0DJJLR$QQR1XPHUR ©/DIDPLJOLDYDDPDWDVRVWHQXWDHUHVDSURWDJRQLVWD DWWLYDGHOO HGXFD]LRQHQRQVRORSHULILJOLPDSHUO LQWHUDFRPXQLWjª 6RQR9HVFRYRGDSRFRSLGLWUHPHVLHVRQRDUULYDWRD&DVVDQRGDSRFRSLGLGXH8QWHPSRWURSSREUHYHSHUSURSRUUHFRQVLGHUD]LRQL VXIIUDJDWH GD GDWL FRQFUHWL VX TXHOOR FKH FDUDWWHUL]]D OD IDPLJOLD LQ TXHVWR QRVWUR WHUULWRULR 7HPSR VXI¿FLHQWH SHUz SHU UHQGHUPL FRQWR FKHLSUREOHPLHOHVSHUDQ]HFKHVHJQDQRODYLWDIDPLOLDUHTXLVRQRJOLVWHVVLSUREOHPLHOHVWHVVHVSHUDQ]HGHOOHIDPLJOLHGHOWHUULWRULRGDO TXDOHSURYHQJReSURSULRYHURFKHODJOREDOL]]D]LRQHVWDWRFFDQGRXQSR WXWWLLVHWWRULHFKHQHOEHQHHQHOPDOHVLqIDWWDVWUDGDLQWXWWHOH UHDOWjFRPSUHVDTXHOODIDPLOLDUH6DUjSHUFKpSURYHQJRGDXQDIDPLJOLDQXPHURVDFRQWXWWHOHULFFKH]]HHFRQWXWWLLSUREOHPLFKHSRVVRQR DFFRPSDJQDUHXQDIDPLJOLDQXPHURVDPDFUHGHWHPLTXDQGRPLFDSLWDGLSDUODUHGLIDPLJOLDQRQULHVFRDIDUORVHQRQFRPH³PLOLWDQWH´PD GLXQDPLOLWDQ]DQRQLGHRORJLFDFKHVLQXWUHGLDVFROWRHGLULVSHWWRQHLFRQIURQWLGHOO¶DOWURPDqXQDPLOLWDQ]DFKHQRQULQXQ]LDDOULVSHWWR DVFROWRDQFKHGHOOHSURSULHUDJLRQL5DJLRQLVSHVVRLJQRUDWHHELVWUDWWDWH7DQWLGHLQRVWUL&RPXQLKDQQRYLVVXWRRVWDQQRYLYHQGRJLRUQLGL LPSHJQRHOHWWRUDOHSHUOHDPPLQLVWUDWLYHLGLYHUVLFDQGLGDWLKDQQRVSHVRRVWDQQRDQFRUDVSHQGHQGRSDUROHHSUHVHQWDQGRSURJUDPPL1RQ KRDYXWRPRGRGLVHJXLUQHQHVVXQRLQSDUWLFRODUH3HUzWUDOHFRVHEHOOHHLQWHUHVVDQWLFKHKRDVFROWDWRTXDOFKHVSH]]RQHGLGLEDWWLWRVHJXLWR DWWUDYHUVROHHPLWWHQWLORFDOLPLKDIDWWRSHUFHSLUHGLWDQWRLQWDQWRODIDWLFDLQFRQWUDWDGDLSURWDJRQLVWLGLFKLDPDUHOHFRVHSHUQRPH8QD IDWLFDDJJLUDWDHVHUFLWDQGRVLLQXQDVSHFLHGL³WUXIIDGHOOHHWLFKHWWH´GHOODVHULH³FRPHFDWWROLFRSRVVRGLUHFKH´RSSXUH³SURYHQHQGRGD XQDLQWHQVDWUDGL]LRQHVRFLDOHGLFRFKH´RULHVXPDQGRUHSHUWLVRFLRORJLFLPHULWHYROLGLHVVHUHFRQVHJQDWLVROWDQWRDOPXVHRGHOOHFHUHR DOO¶DIIROODWRPDJD]]LQRGHLOXRJKLFRPXQL2OWUHDTXHVWRVHQRQKRFDSLWRPDOHP qSDUVRGLDYYHUWLUHTXDOFKHHTXLYRFRQRQVRSURSULRVH YROXWRDSURSRVLWRGHOODIDPLJOLDIRQGDWDVXOPDWULPRQLRFRPHUHFLWDOD&RVWLWX]LRQHDUWLFROR4XHVWDQRQqFRPHKRVHQWLWRGLUHTXDVL DSUHQGHUQHOHGLVWDQ]HODIDPLJOLDWUDGL]LRQDOH&RPHVHSRLFLIRVVHXQDIDPLJOLDPRGHUQDTXHOODQRQIRQGDWDVXOPDWULPRQLR)LQFKpOD &RVWLWX]LRQHqTXHVWDJOLDOWULQXFOHLGLFRQYLYHQ]DVRQRGLYHUVLGDOODIDPLJOLD&KLHGHUHHGLQVLVWHUHVXOODGLYHUVLWjqXQHVHUFL]LRGLFKLDUH]]D FKHQRQLPSOLFDQHFHVVDULDPHQWHQpXQJLXGL]LRQpXQDPDQFDQ]DGLWXWHODSHULQXFOHLGLFRQYLYHQ]D&RPHqDPSLDPHQWHULVDSXWRHVVLVRQR LQIDWWLJLjWXWHODWLGDOO¶DUWLFRORGHOOD&RVWLWX]LRQHFRPHIRUPD]LRQLVRFLDOLLQFXLVLVYLOXSSDHVLVYROJHODSHUVRQDOLWjGHOO¶XRPR/DPLDULFKLHVWD DTXDQWLVRQRVWDWLRYHUUDQQRVFHOWLGDLQRLFLWWDGLQLDUHJJHUHOHVRUWLGHOOHQRVWUHFLWWjqTXHOODGLSUHYHGHUHFRUVLHSUHIHUHQ]LDOLSHUOHIDPLJOLH VRSUDWWXWWRSHUTXHOOHPHQRWXWHODWH/D&KLHVDSHUSDUWHVXDQRQIDUjPDQFDUHODVXDFRQFUHWDDWWHQ]LRQHHO LPSHJQRSHUFKpODIDPLJOLD SRVVDPDQWHQHUHLOVXRIRQGDPHQWDOHUXRORGLOXRJRSHUHGXFDUHDOODYLWDEXRQDGHO9DQJHOR&RPHFLWWDGLQLDEELDPRLOGLULWWRGLYLJLODUHSHUFKp LQRVWULSROLWLFLQHOODORURD]LRQHVLSURSRQJDQRODSURPR]LRQHGHOEHQHFRPXQHHQRQVLOLPLWLQRDUHJRODUHLOWUDI¿FRQHOODFRUVDDJOLLQWHUHVVL GHLVLQJROLYHUVRLOWRUQDFRQWRSHUVRQDOHHYHUVRODSURSULDIHOLFLWjLQGLYLGXDOH&RPHFLWWDGLQLDEELDPRLOGRYHUHGLULFRUGDUHDLQRVWULSROLWLFL FKHqSRVVLELOHSUDWLFDUHLOEHQHFRPXQHHFKHTXHVWDqODFRQGL]LRQHSHUFKpODQRVWUDVRFLHWjQRQVLDODFRHVLVWHQ]DGLRSSRVWLHJRLVPLGD FRQWURELODQFLDUHDVSHVHGHOO¶XQRRGHOO¶DOWURPDVLDGDYYHURXQDFRQGLYLVLRQHGHLEHQLXPDQLFKHUHDOL]]DQRODSHUVRQD(TXHVWRYDIDWWRH YLVVXWRVHQ]DFRQWUDSSRVL]LRQLLGHRORJLFRUHOLJLRVHSHULOEHQHGHOODIDPLJOLDHGLTXDQWLLOEXRQ'LRFLKDDI¿GDWR maggio 2012 • ?1XQ]LR*DODQWLQR ,OVDFUDPHQWRSLDQWLFR )UDQFHVFR2OLYD &DULOHWWRUL FRPHVSHVVRDFFDGHSUHQGLDPR VSXQWRSHUODQRVWUDEUHYHULÁHVVLRQH H TXLQGL SHU LO WHPD FHQWUDOH GHO JLRUQDOHGDOOHSDUROHGHO6DQWR3DGUH %HQHGHWWR ;9, 4XHVWD YROWD FL RFFXSLDPR GHOOD IDPLJOLD SURYDQGR D UDFFRQWDUOD VRSUDWWXWWRQHO EHQH JXDUGDQGROD GD XQ·DQJROD]LRQH FDWWROLFD PD DQFKH GDQGR VSD]LR DOOD WHVWLPRQLDQ]D G·XQD FRSSLD QRQFUHGHQWHFKHFLVSLHJDSHUFKp KD GHFLVRGL QRQ VSRVDUVLHWHQHUH IXRUL GDOOD JLRLD GHL EDWWH]]DWL LO EDPELQRFKHKDDYXWR,QGXHIRFXV VSLHJKHUHPROHOHJJLFKHUHJRODQROD IDPLJOLDWUDGLULWWLHGRYHUL$EELDPR VFHOWRGLULÁHWWHUHVXOODIDPLJOLDQRQ VRORSHUO·DWWHQ]LRQHFKHGDVHPSUH OD &KLHVD ULVHUYD D TXHVWR QXFOHR FHQWUDOHHFUXFLDOHGHOODYLWDVRFLDOH PDDQFKHSHUQRQODVFLDUHVFLYRODUH YLD OD9LD &UXFLV GHO9HQHUGu VDQWR DO&RORVVHRTXDQGRGLQDQ]LDFLUFD YHQWLPLOD IHGHOL %HQHGHWWR ;9, KD VRWWROLQHDWR FRPH D PLQDFFLDUH OD IDPLJOLDQHJOLXOWLPLDQQLVLVLDXQLWD OD FULVL HFRQRPLFD DJJUDYDWD GDOOD SUHFDULHWj GHO ODYRUR FKH VSHVVR LPSHGLVFHDJLRYDQLHPHQRJLRYDQL GLFRURQDUHLOORURVRJQRG·DPRUHH PHWWHUHVXFDVDSHUFKpQRQKDQQR OD SRVVLELOLWj GL VRSSRUWDUH WXWWL L FRVWL PDWHULDOL FKH FLz FRPSRUWD /·XRPR QRQ SXz SHUPHWWHUVL GL ©DEEDQGRQDUH VXR SDGUH H VXD PDGUHªFRPHqVFULWWRQHOOD*HQHVL Ë VSLDFHYROH DQFKH GD SHQVDUH PD VHPSUHSLVSHVVRqFRVu/DFURQDFD FH OR UDFFRQWD H OH ULÁHVVLRQL GHO 6DQWR 3DGUH FL VWLPRODQR WXWWL D ULÁHWWHUH,OUHVWRq´O·$EEUDFFLRµGL VHPSUHYRFHGHOOD&KLHVDGLRFHVDQD ULQQRYDWD GDOO·DUULYR GHO QXRYR 3DVWRUH FKH KD FRQIHUPDWR ÀGXFLD DO JUXSSR UHGD]LRQDOH GDQGRFL DQFKH QXRYL VWLPROL H VXJJHULPHQWL FKH DFFRJOLDPR YROHQWLHUL SURQWL H GLVSRQLELOL D FRQWLQXDUH LO QRVWUR LPSHJQR SDVWRUDOH GD TXHVWH FRORQQHRJQLPHVHGLSLFRPSDJQH GLVWUDGDDQFKHSHUQRL 8QDEEUDFFLR GP maggio 2012 • ©&RPXQLRQH GL SHUVRQH VHJQR H LPPDJLQH GHOOD FRPXQLRQH GHO 3DGUH H GHO )LJOLR QHOOR 6SLULWR 6DQWRª q OD IDPLJOLD VHFRQGR OD EHOOD GH¿QL]LRQH GHOOD )DPLOLDULV &RQVRUWLR 8QD UHDOWj FRVWDQWHPHQWH UDSSUHVHQWDWD QHOOD 6DFUD 6FULWWXUD FKH q GLI¿FLOH HVSRUUH LQ SRFKH ULJKH LO OHWWRUH QRQ PH QH YRJOLD ©9ROXWL GD 'LR FRQ OD VWHVVD FUHD]LRQHª FRQWLQXDO¶(VRUWD]LRQHDSRVWROLFDGL*LRYDQQL 3DROR ,, ©LO PDWULPRQLR H OD IDPLJOLD VRQR LQWHULRUPHQWH RUGLQDWL D FRPSLHUVL LQ &ULVWR HG KDQQR ELVRJQR GHOOD VXD JUD]LD SHU HVVHUH JXDULWL GDOOH IHULWH GHO SHFFDWR H ULSRUWDWL DO ORUR SULQFLSLR FIU 0W FLRq DOOD FRQRVFHQ]D SLHQD H DOOD UHDOL]]D]LRQH LQWHJUDOH GHO GLVHJQR GL 'LRª Q (¶ TXHVWD OD SURVSHWWLYD GD FXL SDUWH OD ULÀHVVLRQHELEOLFD2FFRUUHSHUWDQWRULDQGDUH DO SURJHWWR RULJLQDULR GL 'LR FKH KD FUHDWR O¶XRPR D VXD LPPDJLQH H VRPLJOLDQ]D H FKLDPDQGROR DOO¶HVLVWHQ]D O¶KD FKLDPDWR DOO¶DPRUH4XHVWDYRFD]LRQHqLOIRQGDPHQWR GHO PDWULPRQLR H GHOOD IDPLJOLD *HV UHDJHQGR DOOH SURYRFD]LRQL GHL IDULVHL H VXSHUDQGRODORURSURVSHWWLYDULFKLDPDTXHVWR SURJHWWRRULJLQDULR©$OORUDJOLVLDYYLFLQDURQR DOFXQL IDULVHL SHU PHWWHUOR DOOD SURYD H JOL FKLHVHUR ³Ê OHFLWR DG XQ XRPR ULSXGLDUH OD SURSULDPRJOLHSHUTXDOVLDVLPRWLYR"´(GHJOL ULVSRVH ³1RQ DYHWH OHWWR FKH LO &UHDWRUH GD SULQFLSLR OL IHFH PDVFKLR H IHPPLQD H GLVVH 3HUTXHVWRO¶XRPRODVFHUjLOSDGUHHODPDGUH HVLXQLUjDVXDPRJOLHHLGXHGLYHQWHUDQQR XQDVRODFDUQH"&RVuQRQVRQRSLGXHPD XQD VROD FDUQH 'XQTXH O¶XRPR QRQ GLYLGD TXHOOR FKH 'LR KD FRQJLXQWR´ª 0W $L VXRL LQWHUORFXWRUL FKH VL PXRYHYDQR QHOO DPELWRULVWUHWWRGHOODFDVLVWLFDGLVFXRODVH qOHFLWRULSXGLDUHODPRJOLHSHUTXDOVLDVLPRWLYR RVHRFFRUUHXQPRWLYRVSHFL¿FRHVHULR*HV~ ULVSRQGHULSRUWDQGRLOSUREOHPDDOODUDGLFH/H SDUROH³TXHOORFKH'LRKDFRQJLXQWR´GLFRQRFKH LOPDWULPRQLRQRQqXQDUHDOWjIUXWWRVROWDQWRGL YRORQWjXPDQDPDSRVVLHGHXQDFRQQRWD]LRQH VDFUDFKHULVDOHDOODYRORQWjGLYLQD4XHOORFKH YLHQHGHWWRVXOSUREOHPDGHOGLYRU]LRDIIHUPDOD IHGHOWj H O¶LQGLVVROXELOLWj TXDOL YDORUL SURSUL GHO YLQFRORPDWULPRQLDOH©*OLRELHWWDURQR³3HUFKp DOORUD0RVqKDRUGLQDWRGLGDUOHO DWWRGLULSXGLR HULSXGLDUOD"´5LVSRVHORUR³3HUODGXUH]]DGHO YRVWURFXRUH0RVqYLKDSHUPHVVRGLULSXGLDUH OHYRVWUHPRJOLDOO¶LQL]LRSHUzQRQIXFRVu3HUFLz LRYLGLFRFKLXQTXHULSXGLDODSURSULDPRJOLHVH QRQ LQ FDVR GL XQLRQH LOOHJLWWLPD H QH VSRVD XQ DOWUD FRPPHWWH DGXOWHULR´ª 0W ,O PHVVDJJLR HYDQJHOLFR VL PXRYH DOO¶LQWHUQR GHO SURJHWWR RULJLQDULR GL 'LR VXOOD FUHD]LRQH QRQFKp GHOOD FRPXQLRQH G DPRUH WUD 'LR H JOL XRPLQL FKH q FRQWHQXWR IRQGDPHQWDOH GHOOD 5LYHOD]LRQH H GHOO HVSHULHQ]D GL IHGH GL ,VUDHOH Ê SHU TXHVWR FKH OD SDUROD FHQWUDOH GHOOD 5LYHOD]LRQH ³'LR DPD LO VXR SRSROR´ YLHQH HVSUHVVD DQFKH DWWUDYHUVR OH SDUROH YLYH H FRQFUHWH FRQ FXL O¶XRPR H OD GRQQD VL GLFRQR LO ORUR DPRUH ,O ORUR YLQFROR QX]LDOH GLYLHQH LPPDJLQH H VLPEROR GHOO $OOHDQ]D WUD 'LR HG LO VXR SRSROR ( OR VWHVVR SHFFDWR FKH SXz IHULUH LO SDWWR FRQLXJDOH GLYHQWD LPPDJLQHGHOO¶LQIHGHOWjGHOSRSRORDOVXR'LR &RVu O¶DPRUH VSRQVDOH FKH QHOOH 6FULWWXUH DVVXUJH D VHJQR VDFUDPHQWDOH GHOO¶$OOHDQ]D YLHQH FKLDPDWR ³PLVWHUR JUDQGH´ VDQ 3DROR ³LO VDFUDPHQWR SL DQWLFR´ *LRYDQQL 3DROR ,, 0HWWLDPRFLDOODVFXRODGHO&URFH¿VVR GL0LFKHOH0XQQR LOSURSULRLR 0D O¶LR VHQ]D XQ ³WX´ ± H VHQ]D LO ³7X´ IRQGDQWH ± VSURIRQGD QHO EDUDWUR GHO QRQ VHQVR ³0DVFKLR H IHPPLQD 'LR OL FUHz´ FLRq FRPH FUHDWXUH LQ UHOD]LRQH 8RPR H GRQQD FKH LQVLHPH VRQR LPPDJLQH H VRPLJOLDQ]D GL 'LR 'L XQ 'LR 9LD&UXFLVDO&RORVVHR FKH q 7ULQLWj %UHYL SDUROH TXHOOH ULYROWH GDO 6DQWR H FLRq &RPXQLRQH 5HOD]LRQH GL 3HUVRQH 3DGUH DL IHGHOL DO WHUPLQH GHOOD 9LD &UXFLV 'HWWR FRQ LO OLQJXDJJLR JLRYDQQHR 'LR q FHOHEUDWD OR VFRUVR DSULOH DO &RORVVHR $PRUH7DOH$PRUHLVFULWWRQHOOD&UHD]LRQH %UHYL SDUROH PD LQWHQVH 3DUROH VHJQDWH ULFKLDPDWR GDL 3URIHWL FKH GHVFULYRQR 'LR GDOGUDPPD©/¶HVSHULHQ]DGHOODVRIIHUHQ]D FRPH ³6SRVR´ GHO SRSROR ± 6SRVD VL q VHJQD O¶XPDQLWj VHJQD DQFKH OD IDPLJOLD PDQLIHVWDWR LQ PDQLHUD FRPSLXWD QHOO¶2UD GL *HV FLRq QHO 6XR TXDQWH YROWH LO FDPPLQR VL ID IDWLFRVR H GLI¿FLOH ő.ŏGURGTKGP\CFGNNCUQHHGTGP\C 0LVWHUR GL 3DVVLRQH ± ,QFRPSUHQVLRQLGLYLVLRQL UGIPC NŏWOCPKV´ UGIPC CPEJG 0RUWH±5HVXUUH]LRQHÊ LO PLVWHUR JUDQGH GL FXL SUHRFFXSD]LRQH SHU LO NC HCOKINKC SWCPVG XQNVG SDUOD VDQ 3DROR QHOOD IXWXUR GHL ¿JOL PDODWWLH GLVDJL GL YDULR JHQHUH KN ECOOKPQ UK HC HCVKEQUQ G /HWWHUDDJOL(IHVLQL&ULVWR ± 6SRVR VL FRQVHJQD ,Q TXHVWR QRVWUR WHPSR FKHHKEKNGŒ FRPSOHWDPHQWH DOOD SRL OD VLWXD]LRQH &KLHVD±6SRVDSULPL]LD GL PROWH IDPLJOLH q DJJUDYDWD GDOOD SUHFDULHWj GHO ODYRUR H GHOO¶8PDQLWj ± 6SRVD 0LVWHUR FKH VL GDOOHDOWUHFRQVHJXHQ]HQHJDWLYHSURYRFDWH ULYHUEHUD LQ RJQL (XFDULVWLD 0LVWHUR FKH VL GDOODFULVLHFRQRPLFDª3DUROHVHJQDWHGDO GHYHUHDOL]]DUHLQRJQLFRPXQLWjFRQLXJDOH GUDPPDPDFRQWHPSRUDQHDPHQWHFDULFKH HLQRJQLIDPLJOLD GL¿GXFLD©/D&URFHGL*HVqODULVSRVWD 5LWRUQLDPR DOOH SDUROH GHO 3DSD VRYUDEERQGDQWH DO ELVRJQR FKH KD RJQL ©/¶HVSHULHQ]D GHOOD VRIIHUHQ]D VHJQD « SHUVRQD GL HVVHUH DPDWD 4XDQGR VLDPR OD IDPLJOLD « LO FDPPLQR VL ID IDWLFRVR QHOOD SURYD TXDQGR OH QRVWUH IDPLJOLH VL H GLI¿FLOH ,QFRPSUHQVLRQL GLYLVLRQL WURYDQRDGDIIURQWDUHLOGRORUHODWULEROD]LRQH SUHRFFXSD]LRQHSHULOIXWXURGHL¿JOLPDODWWLH JXDUGLDPRDOOD&URFHGL&ULVWROuWURYLDPRLO GLVDJL GL YDULR JHQHUH « SUHFDULHWj GHO ODYRUR«FRQVHJXHQ]HQHJDWLYHSURYRFDWH FRUDJJLRSHUFRQWLQXDUHDFDPPLQDUHª 6HPEUHUHEEHSDUDGRVVDOHPDqLOSDUDGRVVR GDOOD FULVL HFRQRPLFDª Ê OD &URFH 0D FULVWLDQRSRLFKpqSURSULRGDXQ¶HVSHULHQ]D QRQ q OD ¿QH7DOL IHULWH SRVVRQR GLYHQWDUH GLVFRQ¿WWDGLPRUWHFKHODVFDWXULVFHODYLWD DXWHQWLFKH IHULWRLH 0D q QHFHVVDULR YHUD6LWUDWWDGLXQOLQJXDJJLRSRFRPRGHUQR PHWWHUVL DOOD VFXROD GHO &URFH¿VVR GL 'LR GLVWDFFDQGRVL GD TXHOOD S U R E D E L O P H Q W H 0RGHUQR ULIHUHQGRVL ő7QOQ G FQPPC EJG KPUKGOG PHQWDOLWj PRGHUQD FKH DG XQD FXOWXUD VHJQDWD UQPQ KOOCIKPG G UQOKINKCP\C DFFRPXQD DL 3URJHQLWRUL Ê QHFHVVDULR IRUWHPHQWH GD ORJLFKH FK&KQ&KWP&KQEJGÂ6TKPKV´ GHOO¶(GHQ FLRq YROJHUH OR VJXDUGR FKH YDQQR LQ WXWW¶DOWUD GLUH]LRQH 0RGHUQR GL G EKQ %QOWPKQPG 4GNC\KQPG D &ROXL FKH q VWDWR TXHOOD PRGHUQLWj FKH FK 2GTUQPG &GVVQ EQP KN WUD¿WWR ( FRVD LPSDUD WUDSHODJLjQHLSULPLVVLPL NKPIWCIIKQ IKQXCPPGQ &KQ  OD IDPLJOLD DOOD VFXROD GHO &URFH¿VVR" (FFR FDSLWROL GHO /LEUR GHOOD #OQTGŒ OH 3DUROH GL %HQHGHWWR *HQHVL TXDQGR O¶XRPR ;9, ©,Q TXHOO¶8RPR H OD GRQQD SURYDQR D FURFL¿VVR FKH q LO )LJOLR SHQVDUVLHDYLYHUHFRPH VH'LRQRQFLIRVVHLQTXLQDQGROHUHOD]LRQL GL'LR«ODVWHVVDPRUWHDFTXLVWDQXRYR IDPLOLDULVRFLDOLHJHRORJLFKHHLGRODWUDQGR VLJQL¿FDWR H RULHQWDPHQWR q ULVFDWWDWD H ő+P SWGNNŏ7QOQ ETQEKHKUUQ EJG  KN (KINKQ FK &KQ ŗ NC UVGUUC OQTVGCESWKUVCPWQXQUKIPKHKECVQ G QTKGPVCOGPVQ  TKUECVVCVC G XKPVC  KN RCUUCIIKQ XGTUQ NC PWQXCXKVCŒ YLQWD q LO SDVVDJJLR YHUVR OD QXRYD YLWD ³6HLOFKLFFRGLJUDQRFDGXWRLQWHUUDQRQ PXRUH ULPDQH VROR VH LQYHFH PXRUH SURGXFHPROWRIUXWWR´*Yª /¶HVSHULHQ]DGHOODVRIIHUHQ]DSXzWUDGXUVL LQ RSSRUWXQLWj /D YLWD DOORUD GLYHQWD HVLVWHQ]DLQWULVDGHOODORJLFDGHOOD3DVTXD GL&ULVWR(VLVWHQ]DSDVTXDOH&LVLUHQGH FRQWURFKHSURSULR©QHOOHDIÀL]LRQLHQHOOH GLI¿FROWjQRQVLDPRVROLODIDPLJOLDQRQq VROD *HV q SUHVHQWH FRQ LO VXR DPRUH OD VRVWLHQH FRQ OD VXD JUD]LD H OH GRQD ő0GNNGCHHNK\KQPKGPGNNGFKHHKEQNV´ PQPUKCOQUQNKNCHCOKINKCPQP UQNC)GUÔÂRTGUGPVGEQPKNUWQ COQTG NC UQUVKGPG EQP NC UWC ITC\KC G NG FQPC NŏGPGTIKC RGT CPFCTGCXCPVKŒ O¶HQHUJLD SHU DQGDUH DYDQWLª 3HUFLz ©q D TXHVWR DPRUH GL &ULVWR FKH GREELDPR ULYROJHUFLTXDQGRJOLVEDQGDPHQWLXPDQLH OH GLI¿FROWj ULVFKLDQR GL IHULUH O¶XQLWj GHOOD QRVWUDYLWDHGHOODIDPLJOLDª 0HWWLDPRFL DOOD VFXROD GHO &URFH¿VVR 3RWUHPPR VLQWHWL]]DUH FRVu OH SDUROH GL %HQHGHWWR ;9, H OHJJHUOH FRPH XQ LQYLWR LQFLVLYR FRQYLQWR IHUPR FDULFR GL VSHUDQ]D©&RUDJJLRIDPLJOLD0HWWLDPRFL DOOD VFXROD GHO &URFH¿VVRª 3RLFKp ©LO PLVWHURGHOODSDVVLRQHPRUWHHULVXUUH]LRQH GL &ULVWR LQFRUDJJLD D FDPPLQDUH FRQ VSHUDQ]D OD VWDJLRQH GHO GRORUHHGHOOD SURYD VH YLVVXWD FRQ &ULVWR FRQ IHGH LQ /XL UDFFKLXGHJLj OD OXFH GHOOD ULVXUUH]LRQH OD YLWD QXRYD GHO PRQGR ULVRUWR OD SDVTXD GL RJQL XRPR FKHFUHGHDOOD VXD3DURODª LO6DQWR3DGUHLQSUHJKLHUD maggio 2012 • /DIDPLJOLDQHOO RUGLQDPHQWRLWDOLDQR GL&ODXGLD)UDJDOH 7UDFFLDGLVSLULWXDOLWj 81%(1((81$63(5$1=$ ©/D&KLHVDLOOXPLQDWDGDOODIHGHIDFRQRVFHUH WXWWDODYHULWjVXOSUH]LRVREHQHGHOPDWULPRQLR H GHOOD IDPLJOLD H VXL ORUR VLJQLÀFDWL SL SURIRQGL (VVD q SURIRQGDPHQWH FRQYLQWD FKH VROR FRQ O DFFRJOLHQ]D GHO9DQJHOR WURYD SLHQDUHDOL]]D]LRQHRJQLVSHUDQ]DFKHO XRPR OHJLWWLPDPHQWH SRQH QHO PDWULPRQLR H QHOOD IDPLJOLD«,OEHQHGHOODVRFLHWjHGHOOD&KLHVDq SURIRQGDPHQWHOHJDWRDOEHQHGHOODIDPLJOLDª *LRYDQQL3DROR,, /D &RVWLWX]LRQH LWDOLDQD GHILQLVFH OD IDPLJOLD FRPH OD ³VRFLHWj QDWXUDOH IRQGDWD VXO PDWULPRQLR´ H OH GHGLFD EHQ WUH DUWLFROL GDO DO QHL TXDOL VRQR FULVWDOOL]]DWL L SULQFLSL JXLGD SHU LO OHJLVODWRUH O¶DXWRQRPLD GHOOD IDPLJOLD O¶HJXDJOLDQ]D WUD L FRQLXJL OD WXWHOD GHL ILJOL DQFKH QDWL IXRUL GDO PDWULPRQLR O¶DXWRQRPLD HGXFDWLYD H LO VRVWHJQR SXEEOLFR DL FRPSLWL HGXFDWLYL GHOOD IDPLJOLD 6WDQGR DOOD &RVWLWX]LRQH q IDPLJOLD VROR TXHOOD FKH QDVFH GDOO¶XQLRQH LQ PDWULPRQLR GL GXH LQGLYLGXL ,QGLYLGXL FKH GHYRQR QHFHVVDULDPHQWH HVVHUH GL VHVVR RSSRVWR GDWR FKH LO FRGLFH FLYLOH SUHYHGH OD SUHVHQ]D GL XQ PDULWR H GL XQDPRJOLHHQHOQRVWURRUGLQDPHQWRQRQ VRQR FRQWHPSODWH IRUPH JLXULGLFDPHQWH ULOHYDQWL GL XQLRQH WUD SHUVRQH GHOOR VWHVVRVHVVR,QWHUPLQLJLXULGLFLGXQTXH OD GHILQL]LRQH GL IDPLJOLD SXz DWWULEXLUVL VROWDQWR DOOD VRFLHWj IRUPDWD GDOO¶XQLRQH GLXQXRPRHXQDGRQQDOHJDWLGDOYLQFROR GHOPDWULPRQLR $OOD IDPLJOLD q GHGLFDWR LO /LEUR , GHO FRGLFH FLYLOH FKH LQVLHPH DOOD FRVSLFXD OHJLVOD]LRQHVSHFLDOHLQPDWHULDGLVFLSOLQD WXWWL JOL DVSHWWL UHODWLYL DOOD VXD QDVFLWD DL UDSSRUWL FKH QH GHULYDQR H DOOD VXD HYHQWXDOHILQH7XWWDODPDWHULDGHOGLULWWR GL IDPLJOLD q VWDWD LQQRYDWD QHO FRQODOHJJHQQRWDFRPH³5LIRUPD GHO GLULWWR GL IDPLJOLD´ FKH KD DGHJXDWR O¶LPSLDQWR FRGLFLVWLFR ULVDOHQWH DO DLSULQFLSLFRVWLWX]LRQDOL &RPHDQWLFLSDWRODIDPLJOLDQDVFHFRQLO PDWULPRQLRFHOHEUDWRGLQDQ]LDOO XIILFLDOH GLVWDWRFLYLOHRGLQDQ]LDLPLQLVWULGHLFXOWL DPPHVVLGDOOR6WDWR3HULFDWWROLFLLOULWR maggio 2012 • DVVXPHLOQRPHGL³FRQFRUGDWDULR´SHUFKp GLVFLSOLQDWR VHFRQGR LO &RQFRUGDWR VWLSXODWRFRQOD6DQWD6HGHQHO'DO PDWULPRQLR GHULYDQR LPSRUWDQWL UDSSRUWL GL WLSR VLD HFRQRPLFR FKH SHUVRQDOH ,Q SULPR OXRJR L FRQLXJL DFTXLVWDQR L PHGHVLPLGLULWWLHGRYHULGDOPDWULPRQLR GHULYDQRO REEOLJRUHFLSURFRDOODIHGHOWj DOO DVVLVWHQ]D PRUDOH H PDWHULDOH DOOD FROODERUD]LRQH QHOO LQWHUHVVH GHOOD IDPLJOLD H DOOD FRDELWD]LRQH 'L SULPDULD LPSRUWDQ]D LQROWUH VRQR OH QRUPH FKH GLVFLSOLQDQR L GRYHUL YHUVR L ILJOL ROWUH DOO REEOLJR GL PDQWHQLPHQWR FKH O¶DUW GHO FRGLFH FLYLOH LPSRQH DL FRQLXJL VLSXzDIIHUPDUHFKHWXWWDODOHJLVOD]LRQH LQ PDWHULD IDPLOLDUH VLD PLUDWD DOOD VDOYDJXDUGLDGHOODVHUHQLWjGHLILJOL /R VWDWXV GL ILJOLR KD QHO QRVWUR RUGLQDPHQWR GLYHUVH VIDFFHWWDWXUH SHUFKpODOHJJHGLVWLQJXHWUDLILJOLOHJLWWLPL RYYHUR QDWL GD GXH SHUVRQH VSRVDWH H L ILJOL QDWXUDOL QDWL FLRq GD GXH SHUVRQH QRQ XQLWH LQ PDWULPRQLR /D GLVWLQ]LRQH qPROWRLPSRUWDQWHSHUFKpVHEEHQHFRQ ODULIRUPDGHOVLDQRVWDWLHTXLSDUDWL VRWWR PROWL DVSHWWL SHUPDQJRQR DQFRUD DOFXQH GLIIHUHQ]H FKH DVSHWWDQR GL HVVHUHVDQDWHGDOOHJLVODWRUH 3HU TXDQWR ULJXDUGD LQILQH LO SRVVLELOH VFLRJOLPHQWR GHO PDWULPRQLR QHO QRVWUR 3DHVHYLJHXQDOHJJHVXOGLYRU]LRYDUDWD QHO VRWWRSRVWD D UHIHUHQGXP QHO H PRGLILFDWD QHO FRUVR GHJOL DQQL FKH FRQVHQWH GL SRUUH ILQH DO UDSSRUWR PDWULPRQLDOH ,Q FDVR GL PDWULPRQLR FRQFRUGDWDULR GDWD O¶LQGLVVROXELOLWj GHO YLQFROR VHFRQGR LO GLULWWR FDQRQLFR VL SDUOD VROR GL ³FHVVD]LRQH GHJOL HIIHWWL FLYLOLGHOPDWULPRQLR´ ,QFRQWUR XQ DPLFR SDGUH GL XQ JLRYDQH FKHqDQGDWRDODYRUDUHLQXQDFLWWjLWDOLDQD 0LFKLHGHFRPHGHYHFKLDPDUHLOOHWWRGD SUHSDUDUHSHULOÀJOLRFKHDUULYDHFKHSRUWD OD SURSULD FRQYLYHQWH OHWWR PDWULPRQLDOH R OHWWR ´FRQYLYHQ]LDOHµ" &RQ O·DJJLXQWD GHO GLVDSSXQWR GHOOD SURSULD FRQVRUWH 6RUULGR$Q]L VRUULGLDPR 1RQ YL q LQ QRL DOFXQDPHUDYLJOLDSHUFRPHVLqHYROXWDOD VLWXD]LRQHGHLQRVWULJLRYDQLHVRSUDWWXWWR GHOOD UHDOWj GHO PDWULPRQLR 8QD FRVD SHUz VHQWR VXELWR GL GLUOD 'D TXHOOR FKH VL VHQWH H VL YHGH DEELDPR SURSULR ¶SHUVR· XQD EHOOD EDWWDJOLD 0L YLHQH LQ PHQWHTXHOORFKHKDGHWWR3DSD%HQHGHWWR DOO·2PHOLD GHO &RQYHJQR HFFOHVLDOH GHOOD &KLHVD LWDOLDQD D 9HURQD YHLFRODUH O·LGHD GHO &ULVWLDQHVLPR FRPH O·HYHQWR FKH ULYHOD LO JUDQGH´Vuµ GL 'LR DOO·XRPR &KLVVj PDL SHUFKp JOL XRPLQL GHO QRVWUR WHPSRQRQVRORQRQVLDFFRUJDQRGHOEHQH GHOODPDWULPRQLRHGHOODIDPLJOLDPDDQFKH GHOODOXFHFKH*HV&ULVWRDSSRUWD²LO´VuµGL 'LRDOO·XRPR²DGRJQLHVSHULHQ]DGLDPRUH 6RFLRORJLFDPHQWH H FXOWXUDOPHQWH LO GLVFRUVR VDUHEEH DOTXDQWR OXQJR 3DVWRUDOPHQWH LQYHFH PL VHPEUD FKH IRUVHDEELDPRLQYHVWLWRSRFRSHULSURFHVVL GL DFFRPSDJQDPHQWR H GL HGXFD]LRQH DOO·DPRUHYHURUHVSRQVDELOHHVWDELOHGHOOH QXRYH JHQHUD]LRQL $K VH SURYDVVLPR LQYHFHDGLUHFRQPDJJLRUHFRQVDSHYROH]]D FKH O·DPRUH LOOXPLQDWR GD *HV &ULVWR q VSHUDQ]D GL ULXVFLWD GL XQ·DYYHQWXUD FRVu IRQGDPHQWDOHTXDOHODFRPXQLWjFRQLXJDOH ( QRQ EDVWD GLUOR 2FFRUUH PDQLIHVWDUOR FRQ OR VWLOH OH VFHOWH OH FRQYLQ]LRQL *LRYDQQL0DXUHOOR ) D P L J O L H D S S X Q W D P H Q W R D 0 L O D Q R WHRORJLFRSDVWRUDOH VXO WHPD GHOO¶LQFRQWUR DSSURIRQGLWR D YDUL OLYHOOL /D VHFRQGD LQYHFHGHGLFDWDDOO¶LQFRQWURGHOOHIDPLJOLH GHO PRQGR DWWUDYHUVR LO FRQIURQWR WUD OH GLYHUVH HVSHULHQ]H H UHDOWj DO TXDOH SUHQGHUjSDUWHDQFKHLO6DQWR3DGUH&RPH SHUDOWULHYHQWLDQFKHLQTXHVWDRFFDVLRQH WDQWH IDPLJOLH LWDOLDQH VDUDQQR FKLDPDWH DG RVSLWDUH SHU L JLRUQL GHOO¶LQFRQWUR OH IDPLJOLHFKHYHQJRQRGDGLYHUVLSDHVLGHO PRQGR XQ RFFDVLRQH LQ SL GL FRQIURQWR H GL LQFRQWUR GRYH VL LQWUHFFLDQR VSHVVR UHOD]LRQLXPDQHEHOOLVVLPHHGXUDWXUHFKH VWDYROWD FRLQYROJHUDQQR O¶LQWHUR QXFOHR IDPLOLDUH ( ULWRUQDQR OH SDUROH GHO 6DQWR 3DGUH %HQHGHWWR ;9, TXDQGR QHO VXR PHVVDJJLR ULFKLDPD DQFRUD XQD YROWD ODQHFHVVLWjGLLQWHQGHUHORVYLOXSSRGHOOD SHUVRQD QRQ VROR QHOOD VXD GLPHQVLRQH ³/DIDPLJOLDLOODYRURHODIHVWD´ÊTXHVWR LO WHPD GHO 9,, LQFRQWUR PRQGLDOH GHOOH IDPLJOLHFKHVLWHUUjD0LODQRGDOPDJJLR DJLXJQR1HOODVFHOWDGHOWHPDVLGHOLQHD JLjLOFDPSRGLGLVFXVVLRQHHGLLQWHUYHQWR OD IDPLJOLD FRPH FHOOXOD YLYL¿FDQWH GHOOD FKLHVD H GHOOD VRFLHWj LO ODYRUR FRPH SDUWHFLSD]LRQHDOO¶RSHUDFUHDWULFHGL'LRH ODIHVWDFRPHVSD]LRGHGLFDWRDOULSRVRHG DOO¶LQFRQWUR 1HO PHVVDJJLR FKH LO 6DQWR 3DGUH KD GHGLFDWRDOO¶LQFRQWURDIIHUPDFKH©LOODYRUR H OD IHVWD VRQR LQWLPDPHQWH FROOHJDWL FRQ OD YLWD GHOOH IDPLJOLH QH FRQGL]LRQDQR OH VFHOWH LQÀXHQ]DQR OH UHOD]LRQL WUD L FRQLXJLHWUDLJHQLWRULHL¿JOLLQFLGRQRVXO UDSSRUWRGHOODIDPLJOLDFRQODVRFLHWjHFRQ OD &KLHVDª ( FLWDQGR OD 6DFUD 6FULWWXUD FIU *HQ GLFH FKH ©IDPLJOLD ODYRUR H JLRUQR IHVWLYR VRQR GRQL H EHQHGL]LRQL GL 'LR SHU DLXWDUFL D YLYHUH XQ¶HVLVWHQ]D SLHQDPHQWHXPDQDª 0D GD GRYH QDVFRQR TXHVWL LQFRQWUL GHGLFDWL DOOH IDPLJOLH" /¶LQWXL]LRQH IX GL 3DSD *LRYDQQL 3DROR ,, FKH VWDELOu FKH O¶DSSXQWDPHQWR DYUHEEH GRYXWR DYHUH FDGHQ]DWULHQQDOH(UDLOHGLOSULPR LQFRQWUR HEEH OXRJR D 5RPD FRQ LO WHPD ³)DPLJOLD FXRUH GHOOD FLYLOWj GHOO¶DPRUH´ 1HOIXODYROWDGL5LRGH-DQHLURQHO LQ RFFDVLRQH GHO *LXELOHR O¶HYHQWR WRUQR D 5RPD ( SRL QHO 0DQLOD QHO9DOHQFLDFRQODSUHVHQ]DSHUOD SULPD YROWD GL %HQHGHWWR ;9, HG XOWLPD LQ RUGLQH GL WHPSR &LWWj GHO 0HVVLFR QHO JHQQDLR /¶LQFRQWUR GL 0LODQR GHO SURVVLPR PDJJLR VL VYLOXSSHUj VHJXHQGR GXH GLUHWWULFL /D SULPD SHU JOL RSHUDWRUL SDVWRUDOL FKH DFFRPSDJQHUDQQR OH IDPLJOLHVLVYLOXSSHUjFRPHXQFRQYHJQR LQGLYLGXDOH PD DQFKH LQ TXHOOD IDPLOLDUH H FRPXQLWDULD ©$L QRVWUL JLRUQL SXUWURSSR O¶RUJDQL]]D]LRQH GHO ODYRUR SHQVDWD H DWWXDWD LQ IXQ]LRQH GHOOD FRQFRUUHQ]D GL PHUFDWR H GHO PDVVLPR SUR¿WWR H OD FRQFH]LRQH GHOOD IHVWD FRPH RFFDVLRQH GL HYDVLRQH H GL FRQVXPR FRQWULEXLVFRQR D GLVJUHJDUH OD IDPLJOLD H OD FRPXQLWj H D GLIIRQGHUH XQR VWLOH GL YLWD LQGLYLGXDOLVWLFR 2FFRUUHSHUFLzSURPXRYHUHXQDULÀHVVLRQH HXQLPSHJQRULYROWLDFRQFLOLDUHOHHVLJHQ]H HLWHPSLGHOODYRURFRQTXHOOLGHOODIDPLJOLD H D ULFXSHUDUH LO VHQVR YHUR GHOOD IHVWD VSHFLDOPHQWH GHOOD GRPHQLFD SDVTXD VHWWLPDQDOH JLRUQR GHO 6LJQRUH H JLRUQR GHOO XRPR JLRUQR GHOOD IDPLJOLD GHOOD FRPXQLWjHGHOODVROLGDULHWjª *LXVHSSH0DORPR 3UHJKLHUD SHULO9,,,QFRQWURPRQGLDOHGHOOHIDPLJOLH 3DGUHGHO6LJQRUH*HV&ULVWRH3DGUHQRVWUR QRLWLDGRULDPR)RQWHGLRJQLFRPXQLRQH FXVWRGLVFLOHQRVWUHIDPLJOLHQHOODWXDEHQHGL]LRQH SHUFKpVLDQROXRJKLGLFRPXQLRQHWUDJOLVSRVL HGLYLWDSLHQDUHFLSURFDPHQWHGRQDWD WUDJHQLWRULHILJOL 1RLWLFRQWHPSOLDPR $UWHILFHGLRJQLSHUIH]LRQHHGLRJQLEHOOH]]D FRQFHGLDGRJQLIDPLJOLDXQODYRURJLXVWRHGLJQLWRVR SHUFKpSRVVLDPRDYHUHLOQHFHVVDULRQXWULPHQWR HJXVWDUHLOSULYLOHJLRGLHVVHUHWXRLFROODERUDWRUL QHOO·HGLILFDUHLOPRQGR 1RLWLJORULILFKLDPR 0RWLYRGHOODJLRLDHGHOODIHVWD DSULDQFKHDOOHQRVWUHIDPLJOLH OHYLHGHOODOHWL]LDHGHOULSRVR SHUJXVWDUHILQG·RUDTXHOODJLRLDSHUIHWWD FKHFLKDLGRQDWRQHO&ULVWRULVRUWR &RVuLQRVWULJLRUQLODERULRVLHIUDWHUQL VDUDQQRVSLUDJOLRDSHUWRVXOWXRPLVWHURGLDPRUHHGLOXFH FKHLO&ULVWRWXR)LJOLRFLKDULYHODWR HOR6SLULWR9LYLILFDQWHFLKDDQWLFLSDWR (YLYUHPROLHWLGLHVVHUHODWXDIDPLJOLD LQFDPPLQRYHUVRGL7H'LR%HQHGHWWRQHLVHFROL $PHQ 0LODQRGDOPDJJLRDOJLXJQR_ZZZIDPLO\FRP maggio 2012 • ,QVHJQDUHLQWUDVIHUWDXQPLUDJJLRSHULSUHFDUL 4XDOFKH DQQR ID DOOD YHQHUDQGD HWj GL DQQL KR YLVVXWR XQ¶HVSHULHQ]D FKH PDL DYUHL LPPDJLQDWR GL IDUH FLRq SUHSDUDUH XQD YDOLJLD ODVFLDUH OD PLD DPDWDIDPLJOLDLQTXDQWRPDGUHHPRJOLH VDOXWDUHODPLDFRPRGDFDVDHWUDVIHULUPL LQ (PLOLD SHU SRWHU SURYDUH O¶HEEUH]]D GL IDUH FLz SHU FXL KR VWXGLDWR LQVHJQDUH 6RGLQRQDYHUIDWWRQLHQWHGLHFFH]LRQDOH SHUFKp SXUWURSSR QHOOD QRVWUD WHUUD q XQD VFHOWD VSHVVR REEOLJDWD SHU PLJOLDLD GL SHUVRQH FKH GRSR DYHU WHQWDWR LQ WXWWL L PRGL GL PHWWHUH LQ SUDWLFD LO , DUWLFROR GHOOD&RVWLWX]LRQHFKHUHFLWD³O¶,WDOLDqXQD 5HSXEEOLFDIRQGDWDVXOODYRUR´VLUHQGRQR FRQWRFKHIRUVHO¶,WDOLDHLOODYRURVRQRDOWURYH 3HU EHQ WUH DQQL TXHVWR q VWDWR LO PLR OLPLWH PDVVLPR GL VRSSRUWD]LRQH GHO GRORUHSHUODORQWDQDQ]DGDOODIDPLJOLDKR DIIURQWDWR LO GLVDJLR GL WURYDUPL GDOO¶RJJL DO GRPDQL FDWDSXOWDWD LQ XQ DPELHQWH GHO WXWWR VFRQRVFLXWR FHUFDQGR GL FRQTXLVWDUH LO ULVSHWWR H OD ¿GXFLD GHOOH SHUVRQH FRQ FXL VL HQWUD LQ FRQWDWWR H FKH SXUWURSSR VSHVVR WL JXDUGDQR FRQ GLVWDFFR 6LFXUDPHQWH D OLYHOOR SURIHVVLRQDOH H ODYRUDWLYR TXHOO¶HVSHULHQ]D PL KD IDWWR FUHVFHUHWDQWRPDVRSUDWWXWWRPLKDIDWWR ULÀHWWHUH PROWR ULJXDUGR DOOH GLI¿FROWj FKH OH SHUVRQH FKH ODVFLDQR WXWWR H QRQ YRJOLR FKLDPDUOH LPPLJUDWL GHYRQR DIIURQWDUH SHU SRWHU VRSUDYYLYHUH ,R PL VHQWLYR JLj SL IRUWXQDWD SHUFKp ULXVFLYR D WRUQDUH D FDVD LQ WUHQR D VHWWLPDQH DOWHUQH SHU ULFDULFDUPL GHOO¶DIIHWWR GHL PLHL ¿JOL FKH ULHQWUDYDQR DQFKHORURGDOO¶XQLYHUVLWjGL&RVHQ]DHOD FDVDULSUHQGHYDLQWHQVDPHQWHLOVXRFDORUH H OD VXD YLWD DQFKH VH TXLQGLFLQDOPHQWH 1DWXUDOPHQWH SL SDVVDYD LO WHPSR SL OD PLD QRVWDOJLD FUHVFHYD WDQWR GD IDUPL SUHQGHUH OD GHFLVLRQH GL YROHU UHVWDUH SUHFDULD H VXSSOHQWH D YLWD PD GL WRUQDUH D QXWULUPL GHOOD FRVD SL LPSRUWDQWH GHOOD PLD YLWD OD PLD IDPLJOLD 5LFRUGR GXH FRVH FRQ LO VRUULVR /D SULPD XQD YROWD FDPPLQDQGR SHU %RORJQD PL ULWURYDL D VHJXLUH SHU XQ SR¶ XQD SHUVRQD D PH VFRQRVFLXWD VHPSOLFHPHQWH SHUFKp SDUODYD LO QRVWUR GLDOHWWR /D VHFRQGD HG q XQ¶HPR]LRQH IRUWLVVLPD WRUQDUH GH¿QLWLYDPHQWH D FDVD D ¿QH JLXJQR H WURYDUH L PLHL ¿JOL DOOD¿QHVWUDFRQLQPDQRXQDVHULHGLOXFL QDWDOL]LH FKH PL GDYDQR LO EHQYHQXWR 5RVDQQD/D3ROOD 8QDIDPLJOLDGLYHUVD /D IDPLJOLD FRPH PRGHOOR HGXFDWLYR GD SURSRUUH SHU PLQRUL D UL VFKLR 1HO FXRUH GHOOD FLWWj GL &DVWURYLOODUL QHO VLOHQ]LR GL XQD RSHURVLWj FKH YLHQH GD ORQWDQR RSHUD H YLYH O·DVVRFLD]LRQH´3DSHU 0RRQµ FKH GD LO QRPH DOOD FDVD IDPLJOLD SHU O·DFFRJOLHQ]D GHL PL QRUL 8Q OXRJR GRYH LO PRGHOOR HGXFDWLYR VFHOWR q TXHOOR GL XQR VWL OH IDPLOLDUH FKH DFFRJOLH DFFRPSDJQD L UDJD]]L FKH DUULYDQR LQ TXHVWRDPELHQWHGRYHRSHUDWRULHXQJUXSSRGLYRORQWDULVLDGR SHUDQR SHU DLXWDUH L PLQRUL LQ SHUFRUVL HGXFDWLYL FKH SXQWLQR DOOD ULTXDOLILFD]LRQH GHOOD SHUVRQD XPDQD9LWWLPH GL VLWXD]LRQH OLPLWH R UDJD]]L FRQ FRQGDQQH JLXGL]LDULH FRDELWDQR LQVLHPH SHU VSHULPHQ WDUH LO FOLPD FKH IRUVH QHOOD ORUR HVLVWHQ]D SUHJUHVVD QRQ VRQR PDLULXVFLWLDYLYHUH8QSURJHWWRFKHQDVFHQHOGDOO·HVSHULHQ ]D GL XQD LQWHUD IDPLJOLD FDVWURYLOODUHVH FKH DGHUu DG XQD FDPSD JQD GL DIILGR GL PLQRUL ODQFLDWD GDL 6HUYL]L VRFLDOL GHO &RPXQH GL &DVWURYLOODUL 'D TXHOOD HVSHULHQ]D QDFTXH O·DVVRFLD]LRQH FKH RJJL PDQWLHQH LQ YLWD XQD GHOOH VWUXWWXUH SL RSHURVH GHOOD QRVWUD GLRFHVL FKH ODYRUD YHQWLTXDWWURUH VX YH WLTXDWWUR 6WXGLR JLR FR SHUFRUVL HGXFDWLYL VL IRQGRQR LQVLHPH LQ XQD TXRWLGLDQLWj FKH ID GHOO·DPELHQWH FDVDOLQJR LO VXR SXQWR GL IRU]D LQFHQWUDWR VXL YDORUL FULVWLDQL GHOO·DPRUH H GHOO·DFFRJOLHQ]D GHOO·DVFROWR H GHOOD VROLGDULHWj /D VWUXWWXUD LQ FXL VRUJH OD FDVD IDPLJOLD q GL SURSULHWj GHO &RPXQH GL &DVWURYLOODUL /·DVVRFLD]LRQH FROODERUD FRQ LO 0LQLVWHUR GL *UD]LD H *LXVWL]LD ROWUH FKH FRQ L VHUYL ]L VRFLDOL H OH VFXROH ,Q TXHVWR SHULRGR WUD O·DOWUR DFFRJOLH DO VXR LQWHUQR DQFKH XQ JLRYDQH DIJDQR DUULYDWR LQ FLWWj GRSR XQD IXJD URFDPEROHVFD GDOOD *UHFLD FKH SHU OD VXD HWj q RJJL RJJHWWR GL DVLOR SROLWLFR 8QD UHDOWj TXHOOD FLWWDGLQD FKH FRVWUXLVFH TXHO PRGHOOR GL DFFRJOLHQ]D GL XQD FDVD GRYH WXWWL QHVVXQR HVFOXVR SRVVDQR VHQWLUVL ILJOL DFFROWL DPDWL H YLVVXWL FRPH GRQR 9LQFHQ]R$OYDUR maggio 2012 • 0DULQD/HRQDUGRHLOSLFFROR)HGHULFR 1HOOHSDJLQHSUHFHGHQWLDEELDPRVSLHJDWR VRPPDULDPHQWH FKH FRVD VLJQL¿FKL IDPLJOLD SHU LO QRVWUR GLULWWR PD VLDPR GDYYHUR FRVu VLFXUL FKH TXHOOD GH¿QL]LRQH FRPSUHQGDWXWWLLWLSLGLIDPLJOLDHVLVWHQWL" 0DULQD H /HRQDUGR SHU HVHPSLR VRQR XQD FRSSLD FRQ XQ ELPER PHUDYLJOLRVR )HGHULFR FKH RJJL KD WUH DQQL 0D QRQ VRQR VSRVDWL $EELDPR FKLHVWR ORUR VH DYHVVHUR YRJOLD GL UDFFRQWDUFL OD ORUR VFHOWDHKDQQRDFFHWWDWRFRQHQWXVLDVPR 0DULQD FRPH PDL WX H /HR DYHWH GHFLVR GL QRQ VSRVDUYL" ©/DUDJLRQHIRQGDPHQWDOHqFKHHQWUDPEL QRQ VLDPR FUHGHQWL H VHFRQGR QRL TXHVWR DVSHWWR WRJOLH PROWR VLJQL¿FDWR DO PDWULPRQLR &UHGLDPR FKH LO VLJQL¿FDWR UHOLJLRVR VLD SUHSRQGHUDQWH ULVSHWWR D TXHOOR FLYLOH LQ DVVHQ]D GHO TXDOH OD VFHOWDGLVSRVDUVL FL VHPEUD DVVXPHUH XQ FDUDWWHUH VROR QHJR]LDOH TXDVL XQ FRQWUDWWR VRWWRVFULWWR SHU WXWHODUVL QHO FDVR OH FRVH YDGDQR PDOH ,R H /HR SHQVLDPR FKH VH GXH SHUVRQH YRJOLRQR VWDUH LQVLHPH WXWWD OD YLWD OR IDQQR VHQ]D QHFHVVLWj GL ¿UPDUH QXOOD 6HQ]D XQ YDORUH UHOLJLRVR LO PDWULPRQLR SHU QRL QRQ KD VLJQL¿FDWRª &RQRVFHWH DOWUH FRSSLH FKH KDQQR IDWWR OD VWHVVD VFHOWD" ©7DQWLVVLPH$QFKH VH PROWL QRVWUL DPLFL GRSR XQ LQL]LDOH SHULRGR GL FRQYLYHQ]D KDQQR GHFLVR GL VSRVDUVL 'L VROLWR OD VFHOWD YLHQH IDWWD FRQ O¶DUULYR GL XQ ¿JOLR VRQR SRFKH OH FRSSLH FKH GHFLGRQR GL QRQ UHJRODUL]]DUH OD ORUR XQLRQH GRSR XQ EDPELQR ,Q DOFXQL FDVL DEELDPR QRWDWR FKH VXOOD VFHOWD LQÀXLVFRQR DQFKH L FRQGL]LRQDPHQWL GHL IDPLOLDUL FKH VSLQJRQR SHU XQ PDWULPRQLR ULSDUDWRUHª 6H HVLVWRQR TXDOL VRQR OH GLIIHUHQ]H R OH PDJJLRUL GLI¿FROWj FKH LQFRQWUDWH TXRWLGLDQDPHQWH ULVSHWWR DOOH IDPLJOLH ³QRUPDOL´" ©,Q UHDOWj IRUWXQDWDPHQWH QHO TXRWLGLDQR OH GLIIHUHQ]H VRQR EHQ SRFKH &¶q XQ SR¶ GL EXURFUD]LD LQ SL GD VEULJDUH DOOD QDVFLWD GHL ¿JOL SHUFKp LO SDSj GHYH SURFHGHUH DO ULFRQRVFLPHQWR PD SHU LO UHVWR LO TXRWLGLDQR VFRUUH SDUDOOHOR D TXHOOR GL XQD TXDOXQTXH DOWUDIDPLJOLD/HGLIIHUHQ]HVLFROJRQRVRORQHL PRPHQWLSLWUDJLFLSHUFKpSHUHVHPSLRLRH /HRQRQVLDPRSDUHQWLSHUODOHJJHHQHOFDVR XQRGLQRLGRYHVVHPDODXJXUDWDPHQWHWURYDUVL LQ WHUDSLD LQWHQVLYD O¶DOWUR QRQ SRWUHEEH DVVLVWHUOR 2OWUH D WXWWL L ULVYROWL LQ PDWHULD GL HUHGLWj SHU OD FRSSLD H SHU LO EDPELQRª &KHSRVWRRFFXSDOD)HGHQHOODYRVWUDYLWD" ©3XUWURSSR QHVVXQR (QWUDPEL DEELDPR ULFHYXWR XQ¶HGXFD]LRQH UHOLJLRVD GDOOH QRVWUH IDPLJOLH DEELDPR HQWUDPEL ULFHYXWR L VDFUDPHQWL¿QRDOODFUHVLPDLRKRDGGLULWWXUD IUHTXHQWDWR OH VFXROH HOHPHQWDUL GDOOH VXRUH 7XWWDYLD VLD LR FKH /HR FL VLDPR SURJUHVVLYDPHQWH DOORQWDQDWL GDOOD &KLHVD /HRQDUGR VD GL DYHU GDWR XQ GLVSLDFHUH DOOD PDGUH FDWWROLFD H SUDWLFDQWH PD FUHVFHQGR H DQGDQGR YLD GL FDVD OD VXD )HGHQRQqVWDWDSLFROWLYDWDHSLDQRSLDQR q DSSDVVLWD 3HU PH q VWDWR SL PHQR OR VWHVVRDQFKHVHGHYRDPPHWWHUHFKHLPLHL JHQLWRULQRQVRQRPDLVWDWLPROWRSUDWLFDQWLª &RPH YL FRPSRUWHUHVWH VH )HGHULFR YL FKLHGHVVH GL 'LR" ©,Q UHDOWj q VROR TXHVWLRQH GL WHPSR )HGHULFR q DQFRUD WURSSR SLFFROR PD TXDQGR DFFDGUj JOL ULVSRQGHUHPR QHO PRGR SL RELHWWLYR H ULVSHWWRVR SRVVLELOH 6H FH OR FKLHGHUj JOL GDUHPR RYYLDPHQWH O¶RSSRUWXQLWjGLIUHTXHQWDUHODSDUURFFKLDHGL DYYLFLQDUVL DOOD UHOLJLRQH VHQ]D SUHJLXGL]Lª &) /HFRSSLHGLIDWWRQHOQRVWURRUGLQDPHQWR 'DOPDWULPRQLRGLVFHQGRQRQXPHURVLREEOLJKLJLXULGLFLGLQDWXUDSDWULPRQLDOHHSHUVRQDOHFKHVROWDQWRLQSDUWHSRVVRQRHVVUHHVWHVL DOOHFRSSLHGLIDWWR2YYLDPHQWHQXOODYLHWDDLFRQYLYHQWLPRUHX[RULRGLRVVHUYDUHLGRYHULFRQLXJDOLSUHYLVWLGDOO·DUWGHOFRGLFHF YLOHPDODORURYLROD]LRQHQRQDYUjDOFXQDFRQVHJXHQ]DJLXULGLFD/HFRSSLHGLIDWWRSRVVRQRVWLSXODUHFRQYHQ]LRQLFRQOHTXDOLUHJRODUH GHWHUPLQDWLDVSHWWLGHOODYLWDGLFRSSLDRIDPLOLDUHPDWDOLSDWWXL]LRQLQRQGRYUDQQRFRQWUDVWDUHFRQLSULQFLSLGLRUGLQHSXEEOLFRHSRWUD QRLQFLGHUHVROWDQWRVXJOLDVSHWWLSDWULPRQLDOLHQRQVXTXHOOLSHUVRQDOLQRQVLSRWUjSHUHVHPSLRVDQFLUHFRQWUDWWXDOPHQWHLOGRYHUHGL IHGHOWjPDVLSRWUjSDWWXLUHLOGRYHUHGLFRQWULEX]LRQHUHODWLYRDOO·DFTXLVWRGLXQDFDVD3HUTXDQWRULJXDUGDLGLULWWLVXFFHVVRULqEHQH ULFRUGDUHFKHLFRQYLYHQWLQRQVRQRHTXLSDUDWLDLFRQLXJLHGXQTXHQRQKDQQRGLULWWRDGDOFXQDTXRWDGLHUHGLWjLQFDVRGLGHFHVVRGHO SURSULRFRPSDJQRD/·DUWGHOFRGLFHFLYLOHLQROWUHYLHWDLSDWWLVXFFHVVRULHSHUWDQWRLFRQYLYHQWLQRQSRVVRQRGLVSRUUHO·XQRDIDYRUH GHOO·DOWUDGHOODSURSULDVXFFHVVLRQH8Q·LPSRUWDQWHGLIIHUHQ]DULVSHWWRDOOHFRSSLHVSRVDWHULJXDUGDODILOLD]LRQHQHOFRGLFHFLYLOHSHUPDQH ODGLVWLQ]LRQHWUDILJOLOHJLWLPLQDWLFLRqLQFRVWDQ]DGLPDWULPRQLRHILJOLQDWXUDOLQDWLGDFRSSLHQRQVSRVDWH%HQFKpFRQODOHJJH VLVLDUHDOL]]DWDXQDVRVWDQ]LDOHHTXLSDUD]LRQHLQ3DUODPHQWRqLQFRUVRGLDSSURYD]LRQHXQGLVHJQRGLOHJJHYROWRDVDQFLUHXQDYROWDSHU WXWWHO·XQLFLWjGHOORVWDWXVJLXULGLFRGLILJOLRHOLPLQDQGRGHILQLWLYDPHQWHOHUHVLGXDOLGLIIHUHQ]HLQPDWHULDGLSDUHQWHODVXFFHVVLRQLHDIILGR &) maggio 2012 • 9LFDULDGL2ULROR +RXQDEHOODQRWL]LD,RO¶KRLQFRQWUDWR /¶RUDWRULRHVWLYRSHUSUHJDUHJLRFDQGR ,PSHJQDPRFLSHUDJJLXQJHUHYLWDDJOLDQQL ,OYHVFRYRQHOODSDUURFFKLDGLGRQ0DULR1X]]L 9HQHUGuDSULOHLOQRVWURQXRYRYHVFRYR PRQVLJQRU 1XQ]LR *DODQWLQR KD IDWWR YLVLWD DG XQ¶DOWUD SDUURFFKLD GHOOD QRVWUD GLRFHVL OD SDUURFFKLD 9LVLWD]LRQH %HDWD 9HUJLQH 0DULD GL 5RFFD ,PSHULDOH PDULQD UHWWD GD GRQ 0DULR 1X]]L 0RQVLJQRU*DODQWLQRqJLXQWRQHOODSLFFROD FRPXQLWj SRUWDQGR FRQ Vp XQ¶DXUHD GL VHPSOLFLWj H VSLULWXDOLWj SURIRQGD LQ RFFDVLRQH GHO IHVWHJJLDPHQWR SHU L FHQWR DQQL GL XQD SDUURFFKLDQD OD VLJQRUD &DUPHOD 0LOLRQH 2ULROR DWWRUQLDWD GDOO¶DIIHWWR GHL VXRL GLHFL ¿JOL H GHL WDQWL QLSRWL 1HOO¶HVSULPHUH L VXRL VLQFHUL DXJXUL DOOD IHVWHJJLDWD GXUDQWH OD FHOHEUD]LRQH HXFDULVWLFD LO SUHVXOH KD YROXWR VSURQDUH WXWWD O¶DVVHPEOHD DI¿QFKp VL YLYD ©DJJLXQJHQGR YLWD DJOL DQQL H QRQ DQQL DOOD YLWDªSHUFKpFLDVFXQRYLYDLVXRL DQQL FRQ SURIRQGLWj GL FXRUH H FRQ LPSHJQR YHUVR LO SURVVLPR ,QIDWWL KD FRQWLQXDWR PRQVLJQRU *DODQWLQR FRPPHQWDQGR LO EUDQR GHOYDQJHORFKHULSRUWDLOPLUDFROR GL *HV GHOOD PROWLSOLFD]LRQH GHL SDQL H GHL SHVFL ©QHOOD QRVWUD YLWD QRQ q GLI¿FLOH PROWLSOLFDUH PD GLYLGHUH LO SDQH LO SURSULR WHPSR OH SURSULH ULVRUVH FRQ L IUDWHOOL FKH FL YLYRQR DFFDQWRª $OOD IXQ]LRQH KDQQR SDUWHFLSDWR DQFKHGRQ9LQFHQ]R6DQWD/XFLD SDUURFR GL 5RFFD ,PSHULDOH &HQWUR H L VLQGDFLGL5RFFD,PSHULDOH)HUGLQDQGR'L /HRHGL$PHQGRODUD$QWRQHOOR&LPLQHOOL $TXHVWLXOWLPLLOYHVFRYRKDULYROWRO¶LQYLWRD VSHQGHUHQHOORURUXRORHQHUJLHHULVRUVH FRVuGDHVVHUHSRUWDWRULGLPHVVDJJLGLYLWD $OOD ¿QH GHOOD FHOHEUD]LRQH OD FRPXQLWj GL 5RFFD 0DULQD VL q GHGLFDWD DL IHVWHJJLDPHQWLGHOODFDUDQRQQLQDSRUWDQGR QHO FXRUH OD VHUHQLWj GHO PHVVDJJLR GL PRQVLJQRU *DODQWLQR H OD ¿GXFLRVD FHUWH]]D GL DYHU ULFHYXWR GDO 6LJQRUH LO GRQR GL XQ 3DVWRUH 6DQWR HG ,OOXPLQDWR (OYLUD)HUUDUD 0DGRQQDGHOOD1RYDXQDGHYR]LRQHVHPSUHDWWXDOH 0DGRQQDGHO&DUPLQH 8QDIHVWDXQDWUDGL]LRQH /DGRPHQLFDVXFFHVVLYDDOOD6DQWD3DVTXDq GHGLFDWDDOODIHVWDGHOOD'LYLQD0LVHULFRUGLD YROXWD GDO 3DSD %HDWR *LRYDQQL 3DROR ,, FKH KD DSSOLFDWR O·LQGXOJHQ]D SOHQDULD XIÀFLDOL]]DWD LO JLRUQR JLXJQR ,Q TXHVWR JLRUQR VL FHOHEUD DQFKH OD IHVWD GHOOD 0DGRQQD GHO &DUPLQH XQ DSSXQWDPHQWRDFXLLIHGHOLGHOODSDUURFFKLD GL0RQWHJLRUGDQRQRQSRVVRQRPDQFDUH H VRSUDWWXWWR OH ´YHUJLQHOOHµ EDPELQH YHVWLWH GL ELDQFR FRQ LO YHOR RVSLWL GHOOH VLJQRUH FKH SHU GHYR]LRQH YHUVR OD 0DGRQQD PHWWRQR LQVLHPH JUXSSL GL EDPELQHGL0RQWHJLRUGDQRSDHVHHPDULQD HOLJXLGDQRDFFRPSDJQDQGROD0DGRQQD GXUDQWH WXWWR LO WUDJLWWR FKH SRUWD GDOOD FDSSHOOD DOOD FKLHVD GL VDQW·$QWRQLR GL 3DGRYDLQ0RQWHJLRUGDQRSDHVHLQWRQDQGR FDQWL SRSRODUL FRPH´¶, YHQJ GD ORQJD YLDµ´2K0DULDTXDQWRVHLEHOODµ´6RWWR TXHOELDQFRYHORµTXLVRVWHUUjÀQRDO /XJOLRJLRUQRLQFXLVDUjULDFFRPSDJQDWD GDOOD &KLHVD DOOD VXD FDSSHOOD /D FRPXQLWj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q GLYHQXWD SDWURQD GL 5RFFD,PSHULDOHGRSRO·LQFXUVLRQHGHL7XUFKLQHO ,QWDOHFLUFRVWDQ]DFKHVLYHULÀFzSURSULR DOODYLJLOLDGHOODIHVWDGHOOD9LVLWD]LRQHLOSRSROR URFFKHVHIHFHYRWRGLVROHQQL]]DUHODULFRUUHQ]D VH IRVVH VWDWR OLEHUDWR GDO QHPLFR /D JUD]LD ULFHYXWDSHUWDQWRIXULWHQXWDFRPHXQVHJQRGHOOD SURWH]LRQH GLYLQD GL FXL ELVRJQDYD PDQWHQHUH VHPSUHYLYRLOULFRUGRDWWUDYHUVROHJHQHUD]LRQL 5RVDQQD%HOOLQR IXWXUH 6XFFHVVLYDPHQWH VL YHULÀFDURQR DOWUL HSLVRGLWUDLTXDOLIXHFODWDQWHODFDGXWDGLXQD SLRJJLDDEERQGDQWHGRSRXQOXQJKLVVLPRSHULRGRGLVLFFLWjFKHULVWRUzLFDPSLHSRUWzXQD 8QPRPHQWRGHOODSURFHVVLRQH EXRQDDQQDWD3HUYROHUHGHOSRSRORTXLQGLLO&OHURVLREEOLJDYDLQSHUSHWXXPDULOHYDUHO·LFRQD GHOOD0DGRQQDGHOOH&HVLQHLOVDEDWRLQ$OELVIHVWHJJLDUODHWHQHUODSHURWWRJLRUQLFRQVHFXWLYLHSUHJDUODIHUYRURVDPHQWHSHURWWHQHUH DOWUHJUD]LHGDOOD9HUJLQH%HQHGHWWDFRQLOQRPHGL´6DQWD0DULDGHOOD1RYDµ/·LPPDJLQHGLSLQWDVXWHODDGROLRPLVXUDFP[,O GLSLQWRUDSSUHVHQWDXQDGHOOHSLEHOOHSDJLQHHYDQJHOLFKHODVFHQDGHOODYLVLWD]LRQHGL0DULD9HUJLQHqDPELHQWDWDLQXQFRUWLOHGHOFDVWHOOR GHOTXDOHVLYHGRQROHPXUDPHUODWH/D9HUJLQHFRQOHEUDFFLDDSHUWHDFFRJOLHVXDFXJLQD(OLVDEHWWDFKHVLFKLQDGDYDQWLD/HLVÀRUDQGROH FRQODPDQRLOJLQRFFKLR'LSLQWDGDXQDXWRUHLJQRWRPDVLFXUDPHQWHGDXQXRPRGLJUDQGHGHYR]LRQHDOOD0DGRQQDFLDSSDUHVRIIXVD GDXQPLVWLFRVRUULVRHGDXQRVJXDUGRSHQHWUDQWHFRQXQIDVFLQRSDUWLFRODUHHPLVWHULRVR,OVXRYROWRqUDJJLDQWHTXDVLDWHVWLPRQLDQ]D GHOODJLRLDFKHSHUYDGHLOVXRFXRUHQHOPDJQLÀFDUHLO6LJQRUHSHULOIUXWWRFKHLOVXRVHQRVWDJHQHUDQGRHFKH/HLLQ(OLVDEHWWDGRQD DOPRQGRFRQJLRLRVDXPLOWjËPHUDYLJOLRVRLOPHVVDJJLRGLIHGHFKHVLFRJOLHLQTXHVWDFRPPRYHQWHVFHQDGLLQFRQWURWUDGXHGRQQH HQWUDPEHLQDWWHVDXQ·DQ]LDQD(OLVDEHWWDRUPDLVHQ]DVSHUDQ]DGLDYHUHÀJOLFKHGDUjDOODOXFH*LRYDQQL%DWWLVWDLO0HVVLDHO·DOWUDJLRYDQH FDVWDHSXUDFKHSHURSHUDGHOOR6SLULWR6DQWRFRQFHSLUj*HVLO6DOYDWRUH&RPHGDWUDGL]LRQHLOVDEDWRLQ$OELVTXHVW·DQQRLODSULOH LOSRSRORURFFKHVHKDSDUWHFLSDWRFRQIHGHDOODSURFHVVLRQHGDOOD&KLHVD0DGUHGHOFHQWURVWRULFRDOVDQWXDULRSHUSUHOHYDUHOD6DFUD HIÀJLHHFRQGXUODDOOD&KLHVD0DGUH,OOXJOLRVLFRQFOXGHUDQQRSRLLIHVWHJJLDPHQWLULSRUWDQGRO·LPPDJLQHQHOVXRVDQWXDULR4XHVWD IHVWDDQFRUDRJJLYLYHGLXQULFKLDPRSURIRQGRVLDSHUFRORURFKHULVLHGRQRQHOODSLFFRODFLWWDGLQDVLDSHUWXWWLJOLHPLJUDQWLFKHDQFKH GDORQWDQRVHQWRQRQHOORURFXRUHODIRUWHGHYR]LRQH&RPHÀJOLHLQVHJQRGLSURIRQGDULFRQRVFHQ]DVLDPRFKLDPDWLDPDQWHQHUHYLYD QHOWHPSRTXHVWDGHYR]LRQHHDFRQVHUYDUHJHORVDPHQWHLOULFRUGRGLTXHVWDGROFH9HUJLQHSHUOHJHQHUD]LRQLFKHYHUUDQQRGRSRGLQRL &DUPHOD'DOHPPR maggio 2012 • UHVSRQVDELOH$QJHOD0DULQR SUHVR LO YLD GDO SLD]]DOHDQWLVWDQWH OD SDUURFFKLD &XRUH ,PPDFRODWR GHOOD %HDWD 9HUJLQH 0DULD H VL q VQRGDWD WUD OH VWUDGH GL 7UHELVDFFH , FRVWXPL OD EUDYXUD GHJOL V W X G H Q W L D W W R U L OD VWUXJJHQWH PHORGLD GHL FDQWL GHOOD WUDGL]LRQH SRSRODUH KDQQR UHVR LQ PROWH R F F D V L R Q L 7UHELVDFFHXQPRPHQWRGHOOD9LD&UXFLV OD PHVVD LQ 3DUWHFLSDWD H FRPPRYHQWH $QFKH VFHQD GDYYHUR FRPPRYHQWH H ULFFD GL TXHVW¶DQQROD9LD&UXFLVRUJDQL]]DWDGDJOL SDWRV /D UDSSUHVHQWD]LRQH q VWDWD SRL VWXGHQWL GHO /LFHR VFLHQWL¿FR H FODVVLFR ULSURSRVWDDGLVWDQ]DGLSRFKLJLRUQLQHOOD GL 7UHELVDFFH QHOO¶DPELWR GL XQ SURJHWWR YLFLQD &HUFKLDUD GL &DODEULD $QFKH TXL LQFHQWUDWRVXOWHDWURHVXOIRONORUHKDYLVWR JUDQGH SDUWHFLSD]LRQH GHL FLWWDGLQL FKH OD SDUWHFLSD]LRQH DWWHQWD GL PROWL FLWWDGLQL QRQ VROR KDQQR SDUWHFLSDWR DOO¶HYHQWR 4XDVLJOLDWWRULLPSHJQDWLFRQFRVWXPL PD KDQQR DLXWDWR JOL RUJDQL]]DWRUL SUHSDUDWL SHU O¶HYHQWR $OOD SUHVHQ]D GL D FKH OD UDSSUHVHQWD]LRQH ULXVFLVVH PRQVLJQRU1XQ]LR*DODQWLQRHGHOSDUURFR DO PHJOLR FRPH LQ HIIHWWL q VWDWR GRQ 3LHWUR 'H 6DOYR OD 9LD &UXFLV KD &HUFKLDUDLQIHVWDSHUOD9HUJLQHGHOOH$UPL %DJQRGLIROODHGLIHGH PHUFROHGu DSULOH VXO PRQWH 6HOODUR D &HUFKLDUD GL &DODEULD SHU OD WUDGL]LRQDOH IHVWD LQ RQRUH GL 6DQWD 0DULD GHOOH $UPL ,O VXJJHVWLYR VDQWXDULR FKH GRPLQD PDHVWRVR OD 3LDQD GL 6LEDUL LQFDVWRQDWR WUD OH URFFH GHO 3ROOLQR q VWDWR DQFKH TXHVW·DQQR PHWD GL PLJOLDLD GL IHGHOL SURYHQLHQWLGDWXWWDOD &DODEULD FKH VL VRQR /DSURFHVVLRQHGHLIHGHOL VWUHWWL ÀGXFLRVL H RUDQWLDWWRUQRDOO·LFRQDFKHUDSSUHVHQWDOD9HUJLQHFRQLOEDPELQR3DUWLFRODUPHQWHVHQWLWRLO PRPHQWRGHOODSURFHVVLRQHGHOVLPXODFURSRUWDWRIXRULGDOODQLFFKLDGHOVDQWXDULRQHOODTXDOH ULPDQH LO UHVWR GHOO·DQQR ,O PDU]R VWUDRUGLQDULDPHQWH O·LFRQD HUD VWDWD SRUWDWD SULPD LQ SHOOHJULQDJJLRSULPDD9LOOD*XDUGLD&RPRHSRL5RPDLQ3LD]]D6DQ3LHWURGDXQDGHOHJD]LRQH JXLGDWDGDOYHVFRYRGHOODGLRFHVLGL&DVVDQRDOO·-RQLRPRQVLJQRU1XQ]LR*DODQWLQRSHUHVVHUH EHQHGHWWD GDO 6DQWR 3DGUH 8Q YLDJJLR RUJDQL]]DWR SHU VROHQQL]]DUH LO WUHQWDFLQTXHVLPR DQQLYHUVDULRGHOULWURYDPHQWRGHOODYHQHUDWDLFRQDGRSRLOVXRIXUWRVDFULOHJRQHOPDJJLR &XRUHGL0DULD WUDQVHQQDWRLOSUHVELWHULR 8QD JUDYH VLWXD]LRQH GL LQVLFXUH]]D VWUXWWXUDOH LQFRPEH VXOOD FKLHVD GHO 3XULVVLPR&XRUHGHOOD%HDWD9HUJLQH0DULD GL7UHELVDFFHGLFXLqSDUURFRGRQ3LHULQR 'H6DOYR6XOODSRUWDGLLQJUHVVRSULQFLSDOH LO SDUURFR KD DIÀVVR XQ DYYLVR SHU L IHGHOL QHOTXDOHVLOHJJHFKHORVFRUVRDSULOHLO &RPDQGR GHL9LJLOL GHO )XRFR GL &RVHQ]D KD WUDQVHQQDWR LO SUHVELWHULR GHOOD &KLHVD ,O OHJLWWLPR SURYYHGLPHQWR q GRYXWR DOOD JUDYHSHULFRORVLWjGHOODVWUXWWXUDHDLGLIIXVL FHGLPHQWL LQ DWWR FKH FRPSURPHWWRQR VHULDPHQWH OD SXEEOLFD LQFROXPLWj /·DYYLVR VL FRQFOXGH FRQ LO GLYLHWR DVVROXWR D FKLXQTXH GL ROWUHSDVVDUH OH WUDQVHQQH 2JJLVLqDUULYDWLDOODFULWLFLWjPDODVWRULD ULVDOH DO RWWREUH DOORUTXDQGR OD JLXQWD UHJLRQDOH GHOLEHUz OR VWDQ]LDPHQWR GL HXUR SHU LO SURJHWWR GL ULVDQDPHQWR H PHVVD LQ VLFXUH]]D GHOOD VWUXWWXUDPDFKHLOSDUURFRGRQ'H6DOYR DIIHUPD GL QRQ DYHU PDL ULFHYXWR ( FRPH VH QRQ EDVWDVVH VRQR FDGXWL QHO YXRWR L QXPHURVLDSSHOOLGHOSDUURFRULYROWLDOOD&HL HDO&RPXQHFRQDOOHJDWDGRFXPHQWD]LRQH SURJHWWXDOH H UHOD]LRQH WHFQLFD Ë XQD VLWXD]LRQHFRVuJUDYHFKHPHULWDO·DGHJXDWD DWWHQ]LRQH GD SDUWH GHL YHUWLFL SUHSRVWL GLFKLDUDQRLQXPHURVLIHGHOLFKHVLWURYDQR LQ XQR VWDWR GL LQGLVFXWLELOH DSSUHQVLRQH /H UDJLRQL" 4XDQGR SLRYH OD VWUXWWXUD DWWUDYHUVROHFUHSHLQFDVVDDFTXDDYRORQWj FKH GL FRQVHJXHQ]D PDQGD LQ WLOW DQFKH O·LPSLDQWR HOHWWULFR FKH SHUDOWUR QRQ q D QRUPDGLVLFXUH]]DHDQFKHTXHOOLIRQLFL/H FDPSDQHVRQRPXWHJLjGDWHPSRSHUFKpD FDXVDGHOO·LPSLDQWRHOHWWULFRQRQDGHJXDWR FKHJHQHUDXQIDOVRFRQWDWWRVLPHWWRQRD VXRQDUHDXWRQRPDPHQWHHDQFKHGLQRWWH FUHDQGRXQGLVDJLRQRWHYROHDLFLWWDGLQL'DL PXUL HVWHUQL VL VWDFFDQR IUHTXHQWHPHQWH FDOFLQDFFL FKH FDGHQGR SRWUHEEHUR FUHDUH SUREOHPL VHUL DL IHGHOL SUHVHQWL , YLJLOL GHO IXRFR KDQQR GRYXWR WUDQVHQQDUH WXWWD OD SDUWH SHULFRODQWH DWWRUQR DOO·DOWDUH SHU HYLWDUH LO SHJJLR DL IHGHOL ,O 3UHIHWWR LO &RPPLVVDULR 3UHIHWWL]LR L &DUDELQLHUL H OD 'LRFHVL VRQR VWDWL LQIRUPDWL LQ PRGR GD SRWHU SURYYHGHUH D SUHQGHUH L QHFHVVDUL SURYYHGLPHQWL 6L VHQWH SDUODUH GXUDQWH OD FDPSDJQD HOHWWRUDOHLQDWWRGLQXRYHRSHUHHGLQXRYL LQWHUYHQWLFKHVLFXUDPHQWHVRQRQHFHVVDUL PD LQWDQWR DOO·HVLVWHQWH FKL FL SHQVD" )UDQFR/RIUDQR UHVSRQVDELOHODUHGD]LRQH maggio 2012 • 9LFDULDGL7UHELVDFFH 7UHELVDFFHJOLVWXGHQWLLQ9LD&UXFLV 9LFDULDGL&DVWURYLOODUL +RXQDEHOODQRWL]LD,RO¶KRLQFRQWUDWR /¶RUDWRULRHVWLYRSHUSUHJDUHJLRFDQGR ,QIHVWDFRQSLIHGHHPHQRHVWHULRULWj QRVWUD &KLHVD G L R F H V D Q D VXO PRGR GL FHOHEUDUH OH )HVWH LQ RQRUH GHOOD 0DGRQQD H GHL 6DQWL 3DWURQL 1HO WHPSR HVVH VRQR GLYHQWDWH HYHQWL VSLULWXDOL L P S R U W D Q W L XQ VHJQR GL D F F R J O L H Q ] D GHO 9DQJHOR ,O9HVFRYRLQVLHPHDLSUHVELWHULGL&DVWURYLOODUL SK&G) QHOOD UHDOWj 8QD OHWWHUD DL IHGHOL GHOOH FRPXQLWj XPDQD GHO QRVWUR WHUULWRULR 0D OR VRQR SDUURFFKLDOL GD SDUWH GHL VDFHUGRWL GL DQFRUD"1RLVDFHUGRWLLOOXPLQDWLVRVWHQXWL &DVWURYLOODULULXQLWLVLQHLJLRUQLVFRUVLSHULO HG LQFRUDJJLDWL GDO QRVWUR 9HVFRYR FRQVXHWR ULWLUR FRQ LO YHVFRYR PRQVLJQRU GHVLGHULDPRHVSULPHUHODSUHRFFXSD]LRQHGL 1XQ]LR *DODQWLQR SHU LQGLFDUH QHO WHPSR FXVWRGLUHHFRQVHUYDUHO¶LGHQWLWjHYDQJHOLFD GLI¿FLOHFKHYLYHODFRPXQLWjFRPHYLYHUH GHOOD GHYR]LRQH SRSRODUH SDWULPRQLR GL OHIHVWHLQRQRUHGHOOD0DGRQQDHGHL6DQWL IHGH H GL VDQWLWj GHOOD QRVWUD FRPXQLWj 3DWURQL$SDUWLUHGDTXHOODGHOOD0DGRQQD $QFKH QRL DYYHUWLDPR OD JLRLD H O¶DWWHVD GHO &DVWHOOR H GHO 6DQWLVVLPR &URFL¿VVR GHOOD IHVWD PD YRJOLDPR YLYHUOD FRPH ( SHU GLUH FKH QRQ RFFRUURQR OH IHVWH OH PRPHQWR GL SUHJKLHUD H WHVWLPRQLDQ]D OXPLQDULH L IXRFKL G¶DUWL¿FLR H TXDQW¶DOWUR HYDQJHOLFD ( FLz D FRPLQFLDUH GDOOD EHQVu OD SUHJKLHUD 8Q PHVVDJJLR FKH ULFRUUHQ]D DQQXDOH GHOOD 0DGRQQD GHO JLXQJH DOO¶LQGRPDQL GHOOD GHFLVLRQH GHO &DVWHOOR H GHO 6DQWLVVLPR &URFL¿VVR H &RPXQH GL IHVWHJJLDUH FLYLOPHQWH OD D VHJXLUH GL WXWWH OH DOWUH IHVWH UHOLJLRVH ULFRUUHQ]D GHOOD 0DGRQQD GHO &DVWHOOR H SDWURQDOLª $JJLXQJRQR L SUHVELWHUL H LQ XQ SDUWLFRODUH PRPHQWR UHVR WDOH FDVWURYLOODUHVL©6HQWLDPRODUHVSRQVDELOLWj DQFKH GDOOD IUDQD FKH KD LQWHUHVVDWR LO GL FRQVHUYDUH RJQL WUDGL]LRQH GL IHGH PDU]R VFRUVR LO FROOH GHO VDQWXDULR GHOOH QRVWUH FRPXQLWj PD QRQ SRVVLDPR 6FULYRQRLVDFHUGRWL©6HQWLDPRLOELVRJQR ULQXQFLDUH DO FRPSLWR GL SXUL¿FDUOH GD GL SDUWHFLSDUH OD FRPXQH ULÀHVVLRQH GHOOD LPSURSULH PDQLIHVWD]LRQH HVWHUQH 8QD 6XRU6HPSOLFHYHUVRODVDQWLWj IHVWD UHOLJLRVD QRQ q H QRQ SXz HVVHUH SHU XQ HI¿PHUR JRGLPHQWR HVWHULRUH H GL EUHYH GXUDWDVHQ]DODFRQYHUVLRQHGHOFXRUH3HU GLSLLQTXHVWRGLI¿FLOHPRPHQWRLQFXLROWUH DOOD SDUWLFRODUH VLWXD]LRQH HFRQRPLFD XQ JUDYH HYHQWR IUDQRVR KD PHVVR VHULDPHQWH D ULVFKLR OD VWDELOLWj GHO FROOH VX FXL VL HUJH PDHVWRVR LO QRVWUR VDQWXDULR GHOOD 0DGRQQD GHO&DVWHOOR&RQGLYLGLDPRHVRVWHQLDPRRJQL LQWHUYHQWRDI¿QFKpVLDJDUDQWLWRDOVDQWXDULR XQ DFFHVVR VLFXUR DJLELOH H IUXLELOH GD WXWWL ,Q WDOH GLUH]LRQH QRQ PDQFKLDPR GL GDUH RJQL FROODERUD]LRQH SHU TXDQWR GL QRVWUD FRPSHWHQ]D,QYLWLDPRLFULVWLDQLQHOORVWHVVR WHPSRFRQFOXGRQRLVDFHUGRWLGL&DVWURYLOODUL DULQXQFLDUHDTXHOOHPDQLIHVWD]LRQLHVWHULRUL FKH ULFKLHGRQR XQ GLVSHQGLR HFRQRPLFR OXPLQDULH IXRFKL G¶DUWL¿FLR GHVXHWH IRUPH GL LQFDQWR SHU HVSULPHUH QHOOD VREULHWj OD VHPSOLFLWj GHOOD QRVWUD IHGH QHOOD FDULWj H QHOOD FRQGLYLVLRQH DOOD FULVL HFRQRPLFD GL WDQWL SUHIHUHQGR JHVWL GL VROLGDULHWj H GL SL JUDQGH VLJQL¿FDWR HYDQJHOLFRª 5REHUWR)LWWLSDOGL 6DQWDPHVVD SHUGRQ'H&DUGRQD & R Q F H O H E U D ] L R Q H HXFDULVWLFD SUHVLHGXWD GDO YHVFRYR PRQVLJQRU 1XQ]LR *DODQWLQR YHQHUGu PDJJLR QHOOD FKLHVDFROOHJLDWDGL6DQWD 0DULD 0DGGDOHQD D 0RUDQRQHOODULFRUUHQ]D GHO DQQLYHUVDULR GHOODQDVFLWDGHOVHUYRGL 'LRGRQ&DUOR'H&DUGRQD/DFHOHEUD]LRQH VDUj RIÀFLDWD D FLUFD XQ DQQR H PH]]R GDOO·DSHUWXUD GHOO·LQFKLHVWD GLRFHVDQD SHU OD EHDWLÀFD]LRQHHFDQRQL]]D]LRQHGHOVDFHUGRWH PRUDQHVHSHULQL]LDWLYDGHOSRVWXODWRUHGHOOD FDXVD GRQ *LRYDQQL 0DXUHOOR VX ULFKLHVWD GL *LXVHSSH )DLOODFH SUHVLGHQWH GHO FRPLWDWR SURPRWRUH GHO SURFHVVR LQWURGRWWR LO QRYHPEUH DOOD SUHVHQ]D GHO SRSROR GL 'LR H GHOOH DXWRULWj HFFOHVLDVWLFKH ,OPDU]RVFRUVRQHODQQLYHUVDULRGHOODPRUWHGLVXRU6HPSOLFH XQDQXWULWDSUHVHQ]DGLIHGHOLVLqUDFFROWDQHOODFKLHVDGLVDQ)UDQFHVFR D&DVWURYLOODULSHURPDJJLDUHODFDUD´]uPRQDFDµ6XOO·DOWDUHSDGUH 3DROR 6HUJL HG LO SRVWXODWRUH GHOOD FDXVD GL FDQRQL]]D]LRQH GRQ 0DVVLPR 5RPDQR FKH KDQQR ULFKLDPDWR L WUDWWL HVVHQ]LDOL GHOOD ÀJXUD GL VXRU 6HPSOLFH /HL FRPH KD SRL ULFRUGDWR PRQVLJQRU )UDQFHVFR 2OLYD QHOOD VXD RPHOLD q VWDWD XQD SHUVRQD XPLOH SURSULRFRPHLOQRPHFKHVFHOVHO·GLFHPEUHQHOODSXEEOLFD HVROHQQHSURIHVVLRQHUHOLJLRVDQHOODFKLHVDGHOOD6DQWLVVLPD7ULQLWj &RPHDIIHUPDWRGDPRQVLJQRU2OLYDODVDQWLWjqDOODSRUWDWDGLWXWWL HDGHVVDVLSXzDUULYDUHFRPHLQVHJQD´]u0RQDFDµQHOODVHPSOLFLWj 5) HQHOODTXRWLGLDQLWjGHOODFDVDQHOOHSLFFROHIDFFHQGHGRPHVWLFKHQHOODSURSULDIDPLJOLDFRQL SURSULFDULDVFROWDQGRHFRQIRUWDQGROHSHUVRQHFKHLO6LJQRUHFLPHWWHOXQJRLOQRVWURFDPPLQR 6XRU6HPSOLFHWHVWLPRQLDDQFKHODJUDQGHGHYR]LRQHPDULDQDFKHDYHYDYHUVR0DULD6DQWLVVLPD$GGRORUDWDHSHULO´VXRµ*HVDFXLGHGLFzJOL XOWLPLUHVSLULLQWRQDQGRFRQXQÀORGLYRFHLOFDQWR´9LYD*HVµ1HOO·XOWLPDIDVHGHOODVXDYLWDOHYHQQHDWWULEXLWRO·DSSHOODWLYR´PRQDFDVDQWDµ PROWHSHUVRQHSHQVDQGRRSDUODQGRGL/HLDYYHUWLYDQRSURIXPLVRDYLFDQWLGLXFFHOOLQLFKH/HLVWHVVDFUHDYDHGLPSUH]LRVLYDFRQSLFFROHSHUOLQH,Q FRPXQLRQHVSLULWXDOHFRQVDQ3LRHSURIRQGDGHYRWDGL6DQWD7HUHVLQDRWWHQQHXQDSURYDWDQJLELOHGHOODSURPHVVDGHOODSLRJJLDGLURVHIDWWDGDOOD SLFFRODVDQWDGL/LVLHX[TXDQGRQHOODFDSSHOOLQDGHOODVXDFDVDDOODSUHVHQ]DGLDOFXQHSHUVRQHLPSURYYLVDPHQWHVFHVHXQDSLRJJLDGLSHWDOLGLURVH 3RVVDHVVHUHLOVXRHVHPSLRSHUODVRFLHWjRGLHUQDHSHUOHJLRYDQLJHQHUD]LRQLXQRVWLPRORSHUIDUHOHFRVHRUGLQDULHLQPRGRVWUDRUGLQDULH 0DULD7HUHVD)LORPLD maggio 2012 • UHVSRQVDELOH5REHUWR)LWWLSDOGL Ê VDEDWR VHUD L JLRYDQL FKLXGRQR L OLEUL LQL]LDQR D SUHSDUDUVLÊVDEDWRVHUDL JLRYDQL HVFRQR DFFHQGRQR XQD¿DFFRODÊVDEDWRVHUD GHO PDU]R JUDQ SDUWH GHL JLRYDQL GHOOD GLRFHVL VL UDGXQD D &DVVDQR VL LQFDPPLQD SHU OH VWUDGH WRFFDQGR WXWWL L SXQWL GL ULWURYR GHO SDHVH Ê VDEDWR VHUD H L JLRYDQL QRQ VRQR VROL KDQQR XQD &URFH GD VHJXLUHHGDSRUWDUHKDQQR SDGUH 1XQ]LR H L VDFHUGRWL FKHSUHJDQRFRQORUROD9LD &UXFLV Ê XQ VDEDWR VHUD VSHFLDOHLQFXLWXWWLLJLRYDQL GHO PRQGR IHVWHJJLDQR OD ORUR IHVWD ³6LDWH VHPSUH OLHWL QHO 6LJQRUH´ WHPD SHU OD;;9,,JLRUQDWDPRQGLDOH 6SDOOH GL JLRYDQL KDQQR SRUWDWR OD FURFH D ORUR DI¿GDWD GXUDQWH LO *LXELOHR GHO GDOO¶DOORUD YHVFRYR PRQVLJQRU 'RPHQLFR *UD]LDQL SHU XQ SHUFRUVR GDOO¶H[ VWD]LRQH GL &DVVDQR ¿QR DOOD &KLHVD &DWWHGUDOH FRQ OH TXDWWRUGLFL VRVWH SHU PHGLWDUH OD SDVVLRQH GL *HV 1RQ VRQR PDQFDWL L FDQWL OH ULÀHVVLRQL H OH OHWWXUH GHL SDVVL VDOLHQWL GHO PHVVDJJLR GHO 3DSD %HQHGHWWR ;9, TXRWLGLDQRRTXHOOHJUDQGLGHOODYLWDWURYDQR 6RWWR OD FURFH VLDPR WXWWL WXWWHRULJLQH LQ'LRDQFKH VHQRQDSSDUH XJXDOL VLDPR JLRYDQL FKH D SULPD YLVWD SHUFKp 'LR q FRPXQLRQH VFHOJRQR GL VHJXLUH *HV GL DPRUH HWHUQR q JLRLD LQ¿QLWD FKH QRQ VLDPRJLRYDQLFKHYRODQRH ULPDQHFKLXVDLQVHVWHVVDPDVLHVSDQGH FKH SUHJDQR FKH YRJOLRQR LQTXHOOLFKH(JOLDPDHFKHORDPDQR>«@ UHVWDUH VYHJOL QHOO¶RUWR GHJOL 1HOO¶RUD GHOOD SDVVLRQH GL *HV TXHVWR XOLYL SHUFKp VDSSLDPR FKH DPRUH VL PDQLIHVWD LQ WXWWD OD VXD IRU]D QHL QRVWUL PRPHQWL EXL FKH 1HJOLXOWLPLPRPHQWLGHOODVXDYLWDWHUUHQD VSHVVR VL ULDVVXPRQR QHOOD DFHQDFRQLVXRLDPLFL(JOLGLFH©&RPH SDXUDSHUXQIXWXURVHPSUH LO3DGUHKDDPDWRPHDQFKHLRKRDPDWR SL LQFHUWR H SUHFDULR QRQ YRL5LPDQHWHQHOPLRDPRUH9LKRGHWWR VLDPR VROL D FDPPLQDUH TXHVWHFRVHSHUFKpODPLDJLRLDVLDLQYRL QRQ VLDPR VROL D SRUWDUH H OD YRVWUD JLRLD VLD SLHQD´ *Y OD FURFH QRQ VLDPR VROL *HV YXROH LQWURGXUUH L VXRL GLVFHSROL H D WHQHU DFFHVD OD OXFH GL FLDVFXQR GL QRL QHOOD JLRLD SLHQD TXHOOD TXHOOD¿DFFRODFKHXQYHQWR FKH (JOL FRQGLYLGH FRQ LO 3DGUH SHUFKp IUHGGR YXROH VSHJQHUH O¶DPRUHFRQFXLLO3DGUHORDPDVLDLQQRL *LXQWL LQ &DWWHGUDOH SDGUH FIU*Y/DJLRLDFULVWLDQDqDSULUVLD 1XQ]LR KD IDWWR QRWDUH XQ TXHVWRDPRUHGL'LRHDSSDUWHQHUHD/XLª SDUDGRVVR LO WHPD GHOOD '/ JLRUQDWDPRQGLDOLGHLJLRYDQL HUD HVSOLFLWR OD JLRLD H DOORUD SHUFKp JLUDUH SHU OH QRVWUH VWUDGH FRQ OD FURFH H SUHJDUH OD 9LD /D&KLHVDJLRYDQH &UXFLV VHJQR HG HYHQWR FKH ULFRUGD FRPXQTXHTXDOFRVDGLWULVWH",QDOWUH GLRFHVLLJLRYDQLDYHYDQRRUJDQL]]DWR IHVWHLQSLD]]DVHJQLHYLGHQWLGLJLRLD 0DTXDOHJLRLDFHUFKLDPR"©,QUHDOWj OHJLRLHDXWHQWLFKHTXHOOHSLFFROHGHO 9LFDULDGL&DVVDQR 4XHOQRVWURVDEDWRLQIHVWD )UXWWRGHOODQRVWUDWHUUD 6FULYHYD GRQ 7RQLQR %HOOR ©1RL VDFHUGRWL WURYLDPR LO FXOPLQHGHOODQRVWUDSUHVHQ]DSUHVELWHULDOHQHOJLRYHGuVDQWR TXDQGRYLHQSRVWRQHOOHQRVWUHPDQLO·ROLRGHLFDWHFXPHQL O·ROLR GHJOL LQIHUPL H LO VDFUR FULVPD )D FKH QHOOH QRVWUH PDQL O·ROLR GHJOL LQIHUPL VLJQLÀFKL VFHOWD SUHIHUHQ]LDOH GHOOD FLWWj PDODWD FKH VRIIUH D FDXVD GHOOD GHEROH]]D SURSULD R GHOODPDOYDJLWjDOWUXL)DFKHO·ROLRGHLFDWHFXPHQLO·ROLRGHL IRUWLO·ROLRGHLORWWDWRULHVSULPDVROLGDULHWjGLLPSHJQRFRQ FKL ORWWD SHU LO SDQH SHU OD FDVD SHU LO ODYRUR ( ID FKH LO VDFURFULVPDLQGLFKLDWXWWLJOLXPLOLDWLHJOLRIIHVLGHOODQRVWUD FLWWj PD DQFKH DJOL LQGLIIHUHQWL DL GLVWUDWWL DL SHFFDWRUL OD ORUR LQFUHGLELOH GLJQLWj VDFHUGRWDOH SURIHWLFD H UHJDOHª 2OLR SHU OHQLUH ROLR SHU FRPEDWWHUH ROLR SHU OXEULÀFDUH PDTXHVW·DQQRO·ROLRGHOODFHOHEUD]LRQHGHOPDWWLQRJLRYHGu VDQWRSUHVLHGXWDGDPRVQJLQRU1XQ]LR*DODQWLQRGHULYDGD XQ·HVSHULHQ]DDQFRUDSLLPSHJQDWLYD$GRIIULUHTXHVW·DQQR O·ROLR SHU OD PHVVD FULVPDOH LQIDWWL q VWDWD OD FRPXQLWj GL UHFXSHURSHUWRVVLFRGLSHQGHQWL´6DPDQµQDWDLQXQLPPRELOH FRQÀVFDWR DG XQ ERVV PDÀRVR ORFDOH H LQWLWRODWD D 0DXUR 5RVWDJQR XFFLVR GDOOD PDÀD LQ 6LFLOLD QHO VHWWHPEUH GHO 8Q YHUR IUXWWR GHOOH QRVWUDWHUUDGHOODYRURGLRJQLXRPRFKHFHUFDLOULVFDWWRSHUODSURSULDYLWDHFKH DIIURQWDODIDWLFDHLOFDOGRSHUXQODYRURFKHORQRELOLWDHORUHQGHIHOLFH'RQ$WWLOLR )RVFDOGLKDFROODERUDWRFRQLOFHQWURSHUODUHDOL]]D]LRQHGHOOHERWWLJOLHWWHGLROLRFKH VRQRVWDWHDQFKHGLVWULEXLWHDGLYHUVHSHUVRQHSUHVHQWLDOODFHOHEUD]LRQHGHOODPHVVD 1RQ q PDL WURSSR WDUGL SHU UDFFRQWDUH OH EHOOH HVSHULHQ]H FKH QHOOH SDUURFFKLH DYYLFLQDQR L JLRYDQL DOOD &KLHVD 6HPEUDHFKHJJLDUHLOPRWWRGHOFRQJUHVVRGL%DUL ´6HQ]DODGRPHQLFDQRQSRVVLDPRYLYHUHµTXHVWD YROWDSHUzJULGDWRDJUDQYRFHGDPLQLVWUDQWL FKHRIIURQRLOORURVHUYL]LRQHOODSDUURFFKLD6DFUL &XRUL LQ /DXURSROL$IÀQFKp LO ORUR´(FFRPLµ VLD FRQVDSHYROH LO JUXSSR VL ULXQLVFH RJQL VDEDWR SRPHULJJLRVRWWRLOORURPRWWRSHUVRQDOH´6HUYLUH LO6LJQRUHFRQJLRLDµ´©1RVWURGHVLGHULRqLQIDWWL TXHOORGLFUHVFHUHVHPSUHQHOODJLRLDGHO6LJQRUH DLXWDUH WXWWD OD &RPXQLWj D YLYHUH PHJOLR OD /LWXUJLDVHQWHQGRFLSDUWHLQWHJUDQWHGHOODVWHVVDª GLFRQR/DIHVWDGHOODGRPHQLFDDOORUDHVSORGHQHL YLVLGHLUDJD]]LFKHIDQQRGDFRURQDDOO·(XFDUHVWLD FRUSRGL*HVFKHQRQHVLWzDGLUH´/DVFLDWHFKH LEDPELQLYHQJDQRDPHµ6HJXLUHODFHOHEUD]LRQH HXFDULVWLFD FRVu GD YLFLQR SHUPHWWH GL FDSLUH H FRQRVFHUHLQSURIRQGLWjRJQLJHVWRGHOFHOHEUDQWH FRVuGDVHQWLUVLFKLDPDWLLQSULPDSHUVRQDDWWHQWL H YLJLOL DO 3DQH VSH]]DWR SHU RJQXQR GL QRL '/ '/ UHVSRQVDELOH'HOLD/DQ]LOORWWD 'RQ$WWLOLR)RVFDOGLHLVXRLPLQLVWUDQWL maggio 2012 • ,O%HUWRQHGRWWRUHQHOODő0DJQD*UDHFLDŒ UDSSUHVHQWDXQEDOXDUGR VROLGRª H FKH ©VLQ GDO GRSRJXHUUD q VWDWR FKLDUR H OXQJLPLUDQWH QHO PHWWHUH LQ JXDUGLD GHLPDOLFKHODPDODYLWD DUUHFDPDDQFKHGDQGR VXJJHULPHQWL D FKL GL FRPSHWHQ]Dª /¶DOWR SUHODWR KD SRL QRWDWR FRPH OD ©FRUDJJLRVD SUHVD GL SRVL]LRQH FRQWUR OH LQ¿OWUD]LRQL GHOOD PDODYLWD QHOOH IHVWH UHOLJLRVH FRVWLWXLVFH O¶XOWLPR GL WDQWLTXDOL¿FDWLLQWHUYHQWL FKH UHVWD SXQWR GL ULIHULPHQWR SHU WXWWLª ,O FDUGLQDOH %HUWRQH KD LQROWUH PDQLIHVWDWR VROLGDULHWj H YLFLQDQ]D DGRQ*LDFRPR3DQL]]D FKH D /DPH]LD 7HUPH ,OFDUGLQDOH7DUFLVLR%HUWRQHHLO0DJQL¿FRUHWWRUH$OGR4XDWWURQH q YLWWLPD GL FRQWLQXH ©,O PDODIIDUH H OD FULPLQDOLWj RUJDQL]]DWD LQWLPLGD]LRQL ©,O ODYRUR UHQGH JOL XRPLQL UDSSUHVHQWDQRXQDIHULWDFKHIDVRIIULUHOD OLEHUL KD DJJLXQWR %HUWRQH TXLQGL q &DODEULD SL GL DOWUH UHJLRQL PD QHVVXQD LQHYLWDELOHFKHOHRFFDVLRQLGLRFFXSD]LRQH SXzYDQWDUVLRLOOXGHUVLGLHVVHUQHHVHQWH FRVu FRPH JOL VWLPROL D QRQ DYHUH SDXUD OLEHUDª /R KD GLFKLDUDWR LO FDUGLQDOH PRVWUDUH FRUDJJLR H ULDSSURSULDUVL GHOOD VHJUHWDULR GL 6WDWR 9DWLFDQR 7DUFLVLR SURSULD GLJQLWj GL XRPLQL GLVWXUEDQR %HUWRQHLODSULOHD&DWDQ]DURSHUULFHYHUH LQTXLHWDQR OH IRU]H GHO PDOH VRWWR OD ODXUHD DG KRQRUHP LQ *LXULVSUXGHQ]D TXDOVLDVL GHQRPLQD]LRQHª ,O VHJUHWDULR FRQIHULWDJOLGDOO¶8QLYHUVLWj0DJQD*UDHFLD GL 6WDWR 9DWLFDQR KD LQROWUH VRWWROLQHDWR ,O FDPHUOHQJR GL 6DQWD 5RPDQD &KLHVD FKH OD VXD YLVLWD D &DWDQ]DUR q VWDWD FKHODGRPHQLFDVXFFHVVLYDKDSUHVLHGXWR ©XQ¶RWWLPD RFFDVLRQH SHU WHVWLPRQLDUH XQD FRQFHOHEUD]LRQH HXFDULVWLFD QHO OD YLFLQDQ]D GHOOD 6DQWD 6HGH D TXHVWD GXRPR GL &DWDQ]DUR KD SRL PHVVR UHJLRQH FKH KD GDWR PROWR DOOD &KLHVD H O¶DFFHQWR VXOO¶LPSHJQR LQ TXHVWR VHQVR DOWUHWWDQWR SRWUj H GRYUj GDUH LQ IXWXURª GHOO¶HSLVFRSDWRFDODEUHVHFKH©GDVHPSUH 1DWX]]D(YROR VWUDRUGLQDULDPHQWHQRUPDOH 8Q UDFFRQWR DIIDVFLQDQWH H VXJJHVWLYR FRQ LO TXDOH ULSHUFRUUHUH OD VWRULD GL 1 D W X ] ] D (YROR OD PLVWLFD GL 3 D U D Y D W L I U D ] L R Q H GL 0LOHWR LQ SURYLQFLD GL 9LER 9DOHQWLD FKH GXUDQWH OD VHWWLPDQD VDQWD YLYHYD LO PLVWHUR GHOOH VWLJPDWH 8Q DSSXQWDPHQWR WHOHYLVLYR PROWR DWWHVR DQGDWR LQ RQGD YHQHUGu VDQWR GRSR OD 9LD &UXFLV FRQ 3DSD %HQHGHWWR ;9, LQ GLUHWWDPRQGLDOHVX5DL8QR,OGRFXPHQWDULR SURSRVWR GD 6SHFLDOH7J q VWDWR SUHVHQWDWR QHO FRUVR GL XQD FRQIHUHQ]D VWDPSD FKH VL q VYROWDD&DWDQ]DURQHOODVHGHGHOODSUHVLGHQ]D GHOOD *LXQWD UHJLRQDOH DOOD SUHVHQ]D GHO JRYHUQDWRUH*LXVHSSH6FRSHOOLWLGHOGLUHWWRUH GL 5DL9DWLFDQR 0DUFR 6LPHRQ GHO JLRUQDOLVWD 5DL 3LQR 1DQR FKH KD ÀUPDWR OR VSHFLDOH LQVLHPHD)LOLSSR'L*LDFRPR,QVDODDQFKHOD ÀJOLDGL1DWX]]D$QJHOD1LFRODFH/RVSHFLDOHq VWDWRHYLGHQ]LDWRSURSRQHSHUODSULPDYROWDOD VWRULDGL1DWX]]D(YRORQHOODVXDLQWHUHVVDGRSR XQDSXQWDWDGL3RUWDD3RUWDFKHDYHYDSRUWDWR DOOD ULEDOWD QD]LRQDOH OD PLVWLFD GL 3DUDYDWL /D&HFVDOXWDLOYHVFRYR0LOLWR $OOD SUHVHQ]D GL WXWWL L YHVFRYL FDODEUHVL q WRUQDWD D ULXQLUVL OD &RQIHUHQ]D HSLVFRSDOH FDODEUHVH SUHVLHGXWD GD PRQVLJQRU9LWWRULR 0RQGHOOR DUFLYHVFRYR GL 5HJJLR &DODEULD FKH LQ DSHUWXUD GHL ODYRUL D QRPHGLWXWWLLSUHVXOLKDULYROWRIUDWHUQLDXJXULDOYHVFRYRHOHWWRGL2SSLGR3DOPLPRQVLJQRU)UDQFHVFR 0LOLWR6XFFHVVLYDPHQWHLYHVFRYLVLVRQRVRIIHUPDWLDGLVFXWHUHVXGXHDUJRPHQWLLQSULPROXRJRVXXQD ER]]D GL GRFXPHQWR FLUFD OH SROLWLFKH VRFLDOL LQ &DODEULD UHGDWWD GDOOD GHOHJD]LRQH UHJLRQDOH &DULWDV H SUHVHQWDWDGDGRQ*LDFRPR3DQL]]DDOTXDOHqVWDWDPDQLIHVWDWDSLHQDVROLGDULHWjSHUJOLDWWLLQWLPLGDWRUL VXELWL ,Q VHFRQGR OXRJR VXOO·DQDOLVL GL XQD ER]]D GL VWDWXWR GHO )RUXP GHL GRFHQWL XQLYHUVLWDUL FDWWROLFL GHOOD &DODEULD , ODYRUL VRQR SURVHJXLWL FRQ O·DSSURYD]LRQH GHOOD ER]]D GL SURJUDPPD GHO9,, FRQYHJQR UHJLRQDOH GHL VHPLQDULVWL GL &DODEULD &HWUDUR VHWWHPEUH H GHOOD JLRUQDWD VDFHUGRWDOH UHJLRQDOH FKH VL WHUUj D 3DROD JLXJQR SUHVHQWDWH GD PRQVLJQRU9LQFHQ]R %HUWRORQH Ë VWDWR SRL DSSURYDWR LO SURJUDPPD GHÀQLWLYR GHO FRQYHJQR FDWHFKLVWLFR UHJLRQDOH SUHVHQWDWR GDO YHVFRYR GHOHJDWR PRQVLJQRU 1XQ]LR *DODWLQR FKH VL WHUUj GDO DO JLXJQR SURVVLPL , YHVFRYL KDQQR LQROWUH DVFROWDWR PRQVLJQRU /XLJL 5HQ]R LO TXDOH KD LQIRUPDWR FKH LQ DSSOLFD]LRQH GHO 3URWRFROOR G·LQWHVD WUD OD 5HJLRQH &DODEULD H OD &HF SHU OD YDORUL]]D]LRQH GHL %HQL &XOWXUDOL GL LQWHUHVVH UHOLJLRVR VL q LQVHGLDWR O·RVVHUYDWRULR 0RQVLJQRU)UDQFHVFR0LOLWR SDULWHWLFR SHU L EHQL FXOWXUDOL ,QÀQH KDQQR SURFHGXWR DOOH VHJXHQWL QRPLQH (OHQD &HUUD UDSSUHVHQWDQWH GHL JLRYDQL DOOD FRQVXOWD QD]LRQDOH GL SDVWRUDOH JLRYDQLOH GRQ )UDQFHVFR 6SDGROD DVVLVWHQWH UHJLRQDOH 0HLF GRQ 3LHWUR )XUFL DVVLVWHQWH )RUXP /DYRUR &DODEULD GRQ 3LHUOXLJL 0DXUR SURPRWRUH UHJLRQDOH DSRVWRODWR GHOOD SUHJKLHUD GRQ 0DVVLPR 1HVFL DVVLVWHQWH UHJLRQDOH $JHVFL maggio 2012 • 9LYDYRFH ODPXVLFD /HFXI¿H«ODPXVLFD«SOD\« /H QRWH GL -LPP\ 3DJH PL IDQQR VDOLUH OD SHOOH G¶RFD +R L EULYLGL ( DG DXPHQWDUH TXHVWD VHQVD]LRQH FL SHQVD OD EDWWHULD FKH FRQ ULWPR TXDVL ULSHWLWLYR DFFRPSDJQD H QRQ UXED OD VFHQD DG XQD FKLWDUUD LQFUHGLELOH ,FRQWURWHPSLOHSDXVHLWRQLEDVVLHTXHOOLDOWLDSURQRODVWUDGD DOODYRFHGL5REHUW3ODQWFDQWDQWHGHL/HG=HSSHOLQ6uSURSULR ORUR L SLRQLHUL GHOO¶KDUG URFN TXHOOR YHUR GHOOD GHQXQFLD GHOO¶DPRUHSURLELWRGHOODIHGHHGHOODPXVLFDODYHUDPXVLFD 5REHUWUDFFRQWDFKH©ODYRUDUHGDOOHVHWWHDOOHXQGLFLWXWWLLJLRUQL UHQGHODWXDYLWDXQLQIHUQRªPDKDIDWWRTXHOFKHSRWHYD3HUDPRUH SHUOHLOHLFKHQRQDSUHQHPPHQRODSRUWDFKHQRQYXROHSDUODUH 0DDOVXRSRVWRF¶qODFKLWDUUDGL-LPP\FKHFRPHXQDPLFR YHURqULPDVWRLQWLPLGLWRGDOODYRFHVRIIHUHQWHHDFXWDGL5REHUW O¶KDODVFLDWRVIRJDUHSLDQJHUHHGKDDVFROWDWRLQWHULRUL]]DWR PDRUDQRQFHODIDSLYXROHFRQGLYLGHUHLOGRORUHHDOOD¿QH GHOOD VHFRQGD VWURID LUURPSH SUHSRWHQWHPHQWH QHOOD VFHQD PXVLFDOH H FRQ XQ DVVROR GL PLQXWR H VHFRQGL WRFFD QRWH FKH V¿RUDQR OD SHUIH]LRQH HPRWLYD WUDVPHWWHQGRWL O¶DQJRVFLDGLXQDPRUHQRQFRUULVSRVWRGLXQGRORUHLPPHQVR FKH VWD IDFHQGR ©SHUGHUH OD WHVWD WRUPHQWDWDª GL 5REHUW ³6LQFH L¶YH EHHQ ORYH \RX´ q D PLR SDUHUH OD PLJOLRU FDQ]RQH PDL VFULWWD QHOOD VWRULD GHOOD PXVLFD PRGHUQD FRQWHQXWD QHOO¶DOEXP ³/HG =HSSHOLQ ,,,´ 4XDQGROHQRWHGLYHQWDQRSDUROHHPR]LRQL 4XDQGRQRLGLYHQWLDPRPXVLFD ORVFLHQ]LDWR LOOLEUR ´)DLEHLVRJQLµ q OD VWRULD GL XQ VHJUHWR FHODWR LQ XQD EXVWD SHU TXDUDQW·DQQL /D VWRULD GL XQ EDPELQR H SRL GL XQ DGXOWR FKH LPSDUHUj DG DIIURQWDUH LO GRORUH SL JUDQGH OD SHUGLWD GHOOD PDPPD H LO PRVWUR SL LQVLGLRVR LO WLPRUH GL YLYHUH ´)DLEHLVRJQLµqGHGLFDWRDTXHOOLFKHQHOOD YLWD KDQQR SHUVR TXDOFRVD 8Q DPRUH XQ ODYRURXQWHVRUR(ULÀXWDQGRVLGLDFFHWWDUHOD UHDOWjÀQLVFRQRSHUVPDUULUHVHVWHVVL&RPH LOSURWDJRQLVWDGLTXHVWRURPDQ]R8QRFKH FDPPLQDVXOOHSXQWHGHLSLHGLHDWHVWDEDVVD SHUFKpLOFLHORORVSDYHQWDHDQFKHODWHUUD´)DL EHLVRJQLµqVRSUDWWXWWRXQOLEURVXOODYHULWj H VXOOD SDXUD GL FRQRVFHUOD ,PPHUJHQGRVL QHOOD VRIIHUHQ]D H VXSHUDQGROD FL ULFRUGD FRPHVLDVHPSUHSRVVLELOHEXWWDUVLDOOHVSDOOH ODVÀGXFLDSHUDQGDUHDOGLOjGHLQRVWULOLPLWL 0DVVLPR *UDPHOOLQL KD UDFFROWR JOL VODQFL HOHIHULWHGLXQDYLWDSULYDGHOVXRDSSLJOLR SL VROLGR 8QD ORWWD LQFHVVDQWH FRQWUR OD VROLWXGLQH O LQDGHJXDWH]]D H LO VHQVR GL DEEDQGRQR UDFFRQWDWD FRQ SDVVLRQH H GHOLFDWD LURQLD ,O VRIIHUWR WUDJXDUGR VDUj OD FRQTXLVWD GHOO DPRUH H GL XQ HVLVWHQ]D SLHQDHDXWHQWLFDFKHFRQVHQWLUjÀQDOPHQWH DO SURWDJRQLVWD GL WHQHUH L SLHGL SHU WHUUD VHQ]D VPHWWHUH GL DO]DUH JOL RFFKL DO FLHOR $OIUHG%HUQKDUG1REHO6WRFFROPDRWWREUH²6DQUHPRGLFHPEUH ËVWDWRXQFKLPLFRVYHGHVHËQRWRSHUHVVHUHVWDWRO LQYHQWRUHGHOODGLQDPLWHHO LGHDWRUHGHO3UHPLR1REHO 'LVFHQGHQWHGL2ORI5XGEHFNVFLHQ]LDWRHVFULWWRUHVYHGHVHGHO;9,,VHFRORQDWRLQXQ·DJLDWDIDPLJOLDGLLQJHJQHUL 1REHOULFHYHWWHXQ LVWUX]LRQHSULYDWDLQ5XVVLDGRYHODVXDIDPLJOLDVLWUDVIHUuTXDQGRHUDJLRYDQLVVLPR1HO LQYHQWzODGLQDPLWHULXVFHQGRDIDUDVVRUELUHODQLWURJOLFHULQDLQYHQWDWDXQDYHQWLQDG·DQQLSULPDGDOO·LWDOLDQR $VFDQLR 6REUHUR GD XQD SROYHUH LQHUWH LQ PRGR GD UHQGHUOD PDQHJJLDELOH /D VXD DYYHGXWD JHVWLRQH GHOOD VFRSHUWDJOLFRQVHQWuLQEUHYHWHPSRGLDSULUHVRFLHWjHODERUDWRULLQXQDYHQWLQDGL3DHVLIUDFXLXQRGHLSLJUDQGL VWDELOLPHQWLGLSURGX]LRQHLQ,WDOLDDG$YLJOLDQD$VVRPPzODGLVSRQLELOLWjGLFLUFDEUHYHWWLUHQGHQGRLOVXR JUXSSRÀQDQ]LDULRXQRIUDLSLSRWHQWLGHOSLDQHWD0DO·DSLFHGHOVXFFHVVRFRLQFLVHFRQXQHYHQWRWUDJLFRGXUDQWHXQHVSHULPHQWRHVSORVLYR LQXQDGHOOHVXHIDEEULFKHPRUuLOIUDWHOORPHQWUHLOSDGUHFKHDVVLVWHYDDOO HVSHULPHQWRSHUVHOHJDPEH1REHOHEEHDQFKHGHOOHYHOOHLWj OHWWHUDULHVFULVVHLQIDWWLXQFHUWRQXPHURGLSRHVLHHGUDPPLHSHQVzDQFKHGLGHGLFDUVLHVFOXVLYDPHQWHDTXHVWDDWWLYLWj,OQRYHPEUHGHO VRWWRVFULVVHLOVXRIDPRVRWHVWDPHQWRFRQLOTXDOHLVWLWXLYDTXHLULFRQRVFLPHQWLFKHRJJLVRQRQRWLFRPHSUHPL1REHO8QDQQRSL WDUGLPRUuSHUXQ·HPRUUDJLDFHUHEUDOHQHOODVXDFDVDVXOOD5LYLHUD/LJXUHSUHFLVDPHQWHD6DQUHPR8PDQLWDULRHÀODQWURSRQHOODSLFODVVLFD GHOOHDFFH]LRQL1REHOHUDVLQFHUDPHQWHWRUPHQWDWRGDOOHSRVVLELOLDSSOLFD]LRQLEHOOLFKHHGLVWUXWWLYHGHOOHVXHVFRSHUWHLVWLWXuLOSUHPLRFKH UHVHLPPRUWDOHLOVXRQRPHSHUVWLPRODUHFRQODSUHPLD]LRQHODULFHUFDQHLFDPSLFKHLOOXPLQDQRHDLXWDQRO 8RPRDYLYHUHGHJQDPHQWH UHVSRQVDELOH0DUFR5RVHWL maggio 2012 • $OVHUYL]LRGL'LRHGHLIUDWHOOL O¶LQWHUR SHUFRUVR FKH FRQGXFH DO VDFHUGR]LR SHU SRWHU DIIURQWDUH FRQ GRYXWL PH]]L OD UHDOWj ,O SRPHULJJLR q SURVHJXLWR FRQ OD VHFRQGD SDUWH GHOO¶LQFRQWURODUHFLWDGHOVDQWRURVDULRJOLLQFRQWUL LQGLYLGXDOLHOD6DQWD0HVVD,OWXWWRVLqFRQFOXVR FRQODFHQDQHOODTXDOHqHVSORVDODJLRLDGHOORVWDUH LQVLHPHDWWRUQRDOYHVFRYR©3HQVRFKHRJQLDOWUD SDUROD±KDFRPPHQWDWRGRQ$OHVVLR'H6WHIDQR UHWWRUH GHO VHPLQDULR GLRFHVDQR VPLQXLUHEEH O¶LPSRUWDQ]D FKH KD DYXWR SHU FLDVFXQR GL QRL H SHU WXWWL L VHPLQDULVWL TXHVWR SULPR PRPHQWR GL LQFRQWUR FRQ PRQVLJQRU *DODQWLQR /¶DXJXULR q FKHRJQXQRGLQRLSRVVDGDYYHURIDUHSURSULHOH VXHSDUROHHLVXRLLQVHJQDPHQWL/DSUHJKLHUDq FKH LO EXRQ 'LR FH OR FRQVHUYL SHU PROWR WHPSR H SRVVD HVVHUH VXR WHVWLPRQH IHGHOH QHO FRUVR GHO VXR PLQLVWHUR HSLVFRSDOH LQ PH]]R D QRLª 0RQV1XQ]LR*DODQWLQRGXUDQWHXQDVXDRPHOLDSKDUFKLYLR*=DFFDWR ,QFRQWUR GHL VHPLQDULVWL WHRORJL FRQ PRQVLJQRU *DODQWLQR 6L q WHQXWR SUHVVR LO VHPLQDULR GLRFHVDQR *LRYDQQL3DROR,LOSULPRLQFRQWURXI¿FLDOH WUD L VHPLQDULVWL GL WHRORJLD H LO QXRYR 9HVFRYR PRQVLJQRU 1XQ]LR *DODQWLQR DQFKH VH JLj LQ RFFDVLRQH GHOOD 6DQWD 3DVTXD PROWH HUDQR VWDWH OH RFFDVLRQL GL FRQIURQWR /¶DVVHPEOHD VL q VYROWD VX XQR VIRQGR GL VHPSOLFH H LQWHQVD SUHJKLHUD FKHKDSHUPHVVRDLSDUWHFLSDQWLGLFRJOLHUH OR VSLULWR RUDQWH GHO YHVFRYR HOHPHQWR HVVHQ]LDOH SHU OD YLWD GL RJQL FULVWLDQR H VSHFLDOPHQWH GHL SUHVELWHUL R GL FRORUR FKH VL SUHSDUDQR DG HVVHUOR ,O SULPR PRPHQWR GHOO¶LQFRQWUR q FRLQFLVR FRQ OD FHOHEUD]LRQHGHL9HVSUL6LqSRLSDVVDWLDO PRPHQWRFRPXQLWDULRQHOTXDOHGRSRXQD EUHYHSUHVHQWD]LRQHVLqGDWRLQL]LRDGXQ GLEDWWLWR7HPDSULQFLSDOHqVWDWDODYLVLRQH FKH L VHPLQDULVWL KDQQR GHOOD GLRFHVL QHO EHQHRQHOPDOHLQTXDQWRKDVRWWROLQHDWR PRQVLJQRU *DODQWLQR ©q YHUR FKH VL q SUHWL H VL YLHQH RUGLQDWL SHU OD &KLHVD XQLYHUVDOH PD q DOWUHWWDQWR YHUR FKH HOHPHQWR HVVHQ]LDOH SHU OD IRUPD]LRQH GL XQIXWXURSUHVELWHURqODSUHVDGLFRVFLHQ]D GL TXHOOH FKH VRQR OH UHDOWj GHOOD &KLHVD GLRFHVDQD DOO¶LQWHUQR GHOOD TXDOH VDUHPR XQJLRUQRFKLDPDWLDVHUYLUH'LRHLIUDWHOOLª ÊHPHUVRVLDGDOODULÀHVVLRQHGHO3UHVXOH VLDGDTXHOODGHLSUHVHQWLFKHLSUREOHPLFKH RJQLGLRFHVLYLYHVRQRVRWWRTXHOOLGLVHPSUH H GL WXWWL H FKH GHYRQR HVVHUH FKLDPDWL SHU QRPH H FRQRVFLXWL SHU SRWHU HVVHUH DIIURQWDWL/DFRQRVFHQ]DGLFLzFKHULJXDUGD LO WHUULWRULR GLRFHVDQR QRQ q XQ HOHPHQWR VHFRQGDULR QHOOD IRUPD]LRQH WHRORJLFD PDXQDFRVWDQWHFKHGHYHDFFRPSDJQDUH maggio 2012 • /·DJHQGDGHO9HVFRYR PDJJLRKFKLHVDVDQ)UDQFHVFR GL3DROD1RFDUDKSDUURFFKLDVDQ *LDFRPR&HUFKLDUD PDJJLRKIHVWDGLVDQ1LFROD5RVHWR KIHVWDSDWURQDOHGLVDQ1LFROD1RFDUD PDJJLRIHVWDGLVDQ0LFKHOH$OELGRQD PDJJLRLQPDWWLQDWDXGLHQ]H PDJJLRLQPDWWLQDWDXGLHQ]HK SDUURFFKLD0DGRQQDGHOOD3LHWjFUHVLPHD 7UHELVDFFH PDJJLRLQPDWWLQDWDXGLHQ]H PDJJLRLQPDWWLQDWDFRQYHJQRVX ´2IIHUWDHVVHQ]LDOHDOODVRIIHUHQ]DGHO SD]LHQWHLQIDVHDYDQ]DWDGLPDODWWLD LUUHYHUVLELOHµVDODFRQYHJQLPXVHR DUFKHRORJLFRGL6LEDULKSDUURFFKLD VDQ'RPHQLFRFUHVLPHD'RULDK SHOOHJULQDJJLRWUDLVDQWXDULPDULDQLGL &DVWURYLOODULH&DVVDQR PDJJLRKIHVWDGHOOD0DGRQQDGHOOD &DWHQDVDQWXDULRPDULDQRGL&DVVDQRK RUGLQD]LRQHHSLVFRSDOHGLPRQVLJQRU0LOLWR D5RVVDQR PDJJLRKD0RQWHQHURGL%LVDFFLD LQSURYLQFLDGL&DPSREDVVR PDJJLRKVDQWDPHVVDLQ&DWWHGUDOH D&URWRQH PDJJLRULWLURGHOFOHURK LQDXJXUD]LRQHVHGHVFRXWD&DVVDQR PDJJLRLQPDWWLQDWDXGLHQ]HK FRQYHJQRSURPRVVRGDOO·$VVRFLD]LRQH PDJLVWUDWLWULEXWDUL PDJJLRKHKSDUURFFKLDGL6DQ *LDFRPRFUHVLPHDG$OWRPRQWH PDJJLRKSDUURFFKLD6DFUL&XRUL FUHVLPHD/DXURSROLKSDUURFFKLDVDQ *LURODPRIHVWDGHOODIDPLJOLDD&DVWURYLOODUL GDODOPDJJLRDVVHPEOHDJHQHUDOH GHOOD&RQIHUHQ]DHSLVFRSDOHLWDOLDQDD5RPD PDJJLRKLQDXJXUD]LRQHRUDWRULR SDUURFFKLDOHHFUHVLPHDG2ULROR PDJJLRKFUHVLPHD5RFFD,PSHULDOH PDULQDKFUHVLPHD6DUDFHQD PDJJLRKFRQIHUHQ]DVXOWHPD ´/DFRPXQLWjHGXFDQWHGHOVHPLQDULRDO VHUYL]LRGHOODQXRYDHYDQJHOL]]D]LRQHµD &DWDQ]DUR PDJJLRLQPDWWLQDWDXGLHQ]H PDJJLRLQPDWWLQDWDXGLHQ]HK SDUURFFKLDVDQ1LFRODGL0LUDFUHVLPHD 7UHELVDFFH JLXJQRKIHVWDSDWURQDOHGLVDQ 'RPHQLFRD'RULDKSDUURFFKLDVDQ *LDFRPRFUHVLPHD&HUFKLDUD JLXJQRKSDUURFFKLD%HDWD9HUJLQHGHO 5RVDULRFUHVLPHD0RQWHJLRUGDQRK SDUURFFKLD6DQWD0DULD0DGGDOHQDFUHVLPH D0RUDQR JLXJQRKSDUURFFKLDVDQ)UDQFHVFR GL3DRODFUHVLPHD&DVWURYLOODULK SDUURFFKLD6DQWLVVLPD7ULQLWjFUHVLPHD &DVWURYLOODUL JLXJQRLQPDWWLQDWDXGLHQ]HK YHQWLFLQTXHVLPRDQQLYHUVDULR&DSSHOOD GHOO·$QQXQ]LDWDD6DUDFHQD ,OODYRURHIDPLJOLD ©8Q UDSSRUWR GHO WXWWR SDUWLFRODUH OHJD OD IDPLJOLD HG LO ODYRUR LO ODYRUR q HVVHQ]LDOH LQ TXDQWR UDS SUHVHQWD OD FRQGL]LRQH FKH UHQGH SRVVLELOH OD IRQGD]LRQH GL XQD IDPLJOLD L FXL PH]]L GL VXVVLVWHQ]D VL DFTXLVLVFRQR PHGLDQWH LO ODYRUR /·DSSRUWR FKH OD IDPLJOLD SXz RIIULUH DOOD UHDOWj GHO ODYRUR q SUH]LR VR H SHU PROWR YHUVL LQVRVWLWXLELOH 6L WUDWWD GL XQ FRQWULEXWR FKH VL UHDOL]]D FRQ O·HGXFD]LRQH DO VH VR GHO ODYRUR H WUDPLWH O·RIIHUWD GL RULHQWDPHQWL H VRVWHJQL GL IURQWH DOOH VWHVVH VFHOWH SURIHVVLRQDOLª 4XHVWH VRQR OH LQGLFD]LRQL GHO FRPSHQGLR GHOOD 'RWWULQD 6RFLDOH GHOOD &KLHVD LQ FXL VL SD OD GL ID PLJOLD H ODYRUR Ë FKLDUR SHUWDQWR FKH LO SULPR RULHQWDPHQWR H VRVWHJQR DO ODYRUR q GDWR GDO OD IDPLJOLD FHOOXOD YLWDOH GHOOD VRFLHWj GD FXL VL SXz LQL]LDUH D FRVWUXLUH ,O FRPSHQGLR PHWWH LQ VWUHWWD FRQQHVVLRQH IDPLJOLD H VRFLHWj /D IDPLJOLD GHYH IDUH OD SURSULD SDUWH DYHUH O·RUL]]RQWH DSHUWR YHUVR OD VRFLHWj SRLFKp FRQVLGHUDWD FRPH OXRJR GL DS SUHQGLVWDWR /·DWWHQ]LRQH q DOOD FULVL GHO ODYRUR LQ TXHVWR SHULRGR LQ FXL OR VFRUDJJLDPHQWR H OR VFRQIRUWR SUHQGRQR LO VRSUDYYHQ WR /·LQWHQ]LRQDOLWj RSHUDWLYD GHOOH WUH SDVWRUDOL ODYRUR JLRYDQL H &DULWDV q XQD ULVSRVWD HFFOHVLDOH FHQWUDWD VXOO·HYDQJHOL]]D]LRQH GHO ODYRUR H GHOOD YLWD LO 3URJHWWR 3ROLFRUR VHJQR GL VSHUDQ]D H LQ FRQWURWHQGHQ]D FRQ OD GLIÀFROWj FKH YLYLDPR QHOOD TXRWLGLDQLWj )UDQFHVFD'HOHR &$7(&+,67, 5XEULFDDFXUDGLGRQ1XQ]LR/DLWDQR a /·RSXVFROR &DULVVLPLFDWHFKLVWLHDPLFLGHOO·$EEUDFFLRYLSUHVHQWRO·RSXVFROHWWRDFXUDGHOO·8IÀFLR FDWHFKLVWLFRGHOODQRVWUD'LRFHVLGDPHGLUHWWR ,OWLWRORqFRPXQLFDQGRFRQLFDWHFKLVWLLOVXRVFRSRqGLIDYRULUHXQDFRPXQLFD]LRQH GLUHWWDFRQLFDWHFKLVWLSHUWHQHUOLVHPSUHDJJLRUQDWLGLTXDQWRDFFDGHQHOPRQGRGHOOD FDWHFKHVLHGHOO·HYDQJHOL]]D]LRQH(VVRqFXUDWRGDOGLUHWWRUHGHOO·8FGHGDOODVHJUHWHULD ODTXDOHROWUHDFXUDUHO·DVSHWWRWHFQLFRJUDÀFRQHFXUDDQFKHODVWHVXUDVFULYHQGRDOFXQL SH]]L GD LQVHULUYL 1HO VHFRQGR QXPHUR DQFKH LO QRVWUR YHVFRYR PRQVLJQRU 1XQ]LR *DODQWLQR KD VFULWWR XQ SH]]R SHU L QRVWUL FDWHFKLVWL 2OWUH DG DYHUH QRWH WHFQLFKH O·RSXVFRORQHOOHVXHSDJLQHÀQDOLSUHVHQWDGHLJLRFKLHGHLTXL]GDSURSRUUHDLUDJD]]LQHO FDWHFKLVPRLQHUHQWLDOWHPDFKHFLVLWURYDDGDIIURQWDUH4XHVW·RSXVFRORXVFLUjTXDWWUR YROWHO·DQQRDOO·LQL]LRGHOO·DQQRSDVWRUDOHQHOSHULRGRDYYHQWRQDWDOHHTXDUHVLPDSDVTXD HLQÀQHDOODÀQHGHOO·DQQRSDVWRUDOH &RQTXHVWRVWUXPHQWRYRJOLDPRHVVHUHSLYLFLQLDLFDWHFKLVWLFHUFDQGRGLGDUHORUR DQFKHTXHVWLVWUXPHQWLSUDWLFLFRQLTXDOLSRVVRQRDIIURQWDUHFRQSLVHUHQLWjLOORUR PLQLVWHURGLFDWHFKLVWD $%%21$0(17, 5HJLVWUD]LRQHSUHVVRLO7ULEXQDOHGL&DVWURYLOODUL QGHOJHQQDLR a a a a a a a a a a a a a /¶$EEUDFFLRqLVFULWWR DOOD)HGHUD]LRQH,WDOLDQD6HWWLPDQDOL&DWWROLFL a 'LUHWWRUHUHVSRQVDELOH'RPHQLFR0DULQR &DSRUHGDWWRUH*LDQSDROR,DFRELQL 6HJUHWDULDGLUHGD]LRQH*LXVHSSH0DORPR 5DIIDHOH9LGLUL 5HGD]LRQH 6(1XQ]LR*DODQWLQR9LQFHQ]R$OYDUR5REHUWR)LWWLSDOGL &ODXGLD)UDJDOH'HOLD/DQ]LOORWWDGRQ*LRYDQQL0DXUHOOR $QQDPDULD3DUWHSLOR0DUFR5RVHWL*DHWDQR=DFFDWR +DQQRFROODERUDWRDTXHVWRQXPHUR 0DULHOOD$UFLGLDFRQR5RVDQQD%HOOLQR&DUPHOD'DOHPPR 3LHUR'H9LWD(OYLUD)HUUDUD0DULD7HUHVD)LORPLDGRQ 1XQ]LR/DLWDQR5RVDQQD/D3ROOD)UDQFR/RIUDQR0LFKHOH 0XQQR(GXDUGR5XELQL 3URJHWWRJUD¿FR*DHWDQR=DFFDWR 6WDPSD $*0 9LD 'DQLHO %RYq &DVWURYLOODUL &6 ZZZDJPFDODEULDLW 'LUH]LRQHUHGD]LRQHDPPLQLVWUD]LRQH 9LD7RUWR2VSL]LR&DVVDQRDOO¶-RQLR WHOHID[ PDLODEEUDFFLR#GLRFHVLFDVVDQRDOORLRQLRLW XFV#GLRFHVLFDVVDQRDOORLRQLRLW ,OWUDWWDPHQWRGHLGDWLSHUVRQDOLqDVVLFXUDWRLQ FRQIRUPLWjDOODQRUPDWLYDYLJHQWH ,OPDWHULDOHLQYLDWRDQFKHVHQRQSXEEOLFDWR QRQVDUjUHVWLWXLWR /DFROODERUD]LRQHqGDLQWHQGHUVLDWLWRORJUDWXLWR 3HU VRWWRVFULYHUH O¶DEERQDPHQWR DO SHULRGLFR GL LQIRUPD]LRQH GHOOD 'LRFH VL GL &DVVDQR DOO¶-RQLR EDVWD YHUVDUH OD FLIUD GL ¼ RUGLQDULR ¼ RUGL QDULR IXRUL GLRFHVL ¼ VRFLR VRVWHQLWRUH VXO FF Q LQWHVWDWR D &XULD 9HVFRYLOH &DVVDQR DOO¶-RQLR H VSHGLUH OD ULFHYXWD GL YHUVDPHQWR D 8I ¿FLR &RPXQLFD]LRQL 6RFLDOL 9LD 7RUWR 2VSL]LR &DVVDQR DOO -RQLR &6 aaaaaaaaaaaaaaaaaa /¶$EEUDFFLRqDQFKHVXOVLWRGLRFHVDQR ZZZGLRFHVLFDVVDQRDOORLRQLRLW maggio 2012 • maggio 2012 •