Documente Academic
Documente Profesional
Documente Cultură
/,7(5$785 &203$5$7
$17,&+,7$7($
,(3,&8/
(GL LDD,,,D
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
(GLWXU DFUHGLWDW GH0LQLVWHUXO(GXFD LHLL&HUFHW ULL
SULQ&RQVLOLXO1D LRQDODO&HUFHW ULLWLLQ LILFH
GLQQY PkQWXO6XSHULRU
'HVFULHUHD&,3D%LEOLRWHFLL1D LRQDOHD5RPkQLHL
9/ '(6&8$1'5(($
/LWHUDWXUDFRPSDUDW $QWLFKLWDWHD$QGUHHD9O GHVFX
(GDD%XFXUHWL(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
,6%1
9RO(SLFXO%LEOLRJUDILH,6%1
81,9(56,7$7($63,58+$5(7
)$&8/7$7($'(/,0%,,/,7(5$785,675 ,1(
$1'5(($9/ '(6&8
$17,&+,7$7($
,(3,&8/
(GL LDD,,,D
(',785$)81'$ ,(,5201,$'(0,1(
%XFXUHWL
,0,78/,/,7(5$785,7$7($
6HQVXOLIXQF LDOLWHUDWXULL
VHDIO vQPHWDIRU LPLW
5:HOOHNL$:DUUHQ
3 VWUkQG SDUIXPXO XRU GHVXHW DO VLVWHPDWL] ULORU GLQ DQLL
GHILQL LD YRLW WLLQ LILF D FHORU GRL WHRUHWLFLHQL DPHULFDQL U PkQH
DFWXDO FD VXUSULQGHUH D HVHQ HL OLWHUDWXULW LL D F UHL GLQDPLF vQ
VLQFURQLH L vQ GLDFURQLH QH SURSXQHP V R LOXVWU P 'LQWUH
QXPHURDVHOH GHILQL LL DOH PLWXOXL 9LFWRU.HUQEDFKvQUHJLVWUDGH
IDFWXU SVLKRORJLF VRFLRORJLF WHRORJLF LLVWRULF '(),1, ,$SULQ
FDUH VH VLQWHWL]HD] L VH DFWXDOL]HD] RULHQW ULOH FRQFHSWXDOH
DQWHULRDUH DVXSUD PLWXOXL SDUH D IL FHD SURSXV GH /XFLDQ %RLD
&RQFHSHP PLWXO FD SH R FRQVWUXF LH LPDJLQDU SRYHVWLUH
UHSUH]HQWDUHVDXLGHHFDUHXUP UHWHvQ HOHJHUHDHVHQ HLIHQRPHQHORU
FRVPLFH L VRFLDOH vQ IXQF LH GH YDORULOH LQWULQVHFL FRPXQLW LL L vQ
VFRSXODVLJXU ULLFRH]LXQLLDFHVWHLD
'HILQL LD DQWURSRORJXOXL URPkQ FDQWRQHD] PLWXO vQ VIHUD
HVWHWLFXOXLFDUHSUH]HQWDUHLDILOR]RILFXOXLFDLGHHFDUHXUP
UHWH vQ HOHJHUHD RIHULQG GHVFKLGHUHD VSUH FHOH GRX $&&(3 ,,
FRQVDFUDWH SULQ HYROX LD OLWHUDWXULL LVWRULH VDFU LQYHQ LH
ILF LXQHLPDJLQD LHIDEXOD LH
,$FFHS LLLVWUXFWXU
0,78/ 329(67(7( 2 ,6725,( 6$&5 HO UHODWHD] XQ
HYHQLPHQW FDUH D DYXW ORF vQ WLPSXO SULPRUGLDO WLPSXO IDEXORV DO
vQFHSXWXULORU$OWIHO]LVPLWXOSRYHVWHWHFXPPXO XPLW LVSU YLORU
ILLQ HORU VXSUDQDWXUDOH R UHDOLWDWH VD Q VFXW ILH F H YRUED GH
UHDOLWDWHD WRWDO FRVPRVXO VDX QXPDL GH XQ IUDJPHQW R LQVXO R
VSHFLHYHJHWDO RFRPSRUWDUHXPDQ RLQVWLWX LH$DGDUvQWRWGHDXQD
H SRYHVWHD XQHL IDFHUL QL VH SRYHVWHWH FXP FHYD D IRVW SURGXV D
vQFHSXWV ILH
Q DFHDVW DFFHS LH PLWXO UHSUH]LQW SULPD PDQLIHVWDUH D
OLWHUDWXULW LL SODVDW vQ ]RULL DQWLFKLW LL (O DU IL SDU LDO VLQRQLP FX
HSLFXO H[SOLFDWLYUHOLJLRV SULP IRUP GH FRGLILFDUH HVWHWLF D XQXL
PHVDMILOR]RILF
5HIOH[DORUJROLXOXLXPDQFRPSHQVDWRULXSHQWUXFRPSOH[XOID
GH GLYLQ DUKHWLSXO LGHDOLW LL DQWLFH VH UHDOL]HD] SULQ PRGHOH
GLVWLQFWHvQPDQLIHVW ULVSHFLILFHFDUHSUH]HQWDUHGXS VSD LXOVSL
ULWXDOLPRPHQWXOFULVWDOL] ULLORU3ULQIRU DGHVXJHVWLHJHQHUDOL]DQW
D LPDJLQLL L SULQ SHUHQLWDWHD VHPQLILFD LHL VLPEROLFH D DUKHWLSXULORU
PDLDOHVDFHDVW L]RWRSLHFLUFXPVFULHFHDGHDGRXDDFFHS LHO UJLW D
FRQFHSWXOXL 0,78/ &$ ,19(1 ,( ),& ,81( )$%8/$ ,( Q
DFHDVW DFFHS LH HVHQ D OXL HVWH SRDWH FHO PDL VXJHVWLY VXUSULQV GH
5RODQG%DUWKHVPLWXOHVWHXQVLVWHPGHFRPXQLFDUHHVWHXQPHVDM
6HYHGHSULQDFHDVWDF PLWXOQXDUSXWHDILXQRELHFWXQFRQFHSWVDXR
LGHH HVWH XQ PRG GH VHPQLILFDUH HVWH R IRUP Q WHUPHQLL OXL
%DUWKHV FD PRG GH FRPXQLFDUH L FXYkQW IXUDW L UHGDW PLWXO
SUHVXSXQH GLVFXUVXO FDUH QX WUDQVIRUP FL S VWUHD] vQ LPDJLQH
UHDOXO 5HDOXO DVWIHO FRQVHUYDW L SHUSHWXDW GH PLWXO HURLF vQ
DFWXDOL] ULOHPRGHUQHHVWHFHODORPXOXLFDUHXUP UHWHWUDQVJUHVDUHD
SURSULLORU OLPLWH$FHDVW WUDQVJUHVDUHvQVHDPQ GHIDSWHYDGDUHDGLQ
SURSULDFRQGL LHLFRQVWUXLUHDvQUHSOLF DXQHLDLGHDOH&RQVWUXF LDVH
UHDOL]HD] SULQDSURSULHUHDLDXWRvQYHVWLUHDFXIRU HOHGLYLQXOXL
0LUFHD(OLDGH$VSHFWHDOHPLWXOXL(GLWXUD8QLYHUV%XFXUHWLS
6 GHILQLP GHFL DUKHWLSXO FD R FRQVWDQW VDX R WHQGLQ HVHQ LDO D
VSLULWXOXL XPDQ (VWH R VFKHP GH RUJDQL]DUH R PDWUL vQ FDUH PDWHULD VH
VFKLPE GDU FRQWXUXULOH U PkQ S $UKHWLSXUL PRGHOH L PDQLIHVW UL
VSHFLILFHQXVXQWGHFkWWUHLQLYHOHDOHXQHLVLQJXUHFRQVWUXF LL/XFLDQ%RLD
RSFLWS
5RODQG%DUWKHV0\WKRORJLHVeGLWLRQVGX6HXLO3DULVS
0LUFHD(OLDGHRSFLWS
*LOEHUW'XUDQG)LJXULPLWLFHLFKLSXULDOHRSHUHLGHODPLWRFULWLF
ODPLWDQDOL] (GLWXUD1HPLUD%XFXUHWLS
GLQWUH IXQF LLOH LGHQWLILFDWH GH /XFLDQ %ODJD IXQF LD FRJQLWLY L
IXQF LD SUDJPDWLF Q FDGUXO FXQRDWHULL LGHHD PDJLFXOXL LQH
DGHVHDORFvQFKLSUH]XPDWLYGHPXOWLSOHLYDULLQHFXQRVFXWH,GHHD
PDJLFXOXL VHUYHWH PLQXQDW OD RULHQWDUHD vQ OXPHD GDW DGLF vQ
SHLVDMXOJHRJUDILFLFDOHQGDULVWLFvQOXPHDH[SHULHQ HLQDLYHFHHDFH
G FD UH]XOWDW FXQRDWHUHD XQRU IRDUWH XWLOH UHJXOL vQ FHHD FH SULYHWH
FKLDU IHQRPHQHOH FHOH PDL FRPSOLFDWH L PDL PDVLY FRQGL LRQDWH DOH
QDWXULL
$FHVWH PLWXULFDUHSUHOXQJHVFFRVPRJRQLLOHSRYHVWHVFFXPD
IRVWOXPHDPRGLILFDW vPERJ LW VDXV U FLW 0LWXULSURSULX]LVH
FDWH[WHOHVHDFWXDOL]HD] vQFDGUXOULWXDOXULORUUHOLJLRDVHFXUDWLYH
LLQL LDWLFHED]DWHSHVLVWHPHGHUHOD LLSURSULLJkQGLULLDUKDLFHFXP
DUILVROLGDULWDWHDGLQWUHPLWXOFRVPRJRQLFPLWXOGHRULJLQHDOEROLLL
DOOHDFXOXLLULWXDOXOYLQGHF ULLPDJLFH0LWXOHYRF WLPSXOVDFUXDO
RULJLQLORU FUHHD] VSD LL LPDJLQDUH SURILOHD] VXSUDQDWXUDOXO L
PLUDFXORVXO PDJLF FD SULPH IRUPH DOH VXELHFWXOXL DF LXQLL SHUVR
QDMHORUIDQWDVWLFH
5HSUH]HQWDUHD HVWHWLF D PLWXOXL SURSULH IXQF LHL SRHWLFH D
LGHLL PDJLFH LPSXQH R SULP UHWRULF D GLVFXUVXOXL HSLF 7H[WXO HSLF
vL FULVWDOL]HD] DLFL FDWHJRULLOH VWUXFWXUDOH vQ FDGUXO XQXL GLVFXUV
FHQWUDWSHVLPEROLSHUVRQLILFDUHPHWDPRUIR]DUH
3ULQFDUDFWHUXOPDJLFUHOLJLRVDOWH[WXOXLOHJDWGHPHQWDOLWDWHD
UHFHSWRUXOXLDUKDLFSHQWUXFDUHIDSWHOHHYRFDWHVXQWWULPLWHULODSURSULD
SHUVRDQ vQPLWvQJHQHUDOvQDFHDVW FDWHJRULHvQVSHFLDOVLPEROXO
DFRSHU QXPHURDVH VHQVXUL SURSULL DOH HSRVXOXL 5(/$ ,$ ',175(
0,7 L 6,0%2/ HVWH DVWIHO LQYHUV ID GH FHD PDQLIHVWDW vQ
SRYHVWLUHD XOWHULRDU XQGH VHQVXO SURSULX HVWH vQYHVWLW FX VHQVXUL
ILJXUDWH
6HPQLILFDWLYH SHQWUX vQWUHDJD FDWHJRULH WHPDWLF GDU L SHQWUX
PRGXOvQFDUHVHLQVWLWXLHvQFDGUXOHLUHOD LDGLQWUHPLWLVLPEROSRWIL
FRQVLGHUDWH GH H[HPSOX PLWXULOH DJUDUH GH H[SOLFLWDUH D DOWHUQDQ HL
DQRWLPSXULORU FDOGH L UHFL vQ PDUHOH FLFOX FRVPLF 2ULJLQDU GLQ
2ULHQWPLWXOHJLSWHDQRVLULDFLFHOHGRX PLWXULEDELORQLHQHDOOXL
,VKWDULDOOXL%DDOVXQWFHOHPDLYHFKLS VWUDWHDFHDVW FDWHJRULHVH
7H[WH vQ YHUVLXQLOH GLQ DQWRORJLD 0LWXULOH HVHQ LDOH GH 9LFWRU
.HUQEDFK(GLWXUDWLLQ LILF L(QFLFORSHGLF %XFXUHWLS
7H[WXO vQ YDULDQWD OXL 1 $ .XQ /HJHQGHOH L PLWXULOH *UHFLHL
DQWLFH(GLWXUDWLLQ LILF L(QFLFORSHGLF %XFXUHWL
DQLPDWXOLLQDQLPDWXOVSLULWXOLWUXSXOYLD DLPRDUWHDVXQWWHUPHQLL
vQFDUHVHIRUPXOHD] GXDOLW LOHSHUFHSXWHGHJkQGLUHDPLWLF 5HOD LL
GLQWUH HOH SODVDWH SH IXQGDOXO WLPSXOXL UHYHUVLELO VXQW IRUPXODWH vQ
UHSUH]HQW ULOHHVWHWLFHDWkWGHYDULDWHvQFHOHGRX VSD LLVSLULWXDOHSH
FDUHOHDYHPvQYHGHUHFHORULHQWDOLFHOJUHFRODWLQ
,0LWXULOHIRQGDWRDUH
(VHQ DDFHVWRUUHOD LLVFKHPHOHGHRUJDQL]DUHLIXQF LRQDUHDORU
VXQW VLQWHWL]DWH vQ 0,785,/( )21'$72$5( (OH VH QDVF GLQWUXQ
HIRUW DO RPXOXL SHQWUX D H[SOLFLWD R UHSUH]HQWDUH PDL PXOW VDX PDL
SX LQ VLVWHPDWLF D FRVPRVXOXL SHQWUX D DQDOL]D UHOD LLOH FH OHDJ
HOHPHQWHOHVDOHFRQVWLWXWLYHLSHQWUXDOVLWXDSHRPvQHOH,PDJLQLOH
GUDPDWLFH FDUH GHVFULX RULJLQLOH DMXQJ DVWIHO vQWRWGHDXQD OD DSDUL LD
OXPLLRPXOXLFDUHVIkUHWHSULQDVHLQVWLWXLvQWURRUGLQHFHSDUHDIL
LPXDELO
&D L L]RWRSLD DQWHULRDU vQWUHDJD VHULH H[SULP FRQWLLQ D
XPDQ DWUDQVFHQGHQ HLGXEODW vQDQWURSRJRQLLGHPDQLIHVWDUHDPDL
UHFHQWHLFRQWLLQ HGHVLQH&RQVLGHU PF DFHDRUGLQHSULPRUGLDO
XUP ULW SULQ PLWXULOH IRQGDWRDUH DUH OD ED] VHVL]DUHD UHOD LHL GH
VXEVWDQ GLQWUH PLFUR L PDFURFRVP 2UGLQHD F XWDW vQ OXPHD
H[WHULRDU SURIDQ FX RULJLQL vQ FRVPRJRQLL LQVWLWXLW L SHUSHWXDW
GH VDFUX LQL LDW SULQ WHRJRQLL HVWH vQ FHOH GLQ XUP J VLW vQ
VWUXFWXUDUHDFROHFWLYLW LLXPDQHSULQVRFLRJRQLLLvQRPXOvQVXLFD
UH]XOWDWDODQWURSRJRQLLORU$VWIHODSUHFLHPF VSUHGHRVHELUHGHVHULD
PLWXULORU GH RULJLQH vQ FHOH IRQGDWRDUH IXQF LD FRJQLWLY L FHD
SUDJPDWLF VH HVWRPSHD] vQ IDYRDUHD XQHLD YLWDO VXIOHWHWL FDUH
SUHILJXUHD] PDULOHYL]LXQLILOR]RILFH
3HQWUXDFHDVW L]RWRSLHFDLvQFD]XOPLWXULORUHURLFHvQVSD LXO
VSLULWXDO JUHFRODWLQ VH SURGXFH R IDVFLQDQW GHOLPLWDUH D PLWXOXL
FROHFWLYDQRQLPFXGRPLQDQWHOHVDOHPDJLFUHOLJLRDVHLFXUHOD LDVD
SURSULHFXULWXDOLFXOGHPLWXOOLYUHVF'DF SULQ3ODWRQPLWXOGHYLQH
VLPEROSXUILOR]RILFDQWLFLSkQGVHPQLILFD LDVDPRGHUQ GHILF LXQH
DOHJRULF SULQ +RPHU +HVLRG 2YLGLX 9HUJLOLX HO VH OLWHUDWX
UL]HD] FD VXUV SUHWH[W DO FUHD LHL FX ILQDOLW L ILOR]RILFRHVWHWLFH
3ULQOLWHUDWXUL]DUHDYDQV PLSRWH]DF vQF GLQDQWLFKLWDWHVHVWDELOHWH
0LFKHO0HVOLQWLLQ DUHOLJLLORUS
0LUFHD (OLDGH 0HILVWRIHO L DQGURJLQXO (GLWXUD +XPDQLWDV
%XFXUHWLS
DQVDPEOXO V X R SULP RSHU OLWHUDU vQ DFFHS LD PRGHUQ D WHUPH
QXOXL3URSXQkQGXLRGHILQLUHDHVHQ HLUHDOXOXLWH[WXOFRVPRJRQLF
FDLFHOOLWHUDUGHIDSWUHIOHFW LVLPXOWDQLPDJLQHD] UHFRQVWUXLQG
UHDOXO 'DF OLWHUDWXUD SURSXQH R UHIOHFWDUH HVWHWLF ORJLFFDX]DO D
OXPLLUHIOHFWDUHDSULQPLWXOFRVPRJRQLFHVWHVLPEROLFUHSUH]HQWDWLY
Q WRDWH PLWXULOH FRVPRJRQLD VH GHVI RDU GXS XQ VFHQDULX XQLF
ILLQGUHGXFWLELO vQHVHQ ODDF LXQHDvQPRGDOLW LGLYHUVHGHI XULUH
GLQ PDWHULDOH GLVWLQFWH D SURIDQXOXL GH F WUH VDFUX 3URSULH LPDJL
QDUXOXL DUKDLF DFHDVW UHIOHFWDUH VH VWUXFWXUHD] FD R UHHQXQ DUH
VLPEROLF DOXPLL
3XQFWXOGHSOHFDUHDOFRVPRJRQLLORUPLWHPXOLQL LDOvOFRQVWLWXLH
R QRQVWDUH RULJLQDU PDQLIHVWDW FD IRUP GH QHJDUH HIHFWLY D
SHUFHSWLELOXOXL &kQG VXV FHUXO QX HUD QXPLW FkQG MRV S PkQWXO QX
DYHD QXPH FRVPRJRQLD PHVRSRWDPLDQ (QXPD (OL >&kQG VXV@
1X DP J VLW XQ ORF XQGH V P SRW DH]D PLWXO HJLSWHDQ 5p
WULXPIXO VRODU 1X HUD ILLQ QX HUD QLFL QHILLQ DWXQFL FRVPR
JRQLDLQGLF GLQ5LJ9HGD3HFkQGQXHUDvQF QLFLS PkQWLQLFL
FHU QX HUD PLWRJUDILD FKLQH] +XDLQDQ7Vp GH /LX $Q $EVHQ D
OLPLWHORU L D ILLQ HL DFHDVW QHILLQ HVWH GHILQLELO SULQ DEVHQ D
OXPLQLL IDFWRU FUHDWRU GH FRQVLVWHQ FRHUHQ L VHQV DEVHQ FX
FDUH vQ XQHOH FRVPRJRQLL QRQVWDUHD VH LGHQWLILF EH]Q &RVPR
JRQLD PHVRSRWDPLDQ D OXL %HURVRV vQWXQHULFXO >FH@ DFRSHUHD
vQWXQHULFXO,PQXO&UHD LXQLLGLQ5LJ9HGDLQGLDQ vQWXQHULFXOI U
PDUJLQL vQ YL]LXQHD FKLQH] GLQ QWUHE ULF WUHFHUvQWXQHULFHUD
GHDVXSUDDGkQFXOXL%LEOLD9HFKLXO7HVWDPHQW)DFHUHD
&RQVLGHU P F VHPQLILFD LLOH VLPEROLFH DOH DFHVWHL QRQVW UL
RULJLQDUHVXQWVLQWHWL]DWHvQWUHLUHSUH]HQW ULIXQGDPHQWDOHQHQXPLUHD
PHVRSRWDPLDQ GLQ(QXPD(OLLQH[LVWHQ DILLQ HLLDQHILLQ HLGLQ
,PQXOLQGLDQDO&UHD LXQLLLKDRVXOJUHF
1HQXPLUHD PHVRSRWDPLDQ &kQG VXV FHUXO QX HUD vQF
QXPLW FkQG MRV S PkQWXO QX DYHD QXPH DWXQFL FkQGvQF QLFLXQXO
GLQWUH ]HL QX VH LYLVH QLFL QX HUD QXPLW FX YUHXQ QXPH VXJHUHD]
DEVHQ DLQGLYLGXDOL] ULLvQFRQGL LLOHLQH[LVWHQ HLSXWHULLGHFUHD LHLGH
FRQVWUkQJHUHODRGHYHQLUHSXWHUHSURSULHFXYkQWXOXLGHQRPLQDWLY
QYL]LXQHDLQGLDQ LQH[LVWHQ DILLQ HLLDQHILLQ HLHVWHDVRFLDW
DFHOHLDL DEVHQ H D LQGLYLGXDOLW LL LQWHUSUHWDW vQV FD R XQLFLWDWH
DPRUI LQHUW SULQ WRWDOD UHGXFHUH OD L vQFKLGHUH vQ VLQH 8QXO
UHVSLUD I U VXIODUH PLFDW GH VLQH vQVXL QLPLF DOWFHYD QX HUD
QLF LHUL,PQXO&UHD LXQLL
GLIHULWHOH PLWXUL VXJHUHD] LPSOLFLW HVHQ D OXPLL FD UHIOH[ DO HL L
H[SOLF SR]L LDRPXOXLvQXQLYHUVLvQUHOD LHFX=HXOSULQORFXOFDUHL
VHFRQIHU XPDQXOXLvQFUHD LHQPLWXULOHDERUGDWHGHQRLVXUSULQGHP
vQ HVHQ SDWUX VHPQLILFD LL PDMRUH DOH OXPLL JHQHUDWH GH FUHDWRUXO
GLVWLQFWGHSULQFLSLXOHLRULJLQDU
QLSRVWD]DGHFUHD LHDUWL]DQDO DVDFUXOXLvQPLWXOHJLSWHDQDO
OXL +QXP ]HXO EHUEHF PRGHOHD] OD URDWD RODUXOXL WRDWH IRUPHOH
FUHD LHL VDX GH IDFHUH LPSHUIHFW FRUHFWDW SULQ IRU D PDJLF D
GLYLQXOXL GH RPXO FRVPLF vQ FUHGLQ D FKLQH] 3DQ.X OXPHD HVWH
VLPXOWDQFDGUXDOFUHD LHLYLLLLQHUWHI U LHUDUKLLFDOLWDWLYHLI U R
HYROX LH2PXOQXRFXS XQORFSULYLOHJLDWvQDFHVWXQLYHUVFDUHHVWH
VWUXFWXUDW SH QLYHOXO VDFUX GLYLQ L SURIDQ XPDQ L QDWXU (O vL
vQGHSOLQHWHIXQF LLOHLvLDGPLWHOLPLWHOH
/XPHD FUHDW SULQ YLROHQ D DFWXOXL FULPLQDO HVWH UHSUH]HQWDUHD
XQXLXQLYHUVGRPLQDWGHWU LULLQWHQVHGHWHUPLQDQWHSHQWUXUDSRUWXULOH
GHIRU vQWUHGLYHUVHOHQLYHOXULDOHH[LVWHQWXOXLQFHOHGRX YHUVLXQL
PHVRSRWDPLHQHDOHFRVPRJRQLHL(QXPD(OLLYDULDQWDOXL%HURVRV
WkQ UXO]HX0DUGXN%HOI XUHWHOXPHDGHVSLFkQGWUXSXOOXL7LDPDW
vQ GRX MXP W L S PkQWXO L FHUXO 3URYHQL L FD L DQLPDOHOH GLQ
VkQJHOH ]HXOXL FDUH vL VPXOJH SURSULXO FDS SHQWUX D SRSXOD
S PkQWXO L GLQ OXW RDPHQLL XQHL DVHPHQHD OXPL VXQW vQ]HVWUD L FX
UD LXQHVXQWvQVWDUHV FXJHWHGDUVXSXV ]HLORULV LDSDUWHOD
vQ HOHSFLXQHDGXPQH]HLDVF
&RQFHSXW FDVSD LXDOGXDOLW LORUOXPHDUHSUH]LQW ILHW UkPXO
YHQLFHORU FRQIUXQW UL ILH XQ WHULWRULX DO SHUSHWXHORU FRPSOHPHQ
WDULW L7 UkPDOPDULORUFRQIUXQW ULVSLULWXDOHvQWUHSULQFLSLXOOXPLQLL
FXWRDWHFRQRWD LLOHVDOH]HXO5DLFHODOvQWXQHULFXOXLvQYHUVLXQHD
HJLSWHDQ GUDJRQXO$SRSLVOXPHDHVWHGHSHQGHQW LDVHUYLW PDUH
OXL]HXDOF UXLYHQLFWULXPIvLDVLJXU RH[LVWHQ VWDWLF I U LHLUH
LI U GHYHQLUHvQFKLV vQFHUFXOLQILQLWDOUHSHW ULLDFHVWXLWULXPI
7HULWRULXDOSHUSHWXHORUFRPSOHPHQWDULW LFRVPLFXOFHU] PLV
OLWGLQSULQFLSLXO\DQJLS PkQWSURYHQLWvQYL]LXQHDFKLQH] GLQ\LQ
HVWH VSD LXO XQXL H[LVWHQW GLIHUHQ LDW FUHDW GLQ WUXSXO RPXOXL FRVPLF
3DQ.XQ VFXWGLQRXOSULPRUGLDOVLWXDWvQWUHSULQFLSLLOHRULJLQDUHQ
FDGUXO OXL XPDQXO HVWH ILLQ D vPSRY UDW GH SURSULD QLPLFQLFLH
*k]HOH FDUH WU LVHU SH WUXSXO OXL >3DQ.X@ VXE vQUkXULUHD YkQWXOXL
VDXI FXWRDPHQL
QPLWRORJLDLQGLDQ OXPHDvQWUXSDUHDLGHLLLDVHQVXOXLHVWHR
FUHD LH vQ YHQLF GHVI XUDUH D XQRU IRU H GLYLQH SR]LWLYH 6KLYD vQ
9HGH 3UDMDSDWL vQ 8SDQLDGH E UEDWXO FRVPLF 3XUXVKD vQ
0LUFHD (OLDGH &RVPRORJLH L DOFKLPLH EDELORQLDQ (GLWXUD
0ROGRYD,DLS
SULPRUGLDO +DRVXO HVWH FDGUXO SH FDUH VH LQVHUHD] FUHD L VSRQWDQ
*DLD FHD FX UPXUL ODUJL WHPHL GH Q GHMGH YHQLFHL vPS UW LUL D
WXWXURU ILLQ HORU L (URV DPRUXO FHO PDL IUXPRV GLQWUH ]HLL
QHPXULWRUL *DLD 3 PkQWXO vQ UHSUH]HQWDUHD URPDQ 7HOOXV HVWH
SULQFLSLXO SULPRUGLDO L FUHDWRU vQWUR JHQH] FDUH VH GHVI RDU
SDUDOHO FX DFHHD DYkQGR FD SURWDJRQLVW SH 1\[ 1RDSWHD ILLF D
+DRVXOXL
&HOHGRX FRVPRJRQLLVXJHUHD] GXDOLWDWHDvQH[LVWHQW&HQWUDO
vQPLWXOOXL+HVLRGFRVPRJRQLDVWUXFWXUDW vQMXUXO*$,(,UHSUH]LQW
FUHD LDIRU HORUYLWDOHDOHXQLYHUVXOXLUHDOL]DW GHSULQFLSLXORUGRQDWRU
*DLD HVWH L]YRUXO YLH LL HVHQ D LQYLQFLELO D FUHD LHL FDUH JHQHUHD]
PDULOH IRU H IL]LFH FLFORSLL KHFDWRQKHLULL JLJDQ LL GDU L UHVRUWXULOH
VSLULWXDOHLUHJHQHUDWRDUHWLWDQLLLWLWDQLGHOHSDWLPLOHGHYDVWDWRDUH
(ULQLLOHLJHQLLOHSURWHFWRDUH1LPIHOH
$F LXQHD JHQHWLF D *DLHL SUHVXSXQH FUHDUHD I U F O X]D
JLQJDHL LXELUL D FDGUXOXL IL]LF 8UDQRV FHUXO vQVWHODW I SWXU
DVHPHQHD FX GkQVD vQDO LL PXQ L 3RQWRV L 3HODJRV PDUHD FHD
IHUWLO L PDUHD FHD VWHDUS &DGUXO IL]LF FUHDW HVWH R UHSOLF OD
YL]LXQHD RULHQWDO FDUH UHIOHFW XQ DOW WLS GH VSLULWXDOLWDWH FX XQ DOW
RUL]RQW H[LVWHQ LDO 3HQWUX RULHQWDOL FD SRSRDUH DJUDUH WU LQG vQWUXQ
FDGUX WHOXULF OLPLWDW OD LPSHULX HVWH ILUHVF FD VSD LXO FRVPLF V
FXSULQG S PkQWXO L FHUXO 3HQWUX JUHFL PDUL QDYLJDWRUL HO VH
GHILQHWHSULQFHULP ULEHQHILFHVDXRVWLOHPDULQDUXOXLSHVFDUXOXL
8QLYHUVXOIL]LFDSDUHFDRFUHD LHGHWLSDUWL]DQDOFDUHQXDQ HD] GRDU
YL]LXQHD RULHQWDO DVXSUD OXPLL LYLW GLQ YRLQ D L SULQ DF LXQHD
=HXOXL ,QGLYLGXDOL]DUHD L VSLULWXDOL]DUHD OXPLL VXE VHPQXO ]HLORU
ROLPSLHQL VH UHDOL]HD] vQV FRQWLQXkQGXVH L GHV YkULQGXVH
FUHD LDSULQLXELUH$VWIHOVSLULWXDOLWDWHDJUHDF LQWURGXFHFDPRWLYD LH
L SXQFW GH SOHFDUH DO RULF UHL IDFHUL UHVRUWXO LQWHULRU $LFL HO HVWH
(URVXOvQ HOHVFDGRULQ YUHUHDvQ HOHDSW vQSLHSWXORULF UXL]HXFD
L DO RULF UXL RP FD LQVWLQFW FHO FDUH IUkQJH P GXODUHOH L FD
DIHFW FDUH vPEOkQ]HWH LQLPD &D H[SUHVLH D FRPSOHPHQWDULW LL
HXULORU L FD SULQFLSLX VDOYDWRU SHQWUX H[LVWHQ D XPDQ (URVXO HVWH
DERUGDWvQGLDORJXOOXL3ODWRQv+ULQWLWXODW%DQFKHWXO
QPLWXOKHVLRGLFJHQH]DDYkQGRFDVXELHFWSH*DLDHVWHR
QDWHUHDvQWUHJXOXLXQLYHUVGLQLXELUHQYL]LXQHDOXL+HVLRGLXELUHD
UHVRUW DO H[LVWHQ HL VH vPSOLQHWH FD DFW SULQ FRQFHSHUHD IRU HORU
YLWDOH UHSUH]HQWDWH GH FHL DVH WLWDQL 2NHDQRV +\SHULRQ &RHXV
&ULRV,DSHWRV&KURQRVLDIRU HORUFRVPLFSURFUHDWRDUHvPSUHXQ FX
DFHWLD FHOH DVH WLWDQLGH 7KHW\V 7KHD 3KRHEH 5KHD 7KHPLV L
HPDVFXODUHDOXL6DWXUQGHF WUH&URQRVH[LODUHDvQ7DUWDUDOXL&URQRV
GHF WUH=HXVFXELQHOHWULXPIXOFHOXLSXWHUQLFVXSHULRU
&UHDWGH*DLDXQLYHUVXOGRPLQDWGHROLPSLHQLHVWHDVWIHOFDGUXO
OXSWHL FRQWUDULLORU UHSUH]HQWDW SULQ PDULOH DQWLWH]H GLQWUH &5($7
I U F O X]D JLQJDHL LXELUL 8UDQRV L 1 6&87 WLWDQLL
$7(0325$/ 8UDQRV L &5212/2*,& 0QHPRV\QH 0HPRULD
VXELHFWLY L&URQRV 7LPSXORELHFWLY +$27,&KDRVXOSULPRUGLDO
VDX ',)8= 8UDQRV L 25'21$7 /(*,8,7 ',9,1 7KHPLV
3('($36 5 =%81$5( D (ULQLLORU SURGXVH SULQ IHFXQGDUHD
VkQJHOXL OXL 8UDQRV L 3527(& ,( VSLULWHOH RFURWLWRDUH QLPIHOH
Q VFXWH WRW GH *DLD GLQ DFHODL VkQJH ,YLW GLQ SDVLXQH S WLPD
OXPHDFRQFHSXW GH*DLDVLPEROL]HD] HODQXODVFHQVLRQDODOVSLULWXOXL
DIODW vQ OXSW SHQWUX VXSUHPD LH RELHFWLY FX FDUH VH LGHQWLILF vQ
DQVDPEOXSROLVXOJUHF
/XPHD FUHDW GH 1\[ HVWH vQ RSR]L LH FX DFHDVWD XQLYHUVXO
QRFWXUQXOXL DO F GHULL SULQ DGkQFLUHD vQ VLQH (D RIHU LPDJLQHD
DQWLWHWLF XQLYHUVXOXL*DLHL/XPHDFUHDW GH1\[SULQvPSUHXQDUHDFX
(UHERV SULQFLSLXO PDVFXOLQ DO vQWXQHULFXOXL DOHJRUL]HD] FRVPLFXO
REVFXULQWDQJLELOLLQYL]LELOFD(WHULDOWHUQDQ DvQWXQHULFOXPLQ
FD ]LX 'DF QRDSWHD IHFXQGDW FUHHD] REVFXUXO L SURSULD HL
GLVROX LHvQOXPLQ HVHQ DvQWXQHFDW DOXL1\[OLSVLW GHHFKLOLEUXO
FRPSOHPHQWDULW LL FX (UHERV LQVWLWXLH OLPLWHOH IL]LFH DOH H[LVWHQ
WXOXL E WUkQH HD *HUDV L PRDUWHD 7KDQDWRV Q SODQ VLPEROLF
7KDQDWRVHVWHHOHPHQWXODQWLWHWLFDOOXL(URVRUHSUH]HQWDUHDGLVROX LHL
LDVIkULWXOXLH[LVWHQ HLDF UHLRULJLQHLSULQFLSLXGHFRH]LXQHHVWH
(URV $FHHDL HVHQ D 1RS LL DEVROXWH FUHHD] WUDJLFXO vQWXQHFDW DO
FRQGL LHL XPDQH SXVH VXE VHPQXO IDWDOLW LL SULQ FHOH WUHL 0RLUH
$WURSRV&ORWKRL/DFKHVLVFDUHWRUFGHDS Q LFXUP ILUXOYLH LL
LSULQREVFXUD.HUHD6RU LLSRWULYQLFHLU ]EXQ WRDUH1HPHVLVDO
9UDMEHL(ULVLDO(URULL$WH&HOHGRX WULDGH(WHU1\[L(UHERV
FHOHWUHL0RLUHWUDJLFHDOHH[LVWHQWXOXLFDUHUHXQHVFOLPLWHOHIL]LFHL
VDQF LXQHD H[SLDWRDUH DX FD XQLF HOHPHQW GH IUDJLO HFKLOLEUX R DOW
WULDG $P JLUH $SDWH 9LV 2QHLURV 6RPQ +\SQRV
'H]HFKLOLEUXO UHOLHIHD] vQWUHDJD KLSHUEROL]DUH D U XOXL FH DSDV
XQLYHUVXOFUHDWGH1\[QVXLDFHVWXQLYHUVQXHVWHGHFkWRKLSHUERO
SULQSURLHFWDUHDDVXSUDFRVPLFXOXLDWUDJLFXOXLFRQGL LHLXPDQH
&RUHOkQGFHOHGRX VHFYHQ HDOHJHQH]HLGLQPLWXOKHVLRGLFDP
SXWHDFRQFKLGHF HOHFRQFHSWXDOL]HD] vQWHUPHQLOLYUHVFSRHWLFLPDL
GHJUDE SULQFLSLLOH XQHL FRVPRJRQLL SULQ DQWLWH]D FDUH VXJHUHD]
VHULDOLWDWHUHOD LLOHGHRSR]L LHGLQWUHSUHROLPSLHQLLROLPSLHQLLFUHD L
/ %ODJD 7ULORJLD YDORULORU ,, *kQGLUH PDJLF VL UHOLJLH (GLWXUD
+XPDQLWDV%XFXUHWLS
ODWLQ vL RSXQH R LPDJLQH D OXPLL DD FXP ORJLF WUHEXLH V ILH R
OXPHSXV VXELPSHULXOQHFHVLW LLFDPRWLYD LHVXSUHP
)RU DJHQHUDWRDUHDXQLYHUVXOXLQXPDLHVWHVXSUHPXO $57,=$1
FDvQUHSUH]HQW ULOHRULHQWDOHQLFL63,5,78/0$7(512&527,725L
352&5($725 vQ DEVROXW FD vQ LPDJLQDUXO JUHF FL 0$5(/(
$5+,7(&7 $UKLWHFWXO OXPLORU &UHD LD QX PDL HVWH UHGXFWLELO OD
H[SUHVLDXQHLVSRQWDQHLW LJHQXLQHVDXODRQDWHUHFLHVWHRLPHQV
FRQVWUXF LH FRQFHSXW GHOLEHUDW VSUH D SXQH FDS W DFHVWHL OXSWH D
DUXQFDWXQLQWHUYDOvQWUHFHULS PkQWDvPS U LWPDWHULDKRW UkQGXL
ILHF UHLS U LIRUPDSRWULYLW FHUXODIRVWvPS U LWGLQvQ HOHSFLXQHD
DFHOXL]HX
Q FHOH WUHL PLWHPH DOH 0HWDPRUIR]HORU FDUH HYRF JHQH]D FD
GHVSULQGHUH D PDWHULHL GLQ KDRV FD VWUXFWXUDUH D FRVPLFXOXL L FD
RUJDQL]DUH L LQGLYLGXDOL]DUH D YLH LL SH S PkQW VHULD GH YHUEH
GHILQHWHPHWDIRULFQDWXUDVSHFLILF DDFWXOXLFUHDWRUFDDFWSUHPHGLWDW
GH YRLQ L GH GHFL]LH D K U ]LW D KRW UkW FDUH GXEOHD]
DF LXQHD HIHFWLY IL]LF $VWIHO GLQ I XULUH PDWHULDO vQ LSRVWD]HOH
RULHQWDOH VDX GLQ QDWHUH HIHFWLY D SULQFLSLLORU SHUSHWXDWH SULQ
H[LVWHQW vQ YDULDQWD KHVLRGLF OD 2YLGLX FRVPRJRQLD GHYLQH FRQV
WUXF LH GXDO PDWHULDO D SHUFHSWLELOXOXL L VSLULWXDO D XQXL SODQ
RULJLQDU L D XQRU SULQFLSLL D XQHL FDX]DOLW L GH VXSRUW SHQWUX
vQILLQ DUH
/XPHD DVWIHO FUHDW QX PDL HVWH XQ GDW FD vQ PLWRORJLLOH
DQWHULRDUHFLXQPRGHODEVROXW&DUDFWHUXOHLLPXDELOQXSURYLQHGLQ
HWHUQL]DUHDYRLQ HLGLYLQHRULJLQDUHFLGLQSHUSHWXDUHDSHUIHF LXQLLHL
FDUH HVWH H[SUHVLD GHV YkULULL PDULL WUHFHUL D SULPHL PHWDPRUIR]H
GH OD GH]RUGLQHD SULPRUGLDO KDRVXO OD RUGLQHD L LHUDUKLD PDWHULHL
VSLULWXDOL]DWH vQ SULQ H[LVWHQW $UPRQLD P VXUD L HFKLOLEUXO FD
DWULEXWH DOH XQLYHUVXOXL UHIOHFW vQ FRQFHS LD ODWLQ XQLWDWHD SULQFL
SLLORU vQ GLYHUVLWDWHD FDGUXOXL IL]LF L D IRUPHORU ELRORJLFH GH
H[LVWHQ Q QRXD LPDJLQH HVWHWLF D XQLYHUVXOXL IRU D GH UHSUH]HQ
WDUH VLPEROLF SURSULH YL]LXQLL JUHFHWL FX U G FLQL vQ H[SHULHQ D
RULHQWDO FD L VWLKLDOXO GH VRUJLQWH RULHQWDO VH HVWRPSHD] L VH
DQXOHD] ILLQG vQORFXLWH FX IRU D HYRFDWRDUH D XQHL QDWXUL IDPLOLDUH
RFURWLWRDUHDOLDW RPXOXLHFKLOLEUDW LVW SkQLW GHYRLQ DGLYLQ
3DWHWLVPXOXL GH]O Q XLW OD JUHFL vQ VXJHUDUHD VLPEROLF D
WUDJLFXOXL GHF GHULL FRQGL LHL XPDQH L VH VXEVWLWXLH DLFL UHWRULFD
RUJROLRVWULXPI WRDUHDvQ O ULLXPDQXOXLvQH[LVWHQW$FHDVW UHWRULF
SDUH D IL SXQFWXO FXOPLQDQW DO YL]LXQLL DQWLFS JkQH DVXSUD RPXOXL
*UHFLL GHS HDX FRQFHS LD RULHQWDO D IDWDOLW LL GHVWLQXOXL XPDQ
%LEOLDVDX6IkQWD6FULSWXU (GLWXUD,QVWLWXWXOXL%LEOLFLGH0LVLXQH
2UWRGR[ DO%LVHULFLL2UWRGR[H5RPkQH%XFXUHWLS
/XFLDQ%RLDRSFLWS
HVWHHJDOLvQGHREWHDGYHUV]HLORUPDLDOHVvQFLFOXULOHHSRVXOXLJUHF
$UJRQDXWLFDFLFOXOWURLDQLDO$WUL]LORU
$VWIHORSULP VHULHGHHURLRSXQHRPQLSRWHQ HLGLYLQHSURSULD
IRU HIHFWLY GHDF LXQHDVXSUDOXPLL&DIRU IL]LF HDHVWHSURSULH
OXSW WRUXOXL SHQWUX R FDX] GUHDSW $S U WRU DO XQRU vQDOWH SULQFLSLL
PRUDOHHOSDUFXUJHDO WXULGHXQvQVR LWRUFUHGLQFLRV,RODXVSHQWUX
+HUDFOHV 3DWURFOHV SHQWUX $KLOH 3HJDVXV SHQWUX 3HUVHXV $UJXV
SHQWUX ,DVRQ GUXPXO FRQILUP ULL GH VLQH L DO DILUP ULL SURSULLORU
YDORULvQFLXGDPRU LLLDDGYHUVLW LLGLYLQH2DOW LSRVWD] DIRU HL
GHDF LXQHDVXSUDOXPLLSULQFDUHRPXORSXQH]HLORUSURSULDYRFD LHD
vQWHPHLHULLLVSLULWXOFRQVWUXFWLYRUHSUH]LQW FHDDHURXOXLIRQGDWRU
FLYLOL]DWRU$FHVWDvQWHPHLQGFHWDWHDUHLDvQPLFDFWXOFRVPRJRQLF
SULQFUHDUHDVSD LXOXLSURWHFWRUDOXQHLOXPLQRL5RPDLQHDPXOODWLQ
DO OXL (QHDV VDX LQVWLWXLH DVHPHQHD ]HLORU R YkUVW GH DXU SULQ
vQ O DUHDXPDQXOXLODSURVSHULWDWH7KHVHXVvQ$WLFD
)RU HOH VSLULWXDOH SURVSHFWLYH L FUHDWRDUH DOH HURLORU VH RSXQ
YRLQ HL L GHFL]LHL GLYLQH FD vQ HOHSFLXQH LOXVWUDW vQGHRVHEL SULQ
LQYHQWLYLWDWHD OXL 8OLVH L SULQ HFKLOLEUXO OXL 1HVWRU VDX FD SXWHUH
FUHDWRDUH VLQWHWL]DW vQ SULQFLSDO vQ WULDGD 'DHGDOXV ,FDUXV 2UIHXV
7ULDGD FRQVWLWXLH vQ DQVDPEOXO HL R SULP LSRVWD]LHUH D FUHDWRUXOXL
DOH F UXL DWULEXWH OH FRQWXUHD] ILHFDUH GLQWUH DFHWL HURL PLWLFL
0HWHUXO 'DHGDOXV VFXOSWRU SLFWRU L FRQVWUXFWRU SULQ LQYHQWLYLWDWH
L LQJHQLR]LWDWH DUWLVWLF FLUFXPVFULH DOHJRULF FRQFHSWXO JUHFHVF GH
GHPLRXUJRV PHWHU ,FDUXV VXJHUHD] DVSLUD LD SURSULH DUWLVWXOXL
VSUH GHV YkULUH SULQ HODQXO DVFHQVLRQDO VSUH DEVROXW GLQFROR GH
OLPLWHOHUD LRQDOHDOHFRQGL LHLXPDQH(OHVWHDUKLWHNWRQDUWL]DQXO
2UIHXVVLPEROL]HD] YLUWXR]LWDWHDGLYLQ SUHOXDW GLQDFRUGXULOHOLUHL
OXL $SROOR L LQWHQVLWDWHD WU LULL FUHDWRUXOXL YLFWLP D SDVLRQDOLW LL
VXSUDXPDQHDGLF HVWHSRLHWHVFUHDWRUXOSRHW
6LQWH]D WRWDO D DFHVWRU IRU H SH FDUH HURLL OH RSXQ GLYLQXOXL
HYDGkQG GLQFROR GH VIHUD OLPLW ULORU SURSULL FRQGL LHL XPDQH R
FRQVWLWXLH3URPHWHX(OUHSUH]LQW FDL*KLOJDPHVDX6LVLIIRU DGH
QHJD LHDRUGLQLLFRQVWLWXLWHLGHDVXPDUHDOLEHUW LLDVXSUD]HLORULD
GHVWLQXOXL 'H DFHHD WLWDQXO SRDWH IL FRQVLGHUDW QX QXPDL R
UHSUH]HQWDUH VLPEROLF D IRU HL VSLULWXOXL FDUH R GXEOHD] SH FHD
IL]LF FLLSULPDLPDJLQHDRPXOXLUHYROWDWQFHOHWUHLYDULDQWHDOH
PLWXOXL JUHF SULQ 3URPHWHX LGHHD GHS LULL OLPLWHORU XPDQXOXL HVWH
GXV GHIDSWSkQ ODVXJHVWLDVXEVWLWXLULLGLYLQXOXL3URPHWHXGHS HWH
SULQDJHULPHDPLQ LLDWRWFXQRDWHUHDOXL=HXVvQYHUVLXQHDOXL+HVLRG
GLQ7KHRJRQLD3ULQWLLQ DU VSkQGLW vQWUHPXULWRULLSULQGH LQHUHD
VHFUHWXOXL SULYLQG GHYHQLUHD OXL =HXV vQVXL HO vO GRPLQ SUDFWLF SH
VW SkQXO OXPLL PRGHOkQG VSLULWXO L FRQWLLQ D XPDQLW LL L DWLQJkQG
SXWHUHDDEVROXW DFXQRDWHULLGHVWLQXOXLFRVPLFvQWUDJHGLDOXL(VFKLO
3URPHWHX vQO Q XLW Q PLWXO SODWRQLFLDQ 3URWDJRUDV 3URPHWHX
DSDUHFDXQGHPLXUJRVDOVSLULWXOXLXPDQGHV YkULQGDQWURSRJRQLD
HIHFWLY D OXL (SLPHWKHXV SULQ HFKLOLEUDUHD VO ELFLXQLORU IL]LFH DOH
RPXOXLFXIRU DPLQ LLLFXFUHD LDWXWXURUvQOHVQLULORUYLH LL
&RPSOH[LWDWHD VLPEROLF RULJLQDU D HURXOXL H[SOLF SHUHQLWDWHD
PLWXOXL OXL SHUPDQHQWXO WUDQVIHU GLQ ]RQD JkQGLULL PLWLFH L D
UHSUH]HQW ULL HVWHWLFH DQWLFH vQ PRGHUQLWDWH 0LW HURLF PLWXO OXL
3URPHWHXHVWHGXEOXVHPQLILFDWLYSHQWUXQRLSHGHRSDUWHFDJHQHUD
OL]DUHDIDEXOD LHLSHGHDOW SDUWHFDLOXVWUDUHDFRQGL LHLPLWXOXLDQWLF
GHUHVXUV DOLWHUDWXULLLGHFLDILF LXQLLPRGHUQH
5HGHVFRSHULW vQ 5HQDWHUH vQ DFFHS LD VD SODWRQLFLDQ
UHGLPHQVLRQDW FD WLWDQ GH F WUH LOXPLQLWL L URPDQWLFL GH OD *RHWKH
FRQWLQXkQGFX%36KHOOH\-0LFKHOHW(4XLQHWLSkQ OD9LFWRU
+XJR GHYHQLW UHYROWDWXO PRGHUQ DO OXL *LGH L $UDJRQ PLWXO OXL
3URPHWHX LOXVWUHD] SUHJQDQW OLWHUDWXULWDWHD LQWULQVHF D PLWXOXL FD
GLVFXUV DUKHWLSDO SHQWUX FDUH HSRFD PRGHUQ HODERUHD] WH[WXO
VHPQLILFD LLOHVSHFLILFHVLQJXUHOHPHUHXGLIHULWH
,,6758&785$5($*(18/8,(3,&
,,/LWHUDWXUDRULHQWDO GHODH[SHULHQ ODILF LXQH
$YHQWXUD VFULVXOXL L FRQYHUWLUHD QRWD LHL vQ OLWHUDWXU vL DX
vQFHSXWXULOH vQ 2ULHQW 6FULVXO XWLOLWDU L VFULVXO SHQWUX GHOHFWDUH VH
LYHVF vQ (JLSW L HYROXHD] vQ 0HVRSRWDPLD ,QGLD &KLQD FX PLL GH
DQLvQDLQWHDPDQLIHVW ULORUHXURSHQH
$SDUL LD VFULVXOXL L GLYHUVLILFDUHD WLSXULORU GH WH[WH UHIOHFW
FRQVWLWXLUHD XQRU VRFLHW L ULJXURV RUJDQL]DWH FX R DQXPLW LHUDUKLH
VRFLDO GLQ FDUH SURYLQ HPL WRUXO L UHFHSWRUXO PHVDMXOXL OLWHUDU
$FHVWPHVDMHVWHXQPHVDMDOPHQWDOLW LORULDOLPSHUDWLYHORUWLPSXOXL
L UHIOHFW vQ FD]XO OLWHUDWXULL GH GLYHUWLVPHQW SHUVRQDOLWDWHD
FUHDWRUXOXL 7RWRGDW HO U VSXQGH RUL]RQWXOXL GH DWHSWDUH LGHDOX
ULORU YL]LXQLL GHVSUH OXPH JXVWXOXL L SUHJ WLULL DO XQXL UHFHSWRU
VSHFLILFvQILHFDUHHSRF SHQWUXILHFDUHVSD LXVSLULWXDO
,,3URORJXOHJLSWHDQvQWUHUHWRULF XWLOLWDU LILF LXQH
GHGLYHUWLVPHQW
([WUHP GH WLPSXULH DYkQG SULPHOH IRUPH GH PDQLIHVWDUH
FXQRVFXWH FDP SULQ PLOHQLXO ,,, v +U SUR]D HJLSWHDQ QX RIHU
OLWHUDWXULL XQLYHUVDOH FDSRGRSHUH DD FXP R YRU IDFH DOWH FXOWXUL
DQWLFHGHODFHDPHVRSRWDPLDQ SkQ ODFHDJUHFHDVF VDXODWLQ VDX
FHOSX LQDFHVWHDQXVDXS VWUDW(DPDUFKHD] vQVFKLPESXQFWXOGH
SOHFDUH SHQWUX FHHD FH YRU GHYHQL JHQXUL L VSHFLL OLWHUDUH $FHVWH
vQFHSXWXUL QH DSDU FD UH]XOWDQWH SH GH R SDUWH DOH GLYHUVLILF ULL
WHPDWLFH D RSHUHORU GH GLYHUWLVPHQW L D DGHFY ULL VFULLWXULL ORU OD XQ
PHVDM QRQXWLOLWDU LDU SH GH DOW SDUWH DOH YDOHQ HORU FUHDWRDUH L DOH
VWUXFWXULORUDGHVHRULHVWHWLFHDOHVFULHULORUXWLOLWDUH6LQJXUDGHOLPLWDUH
HVWHWLF SH FDUH FRQVLGHU P F R SHUPLWH SUR]D HJLSWHDQ HVWH FHD
GLQWUH QDUDWLY L QRQQDUDWLY FDWHJRULL GH R vQVHPQ WDWH HJDO SHQWUX
GH PRGHO VXQW SULPHOH LQVWLWX LL FXOWXUDOH DOH XPDQLW LL $FHVWHD DX
DYXWPHQLUHDGHDFRQVHUYDWH[WXOOLWHUDULGHDLDVLJXUDFLUFXOD LDvQ
VSD LXLvQWLPS(OHVXQWH[SUHVLDFXOWXOXLHJLSWHDQSHQWUXVFULLWRUDOH
F UXL IRUPH DQWLFLSHD] PXOW PDL WkU]LLOH DFDGHPLL FROHJLL FRSLHUL
HUXGLWHGHWH[WHGLQ5HQDWHUH
/LWHUDWXUD VRFLDO 5HOD LLOH UHDOH DOH HXOXL vQ FROHFWLYLWDWH
UDSRUWXULOH GLQWUH VLVWHPXO VRFLDO L FDWHJRULLOH VDOH FRQVWLWXWLYH VXQW
UHIOHFWDWH vQ SUR]D HJLSWHDQ SULQ VFULHULOH FX FDUDFWHU FULWLF SURWHV
WDWDU([SUHVLHDDFHOXLDLODLFLVPSUDJPDWLFHOHHVWRPSHD] YDORDUHD
JHQHUDOL]DQW D F U LORU GH vQY WXU SURSXQkQG vQ GLYHUVHOH HSRFL
VXELHFWH GLIHULWH L SHUVSHFWLYH YDULDWH GH DERUGDUH vQ IXQF LH GH
FRQWH[WXO LVWRULF FRQFUHW L GH RELHFWLYHOH PHVDMXOXL ,QGLIHUHQW GH
HSRF vQV DFHVWHVFULHULvLPHQ LQSHUPDQHQWDFHHDLVXEVWDQ FULWLF
GHPDVFDWRDUH D UHDOLW LL I U FD SURWHVWXO V DWLQJ YHKHPHQ D
U ]YU WLULL
3ULQFRQ LQXWHOHSDUFXUJGUXPXOGHODWH[WXOFXXWLOLWDWHSUHFLV
6DWLUD PHVHULLORU PDQXDO SHQWUX VFULEL L IRUP GH PRWLYDUH L GH
GHWHUPLQDUHDORUVSUHVWXGLXELRJUDILLOHVFULVRULOHF WUHPRU LODFHO
QRQXWLOLWDU 3RYHVWHD UDQXOXL EXQ GH JXU 6I WXLUHD XQXL RP
GH]Q G MGXLWFXVXIOHWXOV X
Q WRDWH VFULHULOH GH JHQ UHWRULFD VWULFW FRGLILFDW D WH[WHORU
XWLOLWDUH GH DFHDVW IDFWXU HVWH vQORFXLW FX DF LXQHD /LSVLW GHFRQ
IOLFWXDOLWDWHDFHDVWDHVWHPDLFXUkQGIDFWLFLWDWHSXU LQXDQHFGRWLF
DYkQG FD IXQF LH VXJHVWLD FULWLF QFHSXWXULOH DF LXQLL FD YLLWRU
VXEVWUDW GHILQLWRULX SHQWUX HSLF VXQW GHFL VLPEROLF UHSUH]HQWDWLYH
SHQWUX R FRQGL LH VRFLDO 6DWLUD PHVHULLORU XQ GHVWLQ XPDQ
6I WXLUHDXQXLRPRH[SUHVLHVHQWHQ LRDV DSURWHVWXOXL3RYHVWHD
UDQXOXL /LSVLW GH SURJUHVLH HD VXJHUHD] WRFPDL IDWDOLWDWHD
LQH[LVWHQ HL YUHXQHL VFKLPE UL FRQGDPQDUHD OD WUDJLFXO SHUSHWXX 6H
FLUFXPVFULX DVWIHO UHSHUHOH VDWLUHL SULQ YDORDUHD GHPDVFDWRDUH
HV WRUXOOXFUHD] DFDV GDURGXFHPDLJUHXGHFkWIHPHLD'DF
vQWUR ]L QX HVH DWkWD SkQ] FkW L VH FHUH HVWH OHJDW FD ORWXVXO vQ
EDOW VDXSURWHVWDWDU DDF LXQLLHYRFDWHXQORFGHVF SDUHSHQWUX
FHOVLOQLFLDW FHVXQWvQDO LLVOXMEDLFDUHDXIRVWWRWXLQXPL LFDV
SHGHSVHDVF vQHO FLXQHDQHOHJLXLW
2SFLWS
3LDWUD GH OD 3DOHUPR SURYHQLW GH OD +HOLRSROLV GLQDVWLLOH ,9 GLQ
,PSHULXO9HFKLvQ3DSLUXVXOGHOD7RULQRGHODvQFHSXWXO,PSHULXOXL
1RXSkQ ODD;9,,DGLQDVWLHVDXOLVWHOHvQJUHDF YHFKHDOHPDUHOXL
SUHRW 0DQHWKRQ SUHILJXUHD] RELHFWLYLWDWHD UHFH D DQDOHORU (OH
SUHFL]HD] WLPSXOI U UHSHUHFRQFUHWFURQRORJLFHFLSULQHYHQLPHQWXO
PDMRU DQXO vQFHSXWXOXL XQHL GRPQLL DO XQHL FRQVWUXF LL HWF ([FOX
]kQGFRPHQWDULXODFHVWHWH[WHVXQWPDLFXUkQGFRQVHPQ ULFXYDORDUH
GRFXPHQWDU
5DSRUWDELOHWHPDWLFODWH[WHOHLVWRULFHSULQUHOD LDFXUHDOXOGDU
GHS LQGXOH SULQ DPSORDUHD QDUDWLY L SULQ VWUXFWXUD FX YDOHQ H
HVWHWLFH 3RHPXO E W OLHL GH OD 4DGH L &XFHULUHD FHW LL -RSSH
HODERUDWH vQ ,PSHULXO 1RX v +U SUHILJXUHD] HSLFXO
HSRSHLF 6SUH GHRVHELUH GH HSRVXO JUHFRODWLQ GLQ ,OLDGD 2GLVHHD L
(QHLGD VDX GH FHO PHGLHYDO GLQ JHVWHOH IUDQFH]H RUL GLQ &kQWHFXO
QLEHOXQJLORU&kQWDUHD&LGXOXLRUL%HRZXOIHWFDFHVWHHSRSHLQXDX
YDORDUHD DFWXOXL GH QDWHUH VSLULWXDO D XQXL SRSRU 'LPSRWULY HOH
VXQW UHIOH[XO PDWXUL] ULL FUHDWRDUH D VFULVXOXL SULQ IRU DUHD OLPLWHORU
FRGXOXL IXQF LRQDO vQ FD]XO SULPXOXL WH[W L SULQ H[SUHVLYLWDWHD
VXJHVWLHLGHDWPRVIHU LSULQUHFXUVXOODILF LXQHDPLWL]DQW vQFHOGH
DOGRLOHD
&RPSOHPHQWDUHFHOHGRX WH[WHFRQWXUHD] LSRVWD]HOHFRQGXF
WRUXOXLFDUHYRUILVLQWHWL]DWHvQSRUWUHWXOHURXOXLFLYLOL]DWRU5DPVHV,,
vQ 3RHPXO LOXVWUHD] U ]ERLQLFXO FX DWULEXWH FH WULPLW OD SRUWUHWXO
PRUDOLQIOH[LELOPDLFXUkQGDOOXL*KLOJDPHLDOHURLORULQGLHQLGHFkW
OD FHO DO OXL $KLOH VDX (QHDV SH FDUH WRWXL vL SUHILJXUHD] 3ULQ
LUHWHQLDvQFXQXQDW GHVXFFHVDFXFHULULLFHW LL-RSSHGHF WUHVROGD LL
DVFXQL vQ FHOH GRX VXWH GH FRXUL WULPLVH DVHGLD LORU JHQHUDOXO
'MHKXWL DQXQ LPDJLQHD OXL 8OLVH GLQ HSLVRGXO WURLDQ HYRFDW L vQ
(QHLGD (O QX DUH vQV IRU D VSLULWXDO D OXL 8OLVH LDU VSLULWXO V X
SUDJPDWLF L YLFOHQLD VXQW FX JUHX UDSRUWDELOH OD vQ HOHSFLXQHD L OD
H[SHULHQ DGHYLD DOXL8OLVHLDUSUHPLVHOHVDOHVXQWWRWDOGLVWLQFWHGH
PRWLYD LLOHHURXOXLGLQ2GLVHHD
'DF UHOD LD WH[WXOXL &XFHULUHD FHW LL -RSSH FX HSRSHLFXO VH
OLPLWHD] OD DQHFGRWLF IDFWXUD OXL vQFDGUkQGXO PDL GHJUDE vQ VHULD
SRYHVWLULORU LVWRULFH 3RHPXO E W OLHL GH OD 4DGH FLUFXPVFULH
FRQWXUXULOH HSRVXOXL FODVLF DQWLF (O VH vQFDGUHD] vQ KHURLFD VSHFLHV
VSHFLDHURLF SULQWLSRORJLDSURWDJRQLVWXOXLLSULQSUREOHPDWLF GDU
LSULQLQWHUYHQ LDGLUHFW DGLYLQXOXL7UDQVIHUXOSURSULXHSRSHLLFD
VXUV DVXSUDQDWXUDOXOXLVHSURGXFHDLFLSHQWUXSULPDRDU vQLVWRULD
OLWHUDWXULLXQLYHUVDOH$VWIHOHURXOU ]ERLQLFHVWHVDFUDOL]DW
RILFLDO DO 1RXOXL ,PSHULX VHFROHOH ;9,;,9 v +U FDUH DWHVW
LPSOLFLW L DSUHFLHUHD SHQWUX XQ WLS GH GLVFXUV HSLF FRQVDFUDW GUHSW
FODVLFGDULPDLSUDJPDWLFDDVSLUD LHDVFULELORU]HXOXL.RQVKXFHOPLF
GHDLIDFHUHFODP
$GHY UXO L PLQFLXQD FD SHUVRQLILFDUH D FRQFHSWHORU SULQ
DYDWDUXULOH FHORU GRL IUD LFXSURILOXULPRUDOHDQWLWHWLFHSUHILJXUHD]
DSRORJXOJUHFRODWLQ$FHDVWDHVWHVHSDUHSULPDSRYHVWLUHVLPEROLF
DOHJRULF GLQ OLWHUDWXUD XQLYHUVDO $OHJRULD VH VWUXFWXUHD] SH
DQWURSRPRUIL]DUHD FHORU QRX ]HL DEVWUDF L DL (QHDGHLLDWHUPHQLORU
HWLFL $GHY UXO YDORDUH PRUDO HVWH LGHQWLILFDW DLFL FX HVWHWLFXO
SUHILJXUkQGUDSRUWXOFODVLFJUHFGLQWUHHWLFLHVWHWLFLDUDVRFLHUHDORU
vQ DFHHDL HQWLWDWH SDUH V FRQWXUH]H DSROLQLFXO 5 ]EXQDUHD WDW OXL
$GHY UGHF WUHILXSRVLELO WULPLWHUHODWULDGD2VLULV6HWKL+RUXV
SRDWHVXJHUDLWULXPIXOvQWLPSDOHWLFXOXL
0DL DPSOH 3RYHVWHD OXL 6LQXKHW 3RYHVWHD QDXIUDJLDWXOXL vQ
,QVXOD DUSHOXL VDX FX R VWUXFWXU FLFOLF )DUDRQXO .HRSV L
YU MLWRULL 3RYHVWLULOH OXL 6HWQH 1HFD]XULOH IDUDRQXOXL 3HWXEDVWLV
QXPHURDVH DOWH SRYHVWLUL FLUFXPVFULX VIHUD SUHURPDQXOXL $[DWH SH
IDQWDVWLFXO PDJLF L PLUDFXORV HOH FRQVWUXLHVF LPDJLQHD XQHL OXPL vQ
FDUH 0$$7 DGHY UXO L GUHSWDWHD HVWH DFFHVLELO LQGLYLGXOXL Q
SURIXQG FRQWUDVW FX UHDOLWDWHD SROLWLFRVRFLDO D (JLSWXOXL DFHVW SULP
XQLYHUVDOILF LXQLLOLYUHWLHVWHDVWIHOXQVSD LXDOHYD]LXQLLVSLULWXDOH
GLQ FRQFUHW vQ SRVLELOXO YLVDW GH HJLSWHDQXO RSULPDW 'H DFHHD
DFFHQWXO QDUDWRUXOXL QXVHSXQHDWkWSHHYRFDUHDDFHVWRUOXPLFkWSH
YUDMD PLUDFROXO SULQ FDUH UHDOXO HVWH WUDQVJUHVDW VXEVWLWXLQGXLVH
IDQWDVWLFXO7UDQVIHUXOvQIDQWDVWLFLPSXQHFDDJHQ LUHOXD LGHvQWUHDJD
OLWHUDWXU GH JHQ L UHDFWXDOL]D L GH URPDQWLVP F U LOH LQVFULS LLOH
PDJLFH IRUPXOHOH H]RWHULFH VSULMLQXO GLYLQXOXL YUDMD LQFDQWD LD
GHVFkQWHFEOHVWHPDOVFULEXOXLFLWLWRUVDXVLPSO YRLQ DKD]DUGXOXL
&XYkQWXO IL[DW vQGHRVHEL vQ IRUPXOD LPXDELO DWRWSXWHUQLF HVWH
FRQVDFUDW FD SULQFLSDO VXFFHGDQHX DO UHDOXOXL /XPHD DVWIHO RIHULW
DVFXOW WRUXOXL FLWLWRUXOXL HVWH XQLYHUVXO HYD]LXQLL vQ VSD LX VDX vQ
SRVLELO(YD]LXQHDH[FOXGHXQLYHUVXODIHFWHORUDOHURWLFXOXLFDUHDSDUH
FD YLQRYDW )DUDRQXO .HRSV L YU MLWRULL SRYHVWLUHD OXL .HRSV
VSUHGHRVHELUHGHURPDQXOJUHFXQGHVHFRQVWUXLHWHOXPHDFXSOXOXL
FDDOWHUQDWLY ODUHDO
(YD]LXQHD vQ VSD LX GH]YROW WHPD F O WRULHL IUHFYHQW vQ
HSRSHLOHDQWLFKLW LLGHOD*KLOJDPHOD2GLVHHD(QHLGDGDUI U DL
FRQIHULVHPQLILFD LLOHLQL LDWLFHGLQDFHVWHRSHUH5 W FLUHDSHPDUHL
GHVFRSHULUHDLQVXOHL3RYHVWHDQDXIUDJLDWXOXLvQ,QVXODDUSHOXLVDXD
GLQWUH HOH HVWH FRQVLGHUDW GUHSW FHD PDL FRPSOHW L D IRVW
GHVFRSHULW vQELEOLRWHFDGHW EOL HGHOXWDOXL$VVXUEDQLSDO
3 VWUDW vQ WDEOHWH F URUD GXS XQLL FHUFHW WRUL OL VH PDL
DGDXJ XQD DFHDVW XOWLP YHUVLXQH DVRFLD] DVH YHFKL SRHPH
VXPHULHQH*KLOJDPHL DUDFHORUYLL*KLOJDPHL7DXUXO&HUHVF
3RWRSXO 0RDUWHD OXL *KLOJDPH *KLOJDPH L $JJD GLQ .L
*KLOJDPH(QNLGXL,QIHUQXO
3HUVRQDOLWDWHDFRQFUHW DDXWRUXOXLDVWkUQLWvQWLPSFRQWURYHUVHUD
SRUWDELOHODSUREOHPDKRPHULF ([HJH LLDXDYXWvQYHGHUHXQVLPSOX
SUHOXFU WRUGHOHJHQGHFXPHULWXOVLQWH]HLLDOLQWHUSUHW ULLDUWLVWLFHXQ
SRHW DQRQLP GLQ VHFROXO DO ;,,OHD v+U SH PDJXO 6LQOLX .LQQLQL
FUHDWRUXOPHQ LRQDWGHWUDGL LHVIkULWXOPLOHQLXOXLDO,,,OHDv+U
$QWHULRUFXDSUR[LPDWLYXQPLOHQLXHYRF ULLHJLSWHQHDE W OLHL
GH OD 4DGH SRHPXO OXL *KLOJDPH LQDXJXUHD] HSRVXO QX QXPDL
FURQRORJLF FL vQ SULPXO UkQG SULQ DILUPDUHD HVHQ HL OXL ILOR]RILFH
3RHPXO PHVRSRWDPLDQ PLWL]HD] LVWRULD SULQ PLMORDFHOH FDUH YRU
GHYHQL SURSULL HSRVXOXL FODVLF VDFUDOL]DUHD HURXOXL FX H[LVWHQ
DWHVWDW LFXIXQGDUHDOXLvQQHYHURVLPLOXOILF LXQLL&DLvQHSRSHLOH
XOWHULRDUHGHOD+RPHUSkQ OD9ROWDLUHFUHDWRUXODVLULDQSRUQHWHGH
ODUHDOXOLVWRULFSHQWUXFDSULQLPDJLQD LDYRLWWUDQVILJXUDW HVWHWLFV
RIHUHRGHFRGDUHILOR]RILF DXQRUDGLQWUHVHQVXULOHOXLSRVLELOH6SUH
GHRVHELUHvQV GHHSRSHLOHFODVLFHFDUHFRQVDFUDXLPDJLQHDFRQGXF
WRUXOXL HSRSHHD OXL *KLOJDPH LPSXQH vQ FHOH GLQ XUP RPHQHVFXO
'DF HURLL JUHFRODWLQL DILUP PDULOH YDORUL HWLFH DOH XPDQLW LL
SURWDJRQLVWXO SRHPXOXL PHVRSRWDPLDQ OXSW SHQWUX FODULILFDUHD L
SHQWUXFXFHULUHDDFHVWRUD
3ULQGHPHUVXOV XVSLULWXDOHSRSHHDOXL*KLOJDPHGHFODQHD]
DVWIHO IRU HOH ODWHQWH DOH SVLKRORJLFXOXL L DOH OLULVPXOXL GH VXEVWDQ
GLQ HSLFXO DOHJRULF 5 ]ERLQLFXO FRQVDFUDW SULQ PLWXO RUDO LOXVWUDW vQ
3RHPXO E W OLHL GH OD 4DGH GH F WUH IDUDRQ HVWH DLFL XPDQL]DW SULQ
F XW UL SULQ VXIHULQ SULQ vQ HOHJHUH L vQ FHOH GLQ XUP SULQ
vQ HOHDSWD DFFHSWDUH D VRU LL 5HODWDUHD DF LXQLL vQ FDUH HURXO HVWH
DQJDMDWQXPDLUHSUH]LQW VFRSXOPDMRUDOHODERU ULLWH[WXOXLGXS FXP
QLFLJORULDIDSWHLQXPDLFRQVWLWXLHvQVLQHRELHFWLYXOSURWDJRQLVWXOXL
FD vQ PLWXULOH HURLFH &D L SHQWUX $KLOH +HFWRU VDX (QHDV GH PDL
WkU]LX RULJLQHD QRELO IDLPD H[SHULHQ HL GH YLD SR]L LD VRFLDO
UHOD LD SULYLOHJLDW FX VDFUXO vL FRQIHU SURWDJRQLVWXOXL vQF GH OD
vQFHSXWVWDWXWXOGHHURX
9LFWRU.HUQEDFKRSFLWS
'DU*KLOJDPHQXHVWHQXPDLDWkW&DUHSUH]HQWDUHFRPSOH[ HO
HVWHSULPXOHURXWRWDOGLQOLWHUDWXUDXQLYHUVDO LRSULP UHSUH]HQWDUH
FXOW DGHV YkULULLIL]LFHLPRUDOHGHQHDWLQV(URXOPLWLFU ]ERLQLFXO
FRQGXF WRUGHYLQHSURWDJRQLVWDOHSRSHLLWRFPDLSULQFRSOHLWRDUHDVD
DUPRQLHGLQWUHIL]LFLSVLKLFSURSULHvQFHSXWXULORULLQWDQJLELO L
XPLOLWRDUHSHQWUXRPXOLVWRULFHWHUQUHFHSWRUDOSRYHWLLDWHPSRUDOH
*KLOJDPH ILXO ]HXOXL /XJDOODQGD L DO OXL 1LQVXQ SUHRWHDVD ]HXOXL
VRDUH DPD HVWH GRX WUHLPL ]HX L R WUHLPH RP (O VW SkQHWH
WLUDQLF RUDXO 8UXN L FRQFHQWUHD] vQWUHDJD H[SHULHQ VSLULWXDO D
WLPSXOXLV XFDHUXGLW&HOFDUHDY ]XWWRWXOSkQ ODPDUJLQHDOXPLL
FHO FDUH D WLXW WRWXO L D FXQRVFXW WRWXO vQ HOHSW *KLOJDPH D
S WUXQV WRWRGDW L WDLQD WXWXURU OXFUXULORU (O VD vPS UW LW GH WRDW
vQ HOHSFLXQHD OXPLL FUHDWRU $ V SDW SH R VWHO WRDWH IU PkQW ULOH
VDOH L FRQVWUXFWRU $ V SDW SH R VWHO WRDWH IU PkQW ULOH VDOH L
FRQVWUXFWRU(ODIRVWFHOFDUHDSRUXQFLWV VHULGLFH]LGXO8UXNXOXL
FHOXLPSUHMPXLW L VIkQWD SLD D VDFUXOXL (DQQD 'HDELD GXS
DFHVWH DWULEXWH FDUH vL FRQIHU SR]L LD GH GHVFKL] WRU DO VHULLORU
WLSRORJLFHDOHvQ HOHSWXOXLHUXGLWXOXLLFRQVWUXFWRUXOXLHOHVWHHYRFDW
FDU ]ERLQLFXOLQIDLOLELOLFDLGHDOIL]LFFRSOHLWRUFRRUGRQDWHSURSULL
SURWDJRQLVWXOXL HSRSHLL WR L ]HLL FHL PDUL ODX GHV YkULW SH
*KLOJDPH VWDWXUD OXL HUD GH XQVSUH]HFH FR L LDU O UJLPHD SLHSWXOXL
QRX SDOPHDYHD
6LQWHWL]kQGWLSRORJLFSHU ]ERLQLFXO$KLOHLSHQ HOHSWXO8OLVH
*KLOJDPH SDUFXUJH XQ WUDVHX LQL LDWLF FRPSOHW D F UXL GHVI XUDUH
SUHILJXUHD] JUDGD LD FDUH YD VWD L OD ED]D HSRVXOXL JUHF $FHDVW
HYROX LH HVWH PDUFDW vQ 3RHPXO OXL *KLOJDPH SULQ FRQFHQWUDUHD
WHQVLXQLL HSLFH vQ VFHQH UHSUH]HQWDWLYH DQWLFLSkQG RUJDQL]DUHD
HSRVXOXL XOWHULRU 6LQWHWL]kQG FkWH R H[SHULHQ UHYHODWRULH VFHQHOH
VXQW DVRFLDWH SULQ VXJHVWLD XQLF D GUXPXOXL D F LL SDUFXUVH GH OD R
FRQIUXQWDUHODDOWD
1DUD LXQHD OLQLDU DFXPXOHD] HYHQLPHQWHOH GHVI XUDWH vQWUXQ
VSD LXLvQWUXQWLPSYDJQHSUHFL]DWHGHFkWFDPRPHQWHvQVXFFHVLXQH
LUHVSHFWLYFDGUHGLVWLQFWH7LPSXODFURQRORJLFVXELHFWLYGLODWDWvQ
VFHQH L FRPSULPDW vQ VHFYHQ HOH LQWHUPHGLDUH GH F O WRULH HVWH
DVRFLDW XQXL VSD LX FDUH VH GHVFKLGH VSUH IDQWDVWLF SULQ DQXODUHD
UHSHUHORU JHRJUDILFH L SULQ FRQVWUXLUHD XQRU FRRUGRQDWH VLPEROLF
OXSWHLQXPDLHVWH*KLOJDPHFLSULHWHQXOV X(QNLGXHURXOFLYLOL]DWRU
*KLOJDPHQXIDFHDOWFHYDGHFkWV vPSOLQHDVF ULWXOYLFWRULHL
3HQWUX*KLOJDPH(QNLGXHVWHGXEOXO7LSRORJLFHOUHSUH]LQW
XQ FDS GH VHULH DO PLWXOXL vQVR LWRUXOXL GLQ HSRVXO XOWHULRU &D L vQ
FXSOXULOH $KLOH L 3DWURFOH FHO DO $VKYLQLORU LQGLHQL DFHOD DO JDOLORU
0RPRURV L $WHSRPDURV VDX FHO DO FHO LORU &RQDOO L &XFKXODLQQ
(QNLGX WRYDU XO GH DUPH DO SURWDJRQLVWXOXL HVWH ILLQ D FRPSOH
PHQWDU
$VRFLDWOXL*KLOJDPH(QNLGXUHIDFHXQLWDWHDRULJLQDU DHXOXL
(VHQ HL VHPLGLYLQH D OXL *KLOJDPH FD H[SUHVLH D VDFUXOXL SULQFHOH
GRX WUHLPLGLYLQHLDSURIDQXOXLVDFUDOL]DWSULQSR]L LDVRFLDO SULQ
FXQRDWHUH VXSUDRPHQHDVF L SULQ DF LXQH HURLF (QNLGX vL RSXQH
S PkQWHVFXO +WRQLDQ I SWXU D OLQLWLL GH QRDSWH vQ RSR]L LH FX
VRODUXO *KLOJDPH (QNLGX UHSUH]LQW IRU D GHSOLQ GHFRGDW GH
1LQVXQ FD H[SUHVLH D SXWHULL HVWH FHO PDL SXWHUQLF GLQ DU H W ULD
vQV L D SULHWHQLHL XQWRYDU SXWHUQLFDVSULMLQXOXLPRUDOXQ
VIHWQLF$FHVWHDWULEXWHFLUFXPVFULXvQWLPSVHPQLILFD LLOHVLPEROLFH
DOH GLRVFXULORU JUHFL &DVWRU L 3ROX[ DOH FRQILGHQWXOXL GLQ WUDJHGLD
FODVLF L DOH WRYDU XOXL GH GUXP GLQ HSLFXO IROFORULFLURPDQHVF
3UHILJXUkQGPLWXOELEOLFDO*HQH]HL(QNLGXHVWHFUHDWGLQOXWGHF WUH
]HL D$UXUXLHVWHvQYHVWLWFXDWULEXWHOHRPHQHVFXOXLWUXILDVSDLPD
PkQLD DWDDPHQWXO L VSLULWXO GH VDFULILFLX $VHPHQHD OXL $GDP HO
HVWHRPXOSULPRUGLDOQDWXUDOH[SRQHQWDOXQHLLQRFHQ HRULJLQDUHL
GREkQGHWHFXQRDWHUHDGHVLQHFDILLQ XPDQ SULQLQL LHUHDGHF WUH
IHPLQLWDWHvQLSRVWD]DFXUWH]DQHL
0RDUWHD OXL (QNLGX vQFKLGH VIHUD FRPSOHPHQWDULW LL VDOH FX
*KLOJDPH WUH]LQGXL DFHVWXLD ODWHQ HOH RPHQHVFXOXL 'XUHUHD
GLVSDUL LHL OXL (QNLGX WU LW SDUR[LVWLF GH F WUH *KLOJDPH FD PLO
ID GH SULHWHQ L FD JURD] ID GH SURSULXO VIkULW HVHQ H DOH
HPR LHL WUDJLFH vQ WkU]LD YL]LXQH DULVWRWHOLF HVWH UHSUH]HQWDW
DOHJRULFSULQvQVWU LQDUHDVDID GHFRQGL LDU ]ERLQLFXOXLGHHURX
FLYLOL]DWRU (D vO SURLHFWHD] SH SURWDJRQLVW vQ ]RQD DYDWDUXULORU
VLQJXODUH DOH FRQWLLQ HL FD SULP H[SHULHQ UHYHODWRULH LQWHULRDU
RSXV FHORU H[WHULRDUH FX IXQF LH GH FRQILUPDUH D SXWHULL HIHFWLYH
(SRSHHD FRQVDFU DVWIHO VHPQLILFD LLOH PRU LL FD VIkULW DO H[LVWHQ HL
IL]LFH D OXL (QNLGX L vQFHSXW DO H[LVWHQ HL VSLULWXDOH D OXL
*KLOJDPH SULQ GHVF WXDUHD IRU HORU DFHVWHLD 6SUH GHRVHELUH GH
VHQLQ WDWHD YL]LXQLL HJLSWHQH FDUH R UHVSLQJH vQ QXPHOH YLH LL HWHUQH
VDXGHvQ HOHDSWDUHVHPQDUHDJUHFLORUvQID DIDWDOLW LLHLSR]L LDID
GHPRDUWHvQDFHVWSRHPLPSOLF SURWHVWXO
YLHUPLORU FD R KDLQ YHFKH &UHkQG XQ DUF SHVWH WLPS SHUVSHFWLYD
GLQ (SRSHHD OXL *KLOJDPH DVRFLD] YL]LXQHD PHGLHYDO D OXL 9LOORQ
DVXSUD PRU LL FX DFHHD D GHFDGHQWLWLORU FDUH YRU GH]YROWD ODWXUD
IXQHEU PDFDEU DVIkULWXOXLRPHQHVF
'REkQGLW GH *KLOJDPH FDS WXO GUXPXOXL V X FXQRDWHUHD
ILOR]RILF vL FRQIHU HURXOXL VHPQLILFD LD GH SULP LSRVWD]LHUH D
FRQWLLQ HL FXIXQGDW GH IDSW vQ ODELULQWXO O XQWULF DO vQ HOHJHULL
SURSULHL FRQGL LL 3HQWUX vQWUHDJD VSH XPDQ *KLOJDPH SLHUGH
OXSWD GH FXFHULUH D QHPXULULL DUSHOH vL IXU XQLFD EXUXLDQ D YLH LL
YHQLFHSHFDUHHURXOYLVDV RRIHUH&HW LL&DLGRFWRUXO)DXVWPDL
WkU]LX*KLOJDPHFkWLJ vQVFKLPEOXSWDSHQWUXDWLQJHUHDQHPXULULLOD
QLYHOLQGLYLGXDO(OvQ HOHJHF vQWUROXPHvQFDUHYLD DHVWHDS VDW GH
FRQWLLQ D PRU LL vQ HOHSFLXQHD HVWH VLQJXUD IRUP GH QHPXULUH
$QWLFLSkQG HURLL URPDQXOXL PRGHUQ SHQWUX *KLOJDPH DFFHSWDUHD
IDWDOLW LL GHVWLQXOXL QX SUHVXSXQH UHVHPQDUHD (URXOXL vL PDL U PkQH
GHFL vQ FRQGL LLOH DVXP ULL VIkULWXOXL IL]LF DVLJXUDUHD QHPXULULL
VSLULWXDOH 'UXPXO V X GH UHFRQVWUXF LH LQWHULRDU SULQ WU LUH L
FXQRDWHUH VH vQFKHLH SULQ vQ O DUHD &HW LL SH WHPHOLLOH L GLQ
VXEVWDQ D DFHVWHL H[SHULHQ H 3UHILJXUkQG HSRSHLOH XOWHULRDUH U ]ERL
QLFXOXL vL VXSUDYLH XLHWH vQ HOHSWXO HURXO FLYLOL]DWRU S VWUDW HWHUQ vQ
FRQWLLQ DXPDQLW LLVXEQXPHGLIHULWH8OLVH(QHDVVDX5 PD
,,0DULOHVLQWH]HVDQVFULWH
=RQ D PDULORU LUDGLHUL FXOWXUDOH PDL vQWkL HJLSWHQH L PHVR
SRWDPLHQHPDLDSRLJUHFRURPDQHLSHUPDQHQWFKLQH]H,QGLDDUHXLW
SHUIRUPDQ D GH DL FUHD L WRWRGDW GH DL S VWUD L GH DL LPSXQH
VSHFLILFXO vQ UDSRUW FX PDULOH FLYLOL]D LL FX FDUH YLQH vQ FRQWDFW
5DILQDPHQWXOXLULJRULLVLPHWULLORUVHYHUHWUDJLFXOXLWU LULLSDUR[LVWLFH
DFOLSHLODPHVRSRWDPLHQLVDXWUDJLFXOXLJ VLULLGHF WUHHJLSWHQLD
DEVROXWXOXLvQHWHUQLWDWHDGHGLQFRORGHH[LVWHQWDUWDLQGLDQ OHRSXQH
OLEHUWDWHDGH]O Q XLW DSURWHLVPXOXLIRUPHORU$FHVWHIRUPHVXJHUHD]
DEVROXWXOFRQWLQXHLGLQDPLFLDYLH LLvQVHLSHQWUXFDUHWUHFHUHDGLQWUR
LSRVWD] PDWHULDO vQWUDOWD SULQWUR QRX H[LVWHQ HVWH VLQJXUD
FHUWLWXGLQH
([LVWHQ D FD R HWHUQ UHJHQHUDUH D YLH LL GXS H[WLQF LD XQHL
LSRVWD]HDHLDXQXLDYDWDULQVWLWXLHvQDUWDLvQOLWHUDWXUDLQGLDQ RDOW
UHOD LH vQWUH JkQGLUH L UHSUH]HQWDUH ID GH FHOH IRUPXODWH GH
VSLULWXDOLWDWHDHJLSWHDQ VDXPHVRSRWDPLDQ 3HQWUXDFHVWHFLYLOL]D LLFD
LSHQWUXFHDJUHFRURPDQ PDLWkU]LXVDFUXOLSURIDQXOLPDJLQDUXOL
'DWD H[DFW D DSDUL LHL SRHPHORU HVWH LQFHUW &HUFHW WRULL QX VXQW
XQDQLPL QLFL P FDU vQ IL[DUHD RUGLQLL FURQRORJLFH 0DK EK UDWD HVWH
DQWHULRDU 5 P \DQHL VDX QX" 'LQ SHUVSHFWLYD LVWRULHL UHOLJLLORU IRUPDUHD
HSRSHLORU 0DK EK UDWD VHFROXO 9,9 v +U L 5 P \DQD VHFROXO ,9,,,
v +U VH VXSUDSXQH vQ SDUWH SH FRPSXQHUHD DOWRU WH[WH SUHFXP +DULYDP D
*HQHDORJLD OXL .UVQD VHFROXO ,9OHD G +U L WH[WHOH 3XU QD
G +U 0LUFHD (OLDGH ,RDQ 3 &XOLDQX 'LF LRQDU DO UHOLJLLORU (GLWXUD
+XPDQLWDV%XFXUHWLS,QGLHQLWLLURPkQLFD6HUJLX$O*HRUJH
/LPE L JkQGLUH vQ FXOWXUD LQGLDQ (GLWXUD WLLQ LILF L (QFLFORSHGLF
%XFXUHWLVDX7KHRILO6LPHQVFK\&XOWXU LILOR]RILHLQGLDQ vQWH[WH
L VWXGLL (GLWXUD WLLQ LILF L (QFLFORSHGLF %XFXUHWL DSUHFLD] F
GHL0DK EK UDWDvLDUHRULJLQHDvQF GLQVHFROXODO,9OHDv+UHDDDWLQV
GLPHQVLXQLOH HL DFWXDOH DELD vQ VHFROXO DO 9OHD G +U 7 6LPHQVFK\
3HQWUX FHUFHW WRULL FRPSDUDWLWL RULJLQLOH ORU VXQW vQF L PDL vQGHS UWDWH
$VWIHO$QJHOR0RUHWWDDILUP vQ0LWXULDQWLFHLPLWXOSURJUHVXOXL(GLWXUD
7HKQLF %XFXUHWLF 0DK EK UDWDHVWHXQSRHPHODERUDWvQVHFROXO
DO ,;OHD v +U GHFL DSURDSH FRQWHPSRUDQ FX ,OLDGD OXL +RPHU LDU
5 P \DQDDIRVWFRQFHSXWvQVHFROXODO9,OHDv+U
'H DFHHD WX FHO >SXWHUQLF FD XQ@ WDXU >SULQWUH@ RDPHQL R
%K UDWD VW SkQLQGX L GLQWUX vQFHSXW VLP XULOH XFLGHO SH FHO U X SH
FHOFDUHGLVWUXJH&XQRDWHUHDLvQ HOHJHUHD
6LP XULOH VXQW VRFRWLWH GHDVXSUD >RELHFWHORU ORU@ GHDVXSUD
VLP XULORUHVWHVLP XOLQWHUQGHDVXSUDPLQ LLHVWHDFHVWD>VLQHOH@,,,
S
,GHDOXO XPDQ OD FDUH .DUPDQ VLQHOH LQGLYLGXDO vO DWLQJH SH
%UDKPDQ $EVROXWXO HVWH H[SUHVLD XQHL GHV YkULUL WRWDOH VXSUHPD
WUHDSW D&XQRDWHULLDWLQV GH
&HOvQ]HVWUDWFXRPLQWHOLPSHGHLFXVW UXLQ
&HO FDUH VW vQWUXQ ORF VLQJXUDWLF P QkQF SX LQ vL
VW SkQHWH FXYkQWXO WUXSXO L PLQWHD PHUHX DEVRUELW vQ FRQFHQWUD LD
\RJDS WUXQVGHUHQXQ DUH
/HS GkQGXVH GH HJRLVP YLROHQ PkQGULH GRULQ L
XU GH EXQXUL OXPHWL FHO OLSVLW GH >JkQGXO@ DO PHX OLQLWLW HO
SRDWH V DMXQJ XQD FX %UDKPDQ ;9,,, <RJD UHQXQ ULL L D
HOLEHU ULLS
$FHVWLGHDOXPDQHVWHDOHJRUL]DWSULQ<XGKLVKWKLUDL$UMXQDvQ
0DK EK UDWD L SULQ 5 PD vQ 5 P \DQD (L LOXVWUHD] SULQ IDSWH
GDWRULDXQXLNVDWUL\DFDVWDQRELOLORUQ VFXW GLQILUHDOXLE UE LD
IRU D QHFOLQWLUHD L vQGHPkQDUHD FD L QHGDUHD vQDSRL vQ OXSW
G UXLUHD IDSWXO GH D IL UHJH ;9,,, <RJD UHQXQ ULL L D HOLEHU ULL
S 7RDWH DFHVWH DWULEXWH LQWHJUHD] SURWDJRQLWLL PDULORU
HSRSHLLQGLHQHvQVHULDDUKHWLSDO DHURXOXLU ]ERLQLFFDQRQL]DW vQ
HSRVXOJUHFSULQ$KLOHLGH]YROWDW vQVSLULWODWLQSULQ(QHDV
3ULQ vQ HOHSFLXQH L FXQRDWHUH DFHLDL SURWDJRQLWL SRW IL
UDSRUWD L WLSRORJLF OD vQ HOHSWXO 8OLVH QV SHQWUX 8OLVH &XQRDWHUHD
HUDED]DW SHH[SHULHQ LUHIOHF LHDYkQGRED] UD LRQDO RELHFWLY
ILLQG OHJDW GH OXPHD H[WHULRDU L RULHQWDW FD LQVWUXPHQW VSUH
DWLQJHUHDXQXLVFRSFRQFUHWvQFRQWLQJHQW)RUP HPSLULF UD LRQDO
GHDSURSULHUHGHOXDUHvQVW SkQLUHDOXPLLDFHVWWLSGHFXQRDWHUHYD
VWD OD ED]D RSHUHORU HXURSHQH XOWHULRDUH VWUXFWXUDWH SkQ vQ HSRFD
URPDQWLF SHWHPDF O WRULHLLQL LDWLFHVDXUHYHODWRULL
(URLL HSRSHLORU VDQVFULWH VXQW vQV RELHFWXO XQHL FXQRDWHUL
VXELHFWLYHDEVWUDFWHOLSVLW GHILQDOLWDWHSUDFWLF GHVSULQV GHOXPHD
H[WHULRDU L U VIUkQW VSUH O XQWULF RULHQWDW VSUH DWLQJHUHD GHV YkU
LULL PRUDOH (L SDU PDL DSURSLD L GH *KLOJDPH SULPXO F XW WRU DO
DEVROXWXOXL vQ OLWHUDWXUD XQLYHUVDO GHFkW GH 2GLVHX SHQWUX F L OD
DFHWL HURL FD L OD SURWDJRQLVWXO HSRVXOXL PHVRSRWDPLDQ DEVROXWXO
SUHVXSXQH PRGLILFDUHD FRQGL LHL XPDQH SHUIHF LRQDUHD HL &XP vQV
GUHSW HFKLYDOHQW vQ WUDGL LD HSRVXOXL DQWLF U ]ERLXO DKHLORU FX WURLHQLL
vQ,OLDGDLFXFHULUHD/DWLXPXOXLGHF WUH(QHDVvQ(QHLGD
'HL SURSXQ LPDJLQHD RPXOXL PRQDUKXOXL LGHDO 6(01,),
&$ ,,/(UHDOHDOH5 P \DQHLFDLDOH0DK EK UDWDGHDOWIHOQXVH
OLPLWHD] ODOHJLWLPDUHDSULQPLWL]DUHDFXFHULULLGXS FXPVHvQWkPSO
FX ,OLDGD VDX D LPDJLQLL FRQGXF WRUXOXL FRQFUHW FD vQ (QHLGD
6XSHULRU DUWLVWLF FHORUODOWH HSRSHL VDQVFULWH L DQWHULRU 0DK EK UDWHL
F FL H IRORVLW GHMD GH FHDODOW HSRSHH SRHPXO 5 P \DQD UHSUH
]LQW vQRSLQLDQRDVWU XQDOWPRPHQWDOHSRVXOXLFHOGHWUHFHUHGHOD
PLWL]DUHD LVWRULHL OD PLWL]DUHD FRQFHS LLORU ILOR]RILFH 'LQFROR GH
DVHP Q ULOHWHPDWLFHGHVWUXFWXU LGHWLSRORJLDSHUVRQDMHORUWRFPDL
SULQ VLQJXODULWDWHD DFHVWXL GHPHUV GH VXEVWDQ DSUHFLHP F VH
LQGLYLGXDOL]HD] HSRSHHD LQGLDQ ID GH FHD JUHFRODWLQ $VWIHO
EDODGHOH WUDQVPLVH RUDO FDUH VWDX OD ED]D SRHPXOXL VDQVFULW VXQW
GH]YROW ULHSLFHWkU]LLDOHVHFYHQ HORUGLDORJDWHvQSUR] GLQLPQXULOH
YHGLFHvQGHRVHELGLQ5LJ9HGD6SUHGHRVHELUHGHSRHPHOHKRPHULFH
OD FDUH vQUHJLVWUDUHD FDQRQL]DW SXQH FDS W SURFHVXOXL FUHDWRU SHVWH
YDULDQWD FODVLF D OXL 9DOPLNL vQ FLXGD FRQVHPQ ULL HL vQ VFULV VDX
VXSUDSXV LQWHUSRO UL UHOX UL L GH]YROW UL XOWHULRDUH 7RDW DFHDVW
vQGHOXQJDW FUHD LHDWH[WXOXLIDFHFDSRHPXOV VHFULVWDOL]H]HLV VH
GH]YROWH vQ ID]HOH GH VWUXFWXUDUH L GH DILUPDUH D PDULORU VLVWHPH DOH
JkQGLULLLQGLHQHLvQVWUkQV OHJ WXU FXDFHVWHD2ELHFWLYXOHGXFDWLY
LVWRULFSURSULXHSRSHLORUVHQXDQ HD] DVWIHOLVHUHVHPDQWL]HD] DLFL
SULQ GHVFKLGHULOH VSUH HWLF UHIOH[LY SROLWLF Q FRQVHFLQ HSRSHHD
GHYLQH H[SUHVLD FRGXULORU IXQGDPHQWDOH ILOR]RILF FD GKDUPDVDVWUD
FDUWHGHvQ HOHSFLXQHLVWRULFFDDPSO QDUD LXQH.DY\DSROLWLFL
GLSORPDWLF FD DUWKDVDVWUD DUW D JXYHUQ ULL GLSORPD LHL
DGPLQLVWUD LHLHWLFFDPLWLVDVWUD UHSUH]HQWDUHDvQDOWHORULGHDOXUL
3URSULX DUWHL LQGLHQH DFHVW HFOHFWLVP HVWH vQ 5 P \DQD VXV LQXW
GH R 6758&785 VXSHULRDU FHOHL GLQ 0DK EK UDWD SULQ RUJDQL]DUHD
XULDXOXL PDWHULDO HSRSHLF DO FHORU GH FDSLWROH vQ VHF LXQL
.DQGDV FDUH GH]YROW SURJUHVLY HSLFXO DOHJRULF &XSULQ]kQG XQ
QXP U UHVWUkQV GH HSLVRDGH VDX QXPDL XQXO VLQJXU FHOH .DQGDV
VXQWUDSRUWDELOHODIXQF LDLFRQ LQXWXOFkQWXULORUGLQHSRVXOJUHFRODWLQ
6HF LXQHDGHvQFHSXW$GL.DQGDVDXDFRSLO ULHL%DOD.DQGD
FXUROH[SR]LWLYHYRF RULJLQHDIDEXORDV DOXL5 PDUHOD LLOHDFHVWXLD
FX IUD LL V L YLWUHJL %K UDWD L JHPHQLL /DNVKPDQD L 6DWUXJKQD
1DWHUHDPDJLF DOXL5 PDLDIUD LORUV LVXJHUHD] RULJLQHDVDFU D
7KHRILO6LPHQVN\RSFLWS
9LVKQXHVWHDOGRLOHD]HXDOWULDGHLKLQGXLVWHvQWUXSDUHDEXQ W LLL
DVSLULWXOXL$DSWHDvQWUXSDUHDVDHVWHFRQVLGHUDW5 PD
9DOPLNL 5 P \DQD (SRSHH LQGLDQ 5HSRYHVWLW vQ OLPED HQJOH]
GH & 5DMDJRSDODFKDUL (GLWXUD SHQWUX /LWHUDWXU %XFXUHWL , S
7RDWHFLWDWHOHLOXVWUDWLYHGLQRSHU SURYLQGLQDFHDVW HGL LH
/ %ODJD *kQGLUH PDJLF L UHOLJLH 7ULORJLD YDORULORU ,, (GLWXUD
+XPDQLWDV%XFXUHWLS
EDVP FX IDEXOD L SUHILJXU UL DOH P WLORU URPDQHORU EDURFH WkU]LL
VXJHUHD] DWULEXWHOH H[WHULRDUH L QHFHVDUH FRQWLLQ HL SHQWUX
vQIUkQJHUHD U XOXL FH DWDF HXO O XQWULFXO ,QWHOLJHQ D SUDJPDWLF
GXSOLFLWDWHDODELOLWDWHDGXV SkQ ODPHWDPRUIR]DIL]LF WUDQVJUHVDUHD
OLPLWHORU VSD LRWHPSRUDOH UHYHOHD] HURLFXOXL H[LVWHQ D XQLYHUVXOXL
SDUDOHO GLQ /DQNH L D DVSLUD LHL L IRU HL SHUYHUWLWH UHSUH]HQWDWH GH
5DYDQD 'DF OXPHD /DQN L FRQVWLWXLH DOWHUQDWLYD WHUHVWU D $\RGLHL
RSXQkQG RUGLQLL JHRPHWULFH L UD LRQDOH L DUPRQLHL HFKLOLEUDWH
RSXOHQ D GH]O Q XLW SURSULH LVSLWHL L LUD LRQDOXOXL 5DYDQD HVWH OD
UkQGXOV XHJDOXOLWHUPHQXOGHFRQWUDVWDEVROXWDOOXL5 PD
'H DFHHD VHF LXQHD D 9,D D 5 P \DQHL <XGGKD.DQGD
VHF LXQHD U ]ERLXOXL FD vQ WRDWH HSRSHLOH SULQ OXSWD L WULXPIXO
HURXOXL FDUH R HOLEHUHD] SH 6 W L HVWH vQFRURQDW DILUP GH IDSW
YLFWRULD XQXL VLVWHP GH YDORUL $LFL vQV WULXPIXO QX PDL DUH
VHPQLILFD LL GRDU vQ SODQ HWLF 9LFWRULD DVXSUD OXL 5DYDQD DUH L
PXOWLSOH FRQRWD LL ILOR]RILFH 8FLGHUHD PRQVWUXOXL GLQ /DQND HVWH
vPSOLQLUHD )$37(,SHQWUXFDUH5 PDVHQDWHFDDDSWHDvQWUXSDUHD
]HXOXL 9LVKQX +DUL QFUHGLQ kQGXVH FX WRWXO OXL +DUL ]HLL vO
UXJDU FXODFULPLvQRFKLV VHQDVF RPV WHUPLQHFX5DYDQDLV
SXQ FDS W FUX]LPLORU VDOH +DUL vQFXYLLQ DSRL vQFUHGLQ SH]HLF
VHYDQDWHVXEFKLSXOFHORUSDWUXILLDLUHJHOXL'DVDUDWKD
QWUXSDUH D VDFUXOXL SH S PkQW 5 PD vQYLQJH SULQ 5DYDQD
VDFUDOLWDWHD QHJDW GHF ]XW VXE OLPLWHOH SURIDQXOXL 5 PD HVWH
OHJHD VXSUHP SULQFLSLXO vQVXL L LQVWUXPHQWXO LPSXQHULL OXL SH
S PkQW 5DPD H vQWUXSDUHD GKDUPHL L IRORVHWH W ULD L FXUDMXO
SHQWUX D VOXML GKDUPD &XP ,QGUD H I U vQGRLDO vQWkLXO vQWUH ]HL
5 PD H vQWkLXO vQWUH PXULWRUL Q RSR]L LH FX HO 5DYDQD UHSUH]LQW
VDFUDOLWDWHD DOWHUDW vQWXQHULFXO QHSWXQLDQ UH]XOWDW GLQ vQF OFDUHD
SULQFLSLXOXL D F LL PRUDOH 'DF 5DYDQD QX VDU IL vQGHS UWDW GH
FDOHD GKDUPHL QLFL ,QGUD QX ODU IL vQWUHFXW QFUH] WRU vQ GDUXULOH
SULPLWHDSRUQLWRSHGUXPXULUHOHLDSLHUGXWIHULFLUHDLDvQVWU LQDW
P UH LD $SRWHR]DUH D VSLULWXDOLW LL UHSUH]HQWDWH GH 5 PD ELUXLQ D
DFHVWXLD DUH DVWIHO L VHPQLILFD LD vQYLQJHULL XQHL SULPH H[SUHVLL D
vQJHUXOXLF ]XW&DH[SUHVLHDHURLFXOXLYLFWRULDDVXSUDOXL5DYDQD
vQVHDPQ L vQYLQJHUHD PRQVWUXRVXOXL GLQ VLQH vQVXL 3ULQ 5DYDQD
5 PDvLvQYLQJHSURSULLOHSRUQLULWHQHEURDVHLVSLWHOHWHOXULFHJkQGXO
PXUGDUDOvQF OF ULLOHJLLFRQYHUWLWvQIDSW (FKLOLEUXOVXSUHPSHFDUH
DFHDVW YLFWRULH vO DGXFH HVWH vQ XOWLP LQVWDQ FHO LQWHULRU DO
VXSUHPHL vPS F UL D HXOXL FD PLFURFRVP FX OXPHD H[WHULRDU
PDFURFRVPXO FDUH L VH DOLD] L vQ FHOH GLQ XUP L VH VXSXQH Q
VXEVHPQXOYDORULORUFRQVDFUDWHDUHFDSDQGDQWVSD LLOHIDEXORDVHGH
UHSOLF $VWIHO $\RGK\D FHQWUX DO YDORULORU HWHUQH $\RGK\D
vQVHDPQ FHHD FH QX SRDWH IL vQYLQV SULQ U ]ERL vQWHPHLDW GH
0DQX YHVWLW GRPQLWRU DO GLQDVWLHL VRODUH HVWH VSD LXO VSLULWXDO SULQ
H[FHOHQ $LFL LVWRULD vQWHPHLHULL GH F WUH GUHSWXO 0DQX L PLWXO
GRPQLHL OXL 'DVDUDWKD VH DVRFLD] ILF LXQLL DYHQWXULORU H[HPSODUH
DOHOXL5 PD&DVSD LXDORUGLQLLLDODUPRQLHLDOGHV YkULULLI XULWH
GHRP$\RGK\HLLVHRSXQXQLYHUVXOFRGUXOXLLFHWDWHD/DQND3HQWUX
DUPRQLDGHV YkULW HFKLOLEUXODUKLWHFWXUDOLRUGLQHDVRFLDO ULJXURDV
GLQFDSLWDODUHJDWXOXLOXL5 PDFRGUXOFRQVWLWXLHWHUPHQXODQWRQLPLF
GH UDSRUWDUH &RGUXO'DQGDNDHVWHVSD LXOQDWXUDOFDGUXOSURWHFWRUL
WRWRGDW DJUHVDQW SHQWUX HX DO XQHL FXQRDWHUL FRPSOH[H SULQ
H[SHULHQ (OHVWHFDGUXOFRQWHPSOD LHLLVDQFWXDUXOQDWXUDODOULLORU
GDU L WHULWRULXO PDULORU vQFHUF UL WHULILDQWH DO FRQIUXQW ULORU FX
PRQVWUXRVXO 6SD LX LQWHJUDO FRQVWUXLW FHWDWHD /DQND HJDOHD] vQ
ERJ LH L IUXPXVH H $\RGK\D QV VSUH GHRVHELUH GH DFHDVWD HVWH
FDGUXOPDULORUGH]HFKLOLEUHPRUDOHDOH[FHVXOXLS FDWHORULLVSLWHLDO
XQHLGHV YkULULDXWRGHYRUDWRDUHLVRUWLWHSLHU]DQLHLDVHPHQHD7URLHL
7ULEXOD LLOH HURXOXL vQ DFHVWH UHSHUH VSD LDOH DX R VHPQLILFD LH
VLPEROLF UDSRUWDELO OD DFHHD D FLFOXOXL KRPHULF $\RGK\D FD L
,WKDFD HVWH VSD LXO HWHUQHL UHvQWRDUFHUL D VSLULWXOXL vPERJ LW SULQ
H[SHULHQ OD YDORULOH SHUHQH vQWUXSDWH vQ FD]XO OXL 5 PD vQ vQV L
ILLQ DVD
'HVI XUDWSHDFHVWHFRRUGRQDWHVSD LDOHWLPSXOHVWHvQHSRSHHD
LQGLDQ SURIXQG VXELHFWLY &LUFXPVFULLQG YROXWHOH HSLFXOXL HO VH
vQGHS UWHD] GH OLQHDULWDWHD FURQRORJLFXOXL GLQ HSRVXO JUHFRODWLQ
3HQWUXHYRFDUHDXQXLXQLYHUVDIODWvQWURLQILQLW GLQDPLF DPHWDPRU
IR]HORU vQ HSRSHH VH vQWUHUXSH DGHVHD LUXO SUH]HQWXOXL QDUD LXQLL vQ
GHVI XUDUHSHQWUXDLVHFODULILFDVHPQLILFD LLOHUHDOHSULQLQFXUVLXQL
vQWUHFXWXOSURWDJRQLWLORUVDXDOFDGUXOXLPHWDPRUIR]DW1XFOHXOHSLF
FURQRORJLF VH GH]YROW DVWIHO SULQ DJOXWLQDUHD SODQXULORU VHFXQGDUH
SODVDWH vQ WUHFXW $VWIHO VH VXJHUHD] DWkW LQILQLWDWHD IOX[XOXL
WHPSRUDO vQ H[LVWHQW FkW L SULQ SUHGHVWLQDUHD XPDQXOXL FRQVXEVWDQ
LDOLWDWHDWUHFXWXOXLFXYLLWRUXO7LPSXOHI FXWGLQWUXQLUGHPkLQH
LDU]LOHOHvLVHDP Q vQWRFPDL7RWFHVHDGXQ VHVIkUHWHvQUXLQ
WRWFHVHULGLF VHWHUPLQ FXSU EXLUHDvPSUHXQ ULOHVHPkQWXLHFX
GHVS U LULYLD DFXPRDUWHD9LD DLDUHFDSHWHOHQPRDUWH
6LPLODUHSLFXOXLKRPHULFWLPSXO5 P \DQHLDOWHUQHD] FRQFHQ
WUDUHD SURSULH VHFYHQ HORU GH FRQIUXQWDUH GLUHFW vQFHUF ULORU SULQ
FDUH WUHF HURLL FX GLODWDUHD GLQ VHFYHQ HOH VXELHFWLYH 6XUVD
(OLH)DXUH,VWRULDDUWHL,$UWDDQWLF (GLWXUD0HULGLDQH%XFXUHWL
S
VSD LXO PHGLWHUDQHDQ SH FDUH LO DSURSULH L SH FDUH vO FRORQL]HD]
5HIXJLX L SURWHFWRU QDWXUDO PXQWHOH VH RIHU GDUQLF FRQVWUXF LHL
XPDQH L RFURWLULL XQHL GLYLQLW L FUHDWRDUH D PLUDFROXOXL H[LVWHQ HL
]HLLGLQ2OLPSVDXDPLUDFROXOXLVSLULWXOXLPX]HOHGLQ3DUQDV
2SXQkQG VXSXQHULL L H[SHULHQ HL VSLULWXDOH RULHQWDOH SH FDUH R
DEVRDUEH YRFD LD OLEHUW LL L D FXWH]DQ HL HOLQLL VH HOLEHUHD] GH
SUHVLXQHDUHOLJLRVXOXL(LGHOLPLWHD] FODUVIHUDFUHGLQ HLGHSROLWLFL
GH VSLULWXDO $EROLUHD WLPSXULH D PRQDUKLHL L FRQWDFWHOH FX YHFKLOH
FLYLOL]D LL RULHQWDOH L FX FHDPLFHQLDQ LDXDSURSLDWSHJUHFLGH]HL
(OH OHDX GHVFKLV SDQWHRQXO DFHVWRU OXPL SH FDUH L ODX DSURSULDW L
DGDSWDW SULQ UHSUH]HQW UL VSHFLILFH 0LVWLFLVPXOXL L IDQDWLVPXOXL
RULHQWDOHOLQLLLDXRSXVQXPDLSX LQSURIXQGXOGDUDWkWGHRPHQHVFXO
VSLULWUHOLJLRV([SUHVLHDOLEHUW LLLQWHULRDUHLDXQHLUHOD LLHFKLOLEUDWH
FXOXPHDH[WHULRDU DFHDVW QRX DWLWXGLQHID GHUHOLJLHQXH[FOXGH
FL RIHU GHVFKLGHUHD VSUH FXQRDWHUH UD LRQDO L FRQWHPSOD LH
ILOR]RILFRVSHFXODWLY
0HQ LQkQG VDFUXO FD SULQFLSLX FUHDWRU L RUGRQDWRU DO OXPLL
SURIDQH DGHFYkQGXO DGHVHD OD SURIDQ VSLULWXO JUHF D GHVFRSHULW GH
IDSW FRPXQLFDUHD vQWUH QLYHOXULOH LQWHUIHUHQWH DOH H[LVWHQWXOXL 'H
DFHHD vQ FHQWUXO DWHQ LHL VDOH D IRVW SODVDW YLD D OXPHD vQV L L QX
GLYLQLWDWHD FDUH GRPLQD PHQWDOXO RULHQWDO (WHUQLWDWHD OXPLL YLH LL
HOLQLLRJ VHVFVSUHGHRVHELUHGHRULHQWDOLvQDGHY UXOILOR]RILFXOXL
LvQIUXPRVXOWHRUHWL]DWGHHVWHWLFLDQFRQFUHWL]DWGHDUWLVW
3HQWUX DFHDVW VSLULWXDOLWDWH OXPHD vQVHDPQ FRQFUHWXO UHDOXO
IDPLOLDU L FXQRVFXW GDU L SRVLELOXO QHFXQRVFXWXO UHSUH]HQWDW FD
XQLYHUV DO FHUWLWXGLQLL XQHL RUGLQL YLUWXDOH FDUH VH FHUH FXQRVFXW L
GHVFLIUDW FDLSURSULXOFRQWLQJHQW
8QLYHUVXO FUHDW GH ]HL L IXQF LRQkQG GXS VFHQDULXO L vQ UHJLD
ORUHVWHVWULFWHFKLOLEUDWODFHOHWUHLQLYHOXULDOHVDOHWHUHVWUXOvQDOWXOL
DGkQFXO 7HUHVWUXO HVWH VSD LXO RUGLQLL vQ H[LVWHQ D LQGLYLGXOXL FD
GHVWLQ L D FROHFWLYLW LL FD LVWRULH QDOWXO GRPLQ XQLYHUVXO FD
RUGLQHFRVPLF JXYHUQDW GHYRLQ DOXL=HXVLHFKLOLEUDW GHDF LXQLOH
FHORUODO L ROLPSLHQL QHPXULWRUL $GkQFXO VSD LXO DELVDO DO VFXIXQG ULL
vQ WHQHEUH L DO FRERUkULL XOWLPXOXL SUDJ FD XQLYHUV GRPLQDW GH
3RVHLGRQ LGH+DGHVHVWHSULQRUGLQHDUHSUH]HQWDW GHFHLGRL]HL
HOLEHUDWGHVSDLPDF GHULLLDQHFXQRVFXWXOXL
5HXQLQG HOHPHQWHOH S PkQWXO HWHUXO DFYDWLFXO SULQ IUDWHU
QLWDWHD ]HLORU ORU WXWHODUL +DGHV =HXV 3RVHLGRQ VSLULWXO JUHF SXQH
vQWUHJXO XQLYHUV VXE VHPQXO XQHL DUPRQLL GHV YkULWH )LOR]RIXO JUHF
GHVFRSHU DFHDVW DUPRQLHvQVXFFHVLXQHDLvQLQGLVRFLDELOLWDWHDYLH LL
L D PRU LL DOH F URU LSRVWD]H OH LPRUWDOL]HD] FUHDWRUXO $O WXUL GH
YLD PRDUWHD GHYLQH DVWIHO XQ WHUPHQ IXQGDPHQWDO SHQWUX H[LVWHQW
GHILQLWRULX SHQWUX FRQGL LD XPDQ vQ XQLYHUVXO vQ HOHV FD VLVWHP GH
UHOD LL OD FHOH WUHL QLYHOXUL DOH VDOH $FFHSWDUHD DFHVWXL VLVWHP GH
UHSUH]HQWDUHHOLPLQ WHULILDQWXOGHWLSRULHQWDOSURYRFDWDWkWGHRSR]L
LLOH GLQWUH QLYHOXULOH OXL VXSUDSXVH L QHFRPXQLFDQWH FkW L GH
QHFXQRVFXWXOQRQHXOXL
$QXODUHDVSDLPHLDQLKLOHD] IDQWDVWLFXOPRQVWUXRVLLPSXQHFD
UHSUH]HQWDUHDVXSUDQDWXUDOXOXLIDPLOLDUXOLFXQRVFXWXODGLF WRFPDL
XPDQXO 3URSULH OXPLL JUHFHWL DFHDVW DQWURSRPRUIL]DUH D GLYLQXOXL
HVWH H[SUHVLD SULPHL vQ O UL D XPDQXOXL ,GHDOL]DUHD VH VXV LQH SULQ
HVHQ D FRPXQ D 2PXOXL L D =HLORU FRQFHQWUDW GH HOLQL vQ DWULEXWH
FDUH GHILQHVF IRU D IL]LF YLJRDUH UH]LVWHQ L SXWHUH L SH FHD
VSLULWXDO LQWHOLJHQ H[SHULHQ FXQRDWHUHLVHWHGHIUXPRV
3DQWHRQXO JUHF VLQWHWL]HD] DFHVWH DWULEXWH vQ WUHL ]HLW L
VSHFLILFH VLQJXODUH vQ PLWRORJLD XQLYHUVDO FD HPEOHPDWLFH SHQWUX
VSLULWXDOLWDWHLFDSURWHFWRDUHDOHGHPHUVXULORULQWHOHFWXDOHDOHRPXOXL
3URPHWHX $WKHQD L $SROOR (YROX LD vQ WLPS D VHPQLILFD LHL DFHVWRU
]HLW L HVWH VXJHVWLY SHQWUX DFFHQWXO WRW PDL FODU SXV GH YL]LXQHD
JUHDF SH IRU D VSLULWXDO L SH LSRVWD]HOH HL vQ GDXQD SXWHULL L D
PLMORDFHORUFRQFUHWHGHPDQLIHVWDUHDDFHVWHLD
$VWIHO GLQ YLFOHDQXO vQHO WRU DO ]HLORU HYRFDW GH +HVLRG
3URPHWHX GHYLQH SULQ (VFKLO XQ VLPERO DO UHYROWHL VSLULWXOXL L DO
YRLQ HLRPHQHWLGHDDFFHGHODYLD DLQWHOHFWXDO FUHDWRDUHQXDWkWGH
RELHFWHFkWGHVHQVLGHSURJUHVSHQWUXRXPDQLWDWHFDUHOHGHVFRSHU
vQ WLLQ HOH L vQ PHWHXJXULOH vQY DWH GH OD WLWDQ &XFHULQGXL
QHPXULUHD3URPHWHXU PkQHFRQWLLQ DHXURSHDQ LHVWHUHSUH]HQWDW
vQ OLWHUDWXUD GH GXS 5HQDWHUH FD VLPERO DO UHYROWHL VSLULWXOXL
vPSRWULYDRULF UHLOLPLWHDOVDFULILFLXOXLHWHUQvQQXPHOH8PDQLW LL
$WKHQD LQL LDO ]HL D IHFXQGLW LL IHFLRDU SURWHFWRDUH D
FRSLLORU U ]ERLQLF L I XULWRDUH D S FLL UHSUH]LQW FRPEDWLYLWDWHD
LQWHOLJHQ HL SUDFWLFH HFKLOLEUDWH SULQ vQ HOHSFLXQH L YLFWRULRDV SULQ
OXSW SHQWUXDGHY U
$SROOR WUDGL LRQDO RSXV ]HXOXL WUDF 'LRQ\VRV GLQ SURWHFWRU DO
WXUPHORU L S VWRU vQ HSRFD PLFHQLDQ GHYLQH vQ FHD DUKDLF
YLQGHF WRU L S VWRU DO WXUPHL RPHQHWL SHQWUX FD HSRFD FODVLF V vO
VDFUDOL]H]H FD ]HX DO OXPLQLL LQWHULRDUH DWRWSXWHUQLF RFURWLWRU DO
DUWHORUFDLQVSLUDWRUDOPX]HORUVLQWH] DWULXPIXOXLVSLULWXOXLDVXSUD
PDWHULHLSULQDUPRQLHLGUHDSW P VXU
:ODGLVODZ7DWDUNLHZLF],VWRULDHVWHWLFLL,(VWHWLFDDQWLF (GLWXUD
0HULGLDQH%XFXUHWLS
,QYRFDUHD PX]HL PX]HORU vQ FUHD LLOH OXL +RPHU +HVLRG L vQ DOWH
SRHPHGLQDFHDVW HSRF HVWHvQRSLQLDQRDVWU VLPSWRPDWLF SHQWUXH[LVWHQ D
VSHFLDOL] ULL PX]HORU vQF GLQ HSRFD DUKDLF GHFL FX PXOW vQDLQWHD
VHFROXOXL,9FkQGRGDWHD] 'HYDPEH]vQRSFLWYQRWD
RULHQWDO SULQ +HUDNOHLGD HYRFDUH D YLH LL L D FHORU PXQFL DOH OXL
+HUDNOHV7H]HLGDSUH]HQWDUHDDYHQWXULORUOXL7H]HXL$UJRQDXWLFD
LVWRULVLUH D F O WRULLORU OXL ,DVRQ L DOH WRYDU LORU V L SRUQL L vQ
F XWDUHDOkQLLGHDXU
&LFOXO OHJHQGDU FXSULQGH VXEFLFOXULOH F GHULL FHW LORU PLWLFH
7HEDL7URLD(OLOXVWUHD] VWLQJHUHDQHDPXOXLUHJHVFDOOXL2HGLSVXE
VHPQXOS FDWXOXL2HGLSRHGLD7HEDLGDL(SLJRQLLLUHVSHFWLYGLV
WUXJHUHDFHW LLOXL3ULDPLVRDUWDGHGXS U ]ERLDDKHLORUYLFWRULRL
&HOH GRX OLQLL WHPDWLFH PDMRUH DOH FHOXL GH DO GRLOHD VXEFLFOX
U ]ERLXO SHQWUX FXFHULUHD FHW LL 7URLD L vQWRDUFHUHD DFDV D vQYLQ
J WRULORU VXQW VLQWHWL]DWH vQ SRHPHOH KRPHULFH S VWUDWH ,OLDGD L
2GLVHHD
'HWDOLLOHU ]ERLXOXLSkQ vQDOQRX OHDDQDOGHVI XU ULLVDOHL
ILQDOXOOXSWHORUFDLHSLVRDGHOHvQWRDUFHULLvQ$KDLDDFHORUODO LHURL
DXI FXWRELHFWXODOWRUFkWRUYDHSRSHLDVW ]LSLHUGXWHLFXQRVFXWHGRDU
GLQUH]XPDWHOHGLQ&UHVWRPD LDOXL3URFORV
$VWIHO &LSULLOH DWULEXLW SRHWXOXL FLSULRW 6WDVLQRV FRQVWLWXLH FD
VXEVWDQ HSLF SURORJXO ,OLDGHL SUH]HQWkQG SULPLL QRX DQL DL
U ]ERLXOXL WURLDQ 2 VHULH GH WUHL SRHPH GH]YROW HYHQLPHQWHOH
GHVI XUDWH vQWUH DF LXQHD FXSULQV vQ ,OLDGD L FHD GLQ 2GLVHHD
(WLRSLGD ,OLDGD PLF 1LPLFLUHD 7URLHL &UHD LH D OXL $UFWLQRV GLQ
0LOHW (WLRSLGD QDUHD] LQFLGHQWHOH FDUH DX DYXW ORF vQ FHOH GRX
WDEHUHvQWUHPRDUWHDOXL+HFWRULFHDDOXL$LDV6WUXFWXUDW SHQXPDL
SDWUX F U L ,OLDGD PLF DWULEXLW OXL /HVFKHV GLQ 0LWLOHQH HYRF
PRU LOH OXL 3DULV L $LDV L FRQWLQXDUHD OXSWHL SkQ OD FRQVWUXLUHD
FDOXOXL GH OHPQ 1LPLFLUHD 7URLHL GH $UFWLQRV GLQ 0LOHW GHVFULH
VIkULWXOFHW LLOXL3ULDPLVRDUWDWUDJLF DWURLHQLORU
$OWH GRX SRHPH SRW IL FRQVLGHUDWH HSLORJXO vQWUHJXOXL FLFOX
FRPSOHWkQG 2GLVHHD FX GDWH SULYLQG GHVWLQXO F SHWHQLLORU DKHHQH
QWRDUFHUHD HURLORU GH OD 7URLD GH +DJLDV GLQ 7UH]HQH L XOWLPD
F O WRULHLPRDUWHDOXL8OLVH7HOHJRQLDGH(XJDPRQGLQ&LUHQH
,PSOLFLW DFHDVW LQYRFD LH LQL LDO SODVHD] VSHFLD VXE VHPQXO
VDFUXOXL FD H[SUHVLH D LQVSLUD LHL GLYLQH 3ULQ LQYRFD LH VH VXJHUHD]
WRWRGDW L UHJLVWUXO VROHPQ L FDUDFWHUXO UHIOH[LY FX DFFHQW SH
SVLKRORJLF DO VXELHFWXOXL FDUH YD IL WUDWDW $PEHOH HSRSHL SULQ
LQYRFDUHD PX]HORU DQXQ XQ VXELHFW D F UXL HVHQ QX PDL HVWH
DQHFGRWLFXOFLSVLKRORJLFXOvQ,OLDGDLHWLFXOvQ2GLVHHD
2PX] FkQW PLPLHSHE UEDWXO
9LWHD]LLVFXVLWFDUHQWURYUHPH
&kQGHOFXP LHVWULDOXLI FXVH
3XVWLXGLQ]LGXULVILQWHGHOD7URLD
1HPHUQLFLDPDUGHDQLSHOXPH
$ GRXD LQYRFDUH D PX]HORU GLQ ,OLDGD FkQWXO ,,
FRQWLQX GHILQLUHD LPSOLFLW D HVHQ HL HSRVXOXL HURLF FD H[SUHVLH D
FXQRDWHULLDEVROXWH
6SXQH LDFXPPDLGHSDUWHYRL0X]HORUROLPSLHQH
9RLGRDU]HL HVXQWH LLFDPDUWRUHWRWXOFXQRDWH L
,QYRFD LD VH GH]YROW SULQ GLIHUHQ LHUHD FODU D FXQRDWHULL
FRPXQHGHVXSUDID LSDU LDO GHFXQRDWHUHDUHYHODWRULHGHSURIXQ
]LPHSURSULHHSRVXOXL
9HWLOHQRLDX]LPGDUIDSWHOHQXOHFXQRDWHP
$FHVWGLQXUP WLSGHFXQRDWHUHSUHVXSXQHIRU DHYRFDWRDUHL
H[SUHVLYLWDWHD SULQ FDUH HSRVXO FD H[SUHVLH D PX]HORU D VXELHFWL
YLW LLFUHDWRDUHVHGHRVHEHWHGHUHODWDUHDFRPXQ 'LVWLQF LDSULQ
KLSHUEROL]DUHVXJHUHD] H[FHS LRQDOXOFDDWULEXWGHILQLWRULXDOH[SUHVL
YLW LLWRQDOLW LLIRUPXOHLHVWHWLFHDHSRVXOXLHURLF
6SXQH LPLFDUHHUDXvQWUHDKHLF SLWDQLLL'RPQLL"
1DSXWHDHXV LvQLULQLFLV GDXQXPHPXO LPLL
&KLDUGDFDYHDPvQ]HFLW GLQILUHLOLPEDLJXUD
LPL HUD JODVXO GHR HO LQ SLHSWXPL SO PkQLL GH DUDP
>6XEOQV$9@
([SUHVLHVDFU DDGHY UXOXLRULJLQDUPLWLFHSRVXOHVWHSHULRGLF
SXQFWDW GHLQYRFD LDPX]HORUQFXSULQVXO ,OLDGHLFkQWXULOH;,
;,9 LQYRFD LD PX]HORU DUH IXQF LD GH UHOLHI SHQWUX
SDWHWLVPXOVLWXD LHLOLPLW 3RDWHLP UFLDOHXQHLRUDOLW LRULJLQDUH
VHFYHQ H IRUPDOH GH LQFLWDUH D LQWHUHVXOXL DXGLWRULXOXL DFHVWH
LQYRFD LL VXEOLQLD] PRPHQWHOH JUDYH VROHPQH GH PD[LP WHQVLXQH
SVLKRORJLF
&LIUHOHDUDEHLQGLF YHUVHWHOHODFDUHVHIDFWULPLWHULLDUFHOHURPDQH
FkQWXULOHGLQFDUHIDFSDUWHDFHVWHYHUVHWH
0X]HORUV O OXLWHSHYkUIXO2OLPSXOXLVSXQH L
&LQHYHQLV OvQWkPSLQHSH$WULG$JDPHPQRQ"
0X]HORUROLPSLHQHYRLVSXQH LPLFLQHHQWkLXO
&DUHQWUHDKHLDYXSDUWHGHSOHDQXULXGDWHGHVkQJH
,QYRFD LLOH PX]HORU GLQ FXSULQVXO FkQWXULORU ,OLDGHL PDUFKHD]
FRQFHQWUDUHD GH WLS GUDPDWLF IRFDOL]DUHD DXFWRULDO DVXSUD VFHQHL
UHSUH]HQWDWLY SULQ PD[LPD WHQVLXQH SVLKRORJLF ,PSOLFLW DFHVWH
LQYRFD LLFRQIHU RSHUHLXQLWDWHDLFRHUHQ DGHFRQWLQXLWDWHID GH
UHSHWL LLOH GH FRQVWUXF LH GLQ HSRVXO RULHQWDO GDU L R DQXPLW
VLPHWULHSHFDUHJUHFLLDYHDXV RFODVLFL]H]H
QFRQFOX]LHSULQLQYRFD LDPX]HORUvQ,OLDGDVHPDQLIHVW GDF
QX FXPYD FKLDU SULPHOH HOHPHQWH DOH XQHL DUWH SRHWLFH LPSOLFLWH FHO
SX LQ VXJHVWLLOH FHOHL GLQWkL RS LXQL HVWHWLFH $FHDVWD FLUFXPVFULH
QDWXUD HVHQ D L DWULEXWHOH HSRSHLL FD SRH]LH GH LQVSLUD LH GLYLQ
WUDWkQGH[FHS LRQDOXOvQWURWRQDOLWDWHVROHPQ JUDYUHIOH[LY SULQWUR
FRQFHQWUDUHGHWLSGUDPDWLFDHYHQLPHQWHORUHYRFDWH
8OWHULRDU ,OLDGHL FD RSHU GH PDWXULWDWH DUWLVWLF D DFHOXLDL
DXWRU VDX FD LOXVWUDUH D DOWXL PRPHQW GLQ HYROX LD HSRVXOXL 2GLVHHD
QXDQ HD] FRQFHS LD DVXSUD SRH]LHL HSLFH L RIHU SULQ LPDJLQHD
FkQW UH XOXL SULPD UHSUH]HQWDUH D SRHWXOXL UDSVRG GLQ OLWHUDWXUD
FXOW
Q2GLVHHDUDSVRGXOXLLVHDWULEXLHRIXQF LHVRFLDO UDSRUWDELO
GHRSRWULY ODVSLULWLODPHWHXJLLQGLYLGXDOL]DW GHDFHVWHDFDILLQG
FUHDWRDUHGHVDWLVIDF LHHVWHWLF
'DUFLQHPHUJH
'HFDSXOOXLV FKHPHGHSHDLXUHD
8QRPGHQXLvQVOXMEDREWLL
&XPHXQYUDFLXQJKLFLWRUXQPHWHU
=LGDUXQFkQW UH FDUHGHVIDW
3HWR LFXYLHUVXOOXL"1XPDLDFHLD
3HWRWS PkQWXOVXQWSRIWL LGHRDPHQL9,,,
3R]L LD SULYLOHJLDW D FkQW UH XOXL vQ VRFLHWDWHD DUKDLF HVWH
VXJHUDW SULQ HSLWHWH (OH VXEOLQLD] SUHVWLJLXO P HVWUX FkQW UH
VLPSDWLD LXELWXO FkQW UH VFXPSXO FkQW UH YHQHUD LD GXPQH
]HLHVFXO FkQW UH $GPLUD LD ID GH DHG UHIOHFW FDUDFWHUXO VDFUX
DWULEXLWLQVSLUD LHLLKDUXOXLDUWLVWLFFDGDUXULDOH]HLORU
& FLPX]DLGHWHGDUXO
6 FkQWHDDIUXPRVFDQLPHQLDOWXO9,,,
(DLOXVWUHD] WRWRGDW VWDWXWXOGHDOHVDOFkQW UH XOXLLPDJLQHD
UDSVRGXOXLFDLQGLYLGVDFUDOL]DWSULQLQVSLUD LH
WRWRPXO
6HQFKLQ FkQW UH LORUFLQVWLQGXL
& FLPX]DLDQY DWSHHLV FkQWH
7RWIHOXOGHFkQW ULLXEL LILLQGXL9,,,
LSULQH[SUHVLHDUWLVWLF
SHWLQHHXWHODXG
0DLPXOWGHFkWSHRULFDUHRPGLQOXPH
6DXPX]DWHDQY DWVDXFKLDU$SROORQ
& SUHD]LFLELQH9,,,
,GHHD VDFULILFLXOXL FUHDWRUXOXL UHOD LD DFHVWXLD FX OXPHD
H[WHULRDU VXQWDOHJRUL]DWHSULQFRQGL LDOXL'HPRGRF
3HVFXPSXOFkQW UH SHFDUHPX]D
1HVSXVvOvQGU JLVHGDUvLGDVH
LEXQLU XYHGHUHDLROXDVH
LLG UXLVHQVFKLPEYU MLWXOFkQWHF9,,,
'HS LQG OLPLWHOH VLPSOHL DOX]LL DXWRELRJUDILFH KRPHURV
RUESDVDMXOHVWHRSULP UHSUH]HQWDUHDSRHWXOXLFDILLQ UXSW GH
FRQWLQJHQWQHDMXWRUDW vQOXPHDUHDOXOXLVDXSRDWHLJQRUkQGLPXQOD
DSDUHQ HOH H[WHULRDUH 3UH XO OXPLQLL GLYLQH D FUHD LHL YU MLWXO
FkQWHFHVWHDVWIHOWRFPDLSLHUGHUHDOXPLQLLIL]LFHHIHFWLYHYHGHUHD
LROXDVHvQVWU LQDUHDGHFRQFUHW
,GHQWLILFDW FX FkQWHFXO SULQ DFRPSDQLDPHQW L SHQWUX QRL
DVW ]L L SULQ HXIRQLD YHUVXOXL VSHFLILF HSRVXO HVWH DOHJRUL]DW vQ
2GLVHHDSULQFkQWHFHOHDFHOXLDL'HPRGRFODFXUWHDUHJHOXL$OFLQRXL
HVWHUHSUH]HQWDWvQDQWLWH] FXFKHP ULOHLVSLWLWRDUHDOHVLUHQHORU
,QWRQDWHvQFDGUXOJHQHURVDOVRFLHW LLLGHDOHDIHDFLORUFkQW ULOH
OXL'HPRGRF9,,,LOXVWUHD] FRQWH[WXOPDQLIHVW ULLSRHWLFHL
ORFXO DFHVWHLD vQ VLVWHPXO DFWLYLW LORU FDUH FXOWLY SHUVRQDOLWDWHD
XPDQ DUPRQLRDV &kQWHFXO GLQ OLU QVR LWRUXO PHVHORU ERJDWH
HVWH DVRFLDW FHUHPRQLDOXOXL SXEOLF SUHJ WLUHD SOHF ULL RDVSHWXOXL GH
YD] L LQWHJUDW XQXL ULWXDO DO vQWUHFHULORU FDUH DILUP IRU D IL]LF L
vQGHPkQDUHDFRPSHWL LLOHVSRUWLYHDO WXULGHFHDVSLULWXDO DRUDWR
ULHL GDUXO YRUEHL KD] L QDG OD YRUELUH L D UHIOHF LHL WHPHL OD
PLQWH
3ULQ FkQWHFHOH OXL 'HPRGRF +RPHU DGXFH vQ GLVFX LH L
VXELHFWXO SRH]LHL 5HSUH]HQWDUH D DGHY UXOXL LVWRULF VDX D
YHURVLPLOXOXL PLWLF VXELHFWXO SRHPXOXL SXWHD IL HURLF GLVSXWD OXL
$KLOH FX 8OLVH HSLVRGXO FDOXOXL WURLDQ VDX HURWLF SRYHVWHD LXELULL
$IURGLWHLFX$UHV,PSOLFLWFkQWHFXODUHIXQF LDFRQYHUWLULLHWLFXOXL
YLUWX LORUU ]ERLQLFHLDDIHFWLYXOXLVDFUXvQYDORDUHHVWHWLF
3UHDvQ O DWHPDLPDUHDORWLULL$WULG$JDPHPQRQ
(XYRLvQFHSHFXWLQHQFKHLDYRLFXWLQHF FLWXHWL
'RPQSHVWHFHOHPDLPXOWHL LHQFUH]XW LD=HXV
6FHSWUXOLGUHSWXOV MXGHFLLV FkUPXLHWLGXS VIDWXUL,;
$JDPHPQRQ UH]XP vQ FHO GH DO GRLOHD VIDW DO DKHLORU ;,;
WUDJLFXOFRQGL LHLLQGLYLGXOXLVXSXVXQHLGXEOHGHWHUPLQ ULH[WHULRDU
YRLQ DGLYLQ DOXL=HXVLGHVWLQXO8UVLWDLLQWHULRDU SURSULLOH
SRUQLUL GH QHVW YLOLW )XULD 5HJHOH DKHX VLQWHWL]HD] FRQWLLQ D GH
VLQH D RPXOXL KRPHULF FDUH VSUH GHRVHELUH GH FHO PHVRSRWDPLDQ
DS VDW GH ILQLWXGLQHD H[LVWHQ HL WU LHWH WUDJLFXO QHSXWLQ HL VDOH vQ
ID DIRU HORURVWLOHGLQH[LVWHQW
1XHXVXQWGHYLQ FLQXPDL
=HXV8UVLWDL)XULD
&HSXWHDPHXvPSRWULY ";,;
$WULGXO $JDPHPQRQ VH H[SOLF vQ ID D DGXQ ULL HYRFkQG
PHFDQLVPXOK\EULVXOXL RUJROLXQHP VXUDWF UXLDvLFDGSUDG GH
IDSWDOHLLHURLL,OLDGHL$KLOHSULQPkQLDVD+HFWRUDSURSULLQGXL
DUPHOHOXL$KLOH$JDPHPQRQvQID DOXL$KLOHHWF
R]kQ ODSXQHODFDOH
7RDWHILLFDPDLPDUHDOXL=HXV2UELUHDGXPDQ
&DUHVPLQWHWHSHWR L(D>@
7XOEXU FUHLHUXOQRVWUXEDSXQHSHXQLLLJKHDUD;,;
'H]EDWHUHDLQWHULRDU VHVLWXHD] SHUHSHUHOHWLPSXOXLVXELHFWLY
FDGLODWDWvQWHQVLXQHDDWHSW ULL+HFWRUvQID DSRU LORU7URLHL;;,,
VDXFRQFHQWUDWvQUHSOLFDSDWHWLF U VSXQVXOGDWGH$KLOHWULPLLORUOXL
$JDPHPQRQ,;
Q FHOH GRX VFHQH VLPHWULFH SURWDJRQLWLL LOXVWUHD] VLWXD LD
OLPLW SULQFDUHVHFLUFXPVFULHvQV LFRQGL LDORUGHHURL6SUHGHRVH
ELUHGHHSRVXORULHQWDODLFLRPXOvLLGHQWLILF UD LRQDODOWHUQDWLYHOHL
vL DVXP GHVWLQXO FD RS LXQH $KLOH L +HFWRU QX PDL VXQW FD
*KLOJDPH VDX 5 PD HURL GRDU SULQ FRQGL LRQ ULOH H[LVWHQ LDOH
RULJLQHSURILOPRUDODVFHQGHQWVSLULWXDODVXSUDFROHFWLYLW LLFLSULQ
FRQWLHQWL]DUHLDOHJHUHSHUVRQDO 0 UH LDHURXOXLGLQHSRVXOJUHFHVF
L D FHOXL PRGHUQ FDUH vL GH]YROW PRGHOXO FRQVW WRFPDL vQ DFHDVW
DOHJHUH7UDJLFXOvLHVWHFRQIHULWSHUVRQDMXOXLGHLPSRVLELOLWDWHDLHLULL
GLQ GDWHOH GHVWLQXOXL H[HPSODU SURSULX HURLFXOXL 3HQWUX +HFWRU L
$KLOHRS LXQHDQXSRDWHILGHIDSWGHFkWFHDHURLF vQVFULV vQGDWHOH
FRQGL LHLORUH[FHS LRQDOH
QGLVFXUVXOOXL$KLOHGLOHPDHVWHIRUPXODW H[SOLFLW
6RU LvQGRLWHP SRDUW SHF LRVHELWHVSUHPRDUWH
'DF OD7URLDVWDWRUQLFU PkQLP QFDLHUVXE]LGXUL
1RV P QWRUFvQDSRLGDUVODYDPLvQYHDFRV ILH
,DUGDF HXYRLDMXQJHDFDV vQVFXPSDPHD DU
3LHUGHYRLVODYDFHDPDUHGDUvQGHOXQJDWHRV PLILH
=LOHOHQXPRUGHPRDUWHSUHDUHSHGHLWLPSXULH,;
&RPSOHPHQWDU UHSOLFLL GDWH GH $KLOH PRQRORJXO OXL +HFWRU
VXEOLQLD] WUDJLFXO LPSRVLELOLW LL LHLULL GLQ OLPLWHOH SURSULHL FRQGL LL
LPSXV SULQGHVWLQXOHURLF
QV GHFHVWDXSHJkQGXULLFXJHWDFHDVWD]DGDUQLF"
+DLV G POXSWDPDLELQHDPkQGRLV YHGHPPDLvQJUDE
& UXLDWDW OFHUHVFvLYDGDELUXLQ LVODY ;;,,
&D WLPS SVLKRORJLF WLPSXO VXELHFWLY QX HVWH QXPDL LQWHUYDOXO
UHIOH[LY DO GH]EDWHULL ILOR]RILFH DVXSUD FRQGL LHL XPDQH FL SRDWH vQ
SULPXO UkQG PRPHQWXO LQWHQV OLULF DO PDULORU WU LUL (PR LD UHYHGHULL
DORU V L L FRQWLLQ D YLQHL ID GH WR L FHL GLQ MXU SOHFDUHD U ]ERL
QLFXOXLGHOkQJ FHLGUDJLGHVS U LUHDGHSULHWHQXOLXELWLUHFXSHUDUHD
WUXSXOXL ILXOXL F ]XW vQ OXSW VXQW WRW DWkWHD PRPHQWH SDWHWLFH DOH
H[LVWHQ HL (OH VXQW LSRVWD]LDWH vQ HSRSHH SULQ WUHFHUHD vQ UHYLVW D
DKHLORU GH F WUH (OHQD ,,, SULQ GHVS U LUHD OXL +HFWRU GH
$QGURPDFD9,SULQGUDPDWLFDvQWUHYHGHUHGLQWUH3ULDPL
$KLOH;;,9LQXvQXOWLPXOUkQGSULQUHDF LDOXL$KLOHOD
DIODUHDYHWLLGHVSUHPRDUWHDOXL3DWURFOH;9,,,
QWRDWHDFHVWHVFHQHFXXQFDUDFWHUSURIXQGGUDPDWLFHSRSHHD
U ]ERLXOXL VH UHYHOHD] D IL GH IDSW FHD D RPHQHVFXOXL QF GH OD
SULPD VD FUHD LH GH JHQ +RPHU FLUFXPVFULH DVWIHO SUREOHPDWLFD GH
HVHQ D HSRVXOXL VLWXD LD SDUR[LVWLF DO F UHL WUDJLVP GXFH OD
H[DFHUEDUHD VXIHULQ HL PRUDOH 7RFPDL VXIHULQ D PRUDO QH DSDUH FD
WHP GHILQLWRULHSHQWUXHSRVvQRSR]L LHFXPLWXOVDXFXSUHILJXUDUHD
PHVRSRWDPLDQ D VSHFLHL FDUH SXQHDX DFFHQWXO SH FRQWH[WXO L SH
HYHQLPHQWHOHFDUHRSURGXFLQXSHDQDOL]DLOXVWUDUHDHLFRPSOH[
,QWHQVLWDWHD L SDWHWLVPXO GXUHULL PRUDOH FD H[SUHVLH D WUDJLFXOXL
H[LVWHQ HL PDL SURIXQG GHFkW FHO DO PRU LL DSURSLH ,OLDGD GH
PDQLIHVWDUHD GUDPDWLF D DFHVWHL FDWHJRULL HVWHWLFH GH WUDJHGLH
'LVWLQF LDIXQGDPHQWDO ID GHWUDJHGLHRJ VLPvQSODVDUHDvQHSRVD
DFHVWHL VXIHULQ H UH]XOWDQW D FRQIUXQW ULORU LQWHULRDUH PRUDOH SH
IXQGDOXOvQIUXQW ULORUH[WHULRDUHDOXSWHORUFDUHGXFODDILUPDUHDXQXL
QRX DGHY U D XQXL QHDP vQ ,OLDGD L vQ (QHLGD D XQHL QD LXQL vQ
HSRSHLOHPHGLHYDOHVDXPRGHUQHVDXDLQGLYLGXOXLvQ2GLVHHD
7LSRORJLD SHUVRQDMHORU SURSULH HSRVXOXL HVWH LPSXV GH WHPD
SDUR[LVWLFXOXLWU LULLLQGLYLGXDOHPkQLDOXL$KLOHLGRUXOGHFDV DO
OXL 2GLVHX L DO HYHQLPHQ LDOXOXL U ]ERLXO WURLDQ L DGYHUVLWDWHD
GLYLQXOXL
5HSUH]HQWDWLYH SHQWUX R XPDQLWDWH H[HPSODU SHUVRQDMHOH LOXV
WUHD] GHIDSWWUDJLFXOXQHLOXPLFDUHVHVDFULILF vQQXPHOHYDORULORU
VDOH $FHVW VDFULILFLX DO RPHQLULL GH OD JUDQL D PLWXOXL FX LVWRULD
SODVHD] PDVFXOLQXOLGHRSRWULY IHPLQLQXOVXEVHPQXOHURLFXOXL
0DUF D WLPSXOXL HYRFDW HURLFXO vL SXQH WRWRGDW DPSUHQWD
DVXSUD LQGLYL]LORU GLQ DPEHOH WDEHUH 3ULQ DFHDVWD YL]LXQHD HSRVXOXL
DVXSUD XPDQXOXL VH GHVFKLGH VSUH QRYDWRDUHD DFFHSWDUH D DOWHULW LL
'XPDQXO QX PDL HVWH FD vQ PLW VDX vQ HSRVXO RULHQWDO WHUPHQXO
LQIHULRULQHJDWLYGHUDSRUWDUHDQWLWH]DDEVROXW PRQVWUXOFLFHO ODOW
(OUHSUH]LQW HJDOXOUHSOLFDSHP VXU ODSURSULDLPDJLQHH[HPSODU
+HFWRU 3ULDP (QHDV VXQW DOWH LSRVWD]LHUL DOH DFHOXLDL HURLVP FD L
$KLOH1HVWRU3DWURFOH
Q FHOH GRX WDEHUH VH vQIUXQW DFHOHDL FDWHJRULL DOH XPDQXOXL
3ULQ VLPHWULH+RPHUVXEOLQLD] HJDOLWDWHDIRU HORUDQWUHQDWHvQOXSW
HURLLDEVROX L$KLOHL+HFWRUFRQGXF WRULL$JDPHPQRQL3ULDP
ULYDOLL QHvPS FD L 0HQHODX L 3DULV vQ HOHS LL 1HVWRU 2GLVHX L
3RO\GDPDV YLWHMLL DKHL VDFUDOL]D L SULQ IDSWH 'LRPHGH 3DWURFORV
WURLHQL GH RULJLQH VHPLGLYLQ (QHDV ILXO $IURGLWHL 6DUSHGRQ XUPD
DOOXL=HXV
&KLDU VXV LQ WRULL GLYLQL DL FHORU GRX WDEHUH LOXVWUHD]
VLPLOLWXGLQHD SXWHULORU DIODWH vQ FRQIOLFW 'DF DKHLL VXQW VXV LQX L GH
$WKHQD +HUD 3RVHLGRQ +HUPHV WURLHQLL DX VSULMLQXO OXL $UHV DO
$IURGLWHL DO OXL $UWHPLV L /HWR 2VFLOkQG GDU vQFOLQDW PDL FXUkQG
VSUH WURLHQLL vQ WDE UD F URUD OXSW ILXO V X 6DUSHGRQ =HXV vQVXL
U PkQHGHIDSWXQDUELWUXDOVRU LLYHJKLQGODvPSOLQLUHDHLODVRURFL
QHSXWkQGV RVFKLPEHQLFLP FDUvQFD]XOSURSULHLRGUDVOH
3ULQ DFHDVW QRX SHUVSHFWLY HSRVXO JUHF QX PDL LOXVWUHD]
VLPSODFRQIUXQWDUHPRUDO ELQHU XFXILQDOSUHYL]LELOFLvQIUXQ
WDUHD VSLULWXDO vQWUH IRU H VHQVLELO HJDOH FDUH OXSW vQ QXPHOH XQRU
*DWD ILLQG GH U ]ERL F FL WRW vL ]RUHDX F SLWDQLL ,9
'DULWURLHQLLGDX]RU&XPRLOHVWUkQVHvQ DUFXO
8QXLRLHUPDLFXSULQVFkQGODSWHOHDOEOLVHVPXOJH,9
(URLVPXO VH LQGLYLGXDOL]HD] vQ FDGUXO VFHQHORU GH PDVH SULQ
IDSWHOHGHDUPHDOHRVWDLORUFDUHLHVGLQXPEUDDQRQLPDWXOXLvQFkWH
RVHFYHQ VXJHVWLY GHOXSW $GXFHUHDORUvQSULPSODQvQHSLVRDGH
GH WULXPI VDX GH F GHUH KLSHUEROL]HD] VLPEROLF SURSRU LLOH YLWHMLHL
U ]ERLQLFLORU FDUH DSDU LQ XQRU QHDPXUL YHVWLWH 0HQ LRQDUHD
JHQHDORJLHLLOXVWUHLGHQWLILF SHUVRQDMHOHLHYRF LGHHDGHFRQWLQXLWDWH
VSLULWXDO LGHIRU IL]LF LPRUDO
L'LRPHGXFLVHSHXQXOFXQXPHOH$[LORV
)LXOOXL7HXWUDVYHQLWGLQRUDXOWHPHLQLF$ULVEH>@
,DUvQWUHDFHVWH(YULDORVU SXVHSH2IHOWL'UHVRV
LQ Y OLOD(VHSOD3HGDVRVIHFLRULL1DLDGHL9,
(OHPHQWGHILQLWRULXSHQWUXRPXOXQXLHYPLWLFHURLVPXOHVWHvQ
,OLDGD vQ SULPXO UkQG DSDQDMXO SHUVRQDOLW LORU 3ULQ +RPHU HSRSHHD
LPSXQH H[HPSODULWDWHD SURWDJRQLWLORU FDUH VH YD PHQ LQH vQ ILHFDUH
HSRF GHDFWXDOL]DUHDVSHFLHL(DVHvQVFULHSHFRRUGRQDWHOHXQXLFRG
PRUDO D[DW SH LGHHD GH RQRDUH LQGLYLGXDO L GH FDVW vQ
DQWLFKLWDWH L vQ HYXO PHGLX VDX H[SUHVLH D XQXL RUJROLX QD LRQDO vQ
URPDQWLVP'DWHOHSURWDJRQLWLORUvQHSRSHHDKRPHULF VXQWFHOHDOH
U ]ERLQLFXOXL FRQVDFUDW GH PLW L GH HSRVXO PHVRSRWDPLDQ $VWIHO
HURLL DX RULJLQH QRELO 2 SULP VHULH UHSUH]LQW GLYLQXO GHVDFUDOL]DW
SULQ GLPHQVLXQHD XPDQ $KLOH HVWH ILXO ]HL HL 7KHWLV L DO UHJHOXL
3HOHX (QHDV ILXO $IURGLWHL L DO S VWRUXOXL $QFKLVH 6DUSHGRQ HVWH
RGUDVODOXL=HXVLDOPXULWRDUHL(XURSD$O LHURLLOXVWUHD] XPDQXO
VDFUDOL]DW SULQ RULJLQH L IXQF LH VRFLDO XUPD DO OXL $WUHXV
FRQGXF WRUXO0LFHQHL$JDPHPQRQHVWHIUDWHOHOXL0HQHODXLUHJHOH
FHW LL WDW D GH ILL 3ULDP UHJHOH 7URLHL HVWH XUPDXO OXL
/DRPHGRQ FHO FDUH D IRVW vQVF XQDW GH vQVXL +HUDNOHV vQ FHWDWHD
vQWHPHLDW GH$SROORLGH3RVHLGRQ1HVWRUUHJHOH3\ORVXOXLFDILX
DOOXL1HOHXVHVWHQHSRWXOOXL3RVHLGRQHWF
(URLVPXO FD IRQG VXIOHWHVF DO SURWDJRQLWLORU ,OLDGHL VH
QXDQ HD] SULQ LGHHD YDORULL SHUVRQDOH FDUH vL LQGLYLGXDOL]HD] vQ
FROHFWLYLWDWH 3UHVWLJLXO PRUDO L DXWRULWDWHD VSLULWXDO vO LPSXQ SH
$JDPHPQRQ FRQGXF WRU DO DKHLORU )RU D IL]LF H[FHS LRQDO L
vQGHPkQDUHD H[WUDRUGLQDU IDF GLQ $KLOH U ]ERLQLFXO SULQ H[FHOHQ
Q HOHSFLXQHDYkUVWHLLH[SHULHQ DGHYLD VXV LQSR]L LDOXL1HVWRUvQ
WDE U ,VFXVLQ D L DELOLWDWHD OXL 2GLVHX DG XJDWH IRU HL DVLJXU
VXFFHVXODF LXQLORUVDOHGLSORPDWLFHLPLOLWDUH
LQWHQVLWDWH L XUP UL GHFkW vQ FHD D OXL $SROOR LDU GXUHUHD OXL vQ ID D
PRU LLSULHWHQXOXLLKRW UkUHDGHDLQWHUYHQLvQVRDUWDU ]ERLXOXLQXL
J VHVF FRUHVSRQGHQWXO GHFkW vQ GLVSHUDUHD FX FDUH OD PRDUWHD ILXOXL
V X 6DUSHGRQ =HXV HVWH JDWD V vQFDOFH RUGLQHD XQLYHUVXOXL 'HSOLQ
FXQRVF WRU DO QDWXULL XPDQH $KLOH HVWH FD GLVFLSRO DO FHQWDXUXOXL
&KHLURQXQIDLPRVW P GXLWRU
'LPHQVLXQHD XPDQ D OXL $KLOH HVWH SHUPDQHQW GRPLQDW GH
H[FHVLYLvQSODQPRUDOSXWHUHDFDIRU GHDFHDVW GDW VSLULWXDO
vOGHILQHWH5HVRUWXOV XSVLKRORJLFHVWHILGHOLWDWHDID GHVLQHSULQ
PkQLD FDUH vO vQGHS UWHD] GH DKHL L ID GHHXOFRPSOHPHQWDUID
GHSULHWHQLSULQKRW UkUHDFXFDUHvLvQFDOF RUJROLXOU QLWUHYHQLQGvQ
OXSW SHQWUXDLU ]EXQDSULHWHQXO3LHUGHUHDOXL3DWURFOHHFKLYDOHD]
SHQWUX $KLOH FX DPSXWDUHD HXOXL HVWH R IRUP GH vQVWU LQDUH GH
V U FLUH ID GH LQWHJUDOLWDWHD VLQHOXL 'H DLFL SURYLQH L DFXLWDWHD
VXIHULQ HL HYRFDW KLSHUEROLF GH +RPHU SULQ VWULJ WXO SDWHWLF DMXQV
SkQ vQRFHDQOD7KHW\V
7UDJLFXOOXL$KLOHSURYLQHGLQVIkLHUHDO XQWULF vQWUHDVSLUD LD
VSUHOLQLWHLHFKLOLEUXLYRFD LDPDULORUGH]HFKLOLEUH$KLOHFDUH6WD
YHVHOLQGXVH DFROR FX GXOFHOH VXQHW GLQ OLUDL &kQWD YHVHOLQGXVH
IDSWHYLWH]H,;HVWHRPXOFDUHVHFRQVXP vQDFWHHURLFH
YLVkQGFRQGL LDRPXOXLFRPXQ
'RDPQHGHFkWHRULQXPLDGDWJKHVPLHVLQHDPLE UEDW
)DW V PLLDXGHVR LHGHWRWSRWULYLW FXPLQH
LV P EXFXUGHDYHUHDFHDVWUkQVRE WUkQXOPHXWDW ,;
Q DF LXQH HO SURYRDF PkQLD QDWXULL PDFXOkQG FX WUXSXULOH
WURLHQLORU XFLL DSHOH UkXOXL ;DQWRV GHFODQHD] OXSWD GLQWUH ]HL
VWLPXOkQGXL DS U WRULL L vQGkUMLQGXL GXPDQLL L vQVS LPkQW
RDVWHD ULYDO FDUH VH UHWUDJH GLQFROR GH SRU LOH FHW LL Q DIDUD
FRUWXOXL V X GLQFROR GH VSD LXO SURWHFWRUDOQHLPSOLF ULLLDQJDMDWvQ
OXSW $KLOHGHYLQHRIRU FRPSDUDELO FXQDWXUDGH]O Q XLW LF UHLD
QXLVHSRDWHRSXQHGHFkWGHVWLQXOLUD LRQDO(OHVWHXOWLPXOHURXPLWLF
L YLJRDUHD YLWHMLD GHPQLWDWHD VD WLQHUHDVF VH SURLHFWHD] DVXSUD
QHDPXOXLSOLQGHYLWDOLWDWHFDUHLQWU vQLVWRULHFXFHULQG7URLD
+HFWRUHVWHvQYLQVXODS U WRUXOFHW LLFXFHULW vQFHOHGLQXUP
(OHVWHVXV LQ WRUXOYDORULORUXQHLFLYLOL]D LLFXRvQGHOXQJDW WUDGL LH
$S UkQGXLQHDPXO+HFWRUDS U GHIDSWHVHQ DVRFLHW LLWURLHQH(O
DSDUH PHUHX vQFRQMXUDW GH DL V L FHL FDUH GHILQHVF VLVWHPXO UHOD LLORU
SDWULDUKDOH IUDWHOH V X 3DULV L FXPQDWD (OHQD FkQWXO 9, VR LD VD
$QGURPDFD L ILXO $VWLDQD[ FkQWXO 9, WDW O 3ULDP L PDPD
+HFXED FkQWXO ;;,, RWHQLL L IHPHLOH FHW LL vQ vQWUHDJD HSRSHH
3H WR L DFHWLD +HFWRU vL UHSUH]LQW FD UXG L UHJH L vL GRPLQ
VSLULWXDO Q RSR]L LH FX $KLOH SULDPLGXO +HFWRU HVWH XQ HURX
H[SRQHQ LDO SHQWUX FROHFWLYLWDWH L XQ LGHDO DEVROXW 3URWDJRQLVWXO
WURLDQQXHVWHVLQJXUGHFkWvQID DPRU LLFkQGRS LXQHDvOvQDO VSUH
VLQJXODULWDWH ([HPSODULW LL VHPLGLYLQXOXL $KLOH +HFWRU vL RSXQH
H[HPSODULWDWHD RPHQHVFXOXL (SLWHWHOH FDUDFWHUL]DWRDUH QFRLIDWXO L
PDUHOH+HFWRUYLWHD]XPEU FDWvQDUDP vQWkLXOYLWHD]F SLWDQXO
2DVWHL WURLHQH GLQ YUHPHD U ]ERLXOXL FHO GH OD 7URLD FkQWXO 9,
GDWHD] SHUVRQDMXO&DU ]ERLQLFDOHSRFLLEURQ]XOXL+HFWRUHVWHRPXO
LVWRULFRSXVPLWLFXOXLLVHPLGLYLQXOXL$KLOH
2QRDUHD OXL +HFWRU HVWH UHIOH[XO FRQWLLQ HL GH QHDP L DO
UHVSRQVDELOLW LL VDOH DQWLWHWLFH ID GH FRQWLLQ D GH VLQH D OXL $KLOH
$WkWDWLPSFkWOXSW vQQXPHOHSURSULHLRQRDUHLDOJORULHL$KLOHvL
GRPLQ GLPHQVLXQHD XPDQ DIHFWLY $WXQFL FkQG DUH FD PRELO
U ]EXQDUHD OXL 3DWURFOH SDVLXQHD OXL $KLOH SULHWHQLD vL LPSXQH
DF LXQHD vQ VHQVXO GDWRULHL GH D OXSWD DO WXUL GH DKHL +HFWRU HVWH
SHUPDQHQW VIkLDW vQWUH RQRDUHD L JORULD FRPDQGDQWXOXL L UHJHOXL L
UHVSRQVDELOLW LOH LQGLYLGXOXL FRQFUHW ILX VR L WDW &RQGL LD OXL
+HFWRU DQWLFLSHD] WUDJLFXO HURXOXL GUDPDWLF SULQ FRQIOLFWXO GLQWUH
GDWRULD FRQGXF WRUXOXL vQ QXPHOH F UHLD DF LRQHD] L SDVLXQHD
LQGLYLGXOXL SH FDUH HVWH FRQVWUkQV V LR UHSULPH vQF OFkQGXL
SURSULDLHUDUKLHDIHFWLY
'DUQXPLHVWHPLHQWUDWkWD
1LFLGHGXUHUHDWURLHQLORUQLFLGHDWDWHLLDPDPLL
1LFLGHDIUD LORUPHLFDUHFkWXVGHPXO LLSXWHUQLFL
7RWRV FDG SULQFROEODLXUHXORDVWHLGXPDQH
&kWPLHGHWLQH>$QGURPDFD@9,
7RWDO GLVWLQF L vQ SODQXO FRQFUHWXOXL FRQGL LHL XPDQH
PRELOXULORU DF LXQLL UHVRUWXULORU SVLKRORJLFH +HFWRU L $KLOH
SURPRYHD] YDORULOHDIHFWLYHSULPRUGLDOHLXELUHDFXWRDWHLSRVWD]HOH
HL L SULHWHQLD $FHVWH YDORUL IXQGDPHQWDOH DOH H[LVWHQ HL FRQIHU
HURLORU VHPQLILFD LD GH SURIXQ]LPH GH SXUW WRUL DL JHQHURVXOXL PHVDM
DOHSRSHLLFDUHQXYL]HD] JORULILFDUHDU ]ERLXOXLLDSXWHULLHIHFWLYH
FL WULXPIXO YLH LL L DO VXIOHWXOXL L PLQ LL RPHQHWL Q VLQH PHVDMXO
SULPHL HSRSHL KRPHULFH FLUFXPVFULH DVWIHO FRRUGRQDWHOH VSHFLILFH
XPDQLVPXOXLJUHFVDFUDOL]DUHDIUXPXVH LLLDIRU HLIL]LFHLPRUDOHD
LQGLYLGXOXLLDILUPDUHDvQFUHGHULLvQYDORULOHVSLULWXDOHDOHYLH LL
6SUH DFHODL PHVDM JHQHURV FRQYHUJH L VHPQLILFD LD GH SURIXQ
]LPH D XQLYHUVXOXL IHPLQLQ GLQ HSRSHH Q HSRVXO JUHF SRDWH SHQWUX
SULPD RDU vQ LVWRULD OLWHUDWXULL XQLYHUVDOH IHPLQLWDWHD QX PDL HVWH
OLPLWDW OD UHSUH]HQWDUHD DIHFWXOXL VDX D FDWHJRULHL PRUDOH FL UHOLH
IHD] SULQ FRPSOH[LWDWHD LSRVWD]HORU FRQGL LD ILLQ HL FRPSOHPHQWDUH
E UEDWXOXL
&RQGL LD IHPLQLQ WLSLF SHQWUX HSRF HVWH UH]XPDW VLPEROLF
SULQ $QGURPDFD (D LOXVWUHD] GHSHQGHQ D ID GH DXWRULWDWHD
PDVFXOLQ LQL LDODWDW OXL(HWLRQUHJHOH7HEHLXOWHULRUDFHORUDSWH
IUD L XFLL GH $KLOH L D VR XOXL +HFWRU VDX D VW SkQXOXL vQ FD]XO
F GHULLvQURELH([LVWHQ DVRFLDO LVSLULWXDO DIHPHLLHVWHOLPLWDW OD
XQLYHUVXOGRPHVWLFSHFDUHvOFRQGXFHLvOVXV LQHSULQSURSULDPXQF
DO WXULGHIHPHLOHFDVHLLODDQXPLWHULWXDOXULUXJLvQFKLQDWH]HLORU
$SDUHQWDQWLWHWLF ID GHDFHDVW FRQGL LHHVWHSR]L LD(OHQHL'H
IDSW vQ HSRSHHD KRPHULF VLWXD LD (OHQHL FRPSOHWHD] L QXDQ HD]
DFHHDLLPDJLQHDFRQGL LHLIHPLQLQH(OHQDDSDUHDVWIHOGUHSWYLFWLP
D PDVFXOLQXOXL FD LVSLW 'RDPQH PDL ELQH PXUHDP GH PRDUWH
Q SUDVQLF Q]LXD&kQGPDPOXDWGXS ILX LO VkQGXPLLFDVDL
QHDPXO,,,GDULGUHSWLQVWUXPHQWDOGHVWLQXOXLXQXLQHDP
1XPL HWL WX GRDU YLQRYDW FL VLQJXULGHYLQ VXQW]HLL&DUHPL
DGXVHU DPDUQLFU ]ERLFXDKHLL,,,
6XJHUkQG DFHHDL FRQGL LH FRQFUHW D GHSHQGHQ HL ID GH
PDVFXOLQLDOLPLW ULLvQFKLGHULLvQXQLYHUVXOSURWHFWRUDOF PLQXOXL
SULQ HURLQHOH DFHVWXL HSRV +RPHU FRQWXUHD] GRX LSRVWD]H GLVWLQFWH
DOHIHPLQLW LL
$QGURPDFD OD FDUH SRW IL UDSRUWDWH WLSRORJLF +HFXED vQ UHJLV
WUXO XPDQ L 7KHW\V vQ FHO GLYLQ HYRF IHPLQLWDWHD PDWHUQ SUR
FUHDWRDUHLRFURWLWRDUHDYLH LLGRPLQkQGVSD LXOH[LVWHQ HLFRWLGLHQH
F PLQXOFHWDWHD$QGURPDFDL+HFXEDSULQVHPQLILFD LDORUVXQW
FRPSOHPHQWDUHPDVFXOLQXOXLH[HPSODULVHvQDO ODH[HPSODULWDWH
(OHQD LPDJLQH D IUXPXVH LL GHV YkULWH FDUH R L VDFUDOL]HD]
7DUHL DGXFH OD FKLS FX R ]HL ,,, UHSUH]LQW IHPLQLWDWHD
VLQJXODU WUDQVIRUPDW GLQ IRU FUHDWRDUH vQ IRU GLVWUXFWLY D
HFKLOLEUXOXL OXPLL H[WHULRDUH (D VLPEROL]HD] SRDWH SULPHMGLD
IHPLQLW LLGHDFRQYHUWLDIHFWLYXOvQLUD LRQDO&DH[FHS LRQDOVFRVGH
VXE LPSHULXO H[HPSODULW LL (OHQD GHVFKLGH VHULD WLSRORJLF D
IHPLQLW LL GXDOH LVSLW L YLFWLP vQGU JRVWLW GH 3DULV GDU PDUFDW
GHGRUXOSHQWUXDLV LLFULWLF ODDGUHVDOXL3DULVDGPLUDW LXUkW vQ
DFHODLWLPSGHWURLHQL
3ULQ QXP UXO FRSOHLWRU GH SHUVRQDMH SULQ FRPSOH[LWDWHD L
GLYHUVLWDWHDVHPQLILFD LHLHSRVXOJUHFRIHU RLPDJLQHDXPDQXOXLFH
WLQGHVSUHRLQWHJUDOLWDWHQHPDLDWLQV vQDQWLFKLWDWHQDFHODLWLPSHO
GHL VXVSDQVXO QX OLSVHWH GLQ DYHQWXULOH OXL 8OLVH OD VHPQLILFD LD
DOHJRULF DSRHPXOXL
7(/(0$+,$& XW ULOHOXL7HOHPDKFRQFHQWUHD] vQSULPHOH
SDWUX FkQWXUL R UHFRQVWLWXLUH D LPDJLQLL HURXOXL Q DQVDPEOXO SRH
PXOXL GHSDUWH GH D FRQVWLWXL XQ SURORJ DG XJDW XQXL QXFOHX HSLF
RULJLQDUDFHDVW SULP VHFYHQ HSLF DUHYDORDUHDXQHLUHFRQVWLWXLUL
VLPEROLFH
3HQWUX 7HOHPDK GUXPXO QX HVWH GRDU WUDVHXO LQL LDWLF GLQ HSRVXO
RULHQWDOFLRUHSOLF FRPSOHWDUHDVHPQLILFD LLORUSDUFXUVXOXLOXL2GLVHX
8UPkQG WUDVHXO LQYHUV ID GH 2GLVHX SRUQLQG GHFL GLQ ,WDFD
7HOHPDK HVWH OD UkQGXL HURXO XQHL RGLVHL SURSULL $FHDVWD
FRPSOHWHD] VHPQLILFD LLOH ,WDF L FRQIHULWH GH F O WRULD OXL 2GLVHX
3ULQ FHL GRL WDW L ILX vQ DFHDVW VHFYHQ D HSRSHLL VSLULWXDOLWDWHD
JUHDF FRQFHSWXDOL]HD] QR LXQHD GH DFDV DEVHQW vQ DFHVWH
DFFHS LL GLQ HSRVXO RULHQWDO L H[WUHP GH IHUWLO SHQWUX OLWHUDWXUD
XOWHULRDU ,WDFD DFDV SHQWUX2GLVHXFDVSD LXJHRVSLULWXDODIHFWLY
SURWHFWRU GRPLQDW SULQ DXWRULWDWHD ED]DW SH SURIXQGH OHJ WXUL
VXIOHWHWL ,WDFD DFDV SHQWUX 7HOHPDK FD VSD LX GRPLQDW GH
DXWRULWDWHDWUDGL LHL SDWHUQ GHRUGLQHDIRU HLPRUDOHLVSLULWXDOH
DOF UXLFRQWLQXDWRUHVWH3ULQXUPDUHGUXPXOOXL7HOHPDKvQF XWDUHD
OXL 2GLVHX HVWH L VDX vQ SULPXO UkQG FHO VSUH DWLQJHUHD ,WDF L
VDOHFDUHVHLGHQWLILF GHIDSWFXDXWRULWDWHDSDWHUQ
(URXO UHDO DO vQWUHJLL VHFYHQ H HVWH DVWIHO 2GLVHX SUH]HQ
VLPEROLF DEVHQW IL]LF vQ SODQXO HSLFXOXL L UHFHSWDW SULQ
UHIOHFWRUL$FHWLDVLQWHWL]HD] LUHFRPSXQLPDJLQHDH[HPSODULW LL
UHFXQRVFXW FD DWDUH GH HURLL PLWLFL FX WU V WXUL VLPLODUH $VWIHO SULQ
0HQHODXFDUHHYRF YLWHMLDOXL2GLVHX1HVWRUFDUHvLGHVFULHvQ HOHS
FLXQHDVDX(OHQDFDUHvLUHFXQRDWHLVFXVLQ DLVSLULWXOvQWUHSULQ] WRU
SURWDJRQLVWXOHVWHY ]XWFDHURXOWRWDO5DSRUWDWLPSOLFLWODWR LDFHWLD
2GLVHXHVWHvQDFHODLWLPSODUkQGXLPLWL]DW
'DF vQSODQXODF LXQLLGUXPXOOXL7HOHPDKHVWHXQHHFGXS
FXPVXEOLQLD] +RPHUvQVXLvQSODQVLPEROLFHOSULOHMXLHWHGHIDSW
vQWkOQLUHD FLWLWRUXOXL FX 2GLVHX UHJ VLUHD OXL SULQ UHFRQVWLWXLUHD
LPDJLQLLVDOHGHFRPSOHWDUHLDGkQFLUHDFHOHLGLQ,OLDGD
9H]L-HDQ'HIUDGDV/LWHUDWXUDHOLQ (GLWXUD7LQHUHWXOXL%XFXUHWL
S
&2032=, ,$ (323(,, FkQWXULOH 9;;,9 QX HVWH vQ FRQWL
QXDUHDOWFHYDGHFkWFRQILUPDUHDHSLF DLPDJLQLLDVWIHOFRQWXUDWH
&RQIUXQWDUHD HVHQ HL HURXOXL SULQ UHIOHFWDUHD vQ RJOLQGD
HYHQLPHQWHORU FX SURSULD LPDJLQH FRQVDFUDW vQ RSLQLD QRDVWU
GHRVHEHWH IXQGDPHQWDO 2GLVHHD GH ,OLDGD Q ,OLDGD LPDJLQHD
SURWDJRQLWLORU VH VWUXFWXUD SULQ DF LXQHD vQ GHVI XUDUH L VLPEROL]D
VHPQLILFD LLOHGHHVHQ DOHHURLORU7U GkQGRPDWXUL]DUHDFRQFHS LHL
DVXSUDHSLFXOXLDFHDVW LQGLYLGXDOL]DUHD2GLVHLLFRQVWLWXLHRGHYLHUH
GHODFDQRQXOHSRVXOXLLQVWLWXLWGH ,OLDGDLDYkQGVXUVDvQYL]LXQHD
PLWXOXL DUKDLF 'HYLHUHD GHVFKLGH 2GLVHHD QX QXPDL VSUH
OLWHUDWXULWDWHDFXOW SDVPDUFDWGH,OLDGDLFRQVROLGDWGH+HVLRGvQ
7KHRJRQLDFLFKLDUVSUHHSLFXOQDUDWLYGHWLSURPDQHVF
1XFOHHOHHSLFHDOHHSRSHLLVSUHGHRVHELUHGH,OLDGDSULQQDWXUD
VXELHFWXOXL QX PDL FLUFXPVFULX SODQXUL GH IXQGDO GLVWLQFWH VLPHWULFH
L FRQWUDVWDQWH GH WLSXO UHDO WHUHVWUX DKHX WURLDQ IDEXORV
VDFUX SURWHFWRUL DL DKHLORU SURWHFWRUL DL WURLHQLORU ,QWHUIHUHQ HOH
UHDO IDEXORV SUH]HQWH L vQ ,OLDGD VH FRQYHUWHVF DLFL vQ IX]LXQHD
SURSULHGHIDSWRSHUHLGHILF LXQHQDFHVWVHQVVHFUHHD] vQRSR]L LH
FX UHDOXO HYRFDWRU GLQ ,OLDGD R UHDOLWDWH VLPEROLF L IDEXORDV
5HDOLWDWHD LPDJLQDU VH FRQWXUHD] SULQ HSLFXO IRFDOL]DW DVXSUD
SHUVRQDMXOXL FDUH SDUFXUJH VSD LL ILFWLYVLPEROLFH vQWUXQ WLPS
VXELHFWLYL]DW &HOH GRX QXFOHH HSLFH FLUFXPVFULX DVWIHO R DF LXQH
SODVDW GRPLQDQWvQDFHVWSODQUHDOVLPEROLFU W FLULOHOXL2GLVHX
FkQWXULOH 9;,, vQWRDUFHUHD vQ ,WDFD L SHGHSVLUHD SH LWRULORU
FkQWXULOH;,,,;;,9
$/7(51$1 $ ,167$1 (/25 1$5$7,9( LQFLGHQWDO vQ ,OLDGD
GHYLQH SURFHGHX GH FRQVWUXF LH vQ 2GLVHHD $VWIHO QDUDWRUXO
RPQLVFLHQW UHSUH]LQW YRFHD FDGUX RELHFWLY PHQ LQkQGXL
IXQF LDH[SR]LWLY DSRYHVWLWRUXOXLPLWXOXLvQFkQWXULOH,,9;,,,;,9
;9,;;,9 (O IL[HD] FRQWXUXO LPDJLQLL OXL 8OLVH SUH]HQWkQG L
DVRFLLQG vQWUH HOH HSLVRDGHOH VHPQLILFDWLYH SHQWUX SURILOXO PRUDO DO
WDW OXL,,9LDOUHJHOXLLVW SkQXOXLGLQIDPLOLH;9,;;,9
3HUVRQDMQDUDWRU VLWXDW vQ DIDUD HYHQLPHQWHORU UHODWDWH 'HPR
GRF FkQWXO 9,,, UHIOHFW FRQGL LD DHGXOXL vQ VRFLHWDWHD JUHDF L
IL[HD] VWDWXWXOOXL8OLVHHWHUQL]DWSULQPLWvQUkQGXOHURLORU0LWL]kQG
LPDJLQHDDUWDOXL'HPRGRFSURLHFWHD] HURLFXOvQHWHUQLWDWH
1DUDWRULPSOLFDWSULQP UWXULDVDODFXUWHDOXL$OFLQRXFkQWXULOH
9,,;,, 8OLVH O UJHWH FRQWXUXULOH LPDJLQLL YLWHD]XOXL vQ HOHSW SULQ
UHSHUHOHXPDQXOXLGHH[FHS LHUHYHODWvQVLWXD LDOLPLW 2ELHFWLYLWDWHD
KHWHURGLHJHWLF FRQIHULW GH FDUDFWHUXO DSHUVRQDO DO QDUD LXQLL OD
SHUVRDQD D WUHLD SURSULH HSRVXOXL SULQ UHOD LD OXL FX PLWXO VH
GHVFKLGHVSUHKRPRGLHJH]DVXELHFWLYLWDWHDSHUVRDQHLvQWkLURPDQHV
FXOXL 5HFXUJkQG OD XQ WUXFDM FRPSR]L LRQDO H[WUHP GH UDILQDW SULQ
DOWHUQDQ DSHUVRDQHORUvQWkLLDWUHLDvQUHODWDUHDU W FLULORUOXL2GLVHX
+RPHUFUHHD] GHIDSWGXS WLLQ DQRDVWU SULPHOHSDVDMHGHMRF
GLHJHWLF DO GLVWDQ ULL L LPSOLF ULL GLQ OLWHUDWXUD XQLYHUVDO $XWRUXO
PDUFKHD] DVWIHORQRX HWDS vQHYROX LDHSLFXOXLID GHQDUDWLYLWDWHD
RULHQWDO FDUHLQWURGXVHVHKRPRGLHJH]DvQSRYHVWLUL
0DLDFFHQWXDWDVXELHFWLYL]DUHDYRFLORUQDUDWLYHID GH,OLDGD
DQWUHQHD] PXWD LLVSHFWDFXORDVH
,, &$7(*25,,/( 1$5$7,9( GH WLPS L VSD LX IDF RELHFWXO
DFHVWRUPXWD LL
7,038/DF LXQLLvQHSRSHHLOXVWUHD] SULQFLSLXOXQLW LLDULVWR
WHOLFH SULQ FRQFHQWUDUH $VWIHO HO HVWH UHGXV OD FHOH GH ]LOH GH OD
SOHFDUHD GLQ LQVXOD 2JLJLD SkQ OD VRVLUHD vQ ,WDFD 3UDFWLF vQV HVWH
YRUEDGHGH]LOHGDWILLQGIDSWXOF HURXOU W FHWH]LOHSHPDUH
SkQ ODLQVXODIHDFLORU'LODWDWLYDULDWHVWHvQVFKLPEVSUHGHRVHELUH
GH,OLDGDWLPSXOQDUD LXQLL
,PDJLQHD OXL 2GLVHX VH FRQVWLWXLH vQWUXQ LQWHUYDO WHPSRUDO
SURIXQGVXELHFWLYDVRFLDWPHPRULHLODWRDWHQLYHOXULOHVDOHFROHFWLYOD
FHO DO HURLORU L OD FHO DO HURXOXL vQVXL $VWIHO OD VFDUD XPDQLW LL
FRPXQHSULQDUW DOXL'HPRGRFVHSHUSHWXHD] PLWXOOXL8OLVH3ULQ
P UWXULLOH OXL 1HVWRU 0HQHODX L DOH (OHQHL VH FRPXQLF LVWRULD
HURLF LDU SULQ SURSULD SRYHVWLUH VH JHQHUDOL]HD] VLPEROLF PLFD
LVWRULHLQGLYLGXDO
5HPHPRUDW SULQ GLVFXUVXUL YDULDWH GLDORJLF FHO DO FHORU SDWUX
UHIOHFWRULFX7HOHPDKPRQRORJDWHYRFDWRUFHODODHGXOXLPRQRORJDW
FRQIHVLY FHO DO HURXOXL WUHFXWXO FRQVWLWXLH vQ 2GLVHHD XQ SODQ
GUDPDWL]DWDOVWUXFWXULL$FHVWSODQDUSXWHDILLGHQWLILFDWFXPLPHVLVXO
SODWRQLFLDQ FD PRGDOLWDWH GH UHSUH]HQWDUH VSHFLILF SRH]LHL HSLFH
6LPEROLF DFHVW LQWHUYDO WHPSRUDO VXJHUHD] UHVWLWXLUHD LPDJLQLL vQ
PHQWDOXOOXPLLJUHFHWLLDILUPDUHDHLFDH[SUHVLHDIRU HLVSLULWXOXL
3UH]HQWXO HYHQLPHQ LDO FURQRORJLF L RELHFWLY FRQVHPQHD]
SULQ YRFHD QDUDWRUXOXL RPQLVFLHQW WLPSXO DF LXQLL HYROXWLYH D HURXOXL
GH OD SOHFDUHD GLQ 7URLD SkQ OD &DO\SVR H[SHULHQ D VD SH LQVXO
GUXPXO GH OD &DO\SVR OD $OFLQRX L UHvQWRDUFHUHD vQ ,WDFD FX
SHGHSVLUHD SUHWHQGHQ LORU 3HQHORSHL $FHVW LQWHUYDO WHPSRUDO HVWH
SDUDOHOVLQFURQFXWLPSXODEVHQ HLHURXOXLFDGXUDW DLQFHUWLWXGLQLL
DWHSW ULLvQ,WDFDLDDF LXQLORUOXL7HOHPDK
&DVHQVVLPEROLFFURQRWRSXOHYHQLPHQ LDOXOXLvQHSRSHHDILUP
WULXPIXO VSLULWXOXL DVXSUD IRU HL D GUHSWXOXL L PRUDOHL WUDGL LRQDOH
DVXSUDDEMHF LHLXPDQH
63$ ,8/VHVXELHFWLYL]HD] vQWUXQDOWVHQVGHFkWvQ,OLDGDFD
XQ FDGUX DO HFKLOLEUXOXL VLPEROLF GLQWUH GLQDPLF SURSULX DF LXQLL L
VWDWLFFDUDFWHULVWLFUHPHPRU ULLLDWHSW ULL
& O WRULD OXL 2GLVHX QX UHSUH]LQW vQ RSLQLD QRDVWU DWkW R
GHSODVDUH vQ VSD LX FkW R PLFDUH VLPEROLF (D HVWH R F XWDUH
VSLULWXDO Q DFHVW VHQV QX SXWHP IL GH DFRUG FX H[HJH]HOH GH WLSXO
FHOHL D OXL $UPLQ L +DQV :ROI GLQ 'UXPXO OXL 8OLVH FDUH vQFHDUF
LGHQWLILFDUHD WUDVHXOXL FRQFUHW DO HURXOXL GXS FXP R I FXVH
6FKOLHPDQQvQFD]XO7URLHLHYRFDW vQ,OLDGD
& O WRULD OXL 8OLVH YL]HD] UHJ VLUHD SDWULHL RULJLQDUH vQ HOHDV
GUHSWFHQWUXVSLULWXDODOH[LVWHQ HL$FHVWWUDVHXSUHVXSXQHFXQRDWHUHL
SURJUHVVSLULWXDOLDUHFDRELHFWLYFXFHULUHDGHIDSWDVSD LXOXLSURWHFWRU
LUHDILUPDUHDSURSULHLLGHQWLW LvQUDSRUWFXDFHVWD1XPDLSRDWHIL
YRUEDDLFLGHRF O WRULHLQL LDWLF GHWLSXOFHOHLGLQHSRVXORULHQWDOVDX
GLQ EDVP GH YUHPH FH HURXO HL HVWH PDWXUXO 2GLVHX LDU YDORDUHD OXL
VSLULWXDO HVWHGHMDFRQILUPDW SULQHSLVRGXOWURLDQ
'UXPXO OXL 2GLVHX HVWH XQ WUDVHX SXU UHYHODWRULX GH DFHHD L
FRQVWLWXLH FD VHFYHQ D FHD PDL DPSO D SRHPXOXL FRQILUPDUHD
LPDJLQLL HURXOXL &D GUXP VSLULWXDO WUDLHFWXO OXL 2GLVHX HVWH R
DOHJRUL]DUHDFRQIUXQW ULORUHXOXLvQH[LVWHQW
QGUXPXOV XHXOUHSUH]HQWDWGH2GLVHXvQIUXQW U XOLUD LRQDO
LSRVWD]LDW SULQ YLROHQ D RDUE FLFORSXO 3ROLIHP L LQVXOD XULDLORU
PRQVWUXRVXO DQLKLODQW SHQWUX XPDQ OHVWULJRQLL DOWHUDUHD IRUPHORU
WHUHVWUH GH H[LVWHQ DQWURSRPRUI 3ROLIHP ]RRPRUI 6FLOD
PLQHUDO &KDULEGD
(XOvQIUXQW LGHS HWHFDSLHGLFLLQWHULRDUHvQSHULSOXOV X
FDUHQ HOHXPDQLW LLFRPXQHSURSULLQDWXULLXPDQHVSLULWXOU ]ERLQLF
vQ DUDFLFRQLORUFUHGXOLWDWHDvQID DGDUXOXLORWRIDJLORUO FRPLD
L LVSLWD OD FDUH HVWH SXV OD vQFHUFDUH SH LQVXOD OXL &LUFH VHWHD
LUD LRQDO GHYLD GHVF WXDW vQHSLVRGXOFXERLLVRDUHOXL(OGRPLQ
LPRGDOLW LOHGHHVWRPSDUHDFRQWLLQ HLGHVLQHSULQH[FHVHGURJXUL
vQ LQXWXO ORWRIDJLORU VHQ]XDOLWDWH SH LQVXOD OXL &LUFH GHV YkULUH
vQWUXFXQRDWHUHLIUXPRVFkQWHFXOVLUHQHORULVRPQXOUD LXQLLvQ
vQWkOQLULOHFX(ROLFXERLLVRDUHOXL
'UXPXOVSLULWXDODOOXL2GLVHXVHFRQVWLWXLHDVWIHOvQWUXQHORJLX
XPDQLVW DO VXEOLPXOXL FRQGL LHL XPDQH FDUDFWHUL]DW SULQ VSLULW
LVFRGLWRU L VHWH GH DGHY U XUP ULW GLQFROR GH OLPLWHOH vQJXVWHL
FX +DGHVXO QX HVWH vQV R FRERUkUH FL R DSURSLHUH GH DGHY UXULOH
IXQGDPHQWDOH2GLVHXGHS HWHOLPLWHOHH[LVWHQWXOXLDOHH[SHULHQ HLL
DOH FXQRDWHULL HPSLULFH WUHFkQG vQ ]RQD vQWXQHFDW FHWDWHD
3RSRUXOXLFLPHULDQGHDSXUXULQY OXLWvQFHD LQWXQHULF& Q
YHFL QXO YHGH OXPLQRVXO VRDUH ;, 6SUH GHRVHELUH vQV GH
FHLODO LHURLDLF O WRULLORUSULQLQIHUQ2GLVHXFRPXQLF FXDFHVWVSD LX
GRDUSULQULWXDO0DJLFXOGH]Y OXLWGH9U MLWRDUHD&LUFHHDvQV LR
IRU WHOXULF vQYLQV SULQUD LXQHLvQIUkQDUHGHYLQHXQUHYHODWRUDO
FRQWLLQ HL
PSOLQLQG FHUHPRQLDOXO FH SHUPLWH FRPXQLFDUHD FX XPEUHOH
PRU LL 2GLVHX VH DSURSLH GH HVHQ D FRQGL LHL XPDQH 3URIH LD OXL
7LUHVLDV RELHFWLYXO PDMRU DO DFHVWHL VHFYHQ H D F O WRULHL H[SOLF
vQVXL VHQVXO GUXPXOXL FD vQIUkQJHUH D SDVLXQLL L D LPSXOVXULORU
QHFRQWURODWH SULQ UD LXQH L VHQWLPHQWXO GDWRULHL $OWHUQDWLYHOH
FRQFUHWHvQDFHVWFRQWH[WQXVXQWVHPQLILFDWLYH2GLVHXILLQGK U ]LW
V L DWLQJ LGHDOXO (VHQ LDO HVWH RS LXQHD FRQWLLQ HL SULQ FDUH VH
DILUP GHIDSWOLEHUXODUELWUX
'LQFRORGHVHPQLILFD LDHLSUHGLFWLY SURURFLUHDOXL7LUHVLDVDUH
YDORDUHD XQHL FODULILF UL GH VLQH D FRQWLLQ HL &D UHVRUW LQWHULRU
SURURFLUHDHVWHSHQWUXHURXXQVSULMLQFRPSOHPHQWDUFHOXLDOGLYLQLW LL
EHQHILFH 6HVL] P DLFL SRDWH L R FRQWXUDUH D VXSRUWXOXL SVLKRORJLF
GH]YROWDWFRSLRVGHOLWHUDWXUDXOWHULRDU GHJHQ
&RQIUXQW ULOH OXL 2GLVHX FX WRDWH FHOHODOWH XPEUH GLQ +DGHV
DGkQFHVF GH IDSW UHYHOD LLOH FRQWLLQ HL SULYLQG SURSULD HL FRQGL LH
QWkOQLUHDXPEUHLPDPHLVDOH$QWLFOHHDFDUHvQWRDUFHUHVLPEROLF
OD U G FLQL L FD UHJ VLUH D SXULW LL RULJLQDUH D HXOXL FRSLO vL
RIHU SURWHF LD VXSUHPHL FXQRDWHUL 6XSUHPD FXQRDWHUH FDUH HVWH
K U ]LW VSLULWXOXLDEVROXW2GLVHXRFRQVWLWXLHvQ HOHJHUHDSUHFDULW LL
RPHQHVFXOXL $VWIHO 2GLVHX HVWH SURWDJRQLVWXO UHDOHL FRQWLHQWL] UL D
HIHPHUXOXL L D DSDUHQ HL H[LVWHQ HL XPDQH UDSRUWDW OD VFDUD YLH LL
vQVHL'DF SULQ*KLOJDPHOLWHUDWXUDXQLYHUVDO VHVL]DHVHQ DWUDJLF
DFRQGL LHLXPDQHFDUHIOH[DOILQLWXGLQLLHLSULQ2GLVHXWUDJLFXOHVWH
SHUFHSXW FD H[SUHVLH D LQFRQVLVWHQ HL L D HYDQHVFHQWXOXL VXSRUWXOXL
PDWHULDO DO YLH LL 0RWLYXO GH vQGHOXQJDW WUDGL LH DO YLH LL FD YLV
IRUPXODWH[SOLFLWPDLvQWkLGH3LQGDURPXOHYLVXOXQHLXPEUHHVWH
SUHILJXUDWDLFLF GRDUDVWD,DRDPHQLORUVWDUHGXS PRDUWH& FL
RDVHOH L FDUQHD VH GHVWUDP L SUDI VDOHJH HD WRSLW Q IRFXO
3XWHUQLF DU] WRU GH FXP VH GXFH 'LQ RDVH DOEH YLD D L FD YLVXO
6HQDULSHD] VXIOHWXOL]ERDU ;,
$VWIHOGHS LQGFDGUXOHYRFDWRUDO,OLDGHL2GLVHHDFRQVWLWXLHRSULP
YL]LXQHILOR]RILF VLQWHWLF DXQLYHUVXOXLvQUHOD LHFXRPHQHVFXO
3RHPXO FRQVWUXLHWH LPDJLQHD OXPLL FD R DUKLWHFWXU GLQDPLF
SDOSLWkQG GH YLD L DO F UHL VXSRUW HVWH DQWURSRPRUI )LHFDUH GLQWUH
FHOHWUHLVSD LLHVWHGRPLQDWGH]HXOFDUHPDUFKHD] GHVWLQXOHURXOXL
&D PLFURFRVP 2GLVHX HVWH SODVDW vQWUXQ SHUPDQHQW GLDORJ FX
PDFURFRVPXO 6SLULWXO JUHF LQWXLHWH DFHDVW UHOD LH FDUH YD GHILQL
XOWHULRUvQIRUPXOHYDULDWHFRQGL LDUDSRUWXULOHXPDQXOXLvQWHUPHQLL
SURSULLDLGHVWLQXOXLLQGLYLGXDOvQH[LVWHQW
3 ULQWHOH ]HLORU JXYHUQkQG 2OLPSXO L S PkQWXO FXQRDWH L
YHJKHD] OD vPSOLQLUHD VRU LL 'DF =HXV HVWH XQ D[ DO GHYHQLULL FD
JDUDQW DO vPSOLQLULL YRLQ HL VXSUHPH D VRU LL H[LVWHQWXO WHUHVWUX
VXES PkQWHDQ L DFYDWLF DUH OD UkQGXL XQ SXQFW GH VXV LQHUH
DQWURSRPRUI $FHVWD HVWH UHSUH]HQWDW GH WLWDQXO $WODV (O PHQ LQH SH
XPHULLV LvQWUHDJDSRYDU DOXPLLFDVXSRUWUD LRQDOGDULFDH[SUHVLH
D LUD LRQDOXOXL 3URYLGHQ HL 2OLPSLHQLL vQLL DVLJXU vQI SWXLUHD
HYHQLPHQWHORU HV ILUXO ORU GDU LQGLYLGXO OH WUDQVIRUP vQ GHVWLQ
SULQUHDF LDID GHHOH(SRSHHDSURFODP DVWIHOOLEHUXODUELWUXLLGHHD
UHVSRQVDELOLW LL XPDQH SULQ SURIH LD OXL 7LUHVLDV SULQ VRDUWD
FRU ELHULORUSULQRS LXQLOHOXL8OLVH
6W SkQ DO DSHORU 3RVHLGRQ VH RSXQH vQWRDUFHULL OXL 2GLVHX vQ
,WDFD SULOHMXLQG FHL ]HFH DQL GH U W FLUL SH DSHOH 2FHDQXOXL )OXYLX
FDUHvQFRQMRDU S PkQWXO2FHDQXOvQPLWRORJLHILXDOOXL8UDQRVL
DO *DLHL WLWDQ VXERUGRQDW PDL WkQ UXOXL 3RVHLGRQ UHSUH]LQW vQ
YL]LXQHD KRPHULF vQWLQGHUHD QHVLJXU GUXPXO SDWLPLORU OXL
2GLVHXGDULVSD LXOH[LVWHQ HLHPSLULFHFDVXSUDYLH XLUHDOPRU LL
&DOH D QDYLJDWRULORU GUXP FRQFUHW DO DSHORU vQ 2GLVHHD RFHDQXO
PDUHD FRQVWLWXLH GUXPXO LQWHULRU SVLKRORJLF VSUH LQVXOH FD
UHSUH]HQWDUHDVSD LXOXLUHYHODWRULXPRUDOSHQWUXXPDQLWDWHDGHUkQG
FRU ELHULLVSLULWXDOSHQWUX$OHV
)UDWH PDL PLF DO OXL =HXV L VXSXV DXWRULW LL DFHVWXLD +DGHV
GRPLQ VXES PkQWHDQXO vPS U LD vQWXQHFDW L I U vQWRDUFHUH D
PRU LL Q UHSUH]HQWDUHD UD LRQDOLVW D JUHFLORU +DGHVXO HVWH
HOHPHQWXOFRQWUDSXQFWLFQHFHVDUFRQWUDULLORUGLQH[LVWHQW(OvQVHDPQ
vQWXQHULFFXWRDWHFRQRWD LLOHVDOHVLPEROLFHGHPDWHULDOL]DUHXLWDUH
GH]LQGLYLGXDOL]DUHXPEU 3HQWUX2GLVHXFRQWDFWXOFXvPS U LDVD
HVWHUHOD LDUHJUHVLY GHDGkQFLUHUHIOH[LY SHQWUXDDWLQJHFRQWLLQ D
GHVLQHSULQUDSRUWDUHODH[SHULHQ DDQFHVWUDO DXPDQLW LLHURLFH
7RW DFHVW QRX VLVWHP GH UHOD LL FX OXPHD SH FDUH vO SURSXQH
2GLVHHDFRQYHUJHF WUHFLUFXPVFULHUHDXQXLDOWWLSGHUHSUH]HQWDUHD
XPDQXOXLID GH,OLDGD
QVFULV SH FRRUGRQDWHOH HURXOXL PLWLF 2GLVHX OH GHS HWH
SHQWUXDGHYHQLSURWDJRQLVWXOVLPEROLFUHSUH]HQWDWLYSHQWUXRPHQHVF
7LSXOGHvQFHUF ULSHFDUHOHWU LHWHLUHDOLWDWHDDOHJRULF vQFDUHVH
PLF L FX FDUH FRODERUHD] VSUH FRQWXUDUHD PHVDMXOXL ILOR]RILF
XQLF IDF GLQ HO XQ DOW IHO GH SHUVRQDM VLPEROLF GHFkW FHOH GLQ ,OLDGD
6SUHGHRVHELUHGHDFHVWHDHOQXHVWHUHGXFWLELOODRXQLF GLPHQVLXQH
ILHHDH[HPSODU &RQIOLFWXDOLWDWHDOXLLQWHULRDU HVWHPDLPXOWGHFkWR
PRWLYD LH D DF LXQLL LOXVWUkQG XQ vQWUHJ PHFDQLVP SVLKRORJLF DO
GHFL]LHL DO UD LRQDPHQWXOXL DO DVXP ULL XQXL WLS GH UHOD LL FX UHDOXO
L FX VLQH vQVXL 6DU SXWHD VSXQH F 2GLVHX vL DSURSULH OXPHD
OXkQGXVHSHVLQHvQVW SkQLUHSULQFXQRDWHUH'LPHQVLXQHDOXLHURLF
QXVDHVWRPSDWFLVDSODVDWvQSODQHWLFLSVLKRORJLF9DORULOHSHQWUX
FDUH OXSW QX PDL VXQW LQGLYLGXDOH FL VSLULWXDOH DUPHOH VDOH QX PDL
VXQWXQDUVHQDOFRQFUHWVSHFLILFXQHLHSRFLFLDUPHOHGLQWRWGHDXQDDOH
RPXOXLUD LXQHDLYRLQ D5 ]ERLQLFXOXQLGLPHQVLRQDOGLQPLWLHURXO
SULPXOXL SRHP KRPHULF HVWH DVWIHO vQORFXLW FX RPXO vQWUHSULQ] WRU
UHIOH[LYLVW SkQSHVLQHFXWRDWHvQ O ULOHLF GHULOHVDOH6W SkQLUHD
ED]DW SHFXQRDWHUHDGHVLQHRS LXQHDSHQWUXUD LRQDOFDH[SUHVLHD
HFKLOLEUXOXL SHUPLW HURXOXL V GRPLQH SDWHWLFXO L IDWDOLWDWHD FDUH
DVRFLDXFRQGL LDHURLORU,OLDGHLFXDFHHDDSHUVRQDMHORUWUDJHGLHL
&D UHSUH]HQWDUH D XPDQXOXL DP SXWHD FRQFKLGH F 2GLVHX
vQFXQXQHD] DFXPXO ULOHHSRVXOXLJUHFILLQGvQSODQHVWHWLFXQSXQFW
WHUPLQXV Q DFHODL WLPS SULQ HO VH GHS HVF OLPLWHOH FDQRQXOXL
VSHFLHL L VH FUHHD] GHVFKLGHUL FDUH vO FRQYHUWHVF vQWUXQ SXQFW GH
SOHFDUH SHQWUX DOWH PRGDOLW L GH DERUGDUH $VWIHO FD R FRQILUPDUH D
UHOD LHLIXQGDPHQWDOHGLQWUHHVHQ DHSLFXOXLLDWLSRORJLHLSHUVRQDMHORU
GLQ2GLVHHDFXURPDQHVFXOSULPXOURPDQJUHFDWHVWDW$YHQWXULOHOXL
+HUHDV L &DOLURH GH +DULWRQ GLQ $IURGLVLD VHFROXO DO 9OHD v +U
FRQ LQHQXPHURDVHWULPLWHULODFLWDWHGLQSRHPHOHKRPHULFH
Q vQWUHJXO URPDQ JUHF XOWHULRU vQFHUF ULOH OD FDUH VXQW VXSXL
vQGU JRVWL LL U W FLULOH SH PDUH L UHJ VLULOH ORU VXQW WRW DWkWHDSXQFWH
GH FRQWDFW FX HSRVXO 2GLVHLL &DUDFWHUXO HGLILFDWRU DO SRHPXOXL
vQDOWHOH YDORUL PRUDOH SURPRYDWH DX I FXW PDL DOHV GLQ 2GLVHHD
PDWHULDO GH VWXGLX vQ vQY PkQWXO GLQ *UHFLD DQWLF ,PDJLQHD OXL
2GLVHXVDLPSXVGDF QXFXPYDDIRVWFKLDUGHODvQFHSXWUHFHSWDW
FDDWDUHSULQH[HPSODULWDWHDHURXOXL
8OWHULRU VHFROXO DO ,,,OHD v +U WUDJHGLD JUHDF SULQ SLHVHOH
$LDV L )LORFWHW GH 6RIRFOH v+U DERUGHD] LPDJLQHD OXL
8OLVHFDUHSUH]HQWDUHDDELOLW LLVSLULWXOXLDGLSORPD LHLDPHQGDELOH
DLQWHOLJHQ HLVSHFXODWLYH
Q UHFHSWDUH RPXO 2GLVHX vQF GLQ DQWLFKLWDWH GHS HWH DVWIHO
LGHDOLWDWHD HURXOXL FkWLJkQG vQ FRPSOH[LWDWH L vQ DGkQFLPH 'LYHUVHOH
DWULEXWH DOH SHUVRQDMXOXL UHIOH[LYLWDWHD KDUXO RUDWRULF DELOLWDWHD
VXJHUDWH vQ ,OLDGD L GH]YROWDWH vQ 2GLVHHD IDF GLQ HO SXUW WRUXO GH
FXYkQWDOPLF ULLILOR]RILFHFRQWHPSRUDQHDVRILWLORUGDULUHSUH]HQ
WDUHDvQYL]LXQHDVRIRFOLDQ DOLPLWHORUDFHVWHLRULHQW UL5HPDUF PvQ
UHFHSWDUHvQFHSXWXOXQHLGHPLWL] ULDHURXOXLUHDOL]DW DLFLSULQvQYHVWLUHD
UHSUH]HQW ULLVLPEROLFHFXRSULP WULPLWHUHODFRQWHPSRUDQHLWDWH
3URFHVXO GH GHPLWL]DUH D OXL 2GLVHX vQ UHFHSWDUHD WUDJLF VH
DGkQFHWH SULQ SLHVHOH OXL (XULSLGH v +U +HFXED L
&LFORSXO$VWIHOvQXOWLPDGLQWUHHOHFDLPDJLQHDLQWHOLJHQ HLDELOHvQ
OXSWD FRQWUD IRU HL LUD LRQDOH D XQHL QDWXUL DOWHUDWH 2GLVHX HVWH
SURWDJRQLVWXO FRQIUXQW ULL FX 3ROLIHP FRQYHUWLW vQ VXEVWDQ D XQHL
GUDPHVDWLULFH
/LWHUDWXUD ODWLQ UHDFWXDOL]HD] YDORDUHD FODVLF H[HPSODU D
SRHPHORU SULQ WUDGXFHUHD FDUH UHSUH]LQW SULPD DILUPDUH SRHWLF D
VSLULWXOXLURPDQ
9HUJLOLXvQ(QHLGDL2YLGLXSULQODUJLSDVDMHGLQRSHU FD
L &LFHUR VDX 6HQHFD LPSXQ SRHPHOH FD VXUV WHPDWLF L WLSRORJLF
GDU L FD PRGHO HVWHWLF 'H DOWIHO SHQWUX URPDQL SRHPHOH SDU D IL R
SHUPDQHQW SURYRFDUHPRGHOXODEVROXWGHUDSRUWDUH
3RUQLQG GH OD 9HUJLOLX 3UH5HQDWHUHD GH]YROW vQ 'LYLQD
&RPHGLHLPDJLQHDOXL2GLVHXFDH[SUHVLHDWLWDQLVPXOXLJkQGLULLLDO
VSLULWXOXLvQWUHSULQ] WRU
,,5RPDQXOVXELHFWLYLWDWHLYHURVLPLOLWDWHvQFRWLGLDQ
,,$EVRUE LDFRQWUDULLORUILF LXQHLUHDOLWDWH
5RPDQXO HVWH VLQJXUXO JHQ vQ GHYHQLUH vQF QHFULVWDOL]DW >@
'LQWUH PDULOH JHQXUL VLJXU URPDQXO HVWH PDL WkQ U GHFkW VFULHUHD L
F U LOHLGRDUHOHVWHDGDSWDWRUJDQLFQRLORUIRUPHGHUHFHSWDUHW FXW
DGLF OHFWXULL 'DU FHHD FH HVWH PDL LPSRUWDQW URPDQXO VSUH
GHRVHELUHGHDOWHJHQXULQXSRVHG FDQRDQHGRDUDQXPLWHPRGHOHGH
URPDQVXQWLVWRULFHWHGXUDELOHGDUQXFDQRQXOJHQXOXLFDDWDUH
0 %DKWLQ 3UREOHPH GH OLWHUDWXU L HVWHWLF (GLWXUD 8QLYHUV
%XFXUHWLS
7HRULD RULJLQLL RULHQWDOH HODERUDW vQF GLQ VHFROXO DO ;9,OHD GH
3LHUUH G+XHW UDFRUGHD] VLPXOWDQ VSHFLD OD WUDGL LD SRYHVWLULL L D HSRVXOXL
RULHQWDO Y VXSUD /LWHUDWXUD RULHQWDO GH OD H[SHULHQ OD ILF LXQH L OD
H[SHULHQ D HOHQLVWLF D VFKLPEXULORU LQWHQVH FX 2ULHQWXO 7HRULD RULJLQLL
HOHQLVWLFHDUHvQYHGHUHDWkWFHOHPDLYHFKLRSHUHS VWUDWHLGDWDWHGLQDFHDVW
SHULRDG v+U FkW L UHOD LD URPDQXOXL FX WRDWH IRUPHOH GH
H[SHULHQ HSLF DHSRFLL
(XJHQ&L]HN(YROX LDURPDQXOXLDQWLF(GLWXUD8QLYHUV%XFXUHWL
S
vQWUXQPRPHQWvQFDUHGXS HHFXOLPSHULXOXLOXL$OH[DQGUXOXPHD
JUHDF WU LHWH H[SHULHQ D LHLULL GLQ XWRSLD SHUIHF LXQLL L D LOX]LHL
FODVLFHGHVFRSHULQGFRQFUHWXOGLYHUVLW LLH[LVWHQWXOXL
2PXOFXH[SHULHQ DHVWHWLF DFODVLFLW LLLFXSRYDUDILOR]RILF
L SROLWLF D OHF LLORU DPDUH DOH LVWRULHL DUH PDWXULWDWHD GH D VH YUHD
DFWXDO FDQWRQDW vQ SUH]HQW $YkQG FRQWLLQ D GH VLQH FD H[SUHVLH D
QRXOXLSHFDUHvOSRDUW DFHVWLQGLYLGFLWLWRUFUHDWRUGHURPDQHVWH
VSUH VIkULWXO DQWLFKLW LL R SULP H[SUHVLH D RPXOXL PRGHUQ
$VRFLHPDVWIHODSDUL LDURPDQXOXLFDVSHFLHQRQFDQRQLF FXH[SUHVLD
PRGHUQLW LL D DFHVWHL DFWXDOLW L SH FDUH GHD OXQJXO WLPSXOXL
URPDQXORSRDUW LRvQWUH LQHFRQWLQXXvQVLQH7RFPDLGHDFHHDSULQ
FRQGDPQDUHD OD PRGHUQLWDWH FRQVLGHU P F URPDQXO HVWHFRQGDPQDW
ODLHLUHDGLQFDQRQ
&XP vQV DFHDVW QRXWDWH SHQWUX D LQWUD vQ RUL]RQWXO GH
DWHSWDUH DO FLWLWRUXOXL QX D SXWXW IL DEVROXW URPDQXO JUHF DQWLF VD
VWUXFWXUDWSULQWLSXULFDUHvLFRQILUP LFRQWLQXLWDWHDHSLFXOHURWLF
GHDYHQWXULLVWRULFXOHURLFIDQWH]LVWUHDOLVPXOVDWLULF
&UHDUHD RUL]RQWXOXL GH DWHSWDUH SHQWUX DFHVWH LSRVWD]H DOH
HSLFXOXLVHUHDOL]HD] WUHSWDWvQWLPSvQGHOXQJDWSULQDFXPXODUHDXQHL
H[SHULHQ H HVWHWLFH VSHFLILFH 'DF VSHFLLOH WUHFXWH GH QRL vQ UHYLVW
GUHSWVXUVHFRQ LQHDXVHFYHQ LDOHOHPHQWHURPDQHWLRVHULHGHRSHUH
OLWHUDUILOR]RILFHDQXQ SULQVWUXFWXUDORUGHDQVDPEOXURPDQXO
3UHILJXU ULOHURPDQXOXLXQHRULDVLPLODWHVSHFLHLvQVHLVXQW
FD VWUXFWXU SUHURPDQHLDUFDHVHQ JHQXULVHULRVFRPLFH
'LQ DFHDVW VWLKLH D UkVXOXL SRSXODU SH WHUHQXO FODVLF VD GH]YROWDW
QHPLMORFLWXQXOGLQWUHGRPHQLLOHGHVWXOGHYDVWHLYDULDWHDOHOLWHUDWXULL
DQWLFH SH FDUH DQWLFLL vQLL ODX GHILQLW >@ DGLF GRPHQLXO
VHULRVXOXL FRPLF $LFL LQWU PLPXULOH FX VXELHFWH VLPSOH DOH OXL
6RIURQ vQWUHDJD SRH]LH EXFROLF OLWHUDWXUD PHPRULDOLVWLF WLPSXULH
>@SDPIOHWHOHDLFLDQWLFLLvQLLLQFOXGHDXLGLDORJXULOHVRFUDWLFH
FD JHQ WRW DLFL LQWU L VDWLUD URPDQ /XFLOLXV +RUD LX 3HUVLXV
,XYHQDOYDVWDOLWHUDWXU DV\PSRVLRQXULORULWRWDLFLHVWHLQFOXV L
VDWLUDPHQLSSHHFDJHQLGLDORJXULOHvQPDQLHUDOXL/XFLDQ
(QXPHUDUHD RSHUHORU FHORU PDL UHSUH]HQWDWLYH GLQ DFHVWH
FDWHJRULL HYLGHQ LD] WLSRORJLF GLYHUVLWDWHD ORU L WRWRGDW DSHWHQ D
UHFHSWRUXOXLSHQWUXYDULHWDWH([LVWHQ DXQXLSXEOLFFLWLWRUILGHOH[SOLF
(&L]HNRSFLWS
0%DKWLQRSFLWS
0%DKWLQLGHP
SUREDELO SHUVLVWHQ D FUH ULL XQRUD GLQWUH HOH vQ FRQWH[WXO DSDUL LHL
URPDQHORUSURSULX]LVH
3UR]D GLGDFWLF GH DPSO GH]YROWDUH XOWHULRDU vQGHRVHEL vQ
(YXO0HGLXLvQ5HQDWHUHvLDUHSUREDELOHU G FLQLvQ&LURSHGLDOXL
;HQRIRQFFD$LFLH[LVWHQ DOXL&LUXVFHO% WUkQVXUSULQV
vQFDGUXOXQXLGLVFXUVHSLFSOLQGHFXORDUHORFDO LGHSLWRUHVFHVWH
XWLOL]DW FD SUHWH[W SHQWUX IRUPXODUHD RS LXQLORU ILOR]RIXOXL LVWRULF
YL]kQG FRQGXF WRUXO GHV YkULW LGHDOXO PRUDO L IRUPDUHD
JXYHUQDQWXOXLGHYDORDUH
$VRFLLQGIDQWDVWLFXOILF LXQLLFXH[SHULHQ DYL]LXQLLGHQDYLJDWRUL
DJUHFLORULFXRDQXPLW WUDGL LHGHUHSUH]HQWDUHDOXPLLQHFXQRVFXWH
R vQWUHDJ VHULH GH VFULHUL GH F O WRULH DQWLFLSHD] XWRSLLOH URPDQHWL
GHPDLWkU]LX+HFDWHXGLQ$EGHUDDGRXDMXP WDWHDVHFROXOXLDO,9OHD
SULPDMXP WDWHDVHFROXOXLDO,,,OHDv+UvQ'HVSUHKLSHUERUHHQL
DERUGHD] SUREOHPDVWDWXOXLLGHDOUHOXDW XOWHULRUSHULRGLFvQOLWHUDWXUD
PRGHUQ vQFHSkQG FX 5HQDWHUHD $XWRUXO JUHF SODVHD] DFHVW VWDW vQ
LQVXOD +HOL[RQLD D H[WUHPXOXL QRUG SRSXODW GH DGRUDWRUL DL OXL
$SROOR 0DL DSURSLDW GH YL]LXQHD VWRLF D VWDWXOXL HJDOLWDU HVWH
LPDJLQHD H[LVWHQ HL SURIXQG PRUDOH GXV SH LQVXOD RFHDQLF HYRFDW
GH ,DPEXORV VHFROXO , v +U 0HQ LRQDW GH 'LRGRU GLQ 6LFLOLD
GHVFULHUHD OD SHUVRDQD , DQWLFLSHD] WRWRGDW GLVFXUVXO URPDQHORU GH
F O WRULH L GH DYHQWXUL FX QDUDWRU LPSOLFDW GH WLSXO RSHUHORU OXL
6ZLIWLSHFHOHVDWLULFHODWLQHPDLDSURSLDWHvQWLPS
5RPDQXO IDQWDVWLF L PXOW PDL WkU]LXO HVHX ILOR]RILF VXQW
SUHILJXUDWH GH (XKHPHURV GLQ 0HVVLQD VHFROXO DO ,9OHD v +U SULQ
,QVFULS LDVIkQW &DSXQFWWHUPLQXVDOXQHLF O WRULLILFWLYHQDUD LXQHD
HYRF LQVXOD3DQFKDLD&DGUXXWRSLFDOSHUIHF LXQLLVRFLDOHLQVXODHVWH
VSD LXO FDUH DG SRVWHWH LQVFULS LLOH FH GRYHGHVF HVHQ D XPDQ D
]HLORUVDFUDOL]D LSHQWUXYDORDUHDPRUDO DDF LXQLORUORU
$YHQWXUDF O WRULDPLUDFXORVXOSDWHWLVPXOWU LULORUVLWXD LLORU
FDVXSRUWDOXQXLPHVDMvQWRWGHDXQDPRUDOL]DWRUSUH]HQWHvQGLVFXUVXO
DFHVWRUFUHD LLDQWLFLSHD] GRPLQDQWHOHURPDQHVFXOXLJUHF
',$&521,$ URPDQXOXL JUHF DQWLF FXSULQGH GRX HWDSH SULQFL
SDOH HYLGHQ LDWH GH ( &L]HN LFRQILUPDWHGHPDMRULWDWHDH[HJH LORU
R HWDS LQL LDO SUHVRFUDWLF GH OXQJ GXUDW vQFHSH vQ VHFROXO
DO ,,OHD v +U L VH H[WLQGH SkQ OD VIkULWXO VHFROXOXL , G +U L R
HWDS VRILVWLF GHvPSOLQLUHDURPDQXOXLJUHFD[DW SHVHFROXODO,,OHD
Q%LEOLRWKHFDKLVWRULFDF U LOH,,L,9
LSHFHOHVXEVHFYHQWH5RPDQHOHSUHVRILVWLFHVXQWH[FOXVLYHURWLFHVDX
URPDQWLFHFXPOHQXPHVFDQXPL LFHUFHW WRUL
&HD PDL YHFKH RSHU GH DFHVW WLS S VWUDW 5RPDQXO OXL 1LQRV
DWULEXLW OXL;HQRIRQGLQ$QWLRFKLDUHGDFWDW vQMXUXODQXOXLv+U
UHODWHD] DYDWDUXULOH HURWLFH DOH SURWDJRQLVWXOXL L DOH YHULRDUHL VDOH
6HPLUDPLV $LFL VXQW FRQWXUDWH FDGUXO LQWULJLL GH JHQ F O WRULD FD
UHVRUWDOHYHQLPHQ LDOXOXLLFDVXUV DVXVSDQVXOXL
Q VHFROXO , SULQ 5RPDQXO &KLRQHL L 5RPDQXO 3DUWHQRSHL VH
FRQVROLGHD] VSHFWDFXODUXO 7HQVLXQHD HSLF HVWH GXV SkQ OD
SDUR[LVPSULQvQFHUF ULFHVWUXFWXUHD] UHFX]LWDGHORFXULFRPXQHDOH
VSHFLHL/DVIkULWXOVHFROXOXL,$QWRQLRV'LRJHQHVSULQ0LQXQLOHGH
GLQFROR GH 7KXOH DGDXJ WUDPHL HURWLFH LQIX]LD QHFHVDU GH
UHIOH[LYLWDWH& O WRULDIDQWDVWLF GHDOXQJXOFRDVWHORURFFLGHQWDOHDOH
(XURSHL L SH LQVXOD FRQVLGHUDW FDS WXO OXPLL RIHU FLWLWRUXOXL SH
OkQJ DYHQWXU L SHUVSHFWLYD JUHDF DVXSUD OXPLL FD WRWDOLWDWH
FXQRVFXWLYLUWXDOSRVLELO
&DSRGRSHUDURPDQXOXLSUHVRILVWLFHVWH$YHQWXULOHOXL&KDLUHDVL
&DOOLURH VFULV GH &KDULWRQ GLQ $IURGLVLDV vQ MXUXO DQLORU G +U
$YkQG DF LXQHD SODVDW vQ 6LFLOLD vQ WLPSXO U ]ERLXOXL SHORSRQH]LDF
OXFUDUHD vQ RSW F U L HYLGHQ LD] UHOD LD FX LVWRULFLWDWHD H[LVWHQ D
HOHPHQWHORUGRFXPHQWDUHLGHHYRFDUHDHSRFLLvQURPDQXOHURWLF
QVHFROXODO,,OHDG+UVXESUHVLXQHDVSHFWDFXORDVHORUHYROX LL
FXOWXUDOH SURSULL DSRJHXOXL FLYLOL]D LHL DQWLFH URPDQXO FD VSHFLH
OLWHUDU VHGLYHUVLILF &HOHWUHLGLUHF LLWHPDWLFHFULVWDOL]DWHvQFUHD LLOH
DQWHULRDUH GHYLQ GRPLQDQWH GHILQLWRULL SHQWUX URPDQ FDUH VH
LQGLYLGXDOL]HD] FODUFDVDWLULFLVWRULFHURWLF
520$18/ (527,& FDUH VH DILUP SULQ PDWXUL]DUHD IRUPXOHL
HSLFH L SULQ HODERUDUHD FDSRGRSHUHORU HVWH FHO FDUH U PkQH
HPEOHPDWLF SHQWUX VSHFLD JUHDF DQWLF %HQHILFLLQG GXS FXP DP
Y ]XW GH R PDL vQGHOXQJDW L VXV LQXW SUDFWLF D FUHD LHL URPDQXO
HURWLFvLFODVLFL]HD] vQVHFROXODO,,OHDG+UUHJLVWUHOHWHPDWLFH
L DQVDPEOXO GH WHKQLFL HSLFH FDUH VH YRU SUHOXQJL SULQ URPDQHVFXO
EL]DQWLQSkQ vQ]RULLQDUDWLYLW LLPHGLHYDOHRFFLGHQWDOH
Q FLXGD YDULHW LL VXELHFWHORU D GLYHUVLW LL WLSRORJLFH D SHUVR
QDMHORUDPXOWLSOLFLW LLGHVSD LLUHDOHHYRFDWHVDXGHFDGUHILFWLYHDOH
DF LXQLL vQ FDGUXO URPDQXOXL HURWLF DP LGHQWLILFD WHPDWLF GRX
2EVHUYD LL DVXSUD URPDQXOXL JUHF vQ 5RPDQXO JUHF , (GLWXUD
8QLYHUV%XFXUHWLS
PRGHOH HVHQ LDOH HSLFXO GH WLS HYHQLPHQ LDO FX DFFHQW SH DYHQWXUD
SXU LHSLFXOOLULFHYRFDWRUSDVWRUDO
5RPDQXO SDVWRUDO YL]HD] HYRFDUHD GH PHGLX VSHFLILF
UHDOL]DUHD DWPRVIHUHL VXJHVWLD WU LULL L D PDWHULDOL] ULL HL vQ DFW L vQ
FXYkQW 3ULQ PDL QXPHURDVHOH WULPLWHUL OLYUHWL SULQ SUHOXFUDUHD
H[SOLFLW D XQHL DQXPLWH WUDGL LL FD L SULQ OLULVPXO GH VXEVWDQ FH
DWHQXHD] PHORGUDPDWLFXOLVSHFWDFXODUXOHOSDUHDILDYXWXQSXEOLF
HOLWLVWVDXFHOSX LQFXOWLYDWvQVSLULWXOXQHLWUDGL LLUHWRULFH&RQVWDQ D
SUHYL]LELOXOXLSUHRFXSDUHDDWLFLVW SHQWUXFRQVLVWHQ DFRQVWUXF LHLL
HFKLOLEUXO GLVFXUVXOXL URPDQHVF VXJHUHD] DFHO QLYHO GH H[LJHQ DO
DXWRUXOXL L DO UHFHSWRUXOXL FH FDXW vQ RSHU IDUPHFXO vQ JUHFHWH
JO\N\WHVFHHDFHvQVHDPQ H[DFWGXOFHD
&DSRGRSHUD DQWLF D DFHVWXL WLS R UHSUH]LQW URPDQXO OXL
/RQJRV 'DIQLV L &ORH (ODERUDW UHODWLY WkU]LX VSUH VIkULWXO
VHFROXOXL DO ,,OHD VDX vQFHSXWXO FHOXL GH DO ,,,OHD URPDQXO HVWH
GLQFRORGHIRU DHSLF DDXWRUXOXLLEHQHILFLDUXODWkWDOXQHLSUDFWLFL
VXV LQXWH D FUHD LHL GH JHQ FkW L D H[SHULHQ HL L VHGLPHQW ULORU
OLULFXOXLLGUDPDWLFXOXLJUHFDQWLF
9L]LXQHD L VWUXFWXUD URPDQXOXL DWHVW FDUDFWHUXO OXL OLYUHVF SULQ
WULPLWHULOHPDLPXOWVDXPDLSX LQH[SOLFLWHODVXUVHSULQSDUDIUD] ULOH
L UHSOLFLOH GDWH XQRU PRGHOH FRQVDFUDWH 7HPDWLFD SHUVRQDMHOH
FRQIOLFWXDOLWDWHD GRPLQDQW LQWHULRDU L PDL DOHV DWPRVIHUD L PHGLXO
HYRFDW UDSRUWHD] RSHUD OD LGLOD SDVWRUDO vQ YHUVXUL /LULVPXO
GHVFULHULORU GH QDWXU FDQGRDUHD HURLORU SXULWDWHD DIHFWXOXL GH]YROW
PRGHOXOFRQWXUDWGH7HRFULWLUHOXDWvQWLPSGH%LRQVDXGH0RVFKRV
QDFHDVW GLUHF LHRVHULHGHHOHPHQWHDVRFLD] RSHUDFXVXUVH
GLIHULWH7ULEXWDU YL]LXQLLOXL$QDFUHRQQHSDUHDILvQPRGGHRVHELW
UHSUH]HQWDUHD OXL (URV FD DOHJRUL]DUH D VHQWLPHQWXOXL HWHUQ FRSLOXO
PDL E WUkQ GHFkW &URQRV FDUWHD ,, 9 3RH]LD JHVWXULORU
3HWUX &UH LD 3UHID OD YROXPXO /RQJRV 'DIQLV L &ORH (GLWXUD
SHQWUX/LWHUDWXU 8QLYHUVDO %XFXUHWLS;,,,
/RQJRV VIkULWXO VHFROXOXL DO ,,OHD vQFHSXWXO VHFROXOXL DO ,,,OHD
HVWH XQ DXWRU GHVSUH FDUH QX VDX S VWUDW GDWH ELEOLRJUDILFH ([LVWHQ D OXL D
IRVW SXV OD vQGRLDO OD XQ PRPHQW GDW vQ VHFROXO DO ;,;OHD 6D DILUPDW
DWXQFL F /RQJRV QX UHSUH]LQW XQ QXPH F HO HVWH OHFWXUD
LQFRUHFW LQFRPSOHW D XQXL HOHPHQW GLQ WLWOXO PDQXVFULVXOXL &HUFHW UL
XOHULRDUHDXUHVSLQVvQV DFHDVW WHRULH
'DIQLV L &ORH WUDGXFHUH GH 3HWUX &UH LD vQ 5RPDQXO JUHF , (GLWXUD
8QLYHUV%XFXUHWL&LWDWHOHRIHULWHvQFRQWLQXDUHSURYLQGLQDFHDVW HGL LH
8RU VFKL DWH VXQW L SULQFLSDOHOH LQVWLWX LL Y ]XWH PDL FXUkQG
GUHSW FDGUH OLPLWDWLYH DOH H[LVWHQ HL )DPLOLD DSDUH FD GRPLQDW GH
DXWRULWDWHDWLUDQLF DWDW OXLLGHGUHSWXOS U VLULLFRSLLORU-XVWL LDHVWH
DLFLUHGXV ODGHFL]LDSDWULDUKXOXLFRPXQLW LL2EOLJD LLOHPLOLWDUH
DUPDWDXQHRULGLQPRWLYHLQVLJQLILDQWHWUDQVIRUP SDQLFXOWUXGLWRUDO
S PkQWXOXLvQRVWDDIODWvQLQFXUVLXQLSXQLWLYH&KLDUGDF HVWHH[WUHP
GHILUDY LDVRFLDW HYHQLPHQ LDOXOXLUDSRUWDUHDSHUVRQDMHORUODDFHVWH
UHSHUH LQVWLWX LRQDOH FRPSOHWHD] YDORDUHD GRFXPHQWDU D URPDQXOXL
7RWRGDW SULQDFHDVWDVHSXQED]HOHXQHLDQXPLWHWHQVLXQLvQWUHHURX
LGLYHUVHOHQLYHOXULDOHFRPXQLW LLWHQVLXQLFDUHvQWLPSYRUFRQWXUD
QRLFRQIOLFWHH[WHULRDUHvQGHRVHELSHFHOVRFLDO
2VS XOULWXDOLRIUDQGHOHRFD]LRQDOHDGXVH]HLORUSULQRVFDL
SHWUHFHULOH FX FHOH PDL YDULDWH SUHWH[WH FRQWXUHD] LPDJLQHD
ULWXDOL] ULL vQ FRWLGLDQ D FRPXQLXQLL FX GLYLQLWDWHD RPQLSRWHQW L FX
VHPHQLLRULFkQGJDWDV VHLPSOLFH
9 ]XW FD XQ FHUHPRQLDO FRQWLQJHQWXO IDFH RELHFWXO XQHL UHSUH
]HQW ULFRHUHQWHLXQLWDUH(ODSDUHPDUFDWGHRLGHDOLWDWHVHQLQ OLSVLW
GH XPEUHOH RULF UHL FRQIOLFWXDOLW L PDMRUH 6SUH GHRVHELUH GH SRHPXO
WkU]LX vQV HSLFXO DQWLF S VWUHD] FHYD GLQ DXUD PLWLF IDEXORVXOXL
8RDUD PLWL]DUH D UHDOXOXL YHURVLPLO VDOYHD] RSHUD GH DUWLILFLDOLWDWH
3HWUHFHUHD D PHUV GXS PHVHQL V WHWL U QHWH XQXO VH DYkQWD vQ
FkQWHFHGHVHFHULDOWXOGDGUXPXOODVWULJ WXULJOXPH HFDODVWRUVGH
VWUXJXUL )LOHWDV FkQW GLQ QDL /DPSLV GLQ IOXLHU 'U\DV L /DPRQ
G Q XLU 'DIQLVL&ORHVHV UXWDX&DUWHDDSDWUD;;;9,,,S
8PRUXO SUH]HQW SH DORFXUL vQ URPDQ FRQWUD]LFH RSLQLD vQFH
W HQLW F DFHDVW IRUP GH PDQLIHVWDUH D FRPLFXOXL DU IL OHJDW GH
VSLULWXDOLWDWHD XOWLPHORU YHDFXUL vQ JHQHUDOGHFHDHQJOH] vQVSHFLDO
7RWRGDW HO YLQH V vQW UHDVF RSLQLD QRDVWU F URPDQXO FD VSHFLH
OLWHUDU HVWH R H[SUHVLH D DILUP ULL DFHOXL JHUPHQ GH DFWXDOLWDWH
SURSULX RULF UHL LSRVWD]H D PRGHUQXOXL $VRFLLQG VLPSDWLD FX XRDUD
ULGLFXOL]DUH vQJ GXLWRDUH XPRUXO PDUFKHD] PRGLILFDUHD GH HVHQ D
SR]L LHL DXFWRULDOH 7LSXOXL GH VXELHFWLYLWDWH LGHDOL]DQW L JHQHUD
OL]DQW H[SUHVLH D SR]L LHL FHW LL ID GH HURX URPDQXO vL RSXQH
VXELHFWLYLWDWHD LPSOLF ULL DIHFWLYH SHUVRQDOH D DXWRUXOXL $VWIHO
H[SOLFLW SULQ HSLWHWHOH FDOLILFDWLYH DXWRUXO H[SULP SR]L LD vQ HOH
J WRDUHLWRWXLFULWLF ID GHDGROHVFHQWXOHURXV UPDQXO'DIQLV
S VWRUSURVWX vQGU JRVWLWLWkQ UFLRE QDvQF QHFRSW/RQJRV
UHSUH]HQWDQWDOXQHLH[SHULHQ HLQGLYLGXDOHLDOXQXLVSLULWGHPLWL]DQW
DERUGHD] XPRULVWLFFRPSRQHQWHDOHPHVDMXOXLSURSULXOXLGLVFXUVHSLF
,QWHQVLWDWHD HURVXOXL vQY OXLW vQ OLULVP vQ vQWUHJ URPDQXO L IXQF LD
UHYHODWRULH D RQLULFXOXL GHYLQ DVWIHO VXUVH DOH XQXL YLJXURV FRPLF GH
VLWXD LH 'DIQLV L &ORH FkQG G GXU RFKL SX LQ OLSVL V QX VH
SU EXHDVF ODS PkQW>@/HDIRVWELQHYHQLW V UXWDUHDLSHQWUXF
LQkQGXVHXQXOSHDOWXOQDXF ]XW&DUWHDDWUHLD9,,SVDX
FXOFDW&ORHvQSDWODPDLF VD'DIQLVOD'U\DV>@'DIQLVYLV SH&ORH
LSULQVRPQvOWRWvPEU LDLV UXWDSHWDW OHL,;S
$FHVWH HOHPHQWH XPRULVWLFH QX OH FRQVLGHU P GUHSW P UFL DOH
SDVWLHL L FX DWkW PDL SX LQ DOH XQHL DXWRSDURGLL FL PDL FXUkQG
H[SUHVLDXQHLDPX]DQWHLQFULPLQ ULDH[FHVLYXOXLXQHLYkUVWH$FHODL
VXEVWUDW vQ IRQG FRPSDVLY DO FRPLFXOXL XPRULVWLF HVWH HYLGHQW vQ
HYRFDUHDORJLFLLDGROHVFHQWLQH6HDH] GHRSDUWHPkQLRVSOkQJkQG
GHFLXG F ODWUHELOHLXELULLHPDLSURVWGHFkWEHUEHFLL&DUWHDDWUHLD
;,9 S QY WXUD GH GUDJRVWH DELD OX VIkULW F 'DIQLV
FLRE QD vQF QHFRSW VH UHSH]L V SOHFHQ JRDQD PDUH VDUDWH &ORHL
FHQY DVHSDUF WHPkQGXVHF ] ERYLQGDUHV XLWH;,;S
$VRFLDW QXDQ ULORU UHDOLVWH XPRULVWLFXO FRQIHU URPDQXOXL
SDVWRUDO DXWHQWLFLWDWHD SLHUGXW GH VFULHULOH WkU]LL GH JHQ &HHD FH vQ
IRUPH GLIHULWH YD SUHOXD SkQ WkU]LX SRVWHULWDWHD HVWH vQV OLULVPXO
VLPEROLF $FHVWD HVWH UHDFWXDOL]DW XOWHULRU vQ VSD LXO HXURSHDQ SULQ
SRHPXOOLULFSDVWRUDOVSDQLRODOOXL0RQWHPD\RU'LDQDL&HUYDQWHV
*DODWHHD vQ SRHPHOH GUDPDWLFH LWDOLHQH $PLQWD GH 7DVVR 3DVWRU
ILGR GH *XDULQL L vQ URPDQXO SUH LRV IUDQFH] $VWUpH GH +RQRUp
G8UIp &D PRGHO SURSULX]LV FUHD LD OXL /RQJRV DUH R vQGHOXQJDW
FDULHU vQFHSkQG FX URPDQXO $UFDGLD DO OXL -DFRSSR 6DQD]]DUR
VHFROXO DO ;9,OHD FRQWLQXkQG FX *HVVQHU L )ORULDQ VHFROXO DO
;9,,,OHD L SkQ OD )HUGLQDQG )DEUH FX OXFUDUHD VD & SUDUXO
VHFROXODO;,;OHD
3RSXODULWDWHDURPDQXOXLvQVHFROXODO;,;OHDvQWUHVFULLWRULLGH
RULHQWDUHHFKLOLEUDWURPDQWLF GHOD*RHWKHODJHQHUD LDSDRSWLVW GH
ODQRLDUILXQDUJXPHQWvQSOXVSHQWUXVXEVWUDWXOGHDFHDVW IDFWXU D
URPDQHVFXOXLSDVWRUDOJUHFHVF
,,5RPDQXOHURWLFOLULVPGHVXEVWDQ LSDWHWLVP
DODF LXQLL
5RPDQXO HURWLF HYHQLPHQ LDO XUP UHWH HPR LD SDWHWLFXO
VXVSDQVXO(OSDUHGHVWLQDWXQXLSXEOLFHWHURJHQGHYkUVWHGLQPHGLL
L FX XQ RUL]RQW GH DWHSWDUH GLYHUVH 3ULQ LQYDULDELOXO KDSS\HQG
URPDQHVFXOQXPDLYL]HD] DWkWFDWKDUVLVXOFkWFRQFLOLHUHDFHORUGRX
GRPLQDQWH DOH DQWLFKLW LL WkU]LL PXO XPLUHD PRUDO SURSULH
SODVHD] LQGLYLGXOODDFHODLQLYHOFXGLYLQXO(VWHDLFLYRUEDSRDWHGH
XQUHIOH[DOUHWLFHQ HORUDQWLFKLW LLWkU]LLID GH]HLVDXGHFDUDFWHUXO
GHPLWL]DQWSURSULXURPDQHVFXOXLvQF GHODvQFHSXWXULOHVDOH
QFHUF ULOH OD FDUH VXQW VXSXVH SHUVRQDMHOH DX FD L vQ FD]XO
PLWLFXOXLLDOHSRVXOXLUROXULOHGHDvQWUH LQHWHQVLXQHDHSLF HYLGHQ
LLQG FDOLW LOH H[FHS LRQDOH DOH HURLORU Q DFHVW VHQV URPDQXO OXL
;HQRIRQ VLQWHWL]HD] SULQFLSDOHOH WLSXUL GH DF LXQL FDUH PRWLYHD]
GHVS U LUHD SURWDJRQLWLORU U SLUL LQWULJL vQURELUL GHWHQ LL L WRUWXUL
PRU LDSDUHQWHLLOXVWUHD] IRU DORUPRUDO vQID DLXELULORUYLQRYDWH
0DQWRVDXLPSXUH(X[LQRVL&RU\PERV
Q DQVDPEOXO HL DF LXQHD VXJHUHD] GHFL DSDUWHQHQ D OD DFHHDL
IDPLOLHVSLULWXDO H[HPSODULWDWHDDPELORUHURL5RPDQXOFXSOXOXLDVWIHO
FRQVWLWXLW SRDWH IL FRQVLGHUDW R SRVLELO UHSOLF OD SXWHUQLFD
LQGLYLGXDOLWDWHDHURLFXOXLPLWLFHSRSHLF'HVI XUkQGXVHSHFRRUGR
QDWHOH F O WRULHL SULQ FRQWH[WHOH vQ FDUH VXQWSODVD LHURLLDF LXQHD
LOXVWUHD] LRGLYHUVLWDWHDVRFLDOXOXLVSHFLILF SHQWUXPHGLLOHREVFXUH
SURSULL SUR]HL PDL WkU]LL GH DYHQWXUL 6H FRQWXUHD] DVWIHO R OXPH D
SLUD LORU vQ RSR]L LH FX IXQF LRQDULL L FX SROL DLL WLPSXOXL FD L XQ
XQLYHUV FDUH GDWHD] URPDQXO FD DQWLF SULQ VW SkQLL GH VFODYL
SUHR LPHDLVDFULILFLLOHRPHQHWLWLUDQLLORFDOLLMXGHF LOHORUVXPDUH
&HHDFHU PkQHvQV UHPDUFDELOvQURPDQLDUH LQXWLDWHQ LD
DQRQLPXOXLFDUHDUHGXVFHOH]HFHF U LPHQ LRQDWHvQVXUVHOHLVWRULFHOD
FHOH FLQFL S VWUDWH HVWH VXVSDQVXO $FHVWD SDUH V L FULVWDOL]H]H DLFL
SULQFLSLLOHGHIXQF LRQDUH$VWIHOvQFHUF ULOHSULQFDUHWUHFHURLLFXQRVF
R JUDGD LH DVFHQGHQW $PkQDUHD UH]ROY ULL XQHL VLWXD LL WHQVLRQDWH
DUXQF SURWDJRQLWLL SULQWUR UDILQDW WHKQLF D EXOJ UHOXL GH ] SDG
vQWUXQQRXFRQWH[WGHXQWUDJLVPLPDLDFXW,QWHQVLILFDUHDVSHFLILF D
HPR LHLVHRE LQHDLFLSULQPD[LPDFRQFHQWUDUHWHPSRUDO $FHVWWLPS
HVWHWLPSXODYHQWXULLLQWHUYDODOHYHQLPHQWHORUSDOSLWDQWH$VRFLHUHDORU
vQ FDVFDG vQWUR GLQDPLF FH R VXJHUHD] PDL FXUkQG SH FHD
FLQHPDWRJUDILF D VHFYHQ HORU GHFkW GUDPDWLFLWDWHD VFHQHORU GLVWLQJH
VXVSDQVXOGHDLFLGHHPR LDVWkUQLW GHDYDWDUXULOHHURLORUHSRVXOXL&DL
WHQVLXQHD HSRVXOXL L VXVSDQVXO U VSXQGH DFHOHLDL QHYRL HWHUQ XPDQH
GHQHSUHY ]XWLPHORGUDPDWLVPDODF LXQLL
$FHVW WLS GH VXVSDQV VH PDQLIHVW OD ILHFDUH GLQWUH FHOH GRX
QLYHOXUL HSLFH $QWKLD HURLQD WU LHWH LXELUHD FD R ERDO IL]LF HVWH
PDUFDW GH GHUXWD SUH]LFHULL L D UXSWXULL GH DL V L HVWH ORYLW GH
GXUHUHDGHVS U LULLGH+DEURFRPHVLDSLHUGHULLOLEHUW LLFDVFODY OD
S VWRU URDE OD KR XO +LSRWRRV SURLHFWDW MHUWI L LSRWHWLF VR LH D
LHUDUKXOXL3HULODRVLFRQVWUkQV ODFHOHPDLUDILQDWHVWUDWHJLLSHQWUXDL
5RPDQXO GH F O WRULL PDL SURSXQH XQ VSD LX ,GHQWLILFDELO FX
OXPHD SHUVDQRULHQWDO DFHVW FDGUX HVWH FHO PDOLJQ DO U W FLULL SULQ
YUHPHOQLFDvQGHS UWDUHGHILLQ DLXELW LDOSRVLELOHLvQVWU LQ ULSULQ
SHUPDQHQWXO SHULFRO DO vQF OF ULL MXU PkQWXOXL FRQMXJDO /D FDS WXO
DFHVWHL F XW UL D DGHY UXOXL OXL FD L vQ HSRVXO KRPHULF HURXO
URPDQXOXL JUHF GHVFRSHU GUHSW VXSUHP FRQILUPDUH HXO FRPSOH
PHQWDU YDORDUHD GLQ FHO ODOW +DSS\HQGXO vL FRQILUP VHPQLILFD LD
PRUDOVLPEROLF
'DF (IHVLDFDU PkQHDVWIHOXQUHSHUWRULXLQWHUHVDQWDOORFXULORU
FRPXQH SHQWUX HSLFXO HURWLF GH VXVSDQV (WLRSLFHOH OXL +HOLRGRU IDFH
FDULHU vQ LVWRULD URPDQXOXL SULQ GHS LUHD DFHVWRUD L GHPRQVWUDUHD
YDOHQ HORUPXOWLSOHDOHURPDQHVFXOXL
'LYHUVLWDWHD QLYHOXULORU FRQVWUXF LHL HSLFH FRQVDFU URPDQXO FD
VSHFLDF UHLDFRPSOH[LWDWHDLDDVLJXUDWVXFFHVXOvQWLPS
/DXQSULPQLYHOGHOHFWXU URPDQXOHURWLFLGHDYHQWXULRIHU
LPDJLQHDFXSOXOXLLGHDOLVDWLVIDFHSUREDELOLQHYRLDGHVXVSDQVLGH
DF LXQH vQWUXQ WLPS L VSD LX IDPLOLDU D XQXL UHFHSWRU HXURSHDQ
WU LQGvQWUROXPHGHGHVFHQGHQ JUHFHDVF
,PDJLQHD FUHGLELO DVXSUD OXPLL L HFKLOLEUXO YL]LXQLL SULYLQG
LQGLYLGXODLPSXVURPDQXOvQVRFLHWDWHDHOHQLVWLF DOF UHLUHIOH[HUD
FD L vQ FHD EL]DQWLQ LDU GH DLFL SULQ WUDGXFHUL FD PRGHO DO
URPDQXOXLFDYDOHUHVFPHGLHYDOLFDOHFWXU UHQDVFHQWLVW GDULFDR
FDUWHSRSXODU SHQWUXVXGHVWXOHXURSHDQ
/XPHD HYRFDW vQ (WLRSLFHOH HVWH XQ VSD LX JHRJUDILF FRHUHQW
FRQFUHW WDQJLELO SULQ OXQJLOH F O WRULL SH DS VDX SH XVFDW 8QLYHUVXO
VRFLDOLVSLULWXDOSDUFXUVvLVXJHUHD] FLWLWRUXOXLLPDJLQHDFXQRVFXW D
XQHL OXPL LHUDUKL]DWH FX R RUJDQL]DUH GH WLS SLUDPLGDO D[DW SH
ORFXLWRULOLEHULDLFHW LLQHJXVWRULQRELOLSUHR LLWLUDQLUHJLLFX
R YLD UHOLJLRDV GLYHUV GH R DOWHULWDWH DVXPDW $VWIHO HURLL
&DODVLULVL+DULFOHVSURWDJRQLWLL+DULFOHHDL7HDJHQHVOXMHVFSH,VLV
L $SROOR UHVSHFWLY SH $UWHPLV L 1HRSWROHP LDU DXWRUXO vQVXL VH
SURFODP VXSXV]HXOXL+HOLRVQVSD LLOHSDUFXUVHvQ(JLSWSURYLQFLD
WURJORGL LORUVDX(WLRSLDHURLLVWDELOHVFFRQWDFWHFXDXWRULW LFXIRU H
GH RUGLQH SROL LL VDWUDSL ORFDOL VDX KR L SLUD L ELQHOH L U XO
QHFXQRVFkQGEDULHUHVRFLDOHVDXHWQLFH
3UH]HQWDUHD DFHVWHL OXPL DQWLFH L SULQ VWUXFWXUD HL DFURQR
ORJLF VXJHUHD] GLPHQVLXQHD GRFXPHQWDU D URPDQXOXL DEVHQW vQ
HSRSHHLHVWRPSDW vQDOWHFUHD LLGHJHQ6SUHGHRVHELUHGHURPDQXO
VLPEROLFSDVWRUDODLFLGLPHQVLXQHDGRFXPHQWDU QXHVWHOLPLWDW OD
HYRFDUHD H[LVWHQ HL FRWLGLHQH FL SURSXQH LQWHUSUHWDUHD HL
5RPDQXOJUHF,(GLWXUD8QLYHUV%XFXUHWLS
ILOR]RILFDOURPDQXOXLVSUHGHRVHELUHGHFHODOHSRSHLLQXPDLRIHU
PRGHOXO DEVROXW FL SUHFHSWXO FX YDORDUH SUDFWLF LPHGLDW SHQWUX
OXPHD FRQFUHW 'LQ DFHDVW SHUVSHFWLY QH DIO P SRDWH vQ ID D XQXL
SULPURPDQILOR]RILFQDFHVWFD]HYHQLPHQ LDOXOSRDWHILFRQVLGHUDW
VXSRUWXOHSLFDOVLPEROLFXOXL3ULQPXO LPHDJHQHUDOL] ULORUFXYDORDUH
GH PD[LP (WLRSLFHOH SRDWH IL FRQVLGHUDW XQ DGHY UDW EUHYLDU DO
YL]LXQLLDQWLFKLW LLWkU]LLS JkQHDVXSUDVDFUXOXLLSURIDQXOXL
QSOLQ OXPHFUHWLQ SULPLWLY +HOLRGRUVLQWHWL]HD] FRQFHS LD
DQWLFKLW LL S JkQH DVXSUD ]HLORU FRQFHS LH FX SXQFW GH SOHFDUH vQ
SRHPHOH KRPHULFH $VWIHO HL VXQW LPDJLQD L FD ILLQ H LPDWHULDOH FX
IL]LRQRPLH LPRELO FDUH OHYLWHD] XRU DWXQFL FkQG GHVFLQG SULQWUH
RDPHQL XQ vQY DW QX VH SRDWH vQHOD HO vL FXQRDWH XRU GXS
SULYLUHD IL[ D RFKLORU L SOHRDSHOH QHPLFDWH L PDL DOHV GXS PHUV
& FLHLQXvQDLQWHD] I FkQGSDVGXS SDVFLDOXQHF LVHDYkQW FX
XQVDOWSHFDUHQLPLFQXOSRDWHRSULLWUHFSULQDHUvQORFV S HDVF
SHS PkQW,,,;,,,S
$VHPHQHD FUHWLQLORU DOH F URU DUJXPHQWH SDUH GH DOWIHO V OH
vPS UW HDVF +HOLRGRU FRQGDPQ YU MLWRULD FRQVLGHUDW R
FUHGLQ U VSkQGLW FDUH VH WkU WH SH S PkQW VXSXV IDQWRPHORU L
vPSOLQLQGXVH SULQ LQFDQWD LL (D QX DUH QLFL XQ VFRS IRORVLWRU L QX
IDFH QLFL XQ ELQH FHORU FDUH FUHG vQ HD LDU GDF DUH YUHXQ UH]XOWDW
XUP ULOHVXQWSURDVWHLMDOQLFHGHH[HPSOXLDDU W ULOHGUHSWUHDOLW L
QH U SHWH VSHUDQ D VFRUQHWH FX XXULQ FULPH L GXFH DGHVHD OD
GHVIUkX,,,;,,,S
Q FRQWH[WXO GLPHQVLXQLL ILOR]RILFH D URPDQXOXL FRQFHS LD
DVXSUD RPXOXL DVRFLD] UD LRQDOLVPXO FX FUHGLQ D vQ SUHGHVWLQDUH
$VWIHOFRQWLQXkQGWUDGL LDKRPHULF VRDUWDHVWHUHIOH[XODFWHORUI U
vQGRLDO GLQYRLQ D0RLUHORUGDULGLQFHDD]HLORUFDUHOHKRW UDX
>HURLORU@VRDUWD9,;,,S
9L]LXQHDDVXSUDGHVWLQXOXLvQVXLVHQXDQ HD] (OHVWHDOHJRUL]DW
FDRKRU JUR]DY 9;;,;SVDXFDREDODQ DVRU LLDF UHL
vQFOLQDUHU PkQHDOHDWRULH5HSUH]HQWDUHDSDUHV SUHOXQJHDVF vQWLPS
VLPEROLVWLFD SXQHULL vQ EDODQ D VXIOHWHORU GH F WUH ]HXO $QXELV L
WRWRGDW V FRQVWLWXLHRWULPLWHUHODMXGHFDWDLFXPS QLUHDELEOLF D
S FDWHORUQV VSUHGHRVHELUHDWkWGHHURXOKRPHULFFkWLPDLDOHV
GH RPXO RULHQWDO HJLSWHDQ PHVRSRWDPLDQ HYUHX SHUVRQDMXO URPD
QXOXLJUHFHVFSULQFKLE]XLQ SRDWHDWHQXDDQLKLODORYLWXULOHGHVWLQXOXL
V FHUFHW PVLWXD LDLV J VLPYUHRVF SDUH,,;9,S
2S FLW ,, ;; S 1XPHOH 0RLUHORU OD URPDQL 3DUFH VXQW
$WURSRV&ORWKRL/DFKHVLVFDUHWRUFU VXFHVFLWDLHILUXOYLH LLPXULWRULORU
XVXF L SUHVFKLPE WRW FH DWLQJH 6H ]LFH F XQLL vL YU MHVF DVWIHOSH
FHLSHFDUHvLLXEHVFLF URUDOHYRUELQHOH,,,9,,,S
& GHUHDDIHFWXOXLvQGHUL]RULXODPVSXQHGHIDFWXU PRGHUQ
SDURGLF VH UHDOL]HD] SULQ LGHQWLILF ULOH LXELULL FX IRUPHOH LHLULL GLQ
VLQHERDODEH LDGHRFKLXO0LQWHDXQXLRPvQGU JRVWLWFDLDFHOXL
EHDWHVWHPRELO LI U DVWkPS U>@'HDFHHDRPXOvQGU JRVWLWHVWH
vQFOLQDWV EHDLDUFHOEHDWV LXEHDVF ,,,;S
)RUPXODW SUREDELOSHQWUXSULPDRDU WHRULDVXIOHWHORUSHUHFKHD
UH LQXWGHVLJXUDWHQ LDDOWRUP UWXULVL LFLWLWRULDLOXL+HOLRGRU5DFLQH
&HUYDQWHV 7DVVR 7LQHULL VDX LXELW FD L FXP VXIOHWHOH ORU LDX
UHFXQRVFXW GH OD SULPD vQWkOQLUH SHUHFKHD L VDX vQGUHSWDW VSUH DFHO
VLQJXUEXQGHPQGHHL,,,9S
3UHRFXSDUHD SHQWUX UHDF LD VXIOHWHDVF VXUSULQV JUDGDW vQ
WHUPHQLLLQGLFD LHLUHJL]RUDOHFDLLQWHQVLWDWHDDIHFWXOXLFHvLDWLQJH
SkQ L SH QHPXULWRUL VXQW UDFLQLHQH DYDQW OD OHWWUH )XQGDOXO WRW PDL
FRQFHQWUDW DO WLPSXOXL GHYHQLW VXELHFWLY FRQIHU XQRU SDVDMH GH
HYRFDUH D VW ULL FRQWXUXULOH SVLKRORJLFXOXL GH WLS PRGHUQ vQ VLQH
VXJHVWLY QWkL DX U PDV QHPLFD L vQFUHPHQLQG GLQWUR GDW >@ 2
FOLS OXQJ VDXSULYLW LQW >@$SRLXQVXUkVLXWHLIXULDWU GDWUD]D
FDUHOLVHLYLVHvQRFKL'XS DFHHDFDLFXPOHDUILIRVWUXLQHGHFHHD
FH VH vQWkPSODVH DX URLW DPkQGRL GDU LPHGLDW SDWLPD S WUXQ]kQG
SHVHPQHvQDGkQFXOLQLPLORUORULDI FXWV S OHDVF ,,,9S
Q ILQH PDJLVWUXOXL XPDQLVW FOHULFXOXL VDX SXGRULL GRDPQHORU
GLQ VDORDQHOH FODVLFH +HOLRGRU OH RIHU PRUDOD LXELULL RSXV
DPRUDOLVPXOXL FRQGDPQDW GDU LOXVWUDW GH HSLFXO ODWLQ $VWIHO
vQWUHDJDRSHU UHVSLQJHGHIDSWSDVLRQDOLWDWHDvQIDYRDUHDXQHLMXVWL LLD
YLH LLFRQMXJDOH6HQWLPHQWvPS UW LWLXELUHDvQYL]LXQHDOXL+HOLRGRU
DQXQ PDL FXUkQG SHUVSHFWLYD URPDQHORU FODVLFH GH DF LXQH GHFkW
FRGXOFHORUFDYDOHUHWL$YHDXFHOSX LQSULOHMXOV ILHvPSUHXQ V VH
PkQJkLHXQXOSHDOWXOLV VHvQFXUDMH]HFDV vQGXUHFXQREOH HLFX
W ULH ORYLWXULOH SH FDUH OH SULPHDX L OXSWD SH FDUH R G GHDX FD V L
DSHUHYLUWXWHDLGUDJRVWHDSHFDUHLRSXUWDX9,,,,;S
&HHD FH DGXFH vQV LQHGLW URPDQXO OXL +HOLRGRU GLQFROR GH
PHVDMXOH[SOLFLWPRUDOL]DWRULGHHYLGHQ DLQWHQ LHLGLGDFWLFHHVWH
FDUDFWHUXO OXL OLYUHVF PDWXULWDWHD VSLULWXOXL SROHPLF SDURGLF 5RPD
QXOVHFRQVWLWXLHDVWIHOGXS WLLQ DQRDVWU vQWURSULP UHSOLF OD
ORFXULOH FRPXQH L OD DEORDQHOHWHPDWLFHVDXVWUXFWXUDOHDOHHSLFXOXL
DQWHULRU
QRSLQLDQRDVWU (WLRSLFHOHOXL+HOLRGRUPDUFKHD] XQQRXSDV
vQ SUDFWLFD URPDQHVF ID GH FUHD LD OXL /RQJRV FDSRGRSHU D
,ELGHPS
DPLQWH GH 3URWHXV GLQ )DURV FDUH FKLDU FkQG QX VH WUDQVIRUP vQWUR
ILLQ PLQFLQRDV L FX vQI LDUH VFKLPE WRDUH vQFHDUF WRWXL V WH
GXF FXYRUED,,;;,9S
3DUDIUD]DUHDVLWXD LHLPLWLFHvQFRWLGLDQHVWHRDOW LSRVWD]LHUHD
F GHULL vQ GHUL]RULX (SLVRGXO OXSWHL OXL 7LDPLV FX 3HWRVLULV SULQ
DF LXQHD vQ GHVI XUDUH WULPLWH OD HPR LD vQIUXQW ULL KRPHULFH GLQWUH
+HFWRUL$KLOHvQWLPSFHUHOD LLOHFHORUGRLIUD LVXJHUHD] FRQIUXQ
WDUHD GUDPDWLF GLQWUH (WHRFOH L 3RO\QLFH 2ELHFWXO OXSWHL L
DQHFGRWLFXO vQIUXQW ULL WUDQVSODQWHD] vQV WUDJLFXO PLWXULORUVXUV vQ
FRWLGLDQXO L OD WHQVLXQHD VW SkQLW SURSULL QDUDWLYLW LL URPDQHWL
9 ]kQG GH GHSDUWH FH VH SHWUHFH &DODVLULV LD DGXV DPLQWH GH
SUH]LFHULLDGDWVHDPDF DFHLDHUDXFRSLLLOXLLvQFLXGDYkUVWHLD
vQFHSXWV DOHUJHFXRUHSH]LFLXQHODFDUHQLPHQLQXVDUILDWHSWDWGH
ODXQRPDWkWGHE WUkQFDV DMXQJ vQDLQWHFDHLV VHRPRDUHXQXOSH
DOWXO9,,9,S
6XJHVWLLOH LURQLFH DOH FRQWH[WHORU FUHHD] FRQWUDVWXO FRPLF vQWUH
VLWXD LD HYRFDW L WHUPHQXO OLYUHVF GH UHIHULQ 6XQW VHPQLILFDWLYH vQ
DFHVWVHQVWULPLWHULOHODLQWHUYHQ LDGHXVH[PDFKLQD&XPVDvQWkPSODW
V YLQ GLQPLMORFXO*UHFLHLSkQ ODKRWDUHOH(JLSWXOXLFDLFXPDUILIRVW
DGXV vQVFHQ SHVXV",,9,,,SVDXFRPLFXOLQYROXQWDUSHQWUX
HURXDOH[DJHU ULL1XPDLWLHFHV IDF LDWXQFLVSXQHF HILLFDPHD
FDRVFRUQLUHvQWURFRPHGLH;;,,S7RDWHDFHVWHDVHP QDXFX
SURORJXOFDUHDQXQ RGUDP 9,,,;9,,S
(VHQ DvQV LDSHUVRQDMHORULURQL]HD] HURLFXOPLWLFSULQGHWDOLXO
UHYHODWRULX2PHQHVFXOOXL7HDJHQHFRUHFWHD] H[HPSODULWDWHDUHFH
LQXPDQ DOXL$KLOHvQVXL)DPLOLDOXLFRERDU GLQ$KLOHLFUHGF
HVWH vQGUHSW LW V VSXQ DFHDVWD GDF vL FHUFHW P VWDWXUD vQDOW L
IUXPXVH HDFDUHDPkQGRX VXQWGRYDGDXQXLQHDPQRELOLGHPQGH
$KLOH QV vQ DFHODL WLPS QX HVWH PkQGUX L UHSH]LW FD DFHO HURX
,9 9 S 'LQ WULSOD RULJLQH D +DULFOHHL GLYLQ XUPD D
6RDUHOXL L D OXL 'LRQ\VRV VHPLGLYLQ GHVFHQGHQW D OXL 3HUVHX L
$QGURPHGD S ULQ LL OXL 0HPQRQ L RPHQHDVF ILLF D UHJLORU HWLR
SLHQL3HUVLQDL+\GDVSHVGRDUFHDPDLEDQDO LXPLO RVDOYHD] SH
HURLQ LRULFXPHVWHVLQJXUDDFWLY vQHYROX LDGHVWLQXOXLV X
/D QLYHOXO UHJLVWUXOXL JUDYQDUDWLY SHQWUX DF LXQH HVWH HYLGHQW
FRQWLQXDUHD WHKQLFLL GH UHDOL]DUH D VXVSDQVXOXL SURSULH JHQXOXL $P
PDLUHPDUFDWGHDOWIHOF LvQDFHDVW SULYLQ URPDQXOOXL+HOLRGRU
HVWH XQ DGHY UDW EUHYLDU GH PLFURDF LXQL WLS DVRFLDWH SH IXQGDOXO
VXELHFWXOXLXQLFSULQLQVHU LDSODQXULORUFRODWHUDOH
&DQXFOHXQDUDWLYDOURPDQXOXLF O WRULDVSUHOLPDQXOWULXPIXOXL
LXELULL DSDUHQW LPSRVLELOH FRQVDFU SRDWH FHD PDL IUHFYHQW
VFKHP D HSLFXOXL GH DF LXQH )RUP GH HYD]LXQH GLQWUXQ VSD LX
RSUHVLY UHSUH]HQWDW DLFL SULQ LPSRVLELOLWDWHD vPSOLQLULL LXELULL GLQWUH
U ]ERLQLF L SUHRWHDVD ]HL HL $UWHPLV IHFLRDU I J GXLW DOWXLD
F O WRULD RIHU SUHPLVHOH HOLPLQ ULL LQWHUGLF LHL Q UHDOLWDWH HD VH
GRYHGHWHJHQHUDWRDUHDXQRUQRLvQFHUF ULPDLFXPSOLWH
Q QDUDUHD DFHVWRU vQFHUF UL vQ FDUH WHQVLXQHD SVLKRORJLF
U PkQH H[WHULRDU YHURVLPLOXO HVWH DVRFLDW XQXL VXSUDQDWXUDO
QXDQ DW 3 VWUkQG HOHPHQWH DOH IDEXORVXOXL PLWLF LQWHUYHQ LD GLYLQ
YRLQ D PRLUHORU SURIH LLOH YLVXULOH SUHPRQLWRULL L DOH PDJLFXOXL
YU MLOHLLQFDQWD LLOHPDPHLHJLSWHQHLDOHGRLFLL&LEHOHURPDQXOOXL
+HOLRGRU FLUFXPVFULH L UHSHUHOH XQXL IDQWDVWLF OLYUHVF 0RWLYD LD
LUD LRQDO 6HVSXQHF WDW OOXL+RPHUDUILIRVWSUHRWGDUGHIDSWFHO
DGHY UDWDIRVW+HUPHVQF GHODQDWHUHHODYHDXQROGDFRSHULW
GH XQ S U OXQJ L GH DLFL vL YLQH QXPHOH FDUH L VD GDW PDL WkU]LX vQ
*UHFLD,,,;,9SDPkQDUHDH[SOLFD LHLORJLFHXQLFHSULQ
PXOWLSOLFDUHDLSRWH]HORUIDQWH]LVWH3RDWHF DIRVWH[LODWRULSRDWH
vO L]JRQLVH WDW O OXL RUL SRDWH W FHUHD DFHDVWD QD IRVW GHFkW XQ
PLMORF,,,;,9SVXJHUHD] SUHPLVHOHIDQWDVWLFXOXLSVLKRORJLF
VXVSHQGDUHD VHQVXOXL ORJLF DO HYHQLPHQWXOXL SULQ DFWXO VXSUDQDWXUDO
QDWHUHD +DULFOHHL ILLFD DOE D vPS UD LORU HWLRSLHQL F O X]LUHD OXL
&DODVDULVGHF WUHYRFLPLVWHULRDVHIO F ULOHFDUHQXRDUGSHHURLQ
SOkQVXO WRU LRQDULORU vQ ID D YLFWLPHORU FDQWRQHD] IDQWDVWLFXO
URPDQHVFvQVIHUDPLUDFXORVXOXLGHGLDORJFXFHOELEOLF
$VRFLHUHD UHJLVWUHORU JUDYQDUDWLY L FRPLFGHPLWL]DQW LQVWLWXLH
XQ MRF DO QLYHOHORU LPSOLF ULL QDUDWLYH DXFWRULDOH FDUH PDUFKHD]
VWUXFWXUDURPDQXOXL
3UH]HQ DDXFWRULDO VHIDFHVLP LW SRDWHSHQWUXSULPDRDU vQ
HSLFXO vQ SUR] SULQ FUHDUHD DFHVWXL VXEWH[W FRPLF FDUH VW SkQHWH
WHQVLXQHDHSLF PHQ LQkQGRvQOLPLWHOHYHURVLPLOXOXL
1DUDWRUXO vQ URPDQ vL DOWHUQHD] SHULRGLF P WLOH LPSULPkQG
HSLFXOXL R GLQDPLF VSHFLILF vQWUH LPSOLFDUHD FD PDUWRU HURX L
GLVWDQ DUHDRPQLVFLHQW
$VWIHO FRQVWUXF LD QDUDWLY WU GHD] UDILQDPHQWXO XQXL UHWRU
5RPDQXO (WLRSLFHOH vQFHSH LQ PHGLD UHV FRQIRUP H[SHULHQ HL
KRPHULFHGLQ2GLVHHDSHQWUXFDH[DFWODPLMORFXORSHUHLvQFDUWHDD
9D V ILH H[SOLFDW FDUQDJLXO FX FDUH GHEXWHD] DF LXQHD 3UHGR
PLQDUHDRPQLVFLHQ HLSURSULHSUR]HLHSLFHHVWHDQXODW SULQDOWHUQDUHD
QDUDWRULORU FDUH LQWURGXF DVWIHO vQ PRG ILUHVF vQ URPDQXO HYHQL
PHQ LDOSODQXULOHQDUDWLYHVSHFLILFHVWUXFWXULLLQHODUH
1HFRQWXUD L SVLKRORJLF FL GRDU VRFLDO L SULQ UHOD LLOH FX
SURWDJRQLWLL QDUDWRULLHURL GRPLQDQW &DODVLULV F U LOH ,,9 LQFL
GHQWDO &QHPRQ FD L FHL HSLVRGLFL +DULFOHV WkQ UXO SD]QLF
GHOLPLWHD] HSLF UHSHUHOH FURQRORJLFH WLPSXO SHQWUX DF LXQHD
DQWHULRDU QDXIUDJLXOXL GH OD IXJD GLQ &HWDWH SkQ OD FDSWLYLWDWHD OD
7LDPLV SRYHVWLW GH &DODVLULV LQWHUYDOXO GH OD QDXIUDJLX OD VRVLUHD OD
0HPILVvQFDUHSHUVSHFWLYDOXL&DODVLULVDOWHUQHD] FXFHDDQDUDWRULORU
VHFXQGDULLVHFYHQ DDYDWDUXULORUHWLRSLHQHvQUHJLVWUDW RPQLVFLHQW
3H XUPHOH 2GLVHHL +HOLRGRU YDORULILF GLQ SOLQ YDOHQ HOH
HYRFDWRDUH DOH PHPRULDOLVWLFLL WUXFDWH (O vL FRQIHU GLQDPLVP L
FXORDUH SULQ LQWURGXFHUHD XQRU LQWHUYHQ LL vQ WH[WXO QDUDW FDUH
SRWHQ HD] vQGHREWH VXVSDQVXO DF LXQLL $VWIHO SRYHVWLUHD vQ VLQH vL
IL[HD] FDGUXOH[SR]LWLYSULQDPSODHYRFDUHFXFDUDFWHUGRFXPHQWDU
SHQWUX SURFHVLXQHD vQFKLQDW OXL 1HRSWROHP L FX URO GH UHOLHIDUH D
WHQVLXQLLSVLKLFHvQFDGUXOVFHQHLILQDOHGHOD0HURH
1DUD LXQLOH SDUDOHOH VXJHUHD] FRPSOHPHQWDULWDWHD HXULORU
WXOEXUDUHD LXELUHD VXIHULQ D +DULFOHHL DOXL7HDJHQHVDXYL]LXQLOH
WRWDO GLIHULWH GH SH SR]L LL GLVWLQFWH ID GH DFHODL HSLVRG Q
FRQWUD]LFHUHDOXL&DODVLULVGHF WUH+DULFOHVODPDUHDMXGHFDW J VLP
SRDWHXQSULPH[HPSOXOLWHUDUGHSOXULSHUVSHFWLYLVP
'LDORJXOFDGUX DO SRYHVWLULL UHOLHIHD] vQ SUHOXQJLUHD
GLPHQVLXQLL SROHPLFH D URPDQXOXL ILUHVFXO YRLW DO RUDOLW LL L GHFL
YHURVLPLOLWDWHDFRQWH[WXOXLUHSUH]HQWkQGLXQIHOGHPHWDWH[WVDXGH
SUHWH[W SVLKRORJLF 'XS FH VD WHUPLQDW SURFHVLXQHD L VDFULILFLXO
H[SLDWRULX 3HQWUX PLQH QX VD WHUPLQDW vQF WDW OD vQWUHUXSW
&QHPRQ P S U VHWL L ODL V FDG FRUWLQD FDUH DELD VH
ULGLFDVH8UP UHVFvQLVWRULVLUHDPHDQXPDLFHHDFHHVWHvQVHPQDW
LFHPLDLFHUXWV LO PXUHVFGHODEXQvQFHSXW,,,,S
(SLVWROD FD GRFXPHQW J VLW VFULVRDUHD 3HUVLQHL L W EOL HOH
7LVEHL QX DUH IXQF LD GH UDP QDUDWLY FD vQ URPDQXO PDWXU FL
UHSUH]LQW HOHPHQWXOSULQFDUHVHHFKLOLEUHD] WHQVLXQHDHSLF ILHSULQ
VDQF LRQDUHDPRUDOL]DWRDUHILHFDGH]QRG PkQWMXVWL LDU
5DILQDPHQWXOFRQVWUXF LHLvQVLQHSDUHDILvQFD]XO(WLRSLFHORU
OXL+HOLRGRURLOXVWUDUHDYL]LXQLLDXWRUXOXLvQVXLDVXSUDDUWHLLGHFLD
DVXP ULLFRQGL LHLVFULLWRULFHWLFDSHUVRQDOLWDWHFUHDWRDUHGHUHDOLWDWH
HVWHWLF SULQWDOHQWXOOXLGHV YkULWFDUHQXODUILULGLFDWDWkWGHVXV
GHDVXSUDFHORUODO LGDF QXDUILDYXWvQHOLQVSLUD LHVDXVSLULWGLYLQ
,,,;9S
$FHVWH DSUHFLHUL DOH OXL (OLH )DXUH VXEOLQLD] DWkW UHOD LD GH
GHSHQGHQ D VSLULWXDOLW LL ODWLQH ID GH FHD JUHFHDVF XQDQLP
DFFHSWDW FkWLLGHHDPDLUHFHQW DFDUDFWHUXOXLDFWLYDOFHOHLODWLQH
ID GH FHD HOLQ 3LHUUH *ULPDO UHVSLQJH WRWDO RSLQLD UHGXFHULL
FUHD LHLODWLQHODXQGHFDOFOLSVLWGHYDORDUHQ VFXWGLQFHDJUHDF
$QDOL]kQG GLQ DFHDVW SHUVSHFWLY FRQGL LD OLWHUDWXULL SURIHVRUXO
IUDQFH] QXDQ HD] OHJ WXUD GLQWUH FHOH GRX VSD LL DUWLVWLFH 3HQWUX
HWDSHOH PDMRUH GLQ LVWRULD OLWHUDWXULL ODWLQH FHUFHW WRUXO LPSXQH
WHUPHQLLFDUHSUHFL]HD] DF LXQHDFRQFUHW DVSLULWXDOLW LLODWLQHDVXSUD
DFHHDFHVHFRQILJXUHD] DVWIHOPDLFXUkQGFDPRGHOGHFkWFDVXEVWUDW
JUHF &HOH GRX FLFOXUL >JUHF L ODWLQ@ DX DYXW FkWHYD SXQFWH GH
FRQWDFW vQ QLFL XQ PRPHQW vQV HOH QX VDX VXSUDSXV 'DWRULD
OLWHUDWXULL ODWLQH ID GH RSHUHOH L JkQGLUHD JUHDF HVWH LPHQV 1X H
PDL SX LQ DGHY UDW F HD D WUDQVIRUPDW WRW FHHD FH vPSUXPXWD F D
FRQIHULWOLWHUHORUJUHFHWLDOWHUH]RQDQ HLF vPSUXPXWXULOHSUDFWLFDWH
DXIRVWvQWRWGHDXQDLvQSULPXOUkQGQLWHRS LXQL>VXEOQV$9@
'HD OXQJXO VHFROXOXL DO ,,,OHD v +U DWXQFL FkQG DSDU SULPLL
DXWRUL GH OLPE ODWLQ L DQXPH R VHULH GH SRH L RSHUHOH JUHFHWL
FRQWHPSRUDQH VXQW FHOH FDUH VHUYHVF GUHSW PRGHO $VLVW P DVWIHO OD
QDWHUHDXQHLOLWHUDWXULODWLQHSHFDUHDPSXWHDV RQXPLPHOHQLVWLF
QFHSkQG FX VHFROXO DO ,,OHD v +U JkQGLUHD JUHDF L JkQGLUHD
URPDQ DX WU LW vQWUR VLPELR] DSURDSH WRWDO 3LHUUH *ULPDO
VLQWHWL]HD] L SULQFLSDOHOH UHVXUVH SURSULL DOH OLWHUDWXULL ODWLQH
5HOLJLD SULQ LPQXUL HVWH Y ]XW GH LVWRULFXO OLWHUDU FD VXEVWDQ D
OLULVPXOXL LDU SULQ MRFXUL OXGL D WHDWUXOXL FDUH HUD R IRUP
SRHWLF 9LD DSROLWLF SULQFkQWHFHOHGHRVS FRQVWLWXLHRULJLQHD
HSRVXOXLHURLFGXS FXPDSDUL LDWLPSXULHDQRUPHORUMXULGLFHSHOD
PLMORFXOVHFROXOXLDO9OHDv+UDLPSXOVLRQDWDSDUL LDHORFLQ HLLDU
DWHQ LD DFRUGDW DUKLYHORU VW OD ED]D GH]YROW ULL LVWRULRJUDILHL L D
SUR]HLLVWRULFHGHPDLWkU]LX
7LPLGHLWkU]LLID GHPDQLIHVW ULOHJUHFHWLSULPHOHIRUPHDOH
OLWHUDWXULL ODWLQH vL DX REkULD vQ VSD LXO LWDOLF QWUHDJD HYROX LH D
DFHVWHL OLWHUDWXUL DILUPDW SHQWUX SULPD RDU SULQWUR WUDGXFHUH D
SRHPHORU KRPHULFH VD GHVI XUDW VXE VHPQXO SHUPDQHQWHL
,VWRULDDUWHL$UWDDQWLF %XFXUHWL(GLWXUD0HULGLDQHS
/LWHUDWXUDODWLQ %XFXUHWL(GLWXUD7HRUDS
3LHUUH*ULPDORSFLWS
2GLVVLD VDX 2G\VVLD HVWH WUDGXV vQ YHUVXUL VDWXUQLQH VSHFLILF
LWDOLFHGH/LYLXV$QGURQLFXVvQVHFROXODO,,,OHDv+U
3LHUUH*ULPDORSFLWS
3XEOLXV9HUJLOLXV0DURRFWRPEULHv+U$QGHVVHSWHPEULH
v+U%UXQGLVLXPHVWHSRHWXOFDUHDO WXULGHFRQWHPSRUDQXOV X+RUDWLXV
FODVLFL]HD] SRH]LD GLQ HSRFD OXL $XJXVWXV $VRFLLQG vQY WXULOH FROLL
HSLFXUHLFHFXHORFLQ DGHSULQV ODFRDODXQXLUHWRUDOH[DQGULQvQ%XFROLFHL
*HRUJLFH 9HUJLOLXV SOHGHD] SHQWUX HFKLOLEUXO L DUPRQLD H[LVWHQ LDO
GHVFRSHULW vQOLQLWHDYLH LLSDVWRUDOH
3ULQDFHVWHRSHUHHVWHGHMDPDQLIHVW SR]L LDOXL9HUJLOLXID GHPRGHOXO
JUHFLVHDQWLFLSHD] WRWRGDW DFHHDLUHOD LHLODQLYHOXOHSRVXOXL5HGDFWDW vQ
XOWLPLL DQL GH YLD DL SRHWXOXL v +U HSRSHHD HVWH RSHUD FDUH
U VSXQGH RUL]RQWXOXL GH DWHSWDUH DO FHW LL DYLG V L LGHQWLILFH VSLULWXO FX
LPDJLQHDHYRFDW GHSRHWXORILFLDO
DHGXOXLODRUL]RQWXOGHDWHSWDUHHWLFRILOR]RILFDOXQXLUHFHSWRUGLYHUV
GH OD QRELOXO VW SkQ GH VFODYL SkQ OD VFODYXO VDX RPXO OLEHU GLQ
FHWDWH&DSHUIRUPDQ LQWHUSUHWDWLY HOI FHDRELHFWXOvQWUHFHULORUL
HUD UHDFWXDOL]DW ULWXDOLFODPDULOHFHUHPRQLLDOHSROLVXOXL5DSRUWDELO
OD VSRQWDQHLWDWHD FUHD LHL PLWLFIROFORULFH HSRSHHD JUHDF SULQ
UHDFWXDOL] UL SDUH D IL IRVW XQ PRG GH FHOHEUDUH D WUHFXWXOXL DVWIHO
UHvQYLDWLDSHUIHF LXQLLDUWHLFDUHvOHYRF
(ODERUDUHD (QHLGHL HVWH UHIOH[XO XQHL YRLQ H HVWHWLFH L DO XQXL
SURJUDPSROLWLFvQGU ]QH
'XS FXP DP Y ]XW WUDGL LD HSLF ODWLQ DVSLUD VSUH FUHD LD
HSRSHLF QV 9HUJLOLXVDERUGHD] HSRVXOQXDWkWGLQYRLQ DLQWHJU ULL
vQ WUDGL LD JHQXOXL vQDOW QHHJDODW vQ PHGLXO ODWLQ FkW GLQ GRULQ D
FUH ULL DUJXPHQWXOXL HVWHWLF FX YDOHQ H SROLWLFRLGHRORJLFH SHQWUX
SXWHUHD L SR]L LD 5RPHL 2SHUD VD FRQVDFU SULQ L]EkQGD HVWHWLF
WUDGL LDHSRVXOXLODWLQGHDFRQIHULLRGLPHQVLXQHSROLWLF PHVDMXOXL
HWLFRILOR]RILF DO RSHUHL 6SUH GHRVHELUH GH HSRSHHD JUHDF vQ FDUH
HURXOGLYLQXOXPDQXOHUDXGHRLGHDOLWDWHDWHPSRUDO HSRSHHDODWLQ
HVWH H[SUHVLD XQXL VSLULW GDWDW PRGHUQLWDWHD QRLL VSLULWXDOLW L FDUH
WRFPDL VH FRQVROLGHD] 3RUQLQG GH DLFL SXWHP H[SOLFD GH FH vQ
SHULRDGHOH GH FRQVWLWXLUHDXQXLQHDPODvQFHSXWXULOH(YXOXL0HGLX
VDX vQ FHOH GH DILUPDUH D XQHL QD LXQL vQGHREWH vQ ]RULL VHFROXOXL
URPDQWLF PRGHOXO HSLF GRPLQDQW HUD (QHLGDvQWLPSFHFODVLFLVPXO
VHFROHORU ;9,,;9,,, vL UHYHQGLF vQGHRVHEL IRUPXOD L WLSRORJLD
SHUVRQDMHORUKRPHULFH
$YkQG FD SXQFW GH SOHFDUH GDWHOH FXQRVFXWH GLQ HSRVXO OXL
1DHYLXV L PDL DOHV (QQLXV 9HUJLOLXV U VSXQGH RUL]RQWXOXL GH
DWHSWDUHGLIX]DOFHW HDQXOXLURPDQ(QHLGDFODULILF RS LXQHDSROL
WLF LvQDFHODLWLPSRIRUPXOHD] vQWHUPHQLLDOHJRULFVLPEROLFLFH
WULPLW OD SHUPDQHQ D YHFKLORU YDORUL LWDOLFH OD LGHDOXULOH SROLWLFLL GH
P UH LH SULQ SXWHUH (SRSHHD DQWLFLSHD] L VDWLVIDFH SH GHSOLQ XQ
RUL]RQWGHDWHSWDUHFDUHV U VSXQG XQRULPSHUDWLYHH[WUDOLWHUDUHGH
MXVWLILFDUH D RUJROLLORU L D SUHWHQ LLORU LPSHULDOH (D RIHU GH IDSW
LPDJLQHDGHVLQHQHFHVDU VSLULWXOXLLPSHULDOSHQWUXPRWLYDUHDSDWULR
WLF DFHW HQLORUURPDQL
6WUXFWXUD L VXELHFWXO (QHLGHL DWHVW DPEL LD YHUJLOLDQ GH
UHDOL]DUH D XQHL VLQWH]H D VXEVWDQ HL HSLFH GLQ HSRSHLOH KRPHULFH
7RWRGDW vQFDGUDUHD vQ OLPLWHOH PRGHOXOXL KRPHULFHYLGHQ LD] SRDWH
IDSWXO F YRLQ D GH vQQRLUH D SRHWXOXL QX VH PDQLIHVW OD QLYHOXO
LQYHQ LHLRUJDQL] ULLHSLFHFLODDFHODDOVHPQLILFD LLORU
YDORDUHD VLPEROLF D LQWU ULL vQ WUDGL LH D OXL (QHDV FD WDW SULQ
SUHOXDUHDIXQF LHLSDWHUQHGDULFDVOXMLWRUDOWUDGL LHLSULQvPSOLQLUHD
ILGHO D GDWLQLORU IXQHEUH L FRPHPRUDWLYH 7DW O OXL (QHDV HVWH
DVWIHOWRWRGDW SLRVXO(QHDV
& GHUHDLPRDUWHDFkUPDFLXOXL3DOLQXUXVvLSULOHMXLHWHvQPRG
VLPEROLF HURXOXL DVXPDUHD UROXOXL GH F O X] VO YLW F SHWHQLH
FRQGXF WRUGDUGDQ
([SHULHQ D DGkQFLULL vQ LQIHUQ VXJHUHD] GHS LUHD SULQ
FXQRDWHUH L FODULILFDUH D XQRU HWDSH DOH SURSULHL H[LVWHQ H XOWLPD
vQWUHYHGHUH FX 'LGRQD FkW L D FHOHL FROHFWLYH UHYHGHUHD ILQDO FX
HURLLWURLHQL
8OWLPD vQWkOQLUH FX $QFKLVH vQ ,QIHUQ FRQILUP VDFULILFDUHD
FRQGL LHLSHUVRQDOHLDVXPDUHDGHF WUHHURXDH[SRQHQ LDOLW LLVDOH
$LFL GH IDSW (QHDV GHYLQH WDW O 5RPHL FRQWHPSOkQG LPDJLQHD
JORULHL &HW LL UHSUH]HQWDW GH E WUkQ FD SXQWH vQ WLPS FH vQJH
P QHD] WUHFXWXO OXL $QFKLVH SUH]HQWXO FD GHPQ JDUDQ LH D
YLLWRUXOXL SXUWDW GH (QHDV L YLLWRUXO WLPS DO P UH HORU vPSOLQLUL
vQWUHY ]XWHvQXPEUHOHQHQ VFXWH
3 WUXQ]kQG VHQVXO XPEUHORU GLQ WUHFXW L GLQ YLLWRU F O X]D
VSLULWXDO GH LQHFXQRDWHUHDSURIXQG DVFRSXOXLLDPLMORDFHORUFDUH
RFRQYHUWHVFvQHURXOFLYLOL]DWRULvQS ULQWHOHIRQGDWRUQ HOHSWXO
(QHDVHVWHDVWIHODOWFHYDGHFkWILOR]RILFXO2GLVHXUHSOLFDGDW DLFL
GH FUHD LD YHUJLOLDQ ILLQG FHD D UHIOH[LYLW LL SUDJPDWLFH DFWLYH vQ
LVWRULHvQSODQXOGHVWLQXOXLFROHFWLY
Q FHOH FkQWXUL 9,,;,, DOH vQWHPHLHULL (QHDV QX HVWH vQV
QLFLRVLPSO DGDSWDUHODWLQ DOXL$KLOHRvQYHPkQWDUHDOXLvQWRJ
(OQXHVWHHYRFDWGH9HUJLOLXFDXQFXFHULWRUSULQIRU (URXODSDU LQH
LQXWXULORUODWLQHSULQIDWXPXODOF UXLJDUDQWVXQW]HLL$FFHQWXOSXV
SHIDWXPOLPLWHD] UROXOPDULORUGLYLQLW LODFHOGHDJHQ LDLDFHVWXLD
7DW O ]HLORU 9HQHUD VDX GH RSR]DQ L PDL FXUkQG UHVHPQD L
,XQRQD ,QHGLW ID GH HSRVXO JUHF HVWH UHOLHIXO GDW GLYLQLW LORU
VHFXQGDUH GLQ SDQWHRQXO JUHF HULQLLOH VDX XQRU UHSUH]HQW UL DOH
SRUQLULORU DEVWUDFWH RVWLOH 3L]PD 8UD )XULLOH )ULFD L )RDPHD
0RDUWHD L 7UXGD 6RPQXO 5 ]ERLXO 3ODVDWH vQ ,QIHUQ HOH
FLUFXPVFULX OLPLWHOH FRQGL LHL XPDQH DQWLFLSkQG DWkW UHSUH]HQW ULOH
GDQWHWL DOH SDWLPLORU RPHQHWL FkW L VXJHVWLLOH GH LQWHUSUHWDUH
SVLKRORJLF GLQHSRSHHDHURLF LILOR]RILF DVHFROXOXLDO;9,,OHD
([FOX]kQGOLEHUWDWHDGHUHDF LHDPRLUHLIDWXPXOHVWHOD9HUJLOLX
GHVWLQXO LUHYRFDELO SXUW WRU SkQ OD XOWLPHOH FRQVHFLQ H DO SURSULHL
FRQVHFYHQ H$FHVWDIDFHGHIDSWFDGHVWLQXOLQGLYLGXDODOOXL(QHDVV
,,5RPDQXOSHUHQLWDWHDUHDOLVPXOXLLPRGHUQLWDWHD
FRPLFXOXLVDWLULFSDURGLF
5RPDQXO ODWLQ PDUFDW GH GXEOD SUHVLXQH D SROLWLFXOXL L D
HWLFXOXL FD IRUP GH FHQ]XU WLUDQLF L FD H[SUHVLH D XQHL
QHMXVWLILFDWHFRQWLLQ HDPDUHDSURSULHLGHFDGHQ HDSDUHvQVHFROXO
,G+U(ODUHRFXWRWXODOW PRWLYD LHGHFkWFHOJUHFHVFLXQDOWWLSGH
GHVWLQDWDU 'HGLFDW XQXL SXEOLF HWHURJHQ GLQWUXQ YDVW LPSHULX FX
JXVWXUL GLYHUVH URPDQXO vQFHDUF V O VDWLVIDF UHQXQ kQG OD WUDGL LD
LQYHQ LHLJUHFHWLvQIDYRDUHDDQDOLWLVPXOXL
'DF SULQ URPDQ OXPHD JUHDF vL DILUPD VHQLQ LGHQWLWDWHD L
UHIOHFWDRUJROLRVDVXSUDSURSULLORUYDORULvQWRWGHDXQDWULXPI WRDUH
IRUPXOkQGFHUWLWXGLQLLFDQRDQHXQLYHUVXOODWLQPHGLWHD] DVXSUDXQHL
OXPLDSHUPDQHQWHLFUL]HDFRQWHVW ULLYDORULORUFRQVDFUDWHLDGHUXWHL
vQID DYLGXOXLDVWIHOFUHDW
5DSRUWDW OD WLSRORJLD WHPDWLFD YL]LXQHD L VWUXFWXUD FHOXL JUHF
HSLFXODPSOXODWLQVHVWUXFWXUHD] PHUHXvQUHSOLF $VWIHORULHQW ULL
HOLQH VSUH ILF LXQH H[RWLVP VHQWLPHQWDOLWDWH L SDWHWLVP HO OH RSXQH
FRQVWDQWD SUHRFXSDUH SHQWUX UHDOLWDWH FRWLGLDQ DFWXDOLWDWH
DQWLVHQWLPHQWDOLVPFULWLFGHPDVFDWRU5HIOH[XODFHVWRURS LXQLvQSODQ
HVWHWLF vO UHSUH]LQW UHDOLVPXO DFFHQWXDW PRUDOLVPXO L UHVSLQJHUHD
FDQRQXOXLJUHFSULQWURHIHUYHVFHQW F XWDUHDXQRUIRUPXOHSURSULL
$FXP SDOHWD VSHFLLORU vQWUH FDUH VH LQGLYLGXDOL]HD] URPDQXO
HVWH GLYHUVLILFDW vQ F XWDUHD XQXL GLVFXUV FkW PDL VXJHVWLYFULWLF
6DWXUDGHYLQHVDWLUDSULQ3HUVLXVL,XYHQDOVHDILUP VDWLUDPHQLSHH
OD9DUUR6DWXUDH0HQLSSHDHL6HQHFD$SRNRORNLQWRVVLVvQIORUHVF
HSLJUDPDvQFUHD LLOHOXL,XYHQDOLIDEXODOD)HGUX
$S UXW vQWUXQ DVHPHQHD FRQWH[W GH PDWXULWDWH FUHDWRDUH GDU L
GHFUL] DYDORULORUSURSULHXQHLOXPLDQWLFHFUHSXVFXODUHURPDQXOOXL
3HWURQLXV SULPXO URPDQ ODWLQ QHW VXSHULRU URPDQHORU JUHFHWL
DILUP RS LXQHD IHUP SHQWUX UHDOLVPXO VDWLULF 7RWRGDW 6DW\ULFRQXO
OXL 3HWURQLXV DWkW FkW VD S VWUDW VSUH GHRVHELUH GH ULJLGLWDWHD
3 VWUDW IUDJPHQWDU vQ VHFYHQ H LQFRPSOHWH GLQ FHOH VDX F U L
DOHURPDQXOXL6DW\ULFRQDIRVWDWULEXLWVFULLWRUXOXLODWLQ7LWXV3HWURQLXV1LJHU
VDX &DLXV 3HWURQLXV $UELWHU G+U &XQRVFXW SULQ HOHJDQ D L
UDILQDPHQWXO V X FD L SULQ SULHWHQLD FX 1HUR 3HWURQLXV VD LPSXV SULQ
OHJHQGDVLQXFLGHULLVDOHLFDDUELWHUDOPRUDOHLQXQXPDLHOHJDQWLDUXP
(&L]HN5RPDQXOODWLQDOFRQGL LHLXPDQHvQ(YROX LDURPDQXOXL
DQWLF(GLWXUD8QLYHUV%XFXUHWLS
7RDWHFLWDWHOHGLQWH[WSURYLQGLQ6HQHFD$SRNRORN\QWRVLV3HWURQLX
6DW\ULFRQ WUDGXFHUH SUHID L QRWH GH ( &L]HN (GLWXUD SHQWUX /LWHUDWXU
%XFXUHWL
&LQHQXWLHLXELQGV VHQIUXSWHGLQGDUXO9HQHULL"
&LQHQHSRDWHRSULV KX]XULPvQSDWFDOG"
1HDLSRUXQFLWRVDYDQW(SLFXUDGHY UXOXLWDW
QY WXUD LQHDVSXVYLD DQXDUHDOW HOS
'LQFROR GH DFHDVW SUREDELO XQLF RS LXQH VWUHFXUDW vQ
URPDQ 3HWURQLXV H[SXQH vQ 6DW\ULFRQ DOWHUQDWLYH VWLOLVWLFH DVLDQLVP
VDX DWLFLVP VDX ILOR]RILFH VWRLFLVP L HSLFXUHLVP SOHGkQG PDL
FXUkQGSHQWUXPRGHUD LHLO VkQGXLFLWLWRUXOFDUHQXSRDWHILGHFkW
FXOWLYDW V RSWH]H &RQGDPQDW SDUF OD PRGHUQLWDWH vQ WHUPHQL
DSURDSH FRQWHPSRUDQL QRX DXWRUXO ODWLQ SURPRYHD] YDORDUHD GH
UHVXUV FODVLF 0RGHUQLWDWHD UH]LG DLFL vQ MXVWD VHVL]DUH D UHOD LHL
GLQWUH FRQ LQXW L IRUP L GLQFROR GH DVSHFWXO WHRUHWLF vQ VXJHVWLL
PHWDWH[WXDOH WUHEXLH V DYHP JULM FD VHQWHQ HOH V QR LD UD]QD
GHSDUWH GH PLH]XO OXFU ULL FL V VWU OXFHDVF FRORUDWH vQWRFPDL FD
UHVWXO HV WXULL RSHUHL XQHRUL DXWRLURQLFH 7UHEXLH V IXJLP GH
WHUPHQLLYXOJDULLWUHEXLHV QHIHULPGHFXYLQWHOHFDUHVHDIO vQJXUD
SOHEHL S 3HWURQLXV SDUH V L H[SULPH GH IDSW FRQWLLQ D
SURSULHL LQGLYLGXDOL] UL FUHDWRDUH vQ FRQWH[WXO HSRFLL Q JHQHUDO
XQLWDWHDGLQWUHIRQGLIRUP LOLPEDMXOFODVLF"vQJULMLWDXYDORDUH
GH QRUP 3URSULD RSHU SDUH V VSXQ HO HVWH DOWFHYD ILLQG
DOWFXPYD,GHQWLILF PDLFLLLGHLGDUPDLDOHVRUJROLXOVLQJXODUL] ULL
XPDQLVWH FDUH vO DSURSLH GLQ QRX SH 3HWURQLXV GH UHQDVFHQWLVWXO
5DEHODLV
&RPLFXOFXWRDWHQXDQ HOHOXLDVRFLDWOXGLFXOXLVDXJUDYLW LL
HVWH vQ VLQH XQ DOW HOHPHQW FDUH SHUPLWH UDSRUWDUHD OXL 3HWURQLXV OD
5DEHODLV L vQ DFHODL WLPS LOXVWUHD] VXSHULRULWDWHD DUWHL SHWURQLHQH
DVXSUDFRQWHPSRUDQLORUV L
/D XQ SULP QLYHO GH OHFWXU FHO DO HYHQLPHQ LDOXOXL DWUDJH
DWHQ LDFRPLFXOGHVLWXD LHLGHFDUDFWHUvQFDUH3HWURQLXVH[FHOHD]
VDWLVI FkQG GLQ SOLQ DWHSWDUHD XQXL SXEOLF GRUQLF GH GLYHUWLVPHQW
6LWXD LD FRPLF HVWH XQHRUL UHOLHIDW SULQ GHWDOLXO LODU Q DFHVW FD]
UkVXOvLDUHVXUVHOHvQLQDGHFYDUHODFRQWH[WRELHFWHOHFDVQLFHGHYLQ
DUPH VDX OD IXQF LH RDPHQLL SDQLFL VH FRQYHUWHVF vQ YDMQLFL
OXSW WRUL8QXOXPEODV LYkUHvQRFKLRIULJDUHSOLQ GHP UXQWDLH
FDUHvQF PDLVIkUkLDXDOWXOSXQHDPkQDSHRIXUF GHP FHO ULHLOXD
SR]L LHGHOXSW &HDPDLvQYHUXQDW HUDREDE XUGXURDV >@7kUD
GHODQ XQGXO XFkWWRDWH]LOHOHLODVPX HDvPSRWULYDOXL(XPROSXV
'DU HO VH DS UD GH WRDWH DWDFXULOH FX DMXWRUXO FDQGHODEUXOXL V X
S 0LPDUHD SDWHWLF D JUDYLW LL HVWH R DOW VXUV FRQVLVWHQW D
FRPLFXOXL GH VLWXD LH LD vQILSW EULFLXO vQ JkW GH GRX RUL L VD
(&L]HNRSFLWS
%,%/,2*5$),(6(/(&7,9
$QWRQHVFX 9HQHUD (VHQ H DQWLFH vQ FRQILJXUD LL PRGHUQH
%XFXUHWL(GLWXUD8QLYHUV
$ULVWRWHO3RHWLFD%XFXUHWL(GLWXUD$FDGHPLHL
%DKWLQ 0 3UREOHPH GH OLWHUDWXU L HVWHWLF %XFXUHWL (GLWXUD
8QLYHUV
%DORW 1LFRODH 0DSDPRQG OLWHUDU %XFXUHWL (GLWXUD &DUWHD
5RPkQHDVF
%DUEX 1, 9DORULXPDQHvQOLWHUDWXUDJUHDF %XFXUHWL(GLWXUD
SHQWUX/LWHUDWXU 8QLYHUVDO
%DUWKHV5RODQG0\WKRORJLHV3DULVeGLWLRQVGX6HXLO
%ODJD /XFLDQ 7ULORJLD YDORULORU ,, *kQGLUH PDJLF L UHOLJLH
%XFXUHWL(GLWXUD+XPDQLWDV
%RLD /XFLDQ 3HQWUX R LVWRULH D LPDJLQDUXOXL %XFXUHWL (GLWXUD
+XPDQLWDV
%XILqUH )HOL[ 0LWXULOH OXL +RPHU L JkQGLUHD JUHDF %XFXUHWL
(GLWXUD8QLYHUV
&L]HN (XJHQ (YROX LD URPDQXOXL DQWLF %XFXUHWL (GLWXUD
8QLYHUV
&UH LD3HWUX6FULLWRULJUHFLLODWLQL%XFXUHWL(GLWXUDWLLQ LILF
L(QFLFORSHGLF
'DQLHO&RQVWDQWLQ&XOWXUDVSLULWXDO D(JLSWXOXLDQWLF%XFXUHWL
(GLWXUD&DUWHD5RPkQHDVF
'DQLHO &RQVWDQWLQ $FVDQ ,RQ )DUDRQXO .KHRSV L YU MLWRULL
3RYHVWLULOH(JLSWXOXLDQWLF%XFXUHWL(GLWXUD0LQHUYD
'HIUDGDV-HDQ/LWHUDWXUDHOLQ %XFXUHWL(GLWXUD7LQHUHWXOXL
'XUDQG *LOEHUW )LJXUL PLWLFH L FKLSXUL DOH RSHUHL GH OD
PLWRFULWLF ODPLWDQDOL] %XFXUHWL(GLWXUD1HPLUD
(OLDGH0LUFHD$VSHFWHDOHPLWXOXL%XFXUHWL(GLWXUD8QLYHUV
(OLDGH 0LUFHD &RVPRORJLH VL DOFKLPLH EDELORQLDQ ,DL (GLWXUD
0ROGRYD
680$5
,0,78/,/,7(5$785,7$7($
7LSRORJLH
'XS UHIHUHQW
0LWXULOHGHRULJLQH
0LWXULOHIRQGDWRDUH
7HPDWLF
7HRJRQLL&RVPRJRQLL$QWURSRJRQLL
0LWXULOHHURLFH
,,6758&785$5($*(18/8,(3,&
/LWHUDWXUDJUHDF FULVWDOL]DUHDVSHFLLORULFRGLILFDUHDJHQXOXL
5HSUH]HQWDUHDGHODSUHVLXQHDUHOLJLRVXOXLODFDQRQXOHVWHWLF
(SRVXOUHDOXOvQWUHUHIOHFWDUHDHVWHWLF LUHIOHF LDVLPEROLF
(SRVXOHURLFvQWUHUHIOHF LHHVWHWL]DQW LDUVSRHWLFD
,OLDGDHSRVXOIRU HLIL]LFHLPRUDOH
2GLVHHDHSRVXOIRU HLVSLULWXDOH
5RPDQXOVXELHFWLYLWDWHLYHURVLPLOLWDWHvQFRWLGLDQ
$EVRUE LDFRQWUDULLORUILF LXQHLUHDOLWDWH
5RPDQXOHURWLFOLULVPGHVXEVWDQ LSDWHWLVP
DODF LXQLL
5HGDFWRU&RVPLQ&20$51(6&8
7HKQRUHGDFWDUH)ORUHQWLQD67(0$7(
&RSHUWD6WDQ%$521
%XQGHWLSDU&ROLWLSDU
)RUPDWu
(GLWXUD)XQGD LHL5RPkQLDGH0kLQH
%XOHYDUGXO7LPLRDUDQU%XFXUHWL6HFWRU
7HO)D[ZZZVSLUXKDUHWUR
HPDLOFRQWDFW#HGLWXUDURPDQLDGHPDLQHUR