Sunteți pe pagina 1din 15

&DSLWROXO




32/,7,&$'(&2081,&$5($),50(,
&83,$

$



2ELHFWLYH


'HILQLUHDFRQFHSWXOXLGHFRPXQLFDUH

&XQRDWHUHDHOHPHQWHORUVLVWHPXOXLGHFRPXQLFDUH

(YLGHQ LHUHDEDULHUHORUGHFRPXQLFDUHLWLSRORJLDFRPXQLF ULL

5HOLHIDUHDFHULQ HORUXQHLFRPXQLF ULHILFLHQWH




),50$&2081,&$5($,352029$5($
3(3,$

$

,17


3ROLWLFDGHFRPXQLFDUHDXQHLILUPH RUJDQL]D LL HVWHXQHOHPHQWLPSRUWDQWDOSURJUDPHORU
GHPDUNHWLQJRYDULDELO LPSRUWDQW DPDUNHWLQJXOXLPL[3HQWUXDYLQGHQXHVWHVXILFLHQWV RIHUL
XQ SURGXV  VHUYLFLX OD XQ DQXPLW SUH  SULQ LQWHUPHGLXO XQXL FLUFXLW GH GLVWULEX LH WUHEXLH GH
DVHPHQHDV vQVR HWLRIHUWDFXXQVLVWHPFRHUHQWGHFRPXQLFDUH V IDFLFXQRVFXWSURGXVXOV VFR L
vQ HYLGHQ

 QHYRLOH SH FDUH OH VDWLVIDFH V  FUHH]L L V  PHQ LL R EXQ  LPDJLQH  (VWH GHFL PDL PXOW

GHFkWQHFHVDUFDILUPDV XWLOL]H]HFHOHPDLEXQHPLMORDFHGHFRPXQLFDUHSHFDUHOHSRDWHFRQWUROD
&RQGL LD GH VXSUDYLH XLUH D RULF UHL ILUPH vQ FRQGL LLOH XQXL PHGLX GH SLD
SULQ FRQFXUHQ

 FDUDFWHUL]DW

 DFHUE  SURJUHV WHKQRORJLF UDSLG L JOREDOL]DUH HVWH UHSUH]HQWDW  GH FDSDFLWDWHD

ILUPHL GH D VH DGDSWD VFKLPE ULORU GLQ PHGLXO HL GH DF LXQH $FHVW OXFUX VH SRDWH UHDOL]D SULQ
FRPSHWHQ

 L UHVSRQVDELOLWDWH FDUH LQFOXG R FRPXQLFDUH SHUWLQHQW  L HILFLHQW  DWkW FX LQWHULRUXO

RUJDQL]D LHL FDRFRQGL LHGHPRELOL]DUHPRWLYDUHDUHVXUVHORUSURSULL FkWLFXH[WHULRUXOPLFUR


LPDFURHFRQRPLFGHSLD

SHQWUXFUHDUHDLFRQVROLGDUHDXQHLLPDJLQLSR]LWLYH

Q OLWHUDWXUD GH VSHFLDOLWDWH VH VXEOLQLD]  IDSWXO  SH EXQ  GUHSWDWH  F  QX VH SRDWH SXQH
VHPQXO GH LGHQWLWDWH vQWUH FRPXQLFDUH L SURPRYDUH UHVSHFWLY SXEOLFLWDWH  3UH]HQW P vQ DFHVW VHQV
FkWHYDGHILQL LLSUHOXDWHGLQOLWHUDWXUDGHVSHFLDOLWDWH
&RPXQLFDUHD YL]HD]
VDOHV

V

 PRGLILFH QLYHOXO GH LQIRUPD LL DO SXEOLFXOXL L  VDX DWLWXGLQLOH

FUHH]HRLPDJLQH
3URPRYDUHD DUH FD

LQW

 FRPSRUWDPHQWXO SXEOLFXOXL OHJDW GH DVLJXUDUHD DYDQWDMHORU

ILQDQFLDUH RE LQXWH SULQ DFKL]L LRQDUHD XQXL SURGXVVHUYLFLX RIHULW GH ILUP
SURPRYDUHD

UHSUH]LQW 

DQVDPEOXO

DFWLYLW

LORU

GH

PDUNHWLQJ

FDUH

 QWUR DOW  GHILQL LH

VWLPXOHD] 

FXPS U WXULOH

FRQVXPDWRULORU (D FXSULQGH FRPXQLFDUHD UHOD LLOH SXEOLFH SXEOLFLWDWHD YkQ] ULOH YkQ] ULOH
SURPR LRQDOH
3XEOLFLWDWHD FXSULQGH DQVDPEOXO IRUPHORU GH FRPXQFDUH LPSHUVRQDO
UHDOL]

 XWLOL]DWH vQ VFRSXO

ULLXQXLRELHFWLYFXFDUDFWHUFRPHUFLDO FUHWHUHD&$GHH[HPSOX 


3URPRYDUHD YkQ]

VWLPXOH]HLPHGLDWYkQ]

ULORU FXSULQGH XQ HYDQWDL GH WHKQLFL FDUH SHUPLW FRPHUFLDQ LORU V

ULOH

3URPRYDUHD OD ORFXO YkQ]

ULL 3/9  UHSUH]LQW

 WHKQLFL GH YkQ]DUH SURPR LRQDOH FDUH

FRQVWDXvQDLGHQWLILFDPLMORDFHGHVWLPXODUHDDWHQ LHLDVXSUDORFXOXLGHYkQ]DUH
0LMORDFHOHGHFRPXQLFDUHDOHILUPHLFXSLD DVXQWGHRIRDUWHPDUHGLYHUVLWDWHHVWHQHFHVDU
FD ILUPD V  LGHQWLILFH FHOH PDL EXQH LQVWUXPHQWH LQkQG FRQW DWkW GH UHVXUVHOH GLVSRQLELOH FkW L GH
PHGLXOXQGHDF LRQHD] $FHVWHPLMORDFHGHFRPXQLFDUHSRWILJUXSDWHDVWIHO
D  FRPXQLFDUHD SHUVRQDO   SULQ IRU D GH YkQ]DUH DUWL]DQDO  FRVWLVLWRDUH GDU HILFDFH
YkQ] WRUXO GLDORJKHD]  GLUHFW FX FOLHQWXO 5HYROX LD FRPHUFLDO  D vQORFXLW vQ IRDUWH PXOWH
ORFXULGLUHF LLYkQ] WRUXO

E FRPXQLFDUHDSULQSXEOLFLWDWHGHPDV XQLODWHUDO LPSHUVRQDO PDLSX LQHILFDFHGDUL


PXOWPDLFRVWLVLWRDUH
F  DOWH PLMORDFH GH FRPXQLFDUH ILLQG LQFOXVH DLFL SURPRYDUHD UHOD LL SXEOLFH H[SR]L LL
WkUJXULFDGRXULSXEOLFLWDUH
2 GHILQL LH FXSULQ] WRDUH L RSHUD LRQDO  D FRPXQLF ULL HVWH FHD GDW  GH $EUDKDP 0HOHV
VWDELOLUHD XQHL FRUHVSRQGHQ H XQLYRFH vQWUH XQ XQLYHUV VSD LDO  WHPSRUDO $ HPL

WRU L XQ

XQLYHUV VSD LDO  WHPSRUDO % UHFHSWRU  FDUH LQFOXGH QR LXQHD GH vQ HOHJHUH WUDQVIHU L FDUH VH
GHVI

RDU

GHODFkPSXOIHQRPHQDOSkQ

ODFkPSXOGHVLPEROXULOHJDWHvQWURVWUXFWXU



Q VHQVXO FHO PDL JHQHUDO VFRSXO FRPXQLF ULL HVWH DFHOD GH D HIHFWXD VFKLPE UL GH D
LQIOXHQ D R DF LXQH 7RDWH DFWLYLW

LOH FDUH LQFOXG IDFWRUXO XPDQ vQ VRFLHWDWHD FRPHUFLDO  IDF DSHO OD

FRPXQLFDUH6DUSXWHDDILUPDF HDVHUYHWHFDOXEULILDQWvQRULFHDF LXQH


&RPXQLFDUHDWLQGHV LQIOXHQ H]HVDXV PRGLILFHSHUFHS LLOHDWLWXGLQLOHFRPSRUWDPHQWHOH
VHQWLPHQWHOH RSLQLLOH XQXL LQGLYLG VDX DOH XQXL JUXS GH LQGLYL]L &RPXQLFDUHD XQHL ILUPH FX SLD D
SRDWH IL DERUGDW  OD GRX  QLYHOXUL  HWDMH LQWHUQ  L H[WHUQ  &RPXQLFDUHD LQWHUQ  FRQIHU 
PDQDJHUXOXL FRQWULEX LD SDUWLFLSDWLY  FRQVWLWXLH HOHPHQWXO GH FRH]LXQH GLQWUH PHPEULL FRQVLOLXOXL
GHDGPLQLVWUD LHLDFHOXLGLUHFWRUDVLJXUkQGXOHSRVLELOLWDWHDGHDvQ HOHJHLGHDVHIDFHvQ HOHLGH
F WUH VDODULD LL VRFLHW
DWUDJHUH

D

LL FRPHUFLDOH &RPXQLFDUHD FRQVWLWXLH SHQWUX PDQDJHU FDOHD SULQFLSDO  GH

VDODULD LORU

OD

H[HUFLWDUHD

DFWLYLW

LORU

QHFHVDUH

UHDOL] ULL

FRPHUFLDOH &RPXQLFDUHD UHSUH]LQW  HOHPHQWXO GLQDPLF DO DFWLYLW

RELHFWLYHORU

VRFLHW

LL

LL PDQDJHULDOH DO F UXL VFRS

SULQFLSDO FRQVW  vQ FUHDUHD FRQGL LLORU SHQWUX LQWHJUDUHD SVLKRVRFLDO  L FRODERUDUHD VDODULD LORU
VRFLHW

LLFRPHUFLDOHSHWRDWHWUHSWHOH
0DQDJHUXOWUHEXLHV FRPXQLFHVDODULD LORUVDUFLQLOHSHFDUHOHDXGHvQGHSOLQLWSUREOHPHOH

UHIHULWRDUH OD FDOLWDWH L ILDELOLWDWH UHQWDELOLWDWH L HFRQRPLL /D UkQGXO ORU VDODULD LL GRUHVF V 
FXQRDVF  SUHRFXS ULOH PDQDJHUXOXL SHQWUX GH]YROWDUHD L PRGHUQL]DUHD VRFLHW

LL L FRQVHFLQ HOH

XPDQH DOH SURFHVXOXL UHVSHFWLY P VXULOH SUHFRQL]DWH SHQWUX IRUPDUHD L SHUIHF LRQDUHD SUHJ WLULL
SURIHVLRQDOH D SHUVRQDOXOXL Q IHOXO DFHVWD VH FUHD]  XQ VLVWHP GH FRPXQLFDUH UHFLSURF  FDUH
IDYRUL]HD] GH]YROWDUHDVRFLHW

LLFRPHUFLDOHVSUHvQI SWXLUHDRELHFWLYHORUGHSHUVSHFWLY LFXUHQWH

Q DFHVW SURFHV FRPXQLFDUHD DF LRQHD]  QX QXPDL FD XQ HOHPHQW LQWHJUDWRU FL L FD XQ PHFDQLVP
FRRUGRQDWRULGHFRQWUROFDSDELOV FUHH]HXQFOLPDWXPDQJHQHUDWRUGHHILFLHQ

LVDWLVIDF LL

&RPXQLFDUHD H[WHUQ  D ILUPHL FX SLD D DVLJXU  VFKLPEXO GH LQIRUPD LL DO ILUPHL FX SLD D
LQW SHFDUHDF LRQHD] 
5HOD LDGLQWUHILUP LSLD

HVWHELODWHUDO vQVHQVXOF DWkWILUPDFkWLSLD DvQGHSOLQHVFvQ

VLVWHPXO GH FRPXQLFDUH UROXO GH UHFHSWRU GDU L GH HPL

WRU 3HQWUX R EXQ  FRPXQLFDUH FX SLD D

ILUPD WUHEXLH V  GLVSXQ  GH R VWUXFWXU  DGHFYDW  GH FRPXQLFDUH DOH F UHL ED]H VXQW SXVH GH
FRPSDUWLPHQWHOH GH PDUNHWLQJ DQDOL]  L FHUFHWDUH GH SLD

 FRRUGRQDWH GH XQ SXUW WRU GH FXYkQW

GLUHFWVXERUGRQDWPDQDJHUXOXLILUPHL
QWUHFRPXQLFDUHDLQWHUQ LH[WHUQ H[LVW VWUkQVHOHJ WXUL
D  FRPXQLFDUHD H[WHUQ  GH OD SLD

 F WUH ILUP  VHUYHWH SHQWUX DGDSWDUHD  SHUIHF LRQDUHD

RIHUWHLUHDOL]DWHGHILUP 
E  FRPXQLFDUHD H[WHUQ  GH OD ILUP  F WUH SLD

 DUH FD VFRS SURLHFWDUHD XQHL LPDJLQL

SR]LWLYH DWkW SHQWUX ILUP  FkW L SHQWUX SURGXVHOH VDOH LPDJLQH FDUH WUHEXLH V  DLE  FD VXSRUW
SURGXVHSHUIRUPDQWH 
F  LQIRUPD LLOH SULPLWH GH OD SLD

 GH F WUH ILUP  VXQW WUDQVPLVH OD WRDWH VWUXFWXULOH LQWHUQH

GHYLQH FRPXQLFDUH LQWHUQ  SHQWUX R PDL EXQ  RUJDQL]DUH D SURGXF LHL GLVWULEX LHL UHFODPHL
SURPRY ULLHWF
/D QLYHOXO ILUPHL H[LVW  QXPHURDVH UH HOH GH FRPXQLFD LL FDUH DOF WXLHVF VLVWHPXO GH
FRPXQLFD LL 5ROXO GHRVHELW DO DFHVWXLD vQ DVLJXUDUHD IXQF LRQDOLW

LL L HILFDFLW

LL ILUPHL HVWH

JHQHUDWvQSULQFLSDOGH
 YROXPXO FRPSOH[LWDWHD L GLYHUVLWDWHD RELHFWLYHORU ILUPHL L VXEVLVWHPHORU VDOH GDWRUDWH
LPSDFWXOXLYDULDELOHORUPHGLXOXLDPELDQWQD LRQDOLLQWHUQD LRQDO
 PXWD LLOH SURIXQGH LQWHUYHQLWH vQ FDUDFWHULVWLFLOH GLPHQVLRQDOH L IXQF LRQDOH DOH ILUPHL
URPkQHWLGHFODQDWHGHWUDQ]L LDODHFRQRPLDGHSLD



JUXSXULOHLPRGXOGHFRQFHSHUHLIXQF LRQDUHDDFHVWRUD
 DFWLYLWDWHD PDQDJHULDO  PRGXO GH VWUXFWXUDUH D WLPSXOXL GH PXQF  FDUH V  SHUPLW 
UH]ROYDUHD GHFL]LRQDO  L RSHUD LRQDO  D SUREOHPHORU FDUH DSDU 'LQ DFHVW SXQFW GH YHGHUH HVWH
XQDQLP  DSUHFLHUHD FRQIRUP F UHLD XQ PDQDJHU DIHFWHD]  DSUR[LPDWLY  GLQ WLPSXO V XSHQWUXD
FRPXQLFDVLWXD LHFHMXVWLILF PXOWLSOHOHUROXULSHFDUHOHvQGHSOLQHWHvQFDGUXOILUPHL
XQUROLQWHUSHUVRQDO VLPEROOLGHUDJHQWGHOHJ WXU 
XQUROLQIRUPD LRQDO REVHUYDWRUDFWLYGLIX]RUSXUW WRUGHFXYkQW 
XQUROGHFL]LRQDO vQWUHSULQ] WRUUHJXODWRUUHSDUWLWRUGHUHVXUVHQHJRFLDWRU 
&RPXQLFDUHD L VLVWHPHOH GH FRPXQLFD LH VSHFLILFH XQHL ILUPH DX FRQVWLWXLW RELHFWXO XQRU
DPSOH FHUFHW UL vQWUHSULQVH vQ SULQFLSDO vQ DQLL
 
 $[DWH SH DVSHFWH GH QDWXU  SVLKRORJLF  L
DSHOkQG OD PRGDOLW

LOH GH H[SULPDUH SUHOXDWH GLQ LQIRUPDWLF  L FLEHUQHWLF  SULQFLSDOHOH DERUG UL

DOHSURFHVXOXLGHFRPXQLFDUHSRWILUH]XPDWHODXUP WRDUHOH
D 

6FKHPD

OXL

/DVZHOO

3UH]LQW 

vQWUR

PDQLHU 

UHODWLY

VLPSOLILFDW 

SURFHVXO

GH

FRPXQLFDUH FRQFHSXW V  U VSXQG  OD FLQFL vQWUHE UL FLQH" FH ]LFH" SULQ FH PLMORDFH" FXL L VH DGUH
VHD] " FX FH HIHFWH" &RPXQLFDUHD HVWH SHUFHSXW  FD ILLQG WUDVHXO XQXL VWLPXO LQIRUPD LH  FH
SURYRDF XQU VSXQV LPSDFWXODVXSUDUHFHSWRUXOXL 

&DQDO&DQDO
(PL

WRU0HVDM5HFHSWRU



E  6FKHPD OXL 6KDQQRQ (VWH PXOW PDL FRPSOH[  GHFkW SUHFHGHQWD SULQ DFHHD F  VH

LQWURGXF L VH XWLOL]HD]  QR LXQLOH GH FRGLILFDUH L  GHFRGLILFDUH FH SHUPLW H[SOLFDUHD
QXPHURDVHORUEORFDMHDOHFRPXQLF ULL

&DQDO&DQDO
(PL

WRU0HVDM5HFHSWRU

FRGLILFDUH  GHFRGLILFDUH 




F  6FKHPD OXL :LHQHU &RPSOHWHD]  SUHFHGHQWHOH UHDOL] UL FX IHHGEDFNXO LQIRUPD LD
UHWXU  vQ SRVHVLD F UXLD HPL

WRUXO LQWU  FXQRVFkQG DVWIHO PDQLHUD GH UHFHSWDUH D PHVDMXOXL

FRPXQLF ULL 3H ED]D DFHVWHL VFKHPH SRW IL LGHQWLILFDWH DWkW FRPSRQHQWHOH IXQGDPHQWDOH DOH
SURFHVXOXL GH FRPXQLFDUH FkW L OHJ WXULOH GLQWUH HOH  IDFLOLWkQGXVH VHVL]DUHD LPSDFWXOXL SURGXV
DVXSUDVLVWHPXOXLLQIRUPD LRQDOLPDQDJHPHQWXOXLILUPHL
'LQ UHSUH]HQW ULOH JUDILFH SUH]HQWDWH UH]XOW  GLIHULWHOH HOHPHQWH VDX YDULDELOH GH FDUH
GHSLQGHFRPXQLFDUHD$FHVWHDVXQW
D HPL

WRUXOHVWHVXELHFWXOFDUHDUHLQL LDWLY vQHPLWHUHDPHVDMXOXLGHWUDQVPLVDF LXQH

vQ FDUH WUHEXLH V  VH

LQ  VHDPD GH REVWDFROHOH SHUVRQDOH SVLKRORJLFH L VRFLRORJLFH  L

RUJDQL]D LRQDOH SHFDUHHPLWHQWXOHVWHQHYRLWV OHHOLPLQH(PL

WRUXODIODWvQLSRVWD]DGHPDQDJHU

VDXH[HFXWDQWVDXWHU HVWHSHUVRDQDFDUHLQL LD] FRPXQLFD LDDYkQGXQVFRSELQHSUHFL]DW


E  PHVDMXO H[SULPDW FX FODULWDWH L SHUWLQHQ
WUDQVPLVHGHHPL

 UHSUH]LQW  IRUPD IL]LF  D LQIRUPD LHL

WRUVSUHUHFHSWRUFHvPEUDF PDLPXOWHLSRVWD]H YHUEDO LQRQYHUEDO 

F RELHFWLYXOFRPXQLF

ULLDUHOHJ WXU ILUHDVF FXLQWHUHVXOHPL

WRUXOXL

G PHGLXOIL]LFLXPDQvQFDUHVHSURGXFHFRPXQLFDUHD
H  WUDQVPLWHUHD PHVDMXOXL FX LQGLFDUHD VXSRUWXOXL UHXQLXQH FRPXQLFDW vQWUHYHGHUH
VFULVRDUHFLUFXODU UDSRUW LFDQDOXOXL
I  UHFHS LD PHVDMXOXL UHFHSWRUXOH[HFXWDQWPDQDJHUVDXWHU SHUVRDQDVDXJUXSXOGH
SHUVRDQHEHQHILFLDUHDOHPHVDMXOXLLQIRUPD LRQDO 
$QDOL]DDFHVWRUHOHPHQWHVFRDWHvQHYLGHQ

FkWHYDDVSHFWHSULQFLSDOHFXPDUIL

DVSHFWXOWHKQLFDOFRPXQLF ULORUFDUHDUHvQYHGHUHSUHFL]LDLUDSLGLWDWHDFXFDUHSRWIL
WUDQVPLVHPHVDMHOH
  DVSHFWXO VHPDQWLF FDUH DUH vQ YHGHUH FRUHVSRQGHQ D GLQWUH VLPEROXUL L VHPQLILFD LD
IHQRPHQHORUUHSUH]HQWDWHGHDFHVWHD
  ODWXUD HILFLHQ HL SXV  vQ YDORDUH GH UH]XOWDWHOH RE LQXWH FD XUPDUH D PDWHULDOL] ULL
WUDQVPLWHULLPHVDMHORU
3URFHVXO GH FRPXQLFDUH UHFODP  RSHUD LL GH FRGLILFDUH L GHFRGLILFDUH SULQ LQWHUPHGLXO
F URUDHPL

WRUXOLUHFHSWRUXODSHOHD] ODDQXPLWHVLPEROXULSHQWUXDIDFLOLWDvQ HOHJHUHDPHVDMXOXL

WUDQVPLWHUHD L LQWHUSUHWDUHD LQIRUPD LHL FH IDFH RELHFWXO FRPXQLFD LHL $VWIHO SULQ FRGLILFDUH
HPL

WRUXO DSHOHD]  OD VLPEROXUL YDULDWH  VXQHWH OLWHUH FLIUH JHVWXUL JUDILFH HWF  SHQWUX D

WUDQVPLWH L D VH IDFH vQ HOHV GH F WUH UHFHSWRU LDU DFHVWD SULQ GHFRGLILFDUH DVLJXU  LQWHUSUHWDUHD
PHVDMXOXL L FRQYHUWLUHD VLPEROXULORU vQWUR LQIRUPD LH SHUWLQHQW  ,PSRUWDQW HVWH IDSWXO F  vQ
DQXPLWH VLWXD LL GHFRGLILFDUHD HVWH LQIOXHQ DW  GH PDQLHUD vQ FDUH VXQW LQWHUSUHWDWH VLPEROXULOH GH
F WUHUHFHSWRUGHVHPQLILFD LDORUGHP VXUDvQFDUHDFHVWHDvLVDWLVIDFFHULQ HOH
'HDVHPHQHDvQFRQWH[WXOSURFHVXOXLGHFRPXQLFDUHDSDULXQLLIDFWRULSHUWXUEDWRULFHVH
PDQLIHVW  SH WUDVHXO HPL

WRU  UHFHSWRU L FDUH SRW SURYRFD GLVIXQF LRQDOLW

L PDMRUH vQ GHUXODUHD

DFHVWXLD SUHFXP ILOWUDMH GLVWRUVLXQL EORFDMH $VWIHO GH IDFWRUL SHUWXUEDWRUL VXQW DWkW RELHFWLYL
FDOLWDWHD GHILFLWDU  D PLMORDFHORU GH FRPXQLFDUH  WHOHIRQ LQWHUIRQ YLGHRIRQ 79 LQVWDOD LL GH
GLVSHFHUL]DUH FDOFXODWRU ID[ WHOHID[ FDSDFLWDWHD UHGXV  D FDQDOHORU GH FRPXQLFDUH IRORVLUHD XQRU
VXSRU L PDWHULDOL QHDGHFYD L  FkW L VXELHFWLYL DWHQ LD PDL VF ]XW  DFRUGDW  WUDQVPLWHULL L
UHFHS LRQ ULL PHVDMXOXL LQIRUPD LRQDO QLYHOXO GH SUHJ WLUH D PDQDJHULORU L H[HFXWDQ LORU
LQWHUYHQ LDXQRUSHUVRDQHSHQWUXGHIRUPDUHDFRQ LQXWXOXLLQIRUPD LLORUWUDQVPLVHHWF 
1R LXQHDGHFRPXQLFDUHDILUPHLFXSLD DHVWHFRPSOH[ LDUHPXOWLSOHVHQVXUL(DSRDWHIL
LQWHUSUHWDW  vQ QXPHURDVH IHOXULGDULQGLIHUHQWGHPRGXOFXPVXQWLQWHUSUHWDWHFRPXQLF ULOHDXXQ
VLQJXUVFRSLDQXPHVFKLPEXOUHFLSURFGHLQIRUPD LLLGHLDWLWXGLQLJkQGXULLRSLQLL$FHVWSURFHV
GH VFKLPE GH LQIRUPD LL LPSOLF  vQ HOHJHUHD UHFLSURF  FHULQ

 FH VH ED]HD]  SH FDUDFWHULVWLFLOH

FRPXQLF ULL$FHVWHDWUHEXLHV ILHXRULGHQWLILFDELOH


&RPXQLFD LDVHFDUDFWHUL]HD] SULQ
 IOX[XO vQ GXEOX VHQV DGLF  SRVLELOLWDWHD HL GH D FLUFXOD GH VXV vQ MRV GH MRV vQ VXV SH
YHUWLFDO LSHRUL]RQWDO vQVLVWHPIHHGEDFN
HPLWHUHDLUHFHS LRQDUHD
H[LVWHQ DXQXLFRGED]DWSHXWLOL]DUHDGHVLPEROXULvQ HOHVHGHSDUWHQHUL
DVLJXUDUHDXQHLFRQFRUGDQ HvQWUHUHDOLWDWHLVHQVXULOHFXYLQWHORU VLPEROXULORU 
UHDOL]DUHDFRQWLQXLW

LLFRPXQLFD LRQDOHDSHOkQGXVHODUHSHWL LH

OHJ WXUDLQYHUV FDPLMORFGHFRPXQLFDUHvQGXEOXVHQV


Q FDGUXO XQHL ILUPH VLVWHPXO GH FRPXQLFDUH WUHEXLH FRQFHSXW FD XQ RUJDQLVP GLQDPLF vQ
VWDUH V  VH DGDSWH]H vQ RULFH PRPHQW QHYRLORU GH LQIRUPDUH OD WRDWH QLYHOXULOH L vQ WRDWH VHQVXULOH
FX H[WLQGHUH DVXSUD vQWUHJLL SUREOHPDWLFL FDUH LQIOXHQ HD]  L FRQGL LRQHD]  DWLQJHUHD RELHFWLYHORU
VWUDWHJLFHSURSXVH
$VLJXUDUHD GLQDPLVPXOXL L IOH[LELOLW

LL FRPXQLF ULL VH SRDWH UHDOL]D SULQ UHVSHFWDUHD

XUP WRDUHORUFRQGL LL


 IRUPXODUHD FRQFLV  L H[DFW  D PHVDMXOXL FDUH WUHEXLH V  DVLJXUH vQ HOHJHUHD LQWHJUDO  L
XRDU DDFHVWXLDGHF WUHWR LVDODULD LLVDXWHU LLGHSHSLD D LQW F URUDOHDIRVWDGUHVDW
 WUDQVPLWHUHD UDSLG  L QHGHIRUPDW  D PHVDMXOXL FRQGL LH FH SRDWH IL UHDOL]DW  GDF  ILUPD
HVWH RUJDQL]DW  FX FHO PDL PLF QXP U SRVLELO GH WUHSWH LHUDUKLFH LDU RUJDQLJUDPD V  GLVSXQ  GH
FRPSDUWLPHQWHGHFRPXQLFDUH
 DVLJXUDUHD IOXHQ HL L UHYHUVLELOLW
XXULQ

LL FRPXQLFD LLORU vQ YHGHUHD WUDQVPLWHULL FX DFHHDL

DWkWDLQIRUPD LLORUGHVFHQGHQWHFkWLDVFHQGHQWHLQFOXVLYFHOHGLQWUHILUP LSLH HOH LQW 


 XWLOL]DUHD OLPEDMXOXL GH VSHFLDOLWDWH FHHD FH SUHVXSXQH FXQRDWHUHD vQ DFHHDL P VXU  D

SUREOHPHORUILUPHLDWkWGHF WUHHPLWHQWFkWLGHF WUHUHFHSWRULLLQWHUQLLVDXH[WHUQLILUPHL


 VLPSOLILFDUHD L GHVFRQJHVWLRQDUHD OLQLLORU GH FRPXQLFDUH SULQ GHVFHQWUDOL]DUHD DGRSW ULL
GHFL]LLORUODWUHSWHOHLQIHULRDUHDOHLHUDUKLHL

 DVLJXUDUHD IOH[LELOLW

LL L DGDSWDELOLW

LL VLVWHPXOXL GH FRPXQLFDUH FHHD FH SHUPLWH

IRORVLUHDOXLODRULFDUHVLWXD LHQRXFUHDW 
Q RULFH ILUP  vQ IXQF LH GH QHFHVLW

L VH IRORVHVF GLIHULWH IHOXUL GH FRPXQLFD LL FDUH VH

FRPSOHWHD]  UHFLSURF LDU RUGLQHD ORU GH VHOHF LH HVWH GLFWDW  GH UDSLGLWDWHD L GH SUHFL]LD LPSXV  GH
QHFHVLWDWHD UHVSHFWLY  9DULHWDWHD FRPXQLFD LLORU SHUPLWH IDFH QHFHVDU  H[LVWHQ D PXOWRU FULWHULL GH
FODVLILFDUHLGHFLRWLSRORJLHDGHFYDW 
D QIXQF LHGDFDQDOXOGHFRPXQLFDUHFRPXQLFD LLOHSRWIL
 FRPXQLFD LL IRUPDOH SUHFL]DWH ULJXURV SULQ LQWHUPHGLXO XQRU DFWH QRUPDWLYH GLVSR]L LL
FX FDUDFWHU LQWHUQ FRPXQLFDWH SHQWUX SLD

 L FRQFUHWL]DWH vQ LQIRUPD LL VWULFW QHFHVDUH OHJDWH GH

GLYHUVHSUREOHPH
 FRPXQLFD LL LQIRUPDOH VWDELOLWH VSRQWDQ vQWUH SRVWXUL L FRPSDUWLPHQWH L UHIOHFWDWH vQ
LQIRUPD LL QHRILFLDOH FX FDUDFWHU SHUVRQDO VDX JHQHUDO SHQWUX FRPXQLFD LLOH LQWHUQH  UHVSHFWLY
LQIRUPD LLDSUHFLHUL]YRQXULFHFLUFXO SHSLD

GHVSUHRILUP  FRPXQLFD LLOHH[WHUQH 

E QIXQF LHGHGLUHF LD VHQVXO GHSDUFXUVDOLQIRUPD LHLFRPXQLFD LLOHSRWIL


  FRPXQLFD LL YHUWLFDOH GHVFHQGHQWH FDUH  VH PDQLIHVW  vQWUH PDQDJHUL L VXERUGRQD L L
VH FRQFUHWL]HD]  vQ WUDQVPLWHUHD GH GHFL]LL LQVWUXF LXQL UHJXODPHQWH VDUFLQL VDX vQ VROLFLWDUHD GH
LQIRUPD LL FX SULYLUH OD GRPHQLLOH FRQGXVH 9ROXPXO ORU HVWH GHSHQGHQW GH VWLOXO GH PDQDJHPHQW
SUHSRQGHUHQWIRORVLWDXWRULWDURULSDUWLFLSDWLY


FRPXQLFD LL

YHUWLFDOH

DVFHQGHQWH

VWDELOLWH

vQWUH

VXERUGRQD L

L

PDQDJHUL

SULQ

LQWHUPHGLXO F URUD DFHWLD GLQ XUP  FXQRVF UHDF LD PRGXO GH UHFHSWDUH GH F WUH VXERUGRQD L D
PHVDMHORU WUDQVPLVH GH VXV vQ MRV SH YHUWLFDOD VLVWHPXOXL GH PDQDJHPHQW 7RWRGDW  VXQW IXUQL]DWH
LQIRUPD LL SHUWLQHQWH FX SULYLUH OD UHDOL] UL DEDWHUL UHVXUVH HWF &RPXQLFD LLOH YHUWLFDOH DVFHQGHQWH
L GHVFHQGHQWH VH UHDOL]HD]  L vQWUH ILUP  L GLIHULWH RUJDQLVPH SXEOLFH 25& &&, '036
0LQLVWHUH
 FRPXQLFD LL RUL]RQWDOH UHJ VLWH vQWUH SRVWXUL VDX FRPSDUWLPHQWH DPSODVDWH SH DFHODL
QLYHOLHUDUKLFvQWUHFDUHH[LVW UHOD LLRUJDQL]DWRULFHGHFRRSHUDUH
 FRPXQLFD LL REOLFH FDUH DSDU GH RELFHL vQWUH SRVWXUL L FRPSDUWLPHQWHOH VLWXDWH SH
QLYHOXULLHUDUKLFHGLIHULWHI U FDvQWUHDFHVWHDV H[LVWHUHOD LLGHDXWRULWDWHGHWLSLHUDUKLF
F QIXQF LHGHFRQ LQXWXOORUFRPXQLFD LLOHSRWIL
 FRPXQLFD LL RSHUDWRULL XWLOL]DWH SHQWUX UHXLWD WHKQLF  D VDUFLQLORU FLUFXPVFULVH XQRU
SRVWXUL GH H[HFX LH VDX GH PDQDJHPHQW ,DX IRUPD H[SOLFD LLORU LQVWUXF LXQLORU QHFHVDUH SHQWUX
H[HUFLWDUHDVDUFLQLORULUHDOL]DUHDRELHFWLYHORULQGLYLGXDOH
 FRPXQLFD LL RS LRQDOH GHL QX YL]HD]  FX SULRULWDWH UHDOL]DUHD RELHFWLYHORU LQGLYLGXDOH
FLUFXPVFULVH SRVWXULORU VXQW IRDUWH LPSRUWDQWH SHQWUX UHOD LLOH GLQWUH VDODULD L $X XQ URO GHRVHELW
DVXSUD FUHHULL LPHQ LQHULLXQXLFOLPDWRUJDQL]D LRQDOLPRWLYD LRQDOSURSLFHUHDOL] ULLRELHFWLYHORU
ILUPHLLFRPSRQHQWHORUVDOH
 FRPXQLFD LL JHQHUDOH UHIHULWRDUH OD SLD D ILUPHL OD VWUDWHJLD L SROLWLFD VD OD SXQFWHOH
VDOHIRUWHLVODEH
FRPXQLFD LLPRWLYD LRQDOHYHKLFXODWHvQWUHPDQDJHULLH[HFXWDQ LvQOHJ WXU FXIXQF LD
GHSHUVRQDOVRFLDO  QRUPHGHPXQF VDODULLSULPHLQGHPQL]D LLHWF 
G 'XS PRGXOGHWUDQVPLWHUHFRPXQLFD LLOHSRWIL
 FRPXQLFD LL YHUEDOH FHOH PDL IUHFYHQWH SXQ vQ YDORDUH FDSDFLWDWHD PDQDJHULORU GH D VH
H[SULPDLGHDDVFXOWDLvPEUDF IRUPDXQRUFRPXQLFD LLLQGLYLGXDOHRULFROHFWLYH
 FRPXQLFD LL QRQYHUEDOH FH GH LQ DSUR[LPDWLY  GLQ PHVDMHOH FH VH WUDQVPLW L VH
SULPHVF vQWUR FRQYHUVD LH SHUPLW SHUFHSHUHD L UHSUH]HQWDUHD UHDOLW

LL DWkW YL]XDO FkW L DXGLWLY

ROIDFWLY 3URGXVHOH XQHL ILUPH SULQ PRGXO GH SUH]HQWDUH FDOLWDWH SUH  DPEDODM UHDOL]HD]  FHD PDL
PDUHSDUWHDFRPXQLF ULLQRQYHUEDOHDILUPHLFXSLD D
)XQF LRQDUHD HILFDFH D VLVWHPXOXL GH FRPXQLFD LL HVWH LQIOXHQ DW  DGHVHD GH DSDUL LD L
PDQLIHVWDUHD D QXPHURDVH EDULHUH FLUFXPVFULVH IDFWRULORU SHUWXUEDWRUL  (OH vL DX RULJLQHD vQ
FDUDFWHULVWLFLOH SVLKRORJLFH DOH HPL

WRUXOXL L UHFHSWRUXOXL vQ PDQLHUD GH FRPXQLFDUH vQ QHYRLOH

DVSLUD LLOH L PRWLYD LLOH DFHVWRUD SUHFXP L vQ FDUDFWHULVWLFLOH VLWXD LLORU FRQFUHWH vQ FDUH VH
GHUXOHD] FRPXQLFDUHD$DGDUFDX]HOHFDUHJHQHUHD] DVHPHQHDEDULHUHVXQWOHJDWHGHHPL

WRUGH

UHFHSWRUGHPHVDMGHFDQDOXOGHFRPXQLFDUHSUHFXPLGHFRQWH[WXOvQFDUHVHGHVI RDU SURFHVXO


GHFRPXQLFDUH
QRSLQLDPDMRULW

LLVSHFLDOLWLORUFHOHPDLVHPQLILFDWLYHEDULHUHFRPXQLFD LRQDOHVHUHIHU 

OD
D   EDULHUH GH OLPEDM H[SULPDUH  IRORVLUHD QHFRUHVSXQ] WRDUH D XQRU HOHPHQWH DOH
SURFHVXOXL GH FRPXQLFDUH WRQXO IRORVLW JHVWXUL H[SUHVLD IH HL SR]L LD FRUSXOXL HWF  LQFDSDFLWDWHD
HPL

WRUXOXL GH DL VW SkQL HPR LLOH vQ WUDQVPLWHUHD PHVDMXOXL LQIRUPD LRQDO DFHOHDL FXYLQWH DX

VHQVXULGLIHULWHSHQWUXDQXPLWHSHUVRDQHSRSRDUH RWUDGXFHUHQHLQVSLUDW 
E  EDULHUH GH UHFHS LH WHQGLQ D GH D DX]L QXPDL FHHD FH QHDP RELQXLW V  DX]LP
LJQRUDUHD LQIRUPD LLORU FDUH VXQW vQ GH]DFRUG FX FHHD FH FXQRDWHP HYDOXDUHD VXELHFWLY  GH F WUH
UHFHSWRU D VXUVHL RELHFWLYH HPL

WRUXOXL  GH WUDQVPLWHUH D PHVDMXOXL UHFHS LRQDUHD vQ PRGXUL

GLIHULWHGHF WUHSHUVRQDOXOILUPHL DDFHOXLDLPHVDM LQFOXVLYGHSRWHQ LDOLLFOLHQ L


F  EDULHUH FRQWH[WXDOH SHUFHSHUHD GLIHULW  D PHVDMHORU vQ IXQF LH GH SUHVLXQLOH H[HUFLWDWH
GHPHGLXDVXSUDUHFHSWRUXOXL ]JRPRWXOFOLPDWXORUJDQL]D LRQDOPHGLXOGLIHULWGHSLD

HWF 

G  EDULHUH PL[WH  GLVFHUQHUHD LQVXILFLHQW  D PHVDMHORU UHOHYDQWH WUDQVPLVH VDX SULPLWH GH
FHOHFXVHPQLILFD LHUHGXV VDXQXO 
$FHVWHEDULHUHGHFODQHD] RVHULHGHGHILFLHQ HvQVLVWHPXOGHFRPXQLFD LLvQWUHFDUH
 ILOWUDMXO vQ HOHV FD R WULHUH D FRPXQLF ULORU SULQ SULVPD LQWHUHVHORU FHOXL FDUH SULPHWH
PHVDMXO
 GLVWRUVLXQHD LQIOXHQ D H[HUFLWDW  DVXSUD UH HOHL GH ED]  GH F WUH UH HOHOH GH FRPXQLFDUH
SDUD]LWDUH
 VXSUDvQF UFDUHD FDQDOHORU GH FRPXQLFDUH FX LQIRUPD LL LQXWLOH VDX FD XUPDUH D SXQHULL vQ
FLUFXOD LHDXQXLQXP UPDUHGHLQIRUPD LL
H  EDULHUH VXELHFWLYH JHQHUDWH GHDSDUL LDXQRUFRQIOLFWHLQWHUQH vQWUHVDODULD LLILUPHLVDX
vQWUH VDODULD L L PDQDJHUL  VDX H[WHUQH vQWUH LQWHUHVHOH ILUPHL L FHOH DOH FRQFXUHQ HL  vQWUH ILUP L
JUXSXULOHGHFRQVXPDWRUL 
I  EDULHUH FXOWXUDOH UHOLJLRDVH VSHFLILFH ILUPHORU FDUH vL SURSXQ V L FRPHUFLDOL]H]H
SURGXVHOHVHUYLFLLOHvQGLYHUVHUHJLXQLDOHOXPLL
J EDULHUHMXULGLFHDSDUvQWUHSDUWHQHULH[WHUQLFDUHDSDU LQDGRX VLVWHPHMXULGLFHGLIHULWH
DQXPLWH LQVWLWX LL MXULGLFH VXQW VSHFLILFH QXPDL XQRU VLVWHPH MXULGLFH GH DVHPHQHD XQHOH FRQFHSWH
MXULGLFH DX R LQWHUSUHWDUH GLIHULW  GH OD

DU  OD

DU   UHJLXQH OD UHJLXQH  3HQWUX HOLPLQDUHD

FRQIOLFWHORU GH OHJL VH UHFRPDQG  SDUWHQHULORU GLQ FHOH GRX 

UL FX VLVWHPH MXULGLFH GLIHULWH V 

HODERUH]H FRQWUDFWH FRPHUFLDOH FODUH L QHHFKLYRFH FX XQ FRQ LQXW FkW PDL H[SOLFLW  GH GHWDOLX FX
DOHJHUHDLQVWDQ HORUGHOLWLJLXHWF
&RQIRUP SUDFWLFLL FHOH ]HFH FRPDQGDPHQWH DOH FRPXQLF ULL HILFLHQWH DOH ILUPHL FX SLD D
VXQW
6

vQ HOHJLLPSRUWDQ DIHQRPHQXOXL

([SOR]LD FRPXQLF ULL QX HVWH QXPDL H[SUHVLD XQHL PRGH HD G  OD LYHDO  QHFHVLW

L

SURIXQGH $EXQGHQ D RIHUWHORU I FXWH FOLHQ LORU REOLJ  vQWUHSULQGHUHD V  VH SR]L LRQH]H GDU WRWRGDW 
V  FRPXQLFH SR]L LRQ ULOH VDOH L V  DILUPH GLIHUHQ HOH HL  /XPHD GHYLQH XQ VDW LQWHUDFWLY vQ FDUH
WRWXO VH IDFH IRDUWH UHSHGH GDU vQ HJDO  P VXU  ]JRPRWXO SXEOLFLWDU DIHFWHD]  PHVDMHOH L EUXLD] 
LPDJLQLOH
1XVHSRDWHV

QXFRPXQLFL

&RPXQLFDUHDQXHVWHQXPDLXQDFWYROXQWDU2ULFHDWLWXGLQHDvQWUHSULQGHULLVDXDXQXLDGLQ
PHPEULL HL FRPXQLF  FHYD L SDUWLFLS  OD IDEULFDUHD LPDJLQLL 'DF  YUHP V  RE LQHP UH]XOWDWH
DGHY UDWH WUHEXLH V  ILH UHFXQRVFXW  H[LVWHQ D DFHVWHL FRPXQLF UL vQ WRDWH GLUHF LLOH SDU LDO
LQYROXQWDU 3ULQWUHIXQF LLOHILUPHLDSDUHDVWIHOQHFHVDU IXQF LDGHFRPXQLFDUH
,QGLYLGXOHVWHVFRSXOILQDO
)LHF HVWHYRUEDGHFRQVXPDWRUVDXVDODULDWLQGLYLGXOUHSUH]LQW RELHFWLYXOILQDODORULF UHL
FRPXQLF UL $VW ]L HO VH vQGRLHWH GH DWDDPHQWHOH VDOH L QHJRFLD]  PDL PXOW GHFkW DOW  GDW 
SDUWLFLSDUHD L DGH]LXQHD VD 2UL QHYRLOH H[SULP ULL VDX FRPXQLF ULL SURIXQGH DOH LQGLYLGXOXL QX
VXQWGHFkWSDU LDOVDWLVI FXWHGHRLQIRUPDUHVWDQGDUGL]DW 

2QHYRLHIXQGDPHQWDO

GHFRHUHQ



&RPXQLFDUHD FKLDU UHGXV  OD DVSHFWHOH VDOH IRUPDOH QX SRDWH IL XQLF  ,QIRUPD LD 
SXEOLFLWDWHD UHOD LLOH SXEOLFH FRQFXUHD]  SHQWUX FRPXQLFDUH (OH YRU DYHD vQ ILQDO XQ HIHFW JOREDO
,QGLYLGXOGHIDSWQXYDPDLIDFHGLVWLQF LHvQWUHGLIHULWHPHVDMHLvLYDIDFHRLGHHJOREDO RULFX
FkWPHVDMHOHVHPXOWLSOLF FXDWkWVHP UHVFULVFXULOH
3RQGHUHDLQWHULRUXOXL
Q DFHDVW  FRPXQLFDUH JOREDO  LQWHULRUXO RFXS  LQFRQWHVWDELO XQ ORF HVHQ LDO 3HUVRQDOXO
PDL DOHV vQ FD]XO VHUYLFLLORU  SURLHFWHD]  LPDJLQHD FHD PDL FUHGLELO  SHQWUX RULFH LQWHUORFXWRU
0HVDMXOVDXDQXOHD] VDXvQW UHWHFRPXQLFDUHDH[WHUQ $VWIHOSHUVRQDOXOFRQVWLWXLHI U vQGRLDO R
YHULJ SUHDODELO DRULF UHLWHKQLFLGHFRPHU 
,QWHUSHUVRQDOXOvQPLH]XOSUREOHPHL
)LH F  HVWH vQ FDGUXO UDSRUWXULORU LHUDUKLFH VDX vQ FDGUXO FRQWDFWHORU FX FOLHQWHOD
FRPXQLFDUHD LQWHUSHUVRQDO  FULVWDOL]HD]  SULQFLSDOHOH GLILFXOW

L $LFL VH VLWXHD]  GLVWDQ D FHD PDL

PDUHvQWUHQHYRLOHUHDOH GHH[SULPDUHGHVFKLPE LU VSXQVXULOHGDWH LQIRUPD LLDXWRMXVWLILFDUH 


5ROXOPDMRUDOPDQDJHPHQWXOXLLQWHUPHGLDU
,PSRUWDQ D LQWHULRUXOXL L vQ VSHFLDO D UHOD LLORU LQWHUSHUVRQDOH vL J VHWH FRQFUHWL]DUHD vQ
UROXO PDMRU DO FDGUXOXL LQWHUPHGLDU $FHVWD FRQVWLWXLH SHQWUX VDODULDW FHHD FH DFHVWD GLQ XUP 
UHSUH]LQW  SHQWUX FRQVXPDWRU vQ DFHODL WLPS YHFWRUXO HVHQ LDO L PDWHULDOL]DUHD SDOSDELO  D
FRPXQLF ULL ) U  HO IUXPRDVHOH GLVFX LL L FHOH PDL EXQH SURLHFWH SRW V  U PkQ  OLWHU  PRDUW  'H
DVHPHQHD IRUPDUHD L FRQYLQJHUHD DFHVWXL HDORQ DO LHUDUKLHL FRQVWLWXLH SLYRWXO RULF UHL SROLWLFL GH
FRPXQLFDUH
$GHY

UDWXOVDYRLUIDLUH

&RPXQLFDUHDVXIHU GHDSDUHQ DVDHYLGHQW 1XWUHEXLHQLFLRGDW V XLW PF vQPDWHULHGH


FRPXQLFDUH  LPSRUWDQ D UH]LG  PDL PXOW vQ FHHD FH HVWH SULPLW GHFkW vQ FHHD FH HVWH VSXV ,DW 
PRWLYXOSHQWUXFDUHDVFXOWDUHDUHIRUPXODUHDLIHHGEDFNXOFRQVWLWXLHLQGLVSHQVDELOHOHHOHPHQWHDOH
VDYRLUIDLUHXOXL
,QGLVSHQVDELOXOVDYRLUrWUH
&RPXQLFDUHD VH VSULMLQ  SH XQ DQVDPEOX GH WHKQLFL 'DU vQWUXQ GRPHQLX vQ FDUH
DIHFWLYLWDWHD HVWH RPQLSUH]HQW  L vQ FDUH FHHD FH HVWH SHUFHSXW HVWH HVHQ LDO R VWDUH GH VSLULW HVWH
LQGLVSHQVDELO &HOPDLEXQVDYRLUIDLUHSRDWHV FRQGXF ODDWLWXGLQLQHSRWULYLWH9RLQ DSURIXQG 
GH D FRPXQLFD DXWHQWLFLWDWHD HPSDWLD QX VH LQYHQWHD]  ,DW  PRWLYXO SHQWUX FDUH PDWXULWDWHD
DIHFWLY UHSUH]LQW FDOLWDWHDSULPDU FDUHWUHEXLHF XWDW vQDFHVWGRPHQLX
2GLPHQVLXQHHVHQ LDO

DPDQDJHPHQWXOXL

7RW FHHD FH VH VSXQH GHVSUH LPSRUWDQ D LPDJLQLL DUDW  F  RULFH FRQGXF WRU UHVSRQVDELO
FRQVWLWXLHSULPXOFRPXQLFDWRUDOvQWUHSULQGHULL&HHDFHHOVSXQHLPDLDOHVFHHDFHHOIDFHGHYLQH
XQ PHVDM L LPDJLQH $FHDVWD vQVHDPQ  F  DVW ]L QX SRDWH H[LVWD PDQDJHPHQW YHULWDELO I U  R
FRPSRQHQW IRUWHGHFRPXQLFDUH




,167580(17(

7(+1,&,

38%/,&,7$7(0,;8/&2081,&$

,

0,-/2$&(

'(

&2081,&$5(

,

,21$/'(0$5.(7,1*$/),50(,


Q ]LOHOH QRDVWUH RDPHQLL QX PDL FXPS U  SDQWRILL GRDU DL PHQ LQH SLFLRDUHOH FDOGH L
XVFDWH (L vL FXPS U  SHQWUX LPDJLQHD SH FDUH SDQWRILL UHVSHFWLYL OHR FUHHD]  GHVSUH HL vQLL  GH
E UE

LH VDX GH IHPLQLWDWH GH YLJRDUH GH RULJLQDOLWDWH GH UDILQDPHQW GH SXWHUH GH VHGXF LH GH

DXWRULWDWH &XPS UDUHD XQHL SHUHFKL GH SDQWRIL D GHYHQLW R WU LUH HPR LRQDO  Q SUH]HQW ILUPD
QRDVWU YLQGHHPR LLQXSDQWRIL )UDQFLV&5RRQH\ 
0XO L vQWUHSULQ] WRUL VXQW vQFXUFD L GH GLIHUHQ HOH GLQWUH SXEOLFWDWH SURPRYDUH L UHOD LLOH
SXEOLFH (OH QX VXQW GRDU FXYLQWH GLIHULWH FDUH V  GHVHPQH]H DFHODL OXFUX (VWH LPSRUWDQW FD RULFH
VWUDWHJLHGHPDUNHWLQJV LQFOXG SODQLILF ULSHQWUXILHFDUHGLQWUHHOH
3XEOLFLWDWHD 3XEOLFLWDWHD SURSULX]LV  DFFHQWXHD]  FDOLW

LOH XQXL SURGXV VDX VHUYLFLX

$FHDVW  GLUHFWLY  GHVSDUWH SXEOLFLWDWHD GH UHOD LLOH SXEOLFH FDUH SURPRYHD]  XQ VHQWLPHQW SXEOLF

EXQSHQWUXRILUP vQJHQHUDO&DOLW

LOHDFFHQWXDWHDUSXWHDILQRXPDLEXQPDLUDSLGPDL

LHIWLQRULDOWHDGMHFWLYHFDUHRIHU FHYDvQEHQHILFLXOFLWLWRUXOXLDVFXOW WRUXOXLVDXWHOHVSHFWDWRUXOXL


FRQVXPDWRUXOXLSRWHQ LDO
&HUFHW UL GH PDUNHWLQJ L SVLKRORJLFH UHFHQWH VXJHUHD]  H[LVWHQ D FkWRUYD FXYLQWH FKHLH
FDUH VXQW FHOH PDL vQWkOQLWH vQ OLPEDMXO SXEOLFLWDU DFHVWH FXYLQWH DU WUHEXL LQFOXVH vQ PHVDMXO
SXEOLFLWDU vQ YHGHUHD GHVFULHULL SURGXVXOXL VHUYLFLXOXL  $VHPHQHD FXYLQWH SRW IL HFRQRPLH QRX
GHVFRSHULUHUH]XOWDWHV Q WDWHHFRORJLHEDQLXRUJDUDQ LHFDOLWDWHGRYHGLW
8Q HOHPHQW LPSRUWDQW DO SXEOLFLW

LL HVWH VWkUQLUHD GRULQ HL GH D FXPS UD 3HQWUX D IL PDL

HILFLHQW  SXEOLFLWDWHD WUHEXLH V  FRQ LQ  FHHD FH VH QXPHWHFKHPDUHDODDF LXQHPHVDMHFXPDU


ILFXPS U DFXPVDXVXQD LDFXP
3ULPD LQWHQ LH D SXEOLFLW

LL QX HVWH V  FUHH]H XQ VHQWLPHQW EXQ vQ PLQWHD SXEOLFXOXL

FXPS U WRU GHL DFHVW OXFUX SRDWH IL D GRXD LQW  FL SXU L VLPSOX V O GHWHUPLQH V  FXPSHUH
3UDFWLFD HODERU ULL FDPSDQLLORU GH SXEOLFLWDWH DUDW  F  RULFDUH DU IL GHPHUVXULOH vQWUHSULQVH QX VH
SRDWH YRUEL GH R FDPSDQLH HILFLHQW  I U  R LGHH IRUWH FUHWHUHD YkQ] ULORU $FHDVW  LGHH WUHEXLH V 
UHVSHFWHXUP WRDUHOHFULWHULL
 V  ILH VWUDWHJLF  V  ILH ELQH H[SULPDW  vQ GRFXPHQWHOH UH]XOWDWH GLQ DFWLYLWDWHD SURSULX
]LV 
DGDSWDW ODSLD D LQW F UHLDVHDGUHVHD] 
V ILHVLPSO LXRUGHvQ HOHV
V ILHFUHGLELO 
V ILHRULJLQDO 
V ILHLQWHUHVDQW 
V ILHGHFOLQDELO WUDQVIHUDELO WUDGXFWLELO vQWUHGLIHULWHOHPHGLDFDUHRIRORVHVF
V ILHXWLOL]DELO vQWLPS DQRWLPSXUL VDXSHRSHULRDG PDLPDUHGHWLPS
3URPRYDUHD &HL PDL PXO L RDPHQL JkQGHVF GHVSUH SURPRYDUH FD GHVSUH XQ HYHQLPHQW
FDUH DWUDJH LQWHUHVXO SXEOLFXOXL &HOH PDL HILFLHQWH SURPRY UL VXQW DFHOHD FDUH XWLOL]HD]  XQ
HYHQLPHQW DWUDFWLYVXV LQXWGHFDPSDQLLSXEOLFLWDUHELQHRUJDQL]DWHSHQWUXF SXEOLFLWDWHDJHQHUDW 
GH DVWIHO GH HYHQLPHQWH QX WUHEXLH O VDW  OD YRLD vQWkPSO ULL WUHEXLH V  VH DQXQ H ]LDUHOH UDGLRXO
WHOHYL]LXQHD $FHVWH QRXW
FRQIHULQ

L DU WUHEXL H[SOLFDWH SH VFXUW HGLWRULORU 'H UHJXO  VH RUJDQL]HD]  R

GHSUHV vQFDUHVHH[SOLF SHVFXUWGDUFODUHYHQLPHQWXOUHVSHFWLY


&kQG HVWH SODQLILFDW  R SURPRYDUH HVWH QRUPDO V  WH DWHS L OD QLWH UHODW UL SURSULL SUHVHL

0XOWRURDPHQLvQV QXOHSODFDFHVWHOXFUXUL1XWUHEXLHV IL LLQWLPLGD LGHSUHV DPLQWL LY F HL


WUHEXLH V  XPSOH ]LDUHOH UDGLRXO L WHOHYL]LXQHD FX WLUL QRL vQ ILHFDUH ]L DSWH ]LOH SH V SW PkQ 
'DF  LQIRUPD LD SUH]HQWDW  SUHVHL HVWH FRQFLV  L OD RELHFW PXQFD MXUQDOLWLORU HVWH PDL XRDU  1X
Y vQJULMRUD LGDF FRQ LQXWXOLQIRUPD LLORUSUH]HQWDWHQXHVWHDFFHSWDWGHSULPDGDW 
3URPRYDUHD YkQ] ULORU HVWH XQ HOHPHQW DO FRPHUFLDOL] ULL SURGXVHORU 5ROXO V X D GHYHQLW
GHWHUPLQDQW vQ FXUVXO XOWLPLORU DQL XUPDUH D GH]YROW ULL IRUPHORU PRGHUQH GH YkQ]DUH D PDULORU
VXSUDIH H L D DXWRVHUYLULL  /D RULJLQH UROXO GH D DWUDJH FRQVXPDWRUXO VSUH SURGXV VWUDWHJLDSXOO 
D IRVW DWULEXLW SXEOLFLW

LL LDU UROXO GH D vPSLQJH SURGXVXO VSUH FOLHQW  FRQVXPDWRU VWUDWHJLD 

SXVK IRUPHORUGHYkQ]DUH
QXOWLPLLGRX ]HFLGHDQLDXDYXWORFLPSRUWDQWHVFKLPE UL
D  GLVWULEX LD VD GH]YROWDW L SXWHUHD HL VD DILUPDW vQ ID D SURGXF WRULORU H[HUFLWkQG R
SUHVLXQHSHQWUXUHDOL]DUHDGHDF LXQLSURPR LRQDOH 3URPRYDUHDHVWHXQLQVWUXPHQWDWkWvQVHUYLFLXO
SURGXF WRULORUFkWLDOGLVWULEXLWRULORU
E  PXOWLSOLFDUHD RIHUWHL OD QLYHOXO DFHOXLDL SXQFW GH YkQ]DUH $FHDVW  DEXQGHQ
VDY ]XWvQVLWXD LDXQHLOLSVHDFXWHGHVXSUDID

 GH RIHUW 

OLQHDU3URPRYDUHDSHUPLWHSULQYkQ] ULOHSHFDUH

OHDQWUHQHD] V MXVWLILFHRFHUHUHvQFUHWHUHSHOLQHDUXODORFDW


F  SURPRYDUHD GHYLQH XQ PLMORF GH D FDQDOL]D FRQVXPDWRUXO FDUH DUH XQ FRPSRUWDPHQW GH
FXPS UDUHLPSXOVLY QHSUHGHWHUPLQDW 
3URPRYDUHDVHGHRVHEHWHGHSXEOLFLWDWHSULQ
 F LOH SH FDUH ILHFDUH GLQ FHOH GRX  FDWHJRULL OH IRORVHVF SURPRYDUHD QX IRORVHWH GH
UHJXO PLMORDFHOHGHFRPXQLFDUHvQPDV  SUHV UDGLR79 

 WLSXO GH LQIOXHQ

 SH FDUH R H[HUFLW  DVXSUD FRQVXPDWRUXOXL SURPRYDUHD XUP UHWH V 

GHFODQH]H FXPS UDUHD DF LRQkQG GLUHFW DVXSUD FRPSRUWDPHQWXOXL SRWHQ LDOXOXL FOLHQW vQ WLPS FH
SXEOLFLWDWHD DUDW  DYDQWDMHOH SURGXVXOXL L DF LRQHD]  DVXSUD FXQRWLQ HORU L DWLWXGLQLL SHQWUX D
FRQVWUXLQRWRULHWDWHDLLPDJLQHDGHPDUF GXUDELO DSURGXVXOXLUHVSHFWLY
5HOD LLOH SXEOLFH   5HOD LLOH SXEOLFH UHSUH]LQW  DUWD GH D FUHD R LPDJLQH EXQ  D RDPHQLORU
GH DIDFHUL L D FRPSDQLLORU ORU &X VLJXUDQ

 RDPHQLL GH DIDFHUL SUHIHU  V  IDF  DIDFHUL FX ILUPHOH

SUHIHUDWH PDL DOHV GDF  WUHEXLH V  DOHDJ  vQWUH GRX  VDX PDL PXOWH ILUPH LGHQWLFH 2 GHILQL LH
VWDQGDUG DUHOD LLORUSXEOLFHYRUEHWHGHVSUHUDSRUWXULUHSXWD LHEXQ LVFKLPEXOUHFLSURF$FHVWHD
VXQW FXYLQWHOH FKHLH FDUH DU WUHEXL XWLOL]DWH vQ FUHDUHD SURJUDPXOXL GH UHOD LL SXEOLFH SHQWUX ILHFDUH
ILUP 
5HOD LLOH SXEOLFH YRU IL vPEXQ W

LWH FkQG XQ HYHQLPHQW SRDWH IL DGDSWDW VSUH VDWLVIDFHUHD

FOLHQ LORU L D SLH HL DFRUGDUHD GH DXWRJUDIH SRWHQ LDOLORU FOLHQ L GH F WUH DFWRUL VFULLWRUL RDPHQL
SROLWLFL GH H[HPSOX  &X R SXEOLFLWDWH ELQH RUJDQL]DW  vQ MXUXO HYHQLPHQWXOXL UH]XOWDWHOH UHOD LLORU
SXEOLFHYRUILSR]LWLYHLGHOXQJ GXUDW 
5HOD LLOH SXEOLFH EXQH SR]LWLYH FRQWULEXLH IRDUWH PXOW OD VXFFHVXO RDPHQLORU GH DIDFHUL
0XO L vQWUHSULQ] WRUL PLFL LJQRU  DFHDVW  PRGDOLWDWH GH D S VWUD FRPSDQLLOH ORU vQ PLQWHD L LQLPD
FOLHQ LORU ORU 5HOD LLOH SXEOLFH SRW IL XQ PDUH DYDQWDM SHQWUX ILUP  GDF  OL VH DFRUG  WLPSXO QHFHVDU
LVXQWGHVI XUDWHFRUHFW
&D UH]XOWDW DO H[SHULHQ HL DFXPXODWH vQ WLPS WHRULD GH VSHFLDOLWDWH D GH]YROWDW FHHD FH
QXPLPFHOH]HFHSRUXQFLDOHSXEOLFLW

LL8UPDWHFXVWULFWH HGHF WUHRILUP UH]XOWDWHOHSR]LWLYH

QXYRUvQWkU]LDV DSDU 
&HOH]HFHSRUXQFLDOHSXEOLFLW

LLVXQW

6WDELOL LOLPLWDFKHOWXLHOLORUVDXUHDOL]D LXQPRGLVWH GHDQXULVLSLEDQLL


 1X XWLOL]D L UDGLRXO L WHOHYL]LXQHD vQF  GH OD SULPD DF LXQH 0RWLYXO HVWH F  FHOH PDL
EXQH UHFODPH UDGLR L WHOHYL]DWH FXSULQG GRDU XQ SURGXV XQ HYHQLPHQW L XQ PHVDM vQ WLPSXO FHORU
   VHFXQGH Q DFHVW WLPS VFXUW FOLHQWXO QX SRDWH UH LQH ORFDOLWDWHD DOWH VHUYLFLL DFRUGDWH VDX
SUH XO'HDFHHDUHFODPDWUHEXLHUHSHWDW GHIRDUWHPXOWHRULFHHDFHJHQHUHD] FRVWXULIRDUWHPDUL
'HFL QX vQFHUFD UDGLRXO L WHOHYL]LXQHD SkQ  FH FRPSDQLD WD QX HVWH ELQH vQWHPHLDW  DVWIHO vQFkW
SXEOLFXOV UHFXQRDVF QXPHOHLV OLGHQWLILFHFXSURGXVHVSHFLILFHLVHUYLFLL
 6  QX IDFL SXEOLFLWDWH vQ SURJUDPH L UHYLVWH DQXDOH (IHFWXO DVXSUD YkQ] ULL YD IL IRDUWH
PLFVDXQXO
 &UHD]  L R LPDJLQH 8Q VLPERO GHVHQDW SURIHVLRQDO L XQ VWDQGDUG WLS ULW UHSUH]LQW 
SULPLL SDL vQ FUHDUHD LPDJLQLL XQHL ILUPH 7RDW  OXPHD HVWH IDPLOLDUL]DW  FX LQL LDOHOH ,%0 VDX FX
DUFXULOH JDOEHQH DOH ILUPHL 0F'RQDOG
V 1RL UHFXQRDWHP DFHVWH LPDJLQL QXPLWH ORJR L DXWRPDW OH
LGHQWLILF P FX FRPSDQLLOH SH FDUH OH UHSUH]LQW  $OHJH RULFH UHYLVW  QD LRQDO  L XLW WH OD
SXEOLFLWDWHD UHDOL]DW  GH FHOH PDL PDUL L SOLQH GH VXFFHV FRPSDQLL 2EVHUY  F  XWLOL]HD]  DFHODL
IRUPDW GH UHFODP  DFHODL VWLO L DFHODL FRQWXU L LQFOXG DFHODL ORJR vQ WRDWH UHFODPHOH (L DX R
LPDJLQHLDVWDYUHLLWX&HLFDUHOXFUHD] SHQWUXILUPHOHPDULSRWOXFUDLSHQWUXWLQH
&XP V  L IDFL R LPDJLQH" Q SULPXO UkQG FUHHDW  L XQ ORJR QFHDUF  V  UHDOL]H]L FkWHYD
VFKL H FX LGHLOH WDOH DSRL XWLOL]HD]  XQ SURIHVLRQLVW SHQWUX D OH vPEXQ W

L /DV  DUWLVWXO V  DOHDJ 

FHHDFHPHUJHFHOPDLELQH([DPLQHD] LGHLOHOXLI VXJHVWLLGDF YUHLLKRW U WHFDUHHVWHFHOPDL


EXQORJRSHQWUXWLQH1XPDLDFXPWLS UHWHO'HDVHPHQHDSR LFUHDXQVORJDQSHFDUHV OXWLOL]H]L
vQUHFODPHDQWHWGHVFULVRULF U LGHYL]LW LFKLDUXQLIRUPHSHFDUHV OHSRDUWHDQJDMD LL
)RORVHWHSRWD3XEOLFLWDWHDSULQSRW SRDWHILFHOPDLHILFLHQWPRGGHDDWUDJHFOLHQ LL
'H FHOH PDL PXOWH RUL UHSUH]LQW  FHD PDL EXQ  IRORVLUH D EDQLORU (VWH XQD GLQ FHOH PDL RELQXLWH
IRUPH GH FRPXQLFDUH L HVWH XQ DYDQWDM SHQWUX F  GLQ FH vQ FH PDL SX LQL FRQFXUHQ L R YRU XWLOL]D
SHQWUXDIDFHSXEOLFLWDWHSURGXVHORULVHUYLFLLORUORU
QFHDUF ]LDUXOORFDO&XYkQWXOFKHLHHVWHvQFHDUF SHQWUXF GHPXOWHRUL]LDUXOORFDO
HVWHRSLHUGHUHGHEDQLLQXLQIOXHQ HD] FOLHQ LL
QFHDUF HGL LLOHUHJLRQDOHDOHXQRU]LDUHPDUL'DF DIDFHUHDHVWHvQWUXQRUDPDUHYDIL
XQ DGHY UDW RF V  YH]L WD[HOH GH SXEOLFLWDWH SHUFHSXWH GH ]LDUHOH FHQWUDOH )LHFDUH HGL LH UHJLRQDO 
DUH R WD[  GH SXEOLFLWDWH FDUH vQV  UHSUH]LQW  QXPDL R SDUWH GLQ WD[D SHUFHSXW  GH ]LDUXO SULQFLSDO

$FHVW OXFUX SHUPLWH PLFLORU vQWUHSULQ] WRUL V  IDF  UHFODP  vQWUR DQXPLW  UHJLXQH OD XQ SUH 
UH]RQDELO
 &RPXQLF  FX SLD D FHO SX LQ R GDW  SH OXQ  $PLQWHWH L F  SXEOLFLWDWHD HVWH UHFODP 
JUDWXLW  =LDUHOH DX QHYRLH V L XPSOH SDJLQLOH vQ ILHFDUH ]L 'DF  DQXQ DUHD XQXL SURLHFW FHUH R
FRQIHULQ

 GH SUHV  RIHU  DWXQFL ]LDULWLORU WLUL SH FDUH DFHWLD OH YRU UHODWD vQ ]LDUHOH ORU 3ULPD

SUHRFXSDUHHVWHvQV J VLUHDXQHLLGHLFDUHPHULW vQWUDGHY URFRQIHULQ

GHSUHV 'DF ]LDUXOHVWH

LQWHUHVDW GH QRXWDWH v L SRW WHOHIRQD SHQWUX XQ LQWHUYLX VDX SXU L VLPSOX YRU SXEOLFD FHHD FH D L
FRPXQLFDWODRFRQIHULQ DGHSUHV )RORVHWHSXEOLFLWDWHDFkWGHGHVHVWHSRVLELO
&UHHD] vQPRGFRQVWDQWHYHQLPHQWH3R LUHJL]DXQHYHQLPHQWDGXFkQGDFRORXQGHv L
GHVI RULDFWLYLWDWHDXQDVDXPDLPXOWHYHGHWHORFDOHFDUHV DFRUGHDXWRJUDIHWULFRXULHSFL'DF 
DIDFHUHD GXPQHDYRDVWU  QX VH vPSDF  FX PDUHOH SXEOLF YHGHWHOH SRW IL DGXVH V  vQWkOQHDVF FOLHQ LL
LFRSLLLORUODXQSLFQLFVSHFLDO6XQWPXOWHLGHLSHFDUHOHSR LIRORVLDQDOL]HD] FHHDFHIDFFHLODO L
vQWUHSULQ] WRUL 'DF  YH]L FHYD FH FRUHVSXQGH DIDFHULL WDOH vQFHDUF  $FHVWH HYHQLPHQWH VDX
SURPRY ULYRUILGLVWUDFWLYH9RUvQFXUDMDFOLHQ LLV JkQGHDVF ELQHGHVSUHDIDFHUHDWDLWHYDDMXWD
V SXLED]HOHXQHLDIDFHULSXWHUQLFH

vPEXQ W

8UP UHWH

UH]XOWDWHOH

8QXO

GLQWUH

FHOH

PDL

YDORURDVH

LQVWUXPHQWH

SHQWUX

LUHD L VXFFHVXO DIDFHULORU HVWH LQHUHD XQXL MXUQDO FDUH V  FXSULQG  WRW FHHD FH VD I FXW vQ

GRPHQLXO FRPXQLF ULL FX FRPHQWDULL GHVSUH HILFLHQ D ILHF UHL DFWLYLW

L $FHDVWD YD DMXWD OD

GHWHUPLQDUHD D FHHD FH PHUJH L GH FH 3RUQLQG GH OD DFHDVW  DQDOL]  SR L UHDOL]D XQ SODQ GH VXFFHV
FDUHYDDVLJXUDUH]XOWDWHPDLEXQHvQYLLWRU
0DUNHWLQJXO PRGHUQ vQVHDPQ  PDL PXOW GHFkW D UHDOL]D XQ SURGXV EXQ D VWDELOL XQ SUH 
DWUDFWLYSHQWUXDFHVWDLDOIDFHDFFHVLELOFRQVXPDWRULORUYL]D L)LUPHOHWUHEXLHV FRPXQLFHDWkWFX
FOLHQ LL ORU DFWXDOL FkW L FX FHL SRWHQ LDOL Q PRG LQHYLWDELO ILHFDUH ILUP  WUHEXLH V  GHVI RDUH R
GLYHUVLWDWHGHDFWLYLW

LGHFRPXQLFDUH

0L[XO GH FRPXQLFDUH QXPLW L PL[ SURPR LRQDO  FRQVW  vQ XWLOL]DUHD XQXL QXP U GH FLQFL
LQVWUXPHQWHSULQFLSDOH
 3XEOLFLWDWHDRULFHIRUP LPSHUVRQDO GHSUH]HQWDUHLSURPRYDUHDXQRULGHLEXQXULVDX
VHUYLFLLSO WLW GHF WUHXQVSRQVRUSUHFLVLGHQWLILFDW
  3XEOLFLWDWHD GLUHFW  XWLOL]DUHD VHUYLFLLORU SRWDOH k D WHOHIRQXOXL VDX D RULF URU DOWRU
PLMORDFH LPSHUVRQDOH GH D LQWUD vQ OHJ WXU  FX RDPHQLL SHQWUX D FRPXQLFD VDX D VROLFLWD U VSXQVXUL
F WUHVDXGLQSDUWHDXQRUFOLHQ LELQHSUHFL]D Lk$FHWLDSRWILFOLHQ LDFWXDOLVDXSRWHQ LDOL
 3URPRYDUHDYkQ] ULORUDFRUGDUHDGHVWLPXOHQWHSHWHUPHQVFXUWFXVFRSXOGHDvQFXUDMD
FOLHQ LLV vQFHUFHVDXV DFKL]L LRQH]HXQDQXPLWSURGXVVDXVHUYLFLX
  5HOD LLOH SXEOLFH SURJUDPH GLYHUVH PHQLWH V  SURPRYH]H VDX V  SURWHMH]H SH SLD

LPDJLQHDILUPHLVDXDSURGXVHORUHL
  9kQ]DUHD SHUVRQDO  LQWUDUHD vQ OHJ WXU  QHPLMORFLW  FX XQXO VDX PDL PXO L FOLHQ L
SRWHQ LDOLvQVFRSXOGHDOHYLQGHFHYD
6SHFLDOLWLL vQ PDUNHWLQJ WUHEXLH V  vQ HOHDJ  FXP IXQF LRQHD]  FRPXQLFD LLOH (PL

WRUXO

WUHEXLH V  HODERUH]H R IRUP GHSUH]HQWDUHFRQYLQJ WRDUHSHQWUXPHVDMXOV XQFD]XOXQHLUHFODPH


WLS ULWH HO WUHEXLH V  GHFLG  WLWOXO WH[WXO LOXVWUD LLOH L FXORULOH 'DF  PHVDMXO YD IL WUDQVPLV SULQ
UDGLRHPL

WRUXOWUHEXLHV DOHDJ FXJULM DWkWFXYLQWHOHFkWLFDOLW

LOHYRFLL7LPEUXOYRFLLXQXL

FUDLQLF FDUH IDFH UHFODP  XQXL DXWRPRELO X]DW WUHEXLH V  ILH GLIHULW GH DO XQXLD FDUH IDFH UHFODP 
XQXL DXWRPRELO QRX 'DF  PHVDMXO WUHEXLH V  ILH WUDQVPLV SULQ LQWHUPHGLXO WHOHYL]LXQLL VDX vQ PRG
GLUHFW SHUVRQDO DWXQFL WUHEXLH V  ILH SODQLILFDWH DWHQW WRDWH DFHVWH HOHPHQWH SOXV OLPEDMXO WUXSXOXL
3UH]HQWDWRULL WUHEXLH V  ILH DWHQ L OD PLPLF  JHVWXUL LQXWD YHVWLPHQWDU  LQXWD FRUSRUDO  LODVWLOXO
SLHSW Q WXULL 'DF  PHVDMXO HVWH WUDQVPLV SULQ LQWHUPHGLXO SURGXVXOXL VDX DO DPEDODMXOXL DFHVWXLD
HPL

WRUXOWUHEXLHV DFRUGHRDWHQ LHGHRVHELW FXORULLWH[WXULLPLURVXOXLP ULPLLLIRUPHL


&XORDUHD MRDF  XQ URO GH FRPXQLFDUH IRDUWH LPSRUWDQW vQ PDWHULH GH SUHIHULQ H DOLPHQWDUH

$WXQFLFkQGXQRUIHPHLOLVDGDWV JXVWHGLQSDWUXFHWLGHFDIHDFDUHIXVHVHU DH]DWHILHFDUHOkQJ 


XQ YDV PDURQ XQXO DOEDVWUX XQXO URX L UHVSHFWLY XQXO JDOEHQ WRDW  FDIHDXD ILLQG OD IHO DX
VLP LW F  FHD GH OkQJ  YDVXO PDURQ HUD SUHD WDUH  DX FRQVLGHUDW FDIHDXD GH OkQJ  YDVXO URX FD

ILLQG FHD PDL DURPDW  DSURDSH WRDWH DX VLP LW FDIHDXD GH OkQJ  YDVXO DOEDVWUX FD ILLQG SRWULYLW  LDU
FDIHDXDGHOkQJ YDVXOJDOEHQFDILLQGVODE 
)LUPHOH GH SXEOLFLWDWH VH GLIHUHQ LD]  SULQ JUDGXO ORU GH FUHDWLYLWDWH 'XS  FXP UHPDUFD
:LOOLDP %HUQEDFK IDSWHOH QX VXQW VXILFLHQWH 6  QX XLW P F  6KDNHVSHDUH D XWLOL]DW FkWHYD LQWULJL
GHVWXO GH EDQDOH L FX WRDWH DFHVWHD PHVDMHOH WULPLVH GH HO UH]LVW  WLPSXOXL GDWRULW  P LHVWULHL FX
FDUH DX IRVWUHDOL]DWH'HH[HPSOXvQILUPD0F'RQDOG
VDFKHOWXLWPLOLRDQHGHGRODUL
FX SXEOLFLWDWHD OD WHOHYL]LXQH DSURDSH GH GRX  RUL PDL PXOW GHFkW D FKHOWXLW ULYDOD VD ILUPD %XUJHU
.LQJ L WRWXL WHOHVSHFWDWRULL DX GHFODUDW F  vL DPLQWHVF ELQH UHFODPHOH ILUPHL %XUJHU .LQJ L F 
DFHVWHD OHDX SO FXW PDL PXOW  GHFkW UHFODPHOH ILUPHL 0F 'RQDOG
V 7RW vQ DFHODL DQ FHD PDL
FXQRVFXW LDSUHFLDW FRPSDQLHGHSXEOLFLWDWHODWHOHYL]LXQHDFRQVWLWXLWRFHDUHDOL]DW SHQWUXEHUHD
0LOOHUFDUHSUH]HQWDSHUVRQDOLW LGLQOXPHDVSRUWXOXLLDOWHFHOHEULW

LGLVFXWkQGvQFRQWUDGLFWRULXvQ

MXUXO XUP WRDUHL LGHL DYDQWDMXO RIHULW GH EHUHD 0LOOHU FRQVW  vQ JXVWXO HL IRDUWH EXQ VDX vQ IDSWXO
F  HVWH PDL SX LQ V

LRDV  $FHDVW  FDPSDQLH D GHS LW FD SHUIRUPDQ H WRDWH FHOHODOWH FDPSDQLL

GHSXEOLFLWDWHSHQWUXEHUHGHLSHQWUXPXOWHGLQWUHDFHVWHDVDXFKHOWXLWPDLPXO LEDQL
,PSDFWXO PHVDMXOXL GHSLQGH QX QXPDL GH FHHD FH VH VSXQH GDU L GH PRGXO vQ FDUH VH
VSXQH 8QHOH UHFODPH vL SURSXQ V  DGRSWH XQ SXQFW GH YHGHUH UD LRQDO DOWHOH XQ SXQFW GH YHGHUH
HPR LRQDO (VWH WLSLF SHQWUX UHFODPHOH DPHULFDQH V  SUH]LQWH R FDUDFWHULVWLF  VDX XQ DYDQWDM DO
SURGXVXOXL FDUH DSHOHD]  OD ODWXUD UD LRQDO  D PLQ LL RPHQHWL 9  IDFH UXIHOH PDL FXUDWH 9 
FDOPHD]  PDL UHSHGH L DD PDL GHSDUWH 5HFODPHOH MDSRQH]H VXQW PDL SX LQ GLUHFWH L DSHOHD]  OD
HPRWLYLWDWHDFRQVXPDWRUXOXLXQDVWIHOGHH[HPSOXDIRVWUHFODPDI FXW ODDXWRPRELOXO1LVVDQFDUH
SUH]LQW  QX DXWRPRELOXO FL VFHQH PLQXQDWH GLQ QDWXU  GHVWLQDWH V  SURGXF  XQHOH DVRFLHUL L XQHOH
UHDF LLHPR LRQDOH$OHJHUHDWLWOXULORUDPRGXOXLGHSUH]HQWDUHSUHFXPLDDOWRUFDUDFWHULVWLFLSRDWH
PRGLILFDLPSDFWXOUHFODPHL
7UDQVPLWHUHD PHVDMXOXL SRDWH IL GHFLVLY  SHQWUX SURGXVH IRDUWH DVHP Q WRDUH FXP DU IL
GHWHUJHQ LL LJ ULOH FDIHDXD L YRGFD 9RGFD HVWH SULYLW  vQ JHQHUDO FD XQ EXQ GH ODUJ FRQVXP
7RWXL SH SLD D YRGFLL SUHIHULQ D L ILGHOLWDWHD ID

 GH R DQXPLW  PDUF  VXQW XOXLWRDUH 3HQWUX

PDMRULWDWHDP UFLORUDFHVWHGRX FDUDFWHULVWLFLVXQWvQWUH LQXWHYkQ]kQGLPDJLQHDSURGXVXOXLLQX


SURGXVXO vQVXL Q  FkQG PDUFD VXHGH]  $EVROXW D S WUXQV SHSLD DDPHULFDQ ILUPDDYkQGXW
GHVFXUDMDWRDUHD FDQWLWDWH GH  GH O ]L FX YRGF  3kQ  vQ DQXO  YkQ] ULOH FUHVFXVHU  OD
 O ]L SH DQ 0DUFD $EVROXW D GHYHQLW FHD PDL YkQGXW  PDUF  GH YRGF  GH LPSRUW GLQ
$PHULFD GH LQkQG  GLQ SLD

 9kQ] ULOH HL JOREDOH FUHVF GH DVHPHQHD FX R UHSH]LFLXQH

XOXLWRDUH $UPD VD VHFUHW  R VWUDWHJLH HILFLHQW  GH SR]L LRQDUH DPEDODUH L SXEOLFLWDWH $EVROXW
HVWH GHVWLQDW  E XWRULORU UDILQD L ERJD L L FDUH DYDQVHD]  vQ LHUDUKLD VRFLDO  $FHDVW  YRGF  HVWH
vPEXWHOLDW  vQWUR VWLFO  FLXGDW  FX DVSHFW GLVWLQV VXJHUkQG DXVWHULWDWHD VXHGH]  6WLFOD D GHYHQLW R
SLFWRJUDP LHVWHXWLOL]DW FDSLHV FHQWUDO vQFDGUXOILHF UHLUHFODPHvQVR LW GHMRFXULGHFXYLQWH
FXPDUIL$EVROXWPDJLF VDX$EVROXWU SLWRDUH&DPSDQLDGHSXEOLFLWDWHSHQWUXPDUFD$EVROXW
DFkWLJDWPDLPXOWHSUHPLLLGLVWLQF LLGHFkWRULFHDOW FDPSDQLHGHSXEOLFLWDWHUHDOL]DW YUHRGDW 
(PL

WRUXO WUHEXLH GH DVHPHQHD V  DOHDJ  XQWRQ SRWULYLW SHQWUX UHFODP  )LUPD 3URFWHU 

*DPEOH DGRSW  vQ PRG FRQWLHQW XQ WRQ SR]LWLY UHFODPHOH VDOH VSXQ vQWRWGHDXQD FHYD OD VXSHUODWLY
GHVSUH SURGXV 8PRUXO HVWH HYLWDW SHQWUX D QX VH GLVWUDJH DWHQ LD SXEOLFXOXL GH OD PHVDM /D SROXO
RSXV VH VLWXHD]  UHFODPHOH ILUPHL 9RONVZDJHQ SHQWUX IDLPRVXO HL F U X UHFODPH FDUH DGRSW  vQ
PRGWLSLFXQWRQXPRULVWLFLDXWRLURQLF
8QDOWPLMORFGHSXEOLFLWDWHSURPL

WRUHVWHvQVXLPDJD]LQXO,QVWUXPHQWHORUSURPR LRQDOH

PDLYHFKLGLQFDGUXOPDJD]LQHORUFXPDUILSDQRXULOHGHODFDSHWHOHFXORDUHORULDILHOHFDUHDQXQ

SUH XUL VSHFLDOH OL VD DG XJDW R SOHLDG  GH QRL LQVWUXPHQWH GH UHFODP  8QHOH VXSHUPDUNHWXUL YkQG
VSD LX SH SDUGRVHDOD ORU SHQWUX VLJOHOH ILUPHORU 6H IDF H[SHULPHQWH L FX UDIWXULOH YRUELWRDUH FX
DMXWRUXO F URUD FXPS U WRULL RE LQ LQIRUPD LL DWXQFL FkQG WUHF SULQ GUHSWXO XQRU VWDQGXUL FX SURGXVH
DOLPHQWDUH 2 ILUP  D LQWURGXV YLGHRLQIRUPDWRUXO XQ DSDUDW FH FRQ LQH XQ HFUDQ GH FDOFXODWRU FDUH
SH SDUFXUVXO D  GLQ WLPSXO GH IXQF LRQDUH SUH]LQW  FRQVXPDWRUXOXL LQIRUPD LL SULYLWRDUH OD
DYDQWDMHOH RIHULWH GH DQXPLWH SURGXVH LDU SH SDUFXUVXO D  GLQ WLPSXO GH IXQF LRQDUH SUH]LQW 
PHVDMHSURPR LRQDOH

Q FD]XO SURPRY ULL YkQ] ULORU SHUVRDQD FDUH HODERUHD]  SODQXULOH UHIHULWRDUH OD DFHDVW 
DFWLYLWDWHWUHEXLHV  LQ VHDPDGHWLSXOGHSLD

GHRELHFWLYHOHDFWLYLW

LLGHSURPRYDUHDYkQ] ULORU

GHFRQGL LLOHFRQFXUHQ HLLGHHILFLHQ DHFRQRPLF DILHF UXLLQVWUXPHQWvQSDUWH


3ULQFLSDOHOH LQVWUXPHQWH GH UHDOL]DUH D SURPRY ULL SH SLH HOH GH FRQVXP VXQW PRVWUHOH
FXSRDQHOH RIHUWHOH GH UHWXUQDUH D EDQLORU UDEDWXULOH  YkQ] ULOH JUXSDWH RIHUWHOH SDFKHW 
UHFRPSHQVHOH SUHPLLOH SUHPLLOH GH ILGHOLWDWH vQFHUF ULOH JUDWXLWH JDUDQ LLOH SURGXVHORU DFWLYLW

LOH

GHSURPRYDUHvQFRODERUDUHLFHOHGHSURPRYDUHvQFUXFLDW SXEOLFLWDWHDODORFXOYkQ] ULL


0RVWUHOHVXQWRIHUWHJUDWXLWHGLQWUXQSURGXVVDXVHUYLFLX0RVWUDSRDWHILOLYUDW GLUHFWOD
GRPLFLOLX WULPLV  SULQ SRW  RIHULW  vQ PDJD]LQH DWDDW  XQXL DOW SURGXV VDX FD SDUWH D XQHL RIHUWH
SURPR LRQDOH 2IHULUHD GH PRVWUH HVWH FHO PDL HILFLHQW L FHO PDL VFXPS PRG GH D ODQVD SHSLD

XQ

SURGXV QRX 'H H[HPSOX ILUPD /HYHU %UDWKHUV D DYXW DWkW GH PXOW  vQFUHGHUH vQ QRXO HL SURGXV
GHWHUJHQWXO 6XUI vQFkW D GLVWULEXLW PRVWUH JUDWXLWH OD SDWUX GLQ FLQFL IDPLOLL DPHULFDQH DF LXQHD
FRVWkQGPLOLRDQHGHGRODUL
&XSRDQHOH VXQW FHUWLILFDWH FDUH GDX SRVHVRUXOXL GUHSWXO GH D EHQHILFLD GH R UHGXFHUH GH
SUH ELQHSUHFL]DW DWXQFLFkQGDFKL]L LRQHD] XQDQXPLWSURGXV&XSRDQHOHSRWILWULPLVHSULQSRW 
LQFOXVH vQ DQXPLWH SURGXVH VDX DWDDWH OD DFHVWHD RUL vQVHUDWH vQ UHFODPH FH DSDU vQ UHYLVWH L ]LDUH
&XSRDQHOH SRW IL HILFLHQWH DWkW SHQWUX VWLPXODUHD YkQ] ULORU XQHL P UFL PDWXUH FkW L SHQWUX DL
GHWHUPLQD SH FOLHQ L V  vQFHUFH GH WLPSXULX R QRX  PDUF  ([SHU LL FUHG F  SHQWUX D IL HILFLHQWH
FXSRDQHOH WUHEXLH V  RIHUH UHGXFHUL GH SUH  vQWUH  L  )LUPD 3URFWHU  *DPEOH D S WUXQV SH
SLD D 3LWWVEXUJKXOXL FX PDUFD VD QXPLW  )ROJHU GLVWULEXLQG SULQ SRW  IDPLOLLORU GLQ ]RQ  XQ
FXSRQ FDUH RIHUHD R UHGXFHUH GH  GH FHQ L OD R FXWLH GH  NLORJUDPH L LQWURGXFkQG vQ ILHFDUH
FXWLHXQFXSRQFDUHRIHUHDRUHGXFHUHGHFHQ L
2IHUWHOH GH UHWXUQDUH D EDQLORU UDEDWXULORU  JDUDQWHD]  R UHGXFHUH GH SUH  GXS 
DFKL]L LRQDUHD P UILL GDU QX OD PDJD]LQXO GH GHVIDFHUH FX DP QXQWXO &RQVXPDWRUXO WULPLWH
IDEULFDQWXOXL R GRYDG  F  D HIHFWXDW DFKL]L LD LDU DFHVWD vL UHWXUQHD]  SULQ SRW  R SDUWH GLQ
SUH XO GH DFKL]L LRQDUH D SURGXVXOXL )LUPD 7DUD D UHDOL]DW R FDPSDQLH LQWHOLJHQW  GH SURPRYDUH vQ
SUHVH]RQ D XQRU PRGHOH GH KDLQH SHQWUX LDUQ  RIHULQG XQ UDEDW GDF  QLQVRULOH GLQ ]RQD SLH HL
FXPS U WRUXOXL VH VLWXDX VXE PHGLD PXOWLDQXDO  FRQFXUHQ D QX D IRVW FDSDELO  V  FRQWUDFDUH]H
DFHDVW  RIHUW  GDWRULW  WLPSXOXL IRDUWH VFXUW GH UHDF LH 3H GH DOW  SDUWH UDEDWXULOH RIHULWH FX RFD]LD
FXPS U ULL DXWRPRELOHORU DX GHYHQLW DWkW GH RELQXLWH vQFkW PXO L FXPS U WRUL GH DXWRWXULVPH
DPkQ  DFKL]L LD XQHL PDLQL SkQ  VH DQXQ

 DFRUGDUHD XQXL UDEDW 'HRDUHFH PDMRULWDWHD ILUPHORU

SURGXF WRDUHGHDXWRPRELOHRIHU UDEDWXULDSURDSHLGHQWLFHSULQDFHDVWDQXVHFkWLJ PDUHOXFUX 


9kQ]

ULOH JUXSDWH RIHUWHOH SDFKHW  RIHU  FRQVXPDWRULORU SRVLELOLWDWHD GH D EHQHILFLD GH

R UHGXFHUH D SUH XOXL RELQXLW DO SURGXVXOXL UHGXFHUH LQGLFDW  SH HWLFKHW  VDX SH DPEDODMXO
SURGXVXOXL UHVSHFWLY (OH SRW vPEU FD IRUPD YkQ] ULORU JUXSDWH OD SUH  UHGXV FXP DU IL YkQ]DUHD D
GRX  SURGXVH OD SUH XO XQXLD VLQJXU VDXSRDWHDYHDIRUPDRIHUWHLSDFKHWFRQVWkQGvQGRX SURGXVH
vQUXGLWH FDUH VXQW YkQGXWH vPSUHXQ  GH H[HPSOX R SHULX

 L R SDVW  GH GLQ L  9kQ] ULOH JUXSDWH

VXQW IRDUWH HILFLHQWH vQ VWLPXODUHD YkQ] ULORU SH WHUPHQ VFXUW vQWUR PDL PDUH P VXU  FKLDU GHFkW
FXSRDQHOH
5HFRPSHQVHOH FDGRXULOH  VXQW P UIXUL IXUQL]DWH OD SUH  UHGXV  VDX RIHULWH JUDWXLW FX URO
GH VWLPXOHQW SHQWUX DFKL]L LRQDUHD XQXL DQXPLW SURGXV 8QHOH VXQW RIHULWH vPSUHXQ  FX SURGXVXO
ILLQG vQVHUDWH ILH vQ LQWHULRUXO DPEDODMXOXL ILH vQ LQWHULRUXO SURGXVXOXL )LUPD 4XDNHU 2DWV D
UHDOL]DWRFDPSDQLHGHSURPRYDUHvQFDGUXOF UHLDDLQWURGXVvQSXQJLOHGHKUDQ SHQWUXFkLQLPDUFD
.HQ 5DWLRQ PRQHGH GH DXU L DUJLQW vQ YDORDUH GH  PLOLRDQH GH GRODUL $PEDODMXO vQVXL GDF 
HVWHXQFRQWDLQHUUHIRORVLELOSRDWHIRORVLFDUHFRPSHQV ([LVW LFDGRXULRIHULWHSULQSRW DFHVWHD
VXQW DUWLFROH WULPLVH FRQVXPDWRULORU FDUH H[SHGLD]  R GRYDG  F  DX DFKL]L LRQDW XQ DQXPLW RELHFW
GRYDG  FDUH SRDWH IL XQ IUDJPHQW GLQ DPEDODMXO DFHVWXLD 8Q FDGRX DOH F UXL VWRFXUL VH
DXWROLFKLGHD]  HVWH XQ DUWLFRO YkQGXW VXE SUH XO QRUPDO FOLHQ LORU FDUHO VROLFLW  $FWXDOPHQWH
SURGXF WRULL RIHU  FRQVXPDWRULORU WRW IHOXO GH FDGRXUL FDUH DX vQVFULVH SH HOH QXPHOH ILUPHL DVWIHO
FRQVXPDWRUXO SURGXVHORU ILUPHL %XGZHLVHU SRDWH FRPDQGD WULFRXUL EDORDQH FX DHU FDOG L VXWH GH
DOWHDUWLFROHFDUHDXvQVFULVHSHHOHQXPHOHILUPHL

3UHPLLOH FRQFXUVXUL WRPEROH MRFXUL  FRQVWDX vQ SRVLELOLWDWHD GH D FkWLJDEDQLH[FXUVLL


VDX RELHFWH FD UH]XOWDW DO DFKL]L LRQ ULL XQXL SURGXV 8Q FRQFXUV FHUH FRQVXPDWRULORU V  WULPLW 
ILUPHL R PLF  OXFUDUH  VFULV  R SRH]LRDU  R HYDOXDUH R VXJHVWLH  FDUH YD IL H[DPLQDW  GH F WUH XQ
MXULX FH YD VHOHF LRQD FHOH PDL EXQH OXFU UL 2 WRPERO  FHUH FRQVXPDWRULORU  V  SDUWLFLSH OD R
H[WUDJHUH D XQRU ELOHWH SH FDUH HVWH vQVFULV QXPHOH ORU 8Q MRF RIHU  FRQVXPDWRULORU FkWH FHYD GH
ILHFDUHGDW FkQGFXPS U GHH[HPSOXSRWILRIHULWHQXPHUHGHELQJRVDXOLWHUHGHVSHUHFKHDWHFDUHO
SRW DMXWD SH SRVHVRUXO ORU V  FkWLJH XQ DQXPLW SUHPLX 2 ILUP  EULWDQLF  SURGXF WRDUH GH LJ UL D
LQWURGXVvQILHFDUHSDFKHWXQELOHWGHORWHULHFDUHRIHU DQVDGHDFkWLJDSkQ ODGHGRODULvQ
FD] F  ELOHWXO HUD FkWLJ WRU 8QHRUL PL]D HVWH R SHUVRDQ  DD FXP VD vQWkPSODW DWXQFL FkQG ILUPD
&DQDGD 'U\ D RIHULW FkWLJ WRUXOXL XQ PLOLRQ GH GRODUL VDX SRVLELOLWDWHD GH D OXD PDVD vQ FRPSDQLD
DFWUL HL-RDQ&ROOLQV DXIRVWSUHIHUD LEDQLLvQDFHVWFD] 
3UHPLLOH GH ILGHOLWDWH VXQW YDORUL RIHULWH VXE IRUP  GH QXPHUDU VDX VXE DOWH IRUPH FDUH
VXQW SURSRU LRQDOH FX ILGHOLWDWHD FOLHQWXOXL ID

 GH XQ DQXPLW YkQ] WRU VDX JUXS GH YkQ] WRUL

0DMRULWDWHD ILUPHORU DHULHQH SXQ OD GLVSR]L LD F O WRULORU DDQXPLWHOH SODQXUL DOH SDVDJHULORU
ILGHOLFDUHRIHU SHQWUXQXP UXOGHNLORPHWULGH]ERUSDUFXULSXQFWHFHSRWILFRQYHUWLWHvQH[FXUVLL
JUDWXLWH FX DYLRQXO )LUPD 0DUULRW +RWHOV D DGRSWDW R VFKHP  GH UHFRPSHQVDUH FXQRVFXW  VXE
QXPHOH GH RDVSHWHOH GH RQRDUH VFKHP  FDUH RIHU  SXQFWH XWLOL]DWRULORU KRWHOXULORU FRPSDQLHL
'LYLGHQGHOH SO WLWH GH F WUH FRRSHUDWLYH PHPEULORU ORU GHSLQG GH FDQWLW

LOH DQXDOH GH P UIXUL SH

FDUH DFHWLD OH FXPS U  GH OD UHVSHFWLYHOH FRRSHUDWLYH 7LPEUHOH FRPHUFLDOH VXQW L HOH UHFRPSHQVH
SHQWUX ILGHOLWDWH L VXQW RIHULWH FOLHQ LORU FDUH FXPS U  GH OD DQXPL L FRPHUFLDQ L (L SRW VFKLPED
FRQWUD PDUI  DFHVWH WLPEUH ILH OD FHQWUHOH GH U VFXPS UDUH D WLPEUHORU ILH SULQ LQWHUPHGLXO
FRPHQ]LORUSULQSRW SHED] GHFDWDORJ
QFHUF

ULOH JUDWXLWH FRQVWDX vQ D DFRUGD FXPS U WRULORU SRVLELOLWDWHD GH D SURED vQ PRG

JUDWXLW SURGXVXO vQ VSHUDQ D F  HL vO YRU FXPS UD $VWIHO FRPHUFLDQ LL GH DXWRPRELOH vL vQFXUDMHD] 
SH FOLHQ L V  WHVWH]H vQ PRG JUDWXLW XQ DXWRWXULVP SHQWUX D OH VWLPXOD LQWHUHVXO GH D DFKL]L LRQD
PRGHOXOUHVSHFWL
*DUDQ LLOH SURGXVHORU VXQW XQ LQVWUXPHQW SURPR LRQDO LPSRUWDQW GHRDUHFH FRQVXPDWRULL
SUH XLHVF GLQ FH vQ FH PDL PXOW FDOLWDWHD $WXQFL FkQG ILUPD &KU\VOHU D RIHULW R JDUDQ LH GH  DQL
SHQWUX DXWRPRELOHOH VDOH PXOW PDL OXQJ  GHFkW FHD RIHULW  GH ILUPHOH )RUG VDX *HQHUDO 0RWRUV
FOLHQ LL DX OXDW DPLQWH (L DX WUDV FRQFOX]LD F  PDLQLOH &KU\VOHU VXQW GH EXQ  FDOLWDWH ,DU IDSWXO F 
ILUPD 6HDUV RIHU  JDUDQ LL SH YLD
SXWHUQLFDOFDOLW
$FWLYLW

 SHQWUX EDWHULLOH VDOH DXWR HVWH SHQWUX FXPS U WRUL XQ DUJXPHQW

LLDFHVWRUEDWHULL
LOH GH SURPRYDUH vQ FRODERUDUH FRPSRUW  GRX  VDX PDL PXOWH P UFL VDX ILUPH

FDUHL FRURERUHD]  HIRUWXULOH UHIHULWRDUH OD DFRUGDUHD GH FXSRDQH VDX GHVS JXELUL L RUJDQL]DUHD GH
FRQFXUVXULSHQWUXDLLPSXQHSURGXVHOHSHSLD

)LUPHOHFRODERUHD] GLQSXQFWGHYHGHUHILQDQFLDU

vQ VSHUDQ D F  YRU RE LQH R PDL EXQ  H[SXQHUH SH SLD


vPSLQJ DFHVWH DFWLYLW

 vQ WLPS FH vQ SDUDOHO IRU HOH GH YkQ]DUH

L GH SURPRYDUH F WUH GHWDLOLWL Q DFHVW IHO ILUPHOH EHQHILFLD]  GH PDL PXOW

ORFGHH[SXQHUHvQPDJD]LQHSUHFXPLGHPDLPXOWHVSD LLGHUHFODP 
$FWLYLW

LOH GH SURPRYDUH vQFUXFLDWH SUHVXSXQ XWLOL]DUHD XQHL P UFL SHQWUX D VH IDFH

UHFODP  DOWHL P UFL FX FDUH SULPD QX VH DIO  vQ FRQFXUHQ

 'H H[HPSOX vQ FD]XO SU MLWXULORU

1DELVFR VH SRDWH DQXQ D F  XWLOL]HD]  FLRFRODWD +HUVKH\ LDU DPEDODMXO UHVSHFWLYHORU SU MLWXUL DU
SXWHDFKLDUV FRQ LQ XQFXSRQGHVWLQDWFXPS U ULLXQXLSURGXVPDUFD+HUVKH\
3XEOLFLWDWHDODORFXOYkQ]

ULLDUHORFODSXQFWXOGHGHVIDFHUHVDXGHYkQ]DUH8QH[HPSOX

DUILDILXOGHFDUWRQFXvQDO LPHDGHPHWULDOILUPHL&RFD&RODSODVDWvQPDJD]LQHILHOkQJ UDIWXO


FHH[SXQHFXWLLOHFX&RFD&RODILHODFDS WXOXQXLFXORDU
3URGXF WRULLXWLOL]HD] PDLPXOWHLQVWUXPHQWHGHSURPRYDUHSHSLH HOHFRPHUFLDOHQPRG
VXUSULQ] WRUIRQGXULOHGHVWLQDWHDFWLYLW

LORUGHSURPRYDUHDYkQ] ULORUVXQWGLULMDWHvQWURPDLPDUH

P VXU F WUHSURPRYDUHDSHSLH HOHFRPHUFLDOH  GHFkWF WUHSURPRYDUHDSHSLH HOHGHFRQVXP


 
5HGXFHULOHGHSUH UHSUH]LQW XQUDEDWDFRUGDWODSUH XOGHFDWDORJSHQWUXDFKL]L LLOHI FXWH
vQWUR DQXPLW  SHULRDG  GH WLPS 2IHUWD UHVSHFWLY  vL vQFXUDMHD]  SH LQWHUPHGLDUL V  FXPSHUH R
FDQWLWDWH VDX V  DFKL]L LRQH]H XQ QRX DUWLFRO SH FDUH vQ PRG RELQXLW QX ODU IL FXPS UDW

,QWHUPHGLDULL SRW DSHOD ERQLILFD LLOH GH DFKL]L LRQDUH SHQWUX RE LQHUHD XQXL SURILW LPHGLDW D XQRU
VSD LLGHSXEOLFLWDWHVDXDXQRUUHGXFHULGHSUH 
%RQLILFD LLOH UHSH]LQW  R VXP  GH EDQL RIHULW  GH SURGXF WRUL XQRU GHWDLOLWL vQ VFKLPEXO
SUH]HQW ULL GH F WUH DFHWLD D SURGXVHORU ORU vQWUXQ DQXPLW PRG %RQLILFD LD SURPR LRQDO  HVWH
GHVWLQDW  UHFRPSHQV ULL GHWDLOLWLORU FDUH IDF SXEOLFLWDWH SURGXVHORU XQHL ILUPH %RQLILFD LD GH
H[SXQHUHvLUHFRPSHQVHD] SHQWUXH[SXQHUHDvQWUXQPRGVSHFLDODSURGXVHORUDFHVWHLD
%RQXULOH JUDWXLWH VXQW FDQWLW

L VXSOLPHQWDUH GH PDUI  RIHULWH LQWHUPHGLDULORU FDUH

FXPS U  R DQXPLW  FDQWLWDWH VDX FDUH SUH]LQW  SH SLD


SRWDFRUGDJUDWXLW

 R DQXPLW  FDWHJRULH GH SURGXV 3URGXF WRULL

LGHvPSLQJHUHFDUHFRQVWDXvQVXPHGHEDQLVDXFDGRXULRIHULWHFRPHUFLDQ LORU

GHWDLOLWL VDX IRU HL GH YkQ]DUH SHQWUX D vPSLQJH SH SLD

 SURGXVHOH ORU VDX DWHQ LL SHUVRQDOH

VWLORXULFUHLRDQHFDOHQGDUHDJHQGH FDUHSRDUW QXPHOHILUPHLSURGXF WRDUH


)LUPHOH FKHOWXLHVF PLOLDUGH GH GRODUL FX LQVWUXPHQWHOH GH SURPRYDUH SH SLD D DIDFHULORU
$FHVWHLQVWUXPHQWHVXQWXWLOL]DWHSHQWUXDFkWLJDSDUWHQHULGHDIDFHULSHQWUXDLPSUHVLRQDLSHQWUX
DLUHFRPSHQVDSHFOLHQ LSHQWUXDLVWLPXODSHPHPEULLIRU HLGHYkQ]DUHV IDF HIRUWXULPDLPDUL
'H UHJXO  EXJHWHOH DQXDOH SH FDUH ILUPHOH OH DORF  ILHF UXL LQVWUXPHQW GH SURPRYDUH D DIDFHULORU
VXQWDSUR[LPDWLYvQFUHWHUHGHODXQDQODDOWXO
7kUJXULOH L PDQLIHVW

ULOH FRPHUFLDOH $VRFLD LLOH OD QLYHO GH UDPXU  RUJDQL]HD]  DQXDO

WkUJXUL L PDQLIHVW UL FRPHUFLDOH )LUPHOH FDUH YkQG SURGXVH L VHUYLFLL VSHFLILFH XQXL DQXPLW
GRPHQLX LQGXVWULDO FXPS U  VSD LX GH H[SXQHUH vQ FDGUXO DFHVWRU WkUJXUL L vL LQVWDOHD]  DLFL
VWDQGXULLDILHSHQWUXDLSUH]HQWDSURGXVHOHQILHFDUHDQDXORFSHVWHGHWkUJXULFDUHDWUDJ
DSUR[LPDWLY  GH PLOLRDQH GH YL]LWDWRUL 1XP UXO GH YL]LWDWRUL YDULD]  vQWUH FkWHYD PLL L SHVWH 
 GH RDPHQL vQ FD]XO PDULORU WkUJXUL GLQ GRPHQLXO LQGXVWULHL KRWHOLHUH )LUPHOH FDUH SDUWLFLS  OD
WkUJXUL VH DWHDSW  V  WUDJ  PDL PXOWH IRORDVH SULQWUH FDUH DPLQWLP J VLUHD XQRU QRL SDUWHQHUL
FRPHUFLDOL PHQ LQHUHD FRQWDFWHORU FX FOLHQ LL ODQVDUHD QRLORU SURGXVH UHDOL]DUHD GH vQWkOQLUL FX QRL
FOLHQ L FUHWHUHD YROXPXOXL GHVIDFHULORU F WUH YHFKLL FOLHQ L L HGXFDUHD FOLHQ LORU SULQ LQWHUPHGLXO
SXEOLFD LLORUILOPHORULDOWRUPDWHULDOHDXGLRYL]XDOH
&RQFXUVXULOHGHYkQ]

ULUHSUH]LQW FRQFXUVXULODFDUHSDUWLFLS PHPEULLIRU HLGHYkQ]DUH

VDX GLVWULEXLWRULL XQHL ILUPH &RQFXUVXO HVWH RUJDQL]DW FX LQWHQ LD GH DL IDFH SH DFHWLD V  RE LQ 
UH]XOWDWHPDLEXQHvQDFWLYLWDWHDGHGHVIDFHUHGHDOXQJXOXQHLSHULRDGHVWDELOLWHLvQFDGUXOOXLVH
DFRUG  SUHPLL FHORU FDUH UHXHVF V  UHDOL]H]H DFHVW GH]LGHUDW 0DMRULWDWHD ILUPHORU VSRQVRUL]HD]  vQ
ILHFDUH DQ VDXFKLDUPDLIUHFYHQWFRQFXUVXULGHYkQ] ULODFDUHSDUWLFLS IRU DORUGHYkQ] UL$FHVWH
FRQFXUVXUL VXQW QXPLWH SURJUDPH GH VWLPXODUH L DX UROXO GH DL PRWLYD SH FHL FH UHDOL]HD] 
SHUIRUPDQ HGHRVHELWHLGHDOHDVLJXUDUHFXQRDWHUHDPHULWHORU
3XEOLFLWDWHD VSHFLDO

 FDGRXULOH GH SURWRFRO  FRQVW  vQ RELHFWH LHIWLQH L XWLOH SH FDUH

DJHQ LL GH YkQ] UL OH RIHU  FOLHQ LORU HIHFWLYL L FOLHQ LORU SRWHQ LDOL I U  V  OH FUHH]H DFHVWRUD QLFL R
REOLJD LH$FHVWHRELHFWHDXvQVFULVHSHHOHQXPHOHLDGUHVDILUPHLFRQ LQkQGLXQPHVDMSXEOLFLWDU
$UWLFROHOH RIHULWH vQ PRG RELQXLW VXQW SL[XUL FDOHQGDUH EULFKHWH L DJHQGH (OH PHQ LQ QXPHOH
ILUPHL vQ DWHQ LD FOLHQWXOXL SRWHQ LDO L GDWRULW  XWLOLW

LL ORU DWUDJ SUHIHULQ HOH DFHVWXLD 2 DQFKHW  D

LQGLFDWF GLQWUHSURGXF WRULvLGRWHD] DJHQ LLGHYkQ] ULFXDUWLFROHGHSURWRFRO


&RPXQLFD LLOH GH PDUNHWLQJ UHSUH]LQW  XQXO GLQ FHOH SDWUX HOHPHQWH SULQFLSDOH DOH PL[XOXL
GH PDUNHWLQJ DO XQHL ILUPH 6SHFLDOLWLL vQ PDUNHWLQJ WUHEXLH V  WLH FXP V  IRORVHDVF  SXEOLFLWDWHD
SURPRYDUHD YkQ] ULORU SXEOLFLWDWHD GLUHFW  UHOD LLOH SXEOLFH L YkQ]DUHD SHUVRQDO  SHQWUX D
FRPXQLFDFRQVXPDWRULORUYL]D LPHVDMHOHUHIHULWRDUHODH[LVWHQ DLODYDORDUHDSURGXVXOXL

5H]XPDW
1R LXQHDGHFRPXQLFDUHDILUPHLFXSLD DHVWHFRPSOH[ LDUHPXOWLSOHVHQVXUL1HYRLDGH
FRPXQLFDUHHVWHLQGLVSHQVDELO LKRW UkWRDUHLQGLVSHQVDELO SHQWUXF  LQHGHFKLDUH[LVWHQ DILUPHL
SHSLD

KRW UkWRDUHSHQWUXF UHSUH]LQW RSUHPLV GHDVLJXUDUHDVXFFHVXOXL


&RPXQLFDUHD vQWUH ILUP  L SLD

 VH UHDOL]HD]  SULQ XWLOL]DUHD XQRU LQVWUXPHQWH GLYHUVH

&RPELQDUHDFXVXFFHVDGLIHULWHORUPHWRGHLQVWUXPHQWHLWHKQLFLGHSLQGHDWkWGHDUWDVSHFLDOLVWXOXL
LPSOLFDW vQ DFHDVW  DFWLYLWDWH FkW L GH VWUDWHJLD PDQDJHPHQWXOXL FRPXQLF ULL (VWH WRW PDL HYLGHQW
IDSWXOF IXQF LDGHFRPXQLFDUHDILUPHLGHYLQHDXWRQRP ID

GHFHOHODOWHIXQF LLDOHILUPHL

&RQFHSWHFKHLH

&RPXQLFDUH7UDQVPLWHUHDXQHLLQIRUPD LL
&DQDOGHFRPXQLFDUH0LMORFFHSHUPLWHXQHLVXUVHV YHKLFXOH]HXQPHVDMSkQ ODUHFHSWRU
 3URPRYDUH $QVDPEOXO DFWLYLW

LORU GH PDUNHWLQJ FDUH VWLPXOHD]  FXPS U ULOH FOLHQ LORU

&XSULQGHUHOD LLOHSXEOLFHSXEOLFLWDWHDYkQ] ULOHSURPR LRQDOH


 3URPRYDUHD YkQ]

ULORU (YDQWDL GH WHKQLFL FDUH SHUPLWH FRPHUFLDQ LORU V  VWLPXOH]H YkQ] ULOH

LPHGLDW
 3URPRYDUH DVXSUD SXQFWHORU GH YkQ]DUH 7HKQLFL GH YkQ]DUH SURPR LRQDOH FDUH FRQVWDX vQ
LGHQWLILFDUHDGHPLMORDFHFDUHV VXVFLWHDWHQ LDSHORFXOGHYkQ]DUH
 5HOD LL SXEOLFH $FWLYLW

L GH FRPXQLFDUH vQ YHGHUHD SURPRY ULL DFFHSW ULL XQXL SURGXV  ILUP 

LQFOXVLYDLPDJLQLLP UFLLORU
 3XEOLFLWDWH GH PDUF

 $UH FD VRS V  IDF  FXQRVFXW  YDORDUHD DYDQWDMHOH P UFLL SHQWUX

YLLWRULLFOLHQ L
 3XEOLFLWDWH LQVWLWX LRQDO

 &UHDUHD SURPRYDUHD  XQHL LPDJLQL D XQHL ILUPH ID

 GH XQ SXEOLF

GLYHUV
 3XEOLFLWDWH vQ IDYRDUHD PDUHOXL SXEOLF 6H UHIHU  OD EXQXUL GH FRQVXP LQGLYLGXDOH
JRVSRG UHWL
 3XEOLFLWDWH LQGXVWULDO

 6H DGUHVHD]  SUHVFULSWRULORU XWLOL]DWRULORU LQGXVWULDOL ILUPH SXEOLFH 

SULYDWHLQVWLWX LLJXYHUQDPHQWDOH
3XEOLFLWDWHGHQRWDWLY

6HDGUHVHD] UD LXQLLVXELHFWXOXLIRORVHWHDUJXPHQWHUD LRQDOHFDXW V 

FRQYLQJ 
 3XEOLFLWDWH FRQRWDWLY

 6H DGUHVHD]  VHQWLPHQWHORU HPR LLORU L PRWLYD LLORU LQFRQWLHQWH

3XEOLFLWDWHDFRQRWDWLY QXGHPRQVWUHD] DUJXPHQWHD] FLVXJHUHD] 


 3XEOLFLWDWHD GXU

 $UH XQ RELHFWLY SH WHUPHQ VFXUW V  VH FXPSHUH PHVDMXO  ILLQG DJUHVLY I U 

QXDQ H
 3XEOLFLWDWH GXOFH 9L]HD]  WHUPHQXO PHGLX IDFH FXQRVFXW SURGXVXO FUHHD]  R LPDJLQH HVWH GH
WLSFRQRWDWLY
3XEOLFLWDWHFRQFHQWUDW
 3XEOLFLWDWH FRQWLQX

&DPSDQLHGHSXEOLFLWDWHOLPLWDW ODRSHULRDG DDQXOXL

 3ODQ PHGLD GXS  FDUH PHVDMHOH SXEOLFLWDUH VXQW UHSDUWL]DWH vQ PRG HJDO SH

WRDW GXUDWDFDPSDQLHL
3XEOLFLWDWHJUDWXLW

2ULFHPHVDMFRPXQLFDWSULQWRDWHPHGLLOHFDUHQXHVWHSO WLWGHILUP 

 3XEOLFLWDWH VHOHFWLY

 0HVDM SULQ FDUH VH vQFHDUF  V  VH DWUDJ  DWHQ LD SXEOLFXOXL DVXSUD XQHL

P UFLVSHFLILFH
3XEOLFLWDWHYHUWLFDO

FRPSHQVDW

 3XEOLFLWDWH RUL]RQWDO
GLVWULEX LH

3XEOLFLWDWHGHUDPXU UH]HUYDW GLVWULEXLWRULORU

  3XEOLFLWDWH UH]HUYDW  RSHUDWRULORU GH OD DFHODL QLYHO DO XQXL FDQDO GH

S-ar putea să vă placă și