Sie sind auf Seite 1von 10



 /D3DUROHSDUOpH












 

 
 /¶$*1($8(7/$&2/20%(
 7KH/DPE$QG7KH'RYH

 
/26$1*(/(6&$86$
 








 



:LOOLDP0DUULRQ%UDQKDP
ǁǁǁ͘ďƌĂŶŚĂŵ͘ƌƵ
 
 












 

 

 

 










 


 
 
/¶$*1($8(7/$&2/20%(
 

/26$1*(/(6&$86$

  /D FRORPEH« (W 1Rp DSUqV TXH OH GpOXJH IXW WHUPLQp HW TXH OH
MXJHPHQW HXW IUDSSp OD WHUUH HW TXH OD SDL[ IXW UHYHQXH OD FRORPEH
UHWRXUQDUHSUpVHQWDQWODSDL[±ODSDL[DYHFODIHXLOOHG¶ROLYHGDQVVRQEHF

 1RXVSRXYRQVSDVVHUEHDXFRXSGHWHPSVjpWXGLHUODFRORPEH/D
FRORPEH HVW XQ RLVHDX TXL SHXW« TXRLTX¶HOOH SXLVVH YROHU FRPPH XQ

FRUEHDX RX XQ FKDURJQDUG HOOH QH SHXW SDV PDQJHU OD QRXUULWXUH GH
FKDURJQDUGSDUFHTX¶HOOHHVWFRQVWLWXpHGLIIpUHPPHQW(OOHQ¶DSDVGHELOH

ODFRORPEHQ¶DSDVGHELOH&¶HVWSRXUTXRLHOOHQHSHXWSDVGLJpUHUFHTXH
OH FKDURJQDUG PDQJH (OOH QH SHXW PDQJHU TXH OHV FKRVHV SURSUHV HW

SXUHV
 &RPELHQ F¶HVW OH W\SH GX FKUpWLHQ TXL SRUWH OD FRORPEH GDQV VRQ

F°XU ,O QH SHXW VLPSOHPHQW SDV VXSSRUWHU OHV VRXLOOXUHV GX PRQGH
9R\H]" (OOH Q¶D SDV GH ELOH HOOH Q¶D SDV G¶DPHUWXPH (OOH HVW±(OOH HVW

KXPEOHO¶KXPLOLWp4XRLGHSOXVGRX[TXHOHURXFRXOHPHQWG¶XQHFRORPEH"


 &H VRLU PD SHQVpH UHPRQWH GDQV OH SDVVp VXU OH IODQF G¶XQH
FROOLQH FH VRLU j ELHQ GHV NLORPqWUHV j O¶HQGURLW PrPH R UHSRVH PD

IHPPH ELHQDLPpH FHOOH TXL P¶D TXLWWp j O¶kJH GH YLQJW DQV -¶DL GpSRVp
VXUVRQEUDVPDSHWLWHFKpULH6KDURQkJpHGHKXLWPRLVTXDQGMHOHVDL

HQWHUUpHVHQVHPEOH
 ¬PRQUHWRXUGXWUDYDLOXQVRLUMHVXLVHQWUpGDQVODPDLVRQHWM¶DL

UHJDUGp« (W QRXV DYLRQV Oj XQ SHWLW IRXUQHDX TXH QRXV DYLRQV DFKHWp j
XQGROODUHWVRL[DQWHTXLQ]HFHQWVTXDQGQRXVDYLRQVIDLWVOHPpQDJH

 -¶DLFRQVLGpUpFHYLHX[IRXUQHDXLOQHYDODLWSDVJUDQGFKRVHPDLV
HOOH DYDLW SUpSDUp GHVVXV 1RXV pWLRQV DX ED]DU DFKHWHU OD SHWLWH
 ERXLOORLUH«(OOHGHYDLWDYRLUUHVVHQWLXQSHWLWFKRFFHTXLDIDLWTXHQRXV
DYRQVSXO¶DFKHWHUjPRLQVFKHUdDQHYDODLWSDVJUDQGFKRVHPDLVHOOH
 O¶DYDLWXWLOLVpH

  -H PH VXLV GLULJp YHUV OH EHUFHDX HW M¶DL UHJDUGp GHGDQV HW PRQ
EpEppWDLWSDUWLdDSRXUUDLW«¬SOXVLHXUVUHSULVHVMH±MHQ¶DUULYDLVPrPH
 SDV j PDQJHU -H PH IDLVDLV XQ VDQGZLFK HW UHVWDLV DVVLV Oj $ORUV
M¶HQWUDLVGDQVPDYRLWXUHHWPHUHQGDLVDXFLPHWLqUHM¶DUUrWDLVPDYRLWXUH
 HW MH PDUFKDLV OH ORQJ GH OD URXWH MH P¶DVVH\DLV SUqV GX WHUUHDX IUDLV
SOHXUDQWPHGLVDQWTXHMXVWHOjHQGHVVRXVUHSRVDLWODFKDLUKXPDLQHTXL
 pWDLWOHSOXVSUpFLHX[WUpVRUDXPRQGHSRXUPRL(W'LHXHQYR\DLWXQHEHOOH
WRXUWHUHOOH(WHOOHVHSRVDLWGDQVXQEXLVVRQHWPHURXFRXODLWDXFRXFKHU
GXVROHLO
 
Ϯ>͛'Ehd>K>KD ϭϳ͘Ϭϵ͘ϭϵϱϲϭϱ
 -¶DWWHQGV TX¶HOOH UHYLHQQH HQFRUH SDV FHOOHOj PDLV FH TX¶HOOH D 
UHSUpVHQWp TXDQG PRQ VROHLO YD VH FRXFKHU GDQV FHWWH YLH XQ GH FHV 
MRXUV&RPPHHOOHURXFRXODLW2QH€WGLWTXHOHVIHXLOOHVFKDQWDLHQW 
,O\DXQSD\VVXUO¶DXWUHULYH 
$SSHOp©WHUUHGHMRLHVDQVILQª 
1RXVO¶DWWHLJQRQVSDUODGpFLVLRQGHODIRL 
8QjXQQRXV\HQWUHURQV 
3RXUrWUHOjDYHFOHVLPPRUWHOV 
4XDQGRQVRQQHUDOHVFORFKHVG¶RUSRXUWRL 
SRXUPRL 
 
 5HJDUGHU«"«OHVLPPRUWHOVG¶DERUG«HOOHFKDQWDLWHWIDLVDLWGHV 
YDHWYLHQWVXUXQHEUDQFKHPHFRQVRODQWHWM¶pFRXWDLVODGRXFHPXVLTXH 
SHQGDQWTX¶HOOHPHURXFRXODLWDXFRXFKHUGXVROHLO 
 'LHX TXDQG ,O HVW GHVFHQGX« EHDXFRXS GH JHQV SDVVHQW RXWUH 
FHWWH eFULWXUH PDLV SRXU PRL F¶HVW O¶XQH GHV eFULWXUHV OHV SOXV 
UHPDUTXDEOHV GH OD %LEOH TXDQG OH FLHO HW OD WHUUH VH VRQW HPEUDVVpV 
TXDQG'LHXHVWGHVFHQGXVRXVODIRUPHG¶XQHFRORPEHHWV¶HVWSRVpVXU 
VRQ)LOV/HTXHOpWDLWVRXVODIRUPHG¶XQ$JQHDX 
 3RXUTXRL DW,O FKRLVL O¶DJQHDX HW OD FRORPEH" &¶HVW SDUFH TXH OD 
FRORPEH QH SHXW GHPHXUHU TXH VXU XQ DJQHDX ,OV RQW OD PrPH QDWXUH 
&¶HVW OD UDLVRQ SRXU ODTXHOOH OHV GHX[ SRXYDLHQW UHVWHU HQVHPEOH /HXU 
QDWXUHF¶HVWG¶rWUHGRX[KXPEOHPRGHVWHHWF¶HVWODUDLVRQSRXUODTXHOOH 
LOV SRXYDLHQW GHPHXUHU HQVHPEOH /RUVTXH 'LHX HW &KULVW VRQW GHYHQXV 
XQORUVTXHOD&RORPEH HVWGHVFHQGXHVXUO¶$JQHDX OHFLHOHWODWHUUHVH 
VRQW pWUHLQV 'LHX HW O¶KRPPH VH VRQW UpFRQFLOLpV (K ELHQ F¶HVW O¶XQ GHV 
PRPHQWV OHV SOXV JORULHX[ TXH OH PRQGH DLW MDPDLV FRQQXV ORUVTXH 
O¶KRPPHHW'LHXVHVRQWUpFRQFLOLpV/D&RORPEHHWO¶$JQHDXVHVRQWXQLV 
 
 (K ELHQ FRPPH MH O¶DL GLW OD UDLVRQ SRXU ODTXHOOH LOV SRXYDLHQW 
GHPHXUHU HQVHPEOH« 0DLQWHQDQW OD %LEOH GLW TX¶LO YLW O¶(VSULW GH 'LHX
FRPPH XQH &RORPEH HW LO GLW ©9RLFL O¶$JQHDX GH 'LHXª (W OD &RORPEH 
YLQWVXUO¶$JQHDXHWGHPHXUD«-¶DLPHFHOD©GHPHXUHUª
 0DLQWHQDQWTXHVHVHUDLWLOSDVVpVLO¶$JQHDXDYDLWKXUOpFRPPHXQ 
ORXS"(KELHQOD&RORPEHV¶HQVHUDLWDOOpH
 9RXVVDYH]GHVIRLVMHPHGHPDQGHVLFHQ¶HVWSDVODUDLVRQSRXU 
ODTXHOOH LO \ D WDQW GH SUREOqPHV GDQV O¶pJOLVH 6L QRXV VRPPHV GHV
DJQHDX[ GH 'LHX QRXV GHYRQV DYRLU OD QDWXUH GHV DJQHDX[ VL QRXV 
YRXORQVTXHODFRORPEHGHPHXUH&UR\H]YRXVFHOD"0RLMHOHFURLV
 /¶$*1($8(7/$&2/20%(
 0DLQWHQDQW VL QRXV FRQVLGpURQV OD &RORPEH« /D UDLVRQ SRXU 7KH/DPE$QG7KH'RYH
ODTXHOOH(OOHHVWUHVWpHVXUO¶$JQHDXF¶HVWSDUFHTX¶LOVRQWODPrPHQDWXUH 
&H WH[WH HVW XQH YHUVLRQ IUDQoDLVH GX 0HVVDJH RUDO SUrFKp SDU OH 3URSKqWH GH
(WODUDLVRQSRXUODTXHOOHOD&RORPEHVHSRVHVXUOHFKUpWLHQ(OOH\UHVWHUD
'LHX:LOOLDP0DUULRQ%UDQKDPOHj/26$1*(/(6&$86$
ϭϰ>͛'Ehd>K>KD ϭϳ͘Ϭϵ͘ϭϵϱϲϯ
 0DLQWHQDQW WHQH]YRXV GHERXW 'LWHV ©Ð 'LHX SDU FHFL MH YHX[ OjWDQWTX¶LOHVWXQDJQHDX0DLVV¶LODGRSWHXQHDXWUHQDWXUHOD&RORPEH
rWUH7RQVHUYLWHXUª$YHFQRVWrWHVLQFOLQpHVPDLQWHQDQWGDQVODSULqUH« SUHQGUDVRQHQYRO
6DYH]YRXV FH TXH YRXV DYH] IDLW"ª &HOXL TXL SUHQGUD SRVLWLRQ SRXU 0RL  &HW $JQHDX pWDLW G¶DERUG XQ $JQHDX VDQVWDFKH /D %LEOH GLW TX¶,O
GDQVFHPRQGH-HSUHQGUDLSRVLWLRQSRXUOXLGDQVO¶DXWUHPRQGH&HOXLTXL pWDLWXQ$JQHDXVDQVWDFKH(WO¶DJQHDXQHSHXWSDVVHFRQGXLUHVHXOXQ
WpPRLJQHUDGHPRLGDQVFHPRQGHMHWpPRLJQHUDLGHOXLGHYDQW0RQ3qUH DJQHDXGRLWrWUHFRQGXLWRXJXLGpRXSOXW{WJDUGp
HWOHVVDLQWVDQJHVª  ÇWHVYRXV GpMj DOOp j O¶DEDWWRLU SRXU YRLU OHV JHQV WXHU OHV EUHELV"
 /¶DJQHDX«OHVEUHELVQHSHXYHQWSDVG¶HOOHVPrPHVDOOHUjO¶DEDWWRLUXQ
 6LYRXVpWLH]PRUWLO\DTXHOTXHVLQVWDQWVYRXVVHULH]SHUGX0DLV ERXFOHVFRQGXLWMXVTX¶jODFKXWHPDLVOHERXFGqVTX¶LODUULYHDXOLHXR
FHVRLUYRXVrWHVVDXYpSDUFHTXHYRXVYRXVrWHVWHQXGDQVOD3UpVHQFH RQGRLWOHVWXHULOVDXWHGHO¶DXWUHF{Wp
GHFHVPLOOLHUVGHJHQVHWGDQVOD3UpVHQFHGH'LHXHWGHVVDLQWVDQJHV  0DLQWHQDQW F¶HVW MXVWH DLQVL TXH OH GLDEOH DJLW ,O YD FRQGXLUH OHV
(WLOVVRQWPDLQWHQDQWHQWUDLQG¶pFULUHYRWUHQRPGDQVOH/LYUHGH9LHGH EUHELV GH 'LHX GLUHFWHPHQW j O¶DEDWWRLU HW HQVXLWH LO VDXWH GH F{Wp &¶HVW
O¶$JQHDX YUDL'¶RIDLWHVDWWHQWLRQjFHOXLTXLYRXVFRQGXLW$KDK$PHQ
 0DLQWHQDQW 3qUHFpOHVWH MH7H GRQQH FHWWHJUDQGH DVVLVWDQFH GH 
JHQV -H 7H GRQQH FHX[ TXL VRQW GHERXW HQ FH PRPHQW 7X DV SDUOp j  /HV EUHELV« &KULVW« 9R\H] FRPELHQ ,O pWDLW GRX[ ,O Q¶D MDPDLV
OHXUVF°XUV,OVVHVRQWUHQGXVFRPSWHGHOHXUVFRQGLWLRQVDORUVTXHQRXV HVVD\p GH IDLUH 6D SURSUH YRORQWp ,O D GLW ©-H QH YLHQV SDV IDLUH 0D
SHQVRQVTX¶LOGHYUDLW\HQDYRLUEHDXFRXSSOXV« YRORQWp PDLV OD YRORQWp GH &HOXL TXL 0¶D HQYR\pª (W OH 3qUH TXL /¶D
 HQYR\pHVWDOOpDYHF/XLHW,OpWDLWHQ/XL(WDLQVL,ODGLW©&RPPHOH3qUH
 Ð'LHXFRPPHQWSRXYRQVQRXVUHWRXUQHUVXUO¶DYHQXH$]XVDDORUV 0¶DHQYR\p0RLDXVVL-HYRXVHQYRLHª'RQF,OQHQRXVDSDVVHXOHPHQW
TXHQRXVUHIXVRQVG¶pFRXWHUOD&RORPEHGH'LHX"Ð'LHXoDH[LJHSHXW HQYR\pVPDLV,OYDDYHFQRXV
rWUHXQJUDQGMXJHPHQW&HODH[LJHSHXWrWUHXQHPRUWGDQVODIDPLOOHdD  (WREVHUYH]/HFRPPH,OHVWFRQGXLWSDUWRXW(WDORUV,OQHFRPSWH
H[LJH SHXWrWUH TXHOTXH FKRVH PDLV MH VXLV V€U { 'LHX TXH VL QRXV SDVVXU6HVSURSUHVFDSDFLWpVXQHEUHELVQHOHIDLWSDV,OFRPSWHVXUOD
GHYRQV7HGHPDQGHUQ¶LPSRUWHTXRLTXHFHODH[LJHUDPqQHQRXVj'LHX FDSDFLWpGXEHUJHU,OQHGRXWHSDVGHVRQEHUJHU,,PDUFKHVLPSOHPHQW
5DPqQHOHVYLHLOOHVUpXQLRQVjO¶DQFLHQQHPRGH5DPqQHO¶KXPLOLWpSDUPL DYHFVRQEHUJHUHWOD±ODEUHELVDXVVL
OHV VDLQWV 5DPqQH OD SXLVVDQFH GH 'LHX GDQV QRV pJOLVHV $FFRUGHOH 
6HLJQHXU  4XDQGM¶pWDLVXQMHXQHKRPPHM¶DLIDLWXQHSHWLWHH[SpULHQFHGDQV
 7RQGVQRXV FH VRLU ÐWH OH PRQGH GH QRXV ÐWH WRXW FH TXL Q¶HVW O¶pOHYDJHGHVPRXWRQVGDQVXQHIHUPH1RXVDYLRQVO¶KDELWXGHGHSUHQGUH
SDVGHWRL{'LHX5HPSOLVQRXVGX6DLQW(VSULWHW{&RORPEHGH'LHX OHVPRXWRQVSRXUOHVWRQGUH8QPRXWRQWRQGXUDVpRQOHVDWWUDSDLWHWRQ
GHVFHQGV GH FHV UDPSHV GHVFHQGV GX VRPPHW GH FH WHPSOH 6HLJQHXU OHV MHWDLW VXU OD WDEOH 9RXV DYH] XQ SHWLW HQGURLW YRXV OLH] OHXUV SHWLWHV
HW YLHQV GHPHXUHU GDQV FHV F°XUV FRPPH LOV V¶DWWHQGHQW PDLQWHQDQW SDWWHV j O¶DLGH G¶XQH SHWLWH ERXFOH ,OV QH UXHQW HW QH VH VDXYHQW SDV ,OV
PrPHDXEDSWrPHGX6DLQW(VSULWj7D3DUROHjGRXEOHWUDQFKDQWSRXU UHVWHQWVLPSOHPHQWpWHQGXVWUDQTXLOOHVHWDEDQGRQQHQWWRXWFHTX¶LOVRQW
HQOHYHU OHV FKRVHV GX PRQGH HW GRQQHU j OHXUV F°XUV OH ULFKH HW UR\DO OHXU ODLQH ,OV YRXV ODLVVHQW OHV WRQGUH VDQV GRQQHU GHV FRXSV QL ErOHU j
-pVXV&KULVWDX1RPGH-pVXVQRXVSULRQV$PHQ WXHWrWHSRXUoD
  -¶HVSqUHTXHYRXVFRPSUHQH]FHTXHMHYHX[GLUH8QHEUHELVUHVWH
 'LHX YRXV EpQLVVH &RPELHQ YHXOHQW rWUH JXpULV FH VRLU" /HYH] WUDQTXLOOH %RQ XQH YpULWDEOH EUHELV XQH EUHELV UHQRQFH j VHV GURLWV HW
YRXV LPPpGLDWHPHQW 7RXV FHX[ TXL YHXOHQW rWUH JXpULV SK\VLTXHPHQW F¶HVWFHjTXRLM¶HVVD\DLVG¶DUULYHUKLHUTXDQGMHSDUODLVGHO¶KDELOOHPHQWHW
VSLULWXHOOHPHQWTXRL/HYH]YRXVLPPpGLDWHPHQW$PHQ GX FRPSRUWHPHQW GH QRV V°XUV FKUpWLHQQHV HW GH OD PDQLqUH GRQW QRV
 /D &RORPEH HVW HQ WUDLQ GH YROHU GDQV FH EkWLPHQW /H FUR\H] IUqUHVVHFRQGXLVHQW
YRXV" /¶KHXUH HVW YHQXH OH WHPSV HVW SURFKH 2XYUH] YRV F°XUV /H 
6DLQW(VSULWHVWLFLSRXUEDSWLVHUSRXUJXpULU'LHXWRXWSXLVVDQWDX1RP  8QHGDPHpWDLWDVVLVHjF{WpG¶XQHDXWUHGDPHODTXHOOHpWDLWXQH
GH-pVXV&KULVWQRXVFRQGDPQRQVFKDTXHGpPRQFKDTXHPDODGLHHWOH DPLH j PRL HW HOOH P¶D UHQFRQWUp DXMRXUG¶KXL HW D GLW« 8QH GDPH D GLW
FKDVVRQV«"«(WLOVVHURQWOLEUHV« ©6¶LO\DYDLWXQHSRUWHSDULFLMHP¶HPSUHVVHUDLVGHVRUWLUª(OOHDGLW©,OD
 WRUWª(KELHQ«(OOHDGLW©&¶HVWQRWUHGURLWGHIDLUHFHODª&¶HVWYUDL

ϰ>͛'Ehd>K>KD ϭϳ͘Ϭϵ͘ϭϵϱϲϭϯ
 9RXV PH GLUH] ©)UqUH %UDQKDP OHV PDJDVLQV YHQGHQW GH FHV FRPSRUWHPHQWPRQGDLQ¬SDUWLUGHFHVRLUMHPHUDQJHUDLGXF{WpGXSHWLW
SHWLWV KDELWV FRXUWV TXH OHV IHPPHV SRUWHQW &¶HVW QRWUH SULYLOqJH HQ WDQW JURXSHGHVPpSULVpVGH'LHX-HYDLVDOOHUGHO¶DYDQWSRXU'LHXFHVRLUª
TX¶$PpULFDLQV &¶HVW QRWUH GURLWª 0DLV rWHVYRXV SUrWV j UHQRQFHU j YRV  $YHF QRV WrWHV LQFOLQpHV HW FKDTXH FKUpWLHQ V¶LO YRXV SODvW MH PH
GURLWVSRXUGHYHQLUXQHEUHELV"&¶HVWODFKRVHVXLYDQWH&¶HVWYUDL GHPDQGH TXL DLPHUDLW VH OHYHU HW GLUH ©3DU FHFL MH YDLV PDLQWHQDQW
 9RXV GLWHV ©&¶HVW QRWUH SULYLOqJH 0RQVLHXU %UDQKDP VL QRXV GHPDQGHU j 'LHX GH PH WRQGUH G¶{WHU GH PRL WRXWHV OHV FKRVHV TXL QH
YRXORQV rWUH PHPEUHV G¶pJOLVH RX VL QRXV YRXORQV IXPHU OD FLJDUHWWH /H VRQW SDV GH &KULVWª 'LHX YRXV EpQLVVH SDUWRXW &¶HVW MXVWH /HYH]YRXV
JRXYHUQHPHQWGLWTX¶RQSHXWHQYHQGUHHWRQHQYHQG,OQ¶\DULHQGHPDO VLPSOHPHQW ©-H YDLV PDLQWHQDQW DFFHSWHU &KULVW -¶DL KRQWH GH PD YLHª
jFHOD&¶HVWQRWUHSULYLOqJHHQWDQWTX¶$PpULFDLQVGHIXPHUODFLJDUHWWHª 'LHXYRXVEpQLVVHYRXVTXLrWHVGHERXWSDUWRXW/HYH]YRXV
&¶HVW YUDL 0DLV YRXOH]YRXV UHQRQFHU j YRV GURLWV GHIXPHU OD FLJDUHWWH"  (W HQ FH MRXUOj ,O SUHQGUD SRVLWLRQ SRXU YRXV VL VHXOHPHQW YRXV
9R\H]"&¶HVWoD VHUH]FH(QUDSSRUWDYHFFHSHWLWGRQGHSURSKpWLHTXH'LHXP¶DGRQQp
 OH 6DLQW(VSULW VHPEOH PH GLUH GDQV PRQ F°XU TX¶,O \ HQ D EHDXFRXS LFL
 9RXV GLWHV ©&¶HVW ELHQ HW F¶HVW rWUH VRFLDEOH DYHF OHV YRLVLQV TXLGHYUDLHQWrWUHGHERXWELHQSOXVTXHFHX[TXLVRQWGHERXWPDLQWHQDQW
TXDQGQRXVQRXVUHQFRQWURQVDYHFQRVYRLVLQV(WF¶HVWQRWUHSULYLOqJHHQ 
WDQW TX¶$PpULFDLQV VL QRXV GpVLURQV SUHQGUH XQ SHWLW YHUUH DPLFDO &¶HVW  3UHQH] SRVLWLRQ SRXU &KULVW FH VRLU )DLWHVOH GH WRXW YRWUH F°XU
QRWUH SULYLOqJH 0DLV IUqUH rWHVYRXV SUrW j UHQRQFHU j YRV SULYLOqJHV &¶HVW MXVWH /HYH]YRXV 9RXV TXL Q¶DYH] MDPDLV DFFHSWp &KULVW RX TXL
LPSLHV SRXU GHYHQLU XQH EUHELV WRQGXH F¶HVW FHTXHMH GpVLUH FRQQDvWUH" YRXVrWHVpORLJQpVGH&KULVWWHQH]YRXVGHERXWjO¶LQVWDQWPrPHSHQGDQW
9RXOH]YRXV OH IDLUH" 5HQRQFH] j YRV GURLWV 1H YRFLIpUH] SDV Oj j FH TXHQRXVRIIURQVXQHSULqUH
VXMHW OHV EUHELV QHIRQWSDV FHOD 9R\H]" (OOHV V¶pWHQGHQWVLPSOHPHQWHW  2IIUH]ODDYHFPRLj'LHXHWGLWHV©Ð'LHXMHUHQRQFHPDLQWHQDQW
VHODLVVHQWWRQGUH j FKDTXH±j FKDTXH SODLVLU ± PRQGDLQ HW PDOVDLQ HW DX SpFKp TXH M¶DLH
 6LYRXVYRXOH]OHUHWRXUVXUODUXH$]XVDpWHQGH]YRXVVLPSOHPHQW MDPDLVFRQQX-HUHQRQFHPDLQWHQDQWjWRXWVL7XODLVVHVOD&RORPEHGH
HWVR\H]FRPSOqWHPHQWWRQGXDYHFOD3DUROHHWREVHUYH]2XLPRQVLHXU SDL[GHVFHQGUHGDQVPRQF°XUHWIDLUHGHPRLXQYpULWDEOHFKUpWLHQUHPSOL
&¶HVWOHFKHPLQGXUHWRXUjO¶H[SpULHQFHGHODUXH$]XVDÇWUHGpSRXLOOpGH G¶DPRXUHWGHSDL[-HYHX[rWUHGXQRPEUHGHFHJUDQGJURXSHª
FHVFKRVHV 
  6LYRXVDYH]GHODPRQGDQLWpGDQVYRWUHH[SpULHQFHYRXGULH]YRXV
 -HVDLVTXHF¶HVWXQSULYLOqJH&HODYRXVDSSDUWLHQWSDUFHTXHYRXV SUHQGUHSRVLWLRQSRXU&KULVWFHVRLU(QIDLVDQWFHODYRXVPRQWUH]j'LHX
rWHV Qp GDQV OHV SpFKpV FRQoX GDQV O¶LQLTXLWp YHQX DX PRQGH HQ TXH YRXV SUHQGUH] SRVLWLRQ SRXU /XL HW YRXV YRXOH] TXH /XL SUHQQH
SURIpUDQWOHVPHQVRQJHVPDLVYRXOH]YRXVDEDQGRQQHUFHODHWGHYHQLUXQ SRVLWLRQSRXUYRXV6LYRXVDYH]XQGRXWHGDQVYRWUHF°XUTXH&KULVWQH
DJQHDX"/¶$JQHDXQ¶pWDLWSDVURQFKRQQHXU/D%LEOHGLW©,OQ¶DSDVRXYHUW SUHQGUD SDV SRVLWLRQ SRXU YRXV j FDXVH GH OD PDQLqUH GRQW YRXV DYH]
6DERXFKH4XDQGRQ/¶DLQVXOWpª,OQ¶DSDVUpSRQGXSDUO¶LQVXOWHª0DLV YpFX HW DJL MH YRXV GHPDQGH DX 1RP GH &KULVW GH YRXV OHYHU HW GH
RKF¶HVWODUDLVRQSRXUODTXHOOHOD&RORPEHDSXVHSRVHUVXUO¶$JQHDX EpQpILFLHU GH FHWWH SULqUH TXH QRXV DOORQV DGUHVVHU SRXU YRXV FH VRLU
 0DLVQRXVTX¶XQHSHUVRQQHDJLVVHPDOHQYHUVQRXVHWQRXVQRXV /HYH]YRXVSDUWRXW
PHWWRQV HQ FROqUH 4X¶HVWFH TXL VH SDVVH" /¶$JQHDX« /D &RORPEH  1D]DUpHQV SqOHULQV GH OD VDLQWHWp SHQWHF{WLVWHV PpWKRGLVWHV
SUHQG VRQ HQYRO /H 6DLQW(VSULW V¶HQ YD %LHQ GHV IRLV RQ VH GHPDQGH EDSWLVWHVFDWKROLTXHVMXLIVRUWKRGR[HVTXLTXHYRXVVR\H]OHYH]YRXVHW
SRXUTXRLRQQ¶DSOXVODSDL[TX¶RQDYDLW,O\DTXHOTXHFKRVHTXLDIDLWIXLU GLWHV ©0DLQWHQDQW MH YHX[ rWUH GX QRPEUH { 'LHX -H YHX[ DEDQGRQQHU
OD&RORPEH&¶HVWYUDL WRXW FH TXL HVW GX PRQGH VL 7X SUHQGV SRVLWLRQ SRXU PRLª 'LHX YRXV
 EpQLVVH,O\HQDEHDXFRXSTXLVRQWGHERXWEHDXFRXSTXLVRQWGHERXW
 3RXUTXRL QH SRXYRQVQRXV SDV DYRLU FH JHQUH GH UpXQLRQV TXH 
QRXV DYLRQV GDQV QRV pJOLVHV" 'HYHQH] VLPSOHPHQW XQH EUHELV /D  -H PH GHPDQGH MXVWH SRXU XQ PRPHQW DORUV TXH QRV WrWHV VRQW
&RORPEH V¶HVW SRVpH VXU XQ SHUFKRLU SUrWH j UHWRXUQHU GDQV OH F°XU VL LQFOLQpHV GH UHVWHU GHERXW /HV DXWUHV VRQW GHERXW &¶HVW MXVWH /HYH]
YRXV GHYHQH] XQH EUHELV ,O HVW WRXMRXUV OD PrPH &RORPEH PDLV YRXV YRXVGLUHFWHPHQW-HPHSUpSDUDLVjIDLUHDXWUHFKRVHPDLVOH6DLQW(VSULW
GHYH] GHYHQLU XQH EUHELV 9RXV QH SRXYH] SDV JURJQHU IDLUH GHV VHPEODLW PH GLUH ©7X IHUDLV PLHX[ GH SDUOHU FDU oD SRXUUDLW rWUH OD
KLVWRLUHV PXUPXUHU PpGLUH HW WRXW OH UHVWH HW YRXV DWWHQGUH j FH TX¶,O GHUQLqUHVRLUpHSRXUTXHOTX¶XQª 
UHVWH Oj ,O QH OH IHUD SDV 9RXV GHYH] DYRLU OD QDWXUH TX¶,O D HW DORUV ,O
ϭϮ>͛'Ehd>K>KD ϭϳ͘Ϭϵ͘ϭϵϱϲϱ
 Ð 'LHX FHOD VH WURXYH GDQV FKDTXH F°XU FH VRLU 1RXV HQ WDQW GHPHXUHUD &¶HVW YUDL 6L YRXV SRVVpGH] OD QDWXUH GH OD EUHELV DORUV OH
TXH SHQWHF{WLVWHV 3qUH QRXV UHJUHWWRQV j FDXVH GH QRV SpFKpV 1RXV UHVWHV¶DFFRPSOLUD
DYRQVKRQWHGHQRWUHpWDWUpWURJUDGHHWGHQRVPDQTXHPHQWV 
 9HX[7X FH VRLU 6HLJQHXU SUHQGUH 7D 3DUROH SRXU QRXV WRQGUH  ,OQ¶DSDVRXYHUW«4XDQG,O±TXDQG,ODODLVVp«2QDWLUpODEDUEH
WRXV" 1RXV GpSRVRQV FH VRLU VXU O¶DXWHO GH VDFULILFHV WRXV OHV SODLVLUV GH6RQYLVDJH,ODYDLWXQSULYLOqJH¬ODFUXFLIL[LRQ,ODGLW©-HSHX[SDUOHU
PRQGDLQV TXL VRQW PDOVDLQV HW WRXW FH TXL Q¶HVW SDV GH -pVXV Ð 'LHX j0RQSqUHHW,OP¶HQYHUUDLWGHVPLOOLRQVGHOpJLRQVG¶DQJHVª,OSRXYDLWOH
SUHQGVPRL HW HX[ FH VRLU WRQGVPRL UHQGVPRL SHWLW HW ODLVVHPRL HQ IDLUH PDLV SRXU rWUH XQ $JQHDX ,O D UHQRQFp j 6HV GURLWV ,O pWDLW XQ
WDQW TXH 7RQ KXPEOH VHUYLWHXU SUHQGUH SRVLWLRQ SRXU 7RL PDLQWHQDQW $JQHDXSRXUPRXULUjYRWUHSODFH
6HLJQHXUDILQTX¶HQFHMRXUOj7XGLVHV©&¶pWDLWELHQª3DVVHXOHPHQWj  9RXV GLWHV ©)UqUH %UDQKDP TXHOOH HVW OD YRLH SRXU UHYHQLU DX[
PRLPDLVjFKDTXHKRPPHHWjFKDTXHIHPPHTXLVRQWLFL{'LHX UpXQLRQV j O¶DQFLHQQH PRGH"ª 5HGHYHQH] WRXW VLPSOHPHQW GHV DJQHDX[
 3HXWrWUH TX¶LOV RQW SpFKp RX TX¶LOV VH VRQW pORLJQpV SHXW rWUH &¶HVWWRXW5HGHYHQH]WRXWVLPSOHPHQWGHVEUHELV/D&RORPEHQ¶HVWSDV
TX¶LOV QH 7¶RQW MDPDLV DFFHSWp 0DLV SXLVVHQWLOV GHYHQLU GHV DJQHDX[ FH DOOpH WUqV ORLQ (OOH FKHUFKH XQH RFFDVLRQ SRXU UHQWUHU &¶HVW« 9RLOj OH
VRLU HW SXLVVH FHWWH &RORPEH TXL HVW HQ WUDLQ G¶RLQGUH FH EkWLPHQW FKHPLQGXUHWRXUVXUODUXH$]XVD9RLOjRLOIDXWUHWRXUQHU5HWRXUQHUDX[
PDLQWHQDQW G¶RLQGUH FHW HQGURLW« 1RXV SRXYRQV VHQWLU 6D SUpVHQFH UpXQLRQVGHODUXH$]XVDF¶HVWUHWRXUQHUjODQDWXUHGHO¶DJQHDX
SHQGDQW TX¶,O SpQqWUH GDQV QRV F°XUV ,O HVW HQ WUDLQ GH QRXV EULVHU 
FRPPHO¶DYXOHSURSKqWHFKH]OHSRWLHU  9RXVQHSRXYH]SDVWRXWHQpWDQWXQORXSRXQ¶LPSRUWHTXHODXWUH
 Ð 'LHX PRGqOHQRXV SRXU TXH QRXV VR\RQV XQ SHXSOH GLIIpUHQW FKDURJQDUGHVSpUHUTXHODSDL[GHOD&RORPEHGHPHXUHHQYRXV(OOHQH
0RGqOHQRXV SRXU TXH QRXV VR\RQV XQ SHXSOH TXL DLPH SOHLQ G¶DPRXU OH IHUD SDV 9RXV GHYH] GHYHQLU XQ DJQHDX 9RWUH QDWXUH GRLW rWUH
3XLVVLRQVQRXV FH VRLU RXYULU OD SRUWH GH QRWUH F°XU HW IDLUH HQWUHU OD FKDQJpH HW YRXV YHUUH] OHV FKRVHV GLIIpUHPPHQW (W YRXV QH IHUH] SDV
&RORPEH GHV KLVWRLUHV j XQ SUpGLFDWHXU VL VD SUpGLFDWLRQ FRQGDPQH GH PDQLqUH
 (QVXLWH TX¶HQ SDUWDQW G¶LFL QRXV SXLVVLRQV HQ WDQW TX¶KRPPHV HW VWULFWH V¶LO SUrFKH XQH UHOLJLRQ GX 6DLQW(VSULW j O¶DQFLHQQH PRGH HW OD
IHPPHVPDUFKHUYLYUHDJLUQRXVKDELOOHUHWrWUHFRPPHGRLYHQWrWUHGH PDQLqUHGHYLYUH'pEDUUDVVH]YRXVGHFHWHVSULWGHORXSRXGHFHWHVSULW
YpULWDEOHVFKUpWLHQV$FFRUGHOH3qUH GHFKDURJQDUGHWUHYrWH]YRXVGHODQDWXUHGHO¶DJQHDXHWYRXVVHUH]SUrW
 j UHQRQFHU j WRXWHV FHV FKRVHV TXH YRXV DYH] IDLWHV DXWUHIRLV WRXV FHV
 (W SHQGDQW TXH QRV WrWHV VRQW LQFOLQpHV MH GHPDQGH VL GDQV FHW SULYLOqJHVPRQGDLQVHWDXWUHV$PHQ
DXGLWRLUH -H QH YDLV SDV GLUH TXH QRXV VR\RQV GHV EpEpV TXH QRXV  &HOD HVW DXVVL YUDL TXH MH PH WLHQV LFL DPLV FKUpWLHQV +XPLOLH]
SOHXULRQV0DLVTXDQGMHUHFRQQDLV4XLHVWFHOXLTXLSUHQGUDSRVLWLRQSRXU YRXV 1¶HVVD\H] SDV GH WRXW FRQQDvWUH /D PHLOOHXUH FKRVH F¶HVW GH YRLU
PRLHQFHMRXUOj«0RQSDVWHXUQHOHSHXWSDVPRQIUqUHQHOHSHXWSDV FRPELHQ YRXV SRXYH] RXEOLHU FH TXH YRXV FRQQDLVVH] UpHOOHPHQW 1H
PDPqUHQHOHSHXWSDV6HXO-pVXVSHXWSUHQGUHSRVLWLRQSRXUPRL UHFRQQDLVVH]TX¶XQHVHXOHFKRVHHWF¶HVW&KULVW
 -HPHGHPDQGHVLFHVRLULO\DTXHOTX¶XQTXLHVWFRQYDLQFXGDQV 
VRQ F°XU TX¶LO D DWWULVWp HW pORLJQp OH 6DLQW (VSULW OD &RORPEH 6¶HQ HVW  &RPPHOHJH{OLHUSKLOLSSLHQ«/DTXHVWLRQpWDLW©4XHGRLVMHIDLUH
DOOpHYRXVQ¶DYH]SOXVFHWWHGRXFHSDL[TX¶HOOHSURFXUH9RXVQ¶DOOH]SDV SRXUrWUHVDXYp"ª3DXOOXLDGLWFHTX¶LOGHYDLWIDLUH0DLVDXMRXUG¶KXLQRXV
IDLUHODYDLVVHOOHGDQVO¶pYLHUHQUHJDUGDQWSDUODIHQrWUHSRXUYRLUVLYRXV DYRQV FKDQJp FHOD 1RXV OXL GLVRQV WDQW GH FKRVHV TX¶LO QH GHYUDLW SDV
SRXYH]/HYRLUUHYHQLU9RXVQ¶DOOH]SDVHQURXODQWGDQVYRWUHYRLWXUHSRXU IDLUH DX OLHX GH OXL GLUH FH TX¶LO GRLW IDLUH (W QRXV IDLVRQV GH OXL XQ IDX[
YRXV UHQGUH DX VHUYLFH IUqUH HW UHJDUGHU YHUV OH FLHO j WUDYHUV OD JODFH GLVFLSOH
TXDQG LO \ D XQH RFFDVLRQ HW VHQWLU FHWWH SDL[ SURIRQGH GDQV YRWUH F°XU  $PHQH]OH j &KULVW DILQ TXH &KULVW SXLVVH FKDQJHU VD QDWXUH HQ
FRPPHYRXVHQDYLH]O¶KDELWXGHTXHOTXHFKRVHV¶HVWSDVVp/D&RORPEH FHOOH G¶XQ DJQHDX HW WRXW OH UHVWH LUD ELHQ SDUFH TXH O¶(VSULW GH 'LHX OD
DSULV6RQHQYRO &RORPEHYLHQGUDVXUOXLSRXUOHFRQGXLUH
 
 -H PH GHPDQGH FH VRLU VL YRXV YRXOH] SUHQGUH SRVLWLRQ SRXU  /RUVTXHOHVJHQVGHODUXH$]XVDVHVRQWKXPLOLpVHWVRQWGHYHQXV
-pVXV 6L YRXV rWHV HQ HUUHXU GLWHV ©-H YHX[ rWUH WRQGX -H YHX[ rWUH GHVDJQHDX[OH6DLQW(VSULWHVWHQWUp,OIHUDFHOD,OOHIHUDHQFHPRPHQW
GpSRXLOOp -H YDLV UHQRQFHU j WRXV PHV SODLVLUV PRQGDLQV HW j PRQ PrPHMXVWHLFLGDQVFHEkWLPHQWVLQRXVVRPPHVGLVSRVpVjUHQRQFHUj
WRXWHV FHV SUpWHQGXHV FKRVHV TXH QRXV DYRQV HW j QRXV KXPLOLHU SRXU
ϲ>͛'Ehd>K>KD ϭϳ͘Ϭϵ͘ϭϵϱϲϭϭ
GHYHQLU GHV DJQHDX[ /H 6DLQW(VSULW SUHQGUD FHWWH UpXQLRQ VRXV 6RQ SDUIDLWª ,O D GLW TX¶LO V¶DWWHQGDLW j FH TX¶XQ FODTXHPHQW GH GRLJW GLVH
SRXYRLU(WLOQ¶\DXUDLWTXHGHVDJQHDX[TXLVRUWLUDLHQWG¶LFLFRQGXLWVSDU ©eORLJQHWRLGHPRLHWYDGDQVODUXLQHpWHUQHOOHª,ODGLW©&KDFXQGHPHV
OH6DLQW(VSULWO¶$JQHDX&¶HVWYUDL RV VHPEODLHQW VH GpERvWHU MH WUHPEODLVª (W LO D GLW ©7RXW G¶XQ FRXS M¶DL
 -HVDLVTX¶,OHVWLFL/D&RORPEHHVWLFLFHVRLUFKHUFKDQWXQHQGURLW HQWHQGXODSOXVGRXFHYRL[TXHM¶DLHMDPDLVHQWHQGXHGHPDYLHGLWLOSOXV
R« R HQWUHU &RPELHQ ODPHQWDEOH GRLW rWUH OD PDUFKH G¶XQ FKUpWLHQ GRXFHTXHQ¶LPSRUWHTXHOOHYRL[GHPqUHTXHM¶DLHMDPDLVHQWHQGXSDUOHUª
PRGHUQHGHYDQW'LHX"&RPELHQQRXVGHYULRQVFKDQJHUQRVYRLHVHWQRV (WLODGLW©4XDQGMHPHVXLVUHWRXUQpSRXUUHJDUGHUM¶DLYXGHERXWjPHV
PDQLqUHV F{WpV OH SOXV GRX[ YLVDJHTXH MH Q¶DYDLV MDPDLV YX -H Q¶DL MDPDLV YX XQ
 YLVDJHGHPqUHRXTXRLTXHFHVRLWG¶DXWUHTXLUHPSODFHUDLWFHODª,ODGLW
 ,O \ D TXHOTXH WHPSV GDQV OH VXG OHV JHQV DYDLHQW O¶KDELWXGH ©&HOXLTXLVHWHQDLWOjGLW©3qUHSUHQGVWRXVOHVSpFKpVGH'DQLHO&XUU\
G¶DFKHWHU GHV HVFODYHV /HV PDUFKDQGV SDVVDLHQW HW OHV DFKHWDLHQW HW PHWVOHV VXU 0RQ FRPSWH FDU VXU OD WHUUH 'DQLHO &XUU\ DYDLW SULV
FRPPHXQORWGHYRLWXUHVG¶RFFDVLRQTX¶RQDDXMRXUG¶KXL(WLOVDFKHWDLHQW SRVLWLRQSRXU0RLHWLFLDX&LHO-HSUHQGVSRVLWLRQSRXU'DQLHO&XUU\ª
OHVHVFODYHV 
 (WXQPDUFKDQGHVWYHQXGDQVXQHSODQWDWLRQHWLODGLW©&RPELHQ  2KFRPELHQM¶DLEHVRLQGH/XLFRPELHQMHGpVLUHDUGHPPHQW«2K
G¶HVFODYHV DYH]YRXV HQ YHQWH"ª /¶KRPPH Q¶HQ DYDLW TXH SHX j YHQGUH PHV DPLV HVWFH TXH oD YDXW OD SHLQH G¶DWWHQGUH GDQV OH SpFKp" (VWFH
(WLO\DYDLWXQMHXQHKRPPHOj2KFHVHVFODYHVpWDQWORLQGHOHXUSD\V TXHoDYDXWODSHLQHGHYLYUHGDQVXQpWDWGHWLpGHXU"(VWFHTXHoDYDXW
ELHQ GHV IRLV LOV ,OV VDYDLHQW TX¶LOV QH SRXUUDLHQW MDPDLV UHWRXUQHU GDQV ODSHLQHG¶DGKpUHUjXQHpJOLVH"3UHQRQVSRVLWLRQSRXU-pVXVPDLQWHQDQW
OHXU SDWULH OHV %RHUV OHV DYDLHQW HPSRUWpV GH O¶$IULTXH HW OHV DYDLHQW SRXU TX¶j OD ILQ TXDQG FH PRPHQW FUXFLDO DUULYHUD ,O SXLVVH SUHQGUH
YHQGXVGDQVOHVWHUUHVGX6XGFRPPHGHVHVFODYDJHVHWRQSRXYDLW2Q SRVLWLRQSRXUQRXVGDQVOD*ORLUH
OHVIRXHWWDLWSDUFHTX¶RQQ¶DUULYDLWSDVjOHVIDLUHWUDYDLOOHU  0RQ WHPSV HVW pFRXOp 3RXYRQVQRXV LQFOLQHU OD WrWH XQ PRPHQW
 SDUWRXWGDQVO¶DVVLVWDQFH4XHO¶RUJDQLVWHYHXLOOH ELHQVHPHWWUHjO¶RUJXH
 ,OV pWDLHQW WULVWHV PDLV LOV RQW UHPDUTXp OD PDQLqUH GRQW FH MHXQH XQPRPHQWSHQGDQWTXHFKDTXHWrWHHVWLQFOLQpH
KRPPH PDUFKDLW OD SRLWULQH ERPEpH HW OH PHQWRQ UHOHYp 9RXV Q¶DYLH] 
SDVjOHIRXHWWHU,OpWDLWjO¶RHXYUH  1RWUH3qUHFpOHVWHQRXVYRXORQVrWUHOHVEUHELVGH7RQSkWXUDJH
 (WOHPDUFKDQGGLW©-¶DLPHUDLVDFKHWHUFHWHVFODYHª (Q FH MRXUOj QRXV QH YRXORQV SDV QRXV WHQLU VHXOV HW VXU QRWUH SURSUH
 /HSURSULpWDLUHGHODSODQWDWLRQGLW©,OQ¶HVWSDVjYHQGUHª MXVWLFHÐ'LHXQRXVYRXORQVPDLQWHQDQWSUHQGUHSRVLWLRQSRXU7RL1RXV
 ,OGLW©(KELHQDYH]YRXV«4X¶HVWFHTXLIDLWTX¶LOVRLWGLIIpUHQWGHV 7¶DLPRQV6HLJQHXU-pVXV
DXWUHVHVFODYHV"  -HSHQVHDXSDUFRXUVGHPDSURSUHYLHYRLUOHVHQGURLWVFRXYHUWV
 (WLOGHPDQGD©(VWLOOHFKHIGHVDXWUHV"ª GHURQFHVOHVFROOLQHVHWOHVYDOOpHVSDUR7XP¶DVFRQGXLWSDU7DJUkFH
 /HSURSULpWDLUHUpSRQGLW©1RQLOQ¶HVWTX¶XQHVFODYHª pWRQQDQWH (W MH SHQVH j FH WHPSVOj R M¶DYDLV TXLWWp OD PDLVRQ HW TXH
 ,OGLW©3HXWrWUHTXHYRXVOHQRXUULVVH]PLHX[TXHOHVDXWUHV"ª PHV HQIDQWV VH FUDPSRQQDLHQW Oj j PRQ PDQWHDX HW LOV LPSORUDLHQW HQ
 ,OUpSRQGLW©1RQLOPDQJHjODFDQWLQHDYHFOHVDXWUHVª FULDQW ©3DSD QH QRXV TXLWWH SDV 7X QH YDV SHXWrWUH SOXV UHYHQLUª (W
 ,OGHPDQGD©4X¶HVWFHTXLIDLWTX¶LOVRLWVLGLIIpUHQW"ª PRQ F°XU EDWWDLW WUqV IRUW SRXU PHV HQIDQWV HW SRXU PD SDXYUH SHWLWH
 ,O UpSRQGLW © -H QH OH VDYDLV SDV PRLPrPH MXVTX¶DX MRXU R M¶DL IHPPHJULVRQQDQWHTXLVH WHQDLW Oj VDPDLQ WUHPEODQWH GDQV OD PLHQQH
DSSULV TX¶LO YHQDLW G¶XQH FRQWUpH GRQW VRQ SqUH HVW OH URL G¶XQH WULEX (W OHVODUPHVFRXODQWVXUOHVMRXHV«
ELHQTX¶LOVRLWXQpWUDQJHUHWXQSqOHULQLOJDUGHKDXWOHPRUDOGHVDXWUHV  0DLV 3qUH MH PH UHQGV FRPSWH TXH WRXW FHFL QH SHXW SDV H[SLHU
SDUFHTX¶LOVDLWTX¶LOHVWOHILOVG¶XQURLELHQTX¶LOVRLWXQpWUDQJHU PHVSpFKpV7RXVPHVHIIRUWVVHURQWYDLQVVL-pVXVQHSUHQGSDVSRVLWLRQ
 SRXUPRLFHMRXUOj7RXWHVOHVSURPHVVHVTXHM¶DYDLVIDLWHVjPDSDXYUH
 4XHOJHQUHGHSHUVRQQHVGHYULRQVQRXVrWUH"'HVJHQVUHPSOLVGX IHPPH PRXUDQWH TXDQG MH OXL DYDLV SURPLV GH OD UHQFRQWUHU GHYDQW OD
6DLQW(VSULW ELHQ TX¶pWDQW SqOHULQV HW pWUDQJHUV &RPELHQ GHYULRQVQRXV SRUWHFHPDWLQOjWRXWHVPHVSUpGLFDWLRQVHWWRXVPHVHIIRUWVVHURQWYDLQV
PHQHU QRV YLHV HW QRXV FRPSRUWHU QRQ SDV FRPPH OH UHVWH GX PRQGH VL-pVXVQHSUHQGSDVSRVLWLRQSRXUPRL
PDLV QRXV VpSDUHU GHV FKRVHV GX PRQGH 7HQRQV ERQ SRXU DLQVL GLUH 
SDUFHTXHQRXVVDYRQVXQHFKRVH1RXVVRPPHVILOVHWILOOHVGX5RL%RQ
XQHILOOHGHURLQ¶DJLWSDVGHPDQLqUHLPPRUDOHHWHOOHQHV¶KDELOOHSDVGH
ϭϬ>͛'Ehd>K>KD ϭϳ͘Ϭϵ͘ϭϵϱϲϳ
 ,O \ D TXHOTXHV DQQpHV GDQV OH VXGRXHVW GHV eWDWV8QLV LO \ D FHWWH PDQLqUHOj (OOH VH SUpVHQWH HQ SXEOLF GDQV WRXWH VD GLJQLWp SDUFH
FLQTXDQWHRXVRL[DQWHDQVLO\DYDLWXQ±XQpPLQHQWpYDQJpOLVWH3HXWrWUH TX¶HOOHHVWXQHILOOHGHURL$PHQ
TXH EHDXFRXS G¶HQWUH YRXV RQW GpMj HQWHQGX SDUOHU GH OXL ,O V¶DSSHODLW  $LQVLORUVTX¶XQKRPPHHVWOHILOVG¶XQURL«&¶HVWoDOHFKHPLQGX
'DQLHO &XUU\ ,O pWDLW ELHQ FRQQX j WUDYHUV O¶$PpULTXH &HQWUDOH SRXU VRQ UHWRXU j O¶H[SpULHQFH GH OD UXH $]XVD &RPSRUWRQVQRXV FRPPH ILOV HW
pYDQJpOLVDWLRQXQH[FHOOHQWpUXGLWHWPLQLVWUHGHO¶eYDQJLOH(WXQHQXLWLO ILOOHVGH'LHXQHQRXVKDELOORQVSDVFRPPHOHPRQGHHWQ¶DJLVVRQVSDV
HXWXQVRQJHTX¶LOpWDLWPRUWHWLOIXWWUDQVSRUWpDX&LHO(WDUULYpjODSRUWH FRPPH OHPRQGH QH SDUORQV SDV FRPPH OH PRQGH QH UHVWRQV SDV j OD
GX&LHOOHJDUGLHQOXLGLW©4XLHVWX"ª PDLVRQ OH PHUFUHGL VRLUSRXU UHJDUGHU OH« WRXVFHV SURJUDPPHV HWWRXW
 (WLOGLW©-HVXLV'DQLHO&XUU\O¶pYDQJpOLVWHª O¶KDELOOHPHQWGH+ROO\ZRRG1RXVQ¶DYRQVULHQjIDLUHDYHF+ROO\ZRRG
 (W LO GLW ©8Q LQVWDQW PRQVLHXU -H GRLV YRLU VL WRQ QRP HVW  1RXV VRPPHV QpV GH QRXYHDX SDU O¶H[SpULHQFH GH OD 3HQWHF{WH
HQUHJLVWUpLFLª(WLOSDUWLWHWSDUFRXUXWOH/LYUH +ROO\ZRRG D VRQ OLHX GH GLYHUWLVVHPHQW 1RXV DYRQV QRWUH OLHX GH
 ,OUHYLQWHWGLW©0RQVLHXUWRQQRPQ¶HVWSDVHQUHJLVWUpLFL2KGLWLO GLYHUWLVVHPHQW /H OHXU F¶HVW GDQV OH PRQGH HW OH Q{WUH HQ &KULVW 0DLV
7XW¶HVWURPSpPRQVLHXU,OGLW©0RQQRPF¶HVW'DQLHO&XUU\ª/¶$QJHTXL QRXV QH SRXYRQV SDV OH SUHQGUH SRXU PRGqOH SUHQRQV SRXU PRGqOH
pWDLWjODSRUWHOXLGLW©-HWHFRPSUHQGVELHQPRQVLHXUª &KULVWDJLVVRQVFRPPH/XLHWDLPRQV/H
 ©$VWXUHJDUGpPLQXWLHXVHPHQW"ª©2XLPRQVLHXUHWWRQQRPQ¶HVW 
SDVHQUHJLVWUpLFLª  0DLQWHQDQWTXHOOHEHOOHLPDJHFHODQRXVGRQQH&RPELHQ'LHXGRLW
 ,OGLW©4XHGRLVMHIDLUH"ª rWUHEULVpjFDXVHGHQRWUHFRQGXLWHDSUqVTX¶,OQRXVDDFFHSWpVFRPPH
 /¶$QJH GLW ©9HX[WX UHFRXULU SRXU WRQ FDV j OD GpFLVLRQ GX ILOVHWILOOHVHWYRLUODPDQLqUHGRQWQRXVDJLVVRQVQRXVQRXVFRQGXLVRQV
MXJHPHQWGXWU{QHEODQF"ª HW FRPPHQW QRXV QRXV FRPSRUWRQV JDUGRQV UDQFXQH IDLVRQV GHV
 ©%LHQ 0RQVLHXU GLWLO MH Q¶DL SDV GH FKRL[ -H GRLV UHFRXULU SRXU KLVWRLUHV HW GH SHWLWHV FKRVHV TX¶RQ QH±TX¶RQ QH GHYUDLW SDV IDLUH HW
PRQFDVjODGpFLVLRQGXMXJHPHQWGXWU{QHEODQFª QRXVQRXVFRQWLQXRQVTXDQGPrPHjQRXVDSSHOHUILOVHWILOOHVGH'LHX
  1RXV GHYRQV rWUH GH YDLOODQWV KRPPHV 1RXV GHYRQV rWUH GH
 'DQLHO &XUU\ GLW TX¶LO D VHQWL TX¶LO WUDYHUVDLW LQGpILQLPHQW O¶HVSDFH YDLOODQWHV IHPPHV 1RXV GHYRQV QRXV FRPSRUWHU FRPPH GHV HQIDQWV GH
FRQWLQXHOOHPHQW FRQWLQXHOOHPHQW ,O GLW TXH TXHOTXH WHPSV DSUqV LO HVW 'LHX 1RXV GHYRQV rWUH XQ H[HPSOH SRXU OH PRQGH FRPPH O¶pWDLW QRWUH
HQWUp GDQV XQH /XPLqUH ,O GLW ©,O IDLVDLW GH SOXV HQ SOXV FODLU j WHO SRLQW 6HLJQHXU1RXVGHYRQVPHQHUXQHYLHUHPDUTXDEOHFRPPH'DYLG4XDQG
TXH F¶pWDLW GHV PLOOLHUV GH IRLV SOXV FODLU TXH OH VROHLO &HOD QH YHQDLW GH 'LHXDYXVRQ±VRQ«&RPPHQW«4XHOYDLOODQWKRPPHLOpWDLW'LHXDGLW
QXOOHSDUWPDLVLOVHWHQDLWDXPLOLHXGHFHWWH/XPLqUHpFODWDQWHTXLEULOODLW ©7XHVXQKRPPHVHORQ0RQF°XUª
DXWRXUGHOXL(W,OGLWTX¶,OV¶DUUrWDHWXQHYRL[OXLSDUODGLUHFWHPHQWHWGLW 
©(VWX'DQLHO&XUU\"ª  ,O\DTXHOTXHWHPSVHQ$IULTXHMHSDUODLVjXQ±XQYLHX[VDLQWHWLO
 ,ODUpSRQGX©2XL6HLJQHXUF¶HVWPRLª PHGLW©)UqUH%UDQKDPOjGDQVPRQpJOLVHXQVRLUQRXVDYRQVHXXQH
 ,O D GHPDQGp  ©'DQLHO &XUU\ Q¶DVWX MDPDLV GLW XQ PHQVRQJH GLYLVLRQ /¶XQ IDLVDLW oD HW O¶DXWUH YRXODLW FHFL (W LO \ DYDLW GH SHWLWV FODQV
TXDQGWXpWDLVVXUODWHUUH"ª GDQVQRWUHpJOLVHHWMH«/H6DLQW(VSULWQHSRXYDLWSDVQRXVYLVLWHUª,OQH
 (W LO D UpSRQGX ©-XVTXH Oj MH SHQVDLV Q¶DYRLU MDPDLV GLW XQ OH IHUD MDPDLV GDQV GH WHOOHV FRQGLWLRQV (W LO GLW ©/¶XQ YRXODLW FURLUH oD
PHQVRQJH PDLV GDQV OD 3UpVHQFH GH FHWWH /XPLqUH MH PH VXLV UHQGX FRPPH XQH GRFWULQH O¶XQ G¶HX[ YRXODLW FRPPHQFHU FHOD HW QRXV QRXV
FRPSWH TXH M¶DYDLV GLW EHDXFRXS GH FKRVHV TXL pWDLHQW IDXVVHVª 4X¶HQ VRPPHVGLYLVpV(WLOGLW©-¶DLKRQWHGHOHGLUHPDLVGLWLOM¶DLHVVD\pGH
VHUDWLOHQFHMRXUOj" SUHQGUH SRVLWLRQ SRXU O¶XQ HW SXLV SRXU O¶DXWUHª 8Q SDVWHXU QH GHYUDLW
 ,O D GHPDQGp ©'DQLHO &XUU\ DVWX MDPDLV EULVp PHV MDPDLVIDLUH oD 9RXV GHYULH] YRXV HQ WHQLU j OD 3DUROH pWHUQHOOH GH 'LHX
FRPPDQGHPHQWVRXYROpTXDQGWXpWDLVVXUODWHUUH"ª VDQVYRXVHQGpWRXUQHUQLjGURLWHQLjJDXFKH
 ,O D UpSRQGX -H SHQVDLV MH SHQVDLV DYRLU WRXMRXUV pWp XQ KRPPH  (WLOGLW©-¶DLJDUpPDYRLWXUHHWSXLVM¶DLJUDYLODFROOLQHª(WLOGLW
KRQQrWHPDLVGLWLOGDQVOD3UpVHQFHGHFHWWH/XPLqUHMHPHVXLVUHQGX ©&RPPH M¶DWWHLJQDLV OH±SUHVTXH OH VRPPHW GH OD FROOLQH LO P¶HVW DUULYp
FRPSWH TXH M¶DYDLV HIIHFWXp GHV WUDQVDFWLRQV ORXFKHVª ,O D GLW ©2XL G¶HQWHQGUHTXHOTX¶XQYHQLUGHUULqUHPRL(WTXDQGM¶DLUHJDUGpGHUULqUHPRL
6HLJQHXUM¶DLYROpHWM¶DLPHQWLª M¶DLHQWHQGXGHVSDVPRQWHUODFROOLQHªHWM¶DLGLW©&RPPHMHJUDYLVVDLVOD
 ,ODGLWTX¶XQHYRL[HVWDORUVYHQXHHWDGLW©'DQLHO&XUU\pWDLVWX FROOLQHMHPHVXLVGLW©SHXWrWUHTXHMHVXLVGXF{WpGHFHWWHSHUVRQQHFL
SDUIDLWTXDQGWXpWDLVVXUODWHUUH"©2KGLWLOQRQ6HLJQHXUMHQ¶pWDLVSDV MH YDLV GRQF O¶DWWHQGUHª (W LO GLW ©,O V¶HVW IDLW TXH M¶DL YX XQ SHWLW +RPPH
ϴ>͛'Ehd>K>KD ϭϳ͘Ϭϵ͘ϭϵϱϲϵ
JUDYLUODFROOLQHPDLV,OSRUWDLWXQJUDQGIDUGHDXVXU6RQGRV-HSRXYDLVj  (W LO V¶pWDLW IDLW XQ SDXYUH SHWLW VLIIOHW RX XQ SLSHDX HW LO SRXYDLW
SHLQH FRPSUHQGUH FRPPHQW FH SHWLW +RPPHOj SRXYDLW SRUWHU XQ WHO LPLWHU SDUIDLWHPHQW OH FUL G¶XQ IDRQ FRPPH MH Q¶HQ DYDLV MDPDLV HQWHQGX
IDUGHDXª (W LO GLW ©-H /¶DL UHJDUGp HW MXVWH j FH PRPHQWOj M¶DL VX TXH 8QMRXUGRQFTXHM¶pWDLVDYHFOXLGDQVOHVPRQWDJQHVLOpWDLWDVVLVVXUXQ
F¶pWDLWXQHYLVLRQFDUM¶DLYXGHVFLFDWULFHVGDQV6HVPDLQV(WLOGLW©-¶DL WDV GH EURXVVDLOOHV HW MH PH VXLV DSSURFKp GH OXL SRXU OXL SDUOHU GX
DFFRXUX YHUV /XL HW M¶DL GLW ©6HLJQHXU HVWFH TXH 7X SRUWHV HQFRUH OHV 6HLJQHXU-pVXV(WLOYRXODLWVLPSOHPHQWVHGRQQHUGHVDLUVMXVWHSRXUPH
SpFKpVGXPRQGH"ª PRQWUHU TX¶LO SRXYDLW TXDQG PrPH OH IDLUH FRPPH EHDXFRXS GH
 ,OGLW©1RQ&¶HVWMXVWHOHVWLHQVTXHMHSRUWHª SHQWHF{WLVWHV OH IRQW 9RXV YR\H]" ©-H Q¶DXUDL ULHQ j IDLUH« -H YRXV
 ,O GLW ©4XDQG OD YLVLRQ P¶D TXLWWp MH VXLV DOOp j O¶pJOLVH HW M¶DL PRQWUHUDLFHTXHMHIHUDLª
UDFRQWp OD YLVLRQ HW M¶DL GLW µ6L OHV SpFKpV GH FHWWH pJOLVH DWWULVWHQW OH  &¶HVW FRPPH oDTXH YRXV DYH] GHV SUREOqPHVDYHF 'LHX MXVWHj
6HLJQHXU -pVXV FRPPH FHOD QRXV GHYRQV WRXV QRXV UHSHQWLUª (W ,O GLW FH PRPHQWOj ,O V¶DVVLW HW ILW VRUWLU FH SLSHDX HW ODLVVD pFKDSSHU OH FUL OH
©&HODDDPHQpXQHJUDQGHH[SORVLRQGDQVO¶pJOLVHHWXQYpULWDEOHUpYHLOD SOXVWULVWHFRPPHG¶XQIDRQTXLSOHXUH-¶pWDLVDVVLVMXVWHGHO¶DXWUHF{Wp
FRPPHQFpª GHEXLVVRQHWjPDJUDQGHVXUSULVHXQHMROLHELFKHVRUWLWMXVWHGHO¶DXWUH
 F{Wp
 /H PRQGH FKHUFKH FH JHQUH G¶pJOLVH 1RXV SRXYRQV rWUH XQ  2KF¶pWDLWXQEHODQLPDOVHVRUHLOOHVGUHVVpHVVRQQH]HQWUDLQGH
H[HPSOH -H FURLV TXH O¶eJOLVH GH 'LHX HVW XQ H[HPSOH SRXU OH PRQGH IODLUHU(OOHHQWHQGDLWOHFULG¶XQSHWLW(OOHV¶DYDQoDGHTXHOTXHVSDV-HYLV
F¶HVW SRXUTXRL QRXV GHYRQV YLYUH GLIIpUHPPHQW DJLU GLIIpUHPPHQW rWUH O¶KRPPHOHYHUVRQIXVLOILWGpFOLTXHUOHFUDQ-HGLV©2K'LHXQHOHODLVVH
GLIIpUHQWV©9RXVQ¶rWHVSDVGXPRQGHSHWLWVHQIDQWVªGLWO¶eYDQJLOH SDVIDLUHFHODª
 
 0DLV PRQ WHPSV SDVVH DORUV M¶DLPHUDLV GLUH FHFL ,O \ D TXHOTXH  ,OVRXOHYDOHIXVLOSRXUYLVHUHWVDPDLQpWDLWOHYpH(WOHFULGXSHWLW
WHPSV Oj KDXW GDQV FHV EHOOHV PRQWDJQHV YHUWHV GX 1HZ +DPSVKLUH« DWWLUDLWWRXMRXUVO¶DWWHQWLRQGHODELFKH$ORUVODELFKHUHJDUGDGHO¶DXWUHF{Wp
&RPPHYRXVOHVDYH]WRXVM¶DLPHDOOHUjODPRQWDJQHSRXUFKDVVHUSDV HWYLWOHFKDVVHXUDORUVTX¶HOOHYR\DLWOHIXVLOTXLpWDLWEUDTXpVXUVRQF°XU
WHOOHPHQW SRXU OHV DQLPDX[ PDLV SRXU rWUH VHXO DYHF 'LHX &KDTXH 0DLVFHODDWLODUUrWpODELFKH"1RQHOOHDHQWHQGXOHFULGXSHWLW%LHQTXH
SHUVRQQHYHXWrWUHVHXOHDYHF'LHX OHIXVLOI€WSRLQWpVXUVRQF°XUOHFULGXSHWLWVLJQLILDLWSOXVTXHOHIXVLOTXL
 9RXV YRXV VRXYHQH] ELHQ GH FHWWH GRXFH SDL[ TXH YRXV DYH] pWDLWEUDTXpVXUVRQF°XU
TXDQGYRXVrWHVVHXODYHF'LHX7RXWFHODYRXVDpWpHQOHYpPDLQWHQDQW  (OOH V¶DYDQoD O¶DWWHQWLRQ DWWLUpH SDU OH FUL GX SHWLW HW M¶REVHUYDLV OH
3RXUTXRL" 3DUFH TXH YRXV DYH] IDLW TXHOTXH FKRVH TXL D DWWULVWp OD FKDVVHXU-¶DLYXVHVPDLQVWUHPEOHUM¶DLYXVHVpSDXOHVWUHPEOHU,OMHWDOH
&RORPEH HW /¶D pORLJQpH 9RXV Q¶DYH] TX¶j UHGHYHQLU XQ DJQHDX ,O YD IXVLO UHYLQW YHUV PRL HQ FRXUDQW P¶HQWRXUD GH VHV EUDV HW LO GLW ©)UqUH
UHYHQLU %UDQKDP MH QH SHX[ SOXV VXSSRUWHU FHODª ,O DYDLW YX XQH GpPRQVWUDWLRQ
 GHO¶DPRXUG¶XQHEUDYHPqUH
 5HPDUTXH]HWM¶DLIDLWODFRQQDLVVDQFHG¶XQFKDVVHXUOjEDV(WM¶DL  )UqUHFHPRQGHFKHUFKHXQHGpPRQVWUDWLRQGHEUDYHVVROGDWVGH
IDLWFHODEHDXFRXSGHIRLVHWM¶DLTXLWWp«-¶DLFRQGXLWEHDXFRXSEHDXFRXS ODFURL[GH YpULWDEOHVKpURVTXLYRQWSUHQGUHSRVLWLRQSRXU'LHXHWUHVWHU
GHUXGHVFRZER\VHWGHVFKDVVHXUVj&KULVWHQDOODQWDYHFHX[GDQVOH IHUPHV9RXVOHVSHQWHF{WLVWHVYRXVGHYULH]PRQWUHUFHWH[HPSOH
ERLV(WFHWKRPPHOjpWDLWOHFKDVVHXUOHSOXVFUXHOTXHM¶DLHMDPDLVYX,O 
QH WLUDLW TXH VXU GHV IDRQV HW±HW LO IDLVDLW« HW LO WLUDLW XQH GRX]DLQH SDU  &RPPH LO V¶pWDLW DJHQRXLOOp Oj WUHPEODQW HW VHFRXp LO D GLW ©$VWX
DQQpHV¶LOSRXYDLWHQWURXYHU(WMHOXLDLGLW©%XUWFHQ¶HVWSDVFRUUHFW7X YXFRPPHQWFHWWHELFKHPHUHJDUGDLWHQIDFH)UqUH%UDQKDP"ª
QHGHYUDLVSDVIDLUHFHOD7XDVXQF°XULQVHQVLEOHª  -¶DLUpSRQGLW©2XL%XUWª,ODGLW©(OOHQ¶DYDLWSDVSHXUGHODPRUWª
 (WLODGLW©3UpGLFDWHXUWXHVVLPSOHPHQWXQSHXUHX[ª,ODGLW©7HV -¶DLGLW©/¶DPRXUO¶DREOLJpHjDIIURQWHUODPRUWSRXUSURWpJHUFHSHWLWGRQW
SUpGLFDWHXUVVRQWYUDLPHQWGHVSHXUHX[ª WX LPLWDLV OH FULª -¶DL GLW ©%XUW XQ MRXU XQ +RPPH YLQW GX FLHO ,O DYDLW
 -H GLV ©0DLV %XUW LO \ D EHDXFRXS GH FHVJURV HW YLHX[ DQLPDX[ HQWHQGX OHV FULV G¶XQ SHXSOH PRXUDQW HW ,O Q¶DYDLW SDV SHXU G¶DIIURQWHU OD
PkOHVLFLVXUOHVTXHOVODORLWHSHUPHWGHWLUHUWXQHGHYUDLVGRQFSDVIDLUH PRUW (W ,O O¶D IDLW %XUW SRXU WRLª ,O V¶DJHQRXLOOD Oj OHV PDLQV HQ O¶DLU HW
FHVFKRVHVWLUHUVXUFHVSDXYUHVIDRQVHWWRXWOHUHVWH SOHXUDMXVTX¶jFHTX¶LOWURXYkWOHSUpFLHX[6HLJQHXU-pVXVGDQVVRQF°XU
 ,ODGLW©$KYDWHQHVSqFHGHSUpGLFDWHXUPRXª (WLOIXWFKDQJpG¶XQORXSFUXHOHQXQDJQHDXHWOH6DLQW(VSULWYLQWHQOXL
 

Das könnte Ihnen auch gefallen