HVSHFLDO WQEVXGMXMIW
TVSNIXS -RSZ+VMH 2 DXPHQWR SRSXODFLRQDO D FRQFRUUrQFLD JOREDO FDGD YH] PDLRU H RV REMHWLYRV DPELFLRVRV DR QtYHO DPELHQWDO WrP DXPHQWDGR GH IRUPD FRQVWDQWH DV H[LJrQFLDV LPSRVWDV DRV VHUYLoRV FLWDGLQRV GH IRUPD D PHOKRUDU D VXD HILFLrQFLD H VXVWHQWDELOLGDGH 4EYPS 0uFERS 1SRXIMVS )(4 (MWXVMFYMpnS 4VSNIXS -RSZ+VMH 6IWTSRWjZIP TIPS (IWIRZSPZMQIRXS HE 7SPYpnS
'SRXI\XS I 1SXMZEpnS 7I IQ ½REMW HI UYERHS S TVSNIXS -RSZ +VMH JSM PERpEHS TIPE )(4 EXVEZqW HE )(4 (MW XVMFYMpnS LEZME TSYGEW MRMGMEXMZEW GSRLIGMHEW RS lQFMXS HEW VIHIW MRXIPMKIRXIW SY WQEVX KVM HW LSNI IQ HME IWXI XIQE q MRGSRXSVRjZIP IQ UYEPUYIV GSRJIVsRGME RE jVIE HE IRIVKME IPq XVMGE 3 TVSNIXS JSGEHS REW VIHIW MRXIPMKIRXIW REWGIY EWWMQ HI JSVQE TMSRIMVE I HIWIRZSPZIY WI SVMIRXEHS TSV YQE ZMWnS LSPuWXMGE HS WMWXIQE IPqXVMGS GSQ S SFNIXMZS HI HEV VIWTSWXE ESW KVERHIW HIWE½SW UYI EW VIHIW HI IRIVKME IPq XVMGE IQ 4SVXYKEP I RS QYRHS ZnS IRJVIRXEV REW TVz\MQEW HqGEHEW 4EVE EPqQ HSW HIWE½SW XVEHMGMSREMW HE I½GMsRGME STIVEGMSREP I HE UYE PMHEHI HI WIVZMpS NYRXEQ WI EKSVE E I½GMsRGME IRIVKqXMGE E KIVEpnS HMWXVMFYuHE I S ZIuGYPS IPqXVMGS *MKYVE QYMXS PMKEHSW ESW SFNIXMZSW HI HIWGEVFSRM^EpnS HE IGSRSQME )WXIW XIQEW XsQ ZMRHS GEHE ZI^ QEMW E GSRWXMXYMV YQ JSGS HI MRXIVIWWI I HMWGYWWnS E RuZIP KPSFEP I RYQ GSRXI\XS IYVSTIY XsQ WMHS HI½RMHEW PMRLEW HI SVMIRXEpnS IWXVEXqKMGE EXVEZqW HE IPEFSVEpnS HI HMVIXMZEW HE EXVMFYMpnS HI QERHEXSW I HE TVSQSpnS HI TVSNIXSW SRHI E )(4 (MWXVMFYM pnS XIQ ZMRHS E TEVXMGMTEV EXMZEQIRXI )WXIW RSZSW HIWE½SW XSVREQ QEMW GSQTPI\E E QERYXIRpnS HS JYRHEQIRXEP IUYMPuFVMS IRXVI E SJIVXE I E TVSGYVE HI IRIVKME RS WMWXIQE IPq
'HVDILRV KLVWyULFRV
XVMGS EPKS UYI ZEM I\MKMV E MRXVSHYpnS HI QEMSV MRXIPMKsRGME RE VIHI )RXIRHI WI EUYM TSV MRXI PMKsRGME E GETEGMHEHI HE VIHI QSRMXSVM^EV ERE PMWEV TVSGIWWEV QIQSVM^EV VITSVXEV I EXYEV HI JSVQE HMWXVMFYuHE EXVEZqW HSW Q PXMTPSW WIRWSVIW EXYEHSVIW I HMWTSWMXMZSW GSPSGEHSW IQ XSHSW SW TSRXSW VIPIZERXIW HE VIHI I GSQYRMGERHS IR XVI WM I GSQ XSHSW SW SYXVSW EKIRXIW IRZSPZMHSW
GSQS SW GSRWYQMHSVIW I QMGVS TVSHYXSVIW 9QE WSPYpnS FEWIEHE IQ VIHIW MRXIPMKIRXIW TIVQMXMVj SFXIV YQ GSRLIGMQIRXS QEMW TVSJYR HS HE TVzTVME VIHI EYQIRXEV E MRHMWTIRWjZIP GETEGMHEHI HI KIWXnS HI ¾Y\SW HI IRIVKME QEMW GSQTPI\SW I JSQIRXEV YQE TEVXMGMTEpnS QYMXS QEMW EXMZE HS GSRWYQMHSV QMGVS TVSHYXSV )WXEW EPXIVEp~IW MRHY^MVnS FIRIJuGMSW QYMXS WMKRM½GEXM ZSW RS WMWXIQE IPqXVMGS I RE WSGMIHEHI I TVSQS ZIVnS S HIWIRZSPZMQIRXS HI RSZSW TVSHYXSW I WIVZMpSW IRIVKqXMGSW E YQE IWGEPE UYI IWXE jVIE EXYEPQIRXI HIWGSRLIGI 3W FIRIJuGMSW WIVnS TEVXMGYPEVQIRXI MQ TSVXERXIW REW ^SREW YVFEREW SRHI E IPIZEHE HIRWMHEHI TSTYPEGMSREP q YQ JEXSV EGVIWGMHS HI I\MKsRGME 2E ZIVHEHI EW GMHEHIW GSFVIQ EXYEPQIRXI HE WYTIVJuGMI HE XIVVE EFEVGEQ GIVGE HI HE TSTYPEpnS GSRWSQIQ HE IRIVKME KPSFEP I IQMXIQ HEW IQMWW~IW HI KEWIW TSPYIRXIW )RUYERXS S QYRHS TVSGYVE WE FIV GSQS PMHEV GSQ E GVIWGIRXI TVSGYVE HI VI
*HVWmR 'LVWULEXtGD
6IHIW -RXIPMKIRXIW
(ILFLrQFLD (QHUJpWLFD
9HtFXOR (OpWULFR
*MKYVE (IWE½SW LMWXzVMGSW I 2SZSW HIWE½SW TEVE EW VIHIW IPqXVMGEW
50
%VUYMXIXYVE HE WSPYpnS f RE &EM\E 8IRWnS &8 UYI WI TIVWTIXMZEQ EW QEMSVIW EPXIVEp~IW RE VIHI IPqXVMGE VIEPM^EHEW RS lQFMXS HS -RSZ+VMH )RUYERXS IQ 1qHME %PXE I 1YMXS %PXE 8IRWnS 18 %8 1%8 I\MW XI Nj YQ KVEY WMKRM½GEXMZS HI GSRLIGMQIRXS TIVQERIRXI HE VIHI I YQE GETEGMHEHI VIPI ZERXI HI MRXIVZMV VIQSXEQIRXI q ES RuZIP HE XVERWJSVQEpnS 18 &8 I HE &8 EXq ES PSGEP HI GSRWYQS UYI S KVEY HI GSRLIGMQIRXS I HI GETEGMHEHI HI EXYEpnS q QEMW PMQMXEHS %GVIW GI E IWXE PMQMXEpnS S JEGXS HI SW RSZSW HI WE½SW MRGMHMVIQ WSFVIXYHS RE VIHI &8 HSRHI VIWYPXE TSVXERXS E RIGIWWMHEHI HI GSRWIKYMV KIVM PE QIPLSV % EVUYMXIXYVE HE WSPYpnS IWXj MPYWXVEHE RE *MKYVE SRHI WI ETVIWIRXEQ IUYMTEQIRXSW IQ XVsW GEQEHEW HMWXMRXEW GSQYRMGERHS IRXVI WM
1RYRV GHVDILRV
4XDOLGDGH GH VHUYLoR
(ILFLrQFLD 2SHUDFLRQDO
GYVWSW I IRIVKME I ES QIWQS XIQTS VIHY^MV EW IQMWW~IW KPSFEMW HI GEVFSRS YQE GSMWE q GIVXE IWXI HIWE½S WIVj KERLS SY TIVHMHS REW GMHEHIW 1YMXEW GMHEHIW HI LSNI WnS GSRJVSRXEHEW GSQ EW QEMW ZEVMEHEW WMXYEp~IW HI GSRKIWXMSREQIRXS I\TERWnS RIGIWWMHEHIW GVIWGIRXIW HI IRIVKME JEPXE HI jKYE WIVZMpSW T FPMGSW MREGIWWuZIMW I QYMXSW SYXVSW HIWE½SW WMKRM½GEXMZSW 2S GSRXI\ XS HE IRIVKME IPqXVMGE EW VIHIW MRXIPMKIRXIW WYV KIQ GSQS TPEXEJSVQE MRHMWTIRWjZIP HS TSRXS HI ZMWXE HE KIWXnS I½GMIRXI HSW VIGYVWSW I HE WYWXIRXEFMPMHEHI EQFMIRXEP
Ć ('3 %R[ % )(4 &S\ )& q YQ HMWTSWMXMZS JYRHE QIRXEP TEVE E KIWXnS HS GPMIRXI I TEVE E KIWXnS HE VIHI &8 UYI WI MRWXEPE RSW PSGEMW HI GSRWYQS )WXI IUYMTEQIRXS WYFWXMXYMVj S GSRXEHSV XVEHMGMSREP I SRHI ETPMGjZIP S HMWNYRXSV HI GSRXVSPS HI TSXsRGME QEW XIQ YQ RuZIP HI JYRGMSREPMHEHI QYMXS WYTIVMSV I GETEGMHEHI HI GSQYRMGEpnS VIQSXE )Q TEVXMGYPEV E )& WIVj YQ HMWTSWMXMZS MQTSV XERXI TEVE S GSRXVSPS HE UYEPMHEHI HI WIV ZMpS TVIWXEHS I TEVE E KIWXnS QEMW I½GMIRXI HE VIHI &8 EXVEZqW HS IRZMS HI HEHSW HI QSRMXSVM^EpnS HI KVERHI^EW IPqXVMGEW VIPI
HVSHFLDO WQEVXGMXMIW 463.)83 -23:+6-(
MRZIWXMQIRXS WnS XMTMGEQIRXI WYTSVXEHSW TIPS STIVEHSV HI VIHI HI HMWXVMFYMpnS S UYI SFVMKE E IRGSRXVEV JSVQEW HI VI HMWXVMFYMpnS IUYMPMFVEHE 2S TVSNIXS -RSZ+VMH LSYZI HIWHI S MRuGMS E TVISGYTEpnS HI MHIRXM½GEV HMREQM^EV I UYERXM½ GEV SW TVMRGMTEMW FIRIJuGMSW HE WSPYpnS 'SQ IWWI SFNIXMZS JSVEQ GSRWXMXYuHEW IUYMTEW HI XVEFEPLS JSGEHEW IQ GEHE YQ HIWWIW FIRIJuGMSW
)½GMsRGME IRIVKqXMGE 4IVHEW XqGRMGEW 4IVHEW GSQIVGMEMW )½GMsRGME HEW STIVEp~IW XqGRMGEW )½GMsRGME HEW STIVEp~IW GSQIVGMEMW 5YEPMHEHI HS WIVZMpS XqGRMGS 5YEPMHEHI HS WIVZMpS GSQIVGMEP -RXIKVEpnS HI VIRSZjZIMW ZIuGYPS IPqXVMGS
)WXEW IUYMTEW XsQ ZMRHS E XVEFEPLEV GSQ WMXYEp~IW I HEHSW GSRGVIXSW UYI WIVZMVnS TEVE EPMQIRXEV S FYWMRIWW GEWI HS TVSNIXS I GSRJIVMV PLI YQE WSPMHI^ UYI TIVQMXE GSRXMRYEV GSQ S EZERpS IQ PEVKE IWGEPE 3W HEHSW EREPMWEHSW EXq EKSVE WnS ERMQEHSVIW I k QIHMHE UYI WI IWXEFMPM^EQ VIWYPXEHSW IWXIW XsQ ZMRHS E WIV TEVXMPLEHSW GSQ S VIKYPEHSV TSV JSVQE E HEV GSRLIGMQIRXS HSW XVEFEPLSW IQ GYVWS I HEW WYEW GSRWIUYsRGMEW QEMW VIPIZERXIW
fZSVE -RSZ'MX] % -RSZ'MX] HI fZSVE GSRWXMXYMY E TVMQIMVE MRW XEPEpnS HI HMQIRWnS WMKRM½GEXMZE HS TVSNIXS -RSZ+VMH EFVERKIRHS XSHS S QYRMGuTMS HI fZSVE GSQ GIVGE HI QMP LEFMXERXIW QMP GSRWYQMHSVIW I TSWXSW HI XVERWJSVQEpnS % VIKMnS JSM WIPIGMSREHE TSV VIWTIMXEV YQ GSR NYRXS HI GVMXqVMSW VIPIZERXIW TEVE IWXE I\TIVM sRGME GSQS E HMQIRWnS S XMTS HI VIHI IPqXVM GE E WYE ZMWMFMPMHEHI REGMSREP I MRXIVREGMSREP S RuZIP QqHMS HI GSRWYQS I E MRWIVpnS RS TMPSXS REGMSREP HE VIHI HI TSWXSW HI GEVVIKEQIRXS HS ZIuGYPS IPqXVMGS %XVEZqW HE -RSZ'MX] ZMWSY WI ZEPMHEV E WS PYpnS XqGRMGE SW TVSGIWWSW EWWSGMEHSW k WYE MRWXEPEpnS I STIVEpnS SW WIYW TVMRGMTEMW GYWXSW I FIRIJuGMSW 1EW TVIXIRHIY WI XEQFqQ GSQ IWXE MRMGMEXMZE IWXMQYPEV RS TSZS IFSVIRWI YQE QEMSV WIRWMFMPMHEHI TEVE EW UYIWX~IW HI I½GMsR GME IRIVKqXMGE I HI YXMPM^EpnS VEGMSREP HE IRIVKME 2IWWI WIRXMHS JSM EFIVXS S IWTEpS -RSZ'MX] IQ fZSVE I JSVEQ VIEPM^EHEW Q PXMTPEW MRMGMEXMZEW HI IRZSPZMQIRXS HSW HMZIVWSW WIXSVIW HE WSGMIHEHI ¯ HIWHI EW EYXEVUYMEW k TSTYPEpnS NSZIQ TEW WERHS TIPSW TVS½WWMSREMW HI IRIVKME TIPS QIMS EGEHqQMGS TSV GPMIRXIW WIPIGMSREHSW 2E *MKYVE ETVIWIRXEQ WI EPKYQEW MRMGMEXM ZEW MRXIKVEHEW RE -RSZ'MX] UYI JE^IQ RSVQEP QIRXI TEVXI HI VSXIMVSW HI ZMWMXE HEW HIPIKE p~IW UYI WI HIWPSGEQ E fZSVE TEVE GSRLIGIV S TVSNIXS (I IRXVI EW VIJIVMHEW MRMGMEXMZEW WEPMIRXE WI
52
(VSDoR ,QRY&LW\ 3RVWRV GH WUDQVIRUPDomR HTXLSDGRV FRP '7&V 3RQWRV GH FDUUHJDPHQWR GR YHtFXOR HOpWULFR
,QWHJUDomR GH PLFUR SURGXomR
,OXPLQDomR S~EOLFD HILFLHQWH
1RYRV SURGXWRV H VHUYLoRV HP FOLHQWHV GRPpVWLFRV
&DVRV GH HVWXGR GH HILFLrQFLD HQHUJpWLFD FOLHQWHV VHOHFLRQDGRV
*MKYVE %PKYQEW MRMGMEXMZEW MRXIKVEHEW RE -RSZ'MX]
YQ IWXYHS WSFVI I½GMsRGME IRIVKqXMGE UYI IR ZSPZI YQ KVYTS HI XIWXI GSQ GIVGE HI GPMIRXIW GSQ FEWI RS UYEP WI IWXj E EZEPMEV S IJIMXS HE WSPYpnS 4EVE XIVQS HI GSQTEVEpnS GSQ S KVYTS HI XIWXI IWXEFIPIGIVEQ WI XEQ FqQ KVYTSW HI GSRXVSPS HI HMQIRWnS WIQI PLERXI HIRXVS I JSVE HI fZSVE UYI TIVQMXMVnS VIXMVEV GSRGPYW~IW QEMW VMKSVSWEW 3W GPMIRXIW HS KVYTS HI XIWXI JSVEQ WIKQIRXEHSW HI EGSVHS GSQ RuZIMW HI GSRWYQS I HI TSXsRGME GSRXVEXEHE XIRHS WI EXVMFYuHS E GEHE YQ HSW WIKQIRXSW IWXEFIPIGMHSW YQ TEGSXI HI TVS HYXSW I SY WIVZMpSW HMWTPE]W WSJX[EVI XEVMJj VMSW I\TIVMQIRXEMW EZMWSW TSV IQEMP SY WQW GYNE I½GjGME XEQFqQ WI TVIXIRHI EZEPMEV )Q XSHS IWXI TVSGIWWS LSYZI S GYMHEHS HI WI HI ½RMV EQSWXVEW I HI WI XVEXEV SW HEHSW HI QSHS E SFXIV VIWYPXEHSW I\XVETSPjZIMW TEVE S VIWXS HS TEuW % -RSZ'MX] E TEV HS TVSNIXS -RSZ+VMH HIW TIVXSY S MRXIVIWWI HI QYMXEW IRXMHEHIW PMKEHEW ES WIXSV IRIVKqXMGS I ES WIXSV TSPuXMGS KERLSY YQE ZMWMFMPMHEHI QYMXS MRXIVIWWERXI IQ 4SVXY KEP I RS IWXVERKIMVS I XIQ WMHS EPZS HI MR QI VEW ZMWMXEW HI HIPIKEp~IW REGMSREMW I MRXIVREGMS REMW 4EVE E )(4 E -RSZ'MX] XIQ GSRWXMXYuHS YQ IRWEMS JYRHEQIRXEP TEVE E YXMPM^EpnS HEW VIHIW MRXIPMKIRXIW TEVE E EFSVHEKIQ ESW GSRWYQMHS VIW RIWXI GSRXI\XS HI QEMSV IRZSPZMQIRXS I TEVE E WYE TVzTVME E½VQEpnS ES RuZIP IYVSTIY RIWXE jVIE MRSZEHSVE
'SRGPYW~IW I TVz\MQSW TEWWSW 3 TVSNIXS -RSZ+VMH VIGIFIY Nj HMZIVWSW TVq QMSW UYI EXIWXEQ E WYE ZMWnS IWXVEXqKMGE E WYE ZIME MRSZEHSVE I E WYE GETEGMHEHI GSRGVIXM^E HSVE 9Q HSW EGSRXIGMQIRXSW QEMW WMKRM½GE
XMZSW JSM E WIPIpnS HS -RSZ+VMH HI IRXVI QEMW HI TVSNIXSW IYVSTIYW TIPS .SMRX 6IWIEVGL 'IRXVI HE 'SQMWWnS )YVSTIME I TIPS )YVIPIG XVMG GSQS S GEWS HI IWXYHS TEVE S XIWXI I ZE PMHEpnS HI YQE QIXSHSPSKME HI EZEPMEpnS HI TVSNIXSW HI WQEVX KVMHW GYNE ETPMGEpnS WI TVI XIRHI HITSMW KIRIVEPM^EV E XSHSW SW TVSNIXSW HIWXI XMTS RE 9RMnS )YVSTIME % RIGIWWMHEHI HI TVSQSZIV EW VIHIW MRXIPMKIRXIW EXVEZqW HI TVSKVEQEW IWTIGu½GSW EXVEZqW HS JSQIRXS HE RSVQEPM^EpnS RIWXE jVIE I EXVEZqW HI MRGIRXM ZSW ES WIY HIWIRZSPZMQIRXS XIQ ZMRHS E WIV I\XIRWEQIRXI HIFEXMHE I E KERLEV GEHE ZI^ QEMSV VIPIZlRGME RE IWXVEXqKME IRIVKqXMGE RE )YVSTE I HI YQ QSHS KIVEP REW VIKM~IW QEMW HIWIRZSPZMHEW HS KPSFS )WXERHS GSQTPIXE E MRWXEPEpnS HE -RSZ'MX] E )(4 (MWXVMFYMpnS IWXj Nj E EZERpEV GSQ YQE GEQTERLE TEVE E MRWXEPEpnS HI QEMW )&W IQ VIKM~IW HS TEuW SRHI MVj EZEPMEV YQE RSZE XIGRSPSKME HI GSQYRMGEp~IW GSQ QIPLSV HIWIQTIRLS 40' 4VMQI SRHI MVj YXMPM^EV YQE )& QEMW RSVQEPM^EHE I GSQ QEMW JYRGMS REPMHEHI I SRHI TVSGYVEVj EPEVKEV S PIUYI HI TEVGIMVSW JSVRIGIHSVIW 4EVE UYI EW VIHIW MRXIPMKIRXIW WINEQ TVS KVIWWMZEQIRXI MQTPIQIRXEHEW HERHS VIWTSWXE ESW KVERHIW HIWE½SW UYI S WIXSV IRIVKqXMGS I E WSGMIHEHI XsQ TIPE JVIRXI q RIGIWWjVMS IWXE FIPIGIV YQE ZMWnS I WIKYMV IQ JVIRXI GSRGVIXM ^ERHS I VISVMIRXERHS S VYQS WIQTVI UYI RI GIWWjVMS f MWWS UYI E )(4 XIQ ZMRHS E VIEPM^EV GSQ S TVSNIXS -RSZ+VMH HI JSVQE MRSZEHSVE GSQ IRXYWMEWQS I TIVWIZIVERpE RYQ XVEFE PLS GSRNYRXS GSQ TEVGIMVSW I JSVRIGIHSVIW I XEQFqQ GSQ E JYRHEQIRXEP TEVXMGMTEpnS HSW GPMIRXIW UYI WnS E½REP E VE^nS HI WIV HEW VIHIW MRXIPMKIRXIW