3DROLQR9LWRORH&DUPHOLWDGH6DQWLV
RWWREUH
*5(&,$
LL *UHFLD
6HFRQGD(GL]LRQH
IHEEUDLR
3DROLQR9LWRORH&DUPHOLWDGH6DQWLV
3UHPHVVD
JLR
'RSRXQVLOHQ]LRGLTXDWWURDQQLHFFRXQQXRYRGLDULRGLYLDJ
&RQFHGHWHPL GL XVDUH TXHVWR QRPH FKH JLj TXDWWUR DQQL ID LQ
RFFDVLRQHGHOYLDJJLRLQ(JLWWRJLXGLFDLSRPSRVR,QIRQGRDQFKHVHVL
WUDWWDGLSRFKLDSSXQWLEXWWDWLJLQHLULWDJOLGLWHPSRGXUDQWHLSHUFRUVL
VXOWUDJKHWWRRODVHUDSULPDGLDGGRUPHQWDUPLHVVLULSRUWDQROHLPSUHV
VLRQLHJOLVWDWLG
DQLPRGLRJQLJLRUQRHFFRGXQTXHFKHODSDUROD³GLD
ULR´qDSSURSULDWD
4XHVW
DQQR SRLF
qXQDQRYLWjLPSRUWDQWHDFFDQWRDOPLRQRPH
QHOODOLVWDGHJOLDXWRULF
qDQFKHTXHOORGL&DUPHOLWD6LWUDWWDGXQTXHGL
XQODYRUR DTXDWWURPDQLGRYHOHLPSUHVVLRQLVLLQWUHFFLDQRGDGXHSXQ
WLGLYLVWDGLIIHUHQWLQRQVRORSHUFKpGXHVRQRJOLDXWRULPDDQFKHSHU
FKp OH YLFLVVLWXGLQL FKH OHJJHUHWH FL KDQQR FRVWUHWWL LQ FHUWL PRPHQWL D
VHJXLUHLWLQHUDULGLYHUVLVLDQHOWHPSRFKHQHOORVSD]LR
3UHPHVVD LLL
,QGLFH
3UHPHVVD LLL
)LJXUH YLL
3DROLQRVHWWHPEUH 9HQHUGu 3DROLQRVHWWHPEUH± 6DEDWR &DUPHOLWDVHWWHPEUH± 3DUWHQ]DGD%ULQGLVL 3DROLQRVHWWHPEUH± 'RPHQLFD
&DUPHOLWDVHWWHPEUH6DEDWR
3DROLQRVHWWHPEUH± /XQHGu
&DUPHOLWDVHWWHPEUH/XQHGu 3DROLQRVHWWHPEUH± 0DUWHGu &DUPHOLWDVHWWHPEUH0DUWHGu 3DROLQRVHWWHPEUH± 0HUFROHGu
&DUPHOLWDVHWWHPEUH0HUFROHGu 3DROLQRVHWWHPEUH± *LRYHGu &DUPHOLWDVHWWHPEUH*LRYHGu
3DROLQRVHWWHPEUH± 9HQHUGu &DUPHOLWDVHWWHPEUH9HQHUGu
3DROLQRVHWWHPEUH± 6DEDWR &DUPHOLWDVHWWHPEUH6DEDWR
3DROLQRVHWWHPEUH± 'RPHQLFD
&DUPHOLWDVHWWHPEUH'RPHQLFD 3UHPHVVD Y
)LJXUH
)LJXUD ,OXRJKLGHOYLDJJLR
)LJXUD /DSULPDSDJLQDGHOPDQRVFULWWRGHOGLDULR )LJXUD 0LFHQH/DSRUWDGHLOHRQL««««««««««««««
)LJXUD 0LFHQH/HWRPEHGHOFLUFROR$ )LJXUD 7LULQWR&ULSWRSRUWLFR
)LJXUD 1DXSOLD,OFDVWHOOR%RXU]u««««««««««««««
)LJXUD (SLGDXUR,OWHDWUR )LJXUD %LJOLHWWRGLLQJUHVVRDJOLVFDYLGL(SLGDXUR
)LJXUD %LJOLHWWRGHOO
DXWRVWUDGD&RULQWR 7ULSROL«««««««««
)LJXUD 0LVWUj,OPRQDVWHURGHOOD3DQGDQDVVD
)LJXUD %LJOLHWWRGHOWUDJKHWWR0DUWKD
)LJXUD &LWHUD$JKuD 3HODJKuD )LJXUD &LWHUD3DQRUDPDGL+RUD )LJXUD &LWHUD+RWHO0DUJDULWD
)LJXUD &LWHUD/DVSLDJJLDGL.DSVjOL
)LJXUD &RULQWR/DIRQWDQD3HLUHQH
)LJXUD &LWHUD/DVSLDJJLDGHLSHVFDWRULD.DSVjOL
)LJXUD %LJOLHWWRGHOFDPSLQJGL.DSVjOL )LJXUD &LWHUD/DVSLDJJLDGL+DONzV )LJXUD &LWHUD0RQDVWHUR0LUWLGLRQ )LJXUD &LWHUD.DSVjOL,OFRQYHQWRGL6DQ*LRYDQQL )LJXUD &LWHUD+RUD,OFDVWHOORYHQH]LDQR
)LJXUD ,OFRQWRGHOO
XOWLPDFHQDD&LWHUD )LJXUD /DQDYHGDFURFLHUD&RVWD&ODVVLFD )LJXUD &LWHUD/DVSLDJJLDGL0HOLGRQL )LJXUD 2OLPSLD0XVHR+HUPHVFRQ'LRQLVREDPELQRRSHUDGL
3UDVVLWHOH
)LJXUD 2OLPSLD6FDYL/DSDOHVWUD
3UHPHVVD YLL
)LJXUD /
XOWLPDSDJLQDGHOPDQRVFULWWRGHOGLDULR YLLL *UHFLD
)LJXUD ,OXRJKLGHOYLDJJLR
)LJXUD /DSULPDSDJLQDGHOPDQRVFULWWRGHOGLDULR
*UHFLD
3DROLQRVHWWHPEUH 9HQHUGu
/DVHUDSULPDGHOODSDUWHQ]D&RQWUDWWHPSLSUREOHPL
%DUWRORKDGHLIDVWLGLDOOHPDQLSUREDELOPHQWHXQDIRUPDDOOHU
JLFD 0D TXHVWR IRUWXQDWDPHQWH QRQ JOL LPSHGLVFH GL SDUWLUH H FL FRQ
IHUPDO
DSSXQWDPHQWRSHUGRPDQLPDWWLQD
5LFKLDPR8FFLRSHUULEDGLUHFKHYDWXWWREHQHHVHQWRFKHDYHYD
FHUFDWRGLFKLDPDUPLHFKHDYHYDWURYDWRVHPSUHRFFXSDWR,OSUREOHPD
qFKH5RVDQQDSHUFRQVHJQDUHXQDSUDWLFDDOO
8QLYHUVLWjQRQSRWUjSDU
WLUHFRQQRL'RPDQLGRYUzFKLHGHUHDOOD&,7FRPHIDUHSHUQRQSHUGHUH
LOELJOLHWWR5RVDQQDFLUDJJLXQJHUjD&LWHUDIRUVHFRQO
DHUHR
1HOSRPHULJJLRKRDYXWRGD1DQGR9DVVDOOR GHOOHEXRQHLVWUX
]LRQLVXOSDHVHGHO3HORSRQQHVRGRYHHJOLYDWXWWLJOLDQQL0DUDWKRSROL
+R SDUODWR FRQ *LDQFDUOR H KR VDSXWR FKH LO ORUR VRJJLRUQR D
7KDVVRVqDQGDWRPROWREHQH/XLSHUzqDQGDWRYLDSULPDSHUFKpYROH
YDIDUHGHOOHYLVLWHGLYHUVH
1RQULHVFRDSDUODUHFRQ$QWRQLRSHUFKpqDQGDWRDFHQDIXRUL
FRQ6WHIDQLDVRQRDQFRUDDG,VFKLDPDSDUORFRQ*DEULHOOD
&ROOHJDGLODYRUR
*LDQFDUOR$QWRQLR6WHIDQLDH*DEULHOODVRQRDPLFLGL1DSROLFKHVRQRVWDWLLQ*UHFLD
SUHFLVDPHQWHQHOO¶LVRODGL7KDVVRVQHOQRUGGHOO¶(JHRQHOPHVHGLDJRVWR
3DROLQRVHWWHPEUH² 6DEDWR
,OJLRUQRGHOODSDUWHQ]D&LVYHJOLDPRSUHVWRFRPHDOVROLWR%L
VRJQD FRPSOHWDUH L EDJDJOL H FDULFDUH OD PDFFKLQD %LVRJQD DQFKH
FKLDPDUH OD &,7 SHU RWWHQHUH LO ULPERUVR GHO ELJOLHWWR GL 5RVDQQD
&KLDPRPDVLVHQWHLOGLVFRSHUFLQTXHPLQXWLGRSRGLFKHSLQXOOD
$OOHQRYHPHQRYHQWLWHOHIRQD$QWRQLR&LVHQWLUHPRDOULWRUQR
GDOQRVWURYLDJJLRPDQRQFLYHGUHPRD3DOLQXURSHULOZHHNHQGGHO
VHWWHPEUH SHUFKp KDQQR JLj XQ LPSHJQR VXJOL $OEXUQL FRQ *LDQQL H
*DEULHOODGDORURDPLFL
3DUWLDPRFRQXQSR
GLULWDUGRHDQGLDPRDOOD&,7GRYHPLGL
FRQRGLDQGDUHGLUHWWDPHQWHDOSRUWRGL%ULQGLVLSHULOULPERUVR
$UULYLDPRGD%DUWRORH3XSDFRQSRFKLPLQXWLGLULWDUGRVXOO
R
UDULR GHOOH SRLFKp F
q SRFR WUDIILFR H UHFXSHULDPR 0D VDOLDPR D
SUHQGHUH LO FDIIq H TXLQGL ULDFTXLVWLDPR OR VWHVVR ULWDUGR GL PLQXWL
/RPDQWHQLDPRILQRDOO
DUHDGLVHUYL]LR6DOHUQR6XGGRYHDEELDPRDS
SXQWDPHQWRFRQ8FFLRDOOH&RPXQTXHDQFKHOXLDUULYDFRQ&DUPHOL
WDDOOHFRQWHPSRUDQHDPHQWHDQRL
%UHYHVRVWDDOO
DUHDGLVHUYL]LR'HFLGLDPRGLIHUPDUFLD3RWHQ]D
HG LR SURSRQJR GL DQGDUH D 5LIUHGGR SHU PDQJLDUH TXDOFRVD &RVu IDF
FLDPR2WWLPLVWUDVFLQDWLHEXRQDFDUQHHVDOVLFFHPDLOSUH]]R
DWHVWDqDOWRFRQVLGHUDQGRFKHTXDOFXQRQRQKDSUHVRLOSULPRSLDWWRH
FKHQHVVXQRKDPDQJLDWRODIUXWWD'RSRLOSUDQ]RWHOHIRQLDPRD5RVDQ
QDGDOULVWRUDQWHHOHGLFLDPRGLYHQLUH
3URVHJXLDPR OXQJR OD %DVHQWDQD YHUVR 0HWDSRQWR $ PDQR D
PDQR FKH VFHQGLDPR OXQJR OD YDOOH O
DULD VL ID VHPSUH SL FDOGD FRQ
JUDQGHFRQWUDVWRULVSHWWRDO IUHVFRGL5LIUHGGR
&L IHUPLDPR D 0HWDSRQWR VX LQL]LDWLYD GL 8FFLR SHU YHGHUH LO
WHPSLRGRULFRGHOOH7DYROH3DODWLQHPHWRSHFKHIXURQRDVSRUWDWHQRQ
VRLQTXDOHPXVHRVLWURYLQR(URSDVVDWRWDQWHYROWHGDYDQWLDOWHPSLR
GL0HWDSRQWRHQRQPLHURPDL IHUPDWR
5LSDUWLWLGDOWHPSLRQRWROXQJRODVWUDGDXQEDUSUHVVRXQDVWD
]LRQHGLVHUYL]LRGRYHGRGLFLDQQLSULPDFLHUDYDPRIHUPDWLFRQ=LOORD
SUHQGHUHGHOOHELELWHIUHVFKH$OORUDWUDLQDYDPRODJORULRVDEDUFDFRQOD
UHWHFKHFLDYUHEEHGDWRWDQWHVRGGLVID]LRQLSHVFDWRULH
1RQ HQWULDPR D 7DUDQWR SHUFKp SUHQGLDPR OD FLUFRQYDOOD]LRQH
SUHVVRO
,WDOVLGHU,QORQWDQDQ]DVXOODGHVWUDVLYHGHODFLWWjFRQLOSRQWH
JLUHYROHHFRQTXDOFKHSLFFRODQDYHPLOLWDUHDOO
DQFRUDQHO0DU3LFFROR
(SHQVDUHFKHSURSULRVWDPDWWLQDDYHYDFKLDPDWR1LFROLQR GD7DUDQWR
SHUO
DFTXLVWRGHOFDOFRODWRUHSHULOILJOLR
3RFRSULPDGL%ULQGLVLPHWWROLUHGLEHQ]LQDSHUQRQUH
VWDUH SURSULR D VHFFR GRPDQL D 3DWUDVVR $UULYLDPR D %ULQGLVL LQWRUQR
DOOHPDLOFRUVRqEORFFDWR SHUXQDIHVWDHGREELDPRIDUHXQJUDQJL
URSHUDUULYDUHDOSRUWR8FFLRVEDJOLDDQFKHVWUDGDHFLSRUWDDGXQPR
ORVEDJOLDWRGRYHFDULFDQRVRORDXWRWUHQL,OPRORJLXVWRVWDSURSULRGL
IURQWH H GD HVVR FL VHSDUD LO EUDFFLR GL PDUH GHO 6HQR GL /HYDQWH &R
PXQTXHWRUQLDPRLQGLHWURLPERFFKLDPRLOFDQFHOORJLXVWRHFLIHUPLD
PRSURSULRDFFDQWRDOODQRVWUDQDYHOD3RVHLGRQLDGHOOD+0/
/
XIILFLRGHOOD+0/qDQFRUDFKLXVRHFRQ8FFLRYDGRDOO
DJHQ
]LDFKHVLWURYDLQFLPDDOFRUVRSULQFLSDOHGL%ULQGLVLGXHFKLORPHWULGL
VFDUSLQDWD LQ PH]]R DG XQD GRSSLD ILOD GL EDQFDUHOOH GHOOD IHVWD SHU
FHUFDUHGLRWWHQHUHLOULPERUVRGHOELJOLHWWRGL5RVDQQD0DO
DJHQ]LDq
FKLXVD H F
q XQ ELJOLHWWR FKH GLFH GL UHFDUVL DO SRUWR SURSULR SUHVVR OR
VSRUWHOORFKLXVRYLFLQRDOSRVWRGRYHDEELDPRODVFLDWROHPDFFKLQH
1HO WRUQDUH LQGLHWUR 8FFLR VL IHUPD DG XQ VXSHUPHUFDWR SHU
FRPSUDUHTXDOFRVDGDPDQJLDUHODVHUDVXOODQDYHPHQWUHLRYDGRDIDUH
ODFRGDSHUO¶DFFHWWD]LRQHHOHRSHUD]LRQLGLLPEDUFR&RPHVHPSUHF
q
XQDJUDQIROODGLJXDJOLRQHUDFRQVDFFKLDSHORH]DLQL6LKDXQ
LPSUHV
VLRQHGDWHU]RPRQGR&RPXQTXHLUDJD]]LQRQVRQRPROWRVYHJOLSHU
FKp JXDGDJQR SDUHFFKL SRVWL QHOOD ILOD H IDFFLR DEEDVWDQ]D SUHVWR LO
FKHFNLQ PD QRQ ULHVFR DG DYHUH LO ULPERUVR SHU 5RVDQQD SHUFKp PL
GLFRQR FKH VL GRYHYD DYYHUWLUH DO SL WDUGL LO JLRUQR SULPD )DFFLR FR
PXQTXHDQQRWDUHVXOELJOLHWWRFKHXQDSHUVRQDQRQSDUWLUjQHDQFKHDOUL
WRUQR6HSRL5RVDQQDFLUDJJLXQJHUjVLSRWUjVHPSOLFHPHQWHXWLOL]]DUH
LOELJOLHWWRVHQ]DIDUYDOHUHLOGLULWWRDOULPERUVR9DGRSRLDIDUHLOFRQ
WUROORSDVVDSRUWLSHUWXWWL$QFKHTXLVRQRVYHOWLVVLPR
1HOIUDWWHPSRVRQRWXWWLWRUQDWLDOOHPDFFKLQHGRYHHUDULPDVWD
DOXQJRODVROD&DUPHOLWDFRQLOFRPSLWRGLJXDUGLDQDÊWRUQDWRVLD8F
FLR GRSR DYHU IDWWR OD VSHVD DO VXSHUPHUFDWR VLD %DUWROR 3XSD H &DH
FKHHUDQRDQGDWLDIDUHXQSR
GLVKRSSLQJLQIDUPDFLD
,RGRSRLPPDQLVXGDWHWRUQRLQGLHWURDFRPSUDUHXQDERWWLJOLD
GLDFTXDPLQHUDOHIUHGGDFKHWURYRDOVHFRQGRWHQWDWLYR/
DGGHWWRGHO
SULPR FKLRVFR DOOD PLD ULFKLHVWD GL XQD ERWWLJOLD IUHGGD H JDVVDWD UL
VSRQGHFRQXQDFDOGDHQDWXUDOH1RQVRQRLQFRQGL]LRQLILVLFKHGDDS
9HFFKLRDPLFRGL3DOLQXURFKHRJJLYLYHD7DUDQWR
*UHFLD
SUH]]DUHODIDFH]LD
)LQDOPHQWHFLLPEDUFKLDPR$SSHQDYLVWHOHFDELQH&DHH3XSD
KDQQRXQDWWDFFRGLFODXVWURIRELDYRUUHEEHURO
REOz$OORUDDQGLDPRGDO
FRPPLVVDULRGLERUGRFKHFLGLFHGLWRUQDUHGRSRODSDUWHQ]DDQFKHVH
QRQFLGjPROWHVSHUDQ]HGDWRFKHODQDYHqSLXWWRVWRDIIROODWD3HUIRU
WXQDSHUzOHVLJQRUHVLFDOPDQRHDOODILQHQRQF
qSLELVRJQRGLFDP
ELDUH
0HQWUHDVSHWWLDPRFKHODQDYHSDUWDFLVLVWHPLDPRDOIUHVFRVXO
SRQWH VXSHULRUH SRQWH LPEDUFD]LRQL H FL DSSUHVWLDPR D FHQDUH ,R
VFHQGR DO VHOI VHUYLFH D FRPSUDUH XQD ERWWLJOLD GL YLQR H GXH GL DFTXD
PLQHUDOHXQDOLVFLDSHU&DHHGXQDJDVVDWD&RQXQFHUWRVWXSRUHQRQ
WURYRQpUHWVLQDQpYLQRJUHFRPDVRORXQGLVFUHWRELDQFRLWDOLDQR$OL
VHL
/D QDYH SDUWH DOOH QRYH FRQ XQ
RUD GL ULWDUGR D FDXVD GL XQD
SURFHVVLRQHGLEDUFKHFKHDFFRPSDJQDQRXQDVWDWXDGHOOD0DGRQQDSHU
WXWWRLOSRUWR/HVLUHQHGLWXWWHOHQDYLVDOXWDQRIHVWRVDPHQWHLOSDVVDJ
JLR&LDIIDFFLDPRDOOHEDWWDJOLROHSHUYHGHUH6XELWRGRSRFRPLQFLDQRL
IXRFKLDUWLILFLDOLFKH%DUWRORHGLRIRWRJUDILDPRFRQXQWHPSRGLSRVD
OXQJR LPSRVWDWR VXOOH PDFFKLQH IRWRJUDILFKH $SSHQD WHUPLQDQR L IXR
FKL FRPLQFLDPRDPDQJLDUHHVHQ]DFKHFHQHDFFRUJLDPRODQDYHHVFH
GDOSRUWR0DQJLDPRSDQHSURVFLXWWRPRUWDGHOODPHOHSUXJQHGL6DQ
0DUWLQRLQ3HQVLOLVYLQRELUUDDFTXD
$OOH GLHFL 8FFLR &DUPHOLWD H &DUPHQ VL ULWLUDQR ,R UHVWR FRQ
3XSDH%DUWRORILQRDOOHXQGLFL3XSDqXQSR
SUHRFFXSDWDSHULOPDOGL
PDUHDQFKHVHOHFRQGL]LRQLVRQRWDOLGDULWHQHUORHVWUHPDPHQWHLPSUR
EDELOH
'HFLGR GL VFHQGHUH D GRUPLUH TXDQGR JLj VL YHGRQR OH OXFL GL
6DQWD0DULDGL/HXFD/HULFRQRVFRGDOIDWWRFKHVRQROHXOWLPHGLXQD
VWULVFLD TXDVL LQLQWHUURWWD GL OXFL FKH FL DYHYD DFFRPSDJQDWR ILQ GDOOD
SDUWHQ]DVXOERUGRGHVWURGHOODQDYH2OWUHQRQF
qFKHLOEXLRGHOPDUH
GHVHUWR
&
qXQEHOPDHVWUDOHFKHFLVSLQJH1HOODQRWWHVLVHQWLUjXQSR
GLUROOLR
&DUPHOLWDVHWWHPEUH² 3DUWHQ]DGD%ULQGLVL
3DUWLDPR GD 9LFR FRPH VHPSUH PROWR LQ ULWDUGR DEELDPR DS
SXQWDPHQWRFRQ3DROLQRD6DOHUQRDOOHPDULXVFLDPRDGDUULYD
UHVRORDOOHOXLDUULYDSRFKLPLQXWLGRSRFRQ&DUPHQ%DUWRORH
3XSD&LIHUPLDPR SHUSRFKLPLQXWLQHOO
DUHDGLVHUYL]LRSHUSUHQGHUH
TXDOFRVDGDEHUHHSRLULSUHQGHUHLOYLDJJLR
3UDQ]LDPRD3RWHQ]DLQXQULVWRUDQWHLQFXL3DROLQRVLqIHUPD
WR PROWH YROWH LOQRVWURXOWLPR³SDVWRLWDOLDQR´qRWWLPRHGRSRDYHU
WHOHIRQDWR D PDPPD FKH SXUWURSSR q GRYXWD UHVWDUH D 1DSROL VLDPR
FRVWUHWWLDULSDUWLUH
)DFFLDPRXQ
DOWUDVRVWDYLFLQRD0HWDSRQWRSHUYLVLWDUHLOWHP
SLRGL(UDFKHLRULFRUGDYRYDJDPHQWH
6ILRULDPR7DUDQWRHILQDOPHQWHLOQRVWUR³FDPPLQR´VLFRQFOX
GH D %ULQGLVL GRYH GRSR XQ OXQJR JLUR LQWRUQR DO SRUWR ULXVFLDPR D
WURYDUHODQRVWUDQDYH
,RUHVWRD³JXDUGLD´GHOOHPDFFKLQHPHQWUH3DROLQRHEDEERVL
VSRVWDQRGDXQSXQWRDOO
DOWURGHOSRUWRSHUO
DFFHWWD]LRQHHSHULOULP
ERUVRGHOELJOLHWWRGLPDPPD3XSD%DUWRORH&DUPHQYDQQRDIDUHXQ
SR
GLVSHVDSHUODFHQDFKHFRQVXPHUHPRVXOODQDYH
/D 3RVHLGRQLD q XQ SR
GLYHUVD GDOOH DOWUH QDYL JUHFKH FKH KR
YLVWRQRQF
qPROWRVSD]LRIXRULHTXHOORFKHF
qqRFFXSDWRGDUDJD]]L
H UDJD]]H FRQ LO VDFFR D SHOR SHU OR SL LQJOHVL /D QRVWUD FDELQD q
PROWRSLFFRODH&DUPHQH3XSDYRUUHEEHURFDPELDUODPDDOODILQHUH
VWLDPRFRVu
&HQLDPRDOO
HVWHUQRFRQSDQHSURVFLXWWRPRUWDGHOODHIUXWWDH
SRLVXELWRDQGLDPRDGRUPLUH
3DROLQRVHWWHPEUH² 'RPHQLFD
0LVYHJOLRXQDSULPDYROWDDOOHVXOODQDYH3HQVRFKHTXHVWR
VLDLOPRPHQWREXRQRSHUDQGDUHQHOEDJQRGHOOHGRQQHFKHqSLSXOLWR
HVRSUDWWXWWRSUHVHQWHLQQXPHURPDJJLRUHGLXQLWj(QWURHPLWURYRGL
IDFFLDXQDSHUVRQDSRLFKpVRQRLQSLJLDPDQRQSHUGRWHPSRDGLQGLYL
GXDUQHLOVHVVRHVFDSSRYLD*LURSHULFRUULGRLGHVHUWLGHOOD]RQDFDEL
QH H WURYR XQ
DOWUD UDVVLFXUDQWH SRUWD FRQ LO VLPEROR GHO EDJQR GHOOH
GRQQH4XHVWDYROWDqGHVHUWRDPHQRGLXQRGHLORFXOLFKHqRFFXSDWR
DJLXGLFDUHGDOUXPRUH0DGHFLGRFKHQRQPHQHLPSRUWDQLHQWHHQRQ
VFDSSR
$OO
XVFLWDKRSUHVRFRUDJJLRHQRQFXUDQWHGHOSLJLDPDHVFRVXO
SRQWHSHUYHGHUHGRYHVLDPRÊXQDFODVVLFDDOEDJUHFDVXOOHLVROH,RQLH
,OVROHVWDDSSHQDVRUJHQGRGDOPDUHF
qXQSR
GLIRVFKLDHQRQVLYHGH
WHUUDGDQHVVXQDSDUWH)RUVHVLDPRDVXGGL3D[L
7RUQRLQFDELQDHPLULDGGRUPHQWR'RUPRGLYLQDPHQWHILQRDO
OH0LVYHJOLDO
DOWRSDUODQWHFKHDQQXQFLDFKHVWLDPRSDVVDQGRYL
FLQRDG,WDFDHFKHWUDSRFRDWWUDFFKHUHPRD&HIDORQLDSRUWRGL6DPL
0L YHVWR HG HVFR VXO SRQWH ,O VROH q JLj IRUWLVVLPR H VWLDPR SDVVDQGR
QHOFDQDOHIUD,WDFDH&HIDORQLD6LYHGHGDXQDSDUWHODSLDQDGHOSDOD]
]RGL8OLVVHHGDOO
DOWUD)LVFDUGR
6XOSRQWHVDOJRQR%DUWROR3XSD&DUPHQHGRSRXQSRFR8FFLR
&DUPHOLWDGRUPHDQFRUD3LWDUGL8FFLRYDDVYHJOLDUOD3UHQGLDPRXQ
FDIIqDOEDU,UDJD]]LGHOODVHUDSULPDVRQRVYHJOLPDXQSR
LQWRQWLWL
$WWUDFFKLDPR D 6DPL SRUWR GDO TXDOH HUDYDPR SDUWLWL QHO VHW
WHPEUH GRSR FKH HUDYDPR VWDWL DG ,WDFD 6ILODQR OH FRVWH
GHOO¶$FDUQDQLD OH SDOXGL GL 0LVVROXQJL 0HVRORQJKLRQ GRYH WLUz OH
FXRLD/RUG%\URQ
&L DYYLFLQLDPR D 3DWUDVVR GRYH VEDUFKLDPR DOOH ORFDOL
FRQODVWHVVDRUDGLULWDUGRFRQFXLHUDYDPRSDUWLWL$QGLDPRVXELWRDO
O
DJHQ]LD+0/FKHWURYLDPRGRSRPROWLVIRU]LSHUFDPELDUHOHFDELQH
SHU LO ULWRUQR YLVWR FKH QRQ FL SLDFFLRQR OH WULSOH LQWHUQH SUHQRWDWH D
1DSROL4XHVWDVLVWHPD]LRQHDFFHWWDWDSHUXQPDOLQWHVRHSHUVPDQLDGL
HFRQRPLDFLDYUHEEHFRVWUHWWRDIDUGRUPLUHWXWWHOHGRQQHLQXQDFDEL
QDHWXWWLJOL XRPLQLLQXQDOWUD/HVLJQRUHFRPXQTXHQRQLPPDJLQDQR
LO SHULFROR FKH KDQQR FRUVR SHUFKp SHU IRUWXQD ULXVFLDPR WUDQTXLOOD
PHQWHDSUHQRWDUHGXHHVWHUQHFRQREOz6ROR8FFLRLPSHUWHUULWRFRQ
VHUYDSHUVpXQDWULSODLQWHUQD
5LVROYLDPRUDSLGDPHQWHLOSUREOHPDGHOULWRUQRSHUDOWURFRQXQ
VXSSOHPHQWR GLVSHVDYHUDPHQWHHVLJXRPHQWUH8FFLRYDDOODVWD]LRQH
IHUURYLDULD SHU YHGHUH VH F
q OD SRVVLELOLWj SHU 5RVDQQD GL SUHQGHUH XQ
WUHQRSHUDYYLFLQDUVLDOO
LPEDUFRSHU&LWHUDXQDYROWDDUULYDWDD3DWUDV
VR2YYLDPHQWHGDWDO
HVLJXLWjGHOVHUYL]LRIHUURYLDULRJUHFRLOSUREOH
PDUHVWDLUULVROWR4XLQGLDFFRPSDJQLDPR8FFLRDGXQ
DJHQ]LDGLYLDJ
JLGRYHXQDEUXQHWWDJHQWLOLVVLPDFLGjWXWWHOHLQIRUPD]LRQLVXLYROL2
OLPSLF$LUZD\VSHU&LWHUD3XUWURSSROHFRLQFLGHQ]HFRQLYROLGDOO
,WDOLD
RDQFKHGD&RUIVRQRSLXWWRVWRULVLFDWHHFRVDSLLPSRUWDQWHLSUH]]L
VRQRSLXWWRVWRDOWL6LFRQILJXUDODQHFHVVLWjFKH8FFLRULWRUQLD3DWUDVVR
SHUSUHQGHUH5RVDQQDDOO
DUULYRGHOODQDYHGDOO
,WDOLDTXDQGRDUULYHUj
'XUDQWHODPDWWLQDWDDYHYDPRSURJHWWDWRGLSDUWLUHSHU2OLPSLD
H GRSR OD YLVLWD SHUQRWWDUH HYHQWXDOPHQWH Oj H FRPXQTXH SURVHJXLUH
SHULOVXGOXQJRODFRVWDRFFLGHQWDOHGHO3HORSRQQHVR,QYHFHRUDFDP
ELDPRLGHDSHUFKpODJXLGDYHUGHGHO7RXULQJGLFHFKHJOLVFDYLFKLXGR
QRDOOHWUHGHOSRPHULJJLR8FFLRVLHUDJLjDYYLDWRDYDQWLSHULOOXQJR
PDUHFKHSRUWDDOODVWUDGDSHU2OLPSLDTXDQGRLPSURYYLVDPHQWHSUHQ
GLDPR TXHVWD GHFLVLRQH 6RQR FRVWUHWWR DG LQVHJXLUOR SDVVDQGR DQFKH
DG XQ VHPDIRUR FRO URVVR PD OR UDJJLXQJR TXDVL VXELWR )DFFLDPR LQ
YHUVLRQHHFLGLULJLDPRYHUVRO
DXWRVWUDGDSHU&RULQWRFRQO
LGHDGLSHU
QRWWDUHGDTXHOOHSDUWL
)DFFLR LO SLHQR D 3DWUDVVR û! &L IHUPLDPR LQ XQ
DUHD GL
VHUYL]LR D PHWj VWUDGD SHU FRPSUDUH XQ FDIIq HG XQ SR
G
DFTXD 1RQ
YLHQHDFFHWWDWDO
LGHDGL8FFLRGLDQGDUHD.DOjYULWDSDHVHVXOOHPRQWD
JQHFRQXQWUHQLQRDFUHPDJOLHUDFKHSDUWHDSSXQWRD PHWjGHOJROIRGL
&RULQWR H VL LQHUSLFD VXOOH SULPH PRQWDJQH GHO 3HORSRQQHVR ,Q HIIHWWL
8FFLRKDJLjIDWWRTXHVWDJLWDGXHRWUHYROWHPDHYLGHQWHPHQWHVLWUDWWD
GLXQRGHLVXRLFXOWMRXUQH\FKHYRUUHEEHVHPSUHULSHWHUH
$UULYDWL D &RULQWR XVFLDPR GDOO
DXWRVWUDGD SHU YHGHUH LO FDQDOH
GDYLFLQRSHVVLPDVFHOWDSHUFKpGRSRXQJLURHQRUPHFLGHFLGLDPRD
ULWRUQDUHVXOO
DXWRVWUDGDFKHDWWUDYHUVDLOFDQDOHLQXQSXQWRYLFLQLVVLPR
D TXHOOR GRYH O
DYHYDPR ODVFLDWD &RPXQTXH OD GHYLD]LRQH QRQ q VWDWD
GHOWXWWRLQXWLOHSHUFKpFLFRQVHQWHGLYHGHUHXQDVSLDJJLDOLEHUDOXQJR
ODVWUDGDVWDWDOHVTXDOOLGDPDFRQO
DFTXDSXOLWLVVLPDHGLTXDUWLHULLQ
WHUQLGL&RULQWRSLXWWRVWRSRYHULHSURYLQFLDOL
'RSRODFODVVLFDIRWRD&DHFRQORVIRQGRGHOFDQDOHFKHULSHWH
TXHOOH JLj IDWWH WUHGLFL H GRGLFL DQQL SULPD FRQ 5L] H FRQ &L] H 5L]
SUHQGLDPRODVWUDGDFRVWLHUDYHUVRVXGFKHFRVWHJJLDLOJROIR6DURQLFR
1HOSULPRSDHVHFKHLQFRQWULDPR/RXWUDNu(OHQuV%DJQRGL(OHQDWUR
&RVuFRPHVLYRUUHEEHVHPSUHULYHGHUHLOSURSULRFXOWPRYLH ILOPIHWLFFLR
*UHFLD
YLDPRXQEHOO
DOEHUJKHWWRLO6HD9LHZLQ ULYDDOPDUHGRYHODFDPHUD
GRSSLDFRVWDVRORDOJLRUQR&LIHUPLDPRTXL6LDPRVXOPDUHH
GRPDQLIDUHPRLOEDJQR
'RSRODGRFFLDDQGLDPRDFHQD&RQODPDFFKLQDIDFFLDPRLQX
WLOPHQWHXQDWUHQWLQDGLFKLORPHWULSHUFHUFDUHXQULVWRUDQWHDQFRUDSL D
VXG 3RL YLVWR FKH OD SLQHWD LQ FXL FL VLDPR DGGHQWUDWL q SUDWLFDPHQWH
GHVHUWDWRUQLDPRDOSXQWRGLSDUWHQ]DHFHQLDPRDGXQULVWRUDQWHLQULYD
DO PDUH SURSULR VRWWR O
DOEHUJR ,O SRVWR q FDULQR H IUHVFR PD QRQ q
PROWR IRUQLWR &RPXQTXH FL VRQR GXH FDQWDQWL JUHFL FRQ FKLWDUUD FKH
VDQQRDQFKHTXDOFKHFDQ]RQHLWDOLDQD,QIDWWLDSSHQDFLYHGRQRFLLQGL
YLGXDQR VXELWR H VFLRULQDQR LO ORUR UHSHUWRULR LWDOLDQR 6X ULFKLHVWD GL
3XSDFDQWRDQFK
LRXQRGHLPLHLSH]]LSUHIHULWL
2VROHPLR5LFHYRDQ
FKHO
DSSODXVR
0DQJLDPR GHL ODFHUWL DUURVWLWL H GHOO
LQVDODWD JUHFD ,O SHVFH q
IUHVFR PD DYUHPPR SUHIHULWR TXDOFRVD GL SL UDIILQDWR 'RSR FHQD FL
VHGLDPR VX XQD SDQFKLQD VXOOD VSLDJJLD VRWWR O
DOEHUJR ,OYLQRFKHDE
ELDPR EHYXWR FL VSLQJH D FDQWDUH DQFRUD DQFKH VH TXHVWD YROWD VHQ]D
O
DFFRPSDJQDPHQWRGHLGXHFKLWDUULVWL
&RPXQTXHDQGLDPRDOHWWRSUHVWR'RPDQLFLDVSHWWDXQDIDWLFR
VDJLRUQDWDLQWHUDPHQWHGHGLFDWDDOO
DUFKHRORJLD
&DUPHOLWDVHWWHPEUH6DEDWR
/DQRWWHQHOOD3RVHLGRQLDqGHFLVDPHQWHFDWWLYD,QIDWWLYHUVROH
ODQDYHFRPLQFLDDPXRYHUVLDFDXVDGHOPDUHHGHOYHQWRQRQID
YRUHYROL&RPHVHQRQEDVWDVVHQHOODSLFFRODFDELQDIDYHUDPHQWHPRO
WRFDOGRHSHUTXHVWRPLVYHJOLRPDGRSRSRFRULHVFRDSUHQGHUHQXR
YDPHQWHVRQQR
0LVYHJOLRGHILQLWLYDPHQWHDOOHRUDLWDOLDQDHGHVFRVXO
SRQWHGRYH3XSD&DUPHQ%DUWRORH3DROLQRVWDQQRFRQVXPDQGRODOR
UR³FROD]LRQH´$QFKHLRPDQJLRXQFRUQHWWRPDQLHQWHDOWUR
3ULPDGLDUULYDUHD3DWUDVVR&DUPHQ%DUWRORH3XSDGHFLGRQR
GLIDUHXQ³SLFFRORSUDQ]R´DERUGRGHOODQDYHLRYDGRFRQORURPD
QRQULHVFRDPDQJLDUHGDWRFKHQRQF
qQXOODFKHPLVHPEULDOOHWWDQWH
6FHVLGDOODQDYHGRSRDYHUFDPELDWROLUHFLIHUPLDPR
SHUGHFLGHUHTXDOHVDUjODQRVWUDSURVVLPDPHWD,QWDQWREDEERFHUFD
XQDVROX]LRQHSHUPDPPDFLRqVLIHUPDDGRPDQGDUHDOODVWD]LRQHGL
3DWUDVVRJOLRUDUL
$OOD ILQH GHFLGLDPR GL DOORQWDQDUFL GD &RULQWR SHU FHUFDUH XQ
DOEHUJR GRYH WUDVFRUUHUH OD QRWWH 6LDPR IRUWXQDWL LQIDWWL QRQORQWDQR
GDOODFLWWjD/RXWUDNLü0"WURYLDPRXQDOEHUJRFDULQRVXOPDUHFKH
SLDFHDWXWWL3UHQGLDPRXQDGRSSLDFKHQDWXUDOPHQWHULHPSLDPRFRQL
EDJDJOL
)LQDOPHQWHXQSR
VWDQFKLFLGHFLGLDPRDGDQGDUHDFHQDUHOD
VFHOWDGHOULVWRUDQWHVDUjODQRVWUDSULPDDYYHQWXUDJUHFD3UHVD
OD PDFFKLQD FL DOORQWDQLDPR GDO SDHVH PD VXELWR FL UHQGLDPR FRQWR
FKH QRQ FL VRQR ULVWRUDQWL GRYH SRWHU FHQDUH 7RUQLDPR LQGLHWUR H UL
SLHJKLDPRVXOODWDYHUQDYLFLQRDOQRVWURDOEHUJR/DFHQDqXQSR
GH
OXGHQWH LQIDWWL PROWL GHL ³SLDWWL JUHFL´ WUDGL]LRQDOL QRQ VRQR SUHVHQWL
QHOPHQXGHOULVWRUDQWH
$QGLDPRDGRUPLUHVSHUDQGRFKHO
LQGRPDQLLOPDUHVLDFDOPR
SHUSRWHUIDUHXQEHOEDJQR
3DROLQRVHWWHPEUH² /XQHGu
&LDO]LDPRSLRPHQRSUHVWRHDQGLDPRDPDUHSHUIDUHLOED
JQR /
DFTXD q JLj FDOGD H EHOOLVVLPD OLVFLD FRPH O
ROLR ,R VWR D PDUH
SLGLWXWWL8FFLRQRQVLEDJQDQHPPHQR
&RQFDOPDPDVHQ]DIDUHODGRFFLDVRQRJLjOHGLHFLSDUWLDPR
SHUODJLWDDUFKHRORJLFD3URSRQJRGLWHQHUHODFDPHUDDQFKHSHUODVHUD
HGLSDUWLUHO
LQGRPDQL PDWWLQDSUHVWRSHULOVXGHSHU&LWHUD/DSURSRVWD
YLHQHDFFHWWDWD
3ULPDGLSDUWLUHVLYDDIDUIDUHO
LQLH]LRQHGLDQWLDOOHUJLFRD%DU
WRORFKHVLqLQIRUPDWRHGKDVDSXWRFKHF
qXQPHGLFRDOSDHVHVXFFHV
VLYR$OPLUu$!,OPHGLFRqXQDVLJQRUDVLPSDWLFDFKHQRQYXROH
HVVHUH SDJDWD )LQDOPHQWH SDUWLDPR LQ GLUH]LRQH GL &RULQWR SHU SRL
SUHQGHUHODQXRYDDXWRVWUDGDFKHSRUWDD7ULSROL8FFLRPLIHUPDSULPD
GHOO
LQJUHVVR SHUFKp WHPH FKH HVVD FL SRUWL ORQWDQR GDOOD QRVWUD SULPD
PHWD 0LFHQH ,QYHFH FRQVXOWDQGR OD FDUWD FL UHQGLDPR FRQWR FKHX
VFHQGRD1HPHDGRYH(UFROHXFFLVHLOOHRQHLQXQDGHOOHVXHIDWLFKH
SRVVLDPRDUULYDUHIDFLOPHQWHHUDSLGDPHQWHD0LFHQH
8FFLR SDUWH SHU SULPR H
YD DYDQWL FRQ OD VXD PDFFKLQD
QRL OR VHJXLDPR 6HQQRQFKp
DUULYDWL D 1HPHD HJOL QRQHVFHH
SURVHJXH
D
WXWWD
ELUUD
VXOO¶DXWRVWUDGD QRQRVWDQWH L PLHL
ODPSHJJLDPHQWL $ TXHVWR SXQWR
OR VRUSDVVR HG HVFR DOO
XVFLWD
VXFFHVVLYD 6PHUQD GD GRYH
GREELDPR WRUQDUH LQGLHWUR SHU
TXDOFKH FKLORPHWUR SHU DQGDUH D
0LFHQH
5DJJLXQJLDPR LO VLWR
GHJOL VFDYL H ODVFLDPR OH
PDFFKLQH QHO SDUFKHJJLR ,R
)LJXUD 0LFHQH/DSRUWDGHLOHRQL
VSHQJR LO PRWRUH GHOOD PLD H
SURYDQGRDULDFFHQGHUODPLUHQGRFRQWRFKHQRQSDUWHÊLOVROLWRGLIHW
WRGLTXDQGRLOPRWRUHqWURSSRFDOGR&RPXQTXHLQL]LDPRODYLVLWDLQ
TXHOORFKHVLFRQIHUPDXQRGHLSRVWLSLFDOGLGHOO¶XQLYHUVR*LjDOOD
3RUWD GHL /HRQL FRPH DO VROLWR EUXOLFDQWH GL WXULVWL DSSLFFLFDWL FRPH
PRVFKHDOO
XQLFDSDUHWHLQRPEUDGHOFRUULGRLRGLDFFHVVRVRQRXQED
JQRGLVXGRUH&DHSXUWURSSRQRQPLDYHYDIDWWRPHWWHUHODFDQRWWLHUD
SHUQRQIDUPLYHQLUHLQIRWRJUDILDYHVWLWRVHPSUHDOORVWHVVRPRGR2JJL
LQGRVVRODPDJOLHWWDJULJLDFROJDWWRHODSRHVLDGL%DXGHODLUHUHJDODWD
PLGD6WHIDQLD$UULYDWRDOSDOD]]RL$WUHRGRSRHVVHUPLVRIIHUPDWRD
OXQJRDOOHWRPEHUHDOLGHO&LUFROR$PDODWROJRHLQXQSULPRPRPHQ
WRODIDFFLRSHQGHUHGDOODWDVFDVLQLVWUDGHLFDO]RQFLQLFRUWLSRLGHFLGR
GL XWLOL]]DUOD FRPH WXUEDQWH SHU LO VROH H &DH PH OD VLVWHPD SHU EHQH
'RSRWDQWHIRWRJUDILHVFHQGLDPRDOSDUFKHJJLR9LFLQRDOOHWRLOHWWHVF
q
XQDIRQWDQHOODPDO
DFTXDqSUHVVRFKpEROOHQWH
)LJXUD 0LFHQH/HWRPEHGHOFLUFROR$
*LXQWR DOOD PDFFKLQD SURYR D ULDFFHQGHUOD H TXHVWD ULSDUWH DO
SULPRFROSR&LIHUPLDPRGRSRSRFKLPHWULGDYDQWLDOFRVLGGHWWR7HVR
URGL$WUHRWRPEDDWRORVSUHFHGXWDGDXQJUDQGHFRUULGRLRULYHVWLWRGL
PDVVL FLFORSLFL $QFKH TXHVWD YROWD FRPH OH DOWUH GXH FKH VRQR VWDWR
TXD QRQ ULHVFR D IRWRJUDIDUH OD GUDPPDWLFD SURVSHWWLYD GHO FRUULGRLR
FRQLQIRQGRO
LQJUHVVRGHOODWRPEDVRUPRQWDWRGDXQDUFKLWUDYHPRQROL
WLFRGLPROWHWRQQHOODWHSHUFKpFLVRQRWRUPHGLWXULVWLVRPPDULDPHQWH
YHVWLWLHVXGDWLFKHVLDPPDVVDQRFRQWURODSDUHWHLQRPEUD(QWULDPR
*UHFLD
QHOOD FDPHUD FKH q VWUDQDPHQWH VLPLOH DOO
LQWHUQR GL XQQXUDJKHDQFKH
VHPROWRPHJOLRFRQVHUYDWDHVVHQGRVHSROWDQHOODFROOLQD3HUXQDWWLPR
DEELDPR OD IRUWXQD GL WURYDUOD TXDVL YXRWD SHUFKp XQ JUHJJH qDSSHQD
XVFLWR HG LO VXFFHVVLYR QRQ q DQFRUD HQWUDWR $ GHVWUD HQWUDQGR VL DSUH
XQDFHOODVFXUDQHOODSDUHWHGHOWRORV
%DUWRORHQWUDFRQXQDFFHQGLQR&HUFRGLIDUHXQDIRWRJUDILDFRO
IODVK PD LPSURYYLVDPHQWH HQWUD XQD IROOD GL WXULVWL PDOHRGRUDQWL /
D
UHDQHOFKLXVRGHOODWRPEDVLIDSHVDQWH$TXHVWRSXQWR8FFLRYRUUHEEH
DEEDLDUHPDLOWLPRUHFKHTXDOFXQRDOEXLRSUHVRGDOSDQLFRSRVVDIDU
VLPDOHORIDGHVLVWHUH3HFFDWR3RWHYDHVVHUHLO³FDQHGL$WUHR´VHFRQ
GRO
D]]HFFDWDGHILQL]LRQHLQYHQWDWDOjSHUOjGD&DUPHOLWD'RSRXQSR
XVFLDPR H 3XSD YLHQH SXQWDGDXQDYHVSD $OODELJOLHWWHULDOHGDQQRLO
)HQLVWLO
&LULPHWWLDPRLQPDFFKLQDHFLGLULJLDPRYHUVR$UJR/XQJROD
VWUDGDPLIHUPRSHUFRPSUDUHGHOO
XYDVXXQDEDQFDUHOOD&DUPHOLWDPL
DFFRPSDJQD6FRSULDPRFKHDG$UJRF
qXQD]RQDDUFKHRORJLFDLQWHUHV
VDQWHFKHDYHYDPRVHPSUHWUDVFXUDWRXQEHOOLVVLPRWHDWURJUHFRVFDYD
WR QHOOD URFFLD GHO ILDQFR GHOOD FROOLQD FLUFRQGDWR GD URYLQH URPDQH
WHUPHDELWD]LRQLWHPSOLULVDOHQWLDOO
LPSHUDWRUH$GULDQR&LIDGDJXL
GDXQDEXVLYRFKHVLDXWRGHILQLVFH³DUFKHRORJRWHFQLFR´"ÊFRPXQ
TXHEUDYRHVLDUUDQJLDEHQHFRQO
LWDOLDQR1HOO
DUUDPSLFDUPLVXXQPX
UHWWR SHU YHGHUH O
LPSLDQWR GHO YDSRUH GHOOH WHUPH PL DFFRUJR FKH OD
PDFFKLQDIRWRJUDILFDFKHSRUWRDSSHVDDOFROORVWDSHUVEDWWHUHVXOPX
UR3HUSURWHJJHUODPLDSSRJJLRFRQWXWWRLOSHVRVXGXHGLWDGHOODPDQR
GHVWUDHPLIDFFLRXQSR
PDOHPDQRQqQLHQWHGLJUDYH3ULPDGLHQWUD
UH QHJOL VFDYL FKH VRQR JUDWXLWL DYHYDPR FRQVXPDWR TXDVL WXWWD O
XYD
SUHVVR XQD IRQWDQD GRYH DYHYDPR SRWXWR ODYDUOD LO WXWWR LQQDIILDWR GD
DFTXDPLQHUDOHJKLDFFLDWD'RSRODYLVLWDVRQRTXDVLOHWUHHFLSUHFLSL
WLDPR D 7LULQWR SHQVDQGR FKHOHURYLQHGHOSDOD]]RPLFHQHRFKLXGDQR
DSSXQWRDOOHWUHFRPHGLFHODJXLGD,QYHFHSHUIRUWXQDQRQqYHURQLHQ
WHWXWWLJOLVFDYLFKLXGRQRDOOH
3ULPDGLHQWUDUH8FFLRYDDWHOHIRQDUHD5RVDQQDHQRLORDVSHW
WLDPRDOO
RPEUDYLFLQRDOO
LQJUHVVR$OVXRULWRUQRILQDOPHQWHHQWULDPRH
VDOLDPRDOSDOD]]RSHUFRUUHQGROHDQWLFKHUDPSHFKHDGXQFHUWRSXQWR
SHQHWUDQR QHOOH PXUD FLFORSLFKH DWWUDYHUVR XQD EUHFFLDDSHUWDVL SHU XQ
FUROORDPRQWHGHOODSRUWDRULJLQDOH4XHVWDSRUWDHGDQFKHXQ
DOWUDSL
LQWHUQDFKHVLDSUHLPPHGLDWDPHQWHSULPDGHLSURSLOHL KDQQRXQDVWUXW
WXUDDQDORJDDTXHOODGHOOD3RUWDGHL/HRQLGL0LFHQHDQFKHVHTXLLOH
RQLQRQVLYHGRQRVRQRVSDULWLRQRQFLVRQRPDLVWDWL6XSHUDWLLSUR
3RPDWDDQWLVWDPLQLFDFRQWUROHSXQWXUHGLLQVHWWL
,QJUHVVRSULQFLSDOHFRQFRORQQH1HOSDOD]]RGL7LULQWROHFRORQQHVRQRGXH
SLOHL ³HQWULDPR´ QHO SDOD]]R DQFKH VH LO YHUER ³HQWUDUH´ QRQ q PROWR
FRUUHWWRYLVWRFKHWXWWRLOSDOD]]RqRUPDLULGRWWRDGXQ
DPSLDWHUUD]]D
DSHUWDVXOYHUGHGHJOLDJUXPHWLULJRJOLRVLFKHFLUFRQGDQRODSLFFRODFRO
OLQDVXFXLqFRVWUXLWDO
DFURSROL6RORVXOSDYLPHQWRVLSRVVRQRQRWDUHOH
WUDFFHGHJOLDUWLFRODWLDPELHQWLGLXQWHPSR&RQO
DLXWRGHOOHJXLGHGL
FXL 8FFLR q LO SL IRUQLWR ULFRQRVFLDPR O
DSSDUWDPHQWR GHO UH H TXHOOR
GHOODUHJLQDULJRURVDPHQWH VHSDUDWLHGLQROWUHLOEDJQRGHOUH1RWLDPR
VFKHU]RVDPHQWHFKHODUHJLQDQRQVLODYDYDSHUFKpQRQDYHYDLOEDJQR
HQRWLDPRSXUHFKHLOUHVHYROHYDDQGDUHGDOODUHJLQDGRYHYDDGGLULWWX
UDXVFLUHGDOSDOD]]RQRQHVVHQGRFLDOFXQDFRPXQLFD]LRQHIUDLGXHDS
SDUWDPHQWL
)LJXUD 7LULQWR&ULSWRSRUWLFR
*UHFLD
0DODFRVDSLLQWHUHVVDQWHHPHJOLRFRQVHUYDWDGL7LULQWRVRQRL
FULSWRSRUWLFL JDOOHULH PHJDOLWLFKH FRVWLWXLWH GD PDVVL DJJHWWDQWL FKH
FRQYHUJRQR D IRUPDUH XQD IDOVD YROWD XVDWH FRPH PDJD]]LQL H FRPH
FDPPLQDPHQWLPLOLWDUL3XUWURSSRGHLFDUWHOOLLQJUHFRHGLQLQJOHVHDY
YHUWRQRFKHHVVLVRQRFKLXVLDOSXEEOLFRSHUFKpFLVRQRVWDWLGHLFUROOLLQ
TXDOFKH SXQWR GHOOH PXUD FLFORSLFKH ,QFXUDQWL GHL FDUWHOOL GL DYYHUWL
PHQWRVFDYDOFKLDPROHWUDQVHQQHHGHQWULDPRLQXQRGHLFULSWRSRUWLFL
0ROWLWXULVWLGHYRQRDYHUFLSUHFHGXWLYLVWRFKHLPDVVLGHOOHSDUHWLVRQR
SHUIHWWDPHQWHOXFLGLDGDOWH]]DG
XRPRDFDXVDGHOOHLQQXPHUHYROLPDQL
FKHOLKDQQRWRFFDWL3ULPDGLDQGDUFHQH8FFLRHGLRSHQVLDPRGLPDU
FDUHLOVLWRVHFRQGRO
XVRGHJOLDQLPDOLVHOYDWLFL
&LULPHWWLDPRLQPDFFKLQDHSURVHJXLDPRSHU1DXSOLDFKHqYL
FLQLVVLPDD7LULQWRÊLOSULPRFHQWURYHUDPHQWHJUD]LRVRFKHYHGLDPR
GL LPSURQWD SUHWWDPHQWH YHQH]LDQD FRQ LO FDVWHOOR %XU]u LQ PH]]R DO
PDUHQHOSRUWRHOHLPSRQHQWLIRUWH]]HYHQH]LDQHOH3DODPuGLVXOODFRO
OLQD D SLFFR
VXO PDUH FKH
VRYUDVWD OD FLW
Wj
6DOLDPR
SHU XQD VWUDGD
SDQRUDPLFD
FKH FRVWHJJLD
OR ;HQLj HG
)LJXUD 1DXSOLD,OFDVWHOOR%RXU]u
DUULYLDPR DG
XQD URWRQGD
GRYH SRVVRQR DWWHUUDUH JOL HOLFRWWHUL QRWLDPR LQIDWWL OD JUDQGH + GLVH
JQDWDSHUWHUUDGDFXLVLJRGHXQRVSOHQGLGRSDQRUDPDVXOODFLWWjVXO
PDUHHODFRVWDHVWHUQDHJXDUGDQGRYHUVRO
DOWRVXOOH3DODPuGL/DFRO
OLQDqOHWWHUDOPHQWHFRSHUWDGLILFKLG
,QGLDWXWWLJLDOOLGLIUXWWLPDWXULH
&DHVLHQWXVLDVPDHGHFLGHFKHGREELDPRUDFFRJOLHUOLYLVWRFKHODVHUD
SULPDDOULVWRUDQWHQRQVLDPRULXVFLWLDGDYHUHODIUXWWD,RSUHQGRLOFRO
WHOORFRPSUDWRD6DQ)UDQFLVFRHUDFFROJRXQILFRXQRVRORPDqVXIIL
FLHQWHDULHPSLUPLOHPDQLGLVSLQH'HFLGRGLULQXQFLDUHHTXLQGL%DU
WRORIDWWRVLGDUHLOFROWHOORSURFHGHEDOGDQ]RVDPHQWHDOODUDFFROWD9LH
QH ULHPSLWDXQ
LQWHUDEXVWDGLSODVWLFDLQFXLF
HUDDQFRUDXQUHVLGXRGL
XYD FKH GLYHQWDDXWRPDWLFDPHQWHLPPDQJLDELOHHGDQFKH%DUWRORDF
FXVD LSULPLVLQWRPLGHOOHSXQWXUH$Q]LVLFFRPHHJOLVRIIUHGHLSRVWX
PLGLXQ
DOOHUJLDDOOHPDQLJOLVLULFRSURQROHPDQLHOHEUDFFLDGLVHJQL
URVVL
&RPXQTXH GLVFHQGLDPR DL JLDUGLQHWWL YLFLQR DO SRUWR 8FFLR VL
$OEHUJRGLOXVVRDSSDUWHQHQWHDXQDFDWHQDGLDOEHUJKLVWDWDOLFUHDWDSHULQFUHPHQWDUHLO
WXULVPR'D[HQzV0)" IRUHVWLHUR
IHUPD SUHVVR O
H[VWD]LRQH IHUURYLDULD RUD WUDVIRUPDWD LQ JLDUGLQR SXE
EOLFR &
q ULPDVWD VROR XQD YHFFKLD FDUUR]]D VX XQ ELQDULR PRUWR D UL
FRUGDUHODVXDYHFFKLDIXQ]LRQH,PDUFLDSLHGLVRQRSLHQLGLILRUL/LEH
URLQPH]]RDLFHVSXJOLSURIXPDWLXQSDYRQHHQRUPHDSSDUHHVFRPSD
UH&RPSULDPRDGXQFKLRVFRO
HQQHVLPDERWWLJOLDGLDFTXDJHODWD
1HO ULSDUWLUH FL IHUPLDPR YLFLQR DG XQ QHJR]LR GL SHOOLFROH SHU
VRGGLVIDUHO
HWHUQDHVLJHQ]DGL%DUWRORFKHOHFRQVXPDDGXQULWPRYHU
WLJLQRVR 1HO IUDWWHPSR 8FFLR HG LR DQGLDPR D WHOHIRQDUH DOO
$XWRULWj
GHO SRUWR GL *K\WKLRQ SHU DYHUH FRQIHUPD VXOO
RUDULR GHL WUDJKHWWL SHU
&LWHUDFKHDYHYDPRDYXWRD3DWUDVVR/DSULPDWHOHIRQDWDQRQDSSURGD
D QXOOD SHUFKp VXO SL EHOOR OD VFKHGD WHOHIRQLFD GL 8FFLR VL HVDXULVFH
&RQ ODVHFRQGDULXVFLDPRDVDSHUHFKHJOLRUDULVRQRWXWWLDQWLFLSDWLGL
PH]]RUDULVSHWWRDTXDQWRVDSHYDPR$OODSURYDGHLIDWWLTXHVWRULVXOWH
UjIDOVR%DUWRORQHOIUDWWHPSRWURYDFKLXVRLOQHJR]LRGLSHOOLFROH$OOD
ILQHSDUWLDPRSHU(SLGDXURGRYHVLDPRVLFXULFKHJOLVFDYLFKLXGHUDQQR
DOOH ,OYLDJJLRGXUDTXDVLXQ
RUDORULFRUGDYRSLEUHYHHGDUULYLD
PR VXO VLWR GHOO
DQWLFR VDQWXDULR GHGLFDWR DG $VFOHSLR TXDQGR LO VROHq
JLjEDVVRVXOO
RUL]]RQWH'XUDQWHLOYLDJJLR%DUWRORFLDYHYDDQWLFLSDWR
OHJJHQGRVXOODJXLGDFKHLOFRPSOHVVRVDFURGL(SLGDXURGLFXLIDSDUWH
LOIDPRVRWHDWURQRQHUDDOWURFKHXQOXRJRGLFXUDGRYHODWHFQLFDSL
GLIIXVD HUD TXHOOD GHOO
LQFXED]LRQH FLRq LO PDODWR SHU JXDULUH GRYHYD
GRUPLUHHVRJQDUHLOGLR
)LJXUD (SLGDXUR,OWHDWUR
/DVFLDPROHPDFFKLQHQHOSDUFKHJJLRGRYHQRWLDPRPROWHDXWR
*UHFLD
LWDOLDQHHSHUSULPDFRVDVDOLDPRDOWHDWUR(VVRqEHOOLVVLPRFRQO
RU
FKHVWUDDOFHQWURFKHqXQFHUFKLRSHUIHWWRHOHDOWLVVLPHJUDGLQDWHFKH
ODDEEUDFFLDQRSHUSLGLXQVHPLFHUFKLR&RVuFRPHDFFDGGHQHOO
XOWLPD
YLVLWDGLXQGLFLDQQLSULPD&DHVLIHUPDVXJOLVFDOLQLLQIHULRULHVLULILX
WDGLVDOLUHLQFLPDDOWHDWUR'LFHFKHF
qVDOLWDO
DOWUDYROWDPDPHQWH
SHUFKp KR GLDSRVLWLYH FKH SURYDQR LO FRQWUDULR 1RQRVWDQWH LO FDOGR q
TXDVL VHUD PD LO YHQWR q FHVVDWR GHO WXWWR VDOJR VWRLFDPHQWH ILQR LQ
FLPDDOWHDWURIDFHQGRSHUzXQDVRVWDVXXQRGHLVHGLOLQRELOLFRQVSDO
OLHUD SRVWL DG XQ OLYHOOR LQWHUPHGLR 'DOO
DOWR FKLHGR D %DUWROR GL GH
FODPDUHTXDOFRVDSHUVDJJLDUHO
DFXVWLFDGHOWHDWURHGHJOLUHFLWDXQSH]
]HWWRGHOOD³9LVSD7HUHVD´
,O VROH VWD SHU WUDPRQWDUH H FLDYYLDPRYHUVRO
XVFLWDGRSRXQD
EUHYHYLVLWDDOPXVHR1RQSRVVLDPRYHGHUHOHDOWUHURYLQHSHUFKpLFX
VWRGLFLLQYLWDQRDGXVFLUH$OWULLWDOLDQLFRQPDFFKLQDWDUJDWD7ULHVWH
HVFRQRFRQQRL
)LJXUD %LJOLHWWRGLLQJUHVVRDJOLVFDYLGL(SLGDXUR
7RUQLDPRYHUVRO
DOEHUJRFKHGLVWDXQDFLQTXDQWLQDGLFKLORPH
WULSHUFRUUHQGRSURSULRODVWUDGDQXRYDLQPH]]RDLSLQLFKHDYHYDPR
VHJXLWR OD VHUD SULPD SHU XQ SLFFRORWUDWWRDOODULFHUFDGLXQULVWRUDQWH
$GXQDFXUYDFLIHUPLDPRSHUDPPLUDUHLOEHOOLVVLPRSDQRUDPDGHOSD
HVH GL $UFKpD (SLGDXUR9HFFKLD(SLGDXURLQIRQGRDGXQDSURIRQGD
EDLD VXO PDUH SLXWWRVWR ORQWDQR GDO WHDWUR FKH LQYHFH VWD DOO
LQWHUQR
0HQWUHFLWUDWWHQLDPRVXOEHOYHGHUHSHUVFDWWDUHTXDOFKHIRWRDUULYDXQD
PDFFKLQDWDUJDWD5RPDGDOODGLUH]LRQHRSSRVWDDOODQRVWUD1HVFHQGR
QRXQ JLRYDQHHGXHUDJD]]HVWDQQRDQGDQGRYHUVR3RUWR+HOLFKHVDQ
QRHVVHUHPROWRFDULQD8FFLROLPHWWHLQJXDUGLDVXOIDWWRFKHqDQFKH
PROWR FDUD H ULFRUGD FKH TXHVWD FLWWDGLQD VXO PDUH PROWR IUHTXHQWDWD
GDJOLDWHQLHVLqVWDWDDQFKHLOOXRJRGLVRJJLRUQRGL&DUOR0RVFD SUR
SULRQHOORVFRUVRPHVHGLDJRVWR
'RSRDYHUPRVWUDWRDLURPDQLDOFXQL LWLQHUDULVXOOHFDUWHVWUDGDOL
FLULPHWWLDPRLQPRWRHGDUULYLDPRDOO
DOEHUJRVHQ]DDOWUHVRVWHTXDQGR
RUPDL q SUDWLFDPHQWH VHUD 6FHQGHQGR GDOOD PDFFKLQD 8FFLR GLFKLDUD
VROHQQHPHQWH GL QRQ YROHU IDUH DOWUL FKLORPHWUL SHU DQGDUH D PDQJLDUH
7HQHQGR SUHVHQWH TXHVWD UDFFRPDQGD]LRQH FL IDFFLDPR OD GRFFLD FL
FDPELDPR HG XVFLDPR SHU DQGDUH D FHQD Ê XPDQDPHQWH LPSRVVLELOH
DQGDUH DOOD VWHVVD WDYHUQD GHOOD VHUD SULPD H TXLQGL 8FFLR GHYH UDVVH
JQDUVLDIDUHTXDOFKHFKLORPHWUR
&LGLULJLDPRYHUVR,VWPuDHGLPERFFKLDPRODYHFFKLDVWUDGDSHU
$WHQH &
q XQD ]RQD FRQ TXDOFKH ULVWRUDQWH 6RQR XQ SR
SUHRFFXSDWR
SHUFKp&DHKDGLFKLDUDWRGLYROHUPDQJLDUHLQXQSRVWREXRQRFRQFX
FLQDRWWLPDFKHFRVWLSRFRHFRQLJLHQHLPSHFFDELOH,PERFFKLDPRXQD
VWUDGLQD VWUHWWD D GXH FRUVLH VHSDUDWH GD XQR VWHFFDWR VWUDQDPHQWH ED
JQDWD HG DUULYLDPR DG XQ DOWUR ULVWRUDQWH &DH D TXHVWR SXQWR GLFH GL
YROHU DQGDUH D TXHOOR SUHFHGHQWH )DFFLR SHU WRUQDUH LQGLHWUR H PL DF
FRUJRFKHODPLDFRUVLDqVWDWDVEDUUDWDHF
qXQEHOVHPDIRURURVVR+R
XQPRWRGLULEHOOLRQHHGHFLGRGLLPERFFDUHFRQWURVHQVRODFRUVLDGLVL
QLVWUD TXDQGR DOO
LPSURYYLVR KR XQ EDUOXPH GL SHUFH]LRQH VL WUDWWD GL
XQ SRQWHPRELOHVXOFDQDOHGL&RULQWRHGqVWDWRDSSHQDDSHUWRSHUIDU
SDVVDUH XQD QDYH 6FHQGLDPR D SLHGL ILQR DOOD ULYD GHO FDQDOH H SRFR
GRSRYHGLDPRSDVVDUHXQDQDYHGDFDULFRWUDLQDWDGDXQULPRUFKLDWRUH
/R VSD]LR WUD OH GXH ULYH q DSSHQD VXIILFLHQWH PD QRQRVWDQWH FLz LO
SDVVDJJLRqPROWRYHORFH0LFKLHGRGRYHqDQGDWRDILQLUHLOSRQWHOR
VFRSURGRSRXQSRFRTXDQGRO
DGGHWWRPHWWHLQD]LRQHXQPHFFDQLVPR
FKHORIDULVDOLUHOHQWDPHQWHGDOIRQGRGHOPDUHGRYHHUDVWDWRDIIRQGD
WRDPHWULGLSURIRQGLWj&DSLVFRILQDOPHQWHSHUFKpHUDEDJQDWR
6XOOHDVVLGLOHJQRGHOSRQWHVLGLEDWWHXQSLFFRORFHIDOHWWRFKHq
ULPDVWR LQWUDSSRODWR GXUDQWH OD ULVDOLWD )DFFLDPR XQ
RSHUD EXRQD H OR
ULEXWWLDPRLQPDUHDQFKHSHUVFDULFDUFLODFRVFLHQ]DGHOIDWWRFKHVLDPR
IHUPDPHQWHGHFLVLDPDQJLDUHEHQDOWUDTXDQWLWjGLSHVFH
1RVWURH[FRPSDJQRGLVFXRODGHOOLFHRFKHDWWXDOPHQWHIDGLSURIHVVLRQHO¶DYYRFDWRPD
qSRHWDHSLWWRUHSHUGLOHWWR
*UHFLD
2UDFKHLOSRQWHqWRUQDWRDOVXRSRVWR SRVVLDPRWRUQDUHQHO3H
ORSRQQHVR FLRq SDVVLDPR GDOO
DOWUD SDUWH GHO FDQDOH HG DQGLDPR DO UL
VWRUDQWHVFHOWRGD&DH&
qLOVROLWRSUREOHPDGHOODOLQJXDFKHVLULVROYH
EULOODQWHPHQWHDQGDQGRDYLVLWDUHOHFXFLQH$EELDPRODIRUWXQDGLWUR
YDUHXQEHOSHVFH6DQ3LHWURVXIILFLHQWHSHUWXWWLFKHFLIDFFLDPRIDUH
VXELWRDOODJULJOLD3HULOUHVWRVFHJOLDPROHVROLWHLQVDODWHORWVD]LNL HG
XQ
RWWLPDVDOVDDOODFLSROODGLFXLSXUWURSSRQRQULFRUGRLOQRPH0HQ
WUH JXDUGLDPR LO SHVFH LQ FXFLQD DUULYDQR XQD FRSSLD GL LWDOLDQL FKH VL
HUDQR IHUPDWL DO QRVWUR ULVWRUDQWH SHUFKp DYHYDQR YLVWR OH QRVWUH PDF
FKLQH6RQRGL%RORJQDDQFKHVHOHLqRULJLQDULDGL3LVD3UHQGRQRXQ
WDYRORDFFDQWRDOQRVWURSHUSRWHUFRQYHUVDUHXQSR
LQLWDOLDQR
$OODILQHGHOSUDQ]RGHFLGLDPRGLPDQJLDUHSHUIUXWWDLQRVWULIL
FKLG
,QGLD/LDQGLDPRDSUHQGHUHLQPDFFKLQDGRYHHUDQRULPDVWLQHO
VDFFKHWWR GHOO
H[XYD H SUHJKLDPR LO ULVWRUDWRUH SHUVRQD VLPSDWLFLVVL
PDGLSXOLUFHOL'RSRXQDGLVFUHWDDWWHVDDUULYDQRDWDYRODSRUWDWLGDXQ
FDPHULHUH PD VRQR RUULELOPHQWH SLHQL GL VSLQH FKH VL FRQILFFDQR QHL
QRVWULSDODWLHQHOOHQRVWUHWRQVLOOH,OULVWRUDWRUHQRQFRPSDUHSLQHDQ
FKHSHUSRUWDUFLLOFRQWR(GLUHFKHSUHVRGDOO
HQWXVLDVPRFLDYHYDDS
SHQDLQVHJQDWRFKHLQJUHFRLILFKLG
,QGLDVLFKLDPDQR3!.)1 FKH
VLJQLILFD OHWWHUDOPHQWH ³IUDJRODILFR´ HG DYHYD DIIHUPDWR FRQ JUDQGH
VODQFLR GL DYHUQH PDQJLDWL PROWLVVLPL GD SLFFROR 3UREDELOPHQWH VDUj
ULPDVWR LQ FXFLQD D FHUFDUH GL WRJOLHUVL OH VSLQH GDOOH PDQL LQYLDQGRFL
RUUHQGHPDOHGL]LRQLLQJUHFR
1RQRVWDQWHOHVSLQHDSSHQDWRUQDWLLQDOEHUJRFLDGGRUPHQWLDPR
VXELWRJUD]LHDOODSLDFHYROHVWDQFKH]]DGLXQDJLRUQDWDFRVuLQWHQVD/H
VSLQH ULPDUUDQQR DQFKH O
LQGRPDQL PD VYDQLUDQQR D SRFR D SRFR LP
SHUFHWWLELOPHQWH
)DPRVDVDOVDJUHFDDEDVHGL\RJXUWFHWULRORHDJOLR
&DUPHOLWDVHWWHPEUH/XQHGu
0LVYHJOLRHYHGRGDOEDOFRQHFKH3DROLQR&DUPHQH3XSDVR
QRJLjDPDUHPLYHVWRYHORFHPHQWHHVFHQGRDQFK
LR/
DFTXDqPROWR
FDOGDHFDOPD)DFFLDPRXQEHOOLVVLPRHOXQJREDJQRSULPDGLSDUWLUH
SHUOD³JLRUQDWDGHGLFDWDDJOLVFDYL´
3DUWLDPR LQWRUQR DOOH H FL GLULJLDPR D 0LFHQH 3ULPD
WDSSD GHO JLUR q OD IDPRVLVVLPD 3RUWD GHL /HRQL GRYH VRVWLDPR SHU
VFDWWDUHDOFXQHIRWRHJRGHUFLO
RPEUDGHOOHPXUDFLFORSLFKH)DPROWR
FDOGRSHUFLzDUULYLDPRVXOO
DFURSROLPROWRDIIDWLFDWLPDTXHVWRQRQFL
LPSHGLVFHGLDPPLUDUHLOSDQRUDPDIDQWDVWLFRFKHFLVLSUHVHQWD6FHQ
GLDPRFRQQRQSRFKHGLIILFROWjLQTXDQWRLOVHQWLHURqPROWRGLVVHVWDWR
H ULWRUQLDPR DO SXQWR GL SDUWHQ]D FLRq OD 3RUWD GHL /HRQL 4XL XQ
JUXSSRGLWXULVWLLWDOLDQLDVFROWDODVSLHJD]LRQHGHOODJXLGDXQDVLJQR
UDGDOO
DVSHWWRSRFR³HOHJDQWH´DJLWDXQJLRUQDOHHQHUJLFDPHQWHHGL
FH©(DPHFKHPHQHIRWWH"ªULIHUHQGRVLQDWXUDOPHQWHDOODVSLHJD]LR
QHGHWWDJOLDWDVXLSDUWLFRODULGHOODSRUWD
,UHVWLGHOODFLWWjVRQRSHUzUHVLIDPRVLGDOORVSHWWDFRODUH7HVR
URGL$WUHRFKHVDUjODVHFRQGDWDSSDGHOQRVWURLWLQHUDULR(QWUDQGR
QHOODWRPEDDWRORV2) "PLDFFRUJRFKHQRQF
qOXFHVXIILFLHQWHSHU
VFDWWDUHXQDIRWRGHOO
LQWHUQRHTXLQGLPLDFFRQWHQWRGLJXDUGDUHTXHVWR
LPPHQVR HGLILFLR D IRUPD FRQLFD DIIROODWR SXUWURSSR GL WDQWL WXULVWL
%DEERH3DROLQRHQWUDQRQHOODFHOODGHOFRPSOHWDPHQWHEXLDYRUUHEEH
URVSDYHQWDUHXQJUXSSRGLLJQDULWXULVWLIDFHQGRUHVXVFLWDUHLOIDPRVR
FDQHGL$WUHRPDSRLSHUSDXUDFKHTXDOFXQRQRQJUDGLVFDORVFKHU]R
GHVLVWRQR
$OO
XVFLWD GHJOL VFDYL 3XSD VL VLHGH VX XQD SDQFKLQD H TXL KD
XQRVFRQWURFRQXQDYHVSDLQIHURFLWDFKHODSXQJH3HUIRUWXQDDOERW
WHJKLQRKDQQRXQDFUHPDSHUOHSXQWXUHGHJOLLQVHWWL
&RQWLQXLDPR OD QRVWUD JLWD H FL GLULJLDPR DG $UJR GRYH YLVL
WLDPROHURYLQHGHOOH7HUPHGL$GULDQR8QJUHFRFKHSDUODSRFRO
LWD
OLDQRFLJXLGDDWWUDYHUVRJOLVFDYLFKHFRPSUHQGRQRDQFKHXQEHOOLVVL
PRWHDWURVFDYDWRQHOODURFFLDHXQSLFFRORRGHRQ
9LFLQR DOOD ]RQD DUFKHRORJLFD F
q XQ FKLRVFR FKH YHQGH XQ SR
GL WXWWR H XQD SLFFROD IRQWDQD H FRVu VLD DOO
HQWUDWD FKH DOO
XVFLWD FL
IHUPLDPRSHUULVWRUDUFLHVRSUDWWXWWRSHUSODFDUHODJUDQGHVHWHFKHFL
DVVDOH
7HU]DWDSSD7LULQWR4XLVDOLDPRYHUVRLOSDOD]]RUHDOH%DUWROR
FHUFD GL IDUFL FRPSUHQGHUH OD GLVSRVL]LRQH GHJOL DPELHQWL DOO
LQWHUQR
PDQRLJLjXQSR
VWDQFKLIDFFLDPRPROWDFRQIXVLRQHFL IHUPLDPRSHU
FRQVXOWDUHODJXLGDHSHUVFDWWDUHDOFXQHIRWR7RUQDQGRLQGLHWURYHUVR
O
XVFLWD FL DFFRUJLDPR FKH O
HQWUDWD SHU OH FDVHPDWWH q WUDQVHQQDWD H
YLVWRFKHTXHVWHFRVWLWXLVFRQR³LOSH]]RIRUWH´GL7LULQWRQRQYRJOLDPR
ULQXQFLDUH D YLVLWDUOH 6FDYDOFDWD OD UHFLQ]LRQH VFHQGLDPR LQ EDVVR
YHUVR O
HQWUDWD GL FLz FKH DVVRPLJOLD DG XQ WXQQHO LQWHUDPHQWH FUHDWR
FRQOHSLHWUHSHQVRGLQRQDYHUPDLYLVWRQXOODGLVLPLOHLQVHGLFLDQQL
GLYLWDÊYHUDPHQWHXQSHFFDWRFKHVLDSHULFRODQWH
1RQDQFRUDFRPSOHWDPHQWHVRGGLVIDWWLFLGLULJLDPRYHUVR1DX
SOLDGLFXLKRXQULFRUGRFKHKDODVFLDWRLO³VHJQR´LQWXWWLLVHQVL,Q
IDWWL OD PRQWDJQD GD FXL VL JRGH OD YLVWD GHOOD IRUWH]]D YHQH]LDQD q
FRPSOHWDPHQWHLQIHVWDWDGDLILFKLG
,QGLDHFRVu&DUPHQKDO
LQIHOLFHL
GHD GL SUHQGHUQH DOFXQL 3DROLQR q LO SULPR DGDFFRVWDUVLDLILFKLPD
FRQ HVLWR GLVDVWURVR LQIDWWL VFDSSD YLD WXWWR GRORUDQWH ,O 9(52 3$
/$',12 GHOOD VLWXD]LRQH q %DUWROR FKH ³VILGD´ OH VSLQH H ULHVFH D
ULHPSLUHXQDEXVWDFRQLPDOHILFLIUXWWL
8OWLPRSXQWRGDYLVLWDUH(SLGDXURFRQLOVXR³WHDWUR´PDJQLIL
FR,RH3DROLQRULXVFLDPRDUDJJLXQJHUHLOJUDGLQRSLDOWRPHQWUH
&DUPHQH3XSDUHVWDQRLQEDVVR,OIDPRVR³HFR´qGLVWXUEDWRGDLOD
YRULSHUOLEHUDUHLOSDOFRGDGHOODWHUUD
6WDQFKLHDIIDPDWLULHQWULDPRLQDOEHUJRHVXELWRGRSRFHQLDPR
LQXQULVWRUDQWHVXOFDQDOHGL&RULQWR
*UHFLD
3DROLQRVHWWHPEUH² 0DUWHGu
2JJLFLGLYLGLDPRLR&DH3XSDH%DUWRORSDUWLUHPRSHU&LWHUD
8FFLRH&DUPHOLWDLQYHFHULPDUUDQQRXQ
DOWUDQRWWHDOO
DOEHUJR6HD9LHZ
SHUFKpDOOHDUULYHUj5RVDQQDD3DWUDVVR'RPDQLFLUDJJLXQJHUDQQRD
&LWHUD
&LVYHJOLDPRXQSR
SLSUHVWRHQRQVFHQGLDPRDIDUHLOEDJQR
SHUFKpDEELDPRLOWUDJKHWWRGD*K\WKLRQD&LWHUDDOOHHOXQJRODVWUD
GDDEELDPRLQWHQ]LRQHGLYLVLWDUH0LVWUjODFLWWjEL]DQWLQDGHWWDDQFKH
OD3RPSHLEL]DQWLQDFKHVRUJHYLFLQRD6SDUWDVXOOHSULPHSURSDJJLQL
GHO7DLJHWR,RDYHYRLQWHQ]LRQHGLSDUWLUHDOOHRWWRLQYHFHVRQRJLjOH
QRYH PHQR YHQWL TXDQGR SDJDWR LO FRQWR H VDOXWDWD OD VLJQRUD GHOO
DO
EHUJR VDOXWLDPR 8FFLR FKH FL DFFRPSDJQD IXRUL &DUPHOLWDGRUPHDQ
FRUD$QGLDPRUDSLGDPHQWHDOYLOODJJLRGL$OPLUuSHUO
LQLH]LRQHGL%DU
WRORPDODGRWWRUHVVDQRQF
qDQFRUDHSHUQRQSHUGHUHWHPSRSDUWLDPR
)LJXUD %LJOLHWWRGHOO
DXWRVWUDGD&RULQWR7ULSROL
VXELWRSURSRQHQGRFLGLWURYDUHSLDYDQWLLOPRGRGLIDUHO
LQLH]LRQH
7RUQLDPR D &RULQWR H SRL LPERFFKLDPR O
DXWRVWUDGD GHO JLRUQR
SULPDSHU7ULSROL'LTXLSURVHJXLDPRVHQ]DVRVWHSHU6SDUWD,QIDWWLLO
WHPSRqYHUDPHQWHFRQWDWRHULVFKLDPRGLQRQSRWHUYLVLWDUH0LVWUj$G
XQFHUWRPRPHQWRVLSHQVDDGGLULWWXUDGLULPDQGDUHGLXQJLRUQRODSDU
WHQ]DSHU&LWHUDPDSRLVLGHFLGHGLGHGLFDUHQRQSLGLXQ
RUDDOODYLVL
WDGL0LVWUjHSURVHJXLUHSHUO
LPEDUFRD*K\WKLRQ$UULYLDPRD6SDUWDH
OD DWWUDYHUVLDPR UDSLGDPHQWH QRWDQGR FKH q SLHQD GL EXRQL DOEHUJKL
6XOODVWUDGDGL0LVWUjXQSXOPDQQGLWXULVWLFLUDOOHQWDHGLRYRUUHLVXSH
UDUOR0DqLQXWLOH%DUWRORGHYHFRPSUDUHO
HQQHVLPDSHOOLFRODHFLIHU
PLDPRGDYDQWLDGXQQHJR]LRLQXQDSLD]]HWWDFRQODVWDWXDGLXQLPSH
UDWRUHEL]DQWLQRGHOODGLQDVWLDGHL3DOHRORJL
)LJXUD 0LVWUj,OPRQDVWHURGHOOD3DQGDQDVVD
$UULYLDPR D 0LVWUj H VXSHULDPR LO SDUFKHJJLR LQIHULRUH SHU DQ
*UHFLD
GDUHDYHGHUHSULPDLO&DVWURYHQH]LDQRLQFLPDDOSDHVH'RSRXQDUD
SLGDIRWRJUDILDVFHQGLDPRDOO
LQJUHVVR SULQFLSDOH,RSDUFKHJJLRODPDF
FKLQD LQ GLVFHVD SHUFKp WHPR FKH QRQ SDUWD FRPH ID TXDQGR q WURSSR
FDOGD$EELDPRVRORPH]]RUDSHUYLVLWDUHTXDOFRVD&LGLULJLDPRYHUVR
LO PRQDVWHUR H OD FKLHVD GHOOD 3DQGDQDVVD 5HJLQD GHOO
XQLYHUVR FKH
VHPEUDYLFLQRODVVLQDOWRPDSHUVDOLUHLPSLHJKLDPRXQEXRQTXDUWR
G
RUD GL VXGRUH $UULYLDPR VHQ]D ILDWR GRSR XQD VHULH GL ULSLGH UDPSH
SLHWURVHHGLVFDOH
,OPRQDVWHURqXQOXRJRGLSDFHOLQGRSXOLWRSLHQRGLILRULHGL
JDWWLÊFRVWLWXLWRGDXQFRUWLOHOXQJRH VWUHWWRFRQOHFHOOHGHOOHPRQD
FKHVXLGXHODWLOXQJKL$GHVWUDF
qXQDIRQWDQHOODGLDFTXDIUHVFD'D
XQD FHOODHVFHLPSURYYLVDPHQWHXQDPRQDFDYHVWLWDGLQHURHFRVuFD
SLDPR FKH LO PRQDVWHUR q DQFRUD LQ IXQ]LRQH 'RSR XQD EUHYHVFDODVL
DUULYDDOODFKLHVDFKHKDO¶LQJUHVVRVXXQRGHLODWLOXQJKLTXHOORFKHGj
VXOODYDOOHVRWWRVWDQWH
'DOO
DOWUD SDUWH HVVD q DGGRVVDWD DOOD ULSLGD SDUHWH GHOOD PRQWD
JQD'DYDQWLDOODSRUWDF
qXQSRUWLFDWRDSHUWRVXOSDQRUDPDVRWWRVWDQWH
/
LQWHUQRGHOODFKLHVDqPROWR EHOORHPROWRFXUDWRFRPHTXHOORGLWXWWH
OHFKLHVHRUWRGRVVH&LVRQRDIIUHVFKLDOOHSDUHWLLFRQHG
DUJHQWRFDQGH
ODEULGLEURQ]R6FDWWRXQDIRWRJUDILDFROIODVKHYHQJRVXELWRUHGDUJXLWR
LQLQJOHVHGDXQDGRQQDJUHFDIRUVHXQ
³DGGHWWDDLODYRUL´%DUWRORID
ILQWDGLQRQDYHUVHQWLWRHVXELWRVFDWWDDQFKHOXLFROIODVKEXVFDQGRVL
XQULPSURYHURSLYHHPHQWH6FDWWLDPROHDOWUHIRWRJUDILHVHQ]DIODVK
0DLOWHPSRqWLUDQQRHGREELDPRSUHFLSLWDUFLIXRULSHUULSDUWLUH
5LSDVVDQGR QHO PRQDVWHUR XQD PRQDFD FL LQYLWD DG HQWUDUH QHOO
XOWLPD
FHOOD FKH q DGLELWD DG HVSRVL]LRQH H QHJR]LRGLSURGRWWLGLDUWLJLDQDWR
IDWWLHYLGHQWHPHQWHGDOOHPRQDFKH/DSDFHGHOOXRJRqVWXSHIDFHQWH/H
SLFFROHILQHVWUHVLDSURQRVXOODYDOOHYHUGHJJLDQWHGHOILXPH(XURWD0D
&DHFLULFRUGDFKHGREELDPRVFDSSDUHHFRVuIDFFLDPR/XQJRODULSLGD
GLVFHVD GR LO EUDFFLR D 3XSD FKH WHPH GL FDGHUH /R VWHVVR ID %DUWROR
FRQ&DH2JQLWDQWRVFDWWLDPRTXDOFKHIRWRJUDILDFRPHVHFLGLVSLDFHV
VHGLDQGDUHYLD&
qXQ
LQJOHVHVRWWRXQDOEHURYLFLQRDOO
XVFLWDHODSUH
JKLDPR GL VFDWWDUFL XQD IRWRJUDILD 'HYH IDUQH XQD FRQ OD PDFFKLQD GL
%DUWRORHGXQDFRQODPLDPDDFFRQVHQWHGLYHUWLWD
6DOLWLLQPDFFKLQDPLUHQGRFRQWRFKHKRIDWWREHQHDODVFLDUOD
LQ GLVFHVD SHUFKp QRQ YD H VLDPR FRVWUHWWL D SDUWLUH DOO
DPHULFDQD RY
YLDPHQWHGRSRDYHUDOORQWDQDWRODIROODGLJHQWHFKHVLHUDVHGXWDHGDS
SRJJLDWDVXGLHVVD/
DYHYRLQIDWWLPHVVDVRWWRO
XQLFRDOEHURQHOOHYLFL
QDQ]HGHOSDUFKHJJLR
5LGLVFHQGLDPR D 6SDUWD HG LPERFFKLDPR VXELWR OD VWUDGD SHU
*K\WKLRQ GRYH DUULYLDPR LQWRUQR DOOH,QXQDEUXWWDVWUDGDILDQ
FKHJJLDWDGDSRYHULQHJR]LFKHFRQGXFHDOSDHVHDGRFFKLRXQDVSHFLH
GLDJHQ]LDGLYLDJJLRFRQLOQRPH³0DUWKD´VXOO
LQVHJQD0DUWKDqLQIDW
WLLOQRPHGHOODQDYHFKHFLFRQGXUUjD&LWHUD&RQODVWXSHIDFHQWHSURQ
WH]]DGLULIOHVVLFKHYLHQHVROLWDPHQWHDFXLWDGDLIHOLFLSHULRGLGLYDFDQ
]D PL IHUPR VXO ERUGR GHOOD VWUDGD HG HQWUR QHOO
DJHQ]LD FKH VL ULYHOD
HVVHUH XQ QHJR]LR GL IHUUDPHQWD &KLHGR DOOD VLJQRUD GLHWUR LO EDQFRQH
HGHOOD PLGLFHLQLQJOHVHFKHGHYRDQGDUHQHOODSLD]]DLQIRQGRDOOXQ
JRPDUH3URVHJXLDPRHGHQWULDPRDSSXQWRVXOOXQJRPDUHFKHqJUD]LR
VRHGDQLPDWR&LVRQREDUULVWRUDQWLIUXWWLYHQGROLQHJR]LGLSHVFHFRQ
LSROSLPHVVLDVHFFDUHVXXQILORFRPHXQLQVROLWREXFDWR'RSRXQLQX
WLOHJLURQHOODSLD]]DLQIRQGRDOOXQJRPDUHGDFXLSDUWHLOPRORLQGLYL
GXLDPRILQDOPHQWHO
DJHQ]LDGHOOD0DUWKD)DFFLDPRLOELJOLHWWRHDGXQ
XIILFLR GL FDPELR D ILDQFR DOO
DJHQ]LD %DUWROR HG LR FDPELDPR DOWUH
OLUH FLDVFXQR ,Q SL LR FDPELR DQFKH OLUH GHOOD FDVVD
FRPXQH
)LJXUD %LJOLHWWRGHOWUDJKHWWR0DUWKD
*UHFLD
&RPLQFLDPR SRL D FHUFDUH FRPH IDU IDUH O
LQLH]LRQH D %DUWROR
$OODIDUPDFLDGRYHSDUODQRXQEXRQLWDOLDQRFLLQGLUL]]DQRDO GLOjGHO
PRORGRYHF
qXQDVSHFLHGLSUHVLGLRPHGLFR4XL%DUWRORIDO
XOWLPDL
QLH]LRQHFRQXQDUDSLGLWjVRUSUHQGHQWHHILQDOPHQWHFLWRJOLDPRTXHVWR
SHQVLHUR6XELWRGRSRLRFRPLQFLRDJLUDUHDYXRWRSHULOSDHVHSHUFKp
QRQULHVFRDGLQGLYLGXDUHLOSXQWRGRYHDWWUDFFKHUjOD0DUWKDFKHQRQq
DQFRUDDUULYDWDLQSRUWR/HLQGLFD]LRQLGHOJLRYDQHFKHFLKDYHQGXWRL
ELJOLHWWLVRQRLQIDWWLLPSUHFLVHVHQRQSURSULRVEDJOLDWH)LQDOPHQWHYH
GLDPR DUULYDUH OD QDYH FKH PROWR RYYLDPHQWH DWWUDFFD VXOOD SXQWD GHO
PRORGRYHFLVRQRJLjGHOOHPDFFKLQHFKHVWDYDQRDVSHWWDQGRPDFKH
LRQRQDYHYRQRWDWR
3HUJXDGDJQDUHWHPSRDYHYRODVFLDWR&DHLQSLD]]DSHUSHUPHW
WHUOHGLFRPSUDUHXYDHSHUHGDOIUXWWLYHQGROR5LVXOWHUjSRLFKHOH
û!FKHOHDYHYRGDWRHUDQR LQVXIILFLHQWLPD&DHHUDULXVFLWDDGDYHUH
XQRVFRQWR&RPXQTXHPHQWUHODQDYHFRPLQFLDDFDULFDUHOHDXWRPR
ELOL&DHULVDOHLQPDFFKLQDH%DUWRORVFHQGHSHUDQGDUHDFRPSUDUHGHO
SDQH6HEEHQHDGXHSDVVLFLVLDXQQHJR]LRFRQXQ
HQRUPHSLODGLSDQH
%DUWROR VL GLOHJXD H WDUGDDWRUQDUH,RFRPLQFLRDGLYHQWDUHQHUYRVRH
UHFULPLQRVXOIDWWRFKHTXHVWRSDQHSHUIHWWDPHQWHLQXWLOHULVFKLDGLIDUFL
SHUGHUH OD QDYH 0D ILQDOPHQWH %DUWROR ULWRUQD H FL VSLHJD FKH DYHYD
GRYXWRFRPSUDUHLOSDQHPROWRSLORQWDQRSHUFKpODSLODFKHYHGHYD
PRYLFLQRDQRLHUDJLjWXWWDYHQGXWD
)LQDOPHQWH FL LPEDUFKLDPR H OD QDYH SDUWH SXQWXDOPHQWH DOOH
*K\WKLRQqPROWREHOODYLVWDGDOPDUHHODLPPRUWDORFRQDOFXQH
GLDSRVLWLYHFRQ&DHLQSULPRSLDQR6XOODQDYHFLVRQRYDULSHUVRQDJJL
DOFXQLGHLTXDOLULYHGUHPRVSHVVRDQFKHVXOO
LVROD&
qXQDUDJD]]DXQD
ELRQGLQDDOWDHPDJUDTXDVLVHJDOLJQDFRQXQJURVVRID]]ROHWWRD]]XUUR
VXOODWHVWDFKHOHFRSUHDQFKHODIURQWH+DGHLWUDWWLVODYLFRPHGL]LQ
JDUD&RQOHLF
qXQD YHFFKLDPDJUDFRQWXWWLLFDSHOOLELDQFKL&DHVHQ
WHQ]LDFKHqVLFXUDPHQWHODPDGUH/DYHFFKLDLQGRVVDGHJOLVWUDQLJXDQ
WL GL ILOR YHUGH H QRQ VH OL WRJOLH QHDQFKH SHU FRQVXPDUH OD FROD]LRQH
&DHGLFHFKHIRUVHKDXQ
DOOHUJLDDOOHPDQL9HGUzLQVHJXLWRFKHHVVHQ
GRVLWROWLILQDOPHQWHLJXDQWLOHPDQLULVXOWHUDQQRDOPHQRLQDSSDUHQ]D
SHUIHWWDPHQWH VDQH ,R GLFR FKH VH =LOOR O
DYHVVH YLVWD DYUHEEH GHWWR
©/DVLJQRUDjGG
DFFKLDSSj
HVWUXQ]Hª
&
qSRLXQDFRSSLDIRUVHGLJUHFLDSSDUHQWHPHQWHVXOODWUHQWLQD
/XLLQGRVVDGHLSDQWDORQLODUJKLHPROWRFRORUDWLFRPHXQSLJLDPDOHL
QRQqPDOHPDKDGHLFDSHOOLGLXQURVVLFFLRWHQGHQWHDOO
DUDQFLRQH&
q
SRL XQ VLJQRUH DQ]LDQR DEEDVWDQ]D DOWR FRQ OD PRJOLH DVVROXWDPHQWH
DQRQLPDÊFHUWDPHQWHJUHFRSHUFKpPDQHJJLDXQNRPEROzL G
DUJHQ
WR,QGRVVDXQEHUUHWWRFRQODYLVLHUDHGKDLOODEEURLQIHULRUHVSRUJHQWH
HODERFFDVHPLDSHUWDQHOFRPSOHVVRqXQDILJXUDVLPSDWLFD,QILQHF
q
XQ
DOWUDFRSSLDVXOODWUHQWLQDIRUVHGLLQJOHVL/XLGRUPHFRPHWUDPRUWL
WRVX XQDSDQFKLQDDOVROHOHLQRQWURYDSDFHHFDPPLQDVXHJLSHULO
SRQWH$GXQFHUWRSXQWRPLDO]RHYDGRYHUVRSUXDSHUYHGHUHVHVLULH
VFHDGLQGLYLGXDUH&LWHUDDOO
RUL]]RQWH6HQWRFKHTXDOFXQRPLVHJXHPL
YROWRHYHGRODGRQQDLQJOHVHFKHVRUULGH+DJOLRFFKLDOLVFXULPDVHQ
WRXJXDOPHQWHFKHQRQJXDUGDPHPD&LWHUDFKHFRPLQFLDDPDWHULD
OL]]DUVLWUDLOFLHORHLOPDUH/
LQJOHVHLQGRVVDGHLFDO]RQFLQLFRUWLHXQD
FDPLFHWWDDGHUHQWH,FDSHOOLVRQRELRQGRVFXULHVRQROHJDWLLQXQDSLF
FROD FRGD GL FDYDOOR OH ODEEUD VRQR WLQWH FRQ URVVHWWR URVVR FDUPLQLR
3HUWXWWHOHWUHRUHGLYLDJJLRPHODWURYHUzVHPSUHLPSURYYLVDPHQWHYL
FLQRGXUDQWHOHPLHSHUHJULQD]LRQLVXOODQDYH
3XUWURSSRKRGLPHQWLFDWRLQPDFFKLQDLOTXDGHUQHWWRGRYHVFUL
YRTXHVWRGLDULRHGDWRFKHLOJDUDJHQRQqDFFHVVLELOHGXUDQWHODQDYL
JD]LRQHQRQSRVVRDSSURILWWDUHGHOWHPSROLEHURSHUVFULYHUH
$G XQ FHUWR SXQWR VFHQGR DO EDU H YHGR HVSRVWH GHOOH JXLGH GL
&LWHUDLQYHQGLWDLQYDULHOLQJXHWUDQQHFKHLQLWDOLDQR&KLHGRDOEDUL
VWDVHF
qDQFKHQHOODQRVWUDOLQJXDHGRWWHQJRULVSRVWDSRVLWLYD/DWLUD
IXRULGDXQDVFDWRODHO
DFTXLVWRSHUû!,OEDULVWDPLGLFHGLWRUQD
UH GRSR GLHFL PLQXWL SHU DYHUH DQFKH LO OLEUHWWR GHL VHUYL]L FKH DO PR
PHQWR QRQ q DOOHJDWR DOOD JXLGD FKH KR DSSHQD FRPSUDWR 3HUz GRSR
GLHFLPLQXWLWURYRFKHLOEDUqFKLXVRULDSULUj VRORPH]]
RUDSULPDGHO
O
DUULYRD&LWHUD$OODILQHRWWHQJRODJXLGDGHLVHUYL]LFKHLOEDULVWDFKH
KDXQ
RWWLPDPHPRULDPLGjDSSHQDPLYHGH&RPSURDQFKHO
HQQHVLPD
ERWWLJOLHWWDGLDFTXDPLQHUDOH3HUSDJDUHWLURIXRULGDOODWDVFDGHOOHPR
QHWHWUDFXLFLVRQRDOFXQHGUDFPHGLEURQ]RULVDOHQWLDOPLRSUHFHGHQWH
YLDJJLR LQ *UHFLD ,WDFD ,O EDULVWD OH VFDUWD FDQWLFFKLDQGR GHOOH
IUDVLLWDOLDQHGHOWLSR©/DPXVLFDqILQLWDª
$UULYLDPR ILQDOPHQWH LQ YLVWD GHO IDUR VHWWHQWULRQDOH GL &LWHUD
'DOO
DOWUDSDUWHODFRVWDGHO3HORSRQQHVRFRQLOFDSR0DOqDVqYLFLQLVVL
PD ,Q PH]]R VWDQQR SDVVDQGR YDULH QDYLGDFDULFR,OQRVWURWUDJKHWWR
GHYHIDUHXQDSLFFRODDFFRVWDWDSHUGDUHODSUHFHGHQ]DDGXQFDUJRSUR
YHQLHQWHGDRYHVWFKHYDSUREDELOPHQWHYHUVRLO3LUHR&LODVFLDPRDOOD
6SHFLHGLSLFFRORURVDULRQRQSLJUDQGHGLXQEUDFFLDOHWWRFKHLQPROWLSDHVLGHO9LFLQR
2ULHQWHVRSUDWWXWWRLQ*UHFLDYLHQHWHQXWRLQPDQRGDJOLXRPLQLSHUFDOPDUHLQHUYLH
DXPHQWDUHODFRQFHQWUD]LRQH
*UHFLD
GHVWUDLOIDURHFRPLQFLDPRDULVDOLUHODFRVWDRULHQWDOHGHOO
LVRODVHPSUH
SXQWDQGRDVXG$SDUWHO
HGLILFLRGHOIDURO
LVRODVHPEUDFRPSOHWDPHQ
WHGLVDELWDWD1RQFLVRQRQpFDVHQpDOEHULODFRVWDqURFFLRVD&LWHUDFL
VL SUHVHQWD TXDVL DUFLJQD H RVWLOH *XDUGDQGR DYDQWL ROWUH OD SUXD GHOOD
0DUWKDVLQRWDQRGHOOHSXQWHFKHQDVFRQGRQRIRUVHGHOOHLQVHQDWXUH&L
FKLHGLDPRLQTXDOHGLHVVHDWWUDFFKHUHPR
6EDUFKLDPR LQILQH DOOH QHO SRUWR GL $JKuD 3HODJKuD 'X
UDQWHLOYLDJJLRDYHYRVWXGLDWRODVLWXD]LRQHDOEHUJKLHTXLQGLQHLQGLYL
GXRVXELWRXQRPROWREHOORFKHJXDUGDVXOODEDLDGL$JKuD3HODJKuD0D
LOSRVWRQRQqXQJUDQFKHHGHFLGLDPRGLDQGDUHVXELWRYHUVRLOFDSR
OXRJR+RUD&!.FLRqD.uWKLUDSURSULDPHQWHGHWWD
)LJXUD &LWHUD$JKuD3HODJKuD
$SSHQD SDUWLWL GD $JKuD 3HODJKuD OD VWUDGD VL LQHUSLFD OXQJR LO
FRVWRQH FKH VHPEUD FLUFRQGDUH O
LVROD GD RJQL ODWR 'RSR SRFKL PLQXWL
DUULYLDPRVXOODFLPDHODYLVWDVLDSUHLPSURYYLVDPHQWHVXXQYDVWRDOWL
SLDQRRQGXODWRERUGDWRLQORQWDQDQ]DGDFROOLQHIUDVWDJOLDWH$QFKHTXL
O
LVRODVHPEUDSUHVVRFKpGLVDELWDWDDSHUGLWDG
RFFKLRQRQFLVRQRFDVH
HTXHOFKHqSHJJLRQRQFLVRQRDOEHULGLDOWRIXVWRDQFKHVHTXDHOjVL
LQWUDYHGRQRFKLD]]HGLYHUGHLQPH]]RDOJLDOORLPSHUDQWHGHOO
HUEDVHF
FD3URVHJXLDPRXQSR
SHUSOHVVLTXDQGRLQPDQLHUDGHOWXWWRLQDVSHW
WDWDHQWULDPRLQXQDIROWDPDFFKLDGLHXFDOLSWLFKHIDGDDQWLFDPHUDDG
XQJURVVRSDHVH 3RWDPzV)2. " ILXPH
/R DWWUDYHUVLDPR VHQ]D IHUPDUFL /D VWUDGD FRQWLQXD D VDOLUH H
VFHQGHUHDWWUDYHUVRSLFFROHRQGXOD]LRQLDWWUDYHUVDQGRRJQLWDQWRPLQX
VFROL YLOODJJL GDOO
DVSHWWR DGGRUPHQWDWR $L QXPHURVL ELYL FKH LQFRQ
WULDPRQRWLDPRIUHFFHSHU OXRJKLGDLQRPLVWUDQL,OYLDJJLRGXUDSRFR
SLGLPH]]RUD
)LQDOPHQWHDUULYLDPRD+RUDHVLDPRVXELWRHQWXVLDVWLGHOODEHO
OH]]D GHO SRVWR H GHO SDHVLQR GLVWHVR DOO
RPEUD GHO FDVWHOOR YHQH]LDQR
3XUWURSSRSHUzLPSLHJKLDPROHWUHRUHVXFFHVVLYHSHUWURYDUHXQDOORJ
JLRWUD.uWKLUDH.DSVjOLODEDLDDLSLHGLGHOFDVWHOORTXDOFRVDQRQSLD
FHTXDOFRVDqWURSSRFDUDPDTXDVLVHPSUHQRQF
qSRVWR'RSROXQJKH
ULFHUFKH FKH PL SURFXUDQR QRQ SRFR QHUYRVLVPR VFHQGLDPR DOO
+RWHO
0DUJDULWDQHOFHQWURGL.uWKLUD +RUDÊXQDOEHUJRFKH3XSDHGLRLQ
XQ SULPR PRPHQWR DYHYDPR VFDUWDWR SHUFKp YROHYDPR DQGDUH LQ XQ
KRWHOGLOXVVRYLVWRSUHFHGHQWHPHQWHFKHDYHYDLOJURVVRSUHJLRGLDYH
UHSRVWRPDFKH&DHH%DUWRORDYHYDQRJLXGLFDWRWURSSRFDUR
û!DOJLRUQRSHUODFDPHUDGRSSLD
*UHFLD
)LJXUD &LWHUD3DQRUDPDGL+RUD
,QYHFHQRQDSSHQDHQWURQHOYLDOHWWRGLLQJUHVVRFRQWRUQDWRGD
EHOOH GL QRWWH JLDOOH H SURIXPDWLVVLPH H GD JHOVRPLQL FDPELR LGHD GL
FROSR /
DOEHUJR q SLFFROR FUHGR GL QRQ SL GL RWWR VWDQ]H PD PROWR
EHQFXUDWRFRQDULDFRQGL]LRQDWDOHJQRGLPRJDQRLQDEERQGDQ]DEHL
TXDGULGLVWLOHPDULQDUHVFRHEHLPRELOL,OSRUWLHUHqXQJUHFRVLPSDWLFR
H PROWR IRUPDOH FKH SDUOD FRUUHWWDPHQWH LQJOHVH 8VXIUXLDPR GL XQR
VFRQWRSHUODEDVVDVWDJLRQHû!DOJLRUQRFRPSUHVDODSULPD
FROD]LRQHDEXIIHW
)LJXUD &LWHUD+RWHO0DUJDULWD
3UHQRWLDPRDQFKHO
XQLFDVWDQ]DWULSODODQSHULOJLRUQRGR
SRSHU8FFLR,OSRUWLHUHLQVLVWHPROWRSHUDYHUHODVLFXUH]]DFKH8FFLR
DUULYLLOJLRUQRGRSRTXLQGLDOOHSULPDGLDQGDUHDFHQDWHOHIRQR
DOO
DOEHUJRGL&RULQWRLO6HD9LHZGRYH8FFLRGRYUHEEHHVVHUHULWRUQD
WRGRSRDYHUSUHOHYDWR5RVDQQDD3DWUDVVR'DOODFDPHUDQRQULHVFRDG
DYHUH OD OLQHD L WHOHIRQL JUHFL VRQR SL VLPLOL DJOL LWDOLDQL FKH D TXHOOL
*UHFLD
GHJOL6WDWL8QLWLTXLQGLVFHQGRDOODULFH]LRQHHPLIDFFLRFRPSRUUHLO
QXPHUR GDO SRUWLHUH HYLWDQGR FRVu LO SHQRVR FROORTXLR FRQ OD SDGURQD
GHO 6HD 9LHZ FKH
QRQRVWDQWH LO QRPH
GHO VXR DOEHUJR
SUDWLFDPHQWH
QRQ
SDUODLQJOHVH
)LQDOPHQWH PL
PHWWRQRLQFRPXQLFD
]LRQHFRQODFDPHUDH
ULVSRQGH SURSULR 5R
VDQQD WXWWL VLDPR
FRQWHQWL FKH VLD
ILQDOPHQWH DUULYDWD
(OOD PL SDVVD 8FFLR
HG LR JOL GLFR GL
SUHQGHUH FDUWD H
SHQQD SHU ULFHYHUH
LVWUX]LRQL GHWWDJOLDWH
SHU YHQLUH D &LWHUD
*OL
GLFR
FRPH
DFTXLVWDUH L ELJOLHWWL
SHU LO WUDJKHWWR D
*K\WKLRQ GRYH H D
FKH RUD LPEDUFDUVL
GRPDQL q O
XQLFR
JLRUQRGHOODVHWWLPDQD
LQ FXL OD SDUWHQ]D q
)LJXUD %LJOLHWWRGHOO
+RWHO0DUJDULWD
DOOH DQ]LFKp
DOOHODGXUDWDGHOYLDJJLRLO QRPHGHOQRVWURDOEHUJRLOQXPHUR
GHOODFDPHUDFKHORDWWHQGHLVWUX]LRQLGHWWDJOLDWHVXFRPHUDJJLXQ
JHUH O
DOEHUJR H VX GRYH ODVFLDUH OD PDFFKLQD /
+RWHO 0DUJDULWD VL DI
IDFFLDLQIDWWLVXXQDYLX]]DDVHQVRXQLFRFKHqSRLLOFRUVRSULQFLSDOH
GL+RUDGRYHFLVLSXzIHUPDUHVRORSHUXQDWWLPRSHUVFDULFDUHLEDJD
JOL/
XQLFDFRVDFKHQRQJOLGLFRqLOQXPHURWHOHIRQLFRGHOO
DOEHUJR
)LQLWDODWHOHIRQDWDHUDVVLFXUDWRLOSRUWLHUHVFHQGLDPRDFHQDD
.DSVjOLFKHqLOSRUWRHODVSLDJJLDGL+RUDSURSULRDLSLHGLGHOFDVWHO
ORFLUFDPHWULSLLQEDVVR6FHJOLDPRXQULVWRUDQWLQRFRQLWDYROLQL
LQULYDODPDUHGRYHFRQLOVROLWRVLVWHPDGLDQGDUHLQFXFLQDDJXDUGD
UH VFHJOLDPR GRSR OH VROLWH LQVDODWH GHOOH WULJOLH IUHVFKLVVLPH FKH VD
UDQQRFXFLQDWHGHOL]LRVDPHQWHGLHWURPLHIDWLFRVHLVWUX]LRQLOHSLSLF
FROHIULWWHOHSLJUDQGLDOODJULJOLD
)LJXUD &LWHUD/DVSLDJJLDGL.DSVjOL
$QFRUDWD DOOD SXQWD HVWUHPD GHO SRUWLFFLROR F
q XQD VWXSHQGD
EDUFDDYHODFRQGXHDOEHULGLFLUFDPHWULFRQODILDQFDWDGLSLQWDGL
XQ OXFLGR EOX H O
RSHUD PRUWD GL PRJDQR (VVHQGR QRWWH QRQ SRUWD OD
EDQGLHUDDSRSSDHQRQULHVFRQHPPHQRDYHGHUQHLOQRPHWUDQQHODVL
JOD<&*0LSLDFHLPPDJLQDUHFKHVLDJUHFD
'RSRXQDEUHYHSDVVHJJLDWDVXOPRORFLULPHWWLDPRLQPDFFKL
QD H ULVDOLDPR D +RUD GRYH SDUFKHJJLDWD OD PDFFKLQD LQ SLD]]D IDF
FLDPRXQ
DOWUDSDVVHJJLDWDSHULOFRUVRILDQFKHJJLDWRGDJUD]LRVLQHJR]L
GLDUWLJLDQDWRHSLFFROLULVWRUDQWL
,QILQH FL ULWLULDPR QHOOH QRVWUH VWDQ]H IUHVFKLVVLPH GL DULD FRQ
GL]LRQDWD3XUWURSSR&DHGLPRVWUDXQEDUOXPHGLLQWHOOLJHQ]DHULHVFHD
VFRSULUHFRPHVLVSHJQHLOFRQGL]LRQDWRUH6RQRFRVWUHWWRDGRUPLUHFRQ
ODILQHVWUDVSDODQFDWDPDYDEHQHORVWHVVRSHUFKpO
DULDQRWWXUQDqIUH
VFDHSURIXPDWDHGHOL]LRVDPHQWHDVFLXWWD
6FRSURFRQSLDFHUHFKHQRQFLVRQRQHPPHQR]DQ]DUH
*UHFLD
&DUPHOLWDVHWWHPEUH0DUWHGu
2JJL3DROLQR&DUPHQ3XSDH%DUWRORSURVHJXLUDQQRSHU&LWH
UDPHQWUHLRHEDEERUHVWLDPRLQDOEHUJRSHUSRLVSRVWDUFLD3DWUDVVR
3ULPD GL GLULJHUFL YHUVR 3DWUDVVR SHUz DQGLDPR D YLVLWDUH JOL
VFDYLGL&RULQWRFKHSHUTXHVWLRQHGLWHPSRQRQDEELDPRSRWXWRYHGH
UHSULPD$&RULQWRIDPROWRFDOGRHTXLQGLODYLVLWDQRQVDUjGHOOHSL
SLDFHYROLSHUIRUWXQDWURYLDPRXQSR
GLRPEUDDOO
LQWHUQRGHOODIRQWD
QDGL3HLUHQH
)LJXUD &RULQWR/DIRQWDQD3HLUHQH
1HO OXRJR LQ FXL XQ WHPSR VFRUUHYD O
DFTXD FKH DOLPHQWDYD OD
IRQWDQDDGHVVRVLDJJLUDQRWXULVWLGLWXWWHOHQD]LRQDOLWj&
qDQFKHXQ
FDQHFKHSRYHULQRWHQWDGLVIXJJLUHLOJUDQFDOGR
$OO
XVFLWDFRPSULDPRGHOOHFDUWROLQHHXQD&RFD&RODLQXQDGHL
QXPHURVLVVLPL FKLRVFKL GLVVHPLQDWL LQWRUQR DOOD ]RQD SRL WRUQLDPR LQ
DOEHUJR3HULOSUDQ]RFLIHUPLDPRGDYDQWLDGXQVXSHUPHUFDWRXQLFR
HVHPSLR GL JUDQGH PDJD]]LQR FKH LR DEELD YLVWR LQ *UHFLD H FRPSH
ULDPRSDQHHIHWDROWUHDGDOFXQHELELWH
1HO SULPR SRPHULJJLR SDUWLDPR SHU 3DWUDVVR LO YLDJJLR QRQ
VHPEUD GXUDUH WDQWLVVLPR HG LQIDWWL LQ SRFR WHPSR VLDPR DO SRUWR /D
QDYHIRUWXQDWDPHQWHqJLjLQDUULYR
0DPPDUDFFRQWDLOYLDJJLRVXOO
$GULDWLFDFKHVHPEUDVWDWREHQ
GLYHUVR GDO QRVWUR&LIHUPLDPRSHUFRPSHUDUHXQDERWWLJOLDG
DFTXD
IDYHUDPHQWHXQJUDQFDOGR
/DVHUDFHQLDPRQHOORVWHVVR³5LVWRUDQWHGHOSRQWH´FKHFLDYH
YD YLVWL OD VHUD SULPD SURWDJRQLVWL GHOOD VFHQD GHL ILFKL G
,QGLD 0DQ
JLDPRQXRYDPHQWHSHVFHPROWREXRQRDFFRPSDJQDWRGDSDWDWLQHIULWWH
HWVD]LNL
*UHFLD
3DROLQRVHWWHPEUH² 0HUFROHGu
2JJLDUULYD8FFLR
&L DO]LDPR H VFHQGLDPR D IDUH FROD]LRQH ,O EXIIHW q DSSDUHF
FKLDWR QHO EDU DO SLDQWHUUHQR HG LWDYROLQLVRQRVXXQDWHUUD]]DDSLFFR
VXOPDUH7XWWLLPXULVRQRGLXQELDQFRDFFHFDQWHPHQWUHLOSDYLPHQWR
HG L SDUDSHWWL VRQR ULYHVWLWL VROR SHU TXDQWR ULJXDUGD OH VXSHUILFL RUL]
]RQWDOL GL ODUJKH ODVWUH GL SLHWUD JULJLRD]]XUUD,WDYROLQLHOHVHGLHGL
OHJQR VRQR YHUQLFLDWL GL D]]XUUR LQWHQVR FRPH SXUH OH SHUVLDQH GHOOH
FDPHUHVRSUDGLQRL
,OEXIIHWqRWWLPRHDEERQGDQWH\RJXUWJUHFRGHQVRHGHOL]LRVR
PLHOHIRUPDJJLRNDVHULHNHIDOzWLULIUXWWDWUDFXLO
LPPDQFDELOHXYD
SDQH IUHVHOOH EXUUR PDUPHOODWD VXFFR G
DUDQFLD FDIIq Wq ,R PDQJLR
\RJXUWFROPLHOHHIRUPDJJLR$QFKH&DLXFFLDVLIDWHQWDUHGDOOR\RJXUW
FROPLHOHHGDOOHIUHVHOOHFRQODPDUPHOODWDHGDOOHSHVFKHHO
XYD
%DUWROR H 3XSD VRQR JLj D WDYROD TXDQGR QRL VFHQGLDPR &RQ
VXPLDPR OD FROD]LRQH DPPLUDQGR LO EHOOLVVLPR SDQRUDPD FRQ LO PDUH
FDOPRFKHDOO¶RUL]]RQWHVLFRQIRQGHFROFLHORLQXQDWHQXHIRVFKLDFHOH
VWH GD FXL VL PDWHULDOL]]DO
LVRORWWRURFFLRVRDVXGGL&LWHUDGLFXLQRQ
ULHVFRDULFRUGDUHLOQRPH
)LJXUD &LWHUD/DVSLDJJLDGHLSHVFDWRULD.DSVjOL
'RSR PDQJLDWR VFHQGLDPR LPPHGLDWDPHQWH D .DSVjOL SHU QR
OHJJLDUHXQDEDUFD8VFHQGRGDOO
DOEHUJRFKLHGRDOO
LPSHFFDELOHSRUWLHUH
GRYHVLSXzWURYDUHXQDEDUFDDQROHJJLR0LVHQWRULVSRQGHUHFKHQRQ
FHQHVRQRLQWXWWDO
LVRODPDFKHIRUVHVLSXzWURYDUHXQPDULQDLRXQ
FHUWR +DULV !" FKH SXz DFFRPSDJQDUFL D IDUH XQ JLUR 0D GRE
ELDPRVFHQGHUHLPPHGLDWDPHQWHD.DSVjOLDOODVHFRQGDVSLDJJLDTXHO
OD GHL SHVFDWRUL /D EDUFD GL +DULV VL FKLDPD $JKLRV 0LURQ ñ "
!&HGqEOX0DDOODVSLDJJLDQRQF
qDQLPDYLYDVHVLHVFOXGRQR
GXH YHFFKLH HG XQD ELRQGLQD XQ SR
VWDJLRQDWD PD EHQ IDWWD FKH PL
VSLHJD LQ LQJOHVH FKH QRQ q SRVVLELOH QROHJJLDUH EDUFKH PDFKHF
qXQ
SHVFDWRUH FKH ID IDUH JLWH LQ YDUL SRVWL GHOO
LVROD 7RUQLDPR DOOD SULPD
VSLDJJLDTXHOODGHLULVWRUDQWLHFLIHUPLDPRDOO
DJHQ]LDGLYLDJJLGRYH
LO JLRUQR SULPD DYHYDPR FHUFDWR LQXWLOPHQWH XQD VLVWHPD]LRQH DOEHU
JKLHUD ,O VLPSDWLFR JHVWRUH FKH RUPDL VL ULFRUGD GL QRL PL ULSHWH FKH
O
XQLFDFRVDGDIDUHqULYROJHUVLD+DULVHFKHSHUWURYDUORGREELDPRWH
OHIRQDUJOLDFDVD/XLSHUzQRQULFRUGDLOQXPHUR'REELDPRDQGDUHSL
DYDQWL VXO OXQJRPDUH DO QHJR]LR )DQHODV 6KRS GRYH FHUWDPHQWH FRQR
VFRQRLOQXPHURGLWHOHIRQRGL+DULV&LVSLHJDSXUHFKHLOQHJR]LRqGL
SURSULHWjGHOSDGURQHGHOQRVWURDOEHUJR9DGRDOQHJR]LRGRYHXQDUD
JD]]DVLPSDWLFDPDXQSR
WURSSRJUDVVRWWHOODWHOHIRQDSHUPHD+DULV
/RWURYDDFDVDHPLFKLHGHVHSDUORLWDOLDQR/HULVSRQGRFKHVRQR LWD
OLDQRHOHLPLSDVVD+DULV6HQWRXQDVLPSDWLFDYRFHJLRYDQHFKHPLDX
JXUDLOEXRQJLRUQRQHOODQRVWUDOLQJXD6LYHGHFKHVDSRFKHSDUROHGL
LWDOLDQR PD VL DUUDQJLD DEEDVWDQ]D EHQH 0L Gj DSSXQWDPHQWR DO FDP
SLQJ GL .DSVjOL IUD PH]]RUD 3URQXQFLD OD SDUROD ³FDPSLQJ´ LQ PRGR
VWUDQRTXDVLLQFRPSUHQVLELOH
&L UHFKLDPR DO FDPSHJJLR GRYH +DULV DUULYD SXQWXDOHFRQ XQD
VSHFLHGLFDPLRQFLQRIXRULVWUDGDYHUGHSLVHOORXQSR
PDODQGDWR6DOXWD
FRQ HIIXVLRQH H FL LQYLWD D VHGHUFL DG XQR GHL WDYRODFFL DOO
DSHUWR GHO
FDPSHJJLR GDYDQWL DG XQD PDSSDGHOO
LVROD,QL]LDXQ
HVWHQXDQWHWUDWWD
WLYDDOODILQHGHOODTXDOHLOSUH]]RUHVWDILVVDWRLQû!DWHVWDSHU
RJJLHSHUGRPDQL2JJLVLDPRTXDWWURSHUFXL+DULVULFHYHUjû!
FKHqXQSR
SRFKLQRGRPDQLLQYHFHFRQ8FFLRVDUHPRVHWWHH+DULVQH
ULFDYHUj
*UHFLD
)LJXUD %LJOLHWWRGHOFDPSLQJGL.DSVjOL
5LWRUQLDPRDOSRUWRHFLLPEDUFKLDPR,RSRUWRODPLDDWWUH]]D
WXUDGDSHVFD$QFKH+DULVKDODVXDVRQROHQ]HDPDQRFRQDUWLILFLDOL
PXOWLSOL FRQWR XQD GHFLQD GL SLXPH PD FRQ LO ILOR WHUPLQDOH XQ SR
WURSSR JURVVR ,O SDJOLRODWRGHOODEDUFDqULFRSHUWRGLXQDWHODGLVDFFR
VLVWHPDWD LQ PDQLHUD DSSURVVLPDWLYD H IHUPDWD TXD H Oj FRQ GHL JURVVL
FLRWWROLURWRQGLHSLDWWL1HOFRPSOHVVRSHUzODEDUFDqDEEDVWDQ]DRUGL
QDWDHVRSUDWWXWWR+DULVqDELOLVVLPRDVDOWHOODUHGLTXDHGLOjGXUDQWHOH
PDQRYUH
&LGLULJLDPRYHUVRFDSR&DSHOORODSXQWDHVWUHPDDVXGHVWGHO
O
LVRODGRYHYHQLDPRLQYHVWLWLGDXQIRUWHYHQWRGLOHYDQWH&LLQROWULD
PR SHUXQEUHYHWUDWWROXQJRODFRVWDGLOHYDQWHFKHDSSDUHFRPSOHWD
PHQWH GHVHUWD VH VL HVFOXGH XQ IXRULVWUDGD VXOOD VSLDJJHWWD GL +DONzV
.)"DOIRQGRGLXQDULSLGDVWUDGDELDQFD/RQWDQRLQPH]]RDOPD
UHSLHQRGHOODVFKLXPDVROOHYDWDGDOOHYDQWHDSSDLRQRGHLSLFFROLVFRJOL
VROLWDULPLULFRUGDQRDOWULVFRJOLGLWUHGLFLDQQLSULPDTXDQGRFRQ8F
FLRULVFKLDPPRGLQRQWRUQDUHGDJOLLVRORWWLGL'DVNDOLDDVXGGL$QWu
SD[L0DTXHVWDYROWDF
q+DULVHGLOPRWRUHGHOODVXDEDUFDqXQUREXVWR
HGDIILGDELOHGLHVHOPDULQR
)LJXUD &LWHUD/DVSLDJJLDGL+DONzV
$XQFHUWRSXQWRVWDQFKLGLSUHQGHUHVSUX]]LLQIDFFLDULWRUQLD
PRLQGLHWURYHUVRFDSR&DSHOOR$SSHQD+DULVLQYHUWHODURWWDQRQVHQ
WLDPRSLLOYHQWRHYHQLDPRDYYROWLGDXQWHSRUHUDVVLFXUDQWH3URSULR
GDYDQWLDOFDSR³SDUWH´ ODFDQQDFKHWHQJRLQPDQRDSSRJJLDWDDGXQD
EDWWDJOLROD+DULVUDOOHQWDHFRUUHWWDPHQWHDFFRVWDYHUVRODOHQ]DLQPR
GRGDIDFLOLWDUHLOUHFXSHURGHOSHVFHFKHKDDEERFFDWRÊXQDEHOODODP
SXJD FKH SRUWR D ERUGR FRQ O
DLXWR ILQDOH GL +DULV FKH DOD D PDQR LO
WHUPLQDOH )DFFLDPR XQ JLUR GDYDQWL DO FDSR H VXELWR DEERFFD XQD VH
FRQGD ODPSXJD EHOOD DOPHQR TXDQWR OD SULPD /H FDWWXUH VRQR FHUWD
PHQWH VWDWH SURSL]LDWH GDO IDWWR FKH DYHYR PRQWDWR FRPH DUWLILFLDOH XQ
UDSDOLQR D]]XUURGDFPFRQWHUPLQDOHGDPPHSLRPERGDJ
+DULVLQIDWWLQRQqDOWUHWWDQWRIRUWXQDWRFRQODVXDDWWUH]]DWXUD
&LIHUPLDPRDIDUHLOEDJQRQHOODEDLDGL.LULDNROVWUHWWDFRPH
XQ ILRUGR LQ XQ
DFTXD VWXSHQGD +DULV FL YRUUHEEH ODVFLDUH Oj SHU SRL
WRUQDUHDULSUHQGHUFLPDQRLORFRVWULQJLDPRDUHVWDUHFRQQRL&
qDQ
FKHXQDFRSSLDGLJUHFLFRQXQJRPPRQHFRQLTXDOLHJOLLQJDJJLDXQD
ILWWDFRQYHUVD]LRQH/DUDJD]]DEUXQDSLXWWRVWREUXWWLQDSDUODDQFKHXQ
&LRqVXRQDLOFLFDOLQRGHOPXOLQHOORFKHJLUDYHORFHPHQWHSHUFKpTXDOFRVDKDDEERFFDWR
5DSDOD PDUFDGLHVFKHDUWLILFLDOLGDWUDLQDLQOHJQRGLEDOVDGLSLQWRÊGLYHQWDWRSUDWL
FDPHQWHXQQRPHFRPXQHIUDJOLDSSDVVLRQDWLGLSHVFDDOODWUDLQD
*UHFLD
SR
GLLWDOLDQR,QILQHVWHVLDSUHQGHUHLOVROHVXOODVSLDJJLDF
qXQDFRS
SLD GL QXGLVWL YHFFKL FKH DYUHEEHUR GDWR XQ QRWHYROH FRQWULEXWR DOOD
EHOOH]]DGHOOXRJRVHVLIRVVHURULYHVWLWL
'XUDQWHXQRGHJOLLQQXPHUHYROLEDJQLQHOODEDLDSXOLVFROHGXH
ODPSXJKHFKHVDUDQQRSDUWHLQWHJUDQWHGHOODQRVWUDFHQDGLVWDVHUDQHO
O
DFTXDGLPDUHÊTXHVWRLOPHWRGRPLJOLRUHSHUFKpLOSHVFHVLPDQWHQ
JDIUHVFRSLDOXQJRQRQGHYHPDLVWDUHDFRQWDWWRFRQO
DFTXDGROFH
+DULVFLFRQVLJOLDGLDQGDUHDFHQDDOULVWRUDQWHGLVXRIUDWHOORFKHVWDD
+RUDQRQORQWDQRGDOQRVWURDOEHUJR,OIUDWHOORVDUjGLVSRVWRDFXFLQDUH
DQFKH LO SHVFDWR 0L IDFFLR GDUH QRPH0LUWzRQ H LQGLUL]]R GHO ULVWR
UDQWH
'RSR LO EDJQR ULSDUWLDPR SHU .DSVjOL H SURSULR DOO
XVFLWD GHOOD
EDLD GL .LULDNRO +DULV SHVFD XQD ULFFLROD FRQ OD VXD OHQ]D D PDQR
4XHVWRPLVSLQJHDFDODUHDQFKHODPLDOHQ]DTXHVWDYROWDFRQLOUDSDOD
WHVWD URVVD FRPSUDWR D 1DSROL SURSULR SHU O
RFFDVLRQH GHO YLDJJLR LQ
*UHFLD PD QRQ RWWHQJR DOFXQ ULVXOWDWR $UULYLDPR D .DSVjOL YHUVR OH
TXDWWURGRYH+DULVFLVEDUFDFLUHJDODDQFKHODVXDULFFLRODHGLPSURY
YLVDPHQWHGLFHGLQRQHVVHUHVLFXURGLSRWHUFLSRUWDUHLQEDUFDO
LQGRPD
QL &DGLDPR GDOOH QXYROH PD FRPXQTXH VLDPR FRVWUHWWL D VWDUH DO VXR
JLRFRFLGjDSSXQWDPHQWRDOFDPSHJJLRDOOHSHUDYHUHXQDULVSR
VWDGHILQLWLYD&RQXQEULYLGRVHQWRSURILODUVLXQ
DOWUDIDWLFRVDWUDWWDWLYD
3RLFKpIDPROWRFDOGRGHFLGLDPRGLGHGLFDUHLOUHVWRGHOSRPH
ULJJLR D IDUH LO EDJQR LQ TXDOFKH FDOD UDJJLXQJLELOH FRQ OD PDFFKLQD
3ULPD SHUz SHQVLDPR GL SDVVDUH DOO
DOEHUJR SHU FRQVHUYDUH OH GXH ODP
SXJKHHODULFFLRODLQIULJRULIHUR$EELDPRSHUzODVJUDGLWDVRUSUHVDGL
WURYDUOR FKLXVR H QHVVXQRGLQRLKDSHQVDWRGLSRUWDUVLODFKLDYHGHOOD
FDPHUDFKHqVHPSUHDFFRPSDJQDWDGDTXHOODGHOSRUWRQH5LFRUGLDPR
RUDFKHO
LQHIIDELOHSRUWLHUHFLDYHYDUDFFRPDQGDWRGLSRUWDUHFRQQRLOH
FKLDYLSHUFKpO
DOEHUJRqFKLXVRODQRWWHGDOOH LQSRLHGLOSRPHULJ
JLR GDOOH DOOH O
RUD FLRq GHOOD VXD SHQQLFKHOOD 1RQ FL UHVWD FKH
SRUWDUHLSHVFLDVSDVVRFRQQRL
'HFLGLDPR GL DQGDUH DOOD FDOD GL +DONzV FKH DYHYDPR YLVWR DO
PDWWLQRGDOPDUHPDQRQULXVFLDPRDGDUULYDUFLSHUFKpODVWUDGDqWURS
SR DFFLGHQWDWD H WHPLDPR SHU O
LQFROXPLWj GHOOD PDFFKLQD 'RSR DYHU
SHUVR XQ
RUD SHU FHUWH VSDYHQWRVH VWUDGH ELDQFKH SHQVR GL DQGDUH DG
$YOqPRQDV: ."SHUFKpVHFRQGRODFDUWDFKHDYHYRDFTXLVWDWR
VXOODQDYHqUDJJLXQJLELOHFRQXQDFRPRGD VWUDGDDVIDOWDWD
0L IHUPR D IDUH EHQ]LQD VXELWR GRSR /LYDGL H SRL DOOD SULPD
IUHFFLD FKH LQGLFD $YOqPRQDV GHYLR D GHVWUD 3XUWURSSR VWXGLDQGR OD
FDUWDQRQDYHYRQRWDWRFKHFLVRQRGXHVWUDGHFKHSRUWDQRDG$YOqPR
QDV4XHOODFKHKRDSSHQDLPERFFDWRGLVJUD]LDWDPHQWHQRQqODPLJOLR
UHTXDQGRVLDPRJLjLQYLVWDGHOODPHWDVLWUDVIRUPDLQXQ
LQWHUPLQDELOH
VWUDGDELDQFDFRQWHQGHQ]DDGHJHQHUDUHLQSLHWUDLD/RVWUD]LRGXUDDO
FXQLFKLORPHWULGXUDQWHLTXDOL3XSDSHUGHFRPSOHWDPHQWHODYRFHWUD
PRUWLWDGDOFDOGRPHQWUH&DHLQFRPSHQVRSDUODSHUGXHODPHQWDQGRVL
GHO³YLDJJLDFFLR´
$G $YOqPRQDV LO SDHVDJJLR q PROWR DPSLR TXDVL GHVHUWLFR
/
DFTXDGHOPDUHqFRPHDOVROLWREHOOLVVLPDDQFKHVHTXDQRQFLVRQR
SLFFROHLQVHQDWXUHIUDJOLVFRJOLPDVRORXQDVSLDJJLDHQRUPH3HUSUL
PDFRVDPHWWLDPRDEDJQRLOVDFFKHWWRGLSODVWLFDFRQOHODPSXJKHHOD
ULFFLRODFKHKDQQRJLjWURSSRVRIIHUWRSHULOFDOGRSRLIDFFLDPRDQFKH
QRLSLGLXQEHOOLVVLPREDJQRILQRDTXDQGRLOVROHFRPLQFLDDFDODUH
GLHWUROHFROOLQHFKHLQFRUQLFLDQRODVSOHQGLGDFRVWDFRPSOHWDPHQWHGH
VHUWD VLQR D SHUGLWD G
RFFKLR &
q VROR XQD IDPLJOLD GL VWUDQLHUL PDULWR
PRJOLHHILJOLFKHVLJRGRQRLOVROHSRFRORQWDQRGDQRL'XUDQWHLED
JQL O
DWWLYLWj SL IUHTXHQWH q TXHOOD GL LQVHJXLUH LO VDFFKHWWR GHO SHVFH
FKHLOPDUHFHUFDRVWLQDWDPHQWHGLIDUVLUHVWLWXLUH
1HOULWRUQDUHGD$YOqPRQDVTXHVWDYROWDSHUODVWUDGDPLJOLRUH
PLYLHQHLQPHQWHFKHSRWUHPPRDQFKHLQFRQWUDUH8FFLRFKHDTXHVW
R
UD GRYUHEEH HVVHUH VEDUFDWR VXOO
LVROD &RPXQLFR TXHVWD PLD LGHD DJOL
DPLFLHWXWWLUHVWLDPRFRQJOLRFFKLEHQHDSHUWLSHUYHGHUHOD5LWPREOX
VFXUDGL8FFLR
7RUQLDPRTXLQGLLQDOEHUJRSHUSUHSDUDUFLSHUODVHUDWD/DQDYH
GLRJJLGRYUHEEHHVVHUHSDUWLWDGD*K\WKLRQDOOHTXLQGLqDWWHVDD
&LWHUD$JKuD3HODJKuDDOOH'XUDQWHLOULWRUQRDOO
DOEHUJRODYHGR
DGGLULWWXUDGDORQWDQRPHQWUHVLGLULJHYHUVR1HDSROLVGRSRDYHUVEDU
FDWRHGLPEDUFDWRLSDVVHJJHUL
,QDOEHUJRFLIDFFLDPRODGRFFLDFLFDPELDPRHVLIDTXDVLO
RUD
OH GL DQGDUH D YHGHUH VH +DULV FL SXz SRUWDUH LQ EDUFD GRPDQL
3RLFKp8FFLRQRQqDQFRUDDUULYDWRDQGLDPRDOFDPSHJJLRVROR%DUWROR
HGLRPHQWUH3XSDH&DUPHQDVSHWWDQRLQDOEHUJR$UULYDWLDOO
LQJUHVVR
GHO FDPSHJJLR YHQLDPR LQYHVWLWL GDXQRGRUHGLEURGRSDUWLFRODUPHQWH
FDULFRGLVHGDQR6FRSULDPRFKHq+DULVFKHVWDSUHSDUDQGRXQD]XSSD
GLSHVFH0HQWUHQRLJOLVWLDPRGDYDQWLORTXDFHFRPHVHPSUHWRJOLH
GDO IULJRULIHUR DOWUL SHVFL FKH PDQJHUj OD VHUD FRQ JOL DPLFL 9HQXWL DO
GXQTXH SXUWURSSR QRQ VD GDUFL DQFRUD XQD ULVSRVWD H FHUFD GL FRQYLQ
FHUFL DG XVFLUH FRQ OXL GLUHWWDPHQWH GRSRGRPDQL 4XDQGR JOL ULVSRQGR
&ODVVLFDSDURODXVDWDGD&DHLQVLPLOLRFFDVLRQLHLQJHQHUDOHGXUDQWHYLDJJLFKHGXULQR
SLGLPH]]RUD
*UHFLD
FKH GRSRGRPDQL SDUWLUHPR DOOH GL PDWWLQD SHU *K\WKLRQ ULPDQH
SLXWWRVWR SHUSOHVVR H FHUFD GL IDUH XQD WHOHIRQDWD $O QXPHUR SHUz QRQ
ULVSRQGH QHVVXQR &L GLFH LQILQH GL WRUQDUH GRSR FHQD SHU VDSHUH ODUL
VSRVWD
7RUQLDPR D +RUD H YHGLDPR VXELWR FKH OD PDFFKLQD GL 8FFLR
QRQqDOSDUFKHJJLRLQSLD]]D$UULYLDPRLQDOEHUJRHOHVLJQRUHFLFRQ
IHUPDQRFKH8FFLRQRQqDUULYDWR6RQRRUPDLOHQRYHSDVVDWHH FRPLQ
FLRDGHVVHUHVHULDPHQWHSUHRFFXSDWR'HFLGLDPRGLDQGDUHDFHQD$Q
FKHLOSRUWLHUHGHOO
DOEHUJRqSUHRFFXSDWRSHUFKpYHGHPDWHULDOL]]DUVLOD
SURVSHWWLYDFKHODFDPHUDULPDQJDYXRWDSHUODQRWWH*OLODVFLRGHWWR
LO QRPH GHO ULVWRUDQWH GHO IUDWHOOR GL +DULV DIILQFKp 8FFLR SRVVD UDJ
JLXQJHUFLVHGRYHVVHDUULYDUH3RUWLDPRFRQQRLOHODPSXJKHHODULFFLR
ODSHVFDWHODPDWWLQD*LXQWLDO0LUWzRQULFRQRVFLDPRVXELWRSHUODVR
PLJOLDQ]DLOIUDWHOORGL+DULVHJOLFRQVHJQLDPRLPPHGLDWDPHQWHLOSH
VFH(JOL qHYLGHQWHPHQWHDELWXDWRDTXHVWDSUDVVLQRQVLVFRPSRQHPL
QLPDPHQWHHFLFRQVLJOLDGLPDQJLDUORDOODJULJOLD&RVuIDFFLDPRLQWH
JUDQGRQDWXUDOPHQWHLOSUDQ]RFRQDOWUHFRVH3HUTXDQWRULJXDUGDOHEH
YDQGHROWUHDOO
LPPDQFDELOHHWUDJLFDDFTXDPLQHUDOH QRQJDVVDWDLQXQ
SULPRPRPHQWRSUHQGLDPRXQYLQRORFDOHWUDLOURVVRHLOURVDWRYLQRGL
&LWHUDFRQVLJOLDWRDOPDWWLQRGD+DULVFKHVDUHEEHDQFKHEXRQRVHQRQ
IRVVH VWDWR FRQVHUYDWR FRQ RJQL HYLGHQ]D LQ UHFLSLHQWL VSRUFKL GL ROLR
UDQFLGR3HUTXHVWRPRWLYRLRSDVVRDOODPLDVROLWDUHWVLQD3HULOUHVWRLO
SHVFH q RYYLDPHQWH IUHVFKLVVLPR FL PDQFKHUHEEH DOWUR OH VDOVH H OH
LQVDODWH VRQR EXRQH PD QRL VLDPR XQ SR
WHVL SHUFKp QRQ ULXVFLDPR D
VSLHJDUFLFKHILQHDEELDQRIDWWR8FFLR5RVDQQDH&DUPHOLWD
6FHQGLDPRDOFDPSLQJGL.DSVjOLH+DULVVLIDXVFLUHFKHGRPD
QLQRQSRWUHPRDQGDUHLQEDUFDSHUFKpqLPSHJQDWRFRQXQPDWULPRQLR
4XHVWDqO
XOWLPDQRYLWjYHUDPHQWHQRQVDSSLDPRSLDFKHFRVDFUHGH
UHHSUHIHULDPRQRQDSSURIRQGLUH
7RUQDWLLQDOEHUJRVLDPRRUPDLVLFXULFKH8FFLRQRQYHUUj1RQ
VDSHQGR FKH IDUH GHFLGLDPR GL WHOHIRQDUH LQ ,WDOLD 'DO FDPHUDWD &XR
PR QRQ ULVSRQGH QHVVXQR TXLQGL FKLDPR FDVD PLD PD LO WHOHIRQR q
SHUHQQHPHQWHRFFXSDWRÊRYYLRVRQROHHVHQRQSDUOD&LQ]LD
SDUOD5RVDQQD&KLDPRDOORUDVXOPLRWHOHIRQLQRFKHKRODVFLDWRLQ,WD
OLD H ULVSRQGH5RVDQQDFKHPLGLFHVXELWRFKH8FFLRKDFKLDPDWRDY
YHUWHQGR GL DYHU SHUVR LO WUDJKHWWR H FKH DUULYHUj GRPDQL ,QFUHGLELOH
PDYHUR
5LPDQJRSLXWWRVWRPDOHHPHODSUHQGRFRQLOIDWWRFKHLOPLRWH
OHIRQRqVHPSUHRFFXSDWRGLFKLDUDQGRGLYROHUORGLVGLUH
1RVWURFRPXQHDPLFRULPDVWR D1DSROL
&RPXQTXHIDFFLDPRXQDSDVVHJJLDWDSHULOFRUVRSULPDGLDQGD
UHDGRUPLUH&
qRYYLDPHQWHXQFHUWRGLVDSSXQWRSHULOFRQWUDWWHPSRGL
8FFLRYLVWRDQFKHFKHGRPDQLVDUjO
XOWLPRJLRUQRFKHWUDVFRUUHUHPRD
&LWHUD
*UHFLD
&DUPHOLWDVHWWHPEUH0HUFROHGu
3DUWLDPRPROWRSUHVWRLQGLUH]LRQHGL0LVWUjFKHYLVLWLDPRPRO
WRYHORFHPHQWHYLVWRLOJUDQFDOGRHODIUHWWDFKHDEELDPRGLLPEDUFDUFL
D*K\WKLRQSHU&LWHUD/D]RQDDUFKHRORJLFDSUHVHQWDQXPHURVLVHQWLH
ULLQVDOLWDGLIILFLOLGDSHUFRUUHUHSHUTXHVWRQRQULXVFLDPRDGDUULYDUH
QHOSXQWRSLDOWRGRYHVLHUJHLOFDVWHOORFRVWUXLWRGDL)UDQFKL3HFFD
WR
0HQWUH WRUQLDPR LQGLHWUR YHUVR O
XVFLWD PDPPD LQFLDPSD H
URPSHXQVDQGDORTXLQGL GRYUjFRQWLQXDUHDSLHGLQXGLSHUHYLWDUHGL
FDGHUH &RQWLQXLDPR LO YLDJJLR QRQ SULPD GL DYHU FRPSUDWR XQ OLEUR
FRQIRWRJUDILHGHOOXRJRDOERWWHJKLQR
/DIDWLFDHLOJUDQFDOGRFRQFLOLDQRLOVRQQRHGLQIDWWLSRFKLPL
QXWL GRSR PL DGGRUPHQWR PL VYHJOLR TXDQGR VLDPR JLj DUULYDWL D
*K\WKLRQ0DPPDHEDEERFHUFDQRO
DJHQ]LDGLYLDJJLLQGLFDWDORURGD
3DROLQRGRYHSRWUDQQRFRPSHUDUHLELJOLHWWLSHULOWUDJKHWWR6HJXLDPR
DOFXQHLQGLFD]LRQLHDUULYLDPRLQILQHDOSRUWRTXLWURYLDPRO
DJHQ]LD
6LFXULGLSDUWLUHFRQLELJOLHWWLJLjIDWWLHLQDQWLFLSRVXOO
RUDULR
GL DUULYR GHOOD ³0DUWKD´ FL VHGLDPR DG XQ ULVWRUDQWH SHU PDQJLDUH
TXDOFRVD,QWDQWRSURSULRGDYDQWLDQRLXQDOWURWUDJKHWWRLO7HVHXVVWD
FDULFDQGRDXWRHSDVVHJJHUL,OQRVWURWUDJKHWWRVHPEUDIDUHULWDUGRH
LQVRVSHWWLWLGRPDQGLDPRDOSDGURQHGHOULVWRUDQWHTXDQGRSHQVDDUUL
YHUjOD³0DUWKD´3XUWURSSRO
XRPRQRQFDSLVFHXQDVRODSDURODGLL
WDOLDQRHSHUFLzLQFRPLQFLDDIDUHJHVWLVWUDQLULSHWHQGR©7UDGLHFLPL
QXWLª
1RL UDVVLFXUDWL FRQWLQXLDPR D PDQJLDUH ,O 7HVHXV SDUWH H FRQ
OXLODQRVWUDXQLFDSRVVLELOLWjGLDUULYDUHLQJLRUQDWDD&LWHUD'RSROD
VFRSHUWDGHO³IDWWR´FLVDUDQQRVFHQHGLSDQLFRHLQVXOWLDOSURSULHWDULR
GHOULVWRUDQWHPDRUPDLFRVDSRVVLDPRIDUH"""6RORUDVVHJQDUFL
5LXVFLDPRLQRJQLFDVRDWURYDUHXQDEXRQDVLVWHPD]LRQHLQXQ
DOEHUJR YLFLQR DO PDUH SRFR ORQWDQR GD *K\WKLRQGRYHODVHUDVWHVVD
PDQJHUzXQDEXRQLVVLPDPXVVDNj7HOHIRQLDPRDQFKHDFDVDGL3DROL
QRD1DSROLSHUDYYLVDUHFKHQRQVLDPRULXVFLWLDGLPEDUFDUFL
3DROLQRVHWWHPEUH² *LRYHGu
2JJLILQDOPHQWHGRYUjDUULYDUH8FFLRVSHULDPRVLDYHUR6FHQ
GLDPR VXOOD WHUUD]]D SHU OD VROLWD DEERQGDQWH FROD]LRQH RUPDL VLDPR
GLYHQWDWLHVSHUWLHROWUHDPDQJLDUHDEERQGDQWHPHQWHSUHQGLDPRDQFKH
TXDOFKHIUHVHOODHGHOIRUPDJJLRFKHFRQVXPHUHPRSLWDUGLDOPDUHR
GXUDQWHLOQRVWURJLURYDJDUHQHOO
LVROD
6WDPDWWLQD LQ PH]]R DO PDUH SURSULR GDYDQWL DOO
LPERFFDWXUD
GHO SRUWR GL.DSVjOLF
qXQDJUDQGHQDYHELDQFD1RWRVXOIXPDLROROD
JUDQGH&VLPERORGHOODVRFLHWjDUPDWULFH&RVWDHFDSLVFRFKHVLWUDWWD
GLXQDQDYHLWDOLDQDIRUVHLQFURFLHUDQHO0HGLWHUUDQHR,QHIIHWWLSRFR
GRSRVHQWLDPRGHOOHYRFLLWDOLDQHSURSULRVRWWRLOSDUDSHWWRGHOODWHUUD]
]DGHOEDU6RQRLQGLYLGXLFKHKDQQROHWWRODIUHFFLD³%$5´GDYDQWLDO
QRVWURDOEHUJRHO
KDQQRVHJXLWDSHUFXLVRQRDUULYDWLDOO
LQJUHVVRSRVWH
ULRUHGHOODWHUUD]]DFKHKRQRWDWRVHPSUHULJRURVDPHQWHFKLXVR6FRSR
GHOODIUHFFLDqHYLGHQWHPHQWHTXHOORGLHYLWDUHFKHLFOLHQWLRFFDVLRQDOL
GHOEDUSDVVLQRSHUO
DOEHUJRPDFLzIRUVHYDOHVRORQHLSHULRGLGLPDJ
JLRUHDIIOXHQ]DWXULVWLFD&RPXQTXHLQTXDOFKHPRGRULHVFRQRDWURYDUH
ODVWUDGDSHUHQWUDUHHVLVLHGRQRDGXQWDYRORDOOHPLHVSDOOH/LVELUFLR
SHUXQDWWLPRXQDVRODRFFKLDWDqVXIILFLHQWHSHULOUHVWRPLEDVWDVHQ
WLUOL SDUODUH 6RQR GXH FRSSLH SLXWWRVWR DQ]LDQH JOL XRPLQL LQ FDO]RQL
FRUWL H FDPLFLD FRORQLDOH OH GRQQH GHO WLSR ³YHFFKLD]]ROH SLWWDWH´ &
q
DQFKHXQDUDJD]]LQDIRUVHILJOLDGLXQDGHOOHFRSSLH'DFRPHSDUODQR
VRQR FHUWDPHQWH JHQWH GHOOD FURFLHUD IDFROWRVL LQGXVWULDORWWL SDGDQL OD
FXLFXOWXUDqLQYHUVDPHQWHSURSRU]LRQDOHDOFRQWRLQEDQFD1RQRVWDQWH
VLDQR DSSHQD VFHVL GDOOD QDYH GRYH FHUWDPHQWH LO FLER QRQ PDQFD VL
VHUYRQRJHQHURVHSRU]LRQLGL\RJXUWHGROFLHFKLHGRQRGHOFDIIqHVSUHV
VR 6H SRVVLELOH GLVSUH]]DQGR DG DOWD YRFH LO FDIIq JUHFR H WXWWH OH
VFRPRGLWjHGLGLVDJLFKHSRYHULQL GHYRQRSDWLUHLQTXHVWLOXRJKLVHO
YDJJL ,Q SRFKL VHFRQGL DVFROWDQGR L ORUR DFFHQWL EULDQ]ROL WDQWR SL
YROJDUL TXDQWR SL PDVFKHUDWL GDO OHVVLFR DSSURVVLPDWLYR GHOO
LWDOLDQR
FRUUHQWHPHQWHSDUODWRD0LODQR$YHWHSUHVHQWHFRPHSDUOD$UULJR6DF
FKL"/XLqWXWWRILQHHSUHFLVRPDGDOVXRYRFDERODULRVRQRDVVHQWLYHU
ELWURSSRFRPSOHVVLFRPHVDOLUHRVFHQGHUHLQTXDQWRSRYHUDPHQWHVR
VWLWXLWLGDXQXQLFRYHUER FRPXQHTXDOLILFDWRGDXQDYYHUELRDQGDUHVX
HDQGDUHJLOLTXDOLILFRFRPHSHUVRQDJJLDQWLSDWLFL,OVROHUWHSRUWLHUH
G
DOEHUJRVHPSUHSUHRFFXSDWRSHUODYHQXWDGL8FFLRPLVLDYYLFLQDH
PLFKLHGHLQLQJOHVHVHTXHOOLVRQRLQRVWULDPLFL*OLULVSRQGRGLQRFRQ
XQDGHFLVLRQHHGXQ
DULDVFDQGDOL]]DWDFKHORWXUEDYLVLELOPHQWHPHQWUH
ERUERWWRLQLWDOLDQR©3HUIRUWXQDª
/DVLJQRUDSLYHFFKLDGHOOHGXHKDXQDJXLGDGDFXLOHJJHDGDO
WD YRFH DOFXQH QRWL]LH VX &LWHUD 1RQ KD HYLGHQWHPHQWH QHVVXQD FRQR
VFHQ]DGLJUHFRSHUFKpFRQWLQXDDSURQXQFLDUH3DQjJLDLQYHFHGL3DQD
JKuD H FRVu YLD 0D TXHOOR FKH PLXUWDQRQqWDQWRO
HUURUHqQRUPDOH
FKHQRQWXWWLDEELDQRIDWWRLOOLFHRFODVVLFRTXDQWRLOWRQRJUDVVRHER
ULRVRFRQFXLSURQXQFLDTXHVWLQRPLVWRUSLDQGROL0LVHQWRIXPDUHGHQ
WUR'RSRO
HQQHVLPR¬JLD3HOjJLDLQYHFHGL$JKuD3HODJKuDODVLJQR
UDKDHYLGHQWHPHQWHXQEDUOXPHGLUHVLSLVFHQ]DHVLFKLHGHDGDOWDYRFH
©0D FKH VLJQLILFD ¬JLD"ª ,R QRQ SRVVR SL UHVLVWHUH H QRQRVWDQWH LO
IHUPRSURSRVLWRQHOQRQIDUPLULFRQRVFHUHFRPHFRQQD]LRQDOHGDTXHJOL
LQGLYLGXLPLJLURHPLVRUSUHQGRDULVSRQGHUH©$JKuDªFDOFDQGRVXOOD
SURQXQFLD FRUUHWWD ©VLJQLILFD 6DQWDª , SDGDQL KDQQR XQ PRWR GL VRU
SUHVD PD VL ULSUHQGRQR DEEDVWDQ]D SUHVWR GHYR GLUH $Q]L XQR GHJOL
XRPLQLPLFKLHGH©+RYLVWRFKHOHLqSUDWLFR0LGLFD&LVRQRYROLGL
OLQHD SHU TXHVW
LVROD"ª 2UPDL LO JKLDFFLR q URWWR H FRPLQFLR D SDUODUH
'R LQIRUPD]LRQL VSLHJD]LRQL UDFFRQWR SHUILQR LO PLWR GHOOD QDVFLWD GL
9HQHUHJHQHUDWDGDOODVFKLXPDGHOPDUHGL&LWHUDTXDQGRYLFDGGHURL
JHQLWDOLGL8UDQRLOFLHORWDJOLDWLGD&URQRLOWHPSR3RLFKpXQRGHJOL
XRPLQL VD SHUVLQR FKH 9HQHUH VDUHEEH QDWD DQFKH D &LSUR JOL VSLHJR
FKH TXHOOD GL &LWHUD q OD 9HQHUH GHOO
DPRUH VSLULWXDOH PHQWUH O
DOWUD q
TXHOODGHOO
DPRUHGLFLDPRFRVuFRPSOHWR$QFKH3XSDFKHVLqDWWDUGD
WD DO WDYROR GHOODFROD]LRQHDVFROWDODFRQYHUVD]LRQH$SSUHQGRFKHOD
QDYHFRQFXLVRQRDUULYDWLqOD(XJHQLR&RVWD'HYRGLUHFKHDOODILQHL
SDGDQLQRQPLVRQRSLWDQWRDQWLSDWLFLFRPHSULPD&RPXQTXHqPH
JOLR IXJJLUH WXWWR LO SDHVH q LQIHVWDWR GD LWDOLDQL VFDULFDWL D ULSHWL]LRQH
GDDXWREXVHWD[LFKHVDOJRQRGDOSRUWR
3XUWURSSRRJJLQRQDEELDPRODEDUFDSHUFXLSHQVLDPRSULPDGL
YLVLWDUHTXDOFKHSDHVHGHOO
LQWHUQRSRLGLVFHQGHUHDTXDOFKHFDOHWWDVSH
UDQGR FKH OH VWUDGH QRQ VLDQR GLVDVWURVH FRPH TXHOOH GL LHUL ,R KR JLj
FRQVXOWDWR OD JXLGD GL &LWHUD H SURSRQJR GL DQGDUH D 0LORSzWDPRV
# Œ)2. " GRYH FL VRQR OH URYLQH GL XQ FDVWUR YHQH]LDQR XQ UX
VFHOORFRQXQDFDVFDWDXQDJURWWDLQWLWRODWDD6DQWD6RILDHGDGRYHSRL
IRUVHVLSXzVFHQGHUHLQPDUHVXOODFRVWDRFFLGHQWDOHGHOO
LVROD/DJLRU
QDWD q FDOGD H OXPLQRVD FRPH DO VROLWR $UULYLDPR VXELWR D 0LORSzWD
PRV GRYH QRWLDPR DOFHQWURGHOSDHVHXQFDUDWWHULVWLFRFDPSDQLOHPD
QRQ FL IHUPLDPR H SURVHJXLDPR SHU OH URYLQH GHO FDVWUR YHQH]LDQR GL
.DWR+RUD 2& +!.,OFDVWURqVXXQSLFFRORSURPRQWRULRDSLFFR
VXOPDUHDOPDUJLQHHVWUHPRGHOSDHVH1RQF
qDQLPDYLYD8QDYROWD
LPERFFDWR LO SLFFROR SRUWDOH LQ SLHWUD VFROSLWD VHPEUD GL HQWUDUH LQX
Q
DOWUDGLPHQVLRQHGRYHLOWHPSRqFRPHFULVWDOOL]]DWRIHUPRSHUVHP
SUH$FFDQWRDOSRUWDOHF
qXQDVSHFLHGLVDODVLPLOHDGXQDFKLHVDFRQ
QDYDWD XQLFD H FRQ OH ILQHVWUH GL DVSHWWR JRWLFR $GGHQWUDQGRVL QHO FD
VWURVLYHGRQRGHLTXDUWLHULGLDELWD]LRQHFKHQRQRVWDQWHLOFDWWLYRVWDWR
*UHFLD
GLFRQVHUYD]LRQHPRVWUDQRFKLDUDPHQWHGLHVVHUHVWDWLDELWDWLILQRDSR
FRWHPSRID%DUWRORIDQRWDUHD3XSDXQSLFFRORIRUQRVLPLOHDTXHOOL
XVDWLRJJLSHUOHSL]]HUHDOL]]DWRFRQWXWWLJOLDFFRUJLPHQWLDWWLDUHQGHU
OR LO SL HIILFLHQWH SRVVLELOH 3XSD OR JLXGLFD DGGLULWWXUD PLJOLRUH GL
TXHOOR FRVWUXLWR QHOOD FDQWLQD GHOOD ORUR QXRYD FDVD DG $YHUVD 3HQH
WUDQGRXOWHULRUPHQWHQHOYLOODJJLRQRQWURYLDPRSLFDVHGLDELWD]LRQH
PDVRORFKLHVHLQQXPHURLQFUHGLELOHGHGLFDWHDLVDQWLSLLQFRQVXHWL
TXDVL WXWWH EHQ FRQVHUYDWH PD FRQ OH SRUWH FKLXVH GD OXFFKHWWL GDOO
D
VSHWWR HIILFLHQWH 1RQ FL UHVWD FKH WRUQDUH LQGLHWUR GRSR DYHU VFDWWDWR
YDULH IRWRJUDILH DO FDVWUR HG DOOD YDOODWD VRWWRVWDQWH FRQ LO PDUH VXOOR
VIRQGR
/DVWUDGDSURVHJXHLQXQDLQYLWDQWHGLVFHVDYHUVRLOPDUH6HP
EUDLQEXRQHFRQGL]LRQL&LDYYLDPRVSHUDQ]RVLDWWLUDWLGDOODGLVWHVDGL
XQ D]]XUUR LQWHQVR WUHFHQWR PHWUL SL LQ EDVVR 3XUWURSSR GRSR XQ SR
O
DVIDOWR YLHQH VRVWLWXLWR GDO FHPHQWR H GRSR XQ DOWUR SRFR GDOOD VROLWD
SLHWUDLD 0HQWUH VFHQGLDPR D SDVVR G
XRPR &DH QRWD XQ FDSSHOOLQR
ELDQFRDEEDQGRQDWRVXOFLJOLRGHOODVWUDGDLQPH]]R DLURYL0LIHUPRH
OHLORUDFFRJOLHÊXQSR
VSRUFRPDGHFLGHGLODYDUORDOULWRUQRDFDVD
&DHqVLFXUDFKHLOFDSSHOORVDUjSLFRQWHQWRFRQQRLD1DSROLSLXWWR
VWRFKHDEEDQGRQDWRLQTXHOOXRJRGHVHUWR6XSHUDWDXQDFXUYDFLUHQ
GLDPRFRQWRFKHODVWUDGDQRQVFHQGHSLYHUVRLOPDUHPDULSUHQGHD
VDOLUH YHUVR OD PRQWDJQD 'HFLGLDPR GL WRUQDUH LQGLHWUR DQFKH VH OR
VSD]LRSHULQYHUWLUHODPDUFLDqSLXWWRVWRVFDUVRHODVWUDGDqDOWDHVHQ]D
SDUDSHWWL 7XWWL VFHQGRQR H %DUWROR PL DLXWD GLULJHQGR OD PDQRYUD GD
WHUUD/
LQYHUVLRQHGLPDUFLDVLULYHODSLIDFLOHGHOSUHYLVWRHSRVVLDPR
ULWRUQDUH
5LVDOLDPRD.DWR+RUDHSURSULRDOWHUPLQHGHOODVWUDGDELDQFD
LQFURFLDPRXQDPDFFKLQDGLJUHFLFRQXQVXUIFKHFLFKLHGRQRVHGLOj
VLDUULYDDOPDUH*OLULVSRQGLDPRGLQR3URVHJXLDPRILQRD0LORSzWD
PRV GRYH IHUPLDPR OD PDFFKLQD SHU YHGHUH OD FDVFDWD VHJQDODWD GDOOD
JXLGDDQFKHFRQXQDEHOODIRWRJUDILD3URSULRYLFLQRDOSRVWRGRYHKR
SDUFKHJJLDWRODPDFFKLQDF
qXQFDUWHOORLQGLFDWRUHFKHVHJQDODODVWUDGD
SHUODFDVFDWDÊO
HQQHVLPDVWUDGDELDQFDFKHGHFLGLDPRGLSHUFRUUHUHD
SLHGL SHU HYLWDUH GL URYLQDUH OD PDFFKLQD FKH GRYUj ULSRUWDUFL LQ ,WDOLD
3HUz GRSR TXDOFKH FHQWLQDLR GL PHWUL VRWWR XQ VROH URYHQWHGHFLGLDPR
GLULQXQFLDUHSHUYHGHUHVHF
qXQDVWUDGDSLEUHYHPDJDULVRORSHGRQD
OHGDOFHQWURGHOSDHVH3XUWURSSRULXVFLDPRDWURYDUHVROWDQWRXQDVSH
FLH GL PXOLQR DG DFTXD FRQ XQ EDFLQR DELWDWR GD RFKH ELDQFKH ,R PL
VSLQJR SL DYDQWL GHJOL DOWUL PD UDJJLXQJR VROR FHUWL JLDUGLQL SULYDWL
SLHQL GL ILRUL H DWWUDYHUVDWL LQ OXQJR H LQ ODUJR GD FDQDOHWWL SHU O
DFTXD
/
DULD q SLHQD GL OLEHOOXOH YHUGL D]]XUUH ,Q ORQWDQDQ]D YHGR OD VWUDGD
ELDQFD FKH DYHYDPR DEEDQGRQDWR IDUH XQDFXUYDDG8HGLQWURGXUVLLQ
XQDIROWDPDFFKLDGLDOEHULGLDOWRIXVWRUDULVVLPLVX&LWHUD,QIRQGRVL
LQWUDYHGRQRGHOOHPDFFKLQHSDUFKHJJLDWHGHYHHVVHUHODFDVFDWDPDGDO
SXQWRLQFXLPLWURYRQRQVLYHGH%DUWRORPLVSLQJHDULQXQFLDUHHGLR
DFFHWWRGLEXRQJUDGRLOFDOGRLQIDWWLqQRWHYROHHWXWWLRUPDLGHVLGHULD
PR XQD VROD FRVD LO PDUH 4XLQGL GRSR DOFXQH IRWR QHL SUHVVL GHOOD
FKLHVDFRQLOJUDQGHFDPSDQLOHQHOFHQWURGHOSDHVHGHFLGLDPRGLUDJ
JLXQJHUHODFDODGL/LPQDULD!.VHPSUHVXOODFRVWDRFFLGHQWDOH
PD XQ SRFR SL D VXG FKH VHPEUD SL D SRUWDWD GL PDQR GDWR FKH OD
FDUWDLQGLFDXQDVWUDGDFKHVRORQHOO
XOWLPRWUDWWRGLGXHFKLORPHWULVFDU
VL QRQ q SL DVIDOWDWD PD GL FHPHQWR 1HO YLDJJLR YHUVR OD EDLD GRE
ELDPR IHUPDUFL VRWWR GHJOL HXFDOLSWL LQ XQ LQFURFLR SUHVVR XQD VFXROD
SHUFKp&DHDFFXVDXQGLVWXUERGLVWRPDFRIRUVHDFDXVDGHOFDOGR&R
PXQTXHSURVHJXLDPR'RSRXQSR
DWWUDYHUVLDPRLOSDHVLQRGL.DORNH
ULQqV . .!"GRYHQRWLDPRXQFDUURSLHQRGLXYDQHUD9LFLQR
F
qXQYHFFKLRDFXLFKLHGRGLFRPSUDUQHDLXWDQGRPLXQSR
DJHVWLHG
XQ SR
FRQ O
XQLFD SDUROD FKH FRQRVFR DGDWWD DOOD ELVRJQD VWDIuOLD
12.3.FKHVLJQLILFDDSSXQWRXYD,OYHFFKLRVHQ]DVFRPSRUVLPHW
WHXQEHOJUDSSRORG
XYDQHOOHPDQLGLRJQXQRGLQRLHQRQYXROHHVVHUH
SDJDWR$SSUH]]LDPRPROWRODGLJQLWjHGO
RVSLWDOLWjGLPRVWUDWDGDOJUH
FR FKH SHU QRL DELWXDWL D IUHTXHQWDUH JHQWH VPDOL]LDWD H OXRJKL GL YD
FDQ]DRUPDLURYLQDWLGDOFRVLGGHWWRSURJUHVVRKDXQVDSRUHTXDVLDUFDL
FR,OSDUDJRQHFRQ3DOLQXURGLRJJLqVWULGHQWH)RUVH3DOLQXURHUDFRVu
WUHQW
DQQLID
3URVHJXHQGRSHUODVWUDGDVFHQGLDPRSHUXQYDOORQHURFFLRVRH
SDVVLDPRVRWWRXQDSLFFRODJDOOHULDVLPLOHDGXQDUFRVFDYDWRQHOODURF
FLDELDQFDSRLQRWLDPRXQDFURFHFRVWUXLWDDSLFFRVXOPDUHSURSULRQHO
SXQWR LQ FXL OD VWUDGD FRPLQFLD D VFHQGHUH 'RSR XQ SR
SDVVLDPR GD
YDQWL DO PRQDVWHUR 0LUWLGLRQ #!2/& VXELWR GRSR LO TXDOH
FRPLQFLD OD VWUDGD GL FHPHQWR 3XUWURSSR OD FDUWD ULVXOWD FRPH VSHVVR
FDSLWDEXJLDUGDHODVWUDGDVLWUDVIRUPDEHQSUHVWRQHOODVROLWDSLHWUDLD
QRQELDQFDTXHVWDYROWDPDURVVDSHULOFRORUHGHOODWHUUDLQWRUQR,OPD
UHSHUzqYLFLQRHLQYLWDQWHHSURVHJXLDPRORVWHVVR6LDPRTXDVLDUULYD
WLDOPDUHTXDQGRGHFLGRGLSDUFKHJJLDUHODPDFFKLQDVRWWRXQDOEHURH
LQGLVFHVDSHUFKpGDXQSR
GLWHPSRKDPDQLIHVWDWRGLQXRYRLOYHFFKLR
GLIHWWRGLQRQYROHUULSDUWLUHTXDQGRLOPRWRUHqPROWRFDOGR)DFFLDPR
JOLXOWLPLFHQWRPHWULDSLHGL6RWWRGLQRLFRPSDUHXQDVSLDJJHWWDFKH
JLj GDOO
DOWR VL ULYHOD GL XQD ]R]]HULD LQFUHGLELOH $ SDUWH L VROLWL ULILXWL
SRUWDWLGDOPDUHVLYHGRQRPDFFKLHGLFDWUDPHGDSSHUWXWWR$FFDQWRDO
ODVSLDJJHWWDF
qXQPLFURVFRSLFRSRUWLFFLXRORULFDYDWRULPRGHOODQGRFRO
FHPHQWR XQD SLFFROD LQVHQDWXUD GL URFFLD &L VRQR DOFXQH EDUFKH VLD D
PDUHVLDVXOOHPLQXVFROHEDQFKLQH$LGXHODWLGHOSRUWREDUDFFKHUHD
*UHFLD
OL]]DWHFRQPDWHULDOHGLVFDUWRHGXHJUXDUUXJJLQLWH6XJOLVFRJOLHVXOOD
EDQFKLQD FL VRQR DOFXQL JUHFL XRPLQL H GRQQH SLXWWRVWR DQ]LDQL FKH
IDQQRLOEDJQRHSUHQGRQRLOVROH&LDYYLFLQLDPRHGLRDXJXURLOEXRQ
JLRUQRLQJUHFR .!.FRVDFKHHVVLDSSUH]]DQR8QDVLJQRUDFKH
SDUODXQSR
GLLWDOLDQRFRQSURQXQFLDSLXWWRVWRFRUUHWWDFLFRQVLJOLDWUD
O
DOWUR GLYLVLWDUHLOPRQDVWHUR0LUWLGLRQ
$QGLDPR SULPD DOOD VSLDJJHWWD GRYH SXUWURSSR OD FDWWLYD LP
SUHVVLRQHDYXWDGDOO
DOWRqDPSLDPHQWHFRQIHUPDWD$GGLULWWXUDOHPDF
FKLHGLFDWUDPHVLULYHODQRHVVHUHGHJOLVWUDWLFRPSDWWLGLVHLVHWWHFHQ
WLPHWUL'HFLGRGL IDUHLOEDJQRQHOSRUWLFFLXRORDQFKHVHODGLVFHVDQRQ
q DJHYROH *OL DOWUL SUHIHULVFRQR FRPXQTXH OD VSLDJJLD SURSULR SHU OD
PDJJLRUHIDFLOLWj'HOUHVWRO
DFTXDqSXUDHFULVWDOOLQDFRPHLQWXWWDO
L
VROD$SSHQDHVFRGDOO
DFTXDYHQJRTXDVLDVVDOLWRGDOOHYHVSH/RVWHVVR
FDSLWD D 3XSD 6RQR DWWLUDWH GDOO
DFTXD 5LHVFRDFDFFLDUOHPDGLPDQ
JLDUHQHDQFKHDSDUODUQH'HFLGLDPRGLDQGDUHYLDVXELWRFRQFOXGHQGR
FKHQRQDYHQGRODEDUFDLOSRVWRPLJOLRUHSHUIDUHLOEDJQRUHVWDVHP
SUHODEDLDGL.DSVjOL .%FKHSRLqDQFKHODSLFRPRGDHODSL
YLFLQDDOQRVWURDOEHUJR3ULPDGLDQGDUHLRULHVFRFRPXQTXHDPDQJLD
UHTXDOFKHWDUDOOLQRGL8FFLRHGXQSR
GHOO
XYDUHJDODWD
5LSDVVDQGR YLFLQR DO PRQDVWHUR 0LUWLGLRQ FKH FRPXQTXH KR
GHFLVRGLYLVLWDUHYHQLDPRIHUPDWLGDXQSUHWHRUWRGRVVRXQSRSHFR
PHGLFLDPRQRLRPHJOLRXQSDSDFRPHGLFRQRLJUHFL&KLHGHDJHVWL
PD LQ PRGR FKLDULVVLPR VH SRVVLDPR DFFRPSDJQDUH D +RUD +!.
FLRqDOFDSROXRJRGRYHDELWLDPRXQDUDJD]]DFKHDVSHWWDVHGXWDYLFLQR
D OXL6LDPRFRVWUHWWLDULILXWDUHVLDPRJLjWURSSRFDULFKLHYRJOLDPRYL
VLWDUHLOFRQYHQWR,OSDSDQRQSHUGHODVXDFRUGLDOLWj
)LJXUD &LWHUD0RQDVWHUR0LUWLGLRQ
,O PRQDVWHUR FRPH TXDVL WXWWL L FRQYHQWL JUHFL FKH KR YLVWR q
SUHFHGXWR GD XQD VSHFLH GL FRUWLOH FKLXVR GD XQ PXUR ELDQFKLVVLPR DO
FHQWUR GHO TXDOH VL DSUH LO SRUWRQH GL LQJUHVVR ,O FRUWLOH q XQD IHVWD GL
ILRULGDLFRORULEULOODQWLHGLJUDQGLFHVSXJOLGLPLUWRSURIXPDWR3HQVR
FKHTXHVWLDEELDQRGDWRLOQRPHDOPRQDVWHUR$LGXHODWLGHOFRUWLOHVL
DSURQR OH FHOOH GHL PRQDFL SRVWH VX GXH SLDQL ,Q IRQGR F
q OD FKLHVD
FKHRIIUHLOILDQFRDOYLVLWDWRUH/
LQWHUQRFXUDWLVVLPRqFDULFRGLDIIUH
VFKLLFRQHDUUHGLGLEURQ]RHG
DUJHQWR7XWWRGjXQDVHQVD]LRQHGLRU
GLQHHGLSDFH8VFLDPRGDOODFKLHVDHXQDGRQQDIRUVHXQDSHUSHWXDFL
FKLHGH LQ JUHFR DLXWDQGRVL FRQ L JHVWL VH YRJOLDPR EHUH %DUWROR GLFH
FKHQRQKDYRJOLDGLEHUHYLQRPDLRSHQVRFKHODGRQQDYRJOLDRIIULUFL
*UHFLD
GHOO
DFTXD3URQXQFLRLQWHUURJDWLYDPHQWHODVRODSDURODQHUz0!)FKH
LQJUHFRPRGHUQRVLJQLILFDDFTXDHRWWHQJRFRQIHUPDGHOODPLDVXSSR
VL]LRQH /D GRQQD FL JXLGD LQ XQ
DPSLD VDOD OXPLQRVD XQD VWDQ]D GD
SUDQ]RHYLGHQWHPHQWHFRQPROWLTXDGULHIRWRJUDILHGLSDSDV DOOHSDUHWL
HFRQDOFHQWURXQJUDQGHWDYRORFRSHUWRGDXQDWRYDJOLDULFDPDWDGLXQ
ELDQFR LPPDFRODWR /D GRQQD FL LQYLWD D VHGHUFLDFFDQWRDOWDYRORHFL
SRUWDXQYDVVRLRFRQXQDERWWLJOLDGLDFTXDIUHGGDHGHLELFFKLHUL&LID
EHUHHSRLDSUHXQDVFDWRODGLGROFLVFHOWDWUDDOFXQHVFDWROHVXOWDYRORH
FLRIIUHGHLOXFPLGROFHWWLGLRULJLQHWXUFDDEDVHGL]XFFKHURHPLHOH
VLPLOL D FXEHWWL WUDQVOXFLGL LQIDULQDWL GL ]XFFKHUR D YHOR DURPDWL]]DWL
FRQVSH]LHHGHVVHQ]HXQSR
VRPLJOLDQWLDOOHQRVWUHJLXJJLROHRJHODWL
QHGLIUXWWD
/DSDXVDGLULSRVRQHOIUHVFRGHOODVWDQ]DFLIDDQFRUDGLSLDS
SUH]]DUHO
RVSLWDOLWjHOHXVDQ]HGLXQPRQGRFKHRUPDLVRSUDYYLYHVROR
LQTXDOFKHDQJRORVSHUGXWRFRPHTXHVWRGL&LWHUD
$OO
XVFLWDGDOPRQDVWHURVFRSULDPRFKHLQXQDQJRORDOGLIXRUL
GHOPXURGLFLQWDF
qXQEHYHULQRGLTXHOOLFKHQRLXVLDPRQHJOLXIILFL
SHUIHWWDPHQWH IXQ]LRQDQWH PHVVR Ou D GLVSRVL]LRQH GL FKL YRJOLD GLVVH
WDUVL %HYLDPR DQFRUD HULHPSLDPRDQFKHOHYHFFKLHERWWLJOLHGLDFTXD
PLQHUDOHFKHRUPDLLQIHVWDQRODPDFFKLQD
5LSDUWLDPRHUDJJLXQJLDPRODFURFHFKHDYHYDPRQRWDWRDOO
DQ
GDWD0LIHUPRHVFRSURFKHHVVDVRUJHVXXQDSLFFRODURWRQGDXQDVSH
FLH GL EHOYHGHUH D SLFFR VXO PRQDVWHUR H VXO PDUH VRWWRVWDQWH 3XSD H
&DHUHVWDQRLQPDFFKLQDPD%DUWRORHGLRVFHQGLDPR SHUVFDWWDUHTXDO
FKHIRWRJUDILD0HQWUHVLDPROuDUULYDXQ
LQWHUDIDPLJOLDGLWHGHVFKLSD
GUHPDGUHHGXHILJOLVXGXHPRWRULQLHYLGHQWHPHQWHQROHJJLDWLGDXQR
GHLWDQWLQROHJJLDWRULGHOO
LVROD,OSDGUHDSSURVVLPDWLYDPHQWHGHOODPLD
HWjSDUODXQLWDOLDQRFRUUHWWRGDOO
DFFHQWRSUHFLVR$PPLUDLOPRQDVWH
URHGLRJOLVSLHJRFRPHDUULYDUFL
)LQDOPHQWHWRUQLDPRD.DSVjOLGRYHSDUFKHJJLDPRODPDFFKLQD
VRWWR XQ DOEHUR VXOOD EDQFKLQD FKH VRYUDVWD OD VSLDJJHWWD VDVVRVD VXOOD
GHVWUDJXDUGDQGRLOPDUHGHOOD SULPDEDLD4XLIDFFLDPRXQDOXQJDVH
ULHGLRWWLPLEDJQL1HJOLLQWHUYDOOLDOO
DVFLXWWRLRDSSURILWWRSHUVFULYHUH
TXDOFKHSDJLQDGLTXHVWRGLDULRFRPHDOVROLWRVRQRDUUHWUDWRGLTXDOFKH
JLRUQR 6WDQGR D PROORQHOO
DFTXDWLHSLGDHFDOPDGHOODEDLDYROJHQGR
OR VJXDUGR YHUVR WHUUD VL SXz DPPLUDUH LO FRQYHQWR GL 6DQ *LRYDQQL
WXWWRELDQFRGLFDOFHHGDEEDUELFDWRDOODURFFLDVFXUDVRYUDVWDWRGDXQD
JUDQGH FURFH ELDQFD GLSLQWD VXOOD SDUHWH GHOOD PRQWDJQD /D WUDGL]LRQH
YXROH FKH Ou 6DQ *LRYDQQL (YDQJHOLVWD DEELD LQL]LDWR OD VWHVXUD GHOO
$
SRFDOLVVH
)LJXUD &LWHUD.DSVjOL,OFRQYHQWRGL6DQ*LRYDQQL
5HVWLDPROjILQRDTXDQGRQRQVLDYYLFLQDO
RUDLQFXLGRYUHEEH
DUULYDUH8FFLR2JJLODQDYHF
qDOOHTXLQGLGRYUHEEHHVVHUHDOOH
DG$JKuD3HODJKuDDOOHFLQTXHD+RUD3ULPDGLULVDOLUHDQGLDPR
DOO
DJHQ]LD GL YLDJJL JHVWLWD GDO VLPSDWLFR JUHFR FKH q TXDVL GLYHQWDWR
XQYHFFKLRDPLFRSHULQIRUPDUFLVXLWUDJKHWWLGLGRPDQL&LYLHQHGHWWR
FKHF
qDQFRUDSRVWRPDGLVEULJDUFLDGHFLGHUHSHUFKpQHOODFRUVDGHOOH
SHU*K\WKLRQFLVRQRVRORXQDGHFLQDGLSRVWLVXVHVVDQWDHGLQTXHO
ODSHU1HDSROLVGHOOHXQDTXLQGLFLQD'HFLGLDPRGLSDUODUQHFRQ8F
FLRSULPDGLDFTXLVWDUHLELJOLHWWL
$UULYLDPRLQDOEHUJRLQWRUQRDOOH FLQTXHHXQTXDUWRHWURYLDPR
8FFLR FKH q JLj DUULYDWR HG DVSHWWD LQ FLPD DOOD VFDOHWWD SURIXPDWD GL
EHOOH GL QRWWH JLDOOH FKH FRQGXFH DOO
+RWHO 0DUJDULWD +D ODVFLDWR OD
PDFFKLQDXQSR
SLJLLQXQRVODUJRGHOODVWUDGDH5RVDQQDH&DUPHOL
WDVRQRJLjLQDOEHUJRGRYHKDQQRWUDVSRUWDWRLSULPLEDJDJOL8FFLROH
DVSHWWDSHUVFDULFDUHTXHOOLFKHULPDQJRQR6LDPRSDUWLWLVDEDWRVFRUVRH
VROWDQWRRUDFKHqJLRYHGuVHUDULXVFLDPRDULFRQJLXQJHUFLWXWWL$TXH
VWR SXQWR QRQ SRVVLDPR SHUPHWWHUFL GL SHUGHUH WHPSR 5RVDQQD DYHYD
VSHUDWRFKHQRLHQWXVLDVPDWLGDOODEHOOH]]DGHOSRVWRDYHVVLPRGHFLVR
*UHFLD
GLWUDWWHQHUFLSLGHOSUHYLVWR0DSXUWURSSRQRQqFRVuHQRQSHUFKpLO
SRVWRQRQVLDVWXSHQGR/DSDUWHQ]DqILVVDWDSHUGRPDQLHO
XQLFDFRVD
FKHIDFFLDPRqSUHQRWDUHODQDYHSHU1HDSROLVGHOOHLQYHFHGLTXHOOD
SHU*K\WKLRQGHOOH&LzYXROGLUHULQXQFLDUHDOODYLVLWDGHOWHPSLRGL
%DVVHHIDUHXQDFRUVDSHUDQGDUHD2OLPSLDFKH%DUWRORGHVLGHUDYHGH
UH,QFDPELRGRPDQLPDWWLQDSRWUHPRDQGDUHLQEDUFDFRQ+DULVVHH
JOLVDUjGLVSRQLELOH
3HUGHILQLUHWXWWHTXHVWHFRVHVFHQGLDPRFRQODPDFFKLQDGL8F
FLRD.DSVjOLPHQWUH&DH3XSDH%DUWRORUHVWDQRLQDOEHUJRSHUSUHSD
UDUVLDOODYLVLWDGHOFDVWHOORYHQH]LDQRGL+RUD3HUSULPDFRVDDQGLDPR
VXOSULPROXQJRPDUHDOO
DJHQ]LDGLYLDJJL1RQFLVRQRSUREOHPLDFTXL
VWLDPRLELJOLHWWLSHUODFRUVDGHOOD0DUWKDGHOJLRUQRGRSRSHU1HDSROLV
H VDOXWLDPR GHILQLWLYDPHQWH LO VLPSDWLFR DQ]LDQR JHVWRUH GHOO
DJHQ]LD
3RL DQGLDPR DOOD VHFRQGD VSLDJJLD TXHOOD GHL SHVFDWRUL SHU FHUFDUH GL
WURYDUH+DULV6XELWRQRWRFKHODEDUFDQRQF
qPHQWUHLOYHFFKLRIXRUL
VWUDGDYHUGHSLVHOORqSDUFKHJJLDWRFRPHDOVROLWRVRWWRLOPXURGHOOD]
]DUHWWR6WLDPRSHUIDUHLQYHUVLRQHGLPDUFLDTXDQGRYHGRODEDUFDFKH
LQ TXHO PRPHQWR HQWUD QHO SLFFROR SRUWR &L IHUPLDPR H VDOLDPR VXO
PRORGLOHJQRSHUDVSHWWDUH+DULV
,QEDUFDFLVRQRWUHFRSSLHGLLQJOHVLPLVHPEUD$LXWRDVFHQ
GHUH OH GRQQH FKH VRQR GL DVSHWWR JUDGHYROH PHQWUH DEEDQGRQR JOL
XRPLQLDOORURGHVWLQR3HUzQHVVXQRFDGHDPDUH+DULVVFHQGHSHUXO
WLPR H QRQ DSSHQD JOL LQJOHVL VRQR DQGDWL YLD ULSHWH OD VWRULD GHO PD
WULPRQLR $ TXHVWR SXQWR QRQ PL LQWHUHVVD VDSHUH SL QLHQWH JOL GLFR
VHPSOLFHPHQWHFKHDEELDPRULPDQGDWRODSDUWHQ]DGLPH]]DJLRUQDWDH
FKH GRPDQL XVFLUHPR FRQ OXL DOOH QRYH +DULV DFFHWWD H VXJJHOOLDPR LO
FRQWUDWWRFRQJUDQGLVWUHWWHGLPDQR6RQRVRGGLVIDWWRGLDYHUULVROWRWXW
WREULOODQWHPHQWHHGLQSRFRWHPSR3RVVLDPRULWRUQDUHLQDOEHUJR4XL
SXUWURSSRWURYLDPRFKH&DHVLqVHQWLWDGLQXRYRPDOHFRQORVWRPDFR
SUREDELOPHQWHVLWUDWWDDSDUWHLOIDWWRHPRWLYRGHOOR\RJXUWFKHDOPDW
WLQRFRQVXPLDPRLQTXDQWLWjLQGXVWULDOH)RUWXQDWDPHQWHWXWWRVLULVROYH
LQQXOODHGRSRODGRFFLDSRVVLDPRDQGDUHILQDOPHQWHDYLVLWDUHLOFD
VWHOORYHQH]LDQR
4XHVWRVLWURYDDOODILQHGHOODVWUDGLQDVXFXLVLDSURQRLULVWRUDQ
WLOHERXWLTXHVJOLXIILFLLQHJR]LHGDQFKHODVFDOHWWDGHOQRVWURDOEHU
JR6LWUDWWDLQHIIHWWLGHOFRUVRGL+RUD&RQODVXDPROHLOFDVWHOORGR
PLQDWXWWRLOSDHVHHODVRWWRVWDQWHEDLDGL.DSVjOL,QHIIHWWLOHPXUDGHO
FDVWHOOR QRQ IDQQR DOWUR FKH FRQWLQXDUH O
DQGDPHQWR GHOOH URFFH GHOOD
FROOLQDVXFXLVRUJHSHUIHWWDPHQWHYHUWLFDOLVXWUHODWLPHQWUHLOTXDUWR
ODWRSUHVHQWDXQOHJJHURSHQGLRFKHFRQGXFHDOSDHVH6LWUDWWDLQVRPPD
GLXQDSRVL]LRQHSUDWLFDPHQWHLQHVSXJQDELOH8QDUDPSDGLJURVVLFLRW
WROLFRQGXFHDOOHPXUDGLFLQWDLQFXLqVWDWRDSHUWRXQYDUFRFUHGRQHO
VHFRORVFRUVRTXDQGRORVFRSRGLIHQVLYRHUDYHQXWRDFDGHUHSHUIDFLOL
WDUH O
LQJUHVVR DO FDVWHOOR VWHVVR /D SRUWD RULJLQDOH PROWR SL VWUHWWD q
DQFRUDYLVLELOHHFRQGXFHDGXQDUDPSDVFXUDHVWUHWWDVFDYDWDQHOFRUSR
GHOOH PXUD 6SDUVL TXD H Oj QHOO
LQWHUQR GHO FDVWHOOR FL VRQR FDQQRQL GL
IHUUR FRQ VWHPPL H PRQRJUDPPL FKH VXVFLWDQR OD FXULRVLWj GL 8FFLR
(JOLLQIDWWLPLLQIRUPDGHOIDWWRFKHTXLFLVRQRVWDWLSULPDLYHQH]LDQL
PDSRLVXEHQWUDURQR³TXHLIHWHQWLGLLQJOHVL´,QIDWWLLFDQQRQLGLDVSHWWR
SL UHFHQWH KDQQR XQR VWHPPD FKH VHPEUHUHEEH LQJOHVH PHQWUH L SL
YHFFKLKDQQRVLFXUDPHQWHLOOHRQHGL6DQ0DUFR
)LJXUD &LWHUD+RUD,OFDVWHOORYHQH]LDQR
/XQJRLOFDPPLQRYHUVRODVRPPLWjGHOFDVWHOORQRWLDPRGHOOH
FLVWHUQHSHUO
DFTXDDOFXQHGHOOHTXDOLVRQRVWDWHVFRSHUFKLDWHHODVROL
WDLQFUHGLELOHTXDQWLWjGLFKLHVH'LXQDGLHVVHqVWDWDDSHUWDQRQODSRU
WDSULQFLSDOHPDXQDSRUWLFLQDODWHUDOHLQFLPDDGXQDVFDOHWWDGLSLHWUD
FKHFRQVHQWHGLDFFHGHUHDGXQSLFFRORPDWURQHR,OPDWURQHRQRQqDO
WUR FKH XQ SLFFROR EDOODWRLR GL OHJQR PDUFLR SHU FXL LO EDPELQR JUHFR
FKH KD DSHUWR OD SRUWD ID VHJQR GL HQWUDUH QRQ SL GL GXH DOOD YROWD
4XDQGRqLOPLRWXUQRHQWURHYHGRLQEDVVRXQDEHOOLVVLPDFKLHVDFRQ
DIIUHVFKL H OHJQL GRUDWL &RQ LO IODVK VFDWWR XQD IRWR DVSHWWDQGRPL LO
ULPSURYHUR GHO EDPELQR ULPSURYHUR FKH SHUz TXHVWD YROWD QRQ DUULYD
6FHQGRHVROOHFLWDWRGD8FFLRIDFFLRSHUGDUHGUDFPHDOUDJD]]R
PDTXHVWLULILXWD6FRSURFKHqXQWXULVWDFRPHQRLF
qLQIDWWLDQFKHOD
PDPPD H FKH KD WURYDWR OD FKLDYH FKLVVj GRYH 2YYLDPHQWH PL SUR
IRQGRLQVFXVH
3URVHJXR ILQR DO WHUPLQH GHO SHUFRUVR GRYH F
q XQD VSHFLH GL
JLDUGLQHWWRFKLXVRFRQGHOOHDUFDWHFKHGDQQRVXOSUHFLSL]LRVRWWRVWDQWH
*UHFLD
4XL OH SDUHWL URFFLRVH GHOOD FROOLQD VRQR SHUIHWWDPHQWH YHUWLFDOL VRWWR
F
qODGRSSLDPH]]DOXQDGHOODEDLDGL.DSVjOLHGLOSDQRUDPDqVHPSOL
FHPHQWHPR]]DILDWR1RWR%DUWRORSRFRSLLQOjFRQODPDFFKLQDIRWR
JUDILFD WXWWR DVVRUWR GDYDQWL DOOD PDJQLILFD YLVLRQH 6FDWWR DQFK
LR
TXDOFKHIRWRHGHVFRGDOJLDUGLQRSHQVLOH9DGRYHUVRO
DOWURDQJRORGHO
SDUDSHWWRGRYHQRQF
qQHVVXQRVWDFRORDOVROHFKH WUDPRQWDGDOODSDUWH
RSSRVWDGHOODEDLDGL.DSVjOLHGDOYHQWLFHOORIUHVFRFKHYLHQHDQFK
HVVR
GDRFFLGHQWH0LDWWDUGRXQSR
SHUULQIUHVFDUPLHPLDFFRUJRGLHVVHUH
ULPDVWR VROR 3RFR SL ORQWDQR F
q VROR 3XSD FKH DPD LO IUHVFR FRPH
PH /H GLFR GL WRUQDUH SHUFKp RUPDL q O
LPEUXQLUH H UDSLGDPHQWH WRU
QLDPR LQGLHWUR PD GHJOL DOWUL DPLFL QHPPHQR O
RPEUD $G XQ FHUWR
SXQWRLQWUDYHGRSHUXQDWWLPR&DHFKHDLXWDWDGD&DUPHOLWDVLDUUDPSL
FDVXXQPXUHWWRVHPLIUDQDWR,QSRFKLPLQXWLVLDPROuPDDQFKH&DHH
&DUPHOLWDQRQVLYHGRQRSL0LDUUDPSLFRDQFK
LRVXOPXUHWWRPHQWUH
3XSD SUHIHULVFH FRQWLQXDUH SHU OD VWUDGD IDFLOH H UDJJLXQJR XQ
DOWUD
FKLHVDLQFRQGL]LRQLSHJJLRULGHOODSUHFHGHQWHHILQDOPHQWHWURYR8FFLR
DVVRUWR LQ FRQWHPSOD]LRQH GL XQ YHFFKLR FDQQRQH TXHVWD YROWD LQGXE
ELDPHQWHYHQH]LDQRJOLDQQLLQIDWWLQRQVRQRULXVFLWLDFDQFHOODUHLOOHR
QHGL6DQ0DUFR
2UD FKH VLDPR WXWWL ULXQLWL SRLFKp q RUPDL VHUD ULWRUQLDPR LQ
SDHVH/XQJRODVWUDGDOHVLJQRUHVLDWWDUGDQRLQTXDOFKHQHJR]LRGLDUWL
JLDQDWR8FFLRHQWUDLQXQHPSRULRGRYHFRPSUDFDUWROLQHHIUDQFREROOL
HGLRORLPLWR6RORFKHROWUHDGLHFLFDUWROLQHFRQIUDQFREROORFRPSUR
DQFKHXQOLEURGLFXFLQDJUHFDLQLWDOLDQR$UULYDWLDOO
DOEHUJRGREELD
PRDVSHWWDUH%DUWRORFKHQRQYXROHDQGDUHD FHQDFRQLFDO]RQFLQLFRUWL
8FFLRSUHIHULVFHUHVWDUHFRVuFRP
qPHQWUHLRJLjVRQRLQSDQWDORQLOXQ
JKLSHUFKpSHQVDYRFKHQRQVDUHPPRSLWRUQDWLLQDOEHUJR
)LQDOPHQWHSUHQGLDPROHPDFFKLQHHVFHQGLDPRD.DSVjOLGDWR
FKHDEELDPRGHFLVRGLFHQDUHLQULYDDOPDUH3XUWURSSRLOULVWRUDQWHGR
YHHUDYDPRVWDWLGXHVHUHSULPDQRQKDSHVFHVHHVFOXGLDPRGHOOHYRSH
FKHSHUGLSLDYHYRJLjYLVWRTXDUDQWRWW
RUHSULPD$QGLDPRTXLQGLDO
O
DOWUR ULVWRUDQWH XQ SR
SL UXVSDQWH FKH SHUz KD OD JDUDQ]LD GL DYHUH
XQD FOLHQWHOD LQ JUDQ SDUWH JUHFD 2YYLDPHQWH GDWR FKH RUPDL VRQR OH
QRYHSDVVDWHLWDYROLDOO
DSHUWRVRQRWXWWLRFFXSDWLVHVLHVFOXGHXQSLF
FRORWDYRORGDTXDWWURFKHVLqDSSHQDOLEHUDWR(QWULDPRQHOULVWRUDQWH
LQWUH5RVDQQD%DUWRORHGLRPHQWUHJOLDOWULDVSHWWDQRIXRULVXOODVWUD
GD /H WUDWWDWLYH GD DIIURQWDUH VRQR GXH LO SHVFH IUHVFR FRQ DOPHQR
TXDOFKHHVHPSODUHFKHVLSRVVDFXFLQDUHDOODJULJOLDSHU&DHHGLOWDYROR
GDVHWWH/DSULPDYLHQHULVROWDDEEDVWDQ]DSUHVWRDQFKHVHTXDVLFRP
SOHWDPHQWHDJHVWLFLVRQRGHJOLRWWLPLVDUDJKLHRUDWHGDOO
DVSHWWRIUH
VFKLVVLPR 3HU TXDQWR ULJXDUGD LO WDYROR HQWULDPR LQ XQD VLWXD]LRQH GL
VWDOOR GHQWUR q LPSRVVLELOH PDQJLDUH SHU LO FDOGR H SHU JOL RGRUL GHOOD
FXFLQDDSSHWLWRVLPDDJJUHVVLYLSHULFDSHOOLHGLYHVWLWLIXRULQRQVLOL
EHUDQHVVXQWDYRORROWUHDTXHOORGDTXDWWURJLjLQGLYLGXDWR3HUGLSL
GREELDPRIURQWHJJLDUHODSUHVVLRQHGLDOWULDYYHQWRULFKHHVVHQGRVROR
LQFRSSLDSRWUHEEHURRFFXSDUHLOQRVWURXQLFRWDYROLQR3URSULRDFFDQWR
DTXHVWRF
qXQDVLJQRUDDQ]LDQDGHOWLSRJHQWLOGRQQDLQJOHVHLQYDFDQ
]DQHOOHFRORQLHFKHFHQDGDVRODÊSLXWWRVWRVQHOODGDOORVJXDUGRVR
JQDQWH IRUVH D FDXVD GHOOD UHWVLQD YHVWLWD EHQH PD FRQ TXHO QRQ VR
FKHGLWUDVFXUDWRRGLLQFRPSLXWRFKHVSHVVRFDUDWWHUL]]DO
DEELJOLDPHQ
WR GHJOL RFFLGHQWDOL TXDQGR VL DEEDQGRQDQR DL ULWPL GL YLWD RULHQWDOL
&RQODIRUFKHWWDSXQ]HFFKLDGLVWUDWWDPHQWHXQDPH]]DSRU]LRQHGLSHVFH
FKHKDQHOSLDWWRPDVRORUDUDPHQWHQHSRUWDXQSH]]HWWLQRLQYLVLELOHDO
ODERFFD$GXQFHUWRSXQWRDO]DORVJXDUGRVRJQDQWHYHUVRGLQRLYHGR
QHL VXRL RFFKL FRPH XQ ODPSR GL FRPSUHQVLRQH &RQ XQ OLHYH VRUULVR
VXOOHODEEUDFKLHGHDOODUDJD]]DGHOULVWRUDQWHFKHSDVVDLQTXHOPRPHQ
WRLOORJDULVPzV .!1)"FLRqLOFRQWRSRLFLVRUULGHDSHUWDPHQWH
/DULQJUD]LDPRVLDLQJUHFRFKHLQLQJOHVH
)LQDOPHQWH SRVVLDPR XQLUH L GXH SLFFROL WDYROL GL IHUUR FRO UL
SLDQR GL OXFLGD ODPLHUD 6WLDPR XQ SR
VWUHWWLQL PD DOPHQR SRVVLDPR
VHGHUFLWXWWLHVHWWH,PSURYYLVDPHQWHDUULYDLOVLJQRUHJUHFRFROEHUUHWWR
HG LO ODEEUR LQIHULRUH SHQGXOR FKH DYHYR QRWDWR VXOOD QDYH DOO
DQGDWD H
FKH DELWD FRQ OD PRJOLH QHO QRVWUR DOEHUJR 3XQWD GHFLVDPHQWH YHUVR
&DUPHOLWD H LQ XQ LWDOLDQR GLVFUHWR DQFKH VH FRQ TXDOFKH SDUROD VSD
JQRODFKLHGH©&RPHVHFKLDPDTXHVWDEHOODVHJQRULWD"ªHULGHDIIDELOH
DFFDUH]]DQGROHODWHVWD5HVWRVWXSLWRGLTXHVWRFRPSRUWDPHQWRHFKLH
GROXPL0LVSLHJDQRFKH&DUPHOLWDDYHYDLQDYYHUWLWDPHQWHIDWWRFDGHUH
DWHUUDLOFDSSXFFLRGHOODJLDFFDLPSHUPHDELOHFKHLQGRVVDYDHVLVWDYD
DOORQWDQDQGRTXDQGRODSDGURQDGHOULVWRUDQWHDYHYDDYYHUWLWR&DUPHQ
LQLQJOHVHFKHDYHYDQRSHUGXWRTXDOFRVDLQGLFDQGRRYYLDPHQWHLOFDS
SXFFLRDWHUUD6JRPHQWRGL&DUPHOLWDFKHWHPHYDGLHVVHUHULPSURYH
UDWD QRWDWR GDO VLJQRUH JUHFR VHGXWR DO ULVWRUDQWH H FKH HYLGHQWHPHQWH
QHHUDULPDVWRWHQHUDPHQWHLPSUHVVLRQDWR'DTXLO
LPSURYYLVDVLPSDWLD
SHUODUDJD]]D
/DFHQDqRWWLPDFRPHDOVROLWRLOSHVFHqYHUDPHQWHIUHVFKLV
VLPRHGqFXFLQDWRDUHJRODG
DUWH4XHOOLGLQRLFKHEHYRQRYLQRFLRq
3XSD LR HG XQ SRFR %DUWROR VL GLVVHWDQR FRQ XQ IUHVFR ³/DF GHV UR
FKHV´ YLQR ELDQFR JUHFR PROWR VHFFR FKH HUD VWDWR VFRSHUWR GD =LOOR
JLj QHOO
*OL DOWUL ROWUH DOO
LPPDQFDELOH DFTXD ULJRURVDPHQWH QRQ
JDVVDWDTXHOODJDVVDWDqLQWURYDELOHHIRUVHQRQHVLVWHLQ*UHFLDEHYR
QROHFRVHSLVWUDQHELUUDFRFDFRODFKHIDQQROHWWHUDOPHQWHDSXJQL
FROSHVFHODFXLTXDOLWjPHULWHUHEEHXQGLYHUVRWUDWWDPHQWR1RQRVWDQWH
FLz HVVR YLHQH DGGLULWWXUD GLYRUDWR H QRQ VROR GD FKL O
DYHYD RUGLQDWR
*UHFLD
SHU SUREOHPL GL VWRPDFR R SHU SXUR SLDFHUH 6ROR 8FFLR LPSHUWHUULWR
PDQJLDLVXYODNL1 #DQFKHVHRJQLWDQWR%DUWRORULHVFHDIDU
JOLDVVDJJLDUHXQSH]]HWWRGLSHVFHJLjVSLQDWR
3HU ILQLUH LO SUDQ]R GHJQDPHQWH RUGLQR GHO PHORQH ELDQFR
Œ0Œ)TXHOORFKHD1DSROLVLPDQJLDD1DWDOHFKHqSHUDOWURO
XQLFR
GHVVHUWGLVSRQLELOHÊFRPXQTXHPROWREXRQRHYLVWRFKHLO/DFGHUR
FKHV q ILQLWR GHFLGR GL LQQDIILDUOR FRQ XQD EXRQD ERWWLJOLD GL UHWVLQD
FKHRUGLQRFRQODIDWLGLFDIUDVHFKHqGLYHQWDWDXQSR
LOPRWWRGLTXHVWR
YLDJJLR³0LDUHWVLQDSDUDNDOz´. !021.Œ.!..+6XVFLWRQD
WXUDOPHQWHOHSURWHVWHGL&DHHGLPRUPRULLGLGLVDSSURYD]LRQHGHJOLD
VWHPLPDWURYRO
DSSRJJLRLQFRQGL]LRQDWRGL3XSDFKHPLDLXWHUjDQFKH
DILQLUHODERWWLJOLD
3DJDWRLOFRQWRFKHqLQWHVWDWRYLVWRVDPHQWH12. FLRq³,WDOLD
QL´FKHqSRLLOPRGRPLJOLRUHSHUGLVWLQJXHUFLLQXQULVWRUDQWHQRQSHU
WXULVWLPDSHUJUHFLULWRUQLDPRDOO
DOEHUJR%LVRJQDSUHSDUDUHLEDJDJOL
H SRL GRPDQL DEELDPR DSSXQWDPHQWR DOOH QRYH FRQ +DULV TXLQGL GR
YUHPRDO]DUFLSUHVWR
ÊO
XOWLPDVHUDD&LWHUDSHU8FFLR5RVDQQDH&DUPHOLWDqDGGL
ULWWXUDODSULPDHO
XOWLPDPDQRQVLDPRWULVWL
)RUVHSHUFKpQRQQHDEELDPRLOWHPSR
6SLHGLQLGLFDUQHFRWWLDOODJULJOLDPROWRGLIIXVLLQWXWWDOD*UHFLD
)LJXUD ,OFRQWRGHOO
XOWLPDFHQDD&LWHUD
*UHFLD
&DUPHOLWDVHWWHPEUH*LRYHGu
/DPDWWLQDPLVYHJOLRYHUVROHHGRSRDYHUPDQJLDWRDOFX
QL ELVFRWWL VFHQGR VXOOD VSLDJJLD GHOO
DOEHUJR SHU IDUH XQ EDJQR
0DPPDqJLjOuFKHSUHQGHLOVROH/D VSLDJJLDqTXDVLYXRWDFLVLDPR
QRLHDOFXQHFRSSLHGLLQJOHVLDQ]LDQLFRPHVHPSUHELDQFKLVVLPL)DF
FLR XQ EHOOLVVLPR EDJQR HSUHQGRLOVROHVWUDQDPHQWHO
DFTXDqPROWR
FDOGD
3DUWLDPRSHU*K\WKLRQFRQYLQWLGLVDOLUHVXOWUDJKHWWRSHUDUUL
YDUHILQDOPHQWHD&LWHUD4XHVWDYROWDVDUjOD0DUWKDDSRUWDUFLDGH
VWLQD]LRQHVXOODQDYHSUDQ]LDPRFRQSDQHHIHWDFKHDEELDPRFRPSUD
WRDOSRUWR
9LVWRFKHEDEERKD SRUWDWRQXPHURVLJLRUQDOLPLPHWWRDOHJJH
UHSHUFKpQRQPLYDGLULSRVDUHYLFLQRDPHPROWHSHUVRQHVWHVHVXOOH
SDQFKLQH GRUPRQR H VL VYHJOLHUDQQR VROR TXDQGR OD QDYH DWWUDFFKHUj
QHOSRUWR
6FHQGLDPRGDOWUDJKHWWRHSURVHJXLDPRLOQRVWURFDPPLQRDOOD
YROWDGL.uWKLUD0ROWRSUHVWRFLDFFRUJLDPRGLDYHUHODPDFFKLQDVHQ
]DEHQ]LQDHDQGLDPRDOODULFHUFDGLVSHUDWDGLXQEHQ]LQDLR$EELDPR
SHUVR RJQL VSHUDQ]D TXDQGR QH LQFRQWULDPR XQR IDFFLDPR LO SLHQR H
ULSDUWLDPR
/
LVROD q PROWR EHOOD TXDVL GHVHUWD H XQ SR
VSRJOLD OH SRFKH
FDVH FKH LQFRQWULDPR VRQR ELDQFKH H SLFFROH Ê XQSDHVDJJLRFKHKD
XQTXDOFKHFRVDGLSDUWLFRODUH
$UULYLDPRD.uWKLUDWURYLDPRVXELWRO
DOEHUJRGL3DROLQRHGR
SRWDQWRWHPSRILQDOPHQWHULYHGR%DUWROR3XSDH&DUPHQFKHVRQRGD
SRFR WRUQDWL GDO PDUH 1RL GHFLGLDPR LQVLHPH D 3DROLQR GL DQGDUH D
SDUODUHFRQLOSHVFDWRUHFKHOLKDSRUWDWLDIDUHLOJLURGHOO
LVROD+DULV
3DROLQRFLUDFFRQWDGLDYHUSHVFDWRVXOODEDUFDGL+DULVHGLDYHUYLVL
WDWRXQSR
O
LVRODGDPDUHSHUFKpOHVWUDGHGL&LWHUDVRQRLQJUDQSDU
WHLPSUDWLFDELOL
'RSRHVVHUHWRUQDWLLQDOEHUJRSHURFFXSDUHODQRVWUDFDPHUD
DQGLDPR D YLVLWDUH OD IRUWH]]D YHQH]LDQD FKH VL WURYD QRQ GLVWDQWH GDO
QRVWURDOEHUJR/DIRUWH]]DLQVHVWHVVDQRQqQXOODGLHFFH]LRQDOHDQ
FKHSHUFKpULPDQHEHQSRFRGLLQWDWWR'DXQODWRVLSXzJRGHUHLOSD
QRUDPDGL&LWHUDGDOO
DOWRYHUDPHQWHPROWREHOOR
6LqIDWWRWDUGL'RSRDYHUIDWWRXQJLURLQSDHVHSHUJXDUGDUH
OH YHWULQH GL DOFXQL SLFFROL QHJR]L FKH YHQGRQR O
DUJHQWR WRUQLDPR LQ
DOEHUJR PD VROR SHU SRFKL PLQXWL SHU ULRUGLQDUFL SULPD GL DQGDUH D
FHUFDUH XQ ULVWRUDQWH &HQLDPR LQ XQR GHL WDQWL ULVWRUDQWL GHO SRUWR
WXWWLPROWRDIIROODWLXQDFHQDDEDVHGLSHVFHHSRPRGRULLPERWWLWLPRO
WRVSH]LDWLFKH3DROLQRWURYDPROWREXRQL,RDOFRQWUDULRGHJOLDOWUL
PDQJLRGHJOLVSLHGLQL
6LDPRWXWWLPROWRVWDQFKLHULWRUQLDPRVXELWRLQDOEHUJR/
LQ
GRPDQLGRYUHPRVYHJOLDUFLSUHVWR
*UHFLD
3DROLQRVHWWHPEUH² 9HQHUGu
&L DO]LDPR SUHVWR OD JLRUQDWD q EHOOLVVLPD &DH HG LR VLDPR L
SULPLDVFHQGHUHDFROD]LRQHHGRFFXSLDPRLOWDYRORYLFLQRDOSDUDSHWWR
ELDQFRULFRSHUWRGLODVWUHGLSLHWUDJULJLRD]]XUUDGDFXLVLJRGHODPL
JOLRUHYLVWDVXOPDUH1RWRVXELWRFKHDOODIRQGDGDYDQWLD.DSVjOLF
q
XQ
DOWUDQDYHLWDOLDQDGHOOD&RVWDDQFRUDSLJUDQGHGLTXHOODGLLHUL$
TXDQWRSDUH&LWHUDqGLYHQWDWDWDSSDILVVDSHUOH FURFLHUHGHOOD&RVWDQHO
0HGLWHUUDQHR
$EELDPR JLj SUHSDUDWR L EDJDJOL ODVFLDQGR IXRUL OH SRFKH FRVH
FKHFLVHUYLUDQQRSHUFDPELDUFLGRSRLOPDUH,OSRUWLHUHGHOO
DOEHUJRLQ
IDWWLKDGHWWRFKHOHFDPHUHGHYRQRHVVHUHODVFLDWHHQWURPH]]RJLRUQRHG
LR QRQ KR DYXWR YRJOLD GL LQVLVWHUH SHU IDUFHQH WHQHUH DOPHQR XQD ILQR
DOOHWUH&RVuDYUHPRDQFKHLOYDQWDJJLRGLSRWHUXWLOL]]DUHLQEDUFDO
RUD
DEERQGDQWHFKHDYUHPPRFHUWDPHQWHSHUVRSHUWRUQDUHLQDOEHUJRIDUFL
ODGRFFLDFDPELDUFLHFF
+RFRQPHLOGLDULRVRQRPROWRLQGLHWURHGHYRDSSURILWWDUHGL
RJQLULWDJOLRGLWHPSRSHUDQGDUHDYDQWL'RSRODFROD]LRQHLQIDWWLVFUL
YRXQSR
PDFRPLQFLRVXELWRDGLQQHUYRVLUPLSHUFKpJOLDPLFLFRPLQ
FLDQRDWDUGDUHWURSSRHQRLDEELDPRDSSXQWDPHQWRFRQ+DULVDOOH QRYH
DOODVHFRQGDVSLDJJLDGL.DSVjOLTXHOODGHLSHVFDWRUL6FHQGRQRSULPD
8FFLR H &DUPHOLWDSRL5RVDQQDHGLQILQH3XSDH%DUWROR6FHQGHDQ
FKH LO VLJQRUH JUHFR FRO ODEEUR SHQGXOR HG LO NRPEROzL DFFRPSDJQDWR
GDOODPRJOLH$SSHQDYHGH&DUPHOLWDVLDYYLFLQDHDWWDFFDGLVFRUVRLQ
XQRVWUDQRLWDOLDQR$SSUHQGLDPRFKHqXQEDQFDULRLQSHQVLRQHDYHYD
ODYRUDWRDOOD%DQFDGL*UHFLDHFKHQRQKDDYXWRILJOLSHUTXHVWRVLq
WDQWRDIIH]LRQDWRD&DUPHOLWD8FFLRVLHFFLWDSHUDYHUWURYDWRXQFRO
OHJD H JOL Gj LO VXR ELJOLHWWR GD YLVLWD GHO %DQFR GL 1DSROL 5RVDQQD
FRPPHQWDLOIDWWRFKHLOVLJQRUHJUHFRQRQDEELDDYXWRILJOLFRQODIUDVH
©'LRGjLFRQIHWWLDFKLQRQKDLGHQWLªDOOXGHQGRRYYLDPHQWHDG8F
FLR &RQFOXGLDPR OD FROD]LRQH FRQ XQR VFDPELR UHFLSURFR GL IRWRJUD
ILH$OODILQHLOVLJQRUHJUHFRUHJDODD&DUPHOLWDLOVXRNRPEROzLG
DU
JHQWR
&L SUHFLSLWLDPR D .DSVjOL VLDPR LQIDWWL LQ ULWDUGR GL PH]]RUD
6SHULDPR FKH +DULV FL DEELD DVSHWWDWR ,QIDWWL F
q DOOHJUR H VRUULGHQWH
FRPHDOVROLWRFRQ LOPRWRUHGHOODEDUFDJLjLQPRWR3DUFKHJJLDPROH
PDFFKLQHVRWWRGHJOLDOEHUHOOLFKHDPDODSHQDOHULSDUDQRGDOVROHHFL
LPEDUFKLDPRVHQ]DLQGXJLR8FFLRDVVXPHVXELWRXQDWWHJJLDPHQWRFUL
WLFRODJLWDKDXQFRVWRû! DWHVWDSDULDû!FKHGHYH
HVVHUH DPSLDPHQWH ULSDJDWR 4XLQGL RFFRUUH QDYLJDUH LO SL SRVVLELOH
OLPLWDQGRDOPDVVLPROHIHUPDWHHOHSHUGLWHGLWHPSR&LDYYLDPRYHUVR
RYHVWHSDVVLDPRSURSULRVRWWRODQDYHLWDOLDQDDOODIRQGDIXRULGHOSRU
WR(VVDVLULYHODHVVHUHOD³&RVWDFODVVLFD´ODSLJUDQGHQDYHGDFUR
FLHUDRJJLLQHVHUFL]LR8FFLRQRWDFKHSHUWUDVSRUWDUHLWXULVWLDWHUUD
KDQQR FDODWR LQ DFTXDGXHGHOOHJUDQGLVFLDOXSSHGLVDOYDWDJJLR$YH
YDPRQRWDWRLQIDWWLFKHLOSDHVHHUDQXRYDPHQWHLQIHVWDWRGDEUDQFKLGL
LWDOLDQLHFKHWD[LHGDXWREXVFRQWLQXDYDQRDVDOLUHGD.DSVjOLD+RUD
)LJXUD /DQDYHGDFURFLHUD&RVWD&ODVVLFD
%DUWROR HG LR FRPLQFLDPR VXELWR D SHVFDUH %DUWROR PHWWH LQ
PDUHODOHQ]DGL+DULVFLRqODOHQ]DDPDQRFRQXQWHUPLQDOHSLXWWRVWR
JURVVR GRWDWR GL XQD GHFLQD GL SLXPH DG LQWHUYDOOL UHJRODUL FRPH XQD
SLFFROD FRIID ,R LQYHFH DUPR OD PLD FDQQD XVDQGR FRPH WHUPLQDOH LO
UDSDOLQR D]]XUUR FKH KD DYXWR WDQWR VXFFHVVR GXH JLRUQL SULPD 'RS
SLDPRLOFDSR7UDKLORV!$ "HFRPLQFLDPRDULVDOLUHODFRVWDRF
FLGHQWDOHYHUVRQRUG'RSRSRFRIHUURODSULPDHGXQLFDODPSXJDGHOOD
JLRUQDWD FKH YLHQH IHOLFHPHQWH SRUWDWD D ERUGR %DUWROR QRQ SUHQGH
QLHQWHSHUFXL+DULVVLIDSUHVWDUHXQDOWURPLRUDSDODD]]XUURXQ SR
SL
JUDQGHFKHQRQXVRTXDVLPDLSHUFKpqXQSR
VFRORULWR3HUUHFXSHUDUH
LOSHVFHHULVLVWHPDUHOHOHQ]HVLSHUGHXQSR
GLWHPSRODTXDOFRVDSUR
YRFD OH SURWHVWH GL 8FFLR FKH YRUUHEEH LQYHFH DQGDUH LO SL ORQWDQR
SRVVLELOH
)LQDOPHQWHFLULPHWWLDPRLQPRWRHFRQWLQXLDPRODQDYLJD]LRQH
OXQJRODFRVWDYHUVRQRUG,SDQRUDPLVRQRPDHVWRVLHVHOYDJJLODFRVWD
qDOWDHGLVDELWDWDRJQLWDQWRVLYHGRQROXQJROHPRQWDJQHOHWUDFFHGHO
*UHFLD
OH VWUDGH ELDQFKH FKH VFHQGRQR SHULFRORVDPHQWH YHUVR LO PDUH 0HQWUH
SHVFRVHQWRDOO
LPSURYYLVRXQDIRUWHWRFFDWD0LJLURSUHFLSLWRVDPHQWH
H YHGR FRQ GHOXVLRQH FKH VL q WUDWWDWR VROWDQWR GHO FODVVLFR VFKHU]R GL
+DULVFKHPLKDWLUDWRODOHQ]D6RORFKHLOWLURqVWDWRFRVuYLROHQWRFKH
ODOHQ]DVWHVVDVLqFRPHVLGLFHLPSDUUXFFDWDQHOPXOLQHOORHXQ
DQVDq
DGGLULWWXUDILQLWDQHOO
LQJUDQDJJLR&HUFRGLGLVWULFDUODPDLQYDQR+D
ULV QRWD WXWWR FLz H SDUODQGR LQ WHU]D SHUVRQD +DULV DJJLXVWD +DULV
PHWWHDSRVWRVSH]]DODOHQ]DHOLPLQDO
DQVDILQLWDQHOO
LQJUDQDJJLRH
ULDQQRGD LO WXWWR ULSULVWLQDQGR OD IXQ]LRQDOLWj GHO PXOLQHOOR 1HO IUDW
WHPSRVLDPRDUULYDWLDOODEDLDGL0HOLGzQL0/)FKHDTXDQWRSD
UHqODPHWDGHOQRVWURYLDJJLRÊXQDEDLDSLXWWRVWRDPSLDFRQLQIRQGR
XQDVSLDJJLDGLVDEELDJLDOODFXLFRQGXFHDQFKHXQDVWUDGDELDQFDPRO
WRVLPLOHDGXQWRUUHQWH$OODILQHGHOODVWUDGDqFRPXQTXHSDUFKHJJLDWR
XQIXRULVWUDGD
)LJXUD &LWHUD/DVSLDJJLDGL0HOLGRQL
,RVRQRLOSULPRDEXWWDUPLDPDUHSULPDDQFRUDFKH ODEDUFDVLD
DUULYDWDDOO
DQFRUDJJLR*OLDOWULPLVHJXRQRDUXRWD)DFFLDPRXQED
JQREHOOLVVLPRLRHVSORURDQFKHLOIRQGDOHFRQODPDVFKHUDIRUQLWDPLGD
8FFLR FKH PLGjDQFKHXQFROWHOORJDOOHJJLDQWHFROPDQLFRGLSODVWLFD
JLDOOD
$ XQ FHUWR SXQWR DUULYD DQFKH LO JRPPRQH GL TXHOOD FRSSLD GL
JUHFL FKH DYHYDPR YLVWR GXH JLRUQL SULPD QHOO
LQVHQDWXUD GL .LULDNRO
&LVDOXWDQRFRUGLDOPHQWH+DULVDWWDFFDXQ
DOWUDYROWDDSDUODUHFRQORUR
'RSRSRFRDUULYDXQDEDUFDGLOHJQRFRQDERUGRXQYHFFKLRJUHFR+D
ULVSDUODDQFKHFRQOXL,OYHFFKLRLPSLHJDTXDVLYHQWLPLQXWLDGDQFR
UDUH OD EDUFD YLFLQR DOOD ULYD ULSHWHQGR SL YROWH JOL VWHVVL PRYLPHQWL
FRQFRVWDQ]DPDQLDFDOH$OODILQHVFHQGHDWHUUDSUHQGHLOIXRULVWUDGD
SDUFKHJJLDWRHVHQHYDSHUODVWUDGDELDQFDDO]DQGRXQDQXYRODGLSRO
YHUH$TXHVWRSXQWR+DULVFLSURSRQHGLYLVLWDUHXQDEHOODJURWWD5L
VDOLDPRLQEDUFDHWRUQLDPRLQGLHWUROXQJRODFRVWDILQRDGXQDEDLDFKH
DOO
DQGDWD QRQ DYHYDPR QRWDWR HVVHQGR SDVVDWL SL DO ODUJR &
q XQ
SLFFROLVVLPR SRUWR FRQ TXDOFKH EDUFD HG L VROLWL ULILXWL FKH VHPEUDQR
RUPDLXQDFDUDWWHULVWLFDGLTXHVWLSRUWLFFLXROLGLIRUWXQDFDWUDPHELGRQL
YXRWL SLDVWUH GL FHPHQWR FRODWRDOODPHJOLRSHUIRUPDUHXQDEDQFKLQD
,O SRVWR QRQ FL SLDFH H FKLHGLDPR DG +DULV FRPH PDL VL q IHUPDWR Oj
(JOLULVSRQGHVLELOOLQDPHQWH©*DPEDJDPEDª&DSLUHPRSRFRGRSR
FKHYROHYDGLUHFKHGREELDPRFDPPLQDUHXQSR
SHUDQGDUHDYHGHUHOD
JURWWDFKHSRLVLULYHODFRPHXQDFKLHVHWWDSDOHRFULVWLDQDVFDYDWDQHOOD
URFFLD$JKuD3HODJKuDù. 0..
3HUFRUULDPRFLUFDFLQTXHFHQWRPHWULVRWWRXQVROHIRUWLVVLPRVX
XQVHQWLHURJLDOORFKHVHPEUDFDOFLQDWRGDOFDORUH6XSHULDPRXQ
DELWD
]LRQHVLPLOHDGXQDEDUDFFDFRQXQDYHFFKLDURXORWWHDSSRJJLDWDVXXQD
SDUHWHQRQVHQ]DQRWDUH O
DUGLWDVWUDGDVWHUUDWDFKHGLVFHQGHULSLGDPHQWH
LOILDQFRGHOODPRQWDJQDVRYUDVWDQWHHFKHqLQHTXLYRFDELOPHQWHHSHUL
FRORVDPHQWHVHUYLWDSHUSRUWDUHODURXORWWHILQODJJL'RSRXQSR
UL
DYYLFLQDWLFL DO PDUH QRWLDPR XQD FURFH ELDQFD FKH VRUJH GDJOLVFRJOL
4XDQGRVLDPRSLYLFLQLFLDFFRUJLDPRFKHVRWWRODFURFHF
qFRPHXQ
PLQXVFRORFDPSDQLOHQRQSLDOWRGLXQPHWURSRJJLDWRVXXQDSLDWWD
IRUPDWUDJOLVFRJOL/DFDPSDQDqSHUIHWWDPHQWHIXQ]LRQDQWHHTXDOFX
QRGLQRLQRQUHVLVWHDOODWHQWD]LRQHGLIDUOHHPHWWHUHTXDOFKHULQWRFFR
6RWWRODSLDWWDIRUPDXQDVFDOHWWDFRQGXFHDOO
LSRJHR
/
DPELHQWHqXPLGRHPLVWHULRVRWXWWRVRIIXVRGLXQDSHQRPEUD
YHUGDVWUD (VVHQGRPL DWWDUGDWR YLFLQR DOOD FDPSDQD HQWUR SHU XOWLPR
'DOO
DOWRQRWRXQGLVFKHWWRELDQFRFRPHXQDJURVVDPRQHWDSURSULRYL
FLQRDLSLHGLGL&DUPHOLWD6FHQGRHPLUHQGRFRQWRFKHVLWUDWWDGLX
Q
LPPDJLQHSHUIHWWDGHOVROHULSURGRWWDSHUHIIHWWRGLXQIRUHOOLQRQHOOD
URFFLDGHOVRIILWWRFKHVLFRPSRUWDFRPHO
RELHWWLYRGLXQDFDPHUDRVFX
UD'DOODWRGHOPDUHF
qXQDVSHFLHGLSRUWLFRVFDYDWRQHOODURFFLDVH
FRQGRORVWLOHGHOOHFKLHVHRUWRGRVVHLQFXLODSDUWHULVHUYDWDDOFXOWRq
VHSDUDWD GD TXHOOD GHVWLQDWD DL IHGHOL 'DOOD SDUWH RSSRVWD XQD JRFFLD
VWLOODLQVLVWHQWHPHQWHLQXQJUDQGHFDWLQRGLEURQ]RSRJJLDWRVLXQSLH
GLVWDOORGLSLHWUDÊDFTXDGROFHHIUHVFDGHVWLQDWDDLYLDQGDQWLFRPHFL
VSLHJD+DULVHFRPHSRVVLDPRQRWDUHGDXQSURVDLFRELFFKLHUHGLSODVWL
*UHFLD
FDSRJJLDWRVXOODURFFLD3XSDVLODVFLDWUDVFLQDUHGDOO¶HQWXVLDVPRHGDW
WLQJHGDOFDWLQRFROELFFKLHUHGLSODVWLFDHSRLEHYH3LWDUGLLQEDUFDOH
YHUUjLQPHQWHFKHIRUVHLOVXRDWWRQRQqVWDWRLJLHQLFRYLVWRFKHLOELF
FKLHUH HUD Ou D GLVSRVL]LRQH GL WXWWL &RPXQTXH QRQ FL VDUDQQR FRQVH
JXHQ]HFRPHqJLXVWRFKHVLDSHUO
DFTXDEHYXWDFRQFXRUHVHPSOLFHLQ
XQOXRJRVDFUR
5LWRUQLDPR DOOD EDUFD QRWHYROPHQWH DFFDOGDWL 'HVLGHULDPR
QXRYDPHQWHXQEHOEDJQR6XOODEDUFDRJJLF
qXQDWHQGDSHUULSDUDUFL
GDO VROH PD HVVD ULSDUD DQFKH GDO YHQWR H TXLQGL IRUPD XQ DPELHQWH
VRIIRFDQWHVLPLOHDGXQEDJQRWXUFRÊSUHIHULELOHVHGHUVLVXOODWRVFR
SHUWRGHOODEDUFD6LqDO]DWRXQGLVFUHWRPDHVWUDOHFKHFLSUHQGHDOWUD
YHUVR SURSULR GDO ODWR GHOOD WHQGD &DUPHOLWD H 3XSD VL VHQWRQR TXDVL
PDOHSHUO
HIIHWWRFRPELQDWRGHOFDOGRHGHOUROOLR
'RSSLDPRXQ
DOWUDYROWDLOFDSR7UDKLORVHQRWLDPRFKHOD&RVWD
&ODVVLFD q DQFRUD GDYDQWL D .DSVjOL PD VL VWD SUHSDUDQGR D SDUWLUH OH
GXHVFLDOXSSHFDODWHLQPDUHVRQRWRUQDWHDOORURSRVWRHGDOIXPDLRORVL
DO]DFRSLRVRIXPRQHUR)DFFLDPRDSSHQDLQWHPSRDVXSHUDUODFKHYH
GLDPRFKHO
DQFRUDYLHQHLVVDWDDERUGR6XELWRODQDYHSDUWHHDFTXL
VWDWDUDSLGDPHQWHYHORFLWjVLDOORQWDQDQHOODOXFHGHOVROHDRFFLGHQWH
+DULV SURSRQH GL DQGDUH D IDUH LO EDJQR LQ XQD EDLHWWD YLFLQR D
.DSVjOLPDLRSURSRQJRGLWRUQDUHD.LULDNROFKHqPROWREHOODHFKH
8FFLRQRQKDYLVWRQRQRVWDQWHFLzFRPSRUWLXQSLFFRORSUROXQJDPHQWR
GHOPDOGLPDUHGL3XSD&RPXQTXHLOVDFULILFLRYLHQHSUHPLDWRSHUFKp
D.LULDNROO
DFTXDqIUHVFDHFULVWDOOLQDPROWRSLEHOODFKHD0HOLGzQL
+DULVVLjQFRUDYLFLQRDOODURFFLDVHQ]DDUULYDUHDOODVSLDJJLDGLVDVVLLQ
IRQGRDOO
LQVHQDWXUD,RORDLXWRDQGDQGRDQXRWRDILVVDUHXQDFLPDVX
XQD VSRUJHQ]D GHOOD SDUHWH GL URFFLD 3RL GHFLGR GL ULPDQHUH D PROOR
SHUWXWWRLOWHPSRGLFKLDUDQGRDJOLDPLFLGLYROHU³DFFXPXODUHIUHGGR´
LQ SUHYLVLRQH GHO YLDJJLR VXOOD QDYH ILQR D 1HDSROLV H GHO VXFFHVVLYR
YLDJJLR LQ PDFFKLQD YHUVR QRUG QHO 3HORSRQQHVR 3XSD FKH VRIIUH LO
FDOGRFRPHPHVLDVVRFLDH%DUWRORFLFRQVLJOLDGLIDUFLWUDLQDUHDPDUH
DQFKH GDOOD 0DUWKD GXUDQWH LOYLDJJLRD1HDSROLV&LUDJJLXQJRQRDQ
FKH TXLJOLDPLFLJUHFLVXOJRPPRQHPDQRQVLIHUPDQRYLFLQRDQRL
SHUFKpSUHIHULVFRQRDQGDUVLDVGUDLDUHVXOODVSLDJJHWWDGLVDVVL
3XUWURSSRTXDQGRVRQRTXDVLOHWUHGREELDPRGHFLGHUFLDSDUWL
UH ,O WUDJLWWR ILQR D .DSVjOL q EUHYH $WWUDFFKLDPR H VEDUFKLDPR ,R
IDFFLRXQDGLVFHVDDGLUSRFRDFUREDWLFDLQXQPRPHQWRLQFXLODEDUFD
VLVWDDOORQWDQDQGRGDOPRORGLOHJQR8QDYROWDDWHUUDSDJKLDPR+D
ULVVRQRû!*OLHQHGRPDOXLQRQKDLOUHVWR*OLGLFR
GLWHQHUORHTXHVWDYROWDDFFHWWD3RLJOLUHJDORDQFKHLOUDSDOLQRD]]XUUR
FKHKDSHVFDWROHODPSXJKHVHPEUDPROWRFRQWHQWR,QILQHYXROHGDUFL
ODODPSXJDFKHDEELDPRSUHVRPDJOLHODODVFLDPR 3HUQRLVWDVHUDVD
UHEEHLPSRVVLELOHFXFLQDUOD&LVDOXWLDPRFRQXQDUULYHGHUFLHFRQXQ
FLDR JOL KR VSLHJDWR LQIDWWL FKH QRQ VL GHYH GLUH DGGLR FRPH IDFHYD
SULPDVHVLSHQVDGLULYHGHUVLLQIXWXUR
&L FDPELDPR UDSLGDPHQWH VXOOD VWUDGD YLFLQR DOOH PDFFKLQH OD
VSLDJJLDGHLSHVFDWRULqLQIDWWLGHVHUWDVSHFLDOPHQWHLQTXHOODFDOGDRUD
SRPHULGLDQD&LzqXQDFRQIHUPDGHOODWHRULDGL%DUWRORFKHKDQRWDWR
FKH LQ *UHFLD FRPH LQ WXWWL L SDHVL FDOGL OD YLWD VHPEUD IHUPDUVL QHO
SRPHULJJLRTXDQGRIDWURSSRFDOGR
3DUWLDPRGLUHWWDPHQWHDOODYROWDGL$JKuD3HODJKuDGRYHHUDYD
PRVEDUFDWLWUHJLRUQLSULPDHGRYHDOOHTXDWWURHPH]]DGRYUHEEHDUUL
YDUH OD 0DUWKD GD *K\WKLRQ SHU SRL ULSDUWLUH DOOH FLQTXH DOOD YROWD GL
1HDSROLV$YUHLYROXWRIDUHXQXOWLPRJLURGHOSDHVHPDFLULQXQFLRSHU
HYLWDUHOHSURWHVWHGHJOLDPLFL*XLGRFRPXQTXHOHQWLVVLPRSHUODYHQ
WLQDGLFKLORPHWULFKHFLVHSDUDQRGDOSRUWRGLLPEDUFRWDQWRF
qWXWWRLO
WHPSR 3DVVDWR LO SDHVH GL 3RWDPzV YDOLFDWD O
XOWLPD FROOLQD YHGR OD
0DUWKDFKHVWDDUULYDQGRLQSHUIHWWRRUDULRDG$JKuD3HODJKuD3ULPDGL
DUULYDUH DO SRUWR F
q XQ UHWWLOLQHR FRQ XQD IRQWDQD 8FFLR ID VHJQR GL
IHUPDUH6FHQGLDPREHYLDPRFLULQIUHVFKLDPRHULHPSLDPRODERUUDF
FLDGL8FFLR%DUWRORQRQVLVWDQFDGLULSHWHUHFKH8FFLRqDWWUH]]DWLV
VLPRHSRUWDLQYLDJJLROHFRVHYHUDPHQWHQHFHVVDULH6HQRQIRVVHQR
VWURDPLFRGRYUHPPRDIILWWDUOR
6FHQGHQGR DO PROR 3XSD H &DH QRWDQR FKH LO PDUH q SLHQR GL
VFKLXPHWWHELDQFKH,OPDHVWUDOHqIRUWHDQFKHTXLPDHVVHQGRDO ULGRV
VRGHOO
LVRODLOPDUHqFDOPR7HPRQRSHUODWUDYHUVDWDOHUDVVLFXURVXO
IDWWRFKHDYUHPRLOYHQWRDIDYRUH$UULYLDPRDOPRORHFLPHWWLDPRLQ
FRGDFRQOHDOWUHPDFFKLQHFKHGHYRQRLPEDUFDUVL1RWRFKHVRQRSR
FKLVVLPHFRQWUDULDPHQWHDTXDQWRFLDYHYDGHWWRLOYHFFKLRVLJQRUHGHO
O
DJHQ]LDGLYLDJJLR%DUWRORQRWDFKHDQFKHLQTXHVWRFDVRHUDVWDWDGHW
WDXQDEXJLDSHULQYRJOLDUHDSUHQRWDUHLELJOLHWWLLQDQWLFLSR
,O YHQWR DO]D PROWD SROYHUH VXO PROR ,R DYHYR L SLHGL XPLGL
SHUFKp PH OL HUR EDJQDWL DOOD IRQWDQD VXOOD GLVFHVD H OD SROYHUH PH OL
VSRUFDWXWWL0LDUUDPSLFRTXLQGLVXJOLVFRJOLSHUVFLDFTXDUPLQHOPDUH
FKHqOLVFLRHFULVWDOOLQR
7UD OH PDFFKLQH LQ ILOD QRWR XQD VSHFLH GL IXRULVWUDGD VLPLOH D
TXHOOR GL+DULVFRQDERUGRXQJLRYDQHSRSHGDOODEDUEDQHUDFRQDF
FDQWRXQDUDJD]]DIRUVHODVXDILGDQ]DWD5LYHGHQGRORYLFLQRDQRLVXO
SRQWHGHOOD0DUWKDDGLPEDUFRDYYHQXWRFROJRO
RFFDVLRQHGLULFRUGDUH
DJOL DPLFL FKH LO FRQFLOLR GL 7UHQWR VWDELOHQGR LO FHOLEDWR HFFOHVLDVWLFR
*UHFLD
QRQ DYHYD DIIDWWR HVSUHVVR OD YRORQWj GL 'LR PD VROWDQWR TXHOOD GHOOD
&KLHVDFKHWHPHYDORVPHPEUDPHQWRGHLSURSULEHQLWHPSRUDOLDIDYRUH
GHJOL HYHQWXDOL HUHGLGHLSURSULVDFHUGRWL9RUUHLDQGDUHDYDQWLFROGL
VFRUVRGHQXQFLDQGROHFRQWUDGGL]LRQLHODPDODIHGHSXUWURSSRLPSHUDQ
WHLQTXHVWRHGLQDOWULFDPSLVLPLODULPDYHQJRGLVWUDWWRGDOODYLVLRQH
GL&LWHUDFKHVLDOORQWDQDQHOODIRVFKLDGHOVROHRUPDLFDODQWH
,VRODEHOOLVVLPDFKHLQSRFKHRUHFLKDLFRQTXLVWDWLDGHVVRFDSL
VFRSHUFKpLOPLWRWLKDGHVLJQDWRFRPHODFXOODGL9HQHUH$FKLWLVL
DYYLFLQDSHUODSULPDYROWDRSSRQLLOWXRULVHUERFRQOHWXHFRVWHDOWHH
EUXOOH L WXRL DOWRSLDQL GHVHUWL 0D FKL LQVLVWH QHO FRUWHJJLDUWL QHOO
DI
IURQWDUHLGLVDJLGHOFDPPLQRSHUOHVWUDGHEUXFLDWHGDOVROHSHULVHQWLH
UL LPSHUYL JLSHUOHVFRJOLHUHVHOYDJJHVDUjSUHPLDWRFRQODVFRSHUWD
GL JHPPH EHOOLVVLPH GL EDLH QDVFRVWH GL SDQRUDPL SUHFOXVL DOOD IROOD
PDULVHUYDWLDLSRFKLHOHWWLFKHDYUDQQRDSSXQWRVDSXWRPHULWDUVLODEH
QHYROHQ]DGHOODGHDGHOO
DPRUH7RUQHUHPRGDWH&LWHUDSHUFKpRUPDLWL
DPLDPR
'DOO
DOWUD SDUWH LOOXPLQDWD GDOOD OXFH URVVDVWUD PD DQFRU YLYLGD
GHOWUDPRQWRVLDYYLFLQDODFRVWDGHO3HORSRQQHVRDSRFRDSRFRVLGL
VWLQJXRQR VHPSUH PHJOLR OH FDVH ELDQFKH GHOOD QRVWUD PHWD 1HDSROLV
8FFLRVRVWLHQHVFKHU]RVDPHQWHFKHGRYUHPPRVSHQGHUHTXDOFKHPLQXWR
SHU UHFDUFL GDOVLQGDFRGHOODFLWWjSHULQVWDXUDUHXQJHPHOODJJLRFRQOD
QRVWUD1DSROLEDVDWRRYYLDPHQWHVXOO
RPRQLPLDHGDQFKHVXOIDWWRFKH
HVVH VRQR HQWUDPEH FLWWj GL PDUH 2YYLDPHQWH D SDUWH WXWWR QRQ F
q
WHPSR QHDQFKH SHU YLVLWDUH OD FLWWj FKH GHO UHVWR VHFRQGR OD JXLGD GHO
7RXULQJQRQSUHVHQWDDOFXQLQWHUHVVH,QIDWWLO
DUULYRqSUHYLVWRSHUOH
H SULPD GL QRWWH GRYUHPR IDUH PROWL FKLORPHWUL SHU DYYLFLQDUFL LO SL
SRVVLELOHDG2OLPSLDFKHqODQRVWUDPHWDGLGRPDQL6WXGLDQGRODFDU
WD VXO WUDJKHWWR GHFLGLDPR FKH QRQ q QHDQFKH LO FDVR GL DQGDUH D 0R
QHPYDVVuD GDWR FKH FLz FRPSRUWHUHEEH XQD GHYLD]LRQH GL .P GL
VWUDGDPHGLRFUHSDULDGXQWRWDOHGL.PDQGDWDHULWRUQR3HFFDWR
SHUFKpPLVDUHEEHSLDFLXWRYHGHUHODFLWWjFKHGHYHLOVXRQRPHFKHVL
JQLILFD³XQLFRDFFHVVR´DOIDWWRGLVRUJHUHVXXQSURPRQWRULRLQPH]]R
DOPDUHXQLWRDOODWHUUDIHUPDGDXQLVWPRVDEELRVRVWUHWWLVVLPRXQSR
FUHGRFRPHLOSURPRQWRULRGL6$QJHORDG,VFKLD,QROWUHPLLQWULJDYD
DQFKH LO IDWWR FKH SHU GHIRUPD]LRQH GHO QRPH GL 0RQHPYDVVuD VL HUD
RWWHQXWDDOWHPSRGHLYHQH]LDQLODSDUROD³PDOYDVLD´FKHLQGLFDYDLOYL
QR GROFH SURGRWWR LQ DEERQGDQ]D GDL YLJQHWL GHOOD ]RQD 3HU OR VWHVVR
PRWLYRLYHQH]LDQLFKLDPDYDQRTXHVWDFLWWj1DSROLGL0DOYDVLD
4XDQWL ULFKLDPL QHOOR VWHVVR SRVWR DOOD FLWWj GL 1DSROL )LQDO
PHQWHDUULYLDPRHOD0DUWKDLQL]LDOHPDQRYUHSHUO
DWWUDFFR0LDFFRU
JR FRQ VWXSRUH FKH D 1HDSROLV QRQ HVLVWH SRUWR F
q VROR XQD VSLDJJLD
SHUIHWWDPHQWH UHWWLOLQHD OXQJR FXL FRUUH LO OXQJRPDUH GHOOD FLWWj H GDO
FHQWURGHOODTXDOHVLVWDFFDSHUSHQGLFRODUPHQWHXQPRORGLFHPHQWR/D
0DUWKD VL DQFRUHUj YLFLQR DO PROR FRQ XQD GHOOH ILDQFDWH HVSRVWH DOOH
RQGH GHO PDHVWUDOH IRUWXQDWDPHQWH PROWR FDODWR FKH VL IUDQJRQR VXOOD
VSLDJJLD3HUTXHVWRPRWLYRODPDQRYUDqSDUWLFRODUPHQWHOXQJDHODER
ULRVD9LHQHGLUHWWDGDXQJUHFRDOWRPDJURHFRLEDIIHWWLGDOO
DOWRGHOOD
SODQFLD GL FRPDQGR Ê VLFXUR HG DXWRULWDULR VLFXUDPHQWH q DELWXDWR D
TXHOODVLWXD]LRQH$OODILQHODQDYHYHUUjDQFRUDWDGLSRSSDSHUSHQGLFR
ODUPHQWHDOPRORFRQHQWUDPEHOHDQFRUHDPDUHHEHQVHLFDYLDSRSSD
7XWWR FLz FL SRUWD YLD XQD EXRQD PH]]RUD SHU FXL ULXVFLDPR D SDUWLUH
VROWDQWRDOOH
'XUDQWHODPDQRYUDKRDYXWRPRGRGLRVVHUYDUHLSDVVHJJHULDV
VLHSDWLYLFLQRDOOHVFDOHDQVLRVLGLVFHQGHUHDWHUUD2OWUHDOSRSHFRQOD
ILGDQ]DWDFLVRQRGXHQRVWUHYHFFKLHFRQRVFHQ]HODELRQGLQDPDJUDFRO
ID]]ROHWWRGD]LQJDUDHODPDGUHDQ]LDQDFRQLJXDQWL1RWRFKHTXHVWD
YROWD VXOOD QDYH OD ELRQGLQD QRQ DYHYD LQGRVVDWR LO ID]]ROHWWR SHU FXL
VRQRULXVFLWRSHUVLQRDYHGHUOHLFDSHOOL0DQHOSUHSDUDUVLDVFHQGHUH
HOODVHORDOODFFLDFRQFXUDVXOODWHVWDFRSUHQGRVLFRPHDOVROLWRQRQVR
ORLFDSHOOLPDDQFKHODIURQWH1RQDSSHQDODPDQRYUDGLDWWUDFFRKD
WHUPLQH H FL YLHQH SHUPHVVR GL VFHQGHUH D WHUUD QRWLDPR FKH OH GXH
GRQQHQRQKDQQRPDFFKLQDPDVLDYYLDQRDSLHGLOXQJRLOPRORFRQLO
VDFFRDSHORVXOOHVSDOOHVSLQJHQGRXQDVSHFLHGLFDUUHOORVXFXLKDQQR
FDULFDWRDOFXQLLQIRUPLEDJDJOL
6HQ]D LQGXJLR SXQWLDPR YHUVR QRUG GRSRDYHUFRQVXOWDWRUDSL
GDPHQWHODFDUWD'RSRXQDEXRQDPH]]RUD8FFLRGHYHIHUPDUVLSHUID
UHEHQ]LQD,RQRQQHKRELVRJQRSHUFKpKRJLjIDWWRLOSLHQRVX&LWHUD
HGHYLWRGLVSHJQHUHLOPRWRUHSHULOVROLWRGLIHWWRFKHPLIDWHPHUHFKH
QRQVLULDFFHQGD%DUWRORVFHQGHXQDWWLPRSHUFRPSUDUHGHLJHODWLWUR
YD GHL FRUQHWWL DOOD SDQQD GHOO
$OJLGD FKH FRPH QRWD DSSXQWR %DUWROR
VHPEUDDYHUFRORQL]]DWROD*UHFLD$OODQRVWUDVLQLVWUDVLYHGHLOPDUH
LQORQWDQDQ]DFRQLQPH]]RTXHOOHFKHVHPEUDQRGXHLVROHO
XQDSLYL
FLQDHO
DOWUDSLORQWDQDD]]XUULQDHGHYDQHVFHQWHQHOODIRVFKLD,QXQ
SULPRPRPHQWR%DUWRORHGLRSUHQGLDPRXQPDJQLILFRVYDULRQHVFDP
ELDQGRO
LVRODYLFLQDSHU &LWHUDHTXHOODORQWDQDSHU&UHWD3RLVLFFRPH
PL VHPEUD LPSRVVLELOH FKH VL SRVVD YHGHUH &UHWD FKH GRYUHEEH HVVHUH
PROWRSLGLVWDQWHFRQVXOWRODFDUWDHPLUHQGRFRQWRFKHO
LVRODYLFLQD
QRQ q XQ
LVROD PD VROR XQ SURPRQWRULR VXOOD FRVWD GHO 3HORSRQQHVR
PHQWUHTXHOODORQWDQDqSURSULRODQRVWUD&LWHUD
5LSDUWLDPR H VXELWR %DUWROR FRPLQFLD D VSRUFDUVL FRQ OD SDQQD
GHOJHODWR'RSRXQDORWWDQRQLQGLIIHUHQWHULHVFHSHUzDPDQJLDUORWXW
WR 'RSR XQ
DOWUD PH]]RUD VRQR FRVWUHWWR DQFK
LR D IHUPDUPL SHU ULIRU
*UHFLD
QLUPLGLEHQ]LQDÊJLRFRIRU]DVSHJQHUHLOPRWRUH&RPHSUHYHGHYROD
PDFFKLQDQRQULSDUWHHQRQRVWDQWHLOGLVWULEXWRUHVLDLQOHJJHUDGLVFHVD
VRQR FRVWUHWWR D IDUPL VSLQJHUH GD 8FFLR &RPH 'LR YXROH SURVHJXLD
PR
&DODRUPDLODQRWWHHVLDPRWXWWLXQ SR
VWDQFKL$EELDPRVFDUWD
WRO
LSRWHVLGLDQGDUHYHUVR6SDUWDSHUSDVVDUYLODQRWWHSUHIHULUHPPRXQ
SRVWR VXO PDUH 3URVHJXLDPRTXLQGLYHUVR*K\WKLRQFRQO
RELHWWLYRGL
UDJJLXQJHUH.DOjPDWDRDOPHQRDYYLFLQDUFLLOSLSRVVLELOHDTXHOORFKH
q FRQRVFLXWR FRPH XQ JUDQGH FHQWUR GL SURGX]LRQH GL ROLYH 0D VRQR
TXDVLOHTXDQGRDYYLVWLDPROHOXFLGL*K\WKLRQLOSRUWRGDFXLH
UDYDPR SDUWLWL WUHJLRUQLSULPDHSHQVLDPRGLSHUQRWWDUHOj1RWRFKH
SHUDQGDUHGD&LWHUDD*K\WKLRQFLYRJOLRQRVHPSUHWUHRUHRIDFHQGR
O
LQWHUR SHUFRUVR YLD PDUH R VEDUFDQGR D 1HDSROLV H SURVHJXHQGR YLD
WHUUD
,O OXQJRPDUH GL *K\WKLRQ q DQLPDWR H DIIROODWLVVLPR FRVu FRPH
O
DYHYDPR ODVFLDWR 3XUWURSSR O
LPSUHVD GL WURYDUH O
DOEHUJR VL SURILOD
QRQWURSSRIDFLOH*OLKRWHOGHJQLGLTXHVWRQRPHVRQRLQIDWWLSRFKLV
VLPL &KLHGLDPR D TXHOOR FKH VHPEUD LO PLJOLRUH O
+RWHO 3DQWKHRQ VXO
OXQJRPDUH6LWUDWWDGHOVROLWRDQRQLPRDOEHUJRPRGHUQRHG8FFLRWHPH
DQFKHFKHVLDFRVWRVRFRPXQTXHQRQFLVRQRSUREOHPLLOIDWWRFKHVLD
FRPSOHWRPHWWHG
DFFRUGRWXWWL6LVWDTXDVLGHOLQHDQGRODSURVSHWWLYDGL
GRYHU UDJJLXQJHUH 6SDUWD RUD FKH VRQR RUPDL OH QRYH TXDQGR DOOD GL
VSHUDWD FL IHUPLDPR DOO
+RWHO *KLW\RQ FKH DO SULPR SDVVDJJLR QRQ FL
HUDSLDFLXWR6WDVXOOXQJRPDUHHGKDOHFDPHUHFRQO
DULDFRQGL]LRQDWD
&KLHGLDPR H F
q SHUVLQR SRVWR &DH H5RVDQQDVDOJRQRDYHGHUHOHFD
PHUH3XSDUHVWDLQPDFFKLQDSHUFKpqWURSSRVWDQFD&DHVFHQGHVXEL
WRGLFKLDUDQGRUHFLVDPHQWHFKHELVRJQDDQGDUYLDOHFDPHUHVLDIIDFFLD
QRVXXQFKLRVWULQRLQWHUQRQRQKDQQRDULDHOHLVLVHQWHVRIIRFDUH,R
SURWHVWRFKHFRQO
DULDFRQGL]LRQDWDVLSXzVWDUEHQHORVWHVVRHFKHRU
PDLqWURSSRWDUGLSHUDYYHQWXUDUVLD6SDUWD%DUWRORH5RVDQQDYDQQRD
SLHGL D FHUFDUH DOWUL DOORJJL QHOOD ]RQD PD FRQ HVLWR QHJDWLYR 0L VWR
TXDVL UDVVHJQDQGR DG DQGDUH D 6SDUWD TXDQGR 8FFLR PL ID QRWDUH FKH
QRQqGHWWRFKHOjWURYLDPRDOORJJLRDTXHVW
RUDÊYHURFKHFLVRQRWDQ
WL DOEHUJKL JUDQGL H PRGHUQL PD HVVL VHUYRQR SURSULR SHU OH FRPLWLYH
FKHJLUDQRLQSXOOPDQGDWXULVPR HGDWRFKHDTXDQWRSDUHODVWDJLRQHq
DQFRUD QHO SLHQR SRVVRQR HVVHUH DQFK
HVVL RFFXSDWL $ TXHVWR SXQWR
5RVDQQD WURYD XQD VROX]LRQH GL FRPSURPHVVR VLFFRPH OD VXD FDPHUD
WULSODqO
XQLFDSLJUDQGHHFRQYLVWDVXOPDUH&DUPHQGRUPLUjFRQOHL
H&DUPHOLWDDOSRVWRGL8FFLRHG8FFLRGRUPLUjFRQPHQHOODQRVWUDFD
PHUD PDWULPRQLDOH 4XHVWD q OD VROX]LRQHFKHDOODILQHYHUUjDFFHWWDWD
PD VROR GRSR FKH DYUHPR YLVWR DOWUH FDPHUH ULFDYDWH VXO WHUUD]]R GHO
O
DOEHUJRFKHVFDUWLDPRSHUFKpVSDYHQWRVDPHQWHXPLGHHSX]]ROHQWLGL
PXIID
)LQDOPHQWH SRVVR VSHJQHUH LO PRWRUH GHOOD PDFFKLQD ULFRUGDWH
LOGLIHWWR"HSRUWDUHLEDJDJOLQHOOHFDPHUH&DHqWHUURUL]]DWDGDOO
LGHD
GLVHQWLUVLPDOH%DUWRORLQYHFHIDORVSDYDOGRHGLFHFKHLQIRQGRQRQq
XQ SUREOHPD GRUPLUH LQ XQD FDPHUD FRQ OD ILQHVWUDFKHGjVXXQFKLR
VWULQR 'HFLGR GL WURQFDUH RJQL GLVFXVVLRQH DQGDQGRPL DIDUHXQDGRF
FLDYLVWRFKHO
DOEHUJRQRQKDDVFHQVRUHHOHVFDOHLQSHUIHWWRVWLOH%HOOH
ÊSRTXH FRVD FKH HFFLWDPROWR8FFLRKDQQRLJUDGLQLDOWLVVLPLFRPH
KRSRWXWRQRWDUHQHOOHWUHRTXDWWURYROWHFKHOHKRVDOLWHHGLVFHVHGX
UDQWHLYDULVRSUDOOXRJKLFRQRVFLWLYL3XUWURSSRVRQRDSSHQDXVFLWRGDO
ODGRFFLDFKH3XSDYLHQHDGLUHFKH%DUWRORVWDPDOHJOLPDQFDO
DULDH
VHQWHFDOGRSHUFKpO
DULDFRQGL]LRQDWDqVSHQWD(QWURQHOODVXDFDPHUD
HGLIDWWLYHGR%DUWRORVWHVRVXOOHWWRFRSHUWRGDOOHQ]XRORERFFKHJJLDQ
WHHFRQORVJXDUGRVWUDYROWR6XVXRVXJJHULPHQWR3XSDFKLHGHGLYHGH
UHOHFDPHUHVXOWHUUD]]RDOWHU]RSLDQRLQIDWWLQRQOHDYHYDYLVWHSHUFKp
HUDULPDVWDVHGXWDLQPDFFKLQD6FHQGRJLGDOVHFRQGRSLDQRGRYHFL
WURYLDPRILQRDOO
LQJUHVVRGRYHFKLHGRODFKLDYHGLXQDFDPHUDGHOWHU
]RSLDQRSHUSRWHUODYHGHUHHPLODPHQWRSHUO
DULDFRQGL]LRQDWDFKHQRQ
IXQ]LRQD/DFRQYHUVD]LRQHVLVYROJHLQFDWWLYRLQJOHVHDOPHQRGDSDU
WHGHLJUHFLPDYHQJRDVDSHUHFKHO
DULDFRQGL]LRQDWDVLDFFHQGHGDOOH
DOOHHGDOOHDOOHGHOPDWWLQR/
RUDULRPLVHPEUDXQSR
FHUYHO
ORWLFR PD GDWR FKH PDQFD XQ TXDUWR G
RUD DOOH ULHVFR DG RWWHQHUH
FKH VL DFFHQGD VXELWR 5LVDOJR DO VHFRQGR SLDQR FRQ OD FKLDYH HG DF
FRPSDJQR 3XSD D YHGHUH XQD FDPHUD VXO WHUUD]]R DO WHU]R SLDQR 2Y
YLDPHQWHODVFDUWDLPPHGLDWDPHQWHSHUO
XPLGRHO
LUUHVSLUDELOHRGRUHGL
PXIID 7RUQLDPR DO VHFRQGR SLDQR H WURYLDPR FKH O
DULD FRQGL]LRQDWD
QHOOD FDPHUD GL 3XSD H %DUWROR QRQ IXQ]LRQD 6FHQGR GL QXRYR DOO
LQ
JUHVVRHULHVFRDGRWWHQHUHFKHXQDGHOOHUDJD]]HGHOODULFH]LRQHVDOJDD
YHGHUHFKHFRVDF
qFKHQRQYD&RPXQTXHTXHVWDPHWWHLQIXQ]LRQHLO
FRQGL]LRQDWRUH ODPHQWDQGRVL GHO IDWWR FKH TXDOFXQR O
DYHYD WRFFDWR H
SHUFLz QRQ IXQ]LRQDYD 'RSR GL FLz FRQWUROOR FKH O
DULD FRQGL]LRQDWD
IXQ]LRQLDQFKHQHOOHDOWUHGXHVWDQ]H$TXHVWRSXQWRFLVDUHEEHTXDVL
ELVRJQRGLXQ
DOWUDGRFFLDPDGDWRFKHLOEDJQRGHOODQRVWUDFDPHUDQRQ
q GHL SL LQYLWDQWL SUHIHULVFR VFHQGHUH LQ VWUDGD D SUHQGHUH LO IUHVFR
PHQWUHDVSHWWRJOLDPLFLFKHVLSUHSDUDQRSHUODFHQD/DFDPHUDLQFXL
GREELDPRGRUPLUH8FFLRHGLRLQIDWWLqSLFFROLVVLPDHGqUHVDDQFRUSL
SLFFRODGDOIDWWRFKHLOEDJQRqVWDWR ULFDYDWRQHOODFDPHUDVWHVVDHGLQ
FRPEHFRPHXQHQRUPHFXERDILDQFRGHOODSRUWDG
LQJUHVVR5HVWDDS
SHQDORVSD]LRSHUXQOHWWRDGXQDSLD]]DHPH]]RHGXQVRORFRPRGLQR
)LQDOPHQWHWXWWLVFHQGRQRSHUODFHQDHGDQGLDPRDSLHGLLQXQ
ULVWRUDQWH VXO OXQJRPDUH GDO QRPH LQYLWDQWH 3VDURWDYHUQD
*UHFLD
.! 2.!.FLRqWDYHUQDGLSHVFH,QHIIHWWLLOSHVFHqIUHVFKLVVLPR
PDQJLDPRWULJOLHIULWWHHVDUDJKLDUURVWLWL&
qDQFKHODFDUQHSHU8FFLR
HG L VROLWL SLDWWL JUHFL FRPH LO SRPRGRUR ULSLHQR GL ULVR /
XQLFR SUR
EOHPD q FKH GDO PDUH VRWWR GL QRL DUULYDQR SHULRGLFDPHQWH GHOOH WUH
PHQGH]DIIDWHGLIRJQD&KLVLHUDVHGXWRGDOODSDUWHGHOPDUHSHQVDQGR
GLJRGHUVLLOIUHVFRRODYHGXWDqULPDVWRIUHJDWR%HYLDPRDFTXDHYLQR
ELDQFRPDLRFRPHDOVROLWRFKLHGRXQDUHWVLQD,OFDPHULHUHVLPSDWL
FR H FRQ TXDOFKH FRQRVFHQ]D GL LWDOLDQR PL SRUWD XQD UHWVLQD LPERWWL
JOLDWD FKH HYLGHQWHPHQWH q VWDWD DGGRPHVWLFDWD SHU SDODWL RFFLGHQWDOL
,QIDWWL QRQ VD DVVROXWDPHQWH GL QLHQWH $OOD ILQH GHO SUDQ]R SRLFKp KR
DQFRUD XQ SR
GLVHWHFKLDPRLOFDPHULHUHHJOLFKLHGRXQ
DOWUDUHWVLQD
PD FHUFR GL VSLHJDUJOL FKH QH YRJOLR XQDFKHVDSSLDGLUHWVLQDFLRqGL
UHVLQDGLSLQRRFRPHGLFHYD=LOORFKHODRGLDYDGLWUHPHQWLQD0LSRU
WDXQDERWWLJOLDVIXVDFKHQRQVDGLQLHQWHORVWHVVR/RULFKLDPRHFKLH
GRXQDPDUFDVSHFLILFDOD9RXWDULú #2!FKHJLjFRQRVFRHILQDO
PHQWH q EXRQD 6DSUz GDO FRQWR FKH LO SULPR WHQWDWLYR q VWDWR GDWR LQ
RPDJJLR
)LQLWD OD FHQD FL DYYLDPR VWDQFDPHQWH LQ DOEHUJR OD JLRUQDWD q
VWDWDSLXWWRVWRIDWLFRVD8FFLRHGLRGDWRFKHLOOHWWRqSLXWWRVWRSLFFROR
GREELDPRFRULFDUFLGULWWLHULJLGLFRPHVDODPL3HUGLSLPHQWUHJOLDO
WULWURYDQROHORURFDPHUHDQFKHWURSSRIUHGGHVFRSULDPRFKHQHOODQR
VWUDFDPHUDLOFRQGL]LRQDWRUHIDVRORUXPRUHPDQRQULHVFHDUDIIUHGGD
UH &Lz HYLWD SURYYLGHQ]LDOPHQWH OD SUHYHGLELOH GLVFXVVLRQH WUD PH HG
8FFLR FKH FRQWUDULDPHQWH DO PLR SDUHUH DYUHEEH FHUWDPHQWH YROXWR
VSHJQHUHO
DULDFRQGL]LRQDWD3HUTXHVWDYROWDKDYLQWROXL&RPXQTXH
OD VWDQFKH]]D qWDOHFKHLOVRQQRDUULYDVXELWRQRQRVWDQWHLOFDOGRHOD
VWDQ]DSLFFROD'RPDQLFLDVSHWWDXQ
DOWUDOXQJDWDSSDSULPDDG2OLP
SLDHSRLD3DWUDVVRGRYHFLLPEDUFKHUHPRSHUO
,WDOLD
&DUPHOLWDVHWWHPEUH9HQHUGu
4XHOORFKHULFRUGHUzVHPSUHGHOO
DOEHUJR0DUJDULWDqODSULPD
FROD]LRQH,QIDWWLODPDWWLQDDOOH PLVYHJOLRHGRSRHVVHUPLYHVWLWD
LQ WHQXWD EDOQHDUH UDJJLXQJR 3DROLQR &DUPHQ 3XSD H %DUWROR FKH
KDQQR JLj SUHVR SRVWR VXDOFXQLWDYROLQLYLFLQRDOSDUDSHWWRGLSLHWUD
(QWURDOO
LQWHUQRGHOEDUHPLDFFRVWRDOWDYRORGHOODFROD]LRQHF
qPLH
OH ODWWHFDIIq\RJXUWSDQHXRYDPDUPHOODWDWXWWRTXHOORFKHVLSXz
GHVLGHUDUHSHUXQSDVWRFRPSOHWR0DQJLRDVD]LHWjHFRPLQFLRDVFUL
YHUHDQFKHDOFXQHFDUWROLQHFKHKRFRPSHUDWRPDSXUWURSSRYHQJRLQ
WHUURWWDQRQF
qWHPSRELVRJQDDQGDUH
+DULVFLDVSHWWDJLjVXOODEDUFDÊXQUDJD]]RDOWRFRQLFDSHOOL
ULFFL H XQR VJXDUGR QRQ PROWR LQWHOOLJHQWH FKH SHUz VL ULYHOHUj PROWR
VLPSDWLFR 3DROLQR +DULVH%DUWRORJHWWDQROHOHQ]HDPDUH3DROLQR
DWWDFFDLOVXR³SHVFLROLQR´D]]XUURHSHVFDTXDVLVXELWRXQSHVFHFKH
ODVFHUHPRDG+DULV
&LIHUPLDPRSHUIDUHXQSULPREDJQRO
DFTXDqPROWRSXOLWDH
DEEDVWDQ]D FDOGD ,QWRUQR D QRL QRQ F
q QXOOD QHVVXQR FKH SRVVD GL
VWXUEDUHLOQRVWUREHOEDJQR7XWWLIDFFLDPRLOEDJQRDQFKHEDEERH
YHQWRPHPRUDELOH
6XELWRGRSRFLVSRVWLDPR+DULVFLSRUWDLQXQDFDODFKHDQRL
VHPEUD EUXWWD 3DROLQR SURWHVWDHGLFH©+DULVQRQSLDFHTXHVWRSR
VWRYLDª/XLFLIDVHJQRGLVHJXLUOR'RSRDYHUSHUFRUVRXQVHQWLHUR
SLHWURVR FL WURYLDPR GDYDQWL DG XQD SLFFROD FKLHVD ELDQFD /
LQWHUQR
GHOODFKLHVDqEXLRGDXQDSDUWHF
qXQDVSHFLHGLDOWDUHLQSLHWUDGDO
O
DOWUD SDUWH FL VRQR OH URFFH +DULV FL VSLHJD FKH QHL JLRUQL LQ FXL LO
PDUHqPROWRDJLWDWRO
DFTXDLQRQGDLQWHUDPHQWHODSLFFRODFKLHVD
7RUQLDPR VXOOD EDUFD H LQILQH FL VSRVWLDPR LQ XQ SRVWR PROWR
EHOORGRYH3DROLQRHJOLDOWULVRQRJLjVWDWL,QTXHVWDFDOHWWDO
DFTXDq
GLXQFRORUHVSHWWDFRODUHD]]XUURFDULFRPROWRSXOLWDHDQFKHVHqXQ
SR
IUHGGDQRQSRVVRULQXQFLDUHDIDUHXQOXQJREDJQR3UHQGRODPD
VFKHUD H JXDUGR LO IRQGR FL VRQR DOFXQL ULFFL YRUUHL SUHQGHUQH XQR
PDKRSDXUDGLSXQJHUPL'HLSLFFROLSHVFLROLQLPLVLDYYLFLQDQRQRQ
VHPEUDQRVSDYHQWDWL
'REELDPR ULWRUQDUHSHUFKpVHQRQRQULXVFLUHPRDLPEDUFDUFL
LQWHPSRSHU1HDSROLV0LGLVSLDFH VRORGLHVVHUPLWUDWWHQXWDFRVuSRFR
LQTXHVWDEHOODHVHOYDJJLDLVROD3DUWLDPRDPDOLQFXRUHDQFKHSHUFKp
IRUVHVLDSHUEDEERFKHSHU%DUWRORTXHVWRVDUjO
XOWLPREDJQRHVWLYR
6XOWUDJKHWWR3DROLQRSURSRQHGLUHFDUFLGDOVLQGDFRGL1HDSR
OLVSHULQVWDXUDUHXQSRVVLELOHJHPHOODJJLRFRQ1DSROLDUULYDWLOuFDSL
UHPRFKHQRQQHYDOHODSHQDLQTXDQWR1HDSROLVQRQKDSURSULRQXOOD
GLSDUWLFRODUH
/DVHUDYHUVROHDUULYLDPRD*K\WKLRQYRUUHPPRSURVH
JXLUH SHU 6SDUWD PD OD VWDQFKH]]D QRQ FH OR SHUPHWWH &L IHUPLDPR
QHOO
XQLFRDOEHUJRQRQSLHQRGHOODFLWWDGLQD&DUPHQQRQVLVHQWHPROWR
EHQHHSHUSHUPHWWHUOHGLGRUPLUHLQPRGRSLFRQIRUWHYROHSUHQGLDPR
XQDVWDQ]DDWUHOHWWLVSD]LRVDFRQGXHEDOFRQL%DEERH3DROLQRGRU
PLUDQQRLQXQDGRSSLDDLOLPLWLGHOODGHFHQ]DLQXQOHWWRFRVuSLFFROR
GDQRQSHUPHWWHUHORURQHPPHQRGLJLUDUVL
&HQLDPR LQXQULVWRUDQWHVXOPDUHSHVFHLQDEERQGDQ]D
*UHFLD
3DROLQRVHWWHPEUH² 6DEDWR
/DQRWWHqSDVVDWDPDQRQqVWDWDIDFLOHSHUWXWWL
,RPLVRQRVYHJOLDWRYHUVROHTXDWWURLQXQEDJQRGLVXGRUHQR
QRVWDQWHLQGRVVDVVLVRORLSDQWDORQLFRUWLGLXQSLJLDPDHGRUPLVVLVFR
SHUWR4XLQGLPLVRQRDO]DWRHDOEXLRSHUQRQGLVWXUEDUH8FFLRVRQR
HQWUDWR QHO FXER FKH q LO QRVWUR EDJQR SHU IDUH XQD GRFFLD IUHGGD
4XHVWRPLKDFRQVHQWLWRGLGRUPLUHDQFRUDILQTXDVLDOOHVHWWH4XDQGR
SRLPLDO]RGHILQLWLYDPHQWHHGDSURODSRUWDGHOODVWDQ]DKRTXDVLXQD
VHQVD]LRQHGLIUHGGRWDQWDqODGLIIHUHQ]DGLWHPSHUDWXUDIUDO
LQWHUQRH
O
HVWHUQR
7XWWLRUPDLVRQRVYHJOLHYHQJRDVDSHUHFKH&DHVLqVHQWLWDPD
OHSLRPHQRDOODVWHVVDRUDLQFXLPLHURVYHJOLDWRSHULOFDOGRHGKD
IDWWR VYHJOLDUH DQFKH 5RVDQQD OD TXDOH SRYHULQD QRQ VROR KD FHGXWR
XQOHWWRGHOODVXDFDPHUDPDKDDQFKHIDWWRXQDPH]]DQRWWDWD(QWUDQ
GRQHOODORURFDPHUDGRYHRUPDLKDQQRVSDODQFDWRLGXHEDOFRQLVRQR
FROSLWRGDOODEHOOH]]DGHOSDQRUDPDGHOSRUWRFRQOHSULPDOXFLGHOVROH
QDVFHQWHPHULWDXQDGLDSRVLWLYD
3HUJXDGDJQDUHWHPSRVFHQGRSULPDGHJOLDOWULDSDJDUHLOFRQWR
/DUHFHSWLRQFKHQRQqDOWURFKHXQDQJRORGHOOD³3L]]HULD1DSROLWDQD´
FKHRFFXSDTXHOODFKHXQWHPSRGRYHYDHVVHUHVWDWDODKDOOGHOO
KRWHOq
DQFRUDLPSUHJQDWDGHOO
RGRUHVLQLVWURGHOOHSL]]HGHOODVHUDSULPD3DJR
UDSLGDPHQWHHPLIDFFLRUHVWLWXLUHODFDUWDGLLGHQWLWjGL%DUWRORFKHHUD
VWDWDWUDWWHQXWDIRUVHDWLWRORGLFDX]LRQH
6DUj SHUFKp VDSSLDPR FKH FL DWWHQGH XQ OXQJR SHUFRUVR R VDUj
SHUFKp O¶DOEHUJR q VWDWR SRFR FRQIRUWHYROH PD WXWWL VWDPDWWLQD VRQR
SURQWLGLEXRQ
RUD3DUWLDPRDOOHRWWRLQSXQWRDQFKHODPLDPDFFKLQD
FKHRUPDLVLqUDIIUHGGDWDQRQIDLFDSULFFL*LULDPRDOODURWDWRULDGHOOD
SLD]]D YLFLQD DO PROR H SHUFRUULDPR LO OXQJRPDUHLQVHQVRLQYHUVRSHU
XVFLUHGD*K\WKLRQ*LXQWLQHLSUHVVLGHOODIDUPDFLDGRYHTXDWWURJLRU
QLSULPD%DUWRORDYHYDDYXWRHVDXULHQWLLQGLFD]LRQLLQLWDOLDQRVXGRYH
IDUVL IDUH O
XOWLPD LQLH]LRQH GL DQWLDOOHUJLFR FL IHUPLDPR SHUFKp 8FFLR
DYHYDDGRFFKLDWRODVHUDSULPDGHLSDQLHULGLYLPLQLHGRUDYXROHDFTXL
VWDUQHXQR3DUWHFLSRDQFKHLRDOODFRQWUDWWD]LRQH FRQXQDQ]LDQRJUHFR
FKH KD LPSDUDWR TXDOFKH SDUROD GL LWDOLDQR QHOO
XOWLPD JXHUUD 8FFLR
FRPSUDXQJURVVRFHVWRFROFRSHUFKLRLRPLDVWHQJRVLDSHUFKpLSUH]]L
VRQRDQDORJKLDTXHOOLLWDOLDQLVLDSHUFKp&DHPLGLFHFKHQRQOHLQWH
UHVVD H FKH QRQ F
q VSD]LR LQ PDFFKLQD YHULVVLPR 1HO IUDWWHPSR
&DUPHOLWDqDQGDWDVHPSUHVXLVWUX]LRQLGL8FFLRDFRPSUDUHGHLFRU
QHWWLLQXQEDUYLFLQRHQHRIIUHDWXWWL,QGRYLQDWHFKLqO
XQLFDSHUVRQD
FKHQRQDFFHWWD"0D&DHQDWXUDOPHQWHFKHqVHPSUHFRQYLQWDGLQRQ
VWDUEHQHFRQORVWRPDFR,FRUQHWWLFRPXQTXHVRQREXRQLDQFKHVHXQ
SR
JUDVVLFRPHWXWWLLFRUQHWWLGLTXHVWRPRQGR
,PERFFKLDPR DG DQGDWXUD DOOHJUD OD VWUDGD SHU 6SDUWD LR YDGR
DYDQWLHG8FFLRVHJXH'RSRSRFKLFKLORPHWULPLVRUSDVVDLQXQUHWWLOL
QHRHVLIHUPDVXOERUGRGHOODVWUDGD0LIHUPRDQFK
LR8FFLRVFHQGH
GDOODPDFFKLQDqPLGLFHFKHKRODUXRWDSRVWHULRUHVLQLVWUDVJRQILD,Q
HIIHWWLPLHURJLjDFFRUWRFKHODPDFFKLQDWHQGHYDXQSR
DVRYUDVWHU]DUH
LQ FXUYD PD DYHYR DWWULEXLWR O
HIIHWWR DOO
HFFHVVLYR FDULFR 0DQRQF
q
QLHQWHGDIDUHODUXRWDqSURSULRDWHUUDIRUVHSHUHIIHWWRULWDUGDWRGHOOH
SLHWUDLH GL &LWHUD Ê XQ FODVVLFR ELVRJQD VYXRWDUH LO EDJDJOLDLR SLHQR
FRPHXQXRYRFRQWXWWHOHYDOLJLHDLQFDVWURHFDPELDUHODUXRWD8FFLR
VLFRPSLDFHGHOIDWWRFKHODUXRWDGLVFRUWDVLDJRQILDHLQRUGLQH,QRO
WUHPDQGD&DUPHOLWDDPHWWHUHLOWULDQJRORXQSR
GLHWURVXOODVWUDGD,O
FDPELRYLHQHIDWWRDUHJRODG
DUWHHGDWHPSRGLUHFRUG8FFLRKDSHUVL
QRO
DFTXDSHUVFLDFTXDUFLOHPDQLQRQTXHOODSRWDELOHPDDFTXDGHVWL
QDWDSURSULRDTXHVW
XVRRDOUDEERFFRGHOUDGLDWRUH/DJRPPDEXFDWD
YLHQH ULSRVWD QHO EDJDJOLDLR QHO VXR DOORJJLDPHQWR VRWWR OD FDWDVWD GHL
EDJDJOL 7UDWWDQGRVL GL XQR SQHXPDWLFR WXEHOHVV QRQ SHQVR QHPPHQR
GLIDUORULSDUDUHLQ*UHFLD3HULOUHVWRGHOYLDJJLRILQRD6SDUWDULPX
JLQRVHDFTXLVWDUHXQRQXRYRGDWRFKHKRYLVWRFKHODJRPPDqSURSULR
VSDFFDWDPDSRLQRQFLSHQVRSL
$UULYLDPR D 6SDUWD H O
DWWUDYHUVLDPR UDSLGDPHQWH 3RL DIIURQ
WLDPRODVDOLWDGHOYDOLFRFKHFLVHSDUDGD7ULSROL3HUSDVVDUHLOWHPSR
PHWWR XQD FDVVHWWD GL PXVLFD OHJJHUD %DUEUD 6WUHLVDQG H 5LFKDUG &OD
\GHUPDQ 'RSR LO SDVVR LPERFFKLDPR OD GLVFHVD YHUVR 7ULSROL GRYH
QRQ FL IHUPLDPR 3HU HYLWDUH O¶DWWUDYHUVDPHQWR GHO FHQWUR GHOOD FLWWj
SUHQGR XQD FLUFRQYDOOD]LRQH H QRQULHVFRDWURYDUHODVWUDGDSHU2OLP
SLD PD PL LPPHWWR VXOO
DXWRVWUDGD SHU &RULQWR FKHDYHYDPRSHUFRUVR
LQVHQVRRSSRVWRDOO
DQGDWD/DSULPDXVFLWDFKHLQFRQWULDPRqSURSULR
TXHOODSHU2OLPSLDPDLOYHORFHWUDWWRGLDXWRVWUDGDYLHQHSDJDWRFRQXQ
SLFFRORDOOXQJDPHQWRGHOSHUFRUVR/DVWUDGDSHU2OLPSLDqODUJDHFR
PRGDFRPHODULFRUGDYRDYHQGRODSHUFRUVDLQVHQVRLQYHUVRGRGLFLDQ
QLIDFRQODPDFFKLQDGL=LOORFRQ&DHHWXWWHHGXHOH&LXFFLRQH6X
SHUDWD9LWLQDLOSDHVDJJLRGLYHQWDUDSLGDPHQWHPRQWDQRFRQEHOOLVVLPL
ERVFKLGLDEHWL,OVROHqYLYLGRHO
DULDWHUVD4XDQGRPDQFDSRFKLVVL
PR D /DQJDGLD LO SDHVH D FLUFD PHWUL FKH q LO SXQWR SL DOWR GHO
SHUFRUVR FL LPEDWWLDPR LQDOFXQLWUDWWLGLVWUDGDVWHUUDWDSHULODYRULGL
UHWWLILFD HG DOODUJDPHQWR WXWWRUD LQ FRUVR $OO
LQJUHVVR GL /DQJDGLD OD
VWUDGDGLYHQWDVWUHWWLVVLPD3DVVDQGRQRWLDPRXQQHJR]LHWWRFRQRJJHW
WL GL DUWLJLDQDWR WUD FXL DOFXQL UXVWLFL EDVWRQL GL OHJQR 3XUWURSSR QRQ
F
q Qp LO WHPSR Qp OD SRVVLELOLWj GL IHUPDUVL D FDXVD GHO WUDIILFR H GHO
*UHFLD
SRFR VSD]LR $WWUDYHUVLDPR UDSLGDPHQWH /DQJDGLD H QRQ FL IHUPLDPR
QHSSXUH QHOOD FXUYD GD FXL VL YHGH LO SDQRUDPD GHO SDHVH GRYH GRGLFL
DQQLSULPDDYHYRVFDWWDWRXQDGLDSRVLWLYDDOOH&LXFFLRQH%DUWRORGLFH
FKHVDUHEEHVWDWREHOORIDUHXQDIRWRQHOORVWHVVRSXQWRPD&DHQRQq
G
DFFRUGR
6LDPRRUPDLLQPH]]RDOO
$UFDGLDLQXQSDHVDJJLRPRQWXRVRH
YHUGH6LFDSLVFHSHUIHWWDPHQWHFRPHHVVRSRVVDHYRFDUHLPPDJLQLSD
VWRUDOLHSHUO¶DSSXQWR³DUFDGLFKH´*LXQWLLQXQYLOODJJLRSLFFROLVVLPR
OXQJRODVWUDGDQRWRDOWULEDVWRQLGLOHJQRGDYDQWLDGXQQHJR]LHWWRHPL
IHUPR SHUFKp %DUWROR DYHYD HVSUHVVR LO GHVLGHULR GL FRPSUDUQH XQR
1HOQHJR]LRFKHVHPEUDTXDVLXQDERWWHJDGLULJDWWLHUHSHULOGLVRUGLQH
GLYHFFKLRJJHWWLFKHORFDUDWWHUL]]DQRQF
qQHVVXQR,PSURYYLVDPHQWH
YHGLDPR DUULYDUH OXQJR OD VWUDGD XQ YHFFKLHWWR PDJUR H VRUULGHQWH LQ
FRVWXPHGDHX]RQH TXDVLSHUIHWWRJOLPDQFDQRVROROHVFDUSHFROSRQ
SRQQHUR*LjGDORQWDQRIRUVHYHGHQGROHPDFFKLQHFLULFRQRVFHVXEL
WRFRPHLWDOLDQLHFLDSRVWURIDFRQODIDWLGLFDIUDVH©,WDOLDQL. ID]]D
. UD]]Dª H SRL HOHQFD XQD VHULH GL FRVH LWDOLDQH FKH FRQRVFH $OID
5RPHRHFF4XDQGRVHQWHFKHVLDPRGL1DSROLHVFODPDFRPHVSHVVR
DFFDGHLQWXWWRLOPRQGR©0DUDGRQD0DUDGRQDª
%DUWRORFRPSUDLOEDVWRQHHG8FFLRFKHqVHPSUHVHQ]DEHQ]LQD
SHUFKp QRQ DPD IDUH LOSLHQRODVFLD5RVDQQDFRQQRLHVLDYYLDSLD
YDQWL FRQ &DUPHOLWD SHU IDUH ULIRUQLPHQWR &L LQFRQWUHUHPR OXQJR OD
VWUDGD ,QHIIHWWLORUDJJLXQJHUHPRVRORDG2OLPSLDFLRqFKLORPHWUL
HGXQ
RUDHXQTXDUWRSLDYDQWL4XDQGRDUULYLDPRD2OLPSLDqTXDVL
PH]]RJLRUQR H VLDPR SLXWWRVWR VWDQFKL H DFFDOGDWL SHU LO YLDJJLR GDWR
FKHODVWUDGDQHOO
XOWLPRWUDWWRQRQqVWDWDDIIDWWREXRQD5LFRQJLXQWLFL
FRQ 8FFLR GRSR XQD IRWR DOO
DQWLFR VWDGLR GHOOH 2OLPSLDGL IDWWD GDOOD
VWUDGD GHFLGLDPR GL YLVLWDUH SULPD LO PXVHR FKH FXVWRGLVFHDOFXQLFD
SRODYRULG
DUWHFRPHODFHOHEUHVWDWXDGL+HUPHVGL3UDVVLWHOH,OWHPSR
DGLVSRVL]LRQH LQIDWWLqVFDUVRHSHQVLDPRFKHVLDSLRSSRUWXQRVDFULIL
FDUHJOLVFDYLFKHLOPXVHR
%DUWRORqHQWXVLDVWDGHOPXVHRHVFDWWDXQQXPHURGLGLDSRVLWLYH
LQFUHGLELOH 'DYDQWL DOO
+HUPHV GL 3UDVVLWHOH F
q OD VROLWD IROODGLWXULVWL
VFLDWWLHVXGDWL/HSURSRU]LRQLGHOODVWDWXDVRQRSHUIHWWHHPLUDELOL%DU
WRORPLVSLHJDFKHFLzqUHVRSRVVLELOHGDOIDWWRFKHLOGLRqUDIILJXUDWR
DSSRJJLDWRGLILDQFRDGXQWURQFRG
DOEHUR&LzSHUFKpVHIRVVHDSSRJ
(X]RQL&RUSRPLOLWDUHJUHFRLQFRVWXPHWUDGL]LRQDOHFRVWLWXLWRGDEXVWLQDQHUDJLDFFD
QHUDJRQQHOOLQRHFDO]DPDJOLDELDQFKLVFDUSHFRQJURVVRSRQSRQQHURVXOODSXQWD
0RQWDQRQRUPDOPHQWHODJXDUGLDGDYDQWLDO3DUODPHQWRLQSLD]]D6uQWDJPDDG$WHQH
GRYHDPH]]RJLRUQRVLVYROJHDSSXQWRODFHULPRQLDGHOFDPELRGHOODJXDUGLD
,WDOLDQLXQDIDFFLDXQDUD]]D
JLDWRVRORVXLSLHGLLOPDUPRQRQSRWUHEEHUHJJHUHDOVXRVWHVVRSHVRH
ODVWDWXDVLVSH]]HUHEEHGDVROD0LFKHODQJHORLQIDWWLIHFHLO'DYLGFRQ
GHLSLHGLHQRUPLHVSURSRU]LRQDWLSURSULRSHUFKpQRQKDDOWULDSSRJJL
&RPXQTXH %DUWROR DJJLXQJH FKH 0LFKHODQJHOR VWUDYROJHYD OH SURSRU
]LRQL DQFKH SHU PRWLYL SURVSHWWLFL LQ PRGR GD FUHDUH O
LOOXVLRQH RWWLFD
GHOOD SHUIH]LRQH &RPXQTXH DQFKH 3UDVVLWHOH DYHYD WRFFDWR XQ YHUWLFH
DUWLVWLFRVXEOLPH/DVWDWXDqEHOOLVVLPDHFRQWUDVWDSDXURVDPHQWHFRQL
FRUSL VIRUPDWL GHL WXULVWL FKH OD JXDUGDQR GLVWUDWWDPHQWH 0L YLHQH GD
SHQVDUHDGXQDIRUPDGLGHFDGHQ]DGHOODVSHFLHXPDQD
*UHFLD
)LJXUD 2OLPSLD0XVHR+HUPHVFRQ'LRQLVREDPELQRRSHUDGL
3UDVVLWHOH
8VFLDPRGDOPXVHRPD%DUWRORYXROHGDUHXQDUDSLGDRFFKLDWD
DQFKHDJOLVFDYL6LDYYLDTXDVLGLFRUVDFRQODPRJOLHHVRORLROLDF
FRPSDJQR *OL DOWUL SUHIHULVFRQR DVSHWWDUH DOO
RPEUD YLFLQR DOOH PDF
FKLQHQHOSDUFKHJJLR3ULPDGLHQWUDUHGHYRDQFK
LRFRPSUDUHO
HQQHVL
PRUXOOLQRGLGLDSRVLWLYHGHSUHFDQGRLSUH]]LSLXWWRVWR³WXULVWLFL´HGLO
IDWWRFKHVLWURYLVRORPDWHULDOH.RGDNFKHDPHQRQSLDFHSHUFKpIDOVD
LFRORUL1HJOLVFDYLIDFFLDPRSUDWLFDPHQWHXQDFRUVDPDULXVFLDPRD
IRWRJUDIDUH OH FRVH SL LPSRUWDQWL DQFKH OR VWDGLR VHPSUH VXJJHVWLYR
QRQRVWDQWHO
DYHVVLJLjYLVWRFRQ5L]&L]H&DHGRGLFLDQQLSULPD
)LJXUD 2OLPSLD6FDYL/DSDOHVWUD
$OO
XVFLWDFLULQIUHVFKLDPRDGXQDEHOODIRQWDQHOODHWRUQLDPRDO
SDUFKHJJLR4XLWURYLDPR5RVDQQDFKHFLDVSHWWDYLFLQRDOODPLDPDF
FKLQDPHQWUH&DH&DUPHOLWDHG8FFLRVLVRQRJLjDYYLDWLSHUFKp8FFLR
KDXQDPDFFKLQDPHQRYHORFH3DUWLDPRDQFKHQRLHGLPERFFKLDPROD
VXSHUVWUDGDSHU3DWUDVVRFKHGLVWDXQFHQWLQDLRGLFKLORPHWUL$UULYLD
PRD3DWUDVVRGRSRXQ
RUHWWDHTXLSHQVRFKHPLFRQYLHQHIDUHLOSLHQR
GLEHQ]LQDYLVWRFKHLQ*UHFLDFRVWDPHQR+RSHUzLOSUREOHPDGLWUR
YDUHXQGLVWULEXWRUHLQGLVFHVDGDWRFKHODPDFFKLQDRUDqFDOGDHVLFX
*UHFLD
UDPHQWHQRQULSDUWLUHEEH/RWURYRGRSRYDULWHQWDWLYLPDqPHJOLRFR
VuSHUFKpLQIDWWLODPDFFKLQDULSDUWHVRORDVSLQWD
&L UHFKLDPR DOO
DJHQ]LD GL YLDJJLR GHOO
+/0 SHU O
DFFHWWD]LRQH
VXOOD QDYH H ILQDOPHQWH WURYLDPR 8FFLRFRQ&DHH&DUPHOLWDERFFKHJ
JLDQWLVRWWRLOVROHGHOOHWUHGHOSRPHULJJLR&RPXQTXHKDQQRXQDERWWL
JOLD GL DFTXD IUHVFD H FL RIIURQR GD EHUH /D VLJQRULQD GHOO
DJHQ]LD PL
GLFH GL DQGDUH D IDUH O¶DFFHWWD]LRQH GLUHWWDPHQWH DO SRUWR 3ULPD SHUz
DQGLDPRDFHUFDUHXQQHJR]LRSHUFRPSUDUHTXDOFKHFRVDKDOYjUHWVL
QDGDSRUWDUHLQ,WDOLD'RSRYDULHGLVFXVVLRQLFRPSURWUHJURVVLILDVFKL
GDWUHOLWULGLUHWVLQDHTXDWWURVFDWROHGLKDOYjGDUHJDODUHDG$QWRQLRH
*LDQFDUOR %DUWRORH3XSDFRPSUDQRDQFKHGHOOHSL]]HGLSDVWDVIRJOLD
FRQ IRUPDJJLR H VSLQDFL GD PDQJLDUH VXOOD QDYH QRQRVWDQWH LO SDUHUH
FRQWUDULRGL&DH
7HUPLQDWLJOLDFTXLVWLFLSUHFLSLWLDPRDO SRUWRGDWRFKHWHPLDPR
GL HVVHUH LQ ULWDUGR H TXL 5RVDQQD HG LR IDFFLDPR O
DFFHWWD]LRQH HG LO
FRQWUROORSDVVDSRUWLSHUWXWWL)LQDOPHQWHGDQQRLOVHJQDOHGLLPEDUFDUH
OHPDFFKLQH&RPHDOVROLWRHQWUDQRLQPDFFKLQDQHOODQDYHVRORJOLDX
WLVWL JOL DOWUL D SLHGL 6LVWHPLDPR UDSLGDPHQWH OH PDFFKLQH H SRL UDJ
JLXQJLDPRJOLDOWULDPLFLFKHVWDQQRJLjLQFRGDYLFLQRDOO
LQJUHVVRSH
GRQDOHQHOJDUDJHGHOODQDYH,OFDOGRqVRIIRFDQWHPHLOSHUVRQDOHWDU
GDDGDSULUHOHSRUWH6LDPRFLUFRQGDWLGDJHQWHFRQLQJRPEUDQWLVDFFKL
DSHORVXOOHVSDOOHHGLOQHUYRVLVPRFRPLQFLDDVHUSHJJLDUH'RSRTXDO
FKHVSLQWRQHULXVFLDPRILQDOPHQWHDHQWUDUHHGRFFXSLDPROHQRVWUHFD
ELQH
%DUWROR HG LR DEELDPR GXH GRSSLH HVWHUQH FRQ REOz FRVu FRPH
ULFKLHVWR LO JLRUQR GHOO
DUULYR D 3DWUDVVR TXDQGR DYHYDPR SDJDWR XQD
SLFFROD GLIIHUHQ]D SHU QRQ IDU VRIIULUH OH QRVWUH PRJOLGLFODXVWURIRELD
,QROWUHDQFKHVHOHVLJQRUHQRQORVDQQRLOFDPELRHUDVWDWRPROWRRS
SRUWXQRSHUFKpSHUXQPDOLQWHVRFRQO
DJHQ]LD&,76HVWDQWHGL1DSROL
QRQ DYHYDPR QHDQFKH OH GRSSLH LQWHUQH PD GXH WULSOH LQWHUQHSHUFXL
DYUHPPRGRYXWRGRUPLUHLQPRGRSLXWWRVWRVFRPELQDWR9LFHYHUVDFR
Vu VWLDPR EHQLVVLPR DQFKHVHJOLREOzVRQREORFFDWLHFLYRUUHEEHXQD
FKLDYH VSHFLDOH SHU DSULUOL 3XSD DYUHEEH YROXWR DGGLULWWXUD OD FDELQD
FRQ GXH OHWWL EDVVL LQYHFH FKH VRYUDSSRVWL PD DOORUD OD GLIIHUHQ]D VD
UHEEHVWDWDHFFHVVLYD8FFLRLQYHFHVHJXHQGRLVXRLSULQFLSLQRQYROOH
FDPELDUH H TXLQGL RUD RFFXSD LQVLHPH FRQ 5RVDQQD H &DUPHOLWD XQD
WULSODLQWHUQDLQXQDGHLSRQWLSLEDVVLGHOODQDYHDGGLULWWXUDVRWWRLOOL
YHOORGHOPDUHHVRWWRLOJDUDJHÊFRPXQTXHJUDQGHHFRQFRQGL]LRQD
PHQWR VXIILFLHQWH FRPH SRVVR FRQVWDWDUH TXDQGR VFHQGR D FKLDPDUH
8FFLRFKHVLqIHUPDWRLQFDELQDSHUIDUHXQULSRVLQRVXELWRGRSRODSDU
WHQ]D
3RLFKpFRPHDOVROLWRWXWWHOHVHGLHGLSODVWLFDHWXWWLJOLVSD]LOL
EHULVRQRRFFXSDWLGDYDULDXPDQLWjFRQLVDFFKLDSHORFLULXQLDPRVXO
SRQWHLPEDUFD]LRQLLQTXHOORFKHqRUPDLGLYHQWDWRLOQRVWURSXQWRGLUL
XQLRQHDELWXDOHILQGDOYLDJJLRGLDQGDWD&
qXQDVSHFLHGLJUDGLQRGL
DFFLDLR VRWWR XQD VFLDOXSSD FKH XWLOL]]LDPR FRPH VHGLOH HG XQD SUHVD
G
DULDURWRQGDEDVVDHSLDWWDFKHFLVHUYHGDWDYROLQR,QROWUHQRQDS
SHQDDGRFFKLDPRXQDVHGLDFKHVLOLEHUDFRUULDPRDSUHQGHUOD ,QEUHYH
WHPSRDOOHVWLDPRXQVDORWWR
$SSURILWWR GHL WHPSL PRUWL SHU DQGDUH DYDQWL QHOOD VWHVXUD GL
TXHVWR GLDULR TXDQGR VRQR VWDQFR OR SDVVR D &DUPHOLWD SHUFKp SRVVD
VFULYHUH DQFKH OHL LO VXR GLDULR SDUDOOHOR ,O VROH q RUPDL DO WUDPRQWR
TXDQGR XVFLDPR GDO SURIRQGR JROIR GL 3DWUDVVR /H LVROHWWH SUHVVR OD
FRVWDGL0LVVROXQJLFKHHUDQRDSSDUVHDOO
DQGDWDQHOODUDGLRVDOXFHGHO
PDWWLQRVRQRRUDPDOLQFRQLFDPHQWHHYDQHVFHQWLQHOODIRVFKLDGHOODVHUD
FKH DYDQ]D /D 3RVHLGRQLD YLUD OHJJHUPHQWH SHU SXQWDUH YHUVR 6DPL
&HIDORQLDHGLOPDHVWUDOHVHPSUHSLXWWRVWRIRUWHVSLQJHORVFDULFRGHL
IXPDLROLGLUHWWDPHQWHFRQWURGLQRL6LDPRFRVWUHWWLDFDPELDUHSRVWR
FL VSRVWLDPR VHPSOLFHPHQWH VRWWR OD VFLDOXSSD GL WULERUGR GLDPHWUDO
PHQWH RSSRVWD GRYH WURYLDPR VLPPHWULFDPHQWH OD VWHVVD SDQFD H OR
VWHVVRWDYROLQRGLDFFLDLR1DWXUDOPHQWHSRUWLDPRFRQQRLDQFKHOHVH
GLHGLSODVWLFDFKHDEELDPRFRQTXLVWDWR
&RQODVHUDFKHDYDQ]DLOYHQWRVLIDDQFRUDSLIRUWHHSLIUHVFR
HDOODILQHVLDPRFRVWUHWWLDGDEEDQGRQDUHGHOWXWWRLOSRQWHLPEDUFD]LR
QL0ROWLJLRYDQLLQILODWLQHOVDFFRDSHORULPDQJRQRLPSHUWHUULWLVLPLOL
DJURVVLHLQIRUPLVDFFKLEXWWDWLVXOSDYLPHQWR6FHQGLDPRDOSRQWHLQ
IHULRUH GRYH F
q XQD JUDQGH WHUUD]]D DIIDFFLDWD VXOOD SRSSDGHOODQDYH
4XLQRQF
qYHQWRHULXVFLDPRSHUVLQRDWURYDUHDOFXQHVHGLHYLFLQRDG
XQWDYROLQRGLIHUURWUDEDOODQWHPDODPHQWHLQFKLDYDUGDWRDOSDYLPHQWR
(VVR q FRPXQTXH PROWR XWLOH SHU VFULYHUH FRPRGDPHQWH LO GLDULR RY
YLDPHQWHGRSRDYHUSXOLWRORVWUDWRGLQHURIXPRHGLSROYHUHLQGHILQLEL
OHFKHORLQFURVWDJUD]LHDQFKHDOSRWHUHDGHVLYRGHOO
XPLGRHGHOODVDO
VHGLQH$OOHRWWRYLHQHDQQXQFLDWDLQYDULHOLQJXHWUDFXLO
LWDOLDQRO
D
SHUWXUDGHOODWDYRODFDOGD,RKRFRQVXPDWRGDSRFRODSL]]DDOIRUPDJ
JLRWLUzSLWDFRPSUDWDGD%DUWRORD3DWUDVVRqSLXWWRVWRVLQLVWUDPDOR
VWDWRG
DQLPRDWWXDOHPLUHQGHPROWREHQGLVSRVWRYHUVROD*UHFLDHGL
VXRLSURGRWWL6HQWRVRORODPDQFDQ]DGLXQSR
GLUHWVLQDPDVXOODQD
YHFKHSXUHqJUHFDEDWWHEDQGLHUDFLSULRWDVLYHQGRQRVRORSURGRWWL
LWDOLDQL &RPXQTXH GRSR XQD GHFLQD GL PLQXWL JOL DPLFL GHFLGRQR GL
VFHQGHUHDPDQJLDUH8FFLRHGLRSHQVLDPRGLUDJJLXQJHUOLGRSRSHUFKp
YRJOLDPRYHGHUHOHRSHUD]LRQLGLDWWUDFFRDOSRUWRGL6DPLQHOO
LVRODGL
&HIDORQLDGRYHVWLDPRDSSXQWRSHUDUULYDUH5LYHGRLOSRUWRGDFXLHUR
*UHFLD
SDUWLWRSHUO
,WDOLDFRQ&DHH5L]DOOHWUHGLQRWWHGLXQJLRUQRGLVHWWHP
EUHGHOO
O
DQQRGL,WDFD1RWLDPRVXELWRFKHODFRGDGLPDFFKLQHFKH
VL GHYRQR LPEDUFDUH q LQWHUPLQDELOH FL YRUUj PROWR WHPSR ,QIDWWL OD
QDYHDFFXPXODTXLXQ
RUDGLULWDUGRFKHQRQUHFXSHUHUjSL8FFLRQRWD
XQDEDQGLHUDGDLFRORULLQXVLWDWLFKHJDUULVFHVXOIDURDOODWHVWDGHOPROR
FXLVLDPRDWWUDFFDWL'RSRTXDOFKHLVWDQWHXQPDULQDLRGHOOD3RVHLGRQLD
VDOHVXOIDURVWDFFDODEDQGLHUDHODSRUWDDERUGRDUURWRODQGROD8FFLR
ULFRUGDGDOSLHJKHYROHGHOO
DJHQ]LDFKHTXHVWDqSURSULRO
XOWLPDFRUVDGL
TXHVW
DQQRSHUODQRVWUDQDYH
9LVWRFKHOHFRVHYDQQRSHUOHOXQJKHGHFLGLDPRGLDQGDUHDOOD
WDYROD FDOGD SHU HYLWDUH DIIROODPHQWL 7URYLDPR XQD FRGD VSDYHQWRVD
GLVRUGLQDWD FRPH RJQL FRGD DOO
LWDOLDQD *OL DOWUL DPLFL VRQR SRFR SL
DYDQWLHQRQVRQRDQFRUDULXVFLWLDGHQWUDUHQHOO
XQLFRFRUULGRLRGHOVHOI
VHUYLFH &RPXQTXH QRQ DEELDPR IUHWWD H FL GLVSRQLDPR SD]LHQWHPHQWH
DGDWWHQGHUH6XXQDSDUHWHF
qDQFKHXQDFDUWDVWUDGDOHG
,WDOLDLQJUDQGH
VFDOD FKH XWLOL]]LDPR SHU DOFXQH FRQVLGHUD]LRQL VXOOD JLWD D /HFFH FKH
KRSURSRVWRSHUGRPDQLDQFKHVH&DHSHURUDQRQqG
DFFRUGRPD&DH
QRQqPDLG
DFFRUGRLQSULPDEDWWXWD
/
DWWHVDQRQVDUHEEHVSLDFHYROHVHQRQIRVVHSHUWUHRUULELOLEUXWL
URPDQLGXHXRPLQLHGXQDGRQQDEUXWWLFKHDIIHWWLHYLGHQWHPHQWHGD
VRUGLWj SUHFRFH FRQYHUVDQR IUD GL ORUR H YLFLQR DOOH QRVWUH RUHFFKLH
FRQ XQ YROXPH GL YRFH SL FRQVRQR DG XQD VDOD GLSURYDSHUPRWRULD
UHD]LRQH&RPXQTXHWXWWRSDVVDHFRQOHRUHFFKLHFKHTXDVLFLILVFKLD
QR ULXVFLDPR DG HQWUDUH QHO VHOI VHUYLFH HG D SUHQGHUH TXDOFRVD GD
PDQJLDUHDQFKHVHDOFXQLSLDWWLHUDQRJLjILQLWLÊXQDFHQDXQSR
GD
PHQVDPDODDJJLXVWR FRQXQDEXRQDERWWLJOLDGLYLQRELDQFRLWDOLDQR
IUHGGRDOSXQWRJLXVWR1RWRFRQSLDFHUHFKHDQFKH3XSDKDIDWWRDOWUHW
WDQWRDQFKHVHOHLVLqOLPLWDWDDOODERWWLJOLDGDPH]]ROLWUR
7HUPLQDWDODFHQD8FFLR5RVDQQDH&DUPHOLWDVLIHUPDQRDOGXW\
IUHH VKRS SURPHWWHQGR GL UDJJLXQJHUFL PHQWUHQRLULWRUQLDPRDOODQR
VWUDSRVWD]LRQHVXOSRQWHGLSRSSD,OWDYROLQRGLIHUURqVWDWRSLRPH
QRRFFXSDWRGDXQJUXSSRGLLWDOLDQLGLPH]]DHWjPDF
qULPDVWRXQSR
VWROLEHURHSRVVRULSUHQGHUHDVFULYHUH'RSRSRFRFLUDJJLXQJH8FFLR
GD VROR SHUFKp OH VXH GRQQH VRQR DQGDWH D GRUPLUH &DH QH DSSURILWWD
SHU DQGDUH DQFKH OHL D OHWWR 8FFLR QRQ UHVLVWH PROWR QHPPHQR OXL H
GRSRXQDPH]]RUDFLDXJXUDODEXRQDQRWWH6ROR%DUWRORH3XSDUHVWD
QRDIDUPLFRPSDJQLDGHFLVLDJRGHUVLLOSLSRVVLELOHLOIUHVFRGHOODVH
UDPHQWUHODXOWLPHOXFLGL,WDFDH&HIDORQLDVYDQLVFRQRDSRSSD
3UHVRGDOODVWDQFKH]]DSURSL]LDWDGDOODVFULWWXUDGHOGLDULRVRQR
SURSULR LR D VDOXWDUH SHU SULPR 3XSD H %DUWROR 6FHQGR QHOOD FDELQD
VFDYDOFDQGR L VDFFKL D SHOR DPPXFFKLDWL OXQJR LO SRQWH ,Q FDELQD OD
WHQGLQD GHOO
REOz q DSHUWD H ODVFLD ILOWUDUH OD OXFH GHOOD OXQD RUPDL DO
SULPR TXDUWR /
DULD FRQGL]LRQDWD q DFFHVD H OD WHPSHUDWXUD q SLDFH
YROPHQWH IUHVFD &DH GRUPH JLj ,Q SRFKL PLQXWL PL DGGRUPHQWR DQ
FK
LRSHQVDQGRFKHGXUDQWHLOVRQQRSDVVHUzDOODUJRGL3D[L
*UHFLD
&DUPHOLWDVHWWHPEUH6DEDWR
&LULPHWWLDPRLQYLDJJLRGLEXRQ
RUDSHUULXVFLUHDGDUULYDUHD
3DWUDVVRGRYHFLLPEDUFKHUHPRSHUO
,WDOLD8QSLFFRORLQFLGHQWHOXQJR
OD VWUDGD SHUz UDOOHQWD OD QRVWUD FRUVD 3DROLQR EXFD XQD UXRWD PD
FRQO
DLXWRGLEDEERH%DUWRORLQSRFKLPLQXWLODPDFFKLQDqSURQWDSHU
ULSDUWLUH
3DROLQR YRUUHEEH IHUPDUVL D 2OLPSLD SHU GDUH O
RFFDVLRQH D
%DUWROR H 3XSD GL YLVLWDUH JOL VFDYL 'RUPR SHU TXDVL WXWWD OD GXUDWD
GHOYLDJJLRHPLVYHJOLRVRORVXOODVWUDGDFKHSRUWDDG2OLPSLD4XHVWD
VWUDGDqSLHQDGLFXUYHHVHPEUDLQWHUPLQDELOH3HUFLzLRHEDEERFKH
VRIIULDPRLOPDOG
DXWRQHULVHQWLDPRPROWR
9LVLWLDPR LO PXVHR GL 2OLPSLD FKH LR GDO ULFRUGDYR PROWR
EHOORHLQIDWWLqSURSULRFRVuGDTXHOO
DQQRDGRJJLQXOODqFDPELDWR
%DUWROR H 3XSD YLVLWDQR IUHWWRORVDPHQWH JOL VFDYL ,R EDEER H
&DUPHQLQYHFHFLDYYLDPRJLjVXOODVWUDGDSHU3DWUDVVR
'RSRXQDILODLQWHUPLQDELOHSHU DYHUHODFKLDYHGHOODFDELQDFL
GLYLGLDPR3DROLQRVXLQSULPDFODVVHHQRLJLQHLEDVVLIRQGLGHOODQD
YH /D QRVWUD FDELQD q DQFRUD SL SLFFROD GL TXHOOD GHOO
DQGDWD SHU
IRUWXQDF
qXQSLFFRORDUHDWRUHFKHFRQVHQWHLOULFDPELRG
DULD
/D VHUD FHQLDPR DOOD WDYROD FDOGD GHOOD QDYH $ GLIIHUHQ]D GHO
YLDJJLR GL DQGDWD TXHVWD YROWD LOULVWRUDQWHqSLHQRGLJHQWHHIDUHPR
XQD OXQJD ILOD SULPD GL SRWHUFL VHGHUH DG XQR GHL WDYROL 0HQWUHIDF
FLDPRODILODLRHPDPPDFLDFFRUJLDPRFKHGDYDQWLDQRLF
qXQJUXS
SRGLUDJD]]LURPDQL³VFRUWDWL´GDOODORURJXLGD8QUDJD]]RVLDYYL
FLQDDOODJXLGDSHUFKLHGHUHXQ
LQIRUPD]LRQHHGLFH©&RPHVLFKLDPD
LO SRUWR GDFXLVLDPRSDUWLWL³3HWUDFFLR´"ª/
LJQRUDQ]DGHOODJHQWH
QRQKDILQH
/DQRWWHQHOODFDELQDVDUjWUDJLFDYHUVROHPLVYHJOLHUz
SHUFKpPLVHQWRTXDVLVRIIRFDUHEDEERKDVSHQWRO¶DHUDWRUHHODFDELQD
qGLYHQWDWDXQDFDPHUDDJDV
3DROLQRVHWWHPEUH² 'RPHQLFD
0LVYHJOLRSUHVWRFRPHVHPSUHGRSRDYHUGRUPLWREHQLVVLPR
&DH GRUPH DQFRUD DQFKH OHL KD DYXWR XQD QRWWH WUDQTXLOOD 'DOO
REOz
HQWUDODOXFHGLXQPDWWLQROXPLQRVR,OPDUHqFKLDURFRPHTXHOORGHOOD
*UHFLDDQFKHVHRUPDLGREELDPRHVVHUHLQDFTXHLWDOLDQH
0HPRUHGHOYLDJJLRGLDQGDWDHVFRVXELWRGDOODFDELQDSHUXWL
OL]]DUH FRPRGDPHQWH L VHUYL]L FRPXQL 5LHVFR D IDUH DQFKH XQ
RWWLPD
GRFFLD3RLPLYHVWRHVDOJRVXOSRQWHGLSRSSDGRYHHUDYDPRVWDWLOD
VHUDSULPDLOOXPLQDWRGDOVROH6LDPRDEEDVWDQ]DYLFLQLDOODFRVWDSX
JOLHVH H FL VLDPR GD SRFR ODVFLDWL DOOH VSDOOH LO FDSR GL 6DQWD 0DULD GL
/HXFD7RUQRLQFDELQDHVYHJOLR&DHFKHPLFKLHGHVHSRVVRSRUWDUOH
XQ VXFFR GL IUXWWD DOOD SHUD GDO EDU YLVWR FKH QRQ EHYH SL Qp ODWWHQp
FDIIq$OEDURUGLQRXQFDIIqSHUPHHOREHYRVXELWRPDSHUTXDQWRUL
JXDUGD LO VXFFR GL IUXWWD KDQQR VROR GHO SRPSHOPR FKH SUHQGR ULWH
QHQGRORQHWWDPHQWHVXSHULRUHDOODSHUD3HUIDUODEUHYHVRQRFRVWUHWWRD
EHUORLRSHUFKp&DHGLFHFKHLOVXFFRGLSRPSHOPRIDPDOHDOORVWRPD
FRSRLFKpqDFLGR
6DOLDPRLQVLHPHVXOSRQWHGLSRSSDGRYHLRSRUWRFRQPHLOGLD
ULR L WDUDOOLQL FKH 8FFLR DYHYD SRUWDWR GD 6DQ 0DUWLQR H OD SL]]D DJOL
VSLQDFLDYDQ]DWDGDTXHOOHFRPSUDWHGD%DUWRORD3DWUDVVR&LVHGLDPR
DO QRVWURWDYROLQRGLIHUURFKHqGLQXRYRWXWWRVSRUFRHXQWRGLQHUR
IXPRHPHVVRHYLGHQWHPHQWHGDLIXPDLROL/RSXOLVFRFRQXQID]]ROHWWR
GLFDUWDHULFRPLQFLRDVFULYHUHLOGLDULRJRGHQGRPLLOIUHVFRGHOPDWWL
QRWHPSHUDWRGDOWHSRUHGHOVROHDQFRUDEDVVR0DQJLRDQFKHODSL]]DGL
VSLQDFL 6H HUD VLQLVWUD OD VHUD SULPD RJJLqDGGLULWWXUDLUULFRQRVFLELOH
0DQRQSRVVREXWWDUODHVVDqXQDUHOLTXLDGHOOD*UHFLDHYDFRQVXPDWD
LQXQDVSHFLHGLULWXDOHFDQQLEDOHVFR
$ SRFR D SRFR JOL DPLFL FL UDJJLXQJRQR , SULPL VRQR 3XSD H
%DUWROR VHPSUH DUPDWR GL PDFFKLQD IRWRJUDILFD 3RL LQ XQD GLVFHVD
RFFDVLRQDOHDOEDUWURYR5RVDQQDH&DUPHOLWDVHGXWHVXGXHSROWURQHDO
FKLXVRHOHLQYLWRDUDJJLXQJHUFLVXOSRQWH/
XOWLPRDVDOLUHq8FFLR
$SSUHQGLDPRGD5RVDQQDFKHQHOODQRWWHVLqTXDVLVHQWLWDPDOH
SHUFKp8FFLRVFHVRSHUXOWLPRLQFDELQDDYHYDVSHQWRO
DULDFRQGL]LR
QDWD PHQWUH 5RVDQQD H &DUPHOLWD GRUPLYDQR LJQDUH 5RVDQQD VL HUD
VYHJOLDWDQHOODQRWWHFROYLVRJRQILRSHULOFDOGRHSHUODPDQFDQ]DG
D
ULD
7HUPLQRXQFDSLWRORGHOGLDULRHGRLOOLEUHWWRD&DUPHOLWDSHUFKp
FRQWLQXLLOVXR8QELPRWRUHDGHOLFDFLVRUYRODGXHYROWHDEDVVDTXRWD
6L WUDWWD HYLGHQWHPHQWH GHL FRQWUROOL SHU O
HPEDUJR LXJRVODYR R SHU JOL
HPLJUDQWLFODQGHVWLQLDOEDQHVL
)LQDOPHQWHFLDYYLFLQLDPRD%ULQGLVL$EELDPRFRQVHUYDWRO
RUD
GL ULWDUGRDFFXPXODWDODVHUDSULPD D&HIDORQLDSHUFXLSUHYHGLDPRGL
DUULYDUHDOOHLQYHFHFKHDOOH&DHVLVHQWHEHQHHVLqFRQYLQ
WDDGDQGDUHD/HFFH&RQ8FFLRJLjSURJHWWLDPRODJLWD
(QWUDQGRQHOSRUWRGL%ULQGLVLFRVWHJJLDPROHLVROHWWHODIRUWH]
]DDUDJRQHVHHGDOFXQHLQVWDOOD]LRQLGHOODPDULQD8FFLRIDQRWDUHLYHF
FKLKDQJDUGHJOLLGURYRODQWLRUPDLLQGLVXVR6FDWWLDPRPROWHIRWRJUD
ILH
)LQDOPHQWH GRSR OD FRGD SHU XQ VRPPDULR FRQWUROOR GHL SDVVD
SRUWLVEDUFKLDPR4XHVWDYROWDPHPRULGHOODVDXQDGHOO
DQGDWDQHOJD
UDJHGHOODQDYH8FFLRHGLRVFHQGLDPRSLXWWRVWRWDUGLJOLDXWLVWLGHOOH
DOWUH PDFFKLQH FKH QRL EORFFKLDPR FRQ OH QRVWUH VRQR JLj DO YRODQWH
&RPXQTXH PHWWLDPR LQ PRWR DQFKH OD PLD PDFFKLQD SDUWH DO SULPR
FROSRHGXVFLDPRLPPHGLDWDPHQWH)XRULFLDVSHWWDQRJOLDOWULOLIDF
FLDPRVDOLUHLQPDFFKLQDHFLDYYLDPRVHQ]DLQGXJLRYHUVRO
XVFLWDSULQ
FLSDOHGHOSRUWRTXHOODFKHGjVXOFRUVR4XLGHOOHJXDUGLHFLEORFFDQR
HFLULPDQGDQRLQGLHWURDOO
XVFLWDSRVWHULRUHGRYHVXSHULDPRXQDILODGL
SXOOPDQGDWXULVPRHFLSUHVHQWLDPRDOFRQWUROORGLGRJDQDFKHHYLGHQ
WHPHQWH QRQ YLHQH HVHJXLWR SUHVVR O
XVFLWD SULQFLSDOH 8VFLDPR VHQ]D
LQWRSSLHULSUHQGLDPRODVWUDGDYHUVRLOSRUWRSHUFKp8FFLRYXROHYHGHUH
LOYHFFKLRFDVWHOORGL)HGHULFR,,FKHVWDSURSULRLQIRQGRDOSRUWRGRSR
ODFRORQQDURPDQDFKHRJJLFRVuFRPHDOODSDUWHQ]DqWXWWDFRSHUWDGD
XQ
LPSDOFDWXUDSHUODYRULGLUHVWDXUR
0HQWUH FL DYYLDPR YHUVR /HFFH DGRFFKLR XQ JRPPLVWD DSHUWR
QRQRVWDQWH OD GRPHQLFD H IDFFLR JRQILDUH OD UXRWD FKH DYHYR PRQWDWR
VRWWRODPDFFKLQDLOJLRUQRSULPD6FHQGHQGRGDOODQDYHO
DYHYRQRWDWD
XQSRFRVJRQILDHQRQYRJOLRFRUUHUHULVFKLYLVWRFKHODUXRWDGLVFRUWD
QRQqXWLOL]]DELOH
)LQDOPHQWHLPERFFKLDPRO
DXWRVWUDGDSHU/HFFHGRYHDUULYLDPR
YHUVR PH]]RJLRUQR 4XL SDUFKHJJLDPR OH PDFFKLQH LQ SLD]]D 6DQW
2
URQ]RFKHqSURSULRLOFHQWURGHOODFLWWjLQXQSDUFKHJJLRDSDJDPHQWR
FKHSHUzGDWRFKHqGRPHQLFDULVXOWHUjJUDWXLWR&LVRIIHUPLDPRSUHVVR
O
DQILWHDWUR PHQWUH 5RVDQQD OHJJH DOFXQH QRWL]LH VXOOD FLWWj GDOODJXLGD
UDSLGD GHO 7RXULQJ &OXE 8FFLR YD D FRPSUDUH L JLRUQDOL H VFRPSDUH
1RQULXVFHQGRDWURYDUORFLDYYLDPRYHUVRLOGXRPRGRYHORWURYHUHPR
WXWWR DUUDEELDWR SHU HVVHUH VWDWR ODVFLDWR VROR &RPXQTXH OD SLD]]D GHO
GXRPRqJUHPLWDGDJOLDGHSWLGLXQDFRQJUHJD]LRQHUHOLJLRVDFKHDVFRO
WDQR XQDSUHGLFDGHOYHVFRYRVHGXWLVRWWRXQVROHDFFHFDQWH4XDOFXQR
VLULSDUDFRQXQRPEUHOOLQRTXDOFXQRFRQLOID]]ROHWWRDOWULFROJLRUQD
*UHFLD
OH8FFLRFLLQIRUPDFKHODPDQLIHVWD]LRQHGXUHUjLQWXWWRVHWWHRUHSHU
TXHVWRQHOOHVWUDGLQHLQWRUQRDOODSLD]]DVRQRSDUFKHJJLDWHDOFXQHDXWR
DPEXODQ]HSURQWHDVRFFRUUHUHFKLVLVHQWLUjPDOH
&RPXQTXH WXWWR FLz FL LPSHGLVFH GL HQWUDUH QHOOD SLD]]D GHO
GXRPRFDSRODYRURGHOEDURFFROHFFHVHFKHGREELDPRDFFRQWHQWDUFLGL
IRWRJUDIDUHGDORQWDQR3URVHJXLDPRDSLHGLSHUVWUDGHHYLFROLIRWRJUD
IDQGR PDFFKLQRVH FKLHVH EDURFFKH VFRUFL DUFKLWHWWRQLFL SDOD]]L GL
ELDQFRWXIROHFFHVHFKHVLVWDJOLDQRFRQWURLOFLHORGLXQD]]XUUROLPSL
GR'DORQWDQRFLJLXQJRQROHQRWHHOHYRFLGHLFRULUHOLJLRVLGHLSHOOH
JULQL 5RVDQQD VL GLFH VSDYHQWDWD GD TXHVWH PDQLIHVWD]LRQL GL PDVVD
GRYHO
LQGLYLGXDOLWjGLFLDVFXQRqFRPSOHWDPHQWHVRIIRFDWDLRFRQFRUGR
LQSLHQR
'RSRDYHUYDJDERQGDWRXQSR
SHU/HFFHO
RUDRUPDLWDUGDO
X
QDHXQTXDUWRFLFRQVLJOLDGLDIIURQWDUHLOGLVFRUVRGHOSUDQ]R5RVDQQD
FRQRVFHXQDSHVFKHULDGL7DUDQWRFKHFXFLQDDQFKHLOSHVFHVLFKLDPD
*HV &ULVWR $QFK
LR OD ULFRUGR SHUFKp FL PDQJLDL FRQ =LOOR OD VHUD
SULPDGHOPDWULPRQLRGL)LOXFFLRPROWLDQQLID'HFLGLDPRGLUDJJLXQ
JHUODSHUFXLGLFRUVDFLEXWWLDPRVXOODVWUDGDSHU7DUDQWR
&RPHDOVROLWR8FFLRKDLOSUREOHPDGLIDUHEHQ]LQDPDSHUIRU
WXQD WURYLDPR VXELWR XQ GLVWLEXWRUH VHOIVHUYLFH DO SULPR SDHVH GRSR
/HFFH&DPSL6DOHQWLQD,OYLDJJLRQHOOHDVVRODWHSLDQXUH SXJOLHVLqSL
OXQJRGHOSUHYLVWR$UULYLDPRD7DUDQWRTXDVLDOOHGXHHPH]]RVWDQFKL
H DFFDOGDWL *LULDPR XQ SR
QHOOD ]RQD GHO PHUFDWR GHO SHVFH PDQRQ
ULXVFLDPRDWURYDUH³*HV&ULVWR´&KLHGRDGXQUDJD]]RFKHSDVVDFKH
PLGLFHFKHqFKLXVR9LVWRFKHqWDUGLFLIHUPLDPRDGXQULVWRUDQWHVXO
OXQJRPDUH (QWUR D FKLHGHUH VH q SRVVLELOH PDQJLDUH XQ FDPHULHUH PL
ULVSRQGHFKHRUPDLqWDUGL,RUHSOLFRGLFHQGRGLYROHUFKLHGHUHDOSUR
SULHWDULRVHSXzSUHSDUDUFLXJXDOPHQWHTXDOFRVD$TXHVWHSDUROHLOFD
PHULHUHVHQ]DSURIIHULUHSDURODDSSDUHFFKLDLPPHGLDWDPHQWHODWDYROD
SHUQRL(YLGHQWHPHQWHLOUDJD]]RDYHYDVSHUDWRFKHODJLRUQDWDGLODYR
URIRVVHFRQFOXVDPDJOLYDSURSULRPDOHSHUFKpGRSRGLQRLDUULYDX
Q
DOWUDWDYRODWDFKHSDUODGLUHWWDPHQWHFROSURSULHWDULRHVLVLHGHVHQ]
DO
WURDPDQJLDUH
$EELDPRWRYDJOLDHWRYDJOLROLGLOLQRGLXQELDQFRLPPDFRODWR
DFTXD PLQHUDOH IUL]]DQWH 6RUJHQWH 7UDILFDQWH GL 0RQWLFFKLR H YLQR
ELDQFRVSLOODWRGDXQDERWWHFKHWURQHJJLDQHOODVDOD$SSUH]]LDPRPRO
WRTXHVWHFRVHFKHHVFOXGHQGRLOYLQRRWWLPRDQFKHLQ*UHFLDFLHUDQR
HYLGHQWHPHQWHXQSR
PDQFDWH0DQJLDPREHQLVVLPRVSDJKHWWLELDQFKL
DL IUXWWL GL PDUH IULWWXUD GL SHVFH H GHOOH VHSSLROLQH DUURVWLWH FKH VL
VFLROJRQRLQERFFD
5LSDUWLDPR YHUVR 0HWDSRQWR H YHUVR 3RWHQ]D OXQJR OD VWUDGD
FKH DYHYDPR SHUFRUVR EDOGDQ]RVDPHQWH DOO
DQGDWD VROR RWWR JLRUQL SUL
PD3URFHGLDPRLQFDURYDQDLRYDGRDYDQWLHG8FFLRPLVHJXH,OYLDJ
JLRQRQKDSLVWRULDVLDPRWXWWLXQSR
VWDQFKLHWULVWLSHUFKpODYDFDQ]D
VWDSHUILQLUH3RFRSULPDGL3RWHQ]DGRSRDYHUVXSHUDWROHVWUDQHHIUD
VWDJOLDWH PRQWDJQH GL 3LHWUDSHUWRVD LOOXPLQDWH GDOOD OXFH DUDQFLRQH GHO
VROHRUPDLEDVVR8FFLRPLVXSHUDHVLDYYLDDYDQWL,RORVHJXR6XSH
ULDPR3RWHQ]DHGDIIURQWLDPRODVDOLWDGL%DOYDQR,PERFFDQGRO
XOWLPD
JDOOHULDLQVDOLWDSULPDGHOODOXQJDGLVFHVDYHUVR6LFLJQDQRGHJOL$OEXU
QLQRWRFKHODPDFFKLQDUDOOHQWDOHJJHUPHQWH6RWWRODJDOOHULDVHQWLDPR
FKH LO PRWRUH ID XQR VWUDQR UXPRUH H QRQ UHQGH 6L VHQWH DQFKH XQD
SX]]DGLROLREUXFLDWR8VFLWLGDOODJDOOHULDFLIHUPLDPRVXXQDSLD]]ROD
DOO
LQL]LRGHOODGLVFHVDHGLOPRWRUHFKHRUPDLIDXQIRUWHUXPRUHGLIHU
UDJOLDVLVSHJQHGDVROR%DUWRORHGLRVFHQGLDPRDFRQWUROODUHHFLUHQ
GLDPRFRQWRFKHQRQF
qSLQHDQFKHXQDJRFFLDG
ROLR(SHQVDUHFKHOR
DYHYRFDPELDWRSRFRSULPDGHOODSDUWHQ]DHFKHQRQVLHUDDFFHVDQHV
VXQDVSLDVXOFUXVFRWWR
$TXHVWRSXQWRVLDPRVROL8FFLRqRUPDLORQWDQR/DOXQJDGL
VFHVDGDYDQWLDQRLFLLQYLWDDVFHQGHUHDPRWRUHVSHQWRDQFKHVHPDQ
FDQGRLOVHUYRIUHQRGRYUHPRHVVHUHSUXGHQWL&RVuIDFFLDPRHTXDOFKH
FKLORPHWUR SL DYDQWL WURYLDPR 8FFLR FKH QRQ YHGHQGRFL SL VL HUD
IHUPDWRDGDVSHWWDUFL)DSHUSDUWLUHPDJOLLQGLFKLDPRFRQJUDQGLJHVWL
FKHVLDPRLQGLIILFROWjHJOLGLFLDPRGLVHJXLUFL&L IHUPLDPRHQWUDPEL
DG XQD SLD]]RODVXELWRGRSRO
XVFLWDGL%XFFLQR'RSRXQEUHYHFRQVL
JOLRSUHQGLDPRTXHVWDGHFLVLRQH8FFLRHGLRDQGUHPRFRQODVXDPDF
FKLQD D FRPSUDUH GHOO
ROLR DO SURVVLPR GLVWULEXWRUH PHQWUH 5RVDQQD H
&DUPHOLWD DVSHWWHUDQQR FRQ &DH 3XSD H %DUWROR QHOOD PLD PDFFKLQD
8FFLRGLUjSRLFKH%DUWRORLQTXDOLWjGLFRQGXFWDWRUVLVDUjDGRSHUDWRD
PDQWHQHUHDOWRLOPRUDOHGHOOHGRQQHDIILGDWHDOXL
6FHQGLDPR YHUVR 6LFLJQDQR FRQ OD VHUD FKH DYDQ]D LQHVRUDELOH
8FFLRYDSLDQLVVLPRFROPRWRUHDIROOHSHUFKpqULPDVWRGLQXRYRVHQ]D
EHQ]LQD*OLGLFRGLVEULJDUVLSHUFKpVWDIDFHQGRQRWWHPDHJOLULVSRQGH
GL WHPHUH GL ULPDQHUH SHU VWUDGD SHU PDQFDQ]D GL FDUEXUDQWH LSRWHVL
TXDQWRPHQRGLYHUWHQWH8VFLDPRD6LFLJQDQRHVXELWRGRSRODVHGHGHO
6RFFRUVR$&,FLIHUPLDPRDO%DU5LVWRUDQWH³
2FDPLRQLVWD´SHUFKLH
GHUHGRYHVLSXzWURYDUHXQEHQ]LQDLRDSHUWR3XUWURSSRFLFRQIHUPDQR
TXDQWR WHPHYR GREELDPR WRUQDUH VXOO
DXWRVWUDGD SHU DQGDUH DOO
DUHD GL
VHUYL]LRGRSR&RQWXUVL*UD]LHD'LRFLDUULYLDPRQRQRVWDQWHODVFDUVLWj
GLEHQ]LQD4XL8FFLRIDULIRUQLPHQWRHGLRFRPSURGXHELGRQLGLROLR
GD TXDWWUR OLWUL TXHOOR VLQWHWLFR GHOOD PLJOLRUH TXDOLWj 7RUQLDPR DOOD
PLD PDFFKLQD FKH q RUPDL QRWWH IRQGD 3HU YHUVDUH O
ROLR QHO PRWRUH
IDFFLDPRXQLPEXWRFRQXQDGHOOHERWWLJOLHGLDFTXDPLQHUDOHJUHFDFKH
*UHFLD
8FFLR KD FRQVHUYDWR 9HUVLDPR VHL OLWUL GL ROLR QHOPRWRUHHGLRSURYR
DGDFFHQGHUHLOPRWRUH3DUWHVXELWRPDLOUXPRUHGLIHUUDJOLDqULPDVWR
qFKLDURFKHQRQSRVVLDPRSURVHJXLUHDQFKHSHUFKpDXQFHUWRSXQWRLO
PRWRUHVLIHUPDGLERWWRHQRQYXROSLULSDUWLUH'HFLGLDPRGLSRUWDUH
ODPDFFKLQDIXRULGHOODVXSHUVWUDGDSUHVVRLOULVWRUDQWH³
2FDPLRQLVWD´
FKHDYHYDPRYLVWRSULPD/DODVFHUHPROjLQDWWHVDGLGHFLGHUHLOGDIDU
VL6FHQGRDPRWRUHVSHQWRSHUODGLVFHVDFRQOHOXFLGLHPHUJHQ]DFKH
ODPSHJJLDQR PHQWUH 8FFLR PL VHJXH 3XUWURSSR GRSR SRFR OD GLVFHVD
GLPLQXLVFHHODPDFFKLQDVLIHUPD8FFLRVLDSSRJJLDFRQODPDFFKLQD
DOPLRSDUDXUWLSRVWHULRUHHPLVSLQJHILQRDOO
XVFLWDGL6LFLJQDQRGRYH
VIUXWWDQGRO
DEEULYRULHVFRDSDUFKHJJLDUHGDYDQWLD³
2FDPLRQLVWD´
(QWULDPRWXWWLQHOEDU,OORFDOHqDIIROODWRHVHPEUDDFFRJOLHQWH
2OWUHLOEDUF
qXQ
DPSLDVDODULVWRUDQWHFRQLQIRQGRLOIRUQRSHUOHSL]
]H,QXQDQJRORFLVRQRDQFKHXQSDLR GLWHOHIRQL1HDSSURILWWLDPRSHU
RUJDQL]]DUH L ³VRFFRUVL´ %DUWROR WHOHIRQD D FDVD GRYH WURYD OD ILJOLD
$GHOHHODLQIRUPDGHOODVLWXD]LRQH,RSHQVRGLFKLDPDUH5RVDQQDPLD
ILJOLD QRQ OD PRJOLH GL 8FFLR FKH GRYUHEEH DQFRUD HVVHUH D 3DOLQXUR
FRQ*LXVHSSHHVLFFRPHOHKRGDWRLOPLRWHOHIRQLQRFRPSRQJRTXHVWR
QXPHUR 3XUWURSSR PL ULVSRQGH OD VROLWD YRFH UHJLVWUDWD GHOOD 6,3 FKH
GLFHFKH³O
XWHQWHSRWUHEEHDYHUHLOWHUPLQDOHVSHQWR´'HFLGRDOORUDGL
FKLDPDUHODYHURQHVHFLRqODQRVWUDYLFLQDGLFDVDGL3DOLQXURSHUIRU
WXQDKRSRUWDWRFRQPHO
DJHQGLQD5LVSRQGHVXELWRHVXPLDULFKLHVWD
YHULILFDFKH5RVDQQDH*LXVHSSHQRQVRQRDQFRUDSDUWLWLÊXQDIRUWXQD
FRQVLGHUDWR FKH VRQR JLj OH &RPXQTXH GLFR DOOD VLJQRUD GL IDU
YHQLUH 5RVDQQD D WHOHIRQR5RVDQQDDUULYDOHVSLHJRODVLWXD]LRQHHOH
LQGLFRFRPHDUULYDUHDOULVWRUDQWH³
2FDPLRQLVWD´
6DUDQQRTXLIUDGXHRUHHSHUIRUWXQD*LXVHSSHKDO
$OIDGL
%DUWROR SHU FXL EDVWHUj VHPSOLFHPHQWH WUDVERUGDUH L EDJDJOL GD XQD
PDFFKLQD DOO
DOWUD 1HO IUDWWHPSR %DUWROR 8FFLR HG LR DQGLDPR DG LQ
IRUPDUFL DO YLFLQR VRFFRUVR VWUDGDOH VXO FRVWR GHO WUDVSRUWR GHOOD PDF
FKLQDURWWDD1DSROL,OFDQFHOORqFKLXVRHGREELDPREXVVDUHDFDVRDG
XQRGLWUHFDPSDQHOOL)LQDOPHQWHULVSRQGHXQXRPRDOFLWRIRQR/RLQ
IRUPLDPRGHOSUREOHPDHGHJOLVSDUDXQDFLIUDSHULOWUDVSRUWRFKHDPH
VHPEUD HVRUELWDQWH SHU FXL OR LQWHUURPSR EUXVFDPHQWH H PL DOORQWDQR
3RL8FFLRH%DUWRORFKHQHOODFLUFRVWDQ]DVRQRSLFDOPLGLPHPLGL
FRQR FKH VDUHEEH VWDWR PHJOLR QRQ WUDWWDUH PDOH LO VLJQRUH SHU HYLWDUH
SRVVLELOL UDSSUHVDJOLH VXOOD PDFFKLQD FKH GRYUHPR ODVFLDUH Ou 6X ORUR
FRQVLJOLRWRUQLDPRDOORUDLQGLHWURULFKLDPLDPRHGLFLDPRDOVLJQRUHGHO
GL VFHQGHUH SHU GLVFXWHUH FRQ FDOPD 'RSR XQD GLVFUHWD DWWHVD OR
YHGLDPRDUULYDUH6LIDQQRYDULHLSRWHVLWUDVSRUWR/LWRULSD
UD]LRQHGHOODPDFFKLQDVXOSRVWR5LFHYLDPRXQELJOLHWWRGDYLVLWDGHO
O
RIILFLQDFRQXQDSLDQWLQDVXFRPHDUULYDUHVLDDOO
RIILFLQDFKHDOULVWR
UDQWH FKH ULVXOWDQR GHOOR VWHVVR SURSULHWDULR %DUWROR VIRGHUD L VXRL UL
FRUGL ULVDOHQWL DG XQ ODYRUR IDWWR QHOOH YLFLQDQ]H D 3DORPRQWH DOFXQL
DQQL SULPD QHOOD VSHUDQ]D GL LQVWDXUDUH XQ FOLPD SL FRUGLDOH &L OD
VFLDPRFRQODSURPHVVDGLULIDUFLYLYLGRSRDYHUSUHVRXQDGHFLVLRQHOR
VFRSR HUD FRPXQTXH TXHOOR GL VSH]]DUH LO FOLPD GL IUHGGH]]D FUHDWRVL
GRSRLOSULPRFRQWDWWRVFRSRFKHSXzGLUVLSLHQDPHQWHUDJJLXQWR
7RUQLDPR DO ULVWRUDQWH H SHU SDVVDUH LO WHPSR HG DQFKH SHUFKp
RUPDLqRUDGLFHQDFLDFFRPRGLDPRDGXQWDYRORHGRUGLQLDPRTXDOFKH
DQWLSDVWR TXDOFKH SULPR H GHOOH SL]]H ,R RUGLQR XQD PDUJKHULWD FKH
QRQJXVWRPROWRIRUVHDFDXVDGHOO
XPRUHFKHQRQqGHLPLJOLRUL8FFLR
OR VSLHJD FRQ LO IDWWR FKH VRQR RWWHQHEUDWR GDOOD YLVLRQH GL VYDULDWL EL
JOLHWWLGDFHQWRPLODFKHSUHQGRQRLOYROR2ELHWWLYDPHQWHSHUzODSL]]D
qODFRVDSHJJLRUHIUDTXHOOHVHUYLWHDOULVWRUDQWHLSULPLHJOLDQWLSDVWL
LQYHFHVRQREXRQLFRVuFRPHLOYLQRURVVRXQSR
UXVSDQWHDFXLDQFKH
FRQO
DSSRJJLRGL3XSDQRQYRJOLRULQXQFLDUH
$OODILQHQHOWHPSRSUHYLVWRDUULYDQR5L]H*LXVHSSH/LDFFR
JOLDPR FRQ JUDQGL IHVWH H OL FRVWULQJLDPR DQFKH D PDQJLDUH OD SL]]D
4XDQGRqLOPRPHQWRGLSDJDUHLOFRQWR8FFLRPLLPSHGLVFHGLIDUORHG
RIIUHOXLDWXWWL
(IIHWWXLDPRUDSLGDPHQWHLOWUDVERUGRGHLEDJDJOL,RWROJRGDOOD
PDFFKLQD O
DXWRUDGLR L GRFXPHQWL HG DOWUH FRVH FKH ULWHQJR VLD PHJOLR
QRQODVFLDUH8FFLRSDUDJRQDTXHVW
RSHUD]LRQHDTXHOODFKHVLIDTXDQGR
XQPDODWRVLULFRYHUDLQRVSHGDOHSHUXQDOXQJDGHJHQ]DVLSRUWDQRYLD
O
RURORJLR G
RUR OH VFDUSH H WXWWH OH FRVH FKH QRQ JOL VHUYLUDQQR H FKH
SRWUHEEHURHVVHUHUXEDWH
$OODILQH3XSD&DHH%DUWRORSDUWRQRFRQ5RVDQQDH*LXVHSSH
PHQWUH LR YDGR FRQ 8FFLR ILQR D 6HLDQR $UULYLDPR TXD FKH q TXDVL
PH]]DQRWWH GRSR XQ YLDJJLR VHQ]D VWRULD WUDVFRUVR LQ XQD VSHFLH GL
GRUPLYHJOLD WUDQQH 8FFLR FKH HUD DOOD JXLGD QDWXUDOPHQWH $ 6HLDQR
8FFLRPLSUHVWDODVXD&LQTXHFHQWRFXLKDDSSHQDIDWWRULIDUHLOPRWRUH
HGLRWRUQRFRQTXHOODD1DSROL
$UULYRDFDVDFKHqO
XQDGLQRWWH7XWWLGRUPRQRJLjHGLEDJDJOL
VRQRVSDUVLDOODULQIXVDQHOVDORQH&LVRQRDQFKHLWUHERWWLJOLRQLGLUH
WVLQDULYHVWLWLGLYLPLQL$YHGHUOLTXLVHPEUDQRGHLUHSHUWLGHSRVLWDWLGD
DOLHQLSURYHQLHQWLGDXQPRQGRUHPRWRHSSXUHVRQRDSSHQDRUHFKH
OLKRFRPSUDWLD3DWUDVVRVRWWRXQVROHLPSODFDELOHLQXQDVSHFLHGLR
VWHULDGRYHVLSDUODYDVRORJUHFRHGRYHLOSDGURQHYHGHQGRPLVWDQFRH
VXGDWRDYHYDYROXWRIDUPLDVVDJJLDUHXQELFFKLHUHGLGROFLVVLPDPDOYD
VLD
*UHFLD
0DDQFKHTXHVWRIDSDUWHGHOVRJQRFKHRJQLYLDJJLRGLYHQWDDO
VXRWHUPLQH
,Q IRQGR SHU TXHVWR YLDJJLDPR SHU SRWHU VRJQDUH SHUFKp LO
YLDJJLRqSLRPHQREUHYHPDLOVRJQRFKHQHVFDWXULVFHYLYHLQHWHU
QR
&DUPHOLWDVHWWHPEUH'RPHQLFD
/DPDWWLQDDSSHQDVYHJOLDPLYHVWRHVDOJRVXOSRQWH/u3DR
OLQR %DUWROR3XSD H &DUPHQ KDQQR RFFXSDWR XQ WDYROR 2UPDL OD
*UHFLDqVRORXQULFRUGRHGRSRSRFKHRUHJLjVLSXzLQWUDYHGHUHODFR
VWDLWDOLDQD$UULYLDPRLQ,WDOLDXQSR
PDOLQFRQLFLPDDQFKHFRQWHQWL
GLHVVHUHQXRYDPHQWHDFDVD/
XQLFDFRVDFKHFLULSURSRQLDPRLQFDVR
GLXQ QXRYRYLDJJLRLQ*UHFLDqTXHOODGLYLDJJLDUHVXOO
$GULDWLFDHQRQ
SLVXOOHQDYLJUHFKHFKHVRQRSHVVLPH
,O YLDJJLR q SLDFLXWR D WXWWL &DUPHQ D FDXVD GHL PDORUL FKH
O
KDQQRFROWDQRQVLqSRWXWDGLYHUWLUHILQRLQIRQGRSHFFDWR
'LTXHVWRYLDJJLRDYUzVHPSUHXQEHOOLVVLPRULFRUGRFKHULPDU
UjYLYRQHOWHPSR
E\&DUPHOLWDGH6DQWLV
7+((1'
)LJXUD /
XOWLPDSDJLQDGHOPDQRVFULWWRGHOGLDULR
*UHFLD