXLHV VHED]H]HSHRDQDOL]
GHFRQ LQXWGHGLVFXUVvQXQHOHFD]XUL6WXGLHUHDJUXSXOXLSRDWHvQFHSH
FX GHOLPLWDUHD DFHVWXLD VWUXFWXU VRFLRORJLF GLPHQVLXQL UROXUL
VRFLDOH IRUPD LH HWF (PLWHQWXO SRDWH IL VWXGLDW OD UkQGXO V X SULQ
DSOLFDUHD XQHL DVWIHO GH JULOH VRFLRORJLFH SULQ FDUH VH IRUPXOHD]
LQWHURJD LLDVXSUDELRJUDILHLHGXFD LHLFRQWH[WXOXLVRFLDOúLFXOWXUDOvQ

7RDGHU1LFRDU RSFLWS

0DXULFH &UXEHOOLHU +LVWRLUH FXOWXUHOOH GH OD )UDQFH ;,;H;;H
VLqFOH3DULV$UPDQG&ROOLQS

3LWLULP $ 6RURNLQ 6RFLDO DQG &XOWXUDO '\QDPLFV 1HZ <RUN
%HGPLQVWHU3UHVVDSXG3K3RLULHU/HVHQMHX[GHO¶KLVWRLUHFXOWXUHOOH
3DULV6HXLOS

FDUH D FUHDW 5H]XPkQG PHWRGD VHPLRWLF SURSXQH VWXGLHUHD
WH[WXOXLFRQWH[WXOXLFLUFXOD LHLúLUHFHSW ULL
,VWRULDFXOWXUDO DúDFXPHVWHHDSUDFWLFDW DVW ]LVHSUHRFXS vQ
PDUH P VXU GH SUDFWLFL XQHOH OHJDWH GH VRFLHWDWHD FXOWXUDO VIHU
SXEOLF DOWHOHGHVHQVLELOLWDWHDFXOWXUDO VIHUDSULYDW
6IHUD SXEOLF HVWH DQDOL]DW GLQWUR SHUVSHFWLY D LVWRULHL FXOWX
UDOH úL SULQ LQWHUPHGLXO SROLWLFLORU FXOWXUDOH $FHVW GRPHQLX
EHQHILFLD] GHMD GH XQHOH OXFU UL FDUH DX I FXW DXWRULWDWH vQ VSD LXO
IUDQFH]úLFDUHSODVHD] vQFHSXWXOXQRUSROLWLFLFXOWXUDOHFRQúWLHQWHúL
VLVWHPDWLFHvQSHULRDGDPRGHUQ GXS 5HYROX LD)UDQFH] GDUPDL
DOHVGXS 3ULPXO5 ]ERL0RQGLDO
6HQVLELOLWDWHD FXOWXUDO D IRVW DQDOL]DW GH LVWRULFL vQ UDSRUW FX
SUDFWLFLOH ÄFXOWXULL WU LWH´ FHHD FH IRDUWH DGHVHD VH UHIHU OD
UHSUH]HQW ULOH RSHUHL vQ FRWLGLDQ ([SHULHQ D IUDQFH] DUDW F HIRUWXO
GH UHSUH]HQWDUH VH SRDWH VWXGLD OXkQG vQ FRQVLGHUDUH IHOXO vQ FDUH
RDPHQLL LDX vQ VW SkQLUH úL LQWHULRUL]HD] VHPQLILFD LL DOH PHGLXOXL
vQFRQMXU WRU$XIRVWDVWIHOUHDOL]DWHVWXGLLSULYLQGIRORVLUHDVRFLDO D
FRUSXOXLDVSD LXOXLGRPHVWLFúLDFWLYLW LOHOXGLFH
ÌQ FHHD FH SULYHúWH ÄXWLOL]DUHD VRFLDO D FRUSXOXL´ DúD FXP R
QXPHúWH 3DVFDO 2U\ VWXGLXO DFHVWHLD SRDWH SRUQL GH OD FRPSRUWD
PHQWHOHGHPRJUDILFHúLVHPQLILFD LLOHORUSURIXQGHFDvQFD]XOOXFU ULORU
IXQGDPHQWDOH UHDOL]DWH GH 3KLOLSSH $ULHV 'H DVHPHQHD vQ DFHDVW
SHUVSHFWLY DIRVWDQDOL]DW ÄSXQHUHDvQVFHQ DYLH LLFRWLGLHQH´(UYLQJ
*RIIPDQVDXvQJULMLUHDFRUSXOXLDOLPHQWD LDYHVWLPHQWD LD

$VHYHGHDDQDOL]HOHOXL&DUO6FKRUVNHUHIHULWRDUHODDUKLWHF LLYLHQH]L
GHODVIkUúLWXOVHFROXOXLDO;,;OHDvQ9LHQDILQGHVLqFOH3ROLWLF úLFXOWXU
,DúL(GLWXUD3ROLURP

0DUF )XPDUROL /¶pWDW FXOWXUHO (VVDL VXU XQH UHOLJLRQ PRGHUQH
3DULV(GLWXUD'H)DOORLV

3KLOLSSH 8UIDOLQR /¶KLVWRLUH GH OD SROLWLTXH FXOWXUHOOH ,QYHQWDLUH
G¶REMHWVvQ-HDQ3LHUUH5LRX[)UDQoRLV6LULQHOOL3RXUXQHKLVWRLUHFXOWXUHOOH
3DULV6HXLOS

3DVFDO 2U\ /D SROLWLTXH FXOWXUHOOH GX )URQW 3RSXODLUH )UDQoDLV
8QLYHUVLWp3DULV;1DQWHUUH

3KLOLSSH$ULpV2PXOvQID DPRU LL(GLWXUD0HULGLDQH%XFXUHúWL

$ VH YHGHD OXFU ULOH FRQVDFUDWH DFHVWRU SUREOHPH GH -HDQ/RXLV
)ODQGULQ0DVVLPR0RQWDQDULGLU+LVWRLUHGHO¶DOLPHQWDWLRQ)D\DUG3DULV
'DQLHO5RFKH/DFXOWXUHGHVDSSDUHQFHV3DULV

6WXGLXO VSD LXOXL GRPHVWLF SRDWH DYHD vQ YHGHUH KDELWDWXO DúD
FXP VH FRQWXUHD] DFHVWD vQ OXFU ULOH GHGLFDWH YLH LL SULYDWH GDU úL
DúDQXPLWHOHÄDUWHPHQDMHUH´SUHGDWHvQúFROLvQWUHFHOHGRX U ]ERDLH
PRQGLDOHúLFKLDUPDLWkU]LX
$FWLYLW LOH OXGLFH SUHVXSXQ VWXGLXO MRFXULORU DO VSRUWXULORU
WXULVPXOXL DO ÄV UE WRULL´ SHQWUX DFHVW GLQ XUP VXELHFW PRGHOXO GH
DERUGDUHFLWDWFHOPDLIUHFYHQWILLQGFHOUHDOL]DWGH0RQD2]RXI
3ULQ SUDFWLFDUHD LVWRULHL FXOWXUDOH VH SRDWH vQWUR ]L DMXQJH OD
KLGURJUDILD VWUXFWXULORU úL OD RFHDQRJUDILD LPDJLQDUXULORU VRFLDOH
([LVW GHMDFHUFHW ULDOHVHQVLELOLW LORUROIDFWLYHúLVRQRUHSUHFXPFHOH
UHDOL]DWH GH $ODLQ &RUELQ FDUH DX GHVFKLV GUXPXO UHFRQVWLWXLULL úL
LQWHUSUHW ULLDWRWFHHDFH LQHGHXQLPDJLQDUOHJDWGHDVSHFWHOHIL]LFH
QDWXU VLP XUL FRUS YkUVWH DOH YLH LL $XIRVWFHUFHWDWHSUREOHPHOH
LPDJLQDUXOXL HWQLF ± DXWRLPDJLQHD LPDJLQHD &HOXLODOW ORFXULOH
PHPRULHL 7RW GRPHQLXOXL LPDJLQDUXOXL VRFLDO vL DSDU LQ DQFKHWHOH
GHVSUHÄIDSWXOGLYHUV´HYHQLPHQWVRFLDOGDUPDLDOHVIDSWGHGLVFXUV
PLMORFGHSHQHWUDUHHILFLHQW vQIDQWDVPDJRULDFROHFWLY
'RPHQLXOXL LVWRULHL FXOWXUDOH vL SRW DSDU LQH UHFRQVWUXF LD
PLWRORJLHL VDX D LGHRORJLHL D VHQWLPHQWHORU 'H DVHPHQHD VWXGLXO
HYROX LHLPRUDYXULORUDOUDILQ ULLVRFLHW LLSRWILLQWHJUDWHDFHOXLDúL
GRPHQLX vQ FDUH DQDOL]D LVWRULF úL LQYHVWLJD LD GH WLS VRFLRORJLF VH
vPELQ SHQWUXRFkWPDLYHULGLF UHFRQVWLWXLUHDDFHVWRUSURFHVH
7RDWHDFHVWHGHPHUVXULSRWSUHVXSXQHUHOD LLvQWUHVLVWHPHILHF
HVWHYRUEDGHUHOD LLWHPSRUDOHLVWRULDPHPRULHLDPRGHORUDQRVWDO

3KLOLSSH $ULpV *HRUJHV 'XE\ FRRUG ,VWRULD YLH LL SULYDWH
%XFXUHúWL(GLWXUD0HULGLDQH

0RQD2]RXI/DIrWHUpYROXWLRQQDLUH3DULV*DOOLPDUG

3DVFDO2U\RSFLWS

$ODLQ &RUELQ /H PLDVPH HW OD MRQTXLOOH O¶RGRUDW HW O¶LPPDJLQDLUH
VRFLDO;9,,,H;,;HVLqFOHV3DULV$XELHU

$ VH YHGHD $FWHOH &RQJUHVXOXL ,QWHUQD LRQDO GH LVWRULH GH OD
6WXWWJDUWFDUHDIRVWGHGLFDWSUREOHPDWLFLL,PDJLQLL&HOXLODOW

3LHUUH 1RUD GLU /HV OLHX[ GH PpPRLUH 3DULV *DOOLPDUG YRO

-HDQ'HOXPHDX)ULFDvQ2FFLGHQW%XFXUHúWL(GLWXUD0HULGLDQH

1RUEHUW(OLDV3URFHVXOFLYLOL] ULL,DúL(GLWXUD3ROLURP

5REHUW 0XFKHPEOHG 6RFLHWDWHD UDILQDW 3ROLWLF úL SROLWH H vQ
)UDQ DSkQ vQVHFROXODO;;OHD&KLúLQ X(GLWXUD&DUWLHU

JLLORU GH RULFH WLS VDX GH UHOD LL VSD LDOH LVWRULD DFXOWXUD LHL vQWUH
FXOWXULGRPLQDQWHúLGRPLQDWHvQWUHDXWRKWRQLúLLPLJUD L±DVHYHGHD
LVWRULLOHRULHQWDOLVPXOXLDQJORILOLHLDPHULFDQL] ULL
6HSRDWHUHPDUFDGHFLF DSURDSHWRWXOSRDWHILVWXGLDWGHLVWRULD
FXOWXUDO 'DUvQWUXQRELHFWVWXGLDWQXWRWXOHVWHGHQDWXU FXOWXUDO
FKLDUGDF QLPLFQXVFDS FXDGHY UDWQDWXULLFXOWXUDOH'HH[HPSOX
RUGLQDWRUXO HVWH XQ SURGXV HFRQRPLF GDU VWXGLXO GH SLD FDUH OD
SUHFHGDWVWUDWHJLDFRPHUFLDO FDUHLDGHILQLWHVWHWLFDSXEOLFLWDWHDSRW
IDFHRELHFWXOXQHLDQDOL]HFXOWXUDOH
2U\ FRQVLGHU F vQ DFWLYLWDWHD LVWRULFXOXL QX H[LVW GHFkW WUHL
WLSXULSRVLELOHGHGHPHUVXULHFRQRPLFSULYLQGVXSUDYLH XLUHDXPDQL
W LL SROLWLF UHIHULWRU OD JXYHUQDUHD XPDQLW LL úL FXOWXUDO OHJDW GH
UHSUH]HQW UL $OWH GHPHUVXUL GDF QX IDF SDUWH GLQ LVWRULD FXOWXUDO
H[ LVWRULD LQWHOHFWXDO LVWRULD UHOLJLRDV SRW IL FRQVLGHUDWH FD
DERUG UL WUDQVYHUVDOH 'H H[HPSOX LVWRULD UHOD LLORU LQWHUQD LRQDOH QX
PDLHVWHDVW ]LVLQRQLP FXLVWRULDUHOD LLORUSROLWLFHLQWHUQD LRQDOHFL
LD vQ FRQVLGHUDUH úL UHOD LLOH HFRQRPLFH úL FXOWXUDOH ,VWRULD VRFLDO
LQWHJUHD] R GLPHQVLXQH DQWURSRORJLF H[ VWXGLHUHD SHULIHULLORU
FDUWLHUHORUP UJLQDúHEDQOLHX[VHUHIHU QXGRDUODVWUDWHJLLOHSDUWLGH
ORUSROLWLFHvQWUHSULQGHULORUVDXSXWHULORUSXEOLFHUHIHULWRDUHODDFHVWHD
GDUúLODIXQF LRQDUHDVWUXFWXULORUIDPLOLDOHVDXFRPXQLWDUHODIXQF LD
LPDJLQDUXOXL
,VWRULDFXOWXUDO QXWUHEXLHV VHUHGXF ODRVRFLRORJLHFXOWXUDO
UHWURVSHFWLY VDX OD R HWQRORJLH D VRFLHW LORU GLVS UXWH (D DSOLF
PHWRGH SURSULL FDUH VXQW DOH GLVFLSOLQHL LVWRULFH ,VWRULFXO FXOWXUDO
SRDWHDVSLUDODRSR]L LHVWUDWHJLF vQDQVDPEOXOúWLLQ HORUVRFLDOHSULQ
SOXUDOLVPXOúLGLDFURQLDRELHFWHORUSHFDUHOHVWXGLD] 3OXUDOLVPXOVH
GHGXFH GLQ SROLVHPLD RELHFWHORU DQDOL]DWH úL GLQ FRQVWDWDUHD FRQWUD
GLF LLORU LQWHUQH DOH VXELHFWHORU &HHD FH HVWH VSHFLILF XPDQ HVWH
VXVFHSWLELOGHRLQILQLWDWHGHLQWHUSUHW ULFDUHVHLQWHUVHFWHD] úLHVWH
FDSDELO V ILH WUDYHUVDW vQ DFHODúL WLPS GH DVSLUD LL GLIHULWH GDF QX
RSXVH 3HUVSHFWLYD GLDFURQLF REOLJ OD FRQVLGHUDUHD FRQMXQFWXULL
VSD LDOH VDX WHPSRUDOH ,VWRULD FXOWXUDO HVWH UHODWLYLVW GDU SRDWH vQ
DFHDVWDFRQVW IRU DVD

/XFUDUHD GHVFKL] WRDUH GH GUXPXUL U PkQH FHD D OXL (GZDUG 6DLG
2ULHQWDOLVP1HZ<RUN3DQWKHRQ

,VWRULDPHQWDOLW LORUvQ5RPkQLD

/D VIkUúLWXO DQLORU ¶ HYHQLPHQWXO PDMRU SHQWUX LVWRULRJUDILD
URPkQ HUD UHGHVFKLGHUHD GLDORJXOXL FX LVWRULRJUDILLOH RFFLGHQWDOH vQ
VSHFLDO FX ùFRDOD GH OD $QQDOHV (UD HSRFD vQ FDUH vQ )UDQ D LVWRULD
PHQWDOLW LORUHUDvQYRJ LDUGLQDQLL¶VHGHILQHDIHQRPHQXOQXPLW
ÄQRXD LVWRULH´ ,VWRULRJUDILD URPkQ SURILW GH DFHVWH HYROX LL SULQ
UHFHSWDUHD QRLL LVWRULL FHHD FH DYHD V PDUFKH]H XQHOH GLQWUH FHOH
PDL IUXPRDVH UHXúLWH GLQ HSRF GDU I U V PRGLILFH vQ SURIXQ]LPH
WHQGLQ HOH LPSXVH GH UHJLPXO FRPXQLVW $FHDVW UHFHSWDUH VD I FXW
SULQ LQWHUPHGLXO UHOD LLORU SHUVRQDOH SH FDUH LVWRULFLL URPkQL OH DYHDX
FX RPRORJL GHDL ORU IUDQFH]L GDU DX H[LVWDW úL LQVWLWX LL FDUH VDX
LPSOLFDW vQ SURFHV SUHFXP $FDGHPLD 5RPkQ VDX ,QVWLWXWHOH GH
FHUFHWDUH úL 8QLYHUVLW LOH ÌQ DFHVW FRQWH[W U PkQH WRWXúL L]RODW
SHUIRUPDQ DLVWRULFLORUURPkQLFDUHUHXúHDXV RUJDQL]H]HvQXQ
FRORFYLX IUDQFRURPkQ OD %XFXUHúWL DYkQG FD LQYLWD L SHUVRQDOLW L
SUHFXP $OSKRQVH 'XSURQW 3LHUUH &KDXQX )UDQoRLV )XUHW 3ULQWUH
FRQWULEX LLOH SXEOLFDWH vQ Ä5HYXH 5RXPDLQH G¶+LVWRLUH´ VH UHPDUF
LPSRUWDQWH FRQWULEX LL WHRUHWLFH UHIHULWRDUH OD LVWRULD PHQWDOLW LORU
$OSKRQVH'XSURQWúLODLVWRULDFXOWXUDO )UDQoRLV)XUHW/DGLVSR
]L LDLVWRULFLORUURPkQLvQFHSHDGHFLV VHJ VHDVF GHúLLQFRPSOHWXQ
LQVWUXPHQWDUWHRUHWLFvQFDUHPXO LDXWRULúLDXSXWXWJ VLLQVSLUD LD
3ULQWUH LVWRULFLL URPkQL FDUH DX DFFHSWDW vQF GLQ DQLL ¶
SURJUDPXO ùFROLL GH OD $QQDOHV úL FDUH VDX LOXVWUDW SULQ VWXGLXO
PHQWDOLW LORUWUHEXLHPHQ LRQDWvQSULPXOUkQG$OH[DQGUX'X X'H
IRUPD LH OLWHUDU $ 'X X VD DSOHFDW PDL vQWkL DVXSUD VWXGLXOXL
FXOWXULLvQWURPDQLHU DSURSLDW GHFHDDVXPDW DVW ]LGHSUDFWLFDQ LL

3ULQWUH OXFU ULOH FDUH SUH]HQWDX SXEOLFXOXL URPkQ QRLOH WHQGLQ H
IUDQFH]HDVHYHGHD$OH[DQGUX'X X0HQWDOLWpGXUpHHW©OHSDUDGLJPHGHV
$QQDOHVª vQ Ä5HYXH 5RXPDLQH G¶+LVWRLUH´ ;9,,, QU LGHP
'LPHQVLXQHD XPDQ D LVWRULHL 'LUHF LL vQ LVWRULD PHQWDOLW LORU

6LPRQD 1LFRDU 7RDGHU 1LFRDU 0HQWDOLW L FROHFWLYH úL LPDJLQDU
VRFLDO ,VWRULD úL QRLOH SDUDGLJPH DOH FXQRDúWHULL &OXM1DSRFD 3UHVD
8QLYHUVLWDU &OXMHDQ S

LVWRULHLFXOWXUDOH'HDVHPHQHDHODvQFHUFDWV SUH]LQWHQRLOHGLUHF LL
GH FHUFHWDUH vQ LVWRULH XQXL SXEOLF URPkQ DYL]DW vQ SDJLQLOH
SHULRGLFHORU GH VSHFLDOLWDWH GDU vQ DFHODúL WLPS D I FXW RSHU GH
SRSXODUL]DUHDWkWGHQHFHVDU ODDFHHDYUHPHSULQLQWHUPHGLXOF U LORU
SHFDUHOHDVFULVGHVSUHLVWRULDPHQWDOLW LORU'HODHOQHDU PDVR
RSHU H[WUDRUGLQDU GH ERJDW SULQ FDUH D GHVFKLV GUXPXUL QRL
LVWRULRJUDILHL URPkQH vQ GRPHQLL DWkW GH GLIHULWH SUHFXP FXUHQWHOH
FXOWXUDOH HOH HSRFLL PRGHUQH LVWRULD F U LL LVWRULD OLWHUDWXULL UHDOL]DW
GHRPDQLHU LQWHUGLVFLSOLQDU PHQWDOLW LOHLPDJLQDUXOSROLWLF'XS
OD ,QVWLWXWXO GH 6WXGLL 6XG(VW (XURSHQH XQGH vúL GHVI úXUD
DFWLYLWDWHD $OH[DQGUX 'X X D MXFDW UROXO GH IRQGDWRU GH úFRDO
vQFXUDMkQG VWXGLHUHD PHQWDOLW LORU vQ FDGUXO HFKLSHL VDOH SH FDUH R úL
vQWLQHULVHVHPQLILFDWLY
8Q DOW IRQGDWRU GH úFRDO HVWH SURIHVRUXO /XFLDQ %RLD GH OD
)DFXOWDWHDGH,VWRULHD8QLYHUVLW LL%XFXUHúWLFDUHDDYXWRFRQWULEX LH
HVHQ LDO vQ FHHD FH SULYHúWH UHFHSWDUHD ùFROLL GH OD $QQDOHV úL
SURSDJDQGD vQ IDYRDUHD DFHVWHLD ÌQ WLPSXO GLILFLOLORU DQL ¶
FDUDFWHUL]D LGHRQRX ÄvQFKLGHUH´DRUL]RQWXOXLLVWRULRJUDILFvQXUPD
ÄSUH LRDVHORULQGLFD LL´DOHOXL&HDXúHVFXSURIHVRUXO%RLDFRQWLQXDV
SUH]LQWH FLWLWRULORU URPkQL DL SHULRGLFHORU GH VSHFLDOLWDWH FXUHQWXO

$OH[DQGX 'X X 5RPDQLDQ +XPDQLVWV DQG (XURSHDQ &XOWXUH $
&RQWULEXWLRQ WR &RPSDUDWLYH DQG &XOWXUDO +LVWRU\ %XFKDUHVW (GLWXUD
$FDGHPLHL

$OH[DQGUX'X X0HQWDOLWpGXUpHHWOHSDUDGLJPHGHVÄ$QQDOHV´vQ
Ä5HYXH 5RXPDLQH G¶+LVWRLUH´ ;9,,, S &H DGXFH QRX
LVWRULDPHQWDOLW LORUvQÄ5RPkQLDOLWHUDU ´DQ;,,,QUS

,GHP /LWHUDWXUD FRPSDUDW úL LVWRULD PHQWDOLW LORU %XFXUHúWL
'LPHQVLXQHD XPDQ D LVWRULHL 'LUHF LL vQ LVWRULD PHQWDOLW LORU
%XFXUHúWL

,GHP /D SODFH GH O¶KXPDQLVPH URXPDLQ GDQV O¶KLVWRLUH FXOWXUHOOH
HXURSpHQQH&DKLHUV5RXPDLQVG¶(WXGHV/LWWpUDLUHV%XFDUHVWQUS
,OXPLQLVPXOVXGHVWHXURSHDQ5HFRQVLGHUDUHDXQHLSUREOHPHGHLVWRULH
FXOWXUDO vQÄ5HYLVWDGH,VWRULH´;;9,,,QU/HV/XPLqUHVGDQVOH
FHQWUH HW OH VXGHVW HXURSpHQ ;9H &RQJUHV ,QWHUQDWLRQDO G¶+LVWRLUH
%XFDUHVW5DSSRUWVYRO,,S+LVWRLUHGHVPHQWDOLWpV;9,H
&RQJUHV ,QWHUQDWLRQDO G¶+LVWRLUH 6WXWWJDUW $FWHV 6WXWWJDUW S
+LVWRLUH GH OD SHQVpH HW GHV PHQWDOLWpV SROLWLTXHV HXURSpHQQHV
%XFDUHVW

IUDQFH] GRPLQDQW SH DWXQFL &D] VSHFLDO SULQWUH LVWRULFLL URPkQL DL
HSRFLL /XFLDQ %RLD UHXúHD V SXEOLFH PDL PXOWH F U L GHVSUH
PHQWDOLW L úL LPDJLQDU DSURDSH WRDWH DS UXWH vQ VWU LQ WDWH 3ULQWUH
FRQWULEX LLOH SURIHVRUXOXL %RLD vQ YHGHUHD SRSXODUL] ULL vQ 5RPkQLDD
QRLORU WHQGLQ H LVWRULRJUDILFH vQ VSHFLDO IUDQFH]H WUHEXLH VXEOLQLDWH
FXUVXULOHVDOHGHOD)DFXOWDWHDGH,VWRULHGLQ%XFXUHúWLXQGHDUHXúLW
FKLDU GH GLQDLQWH GH GDU PDL DOHV GXS F GHUHD UHJLPXOXL
FRPXQLVWV SXQ ED]HOHXQHLDGHY UDWHÄúFROL´
(IRUWXUL vQ DFHHDúL GLUHF LH D SURPRY ULL FXUHQWXOXL GH OD
$QQDOHV vQ PHGLLOH LVWRULRJUDILFH URPkQHúWL DX I FXW vQ DFHHDúL
SHULRDG SURIHVRUL úL FHUFHW WRUL GLQ DOWH PDUL FHQWUH XQLYHUVLWDUH
3RPSLOLX7HRGRUOD&OXM$OH[DQGUX=XE$OH[DQGUX)ORULQ3ODWRQ
OD ,DúL úL DO LL DX vQFHUFDW V vQYLQJ DGYHUVLW LOH XQHL HSRFL vQ FDUH
QD LRQDOFRPXQLVPXOGHYHQLVHQRUP LVWRULRJUDILF PDMRU VWDELOLQGR
SXQWHF WUHUHDOLW LOHGLQPHGLLOHLQWHOHFWXDOHRFFLGHQWDOH
ÌQDIDUDDFHVWRUFRQWULEX LLWHRUHWLFHvQDQLL¶úL¶DXDS UXW
DUWLFROH úL F U L FDUH WUDWDX WHPH FDUDFWHULVWLFH SHQWUX LVWRULD PHQWD
OLW LORU VDX SHQWUX GHPHUVXUL vQUXGLWH SUHFXP DQWURSRORJLD LVWRULF
UHOLJLRDV RULSROLWLF
3HQWUXÄúFRDOD´GHLVWRULDPHQWDOLW LORUGHOD%XFXUHúWLFDUHGH
IDSW vQ SHULRDGD FRPXQLVW QX HUD FX DGHY UDW XQD ILLQG OLSVLW GH
VXSRUWLQVWLWX LRQDOúLUHSUH]HQWkQGPDLGHJUDE RJUXSDUHLQIRUPDO úL
QHRPRJHQ GH VWXGHQ L úL WLQHUL DEVROYHQ L LQWHUHVD L GH DOWH PDQLHUH
GHDIDFHLVWRULHUHSHUHREOLJDWRULLHUDXDUWLFROHOHVHPQDWH=RH3HWUH

/XFLDQ%RLD,VWRULDPHQWDOLW LORUFXSULYLUHVSHFLDO DVXSUDúFROLL
GH OD $QQDOHV vQ Ä5HYLVWDGH,VWRULH´S +LVWRULHQVGHV
$QQDOHVvQÄ$QDOHOH8QLYHUVLW LL%XFXUHúWL´,VWRULHSHW
S/¶KLVWRULRJUDSKLHURXPDLQHHWO¶pFROHGHV$QQDOHV4XHOTXHV
LQWHUIHUHQFHVvQÄ$QDOHOH8QLYHUVLW LL%XFXUHúWL´,VWRULHS

,GHP/DILQGXPRQGH8QHKLVWRLUHVDQVILQ3DULV/D'pFRXYHUWH
/¶H[SORUDWLRQLPDJLQDLUHGHO¶HVSDFH3DULV/D'pFRXYHUWH

3RPSLOLX 7HRGRU 'H OD $QDOH OD LVWRULD QRX vQ Ä6WHDXD´ &OXM
1DSRFDQUS

$OH[DQGUX)ORULQ 3ODWRQ 1RL GLUHF LL vQ LVWRULD FRQWHPSRUDQ
LVWRULD PHQWDOLW LORU vQ Ä$FWD 0ROGDYLDH 0HULGLRQDOLV´ 99,
S ,GHP 3HQWUX R LVWRULH D PHQWDOLW LORU vQ VSD LXO URPkQHVF vQ
Ä$QDOHOH ùWLLQ LILFH DOH 8QYHUVLW LL GLQ ,DúL VHULH QRX ,VWRULH´ WRP
;;;,,S

GHVSUH DQWURSRORJLD SROLWLF D $QWLFKLW LL VDX )ORULQ &RQVWDQWLQLX
GHVSUHPHQWDOLW LOHPHGLHYDOH
$OWHDUWLFROHUHPDUFDELOHDXDS UXWSHWHPDLVWRULHLFOLPHLXQXO
GLQGRPHQLLOHFHOHPDLQRYDWRDUHDERUGDWHGHLVWRULDPHQWDOLW LORUvQ
HSRF ÌQV GRDUGXS DSXWXWV DSDU RFDUWHFXDFHVWVXELHFW
FRQVLGHUDW SUHD SX LQ LQWHUHVDQW vQ DQLL FXOWXOXL SHUVRQDOLW LL OXL
&HDXúHVFX
$QDOL]D SXWHULL SROLWLFH vQWUR SHUVSHFWLY VLPEROLF LVWRULD
LGHLORU SROLWLFH UHDOL]DW FX QRLOH LQVWUXPHQWH DOH FHUFHW ULORU DVXSUD
LPDJLQDUXOXLVXQWDOWHGHPHUVXULLQIOXHQ DWHGHDQDOL]DPHQWDOLW LORU
/XFU ULOH UHDOL]DWH GH (XJHQ &L]HN SXEOLFDWH PDL DOHV vQ
VWU LQ WDWHRIHUHDXXQPRGHOFDUHFRQFLOLDDQDOL]DSROLWLF úLFXOWXUDO
D$QWLFKLW LLFODVLFHFXRSULFHSHUHOLQJYLVWLF úLOLWHUDU LQHJDODELOH

=RH3HWUH8QkJHGHUHSUpVHQWDWLRQDUWLILFHHWLPDJHGDQVODSHQVpH
JUHFTXHGX9,HVLqFOHDYQpUHvQÄ5HYXH5RXPDLQHG¶+LVWRLUH´WRPH;9,,,
QU S 6XU XQ VFKpPD WULIRQFWLRQQHO GDQV OHV Ä3HUVHV´
G¶(VFK\OHvQÄ5HYXH5RXPDLQHG¶+LVWRLUH´WRPH;9,,,QU6WUXFWXUHV
GXUpHOHWFDUDFWqUHGHO¶LPDJLQDLUHjO¶pSRTXHGHVSUHPLqUHVFRORQLHVJUHFTXHV
vQÄ5HYXH5RXPDLQHG¶+LVWRLUH´WRPH;;QUS¬SURSRVGHV
VRXUFHVGH-RUGDQHV*HWLFDHWvQÄ(WXGHVG
KLVWRULRJUDILH´VRXVOD
GLUHFWLRQGH/XFLDQ%RLD%XFDUHVWS

)ORULQ&RQVWDQWLQLX$VSHFWHDOHPHQWDOXOXLFROHFWLYV WHVFvQVRFLH
WDWHD PHGLHYDO URPkQHDVF vQ Ä6WXGLL úL PDWHULDOH GH LVWRULH PHGLH´ 9,,
S 6HQVLELOLWp EDURTXH HW UpJLPH QRELOLDLUH FRQVLGpUDWLRQV
SUpOLPLQDLUHV vQ Ä5HYXH GHV (WXGHV 6XG(VW (XURSpHQQHV´
S 6HQVLELOLW L úL PHQWDOLW L vQ VRFLHWDWHD URPkQHDVF D VHFROXOXL
DO;9,,OHDvQÄ5HYLVWDGHLVWRULH´S

3DXO %LQGHU 3DXO &HUQRYRGHDQX &HL SDWUX FDYDOHUL DL $SRFDOLS
VXOXL%XFXUHúWL

$QGUHL 3LSSLGL 7UDGL LD SROLWLF EL]DQWLQ vQ ULOH URPkQH vQ VHF
;9,;9,,,%XFXUHúWL

6WHOLDQ %UH]HDQX ,GHHD GH ,PSHULX vQ 2FFLGHQWXO PHGLHYDO vQ OX
PLQD FHUFHW ULORU GLQ XOWLPHOH GHFHQLL vQ Ä5HYLVWD GH LVWRULH´ S
LGHPÄ5RPDLQV´HWÄ%DUEDUHV´GDQVOHV%DONDQVDX9,,HVLqFOHj
OD OXPLqUH GHV Ä0LUDFOHV GH 6DLQW 'HPHWULXV´ &RPPHQW RQ SHXW GHYHQLU
O
$XWUH 5(6(( QU WRPH ;;,9 S LGHP Ä5RPDQL´ úL
Ä%ODFKL´ OD $QRQ\PXV ,VWRULH úL LGHRORJLH SROLWLF vQ Ä5HYLVWD GH LVWRULH´
WRPHQUS

(XJHQ &L]HN /¶pSRTXH GH 1HURQ HW VHV FRQWURYHUVHV LGpRORJLTXHV
/HLGHQ6WUXFWXUHVHWLGpRORJLHVGDQVOHV9LHVGHVGRX]H&pVDUVGH6XpWRQH
%XFDUHVW3DULV0HQWDOLWpVHWLQVWLWXWLRQVSROLWLTXHVURPDLQHV3DULV

'DU vQ SRILGD DFHVWRU UHXúLWH XQHOH UHPDUFDELOH LVWRULD
PHQWDOLW LORU D U PDV R WHQGLQ VLWXDW vQ PDUJLQHD IHQRPHQXOXL
LVWRULRJUDILF GRPLQDQW DO F UXL VSHFLILF U PkQHD LQWHUHVXO SHQWUX R
LVWRULHDúD]LVPDU[LVW vQUHDOLWDWHGLQFHvQFHPDLPDUFDW GHFXOWXO
SHUVRQDOLW LLOXL&HDXúHVFX'HIDSWXOWLPLLDQLDLUHJLPXOXLFRPXQLVW
VDX FDUDFWHUL]DW SULQWUR VLWXD LD IRDUWH GLILFLO SHQWUX LVWRULH vQWUXFkW
FHLFDUHRSUDFWLFDXHUDXDVLPLOD LSURSDJDQGLúWLORUúLREOLJD LV XUPH]H
ÄGLUHFWLYHOH SUH LRDVH´ DOH VHFUHWDUXOXL JHQHUDO DO 3DUWLGXOXL XQLF 6H
vQFHUFD V VH LPSXQ WXWXURU GDF QX DFHOHDúL WHPH GH FHUFHWDUH
UHIHULWRDUH OD LVWRULD PLúF ULL PXQFLWRUHúWL úL FRPXQLVWH P FDU DFHHDúL
SHUVSHFWLY DVXSUDGHYHQLULLLVWRULFH7RWXOWUHEXLDWUDWDWDVWIHOvQFkWV
UH]XOWH ÄXQLWDWHD úL FRQWLQXLWDWHD´ vQ WRDWH GRPHQLLOH H[LVWHQ HL
URPkQLORU 3ULQ SURLHFWXO V X GH UHDOL]DUH D XQHL DXWDUKLL URPkQHúWL
LPSRVLELOH GH DOWIHO &HDXúHVFX GHWHUPLQDVH OLPLWDUHD DSURDSH
GLVSDUL LD WXWXURU LPSRUWXULORU LQFOXVLY D F U LORU úL SHULRGLFHORU GH
VSHFLDOLWDWHYHQLWHGLQ2FFLGHQW'HIDSWHUDXQPLMORFGHDW LDRULFH
OHJ WXU FXH[WHULRUXOSHQWUXDLQWHU]LFHURPkQLORUFRPSDUD LLOHFXDOWH
UHDOLW LúLDIDFHGHQHJkQGLWRULFHDOW RS LXQHvQDIDUDFRPXQLVPXOXL
ÌQ DFHVWH FRQGL LL URPkQLL DX IRVW SULYD L GH VXUVHOH GH LQVSLUD LH GH
FRQWDFWHOH FX FHHD FH VH SHWUHFHD vQ DOWH LVWRULRJUDILL DVWIHO F DX IRVW
SXúLvQID DXQRUVWUDWHJLLúWLLQ LILFHúLSHUVRQDOHFDUHDPLQWHDXGHFHOH
GLQDQLL¶,VWRULFLLURPkQLSXWHDXRSWDSHQWUXFRQIRUPLVPXOSROLWLFúL
LGHRORJLF úL V VH SXQ FX DUPH úL EDJDMH vQ VHUYLFLXO UHJLPXOXL 'H
DVHPHQHDDYHDXSRVLELOLWDWHDV VHLQWHUHVH]HGHGRPHQLLIRDUWHWHKQLFH
SUHFXP DUKHRORJLD GH H[HPSOX PDL JUHX GDU QX LPSRVLELO GH
GHVILJXUDW vQWUR SHUVSHFWLY LGHRORJLF ,VWRULFLL PDL SXWHDX úL V VH
UHIXJLH]HvQGRPHQLLPDLSX LQVSHFWDFXORDVHGLQSXQFWGHYHGHUHSROLWLF
úLLGHRORJLFVWXGLXOFXOWXULLúLDOPHQWDOLW LORUILLQGXQXOGLQWUHDFHVWHD
ÌQ FHHD FH SULYHúWH FRPSDUD LD FX vQFHSXWXULOH UHJLPXOXL FRPXQLVW vQ
5RPkQLD WUHEXLH WRWXúL S VWUDW SURSRU LD vQWUXFkW RULFkW GH RSUHVLY
FOLPDWXOGLQDQLL¶QXDIRVWvQWUXWRWXODVHP Q WRUFXFHOGLQDQLL¶
Ä3UH LRDVHOH GLUHFWLYH´ DOH WRYDU úXOXL 1LFRODH &HDXúHVFX QX DX UHXúLW
V L GHWHUPLQHSHWR LLVWRULFLLV IDOVLILFHFKLDUWRWXO,VWRULDFXOWXULLúL
FHD D PHQWDOLW LORU SULQWUH DOWH GRPHQLL SHUPLWHDX LVWRULFLORU V
J VHDVF XQHOH VXELHFWH GH VWXGLX FDUH V OH RIHUH FRPSHQVD LL VHFUHWH
SHQWUXFRQVWUkQJHULOHSHFDUHHUDXREOLJD LV OHVXSRUWH

6LPRQD1LFRDU 7HRGRU1LFRDU RSFLWS

& GHUHD UHJLPXOXL FRPXQLVW vQ GHFHPEULH D SHUPLV vQ
VIkUúLWUHGHVFKLGHUHDLVWRULRJUDILHLURPkQHF WUHWHRULLOHúLPHWRGROR
JLLOH YHQLWH GLQ 2FFLGHQW 'DU VFKLPEDUHD ÄPHQWDOLW LORU´ LVWRULFLORU
URPkQLQXDIRVWDWkWGHUDSLG SHFkWVDVSHUDW$FRQWLQXDWSULYLOH
JLHUHD XQHL LVWRULL SROLWLFH GHVWXO GH GDF QX FKLDU SUHD WUDGL LRQDO
GH OD FDUH VH DúWHDSW FHHD FH HVWH WRWXúL QRUPDO UHFRQVWLWXLUHD
HYHQLPHQWHORU úL D UROXOXL SHUVRQDOLW LORU QHFXQRVFXWH VDX SX LQ
FXQRVFXWH vQ YUHPHD UHJLPXOXL FRPXQLVW 6D vQFHSXW VWXGLHUHD
DUKLYHORU URPkQHúWL úL VWU LQH SHQWUX D SXWHD vQ VIkUúLW FXQRDúWH
ÄDGHY UDWD LVWRULH´ D XOWLPLORU ¶¶ GH DQL (VWH DGHY UDW F vQ
DOHJHUHD DFHVWRU GLUHF LL LVWRULRJUDILFH SUHIHULQ HOH PDUHOXL SXEOLF
MRDF XQUROLPSRUWDQWGDUHVWHWRWDWkWGHDGHY UDWF PXO LLVWRULFLDX
SULQV YkQWXO IDYRUDELO úL DX SUHIHUDW V VFULH R LVWRULH SXU HYHQLPHQ
LDO DO F UXL VXFFHV SDUH DVLJXUDW ùL QX SRDWH IL LJQRUDW vQ
H[SOLFDUHD LQHU LLORU FDUH FDUDFWHUL]HD] R SDUWH D LVWRULRJUDILHL URPk
QHúWLDFWXDOHYRFD LDHLLGHQWLWDU GHILQLW FXPXOW YUHPHvQDLQWHúL
FDUHDIRVWIRORVLW GLQSOLQGHUHJLPXOFRPXQLVWWRWDOLWDU
3HGHDOW SDUWHvQOXPHDSURIHVLRQLúWLORUDVLVW PODRYHULWDELO
H[SOR]LH GH VXELHFWH úL PHWRGH FDUDFWHULVWLF SHQWUX XQ SRVWPRGHU
QLVP FDUH vQ LVWRULH D IRVW UHFHSWDW úL DFFHSWDW PDL WkU]LX GHFkW vQ
OLWHUDWXU ,VWRULDPHQWDOLW LORUúLLVWRULDFXOWXUDO VXEWRDWHDVSHFWHOH
DFHVWRUDPDLWUDGL LRQDOHVDXPDLQRYDWRDUHSURILW GHSHXUPDDFHVWRU
HYROX LL 0XOWLSOLFDUHD OXFU ULORU SH DFHVWH WHPH HVWH YL]LELO GLQ
QXP UXO GH LQWU UL FDUH OH VXQW FRQVDFUDWH vQ %LEOLRJUDILD LVWRULF
URPkQ (YROX LLOH VXQW YL]LELOH vQ SULPXO UkQG vQ FHHD FH SULYHúWH
LVWRULD PHQWDOLW LORU FDUH GLQ DQLL ¶ EHQHILFLD] vQDFHDVW OXFUDUH
GHXQFDSLWRODSDUWHVHSDUDWGHÄLVWRULDFXOWXULL´F UHLDvLHUDvQWUHFXW
DQH[DW $FHDVW QRX UHSDUWL LH D VSD LXOXL P UWXULVHúWH GHVSUH
GH]YROWDUHDXQHLGLUHF LLGHFHUFHWDUHFDUHDYHDGHMDRWUDGL LHGDUFDUH
DFXPVHSRDWHDILUPDvQWRDW OLEHUWDWHD

*DEULHO /HDQFD *HRJUDILL FXOWXUDOH úL FRORQL] UL QDUDWLYH
3HUVSHFWLYH LVWRULRJUDILFH vQ RUL]RQW LPDJRORJLF vQ Ä$QXDUXO LQVWLWXWXOXL GH
LVWRULH$';HQRSRO´;/9S

3HQWUXRDQDOL] DPDQLHUHLGHUHFHSWDUHDSRVWPRGHUQLVPXOXLGHF WUH
LVWRULFLLURPkQLDVHYHGHDQXP UXOUHYLVWHLÄ;HQRSROLDQD´,,FDUH
WUDWHD] VXELHFWHSUHFXPSRVWPRGHUQLVPXOSRVWFRPXQLVPXOSRVWLVWRULD

'XS ¶ D YHQLW PRPHQWXO UHYHQLULL OD SUH]HQWDUHD PHQWD
OLW LORU XQXL SXEOLF PDL ODUJ SULQ LQWHUPHGLXO OXFU ULORU GH VLQWH]
UHDOL]DWHGHVSHFLDOLúWLFDUHVHRFXSDVHU GHDFHVWVXELHFWFXPXOWWLPS
vQDLQWH GH F GHUHD UHJLPXOXL 'H DVHPHQHD vQ DIDUD OXFU ULORU FDUH
SUH]HQWDX GLQ SXQFW GH YHGHUH WHRUHWLF SDUDGLJPD PHQWDOLW LORU
LVWRULFLLUHDOL]DXFHUFHW ULDSOLFDWHSHVSHFLILFXOUHDOLW LORUURPkQHúWL
)RDUWHLPSRUWDQWHVXQWOXFU ULOHGHGLFDWHLPDJLQLL&HOXLODOWWHP
FHQWUDO DFHOXLGHDO;9,OHD&RQJUHV,QWHUQD LRQDOGHùWLLQ H,VWRULFH
GHOD6WXWWJDUWGLQúLSHFDUHLVWRULFLLURPkQLSXWHDXvQVIkUúLWV
R WUDWH]H I U V VH PDL vQWUHEH GDF YRU SXWHD YUHRGDW V úL YDG
SXEOLFDWHUH]XOWDWHOHFHUFHW ULLDúDFXPVHvQWkPSODvQDLQWHGH¶ÌQ
OHJ WXU FXDFHDVW WHP GHMDWUDGL LRQDO SHQWUXLVWRULFLLURPkQLVDX
PXOWLSOLFDW úL FHUFHW ULOH DVXSUD LPDJLQDUXOXL VXE WRDWH IRUPHOH
DFHVWXLD VRFLDO SROLWLF LGHQWLWDU HWF /XFU ULOH UHDOL]DWH VXQW SUHD
QXPHURDVH SHQWUX D OH DPLQWL SH WRDWH DVWIHO F QH PXO XPLP V
VXUSULQGHPFkWHYDGLQWUHGLUHF LLOHSULQFLSDOH
6H SRDWH REVHUYD FRQWLQXLWDWHD SUHRFXS ULORU SURIHVRUXOXL %RLD
FDUH GXS ¶ D SXEOLFDW OXFU UL IRQGDWRDUH GHGLFDWH SUREOHPDWLFLL
LPDJLQLL &HOXLODOW úL LPDJLQDUXOXL (O HVWH XUPDW GH PXO L GLQWUH
GLVFLSROLLV LSULQWUHFDUHWUHEXLHV RPHQ LRQ PSH6LPRQD&RUODQ
FX OXFU ULOH VDOH QRYDWRDUH GHVSUH LPDJLQHD $IULFLL 1HJUH vQ FXOWXUD
HXURSHDQ PRGHUQ
'LVFLSOLQDFDUHVWXGLD] LPDJLQDUXOQXPLW vQYUHPHDGLQXUP
LPDJRORJLL GH F WUH XQLL FHUFHW WRUL úL VLWXDW OD LQWHUVHF LD GLQWUH

6LPRQD1LFRDU 7RDGHU1LFRDU RSFLW$OH[DQGUX)ORULQ3ODWRQ
6RFLHWDWH úL PHQWDOLW L vQ (XURSD PHGLHYDO ,DúL (GLWXUD 8QLYHUVLW LL
$OH[DQGUX,RDQ&X]D

7RDGHU 1LFRDU 7UDQVLOYDQLD OD vQFHSXWXO WLPSXULORU PRGHUQH
6RFLHWDWH UXUDO úL PHQWDOLW L FROHFWLYH &OXM ,RODQGD
LJKLOLX 6RFLHWDWH úL PHQWDOLWDWH vQ DUD 5RPkQHDVF úL 0ROGRYD VHFROHOH
;9;9,,%XFXUHúWL(GLWXUD3DLGHHD

/XFLDQ %RLD ,PDJLQDLUH VFLHQWLILTXH GX FRPPXQLVPH &DHQ
3DUDGLJPH(QWUHO¶DQJHHWODErWH/HP\WKHGHO¶KRPPHGLIIpUHQWGH
O¶$QWLTXLWp j QRV MRXUV 3DULV 3ORQ 3RXU XQH KLVWRLUH GH
O¶LPDJLQDLUH3DULV

6LPRQD &RUODQ ,QYHQWDUHD $IULFLL 1HJUH & O WRULL vQ LPDJLQDUXO
HXURSHDQ DO VHFROXOXL DO ;;OHD &OXM1DSRFD 'DFLD 7RPEXFWRX
RUDúXOLPDJLQDU%XFXUHúWL

LVWRULH VRFLRORJLH SVLKRORJLH IROFORULVWLF VXVFLW QXPHURDVH DERU
G ULSHGHRSDUWHGHGHILQLUHSHGHDOWDGHDSOLFDUHDPRGHOXOXLGH
DQDOL] XQRUFD]XULFRQFUHWH
,VWRULD VHQVLELOLW LORU vQUXGLW GXS XQLL DXWRUL FX LVWRULD
PHQWDOLW LORU VDX FKLDU SDUWH D DFHVWHLD GXS DO LL HVWH UHSUH]HQWDW
GH OXFU ULOH GHVFKL] WRDUH GH GUXPXUL DOH OXL ùWHIDQ /HPQ\ FDUH D
SXWXW SXEOLFD GRDU GXS ¶ úL GH FHOH DOH DOWRU DXWRUL FDUH VDX
LQWHUHVDWGHSUREOHPDWLFDGHYHQLULLLVWRULFHDVHQWLPHQWHORU
$QWURSRORJLD LVWRULF DOH F UHL U G FLQL FRERDU vQ VSD LXO
URPkQHVF vQ DQLL ¶ úL FKLDU PDL MRV FRQWLQX V VXVFLWH LQWHUHVXO
LVWRULFLORU DO OLWHUD LORU DO DOWRU VSHFLDOLúWL vQ úWLLQ HOH VRFLDOH ILLQG
SULQ QDWXUD VD XQ GRPHQLX vQ FDUH LQWHUGLVFLSOLQDULWDWHD VH SRDWH
DILUPD FX VXFFHV /XFU ULOH UHFHQWH UHDOL]DWH GH =RH 3HWUH vQ VSHFLDO
FDUWHDVDGHVSUHJH LúLUHSUH]HQW ULOHORUvQVXUVHOHDQWLFHRIHU UHSHUH
HVHQ LDOH SHQWUX DFHVW GRPHQLX /XFU ULOH QRYDWRDUH DOH &RQVWDQ HL
*KL XOHVFX GHVSUH ELVHULF VH[XDOLWDWH úL FXSOXO FRQMXJDO SRW IL
SODVDWH OD LQWHUVHF LD GLQWUH DQWURSRORJLD LVWRULF LVWRULD VRFLDO úL

'DQ $ / ] UHVFX ,PDJRORJLD ± R QRX GLVFLSOLQ VRFLDO GH
JUDQL 0, S 6RULQ 0LWX $VSHFWH PHWRGRORJLFH DOH
FHUFHW ULORU GH LPDJRORJLH FRPSDUDW vQ Ä$QDOHOH ùWLLQ LILFH DOH
8QLYHUVLW LL %DEHú%RO\DL´ ;;;9,,, S 1LFRDOH
%RFúDQ 6RULQ 0LWX 7RDGHU 1LFRDU ,GHQWLWDWH úL DOWHULWDWH 6WXGLL GH
LPDJRORJLH &OXM1DSRFD 3UHVD 8QLYHUVLWDU &OXMHDQ YRO ,, ,RDQ
&KLFLXGHDQ %RJGDQ$OH[DQGUX +DOLF ,PDJRORJLH ,PDJRORJLH LVWRULF
%XFXUHúWL

6RULQ0LWX *HQH]D LGHQWLW LL QD LRQDOH OD URPkQLL DUGHOHQL
%XFXUHúWL (GLWXUD +XPDQLWDV $OH[DQGUX =XE HG ,GHQWLWDWH
DOWHULWDWHvQVSD LXOFXOWXUDOURPkQHVF,DúL(GLWXUD8QLYHUVLW LLÄ$,&X]D´
'DQ+RULD0D]LOX1RLGHVSUHFHLODO L)DOVWUDWDWGHLPDJRORJLH,DúL
$QGUHL 2LúWHDQX ,PDJLQHD HYUHXOXL vQ FXOWXUD URPkQ 6WXGLX GH
LPDJRORJLHvQFRQWH[WHVWFHQWUDOHXURSHDQ%XFXUHúWL

ùWHIDQ /HPQ\ 6HQVLELOLWDWH úL LVWRULH vQ YHDFXO DO ;9,,,OHD
URPkQHVF%XFXUHúWL(GLWXUD0HULGLDQH

'RUX 5DGRVODY 6HQWLPHQWXO UHOLJLRV OD URPkQL 2 SHUVSHFWLY
LVWRULF VHF;9,,;,;&OXM1DSRFD

=RH3HWUH3UDFWLFDQHPXULULL2OHFWXU FULWLF DL]YRDUHORUJUHFHúWL
UHIHULWRDUHODJH L,DúL(GLWXUD3ROLURP

&RQVWDQ D *KL XOHVFX ÌQ úDOYDUL úL FX LúOLF %LVHULF VH[XDOLWDWH
F V WRULH úL GLYRU vQ DUD 5RPkQHDVF D VHFROXOXL DO ;9,,,OHD %XFXUHúWL
(GLWXUD+XPDQLWDV)RFXODPRUXOXL%XFXUHúWL(GLWXUD+XPDQLWDV

FXOWXUDO $QWURSRORJLD UHOLJLRDV PDUFD GHPHUVXO OXL 1HOX =XJUDYX
UHIHULWRUODFUHúWLQLVPXOSRSXODUvQVSD LXOURPkQHVF
$SURSLDW GH QRXD LVWRULH FXOWXUDO LVWRULD OHFWXULL FRQWLQX
WUDGL LLOH LVWRULHL F U LL úL DOH LPSULPHULHL FDUH VH DILUPDVHU GHMD
vQDLQWH GH F GHUHD UHJLPXOXL FRPXQLVW vQ RSHUHOH vQF RGDW
QRYDWRDUH DOH OXL $OH[DQGUX 'X X GDU úL DOH DOWRU VSHFLDOLúWL FDUH
XUPDXvQF GHDWXQFLDFHVWGUXPSURPL WRU
8Q DOW GRPHQLX LPSXV DWHQ LHL VSHFLDOLúWLORU URPkQL GXS ¶
HVWHFHODOLVWRULHLUHSUH]HQW ULORUFKLDUGDF QXvQWRWGHDXQDFRQFHSWXO
GHUHSUH]HQWDUHHVWHUHYHQGLFDWvQPRGGHVFKLVGHDXWRULLXQRUDGLQWUH
OXFU ULOHFDUHVHVXEVXPHD] DFHVWHLGLUHF LL6SD LXOWLPSXOYLD D
FRWLGLDQ LXELUHDPRDUWHDVXQWGRDUFkWHYDGLQWUHWHPHOHFDUHDX
vPERJ LWRUL]RQWXOFHUFHW ULLLVWRULFHURPkQHúWLvQXOWLPLLDQL
ÌQ XOWLPD YUHPH VH REVHUY R WUDQ]L LH OHQW VSHFLILF
LVWRULRJUDILHL URPkQHúWL PDUFDW vQF GH GHFDODMXO ID GH WUDGL LLOH
RFFLGHQWDOH vQWUH LVWRULD PHQWDOLW LORU úL GLVFLSOLQHOH vQUXGLWH F WUH
QRXD LVWRULH FXOWXUDO ùL GLQ DFHVW SXQFW GH YHGHUH $OH[DQGUX 'X X
DYXVHVHRLQWHUHVDQW LQWXL LHSODVkQGvQF GLQLVWRULDFXOWXUDO
vQWURUHOD LHVWUkQV FXLVWRULDPHQWDOLW LORUúLFXDQWURSRORJLD

1HOX=XJUDYX*HQH]DFUHúWLQLVPXOXLSRSXODUODURPkQL%XFXUHúWL

8QXO GLQWUH FHOH PDL LQWHUHVDQWH H[HPSOH U PkQH OXFUDUHD OXL $OH
[DQGUX 2IULP &KHLD úL SVDOWLUHD ,PDJLQDUXO F U LL vQ FXOWXUD URPkQ
3LWHúWL

7RDGHU 1LFRDU 2UL]RQWXULOH VSD LDOH vQ FLYLOL]D LD UXUDO URPk
QHDVF vQ7UDQVLOYDQLDúL%DQDWvQ]RULOHPRGHUQLW LL7ULEXQD
QUS

6WHOLDQ %UH]HDQX 7HPSV VRFLDOWHPSV LQGLYLGXHO GDQV OD YLVLRQ
PpGLpYDOH URXPDLQH vQ Ä1RXYHOOHV pWXGHV G¶KLVWRULRJUDSKLH´ %XFDUHVW
YROS

(OHQD 2ODULX 0HQWDOLW L úL PRUDYXUL OD QLYHOXO HOLWHL GLQ 0XQWHQLD úL
0ROGRYDVHFROXOXLDO;,;OHD%XFXUHúWL(GLWXUD8QLYHUVLW LL%XFXUHúWL

6RULQ 0LWX 'UDJRVWHD vQ PHQWDOLWDWHD U QHDVF GLQ $UGHDO OD
vQFHSXWXOHSRFLLPRGHUQHvQÄ,$´QRS

$QGUHL3LSSLGL9LVLRQGHODPRUWHWGHO¶DXGHOjGDQVOHVDQFLHQQHV
VRXUFHV URXPDLQHV vQ Ä5HYXH 5RXPDLQH G¶+LVWRLUH´ QR
S

$OH[DQGUX 'X X 7KH +LVWRU\ RI 0HQWDOLWLHV EHWZHHQ $QWKURSRORJ\
DQG &XOWXUDO +LVWRU\ H &RQJUpV ,QWHUQDWLRQDO GHV 6FLHQFHV +LVWRULTXHV
0DGULGYROS

&KLDU GDF vQF GH OD VIkUúLWXO DQLORU ¶ VH SRW vQWkOQL OXFU UL
VFULVHvQPDQLHUDQRLLLVWRULLFXOWXUDOHWHUPHQXOFDDWDUHQXvQFHSHV
ILHXWLOL]DWGHRPDQLHU VLVWHPDWLF GHFkWGXS 'HDFHDVW GDW
GHFDODMXOQXHVWHFKLDUDWkWGHPDUHvQWUHUHDOLW LOHURPkQHúWLúLFHHD
FH VH vQWkPSO vQ )UDQ D XQGH VLQWDJPD ÄLVWRULH FXOWXUDO ´ HVWH
YHKLFXODW PDLDOHVGXS DQXODSDUL LHLOXFU ULLPDQLIHVWHGLWDW
GH5LRX[úL6LULQHOOL
/XFU ULOHWHRUHWLFHvQFDUHVHH[SOLF QRXDSDUDGLJP DXvQFHSXW
V VHvQPXO HDVF vQXOWLPLLDQLÌQUHYLVWDÄ;HQRSROLDQD´GHOD
,DúL SXEOLFD XQ QXP U VSHFLDO LQWLWXODW Ä,VWRULD FXOWXUDO D]L´ vQ FDUH
HUD SUH]HQWDW SXEOLFXOXL URPkQ QRXD LVWRULH FXOWXUDO IUDQFH]
DVRFLDW FXILJXUDWXWHODU DOXL5RJHU&KDUWLHUÌQWRWOD,DúL
vQWUXQ YROXP FROHFWLY QRXD LVWRULH FXOWXUDO HUD VLWXDW vQ UDSRUW FX
vQDLQWDúD HL LVWRULD VRFLDO IUDQFH] ÌQ DFHODúL WLPS OD &OXM HUD
SXEOLFDW XQXO GLQWUH FHOH PDL FRQVLVWHQWH DUWLFROH DS UXWH SkQ DFXP
GHVSUH LVWRULD FXOWXUDO FDUH HUD SODVDW vQ FRQWH[WXO LVWRULHL
PHQWDOLW LORU úL DO UHSUH]HQW ULORU /D 8QLYHUVLWDWHD GLQ %XFXUHúWL
QRXD SDUDGLJP HVWH SRSXODUL]DW GLQ vQWUXQ FXUV LQWLWXODW
Ä,QWURGXFHUHvQPHWRGRORJLDLVWRULHLFXOWXUDOH´VXV LQXWGHVHPQDWDUD
SUH]HQWHORUUkQGXUL
ÌQDIDUDDFHVWRUGHPHUVXULFXFDUDFWHUWHRUHWLFIRDUWHLPSRUWDQWH
SHQWUXDVHQVLELOL]DSXEOLFXOúLLVWRULFLLFXQRLOHPHWRGHúLRELHFWHúL
vQDIDUDXQRUDUWLFROHVDXYROXPHFROHFWLYHFDUHVHUHYHQGLF SULQWLWOX
GH OD LVWRULD FXOWXUDO SXEOLFDUHD XQRU F U L vQ FDUH VH DSOLF QRXD
SDUDGLJP vQFHSXVH PDL GHPXOW 2YLGLX 3HFLFDQ VD LOXVWUDW SULQ
VWXGLLOHVDOHFDUHSXQvQOHJ WXU FXOWXUDVDYDQW DVSD LXOXLURPkQHVF

-3 5LRX[ )U 6LULQHOOL pG 3RXU XQH KLVWRLUH FXOWXUHOOH 3DULV
6HXLO

$OH[DQGUX)ORULQ 3ODWRQ 5RJHU &KDUWLHU úL QRXD LVWRULH FXOWXUDO
IUDQFH] vQÄ;HQRSROLDQD´;S

$OH[DQGUX 0DPLQD /¶KLVWRLUH FXOWXUHOOH HW O¶KLVWRLUH VRFLDOH vQ
Ä1RXYHOOHV SHUVSHFWLYHV GH O¶KLVWRLUH VRFLDOH HQ )UDQFH HW HQ 5RXPDQLH´
pWXGHVUpXQLHVSDU$OH[DQGUX)ORULQ3ODWRQ&ULVWLDQD2JKLQ 3DYHO-DFTXHV
*X\3HWLW,DVLS

&OXM3UHVD8QLYHUVLWDU &OXMHDQ S

HSRSHLOH PHGLHYDOH DOH DFHOHLDúL HSRFL úL SDWULLOH LPDJLQDUH DOH
URPkQLORU vQ GHPHUVXUL LQIOXHQ DWH GH WUDGL LL LVWRULRJUDILFH IUDQFH]H
GDUúLDQJORVD[RQH$XWRUXODFHVWRUUkQGXULDvQFHUFDWGHDVHPHQHD
V DSOLFHPHWRGRORJLDLVWRULHLFXOWXUDOHUDSRUWXULORUSHFDUHLVWRULFLLGH
OD vQFHSXWXO (YXOXL 0HGLX OH vQWUH LQ FX SROLWLFD úL FX SURFHVXO GH
HODERUDUHLGHQWLWDU
(VWH vPEXFXU WRU IDSWXO F DX vQFHSXW V ILH SXEOLFDWH F U L
LPSRUWDQWH FDUH LOXVWUHD] VXELHFWHOH VDX PHWRGHOH QRLL LVWRULL
FXOWXUDOH,VWRULDLQWHOHFWXDO FDUHVHDSURSLHGLQQRXGHFHDFXOWXUDO
vQXOWLPDYUHPHHVWHHDvQV úLvQSOLQ UHvQQRLUHFXPRGHPRQVWUHD]
vQVSHFLDOFHUFHW ULOHOXL)ORULQ XUFDQX
6DUSXWHDGDvQFRQWLQXDUHQXPHúLWLWOXULGDUHVHQ LDOXOHUDGHD
VXEOLQLDF SHLVDMXOLVWRULRJUDILFURPkQHVFHVWHvQSOLQ VFKLPEDUHF
GLQDPLFD VD HVWH GHVWXO GH PDUH SHQWUX D VSHUD F LVWRULFLL QRúWUL DX
J VLW vQ VIkUúLW GUXPXO FHO EXQ ÌQF R GDW GLDORJXO FX FHOHODOWH
WUDGL LL LVWRULRJUDILFH YRLQ D GH VLQFURQL]DUH VXQW HOHPHQWHOH FDUH
SHUPLW PRGHUQL]DUHD LVWRULRJUDILH URPkQHúWL úL DVW ]L FXP DX PDL
I FXWRvQFHSkQGFXVHFROXODO;,;OHDúLvQSULPDMXP WDWHDVHFROXOXL
;;vQDLQWHGHLQVWDXUDUHDFH]XULLFRPXQLVWH

(FDWHULQD /XQJ ,VWRULFLL úL SROLWLFD OD vQFHSXWXULOH (YXOXL 0HGLX
HXURSHDQ%XFXUHúWL(GLWXUD8QLYHUVLW LL%XFXUHúWL

&RULQ%UDJD/H3DUDGLVLQWHUGLWDX0R\HQÆJH/DTXrWHPDQTXpH
GHO¶(GHQ2ULHQWDO3DULV/¶+DUPDWWDQ/DTXrWHPDQTXpHGHO¶$YDORQ
RFFLGHQWDOH/H3DUDGLVLQWHUGLWDX0R\HQÆJH,,3DULV/¶+DUPDWWDQ

)ORULQ XUFDQX0LUFHD(OLDGHOHSULVRQQLHUGHO¶KLVWRLUH3DULV/D
'pFRXYHUWH

3$57($$,,$
&$'5(/((;,67(1 (,0(',(9$/(
ù,5(35(=(17 5,/($&(6725$

&$'5(/(9,( ,,

6XE DFHVW WLWOX JUXS P FkWHYD VXEFDSLWROH FDUH vQFHDUF V
VFKL H]HSDU LDOOXPHDUHDO SXV vQSDUDOHOFXUHSUH]HQW ULOHFROHFWLYH
FDUHSRWILUHFRQVWLWXLWHSHED]DGRFXPHQWHORUPHGLHYDOH
&XP RDPHQLL (YXOXL 0HGLX WU LDX vQWUR VRFLHWDWH SURIXQG
PDUFDW GHUHOLJLR]LWDWHQLVDS UXWQRUPDOV vQFHSHPFXSUH]HQWDUHD
FUHúWLQLVPXOXLY ]XWvQV QXFDUHOLJLDRILFLDO GHILQLW GHELVHULF úLGH
SXWHULOHVWDWXOXLFLVXEDVSHFWHOHVDOHSRSXODUHWU LWHúLLQWHULRUL]DWH
'H DVHPHQHD VSD LXO UHSUH]LQW XQ FRQFHSW FHQWUDO vQ RULFH
GHPHUV GHGLFDW PHQWDOLW LORU VDX LPDJLQDUXOXL GH DFHHD vQ FHOH FH
XUPHD] DIRVWWUDWDWLQH[WHQVRVXEOLQLLQGHOHPHQWHGHFRQWLQXLWDWHFX
SHULRDGD DQWLF úL GH DVHPHQHD vQFHUFkQG R SDUDOHO vQWUH UHSUH
]HQW ULOH VSD LDOH vQWkOQLWH vQ 2FFLGHQW úL FHOH GLQ OXPHD EL]DQWLQ
6SD LXOIHXGDODIRVWvQV DQDOL]DWvQVSHFLDOSHED]DXQHLGRFXPHQWD LL
RULJLQDUHGLQSDUWHDRFFLGHQWDO DFRQWLQHQWXOXLQRVWUX
7LPSXO HVWH FHDODOW FRRUGRQDW FDUH G GHD VHPQLILFD LH YLH LL
RDPHQLORU GLQ (YXO 0HGLX (O VH OHDJ úL GH UHSUH]HQW ULOH OXPLL GH
GLQFRORúLGHDWLWXGLQHDJHQHUDO GHVSUHYLD DRDPHQLORUGHDFHHD
VFKL DUHD XQRUD GLQWUH WU V WXULOH VDOH GHILQLWRULL SRDWH FRQVWLWXL XQ
HOHPHQW LPSRUWDQW DO vQ HOHJHULL PRGXOXL GH D JkQGL úL GH D VLP L DO
FHORUFDUHWU LDXvQSHULRDGDPHGLHYDO

%LVHULFDRILFLDO úLFUHúWLQLVPXOSRSXODUvQ(YXO0HGLX

(YXO 0HGLX D PDUFDW LQVWLWXLUHD FUHúWLQLVPXOXL ÄQRX UHJLP GH
DGHY U úL GH UHOD LL FX VXSUDQDWXUDOXO´ FD XQLF UHOLJLH SRVLELO vQ

$ODLQ%RXUHDX&UHGLQ DvQ-DFTXHV/H*RII-HDQ&ODXGH6FKPLWWFRRUG
'LF LRQDUWHPDWLFDO(YXOXL0HGLXRFFLGHQWDO,DúL(GLWXUD3ROLURPS

(XURSDGDUDUHSUH]HQWDWGHDVHPHQHDRSHULRDG vQFDUHPRGDOLWDWHD
ELVHULFLL GH D LPDJLQD FUHGLQ D VD DIODW vQ FRQIOLFW FX VLVWHPHOH
SRSXODUHGHUHSUH]HQWDUH2UHOLJLHDF U LLDSDQDMDOFHORUFDUHúWLDX
V VFULHúLV FLWHDVF ±DGLF DFOHULFLORUvQSULPDSDUWHDSHULRDGHL±
VD DIODW vQWUR FRQIUXQWDUH SHUPDQHQW FX UHOLJLLOH WUDGL LRQDOH FDUH
YHQHUDX IRU HOH QDWXULL 2SR]L LD GLQWUH OLWWHUDWL úWLXWRUL GH FDUWH vQ
ODWLQ úLLOOLWHUDWLSRVHVRULLXQHLFXOWXULRUDOHvQOLPELOHYHUQDFXODUH
HVWH WUDQVSXV GH R PDQLHU HYLGHQW vQ SODQ UHOLJLRV 'LQFROR GH
FUHúWLQLVPXORILFLDOVDXVXESRMJKL DVXE LUHUHSUH]HQWDW GHDFHVWDVH
DIODXRVDFUDOLWDWHGLIX] úLRPXOWLWXGLQHGHULWXDOXULPDJLFH
ÌQ (YXO 0HGLX WLPSXULX %LVHULFD RILFLDO úL S JkQLVPXO VDX
FRQIUXQWDW vQWUR OXSW FX VRU L VFKLPE WRUL 9LH LOH VILQ LORU
PHURYLQJLHQLGDXP UWXULHGHVSUHDFHVWDQWDJRQLVPFDUHVHPDQLIHVW
SULQGLVWUXJHULGHWHPSOHúLGHLGROLXFLGHULGHGUDJRQLHWF
6IkQWXO0DUWLQvQWHPHLHWRUXOPRQDKLVPXOXLvQ*DOLDVDUHPDU
FDWúLSULQDFWLYLWDWHDVDGHH[RUFLVWDVRFLDW FXGLVWUXJHUHDWHPSOHORU
úLVDQFWXDUHORUS JkQHSHFDUHRUHDOL]DVXV LQXWGHFHWHGHF OXJ UL
VROGD L±FHHDFHLOXVWUHD] SRVLELODRSR]L LHYLROHQW SHFDUHRSXWHDX
VXVFLWDDF LXQLOHVDOHvQUkQGXULOHSRSXOD LHLùLvQFD]XOH[RUFLVPHORU
úL vQ FHO DO GLVWUXJHULL WHPSOHORU 0DUWLQ GXFHD R OXSW FX GHPRQXO
FDUH VH VWUHFXUD vQ WUXSXUL VDX FDUH HUD RQRUDW SULQ MHUWIHOH DGXVH
YHFKLORU ]HLW L 'H DOWIHO FUHúWLQLVPXO vQFHSXVH OXSWD vPSRWULYD
GLYLQLW LORU WUDGL LRQDOH SULQ D OH QHJD RULFH FDUDFWHU GLYLQ F FL QX
SXWHDH[LVWDGHFkWXQVLQJXU'XPQH]HXúLSULQDDILUPDF HVWHGHIDSW
YRUEDGHPDQLIHVW ULDOHGLDYROXOXL
8QDOWPRWLYUHFXUHQWvQWkOQLWDWkWvQ2ULHQW6IkQWXO*KHRUJKH
FkWúLvQ2FFLGHQWHVWHFHODOVIkQWXOXLVDXURFWRQ±FDUHXFLGHEDODXUXO
Y ]XWWRWFDRvQWUXSDUHDGLDYROXOXLÌQVSD LXOPHURYLQJLDQvQVHFROXO
DO 9OHD 6IkQWXO 0DUFHO PRUW vQ GHYHQLW HSLVFRS GH 3DULV vQ
SRILGD RULJLQLL VDOH PRGHVWH vQWUR VRFLHWDWH vQ FDUH UHJXOD HUD
UHFUXWDUHD DULVWRFUDWLF vúL FRQILUP KDUXO SULQ SHUIRUPDUHD D

-DFTXHV 3DXO +LVWRLUH LQWHOOHFWXHOOH GH O¶2FFLGHQW PpGLpYDO 3DULV
$UPDQG&ROLQS

3LHUUH 5LFKp -DFTXHV 9HUJHU 'HV QDLQV VXU GHV pSDXOHV GH JpDQWV
0DvWUHVHWpOqYHVDX0R\HQÆJH3DULV7DOODQGLHUS

6XOSLFH6pYqUH9LHGH6DLQW0DUWLQ3DULV(GLWLRQVGX&HUIS

3HWHU%URZQ/¶HVVRUGXFKULVWLDQLVPHPpGLpYDO3DULV6HXLOS

QXPHURDVHPLUDFROH&HOPDLLPSRUWDQWGLQWUHHOHHVWHDOXQJDUHDXQXL
EDODXUFDUHDS UXVHvQvPSUHMXULPLOHRUDúXOXLV XSHFDUHSULQSXWHUHD
OXLVXSUDQDWXUDO vOIDFHV GLVSDU 8QDOWEDODXUFHOHEUXFDUHIXVHVH
vQYLQV GH XQ VIkQW HVWH FHO DO SDSHL 6LOYHVWUX , VHFROXO ,9 'DF
SHQWUXFOHULFLLPHGLHYDOLEDODXUXOHVWHXQVLPERODOU XOXLRLSRVWD]
VXE FDUH HVWH UHSUH]HQWDW GLDYROXO vQ WUDGL LLOH DQWHULRDUH OXFUXULOH
HUDXGLIHULWHÌQDULDFXOWXUDO DVLDWLFRHJLSWHDQ FRQRWD LLOHEDODXUXOXL
HUDX vQ SULPXO UkQG SR]LWLYH DFHVWD ILLQG DVRFLDW FX DSD úL vQ
FRQVHFLQ FX DEXQGHQ D IHUWLOLWDWHD ÌQ OXPHD FKLQH] EDODXUXO
GUDJRQXO HVWH DVRFLDW VLPEROLVPXOXL VRODU úL HVWH UHSUH]HQWDW FX
DULSL )RQGXO DXWRKWRQ HXURSHDQ S UHD V YDG vQ EDODXUL ILLQ H
DPELYDOHQWH FX FRQRWD LL FKWRQLHQH &KLDU GDF H[LVW PLWXUL DQWLFH
SULYLQGXFLGHUHDEDODXULORU$SRORúL3\WKRQ3HUVHXúLEDODXUXOF UHLD
vLIXVHVHMHUWILW $QGURPHGD6LHJIULGúLEDODXUXOS VWU WRUDOFRPRULL
VHSRDWHUHJ VLúLLGHHDF DFHúWLDVXQWVLPEROXULDOHIRU HORUQDWXUDOH
FDUH WUHEXLH vPEOkQ]LWH ÌQ DFHVW FRQWH[W FRQIUXQWDUHD GLQWUH 6IkQWXO
0DUFHOúLEDODXUWHUPLQDW QXFXPRDUWHDPRQVWUXOXLFLFXDOXQJDUHD
OXL SRDWH VHPQLILFD VXE KDLQD FOHULFDO UHDSDUL LD XQRU LGHL S JkQH
UHIHULWRDUHODQHYRLDvPEOkQ]LULLIRU HORUQDWXUDOHQXDGLVWUXJHULLORU
%LVHULFD RFFLGHQWDO D UHDOL]DW vQFHSkQG GLQ (YXO 0HGLX
WLPSXULX FRQYHUWLUHD OD FUHúWLQLVP D ]RQHORU FDUH vQF QX IXVHVHU
HYDQJKHOL]DWHvQSDUDOHOFXRDGkQFLUHDFUHúWLQ ULLDFRORXQGHHDHUD
VXSHUILFLDO 3HQWUXHYDQJKHOL]DUHD]RQHORUS JkQHDXIRVWIRORVLWHPDL
PXOWHWLSXULGHDF LXQLFDUHSRWILFDWDORJDWHVFKHPDWLFvQFRQYHUWLUH
SULQ SUHGLF úL SHUVXDVLXQH SULQ JHVW VHPQLILFDWLY SULQ IRU
6LQJXUHOHFXDGHY UDWHILFLHQWHVXQWSULPHOHGRX FRQYHUWLUHDFXIRU D
ILLQGXUPDW DSURDSHvQWRWGHDXQDGHUHYHQLUHDODSUDFWLFLOHDQWHULRDUH
vQ PRPHQWXO vQ FDUH SUHVLXQHD FDUH D LPSXV ERWH]XO Y ]XW FD DFWXO
IL]LFHVHQ LDODGLVS UXW&D]XOFODVLFGHFRQYHUWLUHIRU DW HVWHFHDD
VD[RQLORU SH FDUH &DURO FHO 0DUH vL REOLJD V VH ERWH]H VXE
DPHQLQ DUHDFXPRDUWHD&DSLWXODULLOHFDUHVHVXFFHGúLFDUHFXSULQGR

-DFTXHV /H *RII 3HQWUX XQ DOW HY PHGLX %XFXUHúWL (GLWXUD
0HULGLDQHYRO,,S

-pU{PH%DVFKHW'LDYROXOvQ-DFTXHV/H*RII-HDQ&ODXGH6FKPLWW
FRRUGRSFLWS

-DFTXHV/H*RIIRSFLWYRO,,S

OHJLVOD LHIRDUWHVkQJHURDV SHQWUXUHSULPDUHDSUDFWLFLORUS JkQHúLDOH
GHYLHULORU GH OD FUHúWLQLVP GHPRQVWUHD] VXFFHVXO OLPLWDW SH FDUH OD
DYXW DF LXQHD OXL &DURO úL OHQWRDUHD FX FDUH VD UHDOL]DW vQ FHOH GLQ
XUP FUHúWLQDUHDvQDFHVWHUHJLXQL
3HGHDOW SDUWHELVHULFDRILFLDO DDYXWGHOXSWDWFXPDPDU WDW
FXFHHDFHFRQVLGHUDDILVXSHUVWL LLúLVXSUDYLH XLULS JkQH([LVWHQ D
DFHVWRUDVHGDWRUDIHOXOXLvQFDUHFUHúWLQLVPXOGHYHQLWUHOLJLHOLFLW úL
DSRL VLQJXUD UHOLJLH SRVLELO vQ ,PSHULXO 5RPDQ VH U VSkQGLVH
vQFHSkQG GLQ VHFROXO ,9 ,QL LDO UHOLJLH DGRSWDW vQ RUDúH FDUH UHSUH
]HQWDXFHQWUXOGHJUHXWDWHDOYLH LLURPDQHGHYHQLWDSDQDMXOXQHLHOLWH
VRFLDOHGDUúLFXOWXUDOHFUHúWLQLVPXOVHPRGLILF SURIXQGvQPRPHQWXO
vQ FDUH GHYLQH R UHOLJLH GH PDVH 3XULWDWHD VD LQL LDO úL vQDOWHOH VDOH
LGHDOXUL PRUDOH GH SH YUHPHD FkQG HUD vPS UW úLW GH SX LQL DOHúL DX
DYXW GH VXIHULW vQ PRPHQWXO vQ FDUH PDVHOH UXUDOH DQDOIDEHWH QX DX
DYXW DOW RS LXQH GHFkW DGRSWDUHD UHOLJLHL vPS UDWXOXL 'H DOWIHO SDUH
GHVWXOGHFODUF ODvQFHSXWXO(YXOXL0HGLXFUHúWLQLVPXOGHPDV HUDR
UHOLJLH PDL GHJUDE D OXL ©D IDFHª GHFkW D OXL ©D FUHGHª 'H WHDPD
UHSUHVLXQLLGDUúLGLQFUHGLQ DvQYDORDUHDORUPDJLF FUHúWLQLLI FHDX
R VHULH GH JHVWXUL YL]LELOH SUHFXP SDUWLFLSDUHD OD VOXME UHVSHFWDUHD
GXPLQLFLLSRVWXOVHPQXOFUXFLL(VWHJUHXGHHYDOXDWFkWvQ HOHJHDX
FUHúWLQLL(YXOXL0HGLXWLPSXULXGLQWURUHOLJLHGLQFDUHQXOLVHH[SOLFD
GHFkW VHPQLILFD LD UXJ FLXQLORU SULQFLSDOH úL GHVSUH FDUH FXQRúWHDX
FHHDFHDIODXGLQQDUD LXQLOHSULYLQGLVWRULDOXL,LVXV
ÌQDFHVWFRQWH[WHVWHILUHDVF QHSXWLQ DELVHULFLLGHDHOLPLQDvQWUXQ
WLPS VFXUW R VHULH GH FRPSRQHQWH DOH YHFKLL UHOLJLL SRSXODUH S JkQH
ULWXULOH GH IHUWLOLWDWH GH IHFXQGLWDWH úL GH SURWHF LH vPSRWULYD QHQRUR
FLULORUELRORJLFHúLFOLPDWLFHSUDFWLFLOHIXQHUDUHFDOHQGDUXOSRSXODUúL
SUHYHGHUHDYLLWRUXOXL
$FHDVW vQIUXQWDUHSRDWHILFRQVLGHUDW RDFXOWXUD LHFUHúWLQ vQ
XUPD F UHLD YHFKLOH WUDGL LL UHOLJLRDVH VXQW HUDGLFDWH WUHSWDW 3URFHVXO

-DTXHV 3DXO %LVHULFD úL FXOWXUD vQ 2FFLGHQW VHFROHOH ,;;,,
6DQFWLILFDUHD RUGLQLL WHPSRUDOH úL VSLULWXDOH YRO , %XFXUHúWL (GLWXUD
0HULGLDQHS

-HDQ &KpOLQL +LVWRLUH UHOLJLHXVH GH O¶2FFLGHQW PpGLpYDO 3DULV
+DFKHWWHS

+HUYp 0DUWLQ 0HQWDOLWpV PpGLpYDOHV ;,H;9H VLqFOH 3DULV 38)
S

VD GHVI úXUDW FX LPSOLFDUHD LHUDUKLHL UHOLJLRDVH D ,QFKL]L LHL
UHRUJDQL]DW vQVHFROXODO;,,,OHDDOLQVWLWX LLORUVWDWXOXLúLvQFHOH
GLQ XUP vQ SHULRDGD PRGHUQ DO úFROLL $F LXQHD PDL SX LQ
VLVWHPDWLF DDFHVWRUIDFWRULVDXFKLDUDEVHQ DXQRUDGLQWUHHLDFRQGXV
OD PHQ LQHUHD XQRUD GLQ DFHVWH SUDFWLFL SkQ vQ ]LXD GH DVW ]L vQ
U V ULWXO (XURSHL &KLDU úL vQ 2FFLGHQW DVW ]L VH SRDWH FRQVWDWD
UHFXUHQ D XQRU SUDFWLFL VDX LGHL GHVSUH FDUH VH FUHGHD F DX IRVW
H[WLUSDWH±FDGHH[HPSOXFUHGLQ DvQYU MLWRULHVWXGLDW vQDQLL¶
¶vQ)UDQ DFRQWHPSRUDQ GH-HDQQH)DYUHW6DDGD
7RWXúLvQFHOHGLQXUP vQ2FFLGHQWOXSWDGLQWUHGRX VLVWHPH
UHOLJLRDVHFHOFUHúWLQúLFHOWUDGL LRQDODIRVWFkúWLJDW GHFUHúWLQLVP
FXSUH XOXQRUWUDQVIRUP ULGHVWXOGHLPSRUWDQWH
6H SDUH F VSUH DQXO vQ 2FFLGHQWXO (XURSHL VLVWHPXO
GRPLQDQW HUD vQF UHOLJLD DJUDU WUDGL LRQDO 2 VXUV H[WUHP GH
LPSRUWDQW SHQWUX UHFRQVWLWXLUHD SUDFWLFLORU SUHFUHúWLQH HVWH OXFUDUHD
OXL %XUFKDUG GLQ :RUPV &RUHFWRU VDX %XQXO GRFWRU UHGDFWDW VSUH
$XWRUXOLQYHQWDULD] FHHDFHHOFRQVLGHU DILGHYLHUHFXPDUIL
JKLFLUHDYLLWRUXOXLGHF WUHFHLvQVWDUHV PDQLSXOH]HIRU HPLVWHULRDVH
ULWXUL GH SURWHF LH FXOWXO DVWUHORU FUHGLQ D vQ YkUFRODFL HWF 5LWXULOH
GH FDUQDYDO úL DOWH ULWXUL DJUDUH DOF WXLDX XQ DQVDPEOX FRHUHQW GH
SUDFWLFLSULQFDUHWUHEXLDXvQILHFDUHDQV VHUHJHQHUH]HIRU HOHYLWDOH
DOHQDWXULLúLDOHRDPHQLORU$VWUHORUFRQWLQXDV OLVHvQFKLQHXQFXOW
vQ VHFROXO ,; OD SRDUWD P Q VWLULL )XOGD VH YHQHD vQ DMXWRUXO OXQLL vQ
PRPHQWXO HFOLSVHL 3ORDLD HUD FRQMXUDW SULQ JHVWXUL VLPEROLFH
2DPHQLL VH WHPHDX GH YkUFRODFL SH FDUH vL LQWHUSUHWDX FX DMXWRUXO
XQRUHOHPHQWHFUHúWLQHFDILLQGVXIOHWHOHFRSLLORUPRU LQHERWH]D L3H
GH DOW SDUWH YkUFRODFLL SXWHDX IL úL UH]XOWDWXO XQRU PHWDPRUIR]H FX
RFD]LDF UHLDRSDUWHDVXIOHWXOXLS U VHDFRUSXOúLOXDIRUP DQLPDO
)HPHLOH VXQW FRQVLGHUDWH GH LQ WRDUHOH VHFUHWHORU ULWXDOXULORU GH
WUHFHUH GDWRULW UHOD LHL ORU SULYLOHJLDWH FX GRPHQLXO IHUWLOLW LL VLWXDW
vQV vQ VWUkQV FRQH[LXQH FX FHO DO PRU LL &X RFD]LD QDúWHULL HOH

-pU{PH %DVFKHW /D FLYLOLVDWLRQ IpRGDOH 'H O¶DQ PLO j OD
FRORQLVDWLRQGHO¶$PpULTXH3DULV$XELHUS

+HUYp0DUWLQRSFLWS

&ODXGH/HFRXWHDX[)pHV6RUFLqUHVHW/RXSV*DURXVDX0R\HQÆJH
+LVWRLUHGXGRXEOH3DULV,PDJRS

SUHJ WHDX PDVD XUVLWRDUHORU LDU SHQWUX IXQHUDOLL SUHJ WHDX FHUHPRQLL
FRPSOH[H GHVWLQDWH V L vPSLHGLFH SH PRU L V VH vQWRDUF úL V L
FKLQXLHSHFHLYLL)HPHLOHFXQRúWHDXYLUWX LOHSODQWHORUGLQFDUHúWLDX
V SUHJ WHDVF OHDFXUL GDU úL IDUPHFH 3HUVHFX LLOH YU MLWRDUHORU
DFX]DWH GH SUHSDUDUHD GLIHULWHORU SR LXQL PDJLFH WUDGXF úL UHVHQWL
PHQWXO PHGLFLQHL VDYDQWH úL PDVFXOLQH vQ ID D ULYDOLW LL PHGLFLQHL
SRSXODUH úL IHPLQLQH 6H FUHGHD F YU MLWRDUHOH DYHDX SXWHUHD V
F O UHDVF SULQ Y ]GXK QRDSWHD XUPkQG GLYLQLW L IHPLQLQH QXPLWH
+ROGD ELQHYRLWRDUHOH VDX 'LDQD GH IDSW VH SDUH F DFHVW QXPH GH
VRUJLQWH FODVLF D IRVW VXJHUDW FHORU LQWHURJD L GH ,QFKL]L LH GH F WUH
FOHULFLL FXQRVF WRUL DL PLWRORJLHL FHL vQ FDX] G GHDX FX WRWXO DOWH
QXPHDFHVWRU]HLW LvQWUHFDUHúLSHFHOGH,URGLDGD9U MLWRDUHOHGDU
úL YU MLWRULL SDUWLFLSDX OD E W OLL PDJLFH SHQWUX DúL SURWHMD VDWHOH GH
DPHQLQ ULOHH[WHULRDUHYHQLWHGLQSDUWHDDOWRUYU MLWRUL&D]XOFHOPDL
SRSXODUL]DWHVWHFHODOYU MLWRULORUGLQ)ULXOLGLQWUHFDUHVH
QXPHDX SH HL vQúLúL EHQDQGDQWL GUHSW PHUJ WRULL FDUH vQWUXFkW VH
Q VFXVHU FX F L WUHEXLDX GH SDWUX RUL SH DQ V úL S U VHDVF
WUXSXULOH úL VXE IRUP GH VSLULWH V VH OXSWH FX YU MLWRUL U L /D
PLMORFXO VHFROXOXL ;; R FUHGLQ DVHP Q WRDUH HUD vQWkOQLW OD
URPkQLLGLQ0XQ LL$SXVHQLXQGHVHFUHGHDF VWULJRDLFHOHVHOXSWDX
XQHOHFXDOWHOHSHKRWDUSHQWUXPDQDFkPSXULORU
$OWH F O WRULL QRFWXUQH HUDX FHOH DOH FRUWHJLXOXL +HOOHTXLQ FDUH R
DFRPSDQLD SH +HOOH ]HLWDWH IXQHUDU JHUPDQLF 3ULQVH vQWUR IDQWDVWLF
YkQ WRDUHV OEDWLF VSLULWHOHPRU LORUWUDYHUVDXFHUXOQRS LLvQWRY U úLWHGH
FkLQLVDXGHOXSL3ULPDDWHVWDUHVFULV DPRWLYXOXLDSDUHvQ&DUWHDD9,,,D
D &URQLFLL OXL 2UGHULF 9LWDO VFULV vQWUH úL
3RYHVWHD VSXQH F XQ WkQ U SUHRW :DOFKHOLQ DU IL Y ]XW vQ QRDSWHD GH

&KLDUD )UXJRQL /D IHPPH LPDJLQpH vQ Ä+LVWRLUH GHV IHPPHV /H
0R\HQÆJH´GLU&KULVWLDQH.ODSLVFK=XEHU3DULV3ORQS

-HDQ&ODXGH 6FKPLWW 9U MLWRULD vQ Ä'LF LRQDU WHPDWLF DO (YXOXL
0HGLXRFFLGHQWDO´S

&DUOR *LQ]EXUJ ,VWRULH QRFWXUQ 2 LQWHUSUHWDUH D 6DEDWXOXL ,DúL
(GLWXUD3ROLURP

*KHRUJKH3DYHOHVFX0DJLDODURPkQL%XFXUHúWL(GLWXUD0LQHUYD
S

-HDQ&ODXGH 6FKPLWW 6WULJRLL9LL úL PRU LL vQ VRFLHWDWHD PHGLHYDO

LDQXDULH XQ FRUWHJLX DOF WXLW GLQ SHUVRQDMH vQVS LPkQW WRDUH vQ
UkQGXOF URUDDUHFXQRVFXWPDLPXOWHILJXULFDUHLHUDXFXQRVFXWHLQFOXVLY
SHFHDDSURSULXOXLV XIUDWH(UDYRUEDPDLDOHVGHPHPEULDLDULVWRFUD LHL
FDYDOHUL GRDPQH úL FOHULFL WRUWXUD L vQ GLYHUVH IHOXUL SHQWUX YLROHQ D VDX
GHVIUkXOGLQWLPSXOYLH LL6HSDUHF PRWLYXOYkQ WRULLV OEDWLFHHVWHIRDUWH
YHFKL GH RULJLQH JHUPDQLF úL HUD OD vQFHSXW DVRFLDW FX IXQF LD PLOLWDU
QXPHOH FRQGXF WRUXOXL PLWLF S UkQG V IDF WULPLWHUH OD +HHU WKLQJ
DGXQDUHDRDPHQLORUOLEHULFDSDELOLV SRDUWHDUPHOH
0LUDFXORVXOUHJDOGLQVHFROXOXLDO;,OHDHVWHúLHOPRúWHQLWRUXO
YHFKLORU FXOWH DJUDUH GXS FXP DUDW YLQGHFDUHD VFURIXOHORU GH F WUH
UHJLL WDXPDWXUJL 3HQWUX DFHVWH SUDFWLFL VH SRDWH RIHUL úL H[SOLFD LD
QHYRLLSHFDUHRDYHDXPRQDUKLLGHDFRPSHQVDVLPEROLFVO ELFLXQHD
SXWHULLORUúLPDQLSXO ULOHGLQSDUWHDRDPHQLORUELVHULFLL
6HFROXO ;, vQ FDUH DS UHDX FX SXWHUH OD VXSUDID HOHPHQWH DOH
YHFKLXOXLVLVWHPUHOLJLRVHVWHvQV úLFHODODILUP ULLSXWHULLXQHLELVHULFL
WULXPI WRDUHvQSDUDOHOFXvQFDGUDUHDRDPHQLORUvQVWUXFWXULOHVHQLRULDOH
3ULP YDUDOXPLLúLPDQWLDDOE GHELVHULFLGHVSUHFDUHYRUEHúWHOD
5DRXO *ODEHU VLPEROL]HD] VWDELOL]DUHD VRFLHW LL úL D FUHúWLQLVPXOXL
3DFHD OXL 'XPQH]HX úL DUPLVWL LXO OXL 'XPQH]HX DGXFHDX R DQXPLW
VWDELOLWDWHvQWUROXPHPDUFDW GHYLROHQ HOHFHORUSXWHUQLFLúLvQDUPD L
&KLDU OHJHQGHOH GHVSUH FRUWHJLXO GDPQD LORU SUHOXDWH GLQ IRQGXO
IROFORULF úL SXVH vQ FLUFXOD LH GH FOHULFL DX VHUYLW LPSXQHULL S FLL OXL
'XPQH]HXSULQWUHFDYDOHULLWXUEXOHQ L5H HDXDSDURKLDO VHFRQVROLGDVH
VDWHOH IXVHVHU IL[DWH vQ MXUXO ELVHULFLL úL DO FLPLWLUXOXL 0HWDPRUIR]D
FUHúWLQ W LLVHPDQLIHVWDúLSULQU VSkQGLUHDFRQJUHJD LLORUPRQDVWLFHD
PRGHL SHOHULQDMHORU OD ORFXULOH VILQWH ,HUXVDOLP 5RPD 6DQWLDJR GH
&RPSRVWHOOD GRQD LL PDVLYH GH EXQXUL F WUH ELVHULF SRPHQL F WUH
V UDFLSHQLWHQ HH[HPSODUH'HDOWIHOVIkUúLWXOVHFROXOXLDO;,OHDYHGH
FRQFUHWL]DW LGHHD GH FUXFLDG SHOHULQDM DUPDW FDUH YL]D HOLEHUDUHD
ORFXULORUVILQWHúLFDUHGHPRQVWUHD] LQWHULRUL]DUHDPHVDMXOXLFUHúWLQGH
XQQXP UGLQFHvQFHPDLPDUHGHFUHGLQFLRúL&UXFLDGDV UDFLORUHVWHR
GRYDG DSURJUHVHORUFUHúWLQ ULLvQDGkQFLPHGDUúLDOLSVXULORUSHFDUH
DFHDVWDOHDYHD

,ELGHPS

+0DUWLQRSFLWS

*HRUJHV'XE\$UWHWVRFLpWpDX0R\HQÆJH3DULV6HXLOS

2DPHQLLGHGXS DQXOFRQVWLWXLDXXQSRSRUERWH]DWDF UXL
UHOLJLH S VWUHD] XQ QXP U LPSRUWDQW GH HOHPHQWH FRPSR]LWH GDU DO
F UHL FDUDFWHU FUHúWLQ QX SRDWH IL SXV OD vQGRLDO &UHúWLQLVPXO DQXOXL
DUHFDED]HFUHGLQ DvQVXSUDYLH XLUHDVXIOHWXOXLFDUHvQGHDPQ
ODGREkQGLUHDPkQWXLULLFKLDUSHDFHDVW OXPHRYL]LXQHPDQLKHLVW D
FRQIOLFWXOXL GLQWUH ELQH úL U X R FUHGLQ JHQHUDOL]DW vQ PLUDFROH
$FHVWHFRQYLQJHULVXV LQRUHOLJLHDOXL©DIDFHªIRDUWHSX LQLQWHULR
UL]DW SULQFDUHFXOWXOVILQ LORUWUHFHvQDLQWHDSUHFHSWHORUHYDQJKHOLFH
LDU ULWXULOH SURWHFWRDUH SUHFXP H[RUFLVPHOH úL SURFHVLXQLOH WUHF
vQDLQWHDWDLQHORUELVHULFHúWLSURSULX]LVH3HQWUXDFHúWLRDPHQLHUDPDL
LPSRUWDQWV VHFXUH HGHLPSXULWDWHDDGXV GHVH[VDXGHVkQJHVDX
GHEDQLGHFkWV IDF PLORVWHQLL
'LQ VHFROXO DO ;,,OHD ORFXLWRULL (XURSHL RFFLGHQWDOH DX IRVW
FXSULQúL vQWUR vQFDGUDUH UHOLJLRDV PDL VWUkQV 5HIRUPD JUHJRULDQ
vQ DIDU GH GHILQLUHD DXWRQRPLHL VSLULWXDOXOXL vQ UDSRUW FX SXWHUHD
SROLWLF DPDLSUHVXSXVVWDELOLUHDUROXOXLSDURKLLORUERWH]XOFRSLLORU
F V WRULHFUHúWLQ GHILQLUHDWDLQHORUúLDGLVFLSOLQHLOHJDWHGHDFHVWHD
UHJOHPHQWDUHD PRUDYXULORU SULQ DPHQLQ DUHD FX SHGHSVHOH GLQ LDG
UXJ FLXQLSHQWUXPRU L6HPHQ LQHDvQV RVDFUDOLWDWHGLIX] OHJDW
GH IRU HOH LQYL]LELOH FUHúWLQDWH GDU OHJDWH GH FRQWH[WXO SUHFUHúWLQ
&XOWXOVILQ LORUSUH]LQW DVSHFWHFDUHvODSURSLHGHSUDFWLFLS JkQHFXP
DU IL vQFHUF ULOH GH D FDSWD SULQ JHVWXUL úL FXYLQWH SXWHUHD VDFU D
VIkQWXOXL 5LWXDOXUL SUHFXP XPLOLUHD SXEOLF D PRDúWHORU VIkQWXOXL
VXQWGHVWLQDWHV JHQHUH]HUHDF LDDFHVWXLDvQDS UDUHDFRPXQLW LLFDUH
vOYHQHUHD]
2UGDOLLOH HUDX ULWXDOXUL SULQ FDUH VH SURYRFD LQWHUYHQ LD FHUXOXL
'XHOXO MXGLFLDU PXOW YUHPH DFFHSWDWúLDSOLFDWvQvQWUHJ2FFLGHQWXO
VH vQFDGUHD] vQ DFHODúL VLVWHP GH JkQGLUH 6H SUDFWLFD úL JKLFLUHD
YLLWRUXOXLSULQGHVFKLGHUHD%LEOLHLODvQWkPSODUH9L]LXQLOHSURIH LLOH

-pU{PH%DVFKHWRSFLWS

+HUYp0DUWLQRSFLWS

-HDQ&KpOLQL+LVWRLUHUHOLJLHXVHGHO¶2FFLGHQWPpGLpYDO3DULV+DFKHWWH
S

-pU{PH%DVFKHWRSFLWS

3DWULFN-*HDU\/¶+XPLOLDWLRQGHVVDLQWVvQÄ$QQDOHV(6&´
QUS

HUDX IRDUWH U VSkQGLWH FOHULFLL I FHDX R SULPLUH WULXPIDO PLUDFX
ORVXOXLFXFRQGL LDV ILHLQWHUSUHWDWvQFKHLHFUHúWLQ
6HFROXODO;,,,OHDDUUHSUH]HQWDGLILFLODYLFWRULHDFXOWXULLFOHULFDOH
LPSXV SULQ OXSWD FX HUH]LLOH vQ VSHFLDO FHD FDWDU SULQ PLMORFLUHD
F OXJ ULORUFHUúHWRULúLDXQLYHUVLW LORU& OXJ ULLFHUúHWRULUHXúHVFRPDL
EXQ vQFDGUDUH UHOLJLRDV D FUHGLQFLRúLORU GH OD RUDúH PDL vQWkL DSRL D
FHORU GLQ PHGLXO UXUDO 3UHGLFLOH vQ OLPELOH YRUELWH SHUPLW DVDOWXO
vPSRWULYD YHFKLORU SUDFWLFL $UWD FRQIHVLXQLL VH GH]YROW PDQXDOHOH
RIHULQG FRQIHVRULORU JULOH GH LQWHURJDUH úL GH LQWHUSUHWDUH D P UWXULLORU
6SRYHGDQLDSULYDW GHYHQLW REOLJDWRULHFHOSX LQRGDW SHDQGLQ
/DWHUDQ,9vLGHWHUPLQ SHFUHGLQFLRúLV úLIDF XQPDLDWHQWH[DPHQGH
FRQúWLLQ &RQWUROXO FUHúWLQLORU HUD DVLJXUDW SULQ SRSXODUL]DUHD WDLQHL
SRF LQ HL SHQLWHQ D úL SULQ U VSkQGLUHD LGHLORU GHVSUH QRXD JHRJUDILH D
OXPLLGHGLQFRORGHILQLW GLQVHFROXO;,,±3XUJDWRULXO
&XFHULULOH UHOLJLHL RILFLDOH QX HOLPLQ UH]LVWHQ HOH FDUH SRW OXD
IRUPDGHWXUQ ULLSUDFWLFLORUOHJLWLPH2VWLDVDXPLUXOSXWHDXILIRORVLWH
SHQWUXIDUPHFHvQFLPLWLUHVHSUDFWLFDXMRFXULFXP úWLSHQWUXDDWUDJH
EXQ YRLQ DVWU PRúLORUVHFUHGHDF DvQWkOQLXQOXSHVWHXQVHPQEXQ
GDU D vQWkOQL XQ SUHRW DGXFH JKLQLRQ 9HFKLOH FUHGLQ H OHJDWH GH
IHUWLOLWDWHúLIHFXQGLWDWHU PkQHDXDFWLYHvQSRILGDSUHGLFLORU5HOLJLD
U QHDVF IXQF LRQD FD XQ WRW VWUXFWXUDW úL DFWLY GXS FXP
GHPRQVWUHD] FXOWXO6IkQWXOXL*XLQHIRUWDWHVWDWSHODvQFHQWUXO
)UDQ HL&kLQHOHFDUHSURWHMDVHFRSLOXOXQXLVHQLRUGHPXúF WXUDXQXL
úDUSH GDU FDUH IXVHVH XFLV GH VW SkQXO FH QXL vQ HOHVHVH IDSWD D IRVW
FRQVLGHUDWXQPDUWLUúLPRUPkQWXOV XDvQFHSXWV ILHYHQHUDW(OHUD
RELHFWXO XQXL FXOW DGUHVDW PDL DOHV GH IHPHLOH DOH F URU FRSLL HUDX
EROQDYL6HSUDFWLFDXQULWXDOSULQFDUHFRSLOXOEROQ YLFLRVFRQVLGHUDW
VFKLPEDW OD QDúWHUH GH GXKXUL UHOH HUD O VDW SHVWH QRDSWH vQ S GXUH
'DF VXSUDYLH XLDDGRXD]LHUDvPE LDWvQDSDUkXOXL'RDUvQFD]XOvQ
FDUH VXSUDYLH XLD úL DFHVWXL WUDWDPHQW HUD OXDW DFDV FRQVLGHUkQGXVH
F DGHY UDWXO FRSLO D IRVW UHGDW IDPLOLHL 6H SDUH F DFHVWH SUDFWLFL
DS UXWHvQWURHSRF vQFDUHQDWDOLWDWHDHUDIRDUWHULGLFDW FRQVWLWXLDX

*HQH]D ÄFHOXL GHDO WUHLOHD ORF´ D IRVW DQDOL]DW GH -DTXHV /H *RII
1DúWHUHD3XUJDWRULXOXL%XFXUHúWL(GLWXUD0HULGLDQH

&XOW DQDOL]DW GH -HDQ&ODXGH 6FKPLWW /H 6DLQW OpYULHU *XLQHIRUW
JXpULVVHXUG¶HQIDQWVGHSXLVOH;,,,HVLqFOH3DULV

GH IDSW LQIDQWLFLG PDVFDW úL SUDFWLFL GH VHOHF LH QDWXUDO D YLLWRULORU
PHPEUL DL FRPXQLW LL 3HUVHFX LLOH GHVI úXUDWH GH DXWRULW LOH
UHOLJLRDVH OD DGUHVD SUDFWLFDQ LORU FXOWXOXL FkLQHOXL *XLQHIRUW QX DX
UHXúLWV OGLVORFHFXWRWXOHOVXSUDYLH XLQGVXEIRUPHDWHQXDWHSkQ vQ
VHFROXO;;
6HFROHOH;,9;9VXQWFRQVLGHUDWHDOHXQXLFUHúWLQLVPFRQIRUPLVW
vQFDUHELVHULFDDUHXúLWV LPSXQ PDQLHUHJHQHUDOL]DWHGHDFUHGHúLGH
DIDFH*HVWXULOHFHUXWHFUHúWLQLORUVXQWH[WUHPGHFRGLILFDWHSHQWUXDúL
vQGHSOLQLIXQF LDGHFRPXQLFDUHúLVHSRDWHVSXQHF IRUPDOLVPXOHVWH
FHDPDLHYLGHQW FDUDFWHULVWLF DFUHúWLQLVPXOXLHSRFLL
&RQIRUPLVPXOUHOLJLRVSUHVXSXQHDFUHGLQ DF PkQWXLUHDSRDWHIL
RE LQXW SULQ UHVSHFWDUHD VFUXSXORDV D SUDFWLFLORU FHUXWH GH ELVHULF
ÌQVHFROXODO;9OHD©ILXOFUHGLQFLRVDOELVHULFLLª©DGHY UDWXOFDWROLFª
VHFDUDFWHUL]DSULQFXQRDúWHUHDSHGLQDIDU D&UH]XOXLúLDUXJ FLXQLL
©7DW OQRVWUXªUHVSHFWDUHD]LOHLGHGXPLQLF úLSDUWLFLSDUHDODVOXMED
UHOLJLRDV GXPLQLFDO LQHUHDSRVWXOXLvQSHULRDGHOHSUHVFULVHVSRYH
GDQLD RGDW SH DQ vPS UW úDQLD FX RFD]LD 3DúWHOXL 'H DVHPHQHD
FUHGLQFLRVXOXL L VH PDL SXWHD FHUH SUDFWLFDUHD XQHL YLH L YLUWXRDVH
FDUDFWHUL]DW SULQ DSDUWHQHQ D OD R FRQIUHULH DVRFLD LH UHOLJLRDV
FRQVWLWXLW vQ YHGHUHD UXJ FLXQLL FRPXQH úL D UHDOL] ULL XQRU IDSWH
SLRDVH JHQHUR]LWDWHD PDQLIHVWDW SULQ GDQLL SULPLUHD úL VSULMLQLUHD
F OXJ ULORUFHUúHWRUL
([LVW vQV úL R SLHWDWH LQWHULRUL]DW FULVWDOL]DW VXE IRUPD
PLVWLFLVPXOXL UHQDQ úL D GHYRWLR PRGHUQD ,QWHULRUL]DUHD UHOLJLHL HVWH
GRYHGLW úLGHDWLWXGLQLOHvQID DPRU LLGLQFHvQFHPDLSUHRFXSDQW vQ
DFHOHU VWLPSXULGHWXOEXU UL'DQVXULOHPDFDEUHFDúLDUWHOHGHDPXUL
DUV PRULHQGL LOXVWUHD] R VHQVLELOLWDWH PXOW PDL SUHJQDQW GHFkW vQ
SHULRDGHOH DQWHULRDUH vQ ID D WUHFHULL $FHDVW VHQVLELOLWDWH HVWH FX DWkW
PDLHYLGHQW FXFkWQHDSURSLHPGHVIkUúLWXO(YXOXL0HGLXvQOHJ WXU
FXFDUH-RKDQ+XL]LQJDDILUPDFKLDUF ©QLFLRHSRF QDLPSXVWXWXURUD
úLvQSHUPDQHQ LGHHDPRU LLFXDWkWDSXWHUHFDVHFROXODO;9OHDª

+HUYp0DUWLQRSFLWS

-HDQ&ODXGH 6FKPLWW 5D LXQHD JHVWXULORU %XFXUHúWL (GLWXUD
0HULGLDQHS

-HDQ&KpOLQLRSFLWS

-RKDQ+XL]LQJD$PXUJXO(YXOXL0HGLX%XFXUHúWL(GLWXUD8QLYHUV
S

8OWLPXO DVDOW vPSRWULYD UHOLJLHL SRSXODUH VH G VXE IRUPD
YkQ WRULL GH YU MLWRDUH &OHULFLL SHULRDGHORU DQWHULRDUH DX VXV LQXW F
GLIHULWHOHSUDFWLFLYU MLWRUHúWLvQWkOQLWHGHHLSUHFXP]ERUXOQRFWXUQVDX
vQWkOQLULOHGLQWUHYU MLWRDUH6DEDWXOGHPDLWkU]LXDUFRQVWLWXLVLPSOH
LOX]LL LQGXVH GH GLDYRO GDU OLSVLWH GH UHDOLWDWH 'H DFHHD DWLWXGLQHD
ID GHFHLFHP UWXULVHDXDVHPHQHDFRPSRUWDPHQWHHUDPDLGHJUDE
FOHPHQW RDPHQLL ELVHULFLL VWU GXLQGXVH V L FRQYLQJ GH IDSWXO F
HUDXYLFWLPHOHXQRULOX]LL'HODVIkUúLWXO(YXOXL0HGLXSUREDELOúLvQ
FRQGL LLOHPDULORUFDWDVWURIHFDUHORYHVF2FFLGHQWXORSWLFDVHVFKLPE
=ERUXOQRFWXUQúLVDEDWXOGHYLQUHDOLW LIL]LFHLQFRQWHVWDELOHYU MLWRD
UHOHDXFXDGHY UDWUHOD LLVH[XDOHFXGHPRQLLIDUPHFHOHDXRUHDOLWDWH
LQFRQWHVWDELO 9U MLWRULD HVWH DVLPLODW FX HUH]LD vQ LGHHD F
SUDFWLFDQ LL HL VXQW DGHS L DL OXL 6DWDQ úL FD DWDUH HVWH UHSULPDW GH
,QFKL]L LD UHRUJDQL]DW GLQ VHFROXO ;,,, úL vQFUHGLQ DW GRPLQLFDQLORU
&RQFXUVXO DXWRULW LORU FLYLOH HVWH QHFHVDU SHQWUX SHGHSVLUHD YU MLWR
ULHL VHQWLQ HOH SURQXQ DWH GH WULEXQDOHOH UHOLJLRDVH ILLQG DGXVH OD
vQGHSOLQLUHGHDXWRULW LOHFLYLOHÌQFHSXWXOYkQ WRULLGHYU MLWRDUHFDUH
DYHDWRWXúLV DWLQJ DSRJHXOQXvQ(YXO0HGLXFLvQHSRFDPRGHUQ
HVWHOHJDWúLGHRVFKLPEDUHDSURFHGXULLMXGLFLDUH,QL LDOHUDYRUEDGH
R SURFHGXU DFX]DWRULH vQ FDUH FHO FH GHQXQ D SH FLQHYD SHQWUX
YU MLWRULH HUD REOLJDW V úL GHPRQVWUH]H DFX]D LD vQ FD] FRQWUDU ILLQG
SHGHSVLW GXS OHJHD WDOLRQXOXL 3URFHGXUD LQFKL]LWRULDO LQWURGXV vQ
XOWLPHOH VHFROH DOH (YXOXL 0HGLX SHUPLWHD GHQXQ XULOH DQRQLPH úL
DXWRUL]D ED FKLDU LPSXQHD IRORVLUHD WRUWXULL SHQWUX RE LQHUHD
P UWXULVLULORU8QUROLPSRUWDQWvQHSLGHPLDGHYU MLWRULHODXDYXWXQLL
LQFKL]LWRULREVHGD LGHGLDYROúLGHFRPSOLFLWDWHDDFHVWXLDFXIHPHLDSH
FDUHDXGLDEROL]DWRSHQWUXDLGLPLQXDVHGXF LD
6IkUúLWXO (YXOXL 0HGLX vQ FDUH SLHWDWHD SRSXODU vQ FHOH GLQ
XUP LQWHULRUL]DW HVWH H[SULPDW vQ WLPSXO PLVWHUHORU FDUH SRW LQH
FkWHYD]LOHHVWHPDUFDWvQV úLGHIO F ULOHUXJXULORU

-HDQ3DORX9U MLWRULD%XFXUHúWL(GLWXUD&RULQWS

1LFRODV (\PHULFK )UDQFLVFR 3HxD /H PDQXHO GHV LQTXLVLWHXUV
LQWURGXFWLRQ HW WUDGXFWLRQ GH /RXLV 6DOD0ROLQV 3DULV $OELQ 0LFKHO
S

,PDJLQHDVSD LXOXLODvQFHSXWXULOH(YXOXL0HGLX

6SD LXO HVWH XQXO GLQ FRQFHSWHOH FHQWUDOH DOH LVWRULHL PHQWD
OLW LORU FDUH vQFHDUF V SODVH]H RPXO vQ PHGLXO V X IL]LF SHQWUX D
SXWHDDSRLV FHUFHWH]HVWUXFWXULOHVDOHSVLKLFHúLLQWHOHFWXDOH6SD LXO
Y ]XW GH RDPHQLL PHGLHYDOL HUD LHUDUKL]DW OLSVLW GH RPRJHQLWDWH úL
SXWHD IL LQWHUSUHWDW GLQ GLIHULWH SHUVSHFWLYH SROLWLF LGHRORJLF
LPDJLQDU 'H DVHPHQHD VSD LXO HVWH Y ]XW vQ PDQLHUH GLIHULWH vQ
IXQF LHGHSHULRDGDLVWRULF GHUHIHULQ
/D vQFHSXWXULOH (YXOXL 0HGLX LPDJLQHD VSD LXOXL HVWH SURIXQG
WULEXWDU WUDGL LLORU DQWLFH úL HVWH XQ LQVWUXPHQW IRORVLW vQ FRQWXUDUHD
LGHQWLW LL úL DOWHULW LL ,VWRULD RULF UXL SRSRU HVWH vQU G FLQDW vQ
JHRJUDILH FDUH vQ FDGUXO XQXL SURFHV QXPDL vQ DSDUHQ RELHFWLY
FRQIHU IRUP SDWULHL FRQFHSWXO FHQWUDO DO LGHRORJLLORU SROLWLFH
*HRJUDILDHVWHXQDGLQFDWHJRULLOHIRORVLWHvQF vQFHSkQGFXHWQRJUDILD
FODVLF SHQWUX FD DO WXUL GH DVFHQGHQ SURIHVLH UHOLJLH V IDF
SRVLELO LGHQWLILFDUHDSRSRDUHORU&RPXQLWDWHDLPDJLQDU DVWIHOGHIL
QLW HVWH XQXO GLQ LQVWUXPHQWHOH FX FDUH VH RSHUHD] vQ FRQVWUXLUHD
LGHQWLW LL VDX DOWHULW LL FDWHJRULL PDUFDWH GH GLVFXUVXO LGHRORJLF úL
SXVHODGLVSR]L LDDFHVWXLD
$QWLFLL HODERUDVHU vQF GLQ VHFROHOH 9,9 v+U WHRULD
FOLPDWHORU FDUH VXV LQHD OHJ WXUD GLQWUH WLSXULOH GH FOLP FRQIL
JXUD LD VSD LXOXL úL FRPSRUWDPHQWXO SHUVRDQHORU úL SRSRDUHORU ,GHHD
SRWULYLWF UHLDFDGUXOJHRFOLPDWLFDUHLQIOXHQ DVXSUDV Q W LLWLSXOXL
IL]LF úL FDUDFWHULVWLFLORU SVLKLFH DOH GLIHULWHORU SRSRDUH D PDUFDW
SURIXQGWHRULLOHXOWHULRDUHFDUHvQFHUFDXV H[SOLFHGLYHUVLWDWHDXPDQ
$ULVWRWHOFRQVLGHUDF OXPHDVHvPSDUWHvQ LQXWXULOHUHFLDOHQRUGXOXL
XQGHORFXLHVFSRSRDUHSOLQHGHFXUDMGDUPDLSX LQGRWDWHLQWHOHFWXDO

)RQWDLQH -DFTXHV 'H O
XQLYHUVDOLVPH DQWLTXH DX[ SDUWLFXODULVPHV
PpGLpYDX[ /D FRQVFLHQFH GX WHPSV HW GH O
HVSDFH GDQV O
$QWLTXLWp WDUGLYH vQ
Ä6HWWLPDQHGLVWXGLRGHO&HQWUR,WDOLDQRGLVWXGLVXOO
$OWR0HGLRHYR´;;,;S

3DWULFN $PRU\ 3HRSOH DQG ,GHQWLW\ LQ 2VWURJRWKLF ,WDO\
&DPEULGJHS

/XFLDQ %RLD 3UREOHPH GH JHRJUDILH LVWRULF 8QLYHUVLWDWHD
%XFXUHúWL%XFXUHúWLS

%UXQR /XLVHOOL 6WRULD FXOWXUDOH GHL UDSSRUWL WUD PRQGR URPDQR H
PRQGRJHUPDQLFR5RPDS

WU LWRDUH vQWUR OLEHUWDWH SHUPDQHQW FDUH DUH vQV GUHSW FRQVHFLQ
OLSVD GH RUJDQL]DUH SROLWLF WHULWRULLOH FDOGH DOH VXGXOXL XQGH WU LHVF
SRSRDUHLQWHOLJHQWHGDUOLSVLWHGHFXUDMU PDVHDVWIHOPHUHXvQVFODYLH
vQVIkUúLWGDUQXvQFHOHGLQXUP LQXWXULOHWHPSHUDWHGLQFHQWUXXQGH
HVWHSODVDW vQPRGQDWXUDO*UHFLDúLDLF URUORFXLWRULVXQWúLFXUDMRúL
úLLQWHOLJHQ LOLEHULFXRRUJDQL]DUHSROLWLF SHUIHFW úLvQVWDUHDVWIHO
V LVW SkQHDVF SHDO LL,PSRUWDQ DDFHVWXLPRGGHDYHGHDOXFUXULOH
UH]LG vQ SRVLELOLWDWHD GH D SXQH SH VHDPD ]RQHORU JHRJUDILFH úL
FOLPDWLFHH[FHVHOHSRSRDUHORUEDUEDUHSODVDWHODOLPLWHOHvQJKH DWHRUL
ILHUELQ L DOH S PkQWXOXL vQ YUHPH FH SRSRDUHOH FLYLOL]DWH VLWXDWH vQ
]RQDWHPSHUDW D0HGLWHUDQHLvúLSRWVW SkQLSURSULLOHLPSXOVXULúLSRW
DWLQJH DFHD VWDUH GH vQ HOHSFLXQH 3UXGHQWLD FDUH V OH vQJ GXLH V L
VXEMXJHSHEDUEDULÌQFKLSILUHVFWHRULD]RQHORUJHRJUDILFRFOLPDWLFH
vQW UHúWH YDORUL]DUHD SR]LWLY D WHULWRULLORU FHQWUDOH FRQVLGHUDWH GH
DXWRULL JUHFRURPDQL D IL FHOH DOH 0HGLWHUDQHL VSD LX GH FRORQL]DUH
JUHDF GHYHQLW DSRL LQLPD ,PSHULXOXL 5RPDQ $VWIHO JHRJUDILD
FRQYHUWLW vQ HWQRJUDILH úL GH DLFL vQ LGHRORJLH H[SOLF úL IXQGDPHQ
WHD] GRPLQD LD FHQWUXOXL PHGLWHUDQHDQ FLYLOL]DW DVXSUD ]RQHORU
EDUEDUH VLWXDWH OD QRUG úL OD VXG vQ UDSRUW FX DFHVWD 5HJLXQL XQGH
DQWLFLL vúL WUDQVIHU LGHDOXULOH XWRSLFH H[WUHPHOH JHRJUDILFH VXQW
FDUDFWHUL]DWHGHFLvQSULPXOUkQGSULQH[FHVHOHvQELQHVDXvQU XDOH
ORFXLWRULORUDFHVWRUD
/DIHOGHILUHVFGLQLGHHDGHWHUPLQ ULLFDUDFWHULVWLFLORUHWQLFHGH
F WUHIDFWRULLGHPHGLXVHQDúWHúLGRFWULQDWUDQVIHUXOXLSRWULYLWF UHLD
SRSRDUHOH ORFXLQG SH DFHODúL VSD LX LQGLIHUHQW GH HSRFD LVWRULF DX
DFHOHDúL WU V WXUL úL SRW SXUWD DVWIHO DFHODúL QXPH &D]XULOH FHOH PDL
LOXVWUDWLYH VXQW DOH HWQRQLPHORU ÄVFL L´ VDX ÄKXQL´ FDUH SH SDUFXUVXO
LVWRULHLJUHFRURPDQHúLEL]DQWLQHDXGHVHPQDWSRSRDUHFDUHQXDYHDX
DOW OHJ WXU vQWUHHOHvQDIDU GHORFXLUHDvQVSD LXOYDVWVLWXDWODQRUG
GH'XQ UHúLHYHQWXDOGH0DUHD1HDJU
&HQWUXO DFHVWHL OXPL JUHFRURPDQH FKLDU GHILQLW vQ WHUPHQL SXU
JHRJUDILFL GUHSW ]RQD WHPSHUDW DIODW vQWUH H[WUHPHOH ILHUELQ L VDX

,ELGHPS

=RH 3HWUH /HV +\SHUERUpHQV vQ Ä,PDJLQDLUH GHV SRLQWV FDUGLQDX[
$X[ TXDWUH DQJOHV GX PRQGH´ GLU 0LFKHO 9LHJQHV 3DULV (GLWXUD ,PDJR
S

vQJKH DWH DUH vQ SHUPDQHQ YDOHQ H SROLWLFH úL LGHRORJLFH vQWUXFkW
VSD LXO D IRVW GLQWRWGHDXQD OHJDW GH SUREOHPDWLFD SXWHULL úL D
LGHQWLW LL
3HQWUXEL]DQWLQLLFDUHVHFRQVLGHU URPDQLFRQWLQXDWRULL,PSHULXOXL
OXL $XJXVWXV úL &RQVWDQWLQ VSD LXO SH FDUH vO ORFXLHVF VH DIO vQ FHQWUXO
OXPLLFXQRVFXWHúLVHVXSUDSXQHFXFHODOFLYLOL]D LHL'LQFRORGHKRWDUHOH
,PSHULXOXL VH J VHVF EDUEDULL LHUDUKL]D L vQWUH DOWHOH úL vQ IXQF LH GH
GLVWDQ DODFDUHVHDIO GHOXPHDEL]DQWLQ DGLF GHFLYLOL]D LH
ÌQ,PSHULXVSD LLOHFHOHPDLLPSRUWDQWHVXQWFHOHDOHRUDúHORUvQ
UHSUH]HQWDUHDF URUDFRQIRUPWUDGL LHLDQWLFHUHDOLWDWHDúLLPDJLQDUXO
VH VXSUDSXQ ÌQWUH DFHVWHD VH GLVWLQJH QHW &RQVWDQWLQRSROXO RUDúXO
LPSHULDOSURWHMDWGH6IkQWD)HFLRDU úLGH'XPQH]HX6SD LXOFDSLWDOHL
EL]DQWLQH HVWH PDUFDW GH QXPHURDVH UHSHUH VHPQLILFDWLYH SUHFXP
SDODWXOLPSHULDOVHGLXOSXWHULLSROLWLFH+LSRGURPXOXQGHvPS UDWXOVH
DUDW SRSRUXOXL FDUH SDUWLFLS OD FXUVHOH GH FDUH ILLQG DFODPDW GDU úL
FRQWHVWDWGHDFHVWDELVHULFD6IkQWD6RILDORFXOvQFRURQ ULLLPSHULDOH
6H PDL GLVWLQJ WHUPHOH úL DSHGXFWHOH P UWXULH D VXSUDYLH XLULORU
FLYLOL]D LHL DQWLFH úL D SUHRFXS ULL vPS UD LORU ID GH FRQIRUWXO
SRSXOD LHL FDSLWDOHL 3H P VXU FH VH DYDQVHD] vQ WLPS UHSHUHOH
VSD LDOH FHOH PDL LPSRUWDQWH DOH FDSLWDOHL EL]DQWLQH GHYLQ ELVHULFLOH
VHPQDOYLFWRULHLFUHúWLQLVPXOXLúLDOVFKLPE ULLDVSHFWXOXLDQWLFWkU]LX
DORUDúXOXL
2UDúHOH EL]DQWLQH GH SURYLQFLH VXQW XQ IHO GH UHSOLFL DOH
&RQVWDQWLQRSROXOXL GHúL XQHOH GLQWUH HOH DX WUDGL LL PDL YHFKL úL PDL
VHPQLILFDWLYHGHFkWDFHVWD1HDYkQGvQV UROXOSROLWLFDOFDSLWDOHLHOH
vQFHWHD] V PDL DLE VHPQLILFD LL VLPEROLFH GHRVHELWH 'H H[HPSOX
5RPDOHDJ QXOFLYLOL]D LHLFDUHG GXVHQDúWHUH,PSHULXOXLU PkQHOD
vQFHSXWXULOH(YXOXL0HGLXSDUWHD,PSHULXOXL%L]DQWLQGDUHDGHFDGH
GLQ UDQJXO GH RUDú LPSRUWDQW úL vúL SLHUGH úL VHPQLILFD LLOH vQWUXFkW
&RQVWDQWLQRSROXO HUD QXPLW 1RXD 5RP /D IHO ,HUXVDOLPXO QX PDL
DUH vQ RFKLL EL]DQWLQLORU VHPQLILFD LL UHOLJLRDVH GHRVHELWH vQWUXFkW

- /H *RII 'LVFRUVR GL FKLXVXUD vQ 3RSROL H SDHVL QHOOD FXOWXUD
DOWRPHGLHYDOH Ä6HWWLPDQH GL VWXGLR GHO FHQWUR GL VWXGL VXOO
DOWR PHGLRHYR´
;;,;WRPRVHFRQGR6SROHWRS

-DFTXHV /H *RII 2UDúXO vQ Ä'LF LRQDU WHPDWLF DO (YXOXL 0HGLX
RFFLGHQWDO´S

&RQVWDQWLQRSROXO DEVRUELVH úL FRQRWD LLOH DFHVWXLD FkQG vPS UDWXO
+HUDFOLXV DGXVHVH vQ FDSLWDO 6IkQWD &UXFH 'H DWXQFL SHQWUX
EL]DQWLQLRUDúXOLPSHULDOGHYHQLVHúL1RXO,HUXVDOLP
3HQWUXORFXLWRULL,PSHULXOXL%L]DQWLQRUDúHOHVXQWLPSRUWDQWHQX
GRDUSULQIDFLOLW LOHORUHGLOLWDUHFLúLSULQIXQF LDGHDS UDUHSHFDUHR
DXÌQWURSHULRDG PDUFDW GHFRQIOLFWHRUDúHOHEL]DQWLQHVXQWvQFRQ
MXUDWHFX]LGXULFDUHvLSURWHMHD] SHORFXLWRULúLvLVHSDU FRQIHULQGXOH
VXSHULRULWDWHGHEDUEDULGDUúLGHORFXLWRULL]RQHORUUXUDOH
'HDOWIHOVDWHOHGHúLRUHDOLWDWHHVHQ LDO D,PSHULXOXL%L]DQWLQ
DSDUUDUHRULPHQ LRQDWHvQVXUVHOHQDUDWLYH/RFXLWRULLORUVHVLWXHD]
DSDUHQW vQ DIDUD ]RQHL FLYLOL]D LHL ILLQG DVLPLOD L vQWUR RDUHFDUH
P VXU FX EDUEDULL &DUDFWHULVWLFD VSD LXOXL EDUEDU GLQ SXQFWXO GH
YHGHUH DO EL]DQWLQLORU HVWH WRFPDL DFHHD GH D IL OLSVLW GH RUDúH úL GH
FHHD FH vQVHDPQ HOH SHQWUX FLYLOL]D LH &X WRDWH DFHVWHD EDUEDULL
vQFHDUF V VXSOLQHDVF XQHOHFDUHQ HFDGHH[HPSOXOLSVD]LGXULORU
FXP VH YHGH vQ FD]XO U ]ERLXOXL GH UHFXFHULUH SXUWDW GH -XVWLQLDQ vQ
$IULFD vPSRWULYD YDQGDOLORU 5 PDúL VLQJXUL vQ OXSWD vPSRWULYD
EL]DQWLQLORUEDUEDULLPDXULEHUEHULLGLQQRUGXO$IULFLLVHUHIXJLD] vQ
PXQ L GH XQGH UH]LVW FD úL FXP VDU DIOD vQ VSDWHOH XQRU SXWHUQLFH
]LGXULGHDS UDUH
3HQWUX EL]DQWLQL XQ DOW DVSHFW LPSRUWDQW DO YL]LXQLL DVXSUD
VSD LXOXL HVWH VHPQLILFD LD SXQFWHORU FDUGLQDOH /HJDW GH FRQFHS LD
]RQHORU JHRJUDILFRFOLPDWLFH LPDJLQHD SXQFWHORU FDUGLQDOH HVWH SXV
vQ UHOD LH úL FX VHSDUDUHD vQWUH VSD LXO FLYLOL]D LHL úL FHO DO EDUEDULHL
LHUDUKL]DWH 3XQFWHOH FDUGLQDOH GLQFROR GH UROXO ORU úWLLQ LILF GH
vQ HOHJHUHDOXPLLUHIOHFW RRUGLQHSROLWLF úLDGPLQLVWUDWLY /XPHD
EL]DQWLQ VHLPDJLQHD] SHVLQHFDSHXQIHOGHLQVXO vQFRQMXUDW GH
EDUEDULHGRDUF VSD LLOHEDUEDUHSUH]LQW DQXPLWHGLIHUHQ HvQIXQF LH
GHSXQFWXOFDUGLQDOFXFDUHVXQWvQOHJ WXU
6SD LXO SULQ H[FHOHQ DO EDUEDULHL VH J VHúWH OD QRUG GH XQGH YLQ
DVXSUD EL]DQWLQLORU FHL PDL GLVWUXJ WRUL EDUEDUL SRSRDUHOH GH QHDP

(FDWHULQD/XQJ/¶LPDJHGHODYLOOHFKH]OHVKLVWRULHQVE\]DQWLQVvQ
Ä,PDJLQkQG LVWRULL´ HG 6LPRQD &RUODQ,RDQ 2YLGLX %R]JDQ 'DQLHOD
=DKDULD(GLWXUD8QLYHUVLW LLGLQ%XFXUHúWLS

/DXUHQFH *RVVHUH] /HV SRLQWV FDUGLQDX[ GDQV O¶$QWLTXLWp
FKUpWLHQQHvQÄ,PDJLQDLUHVGHVSRLQWVFDUGLQDX[´S

JHUPDQLFODVIkUúLWXO$QWLFKLW LLvQVSHFLDOJR LLDSRLQHDPXULGHRULJLQL
DVLDWLFH KXQLL DYDULL DSRL VODYLL QHDPXULOH WXUFLFH SUHFXP EXOJDULL
5 V ULWXO HVWH GH DVHPHQHD XQ UH]HUYRU GH QHDPXUL EDUEDUH
DPHQLQ WRDUH vQWUH DFHVWHD GLVWLQJkQGXVH vQV SHUúLL %DUEDUL FX XQ
FDUDFWHUPDLVSHFLDOSUH]HQWkQGXQHOHFDUDFWHULVWLFLDOHFLYLOL]D LHLSHUúLL
UHSUH]LQW OD vQFHSXWXO (YXOXL 0HGLX GXúPDQXO HUHGLWDU DO EL]DQWLQLORU
GDUúLSDUWHQHUXOGHGLVFX LHvQUDSRUWFXDOWHQHDPXUL7HRILODFW6LPRFDWWD
LVWRULFGLQSULPDSDUWHDVHFROXOXLDO9,,OHDSXQHSHXQSODQGHUHODWLY
HJDOLWDWH ,PSHULLOH %L]DQWLQ úL 3HUVDQ FDUH WUHEXLH V LQ vQ IUkX
QHDPXULOH EDUEDUH QHFUX WRDUH /D VXG GH %L]DQ VH J VHVF EDUEDULL
DIULFDQLPDXULLGXS FXPvLQXPHVFVXUVHOHúLWRWGHDFRORGLQVHFROXO
9,, vQFHS V DPHQLQ H ,PSHULXO VDUD]LQLL DGLF DUDELL $FHúWLD VH
GRYHGHVF FHL PDL SHULFXORúL FXFHULULOH ORU DPSXWkQG SHQWUX WRWGHDXQD
,PSHULXO %L]DQWLQ FDUH HVWH OLSVLW GH SURYLQFLL RULHQWDOH úL VXGLFH ERJDWH
GLQSXQFWXOGHYHGHUHDOUHVXUVHORUúLFDWUDGL LLFXOWXUDOHÌQVIkUúLWODYHVW
GH LPSHULX VH J VHVF EDUEDULL GH QHDP JHUPDQLF LQVWDOD L SH WHULWRULL
URPDQH úL FUHDWRUL GH VWDWH SUHFXP ORQJREDU]L IUDQFL YL]LJR L 'LQWUH
DFHúWLD IUDQFLL VXQW UHFHSWD L FD ILLQG DVHP Q WRUL EL]DQWLQLORU GDWRULW
vPS UW úLULLFUHGLQ HLFUHúWLQHDúDFXPIXVHVHHDGHILQLW OD1LFHHDúLQX
vQIRUP HUHWLF DúDFXPVHUHJ VHDODDO LEDUEDUL(VWHLQWHUHVDQWIHOXOvQ
FDUH DFHDVW LPDJLQH SR]LWLY D IUDQFLORU GH OD vQFHSXWXO (YXOXL 0HGLX
HYROXHD] vQ WLPS SH P VXU FH DFHVW QXPH HVWH DWULEXLW WXWXURU
SRSRDUHORURFFLGHQWDOHúLSHP VXU FHUHOD LLOHvQWUHDFHVWHDúL%L]DQ VH
GHWHULRUHD] ÌQ YUHPHD FUXFLDGHORU IUDQFLL WHUPHQXO FDUH WLQGHD OD
%L]DQ V LGHVHPQH]HSHWR LRFFLGHQWDOLLVXQWY ]X LGH$QD&RPQHQD
FDQLúWHEDUEDULOLSVL LGHHGXFD LHGHPDQLHUHFDUHVHLOXVWUHD] GRDUSULQ
IRU D EUXW &HD GHD SDWUD FUXFLDG DYHD V PDUFKH]H GHILQLWLY GH R
PDQLHU QHJDWLY LPDJLQHD 2FFLGHQWXOXL UXSWXUD vQ SODQ UHOLJLRV
GHYHQLQG GH QHUHSDUDW úL vQVWU LQDUHD vQWUH XQ %L]DQ RULHQWDO úL ]RQHOH
DSXVHQHDOH(XURSHLILLQGGLQFHvQFHPDLPDUFDW
'DF vQFHUF PV DQDOL] PUHSUH]HQW ULOHVSD LXOXLvQ2FFLGHQW
ODvQFHSXWXO(YXOXL0HGLXYRPUHPDUFDRVHULHGHDVHP Q ULFXFHOH
EL]DQWLQHGDWRUDWHWUXQFKLXOXLFRPXQDOWUDGL LHLFODVLFHvPS UW úLWHúL
GHXQLLúLGHDO LLGDUúLGHVWXOHGHRVHELULILUHúWLvQFRQGL LLOHHYROX LHL

0LFKHO %DOODUG $OODLQ 'XFFHOLHU %L]DQ úL 2FFLGHQW vQ Ä'LF LRQDU
WHPDWLFDO(YXOXL0HGLXRFFLGHQWDO´S

FHvQFHSXVHDILGLIHULW vQ$SXVID GH5 V ULW,PDJLQDUXOJHRJUDILF
XWLOL]DW vQ 2FFLGHQW U PkQH vQF R YUHPH GRPLQDW GH PRúWHQLUHD
JUHFRURPDQ 'HH[HPSOXPRGHOXOJUHFRURPDQDO]RQHORUJHRJUD
ILFRFOLPDWLFH QX SRDWH IL SUHOXDW LQWHJUDO vQ UHJDWHOH vQWHPHLDWH GH
SRSRDUH EDUEDUH DO F URU WUHFXW PLJUDWRU HUD JHQHUDWRU GH DQXPLWH
WHQVLXQL LGHRORJLFH 'DU LQIOXHQ H DOH DFHVWHL FRQFHS LL RUGRQDWRDUH D
XQLYHUVXOXL H[LVW UH]LGXDOH VDX PDL SXWHUQLFH úL SRW IL GHFHODWH vQ
GLIHULWH P VXUL vQ RSHUHOH DXWRULORU ODWLQL ,VLGRU GLQ 6HYLOOD DILUP
IRDUWHFODUvQ/DXV6SDQLDHF SDWULDVDHVWHVLWXDW vQFHDPDLSO FXW
UHJLXQHDS PkQWXOXLFHDWHPSHUDW DUJXPHQWJHRJUDILFúLFOLPDWLF
PHQLW V H[SOLFH úL HO VXFFHVXO ÄPDULDMXOXL´ GLQWUH JR L úL IRVWD
SURYLQFLH URPDQ ùL vQ 2FFLGHQW VH PHQ LQH LGHHD XQHL SDUWL LL vQWUH
VSD LXOEDUEDULHLúLFHODOFLYLOL]D LHLFXGHRVHELUHDF VSD LXOURPDQúL
FLYLOL]D LD QX VH PDL VXSUDSXQ SHUIHFW FD vQ FD]XO EL]DQWLQLORU
%DUEDULD HVWH FDQWRQDW úL GH F WUH HL vQ VSD LL FRQVDFUDWH D F URU
GLVSR]L LHJHRJUDILF RYRPDQDOL]DvQFHOHFHXUPHD]
1RUGXOU PkQHúLSHQWUXDXWRULLRFFLGHQWDOLXQVSD LXSULYLOHJLDW
DO EDUEDULHL FHHD FH DU SXWHD V SDU SDUDGR[DO vQ FRQGL LLOH vQ FDUH
SRSRDUHOH GHVSUH FDUH VFULX DX VDX vúL DVXP R RULJLQH QRUGLF
3DUDGR[XO VH DWHQXHD] vQV vQ PRPHQWXO FkQG vQ HOHJHP IDSWXO F
DFHVWHSRSRDUHVXQWSODVDWHDFXPvQ]RQDFRQVLGHUDW WHPSHUDW GHFL
vQLQLPDFLYLOL]D LHLLDURULJLQHDORUQRUGLF DSDU LQHXQXLWUHFXWGDF
QXUHQHJDWFHOSX LQVXILFLHQWGHvQGHS UWDWSHQWUXDPDLFRQVWLWXLXQ
SHULFRO &D R LQRYD LH VH SRDWH VXUSULQGH IDSWXO F EDUEDULL QX PDL
WUDQVIRUP FDOLWDWLY vQWUXQ VHQV QHJDWLY VSD LXO vQ FDUH VDX DúH]DW
GDF vQDFHOPRPHQWVDXvQSHULRDGDXUP WRDUHúLDXGHS úLWFRQGL LD
LQL LDO DYDQVkQG VSUH FLYLOL]D LH (YROX LD SROLWLF úL DúH]DUHD
JHRJUDILF OHDQXOHD] EDUEDULDDFHDVWDSRDWHILO VDW I U SUREOHPH
vQVHDPDDOWRUDúLVSD LXOFHOPDLSURSLFHVRJ ]GXLDVF U PkQHFHODO
QRUGXOXL $LFL VH J VHúWH LQVXOD 6FDQG]D ÄIDEULFD GH SRSRDUH´ D
LVWRULFXOXLJRW,RUGDQHVQXPLW 6FDQGLQDYLDOD3DXO'LDFRQXOLVWRULF

(FDWHULQD /XQJ /¶LPDJLQDLUH JpRJUDSKLTXH FKH] OHV KLVWRULHQV GX
+DXW0R\HQÆJHvQÄ,PDJLQDLUHVGHVSRLQWVFDUGLQDX[´S

,VLGRUXV +LVSDOHQVLV /DXV 6SDQLDH vQ ,GHP +LVWRULD *RWKRUXP
:DQGDORUXP6XHERUXPHG7K0RPPVHQ0*+$$;,S

,RUGDQHV 'H RULJLQH DFWLEXVTXH *HWDUXP HG * 3RSD/LVVHDQX
WH[WODWLQúLWUDGXFHUHURPkQHDVF %XFXUHúWL,9

DOORQJREDU]LORU6FDQG]DHVWHOD,RUGDQHVRLQVXO vQRFHDQPDUFkQG
DVWIHO úL JHRJUDILF GLVWDQ D GLQWUH EDUEDULD LQL LDO D RULJLQLORU úL
FLYLOL]D LDFDUHVHUHJ VHúWHGRDUSHFRQWLQHQW2VHULHGHGHVFULHULSH
FDUH HO OH GRUHúWH JHRJUDILFH VH VLWXHD] OD JUDQL D GLQWUH UHDOLWDWH úL
LPDJLQDU 'HVFULHUHD GHVWXO GH FRUHFW D IHQRPHQXOXL QRS LL SRODUH
FRH[LVW FXFUHGLQ DvQLQVXOHOHXQGHOXSLLvúLSLHUGYHGHUHD6FDQG]D
IDEULFD GH SRSRDUH VDX SkQWHFH Q VF WRU GH SRSRDUH HVWH SHQWUX
,RUGDQHVXQW UkPPDUFDWGHRSUROLILFLWDWHLHúLW GLQFRPXQGDWRULW
FOLPDWXOXL V X FDUH VWLPXOHD] HQHUJLD UHSURGXF WRDUH D EDUEDULORU úL
FDUH DVWIHO FRQWULEXLH OD LQXQGDUHD FRQWLQHQWXOXL FX GLIHULWH QHDPXUL
RULJLQDUH GH DLFL $LFL ORFXLHVF QHDPXUL FDUH SH VFDUD HYROX LHL VH
SODVHD] PDL DSURDSH GH DQLPDOLWDWH GHFkW GH XPDQLWDWH SULQ
FDUDFWHUXO ORFXLQ HORU FRVWXPD LHL IHOXOXL GH D VH KU QL DVSHFWXOXL
IL]LFGDUWRWDLFLVHUHJ VHVFúLSRSRDUHFDUHDYHDXV úLvQFUXFLúH]HSH
FRQWLQHQWGUXPXULOHFXJR LLúLV VHDSURSLHvQJUDGHPDLPDULVDXPDL
PLFL GH FLYLOL]D LH 6SHFLILFLWDWHD 6FDQG]HL FRQVW vQ FDUDFWHUXO V X
LQVXODU FDUH R SODVHD] vQWUH JHRJUDILD XPDQ D FRQWLQHQWXOXLúLDFHO
ÄGLQFROR´ JHRJUDILF DO RFHDQXOXL FDUH IDFH GLQ HD XQ WHULWRULX
LQWHUPHGLDUVLWXDWvQWUHUHDOLWDWHúLLPDJLQDU,HúLUHDGLQDFHVWVSD LXvQ
FHOH GLQ XUP LPDJLQDU VLWXDW vQ DIDUD FRQWLQHQWXOXL GHFL vQ DIDUD
VSD LXOXLFDUHHUDSDVLELOGHDSULPLH[SDQVLXQHDFLYLOL]D LHLURPDQHvL
LQWURGXFH SH JR L vQ LVWRULH vL UXSH GH VkQXO PDWHUQ úL vL H[SXQH
GXEOXOXL SURFHV GH URPDQL]DUH úL GH SLHUGHUH D SXULW LL úL S FLL
LQL LDOH 6FDQGLQDYLD OXL 3DXO 'LDFRQXO DUH DFHODúL URO GH PDWULFH
F FL LQVXO ILLQG S PkQW PHGLDWRU vQWUH FXQRVFXW úL QHFXQRVFXW HVWH
FHO PDL SRWULYLW ORF DO RULJLQLL /D IHO FD OD ,RUGDQHV LQVXOD HVWH
VHGLXOXQHLEDUEDULLvQVWDUHSXU SUHFXPFHDDODSRQLORUVFULWRELQL
FDUHSULQFRQVXPXOGHFDUQHFUXG VHVLWXHD] WRWvQVIHUDWRWDORSXV

,ELGHP,,,

+:ROIUDP+LVWRLUHGHV*RWKV3DULVS

,RUGDQHVRSFLW,,,

*LOEHUW'DJURQ'LVFRXUVXWRSLTXHHWUHFLWGHVRULJLQHV8QHOHFWXUH
GH &DVVLRGRUH-RUGDQHV OHV *RWKV GH 6FDQG]D j 5DYHQQH vQ Ä$QQDOHV
(6&´QUS

0DUF5H\GHOOHW/DUR\DXWpGDQVODOLWWpUDWXUHODWLQH5RPDS

/RXLV0DULQ'HO
Ä8WRSLD´GH0RUHjOD6FDQG]DGH&DVVLRGRUH±
-RUGDQHVvQÄ$QQDOOHV(6&´S

FLYLOL]D LHL (QHUJLD UHSURGXFWLY D EDUEDULORU FDQWRQD L vQ DFHVW
WHULWRULX QRUGLF HVWH DWkW GH PDUH GDWRULW SUREDELO LQWHUPLQDELOHORU
QRS LSRODUHF vQID DHLVSD LXOvQVXúLVHFRQWUDFW LQVXODGHYHQLQG
SUHDPLF úLREOLJkQGXLSHORQJREDU]LV VHH[SDWULH]H3 U VLQGXúL
LQVXOD ORQJREDU]LL vúL VFKLPE WRWDO FRQGL LD DFW VLPEROL]DW SULQ
PRGLILFDUHDQXPHOXLGLQ YLQLOLvQODQJREDUGLLHVGLQPLWúLLQWU vQ
LVWRULHúLvúLvQFHSGUXPXOFDUHDYHDV LGXF VSUHFLYLOL]D LH3HQWUX
3DXO 'LDFRQXO VSD LXO GLQ QRUGXO FRQWLQHQWXOXL VH DIO FXPYD OD
vQFUXFLúDUHD GLQWUH UHDOLWDWH úL ILF LXQH ILLQG ORFXLW DWkW GH SRSRDUH
LVWRULFHSUHFXPWXUFLOLQJLLKHUXOLLUXJLLFkWúLGHQHDPXULOHJHQGDUH
SUHFXP DVVLSL LL DPD]RDQHOH úL FKLDU ILLQ H IDQWDVWLFH SUHFXP
FLQRFHIDOLLRDPHQLLFXFDSGHFkLQHQXSDURSUH]HQ FDUHV VXVFLWH
vQGRLHOL DWXQFL FkQG VXQW LQYRFD L SULQWUR VWUDWDJHP FH WUHEXLD V L
vQVS LPkQWHSHGXúPDQL
6FL LDUHJLXQHDGHODQRUGXO0 ULL1HJUHXQGHJR LLOXL,RUGDQHV
VHDúHD] GXS FHDXS U VLW6FDQG]DSRDWHILvQWUXQIHOFRQVLGHUDW
ORFXO JHRPHWULF DO vQWUHJLL EDUEDULL vQFRQMXU WRDUH F FL DLFL JR LL VH
vQUXGHVFFXWRDWHSRSRDUHOHFDUHDXLOXVWUDWDFHVWWHULWRULXvQUHDOLWDWH
VDXvQOHJHQG GHODDPD]RDQHSkQ ODSDU L,RUGDQHVSODVHD] 6FL LD
PXOW vQVSUH $VLD SHQWUX DL SXWHD LGHQWLILFD SH VFL L FX DSRFDOLSWLFHOH
SRSRDUH*RJúL0DJRJ
7UDGL LD FODVLF GDU úL FHD FUHúWLQ LQVSLUDW GH HD IL[HD] 6FL LD
GUHSWVSD LXOEDUEDUSULQH[FHOHQ FHHDFHRIDFHODXQPRPHQWGDWV úL
SLDUG FRQWXUXULOH JHRJUDILFH FODUH úL V S VWUH]H vQ SULPXO UkQG
YDORDUHDVLPEROLF 'DWRULW HFKLYDOHQ HLDXWRPDWHvQWUHVFLWúLEDUEDU
GHQXPLUHD GH 6FL LD SRDWH IL DSOLFDW vQ $QWLFKLWDWHD WkU]LH úL (YXOXL
0HGLXúLXQRUWHULWRULLFDUHQDXDYXWQLFLROHJ WXU FXVSD LXOLQL LDODO
DFHVWHLD /D %HGD 9HQHUDELOX LVWRULF DQJORVD[RQ GH VHFRO 9,,,

3DXOXV'LDFRQXV+LVWODQJ,

-6YHQQXQJ=XU*HVFKLFKWHGHU*RWLFLVPXV8SSVDODS

3DXO'LDFUH+LVWRLUHGHV/RPEDUGVHG)UDQoRLV%RXJDUG%UHSROV
,

,ELGHP,

+HUZLJ:ROIUDP2ULJRHWUHOLJLR(WKQLF7UDGLWLRQVDQG/LWHUDWXUH
LQ(DUO\0HGLHYDO7H[WVvQÄ(DUO\0HGLHYDO(XURSH´S

3DXO'LDFUHRSFLW,,,

*'DJURQ'LVFRXUVXWRSLTXH«S

vQWkOQLP R FXULRDV H[HPSOLILFDUH D DFHVWHL LGHL vQ FRQWURYHUVDWD VD
DILUPD LH SRWULYLW F UHLD QHDPXO SLF LORU VWU PRúLL VFR LHQLORU DU IL
RULJLQDU GLQ 6FL LD ([SOLFD LD FRQVW SUREDELO vQ IDSWXO F 6FL LD D
GHYHQLW SHQWUX URPDQL úL EL]DQWLQL W UkPXO GH XQGH L]YRU VF WRDWH
QHDPXULOHEDUEDUHFDUHVHUHYDUV DVXSUD,PSHULXOXLSHQWUX%HGDSLF LL
VXQW DO WXUL GH VFR L VWU PRúLL LUODQGH]LORU EDUEDULL SULQ H[FHOHQ
DVWIHO F SDUH QDWXUDO FD RULJLQHD ORU V ILH SODVDW vQ DFHVW WUDGL LRQDO
UH]HUYRUGHEDUEDUL'HDOWIHODGXFHUHDvQGLVFX LHDOHJ WXULLGLQWUHQRUG
úLVSD LXOEDUEDUDúDFXPVHSUH]LQW HDvQFD]XODSDUWHDOOXL%HGDFDUH
QXSRDWHIDFHDSHOODUHSUH]HQW ULOHWUDGL LRQDOHDOHFHORUGHSHFRQWLQHQW
úL DWXQFL FDQWRQHD] EDUEDULD vQ QRUGXO VSD LXOXL V X LQVXODU LQH V
LOXVWUH]HSHUPDQHQ DDFHVWXLWRSRVvQOLWHUDWXUDLVWRULF DHSRFLLGHFDUH
QHRFXS PùLODDO LDXWRULFDUHVHRFXS GHUHDOLW LU PDVHvQVFULVHvQ
VSD LXO FRQWLQHQWDO FHHD FH VH DIO OD QRUG GH VSD LXO FRQWURODW GH
SRSRUXO GHVSUH FDUH VFULX SRDUW FDUDFWHULVWLFLOH WUDGL LRQDOH DOH
EDUEDULHL 9DVFRQLL SXUW WRUL OD ,VLGRU GLQ 6HYLOOD DL FDUDFWHULVWLFLORU
XQHL EDUEDULL vQ VWDUH SXU VXQW SODVD L JHRJUDILF vQ PXQ LL GLQ QRUGXO
6SDQLHL /D *ULJRUH GLQ 7RXUV LVWRULF GLQ VHFROXO 9, FHL PDL
GLVWUXJ WRULEDUEDUL±DODPDQLLOXL&KURFXVKXQLLOXL$WWLODGDQH]LLOXL
&KORFKLODLFXV ± YLQ WRW GLQ VSD LXO QRUGLF 3HQWUX 3DXO 'LDFRQXO
SHULFROXO UHSUH]HQWDW vQ FHD PDL PDUH P VXU GH DYDUL GDU úL GH VODYL
VDX IUDQFL HVWH RULJLQDU GLQ DFHODúL DPHQLQ WRU QRUG *HUPDQLD GH
DVHPHQHDS VWUHD] ODHOFDUDFWHULVWLFLOHFDUHLHUDXvQPRGWUDGL LRQDO
DWULEXLWHGHDSURGXFHQHDPXULIHURFHúLEDUEDUH
6XGXO FDUH GXS FXP UHPDUFDVHP vQ GLVFX LD UHIHULWRDUH OD
EL]DQWLQLUHSUH]HQWDXQDOWVSD LXvQPRGWUDGL LRQDODWULEXLWEDUEDULHL
QX RFXS XQ ORF OD IHO GH LPSRUWDQW vQ RSHUHOH DXWRULORU RFFLGHQWDOL
&HQWUD L PDL PXOW SH VSD LXO SROLWLF vQ FDUH vúL GHVI úRDU H[LVWHQ D
SRSRDUHOH GHVSUH FDUH VFULX DYkQG FXQRúWLQ H FHYD PDL EXQH GHVSUH
VSD LXOQRUGLFGDWRULW WUHFXWXOXLPLJUDWRUDODFHVWRUDFDUHDSUHVXSXV
RGHSODVDUHGLQVSUHPLD] QRDSWHVSUH LQXWXULOHI J GXLQ HLvQFDUHVDX

%HGD 9HQHUDELOLV +LVWRULD (FFOHVLDVWLFD *HQWLV $QJORUXP HG %
&ROJUDYHúL5$%0LQRUVWH[WODWLQúLWUDGXFHUHHQJOH] 2[IRUG,

,VLGRUXV+LVSDOHQVLV+LVWRULD*RWKRUXP

*UHJRULXV7XURQHQVLV+LVWRULDUXP/LEUL'HFHPvQ,GHP2SHUDHG
:$UQGWúL%U.UXVFK0*+650,,,,,,

3DXO'LDFUHRSFLW,

VWDELOLW DFHúWL DXWRUL úWLX úL VSXQ IRDUWH SX LQ GHVSUH ]RQHOH VXGLFH
DWXQFLFkQGQXOHLJQRU FXGHV YkUúLUH
9HVWXOQXDUHDFHHDúLvQF UF WXU ODDXWRULLRFFLGHQWDOLSUHFXPOD
FHLGHH[SUHVLHJUHDF GLQVLPSOXOPRWLYF HOQXUHSUH]LQW XQVSD LX
ORFXLW GH QHDPXUL GHRVHELWH FDOLWDWLY GH SURSULXO SRSRU &D UHJXO
JHQHUDO HVWH SXQFWXO FDUGLQDO FHO PDL SX LQ LPSRUWDQW vQ HFRQRPLD
OXFU ULORUUHVSHFWLYHPDLDOHVvQFD]XOvQFDUHODDSXVQXVHPDLDIO
DOWH QHDPXUL FDUH V GHD LGHQWLWDWH VSD LXOXL FL LPHQVLWDWHD QHXWU D
RFHDQXOXLFDOD,VLGRUúLSDU LDOOD*ULJRUHGLQ7RXUV
5 V ULWXODUHVHPQLILFD LLGLIHULWHSHQWUXDXWRULLRFFLGHQWDOLGHOD
vQFHSXWXO (YXOXL 0HGLX 'H H[HPSOX SHQWUX ,RUGDQHV vQ PRPHQWXO
SRSDVXOXL vQ 6FL LD U V ULWXO vQVHDPQ VSD LXO GH OD OLPLWD UHDOLW LL
DFROR XQGH YU MLWRDUHOH JRWH KDOLXUXPQDH DOXQJDWH GLQ LQWHULRUXO
FRPXQLW LL VH vQVR HVF FX GHPRQLL GkQG QDúWHUH KXQLORU ÌQ WLPSXO
SRSDVXOXLvQ'DFLDHVWXOHVWHR$VLHFXFRQWXUXULLQFHUWHGHXQGHDSDU
GLVWUXJ WRULKXQLLDFHúWLIUD LGLDEROLFLSULQFDUHFXUVXOLVWRULHLJR LORU
HVWH VFKLPEDW ÌQ VIkUúLW SHQWUX SHULRDGD SHWUHFXW vQ ,WDOLD HVWXO
UHSUH]LQW LPSHULXOúLPDLDOHVPHWRQLPLDVD&RQVWDQWLQRSROXO
/D 3DXO 'LDFRQXO GHúL SX LQ SUH]HQW &RQVWDQWLQRSROXO UHSUH
]LQW FHQWUXO GH SXWHUH FDUH vL RUJDQL]HD] SH DFHL URPDQL FX FDUH VH
PDL FRQIUXQW ORQJREDU]LL V L 3HQWUX vPSRGRELUHD VD vPS UDWXO
&RQVWDQV DO ,,OHD MHIXLHúWH 5RPD GH YHFKLOH VDOH RSHUH GH DUW FDUH
PDLVF SDVHU XUJLHLWLPSXULORU3HQWUX,VLGRUGLQ6HYLOODGLQU V ULW
DXYHQLWDFHLURPDQLDGLF EL]DQWLQLLOXL,XVWLQLDQFDUHDXvQGU ]QLWV
FRQWHVWH SXWHUHD UHJLORU YL]LJR L *ULJRUH GLQ 7RXUV úWLH PDL PXOWH
GHVSUH &RQVWDQWLQRSRO GDWRULW VROLLORU WULPLVH GH UHJLL IUDQFL vQ
FDSLWDOD EL]DQWLQ 8Q DOW VSD LX U V ULWHDQ LPSRUWDQW SHQWUX *ULJRUH
HVWH,WDOLDDLF UXLORFXLWRULDSDUvQRSHUDVDILHFDÄLWDOLÍLHFDÄJR L´
DWXQFLFkQGSUHFL]HD] F VXQWGHUHOLJLHDULDQ ,WDOLDGDUPDLDOHV
5RPDUHSUH]LQW SHQWUX%HGD9HQHUDELOXOSUREDELOFHOPDLLPSRUWDQW
ORF GH SH S PkQW SHQWUX F DLFL VH J VHVF PRUPLQWHOH DSRVWROLORU úL
GHFLDLFLHVWHFHQWUXOUHOLJLRVVLQJXUXOFDUHFRQWHD] DOOXPLLVDOH'H
DOWIHOGHúL5RPDHVWHDPLQWLW GHIRDUWHPXOWHRULvQRSHUDVDFDORF

3DXO'LDFUHRSFLW9

*UHJRULXV7XURQHQVLVRSFLW,,,

GHSHOHULQDMVLQJXUXOUHSHUJHRJUDILFFRQFUHWHVWHPRUPkQWXOOXL3HWUX
XQGHYLQV úLVIkUúHDVF ]LOHOHSHUVRQDMHUHJDOHDOHDQJORVD[RQLORU
ÌQFHHDFHSULYHúWHVSD LXOSHFDUHvOVW SkQHVFUHJDWHOHJHUPDQLFH
VXFFHVRDUH DOH ,PSHULXOXL 5RPDQ GH $SXV HO QX PDL HVWH XQ VLPSOX
VHGHV FXP HUD GHQXPLW WHULWRULXO ORFXLW GH QHDPXULOH EDUEDUH FL D
GHYHQLW FX DGHY UDW R SDWULD vQ FHD PDL GHV YkUúLW WUDGL LH URPDQ
VSD LXSROLWLFFHQWUDOL]DWRUGRQDWúLRUJDQL]DWGHOHJL
$úDFXPURPDQLLXQLILFDVHU vQWUHDJDOXPHFXQRVFXW vQQXPHOH
XQXL LGHDO GH FLYLOL]D LH OD R VFDU PDL SX LQ DPEL LRDV EDUEDULL
UHDOL]HD] úLHLUHODWLYDXQLILFDUHDXQXLVSD LXGHFDUHLVWRULFLLODFDUH
QHUHIHULPVXQWSURIXQGDWDúD LDIHFWLY)LHFDUHGLQWUHRSHUHOHSHFDUH
OH DQDOL] P HVWH FHQWUDW SH XQ VSD LX GHVWXO GH ELQH GHOLPLWDW GH
UHJXO LQWDILQDO DSRSRUXOXLDIODWvQRELHFWLYXOLVWRULFXOXLÄ3 PkQW
DO ) J GXLQ HL´ D F UXL FXFHULUH úL RUJDQL]DUH WUHEXLH V UHSUH]LQWH
SXQFWXOILQDODOLVWRULHL6SD LXORFXSDWúLRUJDQL]DWGHEDUEDULQXPDL
HVWH XQ VSD LX WUDQVIRUPDW FDOLWDWLY vQ VHQV QHJDWLY SULQ DúH]DUHD
DFHVWRUD DúD FXP YHGHDP F VH vQWkPSO vQ RSHUHOH LVWRULFLORU
EL]DQWLQLÄ3RSRUXODOHV´QXPDLDUHFDUDFWHUXOGLVWUXJ WRUDOFHORUODO L
EDUEDUL3 PkQWXOSHFDUHVHDúD] SRSRUXOSULYLOHJLDWGHILHFDUHDXWRU
D EHQHILFLDW vQ WUHFXW GH R PDL HYLGHQW VDX PDL VODE DPSUHQW
URPDQ DOHF UHLXUPHOHS VWUHD] vQF GHúLXQHRULPXOWGLPLQXDWH
'LQWUHDFHVWHP UFLURPDQHFHOHPDLGHVHDP VXQWRUDúHOHFXWRWFH
LQH GH VSHFLILFXO YLH LL XUEDQH 3HQWUX ,RUGDQHV RUDúHOH VXQW R
FDUDFWHULVWLF D VSD LXOXL JUHFRURPDQ úL QXPDL D OXL &KLDU GDF vQ
WLPSXO VHMXUXOXL ORU vQ 'DFLD JR LL GLVSXQ GH PDL PXO L ILORVRIL QX
DSDU QLFLRGDW PHQ LRQDWH RUDúH FDUH V LOXVWUH]H vQDOWXO QLYHO GH
FLYLOL]D LH SH FDUH vQY WXULOH DFHVWRUD ODU IL DGXV DFHVWXL SRSRU
6LQJXUHOH RUDúH GLQ DFHDVW ]RQ VXQW FHOH JUHFHúWL GLQ 3RQW

%HGD9HQHUDELOLVRSFLW9

6X]DQQH 7HLOOHW 'HV *RWKV j OD QDWLRQ JRWKLTXH /HV RULJLQHV GH
O
LGpHGHQDWLRQHQ2FFLGHQWGX9HDX9,,HVLqFOH3DULVS

$VXSUD VHPQLILFD LHL PDL GHJUDE SURSDJDQGLVWLFH D UHVSHFWLYXOXL
IUDJPHQW GLQ ,RUGDQHV FDUH vL SRDWH SXQH VXE VHPQXO vQWUHE ULL YDORDUHD GH
VXUV FDUH V SHUPLW UHFRQVWLWXLUHD QLYHOXOXL FXOWXUDO DO JH LORU D VH YHGHD
=RH 3HWUH ¬ SURSRV GHV VRXUFHV GH -RUGDQHV *HWLFD HW vQ
Ä(WXGHVG
KLVWRULRJUDSKLH´VRXVODGLUHFWLRQGH/XFLDQ%RLD%XFDUHVW
S

FRQIUXQWDWHFXEDUEDULDQHDPXULORUVFLWLFH/DVXGGH'XQ UHúLVSUH
DSXV RUDúHOH VXQW R SUH]HQ FRQVWDQW &RQVWDQWLQRSROXO HVWH
FRQVLGHUDW R FKLQWHVHQ D P UH LHL LPSHULDOH D F UXL FRQWHPSODUH vO
IDFHSH$WKDQDULFV UHFXQRDVF XPLOF vPS UDWXOFDUHVW SkQHúWHXQ
DVHPHQHDRUDúWUHEXLHV ILHXQ]HXSHS PkQW
/D *ULJRUH GLQ 7RXUV vQWkOQLP DFHHDúL GLKRWRPLH VSD LX EDUEDU
VSD LX URPDQ DFHVWD GLQ XUP ILLQG GH DVHPHQHD LQGLYLGXDOL]DW SULQ
P UFLOH FHOH PDL FDUDFWHULVWLFH GDWH GH RUDúH (OHPHQWH DOH YLH LL
VSHFLILFHXQXLVSD LXXUEDQL]DWDXVXSUDYLH XLWWRWXúLvQWLPSXOVW SkQLULL
IUDQFHEDFKLDUXQLLUHJLSXQvQRSHU XQSURJUDPHGLOLWDUGHWLSURPDQ
FRQVWUXLQG SUHFXP &KLOSHULF FLUFXUL SHQWUX GHVI úXUDUHD GH MRFXUL OD
3DULVúL6RLVVRQVFHHDFHQXHVWHQLFLSHGHSDUWHXQVLPSOXFDSULFLXDO
UHJHOXLIUDQFDúDFXPDUVXJHUDHSLVFRSXOGH7RXUVFLRPRGDOLWDWHGH
F XWDUHDOHJLWLPLW LLGHWLSURPDQ$FHVWHRUDúHVXQWLQGLYLGXDOL]DWH
XQHRULSULQSUH]HQ DXQRUHOHPHQWHHGLOLWDUHVSHFLILFHGDUvQYL]LXQHD
DFHVWXLDXWRUHOHPHQWXOFDUHLQGLYLGXDOL]HD] FHOPDLELQHXQRUDúHVWH
HSLVFRSXO DFHVWXLD ÌQ RSHUD OXL *ULJRUH ÄRPXO VILQ HúWH ORFXO´ OD
SURSULXF FLvQWLPSXOGLVWUXJ WRDUHLLQYD]LLDOXL$WWLODUH]LVW ]LGXULOH
DFHORU RUDúH FDUH EHQHILFLD] GH XQ LQWHUFHVRU HILFLHQW SUHFXP
$QQLDQXVHSLVFRSXOGH2UOHDQV
3HQWUX ,VLGRU GLQ 6HYLOOD 6SDQLD HVWH XQ VSD LX SULYLOHJLDW GLQ
FDUH HO IDFH QX GRDU FHQWUXO OXPLL VDOH FL DO vQWUHJXOXL V X XQLYHUV
6FULHULOH OXL FRQWXUHD] LPDJLQHD XQHL UL ELQHFXYkQWDWH UHJLQ D
SURYLQFLLORU úL VXUV GH OXPLQ SHQWUX WRW UHVWXO OXPLL FLYLOL]DWH
$FHDVW H[FHOHQ D 6SDQLHL FDUH SULQ vQ]HVWU ULOH VDOH QDWXUDOH VH
GLVWLQJH ÄvQWUH WRDWH ULOH VHP QDWH GH 'RPQXO SH S PkQW´ QX HVWH
SXV FX DGHY UDW vQ OXPLQ GHFkW GH F WUH JR L 3ULQ DúH]DUHD ORU vQ
SHQLQVXO DVLVW P OD XQ GXEOX SURFHV LHúLUHD ORU GHILQLWLY GLQ VIHUD
EDUEDULHL úL FRQVWLWXLUHD XQXL RUJDQLVP SROLWLF GXUDELO vQ FDUH SULQ
VWUkQJHUHD OHJ WXULL FX S PkQWXO UHJHOH GRPQHúWH HIHFWLY SHVWH XQ

,RUGDQHVRSFLW9

,ELGHP9

* 'DJURQ 1DLVVDQFH G
XQH FDSLWDOH &RQVWDQWLQRSOH HW VHV
LQVWLWXWLRQVGHj3DULVS

*UHJRULXV7XURQHQVLVRSFLW,,

,ELGHP

UHJQXP úL QX GRDU SHVWH R JHQV FD SkQ DWXQFL 3H GH DOW SDUWH
6SDQLD GHYHQLW UHJDW JRW UHSURGXFH OD VFDU PDL PLF WRDWH
FDUDFWHULVWLFLOH VSD LXOXL LPSHULDO vQWUH FDUH XQD GLQ FHOH PDL
LPSRUWDQWHHVWHGHDDYHDJUDQL HIHUPHúLELQHGHILQLWH
ùL OD %HGD VSD LXO SRDUW DPSUHQWD EDUEDULHL VDX D FLYLOL]D LHL
OHJDW LQGLVROXELO GH DFWLYLWDWHD HGLOLWDU GH VRUJLQWH URPDQ GDU VH
PDLDGDXJ XQHOHPHQWFDUHFRQIHU YDORDUHúLFDUHHVWHFHOUHOLJLRV
2UDúHOHúL]LGXULOHORUVXQWHOHPHQWHFDUHGLVWLQJWHULWRULXOVW SkQLWGH
URPDQL GH FHO U PDV vQ VHDPD EDUEDULORU úL FDUH VXSUDYLH XLHVF
UHWUDJHULLOHJLXQLORUXQHRULvQIRUP IL]LF DOWHRULFDVLPSOHGHQXPLUL
FXP DU IL $G PXUXP 5HF GHUHD vQ EDUEDULH D LQVXOHL SRDWH IL
FRQVLGHUDW vQFKHLDW vQ PRPHQWXO vQ FDUH EULWRQLL LQFDSDELOL V PDL
DVLJXUHDS UDUHDRUDúHORUVHUHWUDJGLQDFHVWHVLPEROXULDOHFXOWXULLvQ
SOLQ QDWXU UHIXJLLQGXVH vQ S GXUL úL vQ SHúWHUL WUDQVIRUPDWH vQ
SXQFWH GH UH]LVWHQ vQ FDOHD LQYDGDWRULORU 'XS FUHúWLQDUHD LQVXOHL
GH F WUH PLVLXQHD OXL $XJXVWLQ OD VIkUúLWXO VHFROXOXL 9, VSD LXO HVWH
ULWPDWGHELVHULFLVLQJXUHOHHGLILFLLSXEOLFHULGLFDWHvQDFHDVW SHULRDG
vQYHFKLOHRUDúHSUHFXP/RQGUD5RFKHVWHU&DQWHUEXU\,PSRUWDQ D
IDFWRUXOXL UHOLJLRV vQ HYDOXDUHD FDOLW LL RDPHQLORU úL D ORFXULORU VH
UHOHY vQ VLWXD LD DPELJX D ,UODQGHL 6SD LX DO EDUEDULHL DL F UHL
ORFXLWRULVXQWEDUEDULHWUXVWLFL+LEHUQLDHVWHGLQWUXQDQXPLWSXQFW
GHYHGHUHPDLFLYLOL]DW GHFkW%ULWDQLDGHRDUHFHVHGRYHGHúWHDILXQ
H[SRUWDWRUGHVILQ LúLGHFUHúWLQLVPLDUP Q VWLULOHVDOHVXQWF XWDWHGH
FOHULFLLDQJORVD[RQLSHQWUXVWXGLLUHOLJLRDVHúLDVFH]
/D 3DXO 'LDFRQXO HVWH PDL HYLGHQW FD RULXQGH GHV YkUúLUHD
HFKLYDO ULLvQWUHVSD LXOFLYLOL]DWúLVSD LXOFUHúWLQ6SD LXOUHLQWHJUDWvQ
VIHUDFLYLOL]D LHLSULQGRPQLLDGXF WRDUHGHSDFHúLEHOúXJHVWHULWPDW
GH SDODWHOH GDU PDL DOHV ELVHULFLOH ULGLFDWH GH UHJL úL UHJLQH úL GXS
H[HPSOXODFHVWRUDGHGXFLúLVR LLOHORU(GLILFLXOFHOPDLLPSRUWDQWvQ
YL]LXQHD OXL 3DXO HVWH ELVHULFD GHGLFDW 6IkQWXOXL ,RDQ %RWH] WRUXO
FRQVWUXLW OD 0RQ]D GH UHJLQD 7HRGROLQGD úL FDUH DúD FXP VSXQHD

65H\GHOOHWRSFLWS;9

%HGD9HQHUDELOXORSFLW,,,

,ELGHP,

,ELGHP,;;9,

,ELGHP,,,

,ELGHP,,,

SURIH LD XUPD V L SURWHMH]H SH ORQJREDU]L FkW YUHPH DYHD V ILH
vQJULMLW GHDFHúWLD
ÌQ %L]DQ XO úL vQ 2FFLGHQWXO vQFHSXWXOXL GH (Y 0HGLX JHRJUDILD
SRDWH H[SOLFD LVWRULD úL SROLWLFD VSD LXO HVWH vQ JHQHUDO RUGRQDW úL
LHUDUKL]DW GXS FULWHULL FDUH QX VXQW QDWXUDOH FL FXOWXUDOH %DUEDULD úL
FLYLOL]D LD VXQW VHSDUDWH GH OLQLL GH GHPDUFD LH ÄSDOSDELOH´ DP SXWHD
VSXQHvQWHULWRULX&DUDFWHULVWLFLOHVSD LXOXLvQDIDU GHGDWHOHQDWXUDOH
QX VXQW LPXDELOH úL DF LXQHD DQWURSLF WUDQVILJXUHD] ORFXULOH
vQFDGUkQGXOH vQWUR FDWHJRULH VDX DOWD 5ROXO VSD LXOXL HVWH PDL
LPSRUWDQW SHQWUX RFFLGHQWDOL GHRDUHFH DFHVWD FRQVWLWXLH XQ HOHPHQW
HVHQ LDO DO VLQWH]HL RSHUDWH SULQ FDUH UHJHOH úL QHDPXO V X SRW SULQ
VHGHQWDUL]DUH úL DGRSWDUHD PRGHOXOXL URPDQ V DLE vQ ILQDO R SDWULH
'DUúLODEL]DQWLQLFRQRWD LLOHLGHRORJLFHDOHVSD LXOXLPDLDOHVDOHFHOXL
XUEDQúLvQFDGUXODFHVWXLDDOHVSD LXOXLSULYLOHJLDWDOFDSLWDOHLH[SULP
XQ DGHY UDW SURJUDP SROLWLF DO XQXL LPSHULX FDUH VH FUHGH GDF QX
FRH[WHQVLYXQLYHUVXOXLFHOSX LQFHQWUXOQHFRQWHVWDWDODFHVWXLXQLYHUV

6SD LXOIHXGDO

3H P VXUD FRQVROLG ULL VWUXFWXULORU VSHFLILFH (YXOXL 0HGLX
LPDJLQHDVSD LXOXLVHPRGLILF GHúLDFHDVWDHVWHJUHXGHLGHQWLILFDWSH
ED]DWH[WHORUGHHSRF SX LQHúLDOX]LYH5HSUH]HQW ULOHRFFLGHQWDOH
GHYLQ GLQ FH vQ FH PDL GLIHULWH GH FHOH EL]DQWLQH U PDVH vQ SRILGD
HYROX LLORUQRWDELOHGHVWXOGHWULEXWDUHPRGHOHORUDQWHULRDUH
&HHDFHU PkQHFRQVWDQWHVWHPRGXOGHDIDFHGLVWLQF LDvQWUHXQ
FHQWUXFLYLOL]DWFDUHDFXPHVWHFHODOFUHúWLQ W LLúLRSHULIHULHU PDV
EDUEDU V OEDWLF S JkQ 3HQWUXDFHDVW FUHúWLQ WDWHGH LQ WRDUHD
DGHY UXOXL DEVROXW vQWUXFkW HUD WUDQVFHQGHQW QX SUHD FRQWD FHHD FH
H[LVWD vQ DIDUD HL úL XQLYHUVXO IL]LF DYHD R VHPQLILFD LH VLPEROLF úL
WHRORJLF 6H FUHGHD F OD QRUG H[LVW JKH XUL YHúQLFH OD VXG F OGXUL
LQVXSRUWDELOH OD YHVW XQ RFHDQ GH QHFXSULQV LDU OD HVW ]LGXUL GH
QHWUHFXW vPSLHGLFDX UHY UVDUHD VSUH FUHúWLQ WDWH D DSRFDOLSWLFHORU

3DXO'LDFUHRSFLW9

-DFTXHV 3DXO +LVWRLUH LQWHOOHFWXHOOH GH O¶2FFLGHQW PpGLpYDO 3DULV
$UPDQG&ROLQS

3HWHU%URZQ/¶(VVRUGXFKULVWLDQLVPHRFFLGHQWDOS

SRSRDUH DOH OXL *RJ úL 0DJRJ 3H GH DOW SDUWH SHQWUX RPXO
PHGLHYDOPDLLPSRUWDQW GHFkWGLIHUHQ DGLQWUHFHQWUXúLPDUJLQLVDX
GLQWUH SXQFWHOH FDUGLQDOH SDUH V IL IRVW FHD GLQWUH MRV úL VXV GLQWUH
OXPHD VXEOXQDU SLHULWRDUH WHUHVWU S F WRDV úL FHUXO XQGH VH DIO
'XPQH]HX
&HQWUXO DFHVWHL OXPL FUHúWLQH QX HVWH GHWHUPLQDW FX FHUWLWXGLQH
RGDW SHQWUXWRWGHDXQDHOSRDWHYDULDvQIXQF LHGHDXWRUGHHSRF GH
]RQDvQFDUHHVWHIRUPXODW RDQXPLW GHVFULHUHDVSD LXOXL7RWXúLXQ
DQXPLWFRQVHQVSDUHV VHILLQVWDODWvQSHULRDGD(YXOXL0HGLXFHQWUDO
FHO SX LQ GLQ SXQFWXO GH YHGHUH DO K U LORU 5HSUH]HQW ULOHJUDILFHDOH
OXPLLFXQRVFXWHI FHDXDSHOODDúDQXPLWHOH©K U LvQ7ªFDUHSXQHDX
vQFHQWUXOXQLYHUVXOXL,HUXVDOLPXOLDUvQMXUXOOXLRUJDQL]DXI U SUHD
PXOW SUHRFXSDUHSHQWUXUHSURGXFHUHDUHDOLW LLS U LOHúWLXWHSHDWXQFL
GLQ(XURSD$VLDúL$IULFD2EVHUYD LLOHQXI FHDXGHFkWV vQW UHDVF
UHSUH]HQWDUHD VLPEROLF vQ HSLVFRSXO IUDQF $UFXOI D Y ]XW OD
,HUXVDOLPXQVWkOSFDUHQXDYHDXPEU ÌQORFV GHGXF SUHFXPDP
IDFH QRL F HUD DPLD] HO D J VLW vQ DFHVW IDSW FRQILUPDUHD F
,HUXVDOLPXOHVWHFHQWUXOOXPLL
3 PkQWXO HVWH URWXQG ÄFD XQ P U´ GXS FXP VSXQHD *RVVXLQ
GLQ 0HW] FRQWHPSRUDQ FX 7RPD G¶$TXLQR GDU HUD UHSUH]HQWDW vQ
JHQHUDO FD R WLSVLH 6SD LXO FXQRVFXW FkW GH UHGXV HUD DFHVWD HUD
vQFRQMXUDW GH DSHOH RFHDQXOXL OD UkQGXO V X Y ]XW FD XQ GRPHQLX DO
LPDJLQDUXOXLSOLQGHSHULFROHúLSRSXODWFXPRQúWUL
6SD LXO RFFLGHQWDO DO (YXOXL 0HGLX FODVLF HVWH SXWHUQLF PDUFDW
SH GH R SDUWH GH FDUDFWHULVWLFLOH PHGLXOXL QDWXUDO LDU SH GH DOWD GH
VWUXFWXULOH VRFLDOH SXVH vQ VFHQ &X GHF GHUHD VWUXFWXULORU URPDQH

-HDQ3DXO 5RX[ /HV H[SORUDWHXUV DX 0R\HQ $JH 3DULV )D\DUG
S

-DFTXHV /H *RII &HQWUX3HULIHULH vQ Ä'LF LRQDU WHPDWLF DO (YXOXL
0HGLXRFFLGHQWDO´S

,ELGHPS

-HDQ3DXO5RX[RSFLWS

-HDQ )DYLHU 0DULOH GHVFRSHULUL GH OD $OH[DQGUX 0DFHGRQ OD
0DJHOODQ%XFXUHúWL(GLWXUD$UWHPLVIDS

3HQWUX LPDJLQDUXO ILLQ HORU PRQVWUXRDVH D VH YHGHD /XFLDQ %RLD
(QWUH O¶DQJH HW OD ErWH /H P\WKH GH O¶KRPPH GLIIpUHQW GH O¶$QWLTXLWp j QRV
MRXUV3DULV3ORQ

FkPSXULOHFXOWLYDWHDXGDWvQDSRLvQID DS GXULORUFDUHUHSUH]LQW vQ
FHDPDLPDUHSDUWHD(YXOXL0HGLXHOHPHQWXOGRPLQDQWDOSHLVDMXOXL
RFFLGHQWDO6DWHOHúLRUDúHOHDSDUODPDUJLQHDS GXULORUVDXFKLDUvQ
SRLHQLO UJLWHSULQGHIULúDUHFHHDFHFRQIHU S GXULLXQUROHVHQ LDOGDU
úLDPELJXXvQLPDJLQDUXORDPHQLORUPHGLHYDOLVLWXkQGXVHvQSUHOXQ
JLUHDRJRDUHORUVDOHGDUUHSUH]HQWkQGúLGRPHQLXOVSDLPHORUVDOH
3 GXUHDHVWHRVXUV GHKUDQ GDWRULW FXOHVXOXLúLYkQ WRULLvQ
HD SRW IL FUHVFXWH DQLPDOHOH SUHFXP SRUFLL O VD L V SDVF DSURDSH
OLEHULvQWXUPH3 GXUHDHVWHvQV úLXQSRWHQ LDOSHULFRO'UXPXULOH
FDUH R VWU EDW VXQW GHSDUWH GH D IL VLJXUH S GXULOH ILLQG EkQWXLWH GH
WkOKDUL GLQ FDUH LPDJLQD LD SRSXODU D I FXW XQHRUL KDLGXFL SUHFXP
WRYDU úLL OXL 5RELQ +RRG FHúL DYHDX V ODúHOH vQ E WUkQD S GXUH
6KHUZRRG 'LQFROR GH DFHVW SHULFRO UHDO S GXUHD GHYLQH vQ RSHUHOH
OLWHUDUHPDLDOHVvQURPDQHOHFDYDOHUHúWLVSD LXIDQWDVWLFúLRQLULFÌQ
HD FDYDOHULL SRW vQWkOQL ILLQ H PDOHILFH SUHFXP YU MLWRUL SLWLFL XULDúL
VDX F SF XQL ILLQ H FX GLIRUPLW L IL]LFH WULPL kQG OD R XUk HQLH
PRUDO FXFDUHWUHEXLHV OXSWHúLvPSRWULYDYU MLORUF URUDWUHEXLHV
VHDSHUH$FHVWHILLQ HvúLDXV ODúHSHP VXU vQFDVWHOHDOH©vQWkP
SO ULORUFLXGDWHªVDXDOH©UHOHLDYHQWXULª7RWvQS GXUHVXQWvQWkOQLWH
úL FUHDWXUL DPELJXH SUHFXP ]kQHOH FDUHL vPELH SH PXULWRUL FX
GUDJRVWHDORUvQDYHQWXULVIkUúLWHPDLWRWGHDXQDSURVWSHQWUXFDYDOHUXO
FHWUHFHSHVWHYUHRLQWHUGLF LHSXV GHFUHDWXUDVXSUDQDWXUDO GHVFKLGH
RXú FHWUHEXLDV U PkQ vQFKLV vLDUGHKDLQHOHHWF&DYDOHULLSRW
vQWkOQL vQ S GXUH úL ILLQ H UHDOH QX PDL SX LQ VHGXF WRDUH SUHFXP
GRPQLúRDUHOHDF URUSUH]HQ vQVWU IXQGXOvQWLQGHULORUvPS GXULWHQX
HVWHvQWRWGHDXQDH[SOLFDW GDUFDUHWUHEXLHVDOYDWHGLQPkLQLOHYUHXQRU
SHUVRQDMHQHJDWLYH
2 DOW FDUDFWHULVWLF DWULEXLW S GXULL PHGLHYDOH HVWH OLSVD GH
GUXPXUL úL GH DúH] UL FDUH R IDFH HFKLYDOHQWXO SXVWLXOXL RULHQWDO (D

3KLOLSSH &RQWDPLQH 0DUF %RPSDLUH 6WpSKDQH /HEHFT -HDQ/XF
6DUUD]LQ/¶pFRQRPLHPpGLpYDOH3DULV$UPDQG&ROLQS

-DFTXHV /H *RII 3XVWLD S GXUH vQ 2FFLGHQWXO PHGLHYDO vQ
Ä,PDJLQDUXOPHGLHYDO´%XFXUHúWL(GLWXUD0HULGLDQHS

3KLOLSSH &RQWDPLQH 0DUF %RPSDLUH 6WpSKDQH /HEHFT -HDQ/XF
6DUUD]LQRSFLWS

-DFTXHV/H*RII0LUDFXORVXOvQÄ'LF LRQDUWHPDWLFDO(YXOXL0HGLX
RFFLGHQWDO´S

SRDWHDVWIHOGHYHQLFXXúXULQ XQORFDOSHQLWHQ HLDOPLVLXQLL'LQ
DFHDVW FDX] SHP VXU FHPRGHOXOPRQDVWLFVHLPSXQHvQ2FFLGHQW
P Q VWLULOH vQFHS V ILH FRQVWUXLWH GHSDUWH GH RUDúH vQ SOLQ S GXUH
GDWRULW GRULQ HLF OXJ ULORUGHDIXJLGHOXPHúLDVHUHIXJLDvQSXVWLH
'H UHJXO P Q VWLUHD QX U PkQH PXOW YUHPH L]RODW GHRDUHFH
SUH]HQ D F OXJ ULORU DWUDJH GXS VLQH vQWHPHLHUHD GH DúH] UL UXUDOH
0 Q VWLUHDFDUHSULQUHIXJLXOvQS GXUHVHYRLDvQFKLV ID GHOXPH
HVWH REOLJDW V VH GHVFKLG VSUH H[WHULRU &LVWHUFLHQLL DX IRVW SULQWUH
SURPRWRULL LPSRUWDQ L DL vPEOkQ]LULL S GXULORU PHGLHYDOH SULQ
GHIULú ULOH úL RUJDQL]DUHD VSD LXOXL SH FDUH OHDX DGXV FX HL 'DU SULQ
OXDUHDVXEFRQWUROXOORUDS GXULORUFLVWHUFLHQLLUHXúHVFPDLELQHGHFkW
DO LLFHHDFHvúLSURSXQHDPLúFDUHDPRQDVWLF RFFLGHQWDO FUHúWLQDUHD
vQSURIXQ]LPHDORFXLWRULORU]RQHORUUXUDOH
'LQFROR GH S GXUH VH J VHúWH VDWXO FHDODOW FRPSRQHQW
HVHQ LDO D SHLVDMXOXL RFFLGHQWDO vQ (YXO 0HGLX &RPXQLW LOH XPDQH
VHIL[HD] GHILQLWLYvQMXUXOELVHULFLLúLDOFLPLWLUXOXLVDXDOFDVWHOXOXL
vQPDUHFkQGYDvQWUHVHFROHOH9,,,;3URFHVXOGHQXPLWÄvQFDVWHODUH´
VDXÄvQFHOXODUH´SXQHFDS WvQ2FFLGHQWXQHLvQGHOXQJDWHSHULRDGHvQ
FDUH DúH] ULOH XPDQH vúL VFKLPEDX ORFXO GXS R DQXPLW SHULRDG GH
WLPS GDWRULW HSXL] ULL S PkQWXOXL SULQWUR DJULFXOWXU H[WHQVLY
6DWHOH PHGLHYDOH VXQW GH PLFL GLPHQVLXQL DYkQG FkWHYD ]HFL GH
IDPLOLLvQFD]XULOHIHULFLWHFDUHORFXLHVFvQFDVHPLFLXQGHRDPHQLLúL
DQLPDOHOHvPSDUWDGHVHDDFHODúLVSD LX$FHVWHFDVHFHOPDLDGHVHDFX
RVLQJXU vQF SHUHFRQVWUXLWHGLQOHPQDGHVHDI U IRORVLUHDILHUXOXL
vQF JUHXGHSURFXUDWUDUHRULFXHOHPHQWHGHSLDWU úLGRDUvQ]RQHOH
XQGH DFHDVWD GLQ XUP HVWH DEXQGHQW VXQW JUXSDWH vQ MXUXO XQRU
FHQWUH VLPEROLFH DOH VDWXOXL )kQWkQD úL VS O WRULD HVHQ LDOH SHQWUX
DFWLYLW LOH IHPHLORU ILHU ULD úL FkUFLXPD XQGH SXWHDX IL vQWkOQL L
E UED LL vQ U JD]XULOH O VDWH GH PXQFLOH FkPSXOXL WRDWH VXQW UHSHUH
LPSRUWDQWH vQ UHDOLWDWHD GDU úL vQ VLPEROLVWLFD VDWXOXL PHGLHYDO

-DFTXHV3DXO+LVWRLUHLQWHOOHFWXHOOHGHO¶2FFLGHQWPpGLpYDOS

-DFTXHV %HUOLR] 6DLQW %HUQDUG OH VROGDW GH 'LHX vQ Ä0RLQHV HW
UHOLJLHX[DX0R\HQ$JH´HG-%HUOLR]3DULV6HXLOS

5REHUW )RVVLHU 3 PkQWXO vQ Ä'LF LRQDU WHPDWLF DO (YXOXL 0HGLX
RFFLGHQWDO´S

-pU{PH%DVFKHW/DFLYLOLVDWLRQIpRGDOHS

5REHUW)RVVLHURSFLWS

$FHVWD HVWH UHSUH]HQWDW GH FDVWHO VLWXDW SH R vQ O LPH SHQWUX D
UHSUH]HQWDXQSXQFWGHDS UDUHvQID DSHULFROHORUH[WHUQHGDUúLSHQWUX
DGRPLQDúLH[SORDWDVDWXOVLWXDWvQYDOH

&DVWHOXO

6SUHGHRVHELUHGHORFXLQ HOH UDQLORUDF URUGHVWLQD LHHVWHvQ
SULPXOUkQGXQDXWLOLWDU FDVWHOXOVHVXSXQHPDLDOHVXQRUQHFHVLW LGH
GRPLQD LHVLPEROLF SXWHUQLFLLDYkQGQHYRLHV ILHY ]X LúLWHPX LúL
DSRLXQRUDPLOLWDUH
ÌQ SHULRDGD FDUH D XUPDW GHVWU P ULL LPSHULXOXL FDUROLQJLDQ
GDWRULW GHOHJ ULL DWULEXWHORU UHJDOH XQRU vQDO L IXQF LRQDUL FDUH
DF LRQHD] vQWHULWRULXúLSULQJHQHUDOL]DUHDLPXQLW LLFDUHG PDULORU
SURSULHWDUL IXQFLDUL GUHSWXO GH D vPS U L GUHSWDWHD úL GH D VWUkQJH
LPSR]LWHOHI U DPHVWHFXODJHQ LORUSXWHULLFHQWUDOHDXWRULWDWHDSROLWLF
D vQFHSXW V ILH H[HUFLWDW OD QLYHOXO XQRU HQWLW L SROLWLFH PDL UHV
WUkQVH $FHVWHD VXQW LQL LDO GH WLSXO UHJDWHORU úL SULQFLSDWHORU
DQVDPEOXUL WHULWRULDOH FRQGXVH GH GXFL FRPL L VDX PDUFKL]L 2GDW
FX LQYD]LLOH YLNLQJLORU úL DOH XQJXULORU FDUH IDF QHFHVDU DS UDUHDFX
IRU H ORFDOH GDWRULW LPSRVLELOLW LL GH D UHDF LRQD vQ FDUH VH J VHúWH
UHJDOLWDWHD DFHDVW I UkPL DUH D DXWRULW LL FRQWLQX &D DWDUH vQ
VHFROXO DO ;OHD HQWLWDWHD DXWRQRP GH ED] HVWH VHQLRULD LDU DFHDVW
VLWXD LHVHYDSHUSHWXDSkQ vQVHFROXODO;,,,OHDFkQGSXWHUHDUHJDO
vúLUHFDS W SUHURJDWLYHOH
6HQLRULD UHJUXSHD] FkWHYD VDWH DUH R vQWLQGHUH GH FkWHYD VXWH
VDXPLLGHKHFWDUHúLFXSULQGHORFXLWRULDVXSUDF URUDPDUHOHSURSULHWDU
GHS PkQWH[HUFLW GUHSWXULOHFDUHDSDU LQHDXRGLQLRDU UHJDOLW LLVDX
PDULORU SULQFLSL DO WXUL GH FHOH FDUH vL VXQW FRQIHULWH GH VW SkQLUHD
DVXSUDGRPHQLXOXLV X6LPEROXODFHVWHLSXWHULHFRQRPLFHSROLWLFHúL
PLOLWDUHDVHQLRUXOXLHVWHFDVWHOXO
6LWXDWSHORFXOFXFHDPDLEXQ SR]L LHVWUDWHJLF GHSHGRPHQLX
UHPLQLVFHQ DUROXOXLV XGHDS UDUHvPSRWULYDLQYD]LLORUHOVHPQLILF

0DULH&ODLUH$PRXUHWWL*HRUJHV&RPHW+RPPHVHWWHFKQLTXHVGH
O¶$QWLTXLWpjOD5HQDLVVDQFH3DULV$UPDQG&ROLQS

0LFKHO 5RXFKH /HV UDFLQHV GH O¶(XURSH /HV VRFLpWpV GX +DXW
0R\HQÆJH3DULV)D\DUGSVTY

SURWHF LDSHFDUHVHQLRUXOFDVWHODQXORDVLJXU FHORUFHLVXQWVXSXúL
,QL LDO HUDX UHDOL]DWH GLQ OHPQ SH R vQW ULWXU ©PRWW ª QDWXUDO VDX
DUWLILFLDO vQFRQMXUDWH GH úDQ XUL úL SDOLVDGH ,DW FXP GHVFULH XQ
WH[W GH HSRF ELRJUDILD HSLVFRSXOXL -HDQ GH 7KpURXDQQH GLQ SULPD
WUHLPHDVHFROXOXLDO;,,OHDXQDVWIHOGHFDVWHOGLQWURSHULRDG UHODWLY
WLPSXULHÄ2DPHQLLFHLPDLERJD LúLPDLQRELOLGLQ LQXWDXRELFHLXOV
vQJU P GHDVF S PkQW I FkQG GLQ HO XQ FROQLF FkW PDL vQDOW FX
SXWLQ V VDSH vQ MXUXO OXL XQ úDQ FkW PDL ODW úL IRDUWH DGkQF V
vQW UHDVF DFHO FROQLF FX R SDOLVDG GH SDUL vQFKHLD L ]GUDY Q
DG XJkQG LQFLQWHL úL WXUQXUL GH VXQW vQ VWDUH V ULGLFH vQO XQWUXO
vPSUHMPXLULLFKLDUvQPLMORFRFDV FDUHLRIRUW UHD VHPH LW SHVWH
WRWFHLvQMXUODDF UHLSRDUW VHDMXQJHGRDUWUHFkQGRSXQWH´
&X WUHFHUHD WLPSXOXL FDVWHOXO HVWH ULGLFDW GLQ SLDWU HOHPHQWXO
V XRULJLQDUHVWHXQWXUQvQW ULWGRQMRQXODO WXULGHFDUHVDXDG XJDW
PDL DSRL DOWH HOHPHQWH GH FRQVWUXF LH $S UDW GH ]LGXUL SXWHUQLFH
FUHQHODWHvQLQWHULRUXOF URUDV VHSRDW UHIXJLDODQHYRLHúLORFXLWRULL
GLQ vPSUHMXULPL FDVWHOXO HVWH IUHFYHQW vQFRQMXUDW GH XQ úDQ FX DS
WUDYHUVDW GRDU GH XQ SRG PRELO FDUH vQ FD] GH SULPHMGLH VH SXWHD
ULGLFD RSULQG DFFHVXO GLQVSUH H[WHULRU 5ROXO V X SUHGRPLQDQW
GHIHQVLY HVWH LOXVWUDW GH SUH]HQ D XQHL IRU H PLOLWDUH DOF WXLW ILH GLQ
YDVDOL vQWUH LQX L OD FXUWH ILH GLQ ILL DL YDVDOLORU FDUH vúL GHV YkUúHVF
SUHJ WLUHD vQWUDOH DUPHORU VXE REO GXLUHD VHQLRUXOXL JDUDQWkQGXL
FDVWHODQXOXLVHFXULWDWHDIL]LF GDUúLVXSHULRULWDWHDVLPEROLF
$OF WXLUHD LQWHULRDU D FDVWHOXOXL QX HVWH SUHD FRPSOLFDW HO
FXSULQ]kQGORFXLQ DVHQLRUXOXLúLDIDPLOLHLVDOHXQHRULRFDSHO GLIHULWH
GHSHQGLQ H /RFXLQ D VHQLRUXOXL FXSULQGH FHO PDL DGHVHD R PDUH VDO
FHQWUDO FDUH J ]GXLHúWH YLD D VRFLDO D FDVWHOXOXL PHVHOH FRPXQH
DGXQ ULúHGLQ HGHMXGHFDW SHWUHFHULúLDOWHFkWHYDvQF SHULFXIXQF LD
GHGRUPLWRDUHFRPXQH2G LOHIHPHLORUGLQIDPLOLHúLDOHFRSLLORUVXQW

5LFKp 3LHUUH *XLOOHPDLQ %HUQDUG )DYLHU-HDQ 0RULQHDX 0LFKHO
3LOORUJHW 6X]DQQH ,VWRULD XQLYHUVDO YRO ,, 'H OD (YXO 0HGLX OD 6HFROXO
/XPLQLORU/DURXVVH%XFXUHúWLS

3KLOLSSH $ULqV *HRUJHV 'XE\ FRRUG ,VWRULD YLH LL SULYDWH
%XFXUHúWL(GLWXUD0HULGLDQHYROS

*HRUJHV 'XE\ 6LWXDWLRQ GH OD QREOHVVH HQ )UDQFH DX GpEXW GX
;,,,H VLqFOH vQ ,GHP Ä/D VRFLpWp FKHYDOHUHVTXH´ )ODPPDULRQ 3DULV
S

VLWXDWHODHWDMÌQF SHULOHVXQWUHFLúLvQWXQHFRDVHvQF O]LUHDvQ]LOHOHUHFL
GH LDUQ FRQVWLWXLH R SUREOHP vQWUXFkW VLVWHPXO HYDFX ULL IXPXOXL VH
SHUIHF LRQHD] WUHSWDWGHFLúHPLQHXULOHDSDUUHODWLYWkU]LXSRDWHGHSULQ
VHFROXO DO ;,,OHD 7RFPDL GH DFHHD SHQWUX D S VWUD FkW PDL ELQH
F OGXUD RE LQXW FX JUHXWDWH IHUHVWUHOH HUDX PLFL *HDPXULOH DX DS UXW
PDL WkU]LX DúD F IHUHVWUHOH DYHDX REORDQH GH OHPQ úL HYHQWXDO
SXWHDXILDFRSHULWHFXSHUJDPHQWKkUWLHE úLFLGHDQLPDOH,OXPLQDWXO
FRQVWLWXLDGHDVHPHQHDRSUREOHP ODGLVSR]L LDRDPHQLORUPHGLHYDOL
VWkQG OXPkQ ULOH GH FHDU RUL GH VHX RSDL HOH O PSLOH FX XOHL
'HFRUD LXQLOHLQWHULRDUHVXQWUHSUH]HQWDWHPDLDOHVGHWDSLVHULLúLEO QXUL
D F URU ERJ LH WUHEXLH V GHPRQVWUH]H WXWXURU SXWHUHD SRVHVRUXOXL
%RJ LD PHVHORU OD FDUH VH VHUYHVF IHOXUL GH PkQFDUH ED]DWH SH FDUQH
IRORVLQGGLQEHOúXJFRQGLPHQWH±P UIXULUDUHDGXVHFXPDULFKHOWXLHOL
GLQ 2ULHQW FDUH FRQWUDVWHD] FX KUDQD IUXJDO D UDQLORU ± WUHEXLH V
DUDWH IRDUWH FODU VWDWXWXO VRFLDO DO VHQLRUXOXL GLQ FDVWHO ,DW VSUH
H[HPSOLILFDUHGHVFULHUHDXQXLRVS GLQWUXQDVWIHOGHFDVWHOSUH]HQWDW
vQWUXQURPDQPHGLHYDO'HVLJXUSRDWHF QXHVWHRGHVFULHUHUHDOLVW
GDU FKLDU úL FD SURLHF LH LGHDO HVWH LQWHUHVDQW DU WkQG FDUH HUDX
UHSUH]HQW ULOHUHIHULWRDUHODRSXOHQ DFDWHJRULLORUSULYLOHJLDWH
ÄùLGHVLJXUQLPLFQXOLSVHDGLQFHLSULHúWHXQXLWUXSGHE UEDW
FHOH PDL DOHVH PkQF UL FX FDUQH ERERFL GH JkVF FODSRQL IULS L OD
IULJDUHJ LQLOHEHGHS XQLSRWkUQLFKLID]DQLEkWODQLEXKDLGHEDOW
WRWVRLXOGHYkQDWFHUELORS WDULPLVWUH LF SULRDUHLHSXULSHúWHGLQ
EHOúXJ QLVHWUL VRPRQL FDPEXOH LSDUL GH PDUH UkQGXQLFL URúLL GH
PDUHPRUXQLFDOFDQLEDUEXQLEDULVDXOXSLGHPDUHOLPE GHPDUH
SO WLFL VFUXPELL JUDVH PHUODQL GXUGXOLL KHULQJL SURDVSH L WRDWH
VRVXULOH FHOH PDL SLFDQWH FRQGLPHQWDWH FX SLSHU FX FDPHOLQ FX
]HDP GH DJXULG FXP úL vQ PXOWH DOWH FKLSXUL úWLXFL úL FKLúFDUL vQ
JHODWLQ LSDULúLWXUWXUHOHSDWHXULPLLGHIHOXULGHSU MLWXULúLSO FLQWH
WDUWHU VWXUQDWHI JXUHOHUXORXULFXIULúF EUkQ]RDLFHWDUWHRELúQXLWH
WXUW GXOFH FUHSLQH GDULROH FXFUHP FO WLWHFRO XQDúLYLQXULOHFHOH

0DULH&ODLUH$PRXUHWWL*HRUJHV&RPHW+RPPHVHWWHFKQLTXHVGH
O¶$QWLTXLWpjOD5HQDLVVDQFHS

5DGX 0DQROHVFX 6RFLHWDWHD IHXGDO vQ (XURSD $SXVHDQ
%XFXUHúWL(GLWXUDùWLLQ LILF S

-HDQ0DULH3HVH]&DVWHOXOvQÄ'LF LRQDUWHPDWLFDO(YXOXL0HGLX
RFFLGHQWDO´S

PDL GH VRL YLQ FX DUGHL YLQ FX JKLPELU YLQ FX IORUL YLQ SRUILULX
QHJUXFXJXVWGHLVRS«DWkWDYLQvQFkWDUILIRVWGHDMXQVV XPSOH
FXHOXQKHOHúWHX´
'HDVHPHQHDKDLQHOHGLQPDWHULDOHVFXPSHFXSRGRDEHVWU OX
FLWRDUH FH VXQW SXUWDWH GH RFXSDQ LL FDVWHOXOXL DX GDUXO GH D LOXVWUD
SULQWUXQOX[RVWHQWDWLYLPSRUWDQ DVHQLRUXOXLúLDYDVDOLORUV LID GH
FHLODO L RDPHQL &HL SXWHUQLFL SRDUW VWUDLH YLX FRORUDWH FX DVSHFW
OXPLQRVUH]LVWHQWODWUHFHUHDWLPSXOXLVSUHGHRVHELUHGHKDLQHOHWHUQH
DOHFHORUVXERUGRQD L
3ODVDWFXPDPPDLVSXVFHOPDLDGHVHDSHRvQ O LPHFDVWHOXO
UHDPLQWHúWHúLvQDFHVWIHOVXSHULRULWDWHDVHQLRUXOXLDVXSUD UDQLORUGH
SH GRPHQLXO V X 'LQ SR]L LD VD GH VW SkQ DO S PkQWXOXL GHFXUJH
GUHSWXO GH D SUHWLQGH UDQLORU FRUYH]L SHQWUX vQWUH LQHUHD ]LGXULORU
úDQ XOXLVDXSXUúLVLPSOXSHQWUXFXOWLYDUHDS PkQWXOXLVHQLRUXOXLGH
D OH VWDELOL REOLJD LL vQ QDWXU úL vQ EDQL /H LPSXQH SODWD XQRU WD[H
YDULDWH GDF GRUHVF V EHQHILFLH]H GH PRúWHQLUH GUHSWXO GH PkQ
PRDUW SHQWUX D VH SXWHD F V WRUL vQ DIDUD GRPHQLXOXL SHQWUX DúL
YLQGH EXQXULOH 6W SkQXO FDVWHOXOXL vL REOLJ SH ORFXLWRULL GH SH
GRPHQLXO V X V IRORVHDVF vQ VFKLPEXO XQRU WD[H GRDU PRDUD
FXSWRUXOWHDVFXOGHVWRUVVWUXJXULVDXSUHVDSHQWUXXOHLFDUHvLDSDU LQ
DúDQXPLWHOHPRQRSROXULVHQLRULDOH
&DVWHOXO VLPEROL]HD] vQV úL YHFKLOH GUHSWXUL UHJDOH vQWUH FDUH
SHUFHSHUHDY PLLSHQWUXQHJR XOGHVI úXUDWvQFXSULQVXOGRPHQLXOXLúL
vPS U LUHD GUHSW LL ÌQ VDOD FHD PDUH D FDVWHOXOXL SH SDMLúWHD GLQ
DSURSLHUHD DFHVWXLD SH PRYLOD PRWWD DEDQGRQDW SHQWUX ULGLFDUHD
XQXL QRX FDVWHO vúL GHVI úRDU DFWLYLWDWHD WULEXQDOXO XQGH VHQLRUXO
DVLVWDW GH YDVDOLL V L vQ YLUWXWHD REOLJD LHL DFHVWRUD GH DL GD VIDW úL
DMXWRU MXGHF SULFLQLOH FHL VXQW DGXVH vQDLQWH úL KRW U úWH SHGHS
VHOH 'H FHOH PDL PXOWH RUL HVWH YRUED GHVSUH DPHQ]L F FL
vPS U LUHDMXVWL LHLWUHEXLHV DGXF úLYHQLWXULGDUWHPQL DFDVWHOXOXL

5RPDQHOH PHVHL URWXQGH vQ SUHOXFUDUHD PRGHUQ D OXL -DFTXHV
%RXODQJHUWUDGURP$XUHO7LWD%XFXUHúWL(GLWXUD8QLYHUVS

0LFKHO 3DVWXUHDX 2 LVWRULH VLPEROLF D (YXOXL 0HGLX RFFLGHQWDO
&KLúLQ X(GLWXUD&DUWLHUS

0DUF%ORFK/DVRFLpWpIpRGDOH3DULV$OELQ0LFKHOS

-HDQ0DULH3HVH]&DVWHOXOvQÄ'LF LRQDUWHPDWLFDO(YXOXL0HGLX
RFFLGHQWDO´S

XQHRUL VSkQ]XU WRDUHD úL VWkOSXO LQIDPLHL VXQW HOHPHQWH FDUH DGXF vQ
SHUPDQHQ DPLQWHGHSXWHUHDVHQLRUXOXL
&HQWUXOYLH LLUHOLJLRDVHHVWHOHJDWúLHOGHFDVWHOXOVHQLRULDOF FL
SULPHOH DúH] PLQWH UHOLJLRDVH DS UXWH vQ PHGLXO UXUDO RFFLGHQWDO DX
IRVWILHFDSHOHOHULGLFDWHLQL LDOSHQWUXVHQLRUúLIDPLOLDVDILHELVHULFL
FRQVWUXLWHGLQLQL LDWLYDDFHVWXLDSHS PkQWXOFDUHvLDSDU LQHDúLSHDL
F UXLSUHR LvLFRQWURODFDSHRULFDUHGLQúHUELLV L
ÌQWURHSRF GHI UkPL DUHIHXGDO YLD DVSLULWXDO VHGHVI úRDU úL
HDODQLYHOXOXQRUHQWLW LPDLUHVWUkQVHDVWIHOvQFkWFDVWHOXOFUHHD] úL
XQ WLS VSHFLILF GH FXOWXU GHILQLW vQ MXUXO LGHLL GH ©FXUWRD]LHª
* ]GXLQG GHD YDOPD OD PRGXO SURSULX FXP VSXQHDP PDL VXV F FL
vQF SHULOH LQGLYLGXDOH VXQW R LQYHQ LH PXOW PDL WkU]LH IDPLOLD VHQLR
UXOXLVOXMLWRULLDFHVWXLDWLQHULLYDVDOLFDUHDXGHYHQLWVDXVHSUHJ WHVFV
GHYLQ FDYDOHUL FDVWHOXO DWUDJH VSHFLDOLúWLL vQ GLYHUWLVPHQW DL HSRFLL
SHQWUX D DPX]D SH FHL GH DFROR úL D VDWLVIDFH QHYRLD GH SUHVWLJLX D
VW SkQXOXL8QHRULPHQHVWUHOLVDXMRQJOHULFDUHFkQW SRH]LLOHFUHDWHGH
WUXEDGXULúLWUXYHULDOWHRULFUHDWRULHLvQúLúLGHRSHUHOLWHUDUHúLPX]LFDOH
VDOWLPEDQFL úL P VF ULFL VXQW SULPL L OD FDVWHO SHQWUX D FkQWD
JHQHUR]LWDWHDúLYLWHMLDVHQLRUXOXLSHQWUXDLOXVWUDVWU OXFLUHDFXU LLVDOH
3RH]LD OLULF VDX URPDQXO FDYDOHUHVF VXQW FUHD LLOH OLWHUDUH FDUH vúL
GDWRUHD] H[LVWHQ D DFHVWXL WLS GH VRFLHWDWH DJUHJDW vQ MXUXO FDVWHOXOXL
VHQLRULDO FDUH VH GRYHGHúWH QX GRDU FHQWUXO XQHL SXWHUL SROLWLFH úL
PLOLWDUHFLúLDOXQHLDVSLULWXDOHFHúLLPSXQHOXPLLGLQDIDU SURSULLOH
YDORULúLPRGHOH&DVWHOHOHVXQWFDGUXOvQFDUHVHGHVI úRDU DYHQWXULOH
FDYDOHULORUúLWRWDLFLVXQWSODVDWHDFHOH©WULEXQDOHDOHGUDJRVWHLªPHQLWH
V HODERUH]HRFD]XLVWLF DPRURDV IRDUWHHODERUDW

2UDúXO

2UDúXOHVWHRFUHD LHPHGLHYDO FDUHDSDUHRGDW FXSURJUHVHOHGLQ
DJULFXOWXU GDUúLGLQFRPHU úLPHúWHúXJXULvQFHSkQGFXVHFROHOH,;;
'RFXPHQWHOHQHSHUPLWV VXUSULQGHPSURFHVXODSDUL LHLDFHVWRUQRL
IRUPH GH RUJDQL]DUH UHFHSWDWH SULQ OHJ WXUD ORU FX R DXWRULWDWH SROLWLF

*HRUJHV'XE\(YXO0HGLXPDVFXOLQ%XFXUHúWL(GLWXUD0HULGLDQH
S

3KLOLSSH$ULqV*HRUJHV'XE\FRRUG,VWRULDYLH LLSULYDWHYRO

-/DILWWH+RXVVDW7URXEDGXUVHWFRXUVGCDPRXU3DULV38)

SUHH[LVWHQW SHGHRSDUWHGDUúLFXDFWLYLW LHFRQRPLFHVSHFLILFHSHGH
DOWD,DW GHH[HPSOXFXPSUH]HQWDGHRPDQLHU FRQGHQVDW úLSUREDELO
úL SDU LDO LPDJLQDU R DVWIHO GH VXUV DSDUL LD RUDúXOXL %UXJHV Ä'UHSW
XUPDUHSHQWUXQHYRLOHRDPHQLORUGLQIRUW UHD DXvQFHSXWV VRVHDVF
vQ ID D SRU LL OD LHúLUHD GLQ IRUW UHD QHJXVWRUL DGLF YkQ] WRUL GH
P UIXUL VFXPSH DSRL FkUFLXPDUL DSRL KDQJLL SHQWUX KUDQD úL J ]GXLUHD
FHORUFDUHDYHDXWUHEXULFXVHQLRUXODIODWDGHVHDDFRORúLDODFHORUDFDUH
ULGLFDXFDVHúLSUHJ WHDXORFXLQ HSHQWUXRDPHQLLFDUHQXSULPLVHU vQF
vQJ GXLQ D GH D VH DúH]D vQ LQWHULRUXO IRUW UH HL ([SUHVLD ORU HUD Ä6
PHUJHPODSRG´/RFXLWRULLVSRULU vQWUDWkWvQFkWDOXDWQDúWHUHXQRUDú
GHVHDP FDUHSkQ DVW ]LS VWUHD] QXPHOHV XvQJUDLSRSXODUGHSRG
F FLEUXJJKHvQVHDPQ SRGvQJUDLSRSXODU´
6SD LXO XUEDQ vúL DUH UHJXOLOH SURSULL úL SURSULLOH VLVWHPH
LPDJLQDUH úL LGHRORJLFH SURSXVH úL FKLDU LPSXVH GH FOHULFL LQWHOHF
WXDOLSUHGLFDWRULDUWLúWLPHFHQD L5HJXOLOHXUEDQH LQGHVLVWHPHOH
GH DXWRJXYHUQDUH GREkQGLWH vQ WLPS GH DXWRQRPLD RE LQXW SH FDOHD
OXSWHORUFRPXQDOHGDUúLGHVSLULWXOFRPXQLWDUFDUHVDGH]YROWDWvQWUH
]LGXULOHVDOH
8Q RUDú VH SRDWH GHILQL vQ SULPXO UkQG GLQ SXQFW GH YHGHUH
HFRQRPLF SULQ IXQF LLOH VDOH PHúWHúXJ UHúWL FRPHUFLDOH úL SULQ vQDOWD
GLYL]LXQHDPXQFLLvQWUHORFXLWRULLV L3HGHDOW SDUWHIRDUWHLPSRUWDQW
HVWHúLGHILQLUHDMXULGLF DRUDúXOXLSHED]DVWDWXWXOXLSULYLOHJLDWSHFDUHvO
DX ORFXLWRULL V L $FHVWD GLQ XUP SHUPLWH RUDúXOXL V vúL PDUFKH]H
VSHFLILFLWDWHD SULQ ]LGXUL GH DS UDUH SULYLOHJLX FDUH vL PDUFKHD]
LQGHSHQGHQ DFDUHvLVXEOLQLD] FDSDFLWDWHDGHDUH]LVWDvQID DDJUHVRULORU
H[WHUQLúLGHDVHGHRVHELGHOXPHDUXUDO vQFRQMXU WRDUH$FHDVW OXPH
UXUDO HVWHDFFHSWDW vQWUH]LGXULvQFRQGL LLVWULFWUHJOHPHQWDWHSULQFHOH

5LGLFDW GH FRQWHOH )ODQGUHL %DOGXLQ , vQ D GRXD MXP WDWH D
VHFROXOXLDO,;OHD

5DGX0DQROHVFXFRRUG2UDúXOPHGLHYDO&XOHJHUHGHGRFXPHQWH
%XFXUHúWLS

RFFLGHQWDO´S

5REHUW%DUWOHWW7KH0DNLQJRI(XURSH&RQTXHVW&RORQL]DWLRQDQG
&XOWXUDO&KDQJH/RQGRQ3HQJXLQS

*HRUJHV -HKHO 3KLOLSSH 5DFLQHW /D YLOOH PpGLpYDOH 'H O¶2FFLGHQW
FKUpWLHQjO¶2ULHQWPXVXOPDQ9H;9HVLqFOH3DULV$UPDQG&ROLQS

FkWHYDSRU LVXSUDYHJKHDWHSHQWUXDQXPLWHSHULRDGHGHWLPS±vQVSHFLDO
SHQWUXWkUJXULúLSLH H3HGHDOW SDUWH UDQLLVXQW LQX LODGLVWDQ IL]LF
úLVLPEROLFI U V OLVHSHUPLW DúH]DUHDvQWUH]LGXULúLGUHSWXULOHDIHUHQWH
DHUXORUDúXOXLWHIDFHOLEHUHUDXQGLFWRQJHUPDQúLVXQWH[SORDWD LGH
FRPXQLWDWHD XUEDQ FDUH VH FRPSRUW ID GH VDWHOH GLQ KLQWHUODQG FD R
©VHQLRULHXUEDQ FROHFWLY ª
6HQWLPHQWXOGHVXSHULRULWDWHSHFDUHvOPDQLIHVW RU úHQLLID GH
UDQLVHOHJLWLPHD] XQHRULúLSULQOHJHQGHOHGHvQWHPHLHUHPHQLWHV
LQVHUH]HXUEHDvQGXUDWDOXQJ úLV SXQ ED]HOHXQXLSDWULRWLVPXUEDQ
LQVWUXPHQWDW vQ FD] GH QHYRLH )RDUWH DGHVHD PLWXULOH GH RULJLQH IDF
DSHO OD SHULRDGD $QWLFKLW LL SUHFXP FHO FDUH SXQH vQ OHJ WXU
vQWHPHLHUHD 3DULVXOXL FX DFWLYLWDWHD OXL 3DULV ILXO OXL 3ULDP HURXO
WURLDQ $OWHRUL HOHPHQWHOH GH OHJLWLPLWDWH VXQW F XWDWH vQ SHULRDGD
GH vQFHSXW D FUHúWLQLVPXOXL VILQ LL ILLQG WUDQVIRUPD L vQ SDWURQL DL
RUDúXOXL úL OHJD L vQ PRG GLUHFW GH GHVWLQXO H[WUDRUGLQDU DO DFHVWXLD
DúDFXPVDvQWkPSODWFX6IkQWXO0DUFXúLFX9HQH LD
3HQWUX FHL FH DX DYXW SULYLOHJLXO V ILHFHW HQLDLRUDúXOXLDVWIHO
GHILQLW úL LQVHUDW vQWUR LVWRULH vQGHOXQJDW úL JORULRDV YLD D VH
GHVI úRDU vQFRQGL LLQXvQWRWGHDXQDGHLQYLGLDW&DVHOHVXQWvQJKHVXLWH
F FL VSD LXO HVWH SX LQ úL VFXPS DFHVWHD VXQW ULGLFDWH SH vQ O LPH GLQ
OHPQODvQFHSXWúLPDLDSRLGDWRULW ULVFXULORUGHLQFHQGLLvQFHvQFH
PDL IUHFYHQW GLQ SLDWU 6WU ]LOH VXQW vQJXVWH úL vQWRUWRFKHDWH F FL
RUDúHOHPHGLHYDOHVSUHGHRVHELUHGHFHOHURPDQHVDXGH]YROWDWvQOLSVD
RULF URUSODQXULXUEDQLVWLFH2UDúHOHSRWDYHDXQXOVDXPDLPXOWHFHQWUH
VLPEROLFHUHSUH]HQWDWHGHSLD DSXEOLF XQGHVHDIO VHGLLOHLQVWLWX LLORU
GHDXWRJXYHUQDUHvQWUHFDUHSULP ULDúLFDVDVIDWXOXLGDUúLGHFDWHGUDO
6HGLXO HSLVFRSXOXL ELVHULFD FDWHGUDO HVWH XQLF vQ RUDú úL UHSUH]LQW
UH]XOWDWXO HIRUWXOXL vQWUHJLL FRPXQLW L FDUH SULQ FRQVWUXLUHD HL G
P VXUDIRU HLúLFRH]LXQLLVDOH&RQVWUXF LDFDWHGUDOHORUJRWLFHDGXUDWvQ
XQHOH FD]XUL PDL PXOWH VXWH GH DQL HOH ILLQG vQV HOHPHQWHOH
DUKLWHFWXUDOHGHILQLWRULLSHQWUXRUDúHOHPHGLHYDOH

5DGX0DQROHVFX2UDúXOPHGLHYDO%XFXUHúWL(GLWXUD8QLYHULVW LL
%XFXUHúWL

*HRUJHV-HKHO3KLOLSSH5DFLQHWRSFLWS

3HQWUXVSHFLILFLWDWHDFDWHGUDOHLPHGLHYDOHDVHYHGHD$ODLQ(UODQGH
%UDQGHQEXUJ&DWHGUDOD%XFXUHúWL(GLWXUD0HULGLDQH

'DF VSD LXO UXUDO HVWH PDUFDW GH DPSUHQWD IHXGDO D FDVWHOXOXL
VSD LXO XUEDQ SRDWH IL SXV VXE VHPQXO ]LGXULORU LQFLQWD XUEDQ HVWH
HPEOHPD RUDúXOXL GDU GH OD H[LVWHQ D HL FDUH WUDQVIRUP DúH]DUHD vQ
EXUJ vúL LDX QXPHOH úL ORFXLWRULL EXUJKH]LL 'H DVHPHQHD RUDúHOH
VXQWGHILQLWHSULQUROXOFDWHGUDOHLDOLQVWLWX LLORUGHDXWRJXYHUQDUHVDXDO
SUH]HQ HLPRQDUKLFH5HJLLúLvPS UD LLvúLVWDELOHVFFDSLWDOHOHvQRUDúH
FDUHSRDUW DPSUHQWDGRPLQD LHLGLQSDUWHDSXWHULLSROLWLFHH[SULPDW vQ
FO GLUL DOH SDODWHORU DOH FDSHOHORU DOH WULEXQDOHORU UHJDOH 2UDúH
SUHFXP3DULV/RQGUD6HYLOODVDXPDLWkU]LX0DGULGXO3UDJDDXHYROXDW
vQPRGVSHFLILFGDWRULW IXQF LHLGHUHúHGLQ HUHJDOHVDXLPSHULDOH
6SD LXO XUEDQ PHGLHYDO VH GHILQHúWH DVWIHO OD LQWHUVHF LD GLQWUH
UHDOLWDWHúLLPDJLQDUGLQWUHFRQFUHWXOYLH LLGHILHFDUH]LúLSURLHF LLOH
VLPEROLFH SULQ FDUH PHQWDOLWDWHD RDPHQLORU HSRFLL HVWH VWUXFWXUDW úL
GHILQLW

5HSUH]HQW ULDOHWLPSXOXL

(YXO 0HGLX GDWRUHD] FUHúWLQLVPXOXL R FRQFHS LH DVXSUD
WLPSXOXL PXOW GHRVHELW GH FHD DQWLF SH FDUH R FDUDFWHUL]D LGHHD
FLFOXULORU 3HQWUX DQWLFL WLPSXO HUD LPDJLQDW VXE IRUPD XQRU FLFOXUL
YkUVWHOH OD +HVLRG FDUH DX vQFHSXW R SHULRDG GH HYROX LH úL XQ
VIkUúLW)LHFDUHFLFOXHUDXUPDWGHXQDOWXODVHP Q WRUúLWRWXúLGLIHULW
FDOLWDWLYúLSRDWHúLFDQWLWDWLY
&UHúWLQLVPXO LPSXQH LGHHD XQXL WLPS OLQLDU FDUH DUH XQ VLQJXU
vQFHSXWúLXQXQLFVIkUúLW0RPHQWXOGHvQFHSXWHVWHPDUFDWGH)DFHUHD
OXPLLLDUVIkUúLWXOYDILUHSUH]HQWDWGH-XGHFDWDGH$SRL
&HD PDL EXQ LOXVWUDUH D FRQFHS LHL FUHúWLQH DVXSUD WLPSXOXL R
UHSUH]LQW FURQLFLOH XQLYHUVDOH &URQLFDULL VFULX SHQWUX D FRQVHUYD
DPLQWLUHDúLDLLQVWUXLSHFHLFHYLQGXS HLGDUFHHDFHYRUGHIDSWV
WUDQVPLW HVWH PXOW PDL LPSRUWDQW RPHQLUHD ILLQG I XULW GH

+HQUL3LUHQQH2UDúHOH(YXOXL0HGLX&OXM1DSRFD(GLWXUD'DFLD
S

RFFLGHQWDO´S

3HQWUX R DQDOL] D FURQLFLORU XQLYHUVDOH úL D XWLOL] ULL WUDPHL
WHPSRUDOH D VH YHGHD %ULDQ &URNH DQG $ODQD ( (PHWW HG +LVWRU\ DQG
+LVWRULDQVLQ/DWH$QWLTXLW\3HUJDPRQ3UHVV

'XPQH]HX FX XQ HO SUHFLV LVWRULD QX SRDWH GHFkW V vQI LúH]H
GLIHULWHOH HWDSH DOH SODQXOXL GLYLQLW LL & XWDUHD FDX]HORU HYHQL
PHQWHORU QXúL PDL DUH URVWXO GH YUHPH FH WRWXO VH VXSXQH XQLFHL
YRLQ HD&HOXLGH6XV)RUPDDFHVWRUFURQLFLFDUHvQFHSFX)DFHUHDúL
VH WHUPLQ FX HYHQLPHQWHOH FRQWHPSRUDQH DXWRUXOXL QX HVWH R VLPSO
vQúLUXLUH KDRWLF GH IDSWH I U FRHUHQ LQWHUQ SXVH DO WXUL GRDU GH
SDVLXQHD FROHF LRQDUXOXL GH LQVROLW &URQLFLOH DX GH IDSW R VWUXFWXU
RUJDQL]DW vQ MXUXO FkWRUYD SXQFWH QRGDOH )DFHUHD F GHUHD vQ S FDW
0RLVHúLPRQRWHLVPXOLXGDLFPRQDUKLDOXL$XJXVWXVúLLVWRULDFULVWLF
LPSHULXO OXL &RQVWDQWLQ F FL DFHVWHD VXQW HWDSH vQ GUXPXO RDPHQLORU
VSUH UHJ VLUHD XQHL SHUIHF LXQL LQL LDOH SLHUGXWH SULQ S FDWXO RULJLQDU
)DSWHOHVXQWVHOHFWDWHSHQWUXDSXQHPDLELQHvQOXPLQ DFHVWHHSLVRDGH
SULYLOHJLDWH úL SHQWUX D DWUDJH DWHQ LD DVXSUD vQO Q XLULL FURQRORJLFH D
HWDSHORUSODQXOXLOXL'XPQH]HXGHPkQWXLUHDRPHQLULL
3HQWUX FOHULFLL PHGLHYDOL FDUH GDX WRQXO vQ FHHD FH SULYHúWH
DWLWXGLQHD vQ ID D YLH LL úL D OXPLL HVWH YRUED GH XQ WLPS FX R RULHQWDUH
HVFKDWRORJLF HYLGHQW GDWRULW SUHRFXS ULLSHQWUXFHHDFHDUHOHJ WXU FX
VIkUúLWXO OXPLL úL -XGHFDWD GH $SRL ÌQ HYDOXDUHDDFHVWXLWLPSPRPHQWXO
GHFLVLYHVWHUHSUH]HQWDWGHÌQWUXSDUHD3DWLPLOHúLÌQYLHUHDOXL+ULVWRVFDUH
GDXVHQVvQWUHJLLLVWRULL6IkUúLWXOOXPLLGHVFULVvQDSRFDOLSVHYDDYHDORF
R VLQJXU GDW FDUH QX HVWH FXQRVFXW GHFkW GH 'XPQH]HX GHúL vQ
DQXPLWHPRPHQWHDSDUSURIH LFDUHRDQXQ FDLPLQHQW
6D YRUELW GHVSUH VSDLPHOH FDUH DU IL EkQWXLW 2FFLGHQWXO vQ
DSURSLHUHD DQXOXL FkQG VDU IL FUH]XW F VIkUúLWXO OXPLL VH
DSURSLH6HSDUHvQV F DQXODWUHFXWPDLGHJUDE QHREVHUYDW
SULQWUHDOWHOHúLILLQGF DQLLVHVRFRWHDXvQPRGXULYDULDWHSRUQLQGGH
OD)DFHUHDOXPLLVDXGHODvQFHSXWXOGRPQLHLGLIHUL LORUPRQDUKLDVWIHO
vQFkWSX LQ OXPHHUDFRQúWLHQW F VDVFXUVXQPLOHQLXGHODQDúWHUHD
OXL+ULVWRV
*HRUJHV 'XE\ DUDW F GLQ WRDW SURGXF LD LVWRULRJUDILF
PHGLHYDO GRDU vQWUR VLQJXU FURQLF D OXL 6LJHEHUW GH *HPEORX[

$QGUp9DXFKH]6SLULWXDOLWDWHD(YXOXL0HGLXRFFLGHQWDO%XFXUHúWL
(GLWXUD0HULGLDQHS

(FDWHULQD /XQJ ,VWRULFLL úL SROLWLFD OD vQFHSXWXULOH (XURSHL
PHGLHYDOHS

7HRULH H[SXV FX PXOW WDOHQW DYkQG GHFL XQ SHUVLVWHQW VXFFHV GH
F WUH+HQUL)RFLOORQ/¶DQPLO3DULV

FDUH VFULD SULQ VHFROXO DO ;,,OHD DQXO D IRVW PDUFDW GH
HYHQLPHQWH WUDJLFH $FHDVW YL]LXQH D IRVW SUHOXDW PDL WkU]LX vQ
VHFROXO DO ;9,OHD GH $QDOHOH GH OD +LUVDX FDUH VSXQHDX ÄÌQ DQXO
GH OD ÌQWUXSDUH YLROHQWH FXWUHPXUH GH S PkQW DX ]JXGXLW
vQWUHDJD (XURS GLVWUXJkQG SUHWXWLQGHQL P UH H úL VROLGH HGLILFLL ÌQ
DFHODúL DQ D DS UXW SH FHU R FRPHW vQIULFRú WRDUH 0XO L GLQWUH FHL
FDUHDXY ]XWRFUH]XU F DFHDVWDDQXQ ]LXDGLQXUP ´
0DL FRQúWLHQ L SDU V IL IRVW FOHULFLL GH DSURSLHUHD DQXOXL
SULOHMFXFDUHDXvQFHUFDWV LQFXOFHODLFLORUFRQúWLLQ DSURSULLORUS FDWH
úLQHYRLDGHSRF LQ vQYHGHUHDXQXLSRVLELOVIkUúLWDOOXPLL
'H DVHPHQHD vQ FkQG VH FHOHEUDX GH DQL GH OD
PRDUWHD úL ÌQYLHUHD 0kQWXLWRUXOXL vQ QRUGXO ,WDOLHL VD GHFODQúDW R
PLúFDUH SRSXODU DQLPDW GH SUHGLFDWRUL FDUH SURSRY GXLDX SDFHD úL
vQ HOHJHUHDvQWUHRDPHQLSRF LQ DúLLHUWDUHDUHFLSURF
Ä$OHOXLDF FLDúDDIRVWPDLDSRLQXPLWDFHVWDQDIRVWRYUHPH
GHOLQLúWHúLGHSDFHvQP VXUDvQFDUHDUPHOHDXIRVWvQWUXWRWXOSXVHGH
RSDUWHDIRVWRYUHPHGHEXFXULHúLIHULFLUHGHPXO XPLUHúLH[XOWDUH
GHODXG úLGHMXELODUH&DYDOHULúLSHGHúWULRU úHQLúL UDQLWLQHULúL
WLQHUHE WUkQLúLFRSLLWR LFkQWDXFDQWLFHúLODXGHGLYLQH´
ÌQ GLIHULWH DOWH PRPHQWH DOH LVWRULHL ORFXLWRULL 2FFLGHQWXOXL DX
FUH]XW F VIkUúLWXO OXPLL HVWH DSURDSH DWXQFL FkQG U ]ERDLHOH QX PDL
FRQWHQHDX FkQG IRDPHWHD ORYHD I U PLO FkQG DS UHDX HSLGHPLL
QHFUX WRDUH8QDVWIHOGHPRPHQWSDUHV ILIRVW0DUHD&LXP FDUHD
ORYLW2FFLGHQWXOFDPGLQXFLJkQGvQWUHXQVIHUWúLRWUHLPHGLQ
SRSXOD LH úL JHQHUkQG SVLKR]H FROHFWLYH FDUH FRQGXFHDX XQHRUL OD
LGHHDF DVRVLWVIkUúLWXOOXPLL
ÌQJHQHUDOELVHULFDDSUHGLFDWLGHHDXQXLVIkUúLWDSURSLDWDOOXPLL
vQWUXFkW SULQ PLMORFLUHD DFHVWHL LGHL SXWHD FRQWUROD PDL ELQH
FUHGLQFLRúLL FDUH HUDX vQGHPQD L V VH F LDVF úL V VH SOLH]H
H[LJHQ HORU VWDELOLWH GH LQVWLWX LD HFOH]LDVWLF 3H GH DOW SDUWH vQV
ELVHULFDRILFLDO DUHIX]DWV LQGLFHXQPRPHQWSUHFLVvQFDUHDYHDV

*HRUJHV'XE\$QXO,DúL(GLWXUD3ROLURPS

&URQLFD )UDWULV 6DOLPEHQH GH $GDP RUGLQLV 0LQRUXP 0*+ W
;;;,, HG 2 +ROGHU(JJHU +DQRYUD/HLS]LJ S DSXG
-DFTXHV 3DXO &XOWXUH HW YLH LQWHOOHFWXHOOH GDQV O¶2FFLGHQW PpGLpYDO 3DULV
$UPDQG&ROLQS

YLQ VIkUúLWXO OXPLL FRQúWLHQW GH GLILFXOW LOH GDW ULL DFHVWXL HYH
QLPHQW úL GRUQLF V PHQ LQ R VWDUH GH DúWHSWDUH WHQVLRQDW FDUH
IDYRUL]D UHFHSWDUHD PHVDMXOXL V X 'XS FXP DU WD 5HLQKDUW
.RVHOOHFNELVHULFDWUHEXLDV S VWUH]HPRQRSROXODVXSUDPRGXOXLGHD
FRQFHSH VIkUúLWXO OXPLL FDUH QX PDL VRVHúWH SHQWUX D VH VWDELOL]D HD
vQV úL VXE DPHQLQ DUHD XQXL VIkUúLW DO OXPLL SRVLELO úL vQ VSHUDQ D
3DUXVLHLDGRXDYHQLUHDOXL+ULVWRV
$úWHSW ULOHHVFKDWRORJLFHSUHVXSXQHDXGHFLRDGRXDYHQLUHDOXL
+ULVWRV SUHFHGDW GH FDWDFOLVPH QDWXUDOH Q Y OLULOH SRSRDUHORU OXL
*RJ úL 0DJRJ LQXWH SkQ DWXQFL SUL]RQLHUH XQGHYD vQ 2ULHQW úL
GRPQLD$QWLKULVWXOXL
Ä$QWLKULVW ILLQG GH QDWXU XPDQ YD IL vQ DFHODúL WLPS L]YRUXO
WXWXURUS FDWHORUILXOSLHU]DQLHLDGLF ILXO'LDYROXOXL1XSULQQDWXU
FL SULQ LPLWD LH SHQWUX F YD vQGHSOLQL vQWUXWRWXO YRLQ D 'LDYROXOXL
SHQWUXF YDGH LQHGHRPDQLHU FRUSRUDO WRWDOLWDWHDSXWHULLGLDYROHúWL
úL D RULF UXL VSLULW DO U XOXL úL SHQWUX F vQ HO YRU IL WRDWH FRPRULOH
DVFXQVHDOHU XW LLúLQHGUHSW LL´
$FHVW DQWLHURX DO VIkUúLWXOXL WLPSXULORU FUHúWLQH D GRPLQDW
LPDJLQDUXOPHGLHYDORFFLGHQWDOvQPRPHQWHFULWLFHDOHLVWRULHLSUHFXP
SHULRDGD FUXFLDGHORU VIkUúLWXO VHFROXOXL DO ;,,OHD FkQG D úL IRVW
LGHQWLILFDW GH XQLL FOHULFL FX vPS UDWXO )UHGHULF DO ,,OHD DIODW vQ
FRQIOLFW GHVFKLV FX SDSDOLWDWHD vQ YUHPHD 0DULL 6FKLVPH D ELVHULFLL
RFFLGHQWDOHFkQGILHFDUHGLQWUHSDSLHUDFDOLILFDWGHULYDOL
GUHSW$QWLKULVWÌQYUHPHD5HIRUPHLGLQVHFROXODO;9,OHDRULHQWDUHD
FDWROLF GDUúLFHDOXWKHUDQ DILUPDXF $QWLKULVWXOHVWHUHSUH]HQWDWGH
SHUVRQDMHGLQWDE UDULYDO
ÌQDIDUDRULHQW ULLHVFDWRORJLFHFRQFHS LDDVXSUDWLPSXOXLDDYXW
vQ (YXO 0HGLX úL R LPSRUWDQW FRPSRQHQW PLOHQDULVW $FHDVWD
UH]XOW GLQ LQWHUSUHWDUHD XQXL SDVDM GLQ $SRFDOLSVD OXL ,RDQ XQGH vQ
FDSLWROXOYHUVHWHOHúLVSXQF GXS SULPDvQYLHUHGLDYROXOYDIL

5HLQKDUW.RVHOOHF/HIXWXUSDVVp&RQWULEXWLRQjODVpPDQWLTXHGHV
WHPSVKLVWRULTXHVWUDGIU3DULV(+(66

$GVR 'HUYHQVLV 'H RUWX HW WHPSRUH $QWLFKULVWL HG ' 9HUKHOVW
7XUQKRXWSDSXG-DFTXHV3DXO&XOWXUHHWYLHLQWHOOHFWXHOOHGDQV
O¶2FFLGHQWPpGLpYDO3DULV$UPDQG&ROLQS

-pU{PH%DVFKHWRSFLWS

,ELGHPS

vQO Q XLWúLYDvQFHSHvPS U LDOXL+ULVWRVFDUHYDGRPQLvPSUHXQ FX
FHL GUHS L SHQWUX GH DQL PLOOHQLXP úL DSRL YD XUPD FHD GHD
GRXDvQYLHUHúL-XGHFDWDGH$SRL
Ä$SRL DP Y ]XW XQ vQJHU SRJRUkQGXVH GLQ FHU DYkQG FKHLD
$GkQFXULORUúLXQODQ PDUHvQPkQDOXLùLSULQ%DODXUXOSHùDUSHOH
FHOYHFKL±FDUHHVWHGLDYROXOúL6DWDQD±úLODOHJDWSHRPLHGHDQLùL
ODDUXQFDWvQDGkQFúLODvQFKLVúLODSHFHWOXLWGHDVXSUDOXLSHQWUXFD
V QX PDL DP JHDVF SRSRDUHOH SkQ VH YRU VIkUúL FHL R PLH GH DQL
'XS DFHHDWUHEXLHV ILHGH]OHJDWFkW YDYUHPH
ùLFkQGVHYRUVIkUúLFHLRPLHGHDQL6DWDQDYDILGH]OHJDWGLQ
vQFKLVRDUHD OXL ùL YD LHúL V DP JHDVF QHDPXULOH FDUH VXQW vQ FHOH
SDWUX FRO XUL DOH S PkQWXOXL SH *RJ úL SH 0DJRJ úL V OH DGXQH OD
U ]ERLLDUQXP UXOORUHVWHFDQLVLSXOP ULL´$SRFDOLSVD;;
'HFL GXS WUHFHUHD FHORU GH DQL GH SDFH U XO YD LQYDGD
OXPHDúLYDvQFHSHRHSRF GHIU PkQW UL
,QWHUSUHWDUHDFHORUGHDQLGHSDFHDLFHOHLGHDGRXDYHQLUL
D OXL +ULVWRV HUD SHQWUX PLOHQDULúWL XQD OLWHUDO vQ YUHPH FH ELVHULFD
RILFLDO RFRQVLGHUDvQVHQVVLPEROLFGUHSWRSHULRDG QHGHILQLW VDX
FDUHDúLDYXWORFRGDW FXvQYLHUHDOXL,LVXV8QHOHWHQGLQ HPLOHQDULVWH
DX IRVW DFFHSWDWH GH LGHRORJLD RILFLDO vQ 2FFLGHQW FD úL vQ %L]DQ
QXPDL F DFHVWHD HUDX WHPSHUDWH GH SHUVSHFWLYD PDL vQGHS UWDW D
3DUXVLHL /D %L]DQ DúWHSW ULOH PLOHQDULVWH DX IRVW UHODWLY SXWHUQLFH
PDL DOHV vQ VHFROHOH ;;, GHRDUHFH vQ DFHD YUHPH FLUFXOD OHJHQGD
XOWLPXOXLvPS UDW$FHVWDDUILXUPDWV FRQYHUWHDVF OXPHDvQWUHDJ OD
FUHúWLQLVP V LQVWDXUH]H R SDFH XQLYHUVDO GXS FDUH XUFkQG SH
*ROJRWDDYHDV GHSXQ FRURDQDODSLFLRDUHOHFUXFLLPRPHQWFHXUPD
V LQDXJXUH]H D GRXD YHQLUH D OXL +ULVWRV &HO PDL DGHVHD vQV
PLúF ULOHPLOHQDULVWHDXDYXWRvQF UF WXU FRQWHVWDWDU XWRSLDFHORUR
PLHGHDQLGHSDFHúLHJDOLWDWHGHV YkUúLW vQWUHRDPHQLFRQWUDVWkQGFX
WHQVLXQLOHúLLQHJDOLW LOHVRFLHW LLUHDOH
2LPSRUWDQ GHRVHELW vQFRQWXUDUHDLGHLORUPLOHQDULVWHDXDYXWR
VFULHULOHOXL*LDFFRPRGD)LRUHPRUWvQDLF URUGLVFLSROLDXIRVW

*HRUJHV'XE\$QXOS

6LPRQD 1LFRDU 2 LVWRULH D VHFXODUL] ULL 'H OD &HWDWHD OXL
'XPQH]HX OD FHWDWHD RDPHQLORU VHF ;,9;9,,, &OXM1DSRFD (GLWXUD
$FFHQWS

QXPL LPDLWkU]LXLRDFKLPLúWL(OFRQVLGHUDF LVWRULDXPDQ VHvPSDUWHvQ
WUHL HSRFL vQ SULPD GLQWUH HOH VLWXDW VXE VHPQXO 7DW OXL VH SODVDX
HYHQLPHQWHOH QDUDWH vQ 9HFKLXO 7HVWDPHQW ÌQ D GRXD D )LXOXL VH
GHVI úXUDXIDSWHOHGLQ1RXO7HVWDPHQWúLGHDVHPHQHDH[LVWHQ DSUH]HQW
DXPDQLW LL&HDGHDWUHLDHSRF D6IkQWXOXL'XKXUPDV ILHFHDvQFDUH
XPDQLWDWHD YD DMXQJH OD SOHQLWXGLQHD UHYHOD LHL GLYLQH &KLDU GDF GD
)LRUHQXDSXVvQPRGGLUHFWHSRFD6IkQWXOXL'XKvQOHJ WXU FXPLOHQLXO
XUPDúLLV LDXVWDELOLWFRUHVSRQGHQ DúLDFHVWHLGHLDXLQVSLUDWQXPHURDVH
PLúF ULGHFRQWHVWDUHDELVHULFLLRILFLDOHvQQXPHOHXQHLELVHULFLVSLULWXDOH
SXVHVXEFRQGXFHUHDGLUHFW D6IkQWXOXL'XK
8Q SXQFW FXOPLQDQW vQ LVWRULD PLOHQDULVPXOXL PHGLHYDO OD
FRQVWLWXLW PLúFDUHD KXVLW VXE IRUPD HL UDGLFDO UHSUH]HQWDW GH
WDERUL LÌQDFHúWLDDILUPDXF PRGXOORUGHRUJDQL]DUHLQVSLUDW
GLQ FUHúWLQLVPXO SULPLWLY úL FDUH SUHVXSXQHD HJDOLWDWHD WXWXURU úL
FRPXQLWDWHD EXQXULORU UHSUH]LQW R WUDQVSXQHUH WHUHVWU D LGHDOXOXL
PLHL GH DQL D vPS U LHL OXL +ULVWRV ÌQFHUFDUHD GH D LPSXQH FX IRU D
DFHVWH LGHL GHVILLQ DUHD VHUYLWX LORU IHXGDOH VHFXODUL]DUHD DYHULORU
ELVHULFHúWL GDU úL GH]RUJDQL]DUHD FRPXQLW LORU WUDGL LRQDOH LDX
vQGHS UWDWvQFHOHGLQXUP SHFRQWHPSRUDQLGHFRQFHS LLOHWDERULWHúL
DFHúWLDDXIRVWvQIUkQ LvQOXSWDFXFDOL[WLQLLPRGHUD L
6H SRDWH REVHUYD GHFL IHOXO vQ FDUH vQ GHILQLUHD UHOLJLRDV D
WLPSXOXL VH vQIUXQW GRX FRQFHS LL RSXVH &HD D ELVHULFLL RILFLDOH
SUHVXSXQH DúWHSWDUHD XQXL VIkUúLW DO OXPLL LPLQHQW GDU I FXW I U
vQFHWDUH V vQWkU]LH FHHD FH DVLJXU vQ FHOH GLQ XUP VWDELOLWDWHD
SUH]HQWXOXLRUJDQL]DWúLFRQWURODWGHF WUHELVHULFDLQVWLWX LRQDOL]DW
&RQFHS LD PLOHQDULVW DGDXJ R D WUHLD HSRF YkUVWHORU GHILQLWH GH
9HFKLXO úL 1RXO 7HVWDPHQW úL GHVFKLGH R SHUVSHFWLY LVWRULF QRX
DVXSUDYLLWRUXOXL
ÌQFHHDFHSULYHúWHUDSRUWXULOHvQWUHWUHFXWSUH]HQWúLYLLWRU(YXO
0HGLXHVWHGHDVHPHQHDLQIOXHQ DWGHLGHLOHFUHúWLQH7UHFXWXOSDUHV
ILHWLPSXOFHOPDLYDORUL]DWvQWUXFkWDWXQFLVDXSHWUHFXWHYHQLPHQWHOH

+HQUL 3LUHQQH $XJXVWLQ 5HQDXGHW (GRXDUG 3HUUR\ 0DUFHO
+DQGHOVPDQ /RXLV +DOSKHQ /D ILQ GX 0R\HQ ÆJH /D GpVDJUpJDWLRQ GX
PRQGHPpGLpYDOYRO,3DULV38)S

2DQDOL] GHWDOLDW DGHILQLULLHFOH]LDVWLFHDWLPSXOXLSRDWHILJ VLW
OD5HLQKDUW.RVHOOHFNRSFLW

FDSLWDOH DOH )DFHULL /XPLL ÌQWUXS ULL 3DWLPLORU úL ÌQYLHULL 'H
DVHPHQHDFOHULFLLúLDO WXULGHHLvQWUHDJDVRFLHWDWHFRQVLGHUDXF WRDWH
HOHPHQWHOH HVHQ LDOH SHQWUX VRFLHWDWHD RPHQHDVF DX IRVW VWDELOLWH vQ
WUHFXW DVWIHO F LQRYD LD QX HVWH GRDU LQXWLO GDU úL SHULFXORDV HD
SXWkQGUHSUH]HQWDRLQWHUYHQ LHGLDYROHDVF 'HDLFLGHFXUJHSHGHR
SDUWHUHVSHFWXOSHQWUXDXWRULW LFDUHvLIDFHSHPXO LRDPHQLFXOWLYD L
DL(YXOXL0HGLXGHUHJXO DSDU LQkQGFOHUXOXLV VHPXO XPHDVF V
FRSLH]H GLQ OXFU ULOH DQWLFLORU 3H GH DOW SDUWH RULFH LQRYD LH HVWH
SUH]HQWDW FD R vQWRDUFHUH OD WUHFXW úL OD YDORULOH DXWHQWLFH SH FDUH
RDPHQLL OH SRW J VL GRDU DFROR $VWIHO VH H[SOLF GH FH PLúF ULOH
VRFLDOH PHGLHYDOH QDX DYXW QLFLRGDW XQ FDUDFWHU UHYROX LRQDU
SURSULX]LV FL XQXO SDVHLVW SURPRYkQG vQWRDUFHUHD OD WUHFXW 6XE
DFHDVW KDLQ DUHYHQLULLODWLPSXULOHEXQHGHDOW GDW HUDXWUDYHVWLWH
vQV LGHDOXULGHVFKLPEDUHUDGLFDO DVRFLHW LL'HH[HPSOXU VFRDOD
UDQLORU HQJOH]L GLQ SURPRYkQG GLFWRQXO ÄFkQG $GDP V SD úL
(YDWRUFHDQRELODWXQFLFLQHHUD´FDUHDSDUHQWWULPLWHDODWLPSXULOH
SDUDGLVLDFH DOH SULPLORU RDPHQL DILUPD GH IDSW LGHDOXO XQHL VRFLHW L
I U FODVH úL I U DVXSULUH ùL vQ DOWH GRPHQLL DILUPDUHD WHRUHWLF D
VXSHULRULW LL WUHFXWXOXL QX D vPSLHGLFDW vQV DILUPDUHD QRXOXL úL D
SRVLELOLW LORU RIHULWH GH DFHVWD ,OXVWUDWLY U PkQH FHOHEUD DILUPD LH
DWULEXLW OXL%HUQDUGGH&KDUWUHVPRUWvQÄ1RLVXQWHPFDQLúWH
SLWLFL FRFR D L SH XPHULL XQRU XULDúL 3XWHP YHGHD PDL PXOW úL PDL
GHSDUWHGHFkWHLQXILLQGF DPDYHDYHGHUHDPDLDJHU VDXDPILPDL
vQDO LFLILLQGF QHvQ O PúLQHVSULMLQLPSHVWDWXUDORUJLJDQWLF ´
1RXO F S WD DVWIHO GUHSW GH FHWDWH vQ (YXO 0HGLX FKLDU GDF XQHRUL
FRQWLQXDV ILHWUDYHVWLWVXEIRUPHDQWLFH
9L]LXQHD DVXSUD WLPSXOXL D RDPHQLORU GH UkQG WU LWRUL vQ (YXO
0HGLXHUDPDUFDW QXGRDUGHFRQFHS LLOHFOHULFDOHFLúLGHLPSRUWDQ D
DYXW GHFLFOXULOHQDWXULL6XFFHVLXQHDGLQWUHDQRWLPSXULGLQWUHFDOGúL
IULJ]LúLQRDSWHOXPLQ úLvQWXQHULFPDUFDDGHVHDPDLSURIXQGPRGXO
GHDUHFHSWDWLPSXOGHFkWFDOHQGDUXOELVHULFHVFDFHVWDGLQXUP DYkQG
HYLGHQW R IXQF LH VWUXFWXUDQW SHQWUX H[LVWHQ D FRWLGLDQ D RDPHQLORU
GHUkQG'HDOWIHOFDOHQGDUXOELVHULFHVFDWUHEXLWV VHODVHPRGHODWGH
R VHULH GH V UE WRUL DOH FDOHQGDUXOXL DJURSDVWRUDO S JkQ FDUH DX

5DGX0DQROHVFX6RFLHWDWHDIHXGDO vQ(XURSD$SXVHDQ S

$O)3ODWRQ6RFLHWDWHúLPHQWDOLW LvQ(XURSDPHGLHYDO S

SULPLWKDLQHFUHúWLQH$VWIHOV UE WRULGHGLFDWHYHFKLORU]HLW LVRODUH
vQ SULPXO UkQG OXL 0LWKUD DX IRVW XQLILFDWH VXE VHPQXO &U FLXQXOXL
V UE WRULW SH GHFHPEULH vQ DSURSLHUHD VROVWL LXOXL GH LDUQ
.DOHQGHOH OXL ,DQXDULH PDUFDWH vQ YUHPHD URPDQLORU SULQ ULWXUL GH
LQYHUVLXQH DX IRVW SXVH vQ OHJ WXU FX 6IkQWXO 9DVLOH 6 UE WRULOH GH
SULP YDU FDUH PDUFDX vQFHSXWXO DQXOXL DJURSDVWRUDO DX IRVW WUHSWDW
VXEPLQDWHGHV UE WRDUHD3DúWHOXLLGHQWLF vQVXEVWDQ FXULWXULOHFDUH
FHOHEUDXPRDUWHDúLUHQDúWHUHDQDWXULLSHUVRQLILFDW GHGLYHUVH]HLW L
/D V UE WRULOH S JkQH FUHúWLQDWH VH DGDXJ vQV QHQXP UDWH V UE WRUL
FX RULJLQH SXU FUHúWLQ FDUH ULWPDX H[LVWHQ D RDPHQLORU PHGLHYDOL
FRQGXFkQG OD DOWHUQDQ D GLQWUH SHULRDGHOH GH PXQF úL FHOH vQ FDUH
DFWLYLW LOH SURGXFWLYH HUDX LQWHU]LVH $FHVWH V UE WRUL UHOLJLRDVH
SXWHDX GHS úL vQ IXQF LH GH UHJLXQL GH ]LOH SH DQ FHHD FH
H[SOLF GH FH vQWUHSULQ] WRUL FDSLWDOLúWL DX IRVW LQWHUHVD L vQ OLPLWDUHD
QXP UXOXL GH ]LOH vQ FDUH PXQFD HUD LQWHU]LV $FHDVWD HVWH XQD GLQ
LSRWH]HOH FDUH H[SOLF VXFFHVXO 5HIRUPHL PDL DOHV VXE IRUPD
FDOYLQLVW FDUHHOLPLQkQGFXOWXOVILQ LORUDUHGXVGUDVWLFQXP UXOGH
V UE WRULUHOLJLRDVHvQ]RQHFXRGH]YROWDUHHFRQRPLF VXSHULRDU
7LPSXO HUD FRQWURODW GH ELVHULF úL GDWRULW PRQRSROXOXL DVXSUD
PDUF ULLVFXUJHULLDFHVWXLDSULQVXQHWXOFORSRWHORU0LúF ULOHPRQDVWLFH
DILUPkQGREOLJD LDF OXJ ULORUGHDVHUXJDGHPDLPXOWHRULSH]LúLSH
QRDSWHDXSXVODSXQFWXQVLVWHPGHHYDOXDUHDWLPSXOXLFDUHHUDULWPDW
GHFORSRWHOHFHFKHPDXODVOXME ÌQSULPDSDUWHD(YXOXL0HGLXFKLDU
GDF H[LVWD FRQFHSWXO GH RU FRQ LQXWXO V X HUD YDULDELO vQWUXFkW HUD
OHJDW GH ]LXD OXPLQ 'H DFHHD vQ WLPSXO YHULL RUHOH HUDX PDL OXQJL
GHFkWLDUQD& OXJ ULLvQFHUFDXWRWXúLV UHDOL]H]HRP VXUDUHPDLH[DFW
D WLPSXOXL IRORVLQG FOHSVLGUH VDX OXPkQ UL D F URU DUGHUH GXUD XQ
DQXPLW WLPS 3URJUHVH HVHQ LDOH VDX UHDOL]DW RGDW FX DSDUL LD
RURORJLLORUPHFDQLFHFXDMXWRUXOF URUDGXUDWDRUHORUVHVWDELOL]HD] úL
P VXUDUHDWLPSXOXLVFDS GHVXEFRQWUROXOFOHULFDOFHOSX LQODRUDúH
,QVWDODUHDRURORJLLORUvQWXUQXULOHSULP ULLORUGLQRUDúHDPDUFDW
YLFWRULD WLPSXOXL QHJXVWRULORU úL PHúWHúXJDULORU DVXSUD WLPSXOXL
F OXJ ULORU GXS FXP DU WD -DFTXHV /H *RII ÌQFHUF ULOH GH

-DFTXHV /H *RII ÌQ (YXO 0HGLX WLPSXO ELVHULFLL úL WLPSXO
QHJXVWRUXOXL vQ Ä3HQWUX XQ DOW HY PHGLX´ YRO , %XFXUHúWL (GLWXUD
0HULGLDQHS

UD LRQDOL]DUHDPXQFLLSULQUHFXUVXOODXQWLPSULJXURVP VXUDWSXWHDX
GH DFXP vQDLQWH V DLE VXFFHV 'H DOWIHO PHQWDOLWDWHD PRGHUQ
FDSLWDOLVW VH GHRVHEHúWH GH FHD PHGLHYDO úL SULQ DWLWXGLQHD ID GH
YDORDUHD WLPSXOXL ÌQWUXFkW SHQWUX FOHULFLL PHGLHYDOL WLPSXO DSDU LQH
GRDU OXL 'XPQH]HX RDPHQLL QX SRW vQ PRG OHJLWLP V RE LQ SURILW
SULQVSHFXODUHDRSRUWXQLW LORURIHULWHGHVFXUJHUHDWLPSXOXL$FHDVWDD
IRVWUD LXQHDSULQFLSDO DLQWHU]LFHULLGHF WUHELVHULF DvPSUXPXWXOXL
FXGREkQG FRQVLGHUDWFDP W FDUHFRQGXFHDODRE LQHUHDXQXLSURILW
GDWRUDWWUHFHULLWLPSXOXLvQWUHPRPHQWXORIHULULLvPSUXPXWXOXLúLFHODO
UHVWLWXLULL VDOH 2 DVWIHO GH FRQFHS LH QX SXWHD GHFkW V EORFKH]H
DILUPDUHD VSLULWXOXL FDSLWDOLVW SHQWUX FDUH ÄWLPSXO vQVHDPQ EDQL´
ÌPSUXPXWXO FX GREkQG ILLQG VXE DVWIHO GH FRQVLGHUHQWH LQWHU]LV
FUHúWLQLORU FDUH vúL ULVFDX VXIOHWXO SUDFWLFkQGXO HO D IRVW UH]HUYDW
HYUHLORUF URUDGHDOWIHOOHHUDXRSULWHDOWHVXUVHGHYHQLWXULSUHFXP
GH LQHUHD GH SURSULHW L 'H DLFL QXPHURDVH WHQVLXQL úL DFX]H DGXVH
HYUHLORU FDUH GHVI úXUDX R DFWLYLWDWH HVHQ LDO SHQWUX IXQF LRQDUHD
VRFLHW LLGDUFDUHHUDXvQSHUPDQHQ FRQGDPQD LGDWRULW DFHVWHLD
&RQFHS LDDVXSUDWLPSXOXLDIRVWDVWIHOvQ(YXO0HGLXXQIDFWRU
GHFLVLY vQ GLDOHFWLFD UDSRUWXULORU vQWUH WUDGL LH úL LQRYD LH vQWUH
FRQVHUYDWRULVPúLSURJUHV(YROX LDVRFLHW LLVDDFFHOHUDWDWXQFLFkQG
WLPSXO FOHULFDO FDUH DO WXUL GH FHO DO VXFFHVLXQLL QDWXUDOH D
DQRWLPSXULORUDJXYHUQDWYLD DRDPHQLORUFHDPDLPDUHSDUWHD(YXOXL
0HGLX D IRVW WUHSWDW vQORFXLW FX WLPSXO RU úHQHVF UD LRQDOL]DW VWULFW
P VXUDWSHFDOHV VHODLFL]H]H

$QDOL]D FODVLF D VSLULWXOXL FDSLWDOLVW úL D GLILFXOW LORU GH QDWXU
UHOLJLRDV vQ FDOHD GH]YROW ULL DFHVWXLD VH J VHúWH OD 0D[ :HEHU (WLFD
SURWHVWDQW úLVSLULWXOFDSLWDOLVPXOXL%XFXUHúWL(GLWXUD+XPDQLWDV

7,385,62&,$/(

5HSUH]HQW ULDOHIHPHLLvQ(YXO0HGLX

,VWRULD IHPHLORU vQ SHULRDGD PHGLHYDO HVWH JXYHUQDW GH R
FURQRORJLH GLIHULW GH FHD D LVWRULHL E UED LORU vQ VHQVXO F HYROX LLOH
VRFLDOH HFRQRPLFH SROLWLFH VDX FXOWXUDOH OH DIHFWHD] vQ PDQLHUH
GLIHULWH $VXSUD DFHVWXL IDSW DWU JHD DWHQ LD -RDQ .HOO\ FDUH DU WD F
SHQWUXIHPHLSHULRDGD5HQDúWHULLQXDDGXVYUHRvPEXQ W LUHvQFHHDFH
SULYHúWHWUDWDPHQWXOVRFLDOúLIDPLOLDOFLGLPSRWULY SULQUHvQWRDUFHUHD
OD WUDGL LD DQWLF D vQW ULW RUJDQL]DUHD SDWULDUKDO D VRFLHW LL úL OHD
HOLPLQDW GH SH SLD D PXQFLL UHIX]kQGXOH DVWIHO UHODWLYD DXWRQRPLH
HFRQRPLF GHFDUHXQHOHIHPHLVHSXWXVHU EXFXUDSHSDUFXUVXO(YXOXL
0HGLX'HDFHHDSHULRGL]DUHDLVWRULHLIHPHLORUHVWHGHVWXOGHGLILFLO
HVWHvQV HYLGHQWF DXH[LVWDWHYROX LLúLF UHDOLW LOHGHODvQFHSXWXULOH
(YXOXL0HGLXDVXSUDF URUDYRPLQVLVWDFXSUHF GHUHvQDFHVWPDWHULDO
VXQWGLIHULWHGHFHOHDOH(YXOXL0HGLXFHQWUDOVDXWkU]LX
2 DOW SUREOHP SXV GH vQFHUFDUHD GH D UHDOL]D R LVWRULH D
IHPHLORUvQ(YXO0HGLXHVWHFHDDVXUVHORU9LD DIHPHLORUFDúLFHDD
E UED LORUPHGLHYDOLHVWHUHFRQVWLWXLW vQSULQFLSDOSHED]DVFULHULORU
UHGDFWDWH GH R HOLW ÌQ SULPHOH VHFROH PHGLHYDOH DFHDVW HOLW HVWH
H[FOXVLYFOHULFDO LDUXOWHULRUFKLDUGDF DSDUúLODLFLúWLXWRULGHFDUWH
YL]LXQHDSHFDUHRDXDFHúWLDGHVSUHFHLFHDSDU LQDOWRUFDWHJRULLHVWH
LQFRPSOHW YLFLDW GDF QX GHD GUHSWXO IDOVLILFDW 'H H[HPSOX
UHSUH]HQWDUHD UDQLORU vQ RSHUHOH WUXEDGXULORU DULVWRFUDWLFL VDX DOH
JROLDU]LORU±LQWHOHFWXDOLXUEDQL±HVWHH[WUHPGHQHJDWLY ,QGLIHUHQW
GDF VXQWFOHULFLVDXODLFLFHLFDUHVFULXGHVSUHIHPHLVXQWvQLPHQVD
ORU PDMRULWDWH E UED L FHHD FH PDUFKHD] FX R DPSUHQW VSHFLILF

-RDQ .HOO\ 'LG :RPHQ +DYH D 5HQDLVVDQFH" vQÄ:RPHQ+LVWRU\
DQG 7KHRU\ 7KH (VVD\V RI -RDQ .HOO\´ 8QLYHUVLW\ RI &KLFDJR 3UHVV
&KLFDJRDQG/RQGRQS

UHSUH]HQW ULOH VRFLDOH DOH IHPHLORU FDUH DX DMXQV SkQ OD QRL 3HQWUX
SHULRDGD GH vQFHSXW D (YXOXL 0HGLX DFHDVW VLWXD LH HVWH FRPSOLFDW
GH IDSWXO F PRQRSROXO FXOWXULL VFULVH HVWH GH LQXW GH RDPHQL DL
ELVHULFLL ÄFHOLEDWDUL VDX GRULQG V WUHDF GUHSW FHOLEDWDUL´ GXS
H[SUHVLD OXL *HRUJHV 'XE\ 0DL DOHV vQ FD]XO vQ FDUH HUDX F OXJ UL
PXO L LQWUD L GH FRSLL vQ P Q VWLUH VLVWHPXO REOD LORU ± FRSLL G UXL L
P Q VWLULL GH S ULQ L SHQWUX LVS úLUHD XQXL S FDW vQGHSOLQLUHD XQXL
MXU PkQW DVLJXUDUHD PkQWXLULL QHDPXOXL SULQ UXJ FLXQLOH FHOXL PHQLW
OXL'XPQH]HXLQFDSDFLWDWHDGHDDVLJXUDXQDOWSODVDPHQWFRSLOXOXL
FXQRDúWHUHD SH FDUH R SXWHDX DYHD GHVSUH IHPHL HUD LQFRPSOHW úL
DXWRPDWYLFLDW GHPLVRJLQLDFDUDFWHULVWLF PHGLLORUPRQDVWLFH
'HVLJXU H[LVW úL DOWH VXUVH FDUH SRW IL IRORVLWH SHQWUX VWXGLHUHD
LVWRULHL IHPHLORU PHGLHYDOH FXP DU IL FHOH LFRQRJUDILFH DUKHRORJLFH
UHJLVWUHOH GH VWDUH FLYLO DWXQFL FkQG vQFHS V ILH GLVSRQLELOH VSUH
VIkUúLWXO SHULRDGHL SH FDUH R GLVFXW P KDJLRJUDILLOH )LHFDUH GLQWUH
DFHVWHDWUHEXLHvQV VXSXVHXQHLFULWLFLULJXURDVHODIHOGHQHFHVDU GH
DOWIHO úL DWXQFL FkQG VH GRUHúWH UHFRQVWLWXLUHD LVWRULHL E UED LORU VDX D
ÄLVWRULHL´ SXU úL VLPSOX ± XPDQLWDWHD D IRVW LGHQWLILFDW FX PDVFXOL
QLWDWHDDOHF UHLWU V WXULVXQWFRQVLGHUDWHXQLYHUVDOHGHFLÄQHXWUH´
3LFWXULOHúLVFXOSWXULOHUHSUH]LQW DGHVHDQXUHDOLWDWHDFLXQDQXPLW
SURJUDP LGHRORJLF ILLQG DVWIHO GLILFLO GH XWLOL]DW SHQWUX D UHFRQVWLWXL
IHOXO vQ FDUH DU WDX VLP HDX VDX WU LDX IHPHLOH PHGLHYDOH 5H]XOWDWHOH
DUKHRORJLHLVXQWJUHXLQWHUSUHWDELOHúLDGHVHDGLVFXWDELOH3HQWUXDGDXQ
H[HPSOXSHQWUXSHULRDGDvQFHSXWXOXLGH(Y0HGLXHSRFDPLJUD LLORU
DUKHRORJLL HUDX RELúQXL L V LGHQWLILFH PRUPLQWHOH FX SRGRDEH FD ILLQG
IHPLQLQHLDUSHFHOHFXDUPHFDPDVFXOLQH0DLUHFHQWSHED]DVWXGLLORU
FDUDFWHULVWLFLORUDQWURSRORJLFHDOHVFKHOHWHORUVDREVHUYDWF QXvQUDUH
FD]XULSRGRDEHFRQVLGHUDWHSkQ DWXQFLIHPLQLQHDSDUDO WXULGHVFKHOHWH
FDUHSDULQFRQWHVWDELOGHE UED LFHHDFHFRQILUP GHDOWIHOFHHDFHVH
úWLD GHVSUH SRGRDE FD HOHPHQW GH H[KLEDUH D ERJ LHL úL VWDWXWXOXL
HOHPHQWHGHVFLIUDELOHVHPLRWLFSULQLQWHUSUHWDUHDFRVWXPXOXLPDVFXOLQ

*HRUJHV'XE\/HFKHYDOLHUODIHPPHHWOHSUrWUH/HPDULDJHGDQV
OD)UDQFHIpRGDOHWUDGURP&DYDOHUXOIHPHLDúLSUHRWXO3DULV+DFKHWWH
S

3LHUUH %RXUGLHX 'RPLQD LD PDVFXOLQ %XFXUHúWL (GLWXUD 0HULGLDQH
S

LDUVFKHOHWHIHPLQLQHVXQWDVRFLDWHFXDUPH8QDOWH[HPSOXHVWHFHODO
PRUPLQWHORUGHFRSLLFDUHGHPRQVWUHD] RVXSUDPRUWDOLWDWHIHPLQLQ vQ
SULPLLDQLGHYLD ODRUD LRGHE LH LQ VFX LID GHGHIHWL H
PRUPLQWHOH GLQ VHFROHOH 99, DUDW R SURSRU LH GH FFD IHWL H
vQJURSDWH OD GH E LH L (VWH HYLGHQW F IHWL HOH PRU vQ QXP U PDL
PDUHGHFkWE LH LLGDUHVWHGLILFLOGHDILUPDWF HUDYRUEDGHLQIDQWLFLG
IHPLQLQVDXGRDUGHRUHODWLY QHJOLMDUHDIHWHORUvQUDSRUWFXE LH LL/D
IHO GH GLILFLO GH DQDOL]DW VXQW úL SROLSWLFXULOH FDUROLQJLHQH XQ IHO GH
LQYHQWDUHDOHEXQXULORUúL UDQLORUGHSHQGHQ LGHSHPDULOHGRPHQLLGLQ
VHFROHOH 9,,,,; ùL DLFL VH FRQVWDW R VXEUHSUH]HQWDUH D IHWHORU
LQWHUSUHWDW GH XQLL LVWRULFL GUHSW GRYDG D SHUVLVWHQ HL LQIDQWLFLGXOXL
IHPLQLQLDUGHDO LLVLPSOXVHPQDOH[RJDPLHLFDUHOHIDFHSHIHWHV VH
F V WRUHDVF vQ DIDUD GRPHQLXOXL OD YkUVWH IUDJHGH QHPDLILLQG DVWIHO
SULQVHvQSROLSWLFH
ÌQ DFHVWH FRQGL LL UHDOL]DUHD XQHL LVWRULL D IHPHLORU FDUH V WLQG
VSUH RELHFWLYLWDWH HVWH GHRVHELW GH GLILFLO 5HODWLY PDL VLPSO HVWH
VWXGLHUHDUHSUH]HQW ULORUVRFLDOHFDUHVXQWDVRFLDWHFXFRQGL LDIHPLQLQ
5HSUH]HQW ULOH VRFLDOH FDUH VXQW DVRFLDWH FX FRQGL LD IHPLQLQ
VXQW XQ SURGXV PDVFXOLQ FXP DP PDL DU WDW GDU vQ JHQHUDO SH
SDUFXUVXO(YXOXL0HGLXDFHVWHDDXIRVWLQWHULRUL]DWHGHIHPHLFDUHOHDX
FRQVLGHUDWQRUPDWLYHúL©QRUPDOHª8QH[HPSOXDODFHVWHLLQWHULRUL] UL
D PRGHOXOXL PDVFXOLQ HVWH IHOXO vQ FDUH IHPHLOH VDX GRYHGLW vQ
VRFLHW LOH GH WLS WUDGL LRQDO SULQWUH FHL PDL VW UXLWRUL JDUDQ L DL
GXEOXOXLVWDQGDUGvQPDWHULHGHPRUDOLWDWHDQDOL]DWGH.HLWK7KRPDV
$FHVWDUHSUH]LQW MXGHFDUHDGLIHULW DPRUDOLW LLVH[XDOHDE UED LORUúL
D IHPHLORU 'DF SHQWUX R IHPHLH vQF OFDUHD PRUDOHL VH[XDOH
WUDGL LRQDOH vQ HVHQ VH[ vQ DIDUD F V WRULHL UHSUH]LQW R FULP
DVSUXSHGHSVLW GHRSLQLDSXEOLF úLGHOHJLSHQWUXE UEDWDFHDVWDHVWH
RRIHQV PLQRU LDUDGHVHRULHVWHFKLDURVXUV GHSUHVWLJLXGRYDG D
YLULOLW LLVDOHGHRVHELWHÌQFRPXQLW LOHUXUDOHWUDGL LRQDOHúLD]LFDúL

/LVD %LWHO :RPHQ LQ (DUO\ 0HGLHYDO (XURSH &DPEULGJH
8QLYHUVLW\3UHVVS

,ELGHPS

&KULVWLDQH .ODSLVFK=XEHU )HPHLD úL IDPLOLD vQ -DFTXHV /H *RII
FRRUG2PXOPHGLHYDO,DúL(GLWXUD3ROLURPS

.HLWK 7KRPDV 7KH 'RXEOH 6WDQGDUG vQ Ä-RXUQDO RI WKH +LVWRU\ RI
,GHDV´S

vQ (YXO 0HGLX MXGHFDWD FHD PDL DVSU DVXSUD FRQGXLWHL IHPHLORU R
HPLW WRW IHPHLOH JXUD VDWXOXL (VWH DGHY UDW vQV F vQ SHULRDGH
DQWHULRDUH FRQWUROXO VRFLDO HILFLHQW HUD UHSUH]HQWDW úL GH RUJDQL]D LLOH
GHWLQHULFDUHVDQF LRQDXSULQPDQLIHVW ULFDUQDYDOHúWLGHWLSFKDULYDUL
DWHVWDWH FDP GH SULQ VHFROHOH ;,9;9 vQ 2FFLGHQW vQF OF ULOH
PRUDOLW LL WUDGL LRQDOH &HO PDL IUHFYHQW VH VDQF LRQDX DGXOWHUXO
IHPLQLQ vQFRUQRUDWXO QRWRULX SXWHD IL SOLPEDW SULQ FRPXQLWDWH F ODUH
SH XQ P JDU FX FDSXO VSUH FRDGD DFHVWXLD IHPHLD FDUH vúL EDWH
E UEDWXO DFHODúL WLS GH VDQF LXQH VDX F V WRULLOH QHDVRUWDWH ± vQ
VSHFLDO DOH XQXL VWU LQ FX R IDW GLQ FRPXQLWDWH DOH XQXL Y GXY FX R
IDW PXOWPDLWkQ U VDXDOHY GXYHLFXXQE UEDWPDLWkQ UGDUDFHVW
WLSGHF V WRULHVHSHWUHFHDPDLUDUÌQJHQHUDOSUHWHQ LLOHJUXSXOXLGH
E LH LGHDILDS U WRULLPRUDOLW LLWUDGL LRQDOHUHIOHFW GHIDSWGRULQ D
DFHVWRUDGHDúLS VWUDPRQRSROXODVXSUDIHWHORUDSWHSHQWUXF V WRULH
GLQFRPXQLWDWHDUHVSHFWLY
3HQWUXDUHYHQLODUHSUH]HQW ULOHIHPHLORUvQSHULRDGDPHGLHYDO
HVWHQHFHVDUV SRUQLPGHODRDILUPD LHDSULRULF DWXWXURUFHORUFHDX
VFULVGHVSUHDFHVWHDIHPHLOHVXQWFRQVLGHUDWHGUHSWILLQ HLQIHULRDUHúL
FHO PDL DGHVHD VXQW WUDWDWH FD DWDUH 'XS FXP REVHUYD FX
DP U FLXQH &KULVWLQH GH 3LVDQ XQD GLQWUH SX LQHOH IHPHL FDUH VDX
H[SULPDW FX R YRFH SHUVRQDO vQ (YXO 0HGLX ©)LORVRIL SRH L úL
PRUDOLúWL±úLOLVWDDUILIRDUWHOXQJ ±WR LSDUV YRUEHDVF SHDFHHDúL
YRFH SHQWUX D FRQFKLGH F IHPHLD HVWH UHD SULQ QDWXUD HL úL vQFOLQDW
F WUHYLFLXª
'HILQLUHD FRQGL LHL IHPHLL PHGLHYDOH D IRVW RSHUD 3 ULQ LORU
%LVHULFLLvQSULPHOHVHFROHDOHFUHúWLQLVPXOXLSHED]DWUDGL LHLLXGHR

&KULVWLDQH.ODSLVFK=XEHURSFLWS

'DQLHO )DEUH )DPLOLLOH 3ULYDWXO vPSRWULYD FXWXPHL vQ 3KLOLSSH
$ULqV *HRUJHV 'XE\ ,VWRULD YLH LL SULYDWH YRO 9, %XFXUHúWL (GLWXUD
0HULGLDQHS

$QWRQLR &DULOH 'RQQH VHVVXDOLWj H SRWHUH D %LVDQ]LR vQ
Ä&RPSRUWDPHQWLHLPPDJLQDULRGHOODVHVVXDOLWjQHOO¶DOWRPHGLRHYR´6SROHWR
6HWWLPDQH GL 6WXLR GHOOD )RQGD]LRQH &HQWUR ,WDOLDQR GL VWXGL VXOO¶DOWR
PHGLRHYR/,,,6SROHWRS

&KULVWLQH GH 3LVDQ /D FLWp GHV GDPHV WH[WH WUDGXLW HW SUpVHQWp SDU
7KqUpVH0RUHDXHW(ULF+LFNV3DULV6WRFNS

FUHúWLQH úL D FHOHL JUHFRURPDQH $FHDVW GHILQL LH D U PDV vQ OLQLL
PDULQHVFKLPEDW SkQ vQSHULRDGDPRGHUQ FXXQHOHQXDQ HFDUH LQ
GHDQXPLWHHYROX LLDOHPHQWDOLW LORUVDXDOHDOWRUSDOLHUHDOHVRFLHW LL
3R]L LD LQIHULRDU D IHPHLL vQ VRFLHWDWH úL vQ IDPLOLH HVWH R
FDUDFWHULVWLF D VRFLHW LORU PHGLWHUDQHHQH RSHUHOH PHGLFLORU úL
ILORVRILORU RIHULQG MXVWLILF UL LGHRORJLFH vQ DFHVW VHQV ÌQ FRQFHS LD
JUHFRURPDQ GHVSUH IHPHLH DFHDVWD HVWH Y ]XW FD R ILLQ
LQFRPSOHW PDLSX LQSHUIHFW GHFkWE UEDWXO0HGLFLLFUH]XVHU F DX
REVHUYDWF DOF WXLUHDFRUSXOXLIHPHLLHVWHVLPLODU FHOXLDOE UEDWXOXL
FXGHRVHELUHDF DFHDVWDHVWHPDLVODE GLQSXQFWGHYHGHUHIL]LFFHHD
FHVHWUDGXFHúLvQWURLQIHULRULWDWHLQWHOHFWXDO ÌQWUXFkWVHFRQVLGHUDF
RUJDQHOHVH[XDOHDOHIHPHLLVXQWLGHQWLFHFXDOHE UEDWXOXLGDUDúH]DWH
vQ LQWHULRUXO FRUSXOXL IHPHLD QX HVWH GHFkW XQ E UEDW UDWDW FDUH vQF
GLQ WLPSXO JHVWD LHL QX D UHXúLW V GREkQGHDVF R FRPSOH[LWDWH
VDWLVI F WRDUH GLQWUR OLSV GH F OGXU Y ]XW FD XQ SULQFLSLX YLWDO
HVHQ LDO $FHDVWD IXVHVH FRQFHS LD OXL $ULVWRWHO úL D OXL *DOHQXV
U PDV GRPLQDQW SH WRW SDUFXUVXO (YXOXL 0HGLX SkQ SULQ VHFROHOH
;9,,,;,; 'H DFHHD QDúWHUHD XQHL IHWH HUD FRQVLGHUDW R HURDUH D
QDWXULL LDU DEDQGRQDUHD QRXQ VFX LORU GH VH[ IHPLQLQ HUD PXOW PDL
IUHFYHQW GHFkW FHD D E LH LORU 'H H[HPSOX vQ ,WDOLD VHFROHORU ;,,,
;,9XQGHVHvQWHPHLD] D]LOXULSHQWUXFUHúWHUHDFRSLLORUDEDQGRQD L
UHJLVWUHOH FRQVHPQHD] XQ QXP U PDL PDUH GH IHWL H GHFkW GH E LH L
SULQWUH WURYDWHOOL 3 UHUHD GHVSUH IHPHLH FD ILLQ QHGHV YkUúLW D
IRVW vQWUR DQXPLW P VXU LQL LDW úL DSRL ©SRSXODUL]DW ª GH
$ULVWRWHO D F UXL RSHU D DYXW R LQIOXHQ FRYkUúLWRDUH DVXSUD
2FFLGHQWXOXL PHGLHYDO vQFHSkQG FX UHGHVFRSHULUHD ILORVRILHL VDOH vQ
VHFROXODO;,,OHD
ÌQFHHDFHSULYHúWHFLYLOL]D LDLXGHRFUHúWLQ SR]L LDLQIHULRDU D
IHPHLLHVWHMXVWLILFDW WHRORJLFúLGHFLLPXDELO 'HúLvQ*HQH] H[LVW

*HRUJHV 'XE\ 0LFKHOOH 3HUURW FRRUG +LVWRLUH GHV IHPPHV HQ
2FFLGHQW3DULV3ORQYRO,S

7KRPDV/DTXHXU/DIDEULTXHGXVH[H(VVDLVXUOHFRUSVHWOHJHQUH
HQ2FFLGHQWWUDGIU3DULV*DOOLPDUGS

&ODXGH 7KRPDVVHW 'H OD QDWXUH IpPLQLQH vQ *HRUJHV 'XE\
0LFKHOOH 3HUURW FRRUG +LVWRLUH GHV IHPPHV YRO ,,, /H PR\HQ kJH GLU
&KULVWLDQH.ODSLVFK=XEHU3DULV3ORQS

&KULVWLDQH.ODSLVFK=XEHURSFLWS

GRX SRYHVWLUL GLIHULWH GHVSUH FUHDUHD RDPHQLORU DSDU LQkQG XQRU
PRPHQWHúLPHGLLGLIHULWHGLQWUHFDUH&DUWHDvQWkLVSXQHF E UEDWXOúL
IHPHLD DX IRVW FUHD L vQ DFHODúL WLPS GXS FKLSXO úL DVHP QDUHD OXL
'XPQH]HX WUDGL LD PHGLHYDO D SUHIHUDW V UH LQ GRDU YDULDQWD GLQ
&DUWHD D GRXD $FHDVWD YRUEHúWH GHVSUH FUHDUHD IHPHLL GLQ FRDVWD
E UEDWXOXLFXVLQJXUXOURVWGHDUHSUH]HQWDXQDMXWRUSHQWUXDFHVWDFD
RILLQ I FXW QXGXS LPDJLQHDOXL'XPQH]HXFLGRDUGXS FKLSXOúL
DVHP QDUHD E UEDWXOXL $FHVWHL LQIHULRULW L QDWXUDOH L VH DGDXJ
UHVSRQVDELOLWDWHD SHQWUX S FDWXO RULJLQDU vQWUXFkW XUPkQG DILUPD LLOH
3 ULQ LORU %LVHULFLL FOHULFLL (YXOXL 0HGLX DILUP F IHPHLD SRDUW
vQWUHDJDU VSXQGHUHSHQWUXYLRODUHDLQWHUGLF LHLGHDPkQFDGLQ3RPXO
FXQRDúWHULL $PEUR]LH DO 0LODQXOXL DUDW FODU F (YD OD I FXW SH
$GDP V FDG vQ S FDW úL QX $GDP SH (YD $FHDVWD MXVWLILF
SULYDUHDIHPHLLGHGUHSWXULSXQHUHDVXEWXWHO PDVFXOLQ úLOLPLWDUHD
HLODVIHUDSULYDW FXH[FOXGHUHDRULF URUUROXULSXEOLFH
&UHúWLQLVPXODGXFHRRDUHFDUHvPEXQ W LUHDVLWXD LHLIHPHLLvQ
UDSRUW FX SHULRDGD URPDQ VDX FX WUDGL LD LXGDLF I U D SUHOXD
vQWUHDJDvQF UF WXU UHYROX LRQDU DPHVDMXOXLOXL+ULVWRVFDUHQXPDL
DFFHSWD GLIHUHQ H VRFLDOH HWQLFH VDX GH JHQ 6IkQWXO 3DYHO
GHPRQVWUHD] DPELJXLWDWHD SR]L LHL ELVHULFLL vQWUXQ PHGLX
IXQGDPHQWDO PLVRJLQ FDUH SRDWH V DFFHSWH HJDOLWDWHD IHPHLL úL
E UEDWXOXL GRDU vQ ID D OXL 'XPQH]HX GDU QX úL vQ IDPLOLH VDX vQ
VRFLHWDWHÄ1XPDLHVWHQLFLLXGHXQLFLJUHFQLFLUREQLFLVORERGQLFL
SDUWHE UE WHDVF QLFLSDUWHIHPHLDVF ILLQGF WR LVXQWH LXQDvQ,LVXV
+ULVWRV´ VSXQHD HO vQ (SLVWROD F WUH JDODWHQL GDU WRW HO VDX
FLQHYD FDUH VH IRORVHD GH QXPHOH V X DU WD F E UEDWXO HVWH FDS
IHPHLL&RULQWLHQLLDUvQHSLVWRODF WUH(IHVHQLVFULV SUREDELO
QX GH HO FL GH F WUH XQ GLVFLSRO GDU DWULEXLW SH WRW SDUFXUVXO (YXOXL
0HGLXWRWOXL3DYHOVHFHUHDIHPHLORUV ILHVXSXVHE UED LORUORUFDOXL

(ULFK)XFKV/HGpVLUHWODWHQGUHVVH3RXUXQHpWKLTXHFKUpWLHQQHGH
ODVH[XDOLWp3DULV$OELQ0LFKHOS

$PEUR]LHDO0LODQXOXL2SHUHvQÄ3DWURORJLD/DWLQD´FRO

Ä&RUSXVXOSDXOLQLDQ´HVWHDOF WXLWGLQHSLVWROHVFULVHQXGH3DYHOFL
GH GLVFLSROL DL DFHVWXLD VDX SXU úL VLPSOX GH SHUVRDQH FDUH SUHLDX DEX]LY
LGHQWLWDWHDDSRVWROXOXLSHQWUXDúLSUH]HQWDSURSULLOHORULGHL'LQWUHHSLVWROHOH
SVHXGRSDXOLQLHQH IDF SDUWH 7KHVDORQLFLHQL &RORVHQL (IHVHQL úL
7LPRWHL7LW

'XPQH]HX(IHVLHQL/XFUXPDLJUDYFXFRQVHFLQ HGXUDELOHvQ
H[FOXGHUHDIHPHLORUGHODIXQF LLOHVDFHUGRWDOH3DYHOVDXFLQHYDFDUH
VFULH VXE QXPHOH OXL LQWHU]LFH IHPHLORU V LD FXYkQWXO vQ DGXQ ULOH
ELVHULFHúWL&RULQWLHQL
3 ULQ LL ELVHULFLL DWkW FHL GLQ 2ULHQW FkW úL FHL GLQ 2FFLGHQW
PRúWHQHVFDFHVWILORQDOPLVRJLQLHLGHRULJLQHJUHDF úLLXGDLF úLvQ
FRQWH[WXO GHVFRQVLGHU ULL SHQWUX WRW FH HVWH WUXSHVF J VHVF QRL
DUJXPHQWHYL]kQGSODVDUHDIHPHLLSHRSR]L LHGHLQIHULRULWDWH(DHVWH
DVRFLDW FXS FDWXORULJLQDUFDUHDGXVODYLFWRULDPRU LLvQOXPHDúD
FXP DUDW XQD GLQWUH FHOH PDL YLROHQWH GLDWULEH vPSRWULYD IHPHLORU
VFULV GH 7HUWXOLDQ úL FDUH vQ SRILGD FRQGDPQ ULL DXWRUXOXL SHQWUX
HUH]LHVDEXFXUDWGHXQFRQVWDQWVXFFHVvQ(YXO0HGLX
Ä7U LHúWH GHFL DúD WUHEXLH FD R DFX]DW 7X HúWL SRDUWD
GLDYROXOXLWXFDUHDLUXSWSHFHWHD$UERUHOXLWXSULPDFDUHDLvQF OFDW
OHJHD GXPQH]HLDVF WX FHDFDUHODLFRQYLQVSHFHOSHFDUHGLDYROXO
QX SXWXVH V O DWLQJ WX FDUH FX DWkWD XúXULQ DL GLVWUXV RPXO
LPDJLQHD OXL 'XPQH]HX 3HQWUX U VSODWD WD PRDUWHD FKLDU )LXO OXL
'XPQH]HX D WUHEXLW V PRDU ùL WX QX WH JkQGHúWL GHFkW V L
vPSRGREHúWLWXQLFLOHGHSLHOH"´
3 FDWXO RULJLQDU vQFHSH V ILH LQWHUSUHWDW GH XQLL GLQ 3 ULQ LL
%LVHULFLL GUHSW XQXO VH[XDO ÌQ FRQVHFLQ IHPHLD HVWH GHILQLW GRDU
SULQ VH[ vQ YUHPH FH E UEDWXO HVWH Y ]XW PDL DOHV SULQ SULVPD
UD LRQDOLW LL
&RQWUDU UHDOLW LORU IL]LRORJLFH OLELGRXO IHPHLL HVWH FRQVLGHUDW
PXOWPDLDFFHQWXDWGHFkWDOE UEDWXOXLvQWUXFkWDFHVWDDUILGRPLQDWGH
UD LXQH vQ YUHPH FH HD DU IL VW SkQLW GRDU GH VLP XUL &RQGDPQDUHD
VH[XDOLW LL úL LPSOLFLW D IHPHLL VH IDFH vQ QXPHOH XQXL LGHDO DVFHWLF
FDUDFWHULVWLF FUHúWLQLVPXOXL GLQ SULPHOH VHFROH 9DVLOH GLQ &H]DUHHD
*ULJRUH GLQ 1D]LDQ] úL *ULJRUH GLQ 1\VVD FDUH VFULX VSUH VIkUúLWXO
VHFROXOXLDO,9OHDFRQVLGHU F OXPHDHVWHGHMDSUHDSRSXODW úLF
QX PDL HVWH QHFHVDU DGXFHUHD SH OXPH D SUHD PXOWRU FRSLL ) U D
FRQGDPQDWRWDOF V WRULDSHFDUHGHDOWIHO,LVXVRELQHFXYkQWDVHSULQ

7HUWXOOLHQ /D WRLOHWWH GHV IHPPHV HG 0 7XUFDQ Ä6RXUFHV
&KUpWLHQQHV´3DULV&HUIS

3DXOHWWH/¶+HUPLWH/HFOHUF/¶(JOLVHHWOHVIHPPHVGDQVO¶2FFLGHQW
FKUpWLHQGHVRULJLQHVjODILQGX0R\HQÆJH%UHSROVS

SULPXOOXLPLUDFROI SWXLWODQXQWDGHOD&DQD*DOLOHLLHLRFRQVLGHU
LQIHULRDU YLUJLQLW LL ÌQFHSkQG GLQ DFHVW PRPHQW vQ YUHPH FH
FRQGL LD PDVFXOLQ FRQWLQX V ILH GHILQLW SH ED]D XQRU FULWHULL
VRFLRSURIHVLRQDOHFRQGL LDIHPHLLHVWHGHILQLW GRDUSULQWUXQFULWHULX
VH[XDO F FL HD QX SRDWH IL Y ]XW DOWIHO GHFkW vQ FDOLWDWH GH IHFLRDU
FRQVDFUDW IHPHLH F V WRULW úL Y GXY ÌQ LHUDUKLD FHORU WUHL VW UL
YLUJLQLWDWHD úL Y GXYLD VXQW FRQVLGHUDWH QHW VXSHULRDUH VWDWXWXOXL GH
IHPHLH P ULWDW 3H GH R SDUWH YDORUL]DUHD YLUJLQLW LL HUD R
FDUDFWHULVWLF D VRFLHW LORU PHGLWHUDQHHQH vQ FDUH S VWUDUHD SXULW LL
VH[XDOH HUD VWUkQV OHJDW GH QR LXQHD GH RQRDUH D E UEDWXOXL VDX
E UED LORUU VSXQ] WRULGHEXQDFRQGXLW DIHPHLORUGLQIDPLOLH'DU
vQ FD]XO WUDGL LLORU LXGDLFH JUHFHúWL úL URPDQH HUD YRUED GH S VWUDUHD
YLUJLQLW LLSkQ ODF V WRULHvQYUHPHFHFUHúWLQLVPXOYRUEHúWHGHVSUH
DFHDVWDFDGHVSUHRVWDUHSHUSHWX VXSHULRDU F V WRULHLÌQVRFLHWDWHD
FUHúWLQ IRORVLUHD VDX UHIX]XO VH[XDOLW LL GHYLQH HOHPHQWXO GH
GLIHUHQ LHUH PDMRU PXOW PDL LPSRUWDQW GHFkW FOLYDMHOH VRFLDOH
HFRQRPLFHVDXFXOWXUDOH/DED]DLHUDUKL] ULLvQWUHIHFLRULHY GXYLH
úLF V WRULHVW RLQWHUSUHWDUHIRU DW FDUHWUHEXLHDWULEXLW SUREDELOOXL
$PEUR]LH DO 0LODQXOXL úL FDUH D IRVW SRSXODUL]DW GH ,HURQLP D
SDUDEROHLVHP Q WRUXOXLÌQDFHDVWDVHYRUEHDGHVSUHJU XQ HOHF ]XWH
SHS PkQWEXQFDUHDXGDWURG©XQJU XQWHDGDWRVXW DOWXOúDL]HFL
úLDOWXOWUHL]HFLª0DWHL) U DVHSXWHDED]DSHQLPLFGLQWH[WXO
(YDQJKHOLHL 3 ULQ LL %LVHULFLL FRQVLGHU F SDUDEROD VH UHIHU OD R
LHUDUKLHDPHULWHORUDWUHLVW ULGHILQLWHSULQUDSRUWDUHODVH[XDOLWDWHVDX
ODUHIX]XODFHVWHLDYLUJLQLWDWHDURGHúWHGHRVXW GHRULY GXYLDFDVW
GHúDL]HFLGHRULF V WRULDFDVW GHWUHL]HFLGHRUL
©9LUJLQLWDWHD HVWH SHQWUX F V WRULH FHHD FH IUXFWXO HVWH SHQWUX
DUERUH JUkXO SHQWUX PLULúWH 3H S PkQW SHQWUX XQ JU XQWH F ]XW
UHFROWD SRDWH WRWXúL V ILH GH úL úL HVWH R PDUH GLIHUHQ
vQWUH QXPHUH FRUHVSXQGH F V WRULHL « Y GXYHORU «
IHFLRDUHORUª

-DFN*RRG\/¶pYROXWLRQGHODIDPLOOHHWGXPDULDJHHQ(XURSH3DULV
$UPDQG&ROLQS

3DXOHWWH/¶+HUPLWH/HFOHUFRSFLWS

,HURQLP6FULVRULDSXG3DXOHWWH/¶+HUPLWH/HFOHUFRSFLWS

(VWH DGHY UDW F DFHVWH WUHL VW UL SRW IL DSOLFDELOH úL E UED LORU
GDUvQFD]XOORUHOHQXVXQWVLQJXUHOHHOHPHQWHGHLGHQWLILFDUHHLILLQG
FDUDFWHUL]D LSULQWU V WXULVRFLDOHúLSURIHVLRQDOHvQYUHPHFHIHPHLD
QXSRDWHILFRQFHSXW GHFkWFDILLF VR LHVDXY GXY DXQXLE UEDW
,OXVWUDWLY HVWH vQ DFHVW VHQV PRGHOXO PHGLHYDO DO FHORU WUHL
RUGLQH DOH VRFLHW LL GHILQLWH vQ VHFROXO DO ;,OHD GH $GDOEHURQ GH
/DRQ(OFDúLFHLFHLDXXUPDWFODVLILFDUHDYRUEHDXGHRWULSDUWL LH
IXQF LRQDO DVRFLHW LLvQWUHFHLFHVHURDJ ±RUDWRUHVFHLFHVHOXSW
± EHOODWRUHV úL FHL FH PXQFHVF ± ODERUDWRUHV $FHVWH WUHL RUGLQH DOH
VRFLHW LLPHGLHYDOHQXDXFRUHVSRQGHQWHIHPLQLQHWULSDUWL LDFHOHLODOWH
MXP W L D RPHQLULL ILLQG ED]DW SH FULWHULL VWULFW VH[XDOH úL DIODWH
vQWRWGHDXQDvQUHOD LHFXXQE UEDW(VWHYRUEDGHWDW VDXGHWXWRUHOH
OHJDOSkQ ODF V WRULHGHFHOFDUHXUPHD] V LQWUHvQYLD DIHPHLLFD
VR UHDOVDXFDPLUHPLVWLFGHFHOFDUHVW SkQHúWHIHPHLDvQFDOLWDWHGH
VR VDXGHFHOFDUHDVW SkQLWRGDUDPXULWvQDLQWHDHL)HPHLDQXSRDWH
IL GHFL FRQFHSXW vQ PRG DXWRQRP FD R ILLQ GH VLQH VW W WRDUH FL
GRDUFDUHIOH[DOXQXLE UEDWILHHOWDW VDXVR
&D IHFLRDU FRQVDFUDW HD WUHEXLH V GXF R H[LVWHQ GH SRVW
UXJ FLXQLúLPRUWLILF ULODvQFHSXWXULvQORFXLQ DS ULQ LORUHLFDUHvQ
SULPHOH VHFROH DOH FUHúWLQLVPXOXL DFFHSW XQHRUL FX JUHX LHúLUHD
IHWHORUORUGHSHSLD DF V WRULHLDGXF WRDUHGHDOLDQ HSUHVWLJLRDVHúL
GH RQRDUH 6H SDUH GH DOWIHO F PDL IUHFYHQW UHXúHDX V U PkQ
QHF V WRULWHIHWHOHDF URUPDP U P VHVHY GXY WD LLILLQGPDLSX LQ
UHFHSWLYL OD DFHDVW QRX PRG %LVHULFD VHFROHORU GH vQFHSXW DOH
FUHúWLQLVPXOXLHVWHLQWHUHVDW V FRQWUROH]HDFHVWHIHFLRDUHFRQVDFUDWH
SH FDUH OH WUDQVIRUP vQWUXQ RUGLQ DSDUWH vQ VWUkQV FRQH[LXQH FX
HSLVFRSXO ÌQ FD]XO vQ FDUH HOH SURYHQHDX GLQ IDPLOLL ERJDWH FXP VH
vQWkPSOD IUHFYHQW vQ ,PSHULXO 5RPDQ GHDELD FUHúWLQDW XQGH LGHDOXO
DVFHWLFVHGRYHGHDDWUDFWLYvQSULPXOUkQGSHQWUXDULVWRFUD LHOLSVDGH
XUPDúLJHQHUDW GHUHIX]XOF V WRULHLSXWHDDVLJXUD%LVHULFLLPRúWHQLUL
FDUHDOWIHODUILOXDWRDOW GLUHF LH

*HRUJHV 'XE\ /HV 7URLV RUGUHV RX O¶,PDJLQDLUH GX IpRGDOLVPH
3DULV *DOOLPDUG WUDG URP &HOH WUHL RUGLQH VDX LPDJLQDUXO
IHXGDOLVPXOXL(GLWXUD0HULGLDQH

$OLQH 5RXVVHOOH 3RUQHLD 'H OD PDvWULVH GX FRUSV j OD SULYDWLRQ
VHQVRULHOOH,,H,9HVLqFOHGHO¶qUHFKUpWLHQQH3DULV3UHVVHV8QLYHUVLWDLUHVGH
)UDQFHS

-DFN*RRG\RSFLWS

'LQ VHFROHOH ,99 DSDU DúH] PLQWHOH VSHFLDOH P Q VWLULOH PDL
SX LQQXPHURDVHGHFkWFHOHGHE UED LúLPDLSX LQvQ]HVWUDWHvQWUXFkW
PkQWXLUHD VXIOHWXOXL IHPHLORU QX SDUH R SULRULWDWH SHQWUX FOHULFLL
PHGLHYDOL vQ SRILGD YRFD LHL UHOLJLRDVH IRDUWH SXWHUQLFH SH FDUH R
GRYHGHVF IHPHLOH DFHVWHL HSRFL 3H GH DOW SDUWH FXP GH OD vQFHSXW
F OXJ UL HORUOLVHLPSXQHXQVWLOGHYLD vQFKLVvQWUH]LGXULUHJOHPHQ
WDUHDFODU DWUDGL LHLPXOWLVHFXODUHDSDUHvQvQEXOD3HULFXORVRD
SDSHL %RQLIDFLX DO 9,,,OHD úL SX LQH DFWLYLW L VRFLDOH VDX GH
FDULWDWHOHVXQWSHUPLVHLPSRUWDQ DDúH] PLQWHORUPRQDVWLFHGHGLFDWH
IHPHLORU HVWH PXOW UHGXV ID GH D FHORU SHQWUX E UED L 1XP UXO
UHGXV GH P Q VWLUL SHQWUX IHPHL úL QXP UXO PXOW PDL PLF DO
F OXJ UL HORU vQ UDSRUW FX F OXJ ULL R FRQVWDQW D (YXOXL 0HGLX VH
H[SOLF SRDWH SDUDGR[DO úL SULQ VLWXD LD ORU GH LQIHULRULWDWH FDUH OH
SHUPLWHDUDUHRULV úLGHFLG VLQJXUHVRDUWDúLV SRDWHDOHJHRYLD GH
YLUJLQLWDWH FRQVDFUDW vQ SRILGD F V WRULHL SUHIHUDW GH IDPLOLL
,QWHUHVDQWHVWHIDSWXOF úLDWXQFLFkQGFWLWRULLGHP Q VWLULVXQWIHPHL
FXP VH vQWkPSO DGHVHD vQ UHJDWHOH URPDQRJHUPDQLFH GH H[HPSOX
HOHKRW U VFFDDFHVWHDV ILHDúH] PLQWHGHF OXJ UL(UDRGRYDG D
IHOXOXL vQ FDUH IHPHLOH LQWHULRUL]DX FRQFHS LD DQGURFHQWULF SULQ FDUH
UXJ FLXQLOHF OXJ ULORUE UED LHUDXFRQVLGHUDWHPDLHILFLHQWHGHFkWDOH
F OXJ UL HORULDUVSLULWXDOLWDWHDIHPLQLQ HUDPDUJLQDOL]DW 3HGHDOW
SDUWH vQV vQ WLPS QXP UXO PkQ VWLULORU GHVWLQDWH IHPHLORU FUHúWH
FKLDU GDF HOH SULPHDX vQ SULPXO UkQG ILLFH úL Y GXYH DOH DULVWRFUD
LORU1XWUHEXLHLJQRUDWHPDLDOHVvQVSD LXOEL]DQWLQGDUQXQXPDL
F OXJ ULULOHIRU DWH0kQ VWLULOHMRDF OD%L]DQ UROXOGHvQFKLVRULXQGH
VXQWWULPLVHúLF OXJ ULWHIHPHLFRQGDPQDWHSHQWUXGLIHULWHGHOLFWHPDL
DOHVVH[XDOHÌQ2FFLGHQWP Q VWLULOHSHQWUXIHPHLFRQVWLWXLHXQHRUL

0LFKHO 3DULVVHP /HV QRQQHV DX 0R\HQ $JH 3DULV HG &KULVWLQH
%RQQHWRQS

3LHUUH/RXLV*DWLHU'HVIHPPHVDXGpVHUW"vQÄ0RLQHVHWUHOLJLHX[
DX0R\HQÆJH´SUpVHQWpSDU-DFTXHV%HUOLR]3DULV6HXLOS

-DQHW/1HOVRQ)DPLO\*HQGHUDQG6H[XDOLW\LQWKH0LGGOH$JHV
vQ0LFKDHO%HQWOH\HG&RPSDQLRQWR+LVWRULRJUDSK\/RQGRQ1HZ<RUN
5RXWOHGJHS

0LFKHO3DULVVHRSFLWS

$QJHOLNL $ /DLRX 0DULDJHDPRXUHWSDUHQWpj%\]DQFHDX[;,H
;,,,HVLqFOHV3DULVS

RDOWHUQDWLY ODF V WRULHvQFD]XOIHWHORUDF URUIDPLOLHQXGRUHúWHVDX
QX SRDWH V IDF ID FRPSHWL LHL vQ FHHD FH SULYHúWH LQIOD LD GRWHORU
FXPVDvQWkPSODWvQ,WDOLDGLQVHFROHOH;,,,;,9
&DVR LHUROXOHLVHUH]XP ODJULMDID GHJRVSRG ULHúLQDúWHUHD
GH FRSLL /HJLOH FLYLOH úL ELVHULFD QX vL vQJ GXLH V vúL DOHDJ VLQJXU
VR XOUROXODFHVWDUHYHQLQGE UED LORUGLQIDPLOLH3HQWUXDILFRUHF L
vQJHQHUDOQLFLE UEDWXOQXDYHDSUHDPXOWHGHVSXVvQSULYLQ DDOHJHULL
YLLWRDUHL VR LL DOLDQ D PDWULPRQLDO ILLQG FRQVLGHUDW GH F WUH IDPLOLL
SUHDLPSRUWDQW SHQWUXDILO VDW ODEXQXOSODFDOFHORUGLUHFWDIHFWD L±
DOYLLWRULORUVR LÌQYUHPHFHELVHULFDRFFLGHQWDO vQFHSHPDLDOHVGLQ
VHFROHOH ;,;,, V LQVLVWH SH UROXO FRQVLP PkQWXOXL FHORU GRL OD
F V WRULH úL V UHXúHDVF P FDU VSUH VIkUúLWXO (YXOXL 0HGLX V O
WUDQVIRUPHvQWURUHDOLWDWHvQ2ULHQWXORUWRGR[OHJLOHFDQRQLFHúLFHOH
FLYLOHLQVSLUDWHGHHOHS VWUHD] WUDGL LDSDWULVWLF DKRW UkULLF V WRULHL
GHF WUHS ULQ L'HH[HPSOX&DQRDQHOHOXL9DVLOHFHO0DUHLQFOXVHúL
vQ OHJLOH FLYLOH EL]DQWLQH úL S VWUDWH úL vQ GUHSWXO VFULV URPkQHVF GH
VHFRO ;9,, LPSXQ SHQWUX E UEDWXO FDUH VD F V WRULW I U YRLD WDW OXL
GH]PRúWHQLUHD LDU SHQWUX IDWD FDUH D I FXW DFHODúL OXFUX SHQLWHQ FD
SHQWUX SURVWLWX LH 6H SRDWH UHPDUFD GHFL úL vQ DFHVW FD] DVLPHWULD
FXOSDE UEDWXOXLHVWHMXGHFDW vQWHUPHQLVRFLDOHFRQRPLFLúLIDPLOLDOL
QHVXSXQHUHID GHYRLQ DFDSXOXLGHIDPLOLHvQYUHPHFHFXOSDIHPHLL
HVWHXQDVH[XDO úLVDQF LRQDW FDDWDUH
3O FHUHDvQWLPSXODFWXOXLVH[XDOvLHVWHUHIX]DW IHPHLLGHF WUH
WHRORJL FD úL E UEDWXOXL GH DOWIHO FRQIRUP WUDGL LHL VWDELOLWH GH
,HURQLP FDUH VSXQHD F QX HVWH QLPLF PDL LQIDP GHFkW V L LXEHúWL
VR LD FD SH R DPDQW &RQIHVRULL FKLDU LQVLVW VSUH R GHGXEODUH vQ
WLPSXODFWXOXLVH[XDOSULQFDUHIHPHLDV LSHUPLW E UEDWXOXLDFFHVXO
OD WUXSXO HL GDU VXIOHWXO V O LQ vQGUHSWDW VSUH 'XPQH]HX ÌQ DFHVWH

3DWULFLD 6NLQQHU :RPHQ LQ 0HGLHYDO ,WDOLDQ 6RFLHW\
(GLQEXUJ3HDUVRQ(GXFDWLRQ/LPLWHGS

-DFTXHOLQH 0XUUD\ ,QGLYLGXDOLVP DQG &RQVHQVXDO 0DUULDJH VRPH
(YLGHQFH IURP 0HGLHYDO (QJODQG vQ & 0 5RXVVHDX - 7 5RVHQWKDO
:RPHQ 0DUULDJH DQG )DPLO\ LQ 0HGLHYDO &KULVWHQGRP .DODPD]RR
:HVWHUQ0LFKLJDQ8QLYHUVLW\S

&DQRQXO DO 6IkQWXOXL 9DVLOH FHO 0DUH vQ ÄÌQGUHSWDUHD OHJLL´
%XFXUHúWL

3DXOHWWH/¶+HUPLWH/HFOHUF/¶(JOLVHHWOHVIHPPHVS

FRQGL LL HUD JUHX GH LPDJLQDW R F V WRULH vQ FDUH FHL GRL V ILH FX
DGHY UDW SDUWHQHUL XQL L GH RFRPXQLWDWHGHVHQWLPHQWH&XPFOHULFLL
LQVLVW SH FDUDFWHUXO GH S FDW DO SO FHULL UHVLP LWH FKLDU vQ WLPSXO
DFWXOXL VH[XDO OHJLWLP VRDUWD IHPHLORU F V WRULWH DU IL WUHEXLW V ILH
IULJLGLWDWHD(VWHvQV JUHXGHVWDELOLWvQFHP VXU DFHVWHSUHGLFLDX
LQIOXHQ DW FX DGHY UDW FRPSRUWDPHQWHOH VH[XDOH GLQ LQWHULRUXO
F V WRULLORU PHGLHYDOH 'XS SHULRDGD 3 ULQ LORU %LVHULFLL FDUH DX
H[HUFLWDW R DQXPLW LQIOXHQ DVXSUD HOLWHORU FXOWLYDWH úL ERJDWH DOH
,PSHULXOXL VH SDUH F DFHDVW VSLULWXDOLWDWH FRQMXJDO D vQWkPSLQDW
PDULGLILFXOW LvQDVHLPSXQH8QRDUHFDUHGUHSWODSO FHUHOHDIRVW
DFRUGDW IHPHLORU GDWRULW WHRULLORU PHGLFDOH FDUH DILUPDX F HVWH
LPSRVLELO FRQFHS LDXQXLFRSLOGDF IHPHLDQXUHVLPWHSO FHUH&HORU
FDUHFRQWUD]LFHDXDFHVWHDILUPD LLDU WkQGF úLYLFWLPHOHYLROXULORUSRW
U PkQH vQV UFLQDWH OL VH U VSXQGHD F DFHDVWD vQVHDPQ F vQ SRILGD
YRLQ HLORUúLvQPRGLQFRQúWLHQWIHPHLOHDXUHVLP LWSO FHUHvQWLPSXO
DFWXOXL VH[XDO LPSXV FX YLROHQ %D PDL PXOW FXP FRQVWDWD
FRQVWHUQDW &KULVWLQH GH 3LVDQ E UED LL UHSHWDX F IHPHLOH YRU V ILH
YLRODWHúLF QXOHGLVSODFHGHORFV ILHIRU DWHFKLDUGDF HOHQHDJ
YHKHPHQW $OWH WLSXUL GH VXUVH vQ DIDUD FHORU FOHULFDOH GHVFULX R
VH[XDOLWDWHIHPLQLQ GHERUGDQW vQFDGUXOF V WRULHLGDUúLvQDIDUDHL
)DEOLDX[XULOH RU úHQHúWL VDX OLWHUDWXUD GH PRUDYXUL GH WLSXO
'HFDPHURQXOXLVXQWSXUW WRDUHOHXQXLGLVFXUVPLVRJLQGHDOWWLSGHFkW
FHOFOHULFDOGDULGHQWLFvQVXSR]L LLOHHVHQ LDOHSULYLQGQDWXUDFRUXSW D
IHPHLL
1DúWHUHDGHFRSLLQXHVWHY ]XW FDRvPSOLQLUHVXSUHP SHQWUX
IHPHLH FL FD R SHGHDSV FRQVHFLQ D F GHULL vQ S FDW ©FX GXUHUH YHL
QDúWH FRSLLª *HQH]D 3UDFWLFLOH FRQWUDFHSWLYH ILLQG DVSUX
UHSULPDWHGHELVHULF úLGHDXWRULW LOHSXEOLFHVDUFLQLOHVXQWIUHFYHQWH
DGHVHDSUREOHPDWLFHúLXQQXP ULPSRUWDQWGHIHPHLvúLSLHUGYLD DvQ
XUPDQDúWHULLvQFRQGL LLOHOLSVHLGHFXQRúWLQ HPHGLFDOHHILFLHQWH'H
DOWIHO SHULFROHOH DVLPLODWH VDUFLQLL VLWXD LD GH VHUYLWXWH vQ FDUH VH

*HRUJHV'XE\RSFLWS

/HOLD &UDFFR 5XJJLQL /D VHVVXDOLWj QHOO¶HWLFD SDJDQRFULVWLDQD
WDUGRDQWLFD Ä&RPSRUWDPHQWL H LPPDJLQDULR GHOOD VHVVXDOLWj QHOO¶DOWR
PHGLRHYR´ 6SROHWR $WWL 'HOOH 6HWWLPDQH /,,, )RQGD]LRQH &HQWUR
,WDOLDQRGL6WXGLVXOO¶DOWRPHGLRHYR6SROHWRS

&KULVWLQHGH3LVDQRSFLWS

SODVHD] ID GH VR VXQW DUJXPHQWH SXWHUQLFH IRORVLWH GH 3 ULQ LL
ELVHULFLLSHQWUXDOHFRQYLQJHSHWLQHUHOHIHWHV QXVHF V WRUHDVF
©(VWH IUXPRV V WH P UL L GDU HVWH úL PDL IUXPRV V WH DE LL
1XQWDHVWHGHIDSWRSLHGLF 9UH LV úWL LFHSLHGLF "Ä)HPHLDHVWH
VXSXV E UEDWXOXLvQWLPSXOYLH LLOXLHDHVWHOHJDW GHOHJHDOXLGDF
WRWXúL VR XO HL PRDUH DWXQFL HD HVWH GH]OHJDW GH OHJHD VR XOXL HL´
5RPDQL(VWHGHFLGRYHGLWF PDULDMXOHVWHRSLHGLF SULQFDUH
IHPHLD HVWH OHJDW úL GH FDUH SRDWH IL GH]OHJDW +DUXO LXELULL
vPS UW úLWH HVWH PDUH GDU VHUYLWXWHD HVWH úL PDL PDUH %RQD PXWXL
DPRULVJUDWLDVHGPDMRUHVWVHUYLWXVª
ÌQ FD]XO vQ FDUH WRWXúLD IRVW F V WRULW IHPHLD WUHFH GH VXE
DXWRULWDWHDWDW OXLIUDWHOXLWXWRUHOXLVXEFHDDVR XOXL
$WLWXGLQHDID GHY GXYHDELVHULFLLGLQSULPHOHVHFROHWUDQVPLV
DSRL ELVHULFLL PHGLHYDOH HVWH GHVWXO GH DPELJX vPELQkQG H[DOWDUHD
Y GXYLHLFDRVWDUHVXSHULRDU F V WRULHLvQFHUFkQGV SUHLDSHVHDPDVD
DVLVWHQ DFHORUU PDVHI U E UEDWGDUVXVSHFWkQGXOHvQSHUPDQHQ GH
WHQWD LD F GHULL vQ S FDW $FHDVW DPELJXLWDWH HVWH SRVLELO V R WUDGXF
LQL LDO SH FHD D VRFLHW LL vQ JHQHUDO FDUH YHGH Y GXYLD FD R VWDUH
SHULFXORDV SHQWUXRUJDQLVPXOVRFLDOvQWUXFkWGHVWUDP OHJ WXULOH HVXWH
SULQDOLDQ DPDWULPRQLDO vQWUHGRX JUXSXULIDPLOLDOH'HDFHHDSDUH
SUHIHUDELOFDY GXYDV QXVHF V WRUHDVF úLV FRQWLQXHV WU LDVF vQ
IDPLOLD VR XOXL GHFHGDW GHGLFkQGXVH FUHúWHULL FRSLLORU úL IDSWHORU
FDULWDELOH GDF VWDUHD PDWHULDO LR SHUPLWH 3H GH DOW SDUWH UHIX]XO
F V WRULHL DGXFHD IHPHLD vQWUR VLWXD LH SHULFXORDV GLQ DOW SXQFW GH
YHGHUH SHQWUX RUGLQHD VRFLDO vQWUXFkW PDL DOHV FkQG I FHD SDUWH GLQ
HOLW vLFRQIHUHDRDXWRQRPLHSHFDUHvQPRGQRUPDOIHPHLDSHUSHWX
PLQRU QDU IL WUHEXLW V R GH LQ (D SRDWH V DGPLQLVWUH]H XQHRUL
DYHUHD vQ QXPHOH FRSLLORU PLQRUL VH SRDWH LPSOLFD PDL SURIXQG vQ
HGXFD LDDFHVWRUDOHSRDWHKRW UvF V WRULD6HFRPSRUW GHFLFDXQFDS
GH IDPLOLH FD úHI DO JRVSRG ULHL DWULEXWH PDVFXOLQH SULQ WUDGL LH 6H
SRDWHGHDOWIHOFRQVWDWDSUHVLXQHDIDPLOLLORUDVXSUDY GXYHORUPDLDOHV
DFHORUWLQHUHSHQWUXDVHUHF V WRULDUHLQWUDDVWIHOvQ©QRUPDOLWDWHªúL
D IL vQF RGDW XWLOH QHDPXOXL ORU SHQWUX FLPHQWDUHD DOWRU UHOD LL GH

,HURQLP'HYLGXLV;,3DWURORJLD/DWLQD$

<DVPLQD )RHKU-DQVVHQV /D YHXYH HQ PDMHVWp 'HXLO HW VDYRLU DX
IpPLQLQGDQVODOLWWpUDWXUHPpGLpYDOH*HQqYH/LEUDLULH'UR]S

DOLDQ %LVHULFDVXV LQHvQV F HVWHGHSUHIHUDWFDIHPHLDY GXY V QX
VH UHF V WRUHDVF vQ SRILGD JUHXW LORU SH FDUH OH vQWkPSLQ R IHPHLH
VLQJXU vQ VRFLHWDWHD PHGLHYDO vQ FDUH GH DOWIHO QLPHQL QX SRDWH
VXSUDYLH XL L]RODW 5HF V WRULUHD Y GXYHORU úL Y GXYLORU HVWH ORYLW GH
SHQLWHQ HFOH]LDVWLF LDU IHPHLORU VSUH GHRVHELUH GH E UED L OL VH
LPSXQHúLXQU VWLPSGHYLGXLWDWH±vQJHQHUDODQvQFDUHQXDXYRLHV
VHUHF V WRUHDVF ÌQGUHSWXOFODVLFURPDQUHOXDWvQYUHPHDOXL,XVWLQLDQ
VHVXEOLQLDFODUGLVFULPLQDUHDDU WkQGXVHF ©VR LLQXVXQWREOLJD LV
LQ GROLXGXS VR LLOHORUª$FHVWLQWHUYDOHVWHMXVWLILFDWGHJULMDGHD
HYLWDFRQIX]LDSDWHUQLW LLGDF HUDFXPYDvQV UFLQDW FXVR XOGHFHGDW
GDUúLGHLQIHULRULWDWHDIHPHLLFDUHHVWHGDWRDUHFXUHVSHFWVR XOXLúLGXS
PRDUWHD DFHVWXLD ,QIOXHQ DWH GH GLVFXUVXO DQWLPDWULPRQLDO DO ELVHULFLL
PDUFDWH GH H[SHULHQ H PDWULPRQLDOH SUREDELO QX SUHD IHULFLWH GRUQLFH
V úL FRQVHUYH LQGHSHQGHQ D RE LQXW SULQ PRDUWHD VR XOXL vQ SULPHOH
VHFROH FUHúWLQH GHVWXO GH PXOWH Y GXYH SDU V IL GRULW V QX VH
UHF V WRUHDVF LQWUkQG DVWIHO vQ FRQIOLFW FX LQWHUHVHOH IDPLOLLORU LDU vQ
%L]DQ FKLDUFXSROLWLFDSURQDWDOLVW DVWDWXOXL%LVHULFDVXV LQHGHFLGLQ
WRDWH SXWHULOH OXSWD DFHVWRU IHPHL GH DúL DOHJH VRDUWD FKLDU FX SUH XO
DILUP ULLXQXLSDUDGR[úLDQXPHSRVLELOLWDWHDXQHLIHPHLGHDH[LVWDGH
VLQHVW W WRUQXGRDUvQUHOD LHFXXQE UEDWÌQ(YXO0HGLXRFFLGHQWDO
DFHVWLGHDOSDUHV ILIRVWGHVWXOGHJUHXGHDWLQVY GXYHOHERJDWHILLQGR
SUDG OD IHO GH LQWHUHVDQW SHQWUX LQGLYL]L úL IDPLOLL FD úL IHFLRDUHOH
5 SLUHD Y GXYHORU YLROXO ORU SHQWUX D IRU D F V WRULD VXQW LQIUDF LXQL
VDQF LRQDWH GH OHJLOH JHUPDQLFH FHHD FH DUDW F HUDX GHVWXO GH
IUHFYHQWH
%LVHULFDSUHLDSHVHDPDHLvQF GLQSULPHOHVHFROHJULMDID GH
Y GXYH FRQVWLWXLQG XQ RUGLQ VSHFLDO OD IHO FD SHQWUX IHFLRDUHOH
FRQVDFUDWH$FHDVWDDYHDvQYHGHUHDVLJXUDUHDDVLVWHQ HLFHORUDIODWHvQ
QHFHVLWDWH GDU SHUSHWXD VXVSLFLXQH ID GH VH[XDOLWDWHD IHPHLL VH
PDQLIHVWDúLvQDFHVWFD]vQWUXFkWQXSXWHDXV EHQHILFLH]HGHDFHDVW
DVLVWHQ GHFkWFHOHWUHFXWHGHGHDQL&DQRDQHOH6IkQWXOXL9DVLOH
'HVLJXU DFHDVW OLPLW HVWH JUHX GH FUH]XW F SXWHD IL FX DGHY UDW

'LJHVWH DSXG -RsOOH %HDXFDPS /H VWDWXW GH OD IHPPH j
%\]DQFHHHVLqFOH,/HGURLWLPSpULDO3DULVS

0DYLV ( 0DWH :RPHQ LQ 0HGLHYDO (QJOLVK 6RFLHW\ &DPEULGJH
8QLYHUVLW\3UHVVS

UHVSHFWDW vQUHDOLWDWHvQWURSHULRDG FXVSHUDQ GHYLD PXOWUHGXV
ID GH FHD GH D]L 'DF Y GXYD FRQVDFUDW WUHFXW GH GH DQL VH
UHF V WRUHD SLHUGHD GUHSWXO OD DVLVWHQ úL HUD DIXULVLW $FHDVW
SUHYHGHUH DUDW F WRWXúL vQ SRILGD vQFHUF ULORU ELVHULFLL GH D OH
vPSLHGLFD SH Y GXYH V VH UHF V WRUHDVF DFHDVWD HUD SUDFWLFD
QRUPDO LQGLIHUHQWGHYkUVWDIHPHLL'HDOWIHOVLWXD LDPDWHULDO DXQHL
Y GXYH SXWHD IL IRDUWH JUHD HD SXWHD FX XúXULQ V GHFDG SH VFDUD
VRFLDO úL SH SODQ HFRQRPLF GXS PRDUWHD VR XOXL 3ULQ F V WRULH HD
SLHUGXVHvQJHQHUDOSURSULHWDWHDDVXSUD]HVWUHLFDUHHUDDGPLQLVWUDW
GHE UEDWvQLQWHUHVXOFRSLLORUPRúWHQLWRULLOHJLWLPLDLDFHVWHLD'XS
PRDUWHD VR XOXL GDF H[LVWDX FRSLL HD QXúL UHFXSHUD GUHSWXO GH
SURSULHWDWH FL PHQ LQHD GRDU XQ GUHSW GH X]XIUXFW DGHVHD úL DFHOD
SUREOHPDWLF ÌQ XQHOH ]RQH FD GH H[HPSOX vQ $QJOLD FHO SX LQ GLQ
VHFROHOH ;,;,, IHPHLL L VH QHDJ RULFH GUHSW GH SURSULHWDWH 3H GH
DOW SDUWHvQ%L]DQ úL]RQHOHLQIOXHQ DWHGHWUDGL LDEL]DQWLQ IHPHLD
S VWUHD] SURSULHWDWHD DVXSUD ]HVWUHL úL R SRDWH DGPLQLVWUD FX GHVWXO
OLEHUWDWH GDF D U PDV Y GXY vPSUHXQ FX R SDUWH GLQ DYHUHD
E UEDWXOXL
$VLPLODW vQ JHQHUDO FX GROLXO úL FX GH]RODUHD Y GXYD DUH R
LPDJLQH DPELJX vQ GLVFXUVXULOH FOHULFDOH úL vQ OLWHUDWXU GDWRULW
VH[XDOLW LLHLVXVSHFWH2EOLJDW ODFRQWLQHQ FDúLIHFLRDUDHDDUIL
vQ YL]LXQHD RDPHQLORU ELVHULFLL PDL JUHX FDSDELO V úL VW SkQHDVF
SRUQLULOH F UQLL GHRDUHFH HD D JXVWDW GLQ IUXFWHOH F VQLFLHL 'HVLJXU
FHL FH SURSXQHDX XQ DVHPHQHD GLVFXUV QX S UHDX FRQúWLHQ L GH
FRQWUDGLF LDvQWUHLQVLVWHQ DSHLGHHDFDUDFWHUXOXLGH]JXVW WRUXPLOLWRU
DOUHOD LLORUVH[XDOHSHFDUHvQFHUFDXVRLPSXQ vQSUHGLFLOHvPSRWULYD
F V WRULHL úL DILUPD LD H[LVWHQ HL XQRU SO FHUL OHJDWH GH F V WRULH
,PDJLQHD WLS D FDUDFWHUXOXL QHOLQLúWLWRU DO VH[XDOLW LL Y GXYHL HVWH
UHSUH]HQWDW GH ILJXUD PDWURDQHL GLQ (IHV FDUH DSDUH OD 3HWURQLXV úL
HVWH SUHOXDW GH OLWHUDWXUD PHGLHYDO 0HULW DPLQWLW SH VFXUW
SRYHVWHD SHQWUX D vQ HOHJH DFHVW WLS GH UHSUH]HQWDUH QHJDWLY D
Y GXYHLDWkWGHSHUVLVWHQWvQWLPS2PDWURDQ GLQ(IHVFDUHvúLLXEHD
IRDUWH PXOW VR XO vO SLHUGH úL QHFRQVRODW U PkQH V MHOHDVF SH

$QJHOLNL$/DLRXRSFLWS

0DYLV(0DWHRSFLWS

$QJHOLNL/DLRXRSFLWS

PRUPkQWXOOXLUHIX]kQGPkQFDUHDúLE XWXUDGRUQLF V vOXUPH]HvQ
PRDUWH5XGHOHúLSULHWHQLLQXUHXúHVFV RvQGXSOHFHV UHYLQ DFDV úL
HDU PkQHSHVWHQRDSWHvQFLPLWLU$FRORIXVHVHH[HFXWDWúLXQWkOKDU
úLXQVROGDWIXVHVHO VDWV OS ]HDVF SHQWUXFDWUXSXOV QXLILHOXDW
GH DSURSLD L 6ROGDWXO DXGH SOkQVHWXO Y GXYHL úL vQFHDUF V R
FRQVROH]HUHXúLQGvQFHOHGLQXUP DWkWGHELQHvQFkWHDvúLXLW MDOHD
vQ EUD HOH OXL 'DU vQ DFHVW WLPS SULHWHQLL WkOKDUXOXL vL IXU DFHVWXLD
WUXSXO SHQWUX DO vQPRUPkQWD úL VROGDWXO VH WHPH F YD IL H[HFXWDW
SHQWUXQHJOLMHQ $X]LQGDFHDVWDPDWURDQDGHFODU F DSLHUGXWGHMD
XQ E UEDW QX YUHD V O PDL SLDUG úL SH DO GRLOHD úL DUH LGHHD FD vQ
ORFXOWkOKDUXOXLV ILHVSkQ]XUDWFDGDYUXOE UEDWXOXLHL
)DEOLDX[XULOH VXQW OD UkQGXO ORU SOLQH GH ILJXUL GH Y GXYH
JHQHURDVHFXFHLFHOHGRUHVFIDUPHFHOH9 GXYDFDUHVHUHF V WRUHúWH
HVWHE QXLW F DI FXWRQXGLQQHYRLPDWHULDOHFLGLQFRQFXSLVFHQ
'DF DYHDFRSLLLGLQSULPDF V WRULHHVWHVXVSHFWDW F YDILRPDP
UHD SUHIHUkQGXL SH FHL Q VFX L FX DO GRLOHD E UEDW FD V PHQ LQ
DIHF LXQHD DFHVWXLD $FHDVWD HVWH GH IDSW úL MXVWLILFDUHD IRORVLW GH
OHJLVODWRULL EL]DQWLQL SHQWUX D UHIX]D Y GXYHL FX FRSLL FDUH VD
UHF V WRULW GUHSWXO OD DYHUHD VR XOXL GHFHGDW FD úL FRQWUROXO DVXSUD
SURSULHL GRWH S VWUDW VSUH IRORVXO FRSLLORU 2 SRYHVWH SXV vQ
FLUFXOD LH GH 3 ULQ LL ELVHULFLL SUH]LQW OLPLWD XOWLP OD FDUH SRDWH
DMXQJH R DVWIHO GH Y GXY GRUQLF GH UHF V WRULUH FDUH SHQWUX DO
DWUDJH SH XQ VROGDW FDUH QR YRLD GLQ SULFLQD FRSLLORU vL XFLGH SH
DFHúWLDGLQXUP )DQWDVPHDOHXQHLVRFLHW LSURIXQGPLVRJLQHDFHVWH
H[SUHVLL OLWHUDUH FRQWULEXLH OD FRQWXUDUHD QRUPHL FDUH FRQGDPQ
Y GXYD OD VLQJXU WDWH úL OD V U FLH vQ DúWHSWDUHD XQHL UHFRPSHQVH
VXSHULRDUHFHYDILSULPLW vQOXPHDGHGLQFROR
6ODE GLQSXQFWGHYHGHUHIL]LFLQFDSDELO GLQSXQFWGHYHGHUH
LQWHOHFWXDO IHPHLD HVWH Y ]XW GH F WUH FOHULFLL PHGLHYDOL FD XQ
UHFHSWDFRODOWXWXURUYLFLLORU3HGHRSDUWHDJUHVLYLWDWHDDFHVWRUOX UL
GHSR]L LHYLQHGLQQHFXQRDúWHUHvQWUXFkWFHLFDUHVFULXGHVSUHIHPHLH
VXQW FHOLEDWDUL FDUH WHRUHWLF FHO SX LQ WU LHVF vQ PHGLL PDVFXOLQH FH
QX DX SUHD PXOWH FXQRúWLQ H UHDOH GHVSUH MXP WDWHD IHPLQLQ D

3HWURQLXV6DW\ULFRQWUDGURP%XFXUHúWL(GLWXUD3HQWUX/LWHUDWXU
S

-RsOOH%HDXFDPSRSFLWYRO,S

VRFLHW LL 3H GH DOW SDUWH FRQVWDW P R DPSOLILFDUH D GLDWULEHORU
vPSRWULYD IHPHLORU GLQ VHFROHOH ;;, vQ FDUH vQ 2FFLGHQW ELVHULFD
vQFHDUF V LPSXQ FHOLEDWXO FOHULFDO úL FD DWDUH UHDOL]HD] R
GLDEROL]DUHDIHPHLLSHQWUXDLFRQYLQJHSHSUHR LúLF OXJ ULV VH LQ
GHSDUWH GH LVSLW )UXPXVH HD IHPHLL FHO PDL DGHVHD QHQDWXUDO FL
vQWUH LQXW SULQ IDUGXULOH úL SRGRDEHOH vPSRWULYD F URUD DX WXQDW úL
IXOJHUDW 3 ULQ LL ELVHULFLL úL WR L UHSUH]HQWDQ LL WUDGL LHL PLVRJLQH QX
HVWH GHFkW R FDSFDQ SULQ FDUH E UEDWXO HVWH DWUDV vQ S FDWXO
GHVWU E O ULL 'H DOWIHO DFHDVW IUXPXVH H QX HVWH GHFkW GH VXSUDID
GXS FXP DILUP DEDWHOH 2GRQ GH &OXQ\ FDUH ODQVD FXYLQWH
H[WUHP GH EUXWDOH OD DGUHVD DGHY UDWHL QDWXUL D IHPHLL FDUH QX HVWH
DOWFHYDGHFkWXQÄVDFGHVFkUQ ´3HXUPHOHOXLPHUJHDúL%HUQDUGGH
&ODLUYDX[ FDUH SH GH R SDUWH VFULD SDJLQL LQVSLUDWH GH
ODXG ODDGUHVD)HFLRDUHL0DULDLDUSHGHDOW SDUWHFRQVLGHUDIHPHLOH
RELúQXLWH ©VDFL GH JXQRLª ÌQ VHFROXO DO ;,,OHD 0DUERGH GH 5HQQHV
UHDOL]D XQD GLQ FHOH PDL FUXQWH GLDWULEH OD DGUHVD IHPHLL SH
FDUH R FRQVLGHUD ©FHD PDL UHD GLQWUH FDSFDQHOH vQWLQVH GH GLDYROª
©U G FLQ DWXWXURUYLFLLORUª
3HQWUX7RPDGLQ$TXLQRvQVHFROXODO;,,,OHDIHPHLDHVWHQX
GRDU R ILLQ UDWDW GLQ SXQFW GH YHGHUH IL]LF SHUIHF LXQHD ILLQG
UHSUH]HQWDW GHE UEDWGDUúLFDOLWDWHDVXIOHWXOXLHLHVWHLQIHULRDU FHOHL
D VXIOHWXOXL PDVFXOLQ (VWH DGHY UDW F vQ (YXO 0HGLX QX VH DMXQJH
FKLDU SkQ OD D SXQH VXE VHPQXO vQGRLHOLL IDSWXO F IHPHLD DUH XQ
VXIOHW&HLGUHSW*ULJRUHGLQ7RXUVDU WDF OD&RQFLOLXOGLQ0kFRQ
GLQXQHSLVFRSDVSXVF IHPHLDPXOLHUQXSRDWHILQXPLW RP
KRPR 3UREOHPD YHQHD GLQ IDSWXO F vQ ODWLQ FD úL vQ PXOWH GLQ
OLPELOH HXURSHQH DFWXDOH WHUPHQXO KRPR GHVHPQHD] DWkW E UEDWXO
ODW YLU FkW úL ILLQ D XPDQ vQ JHQHUDO GDU HSLVFRSXO FDUH D ULGLFDW
SUREOHPD S UHD V QX FXQRDVF VXILFLHQW ODWLQ SHQWUX D vQ HOHJH
PRGXO vQ FDUH WHUPLQRORJLD IXQF LRQD 'H DLFL XQLL DXWRUL DX ODQVDW
PDLWkU]LXOHJHQGDSRWULYLWF UHLDFOHULFLLPHGLHYDOLDUILFRQVLGHUDWF

-DFTXHV 'DODUXQ 5HJDUGV GH FOHUFV vQ *HRUJHV 'XE\ 0LFKHOOH
3HUURW FRRUG +LVWRLUH GHV IHPPHV YRO ,,, /H PR\HQ kJH GLU &KULVWLDQH
.ODSLVFK=XEHU3DULV3ORQS

*HRUJHV'XE\0LFKHOOH3HUURWFRRUGRSFLWS

*UHJRULXV7XURQHQVLV2SHUD0*+650WS

IHPHLDQXDUDYHDVXIOHW'HIDSWSUREOHPDUHDO HUDF vQVHFROXODO
9,OHD FD úL PDL WkU]LX XPDQLWDWHD QX SXWHD IL JkQGLW GHFkW OD
PDVFXOLQ
&KLDU GDF vQ]HVWUDW FX VXIOHW IHPHLD QX U PkQH PDL SX LQ
SHQWUXSUHR LLúLF OXJ ULLGLQ(YXO0HGLXRILLQ LUD LRQDO FDUHQX
úL SRDWH FRQWUROD OLPEX LD GH DOWIHO GH DFHHD D úL F ]XW vQ S FDW
GHRDUHFHDVWDWODWDFODOHFXúDUSHOH
'LQFROR GH DVSHFWHOH UHOLJLRDVH DOH FRQFHS LHL FOHULFDOH GHVSUH
IHPHLH XQ DOW PRWLY DO LQIHULRULW LL IHPLQLQH DILUPDW vQ HSRF HVWH
LPSXULWDWHD OHJDW GH QDúWHUH úL GH PHQVWUXD LH ,XGDLVPXO VWDELOLVH
LQWHUGLF LLULWXDOHSULYLQGIHPHLDO X] VDXDIODW vQWLPSXOPHQVWUXD LHL
LDU FUHúWLQLVPXO OHD PHQ LQXW XQHRUL DJUDYkQG FRQVHFLQ HOH DFHVWRUD
$GXFHUHD SH OXPH D FRSLLORU GHúL Y ]XW GH XQLL WHRORJL PHGLHYDOL FD
VLQJXUDSRVLELOLWDWHDIHPHLLGHU VFXPS UDUHDS FDWXOXLRULJLQDUFRPLV
GH (YD QX HVWH SUHD YDORUL]DW GH YUHPH FH IHPHLD O X] HVWH LQXW
GHSDUWHGHELVHULF YUHPHGHSDWUX]HFLGH]LOHÌQWUXFkW/HYLWLFXOFHUHD
FD IHPHLD V QX VH DSURSLH GH FHOH VDFUH YUHPH GH GH ]LOH GDF
SUXQFXO Q VFXW HUD IDW XQLL WHRORJL PHGLHYDOL DX WUDV FRQFOX]LD F
HPEULRQXOIHPLQLQVHvQVXIOH HúWHPDLWkU]LXGHFkWFHOPDVFXOLQ
0HQVWUXD LDHVWHXQDOWPRWLYGHQHvQ HOHJHUHúLGHGLVSUH ID GH
IHPHLH ÌQ VHFROXO DO ;,,OHD MXULVWXO *UDWLDQ SH ED]D VFXUJHULORU
SHULRGLFH GH VkQJH DOH IHPHLORU WUDJH FRQFOX]LD F HOH QX DX IRVW
I FXWH GXS FKLSXO úL DVHP QDUHD OXL 'XPQH]HX vQWUXFkW DFHVWD QX
SRDWH IL LPDJLQDW vQWUR DVWIHO GH VLWXD LH (VWH XQ QRX PRWLY FD
IHPHLORU V OL VH LQWHU]LF LQWUDUHD vQ ELVHULF vQ WLPSXO PHQVWUXD LHL
3DSD *ULJRUH FHO 0DUH VD vPSRWULYLW DFHVWRU SUDFWLFL SH FDUH OH
FRQVLGHUD S JkQH úL EDUEDUH úL SkQ OD XUP HOH DX IRVW H[FOXVH GLQ
ELVHULFD RFFLGHQWDO (OH DX U PDV SkQ DVW ]L SURIXQG vQU G FLQDWH
vQWUDGL LDELVHULFLLRUWRGR[HFDúLLGHHDGHLPSXULWDWHDO X]HLFDUHQX
SRDWHLQWUDvQELVHULF GXS QDúWHUHVDXDLQWHUGLF LHLSHQWUXIHPHLGHD
S WUXQGHvQVSD LXOVDFUXDODOWDUXOXL
&RQVHFLQ HOH XQHL DVWIHO GH FRQFHS LL WHRORJLFH DVXSUD IHPHLL
Y ]XW FD S F WRDV SULQvQV úLQDWXUDHLDXPDUFDWYLD DFRWLGLDQ D

3DXOHWWH/¶+HUPLWH/HFOHUFRSFLWS

5 VSXQVXULOH 3DSHL *ULJRUH FHO 0DUH OD vQWUHE ULOH F OXJ UXOXL
$XJXVWLQvQ%HGD9HQHUDELOLVRSFLW,;;9,,

IHPHLORUSHWRWSDUFXUVXO(YXOXL0HGLXúLGLQXQHOHSXQFWHGHYHGHUH
úLPXOWPDLWkU]LX
'LQ VO ELFLXQHD HL IL]LF úL LQWHOHFWXDO GHFXUJH LQFDSDFLWDWHD
MXULGLF D IHPHLL ,PSHULXO 5RPDQ FUHúWLQDW MXVWLILF LQWHUGLF LD FD R
IHPHLHV úLDSHUHLQWHUHVHOHvQMXVWL LHVDXV UHDOL]H]HDFWHFXYDORDUH
MXULGLF YkQ] UL FXPS U UL GRQD LL WHVWDPHQWH SULQ QHSULFHSHUHD
DFHVWHLDúLSULQQHYRLDGHDILvQWRWGHDXQDSURWHMDW GHF WUHXQE UEDW
$VSHFWXO SR]LWLY DO XQRU DVWIHO GH P VXUL OHJLVODWLYH FDUH U PkQ
YDODELOH WHRUHWLF FHO SX LQ SH WRW SDUFXUVXO (YXOXL 0HGLX HVWH F
IHPHLDREOLJDW V VWHDGHSDUWHGHVIHUDSXEOLF úL LQXW vQLJQRUDQ D
DFHVWRUDVSHFWHSRDWHILvQWUDGHY USURWHMDW GDF HVWHUHSUH]HQWDW GH
XQE UEDW3HGHDOW SDUWHvQDFHVWIHOHDHVWHFRQVLGHUDW RSHUSHWX
PLQRU FDUH vQ IRDUWH UDUH FD]XUL vúL SRDWH OXD GHVWLQXO vQ SURSULLOH
PkLQL 9 GXYHOH DX R DXWRQRPLH PDL PDUH FHHD FH FRQWUD]LFH
DILUPD LD LQFDSDFLW LL IHPHLL GH DúL KRW Uv SURSULXO GHVWLQ $FHDVWD
GHPRQVWUHD] F LQFDSDFLW LOHIHPLQLQHQXUH]LG vQQDWXUDIHPHLLFL
GHULY GLQ F V WRULH vQWUXFkW GLVSDU DWXQFL FkQG F V WRULD D IRVW
GHVI FXW SULQPRDUWHDVR XOXL
ÌQSUDFWLF vQV H[LVW FD]XULGHIHPHLFDUHLDXSDUWHODSURFHVH
VDX FDUH VHPQHD] vQ QXPH SURSULX VDX DO FRSLLORU ORU GLIHULWH
WUDQ]DF LL'HDOWIHOvQF GLQSULPHOHVHFROHELVHULFDDDS UDWGUHSWXO
IHPHLLGHDIDFHGRQD LLVDXDO VDEXQXULPRúWHQLUHSULQWHVWDPHQWSH
GHRSDUWHGDWRULW PHVDMXOXLHJDOLWDUDOFUHúWLQLVPXOXLGDUSHGHDOWDúL
GHRDUHFH vQ IHOXO DFHVWD IHPHLOH vQWRWGHDXQD DSURSLDWH GH ELVHULF vL
SXWHDXO VDPRúWHQLUHRVHULHGHEXQXULFDUHDOWIHODUILUHYHQLWvQPRG
DXWRPDWIDPLOLHL
2 DOW XUPDUH HVWH vQGHS UWDUHD IHPHLL GH VIHUD SXEOLF úL
PHQ LQHUHDHLvQFDGUHOHVWULFWHDOHGRPHQLXOXLSULYDW-XVWLILFDUHDHVWH
ED]DW SHRUHSDUWL LHVH[XDO DFRPSHWHQ HORUFDUHQXPHUJHvQV vQ
VHQVXO XQHL FRPSOHPHQWDULW L FL vQ FHO DO LHUDUKLHL )XQF LLOH
E UEDWXOXL DJULFXOWXUD SURFXUDUHD KUDQHL VXQW FRQVLGHUDWH SULQ
FRQYHQ LH VXSHULRDUH FHORU DOH IHPHLL vQWUH LQHUHD JRVSRG ULHL
SUHOXFUDUHDKUDQHLIDEULFDUHDYHúPLQWHORUFHHDFHMXVWLILF GLQFROR

-RsOOH%HDXFDPSRSFLWS

/LQGD *DUODQG 7KH /LIH DQG ,GHRORJ\ RI %\]DQWLQH :RPHQ D
)XUWKHU1RWHRQ&RQYHQWLRQVRI%HKDYLRXUDQG6RFLDO5HDOLW\DV5HIOHFWHGLQ

GH H[SOLFD LLOH LGHRORJLFH LQIHULRULWDWHD IHPHLL vQ FDGUXO IDPLOLHL úL
GHYDOXDUHD VLVWHPDWLF D DSRUWXOXL V X OD EXQ VWDUHD úL EXQD
IXQF LRQDUHDPHQDMXOXL
ÌQIDPLOLHIHPHLDHVWHRSHUSHWX PLQRU FXH[FHS LDVLWXD LHLvQ
FDUHU PkQHY GXY úLUHIX] UHF V WRULUHD(DHVWHVXSXV DXWRULW LL
WDW OXL V X FDUH vL GHFLGH F V WRULD XQHRUL OD YkUVWH IRDUWH IUDJHGH
FKLDUVXEDQLGHúLYkUVWDOHJDO DFFHSWDW úLGHELVHULF HUDGH
DQL SHQWUX IHWH 'LVFUHSDQ D GH YkUVW vQWUH VR L HUD XQHRUL IRDUWH
PDUHvQSULPHOHVHFROHFUHúWLQHIHWL HSXEHUHVDXFKLDULPSXEHUHILLQG
F V WRULWHFXE UED LGHSHVWHGHDQLÌQ2FFLGHQWYkUVWDIHPHLORUOD
F V WRULH WLQGH V FUHDVF SX LQ U PkQkQG vQV SkQ SULQ VHFROXO DO
;9OHD vQ MXU GH DQL vQ YUHPH FH E UED LL FRQWLQXDX V VH
F V WRUHDVF VSUH GH DQL -XVWLILF ULOH XQHL YkUVWH DWkW GH WLPSXULL
SHQWUXF V WRULHVXQWPXOWLSOHXQHOH LQkQGGHGRULQ DGHDSURILWDOD
PD[LPXPGHSHULRDGDGHIHUWLOLWDWHDIHPHLLvQFRQGL LLOHvQJUR]LWRDUHL
PRUWDOLW LLQIDQWLOHFDUHFDUDFWHUL]D(YXO0HGLXÌQWURYUHPHvQFDUH
VSHUDQ DGHYLD WLQGHDVSUHGHDQLS ULQ LLGRUHDXV ILHVLJXUL
F IHWHOHORUDXIRVWF V WRULWHFXXQVR FRQYHQDELOSHQWUXIDPLOLH
,DU GLVFXUVXO FOHULFDO LQVLVWkQG SH FDUDFWHUXO XúXUDWLF DO IHPHLL SH
IDFLOLWDWHD FX FDUH SRDWH IL DWUDV vQ S FDW VXV LQHD QHFHVLWDWHD
F V WRULULLHLGHWLPSXULXSHQWUXFDIDPLOLDV ILHVLJXU F UHXúHúWHV L
S VWUH]HQHDWLQV YLUJLQLWDWHDSkQ ODQXQW
&RQVLP PkQWXOHHLGHúLSUHWLQVGHGUHSWXOFLYLOúLFDQRQLFQX
DUHDSURDSHQLFLXQUROvQvQFKHLHUHDF V WRULHL0DLJUDYWDW OHLSRDWH
FRQIRUP OHJLVOD LHL URPDQH úL EL]DQWLQH WLPSXULL V úL REOLJH ILLFD V
GLYRU H]HDFHDVW SRVLELOLWDWHILLQGH[FOXV WUHSWDWGHF WUHvPS UD L
ÌQ FDGUXO FXSOXOXL HJDOLWDWHD QX HVWH SUHY ]XW GHFkW GH FDQRDQHOH
ELVHULFLLúLGRDUvQFHHDFHSULYHúWHGUHSWXULOHFRQMXJDOHvQVHQVXOF
QLFL E UEDWXO QLFL IHPHLD QX SRW UHIX]D UDSRUWXO FRQMXJDO SUHWLQV GH
SDUWHQHUÌQFHOHODOWHSULYLQ HIHPHLDWUHEXLHV ILHVXSXV E UEDWXOXL

(OHYHQWK DQG 7ZHOIWK &HQWXU\ +LVWRULFDO 6RXUFHV vQ Ä%\]DQWLRQ´ /9,,,
IDVFS

*LOOLDQ&ODUN :RPHQLQ/DWH$QWLTXLW\3DJDQDQG&KULVWLDQ/LIH
VWLOHV2[IRUG8QLYHUVLW\3UHVVS

(YHO\QH 3DWODJHDQ 3DXYUHWp pFRQRPLTXH HW SDXYUHWp VRFLDOH j
%\]DQFHHHVLqFOHV0RXWRQ3DULV/D+D\H(+(66S


FDUHDUHGUHSWXOOHJDOGHDREDWHúLFKLDUGHDRXFLGHGDF RVXUSULQGH
vQIODJUDQWGHOLFWGHDGXOWHUFXFRQGL LDWRWXúLGHDOXFLGHvQDFHODúL
WLPS úL SH DPDQW 'H DOWIHO DGXOWHUXO HVWH GHILQLW GRDU FD R OH]DUH D
GUHSWXULORUVR XOXLQXúLDOHVR LHL(OHVWHGHFLvQWRWGHDXQDRFULP vQ
UDSRUW FX XQ E UEDW VR vQúHODW úL QLFLRGDW vQ UDSRUW FX R IHPHLH
VR LH3 ULQ LLELVHULFLLFKLDUGDF WHRUHWLFDILUP F úLE UEDWXOFDUH
vúL vQúHDO VR LD FRPLWH DGXOWHU ,RDQ &KU\VRVWRPXO vQ SUDFWLF
DFFHSW FRQFHS LLOH VRFLHW LL LQWHU]LFkQG IHPHLORU V GLYRU H]H vQ
FD]XOvQFDUHVR XOOHvQúHDO 9DVLOHGLQ&H]DUHHD
©& FL FKLDU QHVXIHULQG E W LOH E UEDWXOXL IHPHLD WUHEXLD V
UDEGH PDL ELQH GHFkW V VH GHVSDUW GH E UEDWXO V X VDX QHSXWkQG
VXIHULSDJXEDDYHULLQXSRDWHQLFLSHQWUXDFHDVWDDLQYRFDPRWLY,DU
GHDU YLH XL HO vQ FXUYLH QDYHP REVHUYD LD DFHDVWD vQ RELFHLXO
ELVHULFHVF &KLDU úL GH E UEDW QHFUHGLQFLRV IHPHHD QX VH SRDWH
GHVS U LFLWUHEXHDOvQJ GXLSHQWUXQHúWLLQ DVIkUúLWXOXLª
'HVLJXUELVHULFDDUHXúLWvQ2FFLGHQWV IDF GLYRU XOLPSRVLELO
SHQWUX DPELL SDUWHQHUL LDU vQ 2ULHQW V O UHGXF OD FD]XUL IRDUWH UDUH
'DU vQ SULPHOH VHFROH DOH LPSHULXOXL FUHúWLQDW vQ YUHPH FH OHJLVOD LD
LPSHULDO DFFHSW FkWHYD PRWLYH OHJLWLPH úL SHQWUX GLYRU XO IHPHLL
ELVHULFDvOUHIX] FXGHV YkUúLUHSHPRWLYF HDWUHEXLHV VXSRUWHWRWXO
GLQSDUWHDVR XOXLLQILGHOLW LOHULVLSLUHDDYHULLPDOWUDWDUHD
ÌQUDSRUWFXFRSLLLV LIHPHLDQXDUHGUHSWXOV LDGHFL]LLFLGRDU
V GHD XQHOH VIDWXUL vQ WLPSXO YLH LL VR XOXL V X $FHVWD SRDWH V R
FRQVXOWHVDXQXFXSULYLUHODYLLWRUXOFRSLLORUODF V WRULDDFHVWRUDGDU
QXHVWHREOLJDWV LQ VHDPDGHS UHUHDHL'RDUvQFD]XOvQFDUHDU PDV
Y GXY HDDUHXQDQXPLWFRQWURODVXSUDDYHULLúLDFRSLLORUFXFRQGL LD
GHDQXVHUHF V WRULÌQWLPSXOYLH LLVR XOXLHDQXVHSRDWHRFXSDGHFkW
GH HGXFD LD ILLFHORU E LH LL ILLQG VXVWUDúL LQIOXHQ HL PDWHUQH IRDUWH
GHYUHPH SH OD DQL FkQG vQ 2FFLGHQW vQFHS SUHJ WLUHD SHQWUX D

$QJHOLNL/DLRXHG&RQVHQWDQG&RHUFLRQWR6H[DQG0DULDJHLQ
$QFLHQW DQG 0HGLHYDO 6RFLHWLHV :DVKLQJWRQ '& 'XPEDUWRQ 2DNV
5HVHDUFK/LEUDU\DQG&ROOHFWLRQS

&DQRDQHOH 6IkQWXOXL 9DVLOH vQ $UKLPDQGULW =RVLPD 7kUkO ,F 6WDYU
+DUDODPELH3RSHVFX3LGDOLRQ&kUPD%LVHULFLL%XFXUHúWL


$QJHOLNL/DLRX2EVHUYDWLRQVRQWKH/LIHDQG,GHRORJ\RI%\]DQWLQH
:RPHQvQÄ%\]DQWLQLVFKH)RUVFKXQJHQ´,;S

GHYHQLFDYDOHULLDUvQ%L]DQ FHOSX LQvQSULPHOHVHFROHSRWILWULPLúLOD
RúFRDO SHQWUXDVHSUHJ WLSHQWUXRFDULHU SXEOLF
$VLPLODUHD GRPHQLXOXL IHPHLORU FX VIHUD SULYDW LPSXQH OLPLWH
DOH DSDUL LLORU vQ SXEOLF úL DOH GHSODV ULORU DFHVWHLD ÌQ FODVHOH
VXSHULRDUH DOH VRFLHW LL IHPHLOH GXF R H[LVWHQ UHWUDV vQ FDPHUH
VHSDUDWH GH UHVWXO FDVHL JLQHFHXO EL]DQWLQ VDX RG LOH IHPHLORU GLQ
FDVWHOXORFFLGHQWDO(OHQXSRWS U VLFDVDQHvQVR LWHúLGHSODV ULOHORU
DUWUHEXLvQYL]LXQHDFOHULFLORUV VHUHGXF ODPHUVXOODELVHULF úLOD
XQHOH YL]LWH I FXWH DOWRU IHPHL HYHQWXDO V UDFLORU vQ VFRSXUL
ILODQWURSLFH$FHDVW LGHHGHUHFOX]LXQHDIHPHLORUVHDSOLF úLFHORUFH
GXFRH[LVWHQ vQFKLQDW OXL'XPQH]HX,GHHDvQFRQMXU ULLP Q VWLULL
FX ]LGXUL D DS UXW vQ 2ULHQW vQF GLQ VHFROXO DO ,9OHD vQ FHHD FH
SULYHúWHDúH] PLQWHOHIHPLQLQHúLVDDILUPDWFXSXWHUHGLQVHFROXODO
9,OHDvQYUHPHFHP Q VWLULOHGHE UED LDXDYXWXQUHJLPPDLSX LQ
VWULFW SkQ PDL WkU]LX ÌQ 2FFLGHQW FODXVWUDUHD F OXJ UL HORU GHYLQH
UHJXO DEVROXW GH OD VIkUúLWXO VHFROXOXL DO ;,,,OHD FHHD FH OH LQH
SHQWUX PXOW YUHPH GHSDUWH GH DFWLYLW LOH GH DVLVWHQ VRFLDO F URUD
PXOWHGLQWUHHOHGRUHDXV VHFRQVDFUH
([FOXGHUHD IHPHLL GLQ VSD LXO SXEOLF DUH FRQVHFLQ H úL vQ
UDSRUWXULOH SH FDUH DFHDVWD OH SRDWH DYHD FX GRPHQLXO SURIHVLRQDO ÌQ
%L]DQ FD úL vQ 2FFLGHQW R IHPHLH RQRUDELO QX SRDWH GHVI úXUD R
DFWLYLWDWHHFRQRPLF SULQFDUHV VHvQWUH LQ VLQJXU FDDWDUHVLQJXUHOH
ÄFDULHUH´FDUHvLVXQWDFFHVLELOHVXQWFHDGHVR LHVDXGHF OXJ UL 2ULFH
IHPHLHFDUHOXFUHD] SRDWHILVXVSHFWDW GHSURVWLWX LHILHF HVWHDFWUL
VHUYLWRDUH vQ YUHXQ KDQ VDX SUHFXSHD ÌQ UHDOLWDWH vQV PDL DOHV vQ
PHGLXO XUEDQ H[LVW R VHULH GH IHPHL FDUH GHVI úRDU VLQJXUH GLIHULWH
DFWLYLW LHFRQRPLFHILHF HVWHYRUEDGHDWHOLHUHPHúWHúXJ UHúWLVDXGH
FRPHU ÌQ 2FFLGHQW S WUXQGHUHD PDL DFWLY D IHPHLORU vQ VIHUD
DFWLYLW LORUHFRQRPLFHDUHORFPDLDOHVvQFHSkQGGLQVHFROXODO;,,OHD
GDWRULW UHYLJRU ULL FRQVWDWDWH OD QLYHOXO HFRQRPLHL úL D XQHL UHODWLYH
SURPRY UL VRFLDOH D IHPHLL vQ XUPD FUXFLDGHORU )HPHLOH SRW GH LQH
DWHOLHUH SRW IDFH SDUWH GLQ EUHVOH SRW H[LVWD úL XQHOH EUHVOH IHPLQLQH
PDLDOHVvQGRPHQLXOWH[WLO'LQVHFROXODO;9OHDvQV GDWRULW FUL]HL
FDUHVHFRQVWDW vQGRPHQLXOPHúWHúXJXULORUPHGLHYDOHFDUHOLPLWHD] úL

$QJHOLNL/DLRXRSFLWS

-DQHW/1HOVRQRSFLWS

SHQWUX E UED L DFFHVXO OD VWDWXWXO GH SDWURQ úL vQU XW HúWH VLWXD LD
FDOIHORU úL XFHQLFLORU E UED LL UHXúHVF V OXSWH vPSRWULYD FRQFXUHQ HL
UHSUH]HQWDW GH PXQFD IHPLQLQ FDUH HUD PDL SURVW SO WLW GHFL PDL
DWUDFWLY SHQWUXSDWURQLúLIHPHLDHVWHGLQQRXHOLPLQDW SHQWUXFkWHYD
VHFROHGHSHSLD DPXQFLL
'RPHQLLOH DFWLYLW LORU LQWHOHFWXDOH VXQW GH DVHPHQHD UHODWLY
JUHX DFFHVLELOH IHPHLORU ,QWHUGLF LD QHRWHVWDPHQWDU SULYLQG LQFDSD
FLWDWHDIHPHLORUGHDLvQY DSHDO LLOHDH[FOXVWUHSWDWúLGHODGUHSWXO
GHDVHLQVWUXLHOHvQVHOH'XS GLVSDUL LDúFROLORUSXEOLFHURPDQHFDUH
RULFXP HUDX GHVFKLVH vQ SULQFLSLX E UED LORU VLQJXUD SRVLELOLWDWH GH
LQVWUXF LH SHQWUX R IHPHLH R UHSUH]LQW LQWUDUHD vQ P Q VWLUH ùFROLOH
HSLVFRSDOHFDUHGLQYUHPHDOXL/XGRYLFFHO3LRVQXPDLDFFHSW GHFkW
YLLWRULFOHULFLH[FOXGSULQGHILQL LHIHPHLOHúLWUDGL LDHVWHS VWUDW GH
XQLYHUVLW L 'HVLJXU H[LVW FkWHYD FD]XUL GH IHPHL IRDUWH LQVWUXLWH
FDUHSURYLQILHGLQHOLWDLPSHULDO SUHFXP$QQD&RPQHQDvQVHFROXO
;, OD %L]DQ ILH GLQ PHGLXO F OXJ UHVF úL DLFL PHULW DPLQWLW vQ
SULPXOUkQG+LOGHJDUGGH%LQJHQvQVHFROXODO;,,OHDSULPDIHPHLH
DXWRDUH GH RSHUH WHRORJLFH &D]XULOH GH IHPHL vQY DWH DXWRDUH DOH
XQRUFUHD LLUHPDUFDELOHVHPXOWLSOLF vQSHULRDGDXUP WRDUHXQHOHGLQ
H[HPSOHOH FHOH PDL LQWHUHVDQWH ILLQG FHOH DOH IHPHLORU WUXEDGXU VDX
WUXYHUFDUHVDXDILUPDWvQOLULFDGHFXUWHFHúLDIO DSRJHXOvQVHFROHOH
;,,;,,, &RQWHVD GH 'LH VDX 0DULH GH )UDQFH ,VWRULD +HORwVHL
VR LDOXL$EHODUGSUH]LQW HYROX LDFRQFHS LLORUFDUHvQVHFROXODO;,,OHD
DFFHSWDX FD úL IHPHLOH V SULPHDVF R HGXFD LH LQWHOHFWXDO ÌQ
VHFROXO DO ;,9OHD vQWkOQLP FKLDU FD]XO SULPHL IHPHL VFULLWRU FDUH VH
vQWUH LQH SH ED]D FUHD LLORU HL OLWHUDUH &KULVWLQH GH 3LVDQ FDUH SULQ
OXFU ULOH HL DS U FDSDFLWDWHD FUHDWRDUH D IHPHLORU FRQIUXQWDWH FX
PLVRJLQLDJHQHUDO úLPDLDOHVFOHULFDO DHSRFLL

3LHUUH5LFKp-DFTXHV9HUJHU'HVQDLQVVXUGHVpSDXOHVGHJpDQWV
0DvWUHVHWpOqYHVDX0R\HQÆJH3DULV7DOODQGLHUS

&DURO\QH /DUULQJWRQ :RPHQ DQG :ULWLQJ LQ 0HGLHYDO (XURSH $
6RXUFHERRN/RQGRQDQG1HZ<RUN5RXWOHGJHS

0LFKHO=LQN,QWURGXFWLRQjODOLWWpUDWXUHIUDQoDLVHGX0R\HQÆJH
3DULV/LEUDLULH*pQpUDOH)UDQoDLVHS

-HDQ 9HUGRQ /¶DPRXU DX 0R\HQ ÆJH /D FKDLU OH VH[H HW OH
VHQWLPHQW3DULV3HUULQS

*LVHOD %RFN )HPHLD vQ LVWRULD (XURSHL 'LQ (YXO 0HGLX SkQ vQ
]LOHOHQRDVWUH,DúL(GLWXUD3ROLURPS

$FHVWH FkWHYD H[HPSOH FDUH SRW IL PXOWLSOLFDWH QX VXQW GHFkW
H[FHS LL FDUH LOXVWUHD] VLWXD LD GH LQIHULRULWDWH SH FDUH DX DYXWR
IHPHLOH PHGLHYDOH 6WDWXWXO ORU vQV FHO SX LQ vQ XOWLPHOH VHFROH DOH
(YXOXL 0HGLX RFFLGHQWDO SDUH V IL IRVW PDL EXQ GHFkW FHO DGXV GH
5HQDúWHUHD úL 5HIRUPD GLQ VHFROXO DO ;9,OHD FDUH SUHFRQL]kQG
ILHFDUH vQ IHOXO V X vQWRDUFHUHD OD YDORULOH úL QRUPHOH $QWLFKLW LL D
UHSXV IHPHLOH OD ©ORFXO ORUª FDUH QX SRDWH IL DOWXO GHFkW FHO GLQ
JRVSRG ULHGHVR LHúLGHPDP FXH[FOXGHUHDDFWLYLW LORUHFRQRPLFH
LQGHSHQGHQWH GDU FX R DQXPLW vQJ GXLQ SHQWUX SDUWLFLSDUHD ORU OD
FUHD LDOLWHUDU úLDUWLVWLF
&RQWUDGLF LD GLQWUH GRULQ D GH vPSOLQLUH D IHPHLORU úL SRVLELOL
W LOHSHFDUHVRFLHWDWHDLOHSHUPLWHDHVWHH[SULPDW SRDWHFHOPDLELQH
GH FXULRVXO PRWLY DO IHPHLL GHJKL]DWH vQ E UEDW IUHFYHQW vQWkOQLW vQ
OLWHUDWXUD KDJLRJUDILF EL]DQWLQ D SULPHORU VHFROH 8Q SRVLELO PRGHO
HVWHRIHULWGH$FWHOHDSRFULIHDOHOXL3DYHOúLDOH7KHFOHL6FULVHSULQ
VHFROXO DO ,,OHD DFHVWHD R SUH]LQW SH 7KHFOD R IHFLRDU DWUDV GH
SUHGLFLOH DQWLPDWULPRQLDOH DOH OXL 3DYHO FDUH IXJH GH DFDV vQDLQWHD
QXQ LL GHJKL]DW vQ E UEDW úL vO vQVR HúWH SUHWXWLQGHQL SH 3DYHO vQ
DFWLYLWDWHD VD PLVLRQDU ÌQ SRYHVWLULOH EL]DQWLQH IHPHLD FDUH VH
GHJKL]HD] vQE UEDWLQWU vQWURFRPXQLWDWHUHOLJLRDV PDVFXOLQ XQGH
HVWH FRQVLGHUDW HXQXF úL XQGH IDFH PLQXQL GH DEVWLQHQ úL
PRUWLILFDUH $GHY UXO HVWH GHVFRSHULW GH UHJXO GRDU GXS PRDUWH
0HVDMXO SURIXQG DO DFHVWRU OHJHQGH KDJLRJUDILFH GHVSUH 0DWURQD
0DULQD0DULQRVúLDOWHHURLQHGHDFHVWWLSHVWHF IHPHLDQXVHSRDWH
vPSOLQLvQUHOD LDFX'XPQH]HXGHFkWUHQXQ kQGODFHHDFHvLHVWHPDL
FDUDFWHULVWLF IHPLQLWDWHD DVLPLODW FX VH[XO ÌQ FRQGL LLOH vQ FDUH
XPDQLWDWHD QRUPDO úL QRUPDWLY HVWH DVLPLODW FX PDVFXOLQLWDWHD
IHPHLDQXSRDWHILSHUIHFW GHFkWGHYHQLQGE UEDW

&DYDOHULLúLFXUWHQLL

ÌQ YL]LXQHD RDPHQLORU PHGLHYDOL VRFLHWDWHD HUD vPS U LW vQ WUHL
VW UL FX IXQF LL GLIHULWH D F URU FRODERUDUH DVLJXUD HFKLOLEUXO úL ELQHOH

(YHO\QH 3DWODJHDQ /¶KLVWRLUH GH OD IHPPH GpJXLVpH HQ PRLQH HW
O¶pYROXWLRQ GH OD VDLQWpWp IpPLQLQH j %\]DQFH vQ Ä6WXGL 0HGLHYDOL´ QU
S

WXWXURUFHLFHVHURDJ FHLFHVHOXSW FHLFHPXQFHVF'DF UDQLL
WUHEXLDXSULQPXQFDORUV LvQWUH LQ SHWR LGDF SULQUXJ FLXQLOHORU
FOHULFLLDGXFHDXWXWXURURSURWHF LHVSLULWXDO DS UDUHDVRFLHW LLFUHúWLQH
HUDvQVHDPDOXSW WRULORUDFHORULQVWUXL LvQPHúWHúXJXODUPHORU
'XS FXPDU WD$GDOEHURQGH/DRQDXWRUXOWH[WXOXLFODVLFGHOD
FDUHSRUQHúWHDQDOL]DVWUXFWXULLWULSDUWLWHDVRFLHW LLPHGLHYDOH©'RX
SHUVRQDMH RFXS SULPXO ORF XQXO HVWH UHJHOH FHO ODOW HVWH vPS UDWXO
SULQJXYHUQDUHDORUHVWHDVLJXUDW VROLGLWDWHDVWDWXOXL5HVWXOQRELOLORU
DUH SULYLOHJLXO GH D QX VXSRUWD FRQVWUkQJHUHD QLFL XQHL SXWHUL FX
FRQGL LDV VHDE LQ GHODFULPHOHSHGHSVLWHGHMXVWL LDUHJDO HLVXQW
U ]ERLQLFLLSURWHFWRULLELVHULFLORUHLVXQWDS U WRULLSRSRUXOXLDLFHORU
PDULúLGHRSRWULY DLFHORUPLFLDLWXWXURUvQVIkUúLWDVLJXUkQGXúLvQ
DFHODúLWLPSSURSULDORUSURWHF LHúLVHFXULWDWHª
ÌQF GLQ SHULRDGD UHJDWHORU EDUEDUH úL D ,PSHULXOXL &DUROLQJLDQ
DULVWRFUD LD DYHD vQ SULQFLSDO IXQF LL PLOLWDUH FHHD FH D FRQGXV vQ
WLPSODRVXSUDSXQHUHWRWDO vQWUHFDOLWDWHDGHPHPEUXDOHOLWHLúLFHD
GH RVWDú PLOHV 3URJUHVHOH WHKQLFLL PLOLWDUH FDUH SUHVXSXQ IRORVLUHD
XQRU OXSW WRUL F ODUH úL JUHX vQDUPD L GRWD L FX ]DOH úL DUPXUL DX
LPSXV FD ILHFDUH OXSW WRU V GH LQ XQ IHXG FDUH V L SHUPLW
vQWUH LQHUHDXQXLFDOúLDFKL]L LRQDUHDXQRUDUPHGHVWXOGHFRVWLVLWRDUH
$FHúWL OXSW WRUL GLQ VHFROXO DO ;,OHD GHMD LQGLYLGXDOL]D L vQ FDGUXO
VRFLHW LLVXQWFDYDOHULL
$WULEX LLOH ORU ILLQG FHOH U ]ERLQLFH vQ IRUPDUHD DFHVWRUD
DFFHQWXOHUDSXVSHSUHJ WLUHDIL]LF úLSHDVXPDUHDHOHPHQWHORUXQXL
FRGGHFRPSRUWDPHQWQHVFULVGDUFDUHI FHDDSHOODYLUWX LFRQVLGHUDWH
HVHQ LDOH SHQWUX IXQF LRQDUHD VLVWHPXOXL IHXGDO SUHFXP YLWHMLD
RQRDUHDILGHOLWDWHDID GHVHQLRUÄ&kQG3L]PDúL1HVD LXODXvQFHSXW
V FUHDVF vQ OXPH DWXQFL FHL VODEL UkQGXLU PDL SUHVXV GH HL QLúWH
DS U WRUL FDUH V PHQ LQ GUHSWDWHD úL V L RFURWHDVF ùL VH G GX
PHQLUHD DFHDVWD FHORU YRLQLFL FHORU SXWHUQLFL FHORU FKLSHúWL OHDOL
FXWH] WRULYLWHML/LVHFHUHDV ILHEXQLFXWRDW OXPHDvQDIDU GH

&RQFHS LH DQDOL]DW GH *HRUJHV 'XE\ /HV 7URLV RUGUHV RX
O¶,PDJLQDLUH GX IpRGDOLVPH 3DULV *DOOLPDUG WUDG URP &HOH WUHL
RUGLQHVDXLPDJLQDUXOIHXGDOLVPXOXL(GLWXUD0HULGLDQH

*'XE\$QXO,DúL(GLWXUD3ROLURPS

3DWULFN-*HDU\0LWXOQD LXQLORU2ULJLQLOHPHGLHYDOHDOH(XURSHL
7kUJRYLúWH(GLWXUD&HWDWHDGH6FDXQS

WLF ORúLPLORVWLYLID GHFHLEROQDYLJDWDV LDSHUHSHFHLQHYRLDúLúL
V L GHD vQ YLOHDJ SH WkOKDUL úL XFLJDúL EXQL MXGHF WRUL I U XU úL
S UWLQLUH´
/RFXO XQGH WkQ UXO DVSLUDQW OD FDOLWDWHD GH FDYDOHU GHSULQGHD
DFHVWHUHJXOLHUDGHRELFHLFDVWHOXOVHQLRUXOXLV XXQGHODvQFHSXWGH
SH OD YkUVWD GH DQL VOXMHD FD SDM PDL WkU]LX GHYHQHD VFXWLHU
GHSULQ]kQGvQDFHODúLWLPSFHHDFHVHFRQVLGHUDSHDWXQFLDILEXQHOH
PDQLHUHGDUúLIHOXOGHDOXSWDDOHOLWHORU&kQGF O ULDOXSWDFXVSDGD
PkQXLUHDO QFLLDWRSRDUHORUGHOXSW úLDEX]GXJDQHORUQXPDLDYHDX
VHFUHWH SHQWUX WkQ U úL FkQG DYHD PLMORDFHOH PDWHULDOH FDUHL
SHUPLWHDX V GH LQ XQ FDO úL R DUPXU DFHVWD HUD DUPDW FDYDOHU GH
UHJXO vQMXUXOYkUVWHLGHGHDQL
,QWUDUHDvQUkQGXOFDYDOHULORUFDWHJRULHFHVHGRUHDGLVWLQFW GH
FHOHODOWH SULQ RFXSD LL úL PRG GH YLD QX VH I FHD GHFL DXWRPDW FL
SULQWURFHUHPRQLHHODERUDW FHDDDUP ULL/DvQFHSXWODLF HDDYHD
GUHSW VFRS V GHPRQVWUH]H PDWXUL]DUHD WkQ UXOXL úL FDSDFLWDWHD
DFHVWXLDGHDIDFHID REOLJD LLORUFHLUHYHQHDXvQFDGUXOVRFLHW LL(D
SXQHD vQ HYLGHQ UHOD LD YDVDOLF vQWUXFkWÄQDúXO´FHOFDUHFRQVDFUD
LQWUDUHDWkQ UXOXLvQUkQGXOFDYDOHULORUHUDGHRELFHLVHQLRUXODFHVWXLD
2 SHUVRDQ GH UDQJ vQDOW GH PXOWH RUL R GRDPQ ILLFD VDX VR LD
VHQLRUXOXL vO DMXWD SH WkQ U V vPEUDFH DUPXUD úL vL SULQGHD SLQWHQLL
vQVHPQHGLVWLQFWLYHDOHU ]ERLQLFXOXL
©$QJHYLQXOXLLVDDGXVXQFDOVSDQLROVSOHQGLGFDUHGXS FkW
VHVSXQHSXWHDV DOHUJHPDLUHSHGHGHFkW]ERUXOPXOWRUS V UL3XUWD
DFXP R ]DOH vPSOHWLW GLQ YHULJL GXEOH GHVSUH FDUH VH FUHGHD F QX
SRDWH IL VWU SXQV GH L]ELWXULOH QLFLXQHL O QFL VDX VXOL H úROGXULOH
JHQXQFKLLSXOSHOHvLHUDXDFRSHULWHúLHOHFX]DOHGHILHUvPSOHWLWHGH
DVHPHQHDGLQYHULJLGXEOHSXUWDODSLFLRDUHSLQWHQLGHDXUVFXWXOFX
FKLSXUL GH OHLúRUL DXULL vL DWkUQD GH JUXPD] SH FDS L VD SXV XQ FRLI
FDUHVWU OXFHDGHPXO LPHDSLHWUHORUSUH LRDVHúLFDUHHUDGHDúDRW ULH
vQFkWQXSXWHDV OWDLHVDXV OVI UkPHORYLWXUDQLFLXQHLV ELLLVDGDW
R ODQFH GH IUDVLQ FX YkUIXO I FXW GLQ ILHU GH 3RLWLHUV vQ VIkUúLW L VD
DGXV GLQ FRPRDUD UHJHDVF R VDELH FDUH VH S VWUD DFROR GLQ YUHPXUL

%RXODQJHUWUDGURP$XUHO7LWD%XFXUHúWL(GLWXUD8QLYHUVS

VWU YHFKLSHQWUXI XULUHDF UHLDDPXQFLWGLQJUHXFXPXOW RVWHQHDO
úLUkYQ 9HODQQHvQWUHFXWXOI XUDUª
Ä1DúXO´ vL G GHD DSRL R ORYLWXU VLPEROLF SH XP U FDUH OD
vQFHSXWDYHDUROXOGHDvQFHUFDUH]LVWHQ DIL]LF DDVSLUDQWXOXLGDUFDUH
DSRL PDUFD LQWUDUHD vQ UkQGXO DOWHL FDWHJRULL FHD D FDYDOHULORU úL vO
vQGHPQDV ILHFXUDMRVúLORLDO8UPDDSRLRGHPRQVWUD LHGHP LHVWULH
U ]ERLQLF SULQ FDUH QRXO FDYDOHU WUHEXLD V FRQYLQJ DVLVWHQ D GH
WDOHQWHOHVDOHGHRPGHDUPH
ÌQ ID D SHULFROHORU UHSUH]HQWDWH GH R VRFLHWDWH DOH F UHL YDORUL
VXQW SUHGRPLQDQW U ]ERLQLFH úL vQ FDUH DXWRULWDWHD FHQWUDO VO ELW QX
SRDWH LQVWDXUD RUGLQHD ELVHULFD D UHDF LRQDW vQFHUFkQG V L
ÄGLVFLSOLQH]H´SHFDYDOHULúLV IDF GLQHLOXSW WRULSHQWUXUHOLJLH$UH
ORFGHFLRFUHúWLQDUHDLGHDOXOXLFDYDOHUHVFLQL LDOODLFúLRULHQWDWVSUH
FRQVROLGDUHDVLVWHPXOXLGHUHOD LLIHXGRYDVDOLFH(QHUJLDU ]ERLQLF
D FDYDOHULORU HVWH GLULMDW GH ELVHULF vQ DIDUD VRFLHW LL FUHúWLQH SULQ
FUXFLDG SUHGLFDW SHQWUXSULPDRDU GHF WUHSDSD8UEDQDO,,OHDOD
&OHUPRQWvQ
©$FHLD FDUH DOW GDW HUDX RELúQXL L V OXSWH SHQWUX IRORVXO ORU
FKLDUúLvPSRWULYDFUHGLQFLRúLORUV PHDUJ DFXPvQWUROXSW YUHGQLF
vPSRWULYD QHFUHGLQFLRúLORU úL V L]EkQGHDVF $FHLD FDUH SkQ DFXP
HUDXMHIXLWRULV GHYLQ RVWDúLDLOXL+ULVWRV$FHLDFDUHSkQ DFXPVH
OXSWDX FX IUD LL ORU úL FX FHL GH DFHODúL VkQJH V VH OXSWH DFXP FX
EDUEDULLª
0DLPXOWSULQWURLQWHUHVDQW LQWHUSUHWDUHúLGHIDSWDQXODUHD
LQWHUGLF LHLFOHULFLORUGHDY UVDVkQJHLDXQDúWHUHRUGLQHOHGHFDYDOHUL
F OXJ UL LRDQL L WHPSOLHUL WHXWRQL /D DFHDVW HYROX LH FRQWULEXLVH

)UDQFLVF 3DOO &DPLO 0XUHúDQ /HFWXUL GLQ L]YRDUHOH (YXOXL 0HGLX
%XFXUHúWLS

-pU{PH%DVFKHWRSFLWS

)UDQFR &DUGLQL 5 ]ERLQLFXO úL FDYDOHUXO vQ -DFTXHV /H *RII
FRRUG2PXOPHGLHYDO,DúL(GLWXUD3ROLURPS

)RXFKHU GH &KDUWUHV +LVWRULD +LHURVRO\PLWDQD DSXG 0DULDQ &RPDQ
'RPLQLXP úL (FFOHVLD vQ 2FFLGHQWXO PHGLHYDO &UHVWRPD LH GH LVWRULH PHGLH
XQLYHUVDO %XFXUHúWL(GLWXUD8QLYHUVLW LLGLQ%XFXUHúWLS

3URFHVXO JHQH]HL úL HYROX LD RUGLQHORU F OXJ UHúWLPLOLWDUH DX IRVW
DQDOL]DWHUHFHQWGH$ODLQ'HPXUJHU&DYDOHULLOXL+ULVWRV2UGLQHOHUHOLJLRV
PLOLWDUHvQ(YXO0HGLXVHFDO;,OHDDO;9,OHDWUDGURP2YLGLX3HFLFDQ
&KLúLQ X(GLWXUD&DUWLHU

úL LPSXQHUHD XQRU DúDQXPLWH ÄS FL´ VDX ÄDUPLVWL LL´ DOH GRPQXOXL
SULQFDUHFDYDOHULORUOLVHLQWHU]LFHV OXSWHvQWUHDQXPLWHSHULRDGHVDX
vPSRWULYD FHORU FDUH QX OH VXQW HJDOL FOHULFL UDQL QHJXVWRUL
PHúWHúXJDUL 0DL PXOW GLVFXUVXO LQVSLUDW GH ELVHULF VSXQH F HOXO
RULF UXL FDYDOHU HVWH V OXSWH SHQWUX GUHSWDWH úL SHQWUX DS UDUHD FHORU
RSULPD LQHvQVWDUHV VHDSHUHVLQJXULLQFOXVLYDIHPHLORUFRQVLGHUDWH
vQ HSRF HOHPHQWXO FHO PDL VODE GLQ VRFLHWDWH $FHDVW DPSUHQW
UHOLJLRDV HVWHHYLGHQW úLGLQDVSHFWXOSHFDUHvOFDS W GLQVHFROXODO
;,,,OHD FHUHPRQLD DUP ULL FDUH WUHEXLD SUHFHGDW GH R QRDSWH GH
YHJKHúLUXJ FLXQHDYLLWRUXOXLFDYDOHUvQELVHULF úLFDUHSUHVXSXQHD
ELQHFXYkQWDUHDGDW DUPHORUDFHVWXLDGHRID ELVHULFHDVF
0RGXOGHYLD FDYDOHUHVFDLQVSLUDWúLROLWHUDWXU GHXQDQXPLWWLS
LOXVWUDW vQ SODQXO OLULFLL GH SRH]LD WUXEDGXULORU WUXYHULORU úL
PLQQHVlQJHULORULDUvQFHOHSLFGHSRHPHOHHURLFHúLGHURPDQHOHGHFXUWH
&RPXQ WXWXURU DFHVWRU RSHUH HVWH PRGHOXO GH RP SH FDUH vO SURSXQ
FDUDFWHUL]DW SULQ YLWHMLH UHVSHFWDUHD FXYkQWXOXL GDW UHVSHFWXO SHQWUX
QHDPXOGLQFDUHIDFHSDUWHúLSHQWUXVHQLRUVXSXQHUHDID GHGRDPQH
(YROX LD WHKQLFLL PLOLWDUH FDUH GHIDYRUL]HD] OXSWD F ODUH VDX
FRUSODFRUSvQID DIRORVLULLDUFXOXLDUEDOHWHLúLPDLDSRLDDUPHORUGH
IRF DYHD V FRQGXF OD GLVSDUL LD FDYDOHULORU FD WLS HVHQ LDO GH
U ]ERLQLF 3H FkPSXO GH OXSW ORFXO ORU DYHD V ILH OXDW GH VROGD L
SURIHVLRQLúWLSO WL LOXSW WRULSHGHúWULSULFHSX LvQPkQXLUHDDUPHORUGH
IRF ÌQ VRFLHWDWH LGHDOXO GH U ]ERLQLF RULFkQG JDWD V VFRDW VDELD
SHQWUX D U ]EXQD R MLJQLUH DYHD V ILH vQORFXLW FX FHO DO QRELOXOXL
LQVWUXLW FDUH úWLH V VH GXHOH]H OD QHYRLH GDU FDUH VH SULFHSH V
IRORVHDVF úLDUPDLQWULJLLúLDMRFXOXLGHFXOLVH(YROX LDHVWHLOXVWUDW
GHWUDWDWXOOXL%DOGDVDUH&DVWLJOLRQHFDUHDU WDvQVHFROXODO;9,OHD
vQ&XUWHDQXOFHVHDúWHSWDGHODXQUHSUH]HQWDQWDODULVWRFUD LHL
©$úDGDU LQWDXQXLFXUWHDQGHV YkUúLW«VRFRWF WUHEXLHV ILH
DFHHDGHDúLFkúWLJDSULQPLMORFLUHDvQVXúLULORUSULQFDUHDIRVWvQ]HVWUDW
GH F WUH DFHúWL GRPQL SURIHVRULL V L vQ DúD P VXU EXQ YRLQ D úL
GUDJRVWHD SULQ XOXL SH FDUH vO YD VOXML vQFkW V SRDW vQWRWGHDXQD V L

'RPLQLTXH %DUWKqOHP\ $QXO úL 3DFHD OXL 'XPQH]HX
%XFXUHúWL(GLWXUD0HULGLDQHSDVVLP

0LFKDHO 0DOOHW &RQGRWLHUXO vQ (XJHQLR *DULQ FRRUG 2PXO
5HQDúWHULL,DúL(GLWXUD3ROLURPS

VSXQ DGHY UXO vQ OHJ WXU FX DFHOH OXFUXUL SH FDUH VH FXYLQH V OH
FXQRDVF HOI U GHWHDP VDXSULPHMGLHF QXLYDILSHSODF«
'HDFHHDHXVRFRWF DúDGXS FXPPX]LFDVHUE ULOHMRFXULOH
úLFHOHODOWHvQVXúLULSO FXWHVXQWIORDUHDFXUWHQLHLWRWDVWIHOIDSWXOGHD
L vQGHPQD úL D L DMXWD VHQLRUXO F WUH ELQH vQJUR]LQGXO GH U X HVWH
DGHY UDWXOURGDOFXUWHQLHLª
7UDQVIRUPDUHD LGHDOXOXL GH QRELO GH OD FHO GH FDYDOHU OD FHO GH
FXUWHDQWUHEXLHOHJDW úLGHIHQRPHQXOvQW ULULLSXWHULLUHJDOHFDUHQX
PDLSHUPLWHOXSWHDQDUKLFHSHWHULWRULXOSHFDUHvOFRQWUROHD] 1RELOLL
VXQW DWUDúL V YLQ úL V WU LDVF OD FXUWH XQGH VH SRW EXFXUD GH
IDYRUXULOH UHJHOXL GH GDUXULOH ERJDWH FDUH OL VH IDF GH IXQF LLOH
DGXF WRDUHGHYHQLWXULFDUHOLVHvQFUHGLQ HD] vQVFKLPEXOUHQXQ ULL
OD SXWHUHD SH FDUH OHR G GHD GRPHQLXO ORU DFXP GHVWXO GH VHF WXLW
$FFHQWXOQXPDLFDGHSHWDOHQWXOGHDIRORVLVSDGDVDXODQFHDvQWUR
OXPHDPXVFKHWHORUúLDERPEDUGHORUFLSHWDOHQWXOSROLWLFÌQVHFROHOH
;9,;9,, LGHDOXO QRELOLDU HVWH úWLXWRUXO GH FDUWH FDSDELO GH
FRQYHUVD LLHOHYDWHúLFKLDUGHFUHD LHDUWLVWLF FHOFHúWLHV GDQVH]HúL
V VHUHPDUFHvQVRFLHWDWHFHOFHúWLHV DWUDJ DVXSUDVDDWHQ LDUHJHOXL
SULQWUR VOXMLUH I U FXVXU 9HFKLOH LGHDOXUL FDYDOHUHúWL ILGHOLWDWHD
RQRDUHD VDX S VWUDW GDU QX PDL VXQW SXVH vQ VOXMED XQXL VX]HUDQ
RDUHFDUHFLvQVOXMEDUHJHOXLVXYHUDQXOWXWXURU

5HSUH]HQW ULDOHHYUHLORU

ÌQ (YXO 0HGLX GRPLQDW GH FUHúWLQLVP H[LVW R FRQGDPQDUH
WHRORJLF D HYUHLORU GLQ SXQFWXO GH YHGHUH DO UHOLJLHL FDUH QX LQH
VHDPDGHWU V WXULOHUHDOHDOHDFHVWRUDU PDVHQHFXQRVFXWHPDMRULW LL
SRSXOD LHL FL GH VWHUHRWLSXUL HODERUDWH vQ WLPS 'H H[HPSOX
LQGLIHUHQWGHDVSHFWXOIL]LFIRDUWHYDULDWvQUHDOLWDWHDOHYUHLORUDFHúWLD
VXQWUHSUH]HQWD LvQPLQLDWXULúLPDLWkU]LXvQJUDYXULFDXUk LPXUGDUL
FXID DOXQJLW QDVFRURLDWSXUWkQGRSHOHULQ FXJOXJ

&RUQHOLD &RPRURYVNL /LWHUDWXUD XPDQLVPXOXL úL D 5HQDúWHULL
,OXVWUDW FXWH[WH%XFXUHúWL(GLWXUD$OEDWURVYRO,S

+HUYp0DUWLQ0HQWDOLWpVPpGLpYDOHVS

,ELGHPS

&RQGDPQDUHD SH FULWHULL UHOLJLRDVH FRQGXFH OD XQ DQWLLXGDLVP
GHVWXO GH GLIHULW GH DQWLVHPLWLVPXO HSRFLL FRQWHPSRUDQH 3HQWUX
RDPHQLL PHGLHYDOL QX H[LVWD LGHHD GH UDV LDU HWQLD HUD SUHD SX LQ
GHILQLW DVWIHOvQFkWFULWHULXOSULQFLSDOGHGLIHUHQ LHUHDRDPHQLORUHUD
FHO UHOLJLRV ,QGLIHUHQW vQV GH IXQGDPHQWHOH DWLWXGLQLL UHIHULWRDUH OD
HYUHLDFHDVWDHVWHvQJHQHUDOQHJDWLY úLFRQGXFHvQDQXPLWHVLWXD LL
OD SHUVHFX LL úL FKLDU OD SURJURPXUL 7UHEXLH vQV VXEOLQLDW F vQ FHL
SHVWH R PLH GH DQL DL (YXOXL 0HGLX VLWXD LD HYUHLORU úL DWLWXGLQHD
PDMRULW LL FUHúWLQH FX SULYLUH OD HL DX YDULDW vQ WLPS úL VSD LX
SHULRDGHOH GH vQ HOHJHUH úL FRODERUDUH UHODWLY SDúQLF vQWUH DFHúWLD úL
FUHúWLQLDOWHUQkQGFXFHOHGHUHVSLQJHUHúLVHJUHJDUH
&RODERUDUHD GLQWUH HYUHL FUHúWLQL GDU úL PXVXOPDQL D IRVW
HVHQ LDO vQDQXPLWHPRPHQWHúLVSD LLFXPDUIL6SDQLDPHGLHYDO VDX
6LFLOLD vQ YUHPHD vPS UDWXOXL )UHGHULF DO ,,OHD ÌQ 6SDQLD vQY D LL
HYUHLDXDYXWRFRQWULEX LHGHFLVLY ODWUDGXFHUHDvQODWLQ DXQRURSHUH
DUDEH GLQWUH FDUH PXOWH UHSUH]HQWDX HOH vQVHOH WUDGXFHUL DOH XQRU
OXFU UL DQWLFH JUHFHúWL ÌQ DFHVW IHO R SDUWH D PRúWHQLULL $QWLFKLW LL
LJQRUDW SkQ SULQ VHFROHOH ;,,;,,, GH 2FFLGHQW LD UHGHYHQLW
DFFHVLELO DFHVWXLD PXO XPLW DFWLYLW LL GH LQWHUPHGLDUL D HYUHLORU
VSDQLROL ùL SH DFHDVW PRúWHQLUH JUHFRURPDQ UHYDORUL]DW vQ (YXO
0HGLXDYHDV úLvQWHPHLH]H2FFLGHQWXOVXSHULRULWDWHDSHFDUHvQFHSH
V R GREkQGHDVF DVXSUD FHORUODOWH S U L DOH OXPLL 'H DVHPHQHD
FXQRúWLQ HOHPHGLFDOHDOHHYUHLORUHUDXUHVSHFWDWHvQWRDW (XURSDFHHD
FHI FHDGLQHLFHLPDLSRWULYL LSHQWUXIXQF LLOHGHPHGLFLDLFDSHWHORU
vQFRURQDWH úL DL DOWRU SHUVRQDMH LPSRUWDQWH 7RFPDL SH ED]D XQRU
FXQRúWLQ H LXGDLFH úL PXVXOPDQH VH SURGXFH UHYLULPHQWXO PHGLFLQHL
HXURSHQH vQ FDGUXO XQLYHUVLW LORU GLQWUH FDUH FHD PDL UHSXWDW vQ
GRPHQLXHVWHFHDGHOD6DOHUQR
3H SDUFXUVXO (YXOXL 0HGLX WLPSXULX SUH]HQ D FRPXQLW LORU
LXGDLFH vQ 2FFLGHQWXO FUHúWLQ HUD DFFHSWDW I U FD HD V FUHH]H
WHQVLXQL QRWDELOH 'RFXPHQWHOH 6LQRGXOXL GH OD (OYLUD LQXW vQ
6SDQLD OD vQFHSXWXO VHFROXOXL DO ,9OHD vL FRQGDPQ SHFUHúWLQLLFDUH

-pU{PH%DVFKHWRSFLWS

+HUYp0DUWLQRSFLWS

3KLOLSSH:ROI/C(YHLOLQWHOOHFWXHOGHOC(XURSH3DULV6HXLOS

-pU{PH%DVFKHWRSFLWS

VH DPHVWHF FX HYUHLL vPS U LQG PDVD FX HL FRQWUDFWkQG F V WRULL
PL[WH O VkQGXúL KROGHOH V ILH ELQHFXYkQWDWH GH DFHúWLD 7RDWH
DFHVWHD GHPRQVWUHD] F UDSRUWXULOH FRWLGLHQH vQWUH FHOH GRX
FRPXQLW LHUDXvQF SDúQLFHOLSVLWHGHFRQIOLFWHúLF GRDULQWHUYHQ LD
ELVHULFLLSULQUHSUH]HQWDQ LLV LDvQYHQLQDWVSLULWHOH
7UHEXLH vQV DU WDW F QX vQWRWGHDXQD LQL LDWLYD XQHL DWLWXGLQL
QHJDWLYHID GHHYUHLSRUQHDGHODRDPHQLDLELVHULFLLEDXQHRULFKLDU
GLPSRWULY DFHúWLD LQWHUYHQHDX vPSRWULYD DWLWXGLQLORU úL DF LXQLORU
XQRU ODLFL 'XS LQYD]LLOH EDUEDUH UHJDWHOH URPDQRJHUPDQLFH
vQWHPHLDWH vQ (XURSD RFFLGHQWDO VH FUHúWLQHD] úL FRQGXF WRULL
DFHVWRUDVHVLPWvQYHVWL LFXPLVLXQHDGHDU VSkQGLFUHúWLQLVPXOSHWRW
FXSULQVXO VW SkQLULL ORU 6XQW YL]D L GH DF LXQHD HYDQJKHOL]DWRDUH QX
GRDUS JkQLLFLXQHRULúLHYUHLLSHFDUHXQLLUHJLSUHFXPvQ)UDQFLD
VHFROXOXL DO 9,OHD VDX 6SDQLD VHFROXOXL DO 9,,OHD vQFHDUF V vL
FUHúWLQH]H FX IRU D (SLVFRSLL UHDF LRQHD] OD DVHPHQHD DWLWXGLQL
DILUPkQGF HYUHLLWUHEXLHFRQYLQúLGHDGHY UXOUHOLJLHLFUHúWLQHúLQX
REOLJD LV DFFHSWHXQERWH]IRUPDO
ÌQJHQHUDOvQV vQUHJDWHOHURPDQRJHUPDQLFHHYUHLLFRQVWLWXLHR
PLQRULWDWHFRQVLGHUDW LQIHULRDU úLGRPLQDW GDUVHEXFXU GHSURWHF LD
VXYHUDQLORUDMXQJkQGDGHVHDV RFXSHIXQF LLLPSRUWDQWHvQVWDWSUHFXP
FHDGHPHGLFLDLPRQDUKLORUVDXGHDGPLQLVWUDWRULILVFDOL
ÌQ ,PSHULXO &DUROLQJLDQ VLWXD LD UHODWLY EXQ D HYUHLORU VH
S VWUHD] HLILLQGRUJDQL]D LvQFRPXQLW LVHSDUDWHVXEDXWRULWDWHDGDU
úL SURWHF LD XQXL PDJLVWHU LXGDHRUXP /LEHUW LOH ORU UHOLJLRDVH QX
VXQWUHVWUkQVHGHFkWSULQLQWHUGLF LDGHDH[HUFLWDIXQF LLSXEOLFHvQWUR
VRFLHWDWHFDUHVHGHVFULHvQPRGRILFLDOúLDS VDWGUHSWFUHúWLQ úLSULQ
LQWHU]LFHUHDSUR]HOLWLVPXOXL&RQYLH XLUHDFXFUHúWLQLLFRQWLQX V ILH
SDúQLF XQLLLVWRULFLYRUELQGFKLDUGHRLQIOXHQ GHVWXOGHLPSRUWDQW
D HYUHLORU DVXSUD FUHúWLQLORU vQ YLD D GH ILHFDUH ]L 'RFXPHQWHOH GH
HSRF YRUEHVF vQ FRQWLQXDUH GH F V WRULL PL[WH GH PHVH OXDWH vQ

-DFTXHV )RQWDLQH ,VLGRUH GH 6pYLOOH *HQqVH HW RULJLQDOLWp GH OD
FXOWXUHKLVSDQLTXHDXWHPSVGHV:LVLJRWKV%UHSROVS

-DFTXHV)RQWDLQHRSFLWS

-pU{PH%DVFKHWRSFLWS

%HUQDUG 0HUGULJQDF /D YLH UHOLJLHXVH HQ )UDQFH DX 0R\HQ $JH
2SKU\VS

,ELGHPS

FRPXQ vQ FRQGL LLOH vQ FDUH DXWRULW LOH UHOLJLRDVH DOH FHORU GRX
FRPXQLW L LQWHU]LFHDX FX VWULFWH H DPHVWHFXO 0DL JUDY vQ RFKLL
ELVHULFLL FUHúWLQH H[LVWDX FUHúWLQL FDUH UHVSHFWDX VDEDWXO PHUJHDX OD
VLQDJRJ úLDSUHFLDXPDLPXOWSUHGLFLOHUDELQLORUvQY D LGHFkWSHFHOH
DOH SURSULLORU SUHR L DO F URU QLYHO FXOWXUDO QX SDUH V IL IRVW SUHD
VWU OXFLW ([LVW FKLDU FRQYHUVLXQL OD LXGDLVP DOH XQRU SHUVRQDMH
LPSRUWDQWHFHHDFHFUHHD] VFDQGDOúLvLGHWHUPLQ SHFOHULFLV DGRSWH
R OHJLVOD LH DQWLHYUHLDVF ÌQV vQ VHFROXO DO ,;OHD PRQDUKLL
FDUROLQJLHQL UHIX] V R DSOLFH SUHIHUkQG PHQ LQHUHD FRODERU ULL FX
FRPXQLWDWHDLXGDLF
'H DOWIHO SURWHF LD UHJDO LPSHULDO VDX SRQWLILFDO D HYUHLORU
FRQWLQX V FRQVWLWXLH UHJXOD SkQ SULQ VHFROXO DO ;,OHD FKLDU GDF
PRWLYD LLOH DFHVWHL DWLWXGLQL SXWHDX IL GLIHULWH 3HQWUX PRQDUKL HUD
LPSRUWDQW VXSXQHUHD GLUHFW úL FRODERUDUHD HYUHLORU vQ VFKLPEXO
SURWHF LHL SH FDUH OHR DVLJXUDX 3HQWUX ELVHULF PHQ LQHUHD
FRPXQLW LLHYUHLHúWLHUDFRQVLGHUDW RP UWXULHGLUHFW D3DWLPLORUúL
WUHEXLD V GHD úL XQ H[HPSOX FUHúWLQLORU GHVSUH FRQVHFLQ HOH SH FDUH
SRSRUXOGHLFLGWUHEXLHV OHVXSRUWHSkQ ODVIkUúLWXOYUHPXULORU
$WLWXGLQHD FUHúWLQLORU ID GH HYUHL D vQFHSXW V VH PRGLILFH
SURJUHVLY GLQ VHFROXO DO ;,OHD FkQG vQFHS V DSDU DFX]D LLOH GH
EODVIHPLH FDUH VXV LQ DWDFXUL vPSRWULYD HYUHLORU vQ PDL PXOWH RUDúH
RFFLGHQWDOHDWDFXULPXOWLSOLFDWHvQVHFROHOH;,,;,,,
2VWLOLWDWHDvPSRWULYDHYUHLORUDYHDúLUD LXQLHFRQRPLFHIRDUWHFODUH
vQSULPXOUkQGSUDFWLFDUHDGHF WUHDFHúWLDDvPSUXPXWXOXLFXGREkQG
FRQVLGHUDW FDP W $FHDVW VLWXD LD D IRVW JHQHUDW GH FRQVWLWXLUHD
vQFHSkQG FX VHFROXO DO ;,OHD D XQHL FDWHJRULL GH QHJX WRUL FUHúWLQL
LWDOLHQLúLORPEDU]LFDUHvLHOLPLQ WUHSWDWSHHYUHLGLQFRPHU XOODPDUH
GLVWDQ SHFDUHvOSUDFWLFDXSkQ DWXQFLúLvLIDFHV VHUHSOLH]HWRWPDL
GHVSHFDP W &XPOLVHLQWHU]LFHDV SRVHGHS PkQWúLvQFHSHDXV ILH
úLFRQWLQXXDPHQLQ D LFXSRVLELODH[SXO]DUHDXSUHIHUDWV úLLQYHVWHDVF
DYHUHDvQEXQXULPRELOHPDLXúRUGHPDQLSXODWúLGHDVFXQVSUHFXPDXUXO
úLDUJLQWXOFHHDFHOHSHUPLWHDV MRDFHUROXOGHEDQFKHULÌQILQHHYUHLLDX

,ELGHPS

-pU{PH%DVFKHWRSFLWS

,ELGHPS

+HUYp0DUWLQRSFLWS

SUHOXDWRDFWLYLWDWHHVHQ LDO IXQF LRQ ULLHFRQRPLHLSHFDUHFUHúWLQLLQXR
SXWHDXGHVI úXUDGDWRULW LQWHUGLF LLORUELVHULFHúWL3HED]DLGHLLF ÄEDQLL
QXIDFSXLÉLVHULFDGH]YROWDVHRFRQGDPQDUHPRUDO DvPSUXPXWXOXLFX
GREkQG úLFKLDUDQHJR XOXLvQSULPDSDUWHD(YXOXL0HGLX&UHúWLQLL
GRUQLFLV úLDVLJXUHPkQWXLUHDVXIOHWXOXLQXSXWHDXSUDFWLFDvPSUXPXWXO
FX GREkQG WHRUHWLF GHRDUHFH vQ UHDOLWDWH QX SX LQL HUDX FHL FDUH
UHFXUJHDX OD HL F XWkQG DSRL PRGDOLW L GH VDOYDUH Ä,QYHQWDUHD´
3XUJDWRULXOXL vQ VHFROXO DO ;,,OHD HVWH WRFPDL R DVHPHQHD SRUWL GH
VDOYDUHSHQWUXF P WDULLFUHúWLQLÌQDFHVWHFRQGL LLHYUHLLHUDXFXPYD
DSURDSH REOLJD L V UHFXUJ OD SUDFWLFL HFRQRPLFH HVHQ LDOH SHQWUX
IXQF LRQDUHDVRFLHW LLFUHúWLQLGDUFDUHHUDXYLUXOHQWUHSUREDWHGHDFHDVWD
&KLDUGDF H[LVWDXúLvQ7DOPXGLQWHUGLF LLDOHvPSUXPXWXOXLFXGREkQG
UDELQLLVHFROXOXLDO;,,OHDDXJ VLWMXVWLILFDUHDDFHVWHLSUDFWLFLÄÌQDFHDVW
YUHPHvQFDUHXQHYUHXQXSRDWHVW SkQLQLFLS PkQWXULQLFLYLLFDUHV L
vQJ GXLHV WU LDVF vPSUXPXWXOFXGREkQG F WUHQHHYUHLHVWHQHFHVDUúL
FDDWDUHvQJ GXLW´
,OXVWUDWLY SHQWUXDPELJXLWDWHDHVHQ LDO DFRQGL LHLHYUHLHúWLHVWH
SLHVD OXL 6KDNHVSHDUH 1HJX WRUXO GLQ 9HQH LD FDUH SUH]LQW WRDWH
VWHUHRWLSXULOHUHIHULWRDUHODF P WDUXOHYUHXGDUúLWUDJLVPXOH[LVWHQ HL
DFHVWXLD6K\ROFNOHHVWHQHFHVDUWXWXURUFHORUFDUHDXQHYRLHGHEDQL
GDU FDUH vO GLVSUH XLHVF SHQWUX F OH G vPSUXPXWXUL ÌQ FRQGL LLOH vQ
FDUH vQ YUHPHD OXL 6KDNHVSHDUH S ULQ LL GH LQHDX FRQWUROXO DVXSUD
F V WRULHL FRSLLORU ORU F V WRULLOH FRQWUDFWDWH I U DFRUGXO SDUHQWDO
ILLQGDSURDSHLPSRVLELOH6K\ORFNQXúLSRDWHUHFXSHUDILLFDIXJLW FX
XQFUHúWLQ,DUFkQGFHUHvQMXVWL LHGUHSWDWHvPSRWULYDGDWRUQLFXOXLFDUH
QXLDSO WLWODWLPSHVWHSHSXQFWXOGHDILWRWHOFRQGDPQDW
'HFODQúDUHD FUXFLDGHORU vQ XUPD DSHOXOXL GH OD &OHUPRQW GLQ
DO 3DSHL 8UEDQ DO ,,OHD DGXFH FX VLQH SULPHOH PDVDFUH PDVLYH
DOH HYUHLORU ÌQ WLPSXO SULPHL FUXFLDGH PLúFDUHD SRSXODU FRQGXV GH
3HWUX3XVWQLFXOúL*DXWLHUI U $YHUHFDUHDOXDWGUXPXOGHXVFDWSHQWUX
D DMXQJH vQ %L]DQ vQ WLPSXO WUHFHULL SULQ RUDúHOH UHQDQH VH GHG OD
PDVDFUHvPSRWULYDFRPXQLW LORULXGDLFH(UDRH[SULPDUHYLROHQW úL

$ VH YHGHD DUJXPHQWD LD OXL -DFTXHV /H *RII 1DúWHUHD
3XUJDWRULXOXL%XFXUHúWL(GLWXUD0HULGLDQH

+HUYp0DUWLQRSFLWS

&pFLOH0RUULVVRQ&UXFLDGHOH%XFXUHúWL(GLWXUD0HULGLDQHS

LQXPDQ D HYROX LHL VRFLHW LL FUHúWLQH GHYHQLW WRW PDL FRQúWLHQW GH
SURSULDVSHFLILFLWDWHGDUúLLQWROHUDQW VXEFRQGXFHUHD%LVHULFLL
2DPHQLL %LVHULFLL GLQWUH FDUH XQLL DX IRVW LQWHOHFWXDOL UHPDU
FDELOL SHQWUX DFHOH YUHPXUL UHGDFWHD] WUDWDWH vQ FDUH vQFHDUF V
IXQGDPHQWH]H WHRUHWLF SHUVHFX LD vPSRWULYD HYUHLORU 'H H[HPSOX
3HWUH9HQHUDELOXOvQWUDWDWXOV XGLQLQWLWXODWÌPSRWULYDHYUHLORU
VXV LQHF DFHúWLDVXQWXQSHULFROPDLPDUHGHFkWPXVXOPDQLLFXFDUH
VH FRQIUXQW FUXFLD LL vQ DUD 6IkQW &X HYUHLL FUHúWLQLL FRDELWHD]
FHHDFHFRQGXFHODPXUG ULUHDDFHVWRUD6LQJXUDVROX LHDUILFDUHJLLV
OHUHWUDJ SURWHF LDSHFDUHOHDXRIHULWRSkQ DWXQFL
2 SRVLELO H[SOLFD LH D XQRU DVHPHQHD OX UL GH SR]L LH FDUH QX
VXQWVLQJXODUHHVWHF vQWURVRFLHWDWHvQFDUHELVHULFDúLVRFLHWDWHDVH
FRQIXQG HYUHLL FDUH IDF SDUWH GLQ VRFLHWDWH I U V ILH úL R SDUWH D
ELVHULFLLUHSUH]LQW RDQRPDOLHJUHXGHDFFHSWDW
7UHSWDWWUHSWDW vQFHS V VH FRQWXUH]H DFX]HOH FDUH DYHDX V ILH
ODQVDWHvQPRGFRQVWDQWvQVHFROHOHFDUHYRUXUPDvPSRWULYDHYUHLORU
ÌQ vQ $QJOLD DSDUH SHQWUX SULPD GDW DFX]D LD GH RPRU ULWXDO
V YkUúLWGHHYUHLvPSRWULYDFRSLLORUFUHúWLQL$SRLvQFHSV VHUHSHWH
DFX]D LLOHSULYLQGSURIDQDUHDRVWLHLSkLQHDVILQ LW IRORVLW GHFDWROLFL
SHQWUXvPS UW úDQLH,PDJLQD LDFOHULFLORUvQWUXFkWHLHUDXFHLúWLXWRUL
GHFDUWHFDSDELOLV SXQ vQVFULVúLV IDF V FLUFXOHDVHPHQHDLVWRULL
PHUJHDIRDUWHGHSDUWHÌQWUXQH[HPSOXPSRYHVWLUHPRUDOL]DWRDUHGH
VHFRO;,,,QHHVWHSUH]HQWDWFD]XOXQXLF P WDUFDUHvQFHDUF V OIDF
SHXQFkLQHV P QkQFHSkLQHDGHvPS UW úDQLH&XPDQLPDOXOQXIDFH
DFHDVWD ED FKLDU SURWHMHD] FX ODED RVWLD F P WDUXO HVWH vQ VIkUúLW
FRQYLQV GH DGHY UXO FUHúWLQLVPXOXL úL VH FRQYHUWHúWH 0RUDOD
SURIXQG HVWH vQV F SkQ úL XQ DQLPDO DUH PDL PXOW VSLULW GHFkW XQ
HYUHX7RDWHDFHVWHSRYHúWLLQVLQXDXvQFRQúWLLQ HOHRDPHQLORUGHWRDWH
FDWHJRULLOH VRFLDOH LGHHD F HYUHLL FRPSORWHD] SHQWUX D GLVWUXJH
VRFLHWDWHDFUHúWLQ
ÌQDFHVWFRQWH[WGHVXVSLFLXQHúLDFX]HUHJLLvQFHSV LDLQL LDWLYD
XQRU P VXUL DQWLHYUHLHúWL $VWIHO vQ UHJHOH IUDQFH] )LOLS DO ,,OHD

-pU{PH%DVFKHWRSFLWS

,ELGHPS

$XJXVW GHFLGH H[SXO]DUHD HYUHLORU GLQ UHJDW 0 VXUD YD IL DSRL
VXVSHQGDW UHOXDW FXGLIHULWHRFD]LLFHHDFHVHvQWkPSO úLvQ$QJOLD
1X WUHEXLH XLWDW F vQ PRWLYDUHD GHFL]LLORU GH H[SXO]DUH LQWHUHVXO
HFRQRPLFDOWIHOVSXVO FRPLDDDYXWXQUROIRDUWHLPSRUWDQWvQWUXFkW
FHDPDLPDUHSDUWHDDYHULLHYUHLORUREOLJD LV úLS U VHDVF ORFXULOH
QDWDOHLQWUDvQVW SkQLUHDPRQDUKLORU
&RQFHSWXO GH H[FOXGHUH F S WD vQ WLPS IRUPXO UL VDYDQWH FX
DUJXPHQWHWHRORJLFHIRORVLWHSHQWUXDMXVWLILFDDF LXQLOHUHSUHVLYHDúD
FXP VH SRDWH REVHUYD vQ VFULHULOH SDSHL ,QRFHQ LX DO ,,,OHD Ä(YUHLL
vPSRWULYDF URUDVWULJ VkQJHOHOXL,LVXV+ULVWRVGHúLQXWUHEXLHXFLúL
SHQWUX FD SRSRUXO FUHúWLQ V QX XLWH /HJHD OXL 'XPQH]HX WUHEXLH V
U PkQ U W FLWRUL SH S PkQW SkQ FH LQLPLOH ORU VH YRU XPSOH GH
UXúLQHúLYRUF XWDQXPHOH'RPQXOXLQRVWUX,LVXV+ULVWRV´
ÌQ VHFROXO DO ;,,,OHD VH DFFHQWXHD] SROLWLFD GH VHJUHJDUH GH
LQHUH OD GLVWDQ D HYUHLORU Y ]X L FD XQ JHUPHQH RWU YLWRU FDUH DU
LQIHFWD SULQ FRQWDFW vQWUHDJD FUHúWLQ WDWH &RQFLOLXO /DWHUDQ ,9 GLQ
SULQFDQRQXOLPSXQHHYUHLORUSRUWXOXQXLVHPQGLVWLQFWLYOD
RULJLQHDVLQLVWUHLVWHOHJDOEHQHGLQYUHPHDUHJLPXOXLQD]LVW0RWLYD LD
RIHULW DWXQFL HUD F GDF QX H[LVW SRVLELOLWDWHD GH DL LGHQWLILFD SH
HYUHL FUHúWLQLL VH SRW F V WRUL FX DFHúWLD SLHU]kQGXúL DVWIHO
SXULWDWHD'HDVHPHQHDvQFHSHV VHFRQWXUH]HVHJUHJDUHDVSD LDO OD
RULJLQHDJKHWRXOXLGHPDLWkU]LX(YUHLLDYHDXvQXQHOHORFXULRELFHLXOV
VHUHJUXSH]HvQFDUWLHUHSDUWLFXODUHSUHFXPvQ3HQLQVXOD,EHULF XQGH
DFHVWHDSXUWDXQXPHOHGHMXGHULDV7UHSWDWvQV DFHDVW VHSDUDUHOHHVWH
LPSXV SULQOHJHSUHFXPOD1vPHVvQ
2 DOW GLUHF LH GH DF LXQH YL]HD] FRQYHUWLUHD SULQ RULFH
PLMORDFHDHYUHLORUODDSHOXO3DSHL1LFRODHDO,9OHD0DLDOHV
vQ 3HQLQVXOD ,EHULF VXQW RUJDQL]DWH GLVSXWH SXEOLFH vQWUH FOHULFL úL
UDELQLVFRSXOILLQGGHPRQVWUDUHDIDOVLW LLUHOLJLHLLXGDLFH(YUHLORUOL

'RPLQLTXH ,RJQD3UDW 2UGRQQHU HW H[FOXUH &OXQ\ HW OD VRFLpWp
FKUpWLHQQH IDFH j O¶KpUpVLH DX MXGDwVPH HW j O¶,VODP 3DULV
$XELHUS

+DQQD =DUHPVND 0DUJLQDOLL vQ -DFTXHV /H *RII -HDQ&ODXGH
6FKPLWWÄ'LF LRQDUWHPDWLFDO(YXOXL0HGLXRFFLGHQWDO´S

-HDQ&KpOLQL+LVWRLUHUHOLJLHXVHGHO¶2FFLGHQWPpGLpYDOS

+DQQD=DUHPVNDRSFLWS

+HUYp0DUWLQRSFLWS

VH LPSXQH V DVLVWH OD SUHGLFL LQXWH GH FUHúWLQL FKLDU vQ VLQDJRJLOH
ORU&RQYLH XLUHDSDúQLF GLQWUHFUHúWLQLúLHYUHLODFDUHVHDG XJDX
XQHRULPXVXOPDQLLRWU V WXU GLVWLQFWLY DUHJDWHORULEHULFHGLVSDUH
GLQDGRXDMXP WDWHDVHFROXOXLDO;,,,OHD2DPHQLLRELúQXL LVXQW
SUHWXWLQGHQL FRQYLQúL GH WRDW SURSDJDQGD RILFLDO vQ IDYRDUHD
FRQYHUWLULLHYUHLORUODFUHúWLQLVPúLXQLLSDUV ILFUH]XWFXVLQFHULWDWH
F DFHDVWD DU IL XQ OXFUX EHQHILF vQ SULPXO UkQG SHQWUX FHL GLQWkL
%RFFDFLRvQ'HFDPHURQXOSUH]LQW FD]XOXQXLQHJXVWRULWDOLDQFDUH
ILLQGSULHWHQFXXQHYUHX$EUDKDPvQFHDUF GLQJULMDSHQWUXVXIOHWXO
DFHVWXLDV OGHWHUPLQHV WUHDF ODFUHúWLQLVP$EUDKDPGLQSUH XLUH
SHQWUX SULHWHQXO V X F UXLD vL vQ HOHJH EXQHOH LQWHQ LL DFFHSW FX
FRQGL LD V IDF R YL]LW OD 5RPD ,WDOLDQXO HVWH GLVSHUDW ILLQGF vúL
VSXQH F GDF $EUDKDP YHGH FRUXS LD FDUH GRPQHúWH vQ VkQXO FXU LL
SDSDOH úL DO ELVHULFLL QX GRDU F QX VH PDL FRQYHUWHúWH GDU ]LFH HO
FUHúWLQV ILHúLVDUIDFHHYUHX7RWXúLQXYHODVHWHUPLQ FXELQHGLQ
SXQFW GH YHGHUH FUHúWLQ vQWUXFkW HYUHXO YHGH WRDWH YLFLLOH LHUDUKLHL
ELVHULFHúWLGDUúLIHUYRDUHDSRSXODU VLQFHU ùLDWXQFLVSXQHHOGDF
GHDWkWHDYHDFXULFDSLLELVHULFLLvQFHDUF V GLVWUXJ UHOLJLDFUHúWLQ úL
WRWXúLQXUHXúHVFvQVHDPQ F DFHDVWDHVWHVLQJXUDDGHY UDW
5HJLVWUXOFRPLFvQFDUHSUH]LQW %RFFDFFLROXFUXULOHQXDVFXQGH
vQV WUDJLFXO DGHY U DO YUHPLL 6LWXD LD HYUHLORU VH DJUDYHD] úL PDL
PXOWvQVHFROXODO;,9OHDSHXQIRQGJHQHUDOGHFUL] HFRQRPLF úL
GHFDODPLW LFDUHVHDEDWvQPRGUHSHWDWDVXSUDORFXLWRULORU(XURSHL
'HFODQúDUHD FLXPHL QHJUH OD PLMORFXO YHDFXOXL FDX]HD] R SVLKR]
JHQHUDOL]DW vQWUXFkW QX HUDX FXQRVFX L DJHQ LL EROLL úL QLFL QX H[LVWD
YUHR SRVLELOLWDWH GH WUDWDPHQW D FHORU DWLQúL $ SLHULW DWXQFL vQWUH XQ
VIHUWúLRMXP WDWHGLQSRSXOD LDFRQWLQHQWXOXLúLFKLDUGDF úLHYUHLLvL
F GHDX YLFWLP FD WR L FHLODO L DFHDVWD QX D vPSLHGLFDW U VSkQGLUHD
DOWRUDFX]D LLODDGUHVDORU$XIRVWDFX]D LF DXRWU YLWIkQWkQLOHVDX
F DXDGXVERDODSULQDOWHPLMORDFHvQFUHGLQ DJHQHUDOL]DW F HLVXQW
DXWRULL XQXL FRPSORW GH SURSRU LL FDUH YL]HD] OLFKLGDUHD WXWXURU
FUHúWLQLORU'HDLFLODSRJURPXULQXHVWHGHFkWXQSDVúLSULPHOHSDUD
ILFHOHGLQGLQ&DVWLOLDúL$UDJRQ

-pU{PH%DVFKHW/DFLYLOLVDWLRQIpRGDOHS

+HUYp0DUWLQRSFLWS

*LRYDQQL%RFFDFFLR'HFDPHURQXO=LXDvQWkL

'XS vQFKHLHUHD 5HFRQTXLVWHL VSDQLROH vQ UHJLL FDWROLFL
GHFLGH[SXO]DUHDGHILQLWLY DHYUHLORUXUPDW GXS RYUHPHGHFHDD
PXVXOPDQLORUGLQUHJDWXOORU$SRLSHUVHFX LLDXIRVWGHFODQúDWHFKLDU
úLvPSRWULYDHYUHLORUFRQYHUWL LODFUHúWLQLVPFRQYHUVRVúLDXUPDúLORU
DFHVWRUD vQ FDGUXO REVHVLHL VSDQLROH SHQWUX SXULWDWHD VkQJHOXL
7UHEXLH VSXV F DFWLYLWDWHD ,QFKL]L LHL FDUH SUHOXDVH VDUFLQD
LGHQWLILF ULL RULF URU SUDFWLFL VXVSHFWH QDU IL IRVW SRVLELO I U
FRODERUDUHD SRSXOD LHL GH UkQG ,QFKL]LWRULL DF LRQDX vQ XUPD XQRU
GHQXQ XUL I FXWH GH FHL FDUH vúL VXVSHFWDX YHFLQLL GH SUDFWLFL
LXGDL]DQWH (YLGHQW vQ PXOWH FD]XUL DFHVWH GHQXQ XUL HUDX I FXWH vQ
VSHUDQ D GREkQGLULL XQHL S U L GLQ EXQXULOH FHOXL GHQXQ DW GDF HUD
FRQGDPQDW
([HPSOXO H[SXO] ULORU GHILQLWLYH HVWH XUPDW GH DO L VXYHUDQL DL
ULORU RFFLGHQWDOH DVWIHO vQFkW OD VIkUúLWXO (YXOXL 0HGLX SUH]HQ D
HYUHLORUvQ ULOHGLQ$SXVDU PDVVSRUDGLF $FHúWLDVDXUHIXJLDWvQ
ULGLQ(XURSDFHQWUDO úLHVWLF úLvQUHJLXQLOHVW SkQLWHGH,PSHULXO
2WRPDQ &RH[LVWHQ D SDúQLF vQWUH HL úL DGHS LL FHORUODOWH UHOLJLL GLQ
DFHVWH ]RQH DYHD V FRQWLQXH SkQ vQ ]RULL HSRFLL PRGHUQH FkQG
SHUVHFX LLOH DX UHvQFHSXW GH DFHDVW GDW VXE IRUPD HODERUDW D
DQWLVHPLWLVPXOXLúLSHED]DSUHWLQVúWLLQ LILF DWHRULLORUUDVLVWH

-LOO .LOVE\ 6SDQLD P ULUH úL GHF GHUH %XFXUHúWL
(GLWXUD$OOS

$7,78',1,

&RUSXO

&RQFHS LLOHPHGLHYDOHDVXSUDWUXSXOXLGRYHGHVFDPELJXLWDWHDFDUH
VHUHJ VHúWHúLvQDOWHGRPHQLLDOHPHQWDOLW LORUDFHVWHLSHULRDGH3HUVRDQD
XPDQ HVWHY ]XW VXEOXPLQDGXDOLW LLvQWUHWUXSúLVXIOHWFDUHvQIXQF LH
GH HSRF HVWH PDL ÄELQHYRLWRDUH´ FRQIRUP IRUPXOHL OXL 3HWHU %URZQ
VDX PDL ULJLG SXQkQG DFFHQWXO PDL PXOW SH RSR]L LH GHFkW SH XQLWDWH
0RQDKLVPXO úL WHQGLQ HOH DVFHWLFH LHúLWH vQYLQJ WRDUH vQF GLQ SULPHOH
VHFROHDOHFUHúWLQLVPXOXLWLQGVSUHRPRUWLILFDUHDWUXSXOXLúLVSUHRSODVDUH
D DFHVWXLD vQWUR VLWXD LH GH LQIHULRULWDWH ID GH VXIOHW $FFHQWXDUHD
LQIHULRULW LL WUXSXOXL úL D FDUDFWHUXOXL HVHQ LDO QHJDWLY DO DFHVWXLD SRDWH
GXFHvQV ODGXDOLVPFXPVDvQWkPSODWvQXQHOHGLQHUH]LLOHPHGLHYDOH
GLQWUHFDUHFHDPDLLPSRUWDQW HVWHFHDFDWDU
'H IDSW UHOLJLH GXDOLVW GLIHULW vQ HVHQ GH FUHúWLQLVP
FDWDULVPXO FRQVLGHU F WRW FH LQH GH PDWHULDO vQ DFHDVW OXPH
LQFOXVLY WUXSXO RPHQHVF D IRVW FUHDW GH XQ 'HPLXUJ U X LDU VLQJXU
SDUWHDVSLULWXDO HVWHFUHD LDOXL'XPQH]HX'DF vQOXPHVHPDQLIHVW
GRX SULQFLSLLHJDOHvQIRU úLGHPQLWDWHELQHOHúLU XODWXQFLVFRSXO
YLH LL HVWH GH D VHSDUD úL D HOLEHUD VXIOHWXO FDUH DSDU LQH VIHUHL
VSLULWXDOHGHFLELQHOXLGHWUXSXOFDUHIDFHSDUWHGLQGRPHQLXOU XOXL
$FHDVWDVHSRDWHIDFHSULQUHVSHFWDUHDV U FLHLGHWLSHYDQJKHOLFúLSULQ
GH]LQWHUHVXO ID GH OXPHD S PkQWHDVF LQFOXVLY ID GH VWUXFWXULOH
VWDWXOXLVDXDOHELVHULFLLRILFLDOH'HDVHPHQHDOXPHDILLQGGRPHQLXO
U XOXL SURFUHHUHD GH FRSLL FDUH V R SRSXOH]H QX PDL DUH VHQV GHFL
VH[XDOLWDWHDWUHEXLHUHIX]DW &HLFHQXUHVSHFWDXDFHVWHSUHFHSWHQXVH
SXWHDXHOLEHUDSHQWUXDXUFDvQFHUXULúLVHUHvQFDUQDXHYHQWXDOFKLDU

3HWHU%URZQ7UXSXOúLVRFLHWDWHD%XFXUHúWL(GLWXUD5DR

-DFTXHV /H *RII 1LFRODV 7UXRQJ 8QH KLVWRLUH GX FRUSV DX 0R\HQ
$JH(GLWXUD/LDQD/HYL3DULVS

vQ DQLPDOH PRWLY SHQWUX FDUH FDWDULL VXV LQHDX R DOLPHQWD LH
YHJHWDULDQ 2SR]L LD FDWHJRULF GLQWUH WUXS úL VXIOHW SH FDUH R
SURSRY GXLDX HL I FHD LPSRVLELO ÌQWUXSDUHD GH DFHHD HL VSXQHDX F
,LVXV+ULVWRVDIRVWGHIDSWXQvQJHUODIHOFD0DULDúLF QXDPXULWSH
FUXFH 5 VWLJQLUHD ILLQG R VLPSO LOX]LH ÌQ DFHVWH FRQGL LL PkQWXLUHD
QXSXWHDYHQLGLQSDUWHDELVHULFLLRILFLDOHRSHU D'LDYROXOXLFLGRDU
GDWRULW H[LVWHQ HLXQRUSHUIHF LFUHGLQFLRúLFDWDULFDUHSULQPRGXOORU
GH YLD SXWHDX MXFD UROXO GH PHGLDWRUL 6LQJXUD WDLQ SH FDUH R
DFFHSWDXFDWDULLFRQVWLWXL LGHDOWIHOvQWUXQIHOGHELVHULF SDUDOHO HUD
FRQVRODPHQWXP ULWXDO SULQ FDUH SHUIHFWXO vúL SXQHD PkLQLOH SH
FUHGLQFLRVXO DIODW SH SDWXO GH PRDUWH úL DFHVWD VH FRQVLGHUD PkQWXLW
$FHVWULWXDOSXWHDILSHUIRUPDWRVLQJXU GDW GHDFHHDGDF FHOFHvO
SULPLVHvúLUHYHQHDULVFXOGHDS F WXLGLQQRXHUDDWkWGHPDUHvQFkW
VHUHFRPDQGDHQGXUDUHIX]XOKUDQHLSHQWUXFDPRDUWHDV GHVSULQG vQ
FHOHGLQXUP VXIOHWXOGHWUXSúLV OGXF VSUHFHUXUL
&RQúWLHQ LGHULVFXOF GHULLvQHUH]LHSULQGHVFRQVLGHUDUHDWRWDO
D WUXSXOXL FOHULFLL PHGLHYDOL RFFLGHQWDOL DX vQFHUFDW V PHQ LQ XQ
HFKLOLEUXvQWUHWUXSúLVXIOHWFXDWkWPDLPXOWFXFkWXQDGLQGRJPHOH
HVHQ LDOH DOH FUHúWLQLVPXOXL VXV LQHD ÌQWUXSDUHD OXL +ULVWRV 'DF
'XPQH]HX QX D J VLW QHGHPQ GH VLQH V V O úOXLDVF vQWUXQ WUXS
RPHQHVF vQVHDPQ F DFHVWD QX SRDWH IL VXSXV XQHL FRQGDPQ UL
UDGLFDOH 3URFHVXO GH UHDELOLWDUH D GHPQLW LL FRUSXOXL XPDQ HVWH
YL]LELO vQ HYROX LD UHSUH]HQW ULORU 5 VWLJQLULL $SURDSH DEVHQW OD
vQFHSXWXULOH FUHúWLQLVPXOXL XQGH GRDU FUXFHD VLQJXU HVWH UHSUH
]HQWDW 5 VWLJQLUHD SULPHORU VHFROH FUHúWLQH SUH]LQW XQ +ULVWRV
vQYHúPkQWDWvQWURWXQLF YHQLQGXLSkQ ODJOH]QHVDXFHOSX LQSkQ
ODJHQXQFKLI U VHPQHHYLGHQWHGHVXIHULQ LPDLGHJUDE GRPLQkQG
FX PDLHVWDWH OXPHD GH SH FUXFHD FDUH QX SDUH XQ LQVWUXPHQW DO
SDWLPLORU FL DO WULXPIXOXL 'HDELD GLQ VHFROHOH ;,,;,,, HVWH
UHSUH]HQWDW GLQ FH vQ FH PDL VXJHVWLY WUXSXO VXIHULQG DO OXL +ULVWRV
DSURDSHGH]JROLWFXSLFLRDUHOHSULQVHGHFUXFHFXXQVLJXUSLURQFHHD

-HDQ&KpOLQLRSFLWS

-HDQ&ODXGH6FKPLWW7UXSúLVXIOHWvQ-DFTXHV/H*RII-HDQ&ODXGH

$QGUp*UDEDU/¶kJHG¶RUGH-XVWLQLHQ*DOOLPDUG3DULVS

FH LPSULP R WRUVLXQH GXUHURDV VXSOLPHQWDU DWkUQkQG VXE SRYDUD
vQWUHJLLJUHXW LDFRUSXOXLFDUHPRDUH
/HJDW GHGRJPDvQWUXS ULLHVWHúLLGHHDvPS UW úDQLHLRFD]LHFX
FDUH FUHGLQFLRúLL FRQVXP WUXSXO úL VkQJHOH OXL +ULVWRV ÌPS UW úDQLD
HVWHUHSHWDUHD&LQHLFHDGH7DLQ úLFXRFD]LDHLFUHGLQFLRúLSULPHVF
vQ SURSULXO ORU WUXS SH 'XPQH]HX ÌQ FUHúWLQLVPXO RFFLGHQWDO GLQ D
GRXDSDUWHD(YXOXL0HGLXYHQHUDUHDWUXSXOXLúLVkQJHOXLOXL+ULVWRV
FRUSXV &KULVWL GHYLQH XQXO GLQ PRPHQWHOH HVHQ LDOH DOH VOXMEHL
UHOLJLRDVH
7UXSXO FUHúWLQXOXL vQVXúL SULOHM GH F GHUH HVWH úL PLMORF GH
PkQWXLUHF FLSRDWHILVDQFWLILFDWSULQERWH]úLSULQPLUXLUHúLSRDWHIL
WUDQVIRUPDWSXULILFDWSULQSUDFWLFLDVFHWLFH
3URFHVXO GH UHDELOLWDUH D FRUSXOXL HUD vQV GLILFLO úL vQGHOXQJDW
GHRDUHFHFOHULFLLPHGLHYDOLHUDXPDUFD LGHREVHVLDLGHQWLILF ULLGLQWUH
FRUS úL VH[XDOLWDWH 6H[XDOL]DUHD FRUSXOXL VDX F UQLL FDUH QX DUH
DFHDVW FRQRWD LH vQ VFULHULOH 1RXOXL 7HVWDPHQW HVWH GHV YkUúLW SULQ
VHFROHOH,993 FDWXORULJLQDUFDUHODSULPLLH[HJH LFUHúWLQLIXVHVH
XQXO DO RUJROLXOXL GHYLQH XQXO VH[XDO $GDP úL (YD DX SLHUGXW
QHPXULUHD úL úLDX FRQGDPQDW úL SRVWHULWDWHD OD WUXG úL FKLQXUL
GHRDUHFH VDX FXQRVFXW WUXSHúWH vQ 3DUDGLVXO S PkQWHVF LQWHUSUHWDUH
FDUH QX VH VXV LQH HYLGHQW SH QLPLF GLQ SRYHVWHD ELEOLF 'H DLFL
GHULY vQ SULPHOH VHFROH FUHúWLQH úL vQ (YXO 0HGLX WLPSXULX R
FRQGDPQDUH LQVLVWHQW D VH[XDOLW LL FDUH QX HVWH FRQVLGHUDW I U GH
S FDW QLFL P FDU vQ FDGUXO F V WRULHL $XUHOLX $XJXVWLQ D DYXW PDUL
GLILFXOW L GH D DILUPD vQ GLVSXWH FX UHSUH]HQWD LL GLIHULWHORU RULHQW UL
HUHWLFHH[WUHPLVWHOHJLWLPLWDWHDVH[XDOLW LLvQFDGUXOF V WRULHLúLGHFL
GHPQLWDWHDSHFDUHWUXSXOFUHúWLQXOXLRSRDWHGREkQGL
6XVSLFLXQHD U PkQH vQV SHUPDQHQW úL HVWH vQGUHSWDW FX
SUHF GHUHDVXSUDFRUSXOXLIHPLQLQFRQVLGHUDWGHILQLWvQPRGHVHQ LDO
SULQVH[XDOLWDWH&RQGDPQ ULOHIHPHLLUHGXV ODWUXSúLODVH[XDOLWDWH
GHYLQFXDWkWPDLVHYHUHSHP VXU FHELVHULFDRFFLGHQWDO vQFHDUF V

-%DFKHW/DFLYLOLVDWLRQ«S

-HDQ&ODXGH6FKPLWW7UXSúLVXIOHWvQ-DFTXHV/H*RII-HDQ&ODXGH

-HDQ9HUGRQ/HSODLVLUDX0R\HQ$JH3DULV3HUULQS

(ULF)XFKV/HGpVLUHWODWHQGUHVVH3RXUXQHpWKLTXHFKUpWLHQQHGH
ODVH[XDOLWp3DULV$OELQ0LFKHOS

LPSXQ FHOLEDWXOFOHULFDO3HQWUXDLGHWHUPLQDSHSUHR LV QXVHPDL
F V WRUHDVF úL SH F OXJ UL V UHVSHFWH MXU PkQWXO GH FDVWLWDWH WUXSXO
IHPHLL WUHEXLD GLDEROL]DW )LJXUD (YHL U VSXQ] WRDUH GH S FDWXO
RULJLQDO GRPLQ FX IUXPXVH HD VD WUXSHDVF DWkW GH SHULFXORDV
UHSUH]HQW ULOHFROHFWLYHDOHLPDJLQDUXOXLFOHULFDO
([LVW vQV úL UHDF LL FDUH SURSXQ R DOW LPDJLQH D WUXSXOXL
IHPLQLQ FHO SXU DO 0DULHL DO F UXL FXOW VH FRQVROLGHD] WUHSWDW vQ
2FFLGHQW EHQHILFLLQG vQ PDUH P VXU vQ VHFROXO ;,, GH GHYR LXQHD
LQVSLUDWXOXL SUHGLFDWRU FDUH D IRVW %HUQDUG GH &ODLUYDX[ 3ULQ 0DULD
WUXSXOGRYHGHúWHF DUHSRVLELOLW LGHU VFXPS UDUHvQWUXFkWFHDPDL
FXUDW GLQWUH IHPHL D IRVW LQVWUXPHQWXO ÌQWUXS ULL 'RPQXOXL
*ORULILFDUHDWUXSXOXLvQFHSHDV úLIDF ORFvQPHQWDOLW LOHPHGLHYDOH
GDUFXSUH XOVSLULWXDOL] ULLVDOHH[WUHPH
'H DOWIHO YDORUL]DUHD WUXSXOXL FKLDU GDF OLPLWDW FRQFHSXW VH
OHDJ úL GH GRJPD vQYLHULL WUXSXULORU &X D GRXD YHQLUH D OXL +ULVWRV
WR L PRU LL YRU vQYLD LDU GXS -XGHFDWD GH $SRL WUXSXULOH úL VXIOHWHOH
ORUXQLWHGLQQRXYRUDYHDSDUWHILHGHIHULFLUHDGHSOLQ DFRQWHPSO ULL
'RPQXOXLvQ3DUDGLVILHGHFKLQXULOHHWHUQHDOH,QIHUQXOXL,PSRUWDQ D
WUXSXOXL HVWH LOXVWUDW GH XQHOH LPDJLQL FDUH vQ PRPHQWXO ÌQYLHULL
SUH]LQW UHFRQVWLWXLUHDWUXSXULORUFHIXVHVHU GH]PHPEUDWHP GXODUHOH
W LDWHVHvQWRUFODSRVHVRULLORULDUUHFKLQLLLHVGLQDSHOHP ULLSHQWUXD
UHVWLWXLSLFLRDUHOHVDXPkLQLOHSHFDUHOHVPXOVHVHU FkQGYD6HSDUHF
GH DFHDVW GRJP VH OHDJ úL SUDFWLFD GH DL DUGH SH HUHWLFL vQWUXFkW
UHGXFkQGXLODFHQXú VHSUHVXSXQHDF OLVHUHIX] GUHSWXOODvQYLHUHD
WUXSXOXL FKLDU GDF LGHHD HVHQ LDO HUD D RPQLSRWHQ HL GLYLQH FDUH
SRDWHUHFRQVWLWXLWRWXO'HDVHPHQHDDFHDVW LGHHSDUHDILFRQGXVOD
UHFXOXO SUDFWLFLL LQFLQHU ULL PRU LORU FDUH UHSUH]HQWD UHJXOD vQ OXPHD
URPDQ úL FDUH D IRVW DFFHSWDW GH FUHúWLQL vQ SULPHOH VHFROH ILLQG
HOLPLQDW GRDUWUHSWDWODvQFHSXWXO(YXOXL0HGLX
5HVSHFWXO ID GH WUXS D SXWXW vPEU FD IRUPH FRQWUDGLFWRULL vQ
(YXO 0HGLX SH GH R SDUWH vQ QXPHOH OXL D IRVW LQWHU]LV GLVHFDUHD

-HDQ&ODXGH%RORJQH +LVWRLUHGXFpOLEDWHWGHVFpOLEDWDLUHV3DULV
)D\DUGS

$QDOL]DUHSUH]HQW ULORU(YHLOD-HDQ&ODXGH6FKLPWWFRRUG(YHHW
3DQGRUD/DFUpDWLRQGHODIHPPH3DULV*DOOLPDUG

-DFTXHV/H*RII1LFRODV7UXRQJRSFLWS

FDGDYUHORU FHHD FH D vPSLHGLFDW YUHPH GH PDL ELQH GH R PLH GH DQL
UHDOL]DUHD XQRU SURJUHVH QRWDELOH DOH PHGLFLQHL 3ULPHOH GLVHF LL
SXEOLFH DU IL DYXW ORF vQ OD %RORJQD LDU vQ FD R PDUH
IDYRDUH GXFHOH GH $QMRX D SHUPLV )DFXOW LL GH 0HGLFLQ GLQ
0RQWSHOOLHUV GLVHFHvQILHFDUHDQWUXSXOXQXLFRQGDPQDW/HJHQGHOH
VSXQF /HRQDUGRGD9LQFLúLPDLDOHV0LFKHODQJHOR%XRQDURWWLDUIL
DWLQVGHV YkUúLUHDvQUHSURGXFHUHDWUXSXOXLXPDQGDWRULW SUDFWLF ULLSH
DVFXQV D GLVHF LHL FHHD FH OHD SHUPLV R FXQRDúWHUH D DQDWRPLHL
QHHJDODW SkQ ODHL
3HGHDOW SDUWHWUXSXULOHFRQGDPQD LORUVXQWVXSXVHPXWLO ULORU
IL]LFH úL FKLQXULORU DWURFH I U FHD PDL PLF SUHRFXSDUH SHQWUX
FDOLWDWHD ORU GH SHUVRDQH XPDQH $VSHFWXO VRFLDO DO H[HPSOXOXL GDW
SULQ VXSOLFLX FHORU FH DU SXWHD IL WHQWD L V V YkUúHDVF DFHODúL WLS GH
IDSWHWUHFHI U GLVFX LHvQID DFRQVLGHUD LHLSHQWUXLQGLYLGXOFDDWDUH
'H DOWIHO (YXO 0HGLX D DMXQV FX JUHX OD FRQFHS LD LQGLYLGXDOLW LL
SHUVRDQHLXPDQHvQFRQGL LLOHvQFDUHRPXOQXSRDWHILLPDJLQDWL]RODW
FLGRDUFDPHPEUXDOXQHLFROHFWLYLW L
8Q DOW DVSHFW DO DWLWXGLQLL FRQWUDGLFWRULL OHJDWH GH WUXS HVWH FHO
ULGLFDWGHFXOWXOPRDúWHORU5 P úL HOHS PkQWHúWLDOHSHUVRDQHORUFDUH
VDX LOXVWUDW SULQ VILQ HQLH vQ WLPSXO YLH LL vQFHS GH WLPSXULX V IDF
RELHFWXOXQXLFXOWFDUHSRUQHDGHODFDSDFLWDWHDGHLQWHUFHVRUSHFDUHR
GRYHGHD RPXO VIkQW 0LQXQLOH DWULEXLWH PRUPLQWHORU XQGH RGLKQHDX
XQHOH SHUVRQDMH H[WUDRUGLQDUH DYHDX XQ URO GHFLVLY vQ SURFHVXO GH
FDQRQL]DUH 'DU YLUWX LOH SH FDUH DFHVWH U P úL H FRQWLQXDX VDX
vQFHSHDXV OHPDQLIHVWHGXS PRDUWHMXVWLILFDXGRULQ DFUHúWLQLORUGH
D IL vQ FRQWDFW FkW PDL GLUHFW FX HOH &HHD FH VH SXWHD UHDOL]D SULQ
GH LQHUHD WUXSXOXL LQWHJUDO DO XQXL VIkQW GDU FHO PDL DGHVHD D
IUDJPHQWHORU GLQ WUXSXO DFHVWXLD ÌQ FD]XO VILQ LORU SHUVRQDMH
H[WUDRUGLQDUH QX PDL IXQF LRQD WDEXXO FDUH VXV LQHD QHYRLD S VWU ULL
LQWHJULW LL FRUSXOXL GLPSRWULY 'H]PHPEUDUHD PRDúWHORU VILQ LORU
HVWHRSUDFWLF DEVROXWFXUHQW vQ(YXO0HGLXFDUHSXWHDGXFHvQV úL

0DULH&KULVWLQH 3RXFKHOOH 0HGLFLQD vQ - /H *RII -&O 6FKPLWW
Ä'LF LRQDUWHPDWLFDO(YXOXL0HGLXRFFLGHQWDO´S

$ VH YHGHD MXVWLILF ULOH UHFXUJHULL OD WRUWXU GLQ SHUVSHFWLYD
,QFKL]L LHLvQ1LFRODX(\PHULFK)UDQFLVFR3HxD/HPDQXHOGHVLQTXLVLWHXUV
WUDGIU/RXLV6DOD0ROLQV3DULV$OELQ0LFKHO

-%DVFKHWRSFLWS

ODH[FHVH0DLDOHVGXS &UXFLDGHFkQG2FFLGHQWXODDMXQVvQFRQWDFW
FX VSD LLOH RULHQWDOH UHSXWDWH SULQ PRDúWHOH ORU vQ VSHFLDO
&RQVWDQWLQRSROXOXO FHOHL GHD SDWUD FUXFLDGH XQGH PRDúWHOH DX
FRQVWLWXLWXQXOGLQRELHFWHOHSUHGLOHFWHDOHMDIXOXLUHDOL]DWGHFDYDOHULL
RFFLGHQWDOL QXP UXO PRDúWHORU VD vQPXO LW IRDUWH PXOW 3H GH R
SDUWH IXUWXO GH PRDúWH QX HUD FRQVLGHUDW R DFWLYLWDWH UHSUREDELO
GLPSRWULY HUD FDOLILFDW GUHSW IXUWD VDFUD ,GHHD HUD F XQ VIkQW VH
SRDWH vPSRWULYL GDF QX YUHD V S U VHDVF ORFXO XQGH WUXSXO OXL
VW WXVH SkQ DWXQFL SULQ VSRULUHD H[FHVLY D JUHXW LL VDOH FDUH IDFH
LPSRVLELO GHSODVDUHD 'H DFHHD GDF PRDúWHOH XQXL VIkQW SXWHDX IL
IXUDWH vQVHPQD F VIkQWXO vQVXúL IXVHVH GH DFRUG V VH PXWH vQ DOW
SDUWH0DLJUDYHUDF VHPXOWLSOLFDXDFHOHDúLPRDúWHFDvQH[HPSOXO
FODVLFDO&DSXOXL6IkQWXOXL,RDQ%RWH] WRUXOSHFDUHPDLPXOWHELVHULFL
úLP Q VWLULVXV LQHDXF vOGH LQ'HDOWIHOVDDILUPDWF GDF VDUIL
vQFHUFDW UHFRQVWLWXLUHD SH ED]D PRDúWHORU YHQHUDWH GH FUHGLQFLRúL D
WUXSXOXLXQRUDGLQWUHVILQ LLSRSXODULvQ(YXO0HGLXVDUILFRQVWDWDWF
DFHVWHDFRQ LQPXOWPDLPXOWHPkLQLSLFLRDUHFDSHWHGHJHWHGHFkWDU
IL IRVW QRUPDO úL F QXP UXO GH RDVH DO VFKHOHWXOXL ORU GHS úHúWH GH
QHQXP UDWHRULSHFHODORDPHQLORUGHUkQG
7UXSXO FUHúWLQXOXL RELúQXLW SRDWH IL SULQFLSDOXO LQVWUXPHQW DO
PkQWXLULLSULQSUDFWLFLOHDVFHWLFH$ILUPDWHvQSXVWLDHJLSWHDQ úLVLULDQ
PRUWLILF ULOH WUXSXOXL GHYLQ R SDUWH FRPSRQHQW D PRQDKLVPXOXL
RFFLGHQWDO WRWXúL PDL PRGHUDW úL PDL UD LRQDO GHFkW PRGHOXO V X
RULHQWDO ,QL LDO FRPSRUWDPHQW DULVWRFUDWLF VWU E WXW GH R vQDOW
VSLULWXDOLWDWH PRQDKLVPXO RFFLGHQWDO FXQRDúWH DSRL GHD OXQJXO
WLPSXOXLVXLúXULúLFRERUkúXULFDUHSRWILDQDOL]DWHúLFXDMXWRUXODQDOL]HL
UDSRUWXOXL ID GH WUXS & OXJ ULL JKLIWXL L FX PkQFDUH úL E XWXU úL
GHVIUkQD L VXQW LPDJLQL IUHFYHQW vQWkOQLWH vQ OLWHUDWXUD XOWLPHORU VHFROH
PHGLHYDOHÌPSRWULYDUHOD[ ULORUPRUDOHLPRQDVWLFHDXH[LVWDWPDLPXOWH
UHDF LL GLQWUH FDUH PLúFDUHD F OXJ ULORU FHUúHWRUL HVWH SRDWH FHD PDL
VXJHVWLY 5XSWXUD IUDQFLVFDQLORU úL D GRPLQLFDQLORU ID GH PRGHOHOH

$QGUp 9DXFKH] 6SLULWXDOLWDWHD (YXOXL 0HGLX RFLGHQWDO %XFXUHúWL
(GLWXUD0HULGLDQHS

)XUWXO GH PRDúWH úL VHPQLILFD LLOH DFHVWXLD DX IRVW DQDOL]DWH GH
3DWULFN-*HDU\/HYROGHUHOLTXHVDX0R\HQ$JHWUDGIU3DULV

3HQWUXRDQDOL] DLPSRUWDQ HLDFRUGDWHWUXSXOXLvQPRQDKLVPXOSULPLWLY
DVHYHGHD3HWHU%URZQ7UXSXOúLVRFLHWDWHD%XFXUHúWL(GLWXUD5DR

FRQVLGHUDWHGHF ]XWHHVWHHYLGHQW vQSULPXOUkQGvQUDSRUWXOSHFDUHvO
DXFXSURSULXOWUXS8PEO GHVFXO LSRDUW UDVHDVSUHúLV U F FLRDVHVH
KU QHVF IUXJDO FX PkQFDUHD SH FDUH úLR FHUúHVF GLQ SRDUW vQ SRDUW
5HQRYDUHDVSLULWXDO D2FFLGHQWXOXLVHSHWUHFHDvQVHFROXODO;,,,OHDFX
SUH XOGLVFUHGLW ULLvQF RGDW DWUXSXOXL$FHDVWDQXHUDvQV DEVROXW
F FL )UDQFLVF GLQ $VVLVL YRUEHD FX vQJ GXLQ GHVSUH IUDWHOH WUXS úL D
SULPLW FD R UHFRPSHQV DEVROXW vQ SURSULXO FRUS VWLJPDWHOH XUPHOH
FHORUFLQFLU QLDOHOXL,LVXV
$FFHVXO IHPHLORU OD VILQ HQLH GDWRULW FRQFHS LHL GHVSUH FRUSXO
IHPLQLQUHGXVODVH[XDOLWDWHHVWHPDLGLILFLOGHFkWDOE UED LORUúLWUHFH
SULQWURUHOD LHúLPDLWHQVLRQDW FXSURSULXOWUXS8QFD]LOXVWUDWLYHVWH
FHODOVILQWHORUGLQXOWLPHOHVHFROHDOH(YXOXL0HGLXGLQWUHFDUHFHDPDL
FXQRVFXW HVWH &DWHULQD GLQ 6LHQQD FDUH vúL DILUP LQGLYLGXDOLWDWHD úL
DFFHVXOODFRPXQLXQHDFX'XPQH]HXSULQUHIX]XOKUDQHL5HIX]kQGXQ
DWULEXWFDUHHVWHSULQWUDGL LHIHPLQLQDVRFLHUHDFXKUDQDDFHVWHVILQWH
FDOLILFDWHGHXQLLFHUFHW WRULPRGHUQLFDVXIHULQGGHR©VIkQW DQRUH[LHª
UHDOL]HD] VXV LQH &DUROLQH %\QXP R WUDQVIRUPDUH HVHQ LDO 7UXSXO
ORUKU QLWXQHRULGRDUFXSkLQHDGLQvPS UW úDQLHSXULILFDWODH[WUHP
GHYLQHKUDQ VSLULWXDO SHQWUXFHLODO L
'LQ WHQVLXQHD GLQWUH DVSHFWHOH VSLULWXDOH úL FHOH WUXSHúWL vQ (YXO
0HGLX GHULY úL DOWH HOHPHQWH GH PHQWDOLWDWH 8QXO GLQ HOH HVWH FHO DO
SXGRULL FDUH SUHVXSXQH F WUXSXO WUHEXLH V ILH vQWRWGHDXQD DFRSHULW
DWXQFL FkQG HO SRDWH IL Y ]XW GH FHLODO L &KLDU GDF vQ SUDFWLF
QXGLWDWHDQXSDUHV ILIRVWDWkWGHUDU SHFkWRGRUHDXRDPHQLLELVHULFLL
HDFDS W WUHSWDWFRQRWD LLGLQFHvQFHPDLQHJDWLYH(VWHDVRFLDW SH
GHRSDUWHFXGHVIUkXODOF UXLLQGLFLXFDSLWDOvOUHSUH]LQW ÌQSRYHVWHD
GHVSUH7ULVWDQúL,VROGDUHJHOH0DUFvLVXUSULQGHODXQPRPHQWGDWSH
FHLGRLvQGU JRVWL LGRUPLQGvQDFHODúLSDWGDUvQWUXFkWQXHUDXJRLDUH
vQGRLHOL DVXSUD DGXOWHUXOXL úL vL FUX ÄVSXQkQGXúL F GDF HL VDU IL
LXELW vQWUDGHY U QHEXQHúWHQDU PDL IL IRVW vPEU FD L´ ÌQ UHSUH
]HQW ULOH VFHQHORU GLQ E LOH SXEOLFH JROLFLXQHD QX HVWH MXVWLILFDW

-DFTXHV/H*RII6IkQWXO)UDQFLVFGLQ$VVLVL,DúL(GLWXUD3ROLURP
S

&DURO\QH %\QXP -HQHV HW IHVWLQV VDFUpV /HV IHPPHV HW OD
QRXUULWXUHGDQVODVSLULWXDOLWpPpGLpYDOH(GLWLRQVGX&HUI3DULVS

-HDQ&ODXGH%RORJQH+LVWRLUHGHODSXGHXU3DULV2OLYLHU2UEDQS

ILLQGF QX HVWH DVRFLDW FXP QL VDU S UHD QRUPDO FX RDPHQL FDUH
GRUHVF V VH VSHOH FL HVWH FRQVLGHUDW LQGLFLXO GHVWU E O ULL FX FDUH
DFHVWHVWDELOLPHQWHHUDXSXVHvQUHOD LH/LSVLUHDYRLW VDXVLOLW GHKDLQH
vQSXEOLFHVWHRSUDFWLF DXPLOLULL'HDFHHDFRQGDPQD LLHUDXGXúLOD
ORFXO VXSOLFLXOXL GRDU vQ F PDú FHHD FH vQ PHQWDOLWDWHD PHGLHYDO
HFKLYDOD FX JROLFLXQHD FXP R GRYHGHúWH IUHFYHQ D XQRU VLQWDJPH GH
WLSXO ©JRO QXPDL vQ F PDú ª 3HQLWHQ LL vQ VHPQ GH XPLOLQ VH
H[SXQHDXY ]XOXLFHORUODO LvQF PDú úLvQSLFLRDUHOHJRDOHGXS FXP
VSXQH WUDGL LD F úL UHJHOH +HQULF DO ,9OHD DO *HUPDQLHL LDU IL FHUXW
LHUWDUHOD&DQRVVD3DSHL*ULJRUHDO9,,OHD'DUH[SXQHUHDQXGLW LL
SDUHV ILF S WDWGHMDGLQ(YXO0HGLXVHPQLILFD LLGLIHULWHvQIXQF LHGH
VWDUHDVRFLDO DFHORUFHHUDXJRLúLDFHORUFDUHvLYHGHDX8QSHUVRQDM
GHUDQJVXSHULRUQXvQFHUFDVHQWLPHQWHGHMHQ ID GHLQIHULRULLFDUHvO
YHGHDX GH]EU FDW GH H[HPSOX ID GH VHUYLWRULL FDUH vO DMXWDX V VH
vPE LH]H RUL V VH vPEUDFH vQWUXFkW FDOLWDWHD GH SHUVRDQ XPDQ D
DFHVWRUDWUHFHDvQXUPDVWDWXWXOXLORUVRFLDO5XúLQHDHUDUHVLP LW PDL
DOHV ID GH SHUVRDQHOH GH UDQJ VXSHULRU ID GH FDUH H[SXQHUHD I U
KDLQHHUDSHUFHSXW FDRGHF GHUHÌQVHQVXOXQHLVHPQLILFD LLVRFLDOHD
JROLFLXQLL SOHGHD] úL UHSUH]HQW ULOH LFRQRJUDILFH vQ FDUH SULQ
FRQYHQ LH QXGLWDWHD QX HVWH QLFLRGDW DEVROXW vQWUXFkW HVWH QHYRLH
vQWRWGHDXQDGHvQVHPQHFDUHV SHUPLW LGHQWLILFDUHDSHUVRDQHL)LLQGF
DúDFXPVDVSXVQXGXOFDúLPRDUWHDHVWHGHPRFUDWLFHOQXSRDWHIL
DFFHSWDW GH R VRFLHWDWH DWkW GH SUHRFXSDW GH LHUDUKLL SUHFXP (YXO
0HGLX 2ULFH LQGLYLG DUH XQ VWDWXW VRFLDO ELQH VWDELOLW FDUH HVWH FODU
LQGLFDW SULQ YHúPLQWH SRGRDEH vQVHPQH ÌQ OLSVD DFHVWRUD GLVWLQF LLOH
VRFLDOHDUGLVS UHD'HDFHHDSULQWUHUDUHOHUHSUH]HQW ULDOHQXGXULORUVH
QXP U ÌQYLHUHD PRU LORU FDUH VXJHUHD] HJDOLWDWHD SHUIHFW LQVWDXUDW
GHDFHVWHYHQLPHQWFDSLWDOvQHFRQRPLDHVFKDWRORJLF $OWIHOFKLDUFkQG
UHSUH]HQWDUHDQXGXOXLDUILMXVWLILFDW FDGHH[HPSOXvQVFHQHLOXVWUkQG
VXSOLFLLOH LQIHUQDOH S F WRúLL vúL FRQVHUY FkWH XQ HOHPHQW GH FRVWXP
FDUH V SHUPLW GDF QXLGHQWLILFDUHDSHUVRDQHLFHOSX LQDFDWHJRULHL
GLQFDUHI FHDSDUWHÌQLOXVWUD LLOHOD'LYLQD&RPHGLHUHDOL]DWHvQF GLQ
VHFROXO;,9'DQWHHVWHUHSUH]HQWDWVWkQGGHYRUE FXSDSLVDXPRQDUKL

,ELGHPS

-HDQ&KpOLQL+LVWRLUHUHOLJLHXVHS

-HDQ&ODXGH%RORJQH+LVWRLUHGHODSXGHXUS

OLSVL LGHKDLQHGDUFDUHvúLS VWUHD] SHFDSFRURDQDVDXFRURDQHOHvQ
FD]XOSDSLORU
&RQFHS LDPHGLHYDO GHVSUHWUXSSRDWHILGLVFXWDW úLGLQSXQFWXOGH
YHGHUH DO PHGLFLQHL FDUH D S VWUDW WUDGL LLOH HOHQLVWLFH GLQ RSHUHOH OXL
+LSSRFUDWVDX*DOOHQXVODFDUHDDG XJDWXQHOHHOHPHQWHSUHOXDWHGHOD
DUDEL3HDQVDPEOXFXQRúWLQ HOHGHVSUHDQDWRPLDXPDQ VXQWSX LQHúL
GHUHJXO HURQDWHOLPLWDWHILLQGODUHSHWDUHDXQRUHOHPHQWHOLYUHúWLOLSVLWH
GH RULFH OHJ WXU FX SUDFWLFD 'LDJQRVWLFHOH VH SXQHDX SH ED]D WHRULHL
GHVSUH XPRUL VDX IOXLGH FRPELQDW FX GLYHUVH VSHFXOD LL WHRORJLFH
DVWURORJLFH VDX PHWDIL]LFH 8QHOH SURJUHVH VH vQUHJLVWUDVHU vQ DSOLFD LL
SUDFWLFH GH WLSXO FKLUXUJLHL FDUH UHXúHD V UHDOL]H]H WUHSDQD LL VDX V
HOLPLQH XQLL FDOFXOL 6ODED FXQRDúWHUH D DQDWRPLHL úL IL]LRORJLHL UHGXFHD
vQV GUDVWLFHILFLHQ DWUDWDPHQWHORU7UXSXORPXOXLPHGLHYDOHVWHPDUFDW
GHEROLVSHFLILFHDGHVHDJUHXGHLGHQWLILFDWGDWRULW QXPHORUSHFDUHOH
SRDUW 6XE GHQXPLUHD GH FLXP GH H[HPSOX SDU V VH IL DVFXQV PDL
PXOWHWLSXULGHPDODGLLGLQWUHFDUHGRDUFLXPDSXOPRQDU úLFHDEXERQLF
PDLVXQWDVW ]LFDWDORJDWHGUHSWFLXP GLQSXQFWGHYHGHUHPHGLFDO(UDX
IUHFYHQWH EROLOH DSDUDWXOXL GLJHVWLY GDWRULW VXEQXWUL LHL VDX PDOQXWUL LHL
GH FDUH VXIHUHD PDUHD PDMRULWDWH D SRSXOD LHL GH DVHPHQHD OHSUD HUD
ERDODGHXQLQWHQVVLPEROLVPvQ(YXO0HGLX(DHUDDVRFLDW FXS FDWXO
PDL DOHV FHO VH[XDO vQWUXFkW SUHGLFDWRULL VXV LQHDX vQ LJQRUDUHD
GHV YkUúLW D IL]LRORJLHL F DFXSODUHD vQ WLPSXO PHQVWUXD LHL FRQGXFH OD
QDúWHUHDGHFRSLLOHSURúL'HDVHPHQHDOHSUDHUDSULYLW FDRSHGHDSV D
OXL 'XPQH]HX FD DWDUH OHSURVXO HUD FRQVLGHUDW vQWUXQ IHO VDX DOWXO
S F WRV $VWIHO GHúL RELHFW DO FDULW LL FUHúWLQH OHSURúLL VXQW H[FOXúL GLQ
FRPXQLW LVLOL LV WU LDVF ODGLVWDQ GH]LGXULOHRUDúHORUúLV úLDQXQ H
SUH]HQ D vQYkUWLQG R ]RUQ LWRDUH 6H SDUH F vQ (YXO 0HGLX FDQFHUXO úL
EROLOHGHLQLP HUDXPDLUDUHGHFkWDVW ]LvQWUXFkWHOHVHGH]YROW ODYkUVWH
PDLPDWXUHSHFDUHPDMRULWDWHDSRSXOD LHLYUHPLLQXOHDSXFD
&X WRDWH FDUHQ HOH PHGLFLQHL PHGLHYDOH vQV úL H[LVWHQ D HL
IDSWXOF HUDVWXGLDW vQXQLYHUVLW LúLF SUDFWLFDQ LLHLVHEXFXUDXGH
SUHVWLJLXGHPRQVWUHD] F vQUHDOLWDWHRDPHQLL(YXOXL0HGLXvQFHUFDX
V DLE JULM GH©IUDWHOHWUXSªGLVSUH XLQGXOúLQHJOLMkQGXOPXOWPDL
SX LQGHFkWOHLQFXOFDGLVFXUVXOFOHULFDO

0DULH&KULVWLQH 3RXFKHOOH 0HGLFLQD vQ - /H *RII -&O 6FKPLWW
Ä'LF LRQDUWHPDWLFDO(YXOXL0HGLXRFFLGHQWDO´S

0XQFD

(YXO 0HGLX D DYXW úL GHVSUH PXQF R FRQFHS LH DPELJX
GHYDORUL]kQGR PDL DOHV VXE DVSHFWHOH HL IL]LFH GDU UHGkQGXL
GHPQLWDWHDFDLQVWUXPHQWSXVvQVOXMEDPkQWXLULL
9HFKLXO 7HVWDPHQW RIHU ED]HOH DSUHFLHULL QHJDWLYH D PXQFLL
GUHSW SHGHDSV GDW GH 'XPQH]HX FXSOXOXL SULPRUGLDO SHQWUX
vQF OFDUHD LQWHUGLF LHL GH D JXVWD GLQ IUXFWXO RSULW $OXQJDW GLQ 5DL
$GDP VH YHGH EOHVWHPDW V úL FkúWLJH KUDQD FX VXGRDUHD IUXQ LL úL
PXQFDV LILHDGHVHD]DGDUQLF $VRFLHUHDGLQWUHPXQF úLSHGHDSV
FKLQHUDSUH]HQW úLvQOLPEDURPkQ YHFKHXQGHDPXQFLSHFLQHYD
vQVHPQDGHIDSWDOFKLQXLDOVXSXQHWRUWXULORU
3RUQLQG GH OD R DVWIHO GH GHSUHFLHUH D PXQFLL OD vQFHSXWXULOH
FUHúWLQLVPXOXLPLúFDUHDDVFHWLF UHSUH]LQW úLRUHVSLQJHUHDDFHVWHLD
vQ QXPHOH YLH LL FRQWHPSODWLYH FRQVLGHUDW VXSHULRDU 3H WRW
SDUFXUVXO (YXOXL 0HGLX GH DOWIHO VH YD IDFH DSHO OD VFHQD GLQ 1RXO
7HVWDPHQW vQ FDUH ,LVXV R DSUHFLD] PDL PXOW SH 0DULD FDUH VH
PXO XPHD V L DVFXOWH SLOGHOH GHFkW SH 0DUWD VRUD HL FDUH PXQFHD
SHQWUXDLKU QLúLvQWUH LQHSH+ULVWRVúLSHGLVFLSROL
2GDW vQV FXFULVWDOL]DUHDFHOHLPDLLPSRUWDQWHUHJXOLPRQDVWLFH
D2FFLGHQWXOXLFHDEHQHGLFWLQ vQVHFROXO9,PXQFDHVWHLQWURGXV vQ
SURJUDPXO GH SHUIHF LRQDUH PRUDO D F OXJ UXOXL FDUH WUHEXLD V úL
vPSDUW WLPSXO SHWUHFXW vQ P Q VWLUH vQWUH UXJ FLXQH PXQF
LQWHOHFWXDO úLPXQF IL]LF $FHDVWDQXvQVHDPQ F PXQFLLLVDUIL
UHFXQRVFXW R YDORDUH SR]LWLY vQ VLQH HD HUD FRQVLGHUDW GRDU XQ
PLMORF VXSOLPHQWDU GH PRUWLILFDUH SHQWUX FHL FH UHQXQ DX OD YLD D
VHFXODU $WLWXGLQHD UHVSHFWLY HVWH PDL XúRU GH vQ HOHV GDF LQHP
VHDPD F vQ DFHD SHULRDG vQ P Q VWLUL HUDX SULPL L GH UHJXO GRDU
DULVWRFUD LRELúQXL LFXRYLD GHWUkQG YLHSHQWUXFDUHPXQFDIL]LF
UHSUH]LQW vQWUDGHY URFRPSRQHQW IRDUWHGXU DDVFH]HL3HGHDOW

-DFTXHV /H *RII 0XQFD vQ Ä'LF LRQDU WHPDWLF DO (YXOXL 0HGLX
FFLGHQWDO´S

$)3ODWRQ6RFLHWDWHúLPHQWDOLW LvQ(XURSDPHGLHYDO S

$QGUp 9DXFKH] 6DLQW %HQRvW HW OD UpYROXWLRQ GHV PRQDVWqUHV vQ
Ä0RLQHVHWUHOLJLHX[DX0R\HQÆJH´S

*LRYDQQL0LFROL& OXJ UXOvQÄ2PXOPHGLHYDO´FRRUG-DFTXHV/H
*RIIWUDGURP,DúL(GLWXUD3ROLURPS

SDUWHvQWLPSSULQPXQFDIL]LF VHSXWHDvQ HOHJHDOWFHYDGHFkWDPIL
QRL vQGHPQD L V FUHGHP FD GH H[HPSOX FRSLHUHD PDQXVFULVHORU
Y ]XW GHIDSWFDRSHGHDSV FHHDFHDUXQF RDOW OXPLQ úLDVXSUDD
FHHUDúLFHQXHUDFRQVLGHUDWDFWLYLWDWHVSLULWXDO vQPkQ VWLUL
0DL DSURDSH GH R UHYDORUL]DUH D PXQFLL VH DIO F OXJ ULL
FLVWHUFLHQLFDUHDSUHFLDXF QXVHSRDWHYRUELGHYLD PRQDVWLF DFROR
XQGH F OXJ ULL QX GHSXQ HL vQúLúL R PXQF HIHFWLY úL XWLO 'DU úL vQ
FD]XOORUFDUHV QXXLW PDSHOHD] SHQWUXPXQFLOHFXDGHY UDWJUHOH
OD VXERUGRQD L ODLFL IUD LL FRQYHUúL PXQFD U PkQH R DFWLYLWDWH
SHQLWHQ LDO úLVLPEROLF
'HSUHFLHUHD PXQFLL IL]LFH DUH QX GRDU MXVWLILF UL GH QDWXU
WHRORJLF GDU úL VRFLDOH DFHVWHD GLQ XUP ILLQG SUREDELO úL FHOH PDL
LPSRUWDQWH ÌQ VRFLHWDWHD SULPHORU VHFROH PHGLHYDOH HVHQ LDOXO DFWLYL
W LORUSURGXFWLYHHUDUHSUH]HQWDWGHDJULFXOWXU $FHDVWDHUDSUDFWLFDW
GHSHUVRDQHFXVWDWXWVRFLDOIRDUWHVF ]XWVFODYLFRORQLOLEHU LSHFDOH
GHDVHWUDQVIRUPDvQúHUEL3HGHDOW SDUWHSHQWUXDULVWRFUD LHVLQJXUD
DFWLYLWDWH RQRUDELO HVWH U ]ERLXO DGXF WRU GH SUDG úL GH SUHVWLJLX
3XUW WRULL GH FXYkQW DL DFHVWHL VRFLHW L VXQW FOHULFLL VLQJXULL FDUH PDL
úWLX V VFULH úL V FLWHDVF GDU FDUH VH UHFUXWHD] WRW GLQ UkQGXO
DULVWRFUD LHL úL FD DWDUH QXWUHVF XQ GLVSUH VXYHUDQ SHQWUX UDQL úL
SHQWUXWR LFHLREOLJD LV PXQFHDVF FXPkLQLOH
ÌQ WLPS SH P VXUD SDFLILF ULL UHODWLYH D VRFLHW LL SULQ
HOLPLQDUHD WUHSWDW D MDIXOXL DULVWRFUDWLF GUHSW IRUP HVHQ LDO GH
VSRULUHDERJ LHLDWLWXGLQHDID GHPXQFDGLQDJULFXOWXU VHPRGLILF
WUHSWDW$FRQWULEXLWODDFHDVWDúLFULVWDOL]DUHDSULQVHFROXODO;,OHDD
LGHRORJLHLFHORUWUHLRUGLQHDOHVRFLHW LLIHXGDOH&OHULFLLFRQVLGHUDXF
VRFLHWDWHD SRDWH IXQF LRQD GRDU SULQ FRODERUDUHD D WUHL RUGLQH FX
IXQF LLVSHFLILFHFHLFDUHVHURDJ RUDWRUHVFOHULFLLFHLFDUHVHOXSW
EHOODWRUHV DULVWRFUD LD U ]ERLQLF úL FHL FH PXQFHVF ODERUDWRUHV vQ
SULQFLSDO UDQLL $FHVW PRGHO DO WULSDUWL LHL IXQF LRQDOH D VRFLHW LL
GHV YkUúLW vQWUR SHULRDG vQ FDUH RUDúXO vúL UHOXD ORFXO vQ OXPHD

-DFTXHV /H *RII 0XQFD vQ Ä'LF LRQDU WHPDWLF DO (YXOXL 0HGLX
FFLGHQWDO´S

$9DXFKH]6SLULWXDOLWDWHD(YXOXL0HGLXRFFLGHQWDOS

0RGHO DQDOL]DW GH *HRUJHV 'XE\ &HOH WUHL RUGLQH VDX LPDJLQDUXO
IHXGDOLVPXOXL%XFXUHúWL(GLWXUD0HULGLDQH

RFFLGHQWDO VH GRYHGHD vQV OD vQFHSXW LQFDSDELO V FRQIHUH XQ URO
RU úHQLORU FDUH QX VXQW LQWHJUD L vQ SULP LQVWDQ FDWHJRULHL GH
ODERUDWRUHV
'HDOWIHOFOHULFLLDXGRYHGLWYUHPHvQGHOXQJDW LQFDSDFLWDWHDGH
DYHGHDFRQRWD LDSR]LWLY DPXQFLLGHVI úXUDW ODRUDúSULQVWDELOLUHD
XQHLOLVWHGHRFXSD LLFRQVLGHUDWHÄLOLFLWH´LQWHU]LVHVDXUHSUREDELOHGLQ
SXQFW GH YHGHUH PRUDO 6H QXP UDX vQWUH DFHVWHD QX GRDU PHVHULL D
F URUFRQGDPQDUHGLQSXQFWXOGHYHGHUHDOXQRURDPHQLDLELVHULFLLDU
SXWHD IL vQ HOHDV SUHFXP YU MLWRUL DOFKLPLúWL SUR[HQH L SURVWLWXDWH
VROGD LMRQJOHULGDUúLDOWHOHSUHFXPFHOHGHKDQJLLP FHODULPHGLFL
FKLUXUJL QRWDUL YDPHúL F P WDUL SRVW YDUL HV WRUL ERLDQJLL
FL]PDUL$SOLFDUHDLQWHUGLF LLORUH[SULPDWHGHELVHULF DUILvQVHPQDW
FRQGDPQDUHD2FFLGHQWXOXLODVWDJQDUHHFRQRPLF úLVRFLDO UHGXFHUHD
VD OD VWDGLXO GH VRFLHWDWH DJUDU SUL]RQLHU D SULPLWLYLW LL &RQGDP
QDUHD XQRU SURIHVLL SURGXFWLYH FDUH vQ RFKLL QRúWUL QX GRDU F QX DX
QLPLFUXúLQRVFLVXQWHVHQ LDOHSHQWUXIXQF LRQDUHVRFLHW LLVHI FHDvQ
QXPHOH XQRU FRQFHS LL GH IDSW SULPLWLYH FDUH VH IRORVHDX GH WDEXXO
Y UV ULLGHVkQJHSHQWUXPHGLFLFKLUXUJLE UELHULVROGD LP FHODUL
DO RSHUD LLORU FX EDQL QHJXVWRULL F P WDULL EDQFKHULL DO LPSXULW LL
SRVW YDULERLDQJLL HV WRULHWF(YLGHQWWRWFHHDFHDYHDGHDIDFH
FX GLYHUWLVPHQWXO VDX FX VH[XO SXVH VXE VHPQXO GLDYROXOXL LQWUD vQ
FDWHJRULDPHVHULLORULOLFLWHSUDFWLFDQ LORUORUUHIX]kQGXOLVHDFFHVXOOD
VILQWHOH WDLQH vQ VSHFLDO OD vPS UW úDQLH SHQWUX D OL VH LQWHU]LFH
PkQWXLUHDVXIOHWXOXL
ÌQ WLPS vQV SULQ LJQRUDUHD GH F WUH DXWRULW L D LQWHUGLF LLORU
FOHULFDOH úL D RSUREULXOXL SH FDUH DFHVWHD vQFHUFDX V O DUXQFH DVXSUD
XQRU PHVHULL DFHVWH FRQGDPQ UL DX vQFHSXW V úL SLDUG GLQ
LPSRUWDQ 6SUH VIkUúLWXO (YXOXL 0HGLX DSURDSH RULFH PHVHULH
H[HUFLWDW vQ PRG RQHVW HUD DFFHSWDW úL YDORUL]DW FKLDU GDF VDX
PHQ LQXW SkQ WkU]LX vQ HSRFD PRGHUQ FRQGDPQ ULOH úL FKLDU
H[FRPXQLF ULOHDFWRULORUVDXSURVWLWXDWHORU
$WLWXGLQHD ID GH PXQF úL YDULD LLOH HL H[SOLF úL FRQFHS LD
DVXSUDFHORUFDUHQXPXQFHVFILHHLPHPEULDLHOLWHLILHFHUúHWRULÌQ

-DFTXHV /H *RII 0HVHULL OLFLWH úL PHVHULL LOLFLWH vQ 2FFLGHQWXO
PHGLHYDO vQ Ä3HQWUX XQ DOW HY PHGLX´ %XFXUHúWL (GLWXUD 0HULGLDQH
YRO,S

UDUHOHFD]XULvQFDUHDXDMXQVSkQ ODQRLHFRXULDOHFRQFHS LHLFODVHORU
GHMRVVHREVHUY FRQGDPQDUHDQRELOLORUWRFPDLSHED]DIDSWXOXLF
QX PXQFHVF 'DF vQ PRG RELúQXLW U QLPHD DFFHSW PDL PXOW
LQYROXQWDUH[LVWHQ DXQHLFDWHJRULLQRELOLDUHLQDFWLYHFDUHVHMXVWLILF
SULQ IXQF LD HL GH DS UDUH D vQWUHJLL VRFLHW L vQ FRQGL LL GH FUL]
DFHDVW MXVWLILFDUHQXPDLHVWHDFFHSWDW -DFTXHULDU VFRDOD U QLPLL
IUDQFH]H GH OD PLMORFXO VHFROXOXL DO ;,9OHD D IRORVLW vQ OXSWD
vPSRWULYD H[SORDW ULL QRELOLDUH DUJXPHQWXO F QRELOLL vúL GRYHGLVHU
LQXWLOLWDWHD SULQ vQIUkQJHUHD FDWDVWURIDO VXIHULW OD 3RLWLHUV vQ
UDQLLHQJOH]LFRQGXúLGH:DWW7\OHUvQUHIX]DXV PDLDGPLW
H[LVWHQ DQRELOLPLLED]kQGXVHSHVLWXD LDH[LVWHQW vQF GHODDSDUL LD
FXSOXOXLSULPRUGLDOFkQGQXH[LVWDWUkQG YLDSXV SHVHDPDQRELOLORU
Ä&kQG $GDP V SD úL (YD WRUFHD QRELO DWXQFL FLQH HUD"´ VXQD
GLFWRQXOOR]LQF vQ FDUH VH DILUPDX DVSLUD LLOH HJDOLWDUH DOH U QLPLL
HQJOH]H GDU vQ FDUH VH SRW E QXL FRQWHVW UL PDL JHQHUDOH DOH XQXL
PRGHOFDUHMXVWLILF WUkQG YLDúLH[SORDWDUHDPXQFLLDOWRUD
$WLWXGLQHD ID GH FHUúHWRUL DUH R FRPSRQHQW UHOLJLRDV PXOW
PDLSXWHUQLF ÌQF GHODvQFHSXWXULOHFUHúWLQLVPXOXLLGHHDGHV U FLH
HVWH YDORUL]DW SH ED]D GLIHULWHORU HSLVRDGH DOH LVWRULHL FULVWLFH
V UPDQXO /D] U LJQRUDW GH ERJDW GDU FDUH YD GREkQGL vPS U LD
FHUXULORUDILUPD LDOXL+ULVWRVF PDLXúRUYDLQWUDF PLODSHXUHFKLOH
DFXOXL GHFkW ERJDWXO vQ vPS U LD FHUXULORU HWF 'H DVHPHQHD OD
vQFHSXWXULOHVDOHFUHúWLQLVPXODIRVWRUHOLJLHFDUHVDDGUHVDWvQSULPXO
UkQGFHORUV UDFLúLQ S VWXL LúLRSDUWHDDFHVWXLPHVDMVDPHQ LQXW
FKLDUúLGXS FHFUHúWLQLVPXODFXFHULWHOLWHOHúLDIRVWLQVWUXPHQWDOL]DW
GHDFHVWHDvQWUXDS UDUHDSURSULHLORUSR]L LL'LQVHFROXODO,9OHDGH
FkQG GHYLQH UHOLJLH OLFLW úL DSRL GH VWDW FUHúWLQLVPXO SXQH vQ ID D
HOLWHLURPDQHXQPHVDMGHHFKLWDWHVRFLDO GHVWXOGHJUHXGHDFFHSWDW
GH F WUH SHUVRQDMH ERJDWH PkQGUH GH RULJLQHD VWDWXWXO SXWHUHD ORU
RELúQXLWH V DLE VFODYL SH FDUH V L WUDWH]H FD SH QLúWH XQHOWH
YRUELWRDUH 'H DFHHD 3 ULQ LL ELVHULFLL VH Y G REOLJD L V LQVLVWH SH
LPSRUWDQ DFDULW LLID GHV UDFLFDRFRPSRQHQW I U GHFDUHHIRUWXO
GHPkQWXLUHQXvúLSRDWHDWLQJHVFRSXO3HGHDOW SDUWHELVHULFDOXDVH

5DGX0DQROHVFX6RFLHWDWHDIHXGDO vQ(XURSD$SXVHDQ %XFXUHúWL
(GLWXUDùWLLQ LILF S

3HWHU%URZQ/C(VVRUGXFKULVWLDQLVPHRFFLGHQWDOS

vQ VDUFLQD VD JULMD ID GH FHL VLWXD L OD PDUJLQHD VRFLHW LL úL YHGHD
DFHDVW FDULWDWH GHVI úXUkQGXVH vQ IRUPH LQVWLWX LRQDOL]DWH SULQ
LQWHUPHGLXOSUHR LORUúLDOF OXJ ULORU3HQWUXXQDULVWRFUDWGLQ,PSHULXO
5RPDQWkU]LXVDXGLQ(YXO0HGLXWLPSXULXDúLO VDDYHUHDV UDFLORU
vQVHPQDGHIDSWDRSXQHODGLVSR]L LDELVHULFLLvQLGHHDF DFHDVWDVH
YDRFXSDFDDMXWRDUHOHV DMXQJ ODGHVWLQDWDUL
$FHVWWLSGHFRPSRUWDPHQWVHYDPHQ LQHSHWRWSDUFXUVXO(YXOXL
0HGLX FHUúHWRULL V UDFLL EROQDYLL VWU LQLL I FkQG RELHFWXO DVLVWHQ HL
LQVWLWX LRQDOL]DWH GH F WUH ELVHULF GDU úL DO XQRU DFWH LQGLYLGXDOH GH
FHOH PDL PXOWH RUL GHVWLQDWH H[KLE ULL ULWXDOH D FDULW LL FUHúWLQH
&HUúHWRULLúLV UDFLLVXQWGHFLDFFHSWD LFDRSDUWHQHFHVDU DVRFLHW LL
ID GH FDUH PDQLIHVWDUHD PLORVWHQLHL HVWH MXVWLILFDW vQWUXFkW IDFH
SDUWH GLQ IDSWHOH SLRDVH FDUH DVLJXU PkQWXLUHD 6SUH VIkUúLWXO (YXOXL
0HGLXvQV DSDURVHULHGHPRGLILF ULPXOWHGLQWUHHOHOHJDWHGHFUL]D
VHFROXOXL DO ;,9OHD PDUFDWH GH R FUHúWHUH D SDXSHUW LL GDWRUDW
UHFROWHORUVODEHIRDPHWHLHSLGHPLLORUU ]ERDLHORU1XP UXOV UDFLORU
D FUHVFXW GUDPDWLF SUH]HQ D ORU vQ RUDúH GHYHQLQG vQJULMRU WRDUH úL
XQHRUL vQVS LPkQW WRDUH ÌQFHS V VH PDQLIHVWH GLQ FH vQ FH PDL
IUHFYHQWVXVSLFLXQLODDGUHVDIDOúLORUV UDFLDFHUúHWRULORUYDOL]LGHVSUH
FDUHVHFRQVLGHUDF DUSXWHDPXQFLGDUF QXYRU&RQFHSWHOHGHFUL]
HFRQRPLF úL GH úRPDM HUDX HYLGHQW QHFXQRVFXWH RDPHQLORU DFHORU
YUHPLDVWIHOF VLQJXUDH[SOLFD LHSHQWUXH[LVWHQ DXQRUPDVHOLSVLWHGH
SRVLELOLWDWHD GH D PXQFL HUD UHDXD ORU YRLQ DEVHQ D GRULQ HL GH D
PXQFL ÌQ $QJOLD XQ IHQRPHQ FDUH D DUXQFDW SH GUXPXUL PLL GH
RDPHQL D IRVW DFHOD DO vPSUHMPXLULORU PDQLIHVWDW OD VIkUúLWXO (YXOXL
0HGLX úL OD vQFHSXWXO HSRFLL PRGHUQH FDUH D FRQVWDW vQ FRQYHUWLUHD
PDULORU GRPHQLL GH OD DFWLYLWDWHD DJULFRO OD FUHúWHUHD RLORU &XP
SHQWUXDFHDVWDGLQXUP HUDQHYRLHGHRIRU GHPXQF PXOWUHGXV
UDQLL DX IRVW DOXQJD L GH SH WHUHQXULOH PDULORU SURSULHWDUL úL DX
vQJURúDW UkQGXULOH PDUJLQDOLORU GLQ RUDúHOH FDUH QX HUDX FDSDELOH V L
DEVRDUE vQDFWLYLW LGHWLSLQGXVWULDO1RXOFOLPDWVRFLDODJHQHUDWR
GRFWULQ D H[FOXGHULL HOHPHQWHORU FRQVLGHUDWH SHULFXORDVH vQ VSULQG
FRPSRQHQWHGHMDH[LVWHQWHúLLQYHQWkQGDOWHOHQRLÌPSRWULYDDFHVWRU
ÄYDJDERQ]L´DXIRVWOXDWHP VXULH[WUHPGHGXUHFDUHPHUJHDXGHOD

+DQQD =DUHPVND 0DUJLQDOLL vQ -DFTXHV /H *RII -HDQ&ODXGH

ELFLXLUHPXQF IRU DW GHSRUWDUHvQFRORQLLOHDPHULFDQHúLFKLDUSkQ
OD FRQGDPQDUHD OD PRDUWH /D vQU XW LUHD LPDJLQLL V UDFXOXL D
FRQWULEXLW úL 5HIRUPD GLQ VHFROXO DO ;9,OHD PDL DOHV VXE IRUPD
FDOYLQLVW 'RFWULQD SUHGHVWLQ ULL VSXQHD F RDPHQLL DX IRVW SUHGHV
WLQD L vQF GH OD vQFHSXWXO OXPLL ILH VSUH PkQWXLUH ILH VSUH RVkQG
1LPHQL QX SRDWH úWL VRDUWD FDUH LD IRVW GDW GDU H[LVW XQHOH VHPQH
FDUH SRW IL LQWHUSUHWDWH GH SLOG VXFFHVXO vQ YLD D S PkQWHDVF DU
VXJHUDF SHUVRDQDUHVSHFWLY DUIDFHSDUWHGLQWUHDOHúLSHFkW YUHPH
OLSVD UHDOL] ULORU DU LOXVWUD GDPQDUHD ÌQ DFHVW IHO V UDFLL LQILUPLL
FHUúHWRULL QX VH PDL QXP U SULQWUH IHULFL LL FDUH YRU DMXQJH vQ
vPS U LDFHUXULORUFLGLPSRWULY DXIRVWRVkQGL LGHF WUH'XPQH]HX
2FRQVHFLQ H[WUHP DDFHVWXLSXQFWGHYHGHUHHVWHF QXVHFDGHFD
XQ FUHúWLQ V O DMXWH SH FHO SH FDUH 'RPQXO vQVXúL OD FRQGDPQDW ÌQ
FHOHGLQXUP úLVRFLHW LOHPDUFDWHGHRDVWIHOGHLGHRORJLHDXJ VLW
VROX LLSHQWUXDDVLJXUDDVLVWHQ DVRFLDO DV UDFLORUFKLDUPDLHILFLHQW
GHFkW vQ VRFLHWDWHD WUDGL LRQDO PHGLHYDO 'DU LPDJLQHD V UDFXOXL FD
DOHVDOOXL'XPQH]HXHUDFRPSURPLV SHQWUXWRWGHDXQDvQWURVRFLHWDWH
FDUH vQFHSHD V YDORUL]H]H WRW PDL PXOW PXQFD úL VXFFHVXO RE LQXW
DFXPúLDLFLvQGHWULPHQWXOYLH LLFRQWHPSODWLYHFDUHDUILEHQHILFLDWGH
U VSODW vQFHUXUL

$WLWXGLQLvQID DPRU LL

3HQWUX RPXO PHGLHYDO PRDUWHD SDUH V IL IRVW R SUH]HQ PXOW
PDL SUHJQDQW GHFkW HVWH DVW ]L SHQWUX QRL SXWkQGXVH YRUEL GH R
DGHY UDW ÄIDPLOLDULWDWH FX PRDUWHD´ F FL U ]ERDLHOH FDODPLW LOH
QDWXUDOH IRDPHWHD HSLGHPLLOH VHFHUDX YLH L QHQXP UDWH SH FHOH PDL
PXOWH GH IRDUWH WLPSXULX 'H DFHHD úL YkUVWHOH RPXOXL HUDX GDF QX
GHILQLWH GLIHULW ID GH YUHPXULOH QRDVWUH FHO SX LQ DOWIHO WU LWH
7HRUHWLFRSHUVRDQ GHGHDQLVHDIODÄvQPLH]XOYLH LL´FXPDILUP
'DQWHFKLDUODvQFHSXWXO'LYLQHL&RPHGLLGHFLGXUDWDPD[LP DYLH LL
HUD FRQVLGHUDW GH FLUFD GH DQL ÌQ UHDOLWDWH vQV UHJLPXO

$QDOL]D FODVF OD 0D[ :HEHU (WLFD SURWHVWDQW úL VSLULWXO
FDSLWDOLVPXOXL%XFXUHúWL(GLWXUD7HRUD

3KLOLSSH $ULqV 2PXO vQ ID D PRU LL %XFXUHúWL (GLWXUD 0HULGLDQH
S

GHPRJUDILFPHGLHYDOSHUPLWHDFDIRDUWHSX LQHSHUVRDQHV DMXQJ OD
DVWIHOGHYkUVWH1DWDOLWDWHDHUDIRDUWHULGLFDW DMXQJkQGXQHRULOD
GHQRXQ VFX LODPLDGHORFXLWRULGDWRULW F V WRULHLWLPSXULLDIHWHORU
XQHRUL FKLDU GH OD YkUVWD GH DQL FDUH FRQGXFH OD R SHULRDG
vQGHOXQJDW GH IHUWLOLWDWH IHPLQLQ úL D DEVHQ HL SUDFWLFLORU FRQWUD
FHSWLYH QHFXQRVFXWH VDX LQWHU]LVH GH ELVHULF 0RUWDOLWDWHD LQIDQWLO
HUD vQV IRDUWH ULGLFDW DIHFWkQG XQHRUL XQ FRSLO GLQ WUHL úL GH
DVHPHQHD H[LVWD R PRUWDOLWDWH JHQHUDO FX FRWH GHVWXO GH PDUL
)HPHLOH PXUHDX GHVHRUL OD QDúWHUH HSLGHPLLOH IRDPHWHD U ]ERDLHOH
ORYHDX GH DVHPHQHD SH VFDU ODUJ DVWIHO F VSHUDQ D GH YLD HUD
IRDUWH VF ]XW RDPHQLL GH SHVWH GH DQL ILLQG FRQVLGHUD L GHMD
E WUkQL ÌQ DFHVWH FRQGL LL VD GLVFXWDW GHVSUH H[LVWHQ D XQHL UDSRUW UL
VSHFLILFH ID GH SUREOHPD PRU LL FDUH HUD R UHDOLWDWH FRWLGLDQ
GHVLJXUF vQVS LPkQW WRDUHGDUDFFHSWDW FDRQHFHVLWDWHLQHOXFWDELO
LQGLVRFLDELO D YLH LL 'XS XQHOH RSLQLL DFHDVW UDSRUWDUH DU IL
FRQGXV FKLDU OD R DWLWXGLQH GLIHULW ID GH FRSLL FDUH HUDX DWkW GH
YXOQHUDELOLvQID DPRU LLvQFkWHLQXvQFHSHDXV FRQWH]HFXDGHY UDW
GHFkW GXS FH GHS úHDX YkUVWD FULWLF D SULPLORU DQL GH YLD úL
SRVLELOLW LOHORUGHVXSUDYLH XLUHGHYHQHDXPDLVHPQLILFDWLYH
2 DOW SUREOHP HVWH ULGLFDW GH WHDPD ID GH PRDUWH FDUH
HYLGHQ LD FHO SX LQ vQ YL]LXQHD FOHULFLORU SUHRFXSDUHD SHQWUX VRDUWD
VXIOHWXOXLvQOXPHDGHGLQFROR'LVFXUVXOFOHULFDOvQFHUFDV LQFXOFHSH
GH R SDUWH R YL]LXQH SR]LWLY DVXSUD PRU LL Y ]XW FD HOLEHUDUHD GH
JUHXW LOHúLGHúHUW FLXQLOHYLH LLSHDFHVWS PkQWLDUSHGHDOW SDUWH
WHDPD ID GH SHGHSVHOH FDUH LDU DúWHSWD GXS DFHHD SH S F WRúL
2DPHQLORUPHGLHYDOLOLVHVSXQHDV QXVHWHDP GHPRDUWHFDDWDUHFL
GHHWHUQLWDWHDFKLQXULORULQIHUQXOXLFDUHvLDúWHDSW GDF DXS F WXLWúL
PDLDOHVGDF QXDXDSXFDWV IDF SRF LQ DLPSXV GHELVHULF SHQWUX
JUHúHOLOHORU
6HSDUHGHDOWIHOF LQFXOFDUHDIULFLLID GHLDGDFHDVW WHURDUH
SLRDV D UHSUH]HQWDW XQD GLQ FKHLOH FUHúWLQ ULL PDL SURIXQGH D
ORFXLWRULORU 2FFLGHQWXOXL $FHúWLD OD vQFHSXW SUDFWLF R UHOLJLH D
JHVWXULORU PHQLW V OH DVLJXUH EXQ VWDUHD SH S PkQW úL PkQWXLUHD

0LKDHOD *UDQFHD FRRUG 5HSUH]HQW UL DOH PRU LL vQ 7UDQVLOYDQLD
VHFROHORU;9,;;&OXM1DSRFD&DVD& U LLGHùWLLQ S

-%DVFKHWRSFLWS

GXS PRDUWHLDUvQFDGUXODFHVWHLDSUDFWLFLOHIXQHUDUHDXXQORFIRDUWH
LPSRUWDQW S VWUkQG R PXOWLWXGLQH GH WUDGL LL SUHFUHúWLQH ÌQ WLPS
vQFHSV ILHLQWHULRUL]DWHDQXPLWHFRQFHS LLGHVSUHS FDWU VFXPS UDUH
SULQ F LQ PkQWXLUH FD UH]XOWDW DO XQXL SURFHV SHWUHFXW vQO XQWUXO
SHUVRDQHLúLQXGRDUSULQLQWHUPHGLXOIDSWHORUH[WHULRDUHYL]LELOH
'LVFXUVXO FOHULFDO GHVSUH VRDUWD FDUH vO DúWHDSW SH ILHFDUH GXS
PRDUWHDI FXWDSHOúLODRWHRULHGLQFHvQFHPDLHODERUDW DS FDWHORU
FDSLWDOHvQFRQH[LXQHFXFHDDVXSUDFHORUúDSWHYLUWX L3HED]DXQRU
vPSUXPXWXULDQWLFHúLDFRQFHS LLORU6IkQWXOXL3DYHOvQ(YXO0HGLXVH
HODERUHD] WHRULD FHORU úDSWH YLUWX L GLQWUH FDUH SDWUX FDUGLQDOH
SUHOXDWH GH OD DQWLFL SUXGHQ D MXVWL LD WHPSHUDQ D úL IRU D úL WUHL
WHRORJDOH VSHFLILF FUHúWLQH FUHGLQ D VSHUDQ D úL GUDJRVWHD 3H
P VXU FH VLVWHPXO PRQDVWLF VH GH]YROW OD ED]D FHORU úDSWH YLUWX L
RUJDQL]DWH VXE IRUP GH DUERUH VH DGDXJ XPLOLQ D FDOLWDWHD FUHúWLQ
HVHQ LDO vQRFKLLF OXJ ULORUFDXQIHOGHU G FLQ DELQHOXL$UERUHOXL
YLUWX LORUvLFRUHVSXQGHFHODOS FDWHORUFDSLWDOHFRQVLGHUDWHODUkQGXO
ORUWRWvQQXP UGHúDSWHFLIU FXVHPQLILFD LLPLVWLFHSHQWUXRDPHQLL
PHGLHYDOL&XXQHOHYDULD LLGHDOXQJXOWLPSXOXLFHOHúDSWHYLFLLVDX
S FDWHFDSLWDOHDXFXSULQVRUJROLXOLQYLGLDPkQLDOHQHYLD]JkUFHQLD
O FRPLDGHVIUkQDUHD2UJROLXOHVWHFRQVLGHUDWU G FLQDWXWXURUYLFLLORU
vQWUXFkWHOLDGHWHUPLQDWSHvQJHULLFRQGXúLGH/XFLIHUV VHUHYROWHúL
WRW HO LD I FXW SH SULPLL RDPHQL V vQFDOFH LQWHUGLF LD GLYLQ GH D
PkQFDGLQDUERUHOHFXQRDúWHULLELQHOXLúLU XOXL2UJROLXOHVWHGHIDSW
YLFLXOHVHQ LDODOHOLWHLIHXGDOHPHGLHYDOHvQDFHDVW FDOLWDWHDWU JkQG
DVXSUDVDIXOJHUHOHSUHGLFDWRULORU&HOHúDSWHS FDWHFDSLWDOHVHJHQH
UHD] XQHOH SH DOWHOH úL GDX QDúWHUH FD GLQWUXQ DUERUH ILHFDUH DOWRU
UDPLILFD LLFDUHFXSULQGDOWHS FDWH
'DF SUDFWLFDYLUWX LORUúLUHVSHFWDUHDSRUXQFLORUELVHULFLLFRQGXF
VSUHPkQWXLUHRULFDUHGLQWUHFHOHúDSWHS FDWHvODUXQF SHFHOYLQRYDW

0LFKHO /DXZHUV 0RDUWH0RU L vQ -DFTXHV /H *RII -HDQ&ODXGH
6FKPLWW'LF LRQDUWHPDWLFDO(YXOXL0HGLXRFFLGHQWDOS

(YROX LD FRQFHS LLORU UHIHULWRDUH OD YLFLL úL YLUWX L OD &DUOD
&DVDJUDQGH 6LOYDQD 9HFFKLR +LVWRLUH GHV SpFKpV FDSLWDOHV DX 0R\HQ ÆJH
3DULV$XELHU

$QGUp%ULGRX[/HVWRwFLVPHHWVRQLQIOXHQFH3DULVS

)HUQDQG&RPWH/HVJUDQGHVQRWLRQVGXFKULVWLDQLVPH3DULV%RUGDV
S

vQ LDG $FHDVWD HVWH FRQFHS LD vQFHSXWXOXL GH (Y 0HGLX vQ FDUH
JHRJUDILD OXPLL GH GLQFROR QX FXQRDúWH GHFkW GRX ORFXUL UDLXO úL
LDGXO GXDOLWDWH VSHFLILF GH DOWIHO FUHúWLQLVPXOXL vQWUXFkW FHOHODOWH
UHOLJLL PHGLWHUDQHHQH vL UHJUXSDX SH WR L PRU LL vQWUXQ DFHODúL ORF
&RQFHS LLOHGHVSUHOXPHDGHGLQFRORYRUFXQRDúWHRHYROX LHFRQVWDQW
SH WRW SDUFXUVXO (YXOXL 0HGLX DWkW UDLXO FkWúLLDGXOPDLDOHVDFHVWD
GLQXUP ILLQGULJXURVVLVWHPDWL]DWHúLRUGRQDWHvQIXQF LHGHPHULWHOH
UHFRPSHQVDWH VDX GH JUDYLWDWHD S FDWHORU LVS úLWH 'LVFXUVXULOH
FOHULFLORU LQVLVW DVXSUD GLILFXOW LL H[WUHPH GH D DMXQJH vQ UDL FDUH
SDUHDILUH]HUYDWGRDUSUHR LORUúLPDLDOHVF OXJ ULORUVLQJXULLFUHúWLQL
FDUH SRW DWLQJH GHV YkUúLUHD /DLFLL SUHRFXSD L GH YLD D PDWHULDO úL
F V WRUL L GHGD L DVWIHO SO FHULORU VXQW GHVWLQD L vQ PDMRULWDWHD ORU
]GURELWRDUH FKLQXULORU HWHUQH DOH LDGXOXL $FHDVW YL]LXQH IRDUWH
ULJLG HUDGHQDWXU V GHVFXUDMH]HPXO LFUHGLQFLRúLvQHIRUWXULOHORUGH
SHUIHF LRQDUH VSLULWXDO DVWIHO F WUHSWDW D vQFHSXW V VH FRQWXUH]H
LPDJLQHD XQXL DO WUHLOHD ORF *HQH]D 3XUJDWRULXOXL DúD FXP D IRVW
DQDOL]DW GH /H *RII DUH ORF WUHSWDW SH ED]D XQRU YL]LXQL FDUH VH
HúDORQHD] vQF GLQ SHULRDGD FUHúWLQLVPXOXL WLPSXULX GDU FDUH VH
RUJDQL]HD] vQVLVWHPvQ(YXO0HGLXFODVLF
3ULQVHFROXODO;,,OHDLPDJLQHD3XUJDWRULXOXLFDORFXQGHSRWIL
LVS úLWHS FDWHOHPDLXúRDUHVDXFHOHSHQWUXFDUHS F WRVXOVDF LWGDU
QDDSXFDWV IDF GLQWLPSXOYLH LLWRDW SHQLWHQ DQHFHVDU SDUHV IL
IRVWGHILQLWLYDW 2LSRWH] OHDJ DSDUL LD3XUJDWRULXOXLGHGH]YROWDUHD
XQRUFDWHJRULLVRFLRSURIHVLRQDOHF URUDELVHULFDOHUHIX]DLQL LDOPkQ
WXLUHDVDXOHRDFRUGDFXXQSUH FXQHSXWLQ GHSO WLW(VWHYRUEDvQ
SULPXOUkQGGHQHJXVWRULúLEDQFKHULFRQGDPQD LSHQWUXF PkQXLHVF
EDQLL QXPL L GH ELVHULF ÄRFKLXO GLDYROXOXL´ SHQWUX DL vQGHPQD SH
DO LLV VHOLSVHDVF PDLXúRUGHHLWRFPDLvQEHQHILFLXOELVHULFLLHULMDW
vQ VXV LQ WRDUHD V UDFLORU 'H DVHPHQHD úL QHJXVWRULL úL EDQFKHULL
VXQW VXVSHF L ILLQGF RE LQ EHQHILFLL GH SH XUPD VFXUJHULL WLPSXOXL
FDUH DSDU LQkQG GRDU OXL 'XPQH]HX QX SRDWH IL FRPHUFLDOL]DW

-%DVFKHWRSFLWS

+0DUWLQRSFLWYRO,,3DULV38)S

$)3ODWRQRSFLWS

&RQFHS LH H[SXV GH -DFTXHV /H *RII 1HJXVWRULL úL EDQFKHULL vQ
(YXO0HGLX%XFXUHúWL(GLWXUD0HULGLDQH

%LVHULFD VXV LQHD LGHHD F QHJXVWRULL GDU PDL DOHV F P WDULL VDX
vPERJ LWGHSHXUPDH[SORDW ULLDOWRUDDVWIHOF OHUHIX]DPkQWXLUHD
GDF QX UHVWLWXLDX DYHULOH DJRQLVLWH vQ PRG QHGUHSW &XP GH UHJXO
HUDGHVWXOGHGLILFLOV ILHLGHQWLILFD LWR LFHLFHIXVHVHU QHGUHSW L L
FkQG VLP HDX F OL VH DSURSLD PRDUWHD DFHL F P WDUL FDUH VH F LDX
SXWHDX V úL ODVH DYHUHD ELVHULFLL SHQWUX FD DFHDVWD V IDF SDUWH
V UDFLORU 2 DVWIHO GH FRQFHS LH D vPSLHGLFDW VH SDUH vQWUR P VXU
GHVWXO GH LPSRUWDQW DFXPXODUHD FRQWLQX GH FDSLWDO GHRDUHFH S U L
LPSRUWDQWHDOHDYHULORURE LQXWHSULQRSHUD LLILQDQFLDUHúLFRPHUFLDOH
QXHUDXIRORVLWHGHJHQHUD LLOHXUP WRDUHVSUHGH]YROWDUHDDIDFHULORU
FLHUDXGLUHF LRQDWHVSUHELVHULF GUHSWSUH DOPkQWXLULL([LVWDXúLDOWH
FDWHJRULL SH FDUH ELVHULFD OH H[FOXGHD GH OD PkQWXLUH VDX F URUD OH
vQJUHXQD IRDUWH PXOW DFHDVW SRVLELOLWDWH DFWRULL SURVWLWXDWHOH
E LHúL HOHKDQJLLIHOFHULLúLE UELHULLHWF8QLLGLQWUHHLHUDXVXVSHF L
vQWUXFkW DYHDX PHVHULL LPSXUH GDWRULW vQF OF ULL WDEXXOXL Y UV ULL GH
VkQJH FKLDU GDF VFRSXULOH ORU HUDX vQWUXWRWXO SR]LWLYH DO LL HUDX
FRQGDPQD L GDWRULW SURPRY ULL GLYHUWLVPHQWXOXL FRQVLGHUDW LPRUDO
VDXGDWRULW UDSRUWXOXLFXVH[XDOLWDWHDLOHJLWLP
3HQWUX WRDWH DFHVWH FDWHJRULL SHQWUX FHL FRQVLGHUD L GH %LVHULF
ÄSRWULYLW GH U L´ LQYHQWDUHD 3XUJDWRULXOXL D UHSUH]HQWDW R úDQV GH
PkQWXLUHFXFRQGL LDFDODXQPRPHQWGDWHLV VHF LDVF GHH[LVWHQ D
GXV SkQ DWXQFLV UHQXQ HODPRGXOORUGHYLD úLV IDF SRF LQ
0DLPXOWGHFkWDWkWELVHULFDDDFFHSWDWFKLDUúDQVDGHPkQWXLUHSHQWUX
FHL FH GRDU vQ DMXQXO PRU LL VH F LDX úL vúL P UWXULVHDX S FDWHOH XQXL
SUHRWFDUHOHG GHDDVWIHOGH]OHJDUH3UH XOFDUHWUHEXLDvQV SO WLWHUD
XQ VHMXU vQ 3XUJDWRULX DFROR XQGH VXIOHWXO HUD VXSXV XQRU FKLQXUL
DVHP Q WRDUHFHORUGLQ,QIHUQFXGLIHUHQ DF SULPHOHHUDXOLPLWDWHvQ
WLPS vQ YUHPH FH vQ LDG HUDX HWHUQH $FHDVW OLPLWDUH HVWH GH IDSW
UHODWLY F FLSUHGLFDWRULLYRUEHVFGHPLOLRDQHGHDQLSHFDUHS F WRúLL
FDUHQDXI FXWWRDW SHQLWHQ DGLQWLPSXOYLH LLWUHEXLHV OHSHWUHDF
vQFKLQXULvQDLQWHGHDILSXULILFD L5HDOL]DUHDXQHLFRQWDELOLW LVWULFWH
D OXPLL GH GLQFROR FRQWULEXLH úL HD OD PDL EXQD vQFDGUDUH D FUHGLQ
FLRúLORU GH F WUH ELVHULF úL OD RE LQHUHD XQRU EHQHILFLL PDWHULDOH

-DFTXHV /H *RII 1DúWHUHD 3XUJDWRULXOXL %XFXUHúWL (GLWXUD
0HULGLDQHYRO,S

-%DVFKHWRSFLWS

LPSRUWDQWH GH F WUH SUHR L úL F OXJ UL $FHVWHD VH ED]DX SH LGHHD
UHYHUVLELOLW LLPHULWHORUSRWULYLWF UHLDIDSWHOHEXQHLQGLIHUHQWFLQHD
IRVW DXWRUXO ORU SRW IL IRORVLWH SHQWUX FRPSHQVDUHD IDSWHORU UHOH DOH
S F WRúLORU ÌQWUH IDSWHOH EXQH VH QXP U GDQLLOH F WUH V UDFL úL PDL
DOHVF WUHV UDFLLSULQH[FHOHQ FDUHVXQWF OXJ ULLGDWRULW MXU PkQ
WXOXLI FXWGHDUHQXQ DODRULFHDYHUHSHUVRQDO FHHDFHQXvPSLHGLFD
P Q VWLULOH V ILH ERJDWH VXE WLWOX FROHFWLY 'H DVHPHQHD VOXMEHOH
SHQWUX SRPHQLUHD PRU LORU FDUH VXQW SO WLWH GH F WUH IDPLOLLOH FHORU
GHFHGD LFRQVWLWXLHDVWIHOGHIDSWHEXQHFDUHSRWFRQGXFHODVFXUWDUHD
WLPSXOXL SHWUHFXW GH DFHúWLD vQ 3XUJDWRULX GHVLJXU FX FRQGL LD FD
DFHúWLDV ILDSXFDWV úLP UWXULVHDVF S FDWHOHúLV FHDU LVS úLUHDGH
ODXQSUHRW5XJ FLXQLOHURVWLWHGHFHLYLLSHQWUXVXIOHWXOFHORUPRU L
FDúLLQWHUPHGLHUHDVILQ LORUHUDXFRQVLGHUDWHGHF WUH3DSD,QRFHQ LX
DO,,,OHDHVHQ LDOHvQH[LVWHQ DFUHúWLQLORU
Ä&LQHRDUHQDUDGXFHODXGHLQGLYL]LELOHL7UHLPLSHQWUXFHLVILQ L
SULQDOHF URUUXJ FLXQLúLPHULWHFUHGHPDILDMXWD LFDV DMXQJHPúL
QRL FkQGYD DFROR XQGH VXQW HL" &LQH RDUH QX YUHD V VH URDJH
LQGLYL]LELOHL 7UHLPL SHQWUX FHL PRU L GH YUHPH FH HO vQVX L YD PXUL
FLQHQXDUIDFHSHOXPHDDFHDVWDSHQWUXXQDOWXOFHHDFHGRUHúWHHOV
VHIDF SHQWUXHOGXS FHYDPXUL"´
2 DVWIHO GH FRQFHS LH H[SOLF DYkQWXO H[WUDRUGLQDU FXQRVFXW
vQFHSkQGGLQVHFROXODO;OHDGHF WUHRUGLQXOF OXJ ULORUEHQHGLFWLQL
GH OD &OXQ\ $FHúWLD VH VSHFLDOL]DVHU vQ VOXMEH FRQWLQXH SHQWUX
VXIOHWXOPRU LORUFHHDFHvQFRQGL LLOHGHILQLULLLGHLLGH3XUJDWRULXD
FRQGXVODRPDUHDIOXHQ GHGDQLLF WUHP Q VWLULOHFOXQLVLHQHúLODR
WRW PDL VWUkQV FRODERUDUH vQWUH IHXGDOLWDWH úL OXPHD PRQDVWLF 6H
FRQVLGHUD F VOXMEHOH SHQWUX PRU L vQ FDUH VH FLWHDX vQ WRDWH
P Q VWLULOHDSDU LQkQGRUGLQXOXLSRPHOQLFHOHVFULVHGHGRQDWRULDYHDX
SXWHUHDGHDUHGXFHGLQPLOLRDQHOHGHDQLSHFDUHS F WRúLLWUHEXLDXV
OHSHWUHDF vQ3XUJDWRULX
$FHOHLDúL FUHGLQ H vQ SRVLELOLWDWHD U VFXPS U ULL SHFXQLDUH D
WLPSXOXLSHFDUHGXS PRDUWHVXIOHWXOS F WRVXOXLWUHEXLDV OSHWUHDF

',RJQD3UDWW2UGRQQHUHWH[FOXUHS

&DUOD&DVVDJUDQGH6LOYDQD9HFFKLR3 FDWXOvQÄ'LF LRQDUWHPDWLF
DO2FFLGHQWXOXLPHGLHYDO´S

-DFTXHV/H*RIIRSFLWYRO,

',RJQD3UDWRSFLWS

vQ3XUJDWRULXLVHUDOLD] úLSUDFWLFDLQGXOJHQ HORU$FHVWHDHUDXHPLVH
GHSDSDOLWDWHúLvQVFKLPEXOXQHLDQXPLWHVXPHGHEDQLvOVFXWHDXSH
FHOFHOHFXPS UDGHHIHFWXDUHDDOWRUSHQLWHQ HvQYLD DS PkQWHDVF
(OH QX DVLJXUDX vQ PRG DXWRPDW PkQWXLUHD ILLQGF DFHDVW SUDFWLF
SUHVXSXQHDWRWXúLH[DPHQXOGHFRQúWLLQ DOFHOXLFHúWLDF S F WXLVH
VSRYHGDQLDFDQRQXOGHSHQLWHQ GDWGHELVHULF 'DUvQPHQWDOLWDWHD
SRSXODU FXPS UDUHD GH LQGXOJHQ H IXVHVH DVLPLODW FX DVLJXUDUHD
DFFHVXOXL GLUHFW vQ 3DUDGLV DO FHOXL FH SO WLVH LQGXOJHQ D VDX DO
VXIOHWXOXL GHFHGDWXOXL SHQWUX FDUH LQGXOJHQ D IXVHVH FXPS UDW 8QHL
DVWIHO GH FUHGLQ H SDUH V VH IL DWDúDW VORJDQXO GRPLQLFDQXOXL 7HW]HO
FDUH YLQGHD LQGXOJHQ H SH OD úL FDUH VSXQHD ÄDWXQFL FkQG EDQXO
VXQ vQ FXWLH VXIOHWXO ]ERDU vQ 3DUDGLV´ ([FHVHOH GH DFHVW WLS ODX
GHWHUPLQDWSH/XWKHUV LDDWLWXGLQHvPSRWULYDYkQ] ULLGHLQGXOJHQ H
úL GH DLFL V vQFHDS FRQWHVWDUHD ELVHULFLL RFFLGHQWDOH FDUH DYHD V
FRQGXF ODUXSWXUDFX5RPDúLODFRQVWLWXLUHDELVHULFLORUUHIRUPDWH
3UH]HQ D VSHFWDFROXOXL FRWLGLDQ DO PRU LL D JHQHUDW úL IRUPH
DUWLVWLFH úL OLWHUDUH VSHFLILFH ÌQ WUDQVIRUPDUHD VHQVLELOLW LORU XQ URO
LPSRUWDQWODDYXWFLXPDGHODPLMORFXOVHFROXOXLDO;,9OHD(IHFWHOH
LPHGLDWH DOH DFHVWHLD DX IRVW FRQWUDVWDQWH DQJRDVD úL IUHQH]LD ILLQG
FHOHGRX DVSHFWHUHJ VLWHvQFRPSRUWDPHQWXORDPHQLORUFRQIUXQWD LFX
QRXOIODJHO7HPHOHPDFDEUHGHYLQGLQFHvQFHPDLLPSRUWDQWHvQDUWD
úLOLWHUDWXUDHXURSHDQ vQFHSkQGGLQDFHVWPRPHQW
ÌQ FDGUXO DFHVWHL VHQVLELOLW L GLVWLQFWH GH FDUH IDF GRYDG
RDPHQLLVHFROHORU;,,,;,9VHQWLPHQWXOPRU LLHVWHXQXOH[SULPDWGH
RPDQLHU QRX $FHDVW QRX SHUFHS LHHVWHFHOPDLELQHH[SULPDW GH
DUWHOHSODVWLFH6HQWLPHQWXOPRU LLH[LVWDVHúLvQDLQWHGDUQXvQIRUPD
SDWHWLF GH OD VIkUúLWXO (YXOXL 0HGLX 3UHGLFLOH SXQHDX DFFHQW SH
FDUDFWHUXOLOX]RULXDOYLH LLWHUHVWUHPHPHQWRPRULILLQGXQDGLQWHPHOH
ORU SUHGLOHFWH LQVLVWDX SH QHFHVLWDWHD GLVSUH XLULL DFHVWHL OXPL 'H
FRQWHPSWXPXQGLILLQGWLWOXOVXJHVWLYDOXQHLOXFU ULGHVXFFHVD3DSHL
,QRFHQ LXDO,,,OHD
'DUFUHD LLOHFHOHPDLFDUDFWHULVWLFHSHQWUXLOXVWUDUHDDFHVWXLQRX
WLS GH VHQVLELOLWDWH VXQW DúDQXPLWHOH 7ULXPIXUL DOH PRU LL U VSkQGLWH
PDLDOHVvQ,WDOLDGLQVHFROXODO;,,,OHDúLPDLDOHV'DQVXOPDFDEUX

$ VH YHGHD DQDOL]D I FXW GH -RKDQ +XL]LQJD $PXUJXO (YXOXL
0HGLXFDSLWROXO,PDJLQHDPRU LL

GLQWUH FDUH FHO PDL FHOHEUX IXVHVH ]XJU YLW vQ VHFROXO DO ;9OHD vQ
&LPLWLUXO ,QRFHQ LORU GLQ 3DULV 7HPD DFHVWXLD GLQ XUP HVWH IHOXO vQ
FDUHPRU LLvLDQWUHQHD] GXS HLSHFHLYLLFDUHDUPDLYUHDúLDUPDL
SXWHDV PDLWU LDVF I U DIDFHGLVWLQF LHGHYkUVW VH[VWDUHVRFLDO
VDXSURIHVLRQDO $FHVWHWHPHLQVSLU úLOXFU ULOLWHUDUHSUHFXPDIRVW
RSHUDQXPLW 7ULXPIXULOHVFULV GH3HWUDUFDvQFDUHDQJRDVDúLRURDUHD
VXQWvQORFXLWHGHRFRQVRODUHILORVRILF
$FHDVW DQJRDV vQ ID D PRU LL FH VH FRQWXUD SUREDELO vQF GLQ
VHFROXO DO ;,,,OHD GDU FDUH FDS W IRUPH FODUH OLWHUDUDUWLVWLFH vQ
SHULRDGD XUP WRDUH HVWH SUREDELO HIHFWXO SUHGLFLORU PHGLWD LLORU
SRYHVWLULORUSLRDVHWRWDWkWFkWDOU ]ERDLHORUFDODPLW LORUQDWXUDOHDO
HSLGHPLLORUFHPDUFKHD] HSRFD(DVHLQVWDOHD] vQPRPHQWXOvQFDUH
FUHúWLQLVPXODGHYHQLWRUHOLJLHSRSXODU DIRVWLQWHULRUL]DWGHPDVHúL
DvQFHSXWV VXVFLWHLQWHURJD LLGLQFHvQFHPDLSURIXQGHDVXSUDVRU LL
RPXOXL SH S PkQW 'DU PDUHD FkúWLJ WRDUH D DFHVWHL FRQúWLHQWL] UL D
LPSRUWDQ HL SH FDUH R DUH PRGXO ILHF UXLD GH DúL WU L YLD D vQ
SHUVSHFWLYD YLH LL GH GLQFROR HVWH %LVHULFD LQVWDQ PHGLDWRDUH úL
PkQWXLWRDUHFHDFDUHvOSRDWHVDOYDSHRPGHS FDWGH6DWDQGHLDG
vQWUXQFXYkQWGHPRDUWHDVSLULWXDO

-%DVFKHW/HSODLVLUDX0R\HQÆJHS

9,$ $&27,',$1

$úD FXP DU WDP vQ FDSLWROXO GHGLFDW FRQVWLWXLULL úL HYROX LHL
DQWURSRORJLHLLVWRULFHSULQWUHWHPHOHSUHGLOHFWHDERUGDWHGHDFHDVWDVH
QXP U úLYLD DFRWLGLDQ ÌQFHOHFHXUPHD] vQFHUF PV SUH]HQW P
FkWHYDGLQWUHDVSHFWHOHHVHQ LDOHDOHYLH LLGHILHFDUH]LDRDPHQLORUGLQ
(YXO 0HGLX DúD FXP SRDWH DFHDVWD V ILH UHFRQVWLWXLW SH ED]D
GLIHULWHORUVXUVHFDUHQHVWDXODGLVSR]L LH
9LD D GH ]L FX ]L D RDPHQLORU PHGLHYDOL D VWDW VXE VHPQXO
GHSHQGHQ HL GH QDWXU úL GH KD]DUGXO FDSULFLLORU DFHVWHLD /D VDW
VXFFHVLXQHD FLFOLF D ]LOHORU úL QRS LORU D DQRWLPSXULORU úL D DQXOXL
OLWXUJLF HUD SXQFWDW GH ÄDFFLGHQWH´ HYHQLPHQWH H[WUDRUGLQDUH GDU
GHVWXO GH IUHFYHQWH SUHFXP SORL F ]XWH FkQG QX HUD QHYRLH GH HOH
VHFHWH SUHOXQJLWH vQJKH XUL WLPSXULL 7RDWH DFHVWHD I FHDX FD YLD D
UDQXOXL PHGLHYDO V ILH DSURDSH vQ SHUPDQHQ XQD GXV OD OLPLWD
VXE]LVWHQ HL PkQFDWXO SH V WXUDWH ILLQG SHQWUX XQLL GRDU RELHFWXO
SURLHF LLORU XWRSLFH UHSUH]HQWDWH GH © DUD &RFDJQHª VDX © DUD
*KLIWXLHOLL´ 'H DFHHD XQD GLQ FRPSRQHQWHOH FRPSRUWDPHQWXOXL
QRELOLDU HVWH H[FHVXO GH PkQFDUH SHQWUX D LOXVWUD GLIHUHQ D HVHQ LDO
GLQWUHSULYLOHJLD LúLFHLGHUkQG'DF RDPHQLLRELúQXL LVHPXO XPHVF
GH RELFHL FX SkLQH úL ILHUWXU GLQ SX LQHOH ]DU]DYDWXUL FXQRVFXWH GH
(XURSD vQDLQWHD GHVFRSHULULL $PHULFLL YDU] XVWXURL FHDS ERE
PD] UHQDSLúLUH]HUY FDUQHDPDULORUV UE WRULUHOLJLRDVH3DúWHOHúL
&U FLXQXO PHVHOH QRELOLDUH VXQW vQF UFDWH GH IULSWXUL KUDQD DULVWR
FUDWLF SULQH[FHOHQ DVH]RQDW GHPLURGHQLLDOF URUFRVWRI FHDXFX
DWkW PDL GHRVHELW $QLPDOHORU GRPHVWLFH OL VH DGDXJ YkQDWXO F FL
YkQ WRDUHD SH OkQJ URVWXO GH D IL XQ VSRUW QRELO FDUH vO DMXW SH
FDYDOHUV VHPHQ LQ vQIRUP vQWUHWXUQLUXULVDXU ]ERDLHDUHúLURVWXO
GHDFRPSOHWDPDVDFXIHOXULLQDFFHVLELOHFHORUGHMRV

-HDQ9HUGRQRSFLWS

'LIHUHQ HOH GLQWUH SULYLOHJLD L úL UHVWXO SRSXOD LHL VH Y G úL vQ
DOF WXLUHDORFXLQ HORUFKLDUGDF ODvQFHSXWXULOH(YXOXL0HGLXDFHVWHD
VH GHRVHEHVF PDL GHJUDE SULQ GLPHQVLXQL úL SRDWH SULQ PDWHULDOHOH
GH FRQVWUXF LH GHFkW SULQ VWUXFWXU )LH F HVWH UHDOL]DW GLQ OHPQ
SLDWU FKLUSLFL FRQVWUXLW OD VXSUDID VDX VHPLvQJURSDW ORFXLQ D
UDQXOXL PHGLHYDO HVWH DOF WXLW vQ SULPD SDUWH D SHULRDGHL úL vQ
UHJLXQLOH VXGHVWLFH DOH FRQWLQHQWXOXL SkQ VSUH HSRFL PXOW PDL
UHFHQWH vQ JHQHUDO GLQWUR VLQJXU vQF SHUH vQ FDUH WU LHVF WR L
PHPEULL IDPLOLHL ÌQ XQHOH ]RQH GLQ 2FFLGHQWXO úL QRUGXO (XURSHL
DFHDVW vQF SHUHHVWHFKLDUvPS U LW vQGRX SULQWUXQIHOGHSDUDYDQ
vQ XQD GLQWUH S U L ILLQG LQXWH DQLPDOHOH FDUH vQ WLPSXO LHUQLL
FRQWULEXLH SULQ F OGXUD WUXSXULORU úL U VXIO ULL ORU OD FUHúWHUHD
WHPSHUDWXULLvQFDVHOHU XvQF O]LWHGDWRULW VLVWHPXOXLSULPLWLYGHYHWUH
GH IRF 'H UHJXO vQ DFHDVW VLQJXU vQF SHUH D FDVHL UDQXOXL
PHGLHYDO H[LVWD úL YDWUD GH IRF GHVFKLV DO F UXL IXP LHúHD SULQWUR
GHVS U LWXU vQ WDYDQ úL FDUH VHUYHD OD SUHSDUDUHD PkQF ULL úL OD
vQF O]LUHLDUQD6REHOHúHPLQHXULOHVXQWGHVFRSHULULPXOWPDLWkU]LL
XQUHPHGLXODIULJXOLHUQLORUJHURDVHFRQVWLWXLQGXOXQHRULXQOLJKHDQ
FXF UEXQLGHOHPQvQFLQúLGHWLSXOEUDVHURFDUHSXWHDILDPSODVDW
vQ GLIHULWH ORFXUL GXS QHYRL 0RELOHOH HUDX IRDUWH VLPSOH SDWXULOH
HUDXDOF WXLWHGLQSDWUXSDULSHFDUHVHSXQHDXVFkQGXULPDVDSXWHDIL
I FXW GXS DFHODúLSULQFLSLXVDXSXWHDILIRDUWHMRDV URWXQG FXWUHL
SLFLRDUHDúDFXPSkQ PDLLHULVHSXWHDXYHGHDSULQVDWHOHURPkQHúWL
+DLQHOH úL SX LQHOH RELHFWH GH YDORDUH VH LQHDX vQ FXIHUH GH OHPQ
SUHY ]XWHXQHRULFXPkQHUHSHQWUXDILWUDQVSRUWDWHPDLXúRU
3HVWHSDUGRVHDODGHS PkQWE WXWVHSXWHDXSXQHURJRMLQLLDUSH
SHUH L FHL PDL DYX L DJ DX HV WXUL GLQ OkQ LQL LDO FX PRWLYH IRDUWH
VLPSOH JHRPHWULFH vQ FXORUL GH SUHIHULQ FkW PDL YLL RE LQXWH GLQ
SODQWHúLPLQHUDOH
,QL LDOFDVHOHDULVWRFUD LORUHUDXDOF WXLWHGXS DFHODúLSULQFLSLX
GLQWUR PDUH VDO vQ FDUH VH J WHD úL PkQFDUHD úL vQ FDUH VHQLRUXO
ORFXLD PkQFD GRUPHD DO WXUL GH YDVDOLL V L &RQFHSWXO GH LQWLPLWDWH

)UDQoRLVH 3LSRQQLHU &RWLGLDQXO vQ Ä'LF LRQDU WHPDWLF DO (YXOXL
0HGLXRFFLGHQWDO´S

0LFKHO 3DVWRXUHDX 2 LVWRULH VLPEROLF D (YXOXL 0HGLX 2FFLGHQWDO
&KLúLQ X(GLWXUD&DUWLHUS

VSHFLILFRDPHQLORUGHD]LDYHDV VHFRQVWLWXLHFXPDUHvQFHWLQHDO úL
GHHODYHDXV SURILWHPDLvQWkLIHPHLOHFDUHSHQWUXDSURWHMDRQRDUHD
VW SkQXOXL FDVHL VXQW LQXWH vQ vQF SHUL VHSDUDWH vQ FDUH WHRUHWLF
FHLODO L E UED L QDU WUHEXL V DLE DFFHV 2ULFXP VSHFLILFXO YLH LL GH
ILHFDUH]LDFDVWHOXOXLIHXGDOHUDDFHODúLWUDLvQFRPXQFDUHFDUDFWHUL]D
úLFHDPDLPRGHVW ORFXLQ U QHDVF ÌQUHVWFDVWHOHOHGHSLDWU HUDX
WRWSURVWOXPLQDWHF FLvQOLSVDVWLFOHLWUDQVSDUHQWHIHUHVWUHOHHUDXPLFL
VWU SXQJHULDFRSHULWHLDUQDFXREORDQHGHOHPQúLSXWHDXILFKLDUPDL
IULJXURDVH GHFkW FDVHOH UDQLORU 7DSLVHULLOH FDUH VH DJ DX SH SHUH L
EO QXULOH FDUH DFRSHUHDX SDUGRVHDOD GH SLDWU DYHDX DWkW UROXO GH D
FRQVWLWXLGHFRUD LLDOHORFXLQ HORUQRELOLDUHFDUHDPLQWHVFHYHQLPHQWH
P UWXULVHVF SUHVWLJLXO SRVHVRUXOXL úL SXWHUHD VD FkW úL GH D S VWUD
F OGXUDDWkWGHJUHXRE LQXW
+DLQHOHQRELOLORUúLDOH UDQLORUDOHE UED LORUúLDOHIHPHLORUDX
IRVW vQ SULPHOH VHFROH PHGLHYDOH IRDUWH DVHP Q WRDUH DYkQG FD
HOHPHQW HVHQ LDO R F PDú OXQJ SH FDUH E UED LL R FRPSOHWDX FX R
SHUHFKH GH SDQWDORQL úL SHVWH FDUH VH SXWHDX SXQH DOWH SLHVH GH
FRVWXP SUHFXP PDQWLL JOXJL HWF 6SUH VIkUúLWXO (YXOXL 0HGLX vQ
2FFLGHQWF PDúDPDVFXOLQ VHVFXUWHD] GLQQHFHVLW LSUDFWLFHOHJDWH
GHYLD DDFWLY vQYUHPHFHKDLQHOHIHPLQLQHVHOXQJHVFSHQWUXDQX
O VDODYHGHUHQLFLRSDUWHDWUXSXOXLFRQVLGHUDWL]YRUGHWHQWD LLSHQWUX
E UED L ÌQ SULPHOH VHFROH PHGLHYDOH SRGRDEHOH GLQ PHWDOH UDUH úL
SLHWUHSUH LRDVHVXQWXQDWULEXWHVHQ LDOPHQWHPDVFXOLQF FLSXQHDXvQ
YDORDUHVXSHULRULWDWHDERJ LDúLSUHVWLJLXOFHOXLFHOHSXUWDvQYUHPH
FHFRVWXPXOIHPLQLQWUHEXLDV ILHVREUXvQFRQIRUPLWDWHFXSUHFHSWHOH
DXVWHUH DOH ELVHULFLL FUHúWLQH 6SUH VIkUúLWXO SHULRDGHL UDSRUWXO VH
VFKLPE ELMXWHULLOH GHYLQRFRPSRQHQW D LQXWHLIHPLQLQHvQYUHPH
FHE UED LLSRDUW PDLSX LQHSRGRDEHLQHOHFXSHFHWHFRODQH
ÌQ PRPHQWXO vQ FDUH DUH ORF UHQDúWHUHD XUEDQ DSDU XQHOH
PRGLILF UL vQ PRGXO GH YLD DO FHORU VWDELOL L OD RUDúH $LFL OLSVD GH
VSD LXFRQVWUXLELOSHQWUXF RUDúHOHVHGH]YROW vQLQWHULRUXOLQFLQWHORU
IRUWLILFDWHIDFHFDORFXLQ HOHV VHULGLFHSHYHUWLFDO GHDOXQJXOXQRU

0DULH&ODLUH $PRXUHWWL *HRUJHV &RPHW +RPPHV HW WHFKQLTXHV GH
O¶$QWLTXLWpjOD5HQDLVVDQFH3DULV$UPDQG&ROLQ

+HQUL 3LUHQQH 2UDúHOH (YXOXL 0HGLX &OXM1DSRFD (GLWXUD 'DFLD
S

VWU GX HvQJXVWHúLvQWRUWRFKHDWHGDULQWHULRUXOORUQXGLIHU HVHQ LDOGH
FHODOORFXLQ HORUUXUDOHGHFkWSRDWHGRDUSULQDJORPHUD LDúLPDLPDUH
GLQ ORFXLQ H ÌQ FD]XO PHúWHúXJDULORU HVWH SRVLELO FD ORFXLQ D V DLE
GRX vQF SHULGLQFDUHXQDFRQVWLWXLHDWHOLHUXO/DIHOFRPHUFLDQ LLSRW
DYHD SU Y OLH vQ FDPHUD FDUH G VSUH VWUDG vQ YUHPH FH IDPLOLD
ORFXLHúWH vQ RGDLD GLQ VSDWH /D RUDú DO WXUL GH PHPEULL IDPLOLHL
ORFXLHVFúLXFHQLFLLGHUHJXO vQWUH LQX LvQFDVDSDWURQXOXL
(VWH GLILFLO GH ODQVDW DSUHFLHUL FX YDORDUH JHQHUDO DVXSUD
UHOD LLORU LQWHUXPDQH GLQ FDGUXO IDPLOLHL PHGLHYDOH 'RFXPHQWHOH
SX LQH DWXQFL FkQG YRUEHVF SUH]LQW PDL DOHV DVSHFWHOH YLROHQWH DOH
EUXWDOLW LORU FDUH DSDU vQWUH VR L VDX vQWUH DFHúWLD úL FRSLL $OWHRUL
WHVWDPHQWHOH SUH]LQW vQWUR IRUPXO VWHUHRWLS úL SULQ DFHDVWD
VXVSHFW GHV YkUúLWD vQ HOHJHUH FDUH D GRPQLW vQWUH VR L &XP vQ
JHQHUDOF V WRULLOHHUDXDUDQMDWHGHIDPLOLLDGHVHDvQWUHWLQHULFDUHQX
DWLQVHVHU YkUVWDSXEHUW LLIHWHOHSXWHDXILF V WRULWHGHODDQLLDU
E LH LL GH OD DQL GDU QX HUDX UDUH FD]XULOH GH vQF OFDUH D
SUHYHGHULORUFDQRQLFHvQWUHVR LSXWHDvQFD]XULOHIHULFLWHV VHQDVF
RRDUHFDUHDIHF LXQHGDUQXGUDJRVWH'HDOWIHOOLWHUDWXUDWUXEDGXULORU
GH]YROWDW GLQ VHFROXO ;,, vQ 2FFLGHQW DILUP FX IHUPLWDWH F
GUDJRVWHDúLF V WRULDVXQWGRX GRPHQLLWRWDOVHSDUDWHúLFKLDURSXVH
/D IHO UHOD LLOH GLQWUH S ULQ L úL FRSLL SDU V VH IL FDUDFWHUL]DW SULQ
REOLJD LLOHUHFLSURFHSHFDUHHGXFD LDWUDGL LRQDO OHLQFXOFDILHF UXLD
GDU QX SULQ GUDJRVWH vQ VHQVXO GH D]L DO FXYkQWXOXL 6D DGXV FD
DUJXPHQW DO OLSVHL XQHL DIHF LXQL GHRVHELWH ID GH FRSLL IDSWXO F HL
HUDX Y ]X L vQ SULPXO UkQG FD QRL IRU H GH PXQF QHFHVDUH vQ
JRVSRG ULH VDX GUHSW FRQWLQXDWRUL DL QHDPXOXL úL DO RQRDUHL DFHVWXLD
'H H[HPSOX vQ IDPLOLLOH GH MRV VH UHFRPDQGD S ULQ LORU V úL SXQ
FRSLLLODPXQF SHFkWGHWLPSXULXVHSRDWHSHQWUXDvQY DPHVHULD
3H GH DOW SDUWH vQILRU WRDUHD PRUWDOLWDWH LQIDQWLO ©LPXQL]Dª vQWUXQ
DQXPH IHO IDPLOLLOH vQ ID D LGHLL SLHUGHULL XQXL FRSLO FKLDU GDF

1XPHURDVH H[HPSOH GH YLROHQ H LQWUDIDPLOLDOH UHIOHFWDWH GH
GRFXPHQWH GH HSRF OD 1DWDOLH =HPRQ 'DYLV )LF LXQHD vQ GRFXPHQWHOH GH
DUKLY ,VWRULVLULOH GLQ FHUHULOH GH JUD LHUH úL SRYHVWLWRULL ORU vQ )UDQ D
VHFROXOXLDO;9,OHD%XFXUHúWL(GLWXUD1HPLUD

'LGLHU /HWW )DPLOOH HW SDUHQWp GDQV O¶2FFLGHQW PpGLpYDO 9H;9H
VLqFOH3DULV+DFKHWWHS

VXIHULQ D RPHQHDVF HUD GHVLJXU SUH]HQW &KLDU GDF PDPHOH úL
XQHRULúLWD LLvúLSXWHDXLXELFXDGHY UDWFRSLLLVHSDUHF QXH[LVWD
FRQúWLLQ D IDSWXOXL F DFHúWLD UHSUH]LQW LQGLYLGXDOLW L F QX VXQW
SURSULHWDWHD IDPLOLLORU ORU úL F QX VXQW QLúWH DGXO L vQ PLQLDWXU DúD
FXPvLWUDWDXVRFLHWDWHDúLOHJLOH3HQWUXDFHOHDúLIDSWHFDDOHDGXO LORU
FRSLLL HUDX SHGHSVL L OD IHO FKLDU FX PRDUWHD 'HDELD VSUH VIkUúLWXO
(YXOXL 0HGLX DSDUH FX DGHY UDW FRQúWLHQWL]DUHD VSHFLILFXOXL YkUVWHL
FDUHSHUPLWHXQWUDWDPHQWPDLDGHFYDWDOFRSLLORU
'LQFRORGHIDPLOLHYLD DRPXOXLPHGLHYDOVHGHVI úXUDvQFDGUXO
FRPXQLW LL UXUDOH VDX XUEDQH D F UHL H[LVWHQ HUD PDUFDW GH PDULOH
V UE WRUL UHOLJLRDVH SULOHM SHQWUX GLVWUDF LH GDU úL PDQLIHVW UL DOH
VRFLDOL] ULL3HULRDGDGLQWUH&U FLXQúL%RERWHD] HUDV UE WRULW SHWRW
FRQWLQHQWXO HXURSHDQ SULQ FROLQGH MRFXUL FX P úWL GDQVXUL ULWXDOH úL
GH]O Q XLUL GH YHVHOLH FDUH vQW UHDX FRH]LXQHD FRPXQLW LL UHVSHFWLYH
3RVWXO3DúWHOXLHUDSUHFHGDWGH&DUQDYDOU VWXUQDUHDRUGLQLLSUHVWDELOLWH
DVRFLDW XQHRUL FX ULWXUL PHQLWH V DVLJXUH IHFXQGLWDWHD VROXOXL úL D
DQLPDOHORU6HDG XJDXvQDFHHDúLQRW ULWXULOHSURSULX]LVDJUDUHFDUH
PDUFDX vQFHSXWXO SULP YHULL úL DO PXQFLORU DJULFROH 5HFROWD FXOHVXO
YLLORU HUDX DOWH RFD]LL GH YHVHOLH FRPXQLWDU 'H DVHPHQHD SULOHM GH
vQWkOQLUL GH GLVWUDF LH HUDX úL WkUJXULOH úL LDUPDURDFHOH LQXWH OD GDWH
IL[HvQORFXULELQHVWDELOLWHFDUHDGXQDXRDPHQLGLQGLIHULWH]RQHXQGH
VH I FHD VFKLPE GH LQIRUPD LL FDUH SHUPLWHDX FLUFXOD LD LGHLORU vQWUR
VRFLHWDWHSUHDSX LQFXQRVF WRDUHDVFULVXOXL
0HQWDOLWDWHD HXURSHQLORU PHGLHYDOL HUD SURIXQG LPSUHJQDW GH
FUHGLQ HOHvQOXPHDVXSUDQDWXUDO FHDGHVRUJLQWHFUHúWLQ SRSXODW GH
VILQ LúLGHPRQLFDUHQXH[FOXGHDvQV VXSUDYLH XLULOHS JkQHvPSRWULYD
F URUDELVHULFDDOXSWDWFXXQVXFFHVPDLHYLGHQWvQ2FFLGHQWúLFXPDL
SX LQH UHDOL] UL vQ U V ULWXO (XURSHL &KLDU FUHúWLQLVPXO vQDLQWH GH D
DMXQJH OD LQWHULRUL]DUHD VLP PkQWXOXL UHOLJLRV U VSkQGLW vQ SUHDMPD
5HIRUPHL VH UHPDUFD PDL DOHV SULQ vQGHSOLQLUHD XQRU SUDFWLFL ULWXDOH
SDUWLFLSDUHD OD VOXMED GXPLQLFDO UHVSHFWDUHD SRVWXOXL ERWH]XO

&RQFHS LD GHVSUH R DWLWXGLQH IRDUWH UH]HUYDW UHIHULWRDUH OD FRSLL vQ
(YXO 0HGLX D IRVW HQXQ DW vQ DQLL ¶ GH 3KLOLSSH $ULqV /¶HQIDQW HW OD YLH
IDPLOLDOHVRXVO¶$QFLHQ5pJLPH3DULV

ÌQ IDYRDUHD XQRU SXWHUQLFH VHQWLPHQWH FDUH LDU IL XQLW SH S ULQ L GH
FRSLLORUvQRSR]L LHFXLGHLOHOXL3KLOLSSH$ULHVDVHYHGHD'LGLHU/HWWRS
FLWS

vPS UW úDQLD VOXMED IXQHUDU PXOW PDL WkU]LX FXQXQLD UHOLJLRDV vQ
DEVHQ DF URUDRPXOSXWHDILFRQVLGHUDWHUHWLFúLSULQWURFRQFHS LHGH
WLSXOGDUXOXLúLFRQWUDGDUXOXL'HYR LXQHDSDUWLFXODU DU WDW XQXLVIkQW
YHQHUDUHDLFRDQHORUGDQLLOHJHQHURDVHI FXWHELVHULFLORUúLP Q VWLULORU
SHOHULQDMHOH OD ORFXULOH FRQVLGHUDWH VILQWH DYHDX vQ YL]LXQHDRDPHQLORU
HSRFLLXQIHOGHIRU FRQVWUkQJ WRDUHGLYLQLWDWHDVDXUHSUH]HQWDQ LLHL
VILQ LL ILLQG RDUHFXP REOLJD L V U VSXQG DFHVWRU GRYH]L GH SLHWDWH
vQGHSOLQLQGGRULQ DFUHGLQFLRVXOXL'HVLJXUFUHGLQ DFUHúWLQ VLQFHU VDX
GRDU IRUPDO QX H[FOXGH PDQLIHVW UL SH FDUH RDPHQLL GH D]L DU IL
vQGHPQD L V OH FRQVLGHUH FRQWUDUH FUHúWLQLVPXOXL FXP DU IL DSOHFDUHD
F WUH YLROHQ FKLDU F WUH VDGLVP GXS FXP DUDW VXFFHVXO DYXW GH
H[HFX LLOH SXEOLFH FX DWkW PDL JXVWDWH FX FkW HUDX PDL RULELOH 'H
DVHPHQHD RPXO PHGLHYDO SDUH V IL IRVW XQXO DO H[WUHPHORU úL DO
VHQWLPHQWHORUSXWHUQLFHvQVWDUHV WUHDF I U SUREOHPHGHODODFULPLOD
YHVHOLD FHD PDL U VXQ WRDUH úL LQYHUV -RKDQ +XL]LQJDYRUEHD vQ DFHVW
VHQVGHVSUH©QHVW YLOLWDH[WUDYDJDQ úLvQIO F UDUHDWHPSHUDPHQWXOXL
PHGLHYDOªúLGHVSUHFXORDUHDVWULGHQW FDUHvQVXIOH HDúLSRSRDUHOHúLSH
VXYHUDQLVXUSULQ]kQGDVWIHOXQHOHGLQWUHFDUDFWHULVWLFLOHSULQFLSDOHDOH
]EXFLXPDWHLH[LVWHQ HFRWLGLHQHDOHRDPHQLORU(YXOXL0HGLX
ÌQ YLD D FRWLGLDQ D RDPHQLORU PHGLHYDOL H[LVW XQ ORF IRDUWH
LPSRUWDQWSHQWUXFHHDFHDVW ]LVHFKHDP ORLVLUúLFDUHSHDWXQFLVXE
QXPHOHJHQHULFGHMRFUHSUH]HQWDRFRPSRQHQW HVHQ LDO DSHWUHFHULL
WLPSXOXLOLEHU'HVLJXUPRGDOLW LOHGHSHWUHFHUHDWLPSXOXLOLEHUVXQW
GLIHULWH vQ IXQF LH GH FDWHJRULLOH VRFLDOH FX FkW FLQHYD HUD SODVDW PDL
VXV SH VFDUD VRFLDO FX DWkW WLPSXO SH FDUH vO SXWHD GHGLFD GLYHUWLV
PHQWXOXLV UE WRULORUúLMRFXOXLHUDPDLPDUH
0RGDOLW LOHGHSHWUHFHUHDWLPSXOXLOLEHUDXRFRPSRQHQW IL]LF
GHPQ GHVXEOLQLDWvQWURVRFLHWDWHFDUHYDORUL]HD] DWkWGHPXOWIRU D
úLDVSHFWXOH[WHULRU'HDFHHDODQLYHOXOHOLWHORUSOLPE ULOHSHMRVVDX
F ODUH YkQ WRDUHD UHSUH]LQW PRGDOLW L IRDUWH DSUHFLDWH GH GLVWUDF LH
GDUúLRFD]LLGHVRFLDOL]DUH
ÌQWUXQ DQXPLW VHQV FKLDU WXUQLUXO OD RULJLQL XQ VXURJDW DO
U ]ERLXOXLSUDFWLF OXGLF FXHIHFWHvQLQVWUXLUHDFDYDOHULORUGHYLQHvQ

-RKDQ+XL]LQJDRSFLWS

+0DUWLQRSFLWS

-HDQ9HUGRQ/HSODLVLUDX0R\HQÆJHS

XOWLPHOH VHFROH DOH (YXOXL 0HGLX XQ IHO GH MRF GH VRFLHWDWH 5LJXURV
FRGLILFDW FX YLROHQ D úL ULVFXULOH LPSOLFDWH GH DFHDVWD UHGXVH OD
PLQLPXP vQ VHFROHOH ;9;9, WXUQLUXO HVWH R GLVWUDF LH IDYRULW D
FXU LORUSULQFLDUHRFFLGHQWDOHÌQIUXQWDUHDDGRX JUXSXULGHOXSW WRUL
FDUDFWHULVWLF SHULRDGHORU PDL WLPSXULL HVWH vQORFXLW FX GXHOXO
LQGLYLGXDOFDUHRSXQHGRLFDYDOHULFHWUHEXLHV VHORYHDVF FXO QFLOH
ERDQWH vQ FHQWUXO VFXWXOXL &HO FDUH HVWH GRERUkW GH SH FDO VH
FRQVWLWXLH SUL]RQLHU DO DGYHUVDUXOXL V X FHGkQGXL DFHVWXLD DUPXUD
FDOXOúLSO WLQGXLRU VFXPS UDUH&XWRDWHvQFHUF ULOHGHDUHGXFH
YLROHQ DWXUQLUXOXLúLDOWUDQVIRUPDvQWUXQVLPSOXMRFHOHJDQWHOPDL
I FHD vQF YLFWLPH vQ VHFROXO DO ;9,OHD (VWH FXQRVFXW FD]XO UHJHOXL
)UDQ HL+HQULFDO,,OHDPRUWvQXUPDXQXLWXUQLUvQFDUH
ODQFHD DGYHUVDUXOXL V X VD IUkQW úL R EXFDW GH OHPQ LD LQWUDW SULQ
YL]LHUDFRLIXOXLvQRFKL
'RDPQHOH GLQ DULVWRFUD LH VXQW SXEOLFXO SULYLOHJLDW DO DFHVWRU
MRFXUL FDYDOHUHúWL vQ FDUH VH LPSOLF GkQG FDPSLRQLORU FDUH OXSW vQ
QXPHOH ORU XQ RELHFW GH vPEU F PLQWH FDUH V OH SRDUWH QRURF vQ
WXUQLU&DYDOHUXOvúLOHJDGHODQFHYRDOXOVDXPkQHFDGRDPQHLLXELWH
DILUPkQGDVWIHOvQID DWXWXURUF OXSW VSUHVODYDHL$VWIHOWXUQLUXO
XOWLPHORU VHFROH PHGLHYDOH HVWH VWUkQV DVRFLDW FX GUDJRVWHD
FRQVLGHUDW úLHDWRWXQIHOGHMRFGHVRFLHWDWH
'UDJRVWHDFXUWHQHDVF DúDFXPVHGHILQHúWHHDGHSULQVHFROXODO
;,,OHD vQ SRH]LD WUXEDGXULORU úL DSRL vQ URPDQHOH FDYDOHUHúWL SDUH R
FRQYHQ LH XQ MRF GH VRFLHWDWH PHQLW V FRQWULEXLH OD VRFLDOL]DUHD
WLQHULORU FDYDOHUL (GXFD L OD FXUWHD VHQLRUXOXL ORU WLQHULL FDYDOHUL
vQYD UHJXOLOH FRPSRUWDPHQWXOXL FLYLOL]DW GH OD VR LD DFHVWXLD úL
GRDPQHOH GLQ DQWXUDMXO ORU 6RFLDOL]DUHD WUHFH SULQ UHJXOLOH GUDJRVWHL
GHOLFDWH SULQ FDUH WkQ UXO QHF V WRULW VH GHFODU vQGU JRVWLW GH R
GRDPQ F V WRULW SHFDUHWUHEXLHV RVOXMHDVF DúDFXPXQYDVDOvúL
VOXMHúWH VHQLRUXO 5LJXURV FRGLILFDW MRFXO GUDJRVWHL FXUWHQHúWL SUHVX
SXQHvQDFHODúLWLPSVHFUHWXOGHRDUHFHLPSOLF RIHPHLHF V WRULW GH

&DWKHULQH9LQFHQW,QWURGXFWLRQjO¶KLVWRLUHGHO¶2FFLGHQWPpGLpYDO
3DULV/LEUDLULH*pQpUDOH)UDQoDLVHS

)UDQFR &DUGLQL 5 ]ERLQLFXO úL FDYDOHUXO vQ - /H *RII FRRUG
2PXOPHGLHYDOS

UHJXO VXSHULRDU E UEDWXOXL SH SODQ VRFLDO úL H[KLEDUHD vQWUXFkW
UHQXPHOHGHvQGU JRVWLWGHV YkUúLWP UHúWHSUHVWLJLXOWkQ UXOXL
&DXQFRURODUDODFHVWXLMRFDOGUDJRVWHLGHOLFDWHILQDPRXUVH
DMXQJH OD RUJDQL]DUHD vQ VHFROXO DO ;,,OHD D DúD]LVHORU FRXUV
G¶DPRXU XQ IHO GH WULEXQDOH DOH GUDJRVWHL FDUH MXGHFDX SULFLQL UHDOH
GDUPDLDOHVLQYHQWDWHFDUHLQWHUYHQHDXvQWUHvQGU JRVWL L3UH]LGDWH
GH RELFHL GH R IHPHLH vQWUR YUHPH vQ FDUH WULEXQDOHOH DXWHQWLFH QX
FXQRúWHDX GHFkW MXGHF WRUL E UED L DFHVWH DúD]LVH WULEXQDOH G GHDX
YHUGLFWHFDUHDUILWUHEXLWvQMRFXOGUDJRVWHLGHOLFDWHV DLE SXWHUHGH
SUHFHGHQWSHQWUXDO LvQGU JRVWL L
,DW FkWHYDH[HPSOHGHDVWIHOGHVHQWLQ H
x 'DF GRL E UED L HJDOL vQ RULJLQH úL FDOLW L GDU GLIHUL L SULQ
DYHUH FHU LXELUHD DFHOHLDúL IHPHL FDUH WUHEXLH SUHIHUDW" &RQWHVD GH
&KDPSDJQH FRQVLGHU F ERJDWXO WUHEXLH V DLE SULRULWDWH ID GH FHO
V UDF
Ä1DU IL FRUHFW V SUHWLQGHP F XQ V UDF ELQH FUHVFXW úL QRELO
WUHEXLHSUHIHUDWXQXLERJDWI U HGXFD LH´
x &DUH GUDJRVWH HVWH PDL SXWHUQLF DFHHD GLQWUH VR L VDX FHD
GLQWUHDPDQ L"'RDPQD(UPHQJDUGHGH1DUERQQHDUDW F vQWUHVR LQX
SRDWHH[LVWDGUDJRVWHFLGRDURDIHF LXQHDGHY UDWXODPRUILLQGFHOFH
XQHúWHDPDQ LLF FLDFHúWLDVHG UXLHVFJUDWXLWQXGLQREOLJD LH
x 'RL VR L FDUH VDX GHVS U LW VH SRW LXEL" 'D F FL GUDJRVWHD
H[LVW GRDUvQDIDUDF V WRULHL
x $UHGUHSWXORIHPHLHFDUHVDF V WRULWV UHIX]HDPDQWXOXLHL
YHFKLOH SULYLOHJLL" 1X F FL F V WRULD QX HVWH R VFX] VXILFLHQW
vPSRWULYDGUDJRVWHLSHQWUXRDOW SHUVRDQ
$FHVWH VHQWLQ H DX HYLGHQW XQ FDUDFWHU IDQWH]LVW GHPRQVWUkQG
DVSHFWXOOXGLFDOGUDJRVWHLFXUWHQHúWLÌQUHDOLWDWHELVHULFDúLVRFLHWDWHD
UHSULPDX FUXQW DGXOWHUXO IHPLQLQ 5HDOLWDWHD GLQ VSDWHOH MRFXOXL HVWH
vQV FHDDXQRUF V WRULLI FXWHI U GUDJRVWHODSUHVLXQHDIDPLOLLORU

$VHYHGHDDQDOL]HOHGHGLFDWHGUDJRVWHLFXUWHQHúWLGH*HRUJHV'XE\
RSFLW

-DFTXHV/DILWWH+RXVVDW7URXEDGXUVHWFRXUVGCDPRXU3DULV38)

,ELGHPS

,ELGHPS

,ELGHPS

GLQ FRQVLGHUHQWH HFRQRPLFH VRFLDOH VDX SROLWLFH -RFXO GUDJRVWHL
FXUWHQHúWLHVWHGHFLRIRUP GHHYD]LXQH
'HVLJXUvQSHULRDGDPHGLHYDO H[LVW úLDOWHMRFXULGHVRFLHWDWHPDL
SX LQ YLROHQWH GHFkW WXUQLUXO úL PDL SX LQ SHULFXORDVH GHFkW DGXOWHUXO
$YHP PDL PXOWH GDWH GHVSUH FXU LOH QRELOLDUH úL SULQFLDUH XQGH
DULVWRFUD LD VH DPX]D FX JKLFLWRUL FDODPEXUXUL FKLDU vQWUHFHUL SRHWLFH
7UXEDGXULL SXWHDX VFKLPED vQ ID D DVLVWHQ HL VWURIH vQ FDUH DGHVHD VH
RIHQVDX FUXQW XQXO SH FHO ODOW 7RW MRFXUL GH VRFLHWDWH HUDX FRQFXUVXULOH
SRHWLFHRUJDQL]DWHGHUHJXO GHXQPDUHQRELOFDUHODQVDRWHP SHFDUH
FHLFXWDOHQWSRHWLFHUDXLQYLWD LV LPSURYL]H]H/DXQDVWIHOGHFRQFXUV
FXWHPDÄP VWLQJGHVHWHDO WXULGHIkQWkQ ÍL[DW GH&KDUOHVG¶2UOHDQV
OD%ORLVvQúWLPF DSDUWLFLSDWúL)UDQoRLV9LOORQ
ÌQ SHULRDGD 5HQDúWHULL GLVWUDF LL SUHIHUDWH GH XPDQLúWL HUDX
vQWUHFHULOHGHUHFLWDWSRH]LLFODVLFHGHHSLJUDPHGHFRPSXVURQGHOXUL
úLEDODGH
/D QLYHOXO SRSRUXOXL GH UkQG GLVWUDF LLOH FXQRVF DOWH IRUPH
GLQWUH FDUH XQHOH HUDX WRWXúL vPS UW úLWH úL GH DULVWRFUD LH SUHFXP
GLIHULWHWLSXULGHMRFXULGHQRURF
ÌQDLQWHGHDSDUL LDF U LORUGHMRF(YXO0HGLXFXQRúWHDMRFXOGH
]DUXULPRúWHQLWGHODURPDQLGLVWUDF LHvPS UW úLW DWkWGHRDPHQLLGH
UkQGFkWúLGHQRELOL=DUXULOHVXVFLWDXPDULSDVLXQLúLFKLDUYLROHQ H
ILLQGGHDFHHDvQPRGUHSHWDWFRQGDPQDWHGHELVHULF úLGHDXWRULW L
'DUYRJDORUHVWHDWkWGHPDUHvQFkWJROLDU]LLSULPLLSRH LRULJLQDOLDL
(YXOXL 0HGLX GHGLF MRFXOXL GH ]DUXUL FX RFD]LD F UXLD DGHVHD vúL
SLHUGSkQ úLKDLQHOHYHUVXULSOLQHGHDXWRLURQLHFDvQUHPDUFDELOHOH
YHUVXULFRPSXVHGH$UFKLSRHWDGLQ.ROQ
Ä9LQDPHDQDOGRLOHDUkQGVHQXPHúWHMRFXO
-RFXOFkQGPLDGHVSXLDWWUXSXOvQWRWORFXO
)ULJXOHQH[WHULRUPLQWHDPLHFDIRFXO
0DLIUXPRDVHFkQWHFHvPLLQVSLU WRFXO´

+0DUWLQRSFLWS

-HDQ0LFKHO 0HKO -RFXO vQ Ä'LF LRQDU WHPDWLF DO (YXOXL 0HGLX
RFFLGHQWDO´S

$UFKLSRHWD GLQ .ROQ &RQIHVLXQHD JROLDU]LORU WUDGXFHUH 5RPXOXV
9XOSHVFXvQ2YLGLX'ULPED,VWRULDFXOWXULLúLFLYLOL]D LHLYRO%XFXUHúWL
(GLWXUDùWLLQ LILF S

'HSDUWHGHDILGLVFLSOLQDPLQ LLFDUDFWHUL]DW SULQFRQFHQWUDUHúL
OLQLúWHFXPvOúWLPDVW ]LúDKXOPHGLHYDORULJLQDUGLQ,QGLDúL3HUVLD
DWHVWDW vQ 2FFLGHQW GLQ VHFROXO DO ;,OHD S UHD V GHD QDúWHUH XQRU
PDUL SDVLXQL 3DUWLGHOH FRQGXFHDX QX RGDW OD L]EXFQLUL YLROHQWH
MXF WRULL VH vQMXUDX úL ULVFDX V VH LD OD E WDLH 6D S VWUDW vQV úL R
LPDJLQHQRELO DMRFXOXLGHúDKSUDFWLFDWGHRDULVWRFUD LHFHGRUHDV
VHGHRVHEHDVF GHRDPHQLLGHUkQG([LVW PLQLDWXULPHGLHYDOHFDUHvL
UHSUH]LQW SH7ULVWDQúLSH,VROGDMXFkQGúDKFXVXJHVWLDF DFHúWLDVDU
ILvQGU JRVWLWXQXOGHFHO ODOWvQWLPSXOXQRUDVWIHOGHvQGHOHWQLFLUL
2ULJLQHDMRFXOXLGHWDURWHVWHQHFXQRVFXW FHHDFHDGDWQDúWHUH
PDLPXOWRUVXSR]L LLFRQIRUPF URUDDFHVWDDUILGHRULJLQHHJLSWHDQ
VDXKLQGXV 3DUHFHUWGRDUIDSWXOF SULQVHFROXODO;,,,OHDF U LOHGH
MRFSXUWDXQXPHOHGH1DLELvQ,WDOLD'LQVHFROXODO;,9OHDVHVXFFHG
GHFUHWHOH SULQ FDUH VH vQFHDUF LQWHU]LFHUHD XQRU MRFXUL GH F U L
%LVHULFDvQFHDUF V OXSWHI U VXFFHVGHDOWIHOvPSRWULYDF U LORUGH
MRF SH FDUH vQ %HUQDGLQ GH 6LHQQD OH FRQVLGHUD R LQYHQ LH D
GLDYROXOXL 1XPHOH GH WDURW DU YHQL GXS XQHOH LSRWH]H GH OD UkXO
7DURDIOXHQWDOUkXOXL3DG
ÌQ ,WDOLD UHDOL]DUHD F U LORU GH MRF SUHVXSXQH IRORVLUHD SHQWUX
SULPDRDU SHVFDU PDUHD[LORJUDYXULLWHKQLF GHLPSULPDUHSHFDUH
XQLLDXWRULRFRQVLGHU SUHPHUJ WRDUHWLSRJUDILHL
'LQ,WDOLDGHODVIkUúLWXOVHFROXOXLDO;,9OHDWDURWXODMXQJHOD
0DUVLOLD XQGH IDEULFDUHD DFHVWRU F U L GHYLQH R RFXSD LH IRDUWH
SURILWDELO FX R RUJDQL]DUH RILFLDO GLQ VHFROHOH ;9,,;9,,, 'H
DOWIHO UROXO 0DUVLOLHL vQ LPSULPDUHD úL GLIX]DUHD F U LORU GH WDURW D
I FXWFDSkQ DVW ]LXQXOGLQWUHWLSXULOHFHOHPDLFXQRVFXWHDOHVHWXOXL
GHF U LV SRDUWHQXPHOHGHWDURWGH0DUVLOLDLQGLIHUHQWGHORFXOXQGH
VHLPSULP DVW ]L
7DURWXO HVWH DOF WXLW GLQ GH F U L JUXSDWH vQ 0DUHD $UNDQ
GHF U LVDXDWXXULúL0LFD$UNDQ GHF U LFRUHVSXQ] WRDUH
vQPDUHFHORUIRORVLWHvQMRFXULOHGHQRURF& U LOHGLQ0DUHD$UNDQ

+0DUWLQRSFLWS

+DMR %DQ]KDI 7DURW 0DQXDO GH W OP FLUH %XFXUHúWL (GLWXUD ==
S

+0DUWLQRSFLWS

-HDQ'HOXPHDX&LYLOL]D LD5HQDúWHULL%XFXUHúWL(GLWXUD0HULGLDQH
YRO,S

SUH]LQW ILJXULúLVLPEROXULDUKHWLSDOHPLWRORJLFHVDXOHJHQGDUH([
0DUHOH 3UHRW 0DUHD 3UHRWHDV 6RDUHOH /XQD 'LDYROXO 5RDWD
1RURFXOXL1HEXQXO0RDUWHDHWF& U LOHGLQ0LFD$UNDQ VHvPSDUW
vQ SDWUX VHULL FRUHVSXQ] WRDUH FHORU GLQ F U LOH SHQWUX MRFXULOH GH
QRURF %kWH WUHIO 6SDGH SLF &XSH LQLP URúLH VDX FXS
0RQH]LFDURXVDXWRE
8WLOL]DUHDHVHQ LDO DVHWXOXLGHF U LGH7DURWHVWHSHQWUXJKLFLW
FDUWRPDQ LH 2GDW FX DSDUL LD LJDQLORU vQ (XURSD DFHúWLD DX IRVW
DVRFLD L DGHVHD FX JKLFLWXO vQ F U L FDUH GH DOWIHO D IRVW LQWHU]LV vQ
UHSHWDWHUkQGXULI U VXFFHV
)RORVLWHLQL LDOSUREDELOSHQWUXMRFXULGHVRFLHWDWHF U LOHGHMRF
GHYLQvQF GLQ(YXO0HGLXXQHOHPHQWHVHQ LDODOMRFXULORUGHQRURF
5HSULPDWH GH VWDW úL ELVHULF MRFXULOH GH F U L FDUH DYHDX FD VFRS
FkúWLJXULUDSLGHúLLOLFLWHvQIORUHVFSUHWXWLQGHQLvQ(XURSD/XGRYLFDO
;,9OHD FUHHD] FKLDU R SROL LH VSHFLDO D MRFXULORU GH QRURF PXO L
PHDSURFHVHORUYHUEDOHS VWUDWHGHPRQVWUkQGDPSORDUHDIHQRPHQXOXL
ÌQ SHULRDGHOH XUP WRDUH VH FUHHD] WULSRXUL ORFXUL GH vQWkOQLUL
FODQGHVWLQH SHQWUX vPS WLPL LL MRFXULORU GH QRURF /D 0DUVLOLD vQ
VHFROXO DO ;9,,,OHD DFHVWHD HUDX vQIORULWRDUH ED FKLDU FRIHWDUL úL
KDQJLL RUJDQL]DX SDUWLGH GH F U L vQ DSDUWDPHQWH SULYDWH 3ROL LD
MRFXULORUWUHEXLDV GHDGRYDG GHPDUHDELOLWDWHúLYLFOHQLHSHQWUXDL
VXUSULQGHSHMXF WRUL
ÌQVHFROXODO;,;OHDMRFXULOHGHQRURFU PkQVXVSHFWHDVRFLDWH
vQ LPDJLQDUXO VRFLDO FX GHSUDYDUHD SH GH R SDUWH SHQWUX F SXWHDX
FRQGXFHODUXLQDUHDXQRUPDULDYHULSHGHDOWDSHQWUXF QXUDUHRULVH
GHVI úXUDXvQORFXULU XIDPDWH

+DMR%DQ]KDIRSFLWS

&21&/8=,,

6WXGLHUHD PHQWDOLW LORU PHGLHYDOH VH GRYHGHúWH vQ FRQWLQXDUH
FKLDU GDF YRJD LVWRULRJUDILF GHFODQúDW vQ DQLL ¶ SDUH V VH IL
SRWROLWvQWURDQXPHP VXU XQGRPHQLXH[WUHPGHSDVLRQDQW
1XVHSRDWHvQ HOHJHXQLYHUVXOvQFDUHRDPHQLL(YXOXL0HGLXvúL
GHVI úXUDX H[LVWHQ D I U R DSOHFDUH SOLQ GH HPSDWLH DVXSUD
VWUXFWXULORUORUGHJkQGLUHúLPDLDOHVDVXSUDPRGDOLW LORUGHDVLP L
SH FDUH GRFXPHQWHOH QL OH SRW UHOHYD 'LQFROR GH R LVWRULH SROLWLF
QHFHVDU SHQWUXUHSHUHOHFURQRORJLFHHYHQLPHQ LDOHI U GHFDUHQLFLR
DERUGDUHDWUHFXWXOXLQXHVWHSRVLELO GLQFRORGHDQDOL]HOHHFRQRPLFH
úLVRFLDOHSULQFDUHVWUXFWXULOHSURIXQGHDOHVRFLHW LLPHGLHYDOHSRWIL
UHDGXVH OD OXPLQ vQ VWUkQV OHJ WXU FX R LVWRULH UHOLJLRDV DWkW GH
QHFHVDU vQ HOHJHULL VSHFLILFXOXL PHGLHYDO VWXGLXO PHQWDOLW LORU vúL
GRYHGHúWHvQF RGDW LPSRUWDQ D
6SHU P F SUHFL] ULOH WHRUHWLFH úL PHWRGRORJLFH GH OD vQFHSXWXO
DFHVWHL OXFU UL DX SXWXW VXJHUD GLIHULWH PRGDOLW L GH DERUGDUH D
SUREOHPDWLFLLPHQWDOLW LORUOHJDW GHDPSOXOGRPHQLXDOFXOWXULLúLGH
FHO DO YLH LL UHOLJLRDVH 1XPLW GH XQLL DQWURSRORJLH LVWRULF GH DO LL
PDL UHFHQW LVWRULH FXOWXUDO LVWRULD PHQWDOLW LORU GRPHQLX GHMD
YHQHUDELOvúLGRYHGHúWHvQFRQWLQXDUHYLWDOLWDWHDvQSRILGDYRFLORUFDUH
GHDSURDSHGRX ]HFLGHDQLvLWRWDQXQ VIkUúLWXO
&DSLWROHOHWHPDWLFHGLQSDUWHDDGRXDDOXFU ULLúLDXSURSXVSH
GH R SDUWH V SUH]LQWH XQHOH DVSHFWH DOH VRFLHW LL PHGLHYDOH SH FDUH
LVWRULLOH WUDGL LRQDOH QX OH DERUGHD] vQ PRG RELúQXLW LDU SH GH DOW
SDUWH V IXUQL]H]H H[HPSOH RULFkW GH LQFRPSOHWH DU SXWHD IL HOH
FRQVLGHUDWH DOH GLIHULWHORU PDQLHUH vQ FDUH DFHVWH VXELHFWH SRW IL
DERUGDWH 'H DFHHD VDX UHJ VLW vQ FDGUXO DFHOHLDúL OXFU UL WHPH FDUH
LQvQPDQLHUDFHDPDLHYLGHQW GHGRPHQLXOUHSUH]HQW ULORU6SD LXO
7LPSXO GDU úL VXELHFWH FDUH SDU OHJDWH PDL GHJUDE GH DVSHFWH
FRQFUHWH DOH YLH LL GH ILHFDUH ]L 9LD D FRWLGLDQ &RUSXO 0XQFD
0RDUWHD 6H DGDXJ H[HPSOHOH SH FDUH OHDP JUXSDW VXE WLWOXO GH

Ä7LSXUL VRFLDOH´ )HPHLD &DYDOHUXO (YUHXO SULQ LQWHUPHGLXO F URUD
QX QHDP SURSXV vQ QLFLXQ FD] V HSXL] P VWUXFWXUD VRFLDO
PHGLHYDO FL V DQDOL] P PDL GHJUDE XQHOH GLQWUH UHSUH]HQW ULOH
FDUHQLVDXS UXWPDLFDUDFWHULVWLFHSHQWUXDFHDVW SHULRDG
(VWHHYLGHQWF VXQWQXPHURDVHWHPHSHFDUHQXOHDPDERUGDW
GHúLHOHIDFSDUWHGHPXOW YUHPHGLQSDWULPRQLXOFRPXQDOVFULHULORU
FDUH VH DSOHDF DVXSUD PHQWDOLW LORU PHGLHYDOH 3RDWH FHOH PDL FODUH
DEVHQ H VXQW FHOH OHJDWH GH LPDJLQDU úL GH VLPEROLVPXO PHGLHYDO
'HVLJXU FRPSRQHQWHOH VLPEROLF úL LPDJLQDU VWU EDW FD XQ ILU URúX
PDL WRDWH FDSLWROHOH OXFU ULL úL GH DFHHD QX OL VDX GHGLFDW SDJLQL
VHSDUDWH )RORVLP GHFL RFD]LD DFHVWRU FXYLQWH GH vQFKHLHUH SHQWUX D
UHDPLQWLLPSRUWDQ DSHFDUHDFHVWHGRPHQLLDXDYXWRvQH[LVWHQ DGH]L
FX ]L D RDPHQLORU PHGLHYDOL úL GH DVHPHQHD SUHVWLJLXO SH FDUH
VWXGLHUHDORUvODUHvQUkQGXOLVWRULFLORUFDUHVHRFXS GHPHGLHYLVWLF
2ELHFWLYXO SULQFLSDO DO OXFU ULL QRDVWUH D IRVW SkQ OD XUP V
DWUDJ DWHQ LDFLWLWRULORUDVXSUDIDVFLQDQWXOXLGRPHQLXDOPHQWDOLW LORU
PHGLHYDOHúLV OHVXVFLWHLQWHUHVXOvQYHGHUHDXQRUYLLWRDUHOHFWXUL'H
DFHHD FDUWHD VH vQFKHLH FX R VHOHF LH GH WH[WH GH HSRF SULQ
LQWHUPHGLXO F URUD FLWLWRULL GH D]L V SRDW LQWUD HL vQúLúL vQ GLDORJ FX
FHLFHQHDXSUHFHGDWSHPHOHDJXULOHHXURSHQHFXVXWHúLVXWHGHDQLvQ
XUP 'HDVHPHQHDH[LVW RELEOLRJUDILHDF UHLSDUFXUJHUHDUDW SH
GH R SDUWH FkW GH DEXQGHQW HVWH SURGXF LD LVWRULRJUDILF SH FDUH R
SXWHP IRORVL vQWUR FHUFHWDUH GHGLFDW PHQWDOLW LORU LDU SH GH DOWD
SRDWHVXJHUDFLWLWRULORUSLVWHQRLSHFDUHV OHSRDW XUPDVLQJXULvQ
VWXGLHUHDLVWRULHLVXEWRDWHID HWHOHVDOH

'2&80(17(
&DGUHOHH[LVWHQ HLPHGLHYDOHúLUHSUH]HQW ULOHDFHVWRUD

$&UHúWLQLVPXOSRSXODU

%RWH]XOOXL&ORYLV±*ULJRUHGLQ7RXUV,VWRULDIUDQFLORU

/RFXULOH SXEOLFH VXQW DFRSHULWH FX WDSLVHULL FRORUDWH ELVHULFLOH VXQW
vPSRGRELWH FX GUDSHULL DOEH 6H SUHJ WHúWH EDSWLVWHULXO VH U VSkQGHVF DFROR
HVHQ HFDUHSDUIXPHD] VHDSULQGOXPkQ ULIUXPRVPLURVLWRDUHFDUHVFvQWHLD]
7RWHGLILFLXOEDSWLVWHULXOXLHVWHLPSUHJQDWGHRPLUHDVP GLYLQ úL'XPQH]HXvL
XPSOHSHFHLFDUHVXQWDFRORGHDVHPHQHDKDUF HLVHFUHGDMXQúLvQPLMORFXO
SDUIXPXULORUSDUDGLVXOXL
5HJHOH HVWH SULPXO FDUH FHUH V ILH ERWH]DW GH F WUH SRQWLI (O
vQDLQWHD] QRX&RQVWDQWLQF WUHED]LQSHQWUXDVHYLQGHFDGHRYHFKHOHSU
úLSHQWUXDVS ODFXRDS SURDVS W YHFKLOHXUPHGH]JXVW WRDUH$WXQFLFvQG
HO VH SUH]LQW SHQWUX D IL ERWH]DW VIkQWXO OXL 'XPQH]HX vO LQWHUSHOHD] FX R
YRFH HORFYHQW vQ DFHúWL WHUPHQL Ä)LL VPHULW VLFDPEUH OHDS G L FROLHUHOH
PDJLFHVO YHúWHFHHDFHSkQ DFXPDLDUVDUGHFHHDFHSkQ DFXPDLVO YLW´
*UHJRULXV7XURQHQVLV+LVWRULDUXPOLEULGHFHP,,

&UHúWLQDUHDDQJORVD[RQLORU±%HGD9HQHUDELOXO
,VWRULDHFOH]LDVWLF

$VWIHO vQW ULW úL GH vQFXUDMDUHD ELQHFXYkQWDWXOXL S ULQWH *ULJRUH
$XJXVWLQDYkQGDO WXULSHVOXMLWRULLOXL+ULVWRVFXFDUHSOHFDVHVHvQWRDUVHOD
SURSRY GXLUHDFUHGLQ HLúLLQWU vQ%ULWDQLDÌQDFHVWWLPSUHJHDO.HQWXOXLHUD
(WKHOEHUW FH DYHD R PDUH SXWHUH SHQWUX F vúL H[WLQVHVH KRWDUHOH VW SkQLULL
SkQ OD vQGHS UWDWXO UkX +XPEHU FDUH GHVSDUWH SH DQJOLL GH VXG GH FHL GLQ
QRUGÌQSDUWHDU V ULWHDQ D.HQWXOXLVHDIO RLQVXO 7KDQHW«6OXMLWRUXO
OXL'XPQH]HX$XJXVWLQúLWRYDU úLLOXLDSURDSHGHRDPHQLVDXDúH]DW

3DSD*ULJRUHFHO0DUH

& OXJ UWULPLVGHSDS V LFRQYHUWHDVF ODFUHúWLQLVPSHDQJORVD[RQL

VHVSXQHSHDFHDVW LQVXO /XDVHU LQWHUSUH LGHODIUDQFLDúDFXPRUGRQDVH
ELQHFXQRVFXWXOSDS *ULJRUHúLYHVWLQGXOSH(WKHOEHUW$XJXVWLQvQúWLLQ F
YHQLVH GH OD 5RPD DGXFvQG FHOH PDL EXQH YHúWL FH SURPLWHDX I U QLFLR
vQGRLDO FHORU FDUH DVFXOWDX IHULFLUHD HWHUQ vQ UDL úL XQ UHJDW FDUH YD G LQXL
SkQ OD VIkUúLW RGDW FX YHúQLFXO úL DGHY UDWXO 'XPQH]HX $X]LQG DFHVWHD
UHJHOHOHRUGRQ V U PkQ vQLQVXODXQGHVHRSULVHU SkQ FvQGYDKRW UvFH
V IDF FX HL XUPkQG V OH ILH VDWLVI FXWH WRDWH FHUHULOH (O FXQRúWHD GHMD
UHOLJLD FUHúWLQ DYkQG vQ YHGHUH F VR LD VD %HUWKD HUD FUHúWLQ GLQ QHDPXO
IUDQFLORUSHFDUHRSULPLVHGHODS ULQ LLHLFXFRQGL LDV LUHVSHFWHFUHGLQ D
FDúLSHHSLVFRSXOHLQXPLW/LXGKDUGSHFDUHOSULPLVHSHQWUXDRVI WXL
ÌQFRQVHFLQ GXS FvWHYD]LOHUHJHOHYHQLSHLQVXO úLvLLQYLW SH
$XJXVWLQúLSHWRYDU úLLOXLODRGLVFX LHvQDHUOLEHU$YXVHVHJULM V QX
LQWUH FX HL vQ YUHR FDV GH WHDP F OD LQWUDUH SRWULYLW XQHL YHFKL
VXSHUVWL LL GDF vL I FHDX YUHR YUDM DU IL SXWXW V O FRQYLQJ 'DU HL
YHQLVHU vQ]HVWUD L FX SXWHUH GLYLQ QX GHPRQLF SXUWkQG R FUXFH GH
DUJLQWFDVWLQGDUGúLLPDJLQHD'RPQXOXLúLVDOYDWRUXOXLQRVWUXSLFWDW SH
XQODPEULXúLFvQWkQGOLWDQLLHLvOLPSORUDXSH'XPQH]HXSHQWUXSURSULD
ORU PkQWXLUH úL SHQWUX DFHHD D FHORU SHQWUX FDUH úL OD FDUH HL YHQLVHU ùL
FvQG OD RUGLQHOH UHJHOXL VDX DúH]DW úL DX SUHGLFDW WXWXURU FHORU FDUH HUDX
SUH]HQ L HO OH U VSXQVH Ä)UXPRDVH vQWUDGHY U VXQW FXYLQWHOH úL
SURPLVLXQLOHSHFDUHOHDGXFLGDUSHQWUXF VXQWQRLúLQHVLJXUHHXQXSRW
V P DO WXUORUúLV ODVSHDFHOHDSHFDUHvPSUHXQ FXWRWQHDPXODQJOR
VD[RQOHDPXUPDWGHDWkWDWLPS'DUSHQWUXF YLLGHODRDWkWDGHPDUH
GHS UWDUH úL GXS FXP FUHG DL GRULW V QH vPS UW úHúWL úL QRX DFHOH
OXFUXUL SH FDUH WX vQVX L OH FUH]L D IL DGHY UDWH úL FHOH PDL EXQH QRL QX
GRULPV LIDFHPQLFLXQU XPDLFXUkQGQRLWHYRPSULPLFXSULHWHQRDV
RVSLWDOLWDWHúLv LYRPGDWRDWHOXFUXULOHQHFHVDUHQX LYRPLQWHU]LFHV L
FvúWLJLSHQWUXFUHGLQ DWDUHOLJLRDV SHWR LFHLSHFDUHvLYHLFRQYLQJH´ÌQ
FRQVHFLQ HOOHG GXRUHúHGLQ vQRUDúXO&DQWHUEXU\FDUHHUDPHWURSROD
vQWUHJXOXL V X UHJDW úL GHRDUHFH SURPLVHVH SH OkQJ F VD RFXSDW GH
vQGHVWXODUHD ORU FX KUDQ HO QX úLD UHWUDV SURPLVLXQHD GH DL O VD V
SUHGLFH
)ORUHQWLQD& ]DQ&XOHJHUHGHGRFXPHQWHSULYLQGWUHFHUHD
GHOD$QWLFKLWDWHOD(YXO0HGLXvQ(XURSD2FFLGHQWDO VHF,,,9,,,
%XFXUHúWLS

&RQYHUWLUHDXQRUS JvQLGHF WUH6IkQWXO%RQLIDFLX
VHFDO9,,,OHD

0XO L RDPHQL GLQ +HVVD DX IRVW FRQYHUWL L GH %RQLIDFLX OD FUHGLQ D
FDWROLF 'DU PDL HUDX XQLL VODEL GH VXIOHW FDUH UHIX]DX V SULPHDVF vQ
vQWUHJLPHvQY WXULOHDGHY UDWHLFUHGLQ H8QLLDGXFHDXMHUWIHvQVHFUHWDO LL
SHID FRSDFLORUúLL]YRDUHORU8QLLSUDFWLFDXvQVHFUHWGLYLQD LDSURRURFLWXO
úL LQFDQWD LLOH DO LL SH ID 'DU DO LL FDUH HUDX PDL V Q WRúL OD PLQWH
UHVSLQJHDXWRDWHSURIDQ ULOHS JvQHúLQXI FHDXQLFLXQHOHGLQDFHVWHOXFUXUL
ùL FX VIDWXO úL FRQVLP PkQWXO DFHVWRU RDPHQL %RQLIDFLX VD JvQGLW V
GRERDUH XQ DQXPH FRSDF IRDUWH PDUH OD *HLVPDU QXPLW vQ OLPED YHFKH D
ORFXOXLVWHMDUXOOXL-XSLWHU
2PXOOXL'XPQH]HXHUDvQFRQMXUDWGHVOXMLWRULLOXL'XPQH]HX&vQGD
YUXWV GRERDUHFRSDFXODY ]XWRPDUHPXO LPHGHS JvQLFDUHvOEOHVWHPDX
DPDUQLF SHQWUX F HUD GXúPDQXO ]HLORU ORU ùL FvQG HO D W LDW GRDU SX LQ vQ
WUXQFKL R DGLHUH WULPLV GH 'XPQH]HX VD VWkUQLW SH VXV úL GH vQGDW YkUIXO
FRSDFXOXL D IRVW UXSW úL vQWUHJ FRSDFXO vQ XULDúD OXL P ULPH D F ]XW OD
S PkQWùLVDUXSWvQSDWUXEXF LFDSULQYRLQ DOXL'XPQH]HXDVWIHOvQFvW
WUXQFKLXODIRVWvPS U LWvQSDWUXS U LXULDúHI U YUHXQHIRUWDOIUD LORUFDUH
VW WHDX DFROR &vQG S JvQLL FDUH EOHVWHPDVHU DX Y ]XW DFHDVWD DX vQFHWDW V
PDLEOHVWHPHúLFUH]kQGODXELQHFXYkQWDWSH'XPQH]HX$SRLSUHDVIkQWXO
SUHRW VD VI WXLW FX IUD LL úL D FRQVWUXLW GLQ OHPQXO FRSDFXOXL R FDSHO úL D
vQFKLQDWR6IkQWXOXL$SRVWRO3HWUX
9LD D6IkQWXOXL%RQLIDFLX-+5RELQVRQHG5HDGLQJVLQ(XURSHDQ
+LVWRU\YRO,%RVWRQS

6XSUDYLH XLULS JkQHúLSUDFWLFLSRSXODUH±
6LQRGXOGLQ$X[HUUH

1X HVWH vQJ GXLW QLP QXL D VH WUDYHVWL vQ YL HO VDX vQ FHUE OD
.DOHQGHOHOXLLDQXDULHVDXDG UXLFXLYDGDUXULGLDYROHúWLFLvQDFHHD]LQX
WUHEXLHV VHIDF DOWHGDUXULGHFkWvQDOWH]LOH

(SLVFRSDSRVWRODOJHUPDQLORUPDUWLUL]DWvQWUXQDGLQPLVLXQLOHVDOH
GHFRQYHUWLUH$WU LWvQWUHFFD

'H IDSW HUD YRUED GH VWHMDUXO OXL 7KRU ]HX JHUPDQLF LGHQWLILFDW GH
URPDQLFX-XSLWHU

1X VH FXQRDúWH GDWD SUHFLV D VLQRGXOXL VH úWLH F D IRVW LQXW vQ
YUHPHDOXL$XQDLUHFDUHDS VWRULWvQWUH

(VWHLQWHU]LVV VHIDF VOXMEHUHOLJLRDVHvQFDVHSDUWLFXODUH«1X
WUHEXLH I FXWH MXU PLQWH vQ DSURSLHUHD XQRU WXILúXUL D XQRU FRSDFL VDFUL VDX
DOHXQRUL]YRDUH&HOFDUHDI FXWXQMXU PkQWV YHJKH]HvQELVHULF úLV IDF
SRPHQLSHQWUXFHLFHVXQWvQVFULúLvQUHJLVWUHOHGHV UDFLDOHELVHULFLL6 QXVH
IDF VFXOSWXULvQOHPQUHSUH]HQWkQGRDPHQLVDXSLFLRDUH
1LPHQL V QXúL DSOHFH XUHFKHD OD JKLFLWRUL úL OD DXJXUL QLFL V QX
LQWUH vQ OHJ WXU FX PDJLFLHQL úL FX FHL FDUH SUDFWLF JKLFLWXO FX DMXWRUXO
VILQ LORUVDXFDUHIDFXQHOHOXFUXULFXDMXWRUXOOHPQXOXLúLDOSkLQLL7RWFHHD
FHIDFHRPXOV IDF vQQXPHOH'RPQXOXL
1XWUHEXLHV ILHvQJ GXLWHvQELVHULFLFRUXULDOHODLFLORUúLFkQWHFHDOH
WLQHUHORUIHWHúLQLFLV QXVH LQ PHVHDFRORF FLHVWHVFULV©&DVDPHDHVWHR
FDV DUXJ FLXQLL´
1XWUHEXLHV VHGHDPRU LORUQLFLvPS UW úDQLDQLFLV UXWXOS FLL«
0RU LLQXWUHEXLHvQPRUPkQWD LvQEDSWLVWHULX
1XWUHEXLHvQJURSDWXQPRUWSHVWHXQDOWXO
(VWHLQWHU]LVV VHOXFUH]HS PkQWXOVDXV VHIDF DOWHPXQFLGXPLQLFD
1XWUHEXLHDFFHSWDWHRIUDQGHvQIDYRDUHDFHORUFDUHVDXvQHFDWVDX
VSkQ]XUDWVDXDUXQFDWGLQWUXQSRPVDXVWU SXQVFXRDUP RULVDXVLQXFLV
vQYUHXQDOWIHO
1XHVWHvQJ GXLWV VHERWH]HODRDOW GDW GHFkWOD3DúWHFXH[FHS LD
FD]XULORUGHSHULFROGHPRDUWHVDXGHERDO 'DF FLQHYDGLQWUXQDOWFRPLWDW
GLQ VSLULW GH U ]YU WLUH vúL ERWHD] FRSLLL OD R DOW GDW V QX ILH SULPLW vQ
ELVHULFLOHQRDVWUHúLSUHRWXOFDUHDDFFHSWDWV ILHH[FRPXQLFDWWUHLOXQL
6WDUH LLúLF OXJ ULLQXWUHEXLHV PHDUJ ODQXQ L
1XHVWHvQJ GXLWSUHR LORUV FkQWHúLV GDQVH]HODXQEDQFKHW
&RQFLOLD*DOOLDHHG'(&OHUFTÄ&RUSXV&KULVWLDQRUXP´VHULHV
ODWLQD7XUQKRXW%UHSROVSDSXG0.DSODQGLU/H
0R\HQ$JH,9H;HVLqFOH3DULV%UpDOS

0RWLYHOHFUXFLDGHLvPSRWULYDDOELJHQ]LORU±
3LHUUHGHV9DX[GH&HUQD\+LVWRULDDOELJHQVLV

&HL FDUH HUDX QXPL L FUHGLQFLRúL DL HUHWLFLORU VH GHGDX F P W ULHL
IXUWXOXL RPRUXOXL SO FHULORU F UQLL VSHUMXUXOXL úL WXWXURU SHUYHUVLXQLORU

(VWHYRUEDGHV UE WRULUHD$QXOXL1RXúLGHRELFHLXOGHRULJLQHS JkQ
GHDVHIDFHGDUXULFXDFHDRFD]LHGDUXULWUDQVIHUDWHGHFUHúWLQLOD&U FLXQ

5HSUH]HQW ULDOHFRUSXOXLVDXDOHP GXODUXOXLEROQDYHUDXSXVHvQELVHULF
vQVSHUDQ DYLQGHF ULLVDXGDF YLQGHFDUHDVHSURGXVHVHFDVHPQGHPXO XPLUH

S F WXLDXFXRVLJXUDQ úLFXRIUHQH]LHFXDWkWPDLPDULFXFvWJvQGHDXF
WUHEXLH V ILH PkQWXL L I U V vQDSRLH]H FHHD FH DX IXUDW I U V VH
VSRYHGHDVF úLV IDF SRF LQ GRDUFXFRQGL LDFDvQSUDJXOPRU LLV SRDW
V UHFLWH 7DW O 1RVWUX úL V SULPHDVF SXQHUHD PkLQLORU GH OD XQXO GLQ
vQY WRULLORU«(LPDL]LFHDXF QXHVWHPDLS FDWV VHFXOFHFXPDPD
VDXFXVRUDORUGHFvWFXDOW IHPHLH«
ÌQ FHHD FHO SULYHúWH SH FRQWHOH GH 7RXORXVH FDUH SDUH V IL I FXW XQ
SDFWFXPRDUWHDúLQXVHJvQGHúWHODDVDGDF GLQvQWkPSODUHWXOEXUDUHDvLG
vQ HOHSFLXQH úL FKLSXO V X DFRSHULW GH RFDU vQFHSH V FKHPH QXPHOH
'RPQXOXLFRQWLQXD LV IDFH LV DSHVHDVXSUDOXLDPHQLQ DUHDSkQ FvQGYD
GDVDWLVIDF LHQRX ELVHULFLLúLOXL'XPQH]HX
*RQL LOSHHOúLSHFRPSOLFLLOXLGLQFRUWXULOH'RPQXOXL/LSVL LLGH
S PkQWXULOH ORU SHQWUX FD ORFXLWRULL FDWROLFL V L vQORFXLDVF DLFL SH HUHWLFLL
HOLPLQD L úL FRQIRUP GLVFLSOLQHL FUHGLQ HL DGHY UDWH FDUH HVWH D YRDVWU V
VHUYHDVF vQSUH]HQ DOXL'XPQH]HXvQVILQ HQLHúLGUHSWDWH
*HRUJHV'XE\/
(XURSHDX0R\HQ$JH3DULVS

&UXFLDGDFRSLLORU±$QQDOHV0DUEDFFHQVHV
0*+6FULSWRUHV;9,,

ÌQYUHPHDDFHHDDYXORFRH[SHGL LHULGLFRO FRSLLúLRDPHQLSURúWLDX
OXDWFUXFHDI U QLFLRFKLE]XLQ PDLGHJUDE GLQFXULR]LWDWHGHFvWGLQJULM
SHQWUX PkQWXLUHD ORU $X OXDW SDUWH OD DFHDVWD FRSLL GH DPkQGRX VH[HOH
E LH L úL IHWH úL QX GRDU FHL PLFL FL úL DGXO L IHPHL P ULWDWH úL QHP ULWDWH
PHUJvQG WR L FX SXQJLOH JRDOH QX GRDU SULQ WRDW *HUPDQLD GDU úL SULQ
LQXWXULOH*DOLHLúL%XUJXQGLHL1LFLSULHWHQLLQLFLS ULQ LLQXSXWHDXFXQLFLXQ
FKLSV LvPSLHGLFHV IDF WRWXOSHQWUXDSRUQLODGUXPOXFUXULOHPHUJHDXDWkW
GHGHSDUWHF PDLSHVWHWRWvQVDWHúLSHFvPSXULvúLO VDXMRVXQHOWHOHSHFDUH
OHDYHDXDWXQFLvQPkLQLSHQWUXDVHDO WXUDFHORUFDUHWUHFHDX&XPvQID D
XQRU DVHPHQHD vQWkPSO UL QRL DOF WXLP R PXO LPH DGHVHD XúRU GH FRQYLQV
PXOW OXPH Y ]kQG vQ DFHDVWD HIHFWXO XQHL DGHY UDWH SLRúHQLL vQVXIOH LW GH
LQVSLUD LD GXPQH]HLDVF úL QX DO XQHL DQWUHQ UL QHFKLE]XLWH U VSXQGHDX
QHYRLORUF O WRULORUGkQGXOHGHPkQFDUHúLWRDWHFHOHWUHEXLWRDUH&OHULFLORU
úLDOWRUFvWRUYDFXXQVSLULWPDLFXPS QLWFDUHVHvPSRWULYHDXDFHVWHLSOHF UL
MXGHFDW GH HL vQ vQWUHJLPH GHúDUW PLUHQLL VH vPSRWULYHDX FX SXWHUH
vQYLQXLQGXLSHFOHULFLGHQHFUHGLQ úLVSXQkQGF PDLPXOWGHFvWDGHY UXOúL
GUHSWDWHD HUDX SL]PD úL ]JvUFHQLD FDUH vL I FHDX V VH vPSRWULYHDVF DFHVWHL
vQWUHSULQGHUL'DURWUHDE vQFHSXW I U FDMXGHFDWDVRILFHUFHWDWúLGLVFX LD
VRILvQW ULWQXGXFHQLFLRGDW ODQLPLF$VWIHOFvQGDFHDVW PXO LPHSURDVW

DDMXQVSHS PkQWXO,WDOLHLHDVHU VSkQGLúLVHULVLSLvQRUDúHúLWkUJXULPXO L
GLQWUHHLDXIRVWOXD LFDURELGHRDPHQLLORFXOXL$O LLVHVSXQHDMXQVHU SkQ
ODPDUHúLDFRORPDOWUDWD LGHPDULQDULDXIRVWGXúLvQDOWH LQXWXULGHS UWDWH
&HLFDUHDXU PDVDMXQúLOD5RPDGHYUHPHFHDXY ]XWF QXSRWPHUJHPDL
GHSDUWH±F FLQXHUDXVXV LQX LGHQLFLRSXWHUH±DXUHFXQRVFXWvQVIkUúLWF
RVWHQHDOD ORU HUD GHúDUW úL ]DGDUQLF I U FD WRWXúL V ILH GH]OHJD L GH
MXU PkQWXO ORU GH D PHUJH vQ FUXFLDG vQ DIDUD FRSLLORU FDUH QDYHDX YkUVWD
MXGHF LL úL D FHORU SH FDUH E WUkQH HD vL FRSOHúHD $VWIHO GH]DP JL L úL
WXOEXUD LDXOXDWFDOHDvQWRDUFHULL(LFDUHPDLvQDLQWHDYHDXRELFHLXOV WUHDF
SULQ LQXWXULvQFHWHILHFDUHvQJUXSXOV XúLI U V XLWHYUHRGDW V FvQWHLDW
LvQWRUFvQGXVHvQW FHUHXQXOFvWHXQXOFXSLFLRUHOHJRDOHúLvQIRPHWD L(UDX
SUDGD RF ULORU úL QX R VLQJXU IDW D IRVW U SLW úL úLD SLHUGXW IORDUHD
QHYLQRY LHL
ÌQ DFHODúL DQ GXFHOH $XVWULHL DQXPL L EDURQL úL DO L RDPHQL FX VW UL
GHRVHELWHDXI FXWRFUXFLDG SHQWUXDODMXWDSHFRQWHOHGH0RQIRUWvQOXSWD
OXL vPSRWULYD DOELJHQ]LORU HUHWLFLL GH SH S PkQWXULOH OXL 6DLQW*LOOHV 3DSD
,QRFHQ LX R FHUXVH úL R RUJDQL]DVH úL HO D SRUXQFLW DFHDVW FUXFLDG SHQWUX
LHUWDUHDS FDWHORU
/
(XURSHDX0R\HQ$JHYRO,,S

&XOWXOPRDúWHORU±6XJHUGH6DLQW'HQLVvQFHSXWXOVHF;,,

'LQ FDX]D GLPHQVLXQLORU VDOH PLFL úL LQkQG FRQW GH vQPXO LUHD
QXP UXOXL FUHGLQFLRúLORU FDUH YHQHDX vQ UkQGXUL VWUkQVH SHQWUX D LPSORUD
SURWHF LDVILQ LORUELVHULFDYHFKHQXPDLHUDSRWULYLW vQ]LOHOHGHV UE WRDUH
HUD GHVHRUL WLFVLW GH SX]GHULD FUHGLQFLRúLORU FDUH VH UHY UVDX SULQ WRDWH
LQWU ULOH EORFvQG QX QXPDL S WUXQGHUHD QRLORU YHQL L GDU IRU kQGXL V LDV
FKLDUúLSHFHLGHMDLQWUD L'HPDLPXOWHRULFHLFDUHVHVWU GXLDXV DMXQJ OD
VILQWHOHUHOLFYH&XLXOúL&RURDQD0kQWXLWRUXOXLSHQWUXDOHDGRUDúLV UXWDVH
ORYHDXGHRDVHPHQHDUH]LVWHQ GLQSDUWHDPXO LPLLvQGHVDWHvQFvWvQPLMORFXO
DFHVWHLPXO LPLFHVHQXP UDFXPLLOHQLPHQLQXPDLSXWHDV PLúWHXQSLFLRU
QLPHQLQXPDLSXWHDIDFHQLPLFGHFvWV VWHDvQSLFLRDUHQHPLúFDWFDRVWDWXLH
GHPDUPXU XQVLQJXUOXFUXPDLSXWHDXIDFHV VWULJH
'DU SHQWUX IHPHL vQJKHVXLDOD HUD DWkW GH vQJUR]LWRDUH vQFvW VWUkQVH
vQWUH E UED L UREXúWL VWULYLWH FD vQWUR SUHV HOH RIHUHDX LPDJLQHD PRU LL FX
FKLSXO OLYLG XUOkQG GH VSDLP OD IHO FD OD QDúWHUH XQHOH FKLDU VXIRFDWH vúL

5D\PRQGGH6DLQW*LOOHVFRQWHGH7RXORXVHVLPSDWL]DQWDOFDWDULORU

,QRFHQ LXDO,,,OHDSDS vQWUH

G GHDX XOWLPD VXIODUH VSUH GLVSHUDUHD WXWXURU &KLDU úL IUD LL FDUH SUH]HQWDX
FUHGLQFLRúLORU &XLHOH úL /DQFHD FX FDUH D IRVW FKLQXLW 0kQWXLWRUXO G GHDX
vQDSRLvQID DvPEXO]HOLLúLDEXVFXODGHLúLILLQGXOHW LDW UHWUDJHUHDVF SDX
FXUHOLFYHOHV ULQGSHIHUHDVWU
'RFXPHQWVG
KLVWRLUHYLYDQWHGRVVLHU,,ILúD

'HVFRSHULUHDFDSXOXL6IkQWXOXL,RDQ%RWH] WRUXO±
$GKHPDUGH&KDEDQQHV

ÌQ ]LOHOH DFHOHD 'RPQXO D ELQHYRLW V GHD R YLH VWU OXFLUH GRPQLHL
VHUHQLVLPXOXL GXFH :LOKHOP GH $TXLWDQLD ÌQWUDGHY U vQ YUHPHD OXL D IRVW
GHVFRSHULW FDSXO 6IkQWXOXL ,RDQ vQ ED]LOLFD GLQ $QJpO\ vQFKLV vQWUXQ FXI U GH
SLDWU W LDWvQIRUP GHSLUDPLG OXFUDUHDLOXVWUXOXLDEDWH$XGRLQVHVSXQHF
VIkQWXOFDSHUDFKLDUFHODO6IkQWXOXL,RDQ%RWH] WRUXO$IOkQGGHDFHVWHDGXFHOH
:LOKHOPFDUHVHvQWRUFHDGHOD5RPDXQGHSDUWLFLSDVHODV UE WRULOH3DúWHOXLVH
XPSOXGHEXFXULHúLKRW UvV H[SXQ VIkQWXOFDSSULYLULORUSRSRUXOXL«
&kQG DIRVWDU WDWFDSXO6IkQWXOXL,RDQFDUHWRFPDLIXVHVHGHVFRSHULW
*DOLDWRDW ,WDOLDúL6SDQLDWXOEXUDWHGHDFHDVW úWLUHVHJU ELU FDUHPDLGH
FDUH V DOHUJH VSUH DFHO ORF 5HJHOH 5REHUW úL UHJLQD UHJHOH 1DYDUUHL
6DQFKH]GXFHOH*DVFRQLHL(XGHVGLQ&KDPSDJQHFRQ LúLDO LRDPHQLPDUL
FXHSLVFRSLDED LúLWRDW QRELOLPHDDFHVWRU LQXWXULVHvQGUHSWDU vQWUDFROR
7R LRIHUHDXGDUXULSUH LRDVHGHWRDWHIHOXULOH«
1XVHPDLY ]XVHSkQ DWXQFLQLPLFPDLvPEXFXU WRUúLPDLSOLQGHVODY
GHFkWDFHDVW vQWkOQLUHvQWUHSUHR LúLF OXJ ULFkQWkQGSVDOPLúLSXUWkQGPRDúWHOH
VILQ LORUDGXVHFXPDUHJUDE GLQWRDWHS U LOHSHQWUXDRQRUDPHPRULDVIkQWXOXL
ÌQDLQWHPHUJ WRU ÌQ FXUVXO V UE WRULORU PRDúWHOH PDUHOXL SULQ VWU EXQXO
$TXLWDQLHLúLFHOFDUHDvPS PkQWHQLWSULPXOFUHGLQ DvQ*DOLDDGLF DOHSUHDIH
ULFLWXOXL $SRVWRO 0DU LDO IXU VWU PXWDWH DFROR vPSUHXQ FX PRDúWHOH 6IkQWXOXL
ùWHIDQGLQFDWHGUDODGHOD/LPRJHV3HFkQGvQFKLVHvQWURUDFO GHDXUúLSLHWUH
SUH LRDVHVHVFRWHDXPRDúWHOH6IkQWXOXL0DU LDOGLQSURSULDOXLED]LOLF vQWUHDJD
$TXLWDQLH FDUH VXIHUHD GH PXOW WLPS GLQ SULFLQD LQXQGD LLORU SURYRFDWH GH SUHD
PXOWHOHSORLY ]XFXEXFXULHODWUHFHUHDVWU PRúXOXLORUFHUXOvQVHQLQkQGXVH
*'XE\$QXOS

0LUDFROHOHI FXWHGHPRDúWHOH6ILQWHL)R\GLQ&RQTXHV±
%HUQDUGGLQ$QJHUV

0DQLIHVWDUHD DWRWSXWHUQLFLHL GLYLQH SULYLQG vQYLHUHD XQXL FDWkU SULQ
PLMORFLUHD6ILQWHL)R\QXHVWHPDLSX LQGHPQ GHDILO XGDW úLFXQRVFXW

1X VH FXYLQH FD R FUHDWXU FX PLQWHD vQWUHDJ V URúHDVF SRYHVWLQG GHVSUH
FHHDFH&UHDWRUXOXLVXSUHPQXLDIRVWUXúLQHV IDF 6 QXILPVXUSULQúLGH
IDSWXOF PLORVWHQLD&UHDWRUXOXLFXSULQGHWRDWHILLQ HOHYLLGHRULFHIHOSHQWUX
F HVWHVFULV©'RDPQHWXYHLRFURWLRDPHQLúLDQLPDOHª,VWRULDSHFDUHRYRL
VSXQHIDFHSDUWHGLQDFHDVW FDWHJRULH
8Q FDYDOHU GLQ S U LOH 7RXORXVHXOXL SH QXPH %RQILOV ILXO OXL PDL
WU LHúWHúLSRDUW DFHVWQXPHVHvQGUHSWDvQWUR]LVSUHORFXOFRQVDFUDW6ILQWHL
FkQGODYUHRGRX PLOHGHRUDúXO&RQTXHVFDWkUXOOXLU QLWQXVHúWLHFXPF ]X
HDS QODS PkQW$GXVHGRL UDQLSHFDUHLUXJ V MXSRDLHDQLPDOXO,DUHO
FDUHI FXVHGUXPXOGLQGUDJRVWHSHQWUX6IkQW SOHF PDLGHSDUWHVSUHVDQFWXDU
$FRORDUXQFkQGXVHODS PkQWVHFKHOWXLvQUXJ FLXQLúLúLURVWLGRULQ HOH/D
VIkUúLWLVHSOkQVHVWDWXLLDXULWHD6ILQWHLGHSLHUGHUHDFDWkUXOXLSHQWUXF QXHUD
YRUEDGHVSUHXQFDWkURDUHFDUHFLGHXQXODSURDSHLQFRPSDUDELOúLSHQWUXF
'XúPDQXO YLFWRULRV vL SURYRFDVH SDJXE vQ YUHPH FH HO HUD SUHRFXSDW GH
OXFUXULOH SLRDVH 7HPHLQLFLD DFHVWHL FUHGLQ H PHULW V ILH O XGDW FX PXOW
UkYQ F FLDELDvúLVIkUúLRPXOQRVWUXUXJ FLXQHDF VPXOJkQGXVHGLQPkLQLOH
FHORUGRL UDQLFUHúWLQLFDUHvO LQHDXGHSLFLRDUHFXJkQGXOV OMXSRDLHFDWkUXO
VHULGLF RPLQXQHvQWUXQVDOWSOLQGHYLD úLOXkQGRODJDORSWUHFkQGSHVWH
FROLQHSHXUPDWRYDU úLORUV LGHGUXPQ Y OLvQRUDú
*HRUJHV'XE\$QXOS

%6SD LXO

6FDQGLQDYLDOD,RUGDQHV

6H J VHúWH VLWXDW vQ DSHOH QRUGLFH DOH 2FHDQXOXL R LQVXO PDUH FX
QXPHOHGH6FDQG]DvQIRUPDXQHLIRLGHFHGUXFXPDUJLQLOHvQFUH LWHWUDVH
PXOWvQOXQJLPH«(DHVWHVLWXDW vQID DIOXYLXOXL9LVWXOHLFHL]YRU úWHGLQ
0XQ LL6DUPD LHLúLVHYDUV vQID D6FDQG]HLvQ2FHDQXO1RUGLFSHWUHLJXUL
GHVS U LQG *HUPDQLD GH 6FL LD 6FDQG]D DUH GHFL VSUH U V ULW XQ ODF IRDUWH
vQWLQVvQVkQXOJOREXOXLS PkQWHVFGHXQGHIOXYLXO9DJXVVHYDUV FXXQGHOH
VDOH LHúLQG FD GLQWUXQ SkQWHFH vQ 2FHDQ & FL GLQVSUH DSXV HD HVWH
vQFRQMXUDW GHRPDUHQHP UJLQLW úLGHDVHPHQHDGLQVSUHPLD] QRDSWHHVWH
vQFKLV GHDFHODúLQHP UJLQLW2FHDQQHQDYLJDELOGLQFDUHVHGHVIDFHXQIHOGH
EUD vQWLQ]kQGXVHXQIHOGHJROIúLIRUPkQG0DUHD*HUPDQLF $LFLVHVSXQH
F VH J VHVF PDL PXOWH LQVXOH PLFL vQ FDUH DWXQFL FkQG vQJKHD PDUHD GLQ
FDX]DJHUXOXLWUHFkQGOXSLLVH]LFHF úLSLHUGYHGHUHDDúDF DFHDVW DU QX
HVWH QXPDL QHRVSLWDOLHU SHQWUX RDPHQL GDU úL SULPHMGLRDV SHQWUX DQLPDOH

« 5RLXUL GH DOELQH SURGXF WRDUH GH PLHUH QX VH J VHVF DLFL QLF LHUHD GLQ
FDX]D IULJXOXL SUHD PDUH ÌQ SDUWHD QRUGLF ORFXLHúWH SRSRUXO DGRJLW GHVSUH
FDUHVHVSXQHF vQPLMORFXOYHULLDXOXPLQ QHFRQWHQLW ]LXDúLQRDSWHDWLPS
GHSDWUX]HFLGH]LOHúLF GHDVHPHQHDvQWLPSGHLDUQ vQDFHODúLQXP UGH
]LOHúLGHQRS LQXFXQRVFOXPLQDVRDUHOXLùLDVWIHODOWHUQkQGvQWULVWDUHDFX
EXFXULD XQLL VH EXFXU GHDYDQWDJLLVDXVHvQWULVWHD] GHOXFUXULSHQWUXDO LL
QHFXQRVFXWHFXWRWXOùLGHFHDFHDVWD")LLQGF vQ]LOHOHFHOHOXQJLHLY GSULQ
PDUJLQHD D[HL SRODUH VRDUHOH vQWRUFkQGXVH VSUH U V ULW LDU vQ ]LOHOH FHOH
VFXUWHODHLQXVHYHGHDVWIHOFLvQWUDOWIHOILLQGF SDUFXUJHFHUXOGHVXGúLvQ
YUHPHFHODQRLHOSDUHF VHULGLF GHMRVvQVXVODHLVHVSXQHF vQFRQMRDU
PDUJLQHDS PkQWXOXL,DUFHOHODOWHSRSRDUHGHDLFLVXQWVFUHUHIHQLLFDUHQX
FDXW FDKUDQ JUkXOFLVHQXWUHVFFXFDUQHGHDQLPDOHúLFXRX GHS V ULúL
DWkWHD FXLEXUL VH SXQ vQ E O L vQFkW V VH úL vQPXO HDVF vQGHDMXQV úL V
SURFXUHvQDFHODúLWLPSKUDQ RDPHQLORU8QDOWSRSRUFDUHORFXLHúWHDLFLHVWH
FHODOVXHKDQVLORUFDUHvQWRFPDLFDúLWK\ULQJLLDXFDLPLQXQD L$FHúWLDVXQWúL
FHLFDUHSULQFRPHU XOQHQXP UDWHORUSRSRDUHGDXURPDQLORUSLHLOHVDSSKHULQH
úLVXQWYHVWL LSULQQHJUXOVWU OXFLWRUDOSLHLORU(LFXWRDWHF VXQWV UDFLVH
vPEUDF IRDUWHERJDW
'HFL GLQ DFHDVW LQVXO 6FDQG]D vQWRFPDL FD GLQWUR IDEULF GH
SRSRDUH VDX PDL ELQH FD GLQWUXQ UH]HUYRU GH QD LXQL VH VSXQH F DX SRUQLW
FkQGYDJR LLFXUHJLOHORU%HULJ
,RUGDQHV'HRULJLQHDFWLEXVTXH*HWDUXP
HG*HRUJH3RSD/LVVHDQX%XFXUHúWL,,,,9

6SD LXOQRUGLF±3DXO'LDFRQXO,VWRULDORQJREDU]LORU

'HSDUWH GH F OGXULOH VXIRFDQWH DOH VRDUHOXL vQJKH DWH GH U FHDOD
] SH]LL S PkQWXULOH GLQ QRUG VXQW FXP QX VH SRDWH PDL V Q WRDVH SHQWUX
FRUSXO RPHQHVF úL PDL ELQH DGDSWDWH SHQWUXvQPXO LUHDVSHFLHL,QYHUVWRDW
]RQD VXGLF HVWH FX DWkW PDL SX LQ I FXW SHQWUX vQPXO LUHD RPHQHDVF
EkQWXLW I U vQFHWDUH GH FX DWkW PDL PXOWH EROL FX FvW HVWH PDL DSURDSH GH
DUGRDUHD VRODU $FHDVWD IDFH FD vQWUXFvW DWkW GH PXOW OXPH VH QDúWH VXE
FHUXULOH DUFWLFH DQVDPEOXO UHJLXQLL FDUH PHUJH GH OD 'RQ SkQ OD DSXV
RULFDUHDUILQXPHOHGDWILHF UXL LQXWSDUWLFXODUHVWHQXPLW*HUPDQLD±FKLDU
GDF URPDQLL FvQG DX RFXSDW ORFXULOH DX vPS U LW SURYLQFLLOH GH GLQFROR GH
5LQ vQ *HUPDQLD VXSHULRDU úL *HUPDQLD LQIHULRDU 'LQ DFHDVW *HUPDQLH
DWkWGHSRSXODW QHQXP UDWHFRKRUWHGHFDSWLYLVXQWvQPRGUHJXODWDGXVHúL

/DSRQLL

U VSvQGLWH SULQWUH SRSRDUHOH GLQ VXG FDUH OH FXPS U 'DU DUD HVWH DWkW GH
IHFXQG JXULOH DWkW GH JUHX GH KU QLW F QXPHURDVH QHDPXUL LHV DGHVHD úL
PHUJ V U Y úHDVF QX QXPDL $VLD FL úL (XURSD YHFLQ P UWXULH RUDúHOH
GLVWUXVH SUHWXWLQGHQL vQ vQWUHJXO ,OO\ULFXP vQ vQWUHDJD *DOLH úL PDL DOHV vQ
V UPDQD ,WDOLH FDUH D VXIHULW YLROHQ HOH WXWXURU DFHVWRUD *R L YDQGDOL UXJL
KHUXOLúLWXUFLOLQJLDWkWHDSRSRDUHIHURFHúLEDUEDUHVvQWLHúLWHGLQ*HUPDQLD
ùLFDúLHOH±GHúLúLDOWHH[SOLFD LLDXIRVWGDWHSHQWUXH[RGXOV X±SRSRUXOGH
RULJLQHJHUPDQLF DO:LQQLOLORUDGLF DOORQJREDU]LORUFDUHDXGRPQLWvQPRG
IHULFLWSHVWHvQWUHDJD,WDOLHDYHQLWGLQLQVXODQXPLW 6FDQGLQDYLD
6FDQGLQDYLD
3OLQLXFHO% WUvQIDFHúLHOPHQ LXQHGHVSUHDFHDVW LQVXO vQF U LOHOXL
GH úWLLQ H DOH QDWXULL 'XS FXP PLDX SRYHVWLW FHL FDUH DX YL]LWDWR HD DUH
FRDVWHOH MRDVH FDUH vL GDX DHUXO PDL GHJUDE GH D IL SXV SH PDUH GHFkW
VFXIXQGDW vQ YDOXULOH FDUH R vQFRQMRDU &XP SRSXOD LD ORFDO VH vQPXO LVH
vQWUDWkWF QXPDLHUDSRVLELOV ORFXLDVF WR LvPSUHXQ DFHDVW PDV DIRVW
vPS U LW vQ WUHL JUXSH úL DSRL VD WUDV OD VRU L FLQH WUHEXLD V úL S U VHDVF
SDWULDúLV FDXWHORFXULQRL
3RSRUXO6FULWRELQLORU

6FULWRELQLL ± DúD VH QXPHúWH DFHDVW SRSXOD LH WU LHúWH DO WXUL GH
*HUPDQLD QQ (L DX ] SDG SkQ úL vQ YDU úL FD DQLPDOHOH V OEDWLFH VH
KU QHVF FX YkQDW FUXG F UXLD vL DUDQMHD] SLHLOH KLUVXWH SHQWUX D VH DFRSHUL
'LQ SXQFW GH YHGHUH HWLPRORJLF vQ OLPED EDUEDU QXPHOH ORU YLQH GH OD ÄD
V OWD´ SHQWUX F XUP UHVF DQLPDOHOH I FkQG VDOWXUL FX R EXFDW GH OHPQ vQ
PRGDELOFXUEDW FDPFDXQDUF([LVW ODHLXQDQLPDOvQUXGLWFXFHUEXODP
DYXWRFD]LDV Y GXQYHúWPkQWFURLWGLQSLHOHDVDQHUDV vQIRUP GHWXQLF
SkQ ODJHQXQFKLGXS RELFHLXOVFULWRELQGHMDGHVFULVÌQDFHVWHUHJLXQLF WUH
VROVWL LXO GH YDU HVWH IRDUWH PXOW OXPLQ WLPS GH FkWHYD ]LOH FKLDU úL
QRDSWHDLDU]LOHOHVXQWFXPXOWPDLOXQJLGHFkWvQDOWHS U L/DVROVWL LXOGH
LDUQ H[LVW R OXPLQ GLXUQ GDU QX VH YHGH VRDUHOH ]LOHOH VXQW PDL VFXUWH
GHFkW RULXQGH DOWXQGHYD úL QRS LOH PDL OXQJL DFHDVWD SHQWUX F FX FkW WH
vQGHS UWH]LGHVRDUHFXDWkWDFHVWDSDUHV VHDSURSLHGHS PkQWúLXPEUHOHVH
DOXQJHVF
3DXO'LDFUH+LVWRLUHGHV/RPEDUGV
WUDG)UDQFRLV%RXJDXG%UHSROV,

/DSRQL

6FKLXUL

3 GXUHDJHUPDQLF vQVHFDO;,OHD±/DPEHUWGH+HUVIHOG
$QQDOHVDXJXVW

&DVWHOXO +DUWHVEXUJ HUD DúH]DW vQ YkUIXO XQHL FROLQH XQGH VH SXWHD
DMXQJH QXPDL SH XQ GUXP úL DFHOD IRDUWH JUHX &HOHODOWH S U L DOH PXQWHOXL
HUDXFXIXQGDWHvQXPEUDXQHLS GXULIRDUWHvQWLQVHFDUHvQFHSkQGGHDFROR
VH vQWLQGHD SH PXOWH PLL GH SDúL LPHQV úL FRQWLQX SkQ OD KRWDUHOH
7KXULQJLHL úL GH DFHHD SULQ QLFL R VLOLQ D DVHGLDWRULORU FHL DVHGLD L QDX
SXWXWILvPSLHGLFD LV LQWUHVDXV LDV «
6H VSXQH F WLPS GH WUHL ]LOH I U V P QkQFH HL DX PHUV SULQ
DFHDVW S GXUH LPHQV XUPkQG R F UDUH vQJXVW úL SX LQ FXQRVFXW SH FDUH
OHR GH]Y OXLVH F O X]D ORU XQ YkQ WRU SH FDUH SUDFWLFD YkQ WRULL vO I FXVH
PDLSULFHSXWvQDVHRULHQWDvQWDLQHOHS GXULL«
ÌQDSDWUD]LHSXL]D LGHOLSVDGHKUDQ GHVRPQúLGLQSULFLQDRERVHOLL
ODFDS WXOSXWHULORUDXDMXQVOD(VFKZHJH
0*+6FULSWRUHV9+DQRYUDS

3 GXUHD3XVWLH

0DPD OXL 3HUFHYDO PHUVH PXOW FX DODLXO FHVWD SkQ FH DMXQVH vQ
3 GXUHD 3XVWLH ORFXO FHO PDL VLQJXUDWLF GLQ OXPH SULQ FDUH XPEO FDP OD
GRX V SW PkQL I U V YDG LSHQLH GH RP RUL O FDú ÌQ FHOH GLQ XUP LHúL
vQWUREXQ ]LFXRDPHQLLV LvQWURYDOHIUXPRDV úLSO FXW XGDW GHXQUkX
GHVWXO GH UHSHGH SHQWUX D SXQH vQ PLúFDUH URDWD XQHL PRUL úL KRW Uv V IDF
SRSDV DFROR &HL GRLVSUH]HFH V WHQL OXFUDU FX VkUJ úL ULGLFDU vQ
FLQFLVSUH]HFH]LOHRFDV vPSUHMPXLW FXXQJDUGVROLGDSRLDUDU S PkQWXO
úL3HUFHYDOIXFUHVFXWvQYkOFHDXDDVWDSkQ FHvPSOLQLFLQFLVSUH]HFHDQL
5RPDQHOH0HVHLURWXQGHvQSUHOXFUDUHDPRGHUQ DOXL-DFTXHV
%RXODQJHUWUDG$XUHO7LWD%XFXUHúWL(GLWXUD8QLYHUVS

,PDJLQHDFDVWHOXOXL

3HUFHYDO«F O ULSHGUXPGHVFKLV$WkWDYUHPHFkWDXUPDWDFHVWGUXP
D F O ULW FX PXOW QHSO FHUH F FL SUHIHUD GH GHSDUWH V F O UHDVF SULQ

ÌQFDUHHUDDVHGLDW+HQULFDO,9OHD

+HQULFDO,9OHDúLWRYDU úLLFXFDUHVDVWUHFXUDWvQWURQRDSWHDIDU
GLQFDVWHO

S GXUH GHFkW V PHDUJ SH GUXPXUL GHVFKLVH 8UPkQGXúL F O WRULD D DMXQV
vQWURFkPSLHIRDUWHSO FXW ÌQIXQGXOFkPSLHLFXUJHDXQIRDUWHIUXPRVUkX
SHFDUHHUDXFRQVWUXLWHPRULLPSXQ WRDUH
)RDUWHWULVWúLvQJkQGXUDWúLDUHOXDWGUXPXOSkQ FkQGDY ]XWXQWXUQ
DS UkQGGLQWUHGRLPXQ LGHDOXQJXOS GXULLSHFDUHRWUDYHUVDVHGLPLQHD D
$DMXQVvQFHOHGLQXUP ODIRUW UHD $Y ]XWUkXOFDUHRvQFRQMXUDXQUkX
ODUJ úL QHPDLSRPHQLW GH IUXPRV úL GHD OXQJXO V OLL FHOHL PDUL JDOHULLOH
SO FXWDúH]DWH&XFkWVHDSURSLDFXDWkWFDVWHOXOvLSO FHDPDLPXOW
$ J VLW SRDUWD GHVFKLV úL SRGXO FRERUkW $ LQWUDW GHFL vQ FDVWHO úL D
vQDLQWDWSkQ ODWUHSWHOHFDUHGXFHDXVSUHVDODFHDPDUH
'LGRW3HUFHYDOURPDQDWULEXLWOXL5REHUWGH%RURQWUDGXFHUH
vQIUDQFH]DPRGHUQ GH(PPDQXHOH%DXPJDUWHQvQ/DOpJHQGH
DUWKXULHQQH/H*UDDOHWOD7DEOH5RQGHGLU'DQLHOOH5pJQHU%RKOHU
3DULV5REHUW/DIIRQWS

2UDúXOúLVSHFLILFXOV X±3ULYLOHJLLOHDFRUGDWHRUDúXOXL/XFFDGHF WUH
vPS UDWXO+HQULFDO,9OHDLXQLH

9RLPV DGXFHPODFXQRúWLQ DWXWXURUFUHGLQFLRúLORUOXL+ULVWRVúLDORU
QRúWULDWkWYLLWRULFvWúLGHID F QRLSULQDXWRULWDWHDSXWHULLQRDVWUHUHJHúWL
DFRUG P úL DFRUGkQG KRW UkP SHQWUX RU úHQLL GLQ /XFFD SHQWUX FUHGLQ D ORU
QHVWU PXWDW ID GH QRL úL SHQWUX VOXMED ORU SOLQ GH UkYQ SUHFXP úL FX
VIDWXOúLSULQPLMORFLUHDFUHGLQFLRVXOXLQRVWUX%XUFKDUGHSLVFRSGH/DXVDQQH
úLFDQFHODUXOQRVWUXFDQLFLRDXWRULWDWHúLQLFLXQRPV QXvQGU ]QHDVF V
G UkPHúLV QLPLFHDVF ]LGXOvQFRQMXU WRUYHFKLVDXQRXDORUDúXOXL/XFFDúL
QLFLXQXLRPV QXLILHvQJ GXLWV G UkPHvQRULFHFKLSVDXRULFHPLMORFVDX
I U RMXGHFDW OHJLXLW FDVHOHFDUHDXIRVWFO GLWHVDXYRUILFO GLWHGHDFXP
vQDLQWHvQ XQWUXODFHVWXL]LGVDXvQVXEXUELH
«+RW UkPGHDVHPHQHDFDGHDFXPvQDLQWHQLPHQLV QXOHFHDU
SURYL]LLúLWD[ GHEkOFLGHOD3DYLDSkQ OD5RPDúLWD[ GHDFRVWDUHvQRUDúXO
3LVDVDXvQFRPLWDWXOORU
+RW UkPGHDVHPHQHDF GDF XQLLRDPHQLYRULQWUDFXFRUDELDVDXFX
FRU ELLOHSHUkXO6HUFKLRVDXSHUkXO0RQWRQHSHQWUXDQHJX WRULFXOXFKHVLL
QLFLXQRPV QXvQGU ]QHDVF V LWXOEXUHSHDFHúWLDVDXSHOXFKHVLSHPDUH
VDX SH VXV]LVHOH UkXUL DWXQFL FvQG YLQ VDX VH GXF RUL VWDX VDX V OH DGXF
YUHRVXS UDUHVDXV LSUDGHVDXV LvPSLHGLFHvQYUHXQIHO
9RLPGHDVHPHQHDV QXILHULGLFDWHFDVWHOHvQFXSULQVXODúDVHPLOH
GHODPDUJLQLOHVXV]LVXOXLRUDúLDUGDF FLQHYDDUvQGU ]QLV ULGLFHvQW ULWXUL
OXFKHVLLGLQSRUXQFDúLFXDMXWRUXOQRVWUXV OHG UkPH

,DU RDPHQLL DFHOXLDúL RUDú VDX GLQ VXEXUELH V QX ILH vQFKLúL I U R
MXGHFDW OHJLXLW
5DGX0DQROHVFXFRRUG2UDúXOPHGLHYDO&XOHJHUHGHWH[WH
%XFXUHúWLS

,PDJLQHD&RQVWDQWLQRSROXOXLOD±*HRIIURLGH9LOOHKDUGRXLQ
&XFHULUHD&RQVWDQWLQRSROXOXL

2U SXWH L V úWL L F SULYLU vQGHOXQJ &RQVWDQWLQRSROXO FHL FDUH QXO
Y ]XVHU QLFLRGDW F FL HL QX SXWHDX V úL vQFKLSXLH F DU SXWHD H[LVWD vQ
OXPHD vQWUHDJ XQ RUDú DWkW GH ERJDW FvQG Y ]XU DFHVWH ]LGXUL úL DFHVWH
WXUQXULP UH HFDUHvOvPSUHMPXLDXúLDFHVWHELVHULFLvQDOWHFDUHHUDXDWkWHD
FvWQLPHQLQDUILFUH]XWGDF QXOHDUILY ]XWFXRFKLLV LGHDVHPHQHDúL
OXQJLPHDúLO UJLPHDRUDúXOXLFDUHVHDIODvQIUXQWHDWXWXURUFHORUODOWHùLV
úWL LF QXHUDE UEDWDWkWGHvQGU ]QH F UXLDV QXLILWUHPXUDWWUXSXOùLQXL
GH PLUDUH F FL QLFLRGDW QX VD vQWUHSULQV XQ OXFUX DWkW GH PDUH GH QLFL XQ
QHDPGHFvQGDIRVWI FXW OXPHD
*HRIIURLGH9LOOHKDUGRXLQ/DFRQTXrWHGH&RQVWDQWLQRSOH
HG1DWDOLVGH:DLOO\3DULVSDVHYHGHDúL&XFHULUHD
&RQVWDQWLQRSROXOXLWUDGURP7DWLDQD$QD)OXHUDUX
&OXM(GLWXUD/LPHVS

&DVHOH/RQGUHLOD

'H DPLQWLW F vQ WLPSXULOH YHFKL FHD PDL PDUH SDUWH D ORFXLQ HORU
RUDúXOXLHUDGLQOHPQLDUFDVHOHHUDXDFRSHULWHFXSDLHúLFXWUHVWLHúLFXDOWH
DVWIHOGHPDWHULDOHGHDFRSHULW
'HDFHHDFvQGVHvQWkPSODFDYUHRFDV V ILHFXSULQV GHIRFFHDPDL
PDUH SDUWH D RUDúXOXL HUD PLVWXLW GH IO F UL GH OD DFHO IRF DúD SUHFXP VD
vQWkPSODWvQSULPXODQGHGRPQLHDOUHJHOXLùWHIDQDGLF DWXQFLFvQGIRFXOD
L]EXFQLWOD3RGXO/RQGUHLDDUV%LVHULFD6IkQWXO3DXOLDUGHDFRORIRFXOVD
vQWLQVPLVWXLQGFDVHúLFO GLULSkQ OD%LVHULFD6IkQWXO&OHPHQWDOGDQH]LORU
'XS DFHHDPXO LFHW HQLSHQWUXDVHS ]LGHRDVWIHOGHSULPHMGLHDX
FO GLW GXS SXWLQ D ORU SH WHUHQXULOH ORU FDV GH SLDWU DFRSHULW FX LJOH
JURDVH úL S ]LW vPSRWULYD IXULHL IRFXOXL úL GH DFHHD VH vQWkPSOD DGHVHD FD

ùWHIDQ,

DWXQFLFvQGXQIRFL]EXFQHDvQRUDúúLPLVWXLDPXOWHFO GLULúLDMXQJHDODDVWIHO
GHFDVHQHSXWkQGV OHFXSULQG IRFXOVHRSUHDDFRORúLDVWIHOPXOWHFDVHDOH
YHFLQLORUDXIRVWIHULWHGHIRFGDWRULW DFHORUFDVH
'H DFHHD vQ VXV]LVD UkQGXLDO FDUH HVWH QXPLW $úH] PkQW D IRVW
KRW UkWúLUkQGXLWFDRU úHQLLGHEXQ YRLDORUV FO GHDVF vQSLDWU DVWIHOFD
ILHFDUH FDUH DUH SH WHUHQXO V X SURSULX ]LGLUH GH SLDWU vQ vQ O LPH GH
SLFLRDUHVRVW SkQHDVF OLEHUúLFXFLQVWLUHGXS FXPVDVSXVPDLVXV
5DGX0DQROHVFXFRRUG2UDúXOPHGLHYDO&XOHJHUHGHWH[WH
%XFXUHúWLS

&7LPSXO

$úWHSWDUHDVIkUúLWXOXLOXPLL±$EERQGH6DLQW%HQRvWVXU/RLUH

&X SULYLUH OD VIkUúLWXO OXPLL DP DX]LW SUHGLFkQGXVH SRSRUXOXL vQWUR
ELVHULF GLQ 3DULV F $QWLKULVWXO YD YHQL OD VIkUúLWXO $QXOXL úL F OD
SX LQWLPSGXS DFHHDYRPILFXWR LLVXSXúLMXGHF LLJHQHUDOH$PFRPE WXW
FX DVSULPH DFHDVW S UHUH ED]kQGXP SH (YDQJKHOLL SH $SRFDOLSV úL SH
&DUWHDOXL'DQLHO
*HRUJHV'XE\$QXOS

&ULWLFDYkQ] ULLGHLQGXOJHQ H±(UDVPXV(ORJLXOQHEXQLHL

&HV PDL]LFGHDFHLDDOF URUFXJHWIHULFLWVHPkQJvLHFXFUHGLQ DvQ
DFHOHPLQFLQRDVHLHUW ULGHS FDWH"(LP VRDU VRURDFHOH3XUJDWRULXOXLFDúL
FX XQ FHDVRUQLF VRFRWLQG I U WHDP GH YUHR JUHúHDO FD GLQWUR DEDF
YHDFXULOH DQLL OXQLOH ]LOHOH« ,DW GH SLOG XQ QHJX WRU XQ RVWDú XQ
MXGHF WRUFDUHFUHGF DUXQFvQGvQFXWLDPLOHORURPLF PRQHG SURYHQLW GLQ
DWkWHD MDIXUL OL VD LHUWDW WRDW KD]QDXD GH S FDWH GLQ vQWUHDJD ORU YLD F
DWkWHD F OF UL GH MXU PkQW DWkWHD GHVIUkQ UL DWkWHD EH LL JvOFHYH RPRUXUL
vQúHO WRULLYLFOHúXJXULúLWU G ULSRWILU VFXPS UDWHFDúLSULQWURvQYRLDO úL
LVS úLWH vQ DúD IHO F HL VH VLPW vQGUHSW L L V vQFHDS GLQ QRX XQ DOW úLU GH
QHOHJLXLUL
(UDVPXVGLQ5RWWHUGDP(ORJLXOQHEXQLHLVDXFXYkQWDUHVSUHODXGD
SURVWLHLWUDGXFHUHúLQRWHGHùWHIDQ%H]GHFKL%XFXUHúWLS

SLFLRU FFDFP

'7LSXULVRFLDOH

$GDOEHURQGH/DRQGHVSUHFHOHWUHLRUGLQHPHGLHYDOH

3RSRUXO FHUHVF HVWH GHFL DOF WXLW GLQ PDL PXOWH FRUSXUL úL GXS
LPDJLQHDOXLVDRUJDQL]DWSRSRUXOS PkQWHDQ«2USHQWUXFDVWDWXOV VH
EXFXUHGHSDFHD%LVHULFLLHOWUHEXLHV VHVXSXQ ODGRX OHJLGLIHULWHGHILQLWH
úLXQDúLDOWDSULQvQ HOHSFLXQHPDPDWXWXURUYLUWX LORU8QDHVWHOHJHDGLYLQ
HD QX IDFH QLFL R GLIHUHQ vQWUH VOXMLWRULL V L vQ ID D HL WR L VH DIO vQWUR
FRQGL LH HJDO RULFvW GH GLIHUL L DU IL GXS QDúWHUH VDX UDQJ XQ ILX GH
PHúWHúXJDU QX VH GHRVHEHúWH GH PRúWHQLWRUXO WURQXOXL 'DU DFHVWRUD OHJHD
FOHPHQW OHLQWHU]LFHRULFHIHOGHMRVQLF RFXSD LHOXPHDVF 1XDU JOLDQX
PHUJvQXUPDERLORUDELDGHVHRFXS SX LQGHYLHFRSDFLVDXJU GLQL(LQX
VXQWQLFLP FHODULQLFLKDQJLLQLFLS ]LWRULGHSRUFLS VWRULGH DSLVDXRLHUL
HLQXWUHLHU JUkXOúLQXFXQRVFILHUELQ HDODXQHLWLJ LvQFLQVHFXJU VLPHQX
VH RFXS GH VFDPDWRULL QX VXQW VS O WRUL úL UHIX] V ILDUE OHQMHULD 'DU HL
WUHEXLH V úL FXUH H VXIOHWXOúLWUXSXOV GREkQGHDVF FLQVWHSULQPRUDYXULOH
ORUúLV YHJKH]HDVXSUDPRUDYXULORUFHORUODO L«'XPQH]HXLDDGRSWDWHL
VXQWVOXMLWRULLOXLHOOHHVWHVLQJXUMXGHF WRUGLQvQDOWXOFHUXULORUHOOHFHUHV
ILHFDúWLúLSXUL3ULQSRUXQFLHODVXSXVSHQWUXHLvQWUHJXOQHDPRPHQHVFQLFL
XQSULQ QDIRVWH[FHSWDWGHYUHPHFH(ODVSXVÄOXPHDvQWUHDJ ´«
6RFLHWDWHD FUHGLQFLRúLORU IRUPHD] XQ VLQJXU WUXS GDU VWDWXO DUH WUHL
& FL FHDODOW OHJH OHJHD RPHQHDVF GLVWLQJH DOWH GRX FODVH QRELOLL úL
VHUYLWRULL FDUH vQWUDGHY U QX VXQW VXSXúL DFHOXLDúL VWDWXW 'RX SHUVRQDMH
RFXS SULPXOORFXQXOHVWHUHJHOHFHO ODOWHVWHvPS UDWXOSULQJXYHUQDUHDORU
HVWH DVLJXUDW VROLGLWDWHD VWDWXOXL 5HVWXO QRELOLORU DUH SULYLOHJLXO GH D QX
VXSRUWDFRQVWUkQJHUHDQLFLXQHLSXWHULFXFRQGL LDV VHDE LQ GHODFULPHOH
SHGHSVLWHGHMXVWL LDUHJDO (LVXQWU ]ERLQLFLLSURWHFWRULLELVHULFLORUHLVXQW
DS U WRULL SRSRUXOXL DL FHORU PDUL úL GHRSRWULY DL FHORU PLFL DL WXWXURU vQ
VIkUúLW DVLJXUkQGXúL vQ DFHODúL WLPS SURSULD ORU SURWHF LH úL VHFXULWDWH
&HDODOW FODV HVWH DFHHD D VHUYLORU DFHDVW UDV QHIHULFLW QX GREkQGHúWH
QLPLF GHFvW FX SUH XO WUXGHL &LQH DU SXWHD SULQWUXQ FDOFXO DO DEDFXOXL V
VRFRWHDVF JULMLOHFDUHLIU PkQW SHVHUYLPXOWHOHGUXPXULSHFDUHOHVWU EDW
úL PXQFLOH ORU FKLQXLWRDUH" 6HUYLL IXUQL]HD] OXPLL vQWUHJL EDQL KDLQH
PkQFDUHQLFLXQRPOLEHUQDUSXWHDWU LI U VHUYL
&DVDOXL'XPQH]HXSHFDUHRFUHGHPXQDHVWHGHFLvPS U LW vQWUHL
XQLL VHURDJ DO LLVHOXSW LDUFHLODO LvQVIkUúLWPXQFHVF$FHVWHWUHLS U L
FRH[LVWkQG QX DGPLW V ILH GHVS U LWH VHUYLFLLOH DGXVH GH XQD VXQW FRQGL LD
DSDUL LHLIDSWHORUFHORUODOWHGRX ILHFDUHODUkQGXOHLDUHPLVLXQHDV XúXUH]H
DQVDPEOXO $VWIHO DFHDVW DOF WXLUH WULSO HVWH vQ DFHODúL WLPS XQD úL WRW
DVWIHOOHJHDDWULXPIDWLDUOXPHDDSXWXWV VHEXFXUHGHSDFH
*'XE\$QXO,DúL(GLWXUD3ROLURPS

5LGLFDUHDODUDQJXOGHFDYDOHUVHF;,,±-HDQGH0DUPRXWLHU
,VWRULDOXL*RGIUHGGXFHGH1RUPDQGLDúLFRPLWHGH$QMRX

'XS SRUXQFDUHJHOXLVDPDLFHUXWGHODFRPLWHV WULPLW FXFLQVWH
SH ILXO V X FDUH vQF QX HUD FDYDOHU OD V UE WRDUHD FHD PDL DSURSLDW D
5XVDOLLORUOD5RXHQFDDFRORV SULPHDVF DUPHOHvPSUHXQ FXFHLGHDFHHDúL
YkUVW FXHOúLV LDSDUWHODSHWUHFHULOHUHJHúWL1XHUDJUHXV RE LQ DFHVW
OXFUXFHUHUHDGUHDSW VDvQYUHGQLFLWGHRvQYRLUHXúRDU
'XS VRVLUHD WkQ UXOXL vQ ]RULL ]LOHL XUP WRDUH VD SUHJ WLW EDLD DúD
FXP VH RELúQXLHúWH OD SULPLUHD FLQVWHL GH FDYDOHU $SRL DIOkQG UHJHOH GH OD
F P UDúLL V L F $JHYLQXO úL FHL FDUH YHQLVHU FX HO DX LHúLW GLQ EDLH D
SRUXQFLWV ILHFKHPD LODGkQVXO'XS FHúLDVS ODWWUXSXOLHúLQGGLQFDGD
E LL *RGIUHG QRELOD RGUDVO D FRPLWHOXL GH $QMRX D vPEU FDW SH SLHOH R
F PDú vQFUH LW GHSkQ] ILQ GHLQSHVWHDFHDVWDRKDLQ OXQJ HVXW FXILUH
GHDXUDFRSHULW FXRPDQWLHYRSVLW vQFXORDUHDSXUSXULLSXUWDSDQWDORQLGH
P WDVH VFXPS vQ SLFLRDUH DYHD SDQWRIL vPSRGREL L SH GLQDIDU FX OHLúRUL
DXULL6R LLV LFDUHDúWHSWDXvPSUHXQ FXHOV SULPHDVF UDQJXOGHFDYDOHU
SXUWDXWR LKDLQHGHSkQ] ILQ GHLQúLGHSXUSXU
* WLWDúDGDUGXS FXPDPDU WDWFXDVHPHQHDSRGRDEHUHJHVFXOJLQHUH
FDRIORDUHGDOE GHFULQSHVWHFDUHVHvPSU úWLHRURúHD WUDQGDILULHDLHúLWFX
DFHDQRELO FHDW VWUkQV vQMXUXOV XGLQ XQWUXORG LORUvQY ]XOOXPLL$XIRVW
DGXúLFDLLDUPHOHúLVDXvPS U LWILHF UXLDGXS FXPWUHEXLD$QJHYLQXOXLLVD
DGXVXQFDOVSDQLROVSOHQGLGFDUHGXS FvWVHVSXQHSXWHDV DOHUJHPDLUHSHGH
GHFvW]ERUXOPXOWRUS V UL3XUWDDFXPR]DOHvPSOHWLW GLQYHULJLGXEOHGHVSUH
FDUHVHFUHGHDF QXSRDWHILVWU SXQV GHL]ELWXULOHQLFLXQHLO QFLVDXVXOL H
úROGXULOHJHQXQFKLLSXOSHOHvLHUDXDFRSHULWHúLHOHFX]DOHGHILHUvPSOHWLWHGH
DVHPHQHDGLQYHULJLGXEOHSXUWDODSLFLRDUHSLQWHQLGHDXUVFXWXOFXFKLSXUL
GHOHLúRULDXULLvLDWkUQDGHJUXPD]SHFDSLVDSXVXQFRLIFDUHVWU OXFHDGH
PXO LPHDSLHWUHORUSUH LRDVHúLFDUHHUDGHDúDRW ULHvQFvWQXSXWHDV OWDLHVDX
V OVI UkPHORYLWXUDQLFLXQHLV ELLLVDGDWRODQFHGHIUDVLQFXYkUIXOI FXW
GLQILHUGH3RLWLHUVvQVIkUúLWLVDDGXVGLQFRPRDUDUHJHDVF RVDELHFDUHVH
S VWUDDFRORGLQYUHPXULVWU YHFKLSHQWUXI XULUHDF UHLDDPXQFLWGLQJUHXFX
PXOW RVWHQHDO úLUkYQ 9HODQQHvQWUHFXWXOI XUDU
ÌQDUPDW vQ DFHVW FKLS WkQ UXO QRVWUX QRXD úL YLLWRDUHD IORDUH D
FDYDOHULHL D V ULW FX R DJHULPH XLPLWRDUH SH FDO I U D VH IRORVL GH GUDJXO
UHSH]LFLXQLL GH VF UL &H V PDL OXQJLP YRUED" ÌQWUHDJ DFHD ]L vQFKLQDW

+HQULF,DO$QJOLHL

)RXOTXHDO9OHDGH$QMRX

DQL

vQWUX FLQVWHD úL EXFXULD FDYDOHULHL D WUHFXW vQ FKLS VWU OXFLW vQ H[HUFL LL úL
MRFXULGHU ]ERLúLvQvQW ULUHDWUXSXULORU
$FHDVW YHVWLW VHUEDUH D FDYDOHULHL D LQXW vQ MXUXO UHJHOXL I U
vQWUHUXSHUHWLPSGHúDSWH]LOH
)3DOO&0XUHúDQ/HFWXULGLQL]YRDUHOH(YXXL0HGLXS

&ULWLFDvQIXPXU ULLQRELOLDUH±(UDVPXV(ORJLXOQHEXQLHL

«'HúLP JU EHVFGDUQXSRWWUHFHVXEW FHUHSHDFHLDFDUHP FDUF
QXVHGHRVHEHVFvQWUXQLPLFGHXOWLPXOFvUSDFLWRWXúLVHPkQGUHVFJUR]DYFXXQ
WLWOX ]DGDUQLF GH QREOH H XQXO SUHWLQGH F QHDPXO OXL VH FRERDU GLQ (QHD
FHO ODOW GLQ %UXWXV VDX GLQ $UWKXU vúL DUDW vQILHFHFRO FKLSXULVFXOSWDWHVDX
SLFWDWH GHDOH vQDLQWDúLORU LL vQúLU SH PRúLVWU PRúLL ORU FX VWU EXQHOH ORU
WLWOXUL(LvQúLúLQXSUHDVHGHRVHEHVFGHVWDWXLOHPXWHEDVXQWFKLDUPDLOLSVL L
GHGXKGHFvWFKLSXULOHDFHVWHDFXFDUHVHI OHVF7RWXúLPXO XPLW vQFvQW ULLGH
VLQH HL GXF R YLD GHD GUHSWXO IHULFLW ùL QX OLSVHVF DO LL WRW DWkW GH SURúWL
FDUHSULYHVFFXDGPLUD LHFDSHQLúWH]HLDFHVWVRLGHGLK QLL«
)UDQFLVF3DOO&DPLO0XUHúDQ/HFWXULGLQL]YRDUHOH(YXOXL0HGLX
%XFXUHúWLS

(,PDJLQHDIHPHLL

)HPHLDVDFGHVFkUQ ±2GRQGH&OXQ\VHF;

)UXPXVH HD IL]LF QX U ]EDWHGLQFRORGHSLHOH'DF DUYHGHDE UED LL
FH DVFXQGH SLHOHD SULYHOLúWHD IHPHLORU LDU vQJUH RúD 'H YUHPH FH QH
VFkUEHúWH V DWLQJHP FX GHJHWHOH XQ VFXLSDW VDX R EDOHJ DWXQFL FXP GH
SXWHPGRULV vPEU Lú PVDFXODFHVWDGHVFkUQ "
*HRUJHV'XE\0LFKHOOH3HUURW+LVWRLUHGHVIHPPHVWRPH
/H0R\HQ$JHVRXVODGLUHFWLRQGH&KULVWLDQH.ODSLVFK=XEHU
3DULV3ORQS

)HPHLDFDSFDQ ±0DUERGHHSLVFRSGH5HQQHVVHF;,

'LQWUHQHQXP UDWHOHFDSFDQHSHFDUHGXúPDQXOQRVWUXFHOYLFOHDQOHD
SUHV UDWSHWRDWHFROLQHOHúLSODLXULOHOXPLLFHDPDLUHDúLSHFDUHPDLQLPHQL
QR SRDWH RFROL HVWH IHPHLD V PkQ GH QHQRURFLUH U G FLQ D WXWXURU

SLHU]DQLLORUFDUHDLVFDWSHvQWUHJvQWLQVXOOXPLLVWULF FLXQLI U GHQXP U«
)HPHLDU XGXOFHIDJXUHGHFHDU úLYHQLQFDUHFXRVSDG PXLDW vQPLHUH
VWU SXQJHSkQ úLLQLPDvQ HOHS LORU
3DWURORJLD/DWLQDFRO

6R LDDPDQW &KUpWLHQGH7UR\HV(UHFúL(QLGHVHF;,,

'DU(UHFvúLLXEHDVR LDFXRGUDJRVWHDWkWGHPDUHF DUPHOHvOO VDX
LQGLIHUHQW úL QX PDL SDUWLFLSD OD WXUQLUXUL 1X vL PDL S VD DFXP V OXSWH vQ
WXUQLUXUL XUPD V WU LDVF SUHFXP XQ vQGU JRVWLW DO WXUL GH VR LD VD D I FXW
GLQ HD SULHWHQD úL DPDQWD VD 1X PDL SXUWD vQ LQLP GHFvW GRULQ D V R
vPEU LúH]HúLV RDFRSHUHGHV UXW ULQXPDLF XWDDOWHSO FHUL7RYDU úLLV L
HUDXGH]ROD LGLQDFHDVW FDX] úLVHSOkQJHDXDGHVHDXQLLDOWRUDSHQWUXF HOvL
SXUWDHLRGUDJRVWHH[FHVLY $GHVHDWUHFHDGHDPLD] úLHOvQF QXVHULGLFDVH
GH OkQJ HD SXWHD V VH VXSHUH RULFLQH OXL DFHDVW YLD vL SO FHD (O QX VH
vQGHS UWDGHVR LDVDGDUQLFLQXUHGXFHDGDUXULOHSHFDUHOHI FHDFDYDOHULORU
V LvQDUPHYHúPLQWHúLEDQL1XVHDIODQLF LHULXQWXUQLUODFDUHHOV QXL
WULPLW ERJDWHFKLSD LúLvPEU FD LOHG GHDFDLELQHRGLKQL LFDV SDUWLFLSHOD
WXUQLUXULRULFvWODUILFRVWDW%DURQLLDILUPDXFXWR LLF HUDRPDUHQHQRURFLUH
úLXQPDUHS FDWF XQEDURQFXPIXVHVHHOGLVSUH XLDV PDLSRDUWHDUPHOH$
IRVWDWkWGHEODPDWGHWRWVRLXOGHRDPHQLFDYDOHULFDúLVFXWLHULvQFvW(QLGH
VR LDVDLDDX]LWVSXQkQGvQWUHHLF VHQLRUXOV XDEDQGRQDFXODúLWDWHDUPHOH
úLPRGXOGHYLD DOFDYDOHULORUHOvúLVFKLPEDVHSURIXQGIHOXOGHDWU L$FHVW
GLVFXUVDGXUXWRGDUQXDvQGU ]QLWV ODVHQLPLFV DSDU F FLVHQLRUXOV X
DUILOXDWDFHDVWDIRDUWHU XGDF LDUILVSXVYUHXQFXYkQW
&KUpWLHQGH7UR\HV5RPDQVGHOD7DEOH5RQGH
WUDG-HDQ0DULH)ULW]&KDUOHV0pOD2OLYLHU&ROOHW&DWKHULQH%ORQV3LHUUH
'DYLG+XOW3DULV/HOLYUHGH3RFKHS

3 FDWHOHIHPHLORU±%XUFKDUGGH:RUPV&RUHFWRUVHF;,

$LI FXWSUHFXPXQHOHIHPHLvQDQXPLWHSHULRDGHDOHDQXOXLvQFDVDWD
SH FkQG SUHJ WHDL PDVD DL SXV WUHL FX LWH SH PDV DO WXUL GH PkQFDUH úL GH
E XWXU SHQWUX FD DWXQFL FkQG YHQHDX FHOH WUHL VXURUL SH FDUH SURVWLD FHORU
YHFKLOHQXPHD3DUFHHOHV SRDW V P QkQFHúLV EHD"

)UDJPHQWHOH IDF SDUWH GLQWUXQ 3HQLWHQ LDO PDQXDO DGUHVDW
FRQIHVRULORUSHQWUXDLvQGUXPDvQUHDOL]DUHDVSRYHGDQLLORU

$L QHJDW WX EXQ W LL OXL 'XPQH]HX SXWHUHD úL QXPHOH úL OHDL WUHFXW
DVXSUD'LDYROXOXLvQWUDWkWvQFkWV FUH]LF IHPHLOHSHFDUHWXOHQXPHúWLFHOH
WUHLVXURUL LDUSXWHDILGHIRORVSHORFVDXPDLWkU]LX"
$LvQJKL LWPLUSHQWUXDWHvPSRWULYLMXGHF LLOXL'XPQH]HXVDXDLI FXW
FHYDFXLHUEXULVDXFXFXYLQWHVDXFXOHPQVDXFXSLDWU "6DXPDLPXOWvQ
FUHGLQ DWDSURVWHDVF DLI FXWDVWDWXvQV LVDXDLVI WXLWSHDOWHOHV IDF DúD"
$LS VWUDWFHYDvQJXU VDXFXVXWvQYHúPLQWHVDXOHJDWvQMXUXOW X"ùLFHHD
FH I FHDL QX FRQWHD] SURFHGHXO DL FUH]XW F DUH SXWHUHD V vPSLHGLFH
MXGHFDWDOXL'XPQH]HX"
$LI FXWFHHDFHDXRELFHLXOV IDF XQHOHIHPHL"(OHFUHGFXW ULHF
GDF YHFLQXO DUH GLQ EHOúXJ ODSWH VDX DOELQH HOH SRW FX DMXWRUXO 'LDYROXOXL
SULQIDUPHFHúLGHVFkQWHFHV DWUDJ VSUHHOHúLDQLPDOHOHORUVDXDFRORXQGH
YRUWRDW DFHDVW ERJ LHGHODSWHúLPLHUHFDUHODvQFHSXWHUDDYHFLQXOXL
&UH]L WX FHHD FH FUHG XQHOH IHPHL" &kQG LQWU vQWUR FDV GXS FXP
VSXQHOHSRWV IDF IDUPHFHúLV XFLG SXLLGHJkVF GHS XQGHJ LQ ED
FKLDUúLSXUFHLLúLRULFHSXLGHDQLPDOHFXXQFXYkQWRSULYLUHVDXXQVXQHW
&UH]L WX FHHD FH PXOWH IHPHLGLQVHFWDOXL6DWDQFUHGúLP UWXULVHVFF
HVWH DGHY UDW" $L SXWHD WX V FUH]L F vQ OLQLúWHD XQHL QRS L WXOEXUL FkQG WH
J VHúWL vQ SDW FX E UEDWXO DGRUPLW OD SLHSWXO W X SR L LHúL vQ FDUQH úL RDVH
SRU LOH ILLQG vQFKLVH" $L SXWHD WUDYHUVD S PkQWXUL vQWLQVH DO WXUL GH DOWH
SHUVRDQH vQúHODWH GH DFHHDúL JUHúHDO úL V XFL]L I U DUPH YL]LELOH RDPHQL
ERWH]D LúLU VFXPS UD LSULQVkQJHOHOXL+ULVWRV"3R LFUHGHF YRLSXWH LV OH
PkQFD LFDUQHDJ WLW úLV OHSXQH LvQORFXOLQLPLLSDLHVDXOHPQVDXDOWFHYDúL
F RGDW FHLD LPkQFDWSXWH LV LvQYLD LúLV OHUHGD LSHQWUXRYUHPHYLD D"
&UH]LWXFHHDFHDQXPLWHIHPHLDXRELFHLXOV FUHDG F vPSUHXQ FX
DOWHOHFDUHDSDU LQ'LDYROXOXLvQDFHODúLIHOvQOLQLúWHDXQHLQRS LWXOEXULFX
SRU LOH vQFKLVH WHDL ULGLFD vQ DHU SkQ OD QRUL SHQWUX D PHUJH V WH OXS L FX
DOWHIHPHLORYLQGXY XQHOHSHDOWHOH"
3DXOHWWH/C+HUPLWH/HFOHUFT/C(JOLVHHWOHVIHPPHVS

)&RUSXO

)HFLRULD±&OHPHQWGLQ$OH[DQGULD6WURPDWHOHFDUWHDD,,,D

1RL ELQHFXYkQW P FDVWLWDWHD SHUIHFW úL SH FHL F URUD 'XPQH]HX OHD
G UXLWR 1RL DGPLU P GH DVHPHQHD F V WRULD XQLF úL FLQVWHD FDUH HVWH
DWDúDW SULPHORUXQLXQL'DUQRLVSXQHPF WUHEXLHV FRPS WLPLPúLÄV QH
SXUW PXQLLDOWRUDSRYHULOH´*DOÄGHWHDP FDDFHODFDUHVHPkQGUHúWH

F HVWHvQSLFLRDUHV QXFDG úLHO´,&RU&vWGHVSUHFHDGHDGRXD
QXQW ÄGDF DU]L´VSXQHDSRVWROXOÄF V WRUHúWHWH´,&RU
$O L HUHWLFL SURFODP F V WRULD FD ILLQG GHVIUkX úL F GLDYROXO HVWH
LQYHQWDWRUXO HL (L VH PkQGUHVF vQ LQIDWXDUHD ORU F ODU LPLWD SH 'RPQXO
FDUHQXVDF V WRULWúLQXDDYXWQLFLRDYHUHvQOXPHHLvúLIDFRJORULHGLQD
GH LQH PDL PXOW FD RULFDUH vQ HOHSFLXQHD (YDQJKHOLHL 'DU 6FULSWXUD OH
U VSXQGH PDL vQWkL Ä'XPQH]HX UH]LVW FHORU PkQGUL GDU G KDUXO V X FHORU
XPLOL´,DFREúL,3HWUX0DLDSRLHLLJQRU GHFH'RPQXOQXVD
F V WRULW PDL vQWkL HO DYHD VR LH %LVHULFD PDL DSRL HO QX HUD XQ E UEDW FD
DO LLFDUHDYHDQHYRLHGHXQDMXWRUGXS WUXSvQVIkUúLWHOQXDYHDQHYRLHGH
XUPDúLU PkQkQGvQFKLSHWHUQILXOVLQJXUQ VFXWDOOXL'XPQH]HX
ÌQILQHV SOHF PGHODDFHODúLSULQFLSLXILHF HVWHYRUEDGHF V WRULH
GH KUDQ VDX GH DOWH SO FHUL QX WUHEXLH I FXW QLPLF VXE LPSHULXO SO FHULL
WUHEXLHV QHOLPLW PODFHHDFHHVWHQHFHVDU1XVXQWHPFRSLLDLSO FHULLFLDL
YRLQ HL &HO FDUH VD F V WRULW SHQWUX D DYHD FRSLL WRW WUHEXLH V SUDFWLFH
FRQWLQHQ D vQ DúD IHO vQFvW V úL LXEHDVF VR LD I U V R PDL GRUHDVF úL V
SURFUHH]H FRQIRUP XQHL YRLQ H FDVWH úL WHPSHUDQWH ÌQWUDGHY U QRL DP
vQY DWV QXÄQHSUHRFXS PGHWUXSXOQRVWUXSHQWUXDQHVDWLVIDFHSRIWHOHFL
SHQWUX D PHUJH GHPQ FD vQ SOLQ ]L´ FX +ULVWRV FRQGXúL GH OXPLQD
GXPQH]HLDVF ÄGHSDUWH GH SHWUHFHUL úL GH EH LH GH FXUYLL úL GH GHVIUkX GH
FHUWXULúLGHJHOR]LL´5RP
-HDQ0D\HQGRUII/HPDULDJHGDQVODSHUVSHFWLYHRUWKRGR[H
3DULV

&RQWUROXOWUXSXOXL±$XJXVWLQ6FULVRUL

&DUH EXQ FDWROLF SXWHD VSXQH F QHYRLD RDPHQLORU GH D VH F V WRUL
IXVHVHV GLW GHGLDYROFvQGSULQHDUDVDRPHQHDVF VDUILU VSkQGLWúLGDF
QX DU IL DS UXW S FDWXO &DUH EXQ FDWROLF SXV vQ ID FX FUHD LXQHD
GXPQH]HLDVF Y GLW SULQ VXIOHWH úL SULQ ILUHD QRDVWU RPHQHDVF QX DGXFH
VODY OXFU ULLPkLQLORU/XLúLQXLYHúWHGHXQGHYDGLQDGkQFXOVXIOHWXOXLV X
XQ LPQ vQFKLQDW &UHDWRUXOXL &DUH QX QXPDL DWXQFL vQ YUHPHD GLQDLQWHD
F GHULLRPXOXLvQS FDWDI FXWSHQWUXSULPDGDW EDFKLDUúLDFXPIDFHFX
DGHY UDWEXQHWRDWHOXFUXULOH"
&RQFXSLVFHQWLDFDUQLV
2 QHYRLH FDUH VH DSULQGH I U GLVFHUQ PkQW SHQWUX RELHFWH SHUPLVH úL
QHSHUPLVHúLFDUHHVWHIUkQDW GHQHYRLDF V WRULHLFDUHGHSLQGHGHHDGDUR
RSUHúWHGHODFHQXHVWHSHUPLVÌPSRWULYDDFHVWHLQHYRLLPSHULRDVHFDUHVH
DIO vQWURUHOD LHGHWHQVLXQHFXOHJHDPLQ LLQRDVWUHVHFXYLQHV OXSWHWRDWH

IRUPHOH GH FDVWLWDWH DFHHD D SHUHFKLL F V WRULWH DVWIHO FD LPEROGXO ILULL
S PkQWHúWLV ILHELQHIRORVLWúLDFHHDDE UED LORUDEVWLQHQ LúLDIHFLRDUHORU
DVWIHO FD PDL ELQH FKLDU úL SULQWUR OXSW úL PDL YUHGQLF GH VODY DFHVW
LPEROGV QXILHGHORFIRORVLW'DF DUILH[LVWDWvQUDLDFHVWLPEROGDUILSXWXW
FD SULQWUR PLQXQDW FXOPH D S FLL V QX IL DMXQV QLFLRGDW GLQFROR GH
OLPLWHOHRUGLQHORUGDWHSULQYRLQ 1LFLRGDW GHFLQXVDUILSXWXWLQVLQXDvQ
PLQWHJvQGXULGHVSUHGHVI W ULQHODORFXOORUúLQHSHUPLVH1XDUPDLILWUHEXLW
LQXW vQIUkXOFXPS W ULLPDULWDOHúLQXDUPDLILWUHEXLWvQYLQV SULQHIRUWXULOH
DVFHWLFH 0DL GHJUDE FKHPDW DU IL U VSXQV SRUXQFLORU GDWH GH YRLQ D
RPXOXLFXXúXULQ DXQXLDFWGHDVFXOWDUHSRUQLWGLQWURLQLP QHGH]ELQDW
3HWHU%URZQ7UXSXOúLVRFLHWDWHDS

*0RDUWHD

(SLWDIvQFKLSGHEDODG

I FXWGH9LOORQSHQWUXHOúLVR LLV LDúWHSWkQGXVHV ILHVSkQ]XUD LODRODOW

)U kQLORUFHU PkQH LvQYLD
QXQHSXUWD LvQLQLPLYU MP úLH
F GDF PLODYRDVWU QHU VI
úL'XPQH]HXPDLEXQRV Y ILH
3ULYL LFXPVW PFLQFLúDVHvQIUkQJKLH
QLLFDUQHDFHRPEXLEDU PDOW GDW
GHPXOW YUHPHKRLWGHYLHUPLPkQFDW
LDURDVHOHVFHQXú QILHFDUH
1XUkGH LGHRVkQGDQIULFRúDW
FLV OUXJD LSH'RPQXOGHLHUWDUH

'HLUXJDIUD LORUSUHDvQGU ]QHD
QXY VFvUEL LGHQRLGHúLVHúWLH
FDPIRVWXFLúLSHGUHSW1XWR LvQYD
F UDUHDQ HOHSFLXQLLFXPVR LH
5XJD LOGDUFXLQLP VPHULH
SH)LXOGLQ)HFLRDUD3UHDFXUDW
FDPLODLV QHILHSXUXULGDW
IHULQGXQHGHDLDGXOXLYkOWRDUH
1XQHVPLQWL LGLQWLKQDQILQHDIODW

6F OGDWXQHDPFXSORDLHúLFXFHD
XVFDWXQHDPFXDVRDUHOXLYLSLH
úL UFLúLFRUELQHDXFLXJXOLWGHID
QHDXVPXOVVSUkQFHDQDS UXOGLQE UELH
6DGXVKRGLQDQRDVWU SHYHFLH
úLYkQWXOGXS FXPRILV EDW
QHRGDGHFRORFRORFkWHRGDW
1XIL LGLQWDJPDQRDVWU QLFLRGDW

ÌQFKLQDUH
,LVXVVW SkQXOOXPLLGRPQúLWDW
S ]HúWHQHGHLDGF QWUHDJDFHDW
QXOYUHDúLQLFLQXLDU PDVGDWRDUH
1XQHKXOL LRVHPHQLQLFLRGDW
)UDQoRLV9LOORQ3RH]LLWUDG1HFXODL&KLULF (GLWXUD0LQHUYD
%XFXUHúWLS

+0XQFD

3HGHSVLUHDFHORUFDUHQXPXQFHVF±2UGRQDQ DUHJHOXL)UDQ HL
,RDQFHO%XQIHEUXDULH

,RDQSULQJUD LDOXL'XPQH]HX5HJHOH)UDQ HLHWF
)LLQGF PDLPXOWHSHUVRDQHDWkWE UED LFkWúLIHPHLVWDXI U V IDF
QLPLFvQRUDúXO3DULVúLvQDOWHRUDúHGLQ6W URVWLDúL9LFRQWDWXODFHVWXLDúLQX
YRUV úLH[SXQ WUXSXULOHSHQWUXDIDFHYUHRWUHDE XQLLWkOK ULQGLDUDO LLVWkQG
SULQFkUFLXPLúLERUGHOXULVHSRUXQFHúWHFDRULFLQHGLQWUHDFHúWLRDPHQLOHQHúL
ILHMXF WRULGH]DUXULILHVFDPDWRULGHSHVWU ]LILHWkOKDULILHFHUúHWRULGHRULFH
VWDUHVDXFRQGL LHDUILDYkQGRPHVHULHVDXQXILHE UED LVDXIHPHLFDUHVXQW
WHIHULODWUXSúLP GXODUHV VHVXSXQ ODXQHOHWUHEXULWUXGQLFHSULQFDUHV úL
SRDW FkúWLJDWUDLXOVDXV JROHDVF RUDúXO3DULVúLFHOHODOWHRUDúHGLQSRPHQLWD
6W URVWLH úL 9LFRQWDW OD WUHL ]LOH GXS DFHDVW VWULJDUHùLGDF GXS FHOHWUHL
]LOHHLPDLVXQWJ VL LI U V IDF QLPLFVDXMXFkQG]DUXULVDXFHUúLQGYRUIL
SULQúLúLGXúLvQvQFKLVRDUHFXSkLQHúLDVWIHO LQX LWLPSGHSDWUX]LOHúLFkQGYRU
ILHOLEHUD LGLQSRPHQLWDvQFKLVRDUHGDF PDLVXQWJ VL LI U V IDF QLPLFVDX
GDF QX DX EXQXUL GH SH XUPD F URUD V WU LDVF VDX GDF QX DX I U
vQúHO FLXQHP UWXULHGLQSDUWHDFXLYDvQGHVWXODWF UXLDV LIDF WUHEXULVDXSH

FDUHV OVOXMHDVF YRUILSXúLODVWkOSLDUDWUHLDRDU YRUILvQVHPQD LSHIUXQWH
FXXQILHUURúXúLYRUILL]JRQL LGLQ]LVHOHORFXUL
6HYDDYHDvQJULM vPSUHXQ FXHSLVFRSXOVDXRILFLDOXO3DULVXOXLúL
FXF OXJ ULL,DFRELQL&RUGHOLHUL$XJXVWLQL&DUPHOL LúLDO LLFDHLV VSXQ
IUD LORUGLQRUGLQXOORUFDDWXQFLFkQGYRUSUHGLFDvQSDURKLLúLvQDOW SDUWH
úL GH DVHPHQHD SDURKLL úL FHL DSURSLD L ORU V VSXQ vQ SUHGLFLOH ORU F FHL
FDUHYRUYUHDV GHDGHSRPDQ V QXGHDYUHXQRURDPHQLWHIHULODWUXSúLOD
P GXODUHúLQLFLRDPHQLORUFDUHDUSXWHDIDFHRWUHDE GLQFDUHV úLFkúWLJH
WUDLXOFLV GHDRDPHQLORURUEL«úLDOWRUSHUVRDQHQHQRURFLWH
6 OLVHVSXQ FHORUFDUHS ]HVFúLJXYHUQHD] VSLWDOHOHVDXD]LOHOHV
QXDG SRVWHDVF QLFLP FDURQRDSWHDVHPHQHDWkOKDULVDXDVHPHQHDSHUVRDQH
FDUHQXIDFQLPLFGDF QXVXQW«VDXEROQDYHVDXWUHF WRULV UPDQL
3UHOD LLEDURQLLFDYDOHULLRU úHQLLúLDO LLV VSXQ GXKRYQLFLORUORU
V QXGHDQLFLRSRPDQ XQRUDVHPHQHDWkOKDULWHIHULODWUXSúLODP GXODUH
2UGRQQDQFHVGHVURLVGH)UDQFHWUDG$OH[DQGUX)ORULQ3ODWRQ
6RFLHWDWHúLPHQWDOLW LvQ(XURSD$SXVHDQ ,DúL(GLWXUD8QLYHUVLW LL
$OH[DQGUX,RDQ&X]DS

,9LD DFRWLGLDQ

3RUWUHWXOOXL&DUROFHO0DUH±(JLQKDUG
9LD DOXL&DUROFHO0DUH

(UDODWúLYRLQLFODWUXSvQDOWGHVWDWXU GDUI U DWUHFHSUHDPXOWGH
P VXUD SRWULYLW F FL P VXUD GH úDSWH RUL OXQJLPHD SLFLRDUHORU VDOH $YHD
FUHúWHWXOFDSXOXLURWXQGRFKLIRDUWHPDULúLDJHULQDVXOFHYDPDLOXQJGHFvW
P ULPHDRELúQXLW XQS UDOEIUXPRVID DYRLRDV úLVHQLQ 'HDFHHDILHF
VW WHDvQSLFLRDUHILHF úHGHDvQI LúDUHDOXLU VSkQGHDRSXWHUQLF LPSUHVLH
GHDXWRULWDWHúLGHPQLWDWH'HúLJvWXOV XS UHDJUDVúLFDPVFXUWLDUSkQWHFHOH
VFRVvQDLQWHSURSRU LLOHDUPRQLRDVHDOHFHORUODOWHPHPEUHvQV QXOHVFRWHDX
ODLYHDO $YHDXQPHUVVLJXUúLvQWUHDJDOXL LQXW HUDE UE WHDVF *ODVXOV X
HUD OLPSHGH GDU QX WRFPDL SRWULYLW SHQWUX vQI LúDUHD VD 'H R V Q WDWH
]GUDY Q QD IRVW EROQDY GHFvW vQ FHL GLQ XUP DQL DL YLH LL FvQG DGHVHD vO
FKLQXLDIHEUDLDUvQFHOHGLQXUP FKLDUúFKLRS WDGHXQSLFLRU'DUúLDWXQFL
VHvQJULMHDGXS FXPFUHGHDHOF HVWHPDLELQHLDUQXGXS VIDWXOPHGLFLORU
SHFDUHQXLSXWHDVXIHULILLQGF vLFHUHDXV VHODVHGHIULSWXULOHFXFDUHHUD
RELúQXLWúLV VHGHSULQG FXPkQF ULOHILHUWH
6HGHGDFXUkYQ ODF O ULHúLODYkQ WRDUH3HQWUXHODFHDVWDHUDFHYD
vQQ VFXW GHRDUHFH FX JUHX VDU SXWHD J VL SH S PkQW XQ SRSRU FDUH V VH

SRDW DVHP QDvQDFHVWPHúWHúXJFXIUDQFLL6HGHVI WDúLvQDEXULLL]YRDUHORU
FDOGHGHDS F OLQGXúLDGHVHRULWUXSXOvQvQRWvQFDUHHUDDWkWGHGHVWRLQLF
vQFvWSHEXQ GUHSWDWHQLPHQLQDUILIRVWvQVWDUHV OvQWUHDF 'HDFHHDúLD
]LGLWXQSDODWOD$DFKHQúLORFXLDDLFLWRWWLPSXOvQXOWLPLLDQLDLYLH LLSkQ
ODPRDUWH
9RUEHD PXOW úL FX SULVRVLQ úL SXWHD V H[SULPH GHRVHELW GH FODU
FHHD FH YRLD 1X VH PXO XPHD GRDU FX OLPED PDWHUQ FL GHSXQHD VLOLQ úL
SHQWUXvQY DUHDOLPELORUVWU LQH'LQWUHDFHVWHDDvQY DWODWLQDDúDGHELQH
vQFvWRELúQXLDV RYRUEHDVF ODIHOFDSHFHDPDWHUQ JUHDFDvQV RSXWHDPDL
GHJUDE vQ HOHJHGHFvWYRUELùLHUDDWkWGHYRUE UH vQFvWS UHDFKLDUIOHFDU
&XOWLYDFXFHDPDLPDUHUkYQ DUWHOHOLEHUDOHúLFLQVWHDIRDUWHPXOWSH
FHLFDUHOHSUHGDXWUDWkQGXLFXPDULRQRUXULÌQVWXGLXOJUDPDWLFLLODDVFXOWDW
SH E WUkQXO GLDFRQ 3HWUX GLQ 3LVD ÌQ FHOHODOWH úWLLQ H D DYXW FD GDVF O SH
$OFXLQ ]LV $OELQXV GH DVHPHQHD GLDFRQ VD[RQ GH QHDP GLQ %ULWDQLD FHO
PDL vQY DW RP vQ WRDWH SULYLQ HOH SH OkQJ FDUH HO D GHGLFDW PXOW WLPS úL
RVWHQHDO SHQWUX VWXGLHUHD UHWRULFLL úL GLDOHFWLFLLGDUPDLDOHVDDVWURQRPLHL
ÌQY D DUWD VRVRWLWXOXL úL VFUXWD FX FHD PDL PDUH FXULR]LWDWH úL FX R DWHQ LH
vQFRUGDW FXUVXO DVWUHORU ÌQFHUFD V úL VFULH RELúQXLQG FD vQ DFHVW VFRS V
SRDUWH FX VLQH W EOL H FHUDWH úL FDLHWH GH SHUJDPHQW SXVH vQ SDW VXE SHUQH
SHQWUXFDDWXQFLFvQGDYHDWLPSOLEHUV úLGHSULQG PkQDFXWUDVDUHDOLWHUHORU
GDURVWHQHDODVDDGDWSX LQUH]XOWDWILLQGF DvQFHSXWSUHDWkU]LX
3UDFWLFDDVLGXXúLFXFHDPDLPDUHIHUYRDUHUHOLJLDFUHúWLQ vQFDUHD
IRVWFUHVFXWGLQIUDJHG SUXQFLH/D$DFKHQDFRQVWUXLWRELVHULF GHRVHELWGH
IUXPRDV SHFDUHDvPSRGRELWRFXDXUúLFXDUJLQWúLFXFDQGHODEUHSUHFXPúL
FX R EDOXVWUDG úL FX SRU L GLQ EURQ] PDVLY úL FXP QX SXWHD SURFXUD DOWIHO
FRORDQHOHúLPDUPXUDQHFHVDUHOHDDGXVGHOD5RPDúL5DYHQQD
(JLQKDUG9LHGH&KDUOHPDJQH(GLWpHHWWUDGXLWHSDU/RXLV+DOSKHQ
3DULVSúL

)RDPHWHDGLQDQXO±5DRXO*ODEHU,VWRULL

ÌQWLPSXOFHDXUPDWDvQFHSXWV EkQWXLHvQOXPHDvQWUHDJ IRDPHWHD
DPHQLQ kQGV QLPLFHDVF DSURDSHWRWQHDPXORPHQHVF& FLPHUVXOYUHPLLD
GHYHQLWDWkWGHQHRELúQXLWvQFvWQXVDLYLWWLPSSRWULYLWSHQWUXVHP QDWQLFL
SHQWUXVHFHULúPDLDOHVGLQSULFLQDUHY UV ULLDSHORU(OHPHQWHOHS UHDXF VH
FHDUW úL GXF R OXSW vQWUH HOH I U vQGRLDO VSUH D U ]EXQD FXWH]DQ D
RPHQHDVF GHVHOH SORL DX PXLDW DWkW GH PXOW S PkQWXO vQFvW WUHL DQL GHD
UkQGXO QX VH SXWHDX WUDJH EUD]GH SHQWUX VHPLQ H ,DU OD YUHPHD VHFHULúXOXL
EXUXLHQLOHúLQHJKLQDWLF ORDV DXQ S GLWWRDW VXSUDID DRJRDUHORU2P VXU

GH V PkQ DFROR XQGH UHFROWD HUD PDL EXQ G GHD OD VHFHULú GRDU D úDVHD
SDUWHvQV úLFXDFHDVWDDELDSXWHDLV LXPSOLSXPQXO3DFRVWHDDFHVWHLOLSVH
JUR]DYH D vQFHSXW PDL vQWkL vQ S U LOH 2ULHQWXOXL GXS FH SXVWLLVH *UHFLD D
DMXQV vQ ,WDOLD GH DLFL VD U VSkQGLW SULQ )UDQ D DSRL D WUHFXW OD WRDWH
SRSRDUHOH$QJOLHL6XIHULQGDWXQFLGHOLSVDKUDQHLvQWUHJQHDPXORPHQHVFFHL
GHVWDUHvQDOW úLPLMORFLHHUDXWRWDWkWGHSDOL]LGHIRDPHFDúLFHLV UDFLF FL
vQ XUPD OLSVHL REúWHúWL D vQFHWDW MDIXO FHORU SXWHUQLFL ,DU GDF VH J VHD GH
YkQ]DUHFHYDGHDOHPkQF ULLYkQ] WRUXOSXWHDXUFDVDXOXDGXS SODFSUH XO
RIHULWÌQFHOHPDLPXOWHORFXULFRVWXOXQHLEDQL HGHFHUHDOHHUDGHúDL]HFLGH
VROL]LvQDOWHORFXULSUH XORFDOHLHUDGHFLQFLVSUH]HFHVROL]L
ÌQWUHWLPSGXS FHDXPkQFDWDQLPDOHOHúLS V ULOHvQFRO L LGHIRDPHD
FUkQFHQ RDPHQLL vQFHSXU V VH UHSHDG SHQWUX KUDQ OD WRW IHOXO GH
PRUW FLXQLúLOXFUXULJURD]QLFHGHVSXV6SUHDVF SDGHPRDUWHXQLLDXUHFXUV
OD U G FLQLOH GLQ S GXUL úL OD LHUEXULOH UkXULORU « 7H vQJUR]HúWL GHFL V
SRYHVWHúWL VWULF FLXQHD GH DWXQFL D QHDPXOXL RPHQHVF 9DL GXUHUH /XFUX FH
UDUHRULVDvQWkPSODWV VHDXG RGLQLRDU IRDPHDWXUEDW LDVLOLWvQDFHDYUHPH
V GHYRUH]HF UQXULRPHQHúWL'UXPH LLHUDXU SXúLGHDFHLDFDUHHUDXPDLWDUL
GHFvW GkQúLL HUDX W LD L vQ EXF L IULS L OD IRF úL PkQFD L 'LQ SULFLQD IRDPHL
PXO L IXJHDX úL U W FHDX GLQ ORF vQ ORF DFROR XQGH SULPHDX DG SRVW QRDSWHD
HUDX XFLúL úL PkQFD L GH FHL FH LDX J ]GXLW ÌQ QXPHURDVH ORFXUL WUXSXULOH
PRU LORUDXIRVWVPXOVHGLQS PkQWVSUHDVHUYLúLHOHODSRWROLUHDIRDPHLÌQ
VIkUúLWDFHDVW QHEXQLHWXUEDW DFUHVFXWDWkWGHPXOWvQFvWXQHOHYLWHUHWUDVHvQ
ORFXULVLQJXUDWLFHHUDXPDLVLJXUHGHDQXILU SLWHGHFvWRDPHQLL
)UDQFLVF3DOO&DPLO0XUHúDQ/HFWXULGLQL]YRDUHOH(YXOXL0HGLX
%XFXUHúWLS

9LUWX LOHFDYDOHULORUWHPSOLHUL±%HUQDUGGH&ODLUYDX[
'HODXGHQRYDHPLOLWLDH

ÌQDLQWH GH WRDWH GLVFLSOLQD HVWH FRQVWDQW úL VXSXQHUHD HVWH UHVSHFWDW
vQWRWGHDXQDVHSOHDF úLVHYLQHODVHPQDOXOFHOXLFDUHGH LQHDXWRULWDWHDVH
SRDUW YHúPkQWXO GDW GH VXSHULRU QX H[LVW WHQWD LD GH D F XWD vQ DOW SDUWH
KUDQ úLYHúPLQWH«(LGXFvQPRGFLQVWLWRYLD FRPXQ VREU úLYHVHO I U
VR LH VDX FRSLL QX VXQW Y ]X L QLFLRGDW VWkQG GHJHDED WUkQG YLQG VDX
LVSLWLQGXLFXULR]LWDWHD«SULQWUHHLQLPHQLQXHVWHSULYLOHJLDWHVWHUHVSHFWDW
FHO PDL FXUDMRV LDU QX FHO PDL QRELO« HL GHWHVW ]DUXULOH úL úDKXO DX
DYHUVLXQH SHQWUX YkQ WRDUH« HL SRDUW S UXO W LDW VFXUW« QX VH SLDSW Q
QLFLRGDW VH VSDO UDUHRUL DX EDUED QHUDV úL ]EkUOLW PXUGDUL GH FROEXO
GUXPXULORUFXSLHOHDW E FLW GHDUúL úLGHF PDúDGH]DOH«

$FHVWFDYDOHUDOOXL+ULVWRVHVWHXQFUXFLDWDQJDMDWSHUPDQHQWvQWURGXEO
OXSW vPSRWULYD F UQLL úL D VkQJHOXL vPSRWULYD IRU HORU VSLULWXDOH GLQ FHUXUL (O
vQDLQWHD] QHvQIULFDW DFHVW FDYDOHU HWHUQ YHJKHWRU (O úLD DFRSHULW SLHSWXO FX
F PDúDGH]DOHLDUVXIOHWXOúLODvQW ULWvQDUPXUDFUHGLQ HL$S UDWGHDFHVWHGRX
SDYH]HHOQXVHWHPHQLFLGHRDPHQLQLFLGHGHPRQL0HUJH LDúDGDUvQDLQWHFX
vQFUHGHUH FDYDOHUL úL L]JRQL LL FX R LQLP FXWH] WRDUH SH YU MPDúLL FUXFLL OXL
+ULVWRVGHPLORVWLYLUHDVDVXQWH LVLJXULQLFLPRDUWHDQLFLYLD DQXY YRUSXWHD
OLSVLGHHD«&vWHVWHGHJORULRDV vQWRDUFHUHDYRDVWU FDvQYLQJ WRULGLQE W OLH
&vWHVWHGHIHULFLW PRDUWHDYRDVWU FDPDUWLULvQOXSW «
5pJLQH 3HUQRXG 7HPSOLHULL WUDGXFHUH GH $QGUHL 1LFXOHVFX (GLWXUD
0HULGLDQH%XFXUHúWLS

-RFXOGUDJRVWHLFXUWHQHúWL±$QGUHOH&KDSHODLQ
'HDUWHDPDQGLVHF;,,

5 VSXQVXO FRQWHVHL GH &KDPSDJQH ± 'DF GUDJRVWHD vúL SRDWH J VL
ORFXOvQWUHVR L
1RL VSXQHP úL DILUP P« F GUDJRVWHD QXúL SRDWH vQWLQGH GUHSWXULOH
vQWUH VR L ÌQWUDGHY U DPDQ LL vúL DFRUG UHFLSURF úL JUDWXLW WRWXO I U V ILH
IRU D LODDFHDVWDGHQLFLRREOLJD LH'LQFRQWU VR LLVXQW LQX LGHGDWRULDGHDúL
VXSRUWDUHFLSURFGRULQ HOHúLGHDQXúLUHIX]DQLFLRGDW QLPLFXQXODOWXLD«
$ILUPD LD QRDVWU VH PDL ED]HD] úL SH R DOW MXGHFDW XQ SUHFHSW DO
GUDJRVWHL QH vQYD F QLFL R VR LH QX SRDWH RE LQH UHFRPSHQVD UHJHOXL
GUDJRVWHL GDF QX VOXMHúWH vQ DIDUD OHJ WXULORU F V WRULHL vQ FDYDOHULD
GUDJRVWHL
-DFTXHV/DILWWH+RXVVDW7URXEDGRXUVHWFRXUVGCDPRXU
3DULVS

'LVWUDF LLPHGLHYDOH±$UFKLSRHWXOGLQ.ROQ&RQIHVLXQHDJROLDU]LORU

6XQWFRUDELDFHQODUJQLFLFkUPDFLQXDUH
6XQWRSDV UHFHQ]ERUQDIO QFHUF UDUH
$PU PDVI U GHRGJRQORFGHDQFRUDUH
3ULQWUHVHPHQLLQWkOQL LEXQ±FHOU XvPLSDUH

*UDYLWDWHDQVLQHDPHDPLDS UXWVIUXQWDW
*OXPDSHQWUXPLQHDIRVWPLUHDSUHIHUDW

9HQXVGRDUQHDK U ]LWWUXGDPLQXQDW
&DUHQXúLJ VHúWHFXLELQLPDQFUXQWDW

9LQDPHDQDOGRLOHDUkQGVHQXPHúWHMRFXO
-RFXOFkQGPLDGHVSXLDWWUXSXOvQWRWORFXO
)ULJXOHQH[WHULRUPLQWHDPLHFDIRFXO
0DLIUXPRDVHFkQWHFHvPLLQVSLU WRFXO

3RPHQHVFDOWUHLOHDSXQFWúLWDYHUQDPLSODFH
1DPGLVSUH XLWRQYHFLúLQLFLQRSRWIDFH
3kQ Y GFXPvQJHUHúWLVWROXULYLQvQFRDFH
3HQWUXXQU SRVDWFkQWkQGÄ2GLKQHDVF QSDFH´

ÌQWDYHUQ V P VWLQJ VWDPLHVWHGRUXO
9LQXDSURDSHDG SkQGSHWRWPXULWRUXO
ÌQJHULLPDLEXFXURúLV úLvQDO HFRUXO
Ä0LORVWLYXO'XPQH]HXLHUWHE XWRUXO´
7UDGXFHUHGH5RPXOXV9XOSHVFXvQ2YLGLX'ULPED,VWRULDFXOWXULLúL
FLYLOL]D LHLYRO%XFXUHúWL(GLWXUDùWLLQ LILF S

%,%/,2*5$),(

6XUVH
%HGD 9HQHUDELOLV +LVWRULD (FFOHVLDVWLFD *HQWLV $QJORUXP (GLWXUD
%&ROJUDYHúL5$%0LQRUVWH[WODWLQúLWUDGXFHUHHQJOH] 2[IRUG
%RFFDFFLR *LRYDQQL 'HFDPHURQXO WUDGXFHUH (WD %RHULX %XFXUHúWL
(GLWXUD8QLYHUV
&DUPLQD %XUDQD $QWRORJLH GH SRH]LH ODWLQ PHGLHYDO HGL LH
ELOLQJY WUDGXFHUH úL FRPHQWDULL GH (XJHQ 0XQWHDQX úL /XFLD*DEULHOD
0XQWHDQX,DúL(GLWXUD3ROLURP
&KULVWLQH GH 3LVDQ /D FLWp GHV GDPHV WH[WH WUDGXLW HW SUpVHQWp SDU
7KpUqVH0RUHDXHW(ULF+LFNV3DULV6WRFN
(\PHULFK 1LFRODV 3HxD )UDQFLVFR /H PDQXHO GHV LQTXLVLWHXUV
LQWURGXFWLRQHWWUDGXFWLRQGH/RXLV6DOD0ROLQV$OELQ0LFKHO3DULV
)UDQoRLV YLOORQ 3RH]LL WUDGXFHUH 1HFXODL &KLULF %XFXUHúWL (GLWXUD
0LQHUYD
*HRIIUR\ GH 9LOOHKDUGRXLQ &XFHULUHD &RQVWDQWLQRSROXOXL &OXM
(GLWXUD/LPHV
*UHJRULXV 7XURQHQVLV 2SHUD HG : $UQGW úL %U .UXVFK 0*+
650
,RUGDQHV'HRULJLQHDFWLEXVTXH*HWDUXPHG*3RSD/LVVHDQXWH[W
ODWLQúLWUDGXFHUHURPkQHDVF %XFXUHúWL
,VLGRUXV +LVSDOHQVLV +LVWRULD *RWKRUXP :DQGDORUXP 6XHERUXP HG
7K0RPPVHQ0*+$$;,S
3DXO 'LDFUH +LVWRLUH GHV /RPEDUGV HG )UDQoRLV %RXJDUG %UHSROV

3HWURQLXV6DW\ULFRQ%XFXUHúWL(GLWXUD3HQWUX/LWHUDWXU
%RXODQJHUWUDGURP$XUHO7LWD%XFXUHúWL(GLWXUD8QLYHUV
6XOSLFH6pYqUH9LHGH6DLQW0DUWLQ(GLWLRQVGX&HUI3DULV
7HUWXOOLHQ /D WRLOHWWH GHV IHPPHV HG 0 7XUFDQ ©6RXUFHV
&KUpWLHQQHVª3DULV&HUI
&XOHJHULGHGRFXPHQWH
&DOPHWWH-RVHSK7H[WHVHWGRFXPHQWVG
KLVWRLUH3DULV
&DQWRU1RUPDQ7KH0HGLHYDO:RUOG1HZ<RUN

& ]DQ)ORUHQWLQDFRRUG&XOHJHUHGHGRFXPHQWHSULYLQGWUHFHUHDGH
OD$QWLFKLWDWHOD(YXO0HGLX%XFXUHúWL(GLWXUD8QLYHUVLW LL%XFXUHúWL
&RPDQ 0DULDQ 'RPLQLXP úL (FFOHVLD vQ 2FFLGHQWXO PHGLHYDO
&UHVWRPD LHGHLVWRULHPHGLHXQLYHUVDO %XFXUHúWL(GLWXUD8QLYHUVLW LLGLQ
%XFXUHúWL
'RFXPHQWVYLYDQWVG
KLVWRLUHPDSHOH,,,,,3DULV
'XE\*HRUJHV/
(XURSHDX0R\HQ$JH3DULV
/DUULQJWRQ &DURO\QH :RPHQ DQG :ULWLQJ LQ 0HGLHYDO (XURSH $
6RXUFHERRN/RQGRQDQG1HZ<RUN5RXWOHGJH
/
(XURSHDX0R\HQ$JHYRO,,,,3DULV
0DQROHVFX 5DGX FRRUG 2UDúXO PHGLHYDO &XOHJHUH GH GRFXPHQWH
%XFXUHúWL(GLWXUD8QLYHUVLW LL%XFXUHúWL
0XUJHVFX %RJGDQ FRRUG ,VWRULD OXPLL vQ WH[WH %XFXUHúWL (GLWXUD
7HRUD
3DOO)UDQFLVF&UHVWRPD LHGHLVWRULHXQLYHUVDO PHGLH%XFXUHúWL
3DOO )UDQFLVF 0XUHúDQ &DPLO /HFWXUL GLQ L]YRDUHOH (YXOXL 0HGLX
%XFXUHúWL
/LWHUDWXU GHVSHFLDOLWDWH
$OWKXVVHU/RXLV&LWLQGXOSH0DU[%XFXUHúWL(GLWXUD3ROLWLF
$PRU\ 3DWULFN 3HRSOH DQG ,GHQWLW\ LQ 2VWURJRWKLF ,WDO\
&DPEULGJH
$PRXUHWWL 0DULH&ODLUH &RPHW *HRUJHV +RPPHV HW WHFKQLTXHV GH
O¶$QWLTXLWpjOD5HQDLVVDQFH3DULV$UPDQG&ROLQ
$ULpV 3KLOLSSH +LVWRLUH GHV PHQWDOLWpV vQ -DFTXHV /H *RII 5RJHU
&KDUWLHU-DFTXHV5HYHOFRRUG/DQRXYHOOHKLVWRLUH3DULV
$ULpV 3KLOLSSH /¶HQIDQW HW OD YLH IDPLOLDOH VRXV O¶$QFLHQ 5pJLPH
3DULV
$ULpV 3KLOLSSH 'XE\ *HRUJHV FRRUG ,VWRULD YLH LL SULYDWH
$ULpV3KLOLSSH2PXOvQID DPRU LL%XFXUHúWL(GLWXUD0HULGLDQH
%DUWKqOHP\'RPLQLTXH$QXOúL3DFHDOXL'XPQH]HX%XFXUHúWL
(GLWXUD0HULGLDQH
%DUWOHWW 5REHUW 7KH 0DNLQJ RI (XURSH &RQTXHVW &RORQL]DWLRQ DQG
&XOWXUDO&KDQJH/RQGRQ3HQJXLQ
%DVFKHW-pU{PH/DFLYLOLVDWLRQIpRGDOH'HO¶DQPLOjODFRORQLVDWLRQ
GHO¶$PpULTXH3DULV$XELHU
%HDXFDPS-RsOOH/HVWDWXWGHODIHPPHj%\]DQFHHHVLqFOH,/H
GURLWLPSpULDO3DULV
%HQWOH\ 0LFKDHO HG &RPSDQLRQ WR +LVWRULRJUDSK\ /RQGRQ1HZ
<RUN5RXWOHGJH

%LWHO /LVD :RPHQ LQ (DUO\ 0HGLHYDO (XURSH &DPEULGJH
8QLYHUVLW\3UHVV
%L]LqUH 0DXULFH 9D\VVLqUH 3LHUUH +LVWRLUH HW KLVWRULHQV $QWLTXLWp
0R\HQÆJH)UDQFHPRGHUQHHWFRQWHPSRUDLQH3DULV+DFKHWWH
%ORFK0DUF/DVRFLpWpIpRGDOH3DULV$OELQ0LFKHO
%RFN*LVHOD)HPHLDvQLVWRULD(XURSHL'LQ(YXO0HGLXSkQ vQ]LOHOH
QRDVWUH,DúL(GLWXUD3ROLURP
%RFúDQ1LFRDOH0LWX6RULQ1LFRDU 7RDGHU,GHQWLWDWHúLDOWHULWDWH
6WXGLLGHLPDJRORJLHYRO,,&OXM1DSRFD
%RLD/XFLDQ(QWUHO¶DQJHHWODErWH/HP\WKHGHO¶KRPPHGLIIpUHQWGH
O¶$QWLTXLWpjQRVMRXUV3DULV3ORQ
%RLD /XFLDQ +LVWRULHQV GHV $QQDOHV vQ Ä$QDOHOH 8QLYHUVLW LL
%XFXUHúWL´,VWRULHSHWS
%RLD /XFLDQ ,PDJLQDLUH VFLHQWLILTXH GX FRPPXQLVPH &DHQ
3DUDGLJPH
%RLD /XFLDQ ,VWRULD PHQWDOLW LORU FX SULYLUH VSHFLDO DVXSUD úFROLL
GHOD$QQDOHVvQÄ5HYLVWDGHLVWRULH´WRPQUS
%RLD /XFLDQ /¶H[SORUDWLRQ LPDJLQDLUH GH O¶HVSDFH 3DULV /D
'pFRXYHUWH
%RLD/XFLDQ/¶KLVWRULRJUDSKLHURXPDLQHHWO¶pFROHGHV$QQDOHV4XHOTXHV
LQWHUIHUHQFHVvQÄ$QDOHOH8QLYHUVLW LL%XFXUHúWL´,VWRULHS
%RLD /XFLDQ /D ILQ GX PRQGH 8QH KLVWRLUH VDQV ILQ 3DULV /D
'pFRXYHUWH
%RLD/XFLDQ3RXUXQHKLVWRLUHGHO¶LPDJLQDLUH3DULV
%RLD /XFLDQ 3UREOHPH GH JHRJUDILH LVWRULF %XFXUHúWL (GLWXUD
8QLYHUVLW LL%XFXUHúWL
%RORJQH-HDQ&ODXGH+LVWRLUHGHODSXGHXU3DULV2OLYLHU2UEDQ
%RORJQH -HDQ &ODXGH +LVWRLUH GX FpOLEDW HW GHV FpOLEDWDLUHV 3DULV
)D\DUG
%RXUGLHX3LHUUH'RPLQD LDPDVFXOLQ %XFXUHúWL(GLWXUD0HULGLDQH
%UDXGHO )HUQDQG 6WUXFWXULOH FRWLGLDQXOXL SRVLELOXO úL LPSRVLELOXO
%UH]HDQX 6WHOLDQ Ä5RPDQL´ úL Ä%ODFKL´ OD $QRQ\PXV ,VWRULH úL
LGHRORJLHSROLWLF vQÄ5HYLVWDGHLVWRULH´WRPHQUS
,GHP,GHHDGH,PSHULXvQ2FFLGHQWXOPHGLHYDOvQOXPLQDFHUFHW ULORU
GLQXOWLPHOHGHFHQLLvQÄ5HYLVWDGHLVWRULH´S
,GHPÄ5RPDLQV´HWÄ%DUEDUHV´GDQVOHV%DONDQVDX9,,HVLqFOHjOD
OXPLqUH GHV Ä0LUDFOHV GH 6DLQW 'HPHWULXV´ &RPPHQW RQ SHXW GHYHQLU
O
$XWUH5(6((QUWRPH;;,9S

,GHP7HPSVVRFLDOWHPSVLQGLYLGXHOGDQVODYLVLRQPpGLpYDOHURXPDLQH
vQÄ1RXYHOOHVpWXGHVG¶KLVWRULRJUDSKLH´%XFDUHVWYROS
%ULGRX[$QGUp/HVWRwFLVPHHWVRQLQIOXHQFH3DULV
%URZQ3HWHU/¶HVVRUGXFKULVWLDQLVPHPpGLpYDO3DULV6HXLO
%URZQ3HWHU7UXSXOúLVRFLHWDWHD%XFXUHúWL(GLWXUD5DR
%XUJXLqUH$QGUp$QWURSRORJLHKLVWRULTXHvQ-/H*RII5&KDUWLHU
-5HYHO/D1RXYHOOH+LVWRLUH3DULV
%XUJXLqUH $QGUp 7KH )DWH RI WKH +LVWRU\ RI WKH 0HQWDOLWHV LQ WKH
$QQDOHVvQÄ&RPSDUDWLYH6WXGLHVLQ6RFLHW\DQG+LVWRU\ÝROQU
%XUNH 3HWHU HG 1HZ 3HUVSHFWLYHV RQ +LVWRULFDO :ULWLQJ
&DPEULGJH
%XUNH3HWHU9DULHWLHVRI&XOWXUDO+LVWRU\&DPEULGJH
%\QXP&DURO\QH-HQHVHWIHVWLQVVDFUpV/HVIHPPHVHWODQRXUULWXUH
GDQVODVSLULWXDOLWpPpGLpYDOH3DULV(GLWLRQVGX&HUI
&DULOH $QWRQLR 'RQQH VHVVXDOLWj HVWH SRWHUH D %LVDQ]LR GDQV
Ä&RPSRUWDPHQWL HVWH LPPDJLQDULR GHOOD VHVVXDOLWj QHOO¶DOWR PHGLRHYR´
6SROHWR 6HWWLPDQH GL 6WXLR GHOOD )RQGD]LRQH &HQWUR ,WDOLDQR GL VWXGL
VXOO¶DOWRPHGLRHYR/,,,6SROHWR
&DVDJUDQGH&DUOD9HFFKLR6LOYDQD+LVWRLUHGHVSpFKpVFDSLWDOHVDX
0R\HQÆJH3DULV$XELHU
&KDUWLHU 5RJHU $X ERUG GH OD IDODLVH /¶KLVWRLUH HQWUH FHUWLWXGHV HW
LQTXLpWXGH3DULV$OELQ0LFKHO
,GHP /H PRQGH FRPPH UHSUpVHQWDWLRQ vQ Ä$QQDOHV (6&´ QRYGHF
QUS
&KpOLQL -HDQ +LVWRLUH UHOLJLHXVH GH O¶2FFLGHQW PpGLpYDO 3DULV
+DFKHWWH
&KLFLXGHDQ ,RDQ +DOLF %RJGDQ$OH[DQGUX ,PDJRORJLH ,PDJRORJLH
LVWRULF %XFXUHúWL
&L]HN (XJHQ /¶pSRTXH GH 1HURQ HW VHV FRQWURYHUVHV LGpRORJLTXHV
/HLGHQ
,GHP0HQWDOLWpVHWLQVWLWXWLRQVSROLWLTXHVURPDLQHV3DULV
,GHP 6WUXFWXUHV HW LGpRORJLHV GDQV OHV 9LHV GHV GRX]H &pVDUV GH
6XpWRQH%XFDUHVW3DULV
&ODUN *LOOLDQ :RPHQ LQ /DWH $QWLTXLW\ 3DJDQ DQG &KULVWLDQ /LIH
VWLOHV2[IRUG8QLYHUVLW\3UHVV
&RPRURYVNL &RUQHOLD /LWHUDWXUD XPDQLVPXOXL úL D 5HQDúWHULL
,OXVWUDW FXWH[WH%XFXUHúWL(GLWXUD$OEDWURV
&RPWH)HUQDQG/HVJUDQGHVQRWLRQVGXFKULVWLDQLVPH3DULV%RUGDV
&RQVWDQWLQLX)ORULQ6HQVLELOLW LúLPHQWDOLW LvQVRFLHWDWHDURPkQHDVF
DVHFROXOXLDO;9,,OHDvQÄ5HYLVWDGHLVWRULH´S

&RQVWDQWLQLX )ORULQ 6HQVLELOLWp EDURTXH HW UpJLPH QRELOLDLUH
FRQVLGpUDWLRQVSUpOLPLQDLUHVvQÄ5HYXHGHV(WXGHV6XG(VW(XURSpHQQHV´
S
&RQVWDQWLQLX )ORULQ $VSHFWH DOH PHQWDOXOXL FROHFWLY V WHVF vQ
VRFLHWDWHD PHGLHYDO URPkQHDVF vQ Ä6WXGLL úL PDWHULDOH GH LVWRULH PHGLH´
9,,S
&RQWDPLQH 3KLOLSSH %RPSDLUH 0DUF /HEHFT 6WpSKDQH 6DUUD]LQ
-HDQ/XF/¶pFRQRPLHPpGLpYDOH3DULV$UPDQG&ROLQ
&RUELQ $ODLQ /H PLDVPH HW OD MRQTXLOOH O¶RGRUDW HW O¶LPPDJLQDLUH
VRFLDO;9,,,H;,;HVLqFOHV3DULV$XELHU
&RUODQ 6LPRQD ,QYHQWDUHD $IULFLL 1HJUH & O WRULL vQ LPDJLQDUXO
HXURSHDQDOVHFROXOXLDO;;OHD&OXM1DSRFD(GLWXUD'DFLD
(DGHP7RPEXFWRXRUDúXOLPDJLQDU%XFXUHúWL
&RUODQ,RDQ 6LPRQD %R]JDQ 2YLGLX =DKDULD 'DQLHOD
HG,PDJLQkQGLVWRULL%XFXUHúWL(GLWXUD8QLYHUVLW LLGLQ%XFXUHúWL
&UDFFR 5XJJLQL /HOLD /D VHVVXDOLWj QHOO¶HWLFD SDJDQRFULVWLDQD
WDUGRDQWLFD Ä&RPSRUWDPHQWL HVWH LPPDJLQDULR GHOOD VHVVXDOLWj QHOO¶DOWR
PHGLRHYR´ 6SROHWR $WWL 'HOOH 6HWWLPDQH /,,, )RQGD]LRQH &HQWUR
,WDOLDQRGL6WXGLVXOO¶DOWRPHGLRHYR6SROHWR
&URFH%HQHGHWWR7KpRULHHW+LVWRLUHGHO
KLVWRULRJUDSKLH*HQHYH
&URNH%ULDQDQG(PHWW$ODQD(HG+LVWRU\DQG+LVWRULDQVLQ/DWH
$QWLTXLW\3HUJDPRQ3UHVV
&UXEHOOLHU0DXULFH+LVWRLUHFXOWXUHOOHGHOD)UDQFH;,;H;;HVLqFOH
3DULV$UPDQG&ROOLQ
'DJURQ *LOEHUW 'LVFRXUV XWRSLTXH HW UHFLW GHV RULJLQHV 8QH OHFWXUH
GH &DVVLRGRUH-RUGDQHV OHV *RWKV GH 6FDQG]D j 5DYHQQH vQ Ä$QQDOHV
(6&´QUS
'DYLV1DWDOLH=HPRQ)LF LXQHDvQGRFXPHQWHOHGHDUKLY ,VWRULVLULOH
GLQ FHUHULOH GH JUD LHUH úL SRYHVWLWRULL ORU vQ )UDQ D VHFROXOXL DO ;9,OHD
%XFXUHúWL(GLWXUD1HPLUD
'HOXPHDX-HDQ)ULFDvQ2FFLGHQW%XFXUHúWL(GLWXUD0HULGLDQH
'HPXUJHU $ODLQ &DYDOHULL OXL +ULVWRV 2UGLQHOH UHOLJLRVPLOLWDUH vQ
(YXO0HGLXVHF$O;,OHDDO;9,OHD&KLúLQ X(GLWXUD&DUWLHU
'LUNV 1LFKRODV % ,V 9LFH 9HUVD" +LVWRULFDO $QWKURSRORJLHV DQG
$QWKURSRORJLFDO +LVWRULHV vQ 7 - 0F'RQDOG Ä7KH +LVWRULF 7XUQ LQ WKH
+XPDQ6FLHQFHV´
'XE\*HRUJHV$QXO,DúL(GLWXUD3ROLURP
,GHP$UWHWVRFLpWpDX0R\HQÆJH3DULV6HXLO
,GHP &HOH WUHL RUGLQH VDX LPDJLQDUXO IHXGDOLVPXOXL %XFXUHúWL
(GLWXUD0HULGLDQH

,GHP/HFKHYDOLHUODIHPPHHWOHSUrWUH/HPDULDJHGDQVOD)UDQFH
IpRGDOHWUDGURP&DYDOHUXOIHPHLDúLSUHRWXO3DULV+DFKHWWH
,GHP6LWXDWLRQGHODQREOHVVHHQ)UDQFHDXGpEXWGX;,,,HVLqFOHvQ
Ä/DVRFLpWpFKHYDOHUHVTXH´)ODPPDULRQ3DULV
,GHP(YXO0HGLXPDVFXOLQ'HVSUHGUDJRVWHúLDOWHHVHXUL%XFXUHúWL
(GLWXUD0HULGLDQH
'XE\ *HRUJHV 3HUURW 0LFKHOOH FRRUG +LVWRLUH GHV IHPPHV HQ
2FFLGHQW3DULV3ORQ
'X X $OH[DQGUX 'LPHQVLXQHD XPDQ D LVWRULHL 'LUHF LL vQ LVWRULD
PHQWDOLW LORU%XFXUHúWL
,GHP +LVWRLUH GH OD SHQVpH HW GHV PHQWDOLWpV SROLWLTXHV HXURSpHQQHV
%XFDUHVW
,GHP+LVWRLUHGHVPHQWDOLWpV;9,H&RQJUHV,QWHUQDWLRQDOG¶+LVWRLUH
6WXWWJDUW$FWHV6WXWWJDUWS
,GHP,OXPLQLVPXOVXGHVWHXURSHDQ5HFRQVLGHUDUHDXQHLSUREOHPHGH
LVWRULHFXOWXUDO vQÄ5HYLVWDGH,VWRULH´;;9,,,QR
,GHP/HV/XPLqUHVGDQVOHFHQWUHHWOHVXGHVWHXURSpHQ;9H&RQJUHV
,QWHUQDWLRQDOG¶+LVWRLUH%XFDUHVW5DSSRUWVYRO,,S
,GHP/LWHUDWXUDFRPSDUDW úLLVWRULDPHQWDOLW LORU%XFXUHúWL
,GHP'LPHQVLXQHDXPDQ DLVWRULHL'LUHF LLvQLVWRULDPHQWDOLW LORU
%XFXUHúWL
,GHP 0HQWDOLWp GXUpH HW ©OH SDUDGLJPH GHV $QQDOHVª vQ Ä5HYXH
5RXPDLQHG¶+LVWRLUH´;9,,,QU
,GHP 7KH +LVWRU\ RI 0HQWDOLWLHV EHWZHHQ $QWKURSRORJ\ DQG &XOWXUDO
+LVWRU\ H &RQJUpV ,QWHUQDWLRQDO GHV 6FLHQFHV +LVWRULTXHV 0DGULG
YROS
,GHP /D SODFH GH O¶KXPDQLVPH URXPDLQ GDQV O¶KLVWRLUH FXOWXUHOOH
HXURSpHQQH&DKLHUV5RXPDLQVG¶(WXGHV/LWWpUDLUHV%XFDUHVWQUS
,GHP5RPDQLDQ+XPDQLVWVDQG(XURSHDQ&XOWXUH$&RQWULEXWLRQWR
&RPSDUDWLYHDQG&XOWXUDO+LVWRU\%XFDUHVW(GLWXUD$FDGHPLHL
(OLDV1RUEHUW3URFHVXOFLYLOL] ULL,DúL(GLWXUD3ROLURP
(UODQGH%UDQGHQEXUJ$ODLQ&DWHGUDOD%XFXUHúWL(GLWXUD0HULGLDQH
)DYLHU -HDQ 0DULOH GHVFRSHULUL GH OD $OH[DQGUX 0DFHGRQ OD
0DJHOODQ%XFXUHúWL(GLWXUD$UWHPLVID
)ODQGULQ -HDQ/RXLV 0RQWDQDUL 0DVVLPR GLU +LVWRLUH GH
O¶DOLPHQWDWLRQ3DULV)D\DUG
)RHKU-DQVVHQV <DVPLQD /D YHXYH HQ PDMHVWp 'HXLO HW VDYRLU DX
IpPLQLQGDQVODOLWWpUDWXUHPpGLpYDOH*HQqYH/LEUDLULH'UR]
)RQWDLQH -DFTXHV ,VLGRUH GH 6pYLOOH *HQqVH HW RULJLQDOLWp GH OD
FXOWXUHKLVSDQLTXHDXWHPSVGHV:LVLJRWKV7RXUQDL%UHSROV

)XFKV(ULFK/HGpVLUHWODWHQGUHVVH3RXUXQHpWKLTXHFKUpWLHQQHGH
ODVH[XDOLWp3DULV$OELQ0LFKHO
*DUODQG /LQGD 7KH /LIH DQG ,GHRORJ\ RI %\]DQWLQH :RPHQ D )XUWKHU
1RWH RQ &RQYHQWLRQV RI %HKDYLRXU DQG 6RFLDO 5HDOLW\ DV 5HIOHFWHG LQ (OHYHQWK
DQG7ZHOIWK&HQWXU\+LVWRULFDO6RXUFHVÄ%\]DQWLRQ´/9,,,IDVF
*HDU\ 3DWULFN - 0LWXO QD LXQLORU 2ULJLQLOH PHGLHYDOH DOH (XURSHL
7kUJRYLúWH(GLWXUD&HWDWHDGH6FDXQ
,GHP /¶+XPLOLDWLRQ GHV VDLQWV vQ Ä$QQDOHV (6&´ QU
S
,GHP/HYROGHUHOLTXHVDX0R\HQ$JHWUDGIU3DULV
*HDU\3DWULFN-/HPRQGHPpURYLQJLHQ1DLVVDQFHGHOD)UDQFHWUDG
IU3DULV
*HHUW]&OLIIRUG7KH,QWHUSUHWDWLRQVRI&XOWXUH%DVLF%RRNV
*KL XOHVFX &RQVWDQ D ÌQ úDOYDUL úL FX LúOLF %LVHULF VH[XDOLWDWH
F V WRULH úL GLYRU vQ DUD 5RPkQHDVF D VHFROXOXL DO ;9,,,OHD %XFXUHúWL
(GLWXUD+XPDQLWDV
(DGHP)RFXODPRUXOXL%XFXUHúWL(GLWXUD+XPDQLWDV
*LQ]EXUJ&DUOR%UvQ]DúLYLHUPLL8QLYHUVXOXQXLPRUDUGLQVHFROXODO
;9,OHD%XFXUHúWL(GLWXUD1HPLUD
,GHP ,VWRULH QRFWXUQ 2 LQWHUSUHWDUH D 6DEDWXOXL ,DúL (GLWXUD
3ROLURP
,GHP0\WKHVHPEOqPHVWUDFHV0RUSKRORJLHHWKLVWRLUH)ODPPDULRQ
3DULV
*RHWVFKHO 3DVFDOH /R\HU (PPDQXHOOH +LVWRLUH FXOWXUHOOH GH OD
)UDQFHGHOD%HOOHeSRTXHjQRVMRXUV3DULV$UPDQG&ROOLQ
*RRG\-DFN/¶pYROXWLRQGHODIDPLOOHHWGXPDULDJHHQ(XURSH3DULV
$UPDQG&ROLQ
*UDEDU$QGUp/¶kJHG¶RUGH-XVWLQLHQ3DULV*DOOLPDUG
*UDQFHD 0LKDHOD FRRUG 5HSUH]HQW UL DOH PRU LL vQ 7UDQVLOYDQLD
VHFROHORU;9,;;&OXM1DSRFD(GLWXUD&DVD& U LLGHùWLLQ
+XL]LQJD-RKDQ$PXUJXO(YXOXL0HGLX%XFXUHúWL(GLWXUD8QLYHUV
+XQW /\QQ HG 7KH 1HZ &XOWXUDO +LVWRU\ %HUNHOH\ /RV $QJHOHV
/RQGRQ8QLYHUVLW\RI&DOLIRUQLD3UHVV
(DGHP)UHQFK+LVWRU\LQWKH/DVW7ZHQW\<HDUV7KH5LVHDQG)DOORIWKH
$QQDOHV3DUDGLJPvQÄ-RXUQDORI&RQWHPSRUDU\+LVWRU\ÝROQU
+XWWRQ 3DWULFN + 7KH +LVWRU\ RI 0HQWDOLWLHV 7KH 1HZ 0DS RI
&XOWXUDO+LVWRU\vQÄ+LVWRU\DQG7KHRU\´;;
,JJHUV*HRUJ+LVWRULRJUDSK\LQWKH7ZHQWLHWK&HQWXU\+DQRYHUDQG
/RQGRQ

,QWHUQDWLRQDO(QF\FORSHGLDRIWKH6RFLDODQG%HKDYLRUDO6FLHQFHVHG
1HLO-6PHOVHU3DXO%%DOWHV(GLWXUD(OVHYLHU
,RJQD3UDW 'RPLQLTXH 2UGRQQHU HW H[FOXUH &OXQ\ HW OD VRFLpWp
FKUpWLHQQH IDFH j O¶KpUpVLH DX MXGDwVPH HW j O¶,VODP 3DULV
$XELHU
-HKHO *HRUJHV 5DFLQHW 3KLOLSSH /D YLOOH PpGLpYDOH 'H O¶2FFLGHQW
FKUpWLHQjO¶2ULHQWPXVXOPDQ9H;YHVLqFOH3DULV$UPDQG&ROLQ
.DSODQ0LFKHOGLU/H0R\HQ$JH,9H;HVLqFOH3DULV%UpDO
.HOO\ -RDQ 'LG :RPHQ +DYH D 5HQDLVVDQFH" vQ Ä:RPHQ +LVWRU\
DQG7KHRU\7KH(VVD\VRI-RDQ.HOO\´&KLFDJRDQG/RQGRQ8QLYHUVLW\RI
&KLFDJR3UHVVS
.LOVE\-LOO6SDQLDP ULUHúLGHF GHUH%XFXUHúWL(GLWXUD
$OO
.RVHOOHF 5HLQKDUW /H IXWXU SDVVp &RQWULEXWLRQ j OD VpPDQWLTXH GHV
WHPSVKLVWRULTXHVWUDGIU3DULV(+(66
/¶+HUPLWH/HFOHUF 3DXOHWWH /¶(JOLVH HW OHV IHPPHV GDQV O¶2FFLGHQW
FKUpWLHQGHVRULJLQHVjODILQGX0R\HQÆJH7RXUQDL%UHSROV
/DILWWH+RXVVDW-DFTXHV7URXEDGRXUVHWFRXUVGCDPRXU3DULV38)
/DLRX$QJHOLNL$HG&RQVHQWDQG&RHUFLRQWR6H[DQG0DULDJHLQ
$QFLHQW DQG 0HGLHYDO 6RFLHWLHV :DVKLQJWRQ '& 'XPEDUWRQ 2DNV
5HVHDUFK/LEUDU\DQG&ROOHFWLRQ
(DGHP 0DULDJH DPRXU HW SDUHQWp j %\]DQFH DX[ ;,H;,,,H VLqFOHV
3DULV
(DGHP2EVHUYDWLRQVRQWKH/LIHDQG,GHRORJ\RI%\]DQWLQH:RPHQvQ
Ä%\]DQWLQLVFKH)RUVFKXQJHQ´,;
(DGHP7KH5ROHRI:RPHQLQ%\]DQWLQH6RFLHW\;9,,QWHUQDWLRQDOHU
%\]DQWLQLVWHQNRQJUHVV :LHQQ $NWHQ , Ä-DKUEXFK GHU
2VWHUUHLFKLVFKHQ%\]DQWLQLVWLN´
/DTXHXU7KRPDV/DIDEULTXHGXVH[H(VVDLVXUOHFRUSVHWOHJHQUH
HQ2FFLGHQWWUDGIU3DULV*DOOLPDUG
/H*RII-DFTXHV3HQWUXXQDOW(Y0HGLXYRO,,,%XFXUHúWL(GLWXUD
0HULGLDQH
,GHP 'LVFRUVR GL FKLXVXUD vQ Ä3RSROL H SDHVL QHOOD FXOWXUD
DOWRPHGLHYDOH´Ä6HWWLPDQHGLVWXGLRGHOFHQWURGLVWXGLVXOO
DOWRPHGLRHYR´
;;,;WRPRVHFRQGR6SROHWR
,GHP/HVPHQWDOLWpVXQHKLVWRLUHDPELJXsvQ-/H*RII3LHUUH1RUD
pGÄ)DLUHGHO¶KLVWRLUH´3DULV
,GHP1DúWHUHD3XUJDWRULXOXL%XFXUHúWL(GLWXUD0HULGLDQH
,GHP 1HJXVWRULL úL EDQFKHULL vQ (YXO 0HGLX %XFXUHúWL (GLWXUD
0HULGLDQH

,GHPFRRUG2PXOPHGLHYDO,DúL(GLWXUD3ROLURP
,GHP,PDJLQDUXOPHGLHYDO%XFXUHúWL(GLWXUD0HULGLDQH
,GHP6IvQWXO)UDQFLVFGLQ$VVLVL,DúL(GLWXUD3ROLURP
/H *RII -DFTXHV -HDQ&ODXGH 6FKPLWW 'LF LRQDU WHPDWLF DO (YXOXL
0HGLXRFFLGHQWDO,DúL(GLWXUD3ROLURP
/H *RII -DFTXHV 7UXRQJ 1LFRODV 8QH KLVWRLUH GX FRUSV DX 0R\HQ
$JH3DULV(GLWXUD/LDQD/HYL
/H5R\/DGXULH(PPDQXHO0RQWDLOORXVDWRFFLWDQ'HODSkQ
ODWUDGURP%XFXUHúWL(GLWXUD0HULGLDQH
/HDQFD*DEULHO*HRJUDILLFXOWXUDOHúLFRORQL] ULQDUDWLYH3HUVSHFWLYH
LVWRULRJUDILFHvQRUL]RQWLPDJRORJLFvQÄ$QXDUXOLQVWLWXWXOXLGHLVWRULH$'
;HQRSRO´;/9
/HFRXWHDX[&ODXGH)pHV6RUFLqUHVHW/RXSV*DURXVDX0R\HQÆJH
+LVWRLUHGXGRXEOH,PDJR3DULV
/HWW 'LGLHU )DPLOOH HW SDUHQWp GDQV O¶2FFLGHQW PpGLpYDO 9H;9H
VLqFOH3DULV+DFKHWWH
/OR\G*HRIIUH\3RXUHQILQLUDYHFO¶KLVWRLUHGHVPHQWDOLWpV3DULV
/XLVHOOL %UXQR 6WRULD FXOWXUDOH GHL UDSSRUWL WUD PRQGR URPDQR H
PRQGRJHUPDQLFR5RPD
/XQJ(FDWHULQD,VWRULFLLúLSROLWLFDODvQFHSXWXULOH(XURSHLPHGLHYDOH
%XFXUHúWL(GLWXUD8QLYHUVLW LL%XFXUHúWL
0DPLQD $OH[DQGUX /¶KLVWRLUH FXOWXUHOOH HW O¶KLVWRLUH VRFLDOH vQ
Ä1RXYHOOHV SHUVSHFWLYHV GH O¶KLVWRLUH VRFLDOH HQ )UDQFH HW HQ 5RXPDQLH´
pWXGHVUpXQLHVSDU$OH[DQGUX)ORULQ3ODWRQ&ULVWLDQD2JKLQ 3DYHO-DFTXHV
*X\3HWLW,DúLS
,GHP 6RFLHWDWH LQVWLWX LL UHSUH]HQW UL VRFLDOH %XFXUHúWL (GLWXUD
(QFLFORSHGLF
0DQGURX 5REHUW 0DJLVWUDWV HW VRUFLHUV HQ )UDQFH GX ;9,,H VLqFOH
3DULV
0DQROHVFX5DGX6RFLHWDWHDIHXGDO vQ(XURSD$SXVHDQ %XFXUHúWL
(GLWXUDùWLLQ LILF
0DULQ /RXLV 'H O
8WRSLD´ GH 0RUH j OD 6FDQG]D GH &DVVLRGRUH
-RUGDQHVvQÄ$QQDOOHV(6&´
0DUWLQ +HUYp 0HQWDOLWpV PpGLpYDOHV ;,H;9H VLqFOH YRO ,,, 3DULV
38)
0DWH 0DYLV ( :RPHQ LQ 0HGLHYDO (QJOLVK 6RFLHW\ &DPEULGJH
8QLYHUVLW\3UHVV
0D]LOX'DQ+RULD1RLGHVSUHFHLODO L)DOVWUDWDWGHLPDJRORJLH,DúL
(GLWXUD3ROLURP

/HPQ\ùWHIDQ6HQVLELOLWDWHúLLVWRULHvQYHDFXODO;9,,,OHDURPkQHVF
0HUGULJQDF %HUQDUG /D YLH UHOLJLHXVH HQ )UDQFH DX 0R\HQ $JH
3DULV2SKU\V
0RUULVVRQ&pFLOH&UXFLDGHOH%XFXUHúWL(GLWXUD0HULGLDQH
0XFKHPEOHG5REHUW6RFLHWDWHDUDILQDW 3ROLWLF úLSROLWH HvQ)UDQ D
SkQ vQVHFROXODO;;OHD&KLúLQ X(GLWXUD&DUWLHU
0XUJHVFX%RJGDQ$ILLVWRULFvQDQXO%XFXUHúWL(GLWXUD$OO
1LFRDU 6LPRQD,VWRULHúLLPDJLQDU(VHXULGHDQWURSRORJLHLVWRULF
&OXM1DSRFD3UHVD8QLYHUVLWDU &OXMHDQ
(DGHP 2 LVWRULH D VHFXODUL] ULL 'H OD &HWDWHD OXL 'XPQH]HX OD
FHWDWHDRDPHQLORUVHF;,9;9,,,&OXM1DSRFD(GLWXUD$FFHQW
1LFRDU 6LPRQD 1LFRDU 7RDGHU 0HQWDOLW L FROHFWLYH úL LPDJLQDU
VRFLDO ,VWRULD úL QRLOH SDUDGLJPH DOH FXQRDúWHULL &OXM1DSRFD 3UHVD
8QLYHUVLWDU &OXMHDQ
1LFRDU 7RDGHU7UDQVLOYDQLDODvQFHSXWXOWLPSXULORUPRGHUQH
6RFLHWDWH UXUDO úL PHQWDOLW FROHFWLYHL &OXM1DSRFD 3UHVD
8QLYHUVLWDU &OXMHDQ
1RLULHO*pUDUG6XUOD©FULVHªGHO¶KLVWRLUH3DULV(GLWXUD%HOLQ
1RUD 3LHUUH GLU /HV OLHX[ GH PpPRLUH 3DULV *DOOLPDUG YRO

2ODULX (OHQD 0HQWDOLW L úL PRUDYXUL OD QLYHOXO HOLWHL GLQ 0XQWHQLD úL
0ROGRYDVHFROXOXLDO;,;OHD%XFXUHúWL(GLWXUD8QLYHUVLW LL%XFXUHúWL
2U\3DVFDO/¶KLVWRLUHFXOWXUHOOH3DULV38)
,GHP 4X¶HVWFH TXH O¶KLVWRLUH FXOWXUHOOH" vQ Ä8QLYHUVLWp GH WRXV OHV
VDYRLUV /¶+LVWRLUH OD 6RFLRORJLH O¶$QWKURSRORJLH´ GLU <YHV 0LFKDXG
3DULV(GLWXUD2GLOOH-DFRE
3DORX-HDQ9U MLWRULD%XFXUHúWL(GLWXUD&RULQW
3DTXRW7KLHUU\HG+LVWRLUHHQ)UDQFH3DULV/D'pFRXYHUWH
3DULVVH 0LFKHO /HV QRQQHV DX 0R\HQ $JH 3DULV HG &KULVWLQH
%RQQHWRQ
3DVWRXUHDX 0LFKHO 2 LVWRULH VLPEROLF D (YXOXL 0HGLX 2FFLGHQWDO
&KLúLQ X(GLWXUD&DUWLHU
3DWODJHDQ (YHO\QH /¶KLVWRLUH GH OD IHPPH GpJXLVpH HQ PRLQH HW
O¶pYROXWLRQ GH OD VDLQWpWp IpPLQLQH j %\]DQFH vQ Ä6WXGL 0HGLHYDOL´ QU
S
(DGHP 3DXYUHWp pFRQRPLTXH HW SDXYUHWp VRFLDOH j %\]DQFH HH
VLqFOHV0RXWRQ3DULV/D+D\H(+(66
3DXO -DFTXHV %LVHULFD úL FXOWXUD vQ 2FFLGHQW VHFROHOH ,;;,,
6DQFWLILFDUHD RUGLQLL WHPSRUDOH úL VSLULWXDOH YRO ,,, %XFXUHúWL (GLWXUD
0HULGLDQH

,GHP &XOWXUH HW YLH LQWHOOHFWXHOOH GDQV O¶2FFLGHQW PpGLpYDO 3DULV
$UPDQG&ROLQ
,GHP +LVWRLUH LQWHOOHFWXHOOH GH O¶2FFLGHQW PpGLpYDO 3DULV $UPDQG
&ROLQ
3DYHOHVFX*KHRUJKH0DJLDODURPkQL%XFXUHúLW(GLWXUD0LQHUYD
3HWUH=RH$SURSRVGHVVRXUFHVGH-RUGDQHV*HWLFDHW
vQ Ä(WXGHV G¶KLVWRULRJUDILH´ VRXV OD GLUHFWLRQ GH /XFLDQ %RLD %XFDUHVW
S
(DGHP 3UDFWLFD QHPXULULL 2 OHFWXU FULWLF D L]YRDUHORU JUHFHúWL
UHIHULWRDUHODJH L,DúL(GLWXUD3ROLURP
(DGHP6WUXFWXUHVGXUpHOHWFDUDFWqUHGHO¶LPDJLQDLUHjO¶pSRTXHGHV
SUHPLqUHVFRORQLHVJUHFTXHVvQÄ5HYXH5RXPDLQHG¶+LVWRLUH´WRPH;;QU
S
(DGHP 6XUXQVFKpPDWULIRQFWLRQQHOGDQVOHV©3HUVHVªG¶(VFK\OHvQ
Ä5HYXH5RXPDLQHG¶+LVWRLUH´WRPH;9,,,QU
(DGHP 8Q kJH GH UHSUpVHQWDWLRQ DUWLILFH HW LPDJH GDQV OD SHQVpH
JUHFTXH GX 9,H VLqFOH DY Q pUH vQ Ä5HYXH 5RXPDLQH G¶+LVWRLUH´ WRPH
;9,,,QUS
3LSSLGL $QGUHL 7UDGL LD SROLWLF EL]DQWLQ vQ ULOH URPkQH vQ VHF
;9,;9,,,%XFXUHúWL
3LUHQQH+HQUL2UDúHOH(YXOXL0HGLX&OXM1DSRFD(GLWXUD'DFLD
3LUHQQH +HQUL 5HQDXGHW $XJXVWLQ 3HUUR\ (GRXDUG +DQGHOVPDQ
0DUFHO +DOSKHQ /RXLV /D ILQ GX0R\HQÆJH/DGpVDJUpJDWLRQGXPRQGH
PpGLpYDOYRO,3DULV38)S
3ODWRQ $OH[DQGUX)ORULQ 5RJHU &KDUWLHU úL QRXD LVWRULH FXOWXUDO
IUDQFH] vQÄ;HQRSROLDQD´;S
,GHP 6RFLHWDWH úL PHQWDOLW L vQ (XURSD PHGLHYDO ,DúL (GLWXUD
8QLYHUVLW LLÄ$O,&X]D´
3RLULHU3KLOLSSH/HVHQMHX[GHO¶KLVWRLUHFXOWXUHOOH3DULV6HXLO
5H\GHOOHW 0DUF /D UR\DXWp GDQV OD OLWWpUDWXUH ODWLQH GH 6LGRLQH
$SROOLQDLUHj,VLGRUHGH6HYLOOH5RPH
5LFKp 3LHUUH *XLOOHPDLQ %HUQDUG )DYLHU-HDQ 0RULQHDX 0LFKHO
3LOORUJHW 6X]DQQH ,VWRULD XQLYHUVDO YRO ,, 'H OD (YXO 0HGLX OD 6HFROXO
/XPLQLORU/DURXVVH%XFXUHúWL(GLWXUD8QLYHUV(QFLFORSHGLF
5LFKp 3LHUUH 9HUJHU -DFTXHV 'HV QDLQV VXU GHV pSDXOHV GH JpDQWV
0DvWUHVHWpOqYHVDX0R\HQÆJH3DULV7DOODQGLHU
5LRX[ -HDQ3LHUUH 6LULQHOOL )UDQoRLV 3RXU XQH KLVWRLUH FXOWXUHOOH
3DULV6HXLO
5RFKH 'DQLHO /D FXOWXUH GHV DSSDUHQFHV 8QH KLVWRLUH GX YrWHPHQW
;9,,H;9,,,HVLqFOH3DULV)D\DUG

5RXFKH0LFKHO/HVUDFLQHVGHO¶(XURSH/HVVRFLpWpVGX+DXW0R\HQ
ÆJH3DULV)D\DUG
5RXVVHDX &0 5RVHQWKDO -7 :RPHQ 0DUULDJH DQG )DPLO\ LQ
0HGLHYDO&KULVWHQGRP.DODPD]RR:HVWHUQ0LFKLJDQ8QLYHUVLW\
5RXVVHOOH $OLQH 3RUQHLD 'H OD PDvWULVH GX FRUSV j OD SULYDWLRQ
VHQVRULHOOH,,H,9HVLqFOHGHO¶qUHFKUpWLHQQH3DULV3UHVVHV8QLYHUVLWDLUHVGH
)UDQFH
5RX[-HDQ3DXO/HVH[SORUDWHXUVDX0R\HQ$JH3DULV)D\DUG
6FKPLWW -HDQ&ODXGH FRRUG (YH HW 3DQGRUD /D FUpDWLRQ GH OD
IHPPH3DULV*DOOLPDUG
,GHP /¶$QWKURSRORJLH KLVWRULTXH vQ Ä'LFWLRQQDLUH GH O¶HWKQRORJLH HW
GHO¶DQWKURSRORJLH´GLU3LHUUH%RQWH0LFKHO,]DUG3DULV38)
,GHP/H6DLQWOpYULHU*XLQHIRUWJXpULVVHXUG¶HQIDQWVGHSXLVOH;,,,H
VLqFOH3DULV
,GHP5D LXQHDJHVWXULORU%XFXUHúWL(GLWXUD0HULGLDQH
,GHP6WULJRLL9LLúLPRU LLvQVRFLHWDWHDPHGLHYDO %XFXUHúWL(GLWXUD
0HULGLDQH
6FKRUVNH &DUO 9LHQD ILQ GH VLqFOH 3ROLWLF úL FXOWXU ,DúL (GLWXUD
3ROLURP
6NLQQHU 3DWULFLD :RPHQ LQ 0HGLHYDO ,WDOLDQ 6RFLHW\
(GLQEXUJ3HDUVRQ(GXFDWLRQ/LPLWHG
6YHQQXQJ-RVHSK=XU*HVFKLFKWHGHU*RWLFLVPXV8SSVDOD
7HLOOHW6X]DQQH'HV*RWKVjODQDWLRQJRWKLTXH/HVRULJLQHVGHO
LGpH
GHQDWLRQHQ2FFLGHQWGX9HDX9,,HVLHFOH3DULV
7KRPDV .HLWK 7KH 'RXEOH 6WDQGDUG vQ Ä-RXUQDO RI WKH +LVWRU\ RI
,GHDV´S
LJKLOLX ,RODQGD 6RFLHWDWH úL PHQWDOLWDWH vQ DUD 5RPkQHDVF úL
0ROGRYDVHFROHOH;9;9,,%XFXUHúWL(GLWXUD3DLGHHD
3UHVD8QLYHUVLWDU &OXMHDQ
XUFDQX )ORULQ0LUFHD (OLDGH OH SULVRQQLHU GH O¶KLVWRLUH 3DULV /D
'pFRXYHUWH
9DXFKH] $QGUp 6SLULWXDOLWDWHD (YXOXL 0HGLX RFFLGHQWDO %XFXUHúWL
(GLWXUD0HULGLDQH
9HUGRQ -HDQ /¶DPRXU DX 0R\HQ ÆJH /D FKDLU OH VH[H HW OH
VHQWLPHQW3DULV3HUULQ
,GHP/HSODLVLUDX0R\HQ$JH3DULV3HUULQ

0LFKHO 9LHJQHV GLU,PDJLQDLUH GHV SRLQWV FDUGLQDX[ $X[ TXDWUH
DQJOHVGXPRQGH3DULV(GLWXUD,PDJR
9LQFHQW &DWKHULQH ,QWURGXFWLRQ j O¶KLVWRLUH GH O¶2FFLGHQW PpGLpYDO
3DULV/LEUDLULH*pQpUDOH)UDQoDLVH
9RYHOOH0LFKHO'HODFDYHDXJUHQLHU8QLWLQpUDLUHHQ3URYHQFHDX
;9,,,HVLqFOH'HO¶KLVWRLUHVRFLDOHjO¶KLVWRLUHGHVPHQWDOLWpV4XpEHF6HUJH
)OHXU\(GLWHXU
,GHP,GpRORJLHVHWPHQWDOLWpV3DULV/D'pFRXYHUWH
:HEHU 0D[ (WLFDSURWHVWVDQW úLVSLULWXDOFDSLWDOLVPXOXL%XFXUHúWL
(GLWXUD+XPDQLWDV
:KLWH+D\GHQ0HWDKLVWRU\%DOWLPRUH
,GHP 7URSLFV RI 'LVFRXUVH (VVD\V LQ &XOWXUDO &ULWLFLVP %DOWLPRUH
DQG/RQGRQ7KH-RKQ+RSNLQV8QLYHUVLW\3UHVV
:ROI3KLOLSSH/C(YHLOLQWHOOHFWXHOGHOC(XURSH3DULV6HXLO
:ROIUDP+HUZLJ+LVWRLUHGHV*RWKV3DULV
:ROIUDP+HUZLJ2ULJRHWUHOLJLR(WKQLF7UDGLWLRQVDQG/LWHUDWXUHLQ
(DUO\0HGLHYDO7H[WVvQÄ(DUO\0HGLHYDO(XURSH´S
=LQN 0LFKHO ,QWURGXFWLRQ j OD OLWWpUDWXUH IUDQoDLVH GX 0R\HQ ÆJH
3DULV/LEUDLULH*pQpUDOH)UDQoDLVH
=XJUDYX1HOX*HQH]DFUHúWLQLVPXOXLSRSXODUDOURPkQLORU%XFXUHúWL

5HGDFWRU0LKDHODù7()$1
7HKQRUHGDFWRU)ORUHQWLQD67(0$7(
&RSHUWD&RUQHOLD352'$1
%XQGHWLSDU&ROLWLSDU
)RUPDW[
%XOHYDUGXO7LPLúRDUD1U%XFXUHúWL6HFWRU
7HO)D[ZZZVSLUXKDUHWUR
(PDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR

An1 Ment Inst Med EcaterinaLung PDF

Загружено:

Сведения о документе

Оригинальное название

Авторское право

Доступные форматы

Поделиться этим документом

Поделиться или встроить документ

Параметры публикации

Этот документ был вам полезен?

Это неприемлемый материал?

Авторское право:

Доступные форматы

An1 Ment Inst Med EcaterinaLung PDF

Загружено:

Авторское право:

Доступные форматы

(&$7(5,1$/81*

0(17$/,7 ,ù,&8/785 Ì1(98/0(',8

Вам также может понравиться