1 สณ *ห หกหกห ห หข
Q (/6LDQHU /D ULYLVWD XIส FLDOH GL (/6$ ,WDOLD HGLWR GD (/6$ ,WDOLD
1XPHUR VSHFLDOH (/6$ 'D\
,17(59,67$ $ )('(5,&$ 726&$12 /ศ LQYHQWULFH GHOOศ (/6$ 'D\
62&,$/ 5(63216,%,/,7<
,Q FRVD FRQVLVWH H FRPH VL ID DG HVVHUH ศ VRFLDOPHQWH UHVSRQVDELOLศ 7(5=2 6(7725( ,O VRFLDOH FRPH YRODQR GHOOศ HFRQRPLD S
:)'(02&5$&< 3(1,7(1=,$5, /ศ HVSHULHQ]D GL XQD /D UHDOWยข GHOOH GHOHJDWD (/6$ DO FDUFHUL LWDOLDQH &R( S YLVWD GD YLFLQR S
%HQYHQXWR LQ (/6LDQHU OD ULYLVWD XIʃFLDOH GL (/6$ ,WDOLD (/6LDQHU (/6LDQHU ª XQ SURJHWWR LQWHUDPHQWH SHQVDWR H FXUDWR GDL FRQWHQXWL DOOD JUDʃFD GD JLRYDQL RIʃFHU GL (/6$ ,WDOLD /ȋLGHD GL EDVH HUD TXHOOD GL GDUH OD SRVVLELOLW¢ DL VRFL SURYHQLHQWL GD WXWWD ,WDOLD GL DYHUH XQ SHULRGLFR FKH SDUODVVH QRQ VROR GL (/6$ PD DQFKH GL WHPDWLFKH LQHUHQWL GLULWWR H DWWXDOLW¢ 0D RJJL (/6LDQHU ª SL» GL TXHVWR LQ TXDQWR YLHQH UHDOL]]DWR FRQ L FRQWULEXWL LQYLDWL SURSULR GDL VRFL SURYHQLHQWL GD XQD GHOOH 6H]LRQL /RFDOL GL (/6$ ,WDOLD VHQ]D L TXDOL WXWWR FL´ QRQ VDUHEEH SRVVLELOH 3HU VDSHUQH GL SL» VXO SURJHWWR VFULYHWH XQD PDLO D GLUHOVLDQHU#HOVD LWDO\ RUJ
683(59,625( ( 5(63216$%,/( 0$5.(7,1* )HGHULFD 6LPRQHOOL ,03$*,1$=,21( ( *5$),&$ 1LFROD &LFFKHOOL 5(63216$%,/( '(/ 352*(772 3(5 (/6$ ,7$/,$ ,UHQH $VWRUUL /$ 5( /$ 5('$=,21( ', (/6,$1(5 )UDQFHVFR $UPDUROL 0LFKHOH 3R]]R $OHVVDQGUR 'L 5RVD 0DUFR 3LVFHGGD 1LFRO´ $VFLRQH
_ (/6LDQHU _ *HQQDLR
,1',&(
&+, 6,$02 1RQ FRQRVFL DQFRUD (/6$"
,1 48(672 180(52 ,QWHUYLVWD D )HGHULFD 7RVFDQR 7HU]R VHWWRUH UHVSRQVDELOLW¢ FRPXQH"
$SSURIRQGLPHQWR /D UHDOW¢ FDUFHUDULD LWDOLDQD
8QD GRQQD FRPH YDORUH DJJLXQWR
3DUWQHUVKLS $YYRFDWR GL 6WUDGD 2QOXV ,( /DZ 6FKRRO
(/6$ QHO PRQGR &RQIHUHQFH 0LG ,)3 (/6$ DO :)'HPRFUDF\ (/6$ DO :)'HPRF
/D WXWHOD GHO FRQVXPDWRUH
*HQQDLR _ (/6LDQHU _
121 &2126&, $1&25$ (/6$" ȍ$ -867 :25/' ,1 :+,&+ 7+(5( ,6 5(63(&7 )25 +80$1 ',*1,7< $1' &8/785$/ ',9(56,7<Ȏ ,O PDJJLR OD VWRULD (/6LDQD KD LQL]LR &LQTXH VWXGHQWL SURYHQLHQWL GD 3RORQLD 5H SXEEOLFD )HGHUDOH GL *HUPDQLD $XVWULD HG 8Q JKHULD VL XQLVFRQR FRQ OȋRELHWWLYR GL IDU QDVFH UH XQ1HWZRUN LQ FXL JLRYDQL JLXULVWL SURYH QLHQWL GD YDUL 3DHVL SRWHVVHUR FRQIURQWDUH OH ORUR LGHH RSLQLRQL HG HVSHULHQ] 1HO FRUVR GHJOL DQQL (/6$ ª GLYHQWDWD OD SL» JUDQGH DVVRFLD]LRQH GL VWXGHQWL GL *LXULVSUX GHQ]D LQ (XURSD HG XQD GHOOH SL» JUDQGL D OL YHOOR PRQGLDOH (ȋ DWWXDOPHQWH SUHVHQWH LQ 3DHVL ȇ GDOOD )LQODQGLD DOOD 0DFHGRQLD GDO 3RUWRJDOOR DO .D ]DNLVWDQ ȇ GRYH RSHUD DWWUDYHUVR OH 6H]LRQL /RFDOL VLWXDWH LQ SL» GL FLWW¢ XQLYHUVLWDULH FRQ ROWUH VRFL (/6$ ª XQȋDVVRFLD]LRQH FXOWXUDOH LQGLSHQGHQ WH DSDUWLWLFD JHVWLWD GD VWXGHQWL H JLRYDQL ODXUHDWL VHQ]D VFRSR GL OXFUR FKH VLDGRSHUD SHU FRVWUXLUH XQ PRQGR SL» JLXVWR IRQGDWR VXO ULVSHWWRGHOOD GLJQLW¢ XPDQD H GHOOD GLYHUVLW¢ FXOWXUDOH ,O QRVWUR RELHWWLYR ª TXHOOR GLFRQWULEXLUH DOOD IRUPD]LRQH JLXULGLFD QRQFK« DOOȋHGXFD]LRQH VXOOD UHVSRQVDELOLW¢ VRFLDOH GHLJLRYDQL JLXULVWL (/6$ RII UH DLVXRL VRFL JOL VWUXPHQWL SHU DS SURIRQGLUH OD FRQRVFHQ]D H LOFRQIURQWR WUD L GLIIHUHQWL VLVWHPLJLXULGLFL HXURSHL LQ XQȋRWWLFD GLGLDORJR H FRRSHUD]LRQH VFLHQWLʃFD DWWLYD SHU LQFHQWLYDUH LFRQWDWWL LQ FDPSR DFFDGHPL FRRUJDQL]]DQGR VHPLQDUL H FRQIHUHQ]H VSH FLDOPHQWH LQ DPELWLQRQ FXUDWL GDL FRUVL XQLYHU VLWDUL QRQFK« YXROH SHUPHWWHUH DLSURSUL VRFL GL DII DFFLDUVL VXO PRQGR GHO ODYRUR FRQ SUR JUDPPL GLWLURFLQLR ( PROWR DOW $WWUDYHUVR LO VXR LPSHJQR LQ DPELWR PRQGLD OH (/6$ LQWUDWWLHQH UDSSRUWL SULYLOHJLDWL FRQ YDULH LVWLWX]LRQL LQWHUQD]LRQDOL WUDL TXDOL LO _ (/6LDQHU _ *HQQDLR
&RQVLJOLR Gȋ(XURSD :,32 81(6&2 SHUPHWWHQGR DL VRFL (/6LDQL GL SDUWHFLSDUH LQ TXDOLW¢ GL GHOHJDWL DOOH VHVVLRQLGL ODYRUR GL TXHVWH RUJDQL]]D]LRQL $ WDO ULJXDUGR (/6$ VL RQRUD GL DYHUH LQ TXDOLW¢ GL 3DGULQL LO'HSXW\ 6HFUHWDU\ *HQHUDO GHO &RQVLJOLR 'ȋ(XURSD H LO 3URIHVVRU&KDQ ID /R PHPEUR GHO :72 3HUPDQHQW *URXS RI ([SHUWLHV (/6$ (/6$ RSHUD VX WUH OLYHOOL GLYHUVL LQGLSHQGHQWL PD FROOHJDWL WUDORUR LQWHUQD]LRQDOH QD]LRQDOH H ORFDOH /H 6H]LRQL /RFDOL UDSSUHVHQWDQR OD VSLQD GRUVDOHGHOOȋ$VVRFLD]LRQH /H 6H]LRQL 1D]LRQDOL HG (/6$ ,QWHUQDWLRQDO FRRUGLQDQR OH DWWLYLW¢ DVVRFLDWLYH 2JQL OLYHOOR ª FDUDWWHUL]]DWRGDOOD SUHVHQ]D GL XQ RUJDQR HVHFXWLYR H GL XQR DVVHPEOHDUH /D VHGH GL (/6$ ,QWHUQDWLRQDO ª D %UX[HOOHV SUHVVR Oȋ(/6$ +RXVH (/6$ SHU UDJJLXQJHUH L SURSUL RELHWWLYL SX´ (/6$ FRQWDUH VXO VXSSRUWR GL (/6 WKH (/6$ /DZ\HU 6RFLHW\ 1HWZRUN LQ FXL FRQʄXLVFRQR L 6HQLRUV GHOOȋ$VVRFLD]LRQH 9LVLWD LO VLWR ZZZ HOVD LWDO\ RUJ
(/6$ ,WDOLD DG RJJL FRQWD EHQ VH]LRQL ORFDOL GLVWULEXLWH VX WXWWR LO WHUULWRULR QD]LRQDOH FROORFDQGRVL DO VHFRQGR SRVWR SHU QXPHUR GL VH]LRQL ORFDOL GLHWUR DOOD *HUPDQLD 6( (/6$ QRQ ª SUHVHQWH QHOOD WXD FLWW¢ VFULYL D VHFJHQ#HOVD LWDO\ RUJ
*HQQDLR _ (/6LDQHU _
,QWHUYLVWD D )('(5,&$ 726&$12
&LDR )HGHULFD 3XRL SUHVHQWDUWL SHU FKL DQFRUD QRQ WL FRQRVFH" &LDR D WXWWD (/6$ ,WDOLD 6RQR RQRUDWD GL SDU &LDR WHFLSDUH D TXHVWD HGL]LRQH VSHFLDOH GL (/6LDQHU 3HU FKL QRQ PL FRQRVFH VRQR XQD IULXODQD FKH KD FRQRVFLXWR (/6$ D )HUUDUD GRYH PL VRQR ODXUHDWD TXDOFKH DQQR ID 6XELWR GRSR PL VRQR WUDVIHULWD D %UX[HOOHV GRYH ODYRUR SHU XQD 1*2 FKH FRRUGLQD XQ QHWZRUN GL RUJDQL]]D]LRQL QD ]LRQDOL FKH G«M¢ YX FKH VL RFFXSDQR GL WXWHOD GHL PLQRUL!! &KH FRVD FL GLFL GHOOD WXD FDUULHUD (/6LDQD" &KH PL KD FDPELDWR OD YLWD 1RQ OȋDYUHL PDL GHWWR TXDQGR QHO KR VFRUWR XQ SRVWHU DSSHVR GD 0DUWLQD *HQQDUL FKH RUD FRPH DOORUD SUHVLHGH (/6$ )HUUDUD $WWLUDWD GD FL´ FKH GLVWLQJXHYD (/6$ GDOOH DOWUH RUJDQL]]D]LRQL RYYHUR OȋDVSHWWR LQWHUQD]LRQDOH H QRQ SROLWLFR DYHYR SHQVDWR GL GLYHQWDUH VRFLD DWWLYD 0DUWLQD GHFLVH FKH OD FDULFD FKH SL» IDFHYD SHU 0DUWLQD PH HUD 93 6 & ( LR PDQFR VDSHYR FKH YROHVVH GLUH 'D O® ª SDUWLWD XQD YHUD SDVVLRQH FKH PL KD SRUWDWR GRSR XQ SDLR GL DQQL D GLYHQWDUH 3UHVLGHQWH SRL 93 6 & GL (/6$ ,WDOLD 'XUDQWH OȋDQQR QHO &'1 PL VRQR ODXUHDWD H GXH JLRUQL GRSR OD ODXUHD VRQR SDUWLWD SHU Oȋ,&0 LQ 3RUWRJDOOR $YHYR DFFDUH]]DWR OȋLGHD GL FDQGLGDUPL SHU Oȋ,% PD OD WHVL PL DYHYD FRPSOHWDPHQWH DVVRUELWD ʃQR D GXH JLRUQL SULPD 8QD YROWD LQ 3RUWRJDOOR ª VWDWR LQHYLWDELOH VHQWLUH OD SDVVLRQH SHU (/6$ SL» _ (/6LDQHU _ *HQQDLR
6DOXWD JOL RIʃFHUV FRQ XQ PRWWR 4XDQGR KR ODVFLDWR (/6$ KR VDOXWDWR L PLHL 4XDQGR 6 &HUV FRQ OD IUDVH ȍ:KDW \RX GR IRU (/6$ GRHV QRW VWD\ IRUHYHU EXW IULHQGVKLS GRHVȎ 1RQ VR VH Oȋ(/6$ 'D\ GXUHU¢ PD VLFXUDPHQWH OH DPLFL]LH FKH KR VWUHWWR LQ TXHVWL DQQL V® 5L FRUGDWHYL FKH (/6$ ª LQQDQ]LWXWWR XQȋRSSRUWX QLW¢ SHU FUHVFHUH FRPH SHUVRQH H FRPH IXWXUL SURIHVVLRQLVWL /D VHULHW¢ FKH DYUHWH GLPRVWUDWR ODYRUDQGR LQVLHPH H OH LQFUHGLELOL HVSHULHQ]H FRQGLYLVH YL OHJKHUDQQR SHU VHPSUH (ȋ SHU TXHVWR FKH XQD YROWD DYHU IDWWR SDUWH GL (/6$ QRQ OD ODVFHUDL PDL!!
*HQQDLR _ (/6LDQHU _
7DYROD URWRQGD 7(5=2 6(7725( 5(63216$%,/,7 &2081(" ,Q RFFDVLRQH GHO JLRUQR GHGLFDWR GDOOȋ DVVRFLD ]LRQH (/6$ DOOD SURPR]LRQH GHL GLULWWL XPDQL OD VH]LRQH ORFDOH GL 0HVVLQD KD SRVWR XQ TXH VLWR FKH KD IDWWR GD ʃOR FRQGXWWRUH H VSXQWR GL ULʄHVVLRQH GHOOȋLQFRQWUR WHQX WRVL SUHVVR LO GLSDUWLPHQWR GL *LXULVSUXGHQ]D ȍ7HU]R 6HWWR UH 5HVSRQVDELOLW¢ FRPXQH"Ȏ /ȋDSSDVVLRQDQWH H DOTXDQWR VRWWRYDOXWDWR WHPD GHOOD VRFLDO UHVSRQVDELOLW\ ª VWDWD RFFDVLR QH SHU OD VH]LRQH GL ULʄHWWHUH H VRSUDWWXWWR IDU ULʄHWWHUH L VXRL VRFL VXO FRQFHWWR GL UHVSRQVDELOLW¢ VRFLDOH 6LQ GDOOD GHʃQL]LRQH GHO SURJUDPPD GHOOD JLRUQD WD GHGLFDWD GD (/6$ DOOD SURPR]LRQH GHL 'LULWWL 8PDQL ª VWDWD HYLGHQWH OD GLIʃFROW¢ GL FLUFR VFULYHUH H EHQ LGHQWLʃFDUH LO WHPD DVVHJQDWR ,QIDWWL YLVWD OD YDVWLW¢ GHOOD WHPDWLFD VRFLDOH OȋDVSHWWR VSHFLʃFR FKH OD VH]LRQH KD VFHOWR SHU GHGLFDUH XQ PRPHQWR ULʄHVVLYR DO VRFLDOH DL GHGLFD ʃQL GL FRPSUHQGHUQH OH ʃQDOLW¢ H OD QDWXUD VHPEUD HVVHUH XQȋRFFDVLRQH SHU WXWWL SHU ULYH GHUH OȋDVVHWWR HFRQRPLFR ȇ VRFLDOH GHOOR 6WDWR LWDOLDQR ,Q ,WDOLD OD UHVSRQVDELOLW¢ VRFLDOH YLHQH GD VHPSUH VRWWRYDOXWDWD H VQREEDWD GDO SL» ȍIRUWHȎ FRQFHWWR GL SURʃWWR 0D VLDPR FHUWL FKH LO SURʃWWR GL XQ SDHVH QRQ SRVVD SDVVDUH SURSULR GDOOD UHVSRQVDELOLW¢ VRFLDOH H GDOOR VYLOXSSR GHOOD VXD SL» DPSLD HVWULQVH FD]LRQH RVVLD LO 7HU]R 6HWWRUH" 6L ª VWUHWWD LQWRUQR DG XQD WDYROD URWRQGD OD ULʄHVVLRQH DSHUWD GDO GRFHQWH XQLYHVLWDULR 'RWW ' 3XOLDWWL FKH EULOODQWHPHQWH KD VLQWHWL]]DWR H DOOR VWHVVR WHPSR GDWR XQ TXDGUR JHQHUDOH GHOOD VLWXD]LRQH GHO ȍWHU]R SLODVWURȎ QHO QRVWUR 6WDWR RYH LO VRFLDOH ULFRSUH XQD SRVL]LRQH VXERUGLQDWD DO SXEEOLFR H DO SULYDWR $ VHJXLUH VRQR LQWHUYHQXWL HVSRQHQWL SUL GL RUJDQL]]D]LRQL VRFLDOL FKH KDQQR SRUWDWR OH ORUR DWWLYLW¢ HG HVSHULHQ]H GL GLYHUVH H FRPSOHVVH UHDOW¢ VRFLDOL $YY &DUPHQ &XUU´ 3UHVLGHQWH &('$9 0HVVLQD &LQ]LD 5RGL $GGLRSL]]R 0HVVLQD 6LPRQD 'L 'LR $PQHVW\ _ (/6LDQHU _ *HQQDLR
,QWHUQDWLRQDO VH] 6LFLOLD 3URI )UDQFHVFR *LXQWD 3UHVLGHQWH 6RF &RRS 6RFLDOH 8WRSLD ,QJ $PDGRUH $QWRQLR &RPLWDWR 3URYLQFLDOH H LVWUXWWRUH ' , 8 )LOLSSR 6SLQD ' 7 / DUHD 9 JLRYHQW» FRP ORF %DUFHOORQD 3 * *OL RVSLWL KDQQR DYXWR OD SRVVLELOLW¢ GL IDUVL FRQRVFHUH FRV® FRPH VSHVVR QRQ KDQQR OȋRSSRUWXQL W¢ GL IDUH SHU XQ PRPHQWR GL ULʄHVVLRQH VX GLYHUVL OLYHOOL GL GLVFULPLQD]LRQH VL ª DIIURQWDWD OD YLROHQ]D GL JHQHUH OH GLVFUL OD YLROHQ]D GL JHQH PLQD]LRQL VHVVXDOL UD]]LDOL FXOWXUDOL HG HFRQR PLFKH OH IRUPH GL VRWWRPLVVLRQH WHUULWRULDOH OD WRUWXUD H OH HPLJUD]LRQL (QFRPLDELOL VRQR JOL LQWHUYHQWL GL VXSSRUWR OHJDOH H SVLFRORJLFR DOOH GRQQH GD SDUWH GHOOȋDVVRFLD]LRQH &('$9 DJOL H[WUDFRPXQLWDUL GD SDUWH GHOOD &RRS 6R FLDOH 8WRSLD FKH PROWR VSHVVR DFFRPSDJQD H WXWHOD L UDJD]]L DQFKH GRSR LO VXSHUDPHQWR GHOOD PDJJLRUH HW¢ &RV® FRPH LO ODYRUR GHOOD &URFH 5RVVD ,WDOLDQD FKH VL RFFXSD GL GLYHUVH SUREOHPDWLFKH VRFLDOL GDJOL VEDUFKL VXOOH QRVWUH FRVWH DOOD VHQVLELOL]]D]LRQH GHOOD FLWWD GLQDQ]D ULJXDUGR DVSHWWL GHOOD YLWD TXRWLGLDQD DOLPHQWD]LRQH DVVXQ]LRQH H DEXVR VRVWDQ]H VWXSHIDFHQWL SURQWR LQWHUYHQWR HFF /ȋLQWH UYHQWR GHO UDSSUHVHQWDQWH GL $GGLRSL]]R ª VWDWR SRL SDUWLFRODUPHQWH VHQWLWR YLVWD OD VHQ VLELOLW¢ GHO WHUULWRULR PHVVLQHVH DOOȋDUJRPHQWR DQWLUDFNHW PRVWUDQGR OH DWWLYLW¢ D VRVWHJQR GL FRPPHUFLDQWL FRQVXPDWRUL H VRJJHWWL DG DOWR ULVFKLR GL GHYLDQ]D ,QʃQH $PQHVW\ ,QWHU QDWLRQDO 6H] ,WDOLD FKH HVWHQGHQGR LO GLEDWWLWR LQ XQȋRWWLFD LQWHUQD]LRQDOH KD WUD OH DOWUH DI IURQWDWR OȋDVVHQ]D LQ ,WDOLD GL XQ UHDWR GL WRUWX UD FRQ SDUWLFRODUH ULJXDUGR DO UHFHQWH FDVR &XFFKL ,QVRPPD OD VH]LRQH (/6$ 0HVVLQD KD YROXWR WRFFDUH GLYHUVH SUREOHPDWLFKH VRFLDOL SHU HYLGHQ]LDUH QRQ VROR OR VFRSR GL SURPR ]LRQH GHOOD JLRUQDWD PD DQFKH SHU WHQWDUH XQ IRFXV WHFQLFR H RSSRUWXQLVWLFR DG XQ 3DHVH FKH VSHVVR GLPHQWLFD OD UHDOH LPSRUWDQ]D GHO VRFLDOH
,Q GLYHUVL SDHVL GHO PRQGR LO YRORQWDULDWR VH YRJOLDPR ULOHJDUH OD VRFLDO UHVSRQVDELOLW\ DG XQ WHUPLQH VSLFFLROR VHEEHQH IDPLOLDUH YLHQH ULYDOXWDWR GD DQQL VLQR D ULFDYDUQH XQ YHUR SURʃWWR XQ LQYHVWLPHQWR FKH QRQ SX´ FKH JLRYDUH VXOOȋHFRQRPLD H OD VRFLHW¢ PHQWUH LQ ,WDOLD UHVWD D WXWWȋRJJL XQD ȍVSHQGLWD GL WHPSR OLEHUR SHU XQȋ DWWLYLW¢ GL EXRQ FXRUHȎ ,Q WDOH OLEH RWWLFD SHUWDQWR ª VWDWD RIIHUWD R SHU OR PHQR VL ª WHQWDWR GL RIIULUH XQȋDWWHQ]LRQH GLYHUVD DOOH RUJDQL]]D]LRQL VRFLDOL H D FKL YL VWD GHQWUR FRQ DQLPD H FRUSR 8QR 6WDWR DWWHQWR GRYUHEEH UHQGHUVL DQFKH FRQWR FKH OH SUREOHPDWLFKH VRFLDOL GLVFULPLQDWRULH H GLVDELOLWDQWL QRQ VL VXSSRUWDQR WRXW FRXUW PD QHFHVVLWDQR VXSSRU DQFKHȋHVVH EUXWWR D GLUVL GL GHQDUR DO ʃQH GL GDUH FRQFUHWL DLXWL D FKL QH KD ELVRJQR 4XLQGL Oȋ,WDOLD QRQ VIUXWWDQGR DO PDVVLPR OH UHDOL SRWHQ]LDOLW¢ FKH SRWUHEEH RIIULUH LO VRFLDOH SHUGH OȋHQQHVLPD RFFDVLRQH GL FUHVFLWD DQFKH HFRQRPLFD 3HUFK« QRQ GDUH OR VWHVVR ULOLHYR GHOOȋDVVHWWR SXEEOLFR H SULYDWR DO WHU]R VHWWRUH GH
*HQQDLR _ (/6LDQHU _
$SSURIRQGLPHQWR
/D UHDOW¢ &$5&(5$5,$ ,7$/,$1$
6RYUDIIROODPHQWR GHOOH FDUFHUL XQD GLIIXVD YLROD]LRQH GHL GLULWWL H GHOOD GLJQLW¢ GHL GHWHQXWL XQ SHUVRQDOH QRQ VHPSUH DOOȋDOWH]]D H XQ VLVWHPD SHQLWHQ]LDULR IRUVH GD ULYHGHUH VRQR OH SULQFLSDOL FDXVH GHL QXPHURVLVVLPL GHFHVVL PROWL VXLFLGL FKH VL UHJLVWUDQR RJQL DQQR QHOOH QRVWUH FDUFHUL ,Q RFFDVLRQH GHOOȋ(/6$ 'D\ EHQ 6H]LRQL /RFDOL GHO QRVWUR 1HWZRUN KDQQR GHFLVR GL DSSURIRQGLUH LO WHPD GHOOH FDUFHUL DQGDQGR DG DQDOL]]DUH WLSLFLW¢ FRQWUDGGL]LRQL H DG HODERUDUH XWLOL VSXQWL GL ULʄHVVLRQH VX XQ VLVWHPD SHQLWHQ]LDULR FKH VHPEUD IDUH DFTXD GD WXWWH OD SDUWL %DVWL SHQVDUH DO WDVVR GL DIIROODPHQWR LWDOLDQR FKH ª GHO FKH VLJQLʃFD GHWHQXWL SHU SRVWL OHWWR R DO QXPHUR GL GHFHVVL DQQXDOL $ TXHVWR VL DJJLXQJDQR XQD GLIIXVD YLROD]LRQH GHL GLULWWL H GHOOD GLJQLW¢ GHL GHWHQXWL XQ SHUVRQDOH QRQ VHPSUH DOOȋDOWH]]D VWUXWWXUH VSHVVR IDWLVFHQWL FKH PHWWRQR LQ VHULR SHULFROR FKL OH YLYH FRQGL]LRQL LJLHQLFKH DO GL VRWWR GHOOH SL» PHGLRFUL DVSHWWDWLYH VFDUVD DVVLVWHQ]D VDQLWDULD GRYXWD LQ EXRQD SDUWH DOOD FDUHQ]D GL SHUVRQDOH H GL SDU IRQGL 9LHQH VSRQWDQHR DOORUD FKLHGHUVL VH TXHVWH FRQGL]LRQL UHQGDQR GDYYHUR SRVVLELOH XQ SHUFRUVR ULHGXFDWLYR H ULDELOLWDWLYR GHO GHWHQXWR
_ (/6LDQHU _ *HQQDLR
(/6$ '$< '(1752 /( 085$ 9,6,7$ ,67,78=,21$/( 35(662 /$ &$6$ &,5&21'$5,$/( ', &$032%$662 &21)52172 ( ',%$77,72 68//$ 5($/7 3(1,7(1=,$5,$ ,7$/,$1$ 9,67$ '$ 9,&,12
ȍ&RVD SX´ IDUH (/6$ SHU QRL"Ȏ $ SRUUH OD GRPDQGD ª XQ GHWHQXWR GHOOD FDVD FLUFRQGDULDOH GL &DPSREDVVR LO TXDOH VHQ]D IRUPDOL VHUPRQL GȋRFFDVLRQH FL FDWDSXOWD LQ XQ PRQGR FKH GRYHQGR HVVHUH VLQFHUL ID SDXUD DQFKH DO SL» GLDOHWWLFR GHL JLXULVWL 6WRULH YRJOLD GL ULFRPLQFLDUH HUURUL SUREOHPDWLFKH H SUHJLXGL]L KDQQR GDWR LQL]LR DOOD YLVLWD SU LVWLWX]LRQDOH SUHVVR LO FDUFHUH GHO FDSROXRJR PROLVDQR LQ RFFDVLRQH GHOOȋ (/6$ 'D\ FHOHEUDWR LO QRYHPEUH ,O EUXVLR GL YRFL YLHQH PDQ PDQR VRYUDVWDWR GD DOFXQL GHWHQXWL FKH GHFLGRQR GL URPSHUH LO JKLDFFLR UDFFRQWDQGRFL L ORUR VSDFFDWL GL YLWD IXRUL H GHQWUR &RUVR GL DLXWR FXRFR DUWLJLDQDWR SDOHVWUD LVWUX]LRQH ȓ DLX YDULH VRQR OH DWWLYLW¢ RIIHUWH DJOL ȍRVSLWLȎ GHO FDUFHUH /D VLQWHVL FL ª LQGLFDWD DQFRUD XQD YROWD GDOOD &RVWLWX]LRQH OȋXRPR DO FHQWUR LQ XQ FRPSURPHVVR IUD OLEHUW¢ VLFXUH]]D ULHGXFD]LRQH
)RQGDPHQWDOH DQFKH OD VHQWHQ]D SLORWD ȍ7RUUHJJLDQLȎ GHOOD &RUWH GL 6WUDVEXUJR FKH KD GLFKLDUDWR OD YLROD]LRQH GD SDUWH GHOOȋ,WDOLD GHOOȋDUWLFROR GHOOD &RQYHQ]LRQH GLYLHWR GL WRUWXUD SHQH R WUDWWDPHQWL LQXPDQL R GHJUDGDQWL H KD ʃVVDWR LQ WUH PHWUL TXDGUDWL D SHUVRQD LO PLQLPXP YLWDOH ,O FDUFHUH SDQRWWLFR GL &DPSREDVVR QRQ ª LQ HPHUJHQ]D GL VRYUDIIROODPHQWR PD VRIIUH GL SUREOHPL VWUXWWXUDOL FRPXQL D PROWL HGLʃFL FRVWUXLWL QHOOȋRWWRFHQWR *HQQDLR _ (/6LDQHU _
92&, '$/ 0$5*,1( /$ 3(1$ '(//$ '(7(1=,21( ( ,/ 5,63(772 '(, ',5,77, )21'$0(17$/,
JLXVWR GDUH XQD VHFRQGD FKDQFH D FRORUR FKH KDQQR LQWUDSUHVR OD YLD GHOOȋLOOHJDOLW¢" ,O WHPD GHOOȋ (/6$ '$< ª VWDWR DSSXQWR TXHOOD GHO ULVSHWWR GHOOH GLIIHUHQ]H H ORWWD DOOH GL VFULPLQD]LRQL 'LUHWWDPHQWH GDO FDIª ORFDOH VWRULFR GHOOD YLWD XQLYHUVLWDULD (/6$ 3(58 *,$ KD LQYLWDWR L VXRL VRFL H VLPSDWL]]DQWL D SDUWHFLSDUH DOOȋHYHQWR SRUWDQGR DO FHQWUR GHOOȋDSHULWLYR LO GLEDWWLWR VXOOD SHQD GHOOD GHWHQ]LRQH H LO UL VSHWWR GHL GLULWWL IRQGDPHQWDOL 6RQR LQWHUYHQXWL GXH DXWRUH YROL RVSLWL GRFHQWL GHOO 8QLYHU VLW¢ GHJOL 6WXGL GL 3HUXJLD SURIHVVRU &DUOR )LRULR H LO SUR IHVVRU 6WHIDQR $QDVWDVLD $L PLFURIRQL GHOOD UDGLR XQLYHUVL WDULD DO SURIHVVRUH &DUOR )LRULR JDUDQWH GHL GHWHQXWL GHOOD UH JLRQH 8PEULD ª VWDWR FKLHVWR GL LOOXVWUDUH OD VLWXD]LRQH DWWXD OH GHL GHOOH FDUFHUL LQ ,WDOLD H QHOOR VSHFLʃFR LQ 8PEULD QHOOD QRVWUD UHJLRQH 3ULPR ULIHUL PHQWR ª VWDWD OD VHQWHQ]D 7RU UHJJLDQL OD TXDOH HPHVVD GDOOD
_ (/6LDQHU _ *HQQDLR
&RUWH (XURSHD DIIURQWD LO SUR EOHPD VWUXWWXUDOH GHO GLVIXQ ]LRQDPHQWR GHO VLVWHPD SHQL WHQ]LDULR LWDOLDQR /H OHJJL LQ DWWXD]LRQH GHOOD VHQWHQ]D KDQQR SRUWDWR DG XQ GLVFUHWR PLJOLRUDPHQWR LQ PHULWR DOOD GLPLQX]LRQH GHOOD SRSROD]LR QH FDUFHUDULD , GDWL XIʃFLDOL KDQQR PRVWUDWR XQ OLHYH PL JOLRUDPHQWR VL ª SDVVDWL GD SL» GL VHWWDQWDPLOD GHWHQXWL D TXDVL FLQTXDQWDTXDWWURPLOD (ȋ GD ULOHYDUH LQROWUH FKH GXH WHU]L GHOOD SRSROD]LRQH GHʃ QLWLYD QHOOH FDUFHUL VWD VFRQ WDQGR SHQH DO GL VRWWR GHL WUH DQQL ULHQWUDQGR VRVWDQ]LDO PHQWH QHL OLPLWL GHOOȋDIʃGD PHQWR LQ SURYD IDFHQGR EHQ VSHUDUH SHU XQ XOWHULRUH GHʄD]LRQH FDUFHUDULD /ȋ8PEU LD VRWWR DOFXQL DVSHWWL ULSURGX FH LO WUHQG QD]LRQDOH 6RQR PLOOHTXDWWURFHQWR L GHWHQXWL WUD FXL WUHFHQWR LQ FXVWRGLD FDXWHODUH H PLOOHFHQWR GHʃQL WLYL /D FDSLHQ]D UHJRODPHQ WDUH ª TXLQGL ULVSHWWDWD &RPH JDUDQWH GHL GHWHQXWL HOHWWR OR VFRUVR PDJJLR LO 3URIHVVRU
)LRULR KD WHQWDWR LQ TXHVWL PHVL GL FRVWUXLUH XQ QHWZRUN FRQ JOL DWWRUL GHO PLFURFRVPR SHQLWHQ]LDULR FKH YDQQR GDO SURYYHGLWRUDWR SHQLWHQ]LDULR DOOȋ8(3( XIʃFLR HVHFX]LRQH SHQDOH HVWHUQD DOOD PDJL VWUDWXUD GL VRUYHJOLDQ]D SDV VDQGR SHU OH DXWRULW¢ VDQLWDULH H SHU LO PRQGR GHOOȋLVWUX]LRQH 6LFXUDPHQWH LO SHUFRUVR VL ª GLPRVWUDWR OXQJR HG LQVLGLRVR PD ODVFLD EHQ VSHUDUH DG XQD LQQRYDWLYD FRRSHUD]LRQH LVWL WX]LRQDOH $OWUR RVSLWH ª VWDWR LO SURIHVVRUH 6WHIDQR $QDVWD VLD SUHVLGHQWH RQRUDULR GHOOȋDVVRFLD]LRQH $QWLJRQH DO TXDOH ª VWDWR FKLHVWR 3ULPD GRPDQGD ª VWDWD TXHOOD GL VSLHJDUH TXDOH HUD IRVVH OD IXQ]LRQH GL TXHVWD $VVRFLD ]LRQH ȍSHU L GLULWWL H OH JDUDQ ]LH QHO VLVWHPD SHQDOHȎ $QWL JRQH QRPH QRQ D FDVR VFHOWR GDL IRQGDWRUL ª QDWD DOOD ʃQH GHJOL DQQL RWWDQWD QHO VROFR GHOOD RPRQLPD ULYLVWD FRQWU OȋHPHUJHQ]D SURPRVVD WUD JOL DOWUL GD 0DVVLPR &DFFLDUL H 6WHIDQR 5RGRW¢ HG ª XQȋDVVR
FLD]LRQH SROLWLFR FXOWXUDOH D FXL DGHULVFRQR SUHYDOHQWH PHQWH PDJLVWUDWL RSHUDWRUL SHQLWHQ]LDUL R FKLXQTXH TXDO VLDVL FLWWDGLQR FKH D GLYHUVR WLWROR VL LQWHUHVVL GL JLXVWL]LD SHQDOH ,Q SDUWLFRODUH SURPXR YH HODERUD]LRQL H GLEDWWLWL VXO PRGHOOR GL OHJDOLW¢ SHQDOH H SURFHVVXDOH GHO QRVWUR 3DHVH H VXOOD VXD HYROX]LRQH GL IDWWR UDFFRJOLH H GLYXOJD LQIRUPD ]LRQL VXOOD UHDOW¢ FDUFHUDULD 1HO FRUVR GHOOȋHYHQWR ª VWDWR SUHVHQWDWR LO VXR OLEUR VFULWWR GDO 3URIHVVRU $QDVWDVLD H LQ VLHPH DG GL DOWUL DXWRUL LQWLWR ODWR $UWLFROR SULPR UDSSRU WR VXOOR VWDWR GHL GLULWWL LQ ,WDOLDȎ ,O WHVWR SHQVDWR QDVFH SHU YDOXWDUH H mPLVXUDUH} LO FRQRVFLPHQWR R LO PDQFDWR UL FRQRVFLPHQWR DQFKH DOOȋLQWH UQR GHOOH FDUFHUL GHOOȋHIIHWWLYD DWWXD]LRQH R OȋLQRVVHUYDQ]D GHL GLULWWL H GHOOH JDUDQ]LH FRU UHODWL DO SLHQR HVHUFL]LR GHOOH SUHURJDWLYH IRQGDPHQWDOL GHOOD SHUVRQD GDOOD OLEHUW¢ SHUVRQDOH DOOD OLEHUW¢ GL PRYL PHQWR HG SHU ʃQLUH DOOD OLEHUW¢
GDOOH GLVFULPLQD]LRQL GL TXD OXQTXH RULJLQH &L´ FKH ª HPHUVR GDO GLEDWWLWR ª VWDWD OȋDQDOLVL GHO PDFURFRVPR H GHO PLFURFRVPR SHQLWHQ]LDULR H GHOOH DWWLYLW¢ GL DVVRFLD]LRQL FRPH $QWLJRQH FKH ORWWDQR SHU OȋDEROL]LRQH GHOOD SHQD SHU GHOOȋHUJDVWROR IDFHQGR FRQWL QXD LQIRUPD]LRQH VXOOR VWDWR FDUFHUDULR LWDOLDQR FHUFDQGR GL UHVWLWXLUH OD GLJQLW¢ XPDQD SHUGXWD QHO PRPHQWR LQ FXL VL ª YDUFDWD OD VRJOLD GHOOȋLVWLWXWR SHQLWHQ]LDULR H GHOOR ȍVWDWXV REOLYLRQLVȎ ,O GDWR FXOWXUDOH QRQ ª FHUWR GL RJJL &KL KD YLR ODWR LO SDWWR VRFLDOH VL GHJUDGD SHUGHQGR OD FRQGL]LRQH FKH OR HTXLSDUD DJOL DOWUL PHPEUL GHO JUXSSR ª HVSRVWR DOOȋRVWUDFL VPR H DOOD YHQGHWWD &L´ VX FXL PDJJLRUPHQWH FL VL GRYU¢ LQ WHUURJDUH ª FRPH PDL VL SUH VXPH FKH LO GHOLQTXHQWH SRVVD HVVHUH LQ EXRQD PLVXUD FRQGL ]LRQDWR GDOOȋDPELHQWH D PXR YHUVL VXOOD YLD GHO FULPLQH QHOOR VIRU]R ULDELOLWDWLYR HJOL GHEED UHGLPHUVL HVVHQ]LDO PHQWH D GLVSHWWR GHOOȋDPEL *HQQDLR _ (/6LDQHU _
3/(1,78'2 ,85,6 3/(1,78'2 &,9,7$7,6 ULGHʃQLUH L FDUFHUL DOOD OXFH GHO GLULWWR DOOD GLJQLW¢ XPDQD
8QȋDXOD JUHPLWD GLQDQ]L DOOH WH VWLPRQLDQ]H GHL SURIHVVLRQLVWL FKH KDQQR WUDWWDWR LO WHPD ȍ,O VL VWHPD SHQLWHQ]LDULR WUD WHRULD H SUDVVLȎ 8QD SDUWHFLSD]LRQH VHQ WLWD H PROWL RFFKL FXULRVL SXQWDWL VX XQ WHPD GL VFRWWDQWH DWWXDOLW¢ TXDQWR GL HVWUHPD GHOLFDWH]]D LO UXROR GHOOD GHWHQ]LRQH H GHO FDUFHUH OH IXQ]LRQL FKH OD SHQD GHYH VYROJHUH LQ EDVH DL SULQFLSL IRQGDPHQWDOL GHO QRVWUR VL VWHPD H OD FRPSDWLELOLW¢ GHL SULPL FRQ OH ʃQDOL W¢ SULPDULH GHOOD SHQD 4XHVWR ª VWDWR OR VFH QDULR FRQ FXL (/6$ 6LHQD KD YROXWR FHOHEUDUH OD JLRUQDWD GHOOȋ(/6$ 'D\ 'D XQ H[FXUVXV VXOOR VWDWR GHOOȋDUWH GHOOD QRUPDWLYD GL VHWWRUH RI IHUWR GDOOD 3URI VVD 0DFFDUL 3URIHVVRUH DJ JUHJDWR GL GLULWWR SHQLWHQ]LDULR VLDPR SDVVDWL DL ULVYROWL SUDWLFL HG DOOH HVLJHQ]H JHVWLRQDOL HG RUJDQL]]DWLYH GHJOL LVWLWXWL SHQLWHQ]LDUL JUD]LH DOOD SUHVHQ]D GHO 'U /DPRQWDJQD ȇ 'LUHWWRUH ,VWLWXWR 3HQLWHQ]LDULR 6 6SLULWR 3RL QHOOȋRWWLFD GL XQD FRQRVFHQ]D H FRPSUHQVLRQH WUDVYHUVD OH H PXOWL SURVSHWWLFD GHO IHQRPHQR VL ª DYXWR OȋLQWHUYHQWR GHOOD 'U VVD *UDGDVVL ȇ $VVL VWHQWH VRFLDOH SUHVVR Oȋ,VWLWXWR SHQLWHQ]LDULR 6 *LPLJQDQR FKH KD IRUQLWR XQD WHVWLPRQLDQ]D DWWLQHQWH OH SDWRORJLH FXL VRQR VRJJHWWL L GH WHQXWL H SHU FXL VL ULFKLHGRQR SDUWLFRODUL SUR JUDPPL GL ULHGXFD]LRQH H UHFXSHUR ,QʃQH LO 'U &DQWRQH 3URYYHGLWRUH UHJLRQDOH DOOȋDPPLQLVWUD]LRQH SHQLWHQ]LDULD FKH KD IRU QLWR QXPHURVL VSXQWL GL ULʄHVVLRQH FLUFD OD ʃJXUD GHO FRQGDQQDWR FRPH SHUVRQD H FRPH FLWWDGLQR H OȋDVVXQWR GL IRQGR VHFRQGR LO TXDOH RJQL FRQGDQQDWR SX´ FRPSLHUH XQ SHUFRUVR GL ULVRFLDOL]]D]LRQH LVSLUDWR D XQD YLVLRQH SHUVR QDOLVWLFD TXHOOD FKH DQLPD OD &RVWLWX]LRQH 8Q DVVXQWR VH YRJOLDPR RWWLPLVWLFR FKH YHGH LQ RJQL HVVHUH XPDQR XQ LQGLYLGXR QDWR mHJXDOH LQ GLJQLW¢ H GLULWWL} mGRWDWR GL UDJLR QH H GL FRVFLHQ]D} H SHUFL´ FKLDPDWR DG mDJLUH LQ VSLULWR GL IUDWHOODQ]D} FRPH VDQFLWR GDOOȋDUW GHOOD 'LFKLDUD]LRQH XQLYHUVDOH GHL 'LULWWL XPDQL GHO 8Q HVVHUH FKH ʃQFK« YLYH SX´ FDPELDUH VH VWHVVR SHUFK« ª GRWDWR
8Q (/6$ '$< FKH XQLVFH VWXGHQWL H RSHUDWRUL GHO VLVWHPD SHQLWHQ]LDULR SHU OD 6RFLDO 5HVSRQVLELOLW\
_ (/6LDQHU _ *HQQDLR
GL OLEHUW¢ ,O GLEDWWLWR ª SDVVDWR GDO FRPPHQWR GHOOD UHFHQWH VHQWHQ]D 7RUUHJJLDQL SHU SURVH JXLUH FRQ XQD ULʄHVVLRQH VXOOD QHFHVVDULD UL GHʃQL]LRQH GHOOD IXQ]LRQH GHOOD SHQD 6L ª UL ʄHWWXWR VXOOD QHFHVVLW¢ GL PDJJLRUH FRPSUHQ VLRQH GHO OXRJR FDUFHUH FRPH VSD]LR FKH SULYD GL EDVLODUL H VFRQWDWH OLEHUW¢ H FKH OLPLWD OH VHQVRULDOLW¢ GL FKL YL ª ULQFKLXVR GL XQD PR OH GLʃFD]LRQH GHOOD IXQ]LRQH H GHO VHUYL]LR RIIHU WR GDO FDUFHUH ( VRSUDWWXWWR VL ª SURVSHWWDWD XQD YLVLRQH GHO FDUFHUH FRPH OXRJR FKH GHYH LQWHJUDUVL QHO WHUULWRULR RWWLPL]]DUH OH SURSULH ULVRUVH H IRUQLUH SURJHWWL YLUWXRVL GL UHLQVHUL PHQWR GHO GHWHQXWR QHOOD VRFLHW¢ 1HVVXQD JLXVWLʃFD]LRQH SHU FKL KD VEDJOLDWR PD PDJ JLRU UHVSRQVDELOL]]D]LRQH DQFKH GHJOL RSHUD WRUL FKH GHYRQR LQWHUIDFFLDUVL TXRWLGLDQDPHQ WH FRQ ORUR $QFKH TXHVWȋDQQR Oȋ(/6$ 'D\ KD FRQWULEXLWR DG XQLUH OH GLYHUVLW¢ GHOOH HVSH ULHQ]H SHU OD GLIIXVLRQH GHOOD FXOWXUD H SHU OD SURPR]LRQH GHOOD GLJQLW¢ XPDQD $QFKH TXDQGR TXHVWR DOWR SULQFLSLR GHYH VFHQGHUH HG LQWHUIDFFLDUVL FRQ OD GXUD UHDOW¢ GHO VLVWHPD SHQLWHQ]LDULR LQ ,WDOLD $E DVSHUD DG DVWUD 3HU FLWDUH OH SDUROH GHO 'U /DPRQWDJQD ȍQRQ HVLVWH FXRUH FRV® GXUR LQ FXL QRQ SRVVD HVVHUH VHPLQDWR XQ VRJQRȎ TXHOOR GL FDPELDUH
(/6$ 'D\ OD WXWHOD GHOOD SDULW¢ GL JHQHUH QHL UDSSRUWL GL ODYRUR
81$ '211$ &20( 9$/25( $**,8172
/ȋ(/6$ 'D\ %RORJQHVH VL ª LQFHQWUDWR VXO WHPD GHOOD UHVSRQVDELOLW¢ VRFLDOH H VH FL SRVVD HVVHUH QHOOD UHDOW¢ LWDOLDQD OD PHVVD D SXQWR GL SUDWLFKH VRFLDOPHQWH UHVSRQVDELOL YROWH D FRQVHJXLUH OD SLHQD WXWHOD GHOOH SDUL RSSRUWXQLW¢ 3HU OȋRFFDVLRQH VRQR LQWHUYHQXWL OȋDYY 6HUJLR 3DORPEDULQL PHPEUR GHO &RPLWDWR SHU OH 3DUL 2SSRUWXQLW¢ SUHVVR &RPL Oȋ2UGLQH GHJOL $YYRFDWL GL %RORJQD OȋDYY $QWRQHOOD *DYDXGDQ JLXVODYRULVWD GHO )RUR GL %RORJQD H OD GRWW VVD $QQDPDULD 'RQLQL GHOOȋ8QLYHUVLW¢ GL %RORJQD H PHPEUR GHO JUXSSR /DERXU %RORJQD 8QLYHUVLW\ 5HVHDUFKHUV /D SL» QRWD WUD OH GLVFULPLQD]LRQL LOOHFLWH ª TXHOOD GL JHQHUH 2OWUH DJOL DUWW H &RVW VRQR LQWHUYHQXWH YDULH OHJJL FRQʄXLWH QHO &RGLFH GHOOH 3DUL 2SSRUWXQLW¢ HPDQDWR FRQ G OJV DSULOH Q FKH KDQQR SHUPHVVR GL YDOXWDUH XQLFDPHQWH OȋHIIHWWR GLVFULPLQDWRULR RJJHWWLYDPHQWH ULOHYDELOH QHOOD WXWHOD GHOOD FRQGL]LRQH GHOOD GRQQD VRSUDWWXWWR LQ YHVWH GL ODYRUDWULFH ,Q WDO VHQVR VRS OH SROLWLFKH GL SDUL RSSRUWXQLW¢ VRQR VWDWH FRPSOHWDWH GD XQD VHULH GL QRUPDWLYH FKH LQWURGXFRQR XQD GHYLD]LRQH GDOOH UHJROH IRUPDOL SHU UHDOL]]DUH XQȋHJXDJOLDQ]D VRVWDQ]LDOH RVVLD QRUPH D SURWH]LRQH GL FDWHJRULH FDUDWWHUL]]DWH GD XQD GLVHJXDJOLDQ]D GL FKDQFH GL SDUWHQ]D 6RQR GLVHJXDJOLDQ]D TXHVWH OH F G ȍD]LRQL SRVLWLYHȎ ULYROWH DOOH ODYRUDWULFL FRQVLVWHQWL LQ ȍPLVXUH YROWH DOOD ULPR]LRQH GHJOL RVWDFROL FKH GL IDWWR LPSHGLVFRQR OD UHDOL]]D]LRQH GL SDUL RSSRUWXQLW¢Ȏ H ȍGLUHWWH D IDYRULUH OȋRFFXSD]LRQH IHPPLQLOH H UHDOL]]DUH OȋXJXDJOLDQ]D VRVWDQ]LDOH WUD XRPLQL H GRQQH VXO ODYRURȍ 7XWWDYLD TXHVWH D]LRQL VDOYR QHO VHWWRUH SXEEOLFR QRQ VRQR LPSRVWH PD VROWDQWR SURPRVVH WUDPLWH OD SUHYLVLRQH GL LQFHQWLYL SHU OH LPSUHVH FKH OH DGRWWDQR &RVL VRQR VWDWH LQWURGRWWH QHOOȊRUGLQDPHQWR LWDOLDQR ȍTXRWH URVDȎ REEOLJDWRULH QHL &'$ GHOOH VRFLHW¢ TXRWDWH LQ ERUVD 0D ª GLEDWWXWR GH VH TXHVWH VLDQR OHJLWWLPH LQ UDJLRQH GHOOH SRVVLELOL GLVFULPLQD]LRQL ȍDOOD URYHVFLDȎ D
GDQQR GHL ODYRUDWRUL GL JHQHUH PDVFKLOH 'DOOH XOWLPH DQDOLVL (XURVWDW ULVXOWD FKH QHO LO WDVVR GL RFFXSD]LRQH GHJOL XRPLQL QHOOȋ8( HUD GHO PHQWUH TXHOOR GHOOH GRQQH GHO ROWUH DOOD PDUFDWD GLVSDULW¢ QHL OLYHOOL RFFXSD]LRQDOL DQFRU PDJJLRUH OR ª TXHOOD ULVXOWDQWH QHOOD SURJUHVVLRQH GL FDUULHUD LQ FXL
OD GRQQD EHQ SRFKH YROWH VL WURYD DG RFFXSDUH L YHUWLFL 6RQR VWDWH DG RJJL PHVVH D SXQWR DG HVHPSLR QHOOD OLEHUD SURIHVVLRQH FRQ SDUWLFRODUH ULIHULPHQWR DOOȋ2UGLQH GHJOL $YYRFDWL PLVXUH FKH SUHYHGRQR OD SRVVLELOLW¢ GL FKLHGHUH WXWHOD VSHFLʃFD FRQVLVWHQWH QHO SRWHU DYHUH XQ VRVWLWXWR GȋXGLHQ]D SHU OȋDYYRFDWR GRQQD D WXWHOD GHOOD FRQFLOLD]LRQH Oȋ GHJOL LPSHJQL IDPLOLDUL 'L VLFXUR OD SRVL]LRQH GHOOD GRQQD LQ TXHVWR SDQRUDPD ULVXOWD VIDYRULWD PD VH TXHVWD GRYHVVH HVVHUH YLVWD FRPH XQD YDULDELOH VWUDWHJLFD GL VYLOXSSR FRPH ULVXOWD GDO SLDQR GȋD]LRQH VXOOD UHVSRQVDELOLW¢ VRFLDOH GȋLPSUHVD VLFXUDPHQWH VL SRWUHEEHUR VXSHUDUH L YLQFROL FKH LQFLGRQR VL VXOOD SLHQD H FRPSOHWD SDULW¢ WUD L JHQHUL QHL FRQWHVWL QRQ VROR ODYRUDWLYL PD DQFKH VRFLDOL 9L VRQR EXRQH SUDVVL HVLVWHQWL LQ WDO VHQVR PD DOOD OXFH GHOOH DQDOLVL FRQGRWWH TXHVWH ULVXOWDQR VSHVVR LQVXIʃFLHQWL
*HQQDLR _ (/6LDQHU _
$992&$72 ', 675$'$ 21/86
',)(1'(5( , ',5,77, '(*/, 8/7,0, 6,*1,),&$ ',)(1'(5( , ',5,77, ', 7877, ,O SURJHWWR ȍ$YYRFDWR GL 6WUDGD QDVFH D %ROR JQD DOOD ʃQH GHO FRQ O RELHWWLYR IRQGD PHQWDOH GL WXWHODUH L GLULWWL GHOOH SHUVRQH VHQ]D GLPRUD H IDYRULUQH LO ULWRUQR DG XQD YLWD FRPXQH ,O SURJHWWR YROHYD FROPDUH XQD ODFXQD LQ ,WDOLD OD SRVVLELOLW¢ GL RWWHQHUH LO JUDWXLWR SDWURFLQLR RYYHUR XQ DYYRFDWR FKH ODYRUD JUDWXLWDPHQWH H FKH YLHQH SDJDWR GDOOR VWDWR ª ULFRQRVFLXWR D WXWWH OH SHUVRQH FKH KDQQR XQ UHGGLWR DQQXR FKH QRQ VXSHUL L HXUR 3HU DYHUOR RFFRUUH UHFDUVL DO 7ULEXQDOH H IDUH XQD GRPDQGD DOOHJDQGR L SURSUL GRFXPHQWL GȋLGHQWLW¢ H OD SU GRFXPHQWD]LRQH VXOOH SURSULH SUREOHPDWLFKH OHJDOL &KL YLYH LQ VWUDGD WXWWDYLD ª VSHVVR SULYR GL GRFXPHQWD]LRQH GL TXDOVLDVL WLSR LQ JHQHUH KD SHUVR OD UHVLGHQ]D H PROWR GLIʃFLOPHQWH VL UHFKHUHEEH LQ XQ 7ULEXQDOH 3HU TXHVWR LQ ,WDOLD FKL YLYH LQ VWUDGD DQFKH VH LQ SRFR WHPSR ULVFKLD GL DFFXPXODUH YDULH VH SUREOHPDWLFKH OHJDOL GL IDWWR QRQ KD QHVVXQD SRVVLELOLW¢ GL SRWHU XVXIUXLUH GL XQ DLXWR OHJDOH ( TXL FKH LQWHUYLHQH OȋDVVRFLD]LRQH $YYRFDWR GL VWUDGD JUD]LH DOOȋRUJDQL]]D]LRQH VWUXWWXUDWD GL JUXSSL GL SURIHVVLRQLVWL FKH GHFLGRQR GL GHGLFDUH DO YRORQWDULDWR XQD SLFFROD SDUWH GHO SURSULR WHPSR VL YRJOLRQR SL WXWHODUH SHUVRQH GHEROL FKH QRQ DYUHEEHUR OD SRVVLELOLW¢ GL GLIHQGHUH L SURSUL GLULWWL IRQGDPHQWDOL 'LIHQGHUH L GLULWWL GHJOL XOWLPL ª LO PRWWR GHOO $VVRFLD]LRQH VLJQLʃFD GLIHQGHUH L GLULWWL GL WXWWL
_ (/6LDQHU _ *HQQDLR
/( 6(', /H VHGL GL $YYRFDWR GL VWUDGD VRQR OHJDWL GDOO $VVRFLD]LRQH $YYRFDWR GL VWUDGD 2QOXV QDWD QHO IHEEUDLR SHU FHUFDUH GL IDYRULUH XQD FUHVFLWD FRPXQH GHOOH HVSHULHQ]H GHL YDUL JUXSSL GL YRORQWDUL H OR VFDPELR GL LQIRUPD]LR QL WUD JOL RSHUDWRUL GL WHUULWRUL GLYHUVL SHU PL JOLRUDUQH OH FRPSHWHQ]H H UHQGHUOH SL» VSHFL ʃFKH HG DGDWWH DOOH GLYHUVH UHDOW¢ 2JJL OH VHGL GL $YYRFDWR GL VWUDGD VRQR SUHVHQWL D $QFRQD $QGULD %DUL %RORJQD %RO]DQR &DWDQLD &HUL JQROD )* &UHPRQD )HUUDUD )LUHQ]H )RJJLD *HQRYD -HVL /D 6SH]LD /HFFH 0DFHUDWD 0LODQR 0RGHQD 0RQ]D 1DSROL 3DGRYD 3D OHUPR 3DUPD 3DYLD 3HVFDUD 3LDFHQ]D 5D YHQQD 5HJJLR (PLOLD 5RPD 5RYLJR 6DOHUQR 6LUDFXVD 7DUDQWR 7ULHVWH 9HQH]LD 9HURQD 9L FHQ]D 7XWWH OH VHGL VRQR DWWLYH DOOȋLQWHUQR GL $VVRFLD]LRQL GL YRORQWDULDWR FKH VL RFFXSDQR LQ PDQLHUD VSHFLʃFD GHOOH SHUVRQH VHQ]D GLPRUD &ROODERUDQR FRQ Oȋ$VVRFLD]LRQH RWUH DYYRFDWL WUD YRORQWDUL GHJOL VSRUWHOOL JL¢ DSHUWL H SURIHVVLRQLVWL FKH VL VRQR GLFKLDUDWL GLVSRQLELOL D ODYRUDUH JUDWXLWDPHQWH LQ FDVR GL GRPLFLOLD]LRQL QHOOH FLWW¢ LQ FXL QRQ ª DQFRUD DSHUWR XQR VSRUWHOOR
, 12675, 92/217$5, 3UHVVR L QRVWUL VSRUWHOOL OHJDOL YLHQH HIIHWWXDWD XQD FRQVXOHQ]D H SRL VH ª QHFHVVDULR SURFHGHUH JLXGL]LDOPHQWH DYYLHQH OD SUHVD LQ FDULFR GHOOȋXWHQWH FKH GLYHQWD FOLHQWH GHOOȋDYYRFDWR SUHVHQWH DOOR VSRUWHOOR OȋDWWLYLW¢ GL ULFHYLPHQWR ª SRVWD LQ HVVHUH VROR GD DYYRFDWL R SUDWLFDQWL FRQ SDWURFLQLR $G DOWUL YRORQWDUL FKH VL SURSRQJRQR SHQVLRQDWL YROR VHPSOLFL FLWWDGLQL GHVLGHURVL GL IDUH TXDOFRVD SHU JOL DOWUL R VWXGHQWL GL JLXULVSUXGHQ]D FKLHGLDPR XQ DLXWR SHU OD VHJUHWHULD SHU O DFFRJOLHQ]D GHOOH SHUVRQH SHU ULFHUFKH H SXEEOLFD]LRQL H SHU OH DOWUH DWWLYLW¢ GHOO DVVRFLD]LRQH 4XHVWD HVSHULHQ]D GL YRORQWDULDWR ULVXOWD SDUWLFRODUPHQWH XWLOH LQ VSHFLDO PRGR SHU JOL VWXGHQWL GL *LXULVSUXGHQ]D FKH SRVVRQR RVVHUYDUH VXO FDPSR LO ODYRUR GHJOL DYYRFDWL DIIURQWDQR SHU OD SULPD YROWD DQFKH VH LQ PDQLHUD LQGLUHWWD GHWHUPLQDWH SUREOHPDWLFKH OHJDOL H VL DYYLFLQDQR D TXHOOD FKH VDU¢ OD SURSULD SURIHVVLRQH SURQWL D GLYHQWDUH JOL ȍDYYRFDWL GL VWUDGDȎ GHO IXWXUR
DJJLRUQDWH FRVWDQWHPHQWH &RPH IRUVH QRQ WXWWL VDQQR SHUGHUH OD UHVLGHQ]D DQDJUDʃFD LQ ,WDOLD HTXLYDOH D QRQ HVLVWHUH 6RQR PROWLVVLPL LQIDWWL L GLULWWL OHJDWL DOOD UHVLGHQ]D FKH VL SHU GRQR FRQ HVVD &KL QRQ KD OD UHVLGHQ]D LQIDWWL QRQ SX´ YRWDUH QRQ SX´ DSULUH XQD SDUWLWD ,9$ QRQ SX´ ODYRUDUH QRQ SX´ DYHUH XQD FDVD SRSRODUH QRQ KD GLULWWR DG DYHUH DFFHVVR FD DO VLVWHPD VDQLWDULR QD]LRQDOH VH QRQ SHU OH FXUH GL SURQWR VRFFRUVR /D UHVLGHQ]D DQDJUD ʃFD LQ ,WDOLD ª WDOPHQWH LPSRUWDQWH GD HVVHUH JDUDQWLWD D FKLXQTXH GDOOD QRVWUD &RVWLWX]LR QH ,O SUREOHPD ª FKH FKL GRYUHEEH IDU ULVSHW WDUH TXHVWR GLULWWR H FLRª LO &RPXQH VSHVVR SUHIHULVFH QRQ GDUH OD UHVLGHQ]D D XQ VHQ]D WHWWR 4XHVWR SHUFK« GDUH OD UHVLGHQ]D VLJQLʃ FD GRYHU DFFRUGDUH WXWWD XQD VHULH GL GLULWWL LO GLULWWR DOOD FDVD DO ODYRUR DJOL DVVHJQL IDPLOLDUL HWF HWF 'XQTXH VL UHJLVWUD XQ LPSDVVH GL GLIʃ FLOH VROX]LRQH FKH QRQ VL ULVROYH IDFLOPHQWH VHQ]D OȋLQWHUYHQWR GL XQ DYYRFDWR ,O SULPR DV VLVWLWR GL $YYRFDWR GL VWUDGD YLYHYD LQ XQ GRU PLWRULR FRPXQDOH GL %RORJQD H QHO VL HUD ULYROWR DJOL DYYRFDWL SURSULR SHUFK« QRQ ULXVFL YD DG RWWHQHUH OD UHVLGHQ]D DQDJUDʃFD GDO &RPXQH SXU DYHQGROD FKLHVWD GD ROWUH XQ DQQR 6RODPHQWH GRSR OȋLQWHUYHQWR GHJOL DY YRFDWL H GRSR OD FDXVD GȋXUJHQ]D DUW F S F SURPRVVD FRQWUR LO &RPXQH GL %RORJQD LO &RPXQH KD ULFRQRVFLXWR OD UHVLGHQ]D DOOȋDVVL VWLWR FKH VXELWR GRSR ª ULXVFLWR D WURYDUH XQ ODYRUR H D ULFRQTXLVWDUH OD VXD GLJQLW¢ GL FLWWD GLQR
,/ ',5,772 $//$ 5(6,'(1=$ $1$*5$),&$ 2JQL DQQR JOL VSRUWHOOL GL $YYRFDWR GL VWUDGD 2JQL DIIURQWDQR ROWUH GXHPLOD FDVL WUD GLULWWR FLYLOH SHQDOH H DPPLQLVWUDWLYR 8QD GHOOH SULQFLSDOL HPHUJHQ]H GD QRL DIIURQWDWH ª TXHOOD OHJDWD DOOD TXHVWLRQH GHOOD UHVLGHQ]D DQDJUDʃFD FKL YLYH LQ VWUDGD D OXQJR LQIDWWL ʃQLVFH SHU SHUGHUH OD UHVLGHQ]D SHUFK« HVFH GDOOR VWDWR GL IDPLJOLD R SHUFK« YLHQH FDQFHOODWR GDOOH GL OLVWH FRPSLODWH GDOOȋDQDJUDIH FKH YHQJRQR *HQQDLR _ (/6LDQHU _
SULPL DQQL H OH SL» LPSRUWDQWL FRQTXLVWH GHOOR VSRUWHOOR 1HO VHWWHPEUH KD SXEEOLFDWR ȍ, GLULWWL GHL PLQRULȎ XQ OLEUR VXOOȋHVSHULHQ]D GL $YYRFDWR GL 6WUDGD H OH SUREOHPDWLFKH OHJDOL OHJDWH DO PRQGR GHOOȋLQIDQ]LD H GRYH YHQJRQR ULSRUWDUH XQD VHULH GL WHVWLPRQLDQ]H FKH UDFFRQWDQR YLFHQGH ULVROWH R GD ULVROYHUH UD UHODWLYH D PLQRUL FKH YLYRQR LQ VLWXD]LRQL GL IRUWH GLVDJLR VRFLDOH 1HO $YYRFDWR GL VWUDGD KD SXEEOLFDWR ȍ3RYHUW¢ H FLWWDGLQDQ]DȎ XQD ULFHUFD UHDOL]]DWD GDOOȋ,VWLWXWR GL 5LFHUFD H )RUPD]LRQH VXOOH 3ROLWLFKH 6RFLDOL ,5(66 6RF &RRS GHGLFDWD DOOH DWWLYLW¢ SRUWDWH DYDQWL GDL YRORQWDUL GHOOȋDVVRFLD]LRQH SUHVVR OH VHGL HPLOLDQR URPDJQROH GL $YYRFDWR GL VWUDGD
_ (/6LDQHU _ *HQQDLR
(/6$ 0LG ,)3
&RQIHUHQFH RQ ȍ)UHHGRP RI H[SUHVVLRQȎ
'XUDQWH OD PLD YLWD GD (/6LDQD KR DYXWR OȋRFFDVLRQH GL SDUWHFLSDUH D WDQWLVVLPL HYHQWL LQ YHVWH GL VRFLD RIʃFHU HG RUJDQL]]DWULFH +R VSHVVR FROWR OȋRSSRUWXQLW¢ GL LPSHJQDUPL DWWL YDPHQWH LQ JUDQGL SURJHWWL SURJHWWL FKH VSH UDYR DYUHEEHUR SRWXWR IDUH OD GLIIHUHQ]D 4XDVL GXH DQQL ID GHFLVL GL LQL]LDUH D VHJXLUH OȋDWWLYLVPR (/6LDQR LQ WHPD GL OLEHUW¢ GL HVSUHVVLRQH H KDWH VSHHFK H TXHVWR SHUFRUVR PL KD SRUWDWR ʃQR LQ &URD]LD SHU OD SUHFLVLRQH QHOOD VSOHQGLGD FLWW¢ GL =DJDEULD GRYH OR VFRUVR 1RYHPEUH VL ª VYROWD OD FRQIHUHQ]D FH OHEUDWLYD GHO UDJJLXQJLPHQWR GL PHW¢ PDQGD WR GHOOȋDWWXDOH ,QWHUQDWLRQDO )RFXV 3URJUDP PH LO 0HGLD /DZ &LQTXH JLRUQL GL DSSURIRQGL PHQWR GHL WHPL SL» VFRWWDQWL H GHL ULVYROWL SL» SUREOHPDWLFL GL XQ DUJRPHQWR WDQWR DWWXDOH DL JLRUQL QRVWUL FKH SHU´ VSHVVR H YROHQWLHUL QRQ ULFHYH OD JLXVWD DWWHQ]LRQH &LQTXH JLRUQL LQ FXL LOOXVWUL SURIHVVRUL SURIHVVLRQLVWL HG DWWL YLVWL FL KDQQR DLXWDWR D FDSLUH FRPH IXQ]LRQD LO PRQGR LQWRUQR D QRL TXDQGR VL WUDWWD GL OLEHUW¢ GL HVSUHVVLRQH H FRPH L QRVWUL VLVWHPL JLXULGLFL ULVSRQGRQR R PHQR DOOH HVLJHQ]H GL FDPELD PHQWR HG DOOH YLROD]LRQL GL XQ GLULWWR FKH FRQ WLHQH LQ V« PROWR SL» GL TXDQWR VL SRVVD LPPD JLQDUH &LQTXH JLRUQL FKH FL KDQQR SHUPHVVR GL GLVFXWHUH H FRQIURQWDUFL IUD QRL VWXGHQWL SURYHQLHQWL GD WXWWD (XURSD PD DQFKH H VR SUDWWXWWR GLUHL FRQ JOL HVSHUWL FKH DEELDPR DYXWR LO SLDFHUH GL DVFROWDUH H FKH D ORUR YROWD VRQR VWDWL IHOLFL GL DVFROWDUH OH QRVWUH SHUSOHV VLW¢ H OH QRVWUH QXRYH LGHH &LQTXH JLRUQL LQ FXL FL VLDPR PHVVL DOOD SURYD FRQ ZRUNVKRS H VL PXOD]LRQL LQ FXL DEELDPR DYXWR OȋRSSRUWXQLW GL FRQRVFHUFL H GL VWULQJHUH GHL EHOOLVVLPL OHJDPL
1RQ UHQGHUHL JLXVWL]LD D TXHVWD HVSHULHQ]D VH QRQ PHQ]LRQDVVL LO IDWWR FKH DO GL OD GHOOȋLQWH UHVVDQWH H VWLPRODQWH SURJUDPPD DFFDGHPL FR PL VRQR GLYHUWLWD FRPH D QHVVXQ DOWUR HYHQWR (/6LDQR PL HUD PDL VXFFHVVR SULPD 3HU L SRVWL FKH DEELDPR YLVLWDWR FKH PL KDQQR ODVFLDWD D VHQ]D ʃDWR SHU OD ORUR EHOOH]]D H SHU OD SHFXOLDULW¢ GHOOH ORUR VWRULH QRQ FUHGR FDSL WHU¢ GL QXRYR GL SDVVHJJLDUH SHU XQ FLPLWHUR LQ SLHQD QRWWH DVFROWDQGR DQWLFKH OHJJHQGH GL VWUHJKH H GHPRQL 3HU OH SHUVRQH LQFRQWUDWH FKH PL KDQQR LQVHJQDWR WDQWR H FRQ FXL KR FRQGLYLVR PRPHQWL HVLODUDQWL H GL SXUD VSHQ VLHUDWH]]D FRQ FXL KR SRWXWR SDUODUH GHOOH GLI ʃFROW¢ FKH RJQXQR GL QRL ULVFRQWUD QHOOD YLWD TXRWLGLDQD FRQ LO VRUULVR VXOOH ODEEUD D HOD YRJOLD GL FDPELDUH OH FRVH ,O WXWWR FRQGLWR GDOOD VLPSDWLD GDOOD SURIHVVLRQDOLW¢ H GDOOH DW WHQ]LRQL GHOOȋ2UJDQL]LQJ &RPPLWWWHH FKH KD VDSXWR JHVWLUH OȋHYHQWR LQ PRGR LPSHFFDELOH H FRQ JUDQGH SD]LHQ]D 6HQWLUVL XQLWL QRQRVWDQWH QRQ FL VL FRQRVFD H VL YLYDQR GLYHUVH HVSHULHQ]H TXHVWR ª Oȋ(/6$ 6SLULW
*HQQDLR _ (/6LDQHU _
(/6$ DO :25/' )2580IRU '(02&5$&<
1RYHPEUH RUH 6WUDVEXUJR (PLFLFOR GHO &RQVLJOLR G (XURSD 1RYHPEUH RUH 6WUDVEXUJR (PLFLFOR GHO &RQVLJOLR G (XURSD &RQ JOL RFFKL VSDODQFD WL DVVLVWR LQFUHGXOD DOO DSHUWXUD GHOOD WHU]D HGL]LRQH GHO :RUOG )RUXP IRU 'HPRFUDF\ SDUWHFLSDQWL GD ROWUH SDHVL ULXQLWL SHU GLVFXWHUH GL XQ WHPD TXDQWR PDL DWWXDOH FRPH O LPSHJQR GHL JLRYDQL QHOOH LVWLWX]LRQL GHPRFUDWLFKH &RPH VRQR DUULYDWD ʃQ O®" GHPRF *UD]LH DG (/6$ RYYLDPHQWH FKH PL KD VHOH ]LRQDWD LQVLHPH DG DOWUL 'HOHJDWL SHU UDS SUHVHQWDUH OD QRVWUD $VVRFLD]LRQH DO )RUXP / DJHQGD GHL ODYRUL ª ʃWWD H SUHYHGH VLD 3OH QDU\ 6HVVLRQV FRQ VSHDNHUV GL FDUDWXUD PRQ GLDOH FKH PRPHQWL GL GLDORJR H ULʄHVVLRQH SL» LQIRUPDOL 9HQWXQR /DEV ZRUNVKRSV LQWHUDWWL YL LQ FXL YHQJRQR SUHVHQWDWH LQL]LDWLYH FKH YHGRQR L JLRYDQL SURWDJRQLVWL SHU OD GLIIXVLRQH GHJOL LGHDOL GHPRFUDWLFL QHO PRQGR SHUPHWWR QR D WXWWL L SDUWHFLSDQWL GL SUHQGHUH OD SDUROD H SHUʃQR GL YRWDUH LO SURSULR SURJHWWR SUHIHULWR LQ SOHQDULD V®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
VSHWWDFROR GL OXFL FKH VL ULʄHWWHYDQR VXOO HGLʃ FLR GHO &RQVLJOLR G (XURSD H SHU QRL GHOHJDWL OH VHUDWH DOO LQVHJQD GHOOH IDPRVH WDUWH ʄDP E«H H GHOO LQFRQIRQGLELOH (/6$ 6SLULW &RVD KD YROXWR GLUH SHU PH SDUWHFLSDUH DO :)'" 3RWUHL GLOXQJDUPL LQ HORJL SHU RUH PD LQ IRQGR TXHOOR FKH GDYYHUR WL ULPDQH GL XQ HVSHULHQ]D GHO JHQHUH QRQ VRQR WDQWR JOL DVSHWWL SL» HFOD GHO WDQWL TXDQWR SLFFROL VLJQLʃFDWLYL PRPHQWL FRPH TXDQGR FDPPLQDQGR SHU L OXQJKL FRUUL GRL GHO &RQVLJOLR G (XURSD ULPDQL LQFDQWDWD QHO ULFRQRVFHUH DSSHVH DOOH SDUHWL OH IDPLOLDUL ORFDQGLQH GHL YDUL SURJHWWL FKH (/6$ KD SRUWD WR DYDQWL QHJOL DQQL H FKH VRQR O® GDYDQWL DL WXRL RFFKL D ULFRUGDUWL FKH VHL SDUWH GL XQ $V VRFLD]LRQH FKH ª ULXVFLWD DG DYHUH XQ LPSDWWR UHDOH QHOOD VRFLHW¢ RWWHQHQGR LO ULFRQRVFL PHQWR H OD VWLPD LQWHUQD]LRQDOH 1RQ PL UHVWD GXQTXH FKH ULQJUD]LDUH DQFRUD XQD YROWD (/6$ SHU O HQQHVLPD PHUDYLJOLRVD RSSRUWXQLW¢ FKH PL KD UHJDODWR H FRQVLJOLDUH D WXWWL GL QRQ HVLWDUH XQ VROR VHFRQGR DG DSSOLFDUH SHU OD SURVVLPD 'HOHJDWLRQ SRLFKH UDSSUHVHQWD
PLR DYYLVR LO FRQQXELR SHUIHWWR WUD HVSHULHQ]D SURIHVVLRQDOH H RFFDVLRQH GL FUHVFLWD SHUVRQDOH
1829$ 3$571(56+,3 75$ (/6$ ,7$/,$ ( ,( /$: 6&+22/ 6RQR WUDVFRUVL SRFKL JLRUQL GDOOD FRQFOXVLRQH GHOOD QXRYD SDUWQHUVKLS GL (/6$ ,WDOLD FRQ XQD GHOOH PLJOLRUL XQLYHUVLW¢ LQWHUQD]LRQDOL VSHFLD OL]]DWH QHOOD IRUPD]LRQH JLXULGLFD OD ,( /DZ 6FKRRO /D QXRYD FROODERUD]LRQH VLJODWD FRQ $QGUHD /RQJDUHWWL $VVRFLDWH 'LUHFWRU IRU $G PLVVLRQV GHOOD FHOHEUH XQLYHUVLW¢ SULYDWD VSD JQROD YXROH GDUH VXSSRUWR DOOH LQL]LDWLYH GL (/6$ ,WDOLD H QXRYR VODQFLR DOOH RSSRUWXQLW¢ DFFDGHPLFKH SRVW ODXUHDP FKH (/6$ VL LPSH JQD TXRWLGLDQDPHQWH DG RIIULUH DL SURSUL DV VRFLDWL 'XUDQWH JOL XOWLPL DQQL ,( /DZ 6FKRRO VL ª FRQVROLGDWD FRPH XQD UHIHUHQ]D LQWHUQD]LRQDOH QHOOD IRUPD]LRQH GL DYYRFDWL H IXWXUL WDOL FRQ XQD YLVLRQH JOREDOH GHO GLULWWR SURSULR FL´ D FXL DVSLUD (/6$ 7KH (XURSHDQ /DZ 6WXGHQWV $VVRFLDWLRQ &RPH SDUWH GL ,( %XVLQHVV 6FKRRO FRVWDQWHPHQWH FODVVLʃFDWD WUD OH PLJOLRUL %XVLQHVV 6FKRROV LQ (XURSD H QHO PRQGR VHFRQGR LO )LQDQFLDO 7LPHV DQFKH ,( /DZ 6FKRRO VL ª LPSRVWD D OLYHOOR JOREDOH DW WUDYHUVR XQD VHULH GL SURJUDPPL FDSDFL GL DGDWWDUVL DOOH YDULH HVLJHQ]H GL FLDVFXQ FDQGL GDWR L FRUVL GL ODXUHD //0 HG ([HFXWLYH (GX FDWLRQ VL FRQWUDGGLVWLQJXRQR SHU XQD PDUFDWD YRFD]LRQH LQWHUQD]LRQDOH FRQ FODVVL LPSDUWLWH LQ LQJOHVH R VSDJQROR EDVDWH HVFOXVLYDPHQWH VXO PHWRGR GHO FDVR H FRQ XQD IRUWH DSHUWXUD DO PRQGR GHO EXVLQHVV (/6$ ,WDOLD YXROH JD UDQWLUH OD SRVVLELOLW¢ GXUDQWH L SULQFLSDOL HYHQWL DVVRFLDWLYL DQQXDOL GL IDU HQWUDUH L SURSUL 6RFL GLUHWWDPHQWH D FRQWDWWR FRQ OH YDULH RSSRUWXQLW¢ GL IRUPD]LRQH JLXULGLFD FKH OD 6FXROD SX´ RIIULUH ORUR DPSOLDQGR FRV® D9 r LO SURSULR UDJJLR GL VFHOWD ,( /DZ 6FKRRO JL¢ SDUWQHU GL (/6$ ,QWHUQDWLRQDO SDUWHFLSHU¢ FRQ XQ SURSULR LQIR GHVN WUD JOL DOWUL HQWL GL IRUPD]LRQH FKH VDUDQQR SUHVHQWL DOOD ;,, 1D WLRQDO 0RRW &RXUW &RPSHWLWLRQ GL (/6$ ,WDOLD FKH SUHQGHU¢ OXRJR QHOOD FLWW¢ GL 7UHQWR GDO DO PDU]R SURVVLPR 6L YXROH DSULUH FRV® XQ FDPPLQR OXQJR OD VWUDGD GHOO HFFHOOHQ]D H GHOO DUULFFKLPHQWR SHUVRQDOH H JLXULGLFR FRQ HVSHULHQ]H GL VSHVVRUH VHPSUH SL» HOHYDWR )HGHULFD 6LPRQHOOL 3UHVLGHQWH (/6$ ,WDOLD *HQQDLR _ (/6LDQHU _
/$ 787(/$ '(/ &21680$725(
8OWLPL SURʃOL QRUPDWLYL
,Q RFFDVLRQH GHOO (/6$ 'D\ OD VH]LRQH GL 7ULHVWH KD RUJDQL]]DWR XQD FRQIHUHQ]D VX XQ WHPD G DPSLR LQWHUHVVH WDQWR SHU JOL DGGHWWL DL ODYRUL TXDQWR SHU JOL XWHQWL OD WXWHOD GHO FRQVXPDWRUH ,Q SDUWLFRODUH VL ª YROXWR ULQFRUUHUH O DWWXDOLW¢ GHO UHFHSLPHQWR GHOOD GLUHWWLYD 8( FKH LO ' OJV Qr GHO KD RSHUDWR PHGLDQWH PRGLʃFD GHOOH QRUPH GHO &WRGLFH GHO &RQVXPR /H QRYLW¢ GHOOD QRUPDWLYD LQ SDUROD ULJXDUGDQR SUHFLSXDPHQWH L FRQWUDWWL FRQFOXVL D GLVWDQ]D HG L FRQWUDWWL QHJR]LDWL IXRUL GDL ORFDOL FRPPHUFLDOL GHJQD GL HYLGHQ]D ª LQROWUH OD SRVVLELOLW¢ GL ULFDYDUH LQ QHJDWLYR D SDUWLUH GDOOD GHʃQL]LRQH GL TXHVWL XOWLPL WLSL XQD WHU]D FDWHJRULD GL FRQWUDWWL GLYHUVL 1HOOD QRYHOOD YLHQH LQ ULOLHYR LQ SULPLV O REEOLJR SUHFRQWUDWWXDOH GL LQIRUPD]LRQH VXL SULQFLSDOL HOHPHQWL RJJHWWLYL H VRJJHWWLYL GHOO DFFRUGR SUHYLVWR SHU WXWWL L WLSL GL FRQWUDWWL GL FRQVXPR HG DJJUDYDWR QHOOD VXD IRUPXOD]LRQH SHU TXHOOL FG D GLVWDQ]D H FG IXRUL VHGH
IXRUL VHGH 4XDQWR DL SURʃOL DWWLQHQWL LO WHPD GHO WUDVIHULPHQWR GHO ULVFKLR OD GLUHWWLYD LQQRYD OD PDWHULD VXSHUDQGR DSSDUHQWHPHQWH LO SULQFLSLR UHV SHULW GRPLQR 1HOO DUWLFROR &RGLFH GHO &RQVXPR VL SUHVFULYH LQIDWWL SHU L FRQWUDWWL FKH SRQJRQR D FDULFR GHO SURIHVVLRQLVWD O REEOLJR GL VSHGL]LRQH GHO EHQH O DWWULEX]LRQH LQ FDSR DOOR VWHVVR GHO ULVFKLR SHU LO SHULPHQWR HG LO GDQQHJJLDPHQWR GHO EHQH ULVFKLR FKH ª VRSSRUWDWR VLQR D FKH LO FRQVXPDWRUH QRQ QH HQWUL PDWHULDOPHQWH LQ SRVVHVVR 9HQHQGR TXLQGL DOOD SURVSHWWLYD ULPHGLDOH YLHQH IDWWR VDOYR SHU LO FRQVXPDWRUH LO ULVDUFLPHQWR GHL GDQQL ȇ LQ DJJLXQWD DOOD ULVROX]LRQH ȇ SHU L FDVL GL LQDGHPSLPHQWR GHOO REEOLJR GL FRQVHJQD GHO EHQH QHL WHUPLQL SDWWXLWL ,QʃQH D YLJLODUH VXOOH QRUPH LQWURGRWWH GDO GH ' OJV LQ TXHVWLRQH ª VWDWD SRVWD O $JFRP $XWRULW¢ JDUDQWH GHOOD FRQFRUUHQ]D H GHO PHUFDWR LO FXL SUHVLGLR FRPSUHQGH O HYHQWXDOH VDQ]LRQH GL SUDWLFKH FRPPHUFLDOL VFRUUHWWH 6HQWLWL ULQJUD]LDPHQWL YDQQR DO 3URI )DELR 3DGRYLQL WLWRODUH GHOOD FDWWHGUD GL 'LULWWR &LYLOH H DL GRWWRUL GRWWRUDQGL GL ULFHUFD FKH KDQQR EULOODQWHPHQWH HVSRVWR O DUJRPHQWR 'RWW %XVHW $YY 0DFFDUL 'RWW VVD 3HUWRW $YY %DOOHULQL
_ (/6LDQHU _ *HQQDLR