Documente Academic
Documente Profesional
Documente Cultură
&835,16
±6SUHFHIHOGHOXPHQHvQGUHSWăPXQHGLWRULDOGH$GULDQ
$OXL*KHRUJKH
±'HFHXQVFULLWRUDUWLVWHVWHúLHORPXQ
HVHXGH(PLO1LFRODH
±Ä3HQWUXPLQHDVFULHHXQ
H[HUFLĠLXHOLEHUDWRUúLSRDWHRUHDUDQMDUHHPRĠLRQDOăSHQWUX
RSHULRDGăGHWLPSெ,RDQ0DWHLFLXFvQGLDORJFX9ODG$OXL
*KHRUJKH
±'HVSUHXQVSDĠLXQHXWUXRFURQLFăGH
9DVLOH6SLULGRQ
±&kWHYDFKHVWLXQLGLVSDUDWHGHVSUH
UHOHYDQĠDFULWLFLLOLWHUDUHXQHVHXGH$GULDQ*5RPLOD
±
6SLNH±IRúQHWXOXQHLLGHLDVFXQVHXQVFHQDULXSRHPGH(PLO
&ăWăOLQ1HJKLQă
±3UR]ăGH'DQ3HWUX&ULVWHD
±
&UăFLXQÄUHYROXĠLRQDUெOD)RFúDQLRSUR]ăGH/LYLX,RDQ
6WRLFLX
±ÌQ&LúPLJLXSORXăFXOăPkLIUDJPHQWHGH
URPDQGH1LFRODH&RWUXĠ
±/DWHDWUXFXVFDXQXODGXVGH
DFDVă
±&RUăELLOH±SHUVRQDMHvQYL]LXQHDOXL$GULDQ*
5RPLOD
±8QLYHUVDOLD±1RLVH3RHWU\3RH]LHDPHULFDQă
vQWUDGXFHUHDOXL0LKDL0DULDQ
&RQWDQU
6SUHFHIHO
GHOXPHQH
vQGUHSWăP"
XQHGLWRULDOGH$GULDQ$OXL*KHRUJKH
2 FDUWH SOXV R WHRULH ELQH DJUHPHQWDWă FX DUJXPHQWH ܈WLLQ܊LILFH
SDUD܈WLLQ܊LILFH GDU ܈L VWDWLVWLFH D GDW IULVRDQH OXPLL QRDVWUH vQ DQLL GLQ
XUPă ( YRUED GH ´+RPR GHXV 6FXUWă LVWRULH D YLLWRUXOXL´ VFULVă GH XQ
DPHULFDQ <XYDO 1RDK +DUDUL vQ DQXO &XSULQ܈L GH R LQWHQVă
IHEULOLWDWH GH D WUăL GH D QH DWLQJH OLPLWHOH ܈L FKLDU GH D OH GHSă܈L GH D OH
EUXVFDRULFHWHRULHQRXăQHDWUDJHQHIDFHVăYLVăPQHIDFHVăVSHUăPQH
IDFHVăGLVSHUăPFKLDUÌQGHEXWXOFăU܊LLFDUHDFXQRVFXWWLUDMHXOXLWRDUHvQ
WRDWăOXPHDDXWRUXOVSXQHFăGHPLLGHDQLDJHQGDFRWLGLDQăDRPHQLULLD
DYXW vQ FDSXO OLVWHL WUHL FKHVWLXQL GHWHUPLQDQWH IRDPHWHD PROLPHOH ܈L
Uă]ERLXO ÌQ FRQWLQXDUH VSXQH DXWRUXO DUJXPHQWDW FRQYLQJăWRU RPHQLUHD
DUHX܈LWVăWUDQVIRUPHFKHVWLXQLOHHQXPHUDWHGLQIRU܊HLQFRPSUHKHQVLELOH܈L
LQFRQWURODELOH DOH QDWXULL vQ SURYRFăUL FDUH SRW IL JHVWLRQDWH $VWIHO ´vQ
XOWLPHOH FkWHYD GHFHQLL DP UHX܈LW Vă ܊LQHP vQ IUkX IRDPHWHD PROLPHOH ܈L
Uă]ERLXO´ $VWD R VSXQHD DXWRUXO UHOD[DW OD QLYHOXO DQXOXL &H VD
vQWkPSODWvQRPHQLUHGHDWXQFL܈LSkQăDVWă]LvQGRDUFk܊LYDDQL"0ROLPHOH
DX FăSăWDW SURSRU܊LL JOREDOH VHULD GH YLUX܈L GLQ JDPD &RYLG D SXV SH MDU
vQWUHDJD XPDQLWDWH 5ă]ERLXO GHFODQ܈DW GH 5XVLD vPSRWULYD 8FUDLQHL FX
LPSOLFD܊LL PRQGLDOH DWkW OD QLYHOXO SăFLL FkW ܈L DO HFRQRPLHL JOREDOH D SXV
vQWUHDJD XPDQLWDWH vQWUHDJD FLYLOL]D܊LH vQWUR VLWXD܊LH FULWLFă ,DU IRDPHWHD
FD HIHFW DO Uă]ERLXOXL DO VHFHWHL DO PROLPHORU JOREDOH FDUH DX IUDFWXUDW
FRPXQLFDUHD vQWUH FRQWLQHQWH vQWUH ܊ăUL D GHYHQLW R DPHQLQ܊DUH IRDUWH
VHULRDVă 'DFă RPXO WLQGH GLQWRWGHDXQD Vă GHYLQă XQ VXSUDRP WRW HO v܈L
(GLWRULDO
FUHHD]ăSLHGLFLOHFDUHvOUHWULPLWODFRQGL܊LDLQL܊LDOă9LLWRUXOSDUHDVWIHOXQ
SUH]HQWDOQDLELLGHvQFkOFLW
$P LPDJLQHD XQHL ]LOH VXSHUEH GH WRDPQă UHFHQW vQWUXQ SDUF GLQ
0DGULGÌQMXUXOXQHLVWDWXLDOXL&ROXPESUHYă]XWăFXWUHSWHFDUHGXFHDX
DVSLUD܊LRQDO VSUH SHUVRQDMXO FHQWUDO HUDX DGXQDWH FkWHYD VXWH GH WLQHUL
YHQL܊L FX DXWRFDUHOH Vă YDGă SURILOXO vQ PDUPXUă DO XQXLDGLQWUHFXFHULWRULL
OXPLL QRL ܇L GH DVHPHQHD DP LPDJLQHD VXUSULQVă ܈L IRWRJUDILF FX DFHOH
FkWHYD VXWH GH WLQHUL ULVLSL܊L SH WUHSWHOH PRQXPHQWXOXL FXIXQGD܊L FX
SULYLULOH vQ HFUDQHOH WHOHIRDQHORU PRELOH GH܈L vQ MXU HUDX SHLVDMH GH R
IUXPXVH܊HIăUăHJDOD܈DFXPQXPDLWRDPQD܈WLHVăRIHUH3HFHOXPHWUăLDX
DFHL WLQHUL" 3ULYLP OXPHD GLQWUXQ YDJRQ GH WUHQ GLQ PHWURX ܈L YHGHP
DFHHD܈L VFHQă D XQHL OXPL GHFXSODWă GH OD UHDOLWDWH FRQHFWDWă OD FHYD
LQGLVWLQFW GLQ WHOHIRQ GLQ VPDUWSKRQ GLQ WDEOHWă ( OLPSHGH Fă QX RPXO
FRQWUROHD]ă VPDUWSKRQXO FLVPDUWSKRQXOOHQHFRQWUROHD]ăYLH܊LOH$FHOD܈L
+DUDULYRUELQGGHDFHDVWăUHOD܊LHRPWHKQLFăVSXQHFăKRPRVDSLHQVVHYD
DXWRSHUIHF܊LRQD SDV FX SDV IX]LRQkQG SH SDUFXUV FX URER܊L ܈L FRPSXWHUH
´SkQă FkQG XUPD܈LL QR܈WUL YRU SULYL vQDSRL ܈L܈L YRU GD VHDPD Fă QX PDL
VXQW GH JHQXO DQLPDO FDUH D VFULV %LEOLD D FRQVWUXLW 0DUHOH=LG&KLQH]HVF
܈L D UkV OD WUăVQăLOH OXL &KDUOLH &KDSOLQ´ &\ERUJXO GDFă YD DSăUHD vQ
FDUQH RDVH ܈L VLVWHPH LQWHJUDWH FRPSXWHUL]DWH YD IL LQDPLFXO GHFODUDW DO
RPXOXL FUHDWRUXO OXL 9D YUHD FX DGHYăUDW RPXO Vă v܈L FUHH]H Vă v܈L
SHUIHF܊LRQH]H SURSULXO FăOăX" (VWH JUHX GH VSXV GH LPDJLQDW 1XPDL Fă
DFHL WLQHUL GHVSUH FDUH DP YRUELW PDL VXV FXSOD܊L OD VPDUWSKRQ VăQăWR܈L
ELQH KUăQL܊L ELQH vPEUăFD܊L X܈RU DOIDEHWL]D܊L IUXPR܈L IHULFL܊L YRU IDFH
RULFH SHQWUX XQ SOXV GH IHULFLUH YRU DFFHSWD ´Vă ILH WUăL܊L´ OXFUX PXOWPDL
FRPRGGHFkWOXSWDSHQWUXYLH܊XLUHVXSUDYLH܊XLUH8PEUDF\ERUJXOXLVHODVă
JUHD SHVWH YLH܊LOH ORU SUHRFXSD܊L GH KLSQRWL]DUHD HFUDQXOXL VPDUWSKRQXOXL
QLFL QX v܈L YRU GD VHDPD 1R܊LXQHD GH ´RPHQLUH EDODVW´ vQ SURSRU܊LL
SURFHQWXDOH FRYkU܈LWRDUH DQXQ܊DWă GH IXWXURORJL YD DYHD vQ FXUkQG R
QRLPă
2PXO YHGH vQ YLLWRU vQ PăVXUD vQ FDUH FXQRD܈WH WUHFXWXO 3HQWUX Fă
VXQW FkWHYD OXFUXUL FDUH VH UHSHWă SHULRGLF FLFOLF ILOPLF FKLDU´&H D IRVW
YDPDLIL܈LFHVDIăFXWVHYDPDLIDFHQXHVWHQLPLFQRXVXEVRDUH´VSXQH
(FOHVLDVWXO 3UHYL]LXQLOH OXL 1RVWUDGDPXV GH H[HPSOX VXQW XQ
FXPXO GH FXQR܈WLQ܊H GHVSUH WUHFXW SH FDUH GDFă OH ܈WLL FkW GH FkW OH YHL
UHJăVL vQ OXPHD GLQ MXU 3OXV SUH]HQ܊D GR]HL GH DPELJXLWDWH FDUH ODVă ORF
&RQWDQU
VSHFXOD܊LLORUFHORUFXLPDJLQD܊LH0ăXLWODJHQHUD܊LDIRDUWHWkQăUăGHODQRL
܈L GH DLXUHD FDUH QX D WUăLW FRPXQLVPXO FDUH DUH YDJL FXQR܈WLQ܊H GHVSUH
FRPXQLVPGHVSUH&HDX܈HVFXGHVSUH/HQLQ6WDOLQ0DRHWF2YăGIRDUWH
GLVSXVăVăUHIDFăOXPHDDFHHDKDEDUQHDYkQGGHVSUHFHHYRUED([LVWăvQ
OXPHD QRDVWUă XQ QHRPDU[LVP IRDUWH DFWLY FDUH VH ED]HD]ă SH DPQH]LD
JHQHUDOă SH OLSVD GH FXQR܈WLQ܊H GHVSUH LVWRULH ܈L VRFLHWDWH SH R RDUHFDUH
EUDYDGă JUHX GH vQJKL܊LW GH QRL FHLFDUHDPWUăLWFRPXQLVPXO'DFăHXOH
VSXQ WLQHULORU Fă DFHVW QHRPDU[LVP HVWH UăX Fă vL YD EăJD vQ OD܊XULOH ܈L
ODQ܊XULOH LVWRULHL ܈L OXFUXO DFHVWD VH YD vQWkPSOD HX YRL SăUHD XQ YL]LRQDU
'H IDSW QX VXQW GHFkW XQ REVHUYDWRU FX PHPRULH DP VSXV FH D PDL IRVW
$܈D܈L1RVWUDGDPXVGDFăRILH[LVWDWDYă]XWvQYLLWRUFHDYă]XW܈LDWUăLW
vQWUHFXWRPHQLUHD,VWRULDDIRVWIRDUWHSUHYL]LELOăFXFHYDYUHPHvQXUPă
$]L GLQ SăFDWH WRWXO SDUH Vă ILH LPSUHYL]LELO 1XPDL Fă DFHDVWă
LPSUHYL]LELOLWDWH HVWH GRYDGD Fă RPXO D LH܈LW GLQ LVWRULH Fă ´VIkU܈LWXO
LVWRULHL´DQXQ܊DWGH)UDQFLV)XNX\DPDHVWHRUHDOLWDWH'DUGDFăLVWRULDVD
VIkU܈LWFHURVWPDLDUHRPXOSHOXPHDDVWD"5ăVSXQVXODUILXQXOVLQJXUDP
DEDQGRQDW LVWRULD SHQWUX D QH FRQFHQWUD GHFLVLY SH vQ܊HOHVXO FOLSHL FH
WRFPDL WUHFH &HHD FH QH UăPkQH HVWH XPEUD FOLSHL OăVDWă SH PDWHULD vQ
PL܈FDUHLQVHVL]DELOă
'DU GDFă QH XLWăP FX DWHQ܊LH vQ LVWRULH FHUFHWkQG WH[WHOHYHFKLGH
OD HJLSWHQL vQFRDFH GH OD FKLQH]L vQFRDFH YHGHP Fă VDX PRGLILFDW
PLMORDFHOH GHWUDLVDXPRGLILFDWPLMORDFHOHGHYLH܊XLUHGHVXSUDYLH܊XLUH܈L
FKLDU GH WRUWXUă GDU RPXO D UăPDV DFHOD܈L 2PXO FDUH SHULSDWHWL]D FX
6RFUDWHHVWHPXOWDVHPăQăWRURPXOXLFDUHODIHOSHULSDWHWL]HD]ăSULQPDOO
2DPHQLL VH QDVF OD IHO LXEHVF OD IHO DX FDP DFHOHD܈L YXOQHUDELOLWă܊L
DFHOHD܈L EROL PRU OD IHO 6D VFKLPEDW FRQVWDQW DOWFHYD DPEDODMXO vQ FDUH
VH YLQGH DFHDVWă OXPH PHUHX QRXă 'H܈L ܈WLX OXFUXO DFHVWD GH܈L vL GDX
FUH]DUHOXL0DOUDX[FDUHVSXQHDFă´VHFROXO;;,YDILUHOLJLRVVDXQXYDIL
GHORF´ GH܈L VXQW XQRSWLPLVWLQFRULJLELODPRWHDPăLQVLQXDWăvQVkQJHvQ
LQLPă(WHDPDFăDUSXWHDVăVXQHODX܈ăFLQHYDVăGHVFKLG܈LDFRORVăILH
F\ERUJXOFDUHVăvPLVSXQăFXJODVPHWDOL]DWFDUHQXDFFHSWăQLFLRHPR܊LH
XPDQăFDUHQXHVWHGLVSXVODQLFLRFRQFHVLHEDX
(VHX
8QHVHXGH
(PLO1LFRODH
'HFHXQVFULLWRUDUWLVWHVWH܈LHO
RP
&H HVWH XQ RP" ,DWă SUREDELO vQWUHEDUHD IXQGDPHQWDOă FDUH DU WUHEXL
Vă QH SUHRFXSH GHD OXQJXO YLH܊LL $FHLD FDUH VDX vQFXPHWDW Vă UăVSXQGă ±
vQWUXQ IHO VDX DOWXO vQWUXQ GRPHQLX VDX DOWXO vQWUXQ PRPHQWVDXDOWXOvQWU
XQ ORF VDX DOWXO vQWUXQ OLPEDM VDX DOWXO GLQWUR SHUVSHFWLYă VDX DOWD ± DX
XPSOXW ELEOLRWHFLOH PX]HHOH VăOLOH GH VSHFWDFRO JDOHULLOH GH DUWă ܈DPG
3RDWHFăILHFDUHGLQWUHQRLDYHPRRSLQLHvQDFHVWVHQVPDLPXOWVDXPDLSX܊LQ
FODUăPDLPXOWVDXPDLSX܊LQVXELHFWLYăPDLPXOWVDXPDLSX܊LQSUHJăWLWăVSUH
DILH[SULPDWăÌQFHPăSULYH܈WHDFXP܈LDLFLSUHIHUVăUHSURGXFSR]L܊LDXQXLD
GLQWUH ´SURIHVLRQL܈WLL UăVSXQVXOXL´ ,VDLDK %HUOLQ ± 7RDWă RSHUD
ILORVRIXOXL H FHQWUDWă SH ´QDWXUD XPDQă´ GDU FD Vă DYHP R LGHH SUHFLVă
DFFHVLELOă ܈L FRQFLVă DVXSUD UHIOHF܊LLORU VDOH Pă RSUHVF OD VFULVRDUHD WULPLVă
FHUFHWăWRDUHLSRORQH]H%HDWD3RODQRZVND6\JXOVNDvQIHEUXDULHGLQ
FDUH FLWH] ´&H YUHDX Vă VSXQ SULQ DFHHD Fă RDPHQLL DX R QDWXUă FRPXQă" (L
ELQH FUHG Fă WUHEXLH Vă H[LVWH XQ WHUHQ FRPXQ vQWUH ILLQ܊HOH XPDQH GDFă H Vă
H[LVWH YUHXQ VHQV RDUHFDUH DO FRQFHSWXOXL GH RP &UHG Fă HVWH DGHYăUDW Vă
]LFHP Fă H[LVWă XQHOH QHYRL GH ED]ă GH H[HPSOX ± KUDQă DGăSRVWXUL
VLJXUDQ܊ă܈LGDFăvOFUHGHPSH+HUGHUDSDUWHQHQ܊DODXQJUXSDOWăX±SHFDUH
WUHEXLH Vă OH DLEă RULFLQH HVWH GHVFULV FD ILLQ܊ă XPDQă 'DFă QX DU H[LVWD
D܈D FHYD FRPXQLFDUHD vQWUH RDPHQL FKLDU ܈L vQ FDGUXO XQHL VLQJXUH VRFLHWă܊L
DU GHYHQL LPSRVLELOă´ ÌQVă PDL GHSDUWH ܈L SH GH DOWă SDUWH , %HUOLQ
VFULH ´&UHG vQ SRVLELOLWDWHD SHUPDQHQWă GH VFKLPEDUH PRGLILFDUH YDULHWDWH
IăUăDSXWHDVăDILUPFăH[LVWăXQQXFOHXFDUHVăILHPRGLILFDWRULVFKLPEDW´
&RQWDQUWDRPQD
܇L vQ ILQDO ´$VWD YUHDX Vă VSXQ FUHG Fă QX H[LVWă R QDWXUă XPDQă IL[ă vQVă
H[LVWă R QDWXUă XPDQă FRPXQă )ăUă HD QX DU H[LVWD QLFL R SRVLELOLWDWH GH D
YRUEL GHVSUH RDPHQL ED FKLDU QLFL R SRVLELOLWDWH GH LQWHUFRPXQLFDUH GH FDUH
GHSLQGH WRDWă JkQGLUHD ± ܈L QX GRDU JkQGLUHD FL ܈L VLP܊LUHD LPDJLQD܊LD
DF܊LXQHD´ FI ,VDLDK %HUOLQ /HPQXO VWUkPE DO RPHQLULL FDSLWROH GLQ LVWRULD
LGHLORU HG GH +HQU\ +DUG\ FXY vQDLQWH GH -RKQ %DQYLOOH (G +XPDQLWDV
%XFXUH܈WLWUDG$QGUHL&RVWHD6LPSOLILFkQGH[LVWăD܈DGDURUăGăFLQă
FRPXQă D RPXOXL OD SULPXO QLYHO ܈L DSRL R GLYHUVLILFDUH D ´RPHQLULL´ vQ
IXQF܊LH GH PLWRORJLH PHWDIL]LFă UHOLJLH OLPEDM RELFHLXUL HWF OD QLYHOXO
XUPăWRU
&HHVWHXQDUWLVW"'XSăGHILQL܊LDGLQGLF܊LRQDUXO0HUULDP:HEVWHU´R
SHUVRDQăFDUHFUHHD]ăDUWăFXPDUILSLFWXUDVFXOSWXUDPX]LFDRULVFULVXO
IRORVLQG܈L DELOLWă܊LOH FRQ܈WLHQWH ܈L LPDJLQD܊LD FUHDWLYă´ VDX ´R SHUVRDQă
FDOLILFDWă vQ RULFDUH GLQWUH DUWH´ ,DWă GRXă YDULDQWH GLQWUH H[SOLFD܊LLOH
DFWXDOHVWDQGDUGDOHFRQFHSWXOXLFăFLDOWIHOVXQWIRDUWHPXOWH1XPDLFă
OXFUXULOHQXDXVWDWD܈DGHDOXQJXOLVWRULHLVH܈WLH'LQ$QWLFKLWDWHSkQăvQ
5HQD܈WHUH DUWLVWXO D IRVW FRQVLGHUDW PDL GHJUDEă XQ EXQ ´DUWL]DQ´ PH܈WHU
SHUIRUPDQW vQ GRPHQLXO DUWHORU DSOLFDWH VXJHUkQG Fă DUWD IHQRPHQXO
GRPHQLXODUILDSăUXWvQDLQWHDDUWLVWXOXL7HUPHQXOHFRQVHPQDWSULPDGDWă
GH 'DQWH vQ 'LYLQD &RPHGLH FkQWXULOH ;,,, ;9,,, ܈L ;;; GLQ
´3DUDGLVXO´ ܈L LPSXV GH IRU܊D XQRU SHUVRQDOLWă܊L SUHFXP /HRQDUGR
0LFKHODQJHOR 5DIDHO VDX %HQYHQXWR &HOOLQL ´,QGLYLGXDOLWDWHD´ ORU D
FRQIHULW FRQWXU FRQFHSWXOXL ,DU UHFXQRD܈WHUHD RILFLDOă L VH GDWRUHD]ă OXL
&RVLPR , GH 0HGLFL FDUH D UHFXQRVFXW FRUSRUD܊LD EUHDVOD DUWL܈WLORU
SLFWRUL ܈L VFXOSWRUL vQ 'H DLFL vQDLQWH GREkQGH܈WH DUWLVWXO R
LGHQWLWDWH VRFLDOă DOăWXUkQGXVH FHORUODOWH ´YDULD܊LXQL´ DOH QDWXULL XPDQH
REVHUYDWH GH , %HUOLQ $GLFă QXPDL EXQ Vă GHYLQă ܈L R ܊LQWă SHQWUX
UHWURJUD]L ܇L VD vQWkPSODW SHVWH DSUR[LPDWLY GRXă VHFROH FăFL vQ
-HDQ-DFTXHV 5RXVVHDX WLSăUHD/H 'LVFRXUV VXU OHV 6FLHQFHV HW OHV DUWV
SUHPLDW vQ GH $FDGHPLD GLQ 'LMRQVXE XQ PRWWR H[WUDV GLQ SRHWXO
2YLGLX VLF´%DUEDUXV KLF HJR VXP TXLD QRQ LQWHOOLJRU LOOLV´ 6XQW XQ
EDUEDU DLFL SHQWUX Fă HL QX Pă vQ܊HOHJ 7H[WXO SROHPLF YHQHD FD XQ
UăVSXQV OD SUREOHPD vQWUHEDUHD ODQVDWă GH DFDGHPLH vQ DFHO DQ ´6L OH
UpWDEOLVVHPHQW GHV 6FLHQFHV HW GHV $UWV D FRQWULEXp j HSXUHU OHV 0RHXUV´
'DFă UHVWDELOLUHD ܇WLLQ܊HORU ܈L $UWHORU D DMXWDW OD SXULILFDUHD 0RUDOHL ,DU
WkQăUXO VH QăVFXVH vQ ܈L IXULRDVXO ´PRUDOLVW´ DIODW OD GHEXWXO FDULHUHL
vQWUXQGLVFXUVGHGHSDJLQLDQHJDWFXvQYHU܈XQDUHH[SOLFkQGX܈LRS܊LXQHD
´6XIOHWHOH QRDVWUH VDX FRUXSW SH PăVXUă FH ܈WLLQ܊HOH QRDVWUH ܈L DUWHOH QRDVWUH
DXDYDQVDWVSUHSHUIHF܊LXQH܇WLLQ܊HOH܈LDUWHOHv܈LGDWRUHD]ăQD܈WHUHDYLFLLORU
QRDVWUH´ VDX ´6ă UăPkQHP vQ REVFXULWDWHD QRDVWUă 6ă OăVăP SH VHDPD
DOWRUD Vă LQVWUXLDVFă SRSRDUHOH FX SULYLUH OD vQGDWRULULOH ORU ´ 'HVLJXU
(VHX
DFHDVWă SR]L܊LRQDUH D OXL -- 5RXVVHDX OD VWDGLXO SULPDU DO QDWXULL XPDQH
H[FOX]kQGGLYHUVLWDWHDQXLDVFăSDWOXL,%HUOLQFXPQXDSXWXWVăRFROHDVFă
XOWHULRDUHOH DWLWXGLQL VLPLODUH OD FDUH YD IL PDUWRU GLUHFW $܈DGDU ´QD܈WHUHD´
DUWLVWXOXL QX D IRVW GHORF OLQă QLFL FRPRGă FkWă YUHPH XQLL VDX JUăELW Vă R
RSXQă´RPXOXL´7RWX܈LDUWLVWXOHVWH܈LHOXQRP
&H vQVHDPQă XQ DUWLVW PRGHUQ" ÌQFHUFăULOH GH DO GHILQL VXQW
QXPHURDVH IOXLGH FRQWUDGLFWRULL SDUDGR[DOH GXSă FXP UHLHVH GLQ LPHQVD
ELEOLRJUDILH FDUH LD IRVW FRQVDFUDWă ܇L DVWD SHQWUX Fă vQFDGUkQGXO vQWUR
VFKLPEDUH GH SDUDGLJPă GH OD ´DFDGHPLVP´ OD ´PRGHUQLVP´ PDL PHUHX
GLVFX܊LD GHVSUH OLPEDM VWLO D WUHEXLW DVRFLDWă FX ´LGHRORJLD´ ILH ܈L vQ VHQVXO
ODUJ ܈L FXOWXUDO DO WHUPHQXOXL 'DU VSUH D OLPSH]L VLWXD܊LD SULQWUXQ DFRUG
FYDVLJHQHUDO ܈L R UDSRUWDUH SUHGLOHFWă OD PLMORDFHOH GH H[SUHVLH VD FRQYHQLW
Fă vQ DUWHOH SODVWLFH PRGHUQLWDWHD D vQFHSXW FX LPSUHVLRQLVPXO VXE
LQIOXHQ܊D OXL eGXDUG 0DQHW FăWUH ܈L D GXUDW SkQă vQ OD DSDUL܊LD
SRS DUWXOXL vQ OLWHUDWXUă GLQ D GRXD MXPăWDWH D VHFROXOXL ;,; vQ )UDQ܊D
FX %DXGHODLUH 5LPEDXG *DXWLHU LDU OD vQFHSXWXO VHFROXOXL ;; vQ $QJOLD
FX LPDJL܈WLL3RXQG)OLQW܈L$OGLQJWRQ *HUPDQLD FX H[SUHVLRQL܈WLL 7UDNO
+H\P ܈L%HQQ ܈L ,WDOLD FX 0RQWDOH ܈L 8QJDUHWWL ± SkQă vQ DQLL 'XSă
FXP VH YHGH vQ OLWHUDWXUă SRH܊LL DX ODQVDW PRGHUQL]DUHD 'H DFHHD UHSURGXF
FkWHYD IUDJPHQWH GLQWUXQ WH[W YL]LRQDU VHPQDW GH *XLOODXPH $SROOLQDLUH
QLPHQL DOWXO GHFkW LQYHQWDWRUXO WHUPHQXOXL GH ´VXSUDUHDOLVP´ ´3RHWXO SULQ
vQVă܈L QDWXUD DFHVWRU H[SORUăUL HVWH L]RODW vQ OXPHD QRXă vQ FDUH HVWH SULPXO
FDUH LQWUă ܈L VLQJXUD FRQVRODUH FDUH LD PDL UăPDV HVWH FăRDPHQLLvQFHOHGLQ
XUPăWUăLHVFQXPDLGLQDGHYăUXULvQFLXGDPLQFLXQLORU3HDFHVWHDOHWUDWHD]ă
܈L VH GRYHGH܈WH Fă QXPDL SRHWXO KUăQH܈WH YLD܊D vQ FDUH RPHQLUHD DIOă
DGHYăUXO,DWăGHFHSRH܊LLPRGHUQLVXQWPDLSUHVXVGHWRDWHSRH܊LLDGHYăUXOXL
PHUHXQRX,DUVDUFLQDORUHVWHLQILQLWăWHDXVXUSULQV܈LWHYRUVXUSULQGH܈LPDL
PXOW(L v܈L LPDJLQHD]ă GHMD GHVHQH PDL SURIXQGH GHFkW FHOH FDUH DX GDW
QD܈WHUH PDFKLDYHOLFXOXL VHPQ XWLOLWDU ܈L vQJUR]LWRU DO EDQLORU 3RH܊LL
PRGHUQL VXQW D܈DGDU FUHDWRUL LQYHQWDWRUL ܈L SURIH܊LHL FHU FD FHHD FH VSXQ Vă
ILH H[DPLQDW SHQWUX ELQHOH FRPXQLWă܊LL FăUHLD vL DSDU܊LQ6H vQWRUF FăWUH 3ODWRQ
܈LvOURDJăGDFăvLDOXQJăGLQ5HSXEOLFăPăFDUVăLDVFXOWHPDLvQWkL1RXO
VSLULW HVWH vQDLQWH GH WRDWH LQDPLFXO HVWHWLFLL IRUPXOHORU ܈L DO RULFăUXL
VQRELVP1X OXSWă vPSRWULYD DOWRUD GLQ RULFH ܈FRDOă SHQWUX Fă QX YUHD Vă ILH
܈FRDOă FL XQXO GLQWUH PDULOH FXUHQWH DOH OLWHUDWXULL FDUH FXSULQG WRDWH ܈FROLOH
GXSă VLPEROLVP ܈L QDWXULVP(O SRHWXO OXSWă SHQWUX UHVWDELOLUHD VSLULWXOXL GH
LQL܊LDWLYă SHQWUX R vQ܊HOHJHUH FODUă D WLPSXOXL VăX ܈L SHQWUX D GHVFKLGH QRL
YL]LXQLDVXSUDXQLYHUVXOXLH[WHULRU܈LLQWHULRUFDUHVăQXILHLQIHULRDUHFHORUSH
FDUHRDPHQLLGH܈WLLQ܊ăGHWRDWHFDWHJRULLOHOHGHVFRSHUăvQILHFDUH]L܈LGLQFDUH
GHULYă PLQXQL (L SRH܊LL YRU FD vQVIkU܈LWvQWUR]LVăFUHH]HSRH]LDD܈D
FXP DP SURLHFWDW QRL OXPHD(L YRU Vă ILH SULPLL FDUH RIHUă XQ OLULVP FX WRWXO
QRX DFHVWRU QRL PLMORDFH GH H[SULPDUH FDUH DGDXJă PL܈FDUH DUWHL ܈L FDUHVXQW
&RQWDQUWDRPQD
IRQRJUDIXO ܈L FLQHPDWRJUDIXO$FXP VXQW vQFă GRDU vQ SHULRDGD
LQFXQDEXOHORU'DU YRP YHGHD PLUDFROHOH YRU YRUEL GH OD VLQH ܈L QRXO VSLULW
FDUH LQVXIOă YLD܊ăXQLYHUVXOXLVHYDPDQLIHVWDIRUPLGDELOvQOLWHUHvQDUWH܈LvQ
WRDWH OXFUXULOH SH FDUH OH FXQRD܈WHP´ Y ´/¶(VSULW QRXYHDX HW OHV SRqWHV´
6SLULWXO QRX ܈L SRH܊LL vQ UHY 0HUFXUH GH )UDQFH GHF W QU
3DULV7UHEXLHSUHFL]DWFă*$SROOLQDLUHVFULDDFHVWHUkQGXULDIOkQGXVH
´SHIURQWLHUD´GLQWUHPRGHUQLVP܈LDYDQJDUGă܈LWRWRGDWăDVRFLLQGWRDWHDUWHOH
FX´VSLULWXOQRX´
&H HVWH XQ VFULLWRU DUWLVW DYDQJDUGLVW" ܇L vQ DFHDVWă FKHVWLXQH
GLVFX܊LLOH VXQW vQFă ILH FRQYHUJHQWH ILH GLYHUJHQWH 3ULQFLSDOD GLOHPă
SULYH܈WH UDSRUWXO GLQWUH PRGHUQLVP ܈L DYDQJDUGLVP DSDUL܊LD DYDQJDUGHL
DYDQJDUGHORUDvQVHPQDWVIkU܈LWXOPRGHUQLVPXOXLVDXDYDQJDUGDDYDQJDUGHOH
HVWH VXQW R SDUWH GLQ WDEORXO PRGHUQLVPXOXL" 1X DYHP XQ UăVSXQV IHUP ܈L
XQLFGHRFDPGDWăGH]EDWHUHDILLQGvQGHVIă܈XUDUH'HRDUHFHUHDOLWDWHDQHDUDWă
Fă±DWkWvQOLWHUDWXUăFkW܈LvQFHOHODOWHDUWH±PRGHUQLVPXODFRQWLQXDW܈LGXSă
DSDUL܊LD PL܈FăULORU GH DYDQJDUGă &HO SX܊LQ OD QLYHOXO OLPEDMXOXL H[SUHVLHL
SXWHP VSXQH Fă ´H[SHULPHQWDOLVPXO´ GH WLS DYDQJDUGLVW VD DILUPDWGLVWLQFWvQ
OăXQWUXO PRGHUQLVPXOXL vQ WLPS FH OD QLYHO LGHRORJLF PRGHUQLVPXO D vQFHSXW
Vă DVLPLOHD]H OD XQ PRPHQW GDW HOHPHQWH DYDQJDUGLVWH 3UREDELOFăGHVSUHR
IX]LXQH YRP SXWHD YRUEL PDL vQFROR vQ FDGUXO ´SRVWPRGHUQLVPXOXL´ FkQG
YRP܈WLFXFODULWDWHFHHDFHVWD
&H HVWH XQ VFULLWRU DUWLVW PRGHUQLVW ܈L VDX DYDQJDUGLVW URPkQ"
&RQYHQ܊LRQDOUăVSXQVXOHVLPSOXXQVFULLWRUDUWLVWFDUHWUăLH܈WH܈LFUHHD]ăvQ
5RPkQLD ÌQVă GDFă YUHP Vă LQYHVWLJăP VSHFLILFXO FUHD܊LHL VDOH OXFUXULOH VH
FRPSOLFă SHQWUX Fă WUHEXLH Vă QH UHIHULP OD RULJLQH OD FRQWH[W OD WUDGL܊LH OD
LQIOXHQ܊H HWF %LEOLRJUDILD H YDVWă GLYHUVă ܈L DGHVHD FRQWUDGLFWRULH 'H DFHHD
PăRSUHVFODRSLQLDFRPSDUDWLVWă܈LVLQWHWLFăHPLVăGH(PDQXHO0RGRFFUHG
HX Fă SHUWLQHQWă ܈L OXFLGă ´3ULPXO UHSHU SULQ FDUH XUPăUHVF ORJLFD LQWHUQă D
GLIHULWHORU XWLOL]ăUL DOH FRQFHSWXOXL GH PRGHUQLVP vQDLQWH GH RPRORJDUHD OXL
FXUHQWăHVWHUHSUH]HQWDWGHFHHDFHQXPHVFPRGHUQLVPHUHJLRQDOHDGLFăDFHOH
PRGHUQLVPH OLWHUDUH FDUH DX IRVW vQFHWă܊HQLWH vQ FXOWXUL SUHFXP FHD URPkQă
VkUEă SRORQH]ă VDX ODWLQRDPHULFDQă vQDLQWH GH H[LVWHQ܊D XQHL VLQHFGRFH
PRGHUQLVWH D OLWHUDWXULL PRQGLDOH R HFXD܊LH PRGHUQLVPDYDQJDUGă vQ
VSD܊LXO URPkQHVF GH SLOGă GLIHUă QHW GH IHOXO vQ FDUH FHL GRL WHUPHQL DX IRVW
FRQFHSWXDOL]D܊L vQWUR DOWă UHJLXQH )LHFDUH GLQWUH FHOH SDWUX PRGHUQLVPH
UHJLRQDOH SH FDUH OHDP SUH]HQWDW VXFFLQW RIHUă SDWUX WLSXUL GH UHOD܊LRQDUH
GLIHULWă vQWUH PRGHUQLVP ܈L DYDQJDUGă ÌQ FD]XO OLWHUDWXULL URPkQH DYDQJDUGD
HUD VXERUGRQDWă FRQFHSWXDO PRGHUQLVPXOXL ILLQG Yă]XWă GUHSW R DULSă
ÄH[WUHPLVWă´ D DFHVWXLD H[S (XJHQ /RYLQHVFX ,VWRULD OLWHUDWXULL URPkQH
FRQWHPSRUDQH vQ FDGUXO PRGHUQLVPXOXL ODWLQRDPHULFDQ ܈L VSDQLRO QR܊LXQHD
GH DYDQJDUGă DGMXGHFkQGX܈L XQ SROH SRVLWLRQ LQWHUQD܊LRQDOLVW VD RSXV FHOHL
(VHX
GH ÄPRGHUQLVPR´ GLQ FDUH v܈L DUH vQVă RULJLQLOH vQ OLWHUDWXUD VkUEă ܈L
SRORQH]ăDYDQJDUGDHUDSHUFHSXWăFDRHYROX܊LHILUHDVFăILHDXQXLPRGHUQLVP
HIHPHU WUDQ]LWRULX vQ FD]XOFHOHLGLQWkLILHDXQXLPRGHUQLVPPHGLDWRUvQWUH
DFHDVWD ܈L FODVLFLVP´ Y (PDQXHO 0RGRF ´&kWHYD UHYL]LWăULDOHFRQFHSWHORU
GHPRGHUQLVP܈LDYDQJDUGăvQGLVFXUVXOFULWLF܈LLVWRULRJUDILFFRQWHPSRUDQ´vQ
UHY 7UDQVLOYDQLD QU 'HVLJXU DFHVWD H XQ GHVHQ WHRUHWLF
FRQFHSWXDO UHFH IăFXW GH FULWLFL ܈L LVWRULFL vQVă DUWLVWXO DUH SUREOHPHOH OXL
ILHUELQ܊L SDUWLFXODUH FDUH PRWLYHD]ă ܈L GHWHUPLQă DFWXO FUHD܊LHL PDL DOHV vQWU
XQPHGLXSURIXQGFRQVHUYDWRUFXPHDFHODURPkQHVF
&H vQVHDPQă XQ VFULLWRU DUWLVW HYUHX ܈L URPkQ" $LFL QH DIOăP GHMDvQ
ID܊D XQHL´FRPSOLFD܊LL´JUHXGHVXUPRQWDWGDUQXLPSRVLELO*HVWXOFUHDWRUvQ
VLQH D IRVW ܈L R IRUPă GH HPDQFLSDUH ÌQ FD]XO VFULLWRULORU HYUHL HL ´DX
GHYHQLW´ URPkQL SULQ OLPED IRORVLWă GDU ܈L SULQ DGDSWDUHD OD FRQWH[W $VWIHO
5RQHWWL5RPDQ $URQ %OXPHQIHOG GH SLOGă D FRQVWUXLW SLHVD GH WHDWUX
´0DQDVVH´ GHVSUH FDUH * &ăOLQHVFX VFULD´&XWRDWHLPSHUIHF܊LXQLOHGUDPHL
ILJXUD OXL 0DQDVVH H R FUHD܊LH SXWHUQLFă JUDQGLRDVă´ vQ FRQIRUPLWDWH FX
´FDQRQXO´ OLWHUDU WUDGL܊LRQDOLVW DO HSRFLL 3H GH DOWă SDUWH vQWUH SLFWRUL
&RQVW 'DQLHO 5RVHQWKDO ܈L %DUEX ,VFRYHVFX ,HKXGD %DUXK ,܊FRYLFL DX OXFUDW
XPăU OD XPăU FX DUWL܈WLL URPkQL vQ PDWULFHD DFDGHPLVWă GRPLQDQWă
PRGHUQLVPXOXUPkQGVăILH´vQFHUFDW´PDLWkU]LXvQ5RPkQLD܈LvQWURPDQLHUă
GHVWXO GH ´FRQYXOVLYă´ YRP YHGHD 2ULFXP GDFă H Vă Pă UHIHU GRDU OD
H[SUHVLHOLPEDMHPDQFLSDUHDFHORUGRLDUWL܈WLHYUHLDFRQVWDWSXU܈LVLPSOXvQ
DGRSWDUHD SUDFWLFDUHD SLFWXULL vQ RSR]L܊LH FX D GRXD SRUXQFă D 'HFDORJXOXL
´6ă QX܊L IDFL FKLS FLRSOLW´ 3UREOHPD D GHYHQLW FX DGHYăUDW DFXWă ܈L
GUDPDWLFă vQ PRPHQWXO vQ FDUH GXSă 3ULPXO 5ă]ERL 0RQGLDO FXOWXUD URPkQă
VDKRWăUkWVăLQWUHvQPRGHUQLWDWH
&H vQVHDPQă XQ VFULLWRU DUWLVW HYUHX URPkQ ܈L PRGHUQLVW
DYDQJDUGLVW" 8Q IHQRPHQ LQWHUHVDQW GDU WRWRGDWă FLXGDW VD SURGXV vQ
SHULRDGD LQWHUEHOLFă VSUH FRQILUPDUHD FHORU VFULVH GH (P 0RGRF GHVSUH
´PRGHUQLVPXO UHJLRQDO´ vQ WLPS FH DUWHOH GLQ 5RPkQLD Să܈HDX ´GRPRO´ ܈L
SUXGHQW VSUH PRGHUQLWDWH GXSă HSXL]DUHD VăPăQăWRULVPXOXL ܈L
SRSRUDQLVPXOXL VLPXOWDQ DX DSăUXW ܈L PDQLIHVWăULOH DYDQJDUGLVWH 8QLL GLQWUH
VFULLWRULL URPkQL GH RULJLQH HYUHLDVFă H[S SRHWXO &DPLO %DOWD]DU /HLEX
*ROGVWHLQ VDX SUR]DWRUXO , 3HOW] ,VDF 1DWKDQ 3HOW] SUHFXP ܈L XQLL GLQWUH
DUWL܈WL H[S SLFWRUXO 1LFRODH 9HUPRQW ,VLGRU *UQEHUJ DX DGRSWDW ULWPXO
JHQHUDO PDMRULWDU DO PRGHUQL]ăULL PRGHUDWH DMXQJkQG OD SHUIRUPDQ܊H
QRWDELOH ± Y 0LKDLO 6HEDVWLDQ ,RVLI +HFKWHU vQ OLWHUDWXUă VDX , ,VHU ,RVLI
,VLGRU 5XELQVRKQ vQSLFWXUăvQWLPSFHDO܊LLDXDOHVPDQLIHVWăULOHH[WUHPHGH
WLS DYDQJDUGLVW 6WDWLVWLF SURSRU܊LRQDO vQVă SULPLL DX IRVW DEVRUEL܊L ILUHVF vQ
PDVVD FUHDWRULORU DXWRKWRQL SH FkQG FHLODO܊L DX DWUDV DWHQ܊LD ܈L DX WUH]LW
RVWLOLWDWHD XQXL PHGLX vQFă UH]LVWHQW OD VFKLPEDUH'HDLFLDDSăUXW܈LLGHHDFă
DYDQJDUGD URPkQHDVFă DU IL PDL GHJUDEă ´HYUHLDVFă´ DGLFă GRPLQDWă ± ܈L
&RQWDQUWDRPQD
VSLULWXDO ܈L QXPHULF ± GH HYUHL ÌQ FRQVHFLQ܊ă FHUFHWăWRULL VHULR܈L FDOPL ܈L
ED]D܊LvQSULPXOUkQGSHDUJXPHQWHHVWHWLFHDXvQFHUFDWVăJăVHDVFăH[SOLFD܊LL
5H܊LQ DLFL GRXă VXE VHPQăWXUL GH R DXWRULWDWH LQFRQWHVWDELOă GH܈L SRUQHVF GH
OD OLWHUDWXUă VHQVXO ORU H YDODELO SHQWUX DYDQJDUGă vQ JHQHUDO ( /RYLQHVFX
´)DSWXO Fă FHL PDL PXO܊L GLQWUH SURPRWRULL DFHVWHL OLWHUDWXUL VXQW HYUHL QX QH
SRDWH GH DVHPHQL vPSLHGLFD D R OXD vQ FRQVLGHUDUH vQ WRDWH PL܈FăULOH GH
DYDQJDUGăVRFLDOHFDGHSLOGăVRFLDOLVPXOGHRGLQLRDUă܈LFRPXQLVPXOGHD]L
VDXOLWHUDUHFDVLPEROLVPXOIUDQFH]VDXH[SUHVLRQLVPXOJHUPDQUROXOHYUHXOXL
GH SURSDJDQGLVW DO QRXWă܊LL HVWH SUHWXWLQGHQL LGHQWLF 'HSDUWH GH D IL
GăXQăWRDUH SUH]HQ܊D DFHVWXL DJHQW SRDWH IL ELQHYHQLWă PLOHQDUHOH IăJD܈H DOH
OXPLL VXQW DWkW GH LPXDELOH vQFkWSRVLELOLWDWHDXQHLLQILQLWH]LPDOHGHYLHULGHSH
D[D VD QX FRQVWLWXLH R SULPHMGLH ,DWă SHQWUX FH FX WRW VSLULWXO ORU YLROHQW
LPLWDWLY ܈L vQ JHQHUH H[RWLF YRP vQUHJLVWUD H[LVWHQ܊D XOWLPHORU FXUHQWH
OLWHUDUH SULQ DSDUL܊LD D SDWUX UHYLVWH PRGHUQLVWH &RQWLPSRUDQXO +33XQFW
܈L ,QWHJUDO FX R SURGXF܊LH SRHWLFă GHVWXO GH SHUVLVWHQWă vQ OHJăWXUă ܈L FX
PDQLIHVWD܊LL GH DUWă SODVWLFă SRUQLWH GLQWUR LGHRORJLH VDX WHQGLQ܊ă FRPXQă´
FI ( /RYLQHVFX ,VWRULD OLWHUDWXULL URPkQH FRQWHPSRUDQH YRO (YROX܊LD
SRH]LHL OLULFH HG vQJULMLWă GH (XJHQ 6LPLRQ YRO (G 0LQHUYD %XFXUH܈WL
܇L * &ăOLQHVFX ´(YUHLL SX܊LQL SULQWUR SURSRU܊LH ILUHDVFă SUH]HQ܊L ܈L
OD QRL FD vQ WRDWH OLWHUDWXULOH UăPkQ XQ IDFWRU GLQ DIDUD FHUFXOXL UDVLDO IăFkQG
SXQWHD GH OHJăWXUă vQWUH QD܊LRQDO ܈L XQLYHUVDO 2 PLQWH GUHDSWă FDUH QX
FRQIXQGă SUREOHPHOH SROLWLFH FX OXPHD LGHDOă D FUHD܊LHL QX SRDWH Vă QX
UHFXQRDVFă FRQWULEX܊LDORUÌQWkLGHWRDWHILLQGSROLJOR܊LGLQRURDUHGHFDQRQLF
VXQW FRQWUD VWLOXOXL D JUDPDWLFHL D VWăULL SH ORF OH[LFDOH 'DFă HL SRW FRPLWH
H[FHVH QRL IRORVLQG UHYROWD ORU WUDJHP XQ FRQFHSW PDL OLEHUDO GHVSUH
OLPEă ÌQ OLWHUDWXUă HL VXQW WRWGHDXQD LQIRUPD܊L FROSRUWRUL GH OXFUXULOH FHOH
PDL QRXL DQWLFODVLFL܈WL PRGHUQL܈WL DJLWD܊L GH SUREOHPH (L FRPSHQVHD]ă
LQHU܊LDWUDGL܊LHL܈LRIDFVăVHUHYL]XLDVFă8PDQLWDULVPXOORUVLQFHUPRGLILFăvQ
VHQVXO XQHL YL]LXQL FUH܈WLQH GH VXV XQ VSLULW GH FRQVHUYDUH FH SRDWH Vă
GHJHQHUH]H vQ REWX]LWDWH´ FI * &ăOLQHVFX ,VWRULD OLWHUDWXULL URPkQH GH OD
RULJLQL SkQă vQ SUH]HQW (G )XQGD܊LD 5HJDOă SHQWUX /LWHUDWXUă ܈L $UWă
%XFXUH܈WL ± Y FDS ´6SHFLILFXO QD܊LRQDO´ 5HSOLFLOH QX VDX OăVDW
D܈WHSWDWH YHQLQG WRW GH OD QL܈WH VHPQăWXUL LOXVWUH 2YLGLX 3DSDGLPD ´' (
/RYLQHVFX XQ RP OLQL܈WLW SH FDUH HGXFD܊LD FODVLFL]DQWă ܈L WHPSHUDPHQWXO GH
UXPHJăWRU vQFHW vO FRQGDPQDX GH OD vQFHSXW Vă QX ILH GHFkW XQ ELHW VSHULDW vQ
ID܊D vQGUă]QHOLORU PRGHUQLVWH D GHYHQLW DSRORJHWXO ORU OD QRL 'DU LGHLOH
UHYROX܊LRQDUHDXIRVWvPEUă܊L܈DWH܈LH[SORDWDWHvQOLWHUDWXUDQRDVWUăGHHYUHLL%
)XQGRLDQX ) $GHUFD ,ODULH 9RURQFD &DPLO %DOWD]DU HWF 'O ( /RYLQHVFX
OD UkQGXL LD vPEUă܊L܈DW ܈L H[SORDWDW SH HL FD Vă FUHH]H LOX]LD XQHL PL܈FăUL
OLWHUDUH SDWURQDWH GH GkQVXO ' ( /RYLQHVFX DUH Vă GHD VHDPă SULQWUH FHL
GLQWkL SHQWUX JUH܈HOLOH FX YRLH܈LIăUăYRLH7ROHUDWGHSUHVDHYUHLDVFăL]RODW
(VHX
VXIOHWH܈WH GHWLQHUHWQLFLPăFDURILFLDOvQFXOWXUăVLWXD܊LDGOXL(/RYLQHVFXH
WUDJLFă´FI 2Y3DSDGLPD DUW ´9UHPHD VRFRWHOLORU´ vQ 6IDUPă 3LDWUă ,, QU
GLQ DXJ ܇L , ( 7RURX܊LX ´&DUWHD GOXL * &ăOLQHVFX vQVHDPQă
FHD PDL vQGUă]QHD܊ă EUXVFDUH D LVWRULHL JkQGXOXL ܈L VHQWLPHQWXOXL URPkQ GH
WRWGHDXQD 5ăVSkQGLUHD HL FKLDU vQ DFHVWH VăSWăPkQL FRQVWLWXLH R FLQLFă
VILGDUH ܈L EDWMRFRULUH GLVSUH܊XLWRDUH D VkQJHOXL URPkQHVF FDUH VH YDUVă SH
FvPSLLOHGHODUăVăULW'O$O5RVHWWLHUDvQOLQLDVDFkQGDvQFKHLDWFRQWUDFWXO
FX GO * &ăOLQHVFX SHQWUX LXGDL]DQWD LVWRULH D OLWHUDWXULL FX UHQHJăUL ܈L
FRERUkUL GH YDORUL URPkQH܈WL 6XIOHWH vQFKLQDWH FD ܈L FHO DO GOXL (XJHQ
/RYLQHVFX SUHFXUVRUXO DFHVWXL VLVWHP GH LQILOWUD܊LL VLQFURQL]DWRUXO FDUH ܈LD
WUDQVIRUPDW FăPLQXO vQ FHQDFOX RYUHLHVF SHQWUX vQYă܊ăWXUD SUH܈FRODULORU
OLWHUDWXULL LXGDLFH ܈L LXGDL]DQWH 3kQă OD vQFKHLHUHD SURFHVXOXL FUHGHP
QHFHVDUVăVHUHWUDJăGLQFRPHU܊LPHGLDWWDOPXGXOFăOLQHVFLDQDOSHUPDQHQWHL
RIHQVH SXEOLFH URPkQH܈WL ܈L Vă VH UXSă FRSHUWD ܈L IRDLD GH WLWOX SH FDUH VWă
LPSULPDWă HPEOHPD UHJDOă´ FI ,(7RURX܊LX DUW ´6XIOHWH vQFKLQDWH´ vQ
&RQYRUELUL OLWHUDUH /;;,9 QU DXJRFW &RQWURYHUVD SULYLQG
UDSRUWXOGLQWUHHWQLF܈LHVWHWLFVHVL]DELOăvQFLWDWHOHDQWHULRDUH܈LUHIOHFWkQGGH
IDSWRVWDUHGHVSLULWFDUHGRPLQDPHGLXOLQWHOHFWXDOGLQHSRFăDIRVWWUDQ܈DWă
EUXWDOGHSXEOLFDUHDvQRFWQRYDOLVWHLFXFHLGH´6FULLWRULHYUHLDOH
FăURU OXFUăULVXQWLQWHU]LVHODYkQ]DUH܈LODJă]GXLUHDORUvQELEOLRWHFLOH܈FRODUH
܈L SXEOLFH vQ LQVWLWX܊LLOH DVRFLD܊LLOH ܈L vQWUHSULQGHULOH FDUH HGLWHD]ă ܈L YkQG
DVHPHQHD SXEOLFD܊LL´ HPLVă GH *XYHUQXO $QWRQHVFX 0RGHUQL܈WLL ܈L
DYDQJDUGL܈WLLVXQWH[FOX܈LGHRSRWULYăIăUăQLFLRUHIHULQ܊ăODFULWHULXOHVWHWLFFL
GRDU SULQ GHFL]LH UDVLDOă ܈L SROLWLFă ( OLPSHGH D܈DGDU FDUH SXWHD IL FRQGL܊LD
VFULLWRULORU DUWL܈WLORU HYUHL GLQ 5RPkQLD vQ DFHOH WLPSXUL &HHD FH H[SOLFă ܈L
HPLJUDUHD ORU PDVLYă IăUă D RPLWH vQVă ܈L SOHFDUHD XQRU VFULLWRUL DUWL܈WL GH
RULJLQH URPkQă ܇LDWXQFLRSUHFL]DUHGHYLQHQHFHVDUăGDFăURPkQLLFUHDWLYL
FUHDWRUL QX IRDUWH PXO܊L ܈LDX SăUăVLW ܊DUD GDWRULWă SHUVLVWHQ܊HL
WUDGL܊LRQDOLVPXOXL vQ PHQWDOXO FROHFWLY ܈L LPSOLFLW vQ PHGLXO DUWLVWLF HYUHLL DX
IăFXWR GLQ DFHOD܈L PRWLY OD FDUH VD DGăXJDW ܈L SHUVHFX܊LD HWQLFă
DQWLVHPLWLVPXOXL ,DU DFHLD FDUH DX UăPDV URPkQL ܈L HYUHL DXWUHEXLWVăWDFă
RULVă܈LSHUYHUWHDVFăDVSLUD܊LLOHSHQWUXFăGXSă5ă]ERLDYHQLWFRPXQLVPXO
&D]XO 0DUFHO ,DQFX ± RP DUWLVW HYUHX ܈L URPkQ 6FULLWRULL HYUHL
PRGHUQL܈WL VDX DYDQJDUGL܈WL GDW ILLQG VSHFLILFXO DUWHL ORU H[SULPDUHD vQ OLPED
URPkQă vQ ID܊DSHUVHFX܊LLORU܈LDRVWLOLWă܊LLDXDOHVVăVHPXWHvQDOWH܊ăUL܈LvQ
DOWH OLPEL vQ )UDQ܊D FX SUHGLOHF܊LH % )XQGRLDQX )RQGDQH ,ODULH 9RURQFD
0LKDLO &RVPD &ODXGH 6HUQHW *KHUDVLP /XFD 7ULVWDQ 7]DUD ܈D VDX vQ
OLPED JHUPDQă 3DXO &HODQ 3LFWRULL vQ VFKLPE EHQHILFLLQG GH XQ OLPEDM
XQLYHUVDO SăUHDX Vă DLEă R VLWXD܊LH PDL DYDQWDMRDVă 'DU QX D IRVW D܈D
GHRDUHFH DFFHVXO vQ JDOHULL ܈L PX]HH OHD IRVW LQWHU]LV GLQ PRWLYH HWQLFH LDU
JXVWXO SXEOLF OHD UHVSLQV ´DUWD GHJHQHUDWă´ DYDQJDUGLVWă GXSă XQ FRQFHSW
QD]LVW $FHVWHD DX IRVW PRWLYH Vă OH QXPLP ´H[WHULRDUH´ $X H[LVWDW vQVă ܈L
&RQWDQUWDRPQD
PRWLYH´LQWHULRDUH´GHQHPXO܊XPLUHFDUHODXGHWHUPLQDWSUREDELOSH0DUFHO
,DQFX GH SLOGă Vă HPLJUH]H vQ 3DOHVWLQD vQ ,DWă XQ H[HPSOX ÌQ DQXO
HO D IRVW LQYLWDW Vă FRQIHUHQ܊LH]H OD R UHXQLXQH FXOWXUDOă HYUHLDVFă SH
WHPD ´DUWHL LXGDLFH´ vQ FDOLWDWH GH ´DUWLVW HYUHX´ ÌQDFHDvPSUHMXUDUH0DUFHO
,DQFX H[WUHP GH OXFLG D HPLV RSLQLL ܈L UHIOHF܊LL QLFL SăUWLQLWRDUH QLFL
VHQWLPHQWDOH FXP VH D܈WHSWDX SRDWH XQLL GLQWUH SDUWLFLSDQ܊L ´,QYLWDW ILLQG DP
DFFHSWDW Vă IDFRVFXUWăFRPXQLFDUH!FHYDSăUHDPDLGHJUDEăRVFX]ăGHD
QXIL܈LRFRQWULEX܊LHGHVWXOGHLXGDLFăvQFHUFXOQRVWUX9ăIDFRPăUWXULVLUHSH
FDUH R YH܊L vQ܊HOHJH 'H FkWH RUL DP YURLW Vă FRQWULEXL OD YUHR PDQLIHVWDUH
HYUHLDVFă PDP ORYLW GH R LPSRVLELOLWDWH GH IDSW GH D FRQWULEXL ܈L FD DUWLVW
FăFL D IL HYUHX DUWLVW QX HVWH ܈L D IL DUWLVW HYUHX $P IRVW vQ XOWLPXO WLPS
GHVHRUL VROLFLWDW Vă IDF SURIHVLXQH GH FUHGLQ܊ă LXGDLFă vQ DUWă VDX Vă JăVHVF
UDSRUWXUL܈LLQIOXHQ܊HDOHVSLULWXOXLHYUHLHVFvQDUWDPHD܈LvQFHDFRQWHPSRUDQă
$P vQFHUFDW DP FHUFHWDW DP FHUFHWDW GDU QDP JăVLW QLPLF UHDO VHVL]DELO
FLQVWLW ܇L DWXQFL FX WRDWH Fă PXO܊L QHSULHWHQL VDX FKLDU DPLFL SDU Vă DSODXGH
FX ܈L IăUă VLQFHULWDWH LXGDLVPXO DUWHL QRDVWUH QRL UăPkQHP PLUD܊L GH DWkWD
DSUHFLHUH PLUD܊L vQ ID܊D DFHVWRU DILUPD܊LXQL SH FDUH OH JăVLP FHO SX܊LQ
SUREOHPDWLFH FX WRDWH Fă DU WUHEXL Vă QH PkQGULP FX HOH GDFDU IL FRQ܈WLHQWH
VDX PăFDU YHURVLPLOH 1RL QX QHDP DVFXQV RULJLQHD HYUHLDVFă DU IL IRVW ܈L
LQXWLOGDUFDWR܊LDUWL܈WLLHXURSHQL±QXQHDPDILUPDW(95(,vQDUWă܇LDVWă]L
QH H JUHX GLQWUR GDWă Vă IDFHP ILJXUă FLQVWLWă vQ ID܊D DFHVWHL PLQXQă܊LL
ÌQ܊HOHJkQGDQXIDFHYUHXQIRORVGLQIDWDOLWDWHDQD܈WHULLDUWL܈WLQRLQDPOXFUDW
QLFLRGDWă vQ QXPHOH YUHXQXL FUH] QD܊LRQDO HYUHLHVF VDX VWUăLQ vQFkW DU IL R
VFDPDWRULH Vă GHYHQLP SHVWH QRDSWH HURL QD܊LRQDOL´ 7RWX܈L ´'H Fk܊LYD DQL
QHDP SRPHQLW DFL FD ܈L vQ ܊ăUL VWUăLQH FXFULWHULLQHFXQRVFXWH܈LLQDGPLVLELOH
vQ DSUHFLHUHD RSHUHORU QRDVWUH GH DUWă &ODVDUHD VDX DOHJHUHD FULWLFLORU VH
IRORVHD GLQWUR GDWă GH HOHPHQHWH QRL FD HWQLFLWDWHD UHOLJLD ܈L QD܊LRQDOLWDWHD
XQHL RSHUH GH DUWă &X DHUXO FHO PDL FDQGLG FX FHD PDL SUHIăFXWă EOkQGH܊H
DFH܈WL GLSORPD܊L vQFHUFDX R WăOPăFLUH QRXă UDVLDOă D RSHUHL DUWLVWLFH $FHDVWă
FRQIX]LH YURLWă vQWUH RP ܈L RSHUD OXL HVWH FHO PDL XUkW DWHQWDW OD SDWULPRQLXO
vQDOW GH VLP܊LUH ܈L JkQGLUH XPDQă FDUH H DUWD %DULFDGHOH SROLWLFH
vQJUăPăGLWH vQ GUXPXO DUWHL DX FRERUkW QLYHOXO SUHRFXSăULORU HL 'LQWU
RGDWă FLWLP DVWă]L Fă FXWDUH VDX FXWDUH QXPH GH DXWRU FDUH SkQă PDL LHUL
RQRUD R QD܊LXQH FX RSHUD OXL HVWH SXU ܈L VLPSOX HYDFXDW GLQ FXOWXUD HL SH
PRWLYFăHvQSOLQSHMXPăWDWHVDXSHVIHUWHYUHX(RDUHFXSXWLQ܊ăFD܈L
vQOXPHDQRDVWUăVăVHVFKLPEHWRWXO"$XSUHSDUDWWLUDQLLGLFWDWXUDFXPDU܈XUL
VXUOH܈LWREHSHQWUXLQWUDUHDWULXPIDOă)LYRU܈LDLFLODQ܊XUL܈LODJăUHGHVFODYLH
vQWUH DUWL܈WL vQ IRORVXO FDWHJRULHL QD܊LRQDOH" 1X 1X FUHG FăFL HVHQ܊D vQVă܈L D
DUWHORU HVWH PDQLIHVWDUHD GH SXUă HWLFă ܈L HVWHWLFă 6XQW VSHFXOD܊LXQLFXUDWHDOH
VSLULWXOXL ܈L LQVWLQFWXOXL FUHDWRU DO RPXOXL VXQW DGHYăUDWH MRFXUL SkQă OD
DEVWUDF܊LL UHDF܊LXQLOH FHORU PDL ERJDWH VHQWLPHQWH DOH ILULL ,DU DUWL܈WLL VXQW FHL
(VHX
PDL WLQHUL VXIOHWH܈WH GLQWUH RDPHQL YH܈QLFLL FRSLL DOH FăURU JkQGXUL ܈L
UH]RQDQ܊HVXIOHWH܈WLQXSRWILvQWLQDWHGHYUHRSDWăPkU܈DYă$UWDQXHVWH܈LQX
SRDWH GHYHQL FkPSXO GHQXQ܊XULORU SROLWLFH R QRXă PDVă GLULMDWă GH DPEL܊LLOH
YUHXQXL FDSRUDO EHVWLDO 1DWXUD JkQGXO OLPED ܈L VIHUD SUHRFXSăULORU HL QX
SHUPLWDFHVWQLYHOVFă]XW$UWDHDSRLXQSDWULPRQLXVIkQWRPHQHVFFRPXQvQ
FDUH ILHFH ܈RYLQLVP VXQă FD R LURQLH R EDWMRFXUă´ FI 0DUFHO ,DQFX DUW
´0ăUWXULL LXGDLFH GHVSUH DUWă´ vQ UHY &XOWXUD ,, QU LXQLH $YHP
DLFL R FRQYLQJHUH XQ ´FUH]´ DUWLVWLF VDX QXPDL R QHJDUH VXVSHQGDUH DELOă D
SURSULHL LGHQWLWă܊L SHQWUX D FRQWUD LQWHUSUHWăULOH UDVLVWH DSOLFDWH DUWHL" /D XQ
DUWLVW GH DYDQJDUGă FRIRQGDWRU DO GDGDLVPXOXL SUHFXP 0DUFHO ,DQFX PDL
FXUkQGFUHGFăDYHPGHDIDFHFXRFRQYLQJHUH3HVFXUWHYUHLLDXFRQVLGHUDW
DUWD vQ JHQHUDO ܈L PRGHUQLVPXODYDQJDUGDvQVSHFLDOXQUHIXJLX܈LRIRUPă
GH HPDQFLSDUH $GLFă XQ ORF vQ FDUH SXWHDX IL ܈L HL RDPHQL vQ PDUHD
GLYHUVLWDWHDOXPLLSHFDUHRSHUFHSHD,%HUOLQ
SUHID܊DYROXPXOXL6FULLWRULЮLDUWLЮWLPRGHUQLЮLDYDQJDUGLЮWLHYUHLЮL
URPkQL(GLWXUD+DVHIHU%XFXUH܈WL
&RQWDQU
,QYLWDWXOUHYLVWHL
,RDQ0DWHLFLXFHVWHPDQDJHUFXOWXUDOGLUHFWRUOD&HQWUXO&XOWXUDO6LUHWSUHЮHGLQWHOH
$VRFLDаLHL3HWHU7RPDVFKHNЮLGRFWRUDQGvQFDGUXOЭFROLL'RFWRUDOHGH)LORVRILHD
8QLYHUVLWăаLL$OH[DQGUX,RDQ&X]DGLQ,DЮLFHUFHWkQGSUREOHPDLPDJLQDUXOXLVRFLDOЮLD
UHODаLLORUGHSXWHUHvQFDGUXOFLQHPDWRJUDILHLXWRSLFH$SXEOLFDWvQUHYLVWD+HUPHQHLD
-RXUQDORI+HUPHQHXWLFV$UW7KHRU\DQG&ULWLFLVPDUWLFROXO³7KH8WRSLDQ&LW\$
%RXQGDU\RI)LOPLF5HDOLW\´ЮLvQUHYLVWD7KHDWULFDO&ROORTXLD&RORFYLLWHDWUDOHDUWLFROXO
³0LPH/DQJXDJH)URP6LQJXODULW\WR&RPPXQLW\´6FULHЮLSXEOLFăUHJXODWDUWLFROHЮL
VWXGLLFXOWXUDOHvQUHYLVWHGHSURILOGLQаDUă
´3HQWUXPLQHDVFULHHXQH[HUFL܊LX
HOLEHUDWRU܈LSRDWHRUHDUDQMDUH
HPR܊LRQDOăSHQWUXRSHULRDGăGH
WLPS´
7UăLHЮWL OD 6LUHW HЮWL LQLPDHYHQLPHQWHORUFXOWXUDOHGLQQRUGHVWXOаăULL
SHUPDQHQWDFWLYvQDDGXFHWRWFHHPDLIUHVKvQSDUWHDDFHHDGHаDUă&XP
VHYHGHOLWHUDWXUDURPkQăGLQSURYLQFLDQRUGLFăDWkWGHLPSRUWDQWăPDL
DOHVvQDFHVWDQGHFkQGDvQFHSXWUă]ERLXOGLQ8FUDLQD"
6ă OH OXăP SH UkQG SURSXQ ÌQFHUF Vă ILX FUHLHUXO HYHQLPHQWHORU ܈L PDL
SX܊LQ LQLPD ORU ,PSOLFDUHD HPR܊LRQDOă SRDWH SHUWXUED EXQXO PHUV DO
'LDORJ
HYHQLPHQWXOXL 3URYLQFLD QRUGLFă QX PDL H DWkW GH WUDQVSDUHQWă GDWRULWă
XQRU RDPHQL FDUH ܈LDX SURSXV Vă FRQHFWH]H UHJLXQHD OD QRLOH WUHQGXUL
FXOWXUDOH ܈L Vă VXSXQă DWHQ܊LHL FRPXQLWă܊LORU PLFL LQWHUYHQ܊LL FXOWXUDOH
GLYHUVH &RPXQLWă܊LOH SHULIHULFH ܈L PDL DOHV FHOH FD 6LUHWXO ± IRDUWH PLFL
FUHG Fă VXQW WRW PDL FRQ܈WLHQWH GH YLUWX܊LOH ORU FUHDWLYH ܈L GH IDSWXO Fă
SRVHGă RIRU܊ăGHFRQVWUXF܊LHH[WUDRUGLQDUă/LWHUDWXULLLVHFUHD]ăWHUHQXUL
QRLSHFDUHVăVHPDQLIHVWH&KLDU܈LvQQRUG
(ЮWL PDQDJHU FXOWXUDO ЮL GDFăPL SHUPLаL XQXO GLQWUH FHL PDL EXQL SH
FDUHLDPFXQRVFXWЮLVSXQDVWDSHQWUXFăDPDYXWRQRDUHDVăSDUWLFLSOD
FkWHYDIHVWLYDOXULЮLHYHQLPHQWHSHFDUHOHDLRUJDQL]DW&kWGHLPSRUWDQW
HVWHDFHVWMREvQWURSLDаăFXOWXUDOăЮLGHFHDYHPDWkWGHSXаLQLFDUHIDF
DVWDSHEXQHvQ5RPkQLD"
6LPW܈LHXFăvPLIDFWUHDEDGHVWXOGHELQH(IRDUWHVLPSOX$LQHYRLHGH
GRXă OXFUXUL Vă IDFL SHUIRUPDQ܊ă vQ ]RQD PDQDJHPHQWXOXL FXOWXUDO ± vQ
PăVXUD vQ FDUH VH SRDWH YRUEL OD QLYHO QD܊LRQDO GH SHUIRUPDQ܊ă vQ DFHVW
VHFWRUFDvQPDLWRDWHLQGXVWULLOHFUHDWLYHVăUăPkLFRQHFWDWODQRX܈LVăv܊L
LDVăGLQFDSFăGLQMREXOăVWDv܊LSR܊LJHQHUDOX[
$LGHEXWDWvQDQXOFXYROXPXOGHSRH]LHÄ2SHQGHGRU´ODHGLWXUD
$OH[DQGULD3XEOLVKLQJ+RXVH&kWGHLPSRUWDQWDIRVWGHEXWXOSHQWUXWLQH"
$WXQFLODPVLP܊LWFDSHXQPRPHQWPDJLFDFXPvODQH[H]DOWRUGH
WH[WH SH FDUH QX OHD Yă]XW QLPHQL 1X FUHG Fă PDL vQVHDPQă QLPLFFDUWHD
DVWDSHQWUXPLQH'HIDSWDFXPQLFLPăFDUQXvQ܊HOHJGHFHDPVFULVR
$L SXEOLFDW vQ vQ LQLPD SDQGHPLHL YROXPXO GH SRH]LH
Ä$QFKLORSRHWLFD´ WRW OD HGLWXUD $OH[DQGULD 3XEOLVKLQJ +RXVH 'LQ FkWH
DPFLWLWSULQRQOLQHDIRVWIRDUWHELQHSULPLWILLQGSRDWHXQXOGLQWUHFHOH
PDLUHFHQ]DWHYROXPHDOHDQXOXL&HWHPkQăvQOXSWăvQFRQWLQXDUH"0DL
DUHURVWVăPDLVFULHP"
'HYROXPXOăVWDVXQWIRDUWHDWD܈DW'DWUHEXLDSUREDELOVăGHEXWH]FXHO
SHQWUX D IL XQ SRHW OXDWvQVHDPă*OXPHVF1XPăSUHDLQWHUHVHD]ăVăILX
OXDWvQVHDPăFDSRHW3HQWUXPLQHDVFULHHXQH[HUFL܊LXHOLEHUDWRU܈LSRDWH
R UHDUDQMDUH HPR܊LRQDOă SHQWUX R SHULRDGă GH WLPS &ă H[LVWă WLQHUL FDUH
GRUHVFVDXVHQXPHVFSHVLQHSRH܊LQXFUHGFăHXQOXFUXUăXGLPSRWULYă
'DFă WRDWH VHUYLFHXULOH DXWR DU DYHD PHFDQLFL EXQL GRDU SHQWUX Fă HL VH
DXWRLQWLWXOH]ă EXQL DWXQFL HX]LFFăSRH]LDWUHEXLHVFULVăGHFkWPDLPXOWă
OXPH&kWGHVSUHVFULVHX]LFVăvQWUHEăPFLWLWRULLGDFăDUHURVWRULED2UL
FLWLWRULL PHL vPL WULPLW PHVDMH SR]LWLYH ܈L Pă URDJă Vă ILX SX܊LQ PDL
FRQVHFYHQW vQ VFULV (X FD FLWLWRU DP QHYRLH Vă LDX FRQWDFWFXIRUPXOHQRL
&RQWDQU
GH VFULHUL IUHFYHQW 'DFă VFULVXO VDU RSUL PkLQH OXPHD vQ FDUH WUăLPDUIL
܈LPDLWULVWă܈LPDLSURDVWă
&X EXFXULH FUHG Fă REVHUYăP DPkQGRL Fă ILHFDUH DQ DGXFH YRFL QRL vQ
SRH]LH YRFL FDUH VXQW GLQ FH vQ FH PDL GLYHUVH &XP WH UDSRUWH]L OD
VFULLWXUDFRQJHQHULORUWăL"&HvаLSODFHЮLFHQXvаLSODFHODFXPDHYROXDW
SRH]LDGHFkQGDLGHEXWDWЮLSkQăDFXP"
ÌQFHUF Vă QX Pă UDSRUWH] vQ QLFLXQ IHO 7UHEXLH Vă UHFXQRVF Fă DP FLWLW
SRHPH VFULVH GH PDL WLQHULL FROHJL SH FDUH PLD ܈IL GRULWVăOHILVFULVFKLDU
HX7UHDEDDVWDFXHYROX܊LDHDWkWGHVXELHFWLYăÌQJHQHUDOIHOXOvQFDUHQH
UDSRUWăP OD XQ WLS GH VFULLWXUă H DWkW GH SHUVRQDO vQFkW QXFUHGFăSăUHULOH
SXEOLFHQLFLSR]LWLYHQLFLQHJDWLYHSRWJHQHUDFHYDEXQ
&HHVWHSRH]LDSHQWUXWLQHЮLFDUHHVWHUHODаLDWDFXSRH]LDGLQJHQHUDаLLOH
SUHFHGHQWH"
ÌQHFRQRPLDYLH܊LLPHOHSHUVRQDOH܈LVRFLDOHSRH]LDQXvQVHDPQăQLPLFÌQ
PRGSRWHQ܊LDOHDJUDYLWHD]ăGHVXSUDH[LVWHQ܊HLPHOHIăUăDPRGLILFDFXPYD
FRRUGRQDWHOH vQ FDUH Pă PL܈F $܈WHDSWă PRPHQWXO SRWULYLW SHQWUX DPL
vQFUHGLQ܊D H[SHULQH܊H FDUH VăPL VHUYHDVFă GUHSW VXUVă GH VFULV 5HOD܊LD FX
SRH]LD JHQHUD܊LLORU SUHFHGHQWHSkQăODWHUPLQDUHDOLFHXOXLDIRVWXQDIRDUWH
UHVWUkQVă VH RSUHD XQGHYD OD QHRPRGHUQLVP 0DL DSRL DP vQFHSXW Vă
GHVFRSăUSRH]LDFRQHFWDWăUHDOLWă܊LLFXFDUHOXDPFRQWDFW]LOQLF0D]LOHVFX
&R܈RYHLHWF
$FXPDQLFkQGQHDPFXQRVFXWHUDvQEDFNVWDJHXOXQXLPLQLIHVWLYDO
GHPX]LFăvQ6XFHDYD7XXUPDLVăLQWULSHVFHQăHXDELDFHFRERUkVHP
ÌQDLQWH Vă DIOX Fă VFULL DP DIODW Fă HЮWL PX]LFLDQ ЮL GH DWXQFL WH VWLPH]
IRDUWH PXOW SHQWUX DVWD ЭWLX Fă vQWUR SHULRDGă DL OXDW R SDX]ă GH OD
PX]LFăGDUYUHDXVăWHvQWUHE±FkWGHPXOWWHDDMXWDWLQIOXHQаDWPX]LFD
SH FDUH R IăFHDL FkQG WHDL DSXFDW GH VFULV ЮL FkW D LQIOXHQаDW SRH]LD
PX]LFDWD"ЭLFUHGFăPDLLPSRUWDQWGHDWkW±PDLFkQаL"
(܈WLJHQHURVFXXQELHWOXFUăWRUSHWHUHQXULOHQHIHUWLOHDOHFXOWXULL'DvPL
DPLQWHVF ܈L HX GH DFHO PRPHQW FX SOăFHUH &H YUHPXUL IUXPRDVH HUDX &H
JHQHUD܊LH WDOHQWDWă 'H OD PX]LFă vQ PDQLIHVWDUH SXEOLFă DP OXDW SDX]ă
WRWDO GLQ FRPSXV PX]LFă QX PDP RSULW FUHG Fă XOWLPD DSDUL܊LH SXEOLFăD
IRVW vQWUXQ YLGHR SXEOLFDW SHQWUX IHVWLYDOXO 6$' OD LQYLWD܊LD /LHL )DXU
3ULQ'DUQXDIRVWFHYDIRDUWHFRQVLVWHQW&UHGFăPX]LFDSHFDUHR
DVFXOWDP DU IL WUHEXLW Vă LQIOXHQ܊H]H vQ ELQH VFULVXO PHX QX D IăFXWR
'LDORJ
$VFXOWDP 3HUIHFW FLUFOH 7RRO 'UHDP 7KHDWUH 6\VWHP RI D GRZQ HWF ܇L
PDLFUHGFăPX]LFDPHDDUILPHULWDWYHUVXULPDLEXQH
3UREDELOFăODXQPRPHQWGDWаLDWUHFXWЮLаLHSULQFDSFXPQHDWUHFXW
SUREDELOWXWXURUVăHPLJUăPVăSOHFăPGHDLFL'HFHQXDLIăFXWR"
'D PLD WUHFXW GH PXOWH RUL 1XvQWUDWkWGHWăLRVvQFkWVăR܈LIDF9ăG
SOHFDUHD FD SH XQ VHPQ GH OD܈LWDWH RUL HX FUHG Fă SRW IDFH OXFUXULFDUHVă
FRQWH]HvQSURFHVXOGHWUDQVIRUPDUHvQELQHDOFRPXQLWă܊LLvQFDUHYLH܊XLHVF
&kWGHPXOWVDVFKLPEDWVFULVXOWăXGHFkQGDLGHYHQLWWDWă"7HDLJkQGLW
YUHRGDWăVăVFULLFăUаLSHQWUXFRSLLDYkQGXLSHDLWăLFDFLWLWRULLGHDOL"
$QFKLORSRHWLFD DP GHGLFDWR EăLH܊LORU PHL 'D $P OXFUDW R YUHPH OD R
FDUWH SHQWUX FRSLL OD FDUH DP UHQXQ܊DW vQ PRPHQWXO vQ FDUH PLDP GDW
VHDPD Fă QX VXQW FDSDELO Vă VFULX XQ ILQDO VXUSULQ]ăWRU ܈L QLFL QX Pă
PXO܊XPHDX YDULDQWHOH GH JUDILFă SH FDUH OH SULPHDP 'XSă FH DP Vă vQYă܊
VăGHVHQH]DPVăUHLDXSDUWHDDVWD
6SXL vQWUXQ SRHP ÄDVWă]L QH YRP FRVWXPD vQ RDPHQL ЮL YRP LHЮL vQ
VWUDGăFLQHЮWLHSRDWHQXQHYDUHFXQRDЮWHQLPHQL´'DFăDLSXWHDVăR
LHLGHODvQFHSXWVă]LFHPGHODDQLFHDLVFKLPEDODOXFUXULOHSHFDUH
OHDLIăFXW"&HDLIDFHvQSOXV"
$ ܈vQYă܊D PDL PXOW GHFkW DP IăFXWR D ܈IDFH PDL PXOW VSRUWD܈FLWLPDL
PXOWD܈UHQXQ܊DvQDPDLILVXSHUILFLDO
ЭLRXOWLPăvQWUHEDUHGLQIUXPRVXOQRUGFXPYH]LWXYLLWRUXOаăULLăVWHLD
ЮLFXPWHYH]LWXvQUHODаLHFXYLLWRUXODFHVWHLаăUL"
2IHUăPLSRVLELOLWDWHDVăQXUăVSXQG7HURJ
&RQWDQU
8QSRHPGH,RDQ0DWHLFLXF
6WD܊LDPHWDQDUD܊LXQLFRQYXOVLYH
YLD܊DHRPDQGDOăUHJkQGLWăVLVWHPDWLFGLQLQWHULRUXOXQHLPXO܊LPL0DQGHOEURW
RFRQILVFDUHDIULFLORU
LRDQH
DWXQFL FkQG WH YHL UXJD FX SDOPHOH OD RFKL FX SDOPHOH OD RFKL FX SDOPHOH OD
RFKLGHJKL]DW
LDUEHQ]LOHGHVHQDWHGHWHULRDUDWHLQFDQGHVFHQW
VăQXWHSR܊LLGHQWLILFD
WHYHLLPXQL]DWUăJkQGFXSDLXOGLQYHQHOHPHOHEXQH
FHOHSX܊LQH
FDVăSR܊LDSăVDEDFNVSDFHUHDOLWă܊LL
DWXQFLYHLGLFWDPRU܊LLVFHQDULLRSWLPLVWHOLSVLWH
GHGLIHUHQ܊HGHSRWHQ܊LDO
YHLGHWHQVLRQDOXPHDWDFDUHVWUăEDWH
VSD܊LLOHQHGHQXPLWHFKLUXUJLFDO
YRPUăPkQHFXVHPQHOHXQHLFXWLLGHDOXPLQLXVWUkQVă
FXDPEHOHPkLQL
YHLSXQHIăUăvQGRLDOăSHDXWRPDWLFPRGHVLQXFLGHULOH
UHGXFkQGXPDQLWDWHDODRGHSL[HODUHQHSURJUDPDWă
LRDQH
FUHGFăWHSR܊LOLSVLGHWRWSDUDYDQXOFRPSOH[LWă܊LL
Vă܊LGHFODQ܈H]LUDSLGEăWUkQH܊HDSHQWUXDSULQGH܈LFHYDYLD܊ăQRXă
YHL GDQVD FD XQ EDOHULQ UXV GLDJQRVWLFDW FX LQVXILFLHQ܊ă UHVSLUDWRULH DFXWă OD
FRQWDFWXOGLUHFWFXVLPHWULLOH
܊LQkQGvQWUXQDGLQPkLQLXQHOHFWUR܈RFUHERELQDW
܈Lv܊LYHLPXWDUHSHWLWLYSXOVXOGLQWURVIHUăvQWUDOWD
VăQXSLHU]LQLFLDVRQDQ܊HOHSROLWLFXOXLQLFLVXQHWXOWHQGRDQHORUILVXUDWH
DFRPSDQLLQG
RvQWUHDJăLVWRULHLPSHUVRQDOăDDQQHLSDYORYD
LRDQH
vQFHOHGLQXUPăWHYHLFXOFDSHFUXFHDGHFUHWăGLQDVIDOW
VSDWHvQVSDWHFXKULVWRVXOWăXHOvQFăO܊DWvQWHQL܈LFKLQH]H܈WL
WXFXFă܈WLOHZLILELJVL]H
YHLSXQHSHUHSHWEDQLLYRUEHVF܈LYHLQHJRFLDDGRXDYHQLUH
3RHPGLQWUXQYROXPvQSUHJăWLUH
&URQLFă
'HVSUHXQ
VSDĠLXQHXWUX
RFURQLFăGH9DVLOH6SLULGRQ
%LEOLRJUDILD UHFHSWăULL RSHUHL OXL $XUHO 'XPLWUD܈FX HVWH ERJDWă ܈L
GHDFHHDQXVHSRDWHVSXQHFăUHVWUkQVDFUHD܊LHDSRHWXOXLQHP܊HDQDUSXWHD
IL SULYLWă FD SH XQ DLVEHUJ LQVXILFLHQW H[SORUDW 7RWX܈L vQ SRILGD
QXPHURDVHORU FRQWULEX܊LL FULWLFH GLQ XOWLPHOH WUHL GHFHQLL R DERUGDUH
VLVWHPDWLFăDVFULHULORUVDOHOLSVH܈WH'DFăVHSRDWHVSXQHFăVDVFULVPXOW
ODIHOGHDGHYăUDWHVWHFăVDVFULV܈LIUDJPHQWDU&DUWHD$XUHO'XPLWUDЮFX
6WXGLX PRQRJUDILF &XYkQW vQVR܊LWRU GH $QWRQLR 3DWUD ܈,D܈L (GLWXUD
-XQLPHD DSăUXWă VXE VHPQăWXUD OXL 9ODG $OXL *KHRUJKH YLQH Vă
FRPSOLQHDVFă WRFPDL DFHDVWă LQVXILFLHQ܊ă $XWRUXO GHQRWă R DILQLWDWH
HOHFWLYă FX FUHD܊LD OXL $XUHO 'XPLWUD܈FX VWXGLXO ILLQG FRQFHSXW GLQ
LQWHULRU FX XQ SDUWLVSULV SDUWLFLSDWLY úL VWUXFWXUDQW vQ FHUFHWDUH GHRDUHFH
WDWăO VăX HVWH DFHODFDUHDvQWUH܊LQXWFHOPDLPXOW܈LPDLILGHOGLQWUHFROHJLL
GH JHQHUD܊LH PHPRULD YLH D SRHWXOXL JUDEQLF SOHFDW 6SXQ Fă D vQWUH܊LQXW
GHRDUHFH $GULDQ $OXL *KHRUJKH VD GHFLV UHODWLY UHFHQW Vă UHQXQ܊H FX
DPăUăFLXQH OD ÄPR܈WHQLUHD´ OXL $XUHO 'XPLWUD܈FX D VH YHGHD DUWLFROXO
Ä'HVSăU܊LUHD´ GH $XUHO 'XPLWUD܈FX vQ Ä5RPkQLD OLWHUDUă´ QU
$܈DGDU FDUWHD GH ID܊ă YLQH FD R IUXPRDVă ܈L XOWLPă SUHOXDUH GH ܈WDIHWă vQ
IDPLOLD $OXL *KHRUJKH D PR܈WHQLULL VSLULWXDOH D DXWRUXOXL YROXPXOXL
)XUWXQLOHPHPRULHL
9ODG $OXL *KHRUJKH vúL SURSXQH Vă GHPRQVWUH]H vQ vQWUHSULQGHUHD
VD FULWLFă DWDúDPHQWXO OXL $XUHO 'XPLWUD܈FX IDĠă GH R UHĠHD WHPDWLFă ܈L
LGHDWLFă UHFXUHQWă GHD OXQJXO VFULHULORU VDOH GH XQGH úL XQLWDWHD FUHD܊LHL
PDL PXOW OăVDWH vQ PDQXVFULV $VWIHO HO REVHUYă Fă vQFă GH OD vQFHSXWXULOH
VFULVXOXL SRHWXOXL QHP܊HDQ H[LVWă QL܈WH OLQLL GH IRU܊ă FDUH YRU VWUXFWXUD úL
XQL FUHD܊LD vQWUXQ DQXPLW FkPS GH VHPQLILFDĠLL 3HQWUX DFHDVWD VXQW
&RQWDQU
RUGRQDWH FURQRORJLF WUDVHHOH ELRJUDILFH ܈L PDWHULDOHOH H[LVWHQWH vQ
ODERUDWRUXO FUHDWRU FHUFHWkQGXVH PLQXĠLRV PDQXVFULVHOH FDLHWHOH GH
MXUQDO FRUHVSRQGHQĠD H[SHGLDWă ܈L SX܊LQHOH LQWHUYLXUL DFRUGDWH SH DWXQFL
DFHVWHDQXHUDXOXDWHSUHDGHVVSUHGHRVHELUHGHDVWă]LFkQG܈LIRUPHOHGH
RUJDQL]DUH D XQRU FRQFXUVXUL VDX DGPLWHUL VXQW QXPLWH ÄLQWHUYLXUL´ ± FD ܈L
FXP H[DPLQDWRULL DU DYHD RQRDUHD Vă OL VH DFRUGH DVWIHO GH vQWkOQLUL FX
FDQGLGD܊LL
$QDOL]DUHD LQHYLWDELO FRPSDUWLPHQWDWă vQ FDSLWROH GLVWLQFWH D
RSHUHL OXL $XUHO 'XPLWUD܈FX DUH DVLJXUDWă R EXQă IOXLGL]DUH D JUDQLĠHORU
PRELOH ܈L HVFDPRWDELOH GLQWUH JHQXUL 6XQW GH VHVL]DW DVWIHO FRQIOXHQ܊HOH ܈L
DPSUHQWăULOH VSHFLILFH SULQWUR SHUPDQHQWă UDSRUWDUH D XQXL VHFWRU OD
FHOăODOW 2SHUD HVWH WUDWDWă GH 9ODG $OXL *KHRUJKHDVWIHOvQFkWVăDGXFăvQ
GLVFXĠLHúLWH[WHFDUHQXDXIRVWH[SORDWDWHSkQăvQSUH]HQWRIHULQGXVHúLR
LPDJLQH GH DQVDPEOX DVXSUD FRQH[LXQLORU FDUH VH SRW VWDELOL vQWUH VFULHULOH
DQWXPH ܈L DFHOHD SRVWXPH 0RGXO vQ FDUH HVWH UHDOL]DWă vQWUHĠHVHUHD GLQWUH
HYHQLPHQWHOH ELRJUDILFH úL VXEVWDQĠD RSHUHL DWHVWă UHX܈LWD FăXWDUH D
HIHFWXOXL GH DQVDPEOX ܈L EXQD D܈H]DUH D H[HJHWXOXL vQ RUL]RQWXO LVWRULHL
OLWHUDUH
'LQFROR GH UDSRUWDUHD LQHYLWDELOă OD GDWHOH XQHL LVWRULL FRQFUHWH
RSUHVRDUH FHHD FH vO LQWHUHVHD]ă SH 9ODG $OXL *KHRUJKH HVWH DERUGDUHD
IHQRPHQXOXL JHQHUDĠLRQLVW DO GHFHQLXOXL GLQ VHFROXO WUHFXW SUHFXP ܈L
VXUSULQGHUHD DWPRVIHUHL OLWHUDUH D DFHOHL SHULRDGH UHYLVWH JUXSăUL OLWHUDUH
FHQDFOXUL FRQIOLFWH GH LQWHUHVH LGHRORJLFH 'LQWUH WRDWH vQJUăGLULOH FHD
PDL GXUă SHQWUX VFULLWRUL HUD DFHHD H[HUFLWDWă GH PHFDQLVPXO FHQ]XULL
'HEXWXULOH VH IăFHDX QHvQFKLSXLW GH GLILFLO GH QHLPDJLQDW SHQWUX DVSLUDQ܊LL
GH DVWă]L OD QRWRULHWDWH OLWHUDUă HOH UHDOL]kQGXVH GXSă PXOWH FRQIOLFWH FX
FHQ]RULL XQHOH Iă܊L܈H vQ XUPDFăURUDDSăUHDRFDUWHDWkWGHPXWLODWăvQFkW
DXWRUXO HL QX R UHFXQR܈WHD &ULWLFXO Gă FkWHYD H[HPSOH GH GHEXWXUL
vQWkU]LDWHGLQWUHFDUHD܈DPLQWLGRDUWUHLFD]XUL$VWIHOSHQWUXDVHEXFXUD
Fă GHEXWHD]ă OD (GLWXUD 'DFLD 1LFRODH 2SUHD DU IL WUHEXLW Vă DLEă
GRPLFLOLXO vQ 7UDQVLOYDQLD GH܈L DEVROYLVH IDFXOWDWHD OD &OXM $܈D vQVă
FULWLFXO SLWH܈WHDQ D GHEXWDW GXSă FRQVXPDUHD XQXL vQWUHJ FLFOX ]RGLDFDO
0DULDQ 'UăJKLFL D D܈WHSWDW GRDU FLQFL DQL LDU /LYLX $QWRQHVHL D IRVW
DPkQDW܈DVHDQL
3RHWXOLH܈HDQDGHEXWDWRILFLDOGRDUSHQWUXRQRDSWHGXSăFHIXVHVH
DQXQ܊DW GUHSWFk܈WLJăWRUDOFRQFXUVXOXLGHGHEXWDO(GLWXULL$OEDWURVGDUD
GRXD ]L D IRVW vQORFXLW FX DOWFLQHYD IăUă D L VH GD YUHR H[SOLFD܊LH RILFLDOă
$FHDVWă VLWXD܊LH vPL DPLQWH܈WH R VFHQă GLQ YROXPXO DO GRLOHD DO URPDQXOXL
0RURPH܊LLvQWkPSODWăGXSăYHQLUHDODSXWHUHDDFHOXLD܈LUHJLPvQFDX]ăvQ
&URQLFă
FDUH XQ SHUVRQDM D DMXQV Vă ILH SULPDU SHQWUX WRW DWkW GH SX܊LQ WLPS
3RYHVWH܈WH1DH&LVPDUXıFkQGDPDMXQVODSULPăULHDúDHUHDDYHQLWSH
XUPă QRWDUXO úL DP FLWLW úL HX VFULD QHJUX SH DOE 1DH &LVPDUX H QXPLW
SULPDU $P VWDW HX SDFROR SkQă OD SUkQ] SkQă DP OXDW vQ SULPLUH GH OD
&RFKLQĠX úL QX SOHDFă ELQH &RFKLQĠX Fă Yă] Fă LQWUă XQXO DúD FX úDSFă vQ
FDS úL ]LFH ©&LQH H SULPDU DLFL"ª ©(X VXQWª ]LF ©ÌPL SDUH UăX ]LFH GDU
QX PDL HúWLª >@ $úD H Pă H[FODPă 1DH &LVPDUX XOXLW WDPDQ YUHDP úL
HX Vă Pă LVFăOHVF VXE XQ DFW úL ĠLQHDP WRFX vQ PkQă úL vO Yă] SHăOD Fă
vQWLQGHPkQDúLPLOLDDúDXúXUHOGLQPkQăFDODFRSLLODVăăVWD]LFHVă
QX RERVHúWL Vă WHDSXFH GXUHUHD GH FDS >@ 'D Pă vO DSXFDVH PLOD GH
PLQH DX]L´ 0RURPH܊LL YRO ,, (G -XUQDOXO 1D܊LRQDO &XUWHD 9HFKH
3XEOLVKLQJSS
'HVLJXU Fă 9ODG $OXL *KHRUJKH ܈LD LQWHJUDW FHUFHWDUHD vQWUXQ
FRQWH[W PDL ODUJ DO SRH]LHL URPkQH GLQ DQLL ¶ DL VHFROXOXL WUHFXW ܈L VH
RSUH܈WH FX SUHFăGHUH DVXSUD SDUDGLJPHL VSHFLILFH DFHVWHLD $MXQV DLFL HO
REVHUYă SHUVRQDOL]DUHD WLPEUXOXL SRHWLF DO OXL $XUHO 'XPLWUD܈FX RGDWă FX
HYROX܊LDSRH]LHLFRQJHQHULORUVăL'XSăFHDFHUFHWDWFkWHYDVXWHGHSDJLQL
GHLQHGLWHH[HJHWXODUHDOL]DWRVHOHF܊LHPLQLPDOăUH܊LQkQGSRH]LLOHFDUHDX
DFHOHD܈L FDUDFWHULVWLFL FX FHOH GHMD SXEOLFDWH $VWIHO VH LOXVWUHD]ă IDSWXO Fă
DXWRUXO YROXPXOXL %LEOLRWHFD GLQ 1RUG D IRVW XQ FăXWăWRU GH IRUPXOH
SRHWLFH FDUH VăO GHILQHDVFă ܈L VăO LQGLYLGXDOL]H]H SUHJQDQW &HD PDL
DGHFYDWă L VH SDUH OXL 9ODG $OXL *KHRUJKH D IL DFHHD XWLOL]DWă GH SRHWXO
VXGDPHULFDQ-RVp/H]DPD/LPDFDUHDIRVWDPLQWLWGHFkWHYDRULGH$XUHO
'XPLWUD܈FXDWkWvQFXSULQVXOSRH]LHLFkW܈LvQDOSDJLQLORUGHMXUQDO3RHWXO
GLQ QRUG D LQWUDW vQ FRQWDFW FX FUHD܊LD DFHOXL SRHW VXGLF SULQ LQWHUPHGLXO
XQXL FRQVLVWHQW VWXGLX vQVR܊LW GH FkWHYD SRHPH WUDGXVH DSăUXW vQWUXQ
QXPăU DO UHYLVWHL Ä6HFROXO ;;´ ÌQ VWXGLXO GHGLFDW SRHWXOXL VXGDPHULFDQ
'DQ $UVHQLH VFULD Fă ÄSRHPXO OXL vQDLQWHD]ă YHUEDO FUHkQG XQ VSD܊LX
LPDJLVWLF WXUELRQDU R HPEOHPă SDUFă QLFLRGDWă ILQDOL]DWă QXPLWă GH HO
LPDJRvQFDUHDWRSLDLQVSLUD܊LHLVDGL]ROYDWVDWRSLW´S
$FHDVWă LPDJLQH D WXUELRQXOXL HVWH UHGHVFRSHULWă ܈L vQ SRH]LD OXL $XUHO
'XPLWUD܈FX ILH vQ DFHHD SXEOLFDWă ILH vQ DFHHD OăVDWă vQ HER܈ă vQ SDJLQLOH
UăPDVH vQ PDQXVFULV Ä/XL -RVp /H]DPD /LPD L VH DWULEXLH ©PHWRGD
KLSHUWHOLFăª FHHD FH DU vQVHPQD IHOXO vQ FDUH ILHFH IHQRPHQ v܈L GHSă܈H܈WH
܊HOXO VSUH FDUH SăUHD Fă VH vQGUHDSWă SURJUDPDUHD LQL܊LDOă FDUH QX H[LVWă
GH IDSW GHFkW vQ FRQFHS܊LD QRDVWUă ©XQ IHO GH OLEHUWDWH QHDOHDWRULH D
OXFUXULORUª 'XSă DFHDVWă PHWRGă SUDFWLF QX PDL H[LVWă WH[WH ©ILQLWHª
H[LVWăGRDUDFHOWXUELRQSRHWLFFDUHVHPDQLIHVWăILHSHXQVSD܊LXDPSOXILH
vQ FkWHYDFXYLQWH$FHDVWDvQFXUDMHD]ăIUDJPHQWDULVPXOvQDFHVWVHQVRULFH
WH[W GLQ ODERUDWRUXO GH FUHD܊LH DUH LPSRUWDQ܊D OXL ܈L VH vQVFULH ©vQWUXQ
&RQWDQU
VLVWHPSRHWLFªIDFHSDUWHGLQXQLYHUVXOvQH[SDQVLXQHDORULFăUXLSRHW´SS
&RQIHULQG FRHUHQ܊ă ܈L XQLWDWH XQHL FUHD܊LL FDUH GRDU DSDUHQW HVWH
IăUkPL܊DWă XQ DVWIHO GH IUDJPHQWDULVP HVWH VXERUGRQDW vQFHUFăULORU GH
UHFXSHUDUH D ILLQ܊HL OăXQWULFH ܈L VWă GUHSW PăUWXULH SHQWUX H[LVWHQ܊D XQXL
DQXPLW VHW GH UHFXUHQ܊H XQLILFDWRDUH )UDJPHQWDULVPXO WUHEXLH vQ܊HOHV
H[FOXVLY FD PRG GH RUJDQL]DUH WH[WXDOă FDUH GRDU vQ PRG VXSHUILFLDO
FUHHD]ă VHQ]D܊LD GH WH[W GH]DUWLFXODW (VWH GH DSUHFLDW IDSWXO Fă 9ODG $OXL
*KHRUJKH QX SLHUGH GLQ YHGHUH UHOLHIXO FRUSXVXOXL GH WH[WH DQDOL]DW FDUH
QX GHYLQH XQ VLPSOX SUHWH[W SHQWUX GLVFX܊LL VWUăLQH GH JkQGLUHD ܈L GH
LQWHQ܊LLOH FUHDWRDUH DOH OXL $XUHO 'XPLWUD܈FX 'H DOWIHO OD VIkU܈LWXO FăU܊LL
SHQWUX R PDL EXQă vQ܊HOHJHUH D FHORU SUH]HQWDWH vQ FDSLWROHOH GHGLFDWH
SRH]LHL H[HJHWXO vQWRFPH܈WH R DQWRORJLH FX FHOH PDL UHSUH]HQWDWLYH WH[WH
GLQ YROXPHOH DQWXPH ܈L SRVWXPH PHQLWă Vă ILH VXSRUWXO FRQWH[WXDO GH
IDPLOLDUL]DUHFXRSHUD
'LDULVWXO $XUHO 'XPLWUD܈FX HVWH R ILLQ܊ă SOXUDOă LDU IH܊HOH DFHVWXLD
WUDQVSDU GLQ ILOHOH GH MXUQDO XQGH HO LQWUă vQ SHUPDQHQW GLDORJ FX VLQH
vQVX܈L Ä6WUXFWXUD LQWHULRDUă D OXL $XUHO 'XPLWUD܈FX QX DUH VSLULWXO
XUEDQXOXL QLFL FHO DO UXUDOXOXL FKLDU vQ FDUHv܈LWUăLH܈WHFHDPDLPDUHSDUWH
GLQ YLD܊ă SH FDUH vO GHQXQ܊ă DGHVHD FL VH VLWXHD]ă vQWUXQ VSD܊LX QHXWUX
DFROR XQGH QX WH DMXQJ QLFL PRWLYHOH VWUHVXOXL GLQ RUD ܈GDU QLFL OXFUXULOH
GLVFXWDELOH GLQ PHGLXO VăWHVF XQXO vQWkU]LDW vQ LVWRULH $FHDVWă UHDOLWDWH
SDUDOHOă HVWH GH IDSW WHPD JHQHUDOă D MXUQDOXOXL VăX &DUQHWH PDUR FDUH
HVWH R IXJă FRQWLQXă GLQ UHDOLWDWHD LPHGLDWă vQWUR OXPH SH FDUH R
ILF܊LRQDOL]HD]ă SULQ VFULHUHSULQFRQVHPQDUH$FHVWVSD܊LXQHXWUXHVWHXQXO
VXSXVFRQWLQXXRUGRQăULLDQDOL]HLHVWHSă]LWFXVWUă܈QLFLHVD´SS
'LQ GLDULVWLFD FHOXL FDUH D XPSOXW FX VFULVXO VăX IHEULO FDUQHWH PDUR
VWUăEDWH VHQWLPHQWXO VLQJXUă܊LL ܈L PDL DOHV FDSDFLWDWHD GH D GHWHUPLQD
FRQ܈WLHQWDFHDVWăVWDUHSHQWUXDDGRSWDRVWUDWHJLHGHDSăUDUHDILLQ܊HLSULQ
FRPXQLXQHDFXFROHJLLGHJHQHUD܊LH(VWH܈LJUHXGHGDWVHDPDSHQWUXFLQH
QXODFXQRVFXWSHDXWRU܈LFLWH܈WHGRDUSDJLQLOHGHMXUQDOGDFăDFHVWDDIRVW
R SHUVRDQă LQWURYHUWLWă VDX GLPSRWULYă XQD H[WUDYHUWLWă ÌQVă PXOWH
DUJXPHQWH vO YRU GHWHUPLQD Vă vQFOLQH EDODQ܊D vQVSUH FHD GH D GRXD
LSRVWD]ă
3HQWUX D XUPăUL WX܈HOH DXWRSRUWUHWXOXL GLDULVWLF DO OXL $XUHO
'XPLWUD܈FX FULWLFXO DQJDMHD]ă R SHUVSHFWLYă PDL DPSOă DVXSUD GLDULVWLFLL
URPkQH܈WL GLQ SHULRDGD FRPXQLVWă UDSRUWkQGXVH OD MXUQDOHOH SXEOLFDWH
GXSă FDUH UHIOHFWă QHPLMORFLW UHDOLWDWHD GLQ SHULRDGD FRPXQLVWă (VWH
YRUED GHVSUH GLDULVPXO OXL ,RQ ' 6vUEX úL DO OXL 5DGX 3HWUHVFX GDU 9ODG
&URQLFă
$OXL *KHRUJKH DUH JULMă Vă QX IDFă DVHPăQăUL SUHD PXOWH SHQWUX Fă VDU
IRU܊DQRWDFRPSDUDWLYă$܈DGXFH܈LHXFkWHYDQXDQ܊ăULGHRVHELWRDUH$XUHO
'XPLWUD܈FX QX D DYXW YLD܊D GHPQă GH XQ DGHYăUDW URPDQ SLFDUHVF QLFL
FXOWXUD DVLPLODWă ܈L QLFL YHUYD FRYkU܈LWRDUH SOLQă GHXPRUDPDUDOHOXL,RQ
' 6vUEX ÌQ SULYLQ܊D OXL 5DGX 3HWUHVFX D ܈DPLQWL GRDU H[SUHVLD FDORILOă
FRQIXQGDELOăFXDFHHDDXQRUSDJLQLGHILF܊LXQHFDUHvQMXUQDOXOVFULLWRUXOXL
QHP܊HDQ QX H[LVWă 2ULFXP ܈L MXUQDOXO OXL $XUHO 'XPLWUD܈FX Gă VHDPD GH
WUDYHUVDUHD XQHL HSRFL QHJUH D ܊ăULL QRDVWUH HO ILLQG RJOLQGD XQHL vQWUHJL
JHQHUD܊LL &HHD FH XQH܈WH WRDWH FHOH WUHL MXUQDOH HVWH vQ SULPXO UkQG
H[SXQHUHDXQXLVHWGHSULQFLSLLHWLFHFDUHOHWUDYHUVHD]ăDSRLSUREOHPDWLFD
OHJDWă GH IXQGDPHQWHOH FXOWXULL ܈L DOH FHWă܊LL &RPEXVWLD WH[WHORU GLDULVWLFH
UHVSHFWLYH HVWH vQWUH܊LQXWă SULQ H[HPSOXO SURSULX DO DXWRULORU FH
LOXPLQHD]ăFRQWXUHD]ă܈LSXQHvQYDORDUHRDQXPLWăGLPHQVLXQHXPDQă
$XUHO 'XPLWUD܈FX D IRVW XQXO GLQWUH FHL PDL DFWLYL HSLVWROLHUL GLQ OLWHUDWXUD
QRDVWUă ܈L vQ PRG VLJXU FHO PDL KDUQLF GLQ JHQHUD܊LD VD ÌQ VFRSXO GH D
DYHDXQFRQWURODVXSUDDFHHDFHH[SHGLDHOWUDQVFULDvQMXUQDOLQWHJUDOVDX
IUDJPHQWDU SDJLQLOH GH FRUHVSRQGHQ܊ă 3ULQ VFULVRULOH WULPLVH DXWRH[LODWXO
GH OD %RUFD D vQFHUFDW Vă UHGXFă GLVWDQ܊D IL]LFă ID܊ă GH SULHWHQLL VFULLWRUL
ULVLSL܊L SHVWH WRW 9ODG $OXL *KHRUJKH UHVLPWH vQ FHUFHWDUHD VD KDQGLFDSXO
GHDQXILDGXQDWăSkQăDFXPvQvQWUHJLPHFRUHVSRQGHQ܊DERJDWă܈LGLYHUVă
ULVLSLWă GH HSLVWROLHU SULQ WRDWH FRO܊XULOH ܊ăULL $OWPLQWHUL DU IL UHX܈LW Vă
UHOHYH PDL ELQH GLQDPLVPXO LGHLORU DO OHFWXULORU DO HQXQ܊ăULL SULQFLSLLORU
SURSULL OXL $XUHO 'XPLWUD܈FX UHDOL]kQGXVH DVWIHO R SDQRUDPDUH D PDL
PXOWRU QLYHOXUL GH SURVSHFWDUH ܈LGHSUH]HQWDUHDHSRFLLWUăLWH'HVLJXUFă
vQ DQDOL]ă FDSXO GH DIL ܈vO FRQVWLWXLH FRUHVSRQGHQ܊D LQVROLWă ܈L FKLDU
GHJUDGDQWă FX R LXELWă QXPLWă ($ 7XGRUL܊D FH vL SXQH vQ OXPLQă YLD܊D
VHQWLPHQWDOă
$XUHO 'XPLWUDЮFX 6WXGLX PRQRJUDILF QX HVWH XQ VLPSOX H[HUFL܊LX
GH DGPLUD܊LH GDWRUDW D܈D FXP VH vQWkPSOă GH PXOWH RUL OLSVHL GH
H[SHULHQĠă H[HJHWLFă 'HVLJXU Fă 9ODG $OXL *KHRUJKH QX DUH R H[SHULHQ܊ă
FULWLFă vQGHOXQJDWă GDU WUHFHUHD FX RQHVWLWDWH vQ UHYLVWă D RSLQLLORU
IRUPXODWH GH DO܊L FRPHQWDWRUL GHQRWă Fă H[LVWă LQGLFLL QX QXPDL DL XQHL
SUXGHQ܊H LQWHUSUHWDWLYH FL ܈L DLXQHLIUXPRDVHPRGHVWLLvQDVXPDUHDLGHLORU
SULPLWH $XWRUXO VWXGLXOXL GRYHGH܈WH R EXQă FXQRDúWHUH D FRHUHQĠHL GH
SURIXQ]LPH D RSHUHL FHUFHWDWH HO JăVLQG WRQXO LQWHUSUHWDWLY DGHFYDW SULQ
vPELQDUHD OHFWXULL VDOH FX DFHHD D ELEOLRJUDILHL FULWLFH GHMD FRQVLVWHQWă
GHVSUH $XUHO 'XPLWUD܈FX 9ODG $OXL *KHRUJKH UHXúHúWH Vă VXUSULQGă úL Vă
IL[H]H FRQYLQJăWRU SULQ DFHDVWă PRQRJUDILH SURILOXO XQXL SRHW FX GHVWLQ
IUkQW
&RQWDQU
8QHVHXGH
$GULDQ*
5RPLOD
&kWHYDFKHVWLXQLGLVSDUDWHGHVSUH
UHOHYDQ܊DFULWLFLLOLWHUDUH
ÌQ SULQFLSLX UHOHYDQ܊D FULWLFLL OLWHUDUH QX SRDWH IL SXVă OD vQGRLDOă
HD H LQVWUXPHQWXO GH DMXVWDUH D[LRORJLFă D RULFăUHL OLWHUDWXUL IXQF܊LRQDELOH
$VWă]L vQ FRQGL܊LLOH SUROLIHUăULL JHQXULORU D PLMORDFHORU GH H[SUHVLH ܈L D
VXSRUWXULORU SH FDUH VH UăVSkQGHVF WH[WHOH LPSRUWDQ܊D DFWXOXL FULWLF FUH܈WH
H[SRQHQ܊LDO FX UHFDOLEUăUL ܈L FRVWXUL LPSOLFLWH 'LVSHUVLD FHQWUHORU GH
DXWRULWDWHFULWLFăHGHQHHYLWDWODIHOFD܈LPHODQMXOvQWUHHSLVWHPRORJLLFDUH
QX DX QHDSăUDW OHJăWXUă FX WHRULD OLWHUDUă 'DFă ÄOXPHD´ ÄUHDOLWDWHD´ VDX
ÄDGHYăUXULOH´ XPDQH VDX VFKLPEDW SURIXQG ܈L FKLDU VDX VFKLPEDW VH
VFKLPEăH[WUHPGHUDSLGWUăLPUHDOPHQWHRGLQDPLFăWRWPDLLPSUHYL]LELOă
܈LPDLUDGLFDOăDUHIHULQ܊HORUOLWHUDWXULLRSHUD܊LDGHLQWHUSUHWDUH܈LPDLDOHV
GHLHUDUKL]DUHSHULRGLFăDWH[WHORURULFkWGHFDGXFă܈LGHDPELJXăDUSăUHD
D]LWUHEXLHVăUăPkQă
'RXă GLQWUH SDUWLFXODULWă܊LOH FULWLFLL OLWHUDUH URPkQH܈WL GLQ XOWLPLL
DQL VXQW UHODWLYL]DUHD FULWHULLORU SXU HVWHWLFH ܈L KLSHUSRODUL]DUHD GH JUXS
3H GH R SDUWH PXOW LQYRFDWD GLUHF܊LH ORYLQHVFLDQă H FRQFXUDWă GH WRW IHOXO
GH DERUGăUL XQHOH SXWHUQLF FRORUDWH ÄVSUH VWkQJD´ DOWHOH FRQVWkQG vQ
SODVăUL IRU܊DW JHQHUD܊LRQLVWH vQ FRQWXUăUL YDJL GH GLUHF܊LL vQ DQWURSRORJLL
SRVWXPDQLVWH vQ GHFXSDMH UDUHILDWH VDX vQ SXVHXUL LPSUHVLRQLVWH LQHJDO
DFRSHULWHYDORULFOHDPLQFOXVDLFL܈LSHFHOHFRUHFWHSROLWLFFHQWUDWHvQWUH
DOWHOH SH DJHQGH VRFLRORJLVWH IHPLQLVWH RUL PLQRULWDUH 3H GH DOWă SDUWH
IUDFWXUDUHD DSURDSH LUHFRQFLOLDELOă D OXPLL LQWHOHFWXDOH URPkQH܈WL vQ
VSHFLDODFHOHLOLWHUDUHDGXVODSDUWL]DQDWHFDUHDXDIHFWDWEXQDIXQF܊LRQDUH
(VHX
D VFKLPEXOXL GH RSLQLL GH FRVQWUXF܊LL LQVWLWX܊LRQDOH ܈LQ XOWLPă LQVWDQ܊ă GH
WH[WHYDODELOHvQGLDFURQLHQXVHPDLVFULHGHVSUHFDUWHD[SHQWUXFăHÄGH
OD FHLODO܊L´ FXWDUH DXWRU QX PDL H OXDW vQ VHDPă ILLQGFă VFULH OD UHYLVWD
FXWDUH VDX D FULWLFDW QX ܈WLX FH LGHH FDUWHD \ WUHEXLH UDVă RUL GLPSRWULYă
HORJLDWă GXSă FXP VH SR]L܊LRQHD]ă vQ YUHXQD GLQWUH WDEHUH 7ULVW GDU
DGHYăUDWFXPVH]LFH
$YHP R IRDUWH YDULDWă JDPă WLSRORJLFă GH FULWLFă OLWHUDUă ܈L vQ
SXEOLFLVWLFă܈LvQYROXPHPDVLYH6WăPELQHSăFDWFăvQFRQFHUWXOPDULORU
OLWHUDWXULQX܈WLPGHFkWQRLFăFLUHFHSWDUHDHDFRSHULWăvQWRDWHPRGXULOH
OD QLYHO RILFLDO GH DFHHD QD] ܈LFH Fă WUHFHP SULQ YUHR FUL]ă D FULWLFLL
3RODUL]DUHDGHJUXSDGXVYUkQGQHYUkQG܈LODRSRODUL]DUHGHSHUVSHFWLYH
܈L GH FULWHULL 1X PDL H[LVWă QLFL FHQWUH GH DXWRULWDWH DEVROXWă DVWD QX H
vQWRWGHDXQD FRQVWUXFWLY QLFL VXUVH XQLFH GH YDOLGDUH LDUă܈L XQ OXFUX
DGHVHD SHUQLFLRV $YHP PDVLYH LVWRULL OLWHUDUH FRQFXUHQWH FX EXQH ܈L FX
UHOHGHVLJXUGDUGHPHUVXOVLQWHWLFRUGRQDWRUvQFăHvQFHUFDW܈LGHFHVăQ
R UHFXQRD܈WHP" QHFHVDU 7RDWH PHULWă GLVFXWDWH SHQWUX FăSkQăODXUPă
QX PDL SR܊L LPSXQH GRDU R VLQJXUă GLUHF܊LH R VLQJXUă YRFH VDX XQ VLQJXU
YHFWRU YDORULF 1X YUHDX Vă GDX QXPH VXQW PXOWH D ܈DPLQWL QXPDL GRXă
SDUDGLJPDWLFH SHQWUX GLUHF܊LLOH FDUH IXQF܊LRQHD]ă OD QRL vQ SUH]HQW
1LFRODH 0DQROHVFX ܈L 0LKDL ,RYăQHO6XEVWDQ܊LDOHLVWRULLOHORUOLWHUDUHVXQW
SURIXQG RSXVH vQ EDFNJURXQGXO LGHRORJLF vQVWUXFWXUăvQLQWHUSUHWăUL܈LQ
GHFXSDMHOH RSHUDWH 6FKHPDWLF YRUELQG FUHG Fă HOH UHSUH]LQWă FHOH GRXă
SHUVSHFWLYH DQWLWHWLFH SH FDUH OH vQWkOQLP vQWUR IRUPă VDX DOWD vQ PXOWH
DOWH DERUGăUL RPRORDJH GHR SDUWH ܈L GH DOWD D VSHFWUXOXL OLWHUDU DXWRKWRQ
&DVăHYLWHYHQWXDOHVXVSLFLXQLYRLVSXQHGLQVWDUWFăPăSODVH]FDWHJRULF
GHSDUWHDSULPHLDGLQWUHHOHRULFkWHQXDQ܊HSHUVRQDOHD܈DGăXJD0XOWHDOWH
LVWRULL OLWHUDUH PL VH SDU GHPQH GH OXDW vQ VHDPă ILH ܈L SDU܊LDO GDU ,VWRULD
FULWLFă D OLWHUDWXULL URPkQH D OXL 0DQROHVFX H FHD FDUH GHRFDPGDWă vPL
SDUH HPEOHPDWLFă FD PHWRGă ܈LVHOHF܊LHSHFkQG,VWRULDOLWHUDWXULLURPkQH
FRQWHPSRUDQH D OXL ,RYăQHO PL VH SDUH FHO SX܊LQ vQ FH SULYH܈WH
SUHVXSR]L܊LLOHLGHRORJLFHGHSDUWHGHFHHDFHFUHGHXFăHROXFUDUHGHJHQ
ÌQ SOXV PDL WRDWH PDULOH UHYLVWH GH SURILO LQGLIHUHQW GH SR]L܊LLOH
LQWHOHFWXDOH DOH HFKLSHL UHGDF܊LRQDOH YRUEHVF GH FHOH FODVLFH SH KkUWLH QX
GH EORJXUL ܈L VLWHXUL FXOWXUDOH Ä5RPkQLD OLWHUDUă´ Ä2EVHUYDWRU
FXOWXUDO´Ä2UL]RQW´Ä3RHVLVLQWHUQDаLRQDO´Ä/XFHDIăUXOGHGLPLQHDаă´
Ä)DPLOLD´ Ä6WHDXD´ +\SHULRQ´ Ä&RQYRUELUL OLWHUDUH´ Ä9LDаD
URPkQHDVFă´ ܈D FKLDU ܈L FHOH FDUH LQVHUHD]ă RSLQLL OLWHUDUH vQWUH PXOWH
DOWHOH Ä'LOHPD YHFKH´ Ä´ DX UXEULFL GH FULWLFă vQWUR IRUPă VDXDOWD
VLPSOH VHPQDOH FURQLFă GH vQWkPSLQDUH UHFHQ]LH GH HGL܊LL SROHPLFL
VWXGLL SUHFLV FHQWUDWH 3XWHP GLVFXWD GHVSUH DQYHUJXUD ܈L SHUWLQHQ܊D ORU
&RQWDQU
GHVLJXU XQHOHV PDL EXQH DOWHOHV PDL VODEH GDU HOH H[LVWă H XQ IDSW &X
GHIHFWXOPDMRUGHFDUHDPLQWHDPPDLVXV±DFHODDOSDUWL]DQDWXOXLPDLPXOW
VDXPDLSX܊LQDVXPDWFHHDFHUHODWLYL]HD]ă܈LPDLWDUHVXUVHOHGHYDOLGDUH
6SHFLILFLWDWHD KHUPHQHXWLFLL OLWHUDUH ID܊ă GH DOWHOH SODVWLFă
FLQHPDWRJUDILFă PX]LFDOă HWF LPSOLFă R GLVFX܊LH VSHFLDOă GHORF VLPSOă
QX FUHG FăL ORFXO HL DLFL 1X ܈WLX GH H[HPSOX GDFă vQ DOWH GRPHQLL
IUDFWXUDUHDVRFLRORJLFLQVWLWX܊LRQDOăHODIHOGHUDGLFDOăFDQOLWHUDWXUăvQFă
H[LVWă RILFLDO R 8QLXQH D $UWL܈WLORU 3ODVWLFL ܈L FUHG Fă ܈L XQD D
FRPSR]LWRULORU ܈L PX]LFRORJLORU ܈L H SUREDELO FD ܈LQ DOWH SăU܊L Vă
IXQF܊LRQH]H R SRODUL]DUH LGHRORJLFă OD IHO GH DFFHQWXDWă FDUH Vă RSXQă
YHFKLOHRUJDQL]D܊LLLQL܊LDWLYHORUSULYDWHVDXLQGLYLGXDOH1D܈FUHGHGHFLFă
FHHD FH VHQWkPSOă FX Uă]ERLXO FRQWUD8QLXQLL6FULLWRULORUGHODQRLVDXFX
YDULLOH GLIHUHQGH GH RSLQLL GLQWUH OLGHUL ܈L SODWIRUPH H XQLF $VWD FD Vă QX
PDL YRUELP GH SUROLIHUDUHD SLH܊HL RQOLQH vQ ID܊D FHOHL FRQYHQ܊LRQDOH GH SH
VXSRUWXUL FODVLFH vQFă R YHULWDELOă VXUVă GH SROLFHQWULVPH ܈L HQWURSL]DUH
,DU vQ FH SULYH܈WH OLWHUDWXUD ÄFD ܈WLLQ܊ă LQHIDELOă ܈L VLQWH]ă HSLFă´ FUHG Fă
VSHFLILFLWDWHD HL PHWRGRORJLFă H OHJDWă vQ SULPXO UkQG GH LQVWUXPHQWXO
OLPELL ܈L DO SRVLELOLWă܊LORU HL GH D JHQHUD XQ VWLO R OXPH R FRPELQDWRULFă
UHOHYDQWă SHQWUX XQ DQXPH XQLYHUV XPDQ &XP OLPED LPSRUWă PHUHX
WHUPHQL FDOFXUL ܈L OH[HPH FXP H[SUHVLD OLQJYLVWLFă VH GHVFKLGH ܈L VH
GLYHUVLILFăWRWPDLUDSLGFXPQDUD܊LXQLOH܈LSRH]LDHYRFăXQLYHUVXULWRWPDL
RULJLQDOH ܈L PDL FRPSOH[H OLWHUDWXUD VH YD VFKLPED ܈L HD PRGLILFkQGX܈L
UHWRULFD ܈L UDSRUWăULOH GH OD R JHQHUD܊LH OD DOWD +HUPHQHXWLFD OLWHUDWXULL VH
vQUXGH܈WHvQPXOWHSULYLQ܊HFXFHDDILOPXOXLGHSLOGăGHFDUHPLVHSDUHFă
H FHD PDL DSURSLDWă SULQ GHVFKLGHUHD LPDJLQDUă ܈L PRELOLWDWHD PLMORDFHORU
SULQ SUREOHPDWL]DUHD UHDOLVWLQWHULRDUă SULQ FURQRORJLD QDUD܊LXQLL SULQ
FDUDFWHURORJLH ܈L LQWURVSHF܊LH SULQ FRORULVWLFD GLQDPLFD ܈L UHIOH[LYLWDWHD
VFHQRJUDILHLDLPDJLQLLvQJHQHUDO
ÌQWUH JHQXULOH OLWHUDWXULL FULWLFD D GHYHQLW OD IHO GH HQFODYL]DWă FD
SRH]LD D] ܈LFH FKLDU Fă D Fk܈WLJDW WHUHQ JHQXO SUR[LP DO HVHXOXL JHQHUDO
FXOWXUDO VDX DO FURQLFLL VSRQWDQH PDL GHJUDEă GHFkW FHO DO FULWLFLL OLWHUDUH
SURSULX]LVH6HQWkPSOăDVWDSHGHRSDUWHILLQGFăFULWLFDOLWHUDUăLPSOLFă
XQ OLPEDM FRQFHSWXDOL]DW SXWHUQLF VSHFLDOL]DW R FDSDFLWDWH GH VLQWH]ă ܈L XQ
LPHQVEDJDMGHOHFWXULDFWXDOHGHORFODvQGHPkQDRULFXLVHVFULHHQRUPOD
IHO FXP VH SXEOLFă HQRUP FHHD FH IDFH LPSRVLELOă R DFRSHULUH FkW GH FkW
UHOHYDQWă LDU SH GH DOWD ILLQGFă KDUWD RS܊LXQLORU GH OHFWXUă D GHYHQLW
GHVFXUDMDQW GH PDUH RGDWă FX H[SOR]LD DOWHUQDWLYHORU LQWHUQDXWLFH
DFFHVLELOH GH SH RULFH JDGJHW *UăEL܊L PHUHX RFXSD܊L UHWLFHQ܊L OD HIRUWXUL
VXV܊LQXWH GH vQ܊HOHJHUHDGHVHDLQFDSDELOLGHDFLWLLURQLL܈LVXEvQ܊HOHVXULFX
(VHX
DWkWPDLSX܊LQGHDUH]LVWDODDEVWUDFWL]ăUL܈LGLVFXUVXULWHRUHWL]DQWHFLWLWRULL
GH D]L VXQW DVDOWD܊L GLQ WRDWH SăU܊LOH GH PHVDMH VFULVH GH SURSXQHUL GH
OHFWXUăGHLQYLWD܊LLODD܈LIRUPXODODYHGHUHSURSULLOHRSLQLL0XO܊LGLQWUHHL
VDU FX X܈XULQ܊ă SHVWH WH[WHOH FULWLFH HODERUDWH vQWLQVH HOH UăPkQ PDL
GHJUDEă vQ ELEOLRJUDILLOH FHQWUDWH VWULFW SH XQ VXELHFW VDX DOWXO vQ YHGHUHD
YUHXQXL GRFWRUDW VDX D YUHXQXL DOW GHPHUV GLGDFWLF 2ULFkW GH
PXOWLFXOWXUDOLVWH ܈L GH LQWHUGLVFLSOLQDUH DUILFULWLFDWHRULD܈LLVWRULDOLWHUDUă
DX GHYHQLW DSURDSH H[FOXVLY JHQXUL GH ܈FRDOă VDX GH QL܈ă QX GH PDUH
SXEOLF ÌQWUR OXPH PDVLY FRQVXPHULVWă ܈L QRQLQWHOHFWXDOă vQWUR OXPH
DYLGăGHLPHGLDWGHFDSWLYDQWGHVSHFWDFRO܈LGHH[WUDRUGLQDUQX܈WLXGDFă
QX FXPYD H FHYD QRUPDO GH]LQWHUHVXO ID܊ă GH XPDQLRDUHOH PDL GLILFLOH GH
XQGHFk܈WLJXOLPHQVDOQDUDWLYXOXLSDUDWDFWLFDOSUR]HLVFXUWHDOURPDQXOXL
܈L DO ILOPXOXL GH GHSDUWH FHOH PDL DFFHVLELOH ܈L PDLIUHFYHQWDWHJHQXUL&D
Vă QX PDL YRUELP GH XQ DOW WLS GH VSHFLDOL]DUH FULWLFXO XQLYHUVLWDU YHUVXV
FULWLFXOSXEOLFLVWRULSRVWDFXOFRPSHWHQWDYHPGLQWRDWHFDUHGLIHUHQ܊LD]ă
VWLOXO vQWLQGHUHD ܈L SHUVSHFWLYHOH GH DERUGDUH 6H VXEvQ܊HOHJH FULWLFXO
XQLYHUVLWDU VXSRUWă FHD PDL FăXWDWă DXWRULWDWH ܈L H[DFW DFHDVWă IXQF܊LH GH
vQYHVWLUH FX DXWRULWDWH LQWHOHFWXDOă v܈L SUHVHOHFWHD]ă GLQWUX vQFHSXW FLWLWRULL
܈L VXELHFWHOH 9DVă]LFă GD H[LVWă XQ HFDUW FRQVLGHUDELO vQWUH ÄVLVWHPXO
OLWHUDU´±RVXPăGHUHFRPDQGăULSULQFLSLDOH܈LÄLQVWLWX܊LDFULWLFLL´±RKDUWă
LQFRPHQVXUDELOă GH YDULDELOH GD H[LVWă R OD[ă FRUHVSRQGHQ܊ă vQWUH VLVWHP
QRUPă ܈L PXOWLSOHOH SDURKLL DOH YRUELULL FULWLFH vQ WHUPHQLL OXL (XJHQ
&R܈HULX
1XFUHGFăIXQF܊LDFULWLFLLDIRVWvQORFXLWăVDXPLQLPL]DWăGHÄPHGLL
GH GLVHPLQDUH´ LQWHUQDXWLFă UH܊HOH GH VRFLDOL]DUH EORJXUL YORJXUL UHYLVWH
RQOLQH VLWHXUL SHUVRQDOH HWF PDL GHJUDEă H FRQFXUDWă GH HOH 3HQWUX XQ
FLWLWRU GHVFKLV ܈L FX DGHYăUDW LQWHUHVDW GH OLWHUDWXUă FHO SX܊LQ GHRFDPGDWă
FULWLFD OLWHUDUă H FRPSOHPHQWDUă RSLQLLORU GLQ PHGLXO YLUWXDO FX SUHFL]DUHD
Fă OXPHD RQOLQH H PDL DFFHVLELOă PDL OD vQGHPkQă FHHD FH HYLGHQW
FRQVWLWXLH XQ DYDQWDM 8QD H Vă FLWH܈WL OD XQ FOLF GLVWDQ܊ă UHSHGH܈LFRPRG
SH XQ HFUDQ GLQ ID܊D WD DOWD H Vă D܈WHS܊L Vă DSDUă FDUWHD VDX Vă R FDX܊L
EH]PHWLFSHLQWHUQHW܈LSULQOLEUăULL
0RGHOHOH FXOWXUDOH VWUăLQH IUDQFH]H OD vQFHSXWXULOH PRGHUQL]ăULL
QRDVWUH GH GLQDLQWH GH 3ULPXO 5ă]ERL DSRL IUDQFRDQJORVD[RQH vQ
LQWHUEHOLF ܈LQJHQHUD܊LD܈DL]HFLVWă܈LvQVIkU܈LWODUJXQLYHUVDOHGXSă
܊LQ PDL GHJUDEă GH SRVLELOLWDWHD VDX RFD]LD FRQWDFWXOXL H[WHUQ GHFkW GH
FRQYLQJHUL SURIXQGH $VWD VD vQWkPSODW ܈L vQ VHFROHOH ;,;;; FkQG
LQIOXHQ܊D IUDQFH]ă PDL SURQXQ܊DWă D IRVW GLFWDWă GH REL܈QXLQ܊D IUHFYHQWăULL
RSLQLLORUGLQ+H[DJRQHFXQRVFXWDSRUWXOIUDQFH]vQVSD܊LXOSUHURPDQWLF܈L
URPDQWLF GH OD QRL SH WRDWH SODQXULOH ܈LQXGHYUHRLGHRORJLHSURSXVăRUL
&RQWDQU
DVXPDWă $PSUHQWH UXVH܈WL LWDOLHQH EULWDQLFH VDX JHUPDQH DX IRVW
VLPXOWDQHFXFHOHIUDQFH]HvQHSRFLGLIHULWHDWXQFLFkQGFROSRUWRULLDFHVWRU
LQIOXHQ܊H VDX PDQLIHVWDW SXEOLF ܈L vQ VFULV 6ă QH DPLQWLP GH SROHPLFLOH
0DLRUHVFX ILORJHUPDQ 'REURJHDQX*KHUHD UXVRIUDQFH] VDX GH
SR]L܊LLOH IRUPDWRDUH GLIHULWH DOH XQRU ,EUăLOHDQX/RYLQHVFX9LDQX
&ăOLQHVFX 'LQ QRX D ܈SURSXQH DLFL VFKHPDWL]kQG R SDUDGLJPă FXOWXUDOă
IRQGDWRDUH FDUH QD IXQF܊LRQDW GHORF XQLWDU vQ FHHD FH SULYH܈WH HIRUWXO GH
VLQFURQL]DUHFX(XURSD(YRUEDGHPRGHOXOSRHWLFELQDU(PLQHVFXIRUPDW
OD ܈FRDOD JHUPDQă 0DFHGRQVNL HGXFDW OD IUDQFH]L XQ PRGHO FDUH D
RSHUDW GHVFKLGHUL IXQGDPHQWDOH vQ HYROX܊LD OLWHUDWXULL URPkQH܈WL ܇L FUHG Fă
DVHPHQHD SDUDGLJPH VDU PDL SXWHD JăVL GHD OXQJXO LVWRULHL QRDVWUH
OLWHUDUH 1X FUHG Fă GRXăPLLVPXO VDX SRVWGRXăPLLVPXO PDL DUH vQ FULWLFD
OLWHUDUă ܈LQOLWHUDWXUăYUHXQPRGHOH[WHUQXQLFVDXPăFDURPRJHQGHOD
FDUH Vă VH UHYHQGLFH QLFL QDU PDL DYHD FXP 7RWXO GHSLQGH D]L GRDU GH
ELEOLRJUDILDDFFHVDWă±HDvQVă܈LGHRGLYHUVLWDWHGHFRQFHUWDQWă1XGRDUFă
VHVFULHPXOWODQRLGDUFUHGFăQXQXPDLODQRLFXDGDRVXOFăDFRORXQGH
H[LVWă R SLD܊ă FXOWXUDOă IXQF܊LRQDELOă H[LVWă ܈L XQ VLVWHP GH YDORUL
FUHGLELOH GDU VH ܈L WUDGXFH PXOW ܈L VH LPSRUWă GHD GUHSWXO DGHVHD
QHPHGLDW 0DL DOHV D]L H܈WL FHHD FH FLWH܈WL H܈WL vQ VLDMXO FăU܊LORU FDUH ܊LDX
IRVW OD vQGHPkQă H܈WL XQ ORFXLWRU DO LPDJLQDUXOXL WăX SUR[LP VHFXUL]DQW ܈L
KHWHURJHQ LDU QX VXE DXWRULWDWHD HSLVWHPRORJLFă DVXPDWă D YUHXQXL
PDJLVWUX D YUHXQHL܈FROLDYUHXQXLVLVWHP9UHPVDXQXVXQWHPvQHSRFD
FHQWULIXJă D GHOHJLWLPăULORU D GLVROX܊LHL DXWRULWă܊LORU FRQVDFUDWH D
GLDORJXOXL JHQHUDOL]DW ܈L D JkQGLULL VODEH FDP D܈D FXP OHDX WHRUHWL]DW
vQWUHDO܊LL9DWWLPR܈L/\RWDUG2WHPSRUD2PRUHV
?
3RHVLV
8QVFHQDULX
SRHPGH(PLO
&ăWăOLQ1HJKLQă
VSLNH±IR܈QHWXOXQHLLGHLDVFXQVH
PRQRGUDPă
VHGHGLFăVXSUDYLHаXLWRULORUPk]JkOHOLLH[LVWHQаLDOH
SHUVRQDMXQDFWRU
VLQRSVLVQHDIOăPvQDOGRLOHDDQGHSDQGHPLHOXPHDH]ăSăFLWăDFWRUXO
DUHvQGRLHOLOHJDWHGHSDUWLFLSDUHDODXQFDVWLQJRQOLQHLQYLWDаLDDSULPLWR
SULQHPDLOGHODRWkQăUăUHJL]RDUH
]LFHDXQGHFHGDWSULHWHQDOPHXFăDQJRDVHOHIUXVWUăULOHWHDPD܈L
SRYH܈WLOHYRUVDOYDFkQGYDRPHQLUHDGDUQXRULFkQGFLQXPDLDWXQFL
FkQGFUHLHUXOQXYDPDLILVXESDSXFLLPX܈FKLORURULDLEDQXOXL܈LLGHDOXOYD
SXWHDILH[WUDVGLQPLQ܊LOHYLVăWRULORUIL[D܈DH܈LDGDWGXKXOvQEUD܊HOH
YkQMRDVHDOHFUL]HORUGHWRDWHIHOXULOHFHDPDLQRXăOXPHGLQOXPHHSH
FDOHVăLDVăGLQSkQWHFHOHSOLQHDOHFRQFXELQHORUHOHFWURQLFHGDUQLFH
YLLWRUXOHQHERWH]DWODRUDDVWDFUHLRQXOPDLHIRORVLWGRDUSHQWUXIDUGDUH
QXSHQWUXVFULHUH«VFULHUHDGăXQHD]ăODWHQ«FXUkQGIRDUWHFXUkQG
VLPSODVFULMHOLUHFXXQFUHLRQYDILXQDFWPLPHWLFLQFRQ܈WLHQWRDGXFHUH
DPLQWHVWUDQLHYL]LXQHFLXGDWăDFHHUDSHYUHPXULVFULVXOGHPkQăDO
VWUăEXQLORUQR܈WUL±SXVvQSUDFWLFăGHFRSLLLGHD]LGHYHQL܊LVFODYLGH
QăGHMGHDLUH]XOWDWXOXLFRSXOăULLHOHFWURQLFHGLQWUHPD܈LQăULL܈LHFRWXULVP«
RQRXăSRYHVWHVWUDQLHVHvQIULSăvQOXPHDQRDVWUăOXPHDLGHDOăH[LVWă
QXPDLvQ«QXPDLH[LVWă
&RQWDQU
VSLNHYUHDVăGDXXQFDVWLQJGDUHXQXSULFHSIRDUWHELQHQXSULFHSSHQWUX
FHUROYUHDVăGDXSUREDRQOLQH]LFHFăFăRVăILHXQPDUHVSHFWDFRO
FăOăWRULHLQL܊LDWLFă܈LFăRVăILH܈LILOP܈LWHDWUX܈LWHOHYL]LXQH܈LRVă
HOLPLQHFRPSOHWWRDWHSUREOHPHOHJUDYHDOHOXPLLFDUHWUHEXLHSăVWUDWă
LQWDFWăFKLDUGDFăFLQHQXYUHDVăWUăLDVFăDLFLSRDWHVăSOHFHXQGHYUHD
PDUHOHOXLYLVSHPLQHQXPDvQWUHEDWQLPHQLQLFLGDFăYUHDXVăWUăLHVF
QLFLFXPQLFLFkWYLLWRUXODUHDFHPLFL܈LYLLMXFăX܈HFDUHWHJkGLOăSH
UHWLQăSkQăQXPDLvQ܊HOHJLQLPLFGLQWRWWUHFXWXOD܈ILvQVWDUHVăPăMRFFX
ROXPHQRXăFXFRQGL܊LDVăILHPDLDPX]DQWăGHFkWDVWD܈LVăQXPăPDL
SURYRDFHVăGDXFDVWLQJXULQHVIkU܈LWHSHQWUXUROXULQHMXFDELOHGHRDPHQL
YLL«HXYUHDXVăWUăLHVFvQWUROXPHFDUHVăILHOXPHDGHYăUDWăQXGRDUFX
QXPHOH
LVWRULLOHDGHYăUDWHQXSRWVăPRDUăVWDX܈LLHUQHD]ăELQHPHUVL܈LYLVHD]ăOD
SULPăYDUDFHYDVăYLQăFXUkQGFDUHOHYDIDFHVăUHYLQăODYLD܊DQRUPDOă
SkQăDWXQFLVXEXQDEDMXULPHQVOXPLQDWFXEHFXOH܊HFRORUDWHVHFkQWăvQ
FRUXQFkQWHFGHGUDJRVWHSHQWUXPDPDPR܈WHQLULLFXOWXUDOH܈LWDWDFXOWXULL
GLQDPLQWLULFDUH]DFvQSH܈WHUDXLWăULLQXGHGHLGHLSDFHDGHJUXS
HYROXHD]ăVSUHVIHUHvQDOWHGHHPDQFLSDUHIăWIUXPR܈LLv܈LVFKLPEăORRNXO
܈LVH[XOSULQ܊HVHOHVHLQMHFWHD]ăFXVLOLFRDQHEUkQ]DVHIDFHGHMDIăUăODSWH
FDUQHDVHFRQVWUXLH܈WHSHFRPSXWHUvQWUHLGOLPEDMHOHLQWHUIHUHD]ăSkQăOD
QHPDLvQ܊HOHV«D܈DFăPLQXQHDDVWDGHYLUXVvPSRWULYDFăUXLDVXQWHP
YDFFLQD܊LSDUHDILvQWUHQGXOYUHPXULORUFRVPHWL]DUHDSODQHWHLFHUH
VDFULILFLLVDFULOHJLL܈LVDFLFXEDQLQRUPDOLWDWHDHSHSXQFWXOVăVHED]H]H
SHVXUSUL]DFDUHSRDWHVFKLPEDWRWXOLQVWDQWYLD܊DRPXOXLGHYLQHR
SODVWLOLQăvQSDOPHOHXULD܈HDOHXQXLGHVWXOGHRIHUWDQWYLLWRUQăXFLWRU
VSLNHvPLVFULHXQHPDLOvQFDUHvPLH[SOLFăXQGHDUILGHPHUVSkQăOD
XUPăGDFăDPILVLPSOLSULYLWRULODFHVHvQWkPSOăvQYLD܊DQRDVWUă
LPSRVLELOă܈LFXPDPSXWHDVăILPQL܈WHKLEUL]LvQWUHQRLă܈WLDFDUHVXQWHP
GHMDFHVXQWHP܈LFHLODO܊LFDUHVXQWHPWRWQRLGRDUPDLSX܊LQWUăLWRULDOăWXUL
GHQRLSDUHGHVWXOGHFODUQX܈WLXGHFHQXvLUăVSXQGDFXPGDQX܈WLXVă
UăVSXQGSHQWUXFăQXPLHFODUGDFăHVWHURERWVDXQXHVWHURERWILLQ܊ă
XPDQăXPDQăQXHFXVLJXUDQ܊ăPăVLPWFDvQWUXQWDQJRFXPRDUWHDJROLW
GHVHQVFDvPSOHWLWODQHVIkU܈LWvQWUXQILUXQGHILHFDUHFHOXOăHDFWLYăvQWU
XQWUDYHVWLFXPă܈WLGHKDERWQLFLHFROHFWLYăFRODERUDWLYăIăUăPDUJLQLR
LQL܊LHUHvQGH]LQL܊LHUH
3RHVLV
VLJXULQIHUQXO܈LSDUDGLVXOVHDIOăGHDGHYăUDWHOHDGRDUvQPLQWHDFRSLLORU
DFRORVHPRDUHVLPSOXVHWUăLH܈WHVLPSOXGRDUODQRLă܈WLDPDWXULLPăURJ
DPvQGRLHOLFDUHGHMDDPLQWUDWvQFRUHJUDILLSHPX]LFLGHVSUHFRPSOLFD܊LD
LQIOXHQ܊HLXPRUXOXLvQEXQXOPHUVDOSRYH܈WLLGLQJUăGLQDGHVIăWăULORU
vQGRLDODSRDWHVWULFDODUăGăFLQăFăOăWRULD܈LSRDWHVăOEăWLFLDYHQWXUDFDUH
HVWHRPDUHMRDFăGHDGUDJRVWHDGHYLD܊ăGHPRDUWHPDLPXOWQX܈WLXVă
VSXQQX܈WLXFkWVXQWGHLQWHUHVDWVăGDXFDVWLQJSHQWUXUROXOFHOXLFDUHRVă
VFULHVFHQDULXOGHVSUHSHUVRQDMXOPHXIăUăVăILFLWLWQLPLFGHVSUH
SHUVRQDMXOFDUHvQFăQLFLQXH[LVWăGHVSUHFDUHHXQX܈WLXQLPLFDEVROXW
QLPLF«
VSLNHHvQGXLR܈ăWRDUHvPLVSXQHPHUHXFăVXQWSUHJăWLWSHQWUXPDUHD
vQWkQLUHILQDOăFăDJRQLDLGHLORUFDUHVH]EDWvQWUHPRDUWH܈LDFFHSWDUHDHL
VHGDWRUHD]ăYLH܊LL܈LFăWRWWLPSXOVXQWFDSDELOVăPăvQYkUWvQFHUFSRWH
DGHYăUDWXQHRULQXUH]LVWPDLPXOWGHFLQFLRUH܈LFDGEUXVFvQFkWHR
QHPkQJkLHUHVRUăFXDSRFDOLSVDGLQFDUHQX܈WLXVăUăVSXQGODDFHDVWă
vQWUHEDUH܈WLXQLFLQXHUDYUHRvQWUHEDUHQXHUDQLFLRvQWUHEDUHDGHYăUDWă
HUDRIRUPăKLEULGăvQWUHvQWUHEDUHDJkQGLWă܈LFHDURVWLWăGHEX]HOH
YkQăWRUXOXLGHUHFRPSHQVHMXFDWHUHFRPSHQVHOHILOPDWHvQH[WHULRDUH
H[WUDRUGLQDUHVHYRUOHJDSULQWURPDUHPDJLHGHMRFXOGLQLQWHULRUXO
SUREOHPHLvQWUHSăWUXQ]kQGXVHFXGLVSHUDUHDSURLHF܊LLORUSHSHUH܊LLGHFRML܊L
DLWHDWUXOXLVRFLHWă܊LLGHFRQVXPRQHYLQRYDWă܈LPHWDIRULFăDOHJRULHD
Să܈LULLQHVWLQJKHULWHSHSURSULDXPEUăvQHVHQ܊DHLSHQWUXDMXFDUROXO
SULQFLSDOvQWUXQVSHFWDFROFDUHGHRFDPGDWăv܈LSURSXQHGRDUXQFDVWLQJ
DWkWDLvQFDSVSLNHGRDUXQFDVWLQJ"
VXQWJHQHURVFRQWHPSRUDQLYăRIHUFHDPDL܈RDGă܈LVHULRDVăFXUă܊DUHGH
EDQLEXQL܈LLGHLSULQDSURIXQGDUHDIXJLLSULQQHUYLLPHGLXOXLDPELDQWFLQH
IXJHYDYHGHDFXUă܊HQLDOXPLLFXRFKLQRLWăPăGXL܊LGHODFULPLFXEDQGDMH
GLQFDUQHYLHGHRPMXSXLWGHVWDUHDYUHPLLGHSHLQVXODOXL܈DQVDXQHL
DXGL܊LLRQOLQHHVWHWRWFHYăSRDWHRIHULXQDOGRLOHDDQGHSDQGHPLH
ILOPD܊LYăVLQJXULYDILFDVWLQJXOSHUIHFWQXYăIDFH܊LJULMLJULMDGLVSDUH
FkQGYăYH܊LVLP܊LvQSULPSODQQXHQHYRLHGHFRPSXWHUSXWH܊LIRORVL
VXUSUL]ăWHOHIRQXOVHOIWDSHUHF܈LODILQDOVWRSODvQGHPkQDRULFXLGRUH܈WH
FXDGHYăUDWVăKDOHDVFăRGDQVDWRDUHGHPDPERFXIXVWăFXWRW
EXQăVHDUDVSLNHVDOXWQX܈WLXGHFHv܊LIDFFXPkQDGDUSUREDELOFăD܈D
VLPWGDD܈DVLPWv܊L܈L]kPEHVF«QXPHOHPHXHVWH«D܈DDVWD܈WLL«
UăVSXQGODQXPăUXOGHPRELO«܈LDVWD܈WLLDL܈LHPDLOXOFăGRDUWXPDL
FRQWDFWDW«VXQWQăVFXWvQ«GDUWRDWHDVWHDOHJăVH܈WLvQFYXOPHXFDUHH
&RQWDQU
SXEOLFQXPDLSLHUGYUHPHDFXSURVWLLELURFUDWLFHPDPJkQGLWVăSDUWLFLS
ODFDVWLQJRQOLQH܈LLDWăPăGHFHPLDUSOăFHD«PLDUSOăFHDVăIDFSDUWH
GLQSURLHFWXOSURSXVSHQWUXFăLQDFWLYLWDWHDGăXQHD]ăJUDYVăQăWă܊LL
LQWHUDF܊LXQHDFXVHPHQLLHVWHGHGRULWFKLDUGDFăHVWHSULQVFULVVDXRQOLQH
GHFkWGHORF܈LSHQWUXFăVXQWFRQ܈WLHQWFăSUREOHPHOHOXPLLVXQWPXOWLSOH܈L
JUDYHGLVFXWkQGGHVSUHDVWDSRDWHOHH[RUFL]ăPHIHFWHOHSURPLWFDWRWXOVă
ILHURGXOLPDJLQD܊LHLGDUSHUVRQDMXOPHX܈LDQLPDOHOHVăILHDEVROXWUHDOH
GDFăDPYUHRvQWUHEDUH"QXDPQLFLRvQWUHEDUHvPLSODFVXUSUL]HOHVXFFHV
܈LVăQăWDWHODQHXURQLVSLNH
v܊LPXO܊XPHVFLXELWăLXELWăPDPăLXELWGHVWLQ܈DQVDPHDGHDQXPDLIL
SDOLG܈LQHFXQRVFXWRHWHUQLWDWHHDLFL«VăQRVFDS«VăvQFHSVăILXFkWGH
FkWIHULFLWYLL܈LPRU܊LDGXQD܊LYăJUăPDGăVFRDWH܊LPăGLQDPRU܊HDOă
DMXWD܊LPăVăFkQWXQFkQWHFGHSDFHvQFDUHVăVHYDGăQHDQWXOFHOEXQGLQ
LQWHULRUXOIDEULFLLGHVXIHULQ܊ăvQFDUHFUHVFYLHUPLHOHYD܊LFDUHPX܈FăGLQ
VRPQXOEROQDYDOQHPL܈FăULLFXYLQWHORUGLQGUDJRVWHDGHSăPkQWRUE«SH
FDUHRVăOVFRWODVXSUDID܊ăVăYDGăVăUHVSLUHODX܈DvQWUHGHVFKLVăD
QLPLFXOXLFDUHQXPDLODHOVHJkQGH܈WH܈LFDUHYUHDVăGăUkPHWRWFHPDL
HVWHvQSLFLRDUHGLQFăOăWRULDDLDLQL܊LDWLFăEROQDYă
VSLNHvQYLD܊ăHVWHDEVROXWHVHQ܊LDOVăQXILLSURVWDLYRLHRGDWăFHOPXOW
QDLYRLHVăILLSURVWGHPDLPXOWHRULFăQXWHPDLEDJăvQVHDPă
QLPHQL«FHUFHWăWRULLQHP܊LGHODELR«SIL«FXPVRILFKHPkQGQDX
FXPVăILHSUR܈WLQXSR܊LVăILLXQFHUFHWăWRUSURVW«DXWHVWDWFLFăLQMHF܊LD
܈LDX]LVFăHHILFDFHvQGLQFD]XULDXvQFHSXWFHUFHWăULOHGHDFXP
DQLFXPPDPD]PHLORU"«DFHVWVSHFWDFROYDILLQVSLUDWGLQUHOD܊LDWUăLULL
ODOLPLWăvQWUHFRQWURO܈LQHEXQLHDFRORXQGHHQHUJLDGLQDPLFăD
FăOăWRULLORUH[WUDYDJDQWHSRDWHDGXFHOLQL܈WHDVXSUHPăvQVXIOHWHOHDIODWHOD
JUDQL܊HOHvQ܊HOHJHULLIUXPRVQX"FXORDUHDDWPRVIHUHLYDDYHDXQWHPHL
MXVWLILFDWvQIXQF܊LHGHQHYRL܈LSULRULWă܊L«
QX܈WLXQLPLFGHVSUHFXPD܈SXWHDVăvPLILOPH]JkQGXULOH܈LLQIRUPD܊LLOH
SHFDUHOHDPGHVSUHRDOWăOXPHODFDUHQXDPDFFHVQX܈WLXGLQFHFDX]ă
vQFHUFVăIDFDEVWUDF܊LHDPIăFXWILOPDUHDDPGDWFDVWLQJXOSHQWUXFăVXQW
LQWHUHVDWVăOXSWSHQWUXDOWHOXPLDIODWHvQGH]QăGHMGLPDLPDULFDDPHD
SHQWUXWRDWHIăUăH[FHS܊LHOXPHDPHDVDGRYHGLWDQXILGLQWUHFHOHPDL
EXQHSRVLELOHQXLQLPLFQXHWRWXOSLHUGXWRLDXGHODvQFHSXWRVăPă
UHLQYHQWH]YRLILvQSDVFXOXPHDFHDQRXăHXYRLIL܈LIHULFLWFXFHLODO܊LQH
YRPMXFDGHDSHUVRQDMHOHIHULFLWH܈LQLFLPăFDUQXYRPPDLDYHDQHYRLH
3RHVLV
GHORFXULGHSDUFDUHFXPGHFH"QRLYRP]EXUDIHULFL܊L܈LYRPIRORVL
]ERUXOGUHSWUDPSăGHODQVDUHSHQWUXFăOăWRULLWRWQRL܈LWRWPDLLQL܊LDWLFH
WRYDUă܈L
QXHFD]XOVăERFLPFăQRVăPDLDX]LP܊ăFăQLWXOPD܈LQLLGHVFULVQLFLVă
MHOLPODPRUPLQWHWRWDOQHFXQRVFXWHGLQFDX]ăFăPLQXQHDDVWDGHFDUWH
QRXăDLVWRULHLSODQHWHLYDILFLRSOLWăSHFLSXUL܈LQXYDILVFULVăSHKkUWLHH
PHUVXOOXPLLMXPăWDWHYHUVXULMXPăWDWHSUR]ăGDUWRDWăQXPDLWHDWUXYD
SăVWUDFXPYDSXWHDvPEăWăWRDUHDDURPăWLSLFăDIDEXOHLELQHSRYHVWLWH
VXQWVFKHOHWHFDUHDXVXSUDYLH܊XLWPLLGHDQLRSDQGHPLHQXSRDWHVă
VFKLPEHGHFkWJXVWXOEL]DUHULHLvQFRO܊LWHSHUkQGXULELQHvQJULMLWHGH
VSHFLDOL܈WLvQvQFROăFLUHDUDSLGă܈LVXJUXPDUHDYLFWLPHORUYHVHOHRQRXă
VSD܊LDOLWDWHvQWUHRDPHQLDUSXWHDILELQHYHQLWăPRPHQWHOHGH]EXFLXPDU
SXWHDGLVSăUHDSULQDSOLFDUHDGHQRLFRUHJUDILLXUEDQHIăUăSLFGHDUWăvQVă
SOLQHGHIDUPHFEHVWLDOFRQGXVGHJkQGXULQRLWUDQVFHGHQWDOHvQHVHQ܊ă«
VSLNHQLPLFQXHVWHLPSRVLELOQLFLOXPLQDDGHYăUDWăQLFLQHYRLDGH
DWLQJHUHDSDOPHLPDPHLQLFLSRYHVWHDLQILQLWăGHVSUHGDFăRVăYLQă
YUHRGDWăODFLQăVIkQWXOSHWUH܈LGDFăQRVăYLQăFH"RIL܈LHORFXSDWDUH
RJUăPDGăGHWUHEXULSHFDSQXvPLIDFRSUREOHPăGLQDVWDPăGXFHXVăO
YăGRULFXPDPvQSURJUDP܈LRFăOăWRULHLQL܊LDWLFăGHPDUHDQYHUJXUăIăUă
JOXPă܈LIăUăDSDUDWHGHILOPDWSHQWUXvQWkOQLUHDDFHHDGDXFDVWLQJGHFkQG
PDPQăVFXWSHQWUXHDDPGDWD]LFDVWLQJRQOLQH܈LQXPăSOkQJ
GLPSRWULYăDELDRD܈WHSWVăPăOăPXUHVF܈LHXFXPHFXWUăLWXOGLQFRORGH
QRULLQHJULSRDWHFăDFRORVHSRDWHGXFHRYLD܊ăVLPSOăFXUDWăPDLSX܊LQ
RERVLWRDUH«IăUăODFULPLODFLQă܈LGHVăUEăWRULOHOHJDOHFXYLQFXUDW
VWUHFXUDWSULQWUHHWHULF܈LPDWHULDOSkQăGLQSRH]LHLHVHVHFUHWXOQHVSXVGH
QLPHQLQLPăQXLQLFLFkQG«LDUWăVLQFHULWDWHDPkKQLULLDVXPDWH
WăPkLDLDOLQDUHDUăQLORUVFODYXOXL«܈LVDXIRVWIăFXWIRUPăSODWăSHQWUX
RULFDUHQHEXQDWLFGHYLUXV«FHHSULHWHQLDFHQYLQJHDPDUXOH[LVWHQ܊HL"«
܈LDWXQFLHLYă]kQGXQYLUXVQRXUăXGkQGWkUFRDOHUHSHGHSHWUHDEăVDX
SXVX«vQWHPQL܊DDGkQFăvQLQLPăVăSDWăVWăVXIOHWXO]GURELW«܈LDX
SULPLWHLDSUREDUHvQWURMXPăWDWHGH]LVăFHUFHOLFRDUHDSHMGHPLLGHFREDL
FXYROXQWDULDWODED]ă«]RULWDDOFKLPLHvQIORUDUPLLGRXăGRXă܈XQXDQXOOD
SDWUXVăSWăPkQLGHFăXWăULDXGDWILQDOXO«FHHSULHWHQLDIăUăIRFXOFDUHR
QWUH܊LQHIăUăGH]ăEDYă"«KDUQLFGHPHUVQXYăGQLFLRFăLQ܊ă܈LQLFL
OHFXLUH«܈LXQLLGRUPFX]kPEHWILQSHEX]HLDUDO܊LLIăUăUHVSLUDUH«R
VSLNHIHUH܈WHWHGHPRDUWHDIăU¶GHUă܈LQLDURPLWRDUH«
&RQWDQU
WHIRORVH܈WLGHWLPSXO܈LGHYLD܊DPHD܈LGHVRPQXOPHX܈L«QLFLQXWH
FXQRVFQLFLQXYUHDXRULFXPGRUHVFVăVHWHUPLQHWRWXOvQFOLSDDVWDVă
GLVSDULGLQYLH܊LOHPHOHYUHDXVăUHVSLURQRUDELOFXWR܊LSOăPkQLLVăPă
DSURSLLGHLQILQLWFXSDOPHOHVWUkQVHSHQWUXUXJăFLXQH«QXPDLYUHDXVă
PLFDOFHQLPHQLSHWLPSYUHDXWLPSXOPHXLQGHSHQGHQWFHULQGHSHQGHQ܊D
WLPSXOXLPHXFXLFHUDVWD"«DPQHYRLHGHRUHDOLWDWHQRXăOLQL܈WLWă
SRVLELOăQHPDLYă]XWăYUHRGDWăGHXQPXULWRUDXWHQWLF«GDFăQXVXQWXQ
PXULWRUDXWHQWLF"QDPGHXQGHVă܈WLXQDPPXULWQLFLRGDWă«FHOSX܊LQvQ
YLD܊DDVWD
VFULLWXUDLVWRULFăHVWHDEVROXWQHFHVDUăSHQWUXFDWDVWURIDGHSRYHVWHFDUH
XUPHD]ăGXSăSRYHVWH7H[WXOHXQSUHWH[WQLFLPăFDUQXWUHEXLHH[SOLFDW
LPSRUWDQWHVWHFHHDFHVHYDYHGHDQXSHVWHIRDUWHPXOWăYUHPHGLDORJXO
YDILFăOGXURV܈LFUHDWLY«vQIDSW«QXYDPDLH[LVWDPX]LFăWHDWUXGLDORJ
IDFHWRIDFHSRH]LDYDGLVSăUHDQXYRUH[LVWDGHFkWLQGLYL]LILOPD܊LvQ
VLWXD܊LLVHFL܈LFRUHFWHSROLWLFFLQHVHYDvPSRWULYLWHQGLQĠHORUDFWXDOH
GHRFDPGDWăQXYDSă܊LPDUHOXFUXGDUSHVWHQXPXOWăYUHPHHMHFWăULOHGLQ
VRFLHWDWHDQHSRWULYL܊LORUYRUILODRUGLQHD]LOHLILLQĠDXPDQăQXYDPDLILvQ
FHQWUXODWHQ܊LHLSHQWUXFăQXPDLYDORUHD]ăQLPLFDSDGHL]YRUQRYDPDL
EHDRULFLQH«RDUHGHFHQXYăGDLFLRQRXWDWH"
VSLNHDFXPDPIăFXWYDFFLQXO܈LFUHGFăVXQWSHPRDUWHSRDWHVXQWSRDWH
QXVXQWKDEDUQDP'DUGDFăVXQW"PăVLP܊HDPELQHSkQăDFXP«SRDWH
PLDXGDWXQYLUXVVWULFDW«RVăPăvPSDFFXWRDWHVXIHULQ܊HOH܈LRVăIDFR
PLHGHvQWUHJLVWUăULGHYLV«RVăGLVWUXJWRDWHGLVWUXJHULOH܈LRVăPăEXFXU
GHSOHFăULGHYHQLUL«ODSWHOH]LOHORU܈LPLHUHDQRS܊LORUDXVăFXUJă
vPSUHXQăvQWUXQVLQJXUSRFDOLQL܊LDWLF«GHVLJXUSHUVRQDMHOHGLQYLD܊D
PHDYRUYHQL܈LYRUSOHFDIăUăVăVHMHQH]HGHORFXULOHVWUkPWHvQFDUHvPL
GXFHXYLD܊D«DGDSWHD]ăWHODWH[WQXIăILJXULILLYLJXURDVă܈LSOLQăGH
vQ܊HOHVXULFăVHILOPHD]ăIHULFLUHDQXSRDWHVFăSDGLQOD܊XOUDWăULLURDWD
GHVWLQXOXLVHvQYkUWHFDXQWLWLUH]DOSLHU]DQLHLFKHVWLHGHHFKLOLEUXH
LQGHFHQWVăILLvQHFKLOLEUXED܊LODRFKL܈LWHGRERDUăFXSLHWUHLPHGLDW
«PăGRDUHFDSXODPIULVRDQHPDPGHVKLGUDWDWWRWDOPăGRUWR܊L
PX܈FKLL«GDFăPLDXGDWXQYDFFLQVWULFDW"«VXQWDQLFDUHPRU܈LDQL
FDUHQXPRULDXDVSLULQăFkQGHUDPWkQăUSHDQLLFDUHQXYRLDXVăPRDUă
vLDOXQJDPGLQFDUWLHUGDUQXIXQF܊LRQDvQWRGHDXQDHUDXXQLLDQLDWkWGH
SXWHUQLFL܈LGHvQFăSă܊kQD܊LFăQXVHOăVDXFRERUk܊LGLQFDUXVHODWXQFL
WUHEXLDIRORVLWăIRU܊DSULYLULLSULQWLPSWHKQLFăQXIRDUWHX܈RDUă܈LGRDU
3RHVLV
DVWIHOSULYLQGGHGHSDUWHDSURDSHVHGHVFRPXQHDXLQVWDQWDQHX܈LVH
WUDQVIRUPDXvQPRYLOL܊HGHQLVLSGHFXORDUHDDVSUăDFDQDSHOHORUYHFKL
GHVSUHFDQDSHOHQXYUHDXVăYRUEHVFDFXP
VSLNHSLHVDDVWDFXHSLGHPLLOHVHMRDFăGHFkQGOXPHD܈LvQWRWGHDXQDVD
YHKLFXODWFăVIkU܈LWXOGHSDUWLGăHIL[ODGRLSD܈LVXEQDVXOQRVWUXPRQWDUHD
DVWDQRXăQXHQLFLSHGHSDUWHD܈DGHSHULFXORDVăFDFHOHFXFLXPăVDX
JULSăVSDQLROăHXQMRFGHJOH]QHUHJL]DWWRWXOVHYDSHWUHFHVXERFKLL
QR܈WULvQDFHODúLGHFRUQLPLFQXVHYDVFKLPEDDSDUHQW«YDOXFLSHFHU
DFHOD܈LDVWUXVRODUSăPkQWXOYDILWRWVXESLFLRDUHOHQRDVWUHGRDUFă
WUHSWDWYDWUHEXLVăILPGHDFRUGFXVWăSkQLUHDFDUHYUHDVăQHIDFăELQH
UHVSLUăFLQHYDSHSODQHWDDVWDFDUHVăQX܈LGRUHDVFăELQHOH"
PDPWRWJkQGLWXQGHVăPăPXWGXSăFHGDXFDVWLQJXOSHQWUXFăQXYD
PDLILFKLSVăORFXLHVFDLFLFăPăYRUDVDOWDSURGXFăWRULGHWHDWUXGHILOP
UHJL]RUL«YRLILFKHPDWODQHQXPăUDWHDOWHFDVWLQJXUL܈LVHYDGXFHQDLELL
OLQL܈WHDGHFDUHWRFPDLYRUEHDPODFDUHWkQMHVFFDODXQWHULWRULXvQFDUHVă
PăSLHUGGHPLQH܈LGHWUHFXW܈LGHYLLWRU܈LGHWRWFHDIRVW܈LGHWRWFHYDIL
XQVSD܊LXDOQHFXQRVFXWXOXLGLQPLQHDO]LOHORUFDUHWUăLHVFvQDFHOD܈LSDW
FXQRS܊LOHORURYL]XLQăVSHFLDOăSHQWUXFDUHQXFHUDOWFHYDGHFkW
GH]EUăFDUHDGHIULFDGLQVXIOHWDFRORHXQHPDLH[LVWkQGD܈DFXPPLVH
vQWkPSODvQDLQWHRVăILXFHDPDLIHULFLWăSDUWLFXOăQHFXQRVFXWăGLQOXPH
܈LFDVăILHúLPDLFODUWRWXODUILELQHVăYDGăILHFDUHFXSURSULLRFKLFHIHO
GHMXFăULHYDDYHDvQID܊ăFLQHFHDGXFHQRUPDOLWDWH"QRUPDOLWDWHQX
H[LVWăGHFkWvQPLQWHDQDLYLORUVFKLPEDUHDHPRWRUXOEXQDOFUHLHUXOXL
FLQH]DFHvQQRUPDOLWDWHSULPH܈WHPRUWDOLWDWH
VSLNHPLHVăPLIDFăDXWRSVLHVăQXPăEDJHvQFRSkU܈ăXQHDXWRSVLDWPă
DX]L"«D܈DVXQWHX«DPRLPXQLWDWHGHILHU«QDPIRVWEROQDYQLFLRGDWă
GHQLPLF«PDPYDFFLQDWGRDUFDVăSRWXPEODSULQOXPHQHVWLQJKHULWGH
EDULHUH«PLVDUHSUR܈DWGHPXOWHRULFăHXQXDPVXIHULWQLFLRGDWăJUH܈LW
DPVXIHULWWRWWLPSXOGDUDPIăFXWGLQDVWDRDUWăRDUWăFDUHDLQVSLUDWSH
PXO܊LVăOEDWLFLGLQSăGXUHDDVWDOLSVLWăGHLQWHUHVGLQSDUWHDXQLYHUVXOXL«
RFHIUXPRVDVWDDUILPHUVVSXVăODFDVWLQJ«VDXDVWDHXQXRVă«
QHOLQL܈WHDHPRDOHD܊ăUkQăDXQHLMHODQLLFRQ܈WLHQWăFăSUHDOXQJD
PHWDPRUIR]ăSOLFWLVH܈WHFXUDMXO«WHFKHDPăVSLNHFDSHSURWHLQDDVWDSH
FDUHRYkUăvQKRLWYDFFLQXOăVWD«DPFLWLWQX܈WLXFkWHGHDGHYăUDWFăDU
ILWRWXQDFXVLQFLWLQDGLQFRUSFDUHHUHVSRQVDELOăFXIRUPDUHDSODFHQWHLOD
IHPHL«SURWHLQDVSLNHYDILDWDFDWăGHOHXFRFLWHFHOXOHOHDOEH܈LFkQGYLQH
YLUXVXOYDDWDFDSURWHLQDVLQFLWLQDSHFDUHGHMDOHXFRFLWHOHRFXQRVF«
&RQWDQU
FRUSXODWDFăYLUXVXO܈LOGH]DUPHD]ă«vQVFKLPEVHLQVWDOHD]ă
LQIHUWLOLWDWHD«FLFăGRDUODVXWăGLQSRSXOD܊LHYDGHYHQLVWHULOă«
FkQGYDILGHDGHYăUDWHOHDPkLQHRVăSORXăFXSRYH܈WLGHVSUHELQHIDFHULOH
QRLL«PkLQHHSULHWHQXOFHOPDLEXQDOXLWăULLVSLNH«IHQWHD]ăLGDFă
YUHLVăDLFRSLL«FHOSX܊LQSkQăVHDIOăDGHYăUXOHXDPVFăSDWGHPDVFă«
vQMXUSXWHDUDKDWELQHFRQVHUYDWDH[FURFKHULHFXSDSLOORQ«
RSURDVSăWăFUL]ăPRQGLDOăHGHMDDLFL܈LYDILXUPDWăGHHYHQLPHQWHOHJDWH
WRWPDLPXOWGHWUDJHGLDFRPHGLHLQD܈WHULLWHQDúWL܈LQXSRĠLIDFHQLPLF
DOWFHYDGHFkWVăWUăLH܈WLvQVăVHSRDWHWUăLvQGHSUHVLHVDXYHVHOLHvQ
PL]HULHRULvQFXUă܊HQLH«SUHIHUvQWkPSOăULOHWUDJLFHFDUHvLIDFSHRDPHQL
VăSOkQJăVăVHUHJkQGHDVFăQXSHFHOHLQGXVHGHFUHLHUHEROQDYHVSHFLD
YDVXSUDYLH܊XLGDUYDWUăLvQDOWHSDUDGLJPHSRDWHVHYDVLP܊LPDLELQH
SRDWHQXDGDSWDUHDVSHFLHLYDDYHDGHOXFUXODJUHXFDvQURPDQHOHVI«
VLPWIR܈QHWXOXQHLLGHLDVFXQVHVSLNH
(SLF
3UR]ăGH'DQ
3HWUX&ULVWHD
)UDJPHQWHGLQURPDQXO´7RDWHSUH]HQWXULOHHL´
vQSUHJăWLUH
0DPvQăO܊DWGHDVXSUDFRSDFLORU
/XFLDQR ܈L /DXUD SOHFDVHUă GH FkWHYD ]LOH ܈L Pă OăVDVHUă VWăSkQ SH
FDVă HX WUHEXLD GRDU Vă VWUHFRU FKHLD vQ FXWLD SR܈WDOă OD XOWLPD LH܈LUH ÌPL
OXDVHP GHMD ELOHWXO GH DYLRQ SHQWUX GXPLQLFD XUPăWRDUH FD XUPDUH PDP
D܈H]DWODPDVăPLDPGHVFKLVODSWRSXO܈LPLDPSURSXVVăGHVFULXWULVWH܊HD
vQ FDUH Pă OăVDVH vQ QRDSWHD WUHFXWă WHUPLQDUHD OHFWXULL FăU܊LL OXL $PRV
2] ,XGD DFHO ÄUăPDVHvQSLFLRDUH܈LVHvQWUHEă´vQRUă܈HOXOQHFXQRVFXWvQ
FDUH vO DGXVHVH DXWREX]XO SH 6FKPXHO GXSă FH IDWD FHD WkQăUă FX ID܊D
YHVHOă ܈L VkQLL WDUL VH UHWUăVHVH GH OD IHUHDVWUă LDU SH IHUHDVWUD PHD QLFLR
SDVăUHQXEUD]GDFHUXOGHvQFHSXWGHYDUăHXQH܈WLLQGFHYRLIDFH«0DP
SOLPEDWWRDWă]LXDSHVWUă]LSHFDUHQXPDLIXVHVHPDPDMXQVSHQWUXSULPD
RDUă vQ *LDUGLQL GHOOH %LHQDOOH ORFXO IHVWLYDOXOXL GH ILOP XQGH ܊ăULOH FDUH
SURGXF PXOWH ILOPH v܈L DX SDYLOLRDQH SURSULL HUDP IXULRV SH PLQH Fă QX
IăFHDP QLPLF VăPL WUHDFă DQJRDVD WLPSXO Yă]kQGX܈L GH WUHDED OXL
GXFkQGXVHvQXUPDQRDVWUă܈LOăVkQGROLQLHGHGHVWLQHGHQD܈WHUL܈LPRU܊L
GH vQWkPSOăUL ܈L vQWkOQLUL HUDP IXULRV Fă FLQHYD YăUVD OD vQWkPSODUH GLQ
FăOLPDUD GHVWLQXOXL PHX FHUQHDOD SH R IRDLH DOEă ܈L QX HUDP HX FHO FDUH
DYHDFRQGHLXOvQPkQăFDXUPDUHPDPvQWRUVDFDVăvQJUDEă܈LLDPWULPLV
XQHPDLO$PDYXWJULMăVăQXUă]EDWăQLFLRvQFăUFăWXUăHPR܊LRQDOăGRDUR
LQIRUPDP Fă VWDJLXO PHX GH OXQL vQ 9HQH܊LD VH vQFKHLD OD VIkU܈LWXO
VăSWăPkQLL FDUH vQFHSHD PkLQH ܈LRvQWUHEDPFXPDPDLHYROXDWFHUFHWDUHD
HL GHVSUH 6SăWDU 0LD UăVSXQV LQVWDQWDQHX *ăVLVH vQWUXQD GLQ VFRWRFLULOH
&RQWDQU
HL SULQ ELEOLRWHFă XQ ELOH܊HO GH IDSW R HSLVWROă vQ FDUH HUD PHQ܊LRQDW XQ
VFKLPE GH VFULVRUL vQWUH 6SDWKDULXV 1LFRODH ܈L XQ ILXDOVăX'XSăFDUHvPL
]LFH Fă H D܈D GH DSULQVă GH GHVFRSHULUHD DVWD Fă DU YUHD Vă YRUEHDVFă FX
FLQHYDVăFRPHQWH]H&XFLQH"&XWLQHGHH[HPSOX
0DP ULGLFDW vQFHW GH SH VFDXQ DP LH܈LW vQ FXUWHD LQWHULRDUă GLQ
VSDWHOH FDVHL OXL /XFLDQR PLDP IăFXW YkQW ܈L PDP vQăO܊DW GHDVXSUD
FRSDFLORU FDVHORU FDQDOHORU RDPHQLORU ܈L ELVHULFLORU DFROR VXV DP GDQVDW
FX SăVăULOH GXSă FDUH PDP vQWRUV vQDSRL vQ FDPHUă ܈L DP JăVLW vQ
FRPSXWHUXQDOWHPDLOQXWHvQJULMRUDQXWHD܈GHUDQMDGDFăDLILGHDFRUG
D ܈SXWHD YHQL OD VIkU܈LWXO VăSWăPkQLL YLQHUL GXSăDPLD]ă GH H[HPSOXFkQG
VHSUHVXSXQHFăVWDJLXOWăXDUILGHMDVIkU܈LW܈LDPDYHDDVWIHOWRDWă]LXDGH
VkPEăWăVăYRUELPGHOD)ORUHQ܊DVXQWGRXăFHDVXULFXWUHQXO܈LXQSLFPDL
PXOWFXPD܈LQD'XSăFDUHPDVXQDW'DFăWHGHUDQMH]WHURJPXOWVăPă
LHU܊L VSXQHPL ܈L QX YLQ 1X Pă GHUDQMH]L YUHDX Vă YLL &KLDUIRDUWHPXOW
܇LvQFHOLPEăHELOHWXO"ÌQHQJOH]ă6XQWFXULRVWUDQVFULHPLOWHURJ܉LO
DL FRSLDW VSHU« ܉LO FLWHVF FkQG DMXQJ OD WLQH 2 Vă ܊LO ܈L DUăW« 3ăL H OD
WLQH" 1X VSXQHDL Fă ODL JăVLW vQ ELEOLRWHFă" 7HDX OăVDW VăO vPSUXPX܊L""
'D ܈L UkGH 2 Vă܊L VSXQ H LQFUHGLELO 'DQLHOD D YHQLW vQ PD܈LQă DP
D܈WHSWDWR vQ 3LD]DOOH 5RPDQDPSUHJăWLWLGLODFXHDvQSR܈WDHOHFWURQLFă
LDU DFHOD D IRVW VLJXUXO GLDORJ VSRQWDQ GDU RGDWă FRERUkWă GLQ PD܈LQă ܈L
LH܈LWă GLQ SDUFDUHD VXEWHUDQă OD VRDUH ܈L UHVSLUR QX QXPDL EUD܊HOH HL VDX
DYkQWDW VSUH PLQH GDU SULYLUHDvLHUDvQYăOXLWăvQWURDWkWGHFHUXWăGRULQ܊ă
ULGLFkQG VSUH PLQH VSHUDQ܊ă ܈L DEDQGRQDUH ܈L EX]HOH DFHOHD OD FDUH Pă
JkQGLVHP FX LQWHQVLWDWH GH DWkWHD RUL ܈L DWXQFL MXPăWDWHD PHD GH JkQG GH
PDLGăXQH]LVDIăFXWPLFă܈LLDPFHUXWLHUWDUHvQPLQHSHQWUXFăHDQDUIL
vQ܊HOHV UD܊LXQHD PăUWXULVLULL DWkW GRDU PLD VSXV GDFă YUHRGDWă QDL Vă Pă
PDLLXEH܈WLVăQX܊LILHIULFăVăPLVSXLFDVă܈WLX܈LVăSOHFGDUDVWDGRDU
GDFă QDL Vă Pă PDL LXEH܈WL vQ UHVW QX Pă SULYH܈WH ܈L DL GUHSWXO Vă ܊LL vQ
WLQHWRWFHFUH]LFăLQXPDLDOWăXD܈DVă܈WLL܇LDVWIHOHLDXYUXWVăVHGXFă
܈LVDXGXV܈LDXPkQFDWvQWURWUDWWRULDHDDSRLGHVFKLVHJXUD܈LURVWLvQFHW
VSUH HO SDUFă WHPkQGXVH Vă QX GLVORFH VSD܊LXO GLQWUH HL FDUHVDUILSXWXW
XUQLvQURWRFRDOHPLFLDOEH܈LOHDUILVWkUQLWDVWIHO܈LPDLWDUHGUDJRVWHDFH
VHD܈H]DVHFDSUDIXOSHVWHWRWvQMXUvLVSXQHDSRYHVWHDHLQH܈WLXWăOXLFDUH
QX DYHD FXP vQFHSH DOWFkQGYD GHFkW vQ VHDUD vQ FDUH VDX vQWkOQLW SULPD
RDUă DWXQFL vQ UHVWDXUDQWXO GLQ ,D܈L DSRL VDX GXV vQ FDVD OXL /XFLDQR܈LD
/DXUHLFDUHHUDWRDWăDORUDFXP܈LQXGRUPLUăPXOWVHvQYHOLUăGRDUXQXO
vQ FHOăODOW VLP܊XULOH ORU VFXOSWkQG OLPLWHOH SURSULLORU WUXSXUL ܈L OăVkQG DSRL
PXOW WLPS GXSă FH HUDX GLQ QRX vQ KDLQHOH ORU VHQ]D܊LL DJă܊DWH GH SLHOH
URVWRJROLUHD FRQVROLGkQG GRULQ܊D vQ QRDSWHD DFHHD GRDU QăVFXWă ܈L
(SLF
REORMLQGXL GH WRDWH JULMLOH GLQ MXU RUL GH QLFLXQD ܇LDX GDW VHDPD GH FH OL
VHvQWkPSODVHGRDUvQPLMORFXO]LOHLXUPăWRDUHFkQGOXLLVDXVFDWLQLPDGH
GRUvQGRDUPLQXWXOFkWLDWUHEXLWHLFDGkQGXLGUXPXOODPkQăVăVHGXFă
]HFH SD܈L PDL vQFROR Vă FXPSHUH R KDUWăDRUD܈XOXLGLQFKLR܈FXOURWXQGGH
OD SLFLRUXO SRGXOXL GH OD $FDGHPLD LDU HL LVDSăUXWFăQXPDLFRQWHQH܈WH
GLDORJXO OXLFXYkQ]ăWRDUHDGHvQJKH܊DWăGHODJHODWHULD9HQFKL0kQFDVHP
SDVWHOH JăWLWH GH HD GHVFKLVHVHP R VWLFOă GH YLQ GLQ FUDPD LQILQLWă D OXL
/XFLDQR DP Vă LR SXQ OD ORF JkQGLVHP HX܈LIăFXVHPGLQQRXGUDJRVWH
܇LDFXPDUDWăPLELOHWXODFHOD$ELOHWXOHPDLGHJUDEăRVFULVRDUH܈LHD
VFRDVH vQFHW GLQWUXQ EX]XQăUD ܈DO VHUYLHWHL vQ FDUH܈L ܊LQHD ODSWRSXO R
KkUWLH vPSăWXULWă R GHVIăFX PLR DUăWă VFULVXO HUD HOHJDQW DSOHFDW FX
OLWHUH FDUH IăFHDX ODUJL EXFOH ODVăPă Vă ܊LR WUDGXF HX HD ]LFH D܈D 7KH
5HYHUHQG 0RQVLJQRU (UQHVWR %DOGXFFL $GUHVH] HPLQHQ܊HLYRDVWUHGRULQ܊D
PHD VLQFHUă GH VăQăWDWH ܈L JkQGXUL VHQLQH 9ă PXO܊XPHVF FăOGXURV SHQWUX
Fă D܊L UăVSXQV DWkW GH PLQX܊LRV FHUHULL PHOH GH DMXWRU FX VWUăGXLQ܊D GH D
[HUR[D ܈L DPL WULPLWH SDFKHWXO GH GRFXPHQWH &X SUHFăGHUH VFULVRDUHD
DGUHVDWă GH 1LNRODL 6SDIDULL 0LOHVNX ILXOXL VăX DP JăVLWR H[WUHP GH
LQWHUHVDQWă 'LQ SăFDWH QDWXUD HL SUHD LQWLPă QXPL SHUPLWH Vă R IRORVHVF
GLUHFW vQ ELRJUDILD SH FDUH LR GHGLF DFHVWXL IDVFLQDQW SHUVRQDM GDU HDPD
DMXWDWVăPLVWDELOL]H]LPSUHVLDSHFDUHPLRIRUPDVHPGHMDDVXSUDHOHYDWHL
QREOH܊H D DFHVWXL FăUWXUDU ܈L PDUH FăOăWRU ܈L Vă Fk܈WLJ FXUDM vQ DO DSăUD
vPSRWULYD FHORU FDUH VH JUăEHVF VăO GHIăLPH]H $FXP VXQW FRQYLQV SH
GHSOLQFăHXDPGUHSWDWHLDUQXGRPQXO%DGGHOH\SHQWUXFăQXDLYRLHVă
DSOLFL ULJRULOH GH FRS\ULJKW DOH VHFROXOXL ;; OD FRQGXLWHOH OLWHUDUH DOH
VHFROXOXL ;9,, ( FXULRV Fă DFHVW HQJOH] HVWH DWkW GHvQYHU܈XQDWvPSRWULYD
OXLFkQGDSURDSHMXPăWDWHGLQYROXPXO,,DOFăU܊LLVDOHHGHGLFDWăWUDGXFHULL
GLQ UXVă D MXUQDOXOXL GH FăOăWRULH vQ &KLQD (VWH UHPDUFDELO Fă HPLQHQ܊D
YRDVWUă D UHX܈LW Vă UHFXSHUH]H DFHOH IUDJPHQWH GH FRUHVSRQGHQ܊ă FDUH
FKLDU GDFă VXQW LQFRPSOHWH SUREHD]ă R H[WUDRUGLQDUă YL]LXQH PRGHUQă D
DFHVWXL HUXGLW PROGRYHDQ 5HODWLY OD FKHVWLXQHD vQ FDUH vPL FHUH܊L SăUHUHD
vQGUă]QHVF Vă IDF R VLQJXUă UHPDUFă 'DFă DP DSOLFD WXWXURU IUDJPHQWHORU
GHHSLVWROHGDWDSHFDUHDPJăVLWRSHGRDUXQDGLQWUHHOHDGLFăDQXO
DWXQFL PRPHQWXO vQ FDUH 0LOHVNX GD IRUPă FRQFHS܊LHL VDOH DVXSUD
WUDQVXEVWDQ܊LHULL GDU ܈L XQLILFăULL GRFWULQHORU DU WUHEXL FRUHFWDW FX PDL
PXO܊L DQL vQ PLQXV SHQWUX Fă VFULVRULOH UHODWHD]ă HYHQLPHQWH SHWUHFXWH
vQDLQWHFDDFHVWFRSLOFăUXLDvLVXQWHOHDGUHVDWHSUHVXSXVPDWXUDFXPVăIL
IRVW QăVFXW 2U vQ WRWDO DFRUG FX H[FHOHQ܊D YRDVWUă HX QX FXQRVF OD DFHD
YUHPHRDOWăSHUVRQDOLWDWHHXURSHDQăFDUHVăVHILSURQXQ܊DWGHMDvQDFHDVWă
FKHVWLXQH FX DWkWD FODULWDWH 6ROLFLWkQG FX VILLFLXQH ELQHFXYkQWDUHD
UXJăFLXQLORU DUKLSDVWRUDOH DOH HPLQHQ܊HL YRDVWUH DO YRVWUX DGPLUDWRU ܈L
&RQWDQU
GHYRWDW SULHWHQ 5XGROI /RHZHQWKDO ( FRORVDO 0DL vQWkL Fă ܈WLX FLQH HVWH
DFHVW /RHZHQWKDO H XQ LVWRULF DPHULFDQ FDUH SULQ vL GHGLFă OXL
0LOHVFX XQ DUWLFRO ELRJUDILF vQ FDUH vL UHFXQRD܈WH PHULWHOH GH H[SORUDWRU ܈L
JHRJUDI vQ OHJăWXUă FX PLVLXQHD OXL vQ &KLQD $SRL ODP JăVLW ܈L SH
SHUVRQDMXO FăUXLD vL H DGUHVDWă VFULVRDUHD ÌQDLQWH GH D SOHFD GLQ )ORUHQ܊D
FăWUHWLQHDPFăXWDWSHLQWHUQHW܈LDPGDWGHHO$IRVWXQVDFHUGRWIORUHQWLQ
GHVWXO GH UHQXPLW 'DU v܊LGDLVHDPDFHvQVHDPQăDVWD"'H6SăWDUQXVH
܈WLHFXH[DFWLWDWHVăILDYXWRIDPLOLH6XQWDXWRULFDUHVSXQFăHOQDUILIRVW
FăVăWRULW QLFLRGDWă܈LDO܊LLFăVDFăVăWRULWGXSăvQWRDUFHUHDGLQH[SHGL܊LDvQ
&KLQD DGLFă GXSă FkQG VH SUHVXSXQH Fă vL WUHFXVH VSDLPD GH D IL
PD]LOLW GH QRXO ܊DU GXSă PRDUWHD OXL $OH[HL 0LKDLORYLFL FHO FDUH vO
WULPLVHVH vQ PDUHD H[SHGL܊LH ÌQ XQ ILX QăVFXW GLQ DFHDVWă FăVăWRULH
WUHEXLH Vă IL DYXW FHO PXOW DQL QX" 'HFL LPSRVLELO VăL IDFă GHVWăLQXLUL
ÄGHRQDWXUăIRDUWHLQWLPă´'DFăDFHVWSUH]XPSWLYILXDOVăXDUILDYXWVă
]LFHP GH DQLFkQGWDWăOOXLvLVFULDDFHVWHVFULVRULvQVHDPQăFăDQXO
QD܈WHULL OXL DU IL FDP QX" 8LWH v܊L IDF XQ UH]XPDW DO YLH܊LL
6SăWDUXOXL FDUH FXSULQGH ܈L DFHO DQ 1DVXO LO WăLDVH ܇WHIăQL܊ă 9RGă SULQ
¶¶FXSX܊LQWLPSvQDLQWHFD܇WHIăQL܊ăvQVX܈LVăPRDUă'XSăPXWLODUH
VHUHIXJLD]ăOD%XFXUH܈WLXQGHGRPQH*ULJRUH*KLFDSHFDUHvOFXQRVFXVH
vQ WLPSXO ܈FROLL OD &RQVWDQWLQRSRO $FHVWD vO QXPH܈WH FDSXFKHKDLH DGLFă
DPEDVDGRUOD3RDUWă'HFLVHGXFHOD&RQVWDQWLQRSROVFXUWDWGHQDVDGLFă
ÄFkUQ´ ܈L GH DLFL L VH WUDJHSRUHFOD$FRORvQDIDUăGHWUHEXULOHSHFDUHOH
IăFHD OD $PEDVDGă OXFUHD]ă OD WUDGXFHUHD 9HFKLXOXL 7HVWDPHQW SH FDUHvO
WHUPLQă SULQ ¶ LDU vQ SULPăYDUD OXL ¶ SăUăVH܈WH &RQVWDQWLQRSROXO
&ăOăWRUH܈WHvQ2FFLGHQWWLPSGHYUHXQDQvQWUHWLPSDMXQJkQGvQVOXMEDOXL
*KHRUJKH ܇WHIDQ XQ GRPQLWRU DOXQJDW GH OD GRPQLH FDUH VH UHIXJLDVH vQ
3RPHUDQLD OD 6WHWWLQ 6SăWDUXO vO YL]LWHD]ă DFROR LDU SULQ YDUD OXL ¶
DMXQJH vQ 3UXVLD OD FXUWHD OXL )UHGHULF :LOKHOP PDUHOH HOHFWRU $FROR
WUHEXLH Vă IL JăVLW XQ GRFWRU FDUH vL YLQGHFă QDVXO GXSă R PHWRGă
LWDOLHQHDVFăDPGHVFRSHULWFXP܈LDPVFULVGHVSUHDVWD%LRJUDILLOXLGDU܈L
HXFUHGHPFăRSHUD܊LDDIRVWIăFXWăOD%HUOLQvQ¶/RHZHQWKDO]LFHDFHVW
OXFUX vQ ELRJUDILD OXL Fă YLQGHFDUHD VD IăFXW JUHX GHFL WUHEXLH Vă IL
SHWUHFXW GHVWXO GH PXOW WLPS OD %HUOLQ 'H DFROR HO SOHDFă OD 6WRFNKROP
WULPLV vQ PLVLXQH GH *KHRUJKH ܇WHIDQ FăWUH UHJHOH 6XHGLHL /D 6WRFNKROP
6SăWDUXO H XQ WLPS Jă]GXLW GH 6LPRQ $UQDXOGGH3RPSRQQHDPEDVDGRUXO
UHJHOXL 6RDUH vQ 6XHGLD YLLWRU PDUFKL] ܈L PLQLVWUX GH H[WHUQH DO )UDQ܊HL
'XSăDVWDQXVHPDL܈WLHPDLQLPLFGH6SăWDUSkQăSULQFkQGDMXQJH
OD 0RVFRYD OD FXUWHD ܊DUXOXL 'HFL VSXQHPL ܈L PLH GH XQGH D DSăUXW
FRSLOXO ăVWD" ( XQ FRSLO GLQ IORUL QX"« SH FDUH HO OD LXELW IRDUWH WDUH
(SLF
GDFă D VFKLPEDW FX HO VFULVRUL RUL SRDWH Fă QX DX VFULV DPkQGRL SRDWHFă
QXPDL HO LD VFULV IăFkQGXL vQVă GHVWăLQXLUL ÄIRDUWH LQWLPH´ ܇L DSRL XQGH
DU SXWHD IL VFULVRULOH DVWHD" 'HVLJXU XQLILFDUHD GRFWULQDUă OD FDUH IDFH
UHIHULUH DXWRUXO ELOHWXOXL WUHEXLH Vă ILH UHFRQFLOLHUHD FHORU GRXă ELVHULFL
FUH܈WLQH PDMRUH ÌQWUDGHYăU 6SăWDUXO D IRVW SUHRFXSDW GH DFHDVWă
FKHVWLXQH RUL PDL GHJUDEă VD DUăWDW vQGXUHUDW GH VHSDUDUHD ORU FHHD FH
vQVHDPQă Fă DXWRUXO ELOHWXOXL FLWLVH FX PDUH DWHQ܊LH (QFKLULGLRQXO 'DU
ELOHWXO FkQG FUH]L Fă D IRVW VFULV" 0DP JkQGLW ܈L FUHG Fă ܈WLX FX
DSUR[LPD܊LH SULQ /XFUXULOH VH SRWULYHVF GH PLQXQH 3H GH R SDUWH
DWXQFL D VFULV /RHZDQWKDO DUWLFROXO OXL GHVSUH 6SăWDU LDU SH GH DOWă SDUWH
DWXQFL D IRVW vPSUXPXWDWă XOWLPD RDUă FDUWHD vQ FDUH ODP JăVLW(OWUHEXLH
Vă IL IRVW XLWDW vQ FDUWH GH DFHO XOWLP FLWLWRU FDUH WUHEXLH Vă ILH DFHVW
UHYHUHQG (UQHVWR%DOGXFFLÌQ܊HOHJLQXSRDWHILVFULVPDLWkU]LXSHQWUXFă
QLPHQLQDPDLXPEODWvQDFHDFDUWHGXSăDFHOXOWLPFLWLWRUDOHL܈LQLFLPDL
vQDLQWH SHQWUX Fă DWXQFL ODU IL JăVLW DOWFLQHYD ܈L H SX܊LQ SUREDELO VăO IL
OăVDWWRWDFROR
6XEFXSRODDUFXLWăDVăOLLGHOHFWXUă
ÌQ]LXDGHD]LSR܊LXUPăULvQ,QWHUQHWWUDVHXOXQHLSHUVRDQHFDUHDUH
R DQXPLWă H[SXQHUH SXEOLFă 'HVSUH XQLL PDL SUHGLVSX܈L Vă VH HWDOH]H YHL
DIOD FKLDU FH D PkQFDW GH GLPLQHD܊ă RUL XQGH v܈L YD SHWUHFH FRQFHGLXO 2
EXQă SDUWH GLQ RPXO GXSă FDUHXPEOL܊LVHSRDWHDVWIHOGH]YăOXL'HFk܊LYD
DQL ,QWHUQHWXO D GHYHQLW XQ VSD܊LX PDL YDVW vQFă GHFkW SUHVD WLSăULWă
&HUFHWDUHDvQVăVHSRDWHORYLGHREVWDFROHPDULDWXQFLFkQGILUXOHLWHGXFH
vQDSRL DFROR XQGH QXPDL ELEOLRWHFLOH PDL SăVWUHD]ă XUPD HYHQLPHQWHORU
8QHRUL ܈L RDPHQLL vQ PHPRULLOH ORU« )LHUELQ܊HDOD ܈L DJLWD܊LD GLQ 3LD]]D
GHL &DYDOOHJJHUL UăPkQ vQ MRVXO WUHSWHORU vQ DIDUD FHORU WUHL ERO܊L VSULMLQLWH
GH SDWUXFRORDQHGHDVXSUDFăURUDVWăVFULVvQFDUDFWHUHVROHPQHVFXOSWDWH
vQUHOLHI%LEOLRWHFD1D]LRQDOH&HQWUDOHÌQăXQWUXVXEFXSRODEROWLWăODUJă
D VăOLL GH OHFWXUă H UăFRDUH FăU܊LOH vPEUDFă SHUH܊LL vQDO܊L URWXQ]L LDU
OLWHUHOH UkQGXLWH SH SDWUX HWDMH VWDX FXPLQ܊L vQWUH ILOH DWkWD YUHPH FkW
QLPHQL QX XPEOă vQ HOH 'RDU FkQG VXQW GHVFKLVH ܈L XQ RFKL OH UHIOHFWă
vQWRDUVHSHXQHFUDQRYDOGHFHOXOHVORYHOHGHYLQFXYLQWHDOHXQHLOLPEL܈L
vQFHS Vă VSXQă LVWRULL 8QHOH QX WUH]HVF QLFLXQ HFRX RUL VSHUDQ܊ă ܈L QLPLF
GLQWUăLULOHDFHOXLVFULLWRUFDUHDSURDSHQXDDYXWGHDOHVFkQGOHDD܈WHUQXW
SHKkUWLHvQJKHVXLWGHQHYRLDGHDOHVFULHVHGXVGHRSRYHVWHRULGHIRU܊D
XQRULGHL܈LGHFRQYLQJHUHDFăFLQHYDDUHQHYRLHGHVFULVXOOXLQXVHUHSHWă
vQFLWLWRU$OWHRULvQVăOLWHUHOHFăU܊LLUHFRPSXQvQFLWLWRULLPDJLQLEXFXULL܈L
&RQWDQU
VXIHULQ܊HGRULQ܊HXLWDWHRULQLFLFkQGvQGUă]QLWHWRWDWkWHDOXPLSDUDOHOHFk܊L
FLWLWRULDLHLPXOWLSOLFkQGXQXQLYHUVvQQHQXPăUDWHDOWHFKLSXULJOLVkQG
VHPQLILFD܊LLOH vQ PLL GH YDULDQWH ILHFDUH VXEWLO GLIHULWă GH RULJLQDO 3H
UkQGXO FHO PDL GH VXV XQGH QX SR܊L DMXQJH GHFkW FX R VFDUă vQJXVWă GH
OHPQFDUHVFkU܊kLHvQIULFR܈ăWRUFkQGHIRORVLWăVHDIOăRFDUWHFDUHQXDIRVW
FHUXWă GH QLPHQL vQ XOWLPLL WUHL]HFL GH DQL ,DU vQ HD H XQ QXPH FDUH H
UHSHWDWGHPDLPXOWHRUL%LEOLRWHFDUXOVHXLWăODGRPQL܈RDUDGLQID܊DOXLSH
GHDVXSUDXQRURFKHODULFXUDPDDOEăFDGHFDUQDYDOHLvQ܈L܈LFRFR܊D܊LSHVWH
RPXVWD܊ăEDGJX\FXYkUIXULOHFă]XWH
+P QX DYHP QLFLRvQUHJLVWUDUHFRPSXWHUL]DWăODFDUWHDDVWD«ÌQ
FLXGD VWDWXULL LPSR]DQWH GH ER[HU ܈L D SULYLULL ILRURDVH JODVXO vL VXQă
FKL܊FăLWFDGHLHSXUHVSHULDW
&XPDGLFăQXDYH܊LQLFLRvQUHJLVWUDUH"
$GLFă QX H[LVWă QLFL R FHUHUH SHQWUX HD GH FkQG VD LQWURGXV
VLVWHPXO LQIRUPDWLF 'DQLHOD IX FXULRDVă Vă DIOH FkQG VH LQWURGXVHVH DFHO
VLVWHP
ÌQ¶YHQLUăVSXQVXOFkQGDPSULPLWSULPHOHWHUPLQDOHOHJDWHOD
FDOFXODWRU 'H DWXQFL VH vQUHJLVWUHD]ă WRDWH FăU܊LOH DYHP XQ SURJUDP GH
FăXWDUH VH QRWHD]ă GDWHOH GH LGHQWLILFDUH DOH FăU܊LORU DGLFă DXWRUL HGLWXUL
ORFXULOH WLSăULULORU GDU ܈L FkQG DX IRVW DGXVH vQ ELEOLRWHFă OD FH GDWH VXQW
vPSUXPXWDWH SUHFXP ܈L FLQH OH vPSUXPXWă $K QHFLWLWXO QXL R UHFODPă
SUHDEXQăSHQWUXRFDUWH«'DQLHODVHvQWUHEDGDFăUHIHULQ܊DDFHDVWDJăVLWă
FX R ]L vQ XUPă vQWUR OXFUDUH SH FDUH R FRQVXOWDVH XUPkQGRFDOHvQFDUH
QX܈LSXQHDSUHDPDULVSHUDQ܊HVăLDGXFăFHYDQRXPHULWDHIRUWXOGXSăFH
DIODVH GHVSUH FYDVLWRWDOD LJQRUDUH D VXUVHL &ăU܊LOH FLWLWH PXOWLSOLFkQGXVH
vQ FLWLWRUL GL]ROYkQGXVHGLIHULWvQILHFDUHGLQHLPRGLILFăPHUVXOvQDLQWHDO
OXPLL ILH QXPDL ܈L SHQWUX Fă PLQWHD XQXL FLWLWRU DQXPH XQGHYD DIODW D
SULPLWFkQGYDRSăUWLFLFăGLQDFHOWH[W܈LGDFăPHPRULDDFHVWXLRPHVWHXQ
SLF DOWIHO GXSă DFHDVWă OHFWXUă vQVHDPQă Fă ܈L IDSWHOH OXL DX SXWXW IL DOWHOH
DFXP ܈L LDWă GHFL FXP FăU܊LOH SRW VFKLPED OXPHD &ăU܊LOH DX LQIOXHQ܊DW vQ
DWkW GH PXOWH IHOXUL RPHQLUHD vQ GHYHQLUHD HL 'DU FKLDU ܈L GDFă DPLQWLUHD
XQHL OHFWXUL GH VHDUă VH HVWRPSHD]ă SkQă GLPLQHD܊D UăPă܈L܊H DOH HL SRW
UHDSDUH vQ OXQJLPHD GUXPXOXL FDUHO GXFH SH FLWLWRU VSUH VHUYLFLX VSUH
܈FRDOăRULVSUHSLD܊ă܈LvQIHOXODFHVWDFDUWHDDFHHDHLPSRUWDQWăSHQWUXFă
XQ WLPS D UHX܈LW Vă XPSOH vQWUXQ DOW IHO GHFkW GH RELFHL PLQWHD DFHOXLD
SRDWH Fă VXUSULQV GH DPLQWLUHD XQHLVFHQHHOVDvQFKHLDWVWUkPEODSDOWRQ
vQDLQWH GH D LH܈L GLQ FDVă FHHD FH YD SURYRFD XQ ]kPEHW SH ID܊D SULPHL
SHUVRDQH FX FDUH VD vQWkOQLW DFHDVWD H]LWkQG DFXP VăL DWUDJă RUL QX
DWHQ܊LDDFHVWXLGRPQ"FHIHOGHRPRIL"SRDWHHGRDUQHDWHQW"RULSRDWHH
(SLF
XQ SLF ]XUOLX" LDWă FkWH vQWUHEăUL SRDWH SURYRFD vQ PLQWHD XQHL SHUVRDQH
QHFXQRVFXWHROHFWXUăGHVHDUăRULGDFăQLPLFGHDFHVWIHOQXVDSHWUHFXW
SRDWHFăDFHDDPLQWLUHGRDUODIăFXWVăVHFRQFHQWUH]HPDLSX܊LQODDJLWD܊LD
VWUă]LL ܈L PDL PXOW OD FkLQHOH GRDPQHL FX FDUH VD LQWHUVHFWDW SHQWUX Fă
RFKLL OXL SULYHDX DWXQFL vQ MRV ܈L Vă UHPDUFH DK FH FkLQH GUăJX ܊OXFUX
FDUH HYLGHQW Fă D SXV FDSăW DPLQWLULL GDU OD IăFXW Vă GRUHDVFă Vă PkQJkLH
DFHODQLPDO܈LGHDLFLGHVLJXUXQGLDORJFXGRDPQDSRDWHvQFHSH܈LVH܈WLH
FăDFHVWOXFUXSRDWHGXFHODDWkWHDOXFUXULQHD܈WHSWDWHLDWăGHFLFXPOXPHD
vQFDUHRFDUWHDIRVWFLWLWăHDWkWGHGLIHULWăGHXQDvQFDUHGHHDQXVDDWLQV
QLPHQL 'DU FH DU IL SXWXW VăL RIHUH UăVFROLUHD vQ DFHD FDUWH FDUH ]DFH vQ
ELEOLRWHFăGHDWkWGHPXOWWLPSIăUăFDFLQHYDVRFHDUăRPHQLUHDYă]kQGX
܈L GH WUHEXULOH HL DSDUHQW LQGLIHUHQWă DSDUHQW IHUPă vQ SRUQLUHD HL VSUH
SURJUHV DGRSWkQGXO DGHVHD DEUXSW DGHVHD KDRWLF GH܈L GHVLJXU DQFRUDWă
GHWUHFXWSULQDWkWHDILUHSULQDWkWHDLVWRULLVSXVHvQOLPELOHSHFDUHRDPHQLL
OHYRUEHVFILHFDUHGLQWUHHLSXUWkQGvQSUH]HQWXOPLQ܊LORUORUFkWHRIăUkPă
GH WUHFXW FDUH XQHRUL SRDWH IL QXPDL DO ORU LDU DOWHRUL SRDWH IL DO PDL
PXOWRUD7RDWHDFHVWHXUPHDOHWUHFXWXOXLVDXDUDQMDWFXPYDSHQWUXDFUHD
FHHD FH IDFH PDUHOH WDEORX DO SUH]HQWXOXL $WkWD WLPS FkW FLPLWLUHOH QX
WRSHVF vQFă vQ VHYD SăPkQWXOXL ORU DPLQWLULOH GLQ PLH]XO FHOXOHORU WUHFXWXO
H PXOWLSOLFDW vQ DWkWHD ܈L DWkWHD IHOXUL vQ ILHFDUH GLQ QRL RULFH FUkPSHL DO
WLPSXULORU WUHFXWH JăVLQGX܈L ORF vQ DFHDVWă FRORVDOă DUDQMDUH vQ FDUH WRDWH
SLHWULFHOHOH PDUHOXL PR]DLF DO ]LOHL GH D]L VH DWLQJ GH FHOH GLQ MXUXO HL
D܈H]kQGXVH vPSUHXQă vQWUR FRPSOHWDUH vQ FDUH WRDWH GHSLQG GH XQD ܈L
ILHFDUH GHSLQGH GHWRDWH܇LWRWX܈LLDWăYHGHELQHvQWUXQUDIWDIODWVXVGH
WRWVXEFXSROăH[LVWăRFDUWHFDUHSăVWUHD]ăSHHD܈LvQWUHILOHXQSUDIPDL
YHFKL GH XQ VIHUW GH VHFRO ܈WLH DFXP Fă GHVFKL]kQGR v܈L DVXPă R
UHVSRQVDELOLWDWH ID܊ă GH HD vQVă܈L SHQWUX Fă PDL PXOW FD VLJXU HD YD ILDOWD
GXSă OHFWXUă ܈L SULQ DFHDVWD vQVX܈L OXPHD vQ FDUH VH PL܈Fă HD DU SXWHD IL
DOWD $ GHVFKLGH R FDUWH H XQ DFW GH FXUDM ܈L LQFRQ܈WLHQ܊ă SHQWUX Fă QX
SXWHP܈WLDSULRULFHQHDGXFHHDvQFHIHOYDLQWUDHDvQYLD܊DQRDVWUă܈LSULQ
DFHDVWDYDVFKLPEDFHYDGLQOXPHDGLQMXU2GHVLJXUHGRDUDGRXDPDUH
UHVSRQVDELOLWDWHGXSăFHDSHFDUHDXWRUXOvQVX܈LRSRDUWăSHQWUXFăVFULLQG
R ܈L SXEOLFkQGR DFHOD LD DVXSUD OXL UăVSXQGHUHD XQHL PXO܊LPL GH GHVWLQH
VXEWLODEăWXWHGLQFXUVXOORUDOWHOHvQVăXUPkQGDQXPDLILGHORFDFHOHD܈L܈L
GXSăOHFWXUă
%LQHKDLGH܊LVăYHGHP«VHKRWăUv'DQLHOD'DURDUHGHFHQXVD
DWLQV QLPHQL GH HD DWkWD WLPS" 'LQ ¶ ]LFH܊L" $K SRDWHFăPXOWPDLPXOW
vQFăGDFăVSXQH܊LFăDELDGHDWXQFLDYH܊LvQUHJLVWUăUL
&H DP ]LV HX H Fă GLQ ¶ LQWURGXFHP IL܈HOH vQ FDOFXODWRU 'DU
SăVWUăP ܈L GDWH PDLYHFKL'HIDSWGRPQL܈RDUăOXFUXULOHVWDXD܈D)LHFDUH
&RQWDQU
FDUWHDYHDRIL܈ăGHFDUWRQvQFDUHVHWUHFHDQXPHOHFHOXLFDUHRvPSUXPXWD
܈L GDWD vPSUXPXWXOXL &kQG IL܈D VH XPSOHD DFHDVWD VH DUKLYD ܈L VHvQFHSHD
DOWD &kQG VD LQWURGXV VLVWHPXO LQIRUPDWLF VD KRWăUkW Fă DU IL IRVW PXOW
SUHD FRPSOLFDW Vă VH PHPRUH]H WRDWH IL܈HOH GH OD vQILLQ܊DUHD ELEOLRWHFLL
SHQWUX Fă QX DYHDP SHUVRQDO VXILFLHQW Vă IL IăFXW DVWD 'H DFHHD VD
LQWURGXV GRDU XOWLPDDFFHVDUHDFăU܊LLGHODGDWDDFHHD܈LQXPăUXOFHUHULORU
SUHFHGHQWHÌQFD]XOFăU܊LLGXPQHDYRDVWUăXOWLPDDFFHVDUHHGDWDWă
FHHDFHDGXQăvQWUDGHYăUSHVWHGHDQLGHLJQRUDUHLDUGHODSXEOLFDUHD
HLvQDPDLIRVWFHUXWăGRDUGHGRXăRUL
$K OXPHD D XLWDW GH FDUWHD DVWD 3RDWH Fă H R SURVWLH FDUH QX
PHULWă DWHQ܊LH« ÌQWUXQ IHO D ܈FRQVXOWDR DFXP SRDWH ܈L QXPDL SHQWUX Fă
܈WLX Fă VXQW SULPD SHUVRDQă FDUH VH XLWă vQ HD GH DWkWD YUHPH«
%LEOLRWHFDUXO XUFă VFDUD vQ VSLUDOă SkQă OD SULPXO EDOFRQ LQWHULRU DWD܈DW OD
FLUFDWUHLPHWULGHSRGHDUHSHWăDSRLvQFăGHGRXăRULDFHDVWăSHUIRUPDQ܊ă
SkQă DMXQJH OD QLYHOXO FHO PDL GH VXV DIODW LPHGLDW VXE WDYDQXO URQG
0HUJH SH EDOFRQXO vQJXVW vQWUXQ ORF GH XQGH DGXFH R VFDUă OXQJă ܈L
vQJXVWă GHOHPQRDJă܊ăFXFHOHGRXăFDSHWHVXSHULRDUHDOHHLPHWDOLFH܈L
FXUEDWHGHREDUăURWXQMLWăGHOHPQVSHFLDODPSODVDWăDFRORRVSULMLQăGH
SRGHDXD EDOFRQXOXL FRQWUD PDUJLQLL DFHVWXLD ܈L XUFă FX JULMă GXSă FDUWH
*ăVH܈WHYROXPXOIăUăJUHXWDWH܈LYLQHFXHOMRV
1RL LQYHQWDULHP WRDWă ELEOLRWHFD FDP R GDWă OD ]HFH DQL FHHD FH
vQVHDPQăFăvQDFH܈WLWUHL]HFL܈LGRLGHDQLVRILXPEODWODHDGHYUHRWUHL
VDXSDWUXRULGDUQXGHVFKLGHPFăU܊LOHFLQXPDLFRQWUROăPGDFăVXQWXQGH
DU WUHEXL Vă ILH 9ă ODV GXPQHDYRDVWUă RQRDUHD GH D XPEOD vQ HD ܇WL܊L
XQHRUL SR܊L DYHD VXUSUL]H SHQWUX Fă XQLL FLWLWRUL v܈L XLWă QRWL܊H RUL VFULVRUL
vQGRLWH vQWUH IRLOH FăU܊LL 'H PXOWH RUL DPJăVLW܈LEDQFQRWHOăVDWHDFRORGH
FLWLWRULFăVFD܊L2EDQFQRWăGHDFXPGHDQLDUWUHEXLVăILHELQHFRWDWă
D]L GH QXPLVPD܊L ܈L XQ JkOJkLW DQXQ܊ă Fă RPXO VH DPX]D )DWD DVWD H
IUXPRDVăYHGHHOSHQWUXSULPDGDWăFXMXPăWDWHGHJkQGLDUFkQGVXUkGH
FXP IDFH DFXP GH܈L HO DVWD QX PDL JkQGH܈WH RFKLL vL VWUăOXFHVF ܈L WUHVDUH
FkQG R UD]ă GH VRDUH DSDUH EUXVF PDUFkQG REOLF vQ MRV XQ WUDVHX GH
SDUWLFXOH GH SUDI FDUH SOXWHVF DOHQH vQ DHUXO GLQ ELEOLRWHFă LDU HD ]LFH
DWXQFL
2ULGLPSRWULYăSRDWHFăSUDIXOHSHULFXORVDUSXWHDVă܈LXFLGă
FLQH ܈WLH FH VSRUL RWUăYLWRUL VH JăVHVF vQ HO DPLQWL܊LYă GH VHULD GH PRU܊L
PLVWHULRDVH FDUH DX XUPDW GHVFKLGHULL PRUPkQWXOXL OXL 7XWDQNKDPRQ GH
FăWUH HFKLSD OXL &DUWHU ܇L ]kPEL &D FLWLWRDUH DVLGXă vO FXQR܈WHD ELQH SH
ELEOLRWHFDU GDU GLDORJXO GLQWUH HL QX VH GHSăUWDVH QLFLRGDWă GH ODVXELHFWXO
VWULFWOHJDWGHvPSUXPXWXOvQFDX]ă
(SLF
'DQXPDLFăXQLLGLQWUHFRODERUDWRULLOXL&DUWHUDXPXULWLQFOXVLY
GH JORQ ܊FHHD FH IDFH WHRULD SUDIXOXL QHYHULGLFă vQ VFKLPE VWDELOL]HD]ă
WHRULDEOHVWHPXOXL
$K DYH܊L GUHSWDWH LDU HX QX DP XQ FDQDU ܊LQXW vQ FROLYLH DFDVă
FDUHVăILHPkQFDWGHRFREUăDQXQ܊kQGDVWIHOvQFHSXWXOSXQHULLvQSUDFWLFă
D EOHVWHPXOXL &X YRLD GXPQHDYRDVWUă vQVă ܈L vQYLQJkQGXPL WHDPD GH D
GHUDQMD PDL PXOW GH XQ VIHUW GH VHFRO GH SDUWLFXOH GH SUDI R VăPLSHUPLW
Vă R VFXWXU XQ SLF vQDLQWH GHD R GHVFKLGH GHVLJXU DFDVă QXDLFLSHQWUXD
QX LQIHVWD DHUXO ELEOLRWHFLL ,DU HL vL IX XQ SLF WHDPă Fă ELEOLRWHFDUXO DU
SXWHD Vă FUHDGă Fă IDFH DOX]LL OD RQRUDELOXO ܈L GRFWXO SUDI FDUH VH D܈H]D
SHVWH WRWFKLDUDWXQFLvQvQFăSHUH܇LDWXQFLFDVăDQXOH]HDFHDVWăVWDUHGH
LQFHUWLWXGLQHFRQWLQXă
3RDWH D ܈SXWHD FKLDU VăO FROHFWH] FX JULMă vQWUXQ VăFXOH ܊FD VăO
GXFODXQPX]HXRULODXQODERUDWRUSUH]HQWkQGXOFDSUDIGHDFXPWUHL]HFL
܈LGRLGHDQL9ăGD܊LVHDPDFHDWUDF܊LHDUVWkUQL܈LGRDUHDUkVH
1XPDLVăQXYăYLQăvQPLQWHVăXWLOL]D܊LDVSLUDWRUXOSHQWUXDVWD܈L
ELEOLRWHFDUXO QX SăUHD Fă DU IL VSXV R JOXPă GHVLJXU VH FXQRVF FD]XUL vQ
FDUHFăU܊LOHYHFKLQXDXUH]LVWDWvQFHUFăULLGHDILDVSLUDWHIRLVDXGHVSULQV
܈LDXIRVWvQJKL܊LWHvQVDFXOFXSUDI
&RQWDQU
&UăFLXQ
ÄUHYROX܊LRQDU´
OD)RF܈DQL
RSUR]ăGH/LYLX,RDQ6WRLFLX
5RPkQLDOLWHUDUăDDYXWvQSULPDSDUWHDDQXOXLGRXăWHPHGH
DQFKHWă GH LPSDFW OD FDUH DX UăVSXQV ]HFL GH VFULLWRUL FX IUHQH]LH
LQWLWXODWHÄ6FULLWRULXLWD܊L´܈LDSRLÄ&XYLQWHXLWDWH´(XLWDUHDQRDVWUăFHDGH
WRDWH ]LOHOH SXVă SH VRFOX" &H QHDP IDFH IăUă XLWDUH $ DSăUXW vQWUH WLPS
vQFă R WHPă GH DQFKHWă OHJDWă GH XLWDUH DX]L܊L 2 ]L GH QHXLWDW GLQ YLDаD
RUDЮXOXLVDXVDWXOXLPHX3HQWUXPLQH
'HQHXLWDWUăPkQQXPDLFRQVHPQăULOHvQMXUQDO$OWIHOHXXLWGHSH
R ]L SH DOWD GLQ FH DP WUăLW DSHOH] vQWRWGHDXQD OD MXUQDO DWXQFL FkQG DP
FHYD GH UHPHPRUDW 'LQ SăFDWH DX IRVW ]LOH FkQG QX DP VFULV vQ MXUQDO ±
GH H[HPSOX vQ ]LOHOH 5HYROX܊LHL GLQ H[DFW ]LOHOH FDUH DU IL WUHEXLW Vă
UăPkQă GH QHXLWDW SHQWUX PLQH LPSOLFDW FXP DP IRVW GLUHFW vQ
HYHQLPHQWHOH LUHSHWDELOH DOH 5HYROX܊LHL DU IL IRVW LPSRVLELO Vă Ä܊LQ´ MXUQDO
DWXQFLHUDPÄSHEDULFDGă´QRQVWRSvQVHUYLFLXO5HYROX܊LHLSXVFXPHUDP
GH UHYROX܊LRQDUL vQ IUXQWHD MXGH܊XOXL 9UDQFHD GLQ GHFHPEULH
)LLQGFă GHFHPEULH H ÄR ]L GH QHXLWDW´ LVWRULFă QX QXPDL SHQWUX
PLQH FL SHQWUX WR܊L URPkQLL SDUWLFLSDQ܊L VDX QX OD 5HYROX܊LH 1DP ܊LQXW
MXUQDO GHFL QX PDL DP GHFkW DPLQWLUL ÄOD JHQHUDO´ DSUR[LPDWLYH 'H܈L
H[LVWăGRFXPHQWH,VWRULDHLVWRULHÌQWkPSOăWRUDPGHVFRSHULWIRWRFRSLDWH
vQ =LDUXO GH 9UDQFHD GLQ GHFHPEULH KkUWLL VFULVH GH PLQH vQ
GHFHPEULHFDUHVXQWSXEOLFDWHGH)ORULQ0DULDQ'vUGDOăVSUHDGXFHUH
DPLQWH FX VXEOLQLHUHD ILQDOă Ä$FHVWH SULPH FLRUQH DOH OLEHUWăаLL DX IRVW
GHSXVH OD $UKLYHOH 1DаLRQDOH 9UDQFHD GH FăWUH 3XLX 6LUX 8VWXURL FX
SXаLQ WLPS vQDLQWH GH D VH VIkUЮL´ 'LQ DFHVWH FLRUQH IRWRFRSLDWH )ORULQ
0DULDQ 'vUGDOă UH܊LQH vO FLWH] ©/D QRL OD )RFЮDQL FkQG vQ FHQWUXO
(SLF
RUDЮXOXL VDX VWUkQV QXPHURЮL ORFXLWRUL ЮL VD FLWLW SULPXO DFW OLEHU
UHGDFWDW vQ DFHVWH аLQXWXUL LDU FHL SUH]HQWL DWXQFL SRW FRQILUPD DFXP
PDL PXOWFDVLJXUFă3LDаD8QLULLDIRVWQHvQFăSDWRDUHSHQWUXFHLVRVLаL
FX VXIOHWXO OD JXUă Vă YDGă GDU PDL DOHV Vă DXGă FH YD VSXQH
SHUVRQDMXOQXPăUXO GLQ DFHO PRPHQW vQ 9UDQFHD QLPHQL DOWXO GHFkW
/LYLX ,RDQ 6WRLFLX 'LVFXUVXO VăX SULPXO WH[W QHFHQ]XUDW SH FDUH ODX
DX]LW ORFXLWRULL DFHVWXL RUDЮ ЮL MXGHа GXSăDSURDSH MXPăWDWH GH VHFROGH
PLQFLXQăDVXQDWvQIHOXOXUPăWRUÄ&HWăаHQLYăYRUEHVFvQQXPHOHQRXOXL
&RQVLOLXGH6DOYDUH1DаLRQDOăGLQMXGHаXO9UDQFHD$FXPFkWHYDPLQXWHV
D VIkUЮLW SULPD QRDVWUă vQWUXQLUH +RWăUkULOH OXDWH YRU IL DGXVH OD
FXQRЮWLQаDGYVSULQQRXO=LDUORFDO&RQVLOLXOPDvPSXWHUQLFLWVăYăURJ
VăUHVSHFWDаLYDORULOHPDWHULDOHЮLVSLULWXDOHDOHMXGHаXOXL6DXOXDWPăVXUL
SHQWUX DVLJXUDUHD DSURYL]LRQăULL SRSXODаLHL FX DOLPHQWH DSă HQHUJLH
HOHFWULFăSHQWUXDVLJXUDUHDRUGLQLLЮLOLQLЮWLLSXEOLFH$SHOăPODFRQЮWLLQаD
WXWXURU GH PkLQH vQFHSkQG Vă VH UHLD DFWLYLWDWHD OD ORFXULOH GH PXQFă
SHQWUXDVHDVLJXUDKUDQDIDPLOLLORUQRDVWUHvQVSHFLDOODRDPHQLLPXQFLL
GLQ LQGXVWULD DOLPHQWDUă 6HFXULWDWHD R YRP GHVILLQаD ÌQ DFHVW PRPHQW
DUPDWDPLOLаLDЮLVHFXULWDWHDVXQWGHSDUWHDQRDVWUă1XDYHPGHFLQHVă
QHWHPHP'DUFHQHYRPIDFHODQRDSWHFHQHYRPIDFHPkLQHFLQHQHGă
GH PkQFDUH FLQH QH DSăUă" 7UHEXLH Vă QH DSăUDP VLQJXUL FDVHOH
PDJD]LQHOH ORFXULOH GH PXQFă Vă QH DOHJHP VLQJXUL FLQH Vă QH FRQGXFă
SURYL]RULX SkQă OD IRUPDUHD QRXOXL JXYHUQ ILHFDUH RP DO PXQFLL
VăPHDUJăODXQLWDWHDODFDUHOXFUHD]ăvQYHGHUHDRUJDQL]ăULLFRQGXFHULORU
ЮLVăLDPăVXULSHQWUXSD]ăRUGLQHSHQWUXDVHSUHYHQLHYHQLPHQWHFDUHVă
QH ODVH IăUă ORFXUL GH PXQFă Vă IDFHP SLFKHWH GH PXQFLWRUL vQVRаLWH GH
SROLаLHЮLGHFDGUHOHPLOLWDUHFDUHVăVLJXUHRUGLQHDЮLOLQLЮWHDvQRUDЮ´
'HFODUDаLH VFULVăGH /LYLX ,RDQ 6WRLFLX SH GHFHPEULH vQ SULPXO
&RPLWHW UHYROXаLRQDU 9UDQFHD FLWLWă vQ 3LDаD 8QLULL GLQ )RFЮDQLLDU
RUJDQL]DUHD FRQGXFHULL DFHVWXLD FRQWLQXD vQ OLQLL PDUL GXSă FXP
XUPHD]ă &20,7(78/ '( '(02&5$Я,( 62&,$/,67Ă95$1&($
SUHRW (QH ,RQ PXQFLWRU *K &RDUFă,6(+ *DEULHO 0DWHL )LODWXUD GH
OkQă&LRFkUODQ*LXUJHD3RPLFROD6XUDLD/DXUHQаLX%DUEX,7$'LQX
,RDQDYRFDW9DVLOH&ULQWHDLQJLQHU&ULVWHVFXLQJLQHU0DULDQ%RERFHD
LQJLQHU &KLUYăVXаă (PLOLDQ 3HQWHOLX ,(/,) SURIHVRUL $JDILаHL )ORULQ
3DUDVFKLY 9LUJLQLD 9DOHQWLQ 5RЮX 3DYHO &RQVWDQWLQ GRFWRUL 3HWUH
*ăJHVFX ЭWHIDQLD 6WRLFD DUWLVW 3XLX 8VWXURL FRORQHO %ăOHDQX
FRPDQGDQWXOJăU]LORUSDWULRWLFHFăSLWDQ)ORULQ6WHOLDQPXQFLWRU&UăFLXQ
&RQVWDQWLQ HWF &RPDQGD DVLJXUDWă &RORQHO 6WăQFXOHVFX 2UGLQ SHQWUX
DVLJXUDUHDSD]HLSRЮWăWHOHIRDQH&RQVLOLXO-XGHаHDQ6WDаLDR[LJHQ&3/
%DQFă6HFXULWDWHGHSR]LWHOHGHFHUHDOHFHQWUDODWHUPLFăDOWHXQLWăаLGLQ
&RQWDQU
PXQLFLSLX ,QGXVWULD ODSWHOXL SXQFW WUDQVIRUPDUH &)5 WLSRJUDILH 6H
DYHDX vQ YHGHUH ЮL VLWXDаLD GHаLQXWLORU SROLWLFL ЮL SUHGDUHD FDUQHWHORU GH
SDUWLG 'H OD VLQGLFDWH VXQW PHQаLRQDаL $QXаRLX &RVWLFă &RDUFă *K
)LORWH&RPDQ6XQWDOFăWXLWHЮLFRPLVLLOHUHYROXаLRQDUHGXSăFXPVHSRDWH
XUPăUL vQ IRWR DOăWXUDWª 3HQWUX PLQH D]L VXQW QXPH ܈L VLWXD܊LL
ÄUHYROX܊LRQDUH´ DEVWUDFWH QXPL PDL DPLQWHVF ÌQ RULFH FD] FUHG Fă DP
DYXWÄFXYkQWDUH´OLEHUăRULHQWDWGXSăFLRUQHDWXQFLQDYHDPWLPSGHVFULV
'H FXULR]LWDWH Vă UH܊LQ DLFL ܈L FRPXQLFDWXO RILFLDO GDFă H Vă UHVSHFWăP
LVWRULDPRPHQWXOXLFăÌQVHDUD]LOHLGHGHFHPEULHVDFRQVWLWXLW
OD)RFЮDQL&)619UDQFHD&RQVLOLXO)URQWXOXL6DOYăULL1DаLRQDOHSULPXO
RUJDQLVP DO SXWHULL GH VWDW FD XUPDUH D UHYROXаLHL URPkQH FX VFRSXO
GHFODUDW DO ÄLQVWDXUăULL GHPRFUDĠLHL OLEHUWăĠLLúLGHPQLWăĠLL SRSRUXOXL
URPkQ´ &)61 D DYXW DWULEXĠLD GH D DVLJXUD vQ PRG SURYL]RULX
FRQGXFHUHD -XGHаXOXL 9UDQFHD SkQă OD IRUPDUHD SULPHORU LQVWLWXĠLL
UH]XOWDWHGLQDOHJHULOLEHUH&RPSRQHQаDPHPEULORU&)619UDQFHDDIRVW
XUPăWRDUHD
/LYLX,RDQ6WRLFLX3UHЮHGLQWH
9DVLOH&ULQWHD6HFUHWDU
9DVLOH9vOFXFXSUREOHPHGHDSURYL]LRQDUH
,RQ(QH3UHRW
*KHRUJKH&RDUFăPXQFLWRU
0DWHL*DEULHOPXQFLWRU
*LXUJHD&LRFvUODQPXQFLWRU
0DULDQ%RERFHDLQJLQHUDJULFRO
%DUEX/DXUHQWLXPXQFLWRU
&RVWLFă$QLаRLXPXQFLWRU
0LUFHD3DQWHOLXFWHKQLFLDQ
9LUJLQLD3DUDVFKLYSURIHVRU
&RQVWDQWLQ3DYHOSURIHVRU
(PLO/ăPăЮDQXSURIHVRU
3HWUH*HRUJHVFXGRFWRU
%ăOHDQ7RPDFRORQHO
'XPLWUX&DOLаRLXVWXGHQW
6WHOLDQ)HUDULXFăSLWDQ
&RVWLFă0DOHURY±ORFRWHQHQWFRORQHO
&RQVWDQWLQ&UăFLXQPXQFLWRU
1LFRODH%RЮWLRJSURFXURU
,RDQ,RDQRYLFLMXULVW
*DEULHO3ăYăORDLHHFRQRPLVW
(SLF
3HWUH3HWUHWHRORJ
*KHRUJKH,RUJDPDLRU
*KHRUJKH6LPLRQHVFXLQJLQHU
&RQVWDQWLQ0kQGURLXWHKQLFLDQ
6LUX3XLX±DUWLVW
2 ]L GH QHXLWDW D IRVW &UăFLXQXO GLQ H GH DMXQV ܈L QXPDL
vPSX܈FDUHD OXL &HDX܈HVFX ܈L D FRQVRDUWHLOXLvQ]LVIkQWăGH&UăFLXQVăILH
R]LGHQHXLWDW$PIRVWvQWUHEDW&XPDĠLvQWkPSLQDWFXPDĠLWUăLW]LOHOH
&UăFLXQXOXL " &H VHPQLILFDĠLH DUH DFHDVWă GDWă vQ FDOHQGDUXO
SHUVRQDO" =LDUXO GH 9UDQFHD ܇L DP UăVSXQV FX DQL vQ XUPă FkQG
SUHVXSXQFăPDLDYHDPQL܈WHDPLQWLUL
8QSLFGHUHYROX܊LHOD)RF܈DQL
/D PLQH &UăFLXQXO GLQ D IRVW FX DGHYăUDW XQXO ÄDVWUDO´
FRQIRUP QRLL OLPEL GH OHPQ GH D]L DúD VH VSXQH GHVSUH 5HYROXĠLD GLQ
'HFHPEULH Fă D IRVW ÄDVWUDOă´ SHQWUX URPkQLÌQRULFHFD]DIRVWR
PDUHFLXGăĠHQLHSHQWUXGHVWLQXOPHX
$YHDP GH DQL vQ úLV RĠLD WRFPDL vPSOLQLVHGHDQLSH
GHFHPEULH ÌQ FRQGLĠLLOH vQ FDUH SH GHFHPEULH DP IRVW
LQVWDODW FX IRUĠD ÄSUHúHGLQWH GH MXGHĠ´ GH FăWUH UHYROXĠLRQDULL YUkQFHQL OD
)RFúDQL OD )RFúDQL ORFXLDP GH DQL FăVăWRULW vQ DLFL FX 'RLQD
3RSD vQ DP SOHFDW FX WRWXO OD %XFXUHúWL vQ FRSLOXO PHX
/DXUHQ܊LX,RQ DYHD DQL 5HDPLQWHVFPDSULQV5HYROX܊LDELEOLRWHFDUOD
%LEOLRWHFD -XGH܊HDQă Ä'XLOLX =DPILUHVFX´ 9UDQFHD ELEOLRWHFDU FX SURFHV
SXEOLF vQVFHQDW vQ GHFHPEULH SURFHV OD FDUH VD OXDW GHFL]LD Vă ILX
WULPLV OD PLQă QRURFXO PHX Fă D YHQLW 5HYROX܊LD vQWUH FHL FH PDX
MXGHFDW DX IRVW ܈L VFULLWRULL YUkQFHQL )ORULQ 0XVFDOX ܈L 7UDLDQ 2OWHDQX
ILUH܈WH HUDP XUPăULW IăUă vQFHWDUH LQIRUPDWLY RSHUDWLY GH 6HFXULWDWH GLQ
DPDIODWOD5HYROX܊LHFăGXSăFHDPVHPQDWvQRFWRPEULHVăQX
ILH DOHV VHFUHWDU JHQHUDO DO 3&5 ÄWRYDUă܈XO´1LFRODH&HDX܈HVFXVHGăGXVH
RUGLQ GH OD FHQWUX Vă ILX OLFKLGDW IL]LF PLD VSXVR FKLDU ܈HIXO 6HFXULWă܊LL
YUkQFHQHGHDWXQFL܉DPEUHDSHFDUHODUHVWDVHPDWXQFL
0DL H[DFW DP IRVW HIHFWLY OXDW SH VXV SH GHFHPEULH GLQ
3LDĠD 8QLULL XQGH HUD Ä&DVD $OEă´ DGLFă VHGLXO &RPLWHWXOXL -XGHĠHDQ
9UDQFHD DO 3&5 XUFDW vQWUXQ EDOFRQ úLDQXQĠDW Fă GLQ DFHO PRPHQW VXQW
ÄSUHúHGLQWHORUGHMXGHĠ´vQXUDOHOHFHORUSUH]HQĠLFDUHDX]LVHUăGHPLQHGH
OD 5DGLR (XURSD /LEHUă H R WHYDWXUă vQWUHDJă QX PDL LQVLVW 3LDĠD 8QLULL
GLQ)RFúDQLHUDDUKLSOLQăGHÄUHYROXĠLRQDUL´HXDELDVRVLVHPDLFLvQIUXQWHD
&RQWDQU
FRORDQHORU IRUPDWH vQ VXGXO RUDúXOXL SH SODWIRUPD LQGXVWULDOă XQ DVSHFW
VSHFLDO SH DFHVW GUXP GLQ VXGXO )RFúDQLORU VSUH FHQWUX GH R SDUWH úL GH
DOWD HUDX vQúLUXLWH VHGLLOH XQLWăĠLORU PLOLWDUH YUkQFHQH úLDúWHSWDP Vă VH
GHVFKLGă IRFXO vQ RULFH FOLSă LQWHUHVDQW vQ GLPLQHDĠD GH GHFHPEULH
HX DP IRVW DQXQĠDW OD ORFXO GH PXQFă OD %LEOLRWHFD -XGHĠHDQă
9UDQFHD GH FăWUH XQ WkQăU FDUH VFULD SRH]LL /DXUHQĠLX %DUEX Fă SH
SODWIRUPD LQGXVWULDOă GLQ VXGXO RUDúXOXL SH &DOHD %XFXUHúWL OD ,6(+
)RFúDQL vQ WUDGXFHUH ÄvQWUHSULQGHUHD GH VFXOH úL HOHPHQWH KLGUDXOLFH´
DQJDMDĠLL DX LQWUDW vQ JUHYă PRWLY Vă PHUJ LPHGLDW DFROR FXQRVFkQGXLSH
PXOĠL GLQWUH HL IRúWL HOHYL DL PHL GLQ SHULRDGD vQ FDUH DP IRVW SHGDJRJ OD
/LFHXOÄOLFHXLQGXVWULDO´SDWURQDWGHDFHDVWăvQWUHSULQGHUHGHH[SRUWDP
JăVLW DFHDVWă vQWUHSULQGHUH RFXSDWă GH VHFXULúWLúL DP IRVW OD XQ SDV Vă ILX
DUHVWDWHUDPGXVODRGXEăFkQGVDDX]LWVWULJkQGXVHSHVWUDGăFăDIXJLW
&HDXúHVFX FX HOLFRSWHUXO HUD R QHEXQLH OăVDW vQ SDFH vQ SOLQă FRQIX]LH
DPPHUVFX/DXUHQĠLX%DUEXODVRFULLPHLFDUHORFXLDXvQ&DUWLHUXO6XGVă
YăG úL Vă DXG OD WHOHYL]RU FHHD FH DYHD Vă VH QXPHDVFă Ä5HYROXĠLD vQ
GLUHFW´ vQ GLUHFW DGLFă OD 7HOHYL]LXQHD 5RPkQă /LEHUă ÄFRPXQLFDWHOH
LPSRUWDQWH SHQWUX ĠDUă´ DOH OXL 0LUFHD 'LQHVFX GXSă FDUHPDPvQWRUVSH
SODWIRUPD LQGXVWULDOă XQGH GHMD VH DGXQDX VDODULDĠLL Vă SOHFH VSUH Ä&DVD
$OEă´
&XPDIRVW&UăFLXQXO"Ä5HYROXĠLRQDULL´GLQ)RFúDQLDXVSDUWSH
GHFHPEULH WRDWH JHDPXULOH &RQVLOLXOXL -XGHĠHDQ DO 3&5 9UDQFHD vQ
WLPSFHSULPDVHFUHWDUă3&51LFXOLQD0RUDUXIXJLVHvQPXQĠLL9UDQFHLLDU
ĠLJDQLLIXUDVHUăWRWFHVDSXWXWIXUDGLQÄ&DVD$OEă´GLQ)RFúDQLOăVDWăGH
L]EHOLúWH LQFOXVLY GH OD EXIHWXO LQWHULRU úL HX SXV FX IRUĠD ÄSUHúHGLQWH GH
MXGHĠ´DWUHEXLWVăVWDXGLQGHRUHvQDFHDVWăFOăGLUHGHYDVWDWăLDUQD
1DWXUDO VDX EăWXW vQ FXLH VFkQGXUL úL ÄSIO´ vQ IHUHVWUHOH VSDUWH GH
ÄUHYROXĠLRQDUL´ SkQă Vă VH SXQă JHDPXULOH OD ORF ILUHúWH PD DSXFDW ܈L
&UăFLXQXO WUHPXUkQG ILLQGFă YkQWXO UHFH WH WHURUL]D ODVă Fă HUD FXUHQW
'LQ GHFHPEULH D vQFHSXW QHJRFLHUHD PHPEULORU FRPLWHWXOXL GH
FRQGXFHUH UHYROXĠLRQDU DP XLWDW GHQXPLUHD RILFLDOă ILHFDUH PHPEUX HUD
DSUREDWVDXGH]DSUREDWGHUHYROXĠLRQDULLDGXQDĠLvQ3LDĠD8QLULL
$SRLDvQFHSXWVăVHWUDJăvQ)RFúDQLDUPDWDFDUHSUHOXDVHSUDFWLF
5RPkQLD LQYHQWD WHURULúWLúL OD )RFúDQL DúD HUD VFHQDULXO VFULV OD FHQWUX ±
GH FH DYHD QHYRLH 5HYROXĠLDGHDVHPHQHDVFHQDULXQXVHvQĠHOHJHQLFLD]L
$P PHUV SHUVRQDO vQ SXQFWHOH vQ FDUH VH WUăJHD vQ SURVWLH úL QX
GHVFRSHUHDP PRUĠL WRWXO HUD R LQYHQĠLH GH VSHULDW SRSXODĠLD WUHEXLD Vă
VWăP WRĠL FX IULFD vQ VkQ SUREDELO SkQă FH OD %XFXUHúWL VH DOHJHDX DSHOH
SROLWLFH FRQWURODWH GH OD 0RVFRYD Fă UHDFĠLRQHD]ă ÄRDPHQLL OXL
(SLF
&HDXúHVFX´ UăPDúL SH EDULFDGă (X DQXQĠDVHP RILFLDO Fă VXQW GLVSXV Vă
PRUÄFDODGDFăDúDPLHVFULV´QXDYHDPLGHHGHDOWăUHYROXĠLH
$UPDWD GLQ 9UDQFHD VWăWHD vQ SR]LĠLH GH GUHSĠLvQIDĠDPHDGDUH[HFXWDvQ
VHFUHW RUGLQHOH SULPLWH GH OD %XFXUHúWL FX PLQH QX YRUEHD QLPHQL GH OD
%XFXUHúWL GHúL DYHDP WHOHIRDQH GLUHFWH FX JXYHUQDQĠLL FHOHEUHOH 72
,PHGLDW FH DP SUHOXDW FRQGXFHUHD MXGHĠXOXL DP DUHVWDW FX R PkQă GH
UHYROXĠLRQDULWRĠLVHFXULúWLLúL DP WUDQVIHUDW DUPDPHQWXO 6HFXULWăĠLL YUkQFHQH
OD$UPDWăULVFkQGVăILXvPSXúFDW«
&HDPIăFXWGH&UăFLXQvQUHFXUVODvQWUHEDUHKDEDUQXPDL
DP vQ DIDUD IDSWXOXL Fă XUPăUHDP Vă DLEă SRSXODĠLD vQ MXGHĠ DSă SRWDELOă
DSă FDOGă úL FăOGXUă VDX PkQFDUH OD PDJD]LQH OLFKLGkQG GHSR]LWHOHVăVH
EXFXUHGHÄOLEHUWDWH´
ùWLĠLSHDWXQFLVHVSXQHDFăDSDHRWUăYLWăODURELQHWHVDXvQIkQWkQL
úL Fă WHURULúWLL YLQ OD )RFúDQL GLQ WRDWH GLUHFĠLLOHLQFOXVLYGLQDHUPRWLYVă
vPSXúWH $UPDWD PRUWDO GRL FLYLOL QHYLQRYDĠL (X PkQFDP FRYULJL
úLDĠLSHDPSHRFDQDSHDvQÄ&DVD$OEă´vQIULJFRRUGRQkQGQDLYÄWRWXO´
ÌPL DPLQWHVF GH IDSWXO Fă DP Yă]XW OD WHOHYL]RUODÄ&DVD$OEă´GLQ
)RFúDQLILOPXOHĠXOFXH[HFXĠLDVRĠLORU&HDXúHVFXVSXQkQGXPLFăúLPHULWă
VRDUWD Vă PRDUă FkLQHúWH KDODO RUWRGR[ ± GLQ DFHD ]L VD WUDV úL PDL DO
GUDFXOXL vQ )RFúDQL HUD XQ VFHQDULX VFHOHUDW DO VLPXOăULL DO FHORU FDUH
SUHOXDVHUăSXWHUHDvQIUXQWHFX,OLHVFXRDPHQLL.*%)6%FkúWLJkQGSkQă
OD XUPă EăWăOLD 6RĠLD HUD FRQYLQVă Fă YRL IL VDFULILFDW SH DOWDUXO
5HYROXĠLHLFDUHDUHQHYRLHGHVLPEROXUL
$UPDWD D LQWUDW OD PLQH DFDVă úL D VFRV WRDWH PLFURIRDQHOH
6HFXULWăĠLL L OHD DUăWDW VRĠLHL HUDX vQ PRELOă úL vQ WHOHIRDQH DYHDP GRXă
DSDUDWHSHDFHODúLQXPăU&XULRVVRĠLDVDWUH]LWWRWRGDWăFXXQVDFÄGHOD
0Rú &UăFLXQ´ SOLQ GH PH]HOXUL úL SURGXVH GH FDUQH QHPDLYă]XWH DGXV GH
$UPDWăGHODFLQH܈WLHFH&DQWLQăVHFUHWăD3DUWLGXOXLOD´&DVD$OEă´XQGH
HUDP HX GH &UăFLXQ QX H[LVWD D܈D FHYD HUDP SH IURQW PLOLWDULL PkQFDX ܈L
HLSHIXJăDOăWXULGHPLQH±QDWXUDO'RLQDDvPSăUĠLWODUXGHEXQăWăĠLOH«
&H VHPQLILFDĠLH DUH &UăFLXQXO 5HYROXĠLHL vQ FDOHQGDUXO SHUVRQDO"
&UăFLXQXOGLQUăPkQHSHQWUXURPkQLRSRYHVWHvQVkQJHUDWăLDUSHQWUX
PLQH ± XQ HYHQLPHQW IăUă VHQV FDUH D vQFHUFDW GHJHDED VăPL GHWXUQH]H
GHVWLQXO GH ]LOH PDL WkU]LX SH PDUWLH GXSă FH &)61 VD
WUDQVIRUPDW vQ SDUWLG DP SăUăVLW IXQFĠLDUHYROXĠLRQDUă SUHúHGLQĠLDMXGHĠXOXL
9UDQFHD úL DP SUHGDW WRDWH OHJLWLPDĠLLOH RILFLDOH LQFOXVLY SH DFHHD GH
PHPEUX DO 3DUODPHQWXOXL 3URYL]RULX UHIX]kQG Vă SDUWLFLS úL OD SULPHOH
DOHJHULOLEHUHSHORFXOvQWkLSHOLVWHOHGLQSDUWHD)61SXVDXWRPDW
9ă UHDPLQWHVF HX QDP IRVW QLFLRGDWă PHPEUX GH SDUWLG PDP
vQWRUVDWXQFLvQOXPHDOLWHUDUăDOHVvQOLSVăOD%XFXUHúWLUHGDFWRUúHIDOXQXL
&RQWDQU
QRX VăSWăPkQDO DO 865 GHGLFDW RSW]HFLúWLORUDOFHORUGHEXWD܊LHGLWRULDOvQ
DQLLDLVHFROXOXLWUHFXW&RQWUDSXQFW«
ÌPL SDUH UăX Fă QX DP XQ MXUQDODO]LOHORU5HYROX܊LHLOD)RF܈DQLVă
WUDQVIRUPvQ]LOHGHQHXLWDWWRWXOÌQGHFHPEULHPLHUFXULXOWLPD]L
vQFDUHDPVFULVvQMXUQDOVFULDPvQMXUQDOXOPHXWUDQVFULXFkWHYDUkQGXUL
ÄOD YLUJXOă´ Ä/DRUDOD%LEOLRWHFD-XGHаHDQăQHUYRVGLQFDOHDIDUă
XUOXFXLYUHDVăPăDVFXOWHFă1LFRODH&HDXЮHVFXHXQÄFULPLQDOGHSDFH´
ЮLFăWUHEXLHVăILHGHXUJHQаăvQOăWXUDWSkQăQXYDRPRUvPLLGHRDPHQL
SDЮQLFLFDUHЮLFHUGUHSWXULHOHPHQWDUHVXQWWUDVGHPkQHFăGHWRаLQXPă
PDLSRWDEаLQHQXPDLЮWLXFHVăPăIDF$]LGHILQLWLYH]SURWHVWXOPHXSULQ
FDUH FHU SXEOLF GHPLVLD 'LFWDWRUXOXL 1HEXQ ЮL FHU MXGHFDUHD OXL IăUă
DSHO´ 1X YHQLVH 5HYROX܊LD FHD PDUH 5HYROX܊LD vQFHSXVH OD ,D܈L vQ
GHFHPEULH vQăEX܈LWă FXPYD WDFLW ܈L OD 7LPL܈RDUD vQ GHFHPEULH
VROGDWă FX ]HFL GH SURWHVWDWDUL vPSX܈FD܊L LH܈L܊L vQ VWUDGă QXPL SXWHDP
QLFL PăFDU LPDJLQD Fă YRP VFăSD GH Ä&HDX܈HVFX ܈L DL OXL´ ܈L FX DWkW PDL
SX܊LQ QXPL SXWHDP LPDJLQD Fă YD GLVSăUHD ÄFRPXQLVPXO´ R GDWă FX
8QLXQHD 6RYLHWLFă FRPXQLVP GH FDUH DSRVWROLL VRYLHWLFL SUHJăWL܊L Vă
UHIRUPH]H FRPXQLVPXO FX JODVQRVW ܈L SHUVWURLND JRUEDFLRYLVWH VXV܊LQHDX
FăYDGXUDRPLHGHDQL
(SLF
'HEXW
ÌQ&L܈PLJLXSORXă
FXOăPkL
IUDJPHQWHGHURPDQGH1LFRODH&RWUXĠ
0RWWR
Ä1XSXQHĠLQLFLRGDWăPkQDSHSRHW´
1LFKLWD6WăQHVFX
818
/XPLQDIHOLQDUHORUVHRJOLQGHDvQ]ăSDGDFHDFRSHUHDWURWXDUHOH&LXGDW܈L
FHUXO HUD OXPLQDW GH SDUFă VRDUHOH DU IL UăPDV GH YHJKH XQGHYD vQ
DSURSLHUHD /XQLL1RDSWHD GH LDUQă vQVă UXSHD OXPHD vQ GRXă 'RXă
HQFODYHVHSDUDWHGRDUGHRVLPSOăIHUHDVWUă
/DPDQVDUGDXQHLFDVHFXFDSXOSHXQELURXGHFXORDUHvQFKLVăGHVFKLGHD
RFKLL WUH]LW GH YkQWXO FDUH vQFHSHD Vă EDWăPL܈FkQG vQWUXQ PRG VWUDQLX
FUHQJLOHFRSDFLORU GLQ ID܊D FDVHL GRPQXO 0LUFHD $QGUHL 5ăGXOHVFX Ì܈L
vQGUHSWă VSDWHOH܈L SULYL XLPLW VSUH IHUHDVWUă Ä$P DGRUPLW FX FDSXO SH
ELURX"܇LFkW"(UDIHHULFDIDUăFHHFXYkQWXOăVWD"´6HXLWăLQYROXQWDUVSUH
XQXO GLQ VHUWDUHOH GH OkQJă HO (UD vQWUHGHVFKLV 'XSă FH vO vQFKLVH YUX Vă
VHULGLFHGDUVHGH]HFKLOLEUă܈LVHSUăEX܈LvQVFDXQXOOXLGLQSLHOHURDVă6H
XLWă PLUDW vQ MXU GH SDUFă PRWLYXO QHSXWLQ܊HL VDOH HUD XQGHYD vQ
FDPHUăÄ1X Pă PDL ܊LQ SLFLRDUHOH" 'H FkW WLPS GRUP D܈D"´ 0DL vQFHUFă
RGDWăVăVHULGLFHGHGDWDDVWDFXVXFFHV2EVHUYăFkWGHJUHXv܈LSXWHD܊LQH
HFKLOLEUXO Ä'LQ FkWH vPL DGXF DPLQWH D]L DP EăXW GRDU R FDIHD QX ܈L
DOWFHYD´=ăERYL SX܊LQ SHQWUX D܈L UHYHQL ܈L SRUQL VSUH EXFăWăULH Ä3RDWH Fă
&RQWDQU
vQFă R FDIHD R Vă Pă WUH]HDVFă´ 0HUVXO OD EXFăWăULH L VH SăUX R PLFă
DYHQWXUăÄ%XQ2VăPLIDFRFDIHDGDUGDFăGDXIRFODFHYD"´7UDVHWRWX܈L
XQ VFDXQ OkQJă GXOăSLRDUHOH XQGH ܊LQHD LQJUHGLHQWHOH$SRL VH DSXFă Vă
FDXWH FDIHDXD 'XSă FH VFRWRFL SULQWRDWHXQJKHUHOHJăVLFXWLDGHFXORDUH
YHUGH SH FDUH VFULD QXPHOH FDIHOHL Ä)ORUHVFX´ 3XVH LEULFXO FX DSă SH
DUDJD] 3DUFă DSD vQWkU]LD Vă GHD vQ FORFRW Ä6ă IL DGRUPLW SH ELURX" $܈D
EUXVF"܇LGHFHQXSRWVăPLPHQ܊LQHFKLOLEUXO"´VHJkQGLHOWXUQkQGFDIHD
vQ FHD܈FD OXL GLQWUXQ YHFKL VHUYLFLX QHP܊HVF Ä&XP HUD SRH]LD DLD FX
PRDUWHD ܈L FDIHDXD"´ $SRL EUXVF ]kPEHWXO vL SLHUL3XVH FHD܈FDSH PDVă
3ULYLUHDLVHSLHUGXvQJROÄ$VWDQXVHSRDWHQXPLPDLDPLQWHVFYHUVXULOH
SRH]LHL"´ 6LP܊L XQ LPSXOV ܈L IăUă Vă܈L GHD VHDPD HUD vQ SLFLRDUH
2EVHUYă Fă SXWHD Vă VH PHQ܊LQă IăUă VSULMLQ XLWă GH FDIHD ܈L VH vQWRDUVH vQ
ELURXOOXLVăFDXWHFDUWHDGHSRH]LLXQGHv܈LSXVHVHXQVHPQ$MXQVvQID܊D
ELEOLRWHFLL RUGRQDWH DOIDEHWLF OD OLWHUD Ä9´ JăVL FDUWHD ܈L R GHVFKLVH DFROR
XQGH HUD PDUFDWă &LWL UHSHGH SRH]LD ܈L VLP܊L XQ ILRU UHFH Ä,PSRVLELO D܈D
FHYDSRH]LDDVWDR܈WLXGH]HFLGHDQL´6HJkQGLFăSRDWHQXHvQDSHOHOXL
DSRLv܈LUHDPLQWLFăPDLDYHDGHVFULVODRFDUWHFHXUPDVăILHODQVDWăSHVWH
GRXă OXQL vQ IHEUXDULH 6H D܈H]ă OD ELURX ܈L v܈L vQFHSX ULWXDOXO GH VFULLWRU
FRQVDFUDWSXVHKkUWLDSHVXSRUW܈LYHULILFăGDFăVWLORXODUHFHUQHDOă(UDXQ
VWLORX QHJUX FX SHQL܊ă GLQ DXU SULPLW FDGRX GH OD XQ SULHWHQ DVWă]L
DPEDVDGRU vQ %HOJLD ܇L FkQG YUX Vă VH DSXFH GH VFULV VH RSUL SUHFXP R
PD܈LQă GH FXVXW UăPDVă IăUă FXUHQW Ä'HVSUH FH WUHEXLD Vă VFULX"´ VH
vQWUHEă HO FX R VSDLPă FH VDU IL SXWXW FLWL X܈RU SH FKLSXO OXL 6H WUH]L GLQ
WUDQVăFkQGWHOHIRQXOvQFHSXVăVXQHÄ&LQHPăFDXWăvQWRLXOQRS܊LL"´
$OR"
0LUFHDSULHWHQHVDOXWHUDPVLJXUFăOXFUH]LQRDSWHDGHDFHHDPLDP܈L
SHUPLVVăWHVXQ]LVHYLRLSHUVRDQDGHODFHOăODOWFDSăWDOWHOHIRQXOXL
6WD܊LSX܊LQQX܈WLXFXFLQHDPSOăFHUHD
6XQW9ODG3RSHVFXGHODHGLWXUă
0LUFHDIăFXRFKLLPDUL܈LIXODXQSDVVăVHSUăEX܈HDVFăGLQQRXSHELURX
9ODGLDUWăPăQXPăVLPWELQH܇LVHIHULVăGHDPDLPXOWHGHWDOLL
7HDP VXQDW Vă WH vQWUHE vQ FH VWDGLX H܈WL FX FDUWHD ܈WLL Fă SHVWH WUHL
VăSWăPkQL WUHEXLH Vă R ODQVăP 'DFă SR܊L Vă QH SUHGDL PDQXVFULVXOvQ FHO
PXOWRVăSWăPkQăDUILSHUIHFWFDVăQXQHvQHFăPvQRFHDQXOHGLWRULDO܈L
VăUHX܈LPVăRSXEOLFăPOD7kUJ
6WDL FDUH WUHL VăSWăPkQL" 7kUJXO HVWH vQ IHEUXDULH 1RL VXQWHP vQ
GHFHPEULH
0LUFHDWHDPWUH]LWFXPYDH܈WLELQHYUHLVăWULPLWRDPEXODQ܊ă"
(SLF
1X DL JKLFLW PDL WUH]LW GLQ VRPQ +DL Vă YRUELP PkLQH ܇L vQFKLVH
WHOHIRQXOvQDLQWHVăDXGăUăVSXQVXO
6HULGLFă܈LUăPDVHEORFDWFXSULYLUHDODIHUHDVWUDSULQFDUHVHYHGHDXDFXP
IXOJLL FH FăGHDX X܈RU SH WURWXDU Ä&HYD QX H vQ UHJXOă GRDU DFXP FkWHYD
PLQXWH EăWHD YkQWXO ÌPL DPLQWH܈WH GH FHYDIHUHDVWUDDVWD'RDUFăQX܈WLX
GHFHDQXPH(FODUDPOXDWRUD]QD´6HvQGUHSWăVSUHSDW܈LVHFXOFă
&kQGVHWUH]LIHUHDVWUDvLDWUDVHGLQQRXDWHQ܊LD6HKRWăUvVăLJQRUH]LXDFH
WRFPDLWUHFXVHSULYLGLQQRXVSUHIHUHDVWUăDSRLLH܈LvQKRO܈LWUHFkQGSULQ
ID܊D X܈LL GH OD LQWUDUH VH XLWă OXQJODHDÄ+DLFăQXDUHFHVăVWULFH´܇LVH
SUHJăWL GH SOHFDUH ,H܈L GLQ FDVă ܈L GXSă ]HFH PLQXWH GH FRQYRUELUL FX XQ
WD[LPHWULVW FDUH vL H[SOLFă SH ODUJ VLWXD܊LD SROLWLFă D ܊ăULL 0LUFHD DMXQVH OD
FDVDXQXLDPLFGHDLOXL9HQLVHIăUăVăLGHDGHYHVWH܈WLLQGFăDPLFXOVăX
JăVH܈WH LQWHUHVDQWH ܈L SOăFXWH YL]LWHOH QHD܈WHSWDWH &LWLQG WăEOL܊D FX QXPHOH
GH SH X܈D PHWDOLFă VH vQWUHEă Ä&H R IL vQ PLQWHD RPXOXL ăVWXLD"´ ÌQWLQVH
PkQDFXLQWHQ܊LDGHDEDWHGDUX܈DVHGHVFKLVHvQDLQWHFDHOVăRDWLQJă܈LIX
FkWSHFHVăLEDJHGHJHWHOHvQRFKLSULHWHQXOXLVăX
0LUFHD HX DP vQ܊HOHV Fă QXPL DSUHFLH]L FUHD܊LD GDU QX WUHEXLH VăPL
VFR܊LRFKLLGLQFDX]DDVWD]LVHSHXQWRQUHWRULFSHUVRDQDGLQID܊DOXL
'DFă܊LD܈VFRDWHRFKLLQX܊LD܈PDLSXWHDDUăWDFHJURD]QLFHVXQWSRH]LLOH
WDOH6DOXWEăWUkQH7RFPDLYHQHDPODWLQHGDUYăGFăH܈WLRFXSDW
&KLDUGHORFELQHFăDLYHQLW0HUJHDPVăLDXFDIHDGDUGDFăWRWDLYHQLW
LDX܈LRVWLFOăGHFHYD+DLFXPLQHSkQăDLFLvQFRO]܊LVHSULHWHQXODUăWkQG
FX PkQD VSUH PDJD]LQXO GLQ FRO܊XO VWUă]LL ,D VSXQHPL WX PLH FH YkQW WH
DGXFHSHFDSXOPHX"
9kQWXOGHDIDUăEăWUkQH6LP܊HDPQHYRLDVăYRUEHVFFXFLQHYDUăVSXQVH
0LUFHDSHXQWRQX܈RUDQHPLDW
&DUHYkQW"1LQJHOLQL܈WLW0LUFHD
,QWUDUă DPkQGRL vQWUXQ PDJD]LQ REL܈QXLW ܈L FXPSăUDUă FkWH FHYD FDUH Vă
vQWUH܊LQăGLVFX܊LD$MXQ܈LvQDSRLvQFDVDSULHWHQXOXLVăX0LUFHDVHD܈H]ăSH
XQIRWROLXFXRSULYLUHOLSVLWăGHYLD܊ă
3DULRERVLW,DVSXQHFHVDvQWkPSODWD܈DGHJUDY"vQWUHEăJD]GDWXUQkQG
vQSDKDUH
0LUFHDVHJkQGLFXPVăvQFHDSă
9H]L WX URVWL HO FX JUHX LHUL PDP WUH]LW FX FDSXO SH ELURX 3ULPD GDWă
FUHGHDPFăDPDGRUPLWGDUPLDPGDWVHDPDFăPăvQ܈HODVHPDWXQFLFkQG
DPYă]XWFăDELDPăPL܈FDP'HODPLQHGLQELURX܈LSkQăvQEXFăWăULHDP
PHUV VSULMLQGXPă GH SHUH܊L 'XSă FH PLDP IăFXW FDIHDXDPLDPDPLQWLW
GLQSRH]LDPHDSUHIHUDWăGRDUWLWOXO)DSWFDUHPDVSHULDWGHPRDUWH܇WLX
SRH]LD DLD GH DQL DVHDUă QX PLR PDL DPLQWHDP 'XSă FH PDP GXV vQ
ELEOLRWHFă ܈L DP FLWLWR DP SULPLW ORYLWXUDILQDOă0DXVXQDWGHODHGLWXUă
&RQWDQU
܈LPDXvQWUHEDWGHFDUWHDFDUHWUHEXLDODQVDWăOD7kUJXO1D܊LRQDOGH&DUWH
vQIHEUXDULHLDUHXWUăLDPFXLPSUHVLDFăVXQWHPvQGHFHPEULH
0LUFHDFUHGFăH܈WLSUHDEăWUkQSHQWUXDVWD«
3HQWUXXQDWDFYDVFXODU"'LPSRWULYă
$WDF YDVFXODU" 1X HX YRLDP Vă VSXQ Fă H܈WL SUHD EăWUkQ FD Vă WH
vQGUăJRVWH܈WL
$FXPYRUEH܈WHOLFHDQXOGLQWLQHFDUHVDvQGUăJRVWLWGHFROHJDGHODFODVD
D;D"
%LQHDLIăFXWDWDFYDVFXODUGDFăWXFUH]LDVWD
$FXPSUREOHPDHVWHFă7kUJXOEDWHODX܈ă܈LHXQXDPQLFLRFDUWH
*D]GDvOSULYHDvQDFHOD܈LPRGvQFDUHSULYHDHORULFH܇LFkQGGRUPHDDYHD
DFHHD܈L H[SUHVLH D IH܊HL ÌO SULYHD vQFUXQWDW (UD FXQRVFXW SHQWUX
WHPSHUDPHQWXOOXLFROHULF(UDDURJDQW܈LFKLDUFLQLFvQXQHOHPRPHQWH
6HFXQRD܈WHDXGHDQLEXQL&kQGYDFKLDUDILUPDVHFăVXQWRDPHQLFDUHQX
DSXFă YkUVWD SULHWHQLHL OXL FX 0LUFHD ÌQ FHHD FH SULYH܈WH FRPSRUWDPHQWXO
VăX WRW OXL 0LUFHD vL VSXVHVH FX FkWYD WLPS vQ XUPă Fă ILLQG SUH܈HGLQWHOH
$FDGHPLHL 5RPkQH FDUH VSXQHD HOHVWHRLQVWLWX܊LHPDLLPSRUWDQWăGHFkW
DUPDWD WUHEXLH Vă VH LPSXQă Ä&XOWXUD QX HVWH RS܊LRQDOă &XOWXUD QX VH
SURSXQH HD VH LPSXQH´ 0LUFHD FRQVLGHUD Fă DILUPD܊LLOH SUHLWHQXOXL DX R
vQFOLQD܊LHH[WUHPLVWăGDUDOWXOPDLEXQFDHOQXJăVHD
܇LQXDLVXQDWODXQGRFWRU"vQWUHEăJD]GD
(XDPGHSUHGDWRFDUWH܈LWXFUH]LFăDPWLPSGHFLQHYDvQKDODWDOEFDUH
VăVHXLWHODPLQH"
܇LQXDLVFULVQLPLF"
1X VLQFHU QLFL QX PDL ܈WLX GHVSUH FH WUHEXLD Vă VFULX 'DU H FLXGDW GH
FkWHRULSULYHVFVSUHRIHUHDVWUăvPLDPLQWHVFGHFHYDGDUQX܈WLXFH7RWXO
HVWHDWkWGHYDJ
Ì܊LDPLQWH܈WLGDUQX܈WLLFH1XFUH]LFăOLSVH܈WHORJLFD"
1LFLHXQXvQ܊HOHJFUHGHPă
7UHEXLH Vă DMXQJL OD XQ GRFWRU DVWD H FODU VSXVH UăVSLFDW ܈HIXO
$FDGHPLHL
6XEQLFLRIRUPă
*D]GDvOSULYLvQFUXQWDWVHJkQGLSX܊LQDSRLID܊DLVHOXPLQă
܇WLL DP XLWDW FXWLD GH ERPERDQH vQ EXFăWăULH H܈WL DPDELO Vă R DGXFL WH
URJ"]LVH]kPELQGIDSWFDUHQXvLVWăWHDvQILUH
0LUFHDVHFRQIRUPăGDULPHGLDWFHLH܈LGLQFDPHUăJD]GDDSXFăWHOHIRQXO
܈LIRUPăXQQXPăUVFXUW
$ORVHUYLFLXOGHDPEXODQ܊ă"
(SLF
'2,
ÌQ ELURXO OXL RSHUDWRUXO VHUYLFLXOXL GH XUJHQ܊H VWăWHD FD SH DFH 7RFPDL
SUHOXDVH FHO PDL GLILFLO DSHO GLQ FDULHUă 'H FkWH RUL SULYHD VSUH IRDLD FX
GDWHOHDSHODQWXOXLVHvQVSăLPkQWD܈LPDLWDUH
1XPH&RUQHOLX3ăXQHVFX
$GUHVăVWUDGD1LFRODH/DEL܈
7RDWă ܊DUD ܈WLD GH WHPSHUDPHQWXO SUH܈HGLQWHOXL $FDGHPLHL 5RPkQH ܇L
FkQGDFHVWDLDFHUXWFDvQPLQXWHVăDLEăRDPEXODQ܊ăODX܈ăRSHUDWRUXO
VDH[HFXWDWIăUăvQWUHEăUL
,PHGLDW GXSă FH vQFKLVH WHOHIRQXO 0LUFHD LQWUă vQ FDPHUă FX R FXWLH GH
ERPERDQH
&XFLQHDLYRUELW"
&X0LKDL
&DUH0LKDL"vQWUHEă0LUFHDFDUHIăFXGHRGDWăRFKLLPDULDX]LQGVLUHQHOH
vQID܊DFDVHL$LFKHPDWDPEXODQ܊D"
'DGHFHH܈WLD܈DVSHULDW"&XRFD]LDDVWDRVă܊LvQYLQJLIRELDGHGRFWRUL
0LUFHDYUXVăUăVSXQGăGDUIXLQWUHUXSWGHXQFLRFăQLWvQX܈ă
3RIWL܊LHGHVFKLVVXQWHPvQVXIUDJHULHURVWLFDOPJD]GD
ÌQ vQFăSHUH v܈L IăFXUă DSDUL܊LD GRL GRPQL FăURUD OL VH FLWHD HPR܊LD SH ID܊ă
8QXO GLQWUH HL DELD UHX܈L Vă URVWHDVFă XQ Ä%XQă ]LXD´ SULYLQGXO SH
&RUQHOLX 3ăXQHVFX 3DUFă vL UăVXQDX vQ PLQWH YRUEHOH FX FDUH DFHVWD vO
vQIUXQWDVH SH SUH܈HGLQWHOH &DPHUHL 'HSXWD܊LORU Ä1X VWDXGHYRUEăFXKR܊L
FDWLQH´
'kQVXOHVWHSDFLHQWXOURVWL3ăXQHVFXDUăWkQGVSUHDPLFXOVăX
&HL GRL v܈L vQWRDUVHUă SULYLULOH FăWUH 0LUFHD SH FDUH QLFL QXO REVHUYDVHUă
&HO FDUH L VH DGUHVDVH PDL GHYUHPH DSHODQWXOXL vQFHUFD DFXP Vă LQWUH vQ
GLDORJFXSDFLHQWXO
9ă URJ Vă OXD܊L ORF 1HD IRVW FRPXQLFDW IDSWXO Fă D܊L VXIHULW XQ DWDF
YDVFXODU 'DFă SXWH܊L Vă QH VSXQH܊L GH FH FRQVLGHUD܊L DFHVW OXFUX" vQWUHEă
PHGLFXOLQWUkQGvQULWXDOXOVăX
ÌQDLQWHGHDVSXQHFHYD0LUFHDSULYLSLHUGXWvQVXVVLP܊LFăvOODVăSXWHULOH
܈L EkLJXL XQ Ä2 'RDPQH´ DSRL vQFHSX Vă SRYHVWHDVFă DFHOD܈L OXFUX SH
FDUHLOVSXVHVH܈LDPLFXOXLVăX2EVHUYăFăFHOGHDOGRLOHDGRPQFDUHQX
VFRVHVHQLFLXQFXYkQWvOVWXGLD3ăXQHVFXJkQGLÄ'HFLHOHGRFWRUXO´
&kQG 0LUFHD DMXQVH OD SDUWHD FX VHQWLPHQWXO GH GpMjYX SH FDUH vO DUH GH
ILHFDUHGDWăFkQGSULYH܈WHRIHUHDVWUăGRFWRUXOvOvQWUHUXSVH
'RPQXOH 5ăGXOHVFX VXQW XQ IDQ DO FăU܊LORU GXPQHDYRDVWUă'LQFkWHDP
vQ܊HOHVD܊LIRVW܈LVSRUWLYDPGUHSWDWH"
&RQWDQU
0LUFHDFOăWLQăGLQFDSDSUREDWRU
$WXQFL KDLGH܊L Vă IDFHP XQ H[HUFL܊LX /XD܊LPL PkLQLOH ܈L VWUkQJH܊LOHFkW
GHWDUHSXWH܊L
/D DX]XO SURYRFăULL 0LUFHD vO SULYL PLUDW ± GRFWRUXO HUD XQ WLS VFXQG ܈L
ILUDY ± GDU DFFHSWă WRWX܈L ÌL DSXFă PkLQLOH ܈L OH VWUkQVH D܈WHSWkQGXVH FD
GRFWRUXO Vă OH UHWUDJă LPHGLDW GH GXUHUH GDU REVHUYă Fă HO QX DUH QLFLR
UHDF܊LH
'RDUDWkWSXWH܊L"
0LUFHDVHDPEL܊LRQăGDUvQ]DGDU'RFWRUXOGăGXUH]XOWDWXO
'DFHOPDLSUREDELODIRVWXQDWDFYDVFXODU$VWDH[SOLFăIDSWXOFăQXYă
SXWHD܊L ܊LQH SH SLFLRDUH ܈L Fă QX DYH܊L IRU܊ă vQ PkLQL ,DU vQ OHJăWXUă FX
IHUHDVWUDFHOPDLSUREDELOSULYLQGRD܊LVXIHULWDWDFXOYDVFXODUÌQFHHDFH
SULYH܈WH X܈RUXO HSLVRG GH DPQH]LH HVWH SRVLELO Vă ILH GLQ SăFDWH XQ
vQFHSXWGH$O]KHLPHU
/D DX]XO XOWLPXOXL FXYkQW 3ăXQHVFX vPSXQVH GRFWRUXO FX SULYLUHD GDU VH
vQWRDUVHVSUH0LUFHDFDUHVHULGLFăLQWHPSHVWLYGHSHIRWROLX
1X VH SRDWH YRUEH܈WL SURVWLL FXP Vă IDF $O]KHLPHU" $܈D D DMXQV ܈FRDOD
QRDVWUăGHPHGLFLQă"
'RPQXOH FDOPD܊LYă 9RP PHUJH OD VSLWDO ܈L YRP IDFH PDL PXOWH
FHUFHWăULDFROR
1X PHUJHP OD QLFLXQ VSLWDO QX YUHDX Vă DP GHD IDFH FX DO܊LL FD WLQH
0LUFHD YUX Vă PDL VSXQă FHYD GDU VH RSUL EUXVF FkQG VLP܊L PkQD OXL
3ăXQHVFXSHXPăUXOVăX
0LUFHDPHUJHPODVSLWDO
75(,
&RUQHOLX 3ăXQHVFX v܈L DEDQGRQă SULHWHQXO ܈L SRUQL JORQ ܊FăWUH ELURXO
GLUHFWRUXOXL XUPkQG LQGLFD܊LLOH GH SH SHUH܊L ,QWUă vQ KROXO XQGH VH DIOD
FDELQHWXO GDU SkQă Vă DMXQJă vQ ID܊D X܈LL IX vQWkPSLQDW GH XQ EăUEDW vQ
XQLIRUPă
ÌQFRWUR"vQWUHEăSD]QLFXO
/DGLUHFWRU
'LUHFWRUXO QX HVWH DVWă]L OD ELURX ]LVH SD]QLFXO ܈L vQWLQVH PkQD VăL
EORFKH]H WUHFHUHD 'DU GLQ VSDWHOH OXL FD GLQ JXUă GH ܈DUSH XUOă FLQHYD
Ä1X SXQH PkQD SH HO´ 3D]QLFXO IăFX RFKLL PDUL UHFXQRVFkQG YRFHD 6H
vQWRDUVH VSHUkQG Fă VH vQ܈HODVH 'DU DYXVHVH GUHSWDWH FHO FDUH ܊LSDVH HUD
FKLDUGLUHFWRUXO
'XWH OD LQWUDUH DX YHQLW SDWUX DPEXODQ܊H KDL SOHDFă H[FODPă
GLUHFWRUXO ([FHOHQ܊ă LHUWD܊LO /DP UXJDW Vă VSXQă FHORU FDUH YLQ vQ
DXGLHQ܊HFăQXVXQWD]LVSXVH܈HIXO6SLWDOXOXL&HQWUDO
(SLF
3ăXQHVFXQLFLQXOSULYLGRDUvLIăFXVHPQVăLQWUHvQELURX
ÌQWUH WLPS vQ VDORQ0LUFHD FRQWHPSOD WDYDQXO )XVHVH UHSHGH SUHOXDW
LPHGLDW FH GRFWRUXO GH OD FDPHUD GH JDUGă SULPLVH RUGLQXO GH OD GLUHFWRU
(UDDWkWGHDEăWXWvQFkWSDUFă܈LPLQWHDLVHDQHPLDVH6HJkQGLODFDUWHDSH
FDUH DU IL WUHEXLW Vă R VFULH SULYL LDU VSUH IHUHDVWUă Ä)HUHVWUHOH DVWHD GHMD
GHYLQ RERVLWRDUH´ ÌQFHSX Vă VH XLWH vQ MXU DSRL Yă]X FXP XQ FROHJ GH
VXIHULQ܊ă SXVH R VWLFOă FX DSă vQ VHUWDUXO GH OkQJă SDW 6LP܊L GHRGDWă R
GXUHUHvQMXUXOLQLPLL3ULYLQGVSUHX܈ă܊LSă
2DVLVWHQWăUHSHGH
([FHOHQ܊ă Yă DVLJXU Fă SULHWHQXO GXPQHDYRDVWUă YD IL vQJULMLW Pă YRL
RFXSDSHUVRQDO
'RFWRUH GDFă QX Pă vQ܈HO DL IRVW SURSXV PHPEUX FRUHVSRQGHQW DO
$FDGHPLHL QXL D܈D" vQWUHEă 3ăXQHVFX DIL܈kQGX܈L PDVFD GH GLDYRO SH
FDUHRSXUWDGHILHFDUHGDWăFkQGGRUHDVăRE܊LQăFHYD
'RFWRUXODSUREăGLQFDS
3HUIHFWGDFă0LUFHD$QGUHL5ăGXOHVFXSă܊H܈WHFHYDQXQXPDLFăQXRVă
LQWUL vQ $FDGHPLH GDU R Vă FRQYRF R ܈HGLQ܊ă LQIRUPDOă FX WRDWH FDGUHOH
PHGLFDOH PHPEUH ܈L Pă YRL DVLJXUD Fă R Vă DMXQJL PHGLF FRPXQDO vQWUXQ
VDWGLQYkUIGHPXQWHFODU",H܈LDSRLGLQELURXIăUăVăD܈WHSWHXQUăVSXQV
5ăPDV vQ SLFLRDUH ܈L FX RFKLL D܊LQWL܊L OD X܈D FDUH WRFPDL VH WUkQWLVH
GLUHFWRUXO 6SLWDOXOXL &HQWUDO VH WUH]L ID܊ăQ ID܊ă FX PHGLFXO FDUH VH RFXSD
GHGHSDUWDPHQWXOGHQHXURORJLH܈LFDUHLQWUăFXXQGRVDUvQPkQă
'RPQXOH SURIHVRUWUHEXLHVăYHGH܊LXUJHQWDVWD(VWHGRVDUXOPHGLFDODO
SDFLHQWXOXL5ăGXOHVFX$QGUHL0LUFHDGLQDUKLYDQRDVWUă
%LQHRVăOYăG2FXSăWHWX(XSOHFGXSăQHEXQXOăOD'DUQXDSXFăVă
IDFăGRLSD܈LFăPHGLFXOVHSXVHvQID܊DOXL܈LLvPSLQVHGRVDUXO
5ăGXOHVFX DYHD SUREOHPH JUDYH FX LQLPD H[FODPă GRFWRUXO 'LUHFWRUXO
IăFX VWkQJDPSUHMXU PDL FHYD FD XQ VROGDW GH OD *DUGD GH2QRDUH܈LSXVH
PkQDSHWHOHIRQ
7R܊LPHGLFLLVSHFLDOL܈WLSHFDUGLRORJLH܈LQHXURORJLHODVDORQXODFXP
$OHUWDWă R DVLVWHQWă v܈L IăFX DSDUL܊LD vQVDORQ/DYHGHUHDHL0LUFHDVSXVH
GRDURSURSR]L܊LH
'XWHGXSăvQVR܊LWRUXOPHXQHDSăUDW
&RQWDQU
6WD܊L OLQL܈WLW 7RWXO HVWH ELQH vQVR܊LWRUXO GXPQHDYRDVWUă HVWH OD GRPQXO
GLUHFWRU VSXVH DVLVWHQWD 'DU VH IăFX LPHGLDW SDOLGă Yă]kQG OLQLD DSURDSH
GUHDSWăDIL܈DWăGHPRQLWRU
'RFWRUHXUOăHDLH܈LQGGLQVDORQ8QGRFWRUUHSHGH
&RUQHOLX3ăXQHVFXFRERUDVFăULOHJUăELWGDUREVHUYăFăQXROXDVHSHXQGH
WUHEXLH ܈L VH UăWăFL SH FXORDUHOH VSLWDOXOXL 3ULYL VSHULDW vQ VWkQJD ܈L vQ
GUHDSWD 1RURF FX XQ EUDQFDUGLHU FDUH WRFPDL DWXQFL WUHFHD FX WDYD GH
PHGLFDPHQWH
6DORQXO QHXURORJLH XQGH H" %UDQFDUGLHUXO vLGăGXLQGLFD܊LLOHQHFHVDUH
܈L SRUQLJUăELW &kQG Vă LQWUH vQ VHF܊LD GH QHXURORJLH XQGH HUD LQWHUQDW
SULHWHQXOVăXIXRSULWGHLQILUPLHULLFDUHvPSLQJHDXWăUJLOHFXQRLLSDFLHQ܊L
ÌQ]DGDUvQFHUFăVăVHVWUHFRDUHLQWUDUHDHUDSUHDvQJXVWăFDVăvQFDSă܈LHO
SH OkQJă WăUJL $܈WHSWă GHVWXO )RU܊ă LQWUDUHD vPSLQJkQG R WDUJăFXWRWFX
EUDQFDUGLHU ܈L vQFHSX GLQ QRX Vă IXJă SH FRULGRDUH $MXQV OD
VDORQXOSULHWHQXOXLVăXv܈LIăFXORFGHGDWDDVWDIăUăVăvPSLQJăSHQLPHQL
GH WHDPă Vă QXL GHUDQMH]H SH FHL FDUH vL vQJULMHDX SULHWHQXO 'DU FkQG
LQWUă VLP܊L Fă QX PDL DUH DHU5ăPDVH VWDQă Yă]kQG FXP PHGLFLL vQFHUFDX
VăO UHVXVFLWH]H 7R܊L FHL FDUH URLDX vQ MXUXO SDFLHQWXOXL VH RSULUă EUXVF
DWXQFL FkQG PRQLWRUXO SXOVXOXL SRUQL ÌQWLQV SH SDWXO GH VSLWDO 0LUFHD
GHVFKLVH RFKLL ܈L LQVSLUă DGkQF 6WXGLH SHQWUX XQ PRPHQW FDPHUD FăXWkQG
FXSULYLUHDSHFLQHYD
$LFLVXQWH[FODPă3ăXQHVFXIăFkQGX܈LORFSULQWUHGRFWRUL$MXQVHOkQJă
SDWXOSULHWHQXOXLVăX
%LURX«6HUWDUURVWLFXJUHX
3RIWLP" /DVă QX PDL YRUEL SăVWUHD]ă܊L SXWHULOH $SRL Yă]X RFKLL
SULHWHQXOXL VăX vQFKL]kQGXVH GLQ QRX DFRPSDQLDW GH VXQHWXO SUHOXQJ DO
PRQLWRUXOXL 6H vQWLQVH VSUH 0LUFHD GDU XQ GRFWRU vO WUDVH vQWUR SDUWH
$SRLFLQHYDGLQVSDWHvOVFRDVHGLQVDORQ
$IODW SH KRO VH VSULMLQL GH SHUHWH VLP܊LQG Fă H OD FDSăWXO SXWHULORU 'XSă
XQWLPSQHSXWkQGVăHVWLPH]HFkWGLUHFWRUXOYHQLvQID܊DOXL܈RSWLQGXQIHO
GH Ä&RQGROHDQ܊H´ ܈L SOHFă QHGRULQG Vă YDGă UHDF܊LD SUH܈HGLQWHOXL
$FDGHPLHL 5RPkQH &RUQHOLX 3ăXQHVFX vQFKLVH RFKLL ܈L VH SUăEX܈L SH XQ
VFDXQGHSHKRO
+DLFHIDFLDLRERVLW"vQWUHEă0LUFHDSXQkQGXLPkQDSHXPăU
1X vPL WUăJHDP SX܊LQ VXIOHWXO UăVSXQVH 3ăXQHVFX ULGLFkQGXVH GH SH
VFDXQ
(SLF
5ăPkQHFXPDPVWDELOLWGD"
0LUFHDGDFăQHLHVH܈LILJXUDDVWD.DINDRVăFUDSHGHLQYLGLH
3ăLDPXULWGHMD
0DLPRDUHRGDWă
9DLGRPQLORUGLVFXWD܊LSROLWLFKLHDLFLvQ$XOD$FDGHPLHL"
6ăUXW PkLQLOH QRELOă GRDPQă VH SRDWH" %LQHvQ܊HOHV Fă QX SROLWLFD H
SHQWUXKR܊LUăVSXQVH3ăXQHVFXVăUXWkQGPkQDGRDPQHL
'HDFRUGFXGXPQHDYRDVWUăGRPQXOHSURIHVRU'RPQLLPHLDYH܊LHPR܊LL
SHQWUX]LXDGHPkLQH"
6WLPDWă GRDPQă FH URVW DX HPR܊LLOH" 3RW HOH Vă vQFOLQH vQ YUHXQ IHO
EDODQ܊D"6WUHVXOQXHVWHGHFkWRDOWăSLHGLFăFUHDWăGHPLQWHDXPDQăSHQWUX
D QH vQJUHXQD VLQJXUL YLD܊D VSXVH 0LUFHD ]kPELQG (UD FRQVLGHUDW
JHQWOHPDQXO$FDGHPLHL5RPkQH
9LFWRULD 3RS1ăVWăVHVFX vQFOLQă FDSXO vQ VHPQ GH DSUREDUH DSRL vQWLQVH
PkQD OXL 0LUFHD FDUH LR VăUXWă v܈L vQFOLQă DSRL GLQ QRX FDSXO GH GDWD
DFHDVWDvQVHPQGHVDOXW܈LGLVSăUXODIHOGHGLVFUHWFXPDSăUXVH6HVSXQHD
GHVSUH HD Fă H FHD PDL LPSRUWDQWă SUH]HQ܊ă IHPLQLQă vQ FXOWXUD
FRQWHPSRUDQă ÄGHILQL܊LD QREOH܊LL ܈L D IHPLQLWă܊LL´ GXSă FXP R QXPHD
0LUFHD vQWUR FURQLFă OLWHUDUă 6FULVHVH SRH]LH SUR]ă ܈L HVHXUL GHVSUH
ÄLPSRUWDQ܊D XPDQLWă܊LL vQ XPDQLWDWH´ VSXQkQG Fă HVWH H[WUDRUGLQDU GH
LPSRUWDQWFDRDPHQLLVăQXUHQXQ܊HQLFLRGDWăVăILHRDPHQL
9LFWRULD 3RS1ăVWăVHVFX HUD VLQJXUD SHUVRDQă FDUH SXWHD ܊LQHODRODOWăFHOH
PDLFRQWURYHUVDWHFDUDFWHUH6ă܊LL]HFHVFULLWRULvQWURVLQJXUăFDPHUăIăUă
FDHLVăVHULGLFHDOXQPRPHQWGDWLQWHPSHVWLY܈LVăLDVăWUkQWLQGX܈DHVWH
XQJHVWGHQDWXUăPLUDFXORDVă7RWX܈LHDUHX܈HD
0LUFHD ܈L 3ăXQHVFX LQWUDUă DSRL vQ VDOD GH ܈HGLQ܊H /D PLFURIRQ 0LKDL
܇RUDQSUH܈HGLQWHOHvQIXQF܊LHDO$FDGHPLHL5RPkQHvQFHSXVăYRUEHDVFă
'RDPQHORU ܈L GRPQLORU ܊LQ Vă Yă UHDPLQWHVF FDQGLGDWXULOH SHQWUX
IXQF܊LLOH GH SUH܈HGLQWH ܈L SULPYLFHSUH܈HGLQWH DL $FDGHPLHL VH GHSXQ SkQă
PkLQHODRUD]HFH
$OHJHULOHHUDXGLVSXWDWHGHGRXăWDEHUHWDEăUD5ăGXOHVFXGLQFDUHIăFHDX
SDUWH LQWHOHFWXDOL SURYHQL܊L GLQ WRDWH ]RQHOH VSHFWUXOXL FXOWXUDO vQ VSHFLDO
܈WLLQ܊HH[DFWHFDUHvOVXV܊LQHDXSH0LUFHDSHQWUXFă3ăXQHVFXGHFODUDVHFă
ÄFHL FDUH SUDFWLFă ܈WLLQ܊HOH H[DFWH VXQW DVHPHQL XQRU RL WR܊L IDF DFHOD܈L
OXFUX QLPLF vQ SOXV´ LDU GH FHDODOWă SDUWH LQWHOHFWXDOLL FXRDERUGDUHPDL
GLQDPLFă vQ VSHFLDO XPDQL܈WL )LHFDUH FDQGLGDW YHQLVH FXFkWHRSURSXQHUH
GH SULPYLFHSUH܈HGLQWH XUPkQG FD YLFHSUH܈HGLQ܊LL ܈L VHFUHWDUXO JHQHUDO Vă
ILH DOH܈L GXSă R VăSWăPkQă 0LUFHD YHQLVH FX /HRQDUG 'DYLGHVFX PHGLF
QHXURFKLUXUJ LDU 3ăXQHVFX YHQLVH FX 'DPLDQ*LXUXLDQX PkQD OXL GUHDSWă
GHOD )DFXOWDWHD GH ,VWRULH &HL GRL DYHDX VWLOXUL DVHPăQăWRDUH FkQG YHQHD
&RQWDQU
YRUEDGHSUREOHPHFXOWXUDOHÄ3HQWUXFXOWXUăVFRWWXQXULOHvQVWUDGă´WXQD
3ăXQHVFXLDU*LXUXLDQXvODSURED
6RQGDMHOH vOGăGHDXFk܈WLJăWRUSHFDQGLGDWXOHFKLOLEUDW7RWX܈LPDUHDIRVW
PLUDUHD SULQWUH PHPEULL $FDGHPLHL FkQG LDX Yă]XW SH 0LUFHD $QGUHL
5ăGXOHVFX ܈L &RUQHOLX 3ăXQHVFX ÄvQ ULQJ´ ILLQG FXQRVFXW IDSWXO Fă HUDX
IRDUWHDSURSLD܊L
Ä8Q LVWRULF FROHULF ܈L XQ VFULLWRU PHODQFROLF Vă WH ܊LL´ v܈L ]LFHD 0LKDL
܇RUDQFDUHHUDSRUHFOLWÄ'XPQH]HX´GHFăWUHLQWHOHFWXDOLDYkQGDQL܈L
R IRU܊ă GH ILHU )XVHVH SULHWHQ FX &LRUDQ (OLDGH ܈L ,RQHVFX ܇L GH܈L HUD
ILOR]RI DERUGDVH PDL PXOWH WHPH &DUWHD VD GH PHPRULL GHYHQLVH EHVW
VHOOHU DWLQJkQG QXPăUXO FRORVDO GH XQ PLOLRQ GH H[HPSODUH YkQGXWH vQ
WRDWăOXPHDvQVSHFLDOvQ)UDQ܊D܈L68$GDWRULWăSRYHVWLULORUFHLDYHDXFD
SURWDJRQL܈WLSHFHLWUHLPHQ܊LRQD܊LPDLVXV
ÌQ WLPS FH VHFUHWDUXO JHQHUDO UHDPLQWHD UHJXODPHQWXO ܈L FRQGL܊LLOH FDUH
WUHEXLHUHVSHFWDWHSHQWUXDVHGHSXQHFDQGLGDWXUDFHOHGRXăWDEHUHIăFHDX
SODQXO GH Uă]ERL 'HMD OXPHD vO VFRWHD SH 0LUFHD Fk܈WLJăWRU ܈L PXO܊L VH
JUăEHDXVăOIHOLFLWHSHQWUXYLFWRULDFHXUPDVăYLQăvQFXUDMkQGXOFăOXSWD
HVWHFD܈LFk܈WLJDWă7DEăUD3ăXQHVFXvQVăRVFLODvQWUHUHDOLVP܈LLQYHFWLYă
SHGHRSDUWHLURQL]kQGWDEăUDDGYHUVăLDUSHGHDOWăSDUWHJkQGLQGXVHFH
WUHEXLH Vă IDFă SHQWUXDDWUDJHPDLPXOWHYRWXUL/DILQDOXO܈HGLQ܊HLVDODVH
JROLPHPEULL$FDGHPLHLD܈WHSWkQGFXQHUăEGDUH]LXDXUPăWRDUH
3ăXQHVFXROXăSHMRVSkQăDFDVăPHUJkQGDOăWXULGH&RQVWDQWLQ,VăUHDQX
HFRQRPLVW ܈L JXYHUQDWRU DO %ăQFLL 1D܊LRQDOH FDUH HUD vQ &DUWHD
5HFRUGXULORU vQ FDOLWDWH GH FHO PDL YHFKL ܈HI GH EDQFă FHQWUDOă GLQ OXPH
3ăXQHVFX vO VWLPD vQ PRG GHRVHELW FRQVLGHUkQG Fă HO HVWH VLQJXUXO
HFRQRPLVWGLQ܊DUăFDUHIDFHGLQHFRQRPLHRDUWăUHVWXOFROHJLORUILLQGGRDU
QL܈WH ܊kUFRYQLFL FDUH VRFRWHVF FX ERDEH GH IDVROH FX FDUH MRDFă ܊LQWDU vQ
SDX]DGHPDVă'LVFXWDXGLYHUVHWRWX܈L,VăUHDQXODDVLJXUDWFăvOYDYRWD
FKLDU GDFă QX VH SURQXQ܊DVH SXEOLF QHDYkQG WLPS GH SROHPLFL FX
DFDGHPLFLHQLL(O DYHD GH FRQGXV R EDQFă $MXQ܈L OD SRU܊LOH &L܈PLJLXOXL VH
GHVSăU܊LUă3ăXQHVFXv܈LFRQWLQXăGUXPXOSULQSDUF
&H GUHSWDWH D DYXW 1LFKLWDFkQGDVSXVÄ'DFăWLPSXODUDYHDIUXQ]HFH
WRDPQă´v܈L܈RSWL3ăXQHVFXD܈DFDSHQWUXVLQH
8܈RUEăWUkQHHXVXQWPHODQFROLFXODLFL0LUFHDVHLYLVHSHQHD܈WHSWDWH܈L
vO WUDVH SH R DOHH IHULWă 0kLQH OD VXQW DOHJHULOH )ă vQ D܈D IHO vQFkW
RDPHQLLQR܈WULVăQXDLEăFRQWDFWXQXOFXDOWXOVDXVăDLEăFkWPDLSX܊LQ1X
WUHEXLHVăULGLFăPVXVSLFLXQL
9LFOHDQH܈WL'HODFLQHDLIXUDWPHVHULDDVWD"
$LXLWDWFLQHDMXQJHDSULPXOODERPERDQHOHGLQEUDGXOGH&UăFLXQ"
(SLF
3ăLGDFăPăvQFXLDLvQKRO«
0LUFHD ]kPEL DSRL vL IăFX FX RFKLXO DPLFXOXL VăX GLVSăUkQG SULQWUH
IUXQ]HOH FDUH GăGHD LPSUHVLD Fă vQ &L܈PLJLX SORXă FX OăPkL DSURDSH
LPSRQGHUDELOH
Ä&KLDU FXP DU VXQD R DVWIHO GH ܈WLUH" ©ÌQ &L܈PLJLX SORXă FX OăPkLª´
JkQGL0LUFHDSă܈LQGSHFRYRUXODXULX
3$758
3ăXQHVFX SULYHD FD GH RELFHL SOLFWLVLW ܈WLULOH GH VHDUă 'XSă FULPH ܈L
WkOKăULL DFFLGHQWH ܈L VLQXFLGHUL SUH]HQWDWRDUHD WUHFX OD XQ VXELHFW FX
DGHYăUDWLPSRUWDQW܈LFXDGHYăUDWQHFRPHUFLDO
Ä0kLQH LQWHOHFWXDOLL v܈L DOHJ OLGHUXO /XSWD SHQWUX FRURDQD FXOWXULL
URPkQH«´
,DX]L DLFL DEHUD܊LH Ä&RURDQD &XOWXULL´ 'H(PLQHVFXDLDX]LW"'RDPQH
FHDQDOIDEH܊LDSDUODWHOHYL]RU
Ä«VH Gă vQWUH &RUQHOLX 3ăXQHVFX GHFDQXO )DFXOWă܊LL GH ,VWRULH GLQ FDGUXO
8QLYHUVLWă܊LL GLQ %XFXUH܈WL ܈L 0LUFHD $QGUHL 5ăGXOHVFX SUH܈HGLQWHOH
8QLXQLL 6FULLWRULORU &HOH GRXă WDEHUH vQ IUXQWH FX OLGHULL ORU DX
SHUVSHFWLYH GLIHULWH vQ FHHD FH SULYH܈WH YLD܊D FXOWXUDOă D ܊ăULL 3H R SDUWH
DH܈LFKLHUXOXLFXOWXUDOVHDIOăWDEăUD5ăGXOHVFXXQGHVDXUHXQLWLQWHOHFWXDOL
GLQ WRDWH GRPHQLLOH FDUH SURPRYHD]ă R DERUGDUH GLSORPDWă&HDODOWă ±
WDEăUD3ăXQHVFX±FXRYL]LXQHFDPH[WUHPLVWă6RQGDMHOHvODUDWăIDYRULWSH
܈HIXO 8QLXQLL 6FULLWRULORU5ăPkQHGHYă]XWFHYRUDOHJHFHLPDLLQWHOLJHQ܊L
RDPHQLDL܊ăULL´
3ăXQHVFXVFKLPEăFDQDOXO]kPELQG6HFXOFăFXDFHOD܈L]kPEHWSHEX]H
1X VH SRDWH YXL FLQHYD GLQ $XOD $FDGHPLHL 5RPkQH $܈D FHYD HVWH GH
QHFRQFHSXW
3ăXQHVFX LQWUă vQ VDOăSULYLQGPLUDWVSHFWDFROXOFLXGDW/DYHGHUHDOXLXQ
RPGLQWDEăUDOXL0LUFHD܊LSăODHO
&HLDLIăFXWQHQRURFLWXOHODLDPHQLQ܊DWFăvORPRUL"
1XGDUGDFăFRQWLQXLSHWRQXOăVWDSHWLQHQXRVăWHDPHQLQ܊vQDLQWH&H
VDvQWkPSODW"
'HSDUFăQX܈WLL«
8LWHFăQX܈WLX
'RPQLORU Yă URJ ]LVH 0LKDL ܇RUDQ ULGLFkQG PkQD vQ VHPQ GH SDFH
$SRL VH vQWRDUVH VSUH 3ăXQHVFX 'RPQXO 5ăGXOHVFX D WULPLV DVWă]L R
DGUHVăODVHFUHWDULDWSULQFDUHDQXQ܊DFăv܈LUHWUDJHFDQGLGDWXUDIăUăVăGHD
YUHR H[SOLFD܊LH (VWH GH QHJăVLW QX DYHP GH DOHV GHFkW Vă FRQWLQXăP D܈D
5ăPkQGRLFDQGLGD܊L
&RQWDQU
3ăXQHVFX vOSULYHDLPSDVLELO܈WLDFăVLQJXUXOUăPDVvQFXUVăHUDXQIL]LFLDQ
IăUă LQIOXHQ܊ă vQ $FDGHPLH ÌQ܊HOHVHVH GHFL Fă OXSWD GHYHQLVH PXOW PDL
X܈RDUă7RWX܈LWDEăUD5ăGXOHVFXDYHDRS܊LXQHDGHDYRWDSHXQXOFDVăQX
LDVăFHOăODOW$FXPvQWUHEDUHDHUDVăDOHJLSHFLQHYDFDUHVHSRDWHLPSXQH
GRDUvQWUXQPRGYLROHQWVDXVăDOHJLSHFLQHYDFDUHQXVHSRDWHLPSXQHvQ
QLFLXQIHO"
ÌQWURVDOăVHSDUDWăFDELQHOHGHYRWHUDXSUHJăWLWH7RDWăOXPHD܈WLHFkWGH
RUJROLR܈L SRW IL LQWHOHFWXDOLL ܈L PDL DOHV VFULLWRULL 7RFPDL GH DFHHD VD OXDW
KRWăUkUHD GH D RUJDQL]D DOHJHULOH vQ D܈D IHO vQFkW YRWXO Vă ILH VHFUHW
3ăXQHVFXOXăEXOHWLQXOGHYRW܈L܈WDPSLOD܈LLQWUăvQWURFDELQă9ă]XDFROR
QXPHOH FDQGLGD܊LORU DOLQLDWH 1XPHOH OXL 0LUFHD HUD WăLDW FX SL[XO IDSW
FDUHODIăFXWSH3ăXQHVFXVă]kPEHDVFăDSRLVăSXQă܈WDPSLODSHQXPHOH
OXL
0LKDL܇RUDQYHQLODWULEXQăSHIXQGDOXODSODX]HORUSHFDUHXUFDGHILHFDUH
GDWă
'RDPQHORU܈LGRPQLORUPăDGUHVH]GXPQHDYRDVWUăSHQWUXXOWLPDGDWăvQ
FDOLWDWH GH SUH܈HGLQWH DO $FDGHPLHL 5RPkQH 3HVWH FkWHYD RUH YRL SUHGD
܈WDIHWD XQHL DOWH SHUVRDQH FDUH YD VOXML LQWHUHVHOH FXOWXULL URPkQH 'UDJL
FROHJLDPDYXWRQRDUHDVăILXSULHWHQFXFHOHPDLVFOLSLWRDUHPLQ܊LSHFDUH
OHD DYXWDFHDVWă܊DUă2FKLLPHLvQYkUVWăGHDQLDXYă]XWPăULUHD܈L
GHFăGHUHD SDUDGLVXO ܈L LQIHUQXO YLD܊D ܈L PRDUWHD $VWă]L VWUăQHSR܊LL PHL
vQYD܊ăOD܈FRDOăÄ'H܈WHDSWăWHURPkQH´HXDPvQYă܊DWÄ7UăLDVFăUHJHOH´
(L SULQ VLPSOD DSăVDUH D XQXL EXWRQ DX DFFHV OD WRDWHLQIRUPD܊LLOHDFHVWHL
OXPL GH OD DQLL vQWUH FDUH D GRPQLW VDX D WUăLW FLQHYD SkQă OD FHOH PDL
FRPSOLFDWH IRUPXOH PDWHPDWLFH 'DFă SH YUHPHD PHD WHOHYL]RUXO HUD FHYD
GH GRPHQLXO IDQWDVWLFXOXL DVWă]L vO DYHP vQ EX]XQDU VDX vO SXUWăP OD
vQFKHLHWXUD PkLQLL 'DU ܈L DWXQFL ܈L DFXP FHD PDL LPSRUWDQWă XQHDOWă HUD
܈LHVWHFDUWHD'DGRPQLORURULFkWGHPXOWYDDYDQVDWHKQRORJLDFDUWHDYD
UăPkQH FHD PDL LPSRUWDQWă LQYHQ܊LH D XPDQLWă܊LL (X FD ܈L PXO܊L GLQWUH
GXPQHDYRDVWUă PLDP GHGLFDW YLD܊D FăU܊LORU PDP QăVFXW vQWUH HOH DP
WUăLWvQFRQMXUDWGHHOH܈LLDWăYRLSOHFDWRWGLQWUHHOHÌQILQDOYLD܊DQRDVWUă
QX HVWH GHFkW R SDJLQă GLQ DFHDVWă FDUWH FRORVDOă QXPLWă ÄOXPH´ $FXP
GHSLQGH GH ILHFDUH vQ FH IHO IDFH FD SDJLQD QRDVWUă Vă ILH PDL LQWHUHVDQWă
GHFkW FHOHODOWH $P FRQGXV DFHDVWă LQVWLWX܊LH WLPS GH RSW DQL ÌQ DFHVWH
GRXă PDQGDWH DP vQFHUFDW Vă DSăU VLQJXUXO OXFUX FDUH GHWHUPLQă FHO PDL
ELQHLGHQWLWDWHDXQHLQD܊LXQLFXOWXUD6XQWVLJXUFăVXFFHVRUXOPHXYDGXFH
PDL GHSDUWH DFHVW GUDSHO GH DSăUDUH$FHVWHD ILLQG VSXVH GRDPQHORU ܈L
GRPQLORU VWLPD܊L LQYLWD܊L ܈L H[FHOHQ܊HOH YRDVWUH vPL GHFODU PDQGDWXO GH
(SLF
SUH܈HGLQWHDO$FDGHPLHL5RPkQHvQFKHLDW9ăPXO܊XPHVF܈LYăXUH]VXFFHV
vQFRQWLQXDUH
܇RUDQ SăUăVL VFHQD WLPS vQ FDUH DXGLWRULXO HUD vQ SLFLRDUH DSODXGkQG
8UPă DSRL VHFUHWDUXO JHQHUDO FDUH YHQL Vă DQXQ܊H UH]XOWDWHOH 3ăXQHVFX VH
IRLDORYLQGFXVWLORXOvQELURX&kQGFHOFDUHYRUEHDGHVFKLVHJXUDWLPSXO
SDUFă VH RSULVH QLPHQL QX PDL PL܈FD QX VH PDL DX]HD QLPLF 'DFă
PRPHQWXO DU IL IRVW SUHOXQJLW SUHD PXOW VLJXU Fk܊LYD RDPHQL DU IL OH܈LQDW
SHQWUXFăWR܊Lv܈L܊LQHDXUHVSLUD܊LD
5H]XOWDWH±DOHJHULSHQWUXIXQF܊LDGHSUH܈HGLQWHDO$FDGHPLHL5RPkQH
&RUQHOLX3ăXQHVFX±GHYRWXUL0DUFX6RORPRQHVFX±GHYRWXUL
$XOD $FDGHPLHL IX FXSULQVă GH FHYD FH QX SRDWH IL GHVFULV R FRPELQD܊LH
GHXUOHWH܊LSHWH܈LUkVHWH
/LQL܈WHYăURJURVWLVHFUHWDUXOJHQHUDO5H]XOWDWH±DOHJHULSHQWUXIXQF܊LD
GHSULPYLFHSUH܈HGLQWHDO$FDGHPLHL5RPkQH'DPLDQ*LXUXLDQX±GH
YRWXUL/HRQDUG'DYLGHVFX±GHYRWXUL
/D DX]XO UH]XOWDWHORU FHL GRL Fk܈WLJăWRUL DX IăFXW VFKLPE GH SULYLUL IDSW
FDUHODIăFXWSH3ăXQHVFXVă܈LGHDRSDOPăSHVWHIUXQWH
'RDPQHORU ܈L GRPQLORU SURIHVRU XQLYHUVLWDU GRFWRU &RUQHOLX 3ăXQHVFX
SUH܈HGLQWHOH $FDGHPLHL 5RPkQH VSXVH VHFUHWDUXO JHQHUDO FDUH SOHFă
LPHGLDWFDVăQXILHQHYRLWVăGHDPkQDFX3ăXQHVFX
6WLPD܊L PHPEUL DL $FDGHPLHL 5RPkQH YLQ vQ ID܊D GXPQHDYRDVWUă vQ
FDOLWDWH GH RP KRWăUkW +RWăUkW Vă IDF FHHD FH PLDP SURSXV FkQG DP
FDQGLGDW 6XQW KRWăUkW Vă DSăU FXOWXUD܈LSHWR܊LFHLFDUHRSURPRYHD]ăvQ
RULFH IHO vQ WRDWH PRGXULOH ܇WLX Fă PXO܊L Pă FRQWHVWD܊L WRFPDL GDWRULWă
DERUGăULL PHOH ÄGLQDPLFH´ FD Vă VSXQ D܈D $YkQG vQYHGHUHDVDOWXODVXSUD
FXOWXULL ܈L PDL DOHV DVXSUD RDPHQLORU GH FXOWXUă FDUH VXQW GHPL܈L GLQ
IXQF܊LLOH SH FDUH OHDX GREkQGLW SH PHULW SHQWUX Fă QX MRDFă GXSă FXP
FkQWă SDUWLGXO [ SDUWLGXO \ QH WUH]LP Fă ORFXO ORU HVWH OXDW GH FkWH XQ
QHLVSUăYLW FDUH QDUH QLFL vQ FOLQ QLFL vQ PkQHFă FX GRPHQLXO GH FDUH VH
RFXSă LQVWLWX܊LD OD FRQGXFHUHD FăUHLD HVWH QXPLW &RQVLGHU Fă QX SXWHP±
VDXFHOSX܊LQHXQXSRW±VăVWăPFXPkLQLOHvQVkQ0LDPSURSXVVăOXSWSH
WRDWH FăLOH 6ă OXSW vPSRWULYD LGHRORJLHL vQ FXOWXUă vPSRWULYD SURVWLHL
vPSRWULYD LQFXOWXULL vPSRWULYD VXEFXOWXULL 0DL ELQH VSXV vPSRWULYD D WRW
FH DWDFă VDX RSUH܈WH FXOWXUD Vă PHDUJă PDL GHSDUWH ([DFW FXP QHD VSXV
vQDLQWH PDHVWUXO 0LKDL ܇RUDQ Fă ܈LD GHGLFDW YLD܊D FăU܊LORU HX PLDP
vQFKLQDW YLD܊D LVWRULHL3RWVSXQHFăHXDPWUăLWPDLPXOWvQWUHFXWGHFkWvQ
SUH]HQW 9RUEDOXL*HRUJH2UZHOOÄ&LQHFRQWUROHD]ăWUHFXWXOFRQWUROHD]ă
YLLWRUXO FLQH FRQWUROHD]ă SUH]HQWXO FRQWUROHD]ă WUHFXWXO´ &D LVWRULF Yă
SRW VSXQH FODU܈LUăVSLFDWFăGHFkWHRULvQLVWRULDPRQGLDOăFXOWXUDDIRVW
OXDWă FX DVDOW DFHOHL ܊ăUL QX LD IRVW ELQH $VWD HVWH WUHDED PHD Vă RSUHVF
&RQWDQU
GLVSDUL܊LD FXOWXULL DFHVWHL ܊ăUL &XOWXUD WUHEXLH Vă ILH IăFXWă GH RDPHQLL GH
FXOWXUă ÌPL SHUPLW Vă Yă GDX XQH[HPSOXÌQODH[SR]L܊LD6DORQGHV
,QGpSHQGDQWV &RQVWDQWLQ %UkQFX܈L D H[SXV IDLPRDVD Ä3ULQFLSHVă ;´R
VFXOSWXUă FRQWURYHUVDWă 2EVHUY Fă PXO܊L GLQWUH GXPQHDYRDVWUă ]kPEL܊L
7RFPDL GH DFHHD QX FUHG Fă PDL DUH VHQV Vă VSXQ FH UHSUH]HQWD DFHDVWă
VFXOSWXUă %UkQFX܈L D PXQFLW SDWUX DQL OD HDLDUGXSăFHDH[SXVRDIRVW
DFX]DW GH SRUQRJUDILH ܈LOXFUDUHDDIRVWFRQILVFDWă8OWHULRUDIRVWLPSOLFDW
vQWUXQ SURFHV $LFL YRLDP Vă DMXQJ ÌQ DSăUDUHD OXL %UkQFX܈L DX VăULW
PDUHOH 3LFDVVR ܈L 0DULH &XULH (VWH GUHSW Fă 0DULH&XULHQXUHSUH]HQWDR
SHUVRQDOLWDWH DYL]DWă vQ DUWH SODVWLFH 'DU HUD 0DULH &XULH FX 3UHPLXO
1REHOSHQWUX&KLPLH&KLDU܈LD܈DGDFă3LFDVVRVSXQHGHVSUHROXFUDUHFă
HVWH EXQă ܈L Fă QX WUHEXLH Vă WH DWLQJL GH HD DWXQFL DL IDFH ELQH Vă GLVSDUL
UDSLG GLQ SHLVDM 1X Yă HVWH DFHVW VFHQDULX FXQRVFXW" 1X FXPYD VD
vQWkPSODW GH PDL PXOWH RUL FD R SHUVRQDOLWDWH FXOWXUDOă Vă ILH GHPLVă VDX
SHUVHFXWDWă GH FăWUH FODVD SROLWLFă" ,DU DSRL LQWHOHFWXDOLL Vă VWUkQJă
UkQGXULOH܈LVăIDFăRVFULVRDUHGHVXV܊LQHUHSULQFDUHVă܈LGHFODUHVSULMLQXO
ID܊ă GH SHUVRDQD vQ FDX]ă" ,DU XQ VHFUHWDU GH VWDW Vă VSXQă Fă FHL FDUH DX
VHPQDWDXIăFXWRGRDUSHQWUXFăvOFXQRVFSHFHOvQDSăUDUHDFăUXLDDIRVW
UHGDFWDWă VFULVRDUHD" &XP D܊L UHDF܊LRQD DWXQFL" $P IRVW ܈L HX QHYRLW Vă
VHPQH]RDVWIHOGHSHWL܊LH9ăIDFRPăUWXULVLUHDFHOVHFUHWDUGHVWDWFDUHD
FRPDQGDW GHPLWHUHDHVWH XQ WUăGăWRU ܈L XQ FULPLQDO ܇L QX QHDSăUDW SHQWUX
FăDFHUXWGHPLWHUHDXQXLLQWHOHFWXDOFLSHQWUXFăGLQFDX]DOXLXQQXPăU
GH RDPHQL H[WUDRUGLQDU GH LPSRUWDQ܊L SHQWUX DFHDVWă ܊DUă ܈LDX SLHUGXW
WLPSXO 3HQWUX PLQH R SHUVRDQă FDUHO IDFH SH PDHVWUXO 0LKDL ܇RUDQ Vă
SLDUGă FLQFL PLQXWH SHQWUX D܈L GD DFRUGXO FD QXPHOH OXL Vă ILJXUH]H SH R
OLVWă FH vQ PRG QRUPDO QX DU WUHEXL Vă H[LVWH HVWH XQ WUăGăWRU ܈L XQ
FULPLQDO $FXP SRDWH VH YRU WUH]L QL܈WH FkUFRWD܈L VăVSXQăÄ'D¶FHIDFHvQ
DOHD FLQFL PLQXWH"´ 8Q LQWHOHFWXDO PXQFH܈WH QRQVWRS QX DUH QHYRLH QLFL
PăFDU GH SL[ ܈L KkUWLH,QWHOHFWXDOXO QX DUH SURJUDP GH OXFUX9LD܊D OXL HVWH
SURJUDPXOGHOXFUX1XvQXOWLPXOUkQGYUHDXVăIDFXQDSHOODVROLGDULWDWH
VăOăVăPRUJROLLOHODRSDUWHSHQWUXFăULVFăPVăQXPDLDYHPFXFLQHVăQH
FHUWăP,HUWD܊LPăFăPDPOXQJLWGDUVLP܊HDPQHYRLDVăVSXQDFHVWOXFUX
FD Vă VXEOLQLH] VWDUHD GH QHFHVLWDWH vQ FDUH VH DIOă FODVD FXOWXUDOă 9ă
PXO܊XPHVF SHQWUX DWHQ܊LH $FHVWHD ILLQG VSXVH GHFODU DGXQDUHD
H[WUDRUGLQDUăGLQ$XOD$FDGHPLHL5RPkQHvQFKLVă
&RERUvGHODWULEXQăWUHFkQGSHOkQJă9LFWRULD3RS1ăVWăVHVFXFDUHLIăFX
XQVHPQGHIHOLFLWDUHGLQRFKL(YLGHQWFăODUILYUXWSH0LUFHDvQORFXOOXL
GDU QX܈L H[SULPă RS܊LXQHD SHQWUX Fă vQ $FDGHPLH H[LVWDX RDPHQL FDUH
(SLF
QX vQ܊HOHJHDX IDSWXO Fă IHPHLOH WUHEXLH UHVSHFWDWH WRFPDL SHQWUX Fă VXQW
IHPHL
,H܈LFDIXOJHUXOGLQFOăGLUHDODSRDUWDFăUHLDvOD܈WHSWDXMXUQDOL܈WLL7UHFXSH
OkQJă FDPHUH ܈L PLFURIRDQH LDU UHSRUWHULL SXQHDX vQWUHEăUL vQ VSHUDQ܊D Fă
YRUSULPL܈LUăVSXQV
'RPQXOH 3ăXQHVFX FH Yă SURSXQH܊L Vă IDFH܊L vQ FDOLWDWH GH SUH܈HGLQWH DO
$FDGHPLHL5RPkQH"
3ăXQHVFXLJQRUăvQWUHEDUHD܈L܈LFRQWLQXăGUXPXO
6H YD VFKLPED UHOD܊LD GXPQHDYRDVWUă FX PLQLVWUXO &XOWXULL FX FDUH D܊L
LQWUDWvQSROHPLFLGHPDLPXOWHRUL"$YH܊LFHYDVăLWUDQVPLWH܊L"
/DDX]XOvQWUHEăULL3ăXQHVFXVHRSUL܈LVHvQWRDUVHFăWUHUHSRUWHU
'DGDFăPDLLQWHUYLQHvQFXOWXUăvLGDXGRXăSDOPH܇LXUFăDSRLvQQRXD
OXLPD܈LQăGHSURWRFRO
$MXQVvQID܊DX܈LLFDVHLVDOHEăJăFKHLDvQEURDVFă܈LYă]XFăHVWHGHVFXLDW
,QWUă܈LPHUVHGLUHFWvQVXIUDJHULHXQGHH[DFWFXPVHD܈WHSWDHUD0LUFHD
FDUHVHULGLFăGHSHIRWROLX܈LLvQWLQVHXQSDKDU
)HOLFLWăULEăWUkQH,DPIăFXW܈LSHă܈WLD3HQWUX&RUQHOLX3ăXQHVFXFDUH
YDILFHOPDLWDUHSUH܈HGLQWHDO$FDGHPLHL5RPkQH
(L Vă UăPkQă OD IHO GH SUR܈WL ܈L QRL OD IHO GH GH܈WHS܊L 7RDWă OXPHD Vă
WUăLDVFă QXPDL QRL GRL Vă QX PXULP 1RURF ܇L 3ăXQHVFX vQWLQVH SDKDUXO
SHQWUXDFLRFQLFX0LUFHDGDUSDKDUHOHQXVHDWLQVHUă3HQGXODGLQVSDWHOH
OXL0LUFHDVHEORFă/LGHUXO$FDGHPLHLvQFHUFăVăVHPL܈WHGDUIăUăVXFFHV
&RQH[LXQLOH QHUYRDVH SDUFă FHGDVHUă )HUHVWUHOH VH GHVFKLVHVHUă ODUJ LDU
XQ YkQWSXWHUQLF LQWUă IăFkQG VDFRXO YHUGH DO OXL 0LUFHD Vă VH UXSă vQ
IUDQMXUL FH ]EXUDX SULQ FDPHUă 2GDWă FX YkQWXO FDPHUD IX FXSULQVă GH R
QHJXUă FHO vQFRQMXUă SH 0LUFHD IăFkQGXO Vă DUDWH DVHPHQHD XQXL SUHRW
3ăXQHVFX SULYHD LPDJLQLOH IăUă Vă SRDWă UHDF܊LRQD vQ QLFLXQ IHO $WHQ܊LD vL
Fă]X SH IUDQMXULOH YHU]L GLQ FRVWXPXO SULHWHQXOXL VăX FDUH SOXWHDX vQ DHU
$SRL R H[SOR]LH IXUWXQRDVă GHVIXQGă FOHSVLGUD ܈L IUDQMXULOH Fă]XUă SH
FRYRUPHWDPRIRU]DWHvQSLHVHGHFHDV0LUFHDHUDWUDVDIDUăSULQIHUHDVWUă
3ăXQHVFX DOHUJă FX SDKDUXO VSUH HO GDU FkQG SDKDUHOH DX IRVW DSURDSH Vă
VH DWLQJă IHUHDVWUD VH vQFKLVH vQ ID܊D OXL 3ăXQHVFX &OLQFKHWXO GLQWUH SDKDU
܈LIHUHDVWUăVXQăGHSDUFăSRDUWDGLQWUHFHOHGRXăOXPLVHIHUHFDVH
0LUFHDXUOă3ăXQHVFXWUH]LQGXVHODFDSXOSDWXOXLGLQ6SLWDOXO&HQWUDO
IUDJPHQWGLQWUXQURPDQvQSUHJăWLUH
&RQWDQU
5HPHPEHU
/DWHDWUXFX
VFDXQXODGXV
GHDFDVă
Ä&D Vă SRYHVWHVF IHOXO FXP VH MXFD WHDWUX OD 3LDWUD1HDP ܊vQ
YHFKLPH QDP Vă OHJ ILUXO DPLQWLULORU GLQ QHJXUD YUHPXULORU 2 YLD܊D GH
RPHRQLPLFDWRDWăGHDQLRULPDLPXO܊LGLQYH܈QLFLHQXvQVHDPQă
QLFL R SLFăWXUă GH DSă vQWUXQ RFHDQ 1X FRERU FX PLQWHD QLFL PăFDU SH
YUHPHD FkQG WHDWUXO VH MXFD vQ FDVHOH OXL &DPEXUX FDP SULQ vPSUHMXULPLOH
7ULEXQDOXOXL܈L3UHIHFWXULLGHD]L
(XDPLQPLQWHORFDOXOWHDWUXOXLD܈DFXPODPFXQRVFXWSHGLQDIDUă
vQ FHD GLQWkL FRSLOăULH vQ SLD܊D WkUJXOXL FDVă FX GRXă UkQGXUL D܈H]DWă
FăWUHPLD]ă]LUkQGXULGXJKHQLLDUFHOGHVXVWHDWUXO&KLULD܈DOWHDWUXOXL
HUD PR ܈7LPRIWH ܇RDUHF 2P PLF GH VWDWXWă SXUWD IDYRULWH SH FDUH HXOH
DP܈WLXWWRWDOEHLDUODGRXăGHJHWHFHOHPDLPLFLGHODPkQDGUHDSWăDYHD
XQEHWH܈XJFăFLOH܊LQHDWRWvQGRLWHvQSDOPă%DPDL܈WLXFăWUăJHD܈LWDEDF
SHQDV
ÌQGHOHWQLFLUHD DFHDVWD GH FKLULD ܈DO WHDWUXOXL QX SUHD HUD SH SODFXO
WHDWUXOXL PHX ܈L DO FHORUODO܊L IUD܊L DL OXL ILLQGFă GH GLQ FR܈FRJHPLWH
QHJXVWRULGHSOXWHVă܊LHWHDWUXOFXFKLULHFDWRWWLPSXOFk܈OHJLORUGHLDUQă
VăIDFăEDOXULPHVFDWHODFDUHVHDGXQDGLQWkUJHUDRVFăGHUH&XWRDWH
DFHVWHD ILLQGFă PR ܈7LPRIWH HUD FHO PDL PDUH GLQWUH ܇RULFHQL FXP
UHVSHFWXOSHDFHOHYUHPXULHUDvQFăODFLQVWHQLFLXQXOGLQWUHIUD܊LLOXLQXO
D EăQXLW YUHRGDWă Fă vQGHOHWQLFLUHD GH OD EăWUkQH܊H QX OHDU IDFH FLQVWH 2
VSXQ DVWD ILLQGFă OD VăUEăWRULFHLODO܊LIUD܊LFXWRDWăFXYLLQ܊DvOKLULWLVHDXSH
ELHWXOPR܈7RPRIWHLDUFkQGHUDYUHRORJRGQăvQIDPLOLHHOFHOPDLEăWUkQ
GLQWUHIUD܊LVFKLPEDLQHOHOH
7HDWUXO HUD SH DFHOH YUHPXUL DO IDPLOLHL /LFLX DO /LFHQLORU FXP VH
VSXQHD
ÌQ WRDPQD DQXOXL VH RSOR܈LVH vQ 3LDWUD WUXSD OXL %XULHQHVFX
$FH܈WL QăFăML܊L GH DFWLRUL FXP OL VH VSXQHD SH DWXQFL FD Vă܈L DVLJXUH R
QăFăMLWă GH SkLQH SkQă OD SULPăYDUă VWkUQHDX SH OkQJăRDPHQLLFXGDUHGH
PkQă܈LIUXQWD܈LLWkUJXOXLVăIDFăRVHULHGHDERQDPHQWHODORMLGHSkQă
OD 7DWăO PHX ILH Fă QX SXWHD VFăSD GH VWăUXLQ܊D DFWLRULORU SRSRUXO OH
5HPHPRUăUL
VSXQHDDIWLRUL!GăGXVH܈LHOOHLSHQWUXVHULDGHVSHFWDFROH$VWDDU
IL vQVHPQDW VRFRWLQG FkWH VSHFWDFROH SH VăSWăPkQă -RLD ܈L 'XPLQLFLOH
GLVWUDF܊LD SH WLPS GH OXQL 7UXSD vQVă VWăWHD vQ 3LDWUD FDP SkQă OD
OXQL ÌQ DFHVW UăVWLPS PDL HUDX VSHFWDFROH FX DERQDPHQWXO VXVSHQGDW LDU
vQVHULVHMXFDXSLHVHvQEHQHILFLXOFkWHXQXLDGLQDFWLRULLWUXSHL
'HFHLGHOHLSOăWL܊LDWXQFLGHWDWăOPHXSHQWUXDERQDPHQWHQX
VDSXWXWIRORVLIDPLOLDILLQGFăOD2FWRPEULHDPXULWIUDWHOHWDWHL%ăGL܊D
,RQLFă܈LSHDFHOHYUHPXULQXVHFXYHQHDVăWHGXFLODWHDWUXODEDOXULWLPS
GHXQDQGDFăv܊LPXUHDFLQHYDDSURSLDWGLQIDPLOLH܇LQXHUDWRFPDLSX܊LQ
GHOHLDUILFDPGHOHLDVWă]L&DUHHSHWUHDQXOVă]LFHPD܈DFăR
WUXSă VDU VWDELOL SH LDUQă OD 3LDWUD FDUH Vă GHLH GH OHL SHQWUX
VSHFWDFROH"
ÌQ DQXO XUPăWRU WRDPQD VH SULSă܈LVH GLQ QRX OD 3LDWUDWUXSD
OXL %XULHQHVFX 'H GDWD DVWD VH DERQDVH OD R ORMă FXPQDWXO PHX 'LPLWULH
9LFROFăVăWRULWFXVRUDPHD(OHQDSULPDQăVFXWăGLQFRSLLFk܊LDPIRVW
FXWR܊L
'XSă YUHR GRXă WUHL UHSUHVHQWD܊LL %ăGLD 'XPLWUDFKH FXP vL
VSXQHDP QRL QH vQWUHDEă SH IUDWHOH PHX &RVWLFă ܈L SH PLQH QRL FHL PDL
PLFL DL FDVHL Pă JDGDERQ܊LORU GD YRL QX PHUJH܊L FX QRL OD WHDWUX PkQH
VDUă Fă HX ܈L FX (OHQD YDP OXD" $P PHUJH QRL EXFXUR܈L DP UăVSXQV
QRLGDFăQHDUOăVDSăULQ܊LL
ÌQYRLUHDWDWăOXLQRVWUXDPFăSăWDWRX܈RUFkQGvQVăVăRFăSăWăP܈L
SHDPDPHLDIRVWQHYRLHGHPDLPXOWHVWăUXLQ܊LGLQSDUWHDVXURUHLQRDVWUH
܉D܊DLD FHD PDUH FXP vL VSXQHDP QRL /D WRDWH UXJăPLQ܊LOH PDPD VD WRW
vPSRWULYLW SHQWUX IHOXULWH WHPHLXUL SkQă LD VSXV $VFXOWă WX ,OHDQă QX
YUHDXVăLODVODWHDWUXFăGHVRvQWkPSODVăVHWUDJăSLVWRDOHOHSHVFHQăvL
EDJă vQ VSăULH܊L ܈L DSRL QRDSWHD DX FH VFkQFL ܈L EXKăL SULQ VRPQ LDU HX Vă
IDFGHVWUDMăOkQJăSDWXOORU
3HGLFDDFHDVWDFHDPDLWHPHLQLFăDIRVWWUHFXWăGXSăDVLJXUăULOHFH
DXGDW%ăGLD'XPLWUDFKH܈L܉D܊DLDFHDPDUHFăVSHFWDFROXOODFDUHWUHEXLH
VăQHGXFăHUDRFRPHGLH܈LQXHUDYRUEDGHGHVFăUFDWSLVWRDOHQXVHMXFD
GRDUQLFL&HU܈HWRULLvQKDLQHQHJUHQLFL-LDQXKDLGXFXOQLFL'RLVHUJHQ܊L
ÌQ VHDUD VSHFWDFROXOXL GH SH OD FHDVXULOH HX ܈L &RVWLFă QX PDL DYHDP
DVWkPSăU 'DU GDFă %ăGLD 'XPLWUDFKH QD YHQL Vă LHLH D܈DL FDP IRVW
SăFăOL܊L" ÌQWUHEDUHD DVWD QHR IăFHDP XQX DOWXLD &ă VH YD vQGHSOLQL
IăJăGXLDOD QH vQWăUHD QăGHMGHD ܈L IDSWXO Fă *KHRUJKH =DEXOLFă YL]LWLXO
QRVWUXDSOHFDWODWHDWUXFXVFDXQHGH0DUDILWHVăDYHPSHFHVWDQRLFHL
VSHFWDWRULvQORMăFăGHYRUED5RPkQXOXLFLQHDUHEDUEăWUHEXLHVăDLEă
܈LSHSWHQHORMLOHVHSXWHDXIRORVLQXPDLGDFăVSHFWDWRULLv܈LDGXFHDXVFDXQH
GHDFDVă
&RQWDQU
*KHRUJKH =DEXOLFă ERPEăQHD FX YRUED OXL ODWă ܈L DSăVDWă '
DSRL GL FL
WRPDSLPLQLPRJăVkWVăSUăSăGHVFQRDSWHDODWHDWUX"(XvVRPEăWUkQ܈L
GDFăvQOLSVDPHDVDGLVOHJDYUHXQDUPăVDUGHODVWăQRJ܈LVDOXDODEDWDLH
܈LODPX܈FDWFXFHOăODOW"
ÌPSRWULYLUHD OXL QD IRVW ܊LQXWă vQ VHDPă ܈L YUkQG QHYUkQG WUHEXLD
VăSHWUHDFă܈LHOVDUDDFHHDODWHDWUXSHQWUXFDODLVSUăYLUHVăGXFăVFDXQHOH
DFDVă
&D Vă QX XLW WRW ULWXDOXOFXFDUHVHSUHJăWHDVSHFWDFROXOWUHEXLHVă
DGDXJ Fă YUHPH GH FHO SX܊LQ FX XQ FHDV PDL vQDLQWH GH ULGLFDUHD FRUWLQHL
PX]LFD SULPăULHL FRQGXVă GH EăWUkQXO $QWRQ =LHND vQ EDOFRPXO WHDWUXOXL
FkQWD FD OXPHD Vă VH vQGHPQH Vă YLH OD WHDWUX 1RL R DX]HDP GH DFDVă
ILLQGFăQXVWăWHDPQLFLODPHWULGHSDUWHGHWHDWUX
&kQG SRUQHDP OD WHDWUX WDWD QHD VSXV 0ăL EăLH܊L GRDU QX PL
܊L
IDFHGHUX܈LQHVăDGRULPL܊LvQORMă
1X ܈WLX GDFă IUDWHOH PHX &RVWLFă PDL IXVHVH OD WHDWUX HX vQVă vPL
IăFHDP LQWUDUHD WULXPIDOă SHQWUX SULPD GDWă QX vPSOLQLVHP QLFL DQL
,QWUD܊LvQVDOă܈LD܈H]D܊LvQORMăFHUFHWDPFXSULYLUHDWRWLQWHULRUXOHL
&RUWLQD ܈L VFHQD OH YHGHDP VSUH VWkQJD QRDVWUă 6SHFWDWRULL GLQ
VWDOXUL ܈HGHDX SH QL܈WH EăQFL OXQJL vPEUăFDWH FX ]RI UR ܈FDUH DFRSHUHD
SDLHOHFXFDUHHUDXXPSOXWH'LQEDJGDGLHvQPLMORFXOVăOLLFRERUDRODPSă
GH SHWURO FX DEDMXU GH WDEOă vQ MXUXO FăUXLD VSkQ]XUDX QL܈WH ܊DU܊DPXUL GH
VWLFOă SH SăUH܊L HUDX D܈H]DWH WULFKHOXUL GH WLQLFKHD vQ FDUH DUGHDX OXPkQăUL
GH VSHUPDQ܊DWă /RMLOH QL܈WH GHVSăU܊LWXUL IăFXWH GLQ VFkQGXULVHPăQDXPDL
PXOW FX QL܈WH SRH܊L GH ܊LQXW SăVăUL ܈L DYHDX X܈L FDUH DOXQHFD SH URWL܊H &X
YUHXQXQVIHUWGHFHDVvQDLQWHGHvQFHSHUHDVSHFWDFROXOXLPX]LFDDLQWUDWvQ
VDOă܈LLDPDLWUDVXQFkQWHFSkQăVăVHULGLFHFRUWLQD'HVSUHSLHVDMXFDWă
SUHD SX܊LQ vPL DPLQWHVF $FWLRULL LQWUDX ܈L LH܈HDX GH SH VFHQă SULQ X܈D GLQ
IXQG RUL SULQ FHOH ODWHUDOH (UDX RDPHQL FDUH OD OXPLQD OăPSLORU GH SHWURO
FHHUDXDSULQVHODUDPSăSăUHDXPDLPDULGHFkWFHDODOWăRPHQLUHYRUEHDX
FX UkQGXO ܈L GLQ WRDWă DF܊LXQHD SLHVHL ܈WLX Fă XQ DFWLRU D DGXV R UDPă vQ
FDUHHUDvQFDGUDWăRIRWRJUDILH܈LRDUăWDDFWLRUL܊HLFXFDUHYRUEHD
'XSă FkWH PL VDX vQWLSăULW vQ PLQWH DFWLRUXO MXGHFD FKLSXO
IRWRJUDILHL GLQ UDPă FDUH HUD UăVSRVDWXO VR ܊DO DFWLRUL܊HL Fă QX HUD RP
IUXPRV ILLQGFă DYHD QDVXO ERUFăQRV ܈L XUHFKLOHFOăSăXJHFDQL܈WHIUXQ]HGH
FXUHFKL$FWLRUL܊DSOkQJHD
&XDFHVWHLPSUHVLLDPSOHFDWGHODSULPXOVSHFWDFROWHDWUDOODFDUH
DP DVLVWDW vQ SULPD PHD FRSLOăULH ÌQ ORMă QDP DGRUPLW LDU vQ QRDSWHD
DFHHD ܈L vQ FHOH XUPăWRDUH QDP VFkQFLW QDP SOkQV SULQ VRPQ ILLQGFă
SLVWRDOHQXVDXGHVFăUFDWSHVFHQă
5HPHPRUăUL
&H VH PDL OHDJă GH VSHFWDFROHOH FDUH VH GăGHDX SH DFHD YUHPH vQ
VDODWHDWUXOXLOD3LDWUD1HDP܊HVWHFKLSXOFXPVHDQXQ܊DXEDOXULOHPDVFDWH
ÌQDIDUăGHDIL܈HOHFXWRWIHOXOGHFXORULFHVHOLSHDXSH]LGXULOHFDVHORU܈LSH
JDUGXUL GRL RDPHQL PDVFD܊L vQFăOHFDX SHFDLJORDEHOHOXLPR܈7LPRIWH
܈LFXGRXăVWHJXOH܊HvQPkQăFXWUHLHUDXSHXOL܊HOHWkUJXOXLLDUGLQORFvQORF
VWULJDXFkWvL܊LQHDJXUD$VWăVHDUăEDOPDVFDW6XVvQVDODWHDWUXOXL
3kQăVăSOHFăPOD,QVWLWXWHOH8QLWHGLQ,D܈LvQWRDPQDDQXOXL
DP PDL IRVW OD FkWHYD UHSUHVHQWD܊LL vQ WHDWUXO QRVWUX GH OD 3LDWUD 0LDX
UăPDV ELQH vQWLSăULWH VSHFWDFROHOH GH SVXGR WHDWUX DOH XQXL VLPSDWLF DFWLRU
FDVHQXPHD,RQ,RQHVFX3ULQWRDWHRUD܈HOH܊ăULLv܈LIăFXVHFXQR܈WLQ܊LGLQWUH
IUXQWD܈LL QHJR܊XOXL PDULL DJULFXOWRUL IRQF܊LRQDUL ܈L SX܊LQLL LQWHOHFWXDOL FHL
DYHDPSHDWXQFL)ăUăSUHJăWLUHDUWLVWLFă,RQ,RQHVFXVFRWHDJRORJDQLLGLQ
FXSOHWHOH ܈L PRQRORDJHOH OXL ܇L DFXP vPL PDL WUHF SULQ PLQWH YHUVXUL GLQ
FXSOHWHOHOXLFDUHVHLQWLWXODX=DU]DYDJLRDLFD!+HUUYRQ.DOLNHQEHUJ!
0HGDOLRQXO!܈L3RUWUHWXOVRDFUHLPHOH!
Q LVWRULD WHDWUXOXL GLQ ܊DUD QRDVWUă DU WUHEXL VăVHSVWUH]HFXSOHWHOH
DFHVWXL RP FX ILJXUD YHVHOă FDUH D GHOHFWDW SH SURYLQFLDOLLQR܈WULDFXP
DQL ܈L SRDWH ܈L PDL vQFRDFH 'LQ 3RUWUHWXO VRDFUHL PHOH! UH܊LQ YHUVXULOH
+HFWRU D ULGLFDW GHVLJXU FD VăO VSHOH R ODEă ܈LD XGDW SRUWUHWXO
VRDFUHLPHOH!
)ăUăJULMD]LOHLGHPkLQHFăFLEXFă܊LFDOXLGHSkQHSHYUHPHDFkWD
WUăLWRFk܈WLJDFLQVWLW܈LIăUăEDWDLHGHFDS,RQ,RQHVFXDPXULWGHGDPEOD܈L
QDFă]XWVLOăQLPăQXLGDUELDWDOXLWRYDUă܈ăFDUHQXDYHDQLFLRDSWLWXGLQH
SHQWUXWHDWUXIăFHDGRDUSHILJXUDQWD܈LVHUYLWRDUHGXSăPRDUWHDVR܊XOXL
QHSXWkQGOXSWDFXPL]HULDVDVLQXFLV
ÌQ WLPSXO VăUEăWRULORU &UăFLXQXOXL DQXOXL WRW vQ VDOD WHDWUXOXL
GLQ 3LDWUD 1HDP ܊ODP Yă]XW SH PDUHOH QRVWUX 0DWHL 0LOOR MXFkQG vQ
/LSLWRULOH 6DWHORU! SLHVD OXL 9DVLOH $OHFVDQGUL$YHDSHDWXQFLGHDQL
܈L܈L IăFHD XOWLPXO VăX WXUQHX GH DGLR vQ vQWUHDJD ܊DUă 'XSă PRDUWHD OXL
0LOOR 3HWUDFKH /LFLX D IRVW DFWLRUXO FDUH D MXFDW FX DFHOD܈L VWLO UROXO OXL
0RL܈LOLFKLGLQ/LSLWRULOHVDWHORU!
3H OD SHVWH 0R ܈7LPRIWH D GDW SDUDOL]LD ܈L D IRVW QHYRLW Vă
SăUăVHDVFă VDOD WHDWUXOXL FDUH D IRVW OXDWă FX FKLULH GH XQ MLGDQ ,JQDW]
*ROKLUVFK 'H OD DFHDVWă GDWă vQ LVWRULD WHDWUXOXL GLQ 3LDWUD VH vQVFULH R
SDJLQă QRXă FkQG VSHFWDWRULL GLQ ORML QX PDL WUHEXLDX Vă܈L DGXFă VFDXQH
GHDFDVă
9DVLOH&܇RDUHF´
YDUWÄ7HDWUXOOD3LDWUD1HDP܊vQYHFKLPH´vQ]LDUXOÄ$YkQWXO´QUGLQPDUWLH
&RQWDQU
&RUăELLOH±SHUVRQDMHvQ
YL]LXQHDOXL$GULDQ*5RPLOD
6FULLWRUXO $GULDQ * 5RPLOD ܈LD PăUWXULVLW GHVHRUL XQD GLQWUH
SDVLXQLOH OXL DUGHQWH FRQVWUXF܊LD PDFKHWHORU GH FRUăELL (D GDWHD]ă GLQ
FRSLOăULHGHFkQGLQWUDVHvQOLWHUDWXUăFXOHFWXUDDVLGXăDURPDQHORUGHVSUH
DYHQWXULOHSHPăULGHVSUHH[SORUDWRULGHVFRSHULUL܈LFăOăWRULLSHDSă(XQ
JHQ FDUH LD GHVFKLV ODUJ RUL]RQWXULOH FXOWXUDOH OD VDOYDW GLQ FHQX܈LXO
FRPXQLVW ܈L LD DOLPHQWDW IDQWDVPHOH HVFDSLVWH ÌQ DQLL VSXQHD Fă D
WUăLWRYLD܊ăSHFDUHQDSXWXWRDOWHUQDGHFkWFXOXPLOHLPDJLQDWH$FHOHD܈L
FăU܊L ODX vPSLQV ܈L vQ DOHJHUHD XQXL H[RWLF SDUFXUV ܈FRODU FRQIXQGkQG QX
SUHD IHULFLW YLVHOH FX UHDOLWDWHD D DEVROYLW OLFHXO PLOLWDU GH PDULQă 5DWkQG
FD RIL܊HU SH SXQWH VD vQWRUV GH XQGH SOHFDVH OD LPHQVXO RFHDQ DO
SRYH܈WLORUXPDQLWă܊LL'DUDELDDFHVWDSRUWDOH[SHULHQ܊HLH܈XDWHODDMXWDWVă
VHDSXFHVHULRVGHSURIHVDW܈LGHVFULVOLWHUDWXUă
2DGROHVFHQ܊ăvQWUXQOLFHXFD]RQQXVHSXWHDXLWDFXPQXVHSXWHD
VWLQJH QLFL DWD܈DPHQWXO PDL PXOW VDX PDL SX܊LQ SULYDW SHQWUX LPDJLQDUXO
DWkW GH SUROLILF DO PăULL ܈L DO RELHFWHORU HL SOXWLWRDUH ÌQ UăJD]XULOH GLQWUH
FăU܊L DOH VDOH VDX DOH DOWRUD D FRQWLQXDW REVHVLY FX LQILQLWă UăEGDUH Vă
PLJăOHDVFă QDYRPRGHOH FX YHOH ܈L FDWDUJH DQ GH DQ YDFDQ܊ă GH YDFDQ܊ă
$܈D VDX QăVFXW GHVLJXU WRW vQ VLDMXO OLWHUDWXULL FRUăELLOHSHUVRQDMH
QLPLF DOWFHYD GHFkW YLVXUL PRGHODWH DLHYHD FX PkLQLOH PDWHULDOL]ăUL
WULGLPHQVLRQDOH DOH XQRU RPRORDJH vQFKLSXLWH GH FXYLQWH $VWIHO DX SULQV
WUXS FX PXO܊LPH GH GHWDOLL UHSURGXVH ILGHO FRUăELLOH GLQ URPDQHOH XQRU
+HUPDQ 0HOYLOOH 5REHUW /RXLV 6WHYHQVRQ VDX 5DGX 7XGRUDQ (SRVXULOH
PDULORU DYHQWXUL PDULQ HDX IRVW UHGXVH JUD܊LRV OD VFDUă H GHRSRWULYă XQ
JHVW ELRJUDILF XQXO WHKQLF ܈L XQXO OLWHUDU ,OXVWUD܊LD QXPăUXOXL VD UHDOL]DW
FXIRWRJUDILLDOHFkWRUYDGLQWUHDFHVWHPDFKHWH5HG
(VHX
&RQWDQU
8QLYHUVDOLD
81,9(56$/,$
1RLVH3RHWU\3RH]LHDPHULFDQăvQ
WUDGXFHUHDOXL0LKDL0DULDQ
0LKDL0DULDQQPDUWLHDVFULVGRXăFăU܊LGHSRH]LH
TXRWQHJUXRSDF TXRW(GLWXUD(XURVWDPSD܈L TXRWvQWLPSFH
WX TXRW(GLWXUD(XURVWDPSDHGL܊LDDGRXD(GLWXUD
&KDUPLGHV
(VWHvPSUHXQăFX
/RUHQD3XUQLFKLRUJDQL]DWRUXOFOXEXOXLGHOHFWXUă1RLVH3RHWU\
$
Fk܈WLJDWFkWHYDFRQFXUVXULQD܊LRQDOHGHSRH]LH܈LXQSUHPLX,,,SHQWUXSUR]ă
OD&RQFXUVXO1D܊LRQDOGH/LWHUDWXUă5H܊HDXD/LWHUDUă
7UDGXFHSRH]LH܈L
SUR]ăGLQOLPELOHLWDOLDQăHQJOH]ăIUDQFH]ăJHUPDQă܈LVSDQLROă
$
FRODERUDWFX܈LSXEOLFDWvQ
PDMRULWDWHDUHYLVWHORULPSRUWDQWHGLQ܊DUă3RHVLV,QWHUQDWLRQDO5DPXUL
9DWUD%DEHO2SWPRWLYH1HZ<RUN0DJD]LQH)DPLOLD6LQWDJPH
/LWHUDUH&RQWD/LWHUDGXUD
3RHPHOHVDOHDXIRVWWUDGXVHvQHQJOH]ă
VSDQLROăLWDOLDQă܈LPDJKLDUă
'LQHVWHUHGDFWRUDOUHYLVWHLEX]RLHQH
/LWHUDGXUD
&RQWDQU
$GULHQQH&HFLOH5LFKQPDL
%DOWLPRUH0DU\ODQG86$²
GPDUWLH6DQWD&UX]
&DOLIRUQLD86$HVWHRSRHWăFXR
PDUHSRSXODULWDWHЮLFDUHDDSăUXW
vQQXPHURDVHDQWRORJLLDWkWGLQ
6WDWHOH8QLWHFkWЮLGLQvQWUHDJD
OXPH$GULHQQHDIRVWWLPSGH]HFLGH
DQLSULQWUHFHOHPDLLQIOXHQWH
VFULLWRDUHDOHPLЮFăULLIHPLQLVWHЮL
XQDGLQWUHFHOHPDLFXQRVFXWH
LQWHOHFWXDOHDPHULFDQH$VFULV
GRXă]HFLGHYROXPHGHSRH]LHЮLPDL
PXOWGHMXPăWDWHGHGX]LQăGH
YROXPHGHSUR]ă'RDUYROXPHOH
VDOHGHSRH]LHVDXYkQGXWvQ
DSURDSHGHH[HPSODUHSRWULYLW::1RUWRQ &RPSDQ\HGLWRUXOHLGHOD
PLMORFXODQLORU¶
7UDGXFHUL
ÌPLDUă܊LSRH]LLOHXQHLIHPHL
GHYkUVWDPHDVDXPDLWkQăUă
WUDGXVHGLQOLPEDWD
$QXPLWHFXYLQWHDSDUGX܈PDQ
FXSWRUvQWULVWDUH
VXQWGHDMXQVSHQWUXD܈WL
FăHVWHRIHPHLHDWLPSXOXLPHX
REVHGDW
GH'UDJRVWHVXELHFWXOQRVWUX
ODPFă܊ăUDWFDLHGHUDSH]LGXULOHQRDVWUH
ODPFRSWFDSHSkLQHDGLQFXSWRDUHOHQRDVWUH
ODPSXUWDWFDSOXPEXOSHJOH]QH
ODPSULYLWSULQELQRFOXGHSDUFă
HUDXQHOLFRSWHU
DGXFkQGKUDQăSHQWUXIRDPHWHDQRDVWUă
8QLYHUVDOLD
VDXVDWHOLWXO
XQHLSXWHULLQDPLFH
ÌQFHSVăRYăGSHIHPHLDDFHHD
IăFkQGOXFUXULYkQWXUkQGRUH]XO
FăOFkQGRIXVWă
EăWkQGX܈LODPD܈LQDGHVFULVSkQăvQ]RUL
PDQXVFULVXO
vQFHUFkQGVăVXQH
GLQWURFDELQăWHOHIRQLFă
7HOHIRQXOVXQăODQHVIkU܈LW
vQGRUPLWRUXOXQXLEăUEDW
܈LHDvODXGH]LFkQGDOWFXLYD
1XFRQWHD]ă2VăRERVHDVFă
vODXGHVSXQkQGSRYHVWHDHLVXURULLHL
FDUHGHYLQHGX܈PDQXOHL
܈LvQIHOXOHLDFHVWD
YDOXPLQDDOHLGUXPVSUHvQWULVWDUH
LJQRUkQGIDSWXOFăDFHVWIHOGHGXUHUH
HVWHLQXWLO
܈LSROLWLF
ÌQDFHDVWăVHDUăSRH]LDQXYDILGHIRORV
7HDPYă]XWPHUJkQGGHVFXO܊
SULYLQGvQGHOXQJ
SOHRDSDOXQLLQRL
܈LPDLWkU]LXGRUPLQGEX܈WHDQ
QXGvQSăUXOWăXvQWXQHFDW
DGRUPLWGDUQXQHSăVăWRU
ID܊ăGHFHLQHDGRUPL܊LQHGRUPLQG
GHRULXQGH
ÌQVHDUDDVWDFUHGFă
&RQWDQU
QLFLXQIHOSRH]LH
QXYDILGHIRORV
6LQWD[DFDSLWXOăULL
YHUEXOSLORWHD]ăDYLRQXO
DGYHUEXOPRGLILFăDF܊LXQHD
IRU܊DYHUEXOXLKUăQH܈WHVXEVWDQWLYXO
VFXIXQGăVXELHFWXO
VXEVWDQWLYXOVHVXIRFă
GH]RQRUDWYHUEXOFRQWLQXă
H[LVWăDGMHFWLYHODYkQ]DUH
DFXPIăGLDJUDPDJUDILFăDSURSR]L܊LHL
*DEULHO
1XH[LVWăvQJHUL܈LWRWX܈L
VRVH܈WHXQXO
FXFKLSXOXQXLEăUEDWWkQăU
vQWUHUXSkQGEH]QDGHSHSDUWHDvQWXQHFDWăDOXQLL
vQWRUFkQGXVHVSUHPLQH
܈L]LFkQG(XVXQW܈DUSHOH
SkUJXLWILDUD
FXFRO܊LGHIRF܈LLQLPă
EODMLQă
'DUQXvPLVSXQHDVWDPHVDMXOVăX
vLQăFOăLH܈WHWUXSXO
DUYUHDVăPăXFLGk
SHQWUXFăDPIRORVLWFXYLQWHSHQWUXDOQXPL
6WDXvQDSDUWDPHQWXOJRO
FLWLQG
FXYLQWHOHVHVFXUJ܈XYRLSHOkQJăPLQH
SRH]LH
8QLYHUVDOLD
UkXULDOHVHFROXOXL;;
VXSUDIH܊HWXOEXULUHIOHFWkQGQRULL
UHIOHFWkQGQHRQXOvQFUH܊LW
GDUvQIXQGDW܈LPDLDOHV
QLPLFXOUăPDVYLX
vQDGkQFXULOHORU
ÌQJHUXODELD
vPLPDLYRUEH܈WH
2GDWăvQWUXQFRUQGHOXPLQă
VWăWHDVDXHUDDOWFLQHYDDVHPHQLOXL
VDOXWkQGFXIUXQ]HGHDXU
FHGHSHEX]HLVHURVWRJROHDXGHVIăFkQGXVH
FDRSDQJOLFă
$VWă]LGLQQRXSăUXOvLFDGHvQYDOXUL
SkQăODXPHUL
RFKLLVăLUHIOHFWăFHYD
FDR܊DUăSLHUGXWăD܈DvPLvQFKLSXL
GDUSDQJOLFDVDVWUkQV
LDUHO
QXPDLVFRDWHYUHRWkPSHQLHSHJXUă
܈LQLFLQXDFFHSWăVăLVHVSXQă
QHSULYLPVXIHULQG
GHDOXQJXOFDPHUHLXQXOSHFHOăODOW
(VWHDGHYăUDWH[LVWăPRPHQWH
PDLDSURDSLDWHWRWPDLDSURSLDWHXQHOHGHFHOHODOWH
FkQGFXYLQWHOHvPLUăPkQvQJkW
ÄDUWDLXELULL´
ÄDUWDFXYLQWHORU´
$PvQ܊HOHVPHVDMXOWăX*DEULHO
PDLUăPkLvQVă
܊LQWLQGXPăFXSULYLUHD
vQFăRYUHPH
&RQWDQU
ÌQDFHLDQL
ÌQDFHLDQLRDPHQLLYRUVSXQH
DPSLHUGXWvQVHPQăWDWHD
FXYmQWXOXL³QRL³DFXYkQWXOXL³WX³
QHDPWUH]LWUHGX܈LOD³HX³
܈LWRWXODGHYHQLWSURVWHVFLURQLFWHULELO
vQFHUFDPVăQHWUăLPSURSULDYLD܊ă
܈LGDDFHHDHUDVLQJXUDYLD܊ă
DFăUHLPDUWRULSXWHDPvQGXUDVăILP
'DUPDULOH܈LQHJUHOHSăVăULDOHLVWRULHLDX܊LSDW
܈LVDXDYkQWDW
vQFOLPDQRDVWUăSHUVRQDOă
=EXUDXvQVSUHDOWHORFXULvQVăFLRFXULOH
܈LDULSLOHORU
OHDXFRQGXVGHDOXQJXO܊ăUPXOXL
SULQIXULLGHFHD܊ă
VSUHORFXOXQGHQRLVWăWHDPWUXID܈LVSXQkQG³(X³
0LHPL܈FDWăLQLPDGHWRWFHQXSRWYHGHD
0LHPL܈FDWăLQLPDGHWRWFHQXSRWVDOYD
DWkWGHPXOWDIRVWGLVWUXV
7UHEXLHVăPăDOăWXUFXWRWFHDPFHORUFDUH
JHQHUD܊LHGXSăJHQHUD܊LHIăUăVăDLEăSXWHUL
LH܈LWHGLQFRPXQUHFRQVWLWXLH
OXPHD
3HQWUXPRU܊L
$PYLVDWFăWHDPVXQDW
Văv܊LVSXQILLPDLEXQFXWLQHvQVX܊L
GDUHUDLEROQDY܈LQXDLUăVSXQV
8QLYHUVDOLD
5H]LGXXULOHLXELULLPHOHRDSXFăSHDFHDVWăFDOH
vQFHUFkQGVăWHVDOYH]HSHWLQHGHWLQH
ÌQWRWGHDXQDPDPJkQGLWODUăPă܈L܊DGHHQHUJLH
ODIHOXOvQFDUHDSDVHVFXUJHGHSHGHDO
PXOWWLPSGXSăFHSORLOHVDXRSULW
6DXODIRFXOGLQFDUHYUHLVăPHUJLODFXOFDUH
GDUGLQFDUHQXSR܊LLH܈LDU]kQGDSULJGDUIăUăVăVHFRQVXPH
FăUEXQLLUR܈LLPDLGUDVWLFLPDLFXULR܈L
vQVWUăOXFLUHDORUPDLPXULEXQ]LGHFkW
܊LDLGRULVăILH
UH]LVWkQGPXOWWLPSGXSăPLH]XOQRS܊LL
1RLHPEULH
'HVSXLDW
vQFHSLVăSOXWH܈WLOLEHU
vQVXVSULQIXPXOLQFHQGLLORUGHSăGXUH
܈LLQFLQHUDWRDUH
UDPXULOHIăUăIUXQ]HQXWHSRWRSUL
܈LQLFLUDGDUHOHQXWHSRWGHWHFWD
(܈WLFHHDFHWRDPQD܈WLDFăVHYDvQWkPSOD
GXSăXOWLPDSUăEX܈LUH
DFXORULORUSULPDUH
RGDWăFHXOWLPHOHDEVROXWXULDXIRVWVIk܈LDWHQ
PLFLEXFă܊HOH
DLSXWXWVăvQFHSL
&XPDLLH܈LW
FHWHD܊LQXWvQăXQWUXSkQă
vQDFHDVWăFOLSă
KDEDUQXDP
OLSVDPHDGHGRULQ܊ăGHD܈WLOXFUXULGHVSUHWLQH
PăXLPH܈WH
DFXPFăWHSULYHVF
vQFHSkQGVăWHGăUXLH܈WL
YkQWXOXL
&RQWDQU
$L2JDZDRFWRPEULHPDUWLH
DSXUWDWODQDЮWHUHQXPHOH)ORUHQFH
$QWKRQ\'DUPDLWkU]LXЮLODVFKLPEDWvQ
$LÄ$L´vQVHDPQăÄGUDJRVWH´vQOLPED
MDSRQH]ă2JDZD
$LDIRVWvQWRWGHDXQDRYRFHDSULJăЮLIăUă
FRPSURPLVXUL(VWHDXWRDUHDЮDSWHFăUаL
GHSRH]LHPHPRUDELOHЮLDFkЮWLJDW
$PHULFDQ%RRN$ZDUGSHQWUX3ăFDWvQ
ЮLSUHPLXO1DWLRQDO%RRN$ZDUG
SHQWUX9LFLXvQÌQFDOLWDWHGH
DVLVWHQWODFDWHGUDGHVFULHUHFUHDWLYăD
6RXWKZHVW7H[DV6WDWH8QLYHUVLW\
DFkЮWLJDWREXUVă8QLWHG
)HOORZVKLS)RUG$UWLVWvQ
2FăVQLFLHGHGRXă]HFLGHDQL
PăOD܈LVăD܈WHSWvQWUXQFDPLRQ
DFăUXLVLQJXUăURDWăEXQăVWăvQ܊HSHQLWăvQ܈DQ܊
vQWLPSFHWHSL܈LSHSDUWHDGLQVSUHVXGDXQXLFRSDF
JUăEH܈WHWH
vQVHDUDDVWDQXSRUWQLPLFSHVXEIXVWă
܈L܈WLXFăvQFăWHvQILHUEkQWăOXFUXODFHVWD
FDPLRQXOQXDUHIHUHVWUH
܈LVFDXQXORFRDSVăIDOVăGLQSLHOH
OLSLWăVWUkQVGHDPHDHVWHUHFH
SRUWDFHHD܈LPăULPHDPDFHOHD܈LIRUPH
FDDFXPGRXă]HFLGHDQL
LQWUăvQPLQHSRUQH܈WHPRWRUXO
YHLDYHDSXWHUHDYRLQ܊DGHDWHPL܈FD
HXYRLWUDJHWXYHLvPSLQJHQHYRPIDFHEXFă܊HOH
XQXOSHDOWXO
KDLLXELWXOHODVăPăSHVSDWH
SUHIăWHFăQXPLGDWRUH]LDEVROXWQLPLF
܈LSRDWHRVăQHFăUăPGHDLFL
OăVkQGWUHFXWXOVWLYHvQXUPDQRDVWUă
]LDUHYHFKLSHFDUHQLPHQLQXYDWUHEXLVăOHPDLFLWHDVFăYUHRGDWă
8QLYHUVDOLD
&XED
&kQGFRFR܈XOVDUHSHSHUYD]
܈L܈LvQWLQGHDULSLOHUR܈LLDXULL
PăWUH]HVFFUH]kQGFăLVRDUHOH
܈LVWULJkQGRSH-XDQLWDRDXGFXPUăVSXQGH
vQVăGRDUvQPLQWHDPHD
܇WLXFăHDIDUăGHMD
UXSkQGWUHVWLDDSURDSHGHUăGăFLQă
IRORVLQGGRDUSDOPHOHHLPDUL
ÌPLLDXPDFHUD܈LPHUJSULQODQXOGHWUHVWLH
SkQăFkQGRYăG]ăFkQGFXID܊DvQMRVvQQRURL
-XDQLWDPRDUWăvQWURGLPLQHD܊ăFDDVWD
5LGLFPDFHWD²
FHLDXGLQSăPkQWGDXvQDSRL²
܈LvLWDLSLFLRDUHOH
5LGLFWUXSXO܈LOGXFODYDJRQXO
vQFDUHvQFDUFWUHVWLDVRYkQGvQVDW
2ULFLQHVLPWHJXVWXOIHPHLLPHOHvQERPERDQDVD
SUăMLWXUDVD
VLPWHJXVWXODFHYDPDLGXOFHGHFkWDOWUHVWLHLăVWHLD
DFHVWFHYDHVWHMDOHD
'DFăPăQkQFLSUHDPXOWGLQHDYUHLPDLPXOW
QXWHSR܊LVăWXUDQLFLRGDWă
3X܈WRDLFD
6RUDPHDUăVXFH܈WHID܊DSăSX܈LLQQRURL
DSRLVHFD܊ăUăSULQIHUHDVWUDGHVFKLVăDFDPLRQHWHLvQăXQWUX
1LFLQXPăEDJăvQVHDPăFkQGPăSOLPEvQMXUXOVăX
ORYLQGFDXFLXFXULOHGH]XPIODWHFXXQGUXJGHILHU
%ăWUkQXOVWULJăODPLQHVăODMXWVăVWUkQJHPHFKLSD
GDUFRQWLQXLVăPăSOLPEvQMXUXOFDPLRQHWHLORYLQG܈LPDLWDUH
SkQăFvQGPăVWULJăPDPD
,DXRSLDWUăSHFDUHRDUXQFVSUHJHDPXOEXFăWăULHL
vQVăQXDMXQJHSvQăDFROR
&RQWDQU
9RFHDEăWUkQXOXLULFR܈HD]kGLQDHUFDRPLQJHGHFDXFLXF
3HVWHFDUHQXPLSRWULGLFDSLFLRUXO
6WDXOkQJăHOD܈WHSWkQGGDUQXHOSULYH܈WHGHDVXSUDVD
܈LHXVWUmQJPDLWDUHGUXJXOGHILHUvOULGLFvLFUDSFUDQLXO
0DPDDOHDUJăVSUHQRL5ăPkQQHPL܈FDWă
GDURORYHVFSHVWH܈LUDVSLQăULLGHvQGDWăFHVHDSOHDFăGHDVXSUDOXL
/DVGUXJXOVăFDGă܈LLDXSX܈FDGLQFDVă
7UDQGDILULLVXQWUR܈LLYLROHWHOHVXQWDOEDVWUH
XQJORQ܊SHQWUXFDOXOFHOQHJUXGRXăSHQWUXFHOURLE
0RUUHSHGH6FXLSOLPEDPLHvQVkQJHUDWă
0LDPPX܈FDWR,]EXFQHVFvQUkVvPLDPLQWHVFGHFHDGLQ
FDPLRQ
2VXUSULQGYUkQGVăVFDSHSHIHUHDVWUă7UDJ
3ăSX܈DVHSUăEX܈H܈WHODSăPkQWvPSUHXQăFXHD
2ULGLF܈LROHJăQvQEUD܊H
'D6XQW-DFNILXOOXL+RJDUWK
6XQWvQGHPkQDWLF6XQWLXWH
ÌQăXQWUXOFDVHLvPEUDFFHOPDLEXQFRVWXPDOEăWUkQXOXL
܈LSDQWRILLGLQSLHOHGHILUPk
3XQFăPD܈DGHQRDSWHIăFXWăGLQVDWLQDPDPHL
܈LSăSX܈DVXURULLPHOHvQYDOL]ă
$SRLLHV܈LWUDYHUVH]FkPSXOVSUHDXWRVWUDGk
$PSDLVSUH]HFHDQL6XQWXQYkQWFHQXYLQHGHQLFLXQGH
Ì܊LSRWIUkQJHLQLPD
)HPHLDFăWUHEăUEDW
)XOJHUXOORYH܈WHDFRSHUL܈XO
vQILJHFX܊LWXOvQWXQHFLPH
DGkQFvQSHUH܊L
6kQJHUHD]ăOXPLQăSHVWHQRL
܈LFKLSXOWăXIDQWDVWLFXOVHvPSăWXUH܈WH
DVWIHOvQFkWVăQXSRWYHGHDFkWGHIULFă
v܊LHVăILLFXPLQH
1XQHSRWULYLPQLFLPăFDUvQSDW
8QLYHUVDOLD
XQGHvQWRWGHDXQDDMXQJHP
1XHQHYRLHVăQHSUHIDFHP
WXH܈WL]ăSDGăHXFăUEXQH
DPUăQLOHFDUHVăGRYHGHDVFăDFHVWOXFUX
'DUGHVFKLGHJXUD
RVăWHIDFVăJX܈WLDWkWDQHJUX
FăQXYHLXLWDYUHRGDWă
3HQWUXRYUHPHvOYRLOăVDVăWHIDFăSXWHUQLF
Vă܊LIDFkLQLPDOHX
DSRLvOYRLOXDvQDSRL
.ULVWDOOQDFKW
(YUHLFDDUăPDVvQVSDWHOH
IHUHVWUHLPDJD]LQXOXLVăXFXSăOăULLGHGDPă
܈LQHDEOHVWHPDW
܈LSăUHDFăPDUHOHYkQW
DOELEOLHLHUDDFRORFXHD
SULQWUHEXFă܊LGHSkVOăSULQWUHSDLH܈LSHQH
/LPEDHLHUDXQ܈DUSH
0HGXVDvPLVSXQHDPvQJkQG
܈L܈WLDPFăRVăPăWUDQVIRUPHvQVWDQkGHSLDWUă
7UHEXLDVăRRSUHVF
9RFHDPHD܈LYRFLOH
DOWRUEXQLFHWă܊HQLDL%HUOLQXOXL
HUDXXQYDOQHJUXSOLQGHVWHOH
FDUHXUPDVăLLDSHVXVSHHYUHL
܈LVăLVXVSHQGHvQFăLQ܊ă܈LVWLFOăVSDUWă
$PDUXQFDWRSLDWUă܈LvQFăXQD
܈LDPUHDOL]DWFăHUDPVLQJXUă²
HUDVWLFOăVSDUWăSUHWXWLQGHQL
FKLDU܈LvQSăUXOPHX
LDUHYUHLFD]ăFHDODSLFLRDUHOHPHOHDYHDPVkQJHOHHLSHSDQWDORQLSH
FăPD܈ă
$PULGLFDWID܊DVSUHFHU
܈LEXFă܊LGHVWLFOkPLDXFă]XWvQRFKL
܈LVHVLP܊HDXFDDSDGRDUDSă
$QWRLQH&LQHYDPăFKHDPă$QWRLQH
&RQWDQU
SORXă+DLvQăXQWUX
0ăvQWRUF
LQWUkQGSULQIHUHDVWUă
XQGHHYUHLFDvQFăHQSLFLRDUH
܈LWUHFGHHD
VSUHORFXOXQGHWXVWDLDSOHFDW
GUDJRVWHDPHD
SHVWHWLSDUQL܊DGDWăFXFHUQHDOă
FXSHQVXODULGLFDWă
GHDVXSUD]LDUXOXLXQGHLGHRJUDPDMDSRQH]ă
FHvQVHDPQă5DLVHXVXFă
3ULYH܈WLvQVXV
8QLYHUVDOLD
$QQH*UD\+DUYH\FXQRVFXWăFD$QQH
6H[WRQHVWHXQDGLQWUHFHOHPDL
LPSRUWDQWHЮLPDLLQIOXHQWHVFULLWRDUH
DPHULFDQHDOHVHFROXOXL$GHEXWDWvQ
FXYROXPXOGHSRH]LH7R%HGODPDQG
3DUW:D\%DFN$FHVWXLDLDXXUPDWDOWH]HFH
YROXPHGLQWUHFDUHGRXăDSăUXWHSRVWXP
'XSăPRDUWHDVDDXIRVWSXEOLFDWHЮL$QQH
6H[WRQ$6HOI3RUWUDLWLQ/HWWHUVЮL
1R(YLO6WDU6HOHFWHG(VVD\V,QWHUYLHZV
DQG3URVH$FkЮWLJDWQXPHURDVH
SUHPLLSULQWUHFDUH3UHPLXO3XOLW]HUvQ
SHQWUXYROXPXO/LYHRU'LH
9RLQGVăPRU
'DFăWRWvQWUHELFHOHPDLPXOWHGLQWUH]LOHQXPLOHSRWDPLQWL
0HUJvQSURSULLOHKDLQHIăUăFDDFHVWHDVăSRDUWHXUPHDOHFăOăWRULHL
$SRLDSURDSHLPSRVLELODGHQXPLWYROXSWDWHVHvQWRDUFH
1LFLFKLDUDWXQFLQXDPQLPLFvPSRWULYDYLH܊LL
܇WLXIRDUWHELQHILUHOHGHLDUEăGHVSUHFDUHYRUEH܈WL
PRELODSHFDUHDLD܈H]DWRvQEăWDLDVRDUHOXL
'DUVLQXFLJD܈LLDXXQOLPEDMVSHFLDO
&DWkPSODULLFHYRUVă܈WLH³FDUHXQHDOWă³
1LFLRGDWăQXQWUHDEă³GHFHFRQVWUXLH܈WL³
'HGRXăRULPLDPGHFODUDWDWkWGHVLPSOX
DPSRVHGDWLQDPLFXOPkQFDWLQDPLFXO
DPOXDWFRQWUROXODVXSUDPH܈WH܈XJXOXLPDJLHLVDOH
ÌQIHOXODFHVWDJUHX܈LFKLE]XLW
PDLFDOGGHFkWXOHLXOVDXDSD
0DPRGLKQLWVDOLYkQGvQFRO܊XOJXULL
1XPDPJkQGLWODWUXSXOPHXvQYkUIXODFXOXL
&KLDU܈LFRUQHHD܈LXULQDFDUHPDLUăPăVHVHGLVSăUXVHUă
&RQWDQU
6LQXFLJD܈LLv܈LWUăGDVHUăGHMDWUXSXO
1ăVFX܊LIăUăVXIODUHQXvQWRWGHDXQDPRU
GDUDPH܊L܊LQXSRWXLWDXQGURJDWkWGHGXOFH
ODFDUH܈LFRSLLLVDUXLWD܈LDU]kPEL
6ăvQGH܈LWRDWăDFHDYLD܊ăVXEOLPEă
OXFUXODFHVWDvQVLQHGHYLQHRSDWLPă
$LVSXQHFăPRDUWHDLXQRVWULVWUăQLW
܈LFXWRDWHDVWHDPăD܈WHDSWăDQGXSăDQ
UDQăDWkWGHGHOLFDWăQHYLQGHFDWk܈LYHFKH
VăPLL]EăYHDVFkVXIODUHDGLQUHDXDQFKLVRDUH
&XPYDHFKLOLEUD܊LDFRORXQHRULVLQXFLJD܈LLVHvQWvOQHVF
vQQHEXQLQGODYHGHUHDXQXLIUXFWXQHLOXQLVXSUDGLPHQVLRQDWH
UHQXQ܊kQGODSkLQHDSHFDUHRFUH]XVHUăVăUXW
OăVkQGQHSăVăWRULSDJLQLOHFăU܊LLGHVFKLVH
FHYDQHURVWLWUHFHSWRUXOMRVGLQIXUFă
܈LGUDJRVWHDVDXFHRILIRVWRLQIHF܊LH
'RFWRUXOLQLPLL
0DLODVăPăFXúWLLQĠDWD+HUU'RNWRU
1XPăIDFHVăPăVLPWPDLELQH
ÌPLVSXLFăDPLQLPDEROQDYăGHSDUFă܊LDUSOăFHD
$UWUHEXLVăDLPDLPXOWUHVSHFW
WXFXYHQWX]HOHWDOHOLSLFLRDVH
7XFXFDEOXULOHúLHOHFWUR]LLWăL
OHJD܊LvQMXUXOJOH]QHORUúLvQFKHLHWXULORUPHOH
VXJkQGDFHVWSLHSWELRORJLF
WXFXPD܈LQăULDWDFX]LJ]DJXUL
XUFkQGúLFRERUkQGFDXQJUDILFGHEXUVă
8QLYHUVDOLD
'ăPLFKHLD3KL%HWDSHFDUHRWRWUăVXFH܈WL
úLRVăPLIDFFRURDQăGHDXUSHQWUXXQPRODU
'DFăGRUH܈WLRVăLDXXQPHOF
úLRVăPLFRQIHFĠLRQH]XQDSHQGLFHQXPDLEXQ
2IHUăPLRXQJKLHSHQWUXXQRFKLGHVWLFOă
/XPHDDIRVWGLQWRWGHDXQDOăSWRDVă
2VăLDXXQILHUGHFăOFDWVLRVăSUHVH]DSăVDW
KHUQLDSvQăFkQGGLVFXOYHUWHEUDOGHYLQHSODW
'DUWXLDFXPkQDFDUFLQRPXOPDPHL
SHQWUXFăPDLDPRVLQJXUăFXSăFXODFULPLGHIHWXV
9LQGHFăLWDWHLKHPRUDJLDFHUHEUDOă
SHQWUXFăPDLDPGRDUXQIODFRQFXVkQJHvQPkQă
9LQGHFăLVXURULLPHOHJkWXOUXSW
SHQWUXFăHXDPGRDURULJOăFDOHDF
([LVWăRDUHXQDVHPHQHDGLVSR]LWLYSHQWUXLQLPDPHD"
(XDPGRDUDFHVWPHFDQLVPQXPLWGHJHWHPDJLFH
/DVăPăVăFUHVFFDRGDWRULHXUkWă
8LWHXQEXUHWH1XOSRWVWRDUFHVLQJXUă
2LQLPăLQLPăGHWXWXQUR܈X
FXULWPGHFKLWDUăHOHFWULFă
6XQWODSURSUDQDYHL
1XPDLVXQWVLQXFLJDúD
FXSOXWDúLYkVOHOHHL
+HUU'RNWRU(XQXYRLPDLPXUL
FDVăWHGHVILGRPJUHRLFHDELDWHWkUă܈WL
ILLQ܊ăFXSLFLRDUHOHvQILSWHQUăXGHPDUH
&RQWDQU
%DODGDRQDQLVWHLVLQJXUDWLFH
6IkU܈LWXOXQHLDYHQWXULSDVLRQDOHHVWHvQWRWGHDXQDPRDUWHD
(DHVWHDWHOLHUXOPHXGHOXFUX2FKLDOXQHFRV
LH܈LWăGLQWULEXOILLQ܊HLPHOHUHVSLUD܊LDPHD
WHJăWH܈WHSOHFDWÌLvQJUR]HVF
SHFHLFDUHUăPkQDOăWXUL6XQWVăWXOă
1RDSWHDVLQJXUăLDXvQFăVăWRULHSDWXO
'HJHWFXGHJHWDFXPHDPHD
1XHIRDUWHGHSDUWH(DHFRQIOLFWXOPHX
2ORYHVFFDSHXQFORSRW0ăSULSRQHVF
vQXPEUDUXQGHREL܈QXLDLVăRFăOăUH܈WL
0DLFk܈WLJDWSHSDWXOGHIORUL
1RDSWHDVLQJXUăLDXvQFăVăWRULHSDWXO
,DGHH[HPSOXDFHDVWăQRDSWHGUDJRVWHDPHD
SHFDUHILHFDUHFXSOXvQSDUWHRIDFHVăH[LVWH
FXRvQFKHLHWXUăUăVXFLWăGHGHVXEWGHDVXSUD
DEXQGHQ܊DORUSHEXUHWH܈LSDQă
vQJHQXQFKLQG܈LvPSLQJkQGFDSOkQJăFDS
1RDSWHDVLQJXUăLDXvQFăVăWRULHSDWXO
ÌQIHOXODFHVWDHYDGH]GLQWUXSXOPHX
XQPLUDFROHQHUYDQW$܈SXWHD
VăDUăWDFHVWVHPQGHSURVSHULWDWHWXWXURU"
$PEUD܊HOH܈LPkLQLOHGHVIăFXWH0ăFUXFLILF
0LFX܊DPHDSUXQăD܈DPLDLVSXV
1RDSWHDVLQJXUăLDXvQFăVăWRULHSDWXO
$SRLDVRVLWULYDOXOPHXFXRFKLXOYkQăW
'RDPQDGHDSăULGLFkQGSHSODMă
XQSLDQVXEYkUIXOGHJHWHORUVDOHSăFDW
GHEX]HOHVDOHGHFkQWHFXOXQXLIODXW
,DUHXvQVFKLPEDPGHYHQLWPăWXUăGHFUăFL
1RDSWHDVLQJXUăLDXvQFăVăWRULHSDWXO
8QLYHUVDOLD
$OXDWFHLDRIHPHLH
RURFKLHGHFKLOLSLUGHSHUDIW
LDUHXDPFUăSDWD܈DFXPFUDSăRSLDWUă
Ì܊LvQDSRLH]FăU܊LOH܈LXQHOWHOHGHSHVFXLW
=LDUXOGHDVWă]LVSXQHFăH܈WLvQVXUDW
1RDSWHDVLQJXUăLDXvQFăVăWRULHSDWXO
)HWHOH܈LEăLH܊LLVXQWRVLQJXUăILLQ܊ăDVWăQRDSWH
'HVIDFQDVWXULLEOX]HORU'HVFKLGIHUPRDUH
Ì܈LVFRWSDQWRILLÌQFKLGOXPLQD
&UHDWXULOHVFOLSLWRDUHVXQWSOLQHGHPLQFLXQL
6HPăQvQFăvQWUHHOH6XQWPDLPXOWGHFkWVăWXOH
1RDSWHDVLQJXUăLDXvQFăVăWRULHSDWXO
$UWă1HDJUă
)HPHLDFDUHVFULHVLPWHSUHDPXOWH
DUHWRDWHDFHOHWUDQVH܈LSUHVLP܊LUL
'HSDUFăFLFOXULOH܈LFRSLLL܈LLQVXOHOH
QXDUILGHDMXQVGHSDUFăMHOLWRULL܈LEkUIHOH
܈LOHJXPHOHQDUILQLFLRGDWăVXILFLHQWH
(DFUHGHFăSRDWHDYHUWL]DVWHOHOH
2VFULLWRDUHHVWHHVHQ܊LDOPHQWHRVSLRDQă
'UDJăGUDJRVWHHXVXQWDFHDIDWă
5LVFXO
&kQGRILLFăvQFHDUFăVăv܈LLDYLD܊D
܈LFR܈XOGHIXPVHSUăEX܈H܈WHFDXQEH܊LY
܈LFă܊HDXDv܈LURDGHFRDGD
܈LEXFăWăULD܈LDUXQFăvQDHUFHDLQLFXOOXFLWRU
܈LDVSLUDWRUXOv܈LvQJKLWHVDFXO
܈LYHFHXOVHFXUă܊ăFXSURSULLOHLODFULPL
܈LFkQWDUHOHGLQEDLHFkQWăUHVFIDQWRPD
EXQLFLL܈LIHUHVWUHOH
DFHOHD܈FKLLGHFHULHVvQDIDUăFDYDSRDUHOHQODUJ
܈LLDUEDVHURVWRJROH܈WHSHDOHHDGLQID܊DJDUDMXOXL
܈LPDPD]DFHD܈H]DWăSHSDWXOVăXQXS܊LDO
&RQWDQU
܈L܈LvQIXOHFăLQLPDFDSHGRXăRXă
$PLUL%DUDND3RHWVFULLWRUSURIHVRUЮLDFWLYLVW
SROLWLF(YHUHWW/H5RL-RQHVFXQRVFXWFD$PLUL
%DUDNDVDQăVFXWvQDQXOvQ1HZDUN1HZ
-HUVH\$XUPDWFXUVXULOHXQLYHUVLWăаLORU5XJHUVЮL
+RZDUGDSHWUHFXWWUHLDQLvQ)RUаHOH$HULHQHDOH
6WDWHORU8QLWHGXSăFDUHVDvQWRUVOD1HZ<RUN
SHQWUXDVWXGLDOD8QLYHUVLWDWHD&ROXPELDЮL1HZ
6FKRROIRU6RFLDO5HVHDUFK%DUDNDDIRVWELQH
FXQRVFXWSHQWUXFULWLFDVDVRFLDOăGUDVWLFăVFULLQG
DGHVHDvQWUXQVWLOLQFHQGLDU'HDOXQJXOFDULHUHLD
IRORVLWIHOXOvQFDUHVFULDHVHXULSRH]LHILFаLXQH
SHQWUXDFRQIUXQWDvQPRGGLUHFWGLIHUHQаHOHGH
LGHRORJLHGLQWUHDOELЮLDIURDPHULFDQLSHQWUXDЮRFD
ЮLDSHQWUXSXQHvQGLVFXаLHSUHRFXSăULOHSROLWLFHDOHDIURDPHULFDQLORU7LPSGH]HFLGH
DQL%DUDNDDIRVWXQDGLQWUHFHOHPDLSURHPLQHQWHYRFLGLQOXPHDOLWHUDWXULLDPHULFDQH
3R]LаLDSROLWLFăDOXL%DUDNDVDVFKLPEDWGHPDLPXOWHRULvPSăUаLQGDVWIHORSHUDVDvQ
SHULRDGHFDPHPEUXDODYDQJDUGHLGLQDQLL%DUDNDSXEOLFDVXEQXPHOHGH/HURL
-RQHVvQDFHDVWăSHULRDGăDIRVWDVRFLDWFXSRHаL%HDWFXPVvQW$OOHQ*LQVEHUJЮL-DFN
.HURXDFvQDQLL
VDPXWDWvQ+DUOHPЮLDGHYHQLWDFWLYLVWSHQWUXGUHSWXULOHDIUR
DPHULFDQLORUvQDQLL
DIRVWLPSOLFDWvQPLЮFăULGHUHYROWăGLQOXPHDDWUHLDЮL
LGHQWLILFDWFDPDU[LVW0DLUHFHQW%DUDNDDIRVWDFX]DWGHDQWLVHPLWLVPSHQWUXSRH]LDVD
³6RPHERG\%OHZXS$PHULFD´VFULVăFDUăVSXQVODDWDFXULOHGLQVHSWHPEULHDXSUD
WXUQXULORU:RUOG7UDGH&HQWHU6DVWLQVGLQYLDаăSHLDQXDULHvQ1HZDUN1HZ
-HUVH\
0LQFLQRVXO
&HDPFUH]XWFăvQLQWHULRUXOPHX
HUDGUDJRVWHDPDIODWvQRPLHGHFOLSH
PDLWkU]LXFăHUDIULFă'HXPEUD
FRSDFXOXLvQFROăFLWăvQMXUXOVFDXQXOXL
GHRPX]LFăvQGHSăUWDWă
GHSăVăULvQJKH܊DWH
]ăQJăQLQGvQIULJXOGHDIDUă
2ULXQGHPăGXFVăvPLUHYHQGLF
FDUQHDH[LVWăFăLGHDFFHV
DOHVSLULWXOXL܇LFKLDUGDFăPkQJkLHULOHVDOH
VXQWJURWH܈WL
IRORVH܈WHFRQVWUkQJHULOHHXOXL
VăvQ܊HOHDJă
8QLYHUVDOLD
$PFUH]XWFăVXQWXQEăUEDW
FXRYRFHSXWHUQLFă
vQFăGHODQD܈WHUHDIHOXOXL
VăXGHDILÌQPRGSXEOLFUHGHILQLQG
ILHFDUHVFKLPEDUHvQVXIOHWXOPHX
FD܈LFkQGOHD܈ILSUH]LV
܈LSURILWDWELEOLFFKLDUGDFăDOORUFkQWHF
DUILFkQWăULWDUIL܈WHUVIDPLOLDUXO
GLQDLQWHDPHD2vQWUHEDUHFUHG
XQUăVSXQVRULFHDOWFHYDDUILOXFUXOFDUHVWă
܈LQXPăUăPLQXWHOH
SvQăFkQGPRUL
&kQGHLVSXQ³5RLHFHOFDUH
DPXULW³0ăvQWUHE
ODFLQHVHUHIHUă"
=LXDGHOXQLvQ5HPDMRU
3RWVăPăURJ
vQWUHDJD]L
úL'XPQH]HX
QRVăYLQă
'DUGDFăVXQ
ODOLQLDHURWLFă
'LDYROXOvQSHUVRDQă
YDILDLFL
vQWUXQPLQXW
2FKLGH܈DUSH
$FHDIRU܊ăFDUHPDPRGHODW
HVWHSLHUGXWăHSXL]DWă
FDLPDJLQHSRQRVLWăXQOXFUXPDURQLX
OXDWGHSHVWUă]LOH
&RQWDQU
GHXQGH܈LDWUDVVHYD
YLH܊LLVDOHEODMLQH
܇LFHHVWHPHQLW
VăIDFăGHHVWHvPSLQVFăWUHSURSULXOVIkU܈LW
GHFXYLQWH"&HOHPDLIUDJLOHJHVWXUL
FUHVFXWHFDIXVWHOHFHVXIRFăUHVSLUD܊LD
1HDVXPăPULVFXULSăJkQH
VăGHPRQVWUăPFăVXQWHP
FHHDFHQXSXWHPIL'HH[HPSOX
(XQXVXQWQLFLPăFDUQHEXQ
,QFLGHQW
(ODYHQLW܈LDWUDV/DvPSX܈FDW&kQGVDvQWRUV
HODWUDV܈LHODFă]XWvPSOHWLFLQGXVHSHOkQJă
SăGXUHDGHXPEUăODSăPkQWvPSX܈FDWPXULEXQG
PRUWvQ܊HSHQLWGHDELQHOHD
/DSăPkQWVkQJHUkQGvPSX܈FDWPRUWDO$PXULW
GXSăFăGHUHJORQ܊XOvQSOLQăYLWH]ăLDVIkUWHFDWID܊D
LDUVkQJHOHDIRVWvPSUR܈FDWvQMHWXULGHOLFDWHSHVWH
XFLJD܈܈LOXPLQDFHQX܈LH
)RWRJUDILLDOHPRUWXOXLVXQWSHVWHWRW
,DUVSLULWXOVăXDEVRDUEHOXPLQD'DUHODPXULW
vQWUXQvQWXQHULFPDLvQWXQHFDWGHFkW
VXIOHWXOVăX܈LWRWXOVDUăVWXUQDWRUELWRU
vQWLPSFHPXUHD
SHVFăUL
1X܈WLPSUHDPXOWHGHVSUHDVDVLQ
FXH[FHS܊LDIDSWXOXLFăVDvQWRUVGHXQGHYD
VăIDFăFHDIăFXW܇LDWUDVRVLQJXUDGDWă
vQSULYLUHDYLFWLPHLVDOH܈LDSOHFDWGHvQGDWă
8QLYHUVDOLD
FHVkQJHOHDvQFHSXWVăFXUJă܇WLP
FăFULPLQDOXOHUDSULFHSXWUDSLG܈LVLOHQ܊LRV܈LFă
YLFWLPDSUREDELOvOFXQR܈WHD$OWFHYDvQDIDUăGH
PXWUDDFUăDPRUWXOXL܈LGHUăFHDODvQFOH܈WăULL
GLQPkLQLOH܈LGHJHWHOHVDOHQRLQX܈WLPQLPLFPDLPXOW
&DRSRVLELOăDPDQWă
([HUVHD]ă
OLQL܈WHDFDOHDYkQWXOXL
VSXOEHUkQG
DFDOPLDVDWLPSXULH'LQGLPLQHD܊DUHFH
܈LSkQăQRDSWHDQHGHSODVăPDJDOH
IăUăVăQHJkQGLPOD
QRLvQ܈LQH2ULFkWQHDPJkQGL
vQVHDUDDVWDQXYRPDMXQJH
ODQLFLRFRQFOX]LH&HH܈WL
QXYDDYHDQLFLRFHUWLWXGLQHVDX
VIkU܈LW9HLUăPkQHXQGHH܈WL
XQPăQXQFKLXPDQIUDJLO
GHYLD܊ă$K«
H[HUVHD]ă
VROLWXGLQHD
FDYLUWXWH2DSDUHQ܊ă
GHFDUHHQHYRLH
VăSăVWUH]L
FHDL
FHHDFHQLFLRGDWă
FXDGHYăUDW
QXDLDYXW
&RQWDQU
0R܈WHQLUH
3HQWUXRDPHQLLEOXHVXOXL
ÌQVXGGRUPLQGVSULMLQLW
GHSHUH܊LLIDUPDFLLORUPRUPăLQGVXE
FDPLRDQH܈LVREHvPSLHGLFDW
SULQWUH܈LSHVWHRFKLLvQJUăPăGL܊L
DLQRS܊LLYUHPHOQLFHPLVWHULRDVH%H܊LY
vQFUXQWDWIăFkQGVHPQHPL܈FkQGRPkQăRJHDQă
'DQVkQGvQJHQXQFKLQGOăVkQG
RPkQăVăVHVHRGLKQHDVFăvQXPEUH/ăVkQGXVH
SHYLQHVăEHDVDXVăVHSL܈HÌQWLQ]kQGXVH
XUFkQGXVHFXJUHXWDWHSHFDLDFRORXQGH
DH[LVWDWRPDUHYHFKLOHFkQWHFH
WHIăFHDXVăFUH]LDVWD3OHFkQGFăODUH
GLQDFHVWRUD܈vQVSUHDOWXOXQGHWRWRPGHFXORDUHUăPkQH
ÌQMRVSHXQGUXPXQGHRDPHQLLGRUP&ăWUH
OXQăVDXVSUHXPEHOHFDVHORU
ÌQVSUHFkQWHFHOHPăULLvQFKLSXLWH
8QLYHUVDOLD
%HQ/HUQHUHVWHXQSRHWURPDQFLHUЮLFULWLF
DPHULFDQ$IRVWGLVWLQVFXSUHPLXO+D\GHQ
&DUUXWKSHQWUXFDUWHDVDGHVRQHWH7KH
/LFKWHQEHUJ)LJXUHVÌQ/LEUDU\-RXUQDOD
QXPLWYROXPXOVăXFDILLQGXQXOGLQWUHFHOHPDL
EXQHGRXăVSUH]HFHGHSRH]LHSXEOLFDWHvQDFHODQ
$FHVWDDEHQHILFLDWЮLGHRWUDGXFHUHLQOLPED
JHUPDQăvQDVWIHOFăDSULPLWÄ3UHLVGHU
6WDGW0QVWHUIULQWHUQDWLRQDOH3RHVLH´vQ
/HUQHUGHYHQLQGSULPXODPHULFDQFDUHDSULPLW
DFHVWSUHPLX
>3HUVSHFWLYDSăVăULL@
3HUVSHFWLYDSăVăULLDVFXQVăHLvQVă܈L
$FRSHUăPăVSXQHVROGDWXOGHSHHFUDQ2VăDWDF
$YHPGLVSRQLELOLWDWHDGHDILFRQYLQ܈LGDUFDUHVXQW
OXFUXULOHLQOHJăWXUăFXFDUHSXWHPILFRQYLQ܈L"
ùLGHFăWUHFLQH"
3XEOLFXOHVWHRJURDSăLSRWHWLFă
XQWăUkPDOGLVSDUL܊LHL
GLQFDUHH[SORGHD]ăPDWHULHFHOHVWă
&UHGFDSRWYRUELXQQXPHOHWXWXURU
v܈LvQFHSHGLVFXUVXOSUH܈HGLQWHOH
FkQGURVWHVFIDLPRDVHOHXOWLPHFXYLQWH
>3UHGLFWLELOLWDWHDFHVWRUvQFăSHUL@
3UHGLFWLELOLWDWHDFHVWRUvQFăSHULHVWH
LQWUXQVLQJXUFXYkQWVSOHQGLGă
$FHVWHFDPHUHvQWUXQFXYkQW
/XQDHVWHSUHGLFWLELOGHVSOHQGLGă
D܈DFXPHVWHLPDJLQHDOXQLL
Yă]XWăSULQFXYkQW
6LFXWRDWHDFHVWHDQRLQHD܈WHSWDPODPDLSX܊LQ
0DLSX܊LQVSD܊LXPDLSX܊LQăOXPLQă
6SHUDPVăSOăWLPPDLPXOWVăILPIăFX܊L
VăSOăWLPvQSXEOLF
&RQWDQU
1HGRULPRWRQDOLWDWHSODWăDIHFWDWă
8QVHPQFDUHVăQHVSXQăQXOăVD܊LFkLQLL
VăLQWUHSHLDUEă
3ODIRQXOGHVWLFOăHVWHVXSHUE
(IăFXWGLQVWLFOă"
1XDP]LVVWLFOă
>(OHJLDOLEHUWă܊LLQHEXQH@
([LVWăFRSLLUăPD܈LvQIRPHWD܊LLQIDUIXULDWD
([LVWăUăQLIăUăFUHLHU
0XQFLWRULLHPLJUDQ܊LSHWUHFGHRUHSH]L
vQGHSăUWkQGVHPLQ܊HPLQXVFXOHGLQDPHVWHFXUL
SHFDUHQX܈LSHUPLWVăOHIXPH]H
VXSHFDUHQXv܈LSHUPLWVăQXOHIXPH]H
1D܊LXQLvQWUHJLKDEDUQXDXGHVSUHOXFUXULOHFDUH
VWDXODED]DHSLOăULL܈LGHDFHHDLDXLQQXPHGHUăX
HIRUWXULOHQRDVWUHGHDvQGHSăUWDRDUXOQHYă]XW
GLQ]RQHOHFXSUREOHPH
,QFDUFHUDUHDPăUH܈WHVSHUDQ܊DGHYLD܊ă
'HVăYkU܈L܊LYăFRSLLL$GRSWD܊LROH]LXQH
0DGXFSkQăODPD܈LQă&kQGPDvQWRUF
RVăvPSX܈FSHWRDWăOXPHD
>UkQGRPLVLQPHPRULDOXL@
GLQWUHDQLPDOHOHGLQDGăSRVWXULYRUILHXWDQDVLDWH
GLQWUHDQLPDOHOHGLQDGăSRVWXULDUIXHXWDQDVLDWH
GDFăOLVDURIHULSRVLELOLWDWHDVăDOHDJă
0LQWHDSRDWHILDQWUHQDWă
VăVHGHVFDUFHSHKkUWLH2SDVWLOăSHQWUX
VLJXUDQ܊DWDRSDVWLOăSHQWUXSOăFHUHDHL
9HFLQLLVHVLPWGHUDQMD܊LGHUkVXOvQKRKRWH
GDWQX܈LGHSOkQVXOvQKRKRWH
3ULQWUHFHLFRQGDPQD܊LSHYLD܊ă
MRFXULOHSHQHWPXOWLSOD\HUFXLQIHF܊LL]RPEL
VXQWODPDUHFăXWDUH
/XPHDHVWHXQFD]UDUGHDVLPHWULHVHOHFWLYă
8QLYHUVDOLD
&DSLWROXODUHPLURVGHFăOXJăULQFHQGLDW
0ăGXFSkQăODPD܈LQă&kQGPăvQWRUF
RVăvPSX܈FSHWRDWăOXPHD
>UkQGRPLVLQPHPRULDOXL@
([LVWăGRXăIHOXULGHRDPHQLLQDFHDVWăOXPH
FHLFDUHVSXQGHVSUHSDUFăULFăVXQWQL܈WH
PRQVWUXR]LWă܊L
UXLQHOHXQHLOXPLGHYDVWDWH܈LFHLFDUHUăVSXQG
PDLHVWXR]LWă܊LLORUHPR܊LRQDO
GLQXVFDWXOSODQHWHLHVWHDFRSHULWGHSDUFăUL
GLQWUXSXOXQXLRPHVWHORFGHSDUFDW
3DUWLFXOHGHSDUFDUHDXIRVWGHVFRSHULWH
SHSDUWHDvQWXQHFDWăDOXQLL
([LVWăWHURDUHLQVXEOLPLWDWH
'DFăDPHULFDQLLH[SHULPHQWHD]ăVXEOLPLWDWHD
WHURUL܈WLLDXFk܈WLJDW
0ăGXFSkQăODPD܈LQă&kQGPăvQWRUF
RVăvPSX܈FSHWRDWăOXPHD
>UkQGRPLVvQPHPRULDOXL@
.RDQ+HDG
)DF
WRWFHSRWVăvQYă܊
VăQXPăPDLJkQGHVF%HQ
1X
VăQXJkQGHVF
DVFXOWăFXDWHQ܊LH
FLPDLGHJUDEă
VăvQ܊HOHJ
PRWLYXO
6SXQ
*kQGHVF
GDUQX
0DLSXQODLQLPă
&RQWDQU
%LOO\&ROOLQVQăVFXWODPDUWLH1HZ<RUN
68$HVWHXQSRHWDPHULFDQDFăUXLSRH]LH
QHRELЮQXLWGHDFFHVLELOăFDUDFWHUL]DWăGHXQOLPEDM
VLPSOXXPRUEOkQGЮLFRQWLQXăDWHQаLHSHQWUX
FRWLGLDQDIăFXWGLQDFHVWDXQXOGLQWUHFHLPDL
SRSXODULSRHаLGLQ6WDWHOH8QLWH
8QPRWLYvQSOXVSHQWUXFDUHQX܊LQRDUPăvQFDVă
&kLQHOHYHFLQLORUQXVHRSUH܈WHGLQOăWUDW
/DWUăDVFX܊LWVLULWPDW
D܈DFXPRIDFHGHILHFDUHGDWăFkQGDFH܈WLD
SOHDFăGHDFDVă
$UWUHEXLVăvORSUHDVFăFDSHDSDUDWHOHFWURQLF
vQGUXPXOORUVSUHLH܈LUH
&kLQHOHYHFLQLORUQXVHRSUH܈WHGLQOăWUDW
ÌQFKLGWRDWHIHUHVWUHOHFDVHL
܈LSXQRVLPIRQLHDOXL%HHWKRYHQFXVRQRUXOOD
PD[LP
GDUvQFăLOSRWDX]LDFRSHULWGHPX]LFă
OăWUkQGOăWUkQGOăWUkQG
LDUDFXPvOSRWYHGHDVWkQGvQWUHPHPEULLRUFKHVWUHL
FXFDSXOULGLFDW܈LvQFUH]ăWRUGHSDUFă%HHWKRYHQ
DLQFOXVvQRSHUDVDRSDUWH܈LSHQWUXOăWUDWXOVăX
&kQGPHORGLDVHVIkU܈H܈WHHOFRQWLQXăVăODWUH
VWkQGODVHF܊LXQHDSHQWUXLQVWUXPHQWHGHVXIODW
FXRFKLL܊LQWăODGLULMRUXOFDUH
vOFRQGXFHSULQWUHQRWHFXEDJKHWDVD
8QLYHUVDOLD
vQWLPSFHFHLODO܊LPX]LFLHQLDVFXOWăvQWUROLQL܈WH
UHVSHFWXRDVă
IDLPRVXOVRORGHOăWUăWXUL
DFHOQHVIkU܈LWVHJPHQWPX]LFDOFDUHDIăFXW
GLQ%HHWKRYHQXQJHQLXPX]LFDOLQRYDWRU
,QWURGXFHUHvQSRH]LH
/HFHUVăLDXQSRHP
܈LVăvO܊LQăVXVLQGUHSWXOOXPLQLL
FDSHXQGLDSR]LWLYFRORU
VDXVăSXQăRXUHFKHSHFXWLDVD
9ăvQGHPQOăVD܊LVăFDGăXQ܈RDUHFHvQWUXQSRHP
܈LSULYL܊LOFXPv܈LFDXWăLH܈LUHD
VDXLQWUD܊LvQvQFăSHUHDSRHPXOXL
܈LEkMEkL܊LSHUH܊LLvQFăXWDUHDXQXLvQWUHUXSăWRU
9UHDXFDHLVăVFKLH]HSHVXSUDID܊DSRHPXOXL
FDSHDSă
IăFkQGFXPkQDVSUHQXPHOHDXWRUXOXLDIODWSH܊ăUP
'DUWRWFHYRUVăIDFă
HVWHVăOHJHIHGHOH܈SRHPXOGHXQVFDXQ
܈LVăvOWRUWXUH]HSkQăPăUWXULVH܈WHFHYD
ÌQFHSSULQDOORYLFXXQIXUWXQ
VăDIOHFHvQVHDPQăHOFXDGHYăUDW
ÌQWkLD]LFX]ăSDGă
1HDPWUH]LWvQSOLQăUHYROX܊LHD]ăSH]LL
VWHDJXOHLDOEIOXWXUăSHVWHWRDWH
SHLVDMXODGLVSăUXW
QLFLPăFDUXQ܈RDUHFHQXSXQHvQHYLGHQ܊ăJROXO
܈LGXSăDFHVWHIHUHVWUH
&RQWDQU
FOăGLULOHJXYHUQDPHQWDOHVXQWvQJURSDWH
܈FROLOH܈LELEOLRWHFLOHvQJURSDWHSR܈WDVDGXV
VXEQăPH܊LLWăFX܊L
FDOHDIHUDWăGHOLFDWEORFDWă
OXPHDDFă]XWvQXLWDUH
ÌQFXUkQGRVăPLSXQFL]PHOH
܈LYRLSă܈LDIDUăFDSHDSă
FkLQHOHPHXYDIDFHVDOWXULFDXQGHOILQ
LDUHXRVăVFXWXURFUHDQJăvQFăUFDWă
XQGX܈UHFHSHVWHDPkQGRL
'HRFDPGDWăVXQWXQSUL]RQLHUGHEXQăYRLHDOFDVHL
XQSDUWL]DQDOFDX]HLDQDUKLVWHD]ăSH]LL
RVăPLIDFXQFHDL
܈LRVăDVFXOW܈WLULOHODUDGLRXOGHSODVWLFGLQEXFăWăULH
EXFXURVFDWRDWăOXPHDFă
.LGGLH&RUQHU6FKRROVDvQFKLV
'LQJ'RQJ6FKRROVDvQFKLV
$OO$ERDUG&KLOGUHQ¶V6FKRROVDvQFKLV
+L+R1XUVHU\6FKRROVDvQFKLV
vPSUHXQăFX±܈L܈WLXSHXQLLIHULFL܊LVăDXGăDVWD
7RDGVWRRO6FKRRO/LWWOH6FKRRO
/LWWOH6SDUURZV1XUVHU\6FKRRO
/LWWOH6WDUV3UH6FKRRO3HDVDQG&DUURWV'D\6FKRRO
7RP7KXPE&KLOG&HQWHUWRDWHvQFKLVH
܈L²EDWH܊LGLQSDOPH²3HDQXWV3OD\6FKRRO
$܈DGDUvQDVWIHOGHORFXULVHDVFXQGFRSLLLWRDWă]LXD
DVWHDVXQWFXLEXULOHXQGHVFULX܈LGHVHQHD]ă
vQYHVWHOHORUPLQLDWXUDOHVWUăOXFLWRDUH
܈LDUXQFăVHFD܊ăUă܈LDOXQHFă
WR܊LPDLSX܊LQFkWHYDIHWL܊HFDUH܈X܈RWHVFODJDUG
܇LDFXPDVFXOWFXDWHQ܊LH
vQWăFHUHDJUDQGLRDVăD]ăSH]LL
8QLYHUVDOLD
vQFHUFVăDXGFHXQHOWHVFIHWL܊HOHDOHD
FHUHYROWHSOăQXLHVF
FHPLFX܊ăUHJLQăYDILGHWURQDWă
ÌQXQHOH]LOH
ÌQXQHOH]LOHD܈H]RDPHQLLSHORFXULOHORUODPDVă
OHvQGRLSLFLRDUHOH܈LOHDSURSLLJHQXQFKLL
GDFăYLQODSDFKHWFXXQDVWIHOGHERQXV
܈LvLSURSWHVFELQHvQPLFX܊HVFDXQHGHOHPQ
7RDWăGXSăDPLD]DVHSULYHVFXQLLSHDO܊LL
EăUEDWXOLQFRVWXPPDUR
IHPHLDvQURFKLHDOEDVWUă
DEVROXWQHPL܈FD܊LSHUIHFWHGXFD܊L
'DUYLQ܈L]LOHvQFDUHHXVXQWFHOFDUH
HVWHULGLFDWGHFRDVWH
FRERUkWDSRLvQFDPHUDGHOXDWPDVDDXQHLFDVHGHSăSX܈L
VăVWDXvPSUHXQăFXFHLODO܊LODDFHDPDVăOXQJă
'D܊LVHSDUHIRDUWHDPX]DQW
GDUFXP܊LDUSOăFHD
VăQX܈WLL
FXPRVăRSHWUHFL]LXDXUPăWRDUH
SOLPEkQGXWHFDXQ]HXSUHJQDQW
FXXPHULLvQQRUL
VDXVWkQGMRVSHVFDXQSULQWUHWDSHWH
XLWkQGXWHIL[vQDLQWHFXIH܊L܈RDUDWDPLQXVFXOăGHSODVWLF"
$QLLFHLGLQXUPă
7RWFHIDFvQDFHVWH]LOHSDUFăPDLOXQJL
GHFkWRULFkQG
HVWHVăVWDXvQEXFăWăULDPHDGLQ&UHDVWD)D]DQXOXL
XQGHQXHQLFLXUPăGHID]DQ
܈LXOWLPDGDWăFkQGPDPXLWDWQXHUDQLFLYUHR
&RQWDQU
FUHDVWă
$܈SXWHDPHUJHFXPD܈LQDSkQăOD&DVFDGD3UHSHOL܊HL
܈LVăUăPkQDFRORWRDWă]LXDMXFkQGEULGJH
GDUOLSVDXQHLFDVFDGH܈LDEVHQ܊DXQHLSUHSHOL܊H
QXDUIDFHDOWFHYDGHFkWVăvPLDPLQWHDVFă
GH&UHDVWD)D]DQXOXL
&XQRVFRYăGXYăOD*RDQD9XOSLL
܈LRDOWDFDUHDUHXQDSDUWDPHQWOD
/HVSHGHD)XPHJkQGă
8QDGLQWUHHOHIXPHD]ăvQVăQLFLXQDGLQWUHHOH
QXSRDWHDOHUJD
DVDFăRVăvPLSăVWUH]OHJăPkQWXOSHFDUH
ODPIăFXWOXL0LGJH
&LQHDvQVSăLPkQWDWYXOSHD܈LD]GURELWFX
EXOGR]HUXOOHVSHGHD"
vQWUHEvQEXFăWăULDPHDGHOD&UHDVWD)D]DQXOXL
8QLYHUVDOLD
&KDUOHV%XNRZVNLVDQăVFXWvQ*HUPDQLD
ODVFXUWWLPSGXSă3ULPXO5ă]ERL0RQGLDO
PDPDVDILLQGRIHPHLHGHQDаLRQDOLWDWH
JHUPDQăLDUWDWăOXQVROGDWDPHULFDQ
&kQGDYHDGRLDQLЮLRSWOXQLSăULQаLLOXLV
DXvQWRUVvQ6WDWHOH8QLWHЮLVDXVWDELOLWOD
/RV$QJHOHV&DOLIRUQLDOkQJăIDPLOLD
EXQLFXOXLVăX/DVFXUWWLPSGXSăFH
$PHULFDDLQWUDWvQFHOGHDO'RLOHD5ă]ERL
0RQGLDO%XNRZVNLDSăUăVLWRUDЮXO/RV
$QJHOHVFăOăWRULQGvQGLIHULWHRUDЮHGLQ
аDUăSHWUHFkQGFHDPDLPDUHSDUWHD
WLPSXOXLVăXvQ3KLODGHOSKLDЮL1HZ
2UOHDQVÌQVDvQWRUVvQ/RV$QJHOHV
XQGHDWUăLWWRWUHVWXOYLHаLLÌQWLPSXO
³PDULLVDOHKRLQăUHOL³%XNRZVNLD
SXEOLFDWSHQWUXSULPDGDWăvQUHYLVWD6WRU\$QXOHUDЮLvPSOLQLVHYkUVWDGHGH
DQLÌQDFHDSHULRDGăDIRVWvQSULPXOUkQGXQVFULLWRUGHSRYHVWLULVFXUWHЮLGRDU
RFD]LRQDOVFULDSRH]LH'DUXQGHFHQLXPDLWkU]LXvQOXFUXULOHVDXVFKLPEDWGXSă
FH%XNRZVNLDVXIHULWRKHPRUDJLHLQWHUQăЮLDSHWUHFXWQRXă]LOHSHSDWXOGHVSLWDO
SXWkQGVăPRDUăvQRULFHFOLSă'XSăDFHDVWăH[SHULHQаăDvQFHSXWVăVFULHPXOWPDL
PXOWăSRH]LHЮLDGHYHQLWUDSLGXQDGLQWUHFHOHPDLSDUWLFXODUHЮLPDLLQIOXHQWHYRFLGLQ
SRH]LDDPHULFDQăDVHFROXOXLVHFROXO;;ЭLWRWXЮLSHQWUXPXOаLFLWLWRUL%XNRZVNLHVWH
PDLFXQRVFXWSHQWUXURPDQHOHVDOHSUHFXP0X]LFăGHEHOHOH3RVW2IILFH)DFWRWXP
)HPHLЭXQFăSHSkLQHGHFkWSHQWUXSRH]LDVD'DUFKLDUЮLvQWLPSFHOXFUDODURPDQH
HODFRQWLQXDWVăVFULHSRH]LHЮLQXYHOH'HIDSWODPRDUWHDVDvQ%XNRZVNL
VFULVHVHSHVWHGHSRH]LLЮLSRYHVWLULVFXUWHЭLDFHVWHDVXQWGRDUOXFUăULOHGHVSUH
FDUHSXEOLFXODUHFXQRЮWLQаă3UREDELODXPDLIRVWVXWHGHSRHPHЮLSRYHVWLULFDUHDXIRVW
VFULVHЮLXOWHULRUSLHUGXWHvQDQLL
ЮL
vQDLQWHFDHOVăvQFHDSăVăSăVWUH]H
FRSLLDOHRSHUHLVDOH
3RHPSHQWUXDQLYHUVDUHDYkUVWHLGHGHDQL
VăDMXQJVLQJXUvQFDPHUDDVWDFDXQPRUPkQW
IăUă܊LJăUL
VDXYLQ²
GRDUFXXQEHF
܈LEXUWă
vQFăUXQ܊LW
܈LEXFXURVVăDPFDPHUD
&RQWDQU
8Q]kPEHWGHQHXLWDW
)DPLOLDQRDVWUăDYHDSH܈WL܈RULDXULLFDUHvQRWDXvQFHUFXULvQWUXQD
vQYDVXOFXDSăGHSHPDVDGHOkQJăGUDSHULLOHSXUSXULL
FHDFRSHUHDXIHUHDVWUDSDQRUDPLFă܈L
PDPDELHWSH܈WL܈RUPHUHX]kPELQGYRLQGVăSDUăIHULFLWă
ÌQWRWGHDXQDvPLVSXQHD³VăILLIHULFLW+HQU\³
܈LDYHDGUHSWDWHHPDLELQHVăILLIHULFLWGDFă
SR܊LIL
GDUWDWDFRQWLQXDVăREDWăGHFkWHYDRULSHVăSWăPkQă
vQWLPSFHROXDUD]QDvQLQWHULRUXOSURSULHLVDOHILLQ܊HGH
XQPHWUXRSW]HFL܈LRSWSHQWUXFăQX
SXWHDvQIUkQJHFHHDFHvODWDFD
PDPDELHWSH܈WL܈RUELHWSH܈WL܈RUDXULX
ELHWSH܈WHLQH[LVWHQW
YRLQGVăILHIHULFLWăGH܈LHUDEăWXWăGHGRXăVDXWUHLRUL
SHVăSWăPkQăvPLVSXQHDVăILXIHULFLW³+HQU\]kPEH܈WH
GHFHQX]kPEH܈WL"³
DSRL]kPEHDFDVăVăvPLDUDWHFXP܈LHUD
FHOPDLWULVW]kPEHWSHFDUHODPYă]XWYUHRGDWăSHID܊DSăPkQWXOXL
WULVWFDLDGXOLDGXOLDGXOLDGXO܈LQLPLFDOWFHYD
vQWUR]LSH܈WL܈RULLDXUL܊LDXPXULWWR܊LFLQFL
DXSOXWLWODVXSUDID܊DDSHLSHRSDUWH
FXRFKLLvQFăGHVFKL܈L
LDUWDWDFkQGDDMXQVDFDVăLDDUXQFDWSLVLFLL
SHSRGHDXDGLQEXFăWăULH܈LQRLSULYHDPvQWLPSFHPDPD
]kPEHD
YDULDQWăHGLWDWăDSRHPXOXLRULJLQDOYDULDQWăFDUHDSDUH
vQ7KH1LJKW7KRUQ0DG:LWK)RRWVWHSV
&RQVXPD܊LDOFRRO"
GLQQRXHDGXVGHYDOXULSH܊ăUP
YHFKLXOFDUQH܊HOJDOEHQ
VFULXGLQSDW
D܈DFXPDPIăFXW܈LDQXO
WUHFXW
8QLYHUVDOLD
YRLPHUJHODGRFWRU
/XQL
³GDGRFWRUHSLFLRDUHOHvVIăUăSXWHUHDPDPH܊HOL
GXUHULGHFDS܈LVSDWHOHPă
RPRDUă³
ÄFRQVXPD܊LDOFRRO"³PăYDvQWUHEDHO
³IDFH܊LH[HUFL܊LL
YăOXD܊LYLWDPLQHOH"³
FUHGFăVXQWEROQDYGHYLD܊ă
GHDFHOHD܈LOXFUXULFDUHUăPkQ
VWDELOH܈LWRWX܈LRVFLODQWH
FKLDU܈LODKLSRGURP
FkQGXUPăUHVFJRDQDFDLORU
SDUHIăUăGH
vQ܊HOHV
SOHFGHYUHPHIăUăVăPDLUăPkQODFXUVHOH
SHQWUXFDUHFXPSăUDVHPGHMDELOHWH
³JDWDSOHFD܊L"³vQWUHDEăPDMRUGRPXO
³GDHSOLFWLVLWRU³
vLUăVSXQG
³GDFăFUHGHWLFăHSOLFWLVLWRU³]LFH³WUHEXLH
VăPDLWUHFH܊LSHDLFL³
GHFLVXQWDLFL
VSULMLQLWGHSHUQH
GLQQRX
GRDUXQVFULLWRUEăWUkQ
FXXQFDUQH܊HO
JDOEHQ
FHYDWUDYHUVHD]ă
SRGHDXD
VSUHPLQH
RKHGRDUSLVLFDPHD
GHGDWDDFHDVWD
&RQWDQU
0RULGHFLXGă
DPWUHFXWSHDLFLVăv܊LVSXQ
FăDVWDDIRVWQXJOXPHVFVDWHUPLQDWVDVIkU܈LW
SkQăDLFLDGXUDW
VWDXSHFDQDSHD܈LRSULYHVFFXPv܈LDUDQMHD]ă
SăUXOOXQJ܈LUR܈XvQID܊DRJOLQ]LLGLQ
GRUPLWRUXOPHX
vOULGLFă܈LOSULQGHvQFRFRFOLSă
RFKLLHLSULYHVFvQDLPHL
DSRLvLGăGUXPXOGLQQRX
vOODVăVăLDFRSHUHID܊D
PHUJHPvPSUHXQăvQSDW
܈LD܈H]DWODVSDWHOHHL
RvPEUă܊L܈H]IăUăVăVSXQQLPLF
FXEUD܊XOSHWUHFXWGXSăJkW
܈LvLDWLQJvQFKHLHWXULOH܈LSDOPHOH
RPkQJkLSkQăODFRDWH
QXPDLGHSDUWH
VHULGLFă
JDWDDMXQJHHLELQH
HXSOHF
PăULGLF܈LRFRQGXF
SkQăODX܈ă
܈LQWLPSFHWRFPDLLHVH
VSXQH
YUHDXVăvPLFXPSHULQL܈WHSDQWRILQHJUL
FXWRFvQDOW܈LVXE܊LUH
EDQXvLYUHDX
UR܈LL
RSULYHVFFXPSă܈H܈WH
GUHDSWăSHDOHHDGHFLPHQW
SHVXEFRURDQHOHFRSDFLORU
܈LQWLPSFHFUăFLXQL܊HOHSLFXUăQVRDUH
vQFKLGX܈D
H[LVWăOXFUXULPDLFXPSOLWHGHFkW
8QLYHUVDOLD
VăILLVLQJXU
GDUFHOPDLDGHVHDGXUHD]ă]HFLGHDQL
VăFRQ܈WLHQWL]H]LDVWD
܈LFkQGRIDFL
HSUHDWkU]LX
܈LQXH[LVWăQLPLFPDLFXPSOLW
GHFkW
SUHDWkU]LX
3HQWUX-DQH
GH]LOHVXELDUEă
܈L܈WLLPDLPXOWHGHFkW܈WLXHX
܊LDXVXSWGHPXOWVkQJHOH
H܈WLPDLVHDFăGHFkWXQEă܊GLQWUXQFR܈GHSDLH
GHFLD܈DPHUJOXFUXULOH"
vQDFHDVWăFDPHUă
RUHOHvQFDUHQHDPLXELW
vQFăIDFXPEUH
FkQGDLSOHFDW
DLOXDWDSURDSH
WRWXO
vQJHQXQFKLH]QRS܊LOH
vQDLQWHDWLJULORU
FDUHQXPăYRUOăVDVăPDLILX
FHDLIRVW
QXVHYDPDLvQWkPSODYUHRGDWă
WLJULLPDXGHVFRSHULW
܈LQXPLSDVă
&RQIHVLXQH
D܈WHSWkQGPRDUWHD
FDSHRSLVLFă
FHYDVăULSH
SDW
&RQWDQU
vPLSDUHUăXSHQWUX
VR܊LDPHD
RVăYDGăDFHVW
WUXS
ULJLG
DOE
DVăO]JkO܊kLHRGDWăDSRL
SRDWH
vQFăRGDWă
³+DQN³
+DQNQXYD
UăVSXQGH
YUHDX
WRWX܈LVă܈WLH
Fă
WRDWHDFHOHQRS܊LvQFDUH
DPGRUPLW
OkQJăHD
FKLDU܈LFHUWXULOH
IăUăURVW
DXIRVW
VSOHQGLGHOXFUXUL
LDUFXYLQWHOH
SHFDUHvQWRWGHDXQDPLDIRVWWHDPăVăOH
VSXQ
DFXPSRWIL
VSXVH
WHLXEHVF
8QLYHUVDOLD
&KDUOHV:ULJKWVDQăVFXWSHDXJXVW
vQRUDЮXO%DUDMXO3LFNZLFN7HQQHVVHH
68$$IRVWVWXGHQWDO&ROHJLXOXL'DYLGVRQ
ЮLDO8QLYHUVLWăаLLGLQ,RZD$vQFHSXWVă
FLWHDVFăЮLVăVFULHSRH]LHvQWLPSFHVHDIOD
vQ,WDOLDXQGHH[HFXWDFHLSDWUXDQLGH
VHUYLFLXPLOLWDUvQDUPDWD68$$SXEOLFDW
SULPDVDFDUWHGHSRH]LH7KH*UDYHRIWKH
5LJKW+DQG:HVOH\DQ8QLYHUVLW\3UHVVvQ
8UPăWRDUHOHVDOHGRXăFăUаL)UHLJKW
+DUGЮL&RXQWU\0XVLF6HOHFWHG
(DUO\3RHPVDXIRVWQRPLQDOL]DWHOD
3UHPLLOH1DаLRQDOHGH&DUWHFHDGLQXUPă
FkЮWLJkQGSUHPLXO1XPHURDVHOHVDOHSUHPLL
LQFOXGЮL3UHPLXO%ROOLQJHQ3UHPLXO
SHQWUX0HGDOLDGH0HULWDO$FDGHPLHL
$PHULFDQHGH$UWHЮL/LWHUH3UHPLXO5XWK/LOO\SHQWUX3RH]LH'LQЮLSvQăvQ
DIRVWUHFWRUDO$FDGHPLHL3RHаLORU$PHULFDQLÌQDIRVWQXPLW3RHW2ILFLDODO
6WDWHORU8QLWH
6HPLOXQă
*kQGH܈WHWHODVHPLOXQă
&XPFUH܈WHvQWLPSFHGHVFUH܈WH
&XPv܈LJăVH܈WHDGHYăUDWDvPSOLQLUH
ÌQWLPSFHUăPkQHQHvPSOLQLWă
&XPv܈L܈WLHSURSULDVDFDOH
ùLUăVDUHvQQRDSWH
&XXQRFKLUHFH
1HDYkQGQLFLXQIHOGHWHDPăVDXPLOă
6HPLOXQăUăVDULGLQEH]QDXQJKLLORUPHOH
$܈DFXPWHULGLFLSHFHU
)ăUăUHPX܈FDUHIăUăVăWHMXVWLILFL
&RQWDQU
'XSăFHDPFLWLW7X)XLHVGLQFDVăVăYăGRUKLGHHD
SLWLFă
HVWXOPHXYHVWXOPHXPLH]GHYDUă
FkWGHSURIXQGPDLSURIXQGGHFkWRULXQGHDOWXQGHYD
HVWHDVILQ܊LWXOGLQSURSULDFXUWH
SăVăULOH]ERDUăvQDLQWH܈LvQDSRLGHDOXQJXOSHOX]HL
FăXWkQGX܈LFDVHOH
vQWLPSFHQRDSWHDSOXWH܈WHIăUă܊LQWăFDRPLFăDPEDUFD܊LXQH
]LGXSă]LvPLVXQWGLQFHvQFHPDLQHIRORVLWRU
FD܈LPLHUORLXODFHVWD
WUHFGHODXQOXFUXODDOWXO
ODFHPăPDLSRWD܈WHSWDODYkUVWDGHFLQFL]HFL܈LSDWUXGHDQL"
]LXDGHPkLQHvQVHDPQăvQWXQHULF
]LXDGHGXSăvQVHDPQăvQFă܈LPDLPXOWvQWXQHULF
FkLQLLFHUXOXLVFKHDXQă
OLFXULFLLVPXOJFDOPXOVHULL
GLQLDUEDXPHGă
vQVSUHWXPXOWXOOXPLLvQVSUHKDRVXOILHFăUHL]LOH
vQGUHDSWăWHWăFXWWăFXW
0kLQH
PHWDIL]LFD]LOHLREL܈QXLWHHUDFHHUDHO
ODVIkU܈LWXODFHVWHLD
RSLFăWXUăGHURXăSHLDUEDUăVăULWXOXL
RSLFăWXUăGHVkQJHvQFRSDFLLVHULL
RSLFăWXUăGHIRF
GDFăQXVWUăOXFH܈WLH܈WLvQWXQHULF
YLLWRUXOHVWHQHPLORV
QXPHOHWXWXURUHVWHLQVFULS܊LRQDW
SHIRU]D܊XO&ăU܊LL=ăSH]LL
8QLYHUVDOLD
7LPSXOYLLWRU
WRDWHOXFUXULOHvQFHOHGLQXUPăVXQWGXOFLDPăUXL
RSULYLUHJRDOăRPLFăVWD܊LHGLQFRORGHWăFHUH
GDFăQXSR܊LVăv܊LJăVH܈WLvQFkQWDUHDvQILHFH]L
QXDLQLFLXQYLLWRUDLFL
܈LFKLDUGDFăSR܊LWRWQXDLQLFLXQYLLWRU
LDUWLPSXOXQFkLQHQHJUXv܊LYDDGXOPHFDPLURVXO
WHYDJăVLRVă܊LOLQJăREUDMLVODEL
VHYDWROăQLOkQJăWLQHFDOGIRDUWHDSURDSH܈LQX
RVăVHPL܈WH
ÌQDGkQFXOPLQHORU
SHQWUXFăVXQWXQXOFDUHH[LVWăGLQFHHDFHFHQXDIRVWGLYL]DW
DVSXVHOVXQWvQFăUFDWFXOXPLQă
LDUvQWXQHULFXOHVWHGLQFROR
DFRORXQGHH[LVWăFHHDFHDIRVWGLYL]DW
JUHOHFXYLQWH6PHFKHUHJUHOHFXYLQWH
QRULDOELFUHVFWRWPDLPDULGHDOXQJXOFUHVWHORU
vQDGkQFXOSăPkQWXOXLVXQWHPGHSDUWHGHFDVă
VDXPDLDSURDSHGHHD
ÌQJHUXOOXL)ODQQHU\
܈LGXQHODFHLSHFDUHvLD܈WHSWăP
ODFHLFDUHQHD܈WHDSWă
ILHFDDULSLOHWDOHVăQHDSHUH
܈LVăQXILPVWUăLQLXQLLGHDO܊LLvQOX[XULDQWXO
܊LQXWDOEXFXULHL
DPLQWH܈WH܊LGHQRLFHLFDUHVXQWHPQHSXWLQFLR܈L
&RQWDQU
WXFHOFDUHH܈WLSXWHUQLFvQWăUkPXOWăXFHVHvQWLQGH
GLQFRORGHWXQHW
5DIDHOvQJHUDOvQWkOQLULLFXEXFXULH
VSOHQGLG܈RLPDOOXPLQLL
1DWXUăPRDUWăSHFDSDFXOXQHLFXWLLGHFKLEULWXUL
LQLPDHVWHPDLUHFHGHFkWRFKLXO
FHLFDUHYHJKHD]ăFHLVILQ܊L
܈WLXDVWDQXH[LVWăVFXUWăWXUăVSUHFHUXUL
XQVLQJXUILUGHSăUGHFkLQHSRDWHGDvQGRXă
VXIODUHDYkQWXOXL
GDFăv܊LGRUH܈WLPDUHDSDFH
HPXQFăJUHD܈LGUXPOXQJ
QXWHvQWULVWDGLQFDX]DWUHFXWXOXL
OXPHDHIăUăLQVLQXăUL
IăUăPHVDMIăUăQXPH
8QLYHUVDOLD
&KDUOHV6LPLFQPDL%HOJUDG
6HUELDSRHWDPHULFDQGHRULJLQHVkUEăHVWH
FXQRVFXWFDILLQGXQXOGLQWUHFHLPDL
YLVFHUDOLЮLRULJLQDOLSRHаLFRQWHPSRUDQL$
FkЮWLJDWQXPHURDVHSUHPLL3UHPLXO3XOLW]HU
vQ3UHPLXO,QWHUQDаLRQDOGH3RH]LH
*ULIILQ3UHPLXO:DOODFH6WHYHQVЮLDIRVW
QXPLW3RHW2ILFLDODO68$$SUHGDWOLPED
HQJOH]ăЮLVFULHUHFUHDWLYăWLPSGHSHVWH
GHDQLOD8QLYHUVLWDWHDGLQ1HZ+DPSVKLUH
&RSLOăULDVDDFRLQFLVFXvQFHSXWXOFHOXLGH
DO'RLOHD5ă]ERL0RQGLDOIDPLOLDILLQGXL
IRUаDWăVăЮLSăUăVHDVFăGHPDLPXOWHRUL
GRPLFLOLXOSHQWUXDVFăSDGH
ERPEDUGDPHQWH6LPLFVSXQHDvQWUXQ
LQWHUYLX³$JHQаLLPHLGHWXULVPDXIRVW
+LWOHUЮL6WDOLQ´$SXEOLFDWSULPHOHVDOHSRH]LLvQSHFkQGDYHDGHDQLЮLD
vQFHSXWIDFXOWDWHDOD8QLYHUVLWDWHDGLQ&KLFDJRGDUDIRVWvQURODWvQDUPDWăvQ$
REаLQXWGLSORPDGHOLFHQаăDELDFLQFLDQLPDLWkU]LXvQDEVROYLQG1HZ<RUN
8QLYHUVLW\3ULPXOVăXYROXPGHSRH]LL³&HVSXQHLDUED³DIRVWSXEOLFDWvQ
&UHDаLDOXL6LPLFVILGHD]ăFODVLILFDUHDIDFLOăXQHOHGLQWUHSRH]LLOHVDOHUHIOHFWkQGRODWXUă
VXSUDUHDOLVWăPHWDIL]LFăLDUDOWHOHRIHULQGRLPDJLQHH[WUHPGHUHDOLVWăDFRWLGLDQXOXLD
YLROHQаHLЮLGLVSHUăULL
&HUGHWRDPQă
SHYUHPHDEXQLFLL
FDVăSR܊LYHGHDOXPHD
VLVăDOHUJLVWROXULOHGHJk܈WHSULQFHUXUL
DYHDLQHYRLHGRDUGHRPăWXUă
VWHOHOH܈WLXWRWXO
GHDFHHDvQFHUFăPVăOHFLWLPJkQGXULOH
܈LFKLDUGDFăVXQWDWkWGHvQGHSăUWDWH
vQSUH]HQ܊DORUDOHJHPVăYRUELPvQ܈RDSWă
RK&\QWKLD
VFRDWHFHDVXOFH܈LDSLHUGXWEUD܊HOH
&RQWDQU
ODSOLPEDUH
UH]HUYăPLRFDPHUăOD+RWHO(WHUQLWDWHD
XQGHWLPSXOXLvLSODFHVăSRSRVHDVFăGLQFkQGvQFkQG
YHQL܊LLXELWRULDLXQJKHUHORUvQWXQHFDWH
VSXQHFHUXO
܈L܈HGH܊LvQWUXQXOGLQFRO܊XULOHPHOHvQWXQHFDWH
RVăJăVL܊LPLFL]HURXULGHOLFLRDVH
vQXQWXOGHDOXQHDVWăVHDUă
2VFULVRDUH
GUDJLILORVRILPăvQWULVWH]FkQGPHGLWH]
ODIHOYLVHvQWvPSOă܈LYRXă"
FKLDUFkQGXUPHD]ăVăPLvQILJGLQ܊LLvQ
QRXPHQRQ
RRDUHFDUHLXELWăEăWUkQăYLQHVăPLGLVWUDJăDWHQ܊LD
QLFLPăFDUQXPDLHVWHvQYLD܊ăVWULJVSUHFHU
OXPLQDLHUQDWLFăPDIăFXWVăPăDEDWGHODGUXP
DPYă]XWSDWXULDFRSHULWHFXSăWXULFHQX܈LLLGHQWLFH
DPYă]XWEăUED܊LFXDVSHFWvQILRUăWRU܊LQkQGRIHPHLHJRDOă
vQWLPSFHRVWURSHDXFXIXUWXQXOFXDSăUHFH
VHvQWkPSODOXFUXODFHVWDSHQWUXDLFDOPDQHUYLLVDXHUDRSHGHDSVă"
PDPGXVVăOYL]LWH]SHSULHWHQXOPHX%REFDUHPLDVSXV
³DWLQJHPUHDOXOGHSă܈LQGVHGXF܊LD
LPDJLQLORU³
DPIRVWFRSOH܈LWFXEXFXULHSkQmPLDPGDWVHDPD
FăRDVWIHOGHDEVWLQHQ܊ăQXYDILQLFLRGDWăSRVLELOăSHQWUXPLQH
PDPVXUSULQVSULYLQGSHIHUHDVWUă
WDWăOOXL%REv܈LVFRWHDFkLQHOHODSOLPEDUH
DYHDGXUHUL܈LPHUJHDFXGLILFXOWDWHFkLQHOHvOD܈WHSWD
QXPDLHUDQLPHQLDOWFLQHYDvQSDUF
GRDUFRSDFLLJRLFXRLQILQLWDWHGHIRUPHWUDJLFH
8QLYHUVDOLD
SHQWUXDvQJUHXQDJkQGLUHD
QRXPHQRQ GLQJUHFHVFXOQRXPHQRQÌQILOR]RILDOXL.DQW/XFUXvQ
VLQHFXQRVFXWQXPDLSULQUD܊LXQHvQRSR]L܊LHFXIHQRPHQXOFXQRVFXW
VHQ]RULDO
3RHPIăUăWLWOX
vLVSXQSOXPEXOXL
GHFHWHODúL
WXUQDWvQIRUPăGHJORQĠ"
DLXLWDWGHDOFKLPLúWL"
DLUHQXQĠDWODVSHUDQ܊D
GHDGHYHQLDXU"
QLPHQLQXUăVSXQGH
SOXPEJORQĠFXQXPH
FDDFHVWHD
VRPQXOHVWHDGkQFúLOXQJ
7UXSXO
DFHVWXOWLPFRQWLQHQW
FHXUPHD]ăvQFăVăILHGHVFRSHULW
PkQDPHDYLVHD]ăv܈LFRQVWUXLH܈WH
FRUDELDGUHSWHFKLSDM
YDDYHDXQVDFGHRDVHLDUFDKUDQă
RVWLFOăGHEHUHSOLQăFXVkQJH
FXQRD܈WHUHVSLUD܊LDFHVXIOăVSUHQRUG
FXVXIODUHDGLQVSUHYHVW
YDQDYLJDVSUHHVWvQILHFDUHQRDSWH
PLURVXOWUXSXOXLWăXvQWLPSFHVHFXIXQGăvQVRPQ
HVWHSăVăULOHGHXVFDW]ăULWHSHPDUH
&RQWDQU
DWLQJHUHDPHDHVWHFHOPDLvQDOWFDWDUJ
VHWkQJXLHODSDWUXGLPLQHD܊D
VăILHDSULQVăROXPLQă
ODPDUJLQHDOXPLL
$PIRVWIXUDWGHĠLJDQL
DPIRVWIXUDWGHĠLJDQLSăULQĠLLPDXIXUDWLPHGLDWvQDSRL
DSRLĠLJDQLLPDXIXUDWGLQQRX
܈LOXFUXOăVWDDFRQWLQXDWVăVHvQWkPSOHRYUHPHvQWURFOLSăHUDPvQ
FăUX܊DFXFRYLOWLUVXJkQGODVIkUFXOvQWXQHFDWDOQRLLPHOHPDPHvQ
XUPăWRDUHDVWăWHDPODPDVDOXQJăGLQVXIUDJHULHPkQFkQGPLFXOGHMXQFX
ROLQJXUăGHDUJLQW
HUDSULPD]LGHSULPăYDUăXQXOGLQWUHWDĠLLPHLFkQWDQFDGăFHOăODOWSLFWD
RYUDELHYLHvQFXORULOHXQHLSăVăULWURSLFDOH
0ăWXUL
GRDUPăWXULOH
܈WLXFăGLDYROXO
vQFăH[LVWă
Fă]ăSDGDGHYLQHWRWPDLDOEă
GXSăFHD]EXUDWSHVWHHDRFLRDUă
FăXQXQJKHUvQWXQHFDWúLSUăIXLW
HVWHORFXOYLVăWRULORUúLDOFRSLLORU
FăRPăWXUăHVWHúLXQFRSDF
vQOLYDGDFHOXLQHYRLD܈
FăRLQVHFWăDWkUQDWăGHHD
HRSRUXPELĠăIăUăGHJODV
vQFDUWHDYLVHORUGHVSUHPăWXUL
8QLYHUVDOLD
VHVSXQHFăSUHYHVWHVFDSURSLHUHDPRUĠLL
DFHDVWDHVWHYLDĠDORUVHFUHWă
vQSXEOLFVHSRDUWăFDQLúWHIHWHEăWUkQH
FXSLHSWXOFDVFkQGXUDSUHGLFkQGGHFHQ܊D
VXQWLQDPLFHIă܊L܈HDOHSRH]LHLOLULFH
vQvQFKLVRDUHvODFRPSDQLD]ăSHWHPQLFHU
LQWUăvQFHOXOHVăDVFXOWHFRQIHVLXQL
SDUWHDPDLVFXUWăVHX]HD]ă
FkQGWHDúWHSĠLPDLSXĠLQ
OăVDWHVLQJXUHGXSăXúD
YUHXQHLFDVHGHvQFKLULDW
PXUPXUăFDSHQWUXQLPHQL
FXYLQWHFDYLUJLQăYkQWHFOLSVăGHOXQă
܈LFHOPDLVDFUXGLQWUHWRDWHQXPHOH
+LHURQLPXV%RVFK
DVWIHOúLQXDOWFXPYD
DIRVWIăFXWăSULPDPăWXUăDQFHVWUDOă
DXVPXOVWRDWHVăJHĠLOH
GLQVSDWHOHDUFXLWDO6IkQWXOXL6HEDVWLDQ
OHDXOHJDWFXIXQLD
FXFDUHVHVSkQ]XUDVH,XGD
܈LvQILSWvQXQXOGLQSLFLRURDQJHOH
GHSHFDUH&RSHUQLF
DDWLQVOXFHDIăUXO
܈LPăWXUDDIRVWJDWD
VăSăUăVHDVFăPăQăVWLUHD
SUDIXOLDXUDWEXQYHQLW
DFHOPDUHOLELGLQRVFDUH
GHvQGDWăDYUXWVă
LVHXLWHVXEIXVWă
vQYăĠăWXUDVHFUHWăDPăWXULORU
H[FOXGHRSWLPLVPXOWLKQDGLQ
OHQHPLQXQLOHVXUSULQ]ăWRDUH
DOHXQXLSDKDUGHUDFKLXYHFKL
&RQWDQU
VSXQHRDVHOHDMXQJVXEPDVă
ILULPLWXULOHGHSkLQHIDFFHOHWDLHFDSXO
ODSWHOHHVWHVăPkQĠDúWLLWXFXL
܈RDUHFLLDXXOWLPXOFKLĠăLW
GHVSUHFHOHEUDDIDFHUH
DOHYLWDĠLHLVXJHUH]VăYăDPLQWLĠL
H[LVWăXQVLQJXU'XPQH]HX
܈LSURIHWXO6ăXHVWH0RKDPPHG
܈LvQFHOHGLQXUPăHVWHEXQLFDWD
GXFkQGFXPăWXUDSUDIXOGLQVHFROXOQRXăVSUH]HFH
vQFHOGHDOGRXă]HFLOHDúLEXQLFXOWăXVPXOJkQG
XQSDLGLQPăWXUăFDVăVHVFREHDVFăvQGLQĠL
QRSĠLOXQJLGHLDUQă
]RULGHRPLHGHDQL
IHUHVWUHGHEXFăWăULHSUHFXPFDSHWH
EDQGDMDWHFDSHQWUXGXUHULGHGLQĠL
PăWXUDGLQFRORGHHOHPăWXUkQG
VWUkQJkQGSDUWLFXOHVWUăYH]LLGHSUDI
vQSLUDPLGHvQJULMLWH
FDUHDXvQHOHPRUPLQWH
MHIXLWHGHKRĠL
FkQGYDGHPXOW
3HUQD
PDLFăOăWRULPvQFă"
PDUWRUXOHWXLH܈LGLQJXUDXQXLFkLQH
vQWUR]LUHFHDSăUăWRUXOH
VWDXvQWLQVvQLQWHULRUXOWăXFDXQPăU
DLOXPLQDWSăGXUHDYLQ]L
8QLYHUVDOLD
GRXăYkQWXULQHJUHvQFă
PăSă]H܈WLGHKR܊L
QHvQIULFDW܈LVLQJXUDWLF"
VăIDFLvQOăXQWUXOWăX
UăVXIOăULLPHOHQRGJăVH܈WH܊LGUXPXO
vQDSRLODYHFKHDWDDURPă
vQFăQXPLDLDGXVRSDVăUHFkQWăWRDUH
QHDPVHSDUDWWLPSVDFUX
PăvQWLQGvQWUHGRXăVFDXQHGHFXUkQG
DPvQFHSXWVăSRUWRFKHODULIXPXULL
FXXQVLQJXUEUD܊GLQPRPHQWFHQXHORFSHQWUXFHOăODOW
PRU܊LORUOHSODFRXăOHFHDFDUH
YRUEH܈WHDFXPHVWHDFHDSLHWULFLFă
JKHPXLWăOkQJăWLQHDFXPGH]JROLWă
SHQWUXFHLFDUH܈LVFUk܈QHVFGLQ܊LLvQVRPQ
Vă܈LD܈H]HFDSHWHOHSHSHUQă
7RDWHDFHVWHRJOLQ]L
ùLFHDFăUHLDQXLH܈WLLQGLIHUHQW
'RPQXOHFHDFDUHFRQWLQXăVăWHEDWMRFRUHDVFă
vQUHVSLUD܊LD܈XLHUDWăDXQXLEăWUkQ
GHILHFDUHGDWăFkQGWHXL܊LvQHD
܈LRIDFLDWkWGHGHVFkQGWHSULYH܈WL
vQHD
VDXVSXLFHYDIăUăFKLE]XLQ܊ăvQDSăUDUHDWD
FXYRFHWDUHVRQRUăULGLFkQGX܊LVXVEăUELD
vQWLPSFHHDVFXLSă܈LVHvQHDFăUăVSXQ]kQG
ODPDDSDUDWXOXLGHUDVVHDIOăODEHUHJDWă
OLQLLLOHGHSHIUXQWHVHDGkQFHVFVLQJXUH
SHIUXQWHDWDvQWLPSFHDVFXO܊LDWHQW
FXREXFă܊LFăGHKkUWLH
FDUHGHMDGHvQUR܈H܈WHVXERFKLXOWăXVWkQJ
&RQWDQU
&DUPHQ*LPpQH]6PLWKVDQăVFXWvQ1HZ
<RUNvQDQXOIHEUXDULH(VWH
DXWRDUHDDЮDVHFăUаLGHSRH]LHGLQWUHFDUH
DPLQWLP&UXHO)XWXUHV&LW\/LJKWV
0LONDQG)LOWKЮLHVWHGHDVHPHQHD
XQXOGLQWUHILQDOLЮWLL3UHPLXOXL&HUFXOXL
1DаLRQDODO&ULWLFLORUGH&DUWH$FkúWLJDW
3UHPLXO-XQLSHUSHQWUX3RH]LH(VWH
DXWRDUHDXQXLYROXPGHPHPRULDOLVWLFă
%ULQJ'RZQWKH/LWWOH%LUGV2Q0RWKHULQJ
$UW:RUNDQG(YHU\WKLQJ(OVH8QLYHUVLW\
RI$UL]RQD3UHVVFDUHDSULPLWXQ
$PHULFDQ%RRN$ZDUG'HDVHPHQHDD
FRHGLWDW$QJHOVRIWKH$PHULFO\SVH1HZ
/DWLQ#:ULWLQJ&RXQWHUSDWK3UHVV
*LPpQH]HVWHSURIHVRDUăGHHQJOH]ăOD9LUJLQLD7HFK
5HGDFWDUH
&UHHPGRJPHGLQVFULVXOVFULVRULORUSRYHVWHDDSRFULIă
DOXL/LQFROQFDUHDVFULVVFULVRULSOLQHGHIXULHSHFDUHvQVăQXOHDWULPLV
QLFLRGDWă$܈WHSWăP
VFULVRUL
]LOHGHDUkQGXO&LQHYDvPLVSXQHv܊LYRLVFULHRVFULVRDUH
܈LVLPWFăGHIDSWvPLVSXQHH܈WLGLIHULWăGHWR܊LFHLODO܊L
=XP]HWXOGLVWDQ܊HLHGLQFHvQFHPDLSXWHUQLF$MXQJHVăVHWUDQVIRUPHvQ
FHDPDLQHDJUăGLQWUHJmXULOHQHJUH
$܈YUHDFDVFULVRDUHDVăILHGHVSUH]LOHOHFkQGWUHFHDP
vPSUHXQăVWUDGD
LDUWXvPLFăXWDLPkQDIăUăVăWHXL܊L0ăWHPFăQXVXQWFHHDFHGRUH܈WL
3OXWLPGHDOXQJXOVWUă]LLFDvQDOELDXQHLSăVWăL
LDUvQWXQHULFXOvQVWHODWHFDLQWHULRUXOXQXLVHFUHW6XQWHPEH܊L
/XPLQLOHVWUă]LLQHVFRWODLYHDOăOXFUXGHRFXPSOLWăRURDUH'D$܈DVă
vQFKHLVFULVRDUHDDVWIHOvQFkWVăUăPkQăIăUăDXWRU
$SRLVFULVRDUHDDUSXWHDVăDGXFăODOXPLQăVHFUHWH
GH]HFKLOLEUHDFLGHFDUHDUH[SORGD
8QLYHUVDOLD
%HVWLL
(X܈LFRSLLLPHLDUKLYăPVSD܊LLOHJRDOHGLQPHPRULDPDPHLPHOH
vLSXQHPGLDJQRVWLFXOvQPHVDMHOHSULQFDUHFRPXQLFăP܇LD܈DvQFHSH
VFULXFKLDUGDFă
ERDODHLQXDGHEXWDWFXDGHYăUDWvQYUHXQIHOGRDU
VDSURGXVRH[IROLHUHJUDGXDOăSkQăFkQGDUăPDVXQILUGHQHOLQL܈WH
,DPFDWDORJDWVXIHULQ܊DGUHSWXQVRLGHUH]LVWHQ܊ăFRQFHSWXDOă
*kQGH܈WH܈LWRWX܈LHVWHRDOWD
FDVăGăPXQVHQVWUDQVIRUPăULL$XLWDWGHFDQFHUXO
IUDWHOXLPHX
GHH[HPSOXLDU܈RFXOVăXFDUHSHQWUXQRLvQVHPQDVXUSUL]ă
HUDUHDF܊LDSHFDUHRDYHDODRULFHOXFUXSHFDUHLOVSXQHDPXQDSRJHXDO
GHVăYkU܈LULLGLQQRX܈LGLQQRX
2GDWăSHFkQGQHSOLPEDPQHDVSXVFăFUHGH
FăVHvQ]GUăYHQH܈WHGDU܈LFăHRERVLWăQRLLDPUăVSXQVFăERDODHLH
LQFXUDELOă
QHDPUă]EXQDWFDQL܈WHFRSLL6WUăIXOJHUDUHDGHWULVWH܊H
LDIRVWGRPROLWăGRDUGHIDSWXOFăDXLWDW܈LGHQRXDGLVFX܊LHGHVSUHXQ
HYHQWXDOUHPHGLX
܈LDPFRQWLQXDWVăQHLPDJLQăPSHQWUXFăvQWXQHFLPLPDLDGkQFLQH
D܈WHDSWăFDIXULDVXVSLFLXQHDGH]LOX]LDvQVWUăLQDUHD
2GDWăPLDPVSXVRSRYHVWHGLIHULWăGHVSUHQRL
ÌQDFHDVWDHDHUDR]HL܊ăYLHGHPDUPXUăvQFDVDPHD
YHJKLQGSHVWHPLQH܈LFRSLLLPHL&HIUXFWDPDUGHvPSăU܊LWPkLQLOH
QRDVWUHVFXIXQGkQGXVHvQUDQDLSHVWLOHQ܊LDOă
DURPDDVSUăvQWLQVăGHDOXQJXOWXWXURU]LOHORUQRDVWUHFRORUkQGXOHvQ
FHQX܈LX
LQIHVWkQGXOHFXEHVWLLOHFHDXIăFXWRVăGLVSDUă
EHVWLLOHFDUHLDXDVFXQVVFULVRULOHvQFXWLLGHSDQWRILVXESDW
&RQWDQU
IDFWXULOHQHSOăWLWHGHOXQL/HF܊LD
PHPRULDFDUHRGDWăSăUHDLPSHUPHDELOăvQWRWGHDXQD
DIRVWRPXVHOLQăYăUVkQGXVHSHHDvQVă܈LFDDSDDVWIHOvQFkWXQXO
VăGHYLQăRQRXăVSHFLHGHQDLY܈LPDUWLU,DUQRLLQWULJL
DOHXQRUFăUWXUDULPHGLHYDOLVSHFXOkQGFkWGHPXOWHD܈FKLLGHOXPLQă
vLIRUPHD]ăPLH]XOFHVHvPSX܊LQHD]ăFkWGHPXOWDPSXWHDUHFROWD
vQDLQWHFDHDVăGLVSDUă$FHDVWDHVWHQRXDGUDJRVWH
FRSLLLVăLIăFkQGXQLQYHQWDU
DOWUXSXOXLHLFDUHFHGHD]ăFDDSRLVăVHvPSDUWăvQEXFă܊HOH
FXFDUHVăQHSXWHPGHVFXUFD
UX܈LQHDHLUHFRPSHQVDQRDVWUă܈LVSXQDVWDSHQWUXQRLWR܊LFHLWUHLFRSLL
QHDUILSOăFXWFDHDVăH[XOWHvQRULFDUHGLQWUHDFHOH
ELQHFXYkQWăULFDUHQXDXYHQLWQLFLRGDWă
SURSULLOHQRDVWUHH܈HFXULDPSOLILFDWHGHWUHFăWRDUHD܈LSăOLQGDHLFDOLWDWH
0HVDMSUHVHWDW
$PWUHL]HFLGHVHFXQGHVăWHFRQYLQJ
FăDWXQFLFkQGQXVXQWDFDVăYHUYDPHDvQFăH
2QOLQHVDXGDFăGRUPFkQGVXQL
RLOHSDVFPHORGUDPD]LOHLGHLHUL
܇WLHRDUHFLQHYDXPEUHODvQIOăFăUL
FHvQVHPQDFXDGHYăUDW"/DVă6SXQHPLFHDLQHYRLH
/DVăPLRKDUWă/DVăPLSHQWUXUHIHULQ܊ăFkW
YDORUH]LvQWRWDO/DVăPLPDLPXOWGHFkWDLSOăQXLWYUHRGDWă
6LQFHUPLHWHDPăFăPHVDMXOWăXYDILRVHULHGHFKHVWLLQHFODUH
FăQXYHLLQFOXGHSDUWHDvQGUă]QHD܊ă
Făv܊LYHLWUXQFKLDFRQIHVLXQHDXQSDVJUH܈LWDLFL
XQGRPHQLXDFROR
$VHPHQHDXQXLYHQWULORF7HOHIRQXOHVWHvQEXFăWăULH
GDUQXPDL܈WLXGUXPXO&UHGFăVDGHVFKLVVH]RQXOGHYkQăWRDUH
5HWUDJILHFDUHXOWLPJHVWGLQDFHHD܈LUHWUDJHUHDWD
8QLYHUVDOLD
7R܊LEDQLLVXQWRFKHVWLXQHGHFUHGLQ܊ă
)LHFDUHSRHWVFOLSH܈WHGHURXD
EDQLORUvQVăGHVLJXUGRDUFk܊LYDGLQWUHHL
vLDXFXDGHYăUDW1HDYkQGQLFLRGDWăPXO܊LYUkQG
Vă܈WLXFXPVHVLPWHVăDLVXILFLHQ܊LFXPSăUIDNHXUL
DOHOXFUXULORURULJLQDOHSHFDUHPLOHGRUHVF
UDIWXULOHGXODSXULORUPHOHJHPFX]LUFRQLX
FKHVWLLGHOD3UDGDILOPHGH2VFDUSLUDWDWH6XQWPkQDWăGHLQYLGLH
܈LOăFRPLHGHGRULQ܊DGHDFRQVXPDPDLELQH
GHFkWRULFLQHDOWFLQHYDGDUSOăFHUHDHVWHGRDUSHMXPăWDWH
GLQFHDUWUHEXLVăILH܈LR܊LQWRWD܈DSkQăFkQGFDVD
PLHVWHSOLQăFXRELHFWHDSDU܊LQkQGOXL&KDVH
$P([$PIRVWGHQHRSULW܈LQRURFRDVă
GDUDVWDQXDIRVWQLFLRGDWăVXILFLHQW
0LD܈YLQGHVXIOHWXOGDUQXH[LVWăFXPSăUăWRUL
)RWRJUDILDXQHLIHWHSHRSODMă
3HYUHPXULFkQGHUDPLQRIHQVLYă
܈LQLFLQX܈WLDPVăILXDOWIHO
DYHDPRRJOLQGăvQDLQWHDPHD
܈LXQRFHDQvQVSDWH
]ăFHDPSULQVăvQPLMORFXOOXPLQLL]LOHL
VXE܊LUHSăSX܈ăGHKkUWLHYLVkQG
DSRLDPGLVSăUXW,DPOăVDW]LOHLDPSUHQWD
DSRLDPXLWDW
$PVWDWJRDOăSHXQSURVRS
vQWURWRULGă]LGHOXQLvQLXQLH
6RDUHOHJUDYDSHLQWHULRUXOSOHRDSHORUPHOH
vQWLPSFHXQEăLDWPR܊ăLDOkQJăPLQH
&RQWDQU
0LURVXOWXWXURURFHDQHORUVHVLP܊HDvQMXUXOQRVWUX
VDUHDEXULQGVFRLFă܈LWUDQVSLUD܊LH
GDUDPvQWLQVPkQDVSUHFHOGLQGHSăUWDUH
2PDUHHVDULGLFDWFkWDPGRUPLW
܈LFXUkQGDPUăPDVVLQJXUăÌQFHDUFăVăILL
RVFKL܊ăvQPHPRULH(VHFvQăXQWUX
'HGUDJXODGHYăUXOXLYRLVSXQHFăHDVHDIODSHRSODMă
VWkQGFXRFKLLvQFKL܈L
(UDJRDOăvQQLVLSvQWLQVă
LDURUDDFRQVXPDWREXFă܊LFăFXEXFă܊LFă
8QLYHUVDOLD
'DQLHOOH6XVLHVWHDXWRDUHDFăUаLLGHSRH]LH
7KH0RQWKLQ:KLFK:H$UH%RUQ'DQFLQJ
*LUO3UHVVЮLOLFHQаLDWăvQЮWLLQаH
SROLWLFHЮLVFULHUHFUHDWLYăOD8QLYHUVLWDWHD
4XLQQLSLDF$UHXQPDVWHUvQDUWHSODVWLFH
PDVWHUREаLQXWOD,QVWLWXWXOGH$UWăGLQ
&KLFDJRXQGHDIRVWGLVWLQVăFX1HZ$UWLVWV
6RFLHW\)HOORZVKLS$VWXGLDWЮLLQWHUSUHWDW
FRPHGLHGHLPSURYL]DаLHЮLHVWHMXUQDOLVWă
SUHPLDWăGXSăFHDSULPLWXQSUHPLXGH
H[FHOHQаăvQMXUQDOLVPSROLWLFGLQSDUWHD
:DVKLQJWRQ&HQWHU
$PXQYLHVSRLvQJXUă
%X]HOHPHOHHUDXGHSăUWDWHFkQG
D]EXUDWvQăXQWUX/DPVFXLSDW
SHMRVDPSULYLWFXPDULSLOHvL
ORYHVFSDYLPHQWXO$PIRVWHXFHD
FDUHDPHVWHFDWOHPQXOSkQăODSXOSă
FDVăFRQVWUXLHVFXQVWXS1XHGHPLUDUH
FăVDJkQGLWFăDFHDVWăJXUă
vLSRDWHILFXLEXOGHvQFHSXW
,DPGDWWUXSXOXLPHXWRDWHOXFUXULOH
SHFDUH܈LOHDGRULW܈LFXWRDWHDVWHD
QHIăUkPL܊ăP܈LVLP܊LPvQ܊HSăWXULOH/LPED
PHDGH]DKăUH[WHQVLELOăOXPLQHD]ăOD
DWLQJHUHDVPDO܊XOXLGLQ܊LORUDPLQWLQGX܈L
JXVWXOXQXLYLHVSRLFDUHQXDIRVWQLFLRGDWăDOPHX
&RQWDQU
,WHUD܊LLDOHFRORDQHLYHUWHEUDOH
6kQJHOHvQFKHJDWVDVIăUkPDW
GHRVFRLFăVLPHWULFă
7RUVLXQHLQWHVWLQXOUăVXFLW*XUDvQVSLUDOH
(܈WLWXJHDPăQXOJHDPăQXOXLJHDPăQXOXL
1RDSWHWDWXDWăFXEkQWXLULOHORU"
6FRLFDDFHDVWDDUHXQQXPHÌOUHSHW
6HGHVIDFHFDRIUDFWXUăGHFODYLFXOă
/DIHOGHGLVWUXJăWRUFXPHVWHXQRFHDQXQUkX
ORYH܈WHGLQQRX,QXQGăPDLUHSHGH6SXQHPLFkQG
HVWHXQRJRUFRQVLGHUDWVWHUS"'UHSWWULEXWXQODF
SXOVkQG
'DFăYRLILFRQVLGHUDWăSHQWUXYH܈QLFLHEROQDYă
ODVăLVăv܊LGăUXLDVFăWUXSXOPHX
$FRSHULWGHEUD܊HOHPHOH
7RWFHDDWLQVGHJHWXOPHXPDUHDXIRVW
PLFLFXUHQ܊LGHDSă
8QUkXvQWRWGHDXQDVHRSUH܈WHvQGUHSWXOJXULL
&kQG'XPQH]HXvOXUă܈WHSH*RUGRQ+D\ZDUG
1XSRDWHQLPHQLVăvOvQYLQXLDVFăSHQWUXFăDGRULW
VăMRDFHSHQWUX%RVWRQ&HOWLFV&KLDU
܈LHXD܈ILYUXWVăMRFSHQWUX%RVWRQ
GDFăD܈ILFUHVFXWSX܊LQPDLGLIHULW
SX܊LQPDLvQDOWă,HUWD܊LPă
GDUWDWăOPHXPDvQYă܊DWFăVSRUWXULOH
GHHFKLSăGLQ%RVWRQQXSRWSLHUGH
8QLYHUVDOLD
(OHVXQWDWLQVHGHPkQDSURYLGHQ܊LDOă
DXQXL]HXVSHFLDO8QXOFDUHvLSURWHMHD]ă
SHFHLSXWHUQLFLUDSL]L܈LSHFHLvQPRGSDUWLFXODU
PDLvPSLHGLFD܊LSHFDUHvLIDFHEOD]RDQHSHEDQQHUH
FHDWkUQă
GHFăSULRUL
܈LXULD܈HFXSHGHDUJLQW
GLQFDUHEăUED܊LvQWRDWăILUHD
EHDXEHUHDYLFWRULHL
%HUHDQXFXUJHOLEHUăFDXQSkUkXvQ8WDKvQRUD܈XO
vQFDUH+D\ZDUGDSHWUHFXW܈DSWHVH]RDQH
܈LDGDWVWDUWXOXQXLQRXWLSGHIUL]XUăODPRGă
1LFLPăFDUPRPHQWHOHGHYkUIGLQFDULHUDVD
VDXLQWHUGLF܊LDGHDMXFDvQ$OO6WDUJDPH
PăULOHGHWăWLFLFXIUL]XULDVHPHQHDOXL
QXODXSXWXWRSULVăSăUăVHDVFăPXQ܊LLQR܈WUL
1LPHQLQXSRDWHVăvOvQYLQXLDVFă
SHQWUXFăDYUXWVăMRDFHSHQWUX
HFKLSDFXFHOHPDLPXOWHYLFWRULLGLQOLJă
)LHFDUHPRUPRQGLQYDOHDIRVWIXULRV
&KLDU܈LSURIHWXOvQVX܈LWUHPXUDVHRSUHD
GLQUXJăFLXQHSHQWUXRFOLSăFDVăOEOHVWHPH
SH+D\ZDUG܈LWULFRXOYHUGHvQFDUHMXFDDFXP
܇LHUDFD܈LFXPILHFDUHPRUPRQGLQYDOH
vLYRUEHDGLUHFWOXL'XPQH]HXFKLDUFX
FkWHYDFOLSHvQDLQWHFDDFHVWDVă
vQVFULHSULPXOVăXFR܈DOVH]RQXOXL
1RLFHLGHDLFLRDPHQLLGLQWUHWHPSOX
܈LED]DSkUWLHLGHVNL
LDPYă]XWIXUQLUXOvQFHSkQGVăFUDSH2vPSLHGLFDUH
XQGHJHWIUDFWXUDW
'DUQXDPYă]XWQLPLFGHJHQXOVăSXQă
SLFLRUXOGUHSWvQSDQWRIXOVWkQJ
Vă܈LVXFHDVFăJOH]QDRULFHYDGHIHOXODFHVWD
&RQWDQU
8QLLVSHFXODXFăDIRVWSHGHSVLWGH'XPQH]HX
&ăHQHUJLDQHJDWLYăDFHORUPDLSLR܈LGLQWUHIDQLLVăL
DIRVWFDSDELOăVăvLIUDFWXUH]HWLELDVăvLGLVORFHJOH]QD
PDLUHSHGHGHFkWGXUHD]ăVăv܊LLHLvPSăUWă܈DQLD
GXPLQLFăGLPLQHD܊D
3RDWHFăXQJHVWGHFRQVRODUHGLQSDUWHDOXL
/H%URQXQ]HXvQWRDWăUHJXODDUPDLGLPLQXD
GLQIUXVWUDUHDVDGHDVWDSHEDQFDGHUH]HUYH
WRWUHVWXOVH]RQXOXL
&HSRWVăVSXQGHVSUHDSăUăVL
'HVSUHDSăUăVLFHYDEXQ
SHQWUXFHYD܈LPDLEXQ&HSRWVăVSXQ
GHVSUHSHGHDSVD
SHQWUXFăv܊LGRUH܈WL
1LPHQLQXvOSRDWHvQYLQXLFă܈LDGRULW
0DLEXQGHFkW&KLFDJR
$PVSXVFăQXYRLSăUăVLQLFLRGDWă
&KLFDJRFHSRDWHILPDLEXQGHFkW
&KLFDJR'HFkWDUKLWHFWXUD
KRWGRJLLFXPX܈WDU ]XP]HWXOVăXFRQVWDQW
&kQWHFXORUD܈XOXL0LHXQDWXOGHSLVLFă ܈LEăUED܊LL
FDUHPăXUPăUHVFvQ܈LGLQDXWREX]
VDXVWkQGSUHDDSURDSHGHPLQHD܈WHSWkQG
DXWREX]XO
3RDWHFă
&KLFDJRQXHVWHDOWFHYDGHFvWXQHQRUPDXWREX]
XQGHXQEăUEDWWHSULYH܈WHvQRFKL
܈Lv܈LD܈D]ăFX܊LWXOvQSRDOă6XQWDWkWGHPXO܊LRFKL
DVHPHQHDXQXLFDUWRIJLJDQWLF&HSRDWHDYHD
8QLYHUVDOLD
RvQWLQGHUHPDLPDUH
GHFkW&KLFDJR0DLPXOWăSULYHOL܈WH0DLPXOWGHFHUFHWDW
2SLVLFăQHDJUăVDL]ELWGHSDQWRIXO
PHXQHJUX LDUHXPLDPVSXVFăDIRVWRUHXQLXQH
DIRUPHORU PăULPLORU3RDWHFă
&KLFDJRHVWHRGLWDPDLUHXQLXQHD
ÌQWURQRDSWHXQGHVWăPFXWR܊LL
VXEOXPLQLOHIHOLQDUHORUDVFXOWkQG
FKLWDUHOHXQXLIHVWLYDOGLQWUXQSDUF
vQGHSăUWDW
0RUPkQWvQWUXQFHUIăUăSăVăUL
/kQJăRIHUHDVWUă
DFRSHULWăFXVFkQGXUL
VHDIOăRDOWăIHUHDVWUăVSDUWă&KLSXULGHVXOIDOE
܈LLQvQIORULWLQXQGDWH
FXQRXDOkQăDXQHLWXUPHULVLSLWH
,ULVIXPXULX1HJUXGH6DOHP
8QFRUVDMSHQWUXEDOXOGHDEVROYLUH
VHWRSH܈WH(VWH
XQSHULVFRS(VWHQRPDG
FDGLPLQHD܊D&HQX܈ă
VHDFăSHWURWXDUUăVXIODUH
VLOHQ܊LRDVăvQLQWHULRUXOVROQL܊HL
&RQWDQU
(PLO\-RRQJPLQ<RRQHVWHDXWRDUHDDGRXă
YROXPHGHSRH]LH$&58(/7<63(&,$/72
28563(&,(6(FFR_+DUSHU&ROOLQV
ЮL25',1$5<0,6)25781(67XSHOR3UHVV
(VWHHGLWRUGHSRH]LHSHQWUXUHYLVWD7KH
0DUJLQVUHYLVWăFDUHHVWHSURGXVăGH
$WHOLHUXOGH6FULHUH&UHDWLYăDO6FULLWRULORU
$VLDWLFL$PHULFDQL$REаLQXWGRFWRUDWXOvQ
OLWHUDWXUăOD&KLFDJR8QLYHUVLW\<RRQVD
QăVFXWvQ%XVDQ5HSXEOLFD&RUHHDЮLGHOD
YkUVWDGHDQLORFXLHЮWHvQ9LFWRULD%&
3KLODGHOSKLD86$
9LV$PHULFDQ
)LULGDEUD܊XOXLWăX
DGHYHQLWFDPHUDPHDSUHIHUDWă
vQFDUHGRUPGDUVXQWWUH]LWă
GHFR܈PDUXULvQXOWLPXOWLPS1LFLFKLDUWXQHWHOH
QXWHSRWWUH]LvPL]LFHPDPD
ODWHOHIRQ$܈YUHDVăvLVSXQ
FăDPRUHOD܊LHFXXQEăUEDWDOEXQDPHULFDQ
GDUGHMDRYăGVSXQkQG
(LELQHFDVLPSOXSULHWHQPHUJHSR܊LDYHDDPLFL
1LFLRGDWăQX܈LDGRULWSHQWUXPLQHVăGHYLQ
RRFFLGHQWDOă
vLHWHDPăVăQXPăSLDUGăSHQWUXXQVWUăLQ
vLHWHDPăFăQXYDILFDSDELOăVăYRUEHDVFăvQHQJOH]ăFX
YLLWRULLVăLQHSR܊L'HODPLLGHPLOHGHSăUWDUH
GLQ&RUHHDPăvQWUHDEăGDFăWRWXOHQUHJXOă
$܈YUHDVăUkG
Văv܊LVSXQ1XLD܈DFăHULGLFROă"'DU
QRDSWHDWUHFXWăXQEăUEDWGHRULJLQHFRUHHDQă
DvQWUDWSHVWHQRLvQFDPHUă܈LPDYLRODW
vQWLPSFHWXWHRGLKQHDLOLQL܈WLWDOăWXULGHPLQH
6DD܈H]DWGHDVXSUDPHDvQPkQăFXXQFX܊LW
VLQJXUXOOXFUXVWUăOXFLWRUGLQFDPHUă,DUWXHUDL
QHPL܈FDWvQSLHOHDWDGHSODWLQăDWXQFLFkQGDPGHVFKLVRFKLL
'DWRWXOHRNFHDUSXWHDILvQQHUHJXOă"DPVSXVODWHOHIRQOLQL܈WLQGXPL
PDPD
8QLYHUVDOLD
6SXQHUXJăFLXQHDGHPXO܊XPLUH
ÌQ܊DUDPHD܈DPDQLLQR܈WULHUDXIHPHL
܈LDYHDPQXPHUR܈L]HLDVWDSkQăFkQGDOELLDXDGXV
H[WD]XOPăWăQLLORULDURUD܈HOHQRDVWUHDVWă]L
OXFHVFGHPHWDOXOFUXFLORUGHSDUFăVXQWFLPLWLUH
&RSLOILLQGOD܈FRDODGHGXPLQLFăPLVDVSXVFăYRL
DMXQJHvQLDG
GDFăQXFUHGvQ'XPQH]HXÌQYă܊ăWRDUHDQRDVWUă
HUDRIHPHLHDOHFăUHLILLFHv܈LGRUHDXVăILHFăOXJăUL܊HLDUHXDPvQWUHEDW
'DUEHEHOX܈LORUFHOLVHvQWkPSOă܈LFXPUăPkQHFX%XGGKD"$MXQJvQLDG܈L
HLPLDUăVSXQV$܈DFăDP
vQYă܊DWUXJăFLXQLOH
܈LOHDPVSXVvQID܊DIHPHLORU
vQFDUHQXFUHGHDP(OLEHUHD]ăQHGHUăX
6IkQWă)HFLRDUă0DULDDPLQ6IkQWVIkQW
ÌQDFHDVWă܊DUăFDUHv܈LVSXQHFUH܈WLQă
FHHPDLVIkQWGHFkWVăDX]L$LPLOă
GHQRL"
6ILQWH'XPQH]HXOH'XPQH]HXOHSULQWUHUXLQH
SULQWUHDSHSULEHJLQGHOLEHUHD]ăQHGHFHOUăX
6IkQWVIkQWÌQ܊DUDDVWDFDUH܈LVSXQHFUH܈WLQă
WXDUDWăVSUHOXQăVSUHVWHOHDUDWăFXPVWăODFXOOLQL܈WLW
܊LQkQGvQPkQăXQPăQXQFKLGHSHQH
܈LHLVHYRUXLWDODSHQH܇LWHYRUXFLGHVăOHDLEă
'DFăPDJLHHVWHFXYkQWXOSHQWUXUHOLJLHvQFDUHHL
QXFUHG
DWXQFLD܈DVăILH
OăVD܊LQHSHQRLVăDYHPSDUWHGHPDJLH/ăVD܊LQH
VăDYHPSURSULLOHQRDVWUHPDPH܈L܈DOXULVSLULWHOH
QRDVWUH
܈DPDQLLQR܈WUL܈LFăU܊LOHQRDVWUHVDFUH'D܊LQHYRLH
VăSăVWUăPVWHOHOHQRDVWUHGRDUSHQWUXQRL܈LQX
QHYRPUXJDQLPăQXL/ăVD܊LQHVăPkQFăP
FHHDFHQHVILQ܊H܈WH
8QJKLQLRQREL܈QXLW>(IDWă(SLHWUL@܈
(IDWă(SLHWUL܈6HvQILJHPkQDvQHD6HvQILJHPkQD
vQHDFDvQWURJUăPDGăGHSLHWUL܈3LHWUL܈HURGDWGHDSă
&RQWDQU
6DWXOHLHSOLQGHORFXULFXSLHWUL(܈VWHDQXO
(VWHIDWă6HvQILJHPkQDvQHD1XHEXQLFDPHDGH܈L
EXQLFDPHDHVWHIDWă
7DWăOEXQLFLLPHOHvQFKLGHSRU܊LOHvQID܊DVROGD܊LORU
DPHULFDQLFKLDUGDFăHLVDUSHVWH]LGXULOHGHSLDWUă
ODRIDWăFDUHQXHVWHEXQLFDPHD
)DWDHVWHSLHWUL܈vQ܈IăFDW/LPEDHLHVWHSLHWUL܈
SHQWUXFăQXvQVHDPQăQLPLFSHQWUXHL
0kLQLGROGRUDGHHD
&kPSLLGROGRUDGHSLHWUL܈
&RUHHDHVWHSLHWUL܈܈LPRUPLQWH
)DWDHRIDWă܈LQXYDILQLFLRGDWăEXQLFă
9DUăPkQHIDWăIDWDHSLHWUL܈LDULVWRULDYDVăUL
SHVWHHDFDSLDWUDDUXQFDWăUD]DQWSHOXFLXODSHL
2KIHWL܊RRKJORULH)DWă
8QJKLQLRQREL܈QXLW>$H[LVWDWXQEăUEDW@
$H[LVWDWXQEăUEDW8QVROGDWMDSRQH]8QXO
FDUHQXFUHGHDvQVXSHUVWL܊LL8QXOFDUHQXFUHGHD
vQVH[XOGHGLQDLQWHDEăWăOLHL
QXvOFRQVLGHUDFDILLQGWDOLVPDQ
vPSRWULYDOXFUXULORUUHOHFHLVDUSXWHDvQWkPSODvQ
OXSWă(UDXQEăUEDWFLXGDW8QXOFDUHQXSXUWDRDPXOHWă
FXSăUXOSXELDQDOXQHLSURVWLWXDWHVDXFXYUHRDOWă
EXFă܊LFăGLQHD
7RYDUă܈LLVăLGHOXSWăvLVSXQHDX)LLEăUEDW
6RFRWHDODHFăXQEăUEDWFLXGDWQXHXQEăUEDW
1XH[LVWăPRWLYFDORJLFDVăH[LVWHvQUă]ERL
1XH[LVWăPRWLY
([LVWDXQEăUEDW7RYDUă܈LLVăLGHOXSWăvLVSXQHDX
+DLVăGLVWUXJLKDLFXQRLVăMHIXLH܈WL
/DXvPSLQVvQIRL܈RU
6WăWHDXFXRFKLLSHJăXULOHGLQSHUHWH$XSULYLW
FXPYHQHD'HYHQHD&DUHHVWHVRFRWHDODDLFL"
1XH[LVWăQLFLXQD$H[LVWDWXQEăUEDW
8QXOFDUHVSXQHDSULQWUHODFULPL
(XQXVXQWEăUEDW1XVXQWEăUEDW
8QLYHUVDOLD
-LP+DUULVRQVDQăVFXWSHGHFHPEULHvQ
*UD\OLQJ0LFKLJDQ(VWHDXWRUXOPDLPXOWRUOXFUăULGH
ILFаLXQHЮLQRQILFаLXQHVFHQDULLЮLDPDLPXOWGHR
GX]LQăGHYROXPHGHSRH]LHSULQWUHFDUH'HDG0DQ¶V
)ORDW&RSSHU&DQ\RQ3UHVV6RQJVRI8QUHDVRQ
&RSSHU&DQ\RQ3UHVVЮL%UDLGHG&UHHN$
EHQHILFLDWGHREXUVă*XJJHQKHLPЮLDIRVWDOHVFD
PHPEUXDO$FDGHPLHL$PHULFDQHGH$UWHЮL/LWHUHvQ
$ORFXLWvQ0RQWDQDЮL$UL]RQDSkQăODPRDUWHD
VDvQPDUWLH
9LD܊D
1XPDLVXQWDWkWGHSULFHSXWFkQGYLQHYRUEDGHYLD܊ă
8QHRULPăWUH]HVF܈LQLFLQXRPDLUHFXQRVF
&DVHOHPD܈LQLOHPRELOLHUXOFăU܊LOHVXQWRFHD܊ă
vQWLPSFHFRSDFLLSăVăULOH܈LFDLLVHYăG
FXFODULWDWH'HDVHPHQHDvQ܊HOHJPX]LFD
XQXLDQWLFYDULHWHXGHGLQDLQWHDVHFROXOXLQRXăVSUH]HFH
8QGHRDUHDPIRVWvQWRWDFHVWWLPS"
'HODIHUHDVWUDWUHQXOXLQXPăUIORULOH
GLQWUH6HYLOOD܈L*UDQDGDGDU܈LWDXUL܈LPăVOLQL
1XDPSXWXWGRUPLvQFDPHUDOXL/RUFDSHQWUXFăHUDEkQWXLWă
&KLDU܈LVWLFODGHYLQSHFDUHRGXFHDPvQPkQăHUDEkQWXLWă
6SDQLDQXDPDLIRVWQLFLRGDWăHDvQVă܈LGXSăDFHVWDVDVLQDW
1RS܊LOHHLVXQWSOLQHFXGLQ܊LLUR܈LLDLPRU܊LL
$XIRVWPXO܊LFHLFDUHVDXGXVFXHO1XSR܊LQXPăUD
vQRUGLQHFUHVFăWRDUH܈LGHVFUHVFăWRDUH
SăVăULOH܈LIORULOHvQDFHOD܈LWLPS
/D܈DSWHDQLvQSăGXUH
6XQWRDUHDWkWGHEăWUkQSHFkWVXQW"
3RDWHQX7LPSXOHXQPLVWHU
FDUHQHSRDWHUăVFROLFXWRWXO
3DUFăPDLLHULDYHDP܈DSWHDQL܈LKăOăGXLDP
&RQWDQU
SULQSăGXUH
8QEDQGDMvPLDFRSHUHDRFKLXORUE
VWăWHDPvQWUXQVDFGHGRUPLWSHFDUH0DPD
vOIăFXVHVăSRWGRUPLvQDHUOLEHU
GHSDUWHGHRDPHQL8Q܈DUSHMDUWLHUăDOXQHFD
SHOkQJăPLQHIăUăVăPăEDJHvQVHDPă
2FLFDGă
DDWHUL]DWSHXQXOGLQWUHGHJHWHOHGHODSLFLRDUHHUD
DWkWGHX܈RDUăvQFkWQXSXWHDLFUHGHFăH[LVWă1RDSWHD
IXVHVHOXQJăLDUYkUIXULOHFRSDFLORU
SOLQHFXWULOLRDQHGHVWHOH&LQH
HUDPHXFHOSHMXPăWDWHRUEWROăQLWSHSRGHDXDSăGXULL
FLQHHUDPHXODYkUVWDGH܈DSWHDQL"܇DL]HFL܈LRSW
GHDQLPDLWkU]LXvQFăSRWORFXLvQWUXSXODFHOXLFRSLODQGUX
IăUăVăPăJkQGHVFODWLPSXOFDUHDWUHFXW
(RSRYDUăDYLH܊LLVăWUăLH܈WLDWkWGHPXOWHYkUVWHvQDFHOD܈LWLPS
IăUăVăYH]LFăWLPSXODSURDSH܊LVDVFXUV
2PXOFkLQH
$PLQYLGLDWFă܊HOX܈DFHVWDWROăQLWăvQFXUWH
D܈DFăQXPDPJkQGLWPXOW'DUDYHDPRSLHWULFLFă
VXEEXUWăFDUHPăGHUDQMD0DPULGLFDWDPFăXWDWR
DPGDWRODRSDUWH
܈LPDPD܈H]DWGLQQRX(D
QLFLPăFDUQXEăJDVHvQVHDPăSLHWULFLFD&UHGFă
GDWRULWăEOăQLLVDOHJURDVH
&DSXOXLD܈H]DWvQYDOHVkQJHOHLDDGXV
RPXO܊LPHGHLGHL$VWDQXHELQH0DPULGLFDW5RVWRJROLW
$FXPYăGVXWHGHIXUQLFLH[WUHPGHPLFL6XQWSHFDVDORU
0ăULGLF܈LPăPXWODYUHRGRLWUHL
SD܈LGLVWDQ܊ă
&ă܊HDXDQXVDGDWGLQORFXOHLOLQL܈WLW
$FXPVXQWSUHDDSURDSHGHXQKă܊L܈XQGHVăSWăPkQDWUHFXWă
DPYă]XWXQ܈DUSHPDUH܈LQHJUX
FDUHDUSXWHDVăGHFLGăVăPLVHDOăWXUH
0ăPXWDSURDSHGHFă܊HD
GDUVHULGLFă܈LSOHDFăVXESULGYRU1XLSODFH
8QLYHUVDOLD
FkQGPăSRUWFLXGDW(XQILDVFRH܈XH]FD܈LFkLQH
FkQGFHLGHXQQHDPFXPLQHPăUHVSLQJ܈LWRWX܈L
PăGHVFXUFPDLELQH
GHFkWDWXQFLFkQGLQYLGLH]SăVăULOHFUHDWXULOHFHOHPDLSX܊LQ
DVHPăQăWRDUHQRXăSULQXUPDUHLPSRVLELOGHLPLWDW
3HQWUXVLJXUDQ܊DPHDDPFLULSLWPXOWGDUQXDPvQFHUFDWVă]ERU
1RLRDPHQLLQHSXWHPDYkQWDVSUHFHUFXX܈XULQ܊ă
GDUVXQWHPH[HFUDELOLODDWHUL]DUH
9DLHW
&kQWHFXOHQXVXQWREL܈QXLWFXWLQH²
FkQGYLL
YRFHDWDGHGLQFRORGHFRSDFL
FKHDPăSHXQDOWXOGDUURVWLQGQXPHOHPHX
$WkWGHSX܊LQGLQPLQHYLQHvQVSUHWLQH
vQFkWQXv܊LSRWVXSRUWDJUHXWDWHD²
7HvQJURSvQVRPQVDXPDLWRUQQL܈WHYLQ
RULSLHUGXWvQPX]LFDDOWXLDXLWFăYUHRGDWăDLJOăVXLW
'HPDLYLLYLQRVWULJkQG
(OLDV(OLDV(OLDV
܈LGDFăFKHPDUHDWDRVLQJXUăGDWăDUIL
XQUăJHW
XQVWkOSGHOXPLQăQXWHD܈WUăGD
2DOWă܊DUă
,XEHVF]RULLDFH܈WLDPRL܈LFUX]L
FXPLLGHSăVăULSHFDUHOHSR܊LDX]LGDUQXSR܊L
VăOH]ăUH܈WLvQFH܊XULOHFHOHDVFXQG
7UXSXOPHXEăWUkQ܈LvQVWUăLQDWHXQLPLJUDQW
FDUHVHFKLQXLHVăLQWUHvQWURDOWă܊DUă
&kQWHFXOFXIXQGDUXOXLPăIDFHVăWUHPXU
$MXQVvQDSRLODFDEDQăYăGRFDUWH
܈LQXVXQWIRDUWHVLJXUFHOXFUXHVWHDFHVWD
&RQWDQU
'DYLG
(WkQăU7DWăOvLHPRUW
$IDUăHRQRDSWHUHFHGHQRLHPEULH
PD܈LQLOHFHORUYHQL܊LODvQPRUPkQWDUHVXQWSDUFDWHSHSHOX]ă
VXEOXPLQDGHODVWUHD܈LQăWUHL
IUD܊LOHYRUEHVFFHORUWUHLILLDLORU
܈LWUHPXUăIăUDFDYUHXQXOVă܈WLHFă܈LFHOăODOWWUHPXUă
0LQWHDOXLHVWHWRDWăKă܊L܈XULQHJUH
܈LVkQJHHO܈WLHFDUQHDVHGHVSULQGHX܈RUGHSHRV
HO܈WLHFăQXYDPDLDYHDSDUWHGHRXOWLPăSULYLUH
HO܈WLHFăSULQDEXQGHQ܊DGHIORUL
SOHRDSDVWăvQFKLVăVăDVFXQGă
FHQLPHQLQXSRDWHVXSRUWD
܈WLHFăPHWDOXOVIk܈LHFDUQHD
FăvQGLVFX܊LDvQGHSăUWDWăDIUD܊LORUVăL
VXEFUHDWXULOHFXYkUIXULDOEHVXEVWHOH
WDWăOHVWHPRUW
8QGHHVWH-LP+DUULVRQ"
$Fă]XWGHSHPDUJLQHDXQHL]DIXGH
ODvQăO܊LPHDGHDSURDSHRSWVSUH]HFHFHQWLPHWUL
1XVDSXWXWULGLFDGLQFDX]DRSHUD܊LHL
&UHGHvQÌQYLHUHvQPDUHSDUWH
SHQWUXFăQXDIRVWQLFLRGDWăvQYă܊DWFXPVăQXvQYLH
]DIX SHUQăURWXQGăIRORVLWăSHQWUXPHGLWDаLD=HQ
8QLYHUVDOLD
-HULFKR%URZQQDSULOLHHVWHXQ
SRHWЮLVFULLWRUDPHULFDQ1ăVFXWЮLFUHVFXW
vQ6KUHYHSRUW/RXLVLDQD%URZQDOXFUDWFD
SURIHVRUODXQLYHUVLWăаLFXPVXQW
8QLYHUVLWDWHDGLQ+RXVWRQ6DQ'LHJR6WDWH
8QLYHUVLW\ЮL(PRU\8QLYHUVLW\3RH]LLOH
VDOHDXIRVWSXEOLFDWHvQ7KH1DWLRQ1HZ
(QJODQG5HYLHZ7KH1HZ5HSXEOLF2[IRUG
$PHULFDQЮL7KH1HZ<RUNHU$ODQVDW
SULPDVDFDUWHGHSUR]ăЮLSRH]LH9ăURJ
vQ&HDGHDGRXDFDUWH1RXO
7HVWDPHQWDIRVWODQVDWăvQ&HOPDL
UHFHQWYROXPGHSRH]LHGLQ7UDGLаLD
VDEXFXUDWGHDSUHFLHUHDFULWLFLLGLQWRDWă
OXPHD
'XSOH[
8QSRHPHVWHXQJkQGFăWUHDFDVă
$UHFHULQ܊HvQWXQHFDWHSHFDUHOHFRQVLGHUFDILLQG
DOHPHOH
$GXFHUHDDPLQWHDUHUHYHQGLFăULPDLVXPEUHGHFkW
DOHPHOH
3ULPDPHDGUDJRVWHFRQGXFHDRPD܈LQăYL܈LQLH
3ULPDPHDGUDJRVWHFRQGXFHDRPD܈LQăYL܈LQLH
(UDUDSLG܈LvQJUR]LWRUvQDOWFDWDWăOPHX
1HDEăWXW܈LJURD]QLFvQDOWXOPHXWDWă
/RYHDWDUHFDRIXUWXQăFXJULQGLQă/ăVDXUPH
3ORDLDPăUXQWăORYH܈WHX܈RUGDUODVăSURSULDVDXUPă
&DVXQHWXOXQHLPDPHFDUHSOkQJHGLQQRX
&DVXQHWXOXQHLPDPHFDUHSOkQJHGLQQRX
1LFLXQ]JRPRWGHEăWDLHQXVHVIkU܈H܈WHXQGH
DvQFHSXW
1LFLXQXOGLQWUHFHLORYL܊LQXVIkU܈H܈WHD܈D
FXPQRLDPvQFHSXW
8QSRHPHVWHXQJkQGFăWUHFDVă
&RQWDQU
3VDOPXO
8QLLRDPHQLUHX܈HVFVăVHFRQYLQJăVLQJXUL
GHXQHOHOXFUXUL
'DUHX܈WLXXQD܈LEXQăODDSRJHXO
$WLQJHULLIăUăVSHUDQ܊ăHX܈LLXELWXOPHX
1H܊LQHPUHVSLUD܊LDVLJXULFăSXWHPRSULWLPSXOVDXSRDWH
6ăOVFRDWHPvQDIDUDYLH܊LORUQRDVWUHYLH܊LFHVXQW
PDLVFXUWH
'LQPRPHQWFHDPvQYă܊DWVăIDFHPGUDJRVWH
)LHFDUHSHQWUXVDWLVIDF܊LDFHOXLODOW
'HFkWSHQWUXHOvQVX܈L&kWGHVSUHODXGH
܇LDGRUD܊LHHXSUHIHURSUHIHUSHFHDGLQXUPă
'RDUDPLQWLUHD
1HIDFHVăvQJHQXQFKHPWăFX܊L܈LvQQHPL܈FDUH
0ăvQ܊HOHJL"
7XQHWXOVSHULH)XOJHUXOGHVFRSHUăOXFUXULOHYHGHULLQRDVWUH
$SRL
&XFDSHWHOHDFRSHULWHD܈WHSWăPSORDLD'XPQH]HXOPHX
ÌQJăGXLHVăvLD܈WHSWVRVLUHDFXFDSXOSOHFDW
܇LGkQGGLQHOFDXQRPFDUHDSLHUGXW܈LDWUăLW
&HYDFRQWLQXăVăvQFHUFHGDUQXDPIRVWXFLVvQFă
7UDGL܊LD
$VWHU1DVWXUWLXP'HOSKLQLXP1RLDPFUH]XW
&DGHJHWHOHQRDVWUHvQ܊ăUkQăIDFFD܊ăUkQDVăILHDQRDVWUă
ÌQYă܊kQGQXPHvQEăWDLDVRDUHOXLvQLQWHPSHULL
'HVSUHFDUHILORVRILLFODVLFLDXVSXVFăDUSXWHD
6ăQHVFKLPEH
&ULQL
)ORULGHGHJH܊HOUR܈X9DUDSăUHDVăvQIORUHDVFă
ÌPSRWULYDYRLQ܊HLVRDUHOXL
8QLYHUVDOLD
'HVSUHFDUHEXOHWLQHOHGH܈WLULVSXQ
&ăvQILHUEkQWăPDLDELWLU
$FHDVWăSODQHWăGHFkWSHYUHPHDFkQGVWUăEXQLLQR܈WUL
Ì܈L܈WHUJHDXQăGX܈HDODGHSHFHIH&RVPRV)ORDUHD
0LUHVHL
%ăUED܊LFDPLQH܈LIUD܊LLPHLDXILOPDW
&HHDFHDPSODQWDWFDGRYDGăFăDPH[LVWDWvQDLQWH
6ăILHSUHDWkU]LXDPGDWSHUHSHGHvQDLQWHILOPDUHD
6ăSXWHPYHGHDvQIORULUHD
ÌQFkWHYDVHFXQGHFXORULOHODFDUHWHD܈WHS܊LvQSRHPHOH
ÌQFDUHOXPHDVHVIkU܈H܈WHWRWXOHSXVODSăPkQW
-RKQ&UDZIRUG(ULF*DUQHU0LNH%URZQ
&RORVVHXP
1XvPLDPLQWHVFFXPPDPUăQLW
ÌQVăGXUHUHDPHD
$GXUDWvQGHDMXQV
ÌQFkWVDXLWUDQDFDUHDLQYHQWDWR
3HQWUXFăQLPHQLGLQWUHQRLQXFXQRD܈WHIUXPXVH܊HD3URSULLORUQR܈WULRFKL
3kQăFkQGXQEăUEDWQHVSXQHFă
(LVXQWPRWLYXO
3HQWUXFDUH'XPQH]HXDFUHDWFXORDUHDFDVWDQHORU$SRL
$FHOD܈LEăUEDWVSXQHFăWUăLH܈WHVăDWLQJă
&HOHPDLILQHSăU܊LVXJHUkQGFă
3LHOHDQRDVWUăSRDWHILvQ܊HOHDVă
$܈DFXPvQ܊HOHJHPGLIHULWHOHJUDGHGH
GHOLFDWH܊HDOHVDWLQXOXL
3HHOvOYRLXUPDSkQăFkQGYRLILODIHOGHDVSUX
3HGLQDIDUă
&XPVXQWvQLQWHULRU1XSRWVăvPLGDXVHDPD
&DUHHVWHORFXOGHXQGHVDVWkUQLWPăFHOXO
'DU܈WLXFXPVHVLPWH܈WLXFăWUăLHVFFXHO
܇LXQHRULvOIRORVHVF
6ăvPLGXFWUDLXOGH]LFX]L
3HQWUXFăVXQWFHHDFHJODGLDWRULLQXPHVF
8QEăUEDWvQGUăJRVWLWGUDJRVWHD
)LLQGXQLYHUVDODDGXFHUHDPLQWHFăDPVXSUDYLH܊XLW
&RQWDQU
-HURPH5RWKHQEHUJDUHUăGăFLQLHYUHLHЮWLЮL
SRORQH]HЮLVDQăVFXWЮLFUHVFXWvQ1HZ<RUN$UHXQ
PDVWHUvQOLWHUDWXUăREаLQXWOD8QLYHUVLWDWHDGLQ
0LFKLJDQ'LQSkQăvQDVHUYLWvQDUPDWD68$
GLQ0DLQ]*HUPDQLDGXSăFDUHVDvQWRUVOD1HZ<RUNЮL
ЮLDFRQWLQXDWVWXGLLOHSRVWXQLYHUVLWDUHOD8QLYHUVLWDWHD
&ROXPELDSkQăvQ5RWKHQEHUJDSXEOLFDWSHVWH
ЮDSWH]HFLGHFăUаLЮLSODFKHWHGHSRH]LH&ăUаLOHVDOHDX
IRVWWUDGXVHvQPDLPXOWHOLPELGRXăGLQWUHHOHDXIRVW
WUDQVIRUPDWHvQSLHVHGHWHDWUXЮLLQWHUSUHWDWHvQPDL
PXOWHVWDWH$WUDGXVRFDQWLWDWHHQRUPăGHOLWHUDWXUă
PRQGLDOăLQFOXVLY3DEOR3LFDVVRЮL9tWH]VODY1H]YDO$
IRVWSURIXQGLPSOLFDWvQDUWăЮLDVFULVPDLPXOWHSLHVHGH
WHDWUX
8OWLPXOSULHWHQ
ÌQ]LXDLQFDUHXOWLPXOSULHWHQ
PRDUH
UăPkQHPVLQJXUL
8QYL]LWDWRU
GLQVSD܊LXOH[WUDWHUHVWUX
vQFHDUFăGLQUăVSXWHUL
VăQHLQYRFH
&LQHYDVSXQH
0Ă1Æ1&Ă02$57(
ÌQFHUF
VăJăVHVFUăVSXQVXUL
GDUvQ]DGDU
,DXRILROăPLFX܊ă
GLQEX]XQDUXOWăX
RPLURV DSURDSHPRU
ÌQFHOPDLEXQFD]SROL܊LDHVWH
QHSăVăWRDUH
'H܈LQXHORFDFRORSHQWUXvQJHUL
)XUWXQLOHVHvQGUHDSWăvQFRDFHGLQVSUH0H[LF
ORFXOXQGHRGDWăQRLKRLQăUHDP
)HOXOvQFDUHSLHSWXOWăX
VHULGLFăVLFRERDUă
FkQGUHVSLUL
8QLYHUVDOLD
HXQUăVSXQVHYLGHQW
9UHDXVăPăDVLJXUHFLQHYD
FăGXSăFHYRLPXUL
OXPHDYDFRQWLQXDVăH[LVWH
8Q3DUDGLVDO3RH܊LORU
,DRFDUWHGHSHUDIWXOELEOLRWHFLL VFULHGHDOXQJXO
XQHLSDJLQL(XVXQWFHOGLQXUPă$VWDvQVHDPQăFă
OXPHDVHYDVIkU܈LFkQGHOVHYDVIkU܈L
ÌQ,QIHUQ'DQWH]ăPL܈OH܈WHXQ3DUDGLVDO3RH܊LORU
vOQXPH܈WH/LPER
ÌQPRGLURQLFHOFUHGHFăORFXOVăXHvQDOWăSDUWH
$FXPDVRVLWPRPHQWXOVăVFULHXQSRHPGHVSUH
XQ3DUDGLVDO3RH܊LORU
>L@
ÌQWLPSFHPăJDQGHVFODFHLGHMDPRU܊L
GDFăOXPHDDUăWDDOWIHODWXQFLFkQGHLDXPXULW
FXPRYRUUHFXQRD܈WHDFXP"
H[LVWăXQPRWLYvQWHPHLDWSHQWUXFDUHPRU܊LL
WUHEXLHVăUăPkQăPRU܊L
FRQIX]LDOLUGRDUQHDUDODUPDSHQRL
FHLFDUHVXQWHPvQYLD܊ă XQHRULWUHEXLH
VăQHJkQGLPODPRU܊L ODFHVăOHVSXQHP
FDOXFUXULOHVăILHOLPSH]L
>LL@
(WHUQDÌQWUHEDUH
&RQWDQU
0ăvQWUHEFkWHRGDWăFDUHYDILXOWLPXOFXYkQW
SHFDUHvOYRLVSXQHVDXDX]LvQDLQWHVăPRU
܈LPăvQFHDUFăRDGkQFăWULVWH܊HVăQXO܈WLX
GHSHDFXPVDXYUHRGDWă
$UWDSRH]LHL´
SHQWUX2OVRQ
SRUQHVFDFXP
vQWURFXWLHSHPDUH´
VFULD2OVRQ
vQvQFKHLHUHDOXL0D[LPXV9,
DPLQWLQGXPLGH2VLULV
GH,VLV
DúSXWHDVăIDFOHJăWXUD
FXXQUDELQ܊LFQLW
SLHUGXWSHPDUH
YLFWLPă
FDUHQXYHGHPDLGHSDUWH
GHSURSULDPLFDUQH
GDUQLFLPDLGHSDUWH
GHDOXLvQVXúL
VDXXQVHQHFD
ODRUDUHIOX[XOXL
FDUHVFUXWHD]ăGHSăUWăULOH
SHVWHODF
XUPăULQGLQWUXúLL
8QLYHUVDOLD
/DZUHQFH)HUOLQJKHWWL3RHWGUDPDWXUJHGLWRUЮL
DFWLYLVW/DZUHQFH)HUOLQJKHWWLVDQăVFXWSHPDUWLH
vQ<RQNHUV1HZ<RUN
$DYXWRWLQHUHаH]EXFLXPDWăSăUаLLPSRUWDQWHGLQHD
DXIRVWSHWUHFXWHvQ)UDQаDGDUЮLvQWUXQRUIHOLQDWvQ
&KDSSDTXD1HZ<RUNЮLvQFRQDFXOXQHLIDPLOLL
ERJDWHIDPLOLD%LVODQG$IRVWHOHYDOЮFROLLGHHOLWă
5LYHUGDOH&RXQWU\'D\0RXQW+HUPRQЮLVWXGHQWDO
8QLYHUVLWăаLLGLQ&DUROLQDGH1RUGXQGHVD
VSHFLDOL]DWvQMXUQDOLVP'XSăDEVROYLUHVDDOăWXUDW
PDULQHLDPHULFDQH'XSăH[HFXWDUHDVHUYLFLXOXL
PLOLWDU)HUOLQJKHWWLDSURILWDWGHDMXWRUXOILQDQFLDUSH
FDUHIRЮWLLPLOLWDULvOSULPHDXЮLЮLDFRQWLQXDWVWXGLLOH
ÌQDIRVWQXPLWSULPXOSRHWODXUHDWGLQ6DQ
)UDQFLVFR&HOPDLFXQRVFXWYROXPGHSRH]LHDOXL
)HUOLQJKHWWL$&RQH\,VODQGRIWKH0LQGVD
YkQGXWvQSHVWHXQPLOLRQGHH[HPSODUHvQ$PHULFDЮLvQVWUăLQăWDWH(VWHDXWRUXODSHVWH
GHYROXPHGHSRH]LHGLQWUHFDUHDPLQWLP7LPHRI8VHIXO&RQVFLRXVQHVV
3RHWU\DV,QVXUJHQW$UW6DQ)UDQFLVFR3RHPV+RZWR3DLQW/LJKWOLJKW
/\ULF3RHPVDQG2WKHUV±$)DU5RFNDZD\RIWKH+HDUW1XPHURDVHOH
SUHPLLЮLGLVWLQFаLLSULPLWHGH)HUOLQJKHWWLLQFOXG3UHPLXO1DаLRQDODO&ULWLFLORUGH
&DUWH,YDQ6DQGURI/LIHWLPH$FKLHYHPHQW$ZDUG0HGDOLD0HPRULDOă5REHUW)URVWЮL
3UHPLXO1DаLRQDODO)XQGDаLHLSHQWUX&DUWH$IRVWDOHVPHPEUXDO$FDGHPLHL$PHULFDQH
GH$UWHЮL/LWHUHvQLDUvQDIRVWQXPLW&RPDQGRUDO2UGLQXOXL)UDQFH]DO
$UWHORUЮL/LWHUHORU
QXPăUXO²/DZUHQFH)HUOLQJKHWWL
HUDXQFKLSSHFDUHvQWXQHULFXOvOSXWHDXFLGH
LQWURFOLSLWă
XQFKLSODIHOGHX܈RUGHUăQLW
GH]kPEHWVDXOXPLQă
܈WLLJkQGLPGLIHULWQRDSWHD
PLDVSXVRGDWă
vQWLQ]kQGXVHLVWRYLWăSHVSDWH
DSRLFLWkQGXOSH&RFWHDX
VLPWFăH[LVWăXQvQJHUvQPLQH
XQvQJHUSHFDUHvQPRGFRQVWDQWvO܈RFKH]
GXSăFDUH]kPEHDv܈LIHUHDSULYLUHD
DSULQGHDR܊LJDUăSHQWUXPLQH
DSRLVHULGLFDVXVSLQkQG
vQWLQ]kQGX܈LDQDWRPLDHLGXOFH
OăVkQGVăLDOXQHFHXQFLRUDSGHPăWDVH
&RQWDQU
&kLQH
FkLQHOHXPEOăOLEHUSHVWUDGă
܈LREVHUYăUHDOLWDWHD
LDUOXFUXULOHSHFDUHOHYHGH
VXQWPDLPDULGHFkWHO
LDUOXFUXULOHSHFDUHOHYHGH
VXQWUHDOLWDWHDVD
EH܊LYDQLVWkQGvQGUHSWXOX܈LORU
OXQDSULQWUHFRSDFL
FkLQHOHXPEOăOLEHUSHVWUDGă
܈LOXFUXULOHSHFDUHOHYHGH
VXQWPDLPLFLGHFkWHO
SH܈WLvQSDJLQLOH]LDUHORU
IXUQLFLvQJăXUL
SXLLGLQYLWULQHOHRUD܈XOXLFKLQH]HVF
FDUHVXQWODRVWUDGăGLVWDQ܊ă
FkXQHOHXPEOăOLEHUSHVWUDGă
܈LOXFUXULOHSHFDUHOHPLURDVH
PLURVFDPFXPPLURDVHHO
FkLQHOHXPEOăOLEHUSHVWUDGă
WUHFHSHOkQJăEăOWRDFH܈LFRSLOD܈L
SLVLFL܈LWUDEXFXUL
ORFXULGHUHFUHHUH܈LSROL܊L܈WL
QXXUă܈WHSROL܊L܈WLL
DSURDSHFăQXOHYHGHURVWXO
WUHFHSHOkQJăHL
SHOkQJăYDFLPRDUWH
DWkUQDWHvQWUHJLvQID܊DPăFHOăULHLGLQ6DQ)UDQFLVFR
PDLGHJUDEăDUPkQFDRYDFkIUDJHGă
GHFkWXQSROL܊LVWFXFDUQHDWDUH
GH܈LDUPHUJHRULFDUHGLQWUHHL
DSRLWUHFHSHOkQJăIDEULFDGHSDVWH5RPHR
܈LSHOkQJăWXUQXO&RLW
GDUQXVHWHPHGHFRQJUHVPDQXO'R\OH
FXWRDWHFăFHDXGHHVWHGHVFXUDMDQW
GHSUHVLY
DEVXUG
8QLYHUVDOLD
SHQWUXXQFkLQHWkQăUFDHO
GDUDUHSURSULDVDOXPHOLEHUkvQFDUHVăWUăLDVFă
SURSULLSXULFLSHFDUHVăvLPăQkQFH
QXLVHYDGDSHVWHERW
SHQWUXHO
FRQJUHVPDQXO'R\OHHVWHGRDUXQDOW
KLGUDQW
&kLQHOHXPEOăOLEHUSHVWUDGă
DUHSURSULDVDYLD܊ăGHFkLQHSHFDUHVăRWUăLDVFă
ODFDUHVăVHJkQGHDVFă
VăPHGLWH]H
DWLQJkQGJXVWkQG܈LvQFHUFkQGWRWXO
FHUFHWkQGWRWXO
IăUăDEHQHILFLDGHSUH]XP܊LDGHQHYLQRYă܊LH
XQUHDOLVWDGHYăUDW
FXRSRYHVWHGHVSXV
RYLD܊ăDGHYăUDWă
OăWUkQG
FkLQHGHPRFUDWLF
SULQVvQWURDIDFHUHFXDGHYăUDWOLEHUă
FXFHYDGHVSXV
GHVSUHRQWRORJLH
FXFHYDGHVSXV
GHVSUHUHDOLWDWH
܈LFXPVăILHHDSULYLWk
܈LDX]LWă
FXFDSXOvQWRUVGLQSURILO
ODFRO܊XULOHVWUă]LORU
FD܈LFXPDUXUPDVăLVHIDFăRIRWRJUDILH
SHQWUX9LFWRU5HFRUGV
܈LDUăWkQG
FDXQVHPQGHvQWUHEDUHvQVXIOH܊LW
vQPDUHOHJUDPRIRQ
DOvQFkOFLWHLH[LVWHQ܊H
FXIHUPHFDWXOVăXFRUQVHF
FDUHvQWRWGHDXQDSDUH
VăVHVFXUJăvQDLQWH
XQIHOGHUăVSXQV9LFWRULRV
ODRULFHvQWUHEDUH
&RQWDQU
$܈WHSW
D܈WHSWVăVHLDvQGLVFX܊LHFD]XOPHX
܈LD܈WHSW
RUHQD܈WHUHDLQRFHQ܊HL
D܈WHSWFDFLQHYD
VăGHVFRSHUHFXDGHYăUDW$PHULFD
܈LVăMHOHDVFă
܈LD܈WHSW
VăVHGHVFRSHUH
RQRXăJUDQL܊ăVLPEROLFăGHYHVW
܈LD܈WHSW
FD9XOWXUXO$PHULFDQ
Vă܈LvQWLQGăDULSLOHFXDGHYăUDW
܈LVă]ERDUH
܈LD܈WHSW
FD(UD$Q[LHWă܊LL
VăVHVIkU܈HDVFăRGDWă
܈LD܈WHSW
VăVHGXFăUă]ERLXO
FHYDIDFHOXPHDPDLVLJXUă
SHQWUXDQDUKLH
܈LD܈WHSW
RILOLUHDFHDGLQXUPă
DWXWXURUJXYHUQHORUOXPLL
܈LD܈WHSWIăUăvQFHWDUH
RUHQD܈WHUHDLQRFHQ܊HL
D܈WHSW$'RXD9HQLUH
܈LD܈WHSW
RUHQD܈WHUHUHOLJLRDVă
FDUHVăPăWXUH$UL]RQD
܈LD܈WHSW
FD6WUXJXULL0kQLHLVăILHGHSR]LWD܊L
܈LD܈WHSW
VăPLVHGHPRQVWUH]H
Fă'XPQH]HXHVWH$PHULFDQ
܈LD܈WHSW
VăOYăGSH'XPQH]HXODWHOHYL]RU
vQGHVDWSH܊HYLOHDOWDUHORUGLQELVHULFL
8QLYHUVDOLD
GDFăHLDUSXWHDJăVL
FDQDOXOSRWULYLW
ODFDUHVăVHXLWH
܈LD܈WHSW
FD&LQD&HD'H7DLQă
VăILHVHUYLWăGLQQRX
FXXQDSHULWLYQRX܈LFLXGDW
܈LD܈WHSWQHvQFHWDW
RQRXăUHQD܈WHUHDLQRFHQ܊HL
D܈WHSWVăPLVHVWULJHQXPăUXO
܈LD܈WHSW$UPDWD6DOYăULLVăSUHLDFRQWUROXO
D܈WHSW
EOkQGH܊HDVăPLILHELQHFXYkQWDWă
VăPR܈WHQHVFSăPvQWXO
IăUăWD[H
܈LD܈WHSW
FDSăGXULOH܈LDQLPDOHOH
VăUHYHQGLFHSăPkQWXOFDDSDU܊LQkQGXOHGHGUHSW
܈LD܈WHSW
XQVIDWFXP
VăGLVWUXJQD܊LRQDOLVPXO
IăUăVăXFLGSHQLPHQL
D܈WHSW
VăFDGkFkQHSDULL܈LSODQHWHOHFXPFDGHSORDLD
܈LD܈WHSWFDLXEL܊LL܈LERFLWRDUHOH
VăVHD܈H]HGLQQRXSHMRV
vQWURQRXăUHQD܈WHUHDLQRFHQ܊HL
D܈WHSWFD0DUHD'LVWDQ܊DUHGLQWUHQRLVăGLVSDUă
D܈WHSWFXQHUăEGDUH
FDVHFUHWXOYLH܊LLYH܈QLFHVăILHGHVFRSHULW
GHXQPHGLFJHQHUDOLVWQHFXQRVFXW
܈LD܈WHSW
FDIXUWXQLOHYLH܊LL
VăvQFHWH]H
܈LD܈WHSW
VăULGLFSkQ]HOH܈LVăSRUQHVFVSUHIHULFLUH
܈LD܈WHSW
FDRIORDUHGH0DLUHFRQVWUXLWă
VăDMXQJăQ$PHULFD
&RQWDQU
FXLPDJLQHD܈LGUHSWXULOHGHWHOHYL]LXQH
YkQGXWHQDYDQVORFXLWRULORUQDWLYLDL$PHULFLL
܈LD܈WHSW
PX]LFDSLHUGXWăVăUăVXQHGLQQRX
SH&RQWLQHQWXO3LHUGXW
vQWURQRXăUHQD܈WHUHDLQRFHQ܊HL
D܈WHSW]LXD
FDUHIDFHWRDWHOXFUXULOHOLPSH]L
܈LD܈WHSWUăVSODWD
SHQWUXFH$PHULFD
LDIăFXWOXL7RP6DZ\HU
܈LRD܈WHSWSH$OLFHvQ܉DUD0LQXQLORU
VăvPLUHWUDQVPLWă
YLVXOWRWDODOLQRFHQ܊HL
܈LD܈WHSW
VăYLQă&KLOGH5RODQG
vQFHOPDLvQWXQHFDWWXUQGHILQLWLY
܈LD܈WHSW
FD$IURGLWHL
VăLFUHDVFăEUD܊HYLL
ODFHDGLQXUPăFRQIHULQ܊ăDGH]DUPăULL
vQWURQRXăUHQD܈WHUHDLQRFHQ܊HL
D܈WHSW
VăLQWUXvQSRVHVLDXQRUVLPXODFUH
DOHQHPXULULL
DPLQWLQGXPLFRSLOăULDWLPSXULH
܈LD܈WHSW
FDGLPLQH܊LOHYHU]LVăVRVHDVFăGLQQRX
VăVRVHDVFăFkPSLLOHYHU]LDOHWLQHUH܊LLQHVăEXLWH
܈LD܈WHSW
FDIRU܊HQHEăQXLWHDOHDUWHLQHSUHPHGLWDWH
VăPL]JXGXLHPD܈LQDGHVFULV
܈LD܈WHSWVăVFULX
PDUHOHSRHPFDUHVăODVHXUPHHWHUQH
܈LD܈WHSW
QHVIkU܈LWXOH[WD]
܈LD܈WHSWIăUăvQFHWDUH
LXEL܊LLSULEHJLVăVHUHvQWkOQHDVFăOD8UQD*UHFHDVFă
8QLYHUVDOLD
vQFHOHGLQXUPă܈LVăVHvPEUă܊L܈H]H
܈LD܈WHSW
SHHSHWXX܈LSHQWUXYH܈QLFLH
RUHQD܈WHUHDLQRFHQ܊HL
&RQVWDQWULVFkQGDEVXUGLWDWHD
FRQVWDQWULVFkQGDEVXUGLWDWHD
܈LPRDUWHD
RULFkQGSHUIRUPHD]ă
GHDVXSUDFDSHWHORU
SXEOLFXOXLVăX
SRHWXOFDXQDFUREDW
VHFD܊ăUăSHULPă
SkQăVXVSHVkUPDIăFXWăGHHOvQVX܈L
܈LEDODQVkQGXVHSHUD]HOHSULYLULORU
GHDVXSUDXQHLPăULGHIH܊H
v܈LVWDELOH܈WHULWPXOFXFDUHVHGHSODVHD]ă
VSUHFHDODOWăSDUWHD]LOHL
IăFkQGVDOWXULvQFDUHIRDUIHFăDHUXOFXSLFLRDUHOH
WUXFXULFXWDOSD
FDXQMXFăWRUGHFăU܊LLXWHGHPkQă
܈LDOWHOXFUXULGHvQDOWGUDPDWLVP
WRDWHIăUăGHJUH܈HDOă
SHQWUXFHHDFHSRDWHQXH[LVWă
FăFLHOHVWHVXSHUUHDOLVWXO
FDUHWUHEXLHYUkQGQHYUkQGVăSHUFHDSă
ULJLGXODGHYăU
vQDLQWHGHILHFDUHOXDUHDXQHLSRVWXULVDXSDV
vQSUHVXSXVXOVăXSURJUHV
VSUHDFHOvQFăFHOPDLvQDOWORF
XQGH)UXPXVH܊HDVWă܈LD܈WHDSWă
FXVREULHWDWH
Vă܈LH[HFXWHVDOWXOPRUWDO
LDUHO
XQPLFFKDUOH\FKDSOLQ
FDUHDUSXWHDVDXQXVăSULQGă
JLQJD܈DHLIRUPăHWHUQă
FXDULSLOHvQWLQVHvQDHUXOJRO
DOH[LVWHQ܊HL
&RQWDQU
/XPLQDVFKLPEăWRDUH
OXPLQDVFKLPEăWRDUH
GLQ6DQ)UDQFLVFR
QXVHDPăQăQLFLSHGHSDUWHFXOXPLQDYRDVWUă
GHSH&RDVWDGH(VW
QLFLSHGHSDUWH
FXOXPLQDGHSHUOăGLQ3DULV
OXPLQDGLQ6DQ)UDQFLVFR
HOXPLQăDFYDWLFă
OXPLQăLQVXODUă
OXPLQDVDGHFHD܊ă
DFRSHUăGHDOXULOH
DOXQHFkQGQRDSWHD
VSUH*ROGHQ*DWH
FDVăVHD܈WHDUQăSHVWHRUD܈vQ]RUL
܈LDSRLGLPLQH܊LOHFDOPH܈LWkU]LL
GXSăFHVHULVLSH܈WHFHD܊D
܈LVRDUHOHYRSVH܈WHFDVHOHDOEH
FXOXPLQDPăULL*UHFLHL
FXXPEUHFODUH܈LDVFX܊LWH
IăFRUD܈XOVăSDUă
FăWRFPDLDIRVWSURDVSăWYăUXLW
GDUYkQWXOVHIDFHVLP܊LWSHODRUDSDWUX
PăWXUDQGGHDOXULOH
DSRLYăOXOGHOXPLQăDOVHULLWLPSXULLDSDUH
܈LDSRLXQDOWvQYHOL܈
FkQGQRXDFHD܊ăDQRS܊LL
YLQHSOXWLQG
܈LvQDFHOYăOGHOXPLQă
RUD܈XODOXQHFă
OLSVLWGHDQFRUăSHDSHOHRFHDQXOXL
8QLYHUVDOLD
/RXLVH*OFN/RXLVH(OLVDEHWK*OFNQ
DSULOLH1HZ<RUNHVWHXQXOGLQWUHFHLPDL
GHVHDPăSRHаLDPHULFDQLDLJHQHUDаLHLVDOHD
FkЮWLJDWQXPHURDVHSUHPLLOLWHUDUHLPSRUWDQWHvQ
6WDWHOH8QLWHLQFOXVLY3UHPLXO3XOLW]HU3UHPLXO
1DаLRQDODO&ăUаLL3UHPLXO1DаLRQDODO&ULWLFLORU
GH&DUWH3RH]LDVHUHPDUFăSULQSUHFL]LH
WHKQLFăVHQVL]LWLYLWDWHSULQSURIXQ]LPHDFX
FDUHDERUGHD]ăWHPHFXPVvQWVLQJXUăWDWHD
UHODаLLOHGHIDPLOLHGLYRUаXOPRDUWHDPLWXULOH
3HUVHIRQHLЮL'HPHWUHLÌQDSULPLW
3UHPLXO1REHOSHQWUX/LWHUDWXUă
0LWXO,QRFHQ܊HL
vQWURYDUăRDUHFDUHPHUJHSHFkPSFXPRIDFHGHRELFHL
RSULQGXVHSHQWUXRFOLSăODLD]XOXQGHDGHVHD
VHSULYH܈WHVăYDGăGDFăWUXSXO܈LFKLSXO
LVDXPDLVFKLPEDW9HGH
DFHHD܈LSHUVRDQăFXvQYHOL܈XORULELO
DFHHDFHvQVHDPQăVăILLvQFăILLFăDJă܊DWGHHD
3ULYLWvQDSăVRDUHOHSDUHIRDUWHDSURDSH
$FHVWDHVWHXQFKLXOPHXFDUHPăVSLRQHD]ăGLQQRX
v܈LVSXQHHD
RULFHOXFUXGLQQDWXUăvLHVWHvQWUXQIHOUXGă
1868171,&,2'$7Ă6,1*85ĂVHJkQGH܈WH
WUDQVIRUPkQGJkQGXOvQUXJăFLXQH
$SRLPRDUWHDDSDUHFDUăVSXQVXOODUXJăFLXQH
1LPHQLQXPDLvQ܊HOHJH
FkWGHIUXPRVHUDHOGDU3HUVHIRQDv܈LDPLQWH܈WH
Ì܈LDPLQWH܈WH܈LFăDvPEUă܊L܈DWRFKLDUvQORFXODFHVWD
vQWLPSFHXQFKLXOHLvLSULYHDÌ܈LDPLQWH܈WH
OXPLQDVRDUHOXLOXFLQGSHEUD܊HOHOXLJRDOH
(XOWLPDFOLSăSHFDUH܈LRDPLQWH܈WHFXFODULWDWH
$SRL]HXOvQWXQHFDWDSOLFWLVLWRvQFkWHDVDQGHSăUWDW
&RQWDQU
Ì܈LDPLQWH܈WHFXPDLSX܊LQăOLPSH]LPH
PRPHQWXOvQILRUăWRUvQFDUHDUHDOL]DW
FăQXSRDWHWUăLIăUăHO
)DWDFDUHRGDWăVHRJLLQGHDvQOXFLXOLD]XOXL
QXVHYDPDLvQWRDUFHvQYHFL2IHPHLHvQVă
YDYHQLFăXWkQGFRSLODFDUHDIRVWRGDWă
6WăSHPDUJLQHDDSHL]LFkQGGLQFkQGvQ
FkQG
$0)2675Ă3,7ĂGDUYRUEHOHvLVXQă
VWUăLQHHDQXDVLP܊LWGHIDSWD܈DFHYD
$SRLVSXQH18$0)2675Ă3,7Ă
܈LGLQQRXURVWH܈WH0$0'Ă58,7$0'25,7
6Ă(9$'(=',135235,8/0(875838QHRULFKLDU
DPFHUXWOXFUXODFHVWDGDULJQRUDQ܊D
QXLSRDWHFHUHFXQRD܈WHULL,JQRUDQ܊D
v܈LGRUH܈WHOXFUXULvQFKLSXLWHGHVSUHFDUHFUHGHHDFă
H[LVWă
7RDWHVXEVWDQWLYHOHGLIHULWH
OHVSXQHSHUkQG,DU܈LLDU5RWLQGXOH
02$57(62(=܉8675Ă,1
7RWXOVXQăDWkWGHVLPSOXGHFRQYHQ܊LRQDO
7UHEXLHFDPIRVWVHJvQGH܈WHHDRIDWăVLPSOă
1X܈LSRDWHDPLQWLFXVLJXUDQ܊ăFăDIRVWRDVWIHO
GHSHUVRDQă
GDUFRQWLQXăVăVHJkQGHDVFă
SRDWHFăLD]XOv܈LYDDPLQWL
܈LRVăLH[SOLFHvQ܊HOHVXOUXJăFLXQLLVDOH
VăSRDWăvQ܊HOHJH
GDFăUXJăFLXQHDDIRVWDVFXOWDWăVDXQX
8QLYHUVDOLD
0LH]XOYHULL
ÌQQRS܊LFDDFHDVWDREL܈QXLDPVăvQRWăPvQFDULHUDGHSLDWUă
EăLH܊LLLQYHQWkQGMRFXULvQFDUH܊LVHFHUHDVăVPXOJLKDLQHOHGHSHIHWH
LDUIHWHOHFRRSHUDXSHQWUXFăDFXPDYHDXDOWHWUXSXULGHFkWYDUDWUHFXWă
܈LYRLDXVăOHDUDWHFHLPDLFXUDMR܈L
VăUHDXGHSHVWkQFL±vQYăOPă܈HDOăGHFRUSXULvQDSă
1RS܊LOHHUDXvQFăXPHGH3LDWUDHUDUHFH܈LXPHGă
PDUPXUăSHQWUXFLPLWLUHSHQWUXFOăGLULSHFDUHQXOHDPYă]XWQLFLRGDWă
FOăGLULGLQRUD܈HGHGHSDUWH
ÌQQRS܊LOHvQQRUDWHHUDLGHDGUHSWXORUEÌQQRS܊LOHDFHOHDSLHWUHOHHUDX
SHULFXORDVH
GDUvQWUXQIHOWRWXOHUDSHULFXORVDVWD܈LXUPăUHDPGHIDSW
9HQLYDUD'XSăFDUHEăLH܊LL܈LIHWHOHDXvQFHSXWVăXPEOHvQSHUHFKL
vQVăPHUHXHUDXXQLLFDUHUăPkQHDXSHGLQDIDUă±XQHRULFRQWLQXDXVăVH
XLWH
DOWHRULVHSUHIăFHDXFăOLVDXUkWXQLLGHDO܊LLDVHPHQHDFHORUODO܊L
GDUFHSXWHDXVăIDFăDFRORvQSăGXUH"1LPHQLQXYRLDVăILHvQORFXOORU
7RWX܈LvQFHOHGLQXUPăDUILDSăUXWFD܈LFXPvQWURQRDSWHSRDWHDUILDYXW
QRURF
SRDWHVRDUWDDUILIRVWDOWDGHGDWDDVWD
&XWRDWHDVWHDODvQFHSXW܈LODVIkU܈LWHUDPFXWR܊LLvPSUHXQă
'XSăWUHEXULOHFDVQLFHGHVHDUăGXSăFHPHUJHDX
VăGRDUPăFHLPLFL
DWXQFLHUDP܈LQRLOLEHUL1XSOăQXLDQLPHQLQLPLF
GDUQRL܈WLDPvQFDUHQRS܊LXUPDVăQHvQWkOQLP
܈LvQFDUHQX'LQWRDWăDFHDJLXJLXOHDOăRGDWăVDXGHGRXăRULODVIkU܈LWXO
YHULL
XQFRSLOYHQHDSHOXPH
,DUSHQWUXFHLGRLvQFDX]ăHUDJURD]QLFODIHOGHJURD]QLFFDDILVLQJXU
-RFXOVHWHUPLQDVH6WăWHDPSHSLHWUH܈LQHIXPDP܊LJăULOH
IăFkQGXQHJULMLSHQWUXFHLFDUHQXHUDXDFROR
܇LvQVIkU܈LWGUXPXOFăWUHFDVăSHVWHFkPSXUL
SHQWUXFăPHUHXDGRXD]LHUDGHPHUVODOXFUX
&RQWDQU
,DUvQ]LXDXUPăWRDUHHUDPGLQQRXFRSLLVWkQGGHGLPLQHD܊ăSHWUHSWHOHGH
ODLQWUDUH
PkQFkQGRSLHUVLFă'RDUDWkWGDUSăUHDRRQRDUHVăDLRJXUă
,DUGXSăDVWDPHUVXOODPXQFăDGLFăVăGăPRPkQăGHDMXWRUODFkPS
8QEăLDWOXFUDSHQWUXRGRDPQăvQYkUVWăvLIăFHDUDIWXUL
&DVDHUDIRDUWHYHFKHFRQVWUXLWăSRDWHvQDFHOD܈LDQvQFDUHIXVHVHFRQVWUXLW
PXQWHOH
'XSăFDUH]LXDvQFHSHDVăVFDGă9LVDPFXRFKLLGHVFKL܈LD܈WHSWkQG
QRDSWHD
6WăWHDPODX܈DGHODLQWUDUHFkQGDSXQHDVRDUHOHXUPăULQGFXPFUH܈WHDX
XPEUHOH
܇LRYRFHGLQEXFăWăULHPHUHXVHSOkQJHDGHFăOGXUă
YRLDVăVHWHUPLQHRGDWăFXFăOGXUD
'XSăFDUHVHWHUPLQDFXFăOGXUDQRDSWHDHUDVHQLQă
܇LWHJkQGHDLODEăLDWXOVDXODIDWDFXFDUHDYHDLVăWHYH]LPDLWkU]LX
܇LWHJkQGHDLODFXPRVăWHSOLPELSULQSăGXUH܈LRVăWHvQWLQ]L
H[HUVkQGWRDWHOXFUXULOHDOHDSHFDUHOHDLvQYă܊DWvQDSă
܇LGH܈LXQHRULQXUHX܈HDLVăYH]LSHUVRDQDFXFDUHHUDL
QXH[LVWDQLFLXQVXEVWLWXWSHQWUXDFHDSHUVRDQă
1RDSWHDGHYDUăVFOLSHDSHFkPSOLFXULFLLVWUăOXFHDX
,DUSHQWUXFHLFDUHvQ܊HOHJHDXDVWIHOGHOXFUXULVWHOHOHWULPLWHDXPHVDMH
9HLSăUăVLVDWXOvQFDUHWHDLQăVFXW
܈LYHLGHYHQLvQDOWă܊DUăIRDUWHERJDWă܈LIRDUWHSXWHUQLFă
GDUvQWRWGHDXQDYHLGXFHGRUXODFHYDFHDLOăVDWvQXUPăFKLDUGDFă
QXSR܊LVSXQHH[DFWFH
܈LvQFHOHGLQXUPăWHYHLvQWRDUFHVăFDX܊LOXFUXODFHOD
7UHFXWXO
2OXPLQăPLFăvQFHULYLQGXVH
EUXVFSULQWUH
FUHQJLOHDGRLSLQLSULQWUHDFHOHORUILQH
OXPLQăDFXPJUDYDWăSHVXSUDID܊DUDGLDQWă
܈LGHDVXSUDDFHVWXL
8QLYHUVDOLD
vQDOWUDLGHSHQH
0LURDVHDHUXO(VWHPLURVXOSLQXOXLDOE
FDUHGHYLQH܈LPDLLQWHQVFkQGYkQWXOVXIOăSULQHO
܈LVXQHWXOSHFDUHOIDFHHVWHODIHOGHVWUDQLX
FDVXQHWXOYkQWXOXLGLQWUXQILvP
8PEUHQPL܈FDUH)XQLLOH
IăFkQGVXQHWXOSHFDUHvOIDF&HDX]L
DFXP
YDILVXQHWXOSULYLJKHWRULL&KRUGDWD
DEăUEăWX܈XOXLFXUWkQGIHPHOD
)UkQJKLLOHDvXQHFă+DPDFXO
VHOHDJăvQYkQWOHJDW
FXIHUPLWDWHvQWUHFHLGRLSLQL
0LURDVHDHUXO$FHVWDHVWHPLURVXOGHSLQDOE
(VWHYRFHDPDPHLPHOHFHDSHFDUHRDX]L
VDXHVWHGRDUVXQHWXOSHFDUHFRSDFLLvOIDF
FkQGDHUXOWUHFHSULQWUHFUHQJLOHORU
SHQWUXFăFHVXQHWDUSXWHDIDFH
GDFăSULQQLPLFDUWUHFH"
)XQGăWXUă
,DPVSXV³$VFXOWăvQJHUHvQGHSăUWHD]ăGHODPLQHSDKDUXOăVWD³
³5XSHPăGHSRUFăULDDVWDGHDFHDVWăGLHWăFRQVWDQWăFXDEX]GHFHUHDOH
DEX]GHYRGFă܈LVXFGHUR܈LL
DOHWDOHVFULVRULGHGUDJRVWHVWUHFXUDWHSULQWUHWRDWHNLWVFKXULOH³
6ăUăPkQDIRVWPRGXOPHXGHDLvQWRDUFHORYLWXULOH
LDPvQJULMLWDQHPLD܈LDPVSăODWYDVHOH
SDWUXOXQLFkWDGXUDWDFHVWăvQWUHDJăYLFLRDVă
FRDELWDUHVWDQGDUG'DUGUDJDPHDGUDJDPHD
GDFăDFXPYLVH]ODPkLQLOHWDOHSăUXOWăX
LQWHQVLWDWHDDFHOHLIXQGăWXULHVWHOXFUXO
FHvPLOLSVH܈WHFHOPDLPXOW&DOD܈DK0LQWHFRQWUDPLQWH
&RQWDQU
6XIHULQ܊DOXL&LUFH
ÌQFHOHGLQXUPăPDPIăFXW
&XQRVFXWVR܊LHLWDOHD܈DFXP
8Q]HXDUILIăFXWRvQSURSULXOHLFăPLQvQ
,WKDFDRYRFH
IăUăFRUSHD
6DRSULWGLQ܊HVXWFDSXOLVDLQWRUV
0DLvQWkLVSUHGUHDSWDDSRLODVWkQJD
'H܈LHUDIăUăGHVSHUDQ܊ăGHVLJXU
6ăDVRFLH]H]JRPRWXOSHFDUHvODX]HDFXRULFDUH
6XUVăHYLGHQWăPăvQGRLHVFFă
9DUHYHQLODJKHUJKHIXOHL
܇WLLQGFH܈WLHDFXP&kQG
2YHLUHYHGHDVSXQHLFă
$܈Dv܈LLDXQ]HXUăPDVEXQ
'DFăDPUăPDVvQPLQWHDHLSHQWUXWRWGHDXQD
$WXQFLVXQW܈LvQYLD܊DWDSHQWUXYH܈QLFLH
3XWHUHDOXL&LUFH
1XDPWUDQVIRUPDWSHQLPHQLQLFLRGDWăvQSRUF
8QLLRDPHQLVXQWSRUFLLDPIăFXW
6ăDUDWHFDSRUFLL
6XQWVăWXOăGHOXPHDYRDVWUă
&HODVăH[WHULRUXOVăPDVFKH]HLQWHULRUXO%ăUED܊LL
YR܈WULQXHUDXEăUED܊LUăL
9LD܊DIăUăGLVFLSOLQă
$IăFXWDVWDGLQHL&DSRUFL
6XEvQJULMLUHD
0HD܈LDGRDPQHORUPHOHHL
6DXvQGXOFLWGHQGDWă
$SRLDPLQYHUVDWGHVFkQWHFXODUăWkQGX܊LEXQăWDWHD
'DU܈LSXWHUHDPHD$PYă]XW
8QLYHUVDOLD
&ăDPSXWXWILIHULFL܊LDLFL
&XPVXQWEăUED܊LL܈LIHPHLOH
&kQGQHYRLOHORUVXQWVLPSOHÌQDFHHD܈LVXIODUH
܉LDPSUHYă]XWSOHFDUHD
%ăUED܊LLWăLFXDMXWRUXOPHX܊LQkQGSLHSW
0ăULLvQOăFULPDWH܈LvQYROEXUDWH&UH]L
&ăQL܈WHODFULPLPDXVXSăUDW"3ULHWHQH
)LHFDUHYUăMLWRDUH
(VWHSUDJPDWLFăLQLQLPDHXQLPHQLQXYHGHHVHQ܊DFDUHQXSRDWH
ÌQIUXQWDOLPLWD'DFăD܈ILYUXWGRDUVăWH܊LQLQEUD܊H
7HD܈ILSXWXW܊LQHSUL]RQLHU
7RUWXUDOXL&LUFH
5HJUHWFXDPăUăFLXQH
$QLLvQFDUHWHDPLXELWDWkWvQ
3UH]HQ܊DGDU܈LvQDEVHQ܊DWDUHJUHW
/HJHDYRFD܊LD
&DUHPLDXLQWHU]LVVăWH܊LQPDUHD
2IRDLHGHVWLFOăIUXPXVH܊HDYDSRDUHORUJUHFH܈WL
'HFRORUDWăGHVRDUHFXP
$܈ILSXWXWDYHDSXWHUHGDFă
1XDPDYXWQLFLRGRULQ܊ă
6ăWHWUDQVIRUPFXP
0LDLLXELWFRUSXO
&XPDLJăVLWvQHO
'RULQ܊DSHFDUHDP܊LQXWRGHDVXSUD
7XWXURUFHORUODOWHGDUXULvQDFHOXQLFPRPHQW
3HVWHRQRDUH܈LVSHUDQ܊ăSHVWH
/RLDOLWDWHvQQXPHOHDFHOHLOHJăWXUL
Ì܊LUHIX]
$VHPHQHDVHQWLPHQWSHQWUXVR܊LDWD
/DIHOFXPUHIX]
6ăvLVWDLDODWXULUHIX]
6ăPDLGRUPLYUHRGDWă
'HQXWHSRWDYHD
&RQWDQU
3RHPGHGUDJRVWH
ÌQWRWGHDXQDVHSRDWHIDFHFHYDFXGXUHUHD
0DPDWDRFUR܈HWHD]ă
)DFHGLQHDIXODUHvQWRDWHQXDQ܊HOHGHUR܈X
܉LOHDGăUXLWGH&UăFLXQ܈L܊LDX܊LQXWGHFDOG
vQWLPSFHHDVHFăVăWRUHDGLQQRX܈LGLQQRXOXkQGXWH
PHUHXFXHD&XPDUILSXWXW
FDYUHXQDGLQWUHFăVQLFLLVăIXQF܊LRQH]H
FkQGvQWR܊LDFHLDQL܈LDSXVODSăVWUDUH
LQLPDGHYăGXYă
FD܈LFkQGDUILIRVWFRQYLQVăFăPRU܊LLVHQWRUF
1LFLQXHGHPLUDUHFăH܈WLD܈DFXPH܈WL
VSHULDWăGHVkQJHFăIHPHLORUWDOH
OHSODFFăUăPL]LOHGLQ]LGXQDGXSăDOWD
)HULFLUH
XQEăUEDW܈LRIHPHLDVWDXD܈H]D܊LSHXQSDWDOE
HGLPLQHD܊ăFUHGFă
VHYRUWUH]LFXUkQG
SHQRSWLHUăVHDIOăRJODVWUă
FXFULQLOXPLQDVRDUHOXL
IDFHPLFLEăO܊LvQEHUHJDWHOHORU
vOSULYHVFFXPVHvQWRDUFHVSUHHD
FD܈LFkQGDUYUHDVăLVSXQăQXPHOH
GDUDELDPXUPXUkQGXO
vQVSUHDGkQFXOJXULLHL
SHSHUYD]XOIHUHVWUHL
RGDWăGHGRXăRUL
VHDXGHFKHPDUHDXQHLSDVăUL
DSRLHDWUHVDUHWUXSXO
LVHXPSOHGHVXIODUHDOXL
GHVFKLGRFKLLPăSULYH܈WL
vQDSURDSHvQWUHDJDFDPHUă
VRDUHOHDOXQHFă
XLWăWHODWLQHvPLVSXL
8QLYHUVDOLD
܈LUăPkLOLSLWăGHPLQH
VăIDFHPRRJOLQGă
FkWGHVHUHQH܈WLLDUURDWDvQIOăFăUL
WUHFHFXENkQGH܊HSHGHDVXSUDQRDVWUă
3DKDUXOJRO
DPFHUXWPXOWDPSULPLWPXOW
DPFHUXWPXOWDPSULPLWSX܊LQDPSULPLW
DSURDSHQLPLF
܈LvQWUHWLPS"FkWHYDXPEUHOHGHVFKLVHvQLQWHULRU
RSHUHFKHGHSDQWRILGLQJUH܈HDOăSHPDVDGLQEXFăWăULH
RJUH܈LWJUH܈LWvPLHUDIHOXOGHDILHUDP
WDUHGHLQLPăXUVX]ăHUDP
HJRLVWăH[LJHQWăSkQăODWLUDQLH
GDUvQWRWGHDXQDDPIRVWD܈DFKLDU܈LvQFRSLOăULH
PLFăEUXQH܊LFăWHPXWăGHFHLODO܊LFRSLL
܈LQXPDPVFKLPEDWQLFLRGDWăvQLQWHULRUXOSDKDUXOXL
YDOXODEVWUDFWDOGHVWLQXOXLVDWUDQVIRUPDW
SHVWHQRDSWHGLQWUXQXOVHPH܊vQXQXOXPLO
VăILIRVWPDUHD"VăILIRVWHDFHDFDUHDUăVSXQVSRDWH
XQHLIRU܊HFHOHVWH"VăILXvQVLJXUDQ܊ă
PDPUXJDWDPvQFHUFDWVăILXXQRPPDLEXQ
FXUkQGDPvQ܊HOHVFăFHHDFHvQFHSXVHFDWHURDUH
܈LVHPDWXUDVHvQQDUFLVLVPPRUDO
VDUSXWHDVăQXILIRVWGHIDSWDOWFHYD
GHFkWSURFHVXOPDWXUL]ăULLSRDWH
DVWDDXYUXWVăvPLGHDGHvQ܊HOHVSULHWHQLLPHL
DWXQFLFkQGPDXOXDWGHPkQă
VSXQkQGXPLFăvQ܊HOHJ
DEX]XOPL]HULLOHLQFUHGLELOHSULQFDUHDPWUHFXW
LQVLQXkQGD܈DDPFUH]XWRGDWăFăHUDPSX܊LQEROQDYă
VăGDXDWkWGHPXOWSHQWUXDWkWGHSX܊LQ
SHQWUXFăRULFHHLDUILYUXWVăVSXQăHXHUDPGHDFRUG
EăWkQGGLQSDOPHFXSXWHUH
&RQWDQU
XQEXQSULHWHQ܈LRPQXRFUHDWXUăDSDWRVXOXL
QXHUDPSDWHWLFăHUDPVFULVăFXPDMXVFXOH
FDQXPHOHXQHLUHJLQHVDXDOXQHLVILQWH
HLELQHWRDWHDVWHDSHQWUXRFRQMXQFWXUăLQWHUHVDQWă
܈LPLGDXVHDPDFăHVWHFUXFLDOVăFUH]L
vQHIRUWFăFHYDEXQYDYHQL܈LGRDUGLQVLPSODvQFHUFDUH
FHYDEXQFRPSOHWQHSăWDWGHLPSXOVXOLQL܊LDO
GHDFRQYLQJHVDXVHGXFH
FHVXQWHPIăUăDFHVWHD"
UăWăFLQGvQvQWXQHFDWXOXQLYHUV
VLQJXULVSHULD܊LLQFDSDELOLVăLQIOXHQ܊ăPVRDUWD
FHGH܊LQHPFXDGHYăUDW"
WUXFXULWULVWHFXVFăULGHOHPQ܈LSDQWRIL
WUXFXULFXVDUHvQFHUFăULLPSXOVLRQDWHGH
JkQGXULQXWRFPDLFXUDWHGHDFRQVWUXLFDUDFWHUXO
FXFHSXWHPvPEXQDGRPROLPDULOHIRU܊H"
FUHGFăvQFHOHGLQXUPăDFHDVWDDIRVWvQWUHEDUHD
FDUHODGLVWUXVSH$JDPHPQRQDFRORSHSODMă
FXFRUăELLOHJUHFH܈WLSUHJăWLWHPDUHD
LQYL]LELOăGLQFRORGHSRUWXOVHUHQYLLWRUXO
OHWDOLQVWDELODIRVWXQSURVWFkQGDFUH]XW
FăSRDWHILFRQWURODWDUILWUHEXLWVăVSXQă
18$01,0,&6817/$0,/$7$
/DUkX
ÌQWURVHDUăPDPDDKRWăUkWFăHWLPSXOVăLPLVSXQăGHVSUH
FHHDFHHDQXPHDSOăFHUHGH܈LVHYHGHDFăWRDWă
FHHHPRQXDvLGăGHDXQIHOGHQHOLQL܈WHSHFDUHDvQFHUFDW
VRDFRSHUH܊LQkQGXPăGHPkQăGHSDUFăWRFPDLPXULVHFLQHYDGLQ
IDPLOLH
DFRQWLQXDWVăPă܊LQăGHPkQăFkWDYRUELW
܈LFHVSXQHDHUDPDLGHJUDEăXQGLVFXUVGHVSUHLQJLQHULHPHFDQLFă
8QLYHUVDOLD
GHFkWRGLVFX܊LHGHVSUHSOăFHUH
ÌQPvQDFHDODOWăDYHDRFDUWHGLQFDUHFUHG
Fă܈LOXDVHLGHLOHSULQFLSDOH
)ăFXVHDFHOD܈LOXFUXFXWR܊LFHLODO܊L[XIUD܊LL܈LVXURULOHPHOH
LDUFDUWHDHUDDFHHD܈LGHDOEDVWUXvQWXQHFDW
WRWX܈LDPSULPLWILHFDUHFkWHXQH[HPSODUQXPDLDOVăX
3HFRSHUWăHUDXGHVHQD܊L
XQEăUEDW܈LRIHPHLH܊LQkQGXVHGHPkQăGDU
DYkQGRRDUHFDUHGLVWDQ܊ă
vQWUHHLFDGRLRDPHQLGHRSDUWH܈LGHDOWDDXQXLGUXP
(YLGHQWHD܈LWDWDQXDYHDXXQOLPEDMSHQWUXFHIăFHDX
܈LFHIăFHDXGLQFkWHvQ܊HOHJHDPQXHUDSOăFHUH
ÌQDFHOD܈LWLPSRULFHRILFHHDFH܊LQHRDPHQLLvPSUHXQă
FXJUHXVDU]LFHFăVHDPăQăFXDFHOHGLDJUDPHUHFLDOEQHJUX
FDUHVXJHUDXSULQWUHDOWHOHFăSR܊LRE܊LQHSOăFHUHQXPDL
FXRSHUVRDQăGHVH[RSXVD܈DFăQXYHGHDL܈LGHVHQHFX
Vă]LFHPGRXăSLXOL܊H܈LQLFLXQ܈XUXE
(UDYDFDQ܊DGHYDUă
0DPGXVvQFDPHUDPHD܈LDPvQFKLVX܈D
܈LPDPDDPHUVvQEXFăWăULH
XQGHWDWDSXQHDYLQvQSDKDUHSHQWUXHO܈LPXVDILUXOVăXLQYL]LELO
FDUHVXUSUL]ăQXDSăUHDQLFLRGDWă
1XHUDGRDUWDWD܈LSULHWHQXOOXL6IvQWXO'XK
DPkQGRLFKHIXLQGSkQăVHWHUPLQDVWLFOD
GXSăFDUHWDWDVWăWHDPDLGHSDUWHODPDVă
FXRFDUWHGHVFKLVăvQID܊ă
&XWDFWFD܈LFXPQXYRLDVăOMHQH]HSH6SLULW
WDWDPkQXLDSDKDUHOHPDLvQWkLSHDOOXLDSRLSHDOFHOXLODOW
vQDLQWH܈LvQDSRLFDvQILHFDUHVHDUă
3kQăDWXQFLvQVăGHMDLH܈LVHPGLQFDVă
9DUDSULHWHQLLPHLVHvQWkOQHDXODUkX
7RDWăWUHDEDDLDSăUHDRPDUHMHQă
GH܈LDGHYăUXOHUDFăH[FHSWkQGEăLH܊LLSRDWHQXvQ܊HOHJHDPDOWFHYDGHFkW
PHFDQLFD
%ăLH܊LLDYHDXFKHLDvQID܊DORUvQPkLQLOHORUGDFăYRLDX
܈LPXO܊LVSXQHDXFăGHMDRIRORVLVHUă
DGLFăXQEăLDWDVSXVR܈LDXVSXVR܈LFHLODO܊L
܈LELQHvQ܊HOHVDYHDPIUD܊L܈LVXURULPDLPDUL
&RQWDQU
6WăWHDPSHPDOXOUkXOXL܈LYRUEHDPGHSăULQ܊LvQJHQHUDO
܈LGHVH[vQSDUWLFXODU&LUFXODPXOWăLQIRUPD܊LH
܈LVXELHFWXOHUDPHUHXLQWHUHVDQW
/HDPDUăWDWFDUWHDGHODPDPD&ăVQLFLDLGHDOă±DPUkVFXODFULPLSH
VHDPDHL
ÌQWURVHDUăXQEăLDWDDGXVRVWLFOăGHYLQFDUHDPHUVGLQPkQăvQPkQă
ÌQYDUDDLDDPvQ܊HOHVGLQFHvQFHPDLELQH
FăDYHDXVăQLVHvQWkPSOHOXFUXUL
FDUHDYHDXVăQHVFKLPEH
܇LJUXSXOQRLWR܊LDFHLDFDUHQHvQWkOQHDPODUkX
DYHDVăVHVSDUJăFDRFRDMăFDUHVHFUDSă
SHQWUXFDSDVăUHDVăSRDWăLH܈L
'HVLJXUDYHDVăILHYRUEDGHGRXăSăVăULSHUHFKLGHSăVăUL
6WăWHDPvQLDUEăSHPDOXOUkXOXL
܈LDUXQFDPSLHWULFHOH&kQGSLHWULFHOHOHORYHDXDSD
VWHOHOHVHPXOWLSOLFDXSHQWUXRFOLSăPLFLH[SOR]LLGHOXPLQă
FOLSLQG܈LGLVSăUkQG([LVWDXQEăLDWGHFDUHLQFHSXVH
VăvPLSODFă
QXYRUEHDPFXHOGRDUvOSULYHDP
ÌPLSOăFHDVăVWDXvQVSDWHOHOXL܈LVăLREVHUYFHDID
'XSăXQWLPSQHDPULGLFDWWR܊L܈LQHDPvQWRUVSULQEH]Qă
vQVDW'HDVXSUDFkPSXOXLFHUXOHUDFODU
VWHOHOHSHVWHWRWFDvQUkXGDUDVWHDHUDXVWHOHUHDOH
FKLDU܈LFHOHPRDUWHWRWUHDOHHUDX
'DUFHOHGLQUkX
HUDXFD܈LFXPDLDYHDRLGHHFDUHH[SORGHD]ăEUXVFvQWURPLHGHDOWHLGHL
SRDWHQXUHDOHGDUvQWUXQIHOPDLYLL
&kQGDPDMXQVDFDVăPDPDGRUPHDWDWDHUDvQFăODPDVă
v܈LFLWHDFDUWHD,DPVSXV±3ULHWHQXOWăXDSOHFDW"
܇LHOPDSULYLWFXDWHQ܊LHRYUHPH
DSRLPLDVSXV
0DPDWD܈LFXPLQHREL܈QXLDPVăEHPXQSDKDUGHYLQvPSUHXQă
vQILHFDUHVHDUăGXSăFLQă
8QLYHUVDOLD
0DU\2OLYHUVDQăVFXWSHVHSWHPEULH
vQ0DSOH+HLJKWV2KLRÌQDGROHVFHQаăDWUăLW
SHQWUXVFXUWWLPSvQFDVDSRHWHL(GQD6W9LQFHQW
0LOOD\GLQ$XVWHUOLW]1HZ<RUN/DPLMORFXO
DQLORU2OLYHUDXUPDWFXUVXULOHDGRXă
XQLYHUVLWăаL8QLYHUVLWDWHDGH6WDWGLQ2KLRGDU
ЮL9DVVDU&ROOHJH1XDDEVROYLWQLFLXQDGLQWUH
HOH3ULPDVDFDUWHGHSRH]LL1LFLRFăOăWRULHЮL
DOWHSRH]LLDIRVWSXEOLFDWăvQ$FRQWLQXDW
VăSXEOLFHSHVWHFLQFLVSUH]HFHFăUаLGHSRH]LL
LQFOXVLY%OXH+RUVHV3HQJXLQ3UHVV2
PLHGHGLPLQHаL3HQJXLQ3UHVV6DVWLQV
GLQYLDаăSHLDQXDULH
)XUWXQD
3ULQOLYDGDDOEăFă܊HOX܈XOPHX
VH]EHQJXLHOăVkQGXUPHQ]ăSDGDSURDVSăWă
FXODEHOHLQHRERVLWH
$OHDUJăGHFRORFRORDJLWDW
ILLQGLQFDSDELOVăVHRSUHDVFăVDUHVHvQYkUWH
vQMXUXOVăXSkQăFkQGvQ]ăSDGDLPDFXODWă
VHVFULHFXOLWHUHPDULGHWLSDUH[XEHUDQWH
RSURSR]L܊LHOXQJăFDUHHQXQ܊ă
SOăFHULOHWUXSXOXLvQDFHDVWăOXPH
2KQLFLHXQXD܈ILSXWXWVăRVSXQPDLELQH
3RHPXOXQHLXQLFHOXPL
ÌQGLPLQHD܊DDFHDVWD
XQIUXPRVVWkUFDOE
SOXWHDGHDOXQJXODSHL
DSRLvQFHUXODFHVWHL
XQLFHOXPL
FăUHLDFXWR܊LL
&RQWDQU
vLDSDU܊LQHP
܈LXQGHWRWXO
PDLGHYUHPHVDXPDLWkU]LX
YDILSDUWHGLQWRW
JkQGFDUHPDIăFXW
SHQWUXRYUHPH
VăPăVLPWIUXPRDVă
/XFUXUL
([LVWăOXFUXULFDUH܊LSăGLQUăUXQFKLVă
VHvPSOLQHDVFă
&XPDUILVăLVSXLFXLYDFăvOLXEH܈WL
6DXVăGăUXLH܈WLEDQLLWăLDOWRUDSHWR܊L
Ì܊LEDWHLQLPDQXLD܈D"
1XH܈WLvQODQ܊XULWHVLP܊LvQOăQ܊XLW"
1XHQLPLFPDLUHJUHWDELOGHFkWFKLE]XLQ܊D
DWXQFLFkQGIDSWXOGHDWHDUXQFDFXFDSXOvQDLQWH
VDUSXWHDVăVDOYH]HRYLD܊ă
SRVLELOFKLDUSHDWD
=LDUXOGHGLPLQHD܊ă
&LWH܈WHXQ]LDU]LOQLFHGL܊LDGHGLPLQHD܊ă
HVWHFHDPDLLQWHUHVDQWă
SHQWUXFăSkQăVHDUăPăFDU܈WLL
FăDLVXSUDYLH܊XLWXQHLDOWH]LOH
܈LODVăGH]DVWUHOHGHFL]LLOH
GHQHFUH]XW܈LWRWX܈LDSUREDWH
VăWUHDFăSULQILOWUXOPHGLWD܊LHL
8QLYHUVDOLD
܇LQXDPQHYRLHVăDPLQWHVF܊ăULOH
vQFDUHVHvQWkPSOă
DQRDVWUăH܈LHDSULQWUHHOH
2DUHFHQHPDL܊LQHVăQXQHSUăEX܈LP
FXIH܊HOHQ܊ăUkQăUX܈LQD܊LUX܈LQD܊L"
7RWFHDIRVWVIăUkPDW
7RWFHDIRVWVIăUkPDW
܈LDXLWDWGHYDVWDUHD$FXPWUăLHVF
vQWUXQDSDUWDPHQWODPDUHvQăO܊LPHSULQILHFDUH
IHUHDVWUăSăWUXQGHVRDUHOH/DIHO܈LQăOXFDWD
$WLQJHULOHQRDVWHSRYH܈WLOHQRDVWUH3ăPkQWH܈WL
܈LFHUH܈WLDPEHOH1X܈WLXFXPHSRVLELO
GDUHVWH)LHFH]LDUHvQHDFHYDXQOXFUX
DOFăUXLQXPHHVWH(WHUQLWDWH
&RQWDQU
0DU\-R%DQJVDQăVFXWvQvQ0LVVRXULЮLDFUHVFXW
vQ&RRO9DOOH\(VWHUHFXQRVFXWăЮLDSUHFLDWăSHQWUX
HQHUJLDVDOLQJYLVWLFăLPDJLQLOHVXEWLOHWHKQLFD
LQRYDWRDUHSHQWUXSRH]LDVDGHWLS³KLEULG³SRH]LHFH
FRPELQăSUHRFXSăULOHILORVRILFHFXFHOHFRWLGLHQHGLQ
UHDOLWDWHDLPHGLDWă%DQJDSULPLWQXPHURDVHGLVWLQFаLLЮL
SUHPLLSHQWUXPXQFDVDLQFOXVLYEXUVHGHOD)XQGDаLD
*XJJHQKHLPЮL)XQGDаLD%HOODJLRЮLREXUVă+RGGHUGHOD
8QLYHUVLWDWHD3ULQFHWRQ$SULPLWXQSUHPLXÄ'LVFRYHU\´
7KH1DWLRQXQSUHPLX3XVKFDUWLDUSRH]LLOHVDOHDXIRVW
LQFOXVHvQPDLPXOWHHGLаLLDOH7KH%HVW$PHULFDQ3RHWU\
(VWHvQSUH]HQWSURIHVRUOD8QLYHUVLWDWHD:DVKLQJWRQGLQ
6W/RXLV
(OHJLHGHIHEUXDULH
DQXODFHVWDVWHUSSDUHFăDvQJKH܊DWvQIHEUXDULH
]LXDDFHVWDUHFHSODQkQGGHDVXSUDXUkWHLLPSHUIHFWHL
OLQLLDRUL]RQWXOXL
DUDWăDWkWGHGHVFDRGDQWXUă
XQVWHDJUR܈X
IOXWXUkQGvQYkQW
RSHUGHDSRUWRFDOLHHVWHDPLD]D
WRWXOvLUăQH܈WHRFKLLSHUGHDXDHVWHDWkWGHVWUăOXFLWRDUH
DFHVWDHVWHOXFUXOvQPRGHYLGHQWDGHYăUDWYHGHUHD
FKLSXOFDUHVHXLWăvQDSRLGHSHXQDGLQSăU܊LOH
ODPHLFX܊LWXOXLGHXQW
RFLXGă܊HQLHGLQPLH]GHSkLQH
PLQWHDv܈LIDFHSHOHULQDMXO]LOQLF
SULQWUHPRPHQWHOHGHGH]JXVWDSRL
VHvQWRDUFHvQFXWLDFDSULFLLORUVăYLVH]H
vQWUXQFHUFXQSRQHLVHWRWvQYkUWH
DVRFLHUHDFXFHUFXOH[LVWăXQFHQWUX
SHQWUXDSURDSHRULFHOXFUXGDUQLFLRGDWă
YUHRFHUWLWXGLQHQLPLFQXHVWH
PDLPDOHDELOGHFkWFOLSDQXFXPXOWWLPSvQXUPă
UHVSLUDPVXEDSă
DSRLXQVRDUHGHYDUă
QHDFKHPDWSHPDODIDUă܈LQRLDPLH܈LWQLVLSXOHUDILHUELQWH
8QLYHUVDOLD
QXFXPXOWWLPSvQXUPăDYHDPLQLPLOHEODMLQH
D܈WHSWDPVăILPFHYD
RSULPăYDUăDSRLFLQHYDVSXQHD܈H]D܊LYă
DYHPRLQLPăGHFDUHWUHEXLHVăXLWăPRPLQWH
FXFDUHVăVXIHULPD܈DGDUH[SHULHQ܊ăD܈DGDUFRUWXOFLUFXOXL
WXFHDGHFRORWXRVăILLIDWD
IDWDFXSDLHWHUR܈LLSHID܊DXQXLFDUWRQYkQ]kQGGUDJRVWH
WXWXFHOGHDFRORWXFHOvPEUăFDWvQVDWLQQHJUX
WXYHLILGRPQXO0RDUWHDO)HFLRDUHL
$LIRVWH܈WLHOHJLH
IUDJLOăD܈DFXPXQFRSLOHVWHIUDJLO
GHVWLQDWăVăQXH[LVWYH܈QLF
GHVWLQDWăVăGHYLQDOWFLQHYD
SHQWUXPDPăDLFLVXQW
D܈H]DWăSHXQVFDXQJkQGLQGXPă
ODWLQHJkQGLQGXPă
FXPHUDVă
YRUEHVFFXWLQH
FXPXQHRULOXFUXODFHVWDHUDPLQXQDW
܈LDOWHRULvQJUR]LWRU
FXPGURJXULOHDWXQFLFkQGHUDX
GHVWUăPDXELQHOHDSURDSHvQvQWUHJLPH
GDUQXGHWRW
SHQWUXFăELQHOHvQWRWGHDXQDSRDWHILYă]XW
OXFLQG
FDOXFLULOHQHSXWLQFLRDVH
GLQYLWULQDXQXLPDJD]LQ
QXPLW/XFUXULOH
)UXPRDVH1X'XUHD]ă9H܈QLF
WHDPLXELWWHLXEHVFDLIRVW
܈LH܈WLYLD܊DvQVHDPQăH[SHULHQ܊ă
WRWHDWkWGHVLPSOXH[SHULHQ܊DHVWH
VFDXQXOSHFDUH܈HGHP
܈HGHUHDJkQGXO
FăRDUHXQGHWHDIOLHVWHXQVSD܊LXJRO
FHXUPHD]ăVăILHXPSOXWGHGRUXOWăXWHDPLXELW
&RQWDQU
WHLXEHVFD܈DFXPLXEHVF
WRDWHOXFUXULOHIUXPRDVH
IUXPXVH܊HDUHDOăHVWHFXDGHYăUDWUDUă
DLIRVWH܈WL
vQ0DL0DLSULYH܈WHDFXPVSUH
,XQLHFHXUPHD]ăDVWIHOPăVRUHX
DQXO7RWXO$)RVW'LQ9LQD0HD
DIRVWWHPDFkQWHFXOXLSHFDUH
ODPWRWFkQWDW
FKLDU܈LFkQGPLDLVSXVVăWDF
QXDPWăFXW
DPSOkQVFUHGFă
PDLLHUWDWFRQWLQXLvQFă
Văv܊LD܈H]LPkQDSHXPăUXOPHX
FvQGSOkQJ
v܊LPXO܊XPHVFSHQWUXDVWD܈L
SHQWUXLQHIDELOXOVHQV
DOFRQWLQXLWă܊LLDLIRVWH܈WL
FHOPDLVWUăOXFLWRUOXFUXGLQYLWULQDPDJD]LQXOXL
܈LFHDPDLIUXPRDVăUDULWDWHSHFDUHDPYă]XWRYUHRGDWă
2DXWRSVLHDXQHLHUH
DVWIHOHUDSHDWXQFLXQFX܊LW
SULQFDUWLODMXQWUXSEXFă܊HOHDQLPDO
܈LDQLPDOFDFHQX܈ăPLQHUDOăRIHUHDVWUă܊ăQGăUL
XUOHWXOFROHFWLYFDDODUPăJHQHUDOă
XUPDWGHOLQL܈WH
QRDSWHQHDJUăFDFL]PD
]XP]HWKDORJHQEDQGăvQFROăFLQGXVH
vQPHFDQLVPXOXQHLPD܈LQLLQYL]LELOHXOWHULRUJHDPVSDUW
܈LvQFXLHWRDUHDWDOLVPDQXOXL²
vQFXLHWRDUHDXQHLEUă܊ăULFDSFDQăSHQWUX
FHOFDUHYLQH܈LYUHDVăSOHFHXQEUD܊
XQEUHORF
8QLYHUVDOLD
SOHVQH܈WHvQFXLHWRDUHDSHOLFXOD
GLQFXWLDFUDQLDQăSăVWUkQGVHQVXO
XPH]HOLLXQJKLXOOHVHL
]JDUGDvQFKLVăRXUPăULUHFXSX܊LQH܈DQVH
FRERUkUHDXQXLvQWXQHULFGHRUD܈GHSURYLQFLH
6LOXHWDXPDQăvQURFKLH
GH]EUăFDWăVDXQXVXQWXQFRVWXPFDUHVHPL܈FăVLOXHWăFXXQFKLSFDUHVH
VFKLPEăDLSXWHDVăVSXLFăVXQWRVWDUHGHVSLULWvQFHSYHVHOăGDUXQHRUL
GHYLQVROHPQăFkQGVXQWFRQIUXQWDWăFXSURSULDPLPLWRORJLHOXSvQ
PDQWLH]JkULHWXUăGHSLVLFăSHX܈DGXODSXOXLFRDGăGH܈RDUHFHvQPkQD
XQHLQHYHVWHEODMLQHGHIHUPLHURSLFăWXUăGHVkQJHSHSDQWRIXOHL
vQFHSXWXO]LOHLGHD]LVDVIkU܈LWvQWUXQYLVvQWUXQSDWKLPHULFXQLXELWVD
DSOHFDWVăPăVăUXWH܈LDPUHDOL]DWFăHUDPMXPăWDWHPD܈LQăULHMXPăWDWH
GRULQ܊ăSULPLWLYăDPSăUăVLWSDWXO܈LDPVSXV܈WLLQXLD܈DFăQXWRDWă
OXPHDHGLVSXVăFXDWkWGHPXOWăX܈XULQ܊ăODDVHPHQHDOXFUXDSRLDPDX]LW
vQPLQWHDPHDDUWUHEXLVăVSXL³QXWRDWăOXPHDHDWkWGHGLVSXVăODXWRSLD
WDGDUvQDFHDFOLSăPLDPGDWVHDPDFăDPIRVWLQH[DFWăFKLDU܈LDLFLVXQW
PRUDOL܈WLFDUHVăv܊LVSXQăFXPVăILLXQHRULWUăLHVFvQPLQWHDWDJRLVDX
QXvQFHUFVăvPLGXFEUD܊HOHODVSDWHDVWIHOvQFkWVăQXVHPDLYDGăvQFkW
VkQLLVăILHWRWFHSR܊LYHGHD܈LFDSXOPHXPXOWVLPSOLILFDW
&RQWDQU
0RQLFD)HUUHOOQăVFXWăvQHVWHSRHWă
ЮLURPDQFLHUă$SXEOLFDWWUHLFăUаLGHSRH]LH
ЮLSUR]ăЮLHVWHSUH]HQWăFXFUHDаLLOHVDOHvQ
7KH%DIIOHU7KH1HZ5HSXEOLF7LQ+RXVH
$FDGHPLD3RHаLORU$PHULFDQLЮLvQPXOWH
DOWHUHYLVWHЮLDQWRORJLL
$IRVWVHOHFWDWăGH-DQH+LUVKIHOGSHQWUX
SUHPLXO0RUWRQ.DWKU\QЮLDIRVWXQXOGLQWUH
FHLDIODаLSHOLVWDVFXUWăSHQWUX3UHPLXOGH
SRH]LHDOVFULLWRULORUDVLDWLFLDPHULFDQL(VWH
OLFHQаLDWăDXQLYHUVLWăаLORU+DUYDUGЮL
&ROXPELD8QLYHUVLW\
0RQHGD܊ăULLWDOH
&kQGPăvQGUHSWFXIRDUIHFHOHVSUHFăPă܈LOHWDOH
VXQWvQVSăLPkQWDWăQXFăYRUVFkQFL
FLFăQXYRUvQ܊HOHJHDFWXOPHXGHDJUHVLXQH
$FHVWIHOGHYLROHQ܊ăFDUHHVWHFHDODOWăID܊HWăDLXELULL
VWUăOXFLWRDUHFDOXPLQDXQXLSDOR܈܈LHWHUQă
FDVăELLOHvQJHULORUGHDVXSUD(GHQXOXL
VXUSULQ]kQGDFHOFXSOXFXODPHOHDUPHORU
vQWURvQFUXFL܈DUHILQDOă
DFHDYLROHQ܊ăFDUHvQVHDPQăRGUDJRVWHSXWHUQLFă
SUHFXPPRDUWHD
2GDWăDLVSXVUHIHULQGXWH
ODPLQH6LHLVWPHLQOHEHQ
,DUHXDPOXDWDFHOHYRUEHIRDUWHSHUVRQDO
܈LDPFLRFăQLWODX܈DLQLPLLPHOH
SkQăFkQGWRDWHSăVăULOHVDOHvQJUDEăVDX
DYkQWDWFăWUHWLQH
/DIHOFDLURFKH]LLDPWUDVGLQSLSDSăFLLQRDVWUH
܊LDPVFULVQXPHOHFXIXP$SRLDPSOHFDW
VSUHFDVăFXEX]XQDUHOH]RUQăLQGGHVWUăOXFLWRDUH
8QLYHUVDOLD
PăUJHOHGLQVWLFOă
EX]XQDUHSOLQHFXERJă܊LDPRQHGHL܊ăULLWDOH
3RH]LH
2ULFkWGHPXOWPLD܈GRUL
1XH[LVWăQLPLFIUXPRVDLFL1XSRW
IDFHVăDSDUăXQSDODWGHFULVWDOGLQQHDQW
6ă܊HVRvQWXQHFLPHGHSOX܈SUHFXPEODQDGHFkUWL܊ă
&XOLPEDRULFkWD܈YUHDHX܇LWRWX܈LQXVXQWVLQJXUă
SHDFHVWHDOHLGHYRFDOHFDUHPăOLQL܈WHVF
D܈DFXPVLQJXUDFăOXJăUL܊ăDXQHLPăQăVWLUL
HVWHOLQL܈WLWăGHSHUH܊LLFDWDFRPEHL
SHXQGHVHSUHXPEOăQRDSWHDOXPLQDWă
GHSkOSkLUHDOXPkQăULLGLQPkQă
1XPLHIULFăGHRJOLQ]LOHYLLWRUXOXL
܇LQLFLPăFDUGHYRLvQGUăJRVWL܊LORUYDFLJUDVH
UăWăFLWRDUHFDUHD܊LLQWUDWvQFăOGXULvQJUăGLQLOH
DFHVWHLJUDQL܊HSăPkQWH܈WL
SHXQGH܈LHXFDOF܈LVWDXODVRDUHDGăSRVWLWă
VXEXPEUHOă
vQUXGLWăFXSRPLLDOELQHOHFXORDUHDYHUGH
$QDWRPLH
2PFUHDWGLQQRURL
IăFXWVăYRUEHDVFă܈LVăLXEHDVFă
+DLGH܊LVăLvQMXQJKLHPSHODVSDWH
6ăIDFHPGLQHORJăOHDWăFXGRXăJăXUL
+DLGH܊LVăvODWUDJHPvQ0DUHD&DSFDQă
6ăvOWUDQVIRUPăPvQWURSLDWUăGHVkQJH
ÌQWURELVHULFăFXWDYDQXOEROWLW
XQGH1LOXO$OE܈LFHO$OEDVWUXVHvQWkOQHVF
ÌQWUXQFkLQHFDUHSOkQJHGXSăOăVDUHDvQWXQHULFXOXL
7RDWăOXPHDDUHRLQLPă
&KLDU܈LRDPHQLLFDUHQXDX
&RQWDQU
/DDXWRSVLHHDSOXWH܈WHvQVXVXOSLHSWXOXLFD
REDOHQăH܈XDWă
6R܊XODGRUPLW
$SDUWDPHQWXODFHVWDPDUH
HRvQWUHDJăvQFăSHUH
vQFDUHREL܈QXLDPVăGRUPLPGDUDFXP
RXPSOHGRDUDHUXO
3HSRGHDXDFHUXLWăDWkWGHPXO܊LSD܈L
FDURWL܊HOH
XQXLODFăWFXFLIUXDFăUXLFRPELQD܊LHDIRVWSLHUGXWă
7RWXOGHVWUăPkQGXVHFDXQLPSHULX
VWXFDWXUDWRFkQGXVHvQWLPSFHVWDXvQFUHPHQLWă
FDROHEăGăFHSOXWH܈WHSHVXSUDID܊DXQXLODFFDUHvQJKHD܊ă
0X܈WHGHR܊HW܈L܊kQ܊DULXQJkQGDFGHDSă
PROLL܈RDUHFHOHJăVLWvQVSDWHOHFDQDSHOHL
DELDOXQLPDLWkU]LXGXSăFHGHYHQLVHXQJKHPGHEODQă
1XHQLPLFGHPkQFDUHDLFLGRDUEHUH܈LWRW
PDLPXOWvQWXQHULF
ùLGX܈XOXQGHWkQăUDVR܊LHDXQXLDDPXULW
vQWURH[SOR]LHGHHSLOHSVLHvQWLPSFHHOGRUPHD
6HvQWUHDEăXQLLRDUHFHYLVDHODWXQFL
3RDWHFăDFHOHD܈LYLVHSHFDUHQRL
OHDPWUDQVIRUPDWvQUHDOLWDWHDLFLRGDWă3RDWH
0LWXULDOHGLVSDUL܊LHL
0ăULGLFFDXQEDORQUR܈XQHOHJDWFXD܊ă܈L
DOQLPăQXL
(VHQ܊DGXUHULLPHOHVDUDUHILDW
$GHYHQLWVIkQWăFDRPLUHDVPăIăUăWUXS
)ăUăSXQFWGHUHIHULQ܊ă
(RXPEUăSDOLGăSHVRDUHDULSDXQHLYLHVSLR
SLFăWXUăDFFLGHQWDOăGHRWUDYăSHVSLQXOWUDQGDILUXOXL
DOE
8QLYHUVDOLD
2VWUkQJvQWUHGHJHWH܈LOH܈LQ6ăv܊LVSXQRDUH"
/DQD܈WHUHDPHDDH[LVWDWRXUVLWRDUHUHD
FDUHPDEOHVWHPDW
2Eă܈LFăRSLFăWXUăGHPHUFXUvQQăSkUOLUHDPHD
ùLWRWXODIRVWUXLQDW
ÌQFăHVWH
&XYLQWHOHVHvQGHSăUWHD]ăGHPLQHFDFHQX܈D
OXDWăGHYkQW
6XQWDWkWGHEăWUkQăDFXPPLDPOăVDWMXPăWDWHGLQ
YLD܊ă
ÌQSH܈WHULOHVăSDWHvQSLDWUăGHSH܊ăUPXOPăULL
0DPUXJDWvQILHFDUHGLQWUHHOH
܈LQXPLDPSXWXWJăVLGUXPXOvQDSRL
VDXDPPLQ܊LWFkQGSDURODSHQWUXDSXWHDSOHFD
PLDIRVWFHUXWă
VDXDPvQWRUVVSDWHOH
IăFkQGJHVWXULGHGH]QăGHMGHVSUHYDOXULOHWXUELGH
ÌQWURRJOLQGăvPLvPSX܈FWRDWHHXULOHSOLQHGHXUă]LOHOHGH
LHUL
&RQWDQU
1DWDOLH6FHQWHUV=DSLFRHVWHSURIHVRU
DVLVWHQWOD8QLYHUVLWDWHD6RXWK)ORULGDGLQ
7DPSD&LW\XQGHORFXLHЮWHvPSUHXQăFXVRаXO
HL-RVpÈQJHO0DOGRQDGRSURIHVRUDVLVWHQW
GH5HWRULFă&XOWXUDOăOD'HSDUWDPHQWXOGH
(QJOH]ăDODFHOHLDЮLXQLYHUVLWăаL$SXEOLFDW
GRXăFăUаL/LPyQ&RSSHU&DQ\RQ3UHVV
ЮL7KH9HUJLQJ&LWLHV3RH]LLOH
VDOHDXDSăUXWvQ7LQ+RXVH,QGLDQD5HYLHZ
3OHLDGHVvQUHYLVWHOH3RHWU\*XOI&RDVWЮL
7KH%HOLHYHU$SULPLWSUHPLXO3(1
$PHULFDQ-R\FH2VWHUZHLOSHQWUXSRH]LH
3UHPLXO$VRFLDаLHL&ROHJLLORU0DULORU/DFXUL
3UHPLXO8WDK%RRN'HDVHPHQHDDSULPLWR
EXUVă/DQQDQGDUЮLREXUVă5XWK/LOO\
'RURWK\6DUJHQW5RVHQEHUJGHOD3RHWU\
)RXQGDWLRQ
3HQWUXILXOPHXQăVFXWvQ/D0DULVFDO
0R]ROH܈WL VFXLSL PX܈WL
ODVkQXOPHX(܈WLIDOH]DPHDSULYDWă
GHSLHWUHDVFX܊LWHÌ܊LDUG
FRUGRQXORPELOLFDOSkQăVHWUDQVIRUPăQFHQX܈ă
+DLYLQRVăvQWkOQH܈WLVSLULWHOHÌQDLQWH
VDWHQD܈WLDPFUH]XWFăH܈WLXQJORERFXODU
vQYLQH܊LWGHRORYLWXUă1XDPRORFXLQ܊ă
vQFDUHVăWHDGăSRVWHVFFLGRDURFXWLHvQFDUHDIRVWQL܈WH
DPLGRQGHSRUXPE
RSăWXULFăGLQSăUXOPHXGHV܈LQHJUX
1XDPPXOWHOXFUXULFXFDUHVăv܊LKUăQHVFWUXSX܈RUXO
FXSLFLRUX܈HOHGHVIăFXWHOXFUXULQHJUH܈LGH
PăULPHDXQXLGHJHW6XQWOXFUXULFDUHYLQvQVFKLPEXO
DFHHDSRWLQGXUDWLPSGHWUHL]HFLGHPLQXWHvQDLQWH
FDVăPăUXS܇WLXFăQXWHSRWSăVWUD
܈LFKLDUGDFăWHDLQăVFXWPRUWDPIRORVLWVkQJHOH
SHFDUH܊LODPGDWVăvPLFXUă܊SLFLRDUHOHFXHO
8QLYHUVDOLD
3DSHU&XWV
ÌQWLPSFHWUHFHDPUkXOGLQEXFă܊HOHGHKkUWLH
PLDPXLWDWQXPHOH7UXSXOPHX
XQvQGHPQVăSOHFÌPLGRUHVFXQVIkQWDOPHX
FDUHVăOLQL܈WHDVFăDFHOFkLQHFHPkUkLH
ODJDUGXOYLX܈LIUXPRVWăLDWSHFDUHvOYHGHvQQRDSWH
9UHDXFDOXPHDVăH[LVWHIăUăDDYHDYUHROLPEă
GDUVăPLVFULHJkQGXULOHSHKkUWLHGRDUvQFD]Fă
DUILQHYRLHGHHOHYUHRGDWă
7ULPLWH܊LDMXWRUFkLQHOHFDUHPkUkLH
QXPăODVăVăGRUP1XDPGRUPLWGH]LOHvQWUHJL
6XQWvQFăXWDUHDXQXLVIkQWSURWHFWRUvQVăQLFLXQXO
QXPăODVăVăPăURJFDVă܈WLXFHVăIDF$PXQ
Ek]kLWvQXUHFKHDGUHDSWăFDUHQXGLVSDUH
QLFLRGDWăRULFkW
GHWDUHPDORYHVFSHVWHDFHDSDUWHDFDSXOXL
FDVăLDVăFHYDPăUXQ܊L܈6XQWGHVHGLPLQH܊LOH
vQFDUHPăvQWUHEFXLPăSRWUXJDDVWIHOvQFkW
VăPăDVLJXUFăQLFLRGDWă
QXYDPDLWUHEXLVăPDLVXSUDYLH܊XLHVFWUH]LULLGLQ
VRPQ6XQWPXOWHQRS܊LOHvQFDUH
DGRUPFXUR]DULXOOkQJăSDWGDUXLWVăPăURJ
1XDPDYXWQLFLRGDWăXQWHOHYL]RUSHQWUXFă
DFHDVWăFRQYHUVD܊LHDUUXODvQPLQWHDPHDQHvQFHWDW
,XEL܊LLPHLPRU܊LVXQWvQEXFăWăULHvQIRPHWD܊L
D܈DFăOHSUHJăWHVFGHPkQFDUHFHYDFHQXSRWPkQFD
7RDVWH]FXXQSDKDUGLQKkUWLHYHOLQăSUăMHVFXQRX
GLQKkUWLHFUHSRQDWă
9UHDXXQVIkQWSURWHFWRUFDUHVăPăYHJKH]H
ÌPLGRUHVFGRDUFDDOWFLQHYDVăVkQJHUH]H
&RQWDQU
(ODUHRIL[D܊LHRUDOă
QXVHSRDWHRSULVăQX܈LSXQăIORULOH
PRDUWHXQJKLLOHQHFUR]DWHVDFLL
FXIăLQăGHRJUHXWDWH]GURELWRDUHvQJXUă1X
VHSRDWHRSULGLQDVFULHGHVSUHJXUă'HVSUH
IHOXOvQFDUHVDWUH]LWGLQVRPQFXJXUDSOLQă
FXDOELQH
GHVSUHFXPWUXSXULOHORUPRDUWH܈LFURFDQWH
vQFăvLvQ܊HSDXJLQJLLOH6FULH([LVWăFHYD
PLQXQDWvQIHOXOvQFDUHRJXUăSRDWHILVSDUWă
GHVDOLYă܈LDHUXOUHFH(D܈LDGHVIăFXWJXUD
܈LDXPSOXWRFXSăPkQWGHFXORDUHDSOXPEXOXL
/DEăJDWvQPRDUWHFHUHEUDOăSULQJXUă
DOLQVPLHUHDSHFDUHDVFRVR
GLQLQFLVLYLLOXLFDSHVHYDXQXLFRSDF
1XDYă]XWQLFLRGDWăRJXUăFDDOXLFX
YHUJHWXULGHDOXQJXOREUDMLORU*XUDVDHUDR
FLFDWULFHDSURSULHLIRDPHRFLFDWULFHDOăFRPLHL
GHGXSăIRDPH2SUH܈WHWHGLQVFULV
GHVSUHJXUăGHVSUHGLQ܊LJLQJLL
GHVSUHGLQ܊LLVSDU܊LGHVSUHYHUGHOH܈LDOEDVWUXOORU
SVLKHGHOLF
2SUH܈WHWHGLQVFULVGHVSUHFXPHDWHDPX܈FDW
GHJXUă
܈LFXRWRU܊ăDVWUăSXQVvQWXQHULFXO1XPDLVFULH
GHVSUHJXUăGHVSUHOLPEăVILQ܊LL
PRODULGHVSUHX]XUDGHDWHPăFLQD
SkQăODRV1XPDLVFULHGHVSUHJXUă
8QLYHUVDOLD
GHVSUHJXUDOXLJXUDWDJXUDHL
8QWUXS
,'
'RXăLGHQWLWă܊LDXvQWUDWvQWUXQWUXS VHFHDUWă
GDFăVăvOVSDUJăFDSHXQSHSHQHSHPDVD
GLQEXFăWăULH܈LVăvOPăQkQFH
VDXVăvODUXQFHWRWFDSHXQSHSHQHSULQWURIHUHDVWUă
vQFKLVă ܈LVăSULYHDVFăFXPVH]GUREH܈WHGHDVIDOW
VWUăSXQVGHFLREXULGHVWLFOă
(*2
ÌPLSDUHUăXFăDP܊LSDWvQPLFURIRQXOGHOD
0F'RQDOG
VFkQGDPIăFXWFRPDQGDÌPLSDUHUăX
FăQX܊LDPGDWSULRULWDWHVăLQWULWXPDL
vQWkLSHX܈ă
ÌPLSDUHUăXFăDPPkQFDWvQFLQFLVSUH]HFHPLQXWH
RGX]LQăGHJRJR܈LGHDVXSUDFKLXYHWHLÌPLSDUHUăX
FăDPRYRFHVWULGHQWă
FDSDUSURDVWăvPSUă܈WLDWăFăVXQFDRvQFăSHUH
PDUH܈LJRDOă
ÌPLSDUHUăXPDPL'HIDSWDPYUXWVăVSXQPDPă
$GLFăGRDPQă$GLFăQXFRQWHD]ă
683(5(*2
'UDJăWUXSXOH
WDLHSHSHQHOHIHOLLFXFHOPDLDVFX܊LWFX܊LWSHFDUH
vOSR܊LJăVL EXFXUăWHGHGXUHUHDSHFDUHLRSURYRFL
SHSHQHOXL
2SUH܈WHWHGLQDVSXQHFăv܊LSDUHUăXPDLGHJUDEă
DUWUHEXLVăWHVLP܊LYLQRYDWSHQWUXFăH܈WL
VWULGHQWWRQWvPSUă܈WLDWSHQWUXFDVXQLFDRvQFăSHUHPDUH܈LJRDOă
6LPWHWHYLQRYDWSHQWUXFăPăPLFDWDHVWHPDPDWD
DGLFăGRDPQDSHQWUXFăHVWHFHDFDUHHVWHYLQRYDWă
SHQWUXFă܊LDGDWWUXSXODFHVWDFXGRXăSHUVRQDOLWă܊L
XQHJR XQVXSHUHJRFDUHWHUHGXFHODWăFHUH
&RQWDQU
vQvQWUHJLPH
2FHDQ9XRQJHVWHXQSRHWHVHLVWЮL
URPDQFLHUDPHULFDQGHRULJLQH
YLHWQDPH]ă6DQăVFXWSH
RFWRPEULHvQRUDЮXO+R&KL
0LQK9LHWQDP
ÌQDSULPLWGLQSDUWHD
LQVWLWXWXOXL5XWK/LOO\6DUJHQW
5RVHQEHUJREXUVăGHVWXGLXvQ
SUHPLXO:KLWLQJSHQWUXSRH]LHLDU
SUHPLXO76(OLRW5RPDQXO
VăXGHGHEXW2Q(DUWK:H%ULHIO\
*RUJHRXVDIRVWSXEOLFDWvQ
)ăUăWLWOX$OEDVWUX9HUGH܈L0DURXOHLSHSkQ]ă
0DUN5RWKNR
/DWYDX]LVFăDYLRDQHOHDXORYLWFOăGLULOH
܇LDP]LVGDSHQWUXFăPLDLFHUXWVăUăPkQ
3RDWHFăQHUXJăPD܈H]D܊LvQJHQXQFKLSHQWUXFă'XPQH]HX
$VFXOWăGRDUFkQGVXQWHPDWkWGHDSURDSH
GHGLDYRO6XQWDWkWGHPXOWHOXFUXULSHFDUH
YUHDXVă܊LOHVSXQ
&ăFHDPDLPDUHUHDOL]DUHDPHDDIRVW
VăWUDYHUVH]%URRNO\Q%ULGJH
IăUăVăPăJkQGHVFOD]ERU
&ăWUăLPFDDSDDWLQJkQGROLPEăQRXă
IăUăDVSXQHSULQFHDPWUHFXW
(LVSXQFăFHUXOHVWHDOEDVWUX
GDUHX܈WLXFăHQHJUXYă]XWSULQSUHDPXOWDHU
ÌQWRWGHDXQDv܊LYHLDPLQWLFHIăFHDL
DWXQFLFkQGWHGRDUHFHOPDLWDUH
6XQWDWkWGHPXOWHOXFUXULSHFDUHYUHDX
Vă܊LOHVSXQGDUDPSULPLWGRDURYLD܊ă܇LQXDPOXDWQLPLF1LPLF
&XPDUILRSHUHFKHGHGLQ܊LODILQDO
7HOHYL]RUXOFRQWLQXăVăVSXQăvQWUXQD$YLRDQHOH
8QLYHUVDOLD
$YLRDQHOH DPUăPDVD܈WHSWkQGvQFDPHUă
DOFăWXLWGLQGHIHFWHSăVăULFkQWăWRDUH$ULSLOHORU
YLEUkQGVHFLRFQHDXGHFHLSDWUXSHUH܊L
QHEXOR܈L'RDUWXHUDLDFROR
7XHUDLIHUHDVWUD
6LQGURPXO,PXQRGHILFLHQ܊HL8PDQH'REkQGLWH
/XPHDVSXQHFDvQWkLXOSRUWUHWDIRVWIăFXW
GHGXUHUHYUHRIDWăvQQHEXQLWăDWUDVDW
XPEUDLXELWXOXLHLSHPRPHQWXOvQFHSXWXOXLXQXLUă]ERL
(VWHSRVLELODWXQFLVăMHOLP
GXSăFHLYLL"0kLQLOHLPLWUHPXUDX
vQWLPSFHWUDVDPFXPDUNHUXO
FRQWXUXOvQWXQHULFXOXLSURLHFWDWGHYLD܊DWD
$L]kPELW܈LDLVSXV)ăPăVăDUăWELQH
1XPDOăVDWLQLPDVăv܊LVSXQ
&ăQXPăSULFHSODGHVHQDWFkQWHFH
'HVLJXUQXWHDLvQWRUV
GLQUă]ERLXOFDUHVHGXFHDvQWLQH
'HDWXQFLFHUQHDODVD܈WHUV
7UXSXOWăXVDIăFXWQHYă]XWvQYHFHUQLL
'DUGUDJăFXPVăIDFVăGLVSDUă
FUăSăWXULOHGLQSHUHWHOH
XQGHWHDPVăUXWDWGHQRDSWHEXQă"
5XJăFLXQHSHQWUXQRLLGDPQD܊L
3UHDLXELWH7DWăLDUWăPăFăFLDPYă]XW
vQVSDWHOHJDUGXOXLGHOHPQSHXQFkPSOXPLQDW
GHYDUăXQEăUEDWFDUHv܈LSXVHVHSLFLRUXO
SHJUXPD]XODOWXLEăUEDW2܊HOVFKLPEkQGXVH
&RQWDQU
vQOXPLQă
SHFHDIDDVXGDWă,DUWăPă
FăQXLDPUăVXFLWOLPEDvQIRUPD
QXPHOXL7ăX3HQWUXFăPDPJkQGLW
SUREDELOFăvQIHOXODFHVWDvQFHSHRULFHUXJăFLXQH
([SUHVLD7HURJvPSDUWH
YkQWXOvQEXFă܊HOHvQFHHDFH
XQSX܈WLDXGHvQQHYRLDVDGHD܈WL
FXPGXUHUHDELQHFXYkQWHD]ă
WUXSXOSăFăWRVXOXL2UDVDRSULWVXELW
/DIHO܈LRPXOEX]HOHVDOH]GURELWH
GHFL]PDQHDJUă*UH܈HVFRDUH
VăLXEHVFDFHLRFKLVăYăGFHYDDWkWGHOLPSHGH
DOEDVWUXFDHL܈LHLLPSORUăVăUăPkQăOLPSH]L܈LDOED܈WUL"
6D]EăWXWQHUYRVPX܈FKLXOREUD]XOXLPHX
FkQGXPEUDXPHGăDvPERERFLWGLQSURKDEXOVăX
VDSUHOLQVvQ܊ăUkQDJăOEXLH
&kWGHUHSHGH
7ăL܈XOH܈WLWX'DUODVăPăVăUHvQFHS([LVWăXQSX܈WL
FDUHvQJHQXQFKHD]ăvQWURFDVăFXILHFDUHX܈ă
GHVFKLVăGHSHUHWHVSUHYDUă
([LVWăRvQWUHEDUHFDUHvLFRURGHD]ăOLPED8QFX܊LWDFăUXLODPă
v܊LDWLQJHGHJHWXOvQGHVDWSHJkW
3UHDLXELWH7DWăFHVHYDvQWkPSODFXEDLH܊DQGUXO
FDUHQXPDLHVWHEăLH܊DQGUX"7HURJ
VSXQHPLFHVHYDvQWkPSODFXSăVWRUXO
FkQGRLOHVXQWFDQLEDOH"
%XVWGHDHU
6ă]LFHPFăFKLDUv܊LVFKLPELYLD܊D
WUXSXOHVWHPDLPXOWGHFkW
REXFă܊LFăGHQRDSWHSHFHWOXLWă
FXUăQL6D]LFHPFăWHGH܈WHS܊L
v܊LJăVH܈WLXPEUDvQORFXLWă
8QLYHUVDOLD
FXXQOXSQHJUX%ăLDWXOHVWHIUXPRV
GHSDUWH$܈DFăWHDSURSLLFXFX܊LWXOGHSHUHWH
6FRUPRQH܈WL VFRUPRQH܈WL
SkQăFkQGRPRQHGăGHOXPLQăDSDUH
UHX܈H܈WLSULQHDILQDOPHQWH
VăWUDJLFXRFKLXOODIHULFLUH2FKLXO
FDUHWHSULYH܈WH܈LHOGHGLQFROR
D܈WHSWkQG
ÌQWUR]LvOYRLLXELSH2FHDQ9XRQJ
2FHDQQX܊LILHWHDPă
&DSăWXOGUXPXOXLHDWkWGHGHSDUWH
vQFkWHGHMDvQXUPDQRDVWUă
1XWHvQJULMRUD7DWăOWăXHVWHWDWăOWăX
GRDUSkQăFkQGXQXOGLQWUHYRLXLWăDFHVWOXFUX
$VDFXP܈LUDVSLQăULL
QX܈LYDDPLQWLDULSLOH
LQGLIHUHQWGHFkWGHPXOWHRULJHQXQFKLLQR܈WUL
YRUVăUXWD܊ăUkQD2FHDQ
PăDVFXO܊L"&HDPDLIUXPRDVăSDUWH
DWUXSXOXLWăXHVWHFHDSHFDUH
FDGHXPEUDPDPHLWDOH
$FHDVWDHVWHFDVDXQGHFRSLOăULD
DDPRU܊LWLPRELOL]DWăFXXQVLQJXUILUUR܈X
FDUHODFHDPDLPLFăPL܈FDUH
SRDWHVăGHFODQ܈H]HH[SOR]LD
1XWHvQJULMRUD'RDUQXPH܈WHRUL]RQWILUXO
DVWIHOQXOYHLDWLQJHQLFLRGDWă
$FHDVWDHVWH]LXDGHDVWă]L6ăULÌ܊LSURPLW
FăQXHREDUFăGHVDOYDUH$FHVWD
HVWHEăUEDWXODFăUXLvPEUă܊L܈DUHHvQGHDMXQV
GHODUJăvQFkWVăv܊LSRDWăFXSULQGHSOHFDUHD
DFHVWDHVWHPRPHQWXO
&RQWDQU
LPHGLDWGHGXSăVWLQJHUHDOXPLQLORUFkQGSR܊LvQFă
YHGHDWRU܊DLVWRYLWăGLQWUHSLFLRDUHOHVDOH
2IRORVH܈WLGLQQRX GLQQRX
SHQWUXD܊LUHJăVLSURSULLOHPkLQL
$LFHUXWRDGRXD܈DQVă
܊LHGDWăRJXUăvQFDUHVăRJROH܈WL
1Xv܊LILHWHDPăVXQHWXOGHvPSX܈FăWXUL
HVWHGRDUVXQHWXORDPHQLORU
FDUHvQFHDUFăVăv܈LSUHOXQJHDVFăYLD܊D
vQFăSX܊LQ
2FHDQ2FHDQULGLFăWH
&HDPDLIUXPRDVăSDUWHDWUXSXOXLWăX
HVWHFHDFDUHDUHXQ܊HO
DPLQWH܈WH܊L
VLQJXUăWDWHDHVWHWRWX܈LWLPSSHWUHFXWDOăWXUL
GHOXPH(VWHFDPHUDvQFDUHDXORFDEVROXWWR܊L
&KLDU܈LSULHWHQLLWăLPRU܊LFDUHWUHF
SULQWLQHFXPWUHFHYkQWXO
SULQWXEXULOHGHPHWDODWkUQDWHODIHUHDVWUă
8LWHXQELURX
FXXQSLFLRUPDLVFXUW RFăUăPLGă
FDUHVăvOHFKLOLEUH]H'DXLWHRFDPHUă
DWkWGHFăOGXURDVă ܈LDSURDSHGHVkQJH
vQFkWv܊LMXUWHYHLWUH]L
YHLFUHGHFăDFH܈WLSHUH܊L
VXQWSLHOH
6ăUXWkQGvQYLHWQDPH]ă
%XQLFDPHDVăUXWă
GHSDUFăERPEHH[SORGHD]ăvQFXUWHDGLQVSDWH
XQGHPHQWD܈LLDVRPLDv܈LvQWLQGSDUIXPXULOH
SULQIHUHDVWUDEXFăWăULHL
FD܈LFkQGXQGHYDXQWUXSVHGHVWUDPă
LDUIOăFăULv܈LFURLHVFFDOHvQDSRL
SULQvQFkOFHOLOHFRDSVHLXQXLWkQăUEăLDW
FD܈LFkQGGDFăDLLH܈LSHX܈ăDIDUăWUXQFKLXOWăX
8QLYHUVDOLD
DUGDQVDGLQUăQLOHSHFDUHSURLHFWLOHOH
OHDXIăFXWODLH܈LUHDGLQWUXS
&kQGEXQLFDPHDVăUXWăQXH[LVWă
VPRWRFHDOăVFOLSLFLRDVăPX]LFăZHVWHUQ
VDXEX]HVWUkQVHVăUXWăGHSDUFăDUYUHDVă
WHDVSLUHvQOăXQWUXOVăXFXQDVXOOLSLWGHREUD]
DVWIHOvQFkWVăv܊LUHvQYH܊HPLURVXO
LDUSHUOHOHWDOHGHWUDQVSLUD܊LHWUDQVIRUPDWH
vQSLFXULGHDXU
VăvLLQWUHQSOăPkQLGHSDUFăvQWLPSFHWH܊LQH
PRDUWHDWH܊LQH܈LHDGHvQFKHLHWXUă
%XQLFDPHDVăUXWăFD܈LFkQGLVWRULD
QXVDvQFKHLDWQLFLRGDWăGHSDUFăXQGHYD
XQWUXSvQFă
VHGHVWUDPă
6SXQHPLFHYDGHELQH
(܈WLGLQQRXSHFkPSXOPLQDW
&LQHYDFDUHDFXPHVWHPRUW
܊LDVSXVFăDFHVWDHVWHORFXOXQGHYHLvQYă܊D
VăGDQVH]L=ăSDGăSHEX]HOHWDOHFDRVăUDWă
WăLHWXUăIDFLVDOWXULvQWUHPRU܊LOHWDOHQHJUXFD
VkQJHOHPHQVWUXDODOOXL'XPQH]HX
&RQWDQU
5REHUW+D\GHQ5REHUW+D\GHQVDQăVFXWvQWURIDPLOLH
VăUDFăGLQFDUWLHUXO'HWURLW9DOOH\SHDXJXVW$
DYXWRFRSLOăULHWUDXPDWL]DQWăHPRаLRQDOЮLDIRVWFUHVFXW
vQPDUHSDUWHGHSăULQаLDGRSWLYL'LQFDX]DPLRSLHLVDOH
IRUWH+D\GHQvQFRSLOăULHDSUHIHUDWFăUаLOHЮLQX
DFWLYLWăаLOHVSRUWLYH'XSăFHDDEVROYLWOLFHXOvQD
XUPDWFXUVXULOH'HWURLW&LW\&ROOHJHDFXP:D\QH6WDWH
8QLYHUVLW\FDEXUVLHUЮLXOWHULRUDREаLQXWRGLSORPăGH
OLFHQаăvQOLWHUDWXUăHQJOH]ăGHOD8QLYHUVLWDWHDGLQ
0LFKLJDQ$IRVWSULPXOPHPEUXGHFXORDUHDO
GHSDUWDPHQWXOXLGHHQJOH]ăDO8QLYHUVLWăаLL0LFKLJDQ
DSRLDGHYHQLWSULPXODIURDPHULFDQFDUHDIRVWQXPLW
FRQVXOWDQWvQSRH]LHOD%LEOLRWHFD&RQJUHVXOXL9ROXPHOH
VDOHGHSRH]LHLQFOXG)RUPDLQLPLLvQSUDI
)LJXUDWLPSXOXL2EDODGăDDPLQWLULL
3RH]LLOHVDOHDXRWRQDOLWDWHVREUăЮLHOHJDQWăЮLYRUEHVF
GHVSUHLVWRULDSRSXODаLHLDIURDPHULFDQHЮLGHVSUHH[SHULHQаDVDSHUVRQDOăFDFHWăаHDQ
DPHULFDQGHFXORDUH³ÌQRSLQLDJHQHUDOă²DGHFODUDW)UHGHULFN*OD\VKHUvQ³$QWRORJLD
GHSUR]ă³DOXL+D\GHQ²5REHUW+D\GHQHVWHFHOPDLUHPDUFDELOPHЮWHUDOSRH]LHL
DIURDPHULFDQH´6DVWLQVGLQYLDаăSHIHEUXDULH
$FHOH]LOHGHLDUQă
SkQă܈LGXPLQLFLOHWDWDVHWUH]HDGHYUHPH
VHvPEUăFDvQIULJXOSăWUXQ]ăWRUGLQFDVk
DSRLFXSDOPHOHFUăSDWHFHVXIHUHDX
GHURERWHDODSHYUHPHUHDGLQWLPSXOVăSWăPkQLL
IăFHDVăL]EXFQHDVFăIRFXOvQYDWUăQLPHQL
YUHRGDWăQXLDPXO܊XPLW
PăWUH]HDP܈LDX]HDPIULJXOIăFkQGXVHD܈FKLL
VIăUvPkQGXVH
FkQGFDPHUHOHVHvQFăO]HDXQHFKHPD
LDUHXPăULGLFDPDOHQH܈LPăvPEUăFDP
WHPkQGXPăGHIXULLOHUHFXUHQWHDOHDFHOHLFDVH
YRUELQGXLLQGLIHUHQWOXL
FHOXLFDUHDOXQJDVHIULJXO
܈LPLOXVWUXLVHSDQWRILLEXQL
FH܈WLDPFH܈WLDPHX
GHVSUHvQFăSHULOHDXVWHUH܈LVLQJXUDWLFHDOHGUDJRVWHL"
8QLYHUVDOLD
6ROHGDG
LDUHXHXQXPDLIDFSDUWHGLQDFHDOXPH
GHVSXLDW]DFHvQFDPHUDFXIHUHVWUHDFRSHULWH
IXPkQG܊LJDUăGHOD܊LJDUăOHJăQDWGHGURJXULGHMD]]
D܈DFXPQLFLRGDWăQDIRVWOHJăQDWGHFDUQHDYUHXQHLLXELWH
0LOHV'DYLVVXIOăUăFRURVvQWURPSHWăGRDUSHQWUXHO
RGXUHUHQHDJUăVHQ]XDOIODPHQFREOXHV
YRFHDGHFKLKOLPEDUUR܈XDGRDPQHL'D\
GRDPQăDPDJQROLLORUGHXQQHJUXSXU
FH܈LPXUPXUăDPDUXO܈LSLHUGHULOH܈L܊LXUHD]ăUăPDVEXQ
SOvQJvQGX܈LGXUHUHDSvQăUăPvQHIăUăODFULPL
WHPQLFHULLVăLSHUIL]L
ODXHOLEHUDWSHQWUXRYUHPH
VSDLPHOHVDOH܈LHXOQHGHVăYvU܈LW
vOD܈WHDSWăSHVWUă]LOHGHRULXQGH
VHDVFXQGHSHSDUWHDvQWXQHFDWkDOXQLL
VHUHIXJLD]ăvQWURWHPQL܊ăGLQYLWUDOLL
]ERDUăFăWUHR܊DUăGHFULVWDOIăUăRURORJLL
GRDUIDQWRPDGRDPQHL'D\܈WLHXQGH
VHDIOă܈LPX]LFDLDUHOSHQGXOHD]ă
RKSHQGXOHD]ăGLQFRORGHFRPSOHWQHPXULWRUDFXP
)UHGHULFN'RXJODV
FkQGvQVIkU܈LWHVWHDQRDVWUăDFHDVWăHOLEHUDUHDFHDVWăOLEHUWDWH
DFHVWOXFUXWHULELOLQGLVSHQVDELORPXOXLODIHOFD܈LDHUXO
GHIRORVFD܈LSăPkQWXOFkQGQHDSDU܊LQHWXWXURU
FkQGHVWHFXDGHYăUDWLQVWLQFWPDWHULHFHQX܈LHGLDVWROăVLVWROă
JHVWUHIOH[FkQGvQFHOHGLQXUPăHVWHFk܈WLJDWFkQGHVWH
PDLPXOWGHFkWIOHFăUHDOăGHSROLWLFLHQL
RPXOăVWDDFHVW'RXJODVDFHVWIRVWVFODYDFHVWQHJURWHL
vQJHQXQFKLDWFXEăWDLDH[LODWvQFKLSXLQGROXPH
&RQWDQU
OQFDUHQLPHQLQXHVLQJXUQLPHQLQXHYkQDWvQVWUăLQDW
RPXODFHVWDPLQXQDWvQGUDJRVWH܈LORJLFăDFHVWRP
YDILDPLQWLWRKQXGHUHWRULFDDWDWXLORU
QXFXOHJHQGH܈LSRHPHGHFRURDQHGHEURQ]
FLFXYLH܊LFUHVFXWHGLQYLD܊DOXLYLH܊L
KUăQLQGYLVXOVăXGHVSUHIUXPXVH܊HDFHVWOXFUXLQGLVSHQVDELO
(O+DMM0DOLN(O6KDED]]0DOFRP;
RPă܈WL܈LSUHIDFHULDOHOXL$KDE)LX1DWLY
UăXOGHJKHD܊ăFDUHLDGRERUkWWDWăO
܈LLDWkUkWPDPDvQSODVDQHEXQLHL
ODSULQVvQFDSFDQDYLROHQ܊HLXQXLHXDXWRIODJHODWRU
FDUHOXSWDVăVHHOLEHUH]H
FDEăLDWGHFDUWLHUFXSRUHFOD'HHWURLW5HG
܈LDDEDQGRQDWQXPHOHDGHYHQLWVXUVD
SURSULXOXL܊HO
܈LDvQGUHSWDWSăUXOFUH܈܊LDGDQVDWLPSURYL]kQG
vQFRVWXPXOVăXFXKDLQăOXQJă܈LXPHULODUJL
DGDQVDW
vQVWUăOXFLUHDMDUXOXLMRLQWXOXLSHFDUHOIXPD
FRSLOăULDVDUăQLWăODDWDFDW
DOXSWDWVXVvQFRSDFLLFHLPDLRWUăYLWRUL
vQIORULOHFDQLEDOHDOH9LVXOXL$PHULFDQ²
GDUQX܈LDSXWXWUăQLLQDPLFXO
vQDUPDWSkQăvQGLQ܊LvPSRWULYDVD
8QLYHUVDOLD
5XG\)UDQFLVFRVDQăVFXWЮLDFUHVFXWvQ6DQ'LHJR
&DOLIRUQLD/DYkUVWDGHGHDQL5XG\ЮLDILQDOL]DW
OLFHQаDvQSVLKRORJLHÌQFDOLWDWHGHVSRNHQZRUGSRHW
5XG\)UDQFLVFRFRPELQăDFWLYLVPXOSROLWLFFXSRH]LD
SHQWUXDDWUDJHDWHQаLDFHORUFDUHVXQWPDUWRULDL
VSHFWDFROHORUvQFDUHUHFLWă5XG\DEVRDUEHHORFYHQW
H[SHULHQаHOHFHORUGLQMXUOHVLQWHWL]HD]ăЮLOHWUDQVIRUPă
vQSRH]LH0DLPXOW5XG\DGHSXVHIRUWXULLQWHQVHSHQWUX
DDMXWDWLQHULLSRHаLЮLDRUJDQL]DWDWHOLHUHЮLVSHFWDFROHvQ
ЮFROLЮLFHQWUHFRPXQLWDUH5XG\DVXVаLQXWSUHOHJHULЮL
VSHFWDFROHODQXPHURDVHFROHJLLЮLXQLYHUVLWăаLGLQ
vQWUHDJDаDUă$FkЮWLJDW&DPSLRQDWXO1DаLRQDO
8QGHUJURXQGGH3RH]LH6ODPGLQ6DQ'LHJR6ODP
6DQ)UDQFLVFR6ODPЮL&DPSLRQXO0RQGLDO
,QGLYLGXDOGH3RH]LH6ODPGLQ
$SXEOLFDWXUPăWRDUHOHFăUаL6FUDWFK1R*UDYLW\1R*UDYLW\*HWWLQJ6WLWFKHVЮL
+HOLXP
&kQGRDPHQLLPăvQWUHDEăFXPVXQW
9UHDXVăVSXQ
FăGHSUHVLDPHDHRGHLWDWHIXULRDVăXQ]HXJHORV
RXPEUăvQVHWDWăFDUHvPLPRWRWROH܈WHEXFXULDFDSH
RFkUSăGHYDVH
܈LIDFHVXFGLQ]kPEHWXOOPHX
9UHDXVăVSXQ
FRERUkWXOGLQSDWDGHYHQLWXQWUXFPDJLF
6XQWSUREDELOFHOPDLQD܈SDPDJLFLDQSHFDUHOFXQRVF
9UHDXVăVSXQ
FăWULVWH܊HDHVLQJXUDFăPD܈ăFXUDWăSHFDUHRPDLDP
LDUPD܈LQDGHVSăODWHGHIHFWăGHOXQLGH]LOH
GDUPDLGHJUDEăD܈SUHIHUDVăQXVWULF]LXDFXLYD
FXRQHVWLWDWHDPHDWUDJLFă
D܈DFăvPLWUDWH]ID܊DFDSHXQGRYOHDF
&RQWDQU
0ăSUHIDFFăHVWH+DOORZHHQ
2VFXOSWH]IDFGLQHDFHYDDFFHSWDELO
5kG܈LVSXQ
6XQWELQH
ÌQFă
vQYă܊
VăLXEHVF
DFHOHSăU܊L
GLQPLQH
SHFDUHQLPHQL
QXOHDSODXGă
0DUJLQDOL]DUH
6ăILLPDUJLQDOL]DWvQ$PHULFD
vQVHDPQăVăILLRVWHDSHFKLSXOPLH]XOXLQRS܊LL
7UHEXLHvQPRGFRQVWDQWVăQHULGLFăPGHDVXSUD
DRULFH
܈LVăVWUăOXFLPFkWSXWHPGHWDUH
FkQGDIDUăHQWXQHULF
$Să
&kQGDYHDP܈DVHDQL
IUDWHOH܈LYHULLPHL
DXvQFHUFDWVăPăvQYH܊HVăvQRW
8QLYHUVDOLD
$XIăFXWDVWDDUXQFkQGXPăvQWURSLVFLQă
,QVWDQWDQHXEUD܊HOHPHOHDXGHYHQLW
GRXăVFKLORDGH܈LPDURQLLVHPQDOHGHDMXWRU
&UHGFăODPDX]LWSHIUDWHOHPHXVSXQkQG
'DFăPRDUHRVăGDXGHGUDFX
ÌPLDPLQWHVFFXPPăWUăJHDXGLQIăOFLOH
EHVWLHLOLFKLGHvQDLQWHVăDSXFHVăPăGHYRUH]HvQWUHJ
$FHHDDIRVW]LXDvQFDUHDSURDSHPLDPSLHUGXWYLD܊D
2ULFXLvQGHDMXQVGHFXUDMRVVăPăLXEHDVFă
܇WL܊LFăWUXSXORPHQHVFHVWHDOFăWXLWGLQDSUR[LPDWLY
܈DL]HFLODVXWăDSă"&kQGLQWUXvQWURvQFăSHUH
SOLQăFXRDPHQLWRWFHYăGHVWHXQRFHDQ
ÌQJăGXLQ܊ă
0ăURDJăVăRPRUSăLDQMHQXO
ÌQVFKLPEHXLDXFHOPDLSX܊LQ
OHWDOăDUPăSHFDUHRJăVHVF
,DXXQSDKDU܈LXQ܈HUYH܊HO
3ULQGSăLDQMHQXOvOVFRWGLQvQFăSHUH
܈LvOODVVăSOHFH
'DFăYUHRGDWăYRLILSULQVvQORFXOQHSRWULYLW
܈LPRPHQWXOQHSRWULYLWGRDUH[LVWkQG
܈LQHGHUDQMkQGSHQLPHQL
6SHUFăYRL
DYHDSDUWHGHDFHOD܈LJHVWGH
vQJăGXLQ܊ă
&RQWDQU
2JOLQGă
$H[LVWDWXQPRPHQWvQYLD܊DPHD
FkQGQXSXWHDPVSXQHFDUHHVWHGLIHUHQ܊D
GLQWUHRRJOLQGă܈LRIHUHDVWUă
3XWHDPVăVWDXvQID܊DRULFăUHLDGLQWUHHOH
܈LVăYăGWRWXO
PDLSX܊LQSHPLQH
vQVXPL
3XWHUH
0LDPFRQYLQVSXPQXO
FăHRIORDUH
0DPUHOD[DWDvQIORULW
܈LWHDLHUWDWvQDLQWH
FKLDUVăDSXFLVăv܊LSDUăUăX
8QLYHUVDOLD
6KDURQ2OGVQRLHPEULHHVWHXQD
GLQWUHYRFLOHLPSRUWDQWHDOHSRH]LHL
FRQWHPSRUDQH&kЮWLJăWRDUHDPDLPXOWRU
SUHPLLSUHVWLJLRDVHLQFOXVLY3UHPLXO
3XOLW]HUЮL3UHPLXO1DаLRQDODO&ULWLFLORUGH
&DUWH2OGVHVWHFXQRVFXWăSHQWUXIDSWXOFă
VFULHSRH]LLLQWHQVSHUVRQDOHFDUHDIHFWHD]ă
SXWHUQLFHPRаLRQDOSUH]LQWăvQPRGH[SOLFLW
YLDаDGHIDPLOLHSUHFXPЮLHYHQLPHQWHOH
SROLWLFHJOREDOH
1HQăVFXWXO
&kWHRGDWăDSURDSHSRWYHGHDvQMXUXOFDSHWHORUQRDVWUH
FDSHJkQJmQLLOHGLQMXUXOVWkOSLORUGHLOXPLQDWVWUDGDO
YDUD
FRSLLLSHFDUHLDPILSXWXWDYHD
VWUăOXFLUHDORU
8QHRULvLVLPWD܈WHSWkQGPR܊ăLQG
vQYUHRDQWLFDPHUăD܈DFXPRIăFHDXVHUYLWRULL
GRUPLQGLHSXUH܈WHVăDXGăFORSR܊HOXO
VWăSkQLORU
$OWHRULvLYăGD܈H]D܊LFDSHVFULVRULOHGHGUDJRVWH
ÌQ%LURXOSHQWUX6FULVRUL0RDUWH
ùLXQHRULFXPVHvQWkPSOăvQDFHDVWăVHDUă
FD܈LFXPD܈DYHDRvQWXQHFDWă
DGRXDYHGHUHSRWVăvOVLPWGRDUSH
XQXOGLQWUHHL
VWkQGvQvQWXQHULFVXVSHPDUJLQHDXQHLVWkQFL
GLQDSURSLHUHDPăULL
vQWLQ]kQGX܈LGLVSHUDW
EUD܊HOHFăWUHPLQH
&RQWDQU
6IkU܈LWXO
$PKRWăUkWVăIDFHPDYRUWXOVăGHYHQLP
XFLJD܈LvPSUHXQă3HULRDGDGHWLPSFDUHDXUPDW
QXDVFKLPEDWQLPLF(UDPRUWFXSOXODFHODWkQăU
FDUHvQWRWGHDXQDIXVHVHSURYLD܊ă
ÌQWLPSFHYRUEHDPVWkQGvQSDWGHVSUHFHIăFXVHP
GLVWDQ܊DFDUHVDQăVFXWvQWUHQRL
QXQHDVXUSULQV$PPHUVODIHUHDVWUă
DPSULYLWPD܈LQLOHIăFXWHSUDI܈LEXFă܊HOHOHVFOLSLWRDUH
GHVWLFOă
GHSDUFăQRLDPILSURYRFDWDFFLGHQWXOGHDIDUă
3ROL܊L܈WLLDXVFRVWUXSXULOHvQVkQJHUDWH
vQVkQJHUDWHFDODQD܈WHUHSULQPLFDGHVFKL]ăWXUă
DX܈LLOHDXvQWLQVSHMRVDFRSHULWFXSăWXUL
FDUHVDXXPH]LWLPHGLDW6kQJHOH
DvQFHSXWVăPLVHSUHOLQJăGLQWUHSLFLRDUHvQSDSXFL
$PUăPDVVăPăXLWSkQăFkQGDXvQGHVDWXQVDF
IăUăIRUPăFODUăvQJDXUDQHDJUă
DVDOYăULL܈LDXULGLFDWXQXOGLQWUHUăQL܊LvQSLFLRDUH
8QEDQGDMvLDFRSHUHDFDSXO
EDQGDMSăWDWFXVkQJHvQGUHSWXORFKLORU
ÌQGLPLQHD܊DXUPăWRDUHDWUHEXLWVăVWDX
RRUăvQWUHDJăvQJHQXQFKL
SHSRGHDXDDFHHDVăR܈WHUJGHVkQJHOHPHX
IUHFkQGFXFkUSHXPHGHSHWHOHVFOLSLFLRDVH
܈LWUDQVOXFLGHD܈DFXPRIDFLFkQGOD܈L
WLJDLDODvQPXLDWVăRSR܊LFXUă܊D
GXSăFHSHWUHFHUHDVDWHUPLQDW
8QLYHUVDOLD
7UDF\.6PLWKVDQăVFXWvQ)DOPRXWK
0DVVDFKXVHWWVSHDSULOLHЮLDFUHVFXWvQ
)DLUILHOG&DOLIRUQLD$VWXGLDWOD8QLYHUVLWDWHD
+DUYDUGXQGHVDDOăWXUDW'DUN5RRP&ROOHFWLYHXQ
FHQDFOXSHQWUXVFULLWRULLGHFXORDUH6PLWKHVWH
DXWRDUHDDSDWUXYROXPHGHSRH]LH:DGHLQWKH
:DWHU*UD\ZROI3UHVVYROXPFkЮWLJăWRUDO
SUHPLXOXL$QLVILHOG:ROI%RRN$ZDUGSHQWUXSRH]LH
ЮLFDUHDIRVWVHOHFWDWSHQWUX3UHPLXO76(OLRW
vQ9ROXPXOGHGHEXW7KH%RG\
V4XHVWLRQ
*UD\ZROI3UHVVDFkЮWLJDWSUHPLXOGHSRH]LH
&DYH&DQHPvQ$GRXDFDUWHDHL'XHQGH
*UD\ZROI3UHVVDFkЮWLJDWSUHPLXO-DPHV
/DXJKOLQvQDO$FDGHPLHL3RHаLORU$PHULFDQL
/LIHRQ0DUV*UD\ZROI3UHVVDFkЮWLJDW
SUHPLXO3XOLW]HUSHQWUXSRH]LH
'HFODUD܊LH
(O
DWULPLVFHWHGHSROL܊L܈WLVăLKăU܊XLDVFăSHDLQR܈WUL
(ODMHIXLW
SXVODSăPkQW
GLVWUXV
YLH܊LOHDORUQR܈WUL
OXkQGXLFXIRU܊DSHDLQR܈WUL
DEROLQGFHDYHDPPDLGHSUH܊DOQRVWUX
܈LDOWHUkQGIXQGDPHQWDOLGHQWLWDWHDQRVWUă
ÌQILHFDUHHWDSăDDFHVWRU2SUHVLXQL1RLDP&HUXW
FDOXFUXULOHVăVHVFKLPEHvQFHLPDLVPHUL܊LWHUPHQL
'ROHDQ܊HORUQRDVWUHUHSHWDWHOLVDUăVSXQVGRDU
&XLQMXULLUHSHWDWH
1RLOHDPUHDPLQWLWFLUFXPVWDQ܊HOHHPLJUăULL
܈LD܈H]ăULLQRVWUHDLFL
$PIRVWOXD܊L6FODYL
SHVWHPăUL܈L܊ăUL
VăvQGXUăP
&RQWDQU
6)
1XYRUPDLILPDUJLQLGRDUFXUEH
/LQLLFODUHFDUHYRUDUăWDH[FOXVLYvQDLQWH
,VWRULDFXDVDFRORDQăULJLGă FRO܊XUL
FXXUHFKLGHFkLQHYDILvQORFXLWăGHQXDQ܊ă
([DFWD܈DFXPGLQR]DXULLDXIăFXWORF
QHVIkU܈LWHORUPRYLOHGHJKHD܊ă
)HPHLOHYRUILWRWIHPHLGDU
QXYDH[LVWDQLFLRGHRVHELUHQWUHHOH6H[XO
GXSăFHDVXSUDYLH܊XLWWXWXURUDPHQLQ܊ăULORUYD
PDLVDWLVIDFHGRDUPLQWHDVLQJXUXOORFXQGH
GHDOWIHOYDPDLH[LVWD
3HQWUXDQHGLVWUDYRPGDQVDSHQWUXQRLvQ܈LQH
ÌQDLQWHDRJOLQ]LORUvQ܊HVDWHFXEHFXULDXULL
&HLPDLvQYkUVWăGLQWUHQRLYRUUHFXQRD܈WHDFHDVWUăOXFLUH
'DUFXYkQWXOVRDUHYDGHVHPQDGHIDSW
8QGLVSR]LWLYFDUHYDILJăVLWvQJRVSRGăULL܈LFUH܈H
1HXWUDOL]DWRU6WDQGDUGGH8UDQLX
ùLGDYRPWUăLPXOWPDLPXOWPXO܊XPLWă
OLSVHLGHQHvQ܊HOHJHULODRULFHQLYHO)ăUăJUHXWDWH
LQVWDELOLDHRQLFKLDU܈LGHSHOXQDQRVWUăYRUUăWăFL
܈LHL
vQFHD܊ăFRVPRVXOXLFDUHYDILRGDWă
܈LSHQWUXWRWGHDXQDVFUXWDELO܈LVLJXU
8QLYHUVDOLD
9LD܊DOLQL܈WLWă
&kQGXQLLRDPHQLYRUEHVFGHVSUHEDQL
2IDFFD܈LFkQGDUYRUELGHVSUHXQLXELWPLVWHULRV
&DUHDLH܈LWVăFXPSHUHODSWHGDUQXVDPDLvQWRUV
1LFLRGDWăLDUFKHVWLDDVWDPăIDFHQRVWDOJLFă
ÌPLDPLQWH܈WHDQLLvQFDUHDPWUăLWFXSkLQH܈LFDIHD
7RWWLPSXOvQIRPHWDWăPHUJkQGVăPXQFHVFFX
]LXD
&DRIHPHLHFDUHDSOHFDWGLQVDWXOHLIăUăIkQWkQă
VăIDFăQDYHWDSHQWUXDDGXFHDSă
3HQWUXFDDSRLVăWUăLDVFăSHQWUXRQRDSWHVDX
GRXăFDWR܊LFHLODO܊L
&XSXLIULSW܈LYLQUR܈X
1XvLGXFGRUXO
'DUXQHRULXLWXQGHVXQW
ÌPLLPDJLQH]FăWUăLHVFGLQQRXDFHDYLD܊ă
'LPLQH܊LUHFDOFLWUDQWH'LQFDX]DVRDUHOXLSRDWH
VDXPDLGHJUDEăDXQHLOXPLQLLQFRORUH
&DUH܈LILOWUHD]ăFDOHDSULQWUXQQRUIăUăIRUPă
ùLFkQGvQFHSVăFUHGFăQXDPSOHFDW
WRWXOUHYLQHvQDPLQWLUH&DQDSHDXDQRDVWUă
IXPXO܊LJăULLPHOHFă܊ăUkQGXVHSH]LGXULLQWLPS
FHRUHOHVHSUăEX܈HVF
0ă܊LQVWUkQVGH]JRPRWXOWUDILFXOXLGHPX]LFă
GHRULFHOXFUXYLXVăWHJăVHVFSHWLQHFXFKHLDLQX܈ă
܈LDFHOVHQWLPHQWIXJLWLYGLQSLHSWXOPHX
FD܈LFXP]LXDQRDSWHDRULXQGHD܈IL
SkQăvQDFHOPRPHQWDXIRVWGRDUXQYkUWHM
&RQWDQU
VDXRULFHDOWFHYDGHFkWD܈WHSWDUH
$X]LPDWkWGHPXOWGHVSUHFXPVHVLPWHGUDJRVWHD
&KLDUvQDFHVWPRPHQWDVWă]LFXSORDLDGHDIDUă
܈LIUXQ]HFDUHYRUODIHNGHPXOWFD܈LPLQHVăFUHDGă
vQOXQD0DLvQDQRWLPSXULFDUHYLQFkQGVXQWFKHPDWH
(LPSRVLELOVăQXYUHDX
6ăLQWUXvQXUPăWRDUHDFDPHUă܈LVăWHODV
6ăvPLDOXQHFLFXPkLQLOHSHFRDSVH
܇WLLQG܈LWXIRDUWHELQHFH܈WLX܈LHOH
8QLYHUVXOFDVWULJăWSULPRUGLDO
(VWHH[DFWRUDGXSăDPLD]ăÌ܈LGHVFKLGJXULOH
܇LVHDXGvQDOWVWULGHQW܈LPHWDOLF
ÌQWkLEăLDWXODSRLVRUDOXL܇LFkWHRGDWă
$PkQGRL܊LSăvQDFHOD܈LWLPS܈LPăJkQGHVF
6ăPLSXQvQFăO܊ăULOHVăXUFVăYăG
'DFăHSXU܈LVLPSOXXQH[SHULPHQW
3HFDUHSăULQ܊LLORUODXIăFXW
3HYHVHODGHSRU܊HODQFHDSHQWUXRFD]LLVSHFLDOH
FDUHFXVLJXUDQ܊ă
]DFHIăFXWă܊ăQGăULSHSRGHD
3RDWHPDPDORUHVWHvQFăPkQGUă
'HFHLSDWUXSOăPkQLUR]SHFDUHLDDOăSWDW
3kQăDXGHYHQLWDWkWGHSXWHUQLFL3RDWHGDFăDFH܈WLD
DWLQJGHFLEHOXOPDJLFvQWUHDJDFOăGLUH
VHYDULGLFD܈LYRPFăOăWRULLQ]ERUJORULR܈L
$VHPHQHDSURIHWXOXL,OLH'DFăGHVSUHDVWDHYRUEDGDFăVSUHDFHVWOXFUX
VXQWvQGUHSWDWH
6WULJăWHOHORUDWXQFLODVăFHUXO
6ăVHWUDQVIRUPHGLQDOEDVWUXvQUR܈XvQDXUWRSLW
VăGHYLQăQHJUX/DVăUDLXOSHFDUHODPPR܈WHQLWVăVHDSURSLH
8QLYHUVDOLD
&KLDUGDFăVXQWPRU܊LLQR܈WULvQYH܈PLQWHOH9HFKLXOXL7HVWDPHQW
6DXRX܈ăGHVFKL]kQGXVHFăWUHLQILQLWDWHD
WXOEXUHDVSD܊LXOXL
&KLDUGDFăVHYDOăVDSHYLQHVăQHvQWkPSLQH
FXEUD܊HOHvQWLQVHFDXQWDWă
6DXQHYDLQJKL܊LFDXQFUHPDWRULX6XQWSUHJăWLWă
6ăvQWkOQHVFFHHDFHQXQHODVăVăSăVWUăPFHYD
3HQWUXWLPSvQGHOXQJDW
&HHDFHQHWDFKLQHD]ăFXELQHFXYkQWăUL
1HGRERDUăGHGXUHUH9UăMLWRUKR܊PDUHOH
9kQWJUăELQGXVHVăQHGRERDUHRJOLQ]LOHSHSRGHD
6ăUDGăFXWRWXOVFXUWHOHQRDVWUHYLH܊L&kWGHUăXWăFLRDVă
5DFKHWDSDUHDOăWXULGHHO0X]LFDPHDHSHVKXIIOH
9HFLQXOWDLHFHSHSULQWUXQSHUHWH
7RWXOGRDUXQVXJKL܊vPSRWULYDDFHHDFHQLFLRGDWăQXDUSXWHD
9HQLSHQWUXQRL܇LFRSLLLGHGHDVXSUDv܈LYăG
vQFRQWLQXDUHGHXUOHWHOHORU
܊LSkQGFDODvQFHSXWXULOHHUHLRPHQLULLGHSDUFăFHYD
SHQWUXFDUHQXDXXQQXPHDvQFHSXWVăLQVLVWH
6ăVHQDVFă
&RQWDQU
:+$XGHQQIHEUXDULHG
VHSWHPEULHDIRVWXQSRHW
DQJORDPHULFDQ6DQăVFXWvQ<RUN
8.ЮLVDPXWDWvQ+DUERUQH
%LUPLQJKDPvQDSRLvQ1HZ<RUN
&LW\68$vQ3RHWGHRULJLQH
HQJOH]ăЮLRPGHOLWHUHDREаLQXWIDLPD
WLPSXULXvQDQLLFDHURXDOVWkQJLL
vQWLPSXO0DULL&UL]H(FRQRPLFH
0DMRULWDWHDYHUVXULORUVDOHGLQDFHDVWă
SHULRDGăDXIRVWVFULVHvQFRODERUDUHFX
&KULVWRSKHU,VKHUZRRGÌQ$XGHQ
VDVWDELOLWvQ6WDWHOH8QLWHGHYHQLQG
FHWăаHDQDPHULFDQ(GXFDаLDVDDXUPDW
PRGHOXOVWDQGDUGSHQWUXFRSLLLGLQFODVD
PLMORFLHDDFHORUYUHPXUL/DDQLD
IRVWWULPLVODЮFRDODSUHJăWLWRDUH6W(GPXQGvQ6XUUH\LDUODDQLODRЮFRDOăSXEOLFă
vQ*UHVKDP1RUIRON$XGHQЮLDGRULWVăILHLQJLQHUPLQLHUЮLHUDLQWHUHVDWvQSULPXO
UkQGGHЮWLLQаăPDLWkU]LXVDVSHFLDOL]DWvQELRORJLH/DvQFHSXWXODQLORUGHVSUH
:+$XGHQVDVSXVGHFăWUHXQLLGLQWUHFHLPDLLPSRUWDQаLSRHаLDLYUHPLLFăHVWHFHO
PDLDYDQJDUGLVWSRHWFDUHVFULHvQOLPEDHQJOH]ăPRWLYXOILLQGFăSRH]LDVDHUDPDL
UHOHYDQWăSHQWUXUHDOLWăаLOHVRFLDOHЮLSROLWLFHFRQWHPSRUDQHGHFkWFHDDOXL76(OLRWЮL
:LOOLDP%XWOHU<HDWV$XGHQHUDFDSRHWPXOWPDLLPDJLQDWLYЮLPDLYDULDWGHFkW(OLRW
VSXQFULWLFLLYUHPLLGDUЮLPXOWPDLXQLWDU$vQFHUFDWVăvQаHOHDJăYUHPXULOHVă
GLDJQRVWLFKH]HQHDMXQVXULOHVRFLHWăаLLЮLVăIDFăIDаăSUREOHPHORULQWHOHFWXDOHЮLPRUDOH
GHLQWHUHVSXEOLF'DUQHYRLDGHDH[SULPDOXPHDLQWHULRDUăDIDQWH]LHLЮLDYLVXOXLDIRVW
ODIHOGHHYLGHQWăЮLSULQXUPDUHSRH]LDVDHVWHXQHRULFRQIX]ă'DFăSRH]LLOHOXDWH
LQGLYLGXDOVXQWDGHVHDREVFXUHvQVSHFLDOFHOHDQWHULRDUHFkQGVXQWOXDWHvPSUHXQă
GH]YăOXLHXQFRVPRVSRHWLFVHPQLILFDWLYFXSHLVDMHVLPEROLFHSHUVRQDMHЮLVLWXDаLLPLWLFH
0DLWkU]LX$XGHQDRUGRQDWOXPHDSRH]LHLVDOHIDFLOLWkQGDVWIHODFFHVXOFLWLWRULORUЮLD
DGXQDWSRH]LLOHOHDUHYL]XLWЮLOHDSUH]HQWDWFURQRORJLFvQGRXăYROXPH&ROOHFWHG
6KRUWHU3RHPV±ЮL&ROOHFWHG/RQJHU3RHPV
2SUL܊LWRDWHFHDVXULOHvQFKLGH܊LWHOHIRDQHOH
%OXHV)XQHUDU
RSUL܊LWRDWHFHDVXULOHvQFKLGH܊LWHOHIRDQHOH
GD܊LLFkLQHOXLXQRVVXFXOHQWVăQDSXFHVăODWUH
IDFH܊LVăWDFăSLDQHOH܈LQVXQHWvQăEX܈LWGHWREH
DGXFH܊LDIDUăVLFULXOOăVD܊LMHOLWRULLVăYLQă
8QLYHUVDOLD
OăVD܊LDYLRDQHOHvQFHUFVăVFkQFHDVFăSHGHDVXSUD
SHFHUVăVFULHPHVDMXO(O(VWH0RUW
SXQH܊LIXQGL܊HvQGROLDWHvQMXUXOJkWXULORUDOEHDOHSRUXPEHLORUSXEOLFL
SROL܊L܈WLLGLQWUDILFVăSRDUWHPăQX܈LQHJUHGHEXPEDF
DIRVW1RUGXOPHX6XGXOPHX(VWXOúL9HVWXOPHX
VăSWăPkQDPHDGHOXFUX܈LRGLKQDPHDGH'XPLQLFD
DPLD]DPLH]XOQRS܊LLPHOHYRUEDPHDFkQWHFXOPHX
DPFUH]XWFăGUDJRVWHDGXUHD]ăYH܈QLFPDPvQ܈HODW
VWHOHOHQXVXQWGHIRORVDFXPVWLQJH܊LOHSHWRDWH
vPSDFKHWD܊LOXQD܈LGH]DPRUVD܊LVRDUHOH
YăUVD܊LXQGHYDGHSDUWHRFHDQXO܈LPăWXUD܊LELQHSăGXUHD
SHQWUXFăGHDFXPQLPLFEXQQXVHPDLSRDWHvQWkPSvD
&kQWHFGHWRDPQă
DFXPIUXQ]HOHFDGFXUHSH]LFLXQH
IORULOHSULPLWHGHLQILUPLHUHQXYRUUH]LVWD
LQILUPLHUHOHFăWUHPRUPLQWHVXQWGXVH
܈LFăUXFLRDUHOHFXFRSLOD܈LODYDOHRLDX
YHFLQL܈RSWLWRULvQVWkQJD܈LQGUHDSWD
QHVPXOJDGHYăUDWXOXLGHOLFLX
܈LPkLQLOHQHDVWkPSăUDWHYRUWUHEXLVăvQJKH܊H
VLQJXUDWLFHSHJHQXQFKLGLIHUL܊L
PRU܊LFXVXWHOHvQVSDWH
XHPHD]ăvQGHPQXOGHSHFDOHDQRDVWUă
FXULJLGHEUD܊HULGLFDWHVăGRMHQHDVFk
vQWURIDOVăDWLWXGLQHFHDUYUHDVăSDUăFăHGUDJRVWH
&RQWDQU
PXULQGGHIRDPHSULQSăGXUHDIăUăGHIUXQ]H
WUROLDOHDUJăvQFăLHUkQGXVHSHQWUXPkQFDUH
܈LSULYLJKHWRDUHDLWRDQWă
܈LvQJHUXOQXYDYHQL
UHFHLPSRVLELOvQDLQWH
ULGLFăDOPXQWHOXLIUXPRVFDS
DFăUXLDOEăFDVFDGkDUSXWHDELQHFXYkQWD
FăOăWRULLvQXOWLPDORULVWRYLUH
&DSLWDOD
FDUWLHUDOSOăFHULORUXQGHFHLDYXĠLDúWHDSWăPHUHX
FXFKHOWXLDODPDUHDúWHSWkQGVăVHvQWkPSOHPLQXQL
UHVWDXUDQWHOHVODEOXPLQDWHXQGHDPDQĠLLVHGXúPăQHVFvQWUHHL
FDIHQHOHXQGHH[LODĠLLúLDXVWDELOLWXQFDUWLHUPDOLĠLRV
FXIDUPHFHOHúLLQVWUXPHQWDUXOWăXVXSULPDVHúL
VWULFWHĠHDLHUQLLúLFRQVWUkQJHUHDSULPăYHULL
GHSDUWHGHOXPLQLOHWDOHSăULQWHOHMLJQLWúLSXVSHUă]EXQDUH
DLFLVHLYHúWHOLPSHGHSURVWLDGHDILFXPLQWH
DVWIHOFXRUFKHVWUHúLSULYLULQHIDFLFXUkQG
VăFUHGHPvQQHPăUJLQLWHOHQRDVWUHSXWHULúLLQRFHQWXO
QHEăJkQGGHVHDPăFDGHODXQPRPHQWGDW
YLFWLPăQHYă]XWHORUIXULLDOHLQLPLLVDOH
GHSDUWHvQVWUă]LQHOXPLQDWHWăLQXLHúWLWRWFHQIULFR܈HD]ă
IDEULFLvQFDUHYLHĠLOHVXQWIăFXWHSHQWUXX]WHPSRUDU
DVHPHQHDVFDXQHORUVDXJXOHUHORUFDPHUHvQFDUHVLQJXUDWLFLLVXQW
FLRSOLĠLPLJăORVFDSLHWUHOHGHUkXvQIRUPHvQWkPSOăWRDUH
GDUWXOXPLQH]LFHUXOVWUăOXFLUHDĠLVHYHGHGHSDUWH
SHRJRDUHOHvQWXQHFDWHQHFXSULQVHvQJKHĠDWH
XQGHIăFkQGDOX]LLODFHHDFHLLQWHU]LVDVHPHQHDXQXLXQFKLUăXWăFLRV
QRDSWHGHQRDSWHFXGHJHWXOFKHPLFRSLLLIHUPLHUXOXL
8QLYHUVDOLD
&kQWHFGHOHDJăQ
D܈D]ă܊LFDSXOVRPQRURVXPDQGUDJRVWHDPHD
SHEUD܊XPLOLSVLWGHFUHGLQ܊ă
WLPSXO܈LIULJXULOHVHYRUPLVWXLQGHSăUWDUH
IUXPXVH܊HDSDUWLFXODUkD
FRSLLLORUJULMXOLL܈LDPRUPkQWXOXL
QHDUDWăFRSLOXOFDILLQGHIHPHU
GDUvQEUD܊HOHPHOHSkQăvQ]RUL
ODVăFUHDWXUDYLHVăVWHD
PXULWRDUHYLQRYDWăvQVăSHQWUXPLQH
SHGHDQWUHJXOIUXPRDVă
WUXSXO܈LVXIOHWXOJUDQL܊HQDX
SHQWUXLXEL܊LFkQGVWDXD܈H]D܊LGHDVXSUD
WROHUDQWHLIHUPHFDWHLVDOHSDQWH
vQFRPXQXOORUOH܈LQ
VXPEUăYL]LXQHD9HQXVWULPLWH
GLQVXSUDQDWXUDOăvQ܊HOHJHUH
GUDJRVWHXQLYHUVDOă܈LVSHUDQ܊ă
vQWLPSFHXQJkQGDEVWUDFWVHGH܈WHDSWă
SULQWUHJKH܊DUL܈LVWkQFL
H[WD]XOWUXSHVFDOSXVWQLFXOXL
FHUWLWXGLQHDILGHOLWDWHD
ULWPXOXLWUHFHULLPLH]XOXLQRS܊LL
FDYLEUD܊LLOHXQXLFORSRW
܈LQHEXQLODPRGă
VWULJăFXSOLFWLVHDODORUSHGDQWă
ILHFDUHFUHL܊DU
WRDWHWHPXWHOHFăU܊LGHJKLFLW
YRUILSOăWLWHGDUGLQDFHDVWăQRDSWH
QLFLR܈RDSWăQLFLXQJkQG
&RQWDQU
QLFLXQVăUXWVDXSULYLUHQXVHYDPDLSLHUGH
IUXPXVH܊HPLH]GHQRDSWHYL]LXQHDPRDUH
ODVăYkQWXULOH]RULORUFDUHVXIOă
X܈RUvQMXUXOFDSXOXLWăXYLVăWRU
܈L܊LDUDWăFă]LXDYDILEXQă
FăRFKLXO܈LLQLPDEăWkQGSRW
ELQHFXYkQWD
SRWVă
JăVHDVFăPXULWRDUHDOXPHFDILLQGGHDMXQV
DPLH]HGHDU܈L܊ăWHJăVHVFVăWXO
GHSXWHULOHLQYROXQWDUH
QRS܊LOHGHLQVXOWăWHODVăVăWUHFL
YHJKHDWGHILHFDUHGUDJRVWHXPDQă
ÌQDPLQWLUHDOXL:%<HDWV
,
DGLVSăUXWvQWRLXOLHUQLL
FăU܊LOHHUDXvQJKH܊DWHDHURSRUWXULOHDSURDSHSXVWLL
܈L]ăSDGDGHVILJXUDVWDWXLOHGHSHGRPHQLXOSXEOLF
PHUFXUXOGLQWHUPRPHWUHVHVFXIXQGDvQJXUDXQHL]LOH
PXULEXQGH
DVXSUDFăURULQVWUXPHQWHDPFă]XWGHDFRUG
vQ]LXDPRU܊LLVDOHFDUHDIRVWR]LvQWXQHFDWă܈LIULJXURDVă"
GHSDUWHGHERDOă
OXSLLDXJRQLWSULQSăGXULOHvQWRWGHDXQDYHU]L
UkXOvQYROEXUDWQDIRVWWHQWDWGHFKHLXULOHODPRGă
SHOLPELOHGLPLQH܊LL
PRDUWHDSRHWXOXLQDIRVWPHQ܊LRQDWăvQSRHPHOHVDOH
GDUSHQWUXHODIRVWXOWLPDVDGXSăDPLD]ăFDHOvQVX܈L
RDPLD]ăGHLQILUPLHUH܈L]YRQXUL
8QLYHUVDOLD
SURYLQFLLOHWUXSXOXLVăXVDXUHYROWDW
SăWUDWHOHPLQ܊LLVDOHHUDXJRDOH
OLQL܈WHDFRWURSLVHVXEXUELLOH
ILRUXOSUHVHQWLPHQWXOXLVăXDH܈XDWHODGHYHQLWDGPLUDWRULLVăL
DFXPHVWHULVLSLWSULQVXWHGHRUD܈H
܈LFXVILQ܊HQLHRIHULWXQRUDIHFWLYLWă܊LQHIDPLOLDUH
Vă܈LJăVHDVFăIHULFLUHDvQWUXQDOWIHOGHOHPQ
܈LVăILHSHGHSVLWVXEXQFRGVWUăLQGHFRQ܈WLHQ܊ă
FXYLQWHOHXQXLRPPRUW
VXQWPRGLILFDWHvQPăUXQWDLHOHFHORUYLL
GDULPSRUWDQ܊D܈LVXQHWXO]LOHLGHPkLQH
FkQGEURNHULLUDJFDQL܈WHDQLPDOHSHSRGHDXDEXUVHL
LDUVăUDFLLDXVXIHULQ܊HFXFDUHVXQWGHVWXOGHREL܈QXL܊L
܈LILHFDUHvQvQFKLVRDUHDSURSULXOXLWUXSHDSURDSHFRQYLQV
GHOLEHUWDWHDVD
FkWHYDPLLVHYRUJkQGLODDFHDVWă]L
D܈DFXPXQXOVHJkQGH܈WHOD]LXDvQFDUHXQXODIăFXWFHYD
FXPYDQHREL܈QXLW
DXSUDFăURULQVWUXPHQWHDPFă]XWGHDFRUG
vQ]LXDPRU܊LLVDOHFkQGDIRVWR]LvQWXQHFDWă܈LIULJXURDVă
,,
HUDLPXFDOLWFD܈LQRLGDUXOWăXDVXSUDYLH܊XLWWXWXURUvQFHUFăULORU
GLVSDUL܊LHLIHPHLORUERJDWHGHFăGHULLIL]LFH
FKLDU܈L܊LHIXULRDVD,UODQGăWHDUăQLWvQFkWDLVLP܊LW
QHYRLDVăVFULLSRH]LH
DFXP,UODQGDDUHvQFăQHEXQLD܈LFOLPDVD
SHQWUXFăSRH]LDQXIDFHVăVHvQWkPSOHQLPLFVXSUDYLH܊XLH܈WH
vQYDOHDQD܈WHULLVDOHDFRORXQGHGLULJXLWRULL
QX܈LDUGRULYUHRGDWăVăLQWHUYLQăFXUJHODVXGGH
IHUPHOHVLQJXUăWă܊LL܈LGXUHULORUDWURFH
RUD܈HEUXWHvQFDUHFUHGHP܈LvQFDUHPXULP
&RQWDQU
VXSUDYLH܊XLH܈WH
XQIHOGHDVHSHWUHFHOXFUXULOHRJXUă
,,,
܉ăUkQăSULPH܈WHXQRDVSHWHGHVHDPă
:LOOLDP<HDWVHVWHGDWRGLKQHLYH܈QLFH
/DVăSRFDOXOLUODQGH]Vă]DFă
*ROLWGHSRH]LDVD
ÌQFR܈PDUXOLQWXQHFLPLL
7R܊LFkLQLL(XURSHLODWUă
܇LSRSRDUHOHYLLD܈WHDSWă
)LHFDUHGLQWUHHOHVHFKHVWUDWHvQXUDVD
2FDUăLQWHOHFWXDOă
6HYHGHSHILHFHFKLSRPHQHVF
܇LPăULOHPLOHL]DFvQFKLVH
܈LvQJKH܊DWHvQILHFDUHRFKL
9LQRSRHWHYLQRDOăWXUL
3HIXQGXOQRS܊LL
&XYRFHDWDLPSRVLELOGHFRQVWUkQV
&RQYLQJHQHVăQHEXFXUăP
&XSOLYLWXOXQXLYHUV
)ăRSRGJRULHDEOHVWHPXOXL
&kQWăGHVSUHH܈HFXORPXOXL
ÌQH[WDWLFăVXIHULQ܊ă
ÌQGH܈HUWXOLQLPLL
/DVăIkQWvQDYLQGHFăULLVăL]YRUăVFă
ÌQFDSWLYLWDWH]LOHORUVDOH
ÌQYD܊ăRPXOOLEHUVăFHOHEUH]H
8QLYHUVDOLD
:60HUZLQVDQăVFXWvQVHSWHPEULH
OD1HZ<RUNGDUDFUHVFXWvQ1HZ
-HUVH\ЮL6FUDQWRQ3HQQV\OYDQLD$IRVWSRHW
SUR]DWRUЮLWUDGXFăWRUXQXOGLQWUHFHLPDL
UHSUH]HQWDWLYLVFULLWRULDPHULFDQLGHEXWDаL
GXSăFHOGHDOGRLOHDUă]ERLPRQGLDO
0HUZLQDWUDGXVYROXPHGHSRH]LH
DSDUаLQkQGSRHаLORU)HGHULFR*DUFLD/RUFD
úL3DEOR1HUXGDRDQWRORJLHGHSRH]LH
RULHQWDOă&kQWHFXO&LGXOXLúL&kQWHFXOOXL
5RODQGGDUúL3XUJDWRULXOOXL'DQWH(VWH
FkЮWLJăWRUXODQXPHURDVHSUHPLL
SUHVWLJLRDVH3XOLW]HUvQЮL
3UHPLXO1DĠLRQDODO6WDWHORU8QLWHDOH
$PHULFLLSHQWUXFHDPDLEXQăFDUWHGH
SRH]LH3RHW/DXUHDWvQ
6DVWLQVGLQYLDаăSHPDUWLHvQ+DLNX+DLNX3DXZHOD+DZDLL6WDWHOH8QLWH
(GZDUG+LUVFKDVSXVGHVSUHDFHVWDFăDIRVW7KRUHDXDOJHQHUDаLHLVDOH
'HVSăU܊LUH
$EVHQ܊DWDDWUHFXWSULQPLQH
&DILUXOGHD܊ăSULQXUHFKLOHDFXOXL
7RWFHIDFHVWHFXVXWFXDVDFXORDUH
ÌQYLQVXO
0DLVXUSULQ]ăWRUGHFkWRULFHFRDVWHOHPHOH
vQFHSGHODSăPkQW
'XSăFHPDPVFXIXQGDWDSHOHDXvQFHSXWVăVHUHWUDJă
/LQLDRUL]RQWXOXLSHFDUHRFUHDVHPvPL
WUHFHSULQRFKL
ùLD܊HVXWFXLEXOVLPSOXSULQWUHFLRODQHOHPHOH
&RUEXOOXL1RH
'HFHDUILWUHEXLWVăPăvQWRUF"
&XQR܈WLQ܊HOHvQ܊HOHSFLXQHDPHDQXVDUIL
SRWULYLWFXDOHORU
&RQWDQU
$PJăVLWQHDWLQVGH܈HUWXOQHFXQRVFXWXOXL
ÌQGHDMXQVGHPDUHSHQWUXSLFLRDUHOHPHOH
(FDVDPHD
ÌQWRWGHDXQDGHSDUWHGHHL9LLWRUXO
GHVSLFăSUH]HQWXOFXHFRXOYRFLLPHOH
5ăJX܈LWăGHvPSOLQLUL(XQXSURPLWQLFLRGDWă
QLPLF
&kQGSOHFL
&kQGSOHFLYkQWXOv܈LVFKLPEăGLUHF܊LDVSUHQRUG
3LFWRULLOXFUHD]ăvQWUHDJD]LGDUODDSXVXOVRDUHOXLYRSVHDXDFDGH
$UăWkQGSHUH܊LLQHJUL
/LPELOHFHDVXOXLRLDXvQVHQVLQYHUVFDVă
VHRSUHDVFăODDFHHD܈LRUă
&DUHQXv܈LDUHORFvQGHVIă܈XUDUHDQLFLXQXLDQ
܇LQRDSWHDvQIă܈XUDWvQSDWXOGHFHQX܈ă
'LQWURVLQJXUăUăVXIODUHPăWUH]HVF
(VWHPRPHQWXOvQFDUHEăUELOHPRU܊LORU
ÌQFHSVăFUHDVFă
ÌPLDPLQWHVFFăPăSUăEX܈HVF
ùLFăPRWLYXOVXQWHX
&ăDOHPHOHFXYLQWHVXQW
YH܈PkQWXODFHHDFHQXYRLILQLFLRGDWă
D܈DFXPHPkQHFDVXIOHFDWăSHQWUXXQEăLDW
FXXQVLQJXUEUD܊
$QLPDOHOH
7RĠLDQLLDFH܈WLDvQVSDWHOHIHUHVWUHORU
&XXPEUHOHFUXFLRDUEHDOXQJLQGXVHSHVWHPHVH
&XPLQHSRUQLWSULQSXVWLXvQFăXWDUHD
8QRUDQLPDOHFHQXOHDPYă]XWYUHRGDWă
8QLYHUVDOLD
(XFHOIăUăGHYRFH
$PLQWLQGXPLQXPHSHFDUHVăOHLQYHQWH]SHQWUXHOH
6HYDvQWRDUFHYUHXQXOVHYDvQWRDUFHRDUH
6SXQkQGGD
6SXQkQGFDXWăFXDWHQ܊LHGD
1HYRPvQWkOQLGLQQRX
$HU
)LUHVFHVWHQRDSWH
6XEOăXWDFXRVLQJXUăFRDUGăVXFLWăFXID܊DvQMRV
&kQWvQIHOXOPHX
OXFUXFDUHRIDFHVăVXQHFLXGDW
ÌQVSUHPLQHYLQHSUDIXODSRLv܈LVFKLPEăGLUHF܊LDSUDIXO
$VFXOWSHDPEHOHVDOHSăU܊L
ùLFRQWLQXLVăFkQW
ÌPLDPLQWHVFIUXQ]HOHD܈WHSWkQGMXGHFDWD
$SRLLDUQD
ÌPLDPLQWHVFSORDLDFXJKHPXOVăXGH܈RVHOH
3ORDLDGXFkQGWRDWHDOHVDOHGUXPXUL
6SUHQLFăLHUL
7kQăUSUHFXPVXQWEăWUkQSUHFXPVXQW
8LW]LXDGHPkLQHRPXORUE
8LWYLD܊DSULQWUHIHUHVWUHQJURSDWH
2FKLLGLQGUDSHULL
3HUHWHOHFDUHFUH܈WHSULQWUHIORULOHGHVLPLQRF
8LWOLQL܈WHD
3RVHVRUXO]kPEHWXOXL
3UREDELOFăDVWDPLDPGRULWVăIDF
&RQWDQU
6ăPăSUHXPEOXQRDSWHDvQWUHGRXăGH܈HUWXUL
&kQWkQG
'LVSHUDUH
8QLL܈LOHDXDSULQVSHDOHORUODDPEHOHFDSHWH
8QLL܈LOHDXVWUkQVSHDOHORUD܈DFXPXQRUE
v܈LVWUkQJHWRLDJXO
8QLL܈LOHDXVXSWSHDOHORUFDSHRXQLFăSRUWRFDOă
8QLLDXSXVvQDOHORUFăPă܈LFXUDWH܈LFkWHYD܈RVHWH
8QLL܈LDXSHWUHFXWYLH܊LOHFăXWkQGOHSHDOHORU
GH܈LOHSXUWDXSHHLvQWRWDFHVWWLPS
8QLLOHDXQHJOLMDWSHDOHORUGDUUăGăFLQLOHDXJăVLW
RFDOHVăVXSUDYLH܊XLDVFă
8QLLOHDXvQJURSDWSHDOHORU3LHWUHOHVSXQ
FkQG܈LXQGH
1LFLGHYUHPH܈LQLFLWkU]LX
2DUHHXDPGREkQGLWDFHDVWăHUă
VDXHDPDGREkQGLWSHPLQH
SHUkXXPEURVFDUHGLQWUHQRL
DDGXVFXHODFHVWHLPDJLQLPXWH
FHVHLYHVFLDU܈LLDUSUHFXPUkXO
IăUăVăFXYkQWH]HGH܈LWRDWHPăFXQRVF
SHQWUXFăvQWRWGHDXQDDX܈WLXWXQGHPăSRWDIOD
܈LXQGHSRWDGXFHWRDWHGLQFkWHSRWUHFXQRD܈WH
DFHVWHOXFUXULSHFDUHOHSRWUHFXQRD܈WHGRDUHX
SHQWUXFDDSRLVăPăSăUăVHDVFă
VăUăPkQVăvPLUăVSXQGVLQJXUODvQWUHEăUL
vQWLPSFHHOHGLVSDUIăUăXUPăGHVSHUDQ܊ă