/RUHQ]R*ROLQR(GRDUGR0RUL
3URJHWWDUH
XQ
3ROLJRQRGL7LUR
‹/RUHQ]R*ROLQRHG(GRDUGR0RUL‹
*OL$XWRULFRQVHQWRQRDOODOLEHUDGLVWULEX]LRQH
GLTXHVWRWHVWRSXUFKpLQIRUPDJUDWXLWDHVHQ]D
ILQLFRPPHUFLDOL
35(0(66$
/D OHJLVOD]LRQH LWDOLDQD QRQ FRQWLHQH DOFXQ GLYLHWR JHQHUDOH GL VSDUDUH DO
GLIXRULGHLSROLJRQLGHO7LURD6HJQR1D]LRQDOHLQDSHUWDFDPSDJQDRSSX
UH LQ SROLJRQL SULYDWL DOO¶DSHUWR R DO FKLXVR QDWXUDOPHQWH SHU OH SHUVRQH
FKHVLDQROHJLWWLPDWHDGLPSXJQDUHXQ
DUPDLQWDOLOXRJKL
$ GLUH LO YHUR OD OHJJH q FKLDULVVLPD VXO SXQWR H JOL XQLFL GXEEL QDVFRQR
QHOOD PHQWH GL TXHL IXQ]LRQDUL GL 36 L TXDOL QRQ VL YRJOLRQR DUUHQGHUH
DOO¶HYLGHQ]DGHOSULQFLSLRVHFRQGRFXLLQXQR6WDWRGLGLULWWRWXWWRFLz FKH
QRQqHVSUHVVDPHQWHYLHWDWRqVHQ]¶DOWUROHFLWR
/DGLYHUVDRSLQLRQHLQPDWHULDFRVu GLIIXVDWUD HVSHUWL HSURIDQL GHULYD
GDXQDVSHFLHGLOHJJHQGDPHWURSROLWDQDVHFRQGRFXLYLVDUHEEHXQDQRUPD
LQ EDVH DOOD TXDOH QRQ SRWUHEEHUR HVLVWHUH SROLJRQL SULYDWL H VHFRQGR FXL
RJQL SROLJRQR GL WLUR D VHJQR GD FKLXQTXH FRVWUXLWR GLYHQWHUHEEH LPPH
GLDWDPHQWHGLSURSULHWjGHPDQLDOH'DFLzHVVLDUJXLVFRQRFKHVDUHEEHYLH
WDWRVSDUDUH IXRUL GDLSROLJRQLGHO761YLVWR FKH DOWUL SROLJRQL QRQSR
WUHEEHURHVLVWHUH
$OWULVLVSLQJRQRDQFRUDSLROWUHJLXQJHQGRSHUVLQRDVRVWHQHUHFKHFKLKD
XQSRUWRGLSLVWRODPDLSRWUHEEHVSDUDUHFRQHVVDDOO
DSHUWRVHQRQSHUOH
JLWWLPDGLIHVD7HVLGHOWXWWRVWUDYDJDQWHHFKHQRQWURYDDOFXQULVFRQWURQp
QHOGLULWWRQpQHOODUHDOWj'DYYHURQRQVLFRPSUHQGHSHUFKpXQFDFFLDWRUH
GRYUHEEHVSDUDUHGRYHHFRPHJOLSDUHSRUWDXQDSLVWROD
4XHVWHRSLQLRQLQRQWURYDQRULVFRQWURLQQHVVXQDQRUPDGLOHJJH
/DOHJJHJLXJQRQFKH KD GLVSRVWR LOSDVVDJJLRGHL FDPSL GL
WLURGHOOH6H]LRQLGHO7LURD6HJQRWUDLEHQLGHPDQLDOLGHOOR6WDWRHODOHJJH
JLXJQRQVHFRQGRFXLLFDPSLGLWLURVRQRLPSLDQWDWLDVSHVH
GHOOR 6WDWR H FRPSUHVL WUD JOL LPPRELOL GHPDQLDOL PLOLWDUL QRQ KDQQR DI
IDWWRLQWHVRGLULVHUYDUHDOOR6WDWRLQHVFOXVLYDO
HVHUFL]LRGHOWLURDVHJQRH
ODFRVWUX]LRQHGLSROLJRQL,QGXEELDPHQWHDOO
HSRFDOR6WDWRFKHYROHYDGLI
IRQGHUHFDSLOODUPHQWHDWXWWDODSRSROD]LRQHDWWLYDODSUDWLFDGHOWLUR DVH
JQR FRQ DPSLR LPSLHJR GL PH]]L ILQDQ]LDUL QHSSXUH VL HUD SRVWR LO SUR
EOHPDFKHSULYDWLSRWHVVHURDYHUHLQWHUHVVHDVSHQGHUHGDQDURSHUXQVHUYL
]LR FKH OR 6WDWR LQWHQGHYD IRUQLUH FRQ ODUJKH]]D H JUDWXLWDPHQWH PD GL
FHUWRQRQHUDQHJOLVFRSLGHOODOHJJHGLLPSHGLUHO¶HVHUFL]LRRODFRVWUX]LRQH
GLSROLJRQLGLYHUVLGDTXHOOLJHVWLWLGDO761
6LFXUDFRQIHUPDGLTXDQWRDIIHUPDWRVLWURYDQHJOLDWWLDPPLQLVWUDWLYLHPD
QDWLVXELWRGRSRO
HQWUDWDLQYLJRUHGHOODOHJJHGHO,QIDWWLVLDODFLUFR
ODUHDSULOHQGHO0LQLVWHURGHOOD *XHUUDVLDODFLUFRODUH
GLFHPEUHGHO0LQLVWHURGHOOH)LQDQ]HSUHFLVDQRFKHODGHPDQLDOL]]D
]LRQHQRQFRQFHUQHLSROLJRQLDSSDUWHQHQWLD&RPXQLHGDSULYDWL
,QFRQFOXVLRQHTXLQGLDOORVWDWRGHOODOHJLVOD]LRQHQRQqYLHWDWRDGXQSUL
YDWRDGXQDVRFLHWjGLWLUDWRULDGXQHQWHSXEEOLFRDO&21,GLFRVWUXLUH
RGLPSLDQWDUHXQSROLJRQRGLWLURDVHJQRRGLWLURDYRORVYLQFRODWRGDWXWWH
OHQRUPHFKHUHJRODQRLOIXQ]LRQDPHQWRGHO761HGHOO
8,76
1pTXHVWDqXQDPLD LGHDSHUVRQDOHSRLFKpQXPHURVHVRQROHDSSOLFD]LRQL
SUDWLFKHGLGHWWDIDFROWj
,FDPSLGLWLURDYRORSRVVRQRHVVHUHOLEHUDPHQWHLVWLWXLWLGDSULYDWLRGD
VRFLHWjVSRUWLYHDQFKHDILQLFRPPHUFLDOLQRQqSUHYLVWDSHUHVVLDOFXQDOL
FHQ]DGL36VDOYRTXHOOHHYHQWXDOPHQWHULFKLHVWH SHUJOLHVHUFL]LSXEEOLFL
RSHUO
HVHUFL]LRGHOFRPPHUFLR
/
LPSLDQWRGLOXRJKLSHULOWLURDVHJQRFRQDUPLDGDULDFRPSUHVVDqVHP
SUHFRQVHQWLWRFRPHVLULFDYDGDOIDWWRFKHODOHJJH DUW 5HJRODPHQWR
78/36DVVRJJHWWDDOLFHQ]DVRORJOLLPSLDQWLDPEXODQWL
/DFUHD]LRQHGLWXQQHOGLWLURVRWWHUUDQHLDGRSHUDGLDUPLHULIDEEULFKHUL
SDUDWRULGLDUPLqOLEHUDHGLIIXVDLQSUDWLFD
/D FUHD]LRQH GL SROLJRQL GL WLUR DQFKH VRILVWLFDWL SUHVVR FDVHUPH GHOOD
SROL]LDQRQQHFHVVDULDPHQWHGLSURSULHWjGHOGHPDQLRPLOLWDUHqFRQVHQWLWD
HDWWXDWD
,QWXWWLL/XQD3DUNVLVSDUDSXEEOLFDPHQWHDOWLURDVHJQRFRQDUPLDGDULD
FRPSUHVVD
/
RSLQLRQH VHFRQGR FXL VDUHEEH SURLELWR VSDUDUH DO GL IXRUL GHL SROLJRQL
GHOOR6WDWRqSHUFLzFRPSOHWDPHQWHVEDJOLDWD
,O SULQFLSLR JHQHUDOH FKH VL SXz ULFDYDUH GDOOD YLJHQWH QRUPDWLYD q FKH q
VHPSUHFRQVHQWLWRVSDUDUHFRQDUPLGRYHSDUHHSLDFHSXUFKp
QRQVLUHFKLGLVWXUERRGDQQRDGDOWUL
QRQVLFUHLQRVLWXD]LRQLGLSHULFROR
VLRVVHUYLQRDOFXQHVSHFLILFKHOLPLWD]LRQLSRVWHGDOHJJLVSHFLDOL
(VDPLQLDPRVLQJRODUPHQWHTXHVWLUHTXLVLWL
/¶DUWGHO&RGLFH3HQDOHYLHWDGLGLVWXUEDUHPHGLDQWHUXPRULLOULSRVRH
OH RFFXSD]LRQL LQJHQHUH GHOOH SHUVRQH RYYHUR VSHWWDFROL ULWURYL WUDWWHQL
PHQWL2FFRUUHTXLQGLHYLWDUHRJQLIRUPDGLLQTXLQDPHQWRDFXVWLFRPROHVWR
RGDQQRVRSHUDOWUL
,QTXHVWDPDWHULD QRQVLSRVVRQRHYLGHQWHPHQWHGDUHFRQVLJOL SUHFLVL SRL
FKpRJQLVLWXD]LRQHUDSSUHVHQWDXQFDVRSDUWLFRODUHPDLQOLQHDJHQHUDOHq
RSSRUWXQRWHQHUVLDGHELWDGLVWDQ]DGDOXRJKLTXDOLDOEHUJKLVFXROHRVSH
GDOLSHQVLRQDWLFDPSHJJLLQFXLHSUHVXPLELOHVLWURYLQRSHUVRQHFKHULSR
VDQRRODYRUDQRHFKHQRQJUDGLVFRQRHVVHUHGLVWXUEDWHGDVSDUL
&KHSRLFRQORVSDUDUHQRQVLGHEEDDUUHFDUHGDQQRDOOHFRVHGLWHU]LRSXE
EOLFKHHGDOOD1DWXUDqGHOWXWWRLQWXLELOHQRQVRQREHUVDJOLJOLDOEHULLSDOL
LFDUWHOOLVWUDGDOLQRQELVRJQDGLVVHPLQDUHLOWHUUHQRGLFRFFLGLERWWLJOLHR
GLSLDWWHOOL QRQELVRJQDVSDUDUH DG DQLPDOL GRPHVWLFL HFF /D OHJJH VXOOD
FDFFLDYLHWDGLDEEDQGRQDUHVXOWHUUHQRLERVVROLGHOODFDUWXFFHVSDUDWH
,OFRGLFHSHQDOHLQGLYLGXDSRLLQGXHDUWLFROLGXHVLWXD]LRQLGLSHULFROROD
FXLRVVHUYDQ]DqVDQ]LRQDWDSHQDOPHQWH
/
DUW&3FKHULSHWHO
DUW78/36YLHWDGLVSDUDUHVHQ]DOLFHQ]DDU
PLGDIXRFR LQXQOXRJRDELWDWRRQHOOHVXHDGLDFHQ]HROXQJRXQDSXEEOLFD
YLDRLQGLUH]LRQHGLHVVDRGRYHYLVLDDGXQDQ]DRFRQFRUVRGLSHUVRQH$
FRQWUDULR VLGHGXFH FKHQRQRFFRUUHOLFHQ]DSHUVSDUDUHLQOXRJKLGLYHU
VL
/DQRUPDULFKLHGHDOFXQHSUHFLVD]LRQLSRLFKpLFRQFHWWLHVSRVWLVRQRQHFHV
VDULDPHQWHJHQHULFL
/XRJRDELWDWRQRQqHYLGHQWHPHQWHTXHOORLQFXLVLWURYDORVSDUDWRUHFRQL
VXRLDPLFLFRPHDGHVHPSLRXQDYLOODLVRODWD PDXQOXRJRRYH LQGLSHQ
GHQWHPHQWHO
XQDGDOO
DOWUDYLYRQRSL SHUVRQHFRPHXQJUXSSRGLFDVHXQ
FDPSHJJLRXQYLOODJJLRWXULVWLFR
6SDUDUHOXQJRXQDSXEEOLFDYLDGHYHHVVHUHLQWHVRFRQXQSR
GLEXRQVHQVR
QRQQHOVLJQLILFDWRFKHVLDYLHWDWRVSDUDUHVWDQGRVXOODSXEEOLFDYLDHYHUVR
OD FDPSDJQD PD FKH q YLHWDWR VSDUDUH LQ GLUH]LRQH SDUDOOHOD DOOD VWUDGD
VWDQGRVXGLHVVDRQHLVXRLSUHVVL&RPXQTXHqRSSRUWXQRHYLWDUHGLVSDUD
UHVWDQGRVXOODVWUDGD
,OGLYLHWRGLVSDUDUHLQOXRJRDELWDWRQRQYLJHTXDQGRVLVSDULLQXQ OXRJR
DXWRUL]]DWR GDOO
DXWRULWj SROLJRQR GL WLUR D VHJQR LQ PRGR GD HVFOXGHUH
RJQLSHULFRORSHUODVLFXUH]]DSXEEOLFDÊDSSHQDLOFDVRGLRVVHUYDUHFKHLO
GLYLHWR GL VSDUDUH LQ XQ OXRJR DELWDWR QRQ LPSHGLVFH DIIDWWR GL VSDUDUH
DOO¶LQWHUQRGHOODSURSULDDELWD]LRQHRLQTXDOVLDVLOXRJRFKLXVRFRPHGLPR
VWUDQR JOL HVHPSL VRSUD ULSRUWDWL GL SROLJRQL SULYDWL R GHOOD SROL]LD
DOO¶LQWHUQRGLFLWWj
ÊLQYHFHYLHWDWRVSDUDUHDOO¶DSHUWRQHOO
DELWDWRDQFKHVHFLVLWURYDLQFRUWLOL
RJLDUGLQLFKLXVLGDRJQLODWR VDOYR FRPHVL q GHWWRSROLJRQL DXWRUL]]DWL
VLD SHUFKp VDUHEEH HVWUHPDPHQWH GLIILFLOH QRQ UHFDUH GLVWXUER D WHU]L VLD
SHUFKpYLVDUHEEHVHPSUHODSRVVLELOLWjGLVSDULDFFLGHQWDOLRGLULPEDO]LFRQ
SHULFRORVDIXJDGLSURLHWWLOLYDJDQWL
/DQRUPDULFKLDPDWDULJXDUGDHVFOXVLYDPHQWHOHDUPLGDIXRFRSHUOHDOWUH
DUPLGDVSDURVRFFRUUHO¶DUW&3LOTXDOHYLHWDGLJHWWDUHLQXQOXRJRGL
SXEEOLFRWUDQVLWRRLQXQOXRJRSULYDWRIUHTXHQWDWRGDDOWULFRVHDWWHDGRI
IHQGHUHRPROHVWDUHHTXLQGLSHUTXDQWRFLFRQFHUQHUHJRODO
XVRGHOOHDUPL
GDVSDURFKH QRQVRQRGDIXRFR FRPHOHDUPLDGDULD FRPSUHVVD HGHJOL
DWWUH]]LVSRUWLYLTXDOLJOLDUFKLOHEDOHVWUHHFF1HFRQVHJXHFKHDQFKHQHO
O
DELWDWRVLSXzVSDUDUHFRQDUPLDGDULDFRPSUHVVDSXUFKpQRQLQXQOXRJR
RYHWUDQVLWLQRSHUVRQHHSXUFKpQRQVLUHFKLPROHVWLDDWHU]L
8OWHULRUL OLPLWD]LRQL LQILQH VRQR FRQWHQXWH QHOO
DUW GHOOD /HJJH VXOOD
FDFFLDLQFXLqYLHWDWR
VSDUDUHGDGLVWDQ]DLQIHULRUHDFHQWRFLQTXDQWDPHWULFRQXVRGLIXFLOHGD
FDFFLDFRQFDQQD DGDQLPDOLVFLDRGDGLVWDQ]DFRUULVSRQGHQWHD PHQR GL
XQDYROWDHPH]]DODJLWWDWDPDVVLPDLQFDVRGLXVRGLDOWUHDUPLLQGLUH]LR
QHGLLPPRELOLIDEEULFDWLHVWDELOLDGLELWLDGDELWD]LRQHRDSRVWRGLODYRUR
GL YLH GL FRPXQLFD]LRQH IHUURYLDULD H GL VWUDGH FDUUR]]DELOL HFFHWWXDWH
TXHOOHSRGHUDOLHGLQWHUSRGHUDOLGLIXQLYLHILORYLHHGDOWULLPSLDQWLGLWUD
VSRUWRDVRVSHQVLRQHGLVWDEELVWD]]LUHFLQWLHGDOWUHDUHHGHOLPLWDWHGHVWL
QDWH DO ULFRYHUR HG DOO
DOLPHQWD]LRQH GHO EHVWLDPH QHO SHULRGR GL XWLOL]]D
]LRQHDJURVLOYRSDVWRUDOH
LO WUDVSRUWR DOO
LQWHUQR GHL FHQWUL DELWDWL H GHOOH DOWUH ]RQH RYH q YLHWDWD
O
DWWLYLWjYHQDWRULDRYYHURDERUGRGLYHLFROLGLTXDOXQTXHJHQHUHHFRPXQ
TXHQHLJLRUQLQRQFRQVHQWLWLSHUO
HVHUFL]LRYHQDWRULRGDOODSUHVHQWHOHJJHH
GDOOHGLVSRVL]LRQLUHJLRQDOLGLDUPLGDVSDURSHUXVRYHQDWRULRFKHQRQVLD
QRVFDULFKHHLQFXVWRGLD
&RPHVLYHGHVLWUDWWDGLGLVSRVL]LRQLFKHFRQFHUQRQRVROROHDUPLGDFDFFLD
HQRQOHDUPLGLGLYHUVRJHQHUHTXDOLOHDUPLVSRUWLYHROHDUPLFRUWHÊSH
Uz EXRQD UHJROD DWWHQHUVL FRPXQTXH DOOH GLVSRVL]LRQL VRSUD LQGLFDWH FKH
FRUULVSRQGRQRDUHJROHJHQHUDOLGLSUXGHQ]D
8QSDUWLFRODUHSUREOHPDqSRVWRGDOODQRUPDFKHLPSRQHGLWUDVSRUWDUHLQ
FHUWHVLWXD]LRQLO¶DUPDLQFXVWRGLD
6HVLOHJJHO
DUWGHOODOHJJHVXOODFDFFLDOHWWHUHGDDDGHVLYHGHFKH
HVVRUHJROD
O
HVHUFL]LRYHQDWRULRLQFHUWLOXRJKLqYLHWDWRO
HVHUFL]LRYHQDWRULRLQPROWL
OXRJKLSDUFKLRDVLDLHDUHHVSRUWLYHHFFQRQFKpVXOOHVWUDGHFDUUR]]DELOL
HQHOUDJJLRGLPHWULGDHVVH
$OODOHWWHUDIVLILVVDQRLQYHFHOHGLVWDQ]HGLVLFXUH]]DHQWURFXLQRQVLSXz
VSDUDUHLQGLUH]LRQHGLGHWHUPLQDWLRELHWWLYL
$OOD OHWWHUDKLQILQH VLVWDELOLVFH FKH DOO
LQWHUQR GHL FHQWUL DELWDWL H GHOOH
DOWUH]RQHLQFXLqYLHWDWDO
DWWLYLWjYHQDWRULDWHUPLQHTXHVWRFKHGRYUHEEH
FRUULVSRQGHUHDOO
HVHUFL]LRYHQDWRULRDSSHQDYLVWRQRQFKpDERUGRGLYHL
FROLGLTXDOXQTXHJHQHUHDQFKHGLXQDELFLFOHWWDTXLQGLHRYXQTXHHVHP
SUHQHLJLRUQLLQFXLQRQqFRQVHQWLWDODFDFFLDqYLHWDWRLOWUDVSRUWRGLDUPL
VDOYRFKHHVVHVLDQRVFDULFKHHLQDSSRVWDFXVWRGLD
&Lz SUHPHVVR VRUJH LO SUREOHPDGL FDSLUH VH LO OHJLVODWRUH YLHWDQGR LO WUD
VSRUWRYROHYDRPHQRYLHWDUHVHPSUHHFRPXQTXHDQFKHLOSRUWRFRQVLGH
UDQGRORFRPHTXDOFKHFRVDFKHYDROWUHLOWUDVSRUWRYLHWDWDODFRQGRWWDPL
QRUHULPDQHYLHWDWDODFRQGRWWDPDJJLRUH,OSUREOHPDQRQqGLIDFLOHVR
OX]LRQHSHUFKpOHGLVSRVL]LRQLDOODOHWWHUDKKDQQRGLYHUVDIXQ]LRQH,OGL
YLHWRGLWUDVSRUWRQHOO
DELWDWRQRQqGLUHWWRDLPSHGLUHLOEUDFFRQDJJLRRY
YLDPHQWH PD DG LPSHGLUH LQFLGHQWL LO GLYLHWR GL SRUWDUH DUPL FDULFKH VX
YHLFROLULVSRQGHLQYHFHDGHQWUDPEHOHHVLJHQ]HTXHOORUHODWLYRDLJLRUQLLQ
FXLODFDFFLDqYLHWDWDYXROHYLHWDUHHVFOXVLYDPHQWHLOEUDFFRQDJJLR
/
LQWHUSUHWD]LRQH q UHVD DQFRU SL GLIILFLOH VH FL VL UDSSUHVHQWD L SUREOHPL
SUDWLFLFKHVRUJRQRQHOODVXDDSSOLFD]LRQH&KLDUULYDFRQO
DXWRVXOODSXE
EOLFDYLDHYXROHDGGHQWUDUVLQHOERVFRFRQLOIXFLOHSHUFDFFLDUHFRPHIDD
VXSHUDUHLPHWULIUDVWUDGDHERVFR"'HYHIRUVHSRUWDUVLGLHWURSHUWXWWRLO
JLRUQR OD FXVWRGLD" ( FKL GXUDQWH O
HVHUFL]LR GHOOD FDFFLD VL WURYD GDYDQWL
XQ
DLDHODGHYHDWWUDYHUVDUHSHUFKpqO
XQLFRYDUFRQHOOHUHFLQ]LRQLFKHFR
VDIDVHQRQVLqSRUWDWDFRQVpODFXVWRGLD"7RUQDIRUVHLQGLHWURHIDXQJLUR
GLTXDOFKHFKLORPHWUR"'LFHUWRQRHTXLQGLSDUUHEEHRYYLRGRYHUFRQFOX
GHUH FKH YL VRQR GHOOH VLWXD]LRQL FKH LPSRQJRQR GL LQWHUSUHWDUH OD QRUPD
QHOVHQVRFKHLOFDFFLDWRUHFKHVXOVXRSHUFRUVRLQFRQWUDXQSDUFRXQFDP
SRVSRUWLYR XQ
DLD GRYUj DQGDUH FRQ O
DUPDVFDULFD HQRQGRYUj IDUVL FR
JOLHUHLQDWWHJJLDPHQWRGLFDFFLDPDSRWUjSRUWDUHO
DUPDD WUDFROOD VHQ]D
SUREOHPL
4XDQWR SL FKLDUD HUD OD OHJJH GHO VHFRQGR FXL HUD YLHWDWR SRUWDUH
DUPLGDVSDURSHUXVRGLFDFFLDFDULFKHDQFKHVHLQSRVL]LRQHGLVLFXUH]]D
DOO
LQWHUQRGHL FHQWULDELWDWL R DERUGR GL YHLFROLGLTXDOXQTXHJHQHUH WUD
VSRUWDUHRSRUWDUHOHVWHVVHDUPLFDULFKH QHLSHULRGL HQHLJLRUQL QRQFRQ
VHQWLWLSHUODFDFFLD GDOODSUHVHQWH OHJJHHGDOOHGLVSRVL]LRQL UHJLRQDOL $
TXHVWR SXQWR O
XQLFD FRQFOXVLRQH VDJJLD VDUHEEH GL ULWHQHUH FKH OD QRUPD
QRQVLDLQWHUSUHWDELOHSHUFKpFRQWXWWDSUREDELOLWjLOOHJLVODWRUHKDIDWWRFRQ
IXVLRQHFRQOHSDUROHHQRQVLqUHVRFRQWRFKHLQDOFXQLFDVLYROHYDHGRYH
YDUHJRODUHLOSRUWRLQDOWULLOVRORWUDVSRUWR
6HVLYROHVVHVHJXLUHORJLFDHEXRQVHQVRVLGRYUHEEHFRQFOXGHUHFKHLOGL
YLHWR GL SRUWR q JLXVWLILFDWR H SRVVLELOH VROR LQ VLWXD]LRQL GL LPSRVVLELOLWj
DVVROXWDGLFDFFLDUHJLRUQLGLFDFFLDFKLXVDPHQWUHLQVLWXD]LRQLOLPLWDWHH
ORFDOLVLGRYUHEEHFRQVHQWLUHLOSRUWRGHOO
DUPDVFDULFD
6LFFRPH SHUz GXELWR PROWR FKH TXHVWH UDJLRQHYROL VROX]LRQL YHQJDQR VH
JXLWHGDLJLXGLFLQRQPLUHVWDFKHFRQVLJOLDUHGLHVVHUHSUXGHQWLHGLSRUWDUH
VHPSUHFRQVpXQDVRWWLOHFXVWRGLDFKHSXzHVVHUHDQFKHGLVHWDRGLSODVWL
FD LQ FXL DYYROJHUH O
DUPD QHO FDVR FKH VL GRYHVVHUR DWWUDYHUVDUH OXRJKL
YLHWDWL
/DQRUPDVXOOHGLVWDQ]HGHYHHVVHUHLQWHUSUHWDWDFRQXQDFHUWD UDJLRQHYR
OH]]D SRLFKp DOWULPHQWL VDUHEEH WDOH GD SUHFOXGHUH O
DWWLYLWj YHQDWRULD FRQ
DUPLDFDQQDULJDWDLQTXDVLWXWWRLOWHUULWRULRLWDOLDQR6HLQYHURLOWLUDWRUH
GHYH RVVHUYDUH O
LPSHUDWLYRFDWHJRULFRGL VDSHUH VHPSUH GRYH L VXRLFROSL
YDQQRDILQLUHFRVu FKHLQ FHUWLFDVL VL SRWUHEEH HVVHUH EHQSL VHYHULGHO
OHJLVODWRUHVLSHQVLDOSHULFRORFRVWLWXLWRGDOWLURDSDOODDYRODWLOLVXDOEHUL
FRQDQJROLGLWLURFKHSRVVRQRIDUFDGHUHLOSURLHWWLOHDGDOFXQLFKLORPHWULGL
GLVWDQ]DLQFRQFUHWRYLVRQRVLWXD]LRQLLQFXLqO
DPELHQWHQDWXUDOHVWHVVR
DGDVVLFXUDUHODPDVVLPDVLFXUH]]DVHDGHVHPSLRGDOODWRRSSRVWRGLXQD
YDOOHWWDYLqXQ
DELWD]LRQHHLOFDFFLDWRUHVSDUDGHFLVDPHQWHYHUVRLOIRQGR
YDOOHQRQVLSRWUjFHUWRGLUHFKHHJOLDEELDVSDUDWRLQGLUH]LRQHGHOODFDVD
DQFKHVHHJOLFRQLOFRUSRHFRQO
DUPDHUDULYROWRYHUVRODGLUH]LRQHJHRJUD
ILFD GHOOD FDVD PD XQ IXFLOH QRQ q XQD EXVVROD H ROWUH DOOD GLUH]LRQH
QRUGVXG KDDQFKHVSRVWDPHQWLYHUVRO
DOWRRLOEDVVRVHXQDVWUDGDFRUUH
GLHWURXQDFROOLQDHVLVSDUDLQGLUH]LRQHGHOODFROOLQDVWDQGRGDOODWRRSSR
VWRDTXHOORGHOODVWUDGDQRQVLSRWUj FHUWR WHPHUH SHUOD VLFXUH]]DGL FKL
SHUFRUUHODVWUDGD
/DQRUPDGLOHJJHqHUUDWDOjGRYHFRQVHQWHGLVSDUDUHLQGLUH]LRQHGLFDVH
HVWUDGHGDOODGLVWDQ]DVXSHULRUHDPHWULFRQIXFLOHDFDQQDOLVFLDFDUL
FDWRDSDOODODJLWWDWDGHOO
DUPDLQTXHVWRFDVRVLDJJLUDDWWRUQRDOFKLORPH
WURHGqGHOWXWWR FRQVLJOLDELOH GLRVVHUYDUHDOPHQR GHWWD GLVWDQ]D GLVLFX
UH]]D
&LUFDOHIXQLYLHQRQqFKLDUR VHVLDDQFKH YLHWDWRVSDUDUHLQ GLUH]LRQH GHL
FDYL SHU HYLWDUQH LO GDQQHJJLDPHQWR R VH q YLHWDWR VROR VSDUDUH YHUVR OH
FDELQHODSULPDWHVLVHPEUDODSLVHQVDWD
/D OLPLWD]LRQH SL VHQVLELOH ULPDQH SHUFLz TXHOOD FKH YLHWD LO WUDVSRUWR GL
DUPLGDFDFFLDFKHQRQVLDQRVFDULFKHHLQFXVWRGLDQHOOH]RQHRYHqYLHWDWD
O¶DWWLYLWjYHQDWRULDHFRPXQTXHQHLJLRUQLQRQFRQVHQWLWLSHUO¶HVHUFL]LRYH
QDWRULR Ê HYLGHQWH FKH VH q YLHWDWR LO WUDVSRUWR D PDJJLRU UDJLRQH VDUj
YLHWDWRLOSRUWRQHOOHPHGHVLPHFLUFRVWDQ]H
/D QRUPD QRQ YLHWD VLFXUDPHQWH GL SRUWDUH DUPL FRUWH PDL TXDOLILFDELOL
FRPHDUPLGDFDFFLDHTXLQGLQXOODYLHWDGLDQGDUHDVSDUDUHDOEHUVDJOLRLQ
XQSUDWRDQFKHLQWHPSRGLFDFFLDFKLXVDRYYLDPHQWHVHQ]DIDUVLFRJOLHUHD
SXQWDUHXQFDSULROR0DFKHGLUHGLXQDFDUDELQDFDOFKHLOOHJLVODWRUH
KDHVSUHVVDPHQWHHVFOXVRGDOQRYHURGHOOHDUPLGDFDFFLD"ÊYHURFKHLOOH
JLVODWRUHKDIDWWRFLzSHUFKpULWHQHYDWDOLDUPLGHVWLQDELOLDOEUDFFRQDJJLRH
TXLQGL³WURSSR´GDFDFFLDPDTXDQGRVLqSRVWRLOSUREOHPDVHOHFDUDELQH
FDOULHQWUDVVHURRPHQRWUDOHDUPLGHWHQLELOLVHQ]DOLFHQ]DGLFROOH]LR
QHH[DUW/ LOOHJLVODWRUHSHUFRQWUDVWDUH RJQLSRVVLELOHGL
YHUVDLQWHUSUHWD]LRQHKDVWDELOLWRFKHHVVHGDFDFFLDQRQHUDQR'LIURQWHD
TXHVWHLOORJLFLWjYHUUHEEHYRJOLDGLDIIHUPDUHFKHLOOHJLVODWRUHVHORqPH
ULWDWRHFKHqGHOWXWWROHFLWRDQGDUHDVSDUDUHQHOERVFRLQWHPSRGLFDFFLD
FKLXVDFRQXQ¶DUPDGDEUDFFRQDJJLRSXUFKpQRQFLVLIDFFLDVRUSUHQGHUHLQ
DWWHJJLDPHQWRGLFDFFLD
6WDELOLWRFRVuFKHQRQYLqDOFXQDQRUPDFKHYLHWDGLFRVWUXLUHXQSROLJRQR
GLWLURSULYDWRYHGLDPRTXDOLVRQRFRPXQTXHOHQRUPHGLOHJJHHOHQRUPH
GLSUXGHQ]DFKHRFFRUUHULVSHWWDUH
/HQRUPHGLOHJJH VRQRTXHOOH
UHODWLYHDOOHQRUPHXUEDQLVWLFKHVHVLHVHJXRQRRSHUHHGLOL]LHRGLPRGLIL
FDGHOO
DPELHQWHSHUFXLVLDULFKLHVWRLOULODVFLRGLOLFHQ]DHGLOL]LDFRPXQDOH
UHODWLYHDOO
LQTXLQDPHQWRDFXVWLFRLQTXDQWRYLVRQRGHLOLPLWLXIILFLDOLDOOD
HPLVVLRQHGLVXRQL LQ JHQHUH QHOO
DPELHQWH H GHLOLPLWLDOOD LPPLVVLRQHGL
VXRQLQHOODSURSULHWjDOWUXLHVVLSRVVRQRYDULDUHGDFRPXQHDFRPXQH
UHODWLYHDOO
LQTXLQDPHQWRDPELHQWDOHFKH SRVVD HVVHUH SURGRWWR GDOOD LP
PLVVLRQHLQHVVRGLSURLHWWLOLRGLJDVGLVSDUR
UHODWLYHDOOH QRUPHGLSXEEOLFD VLFXUH]]D LQTXDQWR VL WHQJDQRVSHWWDFROL
SXEEOLFLRDSHUWLDOSXEEOLFRSHUFXLRFFRUUHOLFHQ]DGHOVLQGDFR
UHODWLYHDOODQRUPDWLYDILVFDOHHVXOFRPPHUFLRLQTXDQWRVLVYROJDDWWLYLWj
FRPPHUFLDOHULFRQGXFLELOHDOSROLJRQRSDJDPHQWRLQJUHVVRYHQGLWDPXQL
]LRQLHFF$VVRFLD]LRQLVHQ]DILQHGLOXFURSRWUDQQRJRGHUHGLSDUWLFRODUL
DJHYROD]LRQLILVFDOL
/HQRUPHGLSUXGHQ]D VRQRTXHOOHGLUHWWHDGLPSHGLUHLQFLGHQWLDOO
LQWHUQR
RDOO
HVWHUQRGHOSROLJRQRHTXLQGLGLUHWWHDGHYLWDUH UHVSRQVDELOLWjFLYLOLH
SHQDOLSHULUHVSRQVDELOLGHOSROLJRQR6LGRYUjDGRWWDUHRJQLDFFRUJLPHQWR
DOILQHGLHYLWDUHGDQQLDSHUVRQHGRYXWLD
IXRULXVFLWDGLSURLHWWLOLGDOSROLJRQRFRPSUHQGHQWHO
HYHQWXDOH]RQDGLVL
FXUH]]D
ULPEDO]RSHULFRORVRGLSURLHWWLOLDOO
LQWHUQRGHOSROLJRQR
VSDURDFFLGHQWDOHQRQGLUHWWRYHUVRLEHUVDJOL
SUHVHQ]DQRQUHJRODWDGLSHUVRQHVXOOHOLQHHGLWLUR
HVSORVLRQHGLDUPLFRQIHULPHQWRGLSHUVRQHGLYHUVHGDOORVSDUDWRUH
HVSORVLRQHRLQFHQGLRGLUHVLGXLGLVSDURHGLJDVGLVSDUR
DYYHOHQDPHQWRGDJDVGLVSDURRGDYDSRULRSROYHULGLSLRPER
/DSURJHWWD]LRQHGLXQSROLJRQR
6RWWRLOSURILORJLXULGLFRLSROLJRQLYDQQRTXLQGLGLVWLQWLDLILQLGDOODSUR
JHWWD]LRQHLQGXHFDWHJRULH
4XHOOLGHO7LURD6HJQR1D]LRQDOHLTXDOLGHYRQRVHJXLUHOHGLUHWWLYHWHF
QLFKHHPDQDWHGDOOR6WDWR0DJJLRUHGHOO
(VHUFLWRHFKHULSRUWLDPRLQDOOH
JDWR/HGLUHWWLYHQRQHVFOXGRQRFKHYHQJDQRDGRWWDWHWHFQLFKHHWHFQROR
JLHGLYHUVHGDTXHOOHLQGLFDWHPDLOSROLJRQRGHYHFRPXQTXHHVVHUHDSSUR
YDWRHFROODXGDWRGDJOLRUJDQLPLOLWDUL
4XHOOLGLSULYDWLRGLDOWULHQWLSXEEOLFLGLYHUVLGDO761DGHVHPSLRFR
PXQDOLLTXDOLQRQVRQRVRJJHWWLDOO
DXWRULWjPLOLWDUHHFKHSRVVRQRTXLQGL
HVVHUHSURJHWWDWLDOORVWDWRGHOO
DUWH1RQYLqQHVVXQDQRUPDFKHLPSRQJD
REEOLJRGLDSSURYD]LRQHRFROODXGRSHULSROLJRQLGHOOD3ROL]LDGL6WDWRH
WDQWRPHQRSHUTXHOOLFRPXQDOLDQFKHVHQHOODSUDVVLYHQJRQRULFKLHVWL
/HGLUHWWLYHQRQVLDSSOLFDQRDJOLLPSLDQWLGLWLURDPHWULFRQDULDFRP
SUHVVDSHUWDOLSROLJRQLGHO761O
8,76KDHPDQDWRDSSRVLWHGLVSRVL]LRQL
/HHVLJHQ]HGLVLFXUH]]DVRQRRYYLDPHQWHPLQLPH
&LzQRQVLJQLILFDFKHOHQRUPHILVVDWHGDOO
$UPDGHO*HQLRQRQSRVVDQRH
QRQGHEEDQRHVVHUHXQDXWLOHJXLGDSHUODSURJHWWD]LRQHGLSROLJRQLLQJHQH
UHHVVHQGRGLWXWWDHYLGHQ]DFKHFKLYROHVVHFRVWUXLUHXQDVWUXWWXUDXWLOL]]D
ELOH QHOOHVWHVVH FRQGL]LRQL GL XQD GHO 761 QRQ SRWUHEEH IDUH D PHQR GL
DGHJXDUYLVLLQWXWWHTXHOOHGLVSRVL]LRQLFKH ULJXDUGDQRODVLFXUH]]D,QIDWWL
LQFDVRGLLQFLGHQWHLOSURJHWWLVWDHLOUHVSRQVDELOHGHOSROLJRQRSRWUHEEHUR
DQGDUHHVHQWLGDUHVSRQVDELOLWjVRORGLPRVWUDQGRFKHOHPLVXUHGDHVVLSUH
YLVWH HUDQR LQ FRQFUHWR PLJOLRUL GL TXHOOH VWDELOLWH GDOOH 'LUHWWLYH LO FKH
HTXLYDOHDGLPRVWUDUHFKHO
LQFLGHQWHVLVDUHEEHFRPXQTXHYHULILFDWRDQFKH
RVVHUYDQGROH'LUHWWLYH6LJQLILFDLQYHFHFKHVLqSLOLEHULGLDGDWWDUOHDOOH
FRQFUHWHHVLJHQ]HXQDFRVDqFRVWUXLUHXQSROLJRQRLQFXLVLSUHYHGHO
DI
IOXVVRGLFHQWLQDLDGLSHUVRQHDOPHVHRLQFXLVLLPSLHJDQRDUPLGLRJQLWL
SRFRVDGLYHUVDqFRVWUXLUHXQSROLJRQRIDPLOLDUHSHUO
XVRGLXQRVSHFLILFR
WLSRGLDUPD
6LDEHQFKLDURFKHqGHOWXWWRVFRQVLJOLDELOHODFRVWUX]LRQHGLSROLJRQLFRQ
VROX]LRQLLQYHQWDWHRLPSURYYLVDWHSHUFKpQRQRIIURQRDOFXQD JDUDQ]LDGL
VLFXUH]]D&KLYXROHVSDUDUHLQPRGRHVWHPSRUDQHRWDQWRYDOHFKHORIDFFLD
DOO
DSHUWR LQ DUHDLGRQHD PD VH GHFLGH GL FRVWUXLUH XQSROLJRQR QRQSXz
SUHVFLQGHUHGDXQDSUHFLVDHSXQWXDOHSURJHWWD]LRQHIDWWDGDWHFQLFL
,QFRQFUHWROHSURFHGXUHGDVHJXLUHVRQROHVHJXHQWL
/HVH]LRQLGHO761FKHLQWHQGRQRFRVWUXLUHSROLJRQLVXDUHHSXEEOLFKHGH
YRQRULFKLHGHUHLOSUHYHQWLYRSDUHUHWHFQLFRGHOO
8,76
8QDYROWDFRVWUXLWRLOSROLJRQRO
DXWRUL]]D]LRQHDOO
XVRDJLELOLWjqGDWD
GDOO
8,76SHULSROLJRQLDGDULDFRPSUHVVDGDOO
$UPDGHO*HQLRFRPSH
WHQWHWHUULWRULDOPHQWHSHUTXHOOLGHVWLQDWLDOOHDUPLGDIXRFR/
DJLELOLWjq
GDWDSHUGHWHUPLQDWHFDWHJRULHGLDUPLHSHUGHWHUPLQDWLWLSLGLPXQL]LRQH
6HFRQGRO
HVSHULHQ]DGHOO
8,76LFRVWLSHUODFRVWUX]LRQHGHJOLLPSLDQWLWHF
QLFLHVFOXVLJOLHGLILFLVRFLDOLRVVHUYDQGRWXWWHOHSUHVFUL]LRQLGHOOH'LUHW
WLYHVLDJJLUDQRVXLPLOLRQLSHUO
DULDFRPSUHVVDOLQHHVXLPL
OLRQLSHUVWDQGGDPHWULEHQROWUHLPLOLRQLSHUGLVWDQ]HVXSHULRULR
SHUSROLJRQLDFLHORFKLXVR
/DUHVSRQVDELOLWjGHOJHVWRUH
,QXQSROLJRQRSULYDWRSRVVRQRVSDUDUHVHQ]DSUREOHPLJLXULGLFLWXWWHOH
SHUVRQHPXQLWHGLSRUWRG
DUPDULODVFLDWRSHULOWLSRGLDUPDOXQJDRFRUWD
XVDWD,QTXHVWRFDVRQRQYLqDOFXQDUHVSRQVDELOLWjGHOJHVWRUHGHOSROLJRQR
SHUFRPSRUWDPHQWLLOOHFLWLGLFKLVSDUD(JOLVDUjUHVSRQVDELOHLQFDVRGLLQ
FLGHQWLVRORVHTXHVWLVRQRSURYRFDWLGDGHILFLHQ]HGHOSROLJRQRIXRULXVFLWD
GLSURLHWWLOLULPEDO]LHFF
&LzFKHLQYHFHSXzIDUHLQXQSROLJRQRSULYDWRFKLqSULYRGLLGRQHRSRUWR
G
DUPLqTXHVWLRQHPDLDIIURQWDWDXIILFLDOPHQWH/DPLDWHVLqFKHLQOXRJR
SULYDWRGLDOWULDGHVHPSLRLQFDVDGLXQDPLFRQXOODPLYLHWDGLLPSXJQD
UHXQDGHOOHVXHDUPLRSSXUHXQDGHOOHPLHDUPLFKHYLKRWUDVSRUWDWROHJLW
WLPDPHQWHHGLVSDUDUH6HLQIDWWLLOSDGURQHGLFDVDLQFDVDVXDHQHOOH
UHODWLYHSHUWLQHQ]HSXzXVDUHXQ
DUPDHSXzIDUODXVDUHDGXQIDPLOLDUH
SXUVHSULYLGLRJQLOLFHQ]DGLSRUWRQRQVLYHGHSHUFKpQRQGRYUHEEHIDUOD
XVDUHDGXQDPLFR
,OSUREOHPDSHUDOFXQLSRWUHEEHDYHUHGLYHUVDVROX]LRQHLQXQSROLJRQR
SULYDWRFKHQRQVLDSHUWLQHQ]DGHOO
DELWD]LRQHSHUFKpLQWDOFDVRO
DUPDYHU
UHEEHDGHVVHUHSRUWDWDIXRULGHOODSURSULDDELWD]LRQH3HUzQRQqRVVHUYD
]LRQHFRQYLQFHQWHHGLOULVXOWDWRFRQWUDVWDFRQODUHDOWjVHFRVuIRVVHDG
HVHPSLRXQDSHUVRQDQRQSRWUHEEHDQGDUHDSURYDUHXQDSURSULDDUPDQHS
SXUHSUHVVRLOSROLJRQRGLXQDUPLHUHSULYDWRLOFKHqDVVXUGR$QFRUDSL
DVVXUGRVDUHEEHSRLGLVWLQJXHUHIUDLOFDVRGHOJHVWRUHGLSROLJRQRFKHDELWD
DFFDQWRDGHVVRHFKLLQYHFHDELWDORQWDQR
6HFRQGRXQDRSLQLRQHDEEDVWDQ]DGLIIXVDHFRQGLYLVLELOHLQILQHVDUHEEH
VHPSUHFRQVHQWLWRDFKLqLQSRVVHVVRGLOLFHQ]DGLSRUWRG
DUPDGLDIILGDUH
O
DUPDDGXQDSHUVRQDFKHqSULYDGLOLFHQ]DHGLIDUODVSDUDUHSXUFKpFLz
DYYHQJDVRWWRLOVXRGLUHWWRHGLPPHGLDWRFRQWUROORFRVuFKHORVSDUDWRUH
VLDLQVRVWDQ]DVRORXQVXRVWUXPHQWR
5LSHWRSHUzFKHO
DVVROXWDFHUWH]]DGLQRQYLRODUHDOFXQDOHJJHVLKDVRORVH
LOJHVWRUHGHOSROLJRQRSULYDWRFRQVHQWHGLVSDUDUHVRORDSHUVRQHPXQLWHGL
OLFHQ]DGLSRUWRG
DUPDUHODWLYDDOWLSRGLDUPDLPSLHJDWR
32/,*21,',7,52
1R]LRQLJHQHUDOL
,OSROLJRQRGLWLURqXQ¶DUHDXWLOL]]DWDSHUHVHUFLWD]LRQLGLWLURFRQDUPLGD
IXRFR
'HYHULVSRQGHUHDGDOFXQLIRQGDPHQWDOLUHTXLVLWL
ODUJKH]]DDGHJXDWDDOQXPHURGLWLUDWRUL
SURIRQGLWjDGHJXDWDDOODJLWWDWDG¶LPSLHJRGHOOHDUPL
RULHQWDPHQWRFKHIDYRULVFDOHPLJOLRULFRQGL]LRQLGLOXFH
VLFXUH]]D
,OSUHVHQWHVWXGLRLQWHQGHDSSXQWRGHOLQHDUHSHUVRPPLFDSLOHPLVXUHLQ
GLVSHQVDELOLDOUHTXLVLWRGHOODVLFXUH]]DGLSHUVRQHHGLEHQLQHOO¶LPSLHJRGL
DUPLDSDOODDFDQQDULJDWDOXQJKHRFRUWHHVFOXGHQGRLOWLURDYROR
$OO¶LQWHUQRGHOSROLJRQRODVLFXUH]]DVLEDVDVXGXHFRPSRQHQWL
, /DVLFXUH]]DVWUXWWXUDOHDVVLFXUDWDGDXQDFRUUHWWDSURJHWWD]LRQHHGD
XQDDVVLGXDPDQXWHQ]LRQHSXOL]LDFRQWUROORSDUDSDOOHHFF
,, /D GLVFLSOLQD GHO WLUR DVVLFXUDWD GD FRUUHWWL FRPSRUWDPHQWL GHL UH
VSRQVDELOL H GHL WLUDWRUL 2JQL SROLJRQR SXEEOLFR GHYH HVVHUH GRWDWR GL
UHJRODPHQWR HGLDGHJXDWRQXPHURGLGLUHWWRULGLWLUR UHVSRQVDELOLGHOOD
VXDDSSOLFD]LRQHLQIDVHGLLPSLHJRGHOOHDUPL,QXQSROLJRQRSULYDWRYL
GHYHHVVHUHXQDSHUVRQDUHVSRQVDELOHFKHUHJROLHFRQWUROOLLOFRPSRUWD
PHQWRGHLWLUDWRUL
,SROLJRQLGLWLURYHQJRQRWLSRORJLFDPHQWHUDJJUXSSDWLHFODVVLILFDWLLQGXH
FDWHJRULH
DSHUWL
FKLXVLGLVWLQWLDORURYROWDLQSROLJRQLDFLHORDSHUWRRDFLHORFKLX
VR
*ORVVDULHWWR
3HU FDSLUFLPHJOLR VHPEUD RSSRUWXQR IDU SUHFHGH LO GLVFRUVR GD XQ EUHYH
JORVVDULRSRFRVLPSDWLFRFRPHWXWWHOHHVSUHVVLRQLGLSHGDQWHULD
DQJRORGLULPEDO]R
DUHDSDUDSDOOH
DUHDWLUDWRUL
ER[RSRVWD]LRQHGLWLUR
GLDIUDPPD
LPSLDQWRVWDQGGLWLUR
OLQHDEHUVDJOL
OLQHDGHOIXRFR
OLQHDGLWLUR
PXURGLFKLXVXUD
RULJLQHGHOWLUR
SDUDSDOOH
SRVWRFRQWUROORGHOWLUR
WUDYHUVDDWHUUDERQHWWR
]RQDRFDPSRGLWLUR
DQJRORGLXQDWUDLHWWRULDGLULPEDO]RSHULPSDWWRDOVXROR
1HOODSURJHWWD]LRQHGHLSROLJRQLYLHQHDVVXQWRLQƒ
VHWWRUHWHUPLQDOHGHOSROLJRQRGLWLURFKLXVR
DUHDDQWLVWDQWHLOSRVWRGLFRQWUROORULVHUYDWDDLWLUDWRUL
VSD]LRULVHUYDWRDOVLQJRORWLUDWRUH
HOHPHQWR WUDVYHUVDOH DOOD OLQHD GL WLUR GHVWLQDWR
DOO¶LQWHUFHWWD]LRQHGHOOHWUDLHWWRULHDQRPDOHDOWHGLODQFLR
RGLULPEDO]R
OXRJRRSSRUWXQDPHQWHRUJDQL]]DWRSHUHVHJXLUHLOWLURFRQ
DUPLGDIXRFRLQFRQGL]LRQLGLVLFXUH]]D
DOOLQHDPHQWRGHLEHUVDJOL
DOOLQHDPHQWRGHOOHRULJLQLGHOWLUR
DVVHFRQJLXQJHQWHO¶RULJLQHGHOWLURDOEHUVDJOLR
RSHUDSHULPHWUDOHGHOOD]RQDGLWLURGHVWLQDWDDGLQWHUFHW
WDUHOHWUDLHWWRULHDQRPDOHODWHUDOLGLODQFLRRGLULPEDO]R
SXQWRGDTXDOHKDQQRRULJLQHOHWUDLHWWRULH
VWUXWWXUD GL IRQGR GHVWLQDWD DG LQWHUFHWWDUH H WUDWWHQHUH L
SURLHWWLOL
VSD]LR GHOOD VWD]LRQH GL WLUR ULVHUYDWR DO FRQWUROOR GHOOD
VLFXUH]]DHGDOODGLUH]LRQHGHLWLUL
HOHPHQWRVWUXWWXUDOHWUDVYHUVDOHDOOHOLQHHGLWLURGHVWLQDWR
DOO¶LQWHUFHWWD]LRQHGHOOHWUDLHWWRULHDQRPDOHEDVVH
VHWWRUHGHOO¶LPSLDQWRGLWLURFKHFROOHJDODVWD]LRQHGLWLUR
FRQLOPDUJLQHGLIRQGRGHOSROLJRQR
3ROLJRQLDSHUWL
6RQRLSLULVSRQGHQWLDLILQLDGGHVWUDWLYLLQTXDQWRFRQVHQWRQRO¶LPSLHJR
GHOOH DUPL LQ FRQGL]LRQL UHDOLVWLFKH VLD GD SRVWD]LRQH ILVVD VLD LQ PRYL
PHQWRFRQEUXWWDHVSUHVVLRQHFKLDPDWRWLURGLQDPLFR
/HPLJOLRULFRQGL]LRQLGLVLFXUH]]DVRQRULSRUWDWHQHLUHJRODPHQWLPLOLWDUL
FKH SUHVFULYRQR OR VJRPEHUR H OD VRUYHJOLDQ]D GL XQ¶DUHD JURVVR PRGR
WULDQJRODUHFKLDPDWDVHWWRUHGLVLFXUH]]D
,OVHWWRUHGLVLFXUH]]DKDXQ¶DPSLH]]DDQJRODUHGLƒDVLQLVWUDHƒDGH
VWUDGHOODOLQHDGLWLUR/DGLVVLPPHWULFLWjVLVSLHJDFRQHPSLULFKHFRQVLGH
UD]LRQLVXOULPEDO]RGHLSURLHWWLOLVXOWHUUHQR/HDUPLPLOLWDULWUDQQHHFFH
]LRQLGLVSRQJRQRGLULJDWXUHGHVWURUVHFKHDFFHQWXDQRLOULPEDO]RDGHVWUD
,O VHWWRUH GL VLFXUH]]D FRVu FDOFRODWR SUHVXSSRQH FKH L WLUDWRUL VLDQR VLVWH
PDWL LQ PDQLHUD GD SRWHU VSDUDUH VROR YHUVR LO EHUVDJOLR 6H YLHQH PHQR
TXHVWRSUHVXSSRVWRLOVHWWRUHSXzDPSOLDUVLILQRDGLYHQLUHXQVHPLFHUFKLR
RSHUVLQRXQLQWHURFHUFKLR
,O UDJJLR GL TXHVWR VHWWRUH FLRq OD SURIRQGLWj GL VJRPEHUR GHO WHUUHQR OD
]RQDLQFXLQRQVLGRYUDQQRWURYDUHDVVROXWDPHQWHSHUVRQHGXUDQWHLOWLURq
FRPSUHVRQHOODFRVLGGHWWDSDUDERODGLVLFXUH]]D
)DVFLRGLWUDLHWWRULHHSDUDERODGLVLFXUH]]D
6HSHUXQDGDWDYHORFLWjLQL]LDOHGHOSURLHWWLOHVLYDULDO
DQJRORGLWLURVLRW
WLHQHXQIDVFLRGLWUDLHWWRULHFRQWHQXWHHQWURXQDFXUYDG
LQYLOXSSRRSD
UDERODGLVLFXUH]]D
$O GL IXRUL GL TXHVWD SDUDEROD GL VLFXUH]]D QHVVXQ EHUVDJOLR SXz HVVHUH
FROSLWRFRQXQSURLHWWLOHFKHDEELDODYHORFLWjLQL]LDOHGDWD2JQLSXQWRGHOOD
SDUDERODSXzHVVHUHFROSLWRGDXQDVRODWUDLHWWRULDWXWWLLEHUVDJOLDOO
LQWHUQR
GHOODSDUDERODSRVVRHVVHUHFROSLWLGDGXHGLYHUVHWUDLHWWRULHODSULPDFRQ
XQDQJRORGLWLURLQIHULRUHDƒODVHFRQGDFRQXQWLURDYHQWHDQJRORVXSH
ULRUHƒ/DVRPPDGLTXHVWLGXHDQJROLGjVHPSUHJUDGL
$
2
)DVFLRGLWUDLHWWRULHH
SDUDERODGLVLFXUH]]D
,
,,
,,,
%
/DSDUDERODGLVLFXUH]]DQRQqGLDOFXQDXWLOLWjTXDQGRVLVSDUDLQSLDQXUD
SHUFKpFRPXQTXHELVRJQDFKHLOWHUUHQRVLDVJRPEHURGDSHUVRQHILQRDOOD
JLWWDWDPDVVLPD(VVDVHUYHLQYHFHTXDQGRVLGHYHVWDELOLUHVHXQRVWDFROR
QDWXUDOHDGHVHPSLRXQPRQWHRDUWLILFLDOH PXURR DUJLQHGHOSROLJRQR
SRVWR VXOOD GLUH]LRQH GL WLUR D GLVWDQ]D PLQRUH GHOOD JLWWDWD PDVVLPD VLD
LGRQHR DG LPSHGLUH FKH L SURLHWWLOL FDGDQR ROWUH O
RVWDFROR VWHVVR WHQXWR
FRQWRGHOPDJJLRUDQJRORGLWLURUHDOL]]DELOHGDOODSRVWD]LRQH
, PLOLWDUL FKH LPSLHJDQR PXQL]LRQDPHQWR SDUWLFRODUH SHUIRUDQWH LQFHQ
GLDULRHFFLQFUHPHQWDQRWDOLPLVXUHFRQXQXOWHULRUHIUDQFRGLVLFXUH]]D
,Q SUHVHQ]D GL XQ SDUDSDOOH QDWXUDOH GL QRWHYROH HQWLWj FRPH XQ FRVWRQH
URFFLRVR QRQ SHUFRUULELOH SXz HVVHUH DGRWWDWR XQ ER[ OLPLWDWRUH FRPH
TXHOOR LQ ILJXUD LQ JUDGR GL LQWHUFHWWDUH OH WUDLHWWRULH DOWH H GL UHVWULQJHUH
PD FRQ SUXGHQ]D O¶DPSLH]]D GHO VHWWRUH GL VJRPEHUR RUL]]RQWDOH $ WDO
ILQH RFFRUUH ULFRUGDUH FKH QRQ q VXIILFLHQWH DG HVHPSLR FKH XQ RVWDFROR
OLPLWLLOWLURYHUVRLOODWRVLQLVWURPDVLGHYHDQFKHSUHYHGHUHODSRVVLELOLWj
GHOULPEDO]RYHUVRGHVWUDGHOSURLHWWLOHFKHFROSLVFDGHWWRRVWDFROR
,QRJQLFDVRO¶DPSLH]]DGLXQSROLJRQRGLWLURDSHUWRPDQWLHQHVHPSUHGL
PHQVLRQLSURLELWLYH
9HGLDPRFRPHFDOFRODUHOD³SDUDERODGLVLFXUH]]D´)DFFLDPRULIHULPHQWR
DOODILJXUD
/HJLWWDWHPDVVLPHSRVVRQRHVVHUHFRVuULDVVXQWH
H$&3
OU
PPSDUD
PP[
HDIILQL
P
P
P
P
P
&RQXQVLVWHPDHVWUHPDPHQWHVHPSOLILFDWRVLSXzWUDFFLDUHODSDUDERODSHU
WUDWWLUHWWLOLQHLVWLPDQGROHRUGLQDWHFRPHVHJXH
2$
GL2%
,
³ ³
,,
³ ³
,,,
³ ³
9ROHQGRHVHJXLUHLOFDOFRORLQPRGRSLJHQHUDOHHVHQ]DDYHUHJUDQGLFR
QRVFHQ]DEDOLVWLFKHVLSXzVHJXLUHXQPHWRGRVHPSOLILFDWRFKHFRQVHQWHGL
RWWHQHUHXQULVXOWDWRDFFHWWDELOHSHURJQLWLSRGLSURLHWWLOH
&RPHVLYHGHGDOODILJXUDLOSXQWR%GHOODSDUDERODFRUULVSRQGHDOODJLWWDWD
PDVVLPD GHO SURLHWWLOH LO SXQWR $ FRUULVSRQGH DOOD PDVVLPD DOWH]]D UDJ
JLXQJLELOHGDOSURLHWWLOHVSDUDWRYHUWLFDOPHQWH4XHVWHGXHPLVXUHSRVVRQR
HVVHUHFDOFRODWHFRQIRUPXOHDSSURVVLPDWLYH
(FFRLYDULSDVVL
&DOFRODUHODPDVVLPDDOWH]]DUDJJLXQJLELOHGOSURLHWWLOHLQYHUWLFDOHPH
GLDQWHODIRUPXOD
<PD[
3˜9
˜ FRVWDQWH
&DO
LQFXL3qLOSHVRLQJUDPPL9ODYHORFLWjLQPV&DOLOFDOLEURLQPPHLQ
FXLODFRVWDQWHYDULDGDSHUSURLHWWLOLDSSXQWLWLDSHUSURLHWWLOLSHU
SLVWRODDSHUSURLHWWLOLDSXQWDWRQGDRSDOOHVIHULFKH
0ROWLSOLFDUHLOYDORUHFRVuWURYDWRSHUHVLRWWLHQHODJLWWDWDPDVVLPD
;1DWXUDOPHQWHVHVLGLVSRQHGHOODPLVXUDGHOODJLWWDWDPDVVLPDFDOFRODWD
GDXQEDOLVWLFRR PLVXUDWD VSHULPHQWDOPHQWH VLXWLOL]]HUjTXHVWD O
DOWH]]D
PDVVLPDLQYHUWLFDOHVDUjSDULDFLUFDLOGHOODJP
$EELDPRFRVuJLjWURYDWRLOSXQWRLQL]LDOHHLOSXQWRILQDOHGHOODSDUDERODGL
VLFXUH]]D
6HSRLDEELDPRODFXULRVLWjGLFRQRVFHUHDQFKHO
RUGLQDWDDOGHOODWUDLHWWRULD
GLPDVVLPDJLWWDWDYHUWLFHFLRqO
DOWH]]DPDVVLPDUDJJLXQWDGDOSURLHWWLOH
FDOFROLDPRSULPDLOWHPSRGLYRORFRQODIRUPXOD
7
;WDQJ3
DVVXPHQGRSHU3 LOYDORUHGLƒ
O
RUGLQDWDVDUjGDWDGD
<Y
˜ 7 PHQWUHO
DVFLVVDFLzVXDGLVWDQ]DGDOSXQWR2VXOO
DVVH2%VDUjSDULD
;Â
(VHPSLRVLDLOSURLHWWLOHPPSDUDFRQYHORFLWjLQL]LDOHGLPVSHVR
JUHFRVWDQWH /
DOWH]]DPDVVLPDLQYHUWLFDOHVDUjSDULDPH
WULHODJLWWDWDPDVVLPDSDULDPHWUL,OWHPSRGLYRORVDUjGL
7
˜ WDQ Jq
/
RUGLQDWDVDUjSHUFLzFLUFDPHWULHO
DVFLVVDPHWUL
3HUWUDFFLDUHODSDUDERODGLVLFXUH]]DGREELDPRDYHUHTXDOFKHVXRSXQWR
LQWHUPHGLR3HURWWHQHUOLGLYLGLDPRLOWUDWWR2%LQTXDWWURSDUWLHJXDOL'DL
WUHSXQWLLQWHUPHGLHOHYLDPRODSHUSHQGLFRODUHGLOXQJKH]]DWDOHFKHODQU,
VLDHJXDOHDOGL2$ODQ,,DOORODQU,,,DO/DFXUYDFKH
FROOHJD$FRQ%SDVVDQGRSHUTXHVWLSXQWLVDUjODSDUDERODGLVLFXUH]]D6H
SHUQRVWUDWUDQTXLOOLWjDXPHQWLDPRLYDORULVRSUDWURYDWLSHU2$H2%GLXQ
VLSRWUjDYHUHXQDUDJLRQHYROHFHUWH]]DFKHLSURLHWWLOLQRQILQLUDQQRDO
GLIXRULGLHVVD
6H RUD YROHVVLPR VWDELOLUH VH XQ FROOLQD DOWD PHWUL ULVSHWWR DO OLYHOOR
GHOODSRVWD]LRQHGLWLURHFRQODYHWWDSRVWDDPHWULLQOLQHDRUL]]RQWDOH
GDOWLUDWRUHVLDLGRQHDDSURWHJJHUHLOWHUULWRULRSRVWRROWUHGLHVVDVDUjVXI
ILFLHQWHULSRUWDUHVXOGLVHJQRLQVFDODODGLVWDQ]DGLPHWULDSDUWLUHGD2
HGDOSXQWRFRVuWURYDWRHOHYDUHODSHUSHQGLFRODUHFRUULVSRQGHQWHDP
6HVLULPDQHDOGLVRWWRGHOODSDUDERODGLVLFXUH]]DYXROGLUHFKHODFROOLQD
qWURSREDVVDVHVLYDDOGLVRSUDYXROGLUHFKHQHVVXQSURLHWWLOHGHOO
DUPD
SUHVDLQFRQVLGHUD]LRQHSRWUjROWUHSDVVDUODTXDOXQTXHVLDO
DQJRORGLWLUR
,OSUREOHPDDFXVWLFR
/
DWWXDOHQRUPDWLYDLPSRQHFKHLOVXRQRFKHHVFHGDXQSROLJRQRQRQGHYH
VXSHUDUHXQFHUWROLYHOORVRQRURDGHVHPSLRG%PDYDULDELOHDVHFRQGR
GHL SLDQL FRPXQDOL PLVXUDWR D FLQTXH PHWUL GDO PXUR HVWHUQR 1HOOD SUR
JHWWD]LRQHGLXQSROLJRQRVLGHYHSHUzWHQHUHSUHVHQWHFKHqSUHYHGLELOHLQ
IXWXURXQDXOWHULRUHULGX]LRQHGHOOLPLWHSHUVLQRILQRDG%
8Q SROLJRQR DSHUWR SXz HVVHUH TXLQGL UHDOL]]DWR VROR D QRWHYROH GLVWDQ]D
GDOO
DELWDWRHFRQSDUWLFRODULDFFRUJLPHQWLGDVWDELOLUHFDVRSHUFDVR
6HFRQGROD ILVLFD O
LQWHQVLWj VRQRUD GLPLQXLVFH YLD YLD FKH FL VL DOORQWDQD
GDOODVRUJHQWHVRQRUDVHFRQGRODIRUPXOD
G% [
G% OQ ;
LQFXL;qODGLVWDQ]DHG%R O
LQWHQVLWjLQL]LDOHLOFKHDQFRUSLVHPSOLFH
PHQWHVLJQLILFDFKHDGRJQLUDGGRSSLDUVLGHOODGLVWDQ]DLOVXRQRGLPLQXL
VFH GL G% 4XHVWR LQ FRQGL]LRQL WHRULFKH VHQ]D WHQHUH FRQWR GHO YHQWR
GHOODGHYLD]LRQHFDXVDWD GDVWUDWLGLDULDFRQGLYHUVD WHPSHUDWXUDGLHFKL
GHOO
DVVRUELPHQWRGHO WHUUHQRGHOOD SUHVHQ]D GLWHUUDSLHQL HERVFKLFKH GH
YLLQR LO VXRQR YHUVR O
DOWR ,Q SUDWLFD VL FRQVLGHUL FKH XQ IXFLOH FDO SURGXFHXQVXRQRGLHXQIXFLOH GDFDFFLDDFDQQD OLVFLDXQVXRQRGL
G%FKHVDUjULGRWWRDG%DGXQFKLORPHWURWHQXWRFRQWRGHOO
DVVRU
ELPHQWRGHOWHUUHQRFRQXQYHQWRGLPVDIDYRUHLOVXRQRSHUzVDUjDQ
FRUDGLG%
,QXQSROLJRQRFKLXVRDFLHORDSHUWROHSDUHWLGLOHJQRRGLFHPHQWRULIOHWWR
QRLO UXPRUH GHOOR VSDUR H GLVWXUEDQRVLD L WLUDWRUL FKH L YLFLQL LQYHFH XQ
SROLJRQR EHQ ULYHVWLWR GL PDWHULDOH IRQRDVVRUEHQWH PLJOLRUD OD VLWXD]LRQH
SHUHQWUDPELSHUzQRQEDVWDULYHVWLUHLPXULFRQFRQWHQLWRULSHUXRYRRFRQ
SROLVWLUROR,QROWUHVHVLVSDUDFRQIXFLOLPLOLWDULHSURLHWWLOLVXSHUVRQLFLQRQ
VLHOLPLQDLOEDQJGHOSURLHWWLOHDOGLIXRULGHOODSRVWD]LRQHGLWLURHRJQLLQ
VRQRUL]]D]LRQHGLTXHVWDQRQKDHIIHWWRULVSHWWRDOO
DPELHQWH,QROWUHLOVXR
QRQRQKDRULJLQHVRORGDOO
DUPDPDGDRJQLSXQWRGHOODWUDLHWWRULDULVSHWWR
D FXL VL GLIIRQGH SHUSHQGLFRODUPHQWH FRQ HFKL H ULIOHVVLRQL GL FXL ELVRJQD
WHQHUHFRQWR
/D VROX]LRQH PLJOLRUH GHO SUREOHPD DFXVWLFR VL KD TXLQGL FRQ L SROLJRQL
FKLXVLDFLHORFKLXVRFKHRIIURQRLQROWUHLOYDQWDJJLRGHOODDVVHQ]DGLYHQWR
H GHOOD LOOXPLQD]LRQH FRVWDQWH $QFRUD PLJOLRUL DL ILQL GHOOD LQVRQRUL]]D
]LRQHVRQRLSROLJRQRVRWWHUUDQHL
,QTXHVWLWLSLGLSROLJRQLQDVFRQRSHUzPDJJLRULSUREOHPLGLDFXVWLFDLQWHU
QDSHUFKpXQUXPRUHWURSSRLQWHQVRGDQQHJJLDO
XGLWRHGLVWXUEDLOWLUDWRUH
,OVXRQRGHOORVSDURKDXQDGXUDWDGLVROLPLOOLVHFRQGLFRQXQDJDPPDGL
IUHTXHQ]DFKHYDGDJOLDL+]FRQSLORVSDURqIRUWHSLDOWDq
OD FRPSRQHQWH GL EDVVH IUHTXHQ]H 4XDQGR HVVR YLHQH ULIOHVVR GD SDUHWL
SURYRFDULIOHVVLRQLFKHYHQJRSHUFHSLWHLQPRGRVSLDFHYROHHFKHSRVVRQR
GXUDUH DOXQJRSHU HIIHWWRGLHFKL ,QXQD VWDQ]D FRPSOHWDPHQWH FKLXVD OH
RVFLOOD]LRQL SRVVRQR GXUDUH ILQR D VHFRQGL /
RQGD GL SUHVVLRQH GHOOR
VSDURSXzSURYRFDUHRVFLOOD]LRQHGHOODSDUHWLHGHVVHUHDVXDYROWDIRQWHGL
VXRQR 2FFRUURQR TXLQGL SDUHWL SHVDQWL H ULJLGH RSSXUH XQ ULYHVWLPHQWR
PRUELGRFKHDVVRUEDTXHVWHRQGHHULGXFDODULVRQDQ]DGHOO
DPELHQWH1RQ
HVLVWHXQPDWHULDOHLGHDOHODQDPLQHUDOHFRWRQHVXJKHURODVWUHDFXVWLFKH
JRPPDSLXPDHFFPDVRORXQHVSHUWRSXzVWDELOLUHTXDOHVLDLOPDWHULDOH
SL LGRQHR WHQXWR FRQWR GHOOD VWUXWWXUD GHO ORFDOH H GHOOD IUHTXHQ]D WLSLFD
GHOOHDUPLLPSLHJDELOL,OULVXOWDWRPLJOLRUHFKHVLSXzRWWHQHUHQHOODSUDWLFD
qGLGLPLQXLUHLOWHPSRGLULVRQDQ]DGDDGXQRFRQXQDULGX]LRQHGHO
O
LQWHQVLWjVRQRUDGLG%
,Q *HUPDQLD LQ DOFXQL SLFFROL SROLJRQL XVDQR SRUUH GDYDQWL DO WLUDWRUH XQ
FDVVRQHGLFLUFDXQPHWURFXERULYHVWLWRLQWHUQDPHQWHGLPDWHULDOHIRQRDV
VRUEHQWH PXQLWR DQWHULRUPHQWH H SRVWHULRUPHQWH GL GXH ILQHVWUH LQ FRUUL
VSRQGHQ]DO
XQDGHOO
DOWUDLOWLUDWRUHVSDUDDWWUDYHUVRODSULPDILQHVWUDFRQ
OD FDQQD FKH VSRUJH XQ SR
DOO
LQWHUQR GHO FDVVRQH FKH IXQ]LRQD FRPH XQ
JUDQGHVLOHQ]LDWRUHÊSHUzHOHYDWRLOSHULFRORGLLQFHQGLRRGHVSORVLRQH
,OULPEDO]RGHLSURLHWWLOL
,OULPEDO]RGHLSURLHWWLOLVHJXHOHQRUPDOLOHJJLGHOODILVLFD,OSURLHWWLOHUDJ
JLXQJH XQD VXSHUILFLH FRQ O
DQJROR . HG XQD YHORFLWj FKH VL VFRPSRQH LQ
GXHFRPSRQHQWLODSULPDSHUSHQGLFRODUHDOODVXSHUILFLHHODVHFRQGDWDQ
JHQ]LDOHSDUDOOHODDOODVXSHUILFLHVHFRQGROHIRUPXOH
YS
YW
Y ˜ VHQ D
Y ˜ FRV D
6RORODFRPSRQHQWHYHUWLFDOHDJLVFHVXOODVXSHUILFLHHFRUUHODWLYDPHQWHVXO
SURLHWWLOHSHUFLzFRQSLO
DQJROR. qSLFFRORPLQRULVRQRTXHVWLHIIHWWLVX
VXSHUILFLHHSURLHWWLOH'RSRO
XUWRODFRPSRQHQWHWDQJHQ]LDOHGHOODYHORFLWj
ULPDQHLQDOWHUDWDVDOYRPRGHVWDSHUGLWDSHUDWWULWRVXOODVXSHUILFLHPHQWUH
ODFRPSRQHQWHYHUWLFDOHVLULGXFHDVHFRQGDGHOODHODVWLFLWj0 GHOO
XUWR6H0
VLKDXQXUWRSODVWLFRFRQFRPSOHWDGLVSHUVLRQHQHOO
HQHUJLDDOO
LPSDWWR
VHQ]DULPEDO]RDOFXQR6H0 ELJOLDGLDFFLDLRVXSLDVWUDGLDFFLDLR OD
FRPSRQHQWHYHUWLFDOHGHOODYHORFLWjULPDQHLQDOWHUDWDVH0 SDOODFDPL
FLDWDDGHVODFRPSRQHQWHYHUWLFDOHGHOODYHORFLWjDVVXPHUjLOYDORUH9S
9S Â0 HO
DQJRORGLULIOHVVLRQH VDUjPLQRUH GHOO
DQJRORGLLQFLGHQ]D/D
YHORFLWjFRQFXLLOSURLHWWLOHULPEDO]DVDUjGDWDGDOODIRUPXOD
9
YL
FRV D
FRV E
&LzVLJQLILFDFKHLQFDVRGLXUWRPROWRHODVWLFRLOSURLHWWLOHSURVHJXHLQXQD
QXRYDGLUH]LRQHFRQXQDYHORFLWjSURVVLPDDTXHOODGLLPSDWWRSHUHIIHWWR
GHOO
XUWR HVVR VDUj GHVWDELOL]]DWR URWHHUj YRUWLFRVDPHQWH FRQ DXPHQWR GHO
FRHIILFLHQWHDHURGLQDPLFRPDSRWUjDYHUHSXUVHPSUHXQDJLWWDWDSDULDGXQ
WHU]RGLTXHOODFKHDYUHEEHQRUPDOPHQWH
*OLDQJROL. H YDQQRPLVXUDWLVSHULPHQWDOPHQWH,QDOFXQLFDVLVLULVFRQWD
FKHO
DQJROR qWDOYROWDPDJJLRUHGHOO
DQJROR.RYYLDPHQWHQRQYHQJRQR
YLRODWHOHOHJJLGHOODILVLFDPDDFFDGHFKHLOSURLHWWLOHSURYRFKLHSHUFRUUD
QHOPDWHULDOHXQDEUHYHVFDQDODWXUDRGHIRUPD]LRQHFKHGHYLD LO SURLHWWLOH
FRQXQDQJRORPDJJLRUHGLTXHOORGLLPSDWWR/DYHORFLWjSHUzQRQVDUjSL
FDOFRODELOHFRQODIRUPXODRUDYLVWD
&RQ O
DXPHQWR GHOO
DQJROR . DXPHQWD OD FRPSRQHQWH GHOOD YHORFLWj G
LP
SDWWRHODUHODWLYDHQHUJLDFRQPDJJLRUGHIRUPD]LRQHGHOSURLHWWLOH3HURJQL
FRPELQD]LRQHGLSURLHWWLOHVXSHUILFLHYLqXQ DQJROR . D FXL LOSURLHWWLOH R
SHQHWUDRSSXUHVLIUDPPHQWDFRVuFKHULPEDO]DQRVRQRLIUDPPHQWL,QDO
FXQLFDVLSXzDFFDGHUHFKHLOSURLHWWLOHSURYRFKLQHOODVXSHUILFLHXQIRURSL
JUDQGHGHOVXRFDOLEURYHQHQGRSRLSHUzULPEDO]DWRVHQ]DSDVVDUHGDOO
DOWUD
SDUWHIHQRPHQRIUHTXHQWHVXODVWUHGLYHWURPDSRVVLELOHDQFKHVXODVWUHGL
PHWDOORFRVuFKHSRLJOLLQYHVWLJDWRULFHUFDQRLOSURLHWWLOHGDOODWRVEDJOLD
WR
6LDEHQFKLDURFKHLOYDORUH0 QRQqILVVRSHURJQLPDWHULDOHSHUFKpGLSHQGH
GDOWLSRGLSURLHWWLOHHYDULDDVHFRQGDGHOORVSHVVRUHHGHOPRQWDJJLRGHO
PDWHULDOHGHOEHUVDJOLR
(VSHULPHQWLSUDWLFLHVHJXLWLVXODVWUHGLYDULPHWDOOLKDQQRPRVWUDWRFKHVL
KDULPEDO]RILQRDGDQJROL. SDULDƒHFRQXQDQJROR DOGLVRWWRGHL
ƒ
&RQSURLHWWLOLFDOOULOYDORUHGL0 qSDULDSHUODVWUHGLDFFLDLRGL
PPHDSHUODVWUHGLPP&RQSURLHWWLOLFDOLYDORULVRQRULVSHW
WLYDPHQWHH
6SDUDQGRFRQLOFDOPPVLULVFRQWUDFKHLSURLHWWLOLLQL]LDQRDSHQHWUD
UHFRQXQDQJRORGLƒ&RQPHQRGLƒVLKDLOIHQRPHQRSHUFXLO
DQ
JRORGLLPSDWWRqPLQRUHGHOO
DQJRORGLULPEDO]R2OWUHƒVLKDIUDPPHQ
WD]LRQHGHOSURLHWWLOH
,OOHJQRKDXQFRPSRUWDPHQWRGLYHUVRGDOPHWDOORHSDUDJRQDELOHDTXHOOR
GHOO
DFTXDLOSURLHWWLOHQRQULPEDO]DFRPHVXGLXQDVXSHUILFLHGXUDPDSH
QHWUDQHOOHJQRYLSURYRFDXQDVFDQDODWXUDHYLHQHGHYLDWRYHUVRO
DOWRSHU
ORVWHVVR IHQRPHQR SHUFXL XQ UDJJLR GL OXFH YLHQH GHYLDWR SDVVDQGR GDO
O
DULDDOO
DFTXDPDLQWHUYHQJRQRDQFKHIHQRPHQLLGURGLQDPLFL/DFRQVH
JXHQ]DqFKHTXDQWRPDJJLRUHqO
DQJROR.WDQWRPDJJLRUHGLYHQWDO
DQJROR
ILQRDFKHQRQVLUDJJLXQJHO
DQJRORGLLPSDWWRDQJRORFULWLFRFKHFRQ
VHQWHODSHQHWUD]LRQHGHOSURLHWWLOH4XHVWRSHUSURLHWWLOLVSDUDWLVXWDYROHGL
OHJQRVHVLVSDUDQHOOHJQRGLSXQWDFLRq VXGLXQD VH]LRQH RUL]]RQWDOH
GHOWURQFRLOOHJQRSXzFRPSRUWDUVLLQPRGRHVWUHPDPHQWHHODVWLFR
/
DQJRORFULWLFRSHUSURLHWWLOLGLSLVWRODQHOOHJQRGLDEHWHqGDƒPP
SDUDDƒFDOHFDOSHUSURLHWWLOLGLIXFLOHqGLFLUFDƒ
/
DQJRORFULWLFRSHULOYHWURqDWWRUQRDLƒPDVLSRVVRQRDYHUHULPEDO]L
DQFKH FRQ LPSDWWL GL ƒ 6XO FHPHQWR VL KDQQR YDORUL GL ƒ JUDGL
PROWRYDULDELOLDVHFRQGDGHOWLSRGLFHPHQWRHGLSURLHWWLOH
,SURLHWWLOLULPEDO]DQRDQFKHVXOODVDEELDFRQXQDQJRORFULWLFRGLFLUFDƒ
FLUFDƒSHUJOLVOXJ
6XOO
DFTXDO
DQJRORFULWLFRqGLFLUFDƒO
DQJROR qGLSRFRLQIHULRUHH
WDOYROWDVXSHULRUH
'LIILFLOLGDSUHYHGHUHHGDFDOFRODUHVRQRLULPEDO]LHOHGHYLD]LRQLFRQWUR
VXSHUILFLFXUYHDGHVHPSLRWURQFKLRUDPL
6HFRQGRHVSHULPHQWLGHOOR)%,XQRVSDUDWRUHLQSLHGLFKHVSDUDFRQODSL
VWRODDPHWUL\DUGHVXOWHUUHQRFRSHUWRGLDVIDOWRRFHPHQWRDQJROR
ƒSXzFROSLUHFRQLOULPEDO]RDOOHJDPEHRDOEDVVRYHQWUHXQDSHUVR
QDFKH VLWURYL D\G VXOO
HUEDRSSXUH FRQ SDOODVOXJ ODSXzFROSLUH DO
SHWWR
,QXQSROLJRQRGHYHSHUFLzHVVHUHXVDWDODPDVVLPDFXUDDIILQFKpLSURLHWWLOL
QRQSRVVDQRPDL ULPEDO]DUHLQPRGR SHULFRORVR H QRQ SUHYLVWR 0DWHULDOL
GHVWLQDWLDULFHYHUHLSURLHWWLOLGHYRQRHVVHUHILVVDWLVHQ]DO
LPSLHJRGLYLWLR
JDQFLGLPHWDOORVXFXLLSURLHWWLOLSRWUHEEHURULPEDO]DUHVDUHEEHDVVROXWD
PHQWHVFLRFFRILVVDUHXQWDYRODWRGLOHJQRGLFPGLVSHVVRUHFRQGHLEXO
ORQLDQFKHVHDIIRQGDWLLQHVVRSHUTXDOFKHFHQWLPHWUR
3ROLJRQLFKLXVL
6RQRTXHOOLGRWDWLGLSDUWLFRODULRSHUHGLVLFXUH]]DFKHLPSHGLVFRQRODIXR
ULXVFLWDGLSURLHWWLOLVLDGLODQFLRVLDGLULPEDO]R
/DORURDIILGDELOLWjGLSHQGHVLDGDOODFRUUHWWH]]DGLSURJHWWD]LRQHHGLHVH
FX]LRQH VLD GDOOD FRVWDQ]D HG DFFXUDWH]]D GHOOD PDQXWHQ]LRQH 'HWWDJOLR
TXHVW¶XOWLPRQRQVHFRQGDULRODGGRYHVLFRQVLGHULO¶D]LRQHGHPROLWULFHGHL
SURLHWWLOLLQTXHVWHLQIUDVWUXWWXUHVHPSUHLQWHQVDPHQWHIUHTXHQWDWH
,SROLJRQLFKLXVLSRVVRQRHVVHUHDFLHORDSHUWRRSSXUHDFLHORFKLXVR
3ROLJRQLFKLXVLDFLHORDSHUWR
6RQRTXHOOLWLSLFLGHOOH6H]LRQLGHO7LURD6HJQR1D]LRQDOHHSHULGHWWDJOLH
OHLVWUX]LRQLVLULQYLDDOODDOOHJDWDGLUHWWLYD7HFQLFDGHOO
,VSHWWRUDWRGHOO
$U
PDGHO*HQLR
'HYRQRGLVWDUHGDJOLDELWDWLLQPLVXUDWDOHGDQRQVXSHUDUHLOOLYHOORGLUX
PRURVLWjVWDELOLWRGDOOH$XWRULWjORFDOL
2OWUHDOOHDUHHGHVWLQDWHDOSDUFKHJJLRHGDLVHUYL]LHVVHQ]LDOLLOFXRUHGHO
SROLJRQRqOD]RQDGLWLURFRVWLWXLWDGDDUHDWLUDWRULFDPSRGLWLUR HSDUD
SDOOHWHUPLQDOH
/¶DUHDWLUDWRUL qVXGGLYLVDLQSRVWD]LRQLGLWLURFKHSRVVRQRHVVHUHVWUXWWX
UDWH D ER[ WDOL GD VHSDUDUH L WLUDWRUL SRVVLELOPHQWH FRQ SDUHWL UHVLVWHQWL
DOO¶LPSDWWR GHL SURLHWWLOL VHQ]D RULJLQDUH ULPEDO]L ,O GLUHWWRUH GL WLUR GHYH
HVVHUHLQFRQGL]LRQHGLVRUYHJOLDUHWXWWLLER[TXLQGLGHYHFRSULUHXQVHWWR
UHYLVLYRFKHYDGDƒDƒ
/DVHSDUD]LRQHLQER[QRQqREEOLJDWRULDPDRIIUHXQDVLFXUH]]DDJJLXQWL
YDVLDGDPDQRYUHLQFRQVXOWHGLXQWLUDWRUHVLDLQFDVRGLVFRSSLRGLXQ
DU
PDVLDSHUHYLWDUHFKHLERVVROLHVSXOVLGDXQ
DUPDILQLVFDQRDGGRVVRDOWL
UDWRUHYLFLQR1HOFDVRVLGHFLGDGLVHSDUDUHLER[ODSDUHWHGLVHSDUD]LRQH
SRWUjHVVHUHSLRPHQRUREXVWDDVHFRQGDGHOWLSRGLLQFRQYHQLHQWHFKHVL
LQWHQGHSUHYHQLUHILQRDJLXQJHUHDOO
LPSLHJRGLSDUHWLFRQWHQHQWLODVWUHGL
DFFLDLREDOLVWLFR
/
DFFLDLREDOLVWLFRqXQRVSHFLILFRWLSRGLDFFLDLRXVDWRSHUEOLQGDWXUDGLPH]]LFRUD]]DWL1HOOH'LUHWWLYH
VLLQVLVWHQHOULFKLHGHUHLOFROODXGRGHOOHSURWH]LRQLLQDFFLDLRGDSDUWHGHO%DQFRGL3URYDGL%UHVFLD4XH
VWRDGLUHLOYHURQRQKDDIIDWWRTXHVWLFRPSLWLHQRQGLSHQGHGDO0LQLVWHURGHOOD'LIHVDHSHUFLzQRQKD
QpDOFXQREEOLJRJLXULGLFRGLSURFHGHUHQpXQDVSHFLILFDFRPSHWHQ]D3HUFLzODSUHWHVDFRQWHQXWDQHOOH
'LUHWWLYHqLOOHJLWWLPDHLOFROODXGRSXzHVVHUHHIIHWWXDWRGDTXDOVLDVLVWD]LRQHGLSURYDGHLPDWHULDOLLQ
JUDGRGLHIIHWWXDUOR
ÊVHQ]
DOWURFRQVLJOLDELOHDOPHQRXQDUREXVWDSDUHWHGLOHJQRQHLFDVLLQFXL
VL XVDQR PXQL]LRQL ULFDULFDWH D PDJJLRU ULVFKLR GL SURYRFDUH VRYUDSSUHV
VLRQLQHOOHDUPL$OWUHWWDQWRGLFDVLRYHVLXVLSROYHUHQHUDVLDSHUUDJLRQLGL
VLFXUH]]DVLDSHUFKpODYDPSDWDHLOIXPRQRQGLVWXUELQRLWLUDWRULYLFLQL
1HLSROLJRQLSHUDUPLOXQJKHRJQLER[SXzHVVHUHGRWDWRGLSDQFRQLDGDO
WH]]DYDULDELOHSHULWLULLQSLHGLLQJLQRFFKLRHGDWHUUD/DGLVWDQ]DWUDOH
OLQHHGLWLURFRQWLJXHQRQGHYHHVVHUHLQIHULRUHDPHODGLVWDQ]DWUDOL
QHHGLWLURODWHUDOLHSDUHWLQRQGHYHHVVHUHLQIHULRUHDFP3DUHWLSDYL
PHQWR SLODVWUL H VRIILWWR GHOO¶DUHD WLUDWRUL GHYRQR HVVHUH LPSHUIRUDELOL GD
SURLHWWLOLVHQ]DSURGXUUHULPEDO]L$WDOILQHVRQRSRVVLELOLQXPHURVHVROX
]LRQL WHFQLFKH FKH HVXODQR GDL OLPLWL GL TXHVWD FRQYHUVD]LRQH 'RYHQGR
WUDWWDUHHVFOXVLYDPHQWHHSHUVRPPLFDSLODVLFXUH]]DQRQIDUHPRFHQQRDL
GLVSRVLWLYLGLLQVRQRUL]]D]LRQHHGLPRYLPHQWD]LRQHEHUVDJOL
/D]RQDGLWLUR SDUWHGDOODOLQHDWLUDWRULHGqGHOLPLWDWDGDLPXULSHULPHWUDOL
HGDOSDUDSDOOHWHUPLQDOH
&RQWLHQHODSHQVLOLQDLGLDIUDPPLOHWUDYHUVHHODVWD]LRQHEHUVDJOLFRQSD
UDSDOOH
,PXULSHULPHWUDOL GHYRQRHVVHUHLPSHUIRUDELOL'RYUDQQRHVVHUHTXLQGLLQ
FDOFHVWUX]]RGLFHPHQWRRLQPXUDWXUDSLHQDFRQVSHVVRUHQRQLQIHULRUHD
FP3HULSROLJRQLGHVWLQDWLDGDUPLGLSRWHQ]DVXSHULRUHDMRXOHVXL
PXULGRYUDQQRHVVHUHDSSOLFDWHTXLQWHSXUHLPSHUIRUDELOLGDSURLHWWLOLHUL
YHVWLWHFRQOHJQR/HTXLQWHVRQRDOHWWHDWXWW¶DOWH]]DDQJRODWHLQPRGRFKH
O¶DQJRORG¶LPSDWWRPLQLPRVLDVXSHULRUHDƒDQJRORSHUFXLVLKDVLFXUD
SHQHWUD]LRQHQHOOHJQR
/¶DOWH]]DGHOPXURGRYUjDVVLFXUDUHXQIUDQFRGLVLFXUH]]DGLDOPHQRFP
QHLFRQIURQWLGLWUDLHWWRULHGLODQFLR
/DSHQVLOLQD GHYHSULQFLSDOPHQWHLQWHUFHWWDUHOHWUDLHWWRULHDOWHHVHFRQGD
ULDPHQWHHYLWDUHO¶DEEDJOLDPHQWRVRODUHGHLWLUDWRUL'HYH HVVHUH LPSHUIR
UDELOH GDL SURLHWWLOL FRQ VXSHUILFLH OLVFLD H FRQ ULYHVWLPHQWR GL DGHJXDWL
VSHVVRULGLOHJQRRGLDOWURPDWHULDOHGDFPDFPDVHFRQGDGHOODSR
WHQ]D GHOOH DUPL DSSOLFDWR VX PXUDOHWWL GD FP LQ PRGR GD UHDOL]]DUH
XQ¶LQWHUFDSHGLQHLQJUDGRGLLPSULJLRQDUHLSURLHWWLOLWUDOHJQRHFHPHQWR
, GLDIUDPPL VRQR ILQHVWUDWXUH GHVWLQDWH DOO¶LQWHUFHWWD]LRQH GHOOH WUDLHWWRULH
DQRPDOHDOWHGLODQFLRHGLULPEDO]R6RQRLQQXPHURYDULDELOHGDFDOFROD
UHGLYROWDLQYROWD'HYRQRHVVHUHLPSHUIRUDELOLGDLSURLHWWLOLFRQVXSHUIL
FLHOLVFLDHVHQ]DULVDOWL5LYHVWLPHQWRFRPHSHUODSHQVLOLQD
/H WUDYHUVH D WHUUD DQFK¶HVVH LQ QXPHUR YDULDELOH VRQR GHVWLQDWH
DOO¶LQWHUFHWWD]LRQH GHOOHWUDLHWWRULHEDVVHSHUHYLWDUHULPEDO]L 3RVVRQRHV
VHUH VHPSOLFL JUDGRQL GL WHUUD RSSXUH LQ PDWHULDOH GXUR VHPSUH ULYHVWLWR
FRPHSHQVLOLQDHGLDIUDPPL
,OSDUDSDOOH WHUPLQDOHGHYHDVVRUELUHHWUDWWHQHUHODWRWDOLWjGHLSURLHWWLOL6L
WURYDDOOHVSDOOHGHOO¶XOWLPDOLQHDEHUVDJOL(¶FRPSRVWRGDXQSULPRHOH
PHQWRGHVWLQDWRDGLQWHUFHWWDUHHWUDWWHQHUHLSURLHWWLOLVHQ]DRULJLQDUHULP
EDO]LHGXQJURVVRPXURGLIRQGR/¶HOHPHQWRGLLPSDWWRSXzHVVHUHXQWHU
UDSLHQRRSSXUHXQDJURVVDSDUHWHGLOHJQRFKHVRVWLHQHXQDGHJXDWRVSHV
VRUHGLVDFFKHWWLGLVDEELD1RQPDQFDQRVXOPHUFDWRVROX]LRQLSLLQQRYD
WLYHVHWWLDEEDWWLWRULGLJRPPDRSSXUHGLPDWHULDOHSROLPHULFRHSLDVWUHGL
DFFLDLREDOLVWLFRVLVWHPDWHDVFLYRORDSHUVLDQDDFKLRFFLRODODFXLFRQYH
QLHQ]DGHYH HVVHUH YDOXWDWD LQ WHUPLQLGL UDSSRUWR FRVWRHIILFDFLD ,O SDUD
SDOOH ULFKLHGH FRVWDQWH PDQXWHQ]LRQH 3URLHWWLOL ULPDVWL LQILVVL QHO SULPR
HOHPHQWRGHOSDUDSDOOHSRVVRQRHVVHUHFDXVDGLSHULFRORVLVVLPLULPEDO]L
3ROLJRQLFKLXVLDFLHORFKLXVR
6RQRFKLDPDWLDQFKHSROLJRQLLQJDOOHULD6HQRQVRQRVRWWHUUDQHLOHSDUHWL
ODWHUDOLGRYUDQQRHVVHUHLPSHUIRUDELOLDLSURLHWWLOLFRPHYLVWRVRSUD
&RQVLVWRQR LQ XQD VWUXWWXUD VFDWRODWD FRPSOHWDPHQWH FKLXVD LQ JUDGR GL
LPSHGLUHODIXRULXVFLWDGLWUDLHWWRULHGLODQFLRHGLULPEDO]R
/DFRQILJXUD]LRQHJHRPHWULFDqUHWWDQJRODUHDWXWWDOXQJKH]]DRSSXUHFRQ
VHWWRULGLODUJKH]]DFUHVFHQWHYHUVRLOSDUDSDOOHWHUPLQDOH7DOHXOWLPDFRQ
ILJXUD]LRQHPLJOLRUDO¶HIIHWWRRWWLFRHOHFRQGL]LRQLDFXVWLFKHROWUHDGRIIUL
UHDQJROLGHILODWLDOWLURQHLTXDOLVLVWHPDUHODPSDGHHYDULPHFFDQLVPL
,OSROLJRQRLQJDOOHULDUDSSUHVHQWDLOPDVVLPRGHOODVLFXUH]]DLQWHUPLQLED
OLVWLFLPDSUHVHQWDYDULDVSHWWLGHOLFDWL
,3HULFRORGLDYYHOHQDPHQWRGDJDVHSLRPER
/R VSDUR SURGXFHPRQRVVLGRGL FDUERQLR HVVR q DOWDPHQWHYHOHQRVR HG q
PRUWDOH UHVSLUDUQH XQD SHUFHQWXDOH GHOOR SHU TXLQGLFL PLQXWL 9LHQH
LQROWUH SURGRWWD DQLGULGH FDUERQLFD FRQ GLPLQX]LRQH GHOOD SHUFHQWXDOH GL
RVVLJHQRQHOO
DULDHLQIOXHQ]DVXOOHFRQGL]LRQLILVLFKHGHLSUHVHQWL
,OSLRPERGHLSURLHWWLOLLQILQHDOO¶LPSDWWRFRQWURVXSHUILFLGXUHSXzSROYH
UL]]DUVLHVXEOLPDUH
8QSROLJRQRDFLHORFKLXVRGHYHSHUFLzHVVHUHDVVROXWDPHQWHPXQLWRGLXQ
LPSLDQWRGLULFLFODJJLRGHOO
DULDHGLXQVHJQDODWRUHGLPRQRVVLGRGLFDUER
QLR
,,3HULFRORGLHVSORVLRQL
$GRJQLVSDURYHQJRQRSURLHWWDWHGDOODERFFDGHOO
DUPDSDUWLFHOOHGLSROYHUH
LQFRPEXVWHRVHPLFRPEXVWHHVVH VLGHSRVLWDQRWXWW
LQWRUQRLQXQDUDJJLR
GL DOFXQL PHWUL H SRVVRQR LPSURYYLVDPHQWH SUHQGHUH IXRFR R HVSORGHUH
QRQLQTXDQWRHVSORVLYLPDSHUODPLVFHODSROYHUHDULDFKHVLIRUPD3HU
FLzLQTXHVWRUDJJLRQRQELVRJQDXVDUHPDWHULDOLLQILDPPDELOLHGHYHHVVHUH
SRVVLELOHXQDSXOL]LDDFFXUDWDGHOOHVXSHUILFLPHGLDQWHODYDJJLR1RQVLGH
YRQRXVDUHDVSLUDSROYHUHVDOYRTXHOOLLQGXVWULDOLFRQGLVSRVLWLYLDQWLVWDWLFL
HDQWLVFLQWLOODSHUFKpDQFK
HVVLSRWUHEEHURHVSORGHUH
$OWUHWWDQWRSHULFRORVRqO
DFFXPXORGLJDVGLVSDURFKHVLSXzYHULILFDUHFRQ
XQXVRLQWHQVLYRGHOSROLJRQR$QFKHSHUHVVLQRQYLqPLJOLRUVROX]LRQHGL
XQHIILFLHQWHLPSLDQWRGLYHQWLOD]LRQH
,,,1HFHVVLWjGLXQDDGHJXDWDLOOXPLQD]LRQH
,92WWLPDHIILFLHQ]DGHOSDUDSDOOH
,QXQSROLJRQRFKLXVRVDUDQQRTXLQGLLQGLVSHQVDELOLLPSLDQWLGL
LOOXPLQD]LRQHFKH DVVLFXULQR XQD LQWHQVLWj OXPLQRVD GL DOPHQR OX[QHOO¶DUHDWLUDWRULHGLDOPHQROX[QHOO¶DUHDEHUVDJOL
LOOXPLQD]LRQHGLHPHUJHQ]DSHUDOPHQR¶
YHQWLOD]LRQH FKH DVVLFXUL XQ ULFDPELR G¶DULD FRQ LPPLVVLRQH
QHOO¶DUHDWLUDWRULHGHVWUD]LRQHLQJDOOHULDHQHOSDUDSDOOHFRQIOXVVR
GDDPV,QFRUULVSRQGHQ]DGHOSDUDSDOOHO¶HVWUDWWRUHGRYUj
HVVHUH GRWDWRGL DSSRVLWL ILOWUL SHU HYLWDUH FKH SROYHUL GL SLRPER GL
GLPHQVLRQHVXSHULRUHDP VLGLVSHUGDQRQHOO¶DPELHQWH
ULOHYD]LRQHGHOO¶RVVLGRGLFDUERQLRFKHGHYHVHJQDODUHFRQFHQWUD]LR
QLQRQVXSHULRULDSSP
DQWLQFHQGLLQWHUIRQR79DFLUFXLWRFKLXVRHFF
HYHQWXDOPHQWHULVFDOGDPHQWR
1HL SROLJRQL LQ JDOOHULD O¶DUHD WLUDWRUL FRQ L ER[HV GL WLUR q DQDORJD D
TXHOODGHLSROLJRQLDFLHORDSHUWRPDGHYHHVVHUHLQVRQRUL]]DWD,ER[HVWL
UDWRULGHYRQRHVVHUHVHSDUDWLGDSDQQHOOLFRQDQLPDFHQWUDOHLQDFFLDLREDOL
VWLFRVSHVVRUHPPHGXUH]]D+%ULYHVWLWDVXHQWUDPEHOHIDFFHFRQ
DOPHQR FP GL PDWHULDOH DQWLULPEDO]R 2JQL ER[ GHYH HVVHUH GRWDWR GL
ULOHYDWRUHGLOLYHOORGL&2FRQUHODWLYRVHJQDOHGLDOODUPHRWWLFRHDFXVWLFR
/HSDUHWLGHYRQRHVVHUHULYHVWLWHFRQPDWHULDOHDQWLULPEDO]RHFRQSROLXUH
WDQRHVSDQVRSLUDPLGDOHSHUO¶LQVRQRUL]]D]LRQHDPELHQWH
/DJDOOHULDGLWLURqLQFDOFHVWUX]]RGLFHPHQWRDUPDWRFRQJURVVRVSHVVRUH
GLFRSULIHUUR,OSULPRWUDWWRGLSDUHWLHVRIILWWRGHYHHVVHUHULYHVWLWRFRQWD
YROHGLVWDQ]LDWHGDOODPXUDWXUDFRPHGHVFULWWRSHULSROLJRQLDFLHORDSHUWR
SHUWUDWWHQHUHLSURLHWWLOLFKHYLLQFLGDQRFRQDQJRORVXSHULRUHDƒ,OWUDWWR
ULPDQHQWHGHYHHVVHUHDVXSHUILFLHOLVFLDHUHVLVWHQWHSHUFRQYRJOLDUHYHUVR
LOSDUDSDOOHLSURLHWWLOLFKHYLLPSDWWLQRFRQDQJRORLQIHULRUHDƒ
,O SDYLPHQWR VDUj GL WLSR LQGXVWULDOH 9LHQH FRQVLJOLDWR XQ WUDWWR GL SDYL
PHQWD]LRQH LQ ODPLHUD G¶DFFLDLR LQ SURVVLPLWj GHOOD OLQHD WLUDWRUL VRSUDW
WXWWRVHOHSRVWD]LRQLVRQR³LQEXFD´
6RODLRGLFRSHUWXUDHGHYHQWXDOLIDUHWWLRWHOHFDPHUHGHYRQRHVVHUHSURWHWWL
FRQGLDIUDPPLGLDFFLDLREDOLVWLFRGDPPLQFOLQDWLLQPRGRGDDVVLFXUDUH
XQDQJRORGLLPSDWWRLQIHULRUHDƒ
,OSDUDSDOOH qHOHPHQWRIRQGDPHQWDOHGHOO¶LQWHURLPSLDQWR
'HYH DVVRUELUH WXWWL L SURLHWWLOL GL ODQFLR H GL ULPEDO]R JDUDQWHQGR FKH
HYHQWXDOLSURLH]LRQLDOO¶LQGLHWURQRQVXSHULQRODGLVWDQ]DGLP
'HYH LQROWUH HYLWDUH FRQFHQWUD]LRQL GL YDSRUL GL SLRPER VXSHULRUL D PJPFDOO¶LQWHUQRGHOSROLJRQR
,WLSLGLIHUPDSDOOHVRQRDQDORJKLDTXHOOLFLWDWLSHULSROLJRQLFKLXVLDFLHOR
DSHUWRHQRQGHVFULWWLSHUHYLWDUHFRPPHQWLFRQLQHYLWDELOH ULFDGXWDFRP
PHUFLDOH3HULSROLJRQLFKLXVLHVLVWRQRLQFRPPHUFLRDQFKHVSHFLDOLSD
UDSDOOH DG DVVRUELPHQWR FKH IUHQDQR LO SHUFRUVR GHO SURLHWWLOH SULPD
GHOO¶LPSDWWRFRQXQDODPLHUDLQFOLQDWDGLDFFLDLREDOLVWLFR6LWUDWWDGLLP
SLDQWLFRVWRVLPDGLLQVXSHUDWDHIILFDFLDVRSUDWWXWWRQHOFDVRGLPXQL]LRQL
GDFDUDELQD
&RQFOXVLRQL
4XDQWRVRSUDVHUYHVROWDQWRDGRULHQWDUHLOOHWWRUHVXOOHSULQFLSDOLFDUDWWHUL
VWLFKHGLXQSROLJRQRGLWLURDOO¶DSHUWRRSSXUHLQJDOOHULD
&RPHVSHULDPRVLDFKLDURODUHDOL]]D]LRQHGLXQDVWUXWWXUDGLWLURFRQLPL
QLPLUHTXLVLWLGLVLFXUH]]DQRQVLSXzLPSURYYLVDUHQpDIILGDUHDVROX]LRQL
³GLIDQWDVLD´
8QSROLJRQRDSSHQDDFFHWWDELOHGHYHHVVHUHSURJHWWDWRHFROODXGDWRGDSUR
IHVVLRQLVWD
,O7LURD6HJQRQD]LRQDOHVHJXHSDUWLFRODULQRUPHHSURFHGXUHDGHUHQWLDOOH
SUHVFUL]LRQLDGRWWDWHGDOO¶$XWRULWj0LOLWDUH
3HULSULYDWLLOGLVFRUVRSRWUHEEHHVVHUHPHQRYLQFRODQWHPDQRQVLFRQVL
JOLDGLGHURJDUHGDOOHGLUHWWLYHWHFQLFKHVRSUDGHOLQHDWH
,//8675$=,21,
8VRGHOER[OLPLWDWRUH
1HOFUHDUHGHOOHOLPLWD]LRQLGLUHWWHDFRVWULQJHUHLOWLUDWRUHDVSDUDUHVROR
LQGLUH]LRQHGHOEHUVDJOLRQRQELVRJQDSUHYHGHUHVRORODQRUPDOHWUDLHWWRULD
OXQJRODOLQHD2$PDDQFKHWUDLHWWRULHDQRPDOHVLDLQRUL]]RQWDOHFKHLQ
YHUWLFDOH2FFRUUHSUHYHGHUHDQFKHSRVVLELOLULPEDO]L
67$720$**,25('(//
(6(5&,72
,63(7725$72'(//
$50$'(/*(1,2
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
',5(77,9$7(&1,&$
3(5,32/,*21,',7,52
,1*$//(5,$
'73
$99(57(1=$
ÊSRVVLELOHFKHYLVLDQRFLUFRODUL
GLDJJLRUQDPHQWR
,QIRUPDUVLSUHVVRO
,VSHWWRUDWRGHOOD
$UPDGHO*HQLR
,GLVHJQLGLTXHVWRWHVWRQRQVHPSUHVRQRQHOODVFDODLQGLFDWD
,
,,
,1',&(
3UHPHVVD
*(1(5$/,7¬
7HUPLQLHGHILQL]LRQL
6FRSR
0RGDOLWjGLWLUR0XQL]LRQDPHQWRHGDUPLGLSUHYLVWRLPSLHJR
D0RGDOLWjGLWLUR ª
E0XQL]LRQDPHQWR
F$UPLGLSUHYLVWRLPSLHJR 6LFXUH]]D
&ROODXGL$JLELOLWj5HJRODPHQWR0DQXWHQ]LRQH
(/(0(17,&267,787,9,(&$5$77(5,67,&+()81=,21$/,
*HQHUDOLWj
=RQDVHUYL]L
D$UHDGLVRVWDHSDUFKHJJLR
E(GLILFLRVHUYL]L
=RQDLPSLDQWLGLWLUR
D6WD]LRQHGLWLUR
E*DOOHULDGLWLUR
F$UHDSDUDSDOOH
,9
,03,$17, 7(&1,&,
*HQHUDOLWj
(VLJHQ]HGDVRGGLVIDUHHSUHVFUL]LRQL
D,PSLDQWRHOHWWULFR
E,PSLDQWRLGULFRHIRJQDQWH
F,PSLDQWRGLYHQWLOD]LRQH
G,PSLDQWRGLULOHYD]LRQHGHOO
RVVLGRGLFDUERQLR
H,PSLDQWRGLULVFDOGDPHQWR
I,PSLDQWRLQWHUIRQLFRHGLDPSOLILFD]LRQH
J,PSLDQWRDQWLFHQGLR
K,QVRQRUL]]D]LRQH
(/(1&2$//(*$7,
$OOHJDWR©$ª5LIHULPHQWLOHJLVODWLYLGHLSROLJRQLGLWLUR
$OOHJDWR©%ª)DFVLPLOH UHJRODPHQWRGHLSROLJRQLGLWLURLQJDOOHULD
$SSHQGLFH
$OOHJDWR©%ª5DSSRUWRGLERQLILFDHULRUGLQRSROLJRQRGLWLUR
$OOHJDWR©&ª&ODVVLILFD]LRQHGHLSROLJRQLLQIXQ]LRQHGHOO
HQHUJLDFLQHWLFDGHOOH
DUPLHGHOPXQL]LRQDPHQWRLPSLHJDWR
$OOHJDWR©'ª$FFHUWDPHQWRGHLUHTXLVLWLSHUODFRQFHVVLRQHGHOO
DJLELOLWj
,35(0(66$
/DSUHVHQWHGLUHWWLYDYXROHULDVVXPHUHLQPRGRRSSRUWXQDPHQWHDUWLFRODWROHQR]LRQL
DFTXLVLWHGDOOD©&RPPLVVLRQHSHUORVWXGLRHODFRQFHVVLRQHGHOO
DJLELOLWjGHLSROLJRQL
LQJDOOHULDªQHOODULVROX]LRQHGHLSUREOHPLFRQQHVVLFRQODUHDOL]]D]LRQHGHJOLVWHVVL
(VVDSXUFRVWLWXHQGRXQSXQWRIHPRSHUODSURJHWWD]LRQHHODFRQFHVVLRQHGHOO
DJLELOLWj
QHL SROLJRQL GL QXRYD FRVWUX]LRQH QRQ FRVWLWXLVFH HGL]LRQH GHILQLWLYD ,QIDWWL WXWWD OD
FRPSOHVVDSUREOHPDWLFDUHODWLYDDOODVLFXUH]]DGHLSROLJRQLSUHVHQWDWXWWRUDDVSHWWLVX
VFHWWLELOLGLXOWHULRUHDSSURIRQGLPHQWRHFKLDULPHQWR
3HUWDQWRTXHVWR,VSHWWRUDWRDYYDOHQGRVLGHOODSUHGHWWD&RPPLVVLRQHVLULSURPHWWHGL
FRQWLQXDUHJOLVWXGLHJOLHVSHULPHQWLHVHGHOFDVRGLDJJLRUQDUHODSUHVHQWHGLUHWWLYD
PHGLDQWH OD WHPSHVWLYD GLUDPD]LRQH GL VSHFLILFKH $$99 3HU WDOH PRWLYR PDQWLHQH
DVVROXWDDWWXDOLWjODQHFHVVLWjFKHLSURJHWWLHVHFXWLYLVLDQRLQYLDWLLQSUHYHQWLYDYLVLRQH
DTXHVWR,VSHWWRUDWR3HUWDQWRULPDQJRQRLQYLJRUHOHGLVSRVL]LRQLLPSDUWLWHFRQODOHW
WHUD QU /32/ GHO H UHFHQWHPHQWH ULEDGLWH FRQ OD OHWWHUD Q
,/3GHO
1HOUHGLJHUHODSUHVHQWH'LUHWWLYDVRQRVWDWHWHQXWHSUHVHQWLOHGLYHUVHHVLJHQ]HDGGH
VWUDWLYHGHOOHYDULH$PPLQLVWUD]LRQLGHOOR6WDWR
3HUWDQWRQHOO
DQDOLVLGHOOHSUREOHPDWLFKHUHODWLYHDOOHYDULHFRPSRQHQWLGLXQSROLJRQR
VRQR VWDWH HYLGHQ]LDWR OH FDUDWWHULVWLFKH FRQFHWWXDOL LQGLFDQGR FKLDUDPHQWH TXDOL VD
UDQQRLFRQWUROOLFKHYHUUDQQRVHPSUHHVHJXLWLLQVHGHGLFRQFHVVLRQHGHOO
DJLELOLWj
,QROWUHSHURJQLSUREOHPDqVWDWRLQGLFDWRXQYHQWDJOLRGLVROX]LRQLSRVVLELOLPDQRQ
XQLFKHLQPRGRFKHOHYDULH$PPLQLVWUD]LRQLLQWHUHVVDWHSRVVDQRVFHJOLHUHOHPRGDOLWj
SL FRQJHQLDOL DOOH ORUR HVLJHQ]H SHUDOWURWHQHQGR VHPSUH SUHVHQWL L FRQFHWWL GL EDVH
HQXQFLDWLQRQFKpOHPRGDOLWjGLDFFHUWDPHQWRGHOO
DJLELOLWj
,QILQH SHU DJHYRODUH XOWHULRUPHQWH OD SURJHWWD]LRQH GHL SROLJRQL VL q ULWHQXWR RSSRU
WXQRFRUUHGDUHODSUHVHQWHGLUHWWLYDGL©VFKHGHWHFQLFKHªGLPDWHULDOLHFRPSOHVVLYLFKH
RSHUFKpGLUHWWDPHQWHVSHULPHQWDWLGDOOD&RPPLVVLRQHRSHUFKpXWLOL]]DWLFRQVXFFHV
VR LQ SROLJRQLHVLVWHQWL RIIURQR JDUDQ]LH VXIILFLHQWL GL HIILFLHQ]D H ULVSRQGHQ]D DL UH
TXLVLWL
/
LQVHULPHQWRLQDSSHQGLFHGLGHWWH©VFKHGHWHFQLFKHªLOFXL QXPHUR SRWUj DXPHQWDUH
QHOWHPSRLQUHOD]LRQHDOFRVWDQWHSURJUHVVRWHFQRORJLFRQHOVHWWRUHLQHVDPHQRQYLQ
FROD DVVROXWDPHQWH OH YDULH $PPLQLVWUD]LRQL SHU TXDQWR FRQFHUQH O
XWLOL]]D]LRQH GHL
PDWHULDOLHGHOOHVROX]LRQLLQGLFDWH5LPDQHLQYHFH IRQGDPHQWDOHO
DVVROXWDHWRWDOHUL
VSRQGHQ]DGHOOHVROX]LRQLFRPXQTXHDGRWWDWHDLUHTXLVLWLILVVDWLGDOODSUHVHQWH'LUHWWL
YD
,,*(1(5$/,7¬
7HUPLQLHGHILQL]LRQL
1HOO
DPELWR GHOOD SUHVHQWH 'LUHWWLYD 7HFQLFD L WHUPLQL XVDWL KDQQR L VLJQLILFDWLVRWWR
ULSRUWDWL
1U
7(50,1,
3ROLJRQRGLWLURLQ
JDOOHULD
'(),1,=,21,
,QIUDVWUXWWXUD RSSRUWXQDPHQWH RUJDQL]]DWD SHU
O
DGGHVWUDPHQWR H O
HVHUFLWD]LRQH DO WLUR FRQ DUPL
GD IXRFR LQ FRQGL]LRQL GL VLFXUH]]D FRPSUHQ
GHQWH]RQDVHUYL]LHLPSLDQWRGLWLUR
=RQD6HUYL]L
,QVLHPHGLDUHHHORFDOLFRPSOHPHQWDULHGDFFHV
VRULDOO
LPSLDQWRGLWLUR
,PSLDQWRGLWLUR
/XRJR FKLXVR RSSRUWXQDPHQWH RUJDQL]]DWR SHU
HVHJXLUHLOWLURFRQDUPLGDIXRFRLQFRQGL]LRQLGL
VLFXUH]]D3XzLQGLIIHUHQWHPHQWHHVVHUHLQWHUUDWR
VHPLQWHUUDWRLQVXSHUILFLH
6WD]LRQHGLWLUR
6HWWRUHLQL]LDOHGHOO
LPSLDQWRGLWLURFRQWHQHQWHLO
ER[FRQWUROORGHOWLURHO
DUHDWLUDWRUL
%R[FRQWUROORGHOWLUR 6SD]LRGHOODVWD]LRQHGLWLURULVHUYDWRDOFRQWUROOR
GHOWLURÊRUJDQL]]DWRSHUODGLUH]LRQHGHOWLURHG
LOFRQWUROORGHOODVLFXUH]]D
$UHDWLUDWRUL
$UHDDQWLVWDQWHLOER[FRQWUROORGHOWLURULVHUYDWD
DJOLLVWUXWWRULHGDLWLUDWRUL
%R[GLWLUR
6SD]LRGHOLPLWDWRGDVHWWLVHSDUDWRULULVHUYDWR DL
WLUDWRULÊRUJDQL]]DWRSHUODHVHFX]LRQHGHOWLUR
2ULJLQHGHOWLUR
3XQWRLQWHUQRDOER[WLUDWRULGDOTXDOHKDQQRRUL
JLQH OHWUDLHWWRULHÊ LQGLYLGXDELOH GDOO
LQWHUVH]LR
QH IUD O
LQWHUDVVH GHL VHWWL VHSDUDWRUL GHL ER[HV
SDVVDQWHDPGDOODORURHVWUHPLWjDQWHULRUHH
OD UHWWD HTXLGLVWDQWH H SDUDOOHOD DL VHWWL VHSDUDWRUL
VWHVVL /D VXD TXRWD ULVSHWWR DO SDYLPHQWR YDULD
GDPWLUDWRULDWHUUDDPWLUDWRULLQ
SLHGL
/LQHDGLIXRFR
$OOLQHDPHQWRGHOOHRULJLQLGHOWLUR
/LQHDGLWLUR
$VVHFRQJLXQJHQWHO
RULJLQHGHOWLURFRQLOFHQWUR
GHOEHUVDJOLR
*DOOHULDGLWLUR
6HWWRUHLQWHUPHGLRGHOO
LPSLDQWRGLWLURFKHFROOH
JDODVWD]LRQHGLWLURFRQO
DUHDSDUDSDOOH&RQWLH
QHXQDRSLOLQHHGLEHUVDJOL
$UHDSDUDSDOOH
6HWWRUHWHUPLQDOHGHOO
LPSLDQWRGLWLURFRQWHQHQWH
LOSDUDSDOOH
/LQHDGHLEHUVDJOL
'LDIUDPPD
3DOORWWRODGHIRUPDWD
6WD]LRQHGHLEHUVDJOL
3DUDSDOOH
3L EHUVDJOL HVSRVWL DO WLUR DOOLQHDWL QHO VHQVR
QRUPDOHDOOHOLQHHGLWLUR
,QVLHPH GL EHUVDJOL GHOOH RSHUH H GHOOH DSSDUHF
FKLDWXUH FKH FRQVHQWRQR O
HVSRVL]LRQH HG LO PR
YLPHQWRGHLEHUVDJOLVWHVVL
(OHPHQWR HYHQWXDOH GHVWLQDWR DOOD SURWH]LRQH GL
PDQXIDWWLDOO
LQWHUQRGHOODJDOOHULDGLWLUR
6WUXWWXUD FRQWUR FXL q GLUHWWR LO WLUR GHVWLQDWD DG
LQWHUFHWWDUHHWUDWWHQHUHODWRWDOLWjGHOOHSDOORWWROH
3DOORWWROD FKH GRSR O
LPSDWWR VXO SDUDSDOOH SUH
VHQWDODFDPLFLD FRQ LQFULQDWXUHWDOLGD PHWWHUH D
QXGRLOQRFFLRORLQWHUQR
6FRSR
/DSUHVHQWH'LUHWWLYD7HFQLFDULJXDUGDL©3ROLJRQLGL7LURLQJDOOHULDªSHUDUPLSRUWDWLOL
HGKRORVFRSRGL
DIRUQLUHDLSURJHWWLVWLHGDL'LUHWWRULGHLODYRULSUHFLVHLQGLFD]LRQLSHUODFRUUHWWDSUR
JHWWD]LRQHHUHDOL]]D]LRQHGHOO
LQIUDVWUXWWXUD
EILVVDUHLUHTXLVLWLWHFQLFLFXLGHYHULVSRQGHUHODVWUXWWXUDUHDOL]]DWDLQVHGHGLHVDPH
SHUODFRQFHVVLRQHGHOODDJLELOLWj
0RGDOLWjGLWLUR0XQL]LRQDPHQWRHGDUPLGLSUHYLVWRLPSLHJR
D0RGDOLWjGLWLUR
,OWLURqFRQVHQWLWRGDOOHSRVL]LRQL©LQSLHGLª©LQJLQRFFKLRªH©DWHUUDªFRQOHVHJXHQWL
OLPLWD]LRQL
GDIHUPR
XQLFDPHQWHGDOER[GLWLUR
FRQWUREHUVDJOLQRQLQPRYLPHQWRGXUDQWHLOWLUR
E0XQL]LRQDPHQWR
ÊFRQVHQWLWDODXWLOL]]D]LRQHHVFOXVLYDGHOVHJXHQWHFDUWXFFLDPH
FDUWXFFHDSDOORWWRODRUGLQDULD
FDUWXFFHFRQSDOORWWROHGLSLRPERQRQEOLQGDWH
FDUWXFFH GD HVHUFLWD]LRQH FRQ SDOORWWROH GL SODVWLFD JRPPD FHUD R GL PDWHULDOL ID
FLOPHQWHIUDQJLELOL
ÊDOWUHVuFRQVHQWLWDO
XWLOL]]D]LRQHGLSDOORWWROHLQDFFLDLRTXDORUDLOSDUDSDOOHVLD©DGDV
VRUELPHQWRª
F$UPL
/H DUPL XWLOL]]DELOL QHL SROLJRQL LQ JDOOHULD VRQR FDUDWWHUL]]DWH GDOOD HQHUJLD FLQHWLFD
LQL]LDOHHTXLQGLGDOOHFDUWXFFHLPSLHJDWH(VVHVRQRVWDWHFODVVLILFDWHQHOOHVHJXHQWLFD
WHJRULH
D &DWHJRULDDUPLFKHXQLWDPHQWHDOPXQL]LRQDPHQWRLPSLHJDWRVYLOXSSDQRXQD
HQHUJLDFLQHWLFDLQL]LDOHILQRDNJPFKLORJUDPPHWULWUDTXHVWHOHDWWXDOLSLVLJQLIL
FDWLYHVRQROHVHJXHQWL
FDOLEUR)OREHUWSW
FDOLEUR)OREHUWSF
FDOLEUR6KRUW
FDOLEUR/RQJULIOH
FDOLEURPP9HOR'RJ
FDOLEURPP
FDOLEURPP%URZQLQJ
FDOLEURPP3DUDEHOOXP
FDOLEURPP0DXVHU
FDOLEURPPFRUWR
FDOLEURPP*OLVHQWL
FDOLEURPP3DUDEHOOXP
FDOLEURPP2UGLQ,WDO
FDOLEUR6SHFLDO:DG&
FDOLEUR$XWR
FDOLEURPPSDOOSODVW
D &DWHJRULDDUPLFKHXQLWDPHQWHDOPXQL]LRQDPHQWRLPSLHJDWRVYLOXSSDQRXQD
HQHUJLD FLQHWLFD LQL]LDOHGD NJP D NJP WUD TXHVWH OH DWWXDOL SL VLJQLILFDWLYH
VRQROHVHJXHQWL
FDOLEURPP&DUDELQD:LQFKHVWHU
FDOLEUR0DJQXP
FDOLEURPP066
FDOLEURPP66
FDOLEURPP1$72
FDOLEURPPSDOOFRUWDJ
FDOLEUR0DJQXP
D &DWHJRULDDUPLFKHXQLWDPHQWHDOPXQL]LRQDPHQWRLPSLHJDWRVYLOXSSDQRXQD
HQHUJLDFLQHWLFDLQL]LDOHGDD NJPWUDTXHVWHOHDWWXDOLSLVLJQLILFDWLYHVRQHOH
VHJXHQWL
6LFXUH]]D
SROLJRQLSURJHWWDWLHUHDOL]]DWLVHFRQGRODSUHVHQWH'LUHWWLYD7HFQLFDKDQQRXQHOHYDWR
FRHIILFLHQWHGLVLFXUH]]D7XWWDYLDGHWWDVLFXUH]]DqJDUDQWLWDVRORDFRQGL]LRQHFKH
VLHIIHWWXLQRWLULFRQOHDUPLHOHPXQL]LRQLFRQVHQWLWHHDOOHGLVWDQ]HSHUOHTXDOLLSROL
JRQLVRQRVWDWLDELOLWDWL
LOWLURDYYHQJDFRQODVFUXSRORVDRVVHUYDQ]DGHOUHJRODPHQWRDSSURYDWRGDOOD&RPPLV
VLRQHFKHKDFRQFHVVRO
DJLELOLWj
WXWWHOHRSHUHGLVLFXUH]]DHJOLLPSLDQWLWHFQLFLVLDQRWHQXWLFRVWDQWHPHQWHLQSLHQDHI
ILFLHQ]D
&ROODXGL$JLELOLWj5HJRODPHQWR0DQXWHQ]LRQH
D&ROODXGL
7XWWL L FROODXGL GL VWDELOLWjWHFQLFLWHFQLFRDPPLQLVWUDWLYL DPPLQLVWUDWLYL ILQDOL HFF
VRQR GL FRPSHWHQ]D GHOOH $PPLQLVWUD]LRQL FRPSHWHQWL VHFRQGR OH PRGDOLWj H OH OHJJL
SHUHVVHYLJHQWL
E$JLELOLWj
/
DXWRUL]]D]LRQHDOO
XVRGHLSROLJRQLDJLELOLWjqFRQFHVVDGDOO
,VSHWWRUDWRGHOO
$UPDGHO
*HQLR FKH VL DYYDUUj SHU OH QHFHVVDULH YHULILFKH H FROODXGL EDOLVWLFL GL XQ
DSSRVLWD
&RPPLVVLRQHFRPSRVWDGD
9LFH,VSHWWRUH3UHVLGHQWH
&DSR8IILFLR,QIUDVWUXWWXUHGHOO
,VSHWWRUDWR9LFH3UHVLGHQWH
&DSRVH]LRQHSROLJRQLGHOO
,VSHWWRUDWRPHPEUR
XQUDSSUHVHQWDQWHGHO&RUSR7HFQLFRGHOO
(VHUFLWRPHPEUR
GXHUDSSUHVHQWDQWLGHOO
$PPLQLVWUD]LRQHLQWHUHVVDWDGLFXL
XQRUHVSRQVDELOHSHUODSDUWHLQIUDVWUXWWXUDOHPHPEUR
XQRUHVSRQVDELOHSHUODSDUWHDGGHVWUDWLYDPHPEUR
'HWWD &RPPLVVLRQH DFFHUWDWD SUHOLPLQDUPHQWH OD ULVSRQGHQ]D VWUXWWXUDOH GHO SROLJRQR
DOOHQRUPHGHOODSUHVHQWH'LUHWWLYDHIIHWWXHUjSURYHGLWLURLPSLHJDQGROHDUPLHGLOPX
QL]LRQDPHQWRSUHYLVWRQRQFKpSURYHGLIXQ]LRQDPHQWRGLWXWWLJOLLPSLDQWL
/H PRGDOLWj SDUWLFRODULGHOOH SURYH YHUUDQQR FLWDWH FDVR SHU FDVR QHOFRUVR GHOOD SUH
VHQWH WUDWWD]LRQH3HUDOWUR OD &RPPLVVLRQHSRWUj HVHJXLUHWXWWH OH SURYH FKH D VXD GL
VFUH]LRQHULWHUUjXWLOLSHUO
DFFHUWDPHQWRGHLUHTXLVLWLGLVLFXUH]]DHIXQ]LRQDOLWjGHOSR
OLJRQR
$O WHUPLQH GHO VRSUDOOXRJR OD &RPPLVVLRQH UHGLJHUj H VRWWRVFULYHUj XQ ©9HUEDOH GL
DJLELOLWjªQHOTXDOHVDUjDQFKHULSRUWDWR
O
HVLWRGHOOHSURYHHIIHWWXDWH
O
DSSURYD]LRQHGHOUHJRODPHQWRSHUO
XVRGHOSROLJRQR
F5HJRODPHQWRSHUO
XVRGHOSROLJRQR
/
XVRGHOSROLJRQRGRYUjHVVHUHGLVFLSOLQDWRGDSUHFLVHHFLUFRVWDQ]LDWHQRQQHLQGLFDWHH
ULSRUWDWHGDO&RPDQGDQWHGHO5HSDUWRR)XQ]LRQDULRGHOO
(QWHUHVSRQVDELOHGHOSROLJR
QR LQ DSSRVLWR 5HJRODPHQWR IDFVLPLOH LQ DOOHJDWR ©%ª FKH GRYUj HVVHUH DSSURYDWR
GDOOD&RPPLVVLRQHLQVHGHGLVRSUDOOXRJRSHUODFRQFHVVLRQHGHOO
DJLELOLWj
G0DQXWHQ]LRQH
&RQGL]LRQHQHFHVVDULDSHUFKpLOSROLJRQRFRQVHUYLO
DJLELOLWjQHOWHPSRqFKHOHFDUDWWH
ULVWLFKHLQL]LDOLGHOORVWHVVRVLDQRPDQWHQXWHLQDOWHUDWH3HUWDQWRqIDWWRREEOLJRDL&R
PDQGLHG(QWLFKHKDQQRLQFRQVHJQDLOSROLJRQRGLDFFHUWDUQHFRQFRQWLQXLWjOHFRQGL
]LRQLGLIXQ]LRQDPHQWRHGLHIIHWWXDUQHODQHFHVVDULDPDQXWHQ]LRQHDIILQFKpORVWHVVRVLD
FRVWDQWHPHQWHWHQXWRLQRWWLPRVWDWRGLHIILFLHQ]D
$OO
XRSRLO&RPDQGDQWHR )XQ]LRQDULRFLWDWRDOSUHFHGHQWHSDUD FQRPLQHUjXQ UH
VSRQVDELOHDFXLFRPSHWHUjDQFKHODFRQVHJQDGHOSROLJRQRLQSHUIHWWDHIILFLHQ]DDO'L
UHWWRUHGLWLURLQRFFDVLRQHGHOOHHVHUFLWD]LRQL
,QROWUH q IDWWR REEOLJR DO &RPDQGDQWH R )XQ]LRQDULR SUHGHWWR GL VYROJHUH SH
ULRGLFDPHQWHFRQWUROOLGHOO
HIILFLHQ]DGHOO
LQWHUDLQIUDVWUXWWXUDOHFXLULVXOWDQ]HGRYUDQQR
HVVHUH YHUEDOL]]DWH /D IUHTXHQ]D GL WDOL FRQWUROOL VDUj ILVVDWD QHO UHJRODPHQWR LQ UHOD
]LRQHDLSURJUDPPLGLDWWLYLWj1RQGRYUjFRPXQTXHHVVHUHVXSHULRUHDPHVL
4XDORUDVLYHULILFDVVHURLQFRQYHQLHQWLHRYDULD]LRQLFKHLQWHUHVVLQRODVLFXUH]]DLQWHUQD
HGHVWHUQDGHOSROLJRQRLO&RPDQGDQWHGHO5HSDUWRR)XQ]LRQDULRGHOO
(QWHUHVSRQVD
ELOHGHOSROLJRQRGHYH
VRVSHQGHUHOHHVHUFLWD]LRQL
FRPXQLFDUHFRQLPPHGLDWH]]DJOLLQFRQYHQLHQWLULVFRQWUDWLD
&RPDQGRJHUDUFKLFR
,VSHWWRUDWRGHOO
$UPDGHO*HQLR
4XHVW
XOWLPR VXOOD EDVH GHOOH LQGLFD]LRQL IRUQLWH SURYYHGHUj D GDUH GLVSRVL]LRQL D UL
JXDUGR1HOIUDWWHPSRO
DJLELOLWjGHOSROLJRQRGHYHLQWHQGHUVLVRVSHVD
H/DYRULGLDPSOLDPHQWRHRWUDVIRUPD]LRQH
4XDORUDOD$PPLQLVWUD]LRQHLQWHUHVVDWDULWHQHVVHRSSRUWXQRHVHJXLUHODYRULGLDPSOLD
PHQWRRGLWUDVIRUPD]LRQHDQFKHGLSLFFRODHQWLWjO
DJLELOLWjGHOSROLJRQRqGDULWHQHUVL
VRVSHVD3HUWDQWRGRSRWDOLODYRULGRYUjHVVHUULFKLHVWRLOVRSUDOOXRJRGHOOD&RPPLV
VLRQHSHUODFRQYDOLGDGHOO
DJLELOLWj
,,,(/(0(17,&267,787,9,
*HQHUDOLWj
(&$5$77(5,67,&+(67587785$/,
D8QSROLJRQRGLWLURLQJDOOHULDqFRVWLWXLWRGDOO
DJJUHJD]LRQHGHOOHVHJXHQWL]RQHIXQ
]LRQDOL
]RQDVHUYL]L
]RQDLPSLDQWRGLWLUR
E(VVHFRPSUHQGRQR
]RQDVHUYL]L
DUHDGLVRVWDHGLSDUFKHJJLR
HGLILFLRVHUYL]L
]RQDLPSLDQWRGLWLUR
VWD]LRQHGLWLUR
JDOOHULDGLWLUR
DUHDSDUDSDOOH
F&RPSOHWDQRLOSROLJRQRJOLLPSLDQWLWHFQLFL
/RVFKHPDIXQ]LRQDOHqTXHOORULSRUWDWRLQILJXUD
=RQDVHUYL]L
'L IRUPD HG DPSLH]]D DGHJXDWH DOOD XELFD]LRQH HG DOOD SRWHQ]LDOLWj GHO SROLJRQR q GL
PDVVLPDXELFDWDLQWHVWDWDDOSROLJRQRHFRPSUHQGHO
DUFDGLVRVWDHSDUFKHJJLRHO
HGLIL
FLR VHUYL]L /
DUWLFROD]LRQH H FRPSRVL]LRQH q YDULDELOH D VHFRQGD GHOOH VSHFLILFKH HVL
JHQ]HGHOOHVLQJROH$PPLQLVWUD]LRQL
D$UHDGLVRVWDHSDUFKHJJLR
'HYHDVVLFXUDUHLOSDUFKHJJLRHLOPRYLPHQWRVROOHFLWRGHJOLDXWRYHLFROLHSHUSROLJRQL
DG DOWD SRWHQ]LDOLWjDGGHVWUDWLYD OD VRVWD RUGLQDWD DO FRSHUWR GHO SHUVRQDOH XWHQWH PH
GLDQWHSHQVLOLQHRWHWWRLH
ÊUHDOL]]DWDFRQLPDQXIDWWLSLULFRUUHQWLSHUODVLVWHPD]LRQHGHOOHDUHHGLWUDQVLWRHVR
VWDQHOOHTXDOLGRYUjHVVHUSRVWDODUHJRODPHQWDUHVHJQDOHWLFDVWUDGDOHRUL]]RQWDOHHYHU
WLFDOH3XzFRPSUHQGHUHDQFKHXQRVSD]LRGHVWLQDWRDOOHDGXQDWH HRFHULPRQLH GL SUH
PLD]LRQHÊRSSRUWXQRSUHYHGHUQHODUHFLQ]LRQH
E(GLILFLRVHUYL]L
1HOO
HGLILFLRVHUYL]LWURYDQRVHGHYDULORFDOLODFXLDPSLH]]DHFRPSRVL]LRQHVRQRLQ
IXQ]LRQHGHOOD
SRWHQ]LDOLWjGHOSROLJRQR
XELFD]LRQH GHOOR VWHVVR ULVSHWWRDOO
DFFDVHUPDPHQWR GHO SHUVRQDOH XWHQWH 2FFRUUHUj
FRPXQTXHSUHYHGHUHVHPSUHLVHJXHQWLORFDOLHVVHQ]LDOLILJ
LQJUHVVRDWULR
ORFDOHSHULPSLDQWLWHFQLFL
VHUYL]LLJLHQLFL
$OWULORFDOLGLSULPDULDXWLOLWjFRPHO
XIILFLRLOPDJD]]LQRLOFRQWUROORHGHSRVLWRPR
PHQWDQHRGLDUPLJOLVSRJOLDWRLHFFGRYUDQQRHVVHUHSUHYLVWLVRORVHJOLVWHVVLQRQWUR
YDQRIXQ]LRQDOHVLVWHPD]LRQHQHOO
DPELWRGLLQIUDVWUXWWXUHDGLDFHQWLDOSROLJRQR
,QROWUHQHOFDVRLQFXLLOSROLJRQRQRQVLDXELFDWRQHOOHLPPHGLDWHYLFLQDQ]HGLXQDFFD
VHUPDPHQWRVDUjRSSRUWXQRSUHYHGHUH DQFKHLORFDOLGHVWLQDWLDOVHJXHQWHXVR
SURQWRVRFFRUVR
DUPHULD
ULVWRUR
VDODULXQLRQL
FRUSRGLJXDUGLDHRDOORJJLRGHOFXVWRGH
/D VFHOWD GHL ORFDOL OD ORUR DPSLH]]D H GLVWULEX]LRQH IXQ]LRQDOH QRQFKp L UHODWLYL
PDWHULDOL GD FRVWUX]LRQH VRQR ODVFLDWL DOOD YDOXWD]LRQH GHO SURJHWWLVWD *OL LQWRQDFL OH
WLQWHJJLDWXUHLSDYLPHQWLJOLLQILVVLHFFVDUDQQRTXHOOLGHOOHFLYLOLDELWD]LRQL
=RQDLPSLDQWRGLWLUR
&RVWLWXLVFHODSDUWHDWWLYDGHOSROLJRQRGLWLURHFRPSUHQGHILJ
VWD]LRQHGLWLUR
JDOOHULDGLWLUR
DUHDSDUDSDOOH
D6WD]LRQHGLWLURILJJH
&RQVLVWHLQXQDVWUXWWXUDFRSHUWDLGRQHDDFRQWHQHUH
LOER[FRQWUROORGHOWLUR
O
DUHDWLUDWRUL
%R[FRQWUROORGHOWLUR
D,OER[qO
XQLWjFHQWUDOHGHOSROLJRQRDOTXDOHGRYUDQQRDIIOXLUHWXWWHOHLQIRUPD]LRQL
UHODWLYHDOODVLFXUH]]DHDOOHRSHUD]LRQLFKHVLVYROJRQRQHOOHDUHHIXQ]LRQDOL
E$OVXRLQWHUQRLO'LUHWWRUHGLWLURUHVSRQVDELOHGHOFRUUHWWRVYROJLPHQWRGHOOHRSHUD
]LRQLGHOSROLJRQRGHYHSRWHUFRQWUROODUHOD VLWXD]LRQH HVLVWHQWH DWWUDYHUVR L TXDGULVL
QRWWLFLVLWXDWLVXOOD ©&HQWUDOH GLFRPDQGRH FRQWUROORª HG LQWHUYHQLUHLQ FDVR GL HPHU
JHQ]DPHGLDQWHOHIXQ]LRQLGLTXHVW
XOWLPDVXOOHFRQGL]LRQLGLVLFXUH]]DGHOWLUR
/D ©&HQWUDOH GL &RPDQGR H &RQWUROORª GHYH HVVHUH UHDOL]]DWD VX FRQVROOH DYHQWH XQD
SHQGHQ]DQRQVXSHULRUHDOHGDOWH]]DGDWHUUDGHOODSDUWHSLFRUWDQRQVXSHULRUHD
PHWUL1HOODSDUWHYHUVRO
DUHDWLUDWRULGRYUDQQRHVVHUHULSRUWDWLVXOSDQQHOOR
REEOLJDWRULDPHQWH
XQDSODQLPHWULDGHOOD]RQD©LPSLDQWRGLWLURªFRQLQGLFDWHWXWWHOHSRUWHGLDFFHVVRDO
O
LPSLDQWRGLWLURHUHODWLYDVHJQDOD]LRQHOXPLQRVDGLDSHUWXUDFKLXVXUDVSLHURVVHHYHU
GLLQROWUHO
DSHUWXUDGLXQDTXDOVLDVLSRUWDGRYUjSURYRFDUHQHOER[ODGLIIXVLRQHGLXQ
VHJQDOHDFXVWLFR
LFRPDQGLGLDSHUWXUDFKLXVXUDGLWXWWHOHSRUWHGLFXLVRSUD
XQD VWUXPHQWD]LRQH GL FRQWUROOR GHOOD FRQFHQWUD]LRQH GHO &2 QHOO
DUHD WLUDWRUL FRQ
SUHDOODUPH RWWLFR HG DFXVWLFR TXDQGR OD FRQFHQWUD]LRQH UDJJLXQJH LO OLPLWH GL SSPHGDOODUPHRWWLFRHDFXVWLFRTXDQGRODFRQFHQWUD]LRQHUDJJLXQJHLOOLPLWHGL
SSP
LFRPDQGLGHOO
LPSLDQWRGLYHQWLOD]LRQH
LOPLFURIRQRGHOO
LPSLDQWRGLDPSOLILFD]LRQH
LOFLWRIRQRFROOHJDQWHLOER[FRQO
DUHDWLUDWRUL
HYHQWXDOPHQWHLQIXQ]LRQHGHOOHQHFHVVLWjDGGHVWUDWLYHVSHFLILFKHGHOOHYDULH$PPL
QLVWUD]LRQLWXWWHOHDWWUH]]DWXUHULWHQXWHQHFHVVDULH
F 3HUFRQVHQWLUHXQDFKLDUDLQGLVWXUEDWDHFRPSOHWDYLVLRQHGHOO
DUHDWLUDWRULHGHOOD
JDOOHULDGLWLURLOER[GHYHDYHUH
XQD FRQILJXUD]LRQH JHRPHWULFDVSHFLILFDPHQWH FDOFRODWD LQ SDUWLFRODUH O
DQJROR IRU
PDWRGDOOHUHWWHFRQJLXQJHQWLOHRULJLQLGLWLURGHOOHSRVWD]LRQLHVWHUQHFRQLOFHQWURGHO
ER[GHYHHVVHUHFRPSUHVRIUD ILJJ
LOSDYLPHQWRULDO]DWRGLFLUFD FPULVSHWWRDOODTXRWDGHOO ©DUHDWLUDWRULªILJ
G 6WUXWWXUDOPHQWHLOER[VDUjFRVWLWXLWRGDQSDUHWLSHULPHWUDOLGLFXLTXHOODHVSRVWD
DG HYHQWXDOL WUDLHWWRULH DQRPDOH DVVROXWDPHQWH LPSHQHWUDELOH DL SURLHWWLOL HG HVHQWH GD
ULPEDO]LGLVFKHJJHLQSDUWLFRODUHGRYUjHVVHUHFRVWLWXLWRGD
LQIHULRUPHQWH VLQR D TXRWD P GD XQD SDUHWH GL DGHJXDWR PDWHULDOH HG LGRQHR
VSHVVRUHFRQSUHIHUHQ]DSHULOFHPHQWRDUPDWRULYHVWLWRGDWDYRODWRGLVSHVVRUHFP
VXSHULRUPHQWHGDXQDLGRQHDODVWUDGLYHWURDQWLSURLHWWLOHDVWUDWL
/H DOWUHSDUWLGRYUDQQR HVVHUH FRVWLWXLWH GD RSHUH PXUDULH GL WLSR RUGLQDULR VFKHPL WL
SRORJLFLLQILJ
H ,O PDVVLPR OLYHOOR GL UXPRUH DO PRPHQWR GHO WLUR FRQWHPSRUDQHR ©D UDIILFDª GD
WXWWHOHSRVWD]LRQLPLVXUDWRDOFHQWURGHOER[QRQGRYUjVXSHUDUHLOYDORUHGLG%$
O
LQVRQRUL]]D]LRQH ULFKLHVWD SXz HVVHUH RWWHQXWD ULYHVWHQGR OH SDUHWL HG LOFRQWURVRIILWWR
FRQ DGHJXDWL SDQQHOOL IRQRDVVRUEHQWL H ULYHVWHQGR LO SDYLPHQWR FRQ JRPPD GL LGRQHR
VSHVVRUHTXDORUD OD SDUWH VXSHULRUH GHOOH SDUHWL QRQ LQWHUHVVDWD D WLUL DQRPDOL VLD
WUDVSDUHQWHGHYHHVVHUHSUHYLVWDXQDGRSSLDODVWUDGLYHWUR
I /
LOOXPLQD]LRQH GRYUjHVVHUHUHJRODELOHPHGLDQWH UHRVWDWR D OXFH GLIIXVD FRQ LOOX
PLQDPHQWRPDVVLPRQRQLQIHULRUHDOX[HQRQGRYUDQQRHVLVWHUHIHQRPHQLGLDEED
JOLDPHQWRSHUWDQWRGRYUDQQRHVVHUHHYLWDWHOXFLQDWXUDOLRDUWLILFLDOLDOOHVSDOOHGHOO
RSH
UDWRUH
J GRYUj HVVHUH SUHYLVWR XQ LPSLDQWR GL YHQWLOD]LRQH HR WHUPRYHQWLOD]LRQH WDOH GD
JDUDQWLUHDOPHQRULFDPELRUDGHOO
DULD
K /
LPSLDQWRGLLQWHUFRPXQLFD]LRQHGDLQVWDOODUHGRYUjSUHYHGHUH
XQFROOHJDPHQWRFLWRIRQLFRFRQO
DUHDWLUDWRULHFRQWXWWLJOLDOWULSXQWLFKHOH$PPLQL
VWUD]LRQLLQWHUHVVDWHULWHUUDQQRRSSRUWXQRFROOHJDUHXIILFLGHOODGLUH]LRQHDUHDUHWURSD
UDSDOOHDWULRORFDOHVRVWDSHUVRQDOHHFF
XQLPSLDQWRGLDPSOLILFD]LRQHLQFROOHJDPHQWRFRQO
DUHDWLUDWRUL
XQWHOHIRQRFROOHJDWRFRQODUHWHGLFDVHUPD
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
PLVXUDQGRLOOLYHOORDFXVWLFRGXUDQWHLWLULQRQGRYUjVXSHUDUHG%$
PLVXUDQGR O
LQWHQVLWj OXPLQRVD VHPSUH UHJRODELOH QRQ GRYUj HVVHUH LQIHULRUH DL OX[
FRQWUROODQGR OD ULVSRQGHQ]D DOOH SUHVHQWL QRUPH GL WXWWL L FRPSRQHQWL GHO ©ER[ FRQ
WUROORGHOWLURª
$UHDWLUDWRUL
D/
DUHDWLUDWRULFRPSUHQGHL©ER[HVGLWLURªHOH]RQHLQJUHVVRHGXVFLWDWLUDWRULKDOH
GLPHQVLRQLLQWHUQHYDULDELOLLQUHOD]LRQHDYDULSDUDPHWULHSUHFLVDPHQWH
ODODUJKH]]DqIXQ]LRQHGHOQXPHURGLOLQHHGLWLURWHQHQGRSUHVHQWHFKHODGLVWDQ]DIUD
OHGXHOLQHHGLWLURFRQWLJXHQRQGHYHHVVHUHLQIHULRUH DPHFKHODGLVWDQ]DGHOOH
OLQHHGLWLURHVWUHPHGDOOHSDUHWLQRQSXzHVVHUHLQIHULRUHDPTXDORUDODODUJKH]]D
GHOO
DUHDWLUDWRULQRQVLDSDULDOODODUJKH]]DGHOODVH]LRQHWLUDWRULqRSSRUWXQRUHDOL]]DUH
XQUDFFRUGRLQFOLQDWRSHUPLJOLRUDUHOHFRQGL]LRQLGLDUHD]LRQHILJH
ODOXQJKH]]DqIXQ]LRQHGHOO
DQJRORIRUPDWRGDOOHUHWWHFRQJLXQJHQWLLOFHQWURGHO©ER[
GLFRQWUROORGHOWLURª FRQOHRULJLQLGL WLUR HVWUHPH RWWLPDOH ƒ PD[DPPLVVLELOLƒ
ILJ
O
DOWH]]DqIXQ]LRQHGHOODTXRWDGHOSLDQRGLFDOSHVWLRGHO©ER[GLFRQWUROORGHOWLURª
y PULVSHWWRDTXHOODGHOO
DUHDWLUDWRULHYDULDWUDHP)LJQ
E /HSDUHWLLOSDYLPHQWRHGLOVRIILWWRGRYUDQQRULVSRQGHUHDLVHJXHQWLUHTXLVLWLHV
VHQ]LDOL
HVVHUHDVVROXWDPHQWHLPSHQHWUDELOLDLSURLHWWLOL
QRQSURGXUUHULPEDO]LGLVFKHJJH
DYHUH XQ ULYHVWLPHQWR WDOH GD SURGXUUH OH FRQGL]LRQL DFXVWLFKH ULFKLHVWH YHGDVL FDSL
WRORUHODWLYRDOO
LQVRQRUL]]D]LRQH
LOPDWHULDOHLPSLHJDWRGHYHHVVHUHLJQLIXJRRDXWRHVWLQJXHQWH
LOVRODLRGHYHHVVHUHLQFHPHQWRDUPDWRFRQFDOFHVWUX]]RGLFODVVH5E. .JFPT
FRQFRSULIHUURDOO
LQWUDGRVVRQRQLQIHULRUHDFP
TXDORUDOD SDUHWH SRVWHULRUHVLD WUDVSDUHQWH SHU FRQVHQWLUH XQD YLVLRQH GHO WLUR GRYUj
HVVHUHFRVWLWXLWDGDXQDLGRQHDODVWUDGLYHWURDQWLSURLHWWLOHDVWUDWL
,UHTXLVLWLVXGGHWWLSRVVRQRHVVHUHDVVLFXUDWLTXDORUD
ODVWUXWWXUDVLDLQFHPHQWRDUPDWRFRQFRSULIHUURGLVSHVVRUHPLQLPRQRQLQIHULRUHD
FP
LOULYHVWLPHQWRVLDFRQWDYROHGLDEHWHGLVSHVVRUHQRQLQIHULRUHDFPDSSOLFDWHDPX
UDOLLQOHJQR[FPHVRSUDOHWDYROHVLDDSSOLFDWRSROLXUHWDQRHVSDQVRSLUDPLGDOHGL
VSHVVRUH QRQ LQIHULRUH j FP O
LQWHUFDSHGLQH VLD ULHPSLWD FRQ PDWHULDOH IRQRDVVRU
EHQWHRHOHPHQWLVLPLODULILJ
LOSDYLPHQWRVLDUHDOL]]DWRLQJRPPDOLVFLDGLLGRQHRVSHVVRUHFRQVRWWRIRQGRLQFD
5E. .JFPTDYHQWHODVXSHUILFLHLQGXULWDFRQSROYHULDOTXDU]RRPHWDOOLFKH
4XDORUDOH $PPLQLVWUD]LRQL LQWHUHVVDWH OR ULWHQHVVHUR RSSRUWXQR L ©ER[HVGL WLURª SR
WUDQQRHVVHUHUHDOL]]DWLLQ©IRVVDªDTXRWDPULVSHWWRDOSDYLPHQWRGHOO
DUHDWLUDWR
ULSHUDFFHGHUYLGRYUDQQRHVVHUHUHDOL]]DWHGXHVFDOHGHOO
DPSLH]]DGLP/DIRVVD
GRYUjHVVHUHDPSLDPDSDUHWHILQLWDHGLOERUGRVXSHULRUHILQLWRFRQIHUURDG©/ª
;PPSHUO
LQVHULPHQWRGHLWDYRODWLGLFKLXVXUD7DOHIRVVDGRYUjHVVHUHULYHVWLWD
YHUWLFDOPHQWHFRQOHJQRHD WHUUDFRQJRPPDGLVSHVVRUHQRQLQIHULRUHDPP
FL©ER[HVGLWLURªGHYRQRFRQVHQWLUH
DOWLUDWRUHGLSRWHUHVHJXLUHDJHYROPHQWHWXWWHOHRSHUD]LRQLUHODWLYHDOO
HVHFX]LRQHGHO
WLURQHOOHSRVL]LRQLSUHYLVWHHGLFRQWUROODUHFRQLPPHGLDWH]]DLULVXOWDWL
DOO
DVVLVWHQWHDOWLURGLSRWHUVLDIILDQFDUHDOWLUDWRUHSHULPSDUWLUHOHQHFHVVDULHLVWUX]LR
QLHFRQWUROODUQHO
HVDWWDHVHFX]LRQH
DO'LUHWWRUHGLWLURGLSRWHUFRQWUROODUHWXWWHOHRSHUD]LRQLVYROWHGDLWLUDWRUL
,QSDUWLFRODUHILJ
ODGLVWDQ]DIUDGXHOLQHHGLWLURFRQWLJXHGHYHHVVHUHQRQLQIHULRUHDP
ODGLVWDQ]DGHJOLDVVLGHOOHOLQHHGLWLURHVWUHPHGDOOHSDUHWLILQLWHGHYHHVVHUHPDJJLRUH
RXJXDOHDP
OHSRVWD]LRQLGHYRQRHVVHUHVHSDUDWHWUDORURGDSDQQHOOLGLYLVRULILJGHOORVSHVVR
UHGLPHGHOODSURIRQGLWjGLPWDOLVHWWLVHSDUDWRULGRYUDQQRULVXOWDUHVWDFFDWL
GD WHUUD GL DOPHQR P H GRYUDQQRDYHUH O
DQLPD FHQWUDOH FRVWLWXLWD GD XQD ODPLHUD
G
DFFLDLRGLVSHVVRUHQRQLQIHULRUHDPPHGXUH]]DQRQLQIHULRUHD+%VXLSDQ
QHOOLGHYRQRHVVHUHLQVWDOODWLLULOHYDWRULGL&2XQRSHURJQLER[HDGLVFUH]LRQHGHOOH
$PPLQLVWUD]LRQL LQWHUHVVDWH L FRPDQGL UHODWLYL DO VLVWHPD EHUVDJOL DOO
LPSLDQWR GL VH
JQDOD]LRQH GHJOL LQFRQYHQLHQWL GL ©SURQWL SHULO WLURª H ©QRQª H O
DOORJJLDPHQWR HYHQ
WXDOHGHOVLVWHPD79&&
LER[HVGRYUDQQRHVVHUHGRWDWLGLXQSLDQHWWRULEDOWDELOHGHOODODUJKH]]D GLPGL
OHJQRRGLDOWURPDWHULDOHSXUFKpULYHVWLWRGLJRPPDDQWLVGUXFFLRORSRVWRDTXRWDP
GDOSDYLPHQWRILJ
LO SDYLPHQWR GHO ER[ GL WLUR GRYUj HVVHUH UHDOL]]DWR D YDVFD FRQ JULJOLD VXSHULRUH LQ
DOOXPLQLRDVSRUWDELOHSHUODUDFFROWDGHLERVVROL
DOO
LQWUDGRVVR GHO VRODLR ILQLWR DO GL VRSUD GHOOH SRVWD]LRQL GRYUj HVVHUH SUHYLVWD OD
QXPHUD]LRQH SURJUHVVLYD EHQ YLVLELOH H O
LQVWDOOD]LRQH GL XQ FDQDOH GL VHUYL]LR SHU
O
HYHQWXDOHLPSLDQWRGLULVFDOGDPHQWRDUDJJLLQIUDURVVLSHU
LPSLDQWRGLVHJQDOD]LRQH
FRVWLWXLWRGDWUHODPSDGHURVVDHVHUFLWD]LRQHLQFRUVRYHUGHER[OLEHURELDQFDLQ
WHUPLWWHQWHLQFRQYHQLHQWHHSHUWXWWLJOLDOWULHYHQWXDOLLPSLDQWLSUHYLVWL
G ,OLYHOORGLUXPRUHPDVVLPRPLVXUDWRQHOO
DUHDGXUDQWHLOWLUR©DUDIILFDªFRQWHP
SRUDQHRGDWXWWHOHSRVWD]LRQLQRQGRYUjVXSHUDUHLOYDORUHGLG%$
H *OLLQILVVLGRYUDQQRSRVVHGHUHLOUHTXLVLWRGHOODVLFXUH]]DEDOLVWLFD
,QSDUWLFRODUH
OHYHWUDWHGRYUDQQRHVVHUHGLWLSRDQWLSURLHWWLOH
OHSRUWHGLVLFXUH]]DGRYUDQQRHVVHUHSUHIHULELOPHQWHQILJHFRQVHQWLUHO
DFFHV
VRHO
XVFLWDGHOSHUVRQDOHLQFRQGL]LRQLGLVLFXUH]]DHVRWWRLOFRQWUROORGHO'LUHWWRUHGL
WLURLQROWUHGRYUDQQRHVVHUHSURYYLVWHGLVHUUDWXUHGLVLFXUH]]DDFRPDQGRHOHWWULFRHGL
PDQLJOLH LQWHUQHDQWLSDQLFR LQROWUH GRYUDQQR HVVHUH FRUUHGDWH GL SDQQHOOL GL VHJQDOD
]LRQHOXPLQRVDDIXQ]LRQHVHPDIRULFDHGLFDUWHOOLLQGLFDWRULLFRPDQGLGHOOHSRUWHHGHL
SDQQHOOL GL VHJQDOD]LRQH VXFFLWDWL GRYUDQQR IDU FDSR DG XQDFHQWUDOLQD LQVHULWD QHOOD
FRQVROHGHO'LUHWWRUHGLWLURHGRWDWDGLVHJQDOHG
DOODUPHDFXVWLFRSHUDYYHUWLUHO
HYHQ
WXDOHDSHUWXUDGHOODSRUWDGXUDQWHODIDVHGLGLYLHWROHVHUUDWXUHGRYUDQQRHVVHUHGRWDWH
GL©FKLDYHSDVVHSDUWRXWªWLSR)6
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
PLVXUDQGRLOOLYHOORDFXVWLFRGXUDQWHLWLULLQTXDOVLDVLSXQWRQRQGRYUjVXSHUDUHLOSLF
FRGLG%$
PLVXUDQGRO
LQWHQVLWjOXPLQRVDQRQGRYUjHVVHULQIHULRUHDOX[
PLVXUDQGRODYHORFLWjGLFLUFROD]LRQHGHOO
DULDGRYUjULVSRQGHUHDLUHTXLVLWLILVVDWLQHO
O
DSSRVLWRFDSLWRORUHODWLYRDOO
LPSLDQWRGLYHQWLOD]LRQH
YHULILFDQGR LO FRUUHWWR IXQ]LRQDPHQWR GHOO
LPSLDQWR ULOHYDWRUH GL &2 PLVXUDQGRQH OD
FRQFHQWUD]LRQH
FRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWL QRUPHGLWXWWLJOLHOHPHQWLFRPSRQHQWLO
DUHD
WLUDWRUL
E*DOOHULDGLWLUR
/DJDOOHULDGLWLURFRQVLVWHLQXQDVWUXWWXUDFKHKDORVFRSRGLLPSHGLUHLQTXDOVLDVL
VLWXD]LRQHODIXRULXVFLWDGHOOHSDOORWWROH,QHVVDWURYDQRXELFD]LRQH
OHVWD]LRQLGHLEHUVDJOL
LGLDIUDPPLHYHQWXDOL
/DFRQILJXUD]LRQHJHRPHWULFDGHOODSLDQWDSRWUjHVVHUHILJ
UHWWDQJRODUH
UHWWDQJRODUHDVHWWRULGLODUJKH]]DFUHVFHQWH
/DIRUPDDSLDQWDUHWWDQJRODUHSRWUjHVVHUHVHPSUHDGRWWDWD7XWWDYLDQHLSROLJRQLGD
PHGDPSRWUjHVVHUHSUHIHULWD
DOWUDFRQILJXUD]LRQHFKHFRQWULEXLVFHDPLJOLRUDUH
O
HIIHWWRRWWLFRHOHFRQGL]LRQLDFXVWLFKHLQWHUQH
&RQ OD FRQILJXUD]LRQH D VHWWRUL GL ODUJKH]]D FUHVFHQWH LQROWUH VL RWWHUUDQQR VXSHUILFL
GHILODWHDOWLURGRYHSRWUDQQRWURYDUHSRVWRPDQXIDWWLQHFHVVDULDOO
LPSLDQWRGHOWLUROXFL
HRPHFFDQLVPLGHLEHUVDJOLHFF
/HGLPHQVLRQL LQWHUQHGHOOD JDOOHULD VRQR YDULDELOL LQ UHOD]LRQH D YDUL SDUDPHWUL H
SUHFLVDPHQWH
ODUJKH]]DqIXQ]LRQHGHJOL VWHVVLFULWHULFKHGHILQLVFRQRODODUJKH]]DGHOODVWD]LRQHGL
WLUR
DOWH]]DqXJXDOHDTXHOODGHOODVWD]LRQHGLWLUR
OXQJKH]]DqIXQ]LRQHGHOODGLVWDQ]DPDVVLPDGLWLUR
/HSDUHWLGRYUDQQRULVSRQGHUHDLVHJXHQWLUHTXLVLWL
DVHLQFHPHQWRDUPDWR
HVVHUHDVVROXWDPHQWHLPSHQHWUDELOLDLSURLHWWLOLFRQXQDUHVLVWHQ]DFDUDWWHULVWLFDFXELFD
DJLRUQLQRQLQIHULRUHDNJFPTLOFRSULIHUUR YHUVRODJDOOHULDGLWLURQRQSRWUj
HVVHUHLQIHULRUHDLFP
DYHUH DOO
LQWHUQR XQD VXSHUILFLH SLDQD OLVFLD H VHQ]D ULVDOWL SHUWDQWR JOL HYHQWXDOL
VSHVVRULLQSLGHLSLODVWULULVSHWWRDLVHWWLFRVWLWXHQWLOHSDUHWLGRYUDQQRULVXOWDUHHVWHUQL
DYHUH ORVWHVVRULYHVWLPHQWRUHDOL]]DWRSHUODVWD]LRQH GL WLUR OXQJRLO SULPR WUDWWR D
SDUWLUHGDOODOLQHDGLIXRFRODOXQJKH]]DGLWDOHWUDWWRqLQIXQ]LRQHGHOODODUJKH]]DGHOOD
JDOOHULDLQTXDQWRGHYHFRQVHQWLUHDOSURLHWWLOHFKHYLLQFLGDFRQXQDQJRORVXSHULRUHD
ƒ GL HVVHUH WUDWWHQXWR SHUWDQWR GHWWD OXQJKH]]D q GHVXPLELOH GDOOD VHJXHQWH WDEHOOD
YDOLGDSHUOHDUPLGLHDFDWHJRULD
/DUJKH]]DJDOOHULD
ILQRDP
ILQRDP
ILQRDP
ILQRDP
ILQRDP
ILQRDP
ILQRDP
/XQJKH]]DULYHVWLPHQWRƒWUDWWR
P
P
P
P
P
P
P
SHUOHDUPLGLD FDWOHPLVXUHVRSUDLQGLFDWHYDQQRUDGGRSSLDWH
LJLXQWLGRYUDQQRHVVHUHUHDOL]]DWLLQPRGRFKHVLIRUPLXQJUDGLQRQHJDWLYRYHUVRLO
WLUR
EVHLQPXUDWXUDSLHQDGLTXDOVLDVLJHQHUH
DYHUHXQRVSHVVRUHQRQLQIHULRUHDFP
DYHUHDOO
LQWHUQRXQD VXSHUILFLHSLDQDHUHJRODUH
DYHUHORVWHVVRULYHVWLPHQWRUHDOL]]DWRSHUODVWD]LRQHGLWLUROXQJRLOSULPRWUDWWRD
SDUWLUHGDOODOLQHDGLIXRFR
HVVHUHGHILODWHDOWLURQHOWUDWWRGLJDOOHULDROWUHLOSULPRWUDWWRGDOODOLQHDGLIXRFRFLz
SXzHVVHUHRWWHQXWRRULYHVWHQGROHSDUHWLFRQWDYROHGLDEHWHSULYHGLQRGLGLVSHVVRUH
PLQLPRFPHGLQWHUFDSHGLQHSDULDFPRSSXUHSUHGLVSRQHQGRGHLGLDIUDPPLLQDF
FLDLR VSHFLDOH GHOOR VSHVVRUH PLQLPR PP H GXUH]]D +% FRQ DQJROR PDVVLPR
G
LPSDWWRLQIHULRUHD
,OSDYLPHQWRGRYUjHVVHUHGLWLSRLQGXVWULDOHDOTXDU]RVIHURLGDOHRDOOHSROYHULPHWDOOL
FKHFRQ5%. NJFPTSHUIHWWDPHQWHOLVFLRHVHQ]DULVDOWLVRQRDPPHVVLLJLXQWL
WHFQLFLFKHGRYUDQQRHVVHUHUHDOL]]DWLLQPRGRFKHVLIRUPLXQJUDGLQRQHJDWLYRYHUVRLO
WLURQHOSULPRWUDWWRDSDUWLUHGDOODOLQHDGLIXRFRDQDORJDPHQWHDTXDQWRSUHFLVDWRSHU
OHSDUHWLGRYUjHVVHUHSUHYLVWRXQULYHVWLPHQWRLQJRPPDOLVFLDGLLGRQHRVSHVVRUH
,OVRODLRGLFRSHUWXUDGRYUjHVVHUHUHDOL]]DWRLQPRGRFKHULVXOWLQRGHILODWHDOWLUR
WXWWHOHDSSDUHFFKLDWXUHGLLOOXPLQD]LRQHO
LPSLDQWR79DFLUFXLWRFKLXVRO
LPSLDQWRGL
DUHD]LRQH O
LPSLDQWR HOHWWULFR H GLIP WDOH VRODLR GRYUj HVVHUH FRVWLWXLWR GD LGRQHD
VWUXWWXUDLQFHPHQWRDUPDWRSXUFKpO
LQWHUQRGHOODJDOOHULDULVXOWLOLVFLRVHQ]DULVDOWLFRQ
XQDUHVLVWHQ]DDFRPSUHVVLRQH5%.PDJJLRUHRXJXDOHDNJFPTHGXQFRSULIHUUR
QRQLQIHULRUHDFPJOLHYHQWXDOLJLXQWLGRYUDQQRIRUPDUHXQJUDGLQRQHJDWLYRULVSHWWR
DOWLURTXDORUDLOVRODLR
VLDSUHFRPSUHVVR
VLDFRQODWHUL]LIRUDWL
DEELDXQ5%.LQIHULRUHDNJFPT
GRYUjHVVHUHSUHYLVWRXQULYHVWLPHQWRPHGLDQWHGLDIUDPPDLQDFFLDLREDOLVWLFRGLVSHVVR
UHPLQLPRPPHGXUH]]D+%FRQDQJRORPDVVLPRG
LPSDWWRLQIHULRUHDƒQHO
SULPRWUDWWRYHGDVLSXQWLHDSDUWLUHGDOODOLQHDGLWLURGRYUjHVVHUHUHDOL]]DWR
XQFRQWURVRIILWWRDQDORJRDOODVWD]LRQHGLWLURRSSXUHQHOFDVRFKHVLDQRSUHYLVWLLGLD
IUDPPL LQ DFFLDLR EDOLVWLFR XQ ULYHVWLPHQWR GHOOH ODVWUH GL DFFLDLR LGHQWLFR DO SUHGHWWR
FRQWURVRIILWWR
GLDIUDPPLVRQRGHJOLHOHPHQWLSURWHWWLYLFKHYHQJRQRLQVWDOODWLQHOO
DPELWRGHOOD
JDOOHULDGLWLURVXOOHSDUHWLHRVXOVRIILWWRDOORVFRSRGLSURWHJJHUH
PDQXIDWWLGDQQHJJLDELOLIDULG
LOOXPLQD]LRQHFDPHUHGDSUHVDPHFFDQLVPLGHLEHUVD
JOLFDQDOL]]D]LRQHG
LPSLDQWLWHFQLFLHFFQRQGHILODELOLDOWLURGLYHUVDPHQWH
LOVRODLRGLFRSHUWXUDVHFRQGRTXDQWRLQGLFDWRDOSXQWRSUHFHGHQWH
6RQRFRVWLWXLWLGDXQDODVWUDLQDFFLDLREDOLVWLFRGLVSHVVRUHQRQLQIHULRUHDPPHGX
UH]]D+%
'RYUDQQR HVVHUH LQVWDOODWL FRQ XQ
DQJROD]LRQH FKH DVVLFXUL LO ULPEDO]R GHOOH SDOORWWROH
YHUVRLOSDUDSDOOHO
DQJRORPDVVLPRG
LPSDWWRGHYHHVVHULQIHULRUHDƒILJ
6WD]LRQHGHLEHUVDJOL
&RPSUHQGHLEHUVDJOLFRQWURFXLqGLUHWWRLO WLUR H JOL HYHQWXDOLPHFFDQLVPL SHULO ORUR
PRYLPHQWR 'HYH HVVHUH RUJDQL]]DWD LQ PRGR GD FRQVHQWLUH O
HVHFX]LRQH GHO PDJJLRU
QXPHUR SRVVLELOH GHOOH OH]LRQL GL WLUR SUHYLVWH GDOOH FLUFRODUL DGGHVWUDWLYH GHJOL (QWL
IUXLWRUL
3HUWDQWRGRYUDQQRHVVHUHSUHYLVWL
DWHUUDSHUFRVWLWXLUHXQDRSLOLQHHILVVHGLEHUVDJOL
VXOVRIILWWRSHUFRVWLWXLUHXQDOLQHDPRELOHGLEHUVDJOLVRVSHVL
,GXHWLSLGLLQVWDOOD]LRQHSRVVRQRFRHVLVWHUHQHOORVWHVVRLPSLDQWRGLWLUR
D,QVWDOOD]LRQHDWHUUD
,PHFFDQLVPLGLVRVWHJQRHPRYLPHQWRGHLEHUVDJOLUHDOL]]DWLGDGLWWHVSHFLDOL]]DWHGHO
VHWWRUHGRYUDQQRWURYDUHVHGHLQDSSRVLWLFDQDOLILJLQJUDGRGLSURWHJJHUOLGDOWLUR
GLUHWWRULFDYDWLOXQJRODJDOOHULDDOOHGLVWDQ]HGLWLURSUHYLVWH
7DOL PHFFDQLVPL FRPDQGDWL HOHWWULFDPHQWH GDO ©ER[ GL FRQWUROOR GHO WLURª GRYUDQQR
FRQVHQWLUHODUDSLGDURWD]LRQHGHLEHUVDJOL GHWHUPLQDQGRQH O
HVSRVL]LRQH DO WLUR SHU XQ
WHPSR SUHILVVDWR EHUVDJOL JLUHYROL ILJ RSSXUH LO ORUR DEEDWWLPHQWR EHUVDJOLED
VFXODQWLILJ
7XWWDYLDLEHUVDJOLSRWUDQQRDQFKHHVVHUHFRVWLWXLWLGDVDJRPHILVVHGLYDULRWLSR
4XHVWRWLSRGLLQVWDOOD]LRQHVHPSOLFHHGHFRQRPLFRSHUPHVVDLQRSHUDHPDQXWHQ]LRQH
FRPSRUWD DWWUH]]DWXUH H PH]]L DXVLOLDUL SHU O
RVVHUYD]LRQH GHO WLUR LO ULOHYDPHQWR GHL
FROSLDQGDWLDVHJQRO
RWWXUD]LRQHGHLIRULHODVRVWLWX]LRQHGHLEHUVDJOL'HWWHHVLJHQ]H
SRWUDQQRHVVHUHVRGGLVIDWWHFRQLPH]]LFKHLOFRPPHUFLRRIIUHLQYDVWDJDPPDGDLSL
VHPSOLFLFDQQRFFKLDOHDLSLFRPSOHVVLHVRILVWLFDWLPRQLWRUGLVHJQDOD]LRQHHOHWWURQL
FDLQVWDOODWRSUHVVRLOWLUDWRUHRDFLUFXLWRFKLXVR79
4XDORUDVLSUHYHGDO
LPSLHJRGHJOL]DSSDWRULLPHGHVLPLSRWUDQQRWURYDUHSRVWRSUHVVR
ODVWD]LRQHGLWLURRLQDSSRVLWLORFDOLUHDOL]]DWLHVWHUQDPHQWHDOODJDOOHULDGLWLUR,QTXH
VW
XOWLPRFDVROHSRUWHGLDFFHVVRDOODJDOOHULDGRYUDQQRULVSRQGHUHDJOLVWHVVLUHTXLVLWL
LQGLFDWLSHUOHSRUWHGHOO
DUHDWLUDWRUL
E,QVWDOOD]LRQHVLLOVRIILWWR
, PHFFDQLVPL GL VRVWHJQR H PRYLPHQWR GHL EHUVDJOL UHDOL]]DWL LQ DFFLDLR VSHFLDOH GD
GLWWH VSHFLDOL]]DWH QHO VHWWRUH GRYUDQQR HVVHUH DQFRUDWL DO VRIILWWR H SURWHWWL FRQ XQD
FRQWURVRIILWWDWXUD LQ OHJQR RVXRL GHULYDWLGHOOR VSHVVRUHQRQ LQIHULRUH D FP DOPHQR
SHULOSULPRWUDWWRGHOODJDOOHULDGLWLUR
7DOLPHFFDQLVPLFRPDQGDWLHOHWWULFDPHQWHGDO©ER[FRQWUROORGHOWLURªHRGDO©SRVWRGL
WLURªSRWUDQQR FRQVHQWLUH VLD LO PRYLPHQWR GHL EHUVDJOL OXQJR OD JDOOHULD GL WLUR VLD OD
ORURUDSLGDURWD]LRQH
,QROWUHGRYUjHVVHUHSRVVLELOHDUUHVWDUHLEHUVDJOLDOOHGLVWDQ]HYROXWHDYYLFLQDUOLDOWL
UDWRUH)LJHGHVSRUOLDOWLURSHUXQWHPSRSUHILVVDWR
4XHVWR WLSR GL LQVWDOOD]LRQH SL FRPSOHVVD H FRVWRVD GHOOD SUHFHGHQWH SHU LPSLDQWR H
PDQXWHQ]LRQHRIIUHLVHJXHQWLYDQWDJJL
UDSLGRDOOHVWLPHQWRGHOODOLQHDGHLEHUVDJOLHD TXDOXQTXHGLVWDQ]DGLWLUR
SRVVLELOLWjGLRWWXUD]LRQHGHLIRULHRYHORFHULFDPELRGHOEHUVDJOLRGDSDUWHGHOWLUDWRUH
VWHVVR
ULOHYDPHQWRGHLFROSLGDOODVWD]LRQHGLWLURVHQ]D
LPSLHJRGLDWWUH]]DWXUHDXVLOLDULH
RGL]DSSDWRUL
3HUWDQWRHVVRqGDSUHYHGHUHSHULSROLJRQLDGXQDHOHYDWDLQWHQVLWj DGGHVWUDWLYD
,QWXWWLLFDVLLQFXLYHQJRQRLQVHULWLHOHPHQWLPHWDOOLFLQHOODJDOOHULDGLWLURqULFKLHVWDOD
FHUWLILFD]LRQH GHO ©%DQFR 1D]LRQDOH GL 3URYH $UPL 3RUWDWLOLª FKH DWWHVWL O
DVVHQ]D GL
ULPEDO]LGLVFKHJJHYHUVRODOLQHDGLWLUR
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
PLVXUDQGRO
LQWHQVLWjOXPLQRVDVXOOHVWD]LRQLGHLEHUVDJOLGHYHHVVHUHFRPSUHVDIUD
y OX[
HIIHWWXDQGR SURYH GL WLUR VXO SDYLPHQWR VXO VRIILWWR VXOOH SDUHWL H VX RJQL DOWUR HOH
PHQWRFKHOD&RPPLVVLRQHULWHUUjRSSRUWXQRDOILQHGLDFFHUWDUHLOFRPSRUWDPHQWRGHL
PDWHULDOLLPSLHJDWLLULVXOWDWLGRYUDQQRHVVHUHFRQIRUPLDOOHQRUPHFLWDWHQHLSDUDJUDIL
SUHFHGHQWL LQ SDUWLFRODUH VXOOH VXSHUILFL QRQ ULYHVWLWH OH VFDOILWWXUH ODVFLDWH GDOOH SDO
ORWWROHGRYUDQQRDYHUHXQDSURIRQGLWjLQIHULRUHDPP
FRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWLQRUPHGLWXWWLLFRPSRQHQWLODJDOOHULDGLWLUR
F$UHDSDUDSDOOH
*HQHUDOLWj
ÊFRVWLWXLWDGDOODSDUWHWHUPLQDOHGHOODJDOOHULDGLWLURQHOODTXDOHYLHQHLQVWDOODWRLOSD
UDSDOOH'HOODJDOOHULD FRQVHUYD WXWWH OH FDUDWWHULVWLFKH VWUXWWXUDOLDG HFFH]LRQHGHOOH GL
PHQVLRQL,QIDWWLGLQRUPDODUJKH]]DHGDOWH]]DVRQRPDJJLRUDWHDOORVFRSRGL
SURWHJJHUHGDOWLURGLUHWWROHOLQHHGLUDFFRUGRGHOSDUDSDOOHFRQODVWUXWWXUDPXUDULD
FRQWULEXLUHDOO
LQVRQRUL]]D]LRQHLQWHUQDGHOO
LQWHURLPSLDQWRGLWLUR
RWWHQHUHVXSHUILFLSURWHWWHGDOWLURGLUHWWRSHUO
LQVWDOOD]LRQHGLPDQXIDWWLGDQQHJJLDELOL
IDULG
LOOXPLQD]LRQHFDPHUHGDSUHVDPHFFDQLVPLGHLEHUVDJOLSDUWLG
LPSLDQWLWHFQLFL
HFF
/DOXQJKH]]DqLQIXQ]LRQHGHOWLSRGLSDUDSDOOHGDLQVWDOODUHHGHOODQHFHVVLWjRQRQGL
GRYHUGLVSRUUHGLXQRVSD]LRSHUO
LVSH]LRQHGHOODSDUWHSRVWHULRUHGHOSDUDSDOOHVWHVVR
(YHQWXDOLDFFHVVLGDOO
HVWHUQRGHOO
DUHDSDUDSDOOHGRYUDQQRHVVHUHRUJDQL]]DWLSHUPRWLYL
GLVLFXUH]]DFRPHTXHOOLGHOODVWD]LRQHGLWLUR
3DUDSDOOH
D*HQHUDOLWj
,O SDUDSDOOH q O
HOHPHQWR IRQGDPHQWDOH GHOO
LPSLDQWR GL WLUR GHVWLQDWR DG LQWHUFHWWDUH H
WUDWWHQHUHODWRWDOLWjGHOOHSDOORWWROH8ELFDWRQHOO
DSSRVLWDDUHDGLHWURO
XOWLPDOLQHDGHL
EHUVDJOLLPPHGLDWDPHQWHDULGRVVRGHOODVWHVVDRDTXDOFKHPHWURGLGLVWDQ]DKDGL
PHQVLRQLWDOLGDVDOGDUVLFROVXRFRQWRUQRDOO
LQIUDVWUXWWXUDPXUDULD
E6LFXUH]]DEDOLVWLFD
3HUFKpVLDFRPSOHWDPHQWHJDUDQWLWDqQHFHVVDULRFKH
DOO
DWWRGHOO
LPSDWWRGHOOHSDOORWWROHVXOSDUDSDOOHQRQVLSURGXFDQRULPEDO]LGLSDOORW
WROHYHUVRLOWLUDWRUH
HYHQWXDOLIUDPPHQWLGLSDOORWWRODQRQVLDQRSURLHWWDWLDGLVWDQ]HVXSHULRULDPHWULGDO
SDUDSDOOHVWHVVR
,O FRQWUROOR GHL UHTXLVLWL GL VLFXUH]]D EDOLVWLFD GHOSDUDSDOOH GRYUj HVVHUH HIIHWWXDWR GDO
©%DQFR1D]LRQDOH3URYH$UPL3RUWDWLOLªFKHGRYUjULODVFLDUHDSSRVLWDFHUWLILFD]LRQH
F6LFXUH]]DDPELHQWDOH
3HUFKpVLDFRPSOHWDPHQWHJDUDQWLWDqQHFHVVDULRFKH
QHOO
DPELHQWH HVWHUQR QRQ VL SURGXFDQR FRQFHQWUD]LRQL UHODWLYH DG LQTXLQDPHQWL GHO
O
DULDVXSHULRUHDLOLPLWLPDVVLPLGLDFFHWWDELOLWjSUHYLVWLGDOODWDEHOOD$GHO'HFUHWRQ
GHO3UHVLGHQWHGHO&RQVLJOLRGHL0LQLVWULLQGDWDPDU]RSXEEOLFDWRQHO6XS
SOHPHQWRDOOD*8QGHOPDJJLR
QHOO
DPELHQWHLQWHUQRQRQVLSURGXFDXQDFRQFHQWUD]LRQHGLSLRPERQHOO
DULDVXSHULRUH
DPJPFFDOFRODWDTXDOHPHGLDSRQGHUDWDGLXQSHULRGRGLWHPSRSDULDRUHVHW
WLPDQDOL OLPLWH ILVVDWR GDOOD 'LUHWWLYD GHO 3UHVLGHQWH GHO &RQVLJOLR LQ GDWD OXJOLR
*D]]HWWD8IILFLDOHGHOOD&RPXQLWj(XURSHD1/GHO
G6LFXUH]]DDQWLQFHQGLR
7XWWLLPDWHULDOLFRPSRQHQWLLOSDUDSDOOHGHYRQRHVVHUHLJQLIXJKLRDXWRHVWLQJXHQWL
7LSLGLSDUDSDOOH
SDUDSDOOHSRVVRQRHVVHUHFODVVLILFDWLQHOVHJXHQWHPRGR
DSDUDSDOOHWUDGL]LRQDOL
LQPXUDWXUDFRQULYHVWLPHQWRGLOHJQR
PHWDOOLFL
DVFLYROR
DSHUVLDQD
ESDUDSDOOHFRQVHWWLDEEDWWLWRUL
FSDUDSDOOHVWDJQR
GSDUDSDOOHDGDVVRUELPHQWR
&DUDWWHULVWLFKHVSHFLILFKHGHLSDUDSDOOH
DSDUDSDOOHWUDGL]LRQDOHLQPXUDWXUDFRQULYHVWLPHQWRLQOHJQR)LJ
4XHVWRWLSRGLSDUDSDOOHGLVHPSOLFHHGHFRQRPLFDUHDOL]]D]LRQHqDQFKHSRFRLQJRP
EUDQWH P QHO VHQVR GHOOD GLUH]LRQH GHO WLUR 7XWWDYLD D FDXVD GHO UDSLGR
GHWHULRUDPHQWR GHL SDQQHOOL H GHO WDYRODWR G
XVXUD ULFKLHGH IUHTXHQWL LQWHUYHQWL PDQX
WHQWRULFRQFRQVHJXHQWLSHULRGLG
LQWHUUX]LRQHGHOO
DWWLYLWjDGGHVWUDWLYD
,QROWUHULVXOWDQRQFRPSOHWDPHQWHLVSH]LRQDELOHHQRQFRQVHQWHLOUHFXSHURGHOSLRPER
&RPXQTXH OD VXD LQVWDOOD]LRQH SRWUj HVVHUH SUHYLVWD LQ SROLJRQL FRQ LQGLFH GL DWWLYLWj
PROWREDVVRFLUFDFROSLJLRUQRSHUOLQHDGLWLURGRYHO
DGGHVWUDPHQWRYLHQHVYROWR
FRQDUPLHPXQL]LRQDPHQWRFRQHQHUJLDNJPHLOWLURqHIIHWWXDWRHVFOXVLYDPHQWHD
FROSRVLQJROR
E3DUDSDOOHWUDGL]LRQDOHPHWDOOLFR
3XzHVVHUH©DVFLYRORªILJH©DSHUVLDQDªILJ4XHVWLWLSLGLSDUDSDOOHUHSH
ULELOL LQ FRPPHUFLR YHQJRQR UHDOL]]DWL LQ YDULH YHUVLRQL GD GLWWH VSHFLDOL]]DWH FKH WUD
O
DOWURQHJDUDQWLVFRQRVLDODGXUDWDHVSUHVVDFRQLOQXPHURGHLFROSLVSDUDWLDVVRUEL
ELOLVHQ]DDOFXQLQWHUYHQWRPDQXWHQWRULRVLDODVLFXUH]]DEDOLVWLFDFHUWLILFDWDGDO%DQFR
1D]LRQDOH3URYH$UPL3RUWDWLOL
4XDOXQTXH VLD OD YHUVLRQH VRQR VRVWDQ]LDOPHQWH FRVWLWXLWL GD SLDQL LQFOLQDWL UHDOL]]DWL
FRQSDQQHOOLLQWHUFDPELDELOLGLDFFLDLREDOLVWLFRVRUUHWWLGDXQDDSSRVLWDVWUXWWXUD
7XWWHOHSDOORWWROHLQFLGHQWLVXGHWWLSLDQLTXDOXQTXHVLDLOORURDQJRORG
LPSDWWRGRSR
HVVHUVL GHIRUPDWH HR IUDQWXPDWH VRQR FRQYRJOLDWH YHUVR OD SDUWH SRVWHULRUH GHO SDUD
SDOOH 5LVSHWWR DO WLSR SUHFHGHQWHPHQWH GHVFULWWR ULVXOWD PROWR SL FRVWRVR H ULFKLHGH
XQ
DUHD SDUDSDOOH QRWHYROPHQWH SL DPSLD LQ TXDQWR ROWUH DG HVVHUH SL LQJRPEUDQWH
y RFFRUUHSUHYHGHUHDQFKHXQRVSD]LRSHUO
LVSH]LRQHGHOODVXDSDUWHSRVWHULR
UH3HUFRQWURqVHQ]
DOWURSLGXUDWXURHULFKLHGHLQWHUYHQWLPHQRIUHTXHQWLSHUODPD
QXWHQ]LRQH3HUWDQWRODVXDLQVWDOOD]LRQHqGDSUHYHGHUHQHLSROLJRQLGLPDJJLRUHSRWHQ
]LDOLWjGRYHYLHQHVYROWDXQDPDJJLRUHHSLLQWHQVDDWWLYLWjDGGHVWUDWLYDFLUFDFRO
SLJLRUQRSHURJQLOLQHDGLWLUR
3HU TXDQWR DWWLHQH DOOH DUPL HG DO PXQL]LRQDPHQWR LPSLHJDELOL LO SDUDSDOOH PHWDOOLFR
SXzHVVHUHXWLOL]]DWRFRQHQHUJLHVLQRDNJPQHLSROLJRQLGDPHFRQHQHUJLHVL
QRDNJPLQTXHOOLGLOXQJKH]]DXJXDOHRPDJJLRUHGLP
$LILQLGHOODVLFXUH]]DDPELHQWDOHLSDUDSDOOHWUDGL]LRQDOLGHYRQRHVVHUH DFFRPSDJQDWL
GDXQFRPSOHVVRGLDSSDUHFFKLDWXUHHVLVWHPLWDOLGDFRQVHQWLUH
LOFRQWUROORGHOO
LQTXLQDPHQWRLQWHUQRGDSLRPER
LOWUDVFLQDPHQWRYHUVRO
HVWHUQRGHLFRQWDPLQDQWLVYLOXSSDWLVLQHOO
XUWRGHOOHSDOORWWROH
FRQWURLOSDUDSDOOH
LO FRQWUROOR GHOO
LQTXLQDPHQWR GD SLRPER GHOO
DUHD HVWHUQD FLUFRVWDQWH LO SROLJRQR GL
WLUR
7DOL ULVXOWDWL SRVVRQR HVVHU FRQVHJXLWL FRQ O
DGR]LRQH GHL VHJXHQWL SURYYHGLPHQWL © LQ
FDVFDWDª
YHQWLOD]LRQHGHOODJDOOHULDFRQDULDLPPHVVDQHOOD]RQDWLUDWRULFRQLOFRPSLWRGLQRQ
IDU SURSDJDUH QHOOD JDOOHULD LO SLRPER HVLVWHQWH QHOO
DUHD SDUDSDOOH YHGDVL VXFFHVVLYD
GHVFUL]LRQHGHOO
LPSLDQWRGLYHQWLOD]LRQH
WUDVFLQDPHQWRGHOOHSDUWLFHOOHFRQWDPLQDQWLOD]RQDSDUDSDOOHYHUVRO
HVWHUQRGHOODJDO
OHULDPHGLDQWHLOVXFFLWDWRLPSLDQWRGLYHQWLOD]LRQH
ULWHQ]LRQHGHOOHSDUWLFHOOHLQTXLQDQWLGLGLDPHWURPDJJLRUHRXJXDOHDPLFURQPHWUR
PHGLDQWHXQ
RSSRUWXQDVHULHGLVLVWHPLILOWUDQWL
GLOXL]LRQH LQ DSSRVLWD FDPHUD GL PLVFHOD]LRQH GHOO
DULD LQTXLQDWD GD LPPHWWHUH QHO
O
DWPRVIHUDHVWHUQDDOODJDOOHULD
GLVSHUVLRQHQHOO
DWPRVIHUDGHOO
DULDWUDWWDWDSHUPH]]RGLFDPLQL
,QUHDOWjWDOHRUJDQL]]D]LRQHQRQFRPSRUWDODVHPSOLFHLQVWDOOD]LRQHGLXQLPSLDQWRGL
YHQWLOD]LRQHFRQFHSLWRVHFRQGRO
XVXDOHDFFH]LRQHGHOWHUPLQHHFLRqDWWRDGDVVLFXUDUH
VRGGLVIDFHQWLFRQGL]LRQLGLDHUD]LRQHLQIDWWLHVVHQGRSUHVHQWHDQFKHXQVLVWHPDGLILO
WUD]LRQHGHOO
DULDHVSXOVDHGXQDGLVSHUVLRQHFRQWUROODWDGHOODVWHVVDQHOFDVRLQHVDPHVL
GHYHSDUODUHSLSURSULDPHQWHGL©LPSLDQWRSHULOFRQWUROORGHLFRQWDPLQDQWLDOO
LQWHUQR
HDOO
HVWHUQRGHOSROLJRQRª
,FRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
SHU OD VLFXUH]]D EDOLVWLFD DFTXLVHQGR DJOL DWWL LO FHUWLILFDWR GHO %DQFR 1D]LRQDOH GL
3URYD$UPL3RUWDWLOL
SHUODVLFXUH]]DDPELHQWDOHDFTXLVHQGRDJOLDWWLXQDGLFKLDUD]LRQHUHGDWWDGDLQJHJQH
UHLVFULWWRDOO
DOERDWWHVWDQWHFKHODVWD]LRQHGLILOWUDJJLRSHUPHWWHGLRWWHQHUHFRQGL]LR
QLULVSRQGHQWLDOOHOHJJLFLWDWHSUHFHGHQWHPHQWH
SHUODVLFXUH]]DDQWLQFHQGLRDFFHUWDQGRVLGHOOHFDUDWWHULVWLFKHGHLPDWHULDOLLPSLHJDWL
FRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWLQRUPHGLWXWWLLFRPSRQHQWLLSDUDSDOOH
F3DUDSDOOHFRQVHWWLDEEDWWLWRULGLHQHUJLD
3HU©VHWWRDEEDWWLWRUHªV
LQWHQGHXQDSDUHWHGLLGRQHRPDWHULDOHFKHDQWHSRVWDDGXQSD
UDSDOOHWUDGL]LRQDOHFRQVHQWHGLDEEDWWHUHHQHUJLHVXSHULRULDNJPHGLHOLPLQDUHLO
VLVWHPDGLILOWUDJJLR
,QSUDWLFDLOVHWWRDEEDWWLWRUHGHYHFRQVHQWLUHXQDEEDWWLPHQWRG
HQHUJLDWDOHGDHOLPLQD
UH OD GHIRUPD]LRQH GHOOH SDOORWWROH H FRQVHJXHQWHPHQWH OD IRUPD]LRQH GL SROYHUL GL
SLRPER
,QWDOHTXDGURLOSDUDSDOOHFRVuFRQFHSLWRGHYHDYHUHLVHJXHQWLUHTXLVLWL
FDSDFLWjGLDEEDWWHUHO
HQHUJLDFLQHWLFDGHLSURLHWWLOLVSDUDWLFRQWURGLHVVRVHQ]DFKHLO
FROSRVLDWUDWWHQXWRHGLQPRGRWDOHFKHO
HQHUJLDFLQHWLFDUHVLGXDPLVXUDWDDOO
XVFLWDGDO
VHWWRDEEDWWLWRUHQRQVXSHULLNJP
SRVVLELOLWj GL DOORJJLDUH L VHWWL DEEDWWLWRUL LQ PRGR GD RIIULUH UHVLVWHQ]H DGHJXDWH DOOH
HQHUJLHGHLSURLHWWLOLVSDUDWLFRQOHDUPLGLSUHYLVWRLPSLHJR
SRVVLELOLWjGLPRYLPHQWDUHFRQIDFLOLWjLVXGGHWWLVHWWL
FRVWRDFFHWWDELOH
$OORVWDWRDWWXDOHJOLVWXGLHOHVSHULPHQWD]LRQLVXLVHWWLDEEDWWLWRULQRQKDQQRGDWRHVLWR
VRGGLVIDFHQWH 3HUWDQWR TXDORUD O
$PPLQLVWUD]LRQH LQWHUHVVDWD DOOD FRVWUX]LRQH GL XQ
SROLJRQRLQJDOOHULDLQGLYLGXDVVHXQDVROX]LRQHDGHUHQWHDOSUHVHQWHSDUDJUDIRVDUjRS
SRUWXQRLQYLWDUHODGLWWDFRVWUXWWULFHDSUHVHQWDUHXQSURWRWLSRSHUOHVSHULPHQWD]LRQLGHO
FDVR&RPXQTXHLQVHGHGLFRQFHVVLRQHGHOO
DJLELOLWjYHUUjULWHQXWRYDOLGRLOVHWWRDE
EDWWLWRUHFKHFRQVHQWLUjGLUHFXSHUDUHLOGLSDOORWWROHQRQGHIRUPDWHVXPLOOHFROSL
GLSURYDVSDUDWL
G3DUDSDOOHVWDJQR
3HU©SDUDSDOOHVWDJQRªV
LQWHQGHXQSDUDSDOOHFKHIDWWHVDOYHOHFRQGL]LRQLGLVLFXUH]]D
EDOLVWLFDSXUSHUPHWWHQGRODGHIRUPD]LRQHGHOOHSDOORWWROHHFRQVHJXHQWHPHQWHODIRU
PD]LRQHGLSROYHULGLSLRPERQRQFRQVHQWHDTXHVWHXOWLPHGLXVFLUHGDOSDUDSDOOHVWHV
VRDVVLFXUDQGRFRVuODWRWDOHVLFXUH]]DDPELHQWDOH
$OOR VWDWR DWWXDOH DQFKH JOL VWXGL H OH VSHULPHQWD]LRQL VXL SDUDSDOOH VWDJQL QRQ KDQQR
GDWRHVLWRVRGGLVIDFHQWH3HUWDQWRTXDORUDO
$PPLQLVWUD]LRQHLQWHUHVVDWDDOODFRVWUX]LR
QHGLXQSROLJRQRLQJDOOHULDLQGLYLGXDVVHXQDVROX]LRQHDGHUHQWHDOSUHVHQWHSDUDJUDIR
VDUjRSSRUWXQRLQYLWDUHODGLWWDFRVWUXWWULFHDSUHVHQWDUHXQSURWRWLSRSHUOHVSHULPHQWD
]LRQL GHO FDVR &RPXQTXH LQ VHGH GL FRQFHVVLRQH GHOO
DJLELOLWj VDUDQQR HIIHWWXDWHRS
SRUWXQH PLVXUD]LRQL SHU DFFHUWDUH O
DVVROXWD DVVHQ]D GL SROYHUL GL SLRPER QHOOH LP
PHGLDWHYLFLQDQ]HGHOSDUDSDOOH
H3DUDSDOOHDGDVVRUELPHQWR
ÊXQSDUDSDOOHFKHIDWWHVDOYHOHFRQGL]LRQLGLVLFXUH]]DEDOLVWLFDFRQVHQWHGLDVVRUELUH
WRWDOPHQWHO
HQHUJLDGHOOHSDOORWWROH
6LEDVDVXOSULQFLSLRFKHVHOHSDOORWWROHGRSRO
LPSDWWRFRQLOSDUDSDOOHQRQVRQRGHIRU
PDWHQRQVLSRVVRQRIRUPDUHSROYHULGLSLRPERHSHUWDQWRqDVVLFXUDWDODSLHQDVLFX
UH]]DDPELHQWDOH
&RPHSDUWHLQWHJUDQWHGHOSDUDSDOOHVWHVVRGRYUjHVVHUHSUHYLVWRXQVLVWHPDDXWRPDWLFR
FRQWLQXRGLUHFXSHURGHOOHSDOORWWROH
$OORVWDWRDWWXDOHJOLVWXGLHOHVSHULPHQWD]LRQLVXO©SDUDSDOOHDGDVVRUELPHQWRªKDQQR
GDWRHVLWRSRVLWLYRSHUXQVRORSURWRWLSRGHOTXDOHqDOOHJDWDODUHODWLYDVFKHGDWHFQLFD
3HUWDQWRIDWWRVDOYRO
LPSLHJRGHOSUHGHWWRSURWRWLSRTXDORUDO
$PPLQLVWUD]LRQHLQWHUHV
VDWD DOOD FRVWUX]LRQH GL XQ SROLJRQR LQ JDOOHULD LQGLYLGXDVVH DOWUH VROX]LRQL DGHUHQWL DO
SUHVHQWH SDUDJUDIR q QHFHVVDULR LQYLWDUH OD GLWWD FRVWUXWWULFH D SUHVHQWDUH XQ SURWRWLSR
SHUOHVSHULPHQWD]LRQLGHOFDVR
&RPXQTXHLQVHGHGLFRQFHVVLRQHGHOO
DJLELOLWjVDUjFRQVLGHUDWRLGRQHRLOSDUDSDOOHFKH
FRQVHQWLUj LO UHFXSHUR FRQWLQXR GHO GL SDOORWWROH QRQ GHIRUPDWH VX PLOOH FROSL GL
SURYDVSDUDWL
&RQFOXVLRQL
&RPHDSSDUHHYLGHQWHGDOODSUHVHQWHWUDWWD]LRQHODVFHOWDGHOWLSRGLSDUDSDOOHFRVWLWXL
VFHO
DWWRSLVLJQLILFDWLYRHGLPSRUWDQWHQHOODSURJHWWD]LRQHGLXQSROLJRQRLQJDOOHULD
&RQODSUHVHQWH'LUHWWLYDVLULWLHQHGLSRWHURIIULUHDOOH$PPLQLVWUD]LRQL LQWHUHVVDWH XQ
YHQWDJOLRGLVROX]LRQLSRVVLELOLDYHQWLXQGLYHUVRUDSSRUWRFRVWRHIILFDFLDDSDULWjGLVL
FXUH]]D
3HUDOWURQHOO
HIIHWWXDUHWDOHYDOXWD]LRQHRFFRUUHWHQHUHSUHVHQWHLVHJXHQWLIDWWRUL
'LVWDQ]DGHOSDUDSDOOHGDOODOLQHD GLIXRFR
HQHUJLDFLQHWLFDGHOOHDUPLHGHOPXQL]LRQDPHQWRLPSLHJDWR
LQWHQVLWjGLWLURLQWHVRFRPHQXPHURGLFROSLJLRUQRSHUOLQHDGLWLUR
PDQRG
RSHUDGLVSRQLELOHSHUODPDQXWHQ]LRQH
GXUDWDQHOWHPSR
,9,03,$17,7(&1,&,
*HQHUDOLWj
*OLLPSLDQWLWHFQLFLFKHVHUYRQRDFRPSOHWDUHHDUHQGHUHIXQ]LRQDOHLOSROLJRQRVRQR
LPSLDQWRHOHWWULFR
LPSLDQWRLGULFRHIRJQDQWH
LPSLDQWRGLYHQWLOD]LRQHHWHUPRYHQWLOD]LRQH
LPSLDQWRGLULOHYD]LRQHRVVLGRGLFDUERQLR
LPSLDQWRGLULVFDOGDPHQWR
LPSLDQWRLQWHUIRQLFRHGLDPSOLILFD]LRQH
LPSLDQWRDQWLQFHQGLR
7DOL LPSLDQWL GRYUDQQR HVVHUH UHDOL]]DWL VHFRQGR OH YLJHQWL QRUPH GL OHJJH H OH SUH
VFUL]LRQLGLVHJXLWRLQGLFDWHSHUFLDVFXQRGLHVVL
(VLJHQ]HGDVRGGLVIDUHHSUHVFUL]LRQL
1HL SDUDJUDIL FKH VHJXRQR VRQR HOHQFDWH SHU FLDVFXQ LPSLDQWR OH HVLJHQ]H GD VRG
GLVIDUH/DVFHOWDLOFDOFRORHLOFRQVHJXHQWHGLPHQVLRQDPHQWRGHLYDULLPSLDQWLGHYRQR
VFDWXULUHGDOODYDOXWD]LRQHGLWDOLHVLJHQ]HVXOODEDVHGHOWLSRGLSROLJRQRGDUHDOL]]DUH
QRQFKpGHOOHUHODWLYHSUHVFUL]LRQL
D,PSLDQWRHOHWWULFR
+DORVFRSRGLVRGGLVIDUHWXWWHOHHVLJHQ]HGLLOOXPLQD]LRQHLQWHUQDHGHVWHUQDGHOSROL
JRQRHGLDOLPHQWD]LRQHGHJOLLPSLDQWLHGHOOHDSSDUHFFKLDWXUHDIXQ]LRQDPHQWRHOHWWUL
FR
3HU LO VRGGLVIDFLPHQWR GHOOH HVLJHQ]H GL LOOXPLQD]LRQH OH UHODWLYH SUHVFUL]LRQL VRQR OH
VHJXHQWL
LOOXPLQD]LRQHGHO©ER[ FRQWUROORGHOWLURªQRQLQIHULRUHDX[DGLQWHQVLWjYD
ULDELOH
LOOXPLQD]LRQHGHOODVWD]LRQHGLWLURODPSDGHIOXRUHVFHQWLFRQLOOXPLQDPHQWRPLQLPR
OX[HLQWHUUXWWRULVRORQHO©ER[FRQWUROORGHOWLURª
LOOXPLQD]LQHGHLEHUVDJOLOLQHDGLGLVWULEX]LRQHLQWXEDWDHVWHUQDDOODJDOOHULDGLWLUR
FRQVHULHGLIDUHWWLDGLQWHQVLWjYDULDELOHLOOXPLQDPHQWRGHOODVDJRPDFRPSUHVDIUD
HOX[FRQLQWHUUXWWRUHHFRPDQGRGHOO
LQWHQVLWjGLOXFHVRORSUHVVRLO©ER[FRQWUROOR
GHOWLURª
LOOXPLQD]LRQHDUHDSDUDSDOOHHGHYHQWXDOH ©ORFDOH ]DSSDWRULªOLQHDGLGLVWULEX]LRQH
LQWXEDWDHVWHUQD DOOD JDOOHULD GL WLUR FRQ SXQWR OXFHGLHWURLO SDUDSDOOH R QHO ORFDOH HG
LOOXPLQDPHQWRPLQLPRGLOX[
LOOXPLQD]LRQHG
HPHUJHQ]DDGLQVHULPHQWRDXWRPDWLFRQHOFDVRGLLQWHUUX]LRQHGHO
O
HQHUJLDHOHWWULFDGLUHWHGHYH JDUDQWLUHO
LOOXPLQD]LRQHGHOO
DUHDWLUDWRULDOPHQRSHU
PLQXWL
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
PLVXUDQGRJOLLOOXPLQDPHQWLPLQLPLVRSUDFLWDWLDPH]]ROX[RPHWUR
FRQWUROODQGRLOIXQ]LRQDPHQWRGHOO
LPSLDQWRGLLOOXPLQD]LRQHGLHPHUJHQ]D
FRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWLQRUPHGLWXWWLLFRPSRQHQWLO
LPSLDQWRHOHWWUL
FR
E,PSLDQWRLGULFRHIRJQDQWH
+DORVFRSRGLVRGGLVIDUHOHVHJXHQWLHVLJHQ]H
HURJD]LRQHGLDFTXDSRWDELOHQHOOD]RQDVHUYL]L
DOLPHQWD]LRQHGHJOLLPSLDQWLLJLHQLFL
DOLPHQWD]LRQHGHOO
HYHQWXDOHLPSLDQWRGLULVFDOGDPHQWR
VPDOWLPHQWRGHOOHDFTXHQHUH
VPDOWLPHQWRGHOOHDFTXHSLRYDQH
1HVVXQDSUHVFUL]LRQHSDUWLFRODUH
F,PSLDQWRGLYHQWLOD]LRQH
/
LPSLDQWRGLYHQWLOD]LRQHKDORVFRSRGLHYLWDUHLOULVWDJQRGLVRVWDQ]HQRFLYHRVVL
GRGLFDUERQLRSLRPERDQLGULGHFDUERQLFDHFFQHOO
DPELWRGHOO
LPSLDQWRGLWLUR
'HYHHVVHUH
DWXWWDDULDHVWHUQDFRQGLYLHWRGLULFLFORGHOODVWHVVD
GHOWLSRDODYDJJLR
FRQLPPLVVLRQHGLDULDDOOHVSDOOHGHLWLUDWRUL
DGRSSLDYHORFLWj
FRQDVSLUD]LRQHLQJDOOHULD
,OVLVWHPDGHYHJDUDQWLUHXQIOXVVRG
DULDFRVWDQWHFRQYHORFLWjGLy PVLQFRUUL
VSRQGHQ]DGHOODVH]LRQHFRLQFLGHQWHFRQODOLQHDGLWLUR
3HUDVVLFXUDUHFRQGL]LRQLGLEHQHVVHUHDOSHUVRQDOHqQHFHVVDULRFKHODYHORFLWjGHO
O
DULD QHOOD ©]RQD RFFXSDWDª QRQ VLD VXSHULRUH D PV OD ©]RQD RFFXSDWDª q TXHOOD
FRPSUHVDIUDODVH]LRQHWLUDWRULHODVH]LRQHGLVWDQWHPGDLWLUDWRULYHUVRLOER[GHO'L
UHWWRUHGL7LUR
3HUWDQWRLOVLVWHPDGLGLVWULEX]LRQHGHOO
DULD GHYH HVVHUVWXGLDWRLQPRGRGDDVVLFXUDUH
YHORFLWjGHOO
DULDQRQVXSHULRUHDPV
4XDORUD O
DULD YHQJD ULVFDOGDWD LO VLVWHPD GL GLVWULEX]LRQH GHYH HVVHUH SURJHWWDWR LQ
PRGRGDOLPLWDUHDPHQRGLƒ&LOJUDGLHQWHGLWHPSHUDWXUDVXOFRUSRGHOSHUVRQDOHSUH
VHQWH©LQORFRªGDOODUHJLRQHGHOOHDQFKHDOODUHJLRQHGHOFROOR
3HUO
HVWUD]LRQHGHOO
DULDVLGHILQLVFRQROHVHJXHQWLTXDWWURVH]LRQL
ODSULPDSRVWDDGXQDGLVWDQ]DGLPGDOODOLQHDWLUDWRUL
ODVHFRQGDSRVWDDGXQDGLVWDQ]DSDULDGGHOODOXQJKH]]DGHOODJDOOHULD
ODWHU]DSRVWDDGXQDGLVWDQ]DSDULDGHOODOXQJKH]]DGHOODJDOOHULDODTXDUWDSR
VWDDGXQDGLVWDQ]DGLPGDOSDUDSDOOH
/
DVSLUD]LRQHGHOO
DULDGHYHDYYHQLUHDOPHQRVXOLQHHGLDVSLUD]LRQHSHULOQHOOD
]RQDIUDODSULPDHODVHFRQGDVH]LRQH
SHULOQHOOD]RQDIUDODVHFRQGDHODWHU]DVH]LRQH
SHULOUHVWDQWHQHOOD]RQDFRPSUHVDIUDODWHU]DHODTXDUWDVH]LRQH
/
LPSLDQWR GHYH HVVHUH D WXWWD DULD HVWHUQD LQ SDUWLFRODUH L SXQWL GL SUHVD DULD H L
SXQWLGLHVSXOVLRQHGHOO
DULDDOO
HVWHUQRQRQGHYRQRLQWHUIHULUHIUDORUR
1HO©ER[FRQWUROORGHOWLURªGHYRQRHVVHUHDVVLFXUDWLDOPHQRGXHULFDPELRUD
,FRPDQGLHOHWWULFLGHOO
LQWHURLPSLDQWRGRYUDQQRIDUFDSRDOOD©FRQVROOHªGHO'LUHW
WRUH GL 7LUR LQ SDUWLFRODUH OH WUH OLQHH GL DVSLUD]LRQH GHYRQR DYHUH FRPDQGL LQGLSHQ
GHQWL
/
LPSLDQWR GLILOWUDJJLR GRYUj HVVHUH GRWDWR GL XQ PLVXUDWRUH GHOOR VWDWR GL LQWDVD
PHQWRGHLILOWUL
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
PLVXUDQGRFRQO
DQHPRPHWURODYHORFLWjGHOO
DULDLQFLDVFXQ ©ER[ GLWLURª DOOHDOWH]]H
GLPPPWDOHYHORFLWjGRYUjHVVHUFRPSUHVDIUDy PV
DFFHQGHQGRDUWLIL]LIXPRJHQLGLVORFDWLDPGDOODOLQHDGLIXRFRDOILQHGLFRQWUROODUH
FKHQRQYLVLDQRULWRUQLGHOO
DULDQHOO
DUHDWLUDWRUL
FRQWUROODQGR OD ULVSRQGHQ]D DOOH SUHVHQWL QRUPH GL WXWWL L FRPSRQHQWL O
LPSLDQWR GL
YHQWLOD]LRQH
G,PSLDQWRGLULOHYD]LRQHGHOO
RVVLGRGLFDUERQLR
'HYHFRQWUROODUHODSHUFHQWXDOHGL&2SUHVHQWHQHOO
DUHDWLUDWRULHVHJQDODUHO
HYHQWXDOH
VXSHUDPHQWRGHOOLPLWHDPPLVVLELOH
/
LPSLDQWRFRVWLWXLWRGDXQDDSSDUHFFKLDWXUDWDUDELOHGDVLVWHPDUVLQHOO
DUHDWLUDWRULHGD
SL VHQVRUL GD LQVWDOODUVL QHL ©ER[ GL WLURª GHYH HVVHUH GRWDWR GL XQ PLVXUDWRUH GHOOH
FRQFHQWUD]LRQL GL &2 LQSSP H GL XQ VHJQDOH GL DOODUPH RWWLFR HG DFXVWLFR ULSRUWDWL
QHOODFRQVROOHGHO'LUHWWRUHGL7LUR,OVHJQDOHGLDOODUPHGHYHHQWUDUHLQIXQ]LRQHTXDQ
GRODSHUFHQWXDOHGL&2SUHVHQWHQHOO
DULDUDJJLXQJHOHSSPHGHYHULSHWHUHODVH
JQDOD]LRQHTXDQGRVLUDJJLXQJHLOYDORUHOLPLWHGLSSP
,,FRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWRYHULILFDQGRODULVSRQGHQ]DGHOO
LPSLDQWR
DOOHSUHVHQWLQRUPH
H,PSLDQWRGLULVFDOGDPHQWR
+D OR VFRSR GL UHDOL]]DUH FRQGL]LRQL GL EHQHVVHUH SHU OR VYROJLPHQWR GHO
O
DGGHVWUDPHQWR
/HSRVVLELOLVROX]LRQLVRQR
UHDOL]]D]LRQHGLXQDFHQWUDOHGLULVFDOGDPHQWRGHOO
DULDLPPHVVDQHOODJDOOHULDGLWLURH
QHO©ER[FRQWUROORGHOWLURª
LQVWDOOD]LRQHGLODPSDGHDUDJJLLQIUDURVVLFRQWHPSHUDWXUDUHJRODELOHPDQXDOPHQWHHR
DXWRPDWLFDPHQWH
I,PSLDQWRLQWHUIRQRHGLDPSOLILFD]LRQH
+DORVFRSRGLFRQVHQWLUHOHFRPXQLFD]LRQLIUDLOSHUVRQDOHRSHUDQWHQHOO
DPELWRGHOSR
OLJRQRHLO'LUHWWRUHGLWLURHGLFRQVHQWLUHDTXHVW
XOWLPRGLLPSDUWLUHRUGLQLFROOHWWLYL
3HUWDQWRGHYHHVVHUHUHDOL]]DWR
REEOLJDWRULDPHQWH
XQLPSLDQWRGLDPSOLILFD]LRQHLOFXLPLFURIRQRVLDSRVWRVXOODFRQVROOHGHO©ER[FRQ
WUROORGHOWLURªHJOLDOWRSDUODQWLVLDQRVLVWHPDWLQHOO
DUHDWLUDWRUL
XQLPSLDQWRFLWRIRQLFRFROOHJDQWHLO©ER[GHOWLURªFRQO
DUHDWLUDWRUL
HYHQWXDOPHQWH LQIXQ]LRQHGHOOHGLYHUVHQHFHVVLWjDGGHVWUDWLYHVSHFLILFKHGLFLDVFX
QD$PPLQLVWUD]LRQH
FROOHJDPHQWLGLUHWWLWUDLO©ER[FRQWUROORGHOWLURªHLVLQJROLWLUDWRULDPH]]RFXIILD
WXWWLJOLDOWULFROOHJDPHQWLULWHQXWLQHFHVVDUL
,O FRQWUROOR GHOO
DJLELOLWj VDUj VHPSUH HIIHWWXDWR YHULILFDQGR OD SUHVHQ]D H ULVSRQGHQ]D
GHJOLLPSLDQWLREEOLJDWRULDOOHSUHVFUL]LRQLLQGLFDWH
J,PSLDQWRDQWLFHQGLR
,QFDVRGLSULQFLSLRG
LQFHQGLRKDORVFRSRGLFRQVHQWLUHO
LQWHUYHQWRLPPHGLDWRGLUHWWR
DOODVDOYDJXDUGLDGHOO
LQWHJULWjILVLFD GHOSHUVRQDOHSHUWDQWRQHOO
DUHD WLUDWRULGRYUDQQR
HVVHUHLQVWDOODWLGXHHVWLQWRULSRUWDWLOLGDNJDO&XELFDWLLQSRVL]LRQHEHQYLVLELOH
/DSURWH]LRQHDQWLQFHQGLRGHOO
LQWHURSROLJRQRGRYUjHVVHUSUHYLVWDQHO©3LDQRDQWLFHQ
GLRªGHOO
LQIUDVWUXWWXUDLQFXLLOSROLJRQRqVLWXDWR
,O FRQWUROOR GHOO
DJLELOLWj VDUj VHPSUH HIIHWWXDWR DFFHUWDQGR HVLVWHQ]D GHL SUHGHWWL
HVWLQWRUL
K,QVRQRUL]]D]LRQH
&RQGL]LRQLDFXVWLFKHLQWHUQH
3UHPHVVRFKHqIDWWRREEOLJRDOSHUVRQDOHLQDGGHVWUDPHQWRGHOO
XVRGLPH]]LGLSURWH
]LRQH DFXVWLFD FXIILH GHVRQRUL]]DQWL LGRQHL DG DWWHQXDUH O
LQWHQVLWj VRQRUD VRQR GD
FRQVLGHUDUVLYLQFRODWLYLLVHJXHQWLOLPLWL
ODUXPRURVLWj QHOO
DUHDWLUDWRULGXUDQWHO
HVHUFL]LRQRQGRYUjVXSHUDUHLOYDORUHGL
G%$PHGLDGLDOPHQRWUHPLVXUHHIIHWWXDWHDOPDVVLPROLYHOOR$ULVSHWWLYDPHQWHD
PHGDOODIRQWH
LOPDVVLPROLYHOORGLUXPRUHDOPRPHQWRGHOWLURFRQWHPSRUDQHR©DUDIILFDªGDWXWWH
OHSRVWD]LRQLPLVXUDWRDOFHQWURGHOER[&RQWUROORGHOWLURQRQGRYUjVXSHUDUHLOYDORUH
GLG%$
O
LVRODPHQWR DFXVWLFR WUD JOL DPELHQWL DGLDFHQWL OD VWD]LRQH GL WLUR H OD JDOOHULD GRYUj
HVVHUHWDOH FKH LO OLYHOOR PDVVLPR GHOOH PLVXUH HIIHWWXDWH QHOODVFDOH $ D P GDOOD
SDUHWHQRQVXSHULLOYDORUHGLG%$
TXDORUDLOSROLJRQRGLWLURVLDSRVWR LQ YLFLQDQ]D GL ORFDOLDGLELWL DG XIILFL FDPHUDWH
HFFLOPDVVLPROLYHOORGLUXPRUHPLVXUDWRDPGDOODSDUHWHRGDOVRODLRQRQGRYUj
VXSHUDUHLOYDORUHGLG%$
&RQGL]LRQLDFXVWLFKHHVWHUQH
1HLSROLJRQLUHDOL]]DWLLQSURVVLPLWjHQHOO
DPELWRGLDOWULHGLILFLODUXPRURVLWjPLVXUDWD
QHOODVFDOD$DOO
HVWHUQRHDGXQPHWURGDOOHSDUHWLQRQGRYUjVXSHUDUHLOYDORUHPDVVL
PRLPSRVWRGDOOH$XWRULWjORFDOL
4XDORUD QRQ VL RWWHQJDQR OH FRQGL]LRQL DFXVWLFKH GL FXL VRSUD LO ULYHVWLPHQWR LQ
VRQRUL]]DQWHSRWUjHVVHUHHVWHVRDWXWWDODJDOOHULDHRDOO
RFFRUHQ]DDQFKHQHOGDYDQWLH
QHOUHWURGHOIHUPDSDOOHVWHVVR
$OOHJDWR©$ª
5,)(5,0(17,/(*,6/$7,9,63(&,),&,'(,32/,*21,',7,52
ƒ /HJJHGHOOXJOLRQVHULHC
FKHLVWLWXLVFHLO7LURD6HJQR1D]LRQDOH
ƒ /HJJHGHOQFKHDIILGDDO0LQLVWHURGHOOD'LIHVDODSDUWHWHFQLFDHG
DPPLQLVWUDWLYDGHO761
ƒ /HJJHGHOQ©5LIRUPDGHOODOHJJHVXO761ª
ƒ &LUFRODUH*0 GHO Q ©,VWUX]LRQH SHU OD SULPD DSSOLFD]LRQH GHOOD OHJJH
QVXO761ª
ƒ 5' GHO Q ©$SSURYD]LRQH GHO UHJRODPHQWR SHU OD HVHFX]LRQH
GHOODOHJJHQªQGHO
ƒ /HJJH GHO Q ©0RGLILFD]LRQL HG DJJLXQWH DOOD OHJJH Q
ª*8QGHO
ƒ &LUFRODUH*0GHOQ©3XEEOLFD]LRQHGHOODOHJJHQª&LU
FRODUH*0GHOQ©&DPSLGLWLURª
ƒ '/GHOQ©0RGLILFD]LRQLDOOHYLJHQWLQRUPHVXO761ª*8Q
GHO
ƒ /HJJHGHOQVXO761
ƒ /HJJHGHOQ ©1RUPHLQWHJUDWLYHGHOODGLVFLSOLQDYLJHQWHSHULOFRQ
WUROORGHOOHDPQLGHOOHPXQL]LRQLHGHJOLHVSORVLYLª
ƒ /HJJHGHOQ©0LVXUHILQDQ]LDULHVWUDRUGLQDULHSHULOSRWHQ]LDPHQWR
H O
DPPRGHUQDPHQWR WHFQRORJLFR GHL VHUYL]L SHU OD WXWHOD GHOO
RUGLQH H GHOOD VLFXUH]]D
SXEEOLFDª
ƒ '35GLFHPEUHQ©$SSURYD]LRQHGHOOR6WDWXWRGHOO
8/76ª
ƒ 'HFUHWRGHO3UHVLGHQWHGHO&RQVLJOLRGHL0LQLVWULPDU]R ©/LPLWL PDVVLPL
GLDFFHWWDELOLWjGHOOHFRQFHQWUD]LRQLHGLHVSRVL]LRQHUHODWLYLDGLQTXLQDQWLGHOO
DULDQHO
O
DPELHQWHHVWHUQRª
ƒ 5DWLILFDGHO0LQLVWURSHUOD'LIHVDGHOUHODWLYDDO ©5HJRODPHQWRSHUO
DW
WXD]LRQHGHOOR6WDWXWRGHOO
8/76ª
$OOHJDWR©%ª
&20$1'2«««««««««««««««««««««««««
32/,*212',7,52,1*$//(5,$
5(*2/$0(172
IDFVLPLOH
«««
VHJXH$OOHJDWR©%ª
&20$1'2 5(*2/$0(1723(5/
862'(/32/,*212',7,52,1*$//(5,$
*(1(5$/,7¬
«5LFKLDPDUHODSXEEOLFD]LRQHQ©1RUPHGLVLFXUH]]DGDRVVHUYDUHQHOODHVHFX
]LRQH GL WLUL FRQ OH YDULH DUPL GHOOD )DQWHULDª GHOO
,VSHWWRUDWR GHOOH $UPL GL )DQWHULD H
&DYDOOHULDHGHYHQWXDOLDOWUHQRUPDWLYHVSHFLILFKHGHOO
$UPD&RUSRR(QWHJHVWRUHGHO
SROLJRQR
35,1&,3$/,&$5$77(5,67,&+(67587785$/,'(/32/,*212
=RQDVHUYL]L
««««««««««««««««««««
6WD]LRQHGLWLUR
%R[FRQWUROORGHOWLUR
«««««««««««««««««
%R[GLWLUR
«««««««««««««««««
*DOOHULDGLWLUR
««««««««««««««««««
6WD]LRQHGHLEHUVDJOL
««««««««««««««««««
$UHDSDUDSDOOH
««««««««««««««««««
$50,(081,=,21$0(172,03,(*$%,/,1(/32/,*212
$UPL
HOHQFDUHOHDUPLVSHFLILFDQGRWLSRPRGHOORHFDOLEUR
««««««««««««««««««
0XQL]LRQDPHQWR
««««««««««««««««««
6RQR FRPXQTXH HVFOXVH PXQL]LRQL FRQ SDOORWWROH SHUIRUDQWL HVSORVLYH LQFHQGLDULH H
WUDFFLDQWL
35(6&5,=,21,3(5/
,03,(*2'(/32/,*212
'LUHWWRUHGL7LUR
&RPSLWL«««««««««
$VVLVWHQWL,VWUXWWRUL
&RPSLWL««««««««««««««
$UPDLXROR
&RPSLWL««««««««««««««
3HUVRQDOHDXWRUL]]DWRDGDFFHGHUHDOSROLJRQRGXUDQWHOHHVHUFLWD]LRQL
%R[FRQWUROORGHOWLURSXzDFFHGHUYLHVFOXVLYDPHQWHLO'LUHWWRUHGL7LURHGHYHQ
WXDOPHQWHXQRSHUDWRUH
$UHDWLUDWRULSRVVRQRDFFHGHUYLHVFOXVLYDPHQWHLWLUDWRULLQHVHUFLWD]LRQHJOLDVVL
VWHQWLWLUDWRULHGHYHQWXDOPHQWHLO'LUHWWRUHGL7LURH
DUPDLXROR
«««««««««««
'LVFLSOLQDGHLWLUDWRUL
«««««««««««
0RGDOLWjGLWLUR
««««««««««««
LOWLURqFRQVHQWLWRHVFOXVLYDPHQWHGDLER[HVWLUDWRULqYLHWDWRLOWLURLQPRYLPHQWR
q YLHWDWRGLVSDUDUHFRQWUREHUVDJOLSRVWLDGLVWDQ]HLQIHULRULDPVHWWH
GXUDQWH O
HVHUFLWD]LRQH WXWWR LO SHUVRQDOH QHOO
DUHD WLUDWRUL GHYH HVVHUH SURYYLVWR GHL
PH]]LGLSURWH]LRQHDFXVWLFD
qYLHWDWR LO WLURDEUHYLUDIILFKHPD[y FROSL
3UHGLVSRVL]LRQLGDDWWXDUVLSULPDGLRJQLHVHUFLWD]LRQHGLWLUR
,OUHVSRQVDELOHLQSUHYLVLRQHGHOODFRQVHJQDGHOSROLJRQRDO'LUHWWRUHGLWLUR
SHUOHHVHUFLWD]LRQLGHYHSURFHGHUHDOOHVHJXHQWLRSHUD]LRQL
DFFHUWDUVLGHOUHJRODUHIXQ]LRQDPHQWRGHOO
LPSLDQWR©FRQWUROORSRUWHª
PHWWHUH LQ IXQ]LRQH LPSLDQWR GL WHUPRYHQWLOD]LRQH SHUDVVLFXUDUVL GHO VXR UHJRODUH
IXQ]LRQDPHQWR
DFFHUWDUVL FKH LO GLVSRVLWLYR GL DOODUPH ©ULOHYDWRUH GHO WDVVR &2ª IXQ]LRQL UH
JRODUPHQWH
DVVLFXUDUVL FKH LO SDUDSDOOHH OH DOWUHRSHUHGL VLFXUH]]D VLDQRLQ EXRQH FRQGL]LRQL GL
XVXUDWDOLGDDVVROYHUHVLFXUDPHQWHOHORURIXQ]LRQL
DVVLFXUDUVLFKHWXWWHOHDOWUHDWWUH]]DWXUHGHOSROLJRQRHGLQSDUWLFRODUHGHOER[GLUHWWRUH
GLWLURVLDQRHIILFLHQWLHIXQ]LRQLQRUHJRODUPHQWH
FRQWUROODUH FKH WXWWR O
LPSLDQWR G
LOOXPLQD]LRQH H VHJQDOD]LRQH GHO SROLJRQR DQFKH
TXHOORUHODWLYRDOOHOLQHHGHLEHUVDJOLIXQ]LRQLUHJRODUPHQWH
«««««««««VHJXRQR WXWWH OH SUHGLVSRVL]LRQL QHFHVVDULH SHU OD EXRQD UL
XVFLWDGHOO
HVHUFLWD]LRQHGLWLUR
&RQWUROORHGDQQRWD]LRQHGHLULVXOWDWLGHOWLUR
«««««««««VHJXRQROHSUHVFUL]LRQLSHUORVYROJLPHQWRGLTXHVWDRSHUD]LR
QHGDHIIHWWXDUVLLQUHOD]LRQHDOWLSRGLEHUVDJOLXWLOL]]DWLDOOHDUPLLPSLHJDWHDOOHPR
GDOLWjGLWLURHFFHFF
6LWXD]LRQLG
HPHUJHQ]DHGDQRPDOH*XDVWRDJOLLPSLDQWLWHFQLFL
PDQFDQ]DGHOO
HQHUJLDHOHWWULFD
DUUHVWRGHOO
LPSLDQWRGLYHQWLOD]LRQH
HQWUDWDLQDOODUPHGHOGLVSRVLWLYRGLFRQWUROORGHO&2
$OORQWDQDPHQWRSHUFDXVDGLIRU]DPDJJLRUHGHO'LUHWWRUHGLWLUR
IHULPHQWRDFFLGHQWDOHGHOSHUVRQDOHLQHVHUFLWD]LRQHLQFHSSDPHQWRGHOOHDUPL
DOODUPHJHQHUDOHLQFDVHUPDHFF«««««
6HJXRQROHSUHGLVSRVL]LRQLGDDWWXDUHLQFLDVFXQRGHLFDVLVRSUDPHQ]LRQDWL««««
&KLXVXUDGHOOHHVHUFLWD]LRQLGLWLUR
««««6HJXRQROHSUHGLVSRVL]LRQLGDDWWXDUHDOWHUPLQHGHOOHHVHUFLWD]LRQLGLWLURIUD
OHTXDOLODFRPSLOD]LRQHGLXQUDSSRUWRGLERQLILFDFRPHLQDSSHQGLFH«««««
$VVLVWHQ]DVDQLWDULD
*(67,21((0$187(1=,21('(/32/,*212
*HVWLRQH
$XWRUL]]D]LRQHSHUO
XVRGHO3ROLJRQR
5HSDUWLGHOO
(QWHJHVWRUHHGDOWUL5HSDUWL 3HUVRQDOHLQFDULFDWR
&RPSLWL 'RFXPHQWD]LRQHVXOO
DWWLYLWjGHOSROLJRQR
5HJLVWULUDSSRUWLGLERQLILFDYHUEDOLHFF
0DQXWHQ]LRQH
$FFHUWDPHQWRGHOOHFRQGL]LRQLG
XVRGHOSROLJRQR
3HULRGRPD[PRGDOLWjHFF
3URFHGXUH
5LFKLHVWDGLPDWHULDOLHVHFX]LRQHGLODYRULHFF«««««««
9$5,(
«««REEOLJDWRULHWjGLFRQWUROOLVDQLWDULSHULOSHUVRQDOHLVWUXWWRUH
RWRULQRDQDOLVLGHOVDQJXH ««««SUHGLVSRVL]LRQLGDDWWXDUHLQFDVRGLSULQFLSLRG
LQFHQGLR«««««
««««REEOLJDWRULHWj SHU LO SHUVRQDOH DGGHWWR DOOH SXOL]LH GHOO
DUHD SDUDSDOOH
G
LQGRVVDUHODPDVFKHUDDQWLSROYHUH «««
&20$1'2 ««««««««
$SSHQGLFH
$OOHJDWR©%ª
5$332572',%21,),&$(5,25',1232/,*212',7,52
'(120,1$=,21('(/5(3$572&+(692/*(/
(6(5&,7$=,21(
«««««««««««««««««««««««««
(6(5&,7$=,21(,
FRQDUPD««««««««««««FDOLEUR«««««
HVHJXLWDLO«««««««««««««««GDOOHRUH«««DOOHRUH
',5(7725('7,52«««««««««««««««
$OWUL PLOLWDUL FKH KDQQR HYHQWXDOPHQWH FRDGLXYDWR LO 'LUHWWRUH GL WLUR FRQ LQGLFD]LRQH
GHOOHIXQ]LRQLVYROWH«««««««««««««««««««
081,=,21$0(172,03,(*$72(&2/3,63$5$7,«««««««
%(56$*/,87,/,==$7,7LSRQU««««««««
7LSRQU««««««««
(6,72 '(//$ 5,&2*1,=,21( ( 5,25',12 (6(*8,7, $ 7(50,1( '(/
/
(6(5&,7$=,21(
««««««««««««««««««««
3(5)(=,21$0(172'(//($775(==$785('(/32/,*212
««««««««««««««««««««
$/75(127,=,(&21&(51(17, /$ (6(5&,7$=,21( ,/ 32/,*212 ( /(
$775(==$785(
«««««««««««««««««««««
,/32/,*212Ê'$&216,'(5$56,%21,),&$725,25',1$72('
87,/,==$%,/(3(58/7(5,25,(6(5&,7$=,21,
««««««««««««««««««««««
'DWDHOXRJR
,/',5(7725(',7,52
BBBBBBBBBBBBBBBBBBBBBB
LQGLFDUHLOWLSRGLHVHUFLWD]LRQHVYROWD
LQGLFDUHLOWLSRGLDUPDLPSLHJDWD
GDWDGHOODHVHUFLWD]LRQH
JUDGRFRJQRPHHQRPH
LQGLFD]LRQHGHOWLSRFDOLEURHORWWRGHOPXQL]LRQDPHQWRLPSLHJDWR
LQGLFDUHOHDQRPDOLHHYHQWXDOPHQWHULVFRQWUDWHHGLSURYYHGLPHQWLDGRWWDWL
LQFDVRFRQWUDULRFDQFHOODUH OD VFULWWD H VSHFLILFDUH OH UDJLRQLSHUFXLQRQ VL ULWLHQHLO SROLJRQR XOWH
ULRUPHQWHXWLOL]]DELOH
$OOHJDWR©&ª
&/$66,),&$=,21('(,32/,*21,,1)81=,21('(//
(1(5*,$
&,1(7,&$'(//($50,('(/081,=,21$0(172
(1(5*,$
)LQRD.JP
'D.JP
D.JP
'D.JP
D.JP
',67$1=$3$5$3$//(
)LQRDP
'DPDP
P
)LQRDP
'DPDP
GDPDP
)LQRDP
'DPDP
7,323$5$3$//('$
,03,(*$5(
XQRTXDOXQTXH
XQRTXDOXQTXH
XQRTXDOXQTXH
DGDVVRUELPHQWR
DGDVVRUELPHQWR
XQRTXDOXQTXH
DGDVVRUELPHQWR
DGDVVRUELPHQWR
$OOHJDWR©'ª
5(48,
6,7,
*(1(
5$/,
67587
785$/,
'(//$
6,&8
5(==$
&21752//2'(,5(48,6,7,
3(5/$&21&(66,21('(//
$*,%,/,7¬
(/(0(17,'
$1$/,6,
0(==,
67580(17,
$33$5(&&+,$
785(
5LVSRQGHQ]DDOSURJHWWR
&RQWUROORLQORFRGHOO
LQIUDVWUXWWXUD 0HWULULJLGLURWHOOH
DSSURYDWR
UHDOL]]DWD
PHWULFKH
5HVLVWHQ]DGHOODVWUXWWXUDH 3URYHGLSHQHWUD]LRQHFRQVRQGD
*HVVLFRORUDWLPHWUL
GHLULYHVWLPHQWLLQWHUQL
:LQGVRU
HURWHOOHPHWULFKH
3URYHGLWLURDFROSRVLQJRORRQRQ FDUWDHQDVWURDGHVL
VXSDUHWHVRIILWWRSDYLPHQWRR
YRFDOLEUR
DOWULHOHPHQWLVFHOWLGDOOD&RP
PLVVLRQH
8VXUDGHLPDWHULDOL
$WWXD]LRQHSURYHGLVFDOILWWXUD
&6
SHQHWUD]LRQHHFFVXLPDWHULDOLGL
ULYHVWLPHQWR(YHQWXDOHFRQWUROORGL
FHUWLILFD]LRQHWHFQLFD
127(
$VVHQ]DGLULPEDO]LYHUVR
LOWLUDWRUHGLSDOORWWROHLQWH
UHRGLIUDPPHQWLGLHVVHLQ
FDVRGLFROSLUHJRODUL
$FTXLVL]LRQH
DJOLDWWLGHO
FHUWLILFDWR
3DUDSDOOHFRQIRUPLWjDG
XQRGHLPRGHOOLRVVHUYDWL
&DSDFLWjGLWXWWDODJDOOHULD
GLWLURDQRQIDUYHULILFDUH
ULPEDO]LGLSDOORWWROHLQWHUH
RGLIUDPPHQWLYHUVRLO
WLUDWRUHLQFDVRGLFROSL
DQRPDOLQRQVSDUDWLVXO
SDUDSDOOH
7DVVRGL&2
$HUD]LRQH
$FFHVVL
&21752//,
9(5,),&+(
3529(
&RQWUROORGHYLVXGHOO
DSSDUHF
FKLDWXUD
3HULSDUDSDOOHGLQXRYDFRQFH]LR
QHVLDFTXLVLVFHODFHUWLILFD]LRQH
WHFQLFDGLFROODXGRVXSURWRWLSR
$FTXLVL]LRQHGHOODFHUWLILFD]LRQH
GHO%13$)3RYHVLDJDUDQWLWR
FKHQHVVXQSURLHWWLOHRIUDPPHQWR
SRVVDHVVHUHSHULFRORVRSHULOWLUD
WRUH
(IIHWWXD]LRQHGLXQDVHULHGLWLUL
FRQOHDUPLGLSUHYLVWRLPSLHJR
VXOOHSDUHWLVXOSDYLPHQWRVXL
ULYHVWLPHQWLHVXOOHDSSDUHFFKLDWX
UHFKHDJLXGL]LRGHOOD&RPPLVVLR
QHSRVVRQRGHWHUPLQDUHVLWXD]LRQL
FULWLFKH
9HULILFDGHOOHDSSDUHFKLDWXUHGL
FRQWUROORLQFRQWLQXRFRQVHQVRUH
QHOO
DUHDWLUDWRULWDUDWRSHU
330SUHDOODUPHH330
DOODUPHFRQVRVSHQVLRQHGHLWLUL
9HULILFDGHOODWDUDWXUDSUHYLRSUH
OLHYRHPLVXUD]LRQLGLFDPSLRQDWX
UHLQGLVFRQWLQXR
$UPLHPXQL]LRQL
JHVVLURWHOOHPHWUL
FKHFDUWDHGLDIUDP
PLFRQWHODLGLOHJQR
,ULVXOWDWLYDQ
QRULSRUWDWLVX
DSSRVLWLPR
GHOOL
$SSDUHFFKLDWXUD
REEOLJDWRULDHILVVD
QHOO
DUHDWLUDWRUL
'UDJKHU
)LDOHVHQVLELOLDO&2
,ULVXOWDWLYDQ
QRULSRUWDWLVX
DSSRVLWLPR
GHOOL
9HULILFDGHOO
LPSLDQWRGLDHUD]LRQH $QHPRPHWUR
HPLVXUD]LRQHGHOO
DULDQHLSXQWL
SUHILVVDWL1RQGHEERQRYHULILFDUVL
ILOHWWLGLULWRUQR/HPLVXUD]LRQL
YHQJRQRHIIHWWXDWHDOFHQWURGL
FLDVFXQDVWD]LRQHGLWLURDOOHDOWH]
]HGLHFRQL
OLPLWLGLyPVHF
9HULILFDGHOVLVWHPDGLDSHUWXUDH
GLFKLXVXUDHGLVHJQDOD]LRQHGHOOH
SRUWHGHOOD]RQDGLWLUR
3HQHWUD]LRQH
PD[QHOFD
! PP
'DWLULSRUWDWL
VXWDEHOOHSUH
GLVSRVWH
(VHJXLWRVROR
VXPDWHULDOL
QRQFRQRVFLXWL
DOOD&RPPLV
VLRQH
7XWWDODFHUWL
ILFD]LRQHYLH
QHDFTXLVLWD
DJOLDWWL
,ULVXOWDWLYDQ
QRULSRUWDWLVX
DSSRVLWLPR
GHOOL
23(5$
7,9,
,OOXPLQD]LRQH
,QVRQRUL]]D]LRQH
9HULILFDGHOYDORUHGLLOOXPLQD
/X[RPHWUR
PHQWRQHOODJDOOHULDGLWLURYDULD
ELOHGD /X[FRQDOPHQR
/X[VXLEHUVDJOL
9HULILFDGHOO
LPSLDQWROXFLG
HPHU
JHQ]D
9HULILFDGHOJUDGRG
LQVRQRUL]]D
)RQRPHWUR
]LRQHDOO
LQWHUQRHDOO
HVWHUQRGHOOD
JDOOHULDOLPLWHPD[DGPGDOOD
SRVWD]LRQHGLWLURG%OLPLWH
DOO
HVWHUQRGHOODJDOOHULDDP
GDOODVWUXWWXUDG%DOO
LQWHUQR
GLXIILFLDGLDFHQWLG%
3LRPER
,QIDVHGLGHWHUPLQD]LRQHGHOWLSR
GLYHULILFKHHGHLFRQWUROOL
$QWLFHQGLR
&RQWUROORGHOO
LQVWDOOD]LRQHGLVL
VWHPLLGRQHLSHULOSURQWRLQWHU
YHQWRDQWLQFHQGLR
9HULILFDSHULSDUDSDOOHDGDVVRU
ELPHQWRGHOODQRQLQILDPPDELOLWj
GHOPDWHULDOHG
LPSLHJRGHOSROLJR
QR
1RUPHG
XVR
9HULILFDVRWWRLOSURILORGHOODVLFX
UH]]DGXUDQWHOHHVHUFLWD]LRQLGHO
5HJRODPHQWRG
LPSLHJRGHOSROL
JRQR
,PSLDQWL
9HULILFDGLIXQ]LRQDPHQWRGLWXWWL
JOLLPSLDQWLHGDSSDUHFFKLDWXUH
DHUD]LRQHEHUVDJOLLOOXPLQD]LRQH
ULVFDOGDPHQWRFRQWUROORHFF
3DUDSDOOHVRORSHUTXHOOL
9HULILFDGHOODIXQ]LRQDOLWjGLPR
GLQXRYDFRQFH]LRQH
YLPHQWD]LRQHGLVHSDUD]LRQHHGL
UHFXSHURGHOOHSDOORWWROHGLUHFX
SHURHGLVWULEX]LRQHGHLPDWHULDOL
$FTXLVL]LRQHGHLFHUWLILFDWLGLJD
UDQ]LDULFKLHVWL
3RVL]LRQLHPRGDOLWjGLWLUR 9HULILFDGHJOLVSD]LG
XVRDGGH
0HWUR
VWUDWLYLER[HVSLDQHWWLHFF
9HULILFDGHLVLVWHPLGHLEHUVDJOL
VRWWRLOSURILORDGGHVWUDWLYR
9HULILFDGHO5HJRODPHQWRG
LPSLH
JRGHOSROLJRQR
,ULVXOWDWLYDQ
QRULSRUWDWLVX
DSSRVLWLPR
GHOOL
,ULVXOWDWLYDQ
QRULSRUWDWLVX
DSSRVLWLPR
GHOOL
2EEOLJRGHO
SHUVRQDOH
DOO
LQWHUQR
GHOODJDOOHULD
GLFXIILHGH
VRQRUL]]DQWL
9GV$SSHQ
GLFH
$SSURYD]LRQH
GHO5HJROD
PHQWR
9GVSXQWL
SUHFHGHQWL
&6
&6
127(
/HYHULILFKHHGLFRQWUROOLVRSUDGHVFULWWLSRVVRQRHVVHUHHVHJXLWLDQFKHFRQWHPSRUDQHDPHQWHHGLQRUGLQHGLYHUVR
GDTXHOORLQGLFDWR
/DVRQGD:LQGVRUqXQDDSSDUHFFKLDWXUDFKHSHUPHWWHGLRWWHQHUHFRQSURYHQRQGLVWUXWWLYHODUHVLVWHQ]DFDUDWWH
ULVWLFDFXELFDDJLRUQLGHOFDOFHVWUX]]R
67$720$**,25('(//
(6(5&,72
,63(7725$72'(//
$50$'(/*(1,2
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
',5(77,9$7(&1,&$
3(5,32/,*21,',7,52
&+,86,$&,(/2$3(572
'73
$99(57(1=$
ÊSRVVLELOHFKHYLVLDQRFLUFRODUL
GLDJJLRUQDPHQWR
,QIRUPDUVLSUHVVRO
,VSHWWRUDWRGHOOD
$UPDGHO*HQLR
,GLVHJQLGLTXHVWRWHVWRQRQVHPSUHVRQRQHOODVFDODLQGLFDWD
,,,(/(0(17,&2675877,9,
(&$5$77(5,67,&+(67587785$/,
6LRPHWWRQRLFDS,H,,HODSULPDSDUWHGHOFDS,,,UHODWLYDDOOD=RQDVHUYL]LLGHQWLFLDTXHOOLGHOOD'L
UHWWLYD'73DFXLVLULQYLD
=RQDLPSLDQWRGLWLURILJ
&RVWLWXLVFHODSDUWHDWWLYDGHOSROLJRQRGLWLURHFRPSUHQGH
DUHDRVVHUYDWRULVWD]LRQHGLWLUR]RQDGLWLUR
DUHDSDUDSDOOH
D$UHDRVVHUYDWRULILJ
$UHDGLVXSHUILFLHYDULDELOHSRVWDDOOHVSDOOHGHOODVWD]LRQHGLWLURDOILQHGLFRQVHQWLUHO
RVVHUYD]LRQHGHO
WLURD
WLUDWRULLQDWWHVD
VSHWWDWRUL
DOWUHSHUVRQHLQWHUHVVDWH
'HYHHVVHUHVHSDUDWDGDOODVWD]LRQHGLWLURFRQYHWUDWHDQWLSURLHWWLOHDVVROXWDPHQWHLPSHQHWUDELOLDL
SURLHWWLOLHGHVHQWLGDSURLH]LRQHGLVFKHJJHGLYHWUR
3HUDOWURQHOFDVRVLHIIHWWXLLOWLURFRQDUPLGHOODSULPDFDWHJRULDODVHSDUD]LRQHGHOODVWD]LRQHGLWLURSXz
HVVHUHUHDOL]]DWDFRQWUDPH]]LEDODXVWUHRDOWULPDWHULDOLDWWLDGLPSHGLUHLOSDVVDJJLRGLSHUVRQH
5HVWDLQWHVRFKHLO'LUHWWRUHGLWLURLQUHOD]LRQHDOJUDGRGLDGGHVWUDPHQWRSUHSDUD]LRQHHGHVSHULHQ]DGHL
WLUDWRULHGDOOHLQGLVSHQVDELOLPLVXUHGLVLFXUH]]DFRQVHJXHQWLDOOLYHOORGLSRWHQ]LDOHSHULFRORSXzR
GHYHYLHWDUHO
DFFHVVRDOO
DUHDRVVHUYDWRUL
'RYUjLQROWUHHVVHUHDSSRVWRLQXQRRSLSXQWLIDFLOPHQWHYLVLELOLXQFDUWHOORFRQODVFULWWD©=RQDGL
SHULFROR/DSHUPDQHQ]DGLSHUVRQHLQTXHVWD]RQDGXUDQWHLWLULqDGHVFOXVLYDUHVSRQVDELOLWjGHJOLLQWH
UHVVDWLª
,QDOWHUQDWLYDSRWUjHVVHUHIDWWDILUPDUHDWXWWLFRORURFKHDFFHGRQRDOO
DUHDRVVHUYDWRULXQDGLFKLDUD]LRQH
OLEHUDWRULDSHULO'LUHWWRUHGLWLURDWWHVWDQWHODFRQRVFHQ]DGLXQDVLWXD]LRQHGLSHULFROR
,OPDVVLPROLYHOORGLUXPRUHDOPRPHQWRGHOWLURQRQGRYUjVXSHUDUHLOYDORUHGLGHFLEHOVFDOD$
4XDORUDYHQJDVXSHUDWRWDOHOLPLWHSXzHVVHUHFRQVHQWLWRO
DFFHVVRDOO
DUHDLQTXHVWLRQHVRORFRQO
REEOLJR
GLFXIILHLQVRQRUL]]DQWL
,QWDOFDVRGRYUjHVVHUHGDWDSXEEOLFDQRWL]LDFRQDSSRVLWLFDUWHOOLFRQODVFULWWD
©qYLHWDWDODSHUPDQHQ]DLQTXHVWD]RQDVHQ]DFXIILDLQVRQRUL]]DQWHªSHUDOWURqSHUPHVVRLOULIHULPHQWR
DGDOWURPH]]RDSSURSULDWRGLSURWH]LRQHDFXVWLFD
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
PLVXUDQGRLOOLYHOORDFXVWLFRGXUDQWHLOWLURFRQWHPSRUDQHRGDWXWWLLER[HVGLWLURQRQGRYUjVXSHUDUHLQ
TXDOVLDVLSXQWRGHOO
DUHDRVVHUYDWRULLOSLFFRGLGHFLEHOVFDOD$
FRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWLQRUPHGLWXWWLJOLHOHPHQWLFRPSRQHQWLO
DUHDRVVHUYDWRUL
E6WD]LRQHGLWLUR
&RQVLVWHLQXQDVWUXWWXUDFRSHUWDLGRQHDDFRQWHQHUHILJ
LOSRVWRFRQWUROORGHOWLUR
O
DUHDWLUDWRUL
3RVWRFRQWUROORGHOWLUR
D(
O
XQLWjSULQFLSDOHGHOOD]RQDLPSLDQWRGLWLURDOTXDOHGRYUDQQRDIIOXLUHWXWWHOHLQIRUPD]LRQLUHODWLYH
DOODVLFXUH]]DHDOOHRSHUD]LRQLFKHLQHVVDVLVYROJRQR
E'HYHFRQVHQWLUHXQDFKLDUDLQGLVWXUEDWDHFRPSOHWDYLVLRQHGHOO
DUHDWLUDWRULHGHOOD]RQDGLWLUR
F'DHVVRLO'LUHWWRUHGLWLURUHVSRQVDELOHGHOFRUUHWWRVYROJLPHQWRGLWXWWHOHRSHUD]LRQLGHYHSRWHU
FRQWUROODUHODVLWXD]LRQHHVLVWHQWHDWWUDYHUVRLTXDGULVLQRWWLFLVLWXDWLVXOOD©&HQWUDOHGLFRPDQGRHFRQ
WUROORªHGHYHSRWHULQWHUYHQLUHLQFDVRGLHPHUJHQ]DPHGLDQWHOHIXQ]LRQLGLTXHVW
XOWLPDVXOOHFRQGL
]LRQLGLVLFXUH]]DGHOWLUR
/D©&HQWUDOHGLFRPDQGRH&RQWUROORªFRVWLWXLWDGDRSSRUWXQHDSSDUHFFKLDWXUHGHYHFRQWHQHUHREEOL
JDWRULDPHQWH
XQDXQDSODQLPHWULDGHOOD]RQD©LPSLDQWRGLWLURªFRQLQGLFDWHWXWWHOHSRUWHGLDFFHVVRDOO
LPSLDQWRVWHVVR
HUHODWLYDVHJQDOD]LRQHOXPLQRVDGLDSHUWXUDFKLXVXUDVSLHURVVHHYHUGL
/
DSHUWXUDGLXQDTXDOVLDVLSRUWDGRYUjSURYRFDUHODGLIIXVLRQHGLXQVHJQDOHDFXVWLFR3RWUDQQRHVVHUH
HVFOXVHGDOO
REEOLJDWRULHWjGLWDOLVHJQDOD]LRQLOHSRUWHGLDFFHVVRDOO
DUHDRVVHUYDWRULLQWDOFDVRGRYUj
HVVHUHSURWHWWDO
HYHQWXDOHSRUWDRFDQFHOOHWWRGLFRPXQLFD]LRQHIUDO
DUHDRVVHUYDWRULHODVWD]LRQHGLWLUR
‡LFRPDQGLGLDSHUWXUDFKLXVXUDGLWXWWHOHSRUWHGLFXLVRSUD
‡LOPLFURIRQRGHOO
LPSLDQWRGLDPSOLILFD]LRQH
‡LOFLWRIRQRFROOHJDQWHLOSRVWRFRQWUROORGHOWLURFRQO
HYHQWXDOHSRVWR]DSSDWRUL
‡XQDSSDUHFFKLRWHOHIRQLFRDQFKHVHGHULYDWRFROOHJDWRFRQODUHWH6,3SHUOHHYHQWXDOLULFKLHVWHGLHPHU
JHQ]D
‡HYHQWXDOPHQWHLQIXQ]LRQHGHOOHQHFHVVLWjDGGHVWUDWLYHVSHFLILFKHGHOOHYDULH$PPLQLVWUD]LRQLWXWWHOH
DWWUH]]DWXUHULWHQXWHQHFHVVDULH
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWRFRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWLQRQQHGLWXWWHOH
FRPSRQHQWLGHO©SRVWRFRQWUROORGHOWLURª
$UHDWLUDWRUL
D /
DUHDWLUDWRULFRPSUHQGHLER[HVGLWLURHOH]RQHLQJUHVVRHGXVFLWDWLUDWRUL+DOHGLPHQVLRQLLQWHUQH
YDULDELOLLQUHOD]LRQHDYDULSDUDPHWULHSUHFLVDPHQWH
ODODUJKH]]DqIXQ]LRQHGHOQXPHURGLOLQHHGLWLURWHQHQGRSUHVHQWHFKHODGLVWDQ]DIUDGXHOLQHHGLWLUR
FRQWLJXHQRQGHYHHVVHUHLQIHULRUHDPHFKHODGLVWDQ]DGHOOHOLQHHGLWLURHVWUHPHGDOOHSDUHWLQRQSXz
HVVHUHLQIHULRUHDP
O
DOWH]]DDSDUWLUHGDOSLDQRGLFDOSHVWLRQRQGHYHHVVHUHLQIHULRUHDP
E /HSDUHWLLOSDYLPHQWRLOVRIILWWRHGHYHQWXDOLSLODVWULGRYUDQQRULVSRQGHUHDLVH
JXHQWLUHTXLVLWLHVVHQ]LDOL
HVVHUHDVVROXWDPHQWHLPSHUIRUDELOLDLSURLHWWLOL
QRQSURGXUUHULPEDO]LGLVFKHJJH
DYHUHXQULYHVWLPHQWRWDOHGDSURGXUUHOHFRQGL]LRQLDFXVWLFKHULFKLHVWHYHGDVLSDUDJUDIRUHODWLYRDOO
LQ
VRQRUL]]D]LRQH
SHUTXDQWRULJXDUGDODSDUHWHSRVWHULRUHYDOHTXDQWRGHWWRDOSUHFHGHQWHSDUDJUDIRD
,UHTXLVLWLVXGGHWWLSRVVRQRHVVHUHDVVLFXUDWLTXDORUD
OHSDUHWLLOVRIILWWRHGHYHQWXDOLSLODVWULVLDQRULYHVWLWL
FRQSDYLWH[RVLPLODULSHUJOLLPSLDQWLGLWLURDGHVFOXVLYRXVRGHOOHDUPLDGDULDFRPSUHVVD
FRQWDYROHGLOHJQRDSSOLFDWHDPXUDOLLQOHJQRGLFP[DOILQHGLUHDOL]]DUHXQDLQWHUFDSHGLQH
GLVSHVVRUHFPSHUOHDUPLGL
FDWHJRULD
GLVSHVVRUHFPSHUOHDQQLGLHDFDWHJRULD
FRQTXDOXQTXHDOWURPDWHULDOHFKHFRQVHQWD
LQWUDSSRODPHQWRGHOOHSDOORWWROHHO
DVVHQ]DGLULPEDO]L
LOSDYLPHQWRVLDUHDOL]]DWRLQJRPPDOLVFLDGLLGRQHRVSHVVRUHDWWRDWUDWWHQHUHOHSDOORWWROHFKHORFROSL
VFDQRDFFLGHQWDOPHQWH
F,©ER[HVGLWLURªGHYRQRFRQVHQWLUH
DOWLUDWRUHGLSRWHUHVHJXLUHDJHYROPHQWHWXWWHOHRSHUD]LRQLUHODWLYHDOO
HVHFX]LRQHGHOWLURQHOOHSRVL]LRQL
SUHYLVWHHGLFRQWUROODUHFRQLPPHGLDWH]]DLULVXOWDWLDOO
DVVLVWHQ]DDOWLURGLSRWHULDIILDQFDUHDOWLUDWRUH
SHULPSDUWLUHOHQHFHVVDULHLVWUX]LRQLHFRQWUROODUQHO
HVDWWDHVHFX]LRQHDO'LUHWWRUHGLWLURGLSRWHUFRQ
WUROODUHWXWWHOHRSHUD]LRQLVYROWHGDLWLUDWRUL
,QSDUWLFRODUH
ODGLVWDQ]DIUDGXHOLQHHGLWLURFRQWLJXHGHYHHVVHUHQRQLQIHULRUHDP
ODGLVWDQ]DGHJOLDVVLGHOOHOLQHHGLWLURHVWUHPHGDOOHSDUHWLILQLWHGHYHHVVHUHPDJJLRUHRXJXDOHDP
OHSRVWD]LRQLGHYRQRHVVHUHVHSDUDWHWUDORURGDSDQQHOOLGLYLVRULILJHILJGHOORVSHVVRUHGLP
HGHOODSURIRQGLWjGLP7DOL©VHWWLVHSDUDWRULªGRYUDQQRULVXOWDUHVWDFFDWLGDWHUUDGLDOPHQRP
HGRYUDQQRDYHUHO
DQLPDFHQWUDOHFRVWLWXLWDGDXQDODPLHUDG
DFFLDLRGLVSHVVRUHQRQLQIHULRUHD
PPHGXUH]]DQRQLQIHULRUHD+%QHOFDVRYHQJDQRLPSLHJDWHVRODPHQWHDUPLGHOODDFDWHJRULDL
VHWWLVHSDUDWRULVRSUDGHVFULWWLQRQVRQRREEOLJDWRUL,O'LUHWWRUHGLWLURTXDORUDUDYYLVLWUDLWLUDWRULGHO
PRPHQWRXQLQVXIILFLHQWHJUDGRGLDGGHVWUDPHQWRRGLDIILGDELOLWjSRWUjSUHWHQGHUHO
LQVHULPHQWRIUDGL
HVVLGLVHWWLVHSDUDWRULPRELOL(VVLSRWUDQQRHVVHUHFRVWLWXLWLGDSDQQHOOLGLPDWHULDOHDYHQWHVSHVVRUHWDOH
GDLPSHGLUQHODSHUIRUD]LRQHGDSDUWHGHLSURLHWWLOL3HULOOHJQRORVSHVVRUHQRQGRYUjHVVHUHLQIHULRUHD
FP
LER[HVSRWUDQQRHVVHUHGRWDWLGLXQSLDQHWWRULEDOWDELOHLQOHJQRRGLDOWURPDWHULDOHSXUFKpULYHVWLWRGL
JRPPDDQWLVGUXFFLROR
DOO
LQWUDGRVVRGHOVRODLRILQLWRDOGLVRSUDGHOOHSRVWD]LRQLGRYUjHVVHUHSUHYLVWDODQXPHUD]LRQHSUR
JUHVVLYDEHQYLVLELOH
G,OOLYHOORGLUXPRUHPDVVLPRPLVXUDWRQHOO
DUHDGXUDQWHLOWLURFRQWHPSRUDQHRGDWXWWHOHSRVWD]LRQL
QRQGRYUjVXSHUDUHLOYDORUHGLG%$
4XDORUDVLDVXSHUDWRGRYUjHVVHUHREEOLJDWRULRHVHJQDODWRGDDSSRVLWRFDUWHOORO
XVRGLFXIILHRWDSSL
LQVRQRUL]]DQWLLQRJQLFDVRLOOLYHOORGLUXPRUHPDVVLPRQRQGRYUjVXSHUDUHLOYDORUHGLG%$
H*OLLQILVVLGRYUDQQRSRVVHGHUHLOUHTXLVLWRGHOODVLFXUH]]DEDOLVWLFD
,QSDUWLFRODUH
OHYHWUDWHGRYUDQQRHVVHUHGLWLSRDQWLSURLHWWLOH
OHSRUWHGLDFFHVVRSUHIHULELOPHQWHGXHGRYUDQQRFRQVHQWLUHO
DFFHVVRHO
XVFLWDGHOSHUVRQDOHLQFRQGL
]LRQLGLVLFXUH]]DHVRWWRLOFRQWUROORGHO'LUHWWRUHGLWLURGRYUDQQRHVVHUHSURYYLVWHGLVHUUDWXUHDFRPDQ
GRHOHWWULFR,FRPDQGLGHOOHSRUWHGRYUDQQRHVVHUH©PRQLWRUL]]DWLªHIDUFDSRDGXQDFHQWUDOLQDLQVHULWD
QHOODFHQWUDOHGLFRPDQGRHFRQWUROORGHO'LUHWWRUHGLWLURGRWDWDGLVHJQDOHG
DOODUPHDFXVWLFRSHUVH
JQDODUHO
HYHQWXDOHDSHUWXUDGHOODSRUWDGXUDQWHLOWLURIDVHGLGLYLHWRGLDFFHVVR
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
PLVXUDQGRLOOLYHOORDFXVWLFRGXUDQWHLOWLURLQTXDOVLDVLSXQWRQRQGRYUjVXSHUDUHLOSLFFRGLG%$
FRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWLQRUPHGLWXWWLJOLHOHPHQWLFRPSRQHQWLO
DUHDWLUDWRUL
F=RQDGLWLUR
/D©]RQDGLWLURªqLOVHWWRUHLQWHUPHGLRGHOO
LPSLDQWRGLWLURGHOLPLWDWRGDL©PXULGLFKLXVXUDªODWHUD
OL+DORVFRSRGLLPSHGLUHLQTXDOVLDVLVLWXD]LRQHODIXRULXVFLWDGHOOHSDOORWWROH,QHVVDWURYDQRXELFD
]LRQH
ODSHQVLOLQD
LGLDIUDPPL
OHRSHUHGLVLVWHPD]LRQHGHOWHUUHQR
ODVWD]LRQHGHLEHUVDJOL
/HGLPHQVLRQLGHOOD]RQDVRQRYDULDELOLLQUHOD]LRQHDYDULSDUDPHWULHSUHFLVDPHQWH
ODUJKH]]DqIXQ]LRQHGHJOLVWHVVLFULWHULFKHGHILQLVFRQRODODUJKH]]DGHOO
DUHDWLUDWRUL
OXQJKH]]DqIXQ]LRQHGHOODGLVWDQ]DPDVVLPDGLWLUR
,©PXULGLFKLXVXUDODWHUDOLªGRYUDQQRULVSRQGHUHDLVHJXHQWLUHTXLVLWL
DVHLQFDOFHVWUX]]RDUPDWR
HVVHUHDVVROXWDPHQWHLPSHUIRUDELOLDLSURLHWWLOLFRQXQDUHVLVWHQ]DFDUDWWHULVWLFDFXELFDDJLRUQL
QRQLQIHULRUHD.JFPTLOFRSULIHUUR YHUVROD]RQDGLWLURQRQGRYUjHVVHUHLQIHULRUHDLFPOR
VSHVVRUHVDUjTXHOORGHULYDWRGDLFDOFROLVWUXWWXUDOLPDFRPXQTXHQRQLQIHULRUHDFP
SUHVHQWDUHYHUVRO
LQWHUQRXQDVXSHUILFLHSLDQDOLVFLDHVHQ]DULVDOWLSHUWDQWRJOLHYHQWXDOLVSHVVRULLQ
SLGHLSLODVWULULVSHWWRDLVHWWLFRVWLWXHQWLOHSDUHWLGRYUDQQRULVXOWDUHHVWHUQLSHULSROLJRQLJLjHVL
VWHQWLJOLHYHQWXDOLULVDOWLLQWHUQLGRYUDQQRHVVHUHULYHVWLWLFRQOHPRGDOLWjGLFXLDOVXFFHVVLYRSDU
LJLXQWLHYHQWXDOLGRYUDQQRHVVHUHUHDOL]]DWLLQPRGRFKHVLIRUPLXQJUDGLQRQHJDWLYRYHUVRLOWLUR
EVHLQPXUDWXUDSLHQDGLTXDOVLDVLJHQHUHDYHUHXQRVSHVVRUHQRQLQIHULRUHDFP
SUHVHQWDUHYHUVRO
LQWHUQRXQDVXSHUILFLHSLDQDHUHJRODUHSHULSROLJRQLJLjHVLVWHQWLYDOHTXDQWRGHWWRDO
SDUDJUDIRSUHFHGHQWH
FLQHQWUDPELLFDVLDYHUHGHOOHTXLQWHULYHVWLWHLQOHJQRLPSHUIRUDELOLDLSURLHWWLOLDYHQWLXQ
DQJROD]LRQH
WDOHFKHLOSURLHWWLOHYLLPSDWWLFRQXQDQJRORVXSHULRUHDOO
DQJRORGLSHQHWUD]LRQHSHULOOHJQRqSDULD
ƒLQPRGRGDJDUDQWLUHO
DVVROXWDDVVHQ]DGLULPEDO]LILJSHUOHDUPLGLD FDWHJRULDqVXIILFLHQWH
XQULYHVWLPHQWRLGHQWLFRDTXHOORUHDOL]]DWRQHOODVWD]LRQHGLWLUROXQJRLOSULPRWUDWWRDSDUWLUHGDOODOLQHD
GLIXRFRODOXQJKH]]DGLWDOHWUDWWRqSDULDP
GDYHUHDOWH]]DWDOHFKHODWUDLHWWRULDFRQJLXQJHQWHODTXRWDPLQLPDGHOO
RULJLQHGHOWLURGHOODSRVWD]LRQH
RSSRVWDHLOERUGRVXSHULRUHGDOODSHQVLOLQDLQWHUFHWWLLOPXURFRQXQIUDQFRGLVLFXUH]]DPLQLPRGLFP
ILJ
3HQVLOLQD
D(
O
HOHPHQWRVWUXWWXUDOHFKHUDFFRUGDWRFRQO
DUHDWLUDWRULILJSHUWXWWDODVXDODUJKH]]DKDORVFRSR
GL
LQWHUFHWWDUHOHHYHQWXDOLWUDLHWWRULHFRQHFFHVVLYRDQJRORGLHOHYD]LRQHGHOO
DUPD
DWWHQXDUHODOXFHGLUHWWD
E+DGLPHQVLRQLYDULDELOLLQUHOD]LRQHDLVHJXHQWLSDUDPHWUL
TXRWDGHOO
RULJLQHGHOWLUR'RYUDQQRHVVHUHSUHVHLQFRQVLGHUD]LRQHGXHTXRWH
TXHOOD©PLQLPDªUHODWLYDDOODSRVL]LRQHGLWLUR©DWHUUDªILVVDWDLQFPGDOSLDQRGLDSSRJJLRGHO
WLUDWRUH
TXHOOD©PDVVLPDªUHODWLYDDOODSRVL]LRQHGLWLUR©LQSLHGLªILVVDWDLQFPGDOSLDQRGLFDOSHVWLR
GHOWLUDWRUH
1HFRQVHJXHFKHGHWWHTXRWHSRVVRQRYDULDUHFRQO
LQVHULPHQWRRPHQRGLVXSSRUWLSDQFRQLHSHGDQH
WDOLVXSSRUWLGRYUDQQRHVVHUHUHVLREEOLJDWRULQHOUHJRODPHQWRG
LPSLHJRGHOORVWDQGDOILQHGLQRQVXSH
UDUHODTXRWDPLQLPDHPDVVLPDGHOO
RULJLQHGHOWLURLQEDVHDOOHTXDOLqVWDWRSURJHWWDWRORVWDQG
SURIRQGLWj(
IXQ]LRQHGHOODTXRWDPLQLPDGHOO
RULJLQHGHOWLURGHOODGLVWDQ]DHGHOO
DOWH]]DGHOSULPR
GLDIUDPPDQHOVHQVRFKHODWUDLHWWRULDFRQJLXQJHQWHODTXRWDPLQLPDGHOO
RULJLQHGHOWLURFROERUGRLQIH
ULRUHGHOODSHQVLOLQDGHYHLQFRQWUDUHLOSULPRGLDIUDPPDFRQXQIUDQFRGLVLFXUH]]DPLQLPRGLFP
DOWH]]DGHOERUGRLQIHULRUHULVSHWWRDOSLDQRGLFDOSHVWLR(VVDQRQGHYHHVVHUHLQIHULRUHDFPGHWWD
PLVXUDVLRWWLHQHGDOODTXRWDGLWLURPDVVLPRSDULDFPDXPHQWDWDGLFPSHUFRQVHQWLUHXQDFRU
UHWWDYLVXDOHGHOEHUVDJOLR
F'HYHLQROWUHULVSRQGHUHDLVHJXHQWLUHTXLVLWLILVLFL
HVVHUHDVVROXWDPHQWHLPSHUIRUDELOHDLSURLHWWLOL
SUHVHQWDUHYHUVRO
LQWHUQRXQDVXSHUILFLHSLDQDOLVFLDHVHQ]DULVDOWLSHUWDQWRHYHQWXDOLSOXYLDOLGHYRQR
HVVHUHRLQFRUSRUDWLRSRVL]LRQDWLVXSHULRUPHQWH
DYHUHORVWHVVRULYHVWLPHQWRUHDOL]]DWRSHUO
DUHDWLUDWRUL
'LDIUDPPL
D(OHPHQWLVWUXWWXUDOLWUDVYHUVDOLDOODOLQHDGLWLURUDFFRUGDWLDLPXULODWHUDOLDWWLDOODLQWHUFHWWD]LRQHGHOOH
WUDLHWWRULHDQRPDOHVLDLQHOHYD]LRQHFKHGLULPEDO]RILJH
E,OQXPHURHOHGLPHQVLRQLGHLGLDIUDPPLVRQRYDULDELOLLQUHOD]LRQHDYDUL
SDUDPHWULHSUHFLVDPHQWH
WXWWHOHWUDLHWWRULHLQHOHYD]LRQHSDUWHQWLGDOODTXRWDPLQLPDGHOO
RULJLQHGHOWLURGHYRQRLQFRQWUDUHFR
PXQTXHRLOPXURGLFKLXVXUDGLIRQGRFRQXQIUDQFRPLQLPRGLFPRXQGLDIUDPPDFRQXQIUDQFR
PLQLPRGLFP
WXWWHOHWUDLHWWRULHGLULPEDO]RFRPXQTXHSURGRWWHQHOOD]RQDGLWLURGHYRQRHVVHUHLQWHUFHWWDWHFRQOH
VWHVVHPRGDOLWjGLFXLVRSUD
/HLPSOLFD]LRQLGHULYDQWLGDOODSUHVHQWHQRUPDSRVVRQRHVVHUHDWWHQXDWHFRQO
LQVHULPHQWRGLWUDYHUVHD
WHUUDYGVVXFFHVVLYRFRPPD>@
F'RYUDQQRLQROWUHULVSRQGHUHDLVHJXHQWLUHTXLVLWLILVLFL
HVVHUHDVVROXWDPHQWHLPSHUIRUDELOLDLSURLHWWLOL
SUHVHQWDUHODVXSHUILFLHHVSRVWDDOWLURSLDQDOLVFLDHVHQ]DULVDOWLSHUWDQWRJOLHYHQWXDOLVSHVVRULLQSL
GHLSLODVWULGRYUDQQRULVXOWDUHVSRUJHQWLYHUVRLOSDUDSDOOH
DYHUHORVWHVVRULYHVWLPHQWRUHDOL]]DWRSHUO
DUHDWLUDWRULQHOODVXSHUILFLHHVSRVWDDOWLURLYLFRPSUHVD
TXHOODGHLSLODVWUL
VRVWHQHUHHYHQWXDOLWHWWRLHWWHYHGDVLFRPPD
2SHUHGLVLVWHPD]LRQHGHOWHUUHQR
3HUVWXGLDUHODVLVWHPD]LRQHGHOWHUUHQRQHOOD]RQDGLWLURRFFRUUHWHQHUHSUHVHQWHFKHTXDQGRXQDSDO
ORWWRODLPSDWWDVXWHUUHQRVFLROWRDQFKHVDEELRVRSXzJHQHUDUHXQDWUDLHWWRULDGLULPEDO]RILQRDƒUL
VSHWWRDOODVXSHUILFLHGHOWHUUHQRVWHVVRILJ
3HUWDQWRWXWWHOHWUDLHWWRULHLQGHSUHVVLRQHSDUWHQWLGDOODTXRWDPDVVLPDGHOO
RULJLQHGHOWLURHGHVWLQDWHD
FROSLUHLOWHUUHQRGHEERQRHVVHUHDVVROXWDPHQWHLQWHUFHWWDWHRSULPDRGRSRO
LPSDWWRVXOWHUUHQR3HURW
WHQHUHWDOHULVXOWDWRGRYUDQQRHVVHUHDGRWWDWLLVHJXHQWLSURYYHGLPHQWLFRVWUXWWLYL
DSHULQWHUFHWWDUHOHWUDLHWWRULHSULPDGHOO
LPSDWWRVXOWHUUHQR
SRVL]LRQDUHVXOWHUUHQRSHGDQHLQOHJQRYGVILJRDOWULPDWHULDOLWDOL
GDEORFFDUHODSDOORWWRODFKHYLLPSDWWLQHOWUDWWRFRPSUHVRIUDODOLQHDGHOIXRFRHODSULPDWUDYHUVDDWHU
UDDYHQWHOXQJKH]]DQRQVXSHULRUHDPSRWUjHVVHUHLPSLHJDWDVDEELDSHUXQDSURIRQGLWjQRQLQIHULRUHD
FP
LQVHULUH©WUDYHUVHDWHUUDªWDOLWUDYHUVHFRQVLVWRQRLQHOHPHQWLVWUXWWXUDOL
WUDVYHUVDOLDOODOLQHDGLWLURHUDFFRUGDWHDLPXULODWHUDOLILJH(VVHGRYUDQQRULVSRQGHUHDLVH
JXHQWLUHTXLVLWL
JDUDQWLUHFKHODSDOORWWRODFKHYLLQFLGHYHQJDWUDWWHQXWD
VHLQFDOFHVWUX]]RRLQPXUDWXUD
SUHVHQWDUHODVXSHUILFLHHVSRVWDDOWLURSLDQDOLVFLDHVHQ]DULVDOWL
DYHUHORVWHVVRULYHVWLPHQWRGHOODVXSHUILFLHHVSRVWDDOWLURUHDOL]]DWRSHU
DUHDWLUDWRUL
DYHUHXQDLQFOLQD]LRQHGHOODVRPPLWjSDULDOODFRQJLXQJHQWHODTXRWDPDVVLPDGHOO
RULJLQHGHOWLURFRQOD
VRPPLWjGHOODWUDYHUVDVWHVVD
DYHUHXQDDOWH]]DWDOHGDGHILODUHDOWLURODVXSHUILFLHGLWHUUHQRGDSURWHJJHUH
ESHULQWHUFHWWDUHOHWUDLHWWRULHGLULPEDO]R
DXPHQWDUHLQQXPHURHLQDOWH]]DLGLDIUDPPL
SUHYHGHUHSLFFROHSHQVLOLQHVRUUHWWHGDLGLDIUDPPLILJ
,SURYYHGLPHQWLLQGLFDWLSRWUDQQRDQFKHHVVHUHFRPELQDWLDVVLHPHDOILQHWDVVDWLYRGLLPSHGLUHRLQWHU
FHWWDUHOHWUDLHWWRULHGHLULPEDO]L
&RPXQTXHTXDOLFKHVLDQROHVROX]LRQLDGRWWDWHDOILQHGLHOLPLQDUHWUDLHWWRULHDQRPDOHGLYHUVHGDTXHOOH
FRQVLGHUDWHLOWHUUHQRSHUWXWWDODVXSHUILFLHGHOOD]RQDGLWLURHILQRDG XQDSURIRQGLWjGLFPGHYH
HVVHUHFRVWLWXLWRGDVDEELDRWHUUHQRYHJHWDOHVFLROWRDVVROXWDPHQWHSULYRGLSLHWUHVDVVLRIUDPPHQWLGL
DOWULPDWHULDOLDQFKHGLPLQLPHGLPHQVLRQL
6WD]LRQHGHLEHUVDJOL
&RPSUHQGHLEHUVDJOLFRQWURLTXDOLqGLUHWWRLOWLURHJOLHYHQWXDOLPHFFDQLVPLSHULOORURPRYLPHQWR'H
YHHVVHUHRUJDQL]]DWDLQPRGRGDFRQVHQWLUHO
HVHFX]LRQHGHOPDJJLRUQXPHURSRVVLELOHGLGLVFLSOLQHH
OH]LRQLGLWLURSUHYLVWHGDLUHJRODPHQWLVSRUWLYLHGDOOHFLUFRODULDGGHVWUDWLYHGHJOL(QWLIUXLWRUL3HUWDQWR
SRWUDQQRHVVHUHSUHYLVWH
LQVWDOOD]LRQLDWHUUDSHUFRVWLWXLUHXQDRSLOLQHHILVVHGLEHUVDJOL
LQVWDOOD]LRQLDHUHHSHUFRVWLWXLUHXQDOLQHDPRELOHGLEHUVDJOLVRVSHVL
,GXHWLSLGLLQVWDOOD]LRQLSRVVRQRFRHVLVWHUHQHOORVWHVVRLPSLDQWRGLWLUR
D,QVWDOOD]LRQHDWHUUD
,PHFFDQLVPLGLVRVWHJQRHPRYLPHQWRGHLEHUVDJOLGRYUDQQRWURYDUHVHGHLQDSSRVLWLFDQDOLREXFKHILJ
LQJUDGRGLSURWHJJHUOLGDOWLURGLUHWWRULFDYDWLOXQJROD]RQDGLWLURDOOHGLVWDQ]HGLWLURSUHYLVWR
7DOLPHFFDQLVPLFRPDQGDWLHOHWWULFDPHQWHGDO©SRVWRFRQWUROORGHOWLURªHRGDLER[HVGLWLURGRYUDQQR
FRQVHQWLUHODUDSLGDURWD]LRQHGHLEHUVDJOLGHWHUPLQDQGRQHO
HVSRVL]LRQHDOWLURDXWRPDWLFDPHQWHRPD
QXDOPHQWHSHUXQWHPSRSUHILVVDWREHUVDJOLJLUHYROLILJO
FRQVHQWLUHLOORURDEEDWWLPHQWRTXDQGRFROSLWLEHUVDJOLEDVFXODQWLILJ
FRQVHQWLUHLOPRYLPHQWRGHOEHUVDJOLRD©YDHYLHQLªOXQJRXQSLDQRSHUSHQGLFRODUHDOODOLQHDGLWLUR
EHUVDJOLRPRELOHILJ
7XWWDYLDLEHUVDJOLSRWUDQQRDQFKHHVVHUHFRVWLWXLWLGDVDJRPHILVVHGLYDULRWLSR
4XHVWRWLSRGLLQVWDOOD]LRQHVHPSOLFHHGHFRQRPLFRSHUPHVVDLQRSHUDHPDQXWHQ]LRQHFRPSRUWDDWWUH]
]DWXUHHPH]]LDXVLOLDULSHUO
RVVHUYD]LRQHGHOWLURLOULOHYDPHQWRGHLFROSLDQGDWLDVHJQRO
RWWXUD]LRQHGHL
IRULHODVRVWLWX]LRQHGHLEHUVDJOL'HWWHHVLJHQ]HSRWUDQQRHVVHUHVRGGLVIDWWHFRQLPH]]LFKHLOFRPPHUFLR
RIIUHLQYDVWDJDPPDGDLSLVHPSOLFLFDQQRFFKLDOHDLSLFRPSOHVVLHVRILVWLFDWLPRQLWRUGLVHJQDOD
]LRQHHOHWWURQLFDLQVWDOODWRSUHVVRLOWLUDWRUHRDFLUFXLWRFKLXVR79
4XDORUDVLSUHYHGDO
LPSLHJRGL]DSSDWRULLPHGHVLPLSRWUDQQRWURYDUHSRVWR
SUHVVRODVWD]LRQHGLWLURHVLUHFKHUDQQRDOODVWD]LRQHGHLEHUVDJOLVXRUGLQHHVRWWRODUHVSRQVDELOLWjGHO
'LUHWWRUHGLWLUR
LQDSSRVLWHEXFKHRIRVVHWUDVYHUVDOLUHDOL]]DWHQHOOD]RQDGLWLURILJ,QWDOFDVRGHYRQRHVVHUH
FROOHJDWLWUDPLWHFLWRIRQRFRQLO'LUHWWRUHGHOWLURFKHLPSDUWLUjJOLRSSRUWXQLRUGLQLSHUO
RVVHUYD]LRQHGHO
WLURODVHJQDOD]LRQHGHLULVXOWDWLHO
RWWXUD]LRQHGHLIRULSURYRFDWLGDLFROSLLQVDJRPH
LQDSSRVLWRORFDOHUHDOL]]DWRHVWHUQDPHQWHDOOD]RQDGLWLURSRVWR]DSSDWRUL,QWDOFDVROHSRUWHGLDF
FHVVRDOOD]RQDGLWLURGHYRQRULVSRQGHUHDJOLVWHVVLUHTXLVLWLLQGLFDWLSHUOHSRUWHGHOO
DUHDWLUDWRULHGRYUj
SDULPHQWLHVLVWHUHXQFROOHJDPHQWRFLWRIRQLFRFRQLO'LUHWWRUHGLWLUR1HOFDVRFKHODSRUWDG
DFFHVVRVXG
GHWWDVLDLQOLQHDFRQLOPXURGLFKLXVXUDSHULPHWUDOHGHYHHVVHUHSURWHWWDFRQOHVWHVVHPRGDOLWjGHOPXUR
VWHVVR
E,QVWDOOD]LRQLDHUHH
&RQVLVWRQRLQPHFFDQLVPLFKHFRQVHQWRQRORVSRVWDPHQWRGHOEHUVDJOLRQHOVHQVRORQJLWXGLQDOHDOOD]RQD
GLWLURVLQRDSRUWDUOLDGLUHWWRFRQWDWWRGHOWLUDWRUH3RWUjDQFKHHVVHUHSRVVLELOHDUUHVWDUHLEHUVDJOLDGL
VWDQ]HSUHILVVDWHHGHVSRUOLDOWLURSHUXQWHPSRSUHVWDELOLWR
4XHVWRWLSRGLLQVWDOOD]LRQHSLFRPSOHVVDHFRVWRVDGHOODSUHFHGHQWHSHULPSLDQWRHPDQXWHQ]LRQHRIIUH
LVHJXHQWLYDQWDJJL
UDSLGRDOOHVWLPHQWRGHOODOLQHDGHLEHUVDJOLHDTXDOXQTXHGLVWDQ]DGLWLUR
SRVVLELOLWjGLRWWXUD]LRQHGHLIRULHRYHORFHULFDPELRGHOEHUVDJOLRGDSDUWHGHOWLUDWRUHVWHVVR
ULOHYDPHQWRGHLFROSLGDOODVWD]LRQHGLWLURVHQ]DO
LPSLHJRGLDWWUH]]DWXUHDXVLOLDUHRGL]DSSDWRUL
&RPXQTXHTXHVWRWLSRGLLQVWDOOD]LRQHSHUPRWLYLGLVLFXUH]]DEDOLVWLFDSRWUjHVVHUHSUHYLVWRVRORFRQ
O
LPSLHJRGLDUPLGHOODDFDWHJRULD3HUO
LPSLHJRGLDUPLGHOODD FDWHJRULDVDUjQHFHVVDULRLOFHUWLILFDWRGL
LGRQHLWjGHOODVWUXWWXUDULODVFLDWRGDO%DQFR1D]LRQDOHGL3URYD
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
VYROJHQGRSURYHGLWLURVXOWHUUHQRVXOOHSDUHWLHVXRJQLDOWURHOHPHQWRFKHOD&RPPLVVLRQHULWHUUjRS
SRUWXQRDOILQHGLDFFHUWDUHLOFRPSRUWDPHQWRGHLPDWHULDOLLPSLHJDWL,ULVXOWDWLGRYUDQQRHVVHUHFRQIRUPL
DOOHQRUPHFLWDWHQHLSDUDJUDILSUHFHGHQWL
FRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWLQRUPHGLWXWWLLFRPSRQHQWLOD]RQDGLWLUR
G$UHDSDUDSDOOH
*HQHUDOLWj
(
FRVWLWXLWDGDOODSDUWHWHUPLQDOHGHOOD]RQDGLWLUR&RPSUHQGHLOPXURGLFKLXVXUDGLIRQGRHGLOSDUD
SDOOH
(YHQWXDOLDFFHVVLGDOO
HVWHUQRDOO
DUHDSDUDSDOOHGRYUDQQRHVVHUHRUJDQL]]DWLSHUPRWLYLGLVLFXUH]]DFRPH
TXHOOLGHOODVWD]LRQHGLWLUR
0XURGLFKLXVXUDGLIRQGR
7UDWWRGHOPXURGLFKLXVXUDGHOSROLJRQRWUDVYHUVDOHDOOHOLQHHGLWLUR'HYHHVVHUHUHDOL]]DWRLQFDFRQOH
VHJXHQWLFDUDWWHULVWLFKH
HVVHUHDVVROXWDPHQWHLPSHQHWDELOHDLSURLHWWLOLFRQXQDUHVLVWHQ]DFDUDWWHULVWLFDFXELFDDJLRUQLQRQ
LQIHULRUHD.JFPTLOFRSULIHUURYHUVROD]RQDGLWLURQRQSRWUjHVVHUHLQIHULRUHDLFPFRPXQTXHLO
PXURQRQGRYUjDYHUHXQRVSHVVRUHLQIHULRUHDFP
SUHVHQWDUHYHUVRO
LQWHUQRXQDVXSHUILFLHSLDQDOLVFLDHVHQ]DULVDOWLSHUWDQWRJOLHYHQWXDOLVSHVVRULLQ
SLGHLSLODVWULULVSHWWRDLVHWWLFRVWLWXHQWLOHSDUHWLGRYUDQQRULVXOWDUHHVWHUQL
LOULYHVWLPHQWRGLSHQGHUjGDOODFDWHJRULDGHOOHDUPLLPSLHJDWHHGDOWLSRGLSDUDSDOOHFRQVHJXHQWHPHQWH
SUHVFUL]LRQLSDUWLFRODULVDUDQQRSUHFLVDWHQHLSDUDJUDILVXFFHVVLYL
DYHUHDOWH]]DWDOHFKHODWUDLHWWRULDFRQJLXQJHQWHODTXRWDPLQLPDGHOO
RULJLQHGHOWLURHLOERUGRLQIHULRUH
GHOO
XOWLPRGLDIUDPPDLQWHUFHWWLLOPXURFRQXQIUDQFRGLVLFXUH]]DPLQLPRGLFPILJ
3DUDSDOOH
D*HQHUDOLWj
,OSDUDSDOOHqO
HOHPHQWRIRQGDPHQWDOHGHOO
LPSLDQWRGLWLURGHVWLQDWRDGLQWHUFHWWDUHHWUDWWHQHUHODWRWDOLWj
GHOOHSDOORWWROHFKHLPSDWWDQRVXLEHUVDJOLÊXELFDWRQHOO
DSSRVLWDDUHDGLHWURO
XOWLPDOLQHDGHLEHUVDJOL
LPPHGLDWDPHQWHDULGRVVRGHOODVWHVVDRDTXDOFKHPHWURGLGLVWDQ]D
E6LFXUH]]DEDOLVWLFD
3HUFKpVLDFRPSOHWDPHQWHJDUDQWLWDqQHFHVVDULRFKH
DOO
DWWRGHOOO
LPSDWWRGHOOHSDOORWWROHVXOSDUDSDOOHQRQVLSURGXFDQRULPEDO]LGLSDOORWWROH
HYHQWXDOLIUDPPHQWLGLSDOORWWRODQRQVLDQRSURLHWWDWLDGLVWDQ]HVXSHULRULDPHWULGDOSDUDSDOOHVWHVVR
7LSLGLSDUDSDOOH
,SDUDSDOOHSRVVRQRHVVHUHFODVVLILFDWLQHOVHJXHQWHPRGR
DSDUDSDOOHWUDGL]LRQDOLFRVWLWXLWLGD
WHUUDSLHQRDGGRVVDWRDOPXURGLFKLXVXUDGLIRQGR
FRQULYHVWLPHQWRLQOHJQRGHOPXURGLFKLXVXUDGLIRQGR
ESDUDSDOOHPHWDOOLFL
LQODVWUDGLSLRPER
WLSR©(XUHNDª
DVFLYRORDSHUVLDQD
DFKLRFFLROD
FSDUDSDOOHFRQVHWWLDEEDWWLWRUL
&DUDWWHULVWLFKHVSHFLILFKHGHLSDUDSDOOH
DSDUDSDOOHWUDGL]LRQDOHFRVWLWXLWRGDWHUUDSLHQRDGGRVVDWRDOPXURGLFKLXVXUDGLIRQGRILJ
4XHVWRWLSRGLSDUDSDOOHSXzHVVHUHLPSLHJDWRHVFOXVLYDPHQWHSHUDUPLGHOODD FDWHJRULD
,OWHUUDSLHQRGHYHHVVHUHFRVWLWXLWRGDWHUUHQRYHJHWDOHRVDEELDDVVROXWDPHQWHSULYRGLSLHWUHVDVVLR
IUDPPHQWLGLDOWURPDWHULDOHDQFKHGLPLQLPHGLPHQVLRQL
7DOHSDUDSDOOHGRYUjLQROWUHULVSRQGHUHDLVHJXHQWLUHTXLVLWL
ODVRPPLWjGHYHDYHUHXQDSURIRQGLWjQRQLQIHULRUHDPDWHUUHQRDVFLXWWR
O
DOWH]]DPLQLPDGHYHHVVHUHWDOHGDFRSULUHO
LQWHUREHUVDJOLRFRQXQPDUJLQHGLVLFXUH]]DSDULDFP
ODSHQGHQ]DGRYUjHVVHUHGHWHUPLQDWDGDOO
DQJRORGLQDWXUDOHGHFOLYLRGHOODWHUUDLPSLHJDWD
3HUTXDQWRFRQFHUQHLOPXURGLFKLXVXUDGLIRQGR
GRYUjHVVHUHULYHVWLWRQHOWUDWWRQRQFRSHUWRGDOSDUDSDOOHWHUUDSLHQRFRQWDYROHLQOHJQRGLVSHVVRUH
QRQLQIHULRUHDFPDSSOLFDWHDPXUDOLLQOHJQRGLFP[SHU UHDOL]]DUHXQDLQWHUFDSHGLQH
SHULPSLDQWLGLWLURJLjHVLVWHQWLTXDORUDO
DOWH]]DGHOPXURQRQDEELDLOUHTXLVLWRGHOIUDQFRGLVLFXUH]]D
GLPYGVSXQWRG>@LOPXURGRYUjHVVHUHLQWHJUDWRGDXQDSHQVLOLQDVSRUJHQWHYHUVRLWLUDWRUL
GLPDWHULDOH©RQGROX[ªRVLPLODUHFRQSURIRQGLWjGLP
ESDUDSDOOHWUDGL]LRQDOHFRQULYHVWLPHQWRLQOHJQRGHOPXURGLFKLXVXUDGLIRQGRILJH
4XHVWRWLSRGLSDUDSDOOHUHDOL]]DWRVHFRQGROHPRGDOLWjLQGLFDWHQHOOHUHODWLYHILJXUHqLGRQHRSHUWXWWHOH
DUPLILQRDOODD FDWHJRULDFRPSUHVD
3HUTXDQWRFRQFHUQHLOPXURGLFKLXVXUD GLIRQGR
GRYUjHVVHUHULYHVWLWRQHOWUDWWRQRQFRSHUWRGDOSDUDSDOOHFRQWDYROHGLOHJQRGLVSHVVRUHQRQLQIHULRUHD
FPDSSOLFDWHDPXUDOLLQOHJQRGLFP[
TXDORUDYHQJDQRLPSLHJDWHDUPLGHOODFDWHJRULDGRYUjHVVHUHLQWHJUDWRGDXQDSHQVLOLQDVSRUJHQWH
YHUVRLWLUDWRULFRVWLWXLWDGDPDWHULDOH©RQGROX[ªRVLPLODUHFRQSURIRQGLWjGLP
FSDUDSDOOHPHWDOOLFRLQODVWUDGLSLRPER
4XHVWRWLSRGLSDUDSDOOHUHDOL]]DWRVHFRQGROHPRGDOLWjLQGLFDWHQHOODILJqXWLOL]]DELOHHVFOXVLYD
PHQWHSHUOHDUPLDGDULDFRPSUHVVD
,OWUDWWRGLPXURQRQFRSHUWRGDOSDUDSDOOHGRYUjHVVHUHULYHVWLWRFRQSROLXUHWDQRHVSDQVR©SDYLWH[ªR
VLPLODULFRPHGDILJ/DODVWUDGLSLRPERSXzHVVHUHVRVWLWXLWDGDXQDDSSDUHFFKLDWXUDLGRQHDDOODUDF
FROWDGHOSLRPER8QHVHPSLRqULSRUWDWRLQILJ
G3DUDSDOOHPHWDOOLFRWLSR©(XUHNDª
4XHVWRWLSRGLSDUDSDOOHUHDOL]]DWRVHFRQGROHPRGDOLWjLQGLFDWHQHOODILJGRYUjHVVHUHXVDWRHVFOXVL
YDPHQWHSHUOHDUPLDFDWHJRULD/DVXDVLFXUH]]DEDOLVWLFDGRYUjHVVHUHFHUWLILFDWDGDO%DQFR1D]LRQDOH
3URYH$UPL3RUWDWLOL
,QROWUHGRYUDQQRHVVHUHDWWXDWLLVHJXHQWLDFFRUJLPHQWLUHODWLYLDOPXURGLFKLXVXUDGLIRQGR
GRYUjHVVHUHULYHVWLWRQHOWUDWWRQRQFRSHUWRGDOSDUDSDOOHFRQWDYROHLQOHJQRGLVSHVVRUHQRQLQIHULRUHD
FPDSSOLFDWHDPXUDOLLQOHJQRGLFP[
SHULPSLDQWLGLWLURJLjHVLVWHQWLTXDORUDO
DOWH]]DGHOPXURQRQDEELDLOUHTXLVLWRGHOIUDQFRGLVLFXUH]]D
GLPYGVSXQWR,,,FGRYUjHVVHUHLQWHJUDWRGDXQDSHQVLOLQDVSRUJHQWHYHUVRLWLUDWRULFRVWL
WXLWDGDPDWHULDOH©RQGROX[ªRVLPLODUHFRQSURIRQGLWjGLP
H3DUDSDOOHPHWDOOLFR©DVFLYRORªILJD©SHUVLDQDªILJD©FKLRFFLRODªILJ
4XHVWLWLSLGLSDUDSDOOHUHSHULELOLLQFRPPHUFLRYHQJRQRUHDOL]]DWLLQYDULHYHUVLRQLGDGLWWHVSHFLDOL]]DWH
FKHWUDO
DOWURQHJDUDQWLVFRQR
ODGXUDWDHVSUHVVDFRQLOQXPHURGLFROSLVSDUDWLDVVRUELELOLVHQ]DDOFXQLQWHUYHQWRPDQXWHQWRULR
ODVLFXUH]]DEDOLVWLFDFHUWLILFDWDGDO%DQFR1D]LRQDOH3URYH$UPL3RUWDWLOL
4XDOXQTXHVLDODYHUVLRQHVRQRVRVWDQ]LDOPHQWHFRVWLWXLWLGDSLDQLLQFOLQDWLUHDOL]]DWLFRQSDQQHOOLLQWHU
FDPELDELOLGLDFFLDLREDOLVWLFRVRUUHWWLGDXQDDSSRVLWDVWUXWWXUD
7XWWHOHSDOORWWROHLQFLGHQWLVXGHWWLSLDQLTXDOXQTXHVLDLOORURDQJRORG
LPSDWWRGRSRHVVHUVLGHIRUPDWH
HRIUDQWXPDWHVRQRFRQYRJOLDWHYHUVRODSDUWHSRVWHULRUHGHOSDUDSDOOH
3HULQVWDOODUHTXHVWLWLSLGLSDUDSDOOHRFFRUUHXQ
DUHDSDUDSDOOHQRWHYROPHQWHDPSLDLQTXDQWRROWUHDG
HVVHUHLQJRPEUDQWLPRFFRUUHSUHYHGHUHDQFKHXQRVSD]LRSHUODORURLVSH]LRQHDFFHGHQGR
GDOODSDUWHSRVWHULRUHGHOSDUDSDOOH
3HUTXDQWRDWWLHQHDOOHDUPLHGDOPXQL]LRQDPHQWRLPSLHJDELOLLOSDUDSDOOHPHWDOOLFRSXzHVVHUHXWLOL]]DWR
SHUWXWWHOHDUPLILQRDOODD FDWHJRULDFRPSUHVDFRQLQSLLVHJXHQWLDFFRUJLPHQWLUHODWLYLDOPXURGL
FKLXVXUDGLIRQGR
GRYUjHVVHUHULYHVWLWRQHOWUDWWRQRQFRSHUWRGDOSDUDSDOOHFRQWDYROHGLOHJQRGLVSHVVRUHQRQLQIHULRUHD
FPDSSOLFDWHDPXUDOLLQOHJQRGLFP[
TXDORUDYHQJDQRLPSLHJDWHDUPLGHOODD FDWHJRULDGRYUjHVVHUHLQWHJUDWRGDXQDSHQVLOLQDVSRUJHQWH
YHUVRLWLUDWRULFRVWLWXLWDGDPDWHULDOHRQGROX[RVLPLODUHFRQSURIRQGLWjGLP
I3DUDSDOOHFRQVHWWLDEEDWWLWRULGLHQHUJLDILJJH
3HU©VHWWRDEEDWWLWRUHªV
LQWHQGHXQDRSLSDUHWLGLLGRQHRPDWHULDOHFKHDQWHSRVWHDOPXURGLFKLXVXUDGL
IRQGRFRQVHQWRQRGLDEEDWWHUHOHHOHYDWHHQHUJLHFLQHWLFKHSRVVHGXWHGDOOHSDOORWWROHVSDUDWH
,QSUDWLFDLOVHWWRDEEDWWLWRUHGHYHFRQVHQWLUHXQDEEDWWLPHQWRG
HQHUJLDWDOHGDFRQVHQWLUHFKHOHSDOORWWR
OHXQDYROWDDWWUDYHUVDWRORHGLPSDWWDWHFRQWURLOPXURGLFKLXVXUDGLIRQGRQRQSRVVDQRULDWWUDYHUVDUOR
LQWHUHRDIUDPPHQWL
4XHVWRWLSRGLSDUDSDOOHSXzHVVHUHXWLOL]]DWRSHUOHDUPLILQRDOODD FDWHJRULDFRPSUHVDFRQLQSLLVH
JXHQWLDFFRUJLPHQWLUHODWLYLDOPXURGLFKLXVXUDGLIRQGRFKH
GRYUjHVVHUHULYHVWLWRQHOWUDWWRFRSHUWRGDOSDUDSDOOHFRQXQDODVWUDGLDFFLDLRGLVSHVVRUHWDOHGDQRQ
HVVHUHSHUIRUDWDGDOOHSDOORWWROHSRWUjHVVHUHDFFHWWDWRLOVHPSOLFHLQGXULPHQWRGHOODVXSHUILFLHGHLFD
SXUFKpDOO
LPSDWWRGHOOHSDOORWWROHVXGLHVVRQRQQHULPDQJDVFDOILWR
GRYUjHVVHUHULYHVWLWRQHOWUDWWRQRQFRSHUWRGDOSDUDSDOOHFRQWDYROHLQOHJQRGLVSHVVRUHQRQLQIHULRUHD
FPDSSOLFDWHDPXUDOLLQOHJQRGLFP[
GRYUjHVVHUHLQWHJUDWRGDXQDSHQVLOLQDVSRUJHQWHYHUVRLWLUDWRULFRVWLWXLWDGDPDWHULDOH©RQGROX[ªR
VLPLODUHWDOHGDULFRSULUHORVSD]LRHVLVWHQWHWUDLOPXURHGLOERUGRDQWHULRUHGHOVHWWRVWHVVR
$JLELOLWj
,OFRQWUROORGHOO
DJLELOLWjVDUjVHPSUHHIIHWWXDWR
SHUODVLFXUH]]DEDOLVWLFDDFTXLVHQGRDJOLDWWLLOFHUWLILFDWRGHO%DQFR1D]LRQDOHGL3URYD$UPL3RUWDWLOL
FRPHLQGLFDWRQHLSUHFHGHQWLSDUDJUDIL
FRQWUROODQGRODULVSRQGHQ]DDOOHSUHVHQWLQRUPHGLWXWWLLFRPSRQHQWLLOSDUDSDOOH
,9&21&/86,21,
&RQODSUHVHQWH'LUHWWLYDVLULWLHQHGLSRWHURIIULUHDOOH$PPLQLVWUD]LRQLLQWHUHVVDWHDOODFRVWUX]LRQHGLXQ
SROLJRQRXQYHQWDJOLRGLVROX]LRQLSRVVLELOLDYHQWLXQGLYHUVRUDSSRUWRFRVWRHIILFDFLDDSDULWjGLVLFXUH]
]D,QSDUWLFRODUHVLJQLILFDWLYDHGLPSRUWDQWHqODVFHOWDGHOSDUDSDOOH3HUDOWURQHOO
HIIHWWXDUHWDOHYDOXWD
]LRQHRFFRUUHWHQHUSUHVHQWHLVHJXHQWLIDWWRUL
HQHUJLDFLQHWLFDGHOOHDUPLFDWHJRULDHGHOPXQL]LRQDPHQWRLPSLHJDWR
LQWHQVLWjGLWLURLQWHVRFRPHQXPHURGLFROSLJLRUQRSHUOLQHDGLWLUR
PDQRG
RSHUDHIRQGLGLVSRQLELOLSHUODPDQXWHQ]LRQH
GXUDELOLWjQHOWHPSR
,//8675$=,21,
$//(*$7,
3HUJOLDOOHJDWLVLULQYLDDOODGLUHWWLYD'73