$VVRFLD]LRQH9LWWLPHGHOOD6WUDGD RQOXV
ZZZYLWWLPHGHOODVWUDGDRUJ
5HGD]LRQH1RWL]LDULRSUHVVR2WWDYLDQR%HUWHL
6HGHRSHUDWLYD
YLD$7HGHVFKL5RPD
9LD5RVVL3UDWR
ID[
ID[
1RWL]LDULRQƒ
,OQRVWURQRWL]LDULR
³(GLWRULDOH´
*HVWLUH XQ¶$VVRFLD]LRQH
FRPH OD QRVWUD QRQ q XQ
FRPSLWR IDFLOH VRSUDWWXWWR
FRQ JOL VFDUVL PH]]L FKH
DEELDPR QRQ GLVSRQHQGR
GL ULVRUVH VH QRQ TXHOOH
SURSULHGHOYRORQWDULDWR
2JQXQR ID TXHOOR FKH
SXz SHUVRQDOPHQWH DYH
YR
SURSRVWR
DOO¶DYY
6DODGLQL
GL
DLXWDUOR
DOPHQR ³OHFFDQGR L IUDQ
FREROOL´ GHOOH PLJOLDLD GL
QRWL]LDUL FKH SRUWDQR D
FDVDGHJOLLVFULWWLOHQRWL]LH
VDOLHQWL GHOOD QRVWUD DWWLYL
Wj H PL VRQR ULWURYDWR
SULPD DG RFFXSDUPL GHOOD
VWDPSD H GHOOD VSHGL]LR
QH HG RUD D IDUH LO
³UHGDWWRUH´ FHUFDQGR GL
PHWWHUH LQVLHPH QRWL]LH H
FRPXQLFD]LRQL FKH SRVVD
QR SRUWDUH DYDQWL XQD
SDUWH GHOO¶LPPDQH ODYRUR
LQWUDSUHVR GDO QRVWUR
DPLFRHIRQGDWRUH
2YYLDPHQWH QRQ VDUj LO
³PLR´ QRWL]LDULR PD WDQWR
SHU IDUH XQD IUDVH FKH
VHPEUHUHEEH VFRQWDWD LO
QRWL]LDULR GL WXWWL GL TXHOOL
FKH YRUUDQQR SDUWHFLSDUYL
DWWLYDPHQWH LQYLDQGRPL L
SURSUL DUWLFROL H OH SURSULH
SURSRVWH
3HU O¶$VVRFLD]LRQH FL
VLDPRGRYXWLLPSURYYLVDUH
SVLFRORJLOHJLVODWRULWHFQL
FL H FKLVVj FRV¶DOWUR
SRVVLDPR LPSURYYLVDUFL
DQFKH XQ SR¶ JLRUQDOLVWL
YLVWR LO OLYHOOR TXDOLWDWLYR
PHGLR GL FKL OR ID SHU
PHVWLHUH GL FHUWR QRQ
IDUHPRILJXUHSHJJLRUL
2WWDYLDQR%HUWHL
GHOJLXJQR
/HWWHUDDOO¶RQ%HUOXVFRQLHOHJJHSHU³QRUPHGLJLXVWL]LD´
0RGLILFKHDO&G6O¶$VVRFLD]LRQHVLLPSHJQDSHULUHJRODPHQWLGLDWWXD]LRQH
&RQ OHWWHUD GHO O
$VVRFLD]LR
QH KD FKLHVWR DO FDSR GHO *RYHUQR DSSHQD
LQVHGLDWR RQ %HUOXVFRQL OD UHDOL]]D]LRQH
QHL PHVL SUHYLVWL GHOOD OHJJH GL
PRGLILFDDO&RGLFHGHOODVWUDGD
&RQ OD VWHVVD OHWWHUD q VWDWR LQYLDWR
DOO
RQ
%HUOXVFRQL
FKLHGHQGRJOL
GL
SUHVHQWDUOR DOOH &DPHUH D QRPH GHO
*RYHUQRLOWHVWRGLXQGLVHJQRGLOHJJHSHU
QRUPH GL JLXVWL]LD LQ RUGLQH DL SL JUDYL
UHDWL FRQWUR OD SHUVRQD FKH ULFDOFD H
DJJLRUQD TXHOOR SRUWDWR DO SUHFHGHQWH
3DUODPHQWR
,OWHVWRFKLHGHVRORSHULUHDWLGLRPLFLGLR
FROSRVRHGLOHVLRQLFROSRVHJUDYLVVLPHFRQ
LQDELOLWjWRWDOHGHOODYLWWLPDPDRYXQTXHWDOL
UHDWL VLDQR FRPPHVVL H GXQTXH QRQ VROR
VXOOD VWUDGD SHQH SL VHYHUH XQ IRUWH
DXPHQWR GHOOD SHQD LQ FDVR GL SUHYHGLELOLWj
GHOO
HYHQWR XQDFRUVLDSUHIHUHQ]LDOHQHL
1XRYH6HGL
6HJQDOR O¶DSHUWXUD GL
GXHQXRYHVHGLORFDOL
3LFFLULOOL$QJHOR
9LD;;9$SULOH
3DODJLDQR7$
7HO
*LXOLR)UDWLFHOOL
9)OOL&HUYL
%5,1',6,
7HO
HPDLO
PRQLHWLQD#OLEHURLW
*DEULHOOD&DSRULFFL
SURFHVVL FLYLOL H SHQDOL LO FRQVHQVR GHOOD
YLWWLPD R GHL VXRL IDPLOLDUL SHU LO
SDWWHJJLDPHQWR H LO JLXGL]LR DEEUHYLDWR OD
GHWHUPLQD]LRQH OHJDOH GHO SXQWR GHO GDQQR
ELRORJLFR LO ULVDUFLPHQWR GHO GDQQR
ELRORJLFR GHOOD YLWWLPD H O
LQGHQQL]]R GHO
GDQQR PRUDOH QHO GRSSLR GHO GDQQR
ELRORJLFRQHLFDVLGLPRUWH
,O WHVWR GHO GLVHJQR GL OHJJH q QHO VLWR
GHOO
$VVRFLD]LRQH ZZZYLWWLPHVWUDGDRUJ
PHQWUH SHU DGHULUH DOO
DSSHOOR SXUH LYL
ULSRUWDWR FL VL SXz ULYROJHUH SHU HPDLO D
FRPLWDWRPHVVLQD#WLVFDOLQHWLW
/
DWWHQ]LRQH SHU O
DFFRJOLPHQWR GL WDOL
ULFKLHVWH RFFXSHUj JUDQ SDUWH GHO ODYRUR
GHOOD QRVWUD GLUH]LRQH QD]LRQDOH FKH
ULVHUYD GL SUHVHQWDUH LQ VHFRQGR WHPSR OH
DOWUH QRUPH GL SUHYHQ]LRQH H GL JLXVWL]LD
DWWXDWLYHGHOSURJUDPPDGHOO
$VVRFLD]LRQH
3UREOHPLGLFRQVHJQDSHULO1RWL]LDULRQ
,QYLDWRFRPH³VWDPSH´QRQqDUULYDWRDPROWLGHVWLQDWDUL
,OPDJJLRqVWDWRLQYLDWRDWXWWLL6RFLH[6RVWHQLWRULSDJDQWLOD
TXRWDRHGH[6RFLDQFKHQRQSDJDQWLLOQXPHURGHO
1RWL]LDULR
)RUVH SHUFKp LQYLDWR FRPH VWDPSH SL SUREDELOPHQWH SHU OD
FRQFRPLWDQ]DFRQOHHOH]LRQLOH3RVWHQRQORKDQQRUHFDSLWDWRH
VRORLQTXHVWLJLRUQLqSHUYHQXWRDTXDOFKHLQGLUL]]R
,QYLDPR TXHVWR QXPHUR GL QXRYR D WXWWL L 6RFL FRPH VRSUD
ULFDSLWRODQGROHQRWL]LHIRUQLWHFROQXPHURHGDQGRQHGLQXRYH
$OOHJKLDPR DQFRUD EROOHWWLQR GL FRQWR FRUUHQWH SRVWDOH SHU OD
TXRWDFKHRYYLDPHQWHULJXDUGDVRORFKLQRQ qJLjLQUHJROD
5LSHWLDPR FRPH JLj SUHDQQXQFLDWR FRO QXPHUR FKH LO
SURVVLPRQXPHURFRQO
RSXVFRORFRVDIDUHLQFDVRGLLQFLGHQWH
VWUDGDOHHFRVuLVXFFHVVLYLYHUUDQQRLQYLDWLVRORDJOLLVFULWWLH[
)DPLOLDULRH[6RVWHQLWRULFKHDEELDQRSDJDWRODTXRWD
5DPPHQWLDPR LQILQH FKH OD TXRWD PLQLPR OLUH SXz
HVVHUH SDJDWD ROWUH FKH DOOD 3RVWD QHOOH PDQLGHO UHVSRQVDELOH
ORFDOH
)HUPDUH OD VWUDJH H GDUH JLXVWL]LD DL VXSHUVWLWL
L
3DJ
9LFHQGHLQWHUQHGHOO¶$VVRFLD]LRQH
&RPHVLSUHVHQWDODVLWXD]LRQHJHQHUDOHGRSR&RVHQ]D
/
$VVHPEOHD GL &RVHQ]D KDGHFLVRWUDDOWUHTXHVWH
PRGLILFKHRJJLTXLQGLLQYLJRUH
WXWWL JOL LVFULWWL SDJDQWL VHQ]D
GLVWLQ]LRQH WUD IDPLOLDUL YLWWLPH R
VRVWHQLWRUL VRQR VRFL FRQ XJXDOH
GLULWWR GL YRWDUH H GL HVVHUH HOHWWL LQ
SUHFHGHQ]D L IDPLOLDUL H OH YLWWLPH LQ
SURSULRHUDQR6RFLFRQSLHQLGLULWWLH
WXWWLJOLDOWUL$GHUHQWLVHQ]DGLULWWR
GLYRWR
LO QXRYR QRPH q $VVRFLD]LRQH
YLWWLPH GHOOD VWUDGD RQOXV HUD
FRPH QRWR $VVRFLD]LRQH LWDOLDQD
IDPLOLDUL H YLWWLPH GHOOD VWUDGD RQOXV
L YLFH SUHVLGHQWL VRQR GXH HUD
XQR H LO GLUHWWLYR UHVWD LQ FDULFD DQQLODGXUDWDQRQHUDSUHFLVDWD
LO YRWR SRVWDOH q DEROLWR H QHOOH
DVVHPEOHH RJQL VRFLR SXz DYHUH DO
PDVVLPRGXHGHOHJKHGLDOWULVRFLLQ
SUHFHGHQ]D SRWHYDQR DYHUH GHOHJKH
LQ QXPHUR LOOLPLWDWR VROR L
UHVSRQVDELOLORFDOL
9L VRQR VWDWL FRQWUDVWL ULSHWXWL DOO
LQWHUQR GHOGLUHWWLYRHOHWWRD&RVHQ]D
FKH KDQQR SRUWDWR DOOH GLPLVVLRQL
GDOOR VWHVVR GLUHWWLYR GL TXDVL WXWWL L
VRVWHQLWRULGHOOHPRGLILFKH
,O QXRYR GLUHWWLYRKDWXWWDYLDGHFLVR
GL ULQYLDUH DOO
DXWXQQR OD SURSRVWD
6DODGLQL GL XQD DVVHPEOHD VWUDRUGL
QDULD ULWHQXWD RUD WURSSR LPSHJQD
WLYD SHU ULPRGLILFDUH OR 6WDWXWR
IHUPH OH PRGLILFKH GHFLVH D &RVHQ]D
QHOVHQVRGL
UHLVWLWXLUH OD FDWHJRULD GHL VRFL
IDPLOLDULHYLWWLPHLQSURSULR
ULVHUYDUH D WDOH FDWHJRULD L LQ
WXWWL JOL RUJDQL FHQWUDOL OD SUHVLGHQ]D
HXQDYLFHSUHVLGHQ]D
UHQGHUHLPSRVVLELOHODPRGLILFDGHL
SXQWL SUHFHGHQWL VHQ]D XQD PDJJLR
UDQ]DTXDOLILFDWDGLVRFLIDPLOLDUL
,O FRQVLJOLR KD GLVWULEXLWR LO ODYRUR
DOVXRLQWHUQRDIIHUPDQGRFKH
QHVVXQ FRQVLJOLHUH SXz UHVWDUH
SULYRGLLQFDULFRVSHFLILFR
RJQLLQFDULFRYDDWWULEXLWRDXQVROR
FRQVLJOLHUH
RJQLLQFDULFDWRGHYHSUHVHQWDUHXQ
SURJUDPPDSHULOVXRVHWWRUH
,Q FRQFOXVLRQH LO GLUHWWLYR q RJJL
IRUPDWR H JOL LQFDULFKL VRQR VWDWL
GLVWULEXLWLFRPHVHJXH&DVVDQLWL
0HVVLQDSUHVLGHQWHVSHVHFRUUHQWL
JLRUQDWD GHO ULFRUGR &DSRULFFL
7HUQL YLFH SUHVLGHQWH VHGL ORFDOL
/HUDULR 5RPD YLFH SUHVLGHQWH
VFXROD FDWWROLFD VSRUW FRQYHJQR
5RPD 4XDUHVLPD5RPD VHJUHWDULD
VHGH QD]LRQDOH UDSSRUWL FRQ L VRFL
*DYLDQL &HVHQD WHVRULHUD %HQHQDWL
$JULJHQWR GLVDELOL GHOOD VWUDGD
%HUWHL 3UDWR QRWL]LDULR &DUUDUR
9HQH]LD RVVHUYDWRULR VXOOD LQFLGHQ
WDOLWj VWUDGDOH 'HOODPRUH &HVHQD
FRPXQLFDWL VWDPSD )(95 )HUUDUR
&RVHQ]D VFXROD *RUL /LYRUQR
VWDQGGLSURSDJDQGD0DULDQL5HJJLR
(PLOLD VWUDJL GHO VDEDWR VHUD
0RQWDQDUL 9HURQD UDSSRUWL FRQ
DOWUH DVVRFLD]LRQL 6DODGLQL $VFROL
3LFHQR DWWLYLWj JLXULGLFKH DVVLVWHQ]D
OHJDOHRSXVFROLYLWWLPH
,O VLWR ,QWHUQHW FRQWLQXHUj DG HVVHUH
JHVWLWRGD(QULFR*DUGLQL%RORJQD
,O SRVWR YDFDQWH VXL SUHYLVWL
YHUUj FRSHUWR QHOOD ULXQLRQH GHO
FRQVLJOLRILVVDWDSHULOJLXJQR
3HU FRQWDWWDUH L VLQJROL FRPSRQHQWL
ULYROJHUVL DL UHFDSLWL GHOOD VHGH
RSHUDWLYDGHOO
$VVRFLD]LRQH
,OGLUHWWLYRKDLQILQHILVVDWROHOLQHH
GLODYRURSHULO SUHVHQWD]LRQHGL
QXRYH SURSRVWH GL OHJJH SHU OD
SUHYHQ]LRQHHODJLXVWL]LDULFKLHVWDDO
*RYHUQR GL DWWXDUH OH QRUPH HVLVWHQWL
H OH PRGLILFKH GHFLVH FRQ OD OHJJH Q
GHO ULFKLHVWD GL
FDPSDJQH
LQIRUPDWLYH
H
GL
GLVLQFHQWLYLDVVLFXUDWLYL
&Lz VHQ]D GLPHQWLFDUH LO ODYRUR
ORFDOH YHUR PRWRUH GHOOD YLWD
GHOO
$VVRFLD]LRQHVLD SHUOHLQL]LDWLYH
FKH YHUUDQQR ULSURSRVWH GDO FHQWUR
QXRYR TXHVWLRQDULR DOOH
VFXROH HVSRVWL SDUWLFRODUHJJLDWL DOOH
3URFXUH GHOOD 5HSXEEOLFD FRQWUR L
UHVSRQVDELOL LVWLWX]LRQDOL GHOOD VWUDJH
VWUDGDOH PRGXOR SHU OD VHJQDOD]LRQH
GHL WUDWWL GHOOD PRUWH JLRUQDWD GHO
ULFRUGR HFF VLD SHU OH WDQWH DWWLYLWj
FKH L VLQJROL UHVSRQVDELOL VYROJRQR
DXWRQRPDPHQWH
FRQ
VXFFHVVR
LQL]LDWLYH SURSULH SDUWHFLSD]LRQH D
TXHOOHGLDOWUHDVVRFLD]LRQLHDWDYROL
LVWLWX]LRQDOL SHU OD VLFXUH]]D
LQWHUYHQWL QHOOH VFXROH LQ VWUDGD D
FRQYHJQLHFF
/HJJHGHOHJD
GLPRGLILFDDO
&RGLFHGHOODVWUDGD
&RPH GHFLVR D 5DYHQQD RWWREUH DEELDPR SUHVR FRPH RELHWWLYR SULQFLSDOH OD
WUDVIRUPD]LRQHLQ OHJJHGHOWHVWRGLPRGLILFD
DO &RGLFH GHOOD VWUDGD FKH VH SXUH QRQ GHO
WXWWR VRGGLVIDFHQWH FRQWHQHYD QRYLWj
LPSRUWDQWL FRPH SDWHQWH D SXQWL SDWHQWLQR
SHULFLFORPRWRUL$%6HDLUEDJGLVHULH
,QWHUYHQHQGR YHUVR H DOO
LQWHUQR GHO
3DUODPHQWRHGHLSDUWLWLSROLWLFLDQFKHFRQOD
OHWWHUD DOOHJDWD DO TXHVWLRQDULR SHU OH
VFXROH DWWXDQGR FRQWHPSRUDQHDPHQWH
PDQLIHVWD]LRQL GL SLD]]D D 5RPD H SUHVHQ]H
VXOOH UHWL WHOHYLVLYH QD]LRQDOL FRLQYROJHQGR
GD XOWLPR DOWUH VWUXWWXUH DQWLVWUDJH H
DVVRFLD]LRQL GL FRQVXPDWRUL H DPELHQWDOLVWH
O
$VVRFLD]LRQH KD GDWR XQD VSLQWD
GHWHUPLQDQWH QHL ULVWUHWWLVVLPR WHPSR
GLVSRQLELOHSHUFKpLOWHVWRGLYHQLVVHFRPH
q GLYHQXWR OD OHJJHGHOHJD Q GHO
FKH SUHYHGH O
DWWXD]LRQH GHOOH
PRGLILFKHHQWURQRYHPHVL
4XHVWD HVSHULHQ]D KD SURYDWR FKH O
D]LRQH
GHFLVD DQFKH GL SRFKH SHUVRQH TXDQGR
DJLVFRQR LQ QRPH GL YDORUL IRQGDPHQWDOL
FRPH OD PHPRULD GHL SURSUL FDUL H OD GLIHVD
GHOODYLWDSXzULVXOWDUHYLWWRULRVD
7HU]RRSXVFRORYLWWLPH
9HUUjSXEEOLFDWRWUDEUHYHTXHVWR
LPSRUWDQWHVWUXPHQWRGLWHVWLPRQLDQ]D
(
VWDWR ILQDOPHQWH SRUWDWR LQ WLSRJUDILD
/
LQFDULFDWR6DODGLQLVLVFXVDFRQTXDQWLQH
DWWHQGRQR SD]LHQWHPHQWHOD SXEEOLFD]LRQHGD
PROWL PHVL H VSHUD GL SRWHU VSHGLUH OH GLHFL
FRSLH VSHWWDQWL D FLDVFXQD )DPLJOLD
SDUWHFLSDQWHHQWURLOOXJOLR
6L SXz RYYLDPHQWH FRQWLQXDUH D PDQGDUH
DOORVWHVVRLQFDULFDWR)UDQFHVFR6DODGLQLYLD
7ULYLR $VFROL 3LFHQR DOWUL WHVWL H
DOWUH IRWR GD ULXQLUH DSSHQD SRVVLELOH LQ XQ
TXDUWRRSXVFROR
, VRFL QRQ SDUWHFLSDQWLFKHYRJOLRQR DYHUH
FRSLHGHOWHU]RRSXVFRORSRVVRQRFKLHGHUOHD
6DODGLQLDQFKHSHUID[R SHUH
PDLO IVDODGLQL#OLEHURLW QRQ SHU WHOHIRQR
VDOYR SDJDUQH LO FRVWR YLYR GL VWDPSD H
VSHGL]LRQH QRQ q SL SRVVLELOH LQYLDUH
O
RSXVFRORJUDWLVDWXWWLLVRFL
)UDQFHVFR6DODGLQL
3HUWXWWHOHGRQQHFXLODVWUDGDKDXFFLVRXQDVRUHOODHFKHYRJOLRQRSDUODUQHSHUDYHUHHGDUHFRQIRUWRHDQFKH
SHUSLDQJHUODLQVLHPHFKLDPDUH*LRYDQQD*LDPPDULQDURDOORWXWWLLJLRUQLGDOOHDOOH
3DJ
5LVWDPSDSULPRRSXVFROR
,O SULPR RSXVFROR 9LWWLPH YLHQH
ULVWDPSDWRJUD]LHDGXQFRQWULEXWRGHOOD
)RQGD]LRQH &DVVD GL ULVSDUPLR GL
%LHOOD RWWHQXWR GDOOD VRFLD VLJQRUD
3UD]]LQR
/H )DPLJOLH FKH KDQQR SDUWHFLSDWR
DG HVVR SRVVRQR FKLHGHUH D 6DODGLQL
YHGL VRSUD SHU UHFDSLWL FRSLH GHOOH
ULVWDPSH DO SUH]]R GL FRVWR QHO FDVR
QRQ SLGL OLUH D FRSLDq SHUz
QHFHVVDULRSUHQRWDUOHLQIUHWWD
$VVLVWHQ]DOHJDOH
,O VROR OHJDOH SHU WUDWWDWLYH FRQ OH FRPSDJQLH DVVLFXUDWULFL H SHU FDXVH FLYLOL
FRQYHQ]LRQDWR FRQ O¶$VVRFLD]LRQH IRUQHQGR GXQTXH DVVLVWHQ]D DL VRFL GL WXWWD ,WDOLD
VHQ]DFKLHGHUHDQWLFLSLqDQFRUDO¶DYY6FDUFHOODGL0LODQRWHOHIRQR
'LYHUVL UHVSRQVDELOL ORFDOL H VRFL FKLHGRQRFKHO¶$VVRFLD]LRQHLQGLFKLDOWUL DYYRFDWL
QHOOH GLYHUVH FLWWj q VWDWD SUHSDUDWD XQD ER]]D GL FRQYHQ]LRQH GD SURSRUUH DJOL
DYYRFDWLGLRJQLFLWWjVHGHGLWULEXQDOHDOILQHGLSRWHUDYHUHXQULIHULPHQWRXWLOHLQFDVR
GLQHFHVVLWjGLDVVLVWHQ]DOHJDOH
&KLXQTXHIRVVHLQWHUHVVDWRSXzULFKLHGHUHODER]]DDOO¶DYYRFDWR6DODGLQLLQYLDQGRXQ
ID[DOQXPHURL UHFDSLWLGLDYYRFDWLFLYLOLVWLHVHSRVVLELOHDQFKHSHQDOLVWL
FKHDFFHWWLQRGLGDUHDVVLVWHQ]DVHFRQGRODQRVWUDOLQHDHVHQ]DFKLHGHUHDQWLFLSLVDUj
SUHVWRGLVSRQLELOHUHVWDFRPXQTXHLOIDWWRFKHGDUHRPHQRXQPDQGDWRSHUODGLIHVDR
SHULOUHFXSHURqXQDGHFLVLRQHFKHVSHWWDDLVLQJROLLQWHUHVVDWL
$GXOWLHLVWLWX]LRQLDOH]LRQHGDLJLRYDQLVXOOD(GXFD]LRQH6WUDGD OH
/DVHGHGL1DSROLHO¶DVVRFLD]LRQH(QQLRH5RVDKDQQRRUJDQL]]DWRXQDPDQLIHVWD]LRQHVXOODVLFXUH]]DVWUDGDOH
/D VHGH SURYLQFLDOH GL 1DSROL
GHOO
$VVRFLD]LRQH 9LWWLPH GHOOD 6WUDGD H
O
DVVRFLD]LRQH (QQLR H 5RVD SHU OD
VLFXUH]]DVXOODVWUDGDHGLOULVYHJOLRGHOOD
FRVFLHQ]D FLYLOH FRQ LO SDWURFLQLR GHOOD
&LUFRVFUL]LRQH9RPHURKDQQRRUJDQL]]D
WR D 1DSROL LO DSULOH XQD PDQL
IHVWD]LRQHVXOODVLFXUH]]DVWUDGDOHFRQJOL
VWXGHQWLGLDOFXQHVFXROH
,O /LFHR &ODVVLFR 6DQQD]]DUR OD
0HGLD%HOYHGHUHO
LVWLWXWR7HFQLFRSHUOH
$WWLYLWj 6RFLDOL 9LWWRULR (PDQXHOH ,, H
O
,VWLWXWR 3URIHVVLRQDOH *LXVWLQR )RUWXQD
WRSXEEOLFDPHQWHQHOOD]RQDSHGRQDOHGHO
TXDUWLHUH9RPHURLQFROODERUD]LRQHFRQ
OHDVVRFLD]LRQLKDQQRHVSRVWRHGLVWULEXLWR
PDWHULDOH LQIRUPDWLYR VXOOD VLFXUH]]D
VWUDGDOHHVXLQXPHULGHOODVWUDJHVWUDGDOH
'RSR DYHU VLVWHPDWR GXH VWULVFLRQL
TXHOOR FRQ OH IRWR GHOOH YLWWLPH HG XQ
DOWUR OXQJR GLHFL PHWUL FRQODVFULWWD6L
SXzIHUPDUHODVWUDJHVWUDGDOHJOLDOXQQL
GHOOH VFXROH SDUWHFLSDQWL FRDGLXYDWL GDL
VRFLKDQQRGLVWULEXLWRGLYHUVHPLJOLDLDGL
YRODQWLQL 2OWUH D GLIIRQGHUH L YRODQWLQL
VXL FRQVLJOL XWLOL GHOOD )HYU XQLWDPHQWH
DOOH VFKHGH LQIRUPDWLYH GHOOH GXH
DVVRFLD]LRQL JOL VWXGHQWL KDQQR HVSRVWR
DQFKHGHOPDWHULDOHSRUWDWRH SUHSDUDWRGD
ORUR VWHVVL $OFXQL KDQQR SRUWDWR GHL
FDUWHOORQL VDQGZLFK DOWUL LQGRVVDYDQR
GHOOH PDJOLHWWH FRQ L FRQVLJOL VXOOD
VLFXUH]]D DOWUL DQFRUD HVSRQHYDQR GHL
SLFFROL VWULVFLRQL 0ROWR LQWHUHVVDQWH q
VWDWRDQFKHXQYLGHRSUHSDUDWRVHPSUHGD
XQR VWXGHQWH VXOO
LPSUXGHQWH JXLGD GHL
UDJD]]L FRQ LO PRWRULQR QHOO
DOOHVWLPHQWR
HUD SUHYLVWR DQFKH XQ WHOHYLVRUH FRQ
YLGHRUHJLVWUDWRUH
,OPRPHQWRSLWRFFDQWHHYLYRqVWDWR
TXDQGRSHUROWUHXQ
RUDLUDJD]]LVLVRQR
DOWHUQDWL DO PLFURIRQR OL SUHVHQWH HG
KDQQR OHWWR SXEEOLFDPHQWH ULFRPLQFLDQ
GRVHPSUHGDFFDSRROWUHLFRQVLJOLHL
$VVHPEOHD*HQHUDOHGHOOD)(95
6LqWHQXWRD3DULJLO¶LQFRQWURWUDOHDVVRFLD]LRQLGHOOD
)HGHUD]LRQH(XURSHD9LWWLPHGHOOD6WUDGD
&¶q XQ HOHPHQWR FKH XQLVFH L
3DHVL HXURSHL LQ PRGR ULOHYDQWH
IRUVHSLGHOODPRQHWDXQLFDHGq
OD VLWXD]LRQH GHJOL LQFLGHQWL
VWUDGDOL 3UHYHQ]LRQH UHSUHVVLR
QH JLXVWL]LD PHGLD H WXWWL JOL
DOWUL HOHPHQWL FKH IDQQR GHL
VLQLVWUL VWUDGDOL LO SUREOHPD FKH
QRL EHQ FRQRVFLDPR VRQR SUH
VHQWL VHEEHQH FRQ PRGDOLWj
GLYHUVH PD QRQ WURSSR SUDWLFD
PHQWH RYXQTXH /D FRVD HYLGHQ
WHPHQWH QRQ FL FRQVROD FRPH
QRQFLFRQVRODLOIDWWRFKHWXWWHOH
DVVRFLD]LRQL SUHVHQWL ODPHQWLQR
LQ YDULD PLVXUD OH QRVWUH VWUHVVH
GLIILFROWD OHJDWH VRSUDWWXWWR DOOH
FDUDWWHULVWLFKHSURSULHGHOYRORQ
WDULDWR *OL RUJDQLVPL LVWLWX]LR
QDOL HXURSHL LQ TXDQWR HQWL
VRYUDQD]LRQDOL VL VRQR PRVVL
JUD]LH VRSUDWWXWWR DOO¶LQFHVVDQWH
SUHVVLRQHGHOOD)HGHUD]LRQHHGHO
VXR SUHVLGHQWH H QRVWUR VWLPDWR
DPLFR LO SURI 0DUFHO +DHJL
PD OD SUHVVLRQH ³GDOO¶DOWR´ YHUVR
L JRYHUQL QD]LRQDOL QRQ q
VXIILFLHQWHEDVWLSHQVDUHDTXDQ
WH GLUHWWLYH HXURSHH YHQJRQR
LJQRUDWHqQHFHVVDULRFKHYHQJD
IDWWDXQDIRUWHSUHVVLRQHGDSDUWH
GHOOH DVRVFLD]LRQL QD]LRQDOL H
QHVVXQD SHU LO PRPHQWR SDUH
DYHUQH OD IRU]D 6SHULDPR FKH
DOPHQWR LQ TXHVWR O¶,WDOLD SRVVD
HVVHUHSUHVWRDOO¶DYDQJXDUGLD
QXPHUL GHOOH VWUDJL DQFKH OD SULPD SDUWH
GHOO
RSXVFROR 8QLUVL SHU IHUPDUH OD
VWUDJH VWUDGDOH H GDUH JLXVWL]LD DL
VXSHUVWLWL
/D PDQLIHVWD]LRQH q YHUDPHQWH ULXVFL
WD L UDJD]]L VL VRQR VHQWLWL SLHQDPHQWH
FRLQYROWLHSDUWHFLSL
&
q VWDWD DQFKH OD SUHVHQ]D GHOOD
VWDPSD H GL XQD WY ORFDOH FKH KD IDWWR
XQ
DPSLRVHUYL]LRVXOODPDQLIHVWD]LRQH
/
XQLFR UDPPDULFR q VWDWR LO WRWDOH
VLOHQ]LR GHO 3URYYHGLWRUH DJOL 6WXGL GL
1DSROL FKH SXU HVVHQGR VWDWR LQIRUPDWR
QRQKDGDWRQHVVXQVHJQDOHGLULVSRVWD
/RVWHVVRSHUO
LQL]LDWLYDVXOTXHVWLRQD
ULRSHUODYLWDDOO
LQL]LRGLDQQRVFRODVWLFR
QH VRQR VWDWL LQYLDWL FHQWR LQ DOWUHWWDQWH
VFXROH PD VROR LQ VHWWH SXUWURSSR KDQQR
ULVSRVWR /R VWHVVR 3URYYHGLWRUH SXU
HVVHQGRVWDWRFRQWDWWDWRSHUOHWWHUDQRQKD
GDWRDOFXQDULVSRVWD
$OHVVDQGUR3HWURVLQR
3URQWLJOLHVSRVWLGHQXQFLD
&RQWLQXDODEDWWDJOLDSHUGHQXQFLDUHLSULQFLSDOL
FROSHYROLLVWLWX]LRQDOLGHOODVWUDJHVWUDGDOH
&RQWLQXD O¶LQL]LDWLYD GL
GHQXQFLD QHL FRQIURQWL GL
TXHOOL FKH SRVVRQR HVVHUH
GHILQLWL L UHVSRQVDELOL LVWL
WX]LRQDOL GHOOD JUDYH VLWXD
]LRQH UHODWLYD DJOL LQFLGHQ
WL VWUDGDOL /¶DQQR VFRUVR
O¶LQL]LDWLYD HUD SDUWLWD FRQ
XQ HVSRVWRGHQXQFLD XQLFR
FRPSUHQGHQWH SL ³GHVWL
QDWDUL´
4XHVW¶DQQRYHUUDQQRLQYLD
WL TXDWWUR HVSRVWL GLVWLQWL
FKH LQ HVWUHPD VLQWHVL VL
ULIHULVFRQR DO 0LQLVWHUR
GHOO¶,QWHUQRSHULOPDQFDWR
DGHJXDPHQWR GHOO¶RUJDQLFR
GHOOD3ROL]LD6WUDGDOHDOO¶DX
PHQWR GHL YHLFROL FLUFR
ODQWL DOOD 5$, SHU LO
PDQFDWR VYROJLPHQWR GHO
UXROR GL LQIRUPD]LRQH
SXEEOLFD FLUFD LO SUREOH
PD GHJOL LQFLGHQWL DO
0LQLVWHURGHOOD6DQLWjSHU
LO PDQFDWR LPSHJQR GL
LQIRUPD]LRQHUHODWLYRDOOD
TXHVWLRQH GHL WUDSLDQWL
G¶RUJDQR OD FXL IRQWH
SULQFLSDOH VRQR JOL LQFL
GHQWL VWUDGDOL H L 0LQL
VWHUL FRPSHWHQWL SHU OD
PDQFDWD DWWXD]LRQH GHOOH
QRUPH FKH SUHYHGRQR
O¶HGXFD]LRQH
VWUDGDOH
QHOOHVFXROH
3DJ
$XWRYHOR[XQEXRQHVHPSLRGDOFRPXQHGL)LUHQ]H
/¶DVVHVVRUHDOODPRELOLWj*UD]LDQR&LRQLLQWUDSUHQGHXQDYDOLGDLQL]LDWLYD
/¶DVVHVVRUH DOOD PRELOLWj GHO FRPXQH GL
)LUHQ]HQRQFKpYLFHVLQGDFRHGH[VHQDWR
UH KD SUHVHQWDWR XQ SURJUDPPD SHU OD
VLFXUH]]D VWUDGDOH FRQ XQ HOHPHQWR GHO
WXWWRSDUWLFRODUHULVSHWWRDOODQRUPD
/¶DXWRYHOR[QRQJRGHGLEXRQDIDPDWUD JOL
LWDOLDQL H OD UDJLRQH SULQFLSDOH VHQ]D
GXEELR q OD JHQHUDOH SURSHQVLRQH D QRQ
ULVSHWWDUH L OLPLWL GL YHORFLWj VH QRQ
DGGLULWWXUD D FRUUHUH QHO YHUR VHQVR GHOOD
SDUROD 6L VRQR PRVVL ILRU GL HVSHUWL OHJDOL
SHU FHUFDUH LQ RJQL PRGR GL HYLWDUH OH
VDQ]LRQL GHULYDQPWL GD TXHVWR VWUXPHQWR
FKH WUD O¶DOWUR q VWDWR LGHDWR H SURGRWWR
SURSULR GD XQ¶D]LHQGD GL )LUHQ]H OD 6RGL
6FLHQWLILFD(¶FHUWRDQFKHIRUWHHGLIIXVRLO
VRVSHWWR FKH GHOO¶DXWRYHOR[ OH SXEEOLFKH
DPPLQLVWUD]LRQL QH IDFFLDQR XQD VRUWD GL
DEXVR R SHU PHJOLR GLUH XQ XVR GLVWRUWR
SHUVHJXHQGR JOL LQWURLWL GHOOH PXOWH PD
ODVFLDQGR LQ VRVWDQ]D LQDOWHUDWD OD
VLWXD]LRQH GHJOL HFFHVVL GL YHORFLWj (¶ XQ
GDWR GL IDWWR VH OH IRU]H GHOO¶RUGLQH VL
LPSHJQDVVHUR LQ PRGR GHWHUPLQDWR H
FRQWLQXDWLYR FRQWUR JOL HFFHVVL GL YHORFLWj
SULPD R SRL TXHVWL GLYHQWHUHEEHUR UDUL H
DOWUHWWDQWR UDUH VDUHEEHUR FRQWUDYYHQ]LRQL
PHQWUHRUDVLKDODFHUWH]]DPDWHPDWLFDGL
,Q%UHYH
SRWHUIDUHFHQWLQDLDGLPXOWHRJQLYROWDFKH
VL PHWWH LQ IXQ]LRQH XQ DXWRYHOR[
2OWUHWXWWR XQD SROLWLFD VHULD FRQWUR LO
VXSHUDPHQWR GHL OLPLWL GL YHORFLWj VDUHEEH
GL FHUWR LPSRSRODUH FRPH O¶DXPHQWR GHOOH
WDVVH
0D &LRQL q DQGDWR ROWUH LO FRQVXHWR +D
IDWWR PHWWHUH JOL DXWRYHOR[ QHL SXQWL SL
³FULWLFL´ GHOOD FLWWj GRYH VL WHQGH GL SL D
FRUUHUH QRQRVWDQWH LO WUDIILFRHLOLPLWLHOL
KDPHVVLLQJUDQGHHYLGHQ]DQRQQDVFRQVWL
GLHWUR VLHSL R SDUDYHQWL 1H KD SRL UHVD
SXEEOLFD OD FROORFD]LRQH VSHGHQGR XQD
PDSSD GHWWDJOLDWD D WXWWL L UHVLGHQWL DOWUR
FKH OH PDSSH FODQGHVWLQH FKH JLUDQR WUD L
FDPLRQLVWL VXOOH DXWRVWUDGH 3HU FKL QH
YROHVVHXQDFRSLDODSXzDYHUHGDOFRPXQH
R WURYDUH DJHYROPHQWH VXO VLWR LQWHUQHW
VHPSUH GHO FRPXQH GL )LUHQ]H 7UD O¶DOWUR
PDTXHVWD qXQDFRQILGHQ]DXIILFLRVDJOL
DXWRYHOR[ QRQ VRQR QHPPHQR WDUDWL DO
OLPLWH XIILFLDOH PD XQ SR¶ VRSUD 6HPEUD
SURSULR FKH LQ TXHVWR FDVR O¶RELHWWLYR QRQ
VLD GL IDU PXOWH PD GL IDU DQGDU SLDQR OD
JHQWH(UDO¶RUD
*OL VWUXPHQWL SHU FRPEDWWHUH JOL LQFLGHQWL
VWUDGDOL HVLVWRQR EDVWD DYHUH VHULDPHQWH
LQWHQ]LRQHGLXWLOL]]DUOL
2WWDYLDQR%HUWHL
6SRWQRQYLROHQWR
8QD³PRVFDELDQFD´GDOOD:9
7UD JOL HOHPHQWL QHJDWLYL FKH QHL
PHGLD FRQWULEXLVFRQRDOODIRUPD
]LRQHGLXQDRSLQLRQHSXEEOLFDGHO
WXWWR HVWUDQHD DL SULQFLSL DQFKH
HOHPHQWDUL GHOOD VLFXUH]]D VWUDGDOH
FL VRQR VHQ]D GXEELR JOL VSRW
SXEEOLFLWDUL GHOOH FDVH DXWRPREL
OLVWLFKH ,Q WHPSL UHFHQWL FL VRQR
VWDWL VHJQDOL SRVLWLYL DOPHQR SHU
TXDQWR ULJXDUGD $%6 H $LUEDJ
SXEEOLFL]]DWL DO SRVWR GHOOHSUHVWD
]LRQL PD OH VFHQH GD FLUFXLWR
FRQWLQXDQR D IDUOD GD SDGURQH
)RUVH TXDOFRVD VL PXRYH OD
:RONVYDJHQ LQ XQR VSRW LQYLWD
ILQDOPHQWH DG DQGDU SLDQR TXDOH
PRGR PLJOLRUH SHU JRGHUVL OD YLWD
1LHQWHPDOHIRUVHGRYUHPPRGDUH
ULVFRQWURDTXHVWDLQL]LDWLYDDQFKH
VH QRQ GREELDPR GLPHQWLFDUH FKH
OD FDVD WHGHVFD QRQ ID HFFH]LRQH
ULVSHWWR DOOH DOWUH LQ TXDQWR D
FRVWUX]LRQH GL DXWRFKHVXSHUDQRL
OLPLWL GL YHORFLWj &HUWR QRQ q
UDJLRQHYROH DWWHQGHUVL GDOOH D]LHQ
GH XQD DXWROLPLWD]LRQH QHOOH SUHV
WD]LRQLODGHYHLPSRUUHOR6WDWRH
DQFKH VH QRQ OR IDUj PDL QRL
FRQWLQXHUHPRDFKLHGHUORVHPSUH
/¶$VVRFLD]LRQHSUHVVROHLVWLWX]LRQL± 1RYLWjLPSRUWDQWLVXOIURQWHGHOOHLVWLWX]LRQLLOSURI/HUDULRHO¶LQJ)DQWLQLVRQRHQWUDWLDIDU
SDUWHULVSHWWLYDPHQWHGHO3LDQR1D]LRQDOHGHOOD6LFXUH]]D6WUDGDOHHGHOOD&RQVXOWD1D]LRQDOHGHOOD6LFXUH]]D6WUDGDOH*OLIDFFLDPR
WXWWLLQRVWULPLJOLRULDXJXULGLEXRQODYRURQHDYUDQQRELVRJQR
5XEULFD/HWWHUH± GDOSURVVLPRQXPHURSRWUDQQRHVVHUHSXEEOLFDWHDOFXQHOHWWHUHFKHJOLLQWHUHVVDWLSRVVRQRLQYLDUHGLUHWWDPHQWHDOOD
UHGD]LRQHVHSRVVLELOHDQFKHYLDHPDLODOO¶LQGLUL]]REHUWHL#ILUHQ]HQHW
6WDQGGHOO¶$VVRFLD]LRQH± XQRVWUXPHQWRULYHODWRVLXWLOHSHUIDUFRQRVFHUHO¶$VVRFLD]LRQHDGDXPHQWDUQHODIRU]DFRQQXRYHDGHVLRQL
q O¶DOOHVWLPHQWR GL VWDQG /D JLRUQDWD GL DGHVLRQH DOO¶$VVRFLD]LRQH VDUj O¶XWLPD GRPHQLFD GL PDJJLR TXDQGR WXWWH OH VHGL ORFDOL
GLVSRQLELOLWjSHUPHWWHQGRGRYUHEEHURDOOHVWLUHXQRSURSULRVWDQGFRVDFKHRYYLDPHQWHQRQHVFOXGHO¶XWLOLWjGLVWDQGLQDOWUHRFFDVLRQL
3HULQIRUPD]LRQLDOULJXDUGRFRQWDWWDUH*LXOLDQR*RULDOQXPHUR
&RQFRUVR GL FRUWRPHWUDJJL D SDUWLUH GDO SURVVLPR )HVWLYDO GHOOH &HUDVH ;9,, HGL]LRQH GHO H GDO ,,, FRQFRUVR GL
FRUWRPHWUDJJL, &RUWL GL 3ULPDYHUDFRQ LOSDWURFLQLRGHOODQRVWUDDVVRFLD]LRQHHGHOO¶$VVRFLD]LRQH5LIRUPD$VVLVWHQ]D3VLFKLDWULFD
VRQRVWDWLLQVWLWXLWLGXHSUHPLDQQXDOL³,&RUWLGL0DXUL´GLOLUHFDGDXQRLQULFRUGRHGHGLFDWLD0DXUL]LR&LDQIDQHOOL3HU
LQIRUPD]LRQLFRQWDWWDUH,JQD]LR&LDQIDQHOOLDOORRYLDHPDLODOO¶LQGLUL]]RFLYDQRYDQWD#WLVFDOLQHWLW
1HZVOHWWHU± WUDEUHYHSDUWLUjXQDLQL]LDWLYDULYROWDDFRORURLTXDOLGLVSRQJRQRGLXQLQGLUL]]RGLSRVWDHOHWWURQLFDXQQRWL]LDULRSL
EUHYH GL TXHOOR FDUWDFHR PD SL YHORFH H SL IUHTXHQWH FKL YROHVVH LVFULYHUVL DO VHUYL]LR SXz LQYLDUH LO SURSULR LQGLUL]]R GL SRVWD
HOHWWURQLFD DWWUDYHUVR LO VLWR LQWHUQHW GHOO¶$VVRFLD]LRQH ZZZYLWWLPHGHOODVWUDGDRUJ 4XHVWR VWUXPHQWR VDUj XWLOH DQFKH SHU
FRPXQLFDUHDWXWWLOHSURSULHLQL]LDWLYH
4XHVWLRQDULR VFXROH± SHU PDQFDQ]D GL VSD]LR QRQ q SRVVLELOHSXEEOLFDUHSHUHVWHVRL ULVXOWDWL GHOODQRVWUD LQGDJLQH IDWWD SUHVVROH
VFXROH VXSHULRUL DOPHQR TXHOOH FKH KDQQR ULVSRVWR 1RQ WXWWL JOL LVWLWXWL LQWHUSHOODWL KDQQR GDWR VHJXLWR DOOD QRVWUD ULFKLHVWD GL
FROODERUD]LRQHDOO¶LQL]LDWLYDDGLPRVWUD]LRQHGHOODFRQVLGHUD]LRQHFKHJHQHUDOPHQWHODVFXRODULVHUYDDOODSULPDFDXVDGLGHFHVVRSHUL
JLRYDQL,ULVXOWDWLVRQRVFRQFHUWDQWLOHSHUFHQWXDOLGLJLRYDQLFKHQRQFRQRVFRQRLOWHQRUHGHOODJUDYLWjGHOSUREOHPDHFKHULWHQJRQR
VLD QHFHVVDULR XQ DSSURIRQGLPHQWR H XQ LQWHUYHQWR VRQR HOHYDWLVVLPH FHUWR VL WUDWWD GL GLFKLDUD]LRQL FKH SRL YDQQR UDSSRUWDWH DOOD
UHDOWjSUDWLFDPDqXQEXRQSXQWRGLSDUWHQ]DSHULQWUDSUHQGHUHTXDOFRVDGLFRVWUXWWLYR/¶LQL]LDWLYDYHUUjVHQ]¶DOWURULSUHVD
3DJ