• No results found

Den mänskliga faktorn

N/A
N/A
Protected

Academic year: 2021

Share "Den mänskliga faktorn"

Copied!
24
0
0

Loading.... (view fulltext now)

Full text

(1)

(ITEVXQIRXJSV'IRXVEPERH

)EWXIVR)YVSTI

'HQPlQVNOLJDIDNWRUQ

7EQEVFIXIQIPPERWZIRWOXTSWXZÇWIRHISGL

HIRVIKMSREPETSWXIRM7X4IXIVWFYVK6]WWPERH

0EVW6]PERHIV

(2)
(3)

6LGD(YDOXDWLRQ

'HSDUWPHQWIRU&HQWUDODQG

(DVWHUQ(XURSH

'HQPlQVNOLJDIDNWRUQ

6DPDUEHWHPHOODQVYHQVNWSRVWYlVHQGHRFKGHQ

UHJLRQDODSRVWHQL6W3HWHUVEXUJ5\VVODQG

/DUV5\ODQGHU

(4)

6:(',6+,17(51$7,21$/'(9(/230(17&223(5$7,21$*(1&< $GGUHVV66WRFNKROP6ZHGHQ2IILFH6YHDYlJHQ6WRFNKROP 7HOHSKRQH  7HOHID[   7HOHJUDPVLGDVWRFNKROP7HOH[VLGDVWKOP3RVWJLUR² +RPHSDJHKWWSZZZVLGDVH ,QIRFHQWHU6LGD 66WRFNKROP 3KRQH   )D[   $XWKRU/DUV5\ODQGHU 7KHYLHZVDQGLQWHUSUHWDWLRQVH[SUHVVHGLQWKLVUHSRUWDUHWKHDXWKRUVDQGGRQRWQHFHVVDULO\UHIOHFW WKRVHRIWKH6ZHGLVK,QWHUQDWLRQDO'HYHORSPHQW&RRSHUDWLRQ$JHQF\6LGD 6LGD(YDOXDWLRQ &RPPLVVLRQHGE\6LGD'HSDUWPHQWIRU&HQWUDODQG(DVWHUQ(XURSH &RS\ULJKW6LGDDQGWKHDXWKRU 5HJLVWUDWLRQ1Rg67 'DWHRU)LQDO5HSRUW1RYHPEHU 3ULQWHGLQ6WRFNKROP6ZHGHQ ,6%1 ,661³

(5)

SPM CONSULTANTS

KAMMAKARGATAN 9 B. S-111 40 STOCKHOLM, SWEDEN HONE: +46 8 24 00 50 FAX: +46 8 21 11 21

-RRILÅPPWJ¸VXIGORMRK

6DPPDQIDWWQLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

%DNJUXQG BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

5HVXOWDWDYVDPDUEHWHW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

)DVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )DVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  )|UGMXSDGHDIIlUVSODQHUBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1.,PlWQLQJDU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  'LVWULEXWLRQDYUlNQLQJDUIUnQNRPPXQDODERODJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  1\DWMlQVWHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  6\VWHPI|UNXQGNODJRPnO BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

6OXWVDWVHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

0nOXSSI\OOHOVH BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  0|MOLJKHWHUDWWQnPnOHQ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  .RVWQDGVHIIHNWLYLWHW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  +nOOEDUKHW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  5HODWLRQWLOONRPPHUVLHOODSURMHNW BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

5HNRPPHQGDWLRQHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB 

,QVDWVHU BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  6SULGQLQJ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB  %LODJD8SSGUDJVEHVNULYQLQJ

(6)
(7)

7EQQERJEXXRMRK

+|VWHQKDUVDPDUEHWHWPHOODQSRVWHQL6W3HWHUVEXUJRFKSRVWHQL6YHULJHSnJnWWLGU\JW WYnnU6DPDUEHWHWJUXQGDVSnHWWSULQFLSDYWDORPHWWVH[nULJWVDPDUEHWHVRPVO|WVPHOODQ 6ZHG3RVWRFKGHQU\VNDIHGHUDWLYDSRVWHQXQGHUI|UVWDKDOYnUHW$YWDOHWI|OMGHVXSSDY HWWNRQWUDNWRPNRQVXOWWMlQVWHUPHOODQ6ZHG3RVWRFKGHQUHJLRQDODSRVWHQL6W3HWHUVEXUJL PDM.RQWUDNWHWYLODGHSnILQDQVLHULQJIUnQ6LGDDYVHHQGHNRQVXOWWMlQVWHUQDIUnQ 6ZHG3RVW(QEDNJUXQGWLOOVDPDUEHWHWYDUGHQVYHQVNDSRVWHQVHJHQRPYDQGOLQJIUnQYHUN WLOOPDUNQDGVVW\UWERODJPHQIUDPI|UDOOWSRVWHQVVRUWLPHQWDYPRGHUQDWMlQVWHU $UEHWHWLQOHGGHVK|VWHQVDPPDnUPHGDWWIDVWVWlOODHQDIIlUVSODQI|USRVWHQL6W3HWHUVEXUJ 'HQDUEHWVPHWRGLNVRPWLOOlPSDGHVE\JJGHSnSRVWHQVHJHQRPIDWWDQGHVWHJYLVDRFK GHFHQWUDOLVHUDGHSURFHVVPHGQXOlJHVDQDO\VHUIRUPXOHULQJDYDIIlUVLGpVWUDWHJLNRQNUHWDPnO HWFLV\IWHDWWI|UDQNUDRFKGLVNXWHUDDUEHWHWLRUJDQLVDWLRQHQ)|UVWDIDVHQLGHWWDDUEHWHOHGGH WLOODWWDIIlUVLGpQEOHYYlOI|UDQNUDGLJHQHUDOGLUHNW|UHQVDIIlUVSODQI|USRVWHQL6W3HWHUVEXUJ +lUHIWHUVNHGGHHQNRQNUHWLVHULQJLWYnPHURSHUDWLYDDIIlUVSODQHU'HWWDDUEHWHEOHY RPIDWWDQGHLWLGHQRFKG\UW ELGUDJHWIUnQ6LGDWlFNWHWLOOVOXWHQGDVWHQIMlUGHGHODYGHQWRWDOD NRQVXOWNRVWQDG 'HWJHQHUHUDGHRFNVnNULWLNIUnQU\VNWKnOOI|UDWWLQWHJHQnJUDNRQNUHWD UHVXOWDW 7URWVI|UVHQLQJRFKI|UG\ULQJKDUGRFNWYnYLNWLJDPLOVWROSDUDYYHUNDWVXQGHUGHQI|UVWD IDVHQ L *'VDIIlUVSODQKDUJHWWQ|GYlQGLJLQIRUPDWLRQRPXWJnQJVOlJHWI|UDUEHWHWRFK DQYLVDWHQVWUDWHJLEDVHUDGSnnWJlUGHUI|UDWWI|UElWWUDQXYDUDQGHVHUYLFHRFKXWYHFNOD Q\DWMlQVWHULQRPSRVWHQ LL HQUHSUHVHQWDQWI|U3RVWERODJHQVWDWLRQHUDGHVL6W3HWHUVEXUJ YDULJHQRPVDPDUEHWHWXWYHFNODGHVIUnQHQWHNQLVNWMlQVWHPDQQDUHODWLRQVW\UGDYSODQHURFK GRNXPHQWWLOOHWWPHUSHUVRQOLJWRFKSURIHVVLRQHOOWHQJDJHPDQJ'HQI|UVWDIDVHQNDQ GlUI|UEHWUDNWDVVRPHQVWDUWVWUlFNDPHGYLVVDOlUSHQJDU 'HQDQGUDIDVHQDYVDPDUEHWHWXQGHUKDUVW\UWVDYW\GOLJDPnOLIRUPDYI|UElWWUDGH WMlQVWHURFKQ\DSURGXNWHU0nOXSSI\OOHOVHQNRPPHUGRFNLQWHDWWEOLIXOOVWlQGLJ0DQ NRPPHULQWHQnPnOHWDWWDYSRVWDGHEUHYVNDNRPPDIUDP|YHUQDWW)|UDWWQnGLW NUlYVHQRPIDWWDQGHUDWLRQDOLVHULQJYLGSRVWHQVWHUPLQDOHU'HWlURFNVnWYHNVDPWRPPnOHW DWWWD|YHUGLVWULEXWLRQHQDYUlNQLQJDUIUnQPLQVWHQVWRUNRPPXQDONXQGNRPPHUDWWQnV 'HWDYVHGGDO|VQLQJHQLQRPGHWWDGHOSURMHNWKDUDYEUXWLWVPHQGHWlUP|MOLJWDWWHQ DOWHUQDWLYO|VQLQJEOLUNODUXQGHU8W|YHUQ\DSURGXNWHUNRPPHURFNVnV\VWHPI|U NXQGNODJRPnORFKPlWQLQJDUDYNXQGHUQDVLQVWlOOQLQJDWWSnE|UMDVXQGHU 'HQLQWUHVVDQWDIUnJDQlULYDGPnQGHVVDGHOSURMHNWOHGHUWLOODWWGHWOnQJVLNWLJDPnOHW XSSQnVDWWJ|UDSRVWHQL6W3HWHUVEXUJWLOOHQPRGHUQRFKYlOXWUXVWDGSRVWDORUJDQLVDWLRQ PHGHQVHUYLFHJUDGLQLYnPHGGHQVRPILQQVLgVWHUVM|UHJLRQHQ+LWWLOOVYLVDUSRVWHQI|UOLWH WUDQVSDUHQVNULQJIUnJRURPHNRQRPLRFKO|QVDPKHWI|UDWWHQVnGDQGLVNXVVLRQVNDNXQQD I|UDV9LGDUHlUGHWYLNWLJWDWWKLWWLOOVYDUDQGHGHOSURMHNWNRQVROLGHUDVRFKDWWLQWHQ\D SURGXNWHURFKWMlQVWHUWDVIUDPLQQDQGHI|UVWDlULPSOHPHQWHUDGH+nOOEDUKHWHQL YHUNVDPKHWHQEHURUSnGHQNRPPHUVLHOODElUNUDIWHQLGHWMlQVWHURFKSURGXNWHUVRPODQVHUDV PHGE|UMDQXQGHUVDPWGHWIRUWVDWWDSHUVRQXWE\WHW)RUWVDWWGLDORJVWUDWHJLVNDIUnJRUlU YLNWLJlYHQRPWRQYLNWHQNRPPHUDWWOlJJDVYLGRSHUDWLYWDUEHWH(WWYLNWLJWELGUDJWLOOGHQ HNRQRPLVDNKnOOEDUKHWHQNDQRFNVnNRPPDIUnQGHWNRPPHUVLHOODVDPDUEHWHWNULQJHWW SRVWnNHULYDUVXWYHFNOLQJGHOYLVKDUILQDQVLHUDWVDY6LGD 6LGDE|UIRUWVlWWDDWWVW|GMDYHUNVDPKHWHQXQGHUI|UXWVDWWDWWHQNRQNUHWYHUNVDPKHWV SODQXWDUEHWDVRFKDWWYHUNVDPKHWHQNRQFHQWUHUDVSnDWWLPSOHPHQWHUDKLWWLOOVIUDPWDJQD WMlQVWHURFKSURGXNWHU)|UVDPDUEHWHWYRUHGHWEUDRPGHQVYHQVNHSURMHNWOHGDUHQRFNVnILFN EXGJHWDQVYDUYLONHWVNXOOHXQGHUOlWWDVW\UQLQJRFKDYURSDYWMlQVWHUIUnQVYHQVNDSRVWHQ

(8)

6LGDE|UlYHQVWlOODVLJSRVLWLYWLOODWWILQDQVLHUDHQVSULGQLQJDYHUIDUHQKHWHUQDLUHJLRQHQ I|UXWVDWWDWWVYHQVNDSRVWHQVHUGHWDQJHOlJHWDWWPHGYHUNDWLOODWWI|UElWWUDSRVWDODEDVWMlQVWHU VRPHQI|UXWVlWWQLQJI|UPHUNRPPHUVLHOOWPRWLYI|UVDPDUEHWH,VMlOYDYHUNHWVNXOOHSURMHNWHW L6W3HWHUVEXUJNXQQDEHWUDNWDVVRPHQPRGHOOI|USRVWHQVLQWHUQDWLRQDOLVHULQJGlU6LGDV ILQDQVLHULQJOHGHUWLOODWWSRVWHQVEDVWMlQVWHUHIIHNWLYLVHUDVVDPWLGLJWVRPJRGDUHODWLRQHUNDQ HWDEOHUDVPHGSRVWI|UYDOWQLQJDUQDLQI|UHWWIRUWVDWWNRPPHUVLHOOWVDPDUEHWH

(9)

&EOKVYRH

VO|WVHWWnULJWSULQFLSDYWDOPHOODQ'HQIHGHUDODU\VNDSRVWHQRFK6ZHG3RVW&RQVXOWLQJ $%$YWDOHWV\IWDGHWLOODWWXQGHUSHULRGHQPRGHUQLVHUDSRVWHQL5\VVODQGPHGXWJnQJVSXQNW IUnQHWWSLORWSURMHNWL6W3HWHUVEXUJ$YWDOHWKDGHYLGDUHHQNRPPHUVLHOOVLGDHQOLJWYLONHQ 6ZHG3RVWEODVNXOOHXQGHUOlWWDHQGDWRULVHUDGNRPPXQLNDWLRQPHOODQSRVWNRQWRUL5\VVODQG RFKPHOODQSRVWHQL5\VVODQGRFKL6YHULJH $YWDOHWI|OMGHVDYHWWNRQVXOWDYWDOPHOODQ'HQUHJLRQDODSRVWHQL6W3HWHUVEXUJRFK6ZHG3RVW RPHWWnULJWVDPDUEHWVSURMHNWLV\IWHDWWXWYHFNODSRVWHQL6W3HWHUVEXUJWLOOHWWPRGHUQWRFK YlOXWUXVWDWSRVWI|UHWDJ$YWDOHWEHVWRGDYWYnGHODUHQOLJWYLOND6ZHG3RVWnWDUVLJ • DWWPHGYHUNDLXSSUlWWDQGHWDYHQDIIlUVSODQI|USRVWHQL6W3HWHUVEXUJLQNOXVLYH XWYHFNOLQJDYSRVWWMlQVWHUL1RUGYlVWUD5\VVODQGRFKLQWHUQDWLRQHOOSRVWL|YULJDGHODUDY 5\VVODQG • DWWPHGYHUNDLJHQRPI|UDQGHWDYSODQHUQDLIRUPDYH[SHUWKMlOSXQGHUnU )|UIDVXWDUEHWDQGHWDYDIIlUVSODQHQEHUlNQDGHVHQEXGJHWSnPLOMNU ,VHSWHPEHUEHVO|W6LGDDWWEHYLOMDGHQDQV|NDQRPVW|GVRPLQNRPPLWWLOO%,76 MXQL  IUnQ%RUJPlVWHULHWL6W3HWHUVEXUJI|UDWWILQDQVLHUDNRQVXOWLQVDWVHQJHQRP6ZHG3RVW (WWPLQGUHWLOOlJJI|UXWUXVWQLQJKDGHGnWLOONRPPLWRFKLQVDWVHQXSSJLFNWLOOPLOMNU ,PDMLQNRP%RUJPlVWHULHWPHGHQDQV|NDQRPIRUWVDWWVW|GRPPLOMNUWLOOSURMHNWHW DYVHHQGHVOXWI|UDQGHWDYWYnXQGHUOLJJDQGHDIIlUVSODQHURFKJHQRPI|UDQGHWDYSULRULWHUDGH LQVDWVHU )UDPWDJDQGHWDYKXYXGSODQHQJHQRPI|UGHVLKXYXGVDNHQOLJWSODQRFKWLOOJlQJOLJ ILQDQVLHULQJ8QGHUIDVJMRUGHVRFNVnHWWDQWDORPIDWWDQGHQXOlJHVDQDO\VHUDYVHHQGHEnGH SURGXNWLRQRUJDQLVDWLRQRFKHNRQRPLVRPXQGHUODJI|UGHXQGHUOLJJDQGHDIIlUVSODQHUQD 'HVVDDQDO\VHUEOHYNODUDLDSULO.RVWQDGHQI|UGHUHVXUVHUVRP6ZHG3RVWKDGHK\UWLQ IUnQ3RVWERODJHQI|UDWWJ|UDGHVVDYLVDGHVLJYDUDVnVWRUDDWWGHOHGGHIUDPWLOOHQLQWHUQ XWYlUGHULQJDYSURMHNWHWXQGHUK|VWHQ8WYlUGHULQJHQUHVXOWHUDGHLDWWVYHQVNDSRVWHQ EHVO|WIRUWVlWWDSURMHNWHWPHQDWWGHWVNXOOHGULYDVLQRP3RVWERODJHQ$% 5HGDQWLGLJDUHXQGHUKDGHHQUHSUHVHQWDQWI|UVYHQVNDSRVWHQVWDWLRQHUDWVL6W 3HWHUVEXUJVRPUnGJLYDUH'HQNRPPHUVLHOODGHOHQDYVDPDUEHWHWKDGHRFNVnOHWWWLOODWW GLVNXVVLRQHUI|UGHVRPHWWVDPULVNI|UHWDJPHGV\IWHDWWGULYDDWWSRVWnNHULL6W3HWHUVEXUJ )|UDWWNXQQDEHG|PDOlJHWLSURMHNWHWRFKGHQDQV|NDQVRPLQNRPPLWIUnQ%RUJPlVWHULHW EHJlUGH6LGDDWWHQKDQGOLQJVSODQI|UVNXOOHXWDUEHWDV(QVnGDQIlUGLJVWlOOGHVLVOXWHWDY ,IHEUXDULEHVO|W6LGDDWWEHYLOMDIRUWVDWWVW|GPHGPLOMNUWLOOSURMHNWHW,QVDWVHQ VNDOOILQDQVLHUDGHOVIlUGLJVWlOODQGHDYWYnDIIlUVSODQHUGHOVXWYHFNOLQJHQDYQ\DSURGXNWHU3n EDVLVDY6LGDVEHVOXWVO|WVHWWDYWDORPNRQVXOWLQVDWVHUXQGHUPHOODQSRVWHQL6W 3HWHUVEXUJRFK3RVWERODJHQ$%LDSULO ,V\IWHDWWEHG|PDKLWWLOOVYDUDQGHUHVXOWDWLVDPDUEHWHWRFKHUKnOODXQGHUODJI|UDWWEHG|PD HYHQWXHOODDQV|NQLQJDURPIRUWVDWWVW|GKDU6LGDEHVOXWDWDWWJ|UDHQH[WHUQXSSI|OMQLQJDY SURMHNWHW'HQQDUDSSRUWlUUHVXOWDWHWDYXSSI|OMQLQJHQVRPlJGHUXPGHOVLIRUPDYHWW EHV|NL6W3HWHUVEXUJGHQVHSWHPEHUGHOVLQWHUYMXHUPHGSHUVRQHULGHQVYHQVNDSRVWHQ VRPKDUYDULWLQEODQGDGHLSURMHNWHW

(10)

'HWE|UQRWHUDVDWWXSSI|OMQLQJHQKDOWDULQnJUDDYVHHQGHLI|UKnOODQGHWLOOXSSGUDJV EHVNULYQLQJHQ VHELODJD 7URWVEHJlUDQLWLGNXQGHLQWHSRVWHQL6W3HWHUVEXUJDUUDQJHUD QnJRWP|WHPHGU\VNDNXQGHUW\YlUUKDGHRFNVnGHQDQVYDULJHI|UVDPDUEHWHWPHGSRVWHQ KRV%RUJPlVWHULHWQ\OLJHQOlPQDWVLWWDUEHWH'HVVXWRPJLFNGHWLQWHKHOOHUDWWInNRQWDNWPHG GHQDQVYDULJHI|U(8V7$&,6SURMHNWLSRVWDOXWYHFNOLQJLQRUGYlVWUD5\VVODQGWURWV XSSUHSDGHI|UV|NL6W3HWHUVEXUJRFKIUnQ6YHULJH

6IWYPXEXEZWEQEVFIXIX

*EW

0nOHWI|UGHQI|UVWDIDVHQDYVDPDUEHWHYDUDOOWVnHWWIDVWVWlOODHQDIIlUVSODQI|USRVWHQL6W 3HWHUVEXUJ(IWHUVRPVYHQVNDSRVWHQKDGHVLQHJHQPRGHUQLVHULQJRFKERODJLVHULQJLIlUVNW PLQQHWLOOlPSDGHVLSULQFLSVDPPDDQJUHSSVVlWW0HWRGLNHQ /276 LQQHEDUDWWSODQHQ VNXOOHXWDUEHWDVRFKJHQRPI|UDVLI|OMDQGHRUGQLQJ • QXOlJHVDQDO\VDYPDUNQDGVW\UNRURFKVYDJKHWHUVDPWIDVWVWlOODQGHDYYLVLRQ • GHILQLWLRQDYDIIlUVLGp • YDODYVWUDWHJL • GHILQLWLRQDYPnO • DNWLYLWHWHUI|UDWWQnPnOHQ • SHUVRQDODQDO\V • RUJDQLVDWLRQVDQDO\V • UDSSRUWHULQJRFKVW\UQLQJ $UEHWHWPHGDIIlUVSODQHQYDUHQQ\WWLJSURFHVVI|UGHQU\VNDSRVWHQGlUGHVWHJI|UVWHJILFN GHODVYHQVNDSRVWHQVHUIDUHQKHWDYKXUPDQE\JJHUXSSHQPRGHUQSRVWYHUNVDPKHWRFKYLOND SULRULWHULQJDUVRPlUYLNWLJDLROLNDVNHGHQDYHWWSRVWI|UHWDJVXWYHFNOLQJ8WJnQJVSXQNWHQI|U DUEHWHWYDUDWWDIIlUVSODQHQLQWHVNXOOHEOLHQNRQVXOWSURGXNWXWDQHWWYlOI|UDQNUDW VW\UGRNXPHQWI|USRVWHQVOnQJVLNWLJDVW\UQLQJbJDUVNDSYDUVnOHGHVHQOHGVWMlUQD 1XOlJHVDQDO\VHQJDYVYDUSnYLNWLJDIUnJRUU|UDQGHSRVWHQVL6W3HWHUVEXUJSUHVWDWLRQHURFK UHVXOWDW%ODQGDQQDWNXQGHPDQNRQVWDWHUDDWWYRO\PHQDYEUHYRFKSDNHWSHUFDSLWDXSSJLFN WLOOHQGDVWDYYRO\PHUQDLVYHQVNDSRVWHQRFKYLGDUHDWWGHKDGHIDOOLWGUDPDWLVNW VHGDQ6RPHQI|OMGKDGHRFNVnLQWlNWHUQDVMXQNLWPDUNDQW2PSRVWHQL6W3HWHUVEXUJ NXQGHXSSQnVYHQVNDQLYnHUVNXOOHLQWlNWHUQDPHUlQWLRGXEEODV,QWHUYMXHUQDYLVDGHRFNVn DWWSRVWHQVDNQDGHHWWPRGHUQWLQIRUPDWLRQVV\VWHPI|UVW\UQLQJDYYHUNVDPKHWHQ $IIlUVSODQHQIDVWVWlOOGHVDYJHQHUDOGLUHNW|UHQI|USRVWHQL6W3HWHUVEXUJLMXQL'HQJHU HQEUD|YHUEOLFN|YHUGHWDNWXHOODOlJHWRFKGHRPHGHOEDUDKRWHQPRWO|QVDPKHWHQ6RPPnO DQJHVDWWSRVWHQL6W3HWHUVEXUJLQRPnUGYVnUVNDYDUDLQLYnPHGGHPHVW XWYHFNODGHSRVWRUJDQLVDWLRQHUQDL(XURSDYDGJlOOHUNXQGVHUYLFHRFKDWWO|QVDPKHWHQVND YDUD´WLOOIUHGVVWlOODQGHµ$IIlUVSODQHQLQQHKnOOHUHWWnWJlUGVSURJUDPLSXQNWHUVRPVND OHGDWLOODWWPnOHWXSSQnV *HQRP*'VDIIlUVSODQKDUJUXQGHQODJWVI|USRVWHQVNRUWRFKOnQJVLNWLJDXWYHFNOLQJVDUEHWH 'HGlUSnI|OMDQGHP\FNHWRPIDWWDQGHRFKNRVWVDPPDDQDO\VHUQDEDNRPGHXQGHUOLJJDQGH DIIlUVSODQHUQDVRPSnE|UMDGHVXQGHUIDVKDUVNDSDWHQGHOLUULWDWLRQIUnQU\VNVLGD'HQQD KDUJUDGYLVODJWVLJVHGDQGHWNRQNUHWDDUEHWHWLQOHWWVPHGDWWJHQRPI|UDSULRULWHUDGH $IIlUVSODQI|U3RVWHQL6W3HWHUVEXUJMXQL

(11)

nWJlUGHU'HGLVNXVVLRQHUVRPI|OMGHSnEDVLVDYDIIlUVSODQHQlQGUDGHRFNVnSULRULWHULQJDUQD IUnQGHWI|UVWDDYWDOHW%UHYSDNHWQ\KHWVWLGQLQJDUGLUHNWUHNODPRFKWUDQVSRUWHUKDUNRPPLW DWWSULRULWHUDVHIWHUVRPDQDO\VHUQDYLVDGHDWWEHKRYHWDYI|UElWWULQJDUlUVW|UVWLQRPGHVVD RPUnGHQ 0RWEDNJUXQGDYGHWRPIDWWDQGHRSHUDWLYDDUEHWHVRPDIIlUVSODQHUQDVNXOOHJHQHUHUDEHVO|W 6ZHG3RVWDWWSODFHUDHQUHSUHVHQWDQWI|UVYHQVNDSRVWHQL6W3HWHUVEXUJVRPDQVYDULJI|U NRQVXOWYHUNVDPKHWHQ'HQQDSHUVRQEOHYVHGHUPHUDPHGOHPLOHGQLQJVJUXSSHQYLONHWNDQWDV VRPWHFNHQSnDWWEHVOXWHWXSSVNDWWDGHVlYHQSnU\VNVLGD6HQDUHVWDWLRQHUDGHVRFNVnHQ UHSUHVHQWDQWI|UGHQNRPPHUVLHOODYHUNVDPKHWHQL6W3HWHUVEXUJIUlPVWI|UDWWXWYHFNOD NRQFHSWHWNULQJSRVWnNHULHW*HQRPGHVVDSHUVRQHUVQlUYDURLDUEHWVJUXSSHURFKI|UO|SDQGH NRQVXOWDWLRQKDUDUEHWHWNRQNUHWLVHUDVRFKPLVVI|UVWnQGXQGYLNLWV 6DPPDQIDWWQLQJVYLVLQQHEDUVnOHGHVGHQI|UVWDIDVHQDWWWYnYLNWLJDPLOVWROSDUNXQGH XSSUlWWDV*'VDIIlUVSODQOHGGHWLOOHQJHPHQVDPXSSIDWWQLQJRPSRVWHQVDNWXHOODVYnULJKHWHU RFKOlPSOLJDVWUDWHJLHURFKnWJlUGHUI|UDWWEHDUEHWDGHVVDRFKVDPDUEHWHWXWYHFNODGHVIUnQHQ ´WMlQVWHPDQQDUHODWLRQµWLOOHWWPHUSHUVRQOLJWRFKSURIHVVLRQHOOWHQJDJHPDQJ)DVKDU GlUI|UIXQJHUDWVRPHQVWDUWVWUlFNDI|UDWWHWDEOHUDHQJHPHQVDPEDVI|UGHWIRUWVDWWD VDPDUEHWHWRPlQPHURPVWlQGOLJRFKG\UlQSODQHUDW I|U3RVWERODJHQ 

*EW

,QI|UIDVXWDUEHWDGHVEODSn6LGDVLQLWLDWLYHWWKDQGOLQJVSURJUDPDWWJlOODXQGHU %DVHUDWSnGHWWDGHILQLHUDGHVDWWDQWDONRQNUHWDUHVXOWDWVRPVNXOOHXSSQnVXQGHURFK VRPRFNVnLQJnULDYWDOHWPHOODQSRVWHQL6W3HWHUVEXUJRFK3RVWERODJHQ'HVVDPnOFLWHUDV RFNVnL6LGDVI|UHGUDJQLQJV30RFKEHNUlIWHOVHEUHYHWWLOO3RVWERODJHQRPILQDQVLHULQJ (QSURWRNROOI|UGDYVWlPQLQJDYGHVVDPnOJMRUGHVPHOODQSDUWHUQDLVHSWHPEHU,GHWWD DYVQLWWUHGRYLVDVOlJHWLRNWREHUVDPWNRPPHQWDUHURPVDQQROLNKHWHQDWWPnOHQQnVXQGHU nUHW

*¸VHNYTEHIEJJÇVWTPERIV

'HWWDDUEHWHKDUVNHWWLDUEHWVJUXSSHUPHGU\VNRFKVYHQVNSHUVRQDO6RPQlPQGHVRYDQlU GHWHQNRQNUHWLVHULQJDYJHQHUDOGLUHNW|UHQVDIIlUVSODQI|USRVWHQL6W3HWHUVEXUJcWJlUGL SODQHQDQJHUDWWSXQNWHUQDVNDNRQNUHWLVHUDVLDIIlUVSODQHUI|UUHVSHNWLYHEUHYSDNHW nNHULRFKI|UNDVVDEHWDOQLQJDUILQDQVLHOODWMlQVWHU(QOLJWKDQGOLQJVSURJUDPPHWI|UlU PnOHWDWWIlUGLJVWlOODGHVVDWYnDIIlUVSODQHU 'HWYnSODQHUQDIDVWVWlOOGHVIRUPHOOWDYJHQHUDOGLUHNW|UHQI|USRVWHQL6W3HWHUVEXUJRFK YLFH9'I|U3RVWERODJHQLVOXWHWDYMDQXDUL%lJJHGRNXPHQWHQlUP\FNHWGHWDOMHUDGH LDQDO\VRFKLI|UVODJWLOOnWJlUGHU'HUDVIUlPVWDVW\UNDlUDWWGHLQQHKnOOHUEHW\GOLJWPHUD IDNWDPDWHULDOlQJHQHUDOGLUHNW|UQVDIIlUVSODQ'HKDUGRFNLQWHVDPPDI|UDQNULQJVRP*' SODQHQRFKNDQGlUI|ULQWHEHWUDNWDVVRPVW\UGRNXPHQWPHGVDPPDLQQHE|UG'HIOHVWD NRQNUHWDPnOIRUPXOHULQJDULSODQHUQDlUlQQXLQWHGHILQLHUDGH3ODQHUQDI|UHIDOOHURFNVn RQ|GLJWGHWDOMULNDRFKNRPSOH[D(WWQnJRWHQNODUHRFKPHU|YHUVLNWOLJWIRUPDWKDGHNDQVNH JMRUWGHPPHURSHUDWLYWDQYlQGEDUD 6HlYHQSRVWHQV309LGDUHXWYHFNOLQJDY3RVWHQL6W3HWHUVEXUJXSSI|OMQLQJVUDSSRUWWLOO6LGDRNWREHU NDSLWHO

(12)

2/-QÇXRMRKEV

(WWDYKXYXGLQVWUXPHQWHQLGHQVYHQVNDSRVWHQVLQIRUPDWLRQVV\VWHPlUNXQGHUQDVLQVWlOOQLQJ WLOOSRVWHQVVHUYLFH)|UDWWPlWDGHQQDKDUPDQXWYHFNODWHWWPnWWSnNXQGQ|MGKHWHQ1., 1|MG.XQG,QGH[ *HQRPPlWQLQJDU|YHUWLGNDQPDQI|OMDXWYHFNOLQJHQYLDGHWWDLQGH[ 'HWVYHQVNDPnWWHWE\JJHUSnLQWHUYMXHUPHGNXQGHURFKI\OOHUK|JWVWlOOGDNUDYSnVWDWLVWLVN VlNHUKHW0nOHWI|UlUDWWLQWURGXFHUD1.,PlWQLQJDUL6W3HWHUVEXUJ  3RVWHQL5\VVODQGKDUHWWHJHWV\VWHPI|UDWWPlWDHIIHNWLYLWHWPPSnHQVNDODIUnQ (QOLJWGHWWDKDUSRVWHQL6W3HWHUVEXUJDOGULJInWWOlJUHlQRFKPDQDQVHUVLJYDUDHQP\FNHW EUDRFKHIIHNWLYOlQNLGHQU\VNDSRVWHQ1nJRQYDQDYLGH[WHUQDNXQGXQGHUV|NQLQJDUILQQV LQWHXWDQHIIHNWLYLWHWHQPlWVKXYXGVDNOLJHQLIRUPDYWHVWEUHY'HWIDQQVGlUI|UHQKHOGHO WYHNVDPKHWHURPEHKRYHWDYDWWXSSUlWWDHWW1.,LQGH[7LOOVDNHQK|URFNVnDWWHOHYHULGHQ VYHQVNDSRVWK|JVNRODQXQGHUJMRUGHHQEHJUlQVDGRFKLQRIILFLHOOXQGHUV|NQLQJDY1., KRVVYHQVNDUHVSHNWLYHU\VNDDIIlUVNXQGHU(QOLJWGHQQDVNXOOH1.,YDUDDYVHYlUWOlJUHlQYDG SRVWHQL6W3HWHUVEXUJYLOODFFHSWHUD 'HWPnWWVRPKDUXWYHFNODWVXQGHUlUHQNODUHlQGHWVYHQVNDPHQEHG|PVlQGnJHHQ EUDXSSIDWWQLQJRPNXQGHUQDVLQVWlOOQLQJ9DGVRPnWHUVWnUDWWJ|UDQXlUDWWXWELOGDGHQ SHUVRQDOVRPVNDJ|UDLQWHUYMXHUQDRFKDWWVWDUWDYHUNVDPKHWHQ'HQQDSHUVRQDOVNDVHGDQ YLGDUHXWELOGDVWLOOVlOMDUHLQRPSRVWHQ8WELOGQLQJHQNRPPHUDWWlJDUXPLRNWREHUYDUI|U GHQI|UVWDRIILFLHOODPlWQLQJHQE|UNXQQDJ|UDVLQQDQnUVVNLIWHW

(MWXVMFYXMSREZVÇORMRKEVJVÅROSQQYREPEFSPEK

(QVWRUGHODYGLVWULEXWLRQHQDYUlNQLQJDURFKDYLHUIUnQWHOHYHUNHOYHUNRFKNRPPXQHQVNHU LGDJJHQRPGHVVDP\QGLJKHWHUVHJHQSHUVRQDOHOOHUJHQRPWUDSSVWlGDUHLIDVWLJKHWHUQD, 6YHULJHOLNVRPL9lVWHXURSDL|YULJWVYDUDUGHQQDGLVWULEXWLRQI|UHQVWRUGHODYSRVWYRO\PHQ RFKGlUPHGLQWlNWHUQD'HWKDUGlUI|UVDWWVVRPPnODWWQnJRWDYGHVVDERODJKDU XWQ\WWMDWSRVWHQI|UVLQGLVWULEXWLRQXQGHU 7YnSUREOHPILQQVEDNRPI|UKnOODQGHW'HWI|UVWDlUDWWEUHYOnGRUQDLERVWDGVIDVWLJKHWHUQDL DOOPlQKHWILQQVLHQWUpQRFKDWWGHLQWHlJVDYSRVWHQ'HWlUYDQOLJWDWWGHlUWUDVLJDRFK GlUI|UPnVWHPDQHQJDJHUDSRUWYDNWHQHOOHUVWlGDUHQI|UDWWWDKDQGRPSRVWHQLQQHL IDVWLJKHWHQ'HWDQGUDSUREOHPHWKDUPHGWHNQLNHQI|UWU\FNQLQJRFKNXYHUWHULQJDWWJ|UD )|UDWWSRVWHQVNDNXQQDOHYHUHUDHQNRQNXUUHQVNUDIWLJWMlQVWPnVWHNRPPXQLNDWLRQHQPHOODQ ERODJRFKSRVWHQVDPWXWVNULIWHQDYUlNQLQJDUQDVNHHOHNWURQLVNWRFKPHGDXWRPDWLVN NXYHUWHULQJVNK\EULGSRVW7HNQLNHQlUG\URFKGHWKDUGLVNXWHUDWVDWWHWDEOHUDHWWVlUVNLOW VDPULVNI|UHWDJI|UGHWWDLVDPYHUNDQPHOODQSRVWHQL6YHULJHHWWLWDOLHQVNWI|UHWDJSRVWHQ VDPW%RUJPlVWHULHWL6W3HWHUVEXUJ)|UKDQGOLQJDURPROLNDO|VQLQJDUSnJnURFKGHWlU P|MOLJWDWWHQO|VQLQJQnVLQRPNRUWLYDUMHIDOOWHPSRUlUW 3UREOHPHWPHGGLVWULEXWLRQHQLQWHUQWLIDVWLJKHWHUQDNYDUVWnUGRFN'HWlUGlUI|ULQWH VDQQROLNWDWWSRVWHQNRPPHUDWWNXQQD|YHUWDKHODGLVWULEXWLRQHQDYUlNQLQJDU IUnQQnJRQNRPPXQDONXQGXQGHU

2]EXNÇRWXIV

6WUDWHJLQLDIIlUVSODQHQSHNDULQWHEDUDSnGHWQ|GYlQGLJDLDWWI|UElWWUDEHILQWOLJVHUYLFH XWDQHQOLNDYLNWLJnWJlUGlUDWWNXQQDHUEMXGDNXQGHUQDQ\DWMlQVWHUPHGVWRUSRWHQWLDOI|U O|QVDPKHWI|USRVWHQ,DYWDOHWI|UVORJVIDVWDWWI|OMDQGHSURGXNWHUVNXOOHLQWURGXFHUDV

(13)

XQGHU|YHUQDWWEUHY HJHQWOLJHQHQI|UElWWULQJ GLUHNWUHNODP I|UHWDJVSDNHWRFKSRVWRUGHU'HPHUGHWDOMHUDGHSODQHUQDEDNRPGHWWDILQQVL PRWVYDUDQGHDIIlUVSODQ 9DGJlOOHU|YHUQDWWEUHYGYVHQJDUDQWLDWWHWWEUHYVRPSRVWDVHQGDJVNDQnNXQGHQQlVWDGDJ ´$SRVWµ VDWWHVPnOHWWLOODWWDYEHIRUGUDGHEUHYVNXOOHNRPPDIUDPLXWORYDGWLG (QOLJWGHPlWQLQJDUVRPJMRUWVXQGHUnUHWOLJJHUVLIIUDQSnPHOODQRFK, XSSI|OMQLQJHQLVHSWHPEHUDQJHVPnOXSSI\OOHOVHQWLOO 'HWNDQI|UHIDOODHQNHOWDWWK|MDVLIIUDQWLOO0HQI|UDWWQnGLWNUlYVHQRPIDWWDQGH UDWLRQDOLVHULQJDYKDQWHULQJHQYLGWHUPLQDOHUQDGlUEUHYHQVRUWHUDVRFKGLVWULEXHUDV,GDJ ILQQVWHUPLQDOHURFKGHWILQQVHWWSULQFLSEHVOXWSnDWWGHVVDVNDVNlUDVQHGWLOOI|UDWW I|UElWWUDORJLVWLNHQLQ|GYlQGLJRPIDWWQLQJ(QOLJWGHEHG|PQLQJDUVRPJ|UVLGDJNRPPHU GHWWDLQWHDWWNXQQDJHQRPI|UDVLnURFKGlUI|UNRPPHULQWHPnOHWDWWQnVXQGHU (WW\WWHUOLJDUHSUREOHPLVDPPDQKDQJHWKDUPHGEULVWHQSnNXQGRULHQWHULQJDWWJ|UD 'HIOHVWDSRVWOnGRUW|PVLQQDQDUEHWVGDJHQlUVOXWYDUI|UDIIlUVSRVWEOLUOLJJDQGHLOnGRUQD WLOOVQlVWDGDJ 7MlQVWHQGLUHNWUHNODPlUYLVVHUOLJHQQ\I|USRVWHQPHQLQWHI|UI|UHWDJHQL6W3HWHUVEXUJ 5HGDQLGDJILQQVHWWWLRWDOI|UHWDJVRPV\VVODUPHGGLUHNWUHNODPYDUDYHWWKDUHQ GRPLQHUDQGHSRVLWLRQ 6W3HWHUVEXUJ([SUHVV 8QGHUnUHWKDUGHVVDNRQNXUUHQWHUNDUWODJWV RFKSRVWHQVHJHWNRQFHSWHWlUXWYHFNODWRFKNODUW8QGHUYnUHQYDUHPHOOHUWLG DUEHWVEHODVWQLQJHQLQRPSRVWHQVnK|JDWWGHSHUVRQHUVRPVNXOOHXWELOGDVLQWHNXQGHIULJ|UDV *HQHUDOGLUHNW|UHQEHVO|WVNMXWDODQVHULQJHQDYGHQQDWMlQVWSnIUDPWLGHQ8QGHUVRPPDUHQ NRPGRFNNODUWHFNHQIUnQOHGQLQJHQRFKXWELOGQLQJHQDYGHQSHUVRQDOVRPVNDHQJDJHUDVL YHUNVDPKHWHQNRPPHUDWWVNHXQGHUVOXWHWDYnUHWbYHQRPWMlQVWHQWUROLJHQNRPPHU DWWSnE|UMDVXQGHUlUGRFNNRQNXUUHQVHQVYnURFKGHWYRUHRI|UVLNWLJWDWWUlNQDPHG DWWSRVWHQNDQWDHQVWRUPDUNQDGVDQGHOSnNRUWVLNW 7MlQVWHQ)|UHWDJVSDNHWILQQVRFNVnSnPDUNQDGHQPHQKXYXGVDNOLJHQVRPNXULUYHUNVDPKHW PHGILUPDELODURFKnNDUH3RVWHQVDIIlUVLGpNRPPHUDWWYDUDDQQRUOXQGDDWWVDPODLQSDNHW GDJRFKOHYHUHUDGDJ+lULJHQRPNDQNRVWQDGHUQDSUHVVDVUHMlOWRFKSRVWHQNRPPHU NXQQDYDUDLHQP\FNHWEUDSRVLWLRQI|UDWWSULVNRQNXUUHUDVLJWLOOHQVWRUPDUNQDG'HQ SULVVWUDWHJLVRPVNDOOWLOOlPSDVlUGRFNlQQXLQWHIDVWODJG7MlQVWHQNRPPHUGRFNDWWLQOHGDV XQGHUL6W3HWHUVEXUJYDUI|UPnOHWNRPPHUDWWQnVLQQDQnUHWVVOXW3RWHQWLDOHQ EnGHLQRP6W3HWHUVEXUJRFK0RVNYDEHG|PVYDUDVWRUI|UGHQQDWMlQVWOLNVRPI|UWUDILN PHOODQGHVVDWYnVWlGHU 'HQVLVWDWMlQVWHQVRPVNDLQWURGXFHUDVXQGHUlUSRVWRUGHUYHUNVDPKHW.RQFHSWHWE\JJGH WLOOHQE|UMDQSnHWWWlQNWVDPDUEHWHPHGSRVWRUGHUI|UHWDJHW&ODV2KOVVRQL,QVM|Q'HWWD I|UHGDJJMRUGHHQPDUNQDGVXQGHUV|NQLQJL6W3HWHUVEXUJVRPYLVDGHSnSRWHQWLDO0DQ EHVO|WVLJGRFNVHQDUHI|UDWWVDWVDSn7\VNODQGLVWlOOHW.RQFHSWHWKDUVHGDQGHVVLQULNWDWVSn 79VKRS 0nOXSSI\OOHOVHQVDWWHVLVHSWHPEHUWLOO(QK|JUHPnOXSSI\OOHOVHNDQEOLYHUNOLJ RPSnJnHQGHI|UKDQGOLQJDUVOnUYlOXW

7]WXIQJ¸VOYRHOPEKSQÅP

)|UXWRPXSSV|NDQGH1.,PlWQLQJDUPnVWHHWWVHUYLFHI|UHWDJKDEUDV\VWHPI|U NXQGNODJRPnOVnDWWPLVVI|UVWnQGNDQNODUDVXSSRFKIHODNWLJKHWHUnWJlUGDV'HWILQQVHWW UXGLPHQWlUWV\VWHPI|UNXQGNODJRPnOSnSRVWNRQWRUHQL6W3HWHUVEXUJPHQGHWVNHUVlOODQ

(14)

QnJRQVDPPDQVWlOOQLQJRFKDQDO\VDYNXQGHUQDVHUIDUHQKHWHUVnDWWPHUV\VWHPDWLVNDHOOHU JHQHUHOODIHORFKVHUYLFHEULVWHUNDQnWJlUGDV 3nJnHQGHYHUNVDPKHWlUGHOVLQULNWDGSnXWELOGQLQJDYDQVYDULJDSHUVRQHUGHOVSnDWWLQUlWWD HWWV\VWHPI|UVDPPDQVWlOOQLQJRFKDQDO\V0nOXSSI\OOHOVHQVDWHVLVHSWHPEHUWLOORFK HQOLJWSODQHUQDVNDGHWQ\DV\VWHPHWYDUDLEUXNYLGnUVVNLIWHW

7PYXWEXWIV

1ÅPYTTJ]PPIPWI

3URMHNWHWNDQJURYWVlJDVYDUDXQJHIlUHWWnUI|UVHQDW'HQJUXQGOlJJDQGHDIIlUVSODQHQ VNXOOHHQOLJWSULQFLSDYWDOHWYDUDVOXWI|UGXQGHUYnUHQ,VWlOOHWNRPGHQDWWIDVWVWlOODVL MXQL7LOOYLVVGHOKlQJHUI|UVHQLQJHQVDPPDQPHGRSWLPLVPDQV|NDQWLOO6LGDI|U ILQDQVLHULQJDYNRQVXOWGHOHQI|UGHWWDLQNRPLQWHI|UUlQLMXQL+XYXGDQOHGQLQJHQlU GRFNDUEHWHWPHGRFKNRVWQDGHQI|UIDNWDLQVDPOLQJHQEDNRPGHPHUNRQNUHWDDIIlUVSODQHUQD VRPJMRUGHDWWSURMHNWHWVWRSSDGHVXSSXQGHUK|VWHQ)|UVHQLQJHQRFKI|UG\ULQJHQNDQ I|UPRGOLJHQEHWUDNWDVVRP´OlUSHQJDUµHIWHUVRPLQJHQGHUDSDUWHQKDGHQnJRQRPIDWWDQGH HUIDUHQKHWDYNRQNUHWVDPDUEHWHLSURMHNWIRUPPHGHQXWOlQGVNSDUW %RUWVHWWIUnQI|UVHQLQJHQKDUGHNRQNUHWDPnOVRPVWlOOGHVXSSI|UIDVRFKIDVLVWRUWVHWW XSSQnWWVHOOHUVHUXWDWWNXQQDXSSQnV6YnULJKHWHUQDlUVW|UVWYDGDYVHUHQDYSRVWHQV JUXQGOlJJDQGHWMlQVWHUQlPOLJHQDWWQnHOOHUPHUU|UDQGH|YHUQDWWEHIRUGUDQDYEUHY $UEHWHWPHGGHWWDlUGRFNVW|UUHlQYDGVRPNXQGHI|UXWVHVRFKHQK|JUHPnOXSSI\OOHOVH NRPPHUDWWNUlYDSROLF\EHVOXWIUnQOHGQLQJHQDYVHHQGHRPVWUXNWXUHULQJDYWHUPLQDOHUQD 7URWVDWWGHWXSSVDWWDPnOHWLQWHKDUQnWWVKDUSRVWHQVEUHYWMlQVWKDUI|UElWWUDWVSnWDJOLJW HQOLJWHWWRPG|PHIUnQHWWVYHQVNWI|UHWDJPHGJDQVNDOnQJHUIDUHQKHWL6W3HWHUVEXUJ%UHY VRPWLGLJDUHWRJWUHGDJDUHOOHUPHUI|UDWWNRPPDIUDPNRPPHUQXLQRPK|JVWWYnGDJDU 'HWWDRPG|PHlUGRFNLQWHEDVHUDWSnHQV\VWHPDWLVNXQGHUV|NQLQJXWDQPHUSnHQDOOPlQ UHIOH[LRQ 8W|YHUGHVVDWMlQVWHUKDUHQYLNWLJH[WUDWMlQVWLQI|UWVER[VHUYLFH +lPWD/lPQD I|U DIIlUVNXQGHULI|UVWDKDQGI|UVYHQVNDNXQGHURFKU\VNDNXQGHUPHGLQWHUQDWLRQHOO YHUNVDPKHW,QRPGHQQDWMlQVWNRQNXUUHUDUSRVWHQIUDPI|UDOOWPHGHWWILQVNWI|UHWDJVRP RSHUHUDUYLD/DSSHHQUDQWD3RVWHQVWMlQVWlUG\UDUHPHQRFNVnPHUNRPSOHWWJHQRPDWWGHQ HUEMXGHUVW|UUHYRO\PHURFKOHYHUDQVGLUHNWWLOONXQG9LGDUHKDUWLGQLQJVGLVWULEXWLRQHQ PHOODQ6YHULJHRFK5\VVODQGI|UElWWUDWV 'HQLQWUHVVDQWDIUnJDQlUHPHOOHUWLGLYDGPnQGHVVDUHVXOWDWKDUKDIWQnJRQEHW\GHOVHI|UGHW |YHUJULSDQGHPnOHWI|UVDPDUEHWHWDWWJ|UDSRVWHQL6W3HWHUVEXUJWLOOHQPRGHUQ SRVWYHUNVDPKHWLQLYnPHGYlVWHUOlQGVNDSRVWERODJ(IWHUVRPPnOHWLQWHlUPHUVSHFLILFHUDWL ROLNDDYVHHQGHQ YRO\PHUO|QVDPKHWPDUNQDGVDQGHODUHWF JnUGHWLQWHDWWEHG|PDKXUOnQJW LIUnQPnOHWPDQEHILQQHUVLJLGDJ(QVYnULJKHWDWWJ|UDEHG|PQLQJDUYLODURFNVnSnDWW SRVWHQL6W3HWHUVEXUJlQQXVnOlQJHLQWHYnJDUYLVDWUDQVSDUHQVRFK|SSHQKHWLIUnJRUVRP U|UO|QVDPKHWRFKDQGUDSUHVWDWLRQVPnWW'LVNXVVLRQHQRPPnOXSSI\OOHOVHNDQGlUI|ULQWHEOL EDVHUDGSnDQQDWlQNYDOLWDWLYDRPG|PHQRFKREVHUYDWLRQHU %HWUlIIDQGHO|QVDPKHWHQILQQVLQJDWLOOI|UOLWOLJDXSSJLIWHU'HQHQGDLQGLNDWRUQlUDWW I|UHWDJHWWURWVDOOWEHWDODUO|QHUYLONHWOnQJWLIUnQDOODRIIHQWOLJDI|UYDOWQLQJDUI|UPnU'HW YlUVWDWlQNEDUDVFHQDULRWL*'VDIIlUVSODQKDULQWHKHOOHUI|UYHUNOLJDWVHWWWRWDOWERUWIDOODY SHQVLRQHUVRPVYDUDGHI|UDYLQWlNWHUQDIUDPWLOO'HQQXYDUDQGHVWUDWHJLQE\JJHU

(15)

SnDWWSRVWnNHULHWNRPPHUDWWJ|UDSRVWHQPLQGUHEHURHQGHDYDWWK\UDYDJQDUIUnQ MlUQYlJVERODJHWYDULJHQRPEnGHNYDOLWHWHQLGLVWULEXWLRQHQRFKNRQWUROOHQ|YHUNRVWQDGHUQD NDQI|UElWWUDVDYVHYlUW (WWYLNWLJWQlVWDVWHJLVDPDUEHWHWERUGHYDUDDWWEHG|PDHIIHNWHUQDSnLQNRPVWHUQDDYGHQ\D SURGXNWHUQDRFKWMlQVWHUQDDWWInNRQWUROO|YHUNRVWQDGHUQDRFKDWWE\JJDXSSHWWVW\UV\VWHP EDVHUDWSnO|SDQGHDQDO\VDYLQWlNWHURFKNRVWQDGHU8WKnOOLJO|QVDPKHWNDQGRFNWUROLJHQ LQWHVlNHUVWlOODVI|UUlQHWWPHUGHFHQWUDOLVHUDWVW\UV\VWHPPHG|NDWUHJLRQDODXWRQRPLKDU E\JJWVXSSLQRPKHODGHQU\VNDSRVWHQ

1¸NPMKLIXIVEXXRÅQÅPIR

,GHWWDDYVQLWWGLVNXWHUDVP|MOLJKHWHUQDDWWJHQRPI|UDGHnWJlUGHUVRPI|UHVOnVLGHElJJH XQGHUOLJJDQGHDIIlUVSODQHUQD6RPIUDPJLFNDYDYVQLWWlUElJJHGHVVDSODQHUIRUPHOOW IDVWVWlOOGD'HnWJlUGHUVRPKDUJHQRPI|UWVKLWWLOOVNRPPHUGRFNIUlPVWIUnQDUEHWVSODQHQ EUHYSDNHWWUDQVSRUWHUVDPWK\EULGSRVWVRPlUHQGHODYGHILQDQVLHOODWMlQVWHUQD 0HGGHUHVXUVHUVRPNDQGLVSRQHUDVLQRPSRVWHQL6W3HWHUVEXUJWRUGHlYHQVW|UUHGHOHQDY YHUNVDPKHWHQXQGHUNRPPDDWWEHK|YDNRQFHQWUHUDVWLOODWWJHQRPI|UDUHGDQ XWYHFNODGHNRQFHSWSnHWWHIIHNWLYWVlWW0HGWDQNHSnGHWUHODWLYWVWRUDDUEHWHVRPOLJJHULDWW UDWLRQDOLVHUDWHUPLQDOHUQDNRPPHUP\FNHWDYGHQVYHQVNHUHSUHVHQWDQWHQVWLGJnWLOOGHWWD I|UXWVDWWDWWSULQFLSEHVOXWHWYHUNVWlOOV'lUWLOONRPPHUDWWnNHULSURMHNWHW VHDYVQLWWQHGDQ SnDOOYDUVNDVM|VlWWDVYLONHWNRPPHUDWWWDLDQVSUnNUHVXUVHUIUnQOHGQLQJVJUXSSHQ 0RWGHQQDEDNJUXQGYRUHGHWVDQQROLNWRNORNWDWWGHVVXWRPGUDLJnQJQ\DYHUNVDPKHWHU LQRPNDVVDEDQNRFKILQDQVLHOODWMlQVWHUL|YULJW5LVNHQDWWGHVNXOOHGUDEEDVDYUHVXUVEULVW IUDPI|UDOOWEHWUlIIDQGHOHGQLQJVNDSDFLWHWL6W3HWHUVEXUJPnVWHEHG|PDVVRPVWRU6NDGRUQD IUnQHWWPLVVO\FNDQGHVNXOOHNDQVNHGHVVXWRPVPLWWDDYVLJSnUHGDQSnJnHQGHYHUNVDPKHWRFK GlUPHGXWO|VDQ\DVSlQQLQJDULVDPDUEHWHW +lUILQQVnWHUDQOHGQLQJDWWEHWRQDYLNWHQDYJRGDSHUVRQOLJDUHODWLRQHU'HWlUVWlOOWXWRP WYLYHODWWVnYlOSURMHNWHWVWLOONRPVWVRPGHVVIRUWVlWWQLQJXQGHUlUP\FNHWEHURHQGHDY WlWDSHUVRQNRQWDNWHURFKI|UPnJDDWWI|UVWnI|UXWVlWWQLQJDUQDI|UVDPDUEHWHW'HWJnULQWHDWW PHNDQLVNW|YHUI|UDNRQFHSWKXUO\FNDGHGHlQlUIUnQHQVYHQVNPLOM|WLOOHQOLNQDQGH YHUNVDPKHWPHGDQGUDRUJDQLVDWRULVNDRFKHNRQRPLVNDI|UXWVlWWQLQJDU'HQVYHQVND QlUYDURQL6W3HWHUVEXUJlUGlUI|UHQI|UXWVlWWQLQJlYHQI|UGHWIRUWVDWWDRSHUDWLYDDUEHWHW (QDYDPELWLRQHUQDPHGVDPDUEHWHWlUDWWVHSURMHNWHWL6W3HWHUVEXUJVRPHWWSLORWSURMHNW YDUVHUIDUHQKHWHUVNDVSULGDVWLOODQGUDSRVWI|UYDOWQLQJDULQRUGYlVWUD5\VVODQGRFKlYHQWLOO KHODU\VNDSRVWHQ+LWWLOOVKDULQJHQWLQJJMRUWVLGHWWDDYVHHQGHKHOWHQNHOWSJDDWWDOOD UHVXUVHUEHK|YWVlJQDVnWDWWNRPPDLJnQJPHGYHUNVDPKHWHQL6W3HWHUVEXUJ'HQQDIUnJD GLVNXWHUDV\WWHUOLJDUHLDYVQLWWQHGDQ

/SWXREHWIJJIOXMZMXIX

7RWDODSURMHNWNRVWQDGHQI|USRVWHQVHQJDJHPDQJL6W3HWHUVEXUJH[NOXVLYHGHWNRPPHUVLHOOD VDPDUEHWHWXSSJnUSHUVLVWDMXQLWLOOFDPLOMNUYDUDYPLOMNUXQGHUIDVGYV SHULRGHQIUDPWLOOGHFHPEHU$YGHWWDKDU6LGDWLOOVDPPDGDWXPILQDQVLHUDWFDPLOM NURFKGnnWHUVWnUFDPLOMNUDWWEHWDODXWI|UDQGUDKDOYnUHW.RVWQDGHQI|UU\VND SRVWHQEHVWnUKXYXGVDNOLJHQDYDUEHWVWLGRFKNDQLQWHEHUlNQDV

(16)

'HWILQQVLQJHQULPOLJP|MOLJKHWDWWEHUlNQDNRVWQDGVHIIHNWLYLWHWHQLSURMHNWHWGHOVHIWHUVRP GHWVDNQDVMlPI|UHOVHWDOGHOVHIWHUVRPGHWLQWHJnUDWWUHODWHUDNRVWQDGHUQDWLOOQnJUDVlUVNLOGD SUHVWDWLRQHU (IIHNWLYLWHWHQNDQHJHQWOLJHQHQGDVWEHG|PDVLI|UKnOODQGHWLOOGHQEHUlNQDGHNRVWQDGHQI|U SURMHNWHWVWYnI|UVWDIDVHUGYVGHQEXGJHWVRPLQJLFNLDQV|NDQWLOO6LGDRFKVRPVNXOOHWlFND NRQVXOWNRVWQDGHUQD0HGGHWWDVRPXWJnQJVSXQNWVNXOOHGHQIDNWLVNDNRVWQDGVHIIHNWLYLWHWHQ XSSJnWLOOPLQGUHlQKlOIWHQDYGHQVRPEHUlNQDGHVYLGSURMHNWHWVVWDUW(OOHUDQQRUOXQGD XWWU\FNWGHWKDUNRVWDWPHUlQGXEEHOWVnP\FNHWDWWXSSQnlQGHSODQHUDGHUHVXOWDWHQlQYDG VRPDQWRJV.RVWQDGHQKDUGRFNLQWHGLUHNWGUDEEDWYDUHVLJILQDQVLlUHOOHUSRVWHQL6W 3HWHUVEXUJRFKNDQGlUI|UnQ\RNODVVLILFHUDVVRPOlUSHQJDU

,ÅPPFEVLIX

,YDGPnQNRPPHUKLWWLOOVXSSQnGGDUHVXOWDWDYVDPDUEHWHWDWWEOLEHVWnHQGH"'HQQDIUnJD KDUUHGDQNRUWEHU|UWVLVDPEDQGPHGGLVNXVVLRQHQRPYlUGHWDYGHQVWRUDVDWVQLQJHQSnDWW WDIUDPXQGHUOLJJDQGHDIIlUVSODQHU6RPQlPQGHVNRPPHUGHVVDVlNHUOLJHQLQWHDWWVSHOD VDPPDUROOVRPVW\UGRNXPHQWVRP*'SODQHQHOOHUVRPPRWVYDUDQGHGRNXPHQWL6YHULJHL VDPEDQGPHGI|UlQGULQJHQDYGHQVYHQVNDSRVWHQ'HKDUGlUHPRWIXQJHUDWVRP NDWDO\VDWRUHULVDPDUEHWHWRFKJUDGYLVHWDEOHUDWHQSODWWIRUPXWLIUnQYLONHQGHWRSHUDWLYD DUEHWHWNDQGULYDV $UEHWVPHWRGLNHQ/276LQI|UGHVVlNHUOLJHQXWDQGLVNXVVLRQPHGSRVWHQL6W3HWHUVEXUJ'HQ KDGHIXQJHUDWYlOLSRVWHQVLQWHUQDXWYHFNOLQJVDUEHWHL6YHULJH'HQKDUVLQXWJnQJVSXQNWLDWW I|UlQGULQJVDUEHWHWEHK|YHUI|UDQNUDVLGHPRNUDWLVNDIRUPHUI|UDWWInJHQRPVODJ*HQRPDWW PHGDUEHWDUHHQJDJHUDVLDUEHWVJUXSSHUJHVGHGLUHNWDP|MOLJKHWHUDWWSnYHUNDEnGHDQDO\V PnOIRUPXOHULQJDURFKDNWLYLWHWHULQQDQGHVVVOXWOLJHQIDVWVWlOOV )|UlQGULQJDUL5\VVODQGKDULQWHVDPPDWUDGLWLRQ2UJDQLVDWLRQVNXOWXUHQE\JJHUPHUSnDWW EHVOXWRPI|UlQGULQJIDWWDVFHQWUDOWRFKUHVSHNWHUDVIXOOWXWLRUJDQLVDWLRQHQ(QGLUHNW WLOOlPSQLQJDYGHQVYHQVNDPHWRGLNHQP|WHUGlUI|UI|UKnOODQGHYLVOLWHI|UVWnHOVHRFK XSSIDWWDVVRPRPVWlQGOLJDYXQGHUO\GDQGHSHUVRQDO'HWlUVQDUDUHVQDEEDUHVXOWDWRFKJRGD SHUVRQOLJDRFKSURIHVVLRQHOODUHODWLRQHUVRPOHGHUWLOOIUDPJnQJLVDPDUEHWHW6WDWLRQHULQJHQ DYSHUVRQDOIUnQVYHQVNDSRVWHQKDUYLVDWVLJDYJ|UDQGHRFKNRPPHUDWWYDUDVnLGHQ QXYDUDQGHPHURSHUDWLYDIDVHQ)|UDWWKnOODGHQYLNWLJDVWUDWHJLVNDGLDORJHQYLGOLYYRUHGHW RFNVnOlPSOLJWDWWSHUVRQHUPHGHUIDUHQKHWDYVWUDWHJLVNXWYHFNOLQJRFKUHIRUPDUEHWHNXQGH NQ\WDVQlUPDUHWLOOSURMHNWHW 'HWILQQVDQOHGQLQJDWWDQWDDUEHWHWLDUEHWVJUXSSHUKDULQQHEXULWHOOHUNRPPHUDWWLQQHElUD DWWI|UDQNULQJHQI|UI|UVODJHQEOLUElWWUHlQGHDQQDUVVNXOOHKDYDULW$YJ|UDQGHI|URPGH Q\DWMlQVWHUQDNRPPHUDWWOHYDNYDUlUGRFNRPGHYLVDUVLJO|QVDPPD6RPIUDPK|OOVRYDQ VDNQDVLGDJLQIRUPDWLRQRPO|QVDPKHWHQKRVROLNDYHUNVDPKHWVJUHQDURFKHWWLQIRUPDWLRQV V\VWHPPHGGHQQDLQULNWQLQJE|UXWYHFNODVVQDUDVWLQRPSRVWHQ2PSURMHNWHWVNXOOHXSSK|UD QXWDODUGHWPHVWDI|UDWWInDYGHQ\DWMlQVWHUQDVNXOOHLPSOHPHQWHUDVIXOOWXWRFKGlUPHG VNXOOHVDQQROLNWRFNVnGHQSRWHQWLDOI|UO|QVDPKHWVRPILQQVLGHPLQWHIXOOWXWH[SORDWHUDV

6IPEXMSRXMPPOSQQIVWMIPPETVSNIOX

'HQHNRQRPLVNDXWYHFNOLQJHQL6W3HWHUVEXUJUHJLRQHQRFKQlUKHWHQWLOO6YHULJHJ|UDWW SRVWHQL6W3HWHUVEXUJRFNVnlUHQLQWUHVVDQWNRPPHUVLHOOSDUWQHU7LOOVDPPDQVPHGSRVWHQL )LQODQGKDUVYHQVNDSRVWHQODQVHUDWHWWI|UVODJWLOOHWWWUDQVSRUWVDPDUEHWHUXQWgVWHUVM|Q XQGHUUXEULNHQ´(OOHQµ,QRPUDPHQI|UGHWWDNDQHQYLNWLJDNW|UEOLVDPULVNI|UHWDJHWPHOODQ

(17)

VYHQVNDSRVWHQRFKSRVWHQL6W3HWHUVEXUJU|UDQGHSRVWnNHULHW,GHWNRUWDSHUVSHNWLYHW NRPPHUI|UHWDJHWIUlPVWDWWVDWVDSnQlUPDUNQDGHQLUHJLRQHQPHQGHQSRWHQWLHOOD PDUNQDGHQI|UOlWWJRGVRFKOLNQDQGHEHG|PVYDUDLVWDUNWLOOYl[W ,GpQPHGHWWSRVWnNHULKDQGODUHJHQWOLJHQRPDWWHIIHNWLYLVHUDGHQEHILQWOLJDnNHUL YHUNVDPKHWHQEnGHLIRUPDYIRUGRQIUnQ6YHULJHRFKNXQQDQGHRPDIIlUVLGpQ3RVWHQKDU HWDEOHUDWVLJLUHJLRQHQJHQRPDWWSRVWIRUGRQL6YHULJHVRPlUILQDQVLHOOWDYVNULYQDPHQ IRUWIDUDQGHEUXNEDUDPDUNQDGVYlUGHUDVRFKVlWWVLQVRPDSSRUWHJHQGRPLHWWKHOlJW WUDQVSRUWERODJL6W3HWHUVEXUJ'HWWDERODJOHDVDUVHGDQXWELODUWLOOGHWJHPHQVDPlJGDQ\D SRVWnNHULHW cNHULHWNDQVnOHGHVEHWUDNWDVVRPHQYLGDUHXWYHFNOLQJDYGHWMlQVWHUVRPKDUXWYHFNODWVLQRP GHW6LGDILQDQVLHUDGHSURMHNWHWcNHULHWVNXOOHLQWHKDNXQQDVWDUWDVXWDQGHXQGHUV|NQLQJDU VRPJMRUGHVLSURMHNWHWRFKVDPWLGLJWJHUGHWKHODVDPDUEHWHWHQYlUGHIXOONRPPHUVLHOO LQULNWQLQJRFKXWYHFNOLQJbYHQK\EULGSRVWHQRFK79VKRSHQVRPKDUXWYHFNODWVPHGKMlOS DYILQDQVLHULQJIUnQ6LGDKDUVWRUILQDQVLHOOSRWHQWLDO 0DQNDQGlUI|USnVWnDWW6LGDKDUPHGYHUNDWWLOODWWOlJJDJUXQGHQI|UHWWNRPPHUVLHOOW VDPDUEHWHPHOODQVYHQVNDRFKU\VNDSRVWHQGHOVJHQRPDWWPHGYHUNDWLOODWWI|UElWWUD EDVWMlQVWHUQDGHOVI|UDWWILQDQVLHUDHQGHOXWYHFNOLQJVNRVWQDGHUI|UGHPHUNRPPHUVLHOOD WMlQVWHUQD

6IOSQQIRHEXMSRIV

-RWEXWIV

8QGHUPnVWHVDPDUEHWHWNRQFHQWUHUDVSnDWWSnDOOYDUYHUNVWlOODGHSODQHURFK LPSOHPHQWHUDGHWMlQVWHUVRPKDUXWYHFNODWVXQGHU6RPWLGLJDUHIUDPK|OOVE|U DQVWUlQJQLQJDUQDNRQFHQWUHUDVWLOODWWLI|UVWDKDQGVlOMDLQGHQ\DH[WHUQDWMlQVWHUQDRFK LQI|UDUHJHOEXQGQDPlWQLQJDUDY1.,RFKNXQGNODJRPnO 'HWlUWYHNVDPWRPGHJlOODQGHDIIlUVSODQHUQDlUWLOOUlFNOLJDXQGHUODJI|UPRGOLJHQPnVWH ODQVHULQJHQDYVnYlOGLUHNWUHNODPSRVWRUGHUVRPI|UHWDJVSDNHWVNHSnEDVLVDYHQUHYLGHULQJ DYDIIlUVSODQHQLYDUWIDOOYDGDYVHUNRQNUHWDPnOWLGVSODQHURFKOLNQDQGH'HWE|UGRFNLQWH KDQGODRPQ\DXWUHGQLQJDUXWDQPHURPDWWVlWWDUHDOLVWLVNDPnORFKYlJDGHVVDPRW EHILQWOLJDUHVXUVHU)|UDWWXQGHUOlWWDVDPDUEHWHWPHG6LGDERUGHDUEHWHWPHGGHVVDDVSHNWHU VDPPDQVWlOODVLHQnUVSODQI|UVRPDQJHUnUVPnOHQRFKILQDQVLHULQJVEHKRYHQI|U UHVSHNWLYHDNWLYLWHW 6LGDE|USRVLWLYW|YHUYlJDDWWOlPQDVW|GWLOOYHUNVDPKHWHQLQRPSnJnHQGHGHOSURMHNWPHQ DYVWnIUnQDWWVWUlFNDXWYHUNVDPKHWHQWLOOGHGHODULDIIlUVSODQHUQDVRPlQQXLQWHSnE|UMDWV WLOOVGHVVDWWSDUWHUQDJHPHQVDPWNRPPLWIUDPWLOODWWQ|GYlQGLJDSHUVRQHOODUHVXUVHUNDQ IULJ|UDV9LGDUHE|UPDQ|YHUHQVNRPPDPHG3RVWERODJHQ$%DWWWLOOlPSDGHQW\SDY XSSI|OMQLQJDYPnORFKUHVXOWDWVRPnWHUILQQVLUDSSRUWHQGDWHUDGVHSWHPEHU'HQJHU HWWVQDEERFKW\GOLJ|YHUEOLFN|YHUGHROLNDGHOSURMHNWHQVVWDWXVRFKSUREOHP 1lUYHUNVDPKHWHQQXLQULNWDVSnRSHUDWLYWDUEHWHILQQVGHWDQOHGQLQJDWWVWlUNDSRVWHQV UHSUHVHQWDWLRQL6W3HWHUVEXUJ3RVWERODJHQKDUUHGDQXWQlPQWVLQUHSUHVHQWDQWGlUWLOO SURMHNWOHGDUH'HWE|UI|OMDVXSSPHGDWWEXGJHWDQVYDUHWGHOHJHUDVWLOOSURMHNWOHGDUHQLQRP UDPHQI|UIDVWVWlOOGDKDQGOLQJVSODQHU'HWVNXOOHHUEMXGDVQDEEDUHRFKIOH[LEODUHUXWLQHUI|U DYURSDYWMlQVWHULVYHQVNDSRVWHQVRPEHG|PVQ|GYlQGLJDI|UDWWQnPnOHQ

(18)

7TVMHRMRK

'HWEDNRPOLJJDQGHV\IWHWPHGVDPDUEHWHWL6W3HWHUVEXUJYDUVnYlOHQOLJWSULQFLSDYWDOHWPHG QDWLRQHOODU\VNDSRVWHQVRPLNRQWUDNWHWPHGUHJLRQDODSRVWHQL6W3HWHUVEXUJDWWVSULGD HUIDUHQKHWHUQDDYVDPDUEHWHWWLOODQGUDSRVWHQKHWHULI|UVWDKDQGLQRUGYlVWUD5\VVODQGPHQ RFNVnWLOODQGUDUHJLRQHUL5\VVODQG(QOLJWNRQWUDNWHWPHOODQSRVWHQL6W3HWHUVEXUJRFK 6ZHG3RVWVNDGHQI|UUD´SHNDXWRPUnGHQRFKSURMHNWI|UI|UGMXSDWNRQVXOWDUEHWHµ'HWlU RNODUWRPGHWWDHQGDVWDYVHUDUEHWHWL6W3HWHUVEXUJHOOHURPGHWRFNVnVNDRPIDWWD VSULGQLQJHQWLOODQGUDSRVWHQKHWHU'HWIUDPJnULQWHKHOOHUKXUVSULGQLQJHQVNDJnWLOORPGHW lUSRVWHQL6W3HWHUVEXUJVRPVNDGHOJHHUIDUHQKHWHUQDWLOOVLQDNROOHJRULUHJLRQHQHOOHURP GHWI|UXWVHVDWWOLNQDQGHVDPDUEHWVSURMHNWVNDGUDVLJnQJQlUKXYXGGHOHQDYVDPDUEHWHWL6W 3HWHUVEXUJlUDYVOXWDW)UnJDQV\QHVLQWHKHOOHUKDGLVNXWHUDWVXQGHUGHWKLWWLOOVYDUDQGH VDPDUEHWHW 2DYVHWWKXUIUnJDQRPVSULGQLQJNRPPHUDWWI|OMDVXSSlUGHWNODUWDWWVYHQVNDSRVWHQHIWHU OlUGRPDUQDL6W3HWHUVEXUJVNXOOHYDUDYlOVNLFNDGVRPSDUWLVnGDQDSURMHNW(UIDUHQKHWHQ YLVDUDWWIUDPJnQJDULGHQQDDIIlUVNXOWXUNUlYHUHQOlPSOLJEODQGQLQJDYHWDEOHULQJDY lJDUVNDSI|UI|UlQGULQJRFKPHURPIDWWDQGHDQDO\VI|UOnQJVLNWLJXWYHFNOLQJVDPWLGLJWVRP QnJRUOXQGDVQDEEDRSHUDWLYDUHVXOWDWXSSQnV'HWWDNDQHQGDVWnVWDGNRPPDVRPPDQKDU JRGDSHUVRQOLJDRFKSURIHVVLRQHOODUHODWLRQHU6DPWLGLJWKDUSRVWHQL6W3HWHUVEXUJ WLOOJRGRJMRUWVLJNXQVNDSHQDWWGHWEHK|YVHQNODUDIIlUVLGpVRPJUXQGI|UDWWXWYHFNODQ\D SURGXNWHURFKDWWSRVWHQLHQPDUNQDGVHNRQRPLIUlPVWlUHQVHUYLFHRUJDQLVDWLRQ3RVWHQL6W 3HWHUVEXUJNDQVnOXQGDWMlQDVRPUHIHUHQVSURMHNW'HVVDLQVLNWHUSn|PVHKnOOE|UJ|UDDWW I|UXWVlWWQLQJDUQDDWWKLWWDUlWWXSSOlJJQLQJDYVDPDUEHWHWEOLUP\FNHWJRGDRPQ\DI|UVODJ WLOOVDPDUEHWVSURMHNWVNXOOHEOLDNWXHOOD 'HWUnGHUKHOOHULQJHQWYHNDQRPDWWVYHQVNDSRVWHQVWHNQLVNDNXQQDQGHlUDYVWRUWYlUGHI|U WlQNEDUDVDPDUEHWVSDUWQHUVUXQWgVWHUM|Q0HGHQPHUHIWHUIUnJHEDVHUDGPHWRGLNI|UGHQ RUJDQLVDWRULVNDXWYHFNOLQJHQlUlYHQHUIDUHQKHWHUQDDYSRVWHQVLQWHUQDI|UlQGULQJVRFK XWYHFNOLQJVDUEHWHHQJRGUHIHUHQVI|USRVWI|UYDOWQLQJDULUHJLRQHQ 6LGDE|UGlUI|UKDHQSRVLWLYJUXQGLQVWlOOQLQJWLOOVDPDUEHWVSURMHNWPHGOLNQDQGHLQULNWQLQJ lYHQLDQGUDGHODUDYgVWHUVM|UHJLRQHQ(QELGUDJDQGHIDNWRUWLOOHWWSRVLWLYWEHVOXWE|UGRFN YDUDDWWVYHQVNDSRVWHQLQVHUDWWXWYHFNOLQJDYSRVWDODEDVWMlQVWHUlUHQYLNWLJI|UXWVlWWQLQJI|U HWWPHUNRPPHUVLHOOWVDPDUEHWHLQWHPLQVWJHQRPDWWGHQVNDSDUI|UWURHQGHKRV´N|SDUHQµ, VMlOYDYHUNHWKDUVYHQVNDSRVWHQKlULJHQRPHQP\FNHWDQYlQGEDUVWUDWHJLI|UVLQ LQWHUQDWLRQDOLVHULQJXWYHFNOLQJDYEDVWMlQVWHUPHG6LGDILQDQVLHULQJ RFKVRPEODJDJQDU 6LGDVPnOJUXSS VRPJUXQGI|UUHQWNRPPHUVLHOODVDWVQLQJDUDYEHW\GHOVHI|USRVWHQVLQWHUQD VWUDWHJLPHQRFNVnI|UGHQHNRQRPLVNDWLOOYl[WHQLVDPDUEHWVOlQGHUQD 6DPDUEHWHWlUYLGDUHHWWH[HPSHOSnDWW´WZLQQLQJµGYVWHNQLVNWVDPDUEHWHPHOODQKRPRORJD RUJDQLVDWLRQHULQWHEDUDNDQEDVHUDVSn|YHUI|ULQJDYV\VWHPRFKSURGXNWHUIUnQGHQQDHQD WLOOGHQDQGUDRUJDQLVDWLRQHQ'HQPlQVNOLJDIDNWRUQEHK|YVLYDUMHOHGI|UDWWVNDSD I|UWURHQGHRFKI|UVWnHOVHI|UXWYHFNOLQJDYDIIlUVLGpRFKQ\DWMlQVWHURFKSURGXNWHU,QWHPLQVW KDUGHWYLVDWVLJEHW\GHOVHIXOOWDWWKDHQQlUDGLDORJLVWDUWHQRFKK|JQlUYDURLGHWRSHUDWLYD VNHGHW'HWWDlUHQOlUGRPI|UVnYlOILQDQVLlUVRPSURMHNWRUJDQLVDWLRQ

(19)
(20)
(21)
(22)
(23)
(24)

8IP  *E\  

7HOHJUDPVLGDVWRFNKROP7HOH[VLGDVWKOP3RVWJLUR²

References

Related documents

We recommend to the general meeting of shareholders that the income statements and balance sheets of the parent company and the group be adopted, that the profi t of the parent

För en nuvarande och en tidigare styrelseledamot har HQ Bank AB gjort pensionsutfästelser som tryggas av pensionsstiftelse. Kapitalvärdet av pensionsutfästelsen uppgick den 31

We recommend to the general meeting of shareholders that the income statements and balance sheets of the parent company and the group be adopted, that the profit of the parent

På årsstämman behandlas bolagets utveckling och beslut tas i ett antal centrala ärenden, såsom fastställelse av resultat- och balansräkning, aktieutdel- ning, förändringar

The board of directors and the chief executive officer certify that the annual report has been prepared in accor- dance with generally accepted accounting practice in Sweden and

KDU GHWWD ODJW Sn HQ EULFND RFK ElUV. L EDQG %HO|QLQJVPHGDOMHU

Trafikantgrupp för trafikantgrupp bestämmer man sen på samma sätt de viktigaste faktorerna för risk samt sedan ta fram mått på hur döda, svårt och lindrigt skadade förhåller

KPMG:s kommunikation förändras på sätt att ansvarstagandet är tydligt högre 2011 och därefter kommuniceras att organisationen genomför korrigerande åtgärder