/$)(00,1,/,7$·)(5,7$(5,7529$7$*5833,
(63(5,(1=,$/,3(5'211(23(5$7($/6(12
0DXUD$QIRVVL
3VLFRORJDSVLFRWHUDSHXWDURJHUVLDQD
,1IRUPD]LRQH3VLFRORJLD3VLFRWHUDSLD3VLFKLDWULDQƒ
PDJJLR DJRVWRSDJJ5RPD
KWWSZZZLQSVLFRWHUDSLDFRP
35(0(66$
/·LGHD GL FUHDUH XQR VSD]LR GL VXSSRUWR LQ JUXSSR SHU GRQQH RSHUDWH DO VHQR q QDWD QHO
GDOODFRQYHUJHQ]DWUDLOELVRJQRGLULFHYHUHVRVWHJQRSVLFRORJLFRHVSUHVVRGDDOFXQH
GRQQHDLORURFXUDQWLGDOODVHQVLELOLWjGLDOFXQLPHGLFLGLULVSRQGHUHDWDOHULFKLHVWDH GDOOD
GLVSRQLELOLWj GL DOFXQH SD]LHQWL RUPDL ORQWDQH GDOOD PDODWWLD GL FRQGLYLGHUH OD ORUR
HVSHULHQ]D
8Q JUXSSR GL JLQHFRORJL UDGLRWHUDSLVWL HG RQFRORJL FKH FROODERUDYDQR QHO VHJXLUH OH
SD]LHQWL SHU L FRQWUROOL DO WHUPLQH GHOOH WHUDSLH VL FRQIURQWDYDQR ULFRUUHQWHPHQWH FRQ L
PRPHQWL GL FULVL H VPDUULPHQWR GL GRQQH OD FXL VLWXD]LRQH FOLQLFD HUD SRVLWLYD PD FKH
FKLHGHYDQR DLXWR SHU VLQWRPL SVLFRORJLFL VPDUULPHQWR GHSUHVVLRQH DQVLD LQFDSDFLWj D
ULWURYDUH GHVLGHULR H YRJOLD GL YLYHUH /D VRIIHUHQ]D SVLF RORJLFD FRQ OD TXDOH VL VWDYDQR
FRQIURQWDQGROLKDSRUWDWLDGLQWHUURJDUVLO·DLXWRGDRIIULUHHUDGLDOWURJHQHUHULVSHWWRDOOD
FXUDPHGLFD(UDQHFHVVDULRFUHDUHXQRVSD]LRHGXQSHUFRUVRFKHSHUPHWWHVVHDOOHGRQQH
GLDJJUHJDUVLGLHVVHUHVXSSRUWDWHHG LWURYDUHOHULVRUVHSHUVDQDUHODIHULWDLQWHULRUHFKH
FRQWLQXDYDDVDQJXLQDUHEHQROWUHDOODFLFDWUL]]D]LRQHGLTXHOODILVLFD/DVH]LRQHGHOOD/HJD
WXPRUL FKH GD XQ SDLR GL DQQL VL HUD DWWLYDWD FRQ XQ DPEXODWRULR GL SVLFRQFRORJLD KD
RIIHUWRODGLVSRQLELOLWjGHLORFDOLHGHOODSVLFRORJDSHUDYYLDUHXQSURJHWWRGLDVVLVWHQ]DH
VXSSRUWRDOOHGRQQHRSHUDWHDOVHQRFKHVLqDPSOLDWRILQRDOODFUHD]LRQHGLXQDVSHFLILFD
DVVRFLD]LRQH 'RQQDSHUGRQQD FKH DWWXDOPHQWH FRQWD XQD VHVVDQWLQD GL LVFULWWH H RIIUH
VXSSRUWRSVLFRORJLFRLQGLYLGXDOHHLQJUXSSRVSD]LDJJUHJDWLYLHULFUHDWLYLSXEEOLFD]LRQL
GLYXOJDWLYHLQFRQWULGLDSSURIRQGLPHQWRHDWWLYLWjULDELOLWDWLYH
/$)(5,7$$//$)(00,1,/,7$·
/D GLDJQRVL GL FDQFUR FROSLVFH LO VRJJHWWR QRQ VROWDQWR LQ TXDQWR PLQD FFLD OD
VRSUDYYLYHQ]D PD DQFKH SHUFKp SURYRFD XQ GLVHTXLOLEULR SVLFRORJLFR UHOD]LRQDOH H
VRFLDOH&RVWLWXLVFHSHUWDQWRXQPRPHQWRGLFDPELDPHQWRFUXFLDOHFKHVLFRVWLWXLVFHFRPH
FULVLGLLGHQWLWjODVDOXWHHODVRSUDYYLYHQ]DYHQJRQRPLQDFFLDWHODTXDO LWjGLYLWDDOWHUDWD
SHU XQ OXQJR SHULRGR GDOOH WHUDSLH L SURJHWWL GL YLWD H JOL LQYHVWLPHQWL GHYRQR HVVHUH
ULYLVLWDWLHVSHVVRFDPELDWLLQUHOD]LRQHDOODSURSULDQXRYDFRQGL]LRQH$QFKHOHUHOD]LRQL
IDPLJOLDUL HG DIIHWWLYH H OD YLWD VRFLDOH VXELVFRQR XQ LPSDWWR HG XQD PRGLILFD]LRQH
QRWHYROH 2OWUH D WXWWL TXHVWL YLVVXWL QHOOH SD]LHQWL FXL YLHQH GLDJQRVWLFDWD XQD QHRSODVLD
PDPPDULDVLVRPPDODIHULWDDOODIHPPLQLOLWj,OFDQFURHODWHUDSLDFKLUXUJLFDFROSLVFRQR
O·LPPDJLQH GL VH FRPH GRQQD FRPH SDUWQHU H FRPH PDGUH ( OD GRQQD WHPH FKH OD VXD
IHPPLQLOLWjODDWWUDWWLYDHVHGXWWLYLWjYHQJDQRURYLQDWHPXWLODWHRGLVWUXWWHGDOODIHULWDVXO
FRUSR
/R VFRQWUR FRQ OD PDODWWLD UDSSUHVHQWD TXLQGL XQ PRPHQWR GL FULVL XQ SHULRGR GL
WUDVIRUPD]LRQHFDPELDPHQWRHU LPHVVDLQGLVFXVVLRQHGHOOHSURSULHFRQFH]LRQLVXOPRQGR
HVRSUDWWXWWRVXGL6pSHUFXLGRSRLOWHUPLQHGHOODWHUDSLDODGRQQDVLWURYDDGRYHUUL GHILQLUHQHOODVXDIHPPLQLOLWjDGRYHUUL LPSRVWDUHLSURSULUDSSRUWLDIIHWWLYLHGDPLFDOLH
ULFROORFDUVLQHOPRQGR
$L YLVVXWL GL DQVLD SDXUD GLVRULHQWDPHQWR UDEELD FRQVHJXHQWL DO VHQVR GL PLQDFFLD
HVLVWHQ]LDOH FKH LO WXPRUH FRPSRUWD VL DVVRFLDQR YLVVXWL GL PXWLOD]LRQH VRIIHUHQ]D
SURIRQGD XPLOLD]LRQH YHUJRJQD H LPEDUD]]R SHU XQ FRUSR SHUFHSLWR FRPH U RYLQDWR
GHUXEDWRGHOOHVXHULVRUVHHGLYHQXWRVWHULOH
$G HVVHUH FROSLWD q O·LGHQWLWj DL OLYHOOL SL SURIRQGL H LQWLPL YLHQH DJJUHGLWR LO VHQR
VLPERORGHOODIHPPLQLOLWjGHOODIHFRQGLWjHGHOODPDWHUQLWj/DGRQQDVHQWHFROSLWDODVXD
LPPDJLQHLOVXRVHQWLUVLGRQQDSDUWQHUHPDGUHHVLFKLHGHVHFHODIDUjVHULXVFLUjDQFRUD
DG DYHUH XQD YLWD QRUPDOH QHOOD FRSSLD LQ IDPLJOLD VXO ODYRUR ( L GXEEL VSHVVR VRQR
ODFHUDQWL
,O SHUFRUVR GL DFFHWWD]LRQH GL TXHVWD ODFHUD]LRQH LQWHULRUH DOO·LGHQWLWj GL JHQH UH H OD
WUDVIRUPD]LRQHFKHGDOODIHPPLQLOLWjIHULWDSRUWDDGXQDIHPPLQLOLWjULWURYDWDHULQQRYDWD
q OXQJR H WRUWXRVR LO VRVWHJQR SVLFRORJLFR H LO FRQIURQWR FRQ DOWUH GRQQH QHOOD VWHVVD
VLWXD]LRQHqXQLPSRUWDQWHDLXWR
,/*58332&20(67580(172',,1&21752(68332572
3HU ULVSRQGHUH DOO·HVLJHQ]D GL PROWH GRQQH GL WURYDUH VRVWHJQR H GL LQFRQWUDUH DOWUH
SHUVRQH QHOOD VWHVVD VLWXD]LRQH VL q GHFLVR O·DYYLR GHO SULPR SHUFRUVR GL JUXSSR FKH q
RUPDLVWDWRUHSOLFDWRSLYROWH
$OO·LQWHUQRGHOO·DVVRFLD]LRQHLOJ UXSSRHVSHULHQ]LDOHqXQPRPHQWRYLWDOHHGDJJUHJDQWH
OR VSD]LR SULYLOHJLDWR SHUFRQRVFHUVLLQFRQWUDUVLLQSURIRQGLWjHDXWHQWLFLWjHVXSSRUWDUVL
QHOO·HODERUDUH OD VRIIHUHQ]D VDQDUH OD IHULWD LQWHULRUH HG DWWLYDUH OH ULVRUVH SHU LQL]LDUH OD
WUDVIRUPD]LRQHFKHGDOODUDVVHJQD]LRQHRGLVSHUD]LRQHSRUWDDOO·DFFHWWD]LRQHGHOODQXRYD
FRQGL]LRQHHGDXQDQXRYDYLWDOLWjHYDORUL]]D]LRQHGLVp
,OSHUFRUVRGLJUXSSRqVWDWRVWXGLDWRHSURSRVWRSHUGRQQHFKHJLjDYHYDQRWHUPLQDWROD
IDVH WHUDSHXWLFD H FKH DYHVVH UR EXRQH SRVVLELOLWj GL JXDULJLRQH R FRPXQTXH XQD
DVSHWWDWLYDGLYLWDPHGLDPHQWHOXQJD
/H GRQQH LQVHULWH QHO JUXSSR YHQJRQR D FRQRVFHQ]D GL TXHVWR VSD]LR GL VRVWHJQR
SVLFRORJLFR GDJOL VSHFLDOLVWL FKH OH VHJXRQR JLQHFRORJL UDGLRWHUDSLVWL RQFRORJL R
GDOO·LQFRQWUR FRQ OH YRORQWDULH GHOO·DVVRFLD]LRQH FKH VRQR SUHVHQWL QHO UHSDUWR GL
JLQHFRORJLDELVHWWLPDQDOPHQWH
,O JUXSSR UDSSUHVHQWD XQ·RSSRUWXQLWj SHU DOOHYLDUH O·LVRODPHQWR H OD VROLWXGLQH SHU
ULIOHWWHUH VX TXDQWR VL VWD YLYHQGR H SHU DWWLYDUH WXWWH OH ULVRUVH SVLFRORJLFKH GL FXL RJQL
GRQQD GLVSRQH (· XQR VSD]LR GL VXSSRUWR SHU WURYDUH XQ VHQVR DOO·DFFDGXWR H PHWWHUH
RUGLQH QHO FDRV GHOOH SURSULH HPR]LRQL VROR FRVu GDOOD UDEELD GDOOD GHVROD]LRQH H GDOOD
UDVVHJQD]LRQHVLSXzSDVVDUHDGXQDUHDOHHGDX WHQWLFDDFFHWWD]LRQHGLVpGRSRODPDODWWLD
DQFKH VH XQD SDUWH GHO SURSULR FRUSR QRQ F·q SL $WWUDYHUVR OR VFDPELR LQROWUH OH
SDUWHFLSDQWLVRQRVWLPRODWHDULSURJHWWDUHODSURSULDYLWDDFUHDUHQXRYLRELHWWLYLVHTXHOOL
SUHFHGHQWLQRQVRQRSLDGHJXDWL DULWURYDUHODYRJOLDGLYLYHUH
,O JUXSSR VL SURSRQH FRPH VWUXPHQWR GL VXSSRUWR FKH VRVWLHQH RJQL SDUWHFLSDQWH
QHOO·DIIURQWDUH OD WUDVIRUPD]LRQH LQWHULRUH ULFRVWUX]LRQH GHOO·LPPDJLQH GL 6p H
ULVWUXWWXUD]LRQHGHLUDSSRUWLDIIHWWLYLHIDPLJOLDULDWWUDY HUVRLOGLDORJRHFRQIURQWRFRQFKL
KD YLVVXWR OD PHGHVLPD HVSHULHQ]D O·HODERUD]LRQH HPR]LRQDOH H FRJQLWLYD GHO
FDPELDPHQWR H O·DWWLYD]LRQH GHOOH SURSULH ULVRUVH SHUVRQDOL FRSLQJ VNLOOV SHU IDU IURQWH
DOOHQXRYHVLWXD]LRQLFKHVLLQFRQWUHUDQQR
/DULHODERUD]LRQHGHOOHHPR]LRQLGRORURVHLOFRQIURQWRFRQFKLVWDYLYHQGRRKDYLVVXWROR
VWHVVRWUDXPDHO·DWWLYD]LRQHGLVWUDWHJLHQXRYHFRVWUXWWLYHHIXQ]LRQDOLSHUDIIURQWDUHOD
YLWDVRQRLPSRUWDQWLHOHPHQWLFKHIDYRULVFRQRXQDULSUHVDSLUDSLGDHGHIILFD FH
5,)(5,0(17,7(25,&,(&21'8=,21('(*/,,1&2175,
,O SHUFRUVR GL JUXSSR q FRPSRVWR GL RWWR LQFRQWUL FRQ XQD FDGHQ]D PHQVLOH VWUXWWXUDWL
FRPHJUXSSLHVSHULHQ]LDOLDWHPDLQFXLRJQLVHGXWDVWLPRODDODYRUDUHVXXQFHUWRDVSHWWR
GHOODSURSULDVRIIHUHQ]D/·LQVLHPHGHJOLLQFRQWULqXQSHUFRUVRDWDSSHLQFXLSHUzRJQL
LQFRQWURKDXQDVXDDXWRQRPLDHFRQFOXVLRQH
,QRJQLVHGXWDYLHQHSURSRVWRXQWHPDHSUHVHQWDWRGHOPDWHULDOHVWLPROROHWWXUDGLEUHYL
WHVWLPRQLDQ]HGLVHJQRILDEHLPPDJLQLFKHIDYRU LVFDLOFRQWDWWRFRQLSURSULYLVVXWLHOD
FRQGLYLVLRQHVXOWHPD
,OJUXSSRqJHVWLWRFRPHJUXSSRDSHUWR
3DUWHFLSDQRDQFKHXQSDLRGLGRQQHFKHKDQQRRUPDLVXSHUDWRSRVLWLYDPHQWHO·HVSHULHQ]D
GHOOD PDODWWLD FRPH WHVWLPRQL GHOOD SRVVLELOLWj GL DIIURQWDUH SRVLWLYDPHQWH TXHVWR
PRPHQWR GLIILFLOH GHOOD YLWD /D GRQQD FKH q JLj SDVVDWD IXQ]LRQD FRPH VWLPROR H FRPH
PRGHOOR ULVSHWWR DOO·DWWLYD]LRQH GL VWUDWHJLH GL FRSLQJ IXQ]LRQDOL H LQIRQGH VSHUDQ]D H
FRUDJJLR´FRPHFHO·KDIDWWDOHLSRVVRIDUFHODDQFK·LRµ
,O JUXSSRqFRQGRWWRGDXQDSVLFRORJDHVSHUWDLQSUREOHPDWLFKHSVLFRQFRORJLFKHHFRQXQD
IRUPD]LRQHVSHFLILFDSHUODFRQGX]LRQHGLJUXSSL,OVXRUXRORqTXHOORGLDWWLYDUHOHULVRUVH
GHO JUXSSR GL IDYRULUH LO EHQHVVHUH GL RJQL SDUWHFLSDQWH GL FUHDUH XQ F OLPD GL DVFROWR
ULVSHWWR H FRPSUHQVLRQH GL IDFLOLWDUH OD FLUFRODULWj GHOOD FRPXQLFD]LRQH H GL HPSDWL]]DUH
FRQLYLVVXWLGHOOHGRQQH
,O ULIHULPHQWR WHRULFR SHU OD FRQGX]LRQH q O·DSSURFFLR XPDQLVWLFR VXL JUXSSL FRQ
SDUWLFRODUH ULIHULPHQWR DL JUXSSL GL LQ FRQWUR URJHUVLDQL H DL JUXSSL HVSHULHQ]LDOL
<DORP 3UHVXSSRVWR LPSRUWDQWH GL TXHVWR DSSURFFLR DL JUXSSL q O·LGHD FKH
O·HPSDWLD O·DXWHQWLFLWj H LO FOLPD GL DFFHWWD]LRQH H ULVSHWWR SUHVHQWH QHL FRQGXWWRUL GHO
JUXSSR IDYRULVFDQR LO FRQWDWWR GHL SDUWHFLSDQWL FRQ OD SURSULD VRIIHUHQ]D H IDFLOLWLQR OR
VFDPELRO·DVFROWRHLOVXSSRUWRGHLPHPEULWUDGLORURHVWLPROLQRO·DYYLRGHOFDPELDPHQWR
LQGLUH]LRQHGLXQPDJJLRUEHQHVVHUHSHUVRQDOHHUHOD]LRQDOH
&RQWHQHUHODVRIIHUHQ]DGLRJQLSDUWHFLSDQWH HYLGHQ]LDUHODFRPXQDQ]DGHLYLVVXWLSRUWDWL
LQJUXSSRDLXWDUHDGDUHVLJQLILFDWRDOODVSHFLILFLWjGHOO·HVSHULHQ]DGHOVLQJRORHVWLPRODUH
XQ PLJOLRUDPHQWR QHOOH VWUDWHJLH GL FRSLQJ VRQR JOL DWWHJJLDPHQWL HIILFDFL GHO IDFLOLWDWRUH
GHO JUXSSR <DORP VLQWHWL]]D WDOL DWWHJJLDPHQWL LQ WUH IXQ]LRQL GHO OHDGHU HIILFDFH
DVVLVWHQ]D H VXSSRUWR HPR]LRQDOH DWWULEX]LRQH GL VLJQLILFDWR IXQ]LRQH GL GHILQL]LRQH H
UHJROD]LRQH
,OULIHULPHQWRWHRULFRSHUODVWUXWWXUD]LRQHGHOSHUFRUVRWHPDWLFRqODOHWWHUDWXUDVXLJUXS SL
GLVRVWHJQRSHUGRQQHFRQWXPRULJLQHFRORJLFLHPDPPDULHGLQSDUWLFRODUHLOSURJUDPPD
GL SVLFRWHUDSLD EUHYH LGHDWR GD %RV %UDQROWH LQ :DWVRQ FKH SUHYHGH LQFRQWUL D
WHPD
,/3(5&25627(0$7,&2
,OSULPRWHPDSURSRVWRq´O·LQFRQWURVFRQWURFRQ ODGLDJQRVLGLWXPRUHµFRQO·RELHWWLYRGL
DLXWDUHODGRQQDDULIOHWWHUHVXOO·LPSDWWRFKHODPDODWWLDKDDYXWRQHOODYLWDHFRQGLYLGHUHOH
HPR]LRQL GRORURVH FKH VRQR VHJXLWH D TXHVWR HYHQWR &RPH PDWHULDOH VWLPROR YHQJRQR
OHWWH DOFXQH EUHYL WHVWLPRQLDQ]H VHJXLWH GD XQ SDLR GL GRPDQGH VX FRPH q VWDWD
GLDJQRVWLFDWDODPDODWWLDVXOOHWHUDSLHIDWWHHVXOUDSSRUWRFRQLPHGLFLHLFHQWULGLFXUD
)DYRULUHODULFRVWUX]LRQHGHOODSURSULDVWRULDKDXQDGXSOLFHYDOHQ]DWHUDSHXWLFDSHUPHWWH
DOOD GRQQD GL ULSHUFRUUHUH H UDFFRQWDUH OD SURSULD YLFHQGD HG HYLGHQ]LD JOL HOHPHQWL
FRPXQLFRQO·HVSHULHQ]DDOWUXL
)RQGDPHQWDOHHFDWDUWLFRULHYRFDUHHFRQGLYLGHUHODIDWLFDILVLFDHSVLFRORJLFDFRUUHODWDDOOH
WHUDSLHLOYLVVXWRGLPXWLOD]LRQHFKHFRQVHJXHDOO·LQWHUYHQWRFKL UXUJLFRODVSRVVDWH]]DHLO
PDOHVVHUH FRQVHJXHQWH DOOD FKHPLRWHUDSLD OH EUXFLDWXUH VXFFHVVLYH DOOD UDGLRWHUDSLD H LO
VHQVRGLDOLHQD]LRQHHXOWHULRUHGHWXUSDPHQWRGHOFRUSROHJDWRDOODSHUGLWDGHLFDSHOOL
$OWUHWWDQWRLPSRUWDQWHqODSRVVLELOLWjGLUHFX SHUDUHGXEELHTXHVWLRQLDSHUWHFLUFDJOLHVLWL
DGLVWDQ]DGHLWUDWWDPHQWLHFRQGLYLGHUHLYLVVXWLUHODWLYLDOO·LQWHUD]LRQHFRQLFXUDQWLHOH
VWUXWWXUHRVSHGDOLHUH3HUFKLKDIDWWRO·HVSHULHQ]DGLXQSRVLWLYRUDSSRUWRFRQXQRRSL
VSHFLDOLVWLqXWLOHFRQVHUYDUQHLOULFRUGRFRPHHOHPHQWRFKHGjIRU]DVLFXUH]]DHILGXFLDLQ
TXDOFXQR FKH TXDQGR QH DEELDPR ELVRJQR q GLVSRQLELOH DG DLXWDUFL HG DVFROWDUFL H
FROODERUD FRQ QRL SHU WURYDUH OD VROX]LRQH PLJOLRUHSHULQRVWULSUREOHPL'·DOWURFDQWRq
OLEHUDQWH SHU FKL KD VSHULPHQWDWR LQFRPSUHQVLRQH IUHGGH]]D GLVWDQ]D H LQFRPSHWHQ]D
SRWHUHODERUDUHO·LQVRGGLVID]LRQHLOULVHQWLPHQWRHODUDEELDFKHVSHVVRFRPHXQD]DYRUUD
DFFRPSDJQDQR RVWDFRODQGROR LO SHUFRUVR GL ULSUHVD H UHQGRQR SL GRORURVH OH YLVLWH GL
FRQWUROORHGRJQLDOWURDWWRPHGLFR
/H PHWDIRUH FRQ FXL SL IUHTXHQWHPHQWH OH GRQQH UDFFRQWDQR O·LPSDWWR FRQ OD PDODWWLD
HYRFDQR OD UHSHQWLQLWj OD WRWDOLWj H OD GUDPPDWLFLWj GHO FDPELDPHQWR LQGRWWR GDOOD
GLDJQRVL GL FDQFUR XQ LQFXER XQ IXOPLQH D FLHO V HUHQR XQ SXJQR QHOOR VWRPDFR XQ
OXQJKLVVLPRWXQQHOLOPRQGRFKHWLFDGHDGGRVVR ´ELVRJQDWRJOLHUHLOVHQRSHUFKpqXQEUXWWR
WXPRUHµ TXDQGR WL VHQWL GLUH TXHVWH SDUROH q FRPH VH WL SUHQGHVVHUR D SXJQL LQ SLHQR VWRPDFR H
DFFHWWDUHTXHVWRqYHUDPHQWHGLIILFLOH«PDSRLSLDQRSLDQRVFRSULUDLGHQWURGLWHXQDIRU]DFKHSULPD
QRQFRQRVFHYLQRQVDSHYLGLDYHUHµ
/DGLDJQRVLGLWXPRUHLUURPSHQHOODYLWDGHOSD]LHQWHFRQYLROHQ]DGHVWUXWWXUDQGRLOVXR
HTXLOLEULRSHUVRQDOHHIDPLOLDUHHPHWWHQGRQHLQGLVFXVVLRQ HFRQVXHWXGLQLYDORULSURJHWWL
H FHUWH]]H /D SD]LHQWH VL WURYD FRVu GL IURQWH DG XQD VRUWD GL FULVL GL LGHQWLWj q VXO
VLJQLILFDWRGHOFDPELDPHQWRHVXLFRVWLHYDQWDJJLFKHTXHVWRKDFRPSRUWDWRFKHOHGRQQH
YHQJRQRLQYLWDWHDULIOHWWHUHQHOVHFRQGRLQFR QWUR
/R VWUXPHQWR VWLPROR q LO GLVHJQR 9LHQH GDWD DOOH SDUWHFLSDQWL OD FRQVHJQD GL GLVHJQDUH
XQ·LPPDJLQH XQ VLPEROR FKH UDSSUHVHQWL VH VWHVVD SULPD GHOOD PDODWWLD H XQ·LPPDJLQH
FKHOHUDSSUHVHQWLGRSRODPDODWWLD
,VLPEROLHOHVFHQHUDSSUHVHQWDWHQHL GLVHJQLVRQRPROWRHYRFDWLYLHSUHVHQWDQRQRWHYROL
VRPLJOLDQ]H 1HOOD UDSSUHVHQWD]LRQH GHO 6p SULPD GHOOD PDODWWLD SUHYDOJRQR DVSHWWL GL
ULJRUH SURSRU]LRQH VLPPHWULD H SHUIH]LRQH IRUPDOH DSSHVDQWLWL GD VWHUHRWLSLH H GD XQ
VHQVR GL VWDWLFLWj H PRQRWRQLD 0ROWH GRQQH GLVHJQDQR FDVH FRQ JLDUGLQL ILRULWL DOEHUL
FRSHUWLGLIRJOLHHIUXWWLFLHOLD]]XUULFRQVROLULGHQWLHRUGLQDWLILJXUHIHPPLQLOLFRQIRUPH
SHUIHWWHPDULJLGHHLQFRORUH
1HOODUDSSUHVHQWD]LRQHGLVpGRSRODPDODWWLDFRPSDUHLOGLQDPLVPR FKHDYROWHVFRQILQD
QHO GLVRUGLQH H QHOO·DVLPPHWULD WULRQIDQR L FRORUL IRUWL H YLYDFL HPHUJRQR FRQWUDVWL H
VSURSRU]LRQL FKH WUDVPHWWRQR YLWDOLWj HG HQHUJLD , GLVHJQL ULFRUUHQWL GRQQH PHQR
ORQJLOLQHH H SURSRU]LRQDWH PD VRUULGHQWL H FRORUDWH SDHVDJJL YDULRSLQWL H DQLPDWL FLHOL
SLWWRUHVFKL FRQ XQ JLRFR GL VROH H QXYROH QRWWXUQL URPDQWLFL DOEHUL GRYH OD FKLRPD VL
WUDVIRUPDLQXQJLRFRLPSUHVVLRQLVWLFRGLLQWHUVH]LRQHWUDLOYHUGHGHOOHIRJOLHHLOFRORUHGL
ILRULHIUXWWL
'XH GLVHJQL PL KDQQR FROSLWD LQ TXDQWR PL VHPEUDQR SDUWLFRODUPHQWH VLJQLILFDWLYL GHOOD
WUDVIRUPD]LRQH GL FXL PROWH GRQQH VFHOJRQR GL HVVHUH SURWDJRQLVWH ,Q HQWUDPEL LO SULPD
GHOOD PDODWWLD q UDSSUHVHQWDWR FRPH XQD SLFFROD FDVD FRQ SLFFROH ILQHVWUH FRVWUHWWD H
ULQFKLXVD GD XQ FDQFHOOR FKH VL IUDSSRQH WUD O·DELWD]LRQH H O·HVWHUQR VWUDGD FROOLQH
SDHVDJJLRFLUFRVWDQWH,OFDPELDPHQWRFRQVHJXHQWHDOODPDODWWLDqUDSSUHVHQWDWRLQXQRGHL
GXH GLVHJQL FRPH OD VWHVVD FDVD PD GL GLPHQVLRQH GRSSLD H FRQ OH ILQHVWUH DSHUWH
LQJUDQGLWHHFRORUDWHYLYDFHPHQWHDGLQGLFDUHFRPHODVWHVVDSDUWHFLSDQWHKDFRPPHQWDWR
XQDYLWDFKHVLqDPSOLDWDHGDUULFFKLWDVHSSXUFRQWXWWHOHIDWLFKHVLPEROLFDPHQWHLQGLFDWH
GDOPDJJLRULPSHJQRFKHULFKLHGHODJHVWLRQHGLXQDDELWD]LRQHSLDPSLDIUHTXHQWDWD GD
WDQWDJHQWH
1HOO·DOWUR GLVHJQR LO GRSR PDODWWLD q UDSSUHVHQWDWR GD XQD EDUFD FKH RQGHJJLD QHO PDUH
D]]XUURVXFXLXQDULGHQWHHJLRYLDOHILJXUDIHPPLQLOHVLDEEDQGRQDDOFDORUHGHOVROHHDOOD
EUH]]DGHOO·DFTXD/DVWDWLFLWjHODFKLXVXUDGHOODFDVDG LYLVDGDOPRQGRFRQXQFDQFHOOR
ODVFLD LO SRVWR DOOD PRELOLWj H OHJJHUH]]D GL XQ·LPEDUFD]LRQH FKH LQYLWD DOOD OLEHUWj /H
SDUROHFRQFXLXQ·DOWUDSDUWHFLSDQWHFRPPHQWDTXHVWRGLVHJQRYHUEDOL]]DQRFKLDUDPHQWHLO
GHOOD EDUFD ´6L ,O WXPRUH FDPELD OD YLWD 1XOOD ULPDQH FRPH SULPD O·LQFRQWUR FRQ TXHOOR FKH
DQFRUD PROWL FRQVLGHUDQR XQD VLFXUD FRQGDQQD LQ UHDOWj VSHVVR q XQ·RFFDVLRQH GL FDPELDPHQWR
GRORURVRPDLPSRUWDQWHFKHIDHPHUJHUHODQRVWUDDXWHQWLFDSHUVRQDOLWjFRQOHVXHULVRUVHHIUDJLOLWj
HVROOHFLWDO·DEEDQGRQRGHOOHFHUWH]]HLQYLVWDGLXQDPDJJLRUHOLEHUWjµ
8Q·DOWUD GHOOH DUHH DIIURQWDWH LQ JUXSSR q TXHOOD GHL ´EUXWWL SHQVLHULµ FRPH VSHVVR OL
GHILQLVFRQROHGRQQHOHSDXUHLGXEELOHTXHVWLRQLDSHUWHFKHVSHVVRVLLQVLQXDQRLQPRGR
RVVHVVLYRQHOODTXRWLGLDQLWjHGLQWHUIHULVFRQRFRQODULSUHVDGLXQDYLWDDWWLYDHQRUPDOH,O
WHU]R LQFRQWUR q XQR VSD]LR SHU IRFDOL]]DUVL VX TXHVWR YRUWLFRVR WXUELQLR GL HPR]LRQL H
GRPDQGH DQJRVFLDQWL FKH LO FRQWDWWR H OD FRQYLYHQ]D FRQ OD PDODWWLD SURYRFDQR ,Q
SDUWLFRODUH q O·RFFDVLRQH SHU IDU HPHUJHUH H UHQGHUH SL FRQVDSHYROL DQFKH JOL HOHPHQWL
SVLFKLFLSLSURIRQGLHGRVFXULFKHVLYRUUHEEHURFDQFHOODUHTXDOLODSDXUDGHOODPRUWHLO
VHQVR GL FROSD OHJDWR DO VHQWLUVL LQ TXDOFKH PRGR UHVSRQVDELOL GHOOD FRPSDUV D GHOOD
PDODWWLD OD UDEELD YHUVR LO GHVWLQR LQJLXVWR R YHUVR FKL IDPLJOLDUL R DOWUL KD OLPLWDWR OD
OLEHUWjHLGXEELVXOODSRVVLELOLWjGLUHFXSHUDUHEHQHVVHUHLQVHQVRILVLFRSVLFKLFRHVRFLDOH
/RVSXQWRSHUIDYRULUHLOFRQWDWWRHOR´VWDUHµFRQTXHV WLDVSHWWLFKHVLYRUUHEEHURVFDFFLDUH
SHUFKpWURSSRGLVWXUEDQWLPDFKHLQHYLWDELOPHQWHVLLQWUXIRODQRWUDJOLDOWULSHQVLHULqOD
ULFKLHVWD GL VFULYHUH VRWWR IRUPD GL OHWWHUD L ´EUXWWL SHQVLHUL FKH SURSULR QRQ YRUUHVWL
DYHUHµ
'DOOD OHWWXUD H GDOO·DQDOLVL GL TXHVWL VFULWWL VL ULWURYDQR HOHPHQWL ULFRUUHQWL OD SDXUD GHOOD
PRUWHHGHOODVRIIHUHQ]DLOWLPRUHGHOULWRUQRGHOODPDODWWLDO·DQJRVFLDDVVRFLDWDDOOHYLVLWH
GLFRQWUROORO·LGHDFKHRJQLWLSRGLPDOHVVHUHILVLFRVLDVLQWRPRGLUHFLGLYDODVHQ VD]LRQH
GLHVVHUHGLYHUVHLOVHQVRGLFROSDSHUODPDODWWLD
´0L VRQR VHQWLWD LQ FROSD YHUVR OD PLD IDPLJOLD SHU HVVHUPL DPPDODWD H SHU TXHVWR QRQRVWDQWH L
PRPHQWLGLIRUWHVRIIHUHQ]DLQWHULRUHHGRORUHILVLFRQRQPLVRQRPDLODPHQWDWDµ
´,QDOFXQLPRPHQWLKRDYXWRPROWDSDXUDGLPRULUHHQHOSHULRGRGHLFRQWUROOLO·LGHDGHOODPRUWHPL
DFFRPSDJQDFRQIUHTXHQ]DHGLQWHQVLWjO·XQLFDFRQVROD]LRQHqLOSHQVLHURFKHILQRDDQQLFLVRQR
DUULYDWDHOHPLHILJOLROHVRQRJLjXQSR·FUHVFLXWHHSRWUHEEHURVRSUDYYLYHUHVHQ]DGLPHµ
´2JQLEDQDOHPDOHVVHUHPLIDSDXUDSHUFKpPLIDSHQVDUHDFRVDSRWUHEEHQDVFRQGHUH«ODSDXUDGL
XQD UHFLGLYD q XQD VSDGD GL 'DPRFOH FKH VSHVVR DWWDQDJOLD OH PLH JLRUQDWH QRQ VR VH ULXVFLUHL D
VXSHUDUHODPDODWWLDXQDVHFRQGDYROWDµ
,OTXDUWRLQFRQWURVLSURSRQHGLIRFDOL]]DUHLOFDPELDPHQWRLQWHUFRUVRGDOPRPHQWRGHOOD
PDODWWLD QHOOH UHOD]LRQL VRFLDOL IDPLJOLDUL DPLFDOL H VRFLDOL /D ULIOHVVLRQH VX TXDQWR LQ
PRPHQWL FRVu FULWLFL H GHOLFDWL JOL DOWUL SRVVDQR HVVHUH XQD SUH]LRVD U LVRUVD R OD FDXVD GL
XOWHULRUH VRIIHUHQ]D YLHQH VWLPRODWD GDOOD VFHOWD GL FXRUL LQ FDUWRQH FRORUDWR $G RJQL
SDUWHFLSDQWH YLHQH SURSRVWR GL VFULYHUH GD XQ ODWR GHO FXRUH OD IUDVH FKH KD GDWR SL
VRVWHJQRHGDOO·DOWUDTXHOODFKHKDIHULWRGLSL
$OFXQLHVHPSLGLIUDVLGLDLXWR´ODYLWDLQTXDOXQTXHPRGRYDOHODSHQDGLHVVHUHYLVVXWDµ´VDUDL
VHPSUHWXµµFHODIDUHPRLQVLHPHIDFFLDPRWXWWLLOWLIRSHUWHµ´WLYRJOLRDQFRUSLEHQHGLSULPDµ
´SHU VWDUWL SL YLFLQR YRUUHL PHWWHUPL QHL WXRL SDQQL QRQ VR VH QH VDUz FDSDFH PD IDUz GHO PLR
PHJOLRµ´WXVHLWRVWDHQRQIUDJLOHFRPHTXDOFXQRFUHGHµ´VRQRFHUWRFKHFHODIDUDLµ´ODWXDIHULWD
QRQ FRQWD DL PLHL RFFKL SHU PH VDUDL VHPSUH WXµ 6RQR IUDVL FKH HVSULPRQR YLFLQDQ]D
FRPSUHQVLRQH DFFHWWD]LRQH GHO OD IUDJLOLWj H GHOOH HPR]LRQL GHOO·DOWUR H FRQIHUPDQR OD
GLJQLWj HG LO YDORUH LQWULQVHFR GHOOD SHUVRQD VRVWHQHQGROD QHOO·DFFHWWD]LRQH GL Vp H
ULQVDOGDQGRQHO·DXWRVWLPD
/H IUDVL FKH IHULVFRQR ´SRYHULQD FKH GUDPPDµ ´FKLVVj SHUFKp q VXFFHVVR SURSULR D WH FKH VHL
WDQWR EXRQD PD WDQWR VIRUWXQDWDµ ´ILQLUDL FRPH WXD PDGUH PRUWD GL FDQFUR DQQL SULPD GRSR
OXQJDDJRQLDµ ´GHYLHVVHUHIRUWHµ ´IDWWLFRUDJJLRµ ´VWRSHQVDQGRFRPHDLXWDUWLSHUIDUWLDYHUHOD
SHQVLRQHDQWLFLSDWDµµVHLJLjLQPHWDVWDVL"µ
'DOOD OHWWXUDGLTXHVWHIUDVLHPHUJHFRPHJOLDWWHJJLDPHQWLSLGLVWUXWWLYLVRQRODFXULRVLWj
LQYDGHQWHODIDOVDUDVVLFXUD]LRQHODFRPSDVVLRQHHODQRQDFFHWWD]LRQHGHOODGHEROH]]DH
IUDJLOLWjO·LSHUSURWH]LRQHHODVYDOXWD]LRQHFKHYHLFRODQRXQVHQVRGLGLVW DQ]DDQRUPDOLWj
HGLYHUVLWjPHQWUHO·DXWHQWLFLWjODFRQGLYLVLRQHGHOOHHPR]LRQLHGHOORVJRPHQWRGLIURQWH
DO GRORUH LO GHVLGHULR GL FRPEDWWHUH LQVLHPH H LO VRWWROLQHDUH LO YDORUH LQWULQVHFR GHOOD
SHUVRQDDOGLOjGHOODVXDVLWXD]LRQHILVLFDVRQRDWW HJJLDPHQWLGLIRUWHVRVWHJQRHFRQIRUWR
´0LKDDLXWDWDPROWRULSHQVDUHDTXHOORFKHPLDYHYDGHWWRPLRPDULWRDOULVYHJOLRGDOO·LQWHUYHQWRGL
PDVWHFWRPLD/·LPSRUWDQWHQRQqDYHUHXQDRGXHPDPPHOOHPDHVVHUHYLYDHYLYDGHQWUR´
8QR GHL WHPL FUXFLDOL VXL FXL VL VRIIHUPD LO SHUFRUVR GL JUXSSR q OD GLVFXVVLRQH H
FRQGLYLVLRQHGHLYLVVXWLOHJDWLDOODIHPPLQLOLWjHGDOODVHVVXDOLWjTXHVWDqLQGXEELDPHQWH
O·DUHDGHOO·LGHQWLWjSLFROSLWDQHOOHGRQQHFRQWXPRUHPDPPDULR
/·DVSRUWD]LRQHWRWDOHRSDU]LDOHGHO VHQRYLHQHYLVVXWDFRPHVLPERORYLVLELOHHLUUHYHUVLELOH
GLXQDPXWLOD]LRQHGLXQDGHWXUSD]LRQHGHOFRUSRFKHVSHVVRIDVHQWLUHODGRQQDYLRODWD
GHUXEDWD H LQDULGLWD QHOOD VXD VHVVXDOLWj LQWHVD LQ VHQVR ODWR FRPH PRGDOLWj WLSLFD GHOOD
GRQQD GL UHOD]LRQDUVL DO PRQGR ( TXHVWR JHQHUD LQL]LDOPHQWH UDEELD VILGXFLD VHQVR GL
DOLHQD]LRQH ULSLHJDPHQWR UDVVHJQDWR LQ VH VWHVVL H LQYLGLD SHU FKL q VDQD H SXz DQFRUD
VIRJJLDUH XQD VFROODWXUD SURFDFH LQGRVVDQGR DELWL IHPPLQLOL H VHGXFHQWL 0ROWH GRQQH
VRSUDWWXWWROHSLJLRYDQLVLFKLHGRQRVHSRWUDQQRDQFRUDWURYDUHXQFRPSDJQRHWHPRQR
GL HVVHUH LQIHULRUL LUUHSDUDELOPHQWH VFRQILWWH R DGGLULWWXUD HVFOXVH GDO JLRFR GHOOD
VHGXWWLYLWj
/D SRVVLELOLWj GL FRQIURQWDUVL WUD GRQQH QHOOD VWHVVD VLWXD]LRQH OD FDWDUVL F KH QDVFH GDO
OLEHUDUHODUDEELDODFRQGLYLVLRQHGHOVHQVRGLDULGLWjHGLYHUVLWjHO·DFFRJOLHQ]DUHFLSURFD
IDYRULVFRQR LO SURFHVVR GL DFFHWWD]LRQH GL XQ FRUSR IHULWR 3URFHVVR FKH VSHVVR SRUWD DOOD
FRQTXLVWD GHOOD UDVVLFXUDQWH VHQVD]LRQH FKH OD IHPPLQLOL Wj QRQ q VROROHJDWDDGXQFRUSR
EHQ VFROSLWR PD q FDUDWWHULVWLFD LQWULQVHFD HG LQDOLHQDELOH GHOOD SVLFKH IHPPLQLOH ,
FRQQRWDWL ILVLFL FKH JHQHUDOPHQWH DWWUDJJRQR H VHGXFRQR SRVVRQR HVVHUH FRPSHQVDWL H
VRVWLWXLWL GDO IDVFLQR FKH QDVFH GDOOD WHQHUH]]D GD OOD IRU]D GDOOD VLFXUH]]D LQWHULRUH H GD
XQ·XPDQLWj DUULFFKLWD FRPELQDWH DOO·DELOH H FUHDWLYR XWLOL]]R GL WUXFFKL HVWHWLFL FKH
YDORUL]]LQRLOFRUSRDSUHVFLQGHUHGDOODIHULWD
6LJQLILFDWLYH OH SDUROH FRQ GHVFULYH L VXRL YLVVXWL XQD GHOOH SDUWHFLSDQWL DO JUXSSR ´+R
FRQRVFLXWR OD SDXUD LO WUDXPD GHOOD IHULWD O·RUULELOH FLFDWULFH OD UHFLGLYD OD YLROD]LRQH GHOOD PLD
IHPPLQLOLWjPDGHQWURVRQRULQDWD&RQFRUDJJLRHFRQO·DLXWRGHJOLDOWULVRQRXVFLWDGDOO·LQFXER(
KRVFRSHUWRFKHODIRU]DSLJUDQGH qGHQWURGLPH+RVFRSHUWRGLFUHGHUHDOO·DPRUHHDOODYLWDFKH
PLSRUWRGHQWURXQDPRUHSURIRQGRIRUWHFKHPLKDSHUPHVVRGLORWWDUHGLDFFHWWDUHHYLYHUHDQFKH
TXHVWDSURYDVHQ]DDUUHQGHUPLVHQ]DPHWWHUHGDSDUWHLVRJQLHLSURJHWWLIXWXULµ
$OFXQH GRQQH DUULYDQR DQFKH D VHQWLUVL SL IHPPLQLOL GL SULPD SHUFKp PHQR SHUIHWWH
HVWHULRUPHQWHPDSLYLYHHDXWRQRPHGHQWUR
&HUWR DGHVVR QRQ VRQR SL TXHOOD GL SULPD VRQR XQD GRQQD GLYHUVD QHO FRUSR H QHOOR VSLULWR PD
ILQLWHOHWHUDSLHHSDVVDWLXQSR·GLPHVLKRULFRPLQFLDWRDYHGHUHODYLWDGLWXWWLLJLRUQLFRQRFFKL
QXRYLDYROHUPLSLEHQHHDGDYHUHSLFXUDGLPH6HPEUDLQFUHGLELOHPDTXHVWDHVSHULHQ]DPLKD
DUULFFKLWDPLVRQRULVFRSHUWDHGKRWURYDWRSHUVRQHVSHFLDOLFKHQRQDYUHLPDLFRQRVFLXWRSHUFKpKR
DYXWRLOFRUDJJLRGLFKLHGHUHDLXWRµ
( OD VFHOWH GHOOH LPPDJLQL FKH YLHQH SURSRVWD DOOH GRQQH LQ TXHVWR TXLQWR LQFRQWUR
FRQIHUPDWDOLYLVVXWL2JQLSDUWHFLSDQWHqLQYLWDWDDVFHJOLHUH LPPDJLQLWUDXQDYDVWD
JDPPDGLLPPDJLQLGLULYLVWH FKHHVSULPDQRODSURSULDIHPPLQLOLWjFRPHYLHQHYLVVXWD
LQ TXHO PRPHQWR /H UDSSUHVHQWD]LRQL SUHYDOHQWL VRQR VJXDUGL WUDVRJQDWL H PLVWHULRVL
PDQL DFFRJOLHQWL H FDORURVH YROWL GL GRQQHOXPLQRVHHDIIDVFLQDQWLDUWLVWLFKHLQWHUVH]LRQL
GLIUXWWLIRJOLHH ILRULJLRFKLGLOXFLHRPEUHSHUFRUVLPLVWHULRVLFKHVLDSURQRWUDFDPSLLQ
ILRUHVSLJKHGLJUDQRVFHQHGLWHQHULDPDQWLHGLDIIHWWXRVHPDWHUQLWj
7UD WXWWH OH LPPDJLQL TXHOOD GL XQ GHOILQR FKH JXL]]D IXRUL GDOO·DFTXD KD DYXWR LQ
TXHOO·LQFRQWUR XQD ULVRQDQ]D LQWHQVD H SDUWLFRODUH TXDVL HPEOHPDWLFD GHO SHUFRUVR GHO
JUXSSR VWHVVR ,O FRPPHQWR GHOOD SDUWHFLSDQWH FKH O·DYHYD VFHOWD ´ GRSR OD PDODWWLD KR
VFRSHUWR XQ·DOWUD SDUWH GL PH SL FXULRVD FUHDWLYD H GLQDPLFD PD FKH VSHVVR IDWLFD DG HVVHUH
DFFHWWDWD GDJOL DOWUL (· TXDOFRVD GL FRVu YLWDOH H SUH]LRVR FKH RUD FKH O·KR VFRSHUWD QRQ SRVVR SL
DEEDQGRQDUODTXDOXQTXHSUH]]RTXHVWRULFKLHGDFRPHLOGHOILQRFKHTXDQGRVFRSUHLOJLRFRGHOVDOWR
SLURHWWDQWHQHOO·DULDQRQSXzULQXQFLDUYL&RPHQHVVXQRSXz FKLHGHUHDOGHOILQRGLULPDQHUHVRORLQ
DFTXDHGLULQXQFLDUHDOODEUH]]DGHOO·DULDFRVuQHVVXQRSRWUjSLIDUPLULQXQFLDUHDOODVFRSHUWDGL
XQDQXRYDIHPPLQLOLWjIHULWDVuPDDQFKHULQDWDHOLEHUDWDµ
(· QHO GHOILQR FKH QRQ SXz H QRQ YXROH VFHJOLHUH WUD DFTXD HG DULD FKH RJQL GRQQD GHO
JUXSSRVLqLGHQWLILFDWDHGKDLQWUDYLVWRODSRVVLELOLWjGLULVDQDUHODIHULWDDOODIHPPLQLOLWj
ULWURYDQGR QHO JXVWR GHO QXRYR GHOOD OLEHUWj H GHOOD FUHDWLYLWj OD GLPHQVLRQH GL XQD
IHPPLQLOLWj ULQQRYDWD FDSDFH GL DQ GDUH ROWUH ULJLGL VFKHPL UXROL VWHUHRWLSDWL H
DWWDQDJOLDQWLSDXUHGLQRQHVVHUHSLGHVLGHUDELOH
/·LQFRQWURVXFFHVVLYRVLIRFDOL]]DVXOODUDEELDqORVSD]LRSHUIDYRULUHLOULFRQRVFLPHQWROD
FRQGLYLVLRQH H OD OHJLWWLPD]LRQH GL TXHVWD HPR]LRQH VSHVVR G LIILFLOH GD DFFHWWDUH
VRSUDWWXWWR QHOOH SD]LHQWL FKH LGHQWLILFDQR OD IHPPLQLOLWj H OD PDWHUQLWj FRQ FRVWUXWWL GL
WRWDOHREODWLYLWjGLVSRQLELOLWjDVVROXWDHSHUHQQHDOOHULFKLHVWHDOWUXL
0ROWH GRQQH VL QHJDQR LO GLULWWR GL VHQWLUVL DUUDEELDWH H IUXVWUDWH SHU LO PDQFDWR
ULFRQRVFLPHQWR GHL SURSUL GLULWWL GD SDUWH GHL IDPLJOLDUL ELVRJQR GL ULFRQRVFLPHQWR FKH
SHUDOWUR OD PDODWWLD H OD FRQVHJXHQWH SDXUD GHOOD SHUGLWD GHOOD YLWD IDQQR DIILRUDUH
WXPXOWXRVDPHQWH 'LYHQWD YLWDOH H WHUDSHXWLFR TXLQGL FRQWDWWDUH DQ FKH OD UDEELD H OD
IUXVWUD]LRQHDWWXDOLRUHPRWHFKHVLDQQLGDQRVSHVVRFRPHOHRQLVRSLWLQHOOHSURIRQGLWj
GHOODSURSULDVWRULD
&RPH VWLPROR SHU IDYRULUH LO FRQWDWWR FRQ OD SURSULD DJJUHVVLYLWj H FRQ OD UDEELD YLHQH
SURSRVWD OD OHWWXUD GL GXH IDYROH G L $OED 0DUFROL WUDWWH GDOOD UDFFROWD ´,O EDPELQR
DUUDEELDWRµVWRULHGLSHUVRQDJJLFKHGRSRVYDULDWHSHULSH]LHVFRSURQRLOSRWHUHFDWDUWLFR
GHO ULFRQRVFHUH H JHVWLUH OD SURSULD UDEELD VHQ]D HVVHUQH VRSUDIIDWWL QpGLVWUXWWL'RSROD
OHWWXUD OH GRQQH VRQR LQYLWDWH D FRQGLYLGHUH OD SDUWH GHO UDFFRQWR SL HYRFDWLYR H
VLJQLILFDWLYR HG HYHQWXDOPHQWH GUDPPDWL]]DUOD DWWUDYHUVR VFHQHWWH LQ FXL LQWHUYHQJRQR
DOWUHSDUWHFLSDQWLRDWWUDYHUVRO·XWLOL]]RGHLSDOORQLGHOODSVLFRPRWULFLWj
4XHVWD VHGXWD GHO JUXSSR q SDUWLFRODUPHQWH FRPSOHVVD SHUFKp VH GD XQD SDUWH YL VRQR
GRQQH FKH SRVVRQR IDFLOPHQWH FRQWDWWDUH OD SURSULD UDEELD HG HVSULPHUOD q SHU ORUR
FDWDUWLFD SHU DOWUH VRSUDWWXWWR TXHOOH FRQ ULJLGL FRVWUXWWL GL REODWLYLWj H GLIILFROWj D
OHJLWWLPDUVL OH HPR]LRQL QHJDWLYH LO VROR QRPLQDUH TXHVWD HPR]LRQH YLHQH YLVVXWR FRPH
PLQDFFLRVR 3HUWDQWR VSHVVR VL FUHDQR FRQWUDSSRVL]LRQL LQ FXL YL VRQR GRQQH FKH VL
HVFOXGRQR GDOOD FRPXQDQ]D GL YLVVXWL H GLFRQR GL QRQ DYHUH SURSULR PRWLYL SHU HVVHUH
DUUDEELDWHFRQQHVVXQRGLYHQWDQGRDYROWHDQFKHJLXGLFDQWLHVHYHUHFRQFKLVLULFRQRVFH
YLVVXWLGLUDEELD
1RQRVWDQWH OD IDWLFD QHO FRQWDWWDUH H VWDUH FRQ OD SURSULD UDEELD H OH YLYDFL GLQDPLFKH GL
JUXSSR FKH VL DWWLYDQR VL FUHDQR FRQGLYLVLRQL DOWDPHQWH VLJQLILFDWLYH ,Q XQ JUX SSR LQ
SDUWLFRODUHTXHVWRLQFRQWURHUDVWDWRO·RFFDVLRQHSHUFRQGLYLGHUHOHVRIIHUHQ]HGLOHJDPL
PDWULPRQLDOLVRIIRFDQWLGLVWRULHIDPLJOLDULXPLOLDQWLHGLYLWHVSH]]DWHGDOOHLPSRVL]LRQL
DOWUXL 'DOOD UDEELD VL SDVVD VSHVVR DO GRORUH SURIRQGR H QDVFRV WR H DOOD DFXWD VRIIHUHQ]D
FKHQDVFHGDOULFRQRVFHUHLSURSULELVRJQLLQVRGGLVIDWWLLSURSULGLULWWLQHJDWLRDGGLULWWXUD
ODSURSULDLGHQWLWjQRQULFRQRVFLXWD
0ROWR LQWHQVD H FDWDUWLFD LQ XQ·RFFDVLRQH OD SRVVLELOLWj GL XQD SDUWHFLSDQWH VROLWDPHQWH
FKLXVD UHVWLD DO FRLQYROJLPHQWR H VSHVVR GLVWDQ]LDQWH DWWUDYHUVR FRPXQLFD]LRQL
VXSHUILFLDOL R OXRJKL FRPXQL GL FRQWDWWDUH H FRQGLYLGHUH OD VXD DQWLFD IHULWD GHOO·HVVHUH
VWDWDGDQHRQDWDDEEDQGRQDWDHQRQULFRQRVFLXWDGDOODPDGUH/DSRVVLELOLWjGLSRWHUS HU
OD SULPD YROWD JULGDUH OD VXD UDEELD GHOO·HVVHUH VWDWD ULILXWDWD ´SHUFKp ORUR VL H LR QR"µ
ULIHULWD DL IUDWHOOL H DOOH VRUHOOH ULPDVWL LQ IDPLJOLD OH KD SHUPHVVR GL JXDUGDUH H IRUVH
DFFRJOLHUHGHQWURGLVpODIHULWDGHOULILXWRHOHJLWWLPDUVLLOVXRG RORUHVHQ]DGRYHUVHPSUH
JLXVWLILFDUHODSURSULDPDGUHQDVFRQGHQGRDVHVWHVVDODEUXFLDQWHFDUHQ]DGLDIIHWWRFKH
O·DYHYDDFFRPSDJQDWDSHUWXWWDODYLWD
/DFRQGLYLVLRQHLQXQJUXSSRGLGRQQHGLWDOHDQWLFDVRIIHUHQ]DLQIHUWDGDOODPDGUHOHKD
SHUPHVVR XQ·HVSHULHQ]D HPR]LRQDOH FRUUHWWLYD OH DOWUH SDUWHFLSDQWL LQIDWWL OH VRQR VWDWH
YLFLQH FRQ ULVSHWWR H FRPSUHQVLRQH IDFHQGROH VSHULPHQWDUH SHU XQ DWWLPR
TXHOO·DFFXGLPHQWR GD GRQQD D GRQQD H TXHOO·LQWHQVLWj GL FRLQYROJLPHQWR HPRWLYR PDL
VSHULPHQWDWDSULPD
6HSSXUVLDXQJUXSSRSHQVDWRSHUGRQQHLQIDVHGLUHPLVVLRQHHTXLQGLFRQEDVVRULVFKLR
GL UHFLGLYD q VWDWR QHFHVVDULR LQWURGXUUH XQR VSD]LR GL ULIOHVVLRQH VXOOD SRVVLELOLWj GHO
ULWRUQRGHOODPDODWWLDSHUFKpOHGRQQHSDUWHFLSDQWLDOJUXSSRVRQRPROWRF ROSLWHTXDQGR
VHQWRQR VWRULH GLDOWUHGRQQHGHOO·DVVRFLD]LRQHFKHVLVRQRULDPPDODWHHFKHPXRLRQRLQ
VHJXLWRDOODUHFLGLYD
3DUODUQHqIRQWHGLVRIIHUHQ]DPDqUHDOLVWLFRqLOWRFFDUHFRQPDQRFKHROWUHDOSHUFRUVRGL
JXDULJLRQHSHUULWRUQDUHDYLYHUH HVLVWHODSRVVLELOLWjGHOULWRUQRGHOODPDODWWLD3HUTXDQWR
GRORURVRqPHQRQRFLYRFRQGLYLGHUHOHSURSULHSUHRFFXSD]LRQLHVSHUDQ]HHLOGRORUHHOD
UDEELDSHUFKLQRQFHO·KDIDWWDFKHWDFHUH
/DILDEDGHOVROGDWLQRGLSLRPERFKHGRSRDOWHUQHYLFHQGH VLULFRQJLXQJHFRQODEDOOHULQD
FKHDPDPDFKHSURSULRLQTXHOPRPHQWRGLLQVSHUDWDIHOLFLWjILQLVFHODVXDYLWDQHOIXRFR
GHOFDPLQRSHUODFDWWLYHULDGHOSXSD]]RDPROODqXQRVSXQWRVLPEROLFRSHUUHFXSHUDUH
UDEELD H VSHUDQ]D H SHU PHWWHUH LQ FRQWR F KH VL VWD IDFHQGR XQD ORWWD VHQ]D JDUDQ]LH
DVVROXWHGLULXVFLWD'·DOWURFDQWRLOWULVWHILQDOHGHOODVWRULDLQFXLLOIXRFRGHOFDPLQREUXFLD
LQVLHPH OHQWDPHQWH LO FXRUH GL VWDJQR GHO VROGDWLQR H OR VWUDVV OXFFLFDQWH GHOOD EDOOHULQD
HYRFDO·LGHDFKHYDOHODSHQDORWWDUHSHULOSURSULRRELHWWLYRIRVVHDQFKHSHUSRWHUORJRGHUH
XQDWWLPRVROWDQWR
4XHVWRVSHVVRLOVHQVRFKHOHGRQQHWURYDQRQHOODORWWDFRQWURLOPDOHYLYHUHLQSLHQH]]D
O·DWWLPRSUHVHQWHODSURSULDULWURYDWDOLEHUWjODULQQRYDWDIHPPLQLOL WjODSLHQH]]DGLXQD
YLWD SL SLHQD SRVVRQR GDUH VLJQLILFDWR DOOD IDWLFD FKH VL q IDWWD H VL VWD IDFHQGR SHU
ULQDVFHUHDSUHVFLQGHUHGDTXDQWRVDUjUHDOPHQWHOXQJDODYLWDUHVLGXD$YROWHXQDWWLPR
GHOODYLWDULWURYDWDGRSRODPDODWWLDSXzYDOHUHSHUL QWHQVLWjXQDQQRGHOODYLWDSUHFHGHQWH
XQDGRQQDWUHQWHQQHDOWHUPLQHGHOJUXSSRGLVVH´ /·LQWHUYHQWRqVWDWRXQDVYROWDGUDPPDWLFD
PDQHFHVVDULDGHOODPLDYLWDDOULVYHJOLRGRSRODPDVWHFWRPLDKRSRWXWRJXVWDUHSHUODSULPDYROWD
TXDQWRVRQRYHUGLJOLDOEHULGL&XQHRµ
/·LQFRQWUR FRQFOXVLYR FKH KD FRPH WLWROR ´5LWURYDUH XQD QXRYD VHUHQLWjµ VL SRQH FRPH
PRPHQWR GL VLQWHVL VXO SHUFRUVR LQGLYLGXDOH H GL JUXSSR H FRPH VSD]LR SHU IDUH XQ
ELODQFLR VXOOD VLWXD]LRQH SUHVHQWH 2JQL GRQQD YLHQH LQYLWDWD D ULIOH WWHUH VX TXDOL SXQWL
VRQRVWDWLWRFFDWLVXTXDOLFDPELDPHQWLKDIDWWRHVXOOHPHWHFKHYXROHUDJJLXQJHUH9LHQH
LQROWUHSURSRVWRXQTXHVWLRQDULRGLYHULILFDVXOO·XWLOLWjHO·HIILFDFLDGHOJUXSSR
1HOODFRQGLYLVLRQHILQDOHHPHUJHVSHVVRODVRGGLVID]LRQHSH ULOFDPELDPHQWRLQWHULRUHFKH
OD PDODWWLD LQHYLWDELOPHQWH KD LQGRWWR HG LO JUXSSR KD VRVWHQXWR $O GLOjGHOODODFHUDQWH
VRIIHUHQ]DFKHORVFRQWURFRQLOWXPRUHLQGXFHHODIHULWDDOODIHPPLQLOLWjFKHSURYRFDOH
SDUWHFLSDQWLFROJRQRHYDORUL]]DQRO·DVSHW WRFUHDWLYRHYLWDOHFKHFRQLOWHPSRQHGHULYD
/·DYHUJXDUGDWRLQIDFFLDODPRUWHULHPSLHGLQXRYRVLJQLILFDWRODYLWDHFDPELDODSULRULWj
GLYDORULVFHOWHHULIHULPHQWLSHUVRQDOL,QSDUWLFRODUHVLULVFRSUHO·LQHVWLPDELOHYDORUHGHOOD
FXUDGLVpGHO ULFRQRVFHUVLVSD]LGLDXWRQRPLDHOLEHUWjDOGLOjGHOOHHVLJHQ]HIDPLJOLDULH
ODYRUDWLYHHVLDWWLYDXQQXRYRSHUFRUVRGLFRQWUDWWD]LRQHWUDLELVRJQLSURSULHOHHVLJHQ]H
DOWUXL (PHUJRQR QXRYH ULVRUVH VL WURYD OD GLUH]LRQH GHOOD SURSULD DXWRUHDOL]]D] LRQH VL
LPSDUDDGDUHOLPLWLDJOLDOWULPROWHGRQQHSDUODQRGLXQDULQDVFLWDLQFXLVLDPSOLILFDOD
FDSDFLWj GL JRGHUH LQWHQVDPHQWH GL RJQL DWWLPR GL YLWD IHOLFH GRORURVR OHJJHUR R
LPSHJQDWLYR FKH VLD ´7XWWR LQ PH RUD q FRQFHQWUDWR H ILQDOL]]DWR D 9,9(5( H D TXHVWR VIRU]R
TXRWLGLDQRVLDFFRPSDJQDXQDYLVLRQHGLYHUVDGHOODYLWDSLSURIRQGD+RDIILQDWRODPLDFDSDFLWj
GL JRGHUH GL RJQL SLFFROD FRVD QHSSXUH XQ DWWLPR SXz WUDVFRUUHUH VHQ]D FKH LR O·DSSUH]]DVVL
SLHQDPHQWH /R VFRQWUR FRQ LO ´0DOHµ KD GDWR XQ VLJQLILFDWRQXRYRDOODPLDYLWDPLKDFDPELDWD
UDGLFDOPHQWHGHQWURHQRQVHQ]DIDWLFDKDFDPELDWRLPLHLUDSSRUWL$QFKHVHLQDOFXQLPRPHQWLWL
VHPEUD FKH LO PDOH SRVVD XFFLGHUWL GHQWUR H WRJOLHUWL OD YRORQWj GL DQGDUH DYDQWL QRQ q FRVu /H
QRVWUHULVRUVHVRQRSLIRUWLµ
( DQFRUD OH SDUROH GL XQ·DOWUD SDUWHFLSDQWH ´+R ORWWDWR FRQWUR OD SDXUD H LO GRORUH SHU L PLHL
EDPELQL FKH HUDQR WDQWR SLFFROL H DYHYDQR DQFRUD ELVRJQR GL PH KR ORWWDWR SHU PLR PDULWR GDO
TXDOH PDL FRPH SULPD PL HUR VHQWLWD WDQWR DPDWD H DGHVVR DJJLXQJR KR ORWWDWR DQFKH H
VRSUDWWXWWRSHUPHSHUFKpQRQqJLXVWRDUUHQGHUVLDDQQLSHUFKpFKLSHUSULPDGHYRLPSDUDUH
DGDPDUHVRQRLRHVRORGLFRQVHJXHQ]DULXVFLUzDGDPDUHJOLDOWULQHOPRGRJLXVWRµ
&RQFOXGR VLQWHWL]]DQGR LO UDFFRQWR GHOOD FKLXVXUD GHO SULPR JUXSSR TXHOOR LQ FXL XQD
GRQQD DYHYD VFHOWR FRPH LPPDJLQH HPEOHPDWLFD GHOOD VXD DWWXDOH IHPPLQLOLWj LO GHOILQR
FKH WHQWD LO VDOWR IXRUL GDOO·DFTXD 1HO PRPHQWR GHOOD DXWRYDOXWD]LRQH GHO VXR SHUFRUVR
TXHVWDGRQQDGLVVH ´6RQRGLYHQWDWDTXHOGHOILQRKRDEEDQGRQDWRLSHVLHOHUHJROHGLIDFFLDWDGHOOD
EXRQDPRJOLHFKHPLKDQQRLPSHGLWRGLUHVSLUDUHDSLHQLSROPRQLHPLVWROLEUDQGRQHOO·DULDOLEHUD
WLPRURVDHGHVLGHURVDGLUHDOL]]DUPLµULIHUHQGRVLDOODVFHOWDFRPSLXWDQH LJLRUQLSUHFHGHQWLGL
VFLRJOLHUHLOOHJDPHFRQO·XRPRFKHO·DYHYDPDOWUDWWDWDHWUDGLWDSHUDQQLHGDOTXDOHDYHYD
WDQWRGHVLGHUDWRGLVHSDUDUVLVHQ]DDYHUQHODIRU]DHLOFRUDJJLRµ
()),&$&,$(5,6256('(/*58332
&RPH HPHUJH GDOOH DXWRYDOXWD]LRQL ILQDO L H GDL GDWL GHO TXHVWLRQDULR GL YHULILFD H
SDUWHFLSDQWL GLFKLDUDQR XQ PLJOLRUDPHQWR GHOOD TXDOLWj GL YLWD FRQ ULGX]LRQH GHOOD
VRIIHUHQ]DGHOVHQVRGLLVRODPHQWRHGLYHUVLWjXQDXPHQWRGLDXWRVWLPDHILGXFLDLQVHH
QHOOHSURSULHULVRUVHHXQDPDJJLRUF RQVDSHYROH]]DGHLSURSULGLULWWLHELVRJQL
,OJUXSSRLQIDWWLRIIUHXQRVSD]LRGLFRQWHQLPHQWRDOODVRIIHUHQ]DDOOHSDXUHDOODUDEELDH
VWLPROD O·DWWLYD]LRQH GL VWLOL GL FRSLQJ SRVLWLYL IDFLOLWDQGR O·HODERUD]LRQH GHOOD FULVL GL
LGHQWLWjHO·DFFHWWD]LRQH GHLFDPELDPHQWLLQWLPLHUHOD]LRQDOLFKHODPDODWWLDLQGXFH
/HULVRUVHVXFXLXQJUXSSRGLTXHVWRJHQHUHSXzFRQWDUHVRQRO·LGHQWLILFD]LRQHUHFLSURFD
GHULYDQWH GDOO·DYHU YLVVXWR OD PHGHVLPD HVSHULHQ]D OD VROLGDULHWj LO VRVWHJQR H OD
FRQGLYLVLRQHGL YLVVXWLDQFKHPROWRLQWLPLHSHUVRQDOL
8Q·XWLOH FKLDYH GL OHWWXUD SHU VSLHJDUH O·HIILFDFLD GHOO·LQWHUYHQWR GL JUXSSR VL WURYD QHOOD
OHWWHUDWXUDVXLIDWWRULWHUDSHXWLFLGHLJUXSSLFOLQLFL HVSHULHQ]LDOL <DORPLQGLYLGXDXQGLFL
IDWWRUL WHUDSHXWLFL FKH RS HUDQR QHL JUXSSL LQIXVLRQH GL VSHUDQ]D FDWDUVL LQIRUPD]LRQH
DOWUXLVPR ULFDSLWROD]LRQH FRUUHWWLYD GHO JUXSSR IDPLJOLDUH VYLOXSSR GL WHFQLFKH GL
VRFLDOL]]D]LRQH FRPSRUWDPHQWR LPLWDWLYR DSSUHQGLPHQWR LQWHUSHUVRQDOH FRHVLRQH GL
JUXSSR FDWDUVL IDWWRU L HVLVWHQ]LDOL ,Q RJQL JUXSSR O·HIILFDFLD q GHWHUPLQDWD
GDOO·LQWHUD]LRQHWUDDOFXQLGLTXHVWL
,Q XQ JUXSSR GL SHUVRQH FKH ORWWDQR SHU DIIURQWDUH OD FULVL JHQHUDWD GDOOD PDODWWLD
O·LQWHUD]LRQH WUD LO IDWWRUH WHUDSHXWLFR GHOOD FDWDUVL H TXHOOR GHOO·XQLYHU VDOLWj· VRQR
GHWHUPLQDQWL QHOO·LQGXUUH XQ DXPHQWR GL FRQVDSHYROH]]D H O·DYYLR GL XQ FDPELDPHQWR
FRPSRUWDPHQWDOHHPRWLYRHUHOD]LRQDOH&RPXQLFDUHLOSURSULRGRORUHHVSHULPHQWDUHOD
FRPXQDQ]D GHL SURSUL YLVVXWL q OD SULPD IRQWH GL VROOLHYR LQ TXDQWR OLEHU D GD XQ SHVR
HPR]LRQDOHOHJLWWLPDQGRODSURSULDVRIIHUHQ]DHULGXFHQGRLOVHQVRGLLVRODPHQWR
,QROWUHODSRVVLELOLWjGHOORVFDPELRHGHOVRVWHJQRUHFLSURFRSHUPHWWRQRO·DFFHWWD]LRQHGHOOD
GLYHUVLWj H TXLQGL KDQQR XQ HIIHWWR GL ´QRUPDOL]]D]LRQHµ GL FLz F KH VL YLYH FKH
FRQWULEXLVFHDFRQWUDVWDUHLOYLVVXWRGLPXWLOD]LRQHDOODIHPPLQLOLWjHLOVHQVRGLYHUJRJQD
LPEDUD]]RHGLYHUVLWj
7UD SHUVRQH QHOOD VWHVVD VLWXD]LRQH FL VL FDSLVFH H FL VL DLXWD O·DVFROWR LO FRQIURQWR H OR
VFDPELRUHFLSURFRDWWLYDQRXQ ·DSSUHQGLPHQWRLQWHUSHUVRQDOHVLLPSDUDOHXQHGDOOHDOWUHH
OHHVSHULHQ]HFRQGLYLVHGDOVLQJRORDWWLYDQRODULHODERUD]LRQHHODFRQGLYLVLRQHQHOOHDOWUH
SDUWHFLSDQWL 5LFRQRVFHUVL QHJOL DOWUL H YHGHUH FRPH YL VLDQR GLYHUVH VROX]LRQL SHU
DIIURQWDUHLOGRORUHDLXWDFLDVFXQDDGLQYHQWDUHLOSURSULR
8Q SHVR ULOHYDQWH q DQFKH OHJDWR DL IDWWRUL HVLVWHQ]LDOL 3RWHUVL VRIIHUPDUH D ULIOHWWHUH H
VRIIULUHLQVLHPHVXTXDQWRDYROWHODYLWDVLDLQJLXVWDHVOHDOHULFRQRVFHUHFKHQRQF·qYLDGL
IXJDULVSHWWRDGDOFXQLPRPHQWLGLGRORUHFKHGLIURQWHDOODPDODWWLDRJQLGRQQDHGRJQL
XRPRLQHYLWDELOPHQWHVLVFRQWUDQRFRQODSDXUDO·LPSRWHQ]DLOVHQVRGLVPDUULPHQWRHLO
FUROOR GHOOH SURSULH FHUWH]]H H FKH LQ TXHVWH VLWXD]LRQL HPHUJH OD QRVWUD YXOQHUDELOLWj
FRQWULEXLVFHDFUHDUHFRHVLRQHQHOJUXSSRDOHQLUHOHIHULWHDOODIHPPLQLOLWjHDGDIIURQWDUH
ODIDWLFDGLFRQYLYHUHFRQODPDODWWLD
1HOJUXSSRYLqDYROWHDQFKHORVSD]LRSHUYLYHUHTXHOODVHQVD]LRQHGLYLFLQDQ]DHPSDWLD
FRPSUHQVLRQHHULVSHWWRGLFXLDYROWH ODYLWDqVWDWDDYDUDO·LQFRQWURFRQDOWUHGRQQHHGLO
FOLPD FKH VL FUHD UDSSUHVHQWD XQ·HVSHULHQ]D HPR]LRQDOH FRUUHWWLYD FKH VRVWLHQH OD GRQQD
QHO SRUWDUH DYDQWL FRQ SL HQHUJLD LO SHUFRUVR GL DXWRUHDOL]]D]LRQH FKH OD PDODWWLD KD
DWWLYDWR /·HVSHULHQ]D GL VROLGDULHWj FRQGLYLVD QHJOL LQFRQWUL VSHVVR FRQWLQXDDOO·HVWHUQRH
,'<DORP,ELGHP
WUD OH SDUWHFLSDQWL VL FUHD XQD LPSRUWDQWH UHWH GL OHJDPL DIIHWWLYL FKH RIIUH VRVWHJQR H
YLFLQDQ]D
,Q VLQWHVL LO JUXSSR DWWLYD QHOOH SDUWHFLSDQWL XQSHUFRUVRWUDVIRUPDWLYRQHOODGLUH]LRQH GL
XQ FDPELDPHQWR GL YLWD FRQQRWDWR GD PDJJLRU DXWRQRPLD ILGXFLD QHO SURSULR SRWHUH
SHUVRQDOHFXUDGLVp$TXHVWRVLDJJLXQJHLOWHQWDWLYRGLULGXUUHRJQLRVWDFRORFKHVRIIRFKL
OH SRWHQ]LDOLWj GL EHQHVVHUH LQWHULRUH H GL UHDOL]]D]LRQH SHUVRQDOH ( OD Y HUJRJQD SHU OD
SURSULD IHPPLQLOLWj GHUXEDWD H PXWLODWD OD VFLD LO SRVWR DOOD ILHUH]]D SHU XQD IHPPLQLOLWj
IHULWDPDODWHPSRVWHVVRULQQRYDWDSLFRQVDSHYROHHYLWDOH
5LIHULPHQWLELEOLRJUDILFL
$WWLYHFRPHSULPD«HSRLFDPELDODYLWD$QJHOL0LODQR
%HOODQL0/0RUDVVR*$PDGRUL'HDO3VLFRQFRORJLD,O7UDWWDWRLWDOLDQR 0DVVRQ0LODQR
%RV %UDQROWH * *\QDHFRORJLFDO &DQFHU $ 3V\FKRWKHUDS\ JURXS LQ :DWVRQ 0 HG&DQFHU 3DWLHQW
&DUH%36&DPEULGJH
/RYHUD*,OPDODWRWXPRUDOH (GL]LRQLPHGLFRVFLHQWLILFKH7RULQR
0DUFROL$,OEDPELQRDUUDEELDWR
0DUURQH$,QFRQWUDUHSHULQFRQWUDUVL,IDWWRULIDFLOLWDQWLODFUHVFLWDHLOFDPELDPHQWRQHLJUXSSLGL
LQFRQWURGDSHUVRQDDSHUVRQDLQ5LYLVWDGLVWXGLURJHUVLDQLRWWREUH SS
5RJHUV&5,JUXSSLG·LQFRQWUR$VWURODELR5RPD
<DORP,'7HRULDHSUDWLFDGHOODSVLFRWHUDSLDGLJUXSSR %ROODWL%RULQJKLHUL7RULQR