&RVWDFKH&$5$*$ĥą


&DLHWHOHWULVWHĦLL
ÍQVHPQĆULOHXQXLvQYĆĦĆWRU
vQFĆWXüH
SHQWUXFRSLLLOLEHUL

(GLĦLHvQJULMLWĆGH3URI*K1DGROHDQX
&XYkQWLQWURGXFWLYGH/XFLD+RVVX/RQJLQ











































 











3ĆWLPLULOHXQXLvQYĆĦĆWRU

&UHG FĆ XQXO GLQWUH HIHFWHOH GLIX]ĆULL ILOPHORU GLQ VHULD
´0HPRULDOXO 'XUHULL ² 2 LVWRULH FDUH QX VH vQYDĦĆ OD
üFRDOƵ D IRVW DSDULĦLD HGLWRULDOĆ D MXUQDOHORU GH
vQFKLVRDUH

ÍQWRĦLDFHüWLDQLGHSRVWFRPXQLVPQDH[LVWDWRLQVWLWXĦLH
QDĦLRQDOĆ ² ILH MXVWLĦLD ILH SDUODPHQWXO ILH SUHüHGLQĦLD ²
FDUHVĆvPSDUWĆGUHSWDWHDVĆSDQVH]HUĆQLüLVĆLGHFODUH
QHYLQRYDĦL SH FHL FH DX VXSRUWDW VXIHULQĦHOH WHPQLĦHORU
GHSRUWĆULOH üL ODJĆUHOH 'RDU PHPRULLOH LQGLYLGXDOH DX
ĦLQXWORFXOVLQJXUHXQXLGHPHUVDOVWDWXOXLURPkQüLVDX
FRQVWLWXLWvQDGHYĆUDWHSHUJDPHQWHDOHLVWRULHLUHFHQWHûL
FUHG FĆ DX FRQILJXUDW OXPHD XQRU HOLWH D XQRU UHSHUH
FDUHOLSVHDXYLHĦLLQRDVWUHvQDQLLWUDQ]LĦLHL

8Q DVHPHQHD MXUQDO DO WUĆLULL vQ VXSOLFLX vO YHĦL SDUFXUJH
vQSDJLQLOHFHXUPHD]Ć

 
(VWH SĆWLPLUHD XQXL vQYĆĦĆWRU GLQ 9UDQFHD WHULWRULXO vQ
FDUH VD VWULJDW GH PXOWH RUL vQ LVWRULH Å3H DLFL QX VH
WUHFHµ

(VWH SĆWLPLUHD XQXL RP FDUH QD YUXW VĆ ILH WĆFXW SLWLW
DVFXQV vQ ODüLWĆĦLOH GLXUQH Å3ĆL GDFĆ DP VWD WRĦL vQ
PXWLVPXODFHVWDvQOLQLüWHDDVWDDPSURJUHVDFkQGVDOFLD
DU GHYHQL DYLRQµ ² QH PĆUWXULVHD 3HWUH ĥXĦHD YRUELQG
GHVSUHVLQHüLGHVSUHFHLFDUHDXYRUELWOLEHUDXFLWLWFĆUĦL
RSULWH üL SHQWUX DFHVW GHOLFW DX SOĆWLW FX WLQHUHĦHD ORU
7RDWHvQWkPSOĆULOHYLHĦLLvQYĆĦĆWRUXOXL&RVWDFKH&DUDJDĦĆ
VXQW DSURDSH WUDVH FD OD XQ WLSDU GXSĆ WUDJHGLLOH DWkWRU
GHVWLQH

ÍQWkL HUD XUPĆULUHD DSRL FKHPDUHD ÅSROLWLFRDVƵ OD
6HFXULWDWH VSUH D FRODERUD FX RUJDQHOH UHIX]XO GH D VH
VDOYD vQ GDXQD DOWRU VHPHQL DSRL  SULPD DUHVWDUH
SUHYHQLWRDUH ÅGDĦLL VFKLPEXUL FĆ GkQVXO PHUJH FX QRLµ
FRSLLL VRĦLD WUH]LĦL GH EDUEDULD SHUFKH]LĦLLORU GXED
DQFKHWHOH ]L üL QRDSWH SkQĆ OD vQPXLHUHD YLQRYDWXOXL
SURFHVXO IDQWRPDWLF VHQWLQĦD GLVSURSRUĦLRQDWĆ IĆFXWĆ VĆ
GLVWUXJĆ VSHUDQĦD H[SHGLHUHD OD &DQDO VDX vQ KUXEHOH
$LXGXOXL

$PLQWLULOH WUHFXWXOXL VXQW FD SOĆFLOH WHFWRQLFH 0HUHX vQ
PLüFDUH OH VLPĦL OH DX]L WH ]GUREHVF XQHRUL FX HYLGHQĦD
ORU

 DXJXVW  ÍQYĆĦĆWRUXO HVWH WULPLV vQ ODJĆUXO GH
PXQFĆIRUĦDWĆGHOD&RDVWD*DOHü²WLFVLWFXSHVWHWUHLPLL
GH UREL GLQWUH FDUH MXPĆWDWH HUDX LQWHOHFWXDOL  'RPQXO
 
vQYĆĦĆWRU SOĆWHD SHQWUX FĆ OD  GH DQL VH RSXVHVH
UHJLPXOXL FRPXQLVW ,DU FRQWHVWDĦLD SXWHULL GHYHQLVH R
LQIUDFĦLXQHRFULPĆ

'DFĆ PXQFD H[WHQXDQWĆ IULJXO EĆWĆLOH HUDX OLPLWDWH vQ
WLPSIRDPHDHUDRPQLSUH]HQWĆvQODJĆUHOHGHOD&DQDOXO
'XQĆUH0DUHD1HDJUĆ9LFWLPHOHVHSUHVFKLPEDXUDSLG
vQHSDYHXPDQHREOLJDWHVĆGHVFDUFHJDUQLWXULGHWUHQFX
PXQĦLGHSLDWUĆEROQDYLGLVWURILFLDSURDSHPXULEXQ]L

'LPHQVLXQHD &DQDOXOXL 'XQĆUH  0DUHD 1HDJUĆ HUD
LPSUHVLRQDQWĆ RSW FRORQLL  GH SHUVRDQH FLIUĆ
PHUHX vQ FUHüWHUH $UHVWĆULOH FRPDQGDWH GH $OH[DQGUX
'UĆJKLFLHUDXvQIXQFĦLHGHFHUHUHDGHEUDĦHGHPXQFĆGLQ
ODJĆU 2 PLH GRXĆ PLL GH RDPHQL HUDX UHĦLQXĦL SHVWH
QRDSWH XQHRUL IĆUĆ MXGHFDWĆ GRDU FX SHGHSVH
DGPLQLVWUDWLYH XUFDĦL vQ WUHQXUL GXEĆ üL GHVFĆUFDĦL SH
DOELD&DQDOXOXL

'XSĆ PRDUWHD OXL 6WDOLQ vQ  PDUWLH  vQ vQFKLVRUL VH
DüWHSWD R SHULRDGĆ GHGHVWLQGHUH 'DU VIkUüLWXO  FUXGXOXL
GLFWDWRUQXVFKLPEĆVLVWHPXOUHSUHVLXQLLÍQ5RPkQLD'HM
UĆPkQHXQVWDOLQLVWFRQYLQV

ÍQDSULOLHvQYĆĦĆWRUXOHVWHHOLEHUDWGLQWUXQDOWODJĆU
GHPXQFĆGHOD2QHüWL'RDUSDWUXDQLGHOLEHUWDWHüLDSRL
GLQQRXDGRXDDUHVWDUH0RWLYXO",QFUHGLELOÍQYĆĦĆWRUXO
FLWLVH üL UH]XPDVH R FDUWH Å%LHWXO ,RDQLGHµ D OXL *HRUJH
&ĆOLQHVFX)LUHüWHVHUHOXDXYHFKLOHDFX]DĦLL

2GHWHQĦLHPDLVXPEUĆFDUHYDGXUDSkQĆvQDQXOüL
 
vQFDUHvQYĆĦĆWRUXOWUHFHSULQRSHUDĦLDGHVSĆODUHGHFUHLHU
GLQ YDUD DQXOXL  GH OD $LXG 1X D IRVW R UHHGXFDUH
EOkQGĆFXPVDVSXV

0DULQ -LDQX VHFUHWDU JHQHUDO vQ 0LQLVWHUXO GH ,QWHUQH
H[SOLFD FXP RILĦHULL GH 6HFXULWDWH XWLOL]DX ÅPHWRGH GH
LOXPLQDUHµ SHQWUX DL GHWHUPLQD SH FHL vQFKLüL VĆ VH
DXWRGHQXQĦH

,OXPLQDUHDHUDHJDOĆFXWHURDUHD

ÍQ DXJXVW  VH vQWRDUFH DFDVĆ 6RĦLD vO DüWHSWDVH GDU
PDPDPXULVHFXXQDQvQDLQWH

9HQHD XQ RP GLQ KRORFDXVWXO FRPXQLVW GXSĆ QRXĆ DQL
GH VXSOLFLL ÍüL JĆVHüWH IHWLĦHOH GRPQLüRDUH GDU HO OH PDL
DXGHSOkQVXOGHFkQGDIRVWULGLFDW1XPDLXQDGLQILLFH
2OJD UHXüLVH VĆ GHYLQĆ VWXGHQWĆ &HOHLODOWH &RUQHOLD
HOHYĆ HPLQHQWĆ LD IRVW EORFDW DFFHVXO OD DGPLWHUH vQ
IDFXOWDWHD GH &KLPLH ûWLH FĆ D OLSVLW DWkĦLD DQL GLQ
RUL]RQWXO ORU 1X üLD PDL UHJĆVLW ORFXO OD FDWHGUĆ (UD
VRFRWLW XQ LQDPLF DO UHJLPXOXL $ GDW OHFĦLL GH YLRDUĆ OD
FRSLLLVDWXOXLüLVDGXVvQSĆGXUHODRPXQFĆIRDUWHJUHD

6HFXULWDWHD vüL vQWLQVHVH WHQWDFXOHOH DWkW GH GHSDUWH vQFkW
vQvQFHSVĆLXUPĆUHDVFĆüLSHDOĦLPHPEULDLIDPLOLHL
VDOH *LQHUHOH vQYĆĦĆWRUXOXL *KHRUJKH 1DGROHDQX
LQVSHFWRUvQFXOWXUĆHVWHDPHQLQĦDWGHSULPXOVHFUHWDUvQ
WHUPHQL IĆUĆ HFKLYRF RUL GLYRUĦH]L RUL WH GDX DIDUĆ ,DU
FkWHYD OXQL PDL WkU]LX HVWH OĆVDW SH GUXPXUL FX vQWUHDJD
IDPLOLH 6HFXULWDWHD QX JOXPHD &HL FH WUHEXLDX VĆ
LVSĆüHDVFĆSOĆWHDXSHQWUXDWLWXGLQHDORU
 

6WDWXUD vQWUHDJĆ D vQYĆĦĆWRUXOXL R vQWUH]ĆUHüWL DELD GXSĆ
XOWLPD ILOĆ D PDQXVFULVXOXL 9LIRUXO LVWRULHL QD SXWXWR
VSXOEHUDQXLDDIHFWDWLQWHJULWDWHD

$PLQWLULOHOXLvQFĆUFDWHGHWULVWHĦHVXQWGHVWLQDWHWLQHULORU
GHD]L

(LQXPDLSRWWUĆLvQLJQRUDQĦDvQFDUHDXWUĆLWJHQHUDĦLLOH
GLQDLQWHD ORU 3HQWUX FĆ VH üWLH D]L DGHYĆUXO GHVSUH
FULPHOH VĆYkUüLWH vQ JXODJXO FRPXQLVW QHD IRVW DVFXQV
(UDRSROLWLFĆGHVWDW

6XQWHP vQ DQXO FkQG VH vPSOLQHVF GRXĆ GHFHQLL GH OD
FĆGHUHD &RUWLQHL GH )LHU $FHVWH PĆUWXULL QHYRU DMXWD VĆ
üWLP VĆ vQĦHOHJHP VĆ UHIOHFWĆP µ6Ć VH OLPSH]HDVFĆ
OXPHDµFXPDUILVSXV(OLVDEHWD5L]HD

ÍQ IRQG vQYĆĦĆWRUXO &RVWDFKH &DUDJDĦĆ üLD XUPDW
GHVWLQXO 'DVFĆOXO D UĆPDV ILQDOPHQWH XQ GDVFĆO /HFĦLD
OXL WLSĆULWĆ D]L HVWH R OHFĦLH GHVSUH RQRDUH üL QREOHĦH
GHVSUHvQFUHGHUHvQYDORULOHFUHüWLQHvQYLUWXĦLOHQHDPXOXL
VĆX

0Ć DüH] vQWUR EDQFĆ üL DVFXOW 0Ć VLPW XFHQLFXO
GRPQXOXLvQYĆĦĆWRU

'DFĆ VWDX VĆ FXPSĆQHVF ELQH GDVFĆOXO D LHüLW vQYLQJĆWRU
vQvQIUXQWDUHDFXSXWHULOHUĆXOXL

/XFLD+RVVX/RQJLQ
 































 



6FXUWĆSUHIDĦĆODFKLQXLWHOHPHOHPHPRULL

 $ü GRUL VĆLIDF DWHQĦLSH FLWLWRULL DFHVWRU SDJLQL FĆ HOH QDXIRVW
VFULVH vQ VFRSXUL GH SURSDJDQGĆ QLFL SHQWUX D IL IRORVLWH vQ RFD]LL GH
SHWUHFHUHGHEXQĆGLVSR]LĦLHGHYHVHOLHüLFXDWkWPDLSXĦLQSHQWUXDLQFLWD
FXULR]LWDWHDXQRUDFDUHQDXDYXWQLFLRGDWĆQLPLFFRPXQFXFRQĦLQXWXOORU
)DSWHOH GHVFULVH DX IRVW FĆXWDWH üL VFRUPRQLWH vQ XQJKHUHOH WDLQLFH DOH
IHQRPHQXOXLPHPRULDOGXSĆPDLELQHGHGRXĆ]HFLüLFLQFLGHDQLüLGDWHOD
LYHDOĆSHQWUXXQFHUFIRDUWHUHVWUkQVGHSHUVRDQHüLGDFĆVHSRDWHQXPDL
IDPLOLDO
 &LWLQGXOHYĆYHĦL GD VHDPDFĆILHFDUHFXYkQWILHFDUHSURSR]LĦLH
H[SULPĆGXUHUH'XUHUHDSURYRFDWĆGHWHPQLĦĆGHFĆWXüHGHODQĦXULüLGH
IRDPH1LPHQLQDSXWXWILPDLDSURDSHGHDFHVWHJUHOHVXIHULQĦHGHFkWFRSLLL
VRĦLLOHSĆULQĦLLüLUXGHOHQRDVWUH/DXQDGLQDUHVWĆULOHPHOHILLQGFĆDXIRVW
PDLPXOWHHIHFWXDWĆODPLH]XOQRSĦLLGHFĆWUHFLQFLPLOLĦLHQL&RUQHOLDILLFD
PHDPDLPDUHFDUHQXDYHDDWXQFLGHFkW]HFHDQLODRUGLQXOPLOLĦLHQLORUFĆ
WUHEXLHVĆPHUJFXHLvQPRPHQWXOFkQGDPLHüLWGLQFDVĆDL]EXFQLWvQ
KRKRWHGHSOkQVûDSWHDQLPDLWkU]LXODSURFHVXOGHOD*DODĦLXQGHDPIRVW
FRQGDPQDW OD GRXĆ]HFL üL FLQFL GH DQL PXQFĆ VLOQLFĆ OD LHüLUHD PHD GLQ
WULEXQDOvQWLPSFHHUDPFRQGXVVSUHGXEĆGHFĆWUHPDLPXOĦLPLOLĦLHQLWRW
HDDVWULJDWGLVSHUDWĆ´WĆWLFXOHµ
 /RUOHvQFKLQDFHVWHWULVWHDPLQWLULDGXVHGLQvQIULJXUDWHOHüLWULVWHOH
FHOXOHSHQWUXDOHFLWLDWXQFLFkQGHXQXYRLPDLILSULQWUHHL

&RVWDFKH&DUDJDĦĆ
7LFKLULü9UDQFHDVHSWHPEULH



 
































 


ÍQWkLXOFRQWDFWFX6HFXULWDWHDLDQXDULH

 'HQHFUH]XW)HPHLDFĆUHLDvLIĆFXVHPvQWUHFXWXQ
PDUH ELQH DMXQVĆ DFXP vQWUXQ SRVW LPSRUWDQW OD
FRQGXFHUHD ORFDOLWĆĦLL vPL WULPLWH YHVWH VĆ PĆ SUH]LQW OD
&RPLWHWXO 3URYL]RULX DO FRPXQHL 9LGUD OD RUD  /DV
vQORFXLWRUODFODVĆüLSOHF)XQFĦLRQDPSHDWXQFLODüFRDOD
GLQ VDWXO 6FDIDUL DSDUĦLQĆWRU FRPXQHL 9LGUD UDLRQXO
9UDQFHDFXVHGLXOOD 1ĆUXMD3HGUXP]ĆSDGĆPXOWĆüL
JHU$MXQJEDWvQXüĆLQWUX)HPHLDFXYHVWHDHUDDFROR
$P DYXW LPSUHVLD FĆ PĆ DüWHSWD (UD WDUH EXFXURDVĆ FĆ
PDPSUH]HQWDW
 'XSĆ FH PLDX IRVW DGUHVDWH FkWHYD vQWUHEĆUL
EDQDOHDLHüLWOĆVkQGXPĆVLQJXUÍQPLQXWHOHXUPĆWRDUH
D LQWUDW XQ VHUJHQW PDMRU FDUH vQGUHSWkQGXVH VSUH PLQH
PLDVSXV´GXPQHDYRDVWUĆWUHEXLHVĆPHUJHĦLSXĦLQSHOD
QRLµ«
 $FHVWD D IRVW GHFL VFRSXO FKHPĆULL VĆ PĆ GHD SH
PkQD VHFXULüWLORU 0LDP GDW VHDPD FĆ GHDFXP YRL
DYHD GHD IDFH FX HL 7UHEXLD VĆPL YLQĆ üL PLH UkQGXO
0XOĦLDXIRVWOXDĦLvQFĆGLQ«
 ÍO XUPH] SH VXERILĦHU FDUH PĆ FRQGXFH VSUH
FOĆGLUHD 6HFXULWĆĦLL DIODWĆ QX GHSDUWH GH VHGLXO
&RPLWHWXOXL 3URYL]RULX ,QWUĆP 6XQW LQWURGXV vQWUR
FDPHUĆüLLQYLWDWVĆLDXORF7ĆFHUH1XPLVHVSXQHQLPLF
7ĆFHUHDGHYLQHGLQFHvQFHPDLDSĆVĆWRDUHGDUQLFLHXQX
vQFHUF VĆ VSDUJ JKHDĦD /H ODV ORU LQLĦLDWLYD SHQWUX D OH
VWXGLDPDLELQHPHWRGHOHüLVLVWHPXO6XERILĦHUXOvüLIDFH
GH OXFUX FX IRFXO ÍQWRDUFH FX FOHüWHOH WĆFLXQLL üL SHR
 
SDUWHüLSHDOWD(FODU(OQDDYXWGHFkWPLVLXQHDVĆPĆ
GXFĆ DFROR $FXP DüWHDSWĆ SH FLQHYD PDL PDUH vQ JUDG
VDX IXQFĦLH 3kQĆ OD VRVLUHD DFHOXLD DUH PLVLXQHD VĆ PĆ
SĆ]HDVFĆ &H FDUDJKLRDVĆ VLWXDĦLH 6Ć VWHD vQWUR FDPHUĆ
GRXĆ SHUVRDQH üL WLPS GH PDL ELQH GHR RUĆ VĆ QXüL
VSXQĆQLPLFXQXODOWXLD1XPLVHvQWkPSODVHQLFLRGDWĆ
DüDFHYD
 1XPL PDL EDW FDSXO $P vQĦHOHV WRWXO (VWH XQXO
GLQWUHVXWHOHGHPLMORDFHSHFDUHOHIRORVHüWH6HFXULWDWHDvO
ODVĆSHRPVĆILDUEĆVĆVHIUĆPkQWHVĆüLSXQĆvQWUHEĆUL
VĆ SUHVXSXQĆ VĆüL GHVFRSHUH YUHR JUHüHDOĆ PDL GH
GHPXOW PDL UHFHQWĆ VĆüL EOHVWHPH VRDUWD VĆ VH
QYLQRYĆĦHDVFĆGDFĆüLDDGXVDPLQWHFĆXQGHYDFkQGYD
DVFĆSDWYUHXQFXYkQWQHSRWULYLW$VWDLWRWXO
 ÍQFHUF VR IDF SH QHSĆVĆWRUXO 3H PDVD GH OkQJĆ
PLQHVHDIOĆXQ]LDU6FRWRFKHODULLSXQPkQDSHHOIĆUĆ
VĆ FHU YRLH QX PĆ FRQVLGHU vQFĆ DUHVWDW üLQFHS VĆ
FLWHVF %LQHvQĦHOHV QX PĆ SRW FRQFHQWUD 2 IDF FX WRWXO
GH]RUGRQDWRSURSR]LĦLHGHFRORDOWDGHGLQFRORDSRLXQ
WLWOXDOWWLWOXüLDüDPDLGHSDUWH
 'DU LDWĆ GXSĆ PDL ELQH GH GRXĆ RUH GH
´PHGLWDĦLHµ IRUĦDWĆ R XüĆ ODWHUDOĆ VH GHVFKLGH üLüL IDFH
DSDULĦLDRQDPLOĆGHDGMXWDQWFDUHGXSĆ FkWHYDvQWUHEĆUL
vQOHJĆWXUĆFXLGHQWLWDWHDPHDVSXVHSHXQWRQDVSUXvPL
SXQHSHPDVĆFkWHYDFROLGHKkUWLHüLPLFHUHVĆPLIDFR
DXWRELRJUDILH DPĆQXQĦLWĆ vQ FDUH VĆ LQVLVW DVXSUD
DFWLYLWĆĦLL  SROLWLFH GLQ WUHFXW 0LDP GDW VHDPD FĆ WRW
WUHFXWXO PHX SROLWLF OH HUD SHUIHFW FXQRVFXW $ QX
UHFXQRDüWH FHHD FH HL üWLDX SUHFLV vQVHPQD VĆ PĆ
FUDPSRQH]]DGDUQLFvQWURQHJDĦLHFDUHQXDUILUH]LVWDW
 6H IĆFXVH RUD  $FDVĆ IDPLOLD SLHUGXVH RULFH
 
VSHUDQĦĆ FĆ PDü PDL SXWHD vQWRDUFH ûL WRWXüL GXSĆ FH
PLD IRVW FLWLWĆ FX DWHQĦLH DXWRELRJUDILD VFULVĆ SH üDVH
SDJLQLPLVDVSXV´(üWLOLEHU1XYHLVSXQHvQVĆDEVROXW
QLPĆQXLXQGHDLIRVWüLFHDLIĆFXWµ

$SULOLH$GRXDFKHPDUH

 1H EXFXUĆP GH R GXSĆDPLD]Ć GH DSULOLH QHVSXV
GHIUXPRDVĆ&HUXOHVWHDFRSHULWGHQRULVXEĦLULDWHQXkQG
FĆOGXUDVRDUHOXL1XVHVLPWHQLFLFHDPDLVODEĆDGLHUHGH
YkQW1XLQLFLFDOGQLFLIULJ(RWHPSHUDWXUĆSOĆFXWĆüLR
OXPLQĆ D ]LOHL GH R FXORDUH FHQXüLH FDUH SUHGLVSXQH
VXIOHWHOHVHQVLELOHODPHODQFROLH'DWRULWĆXQHLSUHVLPĦLUL
vQFĆGHGLPLQHDĦĆDFHDVWĆVWDUHPHODQFROLFĆVHLQVWDOHD]Ć
üLvQVXIOHWXOPHX
 7HUPLQDVHP RUHOH GH FXUV 6WĆWXVHP FKLDU üL OD
PDVĆ9URLDPVĆWUHFODUH]ROYDUHDXQHLFRUHVSRQGHQĦHFX
,QVSHFWRUDWXO ûFRODU FkQG DXG OD SRDUWĆ JODVXO D GRL
FRSLL (UDX GH OD üFRDOD GLQ 9LGUD WULPLüL GH EXQXO PHX
SULHWHQüLFROHJ75ĆGXFXFXXQELOHĦHOSHQWUXPLQH,DWĆ
FRQĦLQXWXO  ELOHĦHOXOXL ´(üWL LQYLWDW OD UDLRQ OD 1ĆUXMD 
VHFĦLD &DGUH GH FĆWUH WRYDUĆüXO QXPL PDL DPLQWHVF
QXPHOH ( XUJHQW 7UHEXLH VĆ SOHFL LPHGLDW 6ĆĦL LHL üL
OLYUHWXOPLOLWDU6SXQHWRYDUĆüXO´;µFĆHFHYDQHFODUvQ
HOµ
 $PvQĦHOHVLPHGLDW6LWXDĦLDHUDLGHQWLFĆFXFHDGH
DQXOWUHFXW
 0ĆFRQVXOWFXVRĦLD6ĆSOHFRDUHSUHJĆWLWFDSHQWUX
RHYHQWXDOĆDUHVWDUH"+RWĆUkPVĆH[FOXGHPRDVWIHOGH
VXSR]LĦLH 'DFĆ PĆ GXF SUHJĆWLW SHQWUX DVWD VDU SXWHD
VĆL LULW üL PDL PXOW üL VĆL IDF VĆ FUHDGĆ FĆ VLPĦLQGXPĆ
 
YLQRYDWFXFHYDDPDüWHSWDWDUHVWDUHD0ĆGHFLGVĆSOHF
DüDFXPSOHFDPFDGHRELFHLODRULFHüHGLQĦĆ
 (VWH RUD  1DP QLFLXQ PLMORF GH WUDQVSRUW
6XQW QHYRLW VĆ PHUJ SH MRV $P GH SDUFXUV YUHR  NP
ÍPL WUHEXLH SDWUX RUH FD VĆ DMXQJ DFROR RDUHFXP SH
OXPLQĆ ÍPL LDX UĆPDV EXQ GH OD VRĦLH üL GH OD FHOH GRXĆ
ILLFH &RUQHOLD üL 2OJXĦD üL SOHF FX VXIOHWXO PRKRUkW GH
JULMLüLvQGRLHOL
 $MXQJ DFROR GXSĆ RUD  ,QWUX OD 6HFĦLD &DGUH
7RYDUĆüXO ´;µ PĆ DüWHSWD 0D SULPLW FX R DPDELOLWDWH
QHRELüQXLWĆ 0LD FHUXW OLYUHWXO PLOLWDU VD XLWDW FkWHYD
PLQXWH SULQ HO PL OD UHVWLWXLW IĆUĆ DPL VSXQH QLPLF
DSRLODIHOFDIHPHLDFDUHPĆFKHPDVHDQXOWUHFXWDLHüLW
OĆVkQGXPĆVLQJXU
 'XSĆYUHR]HFHPLQXWHDLQWUDWvQFDPHUDXQGHPĆ
DIODP XQ LQGLYLG QHFXQRVFXW PLH vQ YkUVWĆ GH
DSUR[LPDWLY  GH DQL vPEUĆFDW FLYLO FX EDVFĆ SH FDS üL
vQGUHSWkQGXVHVSUHPLQHPLVDDGUHVDW
− 6XQWHĦLWRYDUĆüXO&DUDJDĦĆ"
− 'DUĆVSXQGHX
− 'XPQHDYRDVWUĆWUHEXLHVĆPHUJHĦLSkQĆODQRL
− /DFLQHPĆURJVĆPHUJ"
− /DQRLOD6HFXULWDWHDUDLRQXOXL
 $PLHüLW7RYDUĆüXOGHOD&DGUHQXVDPDLvQWRUV
ÍüLvQGHSOLQLVHPLVLXQHD&DüLDQXOWUHFXWDPIRVWFKHPDW
SHQWUXXQDüLDPGDWSHVWHDOWD
 6HvQQRSWDVH6HFXULVWXOFDUHPĆFRQGXFHDQXPD
QWUHEDWQLPLF1DYUXWSRDWHVĆPĆWXOEXUH0DOĆVDWVĆ
PL IUĆPkQW JkQGXULOH VĆ ILHUE VĆ PĆ ]EDW VĆPL JĆVHVF
VLQJXUH[SOLFDĦLDGHFHPĆDIODPDFROR
 6XQW LQWURGXV vQWUR FDPHUĆ IRDUWH VODE OXPLQDWĆ
 
FXR ODPSĆ GH FLQFL IRFXUL SXVĆ SH PDVĆ $üH]DW SHXQ
VFDXQ vQ IDĦD PHVHL VWĆ XQ WkQĆU VXEORFRWHQHQW vQ
XQLIRUPĆFDUHODLQWUDUHDPHDVHULGLFĆüLVHSUH]LQWĆ
Å6XEORFRWHQHQWXO*DYULOĆ/XDĦLORF3kQĆVĆPLSXQĆ
QWUHEĆULSULYHVFODWkQĆUXOGLQIDĦDPHDüLFRQVWDWRWRWDOĆ
QHSRWULYLUH vQWUH ORFXO SH FDUHO RFXSĆ üL vQIĆĦLüDUHD OXL
DSURDSHGHFRSLO
− $YHP WRDWH GDWHOH vQ OHJĆWXUĆ FX GXPQHDYRDVWUĆ 9Ć
FXQRDüWHPvQWUHDJDDFWLYLWDWHSROLWLFĆGLQWUHFXWFDüL
DFWLYLWDWHD GLGDFWLFĆ üL FXOWXUDOĆ SH FDUH R GHVIĆüXUDĦL
vQ SUH]HQW ûWLP GH DVHPHQHD FĆ YĆ EXFXUDĦL GH
vQFUHGHUHDRDPHQLORUGLQVDWüLDFDGUHORUGLGDFWLFHGH
OD üFROLOH GLQ FRPXQĆ ûL SH WĆUkP FXOWXUDO DYHĦL
UH]XOWDWH IUXPRDVH ILLQG DSUHFLDW FD FHO PDL EXQ
GLULMRU GH FRU GLQ ]RQD 9UDQFHL &X FRUXO &ĆPLQXOXL
FXOWXUDO GLQ 9LGUD YDĦL GHSODVDW OD 1ĆUXMD 6RYHMD
0ĆUĆüHüWL üL )RFüDQL VWLPXOkQG DFWLYLWDWHD FĆPLQHORU
FXOWXUDOH GLQ DFHVWH ORFDOLWĆĦL 3H VFXUW VXQWHĦL
FRQVLGHUDWXQRPVLQFHUFRUHFWüLPXQFLWRU3kQĆDLFL
VDU SĆUHD FĆ WRWXO SOHGHD]Ć vQ IDYRDUHD
GXPQHDYRDVWUĆ5ĆPkQHvQVĆXQOXFUXSRDWHFHOPDL
LPSRUWDQW vQFDGUDUHD GXPQHDYRDVWUĆ FD PHPEUX DO
VRFLHWĆĦLL vQ ULWPXO DFWXDO DO DFWLYLWĆĦLL SROLWLFR
VRFLDOH 7UĆLP GH üDSWH DQL vQWUXQ VWDW VRFLDOLVW
'XPQHDYRDVWUĆ WUĆLĦL vQFĆ vQ DIDUD OXL 6XQWHĦL XQ
L]RODW3HGUHSWFXYkQWQHSXQHPvQWUHEDUHDGRULĦLüL
PDLGHSDUWHVĆYĆPHQĦLQHĦLvQDFHDVWĆL]RODUH"
− 1X vQĦHOHJ GH FH VXQW FRQVLGHUDW GUHSW XQ L]RODW"
'DU UHDOL]ĆULOH SH FDUH OHDĦL DPLQWLW QX FRQWULEXLH OD
EXQĆVWDUHD VWDWXOXL VRFLDOLVW" ÍQ RUHOH GH GLPLQHDĦĆ
OXFUH] FRQFRPLWHQW FX SDWUX FODVH GH HOHYL SHQWUX FD
 
 GXSĆDPLD]Ć VĆSRWPHUJHOD&ĆPLQXOFXOWXUDOXQGH
DFWLYLWDWHD GXUHD]Ć vQWUH  üL  RUH 9HQLW DFDVĆ PĆ
DüWHDSWĆDOIDEHWL]DUHD$PGHDQDOIDEHĦLvQVDWÍQ
ILHFDUH VHDUĆ vQWUH RUHOH  GHVIĆüRU DFHDVWĆ
DFWLYLWDWH üL IUHFYHQĦD HVWH EXQĆ SRWULYLW SURFHVHORU
YHUEDOHDOHRUJDQHORUGHFRQWURO'XSĆFkWHüWLXVWDWXO
VRFLDOLVW vQFXUDMHD]Ć DVHPHQHD SUHRFXSĆUL &XP VH
SRDWHVĆILXFRQVLGHUDWvQDIDUDVRFLHWĆĦLL"
− 1XYĆGDĦLVHDPDFHVSXQHĦL7kQĆUXOVWDWVRFLDOLVWvQ
DIDUĆGHPXQFDFLQVWLWĆDILHFĆUXLDGLQWUHQRLPDLDUH
QHYRLHGHvQFĆFHYDDWkWvQLQWHULRUFkWüLvQH[WHULRUHO
DUH PXOĦL GXüPDQL 7UHEXLH GHFL VĆ ILH DSĆUDW
$SĆUDUHD R IDFHP QRL FX WRĦLL 'XPQHDYRDVWUĆ QX
VXQWHĦL vQFĆ vQFDGUDW vQ DFHVW VLVWHP GH DSĆUDUH« 'H
DFHHDYĆFRQVLGHUĆPXQL]RODWGHVRFLHWDWHDVRFLDOLVWĆ
− ûLFHWUHEXLHVĆIDFFDVĆSRWLHüLGLQDFHDVWĆL]RODUH"
− 6Ć FRODERUDĦL FX QRL 'H DFHHD YDP FKHPDW
&RODERUDUHD FX XQ RP VLQFHU FD GXPQHDYRDVWUĆ QH
HVWH PDL PXOW GHFkW QHFHVDUĆ $YHP IRDUWH PXOĦL vQ
VLVWHPXO QRVWUX GDU QDYHP vQFUHGHUH vQ WRĦL (
VLQJXUD FDOH GH D LHüL GLQ L]RODUH üL GH D VFĆSD GH
SHUPDQHQWDXUPĆULUHGHFĆWUHRUJDQHOHQRDVWUH
 ,DWĆPĆ FDQGLGDW OD XQ SRVW VLJXU GH LQIRUPDWRU
3kQĆ DFXP QX PLD IĆFXW  QLPHQL DFHDVWĆ SURSXQHUH
&kWHYD PLQXWH DP VWDW XOXLW QX SHQWUX FĆ QX üWLDP FH
DWLWXGLQH VĆ LDX FL SHQWUX D IRUPXOD XQ UĆVSXQV FkW PDL
FDWHJRULF SHQWUX DO GHWHUPLQD SH WkQĆUXO VHFXULVW VĆ QX
PDLLQVLVWH
− 'LQ PRWLYH GH FRQüWLLQĦĆ QX SRW SULPL RIHUWD
GXPQHDYRDVWUĆÍPLGĆUXLĦLüDQVDGHDLHüLGLQL]RODUH
üL GHD VFĆSD GH XUPĆULUH GDU vQ DFHODüL WLPS vPL
 
 vQWLQGHĦL R FXUVĆ vQ FDUH GDFĆ YRL LQWUD QR VĆ PDL
SRDWĆQLPHQLVĆPĆVFRDWĆ
 7RWDüDGHXOXLWDUĆPDVüLVHFXULVWXOGHUĆVSXQVXO
PHX)ĆUĆVĆüLSLDUGĆFDOPXOPLDVSXV
− /XDĦL DPLQWH VXQWHĦL FDGUX GLGDFWLF 'H OD RPXO GH
VHUYLFLX üL SkQĆ OD PLQLVWUX WRĦL FRODERUHD]Ć FX QRL
1LPHQL QX UĆPkQH vQ DIDUD VLVWHPXOXL QRVWUX GH
RUJDQL]DUH 1X YĆ GDĦL VHDPD FĆ SULQ UĆVSXQVXO SH
FDUH ODĦL GDW YDĦL IL[DW SH R SR]LĦLH SULPHMGLRDVĆ
DFHHDGHGXüPDQDOVWDWXOXLVRFLDOLVW"ûLFHvQVHDPQĆ
H[SUHVLDÅGLQPRWLYHGHFRQüWLLQĦƵ&XP DGLFĆQRL
YĆWULPLWHPVĆXFLGHĦLRDPHQL"
− 1X QX GH XFLGHUL HVWH YRUED FL GH DOWFHYD FX PXOW
PDL JUDY ÍQFHSkQG FX  VXPHGHQLH GH RDPHQL
QHYLQRYDĦL DX IRVW ULGLFDĦL QRDSWHD SH ED]D
GHQXQĦXULORU WLFOXLWH GH LQIRUPDWRULL GXPQHDYRDVWUĆ
QXPDL SH PRWLYXO FĆ DFHüWL RDPHQL HUDX LQFRPR]L
VWDWXOXLVRFLDOLVWÍPLGDXELQHVHDPDFĆDFHHDüLVRDUWĆ
PĆ DüWHDSWĆ üL SH PLQH GDFĆ UHIX] FRODERUDUHD FX
6HFXULWDWHD 3R]LĦLD SH FDUH PĆ IL[H] HVWH H[WUHP GH
SULPHMGLRDVĆ DWkW SHQWUX PLQH FkW üL SHQWUX IDPLOLD
PHD 'DU QX SRW IDFH DOWIHO $ FRODERUD FX
GXPQHDYRDVWUĆDUvQVHPQDVĆGHYLQDXWRUXOPRUDODO
WULPLWHULL vQ SXüFĆULH D XQRU RDPHQL QHYLQRYDĦL FDUH
QX PLDX IĆFXW QLFLRGDWĆ QLFLXQ UĆX ,DWĆ PRWLYHOH GH
FRQüWLLQĦĆ FDUH PĆ RSUHVF VĆ SULPHVF FRODERUDUHD QX
SRW DFFHSWD VĆ PĆ VDOYH] SH PLQH vQ GDXQD XQRU
VHPHQL SH FDUH QXL VRFRWHVF PDL YLQRYDĦL GHFkW VXQW
HX
− 9ĆvQüHODĦL1RLQXYRPWULPLWHSHQLPHQLvQSXüFĆULH
GHFkW SH ED]D XQRU  LQIRUPDĦLL DEVROXW FRQFUHWH
 
 $FHVWHLQIRUPDĦLLOHYRPSULPLGLQPDLPXOWHGLUHFĦLL
/H YRP DQDOL]D OH YRP FRQIUXQWD üL QXPDL GXSĆ R
vQGHOXQJDWĆ üL DWHQWĆ FKLE]XLQĦĆ YRP VWDELOL GDFĆ
RPXO HVWH YLQRYDW VDX QX ÍQ OHJĆWXUĆ FX SUREOHPHOH
GH FRQüWLLQĦĆ SH FDUH YL OH IDFHĦL OXFUXULOH QX VWDX
FKLDUDüD9RUWUHFHDQLSkQĆVĆFRQVWDWDĦLFĆFLQHYDD
DYXW GH VXIHULW GH SH XUPD LQIRUPDĦLLORU
GXPQHDYRDVWUĆ ÍQ FH SULYHüWH VHFUHWXO FRQWDFWHORU
QRDVWUH YD IL SĆVWUDW FX ULJXUR]LWDWH 'H OD QRL QX YD
DIOD QLPHQL FDĦL IRVW FKHPDW VDX FĆ YDP vQFUHGLQĦDW
YUHR PLVLXQH LDU GXPQHDYRDVWUĆ  QX YHĦL GHVWĆLQXL
DEVROXW QLPĆQXL QLFL FKLDU IDPLOLHL FHHD FH DP
GLVFXWDW vPSUHXQĆ ÍQWkOQLULOH QRDVWUH SHQWUX D QX
VWkUQL EĆQXLHOL QX YRU PDL DYHD ORF DLFL XUPkQG FD
HOHVĆILHVWDELOLWHGHILHFDUHGDWĆvQDOWHSXQFWHvQ]LXD
üLRUDDVXSUDFĆURUDYRPFĆGHDvPSUHXQĆGHDFRUG
 $VFXOWDPFXDWHQĦLHWULVWDVRDUWĆFHPLVHSUHJĆWHD
6RDUWD OXL ,XGD D OXL &DLQ D OXL *ROLD üL D WXWXURU
YkQ]ĆWRULORU GH QHDP GH ĦDUĆ üL GH FUHGLQĦĆ )XOJHUĆWRU
PLDXWUHFXWSULQPLQWHXUPĆWRDUHOHYHUVXULDOHXQXLSRHW
PDFHGRQHDQ

2QHDPDOPHXEĆWXWFXYLVFROüLFHQXüĆ
ÍQODQĦXULVXE]ĆYRDUHDLJHPXW
,DUFkQGDLYUXWVĆIUkQJLURELHüLFĆWXüH
7UĆGDUHDDYHQLWüLWHDYkQGXW

6HIUkQVH+RULDSHURDWĆ
3LHUL,RQ9RGĆVIkUWHFDW
3DQGXULüL0RĦLFUHüWHDXGLQIOĆFĆULüLGLQSLDWUĆ
'DU,XGDPLüHOHüWHLDWUĆGDW

 
 6DQYROEXUDW0LKDLFDXQSXKRLGHPXQWH
/D7XUGDSULQWUĆGDUHDFĆ]XW
,DU7XGRUFkQGSRUQL)DQDUXOVĆOvQIUXQWH
7UĆGDUHDDYHQLWüLODYkQGXW

&HJUHXEOHVWHPüLFHRVkQGĆ
ĥLDVFULVSHIUXQWHQDOWD6WHD
0LüHLüLVOXJLVDXVWUkQVFXWRĦLLFĆVĆYkQGĆ
3HFHLFHĦLYUXUĆPkQWXLUHDWD

 5ĆVFROLW SkQĆQ DGkQFXO VXIOHWXOXL GH DPLQWLUHD
DFHVWRUYHUVXULUĆVSXQVXOPHXDYHQLWIĆUĆQLFLRH]LWDUH
− 1X GRPQXOH VXEORFRWHQHQW QX VXQW RPXO SRWULYLW
SHQWUX DVHPHQHD WUHEXUL $QJDMDUHD PHD vQ DFHDVWĆ
DIDFHUH QX YD VHUYL FXP WUHEXLH QLFL SH
GXPQHDYRDVWUĆ üL QLFL SH PLQH &UHG FĆL VXILFLHQW
GDFĆ YĆ YRL GD R GHFODUDĦLH VFULVĆ vQ FDUH VĆ PĆ
DQJDMH] IHUP FĆ QX YRL XQHOWL vQ QLFLXQ IHO vPSRWULYD
SRSRUXOXLPXQFLWRUüLD6WDWXOXLVRFLDOLVW
 8UXLWXO SXWHUQLF DO XQXL PRWRU ,06 vQ OLQLüWHD
GHVĆYkUüLWĆ D QRSĦLL D RSULW SHQWUX PDL PXOWH PLQXWH
GLDORJXO QRVWUX =JRPRWXO PRWRUXOXL D vQFHWDW RGDWĆ FX
RSULUHDPDüLQLLODSRDUWDVHGLXOXL6HFXULWĆĦLL
− Å'RPQXO FRPDQGDQWµ URVWHüWH FX RDUHFDUH JULMĆ
LQWHUORFXWRUXO PHX 0Ć XLW OD FHDV 7UHFXVH FX SXĦLQ
GH PLH]XO QRSĦLL &H YD XUPD RDUH" $üWHSWDP 3ULQ
FXUWH VH DX]HD WRW PDL SURQXQĦDW ]JRPRWXO FL]PHORU
FRPDQGDQWXOXL /RYLWĆ FD GH IXUWXQĆ XüD FDPHUHL vQ
FDUH QH DIODP VH GHVFKLGH FX ]JRPRW IĆFkQGXüL
DSDULĦLDXQPLOLWDUFXJUDGXOGHORFRWHQHQW'HVWDWXUĆ
PLMORFLHFXIDĦDURüLHSDUFĆvQILHUEkQWDWĆvQXUPDXQXL
VFDQGDO FX SĆUXO WXQV VFXUW üL ULGLFDW FD ĦHSLL XQXL
 
 DULFLFXQLüWHRFKLPLFLüLVIUHGHOLWRULDPDYXWvQFOLSD
LQWUĆULL OXL LPDJLQHD XQXL PLVWUHĦ JDWD VĆüL GHYRUH]H
SUDGD
 5LGLFDW GH SH VFDXQ VĆOWDW SDUFĆ GH XQ UHVRUW
VXEORFRWHQHQWXO*DYULOĆUDSRUWHD]Ć´1XSULPHüWHµ
− Å1X SULPHüWH"µ 2 SULYLUH FD GH ILDUĆ VHQGUHDSWĆ
VSUH PLQH Å9D SULPL HO FkQG YD VWD FX R EDQLĦĆ GH
FĆUEXQL DSULQüL OD FDS 7RYDUĆüH QXĦL PDL SLHUGH
WLPSXO FX HO ÍQFKHLHL DFWHOH üL WULPLWHO DFROR XQGH
WUHEXLH &ODVD PXQFLWRDUH QX DUH QHYRLH GH DVWIHO GH
HOHPHQWHµ
 $FHVWHD DX IRVW SH VFXUW FXYLQWHOH WHULELOXOXL
FRPDQGDQW GH VHFXULWDWH &LRODQ FDUH DYHD SH FRQüWLLQĦĆ
RDPHQL vPSXüFDĦL GH PkQD OXL ÍQMXUkQG D LHüLW PDL
IXULRV GH FXP LQWUDVH WUkQWLQG FX ]JRPRW XüD üL
GLVSĆUkQGvQvQWXQHULFXOGHDIDUĆ
 6XEORFRWHQHQWXO *DYULOĆ D DYXW WRWXüL FDOPXO üL
UĆEGDUHD VĆ FRQWLQXH GLDORJXO FX PLQH SkQĆ FĆWUH RUD
GRXĆ QRDSWHD )DF DLFL R PĆUWXULVLUH D IRVW VLQJXUXO
VHFXULVW vQWUH ]HFL üL ]HFL FX FDUH DP YHQLW vQ FRQWDFW vQ
WRDWĆ SHULRDGD PHD GH GHWHQĦLH FDUH QD DPHQLQĦDW QD
vQMXUDWQDLQVXOWDWüLFDUHDDYXWRFRPSRUWDUHFLYLOL]DWĆ
vQ WRW WLPSXO FHORU üDVH RUH GH GLVFXĦLH vQWUH QRL &ĆFL D
IRVWvQWUDGHYĆUGLVFXĦLHüLQXLQWHURJDUH
 7UHFXVHGHRUDGRXĆüLDPkQGRLGĆGHDPVHPQHGH
RERVHDOĆ)ĆUĆVĆSLDUGĆVSHUDQĦDGHDPĆFRQYLQJHGHD
PĆFküWLJDSHQWUXVFRSXULOHORUVDULGLFDWüLPLDVSXV
− 9HĦL PHUJH DFDVĆ üL YĆ YHĦL PDL JkQGL 1X DYHĦL DOWĆ
FDOH 2UL DOĆWXUL GH QRL RUL XQGHYD GHSDUWH XQGH YĆ
YHĦL SLHUGH LGHQWLWDWHD 0HUJHĦL DFXP OD FDPHUD
RILFLDOĆVĆYĆRGLKQLĦLSkQĆGLPLQHDĦĆ
 
− 1X UĆPkQ DLFL 'DFĆPL GDĦL GUXPXO SOHF LPHGLDW
VSUH FDVĆ )DPLOLD WUHEXLH VĆ ILH IRDUWH vQJULMRUDWĆ GH
VRDUWDPHD
− 'DU H DEVXUG VĆ SOHFDĦL SH MRV QRDSWHD SHQWXQHULFXO
ĆVWD ( SHULFXORV 6XQW SRUĦLXQL GH GUXP SH XQGH YĆ
SXWHĦLSULPHMGXLYLDĦD
− &XQRVFELQHGUXPXOüLVSHUVĆDMXQJWHDIĆUDFDVĆ
 $PLHüLWvPSUHXQĆ(UDPDPHĦLWGHRERVHDOĆüLGH
DHUXOGLQFDPHUĆvPEkFVLWGHIXPXODFHOHLOĆPSLGHFLQFL
IRFXUL $HUXO SURDVSĆW GHDIDUĆ PD vQYLRUDW 1H
QGUHSWĆPVSUHSRDUWĆHXvQDLQWHVHFXULVWXOvQXUPDPHD
'LQ SULFLQD vQWXQHULFXOXL DSURDSH EkMEkLDP FX WĆOSLOH
SDQWRILORU FĆUĆUXLD vQJXVWĆ FDUH QH GXFHD VSUH SRUWLĦĆ
6SHUDPFĆRGDWĆDMXQüLvQüRVHDQHYRPGHVSĆUĦL(OVHYD
GXFHvQGUXPXOOXLVSUHFDVĆLDUHXvQWUDOPHX'DUQXV
DQWkPSODW DüD (O DYHD ORFXLQĦD WRW vQ GLUHFĦLD vQ FDUH
PHUJHDP HX ÍQDLQWDP SULQ EH]QĆ IĆUĆ QLFLR JUDEĆ 0Ć
XUPĆUHD vQGHDSURDSH IĆUĆ VĆ VFRDWĆ XQ FXYkQW /D XQ
PRPHQW GDW JUĆEHüWH SDVXO üL DMXQJH OkQJĆ PLQH vQ
GUHDSWD PHD 6H OLSHüWH GH EUDĦXO PHX &UHGHDP FĆ YUHD
VĆPL VSXQĆ FHYD ÍL VLPĦHDP UHVSLUDĦLD üL DüWHSWDP GLQ
FOLSĆQ FOLSĆ XQ FXYkQW 'DU QLPLF 3ĆüLP DFXP SHXQ
SRG OXQJ GH OHPQ SRGXO SHVWH DSD 1ĆUXMHL 1XL QLFL
ĦLSHQLH GH RP QX VHDXGH QLPLF GHFkW SDüLL QRüWUL
$MXQJHP vQ GUHSWXO JKLROXOXL 9XLHWXO DSHL DGkQFLPHD
JKLROXOXL vPL VWkUQHVF XQ JkQG Å,DWĆ ORFXO LGHDO SHQWUX
XQ DVDVLQDWµ 'DU QX VHQWkPSOĆ QLPLF 0HUJHP PDL
GHSDUWH vQ FHD PDL GHVĆYkUüLWĆ WĆFHUH ÍPL SXQ R
vQWUHEDUH GH FHR IL LQVLVWDW RDUH VĆ UĆPkQ OD FDPHUD
RILFLDOĆ"
 $P DMXQV OD FDSĆWXO SRGXOXL ÍQ GUHDSWD üLQ
 
VWkQJDDSDUGLQQRXFDVH0ĆVLPWSDUFĆvQVLJXUDQĦĆ3H
DLFLQXVHPDLSRDWHvQWkPSODQLPLF$MXQJHPvQGUHSWXO
FOĆGLULLXQGHHVWHUHüHGLQĦD5DLRQXOXL
− Å2SULĦLYƵ vPL VSXQH VHFXULVWXO µ0HUJHĦL vQ FXUWH
XQGH YHĦL JĆVL R FĆUXĦĆ FDUH WUDQVSRUWĆ IXQFĦLRQDUL OD
DXWREX]XOVSUH9DOHD6ĆULL6SXQHĦLLFĆUXĦDüXOXLFDP
GDW RUGLQ VĆ YĆ GXFĆ üL SH GXPQHDYRDVWUĆ SkQĆ
DFRORµ
 )ĆUĆ VĆ PDL VSXQĆ XQ FXYkQW VXEORFRWHQHQWXO
*DYULOĆDGLVSĆUXWvQEH]QDQRSĦLL
 5ĆPkQkQG VLQJXU DP VLPĦLW R ELQHIĆFĆWRDUH
XüXUDUH (UDP GLQ QRX OLEHU 0DP GXV vQ FXUWH DP
YĆ]XW FĆUXĦD FDUH VH SUHD vQFĆUFDVH GH RDPHQL üL PLDP
GDW VHDPD FĆ QX PDL DUH QLFLXQ URVW VĆL PDL WUDQVPLW
FĆUXĦDüXOXLRUGLQXOGDWGHVHFXULVW6LPĦHDPSDUFĆQHYRLD
GH D QX PDL GHSLQGH GH QLPHQL GH D IL OĆVDW VĆ PĆ
GHVFXUF VLQJXU 0DP EXFXUDW FKLDU FDP VFĆSDW GH
FRPELQDĦLDFXFĆUXĦDFDUHWUDQVSRUWDIXQFĦLRQDULUDLRQDOL
3ULQWUH HL VDU IL SXWXW DIOD üL XQLL FDUH PĆ FXQRüWHDX
)ĆUĆQGRLDOĆ PDU ILQWUHEDW FH FDXW SULQ 1ĆUXMD OD DFHD
RUĆ
 $P LHüLW UHSHGH OD üRVHD üL PDP DüWHUQXW
GUXPXOXL 2 UH]HUYĆ GH HQHUJLH PDL FXUkQG SVLKLFĆ D
IĆFXW VĆ GLVSDUĆ GLQ PLQH RULFH XUPĆ GH RERVHDOĆ
*UĆEHDPSDVXOFDVDMXQJDFDVĆvQDLQWHGHDVHOXPLQDGH
]LXĆ $P OĆVDW vQ XUPĆ XOWLPHOH FDVH DOH 1ĆUXMHL 3HR
GLVWDQĦĆ GH  NP QX VH DIOĆ QLFLR ORFXLQĦĆ RPHQHDVFĆ
'UXPXO vüL DUH WUDVHXO DSURDSH SDUDOHO FX DSD 1ĆUXMHL
1X VDXGH GHFkW YXLHWXO DSHL FDUH ]EĆWkQGXVH  SULQWUH
PXQĦL FDSĆWĆ XQHRUL DPSORDUH GH WXQHW 'LQ FkQG vQ
FkQGFkWHRSDVĆUHGHQRDSWH]EXUkQGSHGHDVXSUDPHD
 
VSDUJH vQWXQHULFXO FX ĦLSĆWXO HL VLQLVWUX 3H XQ SRHW VDX
XQ FRPSR]LWRU DFHVW IDUPHF DO VĆOEĆWLFLHL QDWXULL LDU
LPSUHVLRQDSRDWHDOWIHO3HQWUXPLQHvQVĆDELDVFĆSDWGLQ
JKHDUHOH 6HFXULWĆĦLL WRDWH DFHVWH IHQRPHQH QX PĆ SRW
LPSUHVLRQD GHFkW FD QLüWH SUHYHVWLUL VXPEUH DGXFĆWRDUH
GH QHQRURFLUL VDX GH PRDUWH 'LQ GHSĆUWDUH VDXGH
]JRPRWXOXQHLFĆUXĦH3HVWHPĆVXUĆvQFĆUFDWĆFXRDPHQL
HD WUHFH SH OkQJĆ PLQH vQ WUDSXO IRUĦDW DO FDLORU IĆUĆ FD
FLQHYD VĆ PĆ EDJH vQ VHDPĆ $MXQJ OD *UXPD] 1X HVWH
XQVDWFLORFXOXQGHDSD3XWQHLYHQLQGGLQVSUH%kUVHüWL
DVSDUWSHGHGHVXEWXQPDVLYGHVWkQFLFURLQGXüLGUXP
PDL VFXUW vQWkOQLQGXVH OD FkWHYD VXWH GH PHWUL FX DSHOH
=ĆEDOHLüLDOH1ĆUXMHL$LFLDSDFORFRWHüWHFDQWUXQFD]DQ
(VWH ORFXO FHO PDL SHULFXORV GH SH WUDVHX 7UHFkQG
QRDSWHD FLQHYD WH SRDWH DWDFD IĆUĆ VĆ DL YUHR üDQVĆ GH
VFĆSDUH ILLQGFĆ QLPHQL QX WH SRDWH DX]L GLQ FDX]D
]JRPRWXOXL DSHL 6H VSXQH FĆ VDX vQWkPSODW PXOWH
GLVSDULĦLLGHRDPHQLvQDFHVWORF
 $MXQJ FX ELQH vQ VDWXO 3ULVDFD ( XQ VDW PLF FX
FDVHOH DGXQDWH FD VWXSLL vQWUR SULVDFĆ 0DL SDUFXUJ GRL
NLORPHWUL üL LQWUX vQ 9DOHD 6ĆULL *UĆEHVF SDVXO vQ
VSHUDQĦDVĆSULQGDXWREX]XO$MXQJvQVWDĦLHGDUDFRORQX
PDLHUDQLPHQLÍQFĆüDSWHNLORPHWULüLYRLILDFDVĆ6RĦLD
üL IHWLĦHOH PDL QXWUHVF RDUH YUHR VSHUDQĦĆ FĆ PĆ PDL
vQWRUF"
 $PWUHFXWüLGH&RODFX%DOWD&RODFXOXLvüLDUHüLHD
OHJHQGDHLGHSHYUHPHDWXUFLORU«
 6FDIDUL 6DWXO GRDUPH 'RUP üL DL PHL %DW XüRU vQ
JHDP0ĆQWkPSLQĆVRĦLD
− 'HFLQHDLIRVWFKHPDW"
− 'H6HFXULWDWH

 
$UHVWĆULOH

 3RWULYLW DGUHVHL QU  GLQ  LXQLH  D
&RQVLOLXOXL 6HFXULWĆĦLL  6WDWXOXL DP IRVW SULYDW GH
OLEHUWDWH vQ GHFXUVXO D GRXĆ SHULRDGH  LXQLH   
DSULOLHLDQXDULHLXOLH

3ULPDDUHVWDUH

 0Ć DIODP vQ QRDSWHD GH  VSUH  LXOLH  FX
VRĦLD OD &ĆPLQXO FXOWXUDO GLQ 9LGUD XQGH IĆFHDP
UHSHWLĦLH FX FRUXO FĆPLQXOXL SHQWUX D SDUWLFLSD OD XQ
FRQFXUV SURJUDPDW FDP SH OD VIkUüLWXO OXQLL LXOLH OD
)RFüDQL 1X PLDP GDW VHDPD GLQ FH PRWLY vQ WLPSXO
UHSHWLĦLHL XQ SOXWRQLHU GH PLOLĦLH GHVFKLGHD GLQ FkQG vQ
FkQGXüDSULYHDFkWHXQPLQXWGRXĆvQĆXQWUXDSRLSOHFD
IĆUĆVĆQWUHEHFHYD'XSĆWHUPLQDUHDUHSHWLĦLHLFDPvQWUH
RUHOH  DP LHüLW vPSUHXQĆ FX VRĦLD VĆ PHUJHP DFDVĆ
ÍQSRDUWĆEUXVFXQRILĦHUGHVHFXULWDWHPLDSXVODQWHUQD
QRFKLVSXQkQGXPLVĆOXUPH]6XESUHWH[WFĆWUHEXLHVĆ
GDX R GHFODUDĦLH DP IRVW GXV OD SRVWXO GH PLOLĦLH GLQ
FRPXQĆüLLQWURGXVvQWURFDPHUĆIĆUĆOXPLQĆ6RĦLDPHD
UĆPDVĆvQVDOD&ĆPLQXOXLFXOWXUDOYĆ]kQGFĆQXPĆPDL
vQWRUF vQVRĦLWĆ GH 9DVLOH ĥkUGHD GLUHFWRUXO FĆPLQXOXL D
YHQLWODSRVWXOGHPLOLĦLHVĆYDGĆFHVHQWkPSOĆFXPLQH
ÍQ PRPHQWXO DFHOD DP IRVW VFRV DIDUĆ )ĆUĆ QLFLXQ
GRFXPHQWFDUHVĆGRYHGHDVFĆOHJDOLWDWHDDFĦLXQLLORUIĆUĆ
QLFLRGHFODUDĦLHGHDUHVWDUHWUHLPLOLĦLHQLüLGRLRILĦHULGH
VHFXULWDWHQHDXvQFDGUDWSHPLQHüLSHVRĦLDPHDüLQHDX
VSXVVĆPHUJHPODORFXLQĦDQRDVWUĆ
 7UHFXVH GH PLH]XO QRSĦLL FkQG DP DMXQV DFDVĆ
 
&HOHGRXĆIHWLĦH&RUQHOLDüL2OJXĦDSULPDvQFODVDD,9D
FHDODOWĆ vQ FODVD , GRUPHDX OLQLüWLWH /D LQWUDUHD FHORU
FLQFLPLOLWDULVDXWUH]LWFXRYĆGLWĆVSDLPĆSHIHĦHOHORU
6HFXULüWLL QHDX VSXV FĆ YRU VĆ IDFĆ SHUFKH]LĦLH OD SDWXUL
)HWLĦHOH DX IRVW DüH]DWH MRV SH R SODSXPĆ vQ WLPS FH HL
VFRWRFHDXSULQFDVĆ)LLQGFĆORFXLDPODüFRDOĆDXLQWUDWüL
vQVDODGHFODVĆÍQVHUWDUXOFDWHGUHLDXGDWSHVWHGRVDUXO
FXDFWHOHPHOHSHUVRQDOHSHFDUHOHDXOXDWFXHL'RVDUXO
FRQĦLQHD WRDWH DFWHOH GLQ vQYĆĦĆPkQW GLSORPD GH
FDSDFLWDWH RUGLQXO GH QXPLUH vQ vQYĆĦĆPkQW GHWDüĆUL
WUDQVIHUĆUL FRQFHGLL HWF WRDWH vQ RULJLQDO 6H PDL DIODX
DFRORüLPDWHULDOHGLQWLPSXOFDPSDQLLORUPLOLWDUHODFDUH
SDUWLFLSDVHPGHFRUDĦLLEUHYHWHSUHFXPüLXQUDSRUWSH
SDJLQL DO FRORQHOXOXL 7RWX (OHIWHULH FRPDQGDQWXO
5HJLPHQWXOXL  'RUREDQĦL ² )RFüDQL FDUH FRQĦLQHD
SURSXQHUHD OD GHFRUDUHD PHD FX 2UGLQXO ´0LKDL
9LWHD]XOµ FODVD D ,,,D FX 6SDGH 3DQJOLFĆ GH ´9LUWXWH
0LOLWDUƵ FX Å)UXQ]H GH 6WHMDUµ SHQWUX IDSWH GH DUPH
GHRVHELWH ÍQ WUHDFĆW ILH VSXV DFHVWH GRFXPHQWH
LPSRUWDQWH QX PLDX PDL IRVW vQDSRLDWH QLFLRGDWĆ
FRQVWLWXLQG SHQWUX PLQH LPHQVH GLILFXOWĆĦL OD DOFĆWXLUHD
GRVDUXOXLGHSHQVLH
 /D WHUPLQDUHD SHUFKH]LĦLHL VXEORFRWHQHQWXO 6WRLFD
DMXQVPDLWkU]LXFRPDQGDQWXOVHFXULWĆĦLLGLQ)RFüDQLVD
DGUHVDWVRĦLHLPHOH
− Å'DĦLLVFKLPEXULüLFHFUHGHĦLFĆLPDLWUHEXLHILLQGFĆ
GkQVXOPHUJHFXQRLµ/DDX]XODFHVWRUFXYLQWHIHWLĦD
FHDPDLPDUHDL]EXFQLWvQSOkQVÍQWUHWLPSRPDüLQĆ
,06VRVLVHODüFRDOĆ
 $P SOHFDW üL WLPS GH DSURDSH GRL DQL QX PLDP
PDLYĆ]XWIDPLOLD
 
 /D )RFüDQL vQ FXUWHD 6HFXULWĆĦLL IXVHVHUĆ DGXüL vQ
FXUVXO QRSĦLL PXOĦL RDPHQL 8Q FDPLRQ GH PDUH
FDSDFLWDWH VWDĦLRQD DFROR SUHJĆWLW SHQWUX XQ GUXP OXQJ
1L VD GDW RUGLQ VĆ XUFĆP vQ HO $X XUFDW üL FkĦLYD
VHFXULüWLFXSLVWRDOHPLWUDOLHUĆ7RWHLQHDXSXVFĆWXüHOD
PkLQL $P IRVW OHJDĦL GRL FkWH GRL (X DP vPSĆUĦLW
VXIHULQĦDFXvQYĆĦĆWRUXO9DVLOLXGLQ%kUODG&kQGWRWXOD
IRVW JDWD QL VD VSXV Å3OHFĆP OD XQ GUXP PDL OXQJ 6Ć
QX vQFHUFDĦL VĆ VĆULĦL GLQ PDüLQĆ FĆ YĆ UXSHĦL PkLQLOH üL
SLFLRDUHOHµ1LVDDWUDVDSRLDWHQĦLDDVXSUDFĆWXüHORU$P
IRVW´VIĆWXLĦLµVĆHYLWĆPPLüFĆULOHILLQGFĆDFHVWHGLDEROLFH
LQVWUXPHQWHODRULFHPLüFDUHVHVWUkQJDXWRPDW
 /D SULPD DWHQĦLRQDUH QHDP FRQIRUPDW FX WRĦLL
GHRDUHFH QLPHQL QX DYHD LQWHQĦLD VĆ VH VLQXFLGĆ VĆULQG
GLQ PDüLQĆ &HD GHD GRXD QD PDL GHSLQV GH QRL
ÍQWUXFkWPDüLQDYLUDvQWUXQDVSUHVWkQJDVDXGUHDSWDvQ
GHSĆüLULVDXODFRWLWXULPLüFĆULOHQXSXWHDXILHYLWDWH1H
XLWDP FX VSDLPĆ OD DFHVWH EOHVWHPDWH XQHOWH GH WRUWXUĆ
FDUHVWUĆOXFHDXGLDEROLFvQEĆWDLDVRDUHOXLüLDOHFĆURUFROĦL
LQWUDX WRW PDL DGkQF vQ FDUQHD QRDVWUĆ üL DüWHSWDP FX
GLVSHUDUHFDPDüLQDVĆVHRSUHDVFĆ
 6HDUD SHQWXQHULF LQWUDP vQ %kUODG $FROR HUD
5HJLXQHD GXSĆ XOWLPD vPSĆUĦLUH DGPLQLVWUDWLYĆ ÍQ FHO
PDL GHVĆYkUüLW VHFUHW PDüLQD HVWH EĆJDWĆ FX VSDWHOH vQWU
XQ IHO GH JDQJ 3H UkQG DP IRVW vPSLQüL vQWUR FDPHUĆ
VSDĦLRDVĆ XQGH QL VDX VFRV FĆWXüHOH 0kLQLOH QRDVWUH
HUDX SDUFĆ PXüFDWH GH FkLQL &XUJHD VkQJH 1HDP GDW
VHDPDFĆQHDIODPODVHGLXO6HFXULWĆĦLL5HJLRQDOH
 $LFLQXVDXIĆFXWDQFKHWH
 'XSĆWUHL]LOHWRWQRDSWHDDPIRVWvQFĆUFDĦLvQGXEHüL
WUDQVSRUWDĦL OD R JDUQLWXUĆ GH WUHQ WUDV vQ JDUĆ SHR OLQLH
 
PRDUWĆ1DPSXWXWvQFKLGHXQRFKL1XüWLDPXQGHQHYRU
GXFH 8QLL SUHVXSXQHDX FĆ GHVWLQDĦLD YD IL 5XVLD (UDP
PXOĦL'LQWRDWĆUHJLXQHDDXIRVWDGXQDĦLGHRDPHQL
1XPDL GH OD )RFüDQL HUDP SHVWH  7UHQXO FX YDJRDQH GH
PDUIĆvQFKLVHFXREORDQHIXVHVHVSHFLDOSUHJĆWLWSHQWUXWUHDED
DVWD
 3XĦLQGXSĆPLH]XOQRSĦLLJDUQLWXUDGHWUHQVDSXVvQ
PLüFDUH 1H VWUĆGXLDP VĆ QH RULHQWĆP DVXSUD GLUHFĦLHL GH
PHUV 'DFĆ DYHD VĆ PHDUJĆ VSUH 1RUG VRDUWD QRDVWUĆ HUD
SHFHWOXLWĆGDFĆüLYDOXDGLUHFĦLDVSUH6XGVLJXUYRPUĆPkQH
vQ ĦDUĆ ûL VODYĆ 'RPQXOXL QHDP GDW VHDPD GHVWXO GH
UHSHGH GXSĆ FRQYRUELULOH GH SH SHURDQH FĆ QH vQGUHSWDP
VSUH 6XG ,DWĆ 0ĆUĆüHüWLL )RFüDQLL 5kPQLFX 6ĆUDW %X]ĆX
3ORLHüWL%XFXUHüWL7UHQXODWUDVGLQQRXSHROLQLHPRDUWĆüL
GRVQLFĆVĆQXILPYĆ]XĦLGHOXPH

 /DJĆUXO*KHQFHD

 $LFL JĆVLP VXWH üL VXWH GH RDPHQL GLQ WRDWH UHJLXQLOH
ĦĆULL /DJĆUXO GLVSXQH GH ]HFL GH EDUĆFL vQ ILHFDUH SXWkQG IL
vQJKHVXLWH DSUR[LPDWLY GRXĆ VXWH GH SHUVRDQH ÍQ DFHVWH
EDUĆFL DX IRVW FD]DWH WUXSHOH JHUPDQH vQ WLPSXO FHOXL GHDO
GRLOHDUĆ]ERL PRQGLDO*KHQFHD QXHVWH XQ ORF GH LVSĆüLUH D
SHGHSVHORUSHQDOHFLXQODJĆUGHWUDQ]LĦLH&KLDUGHDGRXD]L
GXSĆ LQVWDODUHD QRDVWUĆ DX vQFHSXW DQFKHWHOH 1HDP GDW
VHDPDFĆVHSURFHGDODQLüWHFHUFHWĆULIXOJHUSHQWUXDILPXWDĦL
FkWPDLUHSHGHvQDOWHORFXUL
 LXOLH6HGĆRUGLQVĆLQWUĆPvQEDUĆFL$SDU
PXOĦL RILĦHUL GH VHFXULWDWH 0DMRULWDWHD DX JUDGXO GH
ORFRWHQHQWPDMRU ,QWUĆ üL vQ EDUDFD vQ FDUH PĆ DIOX HX
YUHR]HFH´EĆLHĦLµWLQHULüLIUXPRüLvPEUĆFDĦLvQXQLIRUPH

 
OX[RDVH FX FL]PHOH OXVWUXLWH FD ODFXO üL LQVWDOkQGXVH
ILHFDUH OD FkWHR PĆVXĦĆ DGXVĆ vQ GLPLQHDĦD DFHHD vQFHS
VĆ VWULJH QXPHOH D FkWH XQXL GHĦLQXW SH FDUH vO LDX vQ
SULPLUH SHQWUX DQFKHWĆ ÍQ PDL SXĦLQ GHR MXPĆWDWH GH
RUĆ DWPRVIHUD OLQLüWLWĆ GH SkQĆ DWXQFL VH WUDQVIRUPĆ vQ
YDFDUP )LHFDUH DQFKHWDWRU SURFHGD vQ IHOXO OXL FĆXWkQG
VĆ VFRDWĆ GH OD ´FOLHQWXOµ VĆX FkW PDL PXOW FX SXWLQĦĆ
 3HQWUX vQGHSOLQLUHD VFRSXOXL FX WRĦLL VDX IRORVLW
vQFĆ GH OD vQFHSXW GH PHWRGD LQWLPLGĆULL D GXULWĆĦLL ÍĦL
RIHUHDPDLvQWkLRĦLJDUĆüLGDFĆUĆVSXQVXULOHODvQWUHEĆULOH
DQFKHWDWRUXOXLQXHUDXSHPĆVXUDDüWHSWĆULORUGHĦLQXWXO
HUDLQVXOWDWvQMXUDWüLORYLW
 ÍQ ]LXD XUPĆWRDUH PLD YHQLW üL PLH UkQGXO $
vQFHSXWIUXPRVPDQLHUDW0LVDRIHULWRĦLJDUĆ$PVSXV
FĆQXVXQWIXPĆWRU%UXVFDPIRVWFUXQWORYLW$LQVLVWDW
VĆLVSXQQXPHOHFRQVSLUDWLYGLQDFWLYLWDWHDPHDSROLWLFĆ
,DP UĆVSXQV FĆ QX DP DYXW QLFLRGDWĆ XQ QXPH
FRQVSLUDWLY 3ORDLH GH SXPQL DQFHSXW DWXQFL VĆ FDGĆ
SHVWHFDSXOPHX/RYHDüLUkGHD&ĆORYHDDPGHVOXüLWGH
FH &Ć UkGHD QDP vQĦHOHV QLFL SkQĆ D]L ûWLDP QXPDL FĆ
EHVWLLOH üL FULPLQDOLL DX vQ ILUHD ORU IHURFLWDWHD 'DU FD XQ
RPFXLQVWLQFWHGHILDUĆVĆüLGHYRUH]HSUDGDüLQDFHODüL
WLPSVĆüLUkGĆDVHPHQHDPDQLIHVWDUHQXPLDPSXWXWR
H[SOLFDQLFLRGDWĆ$PUH]LVWDW$QFKHWDDGXUDWFDPGRXĆ
RUH  ÍQ ]LXD XUPĆWRDUH FDOYDUXO D UHvQFHSXW &X DFHOHDüL
PHWRGH 'XSĆ WUHL ]LOH GH FKLQ DP IRVW OĆVDW vQ SDFH 1
DP FXQRVFXW QXPHOH DQFKHWDWRUXOXL üL QLFL FRQFOX]LLOH
VDOH DVXSUD DQFKHWHL ÍQ EDUDFĆ vQ DFHOHDüL FRQGLĦLL
FRQWLQXDXDQFKHWHOHFXDOĦLGHĦLQXĦL
 3RDWH H ELQH GH üWLXW FXP GHFXUJHD YLDĦD QRDVWUĆ
vQWUR DVHPHQHD EDUDFĆ )LLQG OXQD OXL ´FXSWRUµ VH
 
DüH]DVHUĆ SHVWH QRL QLüWH FĆOGXUL FX DGHYĆUDW FDQLFXODUH
1RDSWHDvQEDUDFĆDHUXOHUDvPEkFVLWGHPLURVXODGRXĆ
VXWHGHWUXSXULQHVSĆODWHDPHVWHFDWFXPLURVXO XULQHLüL
IHFDOHORU UĆVSkQGLWH SH MRV ILLQGFĆ KkUGĆXO SHQWUX
QHFHVLWĆĦL VH XPSOHD GH OD SULPD RUĆ GXSĆ vQFKLGHUH ÍĦL
WUHEXLD R SXWHUQLFĆ IRUĦĆ OĆXQWULFĆ VĆ SRĦL VXSRUWD  SkQĆ
GLPLQHDĦD OD GHVFKLGHUH DFHD DWPRVIHUĆ SHVWLOHQĦLDOĆ
FDUHSOXWHDGHODSRGHDSkQĆQWDYDQ'LQFDX]DPL]HULHL
üL D KUDQHL SURDVWH XQ QXPĆU PDUH GH RDPHQL VDX
vPEROQĆYLW GH GL]HQWHULH 0DP vPEROQĆYLW üL HX
$VLVWHQĦD PHGLFDOĆ HUD LQH[LVWHQWĆ $YHDP IHEUĆ PDUH üL
QX PDL SXWHDP PkQFD QLPLF 2 VHWH vQVSĆLPkQWĆWRDUH
vPLFKLQXLDWUXSXO%X]HOHüLOLPEDvPLDUGHDX2OLQJXUĆ
FXDSĆLQWURGXVĆvQVWRPDFDUILvQVHPQDWVIkUüLWXO0XOĦL
DXPXULWSHQWUXFĆQXüLDXSXWXWvQIUkQDVHWHD
 7LPS GH WUHL VĆSWĆPkQL DüD VD GHUXODW YLDĦD
QRDVWUĆvQODJĆUXOGHOD*KHQFHD«

 DXJXVW&DQDOXO

 2 JDUQLWXUĆ VSHFLDOĆ FX YDJRDQH GH FODVD D ,,D
WUDQVSRUWDXQORWGHGHĦLQXĦLGHOD*KHQFHDOD&DQDO
7UHQXO D IRVW RSULW vQ VWDĦLD 'RUREDQĦL ÍQ DFHO ORW PĆ
DIODPüLHX
 ÍQJDUĆQHDüWHSWDRFRPSDQLHGHVHFXULüWLvQDUPDĦL
üL FkLQL GUHVDĦL SHQWUX XUPĆULUHD RDPHQLORU $P IRVW
FRERUkĦLFXEUXVFĆULYLROHQWHüLQLVDRUGRQDWSHWRQUĆVWLW
VĆQHQFRORQĆP´SHFLQFLµÍQFRORQDUHDVDIĆFXWUHSHGHüL
FRPSDQLDGHVHFXULüWLQHDvQFDGUDWSĆVWUkQGvQWUHQRLüL
HL GLVWDQĦD GH FLQFL PHWUL &RORDQD OXQJĆ GHR MXPĆWDWH
GHNLORPHWUXVDSXVvQPLüFDUH3D]QLFLLUĆFQHDXWRĦL´VĆ
 
ĦLQHP DSURDSHµ 1HQGUHSWDP VSUH R GLUHFĦLH
QHFXQRVFXWĆ &ĆOGXUD DFHOXL DXJXVW GH IRF QHQĆEXüHD
SUDIXO QHQHFD  LDU UĆFQHWHOH SD]QLFLORU  QH H[DVSHUDX
$YHDPvQIDĦDRFKLORULPDJLQHDDFHOXLFRQYRLVLQLVWUXGLQ
5XVLD´SRKRGQD6LELUµ«

 &RDVWD*DOHü

 'XSĆ YUHR FkWHYD RUH GH PDUü vQFHSHP VĆ
vQWUH]ĆULPvQGHSĆUWDUHVLOXHWHOHFkWRUYDFĆVXĦHDUXQFDWH
SDUFĆ SHR FRDVWĆ GH GHDO $SURSLLQGXQH GHVOXüLP
FRQWXUXO XQXL VDW 7UHFHP SULQ HO IĆUĆ VĆL FXQRDüWHP
QXPHOH8UFĆPFRDVWD'HDVXSUDQLVHQIĆĦLüHD]ĆODJĆUXO
6H GHVFKLG SRUĦLOH ,QWUĆP ûLDLFL ]HFL GH EDUĆFL PRGHO
´*KHQFHDµÍQPLMORFXOODJĆUXOXLXQFDUHXPDUH6XQWHP
DüH]DĦLFDSHQWUXDSULPLYL]LWDYUHXQHL´PĆULPLµ$SDUH
GLQWUREDUDFĆPDLOX[RDVĆXQJUXSGHRILĦHULvQIUXQWHFX
FRPDQGDQWXO ODJĆUXOXL DYHDP VĆL DIOĆP PDL WkU]LX
QXPHOH ORFRWHQHQW PDMRU 3HWULFĆ ÍQWUR WĆFHUH GH
PRUPkQWvQFHSHVĆYRUEHDVFĆ
− Å/XDĦLDPLQWHODFHHDFHYĆYRLVSXQHYĆDIODĦLDLFLvQ
ODJĆUXO GH OD &RDVWD *DOHü $ĦL IRVW DGXüL VĆ PXQFLĦL
'H IHOXO FXP YHĦL PXQFL DüD YHĦL REĦLQH HOLEHUDUHD
1X XLWDĦL GLQ PRPHQW FH YĆ DIODĦL DLFL VXQWHĦL WRW FH
DUHPDLUĆXVRFLHWDWHDVFXUVXULOHVRFLHWĆĦLLVXQWHĦLYRL
9HĦL OXFUD OD GHVFĆUFĆUL 9HĦL IL UHSDUWL]DĦL FkWH SDWUX
RDPHQL OD YDJRQ 9DJRQXO YD IL GHVFĆUFDW vQ  GH
PLQXWH&LQHvQWkU]LHYDILSHGHSVLW1RLQXYRPDYHD
YUHR YLQĆ GDFĆ YHĦL PXUL vQ WLPSXO PXQFLL 'H YHĦL
PXUL  vQWUR ]L vQFKHLHP XQ VLPSOX SURFHVYHUEDO
üLWHUPLQĆPFXYRLµ
 
 1HDP GDW VHDPD FĆ DLFL YD IL PRUPkQWXO QRVWUX
'LQ DFHDVWĆ QHQRURFLUH QLPHQL QX QH PDL SRDWH VDOYD
GHFkW'XPQH]HX
 'XSĆ FXYkQWXO FRPDQGDQWXOXL D XUPDW
UHSDUWL]DUHDQRDVWUĆSHEULJĆ]LGHFkWHRSW]HFLGHRDPHQL
)LHFDUHEULJDGĆDIRVW GDWĆvQSULPLUHXQXLEULJDGLHUWRW
GHĦLQXWGDUGHGUHSWFRPXQ3HDFHüWLDLDPJĆVLWDFROR
(LQXDYHDXQLPLFFRPXQFXSROLWLFD(UDXIRüWLPLOLĦLHQL
üLVHFXULüWLFRQGDPQDĦLSHQWUXGLIHULWHLQIUDFĦLXQLODOHJLOH
SHQDOH$FXPHUDXVFRüLGHODPXQFĆüL´XQüLµüHILSHVWH
EULJĆ]LOH GH SROLWLFL &HDX vQVHPQDW DFHüWL EULJDGLHUL
SHQWUX ]LOHOH QRDVWUHWUĆLWH vQ ODJĆUYHĦLYHGHD vQ FHOH FH
XUPHD]Ć
 3kQĆ VHDUD DP DIODW FĆ QXPĆUXO GHĦLQXĦLORU GH OD
&RDVWD *DOHü DMXQVHVH vQ MXU GH WUHL PLL 7UHL PLL GH
´VFXUVXULµ DOH VRFLHWĆĦLL GH ´WRW FH DUH PDL UĆX
VRFLHWDWHDµ SRWULYLW DSUHFLHULL ´WRYDUĆüXOXLµ ORFRWHQHQW
PDMRU3HWULFĆ
 3HSURIHVLXQLDFHüWLWUHLPLLGHRDPHQLHUDXĦĆUDQL
PXQFLWRUL üL LQWHOHFWXDOL ÍQWUH LQWHOHFWXDOL vQWUR RUGLQH
QXPHULFĆ VH DIODX LQJLQHUL SUHRĦL vQYĆĦĆWRUL SURIHVRUL
GRFWRUL DYRFDĦL PLOLWDUL üL MXGHFĆWRUL ,DWĆ GHFL
´VFXUVXULOHµÅOHSĆGĆWXULOHµüL´SOHDYDµVRFLHWĆĦLLDGXQDĦL
DLFLvQWUHVkUPHJKLPSDWHSHQWUXRVkQGĆüLH[WHUPLQDUH
 )ĆUĆ VĆ DP R VWDWLVWLFĆ H[DFWĆ üL IĆUĆ VĆ IL FHUXW
FXLYD YUHR SĆUHUH FUHG FĆ QX JUHüHVF GDFĆ DSUHFLH] FĆ
LQWHOHFWXDOLL HUDX SHVWH SURFHQWXO GH  ÍQ SHULRDGD
FHORU SDWUX]HFL üL FLQFL GH DQL GH FRPXQLVP GLVWUXJHUHD
üL H[WHUPLQDUHD LQWHOHFWXDOLWĆĦLL URPkQHüWL D IRVW XQXO
GLQWUH RELHFWLYHOH FHOH PDL LPSRUWDQWH DOH SROLWLFLL
PDU[LVWH *XODJXULOH üL SXüFĆULLOH DX UĆVĆULW SHVWH WRW OD
 
WRDWH SRSRDUHOH FDUH DX DYXW QHüDQVD VĆ IL FĆ]XW vQ VIHUD
GHLQIOXHQĦĆD8566XOXL

 DXJXVW3ULPD]LGHURELH

 $P SHWUHFXW R QRDSWH ]EXFLXPDWĆ $]L H
VĆUEĆWRDUHPDUH$GRUPLUHD0DLFLL'RPQXOXL
 6D GDW GHüWHSWDUHD OD RUD  1L VD VHUYLW OD
UHSH]HDOĆ QLüWH VXURJDW GH FHDL FX R IHOLH GH SkLQH 6D
RUGRQDW vQFRORQDUHD EULJĆ]LORU SH ORFXO GH DGXQDUH (X
HUDP vQFDGUDW OD EULJDGD D ,,,D %ULJDGLHUXO QRVWUX DYHD
XQQXPHXQJXUHVF*UR1XHUDXQRPGLQFDOHDIDUĆGH
UĆXQXODPYĆ]XWQLFLRGDWĆEĆWkQGSHFLQHYDGDUUĆFQHD
WRW WLPSXO vQJUR]LWRU üL IĆUĆ PRWLY $ XUPDW
QXPĆUĆWRDUHDFDUHDGXUDWPDLELQHGHRRUĆ9RPYHGHD
PDL WkU]LX FĆ DFHVWH ´QXPĆUĆWRULµ GXUDX VHDUD OD
vQFKLGHUH RUH vQWUHJL ILLQGFĆ QLFLRGDWĆ QX OH LHüHD
QXPĆUXOODSULPDVWULJDUH
 ( RUD FLQFL üL MXPĆWDWH 6H GĆ RUGLQ GH LHüLUH ÍQ
SRDUWĆFXSULYLUHDvQFUXQWDWĆvQVRĦLWGHPLOLĦLHQLüLFkLQL
SROLĦLüWL VWĆ FRPDQGDQWXO ODJĆUXOXL %ULJĆ]LOH vQ SDV GH
GHILODUH WUHF SULQ IDĦD OXL 'HILOĆP üL QRL 5HVSLUĆP
XüXUDĦL $P VFĆSDW GH VWUkQVRDUHD ODJĆUXOXL /D RUD 
LQWUĆP SH üDQWLHU 1L VH GLVWULEXLH ORSHĦL GDU QX ORSHĦL
RELüQXLWH6XQWQLüWHXQHOWHIRDUWHJUHOHFXFR]LGHVWHMDU
SOLQHFXQRGXULÍQWLPSFHVHPSĆUĦHDXXQHOWHOHDVRVLWR
JDUQLWXUĆ GH WUHQ FX GRXĆ]HFL GH YDJRDQHSODWIRUPĆ
vQFĆUFDWHFXSĆPkQWDPHVWHFDWFXERORYDQLüLEXFĆĦLPDUL
GHVWkQFLYDJRDQHFHIXVHVHUĆXPSOXWHODFDSDFLWDWHDORU
PD[LPĆ$FHVWDPHVWHFGHSĆPkQWFXERORYDQLHUDXQHRUL
XG üL SUHVDW GLQ FDX]D FĆGHULL GH OD vQĆOĦLPH GLQ FXSD
 
H[FDYDWRUXOXL 1L VD DWUDV DWHQĦLD FĆ SHQWUX D FküWLJD
WLPS ORSDWD VH YD PkQXL ´WRSRUĆüWHµ WHUPHQ DX]LW üL
IRORVLW SHQWUX SULPD RDUĆ vQ DFHVW LQIHUQ ÍQ SDV
DOHUJĆWRU HFKLSH GH FkWH SDWUX DP XUFDW SH YDJRDQH
'XSĆWUHL]HFLüLüDVHGHPLQXWHJDUQLWXUDWUHEXLDVĆLDVĆ
GLQ ]RQĆ 1LPHQL QX VFRWHD XQ FXYkQW 1XPDL VWULJĆWHOH
EULJDGLHUXOXLFXvQMXUĆWXULüLDPHQLQĦĆULVĆULQGGHSHXQ
YDJRQSHDOWXODGXFHDXSDUFĆSUHVLPĦLULGHPRDUWH'HüL
ULWPXO GH OXFUX IXVHVH vQVSĆLPkQWĆWRU GH IRUĦDW QX
UHXüLVHUĆPVĆGHJDMĆPJDUQLWXUDGHFkWGXSĆSDWUX]HFLüL
FLQFL GH PLQXWH 1HEXQ GH IXULH EULJDGLHUXO D RUGRQDW
DGXQDUHD $P IRVW vQüLUXLĦL GHD OXQJXO PRYLOHORU GH
SĆPkQW GHVFĆUFDW FD VĆ H[HFXWĆP ´JDEDULWXOµ DGLFĆ VĆ
GHJDMĆP OLQLD 'LQ FOLSĆ vQ FOLSĆ WUHEXLD VĆ DSDUĆ R DOWĆ
JDUQLWXUĆ GH YDJRDQH FDUH QDU IL SXWXW LQWUD ILLQGFĆ
üLQHOH HUDX FRPSOHW DFRSHULWH $FHVW EOHVWHPDW GH
´JDEDULWµWUHEXLDIĆFXWvQWLPSXOFHOPDLVFXUW
 /DELVHULFDGLQYDOHWUĆJHDXFORSRWHOH(OHFKHPDX
SHFUHGLQFLRüLODvQFKLQĆFLXQHVĆDGXFĆ0DLFLL'RPQXOXL
SULQRVXOORUGHHYODYLHüLGHUXJĆ1HJkQGHDPFĆSRDWH
VH UXJDX üL SHQWUX QRL FXP IĆFHDP üL QRL vQ DQLL GLQ
XUPĆ QH UXJDP SHQWUX QRL üL SHQWUX DOĦLL $FXP QH
]EĆWHDP DLFL QHSXWLQFLRüL vQWUH YLDĦĆ üL PRDUWH VWUkQüL
]GUDYĆQvQJKHDUHOHFĆOĆLORU
 8Q üXLHU VWULGHQW üL vQILRUĆWRU GH ORFRPRWLYĆ
DQXQĦDLQWUDUHDSHüDQWLHUDFHOHLGHDGRXDJDUQLWXULFDUH
vQDLQWD FD XQ EDODXU VSUH WUXSXULOH QRDVWUH FKLQXLWH üL
LVWRYLWH ÍQ JUDED FHD PDL PDUH DP XUFDW GLQ QRX SH
YDJRDQH $PHQLQĦĆULOH üL vQMXUĆWXULOH EULJDGLHUXOXL QX
PDL IRORVHDX OD QLPLF 2DPHQLL PkQXLDX ORSHĦLOH FX
XOWLPD SLFĆWXUĆ GH HQHUJLH $P YĆ]XW vQ ILOPH JDOHUH
 
PkQDWH GH FRQGDPQDĦL FDUH DFFHOHUDX PLüFDUHD YkVOHORU
GXSĆEĆWĆLOHGHFLRFDQDOHüHIXOXL'HSHWUXSXULOHORUSH
MXPĆWDWHJRDOHFXUJHDXüLURDLHVXGRULOH&kWHXQXOGĆGHD
FDSXO SH VSDWH üL YkVOHOH vQFHWDX VĆ VH PDL PLüWH
1HQRURFLWXO vüL GĆGXVH VXIODUHD RGDWĆ FX  XOWLPXO VWURS
GH YODJĆ ÍQ SULYLQĦD HIRUWXOXL DVHPĆQDUHD HVWH LGHQWLFĆ
1RLDYHDPWRWXüLXQDYDQWDMOXFUDPvQDHUOLEHU
 'HJDMDUHDFHOHLGHDGRXDJDUQLWXULDGXUDWüLPDL
PXOWSHVWHFLQFL]HFLGHPLQXWH)ĆUĆQLFLRSDX]ĆDXUPDW
´JDEDULWXOµ 3kQĆ OD VIkUüLWXO SURJUDPXOXL GH OXFUX DP
PDL SXWXW GHVFĆUFD GRDU R JDUQLWXUĆ GH WUHQ 1RUPD
SHQWUXEULJDGDQRDVWUĆHUDvQVĆGHFLQFL
 /DRUDEULJDGLHUXODRUGRQDWvQFHWDUHDOXFUXOXL
6RVLVH VFKLPEXO GRL 2 DOWĆ EULJDGĆ GH QĆSĆVWXLĦL QH OXD
ORFXO 1HDP vQFRORQDW üL vQ PDUü IRUĦDW DP SRUQLW VSUH
FRORQLH +ĆPHVLĦL GH IRDPH üL GH RERVHDOĆ GH FXP DP
LQWUDWSHSRDUWDODJĆUXOXLEULJDGLHUXOÅFROHJXOQRVWUXGH
GHWHQĦLHµ D RUGRQDW ´FXOFDWµ $SRL ´WkUkü PDUüµ 7LPS
GHRRUĆüLMXPĆWDWHQHDSXUWDWSULQFXUWHDODJĆUXOXLFX
FRDWHOH üL FX JHQXQFKLL WkUkü GUHSW SHGHDSVĆ SHQWUX
´QHvQGHSOLQLUHDQRUPHLµ
 'XSĆ DVWD QL VD GDW PDVD  JU GH SkLQH üL R
FLRUEĆ GH YDU]Ć 'XSĆ DPLD]Ć SURJUDP GH OXFUX vQ
FXUWHD ODJĆUXOXL 0DVD GH VHDUĆ OD RUD  ÍQFKLGHUHD üL
VWLQJHUHD OD RUD  ÍQWUH PDVD GH VHDUĆ üL VWLQJHUH DYHD
ORFQXPĆUĆWRDUHDFDUHSXWHDVĆGXUH]HRUHvQüLUGDFĆQX
OH LHüHD QXPĆUXO 'H PXOWH RUL OD DFHVWH ´QXPĆUĆWRULµ
HUDP ĦLQXĦL SkQĆ FĆWUH PLH]XO QRSĦLL vQ SORDLH YkQW
QLQVRDUH VDX YLVFRO $üD D GHFXUV SULPD QRDVWUĆ ]L GH
PXQFĆOD&DQDOXO'XQĆUH0DUHD1HDJUĆ«

 
 7UHLOXQLGHJUHDüLFXPSOLWĆFDSWLYLWDWH

 DXJXVW3XWHUQLFüLSUHOXQJJRUQLVWXOVXQĆ
GHüWHSWDUHD(VWHRUD6ĆULPGHSHSULFLXUL1XVHDXGH
GHFkW IRüQHWXO vPEUĆFĆPLQWHL üL ERFĆQLWXO ERFDQFLORU SH
SRGHDGHüLVXQWHPSHVWHRVXWĆGHRDPHQLvQGRUPLWRU
 1L VH GĆ FHDLXO üL R IHOLXĦĆ GH SkLQH GXSĆ FDUH vQ
SDVDOHUJĆWRUQHDGXQĆPSHSODWRXSHQWUXQXPĆUĆWRDUH
/D RUD  VH GĆ VHPQDOXO GH LHüLUH ÍQ SRDUWĆ DFHODüL
ORFRWHQHQWPDMRU 3HWULFĆ vQVRĦLW GH VXLWD OXL SULPHüWH
GHILODUHD/DRUDSXQFWVXQWHPSHüDQWLHU
 $VWĆ]L FXP YRP OXFUD RDUH" 3DOPHOH QRDVWUH
GLQ FDX]D ORSHĦLORU UĆX SUHJĆWLWH VXQW QXPDL UĆQL ÍQ
WLPSXO PHUVXOXL GLQ ODJĆU SkQĆ OD üDQWLHU QL OHDP
vQIĆüXUDW FX FkUSH /D PDJD]LD GH XQHOWH vQJKHVXLDOĆ
PDUHILHFDUHUkYQHüWHVDSXFHRVFXOĆPDLEXQĆ
 ,QWUĆP vQ OXFUX 3kQĆ OD VRVLUHD XQHL JDUQLWXUL
IDFHP ´JDEDULWµ 'HJDMĆP UHSHGH OLQLD 6DXGH üXLHUXO
ORFRPRWLYHL 'HVFĆUFĆP XüRU SULPD JDUQLWXUĆ ILLQGFĆ
SĆPkQWXO HVWH XVFDW üL PĆUXQĦLüDW 3kQĆ OD RUD
VFKLPEXOXL VODYĆ 'RPXOXL L]EXWLP VĆ PDL IDFHP vQFĆ
WUHLJDUQLWXULGHWUHQ
 2UD  1DUH QLPHQL FHDV GDU QH GĆP VHDPD GH
VFXUJHUHD WLPSXOXL ILLQGFĆ vQ GHSĆUWDUH VH YHGH YHQLQG
VSUHQRLOXQJDFRORDQĆDVFKLPEXOXLGRL
 3kQĆ VDMXQJHP OD FRORQLH EULJDGLHUXO QD PDL
vQMXUDW QD PDL UĆFQLW OD QRL $P PHUV FD OD
vQPRUPkQWDUH vQWUR WĆFHUH GHVĆYkUüLWĆ $MXQüL ´DFDVƵ
VSUHVXUSULQGHUHDQRDVWUĆQXVDPDLRUGRQDW´FXOFDWµüL
QLFL ´WkUküPDUüµ FX EXUWD SH SĆPkQW SULQ FXUWHD
ODJĆUXOXL
 
 ÍQFHSHPVĆQHGHSULQGHPFXYLDĦDGHURE'XSĆR
VĆSWĆPkQĆ GH PXQFĆ H[FHVLY GH IRUĦDWĆ XQXO GLQWUH FHL
SDWUX FRHFKLSLHUL OD GHVFĆUFDUHD YDJRQXOXL QRVWUX VH
vPEROQĆYHüWH1XPLPDLDPLQWHVFQXPHOHOXL0DLUHĦLQ
GRDU LGHQWLWDWHD FHORUODOĦL GRL 9DVLOH &KLULĦĆ GLQ
0ĆUĆüHüWL üL vQYĆĦĆWRUXO &RQVWDQWLQ *UHFX GLQ 3DOWLQ
MXGHĦXO9UDQFHD/RFXOFHOXLEROQDYWULPLVODVSLWDOHVWH
OXDWGHXQPHGLFDUHVWDWSHQWUXDFWLYLWDWHSROLWLFĆVRFLDO
GHPRFUDWĆ PHPEUX DO SDUWLGXOXL FRQGXV GH 7LWHO
3HWUHVFX 1H GHFODUĆ GH OD vQFHSXW FĆ QD SXV PkQD
QLFLRGDWĆSHRORSDWĆ&kQGQHDYĆ]XWvQFHULWPOXFUDP
VDvQVSĆLPkQWDWÍQDFHD]LQRLDPGXVJUHXOPXQFLL1
DPIRVWFkWXüLGHSXĦLQVXSĆUDĦLSHHO/DPvQĦHOHV'DUüL
HO SH QRL &kQG GXSĆ RSW RUH VD GDW vQFHWDUHD OXFUXOXL
QHD IĆFXW XUPĆWRDUHD PĆUWXULVLUH ´QX YUHDX VĆ ILX R
SRYDUĆ SHQWUX GXPQHDYRDVWUĆ 0kLQH QX YRL PDL YHQL
9RL FHUH FRPDQGDQWXOXL ODJĆUXOXL VĆ PĆ IRORVHDVFĆ OD
LQILUPHULH 'DFĆ QXPL YD DSURED FHUHUHD VLQJXUD
DOWHUQDWLYĆ YD IL SOHFDUHD vQ WLPSXO QRSĦLL vQ VkUPH!
3UH]HQĦD PHD DLFL vQFĆ R ]L DU vQVHPQD FĆGHUHD
GXPQHDYRDVWUĆ 9Ć PXOĦXPHVF SHQWUX HIRUWXO GHSXV
DVWĆ]L 9Ć URJ VĆ SULPLĦL UHFXQRüWLQĦD PHDµ 5HJUHW GLQ
VXIOHW FĆ QDP UHĦLQXW QXPHOH DFHOXL PHGLF 8OWHULRU DP
DIODW FĆ D IRVW SULPLW OD LQILUPHULH SHQWUX D DFRUGD
DVLVWHQĦĆEROQDYLORUDOĆWXULGHFHLODOĦLPHGLFLGHĦLQXĦL





 
 
3ORLGHWRDPQĆ

 ÍQ 'REURJHD SORLOH GH WRDPQĆ VXQW UDUH üL GH
VFXUWĆ GXUDWĆ 'DU DQXO DFHVWD SDUFĆ VSUH D PĆUL üL PDL
PXOW FKLQXO QRVWUX RGDWĆ FX vQFHSXWXO OXQLL RFWRPEULH
HOH VDX ĦLQXW ODQĦ ]L GH ]L 5HJXODPHQWXO ODJĆUXOXL
SUHYHGHDPXQFDSHüDQWLHUüLSHWLPSGHSORDLHÍQDFHVWH
FRQGLĦLLQRUPDQXPDLSRDWHILvQGHSOLQLWĆ6HPXQFHüWH
H[WUHPGHJUHXLDUUDQGDPHQWXOHVWHGHRVHELWGHVODE6H
REĦLQH vQ VFKLPE FHYD IRDUWH LPSRUWDQW PĆFLQDUHD
VĆQĆWĆĦLLQRDVWUHFHHDFHGHDOWIHOVHüLXUPĆUHüWH
 1HDYkQG HFKLSDPHQW VSHFLDO SHQWUX PXQFD vQ
SORDLH VDX QLQVRDUH GHĦLQXĦLL OXFUHD]Ć vQ KDLQHOH üL
vQFĆOĦĆPLQWHD FX FDUH DX IRVW OXDĦL GHDFDVĆ /D WRW SDVXO
vQWkOQHüWLRDPHQLvQKDLQHGHYDUĆvQSDQWRILGHYDUĆVDX
FKLDUVDQGDOHDYkQGSHFDSFkWHREDWLVWĆVDXYUHRFkUSĆ
JĆVLWĆ SH XQGHYD =LOHOH SORLRDVH DX DGXV QRSĦL GHRVHELW
GHUHFLüLGLPLQHĦLFXEUXPH(XDPIRVWSUHYĆ]ĆWRU'HüL
PDX DUHVWDW vQ LXOLH DP DYXW JULMĆ VĆPL LDX SDOWRQXO
ERFDQFLLüLFĆFLXOD
 ÍQWUXQDGLQDFHVWH]LOHSORLRDVHQHDPvQWRUVGHSH
üDQWLHU X]L SkQĆ OD SLHOH 1DYHDP XQGH üL FXP VĆ QH
XVFĆPKDLQHOH/DFXOFDUHüLOHDSXVILHFDUHSHSĆWXUDFX
FDUH VD vQYHOLW ÍQ WLPSXO QRSĦLL vQ GRUPLWRUXO QRVWUX
SOXWHüWH R GXKRDUH JUHX GH VXSRUWDW XQ DPHVWHF GH
PLURVXULIHWLGHSURYHQLWHGHODvPEUĆFĆPLQWHDXGĆGHOD
WUXSXULOH FHORU SHVWH R VXWĆ GH RDPHQL vQJKHVXLĦL SH
SULFLXUL XQXO OkQJĆ DOWXO GH OD vQFĆOĦĆPLQWHD FLRUDSLL üL
RELHOHOH WRDWH XGH 'LPLQHDĦD OD GHüWHSWDUH OHDP OXDW
SHQRLWRWXGH

 
 ,QVSHFĦLHvQODJĆU

 'HFkWHYD]LOHDPIRVWEĆJDĦLvQVFKLPEXOGRLGHOD
RUHOH  OD  (UD FDP SH OD PLMORFXO OXQLL RFWRPEULH ÍQ
FXUWHDODJĆUXOXLGLQFDX]DSORLORUüLPDLDOHVDFLUFXODĦLHL
RDPHQLORU QRURLXO DMXQJHD OD JOH]QH &HL FH SXUWDX
SDQWRIL HUDYDL üLDPDU GH HL /D XQLL OL VH GHVSULQVHVHUĆ
WĆOSLOH üL FD VĆ QX UĆPkQĆ FX SLFLRDUHOH JRDOH OH
SULQVHVHUĆGHSLFLRUFXVIRULüLVkUPH
 ÍQ ]LXD DFHHD SORXDVH LDU SH üDQWLHU 1H
QWRUVHVHUĆPRERVLĦLIOĆPkQ]LüLGLQQRXX]LSkQĆODSLHOH
'H FXP DP LQWUDW SH SRDUWĆ DP REVHUYDW vQ FXUWHD
ODJĆUXOXL R DJLWDĦLH QHRELüQXLWĆ 'HĦLQXĦL PXOĦL üL GH OD
DOWH EULJĆ]L IRLDX vQ WRDWH SĆUĦLOH 1X QL VD GDW YRLH VĆ
LQWUĆP vQ GRUPLWRU %ULJDGLHUXO QRVWUX QHD FRPXQLFDW
RUGLQXO D GRXD ]L VH DüWHDSWĆ R LQVSHFĦLH VSHFLDOĆ GLQ
SDUWHD 0LQLVWHUXOXL GH ,QWHUQH QX YRP LQWUD GHFL vQ
GRUPLWRU GHFkW GXSĆ FHO ÅYRP IDFH OXQƵ 'RUPLWRUXO
QXHUDSDUGRVLWFXVFkQGXUĆFLFXFĆUĆPLGĆ$FHDVWDGLQ
URüLH VH IĆFXVH QHDJUĆ ÍQ QRDSWHD UHVSHFWLYĆ WUHEXLD VR
IDFHP LDU URüLH 1L VD GDW OD ILHFDUH FkWHR SRUĦLXQH
2SHUDĦLD WUHEXLD IĆFXWĆ QX SULQ VSĆODUH FL SULQ IUHFDUH
WRWFXFĆUĆPLGĆ
 7UHFXVH GH RUD  FkQG QHDP DSXFDW GH WUHDEĆ
1L VD VSXV FĆ QX QL VH YD GD PkQFDUHD GHFkW OD
WHUPLQDUHD OXFUXOXL 0HUJHD JUHX JUHX GH WRW
&HQWLPHWUX FX FHQWLPHWUX FĆUĆPLGĆ FX FĆUĆPLGĆ
WUXGHDP SHQWUX vQGHSOLQLUHD RUGLQXOXL 1HQJKHĦDVHUĆ
SLFLRDUHOHILLQGFĆOXFUDPQXPDLvQFLRUDSLFDUHHUDXX]L
GH SH üDQWLHU ÍQFĆOĦĆPLQWHD QH HUD DIDUĆ $P WHUPLQDW
GXSĆRUD$WXQFLQLVDGDWüLPkQFDUHD'XSĆFHQHDP
 
FXUĆĦDW üL vQFĆOĦĆPLQWHD QHDP SXWXW FXOFD 'HüWHSWDUHD
VD GDW PDL WkU]LX FD GH RELFHL DGLFĆ OD RUD  ,HüLUHD SH
üDQWLHU D EULJĆ]LL QRDVWUH ILLQG vQ VFKLPEXO DO GRLOHD D
DYXWORFODRUD&kWSULYHüWHLQVSHFĦLDSHQWUXFDUHQH
DPFKLQXLWWRDWĆQRDSWHDHDQXDPDLDYXWORF

 )RDPHD

 8QXO GLQWUH FHOH PDL FXPSOLWH FKLQXUL GLQ
SXüFĆULLOH FRPXQLVWH D IRVW IRDPHD 0XQFD IRUĦDWĆ FDUH
QHGLVWUXJHDWUXSXO]LGH]LHUDOLPLWDWĆvQWLPSRSWRUH
GLQ GRXĆ]HFL üL SDWUX 6FKLQJLXLULOH EĆWĆLOH HUDX üL HOH
OLPLWDWH vQ WLPS /H VXSRUWDP XQ PLQXW R RUĆ R QRDSWH
vQWUHDJĆ üL VH WHUPLQDX DWXQFL FkQG RERVHDX FĆOĆLL
ÍQMXUĆWXULOHXPLOLQĦHOHGHWRWIHOXOĦLQHDXüLHOHXQDQXPLW
WLPS 'DU IRDPHD DFHVW EDODXU KLGRV DFHDVWĆ
EOHVWHPDWĆQĆVFRFLUHDXQRURDPHQLGHDLFKLQXLSHDOĦL
RDPHQL HUD SHUPDQHQWĆ'H GLPLQHDĦĆ SkQĆ VHDUD üL GH
VHDUDSkQĆGLPLQHDĦDFOLSĆGHFOLSĆFHDVGHFHDV
 'UDJLL PHL FHL FDUH YHĦL FLWL DFHVWH UkQGXUL DĦL
VLPĦLW ILHFDUH vQFĆ GLQ FRSLOĆULH DFHDVWĆ WUHEXLQĦĆ D
WUXSXOXL GH D PkQFD  'DU OD FHL OLEHUL HD HVWH GXOFH
PkQJkLHWRDUHXüXUĆWRDUHFKLDU9DIRVWIRDPHFkQGYDĦL
DIODW SHXQ GUXP OXQJ VDX FkQG JRVSRGLQD DQWkU]LDW
SUHJĆWLUHD PHVHL R RUĆ GRXĆ VDX FkQG DĦL ĦLQXW FX YRLD
YRDVWUĆXQSRVWQHJUX&kWGHGXOFHüLELQHIĆFĆWRDUHHVWH
DFHDVWĆIRDPH&ĆFLODFDSĆWXOHLDXUPDWvQGHVWXODUHD
üLYDĦLVLPĦLWVĆWXLUHIĆFXĦL
 'DU GDFĆ YDü SXQH vQWUHEDUHD DĦL PkQFDW
YUHRGDWĆFDUQHGHFkLQHVDXGHSLVLFĆVDXGHüDUSH"0L
DĦL UHSURüD FX GH]JXVW FX VFkUEĆ FXP VH SRDWH DüD
 
FHYD"FHURVWDUHDFHDVWĆvQWUHEDUH"ûLWRWXüLDUH
 ÍQODJĆUHOHFRPXQLVWHDXIRVWPkQFDĦLFkLQL SLVLFL
üHUSL 'H QHFUH]XW üL WRWXüL DGHYĆUDW 8Q FkLQH VDX YUHR
SLVLFĆ DYkQG JKLQLRQXO VĆ UĆWĆFHDVFĆ SULQ VHFWRDUHOH GH
OXFUX SULQWUH VWkQFL üL ERORYDQL HUD SULQV FRMLW GH SLHOH
LDUFDUQHDLPHGLDWvPSĆUĦLWĆvQWUHIHULFLĦLLYkQĆWRUL
 /D ´&DSXO 0LGLDµ HUDX IRDUWH PXOĦL üHUSL GH DSĆ
PDUL üL JUDüL &XP DSĆUHDX HUDX YkQDĦL GH RDPHQL
RELüQXLĦLFXWUHDEDDVWDFRMLĦLSUĆMLĦLvQJDPHOHüLPkQFDĦL
SHORF9ĆYHĦLSXQHvQWUHEDUHDFXPGHDIRVWSRVLELODüD
FHYD" ([SOLFDELO /D RPXO vQIRPHWDW UDĦLXQHD QX PDL
IXQFĦLRQHD]Ć GRDU LQVWLQFWXO GH FRQVHUYDUH  6Ć IL IRVW
RDUH GHĦLQXWXO VWĆSkQLW GH IULFD PRUĦLL SULQ LQDQLĦLH"
1LFLGHFXP (O DU IL GRULW PDL ELQH VĆ PRDUĆ GHFkW VĆ VH
FKLQXLH 'DU PRDUWHD QX YHQHD GH QLFĆLHUL (O HUD
FRQGDPQDW VĆ WUĆLDVFĆ GH OD R ]L OD DOWD ]EĆWkQGXVH vQ
FKLQXULOH IRDPHL &kQG D REVHUYDW FĆ üDUSHOH FRMLWDUH SH
üLUD VSLQĆULL XQ PXüFKL DWkW GH IUXPRV üL SH SkQWHFH R
JUĆVLPH FXUDWĆ üL vPELHWRDUH vQ FRQüWLLQĦD OXL QD PDL
UĆPDV GHFkW JkQGXO VDOYDWRU FĆ SHVWH R MXPĆWDWH GH RUĆ
FDOYDUXOIRDPHLYDGLVSĆUHD
 3RDWH HVWH ELQH GH üWLXW FXP VH PDQLIHVWD DFHVW
IHQRPHQvQWLPSGHGRXĆ]HFLüLSDWUXGHRUHDYHDPWUHL
PHVH SH ]L GLPLQHDĦD OD SUkQ] üL VHDUD ÍQ FRQGLĦLL GH
OLEHUWDWHIĆUĆVĆGHSXQĆQLFLXQHIRUWRPXODUHQHYRLHOD
RDOLPHQWDĦLHQRUPDOĆGHFDORULLSH]L1RLvQ
FRQGLĦLL GH PXQFĆ IRUĦDWĆ vQ UHJLP GH H[WHUPLQDUH
SULPHDP OD FHOH WUHL PHVH GRDU  GH FDORULL
3DUDGR[DO SXQFWXO FXOPLQDQW DO IRDPHL VH PDQLIHVWD QX
vQDLQWHD PHVHORU FL GXSĆ VHUYLUHD ORU ÍQ RUHOH GLQWUH
PHVH VWRPDFXO FĆGHD vQWUR VWDUH GH DPRUĦHDOĆ GH OHüLQ
 
SHQWUX FD GXSĆ PDVĆ VĆ VH WUH]HDVFĆ VĆ UĆVFROHDVFĆ
vQWUHDJDILLQĦĆDRPXOXLüLVĆOVXSXQĆFXPSOLWXOXLFKLQDO
IRDPHL 6WDUHD DFHDVWD GXUD R RUĆ GRXĆ GXSĆ FDUH FHO
FKLQXLWVHOLQLüWHDFĆ]kQGLDUĆüLvQDPRUĦLUH3XĦLQDKUDQĆ
FHQLVHRIHUHDSURYRFDGHFODQüDUHDDGHYĆUDWHLVHQ]DĦLLGH
IRDPHFkQGRPXODUILPkQFDWFDQWLWĆĦLQHVĆEXLWHGDFĆL
VDUILGDW
 &RQWLQXD SUHRFXSDUH D ILHFĆUXLD GLQWUH QRL GH D
UkYQL OD R KUDQĆ FkW GH FkW QRUPDOĆ FUHD vQ WLPSXO
VRPQXOXL R VWDUH KDOXFLQDQWĆ YLVkQGXQH OD PHVH
vQFĆUFDWH FX EXFDWHOH FHOH PDL DOHVH GLQ OXPH )DPLOLD
OLEHUWDWHD üL KUDQD HUDX SUH]HQWH vQ YLVXULOH QRDVWUH vQ
ILHFDUHQRDSWH0HULWĆFUHGVĆFRQVHPQH]DLFLWUHLSRH]LL
GHGLFDWH IRDPHL üL GRULQĦHL GH OLEHUWDWH VFULVH vQWUH
]LGXULOH vQIULFRüĆWRDUH DOH vQFKLVRULL $LXGXOXL WUDQVPLVH
GLQ FHOXOĆ vQ FHOXOĆ FX DMXWRUXO DOIDEHWXOXL 0RUVH üL
SĆVWUDWHYLLvQPHPRULDPHD



)RDPHD1LFKLIRU&UDLQLF

'HDPIRVWFkQGYDPXVWRVFLRUFKLQH
$]LVXQWERüWLQĆVWRDUVĆQWHDVF
ÍQIOĆPkQ]HQLDGLQPLQH
7XUQDĦLPL]HDPĆüLUHQDVF

3ULYLĦLPLIDĦDFXPVHVWLQJH
8QERUüGHüWLUPDUvQFĆO]L
8QILUGHLDUEĆGHDüDWLQJH
)XOJHUĆWRUDüvQYHU]L


 
 /ĆVDĦLPLPkQDGHIDQWRPĆ
'LQSRPVĆUXSĆGRDUXQPĆU
6ĆPLXPSOXJXUDFXDURPĆ
ûLYRLWUĆLvQDGHYĆU

ÍQĦDUDWXUPHORUüLDSkLQLL
9LVH]RFLQĆGHFLXSHUFL
/ĆVDĦLPĆvQUkQGFXFkLQLL
/DUDLXOXQXLEOLGGHWHUFL

20LORVWLYXOH7XFDUH
&XGRLFLRUWDQLüLFLQFLFRODFL
)ĆFXWDLPXQWHGHPkQFDUH
ûLDLVĆWXUDWSHFHLVĆUDFL

5HSHWĆR%XQXOHPLQXQHD
ûLQGHVWXOHD]ĆPLLGHJXUL
,DUPLHDVFXOWĆPLUXJĆFLXQHD
'ĆPLFRüXOFXILULPLWXUL

)RDPHD5DGX*\U

3DUFĆGHYHDFXULSDUFĆGHFLQFLDQL
1DPPDLPkQFDWQDPPDLüH]XWODFLQĆ
3DUFĆGHYHDFXULSDUFĆGHFLQFLDQL
$PURDGHILHUDPVXJHERORYDQL
ûLDPKĆSĆLPROR]üLURJRMLQĆ

ÍQIRDPHDQRDVWUĆYkMkLHSĆGXUL
6HFDVFĆPĆULVHFUDSĆPXQĦLGLQFRDPH
ÍQIRDPHDQRDVWUĆYkMkLHSĆGXUL
3DUFĆGHYHDFXULSDUFĆGLQVFULSWXUL
'HODQFHSXWXOOXPLLQHHIRDPH
 
 
=LXDDGXOPHFĆPFXQĆULOHvQYkQW
1ĆOXFDXQXLDEXUGHPkQFDUH
=LXDDGXOPHFĆPFXQĆULOHvQYkQW
3RDWHGLQFHUGLQLDGVDXGLQSĆPkQW
2UVĆQHDUXQFHUHVWXULFDODILDUH

ÍQPLH]GHQRDSWHQHYLVĆPVWULJRL
&XPQHRVSĆWĆPGLQFkWHXQKRLWILHUELQWH
ÍQPLH]GHQRDSWHQHYLVĆPVWULJRL
'DUQXPDLPRDUWHDVPXOJHKĆOFLGLQQRL
(DVLQJXUĆvQIXOHFĆPRUPLQWH


$PĆJLUH&RQVWDQWLQ&DUDPLQ 

8QWUHQüLQQRDSWHDDVWDDSOHFDW
'XFkQGFXHOvQGHSĆUWĆULDOEDVWUH
$FHODüLYLVGHQRLPHUHXSXUWDW
3ULQRFQHOHüLWHPQLĦHOHQRDVWUH

ÍQGXLRüDWSULYHDPvQXUPDOXL
'LQVWDĦLDXPLOĆüLVĆUDFĆ
1LFLXQFXYkQWGLQSDUWHDQLPĆQXL
1LFLRSULYLUHFDOGĆQXPĆPSDFĆ

=ĆGDUQLFDUXQFDPFXSXPQLLVWUkQüL
%OHVWHPHQFRQWUDQHPLORDVHLVRDUWH
=ĆGDUQLFXUPĆUHDPFXRFKLLSOkQüL
1ĆOXFDWUHQXOXLSLHUGXWĆQQRDSWH


 
 &ĆFLYLVDIRVWFDRULFHYLVIXJDU
ûLVWDĦLHüLWUHQüLOLEHUWDWH
&kQGPDPWUH]LWGLQYLVXOPHXDPDU
(UDPvQWHPQLĦĆüLHUDQRDSWH

SVHXGRQLPDODXWRUXOXLDFHVWRUvQVHPQĆULQQ

 'LVWURILD

 $P FĆXWDW vQ GLFĦLRQDU FXYkQWXO ´GLVWURILHµ üLDP
JĆVLWXUPĆWRDUHDGHILQLĦLH´VWDUHSDWRORJLFĆFRQVWkQGvQ
DOWHUDUHDVWUXFWXULLXQXLĦHVXWDXQXLRUJDQDXQXLVLVWHP
VDX D RUJDQLVPXOXL vQ XUPD WXOEXUĆULORU GH QXWULĦLHµ
3RDWH DOFĆWXLWRUXO GLFĦLRQDUXOXL DU PDL IL WUHEXLW VĆ
DGDXJH IHQRPHQ FH VH SURGXFH vQ WLPSXO XQHL SHULRDGH
GH vQIRPHWDUH FRQFRPLWHQW FX PXQFD IRUĦDWĆ ,DU HX Dü
PDL VSXQH FĆ GLVWURILD D IRVW R ERDOĆ D ODJĆUHORU üL
SXüFĆULLORUFRPXQLVWH
 1H DIODP SH ODQFHSXWXO OXQLL QRLHPEULH D DQXOXL
6HPSOLQHDXvQFXUkQGWUHLOXQLGHFkQGQHJĆVHDP
vQ ODJĆUXO &RDVWD *DOHü 7LPSXO VH UĆFLVH VLPĦLWRU LDU
SORLOH VH WUDQVIRUPDX GHVWXO GH GHV vQ ODSRYLĦĆ üL
QLQVRDUH 3ULQ FXUWHD ODJĆUXOXL VH YHGHDX WRW PDL PXOĦL
RDPHQL XPIODĦL OD IDĦĆ ûL HX PĆ DIODP vQWUR ID]Ć
DYDQVDWĆDEROLL1XWUHFXVHPQLFLRGDWĆSULQWURDVWIHOGH
VWDUH)DĦDPLHUDEXKĆLWĆFDQXUPDXQHLEHĦLLVDXDXQXL
VRPQ vQGHOXQJDW LDU PkLQLOH üL PDL DOHV SLFLRDUHOH PL
HUDX DWkW GH XPIODWH vQFkW QXPL PDL vQFĆSHDX vQ
ERFDQFL7UHEXLDVĆUHQXQĦODFLRUDSLLGHOkQĆüLVĆPLOH
QIĆüRUvQFkUSHVXEĦLUL=LOQLFvQIDĦDLQILUPHULHLGXSĆFH
YHQHDP GH SH üDQWLHU YHGHDP ]HFL GH RDPHQL VFRüL OD

 
YL]LWDPHGLFDOĆ
 (X QX FHUXVHP QLFLRGDWĆ VĆ ILX GXV OD XQ FRQVXOW
PHGLFDO 6LPĦLQGXPĆ vQVĆ SHVWH PĆVXUĆ GH HSXL]DW DP
VROLFLWDWEULJDGLHUXOXLSHUPLVLXQHDVĆPĆSUH]LQWüLHXOD
PHGLF$PJĆVLWvQIDĦDLQILUPHULHLPDLELQHGHRVXWĆGH
RDPHQL vQüLUXLĦL XQXO GXSĆ DOWXO $P LQWUDW vQ UkQG üL
GXSĆ R DüWHSWDUH GH FkWHYD RUH DP SXWXW VĆ SĆWUXQG
vQĆXQWUX ûDVH PHGLFL GHĦLQXĦL üL HL FRQVXOWDX ILHFDUH
FkWH XQ RP (X DP IRVW OXDW vQ SULPLUH GHXQ PHGLF
VOĆEXĦ SH FDUH PL VD SĆUXW FĆO PDL YĆ]XVHP FkQGYD OD
OXFUX SH üDQWLHU $FXP UHXüLVH VĆ VH SODVH]H OD
LQILUPHULH9Ć]kQGXPĆvQFHVWDUHPĆDIODPPDQWUHEDW
SHXQWRQFHPLVDSĆUXWFRPSĆWLPLWRU
− 'HFkWWLPSOXFUH]LSHüDQWLHU"
− 'HDSURDSHWUHLOXQL
− /DFHOXFUH]L"
− /DGHVFĆUFĆUL
− $LPDLWUHFXWYUHRGDWĆSHODQRL"
− 1X
− 6ĆUĆFXĦXO GH HO L VH DGUHVHD]Ć DOWXL PHGLF DIODW
DOĆWXUL GH WUHL OXQL OXFUHD]Ć SH üDQWLHU IĆUĆ VĆ IL
WUHFXWQLFLRGDWĆSHDLFL
 $SRL EXFXURV FĆ SRDWH FRQWULEXL SULQ LQWHUYHQĦLD
VD OD UHIDFHUHD VĆQĆWĆĦLL XQXL RP FDUH PDL SRDWH IL
UHFXSHUDWvPLVSXQH
− 9HLSULPLRFDUWHSRüWDOĆ6ĆVFULLIDPLOLHLVĆĦLWULPLWĆ
YLWDPLQD & R VWLFOĆ FX YLQ WRQLF ]DKĆU PLHUH üL DOWH
PHGLFDPHQWHSHQWUXvQWĆULUH
 ,HüLQG GHDFROR R UD]Ć GH VSHUDQĦĆ PLD OĆFULPDW
VXIOHWXO 9RL WULPLWH FHORU GHDFDVĆ XQ VHPQ FĆ vQFĆ PDL
WUĆLHVF0HGLFDPHQWHOHPĆLQWHUHVDXPDLSXĦLQ
 
 $GRXD]LQLVDGDWODILHFDUHFkWHRFDUWHSRüWDOĆ
%ULJDGLHUXOQHDLQVWUXLWFHWUHEXLHVĆVFULHP1LVDDWUDV
DWHQĦLD FĆ QX DYHP YRLH VĆ FHUHP QLPLF DOWFHYD GHFkW
WULPLWHUHD PHGLFDPHQWHORU UHFRPDQGDWH GH PHGLF üL
XQHOH RELHFWH GH vPEUĆFĆPLQWH GH FDUH DYHDP QHDSĆUDWĆ
QHYRLH1LVDPDLVSXVFĆQXDYHDPYRLHVĆVFULHPPDL
PXOWGHUkQGXULLDUUkQGXULOHVĆILHFRPSOHWHGHOD
XQFDSĆWODDOWXO&LQHQXYDUHVSHFWDDFHVWHGLVSR]LĦLLYD
IL SHGHSVLW LDU FDUWHD SRüWDOĆ YD IL UXSWĆ 7RĦL WUHEXLD VĆ
VFULHPFĆVXQWHPVĆQĆWRüL
 5HSURGXFPDLMRVWH[WXODFHOHLVFULVRULFDUHDYHDVĆ
ILH SULPXO PHVDM SULPLW GH R IDPLOLH vQGXUHUDWĆ GH OD FHO
SOHFDWSRDWHSHXQGUXPIĆUĆvQWRDUFHUH

&RDVWD²*DOHüVHSW
'UDJĆ/HDQĆüLVFXPSHOHPHOHIHWLĦH
0DL vQWkL YĆ FRPXQLF YHVWHD FHD PDL EXQĆ DFHHD FĆ VXQW
VĆQĆWRV$üYUHDVĆDIOXüLGHVSUHYRLWRĦLODIHO'UDJĆ/HDQĆ
QDü GRUL VĆ SXQ SH XPHULL WĆL R QRXĆ SRYDUĆ JULMD SHQWUX
PLQH 1L VD GDW YRLH VĆ SULPLP vPEUĆFĆPLQWH GHDFDVĆ 'H
DFHHD QXPDL GDFĆ SRĦL  WULPLWHPL SULQ SRüWĆ XUPĆWRDUHOH R
SHUHFKH GH ERFDQFL QU  SDQWDORQLL IĆFXĦL GH &RQVWDQWLQ
&KLOLDQIODQHODFXPkQHFLXQVFKLPEGHUXIHEDWLVWHVĆSXQ
GH UXIH DĦĆ QHDJUĆ üL DOEĆ DFH SHWLFH SHQWUX KDLQH LDU GHDOH
PkQFĆULLQLPLF
9ĆvPEUĆĦLüHD]ĆSHWRĦL
&RQVW&DUDJDĦĆ

 'H PHGLFDPHQWH QDP PDL VFULV $YHDP SDUFĆ R
SUHVLPĦLUH FĆ QX YRL SULPL SDFKHWXO 'HDFDVĆ D IRVW
WULPLV GLQ ODJĆU vQVĆ D IRVW UHWXUQDW vQGXUHUkQG PXOW
IDPLOLDIĆFkQGRVĆFUHDGĆFĆQXPDLVXQWvQYLDĦĆ
 
 QRLHPEULH3HQLQVXOD

 8Q OXQJ FRQYRL GH GHĦLQXĦL PDL ELQH]LV QLüWH
XPEUH vQFDGUDĦL GH VHFXULüWL PLOLĦLHQL üL FkLQL ILRURüL VH
SXQH vQ PLüFDUH vQ RUHOH GH GXSĆ DPLD]Ć GH OD &RDVWD
*DOHüVSUHRGLUHFĦLHQHFXQRVFXWĆ&HVHQWkPSODVH"&HL
FHDX OXFUDW vQ DFHVW ODJĆU WLPS GH WUHL OXQL DMXQVHVHUĆ
QLüWH HSDYH 1X QXPDL FĆ QX PDL SXWHDX vQGHSOLQL
´QRUPDµGDUQXPDLUH]LVWDXQLFLODPXQFLOHPDLXüRDUH
6HHIHFWXDGHFLRPXWDUHDDFHVWRURDPHQLGĆUkPDĦLvQWU
R DOWĆ FRORQLH GH PXQFĆ 8QGH DQXPH QX üWLDP &X FH
VFRSLDUQXüWLDP
 'XSĆ PDL PXOWH RUH GH PHUV XQ PHUV FD OD R
vQPRUPkQWDUH DP WUHFXW SH OkQJĆ XQ üDQWLHU XQGH R
EULJDGĆ GH GHĦLQXĦL GHVFĆUFDX R JDUQLWXUĆ GH WUHQ
vQFĆUFDWĆ FX SĆPkQW 3HQWUX SULPD GDWĆ GXSĆ WUHL OXQL
DP YĆ]XW RDPHQL FDUH PXQFHDX QRUPDO /H HUD vQJĆGXLW
VĆ üL YRUEHDVFĆ vQWUH HL 'ĆGHDX FkWHYD ORSHĦL DSRL
VFKLPEDX FkWH XQ FXYkQW GRXĆ FHHD FH OD *DOHü QX VH
SRPHQLVH
− 8LWDĦLYĆ VSXQH XQXO GLQWUH QRL DLFL H XQ DOW
'XPQH]HX
6HQQRSWDVHFkQGDPLQWUDWvQWUXQVDW
− 6DWXO9DOHD1HDJUĆVSXQFkĦLYDGLQWUHQRLSHüRSWLWH
$LFLVHDIOĆFRORQLDGHPXQFĆ´3HQLQVXODµ
 ,DWĆ üL ODJĆUXO $P DMXQV vQ IDĦD SRUĦLORU 1L VH
GHVFKLGH üL LQWUĆP =HFL üL ]HFL GH EDUĆFL FD üL OD *DOHü
6XQWHPUHSHGHUHSDUWL]DĦLSHGRUPLWRDUH1LPHUHVFvQWU
R EULJDGĆ SH FDUH R LD vQ SULPLUH XQ EULJDGLHU GLQ QRXD
FRORQLH (VWH XQ EĆUEDW vQ MXU GH  GH DQL ÍO FKHDPĆ
$JDULFL$PDIODWPDLWkU]LXFĆQXDYHDQLPLFFRPXQFX
 
YHVWLWXO DYLDWRU $JDULFL FDUH GRERUkVH vQ UĆ]ERL ]HFL GH
DYLRDQH VRYLHWLFH EĆJkQG VSDLPD vQ LQDPLFL $JDULFL DO
QRVWUX QX SĆUHD VĆ ILH XQ RP UĆX XQ EĆWĆXü XQ
vQGXüPĆQLW $YHD vQVĆ R ILUH vQFKLVĆ LDU FKLSXO VĆX vĦL
LQVSLUDvQFĆGHODvQFHSXWRRDUHFDUHWHDPĆDQXQĦkQGXWH
FĆLPDLELQHVĆWHIHUHüWL
 7UHFXVH FUHG GH RUD GRXĆ]HFL FkQG QL VD DGXV
PkQFDUHD 0DUH VXUSUL]Ć XQ VIHUW GH SkLQH  J üL R
JDPHOĆ SOLQĆ FX FDUWRIL üL FDUQH ´&HR IL vQVHPQkQG
DVWD"µQHQWUHEDPvQWUHQRL$POXDWRFXWRĦLLGUHSWXQ
VHPQEXQ3HVWHRSWDQLOD$LXGDYHDPVĆ YHGHPFHVH
XUPĆUHD GH IDSW SULQ DFHVW VLVWHP 2DPHQLL HUDX WUHFXĦL
SULQWURSHULRDGĆGHvQIRPHWDUHWLPSGHWUHLSDWUXOXQL
XQHRUL FKLDU R MXPĆWDWH GH DQ GHYHQLQG GLVWURILFL GXSĆ
FDUHWLPSGHGRXĆWUHL]LOHOLVHGLVWULEXLDRKUDQĆSHFDUH
QLFLXQ RP OLEHU QDU IL SXWXW VR FRQVXPH 6LVWHPXO VH
QXPHD ´PkQFDUHD vQ üRFXULµ 6FRSXO HUD vPEROQĆYLUHD
ILFDWXOXLGXSĆFDUHüLIĆFHDORFERDODFDUHQXLDUWĆFLUR]D
0XOĦL GLQWUH QRL GkQGXüL VHDPD GH VFRSXO XUPĆULW QX
FRQVXPDX WRDWĆ PkQFDUHD DUXQFkQG UHVWXO OD WLQHWD FX
PXUGĆULL
 'DU ´PkQFDUHD vQ üRFXULµ XUPĆUHD üL XQ VFRS
SVLKRORJLFFUHkQGDüWHSWĆULLOX]LLüLPDLDOHVVSHUDQĦDFĆ
FHYD VD VFKLPEDW vQ ĦDUĆ üL vQ FXUkQG DU SXWHD YHQL üL
HOLEHUDUHDQRDVWUĆÍQUHDOLWDWHvQVĆQXVHVFKLPEDQLPLF
'XSĆGRXĆWUHL]LOHGHVXSUDvQGHVWXODUHXUPDGLQQRXR
DOWĆSHULRDGĆGHvQIRPHWDUHPDLELQHSXVĆODSXQFWPDL
OXQJĆüLPDLvQVSĆLPkQWĆWRDUH«
 6ĆUHYHQLPDFXPOD´QRXOGRPLFLOLXµ'XSĆOXDUHD
PHVHL RDPHQLL VH VLPĦHDX SDUFĆ PDL ELQH $YHDP
LPSUHVLDFDPIRVWDGXüLDLFLSHQWUXUHIDFHUHûLWUHEXLHVĆ
 
UHFXQRDüWHP FĆQWUR RDUHFDUH PĆVXUĆ DüD D üL IRVW ĥLQ
PLQWH FĆ EULJDGLHUXO QHD ĦLQXW vQ VHDUD DFHHD XQ VFXUW
GLVFXUVvQFDUHQHDVSXVSULQWUHDOWHOH
   ûWLP GH XQGH YHQLĦL 6Ć QX YĆQFKLSXLĦL FĆ DLFL YD IL
DOWIHO 9HĦL PXQFL WRW OD SĆPkQW üL OD SLDWUĆ ûL DLFL VXQW
QRUPHGHvQGHSOLQLW0kLQHGLPLQHDĦĆQXYHĦLPHUJHQLFL
OD SĆPkQW üL QLFL OD SLDWUĆ 9HĦL IL GXüL OD JUĆGLQD GH
]DU]DYDW D FRORQLHL OD FXOHV GH URüLL DUGHL FDVWUDYHĦL
FRQRSLGĆ YDU]Ć PRUFRYL üD $YHĦL YRLH VĆ PkQFDĦL FkW
YUHĦLGDUWUHEXLHVĆQGHSOLQLĦLüLQRUPD'UXPXOHVWHFDP
OXQJSkQĆDFROR6ĆSĆVWUDĦLGLVFLSOLQDSHSDUFXUVüLVĆQX
LQWUDĦLvQFRQIOLFWFXVROGDĦLLFDUHYĆHVFRUWHD]ĆODFHDPDL
PLFĆDEDWHUHDXRUGLQVĆWUDJĆ
 &kQG D WHUPLQDW GH YRUELW DQWUHEDW GDFĆ FLQHYD
GLQWUH QRL DUH FHYD GH VSXV $P ULGLFDW PkQD üL
XUPĆULQGXL SULYLUHD PLDP GDW VHDPD GH ODQFHSXW FĆ
FHOHFHLYRLVSXQHQXLYRUILQLFLGHFXPSHSODFÍQFXUDMDW
GH SULYLOHJLXO RIHULW PDP DGUHVDW DWkW FDPDUD]LORU GH
GHWHQĦLHFkWüLQRXOXLQRVWUXüHIGHEULJDGĆ
− 1H EXFXUĆP FĆ GXSĆ DSURDSH SDWUX OXQL DYHP DFXP
SRVLELOLWDWHD VĆ YRUELP )DSWXO FĆ GRPQXO EULJDGLHU
GXSĆ FXP D VSXV GRPQLD VD üWLH GH XQGH YHQLP GH
DVHPHQHD QH EXFXUĆ $P IL GRULW WRWXüL VĆ üWLP GH FH
DP IRVW VWUĆPXWDĦL GH OD &RDVWD *DOHü OD 3HQLQVXOD
SHQWUXFĆVXQWHPPDLEXQLSHQWUXFĆVXQWHPPDLUĆL
SHQWUXFĆVXQWHPDSĦLVSUHDUHDOL]D´QRUPHµPDLPDUL
VDX SHQWUX FĆ UHJLPXO GH OXFUX GHDFROR D UHXüLW VĆ
IDFĆ GLQ QRL QLüWH HSDYH QLüWH RDPHQL GĆUkPDĦL QLüWH
IDQWRPH" 8LWDĦLYĆ ELQH OD QRL GRPQXOH EULJDGLHU
QXPDLVHPĆQĆPDRDPHQL9ĆYHĦLFRQYLQJHPDLELQH
PkLQH GLPLQHDĦĆ &X QRL QX VH YRU PDL SXWHD REĦLQH
 
 ´QRUPHµ 6XQWHP QLüWH ILLQĦH DSURDSH HSXL]DWH QX
üWLP QLFL PĆFDU GDFĆ YRP SXWHD DMXQJH SkQĆ OD QRXO
SXQFW GH OXFUX 9HQLQG DVWĆ]L VSUH 3HQLQVXOD DP
YĆ]XW R EULJDGĆ GLQ DFHDVWĆ FRORQLH PXQFLQG OD
GHVFĆUFĆUL 2DPHQLL OXFUDX QRUPDO /XFUkQG SXWHDX
VĆüLYRUEHDVFĆvQWUHHL/D*DOHüDIRVWFXWRWXODOWIHO«
$P VSXV DFHVWH OXFUXUL SHQWUX D YĆ IDFH DWHQW FĆ
EULJDGDSHFDUHDĦLOXDWRvQSULPLUHvQVHDUDDFHDVWDQX
YĆYDSXWHDDGXFHYUHXQPHULW1XSHQWUXFĆQXYUHP
FL SHQWUX FĆ VWDUHD vQ FDUH QH DIOĆP H DFHHD D XQRU
PXULEXQ]L
 &XPHUDüLGHDüWHSWDWSXĦLQHOHFXYLQWHSHFDUHOH
DPURVWLWDXVWkUQLWRSXWHUQLFĆUHDFĦLHvQvQWUHDJDILLQĦĆD
EULJDGLHUXOXLÍQUHSOLFDFHDXUPDWQLVDDWUDVDWHQĦLDFD
QLPHQL VĆ QX PDL SXQĆ YUHRGDWĆ DVHPHQHD SUREOHPH
´GHD GUHSWXO SHULFXORDVH üL KXOLJDQLFHµ (UD IXULRV üL
SĆUHD IRDUWH QHPXOĦXPLW 1D PDL SHUPLV QLPĆQXL VĆüL
VSXQĆ SĆVXULOH 0LDP GDW VHDPD FĆ LQYLWkQGXQH VĆ
YRUELPDGRULWGHIDSWVĆIDFĆXQVRQGDMvQVWDUHDSVLKLFĆ
DRDPHQLORUFXFDUHYDOXFUD
 'XSĆ FHD SOHFDW GLQWUH QRL OĆVkQGXQH VLQJXUL
DPvQFHUFDWVĆREVHUYUHDFĦLDRDPHQLORUüLPDPEXFXUDW
PĆSULYHDXFXVLPSDWLH8QXOGLQWUHSUHRĦLILLQGFĆHUDX
PDLPXOĦLVDDSURSLDWGHPLQHüLPLDVWUkQVPkQD8Q
JHVW GHVWXO GH ULVFDQW SHQWUX FĆ SULQWUH QRL VDU IL SXWXW
DIOD üL WXUQĆWRUL (IHFWXO FHORU VSXVH GH PLQH DVXSUD
EULJDGLHUXOXL $JDULFL ODP VLPĦLW WRW WLPSXO FkW DP VWDW
vPSUHXQĆ )ĆUĆ VĆ ILX SHUVHFXWDW IĆĦLü DP IRVW
VXSUDYHJKHDWULJXURV]LüLQRDSWH


 
 QRLHPEULH

 =LSRVRPRUkWĆÍQFDGUDĦLFDGHRELFHLGHVROGDĦLüL
GH FkLQL OXQJD FRORDQĆ GH SUL]RQLHUL SROLWLFL VH SXQH vQ
PLüFDUH 'XSĆ YUHR MXPĆWDWH GH RUĆ LQWUĆP SH DUWHUD
SULQFLSDOĆ GH FLUFXODĦLH 0HUJHP FD GXSĆ PRUW 6ROGDĦLL
QXVHJUĆEHVFÍQWkOQLPPDüLQLvQFĆUFDWHFXYDU]Ć9LQGH
ODJUĆGLQĆULD&DQDOXOXL'LQORFvQORFFDGHGLQHOHFkWHR
YDU]Ć )ĆUĆ D VH WHPH QLFL GH FkLQL QLFL GH VROGDĦL XQ
vQIRPHWDW VDUH GLQ FRORDQĆ R vQüIDFĆ UHSHGH UHYLQH OD
ORFXOOXLüLRUXSHvQEXFĆĦLSHQWUXDRvPSĆUĦLüLFHORUGLQ
MXUXO OXL 6ROGDĦLL SULYHVF XLPLĦL OD QĆSĆVWXLĦLL FDUH
GHYRUHD]Ć FD DQLPDOHOH EXFĆĦLOH FUXGH GH YDU]Ć 1XL
FHDUWĆ üL QLFL QXL RSUHVF SH FHL FH vQFDOFĆ UHJXODPHQWXO
2EVHUYĆP SH FKLSXULOH ORU XLPLUH üL FRPSĆWLPLUH vQ ORF
GHUĆXWDWH/LVDVSXVSUREDELOFĆVXQWHPGLQWUHFHLDGXüL
GHOD&RDVWD*DOHü
 'XSĆYUHRGRXĆRUHGHPDUüPRUWXDUDMXQJHPOD
JUĆGLQĆULH 1X VXQWHP SULPLL *ĆVLP DFROR DOWH EULJĆ]L
VRVLWH vQDLQWHD QRDVWUĆ 1L VD GDW XQ VHFWRU GH OXFUX
FXOHJHPURüLLDUGHLPRUFRYLFHDSĆüD%LHĦLLRDPHQLFR
PkQĆ DGXQĆQ FRüXUL FX FHDODOWĆ PĆQkQFĆ 1XL ĦLQH
QLPHQL GH UĆX 0ĆQkQFĆ ILHFDUH FHL SODFH 3kQĆ OD RUD
vQFHWĆULLOXFUXOXLRDPHQLLDXPkQFDWWRWWLPSXO

 GHFHPEULH$QURFDPHQW

 &HOH WUHL VĆSWĆPkQL GH OXFUX OD JUĆGLQĆULD
&DQDOXOXL DX WUHFXW UHSHGH 2DUHFXP UHIĆFXĦL RGDWĆ FX
HIHFWXDUHD XQHL PXQFL PDL XüRDUH FX DFXPXODUHD GH
YLWDPLQHvQRUJDQLVPXUPDUHDFRQVXPXOXLDWRWIHOXOGH
 
FUXGLWĆĦLOHJXPHüL]DU]DYDWXULVXQWHPLDUĆüL´EXQLµGH
PXQFĆJUHD%ULJDGLHUXOQHDDQXQĦDWFĆDVWĆ]LODRUD
YRP IL GXüL SHXQ DOW üDQWLHU OD 2YLGLX DFROR XQGH VH
IDFH ´DQURFDPHQWµ $LFL VH DIOD PRQWDW XQ FRQFDVRU XQ
IHOGHLQVWDODĦLHvQSĆPkQWXQGHVHPĆFLQDSLDWUDSHFDUH
R VSĆUJHDP QRL ÍQ OLPEDMXO GHĦLQXĦLORU L VH VSXQHD
´PRDUD GUDFLORUµ SHQWUX FĆ vQ WLPSXO IXQFĦLRQĆULL
SURGXFHDQLüWH]JRPRWHLQIHUQDOH&HLFHOXFUDXvQĆXQWUX
SĆUHDXQLüWHVWDILLDOEHGLQFDX]DSUDIXOXLGHSLDWUĆFHVH
GHSXQHD SH HL ÍQ WLPSXO OXFUXOXL DFHüWL RDPHQL QX VH
SXWHDXvQĦHOHJHGHFkWSULQVHPQH
 &DSDFLWDWHD GH PĆFLQDUH D FRQFDVRUXOXL HUD
IRUPLGDELOĆ 'HVFKL]ĆWXUD DFHVWHL KLGRDVH LQVWDODĦLL
DVHPHQHDXQHLJXULGHEDODXUVHDIODODQLYHOXOVXSUDIHĦHL
SĆPkQWXOXL SHQWUX FD YDJRQHĦLL vQFĆUFDĦL FX SLDWUĆ VĆ
SRDWĆ IL FX XüXULQĦĆ EDVFXODĦL GH FĆWUH  RDPHQL 8Q
YDJRQHW vQFĆUFDW FX YkUI HUD ´vQJKLĦLWµ vQ GRXĆ WUHL
PLQXWH
 6Ć ]ĆERYLP SXĦLQ DVXSUD VHPQLILFDĦLHL FXYkQWXOXL
´DQURFDPHQWµ SRDWH PDL SXĦLQ FXQRVFXW FLWLWRULORU
DFHVWRU UkQGXUL  ([FDYDWRDUHOH VFRUPRQLQG SĆPkQWXO
SHQWUX DGkQFLUHD &DQDOXOXL VFRWHDX OD LYHDOĆ IUDJPHQWH
PDUL GH VWkQFL FH WUHEXLDX VIĆUkPDWH vQ EXFĆĦL PDL PLFL
GHGRXĆSkQĆODFLQFLNLORJUDPHFDVĆSRDWĆILSUHOXFUDWH
GHFRQFDVRU$FHVWHVIĆUPĆULVHIĆFHDXXQHRULFXDMXWRUXO
H[SOR]LELOLORU GDU PXOW PDL PXOW VH HIHFWXDX PDQXDO
RDPHQLLIRORVLQGFLRFDQHGHGHüLNJ3LDWUDDVWIHO
PĆUXQĦLWĆ VH DGXQD  DSRL vQ JUĆPH]L )LHFDUH RP DYHD
PRUPDQXO OXL 1RUPD HUD GH  PF /D VIkUüLWXO
WLPSXOXLGHOXFUXYHQHDQRUPDWRUXOPĆVXUDJUĆPDGDüL
GDFĆ QRUPD HUD vQGHSOLQLWĆ SLDWUD HUD vQFĆUFDWĆ vQ
 
YDJRQHĦL üL WUDQVSRUWDWĆ OD FRQFDVRU 'DU QXvQWRWGHDXQD
UHXüHDP 'DFĆ DYHDL QRURFXO VĆ FD]L vQWUXQ ´IURQW GH
OXFUXµEXQFXPXOWĆSLDWUĆQRUPDSXWHDILUHDOL]DWĆGDU
FX PDUH HIRUW 8QHRUL vQVĆ SHQWUX D GHVFRSHUL SLDWUD
HUDP QHYRLĦL VĆ VFRUPRQLP SĆPkQWXO FX WkUQĆFRSXO ÍQ
DFHVW FD] WUHFHDP OD YHFLQL üL OXFUDP DFROR SHQWUX
´vQGHSOLQLUHDQRUPHLµ
 $VWĆ]LQXDYHPSURJUDPIL[1LVHUH]HUYĆREXQĆ
SDUWH GLQ WLPS RGLKQHL 6FKLPEXO WUHL vQ FDUH VXQW
SURJUDPDW HVWH IRDUWH JUHX 2GLKQD GH ]L QX SRDWH IL
FRPSDUDWĆ FX FHD GH QRDSWH &D VĆ ILP WRWXüL vQFDGUDĦL
vQWUXQSURJUDPQLVHRUGRQĆFDSkQĆODRUDPHVHLVĆQH
VFXWXUĆP  VDOWHOHOH VĆ IDFHP FXUDW vQ GRUPLWRU üL VĆ QH
FRDVHP KDLQHOH 'XSĆ RUD  DYHP YRLH VĆ GRUPLP
9UHPHDHVWHIRDUWHUHFH,DUQDVDLQVWDODWGHDELQHOHD'H
DFHHDüLOXFUĆULOHODJUĆGLQĆULHVDXvQFKLV(VWHRUD6H
GĆ RUGLQ GH LHüLUH /D  WUHEXLH VĆ QH DIOĆP SH üDQWLHU
,HüLP SH SRDUWD ODJĆUXOXL WRDWH EULJĆ]LOH GLQ VFKLPEXO
WUHL 9LVFROHüWH ÍQDLQWĆP JUHX SULQ FULYĆĦXO FDUH QH
ELFLXLH IHĦHOH 'LQ GHSĆUWDUH VH DXG WRW PDL FODU XUOHWHOH
FRQFDVRUXOXL /HDü DVHPĆQD FXPYD FX UĆFQHWHOH OHLORU
GLQ MXQJOĆ GDU DFHVWHD FUHG DX SURSRUĦLL PXOW PDL
UHGXVH $MXQJHP 6FKLPEXO GRL VH SUHJĆWHüWH SHQWUX D
PHUJHvQFRORQLH5HJUHWĆPFĆQXVXQWHPvQORFXOORU(L
VFDSĆ DFXP GH FRQFDVRU GH YDJRQHĦL üL GH FLRFDQH /D
OXPLQD IRDUWH VODEĆ D EHFXULORU PXüFDĦL GH FULYĆĦXO FDUH
YkMkLH SULQWUH VWkQFLOH FH QHQFRQMRDUĆ LQWUĆP OD OXFUX
3HQWUXSULPDGDWĆOXĆPFRQWDFWFXRDVWIHOGHPXQFĆÍĦL
WUHEXLH R DQXPLWĆ GLEĆFLH FD VĆ ORYHüWL FXP WUHEXLH FX
FLRFDQXO 6DU ]HFL GH DüFKLL SH OkQJĆ FDSXO QRVWUX 0XOĦL
üLDX SLHUGXW YHGHUHD QHüWLLQG FXP VĆ ORYHDVFĆ SLDWUD«
 
/XSWĆP FX YLVFROXO FX OLSVD GH DQWUHQDPHQW FX
QHGLEĆFLD QRDVWUĆ GDU PDL DOHV FX RERVHDOD 5H]XOWDWXO
HVWHIRDUWHVODE1XFUHGHPFĆSkQĆODGLPLQHDĦDVĆQH
SXWHP IDFH QRUPD /D RUD  VH GĆ R SDX]Ć GH
FLQFLVSUH]HFHPLQXWH$GĆSRVWLĦLSHGXSĆRVWkQFĆSHQWUX
D QH IHUL GH YLVFRO RDPHQLL FDG FD EXüWHQLL üL DGRUP
LPHGLDW $GRUP üL HX 9LVH SURIXQGH üL IUXPRDVH vPL
PkQJkLH IUXQWHD 7LPS GH FLQFLVSUH]HFH PLQXWH DP
HYDGDW GLQ LDG 6XQHWXO XQXL FORSRĦHO QH WUH]HüWH vQVĆ
UHSHGH OD UHDOLWDWH 7UHPXUkQG GH IULJXO FDUH QH UĆFLVH
WUXSXULOH QH ULGLFĆP JHPkQG vQFRUGkQGXQH PXüFKLL
SHQWUX D ORYL PDL GHSDUWH FX FLRFDQHOH 6SUH GLPLQHDĦĆ
DP YĆ]XW RDPHQL FDUH GRUPHDX vQ SLFLRDUH VSULMLQLĦL GH
FR]LOH FLRFDQHORU &ĆWUH RUD  VH RUGRQĆ vQFRORQDUHD
1RUPD QD SXWXW QLPHQL VR vQGHSOLQHDVFĆ 1DP DIODW
FXP D MXVWLILFDW EULJDGLHUXO OD DGPLQLVWUDĦLD ODJĆUXOXL
QHUHDOL]DUHD SODQXOXL GLQ DFHD QRDSWH 7LPS GH R
VĆSWĆPkQĆ DP OXFUDW QXPDL vQ VFKLPEXO WUHL $SRL DP
IRVWWUHFXĦLvQVFKLPEXOXQX

 GHFHPEULH

 3ULPLP GUHSWXO VĆ WULPLWHP D GRXD FDUWH SRüWDOĆ
,DWĆWH[WXO
GHFHPEULH²&RORQLDGHPXQFĆ3HQLQVXOD
'UDJĆ/HDQĆ
7ULPLWHPLFkWPDLXUJHQWvPEUĆFĆPLQWHüLDOLPHQWHvQGRXĆ
SDFKHWH VHSDUDW ÍQ SDFKHWXO FX vPEUĆFĆPLQWH SRĦL SXQH R
SHUHFKH GH ERFDQFL QU  SDQWDORQL ED]RQDĦL IODQHOĆ FX
PkQHFLFĆPĆüLüLSL]PHQHEDWLVWHSFLRUDSLOkQĆS
PĆQXüL XUPHD]Ć XQ UkQG WĆLDW SUREDELO GH FĆWUH FHQ]XUD
ODJĆUXOXL üL QX VH SRDWH GHVFLIUD FHDP VFULV ÍQ SDFKHWXO FX
 
DOLPHQWH SRĦL SXQH XQWXUĆ VOĆQLQĆ EUkQ]Ć FDUQH PLHUH
]DKĆU XVWXURL VDUH GH EXFĆWĆULH üL FH PDL FUH]L WX 3DFKHWHOH
DWkW FHO FX vPEUĆFĆPLQWH FkW üL FHO FX DOLPHQWH VĆ QX
GHSĆüHDVFĆNJILHFDUH$LGUHSWXOüLODRFSSHOXQĆ
9ĆVĆUXWĆSHWRĦL&RQVW&DUDJDĦĆ

 $FHDVWĆHSLVWROĆDPVFULVRFXSULQVILLQGGHRPDUH
PkKQLUHüLWULVWHĦH6RĦLDPHDQXHUDvQFDGUDWĆvQPXQFĆ
QX DYHD QLFLXQ YHQLW GH QLFĆLHUL LDU VDODULXO PHX GH
vQYĆĦĆWRU IXVHVH VXVSHQGDW RGDWĆ FX DUHVWDUHD PHD
)HWLĦHOH FHD PLFĆ DYHD  DQL LDU FHD PDUH GRDU  DQL
WUHEXLDXKUĆQLWHvPEUĆFDWHWUHEXLDXEDQLSHQWUXFĆUĦLüL
UHFKL]LWH üFRODUH üL SHQWUX DOWH FKHOWXLHOL OHJDWH GH
vQWUHĦLQHUHD ORU vQ üFRDOĆ 'H XQGH VĆ LD DFHüWL EDQL"
3HQWUXFHOHFHUXWHGHPLQHDUILIRVWQHFHVDUHFHOSXĦLQ
VDODULL0ĆJkQGHDPGDFĆQDUILPDLELQHVĆUHIX]FDUWHD
SRüWDOĆGHRDUHFHHLQHREOLJDXVĆFHUHPDFHVWHOXFUXULGH
ODIDPLOLLOHQRDVWUHSHQWUXDDUXQFDüLDFRORGLVSHUDUHDüL
vQJULMRUDUHD 'DU FDUWHD SRüWDOĆ HUD VLQJXUXO PLMORF GH
FRPXQLFDUH FX FHL UĆPDüL DFDVĆ IĆUĆ QLFLXQ VSULMLQ GLQ
SDUWHDQLPĆQXLÍQWUHDFĆWILHVSXVFKLDUGDFĆDUILH[LVWDW
RDPHQL GH ELQH FDUH DU IL GRULW VĆ DMXWH IDPLOLLOHQRDVWUH
IULFD GH 6HFXULWDWH vL RSUHD VR IDFĆ DU IL ULVFDW R
FRQGDPQDUHGHDQL0DLPXOWGHFkWDWkWFKLDUüLFHL
PDL EXQL SULHWHQL VH IHUHDX GH IDPLOLLOH QRDVWUH LDU FkQG
vQWkPSODUHD IĆFHD VĆ VH vQWkOQHDVFĆ FX HL VRĦLLOH üL FRSLLL
FHORU FRQGDPQDĦL vL RFROHDX GH OD GLVWDQĦĆ (UDP
FRQVLGHUDĦL DWkW GH SHULFXORüL vQFkW QLPHQL QX FXWH]D VĆ
VSXQĆXQVLQJXUFXYkQWGHELQHGHVSUHQRL'HYHQLVHUĆP
´EDQGLĦLLµ FHL PDL vQYHUüXQDĦL DL SRSRUXOXLûL FXP VĆQX
VHIHUHDVFĆOXPHDGHQRLFkQGüLXQLQVSHFWRUüFRODUFDUHSkQĆ
 
DWXQFL FRQVWDWDVH üL PHQĦLRQDVH vQ SURFHVHOHYHUEDOH GH
LQVSHFĦLH QXPDL FXYLQWH GH ODXGĆ SHQWUX UHDOL]ĆULOH PHOH vQ
PXQFDGHODFDWHGUĆODFkWHYD]LOHGXSĆDUHVWDUHDSXWXWVHPQD
GHFL]LD GH H[FOXGHUH GLQ vQYĆĦĆPkQW FD ´QHFRUHVSXQ]ĆWRU vQ
PXQFĆ"µ
 5HYHQLQG OD FDUWHD SRüWDOĆ HD HUD PDL PXOW GHFkW
RULFHRYHVWHEXQĆvQVkQXOIDPLOLHLXQVHPQFĆvQFĆPDL
HUDPvQYLDĦĆ

 0DUHDVXUSUL]ĆGH´$QXO1RXµ

 $IOĆP GH OD FHL FDUH DYHDX DFFHV OD PDJD]LD
ODJĆUXOXL FĆ DX VRVLW VXWH GH SDFKHWH SHQWUX GHĦLQXĦL üL
FRQWLQXĆVĆVRVHDVFĆvQILHFDUH]L8QVXERILĦHUWUHFHSHOD
ILHFDUHEULJDGĆüLFLWHüWHOLVWDFHORUFĆURUDOHDXVRVLWPXOW
DüWHSWDWHOH SDFKHWH ÍQGHDPQĆ OD UĆEGDUH GHRDUHFH
GLVWULEXLUHD ORU HVWH DQHYRLRDVĆ ILHFDUH FROHW WUHEXLQG VĆ
ILHGHVIĆFXWvQIDĦDGHVWLQDWDUXOXLVSUHDVHFRQVWDWDFĆQX
FRQĦLQH OXFUXUL VDX RELHFWH LQWHU]LVH GH UHJXODPHQWXO
ODJĆUXOXL
 2PDUHEXFXULHVHUĆVSkQGHüWHSULQWUHGHĦLQXĦL2
UD]ĆGHVSHUDQĦĆQHPkQJkLHVXIOHWHOHüLQHGĆFXUDMXOGH
D UH]LVWD PDL GHSDUWH 3ULQWUH FHL VWULJDĦL vPL DXG üL
QXPHOH PHX 1XPL SRW VWĆSkQL ODFULPLOH &XP D SXWXW
&LQH D DMXWDWR VĆ IDFĆ DVWD FkQG QLFL HL QX DYHDX DFDVĆ
DOLPHQWHOH SH FDUH OH FHUXVHP HX" 0Ć FRQVLGHUDP
YLQRYDWüLPLUHSURüDPQHVĆEXLQĦDGHDOHILVPXOVGHOD
JXUĆEXFĆĦLFDGH]DKĆUVDXSLFĆWXUDGHPLHUHSHFDUHOHDU
ILGRULWüLHOHGDUQXüLSXWHDXvQJĆGXLOX[XOVĆOHDLEĆ

 

 
 LDQXDULH

 6XQW DQXQĦDW VĆ PĆ SUH]LQW OD PDJD]LH SHQWUX D
SULPL SDFKHWXO FX DOLPHQWH &kĦLYD GHĦLQXĦL OXFUHD]Ć FX
VXERILĦHUXO DGPLQLVWUDĦLHL OD GHVIDFHUHD FROHWHORU 2EVHUY
FĆ GLQ XQHOH SDFKHWH SDUWH GLQ OXFUXUL VXQW GDWH
GHRSDUWH(VWHGHVIĆFXWüLSDFKHWXOPHX1XPLVHUHĦLQH
QLPLF3ULPHVFFRQĦLQXWXOVHPQH]GHSULPLUHüLSOHFOD
EDUDFĆ /HQWLQG SH WRDWH SH SDW 1X OH YLQH RFKLORU VĆ
FUHDGĆ ,DWĆ ]DKĆU FXELF SkLQH SUĆMLWĆ ELVFXLĦL PLHUH
XQWXUĆ FX FDUQH SUĆMLWĆ PLH] GH QXFĆ SUXQH XVFDWH üL
FkWHYD PHUH 1XPDL EXQĆWĆĦL &kĦLYD GLQWUH FHL FH VH
DIODX vQ EDUDFĆ VHDSURSLH FX VILDOĆ 8QLL DX SULPLW
SDFKHWHDOĦLLQX2IHUODILHFDUHFkWHFHYDûLHLPLDXGDW
PLHÍQFRQGLĦLLOHYLHĦLLGHDLFLVSLULWXOGHvQWUDMXWRUDUHD
UĆPDVWUHD]%XFXULDGHDGDHVWHPDLPDUHGHFkWFHDGHD
SULPL 6ROLGDULWDWHD üL IUĆĦLHWDWHD HVWH PDL VWUkQVĆ DLFL
GHFkWvQOLEHUWDWH
 /D RSW ]LOH GXSĆ SULPLUHD SDFKHWXOXL FX DOLPHQWH
PDL SUHFLV vQ ]LXD GH  LDQXDULH VXQW DQXQĦDW VĆ PĆ
SUH]LQW OD PDJD]LH SHQWUX D ULGLFD FHO GHDO GRLOHD FROHW
GH GDWD DVWD FX vPEUĆFĆPLQWH /D GHVIDFHUHD SDFKHWXOXL
SULYHVFFXXLPLUHODWRDWHFkWHPLVDXWULPLVERFDQFLQRL
SDQWDORQLIODQHOĆEXQGLĦĆIXODUPĆQXüLFLRUDSLFĆPĆüL
L]PHQH SURVRDSH EDWLVWH üL VĆSXQ GH UXIH 7RDWH HUDX
QHFHVDUHGDUEXQGLĦDSHFDUHQRFHUXVHPDIRVWvQLDUQD
DFHHD VDOYDUHD VĆQĆWĆĦLL PHOH PDL FX VHDPĆ FĆ SDOWRQXO
vQFHSXVHVĆPĆODVH6HWRFLVHSHGHDVXSUDLDUFĆSWXüHDOD
GLQ FDX]D SORLORU üL D PXQFLL VH UXSVHVH SHVWH WRW üL QX
PDLSXWHDILUHSDUDWĆGHüLvQSDFKHWDPJĆVLWDĦĆüLDFHGH
FXVXW

 
 $WUHLDVFULVRDUHH[SHGLDWĆIDPLOLHLGHOD&DQDO

IHEUXDULH²&RORQLDGHPXQFĆ3HQLQVXOD
'UDJĆ/HDQĆüLVFXPSHOHPHOHIHWLĦH
$P SULPLW vQ IRDUWH EXQH FRQGLĦLL DPkQGRXĆ SDFKHWHOH
$OLPHQWHOH OHDP SULPLW SH GDWD GH  LDQXDULH LDU
vPEUĆFĆPLQWHDSH  LDQXDULH0LH WDUH GRU GH FRSLL ÍQWUXQ
YLLWRU SDFKHW FX DOLPHQWH WULPLWHPL R IRWRJUDILH FX WRĦL FHL
üDSWH FRSLL OD XQ ORF 1X YHQLĦL OD YRUELWRU ILLQGFĆ QX DYHP
GUHSWXOGHRFDPGDWĆ&RUQHOLDüL2OJXĦDVXQWVĆQĆWRDVH"$X
UH]XOWDWHEXQHODvQYĆĦĆWXUĆ"$YHPGUHSWXOvQILHFDUHOXQĆ
ODXQSDFKHWFXDOLPHQWHGHNJüLODRFDUWHSRüWDOĆ7ULPLWH
PL GDFĆSRĦL YLWDPLQD & DOLILHSHQWUXIDĦĆ üLPkLQL VOĆQLQĆ
XQWXUĆ FX MXPĆUL EUkQ]Ć PLHUH PLQFLXQHOH SkLQH XVFDWĆ
DUGHL LXĦL PLH] GH QXFĆ 6Ć QX SXQHĦL vQ SDFKHW DOLPHQWH GH
OX[FĆFLDFHVWHDQXYRUILSULPLWH9ĆVĆUXWĆüLYĆvPEUĆĦLüHD]Ć
SHWRĦL
&RVWLFĆ

 IHEUXDULH

 ,DUQĆ JUHD 6XQWHP SH DOW üDQWLHU )DFHP WRW
´DQURFDPHQWµ GDU PĆUXQW SHQWUX FDOHD IHUDWĆ /XFUĆP
FX FLRFDQH PLFL 1RUPD HVWH GH  PF 1LQJH FX IXOJL
PDUL üL EDWH XQ YkQW DVSUX GLQVSUH /DFXO 6LXWJKLRO
$üH]DĦL SH FkWHR EXFDWĆ GH VWkQFĆ EDWHP QHFRQWHQLW FX
FLRFDQHOH 1LQVRDUHD QH XGĆ KDLQHOH vQFĆOĦĆPLQWHD üL
PĆQXüLOH /D DQURFDPHQWXO PDUH OXFUDP vQ SLFLRDUH
SXWkQGXQH PLüFD GLQWUXQ ORF vQ DOWXO vQIUXQWkQG PDL
XüRUIULJXO$QURFDPHQWXOPLFQXOSXWHDPIDFHGHFkWvQ
SR]LĦLD´DüH]DWµ1HSXWkQGXQHPLüFDIULJXOüLXPH]HDOD
QHFXSULQGHDXGLQWRDWHSĆUĦLOH&HPDüILIĆFXWGDFĆQX

 
DüILSULPLWvPEUĆFĆPLQWHDüLvQFĆOĦĆPLQWHDGHDFDVĆ"

 PDUWLH

 'HüL GHR VĆSWĆPkQĆ OXFUĆP vQ VFKLPEXO XQX
DVWĆ]L QX VXQWHP VFRüL OD OXFUX 2UD LHüLULL HVWH GHSĆüLWĆ
1LPHQL QX üWLH FH VHQWkPSOĆ %ULJDGLHULL FKHPDĦL OD
RUGLQ VHQWRUF üL QH FRPXQLFĆ GLVSR]LĦLLOH
FRPDQGDQWXOXL WRDWH EULJĆ]LOH UĆPkQ vQ LQWHULRU üL
H[HFXWĆSURJUDPDGPLQLVWUDWLY
 'LQFRORGHGUXPSDUDOHOFXvQFĆSHULOHGHĦLQXĦLORU
VH DIOĆ EDUĆFLOH FRPSDQLHL GH VHFXULüWL  3ULYLQG GLQ
LQWHULRUXO ODJĆUXOXL REVHUYĆP PDL DOHV OD FRUSXO GH
JDUGĆPXOWHGUDSHOHURüLLvQGROLDWH'HVFRSHULPüLFkWHYD
WDEORXULPDULDOHOXL6WDOLQWRWvQGROLDWH$IOĆPDGHYĆUXO
DXWRUXO FULPHORU üL vQURELULL PXOWRU SRSRDUH WHPXWXO ,RVLI
9LVVDULRQRYLFL6WDOLQvQFHWDVHGLQYLDĦĆvQQRDSWHDGHVSUH
PDUWLH  8Q FRüPDU vQVSĆLPkQWĆWRU OD VFDUĆ
SODQHWDUĆvQFHWDVH$VDVLQXODSHVWH]HFHPLOLRDQHGHUXüL
QX PDL HUD &RQVWUXFWRUXO GLDEROLF D VXWH GH SXüFĆULL üL
JXODJXUL´JHQLDOXOLQJLQHUµDOWUDVĆULLSHKDUWD5RPkQLHL
D &DQDOXOXL 'XQĆUH ² 0DUHD 1HDJUĆ DFHDVWĆ VLQLVWUĆ
FUHDWXUĆ DSRFDOLSWLFĆ GLVSĆUXVH GH SH IDĦD SĆPkQWXOXL
ÍQWUHDJDOXPHDUĆVXIODWXüXUDWĆ«
 7LPS GH PDL PXOWH VĆSWĆPkQL GXSĆ DFHVW
HYHQLPHQWDFWLYLWDWHDGHSH&DQDODLQWUDWvQWURID]ĆGH
OkQFH]HDOĆ (UDX VHPQH FĆ DXWRULWĆĦLOH ODJĆUXOXL QX PDL
XUPĆUHDX H[WHUPLQDUHD QRDVWUĆ SULQ PXQFĆ IRUĦDWĆ
%ULJDGLHULLvQFHWDVHUĆVĆVHPDLFRPSRUWHDJUHVLY7HDPD
GH DQFKHWH GLVSĆUXVH 'HVSUH IDLPRDVHOH EULJĆ]L
VWXGHQĦHüWL  üL  GH OD 3HQLQVXOD QX VH PDL DX]HD
 
QLPLF &HYD GĆWĆWRU GH VSHUDQĦĆ GH VSHUDQĦD HOLEHUĆULL
SOXWHD SDUFĆ SULQ YĆ]GXK $üWHSWDP GH OD R ]L OD DOWD VĆ
VHQWkPSOHFHYD

 $SDWUDVFULVRDUHH[SHGLDWĆGHOD&DQDOIDPLOLHL

3HQLQVXODPDUWLH
'UDJHOHPHOHIHWLĦHüLVRĦLH
$PSULPLWGRXĆFSSULPDODPDUWLHüLDGRXDODPDUWLH
3DFKHWXOH[SHGLDWOD PDUWLHQXODPSULPLW3UREDELOFĆ D
GHSĆüLW JUHXWDWHD 0DP vQWULVWDW PXOW GH 2OJXĦD FĆ D IRVW
EROQDYĆ ,PL SDUH QHVSXV GH UĆX FĆ VFULVRULOH &RUQHOLHL üL DOH
2OJXĦHLQXOHDPSULPLW0ĆEXFXUWDUHPXOWFĆPHUJHĦLELQH
FXüFRDOD0LHGRUGHWRĦLGHYRLGHPĆPLFDGH/XOLGH&DWL
GH 0LKDL üL *DEULHOD üL GH WRĦL FHLODOĦL PDL PDUL  $üWHSW
IRWRJUDILLOH
9ĆVĆUXWĆüLYĆvPEUĆĦLüHD]ĆSHWRĦL
&RVWLFĆ

 PDUWLH2SHUDĦLHIĆUĆDQHVWH]LH

 1H DIOĆP vQWUXQ EHFL OXQJ üL UĆFRURV XQGH VXQW
GHSR]LWDWH PDL PXOWH YDJRDQH GH FDUWRIL 0DL ELQH GH
MXPĆWDWHVXQWVWULFDĦL7UHEXLHVĆLDOHJHPSHFHLEXQL(X
OXFUH] QXPDL FR PkQĆ FX FHD VWkQJĆ 'UHDSWD vPL HVWH
LQIHFWDWĆGHRIXUXQFXOR]Ć
 7UHFHEULJDGLHUXO$JDULFLSHOkQJĆPLQH
− 'HFHOXFUH]LQXPDLFRPkQĆ"
 ,L DUĆW PkQD GUHDSWĆ XPIODWĆ SkQĆQ FRW VH XLWĆ
vQFUXQWDWODHDüLPĆQWUHDEĆ
− 'HFHQDLUDSRUWDWVĆILLVFRVODPHGLF"

 
− )LLQGFĆ VXQW DOĦLL FX EROL PDL JUDYH GHFkW PLQH FDUH
DüWHDSWĆVĆSRDWĆLQWUDODRFRQVXOWDĦLHPHGLFDOĆ
 6XQW VFRV GLQ OXFUX üL GDW vQ SULPLUH XQXL RP GH
vQFUHGHUH DO EULJDGLHUXOXL FDUH PĆ GXFH OD LQILUPHULD
ODJĆUXOXL $P YĆ]XW DFROR IRDUWH PXOĦL EROQDYL &HL PDL
PXOĦL HUDX GLVWURILFL 8Q SURFHQW VHPQLILFDWLY vO IRUPDX
DFFLGHQWDĦLL GH SH GLIHULWH üDQWLHUH FDUH OXFUDX OD
´DQURFDPHQWµvQFDULHUHOHGHSLDWUĆ
 3HUVRQDOXO PHGLFDO GHVWXO GH QXPHURV HUD
DOFĆWXLW GLQ PHGLFL GHĦLQXĦL DYkQG FD üHI XQ PHGLF
RILFLDO6XQWOXDWvQSULPLUHGHXQFKLUXUJFDUHPĆGXFHvQ
DüD]LVD ´VDOĆ GH RSHUDĦLLµ ÍPL VSXQH GH OD vQFHSXW FĆ
QHDYkQG DQHVWH]LF PĆ YD RSHUD ´SH YLXµ $P DFFHSWDW
EXFXURVQXPDLVĆVHWHUPLQHPDLUHSHGH&KLUXUJXOFDUH
XUPDVĆPĆRSHUH]HDPDLFKHPDWFkĦLYDFROHJLVĆDVLVWH
$P vQWLQV PkQD ÍQWUR FOLSĆ ELVWXULXO D LQWUDW DGkQF vQ
FDUQHD LQIHFWDWĆ &RSWXUD D ĦküQLW LQXQGkQG PkQD
FKLUXUJXOXL üL PDVD 5DQD HVWH SDOSDWĆ SHQWUX VFXUJHUHD
OLFKLGXOXL'DUDFHDVWĆSULPĆLQFL]LHIĆFXWĆODvQFKHLHWXUD
PkLQLL QX GHJDMHD]Ć FRPSOHW LQIHFĦLD 'RFWRUXO PĆ
QGHDPQĆVĆVXSRUWSkQĆODFDSĆWRSHUDĦLD0LVHIDFvQFĆ
SDWUX LQFL]LL GHD OXQJXO DQWHEUDĦXOXL 'XSĆ DSURDSH R
MXPĆWDWH GH RUĆ LQWHUYHQĦLD FKLUXUJLFDOĆ ´SH YLXµ D IRVW
JDWD $P YĆ]XW SH IDĦD PHGLFXOXL PXOĦXPLUHD FĆ vQ
FRQGLĦLLH[WUHPGHYLWUHJHDSXWXWVĆIDFĆELQHXQXLRP
0LDVSXVFĆGHQXPDüILGXVvQ]LXDDFHHDDOWĆVROXĦLH
SHQWUX D VFĆSD GH R LQIHFĦLH JHQHUDOĆ QX HUD GHFkW
DPSXWDUHD PkLQLL 0XOĦXPLQGXL PLDP OXDW UĆPDV
EXQ/DSOHFDUHPHGLFXORILFLDOPLDDFRUGDWRVFXWLUHGH
OD PXQFĆ GH WUHL ]LOH $ IRVW VLQJXUXO SULYLOHJLX GH FDUH
DPEHQHILFLDWSHWRDWĆSHULRDGDGHWHQĦLHLPHOHOD&DQDOXO
 
'XQĆUH ² 0DUHD 1HDJUĆ $VWĆ]L GXSĆ PDL ELQH GH
SDWUX]HFL GH DQL vQFĆ VH PDL FXQRVF FLFDWULFHOH DFHOHL
WHULELOHRSHUDĦLLIĆUĆDQHVWH]LHSULQFDUHDPWUHFXW
 'XSĆ PRDUWHD OXL 6WDOLQ GLQ  PDUWLH 
HYHQLPHQWH PDL LPSRUWDQWH QX VDX PDL SURGXV vQ YLDĦD
QRDVWUĆ 3DUFXUJHP R SHULRDGĆ GH OkQFH]HDOĆ GH DSDWLH
JHQHUDOĆ FHHD FH QH PĆUHüWH vQFUHGHUHD vQWUR VDOYDUH
DSURSLDWĆ

  LXOLH  ÍQFKLGHUHD OXFUĆULORU OD &DQDOXO
'XQĆUH0DUHD1HDJUĆ

 'XSĆ PRDUWHD OXL 6WDOLQ OXFUĆULOH OD &DQDOXO
'XQĆUH ² 0DUHD 1HDJUĆ DX LQWUDW vQWUR SHULRDGĆ GH
VWDJQDUH FX XQ ILQDO SUHYL]LELO vQFKLGHUHD ORU $X IRVW
PDLPXOWHFDX]H3ULPD²GHRUGLQHFRQRPLFWLPSGHWUHL
DQL XULDüD OXFUDUH D VHFĆWXLW ILQDQĦHOH ĦĆULL IĆUĆ VĆ VH IL
DMXQV QLFL PĆFDU OD MXPĆWDWH GLQ GLPHQVLXQHD
SURJUDPDWĆ 2 DOWĆ FDX]Ć D IRVW GH RUGLQ SROLWLF OXPHD
QWUHDJĆ VHQJUR]LVH GH PXOĦLPHD ODJĆUHORU GH PXQFĆ
IRUĦDWĆ GLQ 5RPkQLD üL GH SXüFĆULLOH GLQ DFHDVWĆ ĦDUĆ
SOLQH SkQĆ OD UHIX] GH VXWHOH GH PLL GH RDPHQL
QHYLQRYDĦL WRUWXUDĦL üL VXSXüL XQXL  GLDEROLF UHJLP GH
H[WHUPLQDUH $üD FĆ ]LXD GH  LXOLH  D YHQLW FD R
ORYLWXUĆGHWUĆVQHW/LQLüWLWĆVHQLQĆüLvQVRULWĆHDDYHDVĆ
QHDGXFĆVXSUHPDEXFXULHDVDOYĆULLQRDVWUHGLQJKHDUHOH
URELHL
 =HFL GH EULJĆ]L DOLQLDWH vQWUR RUGLQH GHVĆYkUüLWĆ
ILHFDUH FX üHIXO vQ IDĦĆ DüWHDSWĆ VHPQDOXO JRUQLVWXOXL GH
LHüLUH SH SRDUWD ODJĆUXOXL SHQWUX D VH vQGUHSWD VSUH
üDQWLHUH 7UHFXVHUĆ PDL ELQH GH GRXĆ RUH VRDUHOH VH

 
ULGLFDVH PXOW GDU VHPQDOXO GH SOHFDUH QX PDL YHQHD
=JRPRWXOVXUGüLFRQIX]GHYRFLVHvQWHĦHüWHGDUQLPHQL
QXüWLHFHVHQWkPSOĆÍQWUXQWkU]LXDX]LPVHPQDOXO'DU
QX GH LHüLUH FL GH FKHPDUH OD RUGLQ D EULJDGLHULORU =HFL
GH ´üHILµ ĦküQHVF GLQ IDĦD EULJĆ]LORU üL vQ SDV DOHUJĆWRU
VHQGUHDSWĆ VSUH JUXSXO GH RILĦHUL XQGH VH DIOD üL
FRPDQGDQWXO 'RDU ]HFH PLQXWH DX GXUDW FRPXQLFĆULOH
&XDFHHDüLJUDEĆEULJDGLHULLVHUHvQWRUF
´$VWĆ]LQXLHüLPSHüDQWLHUµ²QHFRPXQLFĆüHIXOQRVWUX
6HYDH[HFXWD´SURJUDPDGPLQLVWUDWLYµ9HĦLVFRDWHWRDWH
VDOWHOHOH SĆWXULOH SHUQHOH OH YHĦL VFXWXUD ELQH GH SUDI
DSRL YHĦL WUHFH OD FXUĆĦHQLD GLQ GRUPLWRUµ  1LPLF PDL
PXOW1LFLXQFXYkQWGHVSUHFDX]DvQWUHUXSHULLOXFUXOXL
 7UHL ]LOH QX DP PDL LHüLW SH üDQWLHU ÍQ FHD GH D
SDWUD EULJĆ]LOH VFRDVH GLQ ODJĆU QDX PDL IRVW GXVH OD
VIĆUkPDWSLDWUĆFLODJUĆGLQĆULH7UHLVĆSWĆPkQLDPOXFUDW
QXPDLODJUĆGLQĆULH

 3UL]RQLHUvQODJĆUXOGHOD%RU]HüWL

 3HGDWDGHDXJXVWREXQĆSDUWHGLQWUHGHĦLQXĦLL
GH OD 3HQLQVXOD DSURDSH QRXĆ VXWH DP IRVW vPEDUFDĦL
vQWUXQ WUHQ FX YDJRDQH GH WUDQVSRUWDW DQLPDOH üL
GHEDUFDĦLvQJDUD5ĆGHDQDSHQWUX&RPELQDWXO%RU]HüWL
 $LFLOXFUXULOHHUDXFXWRWXODOWIHO1HDIODPWRWVXE
SD]Ć WRW vQ ODJĆU GDU WUDWDPHQWXO HUD RPHQHVF 0XQFD
IRUĦDWĆ GLVSĆUXVH %ULJDGLHULL QX PDL HUDX GLQWUH FHL GH
GUHSW FRPXQ FL GHDL QRüWUL SROLWLFL 3XüL vQ VXE]LVWHQĦD
ÍQWUHSULQGHULL ´(QHUJR ² &RQVWUXFĦLLµ SULPHDP FD KUDQĆ
SHVWHGHFDORULL]LOQLF%DUĆFLOHHUDXELQHFRQVWUXLWH
vQFĆO]LWHüLFXUDWH0DVDQRPDLOXDPvQEĆWDLDYkQWXOXL
D SORLL üL QLQVRULL FL vQWUR VDOĆ GH PHVH LPHQVĆ vQ FDUH
 
vQFĆSHDX SHVWH R PLH GH RDPHQL /D ILHFDUH PDVĆ
SULPHDP FkWH GRXĆ IHOXUL GH PkQFDUH &X XQ DVWIHO GH
UHJLPDOLPHQWDUQRUPDFDUHQXHUDSUHDPDUHRSXWHDP
UHDOL]DFXXüXULQĦĆ8QDOWPDUHDYDQWDMHUDDFHODFĆQXVH
PDL OXFUD vQ VFKLPEXUL FL QXPDL vQWUXQXO VLQJXU GH OD
RUD  OD  'HFL DYHDP WLPS VXILFLHQW GH RGLKQĆ
'XPLQLFD QX HUDP VFRüL QLFLRGDWĆ OD OXFUX 1H EXFXUDP
GHUHJLPXOGHPXQFĆDOWXWXURUPXQFLWRULORUOLEHUL
 &KLDU vQ SULPD VĆSWĆPkQĆ QL VD GDW FkWH R FDUWH
SRüWDOĆ VĆ VFULHP IDPLOLLORU VĆ YLQĆ OD YRUELWRU üL VĆ QH
DGXFĆ DOLPHQWH PHGLFDPHQWH KDLQH %ULJDGLHUXO QRVWUX
HUD XQ LQJLQHU WkQĆU GLQ 3ORLHüWL SH QXPH &HSRLX
&RQVWDQWLQ (UD QHFĆVĆWRULW &X R WHPHLQLFĆ SUHJĆWLUH
SURIHVLRQDOĆ FX R FXOWXUĆ JHQHUDOĆ FH LPSXQHD UHVSHFW
XQ SRYHVWLWRU QHvQWUHFXW GH QLPHQL GLQWUH QRL WkQĆUXO
&HSRLXPLDUĆPDVSkQĆODHOLEHUDUHFHOPDLEXQSULHWHQ
3HVWH FkĦLYD DQL vQ  DP WUĆLW EXFXULD VĆ SDUWLFLS
vPSUHXQĆFXVRĦLDODQXQWDOXLOD3ORLHüWLXQGHYDSHVWU
$SHORUODQU
 'LQWUH FROHJLL GH VXIHULQĦĆ XQ DOW SULHWHQ IDĦĆ GH
FDUH DP DYXW vQWRWGHDXQD XQ GHRVHELW UHVSHFW D IRVW
LQVWLWXWRUXO ,RQ $QJKHO GLQ )RFüDQL &X ]HFH DQL PDL vQ
YkUVWĆ GHFkW PLQH HUD GH XQ RSWLPLVP PROLSVLWRU )RVW
UHYL]RU üFRODU SHQWUX PXQFD üL H[SHULHQĦD OXL OD FDWHGUĆ
,RQ $QJKHO GHYHQLVH IRDUWH DSUHFLDW GH FĆWUH FDGUHOH
GLGDFWLFHGLQRUDüVLMXGHĦ$IXQFĦLRQDWODûFRDOD3ULPDUĆ
1U  GLQ )RFüDQL OkQJĆ 7ULEXQDO (OLEHUDW vQ DSULOLH
 D PXULW GXSĆ FkĦLYD DQL UHJUHWDW GH WRDWĆ
vQYĆĦĆWRULPHDGLQRUDüüLGLQvQWUHJFXSULQVXOMXGHĦXOXL
 1XO SRW XLWD QLFL SH ,RQ =ĆJDQ FRQVĆWHDQXO PHX
GLQ7LFKLULüFDUHGHüLIĆFHDSDUWHGLQSHUVRQDOXOGHSD]Ć
 
DOODJĆUXOXLFXJUDGXOGHVHUJHQWPDMRUQXVDWHPXWVĆ
PĆFRQWDFWH]HüLVĆPĆQWUHEHGDFĆDPFHYDGHWUDQVPLV
DFDVĆ'DFĆDUILIRVWGHVFRSHULWJHVWXOOXLFXUDMXOGHFDUH
DGDWGRYDGĆvOSXWHDXFRVWDIRDUWHVFXPSGHJUDGDUHDSH
ORFüLDUXQFDUHDvQvQFKLVRDUHSHQWUXPXOĦLPXOĦLDQL
 7HRGRU &ULüDQ YHQHD GLQ 0XQĦLL $SXVHQL 6H
PkQGUHD FX RULJLQHD OXL GH ´PRĦµ 0LF GH VWDWXUĆ VODE
PDL WXFLXULX GHFkW XQ ĦLJDQ HUD XQ LQV IRDUWH YLRL üL
YRUEHD DSURDSH WRW WLPSXO 2UL GH FkWH RUL DYHD SULOHMXO
VHOXDGHFDUDOLL)ĆUĆVĆSDUĆFĆüLEDWHMRFGHHLOHJĆVHD
ODILHFDUHFkWHXQPLFFXVXUSHFDUHOLQYRFDDWXQFLFkQG
JDUGLDQXO UHVSHFWLY vQFHUFD VĆ ILH PDL DXWRULWDU ÍQWUR
GXPLQLFĆ FHĦRDVĆ üL FR EXUQLĦĆ PĆUXQWĆ GHĦL VIUHGHOHD
RDVHOH QHILLQG VFRüL SH üDQWLHU  OD %RU]HüWL GXPLQLFLOH
HUDX UHVSHFWDWH  QH DIODP FX WRĦLL vQJUĆPĆGLĦL vQ EDUDFĆ
ILHFDUHODSDWXOOXL3DWXULOHILLQGVXSUDSXVH&ULüDQDYHD
ORFXOVXV 'HüLHUDPDFRORSHVWHRVXWĆGHRDPHQLOD XQ
PRPHQW GDW VH DüWHUQXVH vQ GRUPLWRUXO QRVWUX R OLQLüWH
VXVSHFWĆ $FHDVWĆ OLSVĆ GH ]JRPRW D DWUDV DWHQĦLD
JDUGLDQXOXL FDUH VH SOLPED SULQWUH EDUĆFL 8üD VH
GHVFKLGHEUXVFJDUGLDQXOLQWUĆüLIDFHFkĦLYDSDüLDYkQG
SH IDĦĆ R SURQXQĦDWĆ QHGXPHULUH QHüWLLQG FH DQXPH VH
vQWkPSODVH  &RFRĦDW vQ SDWXO GH VXV &ULüDQ FX WDOHQWXO
OXLGHQDUDWRUvQQĆVFXWSRYHVWHDvQWkPSOĆULGLQYLDĦDOXL
− &HIDFLDFROREĆ"
− &ORFHVFUĆVSXQVH&ULüDQ
− $LVFRVSXL"
− (XODSULPĆYDUĆLVFRW
 %DUDFDVDFXWUHPXUDWGHUkVHWHOHFHORUSHVWHRVXWĆ
GHRDPHQL0ĆvPSULHWHQLVHPFXHO3HüDQWLHUvQWLPSXO
OXFUXOXL DIODVHP PXOWH GHVSUH IDPLOLD VD FDUH VH DIOD OD
 
7kUQĆYHQL OkQJĆ 7XUGD $YHD R IHWLĦĆ SH FDUH R FKHPD
'LDQD Å'LXĦDµ FXP vL VSXQHD HO &kQG vO DUHVWDVH DELD
vPSOLQLVH  DQLüRUL 6RĦLD OXFUD OD R vQWUHSULQGHUH OD
FRQWDELOLWDWH/DDUHVWDUHIXVHVHüLHOüHIFRQWDELOODRDOWĆ
vQWUHSULQGHUH GLQ 7kUQĆYHQL ÍPL YRUEHD GHVHRUL FX
GXLRüLH GHVSUH VDWXO OXL GLQ ]RQD 0RĦLORU XQGH VH
QĆVFXVH üL XQGHüL OĆVDVH SĆULQĦLL EĆWUkQL VĆüL WUĆLDVFĆ
YLDĦD GLQ JUHX ÍPL GHVWĆLQXLVH FĆ GH YD VFĆSD GLQ
vQFKLVRDUHYDFHUHVRĦLHLOXLFkQGYDILVĆSOHFHµGLQFRORµ
VĆO GXFĆ OD 3RüDJD DüD VH QXPHD VDWXO vQ FDUH VH
QĆVFXVHüLVĆOvQPRUPkQWH]HDFROR3HVWH]HFHDQLFkQG
DP VFULV OD 7kUQĆYHQL VĆ DIOX YHüWL GHVSUH HO VRĦLD PLD
UĆVSXQV FĆ PXULVH üL DüD FXP üLD GRULW D IRVW
vQPRUPkQWDWOD3RüDJDSULQWUHPRĦLLOXLGUDJL'HDWXQFL
QDPPDLDIODWQLPLF GHVSUHIDPLOLDOXL0ĆDWDüDVHPGH
DFHVW RP  vQ SULPXO UkQG SHQWUX FĆ HUD GLQ ÅĥDUD
0RĦLORUµ 3H WRDWĆ GXUDWD GHWHQĦLHL RUL GH FkWH RUL DP
vQWkOQLWPDFHGRQHQLüLPRĦLOHDPFĆXWDWüLOHDPDFRUGDW
SULHWHQLD PHD (UDX FHL PDL FXUDMRüL üL PDL QHvPSĆFDĦL
OXSWĆWRUL DQWLFRPXQLüWL 3ULQ WRDWH vQFKLVRULOH üL ODJĆUHOH
SH XQGH DP WUHFXW QDP vQWkOQLW QLFĆLHUL YUHXQ WXUQĆWRU
PDFHGRQHDQVDXPRĦ'HüLĦDUDQXOHDRIHULWvQWRWGHDXQD
RFURWLUHHUDXEXQLSDWULRĦLüLEXQLURPkQL
 7LPSXO WUHFHD üL YLDĦD QRDVWUĆ GLQ ODJĆUXO GH OD
%RU]HüWLVHGHVIĆüXUDQRUPDO1XPDLDYHDPGHvQIUXQWDW
QLFL IRDPHD QLFL DQFKHWHOH QLFL PXQFD IRUĦDWĆ 1XPDL
VkUPHOH JKLPSDWH JDUGLHQLL üL FkLQLL SROLĦLüWL QH DPLQWHDX OD
ILHFDUH SDV FĆ YLDĦD QRDVWUĆ VH DIOD vQFĆWXüDWĆ vQWUH QLüWH
PLMORDFHGUDFRQLFHGHFRQILVFDUHDOLEHUWĆĦLLRPXOXL


 
 9RUELWRUXO

 ÍQWUXQD GLQ GXPLQLFLOH OXQLL RFWRPEULH ]L
IUXPRDVĆ FX VRDUH FDOG PĆ DIODP DIDUĆ vQ FXUWHD
ODJĆUXOXLGHYRUEĆFXXQJUXSGHRDPHQLGLQ$UGHDO8Q
JDUGLDQFXROLVWĆvQPkQĆVWULJDQXPHOHFHORUFKHPDĦLOD
YRUELWRU ÍPL DXG üL QXPHOH PHX 9RUELWRUXO HUD OD PDL
SXĦLQGHRVXWĆGHPHWULGHORFXOXQGHPĆDIODP$OHUJüL
PĆQFRORQH]SULQWUHFHLFKHPDĦL(UDPPXOĦLYUHR
ÍQYRUELWRU]HFLGHYRFLGĆGHDXLPSUHVLDXQHLvQFĆLHUĆUL
)LHFDUH VH WUXGHD VĆ ILH DX]LW GDU PDL DOHV VĆ ILH vQĦHOHV
&kQG PLD YHQLW üL PLH UkQGXO LQWUkQG GLQWUR SULYLUH
PLDP GDW VHDPD FXP DUDWĆ XQ YRUELWRU PDL vQWkL XQ
FXORDU OXQJ GH YUHR  P üL ODW GH FLUFD  P DYkQG OD
PLMORF GRXĆ JDUGXUL GH VkUPĆ vPSOHWLWĆ XQXO OD LQWHULRU
SHQWUX GHĦLQXĦL FHOĆODOW OD H[WHULRU SHQWUX FHL YHQLĦL GH
DFDVĆÍQĆOĦLPHDJDUGXULORUGHSĆüHDPÍQWUHHOHHUDXQ
VSDĦLXJROGHDSUR[LPDWLYPSULQFDUHFLUFXODX
JDUGLHQL FDUH DVLVWDX OD GLVFXĦLL 1X DYHDP YRLH VĆ
GLVFXWĆP GHFkW GHVSUH IDPLOLD UHVSHFWLYĆ &RQYRUELUHD
QXWUHEXLDVĆGHSĆüHDVFĆPLQXWH&kQGDPLQWUDWPLD
IRVWGDWVĆYĆGXQVSHFWDFROQHPDLvQWkOQLWSkQĆDWXQFLOD
JDUGXOGHVkUPĆGLQVSUHODJĆUQHDIODPQRLGHĦLQXĦLLOD
FHOĆODOWGLQVSUHH[WHULRUHUDXvQPDMRULWDWHIHPHLPDPH
VRĦLL üL FRSLL 3ULQWUH HOH üL FkĦLYD EĆUEDĦL PDL vQ YkUVWĆ
3HQWUXILHFDUHGLQWUHQRLYHQLVHUĆGLQILHFDUHIDPLOLHFkWH
SHUVRDQHVĆLYDGĆSHFHLSHFDUHQXLPDLvQWkOQLVHUĆ
GH DQL üL DQL« 6WULJĆWH PkLQL vQWLQVH ODFULPL 9DFDUPXO
HUDDüDGHPDUHFĆQXVHQĦHOHJHDPDLQLPLF&HLFDUHüL
WHUPLQDVHUĆ FRQYRUELUHD VH UHWUĆJHDX VSUH FDSHWHOH
FXORDUXOXL VĆüL SULPHDVFĆ vQ SUH]HQĦD XQXL JDUGLDQ

 
DOLPHQWHOH VDX KDLQHOH DGXVH GHDFDVĆ 1L VD SHUPLV VĆ
GĆPDFDVĆUXGHORUKDLQHOHüLvQFĆOĦĆULOHX]DWH
 0Ć vQWRUF DFXP OD PRPHQWXO FkQG OHDP
GHVFRSHULW FDP SH OD PLMORFXO FXORDUXOXL SH VRĦLD PHD
DOĆWXULGHFXPQDWD(OHQD&'XPLWUHVFXGLQ7LFKLULü1X
QH PDL YĆ]XVHUĆP GH DSURDSH GRL DQL ÍQWUHEĆULOH üL
UĆVSXQVXULOH QRDVWUH QX üWLX GDFĆDX IRVW SH MXPĆWDWH
vQĦHOHVH0XOĦXPLUHDFHDPDLPDUHDIRVWFĆQHDPSXWXW
YHGHD«
 /D VIkUüLWXO FRQYRUELULL DP PHUV vQ FDSĆWXO
FXORDUXOXL VĆPL SULPHVF FHOH DGXVH GHDFDVĆ &X DFHVW
SULOHM DP PDL VFKLPEDW FkWHYD SULYLUL DSRL QHDP
GHVSĆUĦLW$IRVWVLQJXUXOµYRUELWRUµSHFDUHODPDYXWvQ
WRDWĆ SHULRDGD GH GHWHQĦLH &kQG QL VD GDW SULPD FDUWH
SRüWDOĆ VĆ VFULHP DFDVĆ QL VD VSXV VĆ FRPXQLFĆP
IDPLOLLORUFĆYRPDYHDÅYRUELWRUµvQILHFDUHOXQĆÍQED]D
DFHVWHL SURPLVLXQL IDPLOLLOH DX YHQLW üL vQ OXQD
XUPĆWRDUH GDU GLVSR]LĦLD LQLĦLDOĆ IXVHVH vQWUH WLPS
DQXODWĆ ÍQ ]LXD SURJUDPDWĆ SHQWUX ÅYRUELWRUµ
QLPHULQGXPĆ DIDUĆ PLDP YĆ]XW VRĦLD vPSUHXQĆ FX
FXPQDWD (OHQD 'XPLWUHVFX vQGHSĆUWkQGXVH GH ODJĆU
VSUH JDUD 5ĆGHDQD 1DP DIODW QLFL SkQĆ DVWĆ]L PRWLYXO
vQWUHUXSHULLÅYRUELWRUXOXLµ«

 'DUGH&UĆFLXQ

 6ĆUEĆWRULOH Å&UĆFLXQXOXLµ  üL DOH Å$QXOXL 1RXµ
 DX WUHFXW IĆUĆ HYHQLPHQWH GHRVHELWH SHQWUX QRL $
IRVWWRWXüLFHYDvQSULPD]LGH&UĆFLXQüLGH$QXO1RXQ
DP IRVW VFRüL OD PXQFĆ ÍQ EDUDFD QRDVWUĆ üHIXO
üDQWLHUXOXL XQ LQJLQHU WRW GHĦLQXW SROLWLF D DGXV XQ
WkQĆU FX R YRFH GH EDULWRQ IUXPRV FXOWLYDWĆ FDUH VD
 
XUFDW SH XQXO GLQ SDWXULOH GH VXV üL D vQFHSXW VĆ FkQWH
PHORGLD FRPSXVĆ GH *KHRUJKH %R]HQRYLFL Å'RU GH
OLEHUWĆĦLµ $ IRVW FHO PDL IUXPRV GDU GH &UĆFLXQ
*DUGLHQLL DIODĦL SULQ FXUWHD ODJĆUXOXL SHQWUX PHQĦLQHUHD
RUGLQLLDWUDüLGHPHORGLDWkQĆUXOXLDXLQWUDWvQĆXQWUXüL
QXQXPDLFĆQXODXRSULWVĆPDLFkQWHGDUDXDVFXOWDWFX
QRL SkQĆ OD XUPĆ IXUDĦL GH IUXPXVHĦHD PHORGLHL üL PDL
DOHV D WH[WXOXL 0HULWĆ VĆ UĆPkQĆ vQWUH DFHVWH DPLQWLUL
YHUVXULOH WkQĆUXOXL %R]HQRYLFL $WXQFL vQ SULPD ]L GH
&UĆFLXQDFHVWWkQĆUvPLSDUHQHVSXVGHUĆXFĆQXLPDL
UHĦLQ QXPHOH QHD WUDQVSRUWDW SH WRĦL DFDVĆ FX RFKLL
vQRWkQG vQ ODFULPL ,QJLQHUXO XQ RP YRLQLF GHDELD
vQFĆSkQGSHXüDEDUĆFLLSOkQJHDFDXQFRSLO
 ,DWĆWH[WXODFHVWXLFkQWHF

'HSDUWHGHOXPHYLDĦDRWUHF
&XUJODFULPLGLQ]LGXULüLQHOHPĆQHF
,XELULüLGRULQĦL
ûLODFULPLILHUELQĦL
)HULFLUHDDYXWDPPDLLHUL

5HIUHQ
'RUGHOLEHUWĆĦL
3LHUGXWHQ]LGXULGHFHWĆĦL
$QLLJUHLPHUHXVHFHUQ
ûLSHVWHQRLVDüWHUQ

$FDVĆRPDPĆFXRFKLOĆFUĆPDĦL
ÍüLSOkQJHIHFLRULLOXDĦL
1XVSXQHXQFXYkQW
ÍLFUHGHQPRUPkQW
ûLLSOkQJHSHFHLGHSRUWDĦL

 
 5HIUHQ

'HSDUWHGHWLQHPDPLQRVXQWHX
6LPWGRUXOFHDSDVĆSHLQLPDĦLJUHX
'DUYRLUHYHQL
$PkQGRLYRPIL
)HULFLUHDLDUQHYDXQL

5HIUHQ«

3UHD6IkQWĆ)HFLRDUĆDLJULMĆGHQRL
1HVFDSĆGLQODQĦXULGXUHULüLQHYRL
$LPLOĆGHDL7ĆL
)ĆLEXQLSHFHLUĆL
7HUXJĆPVĆ7HURJLSHQWUXQRL

5HIUHQ«

 7kQĆUXO D vQFKHLDW FX ´&ROLQGXO SUL]RQLHULORU
URPkQLGLQ5XVLDµFXQRVFXWüLVXEQXPHOHGH´&ROLQGXO
SUL]RQLHULORU GH OD &RWXO 'RQXOXLµ $ IRVW FRQFHSXW GH
vQYĆĦĆWRUXO ûWHIDQ 7XPXUXJ SH YHUVXUL GH $XUHO
&LRSRQH vQWUXQ DMXQ GH &UĆFLXQ vQWUXQXO GLQ
vQGHSĆUWDWHOH ODJĆUH VLEHULHQH XQGH VSHUDQĦD GH D PDL
VXSUDYLHĦXLHUDGHILQLWLYSLHUGXWĆ

/DIHUHDVWUDDPLQWLULLQHDGXQĆP
&kQWHFXOGHDOWĆGDWĆOFROLQGĆP
ûLDFHUQXWXQJHULDUIORULOHLWLSWLO
3HVWHIUXQWHDPHDVHQLQĆGHFRSLO

5HIUHQ
0DPĆPDPĆFUHVFQĆPHĦLLVXIHULP
&DGSHJHQHIORULGHJKHDĦĆ9HOHULP
 
 
5ĆEXIQHüWHQYDLHUVWHSDFĆWUHFHU
%UD]LLüLOHDJĆQĆvQYkUIXUL/HUXLOHU
7UHFvQFDUDYDQHPDJLLGRUXOXL
3HVWHIUXQWHDUHFHDOXSWĆWRUXOXL

5HIUHQ
0DPĆPDPĆFUHVFQĆPHĦLLüLSLHULP
)ĆUĆĦDUĆIĆUĆQXPH9HOHULP

%UD]LLDUGvQIRFXOPLFXOXLFĆWXQ
1RLFkQWĆPFROLQGXOXQXLQRX&UĆFLXQ
'RDPQHSXQHQIRFXOLQLPLL]ĆSH]L
)UXQWHDQRDVWUĆPDPĆLDUĆüLVRGH]PLHU]L

5HIUHQ
*kQGXOQRVWUXQJkQGXOĦĆULLVĆPSOHWLP
)ORULGHPĆUvQWURFXQXQĆ9HOHULP

 &HOHODOWH VĆUEĆWRUL OHDP SHWUHFXW SH üDQWLHU
SXUWkQG vQ VXIOHW QRVWDOJLD GRUXOXL GH OLEHUWDWH üL
IUHGRQkQG GLQ FkQG vQ FkQG Å'RU GH OLEHUWĆĦLµ DO OXL
*KHRUJKH%R]HQRYLFL
 ÍQ LQWHULRUXO ODJĆUXOXL OXFUDX GLQ FkQG vQ FkQG
FLYLOL FX DXWRUL]DĦLH VSHFLDOĆ GH LQWUDUH üL LHüLUH (L
H[HFXWDX OXFUĆUL GH VSHFLDOLWDWH üL GH DPHQDMDUH ODJĆUXO
ILLQG FRQVWUXLW FX PD[LPĆ XUJHQĦĆ vQ YHGHUHD DGXFHULL
QRDVWUH GH OD &DQDO $FHüWL OXFUĆWRUL QX HUDX IRORVLĦL OD
vQWkPSODUH FL ULJXURV ´FHUQXĦLµ üL ELQH DOHüL GH FĆWUH
RUJDQHOH 0$, SHQWUX D QX FĆGHD vQ SODVD YUHXQXL
GHĦLQXW üL DL vQOHVQL HYHQWXDOH OHJĆWXUL FX FHL ÅGH

 
DIDUƵ
 ÍQWUR]LGXSĆFHIXVHVHUĆPDGXüLGHSHüDQWLHUüL
OXDVHUĆP PDVD vQWkPSOĆWRU PĆ DIODP VLQJXU OkQJĆ R
EDUDFĆ /D XQ PRPHQW GDW XQ OXFUĆWRU FLYLO XQ EĆLDW
WkQĆUVDvQGUHSWDWVSUHPLQHFXLQWHQĦLDGHDPĆvQWUHED
FHYD$PWUHVĆULWSHQWUXFĆüWLDPFĆHLQXDYHDXYRLHVĆ
VWHD GH YRUEĆ FX QRL 3ULYLQGXPĆ VFXUW VD DSURSLDW üL
VLPXOkQG FĆ vQFHDUFĆ FHYD SH SHUHWHOH EDUĆFLL PD
vQWUHEDW ´FH IDFHĦL SĆULQWH"µ « 6XUSULQV GH vQWUHEDUH L
DPUĆVSXQVÅIDFHĦLSUREDELORFRQIX]LHQXVXQWSUHRWµ«
'HVFXPSĆQLW GH JUHüHDOD VĆYkUüLWĆ WkQĆUXO VD RSULW
QHüWLLQG FH VĆ IDFĆ *UHüHDOD OXL SRDWH FĆ QD IRVW DWkW GH
PDUHSHFkWDIRVWDPHD,QWXLQGODUHSH]HDOĆVLWXDĦLDP
DPJkQGLWFĆEĆLDWXOHUDVLQFHUüLQHFRPSĆWLPHD0L]kQG
SHDFHVW JUHüLW UDĦLRQDPHQW DP vQFHUFDW VĆL IDF R
SURSXQHUH VĆ SXQĆ OD SRüWĆ XQ SOLF FX XQ ELOHĦHO GH
FkWHYD UkQGXUL QHVHPQDW FX WH[WXO FHO FH VH DIOĆ OD
%RU]HüWLHVWHVĆQĆWRVüLDüWHDSWĆVĆILHHOLEHUDW,QGLFkQGX
LüLDGUHVDSHFDUHWUHEXLDVRWUHDFĆSHSOLFWkQĆUXOPLD
UĆVSXQV FX R VLQFHULWDWH vQ JODV SH FDUH QX LDP XLWDWR
QLFL DVWĆ]L PLH IULFĆ 3kQĆ OD HOLEHUDUHD PHD SH DFHO
WkQĆUQXODPPDLYĆ]XWQLFLRGDWĆSULQFXUWHDODJĆUXOXL«

 IHEUXDULH

 ,DUQĆ JUHD 1H vQWRUVHVHUĆP GH SH üDQWLHU üL
DüWHSWDP VĆ ILP FKHPDĦL OD PDVĆ &XP DP PDL DPLQWLW
PDVD R OXDP vQWUR VDOĆ LPHQVĆ OD DGĆSRVW GH YLVFRO
SORDLHVDXQLQVRDUH3HQWUXFĆHUDPSUHDPXOĦLLQWUDPvQ
GRXĆVHULLÍQ]LXDDFHHDDPQLPHULWvQVHULDDGRXDÍQFĆ
GHODSULPDVHULHDvQFHSXWYLVFROXO8QYLVFROQĆSUDVQLF
FXFHDĦĆüLQLQVRDUH&kQGDPLQWUDWDPYĆ]XWFHHDFHQX
 
PDLYĆ]XVHPYUHRGDWĆVWROXULGHYUĆELLQĆYĆOHDXSHXüĆ
DüH]kQGXVH SHVWH WRW 1X VH PDL IHUHDX GH RDPHQL 3H
ILHFDUH PDVĆ HUDX  GH YUĆELL FDUH FLXJXOHDX
ILULPLWXULOH OĆVDWH GH FHL FDUH OXDVHUĆ PDVD vQ VHULD , /D
EXFĆWĆULHQXVHYHGHDRPFXRPGLQFDX]DDEXULORUGHOD
FD]DQHOH FX PkQFDUH ûL DFROR YUĆELLOH DX QĆYĆOLW FX
VXWHOH 1HYĆ]kQG XQGH VĆ VH DüH]H FHOH PDL PXOWH DX
FĆ]XWvQFD]DQH%XFĆWDULLQDYHDXFXPVĆOHQOĆWXUH$üD
VH IDFH FĆ PXOĦL GLQWUH DL QRüWUL DX SULPLW vQ DFHD ]L vQ
FDVWURQXOFXPkQFDUHüLFkWHRYUĆELXĦĆ
 &kQG DP LHüLW GLQ VDOD GH PHVH YkQWXO QH OXD
UĆVXIODUHD1XHUDYkQWHUDXQLüWHYkUWHMXULJDWDVĆQHLD
SH VXV 3ĆUHD FĆ VWLKLLOH QDWXULL VH GH]OĆQĦXLVHUĆ DVXSUD
OXPLL &X PDUH JUHXWDWH DP DMXQV OD EDUDFĆ 1LPHQL QX
PDLvQGUĆ]QHDVĆ LDVĆ DIDUĆ7RDWĆQRDSWHDDĦLQXWRDüD
'LPLQHDĦDDPDüWHSWDWRUGLQXOFRPDQGDQWXOXLODJĆUXOXL
1LFLYRUEĆGHPXQFLWSHüDQWLHU9LVFROXOVHGH]OĆQĦXLDFX
DFHHDüL IXULH FDQ SULPD ]L 'HSXQHUHD GH ]ĆSDGĆ
DMXQVHVHODDSURDSHPHWUX7UHL]LOHQXVDOXFUDWDWXQFL
SkQĆ VDX GHV]ĆSH]LW IURQWXULOH GH OXFUX =ĆSDGD FĆ]XWĆ
vQDFHOH]LOHDĦLQXWSkQĆFĆWUHVIkUüLWXOOXQLLDSULOLH

 (OLEHUDUHDDSULOLH

 &kQG vQ  DP IRVW GXV OD &DQDO üL LQWHUQDW vQ
ODJĆUXO GH OD &RDVWD*DOHü PL VD FRPXQLFDW FĆ DYHDP R
FRQGDPQDUH ´DGPLQLVWUDWLYƵ GH  GH OXQL 7UHFXVHUĆ
GRL DQL GH OD SULPD DUHVWDUH ÍQ  FX R VĆSWĆPkQĆ
vQDLQWHGH3DüWLXQORWGHFkWHYDVXWHGHRDPHQLDPIRVW
VFRüLGLQODJĆUXOGHOD%RU]HüWLüLWUDQVSRUWDĦLSHMRVvQWU
XQ PLF ODJĆU GLQ 2QHüWL $ GRXD ]L DP DIODW FĆ YHQLVH
DFRORRFRPLVLHGHWULHUHDYkQGFDSUHüHGLQWHXQJHQHUDO
 
 &KLDUGHDGRXD]LDXIRVWFKHPDĦLvQIDĦD&RPLVLHL
FkWHRDPHQLFDUHvQXUPDXQXLVFXUWLQWHURJDWRULXüL
DVHPQĆULLXQRUIRUPXODUHUHYHQHDXvQEDUDFĆ
 0LD YHQLW UkQGXO FDP SH OD PLMORFXO VĆSWĆPkQLL
0LDP GDW VHDPD FĆ HUDX DGXüL OD 2QHüWL SHQWUX WULHUH
QXPDLFHLFXÅFRQGDPQĆULDGPLQLVWUDWLYHµGHGHOXQL
 &kQGDPDMXQVvQIDĦD&RPLVLHLDPvQĦHOHVFĆWRWXO
VH UHGXFHD OD QLüWH IRUPDOLWĆĦL XüRDUH FDUH QX DQJDMDX
FRQüWLLQĦD RPXOXL OD FRPSURPLVXUL $P UĆVSXQV üL HX OD
DFHO LQWHURJDWRULX DP VHPQDW IRUPXODUHOH FH PLDX IRVW
SUH]HQWDWH üL PDP vQWRUV OD EDUDFĆ (UDP vQ GDWD GH 
DSULOLH
 ÍQQRDSWHDGHDSULOLHXQSOXWRQLHUXPEODGLQ
GRUPLWRUvQGRUPLWRUFXROLVWĆvQPkQĆVWULJkQGQXPHOH
PXOWRUDGLQWUHQRLvQGHPQkQGXLVĆüLLDÅEDJDMXOµüLVĆ
LDVĆ DIDUĆ 0DL SH OD XUPĆ PLDP DX]LW üL QXPHOH PHX
0LDP OXDW UHSHGH FHDYHDP FX PLQH DP LHüLW DIDUĆ P
DPvQFRORQDWOkQJĆFHLODOĦLüLDPDüWHSWDWVĆYĆGFHVHPDL
vQWkPSOĆ8QJDUGLDQHUDOkQJĆQRLüLDüWHSWDüLHOVĆYLQĆ
WRĦLFHLFKHPDĦL&HLGRXĆ]HFLüLFLQFLFDUHDXIRVWVWULJDĦL
DP IRVW FRQGXüL OD R EDUDFĆ GH OkQJĆ SRDUWĆ $FROR DP
SHWUHFXW QRDSWHD ÍQYLHULL 'RPQXOXL 'LPLQHDĦD QHDP
VSXVXQXODOWXLD´+ULVWRVDÍQYLDWµ
 &DPSHODRUDSUkQ]XOXLDPIRVWVFRüLDIDUĆQHDP
vQFRORQDW DSRL FkWH XQXO DP WUHFXW SH OD JUHIĆ DP PDL
VHPQDWFkWHXQIRUPXODUQLVDGDWELOHWXOGHWUHQKUDQD
UHFHSHQWUXR]LüLDPIRVWVFRüLGLQODJĆU$IDUĆQXQHDP
PDL vQFRORQDW $P PHUV vQ JUXSXUL GH FkWH  LQüL
GLVFXWkQG1LVDGDWüLXQJDUGLDQFDUHQHDvQVRĦLWSkQĆ
ODJDUĆ&XPELVHULFDHUDDSURDSHüLVOXMEDÍQYLHULLQXVH
WHUPLQDVH DP LQWUDW vQĆXQWUX 'H GRL DQL QX PDL
 
LQWUDVHUĆPvQELVHULFĆ/XPHDVHXLWDFXPXOWĆFXULR]LWDWH
OD QRL (UDP ]GUHQĦĆURüL VODEL üL WXQüL ûLDX GDW UHSHGH
VHDPDFĆIXVHVHUĆPHOLEHUDĦLGLQODJĆU$IDUĆIHPHLOHQH
DXRIHULWFR]RQDFüLRXĆURüLL
 /D RUD  QHD VRVLW WUHQXO *DUGLDQXO vQFĆ VH PDL
DIODSHSHURQ8QXOWLPVDOXWüLWUHQXOVDSXVvQPLüFDUH
0DP DüH]DW OkQJĆ XQ FĆOĆWRU FDUH WRFPDL OĆVDVH XQ ]LDU
GLQPkQĆ'XSĆFkWHYDVFKLPEXULGHFXYLQWHLDPFHUXW
SHUPLVLXQHD VĆ PĆ LQIRUPH] üL HX DVXSUD XOWLPHORU
HYHQLPHQWHGLQ]LDUüLFĆOĆWRUXODvQFXYLLQĦDWFXSROLWHĦH
'DU FkQG DP SXV PkQD SH ]LDU DP DYXW R SXWHUQLFĆ
UHDFĦLH8LWDVHPSHQWUXRFOLSĆFĆHUDPOLEHU$PSULYLW
vQJULMRUDW vQ MXUXO PHX VĆ YĆG GDFĆ QX FXPYD VH DIOD
YUHXQ JDUGLDQ SHDSURDSH )ĆUĆ VĆPL GDX VHDPD ]LDUXO
PLD FĆ]XW GLQ PkQĆ &ĆOĆWRUXOXL GH OkQJĆ PLQH QX LD
VFĆSDWQHREVHUYDWĆVFKLPEDUHDFRPSRUWDPHQWXOXLPHX
 $P FĆ]XW SH JkQGXUL FD vQWUR WUDQVĆ 0DP
SRPHQLW IDĦĆQ IDĦĆ OD &DQDO FX XQ FROHJ vQYĆĦĆWRU FX
IDĦD SOLQĆ GH VkQJH EĆWXW FX FUX]LPH GHXQ JDUGLDQ
SHQWUX FĆL GHVFRSHULVH OD SHUFKH]LĦLH XQ SHWHFXĦ GH ]LDU
FkWSDOPDJĆVLWGHHOSHüDQWLHU
 0LDPUHYHQLWGXSĆPDLPXOWHPLQXWH&ĆOĆWRUXOD
vQGUĆ]QLWVĆPĆQWUHEH´YHQLĦLGHGHSDUWHµ"´1XµLDP
UĆVSXQV HX ´9LQ GH OD %RU]HüWLµ ´$ĦL OXFUDW FXPYD
DFROR"µ ´'Dµ LDP UĆVSXQV VFXUW $VSHFWXO
vPEUĆFĆPLQWHLüLPDLDOHVvQIĆĦLüDUHDPHDODXGHWHUPLQDW
SH RPXO GH OkQJĆ PLQH VĆ QXPL PDL SXQĆ vQWUHEĆUL
RFROLWRDUHFLVĆPHDUJĆGHDGUHSWXO
$ĦLIRVWFXPYDHOLEHUDWGLQODJĆUXOGHDFROR"
'DLDPUĆVSXQVGLQQRX
&HFRQGDPQDUHDĦLDYXW"
 
 $P DYXW R FRQGDPQDUH GH  GH OXQL FX FDUDFWHU
DGPLQLVWUDWLY
 2PXOXL QX LDX PDL WUHEXLW DOWH GHWDOLL FD VĆ
FDSHWH vQFUHGHUH vQ PLQH 0LD SRYHVWLW FĆ DUH üL HO XQ
IUDWH DUHVWDW GLQ  üL FĆ vQ PRPHQWXO GH IDĦĆ VH DIOĆ
vQWUR PLQĆ GLQ 0DUDPXUHü 3RYHVWHD FX IUDWHOH OXL VD
QWUHUXSW vQ PRPHQWXO FkQG PLDP GDW VHDPD FĆ WUHQXO
VHDSURSLD GH VWDĦLD 0ĆUĆüHüWL 0LDP OXDW UĆPDV EXQ L
DPXUDWFĆOĆWRULHSOĆFXWĆvQGUHSWkQGXPĆVSUHXüDGHOD
FRERUkUH
 7UHQXO FX FDUH WUHEXLD VĆPL FRQWLQXL GUXPXO vO
DüWHSWD SH FHO FX FDUH YHQLVHP (UD XQ SHUVRQDO FDUH
PHUJHDVSUH*DODĦL$PXUFDWUHSHGHDPPHUVGRDU]HFH
PLQXWH üL OD SULPD VWDĦLH 'RDJD DP FRERUkW 3kQĆ vQ
VDWXO 6WUĆMHVFX DFROR XQGH ORFXLD PDPD PHD HUD R
GLVWDQĦĆ GH  NP ÍQ PDL SXĦLQ GH R RUĆ DP DMXQV $P
LQWUDW vQ FXUWH DSRL vQ FDVĆ 0DPD QHDYL]DWĆ D UĆPDV
QHPLüFDWĆ FkWHYD FOLSH $X XUPDW VĆUXWĆUL vPEUĆĦLüĆUL üL
ODFULPLÍQWUHEĆULOHPDPHLQXPDL FRQWHQHDXÍQQRDSWHD
FHHDGHDSULOLHDPGRUPLWODPDPD'LPLQHDĦDDP
FRQYLQVRVĆPHDUJĆFXPLQHvQ9UDQFHDDFRORXQGHWUĆLD
VRĦLDPHDFXFHOHGRXĆILLFH&RUQHOLDüL2OJXĦD7RWDFROR
ORFXLDXüLVRFULLPHL,RQüL2OJD'XPLWUHVFX
 &kQGDPLQWUDWvQ9LGUDXQJUXSGHWLQHULFXFDUH
OXFUDVHP OD &ĆPLQXO FXOWXUDO HL IĆFkQG SDUWH GLQ FRUXO
FĆPLQXOXL VDX DUĆWDW IRDUWH VHQVLELOL OD UHYHGHUHD
QRDVWUĆvQVRĦLQGXQHSkQĆODLQWUDUHDvQVDWXO7LFKLULü3H
GUXP PLDX SRYHVWLW FXP GHVHRUL VDX FHUWDW FX
VHFXULüWLL ORFDOL UHSURükQGXOH FĆ GXSĆ FHDP IRVW
DUHVWDW DFWLYLWDWHD OD FĆPLQXO FXOWXUDO vQFHWDVH SH WRW
SDUFXUVXO DEVHQĦHL PHOH GLQ FRPXQĆ %LQHvQĦHOHV FĆ
 
VHFXULWDWHD ORFDOĆ QX DYHD YUHR YLQĆ RUGLQXO GH DUHVWDUH
YHQLQG PXOW PDL GH ´VXVµ GDU vQ IHOXO ĆVWD vüL PDL
UĆFRUHDXüLHLVXIOHWHOH
 6HQVHUDVH ELQLüRU FkQG DP LQWUDW vQ VDWXO 6FDIDUL
VLWXDWvQWUH9LGUDüL7LFKLULü0DPRSULWFkWHYDPLQXWHvQ
GUHSWXO üFROLL 'HDLFL IXVHVHP DUHVWDW FX GRL DQL vQ
XUPĆ
 6H vQWXQHFDVH ELQH FkQG DP DMXQV OD 7LFKLULü ÍQ
FXUWH QLFLR PLüFDUH 1LFL FkLQLL QX QH VLPĦLVHUĆ ÍQ FDVĆ
QXPDL vQWUR FDPHUĆ VHDX]HDX YRFL PXOWH ,DP VSXV
PDPHL VĆ LQWUH vQ FDPHUD XQGH VHDX]HDX YRFLOH üL VĆL
ĦLQĆ GH YRUEĆ (X DP LQWUDW vQWUR vQFĆSHUH DOĆWXUDWĆ
XQGHQXVHDIODQLPHQLüLQXHUDQLFLOXPLQDWĆÍQWUHWLPS
PDPD OH VSXVHVH FĆ HUDP üL HX DFROR 8QXO GXSĆ DOWXO
YHQHDX VĆ PĆ YDGĆ 3ULPHOH DX IRVW &RUQHOLD üL 2OJXĦD
&DPHUD VD XPSOXW UHSHGH FX WRĦL DL IDPLOLHL $X IRVW
FOLSH HPRĦLRQDQWH 3kQĆ QRDSWHD WkU]LX QHDP SRYHVWLW
vQWkPSOĆULOH SULQ FDUH WUHFXVHP ILHFDUH vQ FHL GRL DQL vQ
FDUHOLSVLVHPGHDFDVĆ
 3ULPĆYDUDüLYDUDOXLDXWUHFXWUHSHGHIĆUĆVĆ
JĆVHVF XQGHYD YUHR VOXMEĆ ÍQ SUHDMPD GDWHL GH 
VHSWHPEULH DP IRVW FKHPDW OD ,QVSHFWRUDWXO ûFRODU DO
5DLRQXOXL1ĆUXMDSHQWUXDILUHvQFDGUDWvQvQYĆĦĆPkQWüL
DSULPLRUHSDUWLĦLH6SUHQRURFXOPHXDPJĆVLWDFRORvQ
IXQFĦLD GH LQVSHFWRU üFRODU XQ RP GH PDUH RPHQLH
GRPQLüRDUD3DXOD6IHWHĦX'LQSULPHOHFXYLQWHSHFDUHOH
DP VFKLPEDW PLDP GDW VHDPD FĆ DYHD QX QXPDL
EXQĆYRLQĦĆGDUüLUHVSHFWXQLWFXRVLQFHUĆFRPSĆWLPLUH
SHQWUX FHL vQWRUüL GLQ vQFKLVRUL $üD FĆ UHvQFDGUDUHD PHD
VD IĆFXW XüRU IĆUĆ SUREOHPH /D UHSDUWLĦLH GLQ QRX XQ
PDUHQRURFLQVSHFWRUXOüFRODUFDUHVHRFXSDFXDVHPHQHD
 
WUHEXUL 9DVLOH &ĆOLQ vPL IXVHVH SkQĆ OD DUHVWDUH FHO PDL
EXQ SULHWHQ GLQWUH WRDWH FDGUHOH GLGDFWLFH GLQ UHJLXQH
$üDVHIDFHFĆDPIRVWUHSDUWL]DWWRWODüFRDODFXXQVLQJXU
SRVWGLQVDWXO6FDIDULGHOkQJĆ9LGUD
 ûFRDOD DYHD üL ORFXLQĦĆ SHQWUX GLUHFWRU $üD FĆ P
DPUHLQVWDODWFXWRDWĆIDPLOLDDFRORGHXQGHIXVHVHPVFRV
vQXUPĆFXGRLDQL
 ûL D PDL IRVW üLDO WUHLOHD QRURF FDUH PD IDYRUL]DW
vQDFHODQFRQGXFHUHD/LFHXOXLGLQ9LGUDPDUHvQFDGUDW
FXRMXPĆWDWHGHQRUPĆFDSURIHVRUVXSOLQLWRUODFDWHGUD
GH PX]LFĆ FX REOLJDĦLD GH D IDFH üL GRXĆ RUH GH FRU SH
VĆSWĆPkQĆ
 6H SĆUHD FĆ VRDUWD üLD vQWRUV GLQ QRX IDĦD FĆWUH
PLQH VĆ PĆ UĆVSOĆWHDVFĆ SHQWUX FKLQXULOH vQGXUDWH vQ
WLPSXOFHORUGRLDQLGHGHWHQĦLH(UDPPXOĦXPLWGHYLDĦD
PRGHVWĆ GDU OLQLüWLWĆ SH FDUH R GXFHDP JkQGLQGXPĆ
]LOQLFODGLFWRQXOÅFHDPDLvQĦHOHDSWĆILOR]RILHHVWHPXQFD
WĆFXWĆvQWUXQFROĦGHRJRUµ
 'DU DFHDVWĆ SHULRDGĆ GH OLQLüWH üL YLDĦĆ WLKQLWĆ vQ
VkQXOIDPLOLHLQXDYHDVĆGXUH]HSUHDPXOW3DWUXDQLDX
WUHFXW IĆUĆ FD QLPHQL VĆ PĆQWUHEH VDX VĆPL FHDUĆ FHYD
&UHGHDPFĆWRWXOVDWHUPLQDWFĆDPSOĆWLWGHVWXOFXFHHD
FHDPSĆWLPLWvQFXUVXOFHORUGRLDQLGHGHWHQĦLH

$GRXDDUHVWDUHDGRXDSHULRDGĆGHGHWHQĦLH

 ÍQ VHDUD ]LOHL GH  LDQXDULH  WHUPLQDVHP GH
FLWLWURPDQXOOXL*HRUJH&ĆOLQHVFX´%LHWXO,RDQLGHµ&XP
FDUWHD QX HUD D PHD üL vQ ]LXD XUPĆWRDUH WUHEXLD VR
vQDSRLH]SHUVRDQHLGH ODFDUHRvPSUXPXWDVHPIĆFXVHP
XQ UH]XPDW DO URPDQXOXL 3URSULHWDUD FĆUĦLL HUD
 
GRPQLüRDUD3DXOD6IHWHĦXIRVWDLQVSHFWRDUHüFRODUĆGHOD
1ĆUXMD FHD FDUH FX SDWUX DQL vQ XUPĆ vPL IĆFXVH
UHvQFDGUDUHD vQ vQYĆĦĆPkQW $FXP HUD GLUHFWRDUHD
/LFHXOXL 7HRUHWLF GLQ 9LGUD üL ORFXLD vQ FDVD FROHJXOXL
vQYĆĦĆWRU9DVLOH0DFRYHL)LLFHOHPHOH&RUQHOLDüL2OJXĦD
XUPDXüLHOHFXUVXULOHOLFHXOXLGLQ9LGUD&RUQHOLDHUDvQ
FODVD D ;,D LDU 2OJXĦD vQ FODVD D 9,,D 1HJĆVLQGXOH
JD]GĆ GRDPQD GLUHFWRDUH VD RIHULW VĆ OH SULPHDVFĆ vQ
FDPHUDGXPQHDHL0DVDROXDXODFDQWLQDOLFHXOXL3HQWUX
D GRXD RDUD DFHDVWĆ PLQXQDWĆ ILLQĦĆ vüL DUĆWD EXQĆYRLQĦD
VĆQHDMXWHûLRIĆFHDFXRVLQFHULWDWHGHVĆYkUüLWĆFDUHQX
SXWHD IL SXVĆ OD vQGRLDOĆ 1DP YUXW WRWXüL VĆ DEX]ĆP
SUHDPXOWGHDPDELOLWDWHDGkQVHLüLGXSĆFkWHYDOXQLDP
JĆVLW IHWHORU R JD]GĆ IRDUWH EXQĆ SHVWH GUXP GH FDVD
FROHJXOXL 0DFRYHL 'HFL GH OD GRPQLüRDUD GLUHFWRDUH
3DXOD 6IHWHĦX DYHDP FDUWHD  ´%LHWXO ,RDQLGHµ SULPLWĆ FX
SULOHMXOJĆ]GXLULLILLFHORUPHOH
 'DU VĆ UHYHQLP OD VHDUD ]LOHL GH  LDQXDULH 
0ĆDIODPvQORFXLQĦDGLQLQFLQWDüFROLLGLQ6FDIDUL&DUWHD
üL UH]XPDWXO HL VH DIODX SH PDVĆ )HWHOH VH JĆVHDX vQ
JD]GĆ OD 9LGUD 6RĦLD SOHFDVH vQ GXSĆDPDL]D DFHOHL ]LOH
OD 7LFKLULü OD SĆULQĦL VĆ WUDJĆ OD PDüLQD GH FXVXW QLüWH
OHQMHULLSHQWUXIHWH
 0Ć SUHJĆWHDP VĆ PĆ FXOF RUD ILLQG IRDUWH
vQDLQWDWĆ 1X vQFHSXVHP VĆ PĆ GH]EUDF FkQG OD XüDGLQ
IDĦĆ DXG EĆWĆL LQVLVWHQWH 1DP DüWHSWDW FD HOH VĆ VH PDL
UHSHWH$PLHüLWüLIĆUĆVĆvQWUHE´FLQHLµDPGHVFKLVÍQ
IDĦĆ üL IRDUWH DSURSLDĦL GH PLQH D DSĆUXW XQ JUXS GH
PLOLWDUL XQ FĆSLWDQ XQ ORFRWHQHQW üL WUHL VXERILĦHUL
PLOLĦLHQL3ULPDPHDUHDFĦLHDIRVWVĆPĆQWUHEHUDPRDUH
DüDGHSHULFXORVFDVĆYLQĆODPLQHDWkWGHvQWĆULĦL")ĆUĆ
 
VĆ ILH DJUHVLY FĆSLWDQXO PD vQWUHEDW ´QH SHUPLWHĦL VĆ
LQWUĆP"µ 1X PDP OĆVDW VXUSULQV GH DSDULĦLD ORU üL LDP
LQYLWDWSROLWLFRVvQĆXQWUX3ULPDSUHRFXSDUHDIRVWVĆDIOH
FkWHvQFĆSHULDUHORFDOXOüFROLLLQFOXVLYVDODGHFODVĆ$SRL
VDX vPSĆUĦLW FkWH GRL vQ ILHFDUH FDPHUĆ üLDX vQFHSXW
SHUFKH]LĦLD ÍQWkL vQ EXFĆWĆULH DSRL vQ VDOD GH FODVĆ
&ĆSLWDQXO D PHUV FX PLQH vQ FDPHUD GH GRUPLW $ WUDV
vQWLQVODPDVĆ
− ´&HOXFUDĦL"µPDvQWUHEDW
− 7RFPDL WHUPLQDVHP UH]XPDWXO DFHVWHL FĆUĦL LDP
UĆVSXQV$OĆVDWPDQXVFULVXOSHPDVĆüLDOXDWFDUWHD
,QWUXQ FROĦ GH ILOĆ VH DIOD FRQVHPQDWĆ GDWD
FXPSĆUĆULL LDU GHGHVXEW VHPQĆWXUD LQGHVFLIUDELOĆ D
SHUVRDQHLFDUHPLRvPSUXPXWDVH
− &LQHHVWHSURSULHWDUXOFĆUĦLL"
− 'LUHFWRDUHDOLFHXOXLWRYDUĆüD3DXOD6IHWHĦX
− $ĦLFLWLWRvQvQWUHJLPH"
− ´'DµLDPUĆVSXQV
− 3XWHĦL VĆ QH VSXQHĦL GH FH DĦL ĦLQXW VĆL IDFHĦL
UH]XPDWXO"
− 3HQWUX FĆ SULPD HGLĦLH VD HSXL]DW $ü IL FXPSĆUDW
FDUWHDGDFĆDüPDLILJĆVLWR
 7UHEXLHVĆLOĆPXUHVFSHFLWLWRULLDFHVWRUvQVHPQĆUL
FĆ SXĦLQH H[HPSODUH GLQ URPDQXO ´%LHWXO ,RDQLGHµ VDX
YkQGXW OD DSDULĦLH FDUWHD ILLQG LPHGLDW UHWUDVĆ GLQ
FLUFXODĦLH 0RWLYXO" (VWH QHFHVDUĆ DLFL R GHWDOLHUH D
FRQĦLQXWXOXL FĆUĦLL UHVSHFWLYH (URXO URPDQXOXL ² 3DXO
,RDQLGH  XQ DUKLWHFW UHQXPLW HVWH WDWĆO D GRL FRSLL XQ
EĆLDWüLRIDWĆ)ĆUĆüWLUHDOXLDPELLFRSLLGHYLQPHPEULL
XQHL´)UĆĦLLGH&UXFHµGLQ%XFXUHüWL$FĦLXQHDURPDQXOXL
VH SHWUHFH vQ SHULRDGD DQLORU  FkQG vQ ĦDUĆ VH
 
GHUXOD R ILHUELQWH DFWLYLWDWH SROLWLFĆ GLULMDWĆ üL LPSXVĆ FX
FLQLVP GH FĆWUH UHJHOH &DURO DO ,,OHD üL DOLDWXO VĆX
$UPDQG&ĆOLQHVFXÍQSHULRDGDUHVSHFWLYĆSULQvQFKLVRUL
üL ODJĆUH D IRVW OLFKLGDWĆ IORDUHD WLQHUHWXOXL XQLYHUVLWDU
FDUH vQGUĆ]QLVH VĆüL DILUPH LGHDOXULOH FUHüWLQH üL
QDĦLRQDOH $UKLWHFWXO ,RDQLGH LPSOLFDW FX SDVLXQH vQ
SODQXULOH OXL SURIHVLRQDOH XLWĆ FX GHVĆYkUüLUH FĆPDL DUH
üL REOLJDĦLD GH D YHJKHD OD FUHüWHUHD üL vQGUXPDUHD
FRSLLORUVĆL6FĆSDĦLGHVXEFRQWUROXOWDWĆOXLFRSLLLYDORUL
VWUĆOXFLWH vQ üFRDOĆ SDUWLFLSDX OD üHGLQĦHOH  ´)UĆĦLHL GH
&UXFHµ GLQ FDUH IĆFHDX SDUWH &XP vQWUXQLULOH VH ĦLQHDX
FODQGHVWLQSROLĦLDLDXUPĆULWLDGHVFRSHULWüLvQFHUFkQG
VĆL UHĦLQĆ D GHVFKLV IRFXO vPSXüFkQG SH XQLL GLQWUH HL
3ULQWUHYLFWLPHVHDIODüLILLFDDUKLWHFWXOXL,RDQLGHÍQ]LXD
vQPRUPkQWĆULL DFHVWHLD  3DXO ,RDQLGH QD LHüLW GLQ FDVĆ
'XUHUHDSLHUGHULLILLFHLLDVFKLPEDWEUXVFYLDĦDÍQDFHD]L
DVWDWQHPLüFDWvQELURXOOXLFXSULYLUHDSLHUGXWĆvQJRO
UHSHWkQG FXYLQWHOH FDUHL HUDX SH EX]H RUL GH FkWH RUL vL
DSĆUHD vQ IDĦĆ ILLFD  OXL GUDJĆ ´FH IUXPRDVĆ IDWĆ DUH
WDWDµÍQFHSkQGFXDFHDWUDJLFĆ]LDUKLWHFWXOvüLQXPĆUD
]LOHOH SOLPEkQGXVH VLQJXU SH VWUĆ]L QHPDLLQWHUHVkQGXO
QLPLF 9RUEHD SXĦLQ OXD PDVD FkQG vüL DGXFHD DPLQWH
DUKLWHFWXUD GHYHQLQGXL R RFXSDĦLH SOLFWLVLWRDUH üL IĆUĆ
VHQV 'LQ UHPXüFĆULOH üL VXIHULQĦHOH SH FDUH DYHD VĆ OH
SRDUWH SkQĆ OD VIkUüLWXO YLHĦLL DXWRUXO URPDQXOXL D GDW
RSHUHLVDOHWLWOXODWkWGHSRWULYLW´%LHWXO,RDQLGHµ
 &ĆSLWDQXOHFKLSHLGHSHUFKH]LĦLHüLDGDWVHDPDFĆ
DSXV PkQDSH XQÅGRFXPHQWµSH ED]DFĆUXLDPĆSXWHD
LQFXOSD 1LFL QXL PDL WUHEXLDX DOWHOH ÍQ FRQVHFLQĦĆ D
GDW RUGLQ FHORUODOĦL vQVRĦLWRUL VĆ vQFHWH]H SHUFKH]LĦLD
VSXQkQGXOH ´JDWD WRYDUĆüL PHUJHPµ $GUHVkQGXVH
 
FĆWUH PLQH PLD VSXV ´GXPQHDYRDVWUĆ PHUJHĦL FX QRL
YĆ OXDĦL vPEUĆFĆPLQWH JURDVĆ vQFĆOĦĆPLQWH SHQWUX LDUQĆ
UXIĆULHGHFRUSLDUFDUWHDüLUH]XPDWXOOHOXĆPQRLµ$P
SURWHVWDW ´UH]XPDWXO vO SXWHĦL OXD ILLQG DO PHX FDUWHD
vQVĆ YĆ URJ VR OĆVDĦL VĆL ILH UHVWLWXLWĆ SHUVRDQHL GH OD
FDUH DP vPSUXPXWDWRµ 5ĆVSXQVXO D IRVW WĆLRV üL VFXUW
´ILĦLIĆUĆJULMĆLRYRPUHVWLWXLQRLµ
 ÍQ  OD SULPD DUHVWDUH PLDX OXDW GRVDUXO FX
WRDWHDFWHOHSHUVRQDOHSHVWHRVXWĆ7RWDüDDXSURPLVüL
DWXQFL FĆPL YRU UHVWLWXL GRVDUXO LPHGLDW GXSĆ FH YRU
YHULILFDFRQĦLQXWXOOXL'DUQLFLXQDFWGLQDFHOGRVDUQX
PLDPDLIRVWvQDSRLDW&kQGDPLHüLWODSHQVLHFXIRDUWH
PDUH JUHXWDWH PLDP SXWXW DGXQD FkWHYD GRFXPHQWH FD
VĆPL SRDWĆ IL VWDELOLWĆ YHFKLPHD vQ PXQFĆ $üD VD
vQWkPSODWüLFXFDUWHDGRPQLüRDUHL3DXOD6IHWHĦXOXDWĆüL
SLHUGXWĆDIRVWSHQWUXWRWGHDXQD
 ÍQDLQWHGHDLHüLGLQFDVĆLDPVSXVFĆSLWDQXOXLVĆ
WULPLWĆSHFLQHYDGXSĆIHPHLDGHVHUYLFLXDüFROLLFDUHVĆ
UĆPkQĆ vQ FDVĆ SkQĆ GLPLQHDĦĆ FkQG YD YHQL VRĦLD
5XJĆPLQWHDDIRVWDFFHSWDWĆLDUHXFXFHDPSXWXWOXDFX
PLQH vQFDGUDW vQWUH FHL FLQFL PLOLWDUL VXE SULYLULOH
vQVSĆLPkQWDWH DOH IHPHLL GH VHUYLFLX DP LHüLW GLQ FXUWHD
üFROLL GHVSĆUĦLQGXPĆ GH DFHVWH ORFXUL GUDJL SHQWUX PDL
ELQHGHüDVHDQL

 $QFKHWDWvQDUHVWXO6HFXULWĆĦLLGLQ9LGUD

 7UHFXVH GH PLH]XO QRSĦLL FkQG DP DMXQV OkQJĆ XQ
,06 WUDV PDL GHRSDUWH VĆ QX VH REVHUYH )ĆUĆ VĆPL
SXQĆFĆWXüHQLFLRFKHODULDPLQWUDWvQPDüLQĆûRIHUXOD
GDW GUXPXO PRWRUXOXL üL vQ FLQFL PLQXWH DP DMXQV vQ
9LGUD6DRSULWvQIDĦDXQHLFDVHPDLDUĆWRDVH$FRORHUD
 
VHGLXO 6HFXULWĆĦLL $P FRERUkW üL vQ PLQXWHOH XUPĆWRDUH
DPIRVWLQWURGXVvQWURFDPHUĆELQHOXPLQDWĆüLVXILFLHQW
GHvQFĆSĆWRDUH/DGHVFKLGHUHDXüLLFĆSLWDQXODVWULJDWFX
YRFH DXWRULWDUĆ ´QLPHQL QXQWRDUFH FDSXO QLPHQL QDUH
YRLH VĆ YRUEHDVFƵ -RV SH GXüXPHD vQ SR]LĦLD üH]XW FX
IDĦDODSHUHWHXQJUXSGHGHRDPHQLvQJKHVXLĦLFRW
OD FRW VWĆWHDX vQWUR QHPLüFDUH LPSUHVLRQDQWĆ 0L VD
IĆFXW VHPQ VĆ PDüH] OkQJĆ HL 'LQWUR SULYLUH IXJDUĆ
DVXSUD vQWUHJXOXL JUXS LDP UHFXQRVFXW SH SĆULQWHOH
&ĆORLDQXSUHRWOD9RORüFDQLSU7LQFXGHOD1HUHMXSU
$QGURQHVFXGHOD&RODFX6LPLRQ3RSDGHOD,UHüWLüLSH
GLUHFWRUXO üFROLL GLQ 5ĆFRDVD ,RQ %HMDQ &HLODOĦL GHüL GH
SULQ vPSUHMXULPL vPL HUDX QHFXQRVFXĦL 7RĦL IXVHVHUĆ
DGXüL vQ FXUVXO QRSĦLL vQFHSkQG FX FHL PDL GH GHSDUWH
(XILLQGGHOkQJĆ9LGUDDPIRVWOĆVDWODXUPĆ6SXQDVWD
SHQWUXFĆGXSĆPLQHQDXPDLDGXVSHQLPHQL
 /D R MXPĆWDWH GH RUĆ GH OD VRVLUHD PHD DP IRVW
VWULJDWGHXQPLOLĦLDQüLLQWURGXVvQWURFDPHUĆPDLPLFĆ
OXPLQDWĆFDPSHMXPĆWDWHSULQIHUHDVWUDvQFĆSHULLXQGHVH
DIODX FHLODOĦL /kQJĆ R PDVĆ PLFĆ VWkQG vQ SLFLRDUH üL
DYkQG vQ PkQD GUHDSWĆ XQ EDVWRQ GH SROLĦLVW SH FDUHO
SOLPED DPHQLQĦĆWRU SULQ IDĦD VD XQ DOW FĆSLWDQ SH FDUH
QXOYĆ]XVHPQLFLRGDWĆPĆvQWUHEĆVFXUWüLWĆLRV
− &H RUJDQL]DĦLH FODQGHVWLQĆ DL FRQGXV vQ DFHDVWĆ
FRPXQĆ"
− 2UJDQL]DĦLDPHDFĆUHLDPDPGHGLFDWFXWRWVXIOHWXOD
IRVWüFRDOD
− &HOHJĆWXULDLDYXWFXRDPHQLLFDUHVXQWDGXQDĦLDLFL"
− 1DP DYXW QLFL WLPSXO QLFL SRVLELOLWDWHD VĆL FXQRVF
ILLQGXPLLQWHU]LVDFHVWOXFUX
− $L VĆL FXQRüWL FkW GH FXUkQG ,D VSXQHPL WH URJ FH

 
 OHJĆWXUĆDUHURPDQXO´%LHWXO,RDQLGHµFXSUHRFXSĆULOH
GXPLWDOH GLGDFWLFH" &H WHD GHWHUPLQDW VĆ FLWHüWL
DFHDVWĆFDUWH"
− $XWRUXO FĆUĦLL HVWH XQ HPLQHQW FULWLF OLWHUDU XQ
LPSRUWDQWVFULLWRUüLXQPDUHRPGHFXOWXUĆ
− &UHG FDL VĆ UĆVSXQ]L PDL VLQFHU OD R YLLWRDUH
DQFKHWĆ
 'LQWUR FDPHUĆ YHFLQĆ OD FKHPDUHD FĆSLWDQXOXL D
DSĆUXWXQSOXWRQLHUGHPLOLĦLHFDUHPDOXDWvQSULPLUHüL
PDGXVFĆWUHFHLODOĦL$FRORVHDIODXQDOWSOXWRQLHUFDUH
YHJKHD FD QLPHQL VĆ QX VH PLüWH üL QLPHQL VĆ QX
YRUEHDVFĆ$SURDSHSDWUXRUHDPVWDWDüDvQFUHPHQLĦLvQ
DüWHSWDUHDXQHLGLVSR]LĦLLPHGLWkQGODFHDYHDXGHJkQG
VĆ IDFĆ ÍQ WRW DFHVW WLPS QLPHQL QD PDL IRVW LQWHURJDW
'XSĆ FkQWDWXO FRFRüLORU QHDP GDW VHDPD FĆ QH DIODP
FDP vQ MXUXO RUHL FLQFL 6Ć VWDL DWkWD YUHPH vQ QHPLüFDUH
vQWUHDWkĦLDRDPHQLIĆUĆVĆDX]LDOWFHYDGHFkWUĆVXIODUHDüL
FkWHXQ RIWDW DGkQF GH XüXUDUH vQ FDUH UĆVWĆOPĆFHDL QX
QXPDL WUDJHGLD FHOXL FH RIWDVH FL D XQXL QHDP vQWUHJ
vQVHPQD VĆ DFFHSĦL UHVHPQDW GHVWLQXO FĆWUH FDUH QH
vQGUHSWDP
 /LQLüWHDGHVĆYkUüLWĆFDUHGRPQHDvQWRDWĆFOĆGLUHD
D IRVW EUXVF üL SXWHUQLF vQWUHUXSWĆ GH SXIQLWXULOH XQXL
PRWRUGHFDPLRQ$PvQĦHOHVFĆVHSUHJĆWHDWUDQVSRUWDUHD
QRDVWUĆ PDL GHSDUWH ÍQ FXUWH VH DX]HDX YRFL 6H GĆGHDX
RUGLQHûLvQFDPHUHOHGHOkQJĆQRLVHSURGXFHDXPLüFĆUL
GH ´GXWHYLQRµ 'HüL VHFUHWXO DFHVWHL RSHUDĦLXQL GH
WUDQVSRUWDUH D XQXL QXPĆU GH GHĦLQXĦL PDL PDUH GHFkW
SRVLELOLWĆĦLOH GH SD]Ć DOH XQXL SRVW GH PLOLĦLH WUHEXLD
SĆVWUDW FX VWULFWHĦH DQXPLWH PLüFĆUL DQXPLWH ]JRPRWH
QHSUHYĆ]XWHRUGLQHHQHUYĆULQXSXWHDXILHYLWDWH/DXQ
 
PRPHQW GDW XüD FDPHUHL vQ FDUH QH DIODP VH GHVFKLGH
EUXVFüLvQSUDJDSDUHFĆSLWDQXOFDUHPĆLQWHURJDVH
− ´)LĦL DWHQĦL 9Ć ULGLFDĦL YĆ OXDĦL EDJDMXO üL vQ FHD PDL
GHVĆYkUüLWĆ RUGLQH FkWH XQXO LHüLĦL vQ FXUWHµ 'H OD
XüĆSkQĆODFDPLRQXOFDUHQHDüWHSWDSHGUHDSWDüLSH
VWkQJD HUDX SRVWDĦL PLOLĦLHQL FX SLVWRDOHPLWUDOLHUĆ
vQWLQVH VSUH QRL JDWD GH D DFĦLRQD OD FHD PDL PLFĆ
vQFHUFDUHGHHYDGDUH
− ´8UFDĦLµDRUGRQDWFĆSLWDQXO8UFXüXOQD IRVWGHORF
XüRU8QLLHUDXEROQDYLLDUDOĦLLvQYkUVWĆQXSXWHDX
VĆVHXUFHSHSODWIRUPDFDPLRQXOXLSUHDvQDOWĆSHQWUX
QLüWH RDPHQL PDL vQ YkUVWĆ 3kQĆ OD XUPĆ DMXWDĦL GH
FHLPDLWLQHULDXXUFDWüLFHLQHSXWLQFLRüL1LVDVSXV
VĆVWĆPMRVDüDFXPVWĆWXVHUĆPüLvQFDPHUĆSHQWUXD
QX IL YĆ]XĦL GH OXPHD OLEHUĆ 1L VD DWUDV GLQ QRX
DWHQĦLDFĆQXDYHDPYRLHVĆQHULGLFĆPVĆVWULJĆPVDX
VĆ YRUELP vQ WLPSXO PHUVXOXL /D XUPĆ DX LQWUDW
SULQWUHQRLYUHRRSWPLOLĦLHQLSHODWHUDOHFkWHWUHLLDU
OkQJĆREORQXOGLQVSDWHGRL
 7RWXO ILLQG JDWD PDüLQD D SRUQLW (UDP WRWXüL
IDYRUL]DĦL IDĦĆ GH DOĦL GHĦLQXĦL GH SULQ DOWH SĆUĦL
WUDQVSRUWDĦLFXODQĦXULODSLFLRDUHFXFĆWXüHODPkLQLVDX
RFKHODUL QHJUL SH RFKL ÍQFHSXVH VĆ QH ILH IULJ 3ODWIRUPD
FDPLRQXOXL UHFH FD JKHDĦD FRQWULEXLD üL HD OD
vQIULJXUDUHD QRDVWUĆ 3HQWUX D QX SLHUGH GLQ FĆOGXUD
WUXSXULORU QH vQJKHVXLDP WRW PDL WDUH XQXO vQWUDOWXO
2ERVHDOD vQFHSXVH üL HD VĆ SXQĆ VWĆSkQLUH SH QRL 1X
GRUPLVHUĆP WRDWĆ QRDSWHD 2FKLL QL VHQFKLGHDX üL XQLL
GLQWUHQRLPDLVODELFĆ]XVHUĆFKLDUvQWUXQVRPQDGkQF
0DüLQD vQDLQWD JUHX SULQ vQWXQHULF GDU PDL DOHV SULQ
FHDĦD JURDVĆ FDUH VH OĆVDVH 'UXPXO HUD GHWHULRUDW üL GLQ
 
FkQG vQ FkQG URĦLOH FDPLRQXOXL QLPHUHDX vQ FkWH R
KkUWRDSĆ VĆOWkQG SODWIRUPD SH FDUH HUDP DüH]DĦL
DUXQFkQGXQHFkQGvQWURSDUWHFkQGvQDOWD

 ÍQ DUHVWXO 6HFXULWĆĦLL GLQ )RFüDQL  LDQXDULH


 &X FKLX FX YDL DP DMXQV OD )RFüDQL 3ULQ FHDĦD
GHQVĆ VH vQWUH]ĆUHDX OXPLQLOH RUDüXOXL 0LDP SXWXW GD
PDL ELQH VHDPD FkQG DP LQWUDW vQ RUDü $P REVHUYDW FĆ
PDüLQD vQDLQWD WRW SH VWUĆ]L OĆWXUDOQLFH ([SOLFDĦLD HUD
VLPSOĆVĆQXILPYĆ]XĦLGHSRSXODĦLH
 1XVHOXPLQDVHELQHFkQGPDüLQDVDRSULWvQIDĦD
XQRU SRUĦL PDUL GH PHWDO 3RUĦLOH VDX GHVFKLV LPHGLDW üL
DPLQWUDWvQĆXQWUX0LOLĦLHQLLFDUHQHDXDGXVQHDXGDWvQ
SULPLUHüLVDXUHWUDV0ĆDIODPvQLQFLQWDvQFKLVRULLXQGH
PDL VWĆWXVHP FX GRXĆ]HFL üL FLQFL GH DQL vQ XUPĆ (UD
GLPLQHDĦD ]LOHL GH  LDQXDULH  $P IRVW LQWURGXüL
WRĦLFHLDGXüLGHOD9LGUDvQWURFDPHUĆPDUHDüD]LVĆGH
´WUDQ]LĦLHµ $FROR VH DIODX üL FHL DGXQDĦL GH OD 2GREHüWL
3DQFLXüL$GMXG$UHVWDĦLLGLQ)RFüDQLIXVHVHUĆGHSXüLOD
VHGLXO 6HFXULWĆĦLL 0XOW PDL WkU]LX DP DIODW FĆ QXPDL vQ
QRDSWHD DFHHD DX IRVW VWUkQüL SHVWH  GH RDPHQL ÍQ
vQFĆSHUHDvQFDUHPĆDIODPHUDPGLQGLIHULWHSĆUĦL
DOHMXGHĦXOXL
 ÍQ FkWHYD ]LOH FDPHUD GH ´WUDQ]LĦLHµ VD JROLW 8QLL
DXIRVWWULPLüLOD&DQDOGHüLOXFUĆULOHIXVHVHUĆvQFKLVHGLQ
 0DL IXQFĦLRQDX WRWXüL FkWHYD FRORQLL XQGH VH
VSĆUJHD SLDWUĆ SHQWUX FRQFDVRDUH $OĦLL DX IRVW H[SHGLDĦL
OD%XFXUHüWLDYkQGVLWXDĦLLVSHFLDOH
 (X üL vQFĆ  DP IRVW UHĦLQXĦL üL EĆJDĦL vQ FHOXODUXO
SHQLWHQFLDUXOXL GLQ )RFüDQL ,DWĆ FXP VH SUH]HQWD DFHVW
 
FHOXODU PDL vQWkL XQ FRULGRU OXQJ GH YUHR  GH PHWUL
GHD OXQJXO FRULGRUXOXL VH vQüLUDX  FHOXOH QXPHURWDWH
GH OD LQWUDUHD SH FRULGRU /D FHOXOD QU  D IRVW LQWURGXV
SĆULQWHOH7LQFXGHOD1HUHMXODüLQLüWHQHFXQRVFXĦL
LDU OD FHOXOD  DP IRVW LQWURGXV HX ÍQ FHOXOD QU  IXVHVH
EĆJDW3RSD6LPLRQGLQ,UHüWLÍQUHVWXOFHOXOHORURDPHQL
QHFXQRVFXĦLÍQFĆSHULOHHUDXYHFKLLJUDVLRDVHüLIĆUĆVREH
([LVWDRVLQJXUĆVREĆGHPHWDOSHFRULGRUFDUHIXQFĦLRQD
FX UXPHJXü FĆOGXUD SĆWUXQ]kQG vQ FHOH  FHOXOH SULQ
PLFLOH IHUHVWUXLFL GH  SH  FP GH GHDVXSUD XüLORU ÍQ
LQWHULRU XQ VLQJXU SDW GH ILHU SH FDUH VH DIOD R VDOWHD
PXUGDUĆ R SĆWXUĆ WRFLWĆ üL R SHUQĆ XPSOXWĆ FX SDLH
IĆUĆPLĦDWH EĆJDWĆ vQWUR IDĦĆ GH SHUQĆ QHVFKLPEDWĆ FX
OXQLOH ÍQWUXQ FROĦ DO FHOXOHL VH DIOD WLQHWD QHOLSVLWXO :&
DO SHUPDQHQWHORU QRDVWUH ORFXLQĦH /XPLQD YHQHD GH SH
FRULGRUGHODVLQJXUXOEHFDüH]DWSHWDYDQ&HOXOHOHGHOD
FDSHWHOH FRULGRUXOXL HUDX IRDUWH VODE OXPLQDWH $FHVWHD
HUDX GHFL FRQGLĦLLOH GH YLHĦXLUH DOH FHORU RSW RDPHQL
vQPRUPkQWDĦL GH YLL SHQWUX VLQJXUD JUHüHDOĆ GH DüL
SHWUHFH H[LVWHQĦD  vQWUXQ VWDW VRFLDOLVW $P DIODW PDL
WkU]LX FĆ FHOXOH UHVSHFWLYH HUDX IRORVLWH GH DGPLQLVWUDĦLD
vQFKLVRULLSHQWUXSHGHSVLUHDGHĦLQXĦLORUGHGUHSWFRPXP
FkQGDYHDXDEDWHULGHODUHJXODPHQW
 3URJUDPXO]LOQLFQXHUDGLIHULWGHFHODOGHĦLQXĦLORU
GH GUHSW FRPXQ +UDQD HUD OD IHO 3H WRDWĆ SHULRDGD
GHĦLQHULL QRDVWUH DLFL QX QHDP SXWXW SOkQJH GH IRDPH
%D PDL PXOW JDUGLHQLL üWLDX GH QRL FĆ VXQWHP SROLWLFL üL
FkQGVHvPSĆUĦHDPkQFDUHDHUDPvQWUHEDĦLGDFĆPDLYUHP
FXPYDVXSOLPHQW(UDXGRLJDUGLHQLXQXOGLQ6XUDLDFX
QXPHOH &UĆFLXQ üL DOWXO DO FĆUXL QXPH QX PLO PDL
DPLQWHVF GLQ 6RYHMD $FHüWLD QH IDYRUL]DX DWkW FkW
 
SXWHDXüLFXFHSXWHDXODPkQFDUHFXVXSOLPHQWSHQWUX
FLQH PDL GRUHD LDU OD SOLPEDUH OĆVkQGXQH SHVWH WLPSXO
SUHYĆ]XWvQUHJXODPHQWXQHRULüLFkWHRRUĆvQORFGH]HFH
PLQXWH 1XPDL FĆ VSDĦLXO vQ FDUH QH PLüFDP OD
´SOLPEDUHµ HUD IRDUWH vQJXVW 'H MXU vPSUHMXU vQFKLV GH
XQ]LGGHPvQĆOĦLPHDFHVW´ĦDUFµDYHDGLPHQVLXQHDGH
GRDUSHP
 &HOXOHOHQRDVWUHPDLDYHDXDLFLXQDYDQWDMQXHUDX
VXSUDYHJKHDWH 8üLOH QX DYHDX YL]HWH QLFL DFHO ´RFKL
PDJLFµFXFDUHJDUGLHQLLGHOD$LXGFXPYRPYHGHDPDL
GHSDUWH QH ĦLQHDX FOLSĆ GH FOLSĆ VXE REVHUYDĦLH $LFL
JDUGLDQXO QLFL QX VWĆWHD SH FRULGRU $YHD FDPHUD OXL vQ
DIDUD VSDĦLXOXL GH VXSUDYHJKHUH GLQFROR GH XüD GH OD
LQWUDUH 1X DSĆUHD GHFkW OD DGXFHUHD PkQFĆULL VFRDWHUHD
OD SOLPEDUH üL OD DüD]LVXO ´SURJUDPµ FX WLQHWHOH ÍQ UHVW
vQ FHOXOH DYHDP XQ SURJUDP ´GH YRLHµ SXWHDP YRUEL
FRQYRUELULOHSXWkQGILLQWHUFHSWDWHSHFRULGRUSULQDFHOH
PLFL IHUHVWUXLFL GH GHDVXSUD XüLORU SXWHDP GRUPL
SXWHDP FkUSL HWF 'LVFXWDP RUH vQWUHJL FX WRĦL FHL RSW
$IODVHPüLQXPHOHFHORUODOĦLSHFDUHQXLFXQRüWHDPGDU
GLQ FDX]D FHORU PDL ELQH GH SDWUX]HFL GH DQL FDUH VDX
VFXUV GHDWXQFL QXPL DPLQWHVF QXPHOH QLFLXQXLD GLQWUH
HL &HOH PDL GHVH üL PDL vQWUHĦLQXWH GLVFXĦLL OH DYHDP FX
SĆULQWHOH 7LQFX üL FX 3RSD 6LPLRQ GH OD ,UHüWL
1HFXQRVFkQGXL SH FHLODOĦL FLQFL üL WHPkQGXQH FD QX
FXPYDVĆVHDIOHSULQWUHHLYUHXQ´WXUQĆWRUµQXDERUGDP
QLFLRGDWĆvQGLVFXĦLLOHQRDVWUHVXELHFWHFXFDUDFWHUSROLWLF
 $LFLWUHEXLHVĆPĆRSUHVFSXĦLQüLFXVHQWLPHQWXO
GHDILVĆYkUüLWRHURDUHvQGHVFULHUHDLQWHULRUXOXLFHOXOHORU
vQFKLVRULLGLQ)RFüDQLPĆYĆGREOLJDWVĆIDFRUHFWLILFDUH
HDGHYĆUDWFĆXüLOHFHOXOHORUQXHUDXSUHYĆ]XWHFXYL]HWH
 
FDUH VĆ VH GHVFKLGĆ FD OD DOWH vQFKLVRUL GDU vQ ORFXO
DFHVWRU YL]HWH VH DIODX QLüWH JROXUL vQ XüL FX GLPHQVLXQL
PDL PLFL DFRSHULWH FX VkUPĆ JURDVĆ vPSOHWLWĆ SULQ FDUH
VH SXWHD YHGHD GH SH FRULGRU üL LQYHUV /kQJĆ DFHVWH
´JROXULµQHDSURSLDPJXUDüLXUHFKHDFDVĆVWĆPGHYRUEĆ
FXYHFLQLLQRüWUL
 &X DQFKHWHOH DSURDSH FĆ QLFL QDP IRVW GHUDQMDĦL
2VLQJXUĆGDWĆDPIRVWFKHPDWODRDQFKHWĆGHFĆWUHFSW
GH VHFXULWDWH &UHĦX ,OLH FRPDQGDQWXO 6HFXULWĆĦLL GLQ
9LGUD 6XELHFWXO D IRVW WRW URPDQXO ´%LHWXO ,RDQLGHµ LDU
VFRSXO VĆ GHVFRSHUH OHJĆWXUL SROLWLFH vQWUH PLQH üL
GLUHFWRDUHD /LFHXOXL GLQ 9LGUD FD VĆ QH SRDWĆ LPSOLFD
vQWUXQ YLLWRU SURFHV SROLWLF GH SDUWLFLSDUH OD RUJDQL]DĦLL
VXEYHUVLYH FODQGHVWLQH SHQWUX ´VXEPLQDUHD VWDWXOXL
VRFLDOLVWµ&XPDFHVWH´OHJĆWXULFODQGHVWLQHµQDXH[LVWDW
GHFODUDĦLD PHD D IRVW IHUPĆ IĆUĆ QLFLXQ HFKLYRF SkQĆ OD
VIkUüLW 9RP YHGHD PDL WkU]LX FDP SHVWH XQ DQ FĆ
DFHDVWĆ DQFKHWĆ D IRVW UHOXDWĆ FX PD[LPĆ GXULWDWH GH
FĆWUHDFHODüLDQFKHWDWRU
 ÍQ]LOHOHFDUHDXXUPDWDGLFĆSHODvQFHSXWXOOXQLL
PDUWLH DX IRVW FKHVWLRQDĦL DWkW 3RSD 6PLRQ FkW üL
SĆULQWHOH7LQFX'LQFDX]DFHORUODOĦLFLQFLFROHJLGHFHOXOĆ
H[WUHPGHUH]HUYDĦLvQGLVFXĦLLQDPSXWXWVĆDIOĆPQLPLF
GHVSUH DQFKHWHOH ILHFĆUXLD GLQWUH QRL $LFL QX QH PDL
WHPHDPGHJDUGLHQLFLGHWXUQĆWRUL

 %XQD9HVWLUHPDUWLH

 $PDPLQWLWODGHVFULHUHDFHOXODUXOXLGLQ)RFüDQLFĆ
vQFĆO]LUHD HUD DVLJXUDWĆ GH R VLQJXUĆ VREĆ GLQ PHWDO
DOLPHQWDWĆ FX UXPHJXü (UD LQVWDODWĆ OD PLMORFXO
FRULGRUXOXLüLFĆOGXUDHPDQDWĆVHUĆVSkQGHDPDLvQWkLvQ
 
WRW KROXO üL GH DLFL SULQ PLFLOH IHUHVWUXLFL GH GHDVXSUD
XüLORUvQFHOHRSWFHOXOH'XSĆFHVREDHUDvQIXQGDWĆSkQĆ
VXVVHDSULQGHDIRFXOFDUHDUGHDPRFQLWSkQĆVHWHUPLQD
WRW FRPEXVWLELOXO $UGHUHD ĦLQHD FDP  RUH 2GDWĆ
DSULQVIRFXOQLPHQLQXVHPDLLQWHUHVDGHVREĆQLPHQLQ
R PDL FRQWUROD JDUGLDQXO UHWUĆJkQGXVH vQ FDPHUD OXL
GLQDIDUD FRULGRUXOXL (YDFXDUHD IXPXOXL VH IĆFHD SULQ
QLüWHEXUODQHFDUHSRUQHDXGLQVREĆüLDMXQJHDXvQWDYDQ
SHRGLVWDQĦĆGHFLUFDPüLGHDFRORDIDUĆ
 ÍQ QRDSWHD DFHHD VSUH PDUHD VĆUEĆWRDUH D ´%XQHL
9HVWLULµ DP DYXW XQ VRPQ DGkQF 'H RELFHL VRPQXO
QRVWUX VH GHVIĆüXUD FX PXOWH vQWUHUXSHUL OD LQWHUYDO GH
RUHVDXFKLDUPDLGHV$FXPFDGXSĆRPXQFĆJUHDGLQ
WLPSXO ]LOHL QDP PDL DYXW DFHOH vQWUHUXSHUL 'RUPHDP
GH SDUFĆ IXVHVHP FXSULQV GH VRPQXO PRUĦLL&UHG FĆHUD
WUHFXWGHPLH]XOQRSĦLLFkQGvQWLPSXODFHOXLQHRELüQXLW
VRPQ DP VLPĦLW QLüWH VHQ]DĦLL FLXGDWH GH VXIRFDUH GH
RSULUHDUHVSLUDĦLHLFHYDFDUHvPLQĆYĆOHDSHQDVSHJXUĆ
IĆUĆ VĆPL SRW GD VHDPD FH DQXPH HUD 0DP WUH]LW
EXLPDF]ĆSĆFLWvQĦLSHWHOHGLVSHUDWHDOHFHORUODOĦLRDPHQL
GLQ FHOXOHOH vQYHFLQDWH ´$MXWRU 0XULP GHVFKLGHĦLµ
6WULJĆWHOHDXIRVWXUPDWHGHEĆWĆLSXWHUQLFHvQXüĆFXFH
DYHDX RDPHQLL OD vQGHPkQĆ FX SXPQLL FX ERFDQFLL FX
DOWHRELHFWH$PVĆULWüLHXODXüĆDPVWULJDWDPEĆWXWFX
ERFDQFXO GDU IXPXO GHYHQLVH DWkW GH GHQV vQFkW QX PDL
SXWHDP UHVSLUD 0DP UHSH]LW FX JXUD üL QDVXO vQWUR
VSĆUWXUĆDVDOWHOHLVĆSRWWUDJHSXĦLQDHUIĆUĆIXP'DUüL
DFROR IXPXO GHYHQLVH VWĆSkQ &HOXOHOH  üL  HUDX PDL
SOLQH GH IXP ILLQGFĆ VRED HUD FKLDU OkQJĆ HOH ,QWXLDP
FODUFĆYLDĦDQRDVWUĆDWkUQDGHXQPLQXWGRXĆ
 &H VH vQWkPSODVH" %XUODQXO FDUH HYDFXD IXPXO
 
GLQ VRED FX UXPHJXü VH GHVSULQVHVH GH WDYDQXO
FRULGRUXOXLüLWRWIXPXOVHvPSUĆüWLDvQLQWHULRU'XSĆFH
QĆSĆGLVH FRULGRUXO XPSOXVH üL FHOXOHOH *DUGLDQ GH
VHUYLFLX HUD FHO GH OD 6RYHMD FDUH QH IDYRUL]D (O vQVĆ QX
DX]LVHVWULJĆWHOHQRDVWUH$ODUPDDGDWRXQSD]QLFGHSH
WXUHOD GHDIDUĆ FDUH DX]LVH ĦLSHWHOH üL EĆWĆLOH vQ XüĆ ÍQ
VIkUüLW XüD FRULGRUXOXL VH GHVFKLGH üL DSDUH vQJUR]LW
JDUGLDQXO QRVWUX $ GHVFKLV vQ PDUH JUDEĆ PDL vQWkL
JHDPXULOHKROXOXLDSRLXüLOHFHORURSWFHOXOH&XVSDLPD
vQWLSĆULWĆSHIDĦĆELHWXORPQXüWLDFHVĆQHPDLVSXQĆGH
EXFXULHFĆQHVDOYDVHYLHĦLOH'DFĆDUPDLILvQWkU]LDWFLQFL
PLQXWHvQDFHDVIkQWĆ]LD´%XQHL9HVWLULµJDUGLHQLLDUIL
VFRV GLQ FHOH RSW FHOXOH RSW FDGDYUH IĆFXWH SORFRQ IĆUĆ
QLFLXQHIRUW´PĆUHĦXOXLVWDWVRFLDOLVWµ

 3OHFDUHDGLQ)RFüDQLPDL

 2 ]L VSOHQGLGĆ  PDL =LXD vQILLQĦĆULL 3DUWLGXOXL
&RPXQLVW GLQ 5RPkQLD vQ DQXO   7HUPLQDVHP
´SOLPEDUHDµ FHD PDL OXQJĆ üL PDL SOĆFXWĆ GH SkQĆ
DWXQFL *DUGLDQ GH VHUYLFLX HUD VLPSDWLFXO QRVWUX
&UĆFLXQ $P DYXW FRQYLQJHUHD FĆ PĆ IĆFXVH ´XLWDWµ vQ
´ĦDUFXOµ DFHOD VWUkPW XQGH QH PDL vPSURVSĆWDP
SOĆPkQLLFXDHUXOFXUDWDOSULPĆYHULL
 $ELD IXVHVHP LQWURGXV vQ FHOXOĆ FkQG XüD VD
GHVFKLVGLQQRX*DUGLDQXO&UĆFLXQvQSULYLUHDFĆUXLDVH
SXWHD FLWL FRPSĆWLPLUHD FX JODV EOkQG üL UHĦLQXW vPL
VSXQH ´OXDĦLYĆ EDJDMXO üL YHQLĦL GXSĆ PLQHµ $P IRVW
VLQJXUXOVFRVGLQWUHFHLRSW/XDWLPHGLDWvQSULPLUHGH
FkĦLYD VHFXULüWL DP IRVW LQWURGXV vQWUR GXEĆ $P VLPĦLW
FkQG DP SĆUĆVLW vQFKLVRDUHD üL FkQG PDüLQD D LQWUDW vQ
LQLPDRUDüXOXL0LDPGDWVHDPDüLFkQGVDRSULWvQIDĦD
 
XQHLSRUĦL$PLQWUDWvQĆXQWUXüLPRWRUXOVDRSULW(UDP
FRQYLQV FĆ DMXQVHVHP OD VHGLXO 6HFXULWĆĦLL $üWHSWDP GLQ
FOLSĆvQFOLSĆFDXüDGXEHLVĆVHGHVFKLGĆüLVĆILXEĆJDWvQ
YUHR FHOXOĆ SHQWUX DQFKHWH PDL GXUH 'DU QX VD
vQWkPSODW DüD $üWHSWDUHD VD SUHOXQJLW YUHR FkWHYD RUH
ÍQWUXQ WkU]LX vQ FXUWHD 6HFXULWĆĦLL VDX DX]LW YRFL 8üD
GXEHLVDGHVFKLVüLDXvQFHSXWVĆXUFHPDLPXOĦLRDPHQL
vQ WRWDO RSW 8üD VD vQFKLV GLQ QRX R GDWĆ FX XUFDUHD D
WUHL VHFXULüWL FDUH VDX SODVDW SULQWUH QRL SHQWUX D SXWHD
FXUPDRULFHFRQWDFWYHUEDOvQWUHFHLFDUHXUFDVHUĆ
 0RWRUXOPDüLQLLDIRVWSRUQLWGLQQRXSRUĦLOHVDX
UHGHVFKLVüLDPSOHFDWODGUXPOXQJ3ULQWURIRDUWHPLFĆ
VSĆUWXUĆ D SUHODWHL GXEHL PLDP GDW VHDPD FĆ QH
DSURSLDP GH VIkUüLWXO DFHOHL ]LOH ÍQFHSXVH D VH vQQRSWD
FkQG GXED VD RSULW OD SRVWXO GH PLOLĦLH GLQ /LHüWL MXG
*DODĦL $FROR DX IRVW XUFDĦL vQFĆ GRL GHĦLQXĦL üL PDüLQD D
SRUQLWGLQQRXûWLDPDFXPFĆQHvQGUHSWDPVSUH*DODĦL
 $SUR[LPDWLY GXSĆ YUHR RUĆ üL MXPĆWDWH DP DMXQV
0DüLQD D IRVW RSULWĆ vQ IDĦD XQHL FOĆGLUL PDUL $P IĆFXW
DLFLXQSRSDVGHFkWHYDRUHÍQDFHVWWLPSDXIRVWVFRüLGLQ
GXEĆWUHLRDPHQLüLDXIRVWDGXüLDOĦLFLQFL$PGHGXVFĆ
ORFXO XQGH QH DIODP QX SXWHD IL GHFkW VHGLXO 6HFXULWĆĦLL
GLQ*DODĦL0DPEXFXUDWvQVLQHDPHDFĆQDPIRVWGDW
MRVDLFL

 ÍQODJĆUXO´1RXD&XOPHµGHOD&DQDO

 7kU]LX GXSĆ PLH]XO QRSĦLL PDüLQD üLD FRQWLQXDW
GUXPXO(UDPDFXPüLvPSUHXQĆFXFHLVHFXULüWL
6WĆWHDP IRDUWH vQJKHVXLĦL 1X FXQRüWHDP SH QLFL XQXO
GLQWUH HL 1X PLDP GDW VHDPD vQ FH GLUHFĦLH QH GXFHDX
5HPDUFDVHPGRDUFĆLHüLVHUĆPGLQRUDü'XSĆYUHRGRXĆ
 
RUHPDüLQDVDRSULWGLQQRX´'XQĆUHDµDüRSWLWFLQHYD
GLQWUHDLQRüWUL(UDPDFXPVLJXUFĆQHYRUWUDQVSRUWDvQ
'REURJHDOD&DQDO$PVLPĦLWFXPPDüLQDDIRVWWUDVĆSH
QLüWH SRQWRDQH 7UDYHUVDP 'XQĆUHD ÍQJKHVXLDOD üL OLSVD
GH DHU GLQ GXEĆ PLDX SURYRFDW R FUL]Ć FDUGLDFĆ 'H
FLQFLVSUH]HFH RUH QX PDL FRERUkVHP GLQ PDüLQĆ $P
VLPĦLW R PROHüHDOĆ DSRL R FĆGHUH vQWUR LQFRQüWLHQĦĆ
WRWDOĆ8QXOGLQWUHVHFXULüWLDREVHUYDW]EDWHUHDPHDüLP
D WkUkW vQVSUH XüD GLQ VSDWHOH PDüLQLL $ vQWUHGHVFKLVR
SXĦLQvQWLPSXOPHUVXOXLüLDHUXOFXUDWüLUĆFRURVDODFHOHL
GLPLQHĦL D SĆWUXQV vQĆXQWUX ÍQFHW vQFHW PLDP UHYHQLW
6HvQWUHYHGHDX]RULOH
 3H OD RUD SUkQ]XOXL GXED VD RSULW GLQ QRXvQ IDĦD
XQRU SRUĦL FDUH VDX GHVFKLV QXPDLGHFkW ÍPSUHMXUXO
PDüLQLLVHDX]HDXYRFL8üDGLQVSDWHDIRVWODUJGHVFKLVĆ
DXFRERUkWPDLvQWkLVHFXULüWLLDSRLDPFRERUkWQRLXQXO
FkWH XQXO 1H DIODP vQ ODJĆUXO ´1RXD &XOPHµ GH OD
&DQDO $FHDVWĆ FRORQLH QD IRVW GHVILLQĦDWĆ )XVHVH
PHQĦLQXWĆüLIXQFĦLRQDVHFXGHĦLQXĦLGHGUHSWFRPXQLDU
DFXP UHvQILLQĦDWĆ SHQWUX SROLWLFL &HL GH GUHSW FRPXQ
IXVHVHUĆPXWDĦLvQDOWĆSDUWH
 $P IRVW LQWURGXüL vQWUR EDUDFĆ vQ FDUH HUDX GHMD
 GH RDPHQL DGXüL vQ FXUVXO QRSĦLL GLQ GLIHULWH
ORFDOLWĆĦL GLQ ĦDUĆ 1X QHD IRVW LQWHU]LV VĆ YRUELP
2DPHQLL VH JUXSDX FkWH  IĆFHDX FXQRüWLQĦĆ üL VH
SULQGHDX vQ GLVFXĦLL &HL YHQLĦL GH OD )RFüDQL QHDP
RFXSDW ILHFDUH FkWH XQ SDW üL QHDP DüH]DW ÍQ EDUDFĆ HUD
RUGLQH üL FXUĆĦHQLH 3H SDWXUL VH DIODX VDOWHOH ELQH
XPSOXWHFXSDLHSĆWXULQRLFHDUüDIXULFXUDWH3HUQHOHOD
IHOVLVWHPFD]RQXPSOXWHFXSDLHFXIHĦHGHSHUQĆDOEH
üL FXUDWH %DUDFD IXVHVH SUHJĆWLWĆ vQ YHGHUHD VRVLULL
 
QRDVWUH 1X QHD IRVW LQWHU]LV VĆ LHüLP DIDUĆ &XUWHD
ODJĆUXOXLHUDGHVWXOGHPDUHüLGDFĆQDUILIRVWJDUGXULOH
FXVkUPĆJKLPSDWĆüLSRVWXULOHIL[HGHSD]ĆVSUHLQWHULRU
DPILSXWXWVSXQHFĆQHDIODPvQWURFD]DUPĆPLOLWDUĆ
 ÍQ GXSĆDPLD]D DFHOHL ]LOH DP IRVW VFRüL vQ FXUWH
IĆFkQGXVH RUJDQL]DUHD PXQFLL SHQWUX D GRXD ]L $ IRVW
FRQVWLWXLWĆREULJDGĆIRUPDWĆGLQGHRDPHQLFRPDQGD
ILLQG GDWĆ XQXL EULJDGLHU GLQWUDL QRüWUL 0HQĦLRQH] FĆ
SkQĆ OD RUD FkQG VD FRQVWLWXLW EULJDGD QRDVWUĆ PDL
VRVLVHUĆFkWHYDORWXULGLQDOWHMXGHĦHFDUHDXIRVWLQFOXVH
vQ DFHHDüL EULJDGĆ ÍQ EDUDFD vQ FDUH vQFĆSHDX DSURDSH R
VXWĆ GH RDPHQL DP DYXW EXFXULD VĆ vQWkOQHVF GRL EXQL
SULHWHQL %XĦL &LRFkUODQ vQYĆĦĆWRU GLQ 3DQFLX üL 6LPLRQ
/HIWHU DYRFDW üL SRHW GLQ *DODĦL 3ULPXO D IRVW vQFDGUDW
FKLDU vQ EULJDGD GLQ FDUH IĆFHDP üL HX SDUWH $P DYXW
QRURF XQXO GH DOWXO DPkQGRL SXWkQGXQH GHVWĆLQXL
UHFLSURF QHFD]XULOH GH SkQĆ DWXQFL üL FHOH FDUH DYHDX VĆ
PDLYLQĆSkQĆODGHVSĆUĦLUHDQRDVWUĆ
 $GRXD]LDPLQWUDWvQSURJUDPQRUPDOGHFRORQLH
GH PXQFĆ 6D GDW GHüWHSWDUHD OD RUD FLQFL FHDLXO GH
GLPLQHDWĆ OD FLQFL üL MXPĆWDWH vQFRORQDUHD üL SOHFDUHD OD
OXFUXODFLQFLüLSDWUX]HFLüLLHüLUHDSHSRDUWDODJĆUXOXLOD
RUDüDVH'LVWDQĦDSkQĆODORFXOGHPXQFĆGHYUHRNP
DP SDUFXUVR vQWUR RUĆ &D üL vQ SHULRDGD DQLORU 
HUDPHVFRUWDĦLGHFRUGRDQHGHJDUGLHQLüLvQVRĦLĦLGH
QHOLSVLĦLLFkLQLSROLĦLüWLQLüWHGXOĆLPDULELQHKUĆQLĦL
 $PDMXQVSHüDQWLHUFXSXĦLQvQDLQWHGHRUDüDSWH
1L VD VSXV FĆ YRP IDFH DQURFDPHQW SHQWUX FRQFDVRU
1RUPD VWDELOLWĆ HUD GH  PF vQ  RUH 1HDX IRVW
vPSĆUĦLWHFLRFDQHGHFkWHüLNJ)URQWXOGHOXFUXHUD
SH&DQDOXOvQFHSXWvQGDUFDUHUĆPĆVHVHQHWHUPLQDW
 
GLQ FDX]D vQFHWĆULL OXFUĆULORU vQ  6FRSXO PXQFLL
QRDVWUH QX HUD FRQWLQXDUHD FRQVWUXLULL &DQDOXOXL FL
H[SORDWDUHD ]ĆFĆPLQWHORU GH URFĆ VWkQFRDVĆ DIODWH GLQ
EHOüXJSHWRWFXSULQVXO&DQDOXOXL'XQĆUH²0DUHD1HDJUĆ
&D VĆ UHXüLP VĆ QH IDFHP QRUPD HX üL SULHWHQXO
&LRFkUODQQHDPvQĦHOHVVĆOXFUĆPvPSUHXQĆüLVĆGĆPSH
]L  PF GH SLDWUĆ VIĆUkPDWĆ $FHVW ´DQURFDPHQWµ HUD
REĦLQXW SULQ VSDUJHUHD VWkQFLORU GH FĆWUH DUWLILFLHUL FX
DMXWRUXO H[SOR]LYLORU 5ROXO QRVWUX HUD VĆ VIĆUkPĆP
EXFĆĦLOH GH VWkQFĆ GLVORFDWH %XFĆĦLOH SRWULYLWH SHQWUX
FRQFDVRU QX WUHEXLD VĆ GHSĆüHDVFĆ  NJ $P UHXüLW vQ
SULPD ]L GH PXQFĆ VĆ vQGHSOLQLP QRUPD 1RUPDWRU HUD
WRWXQGHĦLQXWSROLWLF/DRUDDPIRVWvQFRORQDĦLSHQWUX
vQDSRLHUHD vQ FRORQLH ÍQ SRDUWĆ DP IRVW SHUFKH]LĦLRQDĦL
$üDVDXGHUXODW]LOHOHüLVĆSWĆPkQLOHFDUHDXXUPDWIĆUĆ
VĆVHQWkPSOHQLPLFGHRVHELW
 &DPSHODQFHSXWXOOXQLLDXJXVWDELDVRVLĦLGHSH
üDQWLHU GXSĆ FH QL VD vPSĆUĦLW PkQFDUHD DP SULPLW
RUGLQVĆLQWUĆPvQEDUDFĆüLQLVDvQFKLVXüD$PEĆQXLW
FĆ R QRXĆ SHULRDGĆ GH SHUVHFXĦLL HVWH SH FDOH VĆ VH
GH]OĆQĦXLH6HDUDWkU]LXXüDVDGHVFKLVüLQLVDGDWYRLH
VĆLHüLPOD:&'HVFKLGDLFLRSDUDQWH]ĆFORVHWXOVHDIOD
FDPODPGHEDUDFDQRDVWUĆüLHUDDOFĆWXLWGLQYUHR
FDELQH6HGHRVHEHDPXOWGHFHOGLQIRUPDWGLQWU
RJURDSĆFRPXQĆSHVWHFDUHVHSXVHVHQLüWHGXODSLOXQJL
SHFDUHRDPHQLLVHDüH]DXODUkQGXQXOOkQJĆDOWXO-HQD
FDUHOFXSULQGHvQDVWIHOGHFRQGLĦLLSHRULFHRPFLYLOL]DW
DLFL vQ VFXUW WLPS GLVSĆUXVH FX GHVĆYkUüLUH ÍQWUH QRL üL
DQLPDOH QX PDL HUD QLFLR GHRVHELUH 7UĆLDP GRDU SHQWUX
FD VĆ URELP üL VĆ QH KUĆQLP FX FHHD FH SULPHDP GLQ
´GĆUQLFLDµ FHORU FH QH PXQFHDX /ĆVkQG MHQD OD R SDUWH
 
WUHEXLH VĆ VSXQ FĆ DFHOH :&XUL HUDX QLüWH IRFDUH GH
LQIHFĦLHSHUPDQHQWĆ0XüWHOHURLDXSX]GHULHSHGHDVXSUD
ORU VH DüH]DX SH IHFDOH üL GHDFROR vüL OXDX ]ERUXO FĆWUH
EXFĆWĆULLOH FRORQLHL XQGH VH SXQHDX SH WRDWH DOLPHQWHOH
'H DLFL vPEROQĆYLULOH GH WRW IHOXO vQWUH FDUH SUHGRPLQD
GL]HQWHULD'HDOWIHOSURFHQWXOFHOPDLPDUHGHPRUĦLODX
GDW FHL FH DX FRQWDFWDW DFHDVWĆ ERDOĆ ÍQ DIDUĆ GH
vPEROQĆYLULOHSURYRFDWHGHOLSVDWRWDOĆGHLJLHQĆRDPHQLL
PXUHDXüLGLQSULFLQDGHVHORUDFFLGHQWHSHüDQWLHUVDXvQ
LQWHULRUXO FRORQLHL ûL FD R EDWMRFXUĆ D ILLQĦHL XPDQH DX
IRVWFD]XULGHGHĦLQXWLWRWDOVOĆELĦLGHPXQFDIRUĦDWĆüLGH
IRDPHFDUHVDXSUĆEXüLWvQDFHOHODWULQHLPSURYL]DWHGH
XQGHDXIRVWVFRüLFXPDUHJUHXWDWHüLDSURDSHPRUĦL
 'DUVĆUHYLQOD]LXDFkQGQLVDGDWRUGLQVĆLQWUĆP
UHSHGHvQEDUDFĆüLQLVDvQFKLVXüD1DIRVWvQVĆFHHDFH
DP EĆQXLW R QRXĆ vQĆVSULUH D UHJLPXOXL GH GHWHQĦLH $
IRVW FHYD FX PXOW PDL LPSRUWDQW VH LQWURGXFHD vQ ODJĆU
XQORWGHIHPHL'DUQXIHPHLRDUHFDUHFLVRĦLLDOHXQRU
LPSRUWDQĦL RDPHQL SROLWLFL VRĦLD PDUHüDOXOXL $QWRQHVFX
VRĦLD OXL 2FWDYLDQ *RJD VRĦLLOH OXL &RUQHOLX =HOHD
&RGUHDQX ,RQ 0RĦD 9DVLOH 0DULQ &X WRDWĆ JULMD
DGPLQLVWUDĦLHLODJĆUXOXLVHFUHWXOQXDSXWXWILSĆVWUDW(
DGHYĆUDW FĆ GXSĆ VRVLUHD ORU DX IRVW DWkW GH PHWLFXORV
L]RODWH vQFkW RULFH OHJĆWXUĆ FX JUXSXO GH IHPHL D UĆPDV
SHQWUX WRDWĆ FRORQLD R PDUH HQLJPĆ 1DP PDL DIODW
QLFLRGDWĆ QLPLF GHVSUH DFHVWH GLVWLQVH GRDPQH
(YHQLPHQWXO GLQ ]LXD DFHHD FD üL DOWH vQWkPSOĆUL GH PDL
PDUH VDX PDL PLFĆ LPSRUWDQĦĆ GLQ SHULRDGD UHVSHFWLYĆ
DX IRVW vQJKLĦLWH GH WLPS üL XLWDUH 2 vQWUHEDUH D VWĆUXLW
WRWXüL vQ PLQWHD QRDVWUĆ XQ WLPS GH FH RDUH DXWRULWĆĦLOH
FRPXQLVWH DX SUHIHUDW VĆ SODVH]H DLFL vQ PLMORFXO XQRU
 
SXVWLHWĆĦLDFHVWHGRDPQHDOHFĆURUVRĦLODWLPSXOORUDX
IRVWODFkUPDVDXvQDWHQĦLDQDĦLXQLLURPkQHvQORFVĆOHIL
WUDQVSRUWDW OD XQD GLQWUH FXQRVFXWHOH vQFKLVRUL SHQWUX
IHPHL0LVOHD7kUJüRU7kUJX0XUHüüDÍQWUHEDUHDQXüL
DJĆVLWSHQWUXQRLQLFLSkQĆDVWĆ]LGH]OHJDUHD

 3OHFDUHDGLQODJĆUXO´1RXD&XOPHµ

  RFWRPEULH  ,QWUDVHUĆP DSURDSH vQ QRUPDO
FX PXQFD FX YLDĦD ]LOQLFĆ GLQ ODJĆU FX SULHWHQLLOH
DFXPXODWHvQWLPSXOFHORUFLQFLOXQLFDUHVDXVFXUVGHOD
SOHFDUHDGLQ)RFüDQL'UXPXOSHFDUHOIĆFHDP]LOQLFGLQ
ODJĆU SkQĆ OD ORFXO GH OXFUX FDP  NP GXVvQWRUV
PXQFD GH  RUH VSDĦLXO vQ FDUH QH PLüFDP SUHRFXSDUHD
SHUPDQHQWĆ GH D QH vQGHSOLQL QRUPD QH IRUPDVH
FRQYLQJHUHD FĆ HUD GH SUHIHUDW  YLDĦD DFHDVWD FHOHL GH
FHOXOĆ XQGH HUDP H[SXüL vQ ILHFDUH VHFXQGĆ SULYLULL
QHFUXĦĆWRDUH SULQ ´RFKLXO PDJLFµ D JDUGLDQXOXL GH
VHUYLFLX 'DU QX HUD QXPDL DWkW &HD PDL WHQVLRQDQWĆ üL
üRFDQWĆ FOLSĆ D YLHĦLL QRDVWUH GH FHOXOĆ PĆ UHIHU OD
FHOXOHOH GH OD 6HFXULWDWH HUD PRPHQWXO FkQG YL]HWD VH
GHVFKLGHD EUXVF üL vQ FDGUXO HL DSĆUHD IDĦD XQXL VHFXULVW
FDUH WLPS GH XQ PLQXW vüL SOLPED RFKLL UĆXWĆFLRüL üL
YLFOHQL DVXSUD ILHFĆUXLD GLQWUH QRL DSRL DUĆWD FX GHJHWXO
SH FHO FĆXWDW vL vQWLQGHD RFKHODULL QHJUL üL KLGRüL
SRUXQFLQGXL´SXQHĦLRFKHODULLµ*UHOHOH]ĆYRDUHHUDX
WUDVH XüD VH GHVFKLGHD FX ]JRPRW üL RPXO FX RFKHODULL
QHJUL SXüL SH IDĦĆ GLVSĆUHD GLQWUH QRL XQHRUL SHQWUX
FLQFL PLQXWH DOWHRUL SHQWUX FHDVXUL vQWUHJL üL QX UDUHRUL
SHQWUX R QRDSWH vQWUHDJĆ 9RL PDL UHYHQL DVXSUD DFHVWXL
DPĆQXQWFkQGPĆYRLUHIHULODFHDPDLGXUĆDQFKHWĆSULQ
FDUH DP WUHFXW vQ YLDĦD GH GHWHQĦLH vQ SULPĆYDUD DQXOXL
 

 'DU VĆ SOHFĆP DFXP GLQ ODJĆUXO ´1RXD &XOPHµ
VSUHRGHVWLQDĦLHQHFXQRVFXWĆ
 =LXDGHRFWRPEULHR]LFXVRDUHFDOGĆüLFX
VSHUDQĦH GLQ FH vQ FH PDL EXQH 1H vQWRUVHVHUĆP GH SH
üDQWLHU OXDVHUĆP PDVD FkQG vQ IDĦD DGPLQLVWUDĦLHL
ODJĆUXOXLDPYĆ]XWWUDVĆRGXEĆ´$PDLDGXVSHFLQHYDµ
DP ]LV QRL 'DU QD IRVW VĆ ILH DüD 8Q SOXWRQLHU XPEOD
SULQFXUWHDODJĆUXOXLFXROLVWĆvQPkQĆ3ULQWUHFHLFĆXWDĦL
PĆ DIODP üL HX 3UH]HQWkQGXPĆ PLD SRUXQFLW VFXUW
´,DĦLEDJDMXOüLvQFHOPXOWFLQFLPLQXWHVĆILLSHORFXOGH
DGXQDUH D EULJĆ]LLµ &kQG DP DMXQV PDL HUDX DGXQDĦL
DFROR YUHR  RDPHQL 6HFXULVWXO D YHULILFDW OLVWD QHD
vQFRORQDW´vQUkQGSHGRLµüLQHDRUGRQDWVĆQHRSULPvQ
IDĦDDGPLQLVWUDĦLHL/kQJĆGXEĆVHDIODXWUHLJDUGLHQL1H
DXGHVFKLVXüDGLQVSDWHSRUXQFLQGXQHVĆXUFĆP'XSĆ
FHDXXUFDWüLHLvQWUHQRLXüDVDvQFKLVPRWRUXODSRUQLW
üLPDüLQDSĆUĆVLQGODJĆUXOVDDüWHUQXWGUXPXOXL

 &DOYDUXODUHVWXOXLGLQ*DODĦL

 ÍQFHSXVH D VH vQVHUD /D XQ FHDV GLQ QRDSWH DP
DMXQVOD 'XQĆUH0DüLQDDXUFDWSHSRQWRDQH$PWUHFXW
GLQFROR 3HVWH DOWH GRXĆ RUH LQWUDP vQ *DODĦL FX YLWH]D
PXOW UHGXVĆ $SRL VD RSULW vQ IDĦD DFHOHLDüL SRUĦL FD vQ
XUPĆFXFLQFLOXQL1XPLPDLDPLQWHVFFXPDPFRERUkW
5HYĆG QXPDL FDPHUD GH OD LQWUDUH GLQ DFHD LPHQVĆ
FOĆGLUH vQ FDUH QL VD IĆFXW SULPLUHD $ XUPDW SURFHGHXO
RELüQXLW DO 6HFXULWĆĦLL LGHQWLWDWHD ILHFĆUXLD RELHFWH GH
YDORDUHEDQLFHDVXULLQHOHEULFHJHHWFDSRLFXUHDXDGH
ODSDQWDORQLEUHWHOHOHüLUHWXULOHGHODERFDQFLüLvQILQDO
 
SHUFKH]LĦLDFRUSRUDOĆSkQĆODSLHOH
 8Q JDUGLDQ PLD DüH]DW SH IDĦĆ RELüQXLĦLL RFKHODUL
QHJULGHFDUHQXVFĆSDQLPHQLGLQWUHFHLFHLQWUDXDFROR
ÍQFOLSDXUPĆWRDUHDPIRVWvQKĆĦDWFXEUXWDOLWDWHGHEUDĦXO
VWkQJüLFRQGXVFXSDüLUHSH]LSHXQFRULGRUFDPGHYUHR
GRXĆ]HFLGHPHWULDSRLQHDPRSULW2XüĆVDGHVFKLVüL
JDUGLDQXO VD DGUHVDW SH WRQ UĆVWLW FHOXL FDUH VH DIOD
vQĆXQWUX ÅvQWRDUFHWH FX IDĦD OD SHUHWHµ 0LDP GDW
VHDPD FĆ DP DMXQV OD LQWUDUHD vQWUR FHOXOĆ $P SĆüLW
vQĆXQWUX DSRL DFHODüL JODV WRW SH WRQXO RELüQXLW DO
VHFXULüWLORU PLD SRUXQFLW ÅVFRDWHĦL RFKHODULLµ
(OLEHUkQGXPĆGHHLXüDJUHDGLQVWHMDUPDVLYVDvQFKLV
 0DP DIODW vQ FOLSHOH XUPĆWRDUH IDĦĆQ IDĦĆ FX XQ
WkQĆUIRDUWHSOĆFXWODvQIĆĦLüDUHVOĆEXĦEORQGFĆUXLDQXL
SXWHDP GD PDL PXOW GH GRXĆ]HFL üL FLQFL GH DQL 3ĆUHD
IRDUWHEXFXURVGHSUH]HQĦDPHD9LDĦDGHXQXOVLQJXUvQ
FHOXOHOH6HFXULWĆĦLLVHVXSRUWDJUHX3ULPXOJHVWSHFDUHO
D IĆFXW FkQG QHDP DIODW IDĦĆQ IDĦĆ D IRVW VĆüL GXFĆ
GHJHWXO OD JXUĆ VHPQ FĆ QX WUHEXLH VĆ YRUEHVF $P
vQĦHOHVQXPDLGHFkW6HFXULVWXOVHSXWHDDIODOkQJĆXüĆFD
VĆ SULQGĆ SULPXO VFKLPE GH FXYLQWH GLQWUH QRL ÍQ DFHD
VHDUĆ DP YRUELW QXPDL SULQ VHPQH &XP FHOXOD DYHD
GRXĆSDWXULVXSUDSXVHWkQĆUXOILLQGVLQJXUvORFXSDVHSH
FHOGHMRV8UPDFDHXVĆRFXSSDWXOGHVXV7kQĆUXOvQVĆ
RP GH EXQ VLPĦ YĆ]kQGXPĆ PDL vQ YkUVWĆ PLD RIHULW
SDWXO GH MRV 0DP DüH]DW üL FXP HUDP SUHD RERVLW DP
DGRUPLWLPHGLDW1XPDPPDLWUH]LWGHFkWDGRXD]LOD
RUD  FkQG VD GDW GHüWHSWDUHD $LFL VHPQDOXO GH
GHüWHSWDUHQXHUDDQXQĦDWFDvQODJĆUHVDXvQFKLVRULSULQ
VXQHWHGHJRDUQĆVDXEĆWĆLFXFLRFDQXOvQRELHFWHVRQRUH
6HFXULVWXO GH VHUYLFLX PHUJHD GLQ FHOXOĆ vQ FHOXOĆ VH
 
RSUHD vQ GUHSWXO ILHFĆUHL XüL GHVFKLGHD YL]HWD üL VSXQHD
vQFHW ÅGHüWHSWDUHDµ 'H DOWIHO vQWUHDJD FOĆGLUH D
6HFXULWĆĦLL GLQ *DODĦL HUD FXIXQGDWĆ vQWUR OLQLüWH GH
PRUPkQW 'HüL ]HFLOH GH FHOXOH GH OD SDUWHU SkQĆ OD
XOWLPXOHWDMHUDXWRDWHRFXSDWHFXGHĦLQXĦL SROLWLFLDGXüL
SHQWUX DQFKHWH ]JRPRWHOH HUDX VXSULPDWH FX GHRVHELWĆ
JULMĆ &RULGRDUHOH DYHDX SH MRV SUHüXUL JURDVH LDU
JDUGLHQLL FDUH VFRWHDX RDPHQLL OD DQFKHWH SXUWDX vQ
SLFLRDUHQLüWHSDSXFLSkVODULFDUHvQWLPSXOPHUVXOXLQX
VFRWHDX QLFL XQ IHO GH ]JRPRW ÍQ FHOXOH HUD R OLQLüWH
GHVĆYkUüLWĆ
 'XSĆGHüWHSWDUHDXUPDWÅSURJUDPXOµDSRLFHDLXO
GH GLPLQHDĦĆ /D 6HFXULWDWHD GLQ *DODĦL QX H[LVWDX WLQHWH
vQFHOXOH)LHFDUHFHOXOĆHUDSUHYĆ]XWĆFXXQ:&WXUFHVF
üLDSĆFXUHQWĆ
 'XSĆ OXDUHD FHDLXOXL FRORFDWDUXO PHX D IRVW
FKHPDWODDQFKHWĆ3HVWHPDLSXĦLQGH]HFHPLQXWHDIRVW
UHDGXV(UDELQHGLVSXVüLIĆUĆVĆVHPDLWHDPĆFĆYUHXQ
VHFXULVW DVFXOWĆ OD XüĆ PLD VSXV FĆ DYXVHVH SDUWH GH R
FRQIUXQWDUHXüRDUĆ3ULPLVHüLYUHRFkWHYDĦLJĆULOXFUXFH
VHQWkPSODUDUvQDQFKHWH
 6Ć GHUXOĆP DFXP SRYHVWHD DFHVWXL WkQĆU 'XSĆ
UHYHQLUHDvQFHOXOĆGXSĆFHODPSXVODFXUHQWFXVLWXDĦLD
PHD SH FDUH D DSUHFLDWR FD ILLQG GHVWXO GH XüRDUĆ D
FĆSĆWDW vQFUHGHUH üL WLPS GH PDL ELQH GHR RUĆ PLD
SRYHVWLW FH VHQWkPSODVH FX HO 6H QXPHD 7XUFX
&RQVWDQWLQ üL HUD VWXGHQW vQ DQXO ,9 OD )DFXOWDWHD GH
0HGLFLQĆ 3H OD PLMORFXO OXQLL PDL  GHDFROR IXVHVH
DUHVWDW üL GXV OD vQFKLVRDUHD GLQ 3LWHüWL /D  GHFHPEULH
 OD 3LWHüWL D vQFHSXW vQJUR]LWRDUHD ÅUHHGXFDUHµ VXE
FRQGXFHUHD GHĦLQXWXOXL (XJHQ ĥXUFDQX FDUH GHYHQLVH

LQVWUXPHQWXO GRFLO DO VLQLVWUXOXL JHQHUDO GH VHFXULWDWH
1LNROVNL5HHGXFDUHDDGXUDWSkQĆvQDXJXVW
 &H HUD GH IDSW DFHDVWĆ ÅUHHGXFDUHµ" (UD XQ
H[SHULPHQW2H[SHULHQĦĆWHULELOĆLPSRUWDWĆGLQ5XVLDüL
DSOLFDWĆ  ÅURPkQHüWHµ SH RDPHQL FĆURUD OL VH FRQILVFDVH
IĆUĆ QLFLXQ GUHSW OLEHUWDWHD (D VH ED]D SH SULQFLSLXO
Å3RHPXOXL SHGDJRJLFµ DO OXL $QWRQ 0DNDUHQNR
UHHGXFDUHD SULQ DSOLFDUHD WRUWXULL QHvQWUHUXSWH ÍQ DFHVW
VFRS DX IRVW DUHVWDĦL SHVWH  GH VWXGHQĦL GH OD GLIHULWH
IDFXOWĆĦL üL vQFDUFHUDĦL vQ vQFKLVRDUHD 3LWHüWL $LFL DYHD VĆ
VH SURGXFĆ ÅIHQRPHQXOµ QHPDLvQWkOQLW vQ QLFLR
vQFKLVRDUH GLQ OXPH 3URJUDPXO D IRVW SUHJĆWLW FX
PLQXĦLR]LWDWH üL OD GDWD PDL VXV PHQĦLRQDWĆ D vQFHSXW
SXQHUHDvQDSOLFDUH,DWĆID]HOHGHVIĆüXUĆULLDFHVWXLWHULELO
SURFHGHX GH ÅUHHGXFDUHµ DüD FXP PL OHD SRYHVWLW
WkQĆUXOFROHJGHFHOXOĆüLFDUHGLQSĆFDWHDYHDVĆLDGXFĆ
6HFXULWĆĦLLÅGHSOLQDUHXüLWƵ
 DGHPDVFDUHDH[WHUQĆvQFDUHGHĦLQXWXOWUHEXLDVĆ
üLDUDWHvQFUHGHUHDüLDWDüDPHQWXOIDĦĆGHSDUWLGVĆVSXQĆ
WRWFHDVFXQVHVHODDQFKHWHOH6HFXULWĆĦLL'HFODUDĦLLOHHUDX
OXDWH VXE DPHQLQĦĆUL üL VFKLQJLXLUL YHULILFDWH DSRL GH
ĥXUFDQXüLQXPDLGXSĆDFHHDWUHFXWHSHKkUWLHüLWULPLVH
ÅVXVµOD,QWHUQH
 E GHPDVFDUHD LQWHUQĆ FDUH FRQVWD vQ
FRQVWUkQJHUHD GHĦLQXWXOXL SHQWUX DL GHQXQĦD SH FHL FX
FDUH VWĆWXVH OD vQFKLVRDUH üL FDUHO vQFXUDMDVHUĆ VĆ VH
PHQĦLQĆ GHPQ VĆ QX IDFĆ MRFXO 6HFXULWĆĦLL VDX DO
$GPLQLVWUDĦLHL vQFKLVRULL $UHVWDWXO HUD REOLJDW VĆL
GHQXQĦH SH RULFDUH GLQWUH DQFKHWDWRULL VDX JDUGLHQLL FDUH
VH SXUWDVHUĆ PDL EOkQG FX HO vQ WRW WLPSXO H[HFXWĆULL
SHGHSVHL
 
 F'XSĆFHOHGRXĆÅGHPDVDFĆULµXUPDDWUHLDFHD
PDLJUHDGHPDVFDUHDPRUDOĆSXEOLFĆvQFDUHFHODQFKHWDW
üL WRUWXUDW DMXQJHD OD GLVSHUDUH üL OD JkQGXO VLQXFLGHULL
GHĦLQXWXOHUDSXVVĆüLEDWĆMRFGHWRWFHDYHDPDLVIkQWvQ
YLDĦD OXL 'XPQH]HX IDPLOLH SĆULQĦL IUDĦL VXURUL
SULHWHQL üL FKLDU GH HO vQVXüL 9LFWLPD HUD REOLJDWĆ VĆ
LQYHQWH]HEDWMRFRULULGHQHvQFKLSXLWPLQĦLLRPHQHüWL'DU
RULFkWH DU IL VSXV RULFkWH DU IL LQYHQWDW ĥXUFDQX QX VH
DUĆWD QLFLRGDWĆ PXOĦXPLW  Å%DQGLWXOH DVFXQ]L vQFĆ
PXOWHQXYUHLVĆPĆUWXULVHüWLWRWXOµûLWRUWXUDvQFHSHD
GHODFDSĆW«
 G 7UHFXW SULQ DFHVWH WUHL HWDSH FHO vQ FDUH PDL
OLFĆUHDGRDUXQSLFGHYLDĦĆHVWHLQWURGXVvQXOWLPDID]ĆD
SDWUD GLQ FDUH DYHD VĆ LDVĆ WRUĦLRQDUXO FHO PDL IHURFH
RPXO IĆUĆ QLFLXQ SLF GH SHUVRQDOLWDWH D FĆUXL PHPRULH
WUHFXWĆ SULQ RSHUDĦLXQHD GH ÅVSĆODUH D FUHLHUXOXLµ
GLVSĆUXVHFXGHVĆYkUüLUHÅRPXOQRXµGHFDUHDYHDDWkWD
QHYRLH ĥXUFDQX üL DL OXL $FHVW RP HVWH SXV DFXP VĆ
FRQGXFĆHOvQVXüLRSHUDĦLXQHDGHUHHGXFDUHDVXSUDDOWXLD
ÅQHUHHGXFDWµ (VWH RPXO OXL 1LNROVNL WUDQVIRUPDW GLQ
YLFWLPĆ vQ FĆOĆX 'HDFXP vQDLQWH HO QX YD üWL VĆ IDFĆ
QLPLF DOWFHYD GHFkW VĆ WRUWXUH]H ,DWĆ GHFL vQGHSOLQLW
PDWHPDWLFSULQFLSLXOOXL$QWRQ6HPLRQRYLFL0DNDUHQNR
UHHGXFDUHDSULQDSOLFDUHDWRUWXULLQHvQWUHUXSWH
 'UDJL FLWLWRUL DL DFHVWRU PRGHVWH vQVHPQĆUL DP
UHODWDW SH VFXUW WRW FHHD FHDP PDL SXWXW UHĦLQH GLQ
SRYHVWLUHD VWXGHQWXOXL 7XUFX &RQVWDQWLQ vQ OHJĆWXUĆ FX
ÅIHQRPHQXO 3LWHüWLµ 5HFRPDQG FHORU FH GRUHVF VĆ DIOH
PDLPXOWHGHVSUHRURULOHSHWUHFXWHDFRORVĆFLWHDVFĆGRXĆ
OXFUĆUL DSĆUXWH GXSĆ DQXO  Å)HQRPHQXO 3LWHüWLµ GH
9LUJLO,HUXQFDüLÅ3LWHüWLµGH'XPLWUX%DFLX

 6Ć UHYLQ DFXP FX FkWHYD GDWH GHVSUH VWXGHQWXO
7XUFX 3HQWUX IDSWXO FĆ QX DYXVHVH QLFLR OHJĆWXUĆ FX
OHJLRQDULL üL QLFL FX DOWH SDUWLGH SROLWLFHvQ FXUVXO DQXOXL
vQDLQWHGHDVHvQFHSHUHHGXFDUHDGHOD3LWHüWLDIRVW
WULPLV OD &DQDO $FROR OD 3HQLQVXOD D SXWXW LQWUD vQ
FRQWDFW FX VWXGHQĦLL ÅUHHGXFDĦLµ FDUH IĆFHDX SDUWH GLQ
EULJĆ]LOHWUDQVIHUDĦLDLFLvQYDUDDQXOXLGXSĆ
FHSULQWUXQRUGLQDO0LQLVWHUXOXLGH,QWHUQHUHHGXFDUHDD
IRVW RSULWĆ 'H OD DFHL VWXGHQĦL DIODVH 7XUFX FHHD FH VH
SHWUHFXVH OD 3LWHüWL (O SULPLVH R FRQGDPQDUH
DGPLQLVWUDWLYĆ GH  GH OXQL üL IXVHVH HOLEHUDW OD WHUPHQ
'DU SHQWUX FĆ vQ YDUD OXL  D vQFHSXW XQ DOW YDO GH
DUHVWĆULDIRVWUHĦLQXWGLQQRXüLWULPLVvQ'2GRPLFLOLX
REOLJDWRULX vQ %ĆUĆJDQ vQ DSURSLHUH GH FRPXQD &X]D
9RGĆXQGHVDüLFĆVĆWRULW2EĦLQXVHXQVHUYLFLXGHIHOFHU
üL GDWRULWĆ FXQRüWLQĦHORU DFXPXODWH vQ DQLL VWXGHQĦLHL üL
XQHLFRPSRUWĆULFDOGHüLSULHWHQRDVHFXSDFLHQĦLLUHXüLVH
VĆüLIDFĆRFOLHQWHOĆQXPHURDVĆ'HüLRULJLQDUGLQ6ODWLQD
VH LQVWDODVH DLFL üL GXFHD R YLDĦĆ OLQLüWLWĆ üL SOLQĆ GH
VSHUDQĦH SHQWUX YLLWRUXO IDPLOLHL OXL 'DU QX SHVWH PXOW
WLPS DFHVWH VSHUDQĦH DYHDX VĆ VH QĆUXLH üL SHQWUX HO ÍQ
LDQXDULHVHGH]OĆQĦXLDRQRXĆSULJRDQĆSROLWLFĆPDL
FUXGĆ PDL YLROHQWĆ PDL VĆOEDWLFĆ ÍQ QRDSWHD GH 
LDQXDULH GXEHOH ,06XULOH üL MHHSXULOH IXQFĦLRQDX FX
PD[LPĆ LQWHQVLWDWH $WXQFL IXVHVH UHDUHVWDW üL 7XUFX
3OLPEDW SULQ PDL PXOWH vQFKLVRUL DMXQVHVH OD 6HFXULWDWHD
GLQ*DODĦLSHQWUXFRQIUXQWĆUL
 /DRVĆSWĆPkQĆGXSĆDQFKHWDUHDOXLPLDYHQLWüL
PLH UkQGXO 0DüWHSWDP VĆ ILX vQWUHEDW GHVSUH 7XUFX
GDFĆ PLD SRYHVWLW FHYD GHVSUH GHWHQĦLD SH FDUH R
vQGXUDVH vQ WUHFXW VDX DOWH DPĆQXQWH GLQ YLDĦD OXL
 
7HPHUHD PHD VD GRYHGLW QHvQWHPHLDWĆ 1LPLF GHVSUH
FROHJXOGHFHOXOĆ$QFKHWDWRUWRWYHFKHDFXQRüWLQĦĆFSW
&UHĦX ,OLH 1HQWkOQHDP SHQWUX D GRXD RDUĆ GXSĆ ]HFH
OXQLGHODSULPDDQFKHWĆ
 'HGDWDDVWDUHYHGHUHDDYHDVĆILHPXOWPDLGXUĆ
0LDP GDW VHDPD SULQ UHOXDUHD GLVFXĦLLORU GHVSUH
URPDQXO Å%LHWXO ,RDQLGHµ FĆ VH XUPĆUHD VWDELOLUHD üL
LQFULPLQDUHD XQRU SUH]XPWLYH OHJĆWXUL SROLWLFH üL
RUJDQL]DWRULFH$VHPHQHDUHODĦLLQHH[LVWkQGDQFKHWDWRUXO
QD SXWXW VFRDWH PDL PXOW GH OD PLQH GHFkW FHHD FH
GHFODUDVHPSULPDRDUĆOD)RFüDQL$PIRVWDPHQLQĦDWFĆ
PL YD DGXFH VRĦLD üL VRFULL OD FRQIUXQWĆUL GH DVHPHQHD
SH GLUHFWRDUHD /LFHXOXL GLQ 9LGUD ÍQGHSOLQLUHD DFHVWRU
DPHQLQĦĆUL DU IL vQVHPQDW SHQWUX PLQH R PDUH ORYLWXUĆ
PRUDOĆvQFRQGLĦLLOHGHGHWHQĦLHüLDüDGHVWXOGHJUHOHvQ
FDUH PĆ JĆVHDP 6Ć DIOX FĆ GRL RDPHQL EĆWUkQL üL
QHSXWLQFLRüLVXQWSXUWDĦLSHGUXPXULFĆSHVRĦLHRYDVLOL
SULQ DPHQLQĦĆUL VĆ VSXQĆ QLüWH QHDGHYĆUXUL LDU SH
GLUHFWRDUHD 6IHWHĦX VR VFRDWĆ SHQWUX PDL PXOWH ]LOH GLQ
SURJUDPXO HL GH OD üFRDOĆ DU IL vQVHPQDW SHQWUX PLQH
VXIHULQĦHPXOWPDLDVSUHGHFkWFHOHSHFDUHOHvQGXUDPvQ
PRG SHUPDQHQW vQ FHOXOHOH 6HFXULWĆĦLL 'DU D YUXW
'XPQH]HX FD DFHVWH QHQRURFLUL VĆ QX VH vQWkPSOH
$QFKHWDWRUXO D UHQXQĦDW VĆüL GXFĆ OD vQGHSOLQLUH
DPHQLQĦĆULOH
 5HDGXV vQ FHOXOĆ ODP JĆVLW SH 7XUFX IRDUWH
vQJULMRUDW $QFKHWD GXUDVH PDL ELQH GHR RUĆ &kQGLDP
VSXVFĆQDPIRVWvQWUHEDWQLPLFGHVSUHHOVDvQVHQLQDWüL
VDOLQLüWLW'RXĆVĆSWĆPkQLQDPPDLIRVWGHUDQMDĦLÍQWRW
DFHVW WLPS DX]HDP ]LOQLF SH FRULGRUXO QRVWUX SDüLL
JDUGLHQLORU üL ]ĆYRDUHOH XüLORU FkQG FHL GLQ FHOXOHOH

YHFLQHHUDXVFRüLODDQFKHWH
 ÍQWUR]LSHQHDüWHSWDWHDXEĆJDWvQFHOXODQRDVWUĆ
XQ GHĦLQXW DGXV GH GHSDUWH (UD IRDUWH VOĆELW LDU GH SH
KDLQHOHOXLFXUJHDXSHWLFHOH'HFXPDLQWUDWQHDIĆFXWR
EXQĆ LPSUHVLH 1X HUD GH ORF vQIULFRüDW 3ĆUHD D IL IRVW
vQYĆĦDW FX GH WRDWH 1D DSXFDW QLFL PĆFDU VĆüL VSXQĆ
QXPHOH üL vQ PLQXWHOH XUPĆWRDUH DSURSLLQGXVH GH
YL]HWĆ D EĆWXW vQ XüĆ 9L]HWD VD GHVFKLV üL vQ FDGUXO HL D
DSĆUXW FDSXO EORQG DO XQXL WkQĆU VHFXULVW D FĆUXL IDĦĆ
DUĆWD DWkWD VHQLQĆWDWH üL EOkQGHĦH vQFkW DFHD DSDULĦLH
DQJHOLFĆQLVDSĆUXWDILDXQXLRPGLQDOWĆOXPH
− &LQHDEĆWXW"vQWUHDEĆFXEOkQGHĦHVHFXULVWXO
− (X GRPQXOH VHUJHQW PDMRU UĆVSXQGH GHĦLQXWXO GH
FXUkQGLQWURGXVvQWUHQRL
− &HGRULĦL"
− 9ĆURJVĆYĆXLWDĦLODKDLQHOHPHOH6XQWQXPDLSHWLFH
FDUHGHDELDVHPDLĦLQXQXOGHDOWXO'DĦLPLYĆURJ
DFüLDĦĆVĆPLOHFRVVĆOHSULQGODORF
 7kQĆUXO VHFXULVW vO SULYHüWH FX EOkQGHĦH üLO
vQWUHDEĆ
− 'HXQGHDĦLYHQLW"
− 'HOD$LXGGRPQXOHVHUJHQWPDMRU
− &kĦLDQLGHvQFKLVRDUHDĦLIĆFXWSkQĆDFXP"
− DQLUĆVSXQGHGHĦLQXWXO
− 9DLYDLYDLvOFRPSĆWLPHüWHWkQĆUXOVHFXULVW
 $P UĆPDV XLPLĦL $VHPHQHD FXYLQWH GLQ JXUD
VHFXULüWLORU QX PDL DX]LVHUĆP 9L]HWD VD vQFKLV 'XSĆ
FLQFLPLQXWHWkQĆUXODUHYHQLWDGHVFKLVYL]HWDüLGkQGXL
QRXOXL QRVWUX FROHJ GH FHOXOĆ XQ PRVRU FX DĦĆ QHDJUĆ üL
XQ DF LD VSXV VĆüL LD FkW DUH QHYRLH 'DU DWkWD LD
WUHEXLW XQ WXUQĆWRU ÅYLJLOHQWµ GLQWUH DL OXL VDX GLQWUH DL
 
QRüWULODVFRVXUJHQWGLQFLUFXODĦLH$GRXDRDUĆQXODP
PDLYĆ]XWSHWkQĆUXOüLEOkQGXOVHFXULVW«1XPHOHQRXOXL
QRVWUX FROHJ GH FHOXOĆ QX PLO PDL DPLQWHVF (O IXVHVH
DGXV GH OD $LXG VĆ FRPSDUĆ FD PDUWRU vQWUXQ SURFHV DO
XQXLORWGHRUJDQL]DĦLHSROLWLFĆDQWLFRPXQLVWĆ
 &XFkWHYD]LOHvQDLQWHGH&UĆFLXQDPIRVWVFRVGLQ
FHOXOD vQ FDUH FRQYLHĦXLVHP FX 7XUFX &X RFKHODULL ELQH
IL[DĦL SH IDĦĆ PLDP OXDW XQ VFXUW UĆPDV EXQ GH OD
PLQXQDWXO EĆLDW FX FDUH WLPS GH WUHL OXQL vPSĆUĦLVHP
QHFD]XULOH GH FHOXOĆ &X DFHOHDüL EUXWDOLWĆĦL IRORVLWH vQ
PRG SHUPDQHQW GH VHFXULüWL DP IRVW vQKĆĦDW GH EUDĦ
SXUWDWSULQPDLPXOWHFRULGRDUHL]ELWFXFDSXOGHSHUHĦL
üLEDOXVWUDGH&Ć]kQGXQHRULvQJHQXQFKLvPSLHGLFkQGX
PĆ GH FkWH FHYD DP VLPĦLW OD XQ PRPHQW GDW FĆ
vQFHSXVHUĆP VĆ FRERUkP 2ERVLVHP 5HVSLUDP JUHX üL
UĆVXIODUHDvPLHUDvQWUHUXSWĆÅ2DUHXQGHPĆYDGXFH"µ
 'XSĆSDUFXUJHUHDXQXLFRULGRUGHVWXOGHOXQJQH
DP RSULW =ĆYRDUHOH DX IRVW WUDVH FX ]JRPRW 8üD VD
GHVFKLVüLVHFXULVWXODVWULJDWFXDVSULPH
− ÍQWRDUFHĦLYĆFXIDĦDODSHUHWH,DUPLH
− 6FRDWHĦLRFKHODULL
 2ERVLW DPHĦLW PDP SRPHQLW vQWUR FHOXOĆ GH OD
VXEVRO OXPLQDWĆ VODE GH XQ EHF DWkUQDW vQ WDYDQ 0LDP
GDWVHDPDFĆILLQGODVXEVROOXPLQDWUHEXLDVĆDUGĆ]LüL
QRDSWH ÍQ PLQXWHOH XUPĆWRDUH PLDP SOLPEDW IXJDU
SULYLUHD SHVWH FHL WUHL FRORFDWDUL FX FDUH DYHDP VĆPL
vPSDUW PDL GHSDUWH QHFD]XULOH GH FDSWLY SROLWLF 6H DIODX
DFROR,RQ%XOLJDPXQFLWRUGLQ*DODĦLSĆULQWHOH7RWROLFL
SUHRWXO XQHL SDURKLL GLQ MXGHĦXO *DODĦL üL )ORULQ 0DULQ
VWXGHQW vQ PHGLFLQĆ IUDWHOH PDL PLF DO XQXL YHVWLW
VSHFLDOLVW vQ DIHFĦLXQL GH QDV JkW üL XUHFKL 0DP

SUH]HQWDWüLOHDPVSXVFĆIXVHVHPVFRVGLQWURFHOXOĆGH
ODSDUWHUXQGHVWĆWXVHPDSURDSHWUHLOXQLFXXQVWXGHQW
PHGLFLQLVW FX FDUH PĆ vPSĆFDVHP FXP QX VH SRDWH PDL
ELQH
 ÍQFĆ GH OD vQFHSXW GLQ LQVWLQFWXO GH D FXQRDüWH
UHSHGH RDPHQLL PDP DSURSLDW PDL PXOW GH )ORULQ
6HPĆQDPXOWODFDUDFWHUFX7XUFX3ĆULQWHOH7RWROLFLPDL
vQ YkUVWĆ FD PLQH HUD XQ RP IRDUWH EOkQG DüD FXP DU
WUHEXLVĆILHWRĦLSUHRĦLL(UDvQVĆDWkWGHUHĦLQXWvQFkWQX
vQGUĆ]QHDPVĆOSURYRFĆPODGLVFXĦLLSUHDOXQJL)DĦĆGH
FHO GHDO WUHLOHD DYHDP LQFHUWLWXGLQL &RPSRUWDPHQWXO
DFHVWXLD vQ FHOXOĆ QHD GHWHUPLQDW VĆ ILP SUXGHQĦL FX HO
)DSWXO FĆ OD XQD GLQ DQFKHWHOH DYXWH PDL GH GHPXOW
SULPLVH ĦLJĆUL GH OD DQFKHWDWRU QHD GDW GH JkQGLW
2EVHUYDP FĆ VH VLPĦHD UĆX L]RODW GDU QX SXWHDP IDFH
DOWIHO 1H IHUHDP FD QX FXPYD VĆO SURYRFĆP VDX VĆO
MLJQLPFXFHYD$GRSWDVHPQXPDLPHWRGDWĆFHULLFDUHQX
SXWHDVĆGHDJUHü
 ÍQFHW vQFHW vQFHSXVHUĆP VĆ QH RELüQXLP FX
DWPRVIHUDDSĆVĆWRDUHDWĆFHULLvQFHOXODQRDVWUĆüLWLPSXO
VH VFXUJHD JUHX 3HQWUX PLQH GDFĆ QDU IL IRVW )ORULQ
VFXUJHUHD WLPSXOXL DU IL IRVW üL PDL JUHD /D FkWHYD ]LOH
GXSĆ FH QHDP FXQRVFXW PLD SRYHVWLW FĆ üL IUDWHOH VĆX
PHGLFXO IXVHVH DUHVWDW $ DYXW vQVĆ QRURF *XYHUQXO
URPkQSULPLVHLQYLWDĦLDVĆOWULPLWĆSHGRFWRUXO0DULQOD
XQ LPSRUWDQW FRQJUHV PRQGLDO DO PHGLFLORU 25/LüWL
RUJDQL]DWOD3DULV3XWHUHDFRPXQLVWĆQDDYXWvQFRWUROD
VFRV GLQ vQFKLVRDUH üL LD GDW GUXPXO 'H OD SOHFDUHD vQ
)UDQĦD )ORULQ QX PDL DIODVH QLPLF GHVSUH IUDWHOH VĆX üL
DVWDvLDSĆVDJUHXVXIOHWXO
 7UHFXVHUĆ FkWHYD VĆSWĆPkQL EXQH GH OD PXWDUHD
 
PHDODVXEVROüLHYHQLPHQWHPDLLPSRUWDQWHQXVDXPDL
SHWUHFXW
 3HODVIkUüLWXOOXQLLLDQXDULHDPIRVWOXDWLDU
ODDQFKHWĆ'XVGLQQRXFXDFHOHDüLPHWRGHEDUEDUHGHOD
VXEVROODHWDMXOFkQGDPLQWUDWvQFDPHUDGHDQFKHWĆP
DP YĆ]XW LDUĆüL IDĦĆQ IDĦĆ FX FĆSLWDQXO &UHĦX ,OLH 3ĆUHD
IRDUWH PkQLRV &X JODV UĆVWLW PLD SRUXQFLW VĆ VFRW
RFKHODULL $SRL SHDFHODüL WRQ PDQLIHVWkQG SDUFĆ
QHUĆEGDUHDGHDVHGH]OĆQĦXLPLDRUGRQDWVĆPĆDüH]SH
VFDXQ (UD XQ WDEXUHW PLF SXV vQWUXQ FROĦ DO vQFĆSHULL
UHVSHFWLYH SH FDUH VHDüH]DX WRĦL QĆSĆVWXLĦLL VRUĦLL GXSĆ
FHüL VFRWHDX RFKHODULL 2ERVLW HPRĦLRQDW HUDP
QHUĆEGĆWRUVĆYĆGFXFHYDvQFHSH1XPDüWHSWDPGHORF
VĆSRUQHDVFĆLDUFXÅ%LHWXO,RDQLGHµ'XSĆIXULDSHFDUH
RPDQLIHVWDWUHEXLDVĆILHYRUEDGHFXWRWXODOWFHYD
− 9RUEHüWHPLGHVSUHDFWLYLWDWHDGXüPĆQRDVĆSHFDUHDL
GHVIĆüXUDWRvQODJĆUXOGHOD%RU]HüWL
− 1X DYHDP WLPS SHQWUX R DVWIHO GH SUHRFXSDUH
GRPQXOH FĆSLWDQ 3URJUDPXO DGPLQLVWUDĦLHL ODJĆUXOXL
HUD DüD GH vQFĆUFDW vQFkW QH PDL UĆPkQHD WLPS GRDU
SHQWUXRGLKQDGHQRDSWHüLSHQWUXPDVĆ
− &H SHUVRDQH PDL LPSRUWDQWH DL FXQRVFXW DFROR üL FH
GLVFXĦLLDLSXUWDWFXDFHOHSHUVRDQH"
− 'RUPLQGvQFDPHUHPDULüLPXQFLQGSHüDQWLHUODXQ
ORF DP FXQRVFXW PXOĦL RDPHQL 'DU GHDWXQFL VDX
VFXUVSHVWHüDVHDQLüLQXPLPDLDPLQWHVFGHQXPHOH
ORU
− ÍQFXUkQGvĦLYHLDPLQWLGHWRĦL&KLDUüLGHODSWHOHSH
FDUHODLVXSWGHODPDLFĆWD
 ÍPL GĆGHDP ELQH VHDPD FĆ DQFKHWD VH YD WHUPLQD
FX GXULWĆĦL (UDP FRQYLQV FĆ DQFKHWDWRUXO VH ED]D SH

LQIRUPDĦLLSULPLWHvQWLPSXOGHWHQĦLHLPHOH
− 9RUEHüWHPL GHVSUH DFWLYLWDWHD OHJLRQDUĆ SH FDUH DL
GHVIĆüXUDWRvQDFHOODJĆU
− &X 0LüFDUHD /HJLRQDUĆ DP vQWUHUXSW RULFH IHO GH
OHJĆWXULvQFĆGHODVIkUüLWXOOXQLLLDQXDULHFkQGD
LQWUDWvQLOHJDOLWDWH
 $QFKHWDWRUXO VD ULGLFDW EUXVF UHSH]LQGXVH OD
PLQHFXSXPQLLVWUkQüLJDWDVĆPĆORYHDVFĆ
− 3H FLQH YUHL VĆ SURVWHüWL" 'HDWXQFL QX WHDL PDL
vQWkOQLWQLFĆLHULFXQLFLXQOHJLRQDU"/D&DQDOVDXOD
%RU]HüWLQXWHDLvQWkOQLWFXOHJLRQDUL"
− 0DP vQWkOQLW FX PXOĦL 'DU SXWHDP QRL GLVFXWD
SROLWLFĆ vQ FRQGLĦLL GH FRQVWUkQJHUH üL GH WHDPĆ"
7XUQĆWRULL PLüXQDX SHVWH WRW &LQHDU IL IRVW DWkW GH
LQFRQüWLHQWvQFkWVĆüLFRPSOLFHüLPDLPXOWVLWXDĦLD"
− 1X YUHL VĆĦL WUĆGH]L ÅFDPDUD]LLµ DüDL" 7H RSUHüWH
MXUĆPkQWXO SH FDUH ODL GHSXV 7H SUHYLQ FĆ DYHP
QRLSXWHUHDüLPLMORDFHOHVĆWHGH]OHJĆPGHHO
− ûWLX SXWHUHD GXPQHDYRDVWUĆ HVWH QHOLPLWDWĆ 7RDWH
SRVLELOLWĆĦLOHYĆVWDXODGLVSR]LĦLH(XVDXDOWXOVXQWHP
QLüWH ÅMXFĆULLµ vQ PkLQLOH GXPQHDYRDVWUĆ 2ULFkQG
SXWHĦLVĆQHFXUPDĦLYLDĦD0kLQHVDUSXWHDFDQLPHQL
VĆ QX PDL üWLH GDFĆ PDL H[LVWĆP 6XQWHĦL DWkW GH WDUL
IDĦĆ GH ELHWHOH QRDVWUH ILLQĦH vQFkW DU IL ULGLFRO VĆ
vQFHUFĆPVĆQHDSĆUĆP1XSXWHPIDFHQLPLFDOWFHYD
GHFkWVĆSURWHVWĆPvPSRWULYDPLQFLXQLL
 6ĆULQG D GRXD RDUĆ GH SH VFDXQ FX JODVXO
VXJUXPDWGHPkQLHDXUODWFĆWUHPLQH
− $FXLPLQFLXQĆEDQGLWXOH"
− $LQIRUPDWRULORUGXPQHDYRDVWUĆ
 &D LHüLW GLQ ILUH GLQWUR VĆULWXUĆ D DMXQV vQ IDĦD
 
PHDOLSLQGXüLSXPQLLGHREUDMLLPHL
− 7H VWULYHVF VXE SLFLRDUH QHQRURFLWXOH 1X PDL DSXFL
]LXDGHPkLQH1RLXPEOĆPFXPLQFLXQLKDL"
− 1XGXPQHDYRDVWUĆFLLQIRUPDWRULLGXPQHDYRDVWUĆ
 1HPDLSXWkQGXüLVWĆSkQLPkQLDDEĆWXWGHWUHLRUL
GLQ SDOPH üL LPHGLDW D DSĆUXW vQ XüĆ FDUDOLXO FDUH GXFHD
GHĦLQXĦLODDQFKHWĆ
− ,DOüLGXOODFHOXOĆ
 $ IRVW XOWLPD PHD vQWkOQLUH FX FĆSLWDQXO &UHĦX
0HULWĆ DLFL R VFXUWĆ FDUDFWHUL]DUH D DFHVWXL ]HORV
DQFKHWDWRU6DIRORVLWvQWRDWĆSHULRDGDDQFKHWHORUOXLGH
FHOH PDL vQIULFRüĆWRDUH DPHQLQĦĆUL GH FHOH PDL WULYLDOH
vQMXUĆWXUL GH FHOH PDL RUGLQDUH H[SUHVLL $ MRQJODW OD
PD[LPXP FX PHWRGD LQWLPLGĆULL $ IĆFXW WRW FH PLQWHD
RPHQHDVFĆ SRDWH GHVFRSHUL 8Q VLQJXU OXFUX QD IĆFXW
EĆWDLD$QFKHWDWRUXO&UHĦXSHPLQHQXPDORYLW&kQGWRĦL
FHLODOĦL FROHJL GHDL OXL VH vQWUHFHDX vQ EĆWĆL üLQ
VFKLQJLXLUL DQFKHWDWRUXO PHX D DYXW WĆULD VĆüL
VWĆSkQHDVFĆ SXPQLL , VH SRDWH DWULEXL XQ PHULW" 'LQ
SDUWHD PHD GD 6D SHWUHFXW FHYD vQ FRQüWLLQĦD OXL" (
SRVLELO 3RDWH VD JkQGLW FĆ vQ IDĦĆL VH DIOD XQ RP FD üL
HO (UD JUHX GH DILUPDW FĆ vQ YUHPHD DFHHD vQ
QĆSUDVQLFD SULJRDQĆ FDUH VH GH]OĆQĦXLVH vQ ĦDUD QRDVWUĆ
DUPDLILSXWXWH[LVWDVHFXULüWLFXXQSLFGHRPHQLHvQHL
ûL WRWXüL vQ ILLQĦD FĆSLWDQXOXL &UHĦX DP SXWXW GHVFRSHUL
vQ]LXDDFHHDDFHOVWURSFXUDWGHRPHQLH
 'XSĆ SDWUX]HFL GH DQL GH OD DFHOH vQWkPSOĆUL DP
DIODWvQWUXQDXWREX]FĆIRVWXOVHFXULVW&UHĦXORFXLHüWHOD
*DODĦLüLFĆFHWĆĦHDQXOFXFDUHFĆOĆWRUHDPDOĆWXULHUDFKLDU
YHFLQXO VĆX GH DSDUWDPHQW /DP UXJDW SH DFHO RP VĆüL
vQWUHEHYHFLQXOGDFĆüLPDLDPLQWHüWHGHPLQHGLQWLPSXO

DQFKHWHORUüLVĆLWUDQVPLWĆVDOXWĆULGLQSDUWHDFHOXLFHQD
IRVWORYLWGHDQFKHWDWRUXOVĆX0DLPXOWFĆDüGRULVĆQH
UHvQWkOQLP ILH OD *DODĦL ILH vQ 9UDQFHD üL VĆ QH
UHFRQVLGHUĆP SR]LĦLLOH SH FDUH QH DIODP DWXQFL üL DFXP
'LQSĆFDWHvQFHUFDUHDPHDQDDYXWHFRXOVFRQWDW«
 $MXQVvQFHOXODGHODVXEVRODPHĦLWüLRERVLWGXSĆ
GRXĆ RUH GH DQFKHWĆ H[WUHP GH WHQVLRQDWĆ PDP vQWLQV
SH SDW &kQG PLDP UHFĆSĆWDW OLQLüWHD LDP SRYHVWLW
QXPDLOXL)ORULQvQüRDSWĆFXPDGHFXUVDQFKHWD
 ÍQ XOWLPD SDUWH D OXQLL IHEUXDULH QHD YL]LWDW OD
FHOXOĆ üHIXO DQFKHWHORU PDLRUXO 2FWDYLDQ $URQHVFX
$X]LVHPGHHOGDUQXOYĆ]XVHPSkQĆDWXQFL$VHPHQHD
YL]LWH QX HUDX DQXQĦDWH ÍQ ]LXD UHVSHFWLYĆ ]ĆYRDUHOH DX
IRVW WUDVH FD GH RELFHL FX PDUH ]JRPRW XüD VD GHVFKLV
EUXVF üL vQ SUDJ VD RSULW VWDWXUD PDVLYĆ D PDLRUXOXL
$URQHVFX (UD XQ EĆUEDW FDP GH  GH DQL EORQG FX
ILJXUDvQFUXQWDWĆ$X]LVHPFĆHUDGHQDĦLRQDOLWDWHHYUHX
'H DOWIHO OD PDMRULWDWHD vQFKLVRULORU üL ODJĆUHORU
DQFKHWDWRULL üL üHILL GH DQFKHWH HUDX HYUHL ÍQ VSDWHOH OXL
SHFRULGRUVHDIODVXLWDFDUHOvQVRĦHDIRUPDWĆGLQFkĦLYD
ORFRWHQHQĦL PDMRUL ÍQJUĆPĆGLĦL vQ IXQGXO FHOXOHL
vQFUHPHQLĦLvQSR]LĦLHGHGUHSĦLQRLFHLSDWUXDüWHSWDP
1LFLXQ FXYkQW QLFLR vQWUHEDUH 0DLRUXO üLD SOLPEDW
SULYLUHDFkQGVSUHXQXOFkQGVSUHDOWXORSULQGXVHPDL
vQGHOXQJDVXSUDPHD'LQFOLSDDFHHDDPVLPĦLWFĆPLVH
SUHJĆWHüWH FHYD $SRL XüD VD vQFKLV FX ]JRPRWXO
RELüQXLW DO ]ĆYRDUHORU SXQkQG FDSĆW DFHOHL LQRSLQDWH
YL]LWHFDUHQDGXUDWPDLPXOWGHFLQFLPLQXWH
 3H OD vQFHSXWXO OXL PDUWLH DP IRVW OXDW GLQ QRX OD
DQFKHWĆ &kQG PLDP VFRV RFKHODULL PDP DIODW vQ IDĦD
XQXL DOW FĆSLWDQ FH SĆUHD IRDUWH OLQLüWLW (UD GH VWDWXUĆ
 
PLMORFLHEORQGüLVLPSDWLFÍQWUHEĆULOHOXLQXDYHDXQLFLR
OHJĆWXUĆ FX FHUFHWĆULOH DQWHULRDUH $QFKHWD D DYXW PDL
PXOWXQFDUDFWHULGHRORJLFüLFRPSRUWDPHQWXOFĆSLWDQXOXL
D IRVW FLYLOL]DW 3HVWH PDL SXĦLQ GH RMXPĆWDWH GH RUĆ DP
UHYHQLW vQ FHOXOĆ 'XSĆ GHVFULHUHD FH LDP IĆFXWR OXL
)ORULQ DFHVWD PLD VSXV FĆO FXQRüWHD SH DQFKHWDWRU (UD
YHQLW GH OD 0LQLVWHUXO GH ,QWHUQH üL DYHD FX WRWXO DOWĆ
PLVLXQHGHFkWDFHHDD6HFXULWĆĦLLGLQ*DODĦL
 $X XUPDW WUHL VĆSWĆPkQL GH OLQLüWH DEVROXWĆ $
GRXĆ ]L GXSĆ VĆUEĆWRDUHD Å%XQHL 9HVWLULµ DP IRVW GLQ
QRX GXV OD HWDMXO  &X DFHOHDüL vPEUkQFHOL üL FĆGHUL SH
WUHSWHHSXL]DWIL]LFüLSVLKLFDP IRVWLQWURGXVvQFDPHUD
GH DQFKHWĆ /D PDVĆ VH DIOD XQ WkQĆU ORFRWHQHQW PDMRU
FDUH PD LQYLWDW VĆ LDX ORF 9RUEHD vQFHW üL PL VD SĆUXW
IRDUWHPDQLHUDW0LDVSXVFĆvQFXUkQGSURFHVXOPHXYD
LQWUD SH URO üL GDFĆ YRL IL VLQFHU vQ DQFKHWĆ YRL VFĆSD
XüRU0DLWkU]LXDYHDPVĆDIOXFĆQRXOPHXDQFKHWDWRUVH
QXPHD $YĆGDQHL ,OLH üL DYHD SH FRQüWLLQĦD OXL PXOWH
YLFWLPH ÍQYĆĦĆWRU ILLQG SĆUĆVLVH vQ DQLL GLQ XUPĆ
vQYĆĦĆPkQWXO vQVFULLQGXVH vQ ûFRDOD 0LOLWDUĆ GH
SUHJĆWLUHDRILĦHULORUGHVHFXULWDWH
 $QFKHWDQDGXUDWPDLPXOWGH]HFHPLQXWHILLQG
WULPLVODFHOXOĆ
 $ GRXD ]L GXSĆ PDVD GH VHDUĆ DP IRVW GLQ QRX
GXVODHWDMXO'HGDWDDVWDDQFKHWDWRUXODWUHFXWEUXVFOD
XQOLPEDMDJUHVLY
− 7HDLKRWĆUkWVĆYRUEHüWL"
− ,Q DIDUĆ GH FHOH GHFODUDWH OD DQFKHWHOH DQWHULRDUH QX
PDLDPQLPLFGHDGĆXJDW
 )XULRV D GHVFKLV XüD GkQGXPĆ vQ SULPLUH
FDUDOLXOXL 'HGDWDDVWDvQVĆQDP PDLIRVWGXVODFHOXOĆ

FL vQWUR FDPHUĆ PLFĆ PRELODWĆ üL OXPLQDWĆ VODE GH R
YHLR]Ć 'XSĆ PLQH D LQWUDW XQ PLOLWDU vQDOW FX PDQWDXD
SHXPHULFDUHPDLQYLWDWSROLWLFRVVĆLDXORFSHVFDXQ3H
HSROHĦL DP YĆ]XW JUDGXO GH FRORQHO 0XOW PDL WkU]LX DP
DIODW FĆO FKHPD $UDPĆ 5HGDX PDL MRV GLDORJXO VFXUW üL
FLYLOL]DWSHFDUHODPSXUWDWvPSUHXQĆ
− &HSURIHVLHDLSUDFWLFDWSkQĆODDUHVWDUH"
− $PIRVWvQYĆĦĆWRU
− )UXPRDVĆüLQRELOĆSURIHVLH]LVHFRORQHOXO
− )UXPRDVĆ GRPQXOH FRORQHO GDU DSRVWROLL QHDPXOXL
DX GXV vQ WRDWH WLPSXULOH R YLDĦĆ IRDUWH JUHD
6DFULILFLXO ORU QX D LPSUHVLRQDW QLFLRGDWĆ SH QLPHQL
6LQJXUXOPLQLVWUXDOvQYĆĦĆPkQWXOXL6SLUX +DUHWVD
RFXSDW PDL vQGHDSURDSH GH HL 'DU VLQJXU ILLQG QD
SXWXWQLFLHOVĆIDFĆPDLPXOW
− $LFLWLWÅÍQYĆĦĆWRULLµGH%,RUGDQ"
− 'D DP FLWLW WRW FHDP vQWkOQLW vQ OHJĆWXUĆ FX JUHDXD
PLVLXQH GH ÅDSRVWRO DO QHDPXOXLµ $ü PHQĦLRQD
QXPDL GRXĆ LPSRUWDQWH OXFUĆUL FDUH DX FRQVWLWXLW R
DGHYĆUDWĆ KUDQĆ VXIOHWHDVFĆ SHQWUX WLQHULL DEVROYHQĦL
DL üFROLORU QRUPDOH XQ URPDQ IRDUWH EXQ DSĆUXW vQ
WLPSXO OXL 6SLUX +DUHW Å6WUĆLQ vQ ĦDUD OXLµ GH
5ĆGXOHVFX1LJHU üL Å$SRVWROµ GH &H]DU 3HWUHVFX
XQGH HURXO SULQFLSDO 1LFRODH $SRVWRO vüL VDFULILFĆ
YLDĦDvQWUXQVDWXLWDWGH'XPQH]HXüLGHOXPH
− 9H]L GRPQXOH vQYĆĦĆWRU GXPQHDWD GDFĆ WHDL IL
RFXSDW QXPDL GH QRELOD PLVLXQH SH FDUH DL DYXWR
DVWĆ]LQXWHDLILDIODWDLFL1RLvĦLGĆPWRWXüLRüDQVĆ
üDQVD GH DĦL UHFĆSĆWD OLEHUWDWHD 8LWH GRVDUXO
GXPLWDOH VH DIOĆ vQ PkLQLOH QRDVWUH $FHVW GRVDU FDUH
vQ FXUkQG YD WUHEXL VĆ WH vQVRĦHDVFĆ OD SURFHV PkLQH
 
 QX YD PDL IL ÍO YRP GLVWUXJH FKLDU vQ QRDSWHD DVWD
GDFĆ GDFĆ QH YRP vQĦHOHJH 'HSLQGH QXPDL GH
GXPQHDWD ,DU GDFĆ YUHL VĆ UĆPkL PDUWLU WRW
GXPQHDWDĦLKRWĆUĆüWLVRDUWD
 ÍQĦHOHJkQGXLJkQGXOGHüLQXüLODH[SULPDWLDP
UĆVSXQV
− 'RPQXOH FRORQHO GHFkW VĆPL UHFDSĆW OLEHUWDWHD FX
PHVHULDGHWXUQĆWRUPĆYRLVLPĦLPDLOLQLüWLWPHUJkQG
SHFDOHDDGHYĆUXOXLvPSUHXQĆFXWRĦLFHLODOĦLSHFDUHL
DYHĦLDLFLvQPkLQLOHGXPQHDYRDVWUĆ
 /D DX]XO UĆVSXQVXOXL PHX FRORQHOXO $UDPĆ D
FKHPDWFDUDOLXOüLLDRUGRQDW
− 'XOvQFHOXOĆüLYH]LFXPvOGXFL
 $FHVWD D vQĦHOHV FRQVHPQXO üHIXOXL üL PD GXV
ÅFXP WUHEXLDµ FX DFHOHDüL PHWRGH EDUEDUH ORYLWXUL
vPEUkQFHOL vQMXUĆWXUL IRORVLWH GH ILHFDUH GDWĆ FX ILHFDUH
GHĦLQXWvQSDUWH
 
 1RDSWHDIDWDOĆPDUWLH

 ÍQ WLPS FH VH vPSĆUĦHD PDVD GH VHDUĆ XüD FHOXOHL
QRDVWUH VD GHVFKLV EUXVF PL VDX vQWLQV KLGRüLL RFKHODUL
QHJULLDPIL[DWvQJUDEĆDPIRVWvQKĆĦDWEUXWDOGHEUDĦXO
VWkQJ üL vPEUkQFLW DP vQFHSXW VĆ XUF WUHSWHOH GH OD
VXEVRO vQWRFPDL FDQWUXQ PDUü IRUĦDW 2ERVLVHP üL
JkIkLDP GDU SkQĆ OD FDPHUD GH DQFKHWĆ PDL DYHDPvQFĆ
PXOWH WUHSWH GH XUFDW &Ć]XW GH PDL PXOWH RUL vQ
JHQXQFKL ULGLFDW GH EUDĦ FX RFĆUL üL vQMXUĆWXUL WUĆLDP vQ
DFHOH FOLSH FHOH PDL vQILRUĆWRDUH VXSOLFLL GLQ YLDĦD PHD
1LFLRGDWĆSkQĆDWXQFLQXIXVHVHPGXVODDQFKHWĆFXDWkWD
XUĆ üL VHWH GH UĆ]EXQDUH ÍQ VIkUüLW LDWĆQH RSULĦL 8üD

FDPHUHLGHDQFKHWĆGHODXOWLPXOHWDMVDGHVFKLVüLSHQWUX
D WUHLD RDUĆ PDP DIODW vQ IDĦD ORFRWHQHQWXOXLPDMRU
$YĆGDQHL,OLH
− 7HDLKRWĆUkWVĆYRUEHüWL"
 $PWĆFXW$QFKHWDWRUXOUHSHWĆvQWUHEDUHD
− 7HDLKRWĆUkWVĆYRUEHüWL"
 $PWĆFXWGLQQRX&DUDOLXOFKHPDWSULQEĆWĆLGLQ
SDOPHVHSUH]LQWĆvQSR]LĦLDGHGUHSĦL
− 'XOODFHOXOĆVĆPĆQkQFHüLSHVWH]HFHPLQXWHVĆPLO
DGXFLvQDSRL
 ÍQ FHOXOĆ FHLODOĦL WUHL VWĆWHDX vQFUHPHQLĦL 0LDX
DUĆWDW PkQFDUHD GDU QX PDP DWLQV GH HD 0Ć JkQGHDP
ODDQFKHWDWRUXOFDUHODDGRXDFKHPDUHPĆDYHUWL]DVHFĆ
YRLILSXVÅSHUDQJƵGDFĆQXYRLUHFXQRDüWHvQYLQXLULOH
FH PL VH DGXFHDX 1X üWLDP FH vQVHPQD ÅSXQHUHD SH
UDQJƵ$X]LVHPGHODDOĦLLFĆHUDXQDGLQWUHPHWRGHOHGH
WRUWXUĆ$FXPvPLYHQLVHüLPLHUkQGXO
 ÍQDLQWH GH D WUHFH OD GHUXODUHD vQWkPSOĆULORU
FXPSOLWH GLQ DFHD QRDSWH GRUHVF VĆ IDF R SUHFL]DUH PĆ
RELüQXLVHPFXDSUHFLHUHDVFXUJHULLWLPSXOXL$PDPLQWLW
üLDPIL[DWGHPXOWHRULvQGHVFULHUHDDFHVWRUvQWkPSOĆUL
GXUDWD GH WLPS vQ DQFKHWH vQ GHSODVĆUL vQ FKLQXLWRDUHOH
DüWHSWĆULvQOXQJLOHFHDVXULGHPXQFĆIRUĦDWĆOD&DQDOSH
SORDLH YLVFRO VDX QLQVRDUH $P VFULV DQFKHWD D GXUDW
ÅFLQFL PLQXWHµ VDX ÅGRXĆ RUHµ VDX Å]HFH PLQXWHµ
(YLGHQW UHIHULULOH OD DFHVWH SHULRDGH GH WLPS VXQW
DSUR[LPDWLYH QHSXWkQG IL PĆVXUDWH FX SUHFL]LH ILLQGFĆ
WRĦL FHL FH LQWUDX SH SRDUWD ODJĆUXOXL vQFKLVRULL
6HFXULWĆĦLLHUDXGHSRVHGDĦLGHFHDVXUL
 &HOHÅ]HFHPLQXWHµIL[DWHGHDQFKHWDWRUVDXVFXUV
UHSHGH 8üD FHOXOHL VD GHVFKLV FX ]JRPRWXO RELüQXLW DO
 
]ĆYRDUHORUDPSULPLWRFKHODULLüLGLQQRXDPvQFHSXWVĆ
XUFEOHVWHPDWHOHWUHSWHDOHFHORUSDWUXHWDMH$QFKHWDWRUXO
PĆDüWHSWD
− ĥLDPGDWWLPSGHJkQGLW7HDLKRWĆUkW"
 3HQWUX D WUHLD RDUĆ DP WĆFXW (UDP FRQüWLHQW FĆ
VRDUWDPHDIXVHVHGHMDVWDELOLWĆ$IRVWFKHPDWFDUDOLXOüL
LVDGDWRUGLQVĆPĆGXFĆODFDPHUDÅ;µDIODWĆSHDFHODüL
FRULGRU OD FkĦLYD PHWUL GH FDPHUD GH DQFKHWĆ ,QWURGXV
IĆUĆRFKHODULvQvQFĆSHUHGLQWURIXJDUĆSULYLUHPLDPGDW
VHDPDFĆPĆDIODPvQFDPHUDGHWRUWXUĆ$VSHFWXODFHOHL
FDPHUH HUD vQIULFRüĆWRU SHUHĦLL PXUGDUL GXüXPHDXD
SĆWDWĆ GH VkQJH SLQJHOH GH ERFDQFL üL GH SDQWRIL
vPSUĆüWLDWHSHMRVvQGH]RUGLQHÍQPLMORFGRXĆPHVHGH
GLPHQVLXQL HJDOH 'H MXUvPSUHMXUXO SHUHĦLORU VWĆWHDX
UH]HPDWHYHUJHOHJKLRDJHUĆQJLGHILHU3ULPXODDSĆUXW
DQFKHWDWRUXOGXSĆHOXQORFRWHQHQWPDMRUSXUWkQGQLüWH
RFKHODUL PDUL QHJUL FDUHL IĆFHD ILJXUD GH QHUHFXQRVFXW
$X PDL LQWUDW vQFĆ GRL ORFRWHQHQĦLPDMRUL üL üHIXO
DQFKHWHORU PDLRUXO 2FWDYLDQ $URQHVFX 1LFLXQ FXYkQW
GLQ SDUWHD QLPĆQXL 6H ÅOXFUDµ vQWUR WĆFHUH GHVĆYkUüLWĆ
&HO FX RFKHODULL QHJUL VD DSURSLDW GH PLQH DYkQG R
VIRDUĆ JURDVĆQ PkLQL üLD vQFHSXW VĆPL OHJH  SLFLRDUHOH
GH OD JHQXQFKL vQ MRV vQIĆüXUkQGXOH VWUkQV GH ]HFL GH
RULSkQĆODFĆOFkLHÍQWLPSXOÅRSHUDĦLXQLLµ PĆvQGHPQD
vQ PRG UHSHWDW SH üRSWLWH VĆ YRUEHVF $SRL PLD OHJDW
PkLQLOHODvQFKHLHWXUL6WUkQVOHJDWHPLOHDEĆJDWSHVXE
JHQXQFKLÍQGUHSWXOFRDWHORUVDIRUPDWXQJROSULQFDUH
DXLQWURGXVRUDQJĆ'RLGLQWUHFHLSUH]HQWLDXDSXFDWGH
FDSHWHOH UĆQJLL &HOH GRXĆ PHVH GLQ vQFĆSHUH DX IRVW
DüH]DWHvQDüDIHOFDvQWUHHOHVĆUĆPkQĆXQVSDĦLXOLEHUGH
DSUR[LPDWLY R MXPĆWDWH GH PHWUX 0DX ULGLFDW üL PDX

DüH]DW vQ VSDĦLXO JRO FDSHWHOH UĆQJLL ILLQG VSULMLQLWH SH
PHVHOH UHVSHFWLYH ÍQYkUWLW DP DMXQV FX FDSXO vQ MRV üL
SLFLRDUHOH vQ VXV &ĆOĆXO FX RFKHODULL QHJUL D DSXFDW R
UDQJĆ GLQWUH FHOH VSULMLQLWH GH SHUHĦL VD DüH]DW vQ IDĦD
PHD üL DüWHSWD /D FRPDQGD PDLRUXOXL DQFHSXW VĆ
ORYHDVFĆ/RYHDSXWHUQLFDüDFXPXQRPYRLQLFDYkQGvQ
PkLQLXQWRSRUJUHXvüLFUDSĆOHPQHOH0ĆKRWĆUkVHPVĆ
QX UHDFĦLRQH] vQ QLFLXQ IHO 3ULPHOH  L]ELWXUL DP DYXW
WĆULDVĆOHVXSRUW'DUORYLWXULOHvQFHSHDXVĆGHYLQĆGLQFH
vQFHPDLGXUHURDVH0ĆGXUHDXPDLDOHVFĆOFkLHOH'XSĆ
PDL ELQH GH GRXĆ]HFL GH SOHVQLWXUL QDP PDL SXWXW
VXSRUWDüLDPvQFHSXWVĆUĆFQHVF&UHGFDPWUHFXWüLSULQ
PRPHQWH GH OHüLQ ILLQGFĆ OD XQ PRPHQW GDW PDP
SRPHQLW FX XQ FRIHU FX DSĆ UHFH WXUQDW SHVWH IDĦĆ 'XSĆ
DVWDDPDX]LWJODVXOPDLRUXOXLÅ/DVĆOµ$PIRVWFRERUkW
GLQWUH FHOH GRXĆ PHVH üL SXV SH GXüXPHD &HO FH PĆ
ORYLVHPLDGH]OHJDWPDLvQWkLSLFLRDUHOHDSRLPkLQLOH/D
XQRUGLQGRLVXERILĦHULVDXSUH]HQWDWLPHGLDWPDXOXDW
XQXO GHXQ EUDĦ DOWXO GH FHOĆODOW EUDĦ FRERUkQGXPĆ OD
SDUWHU $FROR PDX GDW vQ SULPLUH DOWXL VXERILĦHU $FHOD
LPHGLDW PD GXV vQWUR FDPHUĆ FX FLPHQW SH MRV üL FX
VFDXQH OXQJL SH OkQJĆ SHUHĦL 0LD SRUXQFLW VĆPL OHSĆG
ERFDQFLL üL FLRUDSLL $P UĆPDV FX SLFLRDUHOH JRDOH SH
FLPHQW7RWHODDGXVGHODXQURELQHWGHSHFRULGRUYUHR
FLQFLVSUH]HFH JĆOHĦL FX DSĆ SH FDUH OHD YĆUVDW SH
FLPHQWXO FDPHUHL vQ FDUH PĆ DIODP )ĆUĆ WRQ SRUXQFLWRU
VDX UĆXWĆFLRV PLD VSXV FĆ VXQW REOLJDW VĆ PHUJ FX
SLFLRDUHOHJRDOHSULQDSĆ
 (UD XQ VIkUüLW GH PDUWLH IRDUWH IULJXURV üL DSD
DSURDSH vQJKHĦDVH ([SOLFDĦLD DFHVWHL PHWRGH GH WRUWXUĆ
ILQDOL]DWĆFXRÅSOLPEDUHµSULQDSĆUHFHDPDIODWRPXOW
 
PDL WkU]LX GH OD FHL FDUH  WUHFXVHUĆ üL HL SULQ DFHOHDüL
FKLQXUL WRUĦLRQDULL HUDX SUHRFXSDĦL VĆ QX QL VH XPIOH
SLFLRDUHOHGLQSULFLQDORYLWXULORUGHUDQJĆVHPQHFHOHDU
IL SXWXW WUĆGD VĆOEĆWLFLD PLMORDFHORU IRORVLWH vQ DQFKHWH
'DU GHüL DSD UHFH D DWHQXDW PXOW HIHFWXO ORYLWXULORU
SLFLRDUHOHWRWVDXXPIODW
 6XE VXSUDYHJKHUHD VWULFWĆ D VXERILĦHUXOXL FDUH GH
SH FRULGRU SULQ XüD GHVFKLVĆ XUPĆUHD H[HFXWDUHD
RUGLQXOXL DP vQFHSXW VĆ PĆ GHSODVH] GH FRORFROR SULQ
EĆOWRDFD D FĆUHL UĆFHDOĆ PL VH UĆVSkQGLVH vQ WRW FRUSXO
'DFĆ QDU IL IRVW DFHOH VFDXQH OXQJL SH OkQJĆ SHUHĦL SH
FDUHOHSXWHDLIRORVLSHQWUXDWHPDLUH]HPDQDüILUHXüLW
VĆ PĆ PHQĦLQ SH SLFLRDUH $SURDSH WRDWĆ JUHXWDWHD
FRUSXOXLVHVSULMLQHDvQPkLQL&XDMXWRUXOORUDPSXWXWVĆ
IDF GH VXWH GH RUL vQFRQMXUXO FDPHUHL LQXQGDWĆ FX DSĆ
UHFH0DLPXOWGHGRXĆRUHDGXUDWDFHVWFKLQ/DFDSĆWXO
ORU DP DX]LW JODVXO VXERILĦHUXOXL VSXQkQGXPL VĆ LHV SH
FRULGRU VĆPL WUDJ FLRUDSLL üL ERFDQFLL $P UHXüLW VĆ IDF
DFHVW OXFUX FX PDUH JUHXWDWH ILLQGFĆ SLFLRDUHOH vPL
vQĦHSHQLVHUĆ )ĆUĆ VĆ PĆ EUXVFKH]H PD OXDW GH EUDĦXO
VWkQJ VSXQkQGXPL FĆ WUHEXLH VĆ PĆ GXFĆ ÅVXVµ
&RPSRUWDPHQWXO DFHVWXL RP PLD XüXUDW PXOW FKLQXO
$PGHVFRSHULWvQHOSLFĆWXUDGHRPHQLHFDUHvQDVHPHQHD
PRPHQWHDGXFHDOLQDUHüLvQFXUDMDUH&XPXOWĆDWHQĦLHFD
VĆ QX PĆ vPSLHGLF OXkQG DVXSUD VD DSURDSH vQWUHDJD
JUHXWDWHDFRUSXOXLPHXDPDMXQVGLQQRXODHWDMXO&H
YDPDLXUPDRDUH"%ĆQXLDPFĆRQRXĆDQFKHWĆ'DU
QXQXDVWDDYHDXHLGHIĆFXWvQDFHDVWĆQRDSWH
 $P IRVW LQWURGXV vQWUR QRXĆ FDPHUĆ vQ PLMORFXO
FĆUHLD VH DIOD R PDVĆ OXQJĆ 'XSĆ PLQH DX LQWUDW
DQFKHWDWRUXOüLGRLGLQWUHRILĦHULLFDUHDVLVWDVHUĆODWRUWXUD

GHÅSHUDQJƵ0LDXFHUXWVĆSXQEUDĦHOHSHPDVĆ0LDX
OHJDWLDUPkLQLOHGHODvQFKHLHWXULSkQĆODFRWFXRVIRDUĆ
JURDVĆ LDU FDSHWHOH VIRULL OHDX vQQRGDW GH PDVĆ
,PRELOL]DWDVWIHOQXPDLSXWHDPIDFHQLFLRPLüFDUH8QXO
GLQWUH RILĦHUL ĦLQHD vQ PkQĆ XQ FDXFLXF OXQJ GH YUHXQ
PHWUXSULQPLMORFXOFĆUXLDHUDXWUHFXWHPDLPXOWHVkUPH
GHFXSUX/DVHPQDOXODQFKHWDWRUXOXLFHOFXFDXFLXFXOD
vQFHSXWVĆPĆORYHDVFĆFXVHWH/RYHDSHVWHWRW'HODFDS
SH WRDWĆ VXSUDIDĦD VSDWHOXL SkQĆ OD SLFLRDUH 5ĆFQHWHOH
PHOH QDX LPSUHVLRQDW SH QLFLXQXO GLQWUH HL &ĆOĆXO D
ORYLW SkQĆ D RERVLW &D üL ÅSH UDQJƵ DP FĆ]XW vQ
QHVLPĦLUHûLDLFLPL VDWXUQDWDSĆSH FDSGXSĆFDUHP
DX OĆVDW 0LDX GH]OHJDW PkLQLOH DSRL PDX vPSLQV FX
EUXWDOLWDWHFĆWUHXQFROĦDOFDPHUHL$FRORDPIRVWOXDWvQ
SXPQL üLQ SDOPH GH FĆWUH FHOĆODOW RILĦHU FDUH DVLVWDVH OD
EĆWDLDFXFDXFLXFXO
 7UHFXVH GHPXOW PLH]XO QRSĦLL FkQG FHL WUHL DX
LHüLW OĆVkQGXPĆ VLQJXU (UDP H[WHQXDW üL VLPĦHDP
WUHEXLQĦDVĆPDüH]SHFHYD'DUvQFDPHUDUHVSHFWLYĆQX
VH DIOD GHFkW PDVD FHD OXQJĆ SH FDUH vQ XUPĆ FX R RUĆ
IXVHVHP WRUWXUDW 0DP UH]HPDW GH XQ SHUHWH üL VWĆWHDP
vQDüWHSWDUHDXQRUDOWHPHWRGHGHVFKLQJLXLUH'XSĆPDL
ELQH GH GRXĆ RUH WLPS vQ FDUH PDP OXSWDW FX
YĆOPĆüDJXODWRWIHOXOGHJkQGXULXüDFDPHUHLVDGHVFKLV
üL vQĆXQWUX DX LQWUDW GRL VXERILĦHUL $P IRVW vQüIĆFDW GH
VXEVXRULüLWkUkWFXEUXWDOLWDWHFĆWUHWUHSWHOHGHFRERUkUH
$VWIHO DP DMXQV SH FRULGRUXO VXEVROXOXL (UDP
vQFUHGLQĦDW  FĆ PĆ YRU GXFH OD FHOXOD GLQ FDUH IXVHVHP
VFRV GH FX VHDUĆ $üD VD üL vQWkPSODW =ĆYRDUHOH DX IRVW
WUDVH üL FHL GRL PLDX IĆFXW YkQW vQĆXQWUX &kQG PDX
YĆ]XWvQVSĆLPkQWDĦLGHIHOXOFXPDUĆWDPFRORFDWDULLPHL
 
VDXUHWUDVvQFDSĆWXORSXVDOFHOXOHL
 'HVFKLG DLFL R SDUDQWH]Ć vQFHUFkQG VĆ IDF R
PĆUWXULH JUHX GH HYRFDW DOĆWXUL GH VHGLXO 6HFXULWĆĦLL vQ
SDUWHD GH (VW OD QXPDL  GH PHWUL VH DIOD FOĆGLUHD
/LFHXOXL 3HGDJRJLF Å&RVWDFKH 1HJULµ /D DFHVW OLFHX FX
XQ DQ vQ XUPĆ ILLFD PHD PDL PLFĆ 2OJXĦD GĆGXVH
H[DPHQ GH DGPLWHUH üL UHXüLVH 2EĦLQXVH R PHGLH IRDUWH
EXQĆ 'DU ILLQG FRSLO GH GHĦLQXW SROLWLF DYkQG GHFL
ÅGRVDUXO SĆWDWµ vQDLQWH GH vQFHSHUHD FXUVXULORU IXVHVH
DPHQLQĦDWĆ FX H[FOXGHUHD GLQ OLFHX 1XPDL LQWHUYHQĦLD
XQRU PHPEUL GLQ FRPLVLD GH DGPLWHUH FDUH ULVFkQGXüL
FDULHUDSURIHVLRQDOĆVDXRSXVDFHVWHLPĆVXULQHGUHSWHD
IĆFXWFDILLFDPHDVĆSRDWĆILDGPLVĆVĆXUPH]HFXUVXULOH
SUHVWLJLRVXOXL OLFHX JĆOĆĦHDQ )ĆUĆ VĆ üWLP QLPLF XQXO GH
FHOĆODOW DFXP vQ DFHDVWĆ FXPSOLWĆ QRDSWH FkQG HX
WUHFHDP SULQ FKLQXULOH LDGXOXL vQWUR FĆPĆUXĦĆ D
LQWHUQDWXOXL /LFHXOXL 3HGDJRJLF DIODWĆ OD QXPDL FkĦLYD
SDüL GH ORFXO XQGH HUDP WRUWXUDW VH RGLKQHD IHWLĦD PHD
YLVkQG SRDWH OD WH]HOH SH FDUH DYHD VĆ OH GHD D GRXD ]L
'H XQGH VĆ üWLH ELHWXO FRSLO FĆQ QRDSWHD DFHHD WDWĆO HL
HUDDWkWGHDSURDSHGHHD]EĆWkQGXVHvQPkLQLOHFĆOĆLORU
vQWUH YLDĦĆ üL PRDUWH" 'XSĆ DQL üL DQL XUPkQG üL
DEVROYLQG &RQVHUYDWRUXO Å&LSULDQ 3RUXPEHVFXµ GLQ
%XFXUHüWL 2OJXĦD VD vQWRUV OD üFRDOD FDUHR SUHJĆWLVH OD
/LFHXO 3HGDJRJLF Å&RVWDFKH 1HJULµ GLQ *DODĦL GH GDWD
DVWDFDSURIHVRDUĆGHPX]LFĆ
 ÍL URJ SH FLWLWRULL DFHVWRU vQVHPQĆUL VĆPL LHUWH
SDUDQWH]D GH PDL VXV GDU QX SXWHDP WUHFH SHVWH
FRLQFLGHQĦD VWUDQLH D XQHL DWkW GH QHIHULFLWH vQWkPSOĆUL
GLQYLDĦDPHD
 5HYHQLW vQ FHOXOĆ LQLPRVXO VWXGHQW vQ PHGLFLQĆ

0DULQ)ORULQDVĆULWVĆPDMXWH0DDüH]DWSHSDWFXIDĦD
vQ MRV üL VFRĦkQGXPL vPEUĆFĆPLQWHD PLD VSXV FĆ WRW
VSDWHOHHVWHQHJUX0LDDSOLFDWFXJULMĆFRPSUHVHSHWRDWH
ORFXULOH vQYLQHĦLWH VIĆWXLQGXPĆ VĆ PĆ PLüF vQFHW üL FkW
PDL SXĦLQ ÍQ WRW DFHVW WLPS PD vQFXUDMDW VSXQkQGXPL
FĆ SĆUĦLOH YĆWĆPDWH VH YRU UHIDFH LDU WRW FH HVWH vQYLQHĦLW
YDGLVSĆUHDvQFkWHYDVĆSWĆPkQLSULQUHVRUEĦLH7LPSGH
R VĆSWĆPkQĆ ]LOQLF D IRVW QHYRLH VĆPL SXQĆ üL VĆPL
VFKLPEHFRPSUHVHOH
 /DFkWHYD]LOHGXSĆQRDSWHDIDWDOĆGLQPDUWLH
 DX IRVW LQWURGXüL vQ FHOXOĆ GRL FLYLOL FDUH PLDX
vQPkQDW DFWXO GH SXQHUH VXE DFX]DUH SHQWUX DO VHPQD
$PDYXWRH]LWDUH'DUFHLGRLPDXDYHUWL]DWFĆGHQXO
YRL VHPQD YRL IL FKHPDW GLQ QRX ÅVXVµ $P DYXW
VOĆELFLXQHDVĆOVHPQH]0DPJkQGLWDWXQFLODFHHDFHPL
VSXVHVH vQWUR DQFKHWĆ XQ VHFXULVW Å]DGDUQLF WH
vQFĆSĆĦkQH]L ILLQGFĆ GH OD QRL QX SOHDFĆ QLPHQL FX
ÅSUREOHPD QHUH]ROYDWƵ &X DFHD VHPQĆWXUĆ PLDP
SHFHWOXLWVRDUWD'XSĆSURFHVDYHDPVĆDIOXFĆOLEHUWDWHD
vPLYDILFRQILVFDWĆSHQWUXGRXĆ]HFLüLFLQFLGHDQL

 3URFHVXO

 3HGDWDGHLXOLHDPIRVWFKHPDWGLQQRXvQ
FDPHUD GH DQFKHWĆ (UDP WLPRUDW 1X FXPYD ÅQRDSWHD
DOEƵ GLQ  PDUWLH VH YD UHSHWD" 'DU QX
$QFKHWDWRUXO $YĆGDQHL D GRULW VĆPL FRPXQLFH
XUPĆWRDUHOH ÅSH  LXOLH YD IL SURFHVXO YRP IL üL QRL
DFROR'DFĆYHLGHFODUDDOWIHOGHFkWFHHDFHFXSULQGHDFWXO
GHSXQHUHVXEDFX]DUHWHYRPDGXFHvQDSRL6SHUFĆQH
DP vQĦHOHVµ $ FKHPDW DSRL FDUDOLXO üL DP IRVW
 
ÅH[SHGLDWµODFHOXOĆ$QFKHWDQXGXUDVHPDLPXOWGHWUHL
PLQXWH
  LXOLH  2 GXEĆ GH PĆULPH PLMORFLH VH DIOD
WUDVĆOkQJĆRVFDUĆVHFUHWĆvQFXUWHD6HFXULWĆĦLLGLQ*DODĦL
ÍQFĆ GH GLPLQHDĦĆ DP IRVW DQXQĦDĦL FĆ YRP PHUJH OD
7ULEXQDO *UXSXO QRVWUX FDUH XUPD VĆ ILH MXGHFDW DYHD
XUPĆWRDUHD FRPSRQHQĦĆ -HDQ 1 9RLQHD DYRFDW
)RFüDQL&DUDJDĦĆ&RVWDFKHvQYĆĦĆWRU9LGUD9UDQFHD
9DVLOH 3RSD FRQWDELO 9LGUD  9UDQFHD &KLULĦĆ 9DVLOH
FkQWĆUHĦ ELVHULFHVF 0ĆUĆüHüWL /RYLQ $OH[DQGUX üL
&KLULĦĆ $OH[DQGUX DJULFXOWRUL VDW 6WUĆMHVFX 9UDQFHD üL
GRL ĦĆUDQL GLQ 5ĆFRDVD 9UDQFHD SH FDUH QX LDP
FXQRVFXW7RĦLFHLRSWDPXUFDWvQGXEĆüLDPOXDWGUXPXO
VSUH 7ULEXQDO $FROR QHDX DüWHSWDW PDL PXOĦL JDUGLHQL
1HDXOXDWvQSULPLUHüLQHDXEĆJDWvQWURDüD]LVĆÅVDOĆ
GHDüWHSWDUHµSRUXQFLQGXQHFĆQXDYHPYRLHVĆYRUELP
vQWUHQRLÍQMXUXORUHLDPIRVWVFRüLüLLQWURGXüLvQVDOD
GH MXGHFDWĆ RFXSkQG ORFXUL vQ ER[D DFX]DĦLORU
&RPSOHWXO GH MXGHFDWĆ HUD IRUPDW GLQ PHPEUL DL
7ULEXQDOXOXL0LOLWDU&RQVWDQĦD
 3URFHVXODvQFHSXWFXFLWLUHDUHFKL]LWRULXOXLSHQWUX
vQWUHJ JUXSXO GH FĆWUH XQ SURFXURU PLOLWDU FX JUDGXO GH
FĆSLWDQ OHFWXUĆ FDUH D GXUDW PDL ELQH GH R RUĆ $ XUPDW
DSĆUDUHD )LHFDUH GLQWUH QRL DYHDP FkWH XQ DSĆUĆWRU GLQ
RILFLX$OHüLüLQXPLĦLGHFĆWUH6HFXULWDWHDFHüWLDSĆUĆWRUL
QDX IĆFXW DOWFHYD GHFkW VĆ FRQILUPH vQWUR IRUPĆ PDL
DELOĆFHOHVSXVHGHSURFXURUÍQWLPSXOSOHGRDULLORUFDUH
QX PĆ PDL LQWHUHVDX DP vQWRUV FDSXO JkQGLQGXPĆ FĆ
SRDWH YRL GHVFRSHUL üL SH FDUHYD GLQWUH DL PHL SULQWUH
FLYLOLLGLQVDOĆ,DP]ĆULWUHSHGHHUDXFLQFLGLQIDPLOLH
VRĦLD FX FHOH GRXĆ IHWLĦH &RUQHOLD üL 2OJXĦD üL GRL

FXPQDĦL &RVWHO 'XPLWUHVFX üL &RUQHOLD 'XPLWUHVFX
ÍQGUĆ]QHDOD GH D vQWRDUFH FDSXO VSUH FHL GLQ VDOĆ DP
SOĆWLWRFXFkWHYDORYLWXULFXSDWXODUPHLGHODJDUGLDQXO
FDUHVHDIODvQVSDWHOHQRVWUX$PSULPLWFXEXFXULHDFHOH
ORYLWXULILLQGFĆSULYLULOHFHORUGUDJLVDXvQWkOQLWSUHĦGH
FkWHYDFOLSHFXDOHPHOH«
 0HULWĆVĆILHPHQĦLRQDWDLFLHIRUWXOGLVSHUDWSHFDUH
OD IĆFXW IDPLOLD PHD FD VĆ DMXQJĆ OD WLPS vQ ]LXD
SURFHVXOXL 8Q QHSUHĦXLW DMXWRU OD GDW DYRFDWXO 7LWHO
+ĆQĦRLX GLQ )RFüDQL FDUH vQ PRG GLVFUHW D WUDQVPLV
IDPLOLHLvQüWLLQĦDUHDFĆSURFHVXOORWXOXLQRVWUXDIRVWIL[DW
SHGDWDGHLXOLH9HVWHDDDMXQVDFDVĆvQGXSĆDPLD]D
]LOHLGHLXOLH&XPPLMORDFHOHGHWUDQVSRUWvQFRPXQOD
YUHPHDDFHHDHUDXH[WUHPGHSUHFDUHFHLFLQFLPHPEULDL
IDPLOLHLVDXXUFDWGHOD7LFKLULüSHXQFDPLRQvQFĆUFDW
FXEXüWHQLSHFDUHüRIHUXOvLWUDQVSRUWDOD2GREHüWL$üD
DX VWUĆEĆWXW ELHĦLL GH HL R GLVWDQĦĆ GH  GH NLORPHWUL
ûRIHUXOLDOĆVDWvQJDUD2GREHüWLvQVSHUDQĦDFĆvQVHDUD
DFHHDYRUDYHDYUHXQWUHQVSUH)RFüDQL1HFLUFXOkQGvQVĆ
QLFLRFXUVĆvQDFHDVWĆGLUHFĦLHSkQĆGLPLQHDĦDODRUDFHL
FLQFL DX IRVW QHYRLĦL VĆ SOHFH QRDSWHD SH MRV FDOH GH 
NP &D VĆ VFXUWH]H GUXPXO üL VĆ DMXQJĆ GLUHFW vQ JDUD
)RFüDQL DX OXDWR SH FDOHD IHUDWĆ ÍQ MXUXO RUHL  DX
SOHFDW FX XQ SHUVRQDO VSUH 0ĆUĆüHüWL $FROR DX DüWHSWDW
FkWHYDRUHSkQĆVĆYLQĆXQWUHQGLQVSUH6XFHDYDSHQWUX
*DODĦL &X WUHQXO SHUVRQDO SOHFDW SH OD RUD  GLQ
0ĆUĆüHüWLDXDMXQVvQ]RULL]LOHLGHLXOLHOD*DODĦL
 $VWIHO OD RUD vQFHSHULL SURFHVXOXL QH DIODP
vPSUHXQĆ vQ DFHHDüL VDOĆ ÅFHL GHDFDVƵ FX ÅFHL GLQ
WHPQLĦƵ 'XSĆ SOHGRDULLOH ÅDYRFDĦLORUµ DX XUPDW
FRQFOX]LLOH 7ULEXQDOXOXL DSRL XOWLPXO FXYkQW DO
 
DFX]DĦLORU 3HUVRQDO QXPL PDL DPLQWHVF FHDP VSXV ÍQ
DWPRVIHUD GH WHURDUH vQ FDUH VH GHVIĆüXUD SURFHVXO FX
6HFXULWDWHD GH IDĦĆ FHOH FkWHYD SURSR]LĦLL SH FDUH OHDP
URVWLWDXIRVWIRUPDOHüLQHVHPQLILFDWLYH/DIHODXIĆFXWüL
FHLODOĦL 6LQJXUXO GLQ ORWXO QRVWUX FDUH D EUDYDW üL D DYXW
XQ FXUDM DSURDSH QHEXQHVF D IRVW DYRFDWXO -HDQ 9RLQHD
GLQ)RFüDQLÍQXOWLPXOVĆXFXYkQWDGHFODUDWÅ1LPLFQX
HVWH DGHYĆUDW GLQ FHHD FH FXSULQGH DFWXO GH SXQHUH VXE
DFX]DUH'HFODUDLFLVĆDIOHvQWUHDJDOXPHFĆDPVHPQDW
DFHODFWGXSĆFHDPWUHFXWSULQJURD]QLFHWRUWXULµ«
 $üD VDX ÅFRQVWUXLWµ ]HFLOH üL ]HFLOH GH PLL GH
SURFHVHFXFDUHSXWHUHDSROLWLFĆGLDYROHDVFĆGHDWXQFLD
XPSOXW SkQĆ OD UHIX] WRDWH vQFKLVRULOH GLQ ĦDUĆ FX
RDPHQLDEVROXWQHYLQRYDĦL
 1XSRWWUHFHPDLGHSDUWHIĆUĆDOĆVDFkWHYDGDWHvQ
OHJĆWXUĆ FX YLDĦD ]EXFLXPDWĆ D FHOXL PDL FXUDMRV GLQWUH
FHL MXGHFDĦL DWXQFL DYRFDWXO -HDQ 9RLQHD 6D QĆVFXW vQ
RUĆüHOXO 3DQFLX 7DWĆO VĆX 1LFRODH 9RLQHD SRGJRUHDQ
GLQ3DQFLXDIRVWDUHVWDWvQLPHGLDWGXSĆDVDVLQDUHD
OXL $UPDQG &ĆOLQHVFX 2GDWĆ FX HO DX PDL IRVW DUHVWDĦL
vQFĆ GRL 3 0DULQ GLQ 6XUDLD KDQGLFDSDW IL]LF EĆLDW
WkQĆU GHR FXPLQĦHQLH UDUĆ FX OLFHXO DELD WHUPLQDW
XUPkQG VĆ VHQVFULH OD IDFXOWDWH üL FRPHUFLDQWXO 9DVLOH
6WDWH GLQ $GMXG RP GH DVHPHQHD OLQLüWLW üL DSUHFLDW vQ
RUĆüHOXO VĆX 7RĦL WUHL DX DYXW SDUWH GHXQ VIkUüLW WUDJLF
'XSĆFHDXIRVWH[HFXWDĦLSULQvPSXüFDUHWUXSXULOHORUDX
IRVW VSkQ]XUDWH vQ SLHĦHOH SXEOLFH vQ ORFXULOH FHOH PDL
IUHFYHQWDWHGHOXPHüLĦLQXWHDFRORWUHL]LOH$FHüWLRDPHQL
QDX DYXW QLFLR OHJĆWXUĆ FX DWHQWDWXO $ IRVW R PĆVXUĆ
DUELWUDUĆ OXDWĆ OD QLYHOXO vQWUHJLL ĦĆUL ÍQ ILHFDUH MXGHĦ
SULQWUXQ RUGLQ WHOHIRQLF DX FĆ]XW YLFWLPH FkWH WUHL

OHJLRQDUL OXDĦL OD vQWkPSODUH vQ PLH] GH QRDSWH 1XPDL
vQWUXQ VLQJXU MXGHĦ GLQ $UGHDO RUGLQXO QX D IRVW
H[HFXWDW ILLQGFĆ SUHIHFWXO XQ FRORQHO D VROLFLWDW RUGLQ
VFULV FHHD FH QX L VD GDW $VWIHO vQ DüD]LVD ÅQRDSWH D
FXĦLWHORU OXQJLµ DX FĆ]XW YLFWLPH vQ DSURDSH WRDWĆ ĦDUD
SHVWHGRXĆVXWHGHRDPHQLQHYLQRYDĦL7RWvQDFHDQRDSWH
DXIRVWVFRüLSHSRDUWDXQRUvQFKLVRUL%UDüRY9DVOXLüD
JUXSXUL FRPSDFWH GH OHJLRQDUL GXüL OD FkWHYD VXWH GH
PHWULvQDIDUDvQFKLVRULLüLPLWUDOLDĦL$SLHULWDWXQFLHOLWD
VWXGHQĦLPLLURPkQHWRWFHDYHDXPDLVHOHFWXQLYHUVLWĆĦLOH
GLQ 5RPkQLD 9LQRYDĦL GH DFHVWH PDVDFUH DX IRVW PDL
PXOĦLGDUSULQFLSDOXOYLQRYDWUĆPkQH5HJHOH&DURODO,,
OHD/XLvLDSDUĦLQHüLYLQDDVDVLQĆULLSULQüWUDQJXODUHDOXL
&RUQHOLX =HOHD &RGUHDQX vPSUHXQĆ FX FHL WUHLVSUH]HFH
FDPDUD]L DL OXL 1LFDGRULL üL 'HFHPYLULL $ IRVW XQ UHJH
LPRUDOFDUHDSDWURQDWFXFLQLVPFULPHOHüLEOĆVWĆPĆĦLLOH
GLQSHULRDGDDQLORUOĆVkQGvQLVWRULDQHDPXOXL
URPkQHVF R SDJLQĆ QHDJUĆ FDUH QXYD SXWHD IL QLFLRGDWĆ
XLWDWĆ
 0HQĦLRQDPPDLVXVFĆDYRFDWXO-HDQ9RLQHDDDYXW
R YLDĦĆ ]EXFLXPDWĆ 'XSĆ DVDVLQDUHD WDWĆOXL ORU FHL GRL
IUDĦL -HDQ üL 2FWDYLDQ FX JUHX üLDX IĆFXW OLFHXO üL
IDFXOWDWHD&kQGVDLQVWDODWSXWHUHDFRPXQLVWĆDPkQGRL
DX IRVW DUHVWDĦL 2FWDYLDQ D WUHFXW SULQ LQIHUQXO GH OD
3LWHüWL LDU -HDQ üL VRĦLD VD vQFKLüL OD SXĦLQ WLPS GXSĆ
FĆVĆWRULH DX DYXW VRDUWD WXWXURU FHORU SULJRQLĦL üL
DUXQFDĦLvQWHPQLĦH(VWHFXWUHPXUĆWRUIDSWXOFĆVRĦLDOXL
FRQGDPQDWĆODDQLWHPQLĦĆJUHDDQĆVFXWSULPXOFRSLO
vQvQFKLVRDUH
 5HYHQLQGODSURFHVHOVDWHUPLQDWFDPvQWUHLRUH
IĆUĆ D QH IL IRVW FRPXQLFDWH VHQWLQĦHOH 'XSĆ JUXSXO
 
QRVWUX D XUPDW DOW ORW FDUH WUHEXLD VĆ ILH üL HO WHUPLQDW
UHSHGH $IDUĆ GXED FX FDUH YHQLVHUĆP OD 7ULEXQDO QH
DüWHSWD $P IRVW vQFDGUDĦL vQWUH PDL PXOĦL JDUGLHQL üL
FRQGXüL VSUH ÅGXED QRDVWUƵ &kQG DP WUHFXW SULQWUH
FLYLOLL FDUH SDUWLFLSDVHUĆ OD SURFHV XQ VWULJĆW GLVSHUDW DO
XQHL IHWLĦH GLQ PXOĦLPH PD FXWUHPXUDW Å7ĆWLFXOH (UD
IHWLĦD PHD FHD PDUH &RUQHOLD $P DYXW vQ PRPHQWXO
DFHOD R GHVFXPSĆQLUH üL R PDUH WHDPĆ &LYLOLL QX DYHDX
YRLH VĆ VFRDWĆ QLFLXQ FXYkQW 'DFĆ R YD DUHVWD" PĆ
JkQGHDPHX6WULJĆWXOIHWLĦHLDUILSXWXWILLQWHUSUHWDWFDR
vQFHUFDUH GH FRPXQLFDUH FD XQ DQXQĦ FD FHYD IRDUWH
LPSRUWDQW 'DU GLQ IHULFLUH WHPHULOH PHOH VDX GRYHGLW
QHvQWHPHLDWH&LYLOLLVDXvQWRUVFXWRĦLLODFDVHOHORU

 /D3HQLWHQFLDUXOGLQ*DODĦL

 1RL FRQGDPQDĦLL DP XUFDW vQ GXEĆ üL QHDP
XUPDW GHVWLQXO 'XED VD RSULW vQ IDĦD SRUĦLL
SHQLWHQFLDUXOXLGLQ*DODĦLFDUHvQPDLSXĦLQGHXQPLQXW
VD GHVFKLV $P IRVW UHSHGH OXDĦL vQ SULPLUH GH JDUGLHQLL
vQFKLVRULLüLLQWURGXüLvQWURFDPHUĆPDLPDUHFDRFHOXOĆ
(UDP EXFXURüL FĆ VFĆSDVHUĆP GH 6HFXULWDWH ûWLDP GH OD
DOĦLL FĆ GHDFXP vQDLQWH VD WHUPLQDW FX DQFKHWHOH üL FX
EĆWĆLOH 7RĦL FHL FDUH VH DIODX vQ DQFKHWH DüWHSWDX
QHUĆEGĆWRUL SURFHVXO VĆ VH YDGĆ RGDWĆ OD SHQLWHQFLDU VĆ
QXPDLDXGĆGHDQFKHWHüLVFKLQJLXLULÍQWUHFHLRSWFDUH
QHDIODPDFXPODXQORFQXPDLFHLGRLĦĆUDQLGLQ5ĆFRDVD
QH HUDX VWUĆLQL &HLODOĦL üDVH QH FXQRüWHDP PDL GHPXOW
$LFL GHFL DYHDP VĆ QH SHWUHFHP YLDĦD SkQĆ OD R QRXĆ
VFKLPEDUH
 'DU GXSĆ YUHR  ]LOH FRQWDELOXO 3RSD 9DVLOH GLQ


9LGUD DYHD VĆ QH SĆUĆVHDVFĆ $ IRVW VFRV GLQ FDPHUĆ üL
PXWDWvQDOWĆSDUWH3kQĆODWHUPLQDUHDGHWHQĦLHLQXYRP
PDL DX]L GH HO ÍQWUH FHL üDSWH UĆPDüL GRDU FLQFL QH
VLPĦHDPPDLDSURSLDĦLüLGLVFXWDPPDLGHVFKLVvQWUHQRL
&HL GRL ĦĆUDQL GLQ 5ĆFRDVD VH L]RODX GH WRĦL
QHDPHVWHFkQGXVHvQGLVFXĦLLOHQRDVWUH&XXQXOGLQWUHHL
HUD FKLDU JUHX GH FRQYLHĦXLW ILLQG SRUQLW OD WRW SDVXO SH
KDUĦĆ'HDOWIHODSURDSHvQILHFDUHFHOXOĆVHQLPHUHDFkWH
XQDVWIHOGHRPFDUHIĆFHDYLDĦDFHORUODOĦLüLPDLJUHDGH
FXPQHHUDGDWĆGHVRDUWĆ
 'XSĆ SOHFDUHD GLQ FDPHUD QRDVWUĆ D OXL 3RSD
9DVLOHQLVDXDGXVODFXQRüWLQĦĆFRQGDPQĆULOHHX-HDQ
9RLQHD üL 9DVLOH &KLULĦĆ GLQ 0ĆUĆüHüWL vQFDGUDĦL OD DUW
GLQ&RGXOSHQDOSHQWUXÅFULPĆGHXQHOWLUHvPSRWULYD
6WDWXOXL 6RFLDOLVWµ FkWH  GH DQL PXQFĆ VLOQLFĆ /RYLQ
$OH[DQGUX GLQ 6WUĆMHVFX ² 9UDQFHD  GH DQL &KLULĦĆ
$OH[DQGUX WRW GLQ 6WUĆMHVFX ² 9UDQFHD  GH DQL9DVLOH
3RSD FHO SOHFDW GLQWUH QRL D SULPLW vQüWLLQĦDUHD DFROR
XQGHDIRVWPXWDW&HLGRLĦĆUDQLGLQ5ĆFRDVDDXSULPLW
XQXO  GH DQL FHOĆODOW  Å3UREOHPDµ GH FDUH QH WRW
DPLQWHDX DQFKHWDWRULL IXVHVH ÅUH]ROYDWƵ 1X QHDP
VSHULDWQLFLQXQHDPPLUDW3HGHDSVDGDWĆRFRQVLGHUDP
vQFĆ PRGHVWĆ vQ FRPSDUDĦLH FX ]HOXO GHSXV GH
DQFKHWDWRUL FD VĆ QHQJURDSHQ SĆPkQW (UDP FRQüWLHQĦL
FĆ DQLL GH FRQGDPQDUH SH FDUHL SULPLVHUĆP QXL YRP
IDFHGLQGRXĆPRWLYH
 RUL YRP PXUL vQDLQWH GH vPSOLQLUHD DFHVWRUD HUD
DOWHUQDWLYDFHDPDLSUREDELOĆ
 RUL EXQXO 'XPQH]HX OH YD OXD SXWHUHD DFHVWRU
FĆOĆL üLDWXQFL YRP IL üL QRL GHVFĆWXüDĦL üL UHGDĦL
OLEHUWĆĦLL &UHDWRUXO QHD ELQHFXYkQWDW FX FHD GHD
 
 GRXDDOWHUQDWLYĆ
 7LPSXO WUHFHD üL YLDĦD QRDVWUĆ vQ 3HQLWHQFLDUXO
*DODĦL VH GHVIĆüXUD vQ DüWHSWDUHD ]L GH ]L D XQRU
VFKLPEĆUL 1X üWLX GH FH üL FXP GDU DüWHSWDP FX
FRQYLQJHUH JUDEQLFH HYHQLPHQWH 1X OD HOLEHUDUH PĆ
JkQGHDPFLSXUüLVLPSOXODVFKLPEĆULFDUHVĆQHVFRDWĆ
GLQ VLWXDĦLD vQ FDUH QH DIODP ILH HD  FKLDU PDL UHD 6Ć IL
IRVW RDUH vQüWLLQĦĆUL DOH YĆ]GXKXULORU FĆ DVHPHQHD
VFKLPEĆULYRUYHQL"

 3OHFDUHDGLQ*DODĦLQRLHPEULH

 3HODVIkUüLWXOOXQLLQRLHPEULHvQGXSĆDPLD]D]LOHL
GHQHDPvQWkOQLWFXSHVWHRVXWĆGHFRQGDPQDĦLVFRüL
GLQFHOXOHüLGLQFDPHUHVSHFLDOHüLDGXüLSHXQKROXQGH
QLVDXGLVWULEXLWKDLQHOHüLRELHFWHOHSHUVRQDOHUHĦLQXWHOD
LQWUDUHD vQ DUHVWXO 6HFXULWĆĦLL ,DWĆ GHFL SUHVLPĦLULOH
QRDVWUH FĆ FHYD WUHEXLH VĆ VHQWkPSOH VDX DGHYHULW
 ´2SHUDĦLXQHDµQDGXUDWPDLPXOWGHWUHLRUHWLPS
VXILFLHQWvQVĆSHQWUXQRLVĆQHUHYHGHPüLVĆFRPXQLFĆP
2PDUHDQLPDĦLHFDUHQXPDLSXWHDILRSULWĆVDSURGXV
SHKRO'HPDLELQHGHXQDQQXQHPDLYĆ]XVHUĆPDüDGH
PXOĦLRDPHQLODXQORF6DXvQWkOQLWDLFLIHFLRULFXSĆULQĦL
IUDĦLFXIUDĦLUXGHDSURSLDWHSULHWHQLFXQRVFXĦLüLIRDUWH
PXOĦL QHFXQRVFXĦL (X PDP vQWkOQLW FX QDüXO PHX GH
FXQXQLH SUHRWXO ûWHIDQ 0DUFX GH OD 1LVWRUHüWL ²
9UDQFHD FX FDUH DP DYXW R OXQJĆ FRQYRUELUH )XVHVH
DUHVWDW GLQ  üL HUD DFXP vQ DO GRLVSUH]HFHOHD DQ GH
SXüFĆULH $ IRVW DGXV GH OD $LXG SHQWUX D GHSXQH
PĆUWXULH FD PDUWRU vQ SURFHVXO QRVWUX $ DYXW R
FRQGDPQDUHGHDQLüLPDLDYHDGHH[HFXWDWWUHLSkQĆOD
H[SLUDUHDSHGHSVHL7RWDLFLODPvQWkOQLWSULPDRDUĆSH

3DXO3ĆOWĆQHDSURIHVRUGHLVWRULHGLQ*DODĦLFDUHDGRULW
VĆPĆFXQRDVFĆ6RDUWDDYHDVĆQHDSURSLHüLPDLPXOWvQ
XUPĆWRULLDQLGHGHWHQĦLH
 $WHQĦLRQDUHD XQXL RILĦHU QHD WUH]LW vQVĆ OD
UHDOLWDWH &HOH WUHL RUH GH DQLPDĦLH üL EXQĆ GLVSR]LĦLH
OXDVHUĆ VIkUüLW 'XEHOH VH DIODX WUDVH vQ GUHSWXO XQHL XüL
PDLSXĦLQH[SXVĆSULYLULORUÍQFHSHDVĆVHvQQRSWH]HÍQWU
R WĆFHUH GHVĆYkUüLWĆ üL vQ PDUH VHFUHW DP vQFHSXW VĆ QH
vQJKHVXLP vQ FHOH SDWUX GXEH FDUH XUPDX VĆ QH
WUDQVSRUWH OD JDUĆ $LFL DP IRVW XUFDĦL vQ QLüWH YDJRDQH
VSHFLDOHGHWUDQVSRUWDWGHĦLQXĦLüLFRQGDPQDĦLDWDüDWHOD
XUPD JDUQLWXULL FDUH DYHD VĆ SOHFH FKLDU vQ DFHD VHDUĆ
(UDXSUHYĆ]XWHFXFDUFHUHüLFHOXOHSHQWUXUHFDOFLWUDQĦLüL
DYHDXJHDPXULOHYRSVLWH

 $LXGXO

 $EVROXW QLPLF QXPL PDL DPLQWHVF vQ OHJĆWXUĆ FX
FĆOĆWRULDGHOD*DODĦLOD$LXGûWLXGRDUDWkWFĆDPSOHFDW
vQVHDUDFkQGDPIRVWvPEDUFDĦLvQDFHOHYDJRDQHVSHFLDOH
üL FDP VRVLW OD $LXG vQ VHDUD XUPĆWRDUH D ]LOHL GH 
QRLHPEULH6HSRDWHVĆILIRVWRFĆOĆWRULHPRQRWRQĆ
OLSVLWĆ GH HYHQLPHQWH *DUGLHQLL QX QHDX GHUDQMDW /D
VRVLUHD WUHQXOXL vQ JDUD $LXGXOXL WUDV SH R OLQLH PRDUWĆ
DPYĆ]XWXQPDUHQXPĆUGHJDUGLHQLüLVHFXULüWLFDUHQH
DüWHSWDX $X FRERUkW GLQ YDJRDQH SH UkQG DWkĦLD FkW
SXWHDX IL WUDQVSRUWDĦL vQ GRXĆ GXEH FDUH IĆFHDX QDYHWD
JDUĆ²SHQLWHQFLDU2SHUDĦLDDGXUDWFkWHYDRUHGHRDUHFH
OXDUHD üL GDUHD vQ SULPLUH D GHĦLQXĦLORU FHUHD WLPS $P
SOHFDW GLQ JDUĆ FX XOWLPXO WUDQVSRUW $MXQV vQ IDĦD
LPHQVHL SRUĦL D SHQLWHQFLDUXOXL WRDWĆ GLQ PHWDO PLDP
 
DGXV DPLQWH GH Å,QIHUQXOµ OXL 'DQWH SH IURQWLVSLFLXO
FĆUXLD FLQHYD D VFULV FX OLWHUH PDUL Å/ĆVDĦL RULFH VSHUDQĦĆ
YRLFHLFHLQWUDĦLDLFLµ
 &kQG DP FRERUkW GLQ GXEĆ DPLQWLUHD DFHVWHL
LQVFULSĦLL üL FHOHEULWDWHD vQFKLVRULL vQ FDUH LQWUDP PDX
FXWUHPXUDWüLPLDP]LVGRXĆ]HFLüLFLQFLGHDQLGHLYRL
PDLWUĆLYDWUHEXLVĆPLLSHWUHFDLFL
 $P IRVW FRQGXüL GHXQ JDUGLDQ vQ FDPHUD GH OD
LQWUDUH XQGH QL VDX IĆFXW RELüQXLWHOH IRUPDOLWĆĦL $SRL
DPIRVWOXDĦLSHUkQGüLLQWURGXüLvQFHOXOH
 2 GHVFULHUH VXPDUĆ D SHQLWHQFLDUXOXL $LXG R
VRFRWHVFXWLOĆ&OĆGLUHDQRXĆ&HOXODUXODIRVWFRQVWUXLWĆ
GH XQJXUL vQ  OD FkĦLYD ]HFL GH PHWUL GH FHOHEUD
Å=DUFƵ ,PHQVD FOĆGLUH SXWkQG SULPL vQ FRUSXO HL SkQĆ
OD  GH RDPHQL DYHD IRUPD XQXL Å7µ FX SDWUX HWDMH
3HILHFDUHHWDMHUDXFkWHGHFHOXOH(XDPLQWUDWvQWUR
FHOXOĆ GH SH HWDMXO ,, XQGH VH PDL DIODX WUHL RDPHQL
)LHFDUH FHOXOĆ HUD SUHYĆ]XWĆ SH GUHDSWD üL SH VWkQJD FX
FkWHGRXĆSDWXULVXSUDSXVHÍQ FROĦOkQJĆXüĆHUDIL[DWĆ
WLQHWD SHQWUX QHFHVLWĆĦL 6XE IHUHDVWUD FX MDOX]HOH VH DIOD
FDORULIHUXO 3H XüĆ vQ SDUWHD GH VXV HUD IL[DWĆ YL]HWD SH
FDUHRGHVFKLGHDJDUGLDQXOGHSHFRULGRURULGHFkWHRULL
VHSĆUHDFĆFHYDVHvQWkPSOĆvQĆXQWUX/XPLQDGLQFHOXOĆ
HUDVODEĆGLQFDX]DMDOX]HOHL
 0DPDFRPRGDWUHSHGH$PIĆFXWDSRLFXQRüWLQĦĆ
FXSURDVSHĦLLPHLFROHJLGHWHPQLĦĆ'U1HGHOFX1LFRODH
GLQ %XFXUHüWL )UXQ]Ć $OH[DQGUX ĦĆUDQ GH SULQ SĆUĦLOH
7HFXFLXOXLüL)LOLPRQ&RQVWDQWLQSURIHVRUGHSHGDJRJLH
GLQ %XFXUHüWL 0DP EXFXUDW QHVSXV GH RDPHQLL FX FDUH
XUPDVĆFRQYLHĦXLHVFGHDFXPvQFROR(UDRFRPSRQHQĦĆ
LGHDOĆ $YHDP FH FXOHJH GH OD ILHFDUH GLQWUH HL 'RFWRUXO

1HGHOFX FXQRüWHD DWkWHD OXFUXUL LPSRUWDQWH vQ OHJĆWXUĆ
FX SĆVWUDUHD VĆQĆWĆĦLL vQFkW QX üWLDP FH VĆO vQWUHE PDL
vQWkL &X SURIHVRUXO )LOLPRQ HUDP vQ GRPHQLX )LLQG
DPkQGRL FDGUH GLGDFWLFH QH vPSĆUWĆüHDP UHFLSURF
H[SHULHQĦDGHODFDWHGUĆ'HOD)UXQ]Ć$OH[DQGUXDYHDP
PXOWH GH DIODW GLQ GRPHQLXO DJULFXOWXULL 'HFL R
SRWULYLUHFXPQXVHSXWHDPDLEXQĆ
 $PRFXSDWSDWXOGHVXVGHSHSDUWHDVWkQJĆ6XE
PLQH SH SDWXO GH MRV GRUPHD SURIHVRUXO )LOLPRQ 'LQ
FDX]DFĆOĆWRULHLHUDPIUkQWGHRERVHDOĆ3DWXODYHDSHHO
VDOWHDSĆWXUĆRSHUQĆXPSOXWĆFXSDLHüLFHDUüDIDüWHUQXW
SHVWHVDOWHD7RDWHHUDXYHFKLüLX]DWH
 0DP vQWLQV SH SDW üLDP GRUPLW GXV SkQĆ
GLPLQHDĦDFkQGVDGDWGHüWHSWDUHD1XPLPDLDPLQWHVF
GDFĆ VHPQDOXO GHüWHSWĆULL VD GDW GLQ LQWHULRUXO
FHOXODUXOXL VDX GLQ DIDUD OXL &HUW HVWH FĆ PDP WUH]LW
LPHGLDWüLDPVĆULWGHSHSDW'DUFHHDFHDFRQWULEXLWPDL
PXOW OD WUH]LUHD PHD DX IRVW QLüWH ]JRPRWH LQIHUQDOH
vQVRĦLWHGHWURSĆLWXULSXWHUQLFHSHWRDWHFRULGRDUHOHFHORU
SDWUX HWDMH DOH FHOXODUXOXL 1X HUDP GHORF LQLĦLDW FX
UHFHSWDUHDDFHVWRU]JRPRWHSRUQLWHGLQVHQLQ'HDFHHDO
DPvQWUHEDWSHFROHJXOPHX)LOLPRQ
− &HVHQWkPSOĆFHVXQW]JRPRWHOHDVWHD"
− 6H H[HFXWĆ ÅSURJUDPXO GH GLPLQHDĦƵ 'LQ ILHFDUH
FHOXOĆGRLRDPHQLSOHDFĆFXWLQHWDvQSDVDOHUJĆWRUVĆ
RYHUVHvQ:&XOGLQFDSĆWXOFRULGRUXOXL&HLFDUHGXF
WLQHWD QX WUHEXLH VĆ VH YDGĆ FX DOĦL GHĦLQXĦL GLQ DOWH
FHOXOH2SHUDĦLXQHDWUHEXLHWHUPLQDWĆvQPLQLPXPGH
WLPS )LHFĆUHL FHOXOH L VH DFRUGĆ GRXĆ PLQXWH ÍQ
FXUkQG QH YLQH üL QRXĆ UkQGXO 0kLQH YHĦL IDFH üL
GXPQHDYRDVWUĆFXQRüWLQĦĆFXDFHVWÅSURJUDPµ
 
 3URIHVRUXO )LOLPRQ HUD XQ RP EOkQG DüD FXP L VH
FHUHXQXLSHGDJRJVĆILH'HODHOYRLvQYĆĦDSHSDUFXUVXO
DOXQLGH]LOHDOIDEHWXO0RUVH&HDvQVHPQDWDFHVWPLMORF
GHFRPXQLFDUHSHQWUX]HFLOHGHPLLGHvQWHPQLĦDĦLYRP
YHGHDFkQGPĆYRLUHIHULODL]ROĆULOHSHFDUHOHDPWUĆLWSH
SDUFXUVXODQLORUDWkWvQ&HOXODUFkWüLvQÅ=DUFƵ
 &KLDU GHD GRXD ]L vQFHSXVHP VĆ PĆ DFRPRGH]
XüRU OD YLDĦD GH WHPQLĦĆ D SHQLWHQFLDUXOXL $LXG ÍQ DFHVW
IXUQLFDU GH OXPH vQ FDUH QX VDX]HDX GHFkW PXUPXUH üL
üRDSWH SURJUDPXO VH GHVIĆüXUD PDWHPDWLF FX WDLQHOH üL
ULJRULOHOXL(UDROXPHDSDUWHQHüWLXWĆGHFHDODOWĆOXPH
OLEHUĆ FDUHüL GXFHD H[LVWHQĦD VSUH XQ YLLWRU LQFHUW üL
VXPEUX
 /D RUD FLQFL VH GĆGHD GHüWHSWDUHD SULQ VXQHWHOH
XQXL FORSRW LQVWDODW OD SDUWHU 8UPD DüD]LVXO ÅSURJUDP
GH GLPLQHDĦƵ FX ]JRPRWRDVHOH OXL WURSĆLWXUL SH WRDWH
FRULGRDUHOH GXSĆ FDUH VH DGXFHD FHDLXO VDX WHUFLXO 1H
VLPĦHDPPDLÅKUĆQLĦLµFkQGvQORFGHFHDLSULPHDPWHUFL
 3DUFXUJHDPDSRLOXQJLOHFHDVXULGHDüWHSWDUHSkQĆ
ODVHUYLUHDPHVHLGHSUkQ]vQWUHRUHOH²FRQVLGHUDW
HYHQLPHQWXO FHO PDL LPSRUWDQW DO ILHFĆUHL ]LOH
,QWHQVLWDWHDPD[LPĆDIRDPHLRVLPĦHDPFkQGDX]HDPSH
FRULGRU DSURSLHUHD KkUGĆXOXL FX PkQFDUH WkUkW GH
EXFĆWDUL üL ]JRPRWHOH YL]HWHORU GHVFKLVH GH JDUGLDQ
SHQWUX LQWURGXFHUHD vQ FHOXOH D JDPHOHORU üL WXUWRDLHORU
0kQFDUHD RELüQXLWĆ HUD DOFĆWXLWĆ GLQWUXQ SRORQLF FX
FLRUEĆ GH ]DU]DYDW GH PXOWH RUL Å]HDPĆ FKLRDUƵ üL
ÅWXUWRLXOµ GH  J SH FDUH WUHEXLD VĆO vPSĆUĦLP vQ
GRXĆ MXPĆWDWH SHQWUX PDVD GH SUkQ] üL FHDODOWĆ SHQWUX
VHDUĆ 2 GDWĆ VDX GH GRXĆ RUL SH VĆSWĆPkQĆ vQ ORFXO
FLRUEHLSULPHDPXQSRORQLFFXDUSDFDüFRQVLGHUDWFDFHD

PDLFRQVLVWHQWĆPkQFDUH
 0Ć DIODP vQ D SDWUD ]L GH OD VRVLUHD vQ $LXG
OXDVHP FHDLXO üL FD GH RELFHL QH SUHJĆWHDP VĆ GLDORJĆP
'HRGDWĆ SULQ FDORULIHU UĆ]EDWH R DWHQĦLRQDUH ([SHUWXO
FHOXOHL QRDVWUH vQ Å0RUVHµ VH UHSHGH OD ÅĦHDYƵ üL
FRQILUPĆ SULPLUHD PHVDMXOXL , VH UĆVSXQGH
ÅSHUFKH]LĦLHµ *ULMXOLL FHL WUHL FROHJL vüL LDX LPHGLDW
PĆVXUL GH DVFXQGHUH D RELHFWHORU LQWHU]LVH ÍO vQWUHE SH
ÅPRUVLVWXOµ QRVWUX )LOLPRQ FH WUHEXLH VĆ IDF ÍPL
UĆVSXQGHVĆIDFLFHHDFHDPIĆFXWüLQRLDGLFĆVĆDVFXQ]L
UHSHGH RELHFWHOH LQWHU]LVH YkUI GH FUHLRQ DĦĆ DF FXĦLWDü
8Q DF üL SXĦLQĆ DĦĆ QHDJUĆ DP DYXW üL HX $FXO ODP
DVFXQV vQWUR FXVĆWXUĆ D SDQWDORQLORU LDU DĦD vQWUXQ FROĦ
vQWXQHFDW DO FHOXOHL 6H üWLD FĆ SHUFKH]LĦLD VH IĆFHD
VLPXOWDQ OD FkWH ]HFH FHOXOH (FKLSH GH FkWH  JDUGLHQL
QĆYĆOHDX vQ vQFĆSHULOH LQGLFDWH GH RILĦHUXO SROLWLF üL
QFHSHDX ÅRSHUDĦLDµ &DP OD XQ VIHUW GH RUĆ GH OD
DWHQĦLRQDUHDXLQWUDWüLvQFHOXODQRDVWUĆWUHLJDUGLHQL1H
DX SRUXQFLW VĆ QH GH]EUĆFĆP GH KDLQH SkQĆ OD SLHOH üL
WRDWĆ vPEUĆFĆPLQWHD VĆ QHR SXQHP SH SDWXO UHVSHFWLY
3H QRL QHDX VFRV DIDUĆ SH FRULGRU RUGRQkQGXQH VĆ
VWĆPFXIDĦDODSHUHWH3HUFKH]LĦLDQDGXUDWPDLPXOWGH
FLQFL PLQXWH ÍQ FĆXWDUHD ORU GH D JĆVL FHYD
FRPSURPLĦĆWRUDXGDWSHVWHRVWLFOXĦĆFXXQOLFKLGvQHD
&kQGQHDXEĆJDWvQĆXQWUXDXvQWUHEDWDFXLHVWHVWLFOXĦD
− (VWHDPHDDUĆVSXQV)LOLPRQ
− 'HFHDLSĆVWUDWR"
− $PvQHDXQPHGLFDPHQWGHODLQILUPHULH
− %LQHYRPYHULILFD
 'DFĆVWLFOXĦDHUDJRDOĆ)LOLPRQDUILIRVWSHGHSVLW
FX]LOHGHL]RODUH
 
 'DU WUHDED FX VWLFOXĦD HUD DOWIHO GH FXP R
SUH]HQWDVH )LOLPRQ (O SULPLVH GH OD LQILUPHULH
PHGLFDPHQWXO vQVĆ SHQWUX D SXWHD SĆVWUD UHFLSLHQWXO
IĆUĆ ULVFXO GH DL IL IRVW FRQILVFDW OD SHUFKH]LĦLH QX
FRQVXPDVH DFHO PHGLFDPHQW 6WLFOXĦD PDL UH]LVWDVH OD
FkWHYD SHUFKH]LĦLL )LOLPRQ R IRORVHD OD vQUHJLVWUĆULOH FX
0RUVH2XQJHDFXXQVWUDWGHVĆSXQDSRLSUHVĆUDSHHD
XQ VWUDW VXEĦLUH GH SUDI GH YDU UDV GH SH XQ SHUHWH PDL
GRVQLFGLQFHOXOĆ6WLFOXĦDGHYHQHDDOEĆ&XXQYkUIGHDF
VH SXWHDX VFULH DFXP SH HD SDJLQL vQWUHJL GH WH[WH
PDWHPDWLFĆ IL]LFĆ FKLPLH OLPEL VWUĆLQH WH[WH UHOLJLRDVH
SRH]LL
 $üD DX FLUFXODW SULQ FHOH  GH FHOXOH YHUVXULOH
OXL5DGX*\U1LFKLIRU&UDLQLFüLDOHDOWRUSRHĦLFDUHVDX
IRUPDW OD $LXG $üD DP UHĦLQXW GXSĆ FHDP vQYĆĦDW
DOIDEHWXO 0RUVH SHVWH  GH YHUVXUL DGXFkQGXOH vQ
PHPRULHDFDVĆGXSĆHOLEHUDUHDQRDVWUĆvQ
 
 &UĆFLXQXOOXL

 'HüL QH SHWUHFHDP YLDĦD vQWUR FUXQWĆ L]RODUH IDĦĆ
GH OXPHD OLEHUĆ vQ FHOXODUXO $LXGXOXL vQ VĆSWĆPkQD
SUHJĆWLWRDUH &UĆFLXQXOXL DQFHSXW R DFWLYLWDWH IHEULOĆ
WUDQVPLWHUHDSULQDOIDEHWXO0RUVHDüWLULORUüLPDLDOHVD
FROLQGHORU üL GLIHULWHORU WH[WH OHJDWH GH HYHQLPHQWXO
Å1DüWHULL'RPQXOXLµ3URIHVRUXO)LOLPRQHUDHURXOFHOXOHL
QRDVWUH7UDQVPLWHDüLSULPHDYHüWLIĆUĆvQFHWDUH3HQWUX
DQXILGHVFRSHULWGHJDUGLDQXOGHSHFRULGRUvQGUHSWXO
YL]HWHLVHDüH]DFXUDMRVXOĦĆUDQGHSULQSĆUĦLOH7HFXFLXOXL
)UXQ]Ć $OH[DQGUX 'H FkWHYD RUL YL]HWD VD GHVFKLV GDU
)UXQ]Ć LD H[SOLFDW JDUGLDQXOXL FĆ DUH GXUHUL GH FDS SH
FDUH OH PDL DPHOLRUHD]Ć GDFĆ VH SOLPEĆ SULQ PLMORFXO

FHOXOHL $VWIHO PRUVLVWXO QRVWUX D VFĆSDW GH FkWHYD
ÅL]ROĆULµ OD ÅQHDJUDµ RUL GLQFROR OD ÅJKHDĦƵ FXPSOLWH
ORFXULGHSHGHDSVĆGHVSUHFDUHYRPPDLYRUEL
 7UHEXLH VĆ PĆ RSUHVF SXĦLQ SHQWUX D IDFH FkWHYD
DSUHFLHUL DVXSUD ĦĆUDQXOXL DIODW vQ GHWHQĦLH 3H XQGH DP
WUHFXW DP YĆ]XW ĦĆUDQL FX PDL PXOW FDUDFWHU GHFkW OD
PXOĦL LQWHOHFWXDOL ĥĆUDQLL DX UH]LVWDW PDL ELQH FD
LQWHOHFWXDOLL OD DQFKHWH üL OD SHULRDGHOH GH vQIRPHWDUH
'XSĆFkĦLYDDQLGHWHPQLĦĆPXOĦLLQWHOHFWXDOLDXFĆ]XWvQ
GH]QĆGHMGHILLQGRSUDGĆEXQĆSHQWUX6HFXULWDWHDFHDVWD
UHXüLQGFXXüXULQĦĆVĆUHFUXWH]HGLQWUHHLLQIRUPDWRULLGH
FDUHDYHDQHYRLHÍQVFKLPEQDPDX]LWQLFĆLHULGHĦĆUDQL
ÅFLULSLWRULµ ĥĆUDQXO URPkQ üLD SĆVWUDW WĆULD üL
GHPQLWDWHD (O üWLD XQD üL EXQĆ FHL FDUH ODX EĆJDW vQ
WHPQLĦĆ ODX GHSRVHGDW üL GH SĆPkQW üL GH FDVĆ üL GH
IDPLOLH 1X PDL DYHD QLPLF GH SLHUGXW ÍQ WHPQLĦĆ HO D
GHYHQLW HURXO OXL $URQ &RWUXü GLQ SRHPXO Å+RULDµ
ÅĥĆUDQ GH FUHPHQH FXP QD IRVW DOWXO VĆĦL VHPHQH
+RULDµ
 6Ć GHSĆQĆP PDL GHSDUWH DPLQWLULOH GLQ YLDĦD GH
FHOXODU DFXP FkQG PDL VXQW FkWHYD ]LOH SkQĆQ
VĆUEĆWRULOH &UĆFLXQXOXL ÍQ FHOXOD QRDVWUĆ )LOLPRQ
UHXüHüWH VĆ FDSWH]H FHO PDL IUXPRV FROLQG DO OXL 5DGX
*\U

6WHDXDSULQGHVĆOXFHDVFĆ
3HVWHLHVOHDPSĆUĆWHDVFĆ
ûLGLQQRXWUHLPDJL
9DUVĆGLQGHVDJL
6PLUQĆüLWĆPkLH
'XPQH]HXGHVXV

 
 0DJLORUOHDSXV
&HUXOVXEFĆOFkLH

/XPHDQFkQWHFVHGHüWHDSWĆ
3H0HVLDvODüWHDSWĆ
&kQWHFHFHUHüWL
,QWUĆSHIHUHüWL
,QWUĆQRULFHFDVĆ
ûLvQRULFHJkQG
$UGHWUHPXUkQG
&kWHRVWHDVILRDVĆ

1XPDLWHPQLĦDSRVDFĆ
$QJKHĦDWVXESURPRURDFĆ
6WĆPvQEH]QĆJUHD
3HQWUXQRLQXLVWHD
&HUXOQXVDSULQGH
ÍQJHULLJUĆELĦL
3HQWUXRVkQGLĦL
1XDGXFFROLQGH«

0DLFD'RPQXOXLFXUDWĆ
$GĆRYHVWHPLQXQDWĆ
=kPEHWXOWĆXGUDJ
ÍQIORUHDVFĆQSUDJ
&DR]LFXVRDUH
=kPEHWXOWĆXGUDJ
ÍODüWHDSWĆQSUDJ
&HLGLQvQFKLVRDUH





$MXQXO&UĆFLXQXOXLGHFHPEULH0DFHGRQHQLL

 ÍQ OXQJXO WLPS GH GHWHQĦLH SH FDUH ODP VWUĆEĆWXW
DP DMXQV OD FRQFOX]LD FĆ FHL PDL EXQL URPkQL VXQW
PDFHGRQHQLL üL PDL DOHV FHL GH SH 9DOHD 7LPRFXOXL
2EOLJDĦL VĆ WUĆLDVFĆ vQ PLMORFXO PDL PXOWRU QDĦLRQDOLWĆĦL
EXOJDULJUHFLDOEDQH]LVXSXüLODWRWIHOXOGHSHUVHFXĦLL
FkQG GLQ SDUWHD XQRUD FkQG D DOWRUD PDFHGRQHQLL DX
UH]LVWDWWXWXURUvQFHUFĆULORUGHDVLPLODUHSĆVWUkQGXüLFX
VILQĦHQLH FUHGLQĦD RELFHLXULOH üL OLPED 9HDFXUL GHD
UkQGXO DX WkQMLW GXSĆ R SDWULH D ORU FDUH VĆL RFURWHDVFĆ
DYkQG RFKLL DĦLQWLĦL PHUHX VSUH 5RPkQLD 'HDFHHD
SXĦLQLL OD QXPĆU GLQWUH FHL PDL vQVWĆULĦL vüL WULPLWHDX
FRSLLL OD VWXGLL vQ ĦDUD SH FDUH R YLVDX üL R VOĆYHDX vQ
FkQWHFHOH ORU 1HPXULWRU UĆPkQH FkQWHFXO DURPkQLORU
Å3DULQWHDVFDGLPDQGDUHµ
 $üDVHIDFHFĆFHLPDLPXOĦLPDFHGRQHQLFDUHüLDX
IĆFXW VWXGLLOH vQ 5RPkQLD QX VDX PDL vQWRUV  SH 9DOHD
7LPRFXOXL FL DX UĆPDV vQ ĦDUD SH FDUH üLR GRUHDX vQFĆ
GLQ FRSLOĆULH  $LFL LDX SULQV HYHQLPHQWHOH FDUH VDX
VXFFHGDW vQWUH DQLL  &XP 0LüFDUHD /HJLRQDUĆ
HUDvQDFHLDQLODDSRJHXOHLFHLPDLPXOĦLGLQWUHVWXGHQĦLL
PDFHGRQHQL DX DGHUDW OD HD 6kQJHURDVD SULJRDQĆ
DQWLOHJLRQDUĆ GHFODQüDWĆ vQ SHULRDGD DQLORU  GH
&DURODO,,OHDDMXWDWGHVIHWQLFXOVĆX$UPDQG&ĆOLQHVFX
D EĆJDW vQ SĆPkQW RQWUHDJĆ JHQHUDĦLH GH VWXGHQĦL
3ULQWUH FHL PDVDFUDĦL VDX DIODW üL IRDUWH PXOĦL
PDFHGRQHQL  $PLQWHVF GRDU FkWHYD QXPH DOH DFHORUD
FDUH IĆFHDX SDUWH GLQ JUXSXULOH Å1LFDGRULORUµ üL
Å'HFHPYLULORUµ &DUDQLFD ,RQ üL 'RUX %HOLPDFH 1LF üL
&DUDWĆQDVH&'HF
 
 $P IĆFXW DFHVWH VFXUWH SUHFL]ĆUL SHQWUX D UHDOL]D
OHJĆWXUD FXXQ HYHQLPHQW SHWUHFXW vQ QRDSWHD GH DMXQ D
&UĆFLXQXOXL DQXOXL   ÍQ OXQJD üL GXUD SHULRDGĆ D
DQFKHWHORU 6HFXULWDWHD D DYXW PDUH EĆWDLH GH FDS FX
PDFHGRQHQLL 0DL vQWkL GLQ UkQGXULOH ORU QD SXWXW VĆüL
UHFUXWH]HLQIRUPDWRUL$SRLODDQFKHWHPDFHGRQHQLLHUDX
IRDUWH UH]LVWHQĦL üL QX FRODERUDX FX DQFKHWDWRULL
&XQRVFkQGXOH DFHVWH vQVXüLUL FRQGXFHUHD vQFKLVRULL
$LXGDLQLĦLDWXQSODQGHL]RODUHDORUFDUHVDGRYHGLWDIL
WRWDO QHLQVSLUDW FD VĆ QXL FRQWDPLQH]H üL SH FHLODOĦL
GHĦLQXĦL FX GkU]HQLD ORU LD PDVDW SH PDFHGRQHQL SH
DULSDVWkQJĆDFHOXODUXOXLODHWDMHOHüLvQDSUR[LPDWLY
GHFHOXOH
 6HQWXQHFDVH üL JODVXUL GH FRSLL VHDX]HDX SH
VWUĆ]L2OLQLüWHGHPRUPkQWGRPQHDSHvQWUHJXOFHOXODU
1LFL ĦĆFĆQLWXULOH OD FDORULIHU QX VH PDL DX]HDX 0RUVH vüL
vQFHWDVHVXVSHFWDFWLYLWDWHD*ODVXULOHFRSLLORUVWUĆEĆWHDX
WRWPDLLQVLVWHQW]ĆEUHOHOHWHPQLĦHL'HüLQX üWLDPQLPLF
SUHVLPĦHDPFĆFHYDVHYDvQWkPSOD(UDOLQLüWHDGLQDLQWHD
IXUWXQLL
 'HRGDWĆ R PHORGLH FXQRVFXWĆ GH PDL PXOWH
JODVXUL YHQLWĆ GLQVSUH FHOXOHOH PDFHGRQHQLORU VSDUJH
OLQLüWHD FHOXODUXOXL 7URSĆLWXUL vQ SDV DOHUJĆWRU VH
QGUHDSWĆ VSUH ORFXO GH XQGH YHQHD PHORGLD *DUGLDQXO
DODUPDW GHVFKLGH YL]HWD OD FHOXOD FX SULFLQD 0HORGLD
vQFHWDVHvQDLQWHGHDVHGHVFKLGHYL]HWD
− &HVHSHWUHFHDLFLvQWUHDEĆUĆVWLWJDUGLDQXO
− /DQRL"1LPLF7RWXOHVWHvQRUGLQH
 'LQ SDUWHD RSXVĆ D FHOXODUXOXL L]EXFQHüWH R DOWĆ
PHORGLH *DUGLDQXO DOHDUJĆ vQWUDFROR 'DU PHORGLD
vQFHWDVH üL DLFL 'H OD HWDMXO  GLQ PDL PXOWH FHOXOH

L]EXFQHVF DOWH FkQWHFH 3D]QLFLL GH OD HWDMHOH  üL  GDX
DODUPD JHQHUDOĆ =HFL GH JDUGLHQL VH DGXQĆ vQ JUDEĆ SH
WRDWHFRULGRDUHOH6HGHVFKLGXüLVHDXGYRFLUĆVWLWH'DU
FkQWHFHOHVHQPXOĦHVF3HWRDWHHWDMHOHüLGLQWRDWHFHOXOHOH
UĆVXQĆ Å)ORULOH GDOEHµ üL Å$VWĆ]L VD QĆVFXW +ULVWRVµ
ÍQWUHJ FHOXODUXO HVWH vQ ILHUEHUH 8üLOH QX VH PDL vQFKLG
ILLQGFĆ QLPHQL QX LHVH GLQ FHOXOH *DUGLHQLL  QX VH PDL
WHP ILLQGFĆ QX HVWH UHYROWĆ (VWH FX WRWXO DOWFHYD (VWH
FHHD FH HL QDX YĆ]XW üL QDX DX]LW QLFLRGDWĆ ÍQ ILHFDUH
FHOXOĆ QX YĆG GHFkW RDPHQL OLQLüWLĦL FX IHĦHOH
WUDQVILJXUDWHFXSULYLULOHvQGUHSWDWHVSUHFHUFkQWkQGFX
HYODYLH &ROLQGHOH 'RPQXOXL 'H XQGH D YHQLW
SRUXQFD" 'H QLFĆLHUL GHFkW QXPDL GLQ 'XK 6IkQW
)RUĦHOHUĆXOXLDXYHQLWDVXSUDQRDVWUĆFXDUPHOH1RLDP
YHQLWFXEOkQGHĦHDüLFXVXSXüHQLD1LFLXQXLJDUGLDQQXL
VDvQWkPSODWQLPLF1RDSWHDDVWDDIRVWD'RPQXOXL'LQ
PLLGHJXULDUĆVXQDWÅ/HUXL/HUµ
 $QXO 1RX ²  D WUHFXW SHVWH QRL WĆFXW üL
SRVRPRUkW $GPLQLVWUDĦLD vQFKLVRULL vüL OXDVH PĆVXUL VĆ
QX VH PDL UHSHWH FHHD FH VH vQWkPSODVH GH &UĆFLXQ 3H
ILHFDUHHWDMODILHFDUHFRULGRULQVWDODVHUĆSRVWXULGXEOHFX
FRQVHPQ GH PD[LPĆ VXSUDYHJKHUH 1LFL GHĦLQXĦLL QDX
PDL vQFHUFDW VĆ VH PDL DYHQWXUH]H vQ YUHR DOWĆ DFĦLXQH
(UDX PXOĦXPLĦL GH UHXüLWD GLQ QRDSWHD &UĆFLXQXOXL ÍQ
VFKLPE YLJLOHQĦD JDUGLHQLORU GHYHQLVH VkFkLWRDUH GLQ
FLQFL vQ FLQFL PLQXWH XQ JDUGLDQ SULYHD GLVFUHW SULQ
ÅRFKLXO PDJLFµ LQVWDODW GHDVXSUD YL]HWHL VĆ YDGĆ
FRPSRUWDPHQWXORDPHQLORU
 'HVSUH FRPXQLFĆULOH OD Å0RUVHµ QX PDL SXWHD IL
YRUEDGHRDUHFHĦĆFĆQLWXULOHSHFDORULIHUVHDX]HDXIRDUWH
ELQHSHFRULGRU&HLvQFKLüLvüLGĆGHDXSUHDELQHVHDPDFĆ
 
DGPLQLVWUDĦLD HUD SRUQLWĆ VĆ VDQFĦLRQH]H GUDVWLF RULFH
DEDWHUHGHODUHJXODPHQW
 'DU GXSĆ YUHR VĆSWĆPkQĆ YLJLOHQĦD D PDL VOĆELW
GLQ LQWHQVLWDWH üL FDORULIHUHOH DX vQFHSXW GLQ QRX VĆ LQWUH
vQ IXQFĦLXQH )LOLPRQ ÅPRUVLVWXOµ QRVWUX DQFHUFDW R
DWHQĦLRQDUHODHWDMXO$SULPLWFRQILUPDUHDGHODHWDMXO
)UXQ]Ć $OH[DQGUX üLD OXDW ORFXO ÅvQ GLVSR]LWLYµ FX
SOLPEĆULOHOXLSHLQWHUYDO'LDORJXOvQWUH)LOLPRQüLHWDMXO
 VHQILULSDVH ELQH )UXQ]Ć VH SOLPED OLQLüWLW FkQG
GHRGDWĆYL]HWDVHGHVFKLGHEUXVF
− &LQHDEĆWXWvQFDORULIHU"
− ´1LPHQLµIXUĆVSXQVXOQRVWUX
− 'HFHDLVWDWSHLQWHUYDOVHDGUHVHD]ĆJDUGLDQXOFĆWUH
)UXQ]Ć
− 6XQWEROQDYüLDPQHYRLHVĆPĆPLüF
− 2VĆWHPLüWLPDLELQHQDOWĆSDUWH&XPWHFKHDPĆ"
− )UXQ]Ć$OH[DQGUX
− 'DWDQDüWHULL
 'XSĆ FRPSOHWDUHD UDSRUWXOXL FX GDWHOH FHUXWH GH
UHJXODPHQW JDUGLDQXO QD PDL FHUFHWDW FLQH EĆWXVH OD
FDORULIHU (O VH DVLJXUDVH GH XQ GRFXPHQW FDUH VĆL
MXVWLILFHDFWLYLWDWHDGLQDFHD]LLDU)UXQ]ĆXUPDVĆDüWHSWH
VFRDWHUHD JUDEQLFĆ GLQ FHOXOD QRDVWUĆ üL EĆJDUHD OD
L]RODUHSHQWUXFHOSXĦLQGRXĆVĆSWĆPkQL
 =LOHOH VH VFXUJ WULVWH üL PRQRWRQH 3DOHWD GH OD
ÅRFKLXOPDJLFµVHPLüFĆGHVVHPQFĆVXSUDYHJKHUHDHVWH
FRQWLQXĆ
 $ GRXD ]L vQFĆ GH GLPLQHDĦĆ XüD FHOXOHL VH
GHVFKLGHEUXVF
− &LQHHVWH)UXQ]Ć$OH[DQGUX"
− (X


− ,DĦLEDJDMXOüLWUHFLSHFRULGRU
$üD D SOHFDW GLQWUH QRL YUHGQLFXO ĦĆUDQ GH SULQ SĆUĦLOH
7HFXFLXOXLSHFDUHQXDYHDPVĆOPDLvQWkOQLPQLFLRGDWĆ

 'LQQRXDQFKHWDWSHQWUXÅ%LHWXO,RDQLGHµ

 ÍQ GXSĆ DPLD]D DFHOHLDüL ]LOH XüD FHOXOHL VD
GHVFKLV GLQ QRX 8Q JDUGLDQ IRDUWH JUĆELW vQWUHDEĆ GLQ
SUDJXOXüLL
− (VWHFLQHYDDLFLFXQXPHOHGH&DUDJDĦĆ"
− 'DHXVXQW
− 3XQHĦLPDQWDXDSHFDSüLLHüLSHFRULGRUIĆUĆEDJDM
 $P FRERUkW OD SDUWHU DP WUHFXW SULQWUR FXUWH
OXQJĆ DSRL DP LQWUDW vQWUR FOĆGLUH VHSDUDWĆ GH FHOXODU
Å,DĦL PDQWDXD GH SH FDSµ PLD SRUXQFLW JDUGLDQXO $P
IRVWLQWURGXVvQWUXQELURXFXUDWFXRPDVĆPDUHSHFDUH
VH DIODX PDL PXOWH GRVDUH ÍPSUHMXUXO PHVHL FkWHYD
VFDXQH3HXQXOGLQWUHHOHDüWHSWDXQFĆSLWDQ/DYHGHUHD
RILĦHUXOXLRXüRDUĆHPRĦLHDSXVVWĆSkQLUHSHPLQHÅ1X
VFDSQLFLDLFLGHDQFKHWHµDPJkQGLWHX2ILĦHUXOOXkQG
XQ VFDXQ üL SXQkQGXO PDL GHRSDUWH PD LQYLWDW VĆ LDX
ORF Å3DUH D IL SROLWLFRVµ PLDP ]LV Å1DUH FKLS GH
EUXWƵ$SRLOXkQGXQGRVDUGHSHPDVĆvPLVSXQH
− $ĦLFLWLWRFDUWHFDUHYDDGXVPXOWEXFOXFvQDQFKHWH
− 'DÅ%LHWXO,RDQLGHµ
− $ĦL SXWHD VĆPL IDFHĦL DLFL XQ VFXUW UH]XPDW üL VĆPL
H[SOLFDĦLGHFHDĦLDOHVWRWXüLDFHDVWĆFDUWH"
− 9Ć UĆVSXQG PDL vQWkL OD XOWLPD vQWUHEDUH &DUWHD HVWH
VFULVĆ GH *HRUJH &ĆOLQHVFX XQ RP GH PDUH FXOWXUĆ
SURIHVRU XQLYHUVLWDU SUR]DWRU SRHW LVWRULF üL FULWLF
OLWHUDU$QLL


DXIRVWDQLIRDUWHWXOEXUL
 
 GH PDUL IUĆPkQWĆUL SROLWLFH $XWRUXO URPDQXOXL üLD
OXDW WHPD GLQ YkOWRDUHD DFHVWRU HYHQLPHQWH $SDULĦLD
FĆUĦLL D VWkUQLW PDUL FRQWURYHUVH /D QXPDL GRXĆ ]LOH
HD D IRVW UHWUDVĆ GLQ FLUFXODĦLH 3XĦLQLL FDUH DX
FXPSĆUDWRGLQSULPD]LDXIRVWDWUDüLGHSUHVWLJLXOüL
IDLPDQXPHOXLDXWRUXOXL(XQDPIRVWSULQWUHDFHüWLD
&D VR SRW FLWL D WUHEXLW VR FDXW OD FHL FDUH R
SURFXUDVHUĆ
 5RPDQXOvQFHSHSULQGHVFULHUHDXQHLUHXQLXQLODFDUH
SDUWLFLSĆPDLPXOWHIDPLOLLGHDUPHQLERJDĦL,RDQLGHXQ
DUKLWHFW UHQXPLW DVLVWĆ üL HO GLQ FkQG vQ FkQG OD DFHOH
UHXQLXQL (VWH IRDUWH DSUHFLDW GH FĆWUH PHPEULL FODQXOXL
DUPHQHVF GDWRULWĆ LQWHOLJHQĦHL FRPSRUWDPHQWXOXL
PRGHVWLHLüL PDLDOHVWDFWXOXL FX FDUHLDSDUWHODGLVFXĦLL
(VWHFĆVĆWRULWüLDUHGRLFRSLL3LFDüL7XGRUHOGHHGXFDĦLD
FĆURUD VH RFXSĆ PDL DOHV PDPD ORU 7DWĆO RFXSDW PDL
PXOWGHSURIHVLHQXUHXüHüWHVĆüLYDGĆFRSLLLGHFkWUDUüL
DWXQFLGRDUSHQWUXDLPkQJkLDüLvQFXUDMDODvQYĆĦĆWXUĆ
 ÍQWUHWLPSVHQWkPSOĆXQHYHQLPHQWvQYLDĦDWXOEXUHD
&DSLWDOHL'DQ%RJGDQXQSURIHVRUXQLYHUVLWDUGLQFODQXO
DUPHQHVF HVWH DVDVLQDW GH FĆWUH PHPEULL XQHL 0LüFĆUL
SROLWLFH7XGRUHOüL3LFDVXQWEĆQXLĦLFDUDYHDOHJĆWXULFX
DFHDVWĆ RUJDQL]DĦLH $UKLWHFWXO LQWXLHüWH FHYD GDU QX DUH
LQIRUPDĦLLFODUH3HFRSLLQXvQGUĆ]QHüWHVĆLvQWUHEH
 'DU QX VH  vQFKHLDVHUĆ FRPHQWDULLOH vQ MXUXO FD]XOXL
SURIHVRUXOXL 'DQ %RJGDQ FĆ XQ DOW HYHQLPHQW LHüLW GLQ
FRPXQ WXOEXUĆ üL PDL PXOW YLDĦD %XFXUHüWLXOXL 'H GDWD
DVWDHVWHDVDVLQDWXQPLQLVWUXGHFĆWUHPHPEULLDFHOHLDüL
0LüFĆUL 'H WHDPD UHSUHVDOLLORU FkĦLYD SULHWHQL GLQ
DQWXUDMXO JUXSXOXL DUPHQHVF vO VIĆWXLHVF SH ,RDQLGH VĆüL
DVFXQGĆFRSLLL$FHüWLDvQVĆVXQWXUPĆULĦLGHFĆWUHDJHQĦLL

6LJXUDQĦHLIDWDHVWHXFLVĆvQWUXQFDYRXGLQFLPLWLUXQGH
VHDVFXQVHVH vPSUHXQĆ FX XQ FROHJ GH RUJDQL]DĦLH
vQFHUFkQG VĆO DMXWH LDU IUDWHOH HL HVWH DUHVWDW üL
FRQGDPQDW OD PRDUWH ,RDQLGH WUĆLHüWH R FXPSOLWĆ
WUDJHGLH QX SRDWH SDUWLFLSD OD vQPRUPkQWDUHD IHWHL 6H
L]ROHD]ĆEUXVFGHYLQHDSDWLFQXOPDLLQWHUHVHD]ĆQLPLF
QLFL PĆFDU SURIHVLD 6FHQD UHvQWkOQLULL FX ILXO VĆX OD
vQFKLVRDUHFKLDUvQ]LXDFkQGDFHVWDXUPDVĆILHH[HFXWDW
HVWHHPRĦLRQDQWĆÍQFHUFVRUHFRQVWLWXLFkWSRWPDLELQH
SHQWUXFĆDLFLVHDIOĆFUHGFKHLDURPDQXOXL
 7DWĆO vüL vPEUĆĦLüĆ ILXO SXWHUQLF üL VFXUW YHQLVH
KRWĆUkW VĆ QXL DGXFĆ QLFLXQ UHSURü 6H DüH]Ć SH SDW üL
vQFHSXVĆLYRUEHDVFĆ
− 1XQLVDSHUPLVGHFkWXQXLDGLQWUHQRLVĆWHYHGHP
0DPD ĦLD WULPLV FHYD üLL vQWLQVH OXL 7XGRUHO R
LFRQLĦĆ PLQLDWXUDOĆ LPSULPDWĆ vQ DUJLQW üL OHJDWĆ FX
üQXU'XSĆXQWLPSILXOvQWUHEĆ
− 7DWĆDLFLWLWFDLHWXO"
− 'DUĆVSXQVH,RDQLG
− 6SHUVĆWHILFRQYLQVFĆQXVXQWXQGHOLFYHQWRUGLQDU
GHGUHSWFRPXQ
− 0LD SOĆFXW 7XGRUH UHIHULULOH OD DVHPĆQDUHD GLQWUH
QRL $PkQGRL QHDP QĆVFXW SHQWUX D IDFH FkW PDL
PXOW ELQH DOWRUD 6RDUWD vQVĆ QL VD vPSRWULYLW WX DL
HüXDW EUXVF HX  PDL OHQW 'DU LQWHQĦLD WD D IRVW GH
EXQĆFUHGLQĦĆ
− ûLFXFDLHWXOFHDLIĆFXW"
− /DPDUV
− 'HFH"(UDXvQHOWRDWHJkQGXULOHPHOHEXQH
− &D VĆ QX H[LVWH GRYH]L vPSRWULYD WD GH YD IL JĆVLW OD
YUHRSHUFKH]LĦLH
 
− 7DWĆvĦLGH]YĆOXLRWDLQĆüLĦLDGUHVH]RUXJĆPLQWHDP
UHIĆFXW FDLHWXO /DP SXV vQ FXWLD PHVHL 3H DFHVWD VĆ
QXO DU]L 9D LQWHUHVD SRDWH SH DOĦLL PDL WkU]LX FDUH
YRUSXWHDvQĦHOHJH«
− ÍĦL SURPLW 7XGRUH ÍO YRL SĆVWUD vQWUX PHPRULD WD
,RDQLGHvüLVWUkQVHvQEUDĦHILXODUXQFkQGXLSHIXULüR
SULYLUH vQOĆFULPDWĆ vĦL VSXQ OD UHYHGHUH SHQWUX PLQH
üLSHQWUXPDPDWD«
− ÍĦLPXOĦXPHVFWDWĆ
− 7H ODV )LL FDOP ĥLDP DGXV FX vQYRLUHD
FRPDQGDQWXOXL R VWLFOĆ GH FRQLDF $UH VĆ ĦLO GHD
DUKLWHFWXO vüL UHSULPĆ UHVWXO IUD]HL ´FX SXĦLQ WLPS
vQDLQWH GH H[HFXĦLHµ $SRL vPEUĆĦLükQGXüL vQFĆ R
GDWĆILXOLHüLUHSHGHGLQFHOXOĆ
 $FHVWD HVWH IRDUWH SH VFXUW UH]XPDWXO URPDQXOXL
Å%LHWXO ,RDQLGHµ $XWRUXO D VLQWHWL]DW GRDU vQ GRXĆ
FXYLQWH GLQ WLWOX WRDWĆ WUDJHGLD XQHL IDPLOLL vQ FDUH
SĆULQĦLL vüL SLHUG vQWUXQ PRG DWkW GH QHIHULFLW GRL FRSLL
DMXQüLDSURDSHGHSUDJXOUHDOL]ĆULLORUGHSOLQH
 &ĆSLWDQXO D DVFXOWDW FX DWHQĦLH üL LQWHUHV IĆUĆ VĆ
PĆvQWUHUXSĆQLFLPĆFDURVLQJXUĆGDWĆ0XOWPDLWkU]LX
DP DIODW FĆ HUD YHQLW GLQ 0LQLVWHUXO GH ,QWHUQH üL FĆ
SUREOHPHOH OXL HUDX FX WRWXO DOWHOH GHFkW DOH 6HFXULWĆĦLL
7RWXüLFkQGDPWHUPLQDWPLDSXVXUPĆWRDUHDvQWUHEDUH
− ÍQ UH]XPDWXO SH FDUH ODĦL IĆFXW GHVWXO GH VXFFLQW DĦL
SRPHQLW GH R ÅPLüFDUH SROLWLFƵ IĆUĆ VĆ SUHFL]DĦL
GHQXPLUHDHL
− 3HWRWFXSULQVXOFHORUSHVWHGHSDJLQLDOHFĆUĦLLQLFL
DXWRUXO QX IDFH PĆFDU R VLQJXUĆ GDWĆ DFHDVWĆ
SUHFL]DUH&XDWkWPDLSXĦLQDPYRLHVRIDFHX
− $üYUHDWRWXüLVĆFXQRVFSĆUHUHDGXPQHDYRDVWUĆ'DFĆ


 DFĦLXQHD VH SHWUHFH vQWUH DQLL  GHVSUH FH
ÅPLüFDUHSROLWLFƵSRDWHILYRUED"'XPQHDYRDVWUĆDĦL
WUĆLWüLDĦLWUHFXWSULQDFHLDQL«
− $VWD H FX WRWXO DOWFHYD 'DFĆ HVWH YRUED GH SĆUHUHD
PHDDPWRWGUHSWXOVĆPLRVSXQGHVFKLVüLIĆUĆQLFLR
FRQVWUkQJHUHHVWHYRUEDGHVSUHÅ0LüFDUHD/HJLRQDUƵ
− 0XOĦXPHVF
 6DWLVIĆFXW GH UĆVSXQV DQFKHWDWRUXO D FKHPDW
JDUGLDQXOFDUHPDFRQGXVODFHOXOĆ'RFWRUXO1HGHOFXüL
)LOLPRQDüWHSWDXFXQHUĆEGDUHUHvQWRDUFHUHDPHD/HDP
SRYHVWLW FX OX[ GH DPĆQXQWH FXP GHFXUVHVH DQFKHWD üL
GHVSUH LVFXVLWHOH vQWUHEĆUL DOH DQFKHWDWRUXOXL vQVĆ QLFL
SkQĆ D]L QDP vQĦHOHV FH VFRS D DYXW DFHDVWĆ FLXGDWĆ
LQYHVWLJDUHOHJDWĆLDUGHURPDQXOÅ%LHWXO,RDQLGHµ«
 
 6FKLPEĆULSHFHOXODU

 &DPODWUHLVĆSWĆPkQLGXSĆDQXOQRXVHQWkPSOĆ
FHYD SH FHOXODU FX WRWXO QHRELüQXLW SHQWUX PLQH OD
FDORULIHU )LOLPRQ vQUHJLVWUHD]Ć ÅDWHQĦLXQHµ üL FRQILUPĆ
LPHGLDW ÅSULPLWµ (VWH WUDQVPLVĆ XUPĆWRDUHD vQüWLLQĦDUH
ÅVHIDFVFKLPEĆULSHWRWFHOXODUXOµÍQWUHESH)LOLPRQÅFH
QVHDPQĆ DVWD"µ ÍPL UĆVSXQGH SUHFLSLWDW ÅQH
GHVSĆUĦLP QH PXWĆ vQ DOWH FHOXOH QX YRP PDL IL
vPSUHXQĆ 'HDU GD 'XPQH]HX VĆ FĆGHP FX RDPHQL
EXQL FĆFL PXOWH FHOXOH DX üL LQüL QĆWkQJL QHUYRüL
RFĆUkWRUL XQLL FKLDU YLROHQĦL FDUH IDF YLDĦD FHORUODOĦL üL
PDL DPDUĆ 3UHJĆWLĦLYĆ EDJDMXO SHQWUX FĆ YRU VRVL
QXPDLGHFkWJDUGLHQLL (SRVLELOVĆQHPXWHODDOWHWDM 6Ć
QXYĆXLWDĦLQLPLFDLFL6ĆQHOXĆPUĆPDVEXQDFXPFkW
PDLDYHPWLPSµ
 
 1X WUHFXVHUĆ QLFL ]HFH PLQXWH GH OD DWHQĦLRQDUH üL
FRULGRDUHOH vQFHS VĆ GXGXLH DOHUJĆUL WURSĆLWXUL YRFL üL
RUGLQH DOH JDUGLHQLORU $SDUH üL OD FHOXOD QRDVWUĆ XQ
JDUGLDQ'HVFKLGHEUXVFXüDvQOĆWXULüLSHXQWRQUĆVWLWüL
UĆJXüLW SRUXQFHüWH ÅOXDĦLYĆ EDJDMXO SHUVRQDO üL vQ WUHL
PLQXWH VĆ ILĦL SH FRULGRU FX PDQWDXD SH FDS 1X DYHĦL
YRLHVĆYRUELĦLFXQLPHQL&LQHHVWHSULQVYDILSHGHSVLWµ
ÍüLIDFDSDULĦLDWUHLJDUGLHQLüL ILHFDUHGLQWUHQRLHVWHOXDW
GHFkWHXQXO3HPLQHPĆVFRDWHGHSHHWDMXOüLPĆXUFĆ
OD&DPSHODPLMORFXOFRULGRUXOXLGHVFKLGHRXüĆüLPL
IDFH YkQW vQĆXQWUX ÍPL LDX PDQWDXD GH SH FDS VWDX
FkWHYD FOLSH VĆ PĆ GH]PHWLFHVF üL QXPĆU WUHL RDPHQL vQ
QRXDFHOXOĆ0ĆXLWUHSHGHODILHFDUHVĆYĆGGDFĆYUHXQXO
GLQWUHHLPĆFXQRDüWH'HSHXQSDWGHVXVVDUHXQWkQĆU
vQDOW üL ]YHOW üLPL VSXQH SH QXPH ÍO UHFXQRVF LPHGLDW
$PYRUELWDPkQGRLOD*DODĦLFXGRXĆRUHvQDLQWHGHDIL
vPEDUFDĦLSHQWUX$LXG
− $GRPQXOSURIHVRU3ĆOWĆQHD&HIHULFLWĆvQWkOQLUH
ÍPSUHXQĆ YRP VXSRUWD PDL XüRU QHQRURFLULOH
vQFKLVRULL&XPOHDUDQMHD]Ć'XPQH]HXSHWRDWH
 0ĆQGUHSW DSRL FĆWUH FHLODOĦL GRL 3ULPXO VH
SUH]LQWĆ
− &RQVWDQWLQHVFX,RQHO
− 'HXQGHVXQWHĦL"
− 'LQFRPXQDĥHSXMXGHĦXO*DODĦL
− 6XQWHP YHFLQL FX MXGHĦHOH $P DX]LW GH
GXPQHDYRDVWUĆ $ĦL IRVW GLULMRUXO XQXL FRU YHVWLW
DOFĆWXLW GLQ SHVWH R VXWĆ GH SHUVRDQH« 7UHF OD DO
WUHLOHD6HSUH]LQWĆ
− *UHFX*KHRUJKHGLQ*DODĦL
− ûLGHGXPQHDYRDVWUĆDPDX]LW$ĦLIRVWüHIXOÅ)UĆĦLLORU


 GH &UXFHµ GLQ RUDüXO GH OD 'XQĆUH  ÍQ WLPS FH
YRUEHDP 1HOX &RQVWDQWLQHVFX GXFH GHJHWXO DUĆWĆWRU
OD JXUĆ 2EVHUYDVH PLüFDUHD SDOHWHL GH OD ÅRFKLXO
PDJLFµ GH SH XüĆ *DUGLDQXO DIODW SH FRULGRU DX]LVH
GLVFXĦLD GLQ FHOXOĆ üL HUD JUĆELW VĆ SULQGĆ SH FLQHYD
SHQWUXDOWULPLWHODL]RODUH
 $FXPQRXDHFKLSĆGHSHHWDMXOHUDODIHOGHEXQĆ
FD üL FHD SH FDUH R SĆUĆVLVHP FX )LOLPRQ )UXQ]Ć üL GU
1HGHOFX 0RUVLVWXO QRVWUX vQ QRXD IRUPDĦLH HUD 1HOX
&RQVWDQWLQHVFX ûL SHQWUX FĆ PDL WkQĆUXO 3DXO 3ĆOWĆQHD
HUD vQDOW DYHD SHVWH  P VD RIHULW HO VĆ IDFĆ
DFRSHULUHD SH FHQWUX (UD ULVFDQW GDU QDYHDP vQFRWUR
)ĆUĆLQIRUPDĦLLQXSXWHDPVWD7UHEXLDQHDSĆUDWVĆüWLP
GXSĆVFKLPEĆULOHFDUHVDXIĆFXWSHFLQHDYHDPvQVWkQJD
üLQ GUHDSWD QRDVWUĆ 1H LQWHUHVDX vQ SULPXO UkQG
ÅWXUQĆWRULLµ 'DFĆ vQ YHFLQĆWDWH VDU IL DIODW YUHXQXO
DFWLYLWDWHD QRDVWUĆ OD 0RUVH DU IL IRVW UHGXVĆ üL FKLDU
EORFDWĆ
 1HOX WUHFH OD SHUHWHOH GLQ VWkQJD üL SURYRDFĆ R
ÅDWHQĦLRQDUHµ 1L VH UĆVSXQGH WkU]LX ILLQGFĆ DFXP
WUHEXLD GLQ WRDWH SĆUĦLOH SUXGHQĦĆ PD[LPĆ 6FRSXO
XUPĆULW GH DGPLQLVWUDĦLH FX SULOHMXO VFKLPEĆULORU HUD
DFHOD GH DüL LQWURGXFH ÅWXUQĆWRULLµ 2SHUDĦLD OH DGXFHD
RDUHFDUH DYDQWDM DFHüWLD ILLQG OD vQFHSXW QHFXQRVFXĦL
&LQH HUDX WXUQĆWRULL" 7RW RDPHQL FD üL QRL ÍQGXUDX
DFHOHDüL QHFD]XUL IULJ IRDPH EROL 'HXQ VLQJXU OXFUX
HUDX VFXWLĦL GH EĆWĆL üL VFKLQJLXLUL 'LQ FkQG vQ FkQG
GLQWUH HL FHL FDUH IXPDX PDL FĆSĆWDX GH OD DQFKHWDWRU
FkWHRĦLJDUĆüLFkQGVHQWRUFHDXSULQWUHQRLSĆUHDXIRDUWH
ELQHGLVSXüL'DFĆLvQWUHEDPFXPDGHFXUVDQFKHWDFXP
VD FRPSRUWDW DQFKHWDWRUXO FH SUREOHPH PDL JUHOH OHDX
 
IRVW SXVH VH HVFKLYDX QX VSXQHDX QLFLRGDWĆ DGHYĆUXO
ILLQGHYLGHQWREOLJDĦLVĆSĆVWUH]HVHFUHWXO&XQHIXPĆWRULL
SURFHGHXOHUDPDLVLPSOXRULGHFkWHRULHUDXFKHPDĦLOL
VH UHSHWD DFHODüL OXFUX YRU EHQHILFLD GH R HOLEHUDUH PXOW
PDL JUDEQLFĆ GHFkW D FHORUODOĦL 3kQĆ OD XUPĆ QD IRVW VĆ
ILHDüD$XIRVWHOLEHUDĦLWRĦLODDFHHDüLGDWĆDWXQFLFkQGD
DSĆUXWvQ0RQLWRUXO2ILFLDOÅGHFUHWXOGHDPQLVWLHµSHQWUX
GHĦLQXĦLLSROLWLFL
 6ĆYHGHPDFXPFHVHQWkPSOĆFXFHOXODGLQVWkQJD
QRDVWUĆ 'XSĆ PDL ELQH GHR RUĆ VSXQ DVWD FX
DSUR[LPDĦLH ILLQGFĆ QLPHQL GLQWUH QRL QX DYHD FHDV
DX]LP XüRDUH FLRFĆQLWXUL vQ SHUHWH 1HOX OLSHüWH XUHFKHD
SH ORFXO XQGH VD SURGXV VXQHWXO üL FRQILUPĆ SULPLUHD
1HQJKHVXLPSHSDWIĆUĆ]JRPRWFDVĆO FDPXIOĆP0Ć
DOĆWXU FkW PDL DSURDSH GH HO SRDWH SULQG üL HX FHYD
ÍQYĆĦDVHP SXĦLQ GH OD )LOLPRQ GDU ÅH[SHUĦLLµ vQ 0RUVH
EĆWHDXUHSHGHüLHXQXDYHDPvQFĆH[SHULHQĦDQHFHVDUĆFD
VĆ vQĦHOHJ WRWXO &RQYRUELUHD QD GXUDW PDL PXOW GHR
MXPĆWDWHGHPLQXW,VHWUDQVPLVHVHOXL1HOXFĆvQFHOXOD
UHVSHFWLYĆ HUDX SDWUX SHUVRDQH üL FĆ DX SULQWUH HL XQ
VXVSHFW 2EĦLQXVHUĆP FH HUD PDL LPSRUWDQW FX FHL GLQ
VWkQJD QRDVWUĆ WUHEXLH VĆ ILP IRDUWH DWHQĦL Å&X FHL GLQ
GUHDSWD YRL OXD OHJĆWXUD PkLQHµ  QH VSXQH 1HOX 1X
WUHEXLH VĆ ULVFĆP SUHD PXOW FKLDU GLQ SULPD ]L (UDP
PXOĦXPLĦL FĆ ´VLVWHPXO QRVWUX LQIRUPDĦLRQDOµ IXQFĦLRQD
ELQH
 &RQYRUELULOH SULQ DOIDEHWXO 0RUVH DWkW OD SHUHWH
FkW üL OD FDORULIHU VH GRYHGHDX D IL PDL SXĦLQ ULVFDQWH vQ
WLPSXOPHVHORU$WXQFLJDUGLDQXOGHVHUYLFLXSHFRULGRU
HUD REOLJDW VĆ VH ĦLQĆ GXSĆ KkUGĆXO FX PkQFDUH FD QX
FXPYD EXFĆWDULL FDUH VHUYHDX PDVD VĆ WUDQVPLWĆ

GHĦLQXĦLORU GLQ FHOXOH FLQH üWLH FH LQIRUPDĦLL &LUFXOD
]YRQXO FĆ OD EXFĆWĆULD vQFKLVRULL XQGH VH JĆWHD PkQFDUH
SHQWUX WUHL PLL GH RDPHQL ILLQG GHVHUYLWĆ GH YUHR
GRXĆ]HFLüLFLQFLGHEXFĆWDULDFHüWLDVHPLüFDXOLEHULSULQ
FXUWHDvQFKLVRULLüLSXWHDXDIODYHüWLGHPXOWHRULFKLDUGH
ODJDUGLHQLLFDUHFLUFXODXSHDFRORFXGLIHULWHWUHEXUL
 /HJĆWXUD FX FHL GLQ GUHDSWD QD WUHEXLW VR
DüWHSWĆP SkQĆ D GRXD ]L FĆFL vQ WLPS FH VH GLVWULEXLD
PDVDGHVHDUĆüLKkUüLHWXUDKkUGĆXOXLFXPkQFDUHVDX]HD
ODFHODODOWFDSĆWDOFRULGRUXOXLVHPQFĆüLJDUGLDQXOFDUH
vQVRĦHD EXFĆWDULL VH DIOD DFROR LQWHUFHSWĆP R DWHQĦLRQDUH
SH SHUHWHOH GLQ GUHDSWD 1L VH FRPXQLFĆ VXQWHP SDWUX
QX DYHP SULQWUH QRL ÅFLULSLWRULµ ILĦL IĆUĆ JULMĆ /L VH PDL
VSXQHD üL DüD WXUQĆWRULORU &kW HUDX GH GLVSUHĦXLĦL DFHüWL
ELHĦL RDPHQL SH FDUH VRDUWD LD DUXQFDW vQ EĆOWRDFD FHORU
FDUHSHXQSUHĦGHQLPLFvüLYLQGHDXVXIOHWHOH
 1HDVLJXUDVHUĆPGHFLFXFHOXOHOHVWkQJDGUHDSWD
0DLDYHDPVĆUH]ROYĆPFXFHOHGHSHYHUWLFDOĆDGLFĆGH
OD SDUWHU SkQĆ OD HWDMXO  SULQ FDUH WUHFHD FDORULIHUXO
OXFUX IRDUWH JUHX GH vQIĆSWXLW *UHX ILLQGFĆ DFHVWD HUD
IL[DW SH PLMORF vQ EĆWDLD YL]RUXOXL JDUGLDQXOXL FDUH
PLüFkQG GRDU SXĦLQ SDOHWD SULQGHD vQWUR IUDFĦLXQH GH
VHFXQGĆSHFHOFDUHVHDYHQWXUDODFDORULIHUûLPDLHUDXQ
LQFRQYHQLHQW FDORULIHUXO UĆVXQD WDUH üL VHDX]HD SH
FRULGRU DWUĆJkQG UHSHGH DWHQĦLD VXSUDYHJKHWRUXOXL
7UHEXLDFDFLQHYDVĆVHSOLPEHSHLQWHUYDOFDVĆODFRSHUH
SH PRUVLVW FHHD FH HUD WRW DWkW GH SHULFXORV LDU
ÅSOLPEĆUHĦXOµULVFDSHSXĦLQGRXĆVĆSWĆPkQLGHL]RODUH
 ûL WRWXüL FX DVHPHQHD PDUL ULVFXUL DX IRVW
WUDQVPLVH üL PHPRUDWH PLL GH SRH]LL PLL GH WH[WH
UHOLJLRDVH DVWIHO VD vQYĆĦDW PDWHPDWLFĆ FKLPLH OLPEL
 
VWUĆLQHüLILOR]RILH
 5HJXODPHQWXO vQFKLVRULL SHQWUX SROLWLFL HUD
GHRVHELW GH DVSUX 'HĦLQXWXO HUD REOLJDW VĆ VWHD OD
PDUJLQHD SDWXOXL FX PkLQLOH SH JHQXQFKL GH OD 
GLPLQHDĦD FkQG VH DQXQĦD GHüWHSWDUHD SkQĆ OD RUHOH 
FkQG VH GĆGHD VWLQJHUHD *DUGLHQLL HUDX LQVWUXLĦL VXE
DSOLFDUH GH VDQFĦLXQL VĆ YHJKH]H FX VWULFWHĦH OD
UHVSHFWDUHD UHJXODPHQWXOXL 'DU D VWD  RUH vQ SR]LĦLD
FHUXWĆGHUHJXODPHQWDUILIRVWRLPSRVLELOLWDWH2DPHQLL
VDUILQHXUDVWHQL]DWüLDUILSLHUGXWPLQĦLOH'HIDSWDVWD
üLXUPĆUHDXDGPLQLVWUDĦLLOHvQFKLVRULORU
 1X HVWH PDL SXĦLQ DGHYĆUDW FĆ VH vQWkPSOD FD
XQHRULYLJLOHQĦDVĆILHPDLVODEĆ$XIRVWSHULRDGHOXQJL
GH RUGLQXO VĆSWĆPkQLORU FkQG VXSUDYHJKHUHD GH SH
FRULGRUHUDWRWDODEVHQWĆ$SRLJDUGLHQLLQXHUDXWRĦLOD
IHO FX WRW LQVWUXFWDMXO FDUH OL VH IĆFHD (UDX XQLL IRDUWH
]HORüL vQ D vQWRFPL UDSRDUWH GH SHGHSVLUH SHQWUX FHO PDL
QHvQVHPQDW OXFUX &X FkW DYHDX PDL PXOWH UDSRDUWH FX
DWkW HUDX PDL ELQH YĆ]XĦL GH FRQGXFHUHD vQFKLVRULL 'DU
HUDXüLDOĦLLSXĦLQLODQXPĆUFDUHFKLDUGDFĆDX]HDXFHYD
VXVSHFWvQFHOXOĆVHPXOĦXPHDXGRDUVĆGHVFKLGĆYL]HWD
VĆVWULJHUĆVWLWODQRLüLDSRLVĆSOHFHVĆüLYDGĆGHWUHEXUL
3HDFHüWLDvLQXPHDPÅRDPHQLDLOXL'XPQH]HXµ
 ÍQ SHULRDGHOH FDOPH GHĦLQXĦLL FĆXWDX VĆüL
vPEXQĆWĆĦHDVFĆRFXSDĦLLOHXQXOGRUHDVĆQYHĦHRSRH]LH
DOWXORUXJĆFLXQHDOWXOXQSVDOPXQLLHUDXLQWHUHVDĦLVĆLD
SULPHOH QRĦLXQL GH OLPEĆ HQJOH]Ć IUDQFH]Ć RUL LWDOLDQĆ
DOĦLL IRORVLQGXVH GH SUH]HQĦD vQ FHOXOHOH ORU D YUHXQXL
PHGLF XUPĆUHDX VĆ VH LQLĦLH]H vQ WDLQHOH PHGLFLQLL D
EROLORU GH WRW IHOXO GH FDUH QLFLXQ PXULWRU QX HVWH VFXWLW
)LHFDUH FĆXWD FHYD GXSĆ SUHJĆWLUHD FHR DYHD FkQG

SOHFDVHGHDFDVĆ
 (UDX PXOĦL FDUH GRULQG FD WLPSXO VĆ WUHDFĆ PDL
XüRU IĆUĆ DüL FKLQXL PLQWHD FX SUREOHPH GH üWLLQĦĆ VDX
GH PHPRULH VH LQWHUHVDX GH SDUWHQHUL GH MXFDW üDK 'DU
SHQWUX DVWD OH WUHEXLD WDEOD üL SLHVHOH ûL OH FRQIHFĦLRQDX
VLQJXUL 7DEOD R LPSURYL]DX GLQWUR EXFDWĆ GH SkQ]Ć
GLQWURFĆPDüĆUXSWĆLDUSLHVHOHGLQUDĦLDGHSkLQHGHR
VXWĆ GH JUDPH  SULPLWĆ GLPLQHDĦD OD FHDL 3HQWUX
VFXUJHUHDPDLXüRDUĆDWLPSXOXLMRFXOGHüDKHUDFXPQX
VHSRDWHPDLEXQ3UH]HQWDvQVĆGRXĆPDULLQFRQYHQLHQWH
 (UDPIRDUWHYXOQHUDELOLSDUWHQHULLDYHDXQHYRLHGHXQ
SDW OLEHU üL vQ WLPSXO MRFXOXL ILLQG DPkQGRL
FRQFHQWUDĦL OD HYROXĦLD DFHVWXLD SXWHDX IL XüRU
GHVFRSHULĦL
 6H IĆFHDX GLQ FkQG vQ FkQG SULQ VRQGDM SHUFKH]LĦLL
LQRSLQDWH QH SXWHDP RULFkQG WUH]L FĆ QL VH GHVFKLGH
XüD FĆ VXQWHP VFRüL SH FRULGRU üL  VDX  JDUGLHQL QH
SHUFKH]LĦLRQHD]Ć FHOXOD 'H RELFHL RDPHQLL vüL
DVFXQGHDX üDKXO vQ VDOWHOH 'DU OD R SHUFKH]LĦLH
LQVWDQWDQHH QX PDL DYHDX WLPS VĆ DVFXQGĆ QLPLF
3ULQüLDVXSUDIDSWXOXLSULPHDXSHGHDSVĆGXEOĆvQWkL
SHQWUX MRFXO QHSHUPLV GH UHJXODPHQW üL DO GRLOHD
SHQWUX FRQIHFĦLRQDUHD GH RELHFWH LQWHU]LVH -RFXO HUD
FRQILVFDW LDU QHIHULFLĦLL MXFĆWRUL PHUJHDX GLUHFW OD
L]RODUHIĆUĆVĆPDLDüWHSWHDSUREDUHDUDSRUWXOXLIĆFXW
GHJDUGLDQ
− Å$VWĆ]LSDUFĆLPDLPXOWĆOXPLQĆQFHOXOƵvLVSXQOXL
1HOX3ULYLPDPkQGRLSULQWUHMDOX]HOHOHGHODIHUHDVWUĆ
ÍQFHUFĆP VĆ vQMJKHEĆP XQ GLDORJ 3DXO üL FX *UHFX VH
vQWUHĦLQHDXSHSDWXOGHDOĆWXUL
− Å'Dµ ]LVH 1HOX Å$]L 'XPQH]HX OXPLQHD]Ć FHUXO üL

 
 SĆPkQWXOüLOXPLQHD]ĆüLFHOXOHOHQRDVWUHµ
 (UD SH OD VIkUüLWXO OXQLL LDQXDULH 'LQ FHOXOĆ QH
GĆGHDPVHDPDFĆHUDR]LVSOHQGLGĆ8QVRDUHOXPLQRVüL
VWUĆOXFLWRU vüL UHYĆUVD GLQ EHOüXJ UD]HOH GHDVXSUD
$LXGXOXL &HUXO HUD GHXQ DOEDVWUX FXUDW FXP SDUFĆ
GHPXOWQXPDLYĆ]XVHUĆP5HJUHWĆPFĆQXVXQWHPDIDUĆ
VĆ QH VĆWXUĆP GH UD]HOH VRDUHOXL GH SULYHOLüWHD DFHOHL
PLQXQDWH ]LOH $YXVHVHUĆP SkQĆ DWXQFL QXPDL YUHPH
vQFKLVĆ SRVRPRUkWĆ vQWXQHFDWĆ vQWXQHFkQG üL PDL PXOW
FHOXOHOH üL ELHWHOH QRDVWUH VXIOHWH vQFĆWXüDWH GH VLVWHPXO
GLDEROLF GH FRQILVFDUH D OLEHUWĆĦLL RPXOXL *kQGXUL
QRVWDOJLFHGHDOWĆGDWĆSXQVWĆSkQLUHSHQRL«
 0Ć SUHJĆWHDP VĆO vQWUHE SH 1HOX GHVSUH
DFWLYLWDWHD OXL GLGDFWLFĆ GHVSUH PRGXO FXP D UHXüLW VĆ
RUJDQL]H]HDFHOFRUPL[WGHSHVWHRVXWĆGHSHUVRDQHFDUH
GHYHQLVHFXQRVFXWQXQXPDLvQMXGHĦXO*DODĦLFLüLvQFHOH
vQYHFLQDWH%UĆLOD%DFĆX9UDQFHDFkQGGHRGDWĆVXQĆOD
FDORULIHU R DWHQĦLRQDUH GLVFUHWĆ DELD SHUFHSWLELOĆ 1HOX
VDUH VSULQWHQ GLQ SDW üL FRQILUPĆ ÅSULPLWµ 1L VH
WUDQVPLWH XUPĆWRUXO PHVDM QHRELüQXLW ÅSUHJĆWLĦLYĆ VĆ
LHüLĦL DIDUĆ HWDMXO  LHVH OD SOLPEDUHµ 1X WUHFX QLFLXQ
VIHUW GH RUĆ üL SH FRULGRUXO QRVWUX VH DX]LUĆ WURSĆLWXUL üL
YRFHDJDUGLDQXOXLVWULJkQGÅPDLUHSHGHPDLUHSHGHµ2
FHOXOĆWUHEXLDVĆVHvQFDGUH]HvQWLPSXOGHPLQXWHFX
LHüLUH SOLPEDUH üL UHYHQLUH 3HQWUX WRW HWDMXO FX  GH
FHOXOHJDUGLDQXODYHDQHYRLHGHRUH&XUkQGDYHQLWüL
UkQGXO FHOXOHL QRDVWUH  XQ JDUGLDQ GHVFKLVH YL]HWD üL
VSXVH UHSHGH ÅSUHJĆWLĦLYĆ GH SOLPEDUHµ 1HDP OXDW
ILHFDUHPDQWDXDSHFDUHWUHEXLDVĆQHRSXQHPSHFDSüL
DüWHSWDP ÍQ PLQXWHOH XUPĆWRDUH XüD VH GHVFKLVH üL
JDUGLDQXOQHDOXDWvQSULPLUH$PIRVWFRERUkĦLODSDUWHU

DP LHüLW vQ FXUWH DSRL DP IRVW LQWURGXüL vQWUXQ ÅĦDUFµ
vQFRQMXUDW FX ]LGXUL vQDOWH GH  P ÅĥDUFXOµ vQ IRUPD
XQXLFHUFDYHDXQGLDPHWUXQXPDLPDUHGHGHPÍQ
PLMORF H[LVWD XQ VWkOS GH EHWRQ vQ MXUXO FĆUXLD WUHEXLD VĆ
QH ÅSOLPEĆPµ $MXQüL vQ DFHO PLQXQDW ÅSDUFµ DO
SOLPEĆULORUQRDVWUHQLVDRUGRQDWVĆQHOXĆPPDQWDOHOH
GHSHFDSüLVĆQHvPEUĆFĆPFXHOH
 1XüWLDPODFHVĆPĆXLWPDLvQWkL7RWXOvPLSĆUHD
QRX &HOH GRXĆ OXQL SHWUHFXWH vQ FHOXOĆ vPL vQWXQHFDVH
SULYLUHD$PvQFHUFDWVĆSULYHVFvPSUHMXUGDUQDPYĆ]XW
GHFkW ]LGXUL ]LGXULOH ÅSDUFXOXL SOLPEĆULORU QRDVWUHµ üL
FHOH DOH SXüFĆULHL vQDOWH GH  P $SRL PDP XLWDW VSUH
&HUDFRORXQGHVHXLWĆWRĦLGH]QĆGĆMGXLĦLLûLDFRORPLV
D SĆUXW FDP YĆ]XW FHO PDL IUXPRV DOEDVWUX GLQ YLDĦD
PHD ûL PLQXQH vQ PLMORFXO DFHOXL LUHDO DOEDVWUX DP
YĆ]XWPkQD&UHDWRUXOXLDWRDWHFkWHVXQWSHSĆPkQWüLvQ
&HU $P FĆXWDW 6RDUHOH 'DU HO VH DVFXQVHVH YHGHULL
QRDVWUH=LGXOvQDOWDOFHOXODUXOXLvLDFRSHULVHIDĦD
 &X DFHVWH FkWHYD JkQGXUL SOLPEDUHD OXDVH VIkUüLW
8QRUGLQVFXUWüLWĆLRVQHVFRDVHEUXVFGLQVFXUWDQRDVWUĆ
FĆOĆWRULHVSUHQHDQW
 ,QWUDPGLQQRXvQFUXGDUHDOLWDWH3ĆüLQGvQFHOXOĆ
WUĆJHDPvQFĆSHQĆULDHUXOSURDVSĆWGHDIDUĆ

 &ROHJLGHFHOXOĆ

 1HDüH]ĆP ILHFDUH SH ORFXULOH GH SH FDUH
SOHFDVHUĆP (UDP FX WRĦLL vQWUR EXQĆ GLVSR]LĦLH 0LDP
SURSXV VĆL FXQRVF PDL ELQH SH QRLL PHL FROHJL $P
vQFHSXWFX,RQHO&RQVWDQWLQHVFX
− 'UDJĆ 1HOXOH VĆ FRQWLQXĆP GLDORJXO vQFHSXW FX R

 
 MXPĆWDWH GH RUĆ vQ XUPĆ 7H vQWUHEDP GH DFWLYLWDWHD
GLGDFWLFĆSHFDUHDLGHVIĆüXUDWRODüFRDODGLQFRPXQD
ĥHSXGDUPDLDOHVDüILYUXWVĆüWLXPDLPXOWHGHVSUH
FXP DL UHXüLW VĆ RUJDQL]H]L DFHO YDORURV FRU PL[W GH
SHVWHRVXWĆGHSHUVRDQHFHJUHXWĆĦLDLvQWkPSLQDWFH
UH]XOWDWHDLREĦLQXW
− 0Ć YRL UHIHUL OD DFWLYLWDWHD PHD SkQĆ OD LQVWDXUDUHD
GLFWDWXULL FRPXQLVWH vQ  DQ GH WULVWĆ DPLQWLUH
FkQG DP IRVW QHYRLW VĆ SOHF GLQ FRPXQĆ üL VĆ LDX
GUXPXO vQFKLVRULORU 0DP QĆVFXW OD  LXOLH  vQ
FRPXQD *RKRU VDWXO ,UHDVFD GLQ IRVWXO MXGHĦ 7HFXFL
/DRFWRPEULHSĆULQĦLLVDXPXWDWvQFRPĥHSX
MXG *DODĦL PDPD ILLQG GLQ DFHDVWĆ ORFDOLWDWH $P
REĦLQXW GLSORPD GH vQYĆĦĆWRU vQ  OD ûFRDOD
1RUPDOĆ Å9DVLOH /XSXµ GLQ ,DüL /D  LXOLH  DP
IRVWvQFRUSRUDWSHQWUXVDWLVIDFHUHDVHUYLFLXOXLPLOLWDUüL
WULPLVODûFRDOD0LOLWDUĆGH2ILĦHULvQ5H]HUYĆGLQ,QHX
² $UDG ÍQ DQXO  DP VXVĦLQXW H[DPHQXO GH
DEVROYLUHOD6LELXSULPLQGJUDGXOGHVXEORFRWHQHQWvQ
UH]HUYĆ $P GDW DSRL H[DPHQ OD &RQVHUYDWRUXO GH
0X]LFĆ GLQ ,DüL XUPkQG FXUVXULOH DQXOXL , /D 
VHSWHPEULH  DP SULPLW QXPLUHD vQ vQYĆĦĆPkQWXO
SULPDU GDU QX PĆ YRL SUH]HQWD OD SRVW GHFkW OD 
VHSWHPEULHvQVDWXO0ĆOXUHQLFRPXQD1LFRUHüWL
MXG *DODĦL OD R üFRDOĆ FX  FODVH $LFL PLDP
GHVIĆüXUDWDFWLYLWDWHDSkQĆODPDLRUJDQL]kQG
FXWLQHUHWXOGLQFRPXQĆXQFRUPL[WSHYRFLFXFDUH
DP OXDW SDUWH OD WRDWH PDQLIHVWĆULOH FXOWXUDOH üL
FRQFXUVXULOH RUJDQL]DWH vQ FRPXQĆ üLQ MXGHĦ 'LQ
SĆFDWHDFHDVWĆSOĆFXWĆDFWLYLWDWHPLDIRVWvQWUHUXSWĆOD
 PDL  FkQG D DYXW ORF SULPD DUHVWDUH $P IRVW

 GXVOD6HFXULWDWHDGLQ7HFXFLGHDFROROD2FQHOH0DUL
DSRL vQ  OD &DQDOXO 'XQĆUH ² 0DUHD 1HDJUĆ
&DSXO 0LGLD FX R FRQGDPQDUH DGPLQLVWUDWLYĆ GH 
DQL'HOD&DQDODPIRVWHOLEHUDWODIHEUXDULHÍQ
WRDPQDOXLFXDMXWRUXOFRQGXFHULLORFDOHGLQĥHSX
DP IRVW UHSULPLW vQ vQYĆĦĆPkQW DFWLYkQG DWkW OD
FDWHGUĆ FkW üL OD &ĆPLQXO &XOWXUDO FD GLULMRU GH FRU
$LFL DP vQILLQĦDW üL FRQGXV XQ FRU PL[W GH  GH
SHUVRDQHFXFDUHDPFküWLJDWGHPDLPXOWHRULSUHPLXO
,7RWDLFLDPRUJDQL]DWXQWDUDIGHOĆXWDULDOFĆWXLWGLQ
VĆWHQL FDUH FkQWDX OD LQVWUXPHQWH PX]LFDOH IĆXULWH GH
HL  ĦDPEDO FRQWUDEDV IOXLHUH FDYDO &X DFHVWH GRXĆ
IRUPDĦLL DP SDUWLFLSDW OD GLIHULWH PDQLIHVWĆUL DUWLVWLFH
GLQ *DODĦL OD FRQFXUVXO LQWHUUHJLRQDO GLQ %UĆLOD OD
VSHFWDFROH RUJDQL]DWH vQ 6OĆQLF 0ROGRYD 3DQFLX ,DüL
7HFXFL üL vQ FRPXQHOH GH SULQ vPSUHMXULPL 7RDWĆ
DFHDVWĆ ERJDWĆ üL IUXPRDVĆ DFWLYLWDWH PLD IRVW LDUĆüL
vQWUHUXSWĆSHQHDüWHSWDWHODLDQXDULHFkQGDP
GHYHQLW SHQWUX D GRXD RDUĆ FOLHQWXO SXüFĆULLORU
FRPXQLVWH FRQGDPQDW OD  GH DQL PXQFĆ VLOQLFĆ vQ
ED]D DUW  GLQ &RGXO 3HQDO SHQWUX GHOLFWXO ÅFULPĆ
GH XQHOWLUH vPSRWULYD RUGLQLL VRFLDOHµ $P OĆVDW DFDVĆ
VRĦLDFXGRLFRSLLPLFL9DVLOLFĆGHDQL0DUJDUHWDGH
 OXQL üL GRL EĆWUkQL QHSXWLQFLRüL WDWĆO SDUDOL]DW üL
PDPD EROQDYĆ üL HD QHSXWkQG VR DMXWH FX QLPLF SH
ELDWD PHD VRĦLH $P XUPDW VRDUWD FHORUODOĦL GHĦLQXĦL
SROLWLFL ILLQG WUHFXW SULQ vQFKLVRULOH &RORQLD &XOPHD
GH OD &DQDO 6HFXULWDWHD GLQ *DODĦL -LODYD üL XOWLPD
$LXGXOvQFDUHPĆDIOXDFXPµ
 $FHDVWD D IRVW SRYHVWHD VXFFLQW UHODWDWĆ D PXOW
vQGUĆJLWXOXL QRVWUX FDPDUDG 1HOX &RQVWDQWLQHVFX
 
8OWHULRU DP REĦLQXW GH OD IDPLOLD VD üL DOWH LQIRUPDĦLL vQ
OHJĆWXUĆ FX VLWXDĦLD OXL GXSĆ HOLEHUDUH ,DWĆ FH PLD
GHFODUDW VRĦLD GRDPQD (OHQD &RQVWDQWLQHVFX SULQ
UHMXGHFDUHD SURFHVXOXL OD  PDUWLH  EROQDY GH
7%& 1HOX HVWH SXV vQ OLEHUWDWH VH LQWHUQHD]Ć vQWUXQ
VSLWDOGLQ7HFXFLUHIĆFkQGXüLRDUHFXPVĆQĆWDWHDUHYLQH
DFDVĆ üL IĆUĆ D DYHD YUHXQ VHUYLFLX UHXüHüWH VĆüL DGXQH
FRULüWLL üL VĆ UHvQYLH DFWLYLWDWHD FXOWXUDODUWLVWLFĆ GLQ
FRPXQDĥHSXGHDELDGXSĆWUHLDQLODVHSWHPEULH
FX VSULMLQXO DXWRULWĆĦLORU ORFDOH HVWH UHvQFDGUDW vQ PXQFĆ
UHOXkQGXüL DFWLYLWDWHD OD FDWHGUĆ vQWUHUXSWĆ vQ  R
FRQWLQXĆ SkQĆ vQ DQXO  FkQG HVWH VFRV OD SHQVLH 6H
FXYLQH PHQĦLRQDW IDSWXO FĆ vQ SHULRDGD GH OD HOLEHUDUHD
GLQ vQFKLVRDUH SkQĆ OD UHvQFDGUDUHD vQ vQYĆĦĆPkQW VD
DIODWvQSHUPDQHQĦĆVXEVXSUDYHJKHUHD6HFXULWĆĦLL$IRVW
GHVFKHPDWvQFRPXQĆVDXOD7HFXFLVXESUHWH[WXOOXĆULL
GH GHFODUDĦLL SURSXQkQGXLVH GH ILHFDUH GDWĆ VĆ
FRODERUH]H FX 6HFXULWDWHD &X WRDWH DPHQLQĦĆULOH VSUH
FLQVWHDOXLDUĆPDVLQWHJUXüLQDSULPLWVĆLQWUHvQWDJPD
LQIRUPDWRULORU
 3UH]LQW vQ FRQWLQXDUH VXFFLQW ELRJUDILLOH FHORUODOĦL
GRL FDPDUD]L GH FHOXOĆ FX FDUH DP FRQYLHĦXLW SkQĆ OD
VIkUüLWXODQXOXL
 *UHFX *KHRUJKH VD QĆVFXW vQ  vQ FRPXQD
&XGDOEL MXG *DODĦL 8UPHD]Ć üFRDOD SULPDUĆ vQ
ORFDOLWDWHD QDWDOĆ DSRL /LFHXO Å9DVLOH $OHFVDQGULµ GLQ
*DODĦL(VWHFĆVĆWRULWüLDUHFRSLL$IRVWDUHVWDWvQüL
HOLEHUDW vQ  5HDUHVWDW vQ  D IRVW MXGHFDW üL
FRQGDPQDW OD  GH DQL SHQWUX GHOLFWXO GH ÅFULPĆ GH
XQHOWLUH vPSRWULYD RUGLQLL VRFLDOHµ FRQIRUP DUW  GLQ
&RGXO SHQDO ÍQ  HVWH HOLEHUDW FX 'HFUHWXO GH

DPQLVWLHSHQWUXWRĦLGHĦLQXĦLLSROLWLFL
 $LQWUDWvQ0LüFDUHD/HJLRQDUĆvQüLvQ)UĆĦLD
GH&UXFHÅ'XQĆUHDµGLQ*DODĦLvQÍQHVWHDOHV
üHIXODFHVWHLÅIUĆĦLLµÍQDIĆFXWSDUWHGLQ&RQVLOLXOGH
MXGHFDWĆ D OXL 0LKDLO 6WHOHVFX ÍQ  vPSUHXQĆ FX *K
,VWUDWH SDUWLFLSĆ OD UHRUJDQL]DUHD ÅIUĆĦLLORU GH FUXFHµ SH
ĦDUĆFRQWLQXkQGDFHDVWĆPXQFĆSkQĆvQ
 3DXO3ĆOWĆQHDDOWFROHJGHVXIHULQĦĆDIODWFXQRLvQ
WHPQLĦHOH $LXGXOXL 3ULQ FRPSRUWDPHQWXO VĆX GHVĆYkUüLW
üL SULQ PXOWLSOHOH FXQRüWLQĦH vQ GRPHQLXO LVWRULHL 3DXO
3ĆOWĆQHD D FRQWULEXLW PXOW OD PHQĦLQHUHD PRUDOXOXL üL
FXUDMXOXL QRVWUX GH D UH]LVWD vQ IDĦD WXWXURU vQFHUFĆULORU
GLDEROLFHGHH[WHUPLQDUHSULQIRDPHIULJüLWRUWXUL
 1ĆVFXWvQ%XFXUHüWLODLXQLHHVWHDGXVGH
SĆULQĦLL VĆL vQ RUDüXO *DODĦL  XQGH XUPHD]Ć FXUVXO
SULPDU  üL /LFHXO Å9DVLOH $OHFVDQGULµ 
6HvQVFULHOD8QLYHUVLWDWHDGLQ%XFXUHüWLüLXUPHD]Ć
)DFXOWDWHDGH/LWHUHüL)LOR]RILHVHFĦLD,VWRULH
ÍQSHULRDGDDFWLYHD]ĆFDSURIHVRUVXSOLQLWRUGH
LVWRULH /D  PDL  HVWH DUHVWDW UHĦLQXW IĆUĆ
FRQGDPQDUH MXULGLFĆ OD IHO FD FHLODOĦL GHĦLQXĦL SROLWLFL üL
HOLEHUDWODGHFHPEULH5HDUHVWDWODDSULOLH
FRQGDPQDW OD  DQL HVWH HOLEHUDW OD  LXOLH  ÍQWUH
FHOH GRXĆ GHWHQĦLL PXQFHüWH vQ FDGUXO XQHL FRRSHUDWLYH
PHüWHüXJĆUHüWLLDUvQWUHHVWHSURIHVRUGHLVWRULH
vQ FRPXQD 9ĆFĆUHQL MXG 7XOFHD ÍQ SHULRDGD 
OXFUHD]ĆOD0X]HXOGH,VWRULH*DODĦL7UDQVIHUDWDEX]LYvQ
 OD %LEOLRWHFD -XGHĦHDQĆ Å9$ 8UHFKLDµ *DODĦL SH
PRWLYXO LPDJLQDU FĆ vQ FDGUXO 0X]HXOXL DU IL IĆFXW
HGXFDĦLHDQWLFRPXQLVWĆJUXSXULORUGHYL]LWDWRULDFWLYHD]Ć
DLFL FD ELEOLRWHFDU SkQĆ OD SHQVLRQDUH  DSULOLH 
 
(VWH GRFWRU vQ ,VWRULH DXWRUXO PRQXPHQWDOHL OXFUĆUL
Å,VWRULDRUDüXOXL*DODĦLGHODRULJLQLSkQĆODµDDOWRU
YDORURDVH üL QXPHURDVH YROXPH VWXGLL üL DUWLFROH GH
,VWRULHÍQSHULRDGDGHGHWHQĦLHDFRQYLHĦXLWFXXUPĆWRULL
FROHJL GH FHOXOĆ ,RQ $JHX VWXGHQW vQ ELRORJLH &OXM
9DVLOH 3RKULE 7HFXFL 1HOX &RQVWDQWLQHVFX vQYĆĦĆWRU
ĥHSX 9DVLOH 6WRLFHVFX 7HFXFL vQYĆĦĆWRULL 6HYDVWUH üL
)UXQ]Ć 7HFXFL vQYĆĦĆWRUXO &RVWDFKH &DUDJDĦĆ 7LFKLULü
9UDQFHD
 
 %DLD

 $P YĆ]XW FXP GHFXUJHDX ÅSOLPEĆULOHµ QRDVWUH
VFRDWHUHD OD DHU (OH GHSLQGHDX PDL vQWRWGHDXQD GH
WRDQHOH DGPLQLVWUDĦLHL (UDX SHULRDGH FkQG DYHDX ORF
]LOQLF üL SHULRDGH FkQG QX VH IĆFHDX FX VĆSWĆPkQLOH VDX
FKLDU FX OXQLOH 7RWXO DWkUQD GH ÅYkQWXO SROLWLFµ $üD VH
QWkPSOD üL FX EĆLOH 8Q WLPS VH IĆFHDX VĆSWĆPkQDO
$OWHRULFDüLVFRDWHULOHODDHU«(DGHYĆUDWFĆvQFKLVRDUHD
DYHD LQVWDODĦLH DGHFYDWĆ SHQWUX EDLH SH ILHFDUH HWDM FX
FkWH ]HFH GXüXUL FX DSĆ FDOGĆ üL UHFH GDU ÅVFRDWHUHD OD
EDLHµGHSLQGHDWRWGHFRQMXQFWXUDSROLWLFĆ
 'HüL FRQGLĦLLOH WHKQLFH HUDX EXQH PĆ UHIHU OD
LQVWDODĦLH IHOXO FXP GHFXUJHD ÅvPEĆLHUHDµ PHULWĆ VĆ ILH
FXQRVFXW2SHUDĦLDDYHDORFSHFHOXOHÍQWLPSFHGHĦLQXĦLL
GLQWUR FHOXOĆ HUDX VFRüL üL LQWURGXüL vQ FDPHUD GH EDLH
XUPĆWRULL HUDX DQXQĦDĦL VĆ VH SUHJĆWHDVFĆ 'HĦLQXWXO
WUHEXLDVĆVHGH]EUDFHODSLHOHvQFHOXODOXLüLVĆüLLDFXHO
QXPDL ERFDQFLL üL PDQWDXD FX FDUH HUD REOLJDW VĆüL
DFRSHUHFDSXO
 &kQG JDUGLDQXO YHQHD üL GHVFKLGHD XüD RDPHQLL

FXSLHLOHJRDOHüLPDQWDOHOHSHFDSROXDXvQSDVDOHUJĆWRU
VSUH FDPHUD GH EDLH $MXQüL DFROR vüL OĆVDX ERFDQFLL üL
PDQWDOHOH SH FRULGRU üL LQWUDX VXE GXüXUL FDUH FXUJHDX
FRQWLQXX 7UHEXLD VĆ QH vQFDGUĆP vQ WLPSXO GH FLQFL
PLQXWHXQHRULQLFLDWkW$SXFDPVĆQHXGĆPSLHOHDQH
XQJHDPFXVĆSXQüLFkQGXUPDVĆQHOLPSH]LPDX]HDP
VWULJĆWXOJDUGLDQXOXLÅJDWDµ,HüHDPLPHGLDWFXVĆSXQXO
SH QRL QH SXQHDP PDQWDOHOH SH FDS üL WRW vQ SDV
DOHUJĆWRU LQWUDP vQ FHOXOĆ XQGH üWHUJHDP FRUSXO FX
UXIĆULDGH]LüLGHQRDSWH
 &XEĆUELHULWXOVHQWkPSODüLPDLUĆX)UL]HULLHUDX
WRWJDUGLHQL&XDFHOHDüLDSXFĆWXULüLDFHHDüLVĆOEDWLFĆXUĆ
FX FDUH HUDX vQYHQLQDĦL GH VXSHULRULL ORU VĆ VH SRDUWH FX
QRL 5DU VHQWkPSOD VĆ ILP EĆUELHULĦL R GDWĆ SH
VĆSWĆPkQĆ'HFHOHPDLPXOWHRULDFHVWOXFUXVHQWkPSOD
OD GRXĆWUHL VĆSWĆPkQL üL DWXQFL vQGXUDP  XQ DGHYĆUDW
VXSOLFLX $YHDX PkLQL QHvQGHPkQDWLFH üL LQVWUXPHQWH
SURDVWHQHDVFXĦLWH7UHEXLDVĆQHFRQVLGHUĆPPXOĦXPLĦL
FkQGLHüHDPGLQPkLQLOHORUFXJkWXOQHWĆLDWÅ1HFLXSLĦLµ
QXVFĆSDPQLFLRGDWĆ
 &kQG VH DQXQĦD vQVĆ FkWH R LQVSHFĦLH GH OD
0LQLVWHUXO GH ,QWHUQH DWXQFL QL VH IĆFHD EDLH üL HUDP
EĆUELHULĦLSHVWHSURJUDPDUH

 +UDQDQRDVWUĆFHDGHWRDWH]LOHOH

 ÍQFHOXODUVHVHUYHDXWUHLPHVHSH]L
 'LPLQHDĦDXQVXURJDWFXSkLQHJ
 /DSUkQ]WXUWRLXOJIĆFXWODWDYĆGLQPĆODLGH
PXOWH RUL DUV SH GRXĆ SĆUĦL UĆPkQkQG GRDU PLMORFXO
FFDJFDUHVHSXWHDPkQFD'LQDFHVWDMXPĆWDWH

 
 WUHEXLD SĆVWUDW SHQWUX PDVD GH VHDUĆ FLQH QDYHD
UĆEGDUH PDMRULWDWHD vO WHUPLQD OD SUkQ] 2GDWĆ FX
WXUWRLXO SULPHDP üL XQ SRORQLF FX FLRUEĆ GH DüD]LV
Å]DU]DYDWµ DYkQG R IRDUWH VODEĆ FRQVLVWHQĦĆ
KUĆQLWRDUH
 6HDUDWRWXQSRORQLFFXFLRUEĆFDODSUkQ]
 2 GDWĆ VDX GH GRXĆ RUL SH VĆSWĆPkQĆ GLPLQHDĦD
vQ ORFXO DFHOXL QHVXIHULW VXURJDW QL VH VHUYHD XQ SRORQLF
FX WHUFL GLQ PĆODL /D IHO R GDWĆ VDX GH GRXĆ RUL SH
VĆSWĆPkQĆ vQ ORFXO FLRUEHL GH OD SUkQ] SULPHDP XQ
SRORQLF FX DUSDFDü üL PDUPHODGĆ ÍQ PRG FX WRWXO
H[FHSĦLRQDOüLGRDUDWXQFLFkQGVHDQXQĦDYUHRLQVSHFĦLH
SULPHDPODSUkQ]XQSRORQLFGHSDVWHFXEUkQ]Ć
 &DUQHDHUDRUDULWDWH&kQGDSĆUHDWRWXüLRULHUDX
UHVWXUL GH SH OD DEDWRDUH SH FDUH QLPHQL QXOH FXPSĆUD
RUL HUD FDUQH GH FDO GLQWUH JORDEHOH VDFULILFDWH GH SH OD
JRVSRGĆULLOH FROHFWLYH FDUH DMXQVHVHUĆ RUL SUHD EĆWUkQH
RULSUHDVODEHüLQXPDLHUDXEXQHGHQLFLRWUHDEĆ
 7UHEXLH PHQĦLRQDW IDSWXO FĆ PkQFDUHD FDUH QHD
VDOYDWGHODSLHLUHvQWHPQLĦHOH$LXGXOXLDIRVWWHUFLXOüL
DUSDFDüXO
 ûLWRWXüLKUDQDGLQFHOXODUHUDDFFHSWDELOĆIDĦĆGH
FHDGLQ=DUFĆDüDFXPYRPYHGHDPDLGHSDUWHFkQGQH
YRPUHIHULODUHJLPXOGHH[WHUPLQDUHSULQFDUHDPWUHFXW
vQSULPDMXPĆWDWHDDQXOXL

 0kQFDUHDvQüRFXUL

 3HQWUX GLVWUXJHUHD OHQWĆ GDU VLJXUĆ D IRüWLORU
GHĦLQXĦL SROLWLFL VD DGRSWDW R WDFWLFĆ GLDEROLFĆ 'XSĆ R
vQIRPHWDUHGHOXQLvQWURDQXPLWĆSHULRDGĆKRWĆUkWĆ


GH DGPLQLVWUDĦLD vQFKLVRULL GHĦLQXĦLL VH SRPHQHDXEUXVF
]LOHODUkQGDWkWODSUkQ]FkWüLVHDUDFXJDPHODSOLQĆ
FX PkQFDUH IRDUWH FRQVLVWHQWĆ GLQ FDUH MXPĆWDWH HUD
QXPDLFDUQH
 &H XUPĆUHDX üL UHDOL]DX FX DFHDVWĆ PDUH
ÅVXUSUL]Ƶ" 'RXĆ OXFUXUL D vPEROQĆYLUHD ILFDWXOXL
GXFkQG OD DSDULĦLD FLUR]HL üL E SURYRFDUHD OD GLVFXĦLL vQ
FHOXOH FĆ SRDWH FHYD VD vQWkPSODW SH SODQ LQWHUQ VDX
H[WHUQüLHOLEHUDUHDQRDVWUĆHVWHLPLQHQWĆ&XDFHVWSULOHM
ÅFLULSLWRULLµ FDUH HUDX UĆVSkQGLĦL SHVWH WRW DYHDX FH
FXOHJHüLFHUDSRUWDVWĆSkQLORUORU«
 'H vQWkPSODW QX VH vQWkPSOD QLPLF 7UHEXULOH
PHUJHDX FD üL SkQĆ DWXQFL FX VLQJXUD GHRVHELUH FĆ PDL
ELQH GH MXPĆWDWH GLQWUH FHL FDUH PkQFDVHUĆ vQWUHDJD
FDQWLWDWH GH FDUQH vQ FHOH WUHL ]LOH GH ÅüRFµ SHUILG VH
vPEROQĆYLVHUĆ GDFĆ QX WRĦL GH FLUR]Ć  GH GLDUHH VDX
GL]HQWHULHFXVLJXUDQĦĆ %LQHvQĦHOHV FĆ DX IRVW üL
RDPHQL SUXGHQĦL FDUH FX WRDWĆ WHQWDĦLD SRWROLULL
QĆSUDVQLFHLIRDPHDXPkQFDWQXPDLDWkWFkWDXFUH]XWFĆ
SRWVXSRUWDVWRPDFXULOHORU
 'XSĆ DFHDVWĆ GH]DPĆJLWRDUH vQFHUFDUH XUPD R
QRXĆ SHULRDGĆ GH vQIRPHWDUH üL PDL JUHD FDUH GXUD PDL
ELQHGHMXPĆWDWHGHDQDSRLGLQQRXÅüRFXOµFXFHOH
]LOHGHKUDQĆvPEHOüXJDWĆ&XPSOLWĆSHUILGLH

 3UHRĦLL

 ÍQ OXSWD GXVĆ GH SRSRUXO URPkQ vPSRWULYD
FRPXQLVPXOXL R QHVSXV GH PDUH FRQWULEXĦLH DX DYXWR
SUHRĦLL2UWRGRFüLFDWROLFLüLJUHFRFDWROLFLGHRSRWULYĆDX
IRVWH[SXüLFHORUPDLGLDEROLFHSHUVHFXĦLLüLFKLQXUL
 /D 3LWHüWL VWXGHQĦLL WHRORJL DX IRVW vQFKLüL VHSDUDW
 
vQWURFDPHUĆVSHFLDOĆSHQWUXDILVXSXüLQXQXPDLFHORU
PDL VĆOEDWLFH VFKLQJLXLUL GDU üL EDWMRFRULULORU
QHvQFKLSXLWH
 /D3HQLQVXODDIRVWFRQVWLWXLWĆREULJDGĆQXPDLGLQ
SUHRĦL SHQWUX D OL VH PĆUL QRUPD GH OXFUX GH OD R ]L OD
DOWD
 /D$LXGDSURDSHFĆQXH[LVWDFHOXOĆvQFDUHVĆQX
VHILDIODWüLXQSUHRW(LHUDXSXUWĆWRULL'XKXOXL6IkQWLDU
FHL FHDX DYXW QRURFXO VĆüL SHWUHDFĆ GHWHQĦLD vPSUHXQĆ
FX XQ SUHRW VXIHULQĦD R VXSRUWDX PDL XüRU WLPSXO VH
VFXUJHD PDL UHSHGH LDU QĆGHMGHD vQ PkQWXLUHD QRDVWUĆ
HUD PDL DSURDSH 'H OD HL DP vQYĆĦDW WRW IHOXO GH WH[WH
UHOLJLRDVH vQWUH FDUH DFDWLVWH HSLVWROH DOH 6ILQĦLORU
$SRVWROL]HFLGHSVDOPLüLQHQXPĆUDWHDOWHUXJĆFLXQLFX
FDUHQHDPKUĆQLWVXIOHWHOH5HGDXDLFLGLQPHPRULHXQD
GLQWUHFHOHPDLFĆXWDWHüLFXSULQ]ĆWRDUHUXJĆFLXQLDGXVĆ
GLQ =DUFD $LXGXOXL Å5XJĆFLXQHD 6IkQWXOXL 7RPD
G
$TXLQRµ

 'XPQH]HXOPHXHXFUHGvQWUX7LQHGDUWHURJ
vQWĆUHüWHFUHGLQĦDPHD
1ĆGĆMGXLHVFvQWUX7LQHGDUIĆVĆFUHDVFĆDPHD
QĆGHMGH
7HLXEHVFGDUIĆVĆVSRUHDVFĆGUDJRVWHDPHD
&ĆLQĦĆDPGHSĆFDWHOHPHOHGDUIĆVĆPLSULVRVHDVFĆD
PHDFĆLQĦĆ

 7HVOĆYHVFFDSHvQFHSXWXOPHXFHOGLQWkL7HGRUHVFFD
SHFHDPDLGHSUHĦGRULQĦĆDYLHĦLLPHOH7HFKHPFDSH
SXWHUQLFXOPHXDSĆUĆWRU7HvPEUĆĦLüH]FDSH
ELQHIĆFĆWRUXOPHXFHOYHüQLF


 
 'XPQH]HXOHELQHYRLHüWHDPĆSRYĆĦXLFXvQĦHOHSFLXQHD
7DDPĆFĆOĆX]LFXGUHSWDWHD7DDPĆPkQJkLDFX
PLORVWHQLD7DüLDPĆDSĆUDFXSXWHUHD7D

 ĥLHvĦLvQFKLQJkQGXULOHPHOHYRUEHOHPHOHIDSWHOH
PHOHVXIHULQĦHOHPHOH

 $MXWĆPĆFDüLvQYLLWRUVĆPĆJkQGHVFOD7LQHVĆ
YRUEHVFGHVSUH7LQHVĆOXFUH]GXSĆYRLD7DüLVĆVXIĆU
SHQWUX7LQH

 'RDPQHHXYRLHVFFHHDFH7XYRLHüWLüLILLQGFĆ7X
YRLHüWLVĆPĆVXSXQYRLL7DOHIĆJĆGXLHVFVĆIDFFHHDFH
7XYRLHüWL

 'DUPĆURJFXXPLOLQĦĆOXPLQHD]ĆPLPLQWHDRĦHOHüWH
PLYRLDFXUĆĦHüWHPL
WUXSXOüLVILQĦHüWHPLVXIOHWXO

 'XPQH]HXOHSUHDEXQDMXWĆPĆVĆPĆFXUĆĦGH
SĆFDWHOHWUHFXWHVĆELUXLHVFLVSLWHOHYLLWRDUHüLVĆXUPH]
FXYHQLWHOHYLUWXĦL

 8PSOHLQLPDPHDGHGUDJRVWHSHQWUXEXQĆWDWHD7DGH
XUĆSHQWUXSĆFDWHOHPHOHGHUkYQĆSHQWUXELQHOHüL
GUDJRVWHDDSURDSHOXLüLGHGHIĆLPDUHDGHüHUWĆFLXQLL
OXPLLDFHVWHLD

 )ĆPĆVXSXVPDLPDULORUPHLFXGUDJRVWHIDĦĆGHFHL
PLFLFUHGLQFLRVSULHWHQLORUüLLHUWĆWRUGXüPDQLORUPHL

 
  'XPQH]HXOH$WRWSXWHUQLFHDMXWĆPĆVĆELUXLHVFFHOH
üDSWHSĆFDWHGHPRDUWHFDUHVXQWSULFLQDWXWXURU
SĆFDWHORUüLVĆOHvQORFXLHVFSULQYLUWXĦLOHFUHüWLQHGXSĆ
FXPXUPHD]Ć0kQGULDSULQVPHUHQLH,XELUHD
GHDUJLQĦLSULQPLORVWHQLH,QYLGLDSULQGUDJRVWH
üLEXFXULHSHQWUXELQHOHDSURDSHOXL'HVIUkQDUHD
SULQvQIUkQDUHüLFXUĆĦHQLH/ĆFRPLDSULQ
FXPSĆWDUH0kQLDSULQUĆEGDUHüL/HQHDSULQ
EĆUEĆĦLHFUHüWLQHDVFĆ


 )ĆPĆvQĦHOHSWvQOXFUĆULOHPHOHFXUDMRVvQSULPHMGLL
UĆEGĆWRUvQQHQRURFLULüLVPHULWvQEXQHQRURFLUL

 $MXWĆPĆ'RDPQHVĆILXFXOXDUHDPLQWHODUXJĆFLXQL
vQ6ILQWHOH%LVHULFLüLODUXJĆFLXQLOHPHOH]LOQLFHVĆILX
FXPSĆWDWODPDVĆUHSHGHvQvQGHSOLQLUHDGDWRULLORUüL
VWDWRUQLFvQKRWĆUkUL

 ,QVXIOĆPLJULMDGHDDYHDFRQüWLLQĦDGUHDSWĆvQIĆĦLüDUHD
FXYLLQFLRDVĆYRUELUHDIRORVLWRDUHüLSXUWDUHDGXSĆEXQD
UkQGXLDOĆ

 'ĆPL+DUXO7ĆXVĆPĆGHSULQGDPLVWĆSkQLSDWLPLOH
VĆSĆ]HVFSRUXQFLOH7DOHVĆPĆvQYUHGQLFHVFGHGDUXULOH
7DOHüLVĆPHULWPkQWXLUHD

 )ĆPĆVĆvQĦHOHJFkWGHPLFLVXQWEXQĆWĆĦLOHSĆPkQWHüWL
üLFkWGHPDULVXQWFHOHFHUHüWLFkWGHVFXUWHVWH
WLPSXODFHVWHLYLHĦLüLFkWGHQHPĆUJLQLWĆHVWH
YHüQLFLD


  $MXWĆPĆ'RDPQHVĆILXJDWDRULFkQGGHPRDUWHVĆ
PĆFXWUHPXUGHMXGHFĆĦLOH7DOHVĆVFDSGHIRFXOFHO
YHüQLFüLVĆGREkQGHVFUDLXOSULQ'RPQXOQRVWUX,LVXV
+ULVWRVFĆD7DHVWHvPSĆUĆĦLDüLPĆULUHDüLSXWHUHDüL
VODYDüLFLQVWHDüLvQFKLQĆFLXQHD7DWĆOXLüL)LXOXLüL
6IkQWXOXL'XKüLDFXPüLSXUXUHDüLvQYHFLLYHFLORU
$PLQ
 &XDMXWRUXOUXJĆFLXQLORUüLSRH]LLORUOXL5DGX*\U
üL1LFKLIRU&UDLQLFDPSXWXWVXSUDYLHĦXL
 ÍQWUH QHQXPĆUDĦLL SUHRĦL FX FDUH DP YHQLW vQ
FRQWDFWGRLGLQWUHHLDXOĆVDWRLPSUHVLHGHRVHELWĆDVXSUD
VXIOHWHORU QRDVWUH FKLQXLWH ûWHIDQ 0DUFX GLQ 1LVWRUHüWL
üL 7RPD $QGURQHVFX GLQ &RODFX DPkQGRL GLQ MXGHĦXO
9UDQFHD 3ULQ WUĆLUHD DGkQF UHOLJLRDVĆ SULQ FDOPXO üL
EOkQGHĦHD vQ UHODĦLLOH FX VHPHQLL GLQ MXU SULQ vQWUHJ
FRPSRUWDPHQWXOORUHLDXVDOYDW]HFLGHRDPHQLDIODĦLSH
SUDJXOGLVSHUĆULL
 ÍQ FRQGLĦLL GH FUXQWĆ WHURDUH VSUH D OH XüXUD
VXIOHWHOHFHORUSULJRQLĦLvQFHOXOHSUHRĦLLLDXPĆUWXULVLWüL
vPSĆUWĆüLW SH FHL FDUH GRUHDX DFHVW OXFUX 3HQWUX 6IkQWD
ÍPSĆUWĆüDQLH SUHRĦLL GHVLJXU SXĦLQL GLQWUH HL SULPHDX
GLQ DIDUĆ SULQ SHUVRDQH GH PDUH vQFUHGHUH 6IkQWXO
$JQHĦIĆUĆGHFDUH6IkQWD7DLQĆQXVDUILSXWXWVĆYkUüL
ÍQORFGHYLQVHIRORVHDDSD
 5ĆPkQHP UHFXQRVFĆWRUL PLLORU üL PLLORU GH SUHRĦL
URPkQLFDUHODIHOFDüLQRLDXvQGXUDWüLDXVXSRUWDWWRDWH
SULJRDQHOH SHQWUX ELUXLQĦD &UXFLL üL D 1HDPXOXL
5RPkQHVF
 &HORU GHFHGDĦLvQ FKLQXUL üL WHURDUH 'XPQH]HX VĆ
OHLHUWHSĆFDWHOHüLVĆLSULPHDVFĆvQ0DUHD/XLÍPSĆUĆĦLH

 
 5HHGXFDUHD

 $FHDVWĆDFĦLXQHGHÅVSĆODUHDFUHLHUXOXLµDvQFHSXW
OD $LXG vQ YDUD DQXOXL  VXE FRQGXFHUHD üL
VXSUDYHJKHUHD GLUHFWĆ D FRORQHOXOXL &UĆFLXQ *KHRUJKH
FRPDQGDQWXOvQFKLVRULL ÍQDLQWH vQVĆ GH D LQWUD vQ
DPĆQXQWHFRQVLGHUXWLOHXQHOHUHIHULULODFRQWH[WXOSROLWLF
GLQ SHULRDGD UHVSHFWLYĆ ÍQ XOWLPLL ]HFH DQL VLWXDĦLD
LQWHUQDĦLRQDOĆHYROXDVHPXOW'XSĆPRDUWHDOXL6WDOLQvQ
 ĦĆULOH FRPXQLVWH DX IRVW QHYRLWH VĆüL PRGLILFH
SROLWLFD vQ GRPHQLXO GUHSWXULORU RPXOXL DGDSWkQGXVH
vQFHW vQFHW OD XQD PDL UHOD[DWĆ PDL HODVWLFĆ GHüL WRDWH
vQFKLVRULOH GLQ ĦDUĆ JHPHDX GH VXWHOH GH PLL GH GHĦLQXĦL
SROLWLFL
 ÍQFHS FRQWDFWHOH vQWUH (VW üL 9HVW PDL vQWkL
HFRQRPLFHDSRLFHOHSROLWLFHüLFXOWXUDOH6HIDFVFKLPEXUL
GH H[SHULHQĦĆ DX ORF FRQIHULQĦH LQWHUQDĦLRQDOH OD FDUH VH
GH]EDW SUREOHPH DOH GUHSWXULORU RPXOXL 5RPkQLD FD üL
DOWH ĦĆUL FRPXQLVWH QX VH PDL SXWHD SUH]HQWD OD DFHVWH
UHXQLXQL FX vQFKLVRULOH SOLQH GH GHĦLQXĦL SROLWLFL 7UHEXLD
VĆ IDFĆ FHYD $VDVLQDWH vQ PDVĆ FD SH WLPSXO OXL 6WDOLQ
QXPDLSXWHDXDYHDORF
 Å&RUWLQHOH GH ILHUµ vQFHS VĆ VH FODWLQH 6ROXĦLD QX
HUD DOWD GHFkW VĆ VH GHVFKLGĆ SRUĦLOH vQFKLVRULORU 'DU
FXP" 6Ć OH GHD GUXPXO DFHVWRU VXWH GH PLL GH RDPHQL
FX PHQWDOLWĆĦLOH ORU YHFKL GH ÅGXüPDQL DL FODVHL
PXQFLWRDUH"µ 7UHFXĦL SULQ DWkWHD VXIHULQĦH DFHüWL
RDPHQL vQ FRQGLĦLL GH OLEHUWDWH DU IL GHYHQLW SHQWUX
SXWHUHDFRPXQLVWĆPDLSHULFXORüLFDvQDLQWHGHDUHVWDUH«
 ûL DWXQFL DX DGRSWDW LGHHD UHHGXFĆULL $GLFĆ
LQGLYL]LL UHVSHFWLYL VĆ ILH ÅDMXWDĦLµ VĆ LDVĆ GLQ vQFKLVRDUH

FX ÅFUHLHUXO VSĆODWµ GH WRDWH UH]LGXXULOH YHFKL GH
ÅSROLWLFLHQLµ GH ÅFDSLWDOLüWLµ GH ÅPRüLHULµ GH
ÅQDĦLRQDOLüWLµ GH ÅFKLDEXULµ HWF &HO LHüLW GLQ vQFKLVRDUH
WUHEXLD VĆ ILH XQ ÅRP QRXµ GHEDUDVDW GH WRDWH
FRQYLQJHULOH DQWHULRDUH XQ RP GHYRWDW WUXS üL VXIOHW
FRPXQLVPXOXL ÍQ DFHVW IHO UHJLPXO RSUHVRU SXWHD VĆ
vPSXüWH GRL LHSXUL GLQWUXQ IRF VĆ JROHDVFĆ vQFKLVRULOH
DVLJXUkQGXVH GH ORLDOLWDWHD FHORU SH FDUH LDX FKLQXLW üL
VĆDLEĆUHODĦLLQRUPDOHFXVWDWHOHOLEHUH3ODQXOOLVHSĆUHD
FXP QX VH SRDWH PDL SRWULYLW 0L]DX SH IDSWXO FĆ ILLQG
HSXL]DĦL GH DQLL JUHL GH vQFKLVRDUH GDU PDL FX VHDPĆ
GRUQLFLGHOLEHUWDWHGHĦLQXĦLLYRUDFFHSWDFRPSURPLVXOüL
UHHGXFDUHDYDILRVLPSOĆIRUPDOLWDWH
 7UHEXLD VĆ VH VWDELOHDVFĆ QXPDL PRGXO FXP YD IL
DSOLFDWĆ UHHGXFDUHD &ĆFL DüD FXP IXVHVH H[SHULPHQWDWĆ
OD 3LWHüWL vQ XUPĆ FX  DQL FX EDQGH GH EĆWĆXüL üL
VFKLQJLXLWRUL FX RUJDQL]DWRUL EHVWLDOL GH WLSXO OXL
ĥXUFDQX DFĦLXQHD ULVFD VĆ VH WHUPLQH FX XQ ILQDO WUDJLF
$FXP QX VH PDL SXWHD SUHWLQGH R ÅVSĆODUH D FUHLHUXOXLµ
SULQ QHJDUHD OXL 'XPQH]HX SULQ EDWMRFRULUHD SĆULQĦLORU
IUDĦLORU üL VXURULORU D SULHWHQLORU FHORU PDL EXQL FL VH
FHUHDQXPDLVĆWHGH]LFLGHRULFHSROLWLFĆGLQWUHFXWRVWLOĆ
FRPXQLVPXOXL VĆ EODPH]L IĆUĆ GLVFHUQĆPkQW RDPHQL
SROLWLFL VĆ FRQVLGHUL ÅVRFLDOLVPXOµ GUHSW FHO PDL EXQ
VLVWHP SROLWLF GLQ OXPH üL GLQ WRDWH WLPSXULOH $üD VDU
SXWHDH[SOLFDGHFHPDLELQHGHGLQWUHGHĦLQXĦLLGHOD
$LXGDXFRQVLGHUDWRIHUWDFDVDOYDWRDUHüLDXDFFHSWDWFX
GHVWXOĆXüXULQĦĆFRPSURPLVXO
 ÍQFHSXWXODIRVWIUXPRVüLSURPLĦĆWRU3HUVRQDOLWĆĦL
PDUFDQWH FD 1LFKLIRU &UDLQLF 3ĆULQWHOH 6WĆQLORDH 3HWUH
7XĦHD 3HWUH 3DQGUHD 3HWUH ĥRFX 3ULQĦXO *KLFD üD DX
 
IRVW VFRüL GLQ FHOXOH XUFDĦL vQWUXQ MHHS GHVFKLV üL
ÅSOLPEDĦLµ SULQ WRW RUDüXO $LXG üL SULQ vPSUHMXULPL
DUĆWkQGXOLVH ]HFLOH GH EORFXUL GH ORFXLQĦH üL DOWH FOĆGLUL
üL vQWUHSULQGHUL ]LGLWH vQ SHULRDGD FkW QRL IXVHVHUĆP
ĦLQXĦL vQWUH JUDWLL H[SOLFkQGXOLVH FĆ WRDWH DFHVWHD HUDX
UHDOL]ĆULDOHÅVRFLDOLVPXOXLFRQVWUXFWLYµ
 &DP OD R OXQĆ GXSĆ ÅSOLPEĆULOHµ FHORU PDUL VD
RUJDQL]DW SULPD üHGLQĦĆ GH UHHGXFDUH VFRĦkQGXVH GLQ
FHOXOHFkWHYDVXWHGHRDPHQLFDUHDXIRVWLQWURGXüLvQWUR
VDOĆ FX FDSDFLWDWHD GH FLQFL VXWH GH SHUVRDQH 3ULQWUH FHL
VFRüL PDP QXPĆUDW üL HX &RPDQGDQWXO FRORQHOXO
&UĆFLXQDGHVFKLVüHGLQĦDFXRVFXUWĆFXYkQWDUHHORJLLQG
LQWHQĦLLOH EXQH DOH JXYHUQXOXL GH D VH RFXSD GH VRDUWD
FRQGDPQDĦLORUSROLWLFL$SRLDOXDWGHSHPDVĆXQ]LDUDO
DUPDWHLÅ*ODVXO3DWULHLµüLODSXVSHXQXOGLQWUHGHĦLQXĦL
VĆFLWHDVFĆDUWLFROHDOHFHORUFDUHIXVHVHUĆVFRüLFXMHHSXO
OD ÅSOLPEDUHµ $UWLFROHOH VH UHIHUHDX ELQHvQĦHOHV OD
UHDOL]ĆULOH ÅVRFLDOLVPXOXLµ üL OD EXQĆVWDUHD ÅRDPHQLORU
PXQFLLµ
 &XSULOHMXODFHOHLüHGLQĦHDPDYXWPDUHDVXUSUL]Ć
üL LPHQVD EXFXULH GH DO vQWkOQL SH SĆULQWHOH ,RDQ
GXKRYQLFXO GH OD 0ĆQĆVWLUHD 9ODGLPLUHüWL MXG *DODĦL
(UDWXQVEĆUELHULWüLVODEFDXQVIkQW)XVHVHWUHFXWSULQ
vQFHUFĆUL JUHOH SULQ FDPHUH GH WRUWXUĆ üL PDL DOHV SULQ
PXOWH L]ROĆUL )XVHVH DQFKHWDW GH FkWHYD RUL üL GH
FRORQHOXO&UĆFLXQ
 'HVFKLG DLFL R SDUDQWH]Ć ÍQ XUPĆ FX QRXĆ DQL
GXSĆ HOLEHUDUHD PHD GH OD &DQDOXO 'XQĆUH0DUHD
1HDJUĆ vQ YDUD DQXOXL  IXVHVHP OD 0ĆQĆVWLUHD
9ODGLPLUHüWL vPSUHXQĆ FX WRDWĆ IDPLOLD &RUQHOLD DYHD
DWXQFLDQLLDU2OJXĦD9DOXULGHFUHGLQFLRüLVRVHDXvQ

DFHD GXSĆDPLD]Ć OD VIkQWXO ORFDü 2 PDLFĆ QHD GXV vQ
FKLOLDHLXQGHDPGRUPLWSkQĆGLPLQHDĦD
 'XSĆ DSUHFLHUHD PĆLFXĦHL FDUH QH JĆ]GXLVH VH
VWUkQVHVHUĆ vQ FXUWHD PĆQĆVWLULL FDP OD FLQFL PLL GH
VXIOHWH7RĦLYHQLVHUĆSHQWUXVOXMEDGHDGRXD]LODPDUHD
VĆUEĆWRDUHDÅ$GRUPLULL0DLFLL'RPQXOXLµ0XOĦLGRUHDX
VĆ VH PĆUWXULVHDVFĆ üL VĆ SULPHDVFĆ 6IkQWD ÍPSĆUWĆüDQLH
ÍQ]RULL]LOHLGHDXJXVWSĆULQWHOH,RDQDPĆUWXULVLWvQ
FRPXQPLLOHGHVXIOHWHFDUHVHDIODXDFRORFĆFLDOWIHOQX
VH SXWHD VSXQkQGXOH VĆ UHSHWH  GXSĆ GkQVXO ÅWRDWH
DFHVWHDOHDPIĆFXWüLPDLPXOWGHFkWDWkWµ
 'DU VĆ UHYHQLP 3H OD PLMORFXO üHGLQĦHL ÅGH
UHHGXFDUHµ VD OXDW R SDX]Ć GH R MXPĆWDWH GH RUĆ
2DPHQLL DX SXWXW VĆ LDVĆ vQ FXUWH VĆ VH SOLPEH VDX VĆ
GLVFXWH &kĦLYD DX UĆPDV vQ VDOĆ DFX]kQG EROL GH LQLPĆ
VDX GH SLFLRDUH $P UĆPDV üL HX FX SĆULQWHOH ,RDQ
IRORVLQG DFHOHDüL SUHWH[WH 1HDP UHWUDV DSRL vQWUXQ FROĦ
üL vQ FHD PDL GHVĆYkUüLWĆ FRPXQLXQH VXIOHWHDVFĆ DP
SULPLW 7DLQD 6ILQWHL 0ĆUWXULVLUL 0Ć VLPĦHDP IHULFLW üL
VXIOHWXO PLHUD FD XQ IXOJ 3HQWUX PLQH vQWkOQLUHD FX
SĆULQWHOH,RDQvQDFHD]LDIRVWRDGHYĆUDWĆPLQXQH
 ÍQ D GRXD SDUWH D üHGLQĦHL GXSĆ SDX]Ć FRORQHOXO
&UĆFLXQDFHUXWVĆVHvQWRFPHDVFĆROLVWĆFXvQVFULHULOHOD
FXYkQW 6DX vQVFULV PXOĦL 9RUELWRULL VDX vQWUHFXW vQ
ODXGHODDGUHVDUHJLPXOXLSUHDPĆULQGUHDOL]ĆULOHSHFDUH
QX OH YĆ]XVHUĆ GHFkW GRDU YUHR FkĦLYD FHL DOH FĆURU
DUWLFROH GLQ Å*ODVXO 3DWULHLµ IXVHVHUĆ VFULVH FX DWkW GH
PXOWHQWX]LDVP
 3HQWUX FHL PDL PXOĦL DFHDVWĆ üHGLQĦĆ DYHD VĆ ILH
GĆWĆWRDUH GH VSHUDQĦĆ FUH]kQG FĆ vQ FXUkQG SRUĦLOH
vQFKLVRULORU VH YRU GHVFKLGH üL JUDWLLOH WHPQLĦHORU VH YRU
 
SUĆEXüL
 'DUQDIRVWVĆILHDüD
 ,DU HX OD D GRXD üHGLQĦĆ GH UHHGXFDUH QDP PDL
SDUWLFLSDW vQWUXFkW DYHDP VĆ WUHF SULQWUR vQWkPSODUH FkW
VHSRDWHGHFLXGDWĆ«
 (VWHQHFHVDUĆDLFLRQRXĆSDUDQWH]Ć$YHDPGH
DQL FkQG ODP FXQRVFXW SH &RQVWDQWLQ 7HRIĆQHVFX GLQ
)RFüDQL 1HDP vQWkOQLW vQ FDVHOH SĆULQWHOXL 6WRHQHVFX
GLQ DFHVW RUDü 3ĆULQWHOH DYHD SDWUX IHFLRUL (PLO 1LFX
3RPSLOLDQ üL 9DOHULX 7RĦL DGHUDVHUĆ OD 0LüFDUHD
/HJLRQDUĆ7HRIĆQHVFXIĆFHDüLHOSDUWHGLQDFHHDüLÅ)UĆĦLH
GH&UXFHµFXIHFLRULLSĆULQWHOXL0DPvPSULHWHQLWUHSHGH
FX HL (UDX HQWX]LDüWL VHULRüL FX GHSULQGHUL GLQWUH FHOH
PDL EXQH FĆSĆWDWH vQ IDPLOLH 6H GHRVHEHDX PXOW GH DOĦL
WLQHUL DPDWRUL GH GLVWUDFĦLL GH DYHQWXUL VDX DOWH
DVHPHQHD SUHRFXSĆUL ÍQ FDVD SĆULQWHOXL 6WRHQHVFX QDP
YĆ]XW üL QDP DX]LW GHFkW OXFUXUL IUXPRDVH FDUH vQDOĦĆ
VXIOHWHOHüLFXFHUHVFLQLPLOH2ULGHFkWHRULQHvQWkOQHDP
VHFkQWDXFkQWHFHSDWULRWLFHGDUPDLDOHVGRLQH
 $MXQVHVHPVĆLSUHĦXLHVFQHVSXVGHPXOWSHDFHüWL
WLQHUL7RĦLPLHUDXGUDJL'HODXQWLPSvQVĆREVHUYDVHP
FĆ SULHWHQLD PHD vQFOLQĆ PDL PXOW VSUH 7HRIĆQHVFX (UD
XQ WkQĆU ELQH OHJDW IUXPRV UHVSHFWXRV FX XQ FDUDFWHU
IHUP FX R YRFH SOĆFXWĆ GH EDULWRQ FDUH FXFHUHD SH
RULFLQHFkQGvQFHSHDVĆFkQWH
 &kQWDPDLDOHVGRLQH&kQGDPDX]LWSHQWUXSULPD
GDWĆÅ'RLQDµOXLûW2,RVLIHPRĦLDPLDFXSULQVvQWUHDJD
ILLQĦĆüLQXODPOĆVDWSkQĆQXPDvQYĆĦDWüLSHPLQH

Å6HWkQJXLHVF
7ĆOĆQJLSHFĆL

 ûLQHJXULFUHVF
'LQQHJUHYĆL
3OXWLQGSHPXQĦLµ

 $XWUHFXWWUHL]HFLGHDQLüLQXODPPDLvQWkOQLWSH
7HRIĆQHVFX
 3H OD vQFHSXWXO OXL VHSWHPEULH  XüD FHOXOHL vQ
FDUH PĆ DIODP VH GHVFKLGH EUXVF üL DSDUH vQ SUDJ XQ
PDLRUvQVRĦLWGHXQGHĦLQXW3HPDLRUQXOPDLYĆ]XVHP
GDUSHGHĦLQXWDPDYXWLPSUHVLDFĆOFXQRVF
− Å&LQHHVWH&DUDJDĦĆ"µvQWUHEĆPDLRUXO
− Å(XµvLUĆVSXQG
− Å,DĦLEDJDMXOüLWUHFLSHFRULGRUµ
 ,DP VDOXWDW SH FHL FX FDUH FRQYLHĦXLVHP SkQĆ
DWXQFL üL DP LHüLW 0DLRUXO QX PLD PDL FHUXW VĆPL SXQ
PDQWDXDSHFDSLDUGHĦLQXWXOPLDDGUHVDWXQVDOXWIRDUWH
UHVSHFWXRV«
 8LWkQGXPĆ PDL DWHQW OD HO PLDP DPLQWLW GH
Å'RLQDµOXLûW2,RVLI(UD7HRIĆQHVFX
 1DP SXWXW YRUEL QLPLF vQ SUH]HQĦD PDLRUXOXL
*kQGXUL FĆURUD QX OHDP SXWXW GD QLFLR GH]OHJDUH PĆ
IUĆPkQWDX ûWLDP FĆ PDLRUXO HUD DGMXWDQWXO
FRPDQGDQWXOXL vQFKLVRULL FRORQHOXO &UĆFLXQ *KHRUJKH
GDUQXSXWHDPvQĦHOHJHFHOHJĆWXULSXWHDVĆDLEĆYHFKLXO
PHX SULHWHQ 7HRIĆQHVFX FX DGMXWDQWXO FRORQHOXOXL
&UĆFLXQ(QLJPDDYHDVĆVHGH]OHJHSXĦLQPDLWkU]LX
 $PIRVWVFRVGLQ&HOXODUüLGXVvQWURFXUWHOXQJĆ
GH FLUFD   GH PHWUL üL ODWĆ GH YUHR WUHL]HFL SULQ FDUH
PXOĦLGHĦLQXĦLXPEODXOLEHULGHFRORFRORGXSĆWUHEXUL
 $P IRVW GDW vQ SULPLUH XQXL SOXWRQLHU FDUH
FRQWUROD DFWLYLWDWHD GLQ DFHD FXUWH 'H MXUvPSUHMXU
 
QXPDL ]LGXUL 6SUH PLD]ĆQRDSWH VH DIOD &HOXODUXO 6SUH
UĆVĆULW EXFĆWĆULD vQFKLVRULL 0LDP GDW VHDPD GH DVWD
GHRDUHFH DIDUĆ HUDX KkUGDLH vQ FDUH QL VH DGXFHD
PkQFDUHDODFHOXOHHUDXFD]DQH üLIRDUWHPXOWHPDUPLWH
VFRDVH DIDUĆ FD VĆ ILH VSĆODWH ÍQ SDUWHD GLQVSUH PLD]Ć]L
H[LVWDRFOĆGLUHKLGRDVĆOXQJĆGHYUHRGHPHWULFXXQ
HWDM üL FX IHUHVWUH IRDUWH PLFL DFRSHULWH FX MDOX]HOH
)HUHVWUHOHGHODSDUWHUVHVLWXDXODQLYHOXOSĆPkQWXOXL
 /D FkWHYD ]LOH DP DIODW FĆ DLFL VH DIOD  IDLPRDVD
=DUFĆ &OĆGLUHD IXVHVH FRQVWUXLWĆ GH XQJXUL vQ 
SHQWUX URPkQLL GLQ 7UDQVLOYDQLD FDUH PDQLIHVWDX
VHQWLPHQWHDQWLPDJKLDUH$LFLHUDXGHFLÅvQPRUPkQWDWHµ
FHOHSHVWHGHFDGDYUHYLLVRUWLWHH[WHUPLQĆULLGHVSUH
FDUHVHWRWYRUEHDvQ&HOXODU
 3OXWRQLHUXO FDUH PĆ OXDVH vQ SULPLUH D FKHPDW SH
FLQHYDGHODEXFĆWĆULH8QEĆUEDWFDPGHFLQFL]HFLGHDQL
vQKDODWDOEüLFXERQHWĆSHFDSDVRVLWvQSDVDOHUJĆWRUüL
VD RSULW vQ SR]LĦLH GH GUHSĦL vQ IDĦD SOXWRQLHUXOXL (UD
EXFĆWDUXOüHI)HWLĦDUX
− ÅĥLD PDL YHQLW XQ DMXWRU OD EXFĆWĆULH 'XO vQ
FDPHUD YRDVWUĆ VĆüL ODVH EDJDMXO DUDWĆL SDWXO DSRL
LDOODEXFĆWĆULHüLGĆLGHOXFUXµûLFĆWUHPLQH
− Å9HL DVFXOWD GH RUGLQHOH GOXL EXFĆWDUüHI $L YRLH VĆ
PĆQkQFL FkW YUHL üL FH YUHL GDU VĆ QX GXFL vQ DOWĆ
SDUWHµ
 $P IRVW FRQGXV vQ FDPHUD EXFĆWDULORU PL VD
DUĆWDW SDWXO HWDMDW PLDP OĆVDW DFROR SXĦLQHOH OXFUXUL FX
FDUHYHQLVHPGHODFHOXOĆDSRLDPIRVWGXVvQVDODPDUHD
EXFĆWĆULHL $LFL vQ FLQFL FD]DQH HQRUPH FORFRWHD
PkQFDUHDSHQWUXPDVDGHVHDUĆ/DILHFDUHFD]DQFkWHGRL
RDPHQL YkQMRüL vQYkUWHDX PkQFDUHD FX ORSHĦL PDUL GH

OHPQ 6H ILHUEHD DUSDFDü $P IRVW GDW OD FXUĆĦDWXO
]DU]DYDWXOXLSHQWUXPDVDGHDGRXD]L/DRUDDPIRVW
WUHFXĦLODGRUPLWRU
 'HVFKLG LDUĆüL R SDUDQWH]Ć $QXO  D IRVW FHO
PDL IUXFWXRV SHQWUX PLQH ÍQYĆĦDVHP ELQH VĆ FRPXQLF
SULQ 0RUVH DMXWDW GH )LOLPRQ üL 1HOX &RQVWDQWLQHVFX
ÅGDVFĆOLLµ PHL $MXQVHVHP VĆ VWĆSkQHVF vQ PRG FRUHFW
DFHVWPLQXQDWDOIDEHWDFXVWLFSXWkQGFRPXQLFDVLQJXUFX
WRDWH HWDMHOH üL FX WRĦL YHFLQLL (VWH SHULRDGD FkQG DP
SXWXWvQYĆĦDFHOHSHVWHGHYHUVXULSHFDUHOHDPDGXV
vQ PHPRULH DFDVĆ GXSĆ HOLEHUDUHD QRDVWUĆ GLQ WHPQLĦD
$LXGXOXL
 $MXQVDFDVĆFXWRWULVFXOODFDUHPĆH[SXQHDPFD
VĆ QX OH SLHUG PDP DSXFDW LPHGLDW GH VFULV 6FULDP
QXPDL QRDSWHD FX WHDPĆ üL PDUH DWHQĦLH 'DFĆ Dü IL IRVW
GHVFRSHULWDüILSULPLWSHQWUXDGRXDRDUĆvQFĆGRXĆ]HFL
üLFLQFLGHDQLGHWHPQLĦĆJUHD&XDMXWRUXOOXL'XPQH]HX
DP UHXüLW VĆ OH WUHF vQWUXQ FDLHW GH SHVWH GRXĆ VXWH GH
SDJLQL ÅFDLHWXO FX FRSHUWH URüLLµ FDUH D VWDWDGĆSRVWLW vQ
SĆPkQWSkQĆOD5HYROXĦLDGLQ
 3H OkQJĆ ]HFLOH üL ]HFLOH GH SRH]LL GH FkWH   
VWURIHDPDGXVvQPHPRULHEDODGHDOHOXL5DGX*\UüL
1LFKLIRU &UDLQLF ILHFDUH DYkQG vQWUH    GH VWURIH
,DWĆ WLWOXULOH Å%DODGD FORSRWDUXOXL GLQ VWHOHµ  VWURIH
Å%DODGDXFHQLFXOXLFXRFKLLDOEDüWULµVWURIHÅ%DODGD
FRGUXOXL IĆUĆ KDLGXFµ  VWURIH %DODGD LFRQDUXOXLµ
VWURIHGH5DGX*\UÅ%DOGRYLQüL0ĆGĆOLQDµ
VWURIHGH1LFKLIRU&UDLQLF
 &RQFHSXWH vQ vQWXQHFLPHD WHPQLĦHORU GH FĆWUH
5DGX *\U 1LFKLIRU &UDLQLF üL DOĦL SRHĦL PDUWLUL SRH]LLOH
UHVSHFWLYH DX FLUFXODW SULQ WRDWH FHOH  GH FHOXOH DOH
 
$LXGXOXL WUDQVPLVH ´OD ĦHDYD FDORULIHUXOXLµ VDX µOD
SHUHWHµ FX DMXWRUXO DOIDEHWXOXL 0RUVH 6FULVH LQLĦLDO SH
VWLFOHOHFXPHGLFDPHQWHOHFHORUEROQDYLSHVĆSXQVDXSH
SHUHĦL IRORVLQGXVH XQ YkUI GH DF YHUVXULOH HUDX UHSHGH
PHPRUDWH VĆ QX ILH JĆVLWH OD R SHUFKH]LĦLH LQRSLQDWĆ
'XSĆPHPRUDUHVFULVXOGHSHVWLFOĆVĆSXQVDXSHUHWHHUD
LPHGLDW üWHUV 5LVFXO HUD GHRVHELW GH PDUH DWkW SHQWUX
FLQH UHFHSĦLRQD FkW üL SHQWUX FHO FH VFULD SD]D ILLQG
GHRVHELW GH YLJLOHQWĆ/D FHD PDL PLFĆ PLüFDUH vQ FHOXOĆ
JDUGLDQXO GH SH FRULGRU SULYHD GLVFUHW SULQ ÅRFKLXO
PDJLFµ IL[DW SH XüĆ VXUSULQ]kQGXO DGHVHD SH FHO FDUH
SULPHD PHVDMXO VDX vO WUDQVPLWHD YHFLQLORU &HOXL SULQV L
VHIĆFHDSHORFXQ´UDSRUWµSULQFDUHLVHFHUHDSHGHSVLUHD
FX]LOHGHÅL]RODUHµ
 5HJLPXO GH L]RODUH HUD GUDVWLF GHĦLQXWXO HUD VFRV
GLQ FHOXOD VD üL GXV RUL OD ÅQHDJUDµ RUL vQ DOWĆ FHOXOĆ OD
ÅUHFHµ FRQVWUXLWH VSHFLDO SHQWUX SHGHDSVĆ 3HUVRQDO DP
WUHFXWGHSDWUXRULSULQÅL]RODUHµRGDWĆODÅQHDJUDµüLGH
WUHLRULOD´FHOXODUHFHµFDJKHDĦD
 /D ´UHFHµ SHGHDSVD VH H[HFXWD vQ QLüWH FHOXOH
VSHFLDO DPHQDMDWH IĆUĆ SDW üL IĆUĆ VFDXQ GRDU FLPHQW GH
MXUvPSUHMXU ÍQWUXQ FROĦ VH DIOD WLQHWD :&XO FHOXOHL
3DWXO HUD UDEDWDELO 6HDUD OD RUHOH  FkQG VH GĆGHD
VWLQJHUHD JDUGLDQXO GH SH FRULGRU DSĆVD XQ EXWRQ üL GH
SHXQSHUHWHSHGUHDSWDVDXVWkQJDVHGHVSULQGHDXQSDW
GH ILHU JRO 'H SH FRULGRU JDUGLDQXO DUXQFD R SĆWXUĆ
WRFLWĆ üL MHJRDVĆ FX FDUH GHĦLQXWXO VH DFRSHUHD vQ WLPSXO
QRSĦLL 'LPLQHDĦD OD GHüWHSWDUH SDWXO vüL UHOXD ORFXO vQ
SHUHWH ÍQ WLPSXO ]LOHL SHGHSVLWXO QX DYHD SH FH VĆ VH
DüH]HGHFkWGRDUMRVSHFLPHQWVDXSHWLQHWDFXXULQĆüL
IHFDOH$üDFĆGHODGLPLQHDĦDSkQĆODVHDUDWUHEXLD

VĆ VH PLüWH WRW WLPSXO VDX VĆ VH SUĆEXüHDVFĆ SH FLPHQW
FkQG SXWHULOH ODU IL SĆUĆVLW $FHDVWD HUD ÅFHOXOD UHFHµ
XQGHRPXOWUHPXUDGHIULJüLvQOXQDFHDPDLILHUELQWHGH
YDUĆ
 8Q DOW VLVWHP GH SHGHDSVĆ HUD DüD]LVD ÅFHOXOĆ
QHDJUƵ , VH VSXQHD DüD ILLQGFĆ QX DYHD QLFLR IHUHDVWUĆ
ÍQFĆSHUHDHUDOXPLQDWĆ]LüLQRDSWHGHXQEHFIRDUWHVODE
LDUXüDDWkWGHELQHvQFKLVĆvQFkWQLFLXQSLFGHDHUQXVH
SXWHD VWUHFXUD GH DIDUĆ 'DFĆ vQ ÅFHOXOD UHFHµ RPXO
WUHPXUDGHIULJüLvQWLPSXOYHULLODÅQHDJUDµSXWHDLPXUL
GHFĆOGXUĆvQFHDPDLIULJXURDVĆ]LGHLDUQĆ«&HOXODQX
HUD vQFĆO]LWĆ vQ PRG VSHFLDO &ĆOGXUD H[FHVLYĆ VH GDWRUD
IDSWXOXL FĆ SULQWUXQXO GLQWUH SHUHĦL WUHFHD KRUQXO GH
HYDFXDUHGHODLQVWDODĦLDGHvQFĆO]LUHDvQFKLVRULL
 ÍQ LDUQD OXL

 DP IRVW üL HX SHGHSVLW OD
ÅQHDJUDµvPSUHXQĆFXDOĦLFLQFLGHĦLQXĦLGHODDOWHFHOXOH
WRĦLSHQWUXDFHHDüLYLQRYĆĦLHFRPXQLFĆULODÅ0RUVHµ
 /D ÅQHDJUDµ QX H[LVWDX SDWXUL 6H GRUPHD MRV SH
GXüXPHDSHQLüWHVDOWHOHQHQRURFLWH%HFXOHOHFWULFDUGHD
IĆUĆvQWUHUXSHUHüLQLFLRGDWĆQXSXWHDPüWLFkQGVDIĆFXW
]LXĆ VDX FkQG D YHQLW QRDSWHD &DPHUD QHDYkQG
IHUHDVWUĆ LDU XüD ILLQG FDSLWRQDWĆ DHUXO GHYHQHD
LQVXILFLHQW üL LUHVSLUDELO ÍQ WLPSXO ]LOHL SH FDUH QRL QR
YHGHDP DGLFĆ GH OD RUD GHüWHSWĆULL SkQĆ VHDUD OD
vQFKLGHUHD SURJUDPXOXL QX DYHDP YRLH VĆ VWĆP MRV
&ĆOGXUD HUD DüD GH PDUH vQFkW QX SXWHDP VXSRUWD
FĆPĆüLOH/HVFRWHDPüLUĆPkQHDPGH]JROLĦLSkQĆODEUkX
6XGRDUHDFXUJHDSHQRLüLURDLH&HOPDLJUHXGHVXSRUWDW
HUD vQVĆ OLSVD GH DHU &kWHXQ JDUGLDQ PDL RPHQRV PDL
GHVFKLGHD XüD FLQFL PLQXWH üL DHUXO FXUDW QĆYĆOHD FX
SXWHUHvQĆXQWUX0DLEHQHILFLDPGHDHUFkQGQLVHDGXFHD
 
PkQFDUHDGLPLQHDĦDODSUkQ]üLVHDUD$WXQFLJDUGLDQXO
GHVFKLGHD ODUJ XüD LHüHD ]ĆSXüHDOD GLQ WLPSXO QRSĦLL üL
FDPHUDVHXPSOHDFXDHUXOSURDVSĆWGHDIDUĆ
 +UDQD HUD FHD VWDELOLWĆ GH UHJXODPHQW SHQWUX
SHGHSVLĦLDGLFĆR]LSULPHDPüLR]LQXPDLSUHFLVGLQ
GRXĆQ GRXĆ ]LOH üL DWXQFL UDĦLD SH MXPĆWDWH 'LQ FDX]D
OLSVHLGHDHUGHPXOWHRULQRSXWHDPPkQFDQLFLSHDVWD
üL R DUXQFDP OD WLQHWĆ $üD FĆ GXSĆ GRXĆ VĆSWĆPkQL
FkQG VDX WHUPLQDW ]LOHOH GH SHGHDSVĆ üLDP IRVW VFRüL
DIDUĆFDVĆILPGXüLvQ&HOXODUHUDPDWkWGHVOĆELĦLvQFkW
SĆUHDFĆvQYLDVHUĆPGLQPRUĦL
 6DU IL FXYHQLW FD GXSĆ R DVWIHO GH SHGHDSVĆ RPXO
VĆ QX PDL DLEĆ QLFLRGDWĆ FXUDMXO VĆ VH DSURSLH GH SHUHWH
VDX FDORULIHU 'DU QHYRLD GH D FRPXQLFD GH D DIOD YHüWL
HUDPDLSXWHUQLFĆGHFkWWHDPDGHSHGHDSVĆ
 'XSĆL]RODUHDGHODÅQHDJUDµPLDXWUHEXLWFkWHYD
VĆSWĆPkQL VĆPL SRW YHQL vQ ILUH ûL FXP DPLQWHDP PDL
VXV vQ SULPĆYDUD OXL  DP PDL DYXW GH vQGXUDW vQFĆ
WUHL L]ROĆUL GDU QXPDL OD ´FHOXOD UHFHµ XQGH UHJLPXO GH
GHWHQĦLHHUDPDLVXSRUWDELO
 3HQWUX SHULRDGD DQLORU  PHULWĆ VĆ ILH
PHQĦLRQDW QXPHOH GH WULVWĆ DPLQWLUH DO FRPDQGDQWXOXL
vQFKLVRULL $LXG FRORQHOXO &UĆFLXQ *KHRUJKH FDUH FX
WRDWĆ 6HFXULWDWHD FHR DYHD OD vQGHPkQĆ QD SXWXW RSUL
FLUFXODĦLDSRH]LLORUL]YRUkWHGLQDPDUQLFHOHVXIHULQĦH(OH
DX IRVW PHPRUDWH FX ULVFXUL IRDUWH PDUL 3HQWUX D QX OH
SLHUGHOHUHSHWDPvQILHFDUH]L(UDVLQJXUXOSURFHGHXGH
VFXUJHUHPDLXüRDUĆDWLPSXOXL3HGUHSWFXYkQWDXWRULL
DFHVWRUYHUVXULDXIRVWVDOYDWRULLQRüWUL&XYHUVXULOHORU
QHDPKUĆQLW VXIOHWHOH]LüLQRDSWH&XDMXWRUXOORUDP
SXWXWVXSUDYLHĦXL

 $P FRQVLGHUDW QHFHVDUĆ DFHDVWĆ SDUDQWH]Ć
UHIHULWRDUH OD L]ROĆULOH GLQ WHPQLĦĆ vQDLQWHD vQFKHLHULL
FDSLWROXOXLGHGLFDWUHHGXFĆULL
 5ĆPĆVHVHP OD PRPHQWXO SULPXOXL FRQWDFW FX
EXFĆWĆULD vQFKLVRULL &KLDU GLQ SULPD ]L EXFĆWDUXOüHI
)HWLĦDUX PLD IĆFXW R EXQĆ LPSUHVLH 0DL vQWkL FĆ QXüL
GĆGHD DHUH GH üHI ÍPSĆUĦHD GLVSR]LĦLLOH IĆUĆ VĆ VH VLPWĆ
GHüL DP REVHUYDW FĆ DYHD R PDUH UĆVSXQGHUH 1X HUD
OXFUX XüRU VĆ  SUHJĆWHüWL PkQFDUHD SHQWUX WUHL PLL GH
SHUVRDQH
 &HLODOĦL  GH EXFĆWDUL HUDX RDPHQL FX H[SHULHQĦĆ
vQ VHUYLFLXO EXFĆWĆULHL üL ILHFDUH üWLD FH DUH GH IĆFXW ÍQ
DIDUĆGHDVWDIXVHVHUĆSXüLODSXQFWüLFXUHHGXFDUHDPDL
vQDLQWH GH D IL DGXüL DFROR (X vQVĆ DP IRVW VFRV GLQ
&HOXODUüLEĆJDWvQPLMORFXOORUIĆUĆVĆPĆQWUHEHQLPHQL
QLPLF«
 0Ć WRW JkQGHDP FĆ LQWHQĦLD FHOXL FDUH PD DGXV
DLFL VĆ IL IRVW EXQĆ VĆ PĆ VFRDWĆ GLQ vQWXQHFLPHD
WHPQLĦHLODDHUODVRDUHVĆPĆVFDSHGHVSHFWUXOIRDPHL
,DWĆDWkWHDDUJXPHQWHFDUHSXWHDXMXVWLILFDJHVWXODFHVWXL
ELQHIĆFĆWRU'DURDUHFXFHSUHĦ"'HVLJXUvQFD]XOFkQG
PDU IL vQWUHEDW GDFĆ YUHDX VĆ PHUJ DFROR FX FRQGLĦLD
ÅFDSLWXOĆULLµ D  DFFHSWĆULL ÅVSĆOĆULL FUHLHUXOXLµ GH WRDWH
YHFKLOH ÅUH]LGXXULµ Dü IL UĆVSXQV FDWHJRULF QX 'DU
DFXP FH SXWHDP VĆ PDL IDF" (UDP SUL]RQLHUXO ORU
REOLJDW VĆ DFFHSW DFHDVWĆ VLWXDĦLH VWXSLGĆ vQ SRILGD
YRLQĦHLPHOHÍQGRUPLWRUWRĦLVHXLWDXFXULRüLOD PLQH üL
QLPHQLQXPĆQWUHEDQLPLF(UDPFDXQOXSvQWUHRL&UHG
FKLDU FĆ OHDP SĆUXW VXVSHFW $YHDX GUHSWDWH ELHĦLL
RDPHQL VĆ VH WHDPĆ &XDWkĦLD WXUQĆWRUL SULQ FHOXOH QX
HUD GHORF GH PLUDUH VĆ OH EDJH XQXO SULQWUH HL 1XPDL
 
)HWLĦDUXEXFĆWDUXOüHISOLPEkQGXVHSULQWUHSDWXULFkQG
DDMXQVvQGUHSWXOSDWXOXLPHXPDvQWUHEDW
− 'HXQGHYDDGXV"
− 'LQFHOXODUGLQWURFHOXOĆGHODHWDMXOWUHL
 $GRXD]LvQFĆGHGLPLQHDĦĆILHFDUHDPHUVODORFXO
OXL GH PXQFĆ (X DP IRVW UHSDUWL]DW OD FXUĆĦDWXO
]DU]DYDWXOXL'XSĆPDVDGHSUkQ]PLVDXGDWPDUPLWHOH
üLKkUGDLHOHVĆOHFXUĆĦüLVĆOHVSĆOSHQWUXPDVDGHVHDUĆ
 =LOHOH DX vQFHSXW VĆ VH VFXUJĆ RDPHQLL SDUFĆ QX
PĆ PDL SULYHDX FX VXVSLFLXQH üL vQFHW vQFHW PDP
vQFDGUDWvQULWPXOYLHĦLLGHODEXFĆWĆULH&kQGüLFkQGPL
VH DOĆWXUD OD OXFUXO PHX FkWH XQXO GLQWUH EXFĆWDULL FDUH
PXQFHDX vQ LQWHULRU 3DUFXUJHDP GHVWXO GH GHV GLVWDQĦD
GHODEXFĆWĆULHODEHFLXOXQGHVHDIODGHSR]LWDW]DU]DYDWXO
üLOHJXPHOH'HDFRORQHOXDPFDQWLWĆĦLOHQHFHVDUHSHQWUX
PkQFDUHD FH VH SUHJĆWHD vQ ]LXD UHVSHFWLYĆ ÍQ WUHFHUH
DUXQFDP SH IXULü SULYLUL VSUH ]LGXULOH ILRURDVH DOH
´=ĆUFLLµ üLPL VSXQHDP UHSURükQGXPL FĆ vQ WHPQLĦHOH
DFHOHD vQWXQHFRDVH üL vQVSĆLPkQWĆWRDUH ]DF RDPHQL FH VH
]EDW vQ FKLQXULOH IRDPHL üL DOH FHOHL PDL FUXQWH WHURUL vQ
WLPS FH HX PĆ EXFXU GH DHU GH VRDUH GH R KUDQĆ
vQGHVWXOĆWRDUHGHOLEHUWDWHDGHDPĆPLüFDvQWUXQVSDĦLX
PXOWPDLODUJGHFkWvQWURFHOXOĆ«$X]LVHPGLQ&HOXODU
FĆ vQ =DUFĆ HUDX vQFKLüL YkUIXULOH SROLWLFLHQLORU DOH
QDĦLRQDOLüWLORU üL PDL DOHV FHL UHIUDFWDUL UHHGXFĆULL 0DL
DIODVHP FĆ DLFL VH DIOD üL QDüXO PHX GH FXQXQLH SUHRWXO
ûWHIDQ 0DUFX GLQ 1LVWRUHüWL9UDQFHD DUHVWDW GLQ  üL
FRQGDPQDW OD  DQL WRW SHQWUX ÅFULPĆ GH XQHOWLUH
vPSRWULYDRUGLQLLVRFLDOHµ
 $SDULĦLD ]LOQLFĆ vQ IDĦD PHD D DFHORU ]LGXUL FX
IHUHVWUHOH PLFL vPL SURGXFHD QHOLQLüWH üL PRPHQWH GH

FUXQWĆ PXVWUDUH D FRQüWLLQĦHL UHSURükQGXPL FĆ ORFXO
PHX QDU IL WUHEXLW VĆ ILH DLFL XQGH PĆ DIODP FL DFROR
XQGHVXIHULQĦDHUDPDLJUHDûLDVWIHO]LGH]LDFXPXODP
vQ PLQH UHPXüFĆUL WRW PDL DSĆVĆWRDUH SHWUHFkQGXPL
]LOHOH üL QRSĦLOH vQ WRW IHOXO GH JkQGXUL üL IUĆPkQWĆUL
VXIOHWHüWL
 7UHFXVHUĆ DSURDSH GRXĆ OXQL GH FkQG OXFUDP OD
EXFĆWĆULH 3H OD VIkUüLWXO OXQLL RFWRPEULH vQWUR ]L FD GH
SULPĆYDUĆGXSĆDPLD]ĆVXQWHPDQXQĦDĦLVĆWUHFHPvQWU
RVDOĆPDUHGLQLQFLQWD&HOXODUXOXLXQGHXUPDVĆVHĦLQĆ
RUDGHUHHGXFDUH&DüLUkQGXOWUHFXWüHGLQĦDDvQFHSXWFX
OHFWXULGLQ]LDUHOHFDUHSUHDPĆUHDXUHDOL]ĆULOHUHJLPXOXL
$ XUPDW DSRL R SDX]Ć GH R MXPĆWDWH GH RUĆ &kĦLYD DX
UĆPDV vQ VDOĆ $P UĆPDV üL HX 'RL GLQWUH GHĦLQXĦL
GLVFXWDXGHVSUHPX]LFĆ,DPUXJDWVĆPLSHUPLWĆVĆDVLVW
üLHX0DPSUH]HQWDWODIHODXIĆFXWüLHL8QXOVHQXPHD
1LFRODH *RJD LDU SH FHOĆODOW XQ DUPHDQ vO FKHPD
$FWHULDQ 7HPD GLVFXĦLHL HUD %HHWKRYHQ /D XQ PRPHQW
GDW*RJDvOvQWUHDEĆSH$FWHULDQ
− $LDX]LWYUHRGDWĆGHÅ6RQDWDOXQLLµ"
− Å1XµUĆVSXQVH$FWHULDQ
− ,DDVFXOWĆSXĦLQ
ûL *RJD vQFHSH VĆL IOXLHUH vQFHW PHORGLD (UD DüD GH
GXOFH GH FODUĆ üL VHQLQĆ GH SDUFĆ Dü IL YĆ]XW  SH FHUXO
vQWXQHFDWDOQRSĦLLRVSOHQGLGĆOXQĆSOLQĆ
− 'DU üWLL vQ FH vPSUHMXUĆUL D FRPSXV %HHWKRYHQ
Å6RQDWDOXQLLµ"
− Å1XµvLUĆVSXQVHDUPHDQXO
− 6H VSXQH FĆ vQWUR PLQXQDWĆ QRDSWH FX OXQĆ SOLQĆ
%HHWKRYHQ VH SOLPED OLQLüWLW üL vQJkQGXUDW SH XQD
GLQWUHVWUĆ]LOHQHIUHFYHQWDWHGHOXPHDOH9LHQHL/DXQ
 
 PRPHQW GDW GH OD R FDVĆ FX EDOFRQ DXGH R IHPHLH
SOkQJkQG Å'H FH SOkQJHĦL GRDPQĆ"µ vQWUHEĆ
FRPSR]LWRUXOÅ3OkQJUĆVSXQVHIHPHLDILLQGFĆFLQHYD
GLQFDVĆPLDVSXVFĆDIDUĆHRQRDSWHFXRPLQXQDWĆ
OXQĆSOLQĆüLHXQXSRWVRYĆG6XQWRDUEƵÅ$YHĦL
vQ FDVĆ XQ SLDQµ" Å'Dµ Å3RW VĆ LQWUX"µ Å3RIWLĦLµ
%HHWKRYHQ D LQWUDW VD DüH]DW OD SLDQ üL D FkQWDW
Å6RQDWD OXQLLµ Å0XOĦXPHVF GRPQXOH DP YĆ]XW
OXQDµ D H[FODPDW FXWUHPXUDWĆ GH HPRĦLH IHPHLD
RDUEĆ
 &kQG *RJD WHUPLQĆ SRYHVWLUHD FLQHYD GHDIDUĆ
LQWUĆ SUHFLSLWDW vQ VDOĆ üL VSXVH JUĆELW Å,HüLĦL UHSHGH
9RUEHüWHĥXĦHDµ
 $P LHüLW üL ODP YĆ]XW ÍQ PLMORFXO D SHVWH
FLQFL]HFL GH RDPHQL vQDOW üL PDLHVWXRV FDSXO VĆX
GHVFRSHULW GRPLQD GHDVXSUD WXWXURU 9RUEHD vQIOĆFĆUDW
FDXQDSRVWRODOOXL+ULVWRV1XYRUEHDQLFLGHFRPXQLVP
QLFL GH PDU[LVP QLFL GH OHJLRQDULVP QLFL GH
SROLWLFLDQLVP
 9RUEHDGHVSUHILOR]RILDWXWXURUWLPSXULORUGHVSUH
PDULL GDVFĆOL FDUH LDX FĆOĆX]LW YLDĦD UĆVSXQ]kQG FX
PXOWĆ EXQĆYRLQĦĆ WXWXURU FHORU FDUHL SXQHDX vQWUHEĆUL
([SOLFDĦLLOHüLUĆVSXQVXULOHOXLHUDXSUHVĆUDWHFXFLWDWHGLQ
WRĦL PDULL JkQGLWRUL DL OXPLL vQ OLPELOH JHUPDQĆ ODWLQĆ
HQJOH]ĆVDXIUDQFH]ĆÍQWLPSFHYRUEHDvQFHUFDPFXJUHX
VĆPL IDF ORF VWUHFXUkQGXPĆ SULQWUH RDPHQL FD VĆ P
DSURSLLFkWPDLPXOWGHHO
 /D XQ PRPHQW GDW FLQHYD FDUH HUD OkQJĆ PLQH
H[FODPĆFXHQWX]LDVPÅ(VWHH[WUDRUGLQDU2PXOĆVWDDUH
YDJRDQHGHFĆUĦLvQPLQWHDVDµ
 'XSĆSDX]ĆüHGLQĦDVDGHVIĆüXUDWFDGHRELFHLFX

OHFWXUL GLQ ]LDUH üL OXĆUL GH FXYkQW 1D SDUWLFLSDW QLFL
FRORQHOXO &UĆFLXQ üL QLFL YUHXQ DOW RILĦHU GLQ SHUVRQDOXO
vQFKLVRULLGRDUFRPLWHWXOGHUHHGXFDUHDOFĆWXLWGLQSDWUX
SHUVRDQH DOHVH FX JULMĆ GH FHL GLQ FRQGXFHUHD
SHQLWHQFLDUXOXL
 3HQWUX PLQH ]LXD DFHHD VD WHUPLQDW FX XQ PDUH
IRORV vO YĆ]XVHP vQ FDUQH üL RDVH SH ĥXĦHD üL PDL FX
VHDPĆvODX]LVHPYRUELQG
 ÍQ D GRXD MXPĆWDWH D OXQLL QRLHPEULH WRW vQWUR
GXSĆ DPLD]Ć SH RYUHPH XUkWĆ FX EXUQLĦĆUHFH üL GHDVĆ
VXQWHP FKHPDĦL vQ VDOD FHD PDUH SHQWUX R QRXĆ üHGLQĦĆ
GH UHHGXFDUH Å$VWĆ]L FH YD PDL IL RDUH"µ PDP
vQWUHEDW *UXSXUL JUXSXUL GH RDPHQL GLQ &HOXODU GLQ
VHFĦLLOH GH OXFUX YHQHDX vQ FXUWHD FHD PDUH D vQFKLVRULL
vQGUHSWkQGXVHVSUHVDODGHüHGLQĦH*UXSXOQRVWUXGHOD
EXFĆWĆULH DIOkQGXQH PDL DSURDSH GH VDOĆ DP DMXQV
SULQWUH FHL GLQWkL üL DP OXDW ORF vQ SULPHOH UkQGXUL GH
EĆQFLÍQPDLSXĦLQGHXQVIHUWGHRUĆVDODVHXPSOXVHFX
FkWHYDVXWHGHRDPHQL
 &kQG QX PDL HUD QLPHQL GH DüWHSWDW XüD VH
GHVFKLVH üL DSĆUX XQ JUXS GH YUHR RSW SHUVRDQH FDUH VH
vQGUHSWĆVSUHRPDVĆOXQJĆDüH]DWĆSHXQSRGLXPvQIDĦD
QRDVWUĆ'DWRULWĆYUHPLLvQFKLVHGHDIDUĆvQVDOĆVHIĆFXVH
GHMD VHPLvQWXQHULF &kQG JUXSXO GH OD ÅSUH]LGLXµ D OXDW
ORFSHVFDXQHVDXDSULQVOXPLQLOH3ULYLQGPDLDWHQWvQ
PLMORFXOFHORURSWPLVDSĆUXWFĆVHDIODXQRPSHFDUHO
FXQRVFXVHP FkQGYD 1X PĆQüHODP (UD 3HWUH ĥRFX
GLQ*DODĦLIRVWXOSUHIHFWOHJLRQDUGH9UDQFHDGLQ
FDUH DSĆUHD DFXP FD  SUHüHGLQWH DO &RPLWHWXOXL GH
UHHGXFDUH /D GUHDSWD OXL VWXSRDUH VH DIOD EXQXO PHX
SULHWHQ 7HRIĆQHVFX FHO FDUH vPSUHXQĆ FX PDLRUXO PĆ
 
VFRVHVHGLQ&HOXODUFXWUHLOXQLvQXUPĆ'HDELDDWXQFL
DPvQĦHOHVPLVWHUXOPXWĆULLPHOHODEXFĆWĆULDvQFKLVRULL
 ûHGLQĦD D vQFHSXW FX LQWHURJĆULOH 3ULPXO DP IRVW
FKLDU HX (]LWkQG VĆ PĆ SULYHDVFĆ vQ RFKL   SUHüHGLQWHOH
&RPLWHWXOXL IRVWXO SUHIHFW OHJLRQDU FX XQ JODV XüRU
WUHPXUDWvPLDGUHVHD]ĆSULPDvQWUHEDUH
− 'RPQXOH &DUDJDĦĆ HVWH üWLXW GH WRDWĆ OXPHD FĆ üHIXO
0LüFĆULL/HJLRQDUH&RUQHOLX=HOHD&RGUHDQXDIRVWüL
UĆPkQH vQ LVWRULD SROLWLFĆ D ĦĆULL QRDVWUH XQ FULPLQDO
'XPQHDWDFHDLGHVSXVvQDFHDVWĆSULYLQĦĆ"
 ÍQ VDOĆ VH IĆFXVH R WĆFHUH GH PRUPkQW 1X VH
VLPĦHD QLFLR PLüFDUH QLFLXQ IRüQHW 0DP ULGLFDW üL IĆUĆ
QLFLRH]LWDUHDPUĆVSXQV
− 9ĆUHIHULĦLODFD]XO0DQFLXQXLDüD"
− Å'Dµ UĆVSXQVH SUHüHGLQWHOH &RPLWHWXOXL GH
UHHGXFDUH
− 8Q RP FDUH VH DIOĆ vQ OHJLWLPĆ DSĆUDUH QX SRDWH IL
FRQVLGHUDW FULPLQDO« /D DFHO SURFHV GH OD ,DüL
&RUQHOLX =HOHD &RGUHDQX VH JĆVHD vQ VDOD
7ULEXQDOXOXLFDDSĆUĆWRUDOXQXLVWXGHQWvQSURFHVFX
SUHIHFWXOGHSROLĦLH0DQFLX$FHVWDDYHDGHSDUWHDOXL
GRXĆ]HFLGHSROLĦLüWL&RGUHDQXHUDVLQJXU(OUĆPkQH
SHQWUXPLQHüLSHPDLGHSDUWHWRWÅ&ĆSLWDQXOµ
− ÍQWUHDJD DVLVWHQĦĆ GLQ VDOĆ DPXĦLVH 1LFLR UHSOLFĆ GH
QLFĆLHUL 'XSĆ FkWHYD FOLSH GH GHVFXPSĆQLUH SHQWUX
FHL GLQ &RPLWHW LQWHURJĆULOH DX IRVW UHOXDWH
8UPĆWRUXO D IRVW DYRFDWXO ,RQ %DUEX XQ EĆUEDW FDP
GHGHDQLELQHOHJDWFXUDMRVüLWRWDüDGHVFXQGFD
üLPLQH,VDSXVüLOXLDFHHDüLvQWUHEDUHODFDUH%DUEX
DUĆVSXQV
− ûLûWHIDQFHO0DUHDSHGHSVLWFX PkQDOXLXQKDWPDQ


 SHQWUX WUĆGDUH GDU LVWRULD QX LD SXV SH IUXQWH
VWLJPDWXOGH´FULPLQDOµFLODFRQVDFUDWFDSHÅFHOPDL
PDUHµ üL ÅFHO PDL YLWHD]µ YRLHYRG DO QHDPXOXL
URPkQHVF
 'XSĆDFHVWHGRXĆLQWHURJĆULVDGDWRSDX]ĆDSRL
üHGLQĦD GLQ ]LXD UHVSHFWLYĆ D IRVW VXVSHQGDWĆ $SDUHQW
QX VD OXDW QLFLR PĆVXUĆ vPSRWULYD FHORU GRL LQWHURJDĦL
)LHFDUHDWUHFXWODORFXOOXLGHPXQFĆIĆUĆVĆVHQWkPSOH
QLPLFGHRVHELW
 &kWHYD ]LOH vQ üLU DWkW EXFĆWDUXOüHI )HWLĦDUX FkW üL
SOXWRQLHUXO FDUHUĆVSXQGHD GH VHFWRUXO QRVWUX GH PXQFĆ
DX GHSXV VWĆUXLQĦĆ DVXSUD PHD VĆ UHYLQ DVXSUD
GHFODUDĦLHLGHODüHGLQĦĆ0LDXSURPLVFĆQLPLFQXPLVH
YD vQWkPSOD GDFĆ YRL DFFHSWD ÍPL FHUHDX GRDU R VLPSOĆ
GHFODUDĦLH VFULVĆ GH GH]DYXDUH D FHORU URVWLWH üL YRL IL
LHUWDW $OWIHO YRL DYHD QHFD]XUL $P DYXW XQ WLPS
LPSUHVLD FĆ SOXWRQLHUXO FKLDU PĆ VLPSDWL]D 6SXQHD
WXWXURUFĆHXVXQWÅMDSRQH]XOµOXL
 $ WUHFXW R VĆSWĆPkQĆ IĆUĆ VĆ PDL ILX vQWUHEDW
QLPLFÍQWURVHDUĆvQDLQWHGHDVHGDVWLQJHUHDDYHQLWXQ
JDUGLDQPDVFRVGLQGRUPLWRUXOEXFĆWDULORUüLPDEĆJDW
vQWUR FDPHUĆ PDL PDUH FD R FHOXOĆ XQGH PDL HUDX FLQFL
RDPHQL 'LQ SXĦLQHOH OĆPXULUL SH FDUH PL OHDX GDW DP
vQĦHOHVFĆIXVHVHUĆDGXüLDFRORGHGRXĆ]LOHLQYRFkQGXVH
ÅVLWXDĦLL VSHFLDOHµ /HDP VSXV FĆ üL HX DP IRVW DGXV WRW
FXRÅVLWXDĦLHVSHFLDOƵIĆUĆVĆLQWUXvQDPĆQXQWH
 1XPL PDL DPLQWHVF QXPHOH QLFLXQXLD GLQWUH FHL
FLQFL 'XSĆ YUHR FkWHYD ]LOH VHDUD FX SXĦLQ vQDLQWH GH D
VH GD VWLQJHUHD D LQWUDW vQ FDPHUĆ XQ SOXWRQLHU FX R
vQIĆĦLüDUHUĆXWĆFLRDVĆvQWUHEkQGGHQXPHOHPHX
− 'DHXVXQW

 
− ,DĦLEDJDMXOüLXUPHD]ĆPĆ
 (UDP vQ FXUWHD FHD PDUH XQGH VH DIOD &HOXODUXO
'HDFROR WUHFkQG vQ FXUWHD PLFĆ QHDP vQGUHSWDW VSUH
ILRURDVHOH]LGXULSHFDUHOHYHGHDP]LOQLFvQWLPSXOFHORU
WUHLOXQLFkWDPOXFUDWODEXFĆWĆULH
 3OXWRQLHUXO D GHVFKLV R XüĆ JUHD GH DIDUĆ DSRL
vQFĆ XQD LQWURGXFkQGXPĆ SH XQ FRULGRU OXQJ SXĦLQ
OXPLQDW RSULQGXQH vQ FHOH GLQ XUPĆ vQ IDĦD XQHL XüL SH
FDUH DP FLWLW GLQ IXJĆ QU  =ĆYRDUHOH DX IRVW WUDVH FX
]JRPRWXO RELüQXLW DP IRVW vPSLQV GLQ VSDWH GH
vQVRĦLWRUXOPHXüLDVWIHOvQ]LXDGHGHFHPEULHDP
DMXQVvQFHOXODQUGLQIDLPRDVDvQFKLVRDUHÅ=DUFDµ

 =DUFD

 8QQXPHSUHGHVWLQDW8QORFFXDGHYĆUDWLQIHUQDO
XQGHIRDPHDDDWLQVDSRJHXO$IRVWFRQVWUXLWĆGHXQJXUL
vQvQVFRSXOvQWHPQLĦĆULLURPkQLORUFDUHvQFHUFDXVĆ
OXSWH SHQWUX HOLEHUDUHD GH VXE RSUHVLXQHD PDJKLDUĆ
$FHDVWĆ FOĆGLUH MRDVĆ üL vQWXQHFRDVĆ SDUFĆ vQJURSDWĆ vQ
SĆPkQW DYHD SHUHĦLL JURüL GH DSURDSH XQ PHWUX
FRQVWUXLĦL QXPDL GLQ SLDWUĆ SHQWUX FD RULFH vQFHUFDUH GH
HYDGDUH VĆ ILH H[FOXVĆ 2 VFKHPĆ D DFHVWHL FOĆGLUL R
vQWkOQLP vQ YROXPXO ,, DO FĆUĦLL OXL ,RDQ ,RDQLG
ÅÍQFKLVRDUHD QRDVWUĆ FHD GH WRDWH ]LOHOHµ /D S  VXQW
QXPHURWDWH FHOXOHOH GH OD  (X DP VWDW WLPS GH RSW
OXQL GH OD  GHFHPEULH  SkQĆ OD  LXOLH  vQ
FHOXODQU
 ÍQ =DUFĆ vQFĆSHDX DSUR[LPDWLY  GHĦLQXĦL
&HOXOHOHHUDXPLFLSUHYĆ]XWHFXXüLGLQPDWHULDOJUHXGH
VWHMDUFX]ĆYRDUHWHULELOHLDUIHUHVWUHOHüLHOHPLFLVLWXDWH

DSURDSH GH QLYHOXO SĆPkQWXOXL DYHDX JUDWLL JURDVH GH
RĦHOFDUHGHVFXUDMDRULFHIHOGHGRULQĦĆGHHYDGDUH
 ÍQFHUF VĆ GHVFULX vQ FRQWLQXDUH YLDĦD DPDUQLFĆ
SHVWHPĆVXUĆGHFKLQXLWĆGXVĆGLQFRORGHOLPLWDRULFĆUHL
UĆEGĆULRPHQHüWLvQvQJKHĦDWHOHüLvQWXQHFDWHOHFHOXOHGLQ
=DUFD $LXGXOXL SUHJĆWLWH vQ PRG VSHFLDO SHQWUX FHL FDUH
QDXSXWXWVĆüLSURVWLWXH]HFRQüWLLQĦHOH
 $UXQFDWvQDFHDQRDSWHGHGHFHPEULHvQFHOXODQU
PDPSRPHQLWvQPLMORFXODvQFĆWUHLRDPHQL'HFXP
DPLQWUDWXQXOGLQWUH HLDGXVGHJHWXOODJXUĆIĆFkQGX
PL VHPQ VĆ QX YRUEHVF %XFXULH PDUH (UD FDPDUDGXO
PHX GUDJ *UHFX *KHRUJKH GLQ *DODĦL FX FDUH
FRQYLHĦXLVHP vQ &HOXODU DSURDSH GRL DQL )XVHVH DGXV
vQDLQWHDPHDWRWSHQWUXDWLWXGLQHSRWULYQLFĆUHHGXFĆULL
 'LQSĆFDWHQXPHOHFHORUODOĦLGRLQXPLOHDPPDL
SXWXW DPLQWL $P UHĦLQXW GRDU FĆ XQXO HUD SUHRW JUHFR
FDWROLF GH SULQ SĆUĦLOH 0DUDPXUHüXOXL LDU FHOĆODOW XQ
ĦĆUDQ GLQ %DQDW FRQGDPQDW OD PRDUWH vQ XUPD XQHL
UĆ]YUĆWLUL ORFDOH FkQG OL VD LPSXV FX IRUĦD VĆ VHPQH]H
DGHUDUHDODFROHFWLYL]DUH'XSĆSURFHVDIRVWGXVOD-LODYD
üL LQWURGXV vQ ÅFDPHUD ]HURµ XQGH VH DIODX PDL PXOĦL
FRQGDPQDĦLODPRDUWHDüWHSWkQGXüLILHFDUH]LXDüLFHDVXO
H[HFXĦLHLĥĆUDQXOGLQFHOXODQRDVWUĆDDüWHSWDWGRLDQL]L
GH]LFOLSĆGHFOLSĆVĆILHGXVSHORFXOGHH[HFXĦLH'XSĆ
DFHLGRLDQLWUĆLĦLvQFRüPDUXULJUHXGHVXSRUWDWPDLDOHV
QRDSWHD SHGHDSVD LD IRVW FRPXWDWĆ vQ PXQFĆ VLOQLFĆ SH
YLDĦĆ üL WULPLV OD $LXG /D IHO FD vQ FD]XO SRHWXOXL 5DGX
*\U FRQGDPQDW OD PRDUWH SHQWUX SRH]LD Å0DQLIHVWµ FX
FHOHEUXOvQGHPQÅ5LGLFĆWH*KHRUJKHULGLFĆWH,RDQHµ
'XSĆFRPXWDUHDSHGHSVHLüL5DGX*\UDLQWUDWvQUkQGXO
ÅYLHĦDüLORUµ OĆVkQGXQH DFHOH QHPXULWRDUH YHUVXUL GH XQ
 
WUDJLVP ]JXGXLWRU GLQ SRH]LD Å9LHĦDüXOµ SH FDUH vQFHUF
VRUHSURGXFDLFLGLQPHPRULH

'HPXOWGHPXOWSHODQFHSXWGHRVkQGĆ
0DLvQWUHEDüLGHQRLODSRDUWDGHDIDUĆ
&kWHRQĆOXFĆGHPDPĆSOĆSkQGĆ
6DXFkWHRQHYDVWĆDPDUĆDPDUĆ

8QDQGRLWUHLSDWUXüLGLQOXPHDFHDODOWĆ
0DLVRVHDFkWHXQUĆYDüPLURVLQGDJUĆGLQL
$SRLWĆFHUHDFUHVFXSHVWHQRLWRWPDL
QDOWĆ
&XP&R]LDSHVWHUXLQL

1LPHQLQLPLFQLFĆLHULQLFLRGDWĆ
ûLOXPHDFHOHLODOWHYLHĦL
&Ć]XGHSHQRLPĆFLQDWĆ
&DWHQFXLDODGHSHSHUHĦL

,DUQRLQHDPUHWUDVvQWLPSFDR]JXUĆ
$IDUĆSĆULQĦLLEĆWUkQL
3RDWHGHDQLüLGHDQLVHIĆFXUĆ
3kLQH]XP]HWIkQWkQL

1HYHVWHOHQRDVWUHRUILDYkQGODFULPLWRWPDLSXĦLQH
ûLQSĆUWRWPDLPXOWH]ĆSH]LvQĦHOHSWH
ûLYRUILvQYĆĦDWVĆQXPDLVXVSLQH
ûLVĆQXPDLDüWHSWH

)HFLRULLQRüWULYRUILFUHVFXWPDLGHSDUWH
0DLIUXPRüLWRWPDLGHSDUWHGHQRL
ûLRUILSXUFHVVSUHRUDüHVWUHLQHODFDUWH
'HQRUILPXULWXQGHYDvQUĆ]ERL

 
,DUIHWHOHQRDVWUHFXERLXULvQIORDUH
2UILSOHFDWGHPXOWPLUHVHQFDOHüWL
$OĆWXULGHPLULUXSĦLGLQVRDUH
&DIHĦLLIUXPRüLGLQSRYHüWL

ûLDFRORQFĆPLQXULDOEDVWUHRUFRDVH
&XPkQDVXEĦLUHüLPRDOH
3OHFDWHVXEODPSĆPDGRQHGXLRDVH
6FXWHFHDOEHFDQLüWHSHWDOH

3HQWUXRGUDVOHEĆODLHFDVSLFXO
&DUHPkLQHYRUUkGHQLDWDF
'HSDUWHGHPRDUWHüLGHEXQLFXO
3LHUGXWIĆUĆXUPHvQSLDWUĆvQYHDF

 &HOXOD QU  HUD SUHYĆ]XWĆ FX GRXĆ SDWXUL WLQHWĆ
üL R VREĆ GH WDEOĆ SHQWUX vQFĆO]LW $YHD R IHUHVWUXLFĆ vQ
SDUWHD GH 1RUG ELQH FDPXIODWĆ FX MDOX]HOH vQFkW vQ
WLPSXO FHOHL PDL OXPLQRDVH ]LOH QL VH SĆUHD FĆ QH DIODP
vQWUXQ SHUPDQHQW DPXUJ GH VHDUĆ $YHD GRXĆ SDWXUL
ILLQGvQPRGRELüQXLWRFXSDWĆGHGRLRDPHQL$FXPvQVĆ
vQ SHULRDGD UHHGXFĆULL DGPLQLVWUDĦLD HUD QHYRLWĆ VĆ
SRSXOH]H FHOXOHOH FX FkWH SDWUX RDPHQL (UDP GHFL
REOLJDĦL VĆ GRUPLP FkWH GRLvQWUXQ SDW vQJXVW GH  FP
&DVĆvQFĆSHPWUHEXLDFDXQXOVĆVHDüH]HODXQFDSĆWüL
DOGRLOHDODFHOĆODOWFDSĆW
 $P GRUPLW vQ SULPD QRDSWH vPSUHXQĆ FX *UHFX
*K ILLQGFĆ DO GRLOHD ORF vQ SDWXO OXL HUD OLEHU (UDP
DPkQGRLIHULFLĦLvQQHQRURFLUHDQRDVWUĆYĆ]kQGFĆVRDUWD
D IRVW EXQĆ FX QRL DGXQkQGXQH GLQ YĆOPĆüDJXO DWkWRU

 
PLL GH RDPHQL VĆ ILP vPSUHXQĆ VĆ VXSRUWĆP PDL XüRU
UHJLPXOGHH[WHUPLQDUHLPSXVGHFRORQHOXO&UĆFLXQFHORU
FHQXVHOĆVDXVĆILHÅEROüHYL]DĦLµ
 $FHVW FRPDQGDQW GH WULVWĆ DPLQWLUH vüL JĆVLVH üL
RPXOSRWULYLWREUXWĆGHSOXWRQLHUXQJXUFXQXPHOHGH
%LUR(ODYHDvQVDUFLQĆWRDWHSUREOHPHOHGLQ=DUFĆ'HOD
SD]Ć üL VXSUDYHJKHUH FDUH HUD FHD PDL GUDVWLFĆ SkQĆ OD
XOWLPDOLQJXUĆGHPkQFDUHWRWXOWUHFHDSULQFRQWUROXOOXL
%LURÍüLDYHDüLXQQXPĆUGHLQIRUPDWRULFDUHODMXWDXFX
PXOWĆVOXJĆUQLFLH
 ÍQ FHOXOHOH =ĆUFLL QX SXWHDL  YRUEL QLFL PĆFDU vQ
üRDSWĆ 'H Å0RUVHµ QLFL QX SXWHD IL YRUED 0DL vQWkL FĆ
DLFLQXHUDXFDORULIHUHLDUODSHUHWHDUILIRVWXQULVFLQXWLO
3HUHĦLLILLQGDWkWGHJURüLQLFLFHOPDLSXWHUQLF]JRPRWGH
FLRFDQ QX SXWHD IL DX]LW 7UĆLDP L]RODĦL FDQWUXQ
PRUPkQW
 
 3ULPDQRDSWHvQ=DUFD

 /D RUD  FORSRĦHOXO D VXQDW VWLQJHUHD 1HDP
GH]EUĆFDW]HJKHDüLSDQWDORQLLüLQHDPvQJKHVXLWXQXOvQ
DOWXOSHSDWXOvQJXVWGHILHU6ĆPDLDPLQWLPGHVDOWHD"
(UDDWkWGHX]DWĆüLVXEĦLUHvQFkWVLPĦHDPILDUHOHSDWXOXL
VXE FRDVWH 1HDP DFRSHULW FX SĆWXUD VXUĆ (UD üL HD
VXEĦLUHGLQFDX]DX]XULLüLSHDORFXULUXSWĆ6HOĆVDVHXQ
JHU QĆSUDVQLF 6LPĦHDP IULJXO FD SH QLüWH VXOLĦH FDUH QH
PSXQJHDX SHVWH WRW $P SXV SHVWH SĆWXUĆ üL
vPEUĆFĆPLQWHDGHSXüFĆULHGDUQDPUHDOL]DWPDUHOXFUX
)ULJXO D FRQWLQXDW VĆ QH FKLQXLH  SkQĆ OD ]LXĆ &kQG VD
GDWGHüWHSWDUHDXQSODQWRQGHDOOXL%LURQHDvPSLQVSH
YL]HWĆ YUHR  NJ GH OHPQH XPHGH FD VĆ IDFHP IRFXO OD

VREDGHWDEOĆ8QDOWSODQWRQvQXUPDFHOXLFXOHPQHQH
D LQWURGXV WRW SULQ YL]HWĆ XQ PLF üRPRLRJ vPELEDW vQ
PRWRULQĆ üL DSULQV ûRPRLRJXO D DUV FkWHYD PLQXWH GDU
OHPQHOHQXVDXDSULQVILLQGXPHGHÍQVFKLPEFHOXODVD
XPSOXWGHIXPXQIXPvQHFĆFLRVüLJUHXGHPRWRULQĆ
 $FHDVWD D IRVW UDĦLD QRDVWUĆ GH FĆOGXUĆ SHQWUX 
GHRUH

 GHFHPEULH3ULPD]LGHYLHĦXLUHvQ=DUFD

 )ULJ vQWXQHULF üL SHUPDQHQWD JULMĆ GH D QX FĆGHD
FXFHYDVXEVXSUDYHJKHUHDOXL%LURüLDSODQWRDQHORUVDOH
1L VD DGXV QHVXIHULWXO VXURJDW FDUH QX DYHD vQ HO GHFkW
DSD SXĦLQ FĆOGXĦĆ üL FXORDUHD FDIHQLH )HOLXĦD GH SkLQH
FDUH QX FkQWĆUHD PDL PXOW GH  GH JU vPSUHXQĆ FX
VXURJDWXOQHDXvQFĆO]LWSXĦLQOLKQLWHOHQRDVWUHVWRPDFXUL
3kQĆ OD PDVD GH SUkQ] PDL DYHP GH DüWHSWDW üDSWH RUH
/XQJLFkWüDSWHYHDFXUL
 &H IDFHP SkQĆ DWXQFL" 1H OXSWĆP FX IRDPHD üL
FXIULJXO'DUPDLDOHVFXIULJXO$IDUĆLXQJHUGHFUDSĆ
SLHWUHOH üL QRL QHDP vQFĆO]LW FHOXOD FXQ üRPRLRJ GH
PRWRULQĆüLFXQQRUQHJUXGHIXP
 3RHWXOGHWHQĦLHLQRDVWUHPDJQLILFXO5DGX*\UQH
DOĆVDWRFXWUHPXUĆWRDUHSRH]LHLQWLWXODWĆÅ)ULJµÍQWRDWĆ
RSHUD OXL vQ WRDWH SRH]LLOH GH UHYROWĆ QDL VĆ vQWkOQHüWL
YUHXQD vQ FDUH VĆ DSDUĆ vQMXUĆWXUD ÍQ SRH]LD Å)ULJµ
FKLQXODIRVWDWkWGHSXWHUQLFvQFkWDWUHFXWSHVWHOLPLWHOH
UĆEGĆULL ILULL RPHQHüWL 5HSURGXF VWURID vQ FDUH SRHWXO
GHĦLQXWQHPDLSXWkQGvQGXUDDWUHFXWSHVWHDFHVWHOLPLWH
üLvQMXUĆ


 
 0LHIULJPLHIULJPLHIULJ
9UHDXVĆXUOXVĆ]ELHU
0LHIULJPLHIULJPLHIULJPLHIULJ
$üVFULHSH]LGXULFUXQWWHVWDPHQW
Å*ULMDQLDPĆVLGHIULJµ
6kQJHOHVFKHDXQĆPLHIULJPLHIULJ
$SRLVHVFXUJHMRVvQFLPHQW

 (RUDGRXĆ6DXG]JRPRWHüLYRFLSHFRULGRU9LQ
EXFĆWDULL FX PDUPLWHOH FX PkQFDUH 6DXGH üL YRFHD OXL
%LUR9L]HWHOHVHGHVFKLGXQDGXSĆDOWD%XFĆWDULLDMXQJüL
vQ GUHSWXO FHOXOHL QRDVWUH 1L VH YkUĆ OD UHSH]HDOĆ SDWUX
EXFĆĦL GH WXUWRL üL SDWUX JDPHOH FX ]HDPĆ FKLRDUĆ
VWUHFXUDWĆFXJULMĆODEXFĆWĆULHGH]HORVXO%LUR=HDPDQ
DUH DOWĆ FDOLWDWH GHFkW FĆL ILHUELQWH 2 VRUELP UHSHGH üL
VLPĦLP FĆ WUXSXULOH QRDVWUH vQJKHĦDWH GH IULJ VH PDL
vQFĆO]HVF 'DU VWRPDFXULOH VHDJLWĆ QHPXOĦXPLWH üL
IRDPHD FHD FXPSOLWĆ GHDELD DFXP vQFHSH 3kQĆ VHDUD
PDLVXQWvQFĆPXOWHRUHGHFKLQ
 7XUWRDLHOHDXIRVWPkQFDWHSHQHUĆVXIODWHFDQLüWH
YHULWDELOHIHOLLGHFR]RQDF«

)LQDOXOÅPĆUWXULLORUµ

 $üDVDGHVIĆüXUDWYLDĦDQRDVWUĆvQ=DUFD$LXGXOXL
WLPS GH RSW OXQL FX IRDPH IULJ üL VXSUDYHJKHUH
GLDEROLFĆ
 3H OD VIkUüLWXO OXQLL LXOLH
 GH XQGH SkQĆ DWXQFL
IXVHVHUĆP ĦLQXĦL vQWUXQ VHFUHW GHVĆYkUüLW VĆ QX QH üWLP
XQLL GH DOĦLL LDWĆQH GHRGDWĆ SHVWH  GH RDPHQL VFRüL
GLQvQWXQHFDWHOHFHOXOHDOH=ĆUFLLüLDGXüLvQFXUWHDPDUHD


vQFKLVRULLODDHUüLODOXPLQDVRDUHOXL1XPDLVHPĆQDPD
RDPHQL 3ĆUHDP QLüWH YLHWĆĦL VFRDVH GLQ VWUĆIXQGXULOH
SĆPkQWXOXL FDUH QX PDL DYHDP QLPLF FRPXQ FX FHL GLQ
MXU
 &D VĆ QX QH SUHRFXSH FRPHQWDUHD QRLL VLWXDĦLL vQ
FDUH QH DIODP DP IRVW SXüL ÅOD WUHDEƵ VĆ PXWĆP QLüWH
FĆUĆPL]LGLQWUXQORFvQDOWXO3ULQWUHQRLVHDIODXüLFkĦLYD
JDUGLHQL 'H OD HL DP DIODW DGHYĆUXO ÅYL VH SUHJĆWHüWH
HOLEHUDUHDµ
 /DRVĆSWĆPkQĆGHODDFHVWHYHQLPHQWQLVDXGDW
KDLQHOH FLYLOH üLDX IRVW IĆFXWH IRUPHOH GH HOLEHUDUH
$SĆUXVH'HFUHWXOGHDPQLVWLHSHQWUXSROLWLFL
 ÍQWUR VHDUĆ WRDWĆ SXüFĆULD D IRVW HYDFXDWĆ GH FHL
DSURDSHWUHLPLLGHGHĦLQXĦL$PIRVWvQFRORQDĦLüLGXüLOD
JDUĆ XQGH QH DüWHSWD XQ WUHQ SHUVRQDO FX ]HFL GH
YDJRDQHFDUHVDXXPSOXWSkQĆODUHIX]0XOĦLGLQWUHQRL
DP UĆPDV SH VFĆUL QHPDLDYkQG ORF vQ YDJRDQH $FHHDüL
VRDUWĆDPDYXWRüLHX
 0DPIL[DWSHRVFDUĆPLDPvQFROĆFLWXQEUDĦSH
REDUĆGHILHUüLWUHQXOVDSXVvQPLüFDUHvQSOLQĆQRDSWH
7RDWHVFĆULOHYDJRDQHORUHUDXvQĦHVDWHGHRDPHQL$üDDP
PHUV SkQĆ OD 5Ć]ERLHQL $FROR WUHQXO VD JROLW PXOĦL
RDPHQLOXkQGDOWHWUHQXULVSUHDOWHGHVWLQDĦLL$OQRVWUX
FXFDUHSOHFDVHUĆPGLQ$LXGüLDFRQWLQXDWGUXPXOVSUH
0ROGRYD
 'XSĆ PXOWH RSULUL SULQ VWDĦLL vQ ]RULL ]LOHL DP
DMXQV OD 0ĆUĆüHüWL $P FRERUkW VDüWHSW XQ WUHQ VSUH
*DODĦL 'XSĆ PDL PXOWH RUH GH DüWHSWDUH DP XUFDW vQ
SHUVRQDOXO &RPĆQHüWL*DODĦL $P FRERUkW vQ VWDĦLD
'RDJD FX JkQGXO VĆ DMXQJ vQ VDWXO 6WUĆMHVFX VĆPL YĆG
PDPD SH FDUH R OĆVDVHP FX VĆQĆWDWHD üXEUHGĆ üL IĆUĆ
 
QLFLXQ VSULMLQ 'XSĆ FHDP WUHFXW GH 'RDJD PDP
vQWkOQLW IDĦĆQ IDĦĆ FXQ RP GLQ 6WUĆMHVFX FDUH VD
DSURSLDWGHPLQHüLPDQWUHEDW
− 1XFXPYDVXQWHĦLGRPQXO&DUDJDĦĆ"
− 'DHXVXQW
− 9HQLĦLGHODvQFKLVRDUHQXLDüD"
− 'DGHOD$LXG
 2PXOVDvQWRUVGLQGUXPXOOXLPL VDDOĆWXUDWüL
SULYLQGXPĆ FX PXOWĆ FRPSĆWLPLUH PLD VSXV Å$X
PXULW üL WDWD üL PDPD GXPQHDYRDVWUĆ ĥDĦD &DWULQD D
PXULWDQXOWUHFXWOD3DüWLµ
 /DDX]XODFHVWHLWULVWHYHüWLPLDPOXDWUĆPDVEXQ
GHODFRQVĆWHDQXOPHXüLPDPDüH]DWSHPDUJLQHDXQXL
üDQĦ VĆ SOkQJ vQ WĆFHUH SH DFHHD FDUHPL GĆGXVH YLDĦĆ
(UDPFRQYLQVFĆXOWLPXOHLJkQGvQDLQWHGHPRDUWHDIRVW
ODVLQJXUXOEĆLDWSHFDUHODYHDüLFDUHFXRSWDQLvQXUPĆ
R OĆVDVH QHDMXWRUDWĆ üL EROQDYĆ 0DP ULGLFDW FX JUHX üL
DMXQJkQGvQVDWDPDIODWGHODYHFLQLFXPVDVIkUüLWELDWD
PHDPDPĆ
 (UD R ]L GH GXPLQLFĆ ÍQFHSXVH VOXMED vQ  ELVHULFĆ
$PLQWUDWDPFXPSĆUDWFkWHYDOXPkQĆULüLOHDPDSULQV
SHPRUPkQWXOHL$SRLDPSOHFDWODJDUĆVDMXQJSkQĆQ
VHDUĆ vQ 9UDQFHD OD 7LFKLULü XQGHPL HUD IDPLOLD VRĦLD
FKLQXLWDPHDVRĦLHFXFHOHGRXĆILLFH&RUQHOLDüL2OJXĦD
 $MXQV vQ )RFüDQL DP OXDW WUHQXO GH 2GREHüWL LDU
GHDFRORXQPLFWUHQGHPXQWHÅ0RFĆQLĦDµFXPvLVSXQ
YUkQFHQLL DYHD VĆ PDGXFĆ SkQĆ OD XOWLPD JDUĆ %XUFD
OkQJĆ 9LGUD ÍQ DFHVW WUHQXOHĦ DP vQWkOQLW GRXĆ SHUVRDQH
GLQ 7LFKLULü XQ EĆUEDW üL R IHPHLH FDUH DX DYXW
EXQĆYRLQĦD VĆPL LD SXĦLQXO EDJDM üL VĆ PLO ODVH DFDVĆ
7RWHLDXDQXQĦDWVRVLUHDPHD

 6HQVHUDVHELQHFkQGDPLQWUDWvQVDW/DRFRWLWXUĆ
D GUXPXOXL PĆ vQWkOQHVF IDĦĆQ IDĦĆ FX R IHWLüFDQĆ ELQH
FUHVFXWĆFDUHVHUHSHGHODPLQHüLPLVWULJĆ
Å7ĆWLFXOHµ
− Å&DUH HüWL WX &RUQHOLD VDX 2OJXĦD"µ $QLL FDUH
WUHFXVHUĆ SHVWH QRL DX IĆFXW VĆ QX OH PDL SRW GHRVHEL
XQDGHDOWD
− Å7ĆWLFXOH QX PĆ FXQRüWL" 6XQW 2OJXĦD«6Ć üWLL
WĆWLFXOHFĆPĆGXFOD&RQVHUYDWRUµ«
 $P SĆüLW vQ FXUWH DSRL vQ FDVĆ 7RĦL HUDX vQ
DüWHSWDUHD PHD VRĦLD ILLFD PDL PDUH &RUQHOLD VRFULL
FXPQDWHüLQHSRDWH/XOLXQDGLQWUHQHSRDWHOHPDLPLFL
DDSUHFLDWFXVLQFHULWDWHDHLGHFRSLOFĆVHPĆQDPODIDĦĆ
FXXQüRDUHFH
 ÍQWkOQLUHD FX WRĦL PHPEULL IDPLOLHL D IRVW DWkW GH
HPRĦLRQDQWĆvQFkWFXYLQWHOHDXDPXĦLW

&RQFOX]LL

 8QFDOYDUGHDSURDSHQRXĆDQLVHVIkUüLVH
 6XIHULQĦHOHGHVFULVHvQDFHVWHÅPĆUWXULLµWUHEXLHVĆ
UHFXQRVF DX IRVW PXOW PDL PLFL GHFkW DOH DOWRUD 0LL GH
IDPLOLL DX IRVW GLVWUXVH vQ vQWUHJLPH vQ DFHVW KRORFDXVW
FRPXQLVW=HFLGHPLLGHRDPHQLDXUĆPDVSHWRWvQWLQVXO
ĦĆULL SULQ JURSL FRPXQH VDX vQ PRUPLQWH QHüWLXWH GH
QLPHQL&HLFĆURUDOHDDMXWDW'XPQH]HXVĆVHvQWRDUFĆüL
VĆüLUHYDGĆIDPLOLLOHVĆvQJHQXQFKH]HvQIDĦDLFRDQHORUüL
VĆVHURDJHSHQWUXFHLFDUHQXVDXPDLvQWRUV

VHSWHPEULH

 
 



















 






$GGHQGDODÅ&DLHWHOHWULVWHĦLLµ«











 
 



















$XWRELRJUDILH

 0DP QĆVFXW vQ FRP )ĆXUHL UDLRQXO )RFüDQL OD
GDWD GH  RFWRPEULH  3ĆULQĦLL PHL 9DVLOH üL &DWULQD
ORFXLDX OD QDüWHUHD PHD vQ VDWXO %L]LJKHüWL FRPXQD
)ĆXUHL$LFLDYHDXDULORFGHJUĆGLQĆULHüLKDWHUHQ
DUDELOGLQFDUHüLVFRWHDXFHOHGHWUHEXLQĦĆ
 1X vPSOLQLVHP vQFĆ  DQL FkQG UĆ]ERLXO GLQ 
QH VLOHüWH VĆ QH VWUĆPXWĆP GRPLFLOLXO 7DWĆO PHX D IRVW
FKHPDWVXEDUPHLDUPDPDQXPDLFXFHDSXWXWvQFĆUFD
vQWUR FĆUXĦĆ D IRVW QHYRLWĆ VĆ VH UHIXJLH]H GHSDUWH GH
]RQD SHULFXORDVĆ D IURQWXOXL $FROR vQ FRPXQD 3RLDQD
UDLRQXO7HFXFLDPVWDWSkQĆODVIkUüLWXOUĆ]ERLXOXL
 ÍQ SULPĆYDUD DQXOXL  vQDSRLQGXQH GLQ
UHIXJLXQHDPVWDELOLWvQVDWXO6WUĆMHVFXUDLRQXO)RFüDQL
ORFXOGHQDüWHUHDOPDPHLPHOHGHRDUHFHFDVDSĆULQWHDVFĆ
GLQVDWXO%L]LJKHüWLIXVHVHFRPSOHWGLVWUXVĆGHUĆ]ERL
 ÍQ VDWXO 6WUĆMHVFX DP XUPDW üFRDOD SULPDUĆ vQWUH
DQLL  FX vQYĆĦĆWRUXO &RVWDFKH 9HUGHü 7RW DLFL
WDWĆOPHXvQWRUFkQGXVHGHSHIURQWDIRVWvPSURSULHWĆULW
FX  KD WHUHQ DUDELO $GĆXJkQGXVH OD DFHDVWĆ VXSUDIDĦĆ
üL SDUWHD GH PRüWHQLUH D PDPHL GH DSUR[LPDWLY  KD
SĆULQĦLL PHL SXWHDX GH DFXP vQDLQWH VĆ IDFĆ IDĦĆ
JUHXWĆĦLORU YLHĦLL &HOH SDWUX VXURUL GRXĆ PDL PLFL üL
GRXĆ PDL PDUL GHFkW PLQH DX PXULW SH FkQG ORFXLDPOD
%L]LJKHüWL $OĦL FRSLL vQ DIDUĆ GH PLQH QX PDL DYHDX
DFXP
 
 $XWRELRJUDILD vQYĆĦĆWRUXOXL &RVWDFKH &DUDJDĦĆ ûFRDOD HOHPHQWDUĆ GH  DQL
FRPXQD 9LGUD VDWXO 6FDIDUL vQWRFPLWĆ OD GDWD GH  PDL  GXSĆ SULPD
SHULRDGĆGHGHWHQĦLHQQ

 
 $PWHUPLQDWüFRDODSULPDUĆODYkUVWDGHDQLÍQ
WRDPQDDQXOXLSĆULQĦLLPDXGDWOD ûFRDOD1RUPDOĆ
GLQ)RFüDQLSHFDUHDPXUPDWRvQWUHDQLL&D
VĆ OH SRW YHQL vQ DMXWRU SĆULQĦLORU DP UHXüLW VĆ REĦLQ vQ
ILHFDUHFODVĆRPHGLHGHWUHFHUHFDUHVĆPLGHDGUHSWXOOD
EXUVĆ ([DPHQXO GH GLSORPĆ ODP GDW vQ VHVLXQHD LXQLH
 UHXüLQG FX PHGLD  ILLQG FODVLILFDW DO OHD
GLQWUHGHFDQGLGDĦL/DWHUPLQDUHDH[DPHQXOXL PLVD
vQPkQDW'LSORPDGHFDSDFLWDWHFXQXPĆUXO
 ÍQ WLPSXO FHORU üDVH DQL GH üFRDOĆ FX WRDWĆ
VWUĆGXLQĦD GH D REĦLQH vQ ILHFDUH DQ EXUVĆ FKHOWXLHOLOH
HUDXWRWXüLPDUL3ĆULQĦLLDXIRVWQHYRLĦLVĆYkQGĆRSDUWH
GLQSĆPkQWXOFHODYHDXFDVĆPĆSRDWĆvQWUHĦLQH$VWIHO
OD PRDUWHD WDWĆOXL PHX vQ  PDPD QX PDL VWĆSkQHD
GHFkWKD
 8OWLPXO DQ GH üFRDOĆ GLQ SXQFW GH YHGHUH DO
FRQGLĦLLORU PDWHULDOH D IRVW GHRVHELW GH JUHX ÍQFHSXVHP
VĆPL GDX VHDPD FĆ OXPHD QXL DOFĆWXLWĆ QXPDL GLQ
RDPHQL QHFĆMLĦL &Ć R SDUWH GLQWUH HL WUĆLHVF IĆUĆ VĆ
FXQRDVFĆ OLSVXULOH FĆ DX WRW FH OH WUHEXLH IĆUĆ HIRUWXUL
GHRVHELWH&ĆSHQWUXRFDWHJRULHGHRDPHQLYLDĦDHVWHXQ
SULOHMGHGHVIĆWDUHGHKX]XU$FHüWLDSURILWDXGHSHXUPD
PXQFLL FHORU QĆSĆVWXLĦL vQYkUWHDX WRW IHOXO GH DIDFHUL
PkQXLQG FDSLWDOXUL üL vPSUĆüWLLQG SHVWH WRW QHFLQVWHD üL
LPRUDOLWDWHD 0XOĦL GLQWUH HL HUDX vQUHJLPHQWDĦL vQ
SDUWLGHOHFDUHVHSHULQGDXSHODFkUPDĦĆULLIĆFkQGSDUWH
üL GLQ GLIHULWH FRQVLOLL GH DGPLQLVWUDĦLH DOH XQRU
vQWUHSULQGHUL vQFDVkQG üL GH DFROR YHQLWXUL PDUL
3DUWLGHOHSROLWLFHWROHUDXWRDWHSĆFDWHOHDFHORUYUHPXULÍQ
JRDQD GXSĆ SXWHUH HOH vPSĆUĦLVHUĆ SRSRUXO vQ ]HFL GH
WDEHUHFDUHVHVIküLDXvQWUHHOH

 $YHDP  GH DQL üLPL GĆGHDP VHDPD GH WRDWH
DFHVWHD&RQVLGHUDPFĆHVWHRGDWRULHVĆPDYkQWvQOXSWD
SROLWLFĆ 1X DYHDP vQVĆ vQFUHGHUH vQ SDUWLGHOH SROLWLFH
H[LVWHQWH 9HGHDP vQWUvQVHOH LQVWUXPHQWHOH GH
GHVWUĆPDUH D QHDPXOXL ,QYLWDĦLLOH XQRUD üL DOWRUD GLQWUH
SROLWLFLHQLGHDPĆvQUHJLPHQWDvQSDUWLGHOHORUQXPDX
FRQYLQV /RFXO PHX QX HUD DFROR 6LPĦHDP FĆ WUHEXLH VĆ
GXF OXSWD vPSRWULYD ORU LDU QX DOĆWXUL GH HL $FHDVWĆ
SRVLELOLWDWH PLD RIHULWR 0LüFDUHD /HJLRQDUĆ ûL vQ YDUD
DQXOXLGXSĆVXVĦLQHUHDH[DPHQXOXLGHGLSORPĆP
DPvQVFULVvQDFHDVWĆRUJDQL]DĦLH(UDVLQJXUDIRUPDĦLXQH
SROLWLFĆ SH FDUH R FXQRüWHDP OD DFHD YUHPH FDUH QX
SURPLWHD QLPLF PHPEULORU VĆL üL FDUH VH RSXQHD
SROLWLFLDQLVPXOXLYHQDOüLFRUXSW
 &D R FRQVHFLQĦĆ LPHGLDWĆ D DFHVWHL DGHUĆUL vQ
WRDPQD DQXOXL  QX DP IRVW SULPLW vQ vQYĆĦĆPkQW
3HUVHFXĦLDDGXUDWüLvQDQLLXUPĆWRUL&ROHJLLPHLGĆGHDX
GHILQLWLYDWXO üL HX QX IXVHVHP QXPLW QLFL PĆFDU FX WLWOX
SURYL]RULXÍQDFHüWLDQLJUHLFDVĆPĆSRWvQWUHĦLQHüLVR
SRW DMXWD üL SH PDPD DP IRVW QHYRLW VĆ OXFUH] XQHRUL FX
]LXDFDSĆOPDüOD FRQVWUXFĦLDXQRUSRGXULGHSHûXüLĦD
ILLQGSOĆWLWFXOHLSH]L
 ÍQDFHVWWLPSDFUHVFXWüLPDLPXOWvQVXIOHWXOPHX
UHYROWDvPSRWULYDQHGUHSWĆĦLORUüLDVXSULULORU
 ÍQ FXUVXO DQLORU  PLDP IĆFXW VWDJLXO
PLOLWDU XUPkQG FXUVXULOH ûFROLL 0LOLWDUH 2ILĦHUL 5H]HUYĆ
,QIDQWHULH1U%DFĆX
 ÍQ OXQD GHFHPEULH  *DUGD GH )LHU ILLQG
GL]ROYDWĆ DP IRVW DUHVWDW vPSUHXQĆ FX DOĦL FDPDUD]L
vQFKLV OD SHQLWHQFLDUXO GLQ )RFüDQL GH XQGH DP IRVW
HOLEHUDWvQDMXQXO&UĆFLXQXOXL/DRVĆSWĆPkQĆGXSĆDVWD
 
XUPkQG DVDVLQDUHD OXL , *K 'XFD SH DWXQFL SULP
PLQLVWUX DP IRVW DUHVWDW GLQ QRX üL GHSXV OD DFHODüL
SHQLWHQFLDU ÍQ IHEUXDULH  DP IRVW WUDQVIHUDW
vPSUHXQĆ FX DOĦL FDPDUD]L OD vQFKLVRDUHD PLOLWDUĆ -LODYD
'HDLFLDPIRVWHOLEHUDWODPDUWLH
 /D  VHSWHPEULH D DFHOXLDüL DQ vQ ED]D 2UGLQXOXL
1U  GLQ  VHSWHPEULH  DO 0LQLVWHUXOXL
ÍQYĆĦĆPkQWXOXL 3XEOLF VXQW QXPLW vQ vQYĆĦĆPkQWXO
HOHPHQWDU FX WLWOX SURYL]RULX OD üFRDOD GLQ VDWXO
5ĆGRDLD FRPXQD 'UĆJXüDQL UDLRQXO $GMXG 'DU QX
IXQFĦLRQH] DLFL 2EĦLQ GHWDüDUHD vQ FRPXQD 7LFKLULü
MXGHĦXO 3XWQD IXQFĦLRQkQG OD DFHDVWĆ üFRDOĆ GH OD 
VHSWHPEULHSkQĆODVHSWHPEULH
 3HQWUXDQXOüFRODUVXQWXWLOL]DWODûFRDOD
GLQ VDWXO 9HUGHD FRPXQD 5ĆFRDVD MXG 3XWQD /D 
VHSWHPEULHVXQWQHYRLWVĆPĆSUH]LQWODSRVWXOPHX
GLQ VDWXO 5ĆGRDLD GHRDUHFH QX PL VD PDL DSUREDW
GHWDüDUHDSHFDUHRFHUXVHP3HQWUXDQXOüFRODU
REĦLQ GHWDüDUHD OD üFRDOD GLQ VDWXO 3DOWLQ ² 3RGXUL MXG
3XWQD /D  VHSWHPEULH  REĦLQ WUDQVIHUXO vQ FRPXQD
7LFKLULü GDU QDP IXQFĦLRQDW DLFL GHFkW GRXĆ OXQL OD 
RFWRPEULHILLQGVXVSHQGDWGLQvQYĆĦĆPkQW
 ÍQ XUPD XQHL DQFKHWH IĆFXWĆ GH XQ LQVSHFWRU
JHQHUDO GLQ 0LQLVWHUXO ÍQYĆĦĆPkQWXOXL GRYHGLQGXVH
QHWHPHLQLFLD DFX]DĦLLORU FDUH PLDX IRVW DGXVH DFX]DĦLL
GH QDWXUĆ SROLWLFĆ DP IRVW UHLQWHJUDW vQ vQYĆĦĆPkQW FX
REOLJDĦLDGHDFHUHXQORFGHPXQFĆvQDOWĆORFDOLWDWH/D
LDQXDULH  DP IRVW QXPLW OD ûFRDOD GH EĆLHĦL GLQ
FRPXQD 3RSHüWL ² 5kPQLFX 6ĆUDW XQGH DP IXQFĦLRQDW
SkQĆODVIkUüLWXODQXOXLüFRODU


 /DVHSWHPEULHDPIRVWWUDQVIHUDWGLVFLSOLQDU
ODüFRDODGLQVDWXO8PEUĆUHüWL²7J%XMRUMXG&RYXUOXL
 ÍQDLQWHGHDSOHFDODSRVWPDPFĆVĆWRULWFX(OHQD
, 'XPLWUHVFX ILLFD OXL ,RQ 'XPLWUHVFX GLQ FRPXQD
7LFKLULü'LQFĆVĆWRULDQRDVWUĆDXUH]XOWDWXUPĆWRULLFRSLL
&RUQHOLD QĆVFXWĆ vQ )RFüDQL OD GDWD GH  PDL  vQ
SUH]HQW HOHYĆ vQ FODVD D 9,,D OD ûFRDOD PHGLH GH  DQL
GLQ FRPXQD 9LGUD 0LKDLO QĆVFXW vQ FRPXQD 7LFKLULü OD
GDWD GH  PDUWLH  GHFHGDW OD  PDUWLH  2OJD
QĆVFXWĆ vQ FRPXQD 7LFKLULü OD  LXQLH  vQ SUH]HQW
HOHYĆ vQ FODVD D ,9D OD ûFRDOD HOHPHQWDUĆ GH  DQL GLQ
VDWXO6FDIDULFRPXQD9LGUD
 /D 8PEUĆUHüWL QDP IXQFĦLRQDW GHFkW  ]LOH
(YHQLPHQWHOH LQWHUQDĦLRQDOH GLQ WRDPQD DQXOXL 
LPSXQHDX VWDWXOXL URPkQ PĆVXUL JUDEQLFH vQ YHGHUHD
DSĆUĆULLWHULWRULXOXLSDWULHL6HIDFFRQFHQWUĆULPDVLYH3H
GDWD GH  VHSWHPEULH PĆ SUH]LQW üL HX OD XQLWDWH
5HJLPHQWXO  'RUREDQĦL GLQ FDUH IĆFHDP SDUWH VH
GHSODVHD]Ć GLQ )RFüDQL üL RFXSĆ R SR]LĦLH vQ MXUXO
ORFDOLWĆĦLL 'DUDEDQL MXG 'RURKRL $LFL VXQW LQVWUXLWH
FDGUHOH GH UH]HUYĆ DOH UHJLPHQWXOXL üL VH IDF OXFUĆUL GH
RUJDQL]DUHD WHUHQXOXL 7RWXO SHQWUX D SUHvQWkPSLQD XQ
HYHQWXDODWDFGLQSDUWHDWUXSHORUVRYLHWLFH
 ÍQ DSULOLH  VXQW FKHPDW OD )RFüDQL SHQWUX
LQVWUXLUHD WLQHULORU UHFUXĦL GLQ FRQWLQJHQWXO  ÍQ OXQD
LXOLH VXQW vQFDGUDW OD R FRPSDQLH FDUH DYHD PLVLXQHD VĆ
H[HFXWH OXFUĆUL DQWLFDU vQMXUXO SRGXOXL GH SHVWH 6LUHW vQ
FRPXQD&RVPHüWL²7HFXFL
 ÍQ VHSWHPEULH  YLQH OD FkUPD ĦĆULL JHQHUDOXO
$QWRQHVFX GLPSUHXQĆ FX 0LüFDUHD /HJLRQDUĆ ÍQ OXQD
GHFHPEULH VXQW QXPLW VXELQVSHFWRU üFRODU GH FRQWURO vQ
 
SODVD 9LGUD $P IXQFĦLRQDW vQ DFHDVWĆ FDOLWDWH SkQĆ OD 
IHEUXDULH  ÍQ DFHVW WLPS VH SURGXFH UHEHOLXQHD GLQ
 LDQXDULH (D VDSĆ vQWUH JHQHUDOXO $QWRQHVFX üL
0LüFDUHD /HJLRQDUĆ R SUĆSDVWLH SHVWH FDUH QX VH YD PDL
SXWHD WUHFH 'LQ QRX FD üL SH WLPSXO OXL $UPDQG
&ĆOLQHVFX üL D FHORUODOWH SDUWLGH PLL GH OHJLRQDUL VXQW
DUXQFDĦL vQ vQFKLVRUL 'H GDWD DFHDVWD HX QDP PDL IRVW
DUHVWDW ILLQGFĆ QDP OXDW SDUWH OD UHEHOLXQH 0Ć JĆVHDP
vQ DFHO WLPS vPSUHXQĆ FX LQVSHFWRUXO üFRODU MXGHĦHDQ
9LRUHO &LRFkUODQ vQ FRPXQHOH GLQ SODVD 9LGUD IĆFkQG
LQVSHFĦLLVSHFLDOHvQYĆĦĆWRULORUFDUHWUHEXLDXVĆPHDUJĆOD
H[DPHQHOHGHGHILQLWLYDWüLJUDGXO,,
 /D  IHEUXDULH  VXQW UHFKHPDW OD FDWHGUĆ 0Ć
SUH]LQW OD SRVWXO PHX GLQ VDWXO 8PEUĆUHüWL XQGH
IXVHVHP WUDQVIHUDW GLVFLSOLQDU vQ WRDPQD DQXOXL  ÍQ
FXUVXO OXQLL DSULOLH DP VXVĦLQXW OD *DODĦL H[DPHQXO GH
GHILQLWLYDWUHXüLQGFXPHGLD
 3H GDWD GH  PDL  VXQW GLQ QRX FKHPDW OD
FRQFHQWUDUH 6H SUHJĆWHD vQFHSXWXO UĆ]ERLXOXL vPSRWULYD
8QLXQLL 6RYLHWLFH 0Ć SUH]LQW OD )RFüDQL XQGH PL VH GĆ
FRPDQGD XQXL SOXWRQ GH UH]HUYLüWL SURDVSĆW FKHPDĦL
'XSĆRSHULRDGĆVFXUWĆGHLQVWUXFĦLHGHGRXĆOXQLOD
LXQLH XQLWDWHD QRDVWUĆ VH vPEDUFĆ üL SOHDFĆ SH IURQW
)ĆFHDP SDUWH GLQ %DWDOLRQXO  0LWUDOLHUH DSDUĦLQkQG
FRUSXOXLYkQĆWRULORUGHPXQWH
 3ULPD FLRFQLUH D XQLWĆĦLL QRDVWUH FX WUXSHOH
VRYLHWLFH D IRVW vQ ]LXD GH  LXOLH  SH OLQLD GH
GHPDUFDĦLH GH OD SXQFWXO ]LV Å3kUkXO 1HJUXµ $WDFXO D
vQFHSXW OD RUD  SH XQ WLPS SORLRV üL VD VROGDW FX
SLHUGHUL PDUL SHQWUX QRL 'H OD 3kUkXO 1HJUX QDP PDL
DYXWOXSWHFXWUXSHOHVRYLHWLFHGHFkWODWUHFHUHD1LVWUXOXL

SULQ SXQFWXO .RVORYR vQ QRDSWHD GH  LXOLH 7UXSHOH
VRYLHWLFH QDX RSXV vQ DFHVW ORF R UH]LVWHQĦĆ SUHD GkU]Ć
/XSWHGHRVHELWGHJUHOHDPDYXWODWUHFHUHD1LSUXOXLSULQ
SXQFWXO%HULVODY.DNKRYNDvQ]LOHOHGHVHSWHPEULH
3LHUGHULOH FHOH PDL PDUL VXIHULWH GH %ULJDGDD D0L[WĆ
0XQWHGLQFDUHIĆFHDSDUWHüLEDWDOLRQXOQRVWUXüLFDUHV
DX ULGLFDW OD DSUR[LPDWLY WUHL PLL GH RDPHQL PRUĦL üL
UĆQLĦL DX IRVW vQ OXSWHOH GH OD 0DODMD%HORVMRUND GLQFROR
GH 1LSUX üL FDUH DX GXUDW PDL ELQH GH GRXĆ VĆSWĆPkQL
/DVIkUüLWXODFHVWRUOXSWHXQLWDWHDQRDVWUĆDWUHFXWSHQWUX
FkWYD WLPS vQ UHIDFHUH SH PDOXO 0ĆULL GH $]RY vQ
FRPXQD 2ELWRFLQR OD YUHR  NP 1RUG GH RUDüXO
1RJDLVN$FRORDPVWDWWUHLVĆSWĆPkQL
 /D  QRLHPEULH %ULJDGD D D 0L[WĆ0XQWH
SULPHüWH RUGLQ VĆ VH vQWRDUFĆ vQ ĦDUĆ &X DFHDVWD VH
vQFKHLH SHQWUX PLQH FDPSDQLD GLQ 8QLXQHD 6RYLHWLFĆ OD
FDUHDPOXDWSDUWHvQDQXOÍQWRDWĆSHULRDGDDFHVWHL
FDPSDQLLDPDYXWFRPDQGDSOXWRQXOXLGLQFRPSDQLDD
D 0LWUDOLHUH 3HQWUX IDSWH GH DUPH DP IRVW GHFRUDW FX
2UGLQXOÅ&RURDQD5RPkQLHLµ
 $MXQVvQĦDUĆDPUHXüLWVĆREĦLQGHWDüDUHDGLQMXG
&RYXUOXLvQMXG3XWQDODüFRDODGLQVDWXO%DODQFRPXQD
7LFKLULü$LFLDPIXQFĦLRQDWSkQĆvQOXQDQRLHPEULH
FkQGDPIRVWFKHPDWLDUĆüLODFRQFHQWUDUH'HGDWDDVWDQ
DP PDL IRVW WULPLV SH IURQW FL OD XQ FHQWUX GH LQVWUXFĦLH
GLQ7HFXFLPXWDWXOWHULRUOD&HWDWHD$OEĆÍQPDUWLH
DP IRVW FKHPDW OD )RFüDQL SHQWUX LQVWUXLUHD
FRQWLQJHQWXOXLGHUHFUXĦLFDUHDGXUDWSkQĆvQYDUĆ
'XSĆ XQ VFXUW FRQFHGLX GH FkWHYD VĆSWĆPkQL DP IRVW
WULPLV OD )ĆJĆUDü OD XQ DOW FHQWUX GH LQVWUXFĦLH SHQWUX
SHUIHFĦLRQDUHD üL FXQRDüWHUHD DUPDPHQWXOXL JUHX
 
LQIDQWHULVWLFÍQWRUFkQGXPĆGHDFRORDPIRVWvQFDGUDWOD
FRPSDQLDDUPDPHQWJUHXDGPLQLVWUDWLYDSDUĦLQkQG
GH 5HJLPHQWXO  'RUREDQĦL LDU RSHUDWLY OD GLVSR]LĦLD
0DUHOXL 6WDW 0DMRU ÍQ QRLHPEULH  DP IRVW
GHVFRQFHQWUDW0DPSUH]HQWDWODüFRDOD%DODQXQGHDP
IXQFĦLRQDWSkQĆODPDUWLH
 ÍQDFHVWWLPSWUXSHOHVRYLHWLFHWUHFXVHUĆ3UXWXO6H
IDF GLQ QRX FRQFHQWUĆUL PDVLYH 3ULPHVF LDUĆüL RUGLQ GH
FKHPDUH 3H GDWD GH  PDUWLH   VXQW DYDQVDW OD
JUDGXO GH ORFRWHQHQW ÍQ FDGUXO FRPSDQLHL  PL VH GĆ
IXQFĦLDGHFRPDQGDQWDOEDWHULHLGHWUDJHUHÍQGLPLQHDĦD
GHDSULOLHFRPSDQLDQRDVWUĆSRUQHüWHvQPDUüVSUHIURQW
vQ GLUHFĦLD 3DüFDQL $MXQJHP SH ]LXD GH  DSULOLH
2FXSĆPRSR]LĦLHGHDSĆUDUHvQVDWXO&RVPHüWLODNP
6XG GH 3DüFDQL $LFL VH IDF DPSODVDPHQWHOH SHQWUX
EUDQGXULüLDGĆSRVWXULOHSHQWUXPXQLĦLHüLRDPHQLÍQIDĦD
QRDVWUĆ OD  NP VH DIODX FHOH GRXĆ OLQLL GH FD]HPDWH
RFXSDWH GH LQIDQWHULüWLL QRüWUL 3R]LĦLLOH VRYLHWLFH VH
JĆVHDX OD  NP vQ IDĦD OLQLORU QRDVWUH ÍQ DIDUĆ GH
RELüQXLWHOH GXHOXUL GH DUWLOHULH DFĦLXQL PDL GHRVHELWH QX
VDX vQUHJLVWUDW vQ DFHVW VHFWRU vQ WRW FXUVXO YHULL ÍQ D
GRXD MXPĆWDWH D OXQLL LXOLH FRPSDQLD QRDVWUĆ SULPHüWH
RUGLQXO VĆ VH GHSODVH]H vQ VHFWRUXO GLQ VWkQJD OD NP
9HVW GH &RVPHüWL 1H RSULP vQ VDWXO 6RFL ,QWUĆP VXE
FRPDQGDGLUHFWĆD5HJLPHQWXOXL$UWLOHULH*UHD3R]LĦLD
SH FDUH WUHEXLH VR RUJDQL]ĆP VH DIOĆ vQ SĆGXUHD GH OD 
NP 1RUG GH VDWXO 6RFL $LFL QH SULQG HYHQLPHQWHOH GLQ
$XJXVW
 ÍQ GXSĆDPLD]D ]LOHL GH  DXJXVW WUXSHOH
VRYLHWLFH VXVĦLQXWH GH XQLWĆĦL PDVLYH GH DUWLOHULH
GHFODQüHD]Ć DWDFXO vPSRWULYD SR]LĦLLORU QRDVWUH 'XSĆ

SDWUX]LOHGHOXSWHFUkQFHQHOLQLLOHQRDVWUHVXQWSHVWHWRW
VWUĆSXQVH 3ULPLP RUGLQXO GH UXSHUHD OXSWHL üL UHSOLHUH
SHQRLSR]LĦLL'DUDFHVWHUHSOLHULQXDXPDLIRVWSRVLELOH
GHRDUHFH UHWUDJHUHD VD WUDQVIRUPDW vQ VFXUW WLPS vQWUR
UHQXQĦDUH GH]RUJDQL]DWĆ üL SkQĆ OD XUPĆ GH]DVWUXRDVĆ
$VWIHO VH vQFKHLH SHQWUX PLQH üL D GRXD FDPSDQLH GLQ
0ROGRYDFDUHSHSDUFXUVXOHLVDDUĆWDWDILOLQLüWLWĆGDU
FDUHODVIkUüLWQXPDLvQUĆVWLPSGHFkWHYD]LOHDGHYHQLW
DWkWGHERJDWĆvQHYHQLPHQWH
 ÍQWRUV DFDVĆ OD XQ LQWHUYDO GH QXPDL GRXĆ
VĆSWĆPkQL SULPHVF RUGLQ VĆ PĆ SUH]LQW OD XQLWDWH ÍQ
)RFüDQL VH RUJDQL]D SDUWHD VHGHQWDUĆ D UHJLPHQWXOXL
QRVWUX 2DPHQLL vPSUĆüWLDĦL SULQ WRDWH FROĦXULOH ĦĆULL GH
IXUWXQDHYHQLPHQWHORUvQFHSHDXVĆVHDGXQHGLQQRX
 /DRFWRPEULHVXQWFKHPDWSULQWUXQRUGLQ
XUJHQWOD&RPDQGDPHQWXO'LYL]LHLD9,DFDUHVHDIODOD
3RWFRDYD2OW 3ULPHVF DFROR XQ GHWDüDPHQW GH  GH
RDPHQLFXFDUHWUHEXLDVĆPĆSUH]LQWSHIURQWÍQ]LXDGH
QRLHPEULHDPGHEDUFDWOD&kPSLD7XU]LL)URQWXO
HUD vQ 8QJDULD DSURDSH GH JUDQLĦD &HKRVORYDFLHL 'H OD
&kPSLD 7XU]LL QX VH PDL SXWHD PHUJH FX WUHQXO ILLQGFĆ
WRDWHSRGXULOHIXVHVHUĆDUXQFDWHvQDHUGHFĆWUHLQDPLFvQ
UHWUDJHUH (UDP QHYRLĦL VĆ IDFHP XQ PDUü OXQJ GH 
NPQXPDLSHMRV
 3OHFDĦLODQRLHPEULHGLQ&kPSLD7XU]LLDPDMXQV
SHIURQWODQRLHPEULHvQVHFWRUXO5HJLPHQWXOXL
'RUREDQĦL /D VRVLUHD QRDVWUĆ DFROR UHJLPHQWXO RFXSDVH
VDWXO0HJ\R]X6DXGDWOXSWHJUHOHüLXQLWDWHDQRDVWUĆD
DYXWSLHUGHULvQPRUĦLüLUĆQLĦL6HVLPĦHDPDUHQHYRLHGH
RDPHQL SHQWUX vQORFXLUHD JROXULORU 2VWDüLL GLQ
GHWDüDPHQWXOFXFDUHDPYHQLWDXIRVWUHSDUWL]DĦLLPHGLDW
 
SH FRPSDQLL (X DP WUHFXW OD FRPDQGD FRPSDQLHL 
GHRDUHFH IRVWXO FRPDQGDQW FSW /LĦĆ VH vPEROQĆYLVH
/LQLD IURQWXOXL VH DIOD OD FLUFD  NP 1RUG GH VDW 3H
vQVHUDWFRQGXVGHDJHQWXOGHOHJĆWXUĆDPLQWUDWSHOLQLD
IURQWXOXL vQ GLVSR]LWLYXO GH DSĆUDUH SUHOXkQG FRPDQGD
FRPSDQLHL&RPDQGDQWXO%DWDOLRQXOXLHUDFSW%RWHVFX
&RPDQGDQWXO 5HJLPHQWXOXL  'RUREDQĦL HUD FRO 7RWX
(OHIWHULH
 $X XUPDW ]LOH JUHOH $WDFXULOH VH ĦLQHDX ODQĦ
VFKLPEĆULOHGHSHRSR]LĦLHSHDOWDVHIĆFHDX]LüLQRDSWH
LDU RGLKQD QRDVWUĆ VH UHGXFHD OD FkWHYD ]HFL GH PLQXWH
vQWURJURDSĆSOLQĆGHQRURLVDXGH]ĆSDGĆ
 5Ć]ERLXO GH PLüFDUH vQ WLPSXO LHUQLL HVWH GHRVHELW
GH JUHX /D R VĆSWĆPkQĆ GH OD VRVLUHD QRDVWUĆ SH IURQW
LQWUkQG SH WHULWRULXO &HKRVORYDFLHL FRPSDQLD  D DWUDV
DWHQĦLDFRPDQGDPHQWXOXL'LYL]LHLSULQRFXSDUHDDGRXĆ
VDWH DOĆWXUDWH +\P üL 3HUHQ\ ÍQ XUPD DFHVWHL DFĦLXQL
UHJLPHQWXO HVWH FLWDW SULQ RUGLQ GH ]L SH 'LYL]LH üL &RUS
GH DUPDWĆ *UDGDĦLL üL RVWDüLL FRPSDQLHL  FDUH VDX
GLVWLQV vQ OXSWĆ DX IRVW GHFRUDĦL FX Å9LUWXWHD 0LOLWDUƵ
LDUFRPDQGDQWXOHLFX2UGLQXOÅ6WHDXD5RPkQLHLµ
 8UPHD]Ć GHDLFL vQDLQWH OXSWD vQ PXQĦL R QRXWDWH
SHQWUX RVWDüLL QRüWUL GHSULQüL VĆ GXFĆ OXSWD PDL PXOW vQ
WHUHQGHVFKLV0LVLXQL GLILFLOH üLGHRVHELWGH JUHOHvLVXQW
vQFUHGLQĦDWH FRPSDQLHL  (D UĆPkQH SkQĆ OD  FĆGHUHD
PHD vQ SUL]RQLHUDW SLYRWXO GH UH]LVWHQĦĆ XQLWDWHD GH
HIRUWD5HJLPHQWXOXL'RUREDQĦL
 'DUFHDPDLLPSRUWDQWĆüLPDLvQGUĆ]QHDĦĆDFĦLXQH
D HL D IRVW RFXSDUHD FRWHL  GLQ 0XQĦLL 7DWUD üL
 
(SLVRGHYRFDWüLvQOXFUDUHDPHPRULDOLVWLFĆÅ9HWHUDQLLSHGUXPXORQRDUHLüLMHUWIHLµ


VDOYDUHDGLQvQFHUFXLUHDXQXLGHWDüDPHQWGHSDUWL]DQLDO
FĆUXL FRPDQGDQW HUD FĆSLWDQXO UXV *DOLFHQFR ÍQ ]LXD GH
 IHEUXDULH  SH FkQG PĆ vQGUHSWDP FX FRPSDQLD
SHQWUX D RFXSD ORFXO vQ GLVSR]LWLYXO GH DWDF PDP
vQWkOQLW FX FRPDQGDQWXO 'LYL]LHL JHQHUDOXO 0DULQHVFX
*KvQVRĦLWGHFkĦLYDRILĦHULGHVWDWPDMRU9HQHDXGLQWUR
UHFXQRDüWHUH*HQHUDOXOPDRSULWüLPLDVSXV
− Å0DüWHSWDVWĆ]LODIRDUWHPXOWGHODGXPQHDWDµ
 1DP vQĦHOHV vQ DFHOPRPHQW GHVSUH FH HUD YRUED
&RPDQGDQWXO UHJLPHQWXOXL PLD H[SOLFDW DSRL FĆ VH
UHIHUHD OD VPXOJHUHD GLQ PkLQLOH LQDPLFXOXL D FRWHL
 SXQFWXO GRPLQDQW DO vQWUHJXOXL VHFWRU 'DU
FXFHULUHDFRWHLQXVDSXWXWIDFHvQ]LXDDFHHD3kQĆVHDUD
GHDELDDPUHXüLWVĆQHRFXSĆPORFXOvQGLVSR]LWLY/XQD
OXPLQD FD ]LXD (UD JHU üL ]ĆSDGD VFkUĦkLD VXE SLFLRDUHOH
QRDVWUH 3R]LĦLD FDUH QHD IRVW LQGLFDWĆ VR RFXSĆP HUD
GLILFLOĆ üL SUH]HQWD XQ PDUH GH]DYDQWDM DWkW SHQWUX
DSĆUDUHFkWüLSHQWUXDWDFVHDIODSHFRDPDXQXLPXQWH
SHUSHQGLFXODUĆSHOLQLDIURQWXOXL1LFLQDPDSXFDWVĆQH
LQVWDOĆPFĆDPüLSULPLWIRFXULGLQGUHDSWDüLGLQVWkQJD
1XSXWHDPVĆUĆPkQHPSHDFHDVWĆSR]LĦLH7UHEXLDRULVĆ
QHUHWUDJHPRULVĆJĆVLPRDOWĆVROXĦLHÍQIDĦDQRDVWUĆüL
SXĦLQ VSUH GUHDSWD VH GHVFKLGHD R YDOH IĆUĆ SĆGXUH
'LQFROR GH HD VH vQĆOĦD FRWD  3H YHUVDQWXO GH (VW DO
DFHVWHL FRWH WHUHQXO SUH]HQWD EXQH FRQGLĦLL GH DSĆUDUH
$P WULPLV SH GLUHFĦLD UHVSHFWLYĆ R SDWUXOĆ GH FHUFHWDUH
3DWUXOD VD vQWRUV UDSRUWkQGXPL FĆ QD vQWkOQLW LQDPLF
'LQ SURSULH LQLĦLDWLYĆ üL vQ FHD PDL GHVĆYkUüLWĆ RUGLQH
PLDP OXDW FRPSDQLD WUDYHUVkQG YDOHD üL XUFkQG SH
  
$VRFLDĦLD1DĦLRQDOĆD9HWHUDQLORUGH5Ć]ERLYRO%XFXUHüWL(GLWXUD
Å9DVLOH&kUORYDµS
 
YHUVDQWXOFRWHL1XPDLDYHDPGHFkWGHPHWUL
SkQĆ VĆ DWLQJHP SXQFWXO WULJRQRPHWULF DO HL FkQG
GHRGDWĆ VXQWHP SULPLĦL GH XQ IRF YLX DO FkWRUYD DUPH
DXWRPDWH $IOkQGXQH vQWUXQ XQJKL PRUW QX DP DYXW
QLFLR SLHUGHUH $X GHVFKLV üL DL QRüWUL IRFXO 7UHSWDW
WUHSWDW DP vPSLQV WRW PDL VXV ,QDPLFXO QX PDL DFĦLRQD
1HDP GDW VHDPD FĆ HUDX HOHPHQWH vQDLQWDWH FDUH VDX
UHWUDVGXSĆFkWHYDVFKLPEXULGHIRFXUL/DRUDQRDSWHD
DP UDSRUWDW EDWDOLRQXOXL RFXSDUHD FRWHL  GH FĆWUH
FRPSDQLD  &RPDQGDQWXO GH EDWDOLRQ VD DUĆWDW VXSĆUDW
ODvQFHSXWFĆDPDFĦLRQDWIĆUĆRUGLQ([SOLFkQGXLvQVĆFĆ
DFHDVWĆvQĆOĦLPHYLWDOĆSHQWUXFXFHULUHDFRWHLQXVDU
ILSXWXWRFXSDvQQLFLXQFD]vQWLPSXO]LOHLLDUGDFĆVDUIL
vQFHUFDW DP IL DYXW SLHUGHUL PDUL FRPDQGDQWXO VD
GRPROLW 3R]LĦLD VH SUHWD ELQH XQHL DSĆUĆUL 1HDP
LQVWDODWSHHDIĆFkQGFKLDUvQQRDSWHDDFHHDDGĆSRVWXULOH
üL DPSODVDPHQWHOH SHQWUX DUPHOH DXWRPDWH 'LPLQHDĦD
PLDP GDW PDL ELQH VHDPD FkW GH LPSRUWDQWĆ üL FkW GH
QHFHVDUĆ PDL DOHV D IRVW DFĦLXQHD QRDVWUĆ GLQ FXUVXO
QRSĦLL 3ULYHOLüWHD HUD VSOHQGLGĆ ÍQ VSDWHOH QRVWUX VH
GHVFKLGHDYDOHDSULQFDUHWUHFXVHUĆPLDUvQIDĦĆVHULGLFD
vQWRFPDLFDRFĆFLXOĆĦXJXLDWĆFRWDDFRSHULWĆGHMXU
vPSUHMXU FX SĆGXUL DWkW GH UkYQLWĆ GH FRPDQGDPHQWXO
URPkQüLVRYLHWLFGLQDFHOVHFWRU$WDFXOüLRFXSDUHDDFHOHL
vQĆOĦLPL GRPLQDQWH QX VH SXWHDX IDFH GHFkW GH SH FRWD
 9HGHDP DFXP OLPSHGH FĆ OXSWD vQ PXQĦL VH GĆ
QXPDL SHQWUX FküWLJDUHD vQĆOĦLPLORU GXSĆ FXP OXSWD OD
üHV VH GĆ SHQWUX FküWLJDUHD ORFDOLWĆĦLORU 8QVLQJXU FXVXU
SUH]HQWDSR]LĦLDQRDVWUĆQXDYHDPOHJĆWXUDFXDLQRüWUL
QLFLODGUHDSWDQLFLODVWkQJD1HVLPĦHDPL]RODĦLFHHDFH
QH IĆFHD VĆ ILP IRDUWH DWHQĦL SHQWUX D QX IL VXUSULQüL GH

LQDPLF 8Q DWDF HUD SRVLELO GLQ RULFH GLUHFĦLH 'H DOWIHO
OXSWD vQ PXQĦL SUH]LQWĆ üL DFHDVWĆ SDUWLFXODULWDWH OLQLD
IURQWXOXL QXL vQWRWGHDXQD FRQWLQXĆ (D DUH XQHRUL
vQWUHUXSHULJROXULGDWRULWĆIRUPHLYDULDWHDWHUHQXOXL&X
UHJLPHQWXO VWDELOLVHP OHJĆWXUD vQFĆ GH GLPLQHDĦĆ
SULPLQG KUDQĆ FDOGĆ üL DOWH UDĦLL VSHFLDOH GH DOLPHQWH
SHQWUX WRĦL RVWDüLL üL RILĦHULL FD  UHFRPSHQVĆ SHQWUX
UHXüLWD DFĦLXQLL QRDVWUH GLQ WLPSXO QRSĦLL 0RUDOXO HUD
EXQ$VWIHOVHSUH]HQWDXOXFUXULOHFkQGSHODRUD
QH SRPHQLP DWDFDĦL YLROHQW $WDFXO YHQHD GLQVSUH FRWD
 2VWDüLL QRüWUL ELQH DSĆUDĦL vQ DGĆSRVWXULOH ORU QX
GDX YRLH LQDPLFXOXL VĆ VH DSURSLH )RFXO DUPHORU
DXWRPDWHVHUHYDUVĆSHGHDVXSUDFDSHWHORUQRDVWUHFDXQ
WRUHQWFHSDUHFĆQXVHPDLVIkUüHüWH3ĆGXUHDFORFRWHüWHüL
GXFHSkQĆGHSDUWHGH WRWHFRXOĦĆFĆQLWXOXLGHPLWUDOLHUH
$YHP QRURFXO FĆ QX QH EDWH üL DUWLOHULD &RPDQGDQWXO
UHJLPHQWXOXL FRO 7RWX vQJULMRUDW GH YLROHQĦD IRFXULORU
PĆvQWUHDEĆPHUHXODWHOHIRQ
&DUHLVLWXDĦLDFXPVWDĦL"
 ,QDPLFXO DWDFĆ SXWHUQLF GDU QX QH SRDWH VFRDWH GLQ
SR]LĦLHFKLDUGHDUDYHDWĆULDXQLEDWDOLRQ
 'XSĆ R RUĆ üL MXPĆWDWH WRWXO VH OLQLüWL 6RDUHOH
VWUĆOXFHD üL UĆVSkQGHD R FĆOGXUĆ ELQHIĆFĆWRDUH GDU QX
UHXüHD vQFĆ VĆ WRSHDVFĆ ]ĆSDGD FDUH DWLQJHD OD DFHOH
vQĆOĦLPLDSURDSHGRLPHWULÍQDHUDFRQWLQXDWVĆSHUVLVWH
vQ WRW FXUVXO ]LOHL PLURVXO SUDIXOXL GH SXüFĆ %LODQĦXO
OXSWHL DWDFXO LQDPLFXOXL QX UHXüLVH FX PRUDOXO üL PDL
ULGLFDWQRLVWĆSkQHDPIHUPSR]LĦLDFXFHULWĆ
 $FĦLXQLOH GH SH  DX XüXUDW vQ PRG VLPĦLWRU
RSHUDĦLXQLOHGHRFXSDUHDFRWHL'HDVHPHQHDGkU]D

 
UH]LVWHQĦĆ D GHWDüDPHQWXOXL FSW *DOLFHQFR OD REOLJDW SH
LQDPLFVĆFHGH]HüLVĆQHODVHFDOHDGHVFKLVĆVSUH
 ÍQGLPLQHDĦD]LOHLGHIHEUXDULHSHODRUD
 DP SĆUĆVLW vQĆOĦLPHD  XUFkQG FX vQWUHDJD
FRPSDQLH SH  $WLQJkQG SXQFWXO WULJRQRPHWULF DP
OXDWvQJUDEĆWRDWHPĆVXULOHGHSD]ĆLQVWDOkQGSHSR]LĦLH
GH MXU vPSUHMXU FHOH  PLWUDOLHUH üL  SXüWLPLWUDOLHUH
DSRL DP UDSRUWDW UHJLPHQWXOXL RFXSDUHD FRWHL GH FĆWUH
FRPSDQLD  1LFLRGDWĆ SkQĆ DWXQFL FRPDQGDQWXO
UHJLPHQWXOXL QD SXV OD vQGRLDOĆ VLQFHULWDWHD UDSRDUWHORU
PHOH$FXPvQVĆQXPDLFUHGHD$WULPLVvQJUDEĆODIDĦD
ORFXOXL SH RILĦHUXO FX LQIRUPDĦLLOH ORFRWHQHQWXO 7XODL
FDUHDMXQJkQGODQRLDUDSRUWDWODWHOHIRQ
− 'RPQXOHFRORQHOYRUEHVFGHSHFRWD
 $MXQVĆ OD 5HJLPHQW YHVWHD D IRVW WUDQVPLVĆ
QXPDLGHFkW OD 'LYL]LH DSRL OD &RPDQGDPHQWXO VRYLHWLF
&RPDQGDQWXO UHJLPHQWXOXL HUD vQ FXOPHD IHULFLULL ÍQ
WLPS FH XQLWĆĦLOH YHFLQH QDX SXWXW IDFH XQ SDV PĆFDU
5HJLPHQWXO  'RUREDQĦL vQUHJLVWUD vQ ILHFDUH ]L QRL
YLFWRULL $X XUPDW IHOLFLWĆUL ODXGH GHFRUĆUL (X DP IRVW
SURSXV OD GHFRUDUHD FX 2UGLQXO Å0LKDL 9LWHD]XOµ ÍQ
UDSRUWXO UHJLPHQWXOXL vQ OHJĆWXUĆ FX DFHDVWĆ SURSXQHUH
VH VFULD SULQWUH DOWHOH Å1D H[LVWDW QLFLR DFĦLXQH PDL
LPSRUWDQWĆ D UHJLPHQWXOXL OD FDUH ORFRWHQHQWXO vQ UH]HUYĆ
&DUDJDĦĆ &RVWDFKH VĆ QX IL OXDW SDUWH (O HVWH VXIOHWXO
EDWDOLRQXOXLvQWkLüLPkQGULD5HJLPHQWXOXL'RUREDQĦL'H
DU IL IRVW RILĦHU GH FDULHUĆ DU IL DMXQV IĆUĆ vQGRLDOĆ vQ IUXQWHD
PDULORUFRPDQGDPHQWHµ
 'DU RFXSDUHD DFHVWHL LPSRUWDQWH vQĆOĦLPL
SUHVXSXQHD QXPDLGHFkW RUJDQL]DUHD DSĆUĆULL HL ÍQ DFHVW
VFRS SULPXO OXFUX FDUH VH FXYHQHD IĆFXW HUD VWDELOLUHD

FRQWDFWXOXLFXLQDPLFXO7UHEXLDVĆüWLPODFHGLVWDQĦĆVH
JĆVHüWHGHQRLüLPDLDOHVvQFHVLWXDĦLHVHDIOĆ/D9HVWGH
XUPDXODFkWHPXQDGHDOWDvQFĆGRXĆFRWH
üL
 3ULPHVF RUGLQ VĆ WULPLW SH DFHD GLUHFĦLH R SDWUXOĆ
GH UHFXQRDüWHUH ÍQWRUFkQGXVH GXSĆ YUHR GRXĆ RUH
SDWUXODDDGXVXQSUL]RQLHUXQJXUFXJUDGXOGHVHUJHQW
(O PLD VSXV FĆ IĆFHD SDUWH GLQWUXQ GHWDüDPHQW GH
SDUWL]DQL FDUH VH DIOD vQWUR VLWXDĦLH IRDUWH JUHD
'HWDüDPHQWXO HUD FRPDQGDW GH FĆSLWDQXO UXV *DOLFHQFR
(UDXvQFHUFXLĦLGHXQLWĆĦLPDJKLDUHüLJHUPDQH'HFkWHYD
]LOHQXPDLDYHDXKUDQĆLDUPXQLĦLDOHHUDSHVIkUüLWH0Ć
UXJD LQVLVWHQW VĆ OXĆP FkW PDL UHSHGH PĆVXUL SHQWUX
VWDELOLUHDOHJĆWXULORUQRDVWUHFXGHWDüDPHQWXOUHVSHFWLY
 5DSRUWkQG UHJLPHQWXOXL VLWXDĦLD DP SULPLW RUGLQ
VĆ WULPLW R DOWĆ SDWUXOĆ vQWĆULWĆ FRPDQGDWĆ GH XQ
VXERILĦHUFDUHVĆPHDUJĆGLPSUHXQĆFXVHUJHQWXOXQJXU
DFROR XQGH HUDX SDUWL]DQLL /D SOHFDUH LDP VSXV
VXERILĦHUXOXLVĆILHIRDUWHDWHQWFDQXFXPYDVĆILHDWUDV
vQ YUHR FXUVĆ 3H XQJXU ODP SUHYHQLW FĆ OD FHD GLQWkL
vQFHUFDUHGHDIXJLVDXGHDLQGXFHvQHURDUHSDWUXODYDIL
vPSXüFDW 3RWULYLW LQGLFDĦLLORU GDWH GH SUL]RQLHU SDWUXOD
WUHEXLDVĆVHvQWRDUFĆvQFHOPDLUĆXFD]GXSĆSDWUXRUHGH
ODSOHFDUH0LVLXQHDHLHUDGHDOXDOHJĆWXUDFXFĆSLWDQXO
*DOLFHQFRüLDOUXJDGDFĆHUDSRVLELOVĆVHGHSODVH]HSH
SR]LĦLDQRDVWUĆ
 ( RUD  7HOHIRQXO ]EkUQkLH 5HJLPHQWXO PĆ
vQWUHDEĆ GDFĆ SDWUXOD VD vQWRUV 5ĆVSXQG FĆ VXQWHP vQ
DüWHSWDUH0LQXWHOHWUHFJUHXGHWRW6HIDFHRUD«
««QLPLF7HOHIRQXOPĆWHURUL]HD]Ć&RPDQGDQWXO
UHJLPHQWXOXL GHYHQLVH QHUYRV 3LHUGXVH QĆGHMGHD FĆ
 
SDWUXOD VH YD PDL vQWRDUFH 'H DOWIHO QLFL HX QX PDL
QXWUHDP YUHR VSHUDQĦĆ ÍPL SĆUHD UĆX FĆ GĆGXVHP
VXERILĦHUXO FHO PDL EXQ üL RDPHQLL FHL PDL EXQL &X
VLJXUDQĦĆFĆXQJXUXOLDDWUDVvQWURFXUVĆ
 &ĆWUHRUDGXSĆRSWRUHGHDüWHSWDUHDX]LPSH
GLUHFĦLDSHFDUHSOHFDVHSDWUXODVWULJĆWXOVDQWLQHOHLVWDL
ÍQ FkWHYD PLQXWH vPSUHMXUXO QRVWUX OkQJĆ WHOHIRQ üL
OkQJĆ IRFXO VODE FDUH SkOSkLD vQWUR VFRUEXUĆ VHDGXQĆ
YUHRSDUWL]DQLIHPHLüLEĆUEDĦLvQXQLIRUPHPLOLWDUHFX
SLVWRDOHOH DXWRPDWH DWkUQDWH GH JkW &RPDQGDQWXO
SDWUXOHL VXERILĦHUXO 6WRLFD QX üWLD FH VĆ QH VSXQĆ PDL
vQWkL &ĆSĆWDVH QLüWH FDGRXUL GH OD FkWHYD SDUWL]DQH üL
RELHFWHOH DFHVWHD vO IĆFHDX QHVSXV GH IHULFLW &RPXQLF
UHJLPHQWXOXL VRVLUHD SDWUXOHL 1L VH GĆ LPHGLDW OHJĆWXUD
FX 'LYL]LD D D 0DLRUXO 3HULDQ RILĦHUXO VRYLHWLF GH
OHJĆWXUĆ GH OD 'LYL]LD D D VWĆ GH YRUEĆ FX FĆSLWDQXO
*DOLFHQFR $FHVWD vL DUDWĆ vPSUHMXUĆULOH FDUH DX IDYRUL]DW
OXDUHD FRQWDFWXOXL FX QRL üLL UDSRUWHD]Ć VLWXDĦLD JUHD vQ
FDUHVHDIODGHWDüDPHQWXO0DLRUXO3HULDQvLVSXQHVĆPDL
UH]LVWHPĆFDUYUHR]LOH
 'DU vQ GLPLQHDĦD GH  IHEUXDULH VXE SUHVLXQHD
DWDFXULORU LQDPLFH GHWDüDPHQWXO VD UHWUDV 7RĦL
SDUWL]DQLLVDXVFXUVSULQVHFWRUXOFRPSDQLHLDUĆWkQGX
üL IDĦĆ GH RVWDüLL QRüWUL UHFXQRüWLQĦD FĆ DX SXWXW IDFH
OHJĆWXUD FX QRL VDOYkQGXVH DVWIHO GH OD R SLHLUH VLJXUĆ
3HQWUX UHJLPHQWXO QRVWUX OHJĆWXUD IĆFXWĆ FX
GHWDüDPHQWXO GH SDUWL]DQL D IRVW FHD PDL LPSRUWDQWĆ
DFĦLXQHGLQFkWHVĆYkUüLVHSkQĆDWXQFL
 ÍPSUHMXUXO FRWHL  RFXSDVHUĆ DFXP SR]LĦLL
DPEHOH EDWDOLRDQH DOH 5HJLPHQWXOXL  'RUREDQĦL
&RPSDQLDDUĆPDVSHSR]LĦLDLQLĦLDOĆÍQIDĦDFRPSDQLHL

 OD FLUFD  P VH DIOD FRPSDQLD D D FRPDQGDWĆ GH
VXEORFRWHQHQWXO &KLRYHDQX %DWDOLRQXO  FRPDQGDW GH
FĆSLWDQXOûWHIĆQHVFXRFXSDYHUVDQWXOGH1RUGDOFRWHL
 ÍQ GXSĆ DPLD]D ]LOHL GH  IHEUXDULH LQDPLFXO
FDUH IRUĦDVH SR]LĦLD GHWDüDPHQWXOXL FĆSLWDQXOXL
*DOLFHQFR DWDFĆ SXWHUQLF OLQLLOH QRDVWUH $WDFXO vQVĆ QX
UHXüHüWH6HLDXDSRLWRDWHPĆVXULOHSHQWUXD]ĆGĆUQLFLüL
DOWHvQFHUFĆULFHHYHQWXDOOHDUPDLIDFH
 1RDSWHD GH  IHEUXDULH  D WUHFXW OLQLüWLWĆ
6H SĆUHD FĆ LQDPLFXO QX YD PDL vQFHUFD XQ DOW DWDF ÍQ
GLPLQHDĦDGHIHEUXDULHVHSRUQHüWHXQYLIRUQĆSUDVQLF
=ĆSDGDYLVFROLWĆGLPSUHXQĆFXFHDĦDFDUHVHOĆVDVHüLHD
IĆFHDFDYL]LELOLWDWHDVĆILHH[WUHPGHUHGXVĆ1XVHSXWHD
]ĆUL QLFL OD ]HFH PHWUL 8UOHWXO IXUWXQLL üL JHDPĆWXO
FRSDFLORUDGXFHDXSDUFĆSUHVLPĦLULGHPRDUWH3HRDVWIHO
GH YUHPH LQDPLFXO D DWDFDW GLQ QRX SR]LĦLLOH QRDVWUH
&RPSDQLD D D HVWH GDWĆ SHVWH FDS 2VWDüLL HL YLQ YDO
YkUWHMSHVWHQRLvPSUĆüWLLQGSDQLFD1XLPDLSRDWHRSUL
QLPHQL)XJVROGDĦLLIXJüLRILĦHULLOĆVkQGDUPDPHQWXOüL
HFKLSDPHQWXO SH SR]LĦLH &RPSDQLD  UĆPkQH SH ORF
5H]LVWĆ ,QDPLFXO HVWH vQVĆ IRDUWH DSURDSH 6H DXG üL
FRPHQ]LOH vQ OLPED JHUPDQĆ 6LWXDĦLD HVWH H[WUHP GH
FULWLFĆ2VWDüLLFDUHQXPĆYĆGüLQXLSRWYHGHDIXJüLHL
/HJĆWXULOH WHOHIRQLFH VXQW UXSWH *UXSXO QRVWUX GH
UH]LVWHQĦĆFDUHPDLQXPĆUDGRDURDPHQLVROGDĦLüL
JUDGDĦLFHVHPDLDIODXvQMXUXOPHXFDGSUL]RQLHUL&RWD
 VH XPSOH vQ FkWHYD PLQXWH FX VROGDĦL LQDPLFL FDUH
FRERDUĆ vQ JUDEĆ GXSĆ IXJDUL /XSWD QD GXUDW PDL PXOW
GH R MXPĆWDWH GH RUĆ ÍQ DFHVW WLPS XQ UHJLPHQW vQWUHJ
IXVHVHGDWSHVWH FDSGHXQLQDPLFFDUHDYHDGRDUWĆULDD
GRXĆFRPSDQLL«
 
 3ULPXO ORW GH SUL]RQLHUL vQ ]LXD DFHHD ODX IRUPDW
FHLRDPHQLGLQFRPSDQLD3kQĆVHDUDQHDXDMXQVGLQ
XUPĆvQFĆQRXĆ]HFLGHVROGDĦLüLüDSWHRILĦHULSULQWUHFDUH
VHDIOD üL FRPDQGDQWXO%DWDOLRQXOXL FĆSLWDQXO%RWHVFX
=LXDGHIHEUXDULHDIRVWFHDPDLQHQRURFLWĆ]LGLQ
YLDĦDUHJLPHQWXOXLQRVWUX
 &XFĆGHUHDPHDvQSUL]RQLHUDWVHvQFKHLHüLDWUHLD
FDPSDQLH GH OXSWĆ FDPSDQLD GLQ 9HVW OD FDUH DP OXDW
SDUWHvQFHSkQGFXOXQDQRLHPEULHüLVIkUüLQGFX]LXD
GH JUHD vQFHUFDUH D 5HJLPHQWXOXL  'RUREDQĦL 6SUH
GHRVHELUH GH FHOHODOWH GRXĆ FDPSDQLL XOWLPD D IRVW
QHvQFKLSXLWGHJUHD
 &DSUL]RQLHUDPIRVWWUDQVSRUWDWGLQODJĆUvQODJĆU
SH PĆVXUĆ FH IURQWXO VH GHSODVD FĆWUH LQWHULRUXO
*HUPDQLHL ÍQ &HKRVORYDFLD DP WUHFXW SULQ üDSWH ODJĆUH
PLDPLQWHVFGRDUGH0H]GL%URVüL%DQVND%LVWULF]DLDU
vQ *HUPDQLD SULQ WUHL =ZLFNDX 2VFKDW] üL 0XOEHUJ
8OWLPXOHUDXQODJĆUFHQWUDOFX]HFLGHPLLGHSUL]RQLHUL
GLQWRDWHQDĦLRQDOLWĆĦLOH$YHDGHQXPLUHDGHÅ6WDODJ%µ
üL VH JĆVHD OD DSUR[LPDWLY  NP (VW GH %HUOLQ $P
DYXW üL WĆEOLĦD FX QXPĆUXO GH SUL]RQLHU GDU FX SULOHMXO
SHUFKH]LĦLLORU GH PDL WkU]LX OD GRPLFLOLX PLD IRVW
FRQILVFDWĆ vPSUHXQĆ FX IRDUWH PXOWH DOWH GRFXPHQWH
LPSRUWDQWH
 ÍQ GUXP VSUH RUDüXO =ZLFNDX DP YĆ]XW PDULOH
FHQWUH 'UHVGD üL /HLS]LJ 'DU HOH QX PDL HUDX GHFkW
PRUPDQH GH UXLQH 'UHVGD PDL DOHV QX PDL DYHD QLFLR
FDVĆ vQ VWDUH GH D SXWHD IL ORFXLWĆ 'RXĆ PLL GH DYLRDQH
HQJOH]H  IĆFXVHUĆ DFHDVWĆ LVSUDYĆ vQ GRXĆ RUH 2 VXWĆ
RSW]HFLGHPLLGHVXIOHWHSLHULVHUĆDFRORFXRFD]LDDFHOXL
ERPEDUGDPHQW 3RSXODĦLD vQ WRDWH SĆUĦLOH HUD vQJUR]LWĆ

6LUHQHOH QX PDL vQFHWDX DODUPHOH QLFL ]L QLFL QRDSWH
$YLRDQHOH GH ERPEDUGDPHQW DQJORDPHULFDQH QX
DFĦLRQDX QLFLRGDWĆ vQ QXPĆU PDL PLF GH FLQFL VXWH (OH
HUDXSHGHSOLQVWĆSkQHSHFHUXO*HUPDQLHL
 ÍQ]LXDGHDSULOLHRUDGLPLQHDĦDSRUĦLOH
JUHOH DOH ODJĆUXOXL GH OD 0XOEHUJ DX IRVW GHVFKLVH GH
SULPLLPRWRFLFOLüWLVRYLHWLFLFDUHDXDMXQVODQRL/XSWHQX
VDX GDW vQ SUHDMPD ODJĆUXOXL GHRDUHFH WUXSHOH JHUPDQH
VH UHWUĆVHVHUĆ vQ WLPSXO QRSĦLL OĆVkQG ODJĆUXO LQWDFW
=HFLOH GH PLL GH SUL]RQLHUL VH UHYĆUVDX DFXP FĆWUH
OLEHUWDWHFĆWUHYLDĦĆ
 'XSĆ GRXĆ VĆSWĆPkQL GH GUXP WLPS vQ FDUH DP
SDUFXUV SHVWH  NP SH MRV DP IRVW RSULĦL vQ RUDüXO
%XQ]ODXXQGHDPWUHFXWvQVXE]LVWHQĦDDUPDWHLVRYLHWLFH
$LFLWLPSGHWUHLOXQLQHDPEXFXUDWGHFHDPDLGHSOLQĆ
OLEHUWDWH$WkWKUDQDFkWüLFD]DUHDOHDPDYXWvQFRQGLĦLL
RSWLPH
 ÍQ ]LXD GH  LXOLH  DP SULPLW GLQ SDUWHD
FRPDQGDPHQWXOXLVRYLHWLFGLQ%XQ]ODXKUDQĆUHFHSHQWUX
]HFH ]LOH SUHFXP üL IRUPHOH GH UHSDWULHUH SĆUĆVLQG
*HUPDQLD $YHDP VXE FRPDQGĆ XQ JUXS GH R VXWĆ
GRXĆ]HFL GH RDPHQL SH FDUH WUHEXLD VĆL SUH]LQW OD $UDG
&RPDQGDPHQWXOXL  (WDSHORU SHQWUX D OH IDFH IRUPHOH GH
OĆVDUHODYDWUĆ
 ÍQ ]LXD GH  DXJXVW SULQ SXQFWXO GH IURQWLHUĆ
&XUWLFLDPLQWUDWvQĦDUĆ/D&HUFXO7HULWRULDO)RFüDQLPL
DP FODULILFDW VLWXDĦLD PLOLWDUĆ FHUkQG VĆ ILX VFRV GLQ
SR]LĦLDGHGLVSĆUXWüLUHLQWURGXVvQFDGUHOHGHUH]HUYĆDOH
DUPDWHL
 ÍQ FXUVXO OXQLL VHSWHPEULH PDP GXV OD %XFXUHüWL
SHQWUX D FHUH 0LQLVWHUXOXL ÍQYĆĦĆPkQWXOXL VĆ ILX
 
WUDQVIHUDW GLQ MXGHĦXO &RYXUOXL vQ MXGHĦXO 3XWQD XQGH
DYHDP IDPLOLD $P REĦLQXW WUDQVIHUDUHD OD ûFRDOD
HOHPHQWDUĆ FX XQ VLQJXU SRVW GLQ VDWXO 6FDIDUL FRPXQD
9LGUDMXGHĦXO3XWQDXQGHDPIXQFĦLRQDWSkQĆODGDWDGH
LXOLHFkQGVDSURGXVRvQWUHUXSHUHGHGRLDQL
 ÍQILLQĦkQGXVH JLPQD]LXO XQLF GLQ 9LGUD DP
SULPLW üL DFROR RUH VXSOLPHQWDUH SUHGkQG RELHFWHOH
PX]LFD üL üWLLQĦHOH QDWXULL vQ SULPXO DQ DSRL PX]LFD üL
PDWHPDWLFD vQ DO GRLOHD DQ ÍQ DO WUHLOHD DQ DP SUHGDW
PX]LFDGHVHQXOüLIL]LFD
 ÍQFDGUXODFWLYLWĆĦLORUH[WUDüFRODUHQHDPGHSODVDW
FX HOHYLL vQ FRPXQHOH GLQ SODVD 9LGUD GkQG VHUEĆUL FX
FRQĦLQXWDOHV
 ÍQ  GHVILLQĦkQGXVH JLPQD]LLOH XQLFH DP
UĆPDV VĆ IXQFĦLRQH] QXPDL OD üFRDOD GLQ 6FDIDUL ÍQ 
DPRUJDQL]DWFRUXOFĆPLQXOXLFXOWXUDOGLQ9LGUDFXFDUH
vQ FXUVXO OXQLL LXOLH DP FküWLJDW vQWUHFHUHD SH MXGHĦ OD
)RFüDQL$FWLYLWDWHDPHDODFĆPLQXOFXOWXUDOGLQ9LGUDVD
GHVIĆüXUDWüLvQDQLLXUPĆWRULIĆUĆQLFLRvQWUHUXSHUHSkQĆ
vQQRDSWHDGHLXOLH
 ÍQWUXFkW FRQFXUVXULOH HFKLSHORU DUWLVWLFH VH ĦLQHDX
vQILHFDUHDQQXPDLYDUDvQSHULRDGDHXQDP
SXWXW EHQHILFLD QLFLRGDWĆ GH FRQFHGLX GH RGLKQĆ
5HSHWLĦLLOHFRUDOHVHIĆFHDXFXUHJXODULWDWHGHGRXĆ²WUHL
RULSHVĆSWĆPkQĆvQWRWFXUVXOYHULL
 ÍQQRDSWHDGHLXOLHPĆJĆVHDPODFĆPLQXO
FXOWXUDO vPSUHXQĆ FX VRĦLD 'XSĆ SDWUX RUH GH PXQFĆ
vQFRUGDWĆ LHüLQG GLQ VDOD GH UHSHWLĦLH SHQWUX D PĆ
vQGUHSWD VSUH FDVĆ DP IRVW RSULW üL FRQGXV OD SRVWXO GH
PLOLĦLH GLQ FRPXQĆ XQGH PL VD IĆFXW FXQRVFXW FĆ VXQW
DUHVWDW $ GRXD ]L DP IRVW WUDQVSRUWDW GLQ ORFDOLWDWH

GHVSĆUĦLQGXPĆGHDLPHLSHQWUXRSHULRDGĆGHDSURDSH
GRLDQL
 $UHVWDUHD PHD VD SURGXV IĆUĆ QLFLR MXGHFDWĆ vQ
XUPD XQHL ÅGHFL]LL VSHFLDOHµ D 0LQLVWHUXOXL GH ,QWHUQH
1X DGXVHVHP QLFL XQ SUHMXGLFLX VWDWXOXL URPkQ
)ĆFXVHPSROLWLFĆOHJLRQDUĆFkQGDYHDPGRDUGHDQL
 /D DUHVWDUH PLD IRVW FRQILVFDW üL GRVDUXO FX WRDWH
DFWHOHSHUVRQDOHSULQWUHFDUHVHDIODGLSORPDGHvQYĆĦĆWRU
vQRULJLQDO$PLQWHUYHQLWvQGHVHUkQGXULSHQWUXDPLVH
UHVWLWXL GRVDUXO FDUH FRQĦLQHD FLUFD  ILOH GDU QDP
SULPLWSkQĆvQSUH]HQWQLFLXQUĆVSXQV
 &D ÅLQWHUQDW SROLWLFµ DP WUHFXW SULQ PDL PXOWH
vQFKLVRUL ODJĆUH üL FRORQLL GH PXQFĆ /H YRL DUĆWD SH
WRDWHvQRUGLQHDGDWHORUODLXOLHDPIRVWGHSXVOD
SHQLWHQFLDUXO GLQ )RFüDQL DYkQG UHJLP FHOXODU 'H DLFL
SH GDWD GH  LXOLH DP IRVW WUDQVSRUWDW OD %kUODG OD
VHFXULWDWHXQGHDPIRVWĦLQXWR]L3HGDWDGHLXOLHDP
IRVW GHSXV vQ ODJĆUXO GH OD *KHQFHD ² %XFXUHüWL /D 
DXJXVWDPIRVWGXVOD &DQDO3ULPDFRORQLH GHPXQFĆvQ
FDUH DP LQWUDW D IRVW *DOHü $LFL DP OXFUDW QXPDL OD
GHVFĆUFĆUL GH SĆPkQW WLPS GH QRXĆ]HFL GH ]LOH SH
üDQWLHUXOÅ$&'HVFĆUFDUH&RUGRQXOµ
 /D  QRLHPEULH  DP IRVW GXV vQ FRORQLD GH
PXQFĆ 3HQLQVXOD GLQ FRPXQD 9DOHD 1HDJUĆ UDLRQXO
0HGJLGLD UHJLXQHD &RQVWDQĦD $LFL DP OXFUDW QXPDL vQ
SLDWUĆWLPSGHWUHLVXWHGH]LOHIĆUĆQLFLRvQWUHUXSHUH
 $P WUHFXW SH UkQG SULQ WRDWH üDQWLHUHOH
Å*UĆGLQDµ  GH ]LOH Å&RQFDVRDUH PDULµ  GH ]LOH
Å&RQFDVRDUH PLFLµ  GH ]LOH Å0XVWDĦDµ  GH ]LOH
Å3RVWXO µ  GH ]LOH Å6WDĦLD 6LXWJKLROµ  GH ]LOH
Å7UDQVERUGĆUL µ  GH ]LOH Å&)µ  GH ]LOH
 
Å7UDQVERUGĆUL  µ  GH ]LOH üL Å'LJXUL üL 'UDJDMHµ 
GH]LOH
 /D  DXJXVW  DP IRVW VFRV GLQ FRORQLD GH
PXQFĆÅ3HQLQVXODµüLWUDQVSRUWDWOD%RU]HüWLUDLRQXO7J
2FQD UHJLXQHD %DFĆX /D %RU]HüWL DP OXFUDW  GH]LOH
IĆUĆ QLFLR vQWUHUXSHUH QXPDL OD VĆSĆWXUL GH SĆPkQW 6H
FRQVWUXLDXQFDQDOSHROXQJLPHGHNPSHFDUHDYHDVĆ
ILH vQGUHSWDWĆ DSD GLQ UkXO 7URWXü VSUH X]LQD HOHFWULFĆ
DIODWĆ vQ FXUV GH FRQVWUXFĦLH ûDQWLHUXO QRVWUX VH QXPHD
Å3XQFWXO$GXFĦLXQLµ
 /D  IHEUXDULH  DP IRVW VFRV GLQ UHJLPXO GH
PXQFĆ GkQGXQLVH OD WRĦL OHJLRQDULL UHJLP GH
SHQLWHQFLDU ÍQ ]LXD GH  PDUWLH DP IRVW PXWDW GLQ
ODJĆUXOGHOD%RU]HüWLvQODJĆUXO2QHüWLGLQDFHODüLUDLRQ
$LFLIXQFĦLRQDRFRPLVLHGHWULHUH
 ÍQ ]LXD GH  DSULOLH  RUD  GLPLQHDĦD FX
ELOHWXOGHOLEHUDUH1UDO)RUPDĦLXQLL2QHüWLDP
IRVWHOLEHUDWGLQODJĆU
 7UHFXVHUĆ QXPDL GRL DQL üL SDUFĆ YHQHDP DFXP
GLQDOWĆOXPHÍQVWDĦLHvQFHUFkQGVĆLQWUXvQYRUEĆFXXQ
FLYLO DYXL SDUFĆ vQ SULPHOH FOLSH R VWUkQJHUH GH LQLPĆ
8LWDVHP FĆ VXQW OLEHU (UD SULPXO FLYLO FX FDUH YRUEHDP
GXSĆ GRL DQL GH GHWHQĦLH 5HVWULFĦLD GH D QX YRUEL FX
FLYLOLLSHUVLVWDvQFĆvQPLQWHDPHD
 &H VFXPSĆL OLEHUWDWHD 2PXO QDU WUHEXL VĆüL
GRUHDVFĆGHFkWGRXĆOXFUXULVĆILHVĆQĆWRVüLVĆVHEXFXUH
GHVĆQĆWDWHvQOLEHUWDWH
 /D  VHSWHPEULH  6HFĦLD GH ÍQYĆĦĆPkQW D
UDLRQXOXL 9UDQFHD vQ XUPD XQXL PHPRULX SH FDUH ODP
vQDLQWDW D DYXW EXQĆYRLQĦD VĆ PĆ vQFDGUH]H vQ
vQYĆĦĆPkQWWRWvQSRVWXOSHFDUHODPDYXWüLPDLvQDLQWH

 ÍQ PRPHQWXO GH IDĦĆ IXQFĦLRQH] OD ûFRDOD
HOHPHQWDUĆ FX XQ VLQJXU SRVW GLQ VDWXO 6FDIDUL UDLRQXO
9UDQFHD

 PDL     
  &RVWDFKH&DUDJDĦĆ



$OWHVFULVRULWULPLVHIDPLOLHLvQSULPDGHWHQĦLH

&ĆVXĦDSRüWDOĆ1U'HWDüDPHQWXO.²LXQLH
)HWLĦHOHWDWHLGUDJL
VFXPSĆüLGHYRWDWĆVRĦLH
=L üL QRDSWH VXQW FX JkQGXO QXPDL OD YRL 6FULVRDUHD YRDVWUĆ
GLQ  DSULOLH PLD XPSOXW VXIOHWXO GH EXFXULH 1X SXWHDĦL
WULPLWH WĆWLFXOXL YRVWUX R YHVWH PDL EXQĆ GHFkW DFHHD FĆ
PHUJHĦL ELQH FX üFRDOD 0Ć JkQGHVF vQVĆ PHUHX üL FX PXOWĆ
JULMĆ OD VĆQĆWDWHD YRDVWUĆ üL D PĆPLFLL YRDVWUH &ĆXWDĦL FX
SXUWDUHD YRDVWUĆ VĆ QXL PĆULĦL VXIHULQĦHOH 6FULHĦLPL GHV /D
SDFKHW DYHP GUHSWXO /D YRUELWRU vQVĆ QX 7ULPLWHĦL VFULVRULOH
SHDGUHVDGHSHYHUVR3DFKHWHOHWRWSHYHFKHDDGUHVĆ
9ĆVĆUXWĆüLYĆvPEUĆĦLüHD]ĆSHWRĦL
&RVWLFĆ


&RORQLD%RU]HüWL²VHSWHPEULH
'UDJDPHDVRĦLH
'HODDSULOLHQXPDLüWLXQLPLFGHYRL6FULHPLLPHGLDWGDFĆ
DĦL IRVW üL VXQWHĦL FX WRĦLL VĆQĆWRüL 'H PLQH QX GXFH JULMĆ
7RDWĆ DWHQĦLD WD VĆ ILH vQGUHSWDWĆ DVXSUD IHWHORU KUDQĆ
vPEUĆFĆPLQWHüLPDLDOHVHGXFDĦLH6ĆDLEĆRULFkQGüLSHVWHWRW
SXUWĆULEXQH6SXQHOHFĆWĆWLFXOORUGRUHüWHPXOWDFHVWOXFUX

 
(X VXQW VĆQĆWRV üL PDP DSURSLDW GH YRL 6LPW vQ SOĆPkQL
DHUXO 9UDQFHL $YHP GUHSWXO OD SDFKHWH GH  NJ FX SkLQH
EUkQ]ĆüXQFĆIUXFWHFDUQHPLHUHQXFL7ULPLWHPLIRWRJUDILL
'HPDPDFHPDLüWLL"9ĆVĆUXWĆSHWRĦL
&RQVW&DUDJDĦĆ

&RORQLD%RU]HüWL²LDQXDULH
'UDJĆ/HDQĆ
6XQWDWkWGHLPSUHVLRQDWGHJULMDüLGHYRWDPHQWXOWĆXSHQWUX
WRW FHHD FH DL IĆFXW SkQĆ DFXPD vQFkW PĆ JkQGHVF VĆ WH URJ
vQFĆRGDWĆFDWRDWĆDWHQĦLDWDVĆILHvQGUHSWDWĆQXPDLDVXSUD
IHWHORU (X DP DFXP WRW FHPL WUHEXLH +UDQD VD vPEXQĆWĆĦLW
PXOW üL vPEUĆFĆPLQWHD R DP FRPSOHWĆ 1XPL PDL WUHEXLH
QLPLF 9RUELWRUXO VĆILH QXPDL XQSULOHM GHD QH YHGHD üL GHD
SXWHD YRUEL 1ĆGĆMGXLHVF FD OD YRUELWRUXO YLLWRU VĆ SRW VWD GH
YRUEĆüLFXIHWHOH
9ĆVĆUXWĆüLYĆvPEUĆĦLüHD]Ć
&RVWLFĆ

&RORQLD%RU]HüWL²IHEUXDULH
/HDQĆGUDJĆ
$VWĆQRDSWHDPYLVDWRSHVFXPSDüLPLFXĦD/RUHODL$POXDWR
vQ EUDĦH DP VĆUXWDWR üL DP YRUELW vQGHOXQJ FX HD 6HPĆQD
PXOWGHWRWFX&RUQHOLDFkQGDYHDYkUVWDGHDQL6SXQHLFĆ
PĆ JkQGHVF OD HD DüD FXP PĆ JkQGHVF vQ ILHFDUH FOLSĆ OD
&RUQHOLD üL OD 2OJXĦD 'H DVHPHQHD PĆ JkQGHVF üL OD FRSLLL
0HQWHL 3H FkW YĆ VWĆ vQ SXWLQĦĆ DMXWDĦLR SH 0HQWD 3kQĆ OD
SULPLUHDXQHLDOWHFSGHODPLQHQXPLPDLWULPLWHĦLVFULVRUL
QLFLSDFKHWHüLQXPDLYHQLĦLODYRUELWRU6XQWVĆQĆWRV3HDLFL
DYHPLDUQĆJUHD
9ĆGRUHVFODWRĦLVĆQĆWDWH
&RVWLFĆ


&RORQLD2QHüWL²DSULOLH
'UDJLLPHL
6XQW VĆQĆWRV 3kQĆ OD SULPLUHD XQHL DOWH F S QXPL PDL
WULPLWHĦL VFULVRUL QLFL SDFKHWH üL QX PDL YHQLĦL OD YRUELWRU
&RPXQLFDĦLüLPDPHLFĆDĦLSULPLWYHüWLGHODPLQH&RUQHOLDüL
2OJXĦD WĆWLFX YĆ WULPLWH VĆUXWĆUL üL YĆ XUHD]Ć Å6ĆUEĆWRUL
IHULFLWHµ )LĦL YHVHOH FĆ WĆWLFXO YRVWUX H VĆQĆWRV üL DüWHDSWĆ vQ
FXUkQGVĆYĆYDGĆ
&RVWLFĆ


&XYkQWGHOĆPXULUH

 'RUHVF VĆL LQIRUPH] SH FLWLWRULL DFHVWRUYHUVXUL FĆ
HOHQDXIRVWVFULVHGXSĆQLFLXQWH[W
 &RQFHSXWH vQ vQWXQHFLPHD WHPQLĦHORU GH FĆWUH
SRHĦLL PDUWLUL 5DGX *\U 1LFKLIRU &UDLQLF üL DOĦLL DX
FLUFXODW SULQ WRDWH FHOH  GH FHOXOH DOH $LXGXOXL
WUDQVPLVH SULQ SHUHĦL VDX OD FDORULIHU FX DMXWRUXO
DOIDEHWXOXL0RUVH
 6FULVH LQLĦLDO SH VWLFOH FX PHGLFDPHQWH SHQWUX FHL
EROQDYL SH VĆSXQ VDX SH SHUHĦL HUDX UHSHGH PHPRUDWH
DSRL üWHUVH SHQWUX D QX IL JĆVLWH OD R SHUFKH]LĦLH
LQRSLQDWĆ 6WLFOD SHUHWHOH VDX VĆSXQXO HUDX KkUWLD LDU
YkUIXOGHDFHUDFUHLRQXO
 3D]DHUDIRDUWHYLJLOHQWĆ/DFHDPDLPLFĆPLüFDUH
vQ FHOXOĆ JDUGLDQXO GH SH FRULGRU SULYHD GLVFUHW SULQ
 
 3UHIDĦĆ OD Å&DLHWXO FX FRSHUWH URüLLµ ² FXSULQ]kQG Å3RH]LL GLQ vQFKLVRUL 
PHPRUDWHGHIRVWXOGHĦLQXWSROLWLF&RVWDFKH&DUDJDĦĆvQYĆĦĆWRUGLQ7LFKLULü²9UDQFHDµ


 
ÅRFKLXO PDJLFµ IL[DW SH XüĆ SULQ]kQG DGHVHD SH FHO FH
SULPHDVDXWUDQVPLWHDYHFLQLORU&HOXLSULQVLVHIĆFHDSH
ORFXQUDSRUWSULQFDUHLVHFHUHDSHGHSVLUHDFX]LOH
L]RODUH
 5HJLPXOGHL]RODUHHUDJURD]QLF'HĦLQXWXOHUDVFRV
GLQ FHOXOD VD üL GXV RUL OD ÅQHDJUDµ RUL vQ ÅFHOXOD UHFHµ
FRQVWUXLWĆQXPDLGLQFLPHQWIĆUĆSDWüLIRDUWHIULJXURDVĆ
+UDQD HUD GLVWULEXLWĆ R GDWĆ OD GRXĆ ]LOH üL DWXQFL UDĦLD
QXPDLSHMXPĆWDWH
 3HUVRQDO DP WUHFXW GH SDWUX RUL SULQ L]RODUH XQD
OD ÅQHDJUDµ üL WUHL OD FHOXOD UHFH FD JKHDĦD XQGH RPXO
WUHPXUDFDYDUJDFKLDUüLvQWLPSXOFHOHLPDLFĆOGXURDVH
]LOHGHYDUĆ/DÅQHDJUDµvQWLPSXOFHOHLPDLJHURDVH]LOH
GH LDUQĆ HUD R WHPSHUDWXUĆ GH SHVWH & vQFkW QX VH
SXWHD VXSRUWD FĆPDüD &HOXOD QHDYkQG QLFLR IHUHDVWUĆ
XüDILLQGHUPHWLFvQFKLVĆDHUXOGHYHQHDLQVXILFLHQW'XSĆ
L]RODUHD GH OD ÅQHDJUDµ PLDX WUHEXLW FkWHYD VĆSWĆPkQL
VĆPLYLQvQILUH«
 3HQWUX SHULRDGD DQLORU  PHULWĆ
PHQĦLRQDW QXPHOH GH WULVWĆ DPLQWLUH DO FRPDQGDQWXOXL
vQFKLVRULL $LXG FRORQHOXO &UĆFLXQ *KHRUJKH FDUH FX
WRDWĆ VHFXULWDWHD FHR DYHD OD vQGHPkQĆ QX D SXWXW RSUL
FLUFXODĦLDFUHDĦLLORUL]YRUkWHGLQDPDUQLFHOHVXIHULQĦH(OH
DX IRVW PHPRUDWH FX ULVFXUL IRDUWH PDUL 3HQWUX D QX OH
SLHUGHOHUHSHWDPvQILHFDUH]L(UDVLQJXUXOSURFHGHXGH
VFXUJHUHPDLXüRDUĆDWLPSXOXL
 3H GUHSW FXYkQW DXWRULL DFHVWRU YHUVXUL DX IRVW
VDOYDWRULLQRüWUL&XYHUVXULOHORUQHDPKUĆQLWVXIOHWHOH]L
üLQRDSWHüLFXDMXWRUXOORUDPSXWXWVXSUDYLHĦXL
 $MXQV DFDVĆ GXSĆ HOLEHUDUHD GH OD $LXG SH OD
VIkUüLWXO OXL LXOLH  PDP DSXFDW GH VFULV 6FULDP

QXPDL QRDSWHD FX PDUH WHDPĆ üL FX PDUH DWHQĦLH &X
DMXWRUXOOXL'XPQH]HXDPDMXQVVĆVFRWGLQPHPRULHFHOH
SHVWH  GH YHUVXUL VĆ OH IL[H] vQ FDLHWXO GH IDĦĆ FDLHW
FDUHDVWDWDVFXQVWLPSGHGRXĆ]HFLüLFLQFLGHDQL

&RVWDFKH&DUDJDĦĆ


,QWHUYLXQHSXEOLFDW

3XWHUHDUXJĆFLXQLL
üLFRQWULEXĦLDSRH]LHLRUDOHODVXSUDYLHĦXLUHDvQWHPQLĦHOH
FRPXQLVWHDIRüWLORUGHĦLQXĦLSROLWLFLGLQ5RPkQLDvQ
SHULRDGDDQLORU

 ÍQWUHEDUH ÍQ FH SHULRDGĆ DĦL IRVW vQFKLVSULQ FH vQFKLVRUL DĦL
WUHFXWüLFkQGDĦLUHYHQLWODOLEHUWDWH"
 5ĆVSXQV 'HWHQĦLD PHD QX D IRVW SUHD OXQJĆ vQ
FRPSDUDĦLHFXDDOWRUDFDUHDGXUDWVDXFKLDUGHDQL
(DVDSHWUHFXWvQGRXĆSHULRDGHSULPDvQWUHDQLLOD
&DQDOXO 'XQĆUH0DUHD 1HDJUĆ FX ÅFRQGDPQDUH
DGPLQLVWUDWLYƵ GH  DQL LDU D GRXD vQWUH DQLL 
FRQGDPQDWGHFĆWUH7ULEXQDOXO0LOLWDU&RQVWDQĦDODGHDQL
PXQFĆ VLOQLFĆ SHQWUX ÅFULPĆ GH XQHOWLUH vPSRWULYD RUGLQLL
VRFLDOHµüLHOLEHUDWGLQvQFKLVRDUHD$LXGXOXLvQOXQDLXOLH
ÍQ FHOH GRXĆ SHULRDGH DP WUHFXW SULQ PDL PXOWH vQFKLVRUL OD
&DQDO SULQ ODJĆUHOH *DOHü 3HQLQVXOD üL &XOPHD1RXĆ ILLQG
HOLEHUDW OD VIkUüLWXO FHORU GRL DQL GLQ ODJĆUXO GH OD %RU]HüWL
ÍQFHSkQGFXDPWUHFXWSULQvQFKLVRULOH)RFüDQL*DODĦLüL
$LXG
 
,QWHUYLXSHQWUXUHYLVWDµ&ĆOĆX]ĆRUWRGR[ƵUĆPDVvQID]ĆGHPDQXVFULVGLQPRWLYHQHFXQRVFXWH


 
 
 ÍQWUHEDUH8QGHDĦLvQGXUDWFHOPDLGXUUHJLPGHYLDĦĆ"
 5ĆVSXQV &HO PDL JUHX PLD IRVW OD 6HFXULWDWHD GLQ
*DODĦL XQGHDP WUHFXW SULQ  GH DQFKHWH WLPS GH  OXQL
vQFKHLQG FX XOWLPD GLQ QRDSWHD IDWDOĆ GH  PDUWLH 
FkQGDPIRVWWRUWXUDWJURD]QLF3ĆULQWHOH7RWROLFLGLQ*DODĦLFX
FDUH HUDP vQ FHOXOĆ D SXWXW VĆ YDGĆ vQ GLPLQHDĦD ]LOHL GH 
PDUWLHFkQGPDXUHDGXVGHODFDPHUDGHWRUWXUĆXQRPGH
QHUHFXQRVFXW DSURDSH WHUPLQDW« 'XSĆ DFHDVWĆ XOWLPĆ
DQFKHWĆPLVDvQWRFPLWDFWXOGHSXQHUHVXEDFX]DUHDPIRVW
GXV vQ IDĦD 7ULEXQDOXOXL 0LOLWDU FDUH D GDW VHQWLQĦD GH
FRQGDPQDUHODGHDQLPXQFĆVLOQLFĆ$GRXDvQFKLVRDUHvQ
FDUHDPVLPĦLWGLQSOLQGXULWDWHDUHJLPXOXLGHRSUHVLXQHDIRVW
$LXGXO $LFL VH DSOLFDX GRXĆ IHOXUL GH SULYDĦLXQL XQD vQ
FHOXODUXOFXSHVWHGRXĆPLLGHGHĦLQXĦLDGRXDvQ=DUFDXQGH
vQFĆSHDX GRDU YUHR  /D =DUFD VH JĆVHDX FHL VFRüL GLQ
&HOXODUXQGHYLDĦDHUDRDUHFXPPDLVXSRUWDELOĆSHQWUXFĆDX
UHIX]DWUHHGXFDUHDvQFHSXWĆvQWRDPQDOXL&HLGRXĆVXWH
GH GHĦLQXĦL DX IRVW VXSXüL XQXL UHJLP GH H[WHUPLQDUH SULQ
IRDPHWHüLDOWHPĆVXULGUDFRQLFHDSOLFDWHGHFRORQHOXO&UĆFLXQ
*KHRUJKH FRPDQGDQWXO vQFKLVRULL 3HQWUX DFHODüL PRWLY DP
IRVW üL HX VFRV GLQ &HOXODU SH GDWD GH  GHFHPEULH  üL
LQWURGXVvQ=DUFDODFHOXODQU$PLHüLWGHDFRORODOXPLQĆ
SHODPLMORFXOOXQLLLXOLHDQXOXUPĆWRUGXSĆDSDULĦLDGHFUHWXOXL
GHDPQLVWLHSHQWUXWRĦLGHĦLQXĦLLSROLWLFL

 ÍQWUHEDUH)ĆUĆvQGRLDOĆFĆJUHOHOHvQFHUFĆULSULQFDUHDĦLWUHFXW
DX SXWXW IL GHSĆüLWH FX DMXWRUXO XQXL SXWHUQLF VXSRUW PRUDO 9Ć
UXJĆP VĆ QH VSXQHĦL FH DQXPH YD DMXWDW FHO PDL PXOW VĆ
VXSUDYLHĦXLĦL"
 5ĆVSXQV 5XJĆFLXQHD 5XJĆFLXQHD VLQFHUĆ üL ILHUELQWH
SRUQLWĆ GLQ LQLPĆ FXUDWĆ DGUHVDWĆ ]L GH ]L FOLSĆ GH FOLSĆ

$WRWSXWHUQLFXOXLQRVWUX6WĆSkQ'RPQXOQRVWUX,LVXV+ULVWRVüL
3UHD&XUDWHL6DOH0DLFL6IkQWD)HFLRDUĆ0DULDÍQvQWXQHFDWHOH
üLvQJKHĦDWHOHQRDVWUHFHOXOHXQGHvQWLPSXOLHUQLLDSDQXPDL
UĆPkQHDvQVWDUHOLFKLGĆDPYĆ]XWRDPHQLVWkQGvQJHQXQFKL
RUHvQWUHJLFXPkLQLOHvPSUHXQDWHUXJkQGXVH3ĆULQWHOH,RDQ
GH OD 0ĆQĆVWLUHD 7XGRU 9ODGLPLUHVFX DYHD WRDWH GHJHWHOH
GHJHUDWHVWkQG]LOQLFFkWHüDSWHRUHvQUXJĆFLXQH«

 ÍQWUHEDUH)LLQGFĆYHQLYRUEDGHSĆULQWHOH,RDQYĆUXJĆPVĆ
QH VSXQHĦL FkWH FHYD GHVSUH SUHRĦL vQ JHQHUDO GHVSUH FRPSRUWDUHD
DFHVWRUD vQ SHULRDGD GHWHQĦLHL VĆ QH GDĦL H[HPSOH GH SUHRĦL PRGHO D
FĆURUSUH]HQĦĆvQPLMORFXOGXPQHDYRDVWUĆYDSXWXWILGHIRORV
 5ĆVSXQV1XSRWYRUELGHSUHRĦLPRGHO7RĦLDPWUHFXW
SULQDFHOHDüLvQFHUFĆULüLILHFDUHGLQWUHQRLDPIRVWODXQSDVGH
PRDUWH Å3ULQ PRDUWHDP WUHFXW QX SULQ YLDĦƵ VSXQH 5DGX
*\UvQWURPLQXQDWĆSRH]LHDVD(VWHDGHYĆUDWvQVĆFĆvQOXSWD
GXVĆGHSRSRUXOURPkQvPSRWULYDFRPXQLVPXOXLRQHVSXVGH
PDUH FRQWULEXĦLH DX DYXWR SUHRĦLL 2UWRGRFüL FDWROLFL JUHFR
FDWROLFL GHRSRWULYĆ DX IRVW H[SXüL SHUVHFXĦLLORU üL FKLQXULORU
FHORU PDL GLDEROLFH /D 3LWHüWL VWXGHQĦLL WHRORJL DX IRVW vQFKLüL
VHSDUDW vQWUR FDPHUĆ VSHFLDOĆ SHQWUX D IL VXSXüL QX QXPDL
VFKLQJLXLULORU FHORU PDL VĆOEDWLFH GDU üL EDWMRFXULORU FHORU PDL
QHvQFKLSXLWH/D3HQLQVXOD&DQDOXO'XQĆUH0DUHD1HDJUĆD
IRVWFRQVWLWXLWĆREULJDGĆQXPDLGLQSUHRĦLSHQWUXDOLVHPĆUL
QRUPDGHOXFUXGHODR]LODDOWD/D$LXGDSURDSHFĆQXH[LVWD
FHOXOĆvQFDUHVĆQXVHILDIODWXQSUHRW3UHRĦLLDXIRVWSXUWĆWRULL
'XKXOXL6IkQWüLFHLFHDXDYXWQRURFXOVĆüLSHWUHDFĆGHWHQĦLD
FX HL VXSRUWDX VXIHULQĦD PDL XüRU WLPSXO VH VFXUJHD PDL
UHSHGHLDUQĆGHMGHDvQPkQWXLUHDQRDVWUĆHUDPDLDSURDSH'H
OD SUHRĦL DP vQYĆĦDW WRW IHOXO GH WH[WH UHOLJLRDVH vQWUH FDUH
DFDWLVWH HSLVWROHOH 6ILQĦLORU $SRVWROL ]HFL GH SVDOPL üL

 
QHQXPĆUDWHDOWHUXJĆFLXQLFXFDUHQHDPKUĆQLWVXIOHWHOH0XOWH
GLQWUH DFHVWH WH[WH VH WUDQVPLWHDX GH OD R FHOXOĆ OD DOWD FX
DMXWRUXODOIDEHWXOXL0RUVH8QDGLQWUHFHOHPDLFĆXWDWHüLPDL
FXSULQ]ĆWRDUH UXJĆFLXQL D IRVW DFHHD D 6IkQWXOXL 7RPD
G·$TXLQR FDUH SĆWUXQGHD vQ LQLPLOH QRDVWUH FD SLFĆWXUD GH
EDOVDP SHVWH R  UDQĆ YHFKH üL GXUHURDVĆ &X DMXWRUXO DFHVWRU
WH[WHüLDYHUVXULORUSRHĦLORU5DGX*\UüL1LFKLIRU&UDLQLFDP
SXWXWVXSUDYLHĦXLÍQGHFXUVXOGHWHQĦLHLPHOHDPDYXWIHULFLUHD
VĆ LQWUX vQ FRQWDFW FX PXOĦL SUHRĦL 9RL PHQĦLRQD DLFL QXPHOH
XQRUD GLQWUH HL FDUH SULQ WUĆLUHD ORU DGkQF UHOLJLRDVĆ SULQ
FDOPXO üL EOkQGHĦHD vQ UHODĦLLOH FX VHPHQLL GLQ MXU SULQ vQWUHJ
FRPSRUWDPHQWXO GH FDUH DX GDW GRYDGĆ DX VDOYDW PXOĦL
RDPHQLDMXQüLvQSUDJXOGLVSHUĆULL$VWIHODXIRVW3ĆULQWHOH,RDQ
SUHRWOD0ĆQĆVWLUHD7XGRU9ODGLPLUHVFXSUûWHIDQ0DUFXGLQ
FRPXQD 1LVWRUHüWL MXG 9UDQFHD SU $QGURQHVFX GLQ VDWXO
&RODFX MXG 9UDQFHD SU 3RJDQ GLQ FRPXQD 6SXOEHU MXG
9UDQFHDSU&DORLDQXGLQVDWXO9RORüFDQLMXGHĦXO9UDQFHDSU
7LQFX GLQ FRPXQD 1HUHMX MXG 9UDQFHD SU 7RWROLFL GLQ MXG
*DODĦL SU ĥLEUHD GLQ FRPXQD 9UkQFLRDLD MXG 9UDQFHD SU
*UDXUGLQ)RFüDQLüDÍQFRQGLĦLLGHFUXQWĆWHURDUHSULQFHOXOH
VSUHDOHXüXUDVXIOHWHOHFHORUSULJRQLĦLSUHRĦLLDXPĆUWXULVLWüL
DX vPSĆUWĆüLW SH FHL FDUH FHUHDX DFHVW OXFUX 3HQWUX 6IkQWD
ÍPSĆUWĆüDQLH SUHRĦLL GHVLJXU SXĦLQL GLQWUH HL SULPHDX GLQ
DIDUĆ6IkQWXO$JQHĦIĆUĆGHFDUH6IkQWD7DLQĆQXVDUILSXWXW
VĆYkUüLÍQORFGHYLQVHIRORVHDDSD5ĆPkQHPUHFXQRVFĆWRUL
PLLORU GH SUHRĦL URPkQLFDUH OD IHO FD üL QRL DXvQGXUDW üL DX
VXSRUWDWWRDWHDVXSULULOHSHQWUXELUXLQĦD&UXFLLüLD1HDPXOXL
5RPkQHVF&HORUGHFHGDĦLvQFKLQXULüLSULJRDQH'XPQH]HXVĆ
OHLHUWHSĆFDWHOHüLVĆLSULPHDVFĆvQ0DUHD/XLÍPSĆUĆĦLH
 
 ÍQWUHEDUH $ĦL DPLQWLW vQ WUHDFĆW GH SRHĦLL 5DGX *\U üL


1LFKLIRU &UDLQLF ÍQ FH PĆVXUĆ FUHDĦLLOH DFHVWRU GRL PDUL SRHĦL DX
FRQWULEXLWODDPHOLRUDUHDVXIHULQĦHORUGXPQHDYRDVWUĆ"
 5ĆVSXQV ÍQDLQWH GH D YRUEL GHVSUH *\U üL &UDLQLF
WUHEXLHVĆIDFRSUHFL]DUHvQDQXODXDSĆUXWOD%XFXUHüWL
GRXĆYROXPHGHSRH]LLFXWLWOXOÅ3RHĦLGXSĆJUDWLLµ$LFLDXIRVW
DGXQDWH WRDWH FUHDĦLLOH L]YRUkWH GLQ FUXQWĆ üL vQGHOXQJDWĆ
SULJRDQĆLDUQXPĆUXODFHVWRUDXWRULWUHFHGH&UHDWRULDX
IRVW üL vQ GRPHQLXO PX]LFLL 1HPXULWRU UĆPkQH Å&ROLQGXO
SUL]RQLHULORUURPkQLGLQ5XVLDµDOvQYĆĦĆWRUXOXLûWHIDQ7XPXUXJ
FRPSXV vQWUXQXO GLQ ODJĆUHOH VLEHULHQH vQ DMXQXO XQXL
&UĆFLXQFkQGEDUĆFLOHHUDXDFRSHULWHDSURDSHWRWDOGHWURLHQH
Å0DPĆ PDPĆ FUHVF QĆPHĦLL üL SLHULP  )ĆUĆ ĦDUĆ IĆUĆ QXPH
9HOHULPµ« 6DX Å'RU GH OLEHUWĆĦLµ DO WkQĆUXOXL *KHRUJKH
%R]HQRYLFL Å3UHD 6IkQWĆ )HFLRDUĆ DL JULMĆ GH QRL  1H VFDSĆ GLQ
ODQĦXUL GXUHUL üL QHYRL  $L PLOĆ GHDL 7ĆL IĆL EXQL SH FHL UĆL  7H
UXJĆP VĆ 7H URJL SHQWUX QRLµ« /D IHO LPQXO Å=RUL GH ]Lµ
FRQFHSXW vQ WHPQLĦHOH $LXGXOXL GH vQYĆĦĆWRUXO ,RQHO
&RQVWDQWLQHVFXGLQFRPXQDĥHSXMXG*DODĦL5HYHQLQGvQVĆ
OD SRHĦLL 5DGX *\U üL 1LFKLIRU &UDLQLF VXQW PXOWH GH VSXV
&UHDĦLLOH ORU DX FLUFXODW SULQ FHOH  GH FHOXOH DOH $LXGXOXL
FXPFLUFXOĆVHYDvQSODQWHVDXVkQJHOHvQRUJDQLVPXORPXOXL
0XOWH GLQWUH HOH DX FDUDFWHU UHOLJLRV Å,LVXVHQVkQJHUDWHµ
Å,GHQWLWDWHµÅ%DODGD&HWĆĦLLIĆUĆLFRDQHµüDÅ,LVXVvQFHOXOƵDOXL
*\U HUD FXQRVFXWĆ üL GH VHFXULüWL IRORVLQGXVH GH HD vQ
QHQXPĆUDWHOHDQFKHWHSHFDUHOHIĆFHDX]LXDüLQRDSWHD3HQWUX
VHPQLILFDĦLDüLIUXPXVHĦHDOXLGHRVHELWĆYRLPHQĦLRQDRVWURIĆ
GLQWUXQFROLQGDOOXL5DGX*\UÅ2,LVXVHÍPSĆUDWH,DUWĆODFULPL
üLSĆFDWH9LQVDOLQLXüRU5ĆQLOHFHGRU&HUXOQLOGHVFXLH1RL7H
RP DüWHSWD  &ĆFL SH &UXFHD 7D  6WĆP EĆWXĦL vQ FXLHµ 6DX vQ DOW
FROLQGÅ$YHQLWüLDLFL&UĆFLXQXO6ĆQHPkQJkLHVXUJKLXQXO&DGH
DOEĆQHD3HVWHYLDĦDPHD3HVWHVXIOHWQLQJH&DGHDOEĆQHD3HVWH
 
YLDĦDPHD&DUHDLFLVHVWLQJH0DLFD'RPQXOXLFXUDWĆ$GĆRYHVWH
PLQXQDWĆ=kPEHWXO7ĆXGUDJÍQIORUHDVFĆQSUDJ&DR]LFXVRDUH
=kPEHWXO 7ĆX GUDJ  ÍO DüWHDSWĆQ SUDJ  &HL GLQ vQFKLVRDUHµ ,DWĆ
FkWHYD H[HPSOH üL GLQ 1LFKLIRU &UDLQLF Å5XJĆ SHQWUX SDFHµ
Å7Xµ ,PQXO 3RWLUXOXLµ Å%DODGD GRLQHLµ SH FDUH R FRQVLGHU R
FDSRGRSHUĆDOLWHUDWXULLURPkQHüD&XSULOHMXOXQHLYL]LWHOD
3DODWXO (SLVFRSDO GLQ *DODĦL vQ ]LXD GH  LXQLH  36
&DVLDQ&UĆFLXQvQWLPSXOFXYkQWĆULL3UHD6ILQĦLHL6DOHDUHFLWDW
vQIDĦDWLQHULORUFDQGLGDĦLODSUHRĦLHµ,PQXO3RWLUXOXLµ&DOPüLFX
YRFHD EOkQGĆ D XQXL DGHYĆUDW SĆVWRU GH VXIOHWH D FXFHULW FX
WH[WXODFHVWHLSRH]LLLQLPLOHDFHORUWLQHUL$WXQFLDPURVWLWüLHX
GRXĆSRH]LLDOHOXL5DGX*\UÅ,LVXVvQFHOXOƵüLÅ,GHQWLWDWHµ

 ÍQWUHEDUH ûL DFXP FkQG QH DIOĆP FĆWUH ILQDOXO DFHVWXL
LQWHUYLX DĦL SXWHD VĆ QH RIHULĦL FkWHYD FRQVLGHUDĦLL JHQHUDOH DVXSUD
WHPHLGLDORJXOXLQRVWUX"
 5ĆVSXQV &RQFHSXWH vQ vQWXQHFDWHOH üL vQIULJXUDWHOH
FHOXOHvQFRQGLĦLLGHWLUDQLFĆVXSUDYHJKHUHDFHVWHFUHDĦLLOLWHUDUH
üL PX]LFDOH DX FLUFXODW WRW WLPSXO ]LXD üL QRDSWHD FX WRDWĆ
YLJLOHQĦDJDUGLHQLORULQVWUXLĦLvQPRGVSHFLDOVĆXUPĆUHDVFĆüL
VĆ UDSRUWH]H QHUHVSHFWDUHD UHJXODPHQWXOXL 5LVFXULOH HUDX
IRDUWH PDUL SHQWUX FHL FH WUDQVPLWHDX SULQ 0RUVH vL DüWHSWDX
FDUFHUDüLL]RODUHDÍQWHPQLĦHOHFRPXQLVWHVHDSOLFDXQUHJLPGH
GLVWUXJHUHWRWDOĆDRPXOXL'HSDWUXRULFkWHGRXĆVĆSWĆPkQL
DPWUHFXWüLHXSULQDFHVWHvQFHUFĆULûLWRWXüLGXSĆFLQFL]HFLGH
DQL GH vQFOHüWDUH DSRFDOLSWLFĆ vQ OXSWD GLQWUH %LQH üL 5ĆX
SRSRUXO URPkQ D LHüLW OD OXPLQĆ üL OLEHUWDWH 6D FküWLJDW R
EĆWĆOLH 'DU ELUXLQĦD DVXSUD UĆXOXL QX QH DSDUĦLQH 1RL QDP
OXSWDWFXDUPHOHFLFXUĆEGDUHD2UĆEGDUHFDUHVHDIODGLQFROR
GH OLPLWHOH RPHQHüWL ûL DP SXWXW UĆEGD SHQWUX FĆ DP
QĆGĆMGXLW $P QĆGĆMGXLW SHQWUX FĆ DP JĆVLW SXQFWXO GH


VSULMLQ&UXFHDüL5XJĆFLXQHD(OHDXIRVWPDLWDULGHFkWWRDWH
DUPHOH OXPLL 1X HVWH RDUH R PLQXQH FĆ SRUĦLOH ]HFLORU GH
vQFKLVRUL GH SH WRW FXSULQVXO ĦĆULL VDX GHVFKLV FD OD R
FRPDQGĆ"1DIRVWRPLQXQHVĆYH]LFXPVXWHOHGHPLLGH
QĆSĆVWXLĦL ]ĆYRUkĦL vQ WHPQLĦH VH UHYDUVĆ FD WRUHQWHOH VSUH
VRDUHOXPLQĆüLOLEHUWDWHIĆUĆQLFLXQIHOGHYLROHQĦĆ"&LQHD
IRVWVDOYDWRUXO"5DGX*\U1LFKLIRU&UDLQLFüLFHLODOĦLDXIRVW
QXPDL DOHüLL &UHDWRUXOXL FDUH DX PHQĦLQXW vQ SHUPDQHQĦĆ
PRUDOXOüLQĆGHMGHDvQPkQWXLUHDQHDPXOXL/HGDWRUĆPIRDUWH
PXOW&XYHUVXULOHORUQHDPKUĆQLWVXIOHWHOH]LüLQRDSWHüL
FX DMXWRUXO ORU DP SXWXW VXSUDYLHĦXL 'DU FHD PDL PDUH
PLQXQH FDUH VD SHWUHFXW vQ LVWRULD 5RPkQLHL QX HVWH RDUH
'HFHPEULH·"&LQHODvQIULFRüDWDüDGHWDUHSHFHOFDUHGHüL
GHĦLQHDRSXWHUHDEVROXWĆDYHDRDUPDWĆSROLWLFĆELQHSXVĆOD
SXQFW üL WRW IHOXO GH DUPH VRILVWLFDWH D WUHEXLW VĆ SĆUĆVHDVFĆ
WRWXOüLVĆIXJĆ"
 6XQWIHQRPHQHSHWUHFXWHVXERFKLLQRüWULFDUHQXüLSRW
JĆVLH[SOLFDĦLDGHFkWvQSODQXO'LYLQLWĆĦLLPDLGLQDLQWHVWDELOLW
ÍQFKHL FX FHD PDL IUXPRDVĆ VWURIĆ GLQ SRH]LD OXL 1LFKLIRU
&UDLQLFÅ,PQXO3RWLUXOXLµÅûLLDWĆ3RWLUXOODJXUĆ7HGXFH,LVXVH
+ULVWRDVH 7X MHUWIĆ SH FUXFH  +UĆQHüWHPĆ FDUQH GH 6IkQW
'XPQH]HX&DEREXOvQKROGĆFDPXVWXQFLRUFKLQH(üWL7RWXOvQ
WRDWHüLWRDWHVSULQ7LQH7XSkLQHDGHDSXUXULD1HDPXOXLPHXµ

QRLHPEULH





 
 



















 





Å3ĆVWUH]RDPLQWLUH
H[WUDRUGLQDUĆRPXOXLFDUHD
IRVW&RVWDFKH&DUDJDĦƵ

       
   +RULDĥXUFDQX








 
 

 3UHĦXLUH

Å «$ĦL IRVW FX DGHYĆUDW UHYHODĦLD üL EXFXULD RUDüXOXL
*DODĦL 6LPĦLĦLYĆ vQWRWGHDXQD DFDVĆ DLFL OD *DODĦL
GRPQXOH vQYĆĦĆWRU &RVWDFKH &DUDJDĦĆ üL ILĦL PRGHOXO
vQYĆĦĆWRULORUGHFDUHDYHPQHYRLHDVWĆ]LvQWRDWHVDWHOHFDVĆ
UHQDVFĆĦĆUDQXOURPkQµ«
 PDL
36&DVLDQ
(SLVFRSXO'XQĆULLGH-RV

GLQGLVFXUVXOURVWLWODÅ6HDUDPX]HDOƵRUJDQL]DWĆGH
0X]HXO -XGHĦHDQ GH ,VWRULH *DODĦL FX WHPD  Å3RH]LD
WHPQLĦHORUFRPXQLVWHµ



$PvQWkOQLWXQÅRPIUXPRVµ«

 /DPDLDPDYXWGHRVHELWDSOĆFHUHGHDPĆDIOD
FD LQYLWDWĆ GH RQRDUH OD VLPSR]LRQXO RUJDQL]DW OD *DODĦL GH
FĆWUH$VRFLDĦLD)RüWLORU'HĦLQXĦL3ROLWLFLFXELQHFXYkQWDUHD36
(SLVFRS &DVLDQ SUH]HQW GH DVHPHQHD SULQWUH SDUWLFLSDQĦL
RFD]LHFXFDUHODPvQWkOQLWüLFXQRVFXWüLSHGRPQXO&RVWDFKH
&DUDJDĦĆ
 6DX GHSĆQDW WULVWH DPLQWLUL SULQWUH FHL DIODĦL vQ VDOĆ
QXPĆUkQGXVH PXOĦL GLQWUH IRüWLL GHĦLQXĦL SROLWLFL VDX UHFLWDW
SRH]LL ² PXOWH DSDUĦLQkQG WDWĆOXL PHX SRHWXO 5DGX *\U ²

 
SUHFXP üL PXOWH DOWHOH DOH XQRU DXWRUL vQGXUĆWRUL DL WHURULL
FRPXQLVWHSULYDĦLGHOLEHUWDWH
 $ IRVW R ]L WXOEXUĆWRDUH vQFĆUFDWĆ GH UHDGXFHUL vQ
PHPRULH DOH XQRU GHVWLQH WUDJLFH ÅUHDOL]ĆUL PĆUHĦHµ DOH XQXL
UHJLPSROLWLFFDUHSULQWHURDUHDGHFLPDWQXQXPDL]HFLGHPLL
GH ILLQĦH XPDQH YLFWLPH DOH vQFKLVRULORU FRPXQLVWH üL DOH
GHSRUWĆULORUDEX]LYHGDUüLIDPLOLLOHDFHVWRUDH[FOXVHGLQQRXD
VRFLHWDWHVRFLDOLVWĆ2RUGLQHDSDUHQWĆRPRUDOLWDWHIĆUĆIRUPĆ
üL FRQĦLQXW DFHDVWĆ QRXĆ RUkQGXLUH VD GRULW D IL
DWRWELQHIĆFĆWRDUH üL SOLQĆ GH GUHSWDWH üL D UHXüLW VĆ
´GREkQGHDVFĆ OHJDO´ SURSULHWĆĦL DOH RDPHQLORU FLQVWLĦL
SĆPkQWXUL üL JRVSRGĆULL vQWUHJL ORFXLQĦH üL EXQXUL GH WRDWH
IHOXULOHWUHFkQGFDXQWĆYĆOXJLQFDQGHVFHQWGHODYĆDU]kQGüL
SXVWLLQG  WRW FHHD FH D vQVHPQDW VSHFLILF QDĦLRQDO URPkQHVF
YDORDUH üL WUDGLĦLH DX IRVW HUDGLFDWH LDU ORFXO GHPQLWĆĦLL DO
FUHGLQĦHL üL DO LXELULL GH QHDP D IRVW OXDW GH LPSRVWXUĆ
GHFDGHQĦĆ üL PHGLRFULWDWH 8Q PHGLX LGHDO SHQWUX QDüWHUHD üL
GH]YROWDUHDRPXOXLQRXVODEIULFRVüLSĆJkQ
 $PSOHFDWGHODDFHDVWĆvQWkOQLUHSHGHRSDUWHPDUFDWĆ
GHGXUHUHSHQWUXPLQHUĆPkQkQGRDPLQWLUHSLRDVĆFDUHvPL
GĆLQXLH üL DVWĆ]L vQ PHPRULH LDU SH GH DOWĆ SDUWH SXĦLQ PDL

ERJDWĆ ODP vQWkOQLW DWXQFL SHQWUX SULPD GDWĆ SH GRPQXO
&DUDJDĦĆFDPDLDSRLVĆOFXQRVFvQGHDSURDSHFXSULOHMXOXQHL
YL]LWH FH PLD IĆFXWR OD ORFXLQĦD PHD GLQ %XFXUHüWL ûL PDP
EXFXUDW VLQFHU vQWkOQLQG XQ RP GH PRGĆ YHFKH XQ ´RP
IUXPRVµ  FXP DU VSXQH 'DQ 3XULF 8Q RP vQ FDUH ´YDORULOH
UHJLPXOXLFRPXQLVW´QXDXUHXüLWVĆJĆVHDVFĆIHUWLOLWDWHDXIRVW
FRPEĆWXWH YHKHPHQW üL DQLKLODWH WRWDO GH XQ VRO vPELEDW FX
FUHGLQĦĆ GHPQLWDWH üL LXELUH GH VHPHQL 'ĆXQĆWRUL IDWDOL GH
DOWIHO SHQWUX VHPLQĦHOH RWUĆYLWH DOH FRPXQLVPXOXL ÍQVĆ IORUL
PLQXQDWH URG DO SĆPkQWXOXL VĆQĆWRV üL EXQ DX UĆVĆULW üL
LQXQGDW vQWUR VSOHQGLGĆ JUĆGLQĆ GH SRYHVWH GH SH SODLXUL
YUkQFHQH GH EDODGĆ SRDUWĆ vQ HOH WRW FHHD FH D IRVW GRPQXO
&DUDJDĦĆ GHOLFDWHĦH GHYRWDPHQW üL VPHUHQLH ûL VDX vPSOHWLW
vQWUR FXQXQĆ YLH PXOWLFRORUĆ SXQWH FĆWUH YHüQLFLH SH FDUH
GRPQXO&RVWDFKHOLQFRERDUĆSHQHüWLXWHvQLQLPLOHFHORUFDUH
ODXLXELW

       
  6LPRQD3RSD*\U



 
 6FULVRDUHGHODXQFRQVĆWHDQ

'RPQXOH&DUDJDĦĆ

 $P SHWUHFXW OHFWXUkQG DFHVWH DPLQWLUL XQ HSLVRG
GLQWUXQ ILOP GH JURD]Ć FDUH SHQWUX QRL FHL PDL WLQHUL
SRDWH SĆUHD LPSRVLELO VĆ IL IRVW FKLDU DüD GHüL UHDOLWDWHD
FUXQWĆILLQGHVWHWRWXüLUHDOLWDWH«
 1X üWLX FXP üL GH FH GDU SULYLQG vQFĆ R GDWĆ FDLHWXO
GXPQHDYRDVWUĆ DVWĆ]L  GHFHPEULH  OD SULPD RUĆ D
GLPLQHĦLLPDPVLPĦLWvQGHPQDWVĆUHLDXWRWXOGHODFDSĆW
VĆUHFLWHVFILHFDUHFXYkQWüLVĆvQFHUFRvQĦHOHJHUHDIDSWHORU
üL IHQRPHQHORU GHVFULVH vQ DFHVWH ]JXGXLWRDUH SDJLQL GXSĆ
FDUH DP VWDW PDP JkQGLW DP FKLE]XLW üL PDP
FXWUHPXUDWSXQkQGXPLXQHOHvQWUHEĆULGHJHQXO
− ÅRDUHFXFHDXJUHüLWDFHüWLRDPHQLüLvQIDĦDFXL"µ
− ÅFkW GH GUHSĦL DX IRVW MXGHFĆWRULL FDUH DX GLVSXV DVHPHQHD
SHGHSVH"µ ÅDYHDX HL WRW FKLS GH RDPHQL VDX HUDX FX DOWĆ
vQIĆĦLüDUH"µ
− ÅFXL DX DGXV IRORDVH VDX PXOĦXPLUL VDWLVIDFĦLL VDX
PkQJkLHUHDFHVWHIĆUĆGHOHJL"µ
− ÅRDUH IĆSWDüLL GLUHFĦL VDX LQGLUHFĦL DL RURULORU OD FDUH YDX
VXSXVYRUDYHDHLORFvQPRUPkQWRDUHGXSĆH[SHULHQĦHOH
ORU RGLRDVH FX YLDĦD üL WUXSXULOH VHPHQLORU vL YD SULPL
SĆPkQWXOĦĆULLRDUHRUILIRVWHLERWH]DĦLPĆFDU"µ
− ÅRDUH GH FH"µ ÅRDUH FXP"µ« vQWUHEĆUL FX VDX IĆUĆ
UĆVSXQVXUL«YDL'RDPQHPXOWHüLIHOXULWHSRWILFKLSXULOH
RDPHQLORU
 7UHFkQGSHVWHDVHPHQHDvQWUHEĆULUHWRULFHVXQWFRQYLQV
FĆüL'XPQHDYRDVWUĆDĦLVSXVÅMXGHFĆL'RDPQHGXSĆ0DUHD
üL 6IkQWD 'UHSWDWH D 7D FDUH HüWL PDLSUHVXV GH QRL WRĦLµ ² üL
FUHGFĆHVWHELQHFĆDĦLJkQGLWDüD«

 'LQSXQFWXOPHXGHYHGHUHSULQWRWFHHDFHDĦLvQGXUDW
vQDFHLDQLGHGHWHQĦLHüLFXPSOLWĆSHUVHFXĦLHGXPQHDYRDVWUĆ
LQFOXVLYIDPLOLLOHüLFHLDSURSLDĦLFRPSOHWDĦLQHvQGRLHOQLFOLVWD
PDUWLULORUüLHURLORUDFHVWXLQHDPüLDLĦĆULLPDLPXOWVDXPDL
SXĦLQ FXQRVFXĦLVDXSRPHQLĦL 6XQW FRQYLQVFĆILOHOH FDLHWXOXL
VXQWSUHDSXĦLQHüLFXSULQGGRDUIUkQWXULGLQWRWFHDIRVWüLDĦL
SĆWLPLW9ĆURJVĆPĆFUHGHĦLXQRPVLPSOXFDPLQHVHEXFXUĆ
QHVSXVGHPXOWFDDIODWDVHPHQHDJUR]ĆYLLSHFDUHOHDĦLWUĆLWüL
PĆ FRQVLGHU SULYLOHJLDW FĆ YDP FXQRVFXW $üD FXP PĆ
FRQVLGHU DYDQWDMDW FDP UHXüLW VĆ FXQRVF üL VĆ GLVFXW FX DOĦL
DVHPHQHD RDPHQL FRQGDPQDĦL OD H[WHUPLQDUH GLQ 3DQFLX GLQ
VDWXOPHXQDWDO3RLDQDSULQWUHFDUHODORFGHFLQVWHvODüH]SH
SUHRWXOûWHIDQ0DUFXXQDGLQWUHFHOHPDLOXPLQRDVHILJXULDOH
%LVHULFLL SULJRQLWH UHQXPLW üL LXELW vQ WRW ĦLQXWXO 9UDQFHL
 &RQVLGHU FĆ WUHEXLH VĆ FRQWLQXDĦL FX FH PDL DYHĦL GH
VFULV VĆ FRPSOHWDĦL HYHQWXDO XQHOH HSLVRDGH XLWDWH VDX GH FDUH
SRDWHQLFLQXGRULĦLVĆYĆPDLDPLQWLĦLVĆOĆVDĦLSHQWUXQRLüL
SHQWUX FHL GH GXSĆ QRL DFHOH SDJLQL GH WULVWĆ DPLQWLUH GH
vQFHSXWGHVWĆSkQLUHFRPXQLVWĆüLDQWLUHOLJLRDVĆGLQ5RPkQLD
GHFDUHDYHPD]LDWkWGHPXOWĆQHYRLH«

9LGUDGHFHPEULH

    &XWRDWĆVWLPDüLFRQVLGHUDĦLD
      )DP5DĦĆûWHIDQ







 
(FRXULGHJORULHYRLHYRGDOĆODÅ3RDUWD9UDQFHLµ

 'XPLQLFĆ OD 9LGUD DSURDSH GH RUD SUkQ]XOXL vQ
SUH]HQĦD XQXL SXEOLF GH  GH SHUVRDQH D
LQYLWDĦLORUGLQUkQGXORILFLDOLWĆĦLORUüLLQVWLWXĦLLORUGHVWDW
D PDVVPHGLD D VOXMLWRULORU ELVHULFLL VD GH]YHOLW EXVWXO
OXLûWHIDQFHO0DUHüL6IkQW«
 &HO PDL UĆVFROLWRU QL VD SĆUXW D IL ÅFXYkQWXOµ
YHWHUDQXOXLDSURDSHQRQDJHQDU&RVWDFKH&DUDJDĦĆXQIHO
GH SDWULDUK DO« PLUHQLORU 9UDQFHL 'RPQLD VD QD IĆFXW
GHFkWVĆFLWHDVFĆGLQYROXPXLGHPDQXVFULVHDOFĆWXLWvQ
WLPSXO GHWHQĦLHL SROLWLFH üL LPHGLDW GXSĆ LHüLUHD GLQ
vQFKLVRDUHFXRPLJDOĆFDOLJUDILFĆvQVWDUHVĆUĆVFROHDVFĆ
RUJROLLOH FHORU PDL FRQVDFUDĦL KDJLRJUDIL GH OD 0XQWHOH
$WKRV9HQHUDELOXOGHFDQGHYkUVWĆDFLWLWVXSHUEXOSRHP
ÅûWHIDQ 9RGĆ üL 7XGRUD 9UkQFLRDLDµ VFULV vQ WHPQLĦĆ GH
FHO FH D IRVW SURIHVRUXO ,RQ 3DUDJLQĆ üL FX FDUH GO
&DUDJDĦĆDIRVWSĆUWDüGHVXSOLFLL«

*K3URGDQ
5DGX%RUFHD

0LOFRYXOOLEHUQULXOLHS









 'DFĆPLDUvQJĆGXLDUWUHEXLVĆLVĆUXWPkLQLOH«

 «1LFLQXYĆSXWHĦLvQFKLSXLFHLQLPĆGHDXUDUH
DFHVW2PPLFGHVWDWFDüLûWHIDQFHO0DUH
 $P DYXW PDUHOH QRURF HVHQĦLDO SHQWUX GHYHQLUHD
PHD VĆ VWDX XQ DQ üL MXPĆWDWH vQ vQFKLVRDUHD GLQ $LXG
vQWURFHOXOĆGHSHHWDMXODO,,,OHDFX'RPQLDVD
  8QFUHüWLQSkQĆQXOWLPDILEUĆDH[LVWHQĦHLXPDQH
XQ RP GH R VPHUHQLH GH QHvQFKLSXLW üL GH XPLOLQĦĆ vQ
VHQVXOFUHüWLQDOFXYkQWXOXLIDĦĆGHWRĦLFHLODOĦLFkĦLHUDP
DFROR
  8Q H[HPSOX H[WUDRUGLQDU GH SURELWDWH PRUDOĆ GH
EOkQGHĦH GH vQFXUDMDUH GH WUĆLUH SURIXQGĆ GH
WUDQVIRUPDUH D VXIHULQĦHL vQWUR VWDUH GH HQWX]LDVP üL
SHQWUX FHL PDL vQ]HVWUDĦL FKLDU GH UHYHODĦLH ILLQGFĆ
DFHDVWĆ SRH]LH VFULVĆ GH 5DGX *\U üL SH FDUH D URVWLWR
DGLQHDXULGRPQXO&DUDJDĦĆÅ,LVXVvQFHOXOƵQQDIRVW
vQWUDGHYĆURUHDOLWDWHDüDVDvQWkPSODWSULQvQWUR
FHOXOĆ GLQ vQFKLVRDUHD 9ĆFĆUHüWL IRVWD PĆQĆVWLUH D
9ĆFĆUHüWLORUGLVWUXVĆDSRLGH&HDXüHVFX
 0DL GHYUHPH GRPQLD VD vPL PXOĦXPHD PLH
'DFĆ PLDU vQJĆGXL DU WUHEXL VĆL VĆUXW PkLQLOH ILLQGFĆ
GDFĆ vQWUR SULPĆ GHWHQĦLH DP vQFHSXW vQ SXüFĆULH VĆ
GHYLQ DOWIHO vQWkOQLUHD GLQ  FX GRPQXO &RVWDFKH
&DUDJDĦĆ D IRVW R WRWDOĆ WUDQVIRUPDUH R DGHYĆUDWĆ
UHGHYHQLUHDPHD 'DWRULWĆ IHOXOXL GH D IL SH FDUH ODP
PĆUWXULVLW HX üL DOĦLL FD PLQH FDUH DX IRVW vQ GHWHQĦLH vQ
SUHDMPDGRPQLHLVDOHDPGHYHQLWPDLEXQLPDLVPHULĦL
PDL XPLOL 3RDWH GH OD GkQVXO vQ FHHD FH PĆ SULYHüWH
SULQWUHDOWHOHDPvQYĆĦDWVĆQXPDLILXXQRPRUJROLRV
  /DĦL YĆ]XW FkW GH OLQLüWLW FkW GH FDOP FkW GH
 
 IUXPRV üL DP UĆPDV XLPLW FkQG ODP UHvQWkOQLW vQ VHDUD
DVWDFkWGHWkQĆUHVWHODIDĦĆODGHDQL

 *DODĦLGHFHPEULH
3URIGU3DXO3ĆOWĆQHD

)UDJPHQW GLQ FXYkQWXO URVWLW OD /LFHXO 3HGDJRJLF Å&
1HJULµ*DODĦLODPDVDIHVWLYĆGXSĆFRQFHUWXOGHFROLQGH
DO FRUDOHL Å&DPHUDWD -XYHQWXVµ GLULMDWĆ GH SURI 2OJD
1DGROHDQXILLFDvQYĆĦĆWRUXOXL&RVWDFKH&DUDJDĦĆ


6FULVRDUHGHODXQIRVWFRPDQGDQWGHUHJLPHQW

 %XFXUHüWLLDQXDULH
  ,XELWH &DUDJDĦĆ GH PDL PXOWH ]LOH vPL IĆJĆGXLHVF DĦL
UĆVSXQGHvQVĆIUĆPkQWĆULOH]LOQLFHGLQXOWLPDOXQĆPLDXSXV
RSUHOLüWL &X VFULVXO WĆX DL IĆFXW VĆ UHQDVFĆ vQ DPLQWLUH XQ
QRLDQ GH ]LOH IUXPRDVH SHWUHFXWH vPSUHXQĆ vQWUR FRODERUDUH
DWkW GH IUXFWXRDVĆ FD DFHHD SULOHMXLWĆ FX RFD]LD FDPSDQLHL GLQ
9HVW
  /XSW SHQWUX vQWUHĦLQHUHD WRQLFLWĆĦLL IL]LFH QXPDL DVWIHO
SRĦLvQIUXQWDJUHXWĆĦLOHPRUDOH 'UDJXO PHX PXOĦXPHVF
SHQWUXEXQHOHXUĆULüLJkQGXULIUXPRDVHFHDLSHQWUXPLQH/D
UkQGXPL GRUHVF VĆ WH SĆVWUH] PHUHX FX VRDUH üL OXPLQĆ vQ
VXIOHW 3ULHWHQLD PHD SHQWUX WLQH JĆVHüWH WRWGHDXQD SRDUWD
VXIOHWXOXLGHVFKLVĆ
 &XLXELUH
 &RO7RWX(OHIWHULH
IRVW FRPDQGDQW DO 5HJLPHQWXOXL  'RUREDQĦL SH IURQWXO GH
9HVWvQDOGRLOHDUĆ]ERLPRQGLDOQQ




 8QFRQVLOLHUSHFDUHDOHJĆWRULLvOPHULWĆ
&RVWDFKH&DUDJDĦĆ

 (VWHPRGHVW0RGHVWPDLPXOWGHFkWDUWUHEXL'DU
DüD H IHOXO GRPQLHL VDOH VĆ ILH PRGHVW üL FX PXOW EXQ
VLPĦ/DDOHJHULOHGLQIHEUXDULHFRQVĆWHQLLGLQ9LGUD
ODXYRWDWüLDOHVvQ&RQVLOLXOORFDO3ULQYRWXOFRQVLOLHULORU
ORFDOLGLQPXQLFLSLXFHOHRUDüHüLGHFRPXQHDIRVW
DOHV DSRL vQ &RQVLOLXO MXGHĦHDQ 3ULQWUH FHL  GH
FRQVLOLHULMXGHĦHQLFDUHVXQWDOHüLLDOHüLORUYUkQFHQL
 'RPQXO &RVWDFKH &DUDJDĦĆ HVWH QX QXPDL XQ RP
PRGHVW üL FX EXQ VLPĦ (VWH R vQWUXFKLSDUH D VXIHULQĦHL
8QXOGLQWUHDFHLGHĦLQXĦLSROLWLFLFDUHDVXIHULWüLDLHUWDW
3HQWUXFĆLHUWDUHDDIRVWüLHVWHSHQWUXHORUXJĆXQFUH]
6ĆQXLILHDOWXLDYLDĦDJUHDFKLQXLWĆFXPDIRVWDVD
 &X YUHXQ DQ GH ]LOH vQ XUPĆ GO &DUDJDĦĆ PLD
DUĆWDWvQVHPQĆULOHGLQvQFKLVRDUH7XOEXUĆWRDUH'XSĆFH
OHSDUFXUJLJkQGXULOHIUĆPkQWĆULOHQXWHSĆUĆVHVFFkWHYD
FHDVXUL ûL WH vQWUHEL 'RDPQH FkW SRDWH GXFH XQ RP SH
XPHULL üL vQ VXIOHWXO VĆX 0LD DUĆWDW XQ FDLHW FX SRH]LL
DGXVHvQPHPRULHGLQWHPQLĦĆ$UHXQVFULVGHFDOLJUDI
0XOWHSRH]LLOHüWLHSHGLQDIDUĆ
  &kQG GRPQXO &RVWDFKH &DUDJDĦĆ YRUEHüWH vQ
'HOHJDĦLD 3HUPDQHQWĆ ² üL R IDFH UDU ² vQ VDOĆ VH ODVĆ R
OLQLüWH FD vQ ELVHULFĆ 9RUEHüWH FODU SXĦLQ FRQFLV 8OWLPD
LQWHUYHQĦLH D IRVW vQ DFHDVWĆ WRDPQĆ $ YRUELW vQ QXPHOH
ORFXLWRULORU GLQ 9LGUD üL D FHUXW VSULMLQXO 'HOHJDĦLHL
3HUPDQHQWHüLSHFHODO)5()RFüDQLSHQWUXILQDOL]DUHD
LQYHVWLĦLHL²DOLPHQWDUHDFXDSĆOD7LFKLULü«
5DGX%RUFHD
0LOFRYXOOLEHUQUQRLHPEULHS

 
(WHUQLWDWHSHQWUXGRL

&RVWDFKH &DUDJDĦĆ D WUĆLW PXOWĆ YUHPH vQ LDG SHGHSVLW
SHQWUX FRQYLQJHULOH VDOH SROLWLFH /D  GH DQL EĆWUkQXO
GLQ7LFKLULüQXUHJUHWĆvQVĆQLPLFüLQXXUĆüWHSHQLPHQL
FRQYLQVFĆVXIHULQĦDLDIRVWUkQGXLWĆGH'XPQH]HX

 ([LVWĆ RDPHQL FĆURUD 'XPQH]HX OHD GĆUXLW XQ
GHVWLQ VSHFLDO ûL SRDWH R LQLPĆ DOWIHO GHFkW D PXOWRUD
GLQWUHQRL2VWLUSHFDUHVHSDUHDSDUĦLQHDOWRUWLPSXULR
UDVĆ GH RDPHQL SH FDOH GH GLVSDULĦLH SHQWUX FDUH
LGHDOXULOH VXQW OXFUXO FHO PDL LPSRUWDQW RDPHQL SHQWUX
FDUHFXYLQWHFDĦDUĆDGHYĆULVWRULHVDX'XPQH]HX
DX R UH]RQDQĦĆ XLWDWĆ vQ ]LOHOH QRDVWUH 2DPHQL GH IHOXO
DFHVWD QX VH vQGRLHVF QLFLRGDWĆ QX H]LWĆ QX GDX vQDSRL
QX UHQXQĦĆ SHQWUX FĆ QX SRW SHQWUX FĆ QX FXQRVF
GUXPXO vQDSRL (L WUDYHUVHD]Ć WDOD]XULOH LVWRULHL FX
ILUHVFXOFXFDUHQRLWUDYHUVĆPVWUDGDSHQWUXFDGXSĆDQL
VĆĦLSRYHVWHDVFĆVHQLQLüLPRGHüWLvQWkPSOĆULFHDVWĆ]LQL
VHSDULQLPDJLQDELOH
 &RVWDFKH&DUDJDĦĆHVWHXQXOGLQWUHRDPHQLLDFHüWLD
VSHFLDOL XQXO GLQWUH FHL D FĆURU ELRJUDILH DU SXWHD IL
VXELHFWXO XQXL URPDQ (O D WUĆLW FX DGHYĆUDW vQWUR YLDĦĆ
FkWDOĦLLvQüDSWH$VWĆ]LDUHGHDQLüLSHIDĦDVDQXSRĦL
FLWL QLPLF GLQ LDGXO SULQ FDUH D WUHFXW WRUWXULOH OD FDUH D
IRVWVXSXVQXDXOĆVDWQLFLRXUPĆRFKLLVĆLVXQWVHQLQLüL
FDOPL ULGXULOH YkUVWHL VDOH QX FXQRVF XPEUD
UHVHQWLPHQWHORU D XULL D GXüPĆQLHL IDĦĆ GH FHL FDUH ODX
SULJRQLW vQ WXOEXUL YUHPXUL FH DSDUĦLQ DVWĆ]L LVWRULHL
'RPQXO &RVWDFKH FXP vO DOLQWĆ SULHWHQLL WUĆLHüWH vQWUR
VXSHUEĆ VHUHQLWDWH SULQWUH DPLQWLUL JUHOH GH FXORDUHD üL

FRQVLVWHQĦD QRULORU GH SORDLH $FHDVWĆ WUĆVĆWXUĆ D LQLPLL
VDOHFDUHODDMXWDWVĆVXSUDYLHĦXLDVFĆvQODJĆUHüLSXüFĆULL
FRPXQLVWHDFHDVWĆFUHGLQĦĆDEVROXWĆFĆ'XPQH]HXüWLHFH
IDFH üL FĆ QLPLF QX UĆPkQH QHUĆVSOĆWLW vO DMXWĆ VĆ
GHSĆüHDVFĆEDULHUDXULLüLDUHYDQüHLvODMXWĆVĆILHVHQLQüL
OXFLGvODMXWĆVĆüLYDGĆDPLQWLULOHFDüLFXPDUYHGHDXQ
ILOP 8QHRUL H DGHYĆUDW OĆFULPHD]Ć EOkQG FX PkLQLOH
VWUkQJkQGEDVWRQXO1XQXODDPLQWLUHDVXIHULQĦHORUVDOH
OĆFULPHD]ĆSULYLQGvQ]DUHFĆWUHPXQĦLFLPDLFXUkQGOD
DPLQWLUHDVXIHULQĦHORUIDPLOLHL'RDPQHDVRĦLHLVDOHFDUH
OD DüWHSWDW FD R VIkQWĆ DQL üL DQL D IHWHORU VDOH
/ĆFULPHD]Ć OD DPLQWLUHD IULFLL SH FDUH QX QX HO D WUĆLWR
FLHOHIHWHOHOXLIDPLOLDOXL&RVWDFKH&DUDJDĦĆORFXLHüWH
VXV SH R PĆJXUĆ OD PDUJLQHD FHUXOXL 'LQ FXUWHD OXL VH
YĆG0XQĦLL9UDQFHL3ULQRFKLLOXLSRĦLDUXQFDRSULYLUHvQ
WUHFXW SRĦL DGXOPHFD LVWRULD &RVWDFKH &DUDJDĦĆ D IRVW
OHJLRQDU GD üL VSXQH OXFUXO DFHVWD FX R SULYLUH
LVFRGLWRDUH VĆ YDGĆ FH FUHG FH JkQGHVF GHVSUH VXQW
YUHPXUL DFXP FkQG SRDWH FĆ QX H ELQH VĆ (X QX FUHG
QLPLF WRDWH DFHVWHD VXQW LVWRULH üL EĆWUkQXO GRPQ
&RVWDFKHHVWHSHQWUXPLQHQXXQOHJLRQDUFLXQRPFDUH
QX D SXWXW IL vQIUkQW XQ RP D FĆUXL FUHGLQĦĆ D vQYLQV
WRUWXUD ÍQWUXQ VHFRO vQ FDUH DGHYĆUXO SDWULD üL FUHGLQĦD
VXQW FXYLQWH FH VWkUQHVF ]kPEHWXO GRPQXO &RVWDFKH OH
URVWHüWH FD üL FXP OHDU FLWL GLQ %LEOLH $FHVWH FXYLQWH
FRQĦLQ VHQVXO PRWLYDĦLD MXVWLILFDUHD vQWUHJLL VDOH YLHĦL
'DFĆ DU FUHGH FĆ HOH QX YDORUHD]Ć QLPLF DU vQVHPQD FĆ
WRDWHVXIHULQĦHOHDXIRVWvQ]DGDUFĆYLDĦDVDüLDIDPLOLHL
VDOHDXIRVWXQIXP




 
 /DXPEUDDPLQWLULORU

 'LQFROR GH SRUĦLOH PDUL GH OHPQ VH DIOĆ LPSHULXO
PHPRULHLOXL&RVWDFKH&DUDJDĦĆ%DWüLDüWHSW6XQWHPvQ
VDWXO 7LFKLULü FRPXQD 9LGUD MXGHĦXO 9UDQFHD 0XQĦLL
VXQW DSURDSH DUüL GHMD GH SHFHĦLOH WRDPQHL 'LQFROR GH
SRDUWĆVHDXGSDüLSDüLOHQĦL(OWUHEXLHVĆILH,DWĆO8Q
EĆWUkQHO PĆUXQW GH VWDWXUĆ FD WRĦL PXQWHQLL 0HUJH vQ
EDVWRQ&HOPDLXLPLWRUOXFUXODRPXODFHVWDHVWHSULYLUHD
H[SUHVLD IHĦHL GH R OLQLüWH DEVROXWĆ DEVHQĦD RULFĆUHL
vQFUXQWĆUL 6H VSXQH FĆ YLDĦD ODVĆ XUPH SH IHĦHOH
RDPHQLORU FĆ WHDPD GH]DVWUXO GLVSHUDUHD GXüPĆQLD VH
ODVĆ vQFUXVWDWH vQ IUXQĦLOH QRDVWUH ÍQ FD]XO RPXOXL
DFHVWXLDWRDWHXPEUHOHOLSVHVF6HEXFXUĆFĆPĆYHGHÍQ
VSDWHOH VĆX VH DIOĆ R FDVĆ IUXPRDVĆ vQ FDUH &RVWDFKH
&DUDJDĦĆ ORFXLHüWH vPSUHXQĆ FX FXPQDĦLL VĆL 2DPHQL vQ
YkUVWĆGHVSUHFDUHDYHDPVĆDIOXFĆDXIRVWPHUHXDOĆWXUL
GH HO SDV FX SDV GHVSUH FDUH DYHDP VĆ DIOX FĆ VDX
vPSĆUWĆüLW GLQ FXSD VXIHULQĦHL RGDWĆ FX HO $X IRVW XQLĦL
0DLüWLXFĆvQVSDWHOHPDULLFDVHVHDIOĆOLYDGDFHDYHUGHüL
VWXSLLSHFDUHHOvLLXEHüWHSULQWUHFDUHVHSOLPEĆXQHRUL
PXUVHFkQG DPLQWLUL QHURVWLWH 6WĆP XQGHYD SH XQ
üRSURQ (O SRYHVWHüWH vQWUXQ IHO DQXPH FD üL FXP QX HO
DUSRYHVWLFLPHPRULDVLQJXUĆVDUWXUQDvQFXYLQWHVDU
VFXUJHGLQOĆXQWUXOVĆX(XQXYUHDXVĆODVPHPRULDVĆVH
VFXUJĆ LPSHUVRQDO YUHDX VĆO DXG SH HO SH &RVWDFKH
&DUDJDĦĆ $WDF $ĦL IRVW OHJLRQDU ]LF OĆVkQGXO SH HO VĆ
FRPSOHWH]H SXQFWHOH GH VXVSHQVLH (O FRERDUĆ GLQ QRULL
PHPRULHLSHQWUXDPĆSULYLvQRFKL'D]LFH(XüWLXFĆ
H XQ VXELHFW GHOLFDW vQ ]LOHOH QRDVWUH FD üL vQ ]LOHOH
GHIXQFWXOXL FRPXQLVP VĆ YRUEHüWL GHVSUH XQD FD DVWD


&ĆOFĆPSH XQWHUHQPLQDWvPLVSXQWUĆLPYUHPXULFDUH
SRDUWĆvQFĆXQDQXPHFRPSOH[DOLVWRULHLDOXQRUIDSWHDO
XQRU SHUVRQDMH VXQW LVWRULL SHQWUX FDUH QLüWH ]HFL GH DQL
QXVXQWVXILFLHQĦLSHQWUXDILvQĦHOHVHVDXüWHUVH
 1H ULGLFĆP &RVWDFKH &DUDJDĦĆ PHUJH vQFHW
7UHFHP GLQFROR vQ OLYDGD YHUGH D DPLQWLULORU VDOH
PHUJHPVĆQHSOLPEĆPSXĦLQSULQXPEUDPHPRULHLVDOH
DPHĦLWRDUH SULQWUH VWXSL SULQ LHUEXUL GRPHVWLFH SH FDUH
HOQXOHYHGHGLQSULFLQDIDSWHORUGHFDUHvüLDPLQWHüWH(X
vO XUPH] GLVFUHW SHQWUX D QX WXOEXUD HPRĦLD FDUH vO
FRSOHüHüWH HO DUH SĆUXO VFXUW üL DOE RFKLL URWXQ]L üL
SĆVWUHD]Ć DFHHDüL PXVWDĦĆ SH FDUH D DYXWR vQ WLQHUHĦH
&XPQDWD OXL vO SULYHüWH GH XQGHYD GLQ VSDWH
GHSĆUWkQGXVHvQWUHFXWSULQWUHPHUL

(URXGHUĆ]ERL

 3RYHVWHD OXL &RVWDFKH &DUDJDĦĆ FXUJH FD XQ ILOP
GH DYHQWXUL vQ XPEUD PHULORU üL D DPLQWLULORU VDOH
QHVIkUüLWH 6XQWHP vQ  SH IURQW (O &RVWDFKH
&DUDJDĦĆDGHYHQLWGLQvQYĆĦĆWRUXOVDWXOXLVXEORFRWHQHQW
6H VLPWH GHMD EĆWUkQ GXSĆ SDWUX DQL GH UĆ]ERL $ OXSWDW
SH IURQWXO GH UĆVĆULW DSRL GLQ  SH FHO GLQ DSXV 6DX
VFKLPEDW PXOWH FĆFL DFXP OXSWĆ vPSRWULYD QHPĦLORU
6RYLHWLFLL DX GHYHQLW DOLDĦL HO vüL IDFH GDWRULD &RQGXFHD
XQSOXWRQGHGHRDPHQLüLDXPHUVSHMRVGHOD&kPSLD
7XU]LLSkQĆvQLQLPD8QJDULHLGRUPHDXSULQVDWHVDWHOH
FXFHULWH GH HL GLVWUXVH GĆUkPDWH HO VH JkQGHD QX OD
HURLVP FL PDL FXUkQG DFDVĆ $ vQYLQV üL HO RGDWĆ FX
WUXSHOH URPkQH vQ PDUHD EĆWĆOLH GH OD 0HJ\R]X GLQ 
GHFHPEULH  DSRL D PĆUüĆOXLW üL HO FX RDPHQLL OXL
 
SkQĆvQDGkQFXULOH&HKRVORYDFLHLSULQJHUXULOHGHVIkUüLW
GH OXPH DOH 0XQĦLORU 7DWUD $ WUHFXW SULQ FHOH PDL JUHOH
EĆWĆOLLIĆUĆQLFLRH]LWDUHGDUQXIĆUĆWHDPĆûWLDFĆQXPDL
'XPQH]HXHGHDVXSUDüLFĆFHHDFHWUHEXLHVĆVHvQWkPSOH
VH YD vQWkPSOD ûLD IĆFXW GDWRULD GH URPkQ /D %DQVND
%LVWULF]D D GHYHQLWHURX GH UĆ]ERL vQ PLMORFXO LHUQLL üL DO
]ĆSH]LORUGHGRLPHWULüL
 'RPQXO &RVWDFKH WUHFH SULQWUH FUHQJLOH PHULORU
vQFHW QXPDL YRUEHOH FXUJ UHSHGH ÍQWUR QRDSWH FX OXQĆ
SOLQĆ GXSĆ FH HL RFXSDVHUĆ VDWHOH +\P üL 3HUHQ\
JHQHUDOXO 0DULQHVFX FDUH FRPDQGD WUXSHOH URPkQH LD
VSXV DüD vQWUR GRDUĆ 'RPQXOH ORFRWHQHQW DVWĆ]L PĆ
DüWHSWODPXOWHGLQSDUWHDGXPLWDOH6XEORFRWHQHQWXODOXDW
R vQ VHULRV $FHVWH YRUEH VFXUWH ODX IĆFXW SH &RVWDFKH
&DUDJDĦĆ FD vQ DFHHDüL QRDSWH SH  IHEUXDULH  VĆ
DWDFH FX FRPSDQLD OXL LPSRVLELOD FRWĆ  üL VR
FXFHUHDVFĆ1XüWLDFĆDFHVWSXQFWVWUDWHJLFWUHEXLDFXFHULW
GHVRYLHWLFLüLODFXFHULWHOvQYĆĦĆWRUXOGLQ9LGUDSHQWUX
FĆJHQHUDOXO$üDDDMXQVHOHURXGHUĆ]ERL2PXODFHVWD
vPL VSXQ VD OXDW PHUHX vQ VHULRV SRDWH FĆ GH DFHHD D
FUH]XW DWkW GH PXOW vQ LGHDOXULOH XQHL PLüFĆUL SROLWLFH
SRDWH FĆ DFHDVWĆ LQIOH[LELOLWDWH D VD vQ IDĦD UHDOLWĆĦLL OD
IĆFXW VĆ ILH DüD FXP H QHvQYLQV OD DMXWDW VĆ WUHDFĆ GH
LQIHUQXULOH VXFFHVLYH FDUH LDX IRVW KĆUĆ]LWH ûL" (O QX
EDJĆ GH VHDPĆ vQWUHEĆULOH PHOH &RWD  DP ĦLQXWR R
VĆSWĆPkQĆDSRL&RPSDQLD6VDIDLPRVXOXL)ULVNLDUHFXFHULWR
üL QRL DP FĆ]XW SUL]RQLHUL OD QHPĦL 8Q DQ üL MXPĆWDWH DP
WUHFXW GLQ ODJĆU vQ ODJĆU PDL vQWkL LQ &HKRVORYDFLD DSRL vQ
*HUPDQLDDPWUHFXWSULQ/HLS]LJüL'UHVGDFDUHHUDXUDVHGH
SH IDĦD SĆPkQWXOXL  GH PLL GH RDPHQL PXULVHUĆ QXPDL vQ
'UHVGD vQXUPD ERPEDUGDPHQWHORU DQJORDPHULFDQH üL HX PĆ

vQWUHEDPFXPGHODVĆ'XPQH]HXSHOXPHWRDWHDFHVWHDFXPGH
SĆPkQWXOQXvQJKLWHRPHQLUHD$IĆFXWIRDPHDDWUDYHUVDW
(XURSD SH ELFLFOHWĆ SHQWUX D VH vQWRDUFH DFDVĆ D IRVW
HOLEHUDW GH UXüL SHQWUX D IL OXDW GLQ QRX SUL]RQLHU D IRVW
VDOYDW GH OD GHSRUWDUHD vQ 6LEHULD GH XQ RILĦHU VRYLHWLF
FDUH DYHD ILJXUD $UKDQJKHOXOXL 0LKDLO 2 OXQJĆ üL
H[WUDRUGLQDUĆ DYHQWXUĆ ]LF HO SULYHüWH FX RFKL URWXQ]L
QHYĆ]kQGXPĆ VFXIXQGDW vQ DPLQWLUL FHDU DMXQJH DOWRUD
SHQWUX R vQWUHDJĆ YLDĦĆ (X üWLX FĆ WRDWH DFHVWHD QX HUDX
GHFkWvQFHSXWXOFĆ2UGLQXO0LKDL9LWHD]XOSHQWUXIDSWH
GH DUPH QX DYHD VĆ FRQWH]H GHORF DFDVĆ SHQWUX FĆ vQ
5RPkQLDOXFUXULOHVHVFKLPEDXvQWLPSXOFkWHOFUHGHDFĆ
H GDWRULD OXL VĆ ILH HURX &XP D IRVW vQWRDUFHUHD DFDVĆ"
vQWUHE (O SULYHüWH WXOEXUH $FDVĆ HUD (OHQD VRĦLD OXL DO
FĆUHLGHVWLQHUDVĆDüWHSWHPHUHXvQWRDUFHUHDOXL&RVWDFKH
üL FD XQ EOHVWHP &RVWDFKH DYHD VĆ ILH PHUHX vPSLHGLFDW
VĆ DMXQJĆ DFDVĆ ûL WRWXüL DWXQFL OD vQWRDUFHUHD GLQ
UĆ]ERL GLQ SUL]RQLHUDW GLQ FXWUHLHUDUHD SULQ (XURSD HD
DOHUJD DFROR FĆODUH SH FkQG HO YHQHD GLQ UĆ]ERL &XP
DGLFĆ YHQHD FĆODUH" vQWUHE vQFHUFkQG VĆPL LPDJLQH]
'DGRPQX+RUHD]LFHHOHUDvQDXJXVWFkQGHXPĆ
vQWRUFHDP HD üWLD üL DüWHSWD üL DP YĆ]XWR GLQ WUHQ FĆOĆULQG
QHEXQHüWHvQOXPLQDVRDUHOXLFĆOĆULQGODvQWkOQLUHDFXVROGDWXO
YHQLWGHSHIURQW9RFHDvLWUHPXUĆSHQWUXvQWkLDGDWĆGH
FkQG vO FXQRVF SH RPXO GH ILHU üL GLQWUR GDWĆ DP
LPDJLQHD DOEQHJUX FD vQWUXQ ILOP GH HSRFĆ D IHPHLL
VDOH FRERUkWH GLQ PXQĦL JDORSkQG SkQĆ OD XFLGHUHD
FDOXOXLODvQWkOQLUHDFXDFHVWRPFDUHDUHYRFDĦLHGHVROGDW
HWHUQ ÍO YĆG FRERUkQG GLQ WUHQXO UĆ]ERLXOXL VDX vQ
PXOĦLPHFXPDQWDXDFkUSLWĆFXPkQGULDOXLGHHURXFDUH
DOXDWFRWDFXJODVXOWUHPXUkQGFDüLDFXPQHüWLLQG
 
FXP VĆVHSRDUWHFXHDFX IUXPRDVDIHPHLHDYLHĦLLVDOH
SH FDUH DELD R FXQRDüWH GDU SH FDUH vQ VFKLPE R YLVHD]Ć
vQ ILHFDUH QRDSWH ÍL YĆG vPEUĆĦLüDĦL vQ PLMORFXO PXOĦLPLL
GLQ JDUD )RFüDQL PXĦL HO DUH GHDVXSUD XPEUHOH
UĆ]ERLXOXLHDSHFHOHDOHDüWHSWĆULLÍOSULYHVFSHGRPQXO
&RVWDFKHHODUHRFKLLPLMLĦLVXQWHPPHUHXVXEPHULLOXL
vQ DQXO  GH OD +ULVWRV vQVĆ HO DUH DFHDVWĆ SXWHUH
KDOXFLQDQWĆ GH D GD YLDĦĆ DPLQWLULORU (X üWLX FĆ IHPHLD
OXL(OHQDLQLPLLOXLVDVWLQVGHFXUkQGüLIHOXOvQFDUHHO
YRUEHüWH GHVSUH HD DFHO WUHPXU LPSHUFHSWLELO GLQ YRFHD
VD vPL VSXQH FĆ DVLVW OD HSLORJXO XQHL QLFLRGDWĆ VIkUüLWH
SRYHüWL GH LXELUH 2 SRYHVWH GH GUDJRVWH ]JXGXLWRDUH
WRFPDL SHQWUX FĆ WLPSXULOH LVWRULD LGHDOXULOH OXL FHYD D
IĆFXW FD HL VĆ ILH PHUHX GHVSĆUĦLĦL VĆ VH DüWHSWH üL VĆ VH
YLVH]HPHUHXXQXOSHDOWXOVĆQXILHDOĆWXULGHFkWKĆLWXLĦL
GHWHDPDFĆVHYRUGHVSĆUĦLGLQQRX$LLXELWRPXOWQHQH
&RVWDFKH ]LF vQ üRDSWĆ $P LXELWR PXOW ]LFH HO
vQFKL]kQG RFKLL SHQWUX D DVFXQGH FHYD 8Q WLS FD HO QX
SOkQJH QLFLRGDWĆ vPL VSXQ HO PHUJH GHR YLDĦĆ SH
IURQWLHUD VXEĦLUH FD R ODPĆ GH VDELH GLQWUH GDWRULH üL
LXELUHFDXQHURXGHWUDJHGLHDQWLFĆ


&RERUkUHDvQLQIHUQ

 &RVWDFKH &DUDJDĦĆ HVWH VFĆOGDW vQ OXPLQD
FUHSXVFXODUĆ D XQHL GXSĆDPLH]L GH WRDPQĆ 6XQWHP SH
WHUDVDPDULLFDVHGLQYkUIXOGHDOXOXL6RDUHOHYDDSXQHvQ
FXUkQGGXSĆPXQĦLLFDUHVHvQWLQGSkQĆODRUL]RQW6HYD
VFXIXQGD FXPYD SULQWUH FHĦXUL ÍQ  GXSĆ vQWRDUFHUHD
DFDVĆHOVSHUDFĆWRWXOVDWHUPLQDWUHGHYHQLVHvQYĆĦĆWRU


HUD FKLDU GLUHFWRUXO üFROLL FkQWD FX FRSLLL vQ FRUXUL
SULPLVH 6WHDXD 5RPkQLHL SHQWUX IDSWH GH DUPH $SRL
YLDĦDOXLVDIĆFXWSXOEHUHüLFLREXULvQWURVHDUĆGLQ
(UD  LXOLH üL vQ QRDSWHD DFHHD FLQFL PLOLWDUL üL VHFXULüWL
DX LQWUDW FX IRUĦD vQ FDVĆ vQDUPDĦL )HWLĦD OXL &RUQHOLD
DYHD QXPDL ]HFH DQL üL XUOD vQ vQWXQHULF WRĦL HUDX
vQVSĆLPkQWDĦL üL VROGDĦLL DX UĆVWXUQDW WRWXO FĆXWkQG
GRFXPHQWHLDXOXDWFKLDUüLSURSXQHUHDGHGHFRUDUHGLQ
WLPSXO UĆ]ERLXOXL (UD vQFHSXWXO FRERUkULL vQ LQIHUQXULOH
6HFXULWĆĦLLWUHFXWXOVĆXOHJLRQDUvOSULQGHDGLQXUPĆGHüL
HO$üDHUDXYUHPXULOHHOQXSXWHDGDvQDSRLDFXP QX
SXWHD VĆ VH GH]LFĆ VĆ WUĆGH]H QX SXWHD (UD SULQV vQ
PHQJKLQD GDWRULHL PRUDOH D GUXPXOXL VĆX GH HURX üL
VLQJXUDVFĆSDUHHUDVĆUH]LVWHVDXVĆPRDUĆ
 $X XUPDW SDWUX OXQL GH DQFKHWH OD )RFüDQL
'HYHQLVH GHMD GXüPDQ DO FODVHL PXQFLWRDUH DOĆWXUL GH
WRWIHOXOGHRDPHQLGHODSUHRĦLSkQĆODFKLDEXULGHSULQ
VDWHOH 9UDQFHL $SRL D IĆFXW R HVFDOĆ vQ EHFLXULOH
6HFXULWĆĦLLGLQ%XFXUHüWLvQ*KHQFHDvQQLüWHEORFXULFDUH
DSDUĦLQXVHUĆ DUPDWHL JHUPDQH 'HDFROR QXüL PDL
DPLQWHüWH QLPLF GHFkW EĆWDLD QHVIkUüLWĆ üL UkVXO XQXL
ORFRWHQHQWFDUHOORYHD6XQWGLQQRXQXPDLDPLQWLULFDUH
VH VSXQ VLQJXUH 0HPRULH FDUH FXUJH vQ OXPLQD
DVILQĦLWXOXL
 DXJXVW(QRDSWHVXQWHPvQWUXQWUHQGH
PDUIĆ H IRDUWH FDOG VXQW DFROR FkLQL üL VHFXULüWL vQDUPDĦL
0HUJHP OD FDQDO OD VSDUW GH SLDWUĆ 1H YRU H[WHUPLQD DX
PLVLXQHD VĆ QH XFLGĆ $MXQJHP vQWUXQ VDW OD &RDVWD *DOHü
$FRORHVWHLQIHUQXOVSDLPDJURD]DPRDUWHD6XQWHPGH
RDPHQLvQ]GUHQĦHFDUHYRUILXFLüL,DWĆOSHOWPDMRU3HWULFĆ
8UOĆODQRLVXQWHĦLGXüPDQLLSRSRUXOXLSOHDYDVRFLHWĆĦLLQLüWH
 
OHSĆGĆWXUL  GLQWUH YRL YRU PXUL vQ SULPD ID]Ć üL GXSĆ YRL
YD UĆPkQH XQ SURFHV YHUEDO )LHFDUH YDJRQ GH SLDWUĆ YD IL
GHVFĆUFDWvQPD[LPXPGHPLQXWH6XQWHPvQLDG0kLQLOH
PL VXQW FDUQH YLH 9RP PXUL FX WRĦLL QXPDL 'XPQH]HX QH
PDLSRDWHVDOYD&RVWDFKH&DUDJDĦĆYRUEHüWHFDvQWUDQVĆ
FDüLFXPDUILvQFĆDFRORûLGHDFDVĆ"'HDFDVĆPDLDYHDĦL
YUHRYHVWH"&OLSHüWHGHV'HDFDVĆ'XPQH]HXOHQXQLPLF
DFDVĆ DYHDP GRXĆ IHWLĦH PLFL üL SH HD SH VRĦLD PHD FDUH 1
DYHDPGUHSWXOODVFULVRULVDXODYL]LWHDFDVĆPĆJkQGHDPvQVĆ
WRW WLPSXO ]LXD üL QRDSWHD DVWD PD ĦLQXW vQ YLDĦĆ vPL
VSXQHDPFĆWUHEXLHVĆUH]LVWVĆWUĆLHVFVĆ
 0DULOH LGHDOXUL ĦDUD GUHSWDWHD PRUDOD FUHüWLQĆ
YLLWRUXO QHDPXOXL WRDWH DFHVWHD SHQWUX FDUH IRVWXO
OHJLRQDUüLHURXGHUĆ]ERLDMXQVHVHDFRORPDLH[LVWDXvQFĆ
SHQWUX HO" (UD HO RDUH vQ SHULFRO VĆüL SLDUGĆ FUHGLQĦD
DFRORvQDGkQFXULOHXQXLLQIHUQSHFDUHDELDvOFXQRVFXVH"
$YHDPVĆDIOXFĆQX(OFRQVLGHUDWRDWHDFHVWHDFDSHXQ
SXUJDWRULXFDSHRvQFHUFDUHGHOD'XPQH]HXDFUHGLQĦHL
(UDFRQGDPQDWODGHOXQLGHSHGHDSVĆDGPLQLVWUDWLYĆ
üLGHOD&RDVWD*DOHüDYHDVĆILHGXVvQODJĆUXOGHOD9DOHD
1HDJUĆvQ3HQLQVXOD$FRORDYHDVĆWUĆLDVFĆPRPHQWXO
PRUĦLL OXL 6WDOLQ üL WHURDUHD FHORU GRXĆ EULJĆ]L GH
UHHGXFDĦL YHQLĦL GH OD 3LWHüWL FDUH VFKLQJLXLDX RDPHQLL
vQ QRSĦLOH IĆUĆ OXQĆ SHQWUX FD DSRL VĆ VH ODXGH vQ IDĦD
IOĆPkQ]LORU PRUĦL GH IRDPH FX EXFDWHOH SH FDUH OH
SULPHDX vQ VFKLPEXO WLFĆORüLHL ORU (O HUD PHUHX VLQJXU
QHDPHVWHFDWFXFHLODOĦLPHUHXVFXIXQGDWvQJkQGXULüLvQ
DPLQWLUL SkQĆ vQWUR ]L H[WUDRUGLQDUĆ vQ FDUH  HUD vQWUR
SXüFĆULHGHOkQJĆ%DFĆXGXSĆFHüLDOXDWDQJDMDPHQWXO
FĆ QX YD SXQH SLHGLFL VWDWXOXL VRFLDOLVW D SXWXW VĆ
SULPHDVFĆYL]LWD(OHQHLVRĦLDOXL'XSĆvQFĆGRLDQL$ELD

 üLDX YRUELW QX üWLDX FH VĆ VSXQĆ HD HUD IUXPRDVĆ üL
WULVWĆvPSLHWULWĆHOHUDĦHDSĆQüLVHVLPĦHDVWUĆLQGLQFROR
GHJUDWLL7DFH(XDVFXOWDFHDVWĆWĆFHUHüLPLUHYLQHvQFDS
LPDJLQHDVWUDQLHDHLFĆODUHDOHUJkQGHOWRWVWUĆLQGXSĆ
DQLL GH UĆ]ERL R SULYHüWH vQFUHPHQLW SULQ IHUHDVWUD XQXL
YDJRQ
 ,QPDPvQWRUVDFDVĆDPUHGHYHQLWvQYĆĦĆWRUOD
FODVHOH  LDU VHDUD IĆFHDP FRUXUL OD &ĆPLQXO &XOWXUDO $P
vQYĆĦDW VĆ VFULH  DQDOIDEHĦL vQ  8QLL HUDX VHFXULüWL
$YHDPGHMDPXOWHDPLQWLUL2PXODFHVWDHUDGHMDEĆWUkQvQ
vPLVSXQüLFUHGFĆXWDGHMDOLQLüWHD
 
7RUWXUD

 1XPDL FĆ OLQLüWHD HUD GHSDUWH &RVWDFKH &DUDJDĦĆ
YRUEHüWHIĆUĆFDHXVĆPDLSXQvQWUHEĆUL2ULFHvQWUHEDUHH
LQXWLOĆ3RYHVWHüWHYDOXULGHRURUL3DWUXDQLDVWDWDFDVĆ
ILLQGXL IULFĆ PHUHX GH vQWRDUFHUHD vQ LQIHUQ ÍQ 
FRüPDUXORLDGHODFDSĆWÍQLDQXDULHHVWHDUHVWDWGLQQRX
GXV OD )RFüDQL DQFKHWDW GLQ QRX EĆWXW WRUWXUDW $SRL
HVWH WULPLV OD 6HFXULWDWHD GLQ *DODĦL üL LQWHUQDW vQ ODJĆUXO
GHOD&XOPHD'LQQRXODFDQDOODVIĆUkPDWGHSLDWUĆÍQ
RFWRPEULH VLVWHPXO GHFLGH VĆ DIOH FX RULFH SUHĦ FHHD FH
üWLH &RVWDFKH &DUDJDĦĆ GHVSUH PLüFDUHD OHJLRQDUĆ FLQH
HUDX FDPDUD]LL VĆL FX FLQH VH vQWkOQHD WRWXO0Ć GXFHDX
ODDQFKHWĆFXRFKHODULQHJULSHIDĦĆPĆORYHDXvQSHUPDQHQĦĆ
PĆ SUĆEXüHDP SH VFĆUL HUD WHURDUHD DüWHSWĆULL ORYLWXULL GLQ
RULFH GLUHFĦLH &UHGHDP FĆ EĆWDLD H OXFUXO FHO PDL vQJUR]LWRU
SkQĆvQ]LXDvQFDUHPDXWULPLVvQFDPHUD;DGLFĆvQFDPHUD
GHWRUWXUĆIĆUĆRFKHODULFDVĆYĆGJKLRDJHOHGHORYLWFOHüWLLGH
VPXOV XQJKLL VkQJHOH GH SH SHUHĦL üL WRDWH LQVWUXPHQWHOH GH
FD]QĆ SH FDUH OH DYHDX $URQHVFX üHIXO DQFKHWDWRULORU QX PĆ
 
PDLvQWUHEDQLPLF0DXSXVODURWLVRUOHJDWFXFDSXOvQMRV
üL FX SLFLRDUHOH vQ VXV üL PDX ORYLW OD WĆOSL SkQĆ DP OHüLQDW
$SRL GĆGHDX FX DSĆ üL R OXDX GH OD FDSĆW üL DVWD D GXUDW ]LOH
vQWUHJL ÍQSDX]H PĆ DUXQFDX OD VXEVRO üLSHVWH PLQH DUXQFDX
FkWHYDJĆOHĦLFXDSĆUHFHFDJKHDĦD0DXEĆWXW DSRLFXVkUPH
JURDVH GH OD FHDIĆ SkQĆ OD WĆOSL HX SLHUGXVHP QRĦLXQHD
WLPSXOXL üL DPLQWLULOH QX PDL üWLDP QLPLF QXPL PDL
DPLQWHDPGHQLPLF$XWUHFXW]LOHüL]LOHüLQXYRLDPGHFkWVĆ
PRU VĆ PĆ VLQXFLG VĆ VFDS GH WRUWXUĆ ,QWUR ]L PLDX DGXV
DFWXOGHSXQHUHVXEDFX]DUHüLPLDXVSXVFĆGDFĆQXVHPQH]
WRUWXUD YD FRQWLQXD $P VHPQDW WRW FHDX YUXW 3H  LXOLH
PDPSRPHQLWvQIDWDWULEXQDOXOXLHXHUDPDPHĦLWüLvQ
WLPS FH SURFXURUXO URVWHD UHFKL]LWRULXO 'RDPQH'XPQH]HXOH
OHDP UHFXQRVFXW vQ VDOĆ SH IHWHOH PHOH FRSLLL PHL üL SH HD
(OHQDFDUHSOkQJHDüLSHFXPQDWXOPHX&RVWHO'XPLWUHVFXüL
SH 1HOD üL WRFPDL DWXQFL FLQHYD PD ORYLW FX SDWXO DUPHL vQ
FDSWRFPDLFkQGIHWLĦDPHD&RUQHOLDSOkQJHDFXVXJKLĦXULüL
ĦLSD GHPL UXSHD LQLPD vQ EXFĆĦL 8QXO GLQWUH QRL XQ DYRFDW
GLQ)RFüDQL9RLQHDDOFĆUXLWDWĆIXVHVHWRWOHJLRQDUVSkQ]XUDW
vQDVWULJDWFHYDGHVSUHWRUWXULGHVSUH&RUQHOLDXUODGLQ
WRDWHSXWHULOH7ĆWLFXOHWĆWLFXOH!!FXGLVSHUDUHFX
 &RVWDFKH &DUDJDĦĆ DUH RFKLL vPSĆLHQMHQLĦL VXE
SRYDUD DFHVWHL DPLQWLUL PkQD VD WUHPXUĆ SH EDVWRQ
DSXVXO QX SRDWH VĆL PDL vQFDSĆ SULYLUHD WXOEXUH 1X
DPLQWLUHDWRUWXULLQLFLFHDDFRQGDPQĆULLODGHDQLGH
PXQFĆ VLOQLFĆ vO IDF VĆ WUHPXUH FL DPLQWLUHD &RUQHOLHL
VWULJkQGXOFXGLVSHUDUHSOkQVXOORUDOIHWHORUOXLSHFDUH
QLFL QD DSXFDW VĆ OH YDGĆ FUHVFkQG FDUH DX FUHVFXW vQ
WHURDUHD SHUFKH]LĦLLORU üL D DQFKHWHORU FĆURUD OL VH VSXQH
PHUHXFĆWĆWLFXOORUHVWHXQGXüPDQDOSRSRUXOXLFDUHQX
DSXFĆQLFLRGDWĆVĆOFXQRDVFĆPĆFDU
 ÍO DMXW ûL" ûL DP DMXQV OD $LXG IĆUĆ QLFL R

VSHUDQĦĆ VIkUüLW FUH]kQG FĆ QX PĆ YRLPDL vQWRDUFH QLFLRGDWĆ
DFDVĆ

)OXWXULGHQRDSWH

 $GXOPHF DPLQWLULOH DFHVWXL RP FX R VWUkQJHUH GH
LQLPĆSHQWUXFĆüWLXVLPWFĆGLQFRORGHYRUEHOHVDOHHVWH
FHYDFHQXYRLvQĦHOHJHQLFLRGDWĆFHYDFHPLHVWHLQWHU]LV
SHQWUX WRWGHDXQD FD WXWXURU DFHORUD FDUH QDX WUĆLW HL
vQüLüL DVHPHQHD vPSUHMXUĆUL OD PDUJLQHD PRUĦLL 6XQW
OXFUXUL FDUH QX SRW IL VSXVH vQ FXYLQWH VXQW WUĆLUL FDUH
UĆPkQ SHQWUX WRWGHDXQD vQ SRVHVLD SURSULHWDUXOXL ORU
SHQWUXVLPSOXOPRWLYFĆHOQXYDUHXüLQLFLRGDWĆVĆVSXQĆ
WRWXOVHQWLPHQWHFDUHVFDSĆFXYLQWHOHJHQXQLDGkQFLFH
QXSRWILWXOEXUDWH'HDFHHDvPLVSXQPĆYRLPXOĦXPL
FX LPDJLQL SH FDUH YRUEHOH VDOH OH SRW ]XJUĆYL FX
SRYHVWHDJUR]ĆYLLORUSHFDUHHOOHDWUĆLWIĆUĆVĆvQFHUFVĆ
PLH[SOLF
 7DF &RVWDFKH &DUDJDĦĆ PĆ SULYHüWH FX
UHFXQRüWLQĦĆ VRDUHOH VD VFXIXQGDW GHMD vQ VSDWHOH
PXQĦLORU üL VD IĆFXW UĆFRDUH 6XQWHP PHUHX SH WHUDVĆ
ÍPLSRYHVWHüWHGHVSUHFHOPDLWHULELO&UĆFLXQDOYLHĦLLVDOH
OD $LXG vQ  (O HUD vQ FHOXOĆ FX XQ PHGLF FX XQ
SURIHVRUGHILORVRILHüLFXXQĦĆUDQXQXO)UXQ]ĆGHSULQ
vPSUHMXULPLOH 7HFXFLXOXL 0DFHGRQHQLL FkQWDX FROLQGH üL
WRDWĆ SXüFĆULD D FkQWDW FX HL DVWD vüL DPLQWHüWH HO
vQILRUDUHD FDUH OD FXSULQV DWXQFL FkQG WRDWĆ SXüFĆULD
FkQWD FROLQGH OD IHUHVWUHOH ]ĆEUHOLWH FX YRFL GH EĆUEDĦL
vQFDUFHUDĦL GH ĦL VH ]EXUOHD SĆUXO GH SH PkLQL
0DFHGRQHQLL HUDX EĆUEDĦL WDUL QX JOXPĆ QX WUĆGDX QX
FLULSHDXHUDXURPkQLGHSH9DOHD7LPRFXOXLGDUOLVHVSXQHD
PDFHGRQHQL (UDX PDL URPkQL GHFkW URPkQLL (UD DüD R
 
DWPRVIHUĆFLXGDWĆGH&UĆFLXQXODFHODVHWUDQVPLWHDXSRH]LLOHOXL
5DGX *\U FDUH üL HO HUD DFROR vQWUH ]LGXUL VH WUDQVPLWHDX SULQ
PRUVHEĆWHDPvQ]LGXULvQĦHYL&kQGDPYHQLWDFDVĆGXSĆPXOĦL
DQLDPWUDQVFULVSHKkUWLHSHVWHGHYHUVXULGHRFQĆSHFDUHOH
üWLDPSHGHURVW
 &RVWDFKH &DUDJDĦĆ VFRDWH GLQ DGkQFXULOH PHPRULHL
IRWRJUDPHGHOD$LXGFOLSHGRDUvQDIDUDRULFĆUHLFURQRORJLL
VXQWIRWRJUDPHOHSHFDUHQXPHPRULDFLLQLPDVDOHDUHĦLQXW
9RUEHüWH GHVSUH PkQGULH üL GHVSUH WUĆGDUH GHVSUH
'XPQH]HX üL GHVSUH 1HDJUD FHD PDL WHULELOĆ IRUPĆ GH
UHFOX]LXQHFDUHHUDOD$LXGvQFDUHFHOXODHUDOLSLWĆGHSHUHWHOH
KRUQXOXLGHVSUHFHLPDULüLGHVSUH&XPDGLFĆFHLPDUL"
vQWUHE3ĆLDGLFĆ&UDLQLFĥXĦHD6WĆQLORDLHHLHUDXFHLPDUL1RL
HUDP FHL PLFL 5HHGXFDUHD QX PHUJHD FD OD 3LWHüWL FRPXQLüWLL VH
IĆFXVHUĆPDLYLFOHQL,DXVFRVSHFHLPDULGLQFHOXOHLDXXUFDWvQWU
XQ ,PV üL LDX SOLPEDW SULQ $LXG FD VĆ YDGĆ EORFXULOH üL PDULOH
vQIĆSWXLUL üL VĆ VFULH GHVSUH HOH (L DX VFULV üL VDX SXEOLFDW vQ
*ODVXO $UPDWHL!! üL QL OHDX FLWLW GH &UĆFLXQ FD VĆ YHGHP FĆ
FHL PDUL!! VDX GDW SH EUD]GĆ $VWD HUD SULQ 
UHHGXFDUHD!! 2GDWĆ D OXDW OHJĆWXUD FX PLQH XQXO SH FDUHO
FXQRüWHDP GH  GH DQL )XVHVH FX PLQH vQ )UĆĦLLOH GH &UXFH
7HRIĆQHVFXvOFKHPD0DGXVODEXFĆWĆULHüLPDDMXWDWVĆUĆPkQ
DFRORFĆ HUD PDLXüRU1X üWLDPFĆ WUHEXLH VĆSOĆWHVFFHYDSHQWUX
DVWD(OFUHGHDFĆVXQWFLULSLWRU(UDPDLELQHDFRORHUDPPDLOLEHUL
XPEODPSULQFXUWHüLDYHDPPkQFDUHODGLVFUHĦLHGDUHXQXSXWHDP
PkQFDGHORFSHQWUXFĆvQDFHHDüLFXUWHHUD=DUFDFHOPDLJURD]QLF
ORF GH OD $LXG $FROR üL FLRUED VH VWUHFXUD SHQWUX FD GHĦLQXWXO VĆ
PRDUĆ GH IRDPH üL GH HSXL]DUH 1RL vQ FHOXODU SXWHDP YRUEL
DVFXOWDP SUHOHJHULOH OXL ĥXĦHD GHVSUH ILORVRILH HUD DOWFHYD GDU OD
=DUFDQLFLPRUVHQXPHUJHD(LüLFkWDPIRVWODEXFĆWĆULHDXIRVW
FkWHYD üHGLQĦH GH UHHGXFDUH (X QX YRUEHDP ûL OD R üHGLQĦĆ GH
UHHGXFDUHPĆULGLFĆvQSLFLRDUHSUHüHGLQWHOHFRPLWHWXOXLFDUHVSUH

VWXSHIDFĦLDPHDHUDWRFPDLIRVWXOSUHIHFWOHJLRQDUGH9UDQFHDĥRFX
/DGUHDSWDOXLHUD7HRIĆQHVFXWRWOHJLRQDURPXOFDUHPĆDMXWDVHVĆ
VWDX OD EXFĆWĆULH ûL ]LFH &RGUHDQX HVWH XQ FULPLQDO &HDL GH
VSXV"!!ûLHXDPVSXVFĆGXSĆPLQH&RGUHDQXHVWHXQHURXFDUH
QDWUĆGDWQLFLRGDWĆ(UDvQQRLHPEULHÍQWURVĆSWĆPkQĆHUDP
OD=DUFDüLPLDüWHSWDPVIkUüLWXO]LOHORU$PVWDWüDSWHOXQLOD=DUFD
FDUHQXPDLFRQWHD]ĆSHQWUXFĆHUDPDWkWGHVOĆELWvQFkWGHOLUDP
FĆOĆWRUHDPGHIDSWSULQDOWHOXPLvLYHGHDPSHDLPHLGHDFDVĆYLVDP
FXRFKLLGHVFKLüLüLSUREDELOFĆDüILPXULWGDFĆvQQDUILYHQLW
GHFUHWXO GH HOLEHUDUH (X DP LHüLW GLUHFW GH OD =DUFD GH OD
H[WHUPLQDUHGHOD &XQGHQHĦLQHDXvQFĆPDüĆ&kQGDPLHüLWüL
DP YĆ]XW IOXYLL GH RDPHQL 3OHFDP GLQ SXüFĆULH FD IOXWXULL GH
QRDSWHURLXULQHJUHSOXWHDPWĆFXĦLQLPHQLQXVSXQHDQLFLRYRUEĆ
PĆFDU

GHDQLGHWĆFHUH

 ûLDSRL" ûLDSRL QLPLF VSXQH HO 5ĆVIRLP vQ WĆFHUH
VXWHOHGHSDJLQLGHSRH]LLPLLüLPLLGHYHUVXULSHFDUHHOOHD
WUDQVFULV GXSĆ vQWRDUFHUHD DFDVĆ SRH]LL DOH OXL 1LFKLIRU
&UDLQLFüL5DGX*\UüLDOHDOWRUDDQRQLPL3ULYHVFvQFUHPHQLW
FDPHUDVDFHOXODDPLQWLULORUVDOHSHSHUHĦLLFĆUHLDVXQWGRXĆ
IRWRJUDILL vQUĆPDWH 8QD vO UHSUH]LQWĆ SH HO üL SH VRĦLD OXL
(OHQDRIRWRJUDILHVWUDQLH6XQWWLQHULHOHPkQGUXüLSXWHUQLF
HD H IUXPRDVĆ üL SXĦLQ WULVWĆ XQ ]kPEHW VXEĦLUH vL DOXQJHüWH
IDĦD &H DVFXQGH DFHDVWĆ IRWRJUDILH FH JkQGHDX FH VLPĦHDX
RDPHQLL DFHüWLD vQFUHPHQLĦL SHQWUX WRWGHDXQD vQ IRWRJUDILH
vQFUHPHQLĦL FD QLüWH LQVHFWH vQ FKLKOLPEDUXO GHVWLQXOXL ORU"
6XIHULVHUĆHLGHMDVDXHUDQXPDLSUHVLPĦLUHDDFHHDFHDYHDVĆ
YLQĆ" $ü SXWHD VĆO vQWUHE SH EĆWUkQXO SH EXQXO PHX
&RVWDFKHGDUHVXILFLHQWVĆLYĆGSULYLUHDFDVĆvQĦHOHJFĆR
DVHPHQHDvQWUHEDUHQXSRDWHILSXVĆ&HDODOWĆIRWRJUDILHHVWH
 
D&ĆSLWDQXOXLDOXL&RGUHDQXRIRWRJUDILHFHOHEUĆSHFDUHHO
QXRYDGDMRVQLFLRGDWĆGHSHSHUHWHOHVĆX(SUHDWkU]LXüL
DSRLXQDVHPHQHDJHVWDUILLQXWLODUILULGLFRODUIL%kQWXL
OD EUDĦ FX RPXO DFHVWD SULQ FRWORDQHOH PHPRULHL VDOH vQ
VXUGLQĆVHDXGFkQWHFHVWUĆYHFKLSHFDUHQXOHFXQRVFüLFDUH
YRUEHVFGHVSUHSDWULHüLGHVSUH'XPQH]HXHOWDFHPXOWVDX
SRYHVWHüWH OXFUXUL PĆUXQWH IĆUĆ LPSRUWDQĦĆ FD üL FXP
VSXQHUHDDFHVWHLOXQJLLVWRULLODUILVHFĆWXLW&XPYHGHRPXO
DFHVWDOXPHDFHvQĦHOHJHGLQSUH]HQW"ûWLLvPLVSXQHGXSĆ
¶ QX PDX PDL SULPLW vQ vQYĆĦĆPkQW HUDP SULPHMGLRV üL DP
GHYHQLWIRUHVWLHU6HDUDGĆGHDPOHFĦLLGHYLRDUĆSHODüFROLOHGLQVDWH
üL SH OD &ĆPLQXO FXOWXUDO $P SĆVWUDW GLVWDQĦD IDĦĆ GH SROLWLFĆ üL
WĆFHUHD ûL GXSĆ 5HYROXĦLH VDX FHD IRVW" ûL GXSĆ
3DWUX]HFL GH DQL GH WĆFHUH GHFL 9HFKLL FDPDUD]L VDX VWLQV
VDXDXWUĆGDWHODUĆPDVFXPYDVLQJXU6DvQGHSĆUWDWVD
vQVLQJXUDW vQ PLMORFXO DPLQWLULORU VDOH DO PHGDOLLORU VDOH GH
UĆ]ERLDOFDLHWHORUVDOHFXSRH]LLVIküLHWRDUHGHRFQĆ%DQX
QXVLQJXUDUĆPDVFXDLOXLFXIHWHOHLQLPLLVDOH&RUQHOLDüL
2OJXĦDüLFX(OHQDFXIHPHLDOXLFDUHODDüWHSWDWPHUHXFD
RVIkQWĆüLFDUHvODüWHDSWĆüLDFXPvQFHUXUL
         
+RULDĥXUFDQX

)RUPXOD$VQUVHSW²RFWS









3DWLPLOHGLQODJĆUüLUH]LVWHQĦDSULQGUDJRVWH

 6DX VFULV SkQĆ DFXP QHQXPĆUDWH SDJLQL GHVSUH
üL GH FĆWUH FHL FDUH DX VXIHULW vQ DQLL FRPXQLVPXOXL
RURULOH UHSUHVLXQLL 3UHD SXĦLQH GLQWUH DFHVWHD DX YRUELW
vQVĆ FHO PDL SUREDELO GLQWUXQ VRL GH SXGRDUH GH XQ
HOHPHQW HVHQĦLDO DO VXSUDYLHĦXLULL ² üL DQXPH UH]LVWHQĦD
SULQGUDJRVWH
 9LDĦD vQ ODJĆUHOH FRPXQLVPXOXL WUĆLWĆ ]LOQLF OD
IURQWLHUD PRUĦLL D OĆVDW XUPH DGkQFL SULQWUH
VXSUDYLHĦXLWRUL LDU VRFLHWDWHD QRDVWUĆ FDUH QX HVWH
SUHJĆWLWĆ QLFL VĆüL DVXPH FULPHOH FRPXQLVPXOXL üL VĆ OH
SHGHSVHDVFĆFXDWkWPDLSXĦLQHVWHJDWDVĆDQDOL]H]HüLVĆ
vQĦHOHDJĆUHVXUVHOHFDUHDXGDWSXWHUHFHORUVXIHULQ]LüLL
DX DOLQDW SH FHL YLL üL FHL PRUĦL GHRSRWULYĆ FUHGLQĦD vQ
'XPQH]HX üL GUDJRVWHD &HOH GRXĆ UHSHUH IXQGDPHQWDOH
DOH UH]LVWHQĦHL vQ IDĦD FUX]LPLL VXQW UHOHYDWH GH
GRFXPHQWXOSHFDUHvOSUH]HQWĆPDVWĆ]LFLWLWRULORU
 6FULVRDUHD SH FDUH R SXEOLFĆP PDL MRV FX
vQFXYLLQĦDUHDDWkWDDXWRUXOXLHL&RVWDFKH&DUDJDĦĆFkWüL
D GHVWLQDWDULORU 0RQLFD üL 'LQX 3RSD QHD IRVW SXVĆ OD
GLVSR]LĦLHGHFĆWUHSURI3HWUH'LDFRQXüLVHDIOĆvQDUKLYD
$FDGHPLHL&LYLFH$XWRUXOHLDUHVWDWüLvQFKLVvQFRORQLLOH
GH PXQFĆ GH OD &DQDOXO 'XQĆUH ² 0DUHD 1HDJUĆ HVWH
XQXOGLQWUHFHLFDUHDXWUHFXWSULQLQIHUQIĆUĆDüLSLHUGH
GUDJRVWHD üL FUHGLQĦD 0ĆUWXULD VD ]JXGXLWRDUH HVWH XQ
VHPQDOQHVIkUüLWHLSXWHULRPHQHüWLFDUHDIĆFXWFDRURULOH
VĆ SĆOHDVFĆ vQ IDĦD LXELULL QHVIkUüLWH D VRĦLHL L]YRUkQG GH
SLOGĆ GLQ SDFKHWXO FX DOLPHQWH GHVIĆFXW SH JHQXQFKL SH
XQ SDW GH ODJĆU &RVWDFKH &DUDJDĦĆ YRUEHüWH vQ PĆUWXULD
VD PDL PXOW GHVSUH DFHDVWĆ OXPLQĆ D GUDJRVWHL üL PDL

 
SXĦLQ GHVSUH FKLQXULOH vQGXUDWH vQ vQIUXQWDUHD ]LOQLFĆ FX
PRDUWHDSHFDUHDWUĆLWRvQOXQJLLDQLGHGHWHQĦLHSROLWLFĆ
7RFPDL GH DFHHD SHQWUX D vQĦHOHJH PDL ELQH YDORDUHD
PĆUWXULHL VDOH vQFHUFĆP VĆ YRUELP DFXP vQIUXQWkQG
OLWHUHOHVWHUSHDOHGRFXPHQWHORUGHVSUHYLDĦĆüLPRDUWHvQ
ODJĆUHOH&DQDOXOXL
 ´6DX  VIkUüLW üL vQ FHHD FH SULYHüWH UHJLPXO GH
GHWHQĦLH FHO DOLPHQWDU DVLVWHQĦD VDQLWDUƵ FRQVHPQD VHF
XQ GRFXPHQW DO &RQVLOLXOXL 6HFXULWĆĦLL 6WDWXOXL GLQ 
FX SULYLUH OD XQLWĆĦLOH üL FRORQLLOH GH PXQFĆ RURULOH SH
FDUH WRW 6HFXULWDWHD OH SDWURQDVH QX FX PXOĦL DQL vQDLQWH
9LDĦDGHODJĆURGHVFULHERJDWDOLWHUDWXUĆPHPRULDOLVWLFĆD
VXSUDYLHĦXLWRULORU ÍQ ODJĆUHOH FRPXQLVWH ´WRDWH HUDX
GLILFLOH üL JUHX GH VXSRUWDW FRQGLĦLLOH GH PXQFĆ HUDX
EDUEDUH YkQWXULOH QĆSUDVQLFH üL QHRERVLWH KUDQD
LQVXILFLHQWĆ FD]DUHD LPSURYL]DWƵ vüL DPLQWHD XQ IRVW
GHĦLQXW GLQ FRORQLD GH PXQFĆ GH OD 3HULSUDYD %ROLOH
IĆFHDX UDYDJLL SULQWUH ´RDPHQL DGXQDĦL GH SULQ WRDWH
vQFKLVRULOH SROLWLFH GLQ ĦDUĆ H[WHQXDĦL GH IRDPHWH üL IULJ
GH XPH]HDOD DFHORU VDLYDQH vQ FDUH ORFXLDP RERVLĦL GH
PXQFD HSXL]DQWĆ (UDX DQHPLDĦL GLVWURILFL üL GLQWUH
DFHüWLD GLQ XUPĆ DX IRVW GHVWXL FHL FDUH DX DOXQHFDW vQ
FDüH[LH²XOWLPDID]ĆGHVOĆELUHJHQHUDOĆDRUJDQLVPXOXL
GLQFDUHFXJUHXVHPDLSXWHDUHGUHVDFLQHYDµQRWDXQDOW
GHĦLQXW GLQ FRORQLLOH GH PXQFĆ vQ PHPRULLOH VDOH DFHD
ID]ĆDIRDPHLIĆUĆvQWRDUFHUHvQFDUHRUJDQLVPXORPHQHVF
DMXQJH GLQ OLSVD KUDQHL VĆ VH KUĆQHDVFĆ GLQ VLQH vQVXüL
DOXQHFkQGvQPRDUWH
 'DUSRDWHFĆPDLJUHXGHVXSRUWDWGHFkWIRDPHDDX
IRVWFUX]LPLOHDEVXUGHSHFDUHRDPHQLLOHDXVXSRUWDWVDX
ODFDUHDXIRVWPDUWRULPDUFDĦLDSRLSHWRWUHVWXOYLHĦLLGH

FHOH WUĆLWH üL YĆ]XWH ([HPSOHOH DU SXWHD XPSOH PLL GH
SDJLQL 2URULOH DX LPSUHVLRQDW SkQĆ üL LQLPLOH UHFL DOH
IXQFĦLRQDULORU FRPXQLüWL 5DSRDUWHOH vQ XUPD XQRU
FRQWURDOHIĆFXWHvQFRORQLLOHGHPXQFĆvQDQXOFkQG
3URFXUDWXUD *HQHUDOĆ D LQYHVWLJDW PDL PXOWH FULPH
SHWUHFXWHvQDFHVWHDUHOHYĆVFHQHGHRYLROHQĦĆH[FHVLYĆ
FDUH VDX SHWUHFXW vQ ODJĆUH üL FDUH DX DYXW GDUXO VĆ
LPSUHVLRQH]H üL DX LQIOXHQĦDW SUREDELO GHFL]LD GH
vQFKLGHUH D ORU vQ  &KLDU GRFXPHQWH DOH 6HFXULWĆĦLL
DUDWĆ FUX]LPL GHRVHELWH SHWUHFXWH DLFL 1XPDL vQ OXQD
LDQXDULHDDQXOXLDXPXULWvQFRORQLLOHGHPXQFĆGH
OD &DQDOXO 'XQĆUH ² 0DUHD 1HDJUĆ XQ QXPĆU GH 
GHĦLQXĦL SRWULYLW HYLGHQĦHORU IRVWHL SROLĦLL VHFUHWH &HOH
PDL PXOWH GHFHVH VDX vQUHJLVWUDW OD FRORQLLOH 3HQLQVXOD
XQGH D IRVW GHĦLQXW &RVWDFKH &DUDJDĦĆ üL 3RDUWD $OEĆ
UHVSHFWLYPRUĦL
 ÍQ FRORQLLOH GH PXQFĆ VH SUDFWLFD SH VFDUĆ ODUJĆ
EĆWDLD vQFDUFHUDUHD SH WHUPHQ OXQJ XWLOL]DUHD OD PXQFL
JUHOH D GHĦLQXĦLORU EROQDYL LDU UDĦLLOH GH KUDQĆ
QHvQGHVWXOĆWRDUH DX IĆFXW FD PRDUWHD VĆ YLQĆ SXU üL
VLPSOXGLQIRDPHüLLVWRYLUHL]EĆYLQGXLDVWIHOSHPXOĦL
ÍQ XQHOH SHULRDGH vQ DQXPLWH ODJĆUH UHJĆVLP SXWHUQLFH
DFFHQWH GH VDGLVP FKLDU üL vQ DSOLFDUHD DFHVWXL WUDWDPHQW
LQXPDQ &D XUPDUH OD PXOWH GLQWUH ODJĆUHOH &DQDOXOXL
'XQĆUH ² 0DUHD 1HDJUĆ VH vQUHJLVWUD vQ  R PHGLH D
PRUWDOLWĆĦLL GH SHVWH  GH GHĦLQXĦL SH OXQĆ LDU GLQWUH
DFHüWLDXQLLvüLJĆVHDXVIkUüLWXOvQFKLQXULFDUHGDFĆQXDU
IL FRQVHPQDWH FKLDU GH GRFXPHQWH DOH 6HFXULWĆĦLL DU IL
JUHX GH LPDJLQDW $VWIHO GXSĆ  ]LOH GH FDUFHUĆ XQ
GHĦLQXW D IRVW GXV OD LQILUPHULH FX DPEHOH SLFLRDUH
FDQJUHQDWH SHQWUX FĆ IXVHVH OHJDW FX ODQĦXUL SHVWH
 
 ´FL]PHOH GH FDXFLXF FH OH DYHD vQ SLFLRDUH &kQG D IRVW
DGXV OD LQILUPHULH üL L VDX WUDV FL]PHOH L VD GH]OLSLW üL
WDOSD SLFLRDUHORU FDUH SXWUH]LVHµ 0HGLFXO FRORQLHL
SHQLWHQFLDUH LD IĆFXW WULPLWHUH SHQWUX D IL vQJULMLW vQ
VSLWDO GDU FRPDQGDQWXO ODJĆUXOXL QX D DSUREDWR
'HĦLQXWXO XQ WkQĆU GH  GH DQL D PXULW vQ FKLQXUL
FXPSOLWHGXSĆ]LOHvQLQILUPHULDODJĆUXOXL
  ,Q VDGLVPXO ORU XQLL FRPDQGDQĦL GH ODJĆU
RELüQXLDX VĆ VH GLVWUH]H SXQkQGXL OD FHOH PDL JUHOH
PXQFLSHHSLOHSWLFLüLGLVWURILFLVDXVFRĦkQGXLODPXQFĆ
vQJHUGHVFXOĦLüLQXPDLvQFĆPĆüL
  1HvQGHSOLQLUHD QRUPHORU GH OXFUX HUD VDQFĦLRQDWĆ
FX PXQFĆ QHvQWUHUXSWĆ IĆUĆ KUDQĆ WLPS GH  GH RUH
XUPDWĆ GH FDUFHUĆ 8QLL GHĦLQXĦL DX IRVW EĆWXĦL SkQĆ OD
GHVILJXUDUHUĆPkQkQGLQILUPLSHYLDĦĆ8QSURFHVYHUEDO
GLQ DUKLYHOH IRVWHL 6HFXULWĆĦL FRQVHPQD GHSR]LĦLD XQXL
GHĦLQXWPDOWUDWDWGLQFRORQLDGHPXQFĆGHOD&HUQDYRGĆ
´ÍQOXQDGHFHPEULHILLQGJUDYEROQDYDPSULPLWGH
OD LQILUPHULH XQ ELOHW GH VFXWLUH üL DP IRVW vQWRUV OD
GRUPLWRU &DSRUDOXO FDUH IĆFHD GH VHUYLFLX PD VFRV vQVĆ
DIDUĆvQSXPQLüLSLFLRDUHXPSOkQGXPĆGHVkQJHüLPD
GXV OD FRPDQGDQW $FHVWD PD EĆWXW SkQĆ DP OHüLQDW
'XSĆFHPDPWUH]LWGLQOHüLQPLDOXDWPDQWDXDüLPD
SHGHSVLW VĆ PXQFHVF IĆUĆ PkQFDUH üL RGLKQĆ  GH RUH
$PIRVWWULPLVODPXQFĆGDUHXLDPVSXVFDSRUDOXOXLFĆ
QX SRW OXFUD (O D SXV WUHL GHĦLQXĦL VĆ PĆ DUXQFH vQ
'XQĆUH DSRL PD EĆWXW FX R ORSDWĆ PD OHJDW FX ODQĦXUL
üLPDGXVGLQQRXODFRPDQGDQW$FHVWDPDSHGHSVLWFX
WUHLOXQLGHFDUFHUĆ'XSĆGH]LOHDPIRVWVFRVüLGXVOD
LQILUPHULH &RPDQGDQWXO PD YĆ]XW DFROR üL PLD VSXV
ÅDL VĆ WH vQWRUFL vQ FDUFHUĆ üL DL VĆ VWDL DFROR SkQĆ PRULµ

3HQWUX DVWD FRPDQGDQWXO OD SXV SH XQ GHĦLQXW VĆ PĆ
EDWĆFXSLFLRDUHOHvQWHVWLFXOHüLvQJXUĆQHQRURFLQGXPĆ
SH YLDĦĆ üL GHVILJXUkQGXPƵ 'HĦLQXWXO D IRVW EĆJDW GLQ
QRXODFDUFHUĆGDUDIRVWVDOYDWGHRILĦHULVXSHULRULYHQLĦL
vQ LQVSHFĦLH OD FRORQLD SHQLWHQFLDUĆ FDUH DX PDL JĆVLW GH
OD &HUQDYRGĆ DOĦL üDVH GHĦLQXĦL PRUĦL FDUH FRQWLQXDX VĆ
ILH ĦLQXĦL vQ FDUFHUHOH ODJĆUXOXL SHQWUX FĆ GXSĆ FXP
GHFODUD FRPDQGDQWXO DFHVWXLD QX üLDX vQFKHLDW
SHGHDSVD
 5DSRDUWHOH IĆFXWH vQ vPSUHMXUĆULOH DQFKHWHORU GLQ
 vQ FRORQLLOH GH PXQFĆ GH OD &DQDO GH FĆWUH PHGLFL
GHĦLQXĦLVXQWUHOHYDQWHDVXSUDUDYDJLLORUSHFDUHIULJXOüL
IRDPHDOHSURYRFDGHFLPkQGXLSHGHĦLQXĦLvQVSHFLDOvQ
OXQLOH GH LDUQĆ ´'HĦLQXWXO D IRVW DGXV SH WDUJĆ GLQ
FDUFHUĆ IĆUĆ FXQRüWLQĦĆ FX UHVSLUDĦLD IRDUWH UDUĆ IĆUĆ
SXOV DSURDSH üL FX WRDWH vQJULMLULOH FH LDP GDW OD
LQILUPHULH LQMHFĦLL GH FDPIRU üL FRIHLQĆ GXSĆ ô RUĆ D
vQFHWDWGLQYLDĦĆ(UDvQHYLGHQĦĆFXGLVWURILHüLvQGLIHULWH
UkQGXULIXVHVHVFXWLWGHPXQFĆGHFĆWUHVHUYLFLXOPHGLFDO
1XDIRVWDGXVODYL]LWDPHGLFDOĆvQDLQWHGHDILvQFDUFHUDW
üLQLFLQXDPIRVWFKHPDĦLVSUHDOYL]LWDODFDUFHUĆvQWRW
WLPSXOvQFDUHDIRVWvQFDUFHUDWµ8QDOWGHĦLQXW´DvQFHWDW
GLQYLDĦĆFKLDUvQFDELQHWXOGHFRQVXOWDĦLLDOLQILUPHULHLvQ
WLPS FH DELD vL IĆFXVHP LQMHFĦLL GH FRIHLQĆ üL FDPIRU 1X
DP IRVW FKHPDĦL GH DO YL]LWD vQDLQWH GH DO vQFDUFHUD üL
QLFLQXDIRVWYL]LWDWGHQRLDFROR1XVDĦLQXWVHDPDGH
FĆWUHFRQGXFHUHDFRORQLHLGHVFXWLULOHPHGLFDOHüLEROQDYL
FKLDU GLVWURILFL JUDYL DX IRVW VFRüL SH üDQWLHUHOHGH OXFUX
DGXFkQGXL VHDUD SH EUDĦH LDU DOĦLL vQJKHĦDĦL FRPSOHW üL
FKLDUPRUĦLµ$VWIHOXQGHĦLQXW´GLVWURILFJUDGXODIRVW
DGXVvQDJRQLHvQJKHĦDWGHSHXQüDQWLHUüLDPXULWGXSĆ
 
 FkWHYDRUHvQLQILUPHULHµLDUXQDOWXOÅDIRVWDGXV PRUW
vQJKHĦDW SH üDQWLHUµ 7RDWH FD]XULOH DILUPD PHGLFXO
vQüLUkQG XQ OXQJ SRPHOQLF GH PRUĦL vQ OXQLOH LDQXDULH üL
IHEUXDULH DOH DQXOXL  DU IL SXWXW IL HYLWDWH ´vQ DIDUĆ
GH DFHüWLD VXQW QXPHURDVH DOWH FD]XUL GH GHĦLQXĦL
vQJKHĦDĦL GDU FDUH DX SXWXW IL UHDGXüL OD YLDĦĆ vQ XUPD
vQJULMLULORUQRDVWUH7RĦLGHĦLQXĦLLSROLWLFLFDUHvQJKHĦDXSH
üDQWLHUHOH GH OXFUX HUDX GLVWURILFL ILLQG VOĆELĦL üL QX PDL
DYHDXFDORULLOHQHFHVDUHSHQWUXDVHDSĆUDFRQWUDIULJXOXL
ILHFĆXQLLHUDXXüRUvPEUĆFDĦLIĆUĆFĆPĆüLüLXQLLFKLDUFX
SLFLRDUHOH JRDOH 'LPLQHDĦD OD LHüLULOH FRUGRDQHORU GH
OXFUX SH SRDUWĆ HUDX VFHQH vQJUR]LWRDUH FX EĆWĆL
VkQJHURDVH üL FX FKLQXUL GH LDG FH DU IL WUHEXLW VĆ
vQGXLRüH]H üL LQLPLOH GH SLDWUƵ QRWD DFHODüL PHGLF DO
FRORQLHLSHQLWHQFLDUH&HUQDYRGĆvQWURGHFODUDĦLHFDUHVD
SĆVWUDWvQDUKLYHOH6HFXULWĆĦLL
  &XP VSXQHDP SkQĆ üL IXQFĦLRQDUL DL UHJLPXOXL
FRPXQLVWQXDXSXWXWUĆPkQHGHSLDWUĆvQIDĦDXQRUDWDUH
FUX]LPL &KLDU 3URFXUDWXUD *HQHUDOĆ VLQWHWL]D FRQGLĦLLOH
GHGHĦLQHUHvQODJĆUHOH&DQDOXOXLvQIUD]HVXJHVWLYHÅ$X
IRVW FD]XUL FkQG GHĦLQXĦLL DX IRVW DVDVLQDĦL SULQ
vPSXüFDUH vQJURSDĦL GH YLL vQ SĆPkQW REOLJDĦL LDUQD VĆ
LQWUHvQDSĆSkQĆODEUkXüLVĆWDLHVWXILQWURGXüLLDUQDvQ
FDUFHUH GHVFRSHULWH XQHRUL GH]EUĆFDĦL vQ SR]LĦLL
FKLQXLWRDUH ² GRL vQ SLFLRDUH üL GRL FX FDSXO vQ MRV ÍQ
WLPSXO YHULL HUDX GH]EUĆFDĦL OHJDĦL GH PkLQL üL H[SXüL
PXüFĆWXULORU GH ĦkQĦDUL 0DQLIHVWĆULOH GH EHVWLDOLWDWH
FRQWLQXDXüLGXSĆPRDUWHDGHĦLQXĦLORUDOHFĆURUFDGDYUH
QHvQKXPDWH WLPS vQGHOXQJDW URDVH GH üRERODQL HUDX
SURIDQDWH üL FKLDU LQWURGXVH vQ FDUFHUĆ VXE SUHWH[WXO FĆ
WRUWXULOHQDXIRVWvQGHDMXQVGHDVSUHµ

  3HQWUX DWURFLWĆĦLOH GHVFULVH PDL VXV FDUH VDX
SHWUHFXW vQ FRORQLD SHQLWHQFLDUĆ 6DOFLD DX IRVW WULPLüL vQ
MXGHFDWĆ  GH RILĦHUL üL VXERILĦHUL FDUH DX IRVW JĆVLĦL
YLQRYDĦLüLDXIRVWFRQGDPQDĦLvQODSHGHSVHGHSkQĆ
OD  GH DQL vQFKLVRDUH 8Q DQ PDL WkU]LX vQVĆ PLQLVWUXO
GH,QWHUQH$OH[DQGUX'UĆJKLFLLDDEVROYLWGHSHGHDSVĆüL
OHD üWHUV GLQ FD]LHU LQFULPLQĆULOH 0DL PXOW D GLVSXV FD
PDMRULWDWHD ORU VĆ ILH UHvQFDGUDĦL vQ 0$, 3ULQWUXQ
GHFUHW DO 3UH]LGLXOXL 0DULL $GXQĆUL 1DĦLRQDOH ´DFHVWRU
FDGUH OL VD DFRUGDW YHFKLPHD QHvQWUHUXSWĆ vQ 0$, SH
WRDWĆ GXUDWD GHWHQĦLHL LDU FRQGXFHUHD 0LQLVWHUXOXL GH
,QWHUQH OHD DFRUGDW FkWH R VXPĆ GH EDQL HFKLYDOHQWĆ FX
VDODULXO SH WUHL OXQL üL FkWH R OXQĆ GH ]LOH GH FRQFHGLX OD
FDVHOHGHRGLKQĆDOH0$,SHQWUXUHIDFHUHDVWĆULLIL]LFHµ
3URFXURUXO FDUH RUGRQDVH DQFKHWHOH GLQ  üL
GHVFRSHULVH PLL GH SHUVRDQH GHĦLQXWH LOHJDO D IRVW
UHWURJUDGDWGLQIXQFĦLHIDSWFDUHGRYHGHüWHFĆ6HFXULWDWHD
RUGRQDVH FULPHOH SURGXVH vQ ODJĆUH üL QX HUD GLVSXVĆ VĆ
DFFHSWHSHGHSVLUHDFHORUFDUHDXH[HFXWDWDFHVWHRUGLQH
  &HL YLL üL FHL PRUĦLHUDX vQ ODJĆU vQHJDOĆ PĆVXUĆ
VXELHFWGHEDWMRFXUĆ/DFRORQLDSHQLWHQFLDUĆ6DOFLDvQWUR
]LGLQLDUQDDQXOXL´DXIRVWPDLPXOĦLPRUĦL3HQWUX
DL SXWHD LGHQWLILFD OHD SXV FDUWRDQH vQ JXUĆ SH FDUH OH
VFULD QXPHOHµ 8Q GHĦLQXW D IRVW DGXV GH OD OXFUX PRUW
´FXXQDVWIHOGHFDUWRQvQJXUĆLDUJXUDvQFOHüWDWĆLDIRVW
GHVFKLVĆ FX XQ WRSRU 0RUĦLL VH vQKXPDX GXSĆ  ]LOH
GLQOLSVĆGHVFkQGXUƵ
 5HSUHVLXQHDDSURGXVXQHRULVFHQHGHGLPHQVLXQL
ELEOLFH'XSĆFHXQEULJDGLHUODEĆWXWSkQĆODPRDUWHSH
XQ GHĦLQXW DFHVWD ´D IRVW SXV SH R WDUJĆ vQ FDUH EĆWXVH
SLURDQH GH ILHU &kQG OD GXV OD LQILUPHULH PRUW FRUSXO
 
 OXLHUDvQvQWUHJLPHSHUIRUDWµ
 $FHVWXL ,LVXV GH OD 6DOFLD VFULVRDUHD GH DOĆWXUL
GHVSUH YLDĦD GH GLQFROR GH VkUPD JKLPSDWĆ GHVSUH
VXSUDYLHĦXLUHD SULQ GUDJRVWH üL SDWLPLOH XQHL VRĦLL GH
GHĦLQXW vL HVWH R XPLOĆ vQFKLQDUH 3XWHUHD GUDJRVWHL D
vQYLQV WHDPD vQ IDĦD PRUĦLL LDU ODFULPLOH GXUHULL üL ILHUHD
VSDLPHLVDXVWLQVvQIDĦDLXELULL
         
0DULXV2SUHD
     
       7LFKLULü;
6WLPDWĆGRDPQĆ0RQLFDüLGUDJĆGRPQXOH'LQX

 $WUHFXWPDLELQHGHXQDQGHODGHFHVXOVRĦLHLPHOHüLQX
SRWvQFĆVĆPLUHYLQGLQGXUHUHDFDUHPDFRSOHüLW
  1XSRWFUHGHFDSOHFDWSHQWUXWRWGHDXQDüLFĆQDPVRPDL
YĆG QLFLRGDWĆ0Ć XLW vQMXUXOPHX üLSHVWH WRW GDXFX RFKLLSHVWH
OXFUXULFDUHLDSDUĦLQHDX
 $LFLHVWHSDWXOvQFDUHDGHFHGDWGXSĆRQRDSWHGHYHJKHüLGH
WĆFHUH DGkQFĆ ÍQ FXLHU DWkUQĆ vPEUĆFĆPLQWHDSH FDUH RPEUĆFD vQ
ILHFDUH GLPLQHDĦĆ ÍQWUXQ FROĦ DO FDPHUHL XQ GXODS PRGHVW FX WRW
IHOXOGHPĆUXQĦLüXULvQWUHFDUHüLRFKHODULLFXFDUHWUXGHDDSURDSHvQ
ILHFDUH]LODPDüLQDGHFXVXW1XOXFUDSHQWUXQLPHQLGHFkWQXPDL
SHQWUX IDPLOLH &DXW vQ üLIRQLHU üL GDX SHVWH SLMDPDOH üL FĆPĆüL
UHSDUDWHGHGkQVDÍQWURVHDUĆvPEUĆFkQGRSLMDPDSHFDUHDUHSDUDW
R DSOLFkQGXL FX PXOWĆ GLEĆFLH PDL PXOWH SHWLFH OHDP VSXV FHORU
GRXĆILLFHFDUHVHDIODXvQVHDUDDFHHDODPLQH
 ´9RLSXUWDSLMDPDXDDVWDSkQĆYRUFXUJH]GUHQĦHOHGHSH
HDµ(UDPIRDUWHHPRĦLRQDWüLFXJUHXPLDPSXWXWVWĆSkQLODFULPLOH
/DRUDDPIRVWWUH]LWGHJODVXOXLPLWRUGHFODUDOVRĦLHL´'HFH
WHPEUDFLFXSLMDPDXDDVWDDLSLMDPDOHEXQHvQüLIRQLHUµ
 8OXLW üL SURIXQG VXUSULQV GH FODULWDWHD YRFLL DP UĆVSXQV

 JUĆELWüLGHVFXPSĆQLW´'HDFXPQRVĆPĆPDLvPEUDFQLFLRGDWĆFX
HDµ
  $üILGRULWPXOWVĆPDLYRUEHDVFĆVĆPLPDLVSXQĆFHYDGDU
FXYLQWHOH HL VDX VWLQV DX GLVSĆUXW FD XQ HFRX SUHOXQJ FDUH VH
vQGUHDSWĆVSUHXQGHYDGHSDUWHVSUHYHüQLFLH
 $PUĆPDVODPDUJLQHDSDWXOXLvQSHUIHFWĆVWDUHGHWUH]LHFX
ODFULPLOHLQXQGkQGXPLREUDMLL
 3ULPXOJkQGPLDIRVWVĆPLWUH]HVFILLFHOHGDUGRUPHDXSUHD
IUXPRV üL SURIXQG üL QX PDP vQGXUDW $P UĆPDV SkQĆ OD ]LXĆ
WUHD]FXIXQGDWvQYĆOPĆüDJXODWRWIHOXOGHJkQGXUL
 'HDWXQFLDPPDLDYXWvQFĆWUHLvQWkOQLULSHFDOHDQHYĆ]XWĆ
DFHORUGHGLQFROR6XQWDFXPvQFUHGLQĦDWGXSĆDFHVWHvQWkPSOĆULFĆ
VXIOHWXORPXOXLHVWHQHPXULWRUüLFĆFHLGHGLQFRORQHYHJKHD]ĆQH
FRQGXFQHYĆGvQILHFDUHFOLSĆ]LXDüLQRDSWHDRSULQGXQHODWLPSGH
D VĆYkUüL UĆXO üL vQGHPQkQGXQH QHFRQWHQLW VĆ PHUJHP QXPDL SH
FDOHDELQHOXL
  ´0DUL üL PLQXQDWH VXQW OXFUĆULOH PkLQLORU 7DOH 'RDPQH
WRDWH FX vQĦHOHSFLXQH OHDL IĆFXW üL H SOLQ 3ĆPkQWXO GH )ĆSWXUD
7Dµ$üD]LFH3VDOPLVWXO
 ÍQFRQWLQXDUHPĆYRLUHIHULODSĆWLPLULOHFKLQXLWHLPHOHVRĦLL
vQWRDWĆSHULRDGDGHWHQĦLHLPHOH
 $YHDGRXĆILLFHGHvQWUHĦLQXWODüFRDOĆ$YHDXQVRĦGHVSUH
FDUH QX PDL üWLD QLPLF FX DQLL DUXQFDW XQGHYD GHSDUWH vQ
VXEVROXULOH vQFKLVRULORU &XP D SXWXW UH]LVWD RDUH" 0HUJHD SH
GUXPQĆSĆGLWĆGHJkQGXULLDUFkQGVHQWkOQHDFXYUHXQSULHWHQGH
DOPHXDFHODQQRRFROHDGHODGLVWDQĦĆ
  'XSĆDQLüLDQLLDWĆFHPLSRYHVWHDXQHRULVRĦLD
Å'XSĆDUHVWDUHDWDVDODULXOĦLDIRVWGLQSULPD]LRSULW1LPHQLQX
PĆSXWHDVSULMLQLûLFKLDUGHDUILYUXWFLQHYDVĆPDMXWHVHWHPHDV
RIDFĆ1XDYHDPDOWĆLHüLUHGHFkWVĆPĆDMXWVLQJXUĆ$YHDPvQFDVĆ
RPDüLQĆGHFXVXWDPDPHL/XFUDP]LüLQRDSWHODDFHDVWĆPDüLQĆ
OXFUXUL PLFL SHQWUX FRSLL FĆPĆüXĦH FKLORĦHL ERQHĦHOH GDU FHHD FH
 
 UHDOL]DP QXPL DMXQJHD $YHDP DPELĦLD FD IHWHORU PHOH VĆ QX OH
OLSVHDVFĆ QLPLF OD üFRDOĆ 1X YURLDP VĆ FHUüHDVFĆ GH OD FROHJLL ORU
FUHLRQFHUQHDOĆSHQLĦĆFDLHWVDXFDUWH&kQGDPYĆ]XWFĆQXPDLFX
GHJHWHOHPHOHQXUHXüHVFDPvQFHSXWVĆYkQG$PYkQGXWPDLvQWkL
VWXSLL$SRLREXFDWĆGHSĆPkQW9DUDvQWLPSXOYDFDQĦHLOHOXDP
SH !IHWHOH PHOH OD !OXFUX OD !)UXFW!!H[SRUW XQGH IUDWHOH!"#$
&RVWHO 'XPLWUHVFX HUD UHVSRQVDELO FX DFHVWH OXFUĆUL ûL DüD DQGH
DQDPWUHFXWSULQWRDWHJUHXWĆĦLOHµ
 'DULDWĆFĆQLFLSHPLQHQXPDGDWXLWĆULL$UHVWDWSULPD
GDWĆ OD  LXOLH  DPIĆFXW FXQRüWLQĦĆ FX PXQFD IRUĦDWĆ GH OD
&DQDO6HPXQFHDvQFRQGLĦLLIRDUWHJUHOH1XQHDXGDWHFKLSDPHQW
SHQWUXDVWIHOGHPXQFL/XFUDPvQKDLQHOHvQFDUHDPIRVWOXDĦL&D
QLFLRGDWĆSkQĆDWXQFLWRDPQDOXLDIRVWIRDUWHSORLRDVĆ)RDUWH
PXOĦLRDPHQLDXYHQLWDFRORvQVDQGDOHüLvQKDLQHGHYDUĆ
 3ORLOHvQFHSXWHvQFĆGLQVHSWHPEULHDXDGXVEUXPHWLPSXULL
üLIRDUWHUHFL6HYHGHDXRDPHQLSHüDQWLHUHFXEDWLVWHSHFDSvQORFGH
FĆFLXOLLDUvQSLFLRDUHFXVDQGDOHVDXSDQWRILGHYDUĆvQIĆüXUDWHvQ
FkUSHüLSULQVHFXVkUPHFDVĆQXOHLDVĆGLQSLFLRDUH
 3UHYĆ]ĆWRU HX PLDP OXDW GHDFDVĆ OD DUHVWDUH FĆFLXOD
SDOWRQXOüLERFDQFLL'DUvQFHOHWUHLOXQLGHPXQFLVXSUDRPHQHüWLOD
&RDVWD*DOHüVHGHWHULRUDVHUĆFĆDSURDSHQXVHPDLSXWHDXIRORVLÍQ
ERFDQFLLQWUD DSĆSDOWRQXO VH UXSVHVH vQ PDL PXOWHSĆUĦL LDUSULQ
FĆFLXOĆWUHFHDXSLFXULGHSORDLHÍQSOXVIRDPHDSXQHDYkUIODWRDWH
FHOHODOWHVXIHULQĦH
  $GPLQLVWUDĦLD&DQDOXOXLYĆ]kQGFĆOD*DOHüQXVHPDLSRW
REĦLQHQRUPHDGLVSXVWUDQVIHUDUHDGHĦLQXĦLORUGHDFRORvQODJĆUXOGH
OD3HQLQVXOD9DOHD1HDJUĆ$VWIHOvQ]LXDGHQRLHPEULHODRUHOH
 GHĦLQXĦLL GH OD *DOHü vQ QXPĆU GH  DXIRUPDW XQ FRQYRL
OXQJGHXQNLORPHWUXüLDXSRUQLWVSUH3HQLQVXOD(UDXQFRQYRLGH
IDQWRPHQXGHRDPHQL
 'HVSUHFRPDQGDQWXOODJĆUXOXLGHOD&RDVWD*DOHüDPDX]LW
PXOW PDL WkU]LX FĆ IXVHVH FRQGDPQDW OD  GH DQL PXQFĆ VLOQLFĆ

 SHQWUXDFWHLQXPDQH
 $YHDJUDGXO GH ORFRWHQHQWPDMRU üLQXPHOH OXL HUD3HWULFĆ
/DLQWUDUHDQRDVWUĆvQODJĆUXOGHOD*DOHüODDXJXVWQHD
ĦLQXWXUPĆWRDUHDFXYkQWDUH
 Å$ĦLIRVWDGXüLDLFLFDVĆPXQFLĦL'HIHOXOFXPYHĦLPXQFL
YĆ YHĦL UHFĆSĆWD OLEHUWDWHD 6Ć QX XLWDĦL FĆ YRL VXQWHĦL WRW FH DUH
VRFLHWDWHD PDL UĆX SOHDYD VRFLHWĆĦLL VFXUVXULOH OHSĆGĆWXULOH OXPLL
VXQWHĦL YRL 9HĦL PXQFL OD GHVFĆUFĆUL 9HĦL IL UHSDUWL]DĦL FkWH SDWUX
RDPHQL OD YDJRQ 9DJRQXO YD IL GHVFĆUFDW vQ  GH PLQXWH &LQH
vQWkU]LH YD IL DVSUX SHGHSVLW 1X QH SDVĆ GDFĆ XQLL GLQWUH YRL YRU
PXUL'DFĆvQWUR]LYHĦLPXULFLQFLVXWHvQFKHLHPXQSURFHVYHUEDO
üLWHUPLQĆPFXYRLµ
 0LDP ]LV DWXQFL vQ JkQG GLQ QHQRURFLUHD DVWD QXPDL
'XPQH]HXQHPDLSRDWHVFRDWH
 0HQĦLRQH]FĆSULQWUHDFHOHÅVFXUVXULDOHVRFLHWĆĦLLµFHOSXĦLQ
 HUDX LQWHOHFWXDOL LQJLQHUL GRFWRUL SURIHVRUL SUHRĦL DYRFDĦL
vQYĆĦĆWRUL
 &RQYRLXOFHORUWUHLPLLGHGHĦLQXĦLvQGUXPVSUH3HQLQVXOD
QXPDLSĆUHDDILXQFRQYRLGHRDPHQLFLGHVWDILL'LVWDQĦDGLQWUH
*DOHüüL3HQLQVXODHUDQXPDLGHNP$PSDUFXUVRvQRUH6H
PHUJHDFDGXSĆPRUW6HDUDSHQQRSWDWDPDMXQVvQODJĆUXOGHOD
3HQLQVXODFRPDQGDWGHHYUHXO/D]ĆUXQGHUHJLPXOGHPXQFĆüLFHO
DOLPHQWDUHUDPDLVXSRUWDELO
 3HODQFHSXWXOOXQLLGHFHPEULHQLVDGDWFSFDUWHSRüWDOĆ
² QQ VĆ VFULHP DFDVĆ FD VĆ QH WULPLWĆ XUJHQW vPEUĆFĆPLQWH GH
LDUQĆPHGLFDPHQWHüLDOLPHQWHGHSULPĆQHFHVLWDWH
 6HYHGHDFODUFĆGXSĆFHQHDXGLVWUXVSHQRLHUDXSRUQLĦLVĆ
QHGLVWUXJĆüLIDPLOLLOH&XFHHUDVĆFXPSHUHELHWHOHQRDVWUHIDPLOLL
vPEUĆFĆPLQWHGHLDUQĆPHGLFDPHQWHüLDOLPHQWHGHVWULFWĆQHFHVLWDWH
FkQGüLORUOHOLSVHDXDFHVWHOXFUXUL"
 ûLWRWXüLSHODQFHSXWXOOXQLLLDQXDULHSULQWUHFHLFDUH
HUDXVWULJDĦLVĆYLQĆVĆüLULGLFHSDFKHWHOHVDDIODWüLQXPHOHPHX
 
  2 DVSUĆ PXVWUDUH GH FXJHW PLD vQQHJXUDW VXIOHWXO 1X
WUHEXLD VĆ OH VFULX 0Ć PkQJkLDP vQVĆ üL vQFHUFDP VĆPL SRWROHVF
DFHDVWĆPXVWUDUHJkQGLQGXPĆFĆVFULVRDUHDHUDWRWXüLXQVHPQFĆ
vQFĆPDLHUDPvQYLDĦĆ0DLDOHVFĆXQSDFKHWWULPLVOD*DOHüIXVHVH
UHWXUQDWGHDGPLQLVWUDĦLDODJĆUXOXLFDIDPLOLDVĆFUHDGĆFĆQXPDL
VXQWSULQWUHFHLYLL
 &kQG DP GHVIĆFXW SDFKHWXO FX DOLPHQWH DP JĆVLW üXQFĆ
SHVPHW ]DKĆU FXELF PLHUH FDUQH DIXPDWĆ vQ WRWDO  NJ DWkW FkW
DSUREDVHFRQGXFHUHDODJĆUXOXL
 ÍQFHOFXvPEUĆFĆPLQWHDPJĆVLWFĆFLXOĆERFDQFLQRXQRXĦL
SFLRUDSLOkQĆSPĆQXüLOkQĆFĆPĆüLSL]PHQHIODQHOĆGH
OkQĆIXODUGHOkQĆüLFHHDFHPLDVDOYDWYLDĦDREXQGĆQRXQRXĦĆ
&kQG OHDP YĆ]XW SH WRDWH DVWHD DP ]LV Å'RDPQH FX FH OHR IL
FXPSĆUDW"µ
  &kQGGXSĆvQFKLGHUHDOXFUĆULORU&DQDOXOXLLXOLH
DPIRVWWUDQVIHUDĦLOD%RU]HüWLXQGHVHOXFUDODXQPDUHFRPELQDW
GkQGXPLVHFSQLVDVSXVVĆVFULHPDFDVĆILLQGFĆDYHPGUHSWOD
YRUELWRU(UDGXSĆPRDUWHDOXL6WDOLQPDUWLH
  ÍPSUHXQĆFXFXPQDWDVD(OHQD'XPLWUHVFXGHYRWDWDPHD
VRĦLHDYHQLWOD%RU]HüWLODYRUELWRUGHGRXĆRULvQFĆUFDWĆFXGHWRDWH
 $FHDVWDDIRVWVRĦLDPHDûLDQHJOLMDWYLDĦDFDVĆQHRVDOYH]H
SHDQRDVWUĆSHDPHDüLSHDFHORUGRXĆILLFHODFDUHĦLQHDFDODRFKLL
HLGLQFDS
  ÍQ DFHL DQL JUHL üLD UXLQDW VĆQĆWDWHD 9LDĦD HL D IRVW XQ
FDOYDU1DüWLXWFHLPkQJkLHUHDüLQLFLRFURWLUHD
  &kQG ERDOD DQFHSXW VR QHOLQLüWHDVFĆ üL VR VXSXQĆ
VXIHULQĦHORUWLPSGHXQDQüLMXPĆWDWHDIRVWSXUWDWĆSHODGRFWRULüL
SULQVSLWDOH
  &kQG OD XQD GLQ FRQVXOWĆULOH PHGLFLORU OD XQ VSLWDO GLQ
*DODĦLDIRVWGHVFRSHULWĆSUH]HQĦDFHOXOHORUDWLSLFHFXWRĦLLQHDPGDW
VHDPD FĆ VIkUüLWXO vL HUD DSURDSH ÍQ HD VH LQVWDODVH FUXGD üL
QHLHUWĆWRDUHDFLUR]Ć