• No results found

Kapacitet och roller inom Forum Syd

N/A
N/A
Protected

Academic year: 2021

Share "Kapacitet och roller inom Forum Syd"

Copied!
144
0
0

Loading.... (view fulltext now)

Full text

(1)

78=6)07)2*Ó6-28)62%8-32)008 98:)'/0-2+77%1%6&)8) %ZHIPRMRKIRJ¸VWEQZIVOERQIHIRWOMPHE SVKERMWEXMSRIVSGLLYQERMXÇVXFMWXÅRH

/ETEGMXIXSGLVSPPIV

MRSQ*SVYQ7]H

%TVMP

(2)
(3)
(4)
(5)

)R/ETEGMXIXWWXYHMIEZ*SVYQ7]H

4ÅYTTHVEKEZ7MHE

7PYXVETTSVX

7XSGOLSPQETVMP

'IGMPME/EVPWXIHX

àOI7ELPMR

àWE8IKPYRH

(6)

 ,1/('1,1*   %$.*581'  678',(166<)7(  $16$762&+*(120)g5$1'( (QNlWXQGHUV|NQLQJDUQD   %(*5(33(7.$3$&,7(7  +,6725,.2&+)25806<'66,78$7,219,'678',(16*(120)g5$1'(  '(),1,7,21$91<&.(/%(*5(33  0c/6b771,1*$52&+0$1'$7   +898'0b12&+,175(66(17(5 0HGOHPPDU 6LGD $QGUDVYHQVNDHQVNLOGDRUJDQLVDWLRQHU  0c/2&+52//(5 5ROOHU gYHUJULSDQGHPnOVlWWQLQJDU 5ROONRQIOLNWHU $QDO\VDY5ROONRQILNWHU  )25806<'6+898'833*,)7(5 ,GHQWLWHWHQOLJWNDQVOLSHUVRQDOHQ  +XYXGXSSJLIWHUHQOLJWPHGOHPPDU  )25806<'625*$1,6$725,6.$6758.785   %$.*581'7,//189$5$1'(6758.785  25*$1,6$7,2166758.785  0('/(00$5  c560g7(  67<5(/6(2&+876.277  6W\UHOVHQVDUEHWVIRUPHU   6W\UHOVHQVV\QSn)RUXP6\GVPnO   0HGOHPPDUVP|MOLJKHWWLOOSnYHUNDQ  (QSROLWLVNWI|UDQNUDGRUGI|UDQGH   %HUHGQLQJVNRPPLWWpHUQD   )25806<'6.$16/,  2UJDQLVDWLRQ  )|UGHOQLQJDYWMlQVWHU  5HNU\WHULQJ  /HGQLQJVILORVRIL   ,QWHUQNRPPXQLNDWLRQ   'HOHJHULQJ   6W\UQLQJ  9HUNVDPKHWVSODQHULQJRFKXSSI|OMQLQJ  3HUVRQDO  )25806<'6%,67c1'69(5.6$0+(7   32/,&<2&+675$7(*,(5  3(5621$/%,67c1'  5ROOHU0DQGDWRFK,QWUHVVHQWHU   .RUWEHVNULYQLQJDYYHUNVDPKHWHQLOlQGHUQD  7\SHUDYELVWnQGVDUEHWDUH  7LOONRPVWDYSODFHULQJDU  5HNU\WHULQJ  )|UEHUHGHOVHUL6YHULJH   )|UEHUHGHOVHULODQGHW

(7)

5HJLRQNRQWRUHQVUROO  )LQDQVLHULQJ   $QDO\V    879(&./,1*66$0$5%(7()g5052&+'(02.5$7,   *HQRPI|UDQGHSURMHNW   5HVXUVEDVI|U05RFK'HPRNUDWL   81*'20687%<7(   352-(.767g'7,//6<'2&+g67   5ROOHU0DQGDWRFK,QWUHVVHQWHU   gVWSURJUDPPHW    ,QULNWQLQJSnSURMHNWVW|GHW    2UJDQLVDWLRQ   $UEHWVPHWRGHU    2UJDQLVDWLRQVDQDO\VRFKRUJDQLVDWLRQVXWYHFNOLQJ   3URMHNWVW|G6\G    ,QULNWQLQJ   6LGDVDQYLVQLQJDU   (QVNLOGDRUJDQLVDWLRQHUVV\QSnEHUHGQLQJHQ    %HUHGQLQJVF\NHOQ    6W|GRFKUnGJLYQLQJLDQV|NQLQJVSURFHVVHQ   %HVOXW    6W|GRFKUnGJLYQLQJXQGHUJHQRPI|UDQGH   3URMHNWKDQWHULQJVV\VWHP    cWHUI|UDQGHHUIDUHQKHWVXWE\WHRFKOlUDQGH  5HJLRQNRQWRUHQVUROO    )LQDQVLHULQJ    $QDO\V    ,17(*5(5,1*$9%,67c1'69(5.6$0+(7(1   81*'206)21'(1   23,1,2162&+,1)250$7,2169(5.6$0+(7(1   0c/6b771,1*2&+0$1'$7   3/$77)250652//(1   2SLQLRQVDUEHWH    .DPSDQMHU   1lWYHUN   8QJGRPVYHUNVDPKHWRFKVNROLQIRUPDWLRQ    .XQVNDSVXWYHFNOLQJ    6HPLQDULHU   8WYlUGHULQJDU    ,76DPYHUNDQ   ,QIRUPDWLRQVFHQWHU  )|UODJHWRFKWLGQLQJHQ6\G   1lWYHUNVDGPLQLVWUDWLRQ   ,QIRUPDWLRQVELGUDJ    6LGDVQ\DDQYLVQLQJDU   %HUHGQLQJDYDQV|NQLQJDU   6W|GRFKUnGJLYQLQJ    $1$/<6   ,'e879(&./,1*2&+32/,&<   $'0,1,675$7,9$2&+(.2120,6.$(1+(7(1    (.2120,6<67(0   $1$/<6 

(8)

)|UPnJDDWWWRONDRPYlUOGHQ  )|UPnJDDWWVDPDUEHWD )|UPnJDDWWDQSDVVDYHUNVDPKHWHQ  6DPPDQIDWWDQGHRPG|PH   ,15(())(.7,9,7(7  )|UPnJDDWWXSSUlWWKnOODHQVDPV\Q  gYHUHQVVWlPPHOVHPHOODQROLNDYHUNVDPKHWVGHODU  7LOOJnQJWLOOUHVXUVHU   5HJHOV\VWHPDUEHWVPHWRGHURFKIXQNWLRQHOORUJDQLVDWLRQ  3ULRULWHULQJRFKVW\UQLQJ /lUDQGH   )|UPnJDDWWEDODQVHUDVWDQGDUGLVHULQJPHGIOH[LELOLWHW  6DPPDQIDWWDQGHRPG|PH   5(.200(1'$7,21(5  $11(; 833'5$*6%(6.5,91,1*  $11(; /,67$g9(5,17(59-8$'(3(5621(5  $11(; /,77(5$785)g57(&.1,1*  $11(; )g56/$*7,//.2162/,'(5,1*$9g9(5*5,3$1'(0c/   $11(; (1.b77,//)25806<'60('/(00$5  $11(; (1.b77,//25*$1,6$7,21(5620,17(b5 0('/(00$5,)25806<'  $11(; (1.b769$5)5c1)25806<'60('/(00$5   $11(; (1.b769$5)5c125*$1,6$7,21(5620,17(b5 0('/(00$5,)25806<' 

(9)





*¸VSVH

c)6ZHGLVK 0DQDJHPHQW *URXS $% KDU XQGHU K|VWHQ  RFK YLQWHUQ  KDIW I|UWURHQGHW DWW JHQRPI|UD GHQQD NDSDFLWHWVVWXGLH DY )RUXP 6\G 'HW KDU YDULWHWWP\FNHWLQWUHVVDQWRFKOlURULNWDUEHWH,YnUDGLVNXVVLRQHUPHGSHUVRQDO I|UWURHQGHYDOGD RFK ELVWnQGVDUEHWDUH KDU YL P|WW PnQJD Q\D VSlQQDQGH IUnJH VWlOOQLQJDUUXQWXWYHFNOLQJVVDPDUEHWHVRPWYLQJDWRVVDWWWlQNDLI|URVVLLEODQG KHOWQ\DEDQRU

)RUXP6\GlUEnGHHQXQJRFKHQJDPPDORUJDQLVDWLRQ*HGLJHWNXQQDQGHRFK OnQJHUIDUHQKHWILQQV VDPODW LQRP RUJDQLVDWLRQHQV YlJJDU HIWHU GHFHQQLHU DY XW YHFNOLQJVVDPDUEHWH 6DPWLGLJW lU )RUXP 6\G lYHQ HQ P\FNHW XQJ RUJDQLVDWLRQ VRPIRUWIDUDQGHSURYDUVLJIUDPH[SHULPHQWHUDURFKV|NHUQ\DIRUPHU

)RUXP6\GKDULQWDJLWHQSODWVVRPVDPYHUNDQVRUJDQI|UVYHQVNDHQVNLOGDRUJDQL VDWLRQHU LQRP XWYHFNOLQJVVDPDUEHWH 9L KDU P|WW HQ P\FNHW SRVLWLY XSSVOXWQLQJ UXQW )RUXP 6\G RFK UXQW GH UROOHU VRP RUJDQLVDWLRQHQ YLOO VSHOD EODQG VYHQVND HQVNLOGDRUJDQLVDWLRQHU5ROOHUQDlUIRUWIDUDQGHLQWHNULVWDOONODUDPHQDWW)RUXP 6\GEHK|YVRFKYlUGHUDVK|JWDYGHVVLQWUHVVHQWHUlUGHVWRNODUDUH

'HQQD UDSSRUW VWXGHUDU )RUXP 6\GV PDQGDW RUJDQLVDWLRQ DUEHWVPHWRGHU RFK YHUNVDPKHW6RPDOOWLGlUGHWOlWWDUHDWWSHNDSnGHWVRPEHK|YHUYLGDUHXWYHFNODV lQGHWVRPUHGDQIXQJHUDUYlO'HWI|UWMlQDVGlUI|UDWWIUDPKnOODVDWW)RUXP6\G lU HQ RUJDQLVDWLRQ PHG VWRUD DPELWLRQHU NRPSHWHQW SHUVRQDO RFK L YLONHQ HQ RHUK|UGPlQJG LGHHOOD DUEHWVWLPPDU LQYHVWHUDV DY GHVV I|UWURHQGHPDQQDRUJDQL VDWLRQ9LlUP\FNHWLPSRQHUDGHDYYDGVRPnVWDGNRPVLQRP)RUXP6\G6DPWL GLJWV\QVGHWDWW)RUXP6\GKDUYX[LWVQDEEW0nQJDDYGHEULVWHUYLSHNDUSnWURU YL NDQ I|UNODUDV DY GHQ NUDIWLJD H[SDQVLRQHQ VHGDQ GHVV ELOGDQGH  9L UH NRPPHQGHUDUDWW)RUXP6\GQXSULRULWHUDUNRQVROLGHULQJDYPnOVlWWQLQJDUUROOHU RFKPHWRGHUI|UDWWlQQXElWWUHNXQQDI\OODGHUROOHUVRPI|UYlQWDVDYGHVVLQWUHV VHQWHU

'HWlUPnQJDVRPKDUGHODWV\QSXQNWHUPHGRVV$OODREVHUYDWLRQHURFKUHNRP PHQGDWLRQHUlUGRFNYnUWDQVYDU9LYLOOYDUPWWDFNDOHGQLQJHQSHUVRQDOHQI|U WURHQGHRUJDQLVDWLRQHQ RFK ELVWnQGVDUEHWDUH VRP YL KDU NRPPLW L NRQWDNW PHG XQGHU VWXGLHQV JHQRPI|UDQGH I|U GHUDV LQWUHVVH HQJDJHPDQJ RFK YLOMD DWW GHOD V\QSXQNWHU WDQNDU RFK LGpHU PHG RVV 9L NRPPHU PHG VWRUW LQWUHVVH DWW I|OMD )RUXP6\GVYLGDUHXWYHFNOLQJ

6WRFNKROP

&HFLOLD.DUOVWHGW cNH6DKOLQ cVD7HJOXQG

(10)







-20)(2-2+

 &EOKVYRH

(Q VWRU GHO DY GHW VYHQVND ELVWnQGHW XWI|UV DY VYHQVND HQVNLOGD RUJDQLVDWLRQHU &LUNDRUJDQLVDWLRQHUGHOWDULGHWWDDUEHWH8QGHUI|UPHGODGHVGU\JWWYn PLOMDUGHUDYGHWVYHQVNDELVWnQGHWWLOOGHUDVDUEHWHL6\GRFKgVWYDUDYGU\JW PLOMRQHUNRPIUnQ6LGDVIRONU|UHOVHDQVODJ(QVNLOGDRUJDQLVDWLRQHURFKIRONU|UHOVHU KDUEHG|PWVKDHQVSHFLHOOI|UPnJDDWWIUlPMDGHPRNUDWLVNXWYHFNOLQJDYGHWFLYLOD VDPKlOOHW L YlUOGHQ JHQRP DWW VDPDUEHWD PHG RFK VWlUND ORNDOD RUJDQLVDWLRQHU VDPW JHQRP DWW DQDO\VHUD I|UW\GOLJD RFK LQIRUPHUD RP JOREDOD IUnJHVWlOOQLQJDU RFKXWYHFNOLQJVVDPDUEHWH I|U GHQ VYHQVND DOOPlQKHWHQ ,QRP GHWWD DUEHWH U\PV HWW YLWW VSHNWUXP DY DNWLYLWHWHU RFK LQVDWVHU 'H HQVNLOGD RUJDQLVDWLRQHUQD XWJ|U YLNWLJDSDUWQHUVWLOO6LGDLGHWVYHQVNDXWYHFNOLQJVVDPDUEHWHW

+XYXGGHOHQ DY GH HQVNLOGD RUJDQLVDWLRQHUQDV ELVWnQG ILQDQVLHUDV JHQRP GH 

UDPRUJDQLVDWLRQHU VRP 6LGD KDU LQJnWW DYWDO PHG (WW UDPDYWDO E\JJHU Sn HWW |PVHVLGLJWI|UWURHQGHPHOODQEnGDSDUWHUVDPWUHVSHNWI|UGHQHQVNLOGDRUJDQLVD WLRQHQVNRPSHWHQVRFKP|MOLJKHWDWWXWI|UDHWWEUDELVWnQG$YWDOHWLQQHElUHQVWRU IULKHWVJUDG I|U UHVSHNWLYH RUJDQLVDWLRQ VRP NDQ DJHUD LQRP GH JLYQD UDPDUQD *UXQGSULQFLSHU L VDPDUEHWHW lU DWW UHVSHNWHUD GHQ GHOHJHULQJ VRP IDVWVWlOOWV L DYWDOHW DWW KnOOD HQ LQIRUPHOO RFK O|SDQGH NRQWDNW UXQW YLNWLJD IUnJRU VDPW DWW EnGDSDUWHUI|OMHUGHUXWLQHUVRPIDVWVWlOOWV'HVVXWRPOnWHU6LGDUDPRUJDQLVDWLR QHUQDJHQRPJnNDSDFLWHWVVWXGLHUPHGUHJHOEXQGQDLQWHUYDOOHU

6LGD KDU OnWLW JHQRPI|UD NDSDFLWHWVVWXGLHU DY UDPRUJDQLVDWLRQHUQD VHGDQ  6WXGLHUQDlUHWWXQGHUODJLGHQO|SDQGHGLVNXVVLRQHQUXQWVDPDUEHWHW(QNDSDFL WHWVVWXGLHXQGHUV|NHUHQRUJDQLVDWLRQVI|UPnJDRFKI|UXWVlWWQLQJDUDWWEHGULYDHWW EUDELVWnQG,VWlOOHWI|UDWWJUDQVNDRFKXWYlUGHUDROLNDLQVDWVHULQRPUDPDYWDOHW EHWRQDUVWXGLHUQDHWWRUJDQLVDWLRQVWlQNDQGHRFKJHUHQEUHGDUH|YHUVLNWlQYDGHQ GLUHNWSURMHNWXSSI|OMQLQJJ|U)|UXWRPDWWJH6LGD|NDGI|UVWnHOVHI|URUJDQLVDWLR QHQV YHUNVDPKHW VND VWXGLHQ YDUD HWW LQWHUQW DUEHWVUHGVNDS I|U RUJDQLVDWLRQHQV IRUWVDWWD I|UlQGULQJVDUEHWH 6WXGLHQ VNDOO NODUOlJJD EHKRY DY I|UlQGULQJDU HOOHU I|UVWlUNQLQJDUDYRUJDQLVDWLRQHQVNRPSHWHQVRFKNDSDFLWHW'HQVNDOORFNVnVlNHU VWlOODDWWELVWnQGVPHGHOI|UGHODVWLOOHIIHNWLYDHQVNLOGDRUJDQLVDWLRQHU

c)6ZHGLVK 0DQDJHPHQW *URXS KDU XQGHU K|VWHQ  RFK YLQWHUQ  JH QRPI|UWHQNDSDFLWHWVVWXGLHDYSDUDSO\RUJDQLVDWLRQHQ)RUXP6\G

)RUXP6\GlUHQDYGHVW|UVWDDYUDPRUJDQLVDWLRQHUQDRFKVDPWLGLJWGHQ\QJVWD 'HQELOGDGHVJHQRPHQVDPPDQVODJQLQJDY%,)2 )|UHQLQJHQI|U%LVWnQG JHQRP (QVNLOGD 2UJDQLVDWLRQHU  RFK 696 6YHQVN 9RORQWlUVDPYHUNDQ  )RUXP 6\GV PHGOHPPDU lU  I|UHQLQJDU RFK HQVNLOGD RUJDQLVDWLRQHU IUnQ YLWW VNLOGD LQWUHVVHVIlUHU%ODQGGHVVDU\PVVnYlOIOHUWDOHWDYGH|YULJDUDPRUJDQLVDWLRQHUQD VRPVPnLGHHOODI|UHQLQJDU)RUXP6\GlUGHHQVNLOGDRUJDQLVDWLRQHUQDVELVWnQGV VDPYHUNDQVRUJDQLVDWLRQ RFK YLOO ELGUD WLOO DWW J|UD HWW EUD XWYHFNOLQJVVDPDUEHWH ElWWUHJHQRPXWE\WHDYHUIDUHQKHWHURFKJHQRPDWWVWLPXOHUDWLOOHWWJHPHQVDPW 

(11)





OlUDQGH)RUXP6\GDUEHWDUPHGELVWnQGRFKNRPSHWHQVXWYHFNOLQJQlWYHUNRFK HUIDUHQKHWVXWE\WH LQIRUPDWLRQ RFK RSLQLRQVELOGQLQJ XQJGRPVYHUNVDPKHW RFK LGpXWYHFNOLQJ)|UHQLQJHQKDUVLWWVlWHL6WRFNKROP

)RUXP6\GVUDPDQVODJI|UYDUPLOMRQHUNURQRUYDUDYPLOMRQHU NURQRU DYVnJ XWYHFNOLQJVVDPDUEHWH PHG 6\G LQNOXVLYH LQIRUPDWLRQVDUEHWH  PLOMRQHUNURQRUXWYHFNOLQJVVDPDUEHWHPHGgVWLQNOXVLYHLQIRUPDWLRQVDUEHWHRFK PLOMRQHUNURQRUDGPLQLVWUDWLRQVVFKDEORQ



7XYHMIRW7]JXI

(Q NDSDFLWHWVVWXGLH XQGHUV|NHU RUJDQLVDWLRQHQV I|UPnJD RFK I|UXWVlWWQLQJDU DWW EHGULYD HWW EUD XWYHFNOLQJVVDPDUEHWH ,QWUHVVHW IRNXVHUDV LQWH Vn P\FNHW Sn DWW NRQWUROOHUDUHVXOWDWHWDYYHUNVDPKHWHQXWDQVQDUDUHSnKXUYHUNVDPKHWHQEHGULYV GYV GH SURFHVVHU RFK PHWRGHU VRP XWYHFNODWV I|U DWW nVWDGNRPPD UHVXOWDWHW (Q NDSDFLWHWVVWXGLH EHKDQGODU RPUnGHQ VRP RUJDQLVDWLRQHQV VWUXNWXU RFK PHNDQLV PHUI|UDWWEHGULYDYHUNVDPKHWHQVDPWGHVVI|UPnJDDWWSODQHUDDGPLQLVWUHUDRFK I|OMDXSSYHUNVDPKHWHQ(QOLJW6LGDVXSSGUDJVEHVNULYQLQJ $QQH[ lUV\IWHWPHG NDSDFLWHWVVWXGLHQDY)RUXP6\G



$WWDQDO\VHUD)RUXP6\GVDGPLQLVWUDWLRQRUJDQLVDWLRQVVWUXNWXURFKILQDQVLH ULQJXWLIUnQNUDYVRPVWlOOVLHWWVnYlONRUWVLNWLJWVRPOnQJVLNWLJWSHUVSHNWLYRFK PHGEHDNWDQGHDYGHVVROLNDYHUNVDPKHWVRPUnGHQUROOHUPDQGDWRFKLQWUHV VHQWHU 



$WWEHG|PD)RUXP6\GVIXQNWLRQVRP ELGUDJVI|UPHGODUH VHWW XU VnYlO 6LGDV VRPPHGOHPVRUJDQLVDWLRQHUQDVSHUVSHNWLY  



%RWEXWSGL+IRSQJ¸VERHI

 

c)6ZHGLVK 0DQDJHPHQW *URXS NRQWUDNWHUDGHV DY 6LGD I|U DWW JHQRPI|UD HQ NDSDFLWHWVVWXGLH DY )RUXP 6\G 6WXGLHQ KDU JHQRPI|UWV DY cNH 6DKOLQ &HFLOLD .DUOVWHGWRFKcVD7HJOXQG   )|UDWWHQVWXGLHVNDIXQJHUDVRPHWWDUEHWVGRNXPHQWNUlYVDWWRUJDQLVDWLRQHQlU GHODNWLJLSURFHVVHQVDPWDWWGHQKDUI|UWURHQGHI|UDWWGHUHNRPPHQGDWLRQHUVRP VWXGLHQOHGHUWLOONDQI|UlQGUDYHUNVDPKHWHQLHQULNWQLQJVRPlUP|MOLJ6nOHGHV NUlYVDWWDUEHWHWLP|MOLJDVWHPnQVNHUXWLIUnQRUJDQLVDWLRQHQVHJQDYlUGHULQJDU SULRULWHULQJDURFKWRONQLQJDYSUREOHPRFKP|MOLJKHWHU9LKDUYDOWDWWJHQRPI|UD VWXGLHQVRPHQNRQVXOWDWLYSURFHVVGlUROLNDSHUVRQHULQRP)RUXP6\GRFKLYLVV PnQ6LGDKDUGHOWDJLW9LKDUDQYlQWHQV\VWHPDQVDWV(QOLJWGHQQDDQVDWVNDQHQ RUJDQLVDWLRQVHVVRPROLNDGHOV\VWHPLHQPHUHOOHUPLQGUHJHPHQVDPRPJLYQLQJ )|U DWW V\VWHPHW VND IXQJHUD WLOOIUHGVVWlOODQGH PnVWH GH ROLND GHODUQD VDPYHUND VDPWKHOKHWHQVDPYHUNDPHGVLQRPJLYQLQJ'HWRUJDQLVDWRULVNDV\VWHPHW)RUXP 6\G lU HWW |SSHW V\VWHP VRP SnYHUNDU RFK SnYHUNDV DY VLQ RPJLYQLQJ 'HW lU

(12)

  GlUI|ULEODQGVYnUWDWWDYJUlQVDYDGVRPlU)RUXP6\GRFKYDGVRPlUGHVVRP JLYQLQJ   9nUEHG|PQLQJDYRUJDQLVDWLRQHQKDUWLOOVWRUGHOVNHWWLQLIUnQLVDPYHUNDQPHG GHVV DQVWlOOGD RFK YDOGD I|UWURHQGHPlQ RFK XWLIUnQ RUJDQLVDWLRQHQV HJQD I|UXW VlWWQLQJDU'DWDLQVDPOLQJRFKDQDO\VJUXQGDUVLJLK|JXWVWUlFNQLQJSnNYDOLWDWLYD GDWDLQVDPODGHJHQRPLQWHUYMXHURFKVDPWDO,$QQH[UHGRJ|UYLI|UYLONDSHU VRQHUVRPKDULQWHUYMXDWV9nUDQVDWVKDUV\IWDWWLOODWWnVWDGNRPPDHQEUHGLQVLNW RFKI|UlQGULQJVEHUHGVNDS9LKDUVHWWVRPYnUXSSJLIWDWWLQLWLHUDGLVNXVVLRQHURFK InQJDXSSSUREOHPVWlOOQLQJDUVQDUDUHlQDWWGHILQLHUDIlUGLJD O|VQLQJDU 9L KDU RFNVnVDPODWLQGDWDIUnQROLNDLQWUHVVHJUXSSHUUXQW)RUXP6\GGHVVKXYXGPlQ PHGOHPPDUQD UDPRUJDQLVDWLRQHUVDPWRUJDQLVDWLRQHUVRPV|NHUSURMHNWELGUDJ IUnQ)RUXP6\GPHQLQWHlUPHGOHPPDU'HQQDGDWDLQVDPOLQJKDUVNHWWJHQRP WYnROLNDHQNlWHU $QQH[RFK 6H$QQH[RFKI|UVDPPDQVWlOOQLQJDUDY UHVXOWDWHQ(QVWRUPlQJGXQGHUV|NQLQJDURFKXWYlUGHULQJDUKDUWLGLJDUHJMRUWVDY GHODUDY)RUXP6\GVYHUNVDPKHWSnXSSGUDJDY)RUXP6\G9LKDUI|UV|NWGUD Q\WWD DY GHQQD ULND PlQJG DQDO\VHU VRP UHGDQ KDU JMRUWV JHQRP DWW WD GHO DY GHVVDGRNXPHQW6H$QQH[I|UHQOLVWD|YHUGHGRNXPHQWYLKDUVWXGHUDW

 

$UEHWHW KDU ODJWV XSS VRP HQ VHULH DY GDWDLQVDPOLQJVIDVHU YDU RFK HQ DYVOXWDG PHGHWWVHPLQDULXP6HPLQDULHUQDKDUV\IWDWWLOODWWGHOVYDUDWLOOIlOOHQI|URVVDWW I|UDHQGLVNXVVLRQPHGHQEUHGJUXSSLQRPNDQVOLHWVDPWDWWInJHnWHUI|ULQJDY YnUDLDNWWDJHOVHU6HPLQDULHUQDKDUJHQRPI|UWVVRPVDPWDO   'HQI|VWDIDVHQLVWXGLHQYDUHQDOOPlQGDWDLQVDPOLQJVIDVXWLIUnQLQWHUYMXHUPHG Q\FNHOSHUVRQHU Sn )RUXP 6\GV NDQVOL , HWW VHPLQDULXP PHG NDQVOLSHUVRQDOHQ GLVNXWHUDGHV)RUXP6\GVLGHQWLWHWRFKLQWUHVVHQWHU   'HQDQGUDIDVHQLQULNWDGHVIUlPVWSnDWWVWXGHUD)RUXP6\GVJHQRPI|UDQGHDYGH XSSGUDJRUJDQLVDWLRQHQKDUIUnQ6LGDDWWJUDQVNDDQV|NQLQJDURFKVW|WWDHQVNLOGD RUJDQLVDWLRQHUXWDQUDPDYWDODWWEHGULYDXWYHFNOLQJVSURMHNWL6\GRFKgVW'HQQD IDVDYVOXWDGHVPHGHWWVHPLQDULXPGlUYLNWLJDIUnJHVWlOOQLQJDULVDPDUEHWHWPHG 6LGDO\IWHVIUDP+DQGOlJJDUHIUnQ6LGDGHOWRJLGHWWDVHPLQDULXP   ,I|OMDQGHIDVVWXGHUDGHYLDUEHWHWLIlOW9LEHV|NWHI\UDOlQGHUPHGROLNDW\SHUDY YHUNVDPKHW/HWWODQG/LWDXHQ7DQ]DQLDRFK.DPERGMD'DWDVDPODGHVLQJHQRP LQWHUYMXHU PHG ELVWnQGVDUEHWDUH NRRUGLQDW|UHU ORNDOW DQVWlOOG SHUVRQDO 6LGD UHSUHVHQWDQWHUVDPWPHGORNDODVDPDUEHWVRUJDQLVDWLRQHU,7DQ]DQLDRFK.DP ERGMDJHQRPI|UGHVJUXSSGLVNXVVLRQHUPHGVDPWOLJDELVWnQGVDUEHWDUHRFKNRRUGL QDW|UHU , VHPLQDULHW VRP I|OMGH GLVNXWHUDGH YL IUnJHVWlOOQLQJDU UXQW VDPDU EHWVSDUWQHUVRFKSHUVRQDOELVWnQG9LGGHWWDWLOOIlOOHGHOWRJ)RUXP6\GVI\UD&KHI VNRRUGLQDW|UHU(QSHUVRQIUnQ6LGDgVWGHOWRJ    )RUXP6\GKDUWUHXSSGUDJDWWVW|WWDVYHQVNDHQVNLOGDRUJDQLVDWLRQHURFKI|UPHGODSURMHNWELGUDJ WLOOGHP'HVVDJlOOHUSURMHNWL6\GgVWRFK&HQWUDOHXURSDVDPW9LWU\VVODQG'HWYnI|UVWDXSS GUDJHQIDOOHULQRP)RUXP6\GVUDPDYWDOPHG6(.$)|UXSSGUDJHWL9LWU\VVODQGKDU)RUXP6\G HWWVHSDUDWDYWDOPHG6LGDgVW

(13)



 

'lUHIWHUWLWWDGHYLQlUPDUHSn)RUXP6\GVRSLQLRQVRFKLQIRUPDWLRQVDUEHWH6RP HQ GHO L GHQQD IDV JHQRPI|UGHV HWW VHPLQDULXP GlU HQ YLNWLJ IUnJHVWlOOQLQJ YDU LPSOLNDWLRQHUDY6LGDVI|UlQGUDGHDQYLVQLQJDU

 

3DUDOOHOOW PHG GHWWD LQWHUYMXDGHV nWWD UHSUHVHQWDQWHU LQRP I|UWURHQGH RUJDQLVDWLRQHQ 9L YDU YLGDUH QlUYDUDQGH YLG WUH VW\UHOVHP|WHQ RFK HWW PHG OHPVP|WHVDPWJHQRPI|UGHHQNlWXQGHUV|NQLQJDUQDEODQGPHGOHPPDURFKRUJD QLVDWLRQHUVRPLQWHlUPHGOHPPDU

 

, HQ SDUDOOHOO SURFHVV KDU OHGQLQJ RUJDQLVDWLRQ DGPLQLVWUDWLRQ HNRQRPL RFK SHUVRQDOVWXGHUDWVJHQRPVDPWDOPHGOHGQLQJHQVNLOGDLQWHUYMXHURFKGRNXPHQW VWXGLHU   6OXWOLJHQGLVNXWHUDGHVOXWVDWVHURFKREVHUYDWLRQHUPHGNDQVOLSHUVRQDOLWYnVHPLQD ULHUPHGVW\UHOVHQLVDPEDQGPHGHWWVW\UHOVHP|WHVDPWPHG6LGDYLGWYnVHSD UDWDP|WHQ  )ROÇXYRHIVW¸ORMRKEVRE  9LKDUJHQRPI|UWWYnHQNlWXQGHUV|NQLQJDU'HVVDKDUULNWDWVLJWLOO)RUXP6\GV PHGOHPPDURFKWLOOHWWXUYDODYRUJDQLVDWLRQHUVRPLQWHlUPHGOHPPDUPHQVRP KDUV|NWSURMHNWVW|GYLD)RUXP6\G7YnHQNlWIRUPXOlUDQYlQGHV $QQH[RFK  )|UHQLQJDUQDV RUGI|UDQGH YHUNVDPKHWVDQVYDULJH I|U ELVWnQGVYHUNVDPKHWHQ HOOHU GHQSHUVRQVRPKDIWNRQWDNWPHG)RUXP6\GVNDQVOLRPEDGVEHVYDUDHQNlWHUQD 'HQI|UVWDHQNlWHQVNLFNDGHVXWWLOOVDPWOLJDPHGOHPVRUJDQLVDWLRQHUL)RUXP6\G 'HQDQGUDHQNlWHQVlQGHVWLOOHQWUHGMHGHODYGHRUJDQLVDWLRQHUVRPV|NWSURMHNW VW|GYLD)RUXP6\G'HVHQDUHYDOGHVXWVOXPSPlVVLJW%ODQGPHGOHPVRUJDQLVD WLRQHUQD UHWXUQHUDGHV WUH HQNlWHU SJD IHODNWLJD DGUHVVHU %ODQG LFNH PHGOHPPDUQD UHWXUQHUDGHV I\UD DY VDPPD DQOHGQLQJ  DY PHGOHPPDUQD VYDUDGHLQRPGHQXWVDWWDWLGHQUHVSHNWLYHDYLFNHPHGOHPPDUQD   1lUYLDQDO\VHUDGHVYDUHQVnJYLDWWGHPHGOHPPDUVRPKDGHVYDUDWNXQGHNlQ QHWHFNQDVDYDWWGHYHUNDGHYDUDHQP\FNHWHQJDJHUDGJUXSSVRPJDYLQWU\FNHWDY DWWYDUDPnQDRP)RUXP6\G9LIUnJDGHRVVGnKXUGHQJUXSSVRPLQWHVYDUDGH VnJ XW" 6YDUDGH GH LQWH I|U DWW GH YDU PLVVQ|MGD HOOHU YDU GH OLNJLOWLJD" )|U DWW NXQQDEHG|PDJHQHUDOLVHUEDUKHWHQNRQWDNWDGHYLVDPWOLJDPHGOHPPDUSHUWHOH IRQVRPLQWHKDGHVYDUDWRFKEDGGHPNRPPDLQPHGVLWWVYDU3nGHWWDYLVILFNYL LQ\WWHUOLJDUHVYDUYLONDXWJ|UµUHSUHVHQWDQWHUI|UGHQW\VWDPDVVDQµ,QNOXVLYH GHVVD VYDUDGH  DY PHGOHPPDUQD )|U YLGDUH DQDO\V KDU YL GHODW LQ GHQQD WRWDODJUXSSLI|OMDQGHXQGHUJUXSSHU

(14)

 



5DPRUJDQLVDWLRQHU



gYULJDRUJDQLVDWLRQHU H[NOXVLYHUDPRUJDQLVDWLRQHUQD



2UJDQLVDWLRQHUXWDQDQVWlOOGSHUVRQDO



'HVRPVYDUDGHVSRQWDQWSnHQNlWHQH[NOXVLYHUDPRUJDQLVDWLRQHU



'HVRPVYDUDGHHIWHUSnWU\FNQLQJDUH[NOXVLYHUDPRUJDQLVDWLRQHU   *HQRPDWWMlPI|UDGHWYnVLVWQlPQGDJUXSSHUQDNDQYLDQDO\VHUDJHQHUDOLVHUEDU KHWHQ %nGD JUXSSHUQD DQJHU Sn HQ |SSHQ IUnJD VDPPD KXYXGXSSJLIWHU I|U )RUXP6\G(QYLVVVNLOOQDGIUDPVWnUGRFNPHOODQGHWYnJUXSSHUQD,UHSUHVHQ WDQWJUXSSHQI|UµGHQW\VWDPDVVDQµKDU





)lUUHV|NWSURMHNWVW|G



)OHUKDUDQVWlOOGSHUVRQDO



'H lU JHQRPJnHQGH PHU SRVLWLYD WLOO )RUXP 6\GV SURIHVVLRQDOLWHW RFK VHUYL FHJUDG



'H SULRULWHUDU LQWH ULNWLJW VDPPD IXQNWLRQHU VRP GHQ I|UVWD JUXSSHQ YLONHW WRUGHKlQJDVDPPDQPHGDWWIlUUHKDUV|NWSURMHNWVW|G



)RUXP6\GlULQWHOLNDYLNWLJWI|UGHUDVELVWnQGVYHUNVDPKHWVRPI|UGHQI|UVWD JUXSSHQ   9LIDQQLQJHWEHOlJJI|UDWWGHQQDJUXSSVNXOOHYDUDVSHFLHOOWPLVVQ|MGHOOHUOLNJLO WLJD'HUHSUHVHQWHUDURUJDQLVDWLRQHUVRPYlUGHUDU)RUXP6\GVIXQNWLRQHUVRPDWW WH[NXQQDULQJDRFKInLQIRUPDWLRQHOOHUDWWµQlWYHUNDµK|JUHlQDWWV|NDSURMHNW VW|GJHQRP)RUXP6\G*HQRPDWWVOnVDPPDQGHWYnJUXSSHUQDDQVHUYLDWWYL HUKnOOHUHWWUHVXOWDWVRPlUUHSUHVHQWDWLYWI|UYDG)RUXP6\GVPHGOHPPDUW\FNHU RPVLQI|UHQLQJ5HVXOWDWHWDYXQGHUV|NQLQJHQUHGRJ|UVI|UL$QQH[RFKVDPW O|SDQGHLUDSSRUWHQ   



&IKVITTIXOETEGMXIX

  9LKDUYDOWDWWWRONDEHJUHSSHWNDSDFLWHWLIRUPDYWYnHIIHNWLYLWHWVPnWW\WWUHRFK LQUHHIIHNWLYLWHW<WWUHHIIHNWLYLWHWKDQGODURP|YHUHQVVWlPPHOVHPHOODQRUJDQLVD WLRQHQRFKGHVVRPJLYQLQJGYVKXUYlORUJDQLVDWLRQHQXSSQnUVLQDPnOVlWWQLQJ DURFKWLOOJRGRVHUVLQDLQWUHVVHQWHUVEHKRY  

2UJDQLVDWLRQHQV I|UPnJD DWW VNDSD NYDOLWDWLYD UHVXOWDW EHURU RFNVn Sn LQWHUQD IDNWRUHUWH[H[LVWHQVDYDQYlQGEDUDV\VWHPNODUDUHJOHUORJLVNDUXWLQHUW\GOLJW EHVOXWVIDWWDQGHVDPW RUJDQLVDWLRQHQV I|UPnJD DWW I|UlQGUD VLJ (Q RUJDQLVDWLRQV NDSDFLWHWEHURURFNVnSnYLONDUHVXUVHUGHQI|UIRJDU|YHULIRUPDYSHUVRQDOLGHHOOW DUEHWHNRQWDNWHUQlWYHUNORNDOHURFKSHQJDU6DPPDQWDJHWEHO\VHUGHVVDIDNWR UHUYDGYLNDQNDOODI|ULQUHHIIHNWLYLWHW,QUHHIIHNWLYLWHWVYDUDUSnIUnJDQKXURUJD QLVDWLRQHQXWI|UDUEHWHWRFKKXURUJDQLVDWLRQHQVROLNDGHODUVDPYHUNDU    8WYlUGHULQJI|U)|UlQGULQJ36WHYULQ

(15)

   ,HQNDSDFLWHWVVWXGLHVWlOOHUPDQVLJIUnJDQRPRUJDQLVDWLRQHQXWQ\WWMDUVLQNDSD FLWHWSnElVWDVlWW'HWlUULPOLJWDWWDQWDDWWHQRUJDQLVDWLRQXWQ\WWMDULVWRUWVHWW GHQNDSDFLWHWGHQKDU9LVVWVODFNNDQQDWXUOLJWYLVI|UHNRPPDVRP NDQ PLQVNDV JHQRP I|UElWWUDGH UXWLQHU V\VWHP RUJDQLVDWLRQVVWUXNWXU HOOHU DUEHWVPHWRGHU , GDJHQVSUHVVDGHWLGHUE|UMDUGRFNPnQJD RUJDQLVDWLRQHU QlUPD VLJ HQ JUlQV I|U KXUP\FNHWPDQNDQHIIHNWLYLVHUD'nJlOOHUGHWDWWLVWlOOHWILQQDQ\DDUEHWVIRUPHU GUDQ\WWDDYVLQDOlUGRPDURFKDSSOLFHUDGHPLDQGUDVDPPDQKDQJVDPDUEHWD GHODSnUHVXUVHURFKInWLOOJnQJWLOODQGUDRUJDQLVDWLRQHUVVWUXNWXUHU   ,QWUHVVDQWDIUnJHVWlOOQLQJDUVRPU|UHIIHNWLYLWHWlU 



)LQQVPRWVWULGLJDPnOVlWWQLQJDUI|UROLNDGHODU"



)LQQVNXQVNDSRFKPHGYHWHQKHWLQRPKHODV\VWHPHWRPGHVVXSSJLIWHUUROOHU RFKVSHOUHJOHU"



6NDSDVHWWPHUYlUGHJHQRPVDPVSHOPHOODQRUJDQLVDWLRQHQVROLNDGHODU"



)LQQVHQPHGYHWHQVW\UQLQJDYRUJDQLVDWLRQHQV\VWHPHWVRPKHOKHW"



bURUJDQLVDWLRQHQIOH[LEHORFKNDQGHQI|UlQGUDVLJHIWHUI|UlQGUDGHI|UXWVlWW QLQJDURFKEHKRYLRPJLYQLQJHQ"



)XQJHUDULQWHUQNRPPXQLNDWLRQWLOOIUHGVVWlOODQGH"



+XUKDQWHUDURUJDQLVDWLRQHQV\VWHPDWLVNnWHUI|ULQJDYUHVXOWDWSnROLNDQLYnHU"



.ODUDURUJDQLVDWLRQHQDYDWWI|UQ\DVLJRFKDYYHFNODGHODUVRPLQWHIXQJHUDU HOOHUlUI|UnOGUDGH"   'HVVDIUnJHVWlOOQLQJDUKDUVW\UWYnUWDUEHWH,NDSLWHOJ|UYLHQVDPPDQIDWWDQGH EHG|PQLQJDY)RUXP6\GVNDSDFLWHWXWLIUnQGHP   

 ,MWXSVMOSGL*SVYQ7]HWWMXYEXMSRZMHWXYHMIRW

KIRSQJ¸VERHI

  )RUXP6\GELOGDGHVJHQRPHQVDPPDQVODJQLQJDY%,)2RFK696'HQQD VDPPDQVODJQLQJKDGHSnE|UMDWVLE|UMDQDYQLWWLRWDOHWJHQRPELOGDQGHWDYµ6\G SXQNWHQµGlUGHWYnLQIRUPDWLRQVDYGHOQLQJDUQDJLFNLKRSLHWWJHPHQVDPWDUEHWH   %,)2ELOGDGHVVRPHWWLQWUHVVHRUJDQI|UVYHQVNDHQVNLOGDRUJDQLVDWLRQHUPHG V\IWHDWWKMlOSDVYHQVNDHQVNLOGDRUJDQLVDWLRQHUDWWJHQRPI|UDHWWElWWUHELVWnQG NRQWUDNWHUDGHV%,)2DY6LGDI|UDWWXWI|UDHWWJUDQVNQLQJVXSSGUDJDYDQ V|NQLQJDU I|U SURMHNW L 6\G RFK LQIRUPDWLRQVDNWLYLWHWHU %,)2 ILFN GlUPHG WYn UROOHUJUDQVNDUH HQP\QGLJKHWVUROO RFKVW|GMDUH HQVDPYHUNDQVUROO YLOND)RUXP 6\GVHQDUHWRJ|YHU

 

696 ELGDGHV  VRP HQ IRUWVlWWQLQJ Sn GHQ 6YHQVND )UHGVNnUHQ GYV GHQ WLGLJDUHVWDWOLJDYRORQWlUYHUNVDPKHWHQVRPVN|WWHVDY6LGD696WLOOKDQGDK|OOHWW RSROLWLVNWDOWHUQDWLYI|USHUVRQHUVRPYDULQWUHVVHUDGHDYDWWDUEHWDVRPYRORQWlUHU 696DUEHWDGHlYHQPHGLQIRUPDWLRQRPXWYHFNOLQJVIUnJRU'HWYnI|UHQLQJDUQD KDGHYDUGHUDHWWWDOPHGOHPPDUDYYLONDIOHUD|YHUODSSDGH1lU)RUXP6\G ELOGDGHVKDGHI|UHQLQJHQHWWWDOPHGOHPPDU

(16)

    )HPnUKDUQXJnWW)RUXP6\GKDUOlPQDWVLQI|UVWDIDVDYHWDEOHULQJRFKlUSn YlJLQLHWWVNHGHDYNRQVROLGHULQJ)RUXP6\GKDUHWDEOHUDWVLJVRPHQVMlOYNODU SDUWLQRPGHWVYHQVNDIRONU|UHOVHELVWnQGHW'HI|UVWDIHPnUHQKDUNDUDNWlULVHUDWV DYHQNUDIWLJH[SDQVLRQSnPnQJDIURQWHUYHUNVDPKHWVRPUnGHQPHGOHPPDURFK SHUVRQDO   6LGDRFK)RUXP6\GKDGHXQGHUHQOlQJUHWLGGLVNXWHUDWDWWOnWDJHQRPI|UDHQ NDSDFLWHWVVWXGLH 'H YLVVWH DWW K|VWHQ  VNXOOH EOL WXUEXOHQW .DQVOLHW VNXOOH IO\WWD HQ Q\ VW\UHOVHRUGI|UDQGH KDGH MXVW WLOOWUlWW I|UHQLQJHQ VNXOOH Jn LQ L HQ SURFHVVDWWIRUPXOHUDSROLFLHVEHKRYDYHQI|UlQGUDGRUJDQLVDWLRQVVWUXNWXUKDGH EOLYLWPHUXSSHQEDUDHQNRQIOLNWI|UHOnJLHWWDYVDPDUEHWVOlQGHUQD7URWVGHWWD YDOGH)RUXP6\GVOHGQLQJDWWOnWDJHQRPI|UDNDSDFLWHWVVWXGLHQRFKDWWOnWDGHQEOL HQGHOLGHQI|UlQGULQJVSURFHVVVRPI|UHQLQJHQVWRGLQI|U+|VWHQVNXOOHYLVDVLJ EOLlQQXPHUWXUEXOHQW$YROLNDDQOHGQLQJDUEOHYHQKHWVFKHIVSRVWHUQDI|U)RUXP 6\GVWYnYHUNVDPKHWVGHODU ELVWnQGRFKLQIRUPDWLRQ REHPDQQDGHVDPWLGLJWVRP VWXGLHQLQOHGGHV<WWHUOLJDUHHQSHUVRQLOHGQLQJVJUXSSHQJLFNSnI|UlOGUDUOHGLJKHW RFK DY IHP IDQQV HQGDVW WYn NYDU L GHQ WLGLJDUH OHGQLQJVJUXSSHQ 9L KDU YDULW PHGYHWQDRPVLWXDWLRQHQVRP)RUXP6\GVNDQVOLKDUEHIXQQLWVLJLXQGHUVWXGLH SHULRGHQ RFK I|UV|NW DWW LQWH VWXGHUD GH DNXWD EULVWHU VRP XSSVWnWW SJD GHWWD XWDQLVWlOOHWWLWWDSnVWUXNWXUHUUHJOHURFKUXWLQHU   



(IJMRMXMSREZ2]GOIPFIKVITT

  9DUMHRUJDQLVDWLRQKDUVLWWHJHWVSUnN%HJUHSSVRPWDVI|UVMlOYNODUDDYGHVRP DUEHWDU PHG GHP YDUMH GDJ NDQ YDUD PLQGUH W\GOLJD I|U XWRPVWnHQGH , YnUD VWXGLHUDY)RUXP6\GVSODQHURFKGRNXPHQWRFKLGLVNXVVLRQHUPHGUHSUHVHQWDQ WHUKDUYLVW|WWSnHWWDQWDOQ\FNHOEHJUHSSYLONDYLI|UV|NHUGHILQLHUDQHGDQ'HIL QLWLRQHUQDlUYnUDWRONQLQJDUDYYDG)RUXP6\GDYVHUPHGEHJUHSSHQ,GLVNXV VLRQHU PHG SHUVRQDOHQ IUDPNRPPHU DWW ROLND WRONQLQJDU I|UHOLJJHU 6\IWHW PHG GHQQDOLVWDlUDWWLQLWLHUDHQGLVNXVVLRQLQRPI|UHQLQJHQRPYDGVRPDYVHVPHGGH EHJUHSSVRPDQYlQGVIOLWLJW 



6DPYHUNDQ  6DPYHUNDQLQQHElUDWW)RUXP6\GVW|WWDUHQHQVNLOGRUJDQLVDWLRQLGHWVRPGHQ YLOOXWI|UDLHWW XWYHFNOLQJVVDPPDQKDQJ 6DPYHUNDQ NDQ GHOV VNH JHQRP )RUXP 6\GV DJHUDQGH VRP HQ SODWWIRUP VH QHGDQ  I|U VYHQVND HQVNLOGD RUJDQLVDWLRQHU GHOVJHQRPGHWMlQVWHUVRP)RUXP6\GWLOOKDQGDKnOOHU([HPSHOSnVDPYHUNDQlU GH NXUVHU I|U HUIDUHQKHWVXWE\WH HOOHU NXQVNDSVXWYHFNOLQJ VRP )RUXP 6\G KnOOHU QlWYHUN VRP )RUXP 6\G DGPLQLVWUHUDU HOOHU GHW JHPHQVDPPD RSLQLRQVDUEHWHW VRP)RUXP6\GGULYHUWLOOVDPPDQVPHGDQGUDHQVNLOGDRUJDQLVDWLRQHU,ELVWnQGV YHUNVDPKHWHQ KDU VDPYHUNDQ IUDPI|UDOOW NRPPLW DWW EOL SODFHULQJ DY µVDPYHU NDQVYRORQWlUHUµGYVYRORQWlUHUVRPUHNU\WHUDVRFKDQVWlOOVDY)RUXP6\GPHQ VRPDUEHWDULHWWVDPPDQKDQJGlUHQVYHQVNWRFKHQORNDORUJDQLVDWLRQKDUJH PHQVDPWSURMHNW,EODQGDQYlQGVEHJUHSSHQµSODWWIRUPµµVHUYLFHµµVDPYHUNDQµ RFKµVDPDUEHWHµV\QRQ\PWYLONHWVNDSDUHQRW\GOLJKHWUXQWYDGVRPHJHQWOLJHQ DYVHVPHGEHJUHSSHW6DPYHUNDQlU)RUXP6\GVPHVWDQYlQGDEHJUHSS

(17)

  



3ODWWIRUP   3ODWWIRUPEHW\GHUP|WHVSODWVI|UHQVNLOGDRUJDQLVDWLRQHUVJHPHQVDPPDDJHUDQGH WH[JHPHQVDPRSLQLRQVELOGQLQJJHPHQVDPWOlUDQGHHOOHUJHPHQVDPWDJHUDQGH LQI|UP\QGLJKHWHURFKlUV\QRQ\PWPHGVDPYHUNDQ(QLQWUHVVDQWIUnJHVWlOOQLQJ lUKXUXYLGDSODWWIRUPPnVWHLQQHElUDHQQHXWUDOP|WHVSODWVGlUDOODNDQVDPODV HOOHURPEHJUHSSHWRFNVnNDQLQQHKnOODHWWVWlOOQLQJVWDJDQGH'HQQDIUnJDDFFHQ WXHUDV LQRP )RUXP 6\GV RSLQLRQVDUEHWH GlU GHW GLVNXWHUDV RP )RUXP 6\G VND YDUDVSMXWVSHWVGYVJnI|UHLHWWJHPHQVDPWDJHUDQGHHOOHUSODWWIRUPVRPXWWU\FNHU GHWVRPDOODNDQHQDVRP.DQ)RUXP6\GYDUDVSMXWVSHWVXWLIUnQHQJLYHQSODWW IRUP" 



6DPKlOOVXSSGUDJ   ILFN%,)2HWWXSSGUDJIUnQ6LGDDWWDQVYDUDI|UEHUHGQLQJDYSURMHNWRFK LQIRUPDWLRQVDQV|NQLQJDU IUnQ HQVNLOGD RUJDQLVDWLRQHU VRP LQWH YDU DQVOXWQD WLOO QnJRWDQQDWUDPDYWDO696KDGHHWWOLNQDQGHXSSGUDJDWWUHNU\WHUDSODFHUDRFK DGPLQLVWUHUD YRORQWlUHU VDPW DWW VDPDUEHWD UXQW YRORQWlUIUnJRU RFK EHGULYD LQIRUPDWLRQL6YHULJH'HVVDXSSGUDJµlUYGHVµDY)RUXP6\G6DPKlOOVXSSGUDJ lUGHXSSGUDJVRPHQJnQJLWLGHQKDULQLWLHUDWVDYVYHQVNDVWDWHQVRP)RUXP6\G HUKnOOHUVWDWVELGUDJI|UDWWXWI|UDRFKVRPULNWDUVLJPRWHQEUHGDUHNUHWVlQGHQ HJQDPHGOHPVNUHWVHQ)UDPI|UDOOWSURMHNWKDQWHULQJHQRFKLQIRUPDWLRQVELGUDJVHV VRPVDPKlOOVXSSGUDJ)RUXP6\GDQVHUDWWGHIXQJHUDUVRPHQXWI|UDUHDYEUHGD VDPKlOOVXSSGUDJLQRPGHVVDRPUnGHQ   ,GLVNXVVLRQPHG)RUXP6\GVVW\UHOVHIUDPNRPDWWVW\UHOVHQGHILQLHUDUVDPKlOOV XSSGUDJLHQYLGDUHEHPlUNHOVH(QOLJWGHPlUVDPKlOOVXSSGUDJGHWDUEHWHVRP XWI|UVSnXSSGUDJDYGHWFLYLODVDPKlOOHW0HGGHQQDGHILQLWLRQlUGHWVYnUDUHDWW GHILQLHUDXSSGUDJHWVJUlQVHUHIWHUVRPNUDYVWlOODUHQlUPHUGLIIXV 



0\QGLJKHWVXSSGUDJ  

7HUPHQ µP\QGLJKHWVXSSGUDJµ DQYlQGV RPYl[ODQGH PHG VDPKlOOVXSSGUDJ 0\QGLJKHWVXSSGUDJEHW\GHUDWW6LGDKDUGHOHJHUDWXSSJLIWHUWLOO)RUXP6\GVRP 6LGDWLGLJDUHVMlOYXWI|UGH3URMHNWKDQWHULQJHQRFKLQIRUPDWLRQVELGUDJHWVHVVRP VnGDQD XSSGUDJ 'lUHPRW VHV LQWH GH µJHQRPI|UDQGHSURMHNWµ VRP )RUXP 6\G WDJLWSnVLJVRPP\QGLJKHWVXSSGUDJ,QWHKHOOHUGHDQGUDGHODUDYYHUNVDPKHWHQ VRPILQDQVLHUDVWLOODY6LGD  



6SUHWLJKHW  

)RUXP 6\G WDODU RIWD RP VLQ VSUHWLJKHW LEODQG QHJDWLYW DQGUD JnQJHU VRP HQ SRVLWLYHJHQVNDS0HGVSUHWLJKHWDYVHVYHUNVDPKHWHUVRPLQWHULNWLJWKlQJHULKRS

(18)

 



1à07â882-2+%63',1%2(%8

 



,YZYHQÇRSGLMRXVIWWIRXIV

  )RUXP6\GVKXYXGPlQlUGHVVPHGOHPPDU'HIDVWVWlOOHUYHUNVDPKHWHQVLQULNW QLQJYLGnUVP|WHQ'RFNlU)RUXP6\GVYHUNOLJKHWQnJRWPHUNRPSOLFHUDGlQVn 6LGDKDUDNWLYWGHOWDJLWL)RUXP6\GVELOGDQGHRFKILQDQVLHUDUJHQRPROLNDDYWDO DY)RUXP6\GVNRVWQDGHUYLONHW VNDSDU HWW GH IDFWR KXYXGPDQQDVNDS (WW VWRUWDQWDORUJDQLVDWLRQHUVRPLQWHlUPHGOHPPDUPHQVRPKDUP\FNHWNRQWDNW PHG)RUXP6\GlURFNVnVWDUNDLQWUHVVHQWHU'HlUPHGRFKSnYHUNDUYHUNVDP KHWHQ RFK )RUXP 6\GV NDQVOL lU O\K|UGD PRW GHP 1HGDQ I|OMHU HQ NRUWIDWWDG EHVNULYQLQJDYGHWUHJUXSSHUQD   1IHPIQQEV  )RUXP6\GKDURUJDQLVDWLRQHUHOOHUI|UHQLQJDUVRPPHGOHPPDU0HGOHPVED VHQlUKHWHURJHQRFKNDQGHODVLQLROLNDNDWHJRULHU 



5DPRUJDQLVDWLRQHUGYVSDUDSO\RUJDQLVDWLRQHUVRPKDUUDPDYWDOPHG6LGD



cUVELGUDJVPRWWDJDUH GYV VW|UUH RUJDQLVDWLRQHU VRP KDU UDPDYWDO PHG )R UXP6\G



)|UHQLQJDUVRPKDUHWWHJHWNDQVOL



)|UHQLQJDUVRPLQWHKDUDYO|QDGSHUVRQDO   7LRDYGHHQVNLOGDRUJDQLVDWLRQHUVRPKDUUDPDYWDOPHG6LGDlUPHGOHPPDUL )RUXP 6\G 6H[ DY GH WLR HQVNLOGD RUJDQLVDWLRQHU VRP LQJnU L JUXSSHQ µnUVEL GUDJVPRWWDJDUHµ GYV RUJDQLVDWLRQHU VRP KDU HWWnULJD µUDPDYWDOµ PHG )RUXP 6\G lU PHGOHPPDU (Q PDMRULWHW DY PHGOHPPDUQD lU VPn LGHHOOD I|UHQLQJDU XWDQDQVWlOOGSHUVRQDO   7MHE  )RUXP6\GKDUHWWUDPDYWDOPHG6LGDV$YGHOQLQJI|U6DPYHUNDQPHG(QVNLOGD 2UJDQLVDWLRQHURFK+XPDQLWlUW%LVWnQG 6(.$ 'HWWDDYWDORPIDWWDUILQDQVLHULQJ DYDY)RUXP6\GVNRVWQDGHU LQNOXVLYHELGUDJI|UYLGDUHI|UPHGOLQJ )RUXP 6\G KDU lYHQ HWW DYWDO PHG 6LGD gVW µ9LWU\VVODQGVSURJUDPPHWµ  PHG '(62'(6$ GHPRNUDWLSURJUDP L .DPERGMD VDPW GHO DY HQ WMlQVW I|U EHUHG VNDSVJUXSSHQ 5(/$ WMlQVWL*XDWHPDODILQDQVLHULQJDYHQµ0LWFKµNRQIH UHQV 6(.$+80 I|UEHUHGHOVHDYYDOL9lVWVDKDUDRFK)RONU|UHOVHXWUHGQLQJHQ RFK6YHQVND$PEDVVDGHQL1LFDUDJXD JHQGHUSURJUDPL1LFDUDJXD 'HVVDDYWDO ILQDQVLHUDUNQDSSWDY)RUXP6\GVYHUNVDPKHW,IUDPWLGHQNRPPHU)RUXP 6\GlYHQDWWKDHWWDYWDO PHG 6LGD ,QIR )LQDQVLHULQJ PHGI|U HWW LQIRUPHOOW KX YXGPDQQDVNDSHIWHUVRPGHWLERWWHQDOOWLGOLJJHUHQEHG|PQLQJIUnQ6LGDYDG6LGD lUEHUHGGDWWILQDQVLHUD6LGDVµKXYXGPDQQDVNDSµOLJJHUIUDPI|UDOOWKRV6(.$ RFKNRPPHULIUDPWLGHQlYHQDWWXW|YDVDY6LGD,QIR

(19)

    %RHVEWZIRWOEIRWOMPHESVKERMWEXMSRIV  )RUXP6\GJ|URIWDVWLQJHQnWVNLOOQDGRPHQRUJDQLVDWLRQlUPHGOHPHOOHULQWHL )RUXP6\G$OODRUJDQLVDWLRQHUEHP|WVSnOLNQDQGHVlWW.QDSSWRUJDQLVDWLR QHUKDUV|NWSURMHNWHOOHULQIRUPDWLRQVELGUDJJHQRP)RUXP6\G<WWHUOLJDUHHWW DQWDORUJDQLVDWLRQHUVDPDUEHWDUPHG)RUXP6\GUXQWROLNDIUnJRUbYHQRPGH LQWHlUPHGOHPPDUDQVHUEnGHGHRFK)RUXP6\GVNDQVOLDWW)RUXP6\GlUWLOOI|U GHP bYHQ GHQQD NDWHJRUL DY VYHQVND HQVNLOGD RUJDQLVDWLRQHU LQQHKnOOHU ROLND W\SHUDYI|UHQLQJDU   'HWUHUDPRUJDQLVDWLRQHUQDVRPHMlUPHGOHPPDULQJnULJUXSSHQDYRUJDQLVDWLR QHUVRP)RUXP6\GKDUWlWNRQWDNWPHG)\UDDY)RUXP6\GVWLRnUVELGUDJVPRW WDJDUHlULQWHPHGOHPPDU%ODQG|YULJDNDQVDPPDXSSGHOQLQJJ|UDVVRPEODQG PHGOHPPDUGYVROLNDW\SHUDYI|UHQLQJDUVRPKDUDQVWlOOGSHUVRQDOHOOHULQWH   



1ÅPSGLVSPPIV

 

*UXQGHQ I|U )RUXP 6\GV H[LVWHQV OLJJHU L DWW GHW ILQQV HWW VWRUW DQWDO HQVNLOGD RUJDQLVDWLRQHU RFK I|UHQLQJDU L 6YHULJH VRP lU LQWUHVVHUDGH DY DWW DJHUD LQRP XWYHFNOLQJVVDPDUEHWH RFK JOREDOD UlWWYLVHIUnJRU 0nQJD lU VPn VDNQDU UHVXUVHU RFKGULYVDYVLWWHQJDJHPDQJ(WWEHKRYDYDWWXQGHUOlWWDNRPPXQLNDWLRQI|UDWW OlUDVLJILQQDQ\DYlJDUE\WD HUIDUHQKHWHU I|UGMXSD DQDO\VHQ RFK NXQQD DJHUD JHPHQVDPW DQWDV ILQQDV YLONHW )RUXP 6\G YLOO EHP|WD 'HQQD ORJLN XWWU\FNV L )RUXP6\GVSURJUDPI|UNODULQJ   µ,GHWWDDUEHWHXQGHULIUnQYl[HUQ\DLGpHURFKQ\DDOWHUQDWLYIUDPRFKKlUNRP PHUQ\DXWYHFNOLQJVVWUDWHJLHUDWWIRUPDV«$WWVW|GMDGHQQDSURFHVVEOLUHQDOOW PHUFHQWUDOXSSJLIWI|UELVWnQGHWµµ)RUXP6\GVNDELGUDWLOODWWPDQE\WHUHUID UHQKHWHU|YHUIRONU|UHOVHJUlQVHUQDµ   )RUXP6\GDQYlQGHURIWDWYnVORJDQVVRPJHUXWWU\FNI|UI|UHQLQJHQVLGHRORJL



µ0nQJIDOGHQlUYnUVW\UNDµ



µ,)RUXP6\GP|WVPlQQLVNRUPHGROLNDLGpHULJHPHQVDPWDUEHWHI|UJOREDO UlWWYLVDµ  ,GHRORJLQEHWRQDUHWWRUJDQLVNWSHUVSHNWLYRFKHWWI|UXWVlWWQLQJVO|VWH[SHULPHQWH UDQGHI|UDWWVWLPXOHUDDWWDOWHUQDWLYDPHWRGHURFKO|VQLQJDUYl[HUIUDP$WWLQWH VW\UDSULRULWHUDHOOHUYlOMDERUWlUVWDUNDUnGDQGHYlUGHULQJDU%DVHQL)RUXP6\GV YHUNVDPKHWlUGHROLNDXSSGUDJHQVRPILQDQVLHUDVDYELVWnQGVPHGHO*HQRPDWW XWI|UDGHVVDXSSGUDJVNDSDVRFNVnP|MOLJKHWWLOODWWJHHWWPHUYlUGHXW|YHUVMlOYD XSSGUDJHWWH[DWWJHUnGRPKXUHQI|UHQLQJNDQXWYHFNODHWWEUDSURMHNWRFK KMlOSDWLOODWWOlUGRPDUWLOOYDUDWDV+XUYlO)RUXP6\GO\FNDVDWWJHQRPI|UDGHWWD lUHQQ\FNHOIUnJDI|UGHQUROOVRPI|UHQLQJHQYLOOVSHOD   8U)RUXP6\GV3URJUDP nUVP|WHIHEUXDUL 

(20)

    6SPPIV  )RUXP6\GVLGHQWLWHWU|UVLJPHOODQI\UDROLNDUROOHUµSODWWIRUPµµVHUYLFHRUJDQL VDWLRQµ µELVWnQGVRSHUDW|Uµ RFK µP\QGLJKHWµ 9LONHQ UROO VRP )RUXP 6\G XSS IDWWDV KD EHURU Sn XU YLONHW SHUVSHNWLY HQ RUJDQLVDWLRQ NRPPHU L NRQWDNW PHG )RUXP6\G

 

, SODWWIRUPVUROOHQ OLJJHU GHW JHPHQVDPPD DJHUDQGHW LQRP I|UHQLQJHQ RFK PHG DQGUD HQVNLOGD RUJDQLVDWLRQHU JHPHQVDP RSLQLRQVELOGQLQJ HUIDUHQKHWVXWE\WH QlWYHUNDQGHJHPHQVDPWDJHUDQGHLLQWUHVVHIUnJRU

 

,VHUYLFHUROOHQOLJJHUWLOOKDQGDKnOODQGHWDYWMlQVWHUVRPVYHQVNDHQVNLOGDRUJDQLVDWLR QHUHIWHUIUnJDUWH[DGPLQLVWUDWLYDWMlQVWHUL VDPEDQG PHG SHUVRQDOELVWnQG RFK LQIRUPDWLRQ HOOHU LQIRUPDWLRQVWMlQVWHU VRP WH[ DWW XSSUlWWKnOOD HWW LQIRUPD WLRQVFHQWHU   ,ELVWnQGVRSHUDW|UVUROOHQGULYHU)RUXP6\GYHUNVDPKHWLI\UDOlQGHU(QGHODYGHQQD YHUNVDPKHWIDOOHUXQGHUGHWYnI|UVWDUROOHUQDPHGDQGHWVRP)RUXP6\GGULYHUL HJHQUHJLIDOOHUHQW\GLJWXQGHUUROOHQVRPHJHQRSHUDW|U,GHQQDHJHQVNDSEHGUL YHU)RUXP6\GSHUVRQDOELVWnQGRFKJHQRPI|UWYnNRQVXOWXSSGUDJ   0\QGLJKHWVUROOHQWDU)RUXP6\GVNDQVOLSnVLJQlUGHJUDQVNDUDQV|NQLQJDUWLOOSUR MHNWHQOLJW6LGDVNULWHULHU   ÓZIVKVMTERHIQÅPWÇXXRMRKEV  )RUP6\GVPnOVlWWQLQJDUVDPPDQIDWWDVLI|OMDQGHPDWULV'HKDUKlPWDWVXWI|UH QLQJHQV3URJUDPIUnQPHQKDUJUXSSHUDWVRPQnJRWDYRVV 

(21)





ÓZIVKVMTERHIQÅP (IPQÅP :IVOWEQLIXWQÅP

 9HUND I|U HQ JOREDO XWYHFNOLQJ VRPXWJnUIUnQDOODPlQQLVNRUVOL NDYlUGHRFKP|MOLJKHWDWWSnYHUND VLQIUDPWLG



 6SULGD NXQVNDSHU RP JOREDOD IUnJRUVRP OHGHU WLOO VWlOOQLQJVWD JDQGHQ RFK DNWLYLWHWHU KRV PlQ QLVNRUL6YHULJHI|U|NDGUlWWYLVD

UROOSODWWIRUP





 )UlPMD VDPDUEHWH Sn IRONU|UHOVH JUXQG PHOODQ RUJDQLVDWLRQHU L V\G RFKQRUGVRPELGUDUWLOOHQKnOOEDU RFKGHPRNUDWLVNXWYHFNOLQJ 

 6WlUND VYHQVND HQVNLOGD RUJDQL VDWLRQHURFKGHUDVSDUWQHUVLV\G RFK |VW  L DUEHWH I|U HQ JOREDO UlWWYLVDJHQRPVW|GRFKVDPYHU NDQ EHUHGQLQJ RFK XSSI|OMQLQJ DY SURMHNW RFK HWW HJHW ELVWnQGV SURJUDP UROOHU VHUYLFH SODWWIRUP

ELVWnQGVRSHUDW|U



 gND NRQWDNWHUQD RFK VWlUND GHW JHPHQVDPPD DUEHWH PHOODQ ROL ND HQVNLOGD RUJDQLVDWLRQHU UROO

SODWWIRUP



%LGUDWLOOElVWDP|MOLJDELVWnQG PHG VW|G DY VWDWVELGUDJ WLOO HQVNLOGD RUJDQLVDWLRQHU JH QRPELGUDJVI|UPHGOLQJ ED VHUDGSnHQGHPRNUDWLVNEH VOXWVRUGQLQJ RFK NRSSODG WLOO UnGJLYQLQJ VW|G RFK HU IDUHQKHWVXWE\WH UROOHU P\Q GLJKHWRFKSODWWIRUP   9DUD LQWUHVVHRUJDQLVDWLRQ L P\QGLJKHWVNRQWDNWHU UXQW ELVWnQG UROOSODWWIRUP   2UJDQLVHUD UnGJLYQLQJ DGPL QLVWUDWLY VHUYLFH HUIDUHQ KHWVXWE\WH XWELOGQLQJ UXQW ELVWnQGI|UDWWVWlUNDVYHQVND RUJDQLVDWLRQHU XWDQ UDPDY WDO UROOHUVHUYLFHRFKSODWWIRUP 

.RPSOHWWHUDRFKI|UVWlUNDPHGOHPV

RUJDQLVDWLRQHUQDVYHUNVDPKHW  6W|GMD DQGUD RUJDQLVDWLRQHU RFKWD HJQD LQLWLDWLY I|U DWW I|UD LQ XQJGRPDU RFK XQJGRPVSHUVSHN WLY L HRELVWnQGHW UROOHU SODWWIRUP

RFKHJHQELVWnQGVRSHUDW|U   6WLPXOHUDVDPODXSSRFKVSULGD Q\DLGpHUJHQRPHJHWXWUHGQLQJV RFKXWYHFNOLQJVDUEHWHRPELVWnQG RFK JOREDO XWYHFNOLQJ RFK VW|GMD RFK EHGULYD XWYlUGHULQJVDUEHWH RPGHHQVNLOGDRUJDQLVDWLRQHUQDV ELVWnQG UROOHUVHUYLFHRFKSODWWIRUP   %HGULYD HWW HJHW ELVWnQGVSUR JUDP UROOHJHQELVWnQGVRSHUDW|U   6RP HWW NRPSOHPHQW WLOO PHGOHPPDUQDV SURJUDP EHGULYD HWW µJHPHQVDPW SURJUDPµ SUlJODW DY LGp PlVVLJ PnQJIDOG P|WHQ PHOODQ PlQQLVNRU YLOOLJKHW DWWSU|YDQ\DLGpHU UROOHJHQ

ELVWnQGVRSHUDW|U

 

(22)



 

8WLIUnQGHQQDPnOELOGVNDSDVVHGDQHQPnOKLHUDUNLSHUYHUNVDPKHWVRPUnGHRFK QHUWLOODNWLYLWHWLYHUNVDPKHWVSODQHQ'HWWDGLVNXWHUDVYLGDUHLDYVQLWW9HUN VDPKHWVSODQHULQJ +lU I|OMHU HWW NRUWDUH UHVRQHPDQJ UXQW GH |YHUJULSDQGH PnO VlWWQLQJDUQD   'HQI|UVWDPnOVlWWQLQJHQµDWWYHUNDI|UHQJOREDOXWYHFNOLQJµXWJ|UGHQLGHRORJLVND EDVHQWURVEHNlQQHOVHQI|UI|UHQLQJHQVQDUDUHlQHWWPnO'HQlUHQP\FNHWYLG PnOVlWWQLQJ'HWlUVYnUWDWWDUEHWDPHGGHQVRPHQPnOVlWWQLQJHIWHUVRPGHWL SULQFLSlURP|MOLJWDWWNXQQDVHHQU|UHOVHPRWPnOXSSI\OOHOVH   'HOPnOHWWµDWWVSULGDNXQVNDSHURPJOREDODIUnJRUµVRPYLKDUNRSSODWWLOOGHQ I|UVWDPnOVlWWQLQJHQJHUEDVHQI|U)RUXP6\GVLQIRUPDWLRQVRFKRSLQLRQVELOGDQ GH YHUNVDPKHW 'HQQD PnOVlWWQLQJ VNXOOH NXQQD VlJDV YDUD HQ DY )RUXP 6\GV KXYXGPnOVlWWQLQJDU

 

'HQ DQGUD |YHUJULSDQGH PnOVlWWQLQJHQ µDWW IUlPMD VDPDUEHWH Sn IRONU|UHOVH JUXQGµ VNXOOH NXQQD YDUD )RUXP 6\GV DQGUD KXYXGPnOVlWWQLQJ $QWDOHW ROLND GHOPnOVlWWQLQJDUVRPSnOLWHROLNDVlWWEHVNULYHUGHWJHPHQVDPPDDJHUDQGHWI|U DWW VNDSD KnOOEDU GHPRNUDWLVN XWYHFNOLQJ LQGLNHUDU DWW GHWWD VHV VRP HQ DY I|UH QLQJHQVKXYXGLQULNWQLQJDU

 

gYHUJULSDQGHPnOVlWWQLQJQXPPHU WUH µDWW NRPSOHWWHUD RFK I|UVWlUND PHGOHP PDUQDV YHUNVDPKHWµ lU PHU SUREOHPDWLVN )|U DWW NXQQD NRPSOHWWHUD PHGOHP PDUVYHUNVDPKHWPnVWH)RUXP6\GNXQQDYLVDKXUQnJRWPDQWlQNHUJ|UDVWlUNHU PHGOHPPDUQD'HWWDNUlYHUDWW)RUXP6\GlUYlOLQVDWWDLPHGOHPPDUQDVYHUN VDPKHWHURFKNDQJ|UDHQVDPPDQWDJHQDQDO\VRPYDGVRPVDNQDVVRPPRWLYHUDU HQNRPSOHWWHUDGHLQVDWV'HQQDPnOVlWWQLQJNDQRFNVnWRONDVVRPDWW)RUXP6\G KDUPDQGDWDWWEHGULYDDNWLYLWHWHUEDUDGHLQWHNRQNXUUHUDUPHGPHGOHPPDUQDV (WWVnGDQWPDQGDWJHUXWU\PPHI|UYlOGLJWP\FNHWRFKIXQJHUDULQWHVRPVW\UDQ GH'HWlUNDQVNHWYHNVDPWRPHQVnGDQPnOVlWWQLQJ|YHUKXYXGWDJHWlUOlPSOLJ 2PRUGHWµNRPSOHWWHUDUµVWU\NVVNXOOHLQQHE|UGHQDYDWWI|UVWlUNDPHGOHPPDUV YHUNVDPKHWLSULQFLSYDUDGHWVRPDYVHVXQGHUPnOVlWWQLQJWYn  

9L UHNRPPHQGHUDU DWW )RUXP 6\G I|UW\GOLJDU VLQD |YHUJULSDQGH PnOVlWWQLQJDU RFK LQULNWDU GHP Sn GHOPnO HWW VDPW GHQ DQGUD |YHUJULSDQGH PnOVlWWQLQJHQ )RUXP 6\GV H[LVWHQVEHUlWWLJDQGH lU DWW YDUD HWW VDPYHUNDQVRUJDQ 'HWWD E|U lYHQ SUlJOD PnOVlWWQLQJDUQD 0nOVlWWQLQJDU VRP LQQHKnOOHU DQGUD UROOHU lQ SODWWIRUP HOOHUVHUYLFHRUJDQLVDWLRQE|UGlUI|UXQGYLNDV)RUXP6\GE|UQRJDDQDO\VHUDVLQ NDSDFLWHWDWWNXQQDOHYD XSS WLOO GHQ WUHGMH PnOVlWWQLQJHQ RFK |YHUYlJD DWW IRU PXOHUD RP GHQ DOWHUQDWLYW OlPQD GHQ (Q |YHUV\Q DY PnOJUXSSHU E|U J|UDV L VDPEDQGPHGGHWWDGnRW\GOLJKHWUnGHUUXQWYHPPnOHQULNWDVPRWPHGOHPPDU VYHQVNDHQVNLOGDRUJDQLVDWLRQHUVYHQVNDOOPlQKHWHQVNLOGDRUJDQLVDWLRQHULYlUO GHQ(WWI|UVODJWLOOHQP|MOLJRPGHILQLHULQJDYPnOHQJHVL$QQH['HWWDI|UVODJ VNDHQGDVWVHVRPHWWELGUDJWLOODWWVWDUWDHQGLVNXVVLRQ   6SPPOSRJPMOXIV  'HI\UDUROOHUQDVRP)RUP6\GVSHODUGYVµSODWWIRUPµµVHUYLFHRUJDQLVDWLRQµ µELVWnQGVRSHUDW|UµRFKµP\QGLJKHWµOHGHULEODQGWLOOVYnULJKHWHUI|UNDQVOLSHUVR

(23)

  QDOHQDWWYHWDYLONHQKDWWPDQE|UKDSnKXYXGHW1HGDQOLVWDUYLHWWSDURPUnGHQ GlUYLVHWWDWWGHVVDSUREOHPXSSVWnU 



%HG|PQLQJDYSURMHNW ² *HVW|GRFKUnGUXQWSURMHNW  P\QGLJKHW VHUYLFH  

5LVNHQI|UDWWEOLDQNODJDGHI|UMlY L RFK PHG UnGJLYQLQJ OHGHU WLOO HQ H[WUD QRJJUDQQKHWRFKLEODQGµE\UnNUDWLVHULQJµLEHG|PQLQJ7LGHQEOLUI|UNQDSS I|UDWWKLQQDPHGDWWJHUnGRFKVW|GLGHQRPIDWWQLQJVRPPnOVlWWQLQJDUQD VWLSXOHUDU 



%HG|PQLQJDYSURMHNW ² 0HWRGXWYHFNOLQJ  P\QGLJKHW SODWWIRUP   .DQ)RUXP6\GNRPELQHUDJUDQVNQLQJVXSSGUDJHQPHGHQPHUXWYHFNODQGH UROOI|UDWWIO\WWDIUDPSRVLWLRQHUQDDQJnHQGHPHWRGHURFKV\QVlWWI|UIRONU| UHOVHELVWnQG" 



%HG|PQLQJDYSURMHNW ² 9DUDHJHQELVWnQGVRSHUDW|U  P\QGLJKHW HJHQELVWnQGVRSHUDW|U   )RUXP6\GVHJHWELVWnQGVSURJUDPNRQNXUUHUDURPPHGHOIUnQIRONU|UHOVHDQ VODJHWPHGRUJDQLVDWLRQHUVRPV|NHUELGUDJYLD)RUXP6\G 



9DUDSODWWIRUP ² 9DUDHJHQELVWnQGVRSHUDW|U  SODWWIRUP  HJHQELVWnQGVRSHUDW|U  

)RUXP 6\GV HJHQ ELVWnQGVYHUNVDPKHW NRQNXUUHUDU ILQDQVLHOOW PHG GHVV PHG OHPPDURPIRONU|UHOVHDQVODJHWRFKI|UVYDJDUWURYlUGLJKHWHQLSODWWIRUPVUROOHQ 



9DUDSODWWIRUP ² 9DUDVSMXWVSHWV  SODWWIRUP SODWWIRUP"  

)RUXP6\GKDUHWWVWRUWPDQGDW IUnQ PHGOHPPDUQD QlU GHW JlOOHU LQIRUPD WLRQVYHUNVDPKHW VHPLQDULHU RFK QlWYHUNVDUEHWH 3ODWWIRUPVUROOHQ lU VWRU RFK W\GOLJbUGHWHQPRWVlWWQLQJDWWYDUDVSMXWVSHWVDWWWDVWlOOQLQJLROLNDIUnJRU HOOHULQJnUGHWLSODWWIRUPVUROOHQDWWKMlOSDPHGOHPPDUDWWWDVWlOOQLQJ" 



0nQJIDOG ² .YDOLWHWVJDUDQW  SODWWIRUP SODWWIRUP"  

)RUXP 6\G EHK|YHU WD VWlOOQLQJ WLOO RP GHW |YHUJULSDQGH PnOHW lU DWW DOOD VYHQVNDHQVNLOGDRUJDQLVDWLRQHUVNDKDVDPPDP|MOLJKHWHUUlWWLJKHWHUDWWSUR YDSnXWYHFNOLQJVVDPDUEHWHH[SHULPHQWHUDDYHJHQNUDIWI|UYHUNOLJDLGpHUHWF HOOHUDWWUHVXOWDWHWDYXWYHFNOLQJVVDPDUEHWHWVNDEOLVnEUDVRPP|MOLJW6ND)R UXP6\GYDUDHQµNYDOLWHWVJDUDQWµI|UVYHQVNWIRNU|UHOVHELVWnQG"/LJJHUGHQQD UROOLSODWWIRUPVUROOHQ".DQ)RUXP6\GDSSOLFHUDHWWNYDOLWDWLYWSHUVSHNWLYSn VLQDPHGOHPPDUVYHUNVDPKHWXWDQDWWGHWXSSIDWWDVVRPVW\UQLQJ"

(24)

  



1\WWDI|UVYHQVNDRUJDQLVDWLRQHU²Q\WWDI|UORNDODRUJDQLVDWLRQHU  SODWWIRUP SODWWIRUPHOOHUVHUYLFH"   9DUOLJJHU)RUXP6\GVW\QJGSXQNW"9HPlUPDQWLOOI|U"bU)RUXP6\GWLOOI|U DWWVW|WWDVYHQVNDRUJDQLVDWLRQHUDWWJ|UDHQVnEUDXWYHFNOLQJVLQVDWVVRPP|M OLJWHOOHUVND)RUXP6\GKMlOSDORNDODRUJDQLVDWLRQHULgVWRFK6\GVnDWWGHUDV VDPDUEHWHQ PHG VYHQVND RUJDQLVDWLRQHU EOLU ElWWUH WH[ JHQRP DWW ILQQD OlPSOLJD VYHQVND SDUWQHUV " 9LONHW PDQGDW KDU )RUXP 6\G L GHQQD IUnJD" 'HQQDIUnJDKDUNRQVHNYHQVHUI|UKXU)RUXP6\GVNDDQYlQGDVLQDUHVXUVHU  $QDO\VDY5ROONRQILNWHU )RUXP6\GEHK|YHUWDVWlOOQLQJWLOOYLONDDYGHVVDUROONRQILNWHUVRPlUDOOYDUOLJD RFKV|NDILQQDO|VQLQJDUDWWHOLPLQHUDHOOHUPLQLPHUDGHP'HQI|UVWDUROONRQIOLN WHQDWWEHG|PDSURMHNWLI|UKnOODQGHWLOOUnGJLYQLQJlUHQIUnJDVRPRIWDO\IWVIUDP 9LKDUlYHQXSSIDWWDWDWWGHQRIWDGLVNXWHUDVDYVW\UHOVHPHGOHPPDU'HQQDNRQ IOLNWlUVWUXNWXUHOOLVLQNDUDNWlULRFKPHGDWWWYnXSSJLIWHUVRP)RUXP6\GKDU GHILQLHUDWVRPKXYXGXSSJLIWHUVWnULPRWVDWVI|UKnOODQGHWLOOYDUDQGUD,RFKPHG DWW LQJHQ DY XSSJLIWHUQD NDQ WDV ERUW PnVWH )RUXP 6\G ILQQD HQ RUJDQLVDWRULVN O|VQLQJ Sn KXU RUJDQLVDWLRQHQ VND NXQQD JDUDQWHUD µUlWWYLVDµ L I|UGHOQLQJVSHUV SHNWLYHWRFKVDPWLGLJWNXQQDKMlOSDHQVNLOGDRUJDQLVDWLRQHUDWWEHGULYDHWWOnQJ VLNWLJWKnOOEDUWXWYHFNOLQJVVDPDUEHWH9LWURUDWWO|VQLQJHQE|UV|NDVLHQW\GOLJDUH UROOI|UGHOQLQJPHOODQELVWnQGVNRPPLWWpHUQDRFKNDQVOLSHUVRQDOHQ'HWWDNRPPHU DWWGLVNXWHUDVYLGDUHLGHQQDVWXGLHLDYVQLWWHWRPSURMHNWVW|G 'HQDQGUDUROONRQIOLNWHQDQVHUYLLQWHYDUDDYVWUXNWXUHOONDUDNWlUXWDQLGHRORJLVN $WWIUlPMDPHWRGXWYHFNOLQJLQRPIRONU|UHOVHELVWnQGE|UOLJJDLQRP )RUXP 6\GV KXYXGXSSJLIWHURFKNRQIOLNWHQERUGHNXQQDKDQWHUDVJHQRPDWWXWDUEHWD\WWHUOLJD UHNULWHULHUI|USURMHNWDQV|NQLQJDU

'H WYn UROONRQIOLNWHUQD VRP U|U )RUXP 6\GV HJHW ELVWnQGVSURJUDP lU GlUHPRW RFNVnDYVWUXNWXUHOONDUDNWlU'HQI|UVWDNRQIOLNWHQPHOODQDWWEHG|PDSURMHNWRFK EHGULYDHJHWSHUVRQDOELVWnQGDQVHUYLDWW)RUXP6\GWLOOYLVVPnQNDQUHGXFHUD JHQRPDWWDSSOLFHUDVDPPDNULWHULHUSnVLWWHJHWSURJUDPVRPSnDQGUDVDQV|N QLQJDU'HQDQGUDIUnJDQVRPEHU|UWURYlUGLJKHWHQLSODWWIRUPVUROOHQLI|UKnOODQ GHWLOOIRUWVDWWSHUVRQDOELVWnQGXWDQVDPYHUNDQDQVHUYLDWW)RUXP6\GUHGDQKDU WDJLWVWlOOQLQJWLOOPHQLQWHIXOOXWJHQRPI|UW3nOnQJVLNWE|UGHQQDNRQIOLNWXSS K|UDWLOOI|UPnQI|USODWWIRUPVUROOHQ'HVVDIUnJRUGLVNXWHUDVYLGDUHLDYVQLWWHWRP SHUVRQDOELVWnQG )UnJDQRPDWWYDUDSODWWIRUPHOOHUVSMXWVSHWVlULQWUHVVDQW'HWWDlULQWHHQVWUXN WXUHOONRQIOLNWXWDQKDQGODURPYLONHWPDQGDW)RUXP6\GKDUInWW DY VLQD PHG OHPPDU9LDQVHUDWWGHWlUHQJUDGVNLOOQDGPHOODQDWWVDPODRUJDQLVDWLRQHUUXQW HWWVWlOOQLQJVWDJDQGHRFKDWWKMlOSDGHPDWWWDVWlOOQLQJLHQVYnUIUnJDJHQRPDWW JnI|UH/|VQLQJHQWURUYLE|UV|NDVJHQRPDWWVWlOODIUnJDQWLOOPHGOHPPDURP YLONHWPDQGDWGHlUEHUHGGDDWWJH

(25)





'HWYnVLVWQlPQGDNRQIOLNWHUQDlULGHRORJLVND'HQI|UVWDKDQGODURPYDG)RUXP 6\G YLOO WLOOI|UD VYHQVND HQVNLOGD RUJDQLVDWLRQHU HQ P|MOLJKHW HOOHU KMlOS WLOO DWW EHGULYDNYDOLWDWLYWELVWnQG9LDQVHUDWWGHQQDIUnJDEHU|UGHQGMXSDVWHLGHRORJLQ LQRP)RUXP6\G9LWURUDWWGHWlUDYJ|UDQGHDWWWDVWlOOQLQJWLOOGHQI|URUJDQLVD WLRQHQVIUDPWLGDXWYHFNOLQJHIWHUVRPYLDQVHUDWWGHVVDWYnUROOHUlUVYnUDLOlQJGHQ DWWI|UHQD9DUIRNXVI|UYHUNVDPKHWHQVNDOLJJDKRVRUJDQLVDWLRQHUQDL6YHULJH HOOHUKRVORNDODVDPDUEHWVSDUWHULYlUOGHQlUHQLGHRORJLVNIUnJDUXQW)RUXP6\GV PnOJUXSSHU 'HQ EHU|U lYHQ GHQ NYDOLWDWLYD DVSHNWHQ (WW VWlOOQLQJVWDJDQGH L GHQQDNRQIOLNWInUNRQVHNYHQVHUI|UUHVXUVDOORNHULQJRFKKXU)RUXP6\GVRUJDQL VDWLRQXWDQI|U6YHULJHVNDVHXW



9LUHNRPPHQGHUDUDWW)RUXP6\GVVW\UHOVHGLVNXWHUDUGHVVDIUnJRURFKWDUVWlOO QLQJ WLOO YLOND UROONRQIOLNWHU VRP GH XSSOHYHU RI|UHQOLJD I|U DWW GlUHIWHU NXQQD I|UW\GOLJDPnOVlWWQLQJDUQDRFKNRQVROLGHUDYHUNVDPKHWVRPUnGHQD   



*SVYQ7]HWLYZYHYTTKMJXIV

 

6RP LQGLNHUDW L I|UHJnHQGH DYVQLWW UnGHU IRUWIDUDQGH YLVV RW\GOLJKHW UXQW )RUXP 6\GVLGHQWLWHWRFKUROO'HWWDDYVQLWWI|UV|NHUEHO\VDYDGVRPXSSIDWWDVVRP)RUXP 6\GVKXYXGXSSJLIWHUDYGHVVSHUVRQDORFKDYROLNDLQWUHVVHJUXSSHU



 -HIRXMXIXIRPMKXOERWPMTIVWSREPIR 

8WLIUnQLQOHGDQGHLQWHUYMXHU PHG OHGQLQJHQ I|U )RUXP 6\GV NDQVOL IUDPNRP HWW WDOSnVWnHQGHQRPYDGGHDQVnJDWW)RUXP6\GlUVNDYDUD,HWWVHPLQDULXP PHGNDQVOLSHUVRQDOEDGYLSHUVRQDOHQDWWLQGLYLGXHOOWYlOMDXWGHWUHSnVWnHQGHQ VRPGHW\FNWHVWlPGHElVW)|OMDQGHSnVWnHQGHQILFNK|JVWSRlQJ  )RUXP6\GVNDYDUDNRPSOHWWHUDGHRFKVW|GMDQGHLI|UKnOODQGHWLOOVLQDPHGOHPPDU  )RUP6\GlUHQSURIIVLJPHQVSUHWLJRUJDQLVDWLRQVRPEHMDNDUGHWPHVWD  )RUP6\GlUVNDYDUDHQJOREDOP|WHVSODWVI|UJOREDOUlWWYLVD  )RUXP6\GlU6LGDVDJHQWPHGHWWP\QGLJKHWVXSSGUDJXWDQDWWYDUDP\QGLJKHW  )RUXP6\GVNDVDPODRUJDQLVDWLRQHUIUnQROLNDVIlUHU  )RUXP6\GVNDYDUDHQRSLQLRQPlVVLJSODWWIRUP   

'HVVD VH[ SnVWnHQGHQ LOOXVWUHUDU WUH DY GH I\UD UROOHUQD VRP )RUXP 6\G VSHODU %LVWnQGVRSHUDW|UHQ 3ODWWIRUPHQ RFK 0\QGLJKHWVUROOHQ 'H LOOXVWUHUDU RFNVn YlO GHQRW\GOLJKHWVRPYLXSSOHYHUILQQVUXQW)RUXP6\GVLGHQWLWHW



 ,YZYHYTTKMJXIVIRPMKXQIHPIQQEV 

(Q HQNlW VlQGHV XW WLOO )RUXP 6\GV VDPWOLJD PHGOHPPDU  VYDUDGH YDUDY  GLUHNW RFK \WWHUOLJDUH  HIWHU SnWU\FNQLQJ 6MX DY UHVSRQGHQWHUQD lU UDPRUJDQLVDWLRQHURFKVH[nUVELGUDJVPRWWDJDUH GHKDUHWWUDPDYWDOPHG)RUXP 6\GI|USURMHNWVW|G ,DQDO\VHQYDOGHYLDWWWLWWDSnUDPRUJDQLVDWLRQHUQDVHSDUDW   3nHQ|SSHQIUnJDDQJnHQGHYDGRUJDQLVDWLRQHUQDDQVnJYDUD)RUXP6\GVKXYXG XSSJLIWHUHUK|OOVI|OMDQGHVYDU LGHQRUGQLQJVRPDQJHV   

(26)

   5DPRUJDQLVDWLRQHU



)|UDPHGOHPPDUVWDODQ



9DUDP|WHVSODWVRFKIRUXPI|UVDPYHUNDQ



+MlOSDVPnRUJDQLVDWLRQHUDWWVSHODHQELVWnQGVUROO



)|UPHGODSURMHNWELGUDJ   gYULJDRUJDQLVDWLRQHU H[NOXVLYHUDPDU 



+MlOSDVPnRUJDQLVDWLRQHUDWWVSHODHQELVWnQGVUROO



)|UPHGODSURMHNWELGUDJ



2UGQDNXUVHURFKVHPLQDULHU



9DUDRSLQLRQVELOGDUHLJOREDODIUnJRU



3nYHUNDVYHQVNELVWnQGVSROLWLN   'HWlUW\GOLJWDWWPHGOHPPDUQDYLOODWW)RUXP6\GVNDYDUDHQVHUYLFHRUJDQLVD WLRQ HQ LQWUHVVHRUJDQLVDWLRQ RFK HQ OREE\RUJDQLVDWLRQ 6nYlO VWRUD VRP VPn lU |YHUHQVRPDWW)RUXP6\GVNDKMlOSDGHVPnDWWEHGULYDXWYHFNOLQJVVDPDUEHWH 



(QDQQDQIUnJDO|G9LONDDY)RUXP6\GVI|OMDQGHIXQNWLRQHUlUYLNWLJDVWI|UHU

RUJDQLVDWLRQ"µ  DOWHUQDWLY DQJDYV RFK RUJDQLVDWLRQHUQD RPEDG LQGLNHUD GH 

YLNWLJDVWHIXQNWLRQHUQDLIDOODQGHRUGQLQJ)|OMDQGHUHVXOWDWHUK|OOV 

)XQNWLRQHU 5D

PDU gYULJD 2UJXWDQSHUVRQDO

,QWHUQDWLRQHOOWRSLQLRQVDUEHWHRPJOREDODIUnJRU    .XUVHURFKVHPLQDULHU    %HYDNDUHJHULQJRFKULNVGDJLELVWnQGVIUnJRU    2SLQLRQVELOGDUHL6YHULJHUXQWJOREDODIUnJRU    )|UODJVYHUNVDPKHWHQ    )|UPHGODSURMHNWVW|GIUnQ6LGD    )|UDHQVNLOGDRUJDQLVDWLRQHUVWDODQJHQWHPRW6LGD    0|MOLJKHW DWW WUlIID DQGUD VRP MREEDU PHG OLNQDQGH

IUnJRU   

 

9LNRQVWDWHUDUDWWUDPRUJDQLVDWLRQHUQDSULRULWHUDUJHPHQVDPWRSLQLRQVDUEHWHLVLQ VDPYHUNDQPHG)RUXP6\G'HWWDVNLOMHUGHPIUnQµGH|YULJDµRFKµGHVPnµVRP lU PHU LQWUHVVHUDGH DY SURMHNWVW|GHW RFK DWW )RUXP 6\G I\OOHU UROOHQ VRP GHUDV LQWUHVVHRUJDQLVDWLRQ3ULRULWHUDWDYDOODlU)RUXP6\GVVHPLQDULHYHUNVDPKHW)|U \WWHUOLJDUHGHWDOMHUKlQYLVDVWLOO$QQH[   3nIUnJDQRP)RUXP6\GJ|UQnJRWVRPPHGOHPPDUQDLQWHW\FNHUDWWRUJDQLVD WLRQHQERUGHlJQDVLJnWVYDUDUHQIMlUGHGHOµ-Dµ UDPDU|YULJDRFK XWDQDQVWlOOGD (QPlQJGROLNDVYDU JHV Sn GHQQD IUnJD  DY GH VRP VYDUDWSRVLWLYWDQVHUDWW)RUXP6\GLQWHVNDEHGULYDHJHWELVWnQGgYULJDInUUHSUH VHQWHUDV DY I|OMDQGH NRPPHQWDU µDOOW XWDQI|U NlUQYHUNVDPKHWHQ DWW JH UnG RFK VW|GI|UDWWYLVNDNXQQDJ|UDHWWEUDXWYHFNOLQJVVDPDUEHWHµ

 

6OXWOLJHQ VWlOOGHV IUnJDQ RP KXU YLNWLJ )RUXP 6\G YDU I|U PHGOHPPDUQDV EL VWnQGVYHUNVDPKHW

(27)







 DY UDPRUJDQLVDWLRQHUQD DQVnJ DWW )RUXP 6\G YDU P\FNHW HOOHU JDQVND YLNWLJI|UGHP



 DY |YULJD PHGOHPPDU DQVnJ DWW )RUXP 6\G YDU P\FNHW HOOHU JDQVND YLNWLJI|UGHP



 DY I|UHQLQJDUQD XWDQ DQVWlOOGD DQVnJ DWW )RUXP 6\G YDU P\FNHW HOOHU JDQVNDYLNWLJI|UGHP   8UGHWWDNDQYLNRQVWDWHUDDWW)RUXP6\GlUHQP\FNHWYLNWLJDNW|ULQRPVYHQVNW IRONU|UHOVHELVWnQGRFKXSSIDWWDVVnDYDOODVLQDPHGOHPVJUXSSHU  ,YZYHYTTKMJXIVIRPMKXMGOIQIHPIQQEV  (IWHUVRPVYHQVNDHQVNLOGDRUJDQLVDWLRQHUVRPLQWHlUPHGOHPPDUPHQVRPV|NHU SURMHNWVW|G JHQRP )RUXP 6\G lU HQ LQWUHVVHJUXSS VRP YnUGDV DY I|UHQLQJHQ EHVO|WYLDWWVNLFNDXWHQOLNQDQGHHQNlWWLOOHWWVOXPSPlVVLJWXUYDODYGHP8UHQ OLVWDSnNQDSSWRUJDQLVDWLRQHUVlQGHYLXWHQNlWHQWLOOYDUWUHGMHRUJDQLVDWLRQ HQNlWHU VYDUDGH6H$QQH[I|UHQVDPPDQVWlOOQLQJDYUHVXOWDWHW   3nGHQ|SSQDIUnJDQRPYDGGHDQVnJ)RUXP6\GVKXYXGXSSJLIWHUYDUDHUK|OOV I|OMDQGHVYDU 



+MlOSDVPnRUJDQLVDWLRQHUDWWVSHODHQELVWnQGVUROO



)|UPHGODSURMHNWELGUDJIUnQ6LGD



,QIRUPHUDRPXWYHFNOLQJVRFKJOREDODIUnJRU



+MlOSDWLOOPHGSURMHNWUHGRYLVQLQJ   6DPPDVYDUHUK|OOVQlUYLGHODGHXSSJUXSSHQLI|UHQLQJDUPHGRFKXWDQSHUVR QDO-lPI|UWPHGPHGOHPVRUJDQLVDWLRQHUQDNDQYLNRQVWDWHUDDWWGHQQDJUXSSlU PHULQWUHVVHUDGDYDWWInWLOOJnQJWLOOVHUYLFHlQDYSODWWIRUPVUROOHQ   3nGHQEXQGQDIUnJDQRPYLONDDY)RUXP6\GVIXQNWLRQHUVRPYDUYLNWLJDVWI|U GHUDVRUJDQLVDWLRQHUILFNYLI|OMDQGHVYDU  )XQNWLRQHU (M PHGOHP

PDU 2UJXWDQSHUVRQDO

)|UPHGODSURMHNWVW|GIUnQ6LGD  

6YDUDSnIUnJRURFKJHLQIRUPDWLRQQlUPDQULQJHU   0|MOLJKHW DWW WUlIID DQGUD VRP MREEDU PHG OLNQDQGH

IUnJRU   *HUnGRPKXUPDQV|NHUSURMHNWVW|G   .XUVHURFKVHPLQDULHU   *HUnGUXQWHNRQRPLVNUHGRYLVQLQJDYSURMHNWPHGHO     bYHQKlUVRPV\QHVVNLOMHUVLJLQWHVYDUHQI|UJUXSSHQXWDQSHUVRQDO6DPPDELOG VRPHUK|OOVDQJnHQGH)RUXP6\GVKXYXGXSSJLIWHUHUKnOOVI|UYDGRUJDQLVDWLRQHU QDEHG|PHUVRPYLNWLJWI|UGHPGYVDWWInKMlOSRFKUnG1nJRWI|UYnQDQGHYDU DWWGHQQDNDWHJRULYHUNDUYDUDPLQGUHLQWUHVVHUDGHDYNXUVHU 

(28)

   (QQnJRWK|JUHDQGHODYLFNHPHGOHPPDUlQDYPHGOHPPDUDQVnJDWW)RUXP6\G JMRUGHQnJRWVRPGHWLQWHERUGHlJQDVLJnWQlPOLJHQDYVDPWOLJDRFK DYGHPXWDQSHUVRQDO+lUGRPLQHUDGHGRFNVYDUVRPU|UGH)RUXP6\GVVlWWDWW DUEHWDPHGDWWEHG|PDSURMHNWDQV|NQLQJDU   9LVWlOOGHIUnJDQRPKXUYLNWLJ)RUXP6\GlUI|UGHQQDJUXSSDYHQVNLOGDRUJDQL VDWLRQHUDQJDYDWW)RUXP6\GYDUP\FNHWHOOHUJDQVNDYLNWLJWI|UGHP   6DPPDQWDJHWNDQYLNRQVWDWHUDDWWGHROLNDLQWUHVVHJUXSSHUQDVNLOMHUVLJQnJRWnW RFKU|UVLJSnHQVNDODPHOODQ  

(MPHGOHPPDU 0HGOHPPDU 5DPDU

       ,HWWOlJHPHGNQDSSDUHVXUVHUVNXOOHGHWWDOHGDWLOODWW)RUXP6\GWYLQJDGHVIXQGH UDGMXSDUHSnYLONDI|UHQLQJHQlUWLOOI|URFKKXUP\FNHWUHVXUVHUVRPVNDDYVlWWDV WLOODWWNXQQDEHWMlQDDQGUDLQWUHVVHJUXSSHU   6HUYLFH ,QWUHVVH  RUJDQLVDWLRQ 3ODWWIRUP

(29)

  



*36917=(736+%2-7%836-7/%7869/896

 



&EOKVYRHXMPPRYZEVERHIWXVYOXYV

  'HQQXYDUDQGHVWUXNWXUHQSn)RUXP6\GVNDQVOLlUGHOVHWWDUYIUnQVDPPDQVODJ QLQJHQDY696RFK%,)2RFKGHOVHWWUHVXOWDWDYGHQRUJDQLVNDWLOOYl[WHQVRPKDU VNHWWIUDPI|UDOOWPHGgVWYHUNVDPKHWHQ9LG VDPPDQVODJQLQJHQ LQWHJUHUDGHV GH WYn RUJDQLVDWLRQHUQDV LQIRUPDWLRQVYHUNVDPKHW WLOO HQ HQKHW 'HWWD VNHGGH UHGDQ YLG ELOGDQGHW DY µ6\GSXQNWHQµ 2UJDQLVDWLRQHUQDV DGPLQLVWUDWLYD HQKHWHU VORJV RFNVn VDPPDQ WLOO HQ 'lUHPRW VORJV LQWH GH WYn ELVWnQGVYHUNVDPKHWHUQD LKRS GYVSURMHNWEHUHGQLQJRFKVHUYLFH %,)2 RFKYRORQWlUYHUNVDPKHW 696 9HUN VDPKHWHUQDVWRSSDGHVLQLHQJHPHQVDPELVWnQGVDYGHOQLQJPHQIRUWVDWWHDWWEH GULYDVVRPVHSDUDWDYHUNVDPKHWVGHODU

 

bYHQL VW\UHOVHQ PlUNV IRUWIDUDQGH GHW KLVWRULVND DUYHW 'HW ILQQV UHSUHVHQWDQWHU VRPKDUVXWWLWLGHWYnRUJDQLVDWLRQHUQDVVW\UHOVHURFKGlUHIWHUL)RUXP6\GVVW\UHO VH'HUDVSHUVSHNWLYSnYHUNDVDYGHUDVWLGLJDUHLQIDOOVYLQNODU   )RUXP6\GEHILQQHUVLJVnOHGHVIRUWIDUDQGHLHQSURFHVVGlUHQHJHQRUJDQLVDWLRQV NXOWXUPHGHJQDDUEHWVVlWWRFKVWUXNWXUHUKnOOHUSnDWWIRUPDV'HWKDQGODURPHWW VWRUWI|UDQNULQJVDUEHWHDWWI|UDRUJDQLVDWLRQHQIUDPnW  



3VKERMWEXMSRWWXVYOXYV

 

(30)

                                                0HGOHPVRUJDQLVDWLRQHU  cUVP|WH  6W\UHOVH  %HUHGQLQJ  XWVNRWW   ,QIR  %HUHG QLQJXWVNRWW   gVW  %HUHGQLQJV XWVNRWW   6\G   $UEHWV  XWVNRWW   .DQVOL  5HJLRQNRQWRU 

.DPERGMD 5HJLRQNRQWRU=LPEDEZH 5HJLRQNRQWRU  7DQ]DQLD 5HJLRQNRQWRU1LFDUDJXD  ELVWnQGVDUEHWDUH  1*2  &HQWUD 

ELVWnQGVDUEHWDUHELVWnQGVDUEHWDUH ELVWnQGVDUEHWDUH  1lWYHUN 1lWYHUN 1lWYHUN 1lWYHUN 1lWYHUN

(31)

  



1IHPIQQEV

  )RUXP6\GKDUHQGDVWRUJDQLVDWLRQHUVRPPHGOHPPDU9DULDWLRQHQPHOODQROLND W\SHUDYRUJDQLVDWLRQHUlUVWRU1lUI|UHQLQJHQELOGDGHVKDGH)RUXP6\GHWW PHGOHPPDU7URWVDWWPHGOHPVYlUYQLQJLQWHKDUYDULWHQSULRULWHUDGDNWLYLWHWKDU DQWDOHW|NDWWLOO   9DUI|UEOLUHQVYHQVNHQVNLOGRUJDQLVDWLRQPHGOHPL)RUXP6\G",YnUHQNlWWLOO PHGOHPVRUJDQLVDWLRQHUIUDPNRPDWWGHYDUPHGOHPPDUI|UDWW 



)nSURMHNWVW|G



)nWLOOJnQJWLOOLQIRUPDWLRQNRQWDNWQlWRFKNXQVNDS



.XQQDDJHUDVWDUNDUHJHPHQVDPW



6DPDUEHWDLLQWHUQDWLRQHOODIUnJRU



'HOWDLDWWSnYHUNDELVWnQGHW



)nKMlOSUnGRFKWLOOJnQJWLOODGPLQLVWUDWLYDWMlQVWHU



(UIDUHQKHWVXWE\WH



+DQnJRQVRPNDQI|UDGHUDVWDODQ   'HWILQQVHQXSSIDWWQLQJDWWGHWlUOlWWDUHDWWInSURMHNWELGUDJRPPDQlUPHGOHP L)RUXP6\G,YnUHQNlWEHNUlIWDGHVGHWWDLRFKPHGDWWDYPHGOHPPDUQD VRPKDGHV|NWELGUDJKDGHInWWMlPI|UWPHGEODQGLFNHPHGOHPPDU'HWWD WRUGHGRFNVQDUDVWKDVLQI|UNODULQJLKXUP\FNHWPDQKDUGHOWDJLWLXWELOGQLQJDU YLONHW NDQVNH |NDU RP PDQ lU PHGOHP 9L QRWHUDGH RFNVn DWW LFNHPHGOHPPDU SULRULWHUDGHXWELOGQLQJOlJUH

 

)RUXP 6\G VHV VRP HQ NXQVNDSVEDQN GLW DOOD NDQ YlQGD VLJ RFK In KMlOS PHG LQIRUPDWLRQ|NDVLQNXQVNDSE\WDHUIDUHQKHWHURFKVNDSDNRQWDNWHU'HWWDlUHQ YLNWLJDQOHGQLQJWLOODWWYDUDPHGOHP(QWUHGMHYLNWLJNDWHJRULlUP|MOLJKHWHQDWW NXQQDDJHUDJHPHQVDPWI|UDWWEOLVWDUNDUHJ|UDVLQDU|VWHUElWWUHK|UGDNXQQD SnYHUNDRFKKDQnJRQVRPI|UVYDUDUGHUDVLQWUHVVHQ  

0DQ NDQ VDPPDQIDWWD YDG PHGOHPPDU µInUµ XW DY VLWW PHGOHPVNDS L I|OMDQGH SXQNWHU 



'HODNWLJKHW)RUXP6\GV\QV0HGOHPPDUlUµPHGµLYLNWLJDIUnJRURFKVDP PDQKDQJJHQRP)RUXP6\G



7URYlUGLJKHW6PnI|UHQLQJDUNDQDQYlQGD)RUXP6\GVQ\KHWVEODQGHWFI|UDWW YLVDDWWGHlUVHUL|VDRFKWURYlUGLJD



.YDOLWHWVVWlPSHO2UJDQLVDWLRQHQKDUXSSI\OOWYLVVDNUDYI|UDWWEOLPHGOHP



7LOOJnQJWLOOLQIRUPDWLRQNRQWDNWHUNXQVNDS



6W|GKMlOSRFKDGPLQLVWUDWLYVHUYLFH 7URWVDWWPHGOHPVYnUGRFKPHGOHPVNRPPXQLNDWLRQHMKDUJLYLWVVWUDWHJLVNEHW\ GHOVHW\FNVGHVVDYlUGHQYDUDYlONRPPXQLFHUDGHWLOOH[LVWHUDQGHPHGOHPPDU

(32)

  6RPWLGLJDUHKDUSnWDODWVIDOOHUPHGOHPPDUQDLQRPWUHKXYXGJUXSSHU $QGUDUDPRUJDQLVDWLRQHU WLR cUVELGUDJVPRWWDJDUH VH[ gYULJD  *UXSSHQ|YULJDNDQEU\WDVQHULHWWDQWDONDWHJRULHUVnVRPN\UNOLJDRUJDQLVDWLRQHU SROLWLVND RUJDQLVDWLRQHU YlQVNDSVI|UHQLQJDU LQYDQGUDUI|UHQLQJDU XQJGRPV RUJDQLVDWLRQHU YlOJ|UHQKHWVI|UHQLQJDU 'HVVD NDQ lYHQ GHODV XSS L GH VRP KDU HJQDNDQVOLHURFKGHVRPGULYVDYHQEDUWLGHHOODNUDIWHU9LWURUDWW)RUXP6\GL VW|UUH XWVWUlFNQLQJ E|U I|UV|ND I|UD ROLND GLDORJHU PHG GH ROLND JUXSSHUQD VRP LQJnUI|UDWWNXQQDEHG|PDGHUDVVSHFLILNDEHKRYVRPULPOLJWYLVVNLOMHUVLJ 0HGOHPVDYJLIWHUQDlUVWUXNWXUHUDGHXWLIUnQKXUPnQJDPHGOHPPDUYDUMHRUJDQL VDWLRQKDUHQOLJWI|OMDQGHVNDOD ²PHGOHPPDU 6(.nU ²PHGOHPPDU 6(.nU |YHUPHGOHPPDU 6(.nU 'HIOHVWDPHGOHPPDUIDOOHULQRPGHQI|UVWDNDWHJRULQ,QWlNWHUJHQRPPHGOHPV DYJLIWHUlUGlUI|UEHJUlQVDGHRFKPRWVYDUDUHQGDVWDY)RUXP6\GVLQWlNWHU 'HWWDUlFNHUWLOODWWWlFNDVW\UHOVHQVRPNRVWQDGHUPHQLQWHDOODNRVWQDGHUI|UKHOD I|UWURHQGHRUJDQLVDWLRQHQ WH[ PHGOHPVP|WHQ  9L WURU DWW GHW YRUH P|MOLJW DWW K|MD PHGOHPVDYJLIWHUQD I|U GH ULNWLJW VWRUD RUJDQLVDWLRQHUQD VRP YL WURU InU XW WLOOUlFNOLJWP\FNHWQ\WWDDY)RUXP6\GI|UDWWNXQQDPRWLYHUDHQK|JUHPHGOHPV DYJLIW



àVWQ¸XI

(WW nUVP|WH RFK HWW PHGOHPVP|WH KnOOV YDUMH nU 7URWV I|UHQLQJHQV VWRUD DQWDO PHGOHPPDU lU UHSUHVHQWDWLRQHQ YLG PHGOHPVP|WHQ EHJUlQVDG WLOO FLUND  8WLIUnQnUVP|WHVSURWRNROOKDUYLNXQQDWIDVWVWlOODDWWI|OMDQGHDQWDORUJDQLVDWLRQHU YDULWUHSUHVHQWHUDGHYLGI|UHQLQJHQVnUVP|WHQ cU $QWDO RUJDQLVDWLRQHU        

'HW lU W\GOLJW DWW GHW ILQQV HQ NlUQJUXSS DY DNWLYD PHGOHPVRUJDQLVDWLRQHU VRP W\FNVYDUDUHODWLYWNRQVWDQW9LGQlUPDUHVWXGLHUDYnUVP|WHVSURWRNROOVHUYLDWW PHGOHPVRUJDQLVDWLRQHUKDUGHOWDJLWLHWWHOOHUIOHUDnUVP|WHQ

References

Related documents

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

I vissa fall är olika parametrar i dessa värderingsmodeller uppskattade (främst volati- lititetsantaganden) vilket medför en förhöjd osäkerhet i det redovisade värdet på

En stark & trygg skola för bättre kunskaper Trygg vård & omsorg Resultatmål/Up pdrag Färre barn och unga ska utsättas för risk att skadas till följd av eget eller andras bruk

1¦PQGHQ DQVHU ¦YHQ DWW XXXXX JHQRP DWW VDPOD LQ RFK ODJUD ¸YULJW DYIDOO LFNH IDUOLJW DYIDOO E§GH EHGULYHU HQ DQP¦OQLQJVSOLNWLJ YHUNVDPKHW RFK NRQWLQXHUOLJW J¸U VLJ VN\OGLJ WLOO

6DPKlOOVE\JJQDGVI|UYDOWQLQJHQ EHG|PHU DWW I|UVODJHW lU YlO DQSDVVDW WLOO VWDGVELOGHQ VDPW XWJ|U HQ JRG KHOKHWVYHUNDQ HQOLJW  NDS  † 3%/ )|UVODJHW DQVHV LQWH PHGI|UD QnJRQ

'HQ UXPVOLJD VSDWLDOD SnYHUNDQ VRP HQHUJLV\VWHPHW NDQ JH XSSKRY WLOO KDU IUlPVW P|MOLJKHW DWW XWWU\FNDV L GHQ I\VLVND SODQHULQJHQ RFK GHVV

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

JUDYIlOW +|UHGD VDPWWUHU|VHQ +|UHGDRFK IUnQEURQVHOOHU. MlUQnOGHUQHQPLOVWROSHLNDONVWHQIUnQVHQDUHWLG