LINGUE D’EUROPA E DEL MEDITERRANEO
www.portal-lem.com
Collana coordinata da Giovanni Agresti e Henri Giordan
7
Sezione I
Diritti linguistici
diretta da Fernand de Varennes
A10
503
9ROXPHSXEEOLFDWRFRQLOFRQWULEXWR
GHO&RPXQHGL5RVFLDQRGHOO·$VVRFLD]LRQH/(0,WDOLD
GHO'LSDUWLPHQWRGL7HRULHH3ROLWLFKHGHOOR6YLOXSSR6RFLDOH
HGHOOD)DFROWjGL6FLHQ]HSROLWLFKHGHOO·8QLYHUVLWjGHJOL6WXGLGL7HUDPR
HFRQLOSDWURFLQLR
GHO'LSDUWLPHQWRGL6FLHQ]HSROLWLFKHJLXULGLFKHHVWXGLLQWHUQD]LRQDOL
GHOO·8QLYHUVLWjGHJOL6WXGLGL3DGRYD
L’enseignement des langues locales
Institutions, méthodes, idéologies
Actes des Quatrièmes Journées des Droits Linguistiques
(Teramo, Giulianova, Rosciano, Villa Badessa, 20–23 mai 2010)
sous la direction de
Giovanni Agresti
Michele De Gioia
Copyright © MMXII
ARACNE editrice S.r.l.
www.aracneeditrice.it
info@aracneeditrice.it
via Raffaele Garofalo, 133/A–B
00173 Roma
(06) 93781065
ISBN
978–88–548–5092–7
I diritti di traduzione, di memorizzazione elettronica,
di riproduzione e di adattamento anche parziale,
con qualsiasi mezzo, sono riservati per tutti i Paesi.
Non sono assolutamente consentite le fotocopie
senza il permesso scritto dell’Editore.
I edizione: settembre 2012
ODPpPRLUHGH/XFLOOD$JRVWLQL
7DEOHGHVPDWLqUHV
3UpIDFH
0LFKHOH'H*LRLD
'URLWVOLQJXLVWLTXHVHW$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
-RVHSK*7XUL
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHVOHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
)HUQDQGGH9DUHQQHV
5HJLRQDORUPLQRULW\ODQJXDJHVLQVFKRROHGXFDWLRQVHHQWKURXJKWKHSULVPRIWKH(XURSHDQ&KDUWHU
$OH[H\.R]KHP\DNRY
/HVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVXQHVWUDWpJLHGHODUHFRQQDLVVDQFH
+HQUL*LRUGDQ
'URLWVOLQJXLVWLTXHVHWpGXFDWLRQHQODQJXHVPLQRUpHVOHFDVGHO·DPD]LJKHDX0DURF
$KPHG%RXNRXV
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
$wFKD%RXKMDU
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULHpWDWGHVOLHX[HWGLIILFXOWpV
&<DPLQD%HQPD\RXI
/DFRQVWUXFWRQG·XQHLGHQWLWpUHWURXYpHODQJXHpFULWXUHHWFXOWXUHGDQVOHGRPDLQHEHUEqUH
*DRXDRX0DQDD
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
-HDQ/pR/pRQDUG
&DODQGUHWDHQVHLJQHPHQWGHO·RFFLWDQHQLPPHUVLRQFKRL[SpGDJRJLTXHV
&RULQQH/KpULWLHU
2FFLWDQO·HQVHLJQHPHQWELOLQJXHSRXUVDXYHUODODQJXH"
<DQ/HVSRX[
&RPSUHQGUHHWDFFRPSDJQHUOHGpYHORSSHPHQWGHO·HQVHLJQHPHQWELOLQJXHHQ&RUVH
(XJqQH);*KHUDUGL3DVFDO2WWDYL
'DOODGLJORVVLDDOELOLQJXLVPRQRWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
0DUFR7DPEXUHOOL
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
6WHIDQLD&DYDJQROL
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
LOFDVRGL6DQ*LDFRPRGL/DLYHV
6DQGUD/XFLHWWR
(QVHLJQHPHQWGHVODQJXHVORFDOHVHWWHUULWRLUHOHVHUEHHQ5RXPDQLHHWOHURXPDLQHQ6HUELH
.VHQLMD'MRUGMHYLý
/DQRUPDOLVDWLRQGHODODQJXHSRORQDLVHJpQpUDOHHWOHVSDUOHUVORFDX[
$QQD%HUOLľVND
7DEOHGHVPDWLqUHV
/DODQJXHDUPpQLHQQHRFFLGHQWDOHHQWUHGpVLUVHWUpDOLWpV
9DUWDQ2]LQLDQ
/HPXOWLOLQJXLVPHHQ*pRUJLH
*YDQWVD7FKDQWXULD7VLXUL$NKYOHGLDQL
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
0DVVLPR5LSDQL
/·DSSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUHFRPSWHUHQGXG·H[SpULHQFHVHWGHSURMHWV
7KpUqVH&DURQ
3RVWIDFH
/·pFROHGHVODQJXHVOLHXGXSqUHOLHXGHODPqUH"
*LRYDQQL$JUHVWL
3UpIDFH
0LFKHOH'H*LRLD
8QLYHUVLWpGH3DGRXH
&HYROXPHUpXQLWGHVDUWLFOHVWUDLWDQWGHVGURLWVOLQJXLVWLTXHVSDUUDSSRUWj
O·HQVHLJQHPHQW GHV ODQJXHV ORFDOHV DLQVL TXH G·DXWUHV FRQWULEXWLRQV
VFLHQWLILTXHV VXU OD PrPH WKpPDWLTXH LVVXHV G·XQ FROORTXH LQWHUQDWLRQDO
VXU ©/·HQVHLJQHPHQW GHV ODQJXHV ORFDOHV LQVWLWXWLRQV PpWKRGHV
LGpRORJLHVªTXLV·HVWWHQXHQ,WDOLHGXDXPDLVRXVO·pJLGHGH
O·DVVRFLDWLRQ /(0,WDOLD /DQJXHV G·(XURSH HW GH OD 0pGLWHUUDQpH GRQW
QRXVVRPPHVFRIRQGDWHXUHWGHO·8QLYHUVLWpGH7HUDPR
/H WKqPH HVVHQWLHO pWDQW OHV ©ODQJXHV ORFDOHVª SUpFLVRQV TXH SDU FH
WHUPHJpQpULTXHQRXVHQWHQGRQVLFLWRXWV\VWqPHOLQJXLVWLTXHQ·D\DQWSDV
OHVWDWXWGHODQJXHRIILFLHOOHGRQFMXULGLTXHPHQWFRQWUDLJQDQWHSRXUO·eWDW
HW VHV FLWR\HQV GDQV OHV GRPDLQHV GH O·XVDJH RIILFLHO OpJLVODWLRQ MXVWLFH
DGPLQLVWUDWLRQ SXEOLTXH HQVHLJQHPHQW QL OHV PrPHV FRQGLWLRQV GH
VXUYLH
1RXV SUpIpURQV FH WHUPH j FHOXL JpQpUDOHPHQW FRQVLGpUp FRPPH XQ
V\QRQ\PHGH©ODQJXHVUpJLRQDOHVªVDQVGRXWHSOXVUpSDQGXHQ)UDQFH
FDU G·XQ SRLQW GH YXH SOXV SURSUHPHQW VRFLROLQJXLVWLTXH HW VXUWRXW
GLDOHFWRORJLTXHFHWWHGHUQLqUHDSSHOODWLRQUHFRXYULUDLWDVVH]ELHQOHFDVGH
OD )UDQFH HW DVVH] PDO OH FDV GH O·,WDOLH (Q )UDQFH OD UpJUHVVLRQ GHV
GLDOHFWHV j O·±XYUH GHSXLV O·pSRTXH UpYROXWLRQQDLUH HW GH SOXV HQ SOXV
PDVVLYHSHUPHWGHORFDOLVHUSOXVDLVpPHQWGHVSDUOHUVUpJLRQDX[FRXYUDQW
GHV GLPHQVLRQV JpRJUDSKLTXHV SOXV YDVWHV TXH FHOOHV GHV GLDOHFWHV (Q
,WDOLHODYLWDOLWpGHVGLDOHFWHVTXLGHPHXUHQWDXVVLQRPEUHX[TXHOHVYLOOHV
GHODSpQLQVXOHREOLJHOHVFKHUFKHXUVjWHQLUFRPSWHGHORFDOLVDWLRQVSOXV
UHVWUHLQWHVGDQVODGpOLPLWDWLRQGHODJpRJUDSKLHOLQJXLVWLTXH
4XRL TX·LO HQ VRLW OHV ODQJXHV ORFDOHV FRQVWLWXHQW XQ WKqPH PDMHXU GHV
SRLQWV GH YXH OLQJXLVWLTXH FXOWXUHO MXULGLTXH LGpRORJLTXH SROLWLTXH (Q
,WDOLH SDU H[HPSOH RQ FRQVWDWH j SUpVHQW XQH DWWLWXGH SROLWLTXH
UHODWLYHPHQWIDYRUDEOHjO·pJDUGGHO·HQVHLJQHPHQWGHVGLDOHFWHVFHTXLD
1RXVSUpFLVRQVTXHWRXVOHVWH[WHVGXSUpVHQWYROXPHQ·HQJDJHQWTXHOHVRSLQLRQV
GHVDXWHXUVHWQHUHIOqWHQWSDVQpFHVVDLUHPHQWFHOOHVGHVpGLWHXUV
0LFKHOH'H*LRLD
UHODQFpOHGpEDWVXUOHU{OHGHVODQJXHVHWGHVFXOWXUHVORFDOHVHWVXUOHXU
LQVWLWXWLRQQDOLVDWLRQ
&·HVWMXVWHPHQWODSUREOpPDWLTXHGHO·HQVHLJQHPHQWTXLHVWYLVpHGDQVFH
YROXPH %RQ QRPEUH GH VFLHQWLILTXHV \ FRPSULV FHX[ TXL RQW DSSRUWp
OHXU FRQWULEXWLRQ DX FROORTXH FRQYLHQQHQW GX IDLW TXH O·XQH GHV
FRQGLWLRQV QpFHVVDLUHV SRXU DVVXUHU OD VXUYLH GHV ODQJXHV ORFDOHV HVW OHXU
HQVHLJQHPHQWOHXULQWpJUDWLRQDXV\VWqPHpGXFDWLI
'HPrPHOHXUVLWXDWLRQMXULGLTXHHVWSDVVpHLFLDXFULEOH3DUDLOOHXUVFH
FROORTXH SRUWDLW DXVVL OH QRP GH ©4XDWULqPHV -RXUQpHV GHV 'URLWV
/LQJXLVWLTXHVª HW LO IDLW SDUWLH G·XQH VpULH FRQVDFUpH j O·XQH GHV GHX[
EUDQFKHV GH OD OLQJXLVWLTXH MXULGLTXH TXL FRPPH O·D SUpFLVp *pUDUG
&RUQX©FRPSUHQGjODIRLVO·pWXGHGXODQJDJHGXGURLWHWFHOOHGXGURLW
GXODQJDJHª&·HVWSRXUTXRLFHYROXPHV·RXYUHSDUTXDWUHFRQWULEXWLRQV
WUDLWDQWGHVGURLWVOLQJXLVWLTXHVG·XQHIDoRQSOXVJpQpUDOHVXLYLHVG·pWXGHV
GHFDVUHJURXSpHVSDUHVSDFHVOLQJXLVWLTXHVHWJpRSROLWLTXHV
-RVHSK* 7XUL H[SORUH OH UDSSRUW FRPSOH[H HQWUH ODQJXH HW GURLW HQ OH
IRQGDQW VXU XQH KLpUDUFKLH GHV ODQJXHV LQWHUQDWLRQDOHV QDWLRQDOHV
UpJLRQDOHV ORFDOHV HW HQ LOOXVWUDQW FHUWDLQHV VLWXDWLRQV MXULGLFR
OLQJXLVWLTXHV GDQV OH PRQGH &H TXL OXL SHUPHW GH SUpFLVHU TX·LO H[LVWH
SOXVLHXUV GURLWV OLQJXLVWLTXHV LO Q·\ D SDV TXH OH GURLW GX ODQJDJH PDLV
WRXW G·DERUG OH GURLW j OD ODQJXH HW OH GURLW j XQH ODQJXH &HV FRQFHSWV
MXULGLTXHV VRQW H[SOLTXpV DX QLYHDX GHV SULQFLSHV G·R LOV SURYLHQQHQW
7RXVFHVGURLWVIRQWDXVVLO·REMHWGHSXLVGHVDFWLYLWpVGHO·$FDGpPLH
LQWHUQDWLRQDOH GH GURLW OLQJXLVWLTXH $,'/,$// GH 0RQWUpDO TXH 7XUL
SUpVHQWHpJDOHPHQWG·XQHPDQLqUHVXFFLQFWH
)HUQDQG GH 9DUHQQHV V·LQWpUHVVH DX GURLW j GLVSRVHU G·XQ HQVHLJQHPHQW
GDQV XQH ODQJXH ORFDOH HW PHW HQ pYLGHQFH FHUWDLQV REVWDFOHV j OD IRLV
MXULGLTXHV HW LGpRORJLTXHV FRQWUDVWDQW O·DSSOLFDWLRQ GH FH GURLW GDQV
SOXVLHXUVSD\V
$OH[H\.R]KHP\DNRYPHWHQUDSSRUWO·HQVHLJQHPHQWjO·pFROHGHVODQJXHV
UpJLRQDOHV RX PLQRULWDLUHV HW OHXU UHFRQQDLVVDQFH IRQGpH VXU OD &KDUWH
HXURSpHQQH GHV ODQJXHV UpJLRQDOHV RX PLQRULWDLUHV &HWWH FRQYHQWLRQ FOp GX
&RQVHLO GH O·(XURSH SUpYRLW HQWUH DXWUHV XQ VXLYL GHV PpFDQLVPHV
&I&2518*pUDUG>HpGLWLRQ@/LQJXLVWLTXHMXULGLTXH3DULV0RQWFKUHVWLHQS
3UpIDFH
GLGDFWLTXHVTXLV·DYqUHXWLOHSRXUDPpOLRUHUODSURWHFWLRQHWODSURPRWLRQ
GHFHVODQJXHV
+HQUL *LRUGDQ UpFODPH XQH VWUDWpJLH HIILFDFH GH OD UHFRQQDLVVDQFH
SROLWLTXH HW VXUWRXW MXULGLTXH HW UpIOpFKLW VXU VRQ pODERUDWLRQ HW VXU VRQ
DGRSWLRQ '·DSUqV OXL OHV VROXWLRQV VH WURXYHUDLHQW FHUWHV GDQV
O·pODERUDWLRQ GH QRUPHV MXULGLTXHV PDLV DXVVL GDQV OD VHQVLELOLVDWLRQ GH
O·RSLQLRQSXEOLTXHDXGpVLUGHSDUOHUWHOOHRXWHOOHODQJXH
FHV UpIOH[LRQV SUpDODEOHV IRQW VXLWH GHV DUWLFOHV SRUWDQW VXU GHV FDV
SDUWLFXOLHUV R O·HQVHLJQHPHQW GHV ODQJXHV ORFDOHV GDQV FHUWDLQHV SDUWLHV
GXPRQGHSRVHWRXMRXUV XQSUREOqPHpPLQHPPHQWSROLWLTXHGHGURLWV
OLQJXLVWLTXHV
(Q$IULTXHGX1RUGOH0DURFHWO·$OJpULHUHSUpVHQWHQWjSUHPLqUHYXHXQ
PRGqOHSRVLWLIROHEHUEqUHODQJXHQDWLRQDOHHVWLQWpJUpGDQVOHV\VWqPH
pGXFDWLIDX[F{WpVGHO·DUDEHHWGXIUDQoDLV$KPHG%RXNRXVH[SOLTXHTXH
OHEHUEqUHHVWSDUOpDX0DURFDXPRLQVSDUOHWLHUVGHODSRSXODWLRQTX·LO
FRQVWLWXHODODQJXHSUHPLqUHGHVDXWRFKWRQHVHWTXHVRQXVDJHV·pWHQGVXU
ODPDMHXUHSDUWLHGHO·HVSDFHQDWLRQDO/DUHFRQQDLVVDQFHH[SOLFLWHHQWDQW
TXH ODQJXH QDWLRQDOH UHPRQWH j VRQ LQWpJUDWLRQ GDQV OH V\VWqPH
pGXFDWLIjHWVRQLQVHUWLRQGDQVOHSD\VDJHDXGLRYLVXHOj
/D VLWXDWLRQ JOREDOH GH O·HQVHLJQHPHQW GH FHWWH ODQJXH PLQRUpH TXH
%RXNRXVDSURSRVpHQG·DSSHOHUDPD]LJKHHVWGRQFDVVH]IDYRUDEOH
VLO·RQWLHQWFRPSWHGHFHTXLVHSDVVHGDQVG·DXWUHVSD\V&HSHQGDQWLO
UHVWH j DVVXUHU OD FRQVWLWXWLRQQDOLVDWLRQ GH O·DPD]LJKH DLQVL TX·j
VXUPRQWHUOHVGLIILFXOWpVOLpHVjO·LQVXIILVDQFHGHVUHVVRXUFHVKXPDLQHVHWj
OD IDLEOHVVH GH OHXU IRUPDWLRQ IRQGDPHQWDOH HQ ODQJXH HW FXOWXUH
DPD]LJKHV
$wFKD %RXKMDU VH SHQFKH HOOH DXVVL VXU O·HQVHLJQHPHQW GX EHUEqUH HQ
SUpFRQLVDQW XQ DPpQDJHPHQW OLQJXLVWLTXH UHVSHFWXHX[ GH OD GLYHUVLWp
JpROHFWDOHpWDQWGRQQpHVOHVQRPEUHXVHVYDULDQWHVDWWHVWpHVFHWWHILQ
HOOH H[SRVH OD VWUDWpJLH DGRSWpH SDU O·,QVWLWXW 5R\DO GH OD &XOWXUH
$PD]LJKH ,5&$0 HQ PDWLqUH GH QRUPDOLVDWLRQ GH ODJUDSKLH WLILQDJKH
LH OH V\VWqPH G·pFULWXUH DPD]LJKH TXL V·LQVFULW GDQV OD FRQWLQXLWp
KLVWRULTXH GH FHW DOSKDEHW 2Q GLVSRVH DLQVL DXMRXUG·KXL GHV SUHPLHUV
RXYUDJHVGHUpIpUHQFHjYLVpHQRUPDOLVDQWH
0LFKHOH'H*LRLD
&<DPLQD%HQPD\RXIIDLWOHSRLQWVXUODVLWXDWLRQGXEHUEqUHHQ$OJpULH
DSSHOp DXVVL WDPD]LJKW SDU UDSSRUW HVVHQWLHOOHPHQW j O·DUDEH DOJpULHQ
PRGHUQHGLW©GLDOHFWDOªVXLWHjXQHFRH[LVWHQFHGDWDQWGHSXLVTXDWRU]H
VLqFOHVHWSDUUDSSRUWDXIUDQoDLVTXLDVRXIIHUWGDQVODVHFRQGHPRLWLpGX
;;HVLqFOHOHVHIIHWVG·XQHHQWUHSULVHGHGpIUDQFLVDWLRQ2UOHWDPD]LJKW
WRXWHVYDULDQWHVUpJLRQDOHVFRQIRQGXHV²GRQWOHVFLQTYDULDQWHVOHVSOXV
XWLOLVpHVGHQRVMRXUVHQ$OJpULHVRQWOHNDE\OHOHPR]DELWHOHFKDRXLOH
WHUJXL HW OH FKOHXK ² HVW ODQJXH ORFDOH HW PDWHUQHOOH G·XQH IUDQJH
LPSRUWDQWH GH OD SRSXODWLRQ 1pDQPRLQV VRQ HQVHLJQHPHQW Q·D\DQW pWp
HQYLVDJpTXHGHSXLVLOVHKHXUWHjGHVGLIILFXOWpVDXWDQWWHFKQLTXHV
TX·LGpRORJLTXHV HW SROLWLTXHV 0HQWLRQQRQV OD SROpPLTXH DXWRXU G·XQ
V\VWqPH G·pFULWXUH j DGRSWHU O·DEVHQFH GH WUDGLWLRQ JUDPPDWLFDOH OH
PDQTXH G·XQH SROLWLTXH OLQJXLVWLTXH JDUDQWLVVDQW j VRQ HQVHLJQHPHQW OHV
FRQGLWLRQV PLQLPDOHV G·H[HUFLFH 0rPH VL HQ OH EHUEqUH D pWp
UHFRQQX FRPPH ODQJXH QDWLRQDOH FH VWDWXW Q·D ULHQ j YRLU DYHF FHOXL GH
ODQJXHRIILFLHOOHTXLSHUPHWWUDLWVDSURPRWLRQHWVDYDORULVDWLRQ
O·pWXGHGH%HQPD\RXIIDLWSHQGDQWXQDUWLFOHGH*DRXDRX0DQDDTXL
HVVD\H GH WUDFHU OHV FRQWRXUV G·XQH LGHQWLWp EHUEqUH HQ $OJpULH HQ
PRQWUDQW O·pYROXWLRQ GH FHUWDLQV DVSHFWV OLQJXLVWLTXHV HW FXOWXUHOV GH OD
EHUEpULWp
eJDOHPHQW GDQV XQH VLWXDWLRQ GH FRQWDFW GH ODQJXHV LPSOLTXDQW OH
IUDQoDLV VH WURXYHQW GHX[ ODQJXHV URPDQHV O·RFFLWDQ HW OH FRUVH
FRQVLGpUpHV HQ )UDQFH FRPPH GHV ODQJXHV UpJLRQDOHV PDLV DXVVL
PLQRULWDLUHV-HDQ/pR/pRQDUGDERUGHODTXHVWLRQGHO·HQVHLJQHPHQWGHV
ODQJXHV PLQRULWDLUHV HW D IRUWLRUL GH O·HQVHLJQHPHQW HQ ODQJXHV
PLQRULWDLUHV GDQV XQ SD\V GH WUDGLWLRQ FHQWUDOLVWH FRPPH OD )UDQFH
/pRQDUG DQDO\VH VSpFLDOHPHQW GHX[ PDQXHOV VFRODLUHV UpFHQWV XWLOLVpV HQ
PLOLHX RFFLWDQRSKRQH HW TXL UHSUpVHQWHQW XQH UpXVVLWH GDQV O·RSWLTXH
G·XQH SpGDJRJLH SOXULOLQJXH HW LQWHU RX WUDQVFXOWXUHOOH PDLV DXVVL
WUDQVQDWLRQDOH HW GpPRFUDWLTXH IRQGpH VXU OD SULVH HQ FRPSWH GH
O·RFFLWDQ/HEXWHVWDLQVLG·pEDXFKHUOHVpOpPHQWVG·XQHWHOOHSpGDJRJLH
6XU OH PrPH VXMHW GH O·HQVHLJQHPHQW HQ ODQJXHV PLQRULWDLUHV OH
WpPRLJQDJH GH &RULQQH /KpULWLHU DERUGH O·RFFLWDQ HQVHLJQp DX[ HQIDQWV
GDQV XQH pFROH GH O·DVVRFLDWLRQ &DODQGUHWD &HOOHFL DVVXUH XQ W\SH
G·HQVHLJQHPHQWHQLPPHUVLRQTXLFRQVLVWHjIDLUHGHO·RFFLWDQODODQJXHGH
FRPPXQLFDWLRQ HW G·HQVHLJQHPHQW 3DU DLOOHXUV /KpULWLHU SUpFLVH TXH OH
3UpIDFH
VHQV GX WHUPH ©LPPHUVLRQª UHQYRLH QRQ SDV j XQH VRUWH GH SDVVLYLWp
PDLV j XQH RFFDVLRQ IpFRQGH G·pFKDQJH HW G·DFWLRQ UpFLSURTXH VXU XQ
REMHWFRPSOH[HG·DSSUHQWLVVDJHODODQJXHHWODFXOWXUHRFFLWDQHV
<DQ/HVSRX[GpOLPLWHOHFDGUHKLVWRULTXHHWUpJOHPHQWDLUHRO·H[SpULHQFH
GHV FDODQGUHWDV VH GpSORLH GHSXLV &HSHQGDQW VL O·HQVHLJQHPHQW
ELOLQJXH HVW QpFHVVDLUH j OD VXUYLH GH O·RFFLWDQ FRPPH GH WRXWH DXWUH
ODQJXHLOIDXWVXUWRXWpODUJLUHWDIILUPHUODSUpVHQFHGHODODQJXHUpJLRQDOH
GDQV O·HVSDFH SXEOLF SRXU PHWWUH OHV pOqYHV HQ VLWXDWLRQ GH
FRPPXQLFDWLRQ UpHOOH G·XWLOLVDWLRQ QDWXUHOOH GH OD ODQJXH HW GRQF HQ
FDSDFLWpGHODWUDQVPHWWUH
4XDQW j O·DXWUH ODQJXH URPDQH (XJqQH ); *KHUDUGL HW 3DVFDO 2WWDYL
PqQHQWXQHHQTXrWHVXUODPLVHHQ±XYUHGHO·HQVHLJQHPHQWELOLQJXHHQ
&RUVHHQFHTXLFRQFHUQHQRWDPPHQWOHIUDQoDLVHWOHFRUVHjO·pFROH/H
EXWHVWG·HQUHOHYHUOHVGLIILFXOWpVHWG·HQSURSRVHUGHVVROXWLRQV
/·,WDORURPDQLD HVW DXVVL j O·DUULqUHSODQ GH OD UpIOH[LRQ GH 0DUFR
7DPEXUHOOLVXUOHSUREOqPHGHODGpULYHOLQJXLVWLTXHWRXFKDQWOHVLGLRPHV
ORFDX[ G·,WDOLH GHSXLV TXHOTXHV GpFHQQLHV $\DQW FRQVWDWp TX·XQH
LQYHUVLRQGHFHWWHGpULYHQHSRXUUDLWDYRLUOLHXTX·HQFDVGHGLJORVVLHRX
GH ELOLQJXLVPH KRUL]RQWDO HW TX·HQ ,WDOLH LO Q·H[LVWH SDV G·pTXLOLEUH
GLJORVVLTXH 7DPEXUHOOL SUpFRQLVH OH GpYHORSSHPHQW GH FH W\SH GH
ELOLQJXLVPH HQ OH IRQGDQW VXU O·LQWURGXFWLRQ GHV ODQJXHV ORFDOHV GDQV OH
V\VWqPHpGXFDWLI
2U HQ WHUULWRLUH LWDOLHQ VRQW SDUOpHV QRQ VHXOHPHQW GHV YDULpWpV
OLQJXLVWLTXHV LH GHV GLDOHFWHV PDLV DXVVL G·DXWUHV ODQJXHV G·eWDW GRQW
O·DOOHPDQG 'DQV OD 3URYLQFH $XWRQRPH GH %RO]DQR RQ UHPDUTXH XQH
VLWXDWLRQ VRFLROLQJXLVWLTXH WHUULWRULDOH GH SOXULOLQJXLVPH SXLVTXH O·LWDOLHQ
OHODGLQHWO·DOOHPDQG\VRQWSDUOpVHWSHXYHQWrWUHWRXUjWRXUFRQVLGpUpV
FRPPH PLQRULWDLUHV VHORQ OHV RSWLTXHV /·DUWLFOH GH 6WHIDQLD &DYDJQROL
SUpVHQWH XQH H[SpULHQFH G·pGXFDWLRQ VFRODLUH WULOLQJXH PHQpH GDQV FHWWH
SURYLQFH HW FRQFHUQDQW O·LWDOLHQ O·DOOHPDQG HW O·DQJODLV XQH pWDSH
LPSRUWDQWHHVWFRQVWLWXpHSDUO·H[DPHQGHOD©ELRJUDSKLHOLQJXLVWLTXHªGH
O·pOqYHUpGLJpHSDUOHVSDUHQWVGRQWODPRWLYDWLRQV·DYqUHQpFHVVDLUH
8QHDXWUHH[SpULHQFHPHQpHGDQVODPrPHSURYLQFHHWQRWDPPHQWj6DQ
*LDFRPRLQ/DLYHVHVWLOOXVWUpHSDU6DQGUD/XFLHWWR'DQVFHFDVLOV·DJLW
G·pGXFDWLRQ VFRODLUH ELOLQJXH HQ LWDOLHQ HW HQ DOOHPDQG IRQGpH VXU
0LFKHOH'H*LRLD
O·DSSURFKH &/,/ FRQWHQW DQG ODQJXDJH LQWHJUDWHG OHDUQLQJ (0,/(
HQVHLJQHPHQWGHPDWLqUHVSDULQWpJUDWLRQG·XQHODQJXHpWUDQJqUH
3RXUFHTXLHVWGHOD'DFRURPDQLDF·HVW.VHQLMD'MRUGMHYLýTXLO·pYRTXH
GDQVXQHpWXGHGHODFRQWLQXLWpGHVODQJXHVPLQRULWDLUHVVXUODEDVHG·XQH
FRPSDUDLVRQHQWUHGHX[PLQRULWpVHXURSpHQQHVLQVpUpHVGDQVXQFRQWH[WH
WUDQVIURQWDOLHU 6HUEHV GH 5RXPDQLH HW 5RXPDLQV GH 6HUELH &HWWH
FRQWLQXLWp HVW IRQGpH VXU OH SOXUDOLVPH GX V\VWqPH pGXFDWLI HW VXU
O·H[LVWHQFH G·pFROHV GDQV OHV GHX[ FRPPXQDXWpV 7RXMRXUV HVWLO TXH
O·HQVHLJQHPHQW HQ ODQJXH PLQRULWDLUH VHPEOH QH SDV VXIILUH j OXL VHXO j
pYLWHUO·DVVLPLODWLRQOLQJXLVWLTXH DXVHQVG·8ULHO:HLQUHLFK FRQoXHjWRUW
RX j UDLVRQ FRPPH O·XQ GHV PR\HQV SRXU DVVXUHU O·XQLWp QDWLRQDOH ,O
IDXGUDLW XQH SROLWLTXH G·H[FHOOHQFH HW XQ YRORQWDULVPH FRQVLGpUDEOH DILQ
G·pODERUHUGHVFRQQDLVVDQFHVHWGHVFRPSpWHQFHV
(Q UHPRQWDQW O·(XURSH $QQD %HUOLľVND WUDLWH GH OD QRUPDOLVDWLRQ GX
SRORQDLV HW GH OD SODFH RFFXSpH SDU OHV SDUOHUV ORFDX[ GDQV OD FXOWXUH
SRORQDLVH DFWXHOOH 3DUPL FHX[FL F·HVW VXUWRXW OH FDFKRXEH TXL DOWHUQH
DYHF OH SRORQDLV VWDQGDUG GDQV GHV VLWXDWLRQV GH FRPPXQLFDWLRQ
RIILFLHOOHVMXVTX·jDFTXpULUOHVWDWXWGH©ODQJXHDX[LOLDLUHª
3OXV j O·HVW G·DXWUHV FDV GH ILJXUH VRQW H[DPLQpV 9DUWDQ 2]LQLDQ
LQWHUYLHQW GDQV OH GpEDW WUqV DFWXHO VXU OHV ODQJXHV HQ GDQJHU GH OD
0pGLWHUUDQpHRULHQWDOHHQFKHUFKDQWjGpFULUHO·pWDWGHO·HQVHLJQHPHQWGH
O·DUPpQLHQ RFFLGHQWDO VXUWRXW HQ 5pSXEOLTXH G·$UPpQLH HW IDFH DX[
DYDQWDJHV DFFRUGpV j O·DUPpQLHQ RULHQWDO 3RXU V·RSSRVHU j OD GpFDGHQFH
GHODODQJXHDUPpQLHQQHRFFLGHQWDOHGpSUpFLpHHQWUHDXWUHVSDUO·LGpHGX
PDQTXHGHYDOHXUPDUFKDQGH2]LQLDQSUrFKHXQHIRUPDWLRQDSSURSULpH
GHVHQVHLJQDQWVHWGHVDGPLQLVWUDWHXUVG·pFROHV
*YDQWVD7FKDQWXULDHW7VLXUL$NKYOHGLDQLIRQWXQEUHIVXUYROGHO·KLVWRLUH
GXJpRUJLHQDLQVLTXHGHODVLWXDWLRQGHSOXULHWKQLFLWpHWGHPXOWLOLQJXLVPH
FDUDFWpULVDQW OD *pRUJLH R O·HQVHLJQHPHQW SULPDLUH HVW GLVSHQVp HQ
SOXVLHXUV ODQJXHV GRQW OH JpRUJLHQ PDOJUp O·DEVHQFH G·XQH SROLWLTXH
OLQJXLVWLTXHpODERUpH'·DLOOHXUVODUpJLRQRVHWURXYHFHSD\V²HWDXVVL
OD 5pSXEOLTXH G·$UPpQLH ² HVW FHOOH GX &DXFDVH GpFULW SDU OHV $UDEHV
FRPPH©ODPRQWDJQHGHVODQJXHVª
0DVVLPR5LSDQLV·LQWpUHVVHjOD5pSXEOLTXH7FKRXYDFKHTXLDSSDUWLHQWj
OD )pGpUDWLRQ GH 5XVVLH QRWDPPHQW DX 'LVWULFW )pGpUDO GH OD 9ROJD
3UpIDFH
6LJQDORQVTXHGHSXLVOHWFKRXYDFKHHVWLQVpUpSDUO·8QHVFRGDQVOD
OLVWHGHVODQJXHVHQGDQJHUHWTXHVHVORFXWHXUVVRQWGHPRLQVHQPRLQV
QRPEUHX[ 5LSDQL HVVD\H GH PHWWUH HQ OXPLqUH OHV UDLVRQV GH FHWWH
UpGXFWLRQ HQ VRXOLJQDQW OH U{OH MRXp SDU 0RVFRX GDQV OD SROLWLTXH GH
O·HQVHLJQHPHQW GHV ODQJXHV PLQRULWDLUHV FH SURSRV LO UDSSHOOH TXH
GHSXLVOHVpWXGLDQWVGHOD)pGpUDWLRQQHSHXYHQWSDVVHUOHXUH[DPHQ
QDWLRQDOGHILQG·pWXGHVVHFRQGDLUHVTX·HQODQJXHUXVVH
'H O·DXWUH F{Wp GH O·$WODQWLTXH 7KpUqVH &DURQ QRXV RIIUH XQ UHJDUG
LQKDELWXHOVXUO·DQJODLV DPpULFDLQ HQWDQWTXHODQJXHPLQRULWDLUH&HTXL
VH SDVVH SDUIRLV DX 4XpEHF SD\V R FRH[LVWHQW QRQ VDQV GLIILFXOWpV OH
IUDQoDLVHWO·DQJODLV&DURQGRQQHXQFRPSWHUHQGXSRVLWLIG·H[SpULHQFHV
HWGHSURMHWVVFRODLUHVFRQFHUQDQWO·DSSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqV
OH SULPDLUH FRPPH LO D pWp GpFUpWp SDU OH PLQLVWUH GH O·eGXFDWLRQ GX
/RLVLU HW GX 6SRUW j SDUWLU GH /·DSSUHQWLVVDJH VH IDLW
SDUWLFXOLqUHPHQWSDUGHVFKDQVRQVGHVFRPSWLQHVHWGHVKLVWRLUHVGpMjDX
FRXUVGHVGHX[SUHPLqUHVDQQpHVGXSURJUDPPH
/HGpEDWVFLHQWLILTXHVXUOHVGURLWVFRQFHUQDQWOHVODQJXHVORFDOHVHWOHXU
HQVHLJQHPHQWVHFO{WSDUXQHUpIOH[LRQGH*LRYDQQL$JUHVWLHQIRUPHGH
SRVWIDFH VXU O·pFROH GHV ODQJXHV &HOOHFL VHUDLW HQ WHUPHV
SV\FKDQDO\WLTXHV HW GqV OH SULPDLUH HQ 2FFLGHQW VXUWRXW ©OH OLHX GX
SqUHªF·HVWjGLUHXQOLHXRODODQJXHV·REMHFWLYHUDLWHWpORLJQHUDLWOHVXMHW
SDUODQW GH VD VSKqUH SV\FKRDIIHFWLYH GRQW IHUDLHQW SDUWLH OHV ODQJXHV
ORFDOHV'DQVFHWWHpFROH©OHOLHXGHODPqUHªVHUDLWGRQFUHPLVHQYDOHXU
JUkFHjO·HQVHLJQHPHQWGHVODQJXHVORFDOHV
'URLWVOLQJXLVWLTXHV
HW$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
-RVHSK*7XUL
$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH0RQWUpDO
3UHVTXHWRXVOHVSD\VGXPRQGHVRQWOLQJXLVWLTXHPHQWPXOWLOLQJXHV7RXWHIRLVFHWWHUpDOLWpOLQJXLVWLTXHQHVH
UHWURXYHSDVVRXYHQWGDQVOHVQRUPHVMXULGLTXHVGHVeWDWVPRGHUQHV&HX[FLUHQGHQWRIILFLHOOHVVHXOHPHQW
XQHRXTXHOTXHVODQJXHVHQWHQDQWFRPSWHVXUWRXWGHOHXUVPDMRULWpVHWPLQRULWpVOLQJXLVWLTXHVKLVWRULTXHV
DILQG·DVVXUHUVXUOHXUWHUULWRLUHHWVHORQOHVFLUFRQVWDQFHVXQPD[LPXPRXXQPLQLPXPGHFRKpVLRQHWGH
VpFXULWp OLQJXLVWLTXHV HQWUH OHXUV UHVVRUWLVVDQWV &HOD Q·HVW SDV VDQV FUpHU GHV VLWXDWLRQV GH FRQIOLWV
OLQJXLVWLTXHVDORUVTXHOHVFRQWDFWVHQWUHODQJXHVGLIIpUHQWHVGDQVXQPrPHWHUULWRLUHVXVFLWHQWJpQpUDOHPHQW
XQ FOLPDW G·HQULFKLVVHPHQW FXOWXUHO LPSRUWDQW /D GLYHUVLWp OLQJXLVWLTXH GH QRWUH SODQqWH HVW XQH UpDOLWp
FXOWXUHOOH TXL VH GRLW G·rWUH UHFRQQXH HW SURWpJpH j O·LQVWDU GH OD ELRGLYHUVLWp &H WH[WH DQDO\VH FHUWDLQHV
VLWXDWLRQVMXULGLFROLQJXLVWLTXHVGDQVOHPRQGHHWPHWHQUHOLHIO·LPSRUWDQFHGHVDFWLYLWpVHWGHVVROXWLRQVPLVHV
GHO·DYDQWSDUO·$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXHjFHVXMHWSDUWLFXOLqUHPHQWDXFRXUVGHVRQ]H
FRQIpUHQFHVLQWHUQDWLRQDOHVELHQQDOHVTXLRQWOLHXXQSHXSDUWRXWGDQVOHPRQGHGHSXLV
4XDVLWXWWLLSDHVLGHOPRQGRVRQROLQJXLVWLFDPHQWHSOXULOLQJXL7XWWDYLDTXHVWDUHDOWjQRQVLULWURYD
VSHVVR QHOOH QRUPH JLXULGLFKH GHJOL 6WDWL PRGHUQL 7DOL 6WDWL UHQGRQR XIILFLDOL VROWDQWR XQD R TXDOFKH
OLQJXD FRQVLGHUDQGR VRSUDWWXWWR OH ORUR PDJJLRUDQ]H H PLQRUDQ]H OLQJXLVWLFKH VWRULFKH DO ILQH GL
DVVLFXUDUHVXOORURWHUULWRULRHVHFRQGROHFLUFRVWDQ]HXQPDVVLPRRXQPLQLPRGLFRHVLRQHHGLVLFXUH]]D
OLQJXLVWLFD WUD L ORUR FLWWDGLQL &Lz SXz VXVFLWDUH GHL FRQIOLWWL OLQJXLVWLFL QRWHYROL DQFKH VH LQ UHDOWj L
FRQWDWWLWUDOLQJXHGLIIHUHQWLVXOORVWHVVRWHUULWRULRFUHDQRJHQHUDOPHQWHXQFOLPDGLDUULFFKLPHQWRFXOWXUDOH
LPSRUWDQWH /D GLYHUVLWj OLQJXLVWLFD GHO QRVWUR SLDQHWD GHYH HVVHUH ULFRQRVFLXWD H SURWHWWD FRPH OD
ELRGLYHUVLWj ,O WHVWR DQDOL]]D DOFXQH VLWXD]LRQL JLXULGLFROLQJXLVWLFKH GL QXPHURVL SDHVL H VRWWROLQHD
O·LPSRUWDQ]DGHOO·DWWLYLWjHGHOOHVROX]LRQLSURSRVWHGHOO·$FFDGHPLDLQWHUQD]LRQDOHGLGLULWWROLQJXLVWLFRD
WDOHSURSRVLWRSDUWLFRODUPHQWHQHOFRUVRGHOOHXQGLFLFRQIHUHQ]HLQWHUQD]LRQDOLELHQQDOLFKHVLVRQRWHQXWH
XQSR·RYXQTXHQHOPRQGRGDO
'URLWOLQJXLVWLTXHFRPSDUp
'HSXLVODILQGHOD6HFRQGH*XHUUHPRQGLDOHOHVSUREOqPHVOLQJXLVWLTXHV
Q·RQW FHVVp G·DXJPHQWHU XQ SHX SDUWRXW GDQV OH PRQGH O·DXEH GX
QRXYHDX 0LOOpQDLUH LOV V·LQWHQVLILHQW GH IDoRQ VLJQLILFDWLYH /D GLYHUVLWp
OLQJXLVWLTXH GH QRWUH SODQqWH HVW GpVRUPDLV FRQVLGpUpH XQH ULFKHVVH
QDWXUHOOH TXL GRLW rWUH SURWpJpH HW YDORULVpH j O·LQVWDU GH OD ELRGLYHUVLWp
VXUWRXWHQSpULRGHGHPRQGLDOLVDWLRQ
/D QHXWUDOLWp OLQJXLVWLTXH Q·HVW SOXV GH QRWUH WHPSV 3RXU OHV SRXYRLUV
SXEOLFV F·HVW GpVRUPDLV OH WHPSV GH O·LQWHUYHQWLRQQLVPH OLQJXLVWLTXH YLVDQW OH
&I7XUL-LH-LQVKL7XULHW
-RVHSK*7XUL
VWDWXWHWO·HPSORLG·XQHRXGHSOXVLHXUVODQJXHVLGHQWLILpHVRXLGHQWLILDEOHV
GDQV XQ eWDW XQH UpJLRQ XQH PXQLFLSDOLWp XQH ORFDOLWp RX XQH
RUJDQLVDWLRQ LQWHUQDWLRQDOH JRXYHUQHPHQWDOH VXUWRXW GDQV OH FKDPS GHV
GRPDLQHV GH O·XVDJH RIILFLHO GHV ODQJXHV OpJLVODWLRQ MXVWLFH
DGPLQLVWUDWLRQ SXEOLTXH HW HQVHLJQHPHQW /HV eWDWV PRGHUQHV
LQWHUYLHQQHQWDLQVLGHSOXVHQSOXVMXULGLTXHPHQWHQPDWLqUHGHSROLWLTXH
OLQJXLVWLTXH,OVLQWHUYLHQQHQWMXULGLTXHPHQWSRXUSURPRXYRLUHWSURWpJHU
OHXUVODQJXHVQDWLRQDOHVHWOHFDVpFKpDQWSRXUOpJLIpUHUVXUOHVODQJXHVGH
OHXUV PLQRULWpV ,OV IRQW GRQF GH OHXUV ODQJXHV GHV ODQJXHV RIILFLHOOHV HW
GRQF MXULGLTXHPHQW FRQWUDLJQDQWHV SRXU HX[ HW OHXUV FLWR\HQV GDQV
FHUWDLQVGRPDLQHVVXUWRXWRIILFLHOVHWVHORQOHVFLUFRQVWDQFHVWRWDOHPHQW
RXSDUWLHOOHPHQWH[SOLFLWHPHQWRXLPSOLFLWHPHQWGHIDoRQV\PpWULTXHRX
GHIDoRQDV\PpWULTXH
/·LQWHUYHQWLRQMXULGLTXHGHVeWDWVHQPDWLqUHGHODQJXHDGRQQpQDLVVDQFH
jXQHQRXYHOOHVFLHQFHMXULGLTXHOHGURLWOLQJXLVWLTXHFRPSDUpHQVHPEOH
GHQRUPHVMXULGLTXHVD\DQWSRXUREMHWQRQVHXOHPHQWODODQJXHGXGURLW
PDLVpJDOHPHQWOHGURLWGHODODQJXHHWOHGURLWjODODQJXH
(Q$IULTXHGX6XGODFRQVWLWXWLRQFRQVDFUHOHGURLWjODODQJXHGURLWjOD
GLIIpUHQFH SDU H[FHOOHQFH PDQLIHVWDWLRQ pFODWDQWH GH OD GLYHUVLWp
OLQJXLVWLTXHGHQRWUHSODQqWHGRQWODUHFRQQDLVVDQFHH[SOLFLWHHVWDVVH]UDUH
HQGURLWOLQJXLVWLTXHFRPSDUpRF·HVWSOXW{WOHGURLWjXQHODQJXHTXLHVW
JpQpUDOHPHQWUHFRQQXHWSURWpJp
/H GURLW j OD ODQJXH HVW OH GURLW XQLYHUVHO IRQGDPHQWDO GH SDUOHU HW GH
FRPSUHQGUH GDQV OD ODQJXH GH VRQ FKRL[ SDUWLFXOLqUHPHQW GDQV OHV
GRPDLQHV GH O·XVDJH QRQ RIILFLHO RX SULYp GHV ODQJXHV FXOWXUH
FRPPXQLFDWLRQV WUDYDLO FRPPHUFH HW DIIDLUHV &XOWXUHOOHPHQW HW
MXULGLTXHPHQWOHGURLWjODODQJXHHVWXQGURLWHVVHQWLHOOHPHQWLQGLYLGXHO
,OFRwQFLGHSUDWLTXHPHQWDYHFOHSULQFLSHOLQJXLVWLTXHGHSHUVRQQDOLWp
/H GURLW j XQH ODQJXH HVW OH GURLW KLVWRULTXH GH SDUOHU HW GH FRPSUHQGUH
XQHRXSOXVLHXUVODQJXHVLGHQWLILpHVRXLGHQWLILDEOHVKLVWRULTXHPHQWGDQV
XQ WHUULWRLUH SROLWLTXH GRQQp SDUWLFXOLqUHPHQW GDQV OHV GRPDLQHV GH
O·XVDJHRIILFLHOGHVODQJXHV OpJLVODWLRQMXVWLFHDGPLQLVWUDWLRQSXEOLTXHHW
HQVHLJQHPHQW &XOWXUHOOHPHQWOHGURLWjXQHODQJXHHVWXQGURLWjODIRLV
LQGLYLGXHO HW FROOHFWLI PDLV HVVHQWLHOOHPHQW LQGLYLGXHO GX SRLQW GH YXH
MXULGLTXH SDUWLFXOLqUHPHQW SRXU OHV PLQRULWpV OLQJXLVWLTXHV HW FH VDXI
'URLWVOLQJXLVWLTXHVHW$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
H[FHSWLRQ ,O FRwQFLGH SUDWLTXHPHQW DYHF OH SULQFLSH GH WHUULWRULDOLWp
OLQJXLVWLTXH
%LHQ HQWHQGX LO \D SOXVLHXUV ]RQHV JULVHV HQWUH OHV GRPDLQHV GH O·XVDJH
RIILFLHOHWGHO·XVDJHQRQRIILFLHOGHVODQJXHV
3UHVTXH WRXV OHV SD\V GX PRQGH VRQW OLQJXLVWLTXHPHQW PXOWLOLQJXHV
7RXWHIRLV FHWWH UpDOLWp OLQJXLVWLTXH QH VH UHWURXYH SDV VRXYHQW GDQV OHV
QRUPHV MXULGLTXHV GHV eWDWV PRGHUQHV /HV eWDWV PRGHUQHV UHQGHQW
RIILFLHOOHVVHXOHPHQWXQHRXTXHOTXHVODQJXHVHQWHQDQWFRPSWHVXUWRXW
GHOHXUVPDMRULWpVHWPLQRULWpVOLQJXLVWLTXHVKLVWRULTXHVDILQG·DVVXUHUVXU
OHXUWHUULWRLUHHWVHORQOHVFLUFRQVWDQFHVXQPD[LPXPRXXQPLQLPXPGH
FRKpVLRQHWGHVpFXULWpOLQJXLVWLTXHVHQWUHOHXUVUHVVRUWLVVDQWV
(Q &KLQH OH SXWRQJKXD HVW OD ©ODQJXH HW O·pFULWXUH FRPPXQHV HW
QDWLRQDOHVªGXSD\VVHORQO·DUWLFOHGHOD/RLOLQJXLVWLTXHGH
PDLVLO\DSOXVGHODQJXHVQDWLRQDOHVGLIIpUHQWHVUHFRQQXHVDXQLYHDX
UpJLRQDO (Q ,QGH ODQJXHV VRQW FRQVWLWXWLRQQHOOHPHQW UHFRQQXHV /H
ELOLQJXLVPHRXOHPXOWLOLQJXLVPHRIILFLHOVDXIH[FHSWLRQVRQWODUqJOHDX
QLYHDXIpGpUDOGDQVOHVeWDWVPHPEUHVHWGDQVOHVWHUULWRLUHV'DQV
O·eWDWLQGLHQGX.DUQDWDNDRQDGpQRPEUpODQJXHVPDWHUQHOOHVVHORQ
OHUHFHQVHPHQWGHQRWHUTXHO·DQJODLVODQJXHRIILFLHOOHjO·pFKHORQ
IpGpUDODYHFOHKLQGLHVWODOLQJXDIUDQFDGXSD\VDORUVTX·LOQ·HVWSDUOpTXH
SDU XQH PLQRULWp G·,QGLHQV 6LQJDSRXU LO \ D ODQJXHV RIILFLHOOHV $X
0DURF OD VHXOH ODQJXH RIILFLHOOH GH MXUH HVW O·DUDEH PDLV OH IUDQoDLV
FRQWLQXH G·rWUH GH IDFWR XQH ODQJXH RIILFLHOOH LPSRUWDQWH SXLVTXH OH
IUDQoDLV HVW XWLOLVp VRXYHQW GDQV GH QRPEUHX[ WH[WHV HW GRFXPHQWV
RIILFLHOV (Q 1RXYHOOH=pODQGH OH PDRUL HVW ODQJXH RIILFLHOOH GH MXUH HW
O·DQJODLVODQJXHRIILFLHOOHGHIDFWR
3OXVLHXUV SD\V LPSRUWDQWV FRPPH OHV eWDWV8QLV j O·pFKHORQ IpGpUDO
O·$OOHPDJQH jO·pFKHORQIpGpUDO HWOH-DSRQQ·RQWSDVGHODQJXHRIILFLHOOH
GXSRLQWGHYXHFRQVWLWXWLRQQHO'DQVFHVSD\VODODQJXHGHUpGDFWLRQGH
OHXUFRQVWLWXWLRQSHXWrWUHFRQVLGpUpHODQJXHRIILFLHOOHGHIDFWRGXSRLQWGH
YXH FRQVWLWXWLRQQHO $X[ eWDWV8QLV WRXWHIRLV eWDWV PHPEUHV RQW
OpJLIpUp SRXU RIILFLDOLVHU HW SURWpJHU O·DQJODLV FRQWUH O·HVSDJQRO TXL HVW
SRXUWDQWFHQVprWUHODODQJXHODSOXVIRUWHDXPRQGH
(Q $IULTXH QRLUH HW GDQV FHUWDLQV SD\V G·$VLH OHV ODQJXHV GHV DQFLHQV
FRORQLVDWHXUV FRQWLQXHQW G·rWUH ODQJXHV RIILFLHOOHV HW GRQF MXULGLTXHPHQW
-RVHSK*7XUL
FRQWUDLJQDQWHV DORUV TXH OHV ODQJXHV ORFDOHV VRQW WRXW VLPSOHPHQW
QDWLRQDOHV VDQV DXFXQ VWDWXW MXULGLTXH SUpFLV VDXI H[FHSWLRQ 8QH ODQJXH
RIILFLHOOH HVW OD ODQJXH G·XQ eWDW DORUV TX·XQH ODQJXH QDWLRQDOH HVW OD
ODQJXHKLVWRULTXHPHQWHQUDFLQpHGHSXLVGHVJpQpUDWLRQVGDQVXQWHUULWRLUH
GpWHUPLQp RX OD ODQJXH G·XQH FRPPXQDXWp FXOWXUHOOH KLVWRULTXHPHQW
LPSRUWDQWH 4XL SOXV HVW XQH ODQJXH QDWLRQDOH HVW OD ODQJXH SDUOpH HW
FRPSULVHSDUODJUDQGHPDMRULWpGHVPHPEUHVGHODQDWLRQFRQFHUQpH(Q
$IULTXHGX6XGODFRQVWLWXWLRQUHFRQQDvWODQJXHVRIILFLHOOHVDXQLYHDX
IpGpUDO GRQW ODQJXHVEODQFKHVHW QRLUHV$X[ 6H\FKHOOHV OH FUpROH HW OH
IUDQoDLV VRQW ODQJXHV RIILFLHOOHV $X 7LPRU 2ULHQWDO OH WpWXP HW OH
SRUWXJDLV VRQW ODQJXHV RIILFLHOOHV $X 9DQXDWX OH IUDQoDLV O·DQJODLV HW OH
ELFKODPDUVRQWODQJXHVRIILFLHOOHV
&HSHQGDQWPrPHORUVTXHGHVODQJXHVQDWLRQDOHVVRQWRIILFLHOOHVLOQ·\D
SDV QpFHVVDLUHPHQW pJDOLWp MXULGLTXH UpHOOH DYHF OHV DXWUHV ODQJXHV
RIILFLHOOHVTXDQWjOHXUVWDWXWHWjOHXUHPSORLGDQVOHVGRPDLQHVGHO·XVDJH
RIILFLHOGHVODQJXHV,O\DVRXYHQWDV\PpWULHGDQVOHWUDLWHPHQWMXULGLTXH
GHVODQJXHVRIILFLHOOHVHQIDYHXUGHVODQJXHVHXURSpHQQHV(QeWKLRSLHHW
HQeU\WKUpHFHSHQGDQWFHVRQWOHVODQJXHVQDWLRQDOHVTXLVRQWUHFRQQXHV
FRPPH pWDQW pJDOHV HQWUH HOOHV /·DPKDULTXH HQ eWKLRSLH DX QLYHDX GX
JRXYHUQHPHQW IpGpUDO HW OH WLJULJQD HQ eU\WKUpH DX QLYHDX GX
JRXYHUQHPHQWFHQWUDOVRQWODQJXHVGHWUDYDLOGHFHVSD\V
(Q (XURSH OHV ODQJXHV UpJLRQDOHV RX PLQRULWDLUHV WHUULWRULDOHV RX QRQ
WHUULWRULDOHV FRPPHQFHQW j SHLQH G·rWUH UHFRQQXHV JUkFH j OD &KDUWH
HXURSpHQQHGHVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVGXQRYHPEUH HQWUpHHQ
YLJXHXU OH HU PDUV QRWHU TXH OD &KDUWH QH V·DSSOLTXH TX·DX[
ODQJXHV UpJLRQDOHV HW PLQRULWDLUHV KLVWRULTXHV (VWFH TXH FHOD YHXW GLUH
TXH VHORQ ODGLWH &KDUWH OHV QRXYHDX[ LPPLJUDQWV HW OHV QRXYHOOHV
PLQRULWpV VRQW FRQGDPQpV j O·DVVLPLODWLRQ OLQJXLVWLTXH" /D VLWXDWLRQ HVW
GLIIpUHQWHDYHFO·DUWLFOHGX3DFWHLQWHUQDWLRQDOUHODWLIDX[GURLWVFLYLOVHW
&HSHQGDQWOH&RQVHLOFRQVWLWXWLRQQHOIUDQoDLVGDQVVDGpFLVLRQGXMXLQD
GpFODUpTXHOD&KDUWHHXURSpHQQHpWDLWLQFRQVWLWXWLRQQHOOHHQ)UDQFHSRXUGHX[UDLVRQVHOOH
DOODLWjO·HQFRQWUHGHODGLVSRVLWLRQGHOD&RQVWLWXWLRQIDLVDQWGXIUDQoDLVODODQJXHGHOD
5pSXEOLTXHHWpWDLWLQFRPSDWLEOHDYHFOHSULQFLSHG·pJDOLWpHQWUHOHVFLWR\HQV)LQDOHPHQW
OD)UDQFHV·HVWFRQIRUPpHjOD&KDUWHHQPRGLILDQWVDFRQVWLWXWLRQSDUO·DMRXWGHO·DUWLFOH
TXL pQRQFH TXH ©/HV ODQJXHV UpJLRQDOHV IRQW SDUWLH GX3DWULPRLQH GH OD )UDQFHª
MXLOOHW
'URLWVOLQJXLVWLTXHVHW$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
SROLWLTXHV GX GpFHPEUH HQWUpHQYLJXHXU OH PDUV FDU
FHW DUWLFOH V·DSSOLTXH pJDOHPHQW DX[ QRXYHDX[ LPPLJUDQWV HW DX[
QRXYHOOHV PLQRULWpV /·DUWLFOH pGLFWH TXH OHV SHUVRQQHV DSSDUWHQDQW
DX[ PLQRULWpV OLQJXLVWLTXHV RQW OH GURLW G·XWLOLVHU OHXU ODQJXH DYHF OHV
DXWUHV PHPEUHV GH OHXU FRPPXQDXWp 6RXOLJQRQV OH IDLW TXH VHORQ FHV
GHX[ LQVWUXPHQWV LQWHUQDWLRQDX[ OHV GURLWV OLQJXLVWLTXHV GHV PLQRULWpV
VRQWGHQDWXUHLQGLYLGXHOOH
7RXWHIRLV OHV GURLWV OLQJXLVWLTXHV GHV DXWRFKWRQHV VRQW FRQVLGpUpV
FRPPH pWDQW GH QDWXUH FROOHFWLYH 6RQW pJDOHPHQW FROOHFWLIV VHORQ OD
FRQVWLWXWLRQ FDQDGLHQQH OHV GURLWV OLQJXLVWLTXHV GH QDWXUH RIILFLHOOH GHV
FRPPXQDXWpV OLQJXLVWLTXHV IUDQoDLVH HW DQJODLVH GH OD SURYLQFH GX
1RXYHDX%UXQVZLFN
(Q &DWDORJQH HQ (VSDJQH OD FRH[LVWHQFH GHPHXUH GLIILFLOH HQWUH OH
FDWDODQ ODQJXH ©SURSUHª HW RIILFLHOOH HW O·HVSDJQRO ODQJXH RIILFLHOOH (Q
,UODQGH O·LUODQGDLV HVW OD ODQJXH QDWLRQDOH HW OD SUHPLqUH ODQJXH RIILFLHOOH
GXSD\VDORUVTXHO·DQJODLVHVWODGHX[LqPHODQJXHRIILFLHOOH7RXWHIRLVOD
UHQDLVVDQFH GH OD ODQJXH LUODQGDLVH FRQQDvW GHV REVWDFOHV FRQVLGpUDEOHV
GHYDQWO·RPQLSUpVHQFHGHO·DQJODLV0DOWHOHPDOWDLVODQJXHQDWLRQDOH
HW O·DQJODLV VRQW OHV ODQJXHV RIILFLHOOHV GX SD\V (Q )LQODQGH LO \ D
ODQJXHV RIILFLHOOHV DX /X[HPERXUJ ODQJXHV RIILFLHOOHV HQ 6XLVVH
ODQJXHV RIILFLHOOHV j O·pFKHORQ IpGpUDO HQ %HOJLTXH ODQJXHV RIILFLHOOHV
pJDOHPHQW j O·pFKHORQ IpGpUDO /D )UDQFH D OpJLIpUp SRXU RIILFLDOLVHU HW
SURWpJHU OH IUDQoDLV TXL HVW SRXUWDQW XQH ODQJXH WUqV IRUWH DX SD\V HW
DLOOHXUV /·,WDOLH D UHFRQQX HQ GpFHPEUH ODQJXHV PLQRULWDLUHV
KLVWRULTXHV PDLV QRQ VDQV DYRLU DXSDUDYDQW GpFODUp O·LWDOLHQ ODQJXH
RIILFLHOOH GX SD\V GH IDoRQ j IDLUH DFFHSWHU FHOD SDU O·RSLQLRQ SXEOLTXH
'DQV FHUWDLQV SD\V GH O·H[8566 HW GH O·H[<RXJRVODYLH OHV SUREOqPHV
&RPPHQWDLUHJpQpUDOGX&RPLWpGHVGURLWVGHO·KRPPHGHV1DWLRQV8QLHVQ
GXDYULO
6HORQOD'pFODUDWLRQXQLYHUVHOOHGHVGURLWVOLQJXLVWLTXHVGH%DUFHORQHGHMXLQOHVGURLWV
OLQJXLVWLTXHVVRQWjODIRLVLQGLYLGXHOVHWFROOHFWLIVQRWHUTXHFHWWHGpFODUDWLRQHVWQRQ
JRXYHUQHPHQWDOH
9RLUOH3URMHWGH'pFODUDWLRQGHV1DWLRQV8QLHVVXUOHVGURLWVGHVSHXSOHVDXWRFKWRQHVGX
DRW
(QYHUWXGHOD0RGLILFDWLRQFRQVWLWXWLRQQHOOHGH 1RXYHDX%UXQVZLFN TXLDDMRXWpj
FHWHIIHWO·DUWLFOHjOD&KDUWHFDQDGLHQQHGHVGURLWVHWOLEHUWpV
/RLQGXHUGpFHPEUH 1RUPHLQPDWHULDGLWXWHODGHOOHPLQRUDQ]HOLQJXLVWLFKH
-RVHSK*7XUL
OLQJXLVWLTXHV HQWUH OH UXVVH HW OHV ODQJXHV QDWLRQDOHV G·XQH SDUW HW j
O·LQWpULHXU G·XQH ODQJXH G·DXWUH SDUW VRQW RQ QHSHXW SOXV FRPSOH[HV HW
GLIILFLOHV 0rPH VL OHV ODQJXHV QDWLRQDOHV VRQW ODQJXHV RIILFLHOOHV DYHF OH
UXVVHGDQVOHVeWDWVPHPEUHVGHODIpGpUDWLRQUXVVHOHUXVVHGHPHXUHOD
VHXOHODQJXHRIILFLHOOHGHODIpGpUDWLRQ(Q%RVQLH+HU]pJRYLQHODQJXHV
RIILFLHOOHVVRQWUHFRQQXHVjO·pFKHORQIpGpUDOOHFURDWHOHERVQLDTXHHWOH
VHUEH0DLVGXSRLQWGHYXHOLQJXLVWLTXHLOV·DJLWSUDWLTXHPHQWGHODPrPH
ODQJXH (Q +DwWL OH FUpROH ODQJXH FRPPXQH HW OH IUDQoDLV ODQJXH GH
SUHVWLJH VRQW ODQJXHV RIILFLHOOHV DORUV TXH OD WUqV JUDQGH PDMRULWp GH OD
SRSXODWLRQSDUOHVHXOHPHQWRXVXUWRXWOHFUpROH3RUWR5LFROHVODQJXHV
RIILFLHOOHV VRQW O·HVSDJQRO HW O·DQJODLV 7RXW OH PRQGH SDUOH HVSDJQRO DX
SD\V2QQHSHXWHQGLUHDXWDQWGHO·DQJODLV
/D UHFRQQDLVVDQFH GHV ODQJXHV DXWRFKWRQHV GDQV OH PRQGH WDUGH j VH
FRQFUpWLVHU $X 3DUDJXD\ SD\V PXOWLFXOWXUHO HW ELOLQJXH VHORQ OD
FRQVWLWXWLRQOHFDVWLOODQHWOHJXDUDQLVRQWODQJXHVRIILFLHOOHV(Q%ROLYLH
OH FDVWLOODQ HW DX PRLQV O·XQH GHV ODQJXHV GX SD\V VRQW ODQJXHV
RIILFLHOOHVDX[GLIIpUHQWVQLYHDX[GHSRXYRLU)DXWLOVRXOLJQHUOHIDLWTXH
OHVWDWXWMXULGLTXHGHVODQJXHVHQ%ROLYLHGHPHXUHGXPRLQVVXUOHSDSLHU
OD VROXWLRQ LGpDOH DX[ SKpQRPqQHV HW DX[ SUREOqPHV OLQJXLVWLTXHV j
O·LQWpULHXU G·XQ eWDW" &DU O·LGpDO VHUDLW MXVWHPHQW GH UHFRQQDvWUH
RIILFLHOOHPHQW PrPH VL GH IDoRQ DV\PpWULTXH WRXWHV OHV ODQJXHV
QDWLRQDOHV G·XQ SD\V eYLGHPPHQW O·pJDOLWp MXULGLTXH UpHOOH HQWUH OH
FDVWLOODQ HW OHV ODQJXHV QDWLRQDOHV GHPHXUH XQ Y±X SLHX[ 0DLV OH SDV
IUDQFKLHVWGDQVODERQQHGLUHFWLRQ
/D ODQJXH RIILFLHOOH G·XQ eWDW Q·HVW SDV QpFHVVDLUHPHQW OD ODQJXH OD SOXV
SDUOpH GX SD\V (Q$IULTXH SDU H[HPSOHF·HVW VRXYHQW OD ODQJXH OD SOXV
SUHVWLJLHXVH TXL HVW ODQJXH RIILFLHOOH (W PrPH ORUVTX·LO \ D SOXVLHXUV
ODQJXHV RIILFLHOOHV LO Q·\ D SDV WRXMRXUV pJDOLWp MXULGLTXH UpHOOH HQWUH OHV
ODQJXHV RIILFLHOOHV 'DQV FHUWDLQV SD\V FRPPH O·,QGRQpVLH SDU H[HPSOH
F·HVW O·LQGRQpVLHQPDODLV ODQJXH FRPPXQH HW IDFWHXU LPSRUWDQW GH
FRKpVLRQQDWLRQDOHTXLHVWODODQJXHRIILFLHOOHPrPHVLODODQJXHODSOXV
SDUOpHHVWOHMDYDQDLV
/·DQJODLVO·DUDEHOHFKLQRLVO·HVSDJQROOHIUDQoDLVHWOHUXVVHVRQWOHVVL[
ODQJXHVGHWUDYDLOGX&RQVHLOH[pFXWLIGHO·8QHVFR6HORQO·8QHVFRLO\D
SOXV GH ODQJXHV HW GLDOHFWHV GDQV OH PRQGH /D %LEOH D pWp WUDGXLWH
GDQV SOXV GH ODQJXHV HW GLDOHFWHV /D WRXU GH %DEHO PDQLIHVWDWLRQ
'URLWVOLQJXLVWLTXHVHW$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
pFODWDQWH GH OD GLYHUVLWp OLQJXLVWLTXH j O·pFKHOOH SODQpWDLUH HW O·XQH GHV
JUDQGHVULFKHVVHVFXOWXUHOOHVGXSDWULPRLQHGHO·KXPDQLWpHVWWRXMRXUVRQ
QHSHXWSOXVYLYDQWH7RXWHIRLVTXHOTXHODQJXHVQHVRQWSDUOpHVTXH
SDU GH OD SRSXODWLRQ PRQGLDOH DORUV TXH SOXV GH GH FHWWH
SRSXODWLRQSDUOHJUDQGHVODQJXHV JUDQGHVGXSRLQWGHYXHTXDQWLWDWLI j
VDYRLU GHV ODQJXHV GRQW FKDFXQH HVW SDUOpH SDU DX PRLQV GH ODGLWH
SRSXODWLRQ GRQF SDU DX PRLQV PLOOLRQV GH SHUVRQQHV OH FKLQRLV
O·KLQGLXUGXO·DQJODLVO·HVSDJQROO·DUDEHOHEHQJDOLOHSRUWXJDLVOHUXVVH
OHMDSRQDLVO·DOOHPDQGOHIUDQoDLVOHPDODLVOHMDYDQDLVOHWHOXJXOHWDPLO
OHFRUpHQOHYLHWQDPLHQOHPDUDWKLOHWXUFO·LWDOLHQO·,UDQLHQOHJRXJHUDLW
HWOHWKDw
3DUPL FHV ODQJXHV LO \ D ELHQ HQWHQGX O·DQJODLV HW OH IUDQoDLV TXL
GHPHXUHQWGDQVO·RUGUHOHVODQJXHVGHFRPPXQLFDWLRQLQWHUQDWLRQDOHVOHV
SOXV SDUOpHV GDQV OH PRQGH LQWHUQDWLRQDOHV HQ WDQW TXH ODQJXHV SDUOpHV
GDQV SOXVLHXUV SD\V HW SDU XQ QRPEUH LPSRUWDQW GH ORFXWHXUV pWUDQJHUV
PDOJUpOHIDLWTXHTXDQWLWDWLYHPHQWOHVODQJXHVOHVSOXVSDUOpHVDXPRQGH
VRLHQWOHFKLQRLVHWO·KLQGLXUGX6LSDUDLOOHXUVO·DQJORDPpULFDLQHVWGHQRV
MRXUV OD ODQJXH OD SOXV LQWHUQDWLRQDOH DX PRQGH HW OLQJXD IUDQFD SDU
H[FHOOHQFH HW D VXFFpGp DLQVL KLVWRULTXHPHQW DX JUHF DX ODWLQ HW DX
IUDQoDLV FHOD HVW G VXUWRXW j OD SHUVLVWDQFH GH OD SXLVVDQFH GX P\WKH
FXOWXUHO DPpULFDLQ 0DLV LO V·DJLW Oj G·XQ SKpQRPqQH WRXW VLPSOHPHQW
KLVWRULTXHGRQFWHPSRUDLUHGDQVOHWHPSVHWFLUFRQVFULWGDQVO·HVSDFH8Q
MRXUXQHDXWUHODQJXHLQWHUQDWLRQDOHSUHQGUDODSODFHGHO·DQJORDPpULFDLQ
SHXWrWUHOHSRUWXJDLVEUpVLOLHQ
&HODGLWELHQTXHOHVODQJXHVVRLHQWWRXWHVpJDOHPHQWGLJQHVGHUHVSHFWHQ
VRL HW pJDOHV HQWUH HOOHV VXU OH SODQ GH OHXU VWULFW IRQFWLRQQHPHQW
OLQJXLVWLTXH V\QWD[H OH[LTXH« LO \ D XQH KLpUDUFKLH QDWXUHOOH RX
DUWLILFLHOOH TXL V·pWDEOLW HQWUH HOOHV ,O \ D GHV ODQJXHV LQWHUQDWLRQDOHV GHV
ODQJXHV QDWLRQDOHV GHV ODQJXHV UpJLRQDOHV HW GHV ODQJXHV ORFDOHV /HV
FRQWDFWVHQWUHGLIIpUHQWHVODQJXHVVXUXQPrPHWHUULWRLUHSROLWLTXHFUpHQW
XQHQULFKLVVHPHQWFXOWXUHOFRQVLGpUDEOHTX·LOIDXWUHFRQQDvWUHHWYDORULVHU
7RXWHIRLVOHVLQpJDOLWpVHWOHVFRQIOLWVOLQJXLVWLTXHVGHSDUOHPRQGHVRQW
GH SOXV HQ SOXV QRPEUHX[ 6HORQ OHV FRQWH[WHV RQ UHFRQQDvWUD TX·LO \ D
GHVODQJXHVPDMRULWDLUHVHWGHVODQJXHVPLQRULWDLUHVDLQVLTXHGHVODQJXHV
GRPLQDQWHVHWGHVODQJXHVGRPLQpHV
-RVHSK*7XUL
2U RQ VDLW FRPELHQ VRQW QRPEUHXVHV HW LQWHQVHV OHV OXWWHV GH SRXYRLU
HQWUH OHV ODQJXHV FRH[LVWDQW GH IDoRQ LQpJDOH SDUWLFXOLqUHPHQW HQWUH OHV
GLIIpUHQWHV ODQJXHV QDWLRQDOHV GDQV XQ PrPH WHUULWRLUH HW HQWUH OHXUV
ORFXWHXUV UHVSHFWLIV 'HV H[SHUWV RQW GpMj SDUOp j FH VXMHW GH JXHUUHV GHV
ODQJXHV&H Q·HVW SDV HQFRUH OH FDV KHXUHXVHPHQWOD GLYHUVLWp OLQJXLVWLTXH
GHQRWUHSODQqWHpWDQWXQHULFKHVVHFXOWXUHOOHRQQHSHXWSOXVFRQYLYLDOH
HQO·RFFXUUHQFH,OIDXWWRXWHIRLVrWUHYLJLODQW,OIDXWjWRXWSUL[pYLWHUTXH
ODODQJXHQHGHYLHQQHXQHQRXYHOOHUHOLJLRQ
$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
&HEUHIVXUYROGXGURLWOLQJXLVWLTXHFRPSDUpQRXVIDLWPLHX[FRPSUHQGUH
OH SRXUTXRL HW OH FRPPHQW GH O·$FDGpPLH LQWHUQDWLRQDOH GH GURLW
OLQJXLVWLTXH
&·HVW j OD VXLWH GH O·DGRSWLRQ GH OD &KDUWH GH OD ODQJXH IUDQoDLVH SDU
O·$VVHPEOpH QDWLRQDOH GX 4XpEHF OH DRXW GRQW O·LPSDFW
LQWHUQDWLRQDO D pWp FRQVLGpUDEOH TXH OH EHVRLQ G·XQH RUJDQLVDWLRQ
LQWHUQDWLRQDOH HQ PDWLqUH GH GURLW OLQJXLVWLTXH FRPSDUp D pWp UHVVHQWL DX
4XpEHFHWDX&DQDGDHWGDQVSOXVLHXUVSD\V
/·$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXHO·$,'/,$//RUJDQLVPH
LQWHUQDWLRQDO PXOWLGLVFLSOLQDLUH D pWp DLQVL FUppH j 0RQWUpDO HW 3DULV HQ
VHSWHPEUH O SDU FHQW PHPEUHV IRQGDWHXUV WRXV SURIRQGpPHQW
FRQFHUQpVVFLHQWLILTXHPHQWRXSURIHVVLRQQHOOHPHQWSDUOHVSKpQRPqQHV
HWOHVSUREOqPHVUHODWLIVjODGLYHUVLWpOLQJXLVWLTXHHWSOXVSDUWLFXOLqUHPHQW
SDU OH GURLW OLQJXLVWLTXH FRPSDUp /H ©GURLW OLQJXLVWLTXH FRPSDUpª
FRPSUHQG OHV GLIIpUHQWHV QRUPHV MXULGLTXHV HW OLQJXLVWLTXHV UHODWLYHV DX
GURLW GH OD ODQJXHj OD ODQJXH GX GURLWHW DX GURLW j OD ODQJXH RX GURLWV
OLQJXLVWLTXHV HQ WDQW TXH GURLW IRQGDPHQWDO /·$FDGpPLH UHJURXSH
GpVRUPDLVTXHOTXHPHPEUHVGHVMXULVWHVGHVOLQJXLVWHVDLQVLTXHGHV
VSpFLDOLVWHVHQVFLHQFHVVRFLDOHVSURYHQDQWGHWRXVOHVFRLQVGXPRQGH
'URLWVOLQJXLVWLTXHVHW$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
/HVGRX]HFRQIpUHQFHVLQWHUQDWLRQDOHV
&·HVW VXUWRXW j WUDYHUV VHV FRQIpUHQFHV LQWHUQDWLRQDOHV ELHQQDOHV VXU OH
GURLW HW OD ODQJXH TXH O·$FDGpPLH V·HVW IDLW FRQQDvWUH HW DSSUpFLHU DXSUqV
GHV PLOLHX[ VFLHQWLILTXHV HW SROLWLTXHV FRQFHUQpV /·LPSDFW GHV
FRQIpUHQFHV LQWHUQDWLRQDOHV GDQV OH GRPDLQH GX GURLW OLQJXLVWLTXH
FRPSDUp D pWp FRQVLGpUDEOH GDQV GH QRPEUHX[ SD\V JUkFH QRWDPPHQW j
QRWUH FRPLWp VFLHQWLILTXH j QRV PHPEUHV HW DX[ GLIIpUHQWV SDUWHQDLUHV
SDUWLFXOLqUHPHQWOHVXQLYHUVLWpVQDWLRQDOHVOHVJRXYHUQHPHQWVHWFHUWDLQHV
HQWUHSULVHVGHVSD\VK{WHVGHVFRQIpUHQFHV
/D 3UHPLqUH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW HW /DQJXHª D HX OLHX j
0RQWUpDODX&DQDGDHQDYULOHQFROODERUDWLRQDYHFO·8QLYHUVLWpGX
4XpEHFj0RQWUpDO/HV$FWHVRQWpWpSXEOLpVHQj0RQWUpDO
/D 'HX[LqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW HW /DQJXH HQ 0LOLHX
0XOWLOLQJXHª D HX OLHX j +RQJ .RQJ HQ IpYULHU HQ FROODERUDWLRQ
DYHF O·8QLYHUVLWp &LW\ 3RO\WHFKQLF 8QH VpOHFWLRQ GH FRPPXQLFDWLRQV
SUpVHQWpHVjOD&RQIpUHQFHDpWpSXEOLpHHQj%UX[HOOHV
/D 7URLVLqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW /DQJXH HW eJDOLWpª D
HXOLHXj3UHWRULDHQ$IULTXHGX6XGHQDYULOHQFROODERUDWLRQDYHF
OH&RQVHLOGHUHFKHUFKHVHQ6FLHQFHVKXPDLQHVHWO·8QLYHUVLWpGH3UHWRULD
/HV$FWHVRQWpWpSXEOLpVHQj3UHWRULD
/D 4XDWULqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW HW /DQJXHV
G·(QVHLJQHPHQWª DHXOLHXj)ULERXUJHQ6XLVVHHQVHSWHPEUHHQ
FROODERUDWLRQ DYHF O·8QLYHUVLWp HW O·,QVWLWXW GX )pGpUDOLVPH GH )ULERXUJ
/HV$FWHVRQWpWpSXEOLpVHQj*HQqYH
/D &LQTXLqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW /DQJXH HW
$XWRFKWRQLHª D HX OLHX j /D +DYDQH j &XED HQ DYULO HQ
FROODERUDWLRQ DYHF OH &HQWUR GH 7UDGXFFLRQHV \ 7HUPLQRORJtD
(VSHFLDOL]DGDDX&77(&DSLWROLR1DFLRQDO/HV$FWHVRQWpWpHQUHJLVWUpV
HWVRQWGLVSRQLEOHVHQIRUPDW&'DXSUqVGX&HQWUR
/D 6L[LqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW /DQJXH HW 9LOOHV
3OXULOLQJXHVª DHXOLHXj9DDVD9DVDHQ)LQODQGHHQVHSWHPEUHHQ
FROODERUDWLRQ DYHF OHV XQLYHUVLWpV GH 9DDVD HW cER $NDGHPL /HV $FWHV
RQWpWpSXEOLpVHQj9DDVD9DVD
-RVHSK*7XUL
/D 6HSWLqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW HW /DQJXH /DQJXH GX
3HXSOH HW /DQJXH GH O·eWDWª D HX OLHX j 6DQ -XDQ 3RUWR 5LFR HQ MXLQ
HQ FROODERUDWLRQ DYHF O·$WHQHR 3XHUWRUULTXHxR HW OHV XQLYHUVLWpV
QDWLRQDOHVGHO·ÍOH/HV$FWHVRQWpWpSXEOLpVHQj6DQ-XDQ
/D+XLWLqPH&RQIpUHQFHLQWHUQDWLRQDOH ©'URLWHW/DQJXH/DWKpRULHHW
ODSUDWLTXHGHVSROLWLTXHVOLQJXLVWLTXHVª DHXOLHXj,DûLHQ5RXPDQLHHQ
PDLHQFROODERUDWLRQDYHFO·8QLYHUVLWp©0LKDLO.RJDOQLFHDQXª/HV
$FWHVRQWpWpSXEOLpVHQj,DûL
/D 1HXYLqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW ODQJXH HW GLYHUVLWp
OLQJXLVWLTXHª D HX OLHX j %HLMLQJ HQ &KLQH HQ VHSWHPEUH HQ
FROODERUDWLRQDYHFO·8QLYHUVLWpGH'URLWHWGH6FLHQFHSROLWLTXHGH&KLQH
HW O·,QVWLWXW GH OLQJXLVWLTXH DSSOLTXpH GX PLQLVWqUH GH O·eGXFDWLRQ GH
&KLQH/HV$FWHVRQpWpSXEOLpVHQj%HLMLQJ
/D'L[LqPH&RQIpUHQFHLQWHUQDWLRQDOH ©'URLWVOLQJXLVWLTXHVOHVGpILVGH
OD PLVH HQ ±XYUHª D HX OLHX j *DOZD\ HQ ,UODQGH HQ MXLQ HQ
FROODERUDWLRQ DYHF O·$FDGpPLH GHV pWXGHV LUODQGDLVHV OH &HQWUH LUODQGDLV
GHV GURLWV GH O·KRPPH O·8QLYHUVLWp QDWLRQDOH G·,UODQGH j *DOZD\ HW OH
PLQLVWqUH LUODQGDLV GHV $IIDLUHV FRPPXQDXWDLUHV UXUDOHV HW UHODWLYHV DX[
UpJLRQVGHODQJXHJDpOLTXH
/D 2Q]LqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW ODQJXH HW FLWR\HQQHWp
PRQGLDOHª D HX OLHX j /LVERQQH DX 3RUWXJDO HQ MXLOOHW HQ
FROODERUDWLRQDYHFO·$33 $VVRFLDWLRQGHVSURIHVVHXUVGHSRUWXJDLV jOD
)RQGDWLRQ*XOEHQNLDQ/HV$FWHVRQWpWpSXEOLpVHQj/LVERQQH
/D 'RX]LqPH &RQIpUHQFH LQWHUQDWLRQDOH ©'URLW ODQJXH HW eWDWV
PXOWLOLQJXHVª V·HVW WHQXH j %ORHPIRQWHLQ HQ $IULTXH GX 6XG HQ
QRYHPEUHGpFHPEUH HQ FROODERUDWLRQ DYHF O·8QLYHUVLWp GX )UHL
6WDWH/HV$FWHVVHURQWSXEOLpVYHUVODILQ
&RQFOXVLRQ
&·HVW j *DOZD\ HQ ,UODQGH TXH O·$FDGpPLH LQWHUQDWLRQDOH GH GURLW
OLQJXLVWLTXH D ODQFp OH MXLQ j OD &RQIpUHQFH LQWHUQDWLRQDOH GH
VXUOHGURLWHWODODQJXHXQ$SSHOjO·8QHVFRSRXUTX·LOLQLWLHOHSOXV
UDSLGHPHQW SRVVLEOH GHV QpJRFLDWLRQV HQ YXH GH IDLUH DGRSWHU SDU VHV
eWDWV PHPEUHV XQH &RQYHQWLRQ LQWHUQDWLRQDOH VXU OD GLYHUVLWp
OLQJXLVWLTXH (W FHOD GDQV OH EXW GH SURPRXYRLU HW GH SURWpJHU SOXV
'URLWVOLQJXLVWLTXHVHW$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
SDUWLFXOLqUHPHQWOHVODQJXHVOHVPRLQVUpSDQGXHVOHVODQJXHVPLQRULWDLUHV
HWOHVODQJXHVFXOWXUHOOHPHQWYXOQpUDEOHVDILQGHUpGXLUHO·LQpJDOLWpGHOHXU
WUDLWHPHQWMXULGLTXHSDUUDSSRUWjG·DXWUHVODQJXHVSOXVIRUWHV &DUVLOHV
ODQJXHVLQWHUQDWLRQDOHVHWOHVODQJXHVIRUWHVQHVRQWSDVGDQJHUHXVHVSRXU
OHV ODQJXHV QDWLRQDOHV IRUWHV HOOHV SHXYHQW O·rWUH SRXU OHV ODQJXHV YLVpHV
SOXV SDUWLFXOLqUHPHQW SDU O·$SSHO 'H SOXV FHUWDLQHV ODQJXHV
LQWHUQDWLRQDOHV ORUVTX·HOOHV VRQW WUqV IRUWHV SHXYHQW VRXYHQW
FRPSURPHWWUHO·DSSUHQWLVVDJHGHQRPEUHXVHVODQJXHVWLHUFHV
'HVUpDFWLRQVIDYRUDEOHVjO·$SSHOQRXVVRQWSDUYHQXHVG·XQSHXSDUWRXW
GDQV OH PRQGH PDLV OD WRXWH SUHPLqUH UpDFWLRQ GHV SOXV IDYRUDEOHV HVW
YHQXHWRXWQDWXUHOOHPHQWGX&DQDGD
2QVHUDSSHOOHUDTXHOH&DQDGD²SD\VFRQVWLWXWLRQQHOOHPHQWPXOWLFXOWXUHO
HW RIILFLHOOHPHQW ELOLQJXH IUDQoDLVDQJODLV GDQV OHV GRPDLQHV GH
FRPSpWHQFH IpGpUDOH ² D pWp DYHF OH 4XpEHF ² RIILFLHOOHPHQW XQLOLQJXH
IUDQoDLV GDQV ©OH UHVSHFW GHV PLQRULWpVª GDQV OHV GRPDLQHV GH
FRPSpWHQFHSURYLQFLDOHJUkFHjVDGpVRUPDLVFpOqEUHORLOD&KDUWHGH
ODODQJXHIUDQoDLVH²SDUPLOHVeWDWVOHVSOXVIDYRUDEOHVjO·DGRSWLRQGHOD
&RQYHQWLRQLQWHUQDWLRQDOHVXUODGLYHUVLWpFXOWXUHOOHGXRFWREUH
2U OD GLYHUVLWp OLQJXLVWLTXH HVW XQ pOpPHQW IRQGDPHQWDO GH OD GLYHUVLWp
FXOWXUHOOH HW GX SDWULPRLQH XQLYHUVHO OD ODQJXH pWDQW XQ LQVWUXPHQW
LQGLYLGXHO HW FROOHFWLI G·H[SUHVVLRQ HW GH FRPPXQLFDWLRQ G·XQH
LPSRUWDQFHFXOWXUHOOHIRQGDPHQWDOHHQSOXVG·rWUHXQIDFWHXUGHFRKpVLRQ
HWGHVpFXULWpVRFLDOHVHWQDWLRQDOHVGDQVSOXVLHXUVSD\V/DUHFRQQDLVVDQFH
GH OD GLYHUVLWp OLQJXLVWLTXH HVW GDQV O·HVSULW GHV WHPSV HQ WDQW
TX·LQVWUXPHQW LQGLVSHQVDEOH SRXU FRQWUHU FHUWDLQV DVSHFWV QpJDWLIV GH OD
PRQGLDOLVDWLRQ
$SSHO j O·8QHVFR HW DX[ eWDWV PHPEUHV GH O·RUJDQLVDWLRQ SRXU XQH &RQYHQWLRQ
LQWHUQDWLRQDOHVXUODGLYHUVLWpOLQJXLVWLTXH*DOZD\,UODQGHMXLQ
-RVHSK*7XUL
5pIpUHQFHV
D3XEOLFDWLRQVGHO·$FDGpPLH
383,(5 3DXO :2(+5/,1* -RVp pG /DQJXDJH DQG /DZ /DQJXH HW 'URLW
0RQWUpDO:LOVRQHW/DIOHXU
,$//$,'/ pG /DQJXHHW,GHQWLWp%UX[HOOHV5HQQHV,$//$,'/
,$//$,'/ pG /DQJXDJHDQG/DZLQ$VLD%UX[HOOHV,$//$,'/
+(5%(576.MHOO 785,-RVHSK* pG 0XOWLOLQJXDO&LWLHVDQG/DQJXDJH3ROLFLHV
9LOOHVSOXULOLQJXHVHWSROLWLTXHVOLQJXLVWLTXHV9DDVD9DVD$ER$NDGHP\8QLYHUVLW\
)/(,1(57KRPDV1(/'(3HWHU+ 785,-RVHSK* pG /DZDQG/DQJXDJHVRI
(GXFDWLRQ 'URLW HW ODQJXHV G·HQVHLJQHPHQW %kOH *HQqYH 0XQLFK +HOELQJ
/LFKWHQKDKQ
025$/(6&2// (GXDUGR pG /HQJXD GHO (VWDGR /HQJXD GHO 3XHEOR /DQJXH GX
SHXSOH/DQJXHGHO·eWDW/DQJXDJHRIWKH3HRSOH/DQJXDJHRIWKH6WDWHS6DQ-XDQ
$WHQHR3XHUWRUULTXHxR
785, -RVHSK* 95$%,( *HQRYHYD pG 7KH WKHRU\ DQG WKH SUDFWLVH RI OLQJXLVWLF
SROLFLHVLQWKHZRUOG²/DWKpRULHHWODSUDWLTXHGHVSROLWLTXHVOLQJXLVWLTXHVGDQVOHPRQGH,DûL
(GLWXUD&XJHWDUHD
-,( :DQJ -,16+, 6X 785, -RVHSK* pG /DZ /DQJXDJH DQG /LQJXLVWLF
'LYHUVLW\%HLMLQJ/DZ3UHVV&KLQD
%52+<&ODXGLQH)(<7253,1723DXOR 785,-RVHSK* pG 'LUHLWR/tQJXDH
&LGDGDQLD *OREDO ² 'URLW ODQJXH HW FLWR\HQQHWp PRQGLDOH ² /DZ /DQJXDJH DQG *OREDO
&LWQ]HQVKLS/LVERD$VVRFLDomRGH3URIHVVRUHVGH3RUWXJXpV,$//$,'/
EeWXGHVGLYHUVHV
$1721 0LNH ©-RKQ 3HDERG\ +DUULQJWRQ 7KH &OXH WR /RVW 1DWLYH $PHULFDQ
/DQJXDJHVªLQ)RXQGDWLRQIRU(QGDQJHUHG/DQJXDJHV1HZVOHWWHU pWp (QOLJQH
ZZZRJPLRVRUJRJPLRVBILOHVKWP
'(021(70DULH/XFLH/HVYRL[GXVLJQH1DWXUHHWRULJLQHGXODQJDJHjOD5HQDLVVDQFH
3DULV&KDPSLRQ
(&28PEHUWR/DULFHUFDGHOODOLQJXDSHUIHWWDQHOODFXOWXUDHXURSHD5RPD%DUL/DWHU]D
-$&48(0,(5 0\ULHP ©/H P\WKH GH %DEHO HW OD .DEEDOH FKUpWLHQQH DX ;9,H
VLqFOHª,Q1RXYHOOHUHYXHGXVHL]LqPHVLqFOHSS
-8'(7'(/$ &20%(3LHUUHHW:,60$11+HLQ]/·$YHQLUGHVODQJXHV5HSHQVHUOHV
+XPDQLWpV3DULVeGLWLRQVGX&HUI
'URLWVOLQJXLVWLTXHVHW$FDGpPLHLQWHUQDWLRQDOHGHGURLWOLQJXLVWLTXH
/86,*1$16HUJH3DUOHUYXOJDLUHPHQW OHVLQWHOOHFWXHOVHWODODQJXH IUDQoDLVHDX[ ;,,,H HW
;,9HVLqFOHV3DULV0RQWUpDO9ULQ/HV3UHVVHVGHO·8QLYHUVLWpGH0RQWUpDO
0$)), /XLVD ©/DQJXDJH SUHVHUYDWLRQ YV ODQJXDJH PDLQWHQDQFH DQG
UHYLWDOL]DWLRQ $VVHVVLQJ FRQFHSWV DSSURDFKHV DQG LPSOLFDWLRQV IRU WKH ODQJXDJH
VFLHQFHVª,QWHUQDWLRQDO-RXUQDORIWKH6RFLRORJ\RI/DQJXDJHSS
0$)),/XLVD©/DQJXHVPHQDFpHVVDYRLUVHQSpULOª5HYXHLQWHUQDWLRQDOHGHVVFLHQFHV
VRFLDOHVSS
1(55,Ë5(-HDQ3DXO3DUOH]JORELVK²'RQ·WVSHDN(QJOLVK«3DULV(\UROOHV
7$</25 &KDUOHV 0XOWLFXOWXUDOLVPH GLIIpUHQFH HW GpPRFUDWLH $YHF GHV FRPPHQWDLUHV
GH$P\*XWPDQQ6WHYHQ&5RFNHIHOOHU0LFKDHO:DO]HU>HWDO@3DULV$XELHUpG
RULJ0XOWLFXOWXUDOLVPDQG©WKHSROLWLFVRIUHFRJQLWLRQª3ULQFHWRQ
785,-RVHSK*©/HGURLWOLQJXLVWLTXHHWOHVGURLWVOLQJXLVWLTXHVªLQ/HV&DKLHUVGH
GURLWYROQ4XpEHF/HV3UHVVHVGHO·8QLYHUVLWp/DYDOSS
785, -RVHSK* ©3URSRV HW FRQILGHQFHV G·XQ SODQLILFDWHXU MXULGLFROLQJXLVWLTXH
TXpEpFRLVª LQ 0$57(/ 0DUFHO HW 3$48(7 0DUWLQ pG /pJLIpUHU HQ PDWLqUH
OLQJXLVWLTXH4XpEHF/HV3UHVVHVGHO·8QLYHUVLWp/DYDOSS
F5DSSRUWV
/H &DQDGD TXH O·RQ YHXW 'LVFRXUV GX 7U{QH RXYUDQW OD GHX[LqPH VHVVLRQ GH OD WUHQWHVHSWLqPH
OpJLVODWXUHGX&DQDGDVHSWHPEUHS
/H GpEXW G·XQ WHPSV QRXYHDX 3UHPLHU UDSSRUW HQ YXH G·XQH VWUDWpJLH GH UHYLWDOLVDWLRQ GHV ODQJXHV HW GHV
FXOWXUHV GHV 3UHPLqUHV QDWLRQV GHV ,QXLWV HW GHV 0pWLV 5DSSRUW SUpVHQWp j OD PLQLVWUH GX
3DWULPRLQHFDQDGLHQSDUOH*URXSHGHWUDYDLOVXUOHVODQJXHVHWOHVFXOWXUHVDXWRFKWRQHV
-XLQ(QOLJQHZZZDERULJLQDOODQJXDJHVWDVNIRUFHFDSGIIRXQGUSWBISGI
/HVHXURSpHQVHWOHXUVODQJXHV 7HUUDLQQRYHPEUH²GpFHPEUH3XEOLFDWLRQIpYULHU
(XUREDURPqWUH 6SpFLDO 9DJXH ² 716 2SLQLRQ 6RFLDO S (Q OLJQH
KWWSHFHXURSDHXHGXFDWLRQODQJXDJHVSGIGRFBIUSGI
ZZZIRQGDWLRQFKLUDFHXSURJUDPPHVVRURVRUROHSURJUDPPHVRURVRUROHVODQJXHVD
OHUHQXPHULTXH
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHV
OHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
)HUQDQGGH9DUHQQHV
2EVHUYDWRLUHLQWHUQDWLRQDOGHVGURLWVOLQJXLVWLTXHV
8QLYHUVLWpGH0RQFWRQ&DQDGD
,QWURGXFWLRQ
3RXU SOXVLHXUV O·LGpH G·XQ GURLW j O·HQVHLJQHPHQW HQ ODQJXHV ORFDOHV HVW
DFTXLVHHWOHSULQFLSHQHSRVHSOXVSUREOqPH²GXPRLQVHQWKpRULHVLFH
Q·HVWGDQVODSUDWLTXH(WSRXUWDQWF{WpMXULGLTXHXQWHOGURLWHVWHQFRUH
ELHQ ORLQ G·rWUH VROLGHPHQW DQFUp SDUWLFXOLqUHPHQW HQ (XURSH R ERQ
QRPEUHGHMXJHVHWDYRFDWVRQWFUXSHQGDQWTXHOTXHVGpFHQQLHVVXLWHDX
MXJHPHQW GH OD &RXU HXURSpHQQH GHV GURLWV GH O·KRPPH GDQV O·$IIDLUH
OLQJXLVWLTXH EHOJH GH TX·XQ WHO GURLW Q·pWDLW DEVROXPHQW SDV SRVVLEOH
GDQVOHFDGUHGHOD&RQYHQWLRQHXURSpHQQHGHVGURLWVGHO·KRPPH
3RXUWDQW OH UDLVRQQHPHQW GH OD &RXU HXURSpHQQH Q·H[FOXDLW SDV
FRPSOqWHPHQWTX·LOSRXUUDLWrWUHGLVFULPLQDWRLUHGHQHSDVHQVHLJQHUGDQV
XQHODQJXHPDWHUQHOOHOjRFHODSRXUUDLWrWUHMXVWHHWUDLVRQQDEOHWRXWDX
SOXV DWHOOH FRQFOX TXH OH GURLW j O·HQVHLJQHPHQW PrPH VRXV O·DQJOH GH
O·LQWHUGLFWLRQ GH WRXWH GLVFULPLQDWLRQ IRQGpH VXU OD ODQJXH QH SRXYDLW
JDUDQWLUjWRXVHWFKDFXQXQWHOGURLW
,O Q·HPSrFKH TXH MXVTX·j UpFHPPHQW VXUWRXW SDUPL OHV MXULVWHV LO pWDLW
GLIILFLOH GH FRQFHYRLU FRPPHQW XQ GURLW TXHOFRQTXH j XQ HQVHLJQHPHQW
GDQVVDSURSUHODQJXHSRXYDLWH[LVWHU
&HWWHSULVHGHSRVLWLRQWUDGLWLRQQHOOHVHPRGLILHFHVGHUQLqUHVDQQpHVHQ
SDUWLH HQ UDLVRQ GX GpYHORSSHPHQW GH QRXYHDX[ WUDLWpV FRQWHQDQW XQ
&H SRLQW GH YXH HVW SOXV FRXUDQW FKH] OHV QRQMXULVWHV YRLU SDU H[HPSOH ©/D
ODQJXH PDWHUQHOOH G·DERUG /H GURLW GHV HQIDQWV j DSSUHQGUH GDQV OHXUV SURSUHV
ODQJXHVªLG(GXFDWLRQ,QVLJKWVVHSWHPEUHSGLVSRQLEOHjODSDJHZHE
ZZZPWQIRUXPRUJUVROFRXQWHUBGRFGRZQFIP"I,' 3')
$IIDLUH ©UHODWLYH j FHUWDLQV DVSHFWV GX UpJLPH OLQJXLVWLTXH GH O·HQVHLJQHPHQW HQ
%HOJLTXHª3XEOLFDWLRQVGHOD&RXUHXURSpHQQHGHVGURLWVGHO·KRPPH6pULH$$UUrWV
HWGpFLVLRQV&RQVHLOGHO·(XURSH6WUDVERXUJ
&RQYHQWLRQ GX QRYHPEUH GH VDXYHJDUGH GHV GURLWV GH O·KRPPH HW GHV OLEHUWpV
IRQGDPHQWDOHV5RPH;,
)HUQDQGGH9DUHQQHV
GURLW GH FHWWH QDWXUH PDLV DXVVL HQ SDUWLH HQ UDLVRQ G·XQH QRXYHOOH
MXULVSUXGHQFHTXLFODULILHODSRUWpHGHFHUWDLQVGURLWVGHO·KRPPHD\DQWXQ
LPSDFWTXDQWjO·HQVHLJQHPHQWSXEOLFHWOHVSUpIpUHQFHVOLQJXLVWLTXHVGDQV
FH GRPDLQH 0DOJUp WRXW LO SHUVLVWH GHV REVWDFOHV j OD IRLV MXULGLTXHV HW
LGpRORJLTXHVjXQHSOXVJUDQGHUHFRQQDLVVDQFHG·XQWHOGURLW
/H GURLW j O·HQVHLJQHPHQW GDQV VD ODQJXH pYROXWLRQ HW
FODULILFDWLRQ
,OHVWYUDLTX·HQ(XURSHDXQLYHDXMXULGLTXHHWGDQVERQQRPEUHGHSD\V
LO\DXQHUHFRQQDLVVDQFHGXELHQIRQGpG·XQWHOHQVHLJQHPHQWHWPrPH
TX·LO V·DJLW G·XQH REOLJDWLRQ MXULGLTXH VRXV FHUWDLQHV FRQGLWLRQV WHO
TX·LQGLTXp j O·DUWLFOH GH OD &RQYHQWLRQFDGUH SRXU OD SURWHFWLRQ GHV PLQRULWpV
QDWLRQDOHV
'DQV OHV DLUHV JpRJUDSKLTXHV G·LPSODQWDWLRQ VXEVWDQWLHOOH RX WUDGLWLRQQHOOH
GHVSHUVRQQHVDSSDUWHQDQWjGHVPLQRULWpVQDWLRQDOHVV·LOH[LVWHXQHGHPDQGH
VXIILVDQWH OHV 3DUWLHV V·HIIRUFHURQW G·DVVXUHU GDQV OD PHVXUH GX SRVVLEOH HW
GDQV OH FDGUH GH OHXU V\VWqPHpGXFDWLI TXH OHV SHUVRQQHV DSSDUWHQDQW j FHV
PLQRULWpVDLHQWODSRVVLELOLWpG·DSSUHQGUHODODQJXHPLQRULWDLUHRXGHUHFHYRLU
XQHQVHLJQHPHQWGDQVFHWWHODQJXH
/H SDUDJUDSKH GX SUpVHQW DUWLFOH VHUD PLV HQ ±XYUH VDQV SUpMXGLFH GH
O·DSSUHQWLVVDJHGHODODQJXHRIILFLHOOHRXGHO·HQVHLJQHPHQWGDQVFHWWHODQJXH
,OHQYDGHPrPHDYHFO·DUWLFOHGHOD&KDUWHHXURSpHQQHGHVODQJXHVUpJLRQDOHV
RXPLQRULWDLUHVTXRLTXHSRXUFHWUDLWpLOV·DJLWXQLTXHPHQWG·XQHREOLJDWLRQ
pWDWLTXHHWQRQG·XQGURLWLQGLYLGXHO
(Q PDWLqUH G·HQVHLJQHPHQW OHV 3DUWLHV V·HQJDJHQW HQ FH TXL FRQFHUQH OH
WHUULWRLUHVXUOHTXHOFHVODQJXHVVRQWSUDWLTXpHVVHORQODVLWXDWLRQGHFKDFXQH
GH FHV ODQJXHV HW VDQV SUpMXGLFH GH O·HQVHLJQHPHQW GH OD GHV ODQJXH V
RIILFLHOOH V GH O·eWDW >DX[ QLYHDX[ SUpVFRODLUH SULPDLUH VHFRQGDLUH RX
XQLYHUVLWDLUHXQHQVHLJQHPHQWjSUpYRLUOHW\SHGHPHVXUHDSSURSULpFKRLVLH
SDU O·eWDW SRXU O·pGXFDWLRQ GDQV OHV ODQJXHV UpJLRQDOHV RX PLQRULWDLUHV
FRQFHUQpHVHQSDUWLHRXFRPSOqWHPHQWVHORQFHTXLHVWDSSURSULp@
6L FHV WUDLWpV HQ GURLW LQWHUQDWLRQDO VXJJqUHQW TXH VRXV FHUWDLQHV
FRQGLWLRQV XQ HQVHLJQHPHQW GDQV OD ODQJXH PDWHUQHOOH VHUDLW QRQ
VHXOHPHQW VRXKDLWDEOH PDLV PrPH H[LJp XQH WHOOH UHFRQQDLVVDQFH HVW
&RQVHLOGHO·(XURSH6WUDVERXUJ,,
6WUDVERXUJ;,
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHVOHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
HQFRUH ELHQ ORLQ G·rWUH XQH FKRVH DFTXLVH GDQV ERQ QRPEUH GH SD\V
G·(XURSHHWGDQVOHVDXWUHVSD\VGXJOREHYUDLGLUHLO\DXUDLWHQFRUH
XQ UHMHW GH O·HQVHLJQHPHQW HQ ODQJXH ORFDOH GDQV FHUWDLQV SD\V HQ
$XVWUDOLHSDUH[HPSOHOHJRXYHUQHPHQWGX1RUWKHUQ7HUULWRU\RYLWOD
SRSXODWLRQ DERULJqQH OD SOXV QRPEUHXVH GX SD\V YLHQW SRXU O·HVVHQWLHO
G·DEROLU LO \ D XQ SHX SOXV G·XQ DQ O·HQVHLJQHPHQW ELOLQJXH HQ ODQJXH
DERULJqQH ,O \ D HX DXVVL GHSXLV OHV DQQpHV XQ UHFXO GDQV TXHOTXHV
SD\VKHXUHXVHPHQWSDVWUqVQRPEUHX[DYHFSDUH[HPSOHHQ/HWWRQLHHQ
(VWRQLHHQ&KLQHHWHQ*pRUJLHXQHGLPLQXWLRQ²HWGDQVFHUWDLQVFDVXQ
DUUrWFRPSOHW²GDQVO·HQVHLJQHPHQWHQFHUWDLQHVODQJXHVORFDOHVVXUWRXW
DX[QLYHDX[VXSpULHXUVTXHOTXHIRLVSRXUGHVUDLVRQVTXLQ·RQWULHQjYRLU
DYHF OHV FRQGLWLRQV ORFDOHV RX OD GLIILFXOWp GH PDLQWHQLU HQ SODFH FHW
HQVHLJQHPHQW
0DOKHXUHXVHPHQW VL j SULPH DERUG LO \ DXUDLW XQ IRQGHPHQW MXULGLTXH
DYHFFHVWUDLWpVTXLVHPEOHUDLWFUpHUSRXUERQQRPEUHGHJRXYHUQHPHQWV
HXURSpHQVXQHREOLJDWLRQGHPHWWUHHQSODFHXQHQVHLJQHPHQWHQODQJXH
ORFDOHVRXVFHUWDLQHVFRQGLWLRQVODUpDOLWpVXUOHWHUUDLQDFFXVHXQUHWDUG
SRXUQHSDVGLUHXQUHIXVSOXVRXPRLQVFRPSOHWGDQVFHUWDLQVSD\V/HV
PRWLIV SRXU XQ WHO UHIXV VXJJqUHQW ² SRXU XWLOLVHU XQH H[SUHVVLRQ
FDQDGLHQQHIUDQoDLVH ² TX·©RQ HVW SDV VRUWL GX ERLVª HW TXH OD
UHFRQQDLVVDQFHPrPHG·XQGURLWSOXW{WOLPLWpjO·HQVHLJQHPHQWHQODQJXH
ORFDOHIDLWWRXMRXUVIDFHjFHUWDLQHVUpWLFHQFHVGHFHUWDLQVeWDWV
eYROXWLRQUHFRQQDLVVDQFH«HWREVWDFOHV
3RXU TXH O·HQVHLJQHPHQW HQ ODQJXHV ORFDOHV SXLVVH VH PDLQWHQLU HW
V·pSDQRXLULOIDXWUHFRQQDvWUHOHVREVWDFOHVHWPrPHOHVPHQDFHVTXLORLQ
GH V·pYDSRUHU PDOJUp FHUWDLQV GpYHORSSHPHQWV MXULGLTXHV ULVTXHQW
G·pFUDVHU SRXU GHV UDLVRQV LGpRORJLTXHV SOXW{W TXH MXULGLTXHV OD PLVH HQ
±XYUHGHVERQQHVLQWHQWLRQVH[SULPpHVGDQVGHQRPEUHX[LQVWUXPHQWV
FURLUH OHV WUDLWpV pPDQDQW GX &RQVHLO GH O·(XURSH OHV PXOWLSOHV
UpVROXWLRQVGX3DUOHPHQWHXURSpHQDIILUPDQWGURLWVOLQJXLVWLTXHVRXGURLW
j O·HQVHLJQHPHQW HQ ODQJXH PDWHUQHOOH OD UHFRQQDLVVDQFH GH OD GLYHUVLWp
OLQJXLVWLTXH HQFKkVVpH GDQV OD &KDUWH GHV GURLWV IRQGDPHQWDX[ GH O·8QLRQ
)HUQDQGGH9DUHQQHV
HXURSpHQQH LO QH GHYUDLW SOXV \ DYRLU G·REVWDFOHV GH OD SDUW GHV
JRXYHUQHPHQWV j PHWWUH HQ SODFH XQ HQVHLJQHPHQW HQ ODQJXHV ORFDOHV
ORUVTXH FHOD HVW SRVVLEOH 1pDQPRLQV LO HVW FODLU TXH FHUWDLQV
JRXYHUQHPHQWV QH YRLHQW SDV OD FKRVH GH OD PrPH IDoRQ FRPPH OH
GpPRQWUHQWFHVH[HPSOHV
•
0DQLIHVWDWLRQV\FRPSULVXQHDYHFSUqVGHSHUVRQQHVj
6DLQW-DFTXHV GH &RPSRVWHOOH HQ *DOLFLH SRXU UHYHQGLTXHU ©OH
GURLW j YLYUH HQ JDOLFLHQª \ FRPSULV SRXU OH PDLQWLHQ GH
O·HQVHLJQHPHQWGXJDOLFLHQjO·pFROHPHQDFpSDUO·DMRXWGHO·DQJODLV
RXO·DXJPHQWDWLRQGHO·HQVHLJQHPHQWHQHVSDJQROjVHVGpSHQV
•
5HIXVGXJRXYHUQHPHQWGH*pRUJLHGHSHUPHWWUHODPLVHHQSODFH
G·XQH XQLYHUVLWp HQVHLJQDQW HQ DUPpQLHQ ODQJXH SDUOpH SDU O·XQH
GHV SOXV LPSRUWDQWHV PLQRULWpV GX SD\V PrPH VL G·DXWUHV
XQLYHUVLWpVSHXYHQW\HQVHLJQHUHQDQJODLVRXHQWXUTXH
•
(QVHLJQHPHQWHQUXVVHH[FOXGHVXQLYHUVLWpVSXEOLTXHVHWUHVWUHLQW
j PD[LPXP GDQV OHV pFROHV VHFRQGDLUHV GH OD /HWWRQLH
H[FHSWLRQSRXUO·DQJODLVGDQVTXHOTXHVXQLYHUVLWpVFRPPHOD5LJD
6FKRRORI/DZ
6LFKDTXHSD\VHWOHXUVFRQGLWLRQVVRQWELHQVUXQLTXHVLOQ·HPSrFKHTXH
FKH] OHV eWDWV OHV SOXV UpFDOFLWUDQWV RQ UHWURXYH VRXYHQW FHUWDLQV WKqPHV
FRPPXQV
6HXOH OD ODQJXH RIILFLHOOH GRLW rWUH H[FOXVLYHPHQW SULYLOpJLpH GDQV
O·HQVHLJQHPHQW SXEOLF RX O·HQVHLJQHPHQW HQ ODQJXH ORFDOH YD j
O·HQFRQWUHGHOD&RQVWLWXWLRQGHO·XQLFLWpGXSD\VHWF
/·HQVHLJQHPHQW HQ ODQJXH ORFDOH HVW FRQWUDLUH DX[ LQWpUrWV GH
O·HQIDQW FDU FHOD UHWDUGHUDLW O·DSSUHQWLVVDJH GH OD ODQJXH
RIILFLHOOHQDWLRQDOHRXGHVDXWUHVPDWLqUHV
/HVJHQVQ·HQYHXOHQWSDV $IULTXHGXVXG&KLQH3pURXHWF
& )5 -RXUQDO RIILFLHO GHV &RPPXQDXWpV HXURSpHQQHV
'LVSRQLEOHVXUOHVLWHZZZHXURSDUOHXURSDHXFKDUWHUSGIWH[WBIUSGI
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHVOHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
1RUPDOLVDWLRQ 3D\V %DOWHV 4XpEHF HWF DILQ GH UHFWLILHU OHV
DWWHLQWHV DX[ GURLWV GH OD SRSXODWLRQ SDU OHV JRXYHUQHPHQWV
SUpFpGHQWVRXSURWpJHUODODQJXHRIILFLHOOH
6·LO Q·HVW SDV SRVVLEOH GH WUDLWHU GH FKDTXH FDV RX GH FKDTXH SD\V
LQGLYLGXHOOHPHQW LO IDXW WRXW GH PrPH UHPDUTXHU TXH GDQV SOXVLHXUV GH
FHV VLWXDWLRQV OD SRVLWLRQ GX JRXYHUQHPHQW GRLW SRXU OH PRLQV TX·RQ
SXLVVH GLUH rWUH SULVH DYHF XQ JUDLQ GH VHO 3DU H[HPSOH LO HVW VRXYHQW
VRXWHQX TXH OD SOXSDUW GHV 6XG$IULFDLQV QH GHPDQGHQW SDV
G·HQVHLJQHPHQW HQ ODQJXH DIULFDLQH FH TXL GDQV XQH FHUWDLQH PHVXUH HVW
YUDL 7RXWHIRLV FH TXL PDQTXH GDQV FH FRQVWDW F·HVW TX·DX IRQG OH
JRXYHUQHPHQWG·XQHSDUWQ·RIIUHGHWRXWHIDoRQTXHWUqVUDUHPHQWXQWHO
HQVHLJQHPHQW²HWSUHVTXHMDPDLVDXQLYHDXXQLYHUVLWDLUH²HWTXHG·DXWUH
SDUW FRPPH O·XVDJH GHV ODQJXHV DIULFDLQHV HWOHV SRVVLELOLWpVG·HPSORLV \
DIIpUHQWV VRQW SUDWLTXHPHQW QXOV DX VHLQ GH OD IRQFWLRQ SXEOLTXH OHV
SDUHQWV Q·RQW DXFXQ LQWpUrW j H[LJHU XQ WHO HQVHLJQHPHQW HQ UDLVRQ GHV
SROLWLTXHV OLQJXLVWLTXHV GX JRXYHUQHPHQW TXL IDYRULVHQW H[FOXVLYHPHQW
O·DQJODLVRXGDQVXQHELHQPRLQGUHPHVXUHO·DIULNDDQV
8QHUpVLVWDQFHjODIRLVMXULGLTXHHWLGpRORJLTXH"
$XQLYHDXMXULGLTXHHQGURLWLQWHUQDWLRQDOLOQ·HVWSDVUDUHGHUHPDUTXHU
XQHUpVLVWDQFHYRLUHPrPHXQHTXDVLFRPSOqWHRSSRVLWLRQFKH]FHUWDLQV
j O·LGpH PrPH G·XQ GURLW OLQJXLVWLTXH TXHOFRQTXH ² \ FRPSULV GDQV OH
GRPDLQHGHO·pGXFDWLRQ²TXLPLQHUDLWHQTXHOTXHVRUWHO·H[FOXVLYLWpGHOD
ODQJXHRIILFLHOOHG·XQeWDWGDQVO·HQVHLJQHPHQWSXEOLF&HWWHUpVLVWDQFHVH
UHPDUTXH HQ SDUWLFXOLHU GDQV ODSRVLWLRQ G·XQ SHWLW QRPEUH GH PHPEUHV
GX&RPLWpGHVGURLWVGHO·KRPPHGDQVXQHGpFLVLRQUHODWLYHPHQWUpFHQWH
pPDQDQW GX &RPLWp GHV GURLWV GH O·KRPPH GHV 1DWLRQV8QLHV TXL D OD
WkFKHGHVXUYHLOOHUODPLVHHQ±XYUHGX3DFWHLQWHUQDWLRQDOGHVGURLWVFLYLOVHW
SROLWLTXHV GDQV O·DIIDLUH'LHUJDDUGW F1DPLELH &HWWH FRPPXQLFDWLRQYLVDLW
(Q HIIHW OD QRUPDOLVDWLRQ Q·D SDV WRXMRXUV XQH YDOHXU SRVLWLYH ORUVTX·HOOH D SRXU
HIIHW GH EULPHU OHV GURLWV OLQJXLVWLTXHV GH FHUWDLQHV SRSXODWLRQV $LQVL HW FHFL HVW
SDUWLFXOLqUHPHQWYUDLSRXUFHTXLHVWGHSD\VRSRXUUHFWLILHUOHVSROLWLTXHVOLQJXLVWLTXHV
VRXV OH UpJLPH VRYLpWLTXH HW SRXU SURWpJHU OHV ©QRXYHOOHVª ODQJXHV RIILFLHOOHV FHUWDLQV
JRXYHUQHPHQWV LQWHUGLVHQW RX OLPLWHQW O·DFFqV j O·HQVHLJQHPHQW HQ ODQJXH PLQRULWDLUH
FRPPHOHUXVVH /HWWRQLH(VWRQLH RXO·DUPpQLHQ *pRUJLH HWF
$*5HV$ ;;,
)HUQDQGGH9DUHQQHV
GHVDOOpJDWLRQVGHYLRODWLRQG·XQFHUWDLQQRPEUHGHGLVSRVLWLRQVGX3DFWH
LQWHUQDWLRQDO GHV GURLWV FLYLOV HW SROLWLTXHV PLVHV GH O·DYDQW SDU OHV PHPEUHV
G·XQHFRPPXQDXWpFRQQXHVRXVOHQRPGH%DVWHUVSDUODQWO·DIULNDDQVHW
FRQFHQWUpHDXWRXUGHODUpJLRQGH5HKRERWK
5pJLRQGH5HKRERWKHQ1DPLELH
KWWSXSORDGZLNLPHGLDRUJZLNLSHGLDFRPPRQV/RFDWLRQ%DQWRXVWDQ5HKRERWK31*
(QWUHDXWUHV0RQVLHXU'LHUJDDUGWHWFRPSDJQLHRQWVRXWHQXTXHO·XVDJH
H[FOXVLI GH O·DQJODLV SDU O·DGPLQLVWUDWLRQ SXEOLTXH HQ 1DPLELH pWDLW
GLVFULPLQDWRLUH j OHXU pJDUG DX PRWLILQWHU DOLD TXH O·XVDJH GH O·DIULNDDQV
HQ SOXV GH O·DQJODLV DXUDLW pWp WUqV IDFLOH HQ O·RFFXUUHQFH HW TXH OH
JRXYHUQHPHQWDYDLWQRWDPPHQWFLEOpLQWHQWLRQQHOOHPHQWO·H[FOXVLRQGHOD
ODQJXH DIULNDDQV GDQV WRXWH FRPPXQLFDWLRQ HQWUH OH SXEOLF HW O·DSSDUHLO
pWDWLTXH/DSOXSDUWGHVPHPEUHVGX&RPLWpRQWFRQFOXHQILQGHFRPSWH
TXHPrPHVLOD&RQVWLWXWLRQGHOD1DPLELHQHUHFRQQDLVVDLWTX·XQHVHXOH
ODQJXH RIILFLHOOH ² O·DQJODLV ² FHFL QH SRXYDLW SHUPHWWUH OD QpJDWLRQ GH
GURLWV GH O·KRPPH WHO TXH O·LQWHUGLFWLRQ GH WRXWH GLVFULPLQDWLRQ HQ GURLW
LQWHUQDWLRQDO
/HVDXWHXUVRQWDXVVLIDLWYDORLUTXHO·DEVHQFHG·XQHOpJLVODWLRQUHODWLYHj
OD ODQJXH HQ 1DPLELH DYDLW HX SRXU FRQVpTXHQFH TXH O·XVDJH GH OHXU ODQJXH
PDWHUQHOOH GDQV O·DGPLQLVWUDWLRQ OD MXVWLFH O·pGXFDWLRQ HW OD YLH SXEOLTXH OHXU
DYDLWpWpGpQLp/H&RPLWpQRWHTXHOHVDXWHXUVRQWPRQWUpTXHO·eWDWSDUWLHD
GRQQp SRXU LQVWUXFWLRQV DX[ IRQFWLRQQDLUHV GH QH SDV UpSRQGUH DX[
FRPPXQLFDWLRQV pFULWHV RX RUDOHV GHV DXWHXUV HQ DIULNDDQV DORUV TX·LOV VRQW
SDUIDLWHPHQW FDSDEOHV GH OH IDLUH &HV LQVWUXFWLRQV LQWHUGLVDQW O·HPSORL GH
O·DIULNDDQV FRQFHUQHQW QRQ VHXOHPHQW O·pWDEOLVVHPHQW GH GRFXPHQWV RIILFLHOV
)HX - * $ 'LHUJDDUGW HW FRQVRUW F 1DPLELH &RPPXQLFDWLRQ 1R 81
'RF&&35&'
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHVOHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
PDLVPrPHOHVFRQYHUVDWLRQVWpOpSKRQLTXHV(QO·DEVHQFHGHUpSRQVHGHO·eWDW
SDUWLH OH &RPLWp GRLW DFFRUGHU OH FUpGLW YRXOX j O·DOOpJDWLRQ GHV DXWHXUV VHORQ
ODTXHOOH OD FLUFXODLUH HQ TXHVWLRQ YLVH GpOLEpUpPHQW j HPSrFKHU O·HPSORL GH
O·DIULNDDQV GDQV OHV FRPPXQLFDWLRQV DYHF OHV DXWRULWpV (Q FRQVpTXHQFH OH
&RPLWpHVWLPHTXHOHVDXWHXUVHQWDQWTXHSHUVRQQHVGHODQJXHDIULNDDQVVRQW
YLFWLPHVG·XQHYLRODWLRQGHO·DUWLFOHGX3DFWH>QRQGLVFULPLQDWLRQ@
6LOHUDLVRQQHPHQWFLGHVVXVUHSUpVHQWHOHSRLQWGHYXHGHODPDMRULWpGHV
PHPEUHV GX &RPLWp LO IDXW VLJQDOHU OD GLVVLGHQFH GH WURLV DXWUHV
PHPEUHV \ FRPSULV XQ DQFLHQ &RPPLVVDLUH DX[ ODQJXHV RIILFLHOOHV GX
&DQDGD XQ SD\V SOXW{W DVVRFLp DYHF XQH FHUWDLQH DWWLWXGH JpQpUHXVH HQ
PDWLqUHGHGURLWVOLQJXLVWLTXHV
>«@ 4XDQG XQ eWDW SDUWLH D GpFLGp TXH WHOOH RX WHOOHV ODQJXHV VHUDLHQW VD
ODQJXH RIILFLHOOH RX VHV ODQJXHV RIILFLHOOHV LO OXL HVW OpJLWLPH G·LQWHUGLUH
O·XWLOLVDWLRQGHWRXWHDXWUHODQJXHDX[ILQVRIILFLHOOHV>«@
1RXV VRPPHV pJDOHPHQW G·DYLV TXH OD FLUFXODLUH QH FRQVWLWXH SDV XQH
YLRODWLRQGHO·DUWLFOH/·DUWLFOHHVWXQHJDUDQWLHLQGpSHQGDQWHG·pJDOLWpHW
YLVH j SUpYHQLU OD GLVFULPLQDWLRQ /H VHXO DUJXPHQW TXH OHV DXWHXUV VHPEOHQW
DYRLUDYDQFpDX[SDUDJUDSKHVHWSRXUpWD\HUO·DOOpJDWLRQGHYLRODWLRQGH
O·DUWLFOHHVWTXHGXIDLWTXHO·DQJODLVDpWpGpFODUpVHXOHODQJXHRIILFLHOOHGH
O·eWDWHWTXHO·eWDWQ·DSDVOpJLIpUpSRXUDXWRULVHUO·XWLOLVDWLRQG·DXWUHVODQJXHV
OHV DXWHXUV VH VRQW YX UHIXVHU OH GURLW G·XWLOLVHU OHXU ODQJXH PDWHUQHOOH GDQV
O·DGPLQLVWUDWLRQODMXVWLFHO·HQVHLJQHPHQWHWODYLHSXEOLTXH1RXVDYRQVGpMj
UHMHWp FHW DUJXPHQW j SURSRV GX SDUDJUDSKH GH O·DUWLFOH HW OH PrPH
UDLVRQQHPHQW GRLW V·DSSOLTXHU SRXU UHMHWHU O·DOOpJDWLRQ GH YLRODWLRQ GH O·DUWLFOH
,OLPSRUWHGHQRWHUTXHQXOOHSDUWOHVDXWHXUVQHIRQWYDORLUTX·HQIDLVDQWGH
O·DQJODLV OD ODQJXH RIILFLHOOH HW HQ QH SHUPHWWDQW SDV O·HPSORL G·DXWUHV ODQJXHV
O·eWDW YLVDLW j H[FOXUH VHXOHPHQW O·DIULNDDQV HW DXWRULVDLW G·DXWUHV ODQJXHV (Q
GpFODUDQW O·DQJODLV ODQJXH RIILFLHOOH HW HQ Q·DXWRULVDQW SDV O·XWLOLVDWLRQ G·DXWUHV
ODQJXHVSDUOHELDLVG·XQHOpJLVODWLRQGDQVFHVHQVO·eWDWSDUWLHQ·DDVVXUpPHQW
SDVYLROpO·DUWLFOHSXLVTXHWRXWHVOHVODQJXHVDXWUHVTXHO·DQJODLVVRQWWUDLWpHV
VXU XQ SLHG G·pJDOLWp HW QH VRQW SDV DXWRULVpHV j GHV ILQV RIILFLHOOHV LO Q·\ D
DXFXQHGLVFULPLQDWLRQjO·HQFRQWUHGHO·DIULNDDQVSDUUDSSRUWjG·DXWUHVODQJXHV
3RXU FHV WURLV PHPEUHV GX &RPLWp GHV GURLWV GH O·KRPPH LO Q·HVW
DEVROXPHQW SDV SRVVLEOH G·LQYRTXHU O·LQWHUGLFWLRQ GH OD GLVFULPLQDWLRQ j
O·HQFRQWUH GH OD SRVLWLRQ SULYLOpJLpH G·XQH ODQJXH RIILFLHOOH $LQVL LO
IDXGUDLW pFDUWHU FRPSOqWHPHQW O·DSSOLFDWLRQ GX GURLW LQWHUQDWLRQDO j
O·HQFRQWUH G·XQH SUpIpUHQFH H[FOXVLYH GH O·DSSDUHLO pWDWLTXH SRXU OH VHXO
XVDJH GH O·DQJODLV 6HORQ FHWWH ORJLTXH GRQF ULHQ Q·HPSrFKH XQ
JRXYHUQHPHQWGHFRPSOqWHPHQWLQWHUGLUHO·HQVHLJQHPHQWHQODQJXHORFDOH
)HUQDQGGH9DUHQQHV
GDQVOHFDGUHGHVDSROLWLTXHGHODQJXHRIILFLHOOHVHORQOHXULQWHUSUpWDWLRQ
GHODVRXYHUDLQHWpGHO·eWDWSRXUQHSDVGLUHGHVRQXQLFLWp
6L ² KHXUHXVHPHQW ² FHWWH SULVH GH SRVLWLRQ Q·pWDLW SDV SDUWDJpH SDU OHV
DXWUHVPHPEUHVGX&RPLWpLOQ·HPSrFKHTXHOHXUSRLQWGHYXHGHPHXUH
DVVH]FRPPXQFKH]ERQQRPEUHGHMXULVWHVMXJHVHWDYRFDWVGHOD©YLHOOH
pFROHª TXL RQW FRPPH SRLQW GH GpSDUW TXH OHV VHXOV GURLWV OLQJXLVWLTXHV
SRXYDQWH[LVWHUVRQWFHX[DWWULEXpVHQYHUWXG·XQHOpJLVODWLRQOLQJXLVWLTXH
RXG·XQVWDWXWGHODQJXHRIILFLHOOH&·HVWHQTXHOTXHVRUWHFHTXLSRXUUDLW
rWUH GpFULW FRPPH O·LGpH G·DXFXQ GURLW VDQV ORL RX OH P\WKH GH
O·H[FOXVLYLWpGHODODQJXHRIILFLHOOH&HSRLQWGHYXHSUHQGSRXUDFTXLVTXH
WRXWH SROLWLTXH GH ODQJXH RIILFLHOOH HVW H[FOXH GH O·DSSOLFDWLRQ GX GURLW
LQWHUQDWLRQDOSDUFHTXHFHODIDLWSDUWLHGHODVRXYHUDLQHWpGHWRXWeWDWGH
FKRLVLUXQHVHXOHODQJXHRIILFLHOOHPDLVDXVVLXQHVHXOHODQJXHRIILFLHOOHj
O·H[FOXVLRQGHWRXWHDXWUH\FRPSULVGDQVO·HQVHLJQHPHQWSXEOLF
&H P\WKH GX GURLW j O·H[FOXVLYLWp GH OD ODQJXH RIILFLHOOH MRXH HQFRUH
DXMRXUG·KXL XQ U{OH QpIDVWH j PRQ DYLV GDQV FHUWDLQV SD\V HW HVW
TXHOTXHIRLVLQYRTXpSRXUpFDUWHUFHTXLjSULPHDERUGVHPEOHUDLWrWUHXQ
SULQFLSH IRQGDPHQWDO SRXU OH UHVSHFW GH OD GLYHUVLWp OLQJXLVWLTXH HQ
(XURSH&HODSHXWHQSDUWLHH[SOLTXHUOHUHIXVGHFHUWDLQVSD\VFRPPHOD
/HWWRQLH HW OD *pRUJLH GH UDWLILHU OD &KDUWH HXURSpHQQH GHV ODQJXHV
UpJLRQDOHVRXPLQRULWDLUHV
'DQVODPrPHYHLQHFHWWHFRQFHSWLRQGHODVRXYHUDLQHWpGHO·eWDWDVVRFLp
DX EHVRLQ G·XQH VHXOH ODQJXH RIILFLHOOH H[FOXVLYH DXUD XQH LQIOXHQFH
SURIRQGH VXU O·DWWLWXGH GH OD )UDQFH HW GH QRPEUHX[ JRXYHUQHPHQWV HQ
(XURSH \ FRPSULV OD 7XUTXLH &HOOHFL SUHQGUD XQH IRUPH
SDUWLFXOLqUHPHQWKRVWLOHHQYHUVOHV©SDWRLVªVRXVO·HPSULVHGHVWUDYDX[GH
O·$EEp*UpJRLUHFRPPHHQWpPRLJQHHQjOD&RQYHQWLRQQDWLRQDOH
VRQ 5DSSRUW VXU OD 1pFHVVLWp HW OHV 0R\HQV G·DQpDQWLU OHV 3DWRLV HW G·XQLYHUVDOLVHU
O·8VDJHGHOD/DQJXHIUDQoDLVHGDQVOHTXHOLOpFULW
RQSHXWXQLIRUPLVHUOHODQJDJHG·XQHJUDQGHQDWLRQ>@&HWWHHQWUHSULVHTXLQH
IXW SOHLQHPHQW H[pFXWpH FKH] DXFXQ SHXSOH HVW GLJQH GX SHXSOH IUDQoDLV TXL
FHQWUDOLVHWRXWHVOHVEUDQFKHVGHO·RUJDQLVDWLRQVRFLDOHHWTXLGRLWrWUHMDORX[GH
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHVOHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
FRQVDFUHUDXSOXVW{WGDQVXQH5pSXEOLTXHXQHHWLQGLYLVLEOHO·XVDJHXQLTXHHW
LQYDULDEOHGHODODQJXHGHODOLEHUWp
3RXUO·$EEp*UpJRLUH²HWSRXUO·eWDWIUDQoDLV²ODQDWLRQQHSHXWXWLOLVHU
TX·XQH VHXOH ODQJXH j O·H[FOXVLRQ GH WRXWH DXWUH ODQJXH SDUOpH VXU OH
WHUULWRLUH IUDQoDLV /H PRGqOH UpSXEOLFDLQ IUDQoDLV VHPEOH SUHQGUH SRXU
DFTXLVOHELHQIRQGpGHFHWWHDSSURFKHDXSRLQWTXHWRXWHUHYHQGLFDWLRQ
OLQJXLVWLTXH HVW HQFRUH GH QRV MRXUV VRXYHQW SHUoXH FRPPH XQ ©UHSOL
LGHQWLWDLUHª FRQVWLWXDQW XQH PHQDFH SRXU OD QDWLRQ &H SRLQW GH YXH ²
LGpRORJLTXHPDLVDYHFGHVUDPLILFDWLRQVDXQLYHDXGXGURLWHWGHVDPLVH
HQ ±XYUH ² HVW KHXUHXVHPHQW HQ WUDLQ GH FKDQJHU WDQW HQ )UDQFH TXH
GDQV G·DXWUHV SD\V D\DQW pWp LQIOXHQFpV SDU FHWWH SHQVpH WHO TXH OD
7XUTXLH PDOKHXUHXVHPHQW G·DXWUHV SD\V VHPEOHQW SUHQGUH OD UHOqYH ²
DYHFGHVHIIHWVQpIDVWHVSRXUO·HQVHLJQHPHQWHQODQJXHORFDOH
0DLVFHQ·HVWSDVOjODVHXOHPHQDFHSRXUO·HQVHLJQHPHQWSXEOLFHQODQJXH
ORFDOH
/H ©GDQJHUª GH O·HQVHLJQHPHQW HQ ODQJXH ORFDOH HW O·DEVHQFH
GHGHPDQGHGHVSDUHQWV
4XRLTXH SHXWrWUH PRLQV UpSDQGXH HQ (XURSH TX·DLOOHXUV FHUWDLQV
JRXYHUQHPHQWV VRXWLHQQHQW O·LGpH TX·DX QLYHDX SpGDJRJLTXH
O·HQVHLJQHPHQW HQODQJXHORFDOHHVW FRQWUDLUH DX[ LQWpUrWV GH O·HQIDQW FDU
FHOD UHWDUGHUDLW VRQ VXFFqV VFRODLUH RX VRQ DSSUHQWLVVDJH GH OD ODQJXH
RIILFLHOOHDSSUHQWLVVDJHVRXYHQWHVVHQWLHOSRXUDFFpGHUjO·XQLYHUVLWpRXj
O·HPSORL&·HVWODUDLVRQSRXUODTXHOOHO·HQVHLJQHPHQWELOLQJXHHVWVRXYHQW
FULWLTXp RX PrPH DEROL GDQV FHUWDLQHV SDUWLHV GHVeWDWV8QLV RX HQFRUH
TXHO·HQVHLJQHPHQWHQODQJXHDERULJqQHHQ$XVWUDOLHHVWpFDUWp
WKHIRUPHU0LQLVWHUIRU(GXFDWLRQDQG7UDLQLQJLQWKH1RUWKHUQ7HUULWRU\RQ
2FWREHU 'HFODULQJ WKDW KHU DLP ZDV WR LPSURYH OLWHUDF\ DQG
QXPHUDF\UHVXOWVLQUHPRWHVFKRROV0DULRQ6FU\PJRXUGHFUHHGWKDWSURJUDPV
ZHUHWREHFRQGXFWHGLQ(QJOLVKRQO\IRUWKHILUVWIRXUKRXUVRIHYHU\VFKRRO
GD\ 7KH UHDVRQ IRU WKLV SROLF\ VKLIW ZDV VDLG WR EH WKH SRRU FRPSDUDWLYH
SHUIRUPDQFH RI UHPRWH 17 VWXGHQWV SDUWLFXODUO\ WKRVH LQ VFKRROV ZLWK
ELOLQJXDOSURJUDPV
*5e*2,5( +HQUL 5DSSRUW VXU OD QpFHVVLWp HW OHV PR\HQV G·DQpDQWLU OHV SDWRLV HW
G·XQLYHUVDOLVHUO·XVDJHGHODODQJXHIUDQoDLVHWH[WHGLVSRQLEOHjODSDJHZHE
ZZZNHUYDUNHURUJIUOHYUBBSHULRGKWPO
)HUQDQGGH9DUHQQHV
7KH >1RUWKHUQ 7HUULWRU\@ JRYHUQPHQW QRZ UHMHFWV WKH YLHZ WKDW YHUQDFXODU
ODQJXDJHDQGFXOWXUHKDYHDQ\NH\UROHWRSOD\LQDUHPRWHVFKRRO·VSURJUDPRI
D PRUQLQJ ,W GRHV QRW DFFHSW WKDW WKHUH LV DQ\ PHULW LQ XVLQJ ERWK WKH
YHUQDFXODUDQG(QJOLVKDVODQJXDJHVRILQVWUXFWLRQLQRUGHUWREXLOGSURILFLHQF\
LQERWK7KHFODLPWKDWDWWDLQPHQWLQWKHILUVWODQJXDJHFDQVWURQJO\FRQWULEXWH
WR SURILFLHQF\ LQ WKH VHFRQG ² DQ LGHD NQRZQ LQ WKH OLWHUDWXUH DV WKH
LQWHUGHSHQGHQFH K\SRWKHVLV ² QRZ IDOOV RQ GHDI HDUV :KDW LV DGYRFDWHG
LQVWHDGLVD´WLPHRQWDVNµQRWLRQWKHVHHPLQJO\LQWXLWLYHLGHDWKDWPD[LPXP
H[SRVXUHWR(QJOLVKLVQRZZKDWLVQHHGHG
(Q G·DXWUHV PRWV OH SRLQW GH YXH DGRSWp LFL SDU OH JRXYHUQHPHQW GX
1RUWKHUQ 7HUULWRU\ R VH VLWXDLHQW SUHVTXH WRXWHV OHV pFROHV ELOLQJXHV
SRXU OHV $ERULJqQHV HVW TXH O·HQVHLJQHPHQW GHYUDLW XQLTXHPHQW VH IDLUH
HQDQJODLVSXLVTXHO·HQVHLJQHPHQWHQODQJXHORFDOHUHWDUGHO·DSSUHQWLVVDJH
GHO·DQJODLV7RXWDXSOXVGHYUDLWRQSHUPHWWUHVHORQODQRXYHOOHSROLWLTXH
GH FH JRXYHUQHPHQW DXVWUDOLHQ TXHOTXHV KHXUHV G·DSSUHQWLVVDJH GH OD
ODQJXHPDLVFHUWDLQHPHQWSDVXQHQVHLJQHPHQWVpULHX[GDQVFHWWHODQJXH
&HWWH SRVLWLRQ HVW HQFRUH XQH IRLV SOXW{W LGpRORJLTXH /D SOXSDUW GHV
SpGDJRJXHVD\DQWPHQpGHVpWXGHVDXQLYHDXGHO·HQVHLJQHPHQWFKH]OHV
SHXSOHV LQGLJqQHV V·DFFRUGHQW GDQV OHXUV UpVXOWDWV O·HQVHLJQHPHQW HQ
ODQJXH ORFDOH ² VRXYHQW GDQV OHV SUHPLqUHV DQQpHV G·HQVHLJQHPHQW ² HVW
FODLUHPHQW O·DSSURFKH OD SOXV HIILFDFH SRXU O·DFTXLVLWLRQ HW GH OD ODQJXH
PDWHUQHOOHHWGHODODQJXHRIILFLHOOH
(QILQ LO HVW DIILUPp GDQV FHUWDLQV SD\V TX·LO Q·\ D SDV GH GHPDQGH
VXIILVDQWHPrPHVLODSRSXODWLRQORFDOHRXUpJLRQDOHHVWWUqVQRPEUHXVH
SXLVTXHOHVJHQVQ·HQYHXOHQWSDV3DUH[HPSOHLOHVWLQGpQLDEOHTXHGDQV
FHUWDLQV SD\V FRPPH OH 3pURX EHDXFRXS GH SDUHQWV TXHFKXD SUpIqUHQW
O·HQVHLJQHPHQW HQ HVSDJQRO SOXW{W TXH GDQV OHXU ODQJXH /H PrPH
SKpQRPqQH DSSDUDvW HQ &KLQH DYHF GHV SDUHQWV WLEpWDLQV SUpIpUDQW OHV
pFROHVHQVHLJQDQWHQFKLQRLVSOXW{WTX·HQWLEpWDLQRXPrPHELOLQJXH
'(9/,1%ULDQ©%LOLQJXDOHGXFDWLRQLQWKH1RUWKHUQ7HUULWRU\DQGWKHFRQWLQXLQJ
GHEDWHRYHULWVHIIHFWLYHQHVVDQGYDOXHª6\PSRVLXPGHO·$,$76,6%LOLQJXDO(GXFDWLRQLQ
WKH1RUWKHUQ7HUULWRU\3ULQFLSOHVSROLF\DQGSUDFWLFH0XVpHQDWLRQDOGHO·$XVWUDOLH&DQEHUUD
MXLQGLVSRQLEOHVXUOHVLWH
ZZZDEFQHWDXFRUQHUVVSHFLDOBHGVODQJXDJHGRFV'HYOLQBSDSHUSGI
81 )RUXP WR FRQVLGHU LPSDFW RQ LQGLJHQRXV SHRSOHV RI 0LOOHQQLXP 'HYHORSPHQW *RDO
LPSOHPHQWDWLRQ &RPPXQLTXp GH SUHVVH +5 PDL j OD SDJH ZHE
ZZZXQRUJ1HZV3UHVVGRFVKUGRFKWP 9RLU DXVVL OD SURFKDLQH VHFWLRQ
GHFHWWHFRPPXQLFDWLRQ
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHVOHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
/HVIDLOOHVGHODUpVLVWDQFHLGpRORJLTXH
/H UHIXV GH O·HQVHLJQHPHQW HQ ODQJXH ORFDOH FKH] OHV PRWLIV SUpFLWpV
UHSRVHVXUXQFHUWDLQQRPEUHGHPDOIRQGpV
'·DERUG LO HVW IDX[ TXH OH FKRL[ G·XQH ODQJXH RIILFLHOOH REOLJH TX·XQH
VHXOHODQJXHVRLWXWLOLVpHSDUODIRQFWLRQSXEOLTXHRXSRXUO·HQVHLJQHPHQW
SXEOLF &H Q·HVW QL XQH PHQDFH j O·XQLFLWp G·XQ SD\V QL XQH HQWUDYH j
O·LQWpJUDWLRQ GH WRXWH OD SRSXODWLRQ ,O HVW GH SOXV HQ SOXV FODLU TXH OD
VRXYHUDLQHWp GH O·eWDW GRLW IDLUH SODFH DX GURLW LQWHUQDWLRQDO ² G·DLOOHXUV
ULHQHQGURLWLQWHUQDWLRQDOQHSHUPHWjODVRXYHUDLQHWpGHO·eWDWGHIDLUHIL
GHV GURLWV GH O·KRPPH ² HW LO HVW GH SOXV HQ SOXV FRPSULV TXH FH GURLW
LQWHUQDWLRQDOFRPSUHQGGHVGURLWVOLQJXLVWLTXHVWHOTXHFHX[ILJXUDQWGDQV
OHVWUDLWpVGX&RQVHLOGHO·(XURSHHWGDQVXQHFHUWDLQHPHVXUHGHO·8QLRQ
HXURSpHQQH &HUWDLQV GURLWV OLQJXLVWLTXHV pPDQHQW pJDOHPHQW GH OD PLVH
HQ±XYUHGHGURLWVGHO·KRPPHXQLYHUVHOVWHOVTXHODOLEHUWpG·H[SUHVVLRQ
HWO·LQWHUGLFWLRQGHODGLVFULPLQDWLRQIRQGpHVXUODODQJXH
,O HVW pJDOHPHQW FODLU TXH O·XWLOLVDWLRQ SDU O·eWDW GH ODQJXHV ORFDOHV RX
PLQRULWDLUHV²VRLWSRXUO·HQVHLJQHPHQWVRLWFRPPHODQJXHGHVHUYLFHSDU
O·DGPLQLVWUDWLRQ ² QH FRQVWLWXH SDV XQH PHQDFH FRQWUH O·XQLWp RX OD
VWDELOLWp $X FRQWUDLUH FH TXL PqQH VRXYHQW j XQH VLWXDWLRQ GH FRQIOLW
F·HVWODPLVHHQ±XYUHGHO·LGpHUHoXHTXHO·eWDWGRLWXQLTXHPHQWUHIOpWHU
OHVWUDLWVOLQJXLVWLTXHVRXFXOWXUHOVGHODPDMRULWpHWOHUHIXVGHPRGpUHUFH
SRLQWGHYXHSDUO·DSSOLFDWLRQGHVQRUPHVTXLVRQWPDLQWHQDQWODUJHPHQW
DFFHSWpV HQ (XURSH \ FRPSULV GHV GURLWV OLQJXLVWLTXHV FRPPH FHX[ HQ
PDWLqUH G·HQVHLJQHPHQW HQ ODQJXHV ORFDOHV RX OH UHMHW G·XQH VWUXFWXUH
SROLWLTXH DVVXUDQW OD UHFRQQDLVVDQFH HW OD SURWHFWLRQ GH O·LGHQWLWp
OLQJXLVWLTXH HW FXOWXUHOOH GHV FRPPXQDXWpV LPSRUWDQWHV %HDXFRXS GH
JHQVLJQRUHQWSDUH[HPSOHTX·HQ0DFpGRLQHOHUHIXVG·XWLOLVHUODODQJXH
DOEDQDLVHFRPPHODQJXHG·HQVHLJQHPHQWXQLYHUVLWDLUHIXWO·XQGHVIDFWHXUV
QRQ QpJOLJHDEOHV j OD EDVH GX FRQIOLW HWKQLTXH TXL \ D pFODWp GDQV OHV
DQQpHV &RPPH SDUWLH GX UqJOHPHQW GH SDL[ GDQV FH SD\V O·eWDW D
FRQVHQWL j FH TXH O·RQ HQVHLJQH HQ DOEDQDLV j O·XQLYHUVLWp ,O \ D DLQVL GH
ERQQHVUDLVRQVSRXUTXHO·XQGHVeWDWVOHVSOXVVWDEOHVG·(XURSHHVWVDQV
DXFXQ GRXWH OD 6XLVVH HQ UDLVRQ GH ² HW QRQ SDV PDOJUp ² VD
UHFRQQDLVVDQFHGHTXDWUHODQJXHVRIILFLHOOHVHWO·XWLOLVDWLRQGHFHVODQJXHV
ORFDOHVSRXUO·HQVHLJQHPHQWSXEOLF
)HUQDQGGH9DUHQQHV
4X·HQHVWLOSDUFRQWUHGHO·DUJXPHQWTXHO·HQVHLJQHPHQWHQODQJXHORFDOH
HVW DX GpWULPHQW GHO·DFTXLVLWLRQ GH OD ODQJXH RIILFLHOOH RX GH O·pGXFDWLRQ
GHIDoRQSOXVJpQpUDOH"0DOJUpOHVDIILUPDWLRQVFRQWUDLUHVHQSDUWLFXOLHU
GHFHUWDLQVJRXYHUQHPHQWVFRPPHHQ$XVWUDOLHODSOXSDUWGHVH[SHUWVHQ
SpGDJRJLH TXL RQW H[DPLQp FHWWH TXHVWLRQ GH SUqV \ FRPSULV FHX[ GH
O·81(6&2 VRQW SOXW{W GX PrPH DYLV /D FOp SRXU O·DFTXLVLWLRQ G·XQH
ODQJXH VHFRQGH HW SRXU OH VXFFqV VFRODLUH HQ JpQpUDO UHSRVH G·DERUG HW
DYDQWWRXWGDQVODPHVXUHGXSRVVLEOHVXUO·DFTXLVLWLRQGDQVOHVSUHPLqUHV
DQQpHV G·HQVHLJQHPHQW G·XQH ERQQH FRPSUpKHQVLRQ GHV FRQFHSWV GH
EDVHHWODPHLOOHXUHPDQLqUHG·DFTXpULUFHX[FLF·HVWTX·RQHQVHLJQHELHQ
GDQVXQHODQJXHFRPSULVHSDUOHVpOqYHV
'HQRPEUHXVHVpWXGHV V·DFFRUGHQW VXUFHSRLQWHQ$PpULTXHGXVXGDYHF
FHUWDLQVJURXSHVLQGLJqQHVPDLVDXVVLHQ$IULTXHGXVXGGDQVXQHGHVpWXGHV
OHVSOXVFRPSOqWHVGDQVFHGRPDLQHFRPPHYRXVSRXYH]OHYRLULFL
6RXUFH,',QVLJKWV,QVWLWXWHRI'HYHORSPHQW6WXGLHV8QLYHUVLW\RI6XVVH[
ZZZLGRUJLQVLJKWVLQVLJKWVHG]DUWILJKWPO
/DOLJQHEOHXHGpPRQWUHTXHOHVUpVXOWDWVVFRODLUHVVRQWYLVLEOHPHQWELHQ
PHLOOHXUV ORUVTXH O·HQVHLJQHPHQW VH IDLW GDQV OD ODQJXH PDWHUQHOOH GH
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHVOHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
O·HQIDQWSOXW{WTXHGDQVODODQJXHRIILFLHOOH²RXLFLSOXW{WHQODQJXHORFDOH
TX·HQDQJODLVRXDIULNDDQVVLODODQJXHG·HQVHLJQHPHQWQ·HVWSDVODODQJXH
PDWHUQHOOH&HTXHGpPRQWUHQWFHWWHpWXGHHWXQJUDQGQRPEUHG·pWXGHV
FUpGLEOHV GDQV FH GRPDLQH F·HVW TXH SRXU OHV KXLW SUHPLqUHV DQQpHV
G·HQVHLJQHPHQW O·HQVHLJQHPHQW HQ ODQJXH ORFDOH ORUVTXH F·HVW OD ODQJXH
PDWHUQHOOH DERXWLW j XQ PHLOOHXU UHQGHPHQW VFRODLUH GHV HQIDQWV XQH
PHLOOHXUHPDvWULVHGHODODQJXHPDWHUQHOOHHWXQHDFTXLVLWLRQDXVVLVROLGH
GHODODQJXHRIILFLHOOHTXHVLO·HQVHLJQHPHQWV·HIIHFWXDLWXQLTXHPHQWGDQV
OD ODQJXH RIILFLHOOH 3RXUWDQW O·LGpH TXH O·HQVHLJQHPHQW HQ ODQJXH ORFDOH
VRLW HQ TXHOTXH VRUWH QXLVLEOH DX[ HQIDQWV SHUVLVWH SUREDEOHPHQW SRXU
GHV PRWLIV SOXW{W LGpRORJLTXHV FRPSWH WHQX GH O·DEVHQFH GH SUHXYHV
FRQFUqWHVGHVDYpUDFLWp
4X·HQ HVWLO GX IDLW TXH OHV SDUHQWV HX[PrPHV VRXYHQW QH YHXOHQW SDV
G·XQ HQVHLJQHPHQW HQ ODQJXH ORFDOH" 8Q H[HPSOH FRQFUHW SHUPHWWUD
SHXWrWUHGHFRPSUHQGUHXQSHXPLHX[FHSKpQRPqQHSULPHDERUGOD
5pSXEOLTXH SRSXODLUH GH &KLQH DSSDUDvW IRUW JpQpUHXVH FDU OH
JRXYHUQHPHQWFKLQRLVDHQSODFHXQHORLJDUDQWLVVDQWO·HQVHLJQHPHQWGDQV
OHV ODQJXHV ORFDOHV MXVTX·DX VHFRQGDLUH GX PRLQV SRXU OD SOXSDUW GHV
TXHOTXHVQDWLRQDOLWpVPLQRULWDLUHVGXSD\V0DLVODPLVHHQ±XYUHGHFH
GURLWDX7LEHWSUpVHQWHXQWDEOHDXEHDXFRXSSOXVQXDQFpGHQRPEUHX[
SDUHQWVFKRLVLVVHQWSOXW{WO·HQVHLJQHPHQWHQFKLQRLVTXHGDQVOHXUSURSUH
ODQJXHSXLVTXH
•
/HV pFROHV TXL HQVHLJQHQW HQ WLEpWDLQ VRQW PRLQV ELHQ VRXWHQXHV
SDU OH JRXYHUQHPHQW RX RQW XQ SHUVRQQHO HQVHLJQDQW PRLQV
TXDOLILpTXHOHVpFROHVSXEOLTXHVGHODQJXHRIILFLHOOH FKLQRLVH
•
/·HQVHLJQHPHQW HQ WLEpWDLQ HVW VRXYHQW RIIHUW ©DX OLHXª GH
O·HQVHLJQHPHQWGHO·DQJODLVRXGHVODQJXHVLQWHUQDWLRQDOHV
•
(Q UDLVRQ GH O·DEVHQFH G·HQVHLJQHPHQW XQLYHUVLWDLUH HQ WLEpWDLQ
O·DFFqV DX[ pWXGHV VXSpULHXUHV HVW DVVRFLp H[FOXVLYHPHQW j OD
PDvWULVHGHODVHXOHODQJXHFKLQRLVH
•
/H WLEpWDLQ HVW SHUoX FRPPH ©LQIpULHXUª YRLU PrPH QRQ
PRGHUQHSDUUDSSRUWDXFKLQRLV
•
/HV HPSORLV GDQV OD IRQFWLRQ SXEOLTXH H[LJHQW XQH ERQQH
FRQQDLVVDQFHGXFKLQRLV²PDLVSDVGXWLEpWDLQ
)HUQDQGGH9DUHQQHV
7RXWSDUHQWVRXKDLWHFHTXLHVWPLHX[SRXUO·DYHQLUGHVRQHQIDQW/HFKRL[
RIIHUWDX[SDUHQWV7LEpWDLQV²VLYpULWDEOHFKRL[LO\D²SRXUUDLWWRXWDXVVL
ELHQV·DSSOLTXHUHQ(XURSHHQ$VLHHQ$XVWUDOLHHQ$IULTXHRXGDQVOHV
$PpULTXHV&HTX·LOLPSRUWHGHVRXOLJQHUF·HVWTXHFHVUDLVRQVGHUULqUHOHV
FKRL[ HW SUpIpUHQFHV OLQJXLVWLTXHV GHV SDUHQWV QH VRQW SDV YpULWDEOHPHQW
OLEUHV ,OV VRQW OH UpVXOWDW GH SUDWLTXHV HW GpFLVLRQV pPDQDQW GHV
JRXYHUQHPHQWVHX[PrPHVTXLIRQWHQVRUWHTXHO·DFFqVjO·HQVHLJQHPHQW
VXSpULHXU RX DX[ HPSORLV SXEOLFV QH SHXW VH IDLUH TXH SDU OH ELDLV GH OD
ODQJXH RIILFLHOOH HW OHV ODQJXHV ORFDOHV Q·RQW DXFXQH YDOHXU j FHV QLYHDX[
4XL SOXV HVW FKRLVLU XQ HQVHLJQHPHQW HQ ODQJXH ORFDOH VLJQLILH GDQV ELHQ
GHV FDV FKRLVLU XQH pFROH PRLQV ELHQ QDQWLH TXH FHOOH HQVHLJQDQW GDQV OD
ODQJXHGHODPDMRULWpRXHQFRUHOHFKRL[GHODODQJXHORFDOHQHSHXWVHIDLUH
GDQV FHUWDLQV SD\V TX·HQ VDFULILDQW O·DSSUHQWLVVDJH G·XQH ODQJXH
LQWHUQDWLRQDOHVRXYHQWO·DQJODLV)DFHjGHWHOOHVVLWXDWLRQVERQQRPEUHGH
SDUHQWV Q·RQW SDV GH FKRL[ HW DEDQGRQQHQW VRXYHQW j FRQWUHF±XU
O·DSSUHQWLVVDJH GH OHXU SURSUH ODQJXH TXH OHXUV HQIDQWV DSSUHQGURQW GH
IDoRQ©DUWLVDQDOHªjODPDLVRQ
6·LOH[LVWHHQWKpRULHSRXUOHVSHXSOHVLQGLJqQHVGX0H[LTXHRXGX3pURX
XQ GURLW j O·HQVHLJQHPHQW HQ ODQJXH LQGLJqQH ORFDOH F·HVW j YUDL GLUH
VRXYHQW XQ PLUDJH TXH UHFRQQDLVVHQW OHV SDUHQWV LQGLJqQHV OHV pFROHV
FHQVpHVHQVHLJQHUHQODQJXHLQGLJqQHQ·RQWSDVRXSHXGHOLYUHVGDQVFHWWH
ODQJXH LO Q·\ D SUHVTXH SDV GH PDWpULHO GLGDFWLTXH GH GLVSRQLEOH HW OHV
HQVHLJQDQWVGDQVFHVpFROHVSXEOLTXHV²FRPEOHGHO·DEVXUGH²QHSDUOHQW
SDV WRXMRXUV OD ODQJXH GDQV ODTXHOOH LOV VRQW FHQVpV HQVHLJQHU
/·HQVHLJQHPHQWHQODQJXHORFDOHTXLV·\IDLWQ·HVWVRXYHQWPrPHSDVRIIHUW
MXVTX·DX H QLYHDX FH TXH UHFRPPDQGHQW OD SOXSDUW GHV H[SHUWV GDQV OH
GRPDLQH HW VRXYHQW OHV DXWRULWpV VFRODLUHV ORFDOHV SUpWHQGHQW TX·LO IDXW
FKRLVLUHQWUHO·DQJODLVRXXQHDXWUHODQJXHLQWHUQDWLRQDOHHWODODQJXHORFDOH
8Q SDUHQW ELHQ VU YHXW RIIULU j VHV HQIDQWV HQ FHWWH SpULRGH GH
PRQGLDOLVDWLRQ O·DFFqV j FH YDVWH PRQGH FH TXL QpFHVVLWH XQH FHUWDLQH
FRQQDLVVDQFH GH O·DQJODLV IUDQoDLV HVSDJQRO RX XQH DXWUH ODQJXH
LQWHUQDWLRQDOH &HUWDLQV JRXYHUQHPHQWV HQ SURILWHQW SRXU SUpVHQWHU OH
FKRL[GHPDQLqUHELQDLUHVRLWODODQJXHORFDOHVRLWODODQJXHLQWHUQDWLRQDOH
PDLV SDV OHV GHX[ 3RXUWDQW ULHQ Q·HPSrFKH O·HQVHLJQHPHQW HQ ODQJXH
ORFDOHHWO·DFTXLVLWLRQGHODODQJXHRIILFLHOOHHWG·XQHODQJXHLQWHUQDWLRQDOH
FRPPHOHSURXYHQWODSUDWLTXHGDQVERQQRPEUHGHSD\V\FRPSULVO·,WDOLH
HWOD6XLVVH
/·DYHQLUGHO·HQVHLJQHPHQWGHVODQJXHVORFDOHVOHVREVWDFOHVMXULGLTXHVHWLGpRORJLTXHV
&RQFOXVLRQ
/·HQVHLJQHPHQW HQ ODQJXH ORFDOH FRQVWLWXH DX QLYHDX SpGDJRJLTXH XQH
DSSURFKHVDLQHHWDSSURSULpHPDLVSDVWRXMRXUVVXIILVDQWHSRXUDVVXUHUOD
VXUYLHGHVODQJXHVORFDOHV&RPPHOHVSDUHQWVWLEpWDLQVHWTXHFKXDO·RQW
UHFRQQX LO IDXW DXVVL TXH OHXU ODQJXH VRLW XWLOLVpH SDU OHV LQVWDQFHV
DGPLQLVWUDWLYHV HW SXEOLTXHV GH O·eWDW DILQ TXH GHV HPSORLV HW G·DXWUHV
RSSRUWXQLWpVpFRQRPLTXHVVRLHQWDVVRFLpVDYHFODODQJXHORFDOHVLFHOOHFL
GRLW GpSDVVHU OH IRONORUH (Q G·DXWUHV PRWV VL O·DYHQLU OHV HPSORLV HW OH
JRXYHUQHPHQW QH SDUOHQW SDV ² DX PRLQV XQ SHX ² OD ODQJXH ORFDOH
SRXUTXRL V·HQ LQTXLpWHU" ,O \ D DLQVL HQFRUH GH PXOWLSOHV REVWDFOHV j OD
IRLV MXULGLTXHV HW LGpRORJLTXHV j OD PLVH HQ ±XYUHGH O·HQVHLJQHPHQWHQ
ODQJXHORFDOH
(W SRXUWDQW LO HVW YUDL TXH GH SOXV HQ SOXV GH SD\V UDWLILHQW j OD IRLV OD
&KDUWHHXURSpHQQHGHVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVHWOD&RQYHQWLRQFDGUHSRXUOD
SURWHFWLRQGHVPLQRULWpVQDWLRQDOHVHWDFFHSWHQWGHPHWWUHHQ±XYUHXQHIRUPH
UpDOLVWH HW DGDSWpH GH SOXULOLQJXLVPH VLJQH GH UHVSHFW GH QRWUH GLYHUVLWp
KXPDLQH ,O \ D HQ ILQ GH FRPSWH XQH SURJUHVVLRQ UpHOOH HW QHWWH GDQV OD
SHUFHSWLRQHWOHFRPSRUWHPHQWHQPDWLqUHGHODQJXHVTXLDXJXUHELHQ²RX
SHXWrWUHIDXGUDLWLOGLUHDXJXUHPLHX[²SRXUO·DYHQLU
,O IDXW WRXW GH PrPH DYRXHU TXH SOXVLHXUV JRXYHUQHPHQWV QH VHPEOHQW
SOXV FRQYDLQFXV GX ELHQIRQGp RX GH OD QpFHVVLWp GH UHVSHFWHU OHV
SULQFLSHVTX·LOVDYDLHQWHX[PrPHVSURQRQFpVLO\DTXHOTXHVDQQpHVORUV
GH OD UDWLILFDWLRQ GH FHV WUDLWpV V·H[SULPDQW IDYRUDEOHPHQW j
O·HQVHLJQHPHQW HQ ODQJXH ORFDOH FHUWDLQV FKHUFKHUDLHQW PrPH XQH YRLH
GH VRUWLH DILQ G·pFDUWHU WRXWH REOLJDWLRQ G·RIIULU XQ HQVHLJQHPHQW HQ
ODQJXH ORFDOH PrPH SOXW{W UHVWUHLQW SRXU OHV PRWLIV LGpRORJLTXHV TXH
QRXVYHQRQVGHGpFULUH
7RXWFHFLDSSHOOHjODYLJLODQFHHWLOIDXWUDSSHOHUDX[pOXVOHXUVREOLJDWLRQV
OpJDOHVpPDQDQWGHVWUDLWpVHQPDWLqUHGHGURLWVOLQJXLVWLTXHVHWGHVGURLWV
GH O·KRPPH TXL VRQW VRXYHQW G·XQH LPSRUWDQFH SULPRUGLDOH SRXU OD
VWDELOLWp WDQW HQ (XURSH TXH GDQV G·DXWUHV SDUWLHV GX JOREH /HV YDOHXUV
TXHFHVGURLWVUHSUpVHQWHQWVXJJqUHQWTXHGDQVODPHVXUHGXSRVVLEOHLO
IDXW DFFHSWHU HW DFFRPPRGHU OHV GLIIpUHQFHV KXPDLQHV \ FRPSULV FHOOHV
HQPDWLqUHG·HQVHLJQHPHQWHQODQJXHORFDOH,OIDXWUHVSHFWHUO·rWUHKXPDLQ
GDQVVDGLIIpUHQFHHWVDGLJQLWp
)HUQDQGGH9DUHQQHV
5pIpUHQFHV
$/,'28 +DVVDQD HW DO 2SWLPL]LQJ /HDUQLQJ DQG (GXFDWLRQ LQ $IULFD 7KH /DQJXDJH
)DFWRU $ 6WRFNWDNLQJ 5HVHDUFK RQ 0RWKHU 7RQJXH DQG %LOLQJXDO (GXFDWLRQ LQ 6XE6DKDUDQ
$IULFD3DULV$VVRFLDWLRQIRUWKH'HYHORSPHQWRI(GXFDWLRQLQ$IULFD $'($
'(
9$5(11(6 )HUQDQG ©/H U{OH GX GURLW LQWHUQDWLRQDO HQ PDWLqUH
G·DPpQDJHPHQW OLQJXLVWLTXH OD ILQ GH O·pSRTXH GH OD VRXYHUDLQHWp DEVROXH"ª
7pOHVFRSH 0RQWUpDO YROSS
'( 9$5(11(6 )HUQDQG ©/HV GURLWV OLQJXLVWLTXHV HQ GURLW LQWHUQDWLRQDO XQH
SURWHFWLRQPpFRQQXHª5HYXHGHOD&RPPRQODZHQIUDQoDLV 0RQFWRQ YROSS
'(
9$5(11(6 )HUQDQG ©,QWHUQDWLRQDO /DZ DQG (GXFDWLRQ LQ D 0LQRULW\
/DQJXDJHª LQ +251%(5*(5 1DQF\ HW 6WHSKHQ 0$< pGV /DQJXDJH 3ROLF\ DQG
3ROLWLFDO ,VVXHV LQ (GXFDWLRQ (QF\FORSHGLD RI /DQJXDJH DQG (GXFDWLRQ %RVWRQ/D +D\H
.OXZHU,QWHUQDWLRQDOSS
6.871$%%.$1*$67RYH/LQJXLVWLF*HQRFLGHLQ(GXFDWLRQRU:RUOGZLGH'LYHUVLW\DQG
+XPDQ5LJKWV"1HZ-HUVH\HW/RQGUHV/DZUHQFH(UOEDXP$VVRFLDWHV
6.871$%%.$1*$6 7RYH %LOLQJXDOLVP RU 1RW 7KH (GXFDWLRQ RI 0LQRULWLHV
&OHYHGRQ0XOWLOLQJXDO0DWWHUV
6.871$%%.$1*$6 7RYH HW3+,//,3621 5REHUW pGV /LQJXLVWLF +XPDQ 5LJKWV
2YHUFRPLQJ/LQJXLVWLF'LVFULPLQDWLRQ%HUOLQ0RXWRQGH*UX\WHU
:,/621 'XQFDQ 0LQRULW\ 5LJKWV LQ (GXFDWLRQ /HVVRQV IRU WKH (XURSHDQ 8QLRQ IURP
(VWRQLD /DWYLD 5RPDQLD DQG WKH IRUPHU <XJRVODY 5HSXEOLF RI 0DFHGRQLD /XQG 5DRXO
:DOOHQEHUJ,QVWLWXWH
5HJLRQDORUPLQRULW\ODQJXDJHVLQVFKRROHGXFDWLRQ
VHHQWKURXJKWKHSULVPRIWKH(XURSHDQ&KDUWHU
$OH[H\.R]KHP\DNRY
+HDGRIWKH6HFUHWDULDWRIWKH(XURSHDQ&KDUWHU
IRU5HJLRQDORU0LQRULW\/DQJXDJHV&RXQFLORI(XURSH
(GXFDWLRQLVUHFRJQLVHGDVFHQWUDOWRWKHPDLQWHQDQFHDQGSURPRWLRQRIUHJLRQDORUPLQRULW\ODQJXDJHV
DQG UHFHLYHV VSHFLDO DWWHQWLRQ XQGHU ERWK 3DUWV RI WKH (XURSHDQ &KDUWHU IRU 5HJLRQDO RU 0LQRULW\
/DQJXDJHV
/·HGXFD]LRQHqULFRQRVFLXWDFRPHFHQWUDOHQHOODSURPR]LRQHGHOOHOLQJXHUHJLRQDOLRPLQRULWDULHHULFHYH
XQ·DWWHQ]LRQHSDUWLFRODUHLQHQWUDPEHOH3DUWLGHOOD&DUWDHXURSHDGHOOHOLQJXHUHJLRQDOLRPLQRULWDULH
,ZRXOGOLNHWRWKDQNWKHRUJDQLVHUVDQGHVSHFLDOO\*LRYDQQL$JUHVWLIRU
JLYLQJ PH WKH RSSRUWXQLW\ WR WDNH SDUW LQ WKLV FRQIHUHQFH DQG WR VSHDN
DERXWWKH(XURSHDQ&KDUWHUIRU5HJLRQDORU0LQRULW\/DQJXDJHVDQGLWV
LPSDFW LQ WKH FRQWH[W RI WKH WHDFKLQJ RI ORFDO ODQJXDJHV LQVWLWXWLRQV
PHWKRGVLGHRORJLHV,EHOLHYHWKH&RXQFLORI(XURSH·VZRUNRQUHJLRQDO
RUPLQRULW\ODQJXDJHOHDUQLQJLVHVVHQWLDOIRUSURWHFWLRQDQGSURPRWLRQRI
WKHVHODQJXDJHVEHFDXVHDVZHDOONQRZLIDODQJXDJHLVQRWWUDQVPLWWHGWR
WKHQH[WJHQHUDWLRQLWVH[WLQFWLRQPD\RQO\EHDPDWWHURI\HDUV
%DFNJURXQGLQIRUPDWLRQRQWKH&KDUWHUV\VWHP
7KH (XURSHDQ &KDUWHU IRU 5HJLRQDO RU 0LQRULW\ /DQJXDJHV FDPH LQWR
IRUFH LQ ,W LV D XQLTXH OHJDO LQVWUXPHQW WKH RQO\ RQH ZRUOG ZLGH
VSHFLILFDOO\ GHYRWHG WR WKH SURWHFWLRQ DQG SURPRWLRQ RI WKH YDULRXV
PLQRULW\ ODQJXDJHV VSRNHQ LQ WKH GLIIHUHQW FRXQWULHV RI (XURSH
PHPEHU6WDWHVRIWKH&RXQFLORI(XURSHKDYHVLJQHGWKH&KDUWHUVRIDU
RXWRIZKLFKKDYHUDWLILHGLW 7KHILJXUHVIRUWKH(8PHPEHU6WDWHV
DUH VLJQDWXUHV DQG UDWLILFDWLRQV 7KHUH DUH UHJUHWWDEO\ (8
PHPEHU 6WDWHV WKDW KDYH QHLWKHU VLJQHG QRU UDWLILHG WKH &KDUWHU IRU D
YDULHW\RIUHDVRQV7KHLPSRUWDQFHRIWKH&KDUWHULQWKHILHOGRIUHJLRQDO
RU PLQRULW\ ODQJXDJH SURWHFWLRQ KDV QHYHUWKHOHVV RIWHQ EHHQ UHFRJQLVHG
$UPHQLD$XVWULD&URDWLD&\SUXV&]HFK5HSXEOLF'HQPDUN)LQODQG*HUPDQ\
+XQJDU\ /LHFKWHQVWHLQ /X[HPERXUJ 0RQWHQHJUR 1HWKHUODQGV 1RUZD\ 3RODQG
5RPDQLD6HUELD6ORYDNLD6ORYHQLD6SDLQ6ZHGHQ6ZLW]HUODQG8NUDLQHDQGWKH8QLWHG
.LQJGRP%RVQLDDQG+HU]HJRYLQDMRLQHGWKH&KDUWHUDVWKHWKPHPEHULQ
$OH[H\.R]KHP\DNRY
E\ WKH (XURSHDQ 3DUOLDPHQW ZKLFK LQ VHYHUDO UHSRUWV UHIHUUHG WR WKH
&KDUWHU DV D NH\ LQVWUXPHQW DQG D ©OHJDO IUDPH RI UHIHUHQFH LQ WKLV
VSKHUHª&RPPLVVLRQHU2UEDQDOVRTXRWHGWKH&KDUWHUDVWKHLQVWUXPHQW
WKDW PHPEHU 6WDWHV VKRXOG XVH ©LQ RUGHU WR JXDUDQWHH WKH ULJKWV RI WKH
SHUVRQVEHORQJLQJWRQDWLRQDOPLQRULWLHVª
8QOLNH DQRWKHU &RXQFLO RI (XURSH FRQYHQWLRQ WKH )UDPHZRUN
&RQYHQWLRQ IRU WKH 3URWHFWLRQ RI 1DWLRQDO 0LQRULWLHV WKH &KDUWHU
IRFXVHV QRW RQ PLQRULW\ JURXSV EXW RQ WKH SURWHFWLRQ RI PLQRULW\
ODQJXDJHVWKHPVHOYHV
7KH&KDUWHUKDGWREHGHVLJQHGWRFRYHUDPXOWLSOLFLW\RIDFWXDOODQJXDJH
VLWXDWLRQV LQ (XURSH +RZ GRHV LW GR WKLV" ,WV GUDIWHUV DGRSWHG D OHJDO
WHFKQLTXHZKHUHE\6WDWHVKDYHSRVLWLYHREOLJDWLRQVRIWZRGLIIHUHQWVRUWV
HDFK FRUUHVSRQGLQJ WR D VSHFLILF RSHUDWLYH SDUW RI WKH &KDUWHU 3DUWV ,,
DQG ,,, UHVSHFWLYHO\ 3DUW ,, DSSOLHV H[ RIILFLR WR DOO UHJLRQDO RU PLQRULW\
ODQJXDJHV VSRNHQZLWKLQ WKH 6WDWHDQGOD\VGRZQWKHDLPVDQGSULQFLSOHV
ZKLFKDUHWREHWKH6WDWHV·ORQJWHUPSROLF\WDUJHWV3DUW,,,RIWKH&KDUWHU
SURYLGHVDPHQXRIVSHFLILFXQGHUWDNLQJVZKLFKUHTXLUHWKH6WDWHWRDGRSW
FRQFUHWHPHDVXUHVIRUWKHSURWHFWLRQDQGSURPRWLRQRIUHJLRQDORUPLQRULW\
ODQJXDJHV LQ VHYHQ DUHDV RI SXEOLF OLIH HGXFDWLRQ MXVWLFH DGPLQLVWUDWLRQ
PHGLDFXOWXUHHFRQRPLFDQGVRFLDOOLIHWUDQVIURQWLHUH[FKDQJHV
(GXFDWLRQ ZKLFK ZDV UHFRJQLVHG DV FHQWUDO WR WKH PDLQWHQDQFH DQG
SURPRWLRQ RI UHJLRQDO RU PLQRULW\ ODQJXDJHV UHFHLYHV VSHFLDO DWWHQWLRQ
XQGHUERWK3DUWV
7KH SURWHFWLRQ V\VWHP VHW XS E\ WKH &KDUWHU LV EDVHG RQ D PRQLWRULQJ
PHFKDQLVP $Q LQGHSHQGHQW &RPPLWWHH RI ([SHUWV LV HQWUXVWHG ZLWK
PRQLWRULQJ KRZ WKH &KDUWHU LV LPSOHPHQWHG LQ HDFK 6WDWH 3DUW\
0RQLWRULQJ WDNHV SODFH LQ WKUHH\HDUO\ F\FOHV DQG LQYROYHV SHULRGLFDO
UHSRUWV E\ HDFK 6WDWH RQ LWV LPSOHPHQWDWLRQ RI WKH LQGLYLGXDO &KDUWHU
XQGHUWDNLQJV 7KH &RPPLWWHH RI ([SHUWV DGRSWV HYDOXDWLRQ UHSRUWV RQ
WKHVH FRXQWULHV LQFOXGLQJ D QXPEHU RI REVHUYDWLRQV WR WKH 6WDWH
(XURSHDQ 3DUOLDPHQW UHVROXWLRQ ZLWK UHFRPPHQGDWLRQV WR WKH &RPPLVVLRQ RQ
(XURSHDQUHJLRQDODQGOHVVHUXVHGODQJXDJHV²WKHODQJXDJHVRIWKHPLQRULWLHVLQWKH(8
²LQWKHFRQWH[WRIHQODUJHPHQWDQGFXOWXUDOGLYHUVLW\ ,1, UHSRUWRI0LFKO
(EQHU
+HDULQJRIWKH(XURSHDQ3DUOLDPHQW1RYHPEHU
5HJLRQDORUPLQRULW\ODQJXDJHVLQVFKRROHGXFDWLRQ
DXWKRULWLHV RQ KRZ WR LPSURYH WKLQJV 7KH HYDOXDWLRQ UHSRUW LV WKHQ
VXEPLWWHG WR WKH &RPPLWWHH RI 0LQLVWHUV RI WKH &RXQFLO RI (XURSH
ZKLFKDGGUHVVHVDQXPEHURIUHFRPPHQGDWLRQVWRWKH6WDWHFRQFHUQHG
&KDUWHUSURYLVLRQVLQWKHILHOGRIHGXFDWLRQDQGWKHLULPSOLFDWLRQV
7KH &KDUWHU KDV VHYHUDO SURYLVLRQV ZLWK UHJDUG WR HGXFDWLRQ ERWK XQGHU
SDUW,, DOO50/VRIWKHFRXQWU\ DQGSDUW,,, VHOHFWHG50/VE\WKHVWDWH
3DUW,,
$OWKRXJKWKHSURYLVLRQVRI3DUW,, $UWLFOH DUHLQVRPHFDVHVGUDIWHGLQD
UDWKHUJHQHUDOPDQQHUWKH\QHYHUWKHOHVVFRQWDLQOHJDOO\ELQGLQJREOLJDWLRQV
DQGQRWMXVWUHFRPPHQGDWLRQV
$UJXDEO\WKHPRVWLPSRUWDQWUHTXLUHPHQWUHJDUGLQJHGXFDWLRQXQGHU3DUW,,
LV©WKHSURYLVLRQRIDSSURSULDWHIRUPVDQGPHDQVIRUWKHWHDFKLQJDQGVWXG\
RI UHJLRQDO RU PLQRULW\ ODQJXDJHV DW DOO DSSURSULDWH VWDJHVª 7KLV FODXVH
SURYLGHV D PLQLPXP VWDQGDUG IRU DOO UHJLRQDO RU PLQRULW\ ODQJXDJHV
'HSHQGLQJ RQ WKH VLWXDWLRQ RI HDFK ODQJXDJH WKLV SURYLVLRQ FRYHUV ERWK
WHDFKLQJ RI WKH ODQJXDJH DQG WHDFKLQJ WKURXJK WKH PHGLXP RI WKH ODQJXDJH
7KH &RPPLWWHH RI ([SHUWV· SUDFWLFH KDV EHHQ WR LQWHUSUHW WKH H[SUHVVLRQ
©DSSURSULDWHIRUPVDQGPHDQVªLQDWHOHRORJLFDOZD\LQDFFRUGDQFHZLWKWKH
VSLULWRIWKH&KDUWHUWKHNH\FULWHULRQLVZKHWKHUWKHWHDFKLQJLQTXHVWLRQLV
GHVLJQHGWRHQVXUHWKHWUDQVPLVVLRQRIDUHJLRQDORUPLQRULW\ODQJXDJHDVD
OLYLQJODQJXDJHDQGWRDOORZFKLOGUHQWRKDYHDVXIILFLHQWFRPPDQGRILW$
VXSHUILFLDOLQWURGXFWLRQZRXOGQRWPHHWWKHUHTXLUHPHQWVRIWKLVSURYLVLRQ
$QRWKHU LPSRUWDQW SURYLVLRQ LV ©WKH SURPRWLRQ RI VWXG\ DQG UHVHDUFK RQ
UHJLRQDO RU PLQRULW\ ODQJXDJHV DW XQLYHUVLWLHV RU HTXLYDOHQW LQVWLWXWLRQVª
7KLVLVDNH\DUHDZKLFKKDVDGLUHFWHIIHFWRQWKHWUDLQLQJRIWHDFKHUVEXW
DOVR IRU H[DPSOH RQ WKH FRGLILFDWLRQ RI ODQJXDJHV ZKLFK ODFN D ZULWWHQ
VWDQGDUG VXFK DV 0HlQNLHOL LQ 6ZHGHQ RU PDQ\ 5RPDQL GLDOHFWV 7KH
&RPPLWWHH RI ([SHUWV KDV RIWHQ KDG WR VWUHVV WKH LPSRUWDQFH RI KLJKHU
HGXFDWLRQ SURPRWLRQ *HUPDQ\ 6ZHGHQ DV UDWLRQDOLVDWLRQ SURJUDPPHV
IRU XQLYHUVLWLHV UHJUHWWDEO\ WHQG WR DIIHFW UHJLRQDO RU PLQRULW\ ODQJXDJHV
GLVSURSRUWLRQDWHO\ JLYHQ WKDW WKH QXPEHUV RI PLQRULW\ODQJXDJHVSHDNLQJ
VWXGHQWVDUHE\GHILQLWLRQVPDOO
$OH[H\.R]KHP\DNRY
$SURYLVLRQZKLFKKDVUHFHLYHGLQFUHDVLQJDWWHQWLRQIURPWKH&RPPLWWHHRI
([SHUWVLQLWVUHFHQWUHSRUWVLVWKH©LQFOXVLRQRIUHVSHFWXQGHUVWDQGLQJDQG
WROHUDQFHLQUHODWLRQWRUHJLRQDORUPLQRULW\ODQJXDJHVDPRQJWKHREMHFWLYHV
RIHGXFDWLRQDQGWUDLQLQJSURYLGHGZLWKLQWKHFRXQWU\FRQFHUQHGª,WLVRI
FRXUVHQRWHQRXJKWRVLPSO\LQFOXGHWKLVLQWKHFXUULFXOXPZLWKRXWPDNLQJ
DSSURSULDWH SURYLVLRQ IRU LW LQ PDLQVWUHDP WHDFKHU WUDLQLQJ RU LQ WKH
SURGXFWLRQRIWHDFKLQJPDWHULDOV
3DUW,,,
7KH $UWLFOH GHDOLQJ VSHFLILFDOO\ ZLWK HGXFDWLRQ XQGHU 3DUW ,,, $UWLFOH
FRQWDLQVVHSDUDWHXQGHUWDNLQJVDQGSURYLGHVWKDWWKHVHDUHWREHDSSOLHG
- DFFRUGLQJWRWKHVLWXDWLRQRIWKHODQJXDJHFRQFHUQHG
- ZLWKLQWKHWHUULWRU\LQZKLFKLWLVVSRNHQ
- ZLWKRXWSUHMXGLFHWRWKHWHDFKLQJRIWKHRIILFLDOODQJXDJH
7KH &KDUWHU FRQWDLQV VHSDUDWH XQGHUWDNLQJV IRU HDFK OHYHO RI HGXFDWLRQ
SUHVFKRRO SULPDU\ VHFRQGDU\ WHFKQLFDO DQG YRFDWLRQDO HGXFDWLRQ DQG
KLJKHUHGXFDWLRQDVZHOODVDGXOWHGXFDWLRQ )RUHDFKRQHRIWKHVHOHYHOV
6WDWHV 3DUWLHV FDQ FKRRVH EHWZHHQ VHYHUDO RSWLRQV 7KHVH RSWLRQV UDQJH
IURPSURYLVLRQ IRU WKHWHDFKLQJRIDUHJLRQDORUPLQRULW\ODQJXDJHDVDQ
LQWHJUDO SDUW RI WKH FXUULFXOXP WKURXJK ELOLQJXDO HGXFDWLRQ XS WR
HGXFDWLRQ PDLQO\ WKURXJK WKH PHGLXP RI WKH UHJLRQDO RU PLQRULW\
ODQJXDJHFRQFHUQHG
:KHQHYDOXDWLQJFRPSOLDQFHZLWKWKHVHXQGHUWDNLQJVWKH&RPPLWWHHRI
([SHUWVLVIDUIURPEHLQJIRUPDOLVWLF,WWDNHVLQWRDFFRXQWDORQJOLVWRI
IDFWRUVGHSHQGLQJRQWKHVLWXDWLRQRIHDFKODQJXDJHWKHHGXFDWLRQPRGHO
XVHG DYDLODELOLW\ RI WHDFKLQJ PDWHULDOV WLPH VORWV DQG WHDFKLQJ KRXUV
FRQWLQXLW\ RI HGXFDWLRQ SURYLVLRQ WKH ELOLQJXDO DWPRVSKHUH LQ VFKRROV
LQIRUPDWLRQ PDGH DYDLODEOH WR FKLOGUHQ RU SDUHQWV FRQFHUQLQJ WKH
DYDLODELOLW\ RI PLQRULW\ ODQJXDJH HGXFDWLRQ LQFHQWLYHV JLYHQ LH E\
RUJDQLVLQJIUHHWUDQVSRUWEHWZHHQKRPHDQGVFKRRO HWF
$JDLQLQDFFRUGDQFHZLWKWKHVSLULWRIWKH&KDUWHUHGXFDWLRQVKRXOGEH
RUJDQLVHG LQ D ZD\ ZKLFK HQVXUHV WKH VXFFHVVIXO WUDQVPLVVLRQ RI D
UHJLRQDORUPLQRULW\ODQJXDJH)RUH[DPSOHHYHQWKHZHDNHVWRSWLRQLH
WHDFKLQJ RI WKH ODQJXDJH FDQQRW EH VDWLVILHG LI D ODQJXDJH LV WDXJKW RQO\
RXWVLGH QRUPDO WHDFKLQJ KRXUV $OVR ZKHQ WKHUH LV D JDS EHWZHHQ
HGXFDWLRQ OHJLVODWLRQ DQG DFWXDO LPSOHPHQWDWLRQ WKH &RPPLWWHH RI
5HJLRQDORUPLQRULW\ODQJXDJHVLQVFKRROHGXFDWLRQ
([SHUWV DGRSWV D SUDJPDWLF UHVXOWVIRFXVHG DSSURDFK 2QH H[DPSOH LV
ELOLQJXDO HGXFDWLRQ LQ %XUJHQODQG &URDWLDQ LQ $XVWULD GHVSLWH DQ
H[HPSODU\ OHJLVODWLYH IUDPHZRUN WKH &RPPLWWHH RI ([SHUWV GLG QRW
FRQFOXGH IXOILOPHQW LQ WKLV FDVH DV LQ SUDFWLFH WKH WHDFKLQJ YDULHG
VLJQLILFDQWO\EHWZHHQVFKRROVDQGDWVRPHVFKRROVZDVDVOLPLWHGDVWKUHH
KRXUVRIWHDFKLQJRIWKHODQJXDJHRQO\SHUZHHN
7KH 6WDWH FDQ DOVR FKRRVH WR PDNH WKH DYDLODELOLW\ RI VXFK HGXFDWLRQ
FRQGLWLRQDO XSRQ VXIILFLHQW GHPDQG IURP SDUHQWV RU SXSLOV :KLOH WKH
&KDUWHUGRHVQRWVHWDPLQLPXPQXPEHURISXSLOVIRUWKLVSXUSRVHWKH
6WDWHVDUHH[SHFWHGWRKDYHIOH[LEOHDQGIDYRXUDEOHUXOHVIRUHGXFDWLRQLQ
UHJLRQDO RU PLQRULW\ ODQJXDJHV )XUWKHUPRUH WKH &RPPLWWHH RI ([SHUWV
QHYHU DFFHSWV DQ DUJXPHQW E\ JRYHUQPHQWV WKDW WKHLU LQDFWLRQ LQ
SURYLGLQJUHJLRQDORUPLQRULW\ODQJXDJHHGXFDWLRQLVMXVWLILHGE\DODFNRI
DFWLYHGHPDQGWKH6WDWHKDVWKHREOLJDWLRQWRRUJDQLVHWHDFKLQJLQRURI
WKH ODQJXDJH FRQFHUQHG LQ DGYDQFH DQG RIIHU LW WR SDUHQWV DV D YLDEOH
RSWLRQ 7KH UHVXOWV RI RXU PRQLWRULQJ PHFKDQLVP VKRZ FOHDUO\ WKDW
PLQRULW\ODQJXDJHHGXFDWLRQLVDQDUHDZKHUHVXSSO\FRQGLWLRQVGHPDQG
$QRWKHU XQGHUWDNLQJ FRQFHUQV WKH WHDFKLQJ RI WKH KLVWRU\ DQG FXOWXUH
UHIOHFWHG E\ WKH UHJLRQDO RU PLQRULW\ ODQJXDJHV WR UHJLRQDO RU PLQRULW\
ODQJXDJHVSHDNHUVDVZHOODVWKHPDMRULW\SRSXODWLRQ
7KLVOLVWLVFRPSOHWHGE\WZRIXUWKHUXQGHUWDNLQJVZKLFKDUHFUXFLDOIRU
WKHLPSOHPHQWDWLRQRIWKHUHPDLQLQJSURYLVLRQV7KHVHDUH
• EDVLFDQGIXUWKHUWUDLQLQJRIWHDFKHUV
• WKHVHWWLQJXSRILQGHSHQGHQWVXSHUYLVRU\ERGLHVWRPRQLWRUDQG
UHSRUW RQ WKH PHDVXUHV WDNHQ DQG SURJUHVV DFKLHYHG LQ WKH
SURYLVLRQRIUHJLRQDORUPLQRULW\ODQJXDJHHGXFDWLRQ
)LQDOO\6WDWHVFDQDOVRXQGHUWDNHWRSURYLGHUHJLRQDORUPLQRULW\ODQJXDJH
HGXFDWLRQ RXWVLGH WKH WUDGLWLRQDO WHUULWRULHV ZKHUH WKH QXPEHU RI
VSHDNHUV MXVWLILHV WKLV 7KLV LV RIWHQ WKH FDVH LQFDSLWDO FLWLHV RU LQ RWKHU
ELJFLWLHVRXWVLGHWKHWUDGLWLRQDOWHUULWRULHVZKHUHWKHUHLVDFRQFHQWUDWLRQ
RIVSHDNHUVGXHWRLQWHUQDOPLJUDWLRQ
$OH[H\.R]KHP\DNRY
*HQHUDO ILQGLQJV RI WKH &KDUWHU V\VWHP DQG LWV FRQWULEXWLRQ WR
UHJLRQDORUPLQRULW\ODQJXDJHHGXFDWLRQ
:HFDQVDIHO\VD\WKDWWKHPRQLWRULQJFDUULHGRXWE\WKH&RPPLWWHHRI
([SHUWV KDV SXW IOHVK RQ WKH ERQHV RI WKH LQWHUQDWLRQDO REOLJDWLRQV
FRQWDLQHGLQWKH&KDUWHU,ZRXOGOLNHQRZWRVKDUHZLWK\RXDQXPEHU
RI JHQHUDO REVHUYDWLRQV FRQFHUQLQJ UHJLRQDO RU PLQRULW\ ODQJXDJHV LQ
HGXFDWLRQV\VWHPV
'LYHUVLW\RIHGXFDWLRQDOPRGHOV
)LUVW RI DOO WKH PRQLWRULQJ PHFKDQLVP GHPRQVWUDWHV WKDW WKHUH LV QR
VLQJOHYDOLGDSSURDFKWRUHJLRQDORUPLQRULW\ODQJXDJHHGXFDWLRQ7KHUH
DUH SUDFWLFDOO\ DV PDQ\ PRGHOV DV WKHUH DUH FRXQWULHV (YHQ ZLWKLQ
LQGLYLGXDOFRXQWULHVWKHUHPD\EHJUHDWGLYHUVLW\)RUH[DPSOHSURYLVLRQ
IRU UHJLRQDO RU PLQRULW\ ODQJXDJHV FDQ EH PDGH ZLWKLQ WKH SXEOLF
HGXFDWLRQ V\VWHP RU WKURXJK SULYDWH VFKRROV RUDFRPELQDWLRQ RI ERWK
7KXV LQ *HUPDQ\ 6RUELDQ LV FDWHUHG IRU LQ 6WDWH VFKRROV ZKHUHDV WKH
'DQLVKVSHDNHUV UXQ WKHLU RZQ SULYDWH VFKRROV ZLWK 6WDWH VXEVLGLHV $V
UHJDUGVELOLQJXDOHGXFDWLRQWKHQXPEHURIVXEMHFWVKRXUVWDXJKWWKURXJK
WKHPHGLXPRIWKHUHJLRQDORUPLQRULW\ODQJXDJHYDULHVZLGHO\,QVRPH
SODFHV VXFK DV FHUWDLQ DXWRQRPRXV FRPPXQLWLHV LQ 6SDLQ GLIIHUHQW
PRGHOV RI HGXFDWLRQ UDQJLQJ IURP IXOO LPPHUVLRQ WR VLPSOH WHDFKLQJ RI
UHJLRQDO RU PLQRULW\ ODQJXDJHV DV D VXEMHFW FRH[LVW DQG DUH RIIHUHG DV
DOWHUQDWLYHV
7KLVLVQRWWRVD\WKDWWKH6WDWHVKDYHIXOOGLVFUHWLRQUHJDUGLQJWKHZD\LQ
ZKLFK WKH\ FRPSO\ ZLWK WKHLU &KDUWHU XQGHUWDNLQJV EXW WKDW WKH
&RPPLWWHH RI ([SHUWV LQ HYDOXDWLQJ LPSOHPHQWDWLRQ WDNHV IXOO DFFRXQW
RIWKHREMHFWLYHVLWXDWLRQRIHDFKODQJXDJH
1DWXUHRI&KDUWHUREOLJDWLRQV
7KLV EULQJV PH WR P\ VHFRQG SRLQW ZKLOH XQGHUWDNLQJV HQWHUHG LQWR
XQGHU WKH &KDUWHU DUH OHJDO FRPPLWPHQWV JLYHQ WKH REMHFWLYH DQG WKH
VSLULWRIWKH&KDUWHUWKH\DUHREOLJDWLRQVWRDFKLHYHFHUWDLQUHVXOWVZLWKD
YLHZ WR PDLQWDLQLQJ UHJLRQDO RU PLQRULW\ ODQJXDJHV &RQVHTXHQWO\ WKH
DSSUDLVDORIWKHIXOILOPHQWRIWKHVHFRPPLWPHQWVLQYROYHVQRWRQO\OHJDO
DVSHFWVEXWDOVRDWWHQWLRQWRSUDFWLFDOUHVXOWV
5HJLRQDORUPLQRULW\ODQJXDJHVLQVFKRROHGXFDWLRQ
7KLV PHDQV WKDW 6WDWHV FDQQRW FRQWHQW WKHPVHOYHV ZLWK FRPSO\LQJ ZLWK
WKHLUXQGHUWDNLQJVIURPDSXUHO\IRUPDOOHJDOLVWLFSRLQWRIYLHZ$JRRG
HGXFDWLRQ ODZ SURYLGLQJ IRU WHDFKLQJ LQ RU RI UHJLRQDO RU PLQRULW\
ODQJXDJHVLVDJRRGVWDUWEXWLWLVQRWHQRXJK7KH&KDUWHUXQGHUWDNLQJV
VKRXOGEHFRQVWUXHGZLWKLQWKHIUDPHZRUNRIDVWUXFWXUHGRYHUDOOSROLF\
DQGDJDLQVWWKHEDFNGURSRIORQJWHUPJRDOVIRUODQJXDJHSURWHFWLRQDQG
SURPRWLRQDOVRLQWHUPVRIILQDQFHVWDIIDQGWHDFKLQJPDWHULDOV
7KH TXHVWLRQ RI WKH DYDLODELOLW\ RI WHDFKHUV UHYHDOV KRZ WKH &KDUWHU
XQGHUWDNLQJVLQWKHILHOGRIHGXFDWLRQDVDZKROHDUHLQWHUUHODWHG7HDFKHU
VKRUWDJH LV D SUREOHP WKDW OLPLWV WKH DYDLODELOLW\ RI UHJLRQDO RU PLQRULW\
ODQJXDJH HGXFDWLRQ LQ PDQ\ FRXQWULHV :H KDYH REVHUYHG WKDW WKH
DYDLODELOLW\ RI WHDFKHUV LV FRQGLWLRQHG E\ WKH FRQWLQXLW\ RI UHJLRQDO RU
PLQRULW\ ODQJXDJH HGXFDWLRQ DW DOO VWDJHV DQG QRWDEO\ DW WKH VHFRQGDU\
OHYHO$G\VIXQFWLRQDWDQ\VWDJHRIHGXFDWLRQUHVXOWVLQDYLFLRXVFLUFOHDV
WKH HGXFDWLRQ V\VWHP SURGXFHV IHZHU WHDFKHUV 7KLV SUREOHP WKHUHIRUH
KDVWREHWDFNOHGVLPXOWDQHRXVO\DWDOOOHYHOV$OVRLQPDQ\FDVHVZKHUH
WKH UHJLRQDO RU PLQRULW\ ODQJXDJHV DUH SDUWLFXODUO\ WKUHDWHQHG LW LV
HVVHQWLDO WKDW IDFLOLWLHV IRU WHDFKHU WUDLQLQJ EH FRPELQHG ZLWK LQFHQWLYHV
IRU\RXQJSHUVRQVWREHFRPHWHDFKHUV
/LQNEHWZHHQHGXFDWLRQDQGRWKHUVHFWRUVRISXEOLFOLIH
7KLUGO\ DV WKH ILUVW VHFWRU GHDOW ZLWK XQGHU 3DUW ,,, RI WKH &KDUWHU
HGXFDWLRQ LV WKH IRXQGDWLRQ RQ ZKLFK XQGHUWDNLQJV LQ RWKHU ILHOGV UHVW
)XUWKHUPRUH OHDUQLQJ RI UHJLRQDO RU PLQRULW\ ODQJXDJHV VKRXOG QRW EH
VHHQDVFRQILQHGRQO\WRWKHHDUO\\HDUVRIDSHUVRQ·VOLIH7KLVLVWKHPDLQ
UHDVRQIRUWKHHPSKDVLVRQDGXOWHGXFDWLRQLQWKH&KDUWHU
7KH&RPPLWWHHRI([SHUWVKDVDOVRFRQVLVWHQWO\VWUHVVHGWKHLPSRUWDQFH
RI ELOLQJXDO KXPDQ UHVRXUFHV SROLFLHV ZLWK D YLHZ WR LPSOHPHQWLQJ
&KDUWHU REOLJDWLRQV LQ SDUWLFXODU LQ UHODWLRQV ZLWK MXGLFLDO DQG
DGPLQLVWUDWLYH DXWKRULWLHV DQG VRFLDO FDUH VHUYLFHV &LYLO VHUYDQWV KHDOWK
FDUH ZRUNHUV HWF VKRXOG KDYH RSSRUWXQLWLHV DQG LQFHQWLYHV WR LPSURYH
WKHLUVNLOOVLQUHJLRQDORUPLQRULW\ODQJXDJHVRULQGHHGOHDUQWKHPDWDQ\
VWDJHRIWKHLUFDUHHU,EHOLHYHWKLVLVDFUXFLDODUHDLQZKLFKWKHFRQFHSW
RI´OLIHORQJOHDUQLQJµFDQPDNHDQLPSRUWDQWFRQWULEXWLRQ
$KHDOWK\HGXFDWLRQV\VWHPPDNLQJDSSURSULDWHSURYLVLRQIRUUHJLRQDORU
PLQRULW\ODQJXDJHVSURGXFHVLQGLYLGXDOVFDSDEOHRIXVLQJWKHVHODQJXDJHV
$OH[H\.R]KHP\DNRY
LQ RWKHU DUHDV RI SXEOLF OLIH ² MRXUQDOLVWV GRFWRUV ODZ\HUV SXEOLF
RIILFLDOV«7KLVLVHVVHQWLDOIRUODQJXDJHPDLQWHQDQFH
5HJLRQDO RU PLQRULW\ ODQJXDJH HGXFDWLRQ VHHQ WKURXJK WKH
SULVPRIWKH&KDUWHU²DFRPSOHWHSLFWXUH
7KLVEULQJVPHWRP\ILQDOSRLQWWKDWHGXFDWLRQVKRXOGEHVHHQDVDSDUW
RIUHJLRQDORUPLQRULW\ODQJXDJHPDLQWHQDQFHDQGSURPRWLRQDVDZKROH
)RU H[DPSOH ZKHQ UHJLRQDO RU PLQRULW\ ODQJXDJHV DUH DFWLYHO\ XVHG LQ
SURIHVVLRQDOOLIHDQGFRQVWLWXWHDQDVVHWWKHUHLVDFOHDULQFHQWLYHWROHDUQ
DQG VWXG\ WKHP 7KHLU XVH LQ WKH PHGLD LQFUHDVHV WKHLU SUHVWLJH DQG WKH
LQWHUHVWLQWKHP&RQYHUVHO\WKHFORVLQJGRZQRIDELOLQJXDOVFKRROLQD
VPDOO WRZQ RU YLOODJH LV RIWHQ QRW RQO\ D EORZ WR PLQRULW\ ODQJXDJH
HGXFDWLRQ ² LW DOVR UHPRYHV WKH ODVW SXEOLF LQVWLWXWLRQ ZKHUH D PLQRULW\
ODQJXDJHZDVXVHG
7KH KROLVWLF DSSURDFK RI WKH &KDUWHU V\VWHP SUHFLVHO\ WDNHV DFFRXQW RI
WKLV DQG DOORZV WKH &RPPLWWHH RI ([SHUWV WR LGHQWLI\ PRUH JHQHUDO
VWUXFWXUDO SUREOHPV LQ UHJLRQDO RU PLQRULW\ ODQJXDJH SURWHFWLRQ ZKLFK
DOVRKDYHUHSHUFXVVLRQVRQHGXFDWLRQ
6RZKDWLVFRQFUHWHO\WKHDGGHGYDOXHRIWKH&KDUWHU",WVPRVWREYLRXV
UROH LV WR HQVXUH WKDW UHJLRQDO RU PLQRULW\ ODQJXDJHV UHFHLYH WKH XUJHQW
DWWHQWLRQ DQG SULRULW\ WKH\ GHVHUYH DW WKH (XURSHDQ DQG QDWLRQDO OHYHOV
DQGHVSHFLDOO\LQWKHILHOGRIHGXFDWLRQ
7RFORVHP\SUHVHQWDWLRQ,ZRXOGOLNHVLPSO\WRUHSURGXFHWKHVXPPLQJ
XSRI-DUPR/DLQLRWKH6ZHGLVKH[SHUWLQWKH&RPPLWWHHRI([SHUWVRI
WKH&KDUWHUZKRPDGHDFRPSUHKHQVLYHUHSRUWRQWKLVLVVXHLQ
LWVKRXOGLQWKHHQGQRWEHDVXUSULVHWKDWDWOHDVWWKHIROORZLQJPDWWHUVVKRXOGEH
FRQVLGHUHGIRUDPRUHVXFFHVVIXOSURWHFWLRQDQGSURPRWLRQRIWKH0LQODQJXDJHV
DFFRUGLQJ WR WKH VSLULW RI WKH &KDUWHU DQG WDNLQJ LQWR DFFRXQW WKH HGXFDWLRQDO
DVSHFWV
²HGXFDWLRQLVFHQWUDOEXWLWGRHVQRWIXQFWLRQLQLVRODWLRQ
² LQYROYHPHQW DQG YLVLELOLW\ RI NH\ DFWRUV LV LPSRUWDQW IRU ERWK WKH VWDWXV DQG
SUHVWLJH RI WKH PLQRULW\ ODQJXDJHV ERWK DV PRGHOV IRU WKH PLQRULW\
UHSUHVHQWDWLYHVDQGDVUHDOLVWLFFRRSHUDWRUVIRUWKHPDMRULW\JURXSHJWHDFKHUV
MRXUQDOLVWVFXOWXUDOZRUNHUVDGPLQLVWUDWRUVSROLWLFLDQVHWF
5HJLRQDORUPLQRULW\ODQJXDJHVLQVFKRROHGXFDWLRQ
²LQIRUPDWLRQLQWKURXJKWKHPHGLDLQPRUHQHXWUDOZD\VLVLPSRUWDQWLQRUGHU
WR´QRUPDOL]HµWKHSUHVHQFHRIWKHPLQRULW\JURXSVDQGODQJXDJHVLQDQ\JLYHQ
VRFLHW\
² HIIRUWV VKRXOG EH PDGH WR FUHDWH OD\HUV RI NQRZOHGJHDEOH UHSUHVHQWDWLYHV
DPRQJWKHPDMRULW\JURXSUHJDUGLQJWKHODQJXDJHDQGLWVFXOWXUDOEDFNJURXQGLQ
RUGHUWRHVWDEOLVKDQHPSDWKHWLFVXSSRUWIRUWKHODQJXDJHELOLQJXDORULPPHUVLRQ
SURJUDPPHVUHSUHVHQWRQHPHWKRGLQWKHORQJUXQ
²LQRUGHUIRUWKHRXWFRPHWREHJRRGLWGRHVFRVWIRUWKH PDMRULW\VRFLHW\DV
ZHOO ² DW OHDVW LQLWLDOO\ ² EXW LW SD\V EDFN IRU PRVW JURXSV LQ VDYHG ORQJWHUP
FRVWV
²WKHSRVVLELOLW\WRKDYHHDUO\FRQWLQXRXVH[WHQVLYHGHPDQGLQJDQGSURORQJHG
FRQWDFWZLWKWKHODQJXDJHVSURPRWHVELOLQJXDOLVPDQGWKXVELFXOWXUDOLVP
²LQVWUXFWLRQLQUDWKHUWKDQRQWKHODQJXDJHJLYHVEHWWHUUHVXOWVLQWKHHQGERWK
IRUODQJXDJHDQGFRQWHQWGHYHORSPHQWLQWKHVFKRROVHWWLQJDQG
²SURDFWLYLW\LVDNH\FRQFHSWDQGWKLVSURFHVVVKRXOGLQYROYHUHSUHVHQWDWLYHVRI
ERWKPDMRULW\DQGPLQRULW\JURXSV
,WKDQN\RXIRU\RXUDWWHQWLRQDQGORRNIRUZDUGWRIUXLWIXOGHEDWHVLQWKH
FRPLQJGD\V
/HVODQJXHVUpJLRQDOHVRXPLQRULWDLUHV
XQHVWUDWpJLHGHODUHFRQQDLVVDQFH
+HQUL*LRUGDQ
'LUHFWHXUGHUHFKHUFKHKRQRUDLUHDX&156
1RXV YLYRQV GDQV XQH pSRTXH SDVVLRQQDQWH SRXU OHV DPRXUHX[ GHV
ODQJXHVGHSXLVXQHYLQJWDLQHG·DQQpHVVHGHVVLQHDXQLYHDXPRQGLDOXQ
LQWpUrW QRXYHDX SRXU OHV ODQJXHV SRXU WRXWHV OHV ODQJXHV DSSUpKHQGpHV
GDQV OHXU GLYHUVLWp 'pVRUPDLV OHV GpIHQVHXUV GHV ODQJXHV UpJLRQDOHV RX
PLQRULWDLUHV QH SHXYHQW SOXV rWUH VWLJPDWLVpV FRPPH QRVWDOJLTXHV GH
UpDOLWpV LUUpPpGLDEOHPHQW FRQGDPQpHV /HXUV FRPEDWV V·LQVFULYHQW GDQV
XQH SULVH GH FRQVFLHQFH WUqV JpQpUDOH GH OD YDOHXU GH OD GLYHUVLWp
OLQJXLVWLTXH SRXU O·DYHQLU GH O·KXPDQLWp &HW pODUJLVVHPHQW GH QRWUH
KRUL]RQSHUPHWGHGRQQHUVHQVjGHPXOWLSOHVLQLWLDWLYHVORFDOHVHWGHOHXU
SURFXUHU TXHOTXHV FKDQFHV GH FRQWULEXHU j XQYDVWHPRXYHPHQW TXL GH
WRXWHIDoRQHVWHQPDUFKH
-HPHSURSRVHLFLGHIDLUHUDSLGHPHQWOHSRLQWVXUOHVGLIIpUHQWVDVSHFWVGH
FHWWH FRQMRQFWXUH HW G·HVTXLVVHU XQH VWUDWpJLH GH OD UHFRQQDLVVDQFH TXL
VWUXFWXUHTXHOTXHSHXOHVLQLWLDWLYHVIRLVRQQDQWHVTXLDSSDUDLVVHQWGHWRXV
F{WpV
8QHSULVHGHFRQVFLHQFHHWGHVREVWDFOHV
/H FRPEDW WUDGLWLRQQHO GHV PLOLWDQWV UpJLRQDOLVWHV V·RXYUH VXU GHV
KRUL]RQV SODQpWDLUHV GDQV OHV DQQpHV 'XUDQW FHWWH ILQ GH VLqFOH OD
QpFHVVLWp GH OXWWHU FRQWUH OD PRUW GHV ODQJXHV HW GH SURPRXYRLU OD
GLYHUVLWp OLQJXLVWLTXH FRPPHQFH j V·H[SULPHU DYHF IRUFH XQ SHXSDUWRXW
GDQVOHPRQGHHWRQFRPPHQFHjDFFRUGHUWRXWHVDYDOHXUjODGLYHUVLWp
OLQJXLVWLTXH
/H FRXUDQW GH SHQVpH TXL QH FRQoRLW SDV OHV ODQJXHV FRPPH GH VLPSOHV
RXWLOV UHPRQWH WUqV ORLQ *LDPEDWWLVWD9LFR GDQV OD6FLHQ]D QXRYD
HVWLPDLW TXH O·KRPPH QH SDUYLHQW j XQH FRQQDLVVDQFH G\QDPLTXH GH OD
UpDOLWpTX·jWUDYHUVOHODQJDJH&HVUpIOH[LRQVVHSRXUVXLYHQWGXUDQWODILQ
GX ;9,,,H VLqFOH SRXU DERXWLU DX[ WKpRULHV GH +HUGHU VHORQ OHVTXHOOHV
FKDTXHODQJXHHVWXQFULVWDOSDUWLFXOLHUTXLUHIOqWHOHPRQGHG·XQHPDQLqUH
XQLTXH (QILQ FH VRQW OHV LQWXLWLRQV WUqV SURIRQGHV GH :LKOHOP YRQ
+XPEROGWTXLPDUTXHURQWGHIDoRQGpFLVLYHFHFRXUDQWGHSHQVpH3RXU
+HQUL*LRUGDQ
OXL OD ODQJXH QH WUDQVPHW SDV XQ FRQWHQX SUpH[LVWDQW HOOH HVW OD PDWULFH
TXLSHUPHWGHPHWWUHHQIRUPHO·H[SpULHQFHHWODFRQQDLVVDQFHKXPDLQHV
/·LPSRUWDQFH GH FH FRXUDQW GH SHQVpH Q·D SDV HPSrFKp SRXUWDQW GH
SHUFHYRLU PDMRULWDLUHPHQW HW SHQGDQW ORQJWHPSV OD SOXUDOLWp GHV ODQJXHV
FRPPHXQSKpQRPqQHQpJDWLIDXPLHX[DPELJX'XUDQWWRXWOH;,;HVLqFOH
RQDXWLOLVpFHVFRQFHSWLRQVSRXUFRQVROLGHUOHVUDSSRUWVODQJXHQDWLRQ
&H Q·HVW TXH WUqV UpFHPPHQW TXH OHV ODQJXHV RQW FRPPHQFp j rWUH
FRQVLGpUpHVFRPPHGHV©ELHQVFXOWXUHOVª&·HVWGDQVOHVDQQpHVTXH
FHWWHOHFWXUHGHODUpDOLWpV·LPSRVHDYHFIRUFH1RXVSRXUULRQVPXOWLSOLHU
OHV H[HPSOHV OH JUDQG MXULVWH LWDOLHQ $OHVVDQGUR 3L]]RUXVVR VRXOLJQH
O·LPSRUWDQFH GH FHWWH pYROXWLRQ 3L]]RUXVVR /·LGpH TXH
FKDTXH ODQJXH SDUWLFXOLqUH HVW O·DERXWLVVHPHQW GHV HIIRUWV PLOOpQDLUHV
G·XQH SDUWLH GH O·KXPDQLWp SRXU FRPSUHQGUH OH PRQGH V·LPSRVH /D
GLYHUVLWp GHV ODQJXHV ORLQ G·rWUH XQ KDQGLFDS HVW XQH ULFKHVVH TXH
O·KLVWRLUH GH O·KXPDQLWp QRXV OqJXH 6HORQ O·KHXUHXVH H[SUHVVLRQ GH
9\DFKHVODY 9 ,YDQRY FLWp SDU 8PEHUWR (FR ©1RXV
GHYURQV QRXV SUpRFFXSHU GH OD SUpVHUYDWLRQ GHV ODQJXHV FRPPH QRXV
QRXV SUpRFFXSRQV GH O·pFRORJLHª /HV FRPPXQDXWpV PLQRULWDLUHV TXL
OXWWHQWVRXYHQWDYHFXQHVXUSUHQDQWHpQHUJLHSRXUTXHOHXUODQJXHYLYH
QHVRQWSDVGHVJURXSHVDWWDUGpVLQFDSDEOHVGHVHPRGHUQLVHU$XULVTXH
GH FRPSURPHWWUH JUDYHPHQW OHXU DYHQLU FHV FRPPXQDXWpV REpLVVHQW j
XQHORJLTXHKXPDLQHGRQWODSHUVLVWDQFHVHSHUGGDQVODQXLWGHVWHPSVHW
QRXV FRPPHQoRQV j FRPSUHQGUH TX·HOOHV UHPSOLVVHQW XQH IRQFWLRQ
LUUHPSODoDEOHSRXUODYLHGHO·KXPDQLWp
&·HVWDXVVLGDQVFHVDQQpHVGHILQGHVLqFOHTXHOHVWUDYDX[VXUOHVODQJXHV
GHV 3HXSOHV DXWRFKWRQHV VH PXOWLSOLHQW HW FRQWULEXHQW IRUWHPHQW j XQH
SULVH GH FRQVFLHQFH GH OD GLVSDULWLRQ DX QLYHDX PRQGLDO G·XQ QRPEUH
LPSRUWDQW GH ODQJXHV /XLVD 0DIIL VRXOLJQH TXH FHV WUDYDX[ RQW VXVFLWp
FKH] OHV OLQJXLVWHV QRWDPPHQW DPpULFDLQV XQ QRXYHO LQWpUrW SRXU
O·LQYHQWDLUHHWODUHYLWDOLVDWLRQGHFHVODQJXHV(Q)UDQFH&ODXGH+DJqJH
FRPPHQFHjWUDYDLOOHUFHVWKqPHVDXGpEXWGHVDQQpHVHWFRQWULEXH
jOHVSRSXODULVHUDYHFGHVOLYUHVTXLRQWXQHODUJHDXGLHQFH
9RLUO·H[FHOOHQWHV\QWKqVHGH/XLVD0DIIL
&I+DJqJHHW
/HVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVXQHVWUDWpJLHGHODUHFRQQDLVVDQFH
2QFRPPHQFHGDQVFHVDQQpHVjFRPSUHQGUHTXHODFULVHGHODGLYHUVLWp
OLQJXLVWLTXHV·LQVFULWGDQVXQHFULVHSOXVODUJHGHODGLYHUVLWpGHODYLHVXU
WHUUH 2Q DQDO\VH OHV QRPEUHX[ UHFRXSHPHQWV GH FHV PXOWLSOHV
PDQLIHVWDWLRQV GH OD GLYHUVLWp GH OD YLH GDQV OHXU UpSDUWLWLRQ DLQVL TXH
OHXUV OLHQV HW OHXUV DSSXLV PXWXHOV 2Q FRPSUHQG TXH OHV FDXVHV HW OHV
FRQVpTXHQFHV GH OD SHUWH GH GLYHUVLWp j WRXV OHV QLYHDX[ VRQW OLpHV OHV
XQHV DX[ DXWUHV 0 $KPHG 'MRJKODI 6HFUpWDLUH H[pFXWLI GH OD
&RQYHQWLRQVXUODGLYHUVLWpELRORJLTXHDFFRUGLQWHUQDWLRQDOpWDEOLSDUOHV
1DWLRQV 8QLHV j OD VXLWH GX 6RPPHW GH OD 7HUUH GH 5LR SRXYDLW
GpFODUHUGDQVXQGLVFRXUVGH©,OH[LVWHXQOLHQLQWULQVqTXHHQWUHOD
GLYHUVLWpOLQJXLVWLTXHHWFXOWXUHOOHHWODGLYHUVLWpELRORJLTXHª
/HVREVWDFOHV
&HSHQGDQWGDQVFHWWHSULVHGHFRQVFLHQFHOHVWKqPHVGHO·HQYLURQQHPHQW
PDWpULHOYRQWUDVVHPEOHUSOXVIDFLOHPHQWGHIRUWVFRXUDQWVG·RSLQLRQTXH
FHX[ FRQFHUQDQW OD GLYHUVLWp OLQJXLVWLTXH (Q UpDOLWp O·LQWpUrW SRXU OD
GLYHUVLWp OLQJXLVWLTXH VH KHXUWH j GHV EORFDJHV SV\FKRORJLTXHV HW
LGpRORJLTXHVGRQWRQQ·DSDVDVVH]PHVXUpO·LPSRUWDQFH
%ORFDJHV SV\FKRORJLTXHV ,O IDXGUDLW SRXU DERUGHU FH WKqPH DX PRLQV WRXWH
XQH FRQIpUHQFH -H PH ERUQHUDL LFL j VRXOLJQHU TXH O·LQWpUrW SRXU GHV
ODQJXHVGLIIpUHQWHVGHFHOOHDSSULVHGDQVO·HQIDQFHVHKHXUWHjXQGRXEOH
REVWDFOHFKH]XQDGXOWH©G·XQF{WpODGLIILFXOWpGHUHQRQFHUjO·LOOXVLRQ
QDUFLVVLTXH XQLYHUVHOOH TXH VD SURSUH ODQJXH HVW OD PHLOOHXUH YRLUH
O·XQLTXHFDSDEOHG·H[SULPHUODFRPSOH[LWpGHODYLHHWGHUHIOpWHUODYpULWp
HW G·XQ DXWUH F{Wp OH VHQWLPHQW GH KRQWH GH FXOSDELOLWp GH SHXU GX
ULGLFXOH HW GH EOHVVXUH QDUFLVVLTXH OLpHV j O·LQGLVSHQVDEOH UpJUHVVLRQ YHUV
GHV SURFHVVXV SULPDLUHV TXH O·DSSUHQWLVVDJH G·XQH ODQJXH pWUDQJqUH
QpFHVVLWHª
&HV FRQVLGpUDWLRQV H[SOLTXHQW SRXUTXRL O·HQVHLJQHPHQW SUpFRFH SDU
LPPHUVLRQ HVW G·XQH LPSRUWDQFH FDSLWDOH QRQ VHXOHPHQW SRXU DFTXpULU
©/DGLYHUVLWpELRORJLTXHHWODGLYHUVLWpFXOWXUHOOHRXOHVpOpPHQWVFRQVWLWXWLIVGHOD
YLH VXU WHUUHª ,QWHUYHQWLRQ GX 'U $KPHG 'MRJKODI 6HFUpWDLUH H[pFXWLI GH OD
&RQYHQWLRQ VXU OD GLYHUVLWp ELRORJLTXH H $VVHPEOpH *pQpUDOH GH OD &RPPLVVLRQ
&DQDGLHQQHSRXUO·81(6&22WWDZDPDUV
(QOLJQHZZZFEGLQWGRFVSHHFKVSXQHVFRIUSGI
-HP·DSSXLHVXUODOHFWXUHGH(UZLQ6WHQJHO -HWUDGXLV
+HQUL*LRUGDQ
SOXV DLVpPHQW GHV FRPSpWHQFHV OLQJXLVWLTXHV SOXV pWHQGXHV PDLV DXVVL
SRXUPRGLILHUHQSURIRQGHXUODSHUFHSWLRQGHODGLYHUVLWpOLQJXLVWLTXH
&·HVW SRXU FHOD DXVVL TX·LO HVW HVVHQWLHO GH SURFpGHU DYHF XQH H[WUrPH
SUXGHQFH SV\FKRORJLTXH GDQV O·DFWH G·HQVHLJQHPHQW G·XQH ODQJXH
pWUDQJqUH HW G·pYLWHU GH MRXHU DYHF OHV VHQWLPHQWV GH FXOSDELOLWp HQ
XWLOLVDQWFRPPHF·HVWOHFDVGDQVODWUDGLWLRQIUDQoDLVHOHPrPHPRWSRXU
GpVLJQHU XQH IDXWH G·RUWKRJUDSKH HW XQH IDXWH PRUDOH 7URS VRXYHQW OH
FRQWDFWGHVODQJXHVpWUDQJqUHVjO·pFROHODLVVHGHPDXYDLVVRXYHQLUV©VH
WURPSHUGDQVXQHPXOWLSOLFDWLRQSHXWrWUHVRXUFHGHSODLVDQWHULHGHODSDUW
GHVPHLOOHXUVpOqYHVPDLVULHQGHSOXVPDOSDUOHUGDQVOHFRXUVGHODQJXH
pWUDQJqUHSHXWDPHQHUGHVPRTXHULHVSOXVYLUXOHQWHVPHWWDQWHQFDXVHOD
FDSDFLWp PrPH GH O·pOqYH j V·H[SULPHU HQ WDQW TX·rWUH SHQVDQWª *LUDUG
%ORFDJHV LGpRORJLTXHV 'HSXLV OHV GpEXWV GH O·qUH LQGXVWULHOOH HW MXVTX·j OD
6HFRQGH *XHUUH PRQGLDOH O·pYROXWLRQ SROLWLTXH HW pFRQRPLTXH GH
O·(XURSH HVW GRPLQpH SDU OD FRQVWLWXWLRQ G·HVSDFHV QDWLRQDX[ OD ODQJXH
DYDLW j OD IRLV XQH YDOHXU V\PEROLTXH VWUXFWXUDQW OHV QDWLRQV HW XQH
IRQFWLRQ pFRQRPLTXH FUpDQW GHV PDUFKpV QDWLRQDX[ %DOLEDU HW /DSRUWH
'DQVFHFRQWH[WHODGLYHUVLWpOLQJXLVWLTXHpWDLWSHUoXHFRPPHXQ
REVWDFOHDXSURJUqV/HVODQJXHVUpJLRQDOHVSDUH[HPSOHRQWpWpGDQVOH
PHLOOHXUGHVFDVPDLQWHQXHVGDQVGHVHVSDFHVORFDX[pFRQRPLTXHPHQWHW
VRFLDOHPHQW UpVLGXHOV /H PRGqOH GH O·eWDWQDWLRQ HQ (XURSH G·DERUG
SXLV GDQV OH UHVWH GX PRQGH DYHF OHV SURFHVVXV GH FRORQLVDWLRQ HW GH
GpFRORQLVDWLRQ V·HVW FRQVWUXLW DXWRXU G·XQH FRQFHSWLRQ GH O·XQLIRUPLWp
XQHDUPpHXQHODQJXHXQHUHOLJLRQ«
,O \ FHUWHV HX HQ UpVLVWDQFH DX[ SURFHVVXV G·KpJpPRQLH GHV ODQJXHV
QDWLRQDOHV SURJUHVVLYHPHQW RIILFLDOLVpHV GDQV OHV GLIIpUHQWV SD\V GHV
PDQLIHVWDWLRQV SHUVLVWDQWHV GH OR\DXWp OLQJXLVWLTXH HQYHUV GHV ODQJXHV
PLQRULVpHV HW PpSULVpHV (W GDQV GHV SD\V IRUWHPHQW FHQWUDOLVpV HW
DWWDFKpVjXQHXQLIRUPLWpOLQJXLVWLTXHLPDJLQpHFHWWHOR\DXWpFRQWLQXHGH
V·H[SULPHU DYHF IRUFH PDOJUp OHV IDLEOHV pFKRV TX·HOOH UHQFRQWUH GX F{Wp
GHV SRXYRLUV pWDEOLV 0DLV FHWWH OR\DXWp UHVWH PDUJLQDOH HW OD FRQFHSWLRQ
GRPLQDQWH UHVWH OH SOXV VRXYHQW FHOOH GH O·DWWDFKHPHQW DX[ ODQJXHV
QDWLRQDOHV HW RIILFLHOOHV /·H[HPSOH GH OD )UDQFH HVW HPEOpPDWLTXH j FHW
/HVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVXQHVWUDWpJLHGHODUHFRQQDLVVDQFH
pJDUG 2Q D FHUWHV UHQRQFp j SURFODPHU DYHF %DUqUH ©/H IUDQFDLV
GHYLHQGUD OD ODQJXH XQLYHUVHOOH pWDQW OD ODQJXH GHV SHXSOHVª PDLV OD
YLJLODQFH VXU OH GHVWLQ GH QRWUH ODQJXH QDWLRQDOH QH VH UHOkFKH SDV (Q
GHYDQW OHV SHUVSHFWLYHV G·pODUJLVVHPHQW GH O·8QLRQ HXURSpHQQH OH
3DUOHPHQW IUDQoDLV pSURXYH OH EHVRLQ G·LQVFULUH OH IUDQoDLV GDQV OD
&RQVWLWXWLRQ j F{Wp GHV SULQFLSHV HVVHQWLHOV GH OD 5pSXEOLTXH GH QRWUH
K\PQHQDWLRQDOHWGHQRWUHGUDSHDX«
&HV OLPLWHV VH UHWURXYHQW GDQV OD SROLWLTXH OLQJXLVWLTXH GH O·8QLRQ
HXURSpHQQH 6L RQ SHXW SRUWHU j VRQ FUpGLW XQH LQFRQWHVWDEOH
VHQVLELOLVDWLRQGHVFLWR\HQVHXURSpHQVjO·LQWpUrWG·DSSUHQGUHGHVODQJXHV
pWUDQJqUHVODGpPDUFKHGHO·8QLRQUHVWHHQIHUPpHSRXUO·HVVHQWLHOGDQV
XQ©PXOWLOLQJXLVPHGHVODQJXHVG·eWDWª/HVRXWLHQDSSRUWpDX[ODQJXHV
UpJLRQDOHV RX PLQRULWDLUHV HVW H[WUrPHPHQW OLPLWp ,O V·DJLW PRLQV
G·LQVWDXUHU XQH VRFLpWp PXOWLOLQJXH TXH G·DIILUPHU DYHF IRUFH TXH OD
FRQVWUXFWLRQ HXURSpHQQH QH PHQDFH SDV OD VRXYHUDLQHWp GHV eWDWV GDQV
XQGRPDLQHKDXWHPHQWV\PEROLTXH
'DQVFHVFRQGLWLRQVOHVDFWHXUVVRFLDX[pSURXYHQWG·LPPHQVHVGLIILFXOWpV
jIDLUHFRQQDvWUHG·XQODUJHSXEOLFOHVUpDOLVDWLRQVOHVSOXVPDUTXDQWHV-H
GRQQHUDLVLFLXQVHXOH[HPSOH
1RXVDOORQVSDUOHUGDQVFH&ROORTXHHVVHQWLHOOHPHQWG·HQVHLJQHPHQWGHV
ODQJXHVUpJLRQDOHVRXPLQRULWDLUHV1RXVDYRQVHQUHJLVWUpHQ)UDQFHGHV
DYDQFpHV WKpRULTXHV HW SUDWLTXHV WUqV LPSRUWDQWHV DYHF OHV eFROHV
SUDWLTXDQW O·HQVHLJQHPHQW GHV ODQJXHV UpJLRQDOHV SDU OHV PpWKRGHV
G·LPPHUVLRQ SUpFRFH OHV UpVXOWDWV GHV pFROHV 'LZDQ SRXU OH EUHWRQ
,NDVWRODSRXUOHEDVTXH&DODQGUHWDVSRXUO·RFFLWDQ%UHVVRODSRXUOHFDWDODQ
VRQW VRXYHQW WUqV UHPDUTXDEOHV -·DL SURSRVp HQ j O·,QVSHFWLRQ
JpQpUDOH GHV ODQJXHV UpJLRQDOHV GX PLQLVWqUH IUDQoDLV GH O·eGXFDWLRQ
QDWLRQDOHHWjOD'pOpJDWLRQJpQpUDOHjODODQJXHIUDQoDLVHHWDX[ODQJXHV
GH )UDQFH G·RUJDQLVHU XQH pYDOXDWLRQ SXEOLTXH GHV PpWKRGHV HW GHV
UpVXOWDWV GH FHV PpWKRGHV &HWWH pYDOXDWLRQ HVW G·XQH QpFHVVLWp FULDQWH
SRXUSURWpJHUOHVHQIDQWVFRQFHUQpVVLFHVPpWKRGHVFRPSRUWDLHQWMHQH
VDLVTXHOVULVTXHV1RXVVDYRQVTXHFHQ·HVWSDVOHFDVPDLVLOFRQYLHQWGH
UDVVXUHU OHV SDUHQWV HW LO HVW DVVXUpPHQW GH O·LQWpUrW GH WRXV GH PHWWUH j
SOXYL{VHDQ,, MDQYLHU GpFODUDWLRQj&RQYHQWLRQDXQRPGX&RPLWpGH
VDOXWSXEOLF
+HQUL*LRUGDQ
SURILW OHV HQVHLJQHPHQWV GH FHV H[SpULPHQWDWLRQV SRXU PRGHUQLVHU
O·HQVHLJQHPHQWGHVODQJXHVGHWRXWHVOHVODQJXHVGDQVQRWUHSD\VTXLQH
EULOOHJXqUHGDQVFHGRPDLQH&HWWHSURSRVLWLRQHVWUHVWpHOHWWUHPRUWHHW
QRXV DWWHQGRQV HQFRUH SUqV GH GL[ DQV SOXV WDUG XQH TXHOFRQTXH
LQLWLDWLYH HQ FH VHQV« ,O VHUDLW WHPSV GH PRQWUHU TXH GDQV TXHOTXHV
UpJLRQV HXURSpHQQHV GqV OD PDWHUQHOOH OHV HQIDQWV VXLYHQW O·pFROH SRXU
PRLWLpGDQVOHXUODQJXHPDWHUQHOOHSRXUPRLWLpGDQVXQHVHFRQGHODQJXH
TX·LOV DFTXLqUHQW DLQVL SHX j SHX SDU LPPHUVLRQ (Q ,WDOLH GDQV OH 9DO
G·$RVWH HQ $OVDFH HW DX /X[HPERXUJ O·HQTXrWH VXU OH WHUUDLQ PRQWUH
GLIIpUHQWHV IRUPHV GH FHW HQVHLJQHPHQW ELOLQJXH SUpFRFH HW UpYqOH OHV
FDSDFLWpVOLQJXLVWLTXHVH[FHSWLRQQHOOHVGHVMHXQHVHQIDQWV
,OHVWLPSpUDWLIGHV·DWWDTXHUjFHVYHUURXVSV\FKRORJLTXHVLGpRORJLTXHVHW
SROLWLTXHVVLRQYHXWUpHOOHPHQWSURPRXYRLUXQHSROLWLTXHGHYDORULVDWLRQ
GHODGLYHUVLWpOLQJXLVWLTXH
'HVVWUDWpJLHVGHYDORULVDWLRQ
/HV ODQJXHV VRQW GHV UpDOLWpVYLYDQWHV TXL RQW EHVRLQ SRXU VH UHSURGXLUH
TXHGHVKXPDLQVOHVXWLOLVHQW&HFRQVWDWDFRQGXLWG·H[FHOOHQWVHVSULWVj
FRQFOXUH TXH OD PHLOOHXUH IDoRQ G·DVVXUHU OD VXUYLH G·XQH ODQJXH GRQQpH
HVW GH FUpHU OHV FRQGLWLRQV SRXU TX·XQH SRSXODWLRQ GRQQpH FRQVWLWXH XQ
JURXSH GH SHUVRQQHV TXL pSURXYHQW OH GpVLU GH SDUOHU FHWWH ODQJXH 8QH
SROLWLTXHYLVDQWjODVXUYLHGHWHOOHODQJXHFKHUFKHUDDFWLYHPHQWjFUpHUOHV
FRQGLWLRQVSHUPHWWDQWjXQWHOJURXSHG·H[LVWHU
/D TXHVWLRQ UHYLHQW DORUV j VH GHPDQGHU TXHOOHV PHVXUHV LO FRQYLHQW GH
SUHQGUH SRXU JDUDQWLU OD UHSURGXFWLRQ G·XQH WHOOH FRPPXQDXWp ,O Q·HVW
pYLGHPPHQW SDV TXHVWLRQ GDQV GHV VRFLpWpV GpPRFUDWLTXHV RXYHUWHV
G·XWLOLVHUGHVPpWKRGHVGHVpJUpJDWLRQFXOWXUHOOH/HVFKRL[SRVVLEOHVSRXU
DWWHLQGUHXQWHOEXWVHUDPqQHQWjSURSRVHUWHOOHRXWHOOHODQJXHFRPPH
XQH UHVVRXUFH FROOHFWLYH PLVH j GLVSRVLWLRQ GHV LQGLYLGXV HW FHOD IDLW
LQYHQWHU XQH SROLWLTXH TXL IDVVH TXH GHV LQGLYLGXV HQ QRPEUH VXIILVDQW
,OH[LVWHXQH[FHOOHQW'9'GH3KLOLSSH7KRPLQHO·pFROHMHSDUOHGHX[ODQJXHVXQH
pGXFDWLRQ HXURSpHQQH SURGXLW SDU OH &HQWUH $XGLRYLVXHO GH O·8QLYHUVLWp GH 0HW] HW /HV
)LOPVGHO·2EVHUYDWRLUHHQHWGLVWULEXpSDUOH&(5,0(6&HQWUHGHUHVVRXUFHVHW
G·LQIRUPDWLRQVXUOHVPXOWLPpGLDVSRXUO·HQVHLJQHPHQWVXSpULHXUTXLQ·HVWJXqUHXWLOLVp
9RLUODGLVFXVVLRQRUJDQLVpHSDUOH&HQWUH8QLYHUVLWDLUHSRXUOHV9DOHXUV+XPDLQHV
GHO·XQLYHUVLWpGH3ULQFHWRQ 7D\ORU
/HVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVXQHVWUDWpJLHGHODUHFRQQDLVVDQFH
XWLOLVHQW FHV UHVVRXUFHV 1RXV DYRQV Oj WUqV VFKpPDWLTXHPHQW OHV EDVHV
G·XQH SROLWLTXH G·DPpQDJHPHQW OLQJXLVWLTXH TXL VH FDUDFWpULVH SDU WURLV
DVSHFWV
² 'HV DFWLRQV GH FRQQDLVVDQFH VFLHQWLILTXH HW G·©pTXLSHPHQW
VFLHQWLILTXHª XQ FHUWDLQ QRPEUH G·RXWLOV TXL SHUPHWWHQW
O·HQVHLJQHPHQW HW O·XWLOLVDWLRQ G·XQH ODQJXH &HOD YD GHV GHVFULSWLRQV
OLQJXLVWLTXHVjO·pODERUDWLRQGHQRUPHVHWG·RXWLOVWHOVTXHJUDPPDLUHV
GLFWLRQQDLUHV EDQTXHV GH GRQQpHV WHUPLQRORJLTXHV RXWLOV
LQIRUPDWLTXHVHWF
² 'HVPHVXUHVMXULGLTXHVOpJDOLVDQWO·XWLOLVDWLRQGHVODQJXHV
² (W HQILQ FH Q·HVW SDV OH PRLQV LPSRUWDQW GHV DFWLRQV VHQVLELOLVDQW OH
SXEOLFOHSOXVODUJHjO·H[LVWHQFHGHWHOOHRXWHOOHODQJXHHWjO·LQWpUrWGH
V·HQDSSURSULHUO·XVDJH
-H QH P·pWHQGUDLV SDV LFL VXU OHV DFWLRQV GH FRQQDLVVDQFH VFLHQWLILTXH
LQGLVSHQVDEOH &HW DVSHFW HVW SULPRUGLDO HW QRXV FRQQDLVVRQV GH IDoRQ
SUpFLVHOHVDFWLRQVQpFHVVDLUHV/HWUDYDLOG·LQYHQWDLUHHWG·pODERUDWLRQGHV
RXWLOV JUDPPDLUHV GLFWLRQQDLUHV WH[WHV HVW HQWUHSULV GHSXLV ORQJWHPSV
SDU OHV OLQJXLVWHV /H SUREOqPH HVW SOXW{W GDQV OD OpJLWLPDWLRQ VRFLDOH GH
FHV WUDYDX[ OpJLWLPDWLRQ LQGLVSHQVDEOH SRXU HQ DVVXUHU OH ILQDQFHPHQW
/HV VROXWLRQV VH WURXYHQW GDQV OHV GHX[ DVSHFWV VXU OHVTXHOV MH YDLV
PDLQWHQDQW DWWLUHU YRWUH DWWHQWLRQ O·pODERUDWLRQ GH QRUPHV MXULGLTXHV HW
OHVDFWLRQVGHVHQVLELOLVDWLRQGHO·RSLQLRQSXEOLTXH
/HVQRUPHVMXULGLTXHV
/HV SUHPLqUHV PDQLIHVWDWLRQV G·XQH SULVH HQ FRPSWH GH OD GLYHUVLWp
OLQJXLVWLTXHGDQVOHVWH[WHVLQWHUQDWLRQDX[UHPRQWHQWDX[DQQpHV-H
QHYDLVSDVLFLpQXPpUHUOHGpWDLOGHFHWWHORQJXHKLVWRLUH-HPHERUQHUDLj
VRXOLJQHUUDSLGHPHQWOHVSRLQWVHVVHQWLHOV
7RXW G·DERUG OH WUDYDLO HQWUHSULV GqV OH GpEXW GHV DQQpHV SDU OH
GpSXWpFDWDODQjO·$VVHPEOpHSDUOHPHQWDLUHGX&RQVHLOGHO·(XURSH&LULFL
3HOOLFHU HW SDU OH GpSXWp LWDOLHQ DX 3DUOHPHQW HXURSpHQ *DHWDQR $UIp D
GpERXFKpXQHGL]DLQHG·DQQpHVSOXVWDUGVXUOD&KDUWHHXURSpHQQHGHVODQJXHV
UpJLRQDOHVRXPLQRULWDLUHVRXYHUWHjODVLJQDWXUHOHQRYHPEUHDYHFOH
5DSSRUWDGRSWpOHRFWREUH
+HQUL*LRUGDQ
VWDWXWGH&RQYHQWLRQGX&RQVHLOGHO·(XURSH
&H WH[WH HVW VDQV DXFXQ GRXWH OH WH[WH OH SOXV HIILFDFH SRXU JDUDQWLU OH
UHVSHFW GH OD GLYHUVLWp OLQJXLVWLTXH FDU j OD GLIIpUHQFH GH OD WRWDOLWp GHV
DXWUHV WH[WHV PDMHXUV LO QH SRVH SDV FRPPH FRQGLWLRQ SUpDODEOH j VRQ
DSSOLFDWLRQ O·H[LVWHQFH GH ©PLQRULWpV HWKQLTXHV UHOLJLHXVHV RX
OLQJXLVWLTXHVªFRPPHF·HVWOHFDVSRXUOH3DFWHLQWHUQDWLRQDOUHODWLIDX[GURLWV
FLYLOV HW SROLWLTXHV DGRSWp SDU OHV 1DWLRQV XQLHV HQ OD &RQYHQWLRQ
LQWHUQDWLRQDOH UHODWLYH DX[ 'URLWV GH O·(QIDQW RX PrPH OD UpFHQWH
'pFODUDWLRQ XQLYHUVHOOH GH O·81(6&2 VXU OD GLYHUVLWp FXOWXUHOOH ,O Q·HVW
SDV MXVTX·DX WH[WH QRQ RIILFLHO OH SOXV LPSRUWDQW GDQV FH GRPDLQH OD
'pFODUDWLRQ XQLYHUVHOOH GHV GURLWV OLQJXLVWLTXHV TXL QH IDVVH DSSHO j OD
QRWLRQGH©FRPPXQDXWpOLQJXLVWLTXHª
SDUWLUGHOjWRXWeWDWSHXWVHGLVSHQVHUGHYDORULVHUOHVODQJXHVSDUOpHV
VXU VRQ WHUULWRLUH HQ QLDQW TXH OHV ORFXWHXUV GH WHOOH RX WHOOH ODQJXH
IRUPHQW XQH ©FRPPXQDXWpª RX GHV JURXSHV GLVWLQFWV DX VHLQ GH VD
SRSXODWLRQ/D)UDQFHSRXUQHSDVFKHUFKHUQRVH[HPSOHVSOXVORLQQH
V·HVWSDVSULYpHGHUHFRXULUjFHW\SHG·DUJXPHQW
-·DL VRXOLJQp DLOOHXUV O·LQWpUrW GX UHFRXUV j OD QRWLRQ GH ©ELHQV SXEOLFV
JOREDX[ª *OREDO3XEOLF*RRGV IRUJpHDXVHLQGX3URJUDPPHGHV1DWLRQV
8QLHVSRXUOH'pYHORSSHPHQW 318' SRXUWHQWHUGHUpJXOHUOHVJUDYHV
GpVpTXLOLEUHV SODQpWDLUHV JpQpUpV SDU OH WULRPSKH GH O·pFRQRPLH OLEpUDOH
PRQGLDOLVpH HW pYLWHU FH W\SH G·pFXHLO 0DLV QRXV VRPPHV Oj GDQV XQ
GRPDLQH TXL Q·HVW SRXU O·LQVWDQW SDV UHSULV SDU DXFXQH LQVWDQFH
LQWHUQDWLRQDOH /HV GHX[ RUJDQLVPHV TXL YRQW OH PLHX[ GDQV FH VHQV
UHVWHQWO·81(6&2HWOH&RQVHLOGHO·(XURSH
-H YRXGUDLV FRQFOXUH FH WURS UDSLGH WRXU G·KRUL]RQ SDU XQH UHPDUTXH j
PHV \HX[ HVVHQWLHOOH /D &RQYHQWLRQ VXU OD SURWHFWLRQ HW OD SURPRWLRQ GH OD
GLYHUVLWpGHVH[SUHVVLRQVFXOWXUHOOHVDGRSWpHSDUO·81(6&2HQRXYUHOD
SRVVLELOLWp j XQ eWDW G·LQFOXUH WHOOH RX WHOOH ODQJXH GDQV OH FDGUH GHV
GLVSRVLWLRQVGHO·DUWLFOH ©0HVXUHVGHVWLQpHVjSURWpJHUOHVH[SUHVVLRQV
FXOWXUHOOHVª HW GH V·DSSX\HU VXU FH WH[WH SRXU HQJDJHU XQ SURFHVVXV GH
SURWHFWLRQ%LHQGHVODQJXHVVHWURXYHQWGDQVFHWWHVLWXDWLRQPDLVLO\D
IRUWjSDULHUTXHOHVeWDWVVLJQDWDLUHVQHIHURQWpYHQWXHOOHPHQWMRXHUFHWWH
/HWH[WHIRQGDWHXUHVWOHYROXPHFROOHFWLIGLULJpSDU.DXO
/HVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVXQHVWUDWpJLHGHODUHFRQQDLVVDQFH
FODXVHTXHSRXUGpIHQGUHOHXUODQJXHRIILFLHOOH
/HVHIIHWVGHOD&KDUWHHXURSpHQQHGHVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVVRQWVDQV
DXFXQ GRXWH SOXV HIILFDFHV SXLVTXH FH WH[WH SUpYRLW GH SURWpJHU OHV
ODQJXHV VDQV H[LJHU TXH OHXUV ORFXWHXUV DSSDUWLHQQHQW j GHV JURXSHV
FRQVWLWXpV ,O D pWp GpFLGp TXH OHV 3D\V QRXYHDX[ HQWUDQWV GDQV O·8QLRQ
HXURSpHQQHDLHQWO·REOLJDWLRQGHUDWLILHUFHWH[WH0DLVGHWURSQRPEUHX[
PHPEUHVGHFHWWH8QLRQGRQWOD)UDQFHHWO·,WDOLHQHO·RQWWRXMRXUVSDV
UDWLILp
/·H[FHOOHQFH GHV QRUPHV MXULGLTXHV QH VXIILW SDV j JDUDQWLU OD SURWHFWLRQ
GH OD GLYHUVLWp OLQJXLVWLTXH ,O HVW QpFHVVDLUH GH VHQVLELOLVHU O·RSLQLRQ
SXEOLTXHODSOXVODUJHSRXUREWHQLUTXHOHVeWDWVVLJQHQWHWUDWLILHQWGHWHOV
WH[WHV
(W FH UpVXOWDW REWHQX LO IDXW HQFRUH TXH O·RSLQLRQ SXEOLTXH VH PRELOLVH
SRXUTXHOHVGLVSRVLWLRQVDGRSWpHVVRLHQWPLVHVHQ±XYUH
6HQVLELOLVHUO·RSLQLRQ
/XLVD 0DIIL SURSRVH GHYDORULVHU XQH QRXYHOOH GLVFLSOLQH VFLHQWLILTXH TXL
FRQVLVWH j UDSSURFKHU OHV FKHUFKHXUV WUDYDLOODQW VXU OD GHVFULSWLRQ GHV
ODQJXHV GH FHX[ TXL ©VH SURSRVHQW G·DSSX\HU HW GH SURPRXYRLU OD
GLYHUVLWp OLQJXLVWLTXH HQ WDQW TXH WHOOHFRPPH FRPSRVDQWH HVVHQWLHOOH GH
OD GLYHUVLWp GH OD YLHª 0DIIL 2Q SRXUUDLW V·LQVSLUHU GH
GLVFLSOLQHVUHODWLYHPHQWQRXYHOOHVWHOOHVTXHODELRORJLHGHFRQVHUYDWLRQHW
OD VDQWp GHV pFRV\VWqPHV GDQV OHV GRPDLQHV GH OD ELRGLYHUVLWp HW GH
O·pFRORJLH /H JUDQG OLQJXLVWH DQJODLV 'DYLG &U\VWDO SURSRVH G·XWLOLVHU
O·H[SUHVVLRQ ©OLQJXLVWLTXH SUpYHQWLYHª &U\VWDO 0DIIL SURSRVH
O·H[SUHVVLRQ ©OLQJXLVWLTXH GH OD FRQVHUYDWLRQª SDU DQDORJLH DYHF
O·H[SUHVVLRQ ©ELRORJLH GH OD FRQVHUYDWLRQª (OOH GLVWLQJXH DLQVL HQWUH
©SUpVHUYDWLRQª DFWLRQ H[ VLWX F·HVWjGLUH SDU OD IL[DWLRQ pFULWH GDQV OHV
OLYUHVHWDXWUHVVXSSRUWVPDWpULHOV HW©FRQVHUYDWLRQª DFWLRQLQVLWXF·HVW
jGLUHPHQpHVXUOHWHUUDLQDXVHLQGHODFRPPXQDXWpOLQJXLVWLTXH ,OHVW
FHUWDLQTXHDLQVLTXHOHVRXOLJQH/XLVD0DIIL©OHVpFRORJLHVOLQJXLVWLTXHV
HW ELRORJLTXHV V·LQIOXHQFHQW PXWXHOOHPHQW SDU OH WUXFKHPHQW GHV
FRQQDLVVDQFHV GH O·XWLOLVDWLRQ HW GH OD JHVWLRQ GH O·HQYLURQQHPHQW HW SDU
O·XVDJHGHVODQJXHVGDQVODWUDQVPLVVLRQGHVVDYRLUVHWFRXWXPHVª
'HX[ 21* LPSRUWDQWHV GDQV FH GRPDLQH RQW pWp FUppHV HQ
+HQUL*LRUGDQ
O·(QGDQJHUHG /DQJXDJH )XQG HW 7HUUDOLQJXD TXL D SRXU PLVVLRQ
VSpFLILTXHG·HQFRXUDJHUHWGHSURPRXYRLUODGLYHUVLWpOLQJXLVWLTXHGDQVOH
PRQGHHWG·pWXGLHUOHVOLHQVHQWUHODGLYHUVLWpOLQJXLVWLTXH HWFXOWXUHOOH HW
OD ELRGLYHUVLWp /·21* SUpVLGpH SDU /XLVD 0DIIL 7HUUDOLQJXD YLHQW GH
SXEOLHUXQRXYUDJHGHUpIpUHQFH%LRFXOWXUDO'LYHUVLW\&RQVHUYDWLRQ$*OREDO
6RXUFHERRN 0DIIL HW :RRGOH\ /H WUDYDLO DFFRPSOL SDU FH W\SH
G·RUJDQLVDWLRQ HVW WRXW j IDLW UHPDUTXDEOH PDLV LO FRQFHUQH
HVVHQWLHOOHPHQWOHVSHXSOHVLQGLJqQHVHWFHV21*UHQFRQWUHQWGHJUDQGHV
GLIILFXOWpVSRXUVHIDLUHHQWHQGUH/XLVD0DIILUHPDUTXH
7RXWHIRLV FHX[ TXL V·LQTXLqWHQW GH OD SHUWH GH OD GLYHUVLWp OLQJXLVWLTXH FRPPH
FRPSRVDQWH GH OD GLYHUVLWp GH OD YLH VH VHQWHQW VRXYHQW LQFDSDEOHV GH IDLUH
SDUWDJHU OHXUV SUpRFFXSDWLRQV 2Q GLUDLW TXH OHXU PHVVDJH Q·DUULYH MDPDLV j VH
UpSDQGUH DVVH] YLWH DVVH] ORLQ DVVH] DPSOHPHQW HW GH PDQLqUH DVVH]
FRQYDLQFDQWH >«@ /·pWDSH QpFHVVDLUH TXH FRQVWLWXH O·DSSURFKH SUpFRQLVpH LFL
VXSSRVHIDFHjODFULVHODV\QHUJLHHQWUHUHFKHUFKHHQVFLHQFHVGHODVRFLpWpHWGH
ODQDWXUHLQIRUPDWLRQpGXFDWLRQDFWLRQSXEOLTXHHWPRELOLVDWLRQ 0DIIL
(QUpDOLWpLOVHPEOHFHUWDLQTXHO·DGKpVLRQG·XQHRSLQLRQSOXVSXLVVDQWHj
OD FDXVH GHV ODQJXHV HQ GDQJHU QH SRXUUD rWUH REWHQXH TX·j SDUWLU GX
PRPHQWRO·RQSDUYLHQGUDjIDLUHSDUWDJHUWUqVODUJHPHQWXQHSHUFHSWLRQ
GHV ODQJXHV GpEDUUDVVpH GHV FDUFDQV SV\FKRORJLTXHV HW SROLWLTXHV KpULWpV
G·XQHORQJXHKLVWRLUHHVVHQWLHOOHPHQWRFFLGHQWDOH
3RXU FHOD LO HVW LQGLVSHQVDEOH G·LPDJLQHU GHV DFWLRQV TXL SHUPHWWHQW DX
SXEOLF GH SUHQGUH FRQVFLHQFH GH FH TX·HVW XQH ODQJXH HW GH OD ULFKHVVH
FXOWXUHOOHTXHODGLYHUVLWpOLQJXLVWLTXHSRUWHHQHOOH
$XMRXUG·KXLSOXVLHXUVPpGLDVSHUPHWWHQWG·DWWHLQGUHFHEXW$XSUHPLHU
UDQJ LO \ D ELHQ pYLGHPPHQW OD WpOpYLVLRQ HW OH FLQpPD PDLV RQ FRQQDvW
DXVVL O·HQJRXHPHQW GH QRV FRQWHPSRUDLQV SRXU OHV H[SRVLWLRQV HW
PXVpHV F·HVW Oj HQFRUH XQ PR\HQ G·pGXTXHU HW GH VHQVLELOLVHU XQ YDVWH
SXEOLF
/DFRQGLWLRQSUpDODEOHHVWTXHOHVFRQFHSWHXUVGHPXVpHVHQVRLHQWHX[
PrPHVFRQVFLHQWV/RUVTX·RQYRLWODSODFHULGLFXOHPHQWUHVWUHLQWHTXLHVW
FRQVDFUpH DX[ ODQJXHV GDQV OH WRXW UpFHQW 0XVpH GX 4XDL %UDQO\
FRQVDFUp DX[ DUWV GHV 3HXSOHV SUHPLHUV HW GRQW OD GHYLVH HVW ©Oj R
GLDORJXHQWOHVFXOWXUHVªRQPHVXUHOHFKHPLQjSDUFRXULU«
/HVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVXQHVWUDWpJLHGHODUHFRQQDLVVDQFH
'DYLG&U\VWDODHXOHPpULWHG·LPDJLQHUXQWHO0XVpHTXLV·HVWFRQFUpWLVp
GDQV XQ SURMHW pODERUp j /RQGUHV HQ OH ©0RQGH GX /DQJDJHª
:RUOG RI /DQJXDJH ² :2/ &U\VWDO &H SURMHW Q·D SDV SX rWUH
UpDOLVp0DLVG·DXWUHVLQLWLDWLYHVRQWYXOHMRXUGHSXLVXQHGL]DLQHG·DQQpHV
HW FHUWDLQHV RQW FRQQX XQ JUDQG VXFFqV -·pQXPqUH UDSLGHPHQW OHV SOXV
LPSRUWDQWHV
² /D SUHPLqUH JUDQGH H[SRVLWLRQ WHQXH HQ (XURSH VXU OH ODQJDJH
KXPDLQO·H[SRVLWLRQ9HXV9RLFHV9RFHV9RL[DpWpFUppHHQ
j%DUFHORQHGDQVOHFDGUHGXSUHPLHU)RUXP8QLYHUVHOGHV
&XOWXUHV0DOKHXUHXVHPHQWFHWWHUpDOLVDWLRQTXLDUHoXSOXVG·XQ
PLOOLRQGHYLVLWHXUVDpWpGpWUXLWH
² /D0DLVRQGHVODQJXHV²/LQJXDPyQHVWLVVXHGLUHFWHPHQWG·XQHLGpH
H[SRVpH SDU 'DYLG &U\VWDO j %DUFHORQH HQ &·HVW j O·KHXUH
DFWXHOOHODSOXVLPSRUWDQWHUpDOLVDWLRQSHUPDQHQWHGHFHW\SHHQ
(XURSH
² (QHIIHWXQPXVpHHQWLqUHPHQWFRQVDFUpjODODQJXHSRUWXJDLVHD
pWp LQDXJXUp OH PDUV j 6mR 3DXOR OH 0XVHX GD /tQJXD
3RUWXJXHVD &H 0XVpH XQLTXH DX PRQGH Q·DEULWH QL OLYUHV QL
WDEOHDX[ 6LWXp GDQV OHV DQFLHQV EkWLPHQWV DGPLQLVWUDWLIV GH OD
JDUHIHUURYLDLUHGH/X]LOIDLWVDYRXUHUjVHVYLVLWHXUVOHSRUWXJDLV
pFULW HW SDUOp DX %UpVLO PpWLVVp GH PRWV G·RULJLQH LQGLHQQH RX
DIULFDLQH
² 8QLPSRUWDQWSURMHWGH&LWWjGHOOD3DUROD /D9LOOHGHV0RWV DpWp
SUpVHQWp SDU 9LWWRULR %R DX VLqJH GH O·81(6&2 ORUV GH OD
-RXUQpH GH OD ODQJXH PDWHUQHOOH OH IpYULHU ©&H TXL
P·LQWpUHVVH GpFODUH %R F·HVW UDFRQWHU O·pYROXWLRQ GH O·KRPPH j
WUDYHUV VRQ FDUDFWqUH OH SOXV GLVWLQFWLI OH ODQJDJHª &H SURMHW
pODERUpGHIDoRQWUqVGpWDLOOpHQ·DSDVpWpUpDOLVpjFHMRXU
² /D 6RFLHWj 'DQWH $OLJKLHUL D SURMHWp OD FUpDWLRQ G·XQ 0XVHR GHOOD
OLQJXDLWDOLDQDTXLGHYUDLWrWUHLQDXJXUpHQ
/D FUpDWLRQ G·XQ 0XVpH RX SRXU pYLWHU XQH FRQQRWDWLRQ SRXU FHUWDLQV
SDUIRLV QpJDWLYH FHOOH G·XQH 0DLVRQ G·XQH 9LOOH G·XQ 0RQGH VHPEOH
FRQVWLWXHU DXMRXUG·KXL OH PR\HQ GH UDVVHPEOHU GLIIpUHQWHV IDoRQV GH
VHQVLELOLVHUOHJUDQGSXEOLFDX[UpDOLWpVGXODQJDJHHWGHVODQJXHV
+HQUL*LRUGDQ
(QHIIHWGHVUpDOLVDWLRQVGDQVOHGRPDLQHGHO·DXGLRYLVXHOVHPXOWLSOLHQW
5pFHPPHQWXQILOPGH6HWK.UDPHU7KH/LQJXLVWDUHPSRUWpXQVXFFqV
LQGpQLDEOH &H ILOP UHODWH OD TXrWH SDU GHX[ OLQJXLVWHV DPpULFDLQV GH
ODQJXHV PRULERQGHV GH OD 6LEpULH j O·,QGH HW j OD%ROLYLH (Q )UDQFH OH
UpFHQW VLWH GH OD )RQGDWLRQ -DFTXHV &KLUDF 6RURVRUR FRQVWLWXH XQH
FROOHFWLRQGHYLGpRVPRQWUDQWGHVORFXWHXUVGHODQJXHVPHQDFpHV
&H W\SH GH UpDOLVDWLRQ V·LO Q·HVW SDV GH QDWXUH j UDVVHPEOHU XQH DXGLHQFH
PDVVLYHHQVDOOHSHXWrWUHPLVHQYDOHXUGDQVXQ0XVpHHWHQG\QDPLVHU
ODVFpQRJUDSKLH
/HSURMHWGHVLWHLQWHUQHW/DQJXHVG·(XURSHHWGHOD0pGLWHUUDQpH /(0
TXHQRXVQRXVHIIRUoRQVGHUpDOLVHUDO·DPELWLRQGHSHUPHWWUHjXQODUJH
SXEOLF GH FRQQDvWUH OHV ODQJXHV TXL IRQW OD ULFKHVVH GH O·(XURSH HW GH OD
0pGLWHUUDQpH RX GX PRLQV rWUH LQIRUPp GH FH TX·HOOH VRQW GHV ±XYUHV
TXLOHVLOOXVWUHQWHVWVDQVDXFXQGRXWHODPHLOOHXUHIDoRQGHSUpSDUHUXQ
GLDORJXHLQGLVSHQVDEOHjODSDL[
,OHVWDXVVLHVVHQWLHOGHGRQQHUjYRLUTXHODGLYHUVLWpGHVODQJXHVDOLPHQWH
OHV VRXUFHV GH OD FUpDWLRQ DUWLVWLTXH /H 0XVpH GH 6mR 3DXOR O·D
SDUIDLWHPHQW LOOXVWUp GDQV XQH H[SRVLWLRQ FRQVDFUpH j O·pFULYDLQ -RmR
*XLPDUmHV 5RVD 0DLV OHV DUWV SODVWLTXHV SHXYHQW DXVVL GRQQHU j YRLU OD
FHQWUDOLWpGHVODQJXHVKXPDLQHV&HWKqPHHVWGRPLQDQWGDQVO·±XYUHGX
SHLQWUH IUDQoDLV %HQ 9DXWLHU PDLV RQ SRXUUDLW PXOWLSOLHU OHV H[HPSOHV
©/·$UWDOHGRQGHVODQJXHVªpFULYDLWGpMj-DPHV-R\FHHQ
&RQFOXVLRQSRXUXQHDFWLRQHXURSpHQQHFRQFHUWpH
6L QRXV YRXORQV SDUYHQLU j PRELOLVHU XQ YDVWH PRXYHPHQW G·RSLQLRQ
DXWRXUGHODYDOHXUGHODGLYHUVLWpOLQJXLVWLTXHLOIDXWFHVVHUGHFDQWRQQHU
OD SHUFHSWLRQ GH VD UpDOLWp DX GRPDLQH GHV ODQJXHV GHV 3HXSOHV
DXWRFKWRQHV/DFDXVHGHFHVODQJXHVVRXYHQWPHQDFpHVjFRXUWWHUPHGH
GLVSDULWLRQ HVW WUqV LPSRUWDQWH PDLV RQ OD VHUYLUD G·DXWDQW PLHX[ TX·RQ
SDUYLHQGUD j O·LQVpUHU GDQV XQH DFWLRQ SOXV JOREDOH HW TXL FRQFHUQH
GLUHFWHPHQWOHVSRSXODWLRQVGXOLHXRHOOHHVW UpDOLVpH$XWUHPHQWGLWLO
HVW HVVHQWLHO GH FRPPHQFHU SDU XQH VHQVLELOLVDWLRQ GHV KRPPHV HW GHV
&I-2<&(-DPHV
3RUWUDLWGHO·DUWLVWHHQMHXQHKRPPH7UDGXFWLRQGH/XGPLOD
6DYLW]N\ 3DULV *DOOLPDUG eG RULJ 3RUWUDLW RI WKH $UWLVW DV D <RXQJ 0DQ 1HZ <RUN
7UDGXFWLRQUpYLVpHSDU-DFTXHV$XEHUW
/HVODQJXHVUpJLRQDOHVRXPLQRULWDLUHVXQHVWUDWpJLHGHODUHFRQQDLVVDQFH
IHPPHVG·(XURSHSDUGHVDFWLRQVTXLSODFHQWOHVUpDOLWpVHXURSpHQQHVDX
SUHPLHUSODQ
/H&RQVHLOGHO·(XURSHDPRQWUpODYRLHGDQVOHGRPDLQHGHO·pODERUDWLRQ
GH SULQFLSHV MXULGLTXHV TXL VH VLWXHQW SDUPL OHV SOXV DYDQFpV HW OHV SOXV
HIILFDFHVDXQLYHDXPRQGLDO$YHFOD-RXUQpHHXURSpHQQHGHVODQJXHVRUJDQLVpH
FRQMRLQWHPHQW SDU OH &RQVHLO GH O·(XURSH HW O·8QLRQ HXURSpHQQH QRXV
EpQpILFLRQV G·XQH LQLWLDWLYH TXL LPSOLTXH GHV PLOOLRQV GH SHUVRQQHV GDQV
O·HQVHPEOH GHV eWDWV SDUWLFLSDQWV /D SKLORVRSKLH GH FHWWH
PDQLIHVWDWLRQWHOOHTX·HOOHHVWH[SULPpHGDQVXQGRFXPHQWGX&RQVHLOGH
O·(XURSHGHUHMRLQWWUqVSUpFLVpPHQWOHVREMHFWLIVGRQWM·DLVRXOLJQp
O·LPSRUWDQFH
,OHVWQpFHVVDLUHG·DPpOLRUHUODFRQQDLVVDQFHHWODFRPSUpKHQVLRQSRSXODLUHVGHOD
GLYHUVLWp GHV ODQJXHV G·(XURSH HW GHV IDFWHXUV LQIOXDQW VXU OHXU VXUYLH HW OHXU
GpYHORSSHPHQW ,O HVW QpFHVVDLUH GH VXVFLWHU XQH FXULRVLWp HW XQ LQWpUrW DFFUXV
SRXUOHVODQJXHV,OHVWQpFHVVDLUHG·HQFRXUDJHUXQFOLPDWGHWROpUDQFHOLQJXLVWLTXH
DXVHLQGHVQDWLRQVHWHQWUHHOOHV &RQVHLOGHO·(XURSH
/HGpILTXLHVWDXMRXUG·KXLGHYDQWQRXVHVWG·DOOHUDXGHOjG·XQH-RXUQpH
LO HVW HVVHQWLHO GH FRPSOpWHU SDU XQH DFWLRQ G·LQIRUPDWLRQ HW GH
VHQVLELOLVDWLRQSOXVpWHQGXHO·DUVHQDOMXULGLTXHTXHOH&RQVHLOGHO·(XURSH
D pODERUp TX·LO PHW HQ ±XYUH GDQV O·HQVHPEOH GHV eWDWVPHPEUHV HW
PrPHDXGHOjGHQRVIURQWLqUHV
3RXU HQWUHSUHQGUH XQH WHOOH DFWLRQ LO PH SDUDvW GH ERQQH PpWKRGH GH
UpXQLU GDQV XQ VpPLQDLUH GH WUDYDLO OHV SULQFLSDOHV SHUVRQQDOLWpV TXL RQW
UpDOLVpOHVDFWLRQVTXHM·DLUDSLGHPHQWpYRTXpHVRXTXLFRPPHF·HVWWRXW
SDUWLFXOLqUHPHQWOHFDVGH'DYLG&U\VWDORQWGpILQLGHVIDoRQVG·DJLUHQFH
VHQV SDUWLFXOLqUHPHQW LQQRYDQWHV HW GRQW QRXV VRPPHV LPSDWLHQWV GH
YpULILHUO·HIILFDFLWp
5pIpUHQFHV
%$/,%$55HQpHHW/$3257('RPLQLTXH/H)UDQoDLVQDWLRQDOSROLWLTXHHWSUDWLTXHV
GHODODQJXHQDWLRQDOHVRXVOD5pYROXWLRQIUDQoDLVH3DULV+DFKHWWH
&216(,/ '( /·(8523( eORJH GH OD GLYHUVLWp OLQJXLVWLTXH 6WUDVERXUJ
KWWSHGOHFPODW/LQN&OLFNDVS["ILOHWLFNHW -UN5XH+M*VG WDELG ODQJX
DJH IU)5
+HQUL*LRUGDQ
&5<67$/ 'DYLG ©8Q 0XVpH GX ODQJDJH j /RQGUHVª 0XVHXP LQWHUQDWLRQDO
eGLWLRQVGHO·81(6&2SS
&5<67$/'DYLG/DQJXDJH'HDWK&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
(&28PEHUWR/DULFHUFDGHOODOLQJXDSHUIHWWDQHOODFXOWXUDHXURSHD5RPD%DUL/DWHU]D
*,5$5'*HQHYLqYH,Q%2/',=6É5*iERU &RRUGLQDWHXU ,QWURGXFWLRQDXFRQWH[WH
HXURSpHQ DFWXHO FRQFHUQDQW O·HQVHLJQHPHQW GHV ODQJXHV 6WUDVERXUJ eGLWLRQV GX &RQVHLO GH
O·(XURSH 5DSSRUWV 5HFKHUFKH HW GpYHORSSHPHQW GX &HQWUH HXURSpHQ SRXU OHV
ODQJXHVYLYDQWHV
+$*(*(&ODXGH+DOWHjODPRUWGHVODQJXHV3DULV2GLOH-DFRE
+$*(*( &ODXGH /H VRXIIOH GH OD ODQJXH YRLHV HW GHVWLQV GHV SDUOHUV G·(XURSH 3DULV
2GLOH-DFRE
.$8/ ,QJH HG 3URYLGLQJ *OREDO 3XEOLF *RRGV 0DQDJLQJ *OREDOL]DWLRQ 2[IRUG
2[IRUG6FKRODUVKLS
ZZZR[IRUGVFKRODUVKLSFRPRVRSXEOLFFRQWHQWHFRQRPLFVILQDQFH
WRFKWPO
0$)), /XLVD ©/DQJXHV PHQDFpHV VDYRLUV HQ SpULOª 5HYXH LQWHUQDWLRQDOH GHV
VFLHQFHVVRFLDOHVQSS
0$)),/XLVD©/DQJXDJHSUHVHUYDWLRQYVODQJXDJHPDLQWHQDQFHDQGUHYLWDOL]DWLRQ
$VVHVVLQJ FRQFHSWV DSSURDFKHV DQG LPSOLFDWLRQV IRU WKH ODQJXDJH VFLHQFHVª
,QWHUQDWLRQDO-RXUQDORIWKH6RFLRORJ\RI/DQJXDJHQSS
0$)), /XLVD HW :22'/(< (OOHQ %LRFXOWXUDO 'LYHUVLW\ &RQVHUYDWLRQ $ *OREDO
6RXUFHERRN/RQGUHV(DUWKVFDQ
3,==258662$OHVVDQGUR0LQRUDQ]HHPDJJLRUDQ]H7RULQR(LQDXGL
67(1*(/ (UZLQ >@ ©2Q OHDUQLQJ D QHZ ODQJXDJHª ,QWHUQDWLRQDO -RUQDO RI
3V\FKRDQDOLVLVFLWpLQ$0$7,0(+/(5-DFTXHOLQH$5*(17,(5,6LPRQD&$1(675,
-RUJH /D %DEHOH GHOO·LQFRQVFLR /LQJXD PDGUH H OLQJXH VWUDQLHUH QHOOD GLPHQVLRQH
SVLFRDQDOLWLFD 3UHID]LRQH GL 2WWR ) .HUQEHUJ ,QWURGX]LRQH GL 7XOOLR 'H 0DXUR
0LODQR5DIIDHOOR&RUWLQD(GLWRUH
7$</25 &KDUOHV 0XOWLFXOWXUDOLVPH GLIIpUHQFH HW GpPRFUDWLH DYHF GHV FRPPHQWDLUHV GH
$P\ *XWPDQQ 6WHYHQ & 5RFNHIHOOHU 0LFKDHO :DO]HU >HW DO@ 3DULV $XELHU pG RULJ
0XOWLFXOWXUDOLVPDQG©WKHSROLWLFVRIUHFRJQLWLRQª3ULQFHWRQ
'URLWVOLQJXLVWLTXHVHWpGXFDWLRQHQODQJXHVPLQRUpHV
OHFDVGHO·DPD]LJKHDX0DURF
$KPHG%RXNRXV
,QVWLWXW5R\DOGH&XOWXUH$PD]LJKH5DEDW
3DUWRXWGDQVOHPRQGHO·pGXFDWLRQHQODQJXHPLQRUpHVRXIIUHG·XQPDQTXHGHUHFRQQDLVVDQFHMXULGLTXH
VLQRQG·XQHPLVHHQ±XYUHLQHIILFLHQWH&HWWHVLWXDWLRQV·H[SOLTXHHQSDUWLHSDUODQRQUHFRQQDLVVDQFHSDU
OHV(WDWVGHVGURLWVOLQJXLVWLTXHVFRPPHSDUWLHLQGLYLVLEOHGHVGURLWVKXPDLQV3RXUWDQWQRPEUHX[VRQW
OHVH[SHUWVGHO·pGXFDWLRQTXLRQWDUJXPHQWpHQIDYHXUGHO·pGXFDWLRQHQODQJXHSUHPLqUH'HVH[HPSOHV
GHSUDWLTXHGHO·HQVHLJQHPHQWHQODQJXHPLQRUpHH[LVWHQWELHQjWUDYHUVOHPRQGHPDLVOHXUpYDOXDWLRQ
UpYqOHSOXVGHIDLEOHVVHVTXHGHIRUFHV3DUPLOHVH[SpULHQFHVQRYDWULFHVHWDSSUR[LPDWLYHPHQWUpXVVLHVLO\
D O·HQVHLJQHPHQW GH O·DPD]LJKH DX 0DURF /·LQWpJUDWLRQ GH FHWWH ODQJXH GDQV O·pFROH D FRQQX XQ
GpPDUUDJHGLIILFLOHHOOHDWWHLQWDXMRXUG·KXLVRQU\WKPHGHFURLVLqUH/HVIRUFHVGHFHWWHH[SpULHQFHUpVLGHQW
GDQV OHV PHVXUHV G·DPpQDJHPHQW GX FRUSXV HW GDQV OD UpDOLVDWLRQ GHV VXSSRUWV SpGDJRJLTXHV OHV
IDLEOHVVHV WLHQQHQW DX GpILFLW G·DFFRPSDJQHPHQW LQVWLWXWLRQQHO HQ PDWLqUH GH FDGUDJH MXULGLTXH GH
IRUPDWLRQGHVHQVHLJQDQWVHWGHPLVHHQ±XYUHGHVSURFpGXUHVG·pYDOXDWLRQHWGHVXLYL(QGpSLWGHFHV
G\VIRQFWLRQQHPHQWV OD SUDWLTXH GH O·pGXFDWLRQ HQ DPD]LJKH HVW SOHLQH G·HQVHLJQHPHQWV GRQW SRXUUDLHQW
WLUHUSURILWGHVH[SpULHQFHVVLPLODLUHV
2YXQTXHQHOPRQGRO·HGXFD]LRQHLQOLQJXDPLQRULWDULDVFRQWDXQDPDQFDQ]DGLULFRQRVFLPHQWRJLXULGLFR
R FRPXQTXH XQD PHVVD LQ RSHUD LQHIILFLHQWH 4XHVWD VLWXD]LRQH VL VSLHJD LQ SDUWH LQ UDJLRQH GHO QRQ
ULFRQRVFLPHQWR GD SDUWH GHJOL 6WDWL GHL GLULWWL OLQJXLVWLFL FRPH SDUWH LQGLYLVLELOH GHL GLULWWL XPDQL
7XWWDYLD VRQR QXPHURVL JOL HVSHUWL GL HGXFD]LRQH FKH KDQQR DUJRPHQWDWR LQ IDYRUH GHOO·HGXFD]LRQH LQ
OLQJXD PDWHUQD (VHPSL GL SUDWLFD GHOO·LQVHJQDPHQWR LQ OLQJXD PLQRULWDULD HVLVWRQR FHUWDPHQWH QHO
PRQGRPDDOODSURYDGHOO·DQDOLVLULYHODQRSLSXQWLGHEROLFKHGLIRU]D7UDOHHVSHULHQ]HLQQRYDWLYHH
DEEDVWDQ]D ULXVFLWH ILJXUD O·LQVHJQDPHQWR GHO EHUEHUR LQ 0DURFFR 6H O·LQWHJUD]LRQH GL WDOH OLQJXD D
VFXRODKDFRQRVFLXWRXQDYYLRGLIILFLOHHVVDUDJJLXQJHRJJLODVXDYHORFLWjGLFURFLHUD,SXQWLGLIRU]DGL
TXHVW··HVSHULHQ]DFRQVLVWRQRQHOOHPLVXUHGLSLDQLILFD]LRQHGHOFRUSXVHQHOODUHDOL]]D]LRQHGLVWUXPHQWL
SHGDJRJLFL L SXQWL GHEROL ULJXDUGDQR LO GHILFLW GL DFFRPSDJQDPHQWR LVWLWX]LRQDOH LQ PDWHULD GL
LQTXDGUDPHQWRJLXULGLFRGLIRUPD]LRQHGHJOLLQVHJQDQWLHGLDWWXD]LRQHGHOOHSURFHGXUHGLYDOXWD]LRQHH
PRQLWRUDJJLR0DOJUDGRTXHVWHGLVIXQ]LRQLODSUDWLFDGHOO·HGXFD]LRQHLQEHUEHURqULFFDG·LQVHJQDPHQWL
FKHSRWUHEEHURHVVHUHWUDVIHULWLLQHVSHULHQ]HDQDORJKH
$SSURFKHGURLWHWpGXFDWLRQ
/·pGXFDWLRQ FRQVWLWXH XQ GRPDLQH WUDYHUVp SDU WRXWHV OHV TXHVWLRQV TXL
DJLWHQW OH FKDPS VRFLDO DXVVL ELHQ OHV TXHVWLRQV SROLWLTXHV HW VRFLR
pFRQRPLTXHV TXH OHV TXHVWLRQV FXOWXUHOOHV HW OLQJXLVWLTXHV &·HVW FH TXL
H[SOLTXH TXH O·pGXFDWLRQ VRLW DSSURFKpH VRXV GHV DQJOHV PXOWLSOHV
QRWDPPHQW OHV DQJOHV SpGDJRJLTXH GLGDFWLTXH pFRQRPLTXH HW
VRFLRSROLWLTXH &HSHQGDQW SDUPL WRXWHV OHV DSSURFKHV TXL V·RIIUHQW DX
GpFLGHXUDXFKHUFKHXUHWjO·DFWHXUVRFLDOO·©DSSURFKHGURLWVªFRQVWLWXHUD
$KPHG%RXNRXV
HQFRUH ORQJWHPSV XQ GRPDLQH PDUJLQDO WDQW TXH OD UHFRQQDLVVDQFH GX
GURLW j O·pGXFDWLRQ HQ ODQJXH PLQRUpH FRQQDvWUD GHV HQWUDYHV DX QLYHDX
LQVWLWXWLRQQHO HW GHV EORFDJHV DX QLYHDX RSpUDWLRQQHO HQ GpSLW GH
O·H[LVWHQFH GH FHUWDLQV PpFDQLVPHV LQWHUQDWLRQDX[ HW QDWLRQDX[ GH
9DUHQQHV
3RVHU OD TXHVWLRQ GH O·pGXFDWLRQ HQ WHUPHV G·©DSSURFKH GURLWVª VH
UDPqQHVRXYHQWjUHYHQGLTXHUO·DFFqVSRXUWRXVjO·pGXFDWLRQjODFXOWXUH
HWjODODQJXHDILQGHJDUDQWLUO·pJDOLWpGHVFKDQFHVjWRXVOHVFLWR\HQV,O
HVWHQWHQGXTXHORUVTX·LOV·DJLWGHO·pGXFDWLRQGHODFXOWXUHHWGHODODQJXH
RIILFLHOOH LQVWLWXWLRQQHOOH GRPLQDQWH WRXW OH PRQGH VH PHW DX PrPH
GLDSDVRQ SRXU LQYRTXHU OHV GURLWV FLYLTXHV O·RSSRVDELOLWp HW OD
MXVWLFLDELOLWp 0DLV ORUVTX·LO HVW TXHVWLRQ GH GURLW j O·pGXFDWLRQ GDQV OHV
ODQJXHVHWOHVFXOWXUHVPLQRUpHVUpJLRQDOHVRXORFDOHVO·RQWHUJLYHUVHO·RQ
V·RSSRVHPrPHHQLQYRTXDQWO·XQLWpGHODQDWLRQOHSUpMXGLFHVRFLDOOHV
FRW SpGDJRJLTXH HW OHV FRWV HQ WHUPHV GH UHVVRXUFHV KXPDLQHV
ILQDQFLqUHV ORJLVWLTXHV HWF &·HVW OD ORJLTXH GH GHX[ SRLGV GHX[
PHVXUHV«
/H SUpVHQW WH[WH D SRXU REMHW O·H[DPHQ GH OD TXHVWLRQ GH O·pGXFDWLRQ HQ
ODQJXH PLQRUpH HQ FRQVLGpUDQW OH FDV GH O·DPD]LJKH EHUEqUH DX 0DURF
/·DPD]LJKHFRQVWLWXHODODQJXHSUHPLqUHGHODSRSXODWLRQDXWRFKWRQHLO
HVWSDUOpDXPRLQVSDUOHWLHUVGHODSRSXODWLRQHWVRQXVDJHV·pWHQGVXUOD
PDMHXUH SDUWLH GH O·HVSDFH 6D UHFRQQDLVVDQFH H[SOLFLWH UHPRQWH j
VRQ LQWpJUDWLRQ GDQV O·pGXFDWLRQ j HW VRQ LQVHUWLRQ GDQV OH
SD\VDJH DXGLRYLVXHO j /·DQDO\VH GH OD VLWXDWLRQ GHV GURLWV
OLQJXLVWLTXHV DX 0DURF HQ UDSSRUW DYHF O·pGXFDWLRQ HQ DPD]LJKH QRXV
FRQGXLUDVXFFHVVLYHPHQWjUHSODFHUO·DPD]LJKHGDQVXQFDGUHJOREDODILQ
G·DSSUpFLHUVRQSRVLWLRQQHPHQWjH[SOLFLWHUOHVIRQGHPHQWVMXULGLTXHVHW
SV\FKRSpGDJRJLTXHV TXL VRXWLHQQHQW O·pGXFDWLRQ HQ ODQJXH PLQRUpH HW
HQILQ j pYDOXHU OHV IRUFHV HW OHV IDLEOHVVHV GH O·H[SpULHQFH GH
O·HQVHLJQHPHQWGHO·DPD]LJKH'HVHQVHLJQHPHQWVJpQpUDX[VRQWWLUpVGH
FHWWH SUDWLTXH TXL HVW SURSRVpH WRXW FRPSWH IDLW FRPPH XQH ERQQH
SUDWLTXH GH O·HQVHLJQHPHQW G·XQH ODQJXH PLQRUpH WDQW OD VLWXDWLRQ HVW
GpFRXUDJHDQWHVRXVG·DXWUHVFLHX[
'URLWVOLQJXLVWLTXHVHWpGXFDWLRQHQODQJXHVPLQRUpHVOHFDVGHO·DPD]LJKHDX0DURF
*OREDOLVDWLRQHWPLQRUDWLRQOLQJXLVWLTXH
'HIDLWOHPDUFKpOLQJXLVWLTXHPRQGLDOHVWPDUTXpSDUXQHVWUDWLILFDWLRQ
TXLUHIOqWHO·pWDWGHVUDSSRUWVGHIRUFHPDWpULHOVHWV\PEROLTXHVHQWUHOHV
FRPPXQDXWpVKXPDLQHV6XUFHPDUFKpODSRVLWLRQGHGRPLQDQFHUHYLHQW
j O·DQJORSKRQLH FHWWH SRVLWLRQ LOOXVWUH OH YHUVDQW OLQJXLVWLTXH GH OD
PRQGLDOLVDWLRQ )DFH j FHWWH VLWXDWLRQ FRQVLGpUpH SDU OHV FRPPXQDXWpV
OLQJXLVWLTXHV GH OD SpULSKpULH FRPPH SRUWHXVH GXSpULO G·XQLIRUPLVDWLRQ
OHV SKRQLHV GRPLQDQWHV QRWDPPHQW O·KLVSDQRSKRQLH OD IUDQFRSKRQLH
O·DUDERSKRQLH HW OD OXVRSKRQLH WHQWHQW VpSDUpPHQW RX GH FRQFHUW GH
GpYHORSSHU XQH VWUDWpJLH GH GpIHQVH FRQWUH O·KpJpPRQLVPH DQJORVD[RQ
%RXNRXV
'DQV FH FRQWH[WH JpQpUDO PDUTXp SDU GHV FRQIOLWV HW GHV OXWWHV GHV
FRPPXQDXWpVOLQJXLVWLTXHVOHVXQHVSRXUO·KpJpPRQLHHWOHVDXWUHVSRXUOD
VXUYLH GH OHXUV ODQJXHV HW GH OHXUV FXOWXUHV O·pGXFDWLRQ FRPPH LQVWDQFH
GH SUpVHUYDWLRQ HW GH UHSURGXFWLRQ GHV LGHQWLWpV GHV ODQJXHV HW GHV
FXOWXUHV GHYLHQW XQ HQMHX FRQVLGpUDEOH HQ SDUWLFXOLHU GDQV OHV SD\V HQ
GpYHORSSHPHQW OHVTXHOV VRQW FRQIURQWpV j FHV SUREOqPHV SOXV TXH OHV
SD\VGpYHORSSpV2UVHORQ%LMHOMDF%DELF SHXGHSD\VSDUYLHQQHQW
j OHXU WURXYHU GHV VROXWLRQV DGpTXDWHV QRWDPPHQW HQ UDLVRQ GH OD
FRH[LVWHQFH DX VHLQ GH OHXUV FRPPXQDXWpV GH ODQJXHV GLIIpUHQWHV HW
VRXYHQWQRQVWDQGDUGLVpHV,OV·DJLWOjG·XQHGRQQHTXLFRPSOLTXHODWkFKH
GHV VWUDWqJHV HW GHV RSpUDWLRQQHOV HQ PDWLqUH G·pGXFDWLRQ FDU
O·HQVHLJQHPHQW GHV ODQJXHV QRQ VWDQGDUGV HQ FRQWH[WH SOXULOLQJXH HW
SOXULGLDOHFWDO DMRXWH DX[ GLIILFXOWpV GLGDFWLTXHV OLQJXLVWLTXHV HW
VRFLROLQJXLVWLTXHV
TXL
JUqYHQW
SDUIRLV
OD
TXDOLWp
GH
O·HQVHLJQHPHQWDSSUHQWLVVDJH DXVVL ELHQ GHV ODQJXHV TXH GHV FRQWHQXV
FRJQLWLIV
,QWpJUHU OHV UHVVRXUFHV OLQJXLVWLTXHV HW FXOWXUHOOHV FRPPXQDXWDLUHV GDQV
OHXU YDULpWp HW OHXU GLYHUVLWp DX VHLQ GX V\VWqPH pGXFDWLI UHSUpVHQWH O·XQ
GHVGpILVLPSRUWDQWVGHODUpIRUPHGHO·HQVHLJQHPHQWGDQVWRXVOHVSD\V
/HV FKDQFHV GH VXFFqV GH FHWWH UpIRUPH WLHQQHQW j O·pODERUDWLRQ G·XQH
YLVLRQVWUDWpJLTXHLQWpJUDQWjODIRLVOHVFKRL[TXLUpVXOWHQWG·XQFRQVHQVXV
HQWUHO·(WDWHWODVRFLpWpHWXQSODQGHPLVHHQ±XYUHWHQDQWFRPSWHGHV
REMHFWLIV JpQpUDX[ HW GHV REMHFWLIV VSpFLILTXHV GH OD SROLWLTXH pGXFDWLYH
GHV FKRL[ TXL GpWHUPLQHQW OHV EHVRLQV HQ UHVVRXUFHV KXPDLQHV HW OHV
PR\HQVILQDQFLHUVHWORJLVWLTXHVQpFHVVDLUHVDXVXFFqVGHFHWWHSROLWLTXH
$KPHG%RXNRXV
3ROLWLTXHOLQJXLVWLTXHHWpGXFDWLRQ
'DQV OH FDGUH GH OD UpIRUPH GH O·pGXFDWLRQ O·DGRSWLRQ G·XQH SROLWLTXH
OLQJXLVWLTXHFRKpUHQWHHWHIILFLHQWHFRQVWLWXHXQSUpDODEOHjWRXWHPLVHHQ
±XYUH&HWWHSROLWLTXHGHYUDLWFRQGXLUHG·XQHSDUWjGpILQLUOHVREMHFWLIV
GHO·HQVHLJQHPHQWGHVODQJXHVOHVODQJXHVjHQVHLJQHUHWODOHVODQJXHV V
G·HQVHLJQHPHQWHWG·DXWUHSDUWjpODERUHUOHVFXUULFXODVXUODEDVHG·XQH
LQJpQLHULH GH IRUPDWLRQ HW G·XQH LQJpQLHULH SpGDJRJLTXH DSSURSULpHV
'DQV FHWWH SHUVSHFWLYH WURLV RSWLRQV GH SROLWLTXH OLQJXLVWLTXH VRQW
HQYLVDJHDEOHVHQPDWLqUHG·pGXFDWLRQ
OH V\VWqPH pGXFDWLI GLVSHQVH O·HQVHLJQHPHQW GHV ODQJXHV IRUWHV VXU OH
PDUFKp OLQJXLVWLTXHJOREDO HW DGRSWHOD ODQJXH K\SHUFHQWUDOHHQ WDQW TXH
ODQJXHG·HQVHLJQHPHQWF·HVWjGLUHHQSUHPLHUOLHXHQDQJODLVHQHVSDJQRO
RX HQ IUDQoDLV &·HVW O·RSWLRQ UHWHQXH SDU OD SOXSDUW GHV DQFLHQQHV
FRORQLHVDXQRPGHO·HIILFLHQFHGXV\VWqPHpGXFDWLIHWGHODTXDOLWpGHOD
IRUPDWLRQ
OH V\VWqPH pGXFDWLI DFFXHLOOH OHV ODQJXHV QDWLRQDOHV HW OHV ODQJXHV
pWUDQJqUHV IRUWHV HQ SURFpGDQW j O·HQVHLJQHPHQW GH FHV ODQJXHV HW HQ
FKRLVLVVDQW FRPPH ODQJXH G·HQVHLJQHPHQW XQH ODQJXH K\SHUFHQWUDOH HQ
FRPSOpPHQW GH OD ODQJXH QDWLRQDOH RIILFLHOOH &HWWH RSWLRQ D OHV IDYHXUV
GHVSD\VRLOH[LVWHXQHODQJXHQDWLRQDOHjIRUWHWUDGLWLRQpFULWHHWjIRUWH
YDOHXU V\PEROLTXH PDLVTXL VXELVVHQW OHV HIIHWV LQGXLWV GH ODGRPLQDQFH
G·XQHODQJXHK\SHUFHQWUDOHKpULWpHGHODFRORQLVDWLRQHWRXLPSRVpHGDQV
OH FDGUH GH OD JOREDOLVDWLRQ GHV pFKDQJHV GHV ELHQV PDWpULHOV HW
V\PEROLTXHV &·HVW OD SROLWLTXH OLQJXLVWLTXH SUDWLTXpH SDU OD PDMRULWp GHV
SD\VDUDEHVTXLIRQWGHO·DUDELVDWLRQO·RXWLOGHO·DIILUPDWLRQGHOHXUDUDELWp
HW GH O·DQJODLV DX 0R\HQ 2ULHQW HW GX IUDQoDLV DX 0DJKUHE O·RXWLO
OLQJXLVWLTXHGHO·DFFqVjODPRGHUQLWp
GDQVFHUWDLQVFDVSHXQRPEUHX[G·DLOOHXUVOHV\VWqPHpGXFDWLILQWqJUH
XQH ODQJXH QDWLRQDOH QRQ RIILFLHOOH DX[ F{WpV GHV DXWUHV ODQJXHV
HQVHLJQpHV FHWWH ODQJXH SHXW pJDOHPHQW rWUH HPSOR\pH FRPPH ODQJXH
G·HQVHLJQHPHQW VSpFLDOLVp &HWWH SROLWLTXH OLQJXLVWLTXH TXL VH IRQGH VXU
O·HQVHLJQHPHQW GHV ODQJXHV QDWLRQDOHV HW OD IRUPDWLRQ HQ XQH ODQJXH
QDWLRQDOH RIILFLHOOH YLVH j DUWLFXOHU O·pGXFDWLRQ VXU XQ VRFOH LGHQWLWDLUH
QDWLRQDO HW j V·RXYULU VXU OH PRQGH j WUDYHUV XQH RX GHX[ ODQJXHV
pWUDQJqUHVIRUWHV/H0DURFHWO·$OJpULHUHSUpVHQWHQWXQHLOOXVWUDWLRQGHFH
PRGqOH R O·DPD]LJKH ODQJXH QDWLRQDOH HVW LQWpJUpH GDQV OH V\VWqPH
'URLWVOLQJXLVWLTXHVHWpGXFDWLRQHQODQJXHVPLQRUpHVOHFDVGHO·DPD]LJKHDX0DURF
pGXFDWLI DX[ F{WpV GH O·DUDEH HW GX IUDQoDLV OHV GHX[ ODQJXHV pWDQW
HQVHLJQpHV HQ WDQW TXH PDWLqUHV HW HPSOR\pHV FRPPH ODQJXHV
G·HQVHLJQHPHQW HW G·DXWUHV ODQJXHV pWUDQJqUHV QRWDPPHQW O·DQJODLV HW
O·HVSDJQRO 5LVSDLO
'DQVOHFDGUHGHFHWWHSROLWLTXHOHGpILGXV\VWqPHpGXFDWLIHVWGHUpDOLVHU
O·pTXLOLEUH HQWUH OHV GRQQpHV OLQJXLVWLTXHV UpJLRQDOHV QDWLRQDOHV HW
LQWHUQDWLRQDOHV GDQV OH EXW GH GLVSHQVHU XQH pGXFDWLRQ TXL VRLW j OD IRLV
DQFUpHGDQVODORFDOLWpHWRXYHUWHVXUO·XQLYHUVDOLWp
)RQGHPHQWVGHO·HQVHLJQHPHQWGHVODQJXHVPLQRUpHV
2XWUH OH IDLW TXH O·LQWpJUDWLRQ GHV ODQJXHV PLQRUpHV GDQV O·pGXFDWLRQ
FRQVWLWXH XQ LQGLFDWHXU GH UHVSHFW GHV GURLWV OLQJXLVWLTXHV 6NXWQDEE
.DQJDVHW3KLOLSSVRQ VXUOHSODQGHODSKLORVRSKLHGHO·pGXFDWLRQ
O·HQVHLJQHPHQWDSSUHQWLVVDJH GH OD ODQJXH SUHPLqUH V·LQVSLUH DXWDQW
G·DUJXPHQWV SV\FKRSpGDJRJLTXHV TXH G·DUJXPHQWV MXULGLTXHV /D
UpIpUHQFHDX[H[SHUWVGHO·81(6&2DX[VSpFLDOLVWHVGHO·pGXFDWLRQGHOD
SV\FKRORJLH GH O·HQIDQW HW GH OD SpGDJRJLH HQ JpQpUDO LQGLTXH TXH
O·pGXFDWLRQ HQ ODQJXH SUHPLqUH UHSRVH VXU GHV IRQGHPHQWV
SV\FKRSpGDJRJLTXHVVROLGHV
)RQGHPHQWVMXULGLTXHV
/D SURWHFWLRQ GH OD GLYHUVLWp OLQJXLVWLTXH HW FXOWXUHOOH HVW UHFRQQXH HW
JDUDQWLHSDUXQHQVHPEOHGHFRQYHQWLRQVLQWHUQDWLRQDOHVGRQWYRLFLXQH
OLVWHQRQH[KDXVWLYH
OD &KDUWH GHV 1DWLRQV 8QLHV HW OD GpFODUDWLRQ XQLYHUVHOOH GHV
GURLWV GH O·KRPPH IRQW GH OD QRQGLVFULPLQDWLRQ HW GH O·pJDOLWp GHV
WUDLWHPHQWV GHV UqJOHV GX GURLW LQWHUQDWLRQDO HQ PDWLqUH GH GURLWV GH
O·KRPPH
OD&RQYHQWLRQHXURSpHQQHGHVGURLWVGHO·KRPPHDGRSWpHSDUOH
&RQVHLOGHO·(XURSH
OD &RQYHQWLRQ GH O·81(6&2 FRQFHUQDQW OD OXWWH FRQWUH OD
GLVFULPLQDWLRQGDQVOHGRPDLQHGHO·HQVHLJQHPHQW
OD &RQYHQWLRQ LQWHUQDWLRQDOH VXU O·pOLPLQDWLRQ GH WRXWHV OHV
IRUPHVGHGLVFULPLQDWLRQDGRSWpHSDUO·218
$KPHG%RXNRXV
OHV UHFRPPDQGDWLRQV GX JURXSH GH WUDYDLO GH O·218 VXU OHV
SRSXODWLRQVDXWRFKWRQHVIRQWGHODSURWHFWLRQGHVGURLWVGHVSRSXODWLRQV
DXWRFKWRQHV XQH SDUWLH HVVHQWLHOOH GHV GURLWV GH O·KRPPH HW XQH
SUpRFFXSDWLRQOpJLWLPHGHODFRPPXQDXWpLQWHUQDWLRQDOH
OD FRQYHQWLRQ GX %,7 UHODWLYH DX[ GURLWV GHV PLQRULWpV
QRWDPPHQWOHGURLWjODWHUUHjODODQJXHHWjODFXOWXUH
OD GpFODUDWLRQ GH O·218 FRQFHUQDQW OHV GURLWV GHV SHUVRQQHV
DSSDUWHQDQW DX[ PLQRULWpV QDWLRQDOHV HWKQLTXHV HW DX[ PLQRULWpV
UHOLJLHXVHVHWOLQJXLVWLTXHVDGRSWpHSDUO·$VVHPEOpHJpQpUDOHQRWDPPHQW
O·DUWLFOH R O·DOLQpD HVW UHODWLI DX GURLW G·H[SUHVVLRQ GHV VSpFLILFLWpV
FXOWXUHOOHV HW GH SHUIHFWLRQQHPHQW GH OHXU FXOWXUH HW GH OHXU ODQJXH
O·DOLQpD FRQFHUQH OH GURLW j O·DSSUHQWLVVDJH GH OHXU ODQJXH HW j
O·HQVHLJQHPHQW SDU OH PR\HQ GH OHXU ODQJXH PDWHUQHOOH O·DOLQpD IDLW
REOLJDWLRQ DX[ (WDWV G·HQFRXUDJHU OD FRQQDLVVDQFH GH O·KLVWRLUH GH OD
FXOWXUHGHODODQJXHHWGHVFRXWXPHVGHVPLQRULWpV
ODGpFODUDWLRQGHO·81(6&2VXUODSUpVHUYDWLRQHWODSURPRWLRQ
GHODGLYHUVLWpFXOWXUHOOH
&HV GpFODUDWLRQV HW FHV FRQYHQWLRQV VRQW DXWDQW G·LQVWUXPHQWV TXL
FRQVWLWXHQW OHV IRQGHPHQWV MXULGLTXHV GH OD UHFRQQDLVVDQFH GHV GURLWV
OLQJXLVWLTXHVHWFXOWXUHOVHWTXLJDUDQWLVVHQWOHXUH[HUFLFHGDQVOHGRPDLQH
GHO·HQVHLJQHPHQW
)RQGHPHQWVSV\FKRSpGDJRJLTXHV
/D ODQJXH SUHPLqUH D SRXU WRXW LQGLYLGX XQHYDOHXUV\PEROLTXH FHQWUDOH
HQFHTX·HOOHMRXHXQU{OHGpFLVLIGDQVVRQGpYHORSSHPHQWFRJQLWLIGDQV
VD UHODWLRQ SV\FKRDIIHFWLYH j VRQ HQYLURQQHPHQW LPPpGLDW GDQV VD
VRFLDOLVDWLRQHWGDQVOHSURFHVVXVG·LQWHOOLJLELOLWpGXPRQGH(QHIIHW
L GX SRLQW GH YXH SV\FKRORJLTXH OD ODQJXH SUHPLqUH HVW OH PpGLXP GH
O·LQWLPLWp GH O·rWUH F·HVW O·LGLRPH SDU OHTXHO O·LQGLYLGX LQDXJXUH VRQ
UDSSRUWDXPRQGHOXLGRQQHGXVHQVHWFRQVWUXLWVDUHODWLRQjDXWUXL
LL GXSRLQWGHYXHOLQJXLVWLTXHODODQJXHSUHPLqUHFRQVWLWXHO·LGLRPHTXH
O·LQGLYLGXFRQQDvWOHPLHX[FHOXLGRQWLOPDvWULVHjODIRLVODFRPSpWHQFH
OLQJXLVWLTXHHWODFRPSpWHQFHFRPPXQLFDWLYH
LLL GX SRLQW GH YXH FRJQLWLI LO HVW FRPPXQpPHQW DGPLV TXH O·HQIDQW
SDUYLHQWjGpYHORSSHUGDQVVDODQJXHSUHPLqUHOHVSUpUHTXLVFRQFHSWXHOV
'URLWVOLQJXLVWLTXHVHWpGXFDWLRQHQODQJXHVPLQRUpHVOHFDVGHO·DPD]LJKHDX0DURF
HWODQJDJLHUVGHO·DFTXLVLWLRQGHVFRPSpWHQFHVWUDQVYHUVDOHVGHVKDELOHWpV
GH OHFWXUH G·pFULWXUH HW GH FDOFXO PrPH O·DSSUHQWLVVDJH G·XQH ODQJXH
VHFRQGHV·HQWURXYHIDFLOLWp
LY GX SRLQW GH YXH LGHQWLWDLUH OD ODQJXH SUHPLqUH FRQVWLWXH XQ LQGLFH
SXLVVDQWGHODUHODWLRQDIIHFWLYHjFHWWHODQJXHHWSDUWDQWjODSODFHTX·HOOH
RFFXSH GDQV OD IRUPDWLRQ GH O·rWUH HW GDQV OD FRQILJXUDWLRQ GH O·LGHQWLWp
FROOHFWLYH &H VHQWLPHQW HVW G·DXWDQW SOXV UHPDUTXDEOH TX·LO VH PDQLIHVWH
HQGpSLWGHVVDQFWLRQVSROLWLTXHVpFRQRPLTXHVHWVRFLDOHVDX[TXHOOHVVRQW
HQEXWWHOHVORFXWHXUVGHVODQJXHVPLQRUpHV
/HV H[SHUWV GH O·81(6&2 RQW GqV OHV DQQpHV DIILUPp TXH
O·HQVHLJQHPHQW GHSDU OD ODQJXH SUHPLqUH FRQVWLWXH OH PR\HQ OH SOXV
HIILFLHQW SRXU pUDGLTXHU O·LOOHWWULVPH DXVVL ELHQ HQ PLOLHX MHXQH TX·HQ
PLOLHX DGXOWH /HV VSpFLDOLVWHV GH O·pGXFDWLRQ RQW IRXUQL OHV DUJXPHQWV
VXLYDQWVSRXUpWD\HUFHWWHDVVHUWLRQ
L O·DFTXLVLWLRQGHVVWUDWpJLHVG·DSSUHQWLVVDJHVHIDLWGHPDQLqUHUDSLGHHW
RSpUDWRLUHGDQVODODQJXHSUHPLqUHGHO·DSSUHQDQW
LL OD PDvWULVH GH OD ODQJXH SUHPLqUH GH O·DSSUHQDQW SUpFqGH FHOOH G·XQH
ODQJXHVHFRQGH
LLL ODPDvWULVHGHODODQJXHRUDOHSUpFqGHO·DSSUHQWLVVDJHGHODOHFWXUHHWGH
O·pFULWXUHFKH]O·DSSUHQDQW
LY ODPDvWULVHG·XQHODQJXHVHFRQGHQHSHXWUpXVVLUVLO·DSSUHQDQWVRXIIUH
GHO·LQVpFXULWpOLQJXLVWLTXHGDQVVDODQJXHSUHPLqUH
/D ODQJXH SUHPLqUH UHSUpVHQWH DLQVL XQH GRQQH VWUXFWXUDQWH DXVVL ELHQ
GDQVODIRUPDWLRQSV\FKLTXHGHODSHUVRQQHTXHGDQVOHSURFHVVXVGHVD
VRFLDOLVDWLRQ(QFRQVpTXHQFHO·HQVHLJQHPHQWGHODODQJXHSUHPLqUHTXL
VH WURXYH rWUH XQH ODQJXH PLQRUpH GDQV EHDXFRXS GH SD\V GHYUDLW
QDWXUHOOHPHQW DYRLU VD SODFH GDQV OH V\VWqPH pGXFDWLI $YHF TXHO VWDWXW
TXHOOHV IRQFWLRQV HW TXHOOHV PRGDOLWpV F·HVW FH TXH QRXV DOORQV YRLU HQ
FRQVLGpUDQWXQFDVGHILJXUHO·HQVHLJQHPHQWGHO·DPD]LJKHDX0DURF
/·HQVHLJQHPHQWGHO·DPD]LJKH
/D GpFLVLRQ GH O·LQWpJUDWLRQ GH O·HQVHLJQHPHQW GH O·DPD]LJKH GDQV OH
V\VWqPHpGXFDWLIPDURFDLQHVWLQWHUYHQXHORUVGHODUHQWUpHVFRODLUH
/HFDUDFWqUHUpFHQWGHFHWWHRSpUDWLRQH[SOLTXHFRPPHQWODPLVHHQ
RHXYUHV·HVWHIIHFWXpHGDQVGHVFRQGLWLRQVTXLQHVRQWSDVRSWLPDOHVHX
pJDUG j O·DEVHQFH GH FDGUH MXULGLTXH HW RUJDQLVDWLRQQHO GH FXUULFXOXP
$KPHG%RXNRXV
VSpFLILTXHGHUHVVRXUFHVKXPDLQHVIRUPpHVHWGHVXSSRUWVSpGDJRJLTXHV
DSSURSULpV &HUWDLQV KDQGLFDSV RQW pWp pOLPLQpV G·DXWUHV SHUVLVWHQW HW
FRQWLQXHQWGHJUHYHUODTXDOLWpGHO·HQVHLJQHPHQWGHO·DPD]LJKHHWOLPLWHQW
OHVFKDQFHVGHVDJpQpUDOLVDWLRQ
3ODLGR\HUSRXUO·HQVHLJQHPHQWGHO·DPD]LJKH
1RXV SRVWXORQV VXU OD EDVH GHV DFTXLV GH OD SV\FKRSpGDJRJLH TX·LO HVW
MXGLFLHX[ HW pTXLWDEOH G·LQWURGXLUH O·DPD]LJKH GDQV OH V\VWqPH pGXFDWLI
PDURFDLQ FDU FHWWH LQWURGXFWLRQ FRQWULEXH j OD UpXVVLWH G·XQH pGXFDWLRQ
JpQpUDWULFH G·pTXLOLEUH SV\FKLTXH HW LQWHOOHFWXHO GH O·DSSUHQDQW
/·H[FOXVLRQ GH O·DPD]LJKH D HX XQ HIIHW QpJDWLI LQGpQLDEOH VXU OH FXUVXV
VFRODLUHGHVpOqYHVDPD]LJKRSKRQHV3DUPLWRXWHVOHVFDXVHVGHO·DEDQGRQ
VFRODLUH OD GLIILFXOWp G·DVVLPLODWLRQ GH OD ODQJXH LQVWLWXWLRQQHOOH RFFXSH
XQHSODFHGHFKRL[(QHIIHWO·DSSUHQDQWDPD]LJKRSKRQHHQPLOLHXUXUDO
HVWQRWDPPHQWYLFWLPHGXKDQGLFDSOLQJXLVWLTXHGDQVODPHVXUHRLOHVW
SOXVWRXFKpSDUO·pFKHFVFRODLUHTXHVRQKRPRORJXHDUDERSKRQHHWUpDOLVH
HQJpQpUDOGHPRLQVERQQHVSHUIRUPDQFHVTXHFHGHUQLHU
/HVDUJXPHQWVTXLVRXWLHQQHQWO·HQVHLJQHPHQWGHDXPR\HQGHODODQJXH
DPD]LJKHVRQWG·RUGUHSV\FKRORJLTXHSpGDJRJLTXHHWVRFLRFXOWXUHO
L VXU OH SODQ SV\FKRORJLTXH O·HQVHLJQHPHQW GH O·DPD]LJKH DVVXUH XQH
FRQWLQXLWpDIIHFWLYHHWFRJQLWLYHHQWUHO·HQYLURQQHPHQWIDPLOLDOGHO·pOqYH
HWO·LQVWLWXWLRQVFRODLUH,OFRQWULEXHDLQVLjpYLWHUOHGpFDODJHH[LVWDQWHQWUH
FHV GHX[ XQLYHUV HW TXL FRQVWLWXH SUpVHQWHPHQW XQH VRXUFH GH
G\VKDUPRQLHGDQVODPDWXUDWLRQGHODSHUVRQQDOLWpGHO·DSSUHQDQW
LL 6XUOHSODQSpGDJRJLTXHO·HQVHLJQHPHQWGHO·DPD]LJKHSHUPHW
G·pYLWHU OH SDVVDJH DEUXSW G·XQH ODQJXH HW G·XQH FXOWXUH IDPLOLqUHV j
O·DSSUHQDQW j G·DXWUHV TXL VRQW TXDVLPHQW pWUDQJqUHV j VRQ
HQYLURQQHPHQW HQ UpGXLVDQW OHV HIIHWV QpJDWLIV GH O·LQWHUODQJXH GHV
LQWHUIpUHQFHVHWJpQpUDOHPHQWO·LQVpFXULWpOLQJXLVWLTXHHWFXOWXUHOOH
G·DVVXUHU OH GpYHORSSHPHQW UDSLGH HW HIILFDFH GHV DSWLWXGHV
SV\FKRPRWULFHVHWGHVIDFXOWpVFRJQLWLYHVGHO·DSSUHQDQW
GH IDFLOLWHU O·DUWLFXODWLRQ GHV FRPSpWHQFHV DFTXLVHV GDQV O·LQVWLWXWLRQ
VFRODLUH VXU O·HQYLURQQHPHQW VRFLRFXOWXUHO SRXU XQH PHLOOHXUH
VRFLDOLVDWLRQGHO·DSSUHQDQW
'URLWVOLQJXLVWLTXHVHWpGXFDWLRQHQODQJXHVPLQRUpHVOHFDVGHO·DPD]LJKHDX0DURF
G·DVVXUHU O·DFTXLVLWLRQ JUDGXHOOH HW SURJUHVVLYH GHV VWUDWpJLHV
G·DSSUHQWLVVDJH GH OD OHFWXUH GH O·pFULWXUH GX FDOFXO HW GH OD
FRPPXQLFDWLRQ SRXU OD IDFLOLWDWLRQ GH O·DSSUHQWLVVDJH G·DXWUHV ODQJXHV HW
G·DXWUHVVDYRLUV
GH SDOOLHU OHV HIIHWV GX VHPLOLQJXLVPH DUDEHIUDQoDLV SUDWLTXp SDU OHV
DSSUHQDQWV HW TXL VH FDUDFWpULVH SDU O·LQVXIILVDQFH GX YRFDEXODLUH OD
PpGLRFULWp GH OD TXDOLWp GH O·H[SUHVVLRQ RUDOH HW GH O·H[SUHVVLRQ pFULWH
O·LQVXIILVDQFH GH OD PDvWULVH GHV IRQFWLRQV GHV ODQJXHV QRWDPPHQW DX
QLYHDXGHVUHJLVWUHVODQJDJLHUVHW
GHUHPpGLHUjODVLWXDWLRQGUDPDWLTXHGHO·pGXFDWLRQIRUPHOOHHQPLOLHX
UXUDO DPD]LJKH PDUTXpH SDU GHV WDX[ LPSRUWDQWV GH QRQVFRODULVDWLRQ
G·pFKHFHWG·DEDQGRQVFRODLUH
LLL 6XUOHSODQVRFLRFXOWXUHOO·HQVHLJQHPHQWGHO·DPD]LJKHJpQpUDOLVpjOD
SRSXODWLRQ VFRODLUH FRQWULEXH j XQ DQFUDJH VRXWHQX GH O·pOqYH GDQV OH
VRFOH GH OD PDURFDQLWp QRWDPPHQW GDQV VHV GLPHQVLRQV KLVWRULTXH
FXOWXUHOOH HW OLQJXLVWLTXH 'DQV O·pWDW DFWXHO GHV FKRVHV HQ UDLVRQ GH OD
PDUJLQDOLVDWLRQ GHV VSpFLILFLWpV FXOWXUHOOHV HW DQWKURSRORJLTXHV OLpHV j OD
PDURFDQLWpGDQVOHVFXUULFXODOHODXUpDWGXV\VWqPHpGXFDWLIFXOWLYHVLQRQ
OHVHQWLPHQWGHKDLQHGHVRLDXPRLQVODKRQWHGHVRLHWOHGpQLJUHPHQW
GH VD PDURFDQLWp /·HQVHLJQHPHQW GH O·DPD]LJKH FRPPH YpKLFXOH GH OD
PDURFDQLWpFRQWULEXHjO·DQFUDJHGHO·DSSUHQDQWGDQVVRQHQYLURQQHPHQW
,O GpFRXOH GH FH TXL SUpFqGH TXH O·LGpDO pGXFDWLI IRQGp VXU OH GURLW HW
O·pWKLTXHOHUHVSHFWGHVGURLWVOLQJXLVWLTXHVHWFXOWXUHOVGHVFRPPXQDXWpV
PLQRUpHV LQWqJUH OD ODQJXH SUHPLqUH SRXU DVVXUHU OD FRQWLQXLWp GX
GpYHORSSHPHQW SV\FKRPRWHXU DIIHFWLI HW FRJQLWLI GH O·DSSUHQDQW 6XU OD
EDVH GH FHV SULQFLSHV JpQpUDX[ YR\RQV FRPPHQW O·DPD]LJKH HVW LQVpUp
GDQV OH V\VWqPH pGXFDWLI PDURFDLQ GDQV TXHO FDGUH UpIpUHQWLHO HW VHORQ
TXHOOHVPRGDOLWpV %RXNRXV
5pIpUHQWLHOLQVWLWXWLRQQHO
/D SUHPLqUH pYRFDWLRQ GH O·HQVHLJQHPHQW ©GHV GLDOHFWHV EHUEqUHVª
UHPRQWH j XQ GLVFRXUV GX URL +DVVDQ ,, GH O·DQQpH PDLV F·HVW OD
&KDUWH GH O·(GXFDWLRQ HW GH OD )RUPDWLRQ pODERUpH SDU OD
&RPPLVVLRQVSpFLDOHGHO·(GXFDWLRQHWGHOD)RUPDWLRQPLVHVXUSLHGSDU
OH URL GpIXQW TXL D pWp OH SUHPLHU GRFXPHQW RIILFLHO GX 0DURF
LQGpSHQGDQWHQPDWLqUHGHSROLWLTXHpGXFDWLYHjHQYLVDJHUO·LQWpJUDWLRQGH
$KPHG%RXNRXV
O·DPD]LJKH GDQV OH V\VWqPH pGXFDWLI 'DQV FH GRFXPHQW O·(VSDFH ,,, HVW
UpVHUYpjO·DPpOLRUDWLRQGHODTXDOLWpGHO·pGXFDWLRQHWGHODIRUPDWLRQ/H
OHYLHU,;FRQFHUQHVSpFLILTXHPHQWOHSHUIHFWLRQQHPHQWGHO·HQVHLJQHPHQW
GH O·DUDEH OD PDvWULVH GHV ODQJXHV pWUDQJqUHV HW O·RXYHUWXUH VXU O·DPD]LJKH
/HV DUWLFOHV HW \ VRQW GpGLpV j O·DPD]LJKH ,O HVW VWLSXOp GDQV OH
SUHPLHU DUWLFOH TXH OHV DXWRULWpV SpGDJRJLTXHV UpJLRQDOHV VHORQ OHXU
DSSUpFLDWLRQ SHXYHQW LQWURGXLUH O·DPD]LJKH RX WRXWH YDULpWp ODQJDJLqUH
ORFDOHGDQVOHSUpVFRODLUHHWOHSUHPLHUF\FOHGXSULPDLUHDILQGHIDFLOLWHU
O·DSSUHQWLVVDJH GH O·DUDEH DYHF O·DSSXL GHV DXWRULWpV SpGDJRJLTXHV
QDWLRQDOHV /H VHFRQG DUWLFOH SUpYRLW OD FUpDWLRQ DX QLYHDX XQLYHUVLWDLUH
QRUPDOHPHQW GqV OD UHQWUpH GH VWUXFWXUHV GH UHFKHUFKH HW GH
GpYHORSSHPHQW GH OD ODQJXH HW GH OD FXOWXUH DPD]LJKHV DLQVL TXH GHV
VWUXFWXUHV D\DQW SRXU WkFKH OH GpYHORSSHPHQW GHV SURJUDPPHV HW GHV
FXUULFXODDLQVLTXHODIRUPDWLRQGHVIRUPDWHXUV2XWUHTX·HOOHQ·DSDVpWp
VXLYLH G·HIIHW O·DSSURFKH GH OD &KDUWH V·HVW UpYpOpH HQ ILQ GH FRPSWH
UpGXFWULFHHWQRQRSpUDWLRQQHOOHGDQVODPHVXUHRODFRQFHSWLRQTXLOXL
HVW VRXVMDFHQWH Q·DFFRUGH SDV XQH SODFH SOHLQH HW HQWLqUH j O·DPD]LJKH
GDQVO·HQVHLJQHPHQW %RXNRXV
'HV SURJUqV FRQVLGpUDEOHV RQW pWp IDLWV j OD VXLWH GH OD UHFRQQDLVVDQFH
RIILFLHOOH GH O·DPD]LJKLWp GX 0DURF HQ SDU OH URL 0RKDPPHG 9,
QRWDPPHQWOHGLVFRXUVGX7U{QHHWOHGLVFRXUVG·$MGLU$YHFODFUpDWLRQ
GH O·,QVWLWXW 5R\DO GH OD &XOWXUH $PD]LJKH ,5&$0 OD PrPH DQQpH OD
UHFRQQDLVVDQFH HW OD SURPRWLRQ GH O·DPD]LJKH GHYLHQQHQW HIIHFWLYHV (Q
HIIHW O·DUWLFOH GX 'DKLU GX RFWREUH WH[WH GH ORL TXL FUpH HW
RUJDQLVHFHWWHLQVWLWXWLRQVWLSXOHTXHO·,5&$0DSRXUPLVVLRQGHUpDOLVHU
GHV UHFKHUFKHV GDQV OH GRPDLQH GHV H[SUHVVLRQV GH OD FXOWXUH DPD]LJKH
GHSURFpGHUjGHVpWXGHVVXUODJUDSKLHG·pODERUHUOHVSURJUDPPHVHWGH
SURGXLUH OHV RXWLOV GLGDFWLTXHV QpFHVVDLUHV j O·HQVHLJQHPHQW HW j OD
IRUPDWLRQGHFRQWULEXHUDYHFOHVXQLYHUVLWpVjGpYHORSSHUODODQJXHHWOD
FXOWXUHDPD]LJKHVHWjIRUPHUOHVIRUPDWHXUV
3UDWLTXHGHO·HQVHLJQHPHQWGHO·DPD]LJKH
/D &RQYHQWLRQ TXL OLH OH0LQLVWqUH GH O·(GXFDWLRQHW O·,5&$0 GDWpH GH
MXLQ FRQVWLWXH XQ FDGUH MXULGLTXH TXL UpJOHPHQWH O·LQWURGXFWLRQ GH
O·DPD]LJKH GDQV OH V\VWqPH pGXFDWLI &RQIRUPpPHQW j FHWWH FRQYHQWLRQ
O·DPD]LJKHHVWHQVHLJQpHQWDQWTXHPDWLqUHjWRXVOHVpOqYHVPDURFDLQVj
UDLVRQ GH WURLV KHXUHV KHEGRPDGDLUHV SURJUHVVLYHPHQW GDQV WRXV OHV
'URLWVOLQJXLVWLTXHVHWpGXFDWLRQHQODQJXHVPLQRUpHVOHFDVGHO·DPD]LJKHDX0DURF
pWDEOLVVHPHQWV HW j WRXV OHV QLYHDX[ (Q YHUWX GHV RULHQWDWLRQV GX /LYUH
%ODQFGX0LQLVWqUHGHO·pGXFDWLRQO·DSSURFKHSpGDJRJLTXHDGRSWpHGDQVOD
FRQFHSWLRQ GX PDQXHO GH O·pOqYH HVW FHOOH TXL DFFRUGH OH SULPDW j OD
FRPPXQLFDWLRQRUDOHHWpFULWH/HVFRPSpWHQFHVFLEOpHVVRQWD[pHVDXWRXU
GHV SULQFLSDX[ DFWHV GH SDUROH VHUYLV SDU OHV PR\HQV OLQJXLVWLTXHV HW
UKpWRULTXHVDSSURSULpV
(Q VHORQ OHV VWDWLVWLTXHV GX 0LQLVWqUH GH O·(GXFDWLRQ WRXWHV
OHV$FDGpPLHV5pJLRQDOHVGHO·(GXFDWLRQHWGHOD)RUPDWLRQ $5() VRQW
FRQFHUQpHVSDUO·HQVHLJQHPHQWGHO·DPD]LJKHO·LQWpJUDWLRQSURJUHVVLYHGH
O·DPD]LJKGDQVOHV\VWqPHpGXFDWLIDHQUHJLVWUpGHVDFTXLVLPSRUWDQWVHQ
WHUPHV
GHWH[WHVUpJOHPHQWDLUHV QRWHVPLQLVWpULHOOHVREMHFWLIVLQVWLWXWLRQQHOV
G·HIIHFWLIV pFROHV pOqYHV HQVHLJQDQWV
LQVSHFWHXUV
GH FXUULFXOD SURJUDPPHV HW PDQXHOV VFRODLUHV GX SUpVFRODLUH j OD H
DQQpHGXSULPDLUH
GHVXSSRUWVHWG·RXWLOVGLGDFWLTXHV FRQWHVKLVWRLUHVLOOXVWUpHVHWEDQGHV
GHVVLQpHV GLFWLRQQDLUHV LPDJLHUV DOSKDEpWLTXHV HW WKpPDWLTXHV UHFXHLOV
GH FRPSWLQHV FG DXGLR &GURP pGXFDWLI HW LQWHUDFWLIV FDKLHUV GH
JUDSKLVPHFDKLHUVG·pFULWXUHFDKLHUVGHSUpPDWKpPDWLTXHVJUDPPDLUH
GHUpIpUHQFHHWOH[LTXHVFRODLUH
G·H[SpULHQFHV UpXVVLHV (FROHV FRPPXQDXWDLUHV GH OD )RQGDWLRQ
(QYLURQQHPHQWHW(GXFDWLRQpFROHVSXEOLTXHVGDQVFHUWDLQHV$5() HW
GH GLVSRVLWLIV GH IRUPDWLRQ DX QLYHDX GHV &HQWUHV GH )RUPDWLRQ GHV
,QVWLWXWHXUVGHV&HQWUHV3pGDJRJLTXHV5pJLRQDX[HWGHO·8QLYHUVLWp
/HV SUREOqPHV PDMHXUV DX[TXHOV HVW FRQIURQWp O·HQVHLJQHPHQW GH
O·DPD]LJKH UpVXOWHQW GH O·LQVXIILVDQFH GHV UHVVRXUFHV KXPDLQHV
HQVHLJQDQWVIRUPDWHXUVHWVXSHUYLVHXUVSpGDJRJLTXHVHWGHODIDLEOHVVHGH
OHXU IRUPDWLRQ IRQGDPHQWDOH HQ ODQJXH HW FXOWXUH DPD]LJKHV HW GDQV OH
GRPDLQHGHODGLGDFWLTXHGHO·DPD]LJKH3RXU\UHPpGLHUGHVVHVVLRQVGH
UHF\FODJH VRQW RUJDQLVpHV GDQV OH FDGUH GH OD IRUPDWLRQ FRQWLQXH PDLV
HOOHV VRQW HQ QRPEUH LQVXIILVDQW HW VRQW WHQXHV GH PDQLqUH LUUpJXOLqUH
&·HVW OD SULQFLSDOH FDXVH GX UDOHQWLVVHPHQW GH OD JpQpUDOLVDWLRQ GH FHW
HQVHLJQHPHQW
$KPHG%RXNRXV
/D TXHVWLRQ GH OD YDULpWp ODQJDJLqUH j HQVHLJQHU VH SRVH GH IDoRQ DLJXs
GDQV OD FRQFHSWLRQ HW OD UpDOLVDWLRQ GHV VXSSRUWV SpGDJRJLTXHV
QRWDPPHQW OH PDQXHO GH O·pOqYH )DXWLO HQVHLJQHU OHV GLDOHFWHV RX OD
ODQJXHVWDQGDUG"/HVWHUPHVGHFHWWHDOWHUQDWLYHVRQWOHVVXLYDQWV
L O·HQVHLJQHPHQW GHV GLDOHFWHV SUpVHQWH O·DYDQWDJH GH O·HPSORL G·XQ
LGLRPH SUHPLHU VSpFLILTXH j FKDTXH UpJLRQ F·HVW HQ RXWUH O·LGLRPH GH
O·HQYLURQQHPHQW VRFLRFXOWXUHO IDPLOLHU GH O·DSSUHQDQW HW GRQW O·XVDJH
VFRODLUH FRQWULEXH j DVVXUHU OHV FRQGLWLRQV GH OD VpFXULWp OLQJXLVWLTXH DX[
DSSUHQDQWVQDWLIV0DLVLOSUpVHQWHO·LQFRQYpQLHQWG·XQHSDUWG·rWUHORFDO
HWG·DXWUHSDUWGHQHSDVrWUHDSSURSULpDXFRQWH[WHXUEDLQGDQVOHTXHOLO
\DXQHPL[LWpOLQJXLVWLTXHGDQVOHVFODVVHV
LL 4XDQWjO·DYDQWDJHGHO·HQVHLJQHPHQWG·XQHYDULpWpVWDQGDUGLOUpVLGH
GDQVO·DSSUHQWLVVDJHG·XQHODQJXHQRUPDOLVpHFRPPXQHTXLWUDQVFHQGHOHV
VSpFLILFLWpVGLDOHFWDOHV/·LQFRQYpQLHQWF·HVWTXHFHWWHODQJXHVHFRQVWUXLW
SURJUHVVLYHPHQWGDQVODGXUpHjWUDYHUVGHVPHVXUHVG·DPpQDJHPHQWGHV
VWUXFWXUHVSKRQRORJLTXHVPRUSKRV\QWD[LTXHVHWGHVPHVXUHVGHFUpDWLRQ
WHUPLQRORJLTXH
/H FKRL[ IDLW SDU O·,5&$0 V·LQVSLUH GH O·DSSURFKH SRO\QRPLTXH GDQV
O·DPpQDJHPHQW GX VWDQGDUG GL 0HJOLR VG FHWWH DSSURFKH V·pFDUWH GH
O·LPSRVLWLRQ G·XQH QRUPH PRQRFHQWULTXH HW HQGRFHQWULTXH SDU
O·RXYHUWXUHVXUODYDULDWLRQGLDOHFWDOHDXVHLQGHO·DPD]LJKHHOOHFRQWULEXH
j SURGXLUH XQH ODQJXH IDLWH GH QRUPHV SDUWDJpHV /H FKRL[ IDLW SRXU
O·HQVHLJQHPHQW GH OD ODQJXH VWDQGDUG D FRQGXLW j O·DGRSWLRQ G·XQH
GpPDUFKH SURJUHVVLYH FRQFHUQDQW OD FRQFHSWLRQ GX PDQXHO $JQDRX
&·HVWDLQVLTXHOHPDQXHO7LIDZLQDWDPD]LJKWHQLYHDXDpWpUpDOLVp
HQ WURLV OLYUDEOHV JURVVR PRGR VXU OD EDVH GHV YDULpWpV GLDOHFWDOHV DYHF XQ
IRQGVFRPPXQQRWDPPHQWODWHUPLQRORJLHGLGDFWLTXHHWSpGDJRJLTXH$
SDUWLUGHODGHX[LqPHDQQpHOHPDQXHOVHSUpVHQWHHQXQOLYUDEOHXQLTXH
FRPSUHQDQWGHVDFWLYLWpVSpGDJRJLTXHVPRGXOpHVOHSULPDWDFFRUGpjOD
UpDOLWpVRFLROLQJXLVWLTXHGDQVOHEXWGHVHQVLELOLVHUjODYDULDWLRQGLDOHFWDOH
j WUDYHUV OHV DFWLYLWpV GH FRPPXQLFDWLRQ RUDOH G·DFWLYLWpV FXOWXUHOOHV HW
OXGLTXHVFqGHSURJUHVVLYHPHQWODSODFHjO·HQVHLJQHPHQWDSSUHQWLVVDJHGH
OD IRUPH QRUPDOLVpH DX PR\HQ GH OD OHFWXUH GH O·pFULWXUH HW GH OD
JUDPPDLUH /HV RXWLOV PDMHXUV GH OD QRUPDOLVDWLRQ VRQW OD JUDSKLH
O·RUWKRJUDSKH HW OD QpRORJLH OH[LFDOH (Q HIIHW TXHOOH TXH VRLW OD YDULpWp
GLDOHFWDOHO·DSSUHQDQWpFULWDXPR\HQGHODPrPHJUDSKLHHQO·RFFXUUHQFH
'URLWVOLQJXLVWLTXHVHWpGXFDWLRQHQODQJXHVPLQRUpHVOHFDVGHO·DPD]LJKHDX0DURF
O·DOSKDEHWWLILQDJKHLUFDPTXLHVWXQHJUDSKLHSKRQRORJLTXHLOUHVSHFWHOHV
PrPHVUqJOHVRUWKRJUDSKLTXHVHWGHVHJPHQWDWLRQGHO·pQRQFpHWXWLOLVHOH
PrPHYRFDEXODLUHQRXYHDX/DSURQRQFLDWLRQGHVVRQVHWGHODSURVRGLH
LQWRQDWLRQDFFHQWHWU\WKPH HVWQDWXUHOOHPHQWFRQIRUPHDX[KDELWXGHV
GHVORFXWHXUV
&RQGLWLRQVG·XQHERQQHSUDWLTXH
'DQV TXHOOH PHVXUH SRXYRQVQRXV FRQVLGpUHU O·H[SpULHQFH GH
O·HQVHLJQHPHQW GH O·DPD]LJKH FRPPH pWDQW OD PHLOOHXUH SUDWLTXH GDQV OH
GRPDLQHGHO·pGXFDWLRQHQODQJXHPLQRUpH"/HGLDJQRVWLFGHODVLWXDWLRQ
GH O·DPD]LJKH GDQV O·pGXFDWLRQ UpYqOH GHV IRUFHV HW GHV IDLEOHVVHV /HV
IRUFHV WLHQQHQW DX[ SHUIRUPDQFHV GH OD UHFKHUFKH IRQGDPHQWDOH VXU OHV
VWUXFWXUHV GH OD ODQJXH DX[ UpDOLVDWLRQV HQ PDWLqUH G·DPpQDJHPHQW GX
FRUSXV QRWDPPHQW OH OH[LTXH HW OD WHUPLQRORJLH HW j OD FRQIHFWLRQ GHV
VXSSRUWV SpGDJRJLTXHV 4XDQW DX[ IDLEOHVVHV HOOHV VRQW LPSXWDEOHV DX
IRQFWLRQQHPHQW GH OD PDFKLQH LQVWLWXWLRQQHOOH TXL JUqYH OH SURFHVVXV GH
JpQpUDOLVDWLRQ GH O·HQVHLJQHPHQW GH O·DPD]LJKH HQWUDYH OHV F\FOHV GH
IRUPDWLRQ LQLWLDOH HW GH IRUPDWLRQ FRQWLQXH GHV UHVVRXUFHV KXPDLQHV HW
LJQRUH O·LPSODQWDWLRQ GH FHWWH ODQJXH GDQV OHV PpFDQLVPHV MXULGLTXHV HW
OpJLVODWLIV1RXVGLURQVGRQFTXHO·HQVHLJQHPHQWGHO·DPD]LJKHVDQVrWUH
OD PHLOOHXUH SUDWLTXH GDQV OH GRPDLQH UHSUpVHQWH QpDQPRLQV XQH ERQQH
SUDWLTXH HQ FRPSDUDLVRQ DYHF OH VRUW IDLW j G·DXWUHV ODQJXHV PLQRUpHV j
WUDYHUVOHPRQGH
4XHOVHQVHLJQHPHQWVWLUHUGHFHWWHSUDWLTXH"
(QDPRQWDVVXUHUODFRQVWLWXWLRQQDOLVDWLRQGHODODQJXHPLQRUpH&·HVWOD
FRQGLWLRQVLQHTXDQRQGHWRXWHUHFRQQDLVVDQFHHIIHFWLYH(QVXLWHFUpHUOHV
FRQGLWLRQV GH O·LQVWLWXWLRQQDOLVDWLRQ GX SURFHVVXV GH UHYLWDOLVDWLRQ HW GH
SURPRWLRQ GH OD ODQJXH HW GH OD FXOWXUH TX·HOOH YpKLFXOH HQ OHV LQWpJUDQW
HIIHFWLYHPHQW GDQV OH V\VWqPH pGXFDWLI GDQV OHV PpGLDV DXGLR HW DXGLR
YLVXHOV HW GDQV OHV LQVWLWXWLRQV FXOWXUHOOHV (QILQ DIIHFWHU OHV PR\HQV
QpFHVVDLUHV j O·RSpUDWLRQQDOLVDWLRQ HQ PHWWDQW HQ ±XYUH XQ SODQ
SUpYLVLRQQHO UHODWLI DX[ UHVVRXUFHV KXPDLQHV TXL VRLHQW HQ PHVXUH
G·DVVXUHU OD JpQpUDOLVDWLRQ HW OD FRQWLQXLWp GH O·HQVHLJQHPHQW HQ
DPpOLRUDQWODTXDOLWpGHO·HQVHLJQHPHQWDSSUHQWLVVDJHGHODODQJXHHWGHOD
FXOWXUH TX·HOOH YpKLFXOH SDU OH GpYHORSSHPHQW GH OD UHFKHUFKH
$KPHG%RXNRXV
SpGDJRJLTXHHWGLGDFWLTXHHWO·pYDOXDWLRQGHVPpWKRGHVHWGHVDSSURFKHV
DGRSWpHV
(Q G·DXWUHV WHUPHV OHV FRQGLWLRQV GH UpXVVLWH GH O·pGXFDWLRQ HQ ODQJXH
PLQRUpH VRQW O·DGKpVLRQ GHV JURXSHV VRFLDX[ FRQFHUQpV OD YRORQWp
SROLWLTXHDXQLYHDXFHQWUDOHWUpJLRQDOODYLVLRQVWUDWpJLTXHHWODPLVHHQ
±XYUHYRORQWDULVWHHWHIILFLHQWHDXQLYHDXRSpUDWLRQQHO
5pIpUHQFHV
$*1$28 )DWLPD ©9HUV XQH GLGDFWLTXH GH O·DPD]LJKHª $VLQDJ 5DEDW
,5&$0SS
%,-(/-$&%$%,& 5DQND /·XWLOLVDWLRQ GHV ODQJXHV PDWHUQHOOHV HW QDWLRQDOHV HQ WDQW
TX·LQVWUXPHQW G·HQVHLJQHPHQW G·DOSKDEpWLVDWLRQ HW GH FXOWXUH H[SpULHQFHV GDQV GHV SD\V HQ
GpYHORSSHPHQWG·$IULTXHHWG·$VLH3DULV81(6&2
%28.286 $KPHG ©/DQJXH SUHPLqUH HW pGXFDWLRQª /DQJXDJH /DQJXDJHV /D
ODQJXHOHVODQJXHV&DVDEODQFD)RQGDWLRQ=DNRXUD(GXFDWLRQSS
%28.286 $KPHG ©/H FKDPS ODQJDJLHU GLYHUVLWp HW VWUDWLILFDWLRQª $VLQDJ
5DEDW,5&$0SS
%28.286 $KPHG ©/·DPD]LJKH GDQV OD &KDUWHGH O·(GXFDWLRQ HW GH OD
)RUPDWLRQXQHLQWpJUDWLRQWLPRUpHª3URORJXHV&DVDEODQFDSS
'( 9$5(11(6 )HUQDQG ©/DQJXDJH 5LJKWV $FNQRZOHGJHPHQW 3URJUHVV DQG
&KDOOHQJHVLQ(GXFDWLRQªLQ$*5(67,*LRYDQQLHW%,(1.2:6.,)UpGpULF 7H[WHV
UpXQLVSDU /HVGURLWVOLQJXLVWLTXHVGURLWjODUHFRQQDLVVDQFHGURLWjODIRUPDWLRQ$FWHVGHV
GHX[LqPHV -RXUQpHV GHV GURLWV OLQJXLVWLTXHV 7HUDPR PDL 5RPH
$UDFQH ©/LQJXHG·(XURSDHWGHO0HGLWHUUDQHRª SS
', 0(*/,2 $ODLQ 6G ©/D &RUVH FRPPH ODERUDWRLUH GH OD GLGDFWLTXH GHV ODQJXHV
PLQRUpHVLGHQWLWpGHO·HQVHLJQHPHQWGXFRUVHHWHQVHLJQHPHQWGHO·LGHQWLWpFRUVHª
(XULVOHV/·,OHODERUDWRLUH(GWLRQV$ODLQ3LD]]ROD
5,63$,/ 0DULHOOH pG /·HQVHLJQHPHQW GHV ODQJXHV PDWHUQHOOHV /H FDV GH O·DPD]LJKH
3DULV/·+DUPDWWDQ
52<$80( '8 0$52& &KDUWH 1DWLRQDOH G·(GXFDWLRQ HW GH )RUPDWLRQ 5DEDW
&RPPLVVLRQ6SpFLDOH(GXFDWLRQ)RUPDWLRQ
6.871$%%.$1*$67RYHHW3+,//,36215REHUW pGV /LQJXLVWLF+XPDQ5LJKWV
2YHUFRPLQJ/LQJXLVWLF'LVFULPLQDWLRQ7KH+DJXH0RXWRQGH*UX\WHU
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKH
UHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
$wFKD%RXKMDU
,QVWLWXW5R\DOGH&XOWXUH$PD]LJKH5DEDW
'HSXLV OD FUpDWLRQ GH O·,QVWLWXW 5R\DO GH OD &XOWXUH $PD]LJKH ,5&$0 DX 0DURF OH RFWREUH
GHV DYDQFpHV RQW pWp HQUHJLVWUpHV HQ PDWLqUH G·DPpQDJHPHQW GH OD ODQJXH DPD]LJKH EHUEqUH
5pVHUYpH MXVTX·DORUV DX GRPDLQH GH O·LQIRUPHO HW SUpVHQWH VRXV IRUPHV GH GLDOHFWHV RUDX[ SUqV G·XQH
GL]DLQHG·DQQpHVG·XQHLQWHQVHDFWLYLWpGHO·,5&$0RQWSHUPLVOHSDVVDJHjO·pFULWSDUO·pODERUDWLRQHW
OD SXEOLFDWLRQ GHV SUHPLHUV RXYUDJHV GH UpIpUHQFH j YLVpH VWDQGDUGLVDQWH VDQV OHVTXHOV O·LQVHUWLRQ GH OD
ODQJXH DPD]LJKH GDQV OH GRPDLQH SXEOLF Q·DXUDLW SX VH IDLUH QRWDPPHQW GDQV O·HQVHLJQHPHQW GqV
VHSWHPEUH&HSHQGDQWVLO·HQVHLJQHPHQWG·XQHODQJXHH[LJHELHQVRXYHQWGHVUqJOHVHWQRUPHVELHQ
pWDEOLHVOHUHVSHFWGHVYDULDQWHVUpJLRQDOHVHVWWRXWDXVVLSULPRUGLDODILQTXHWRXVOHVORFXWHXUVSXLVVHQWVH
©UHWURXYHUªHWDGRSWHUDLQVLXQPrPHFRGHpFULWjO·pFKHORQQDWLRQDO$SUqVXQHGHVFULSWLRQVRPPDLUH
GH OD VLWXDWLRQ VRFLROLQJXLVWLTXH GX 0DURF HW XQH EUqYH SUpVHQWDWLRQ GH OD ODQJXH DPD]LJKH FHWWH
FRQWULEXWLRQ H[SRVH OD VWUDWpJLH DGRSWpH SDU O·,5&$0 HQ PDWLqUH G·DPpQDJHPHQW GX FRUSXV GH OD
ODQJXHjSDUWLUGHO·H[HPSOHGHODJUDSKLH
'DOODFUHD]LRQHGHOO·,VWLWXWR5HDOHGHOOD&XOWXUD$PD]LJKH ,5&$0 LQ0DURFFRLORWWREUH
GLYHUVL SURJUHVVL VRQR VWDWL UHJLVWUDWL LQ PDWHULD GL SLDQLILFD]LRQH GHOOD OLQJXD DPD]LJKH EHUEHUD
&LUFRVFULWWDILQRDGDOORUDDLGRPLQLLQIRUPDOLHSUHVHQWHVRWWRIRUPDGLGLDOHWWLRUDOLXQDGHFLQDGLDQQL
G·LQWHQVDDWWLYLWjGHOO·,5&$0KDQQRSHUPHVVRLOSDVVDJJLRDOODVFULWWXUDDWWUDYHUVRO·HODERUD]LRQHHOD
SXEEOLFD]LRQHGHOOHSULPHRSHUHGLULIHULPHQWRYROWHDOODVWDQGDUGL]]D]LRQHVHQ]DOHTXDOLO·LQVHULPHQWR
GHOOD OLQJXD DPD]LJKH QHOOD VIHUD SXEEOLFD QRQ DYUHEEH SRWXWR UHDOL]]DUVL VHJQDWDPHQWH
QHOO·LQVHJQDPHQWRVLQGDOVHWWHPEUH7XWWDYLDVHO·LQVHJQDPHQWRGLXQDOLQJXDHVLJHPROWRVSHVVR
UHJROH H QRUPH EHQ GHILQLWH LO ULVSHWWR GHOOH YDULDQWL UHJLRQDOL q DOWUHWWDQWR HVVHQ]LDOH DIILQFKp WXWWL L
ORFXWRUL YL VL SRVVDQR ´ULWURYDUHµ H DGRWWDUH GL FRQVHJXHQ]D XQ PHGHVLPR FRGLFH VFULWWR D OLYHOOR
QD]LRQDOH 'RSR XQD GHVFUL]LRQH VRPPDULD GHOOD VLWXD]LRQH VRFLROLQJXLVWLFD GHO 0DURFFR H XQD EUHYH
SUHVHQWD]LRQHGHOODOLJQXDDPD]LJKHLOQRVWURFRQWULEXWRHVSRQHODVWUDWHJLDDGRWWDWDGDOO·,5&$0LQ
PDWHULDGLSLDQLILFD]LRQHGHOFRUSXVGHOODOLQJXDDSDUWLUHGDOO·HVHPSLRGHOODJUDILD
6LWXDWLRQVRFLROLQJXLVWLTXHGX0DURF
$X 0DURF OD GLYHUVLWp OLQJXLVWLTXH HVW XQH FRQVWDQWH SXLVTXH SOXVLHXUV
ODQJXHVVHF{WRLHQWDXTXRWLGLHQDYHFSOXVRXPRLQVODPrPHLQWHQVLWpDX
VHLQ GH OD SRSXODWLRQ GDQV WRXWHV OHV UpJLRQV GX SD\V HW GDQV WRXV OHV
GRPDLQHV HW XVDJHV VRFLDX[ GHV ODQJXHV FRPPH QRXV OH PRQWUHQW OHV
SDUDJUDSKHVTXLVXLYHQW
3RXUGHSOXVDPSOHVGpWDLOVYRLU%RXNRXV
$wFKD%RXKMDU
3OXULOLQJXLVPHGHIDLW
(Q HIIHW OH 0DURF j O·LQVWDU GHV DXWUHV SD\V GX 0DJKUHE FRQQDvW XQH
VLWXDWLRQ VRFLROLQJXLVWLTXH R OH FRQWDFW GHV ODQJXHV HVW RPQLSUpVHQW
SXLVTX·LOVHVLQJXODULVHSDUODSUpVHQFHGHGHX[ODQJXHVQDWLRQDOHVO·DUDEH
ODQJXH HWYDULDQWHV HW O·DPD]LJKH ODQJXH HW YDULDQWHV GLDOHFWDOHV HW GH
GHX[ ODQJXHV pWUDQJqUHV IUDQoDLV HW HVSDJQRO &HV GLYHUVHV ODQJXHV
GRQQpHV FLGHVVRXV GDQV O·RUGUH DOSKDEpWLTXH RFFXSHQW GHV IRQFWLRQV
VRFLROLQJXLVWLTXHVGLVWLQFWHV
/·DPD]LJKH GX 0DURF EHUEqUH VH UpSDUWLW HQ WURLV YDULpWpV UpJLRQDOHV
DYHF GDQV OH 1RUG OH WDULILWH GDQV OH 0R\HQ$WODV OH WDPD]LJKWH HW DX
6XG2XHVWHWGDQVOH+DXW$WODVOHWDFKHOKLWH&HWWHODQJXHTXLLO\DSHX
pWDLW H[FOXVLYHPHQW UpVHUYpH DX GRPDLQH IDPLOLDO RX LQIRUPHO HQWUH SDLUV
GX PrPH JURXSH D pWp LQWURGXLWH GDQV OH V\VWqPH pGXFDWLI GHSXLV
VHSWHPEUH 8Q DPD]LJKH VWDQGDUG HQ XVDJH GDQV O·HQVHLJQHPHQW
HVW HQ FRXUV G·pODERUDWLRQ JUDSKLH QRUPDOLVpH RUWKRJUDSKH VWDELOLVpH
OH[LTXHVHWJUDPPDLUHGLVSRQLEOHV
/·DUDEH FODVVLTXH GLW ©VWDQGDUGª $& HVW ©OD ODQJXH QRUPDOLVpH OD
ODQJXH RIILFLHOOH OD ODQJXH GH OD UHOLJLRQ OD ODQJXH GX SRXYRLU H[pFXWLI
OpJLVODWLIHWMXULGLTXH >«@3DUPLFHVGRPDLQHVF·HVWOHGRPDLQHUHOLJLHX[
TXL GRQQH SOXV j O·DUDEH VWDQGDUG VRQ VWDWXW SUHVWLJLHX[ >«@F·HVW OD
ODQJXHVDFUpHª 6DGLTL
/·DUDEH GLDOHFWDO PDURFDLQ $'0 HVW XWLOLVp GDQV OHV FRQYHUVDWLRQV
LQIRUPHOOHV PDLV VHUW pJDOHPHQW GH OLQJXD IUDQFD FH TXL OXL FRQIqUH XQ
VWDWXW SDUWLFXOLHU TXL WHQG j HQ IDLUH OD ODQJXH QDWLRQDOH GX SD\V
SXLVTX·HOOH HVW XWLOLVpH SDU SUqV GH GH OD SRSXODWLRQ PDURFDLQH FI
VWDWLVWLTXHV LQIUD (OOH VH SUpVHQWH VRXV GLYHUVHV YDULDQWHV UpJLRQDOHV
%HQKDOODP HW 'DKEL %HQKDOODP PDLV FH IDLW Q·HQWUDYH SDV
O·LQWHUFRPSUpKHQVLRQ
$ILQ GH FRQWULEXHU j O·LPSODQWDWLRQ GX WHUPH G·RULJLQH HQGRJqQH ©DPD]LJKHª HW
SDU Oj j OD VXEVWLWXWLRQ SURJUHVVLYH GX WHUPH H[RJqQH ©EHUEqUHª QRXV XWLOLVHURQV HQ
IUDQoDLV OH WHUPH ©DPD]LJKHª SURSRVp SDU %RXNRXV HW IRUJp j SDUWLU GH
©WDPD]LJKWHª PRW DWWHVWp HW HQ XVDJH SDU OHV ORFXWHXUV SRXU GpVLJQHU OD ODQJXH HQ
TXHVWLRQ
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
(QILQ O·DUDEH PDURFDLQ PRGHUQH $00 IRUPH LQWHUPpGLDLUH LVVXH GH
O·K\EULGDWLRQGHO·$'0HWGHO·$&HVWXWLOLVpSRXU©O·pFKDQJHIRUPHODYHF
OHV pWUDQJHUV DUDERSKRQHV HW O·pFKDQJH VDQV FRQQRWDWLRQ DIIHFWLYH RX
LQWLPHHWRXVHUpIpUDQWDX[GRPDLQHVGXPRQGHPRGHUQHª&HFLGpILQLW
HQ SDUWLFXOLHU OD ODQJXH HQ XVDJH GDQV OHV PpGLDV <RXVVL HW
©PDUTXHHQIDLWDXMRXUG·KXLQRQVHXOHPHQWDX0DURFPDLVGDQVG·DXWUHV
SD\VDUDERSKRQHVOHVGLVFRXUVSOXVRXPRLQVIRUPHOVOHVSOXVGLYHUVGH
ORFXWHXUV j VFRODULWp DYDQFpH RX GHV VSpFLDOLVWHVµ GH OD SDUROH
SURIHVVHXUV pFULYDLQV MRXUQDOLVWHV FRQIpUHQFLHUV UHVSRQVDEOHV
DGPLQLVWUDWLIVSROLWLTXHVHWFª $NRXDRX
&HVWURLVYDULpWpVG·DUDEH $&$'0HW$00 HQWUHWLHQQHQWXQUDSSRUW
©WULJORVVLTXHª GpILQL SDU <RXVVL FRPPH ©XQH VSpFLDOLVDWLRQ
IRQFWLRQQHOOH WULODWpUDOHª $XWUHPHQW GLW FHV WURLV IRUPHV V·DSSURSULHQW
FKDFXQHGHVGRPDLQHVG·HPSORLGLVWLQFWVHWHQWUHQWGDQVXQHUHODWLRQGH
FRPSOpPHQWDULWpIRQFWLRQQHOOH
$FHVODQJXHVQDWLRQDOHVV·DMRXWHQWOHVGHX[ODQJXHVpWUDQJqUHVLPSRVpHVj
ODSRSXODWLRQPDURFDLQHGXUDQWOHVSURWHFWRUDWVHVSDJQROHWIUDQoDLV(Q
HIIHW RQ FRQVWDWH WRXW G·DERUG TXH O·HVSDJQRO ( HVW HQ QHWWH SHUWH GH
YLWHVVH VXU O·HQVHPEOH GX WHUULWRLUH PDURFDLQ KRUPLV GDQV OH QRUG GX
0DURF R VH WURXYHQW GHSXLV OHV HQFODYHV GH &HXWD HW GH0HOLOOD
DX[ H[WUrPHV 2XHVW HW (VW UHVSHFWLYHPHQW /HV YLOOHV GH 1DGRU G·XQH
SDUW HW GH 7DQJHU HW 7pWRXDQ G·DXWUH SDUW VRQW GH FH IDLW HQFRUH
IRUWHPHQW LPSUpJQpHV GH OD FXOWXUH KLVSDQLTXH SXLVTXH OHV SRSXODWLRQV
VHSWHQWULRQDOHVFDSWHQWDYHFXQHDQWHQQHRUGLQDLUHWRXWHVOHVpPLVVLRQV
WpOpYLVpHVHQSURYHQDQFHGHODSpQLQVXOHLEpULTXH
/H IUDQoDLV ) SDU FRQWUH HVW HQFRUH WUqV SUpVHQW DX 0DURF FRQVLGpUp
FRPPH ODQJXH ©VHFRQGHª 6DGLTL LO D FRXYHUW GXUDQW OD
GRPLQDWLRQIUDQoDLVHWRXWHVOHVIRQFWLRQVVRFLROLQJXLVWLTXHVjO·H[FHSWLRQ
WRXWHIRLV GHV LQVWLWXWLRQV UHOLJLHXVHV LVODPLTXHV *UDYHO
$FWXHOOHPHQWLOHVWpFULW OXHWSDUOp SDUSOXVGHGHODSRSXODWLRQFH
TXLWpPRLJQHGHVDYLWDOLWp YRLULQIUDOHVFKLIIUHVGXGHUQLHUUHFHQVHPHQW
GH ,O MRXLW HQ RXWUH G·XQ VWDWXW SULYLOpJLp DXSUqV GH OD SRSXODWLRQ
SXLVTX·LO©YpKLFXOHODPRGHUQLWpO·RXYHUWXUHOHVDYRLUHWOHVDYRLUIDLUHª
6DGLTL
$wFKD%RXKMDU
'RQQpHVGpPROLQJXLVWLTXHV
/H GHUQLHU UHFHQVHPHQW GH OLYUH OHV UpVXOWDWV VXLYDQWV SRXU OHV
ODQJXHVXWLOLVpHVjO·pFULWSDUODSRSXODWLRQPDURFDLQHkJpHGHSOXVGHGL[
DQV
7DEOHDX/DQJXHVpFULWHVDX0DURF
0DVFXOLQ )pPLQLQ 7RWDO
/DQJXHVpFULWHV
$UDEHVWDQGDUG
$UDEHIUDQoDLV
$UDEHIUDQoDLVDXWUHV
$UDEHDXWUHV IUDQoDLV
$XWUHVODQJXHV
/HV FKLIIUHV LQGLTXHQW TXH OD SRSXODWLRQ OHWWUpH HVW PDMRULWDLUHPHQW
ELOLQJXHDUDEHIUDQoDLV SUqVGHOLJQHVHWFRQIRQGXHV
6HORQOHUHFHQVHPHQWGHOHVODQJXHVORFDOHVXWLOLVpHV DUDEHGLDOHFWDO
HWDPD]LJKH VHUpSDUWLVVHQWFRPPHVXLW
7DEOHDX/DQJXHVORFDOHVXWLOLVpHV
0DVFXOLQ
)pPLQLQ
7RWDO
$UDEHGLDOHFWDO
$PD]LJKH
/DQJXHV
/HVUpVXOWDWVPRQWUHQWO·XVDJHSUpGRPLQDQWGHO·DUDEHGLDOHFWDOSDUSOXVGH
GHV 0DURFDLQV FH TXL FRQILUPH VRQ VWDWXW GH OLQJXD IUDQFD SDUPL OD
SRSXODWLRQ
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
'RPDLQHVHWXVDJHVVRFLDX[GHVODQJXHVHQSUpVHQFH
&LGHVVRXV VRQW UHSULV OHV UpVXOWDWV FRPPXQpPHQW OLYUpV SDU OHV
UHFKHUFKHV VRFLROLQJXLVWLTXHV SRXU FH TXL D WUDLW DX[ GRPDLQHVHW XVDJHV
VRFLDX[ GHV ODQJXHV DX 0DURF 1H GLVSRVDQW SDV GH FKLIIUHV RIILFLHOV HQ
WHUPH GH WDX[ G·XVDJH VHORQ FHV GHX[ SDUDPqWUHV OHV ODQJXHV QDWLRQDOHV
VRQWpQXPpUpHVGDQVO·RUGUHDOSKDEpWLTXH
'RPDLQHVG·XVDJHGHVODQJXHV
•
•
•
•
•
2UDO
*UDSKLTXH
$GPLQLVWUDWLRQ
(QVHLJQHPHQW
'LVFRXUVFRQIpUHQFHV
$$&$'$00)
$$&)(
$$&$')
$$&)($QJ$OO
$$&$')$QJ(
8VDJHVVRFLDX[GHVODQJXHV
•
•
•
•
•
•
•
•
•
5DGLR
7pOpYLVLRQ
&LQpPDYLGpR
7KpkWUH
eGLWLRQ
3UHVVHpFULWH
%DQTXH
&KDQVRQ
3XEOLFLWp
$$&$')(
$$&$')(
$$&$')
$$&$')
$$&)$'
$$&$')
$$&$')
$$&$')
$$&$')
/HVGRQQpHVH[SRVpHVFRUURERUHQWFHTXHWRXWXQFKDFXQSHXWFRQVWDWHU
LQYLYRVXUOHWHUUDLQODFRH[LVWHQFHGHSOXVLHXUVODQJXHVHWYDULDQWHVGDQV
WRXV OHV GRPDLQHV HW XVDJHV VRFLDX[ UHFHQVpV 2Q SHXW QpDQPRLQV
UHPDUTXHUTX·DSUqVO·LQWURGXFWLRQGHODODQJXHDPD]LJKHGDQVOHV\VWqPH
pGXFDWLI QDWLRQDO HQ VHSWHPEUH XQH WpOpYLVLRQ QDWLRQDOH
PDMRULWDLUHPHQWHQODQJXHDPD]LJKH OD79 DYXOHMRXUOHHUPDUV
/pJHQGH $ DPD]LJKH JpQpUDOHPHQW GDQV VHV YDULDQWHV H[FHSWp GDQV
O·HQVHLJQHPHQW GRQW OH VWDQGDUG HQ FRQVWUXFWLRQ HVW j HQYLVDJHU VXU OD GXUpH $&
DUDEHFODVVLTXH$' DUDEHGLDOHFWDO$00 DUDEHPDURFDLQPRGHUQH) IUDQoDLV(
HVSDJQRO$QJ DQJODLV$OO DOOHPDQG
$wFKD%RXKMDU
/·H[WHQVLRQGHVGRPDLQHVG·HPSORLGHODODQJXHDPD]LJKHGDQVODVSKqUH
SXEOLTXH VH IDLW GRQF OHQWHPHQW PDLV VUHPHQW DX 0DURF GHSXLV OD
FUpDWLRQHQGHO·,5&$0
/DQJXHDPD]LJKHEUqYHSUpVHQWDWLRQ
+LVWRULTXHPHQWODODQJXHDPD]LJKHHVWPHPEUHGHODIDPLOOHGHVODQJXHV
FKDPLWRVpPLWLTXHVRXDIURDVLDWLTXHVHWHVWDWWHVWpHGHSXLVO·DQWLTXLWp
6XU OH SODQ JpRJUDSKLTXH O·DPD]LJKHFRXYUH GH PDQLqUH GLVFRQWLQXH XQ
WHUULWRLUH H[WUrPHPHQW YDVWH GH O·$IULTXH GX 1RUG TXL V·pWHQG GHV ,OHV
&DQDULHVjO·RDVLVGH6LZDHQ(J\SWHGDQVOHQRUGHWGpOLPLWpDXVXGSDU
UpJLRQGX6DKHOOH1LJHUOH0DOL
&DUWHGH<YHV-DUGLQHW3KLOLSSH5HNDFHZLF]³GpFHPEUH
6RXUFHZZZPRQGHGLSORPDWLTXHIUFDUWHVEHUEHUHV
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
/LQJXLVWLTXHPHQW RQ FRQVWDWH OD SUROLIpUDWLRQ GH GLDOHFWHV GXV j GHV
IDFWHXUV KLVWRULTXH JpRJUDSKLTXH HW VRFLROLQJXLVWLTXH $X 0DURF R OD
ODQJXHDPD]LJKHHVW OD SOXV SDUOpH OHVHVWLPDWLRQV GRQQHQW OH FKLIIUH GH
GRX]H PLOOLRQV GH ORFXWHXUV PDURFDLQV RQ GpQRPEUH WURLV JUDQGV
GLDOHFWHVOHWDULILWHRXDPD]LJKHGXQRUGOHWDPD]LJKWHRXDPD]LJKHGX
FHQWUHHWOHWDFKHOKLWHRXDPD]LJKHGXVXG
$PpQDJHPHQWGHO·DPD]LJKHDX0DURF
$X 0DURF OH VWDWXW GH OD ODQJXH DPD]LJKH D FKDQJp GHSXLV OH 'LVFRXUV
UR\DO G·$MGLU GX RFWREUH MXVTX·DORUV DEVHQWH GH OD VFqQH
SXEOLTXH HOOH GHYLHQW XQH ©DIIDLUH QDWLRQDOHª HW FRQFHUQH WRXV OHV
FLWR\HQVVRLWSOXVGHWUHQWHPLOOLRQVGHSHUVRQQHV/·,5&$0TXLDSRXU
PLVVLRQODSUpVHUYDWLRQODYDORULVDWLRQHWODSURPRWLRQGHODODQJXHHWGH
OD FXOWXUH DPD]LJKHV D VLJQp GH QRPEUHXVHV FRQYHQWLRQV DYHF GHV
LQVWLWXWLRQV SXEOLTXHV DILQ G·LQWURGXLUH OD ODQJXH DPD]LJKH GDQV OH
GRPDLQHSXEOLF/HVSUHPLqUHVFRQYHQWLRQVFRQFHUQHQW
OHMXLQDYHFOH0LQLVWqUHGHO·(GXFDWLRQ1DWLRQDOH
OHMXLOOHWDYHFOH0LQLVWqUHGHOD&RPPXQLFDWLRQ
&HVGHX[FRQYHQWLRQVRQWSHUPLVO·LQWpJUDWLRQGHODODQJXHDPD]LJKHGDQV
O·HQVHLJQHPHQW VHSWHPEUH HW OHV PpGLDV SDU OD FUpDWLRQ G·XQH
FKDvQH QDWLRQDOH DPD]LJKH OH ODQFHPHQW GHV pPLVVLRQV D HX OLHX
RIILFLHOOHPHQWOHHUPDUV
&HSHQGDQW FHV GpFLVLRQV TXL RQW WUDLW j O·DPpQDJHPHQW GX VWDWXW GH OD
ODQJXHQ·HQVRQWSDVPRLQVWULEXWDLUHVGHO·DPpQDJHPHQWGXFRUSXVGHOD
ODQJXH (Q HIIHW O·LQWpJUDWLRQ GH OD ODQJXH DPD]LJKH HQ WDQWTXH ODQJXH
HQVHLJQpHGDQVOHV\VWqPHpGXFDWLIDJUDQGHPHQWpWpFRQGLWLRQQpHSDUOD
SURGXFWLRQGHVSUHPLHUVPDQXHOVVFRODLUHVpODERUpVjSDUWLUGHVGLDOHFWHV
GDQVXQFRGHpFULWFRPPXQHWSDUWDJpSDUWRXVOHVDSSUHQDQWV YSRXUGH
SOXVDPSOHVGpWDLOV$PHXUHWDO
'HO·RUDOjO·pFULW
/H SDVVDJH D O·pFULW G·XQH ODQJXH MXVTXH Oj SUHVTXH H[FOXVLYHPHQW RUDOH
QpFHVVLWH HQ HIIHW XQ V\VWqPH JUDSKLTXH TXL SXLVVH UHQGUH WRXWHV OHV
YDULDQWHV GH O·DPD]LJKH SDUOp DX 0DURF O·pODERUDWLRQ G·XQH JUDSKLH
$wFKD%RXKMDU
QRUPpH HVW OD SUHPLqUH DFWLRQ LQVFULWH DX SURJUDPPH GX &HQWUH GH
O·$PpQDJHPHQW /LQJXLVWLTXH &$/ GH O·,5&$0 8Q GRVVLHU WHFKQLTXH
GHYDQWDLGHUjODSULVHGHGpFLVLRQGXFKRL[GHODJUDSKLHDpWpSUpVHQWp
VDFKDQWTXHWURLVV\VWqPHVJUDSKLTXHVH[LVWHQWSRXUpFULUHO·DPD]LJKH
ODJUDSKLHDUDEHODUJHPHQWXWLOLVpHSDUOHVFOHUFVHWSRqWHVGDQVOH
PRQGHUXUDO
OD JUDSKLH ODWLQH XWLOLVpH SDUWLFXOLqUHPHQW SDU OHV DPD]LJKLVDQWV
EHUEpULVDQWV GHSXLVOHVSUHPLHUVWUDYDX[GHVPLVVLRQQDLUHV
OH WLILQDJKH XQ V\VWqPH G·pFULWXUH DQFHVWUDO SUpVHUYp SDU OHV
7RXDUHJV HW GRQW OD WUDQVPLVVLRQ GHSXLV O·$QWLTXLWp HVW
HVVHQWLHOOHPHQWDVVXUpHSDUOHVIHPPHV
8QHpWXGHGHFKDFXQHGHFHVJUDSKLHVDSHUPLVGHIDLUHUHVVRUWLUTXHWRXW
V\VWqPH G·pFULWXUH SRXYDLW VHUYLU GH VXSSRUW JUDSKLTXH SRXU UHQGUH OD
ODQJXHDPD]LJKHWHOOHTX·HOOHVHWURXYHSUDWLTXpHGHQRVMRXUVDX0DURF
PR\HQQDQWXQDPpQDJHPHQWIRQGpVXUGHVSULQFLSHVHWGHVFULWqUHVFHV
GHUQLHUVDSSOLTXpVjODJUDSKLHWLILQDJKHJUDSKLHRIILFLHOOHDX0DURFSRXU
pFULUHO·DPD]LJKHGHSXLVOHIpYULHUVRQWH[SRVpVFLDSUqV
8QH[HPSOHG·DPpQDJHPHQWOLQJXLVWLTXHODJUDSKLHWLILQDJKHDX0DURF
/HWLILQDJKHHVWOHV\VWqPHG·pFULWXUHDPD]LJKHLOWLUHVRQRULJLQHGXYLHLO
DOSKDEHW OLE\TXH HW VDKDULHQ XWLOLVp GHSXLV OH 9,H VLqFOH DYDQW O·qUH
FKUpWLHQQH &DPSV SDU OHV SRSXODWLRQV GH O·$IULTXH GX 1RUG GX
6DKHOHWGHV,OHV&DQDULHV8QHpWXGHH[KDXVWLYHGHVGLIIpUHQWHVYDULDQWHV
GHV WLILQDJKHV GHV JUDYXUHV UXSHVWUHV DX[ SROLFHV QpRWLILQDJKHV D pWp
HQWUHSULVH DX VHLQ GX &$/ (OOHV RQW pWp UHJURXSpHV VHORQ TX·HOOHV
DSSDUWLHQQHQWDX[YDULDQWHVDQFLHQQHVRXDFWXHOOHV
/HVYDULDQWHVDQFLHQQHVFRPSUHQQHQW
OHOLE\TXHRULHQWDO QRUGGHOD7XQLVLHHWODSDUWLHDOJpULHQQHTXLOXL
HVWYRLVLQH
OHOLE\TXHRFFLGHQWDO 0DURFHWRXHVWDOJpULHQ
OHVDKDULHQDQFLHQ VXGDOJpULHQ0DOL1LJHUHW/LE\H
8Q WDEOHDX FRPSDUDWLI 7DEOHDX FRQoX j SDUWLU GH OD FRUUHVSRQGDQFH
SKRQpWLTXH GHV JUDSKqPHV GH FKDTXH YDULDQWH D SHUPLV GH GpJDJHU OHV
FRQYHUJHQFHVHWOHVGLYHUJHQFHV
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
7DEOHDX/HVWURLVYDULDQWHVDQFLHQQHVGXOLE\TXHWLILQDJKH
Valeur
a
Libyque oriental
²
Libyque occidental
•
Saharien ancien
•
b
;\
V\
g
ඥ໔໌x
ඥª͉¨
ඦටຓດw,Ԙ
Ոӡ
{͉z͉F͉Ó
Ո
|͉}
ՈՉՄՅնշ
~͉͉{͉z
րf
s
f
͉
͉!
w
w
͉ Ԙ֤
Ź
l
ö
/O
/O
m
ՅԸ
Յ±!
Չ
n
Ʈ³
Ʈ
³
fჱ
fჱ
fჱ
Ԙൗw͉©
w
Ԙൗี
gw
d
ૃ
f
k
kw
h
Ģ
ҽ
x
q
[ր
s "͉t
͉!
r͉u͉v
i
u
r
͉ ]ä
s
Qվ
QրF
ଙ
Ì͉Í
ȉ
t
ÅŐ
hx
ଣ
w
{͉z Ő ͉Ĵ
ÆŐ{
x
}͉|
hx
{͉z͉Ô͉~͉
ൖ:
y
z
Ü
Ü͉]͉Ý
Ü͉]͉Ý͉å͉ä
²
m
²
m͉Ȏ
m
γ
Ċ͉
$wFKD%RXKMDU
/D PrPH GpPDUFKH D pWp PLVH j FRQWULEXWLRQ SRXU OHV GLIIpUHQWHV
YDULDQWHVGXWLILQDJKHDFWXHO
OHVYDULDQWHVGXWLILQDJKHWRXDUqJXH 7DEOHDX HQXVDJHGDQVOHV
WULEXV WRXDUqJXHV VRQW QRPEUHXVHV QRXV HQ UHWHQRQV OHV
VXLYDQWHV $KDJJDU *KDW $GUDU $\HU ,ZHOPHGDQ HW 7DQVOHPW
YGH)RXFDXOG3UDVVH
OHV YDULDQWHV GX QpRWLILQDJKH 7DEOHDX XWLOLVpHV SDU OHV
SULQFLSDOHV DVVRFLDWLRQV FXOWXUHOOHV DPD]LJKHV /H QpRWLILQDJKH
GpVLJQH VXUWRXW OD YDULDQWH GH WLILQDJKH GpYHORSSpH j OD ILQ GHV
DQQpHVSDUO·$FDGpPLH%HUEqUH $JUDZ,PD]LJKHQ$, VXU
ODEDVHGHVYDULDQWHVWRXDUqJXHV,OHVWODUJHPHQWGLIIXVpDX0DURF
HW HQ $OJpULH .DE\OLH /H QpRWLILQDJKH HQJOREH pJDOHPHQW
TXHOTXHV YDULDQWHV YHQXHV GpYHORSSHU RX FRUULJHU FHUWDLQHV
LPSHUIHFWLRQV GH O·DOSKDEHW GH O·$FDGpPLH %HUEqUH &·HVW OH FDV
GHV YDULDQWHV GH 7DPD]JKD 7DP )XV GHJ ZIXV )) $UDELD
:DUH %HQHOX[ $ZE $PD]LJK $PD 7LIDZW 7LI 7LILQDJK
$JUDZ 7LIDJ 7DVDIXW 7DV 7DPXQW 7DQ 7DPD]LJKW 7D]
7DPDJLW 7DJ 7DZL]D 7DZ $JDGLU2·IOOD $JRI
7DEOHDX/HVYDULDQWHVGXWLILQDJKHWRXDUqJXHDFWXHO
Valeur
Ahaggar
Ghat
Adrar
Ayer
Iwelmeda
n
Tanslemt
͉e
Ķ
¥͉ʒ͉¤͉©͉ ©
e
©
Ķ
¬
ƚ͉Ķ͉¡
©͉¬
ÛÛ
ՈՉնշ
Ո
շ
Ő
Ő
Ő
a
b
g
gw
d
ૃ
f
k
kw
h
Ģ
ҽ
Hf L
շ
շ
ӊ
Ő
Ő
Hf͉ L
v
v
v
f
v
v
v
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
Valeur
Ahaggar
Ghat
Adrar
Ayer
Iwelmeda
n
Tanslemt
x
q
i
º͉¯
º
º
º
….
º
¯
.
N
N
N
N
N
Յ
P
Յ
P
P
Tჱ
T
T
UՖ
U
Ċ͉͉Ç
Ċ
Ź
l
m
n
u
r
0
Յ
Ը Յ
P
Յ
P
T
T
T
U
Ū
U
U
U
-
Ċ
Ċ¢
γ
s
ଙ
ȉ
t
ଣ
w
y
z
6
V
V
Ő
Ő
:
ä
)
ë
:
å
ë
)
:
ä
î
ë
V
:
å
)
ë͉
)
V
V
:
å͉ä
ë
V
Ő
:
)
$wFKD%RXKMDU
w
G
ૃ ¹
d
¹
H
k N
f
w
k
¸
Ģ J
h
ҽ
x
ă
i
L
Z
q T
Ź
l
m
n
u
r
N
O
P
:
T
U
ଙ ·
γ
s
ʒ°
G
¹
H
֤
Taz
Tag
Taw
Agof
Tifag
E
.
E
.
E
.
E
.
E
I
J
J
*
J
J
*
J
J
J
*
G
G
U
'
G
G
G
ŀ͉
G
G
G
G
¹
¹
¹
¹
¹ ¹
Յ
Յ
¹
H
N
D
F
¹
G
H
M
"°
Ԛ K
… J
ń
Z
ช
Ԙ S
K
L
L
ŋ͉
.
D
"͉
N
O
P
:
T
%
C
N
O
P
W
T
վ U
·
E
H
I
N
¸
J
ă
[
T
L
M
O
P
Q
X
U
S
V
·
C
Tan
ʒ
E
Tas
Tif
D
J
Ama
.
Awb
.
FF
Tam
a
b
g
g
AI
7DEOHDX/HVYDULDQWHVGXWLILQDJKHDFWXHO QpRWLILQDJKH
G
Յ
N
K
J
ă
[
T
L
M
N
P
Q
X
U
S
V
·
.
.
E
N
¸
J
¸
J
[
S
K
L
[
S
K
L
ă
ă
E
¸
J
Ă͉
[
S
K
L
H
N
Յ
I
¸
J
K
J
[
S
K
L
Ņ
.
I
Յ
K
J
J
K
J
[
S
K
L
[
S
K
L
O
P
Q
:
U
N
ņ
N
ă
N
N
ă Ņ
N
P
Q
:
U
N
P
Q
:
U
N
P
Q
:
U
N
P
Q
:
U
N
P
Q
:
U
[
S
K
L
O
P
Q
:
U
[
S
K
L
S
V
·
S
V
·
S
V
·
S
V
·
S
V
·
S S S
V V V
·͉
N
P
1
:
U
ȉ
t
ଣ
V
x
V
=
]
"
\
Ȏ͉
F
x
x
&
W
W
&
Y
[
Z
\
Z
\
Z
\
Z
\
Z
\
Z
\
Z
\
\
"
]
"
]
"
]
"
]
"
]
"
]
"
]
"
x
W/ W/ x
x x
/
&
]
"
F
Agof
F
Taw
F
Tag
F
Taz
F
Tan
Tif
F
Tas
F
Tifag
F
Ama
Awb
E
F
w
y
z
FF
F
Tam
AI
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
F
W
W
Z
\
Z
\
] \
&HVWDEOHDX[V\QWKpWLTXHVFRPSDUpVHWDQDO\VpVRQWSHUPLVGHUHOHYHUOHV
JUDSKqPHV FRQVWDQWV HW OHV VSpFLILFLWpV GHFKDTXHYDULDQWH&·HVW j SDUWLU
GHFHVGRQQpHVTXHO·DOSKDEHWWLILQDJKH,UFDPDpWppODERUp
'HVYDULDQWHVGXWLILQDJKHjODJUDSKLHWLILQDJKH,5&$0
3DUWDQWGHFHWKpULWDJHDXVVLELHQDQFLHQTXHPRGHUQHHWFRQWHPSRUDLQGH
O·DOSKDEHW WLILQDJKH O·,QVWLWXW 5R\DO GH OD&XOWXUH$PD]LJKH D GpYHORSSp
XQ V\VWqPH 7LILQDJKH,UFDP D\DQW SRXU ILQDOLWp OD QRUPDOLVDWLRQ GH OD
JUDSKLH WRXW HQ V·LQVFULYDQW GDQV OD FRQWLQXLWp KLVWRULTXH GH O·DOSKDEHW
WLILQDJKH 3RXU DWWHLQGUH FH EXW LO D pWp SURFpGp j XQH DQDO\VH GHV
GRQQpHVOLQJXLVWLTXHVGHO·DPD]LJKHPDURFDLQHWGHVGLIIpUHQWHVYDULDQWHV
JUDSKLTXHVH[LVWDQWHVGHO·DPD]LJKH
(Q HIIHW OH &$/ D WRXW G·DERUG pWXGLp OH V\VWqPH SKRQpWLFR
SKRQRORJLTXHGHO·DPD]LJKHSDUOpDX0DURF3RXUUpVXPHUVHXOVOHVVRQV
D\DQWXQUHQGHPHQWIRQFWLRQQHOHWSDUWDJpVSDUOHVWURLVJUDQGHVYDULDQWHV
UpJLRQDOHVGHO·DPD]LJKHRQWpWpUHWHQXVVRLWVRQVDXWRWDO$FHVVRQV
GHYDLHQW FRUUHVSRQGUH JUDSKqPHV WLILQDJKHV FRQIRUPpPHQW DX
SULQFLSH GH ©XQ VRQ XQ JUDSKqPHª /HV OHWWUHV KLVWRULTXHV RQW pWp
VpOHFWLRQQpHV HQ SULRULWp SXLV G·DXWUHV FULWqUHV YRLU LQIUD RQW pWp PLV j
FRQWULEXWLRQDILQG·DERXWLUDXWDEOHDXVXLYDQW
$wFKD%RXKMDU
7DEOHDX/·DOSKDEHWWLILQDJKH,UFDP
Ya
Valeur TifinagheIrcam
Origine du caractère
a
FF
Yab b
Yag g
Ĕ
yagw gw
ĝ
yad d
ĕ
ya
yey
yaf f
yak k
}
ė
ď
ē
yakw kw
ć
yah h
yaƫ ƫ
yaǡ
ǡ ǡ ҽ
yax x
yaq q
yi
i
ę
Ę
yaj Ź (ž)
yal l
yam m
yan n
Libyque et tamazgha
libyque
Obtenu par l’ajout de l’appendice «
(YAG)
» (YAW) à
Toutes les variantes
Toutes les variantes
FF, Awb
Awb
AB, FF, Awb, etc.
Obtenu par l’ajout de l’appendice «
ē (YAK)
Obtenu par simplification de la barre.
Ab, FF, Awb, etc.
Obtenu par rotation de (YAGH)
Ab, FF, Awb, etc.
Ab, FF, Awb, etc.
Ab, FF, Awb, etc.
Toutes les variantes
Awb
Toutes les variantes
Toutes les variantes
» (YAW) à
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
yu
Valeur TifinagheIrcam
Origine du caractère
u
FF, Awb
yar R
ya
yaγγ
yas s
yaYY Y
yac ȉ (š)
yat t
ya
yaw w
yay y
yaz z
ya
Ě
ě
Ė
Toutes les variantes
Obtenu par l’ajout d’un trait àĚ(YAR)
Ab, FF, Awb
Ab, FF, Awb
Obtenu par l’ajout d’un trait àě(YAS)
Toutes les variantes modernes
Toutes les variantes (notée parfois )
Toutes les variantes
Ab, FF, Awb
n
Saharien et néo-tifinaghe
Ĝ
Symbole notant « ġ]» en libyque
Obtenu par l’ajout d’un trait à (YAZ)
0pWKRGRORJLH
$YDQW G·pQXPpUHU OHV SULQFLSHV HW FULWqUHV PLV j FRQWULEXWLRQ GDQV OH
FKRL[ GHV JUDSKqPHV LO LPSRUWH GH SUpFLVHU FHUWDLQV DVSHFWV G·RUGUH
PpWKRGRORJLTXH TXL RQW pWp SULV HQ FRQVLGpUDWLRQ ORUV GHV VpDQFHV GH
WUDYDLO
6WDQGDUG QDWLRQDO RSpUDWLRQQHOOHPHQW SDUODQW LO V·DJLW
G·HQWUHSUHQGUH GHV DFWLRQV VXU OD ODQJXH DPD]LJKH GDQV OD
SHUVSHFWLYH G·XQ ©VWDQGDUG PDURFDLQª &HWWH GpPDUFKH Q·H[FOXW
SDV O·RXYHUWXUH VXU G·DXWUHV SD\V RX FKHUFKHXUV H[WHUQHV j
O·,5&$0 $LQVL SDU H[HPSOH OH 9RFDEXODLUH JUDPPDWLFDO pGLWp SDU
O·,5&$0HQDpWpUpDOLVpVXLWHjXQSDUWHQDULDWFRQYHQWLRQQp
$wFKD%RXKMDU
DYHF O·,1$/&2 )UDQFH HW j OD FRQWULEXWLRQ GH FKHUFKHXUV
LQWHUQDWLRQDX[ SUpVHQWV ORUV GHV MRXUQpHV G·pWXGH VXU OD
WHUPLQRORJLHRUJDQLVpHVj5DEDW HWj3DULV %RXPDON
HW%RXQIRXU
6WDQGDUGLVDWLRQ SURJUHVVLYH HW FRQYHUJHQWH OH SURFHVVXV GH
VWDQGDUGLVDWLRQ GH O·DPD]LJKH HVW j HQYLVDJHU VXU OD GXUpH HQ
DPpQDJHDQW SURJUHVVLYHPHQW WRXV OHV QLYHDX[ GH OD ODQJXH
JUDSKLHRUWKRJUDSKHOH[LTXHPRUSKRV\QWD[H HQSULYLOpJLDQWOHV
VWUXFWXUHVFRPPXQHVHWODUJHPHQWSDUWDJpHV
,QWpJUDWLRQ GH WRXWHV OHVYDULDQWHV UpJLRQDOHV SDUOD JHVWLRQ GH OD
YDULDWLRQ JpROHFWDOH O·DPpQDJHPHQW GH OD ODQJXH DPD]LJKH WHOOH
TX·DSSUpKHQGpHDX0DURFV·LQVSLUHGHO·DSSURFKHSRO\QRPLTXHR
WRXWHV OHV YDULDQWHV VRQW LQWpJUpHV SDU OH ELDLV GH SURFHVVXV
OLQJXLVWLTXHV GLYHUV QHXWUDOLVDWLRQ GH OD YDULDWLRQ SKRQpWLTXH
LQWpJUDWLRQ GHV VWUXFWXUHV OH[LFDOHV RX V\QWD[LTXHV FRQFXUUHQWHV
SDUOHELDLVGHODV\QRQ\PLHSDUH[HPSOH
'pSRXLOOHPHQW GH O·H[LVWDQW XQH pWXGH H[DXVWLYH GHV VRXUFHV
GRFXPHQWDLUHV GLVSRQLEOHV D pWp HQWUHSULVH DYDQW WRXWH
LQWHUYHQWLRQ j WRXV OHV QLYHDX[ SKRQLH JUDSKLH OH[LTXH
PRUSKRORJLHHWV\QWD[H
&RPSpWHQFH LQGLYLGXHOOH GH FKDTXH PHPEUH GH O·pTXLSH OD
FRPSOpPHQWDULWpGHVSURILOV ODQJDJLHUHWDFDGpPLTXH SHUPHWXQH
DQDO\VH GX FRUSXV VRXV GLYHUVHV SHUVSHFWLYHV DSSURFKH
SOXULGLVFLSOLQDLUHHWUHSUpVHQWDWLYpGHVGLDOHFWHVHQSUpVHQFH
&RQWULEXWLRQ GH FKHUFKHXUV H[WHUQHV SDU YRLH FRQWUDFWXHOOH
O·,5&$0ODQFHUpJXOLqUHPHQWGHVDSSHOVG·RIIUHVDILQGHVROOLFLWHU
OD SDUWLFLSDWLRQ DFWLYH GH WRXW FKHUFKHXU QRWDPPHQW GDQV OD
FROOHFWHGHVGRQQpHVVXUOHWHUUDLQ
5pVHDXG·LQIRUPDWHXUVLVVXVGX©WHUURLUªOHVFKHUFKHXUVGX&$/
VRQWRXYHUWVVXUOHXUHQYLURQQHPHQWHQVROOLFLWDQWODFRPSpWHQFH
HWO·H[SHUWLVHG·LQIRUPDWHXUV©ORFDX[ªGHODODQJXH
&KDTXHTXHVWLRQHVWWUDLWpHDXFDVSDUFDVTXHOTXHVRLWOHQLYHDX
pWXGLp DOSKDEHW RUWKRJUDSKH OH[LTXH PRUSKRORJLH V\QWD[H
DFFHSWDELOLWpVRFLROLQJXLVWLTXH
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
0RGHSULVHGHGpFLVLRQDXILQDOWRXWHSURSRVLWLRQG·LQWHUYHQWLRQ
HVWHQWpULQpHSDUO·pTXLSHVRXVOHPRGHFRQVHQVXHO
3ULQFLSHV
$SSOLTXpV j OD JUDSKLH WLILQDJKH FHV SUpUHTXLV PpWKRGRORJLTXHV RQW
SHUPLV OD IL[DWLRQ G·XQH QRUPH JUDSKLTXH GH O·DPD]LJKH SDVVDQW
QpFHVVDLUHPHQW SDU OH FKRL[ G·XQ DOSKDEHW WLILQDJKH TXL GRLW UpSRQGUH j
XQGRXEOHREMHFWLI
D
/HPDLQWLHQG·XQOLHQVROLGDLUHDYHFOHVGLIIpUHQWHVYDULDQWHVGH
O·DOSKDEHW WLILQDJKH DFWXHO G·R OD QpFHVVLWp GH SXLVHU GDQV OH
IRQGVGHVJUDSKqPHVGLVSRQLEOHVGDQVOHVGLIIpUHQWHVYDULDQWHV
HWGHFRQVLGpUHUODFUpDWLRQGHQRXYHDX[V\PEROHVFRPPHXQ
GHUQLHUUHFRXUV
/·DGDSWDWLRQ GX QRXYHO DOSKDEHW DX[ VWUXFWXUHV GH O·DPD]LJKH
VWDQGDUG UHTXpUDQW SDUIRLV O·LQWURGXFWLRQ GH TXHOTXHV
PRGLILFDWLRQV
3RXU UpSRQGUH j FHW REMHFWLI LO HVW WHQX FRPSWH GH TXDWUH
SULQFLSHV O·KLVWRULFLWp OD VLPSOLFLWp O·XQLYRFLWp GX VLJQH HW
O·pFRQRPLH.
/·KLVWRULFLWp
6HORQ FH SULQFLSH O·DOSKDEHW DPD]LJKH GRLW FRPSRUWHU OHV JUDSKqPHV
KLVWRULTXHVRXDXWKHQWLTXHVWpPRLQVGHVRQDSSDUWHQDQFHjXQHpFULWXUH
DPD]LJKH IRUW DQFLHQQH 7HO HVW OH FDV SDU H[HPSOH GH Ĕ « YA »,
« YAB », « YAG », ĕ « YAD », } « YADD », ͉« YAF », « YAJ »,
« YAL », « YAM », « YAN », Ě « YAR », ě « YAS », Ę « YI », Ė
« YACH », «YAT », « YATT », « YAY » et« YAZ ».
E /DVLPSOLFLWp
/HV JUDSKqPHV FKRLVLV GRLYHQW rWUH VLPSOHV F·HVWjGLUH VDQV VLJQH
DGGLWLRQQHO$XVVLIDXWLOpYLWHUDXWDQWTXHSRVVLEOHOHVOHWWUHVFRPSRVpHV
HWO·XVDJHGHVVLJQHVGLDFULWLTXHV&HWWHSUDWLTXHHVWHQHIIHWpWUDQJqUHDX
WLILQDJKHHWFHTXHOOHTXHVRLWO·pSRTXHGHVHVYDULDQWHV
$wFKD%RXKMDU
F
/·XQLYRFLWpGXVLJQH
&H SULQFLSH FRXUDQW HQ OLQJXLVWLTXH DVVXUH OD FRUUHVSRQGDQFH XQLYRTXH
HQWUHXQVRQHWXQJUDSKqPH,OSHUPHWG·pYLWHUOHVGHX[W\SHVG·pFULWXUH
VXLYDQWH
OHGLJUDSKHFRPPHF·HVWOHFDVGXIUDQoDLVRSKVHUpDOLVH>I@HW
FKVHSURQRQFH>ä@HWGHO·DPD]LJKHpFULWjEDVHODWLQHROHVVXLWHV
JKHWNKVRQWXWLOLVpHVSRXUQRWHU>γ@HW>[@UHVSHFWLYHPHQW
OHV ELFRQVRQQHV RX OHV OLJDWXUHV TXL GDQV FHUWDLQV FRQWH[WHV
ULVTXHQW GH FRUUHVSRQGUH j GHX[ SKRQqPHV GLIIpUHQWV /HV EL
FRQVRQQHV VRQW SUpVHQWHV GDQV OHV WLILQDJKHV WRXDUqJXHV FI
$JKDOL=DNDUDHW-'URXLQ
/DFRUUHVSRQGDQFHXQVRQXQVLJQHDSDUDLOOHXUVO·DYDQWDJHGHIDFLOLWHU
OHVDFWLYLWpVGHOHFWXUHpFULWXUH
G
/·pFRQRPLH
6HXOVOHVJUDSKqPHVFRUUHVSRQGDQWDX[SKRQqPHVGHEDVHGHO·DPD]LJKH
VWDQGDUGILJXUHURQWGDQVO·DOSKDEHWSURSRVp H[FHSWLRQIDLWHGXH©<(<ª
QRWDQWOD©YR\HOOHQHXWUH>ԥ@ª
&DUDFWpULVWLTXHVJpQpUDOHV
3DUPL OHV FDUDFWpULVWLTXHV JpQpUDOHV GHV JUDSKqPHV TXL FRPSRVHQW OHV
GLIIpUHQWHVYDULDQWHVGHO·DOSKDEHWDPD]LJKHQRWRQV
GHVIRUPHVJpRPpWULTXHVGLIIpUHQWHVDYHFGLYHUVHVRULHQWDWLRQVHQ
IRQFWLRQGXVHQVGHODOHFWXUHpFULWXUH
O·XVDJH GH SRLQWV QRWDPPHQW GDQV OHV YDULDQWHV RFFLGHQWDOH HW
VDKDULHQQH HWGHWUDLWV
(QSOXVGHVSULQFLSHVVLJQDOpVFLGHVVXVG·DXWUHVSDUDPqWUHVRQWpWpSULV
HQ FRPSWH GDQV OH FKRL[ GHV FDUDFWqUHV ,O V·DJLW GH OD IUpTXHQFH GHV
JUDSKqPHV GDQV OHV GLIIpUHQWHV YDULDQWHV GX OLE\TXHWLILQDJKH GH OHXU
VLPSOLFLWp DX QLYHDX GH O·pFULWXUH PDQXHOOH IDFLOLWp DX QLYHDX SV\FKR
PRWHXU GH O·HVWKpWLTXH GHV V\PEROHV HW GH OD FRKpUHQFH G·HQVHPEOH GX
V\VWqPHG·pFULWXUHSURSRVp
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
&·HVWDLQVLTXHOHVFDUDFWqUHVFRPPXQVHWOHVSOXVIUpTXHPPHQWHPSOR\pV
SRXUWUDGXLUHQRWHUOHVVRQVGHO·DPD]LJKHRQWpWpUHWHQXVVDQVKpVLWDWLRQ
3RXUG·DXWUHVTXLQHUpSRQGHQWSDVDX[SULQFLSHVHWFULWqUHVUHWHQXVGHV
PRGLILFDWLRQV RQW pWp LQWURGXLWHV 4XDQW j OD FUpDWLRQ GH QRXYHDX[
V\PEROHV HOOH D pWp pYLWpH DXWDQW TXH SRVVLEOH SRXU OHV UDLVRQV GpMj
VLJQDOpHVHWLOQ·\DHXUHFRXUVTX·HQFDVGHQpFHVVLWp
/HVJUDSKqPHVjEDVHGHSRLQWVIUpTXHQWVGDQVOHVDOSKDEHWVWRXDUqJXHV
¸, v, HWF Q·RQWSDVpWpUHWHQXV(QHIIHWRXWUHOHULVTXHGHFRQIXVLRQ
DYHF FHUWDLQV VLJQHV GH SRQFWXDWLRQ HW XQH FRQILJXUDWLRQ GHV PRWV WUqV
PDUTXpH QRWDPPHQW ORUVTX·LOV VRQW IRUPpV G·XQH VXFFHVVLRQ GH
JUDSKqPHVVRXVIRUPHGHSRLQWVFHVVLJQHVRQWGHVYDOHXUVSKRQpWLTXHV
GLIIpUHQWHV (Ǔ
Ǔ͉UHQG[THWK SDUH[HPSOH .
(,
QRWHUDXVVLTXHWRXWHVOHVOHWWUHVTXLFRPSRVHQWO·DOSKDEHWSURSRVpVRQW
GDQVXQHSRVLWLRQYHUWLFDOH1RXVDYRQVSDUH[HPSOH , ď HWQRQ
, î, , ຝຜ, FRPPHLODSSDUDvWGDQVFHUWDLQVDOSKDEHWV
/·DOSKDEHW SURSRVp QH FRPSRUWH SDV GH PDMXVFXOH 'HX[ UDLVRQV
IRQGDPHQWDOHVH[SOLTXHQWFHFKRL[
OD QRQ SHUWLQHQFH GH OD PDMXVFXOH HQ FH VHQV TXH FHUWDLQHV
ODQJXHV QH O·XWLOLVHQW SDV O·KpEUHX HW O·DUDEH SDU H[HPSOH 'H
SOXVXQHSDUWLHGHVHVIRQFWLRQVSHXWrWUHUHPSOLHSDUOHV VLJQHV
GHSRQFWXDWLRQ
/HV SURSRVLWLRQV IDLWHV MXVTX·j SUpVHQW MRXHQW VXU OD WDLOOH GX
FDUDFWqUHODPDMXVFXOHHVWUHQGXHSDUXQFDUDFWqUHGHGLPHQVLRQ
SOXV JUDQGH TXH OH V\PEROH UHSUpVHQWDQW OD PLQXVFXOH 2U FH
SURFpGp ULVTXH G·HQWUDvQHU XQH FRQIXVLRQ QRWDPPHQW HQWUH GHV
VLJQHVjEDVHG·XQHPrPHILJXUHJpRPpWULTXH Ĕ"YA" et Ě"YAR"
SDUH[HPSOH
&RQFOXVLRQ
/D TXHVWLRQ GH O·DPpQDJHPHQW GX FRUSXV GH OD ODQJXH D JUDQGHPHQW
LQIOXHQFpODGpFLVLRQSROLWLTXHTXLDWUDLWDXVWDWXWGHODODQJXH&·HVWDLQVL
TXHO·H[LJHQFHG·XQHODQJXHFRPPXQHjHQVHLJQHUjWRXVOHV0DURFDLQVD
pWp XQ SUpUHTXLV LQGLVSHQVDEOH j VRQ LQVHUWLRQ GDQV OH SULPDLUH GqV
VHSWHPEUH j UDLVRQ GH WURLV KHXUHV SDU VHPDLQH /D SDOHWWH GH
$wFKD%RXKMDU
ODQJXHV HQVHLJQpHV DX 0DURF D GRQF pWp HQULFKLH SXLVTXH O·DPD]LJKH HW
O·DUDEH ODQJXHV QDWLRQDOHV FRH[LVWHQW GpVRUPDLV DYHF OH IUDQoDLV GqV OH
SULPDLUH ODQJXHV DX[TXHOOHV LO FRQYLHQW G·DMRXWHU G·DXWUHV ODQJXHV
YLYDQWHV DX VHFRQGDLUH SDU RUGUH DOSKDEpWLTXH DOOHPDQG DQJODLV
HVSDJQROHWLWDOLHQ 5HVWHFHSHQGDQWODFRQVWUXFWLRQG·XQHYLVLRQ©FODLUHª
GH OD SODFH GX VWDWXW HW GH OD IRQFWLRQ GHV ODQJXHV HQ SUpVHQFH GDQV OH
6\VWqPH G·(GXFDWLRQ HW GH )RUPDWLRQ SULQFLSDOHPHQW GH OD ODQJXH
DPD]LJKHDPpQDJpH©GDQVOHUHVSHFWGHODGLYHUVLWpJpROHFWDOHª
5pIpUHQFHV
$*+$/,=$.$5$0RKDPHGHW'528,1-HDQQLQH©5HFKHUFKHVVXUOHVWLILQDJKª
&RPSWHVUHQGXVGX*/(&6;9,,,;;,,, SSHWSS
3DULV*HXWKQHU
$.28$28 $KPHG ©/HV YDULpWpV OLQJXLVWLTXHV DX 0DURF VWDWXWV XVDJHV HW
IRQFWLRQVª ,Q 9RLVLQDJH 0pODQJHV HQ KRPPDJH j OD PpPRLUH GH .DGGRXU &DGL SS
7H[WHVUpXQLVSDU07DwIL)qV)DFXOWpGHV/HWWUHVHWGHV6FLHQFHV+XPDLQHV²
'KDU(O0DKUD]
$0(85 0HIWDKD HW DO *UDSKLH HW RUWKRJUDSKH GH O·DPD]LJKH 5DEDW (O 0DDULI $O
-DGLGD
%(1+$//$0 $EGHUUDIL©$VSHFWVRIUHJLRQDOYDULDWLRQLQ0RURFFDQ$UDELFª,Q
/H 0DURF HW OD +ROODQGH ² 8QH DSSURFKH FRPSDUDWLYH GHV JUDQGV LQWpUrWV FRPPXQV SS
5DEDW3XEOLFDWLRQVGHOD)DFXOWpGHV/HWWUHV
%(1+$//$0$EGHUUDIL '$+%, 0RKDPHG©$FFHQWVRI0RURFFDQ$UDELF$
3UHOLPLQDU\6WXG\ª,Q3OHLQHV- (G /D/LQJXLVWLTXH$X0DJKUHE5DEDW(G2NDG
%28.286 $KPHG 6RFLpWp ODQJXHV HW FXOWXUHV DX 0DURF (QMHX[ V\PEROLTXHV 5DEDW
3XEOLFDWLRQVGHOD)DFXOWpGHV/HWWUHVGH5DEDW&DVDEODQFD1DMDK(O-DGLGD
%280$/. $EGDOODK HW %281)285 $EGHOODK pGV 1pRORJLH HW 7HUPLQRORJLH
JUDPPDWLFDOHDPD]LJKH5DEDW(O0DDULI$O-DGLGD
&$/ ,5&$0 HW /$&1$'&5% ,1$/&2 9RFDEXODLUH JUDPPDWLFDO 5DEDW (O
0DDULI$O-DGLGD
&$036 *DEULHO ©5HFKHUFKHV VXU OHV SOXV DQFLHQQHV LQVFULSWLRQV OLE\TXHV GH
O $IULTXH GX 1RUG HW GX 6DKDUDª LQ %XOOHWLQ DUFKpRORJLTXH GX &7+6
SS
)28&$8/' &KDUOHV GH 1RWHVSRXUVHUYLUjXQHVVDLGHJUDPPDLUHWRXDUqJXH$OJHU-
&DUERQQHO
3RXUXQDPpQDJHPHQWOLQJXLVWLTXHGHO·DPD]LJKHUHVSHFWXHX[GHODGLYHUVLWpJpROHFWDOH
*5$9(/ /RXLV$QGUp$VRFLROLQJXLVWLFLQYHVWLJDWLRQRIPXOWLOLQJXDOLVPLQ0RURFFR3K'
'LVVHUWDWLRQ&ROXPELD8QLYHUVLW\7HDFKHUV·&ROOHJH
35$66( .DUO* 0DQXHO GH JUDPPDLUH WRXDUqJXH WDKDJJDUW ,,,, SKRQpWLTXHpFULWXUH
SURQRP&RSHQKDJXH$NDGHPLVN)RUODJ
6$',4,)DWLPD*UDPPDLUHGX%HUEqUH3DULV/·+DUPDWWDQ
<2866, $EGHUUDKLP ©/D WULJORVVLH GDQV OD W\SRORJLH OLQJXLVWLTXHª ,Q /D
OLQJXLVWLTXHYROIDVFSS
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULH
pWDWGHVOLHX[HWGLIILFXOWpV
<DPLQD%HQPD\RXI
8QLYHUVLWpGH&RQVWDQWLQH
$XVVLSDUDGR[DOTXHFHODSXLVVHSDUDvWUHHQ$OJpULHSD\VjFRPSRVDQWHHWKQLTXHHWOLQJXLVWLTXHEHUEqUH
PLOOpQDLUHFHQ·HVWTXHGHSXLVTXHO·HQVHLJQHPHQWGHFHWWHODQJXHDSSHOpHDXVVLWDPD]LJKWODQJXH
ORFDOHHWPDWHUQHOOHG·XQHIUDQJHLPSRUWDQWHGHODSRSXODWLRQHVWHQYLVDJp&HWHQVHLJQHPHQWDpWpGpFLGp
GDQVXQHFRQMRQFWXUHQDWLRQDOHPDUTXpHSDUXQHWHQVLRQHQWUHFHX[TXLUHYHQGLTXHQWFHWHQVHLJQHPHQW
HQWUHDXWUHVHW XQSRXYRLUFRQWUDLQWGDQVO·XUJHQFH HWODSUpFLSLWDWLRQ GHFpGHUjFHWWHGHPDQGH&HW
HQVHLJQHPHQWGpEXWDQWVHKHXUWHjGHVSUREOqPHVDXWDQWWHFKQLTXHVTX·LGpRORJLTXHVHWSROLWLTXHVWHOVTXH
O·RUDOLWpHWODSROpPLTXHDXWRXUG·XQV\VWqPHG·pFULWXUHjDGRSWHUO·DEVHQFHGHWUDGLWLRQJUDPPDWLFDOH
O·DEVHQFHG·XQFDGUHSpGDJRJLTXHHWOpJLVODWLIPDLVSDUGHVVXVWRXWO·DEVHQFHG·XQHUpHOOHYRORQWpSROLWLTXH
SRXU VROXWLRQQHU OHV SUREOqPHV HW JDUDQWLU j O·HQVHLJQHPHQW GH FHWWH ODQJXH OHV FRQGLWLRQV PLQLPDOHV
G·H[HUFLFH
3HU TXDQWR SRVVD VHPEUDUH SDUDGRVVDOH LQ $OJHULD SDHVH GDOOD PLOOHQDULD FRPSRQHQWH HWQLFD H
OLQJXLVWLFD EHUEHUD VROWDQWR D SDUWLUH GDO YLHQH FRQWHPSODWR O·LQVHJQDPHQWR GHO EHUEHUR
GHQRPLQDWR DQFKH WDPD]LJKW OLQJXD ORFDOH H PDWHUQD GL XQD SDUWH LPSRUWDQWH GHOOD SRSROD]LRQH /D
GHFLVLRQHVXOO·LQVHJQDPHQWRqPDWXUDWDLQXQDFRQJLXQWXUDQD]LRQDOHFDUDWHUL]]DWDGDWHQVLRQLIUDFRORUR
FKHORULYHQGLFDYDQRHXQSRWHUHFRVWUHWWRDFHGHUHQHOO·XUJHQ]D$LVXRLLQL]LO·LQVHJQDPHQWRGHOEHUEHUR
DIIURQWD SUREOHPL WDQWR WHFQLFL TXDQWR LGHRORJLFL H SROLWLFL TXDOL O·RUDOLWj H OD SROHPLFD VXO VLVWHPD GL
VFULWWXUD GD DGRWWDUH O·DVVHQ]D GL XQD WUDGL]LRQH JUDPPDWLFDOH O·DVVHQ]D GL XQ TXDGUR SHGDJRJLFR H
OHJLVODWLYR H VRSUDWWXWWR O·DVVHQ]D GL XQD UHDOH YRORQWj SROLWLFD FKH PLUL D ULVROYHUH L SUREOHPL H DG
DVVLFXUDUHDWDOHLQVHJQDPHQWROHFRQGL]LRQLPLQLPHG·HVHUFL]LR
$XVVL SDUDGR[DO TXH FHOD SXLVVH SDUDvWUH HQ $OJpULH SD\V j FRPSRVDQWH
HWKQLTXH HW OLQJXLVWLTXH EHUEqUH PLOOpQDLUH FH Q·HVW TXH GHSXLV TXHOTXHV
DQQpHVWUqVH[DFWHPHQWGHSXLVTXHO·HQVHLJQHPHQWGHFHWWHODQJXH
ORFDOH ODQJXH PDWHUQHOOH G·XQH IUDQJH LPSRUWDQWH GH OD SRSXODWLRQ
DOJpULHQQH HVW HQYLVDJp SDU O·$OJpULH LQGpSHQGDQWH &HW HQVHLJQHPHQW D
pWp GpFLGp GDQV XQH FRQMRQFWXUH PDUTXpH SDU XQH WHQVLRQ XQ FRQIOLW
SHUPDQHQW HQWUH FHX[ TXL UHYHQGLTXHQW FHW HQVHLJQHPHQW HQWUH DXWUHV
UHYHQGLFDWLRQVHWXQSRXYRLUFRQWUDLQWGDQVO·XUJHQFHHWODSUpFLSLWDWLRQ
GHFpGHUjFHWWHGHPDQGH0DLVDXSDUDYDQWTXHOOHHVWODSODFHGXEHUEqUH
HQ$OJpULH VRQ VWDWXW VHV UHODWLRQV HVVHQWLHOOHPHQWDYHF O·DUDEHDYHF TXL
FHWWH ODQJXH D FRH[LVWp GHSXLV TXDWRU]H VLqFOHV" ,PSRVVLEOH GRQF
G·pYRTXHU OD UpDOLWp GH O·HQVHLJQHPHQW GH FHWWH ODQJXH VDQV pYRTXHU OH
FRQWH[WHGDQVOHTXHOLOV·LQVFULWFRQWH[WHKLVWRULTXHSROLWLTXHLGpRORJLTXH
HVVHQWLHOOHPHQW
&<DPLQD%HQPD\RXI
%UqYHSUpVHQWDWLRQGXEHUEqUHHQ$OJpULH
(Q$OJpULHODODQJXHPDWHUQHOOHHVWWDQW{WO·DUDEHGLW©GLDOHFWDOªWDQW{WOH
EHUEqUH 1XPpULTXHPHQW SRXU pYDOXHU OH QRPEUH GH EHUEpURSKRQHV
H[FOXVLIV RX ELOLQJXHV RX OH QRPEUH GH %HUEqUHV RQ QH SHXW TX·pPHWWUH
GHV FKLIIUHV DSSUR[LPDWLIV IDXWH GH FDUWH OLQJXLVWLTXH RX GH UpVXOWDWV
UHQGXV SXEOLFV GHV QRPEUHX[ UHFHQVHPHQWV HIIHFWXpV GHSXLV
O·LQGpSHQGDQFHGXSD\V2QV·DFFRUGHFHSHQGDQWjGLUHTXHjGH
ODSRSXODWLRQDOJpULHQQH HVWLPpHjSUqVGHPLOOLRQVG·KDELWDQWVVHORQOH
GHUQLHUUHFHQVHPHQW HVWG·RULJLQHEHUEqUHRXEHUEpURSKRQHPrPHV·LOVH
WURXYHGHVVLWXDWLRQVRO·RQSHXWrWUHG·RULJLQHEHUEqUHPDLVSOXVGXWRXW
EHUEpURSKRQH
'DQV OH FDGUH G·XQH EUqYH SUpVHQWDWLRQ GH OD ODQJXH EHUEqUH HQ$OJpULH
RQSHXWDIILUPHUTX·LOV·DJLWGHODODQJXHODSOXVDQFLHQQHGHVSOXVDQFLHQV
KDELWDQWVGHO·DFWXHOOH$OJpULHTXHVDSUDWLTXHHVWDWWHVWpHGDQVOHSDVVpHW
PrPHDFWXHOOHPHQWGHO·(J\SWHMXVTX·DX[vOHV&DQDULHVHWDX[%DOpDUHVHW
MXVTXHGDQVFHUWDLQVSD\VGX6DKHO 1LJHU0DOL GHPDQLqUHYDULDEOHG·XQ
SD\VjXQDXWUH
6·DJLVVDQW GH O·$OJpULH QRXV QRXV FRQWHQWHURQV GH VRXOLJQHU TXH GHSXLV
O·DUULYpH GHV $UDEHV GDQV OD UpJLRQ VXG GH OD 0pGLWHUUDQpH F·HVWjGLUH
GHSXLV SOXV GH TXDWRU]H VLqFOHV F·HVW OD FRH[LVWHQFH GH OD ODQJXH GHV
QRXYHDX[DUULYDQWV HW FHOOH GHV DXWRFKWRQHV TXLHVW REVHUYpH &·HVW DLQVL
TXHGHVSRSXODWLRQVG·RULJLQHEHUEqUHRQWpWpLVODPLVpHVDUDELVpHVHWTXH
GHV SRSXODWLRQV G·RULJLQH DUDEH RQW pWp EHUEpULVpHV pJDOHPHQW SDU
HQGURLWV /D GXUpH GX FRQWDFW HQWUH FHV GHX[ SRSXODWLRQV FHV GHX[
FXOWXUHV FHV GHX[ ODQJXHV QH SRXYDLW DERXWLU TX·j FH UpVXOWDW &HWWH
FRQVWDWDWLRQ pWDQW IDLWH RQ QH SHXW QLHU FHSHQGDQW O·H[LVWHQFH HQFRUH
DXMRXUG·KXL GH UpJLRQV G·vORWV JpRJUDSKLTXHV GH ODQJXH HW GH FXOWXUH
H[FOXVLYHPHQWEHUEqUHV,OV·DJLWGHOD.DE\OLHDYHFOHV.DE\OHV DXVXGHW
jO·HVWG·$OJHU GHV$XUqVDYHFOHV&KDRXLDV 6XG(VWDOJpULHQ GX0·=DE
DYHF OHV 0R]DELWHV 6XG DOJpULHQ HW GX JUDQG 6XG DOJpULHQ DYHF OHV
7RXDUHJ 6DKDUD 'DQV FHV UpJLRQV O·DUDELVDWLRQ HVW SDUWLHOOH JUkFH RX j
FDXVHGHO·LVROHPHQWJpRJUDSKLTXHGHFHVSRSXODWLRQV&·HVWFHWLVROHPHQW
JpRJUDSKLTXH TXL H[SOLTXH QRQ VHXOHPHQW OD SUpVHUYDWLRQ GH OD ODQJXH
EHUEqUH HW VD VXUYLH HQ $OJpULH PDLV DXVVL OD GLYHUVLILFDWLRQ OLQJXLVWLTXH
UHOHYpH (Q HIIHW RQ V·DFFRUGH pJDOHPHQW j UHFRQQDvWUH TXH VL OD ODQJXH
GHV .DE\OHV GHV &KDRXLDV GHV 0R]DELWHV HW GHV 7RXDUHJ HVW ELHQ OD
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULHpWDWGHVOLHX[HWGLIILFXOWpV
PrPHODQJXHIDXWHGHFRQWDFWHQWUHOHVGLIIpUHQWHVHWKQLHVEHUEqUHVGHV
GLWHV ]RQHV pORLJQpHV OHV XQHV GHV DXWUHV OD ODQJXH D ILQL SDU VH
GLIIpUHQFLHU G·XQH UpJLRQ j XQH DXWUH DX SRLQW TXH O·LQWHUFRPSUpKHQVLRQ
HQWUH ORFXWHXUV EHUEpURSKRQHV VH WURXYH DFWXHOOHPHQW SUHVTXH
FRPSURPLVHGXPRLQVDVVXUpHDYHFGLIILFXOWp
6WDWXWGHODODQJXH
7URLVGDWHVSHXYHQWrWUHUHWHQXHVSRXUpYRTXHUOHVWDWXWSDVVpRXDFWXHO
GH FHWWH ODQJXH HW 6L OD TXHVWLRQ GX VWDWXW GH FHWWH
ODQJXH QH VH SRVH GH PDQLqUH EUODQWH TXH GHSXLV F·HVW HQ IDLW HQ
TX·RQ UHOqYH OD SUHPLqUH ©IULFWLRQª OD SUHPLqUH FULVH DX VHLQ GX
PRXYHPHQW QDWLRQDO (Q HIIHW GqV F·HVW GDQV OH 3DUWL GX 3HXSOH
$OJpULHQ 33$ TXH O·RQ WURXYH OHV SUHPLHUV V\PSDWKLVDQWV GH OD ODQJXH
EHUEqUH OHV SUHPLHUV RSSRVDQWV j OD WHQGDQFH H[FOXVLYH DUDELVWH 8QH
YpULWDEOHFULVHRSSRVHUDOHVEHUEpULVWHVRXWHQDQWVG·XQHLQWpJUDWLRQGHOD
GLPHQVLRQ EHUEqUH GDQV OD GpILQLWLRQ GH O·LGHQWLWp DOJpULHQQH j FHX[ TXL
HQYLVDJHQWVRQH[FOXVLRQDXSURILWH[FOXVLIGHO·DUDEH
(QDXOHQGHPDLQGHO·LQGpSHQGDQFHDXFXQVWDWXWQ·HVWUHFRQQXjFH
FRGHOLQJXLVWLTXH/HQRXYHO(WDWHVWREVpGpSDUVDYRORQWpGHFUpHUXQH
QDWLRQXQLHHWXQLIRUPH3RXUFHODXQGHVREVWDFOHVjFHWREMHFWLIHVWOD
SUpVHQFH HW OH PDLQWLHQ GH OD ODQJXH HW GH OD FXOWXUH EHUEqUHV &·HVW DX
QRP GH OD QDWLRQ DUDEH j UpLQWpJUHU DX QRP GH OD QDWLRQ DOJpULHQQH j
FRQVWUXLUH TXH OD GLPHQVLRQ EHUEqUH D pWp UHMHWpH &·HVW GRQF GHUULqUH
O·LGpRORJLH GX SDQDUDELVPH HW FHOOH GX QDWLRQDOLVPH TXH VH FDFKH OH
QRXYHDX SRXYRLU DOJpULHQ SRXU H[FOXUH HW QLHU XQH GLPHQVLRQ XQH
FRPSRVDQWH HVVHQWLHOOH GH OD UpDOLWp DOJpULHQQH &·HVW DLQVL TX·XQH GHV
RSWLRQVOHVSOXVLPSRUWDQWHVGHO·$OJpULHQRXYHOOHPHQWLQGpSHQGDQWHDpWp
O·DUDELVDWLRQTXLHVWOHFKRL[GHO·DUDEHFODVVLTXHFRPPHODQJXHQDWLRQDOH
HW RIILFLHOOH H[FOXVLYH PDLV TXL HVW DXVVL GH IDLW UHMHW GX IUDQoDLV
HQWUHSULVHGHGpIUDQFLVDWLRQHWDXVVLGpQLGHVGHX[ODQJXHVPDWHUQHOOHVGHV
$OJpULHQVjVDYRLUO·DUDEHDOJpULHQPRGHUQHGLW©GLDOHFWDOªHWOHEHUEqUH
WRXWHVYDULDQWHVUpJLRQDOHVFRQIRQGXHV
HVW OD WURLVLqPH GDWH j UHWHQLU V·DJLVVDQW GX VWDWXW GX EHUEqUH HQ
$OJpULH SXLVTXH D YX QDvWUH XQ PRXYHPHQW GH UHYHQGLFDWLRQ GH OD
ODQJXH HW GH OD FXOWXUH EHUEqUHV 'DQV OH FDGUH GH FH WUDYDLO LO HVW
LPSRVVLEOHGHUHODWHUOHVGLIIpUHQWHVpWDSHVOHVGLIIpUHQWVpYqQHPHQWVTXL
&<DPLQD%HQPD\RXI
RQWSUpFpGpHWVXLYLO·pYqQHPHQW©GpFOHQFKHXUªGHFHYDVWHPRXYHPHQW
GH UHYHQGLFDWLRQ G·XQ VWDWXW GX EHUEqUH 6L OD IUXVWUDWLRQ GHV
EHUEpURSKRQHV RX GHV %HUEqUHV DUDELVpV SULYpV GH OHXU ODQJXH GH OHXU
FXOWXUH GH WRXW DFFqV j O·LQIRUPDWLRQ SXLVTXH OHV PpGLDV 79 UDGLR
SUHVVH Q·XWLOLVHQW TXH O·DUDEH HW OH IUDQoDLV GH WRXW DFFqV j TXHOTXH
PDQLIHVWDWLRQ FXOWXUHOOH RX VFLHQWLILTXH GXUH GHSXLV O·LQGpSHQGDQFH
FHQVpH©VRXODJHUªWRXVOHV$OJpULHQVVDQVGLVFULPLQDWLRQDXFXQH
F·HVW HQ TX·XQ pYqQHPHQW TXDOLILp GH ©IDLW GLYHUVª VH WUDQVIRUPD
UDSLGHPHQW HQ PRXYHPHQW UpJLRQDO SXLVTXH ORFDOLVp LQLWLDOHPHQW HQ
.DE\OLH SXLV QDWLRQDO GH UHYHQGLFDWLRQ G·XQ VWDWXW SRXU OD ODQJXH HW OD
FXOWXUH EHUEqUHV &·HVW O·DQQXODWLRQ G·XQH FRQIpUHQFH TXH IHX O·pFULYDLQ
0RXORXG 0DPPHUL GHYDLW GRQQHU OH PDUV j O·XQLYHUVLWp GH7L]L
2X]RXHQ.DE\OLHVRXVSUpWH[WHGHWURXEOHjO·RUGUHSXEOLFTXLDpWpOD
JRXWWHTXLDIDLWGpERUGHUOHYDVH/HPDUVOHVpWXGLDQWVNDE\OHV
HQYDKLVVHQW OHV UXHV GH OD YLOOH HQ GpQRQoDQW OD UpSUHVVLRQ H[HUFpH VXU
FHWWHODQJXHSDUOHSRXYRLUHQSODFHHWUHYHQGLTXDQWVDUHFRQQDLVVDQFH/H
PDUV OHV HQVHLJQDQWV GH O·XQLYHUVLWp GH 7L]L 2X]RX UpXQLV HQ
DVVHPEOpH JpQpUDOH UpGLJHQW XQH OHWWUHSpWLWLRQ TX·LOV DGUHVVHQW DX
PLQLVWUH GH O·HQVHLJQHPHQW VXSpULHXU GpQRQoDQW O·DQQXODWLRQ GH OD
FRQIpUHQFH HW UHYHQGLTXDQW OD OLEHUWp G·H[SUHVVLRQ HQ ODQJXH EHUEqUH
6·HQVXLYLUHQW GHV RSpUDWLRQV GH UpSUHVVLRQ PXOWLSOHV HW PXOWLIRUPHV GHV
DUUHVWDWLRQV GH V\PSDWKLVDQWV GH OD FDXVH EHUEqUH HW SDUDOOqOHPHQW RQ
DVVLVWD j XQH H[WHQVLRQ UHYHQGLFDWLYH GX PRXYHPHQW TXL LQLWLDOHPHQW
pWDLW XQLTXHPHQW FXOWXUHO HW OLQJXLVWLTXH PDLV TXL VH WUDQVIRUPD YLWH
FRPSWH WHQX GH OD UpDFWLRQ GX SRXYRLU HQ GpILDQFH j O·pJDUG GH FH
GHUQLHU
/HDYULOXQHJUqYHJpQpUDOHHWLOOLPLWpHIXWGpFLGpHHQDVVHPEOpH
JpQpUDOHSDUOHVpWXGLDQWVGH7L]L2X]RX/DJUqYHV·pWHQGLWjO·XQLYHUVLWp
G·$OJHU R JUpYLVWHV V·RSSRVHQW DX[ QRQ JUpYLVWHV 6·HQVXLYLUHQW
DUUHVWDWLRQVHPSULVRQQHPHQWVLQWLPLGDWLRQVGHSHUVRQQDOLWpVYLRODWLRQV
GH IUDQFKLVHV XQLYHUVLWDLUHV HW PrPH YLROV G·pWXGLDQWHV SDU OHV IRUFHV GH
O·RUGUH 6·HQVXLYLW XQH JUqYH JpQpUDOH j ODTXHOOH RQW DSSHOp OHV PLOLWDQWV
EHUEpULVWHV HW TXL D pWp VXLYLH SDU OHV pWXGLDQWV OHV O\FpHQV OHV
FRPPHUoDQWV OHV DGPLQLVWUDWLRQV OHV WUDYDLOOHXUVGH WRXV OHV VHFWHXUV GH
WRXWHOD.DE\OLH
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULHpWDWGHVOLHX[HWGLIILFXOWpV
4XHOVHQVGRQQHUjFHPRXYHPHQW"
/H SUHPLHU VHQV j DFFRUGHU j FH PRXYHPHQW HVW FHOXL G·XQH UHFKHUFKH
G·LGHQWLWpGHUHFRQQDLVVDQFHGHFHWWHLGHQWLWpSDUOHSRXYRLUTXLO·RFFXOWH
RX TXL OD QLH 3RXU UHSUHQGUH j QRWUH FRPSWH GHV SURSRV UHOHYpV SDU 6
&KDNHU OHV WHQDQWV GH FH PRXYHPHQW QH FHVVHQW GH UpSpWHU TX·LOV VRQW
DOJpULHQV PDLV QRQ DUDEHV TX·LOV VRQW DOJpULHQV PDLV TXH OD ODQJXHDUDEH
Q·HVWSDVODOHXUTXHOHEHUEqUHHVWOHXUODQJXHHWTX·LOVYHXOHQWSUpVHUYHU
OHXUODQJXHHWOHXUFXOWXUH(QIDLWODUHFRQQDLVVDQFHGHODODQJXHHWGHOD
FXOWXUH EHUEqUHV HVW WRXW VLPSOHPHQW UHFRQQDLVVDQFH GHV JURXSHV
EHUEpURSKRQHV HQ $OJpULH GH OHXUV VSpFLILFLWpV GH OHXUV GURLWV OLQJXLVWL
TXHVHWFXOWXUHOV(QIDLWOHEHUEqUHQ·HVWSDVUHYHQGLTXpFRQWUHO·DUDEHRX
OHIUDQoDLVPDLVVHXOHPHQWSRXUOXLPrPH&HWWHTXHVWLRQWHQWHGRQFGH
FRPSOpWHUO·RXYHUWXUHGpPRFUDWLTXHGHO·$OJpULH'XUDQWFHWWHSpULRGHHQ
XQ pYqQHPHQW KDXWHPHQW VLJQLILFDWLI D HX OLHX SRXU OD SUHPLqUH
IRLVGHSXLVO·LQGpSHQGDQFHXQJUDQGQRPEUHGHPLOLWDQWVGXPRXYHPHQW
FXOWXUHOEHUEqUHHWGHODGpPRFUDWLHFRPSRVpVGHVSpFLDOLVWHVHQ+LVWRLUH
HQOLQJXLVWLTXHHQVRFLRORJLHVHUpXQLWGXUDQWXQPRLVj<DNRXUHQSRXU
GpEDWWUHGHODVLWXDWLRQGHODFXOWXUHGHODODQJXHGHO·LGHQWLWpGHO·pFROH
HQGHKRUVGHVLQVWDQFHVRIILFLHOOHV
0DOKHXUHXVHPHQW FH SURMHW FH PRXYHPHQW VH KHXUWH j XQH UpDOLWp j XQ
FKLIIUH OH ©8Qª $]L] &KRXDNL GDQV VRQ ±XYUH ©/HV 2UDQJHVª pFULW
©$SUqVODUpYROXWLRQQDWLRQDOH%HQ%HOODFKRLVLWOHFKLIIUH´XQµFHOXLGX
IDVFLVPHDEVROX8QSDUWLXQHODQJXHXQHUHOLJLRQª &KRXDNL
&KLIIUHXQTXHOHGLVFRXUVDPELDQWHWRIILFLHOUHSUHQGSXLVTX·LOFRQWLQXHj
DIILUPHU TXH OH SOXUDOLVPH OLQJXLVWLTXH VLJQLILH OD GLYLVLRQ HW O·DWWHLQWH j
O·XQLWpQDWLRQDOH3RXUOHSRXYRLUHQSODFHSRVHUODTXHVWLRQEHUEqUHF·HVW
WHQWHUGHPRUFHOHUO·XQLWpGXSHXSOHF·HVWUHPHWWUHHQTXHVWLRQO·LGHQWLWp
DUDERLVODPLTXHGXSHXSOHDOJpULHQ$XVVLRQFULHDXFRPSORWTXLYLHQWGH
O·H[WpULHXUDX[PDQLSXODWLRQVGHVHQQHPLVGHO·$OJpULH
/HV DQQpHV TXL VXLYLUHQW RQW YX OD UpSUHVVLRQ V·DPSOLILHU OHV
DUUHVWDWLRQV OHV SURYRFDWLRQV OHV MXJHPHQWV KkWLIV VH PXOWLSOLHU &·HVW
DXVVLXQFOLPDWGHWHQVLRQSHUPDQHQWHTXLHVWHQUHJLVWUpHVVHQWLHOOHPHQWj
7L]L2X]RXHWJOREDOHPHQWHQ.DE\OLHHWGDQVO·$OJpURLV'pVRUPDLVDX
SRXYRLULVVXGX)/1OHV%HUEpULVWHVVHKHXUWHQWDXVVLDX[LVODPLVWHVHWOH
FOLPDW G·DIIURQWHPHQW HQ .DE\OLH HVW UDWWUDSp SDU OHV pYqQHPHQWV GX
RFWREUH pPHXWHVG·$OJHU TXLRQWYXOHSDVVDJHGXSDUWLXQLTXHDX
&<DPLQD%HQPD\RXI
PXOWLSDUWLVPH&·HVWDLQVLTXHGHX[SDUWLVSROLWLTXHVGHFUpDWLRQUpFHQWHOH
5&' HW OH ))6 LQVFULYHQW OD TXHVWLRQ EHUEqUH GDQV OHXU SURJUDPPH HW
OHXUVUHYHQGLFDWLRQV
&·HVW GDQV XQH FRQMRQFWXUH QDWLRQDOH FDUDFWpULVpH SDU XQH VLWXDWLRQ
H[SORVLYH HQ .DE\OLH HVVHQWLHOOHPHQW DXWRXU GH OD UHYHQGLFDWLRQ
EHUEpULVWHSDUXQHPRQWpHHQSXLVVDQFHGHO·LVODPLVPHGXWHUURULVPHGH
ODYLROHQFHHWSDUODPXOWLSOLFDWLRQGHVIURQWVGHUpVLVWDQFHDXSRXYRLUHQ
SODFH IURQWV VRFLDO SROLWLTXH LGpRORJLTXHHW pFRQRPLTXH TXHFHUWDLQHV
FRQFHVVLRQVVRQWIDLWHVSDUOHSRXYRLUjFRPPHQFHUSDUOHQRXYHDXVWDWXW
DFFRUGpDXEHUEqUHDSSHOpDXVVL7DPD]LJKW(QOHVWDWXWGHODQJXH
QDWLRQDOH HW QRQ ODQJXH RIILFLHOOH D pWp UHFRQQX j FHWWH ODQJXH SDU
O·DVVHPEOpHQDWLRQDOHHWOHVpQDWUpXQLVH[FHSWLRQQHOOHPHQWSRXUDGRSWHU
FHWWH UHFRQQDLVVDQFH PDLV LO IDXW GLUH TXH FH VWDWXW Q·D ULHQ j YRLU DYHF
FHOXLGHODQJXHRIILFLHOOHTXLOXLSHUPHWWUDLWGHSpQpWUHUOHVLQVWLWXWLRQVGH
O·(WDW GH SURILWHU GHV GHQLHUV SXEOLFV HW G·XQ GLVFRXUV RIILFLHO GH
SURPRWLRQHWGHYDORULVDWLRQ
/HVDQQpHVRQWYXDXVVLODFUpDWLRQGX+DXW&RQVHLOjO·$PD]LJKLWp
+&$ GX &HQWUH 1DWLRQDO 3pGDJRJLTXH HW /LQJXLVWLTXH SRXU
O·(QVHLJQHPHQW GX 7DPD]LJKW &13/(7 O·RXYHUWXUH GH GHX[
GpSDUWHPHQWVGHODQJXHHWGHFLYLOLVDWLRQEHUEqUHVGDQVOHVXQLYHUVLWpVGH
7L]L 2X]RX HW GH %HMDwD O·pPLVVLRQ HQ EHUEqUH G·XQ MRXUQDO WpOpYLVp
TXRWLGLHQHWGHUQLqUHPHQWXQHFKDvQHGHWpOpYLVLRQHQEHUEqUHTXLpPHW
TXHOTXHV KHXUHV SDU MRXU 6XU OH SODQ LQIRUPHO RQ DVVLVWH j OD
PXOWLSOLFDWLRQGHVDVVRFLDWLRQVORFDOHVjFDUDFWqUHFXOWXUHOHVVHQWLHOOHPHQW
HQFDGUpHV SDU OHV pWXGLDQWV RX OHV O\FpHQV QH GLVSRVDQW TXH GH SHX GH
PR\HQV PDLV VRXFLHX[ G·DSSRUWHU OHXU FRQWULEXWLRQ DX PRXYHPHQW
EHUEpULVWH DSSHOp GpVRUPDLV ©3ULQWHPSV EHUEqUHª FHV FRQFHVVLRQV
DMRXWRQV FHOOH GH O·HQVHLJQHPHQW GX EHUEqUH j O·pFROH PDLV TX·HQ HVWLO
H[DFWHPHQW"
/·HQVHLJQHPHQWGXEHUEqUH
$YDQW G·pYRTXHU OHV GLIILFXOWpV HW OHV SHUVSHFWLYHV UHOHYRQV G·DERUG
TXHOTXHVSDUDGR[HV
/H SUHPLHU FRQFHUQH O·LQWURGXFWLRQ GX NDE\OH XQH GHV YDULDQWHV GX
EHUEqUH GDQV OH V\VWqPH pGXFDWLI HQ $OJpULH DYDQW O·LQGpSHQGDQFH GH
PDQLqUH FHUWHV SRQFWXHOOH HW VD VXSSUHVVLRQ DX OHQGHPDLQ GH FHW
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULHpWDWGHVOLHX[HWGLIILFXOWpV
pYqQHPHQW HQ 6HORQ 6 &KDNHU FHW HQVHLJQHPHQW D pWp
LQVWLWXWLRQQDOLVp WUqV W{W GqV OHV DQQpHV VRXV OD FRORQLVDWLRQ j
O·(FROHVXSpULHXUHGHV/HWWUHVTXLDOODLWUDSLGHPHQWGHYHQLUOD)DFXOWpGHV
/HWWUHVG·$OJHUDLQVLTX·jO·(FROH1RUPDOHGH%RX]DUpDK/D)DFXOWpGHV
/HWWUHV IRUPHUD GHV JpQpUDWLRQV GH EHUEpULVDQWV MXVTX·j O·LQGpSHQGDQFH
/D FKDLUH GH EHUEqUH \ IXW RFFXSpH VXFFHVVLYHPHQW SDU 5HQp %DVVHW
$QGUp %DVVHW HW $QGUp 3LFDUG« < RQW RIILFLp DXVVL GHV QRPV DXVVL
SUHVWLJLHX[TXH6WpSKDQH*VHOORX-HDQ&DQWLQHDX
&RPPHQWH[SOLTXHUO·LQWpUrWDFFRUGpSDUOD)UDQFHFRORQLDOHHQ$OJpULHj
O·HQVHLJQHPHQW G·XQH GHV GHX[ ODQJXHV PDWHUQHOOHV GHV $OJpULHQV HQ
O·RFFXUUHQFHOHEHUEqUHGDQVVDYDULDQWHUpJLRQDOHNDE\OHHWSDUDOOqOHPHQW
OHGpQLGHO·DUDEHGDQVVHVGHX[YDULDQWHVGLDOHFWDOHDOJpULHQQHHWFODVVLTXH"
8QHGHVLQWHUSUpWDWLRQVSRVVLEOHVFRQVLVWHjGLUHTXHWUqVW{WOD)UDQFHD
DGRSWp OD SROLWLTXH GX ©GLYLVHU SRXU UpJQHUª HQ SULYLOpJLDQW XQH
SRSXODWLRQSDUUDSSRUWjO·DXWUH&·HVWDLQVLTXHOHUpJLRQDOLVPHO·RULJLQH
HWKQLTXH DYHF O·HQVHLJQHPHQW GX NDE\OH OD UHOLJLRQ j WUDYHUV OH VWDWXW
VSpFLDO DFFRUGp DX[ -XLIV G·$OJpULH HW O·RULJLQH JpRJUDSKLTXH DYHF OHV
$OJpULHQVG·RULJLQHHXURSpHQQHDSSHOpV©3LHGVQRLUVª RQWpWpWRXUjWRXU
H[SORLWpVFUpDQWjFKDTXHIRLVXQIRVVpVXSSOpPHQWDLUHHWDYHFOHWHPSV
XQHUDLVRQGHGLYLVLRQHWG·RSSRVLWLRQHQWUHGHVSRSXODWLRQVYLYDQWVXUOD
PrPH WHUUH &·HVW FH WUDLWHPHQW GLVFULPLQDWRLUH KLVWRULTXH TXL D DERXWL
GDQVOHVDQQpHVDYHFFHTXHO·RQDSSHOOHGpVRUPDLVODFULVHEHUEqUH
DX VHLQ GX PRXYHPHQW QDWLRQDO j XQH pTXDWLRQ jVDYRLU .DE\OHV SUR
)UDQFH pTXDWLRQ TXL V·pWHQG MXVTX·j GHYHQLU DXMRXUG·KXL .DE\OHV
pYDQJpOLVpV pYDQJpOLVDWLRQ FRQYHUVLRQDXFKULVWLDQLVPH&HWUDLWHPHQW
SULYLOpJLpDFFRUGpSDUOD)UDQFHHQ$OJpULHGqVjO·HQVHLJQHPHQWGX
EHUEqUH GXNDE\OHSOXVSUpFLVpPHQW DWLOFRQWULEXpjO·H[FOXVLRQGHFHWWH
ODQJXH SDU O·$OJpULH LQGpSHQGDQWH" 3DULRQV TXH RXL WUqV SUREDEOHPHQW
FDU VL HQ j O·LQGpSHQGDQFH O·$OJpULH V·HVW FDFKpH GHUULqUH OH
QDWLRQDOLVPHHWOHSDQDUDELVPHGDQVVDSROLWLTXHG·DUDELVDWLRQGHUHMHWGX
IUDQoDLV HW G·DGRSWLRQ GH O·DUDEH FODVVLTXH FRPPH ODQJXH RIILFLHOOH
H[FOXVLYHDXMRXUG·KXLPrPHVLODVLWXDWLRQGXSD\VQ·HVWSOXVODPrPHOD
SRVLWLRQ GX SRXYRLU j O·pJDUG GH FHWWH TXHVWLRQ UHVWH LQFKDQJpH F·HVWj
GLUHSRVLWLRQGHUpVLVWDQFHjO·LQWpJUDWLRQGHODGLPHQVLRQEHUEqUHGDQVVHV
DVSHFWVOLQJXLVWLTXHHWFXOWXUHOFDUFKDUJpHGHVXVSLFLRQ
&<DPLQD%HQPD\RXI
/HVHFRQGSDUDGR[HFRQFHUQHO·HQVHLJQHPHQWGXEHUEqUHGDQVOHPRQGHHQ
SDUWLFXOLHUHQ)UDQFHRLODpWpLQVWDXUpGqVjO·eFROHGHV/DQJXHV
2ULHQWDOHVGH3DULV
/·pWDEOLVVHPHQWDVVXUHjODIRLVXQHQVHLJQHPHQWJpQpUDO OLQJXLVWLTXHOLWWpUDWXUH
HW FLYLOLVDWLRQ EHUEqUHV HW XQH IRUPDWLRQ SUDWLTXH j OD ODQJXH GDQV VHV GLYHUVHV
YDULDQWHVGLDOHFWDOHV/HV« /DQJXHV¶2·ªSHQGDQWODSpULRGHFRORQLDOHFRPPHGH
QRVMRXUVRQWpWpHWUHVWHQWODSULQFLSDOHLQVWLWXWLRQGHIRUPDWLRQEHUEpULVDQWHVXU
OHSODQLQWHUQDWLRQDO&HWpWDEOLVVHPHQWHVWOHVHXOjRIIULUXQFXUVXVXQLYHUVLWDLUH
GH EHUEqUH FRPSOHW GX SUHPLHU DX WURLVLqPH F\FOH LQGpSHQGDQW HW VWDELOLVp
&KDNHUD
DIILUPH6&KDNHU4X·HQHVWLOGHFHWHQVHLJQHPHQWHQ(XURSHHWGDQVOH
PRQGH"
(Q(XURSHODVLWXDWLRQHVWGLIIpUHQWHG·XQSD\VjXQDXWUH*OREDOHPHQW
RQSHXWDIILUPHUTXHFHUWDLQVS{OHVG·pWXGHGXEHUEqUHVRQWDQFLHQVDORUV
TXHG·DXWUHVVRQWSOXVUpFHQWVTXHFHWHQVHLJQHPHQWHVWWDQW{WSRQFWXHO
WDQW{W SHUPDQHQW &·HVW DLQVL TXH O·,WDOLH OD )UDQFH O·$QJOHWHUUH OH
'DQHPDUNO·$OOHPDJQHOHV3D\V%DVO·(VSDJQHHWPrPHOD3RORJQHHWOD
5XVVLHOXLWpPRLJQHQWXQLQWpUrW'DQVOHUHVWHGXPRQGHF·HVWVXUWRXWHQ
$PpULTXH GX 1RUG TXH O·LQWpUrW SRXU FHWWH ODQJXH VH PDQLIHVWH SDU OD
FUpDWLRQGHFKDLUHVGHOLQJXLVWLTXHEHUEqUH
3DUDGR[DOHPHQW GRQF F·HVW GDQV OD UpJLRQ GX PRQGH R OH EHUEqUH HVW
ODQJXH PDWHUQHOOH PLOOpQDLUH G·XQH IUDQJH LPSRUWDQWH GH OD SRSXODWLRQ
TXHFHWHQVHLJQHPHQWHVWLQH[LVWDQWRXLQWHUURPSXFRPPHF·HVWOHFDVGH
O·$OJpULHG·DXMRXUG·KXLVLQRXVH[FOXRQVOHVUpFHQWVGpYHORSSHPHQWVGHOD
VLWXDWLRQ 3DUPL OHV PRGHVWHV FRQFHVVLRQV IDLWHV SDU OH SRXYRLU DFWXHO
GHSXLVLO\DO·HQVHLJQHPHQWGXEHUEqUH0DLVTXHOHQVHLJQHPHQWHW
GDQVTXHOOHVFRQGLWLRQV"DYHFTXHOOHVGLIILFXOWpVHWTXHOOHVSHUVSHFWLYHV"
5DSSHORQV TXH OD UHFRQQDLVVDQFH RIILFLHOOH GX EHUEqUH FRPPH ODQJXH
QDWLRQDOHHWQRQRIILFLHOOHDpWpIDLWHVHXOHPHQWHQVRXVODSUHVVLRQ
GH OD UXH HW VXLWH DX[ pYqQHPHQWV GH .DE\OLH $XVVL O·HQVHLJQHPHQW GX
EHUEqUH WRXW FRPPH FHOXL GH O·DUDEH HQ HVW GpFLGp GDQV OD
SUpFLSLWDWLRQ GDQV O·XUJHQFH VDQV HQFDGUHPHQW QL VFLHQWLILTXH QL
SpGDJRJLTXHQLOpJLVODWLIPDLVVXUWRXWVDQVUpHOOHYRORQWpSROLWLTXHVLQRQ
VXIILVDQWH GH SULVH HQ FKDUJH GHV SUREOqPHV TXH VRXOqYH FHW
HQVHLJQHPHQW3DUPLOHVGLIILFXOWpVUHOHYpHVLO\D
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULHpWDWGHVOLHX[HWGLIILFXOWpV
/DQRXYHDXWp
,OV·DJLWG·XQHODQJXHMDPDLV RXSUHVTXH HQVHLJQpHHQ$OJpULHGXPRLQV
HQ $OJpULH LQGpSHQGDQWH HQ PLOLHX LQVWLWXWLRQQHO ,O \ D FHUWHV GpFLVLRQ
SROLWLTXHG·LQWURGXFWLRQGHFHWHQVHLJQHPHQWGDQVO·pFROHDOJpULHQQHPDLV
VDQVFUpDWLRQGHVFRQGLWLRQVPLQLPDOHVSRXUFHODjVDYRLUO·HQFDGUHPHQW
SpGDJRJLTXHOHVPDQXHOVODSURJUHVVLRQjVXLYUHSRXUQHSUHQGUHTXHFHV
WURLV SDUDPqWUHV $MRXWRQV j FHOD OH PDQTXH G·LQIRUPDWLRQV RIILFLHOOHV
GLVSRQLEOHV j SURSRV GH OD UpDOLWp GH FHW HQVHLJQHPHQW GH VD GLVSHUVLRQ
JpRJUDSKLTXH GH VRQ YROXPH KRUDLUH KHEGRPDGDLUH" PHQVXHO" GH
O·pYDOXDWLRQ GH FHW HQVHLJQHPHQW GHV UpVXOWDWV HQUHJLVWUpV G·XQ SUHPLHU
ELODQjSDUWLUGHVREVHUYDWLRQVGHFHWWHH[SpULHQFHSpGDJRJLTXHQRXYHOOH
/D VLWXDWLRQ DFWXHOOH HVW GRQF PDUTXpH SDU O·DEVHQFH GH WRXWH
FRPPXQLFDWLRQ RIILFLHOOH VXU OD TXHVWLRQ FH TXL UHSUpVHQWH XQ KDQGLFDS
GDQV XQH HQWUHSULVH G·pYDOXDWLRQ FRPPH OD Q{WUH &H VRQW VXUWRXW OHV
WpPRLJQDJHV G·HQVHLJQDQWV GH V\QGLFDOLVWHV HW GH GpIHQVHXUV GH OD FDXVH
EHUEqUH DSSHOpVDXVVLEHUEpULVWHV TXLSDUUHFRXSHPHQWVSHUPHWWHQWXQH
UHSUpVHQWDWLRQDFFHSWDEOHGHODVLWXDWLRQDFWXHOOHGHFHWHQVHLJQHPHQW
/·RUDOLWp
7RXW FRPPH O·DUDEH DOJpULHQ PRGHUQH GLW ©GLDOHFWDOª OH EHUEqUH HQ
$OJpULH VRXIIUH GH VRQ RUDOLWp TXL HVW XQ UpHO KDQGLFDS GDQV OH PRQGH
PRGHUQH R WRXW HVW JUDSKLH &HUWHV OH 7LILQDJK HVW XQ DOSKDEHW
WUDGLWLRQQHO PLOOpQDLUH D\DQW pWp XWLOLVp SDU OHV 7RXDUHJ GX 6XG DOJpULHQ
PDLVVRQXWLOLVDWLRQQ·HVW HQYLVDJpHSDUSHUVRQQH/DSUHPLqUHGLIILFXOWp
HW QRQ GHV PRLQGUHV SRXU O·HQVHLJQHPHQW GX EHUEqUH HVW GRQF OH FKRL[
G·XQ V\VWqPH GH WUDQVFULSWLRQ 8QH SROpPLTXH D RSSRVp GqV OHV DQQpHV
OHV SDUWLVDQV GH O·DOSKDEHW DUDEH DX[ SDUWLVDQV GH O·DOSKDEHW ODWLQ
SRXUODWUDQVFULSWLRQGHFHWWHODQJXH4XDQGRQVDLWTXHFHWHQVHLJQHPHQW
HVW WULEXWDLUH GH OD VROXWLRQ j DSSRUWHU j FHWWH TXHVWLRQ RQ PHVXUH OD
JUDYLWpGHODVLWXDWLRQDFWXHOOH/HVDUJXPHQWVDYDQFpVSDUOHVXQVHWSDU
OHV DXWUHV VRQW j O·pYLGHQFH SOXV LGpRORJLTXHV TXH VFLHQWLILTXHV HW
SUDJPDWLTXHV $XMRXUG·KXL HQFRUH FH GpEDW Q·HVW SDV WUDQFKp PDLV XQH
SUDWLTXH VH GHVVLQH HW V·LPSRVH FHOOH GX FKRL[ GH O·XWLOLVDWLRQ GH
O·DOSKDEHW ODWLQ SRXU WUDQVFULUH FHWWH ODQJXH SDU OHV HQVHLJQDQWV OHV
TXHOTXHV pGLWHXUV HW FHUWDLQV RUJDQHV GH SUHVVH &H FKRL[ SRVH
LQFRQWHVWDEOHPHQW GHV SUREOqPHV GH GpFRGDJH FRPSUpKHQVLEOHV TXDQG
RQ VDLW TXH OH EHUEqUH HVW XQH ODQJXH FKDPLWR VpPLWLTXH TXH O·DOSKDEHW
&<DPLQD%HQPD\RXI
DUDEH HVW LQFRQWHVWDEOHPHQW SOXV DGDSWp SRXU FHWWH WUDQVFULSWLRQ TXH QH
O·HVWO·DOSKDEHWODWLQDGDSWpDX[ODQJXHVLQGRHXURSpHQQHV0DLVFRPPHQW
IDLUH DXWUHPHQW VL RQ YHXW pFKDSSHU j O·LGpRORJLH GH O·DUDELVPH GH
O·LVODPLVPH TXL VRQW XQH GHV FDXVHV GH OD IDLOOLWH GH OD VRFLpWp DOJpULHQQH
PDLV VXUWRXW XQH GHV UDLVRQV GX VRXOqYHPHQW SRSXODLUH HQ .DE\OLH XQH
GHV UDLVRQV GH OD FRQWHVWDWLRQ TXL HVSqUH XWLOLVHU OD FDXVH EHUEqUH SRXU
DIIDLEOLU RX GX PRLQV UHPHWWUH HQ FDXVH O·LGpRORJLH DUDERLVODPLTXH GX
UpJLPH HQ SODFH HW TXH YpKLFXOH O·DUDELVDWLRQ DYHF OH FKRL[ GH O·DUDEH
FODVVLTXH GRQW OH V\VWqPH G·pFULWXUH FRPPH ODQJXH RIILFLHOOH H[FOXVLYH
&KRLVLU O·DOSKDEHW ODWLQ F·HVW GRQF FKRLVLU GH VH GpVROLGDULVHU GH FHWWH
LGpRORJLH &·HVW PrPH FDUUpPHQW WRXUQHU OH GRV DX PRQGH DUDEH SRXU
FKRLVLUGHUHYHQLUYHUVO·2FFLGHQWYRORQWDLUHPHQWHWGHPDQLqUHUpIOpFKLH
/D JUDSKLH D EHDX rWUH XQ V\VWqPH FRQYHQWLRQQHO GH WUDQVFULSWLRQ GHV
VRQVG·XQHODQJXHLOQ·HQUHVWHSDVPRLQVTX·HOOHDXQHFKDUJHV\PEROLTXH
QRQ QpJOLJHDEOH TXL IDLW TX·HOOH D DXVVL XQH FKDUJH LGpRORJLTXH
LQFRQWHVWDEOH (Q WpPRLJQH XQH UpIOH[LRQ IDLWH SDU O·H[ SUpVLGHQW &KDGOL
VXLWH DX[ pYqQHPHQWV G·DYULO HQ TXDOLWp GH GpIHQVHXU HW GH
UHSUpVHQWDQWGHVSRVLWLRQVGX)/1jO·pJDUGGHFHPRXYHPHQWQDLVVDQW
©2XLjO·HQVHLJQHPHQWGXEHUEqUHjFRQGLWLRQTX·LOVRLWpFULWHQFDUDFWqUH
DUDEHVªDXUDLWGLWOHSUpVLGHQWFLWp
&·HVWpJDOHPHQWODSHUFHSWLRQTX·D6&KDNHUSRXUTXL
TX·RQ OH YHXLOOH RX QRQ O·pPHUJHQFH EHUEqUH O·pPHUJHQFH GH OD ODQJXH EHUEqUH
V·HVWIDLWHDXFRXUVGX;;HVLqFOHFRQWUHO·LGpRORJLHDUDERLVODPLTXHGRPLQDQWHHW
SRXUO·HVVHQWLHOKRUVGXFDGUHDUDERLVODPLTXH&·HVWO·RXYHUWXUHVXUOHPRQGHHW
VXUO·2FFLGHQWTXLDGRQQpDX[%HUEqUHVHWjODODQJXHEHUEqUHOHVRXWLOVGHOHXU
DIILUPDWLRQHWGHOHXUH[LVWHQFH9RXORLULPSRVHUDXEHUEqUHO·KDELWGHO·DOSKDEHW
DUDEHWUDKLWH[SOLFLWHPHQWXQHYRORQWpGHOHIDLUHUHQWUHUGDQVOHJLURQGHODIDPLOOH
DUDERPXVXOPDQH SRXU O·\ pWRXIIHU &DU RQ QH SHXW pOXGHU OD TXHVWLRQ
IRQGDPHQWDOHVXLYDQWHSRXUTXRLFHGpEDWUpFXUUHQWDXWRXUGHODJUDSKLHXVXHOOH
GX7DPD]LJKW"SRXUTXRLFHUHWRXUVXUGHVTXHVWLRQVTXHODVRFLpWpHWODSUDWLTXH
RQW GH IDLW GpMj UpJOpHV" SRXUTXRL O·LQVWDQFH SROLWLTXH V·HPSDUHWHOOH
UpJXOLqUHPHQWGXVXMHW",OQHV·DJLWSDVG·XQpSLSKpQRPqQHPDLVELHQG·XQHOLJQH
VWUDWpJLTXH DQFLHQQH HW FRPPXQH DX[ SD\V GH O·$IULTXH GX 1RUG /HV SRVLWLRQV
KLVWRULTXHV GX )/1 HW GHV SOXV KDXWHV LQVWDQFHV GH O·(WDW DOJpULHQ QH VRQW SDV
DQRGLQHV1RXVDYRQVDIIDLUHjXQHPDUFKHGHJXHUUHFRQWUHOHEHUEqUHTXHO·RQ
GpSORLH ORUVTX·LO HVW GHYHQX LPSRVVLEOH GH V·RSSRVHU VXU OH SULQFLSH j VD
UHFRQQDLVVDQFH j VRQ GpYHORSSHPHQW HW j VD JpQpUDOLVDWLRQ 2Q PHW DORUV HQ
DYDQW OH SUREOqPH ©WHFKQLTXHª FHOXL GH O·DOSKDEHW SRXU GpWUXLUH O·DFTXLV HW
RULHQWHUG·HPEOpHOHSDVVDJHjO·pFULWHWO·HQVHLJQHPHQWGHODODQJXHEHUEqUHYHUV
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULHpWDWGHVOLHX[HWGLIILFXOWpV
XQ FXOGHVDF DVVXUp YHUV O·HQOLVHPHQW HW OD IRONORULVDWLRQ« ,O V·DJLW GH EORTXHU
WRXWHSRVVLELOLWpGHGpYHORSSHPHQWUpHOGHODODQJXHEHUEqUHGHODQHXWUDOLVHUHQ
OXLLPSRVDQWXQFDUFDQ QRQIRQFWLRQQHOTXLODFRQGDPQHjXQHVLPSOHIRQFWLRQ
HPEOpPDWLTXHRXDXUHMHWHWjODGpVDIIHFWLRQSDUOHVSRSXODWLRQVHOOHVPrPHV(Q
XQPRWLOV·DJLWG·HQIHUPHUOHEHUEqUHGDQVO·LQVLJQLILDQFHª &KDNHU
&DUODUpDOLWpDGpMjGRQQpXQHUpSRQVHXQHVROXWLRQjFHSUREOqPH(Q
HIIHW VXU OH SODQ HIIHFWLI OH SDVVDJH j O·pFULW j EDVH ODWLQH SHXW rWUH
FRQVLGpUpFRPPHGpMjDFTXLV3RXUFHTXLHVWGXNDE\OHFHODHVWpYLGHQW
3DUWRXW HW GH SOXV HQ SOXV LO H[LVWH GHV SXEOLFDWLRQV XQH SUHVVH GHV
UHYXHV DVVRFLDWLYHV TXL XWLOLVHQW OD QRWDWLRQ XVXHOOH ODWLQH /H WURLVLqPH
SUREOqPHDXTXHOVHKHXUWHO·HQVHLJQHPHQWGXEHUEqUHHVWFHOXLGHOD
'LYHUVLWp UpJLRQDOH HW SUREOqPH GH OD QRUPDOLVDWLRQ HW GH OD
VWDQGDUGLVDWLRQ
8QH GHV IDLEOHVVHV GH OD VLWXDWLRQ DFWXHOOH GX EHUEqUH HQ $OJpULH HVW VD
GLYHUVLWp UpJLRQDOH 4XHOOH YDULDQWH SDUPL OHV FLQT YDULDQWHV OHV SOXV
XWLOLVpHVHQ$OJpULH OHNDE\OHOHPR]DELWHOHFKDRXLOHWHUJXLHWOHFKOHXK
SHXW rWUH FKRLVLH SRXU O·HQVHLJQHPHQW GX EHUEqUH" 3UREOqPH pSLQHX[
SXLVTXH QRQ VHXOHPHQW FKDTXH UpJLRQ EHUEpURSKRQH WLHQW j VD YDULDQWH
ORFDOH PDLV SLUH HQFRUH O·LQWHUFRPSUpKHQVLRQ HQWUH ORFXWHXUV GHV
GLIIpUHQWHVYDULDQWHV VLJQDOpHV HVW j SHLQH DVVXUpH j FDXVH GXPDQTXH GH
FRQWDFWGXUDQWGHORQJVVLqFOHVHQWUHEHUEpURSKRQHVGHVGLWHVUpJLRQV
4XHOOHQRUPHFKRLVLUHWTXHOOHODQJXHVWDQGDUGUHWHQLU"/DUpSRQVHjFHV
TXHVWLRQV TXL VRQW DXWDQW WHFKQLTXHV TXH SROLWLTXHV HW VWUDWpJLTXHV
GpSHQG HQ JUDQGH SDUWLH G·XQH UpIOH[LRQ TXL SRXUUDLW rWUH PHQpH j ELHQ
SDUGHVVSpFLDOLVWHVOLQJXLVWHVjFRQGLWLRQTX·LO\DLWXQHYRORQWpSROLWLTXH
SRXUVROXWLRQQHUFHVSUREOqPHV
&HWWHIDLEOHVVHHVWG·DLOOHXUVODUJHPHQWH[SORLWpHSDUOHSRXYRLUHQSODFH
(Q HIIHW XQH GHV FRQFHVVLRQV GH FH SRXYRLU D pWp XQ MRXUQDO WpOpYLVp
TXRWLGLHQHQODQJXHEHUEqUHPDLVGDQVXQHODQJXHTXLYDULHUDG·XQMRXUj
O·DXWUH7DQW{WLOV·DJLWG·XQMRXUQDOHQNDE\OHWDQW{WHQFKDRXLWDQW{WHQ
PR]DELWH WDQW{W HQ WDUJXL &RPSWH WHQX GH OD GLIILFLOH
LQWHUFRPSUpKHQVLRQ GH OD UHODWLYH FRPSUpKHQVLRQ TX·XQ .DE\OH SDU
H[HPSOHDGHVDXWUHVYDULDQWHVRQFRPSUHQGODIUXVWUDWLRQGHWRXVPDLV
VXUWRXW FHOOH GHV .DE\OHV TXL VRQW OHV LQLWLDWHXUV GH FH PRXYHPHQW GH
UHYHQGLFDWLRQHWTXLRQWYHUVpSRXUODFDXVHOHSOXVORXUGWULEXW2QSHXW
&<DPLQD%HQPD\RXI
DIILUPHU TXH FHWWH QRXYHOOH IUXVWUDWLRQ V·DMRXWH j FHOOH TXL D pWp OD FDXVH
SUHPLqUH GX GpFOHQFKHPHQW GX PRXYHPHQW EHUEqUH DORUV TX·HOOH VH
SUpVHQWHFRPPHXQHFRQFHVVLRQIDLWHSDUOHSRXYRLUHQSODFH
FHVFRQGLWLRQVGLIILFLOHVGHO·HQVHLJQHPHQWGXEHUEqUHLOIDXWDMRXWHUOD
GLVSDULWp
/DGLVSDULWpRXODUpJLRQDOLVDWLRQGHFHWHQVHLJQHPHQW
GpIDXW G·LQIRUPDWLRQV SOXV UpFHQWHV QRXV QRXV ILHURQV DX[ pFULWV
GLIIXVpV SDU ,QWHUQHW SRXU TXL OH QRXYHDX VWDWXW GH ODQJXH QDWLRQDOH GH
7DPD]LJKW QH VHPEOH SDV OXL DYRLU SHUPLV GH V·pWDEOLU GH IDoRQ
FRQYDLQFDQWH GDQV OHV pWDEOLVVHPHQWV VFRODLUHV SXEOLFV PrPH Oj R OH
7DPD]LJKW HVW GpMj HQVHLJQp 6HORQ OHV VWDWLVWLTXHV HQ SURYHQDQFH GX
VHFUpWDLUH JpQpUDO GX +DXW &RPPLVVDULDW j O·$PD]LJKLWp +&$ OH
QRPEUH GHV pOqYHV LQVFULWV HQ GDQV OHV FRXUV GH 7DPD]LJKW HVW
VHXOHPHQW GH j $OJHU PDLV DWWHLQW OHV j 7L]L 2X]RX FH TXL
WpPRLJQH GX GpVpTXLOLEUH GH OD UpSDUWLWLRQ GH FHW HQVHLJQHPHQW FRQILQp
GDQV OHV UpJLRQV EHUEpURSKRQHV /·HQVHLJQHPHQW GX 7DPD]LJKW
FRQFHUQDLWjO·RULJLQHZLOD\DVDORUVTX·HOOHQ·HVW HQVHLJQpHDXMRXUG·KXL
TXH VHXOHPHQW GDQV ZLOD\DV 7URLV ZLOD\DV UHJURXSHQW j HOOHV VHXOHV
GHVpOqYHVGH7DPD]LJKW%RXLUD%HMDLDHW7L]L2X]RX/HVGHV
DXWUHVpOqYHVVRQWUpSDUWLVVXUDXWUHVZLOD\DV/·XQGHVUHVSRQVDEOHVGX
+&$%LOHN+DPLGDIILUPHTXH
/DFDSLWDOHTXLGHYDLWrWUHXQHJUDQGHZLOD\DSLORWHGLVSRVH VHXOHPHQWGHGHX[
HQVHLJQDQWVDXPRPHQWRGHQRPEUHX[pWXGLDQWVOLFHQFLpVHQODQJXHHWFXOWXUH
DPD]LJKW LVVXV GHV XQLYHUVLWpV GH %HMDLD HW 7L]L 2X]RX SDWDXJHQW GDQV OH
FK{PDJH'DQVO·HQVHPEOHOHVUHVSRQVDEOHVEHUEpURSKRQHVQHVHPEOHQWSDVWUqV
VDWLVIDLWVGHO·HQVHLJQHPHQWGX7DPD]LJKW'HVGLIILFXOWpVPDMHXUHVHPSrFKHQWOD
JpQpUDOLVDWLRQGX7DPD]LJKWPrPHGDQVOHVUpJLRQVEHUEpURSKRQHV>«@
8QFRQVWDWDSSURFKDQWHWSOXVUpFHQWSXLVTX·LOGDWHGXDYULOHVW
pWDEOL SDU $OL %UDKLPL GpSXWp GH %RXLUD GDQV XQ DUWLFOH SXEOLp GDQV OH
TXRWLGLHQQDWLRQDO(O:DWDQ&HGHUQLHUUHOqYHVXUWRXWOHUHFXOQXPpULTXH
HW JpRJUDSKLTXH GH FHW HQVHLJQHPHQW QDLVVDQW REVHUYDQW TXH ©HQWDPp
ORUV GH O·DQQpH VFRODLUH GDQV ZLOD\DV GX SD\V GDQV GHV
SURSRUWLRQVVSDWLDOHVHWKXPDLQHVLQpJDOHVFHWHQVHLJQHPHQWQHFHVVHGH
YRLUVRQWHUULWRLUHVHUpWUpFLUFRPPHSHDXGHFKDJULQª $PLU /H
GpSXWpHVWLPHTX·HQGpSLWG·XQHIRUWHFRPPXQDXWpEHUEpURSKRQH2UDQ
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULHpWDWGHVOLHX[HWGLIILFXOWpV
,OOL]L (O %D\DG HW7LSD]DRQW pWpYLWH VHYUpHV GHOHXU GURLW j OHXU ODQJXH
DXWRFKWRQH (Q FH VRQW OHV YLOOHV GH %LVNUD HW *KDUGDwD TXL Q·HQ
EpQpILFLHQWSOXVDORUVTXH7DPDQUDVVHWHVWVXUOHSRLQWGHVXELUOHPrPH
VRUW %DWQD O·HQVHLJQHPHQW DpWp DEDQGRQQp HQ SXLV D UHSULV HQ
(QILQ VLJQDORQV TXH FHW HQVHLJQHPHQW HVW IDFXOWDWLI FH TXL OH UHQG
YXOQpUDEOHHW VRXPLV j O·DUELWUDLUH GH WRXW XQ FKDFXQ 'DQV XQWHO GpFRU
LGpRORJLTXHSROLWLTXHRQFRPSUHQGTXHFHWHQVHLJQHPHQWVHKHXUWHjGH
QRPEUHX[EORFDJHVHWUpVLVWDQFHVGHWRXWHVVRUWHV
/HVEORFDJHVHWOHVUpVLVWDQFHV
/H SUHPLHU EORFDJH HVW FHOXL GX SRXYRLU HQ SODFH HW GH WRXV FHX[ TXL
VRXWLHQQHQWFHGHUQLHUHWTXLVHWURXYHQWjWRXVOHVQLYHDX[GHODPDFKLQH
DGPLQLVWUDWLYHHWVFRODLUH
/·DEVHQFH GH UpHOOH YRORQWp SROLWLTXH HVW VRXYHQW UHOHYpH $OL %UDKLPL
SHQVH TXH ©OHV SRXYRLUV SXEOLFV QH VHPEOHQW SDV SRVVpGHU GH SODQ GH
GpYHORSSHPHQW GH O·HQVHLJQHPHQW GX 7DPD]LJKW QL GX SRLQW GH YXH GH
O·HVSDFHWRXFKpQLGHFHOXLGHVPR\HQVKXPDLQVHWPDWpULHOVjPRELOLVHU
QL GHV pFKpDQFHV j VH IL[HUª $PLU PDOJUp O·H[LVWHQFH
G·LQVWLWXWLRQV WHOOHV TXH OH +&$ OH &13/(7 FHWWH DEVHQFH GH UpHOOH
YRORQWp SROLWLTXH V·DMRXWHQW OHV EORFDJHV j WRXV OHV QLYHDX[ '·DERUG
FHUWDLQV GLUHFWHXUV G·pFROHV WDUGHQW j DSSOLTXHU OHV UDUHV FLUFXODLUHV
PLQLVWpULHOOHV DXWRULVDQW O·HQVHLJQHPHQW GX 7DPD]LJKW« /HV GLUHFWHXUV
G·pFROHVIRQWDSSOLTXHUOHVSURJUDPPHVRIILFLHOVPDLVSRXUFHTXLHVWGX
7DPD]LJKWFHVPrPHVUHVSRQVDEOHVRQWWHQGDQFHj©RXEOLHUªO·H[LVWHQFH
GHVFLUFXODLUHVeJDOHPHQWGqVO·RXYHUWXUHGHVSRVWHVEXGJpWDLUHVGHVWLQpV
j O·HQVHLJQHPHQW GX 7DPD]LJKW FH GHUQLHU VHPEOH VH IDLUH GH PDQLqUH
DQDUFKLTXH HW HQWRXUp GX SOXV JUDQG VHFUHW FRPPH VL SUpYRLU GHV
HQVHLJQDQWV SRXU FHWWH GLVFLSOLQH UHOHYDLW G·XQH DIIDLUH G·eWDW 'HV
DXWRULVDWLRQV SDUHQWDOHV VRQW H[LJpHV DX[ pOqYHV GpVLUDQW DSSUHQGUH OH
7DPD]LJKW GDQV FHUWDLQHV ZLOD\DV DORUV TXH GHV GLVSHQVHV GH FRXUV GH
7DPD]LJKWVRQWDFFHSWpHVGDQVFHUWDLQVpWDEOLVVHPHQWV(QILQXQGHUQLHU
SUREOqPH j VLJQDOHU OD SpQXULH GHV HQVHLJQDQWV HQ 7DPD]LJKW HW OHXU
IRUPDWLRQ 3RXU VD SDUW OH &HQWUH QDWLRQDO SpGDJRJLTXH HW OLQJXLVWLTXH
SRXU O·HQVHLJQHPHQW GX 7DPD]LJKW FURLW TXH O·HQVHLJQHPHQW GX
7DPD]LJKW VH IDLW HVVHQWLHOOHPHQW VXU OD EDVH GH OD PDvWULVH GH OD ODQJXH
&<DPLQD%HQPD\RXI
JpQpUDOHPHQW OH NDE\OH VDQV DPpQDJHPHQW SUpDODEOH GH OD ODQJXH VDQV
RXWLOGLGDFWLTXHDGpTXDWHWVDQVIRUPDWLRQGHVHQVHLJQDQWV'HVRQF{Wp
OHVHFUpWDLUHJpQpUDOGXPLQLVWqUHGHO·(GXFDWLRQ0U.KDOGLDGpFODUpTXH
O·HQVHLJQHPHQW GH OD ODQJXH7DPD]LJKW VH IDLVDLW JUDGXHOOHPHQWVHORQ OHV
PR\HQVHWOHVRXWLOVH[LVWDQWV
&RQFOXVLRQ
/H FOLPDW GH VXVSLFLRQ UHOHYp HQWUH OH SRXYRLU HW OHV GpIHQVHXUV GH FHW
HQVHLJQHPHQW Q·HVW SDV HQFRUH pYDFXp (Q HIIHW VL O·eWDW D IDLW GHV
FRQFHVVLRQVGDQVOHGRPDLQHGHO·HQVHLJQHPHQWGX7DPD]LJKWWHOOHVTXH
ODFUpDWLRQGX+&$HWGX&13/(7RQQHSHXWTXHUHOHYHUOHXUOHQWHXU
RX OHXU LQHIILFDFLWp j SUHQGUH HQ FKDUJH OHV QRPEUHX[ SUREOqPHV TXH
VRXOqYHO·HQVHLJQHPHQWGHFHWWHODQJXH
$MRXWRQVjFHWWHOLVWHGHVGLIILFXOWpVHWGHVEORFDJHVTXLULVTXHG·rWUHIRUW
ORQJXHODUHSUpVHQWDWLRQTXHODJUDQGHPDMRULWpGHV$OJpULHQVDGHFHWWH
ODQJXH FHOOH G·XQH VRXVODQJXH G·XQH ODQJXH PLQRULWDLUH G·XQH ODQJXH
UpJLRQDOH VXVFHSWLEOH GH FRPSURPHWWUH O·XQLWp GX SD\V G·XQH ODQJXH TXL
QH GRQQH QL WUDYDLO QL SURPRWLRQ VRFLDOH j FHOXL TXL O·DSSUHQG 3LUH TXH
FHOD VL O·DUDELVDWLRQ D FRPSURPLV OD IRUPDWLRQ GH JpQpUDWLRQV HQWLqUHV
G·$OJpULHQV QpV DX OHQGHPDLQ GH O·LQGpSHQGDQFH LO \ D OD FUDLQWH TXH OD
PrPH H[SpULHQFH QH VH UHSURGXLVH DYHFO·HQVHLJQHPHQW GX7DPD]LJKW VL
XQH UDSLGH SULVH HQ FKDUJH GHV SUREOqPHV TXH SRVH FHW HQVHLJQHPHQW
Q·pWDLW SDV DVVXUpH DPpQDJHPHQW QRUPDOLVDWLRQ VWDQGDUGLVDWLRQ
WUDQVFULSWLRQUpIOH[LRQJUDPPDWLFDOHRXWLOVSpGDJRJLTXHV
/·DPpOLRUDWLRQGHFHWHQVHLJQHPHQWSDVVHGRQFSDUXQHYRORQWpSROLWLTXH
G·DPpOLRUHU OHV FRQGLWLRQV G·H[HUFLFH GH FHW HQVHLJQHPHQW HW SDU XQ
GLVFRXUVSROLWLTXHYDORULVDQW
5pIpUHQFHV
$0,51DELOD©(QVHLJQHPHQWGHODODQJXHDPD]LJKHOHFRQVWDWDODUPDQWGH$OL
%UDKLPLªTXRWLGLHQ(O:DWDQDYULO
$5(=., 'DOLOD D /·LGHQWLWp EHUEqUH 'H OD IUXVWUDWLRQ j OD YLROHQFH OD UHYHQGLFDWLRQ HQ
.DE\OLH3DULV$WODQWLFD
$5(=.,'DOLODE/·HQVHLJQHPHQWHQ$OJpULHO·HQYHUVGXGpFRU3DULV$WODQWLFD
/·HQVHLJQHPHQWGXEHUEqUHHQ$OJpULHpWDWGHVOLHX[HWGLIILFXOWpV
%(10$<28)&KDILD<DPLQD/DTXHVWLRQOLQJXLVWLTXHHQ$OJpULH(QMHX[HWSHUVSHFWLYHV
3DULV6pJXLHU
&+$.(56DOHPD©/·HQIHUPHPHQWGXEHUEqUHª(QF\FORSpGLHEHUEqUH;9,,
&+$.(56DOHPE©2HQHVWOHEHUEqUHHQ$OJpULH"ª/DQJXHVHWOLWWpUDWXUHEHUEqUHV
FROO&KURQLTXHVGHVpWXGHV3DULV/·+DUPDWWDQ
&+$.(56DOHP%HUEqUHVDXMRXUG·KXL3DULV/·+DUPDWWDQ
&+28$.,$]L](O0DHVWURVXLYLGH/HV2UDQJHVL3DULV7KpkWUDOHV
+$''$'280RKDQG$NOL©/·eWDWDOJpULHQIDFHjODUHYHQGLFDWLRQEHUEqUHGHOD
UpSUHVVLRQ DX[ FRQFHVVLRQVª LQ *ORWWRSRO 5HYXH GH VRFLROLQJXLVWLTXH HQ OLJQH
ZZZXQLYURXHQIUG\DODQJJORWWRSRO
.$+/28&+( 5DEDK ©(QVHLJQHPHQW G·XQH ODQJXH QRQ DPpQDJpH DX VWDWXW
LQFHUWDLQ OH EHUEqUH HQ $OJpULHª LQ 0pPRLUHV GH OD 6RFLpWp GH OLQJXLVWLTXH GH 3DULV SS
/(6/2866DPLU ©DQVDSUqVOHGpEXWGXFRPEDWSRXUVRQ LQWURGXFWLRQGDQV
O·pGXFDWLRQ TX·HQ HVWLO GH O·HQVHLJQHPHQW GX 7DPD]LJKW j 7L]L 2X]RXª TXRWLGLHQ
/LEHUWpGXDYULO
28(5'$1($PDU/HV%HUEqUHVHWO·DUDEHLVODPLVPHHQ$OJpULH0RQWUpDO.06$
5,63$,/0DULHOOH pG (QFROODERUDWLRQDYHF7,*=,5,1RUD /DQJXHV PDWHUQHOOHV
FRQWDFWVYDULDWLRQVHWHQVHLJQHPHQWOHFDVGHODODQJXHDPD]LJKH3DULV/·+DUPDWWDQ
/DFRQVWUXFWLRQG·XQHLGHQWLWpUHWURXYpH
ODQJXHpFULWXUHHWFXOWXUHGDQVOHGRPDLQHEHUEqUH
*DRXDRX0DQDD
8QLYHUVLWp(O+DGM/DNKGDU%DWQD
/HVSUHPLqUHVPDQLIHVWDWLRQVH[SOLFLWHVG·XQHDIILUPDWLRQLGHQWLWDLUHEHUEqUHHQ$OJpULHUHPRQWHQWjOD
ILQ GX ;,;H VLqFOH SULQFLSDOHPHQW GDQV OD UpJLRQ GH OD .DE\OLH HW OHV SUHPLqUHV pOLWHV NDE\OHV IXUHQW
IRUPpHV j O·pFROH IUDQoDLVH &HWWH DIILUPDWLRQ HVW HVVHQWLHOOHPHQW FXOWXUHOOH HW HPSUXQWH OD YRLH j OD
SURGXFWLRQVFLHQWLILTXH ODQJXHOLWWpUDWXUHKLVWRLUHDQWKURSRORJLH /DUpIpUHQFHjODEHUEpULWpHVWOHIDLW
G·XQHpOLWHLQWHOOHFWXHOOHNDE\OHRFHUWDLQVQRPVVHVRQWLOOXVWUpV-HDQ$PURXFKH0RXORXG)HUDRXQ
0RXORXG0DPPHUL«/·LPSDFWGHOHXUVLGpHVVHPEOHDYRLULQVWDOOpXQHSULVHGHFRQVFLHQFHLGHQWLWDLUH
$YHFO·LQGpSHQGDQFHGHO·$OJpULHFHWWHUHYHQGLFDWLRQGHODEHUEpULWpGHYLHQWXQSKpQRPqQHGHPDVVH/D
SROLWLTXH G·DUDELVDWLRQ WRWDOH DJUHVVLYH HW DQWLEHUEpULTXH DIILFKpH GHV PLOLHX[ GRPLQDQWV GH OD FXOWXUH
RIILFLHOOH YD GpFOHQFKHU XQH YpULWDEOH UpVLVWDQFH FXOWXUHOOH 4XDQW j OD ODQJXH EHUEqUH HOOH IXW GDQV OHV
SUHPLHUV WUDYDX[ GHV EHUEpULVWHV SRVpH FRPPH IRQGDQW O·LGHQWLWp EHUEqUH &·HVW ELHQ DX QLYHDX GH OD
TXHVWLRQ OLQJXLVWLTXH TXH VH VLWXH OD FRQWUDGLFWLRQ SULQFLSDOH OHV DXWRULWpV HQ SODFH UHFRQQDLVVHQW OD
UpIpUHQFH KLVWRULTXH DX[ EHUEqUHV WKqVH TXH FHV PrPHV DXWRULWpV DFFHSWHQW GHSXLV SHX PDLV HQ DXFXQH
IDoRQXQHUHFRQQDLVVDQFHGHODUpDOLWpOLQJXLVWLTXHEHUEqUHHWGHVDOpJDOLWp$XMRXUG·KXLODFRQVWLWXWLRQ
UHFRQQDvW OH EHUEqUH FRPPH GHX[LqPH ODQJXH QDWLRQDOH GX SD\V VDQV OXL GRQQHU OH VWDWXW GH ODQJXH
RIILFLHOOHTXLSHUPHWWUDLWGHFRQFUpWLVHUODSUHPLqUHYRORQWpGHVEHUEpULVDQWVjVDYRLUVRQSDVVDJHjO·pFULWHW
ODPLVHHQFLUFXODWLRQG·XQHOLWWpUDWXUHpFULWH
/HSULPHPDQLIHVWD]LRQLHVSOLFLWHGLXQ·DIIHUPD]LRQHLGHQWLWDULDEHUEHUDLQ$OJHULDULVDOJRQRDOODILQH
GHO;,;VHFRORSULQFLSDOPHQWHQHOODUHJLRQHGHOOD&DELOLDHOHSULPHpOLWHVFDELOHIXURQRIRUPDWHQHOOD
VFXROD IUDQFHVH 4XHVW·DIIHUPD]LRQH q HVVHQ]LDOPHQWH FXOWXUDOH H SUHQGH OD VWUDGD GHOOD SURGX]LRQH
VFLHQWLILFD OLQJXD OHWWHUDWXUD VWRULD DQWURSRORJLD ,O ULIHULPHQWR DOOD EHUEHULWj ULJXDUGD XQ·pOLWH
LQWHOOHWWXDOHFDELODLQFXLDOFXQL QRPLVLVRQRGLVWLQWL-HDQ $PURXFKH0RXORXG)HUDRXQ 0RXORXG
0DPPHUL« /·LPSDWWR GHOOH ORUR LGHH VHPEUD DYHU UDGLFDWR XQD SUHVD GL FRVFLHQ]D LGHQWLWDULD &RQ
O·LQGLSHQGHQ]D GHOO·$OJHULD TXHVWD ULYHQGLFD]LRQH GHOOD EHUEHULWj GLYHQWD XQ IHQRPHQR GL PDVVD /D
SROLWLFDGLDUDEL]]D]LRQHWRWDOHDJJUHVVLYDHDSHUWDPHQWHDQWLEHUEHULFDGDSDUWHGHOOHFODVVLHJHPRQLFKH
GHOODFXOWXUDXIILFLDOHKDSRUWDWRDXQ·DXWHQWLFDUHVLVWHQ]DFXOWXUDOH4XDQWRDOODOLQJXDEHUEHUDTXHVWD
IXQHLSULPLODYRULGHLEHUEHULVWLSRVWDDIRQGDPHQWRGHOO·LGHQWLWjEHUEHUDËLQHIIHWWLDOLYHOORGHOOD
TXHVWLRQH OLQJXLVWLFD FKH VL VLWXD OD FRQWUDGGL]LRQH SULQFLSDOH OH DXWRULWj LQ FDULFD ULFRQRVFRQR LO
ULIHULPHQWR VWRULFR DL EHUEHUL WHVL FKH TXHVWH VWHVVH DXWRULWj DFFHWWDQR GD SRFR PD LQ DOFXQ PRGR XQ
ULFRQRVFLPHQWR GHOOD UHDOWj OLQJXLVWLFD EHUEHUD H GHOOD VXD OHJDOLWj 2JJL OD &RVWLWX]LRQH UFRQRVFH LO
EHUEHUR FRPH VHFRQGD OLQJXD QD]LRQDOH GHO SDHVH VHQ]D DWWULEXLUJOL OR VWDWXV GL OLQJXD XIILFLDOH FKH
FRQVHQWLUHEEHGLFRQFUHWL]]DUHODSULQFLSDOHYRORQWjGHLEHUEHUL]]DQWLHFLRqLOVXRSDVVDJJLRDOORVFULWWRH
ODPHVVDLQFLUFRORGLXQDOHWWHUDWXUDVFULWWD
WUDYHUVO·KLVWRLUH
/HV SUHPLqUHV PDQLIHVWDWLRQV H[SOLFLWHV G·XQH DIILUPDWLRQ LGHQWLWDLUH
EHUEqUHSHXYHQWrWUHUHSpUpHVGqVODILQGX;,;HVLqFOHHQUpJLRQVNDE\OHV
(OOHV VRQW OH IDLW GHV SUHPLqUHV pOLWHV NDE\OHV IRUPpHV j O·pFROH IUDQoDLVH
*DRXDRX0DQDD
GHO·pSRTXHFRORQLDOH GHVLQVWLWXWHXUVQRUPDOLHQVHWGHVXQLYHUVLWDLUHV«
&KH] FHV SUpFXUVHXUV O·DIILUPDWLRQ HVW HVVHQWLHOOHPHQW FXOWXUHOOH HW
HPSUXQWH LPPpGLDWHPHQW OD YRLH j OD SURGXFWLRQ VFLHQWLILTXH ODQJXH
OLWWpUDWXUHKLVWRLUHEHUEqUHV $ELHQGHVpJDUGVFHVSUHPLHUVEHUEpULVDQWV
EHUEpURSKRQHV VRQW SULQFLSDOHPHQW OHV SURGXLWV GH O·(FROH )UDQoDLVH
VXLYLVSHXDSUqVSDUFHX[GHO·8QLYHUVLWpGHODPrPHSXLVVDQFH
&HODDFRQVWLWXpXQHWUDGLWLRQG·pWXGHVEHUEqUHVHQ$OJpULHTXLFRQWLQXH
PrPHDXMRXUG·KXLDYHFODPrPHYLJXHXUDYHFG·DXWUHVSRXYRLUVHQSODFH
,O IDXW UDSSHOHU TX·XQH FKDLUH GH EHUEqUH H[LVWDLW j O·XQLYHUVLWp G·$OJHU
MXVTX·j OD ILQ GHV DQQpHV DYHF 0RXORXG 0DPPHUL DYDQW VRQ GpFqV
DFFLGHQWHO/HVSXEOLFDWLRQVGDQVFHGRPDLQHVRQWWRXMRXUVDERQGDQWHV
$LQVLODUpIpUHQFHjODEHUEpULWpUHVWHMXVTX·jO·LQGpSHQGDQFHGHO·$OJpULH
OHIDLWG·XQHpOLWHLQWHOOHFWXHOOHNDE\OHGRQWQRXVFLWHURQVOHVSOXVLOOXVWUHV
-HDQ $PURXFKH 0RXORXG )HUDRXQ 0RXORXG 0DPPHUL« /·LPSDFW GH
OHXUV LGpHV VXU OD SRSXODWLRQ NDE\OH VHPEOH DYRLU pWp GLVFUHW PDLV LO QH
IDXWSDVOHVRXVHVWLPHUFDULOVpWDLHQWSHUoXVFRPPHGHVpFULYDLQVNDE\OHV
GH ODQJXH IUDQoDLVH OHXU QRWRULpWp OLWWpUDLUH Q·HVW GRQF SDV GX WRXW
LQGLIIpUHQWHGXSRLQWGHYXHGHODSULVHGHFRQVFLHQFHLGHQWLWDLUH
$YHF O·DFFHVVLRQ GH O·$OJpULH j O·LQGpSHQGDQFH HQ MXLOOHW XQH
PXWDWLRQ SURIRQGH V·RSqUH DX VHLQ GH FHWWH FRPPXQDXWp ORQJWHPSV
PDUJLQDOLVpH HW OH EHUEpULVPH UHYHQGLFDWLRQ GH OD EHUEpULWp GHYLHQW XQ
SKpQRPqQH GH PDVVH HW WRXFKH WRXWHV OHV FRXFKHV GH OD SRSXODWLRQ
NDE\OH MHXQHVVH pPLJUDWLRQ &H FKDQJHPHQW SURIRQG HVW XQH
FRQVpTXHQFHQDWXUHOOHGLUHFWHGHO·pYROXWLRQGHVFRQGLWLRQVKLVWRULTXHVHW
SROLWLTXHV
-XVTX·j O·LQGpSHQGDQFH O·REMHFWLI SULRULWDLUH pWDLW OD OXWWH GH OLEpUDWLRQ
QDWLRQDOH$FHWWHpSRTXHODUpIpUHQFHjODEHUEpULWppWDLWSHUoXHSDUOHV
XQV HW SDU OHV DXWUHV FRPPH LQRSSRUWXQH HW GDQJHUHXVH HQ UDLVRQ GX
ULVTXHGHGLYLVLRQVTX·HOOHLPSOLTXDLW
(Q HIIHW OHV $OJpULHQV Q·RQW SDV RXEOLp OHV UHYHUV VXELV GHSXLV OD
FRORQLVDWLRQ GH OHXU SD\V j SDUWLU GH LOV RQW UHWHQX OHV OHoRQV GX
SDVVpRWRXVOHVVRXOqYHPHQWVFRQWUHO·RFFXSDQWDYDLHQWpFKRXpjFDXVH
GHOHXUVGLYLVLRQVOLQJXLVWLTXHVUpJLRQDOHVHWKQLTXHVHWF
/·LQGpSHQGDQFH FRQFUpWLVH GH IDFWR OHV RSWLRQV LGpRORJLTXHV HW FXOWXUHOOHV
DUDERLVODPLTXHV GX QDWLRQDOLVPH DOJpULHQ HW SHUPHW DX EHUEpULVPH GH
/DQJXHpFULWXUHHWFXOWXUHGDQVOHGRPDLQHEHUEqUH
V·H[SULPHURXYHUWHPHQWPDLQWHQDQWTXHOHGDQJHUGHODGLYLVLRQHVWpFDUWp
DYHFODYLFWRLUHVXUO·DQFLHQQHSXLVVDQFHFRORQLDOH
0DLV FHWWH SDUHQWKqVH YD ELHQW{W VH UHIHUPHU SDUFH TXH O·pYLFWLRQ UDSLGH
GHVNDE\OHVGHVVSKqUHVGHGpFLVLRQVSROLWLTXHVODPLVHjO·pFDUWGHVFKHIV
KLVWRULTXHV OD UpSUHVVLRQ PLOLWDLUH HQ .DE\OLH HQWUH DYHF
O·HPSULVRQQHPHQW GH O·LGpRORJXH +RFLQH $wW$KPHG RQW FRQVWLWXp XQH
UXSWXUH EUXWDOH DX QLYHDX GHV FRQVFLHQFHV HW DFFpOpUp O·DSSDULWLRQ G·XQH
UHYHQGLFDWLRQEHUEqUHDXWRQRPH
&·HVWHQILQODSROLWLTXHG·DUDELVDWLRQWRXVD]LPXWVjSDUWLUGHVDQQpHV
HWO·DQWLEHUEpULVPHGHVPLOLHX[GRPLQDQWVGHODFXOWXUHRIILFLHOOHTXLYRQW
GpFOHQFKHUXQHYpULWDEOHUpVLVWDQFHFXOWXUHOOH
1RXV SRXYRQV GLUH TXH O·DQFUDJH VRFLDO GX EHUEpULVPH SDUWLFXOLqUHPHQW
GDQV FHWWH UpJLRQ GH OD .DE\OLH V·HVW VHQVLEOHPHQW UHQIRUFp DYHF
O·LQGpSHQGDQFH FH TXL Q·pWDLW TX·XQH UpIpUHQFH FXOWXUHOOH GH PLOLHX[
FXOWLYpV IUpTXHQWDQW O·pFROH IUDQoDLVH PDLV DXVVL LQVWUXLWH GDQV GH
QRPEUHXVHV ]DRXwDV ORFDOHV WUqV UHVWUHLQWH HVW GHYHQX SURJUHVVLYHPHQW
XQ SKpQRPqQH pPLQHPPHQW SROLWLTXH HQ FRQWUDGLFWLRQ RXYHUWH HW
IURQWDOHDYHFO·(WDWHQSODFH
/DODQJXHXQSDUDPqWUHGpILQLWRLUHGHO·LGHQWLWp
'qV OHV SUHPLHUV WUDYDX[ GHV SUpFXUVHXUV OD ODQJXH HVW SRVpH FRPPH
IRQGDQWO·LGHQWLWpEHUEqUHPDLVDXVVLFRPPHXQSXLVVDQWYHFWHXUGHFHWWH
FRQVWDQWHOHV%HUEqUHVVRQWFHX[TXLSDUOHQWOHEHUEqUHHWLOH[LVWHGRQF
XQHFRPPXQDXWpEHUEqUHTXLGpSDVVHOHVOLPLWHVWHUULWRULDOHVGHOD.DE\OLH
SXLVTXHODODQJXHHVWSUDWLTXpHGDQVO·HQVHPEOHGX0DJKUHE6DKDUD%LHQ
VUO·RQIDLWpJDOHPHQWUpIpUHQFHjO·KLVWRLUHjODFXOWXUHjO·RUJDQLVDWLRQ
VRFLDOHPDLVF·HVWWRXMRXUVODODQJXHTXLVHUWGHGLVFULPLQDQWSULQFLSDO
6L QRXV FRQVXOWRQV OHV WH[WHV OHV SOXV UpFHQWV GX PRXYHPHQW FXOWXUHO
EHUEqUH RQ FRQVWDWH TX·LOV VRQW WUqV QHWV j FH VXMHW OD UHYHQGLFDWLRQ
IRUPXOpH HVW G·DERUG OLQJXLVWLTXH G·R OH VORJDQ WDQW JDOYDXGp ©OH
EHUEqUHODQJXHQDWLRQDOHª
,OIDXWDWWHQGUHOHWURLVLqPHPLOOpQDLUHHQSRXUYRLUFHY±XjPRLWLp
H[DXFp HW VHXOHPHQW VXU OH ERXW GHV OqYUHV SDU O·DFWXHO 3UpVLGHQW GH OD
5pSXEOLTXH $OJpULHQQH ,O D IDOOX UpYLVHU OD FRQVWLWXWLRQ DOJpULHQQH TXL
VWLSXODLWTXHO·$OJpULHDYDLWXQHVHXOHODQJXH²O·DUDEH² ODQJXHQDWLRQDOH
*DRXDRX0DQDD
HWRIILFLHOOH ,OHVWSUpFLVpGpVRUPDLVTXHO·$OJpULHDXQHVHFRQGHODQJXH
QDWLRQDOHjF{WpGHO·DUDEH
&·HVW ELHQ DX QLYHDX GH OD TXHVWLRQ OLQJXLVWLTXH TXH VH VLWXH OD
FRQWUDGLFWLRQSULQFLSDOH
(QHIIHWOHVDXWRULWpVDFFHSWHUDLHQWXQHUpIpUHQFHKLVWRULTXHDX[%HUEqUHV
FRPPH KDELWDQWV RULJLQHOV GH FHWWH SDUWLH GH O·$IULTXH \ FRPSULV
O·$OJpULH PDLV HQ DXFXQH IDoRQ XQH UHFRQQDLVVDQFH GH OD UpDOLWp
OLQJXLVWLTXHEHUEqUHHWGHVDOpJLWLPLWp
,QGpSHQGDPPHQW GHV SULVHV GH SRVLWLRQ UHYHQGLFDWLYHV HW
SURJUDPPDWLTXHVODUpIpUHQFHjODODQJXHHVWRPQLSUpVHQWHGDQVWRXWHOD
FXOWXUH FRQWHVWDWDLUH EHUEqUH DFWXHOOH GHSXLV OHV DQQpHV &H VRQW
VXUWRXWGHVFKDQVRQVTXLOXLRQWpWpFRQVDFUpHVSDUOHVFKDQWHXUVNDE\OHV
OHV SOXV FpOqEUHV )HUKDW0·+HQQL$wW0HQJXHOOHW HW GDQV XQHPRLQGUH
PHVXUHGHVFKDQWHXUVHWpFULYDLQV&KDRXLDVpWDEOLVjO·pWUDQJHU 0HVVDRXG
1HGMDKLHW'KL\LD
&HWWH UpIpUHQFHj OD ODQJXH FRQVWLWXH OH WKqPH GXSUHPLHU URPDQ NDE\OH
SXEOLp $OLFKH HWO·HVVHQWLHOGHVDFWLYLWpVFXOWXUHOOHVPLOLWDQWHVSRUWH
DXVVL HQ $OJpULH TX·HQ pPLJUDWLRQ VXU O·HQVHLJQHPHQW GH OD ODQJXH HW OD
GLIIXVLRQGHVDJUDSKLH
/HSDQEHUEpULVPH
&KH] WRXV OHV LQWHOOHFWXHOV EHUEpURSKRQHV GpMj OD UpIpUHQFH j OD
GLPHQVLRQ EHUEqUH LQWqJUH O·HQVHPEOH GH OD EHUEpURSKRQLH /D ODQJXH
EHUEqUH HVWXQH HWFKDTXHYDULpWp GLDOHFWH HVW SRVpH FRPPH FRPSRVDQW
XQHQVHPEOHXQLWDLUHEHUEqUH/DSULVHGHFRQVFLHQFHLGHQWLWDLUHQHUHVWH
GRQF SDV DX QLYHDX UpJLRQDO PDLV VH SODFH G·HPEOpH j O·pFKHOOH GX
0DJKUHE6DKDUD'qVOHGpEXWODWKqVHGHO·XQLWpOLQJXLVWLTXHGXEHUEqUH
HVWDGPLVHUHSULVHHWGLIIXVpHSDUPLOHVEHUEpURSKRQHV
(QIDLWFHWWHWKqVHGHO·XQLWpGHODODQJXHEHUEqUHHVWDIILUPpHWUqVW{WSDU
OD VFLHQFH RFFLGHQWDOH GpMj OHV SUHPLqUHV H[SORUDWLRQV OLQJXLVWLTXHV
FRPPHFHOOHGH9HQWXUHGH3DUDGLVjODILQGX;9,,,HVLqFOH WUDYDLOSXEOLp
HQ UHFRQQDLVVDLW OH &KOHXK GX 0DURF HW OH .DE\OH HQ $OJpULH
FRPPHYDULpWpVG·XQHPrPHODQJXH
/DQJXHpFULWXUHHWFXOWXUHGDQVOHGRPDLQHEHUEqUH
$XMRXUG·KXLLOHVWVXUWRXWTXHVWLRQGHGLPLQXHUOHVGLYHUJHQFHVHQWUHOHV
GLIIpUHQWHVYDULpWpV PrPH VL GDQV O·HQVHPEOH HOOHV UHVWHQW VXSHUILFLHOOHV
(QHIIHWTX·LOV·DSSHOOHFKHOKLDPD]LJKRXFKDRXLTX·LOVRLWGpVLJQpVRXV
OH QRP GH 5LIDLQ GH .DE\OH RX GH 7DUJXL OH ORFXWHXU XWLOLVH OD PrPH
ODQJXH HW OHV PrPHV FDUDFWqUHV ,O HVW UHPDUTXDEOH GH FRQVWDWHU TXH OHV
FKDQWV QDWLRQDOLVWHV HQ ODQJXH EHUEqUH ODQFHQW XQ YpULWDEOH DSSHO j XQ
0DJKUHEEHUEqUH /HV UpIpUHQFHV j OD ODQJXH EHUEqUH j XQH XQLFLWp
EHUEqUHDOODQWGHV,OHV&DQDULHVGDQVO·$WODQWLTXHj6LZDHQ(J\SWHVRQW
OpJLRQVDX0DJKUHE
2QFRPSUHQGUDDLVpPHQWTXHOHQDWLRQDOLVPHDOJpULHQTXLDYDLWGpMjRSWp
SRXUXQHGpILQLWLRQDUDERLVODPLTXHGHO·LGHQWLWpQDWLRQDOHDLWUDSLGHPHQW
pWRXIIpFHWWHSRXVVpH©SDQEHUEpULVWHªHQVRQVHLQ ODFULVHGHDYX
O·pOLPLQDWLRQGXFRXUDQWEHUEpULVWH
/H SDQEHUEpULVPH SHXWrWUH GpFHOp DX QLYHDX GH OD JUDSKLH XVXHOOH GX
EHUEqUHHWGXIDLWTX·DSUqVGHORQJVWkWRQQHPHQWVOHVJUDSKLHVXVXHOOHVGX
EHUEqUH RQW WHQGDQFH j VH VWDELOLVHU HW j V·KRPRJpQpLVHU 'DQV FH
SURFHVVXVO·LQIOXHQFHGHVWUDYDX[HWXVDJHVVFLHQWLILTXHVEHUEpULVDQWVDpWp
GpFLVLYH &·HVW DLQVL TXH OHV .DE\OHV RQW FDUUpPHQW DGRSWp XQH QRWDWLRQ
XVXHOOH G·LQVSLUDWLRQ SKRQRORJLTXH WUqV ODUJH YRLUH PRUSKR
SKRQRORJLTXH jSHXSUqVFRPSDWLEOHDYHFOHVGRQQpHVGHWRXVOHVDXWUHV
GLDOHFWHV HWGRQFIDFLOHPHQWGpFRGDEOHSDUOHEHUEpURSKRQHQRQNDE\OH
3DU FH WUDYDLO VXU OD ODQJXH OHV EHUEpULVDQWV NDE\OHV WUqV PRWLYpV RQW
GRQQpXQHFRQVLVWDQFHUpHOOHjO·LGpHGHO·XQLWpGXEHUEqUHFHWWHDFWLRQD
SXLVVDPPHQWFRQWULEXpjUpSDQGUHGDQVODSRSXODWLRQEHUEpURSKRQHOD
FRQVFLHQFHG·XQHFRPPXQDXWpEHUEqUHGpSDVVDQWOHVOLPLWHVGHODUpJLRQ
8QH SUHPLqUH FRQVpTXHQFH GH FHWWH LQLWLDWLYH HVW TXH GHSXLV OHV DQQpHV
OHV FKDQWHXUV FKDRXLV RQW pWp IRUWHPHQW LQIOXHQFpV SDU OD FKDQVRQ
NDE\OH /H FRQFHSW GH EHUEqUH DPD]LJK WDPD]LJKW SUDWLTXHPHQW
LQH[LVWDQW GDQV OD FXOWXUH WUDGLWLRQQHOOH D pWp VROLGHPHQW LPSODQWp HQ
O·HVSDFHGHWURLVGpFHQQLHV
/DYRORQWpGHSDVVDJHjO·pFULW
&·HVW VDQV GRXWH OD WHQGDQFH OD SOXV DQFLHQQHPHQW UHSpUDEOH FKH] OHV
EHUEpULVDQWV'qVOHGpEXWGX;;HVLqFOHODYRORQWpG·RSpUHUOHSDVVDJHj
O·pFULWVHWUDGXLWSDUODSXEOLFDWLRQGHFRUSXVOLWWpUDLUHVHWGHWH[WHVGHOD
*DRXDRX0DQDD
YLH TXRWLGLHQQH 1RXV UHWLHQGURQV TXH %RXOLID SHXW rWUH FRQVLGpUp
FRPPHOHSUHPLHUSURVDWHXUNDE\OH
O·KHXUH DFWXHOOH QRXV SRXYRQV GLUH TXH OH PRXYHPHQW D DWWHLQW XQ
SRLQWGHQRQUHWRXUHWQRXVDVVLVWRQVjODQDLVVDQFHG·XQHOLWWpUDWXUHpFULWH
EHUEqUHDYHFODPXOWLSOLFDWLRQGHSXEOLFDWLRQV
-
GHV WUDGXFWLRQV G·±XYUHV OLWWpUDLUHV 0DJKUpELQHV RX pWUDQJqUHV
<DFLQH.DWHE0RXORXG)HUDRXQ%UHFKW0ROLqUH
-
GHVSURGXFWLRQVGHSLqFHVGHWKpkWUHWUDGXLWHVRXRULJLQDOHV
-
GHV SURGXFWLRQV G·±XYUHV SRpWLTXHV SXEOLFDWLRQV GH SOXVLHXUV
UHFXHLOV
-
GHVURPDQV
-
GHVFUpDWLRQVGHSpULRGLTXHVG·LQIRUPDWLRQ 7KDPRXUWK©ODWHUUHª
,]XUDQ©OHVUDFLQHVª
-
GHV GLFWLRQQDLUHV JUDPPDLUHV
O·HQVHLJQHPHQWGHO·pFULWXUH
RXWLOV
GLGDFWLTXHV
SRXU
$LQVL OH EHUEqUH VRUW SHX j SHX GH O·XQLYHUV GH OD VWULFWH RUDOLWp HW FHWWH
pYROXWLRQ HVW DVVH] DYDQFpH HQ .DE\OLH PDLV pJDOHPHQW DX 0DURF ,O HVW
FHUWDLQ TXH OHV %HUEqUHV RQW WRXMRXUV YX OHXU ODQJXH HW OHXU FXOWXUH
GpYDORULVpHVSDUOHXUVWDWXWGHODQJXHRUDOHPDLVDXVVLSDUFHTX·LOVIXUHQW
WRXMRXUVLQVpUpVGDQVGHVSD\VGHYLHLOOHFXOWXUHVFULSWXUDLUH
/H EHUEqUH SHXW V·pFULUH FRPPH LO OH IXW j O·RULJLQH GRQF XQH FXOWXUH
EHUEqUH H[LVWH O·DUDEH HW OH IUDQoDLV Q·RQW SDV FH SULYLOqJH /H YLHLO
DOSKDEHW WLILQDJK HVWH[KXPp LOHVWVRUWLGHO·XVDJHTXRWLGLHQVDXIFKH]
OHV7RXDUHJV&RPPHLOV·DJLWG·XQHpFULWXUHDWWHVWpHGHSXLVO·DQWLTXLWpOHV
EHUEqUHV DFFqGHQW pYLGHPPHQW j O·KLVWRLUH HW j OD FLYLOLVDWLRQ
DQWpULHXUHPHQWPrPHDX[DUDEHV
9HUVODPRGHUQLVDWLRQGHODODQJXH
8QH VpULH G·HIIRUWV VRQW HQJDJpV SRXU DGDSWHU OD ODQJXH EHUEqUH DX[
EHVRLQV G·XQH FRPPXQLFDWLRQ PRGHUQH VFLHQWLILTXH HW WHFKQLTXH DOODQW
GHSDLUDYHFOHGpYHORSSHPHQWGHODYLHFLWDGLQHSRXUODIDLUHVRUWLUGHVHV
VSKqUHVWUDGLWLRQQHOOHVG·XWLOLVDWLRQ PRQGHUXUDOPLOLHXIDPLOLDO
/DQJXHpFULWXUHHWFXOWXUHGDQVOHGRPDLQHEHUEqUH
/DSURGXFWLRQHWODPLVHHQFLUFXODWLRQG·XQHOLWWpUDWXUHpFULWHHQEHUEqUH
VHUDVDQVGRXWHO·pOpPHQWOHSOXVVROLGHGDQVFHWWHG\QDPLTXHGXSDVVDJHj
O·pFULW'HVH[SpULHQFHVVRQWDFWXHOOHPHQWHQFRXUVDYHFGHVXQLYHUVLWDLUHV
TXL WUDYDLOOHQW j O·pODERUDWLRQ GH ODQJXHV VFLHQWLILTXHV FRPPH OHV
PDWKpPDWLTXHV 4XDQW DX GLVFRXUV SROLWLTXH VD EHUEpULVDWLRQ D IUDQFKL
GHVpWDSHVLPSRUWDQWHV
8QHODQJXHHWXQHFXOWXUHSURWHVWDWDLUHV
'HSXLV OHV DQQpHV TXDUDQWH OH EHUEqUH HVW UHVWp XQ LQVWUXPHQW GH OXWWH
SROLWLTXH FKDQWHU pFULUH HW VXUWRXW V·H[SULPHU HQ EHUEqUH HVW HQ VRL XQ
DFWHG·HQJDJHPHQW7RXWHODFXOWXUHEHUEqUHPRGHUQHDXQHWRQDOLWpWUqV
FRQWHVWDWDLUH FULWLTXH VRFLRSROLWLTXH DIILUPDWLRQ LGHQWLWDLUH EHUEqUH
KDELOOHPHQWHWELMRX[GLIIpUHQWV
/D FXOWXUH EHUEqUH DFWXHOOH HVW GLIIpUHQWH GH FHOOH TXL D O·DUDEH FRPPH
YHFWHXU/·H[FOXVLRQRIILFLHOOHTXHVXELWOHEHUEqUHGHSXLVO·LQGpSHQGDQFH
GHO·$OJpULHDIDLWTXHODODQJXHHWODFXOWXUHVHVRQWGpYHORSSpHVKRUVGHV
FDGUHVLQVWLWXWLRQQHOV/DFXOWXUHEHUEqUHYLYDQWHHVWGHIDLWWUqVDXWRQRPH
SDUUDSSRUWjO·LGpRORJLHHWjODFXOWXUHRIILFLHOOHV
(Q$OJpULHODFXOWXUHEHUEqUHFRQVWLWXHXQHVSDFHGHOLEHUWp FRQTXLVH HW
OD ODQJXH EHUEqUH FRPPH GX UHVWH OH IUDQoDLV XQ UHIXJH HW XQ VXSSRUW
SRXUODSHQVpHQRQFRQIRUPLVWHRXGLVVLGHQWH
/H GHJUp GH YLROHQFH TXH SHXW DWWHLQGUH OD FULWLTXH GH OD SROLWLTXH GX
SRXYRLUGHVHVSUDWLTXHVUpSUHVVLYHVGHODUHOLJLRQLQVWUXPHQWDOLVpHGDQV
OD FKDQVRQ HW OD OLWWpUDWXUH GH OD ODQJXH EHUEqUH HVW WRWDOHPHQW
LQFRQFHYDEOH GDQV OD SURGXFWLRQ HQ ODQJXH DUDEH 7RXWH OD FKDQVRQ
EHUEqUH WRWDOHPHQWSRXUODFKDQVRQNDE\OHHWGDQVXQHPRLQGUHPHVXUH
ODFKDQVRQFKDRXLHDFWXHOOH HVWXQHFULWLTXHHQUqJOHGHVEDVHVPrPHGH
O·eWDWDOJpULHQHWGHVRQV\VWqPH
&RQFOXVLRQ/DEHUEpULWpXQHHQWLWpDXWRQRPH"
/·LGHQWLWpEHUEqUHSURMHWpHHWFRQVWUXLWHSHXjSHXSDUOHVEHUEpURSKRQHV
GHSXLVOHGpEXWGXVLqFOHHVWHQUXSWXUHFRPSOqWHDYHFOHPRGqOHG·(WDW
QDWLRQDUDERLVODPLTXHKLVWRULTXHPHQWGRPLQDQWDX0DJKUHE
$XVVL ELHQ SDU VHV SULVHV GH SRVLWLRQ HQ SROLWLTXH TXH SDU VRQ WUDYDLO
FRQFUHW VXU OD ODQJXH HW OD FXOWXUH OH PRXYHPHQW EHUEqUH GRQQH XQH
*DRXDRX0DQDD
LPDJH GH OXLPrPH HW GH VRQ SURMHW j O·RSSRVp GH FHOOH GH O·DUDER
LVODPLVPH
/DQJXHEHUEqUHODQJXHDUDEH
&XOWXUHSRSXODLUHHWFUpDWLYLWpLQGLYLGXHOOHKpULWDJHDUDERPXVXOPDQ
0RGHUQLVPHVRXPLVVLRQDXPRGqOHDQFLHQHWjODWUDGLWLRQ
&RQWHVWDWLRQ HW OLEHUWp LQGLYLGXHOOH UHVSHFW GH O·DXWRULWp HW GH OD
WUDGLWLRQ
- 8QLWp GX 0DJKUHE j WUDYHUV OD GLPHQVLRQ EHUEqUH eWDW QDWLRQ
DOJpULHQ2XPPD 1DWLRQ DUDEH
- $OSKDEHWWLILQDJKRXODWLQDOSKDEHWDUDEH
-
6L O·RQ DFFHSWH FHWWH DQDO\VH RQ FRPSUHQGUD IDFLOHPHQW OH UHIXV GHV
PLOLHX[ EHUEpULVWHV G·XQH QRWDWLRQ XVXHOOH GX EHUEqUH HQ FDUDFWqUHV
DUDEHV FH VHUDLW DFFHSWHU GH Q·rWUH TX·XQH FRPSRVDQWH PLQHXUH
IRONORULVDQWHGXPRQGHDUDEH,OQHIDXWSDVDORUVV·pWRQQHUTXHFHUWDLQV
SDUWLVLVODPLVWHVVRLHQWHQFOLQVjDFFHSWHUODODQJXHEHUEqUHGDQVO·HVSDFH
DOJpULHQjFRQGLWLRQGHODWUDQVFULUHHQFDUDFWqUHVDUDEHV
$XIRQGWRXWOHSURFHVVXVGHSURGXFWLRQGHO·LGHQWLWpEHUEqUHV·DSSX\DQW
VXUODUpIpUHQFHjODODQJXHWHQGjGpOLYUHUOHPHVVDJHVXLYDQW
1RXV VRPHPV EHUEqUHV SDUFH TXH QRWUH ODQJXH HVW OH EHUEqUH O·LGHQWLWp DLQVL
GpILQLHHVWDXWRQRPHHWGRLWrWUHUHFRQQXHFRPPHWHOOH 6DOHP&KDNHU
&HUWDLQVQ·KpVLWHUDLHQWSDVjSDUOHUG·LGHQWLWpQDWLRQDOH
5pIpUHQFHV
7H[WHVHQOLQJXLVWLTXHVEHUEqUH LQWURGXFWLRQDXGRPDLQHEHUEqUH 3DULVeGLWLRQV
GX&156
/DQJXH HW OLWWpUDWXUH EHUEqUHV &KURQLTXH GHV pWXGHV $QQXDLUH GH O·$IULTXH GX 1RUG
3DULV&156
/DSURGXFWLRQG·LGHQWLWp6\PSRVLXPLQWHUQDWLRQDORUJDQLVpj6RPPLqUHVHWHU-XLQ
8QLYHUVLWp3DXO9DOpU\0RQWSHOOLHU3DU8$²&156
&+$.(5 6DOHP %HUEqUH GDQV OH 0DJKUHE &RQWHPSRUDLQ 3DULV /·+DUPDWWDQ H
pGLWLRQ,PD]LJKHQDVVD%RXFKqQH
0$1$$*DRXDRX©SURSRVGHODVWDQGDUGLVDWLRQGH7DPD]LJKWTXHOOHODQJXH
UpGLJHUHQ7DPD]LJKWª"7LPPX]UD5HYXHGX+&$ VHSWHPEUH
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
-HDQ/pR/pRQDUG
,8) 8058QLYHUVLWp6RUERQQH1RXYHOOH3DULV &156
$ORUV TXH OD PRQGLDOLVDWLRQ GH O·pFRQRPLH V·DFFRPSDJQH G·XQ DIIDLEOLVVHPHQW GHV VRXYHUDLQHWpV
QDWLRQDOHVTXLV·DFFRPPRGHG·XQVRXGDLQUHVSHFWGHODGLYHUVLWpOLQJXLVWLTXHHWFXOWXUHOOHOHVHQMHX[VRQW
G·DXWDQW SOXV JUDQGV SRXU FRQVWUXLUH XQ HQVHLJQHPHQW ELOLQJXH HW LQWHUFXOWXUHO &HOXLFL HVW SOXV TXH
MDPDLV HQFRXUDJp PDOJUp OH PDQTXH IODJUDQW GH PR\HQV DXVVL ELHQ PDWpULHOV TXH FRQFHSWXHOV
/·HQVHLJQHPHQWGHO·KLVWRLUHJpRJUDSKLHV·DYqUHrWUHXQSULVPHSRXUREVHUYHUHWDQWLFLSHUOHVFRQWUDGLFWLRQV
GHO·DUWLFXODWLRQHQWUHORFDOHWJOREDO'·XQF{WpOHVQDWLRQVPRGHUQHVUHQRQFHQWjQRPEUHGHSUpURJDWLYHV
UHOHYDQW GH OHXU VRXYHUDLQHWp GH O·DXWUH GHV WHQGDQFHV DQWLGpPRFUDWLTXHV HW SRSXOLVWHV VH IRQW MRXU \
FRPSULV DX VRPPHW GHV eWDWVQDWLRQV /HV PLQRULWpV OLQJXLVWLTXHV UHSUpVHQWHQW XQ HQMHX HQWUH
UDGLFDOLVDWLRQSRSXOLVWHDXVHLQG·eWDWVQDWLRQVGpVLQWpJUpVHWLQWpJUDWLRQSOXUDOLVWHGDQVGHVHQVHPEOHV
QDWLRQDX[ HW WUDQVQDWLRQDX[ O·DLGH G·XQH FULWLTXH GH O·REVFXUDQWLVPH SRSXOLVWH HW G·XQH JULOOH
G·DQDO\VHGHVFRQWHQXVHWGHVSULQFLSHVGLGDFWLTXHVIDYRUDEOHVjXQHFRQVWUXFWLRQpGXFDWLYHGpPRFUDWLTXH
HWSOXUDOLVWHDSSOLTXpHjGHVPDQXHOVVFRODLUHVUpFHQWVXWLOLVpVHQPLOLHXRFFLWDQRSKRQHQRXVWHQWHURQVGH
SRVHUOHVMDORQVG·XQHSpGDJRJLHSOXULOLQJXHHWLQWHURXWUDQVFXOWXUHOOH
0HQWUH OD JOREDOL]]D]LRQH GHOO·HFRQRPLD VL DFFRPSDJQD D XQ LQGHEROLPHQWR GHOOH VRYUDQLWj QD]LRQDOL
FRPELQDWR FRQ XQ LPSUHYLVWR ULVSHWWR GHOOD GLYHUVLWj OLQJXLVWLFD H FXOWXUDOH DXPHQWDQR OH VILGH SHU
UHDOL]]DUHXQLQVHJQDPHQWRELOLQJXHHLQWHUFXOWXUDOHLQFRUDJJLDWRSLFKHPDLQRQRVWDQWHODODPSDQWH
DVVHQ]DGLPH]]LVLDPDWHULDOLVLDFRQFHWWXDOL/·LQVHJQDPHQWRGHOODVWRULDJHRJUDILDGLYHQWDXQSULVPD
SHURVVHUYDUHHDQWLFLSDUHOHFRQWUDGGL]LRQLGHOO·DUWLFROD]LRQHIUDORFDOHHJOREDOH'DXQODWROHQD]LRQL
PRGHUQHULQXQFLDQRDQXPHURVHSUHURJDWLYHGLVRYUDQLWjGDOO·DOWURHPHUJRQRWHQGHQ]HDQWLGHPRFUDWLFKHH
SRSXOLVWHDQFKHDLYHUWLFLGHJOL6WDWL1D]LRQH/HPLQRUDQ]HOLQJXLVWLFKHUDSSUHVHQWDQRXQDVFRPPHVVD
IUDUDGLFDOL]]D]LRQHSRSXOLVWDLQVHQRD6WDWL1D]LRQHGLVLQWHJUDWLHLQWHJUD]LRQHSOXUDOLVWDDOO·LQWHUQR
GLLQVLHPLQD]LRQDOLHWUDQVQD]LRQDOL0HGLDQWHXQDFULWLFDGHOO·RVFXUDQWLVPRSRSXOLVWDHFRQO·DLXWRGL
XQD JULJOLD DQDOLWLFD GHL FRQWHQXWL H GHL SULQFLSL GLGDWWLFL IDYRUHYROL D XQD FRVWUX]LRQH HGXFDWLYD
GHPRFUDWLFD H SOXUDOLVWD DSSOLFDWD D PDQXDOL VFRODVWLFL UHFHQWL XWLOL]]DWL LQ DPELWR RFFLWDQRIRQR
WHQWHUHPRGLSRUUHOHEDVLGLXQDSHGDJRJLDSOXULQJXHHLQWHUFXOWXUDOHRWUDQVFXOWXUDOH
,QWURGXFWLRQ
6L O·KLVWRLUH HW OD PpPRLUH VRQW XQ HQMHX VWUDWpJLTXH SRXU OHV ODQJXHV
PLQRULWDLUHV G·(XURSH FRPPH OH PRQWUH OD WKpRULH GX FRQIOLW
VRFLROLQJXLVWLTXH HW GH OD QRUPDOLVDWLRQ $UDFLO O·pFROH HQ ODQJXH
PLQRULWDLUH FRQVWLWXH XQ OLHX SRWHQWLHO GH WUDYDLO VXU HW SRXU OD FRQWUH
KLVWRLUH WHOOH TXH OD GpYHORSSDLW 5REHUW /DIRQW HQ UXSWXUH
DYHFOHVP\WKHVQDWLRQDX[HWQDWLRQDOLVWHV/HSURMHWHWOHFRQWUDWVRFLDOGH
&IO·DPXVDQWHVVDLGH&ODXGH%LOODUGHW3LHUUH*XLEEHUWVXUODP\WKRORJLVDWLRQ²HW
GRQFODP\VWLILFDWLRQ²GHO·KLVWRLUHQDWLRQDOH %LOODUGHW*XLEEHUW RO·RQUHWURXYH
-HDQ/pR/pRQDUG
OD PLQRULWp GRLYHQW VH FRQVWLWXHU HQ XQH FRPSRVDQWH SOXUDOLVWH QRQ
HVVHQWLDOLVWH LQWpJUpH GDQV GHV VWUXFWXUHV PDFURUpJLRQDOHV JpRSROLWLTXHV
HWJpRKLVWRULTXHV
(QWDQWTXHGLVFLSOLQHO·KLVWRLUHHVWXQGRPDLQHSOXULHODXFDUUHIRXUGHV
VFLHQFHVKXPDLQHV(OOHVV·DSSOLTXHQWWRXWHVjGHVGHJUpVGLYHUVGDQVVRQ
FKDPS GH PrPH TX·HOOHV SHXYHQW WRXWHV V·DOLJQHU VXU VD SHUVSHFWLYH
DVFHQGDQWH OD GLDFKURQLH GX SDVVp YHUV OH SUpVHQW RX GHVFHQGDQWH GX
SUpVHQW YHUV OH SDVVp /H WHPSV TX·HOOH GpFULW HVW DQFUp GDQV XQ HVSDFH
GRQW OD JpRPpWULH YDULDEOH HVW GpWHUPLQpH VHORQ OHV FKRL[ GX FKHUFKHXU
RX GH O·pGXFDWHXU SDU OHV FDGUHV LQVWLWXWLRQQHOV TXH VRQW OD UpJLRQ OD
QDWLRQ RX OD GLPHQVLRQ FRQWLQHQWDOH YRLUH PRQGLDOH /H GLVFRXUV
KLVWRULTXH RX VXU O·KLVWRLUH GRLW FRQVWDPPHQW IDLUH GHV FKRL[ DILQ GH VH
GLPHQVLRQQHU GDQV O·HVSDFHWHPSV PDLV DXVVL HQ WHUPHV GH SUpPLVVHV
WKpRULTXHV GH PpWKRGRORJLH GH VpOHFWLRQ GHV REMHWV HW GHV ILQDOLWpV
TX·LPSOLTXHQW OD UHFKHUFKH GX VHQV OD FRQVWUXFWLRQ G·XQH LQWHUSUpWDWLRQ
GHV IDLWV HW GH OHXU FDXVDOLWp WRXMRXUV PXOWLSOH ,O RVFLOOH HQWUH
GpWHUPLQLVPH HW UHODWLYLVPH HQWUH GHVFULSWLRQ HW LQWHUSUpWDWLRQ HQWUH
UpDOLVPH HW PRUDOLVPH HQWUH DWRPLVPH HW XQLYHUVDOLVPH VHORQ TXH O·RQ
H[DPLQHGHSHWLWVREMHWVHWGHSHWLWVIDLWVRXGHJUDQGHVWHQGDQFHV*X\
%RXUGp HW +HUYp 0DUWLQ %RXUGp HW 0DUWLQ GpFOLQHQW DLQVL OHV
GLIIpUHQWHV RSWLRQV PpWKRGRORJLTXHV HW OHV ILQDOLWpV TXL V·RIIUHQW j
O·DQDO\VH KLVWRULTXH TXL VRQW DXWDQW GH PRGDOLVDWLRQV RX GH PRGHV GH
UHSUpVHQWDWLRQVGHVIDLWVHWGHVPRXYHPHQWVGHO·KLVWRLUHUpVXPpVGDQVOH
7DEOHDX FLGHVVRXV 2Q SHXW HQ HIIHW HQYLVDJHU O·KLVWRLUH FRPPH
SURSpGHXWLTXHFLWR\HQQHHWQDWLRQDOHYRLUHFRPPHFDWpFKLVPHODwFGHOD
FRQVWUXFWLRQQDWLRQDOHjODPDQLqUHGXFpOqEUHPDQXHOG·(UQHVW/DYLVVH
,O V·DJLW DORUV GH O·KLVWRLUH FRPPH P\WKH FHQWUpH VXU GHV KpURV HW GHV
ILJXUHVP\WKLTXHVVXVFHSWLEOHGHVHGpFOLQHUVRXVIRUPHG·XQYDVWHUpFLW
FRPPH O·HQWHQGDLW -XOHV 0LFKHOHW TXL VH VHQWDLW LQYHVWL G·XQH PLVVLRQ
KLVWRULTXHIDLUHVHGpSOR\HUODJLJDQWHVTXHDUERUHVFHQFHGHODQDWLRQOD
FURLVVDQFH G·XQ SHXSOH j WUDYHUV XQH LPPHQVH IUHVTXH UDFRQWpHFRPPH
XQ UpFLW URPDQHVTXH WRXW HQWLHU SDUFRXUX SDU OD VqYH GHV SDVVLRQV ,O
Q·HPSrFKH TX·HQFRUH DXMRXUG·KXL OD JUDQGH IUHVTXH GH -XOHV 0LFKHOHW
PDOJUp WRXV VHV GpIDXWV GH IDEULFDWLRQ VRQ SDUWLSULV DIILFKp DYHF OD
HQJHUPHODJULOOHG·DQDO\VHTXLVHUDSUpVHQWpHLQIUDFHTXLVXJJqUHTXHFHSHWLWSDPSKOHW
Q·DJXqUHYLHLOOL
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
YpKpPHQFHGXWULEXQVHVODFXQHVHPSLULTXHVHWOHFDUDFWqUHpPLQHPPHQW
KpWpURFOLWH GH VD GRFXPHQWDWLRQ 0LFKHOHW VH VHUYDLW DXVVL ELHQ GH
FKURQLTXHV GH UDSSRUWV G·DVVHPEOpHV TXH GH OD GHVFULSWLRQ
SK\VLRQRPLTXHGHSHUVRQQDJHVKLVWRULTXHVjO·DLGHGHEXVWHVH[SRVpVDX
0XVpH GX /RXYUH UHVWH XQ RXWLO H[SORUDWRLUH HQ WDQW TXH JUDQGH
V\QWKqVHGHO·KLVWRLUHG·XQHQDWLRQHXURSpHQQH
7DEOHDX&DUDFWpULVDWLRQGHO·KLVWRLUHVHORQGLYHUVDXWHXUVHWSRLQWVGHYXHVHORQ%RXUGpHW0DUWLQ
0RGDOLVDWLRQHWUHSUpVHQWDWLRQ
$XWHXUVRXSRLQWVGHYXH
•&RQVWUXFWLRQQDWLRQDOH
•0\WKH
• /DYLVVH
• +DJLRJUDSKLHGHVKpURV
•5pFLW
•$UEUHRXSODQWH
•6WUXFWXUH
•0RGHGHSURGXFWLRQ
•0pPRLUH
•$UFKLYH
•
•
•
•
•
•
QDWLRQDX[RULJLQHV
0LFKHOHW
0LFKHOHW
%UDXGHO/HUR\/DGXULH
0DU[(QJHOV
5LF±XU1RUD
0pWKRGRORJXHVILQHVLqFOH
2Q SHXW pJDOHPHQW DERUGHU O·KLVWRLUH SDU VHV VWUXFWXUHV VRXVMDFHQWHV HW
GHVXUIDFHVHVLQIUDVWUXFWXUHVHWVHVVXSHUVWUXFWXUHVFRPPHXQHWRWDOLWp
RUJDQLVpHHQXQV\VWqPHRUJDQLTXHRXPpFDQLTXHSDUFRXUXGHWHQGDQFHV
GpWHUPLQpHV SDU GHV SDUDPqWUHV OLpV DX[ IRUPHV G·H[SORLWDWLRQ GHV
ULFKHVVHV HW GH FRQVWLWXWLRQ GX SRXYRLU SROLWLTXH VHORQ OD PpWKRGH
VWUXFWXUDOLVWH %UDXGHO /HUR\/DGXULH RX HQ WHUPHV GH UDSSRUW GH
SURGXFWLRQVHORQOHPDWpULDOLVPHKLVWRULTXHPDU[LVWH2QVHFHQWUHUDVXU
OHV WHQGDQFHV VWUXFWXUDOHV PHVXUDEOHV TXDQWLILDEOHV j SDUWLU G·LQGLFHV
FRQWHQXVGDQVOHVDUFKLYHVFRPPHOHSUpFRQLVHO·pFROHGHV$QQDOHVDILQ
GH UpKDELOLWHU OD WH[WXUH VRFLDOH HQ UpDFWLRQ FRQWUH OD SUpSRQGpUDQFH GH
O·pYpQHPHQWLHOGDQVODFRQWLQXLWpGHO·pFROHSRVLWLYLVWHGHVPpWKRGRORJXHV
GH OD ILQ GX H VLqFOH WRXW FRPPH RQ SHXWFKRLVLU GH PHWWUHHQ DE\PH
UpFLW KLVWRLUH HW PpPRLUH GDQV XQH ORJLTXH GDYDQWDJH VHQVLEOH DX
UHODWLYLVPHSV\FKRVRFLDOjODPDQLqUHGH3DXO5LF±XUHWGH3LHUUH1RUD
7UDQVSRVRQV FHWWH HVTXLVVH GH W\SRORJLH FRQFHUQDQW OHV PpWKRGHV
KLVWRULTXHV HQ LPDJLQDQW FH TXH GRQQHUDLW FKDFXQH GH FHV SHUVSHFWLYHV
-HDQ/pR/pRQDUG
DSSOLTXpHV j O·HQVHLJQHPHQW GH O·KLVWRLUHJpRJUDSKLH GH O·2FFLWDQLH GHV
SD\VFDWDODQVGHOD*DOLFHGHOD&RUVHGHOD6DUGDLJQHGX)ULRXORXGHV
'RORPLWHV ODGLQHV RX HQFRUH GX 3D\V EDVTXH GH OD )ULVH GX 3D\V GH
*DOOHVRXGHOD%UHWDJQH1LOHPRGqOHGHFRQVWUXFWLRQQDWLRQDOHQLFHOXL
GH O·KLVWRLUH P\WKLTXH GH O·DUERUHVFHQFH GDQV WRXW VRQ YLWDOLVPH j OD
0LFKHOHWGHODOXWWHGHVFODVVHVGHVVHXOHVDUFKLYHVRXGHVUHSUpVHQWDWLRQV
GHODPpPRLUHQHVHUDLHQWVXIILVDQWV&KDFXQGHFHVPRGqOHVVHUDLWPrPH
LPPpGLDWHPHQW MXJp LQTXLpWDQW HW IXQHVWHPHQW FKDUJp HQ D SULRUL
FHQWULIXJHV&RPPHOHPRQWUHFHWH[HPSOHFHTXLYDGDYDQWDJHGHVRLj
O·pFKHOOHGHO·eWDWQDWLRQQHYDSDVGXWRXWGHVRLjO·pFKHOOHG·XQHUpJLRQ
RXG·XQHPLQRULWpDXVHLQG·XQeWDWQDWLRQFRQVWLWXp/·HQVHLJQHPHQWGH
O·KLVWRLUHHWGHODJpRJUDSKLHHQODQJXHPLQRULWDLUHHWGDQVOHVOLPLWHVGH
O·HVSDFH WHUULWRULDO GH OD ODQJXH PLQRULWDLUH PHW DLQVL LPPpGLDWHPHQW HQ
DE\PH OHV SDUDGR[HV GH O·HQVHLJQHPHQW GH O·KLVWRLUHJpRJUDSKLH HQ WDQW
TXH GLVFLSOLQH j IRUW SRWHQWLHO LGpRORJLTXH TXL UHTXLHUW XQ HIIRUW GH
UpIOH[LYLWpHWG·REMHFWLYLWpSDUWLFXOLqUHPHQWLQWHQVHRXpOHYp1RXVDOORQV
PHVXUHU O·pWHQGXH GH FH GpIL pWKLTXH HW LQWHOOHFWXHO GDQV XQH SUHPLqUH
SDUWLH TXL WUDLWHUD GHV SUpPLVVHV FRQFHSWXHOOHV GH OD TXHVWLRQ GH
O·HQVHLJQHPHQW GH O·KLVWRLUHJpRJUDSKLH HQ FRQWH[WH PLQRULWDLUH 1RXV
SURSRVHURQVHQVXLWHXQHJULOOHG·DQDO\VHGHVPDQXHOVDILQG·DSSRUWHUGHV
RXWLOV WKpRULTXHV GHV SULQFLSHV HW GHV VROXWLRQV WHFKQLTXHV SRXU OD
FRQFHSWLRQHW OD FULWLTXHGHV PDQXHOV VFRODLUHV 1RXV FRQFOXURQV VXU XQ
FRQVWDWHWGHVSURSRVLWLRQVFRQFUqWHVG·XQHSDUWOHVFRQWUDGLFWLRQVHWOHV
WHQGDQFHVDXELDLVLGpRORJLTXHGHO·HQVHLJQHPHQWGHO·KLVWRLUHJpRJUDSKLH
VRQW GpVRUPDLV GH SOXV HQ SOXV FODLUHPHQW PLVHV j MRXU HW GpQRQFpHV j
O·DLGH GH OD JULOOH FULWLTXH SUpVHQWpH LFL G·DXWUH SDUW LO HQ UpVXOWH TXH
O·HQVHLJQHPHQWGHVODQJXHVPLQRULWDLUHVRXPLQRUpHVUHYrWGXPrPHFRXS
XQU{OHVWUDWpJLTXHHQWDQWTX·DOWHUQDWLYHSOXUDOLVWHDXQDWLRQDOLVPHRXDX
UpJLRQDOLVPHERUQpV&HVIRUPHVG·REVFXUDQWLVPHDFFRPSDJQHQWODGpULYH
SRSXOLVWH GHV GpPRFUDWLHV TX·RQ VRQJH j OD UpKDELOLWDWLRQ GH ILJXUHV
KLVWRULTXHV DXVVL WHQGDQFLHXVHV TXH 0XVVROLQL RX j O·pPHUJHQFH G·XQ
FRQVWUXLW DXVVL DUELWUDLUH HW ELDLVp TXH FHOXL GH OD 3DGDQLD HQ ,WDOLH /H
SUpVHQW DUWLFOH FRQVWLWXH GRQF XQH WHQWDWLYH GH SUHQGUH DFWH GH
O·pODUJLVVHPHQW GX PRQGH TXH UHSUpVHQWH OD PRQGLDOLVDWLRQ HW VHV
FRQVpTXHQFHV VXU OHV UHSUpVHQWDWLRQV GX PRQGH GDQV OHV V\VWqPHV
pGXFDWLIV j O·LQWHQWLRQ GHV MHXQHV JpQpUDWLRQV WRXW HQ FRQFHYDQW OH ORFDO
FRPPHXQSULVPHHQUHODWLRQGLDOHFWLTXHDYHFOHJOREDOVDQVSRXUDXWDQW
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
FpGHU DX[ VLUqQHV GH OD PDUFKDQGLVDWLRQ GHV VDYRLUV GX GpPDQWqOHPHQW
GHV FRQVWUXLWV FRQVWLWXWLIV GH OD GpPRFUDWLH OLEUH DUELWUH SOXUDOLVPH
MXJHPHQWHWRSLQLRQIRQGpVVXUODUDLVRQFULWLTXHO·REMHFWLYLWpHWO·LQWpUrW
FROOHFWLI 'HFHSRLQWGHYXHOHV©ODQJXHVUpJLRQDOHVªHWPLQRULWDLUHVRX
PLQRUpHV VRQW j XQ WRXUQDQW ODWHQGDQFH DX SOXUDOLVPH TXL OHV SRUWH HW
OHXU FRQFqGH XQH SURPRWLRQ HW TXHOTXHV RXYHUWXUHV GDQV OHV V\VWqPHV
pGXFDWLIVQDWLRQDX[SHXWDXVVLELHQHQIDLUHGHVYHFWHXUVGHSRODULVDWLRQHW
G·DWRPLVDWLRQ VRFLRSROLWLTXH TXH GHV YHFWHXUV GH SOXUDOLVPH HW GH
GpPRFUDWLH )DXWH GH PHVXUHU FHV HQMHX[ O·pGXFDWLRQ HQ ODQJXHV
PLQRULWDLUHVSRXUUDLWjODIRLVPDQTXHUVHVREMHFWLIVHWIDLUHO·REMHWG·XQH
LQVWUXPHQWDOLVDWLRQTXLQHIHUDLWTXHUHQIRUFHUOHXUPDUJLQDOLVDWLRQGXUFLU
OHVWLJPDWHHWDFFpOpUHUOHXUGLVSDULWLRQ/DVRFLRORJLHG·(UYLQJ*RIIPDQ
D ELHQ PRQWUp TXH FH TXH OD VRFLpWp SUrWH j O·LQGLYLGX RX DX[ FROOHFWLIV
Q·HVWMDPDLVTX·XQHFRQFHVVLRQTX·HOOHSHXWUHSUHQGUHjYRORQWpHQFDVGH
GLVFUpGLWFHSHWLWMHXO·LQpJDOLWpGXUDSSRUWGHIRUFHVIDLWTX·LO\DSOXVj
SHUGUHTX·jJDJQHUHQFDVG·pFKHFHWTXHOHJDLQGHPDQGHG·DXWDQWSOXV
GHYLJLODQFH&·HVWDILQGHFRQWULEXHUjFHWWHYLJLODQFHTXHM·DSSRUWHUDLGHV
pOpPHQWVDXGpEDWRXYHUWSDUOHSUpVHQWFROORTXH
3UpPLVVHV
,O\DWURLVUDLVRQVGHGpIHQGUHRXGHQHSDVGpIHQGUHOHVODQJXHVPLQRULWDLUHV
OHV WURLV DUJXPHQWV HQ IDYHXU GH OD GpIHQVH GHV ODQJXHV PLQRULWDLUHV
UHOqYHQW GX OLEUH DUELWUH GH OD FRQWUHKLVWRLUH GX SULQFLSH GH
SOXUDOLVPHSROLWLTXHHWFXOWXUHO /pRQDUG &HVWURLVWHUPHVGRLYHQW
rWUH HQYLVDJpV FRPPH XQ V\VWqPH HW QRQ SDV VpSDUpPHQW$LQVL OHOLEUH
DUELWUHV·RSSRVHDXIDWDOLVPHGpWHUPLQLVWH'LUHTX·XQSKpQRPqQHG·LQpJDOLWp
VRFLDOHRXXQHLQMXVWLFHHVW©GDQVODQDWXUHGHVFKRVHVªRX©GDQVO·RUGUH
GHVFKRVHVªUHOqYHG·XQHORJLTXHjVHQVXQLTXHpFUDVDQWWRXWHGLDOHFWLTXH
HWWRXWHFRQWUDGLFWLRQVDQVDVVXPHUVHVSURSUHVFRQWUDGLFWLRQV²FDUFHW
pQRQFpGHSDUOXLPrPHHVWXQHWDXWRORJLHSXLVTXHULHQQHGRLWFKDQJHU
DILQTXHWRXWUHVWHSDUHLO,OYDGHVRLTX·LOHVWLPSRVVLEOHGHUpSDUHURXGH
FRPSHQVHU WRXWHV OHV LQpJDOLWpV HQWUH OHV KRPPHV PDLV GpIHQGUH O·LGpH
TXH FHV LQpJDOLWpV VRQW HQ VRL OpJLWLPpHV SDU OH VHXO IDLW TX·HOOHV H[LVWHQW
UHOqYH G·XQ DYHXJOHPHQW WRXW DXVVL DE\VVDO HW GH O·HVVHQWLDOLVPH TXL QH
TXHVWLRQQH ULHQ HW REOLWqUH WRXWH SHUVSHFWLYH GH FKDQJHPHQW HW GH
SURJUqV /D FRQWUHKLVWRLUH HVW G·XQ SRLQW GH YXHGLDOHFWLTXH O·DQWLWKqVH
GHO·KLVWRLUHRIILFLHOOHHWQDWLRQDOH(OOHDSSRUWHGHVFRQWUHDUJXPHQWVDX
-HDQ/pR/pRQDUG
GLVFRXUV KLVWRULTXH RIILFLHO XQH YLVLRQ DOWHUQDWLYH GHV IDLWV GHV
GRFXPHQWV HW GHV pYpQHPHQWV XQH LQWHUSUpWDWLRQ GLIIpUHQWH GX VHQV GH
O·KLVWRLUHFHWLWUHODUpDQDO\VHGHO·KLVWRLUHQDWLRQDOHSDU5REHUW/DIRQW
HW OD PLVH HQ DE\PH j O·pFKHOOH HXURSpHQQH GH O·KLVWRLUH GX VXG GH OD
)UDQFH G·XQ SRLQW GH YXH ©RFFLWDQLVWHª /DIRQW
FRQVWLWXHQW XQH FRQWULEXWLRQ IpFRQGH HW VWLPXODQWH ² FHUWDLQV GLUDLHQW
©UpIOH[LYHª²RXYUDQWODYRLHjXQHFRQFHSWLRQFULWLTXHHWpODUJLHjO·DUF
HXURSpHQGDQVVDGLPHQVLRQQRUGPpGLWHUUDQpHQQHHWGHO·$WODQWLTXHjOD
0DQFKHHQSDVVDQWjWUDYHUVO·$TXLWDLQHGHO·KLVWRLUHGH)UDQFH/DQRWLRQ
PrPHGH©QRUPDOLVDWLRQªSU{QpHSDUODVRFLROLQJXLVWLTXHFDWDODQHSDUWGX
FRQVWDW G·XQ UHWRXUQHPHQW GH VLWXDWLRQ KLVWRULTXH TXL D IDLW GX FDWDODQ ²
LPSRUWDQWHODQJXHGHFKDQFHOOHULHGHODSpQLQVXOHLEpULTXHDX0R\HQkJHHW
jOD5HQDLVVDQFHGHUD\RQQHPHQWjO·pFKHOOHPpGLWHUUDQpHQQHSXLVODQJXH
FRRIILFLHOOH DX[ F{WpV GH O·HVSDJQRO GDQV OH WHUULWRLUH GH O·(VSDJQH
SUpIUDQTXLVWH ² XQH ODQJXH GpFKXH HW UpSULPpH SDU XQH GLFWDWXUH GRQW
O·KpULWDJH FHQWUDOLVDWHXU V·DYpUDLW LQWHQDEOH GDQV OH FDGUH GH OD WUDQVLWLRQ
GpPRFUDWLTXHTXLDVXFFpGpDXGHVSRWLVPHSKDODQJLVWH(QILQF·HVWWRXWOH
SDUDGLJPHG·$QGUp5HV]OHU GHODVRFLpWpSOXUDOLVWHTXLHVWLPSOLTXp
SDU OH WURLVLqPH WHUPH GX GLVSRVLWLI XQ FRQWUDW VRFLDO TXL SHUPHW
O·pSDQRXLVVHPHQW G·DOWHUQDWLYHV HW G·DOWHUQDQFHV SROLWLTXHV DXGHOj GX
ELSDUWLVPH HW GX UDGLFDOLVPH \ UHJDUGHU GH SUqV OH V\VWqPH GHV
DXWRQRPLHV HVSDJQROHV G·DSUqV OD GLFWDWXUH IUDQTXLVWH D G·DLOOHXUV WURXYp
VRQpTXLOLEUHGDQVODFRQWULEXWLRQSOXUDOLVWHGHVFRPSRVDQWHVSROLWLTXHVGHV
JRXYHUQHPHQWV DXWRQRPHV /D *pQpUDOLWp GH &DWDORJQH D ORQJWHPSV pWp
JRXYHUQpH DX FHQWUHGURLW DYDQW G·pOLUH XQ JRXYHUQHPHQW GH FHQWUH
JDXFKH$XGHOjGHO·DFWLRQWHUURULVWHGHO·(7$HWGXUDGLFDOLVPHGH+HUUL
%DWDVXQD(XVNDO +HUULWDURN TXL VRQW GHV IRUPHV KDXWHPHQW
FRQGDPQDEOHVGH©OXWWHªSROLWLTXHLOHVWLPSRUWDQWG·DYRLUjO·HVSULWTXHOD
&RPPXQDXWp $XWRQRPH %DVTXH SUpVHQWH GHV FRQILJXUDWLRQV SROLWLTXHV
WUqVFRPSOH[HVHWTX·HOOHHVWWUDYHUVpHGHGpEDWVHWG·DFWLRQVGHODVRFLpWp
FLYLOH HQ IDYHXU GX UHWRXU GH OD SDL[ G·XQ pTXLOLEUH GHV SRXYRLUV HQWUH
FHQWUHHWSpULSKpULHGHO·eWDWHVSDJQROHWG·XQHpWKLTXHGpPRFUDWLTXHQRQ
SRSXOLVWHGHODYLHSROLWLTXHeWKLTXHTXLIXWPLVHjPDOGDQVOHVDQQpHV
ORUV G·XQH SKDVH GH SRODULVDWLRQ SDUWLFXOLqUHPHQW DLJXs TXL
&I O·HVVDL SUpFLV HW QXDQFp G·$OIRQVR %RWWL VXU OD TXHVWLRQ EDVTXH TXL
GpWDLOOHOHVFRQILJXUDWLRQVSROLWLTXHVGDQVOD&$%
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
V·DFKHYD SDU XQ UHWRXU GH EkWRQ FXLVDQW SRXU OH SDUWL DX SRXYRLU DX[
pOHFWLRQV QDWLRQDOHV (Q SROLWLTXH SRODULVHU Q·HVW SDV MRXHU O·eWDW GRLW
G·DERUGDVVXUHUODSDL[VRFLDOHHWSUHQGUHOHVPHVXUHVQpFHVVDLUHVjFHWWHILQ
GDQV OH FDOPH HW OD GpWHUPLQDWLRQ ,O QH SHXW OH IDLUH VDQV DVVRFLHU j VHV
HIIRUWVODVRFLpWpFLYLOHHW OHVFRPSRVDQWHVPRGpUpHVGX VSHFWUHSROLWLTXH
/H UDGLFDOLVPH V·RSSRVH DX SOXUDOLVPH GH PDQLqUH LQFRQFLOLDEOH WRXW
FRPPH OD SRODULVDWLRQ FRQWUHYLHQW DX SULQFLSH GH SUDJPDWLVPH TXL YHXW
TXH SRXU YLVHU XQ REMHFWLI PLHX[ YDXW OH IDLUH GDQV XQ FLHO GpJDJp TX·j
WUDYHUVXQpFUDQGHIXPpH
&HOD QRXV DPqQH DX[ DUJXPHQWV HQ GpIDYHXU GH OD GpIHQVH RX GH OD
SURPRWLRQGHVODQJXHVPLQRUpHV'XSRLQWGHYXHTXLQRXVLQWpUHVVHLFL
TXLHVWFHOXLGHODFRQFHSWLRQG·XQSURMHWpGXFDWLIGDQVFHVODQJXHVLO\HQ
D WURLV TXL VRQW DXWDQW G·DQWLWKqVHV DX[ WURLV WKqVHV SUpFpGHQWHV
GpWHUPLQLVPHSDUDWDYLVPHHWSDWULPRQLDOLVPHUpYLVLRQQLVPHRXP\VWLILFDWLRQ
GH O·KLVWRLUH ORFDOH HWHQILQ OHUDGLFDOLVPH RX OH SDUWLFXODULVPH UpIUDFWDLUH
'H FH SRLQW GH YXH OHV PRXYHPHQWV UpJLRQDOLVWHV UDGLFDX[ RX
QDWLRQDOLVWHV FHQWULIXJHV j SDUWLU GH UpJLRQ FRPELQHQW UpJXOLqUHPHQW FHV
WURLV WHQGDQFHV 3RXU OHV WHQDQWV GH FHWWH IRUPH GH UHYHQGLFDWLRQ
PLQRULWDLUH O·LGHQWLWDULVPH VH VXEVWLWXH DX GLIIpUHQWLDOLVPH HW DOLPHQWH HQ
VSLUDOH XQH FULVSDWLRQ GH O·LGHQWLWp KLVWRULTXH j WUDYHUV XQH YLVLRQ
YLFWLPLVDQWHHWGHVIRUPHVGHVpSDUDWLVPHRXG·LUUpGHQWLVPH&HWWHYLVLRQ
IRQGpH VXU XQH GLVWRUVLRQ GH OD FDXVDOLWp KLVWRULTXH TXL QHXWUDOLVH WRXWH
SHUVSHFWLYH GLDOHFWLTXH HW DERXWLW j XQH FO{WXUH GX GLVFRXUV XQH
ULJLGLILFDWLRQ GHV IURQWLqUHV HW GHV WUDFpV IURQWDOLHUV VXFFHVVLIV VH
PDQLIHVWH VRXV OD IRUPH G·XQ GLVFRXUV FLUFXODLUH FORLVRQQp TXL QH
UHFRQQDvWODUHODWLRQDYHFOHVFDGUHVQDWLRQDX[RXWUDQVQDWLRQDX[TXHGDQV
XQHORJLTXHIUDJPHQWpHHWDWRPLVpHVDQVUHODWLRQGHFRPSOpPHQWDULWpHW
G·LQFOXVLRQ&·HVWODORJLTXHGHODSHWLWHQDWLRQEULPpHVHXOHFRQWUHWRXV
GRQW OD GLJQLWp D FRQWLQXHOOHPHQW pWp EDIRXpH TXH OHV pOLWHV RQW
LQYDULDEOHPHQW WUDKLH SDU LQWpUrW HW SDU OkFKHWp 8Q SHWLW SHXSOH
,OHVWLQWpUHVVDQWGHFRPSDUHUGHFHSRLQWGHYXHO·DQDO\VHPXOWLPRGDOHIRQGpHVXU
XQH JDPPH GH FDXVDOLWpV H[SOLTXDQW OD VXEVWLWXWLRQ VRFLROLQJXLVWLTXH GH 5REHUW /DIRQW
/DIRQW HW HW XQH YLVLRQ GDYDQWDJH pYpQHPHQWLDOLVWH HW
UpGXFWLRQQLVWH FRPPH FHOOH GH -RDQ /DU]DF /DU]DF TXL QH IDLW SDV SRXU DXWDQW
DEVWUDFWLRQ GH OD FRPSOH[LWp GHV V\VWqPHV G·DOOpJHDQFHV HW GH GRXEOHV FRQWUDLQWHV GHV
pOLWHVDXPRPHQWGHO·XQLILFDWLRQQDWLRQDOHUpYROXWLRQQDLUH/·KLVWRLUHVRFLDOHGXJDOLFLHQ
PRQWUH pJDOHPHQW TX·RQ QH VDXUDLW VH FRQWHQWHU GH OD IRUIDLWXUH GHV pOLWHV FRPPH
-HDQ/pR/pRQDUG
P\WKLTXH JRQIOp G·KpURwVPH ² PDLV DXVVL GH VXIILVDQFH SRSXOLVWH ²
SHUVLVWH FHSHQGDQW VRXV FHWWH DFFXPXODWLRQ GH VWUDWHV RSSUHVVLYHV GH
O·KLVWRLUH &HWWH YLVLRQ GHV FKRVHV UHOqYH GH O·REVFXUDQWLVPH HW GH FHWWH
©FXOWXUHSROLWLTXHGHVSUpMXJpVªTX·DQDO\VHWUqVELHQ=HHY6WHUQKHOOGDQV
VRQ HVVDL VXU O·LGpRORJLH GHV ©DQWLOXPLqUHVª 6WHUQKHOO
2QSHXWUpVXPHUOHVGHX[VpULHVG·DUJXPHQWVGDQVXQWDEOHDXV\QWKpWLTXH
TXL IDLW HQWUHU HQ FRUUpODWLRQ DQWLWKpWLTXH XQ HQVHPEOH GH QRWLRQV TXH
QRXVUHWURXYHURQVGDQVOHVIRQGHPHQWVGHODJULOOHG·DQDO\VH
7DEOHDX7KqVHHWDQWLWKqVHGXUDWLRQDOLVPHGHV/XPLqUHV 6WHUQKHOOHW
/XPLqUHV
$QWL/XPLqUHV
/LEUHDUELWUH
2UGUHpWDEOLIDWDOLVPH
&RQWUDWVRFLDO
6RXPLVVLRQjO·DXWRULWp
6RFLpWpFLYLOH
3HXSOH
6RXYHUDLQHWp
'pSHQGDQFH
eWDWGHGURLW
3RXYRLUGLVFUpWLRQQDLUH
/DwFLWp
5HOLJLRQ
5DLVRQ
3DVVLRQ
8QLYHUVDOLVPH
3DUWLFXODULVPH
0pWKRGRORJLHHWJULOOHGHOHFWXUH
1RXVSURFqGHURQVSDUO·DQDO\VHFULWLTXHGHVFRQWHQXVGHGLYHUVPDQXHOV
G·KLVWRLUHHWGHJpRJUDSKLHjO·DLGHG·XQHJULOOHGHOHFWXUH 'DXSKLQHWDO
DILQG·pYDOXHUGDQVTXHOOHPHVXUHOHVUHVVRXUFHVSpGDJRJLTXHVVXU
O·KLVWRLUH QDWLRQDOH HW UpJLRQDOH RX ORFDOH PLVHV HQ ±XYUH GDQV FHV
V\VWqPHH[SOLFDWLIG·XQHSDUWSDUFHTXHF·HVWVRXYHQWOHFHQWUHKpJpPRQLTXHTXLIDLWHW
GpIDLWOHWLVVXVRFLDOGHVpOLWHVSpULSKpULTXHVPDLVG·DXWUHSDUWDXVVLGDQVODPHVXUHROHV
ODQJXHVVHWURXYHQWDX0R\HQkJHHWGXUDQWO·DQFLHQUpJLPHHQVLWXDWLRQGHFROLQJXLVPH
QRWDPPHQW DYHF OH ODWLQ RX G·DXWUHV ODQJXHV YpKLFXODLUHV H[WUDQDWLRQDOHV RX QHXWUHV
0RQWHDJXGR &HVRQWGHVIDFWHXUVPDFURVRFLRORJLTXHVTXLH[SOLTXHQW
TXH OD VXEVWLWXWLRQ FRPPHQFH VRXYHQW SDU OHV pOLWHV XUEDLQHV SRXU HQVXLWH JDJQHU OHV
IDXERXUJVHWOHVFDPSDJQHVHQGHUQLHUUHVVRUW
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
FRQWH[WHVDOWHUQDWLIVFRQWULEXHQWDXPLHX[DXGpYHORSSHPHQWG·XQHpFROH
HW G·XQH VRFLpWp SOXUDOLVWH UpIOH[LYH HW FULWLTXH DX SLUH j Q·rWUH TX·XQ
GRXEORQGHO·pGXFDWLRQQDWLRQDOHHWDXELOLQJXLVPHFRPPHP\WKHSKpQRPqQH
MDGLVGpQRQFpSDU/OXtV$UDFLOPDLVTXLFRQWLQXHG·RSpUHU\FRPSULVGDQV
O·pGXFDWLRQHQODQJXHVPLQRULWDLUHV 6XPLHQ
/H FROOHFWLI G·HQVHLJQDQWV G·KLVWRLUHJpRJUDSKLH UpXQL DXWRXU G·2GLOH
'DXSKLQ UDSSHOOH GDQV OHV JUDQGHV OLJQHV OHV WHQGDQFHV LGpRORJLTXHV
REVHUYDEOHV GDQV OHV PDQXHOV G·KLVWRLUHJpRJUDSKLH IUDQoDLV GH OD ,,,H
5pSXEOLTXH FXOWH GHV KpURV KDJLRJUDSKLH SOXW{W TX·KLVWRLUH GHV LGROHV
SROLWLTXHV HW GHV IRQGDWHXUV GH OD QDWLRQ XQ UpFLW FRQVLVWDQW HQ XQH
KLVWRLUHEDWDLOOH RX XQH KLVWRLUH G\QDVWLTXH KLVWRLUH PDWULPRQLDOH GHV
©JUDQGVªHWGHVSULQFHV YHFWHXUVGHFKDXYLQLVPH QDWLRQDO(QRXWUHOHV
FRQWULEXWHXUVDOHUWHQWOHSXEOLFpFODLUpHW²HVSpURQVOH²O·RSLQLRQSXEOLTXH
VXU WURLV LQIOH[LRQV UpFHQWHV REVHUYDEOHV GDQV OHVPDQXHOV G·KLVWRLUH HW GH
JpRJUDSKLH LPSXWDEOHV j GHV GLUHFWLYHV PLQLVWpULHOOHV WHQGDQFLHXVHV D OD
UpKDELOLWDWLRQGXU{OHKLVWRULTXHGHO·pJOLVH HQIDLVDQWFHSHQGDQWO·LPSDVVH
VXU OHV WURLV ILJXUHV G·H[FOXV O·KpUpWLTXH OH MXLI HW OD VRUFLqUH E OD
SUpSRQGpUDQFH GRFWULQDLUH VDQV HVSULW FULWLTXH GH OD FRQVWUXFWLRQ
HXURSpHQQH F OHV DPDOJDPHV UpYLVLRQQLVWHV FRPPXQLVPH IDVFLVPH
WRWDOLWDULVPH 6HORQ'DXSKLQ-DQQHDXHW3HUURQ RQDVVLVWHj
XQH©OXWWHVRXUGHjIURQWVUHQYHUVpVªHQWUHDQFLHQVHWPRGHUQHV
/DSpGDJRJLHGHO·pYHLODXUDLWpWpGpYR\pHGpERXFKDQWVXUXQHIRUPHGH
VRFLRFRQVWUXFWLYLVPH DXWRMXVWLILp SDU OH P\WKH GH O·HQIDQWDUFKLYLVWH RX
GHO·HQIDQWKLVWRULHQ(QG·DXWUHVWHUPHVODFRPSUHVVLRQGHVSURJUDPPHV
HW O·HVSULW DXVVL ELHQ TXH OHV FRQVpTXHQFHV PDWpULHOOHV HQ UHVVRXUFHV
KXPDLQHV GHV UpFHQWHV UpIRUPHV YLGHQW OD SpGDJRJLH GH O·pYHLO GH VRQ
VHQV /HV DSSUHQDQWV VH YRLHQW FRQIURQWpV j GHV PDVVHV HW j GHV EULEHV
GRFXPHQWDLUHVVDQVEpQpILFLHUGHODIRUPDWLRQQpFHVVDLUHjDVVLPLOHUDYHF
XQHVSULWFULWLTXHFHVLQIRUPDWLRQV/DPDUJLQDOLVDWLRQG·RXWLOVTXLDYDLHQW
IDLWOHXUVSUHXYHVVXUOHSODQGHO·LQWHOOLJHQFHGHVSKpQRPqQHVKLVWRULTXHV
PDLVGRQWO·HVSULWDYDLWpWpGpYR\pSDUODFRQFHSWLRQGHO·KLVWRLUHEDWDLOOHV
HW GH O·KLVWRLUHG\QDVWLH FRPPH OHV FKURQRORJLHV QH IDLW TX·DFFHQWXHU
O·HIIHWGHGpVRULHQWDWLRQGHVpOqYHV/HUHQIRUFHPHQWGHODSpGDJRJLHSDU
OD UHFKHUFKH HW O·DQDO\VH GRFXPHQWDLUH V·HVW IDLW DX GpWULPHQW GH O·HVSULW
&I'HO%RFDVXUO·pPHUJHQFHGHFHSKpQRPqQHGDQVOHVPpGLDV
-HDQ/pR/pRQDUG
FULWLTXH HW G·XQH FRQWH[WXDOLVDWLRQ SOXV ODUJH O·HQIHUPHPHQW GDQV OH
PLOLHX ORFDO OH GRQQp V\VWpPDWLTXHPHQW UHPSODFp SDU OH FRQVWUXLW OH UHMHW
GRFWULQDLUH GH O·KLVWRLUHUpFLW HW GH OD OLQpDULWpGH O·KLVWRLUH TXL FRQGXLW j
EURXLOOHURXRFFXOWHUODGLPHQVLRQFKURQRORJLTXHHWXQHWHQGDQFHjO·DQWL
LQWHOOHFWXDOLVPH TXL YHXW TXH O·REMHW GH UHFKHUFKH UHVWH FDQWRQQp DX
FRQFUHW HW DX YpFX FRQWULEXHQW j XQH GLVORFDWLRQ GHV VDYRLUV GDQV FHWWH
PDWLqUHVWUDWpJLTXHSRXUODIRUPDWLRQFLYLTXHGHVpOqYHVTX·HVWO·KLVWRLUH
JpRJUDSKLH
(Q GURLWH OLJQH GH OD WUDGLWLRQ GHV DQWLOXPLqUHV OD WUDPH GHV PDQXHOV
VFRODLUHV HVW SDUFRXUXH SDU OH IDWDOLVPH QpROLEpUDO TXL HQWpULQH OHV
LQpJDOLWpV VRFLDOHV HQWUH SD\V SDXYUHV HW SD\V ULFKHV /·RFFXOWDWLRQ GHV
OXWWHV VRFLDOHV HVW IDXVVHPHQW FRPSHQVpH SDU XQH YLVLRQ LGpDOLVpH GX
©SHXSOHªGDQVXQHSHUVSHFWLYHQDWLRQDOLVWH/HUpYLVLRQQLVPHFRORQLDOHW
O·HWKQRFHQWULVPH HXURSpHQ TXL WUDYHUVHQW QRPEUH GH PDQXHOV VFRODLUHV
UpFHQWVUDSSHOOHQWOHVVRSKLVPHVGXGLVFRXUVGH'DNDUGXMXLOOHW
GpQRQFpV SDU OH FROOHFWLI LQWHUGLVFLSOLQDLUH UpXQL SDU $GDPH %D .RQDUp
%D.RQDUp
/H GpYRLHPHQW GH OD SpGDJRJLH GH O·pYHLO Q·HPSrFKH SDV XQH QHWWH
FRQWLQXDWLRQ GH O·KDJLRJUDSKLH GHV G\QDVWLHV GHV VRXYHUDLQV HW GHV
SUpVLGHQWV UHQIRUFpH SDU OH SDUWLFXODULVPH ORFDO HW UpJLRQDO HW XQ
FORLVRQQHPHQW GDQV OH YpFX DQHFGRWLTXH TXL GpQDWXUH OHV SULQFLSHV
PpWKRGRORJLTXHVGHO·pFROHGHV$QQDOHV
(QVRPPHOHWDEOHDXTXHGUHVVHQW2GLOH'DXSKLQHWVHVFROODERUDWHXUV
HVW FHOXL G·XQH PDODGURLWH UHSULVH HQ PDLQ LGpRORJLTXH GHV PpWKRGHV HW
GHV FRQWHQXV G·HQVHLJQHPHQWV GH O·KLVWRLUH GDQV XQ HVSULW
QpRFRQVHUYDWHXU HW QpROLEpUDO /HV DXWHXUV DSSRUWHQW GHV SUHXYHV
FRQIRQGDQWHVGXSLORWDJHSDUOHKDXWGHFHWWHFRQFHSWLRQGHO·KLVWRLUHHQ
FLWDQWXQIORULOqJHGHGLUHFWLYHVPLQLVWpULHOOHVDOODQWGDQVFHVHQV/RLQGH
VHFRQWHQWHUGHFULWLTXHULOVGpOLPLWHQWFODLUHPHQWOHVREMHFWLIVGHFHTXL
SRXUUDLWrWUHXQHGLGDFWLTXHDOWHUQDWLYHjFHWWHSpGDJRJLHTXLUHQRXHDYHF
O·HVSULW GHV DQWLOXPLqUHV GpQRQFpV SDU =HHY 6WHUQKHOO RS FLW /HXUV
SURSRVLWLRQV WLHQQHQW HQ FLQT UHFRPPDQGDWLRQV TXL QRXV VHUYLURQW GH
JULOOHGHOHFWXUH 'DXSKLQHWDO
$ 3LORWDJH HW UHODWLYLVPH GDQV OD GLYHUVLWp JpRJUDSKLTXH HW FXOWXUHOOH
SRVLWLRQQHPHQWQRQHWKQRFHQWULVWHPXOWLODWpUDOLVWH
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
%/LHQVGHFDXVDOLWpSOXW{WTXHGpWHUPLQLVPH
&/LEUHDUELWUHGHVKRPPHVHWGHVVRFLpWpV
'1HXWUDOLWpGDQVODSUpVHQWDWLRQGHVIDLWVKLVWRULTXHV GDQVODOLWWpUDWXUH
ODSHQVpH
(&RQWH[WXDOLVDWLRQFXOWXUHOOHGHVIDLWVKLVWRULTXHV GDQVODOLWWpUDWXUHOD
SHQVpHHWODSKLORVRSKLH
7DEOHDX
*ULOOHG·DQDO\VHGHVPDQXHOVG·KLVWRLUHJpRJUDSKLHVHORQOHVSURSRVLWLRQVGH'DXSKLQHWDO
$
%
&
'
(
'pFHQWUDWLRQ
&DXVDOLWp
/LEUHDUELWUH
1HXWUDOLWp
&RQWH[WXDOLVDWLRQ
/HVGpFLVLRQV
GHVGLIIpUHQWV
DFWHXUV GLUL
JHDQWV
VHFWHXUVGHOD
VRFLpWpFLYLOH
GRLYHQWrWUH
FRQWH[WXD
OLVpHV2Q
FKHUFKHUDj
IDLUH
DSSDUDvWUHOHV
PRWLIV
GHUULqUHOHV
pYpQHPHQWV
HWOHV
GpFLVLRQV
2QpYLWHUDGH
SUHQGUHSDUWL
SRXUXQH
LGpRORJLH©GH
GURLWHªRX
©GHJDXFKHª
GHGpIHQGUH
XQSDUWL
SOXW{WTX·XQ
DXWUHXQ
VHFWHXUGHOD
SRSXODWLRQ
FRQWUHXQ
DXWUHXQH
QDWLRQFRQWUH
XQHDXWUH
$SSURFKH LQWHUGLV
FLSOLQDLUH HW FUL
WLTXH j O·DLGH GH
O·pSLVWpPRORJLH GH
O·KLVWRLUH GHV LGpHV
GH OD OLWWpUDWXUH
GHV pYpQHPHQWV HW
GHVGLVFRXUV
/HVOLHQVGH
$SSURFKHQRQ
HWKQRFHQWULTXH FDXVDOLWpGRL
YHQWELHQIDLUH
ODQDWLRQRX
DSSDUDvWUHOHV
O·(XURSHQH
UHVSRQVDELOLWpV
VRQWSDVDX
KLVWRULTXHV
FHQWUHGX
GHVGLIIpUHQWV
PRQGH
DFWHXUV
/·LQVHUWLRQGH
FKURQRORJLHV
FODLUHVLQGL
TXDQWOHVMD
ORQVWHPSR
UHOVHVWGHOD
SOXVKDXWH
LPSRUWDQFH
-HSURSRVHSDUDLOOHXUVGHFRPSOpWHUFHWWHJULOOHG·DQDO\VHjO·DLGHGHWURLV
SULQFLSHVDGGLWLRQQHOVTXLPHVHPEOHQWIDLUHO·REMHWG·DSSOLFDWLRQGDQVOHV
&I =LQQ VXU OH ©VHQV GH O·KLVWRLUHª TXHVWLRQQp GH PDQLqUH
UpIOH[LYHSDUODGLDOHFWLTXHGXOLEUHDUELWUHHWGHODUHVSRQVDELOLWp
&I/DIRQW &KULVWLDQRXYUDJHTXLDYHFGXUHFXODSSDUDvWELHQFRPPHO·XQH
GHVSLqFHVG·XQ SODQG·HQVHPEOHGHFRQWH[WXDOLVDWLRQGHO·KLVWRLUHGHO·2FFLWDQLH&HWWH
FRQWULEXWLRQ FRQWLQXH GH IRXUQLU GHV FOpV G·DQDO\VH HW G·LQWHUSUpWDWLRQ XWLOHV SRXU XQ
HQVHLJQHPHQWGHO·KLVWRLUHJpRJUDSKLTXHHQFRQWH[WHRFFLWDQRSKRQH
-HDQ/pR/pRQDUG
WUDYDX[ G·KLVWRULHQ GH 5REHUW /DIRQW DLQVL TXH GDQV OHV GHX[ PDQXHOV
RFFLWDQVGXFRUSXVDQDO\VpLFLjWLWUHG·pWXGHGHFDV 'XEDUU\HWDOHW
5H\%qWKGpGHU OD OLVWH TXL DOODLW GH $ j ( V·DMRXWHQW GRQF OHV
PRWLRQVGH)j+FLGHVVRXV
) 8QH ORJLTXH GH YHUVDQWV HW GH VWUXFWXUHV G·LQWpJUDWLRQ
HXURPpGLWHUUDQpHQQHV /DIRQW LQVSLUp SDU OD FRQFHSWLRQ GH
O·KLVWRLUHGH)HUQDQG%UDXGHO
* 8QH JUDQXODULWp ILQH GHV WH[WXUHV JpRKLVWRULTXHV UpJLRQDOHV GHV
SURFHVVXVGHFKDQJHPHQWHWGHVWURSLVPHVLQWHUQHVHWH[WHUQHVGDQVXQH
SHUVSHFWLYHFULWLTXH /DIRQW
+ 8QH KHUPpQHXWLTXH PXOWLOLQJXH HW PXOWLVWUDWLTXH GHV ODQJXHV HQ
FRQWDFWRXVHVXFFpGDQWGDQVOHGRPDLQHJpRKLVWRULTXH HVTXLVVpGDQVOH
FKRL[GHVGRFXPHQWVGDQV'XEDUU\HWDOHW5H\%qWKGpGHU
7DEOHDX
*ULOOHG·DQDO\VHGHVPDQXHOVG·KLVWRLUHJpRJUDSKLHVHORQOHVSURSRVLWLRQVGH'DXSKLQHWDO
)
*
+
9HUVDQWVHWDUFV
7URSLVPHV
+HUPpQHXWLTXH
)DLUH DSSDUDvWUH OHV OLJQHV
GHIRUFHJpRKLVWRULTXHVGHV
UHODWLRQVG·pFKDQJHVpFRQR
PLTXHVGpPRJUDSKLTXHVHW
FXOWXUHOV HQ IRQFWLRQ GHV
FRQWUDLQWHVJpRJUDSKLTXHV
3DUH[ODWUDQVKXPDQFHHQ
IRQFWLRQ GHV FRQWUDLQWHV
RURJUDSKLTXHV HW JpRSROL
WLTXHV
0RQWUHU GDQV O·pFRQRPLH
SD\VDQQH SXLV LQGXVWULHOOH
OHV WURSLVPHV OHV IOX[ OHV
FKDPSV GH JUDYLWDWLRQ
VRFLRpFRQRPLTXH
HQWUH
]RQHV
DXGHOj
GHV
IURQWLqUHV UpJLRQDOHV HW
QDWLRQDOHV
/HFWXUH LQWHUSUpWDWLRQ HW
LQWHOOLJHQFH GX VHQV HQ
IRQFWLRQ GHV FRQWUDLQWHV
FXOWXUHOOHV GHV FRGLILFD
WLRQV HW GHV VWDQGDUGLVD
WLRQV
QRUPHV pFULWHV
RUDOHV UKpWRULTXHV VW\OHV
IRUPXODWLRQV HW PRGDOLVD
WLRQV pQRQFLDWLYHV GHV
GRFXPHQWVHWWH[WHV
&HWWH JULOOH SHXW GpVRUPDLV V·DSSOLTXHU j FKDTXH OHoRQ G·XQ PDQXHO
G·KLVWRLUHJpRJUDSKLH QDWLRQDOH RX UpJLRQDOH HW JOREDOHPHQW j FKDTXH
PDQXHOTXLWWHjSRQGpUHUFHWWHpYDOXDWLRQVXUXQHpFKHOOHG·LQWHQVLWp²GH
jRXj1RXVDOORQVO·DSSOLTXHUjWLWUHG·H[HPSOHjTXHOTXHVOHoRQV
FKRLVLHVFRPPHSDUWLFXOLqUHPHQWUHSUpVHQWDWLYHV
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
eWXGHGHFDV
/HPDQXHOFRRUGRQQpSDU%HUQDUG'XEDUU\,VWzULDGHQRVWH+LVWRLUHGHVSD\V
KDXWS\UpQpHQVSXEOLpHQSDUOH&RQVHLO*HQHUDOGHV+DXWHV3\UpQpHV
GLIIXVpSDUOH&520 &HQWUHGH5HVVRXUFHV2FFLWDQHVHW0pULGLRQDOHV HW
3$5/(0 DLQVL TXH OH UHFXHLO GH GRFXPHQWV UpXQLV SDU 1LFRODV 5H\
%qWKGpGHU'RFXPHQWVGH0LGL3\UpQpHVSRXUOHFRXUVG·KLVWRLUHSDUXHQj
7RXORXVHDX[VRLQVGX&520QRXVVHUYLURQWG·pFKDQWLOORQVGHSURGXLWV
GLGDFWLTXHVHQODQJXHPLQRULWDLUHGDQVODSHUVSHFWLYHTXLHVWLFLODQ{WUH,O
D EHDXFRXS pWp TXHVWLRQ GXUDQW FH FROORTXH GHV GpILV TXH GRLW UHOHYHU
O·HQVHLJQHPHQW GHV PDWLqUHV GX FXUULFXOXP HQ ODQJXHV PLQRULWDLUHV HW
PLQRUpHV /·XQ GH FHV GpILV WLHQW j OD TXDOLWp YRLUH j O·H[FHOOHQFH RX GX
PRLQV j O·RULJLQDOLWp SHUWLQHQWH GHV UHVVRXUFHV FRQVWLWXpHV SRXU
O·HQVHLJQHPHQW GDQV FHV ODQJXHV /·REMHFWLI HVW SDU FRQVpTXHQW GH
PRQWUHU HQ TXRL GHV SURGXLWV GLGDFWLTXHV UpFHQWV HQ ODQJXHV PLQRUpHV
FRPPH FHV GHX[ UHFXHLOV GRFXPHQWDLUHV FRQWULEXHQW j XQ SOXUDOLVPH
GLGDFWLTXHpGXFDWLIHWFLYLTXH'DQVTXHOOHPHVXUHFHVRXWLOVGLGDFWLTXHV
FRQIRUWHQWLOV GHV WHQGDQFHV REVHUYDEOHV GDQV OH FXUVXV QDWLRQDO HW
TX·DSSRUWHQWLOVGHQRXYHDXHWGHEpQpILTXHjOHXUSXEOLFHWHQWHUPHVGH
FUpDWLYLWpHWG·LQQRYDWLRQSpGDJRJLTXH"2QVDLWFRPELHQOHVLQLWLDWLYHVHQ
IDYHXU GH O·HQVHLJQHPHQW HQ ODQJXHV PLQRULWDLUHV GRLYHQW
VFUXSXOHXVHPHQW PLQXWLHXVHPHQW VH SUpPXQLU FRQWUH WRXW VRXSoRQ GH
VHFWDULVPH GH SDUWLFXODULVPH HW GH ELDLV VpSDUDWLVWH 'DQV XQH ORJLTXH
JRIIPDQLHQQH G·pODERUDWLRQ GLGDFWLTXH GDQV XQH HQWUHSULVH GH
UHWRXUQHPHQW GH OD VWLJPDWLVDWLRQ TXL FDUDFWpULVH OHV PLQRULWpV RX OHV
JURXSHV VpJUpJXpV *RIIPDQ >@ WRXWH WHQWDWLYH G·HQVHLJQHU
O·KLVWRLUH UpJLRQDOH GRLW HQ DPRQW LQYHVWLU IRUWHPHQW VXU OH SODQ
/DTXHVWLRQGHOHXUDGpTXDWLRQDXSURJUDPPHQDWLRQDOHVWUpVROXHG·RIILFHFDUF·HVW
OHSUHPLHUSUpUHTXLVTXHFHVLQLWLDWLYHVSpGDJRJLTXHVHWpGLWRULDOHVGRLYHQWVDWLVIDLUHSRXU
UHFHYRLUOHEODQFVHLQJGHVDXWRULWpVPLQLVWpULHOOHV
&I OH FKDSLWUH ©O·DOLJQHPHQW VXU OH JURXSH HW LGHQWLWp GH VRLª GDQV OHTXHO
*RIIPDQPRQWUHFRPPHQWOHVJURXSHVPLQRULWDLUHVVWLJPDWLVpV RXOHVJURXSHVPLQRUpV
GHPDQLqUHJpQpUDOH GRLYHQWUHGRXEOHUG·HIIRUWVSRXUDOLJQHUOHXUOpJLWLPLWpVXUFHOOHGH
OD PDMRULWp HQ JRPPDQW FH TXH OHXU ©PLOLWDQWLVPHª SHXW DYRLU G·DSSDUHQFH DJUHVVLYH
DX[\HX[GHODPDMRULWp2QGHPDQGHSDUOjPrPHDXJURXSHPLQRUpGDYDQWDJHG·HIIRUW
HW GH UpIOH[LYLWp TXH OH JURXSH PDMRULWDLUH QH VHUDLW GLVSRVp j HQ FRQFpGHU V·LO YHQDLW j
GHYRLUIDLUHSUHXYHGHVRQLPSDUWLDOLWpHWGHVDOR\DXWpYLVjYLVG·XQWLHUVRXG·XQJURXSH
WLHUV
-HDQ/pR/pRQDUG
FRQFHSWXHOGDQVODPHVXUHRWRXWHSHUVRQQHQRQDYHUWLHHVWVXVFHSWLEOH
GH SHQVHU D SULRUL TXH O·HQVHLJQHPHQW HQ ODQJXH UpJLRQDOH ULVTXH G·rWUH
HVVHQWLHOOHPHQW ORFDOLVWH LGpRORJLTXH FRQWUDLJQDQW SDUWLDO GpFRQWH[WXDOLVp
DWRPLVWHLPPRELOLVWHHWKHUPpWLTXH²FHWWHpQXPpUDWLRQSUHQGOHFRQWUHSLHG
GHVKXLWFULWqUHVGHODJULOOHGH$j+
/H PDQXHO GH 'XEDUU\ HW DO HQ YHUVLRQ RFFLWDQH GDQV OD YDULpWp
JDVFRQQHSDUWLFLSHG·XQHORJLTXHGHGpFULVSDWLRQGHODWHQVLRQDXWRXUGH
©O·KpJpPRQLHªGHODYDULpWpVWDQGDUGEDVpHVXUOHODQJXHGRFLHQHWGHVD
FRGLILFDWLRQ DOLEHUWLHQQH &H SRLQW HVW LPSRUWDQW FDU FH FKRL[ PRQWUH j
TXHOSRLQWO·HQVHLJQHPHQWGHO·RFFLWDQWLHQWFRPSWHGHVQRUPHVGLDOHFWDOHV
ORFDOHV /D FRQFHSWLRQ GHV WH[WHV GHV GRFXPHQWV HW GH OD VpPLRORJLH
JUDSKLTXHHVWOHSOXV VRXYHQWGHTXDOLWpPrPHVL O·RQSHXWUHSURFKHUOH
FDUDFWqUHVRXYHQWWURSFRQGHQVpGHVV\QWKqVHVKLVWRULTXHV
'DQVO·HQVHPEOHFHPDQXHOVDWLVIDLWOHFULWqUH$OHVDXWHXUVRQWELHQSULV
VRLQGHWRXMRXUVVLWXHUOHVIDLWVKLVWRULTXHVGDQVXQFRQWH[WHUpJLRQDOTXL
GpSDVVH GH ORLQ OHV OLPLWHV GH OD PLFURUpJLRQ IRUPpH SDU OH GpSDUWHPHQW
GHV +DXWHV3\UpQpHV &KDTXH OHoRQ HVW DFFRPSDJQpH G·XQH FKURQRORJLH
FLEOpHHQEDVGHSDJHFRQIRUPpPHQWDXFULWqUH%PrPHVLOHFDUDFWqUH
FXUVLIGHVV\QWKqVHVQHSHUPHWSDVWRXMRXUVGHELHQLGHQWLILHUODWUDPHGHV
OLHQVGHFDXVDOLWp$XVVLELHQOHVFDGUHVWHUULWRULDX[ OHoRQSS HW
OHV VHFWHXUV GH OD VRFLpWp PpGLpYDOH FRQWHPSRUDLQH HW PRGHUQH TXH OHV
DPpQDJHXUVHWOHVLQWHQGDQWV²HWSDVVHXOHPHQWOHVVHLJQHXUVHWOHVURLV²
FRPPH O·LQWHQGDQW G·(WLJQ\ OHoRQ SS VRQW FODLUHPHQW
SUpVHQWpV FULWqUH& /DGHQVLWpGHODV\QWKqVHKLVWRULTXHGHO·DQWLTXLWpj
QRVMRXUVV·pWDODQWVXUPRLQVG·XQHFHQWDLQHGHSDJHVQHSHUPHWSDVGH
MXJHU GH O·DGpTXDWLRQ DX FULWqUH ' GH QHXWUDOLWp SXLVTXH OD FRQFLVLRQ
GRQQH DX SURSRV XQH WRXUQXUH KDXWHPHQW HOOLSWLTXH PDLV O·DERQGDQFH
GHV VRXUFHV HW OD TXDOLWp GH OD ELEOLRJUDSKLH WUqV IRXUQLH UpSDUWLH SDU
WKqPHVHWSDUSpULRGHVSHUPHWjO·pOqYHGHVHIDLUHXQHRSLQLRQSDUOXL
PrPH /D FRQFLVLRQ QHXWUDOLVH FHSHQGDQW WRXWH WHQWDWLYH GH
FRQWH[WXDOLVDWLRQ G·RUGUH pSLVWpPRORJLTXH HW OLWWpUDLUH FULWqUH (
&HSHQGDQW OD SHUVSHFWLYH JpRKLVWRULTXH HQ WHUPHV GH YHUVDQWV HW DUFV
DLQVLTXHODSULVHHQFRPSWHGHVWURSLVPHV FULWqUHV)HW* jO·DLGHG·XQ
WUqV ULFKH DSSDUHLO FDUWRJUDSKLTXH VWDWLVWLTXH HW XUEDQLVWLTXH FRPSHQVH
ODUJHPHQW FH UpWUpFLVVHPHQW GX FKDPS LQWHOOHFWXHO $LQVL OD OHoRQ GX
0DQXHOG·KLVWRLUHGHVSD\VKDXWS\UpQpHQVTXLUpVXPHHQTXDWUHSDJHV 'XEDUU\
HW DO WURLV VLqFOHV GH FKDQJHPHQWV JpRSROLWLTXHV PDMHXUV
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
HH SpULRGHTXLFRXYUHOHWRXUQDQWGHODFURLVDGHDOELJHRLVHHWODSHUWH
GH OD VRXYHUDLQHWp GHV SD\V G·2F V·DUWLFXOH VXU XQH SDJH HW GHPLH GH
V\QWKqVH G·KLVWRLUH JpQpUDOH VLWXpH GDQV OH FRQWH[WH GHV ULYDOLWpV HQWUH OHV
SRXYRLUVHXURSpHQVGDQVXQDUFJpRSROLWLTXHVLWXpHQWUHO·(OEHHWOH5K{QH
R V·DIIURQWHQW OHV LQWpUrWV GH OD FRXURQQH G·$UDJRQ DX QRUGHVW GH
O·(VSDJQHO·$QJOHWHUUHHWVHVSRVVHVVLRQVDTXLWDLQHVOH&RPWpGH7RXORXVH
OHGRPDLQHGH6LPRQ GH0RQWIRUWHWODPRVDwTXH GHVILHIVS\UpQpHQVGX
9LFRPWDWGH%pDUQ9DOG·$UDQ&RPWpGH)RL[HWF&HWWHG\QDPLTXHHVW
LOOXVWUpH SDU GHX[ FDUWHV G·XQH VpPLRORJLH JUDSKLTXH FODLUH GH GLPHQVLRQ
HXURUpJLRQDOH GRFS HWQDWLRQDOH GRFS (QILQOHPDQXHOHVW
DERQGDPPHQWSRXUYXGHGRFXPHQWVpFULWVDXVVLELHQGHVDFWHVMXULGLTXHV
TXH GHV H[WUDLWV GH FRUUHVSRQGDQFH RX GHV H[WUDLWV GH FKURQLTXHV GH
GLIIpUHQWHVpSRTXHVGDQVXQHYDULpWpG·pWDWVGHODQJXHDSSUpFLDEOH²WDQW{W
HQODWLQPpGLpYDO GRFSH[WUDLWG·XQHFKURQLTXHDYHFWUDGXFWLRQHQ
JDVFRQ PRGHUQH HQ SDUDOOqOH WDQW{W HQ JDVFRQ PpGLpYDO RX HQ JDVFRQ
PRGHUQH &HV WH[WHV VDWLVIRQW SOHLQHPHQW OH FULWqUH + TXL YHXW TX·XQ
DSSDUHLO KHUPpQHXWLTXH DFFRPSDJQH OH IOX[ GX UpFLW KLVWRULTXH ,O V·DJLW
GRQFG·XQGRFXPHQWHQFRXUDJHDQWPDOJUpODWURSJUDQGHGHQVLWpGXUpFLW
GH V\QWKqVH KLVWRULTXH TXH O·DERQGDQFH HW OD SHUWLQHQFH GHV FDUWHV HW GHV
GRFXPHQWVDXWKHQWLTXHVQHVXIILVHQWSDVWRXMRXUVjFRPSHQVHU
/H UHFXHLO GH GRFXPHQWV SXEOLp SDU 5H\%qWKGpGHU FRPSRUWH
ILFKHV SUpVHQWDQW GHV GRFXPHQWV DXWKHQWLTXHV TXL VRQW WRXV GHV WH[WHV
EUHIV UpGLJpV HQ RFFLWDQ DFFRPSDJQpV GH OHXU WUDGXFWLRQ HQ UHJDUG
&KDTXH ILFKH FRPSRUWH XQH FKURQRORJLH FLEOpH XQ WLWUH H[SOLFLWH VXLYL
G·XQH EUqYH LQWURGXFWLRQ XQH VpULH GH SURSRVLWLRQV SpGDJRJLTXHV
UpSDUWLHV HQ TXHVWLRQV VXVFLWDQW XQH UpIOH[LRQ DSSHOpHV DFWLYLWpV FRPPH
DXWDQW GH VXJJHVWLRQV SRXU LQFLWHU O·pOqYH j FRQQDvWUH OH SDWULPRLQH ORFDO
YLVLWHGHPRQXPHQWVHWUpGDFWLRQGHV\QWKqVHVVXUFHVDFWLYLWpV $XGRV
GH FKDTXH ILFKH VRQW GpFOLQpV D XQH MXVWLILFDWLRQ GH OD SHUWLQHQFH GX
GRFXPHQW GDQV OH FDGUH GH OD IRUPDWLRQ HQ KLVWRLUH E XQH
FRQWH[WXDOLVDWLRQ KLVWRULRJUDSKLTXH HW GDQV O·KLVWRLUH SROLWLTXH HW VRFLDOH
GHO·pSRTXHF XQFRUULJpGHVTXHVWLRQVOLpHVDX[©DFWLYLWpVªDLQVLTX·XQH
FRXUWH ELEOLRJUDSKLH %LHQ TXH FKDTXH ILFKH VRLW WUqV VXFFLQFWH FH
GRFXPHQWVDWLVIDLWOHVFULWqUHVG·H[SOLFLWDWLRQHWGHUHFKHUFKHGHVOLHQVGH
FDXVDOLWp LQVLVWH VXU OH OLEUH DUELWUH GHV SHUVRQQDJHV HW GHV DFWHXUV
KLVWRULTXHV HW SUHQG JUDQG VRLQ DXVVL ELHQ GH FRQWH[WXDOLVHU VXU OH SODQ
KLVWRULRJUDSKLTXH TXH GH SURSRVHU XQH OHFWXUH KHUPpQHXWLTXH GHV
-HDQ/pR/pRQDUG
GRFXPHQWV/DSHUVSHFWLYHJpRJUDSKLTXHHVWFHSHQGDQWVLUpGXLWHTXHOHV
FULWqUHV ) HW * YHUVDQWV HW DUFV WURSLVPHV QH VDXUDLHQW rWUH VDWLVIDLWV
GDQV OH FDGUH GH FHWWH FRQWULEXWLRQ &HSHQGDQW OD GLPHQVLRQ
KLVWRULRJUDSKLTXHFRPSHQVHOHVODFXQHVGXSRLQWGHYXHGHODJpRKLVWRLUH
&RQFOXVLRQ
6LO·RQDGRSWHOHSRLQWGHYXHGHTXLQ·DJXqUHO·RFFDVLRQGHVHSHQFKHUVXU
OD TXHVWLRQ GH O·HQVHLJQHPHQW GHV ODQJXHV PLQRULWDLUHV HW D IRUWLRUL GH
O·HQVHLJQHPHQW HQ ODQJXHV PLQRULWDLUHV QRWDPPHQW GDQV XQ SD\V GH
WUDGLWLRQ FHQWUDOLVWH FRPPH OD )UDQFH O·LGpH TX·RQ SXLVVH HQVHLJQHU
O·KLVWRLUHJpRJUDSKLHHQRFFLWDQHQFRUVHRXHQEUHWRQDGHTXRLLQTXLpWHU
DXSUHPLHUUHJDUG,OLPSRUWHFHSHQGDQWGHIDLUHSUHXYHGHGLVFHUQHPHQW
GH GLVWLQJXHU ULJRXUHXVHPHQW GDQV XQH DWWLWXGH GLVWDQFLpH HQWUH K\VWpULH
LGHQWLWDLUH HW DJLWDWLRQ FLYLTXH MXVWLILpH SDU OD UpYROWH FRQWUH XQH VLWXDWLRQ
LQMXVWH XQ pFKDQJH LQpJDO RX WRXW DXWUHVWDWXV TXR GLVFXWDEOH IRQGp VXU OH
IDLW KLVWRULTXH DFFRPSOL /D SUHPLqUH UHOqYH GH O·REVFXUDQWLVPH OD
VHFRQGH GH OD GLDOHFWLTXH GHV OXWWHV VRFLDOHV ² O·HVVDL GH O·KLVWRULHQ QRUG
DPpULFDLQ+RZDUG=LQQVXUODUHVSRQVDELOLWpSROLWLTXHGHVKLVWRULHQVIDFHj
O·KLVWRLUH HW VXU OHV ELDLV LQWHUSUpWDWLIV VRXOLJQH FODLUHPHQW FH SRLQW =LQQ
HQ SDUWLFXOLHU SS +RZDUG =LQQ UDSSHOOH TXH OH GLVFRXUV
PLOLWDQWGHO·RSSULPpV·DYqUHGDQVQRPEUHGHFDVrWUHELHQPRLQVH[DJpUp
TX·LO Q·\ SDUDvW SRXUYX TX·RQ DFFHSWH GH UHJDUGHU HQ IDFH O·pQRUPLWp GH
FHUWDLQHVLQMXVWLFHVHWLQpJDOLWpV,OHQDOODLWDLQVLDX[eWDWV8QLVGXGLVFRXUV
DQWLDEROLWLRQQLVWH DX GpEXW GX H VLqFOH GRQW OHV ©H[FqVª UKpWRULTXHV HQ
YHQDLHQW j rWUH SOXV VpYqUHPHQW MXJpV TXH OD UpDOLWp GH O·LQMXVWLFH TXH
UHSUpVHQWDLW OH V\VWqPH HVFODYDJLVWH HQ OXLPrPH ,O HQ YD GH PrPH GH OD
GpQRQFLDWLRQ GH OD GLVWRUVLRQ TXL FRQVLVWDLW GDQV OH FDGUH GH O·LGpRORJLH
QDWLRQDOLVWH FHQWUDOLVWH IUDQoDLVH HW HVSDJQROH HQFRUH HQ YLJXHXU GDQV OHV
DQQpHVjFRQVLGpUHUFRPPH©QRUPDOHªRXFRPPHXQIDLWDFFRPSOL
ODPDUJLQDOLVDWLRQVRFLDOHGHO·RFFLWDQ UpGXLWDXVWDWXWGH©SDWRLVª RXGX
FDWDODQ ² ELHQ TX·LO IDLOOH GLVWLQJXHU OHV GHX[ FRQWH[WHV HQ WHUPHV GH
UpJLPHV SROLWLTXHV /·DFWLYLVPH HW OD SHQVpH UpJLRQDOLVWH RQW FRQWULEXp
GHSXLVFHWWHSpULRGHG·XQF{WpjODWUDQVLWLRQGpPRFUDWLTXHSRVWIUDQTXLVWH
GH O·DXWUH j XQH QpFHVVDLUH UpJLRQDOLVDWLRQ GDQV XQH (XURSH pODUJLH /HV
H[SUHVVLRQVUDGLFDOHVRXH[WUpPLVWHVRQWSOXW{WQXLjFHVDOXWDLUHSURFHVVXV
HW j OD FDXVH GHV PLQRULWpV TX·HOOHV Q·RQW SDUWLFLSp j FH SURFHVVXV 6L OH
UDGLFDOLVPH HVW OH SLUH HQQHPL GHV FDXVHV GpPRFUDWLTXHV OD WUDQVJUHVVLRQ
eFROHHQODQJXHPLQRULWDLUHHWFRQWUHKLVWRLUHRFFLWDQHW2FFLWDQLH
TXL FRQVLVWH j GpQRQFHU TXH OH URL HVW QX HW j GpYHORSSHU XQ SODQ
VWUDWpJLTXH SRXU OXWWHU FRQWUH GHV LQMXVWLFHV RX GHV EORFDJHV HVW VDOXWDLUH
0DLVFRPPHWRXWHWUDQVJUHVVLRQO·HIIHWSURGXLWSURYRTXHXQHPEDUUDVGHV
FUDLQWHVHWGHVUpDFWLRQVTXLRQWVRXYHQWGXPDOjGLVWLQJXHUHQWUHDWWLWXGH
FULWLTXHHWLPSXOVLRQPRWLYpHSDUO·DQ[LpWpHWSDUODSUpJQDQFHGHVSUpMXJpV
2Q SHXW GLUH TXH FHWWH SKDVH GH UHPLVH HQ FDXVH TXL SRXYDLW VHPEOHU
UDGLFDOH j ELHQ GHV REVHUYDWHXUV H[WpULHXUV D EDWWX VRQ SOHLQ GXUDQW OHV
GpFHQQLHV 'HSXLV OHV DQQpHV DYHF O·HVVRU GH OD
PRQGLDOLVDWLRQO·pODUJLVVHPHQWGHVHQWLWpVVXSUDQDWLRQDOHVODFULVWDOOLVDWLRQ
GHIDLWG·(XURUpJLRQVSOXVRXPRLQVYLUWXHOOHVSOXVRXPRLQVDPpQDJpHVHQ
WDQWTXHWHOOHVFHWWHFRQIURQWDWLRQHQWUHOHFHQWUDOLVPHHWOHVUpJLRQDOLVPHV
TXLGpQRQoDLHQWOH©FRORQLDOLVPHLQWpULHXUªV·HVWHQJUDQGHSDUWLHHVWRPSpH
² PrPH VL OHV SUREOqPHV G·LQpJDOLWp GH GpYHORSSHPHQW HQWUH FHQWUH HW
SpULSKpULH UHVWHQW ELHQ UpHOV 3DU DLOOHXUV OHV DQQpHV RQW YX O·HVVRU
G·LQLWLDWLYHV pGXFDWLYHV TXL FRPPH OH PRQWUH O·DQDO\VH GH OD IRUPH HW GX
FRQWHQX GH GHX[ PDQXHOV G·KLVWRLUH UpJLRQDOH HQ RFFLWDQ RX LQFOXDQW
O·RFFLWDQ FRPPH YHFWHXU pGXFDWLI SDUXV GXUDQW OD SUHPLqUH GpFHQQLH GX
PLOOpQDLUH IRQW SUHXYH G·XQH DWWLWXGH QRQ SOXV GH UHYHQGLFDWLRQ HW GH
UXSWXUH IDFH DX FHQWUDOLVPH PDLV G·LQWpJUDWLRQ HXURUpJLRQDOH HW
G·DXWRQRPLHGLGDFWLTXHeWDQWGRQQpOHVIDLEOHVPR\HQVGRQWGLVSRVHQWOHV
DXWHXUVHWOHVLQVWLWXWLRQVGHGpYHORSSHPHQWGHFHWWHFDWpJRULHGHVXSSRUWV
SpGDJRJLTXHVHWpWDQWGRQQpODULJXHXUHWO·HVSULWPLQXWLHX[TXLDSUpVLGpj
OHXUFRQFHSWXDOLVDWLRQRQSHXWPrPHGLUHTXHFHVRXWLOVSpGDJRJLTXHVVRQW
XQHUpXVVLWH(QRXWUHVLO·RQWLHQWFRPSWHGHVWHQGDQFHVDODUPDQWHVTXLVH
GpYHORSSHQWGDQVO·HQVHLJQHPHQWGHO·KLVWRLUHHWGHODJpRJUDSKLHGDQVOHV
PDQXHOV QDWLRQDX[ FODLUHPHQW GpQRQFpHV SDU OH FROOHFWLI G·HQVHLJQDQWV
FRRUGRQQp SDU 2GLOH 'DXSKLQ RQ SHXW PrPH FRQVLGpUHU TXH FHV DFTXLV
GLGDFWLTXHV FRQVWLWXHQW XQH DOWHUQDWLYH VDOXWDLUH j XQH SROLWLTXH
G·LGpRORJLVDWLRQGHO·HQVHLJQHPHQWGHFHWWHPDWLqUHVXSSRVpHrWUHO·XQHGHV
YRLHV GH IRUPDWLRQ GH FLWR\HQV OLEUHV HW UHVSRQVDEOHV GDQV OH FDGUH GH
VRFLpWpV GpPRFUDWLTXHV /HV HQMHX[ VRQW GRQF JUDQGV SRXU PDLQWHQLU
O·HIIRUWGHFRQFHSWXDOLVDWLRQHWGHULJXHXULQWHOOHFWXHOOHGDQVFHGRPDLQHGH
O·HQVHLJQHPHQWHQODQJXHVPLQRUpHVGDQVXQFRQWH[WHGHUHFXOGHVYDOHXUV
GpPRFUDWLTXHV HW GH UpVXUJHQFH GH O·HVSULW GHV DQWLOXPLqUHV &HSHQGDQW
FHWWH YRLH HVW SRXU OHV VHFWHXUV GH GpYHORSSHPHQW GH O·pGXFDWLRQ HQ
ODQJXHV PLQRULWDLUHV XQH YpULWDEOH FRUGH UDLGH TXL UHOqYH GH O·H[HUFLFH
SHUPDQHQWGHO·pTXLOLEULVWH
-HDQ/pR/pRQDUG
5pIpUHQFHV
$5$&,//OXtV>@3DSHUVGHVRFLROLQJtVWLFD&ROO(OV2UtJHQVQ%DUFHORQH
/D0DJUDQD
%$.21$5e$GDPH pG 3HWLWSUpFLVGHUHPLVHjQLYHDXVXUO·KLVWRLUHDIULFDLQHjO·XVDJHGX
SUpVLGHQW6DUNR]\3DULV/D'pFRXYHUWH
%,//$5'&ODXGHHW*8,%%(573LHUUH+LVWRLUHP\WKRORJLTXHGHV)UDQoDLV3DULV*DOOLOpH
%277, $OIRQVR /D TXHVWLRQH EDVFD 'DOOH RULJLQL DOOR VFLRJOLPHQWR GL %DWDVXQD 0LODQ
0RQGDGRUL
%285'(*X\HW0$57,1+HUYp/HVpFROHVKLVWRULTXHV3DULV6HXLO 3RLQWV+LVWRLUH
'(/ %2&$$QJHOR HG /DVWRULDQHJDWD,OUHYLVLRQLVPRHLOVXRXVRSROLWLFR9LFHQ]D
1HUL3R]]D
'$83+,12GLOH DO/·HQVHLJQHPHQWGHO·KLVWRLUHJpRJUDSKLHGHO·pFROHpOpPHQWDLUHDXO\FpH
9HFWHXUGHSURSDJDQGHRXIRQGHPHQWGHO·HVSULWFULWLTXH"3DULV/·+DUPDWWDQ
'8%$55< %HUQDUG FRRUG ,VWzULD GH QRVWH +LVWRLUH GHV SD\V KDXWS\UpQpHQV YHUVLRQ
HQRFFLWDQ &RQVHLO*pQpUDOGHV+DXWHV3\UpQpHV
*2))0$1$UYLQJ>@6WLJPDWUDGIUG·$ODLQ.LKP6WLJPDWHOHVXVDJHVVRFLDX[
GHVKDQGLFDSV3DULV0LQXLW
/$)2175REHUW/DUpYROXWLRQUpJLRQDOLVWH3DULV*DOOLPDUG
/$)217 5REHUW HW $1$72/( &KULVWLDQ 1RXYHOOH KLVWRLUH GH OD OLWWpUDWXUH RFFLWDQH
WRPH3DULV38)
/$)2175REHUW'pFRORQLVHUHQ)UDQFH/HVUpJLRQVIDFHjO·(XURSH3DULV*DOOLPDUG
/$)2175REHUW7HPSVWUHV3HUSLJQDQ7UDEXFDLUH
/$)2175REHUW3HWLWDLVWRULDHXURSHDG·RFFLWDQLD3HUSLJQDQ7UDEXFDLUH
/$5=$&-RDQ'HVFRORQLVDUO·LVWzULDRFFLWDQDW/·HQHPLFGLQVODFOzVFD0RQWSHOOLHU$7RWV
/e21$5' -HDQ /pR ©/RJLTXH G·pOXFLGDWLRQ UHIRQGDWLRQ pSLVWpPRORJLTXH HW
HPSLULVPH FULWLTXH SRXU XQH OLQJXLVWLTXH LPSOLTXpHª ,Q 3,(52=$. ,VDEHOOH HW
(/2< -HDQ0LFKHO pGV ,QWHUYHQLU DSSOLTXHU V·LPSOLTXHU" $FWHV GX FROORTXH GX
5pVHDX)UDQoDLVGH6RFLROLQJXLVWLTXHSS3DULV/·+DUPDWWDQ
0217($*8'2+HQULTXH+LVWRULDVRFLDOGDOLQJXDJDOHJD9LJR*DOD[LD
5(<%Ë7+'e'(5 1LFRODV 'RFXPHQWV GH 0LGL3\UpQpHV SRXU OH FRXUV G·KLVWRLUH
7RXORXVH&520
67(51+(// =HHY >@ /HV DQWLOXPLqUHV 8QH WUDGLWLRQ GX ;9,,,H VLqFOH j OD JXHUUH
IURLGH3DULV*DOOLPDUG
&DODQGUHWDHQVHLJQHPHQWGHO·RFFLWDQHQLPPHUVLRQ
FKRL[SpGDJRJLTXHV
&RULQQH/KpULWLHU
&RQIpGpUDWLRQ2FFLWDQHGHV&DODQGUHWDV1vPHV
/D &KDUWH GHV eFROHV &DODQGUHWDV IDLW UpIpUHQFH j OD 3pGDJRJLH )UHLQHW HW j OD 3pGDJRJLH
,QVWLWXWLRQQHOOH PDLV HQ TXRL VRQWHOOHV SDUWLFXOLqUHPHQW SHUWLQHQWHV SRXU SHUPHWWUH XQ DSSUHQWLVVDJH
OLQJXLVWLTXH"$SUqVXQHSUpVHQWDWLRQUDSLGHGHVpFROHV&DODQGUHWDVHWGHOHXUVFKRL[SpGDJRJLTXHVGDQV
FHWDUWLFOHQRXVHVVD\RQVG·DQDO\VHUO·DSSRUWGHFHVSpGDJRJLHVSDUWLFXOLqUHVXWLOLVpHVLFLFRQMRLQWHPHQWj
O·LPPHUVLRQOLQJXLVWLTXHSUpFRFH SDUWLUG·XQH[HPSOHSUpFLV O·pFULWXUHHWODIDEULFDWLRQG·XQDOEXP
GDQVXQHFODVVHGHPDWHUQHOOHOHOHFWHXUSRXUUDVXLYUHOHVSUHPLHUVSDVOLQJXLVWLTXHVGHVHQIDQWVGDQVOD
ODQJXHHQVHLJQDQWHHWHQVHLJQpHjO·pFROH
/DFDUWDGHOOHVFXROH&DODQGUHWDVIDULIHULPHQWRDOODSHGDJRJLD)UHLQHWHDOODSHGDJRJLDLVWLWX]LRQDOH
PD LQ FRVD VRQR SDUWLFRODUPHQWH SHUWLQHQWL SHU SHUPHWWHUH XQ DSSUHQGLPHQWR OLQJXLVWLFR" 'RSR XQD
SUHVHQWD]LRQH UDSLGD GHOOH VFXROH &DODQGUHWDV H GHOOH ORUR VFHOWH SHGDJRJLFKH QHO SUHVHQWH DUWLFROR
FHUFKLDPR GL DQDOL]]DUH LO FRQWULEXWR GL TXHVWH SHGDJRJLH SDUWLFRODUL XWLOL]]DWH TXL FRQJLXQWDPHQWH
DOO·LPPHUVLRQHOLQJXLVWLFDSUHFRFH$SDUWLUHGDXQHVHPSLRSUHFLVRODVFULWWXUDHODUHDOL]]D]LRQHGLXQ
DOEXPLQXQDFODVVHGLVFXRODPDWHUQDLOOHWWRUHSRWUjVHJXLUHLSULPLSDVVLOLQJXLVWLFLGHLEDPELQLQHOOD
OLQJXDLQVHJQDWDHG·LQVHJQDPHQWRDVFXROD
,QWURGXFWLRQ
,O V·DJLW SRXU QRXV &DODQGUHWD GH WUDQVPHWWUH XQH ODQJXH GH SDUWDJHU
XQH FXOWXUH XQ VDYRLU GH IDLUH YLYUH FHWWH ODQJXH G·\ GRQQHU GX VHQV
1RXV VRXKDLWRQV GRQF GpSDVVHU OH VHXO DSSUHQWLVVDJH G·XQ RXWLO GH
FRPPXQLFDWLRQ VXSSOpPHQWDLUH LQVWLWXpH SOXW{W TX·LQVWUXPHQWDOLVpH OD
ODQJXH RFFLWDQH WURXYH GH SOHLQ GURLW VRQ VWDWXW HW OD UHFRQQDLVVDQFH
TX·HOOHPpULWHHWHQWUHGHIDLWGDQVODFRQVWLWXWLRQGHODSHUVRQQH
'DQV QRV UpXQLRQV G·HQVHLJQDQWV QRXV FRQVWDWRQV VRXYHQW TXH OHV
SUHPLqUHV SURGXFWLRQV RUDOHV HQ RFFLWDQ VH IRQW \ FRPSULV GDQV OHV
´SHWLWHVµFODVVHVGDQVFHTXHQRXVDSSHORQVOHV,QVWLWXWLRQV QRWDPPHQW
OHVOLHX[GHSDUROH HWGpILQLVVRQVFRPPHWHOOHVGDQVODOLJQpHGH)HUQDQG
2XU\ HW HQ DPRQW GH &pOHVWLQ )UHLQHW 4XRL GH 1HXI" &RQVHLO
&RUUHVSRQGDQFH 7H[WH /LEUH FKRL[ HW PLVH DX SRLQW GH WH[WHV SRXU XQ
MRXUQDOXQDOEXP«&·HVWFHFRQVWDWTXLP·DDPHQpHjP·LQWpUHVVHUDX[
UDSSRUWV DX[ OLHQV HQWUHHQVHLJQHPHQWHQ RFFLWDQHW FKRL[ SpGDJRJLTXH
GHV 7HFKQLTXHV )UHLQHW HW 3pGDJRJLH ,QVWLWXWLRQQHOOH 7)3, TXL
VHPEOHQWDOOHUGHVRLGDQVOD&KDUWHGHVeFROHV&DODQGUHWDV
-HUHSUHQGVjFHVXMHWGHVLGpHVH[SRVpHVSDU5HQ]R7LWRQH
&RULQQH/KpULWLHU
/HYUDLELOLQJXLVPHFRPSRUWHQRQVHXOHPHQWOHGRPDLQHVWUXFWXUDOGHGHX[FRGHV
OLQJXLVWLTXHVPDLVSOXVSURIRQGpPHQWODSRVVHVVLRQKDXWHPHQWSHUVRQQDOLVpHGH
GHX[V\VWqPHVGHSHQVpH>«@HWGqVORUVGHGHX[FXOWXUHV/HYUDLELOLQJXLVPHHVW
HQPrPHWHPSV´ELFXOWXUDOLVPHµ&HQ·HVWTXHGDQVFHVHQVTXHOHELOLQJXLVPH
SOXW{W TXH GH UHSUpVHQWHU XQ REVWDFOH SRXU OH GpYHORSSHPHQW GH O·LQGLYLGX
UHSUpVHQWHXQHQULFKLVVHPHQWGHODSHUVRQQDOLWp 7LWRQH
LO IDXW UHWHQLU TXH OH ELOLQJXLVPH ORLQ G·rWUH UpGXFWLEOH j OD SRVVHVVLRQ pJDOH HW
LPPpGLDWH GH GHX[ LQVWUXPHQWV G·H[SUHVVLRQ HW GH FRPPXQLFDWLRQ YHUEDOH VH
SUpVHQWHDXFRQWUDLUHFRPPHXQpWDWDFTXLVGHODSHUVRQQDOLWpLQGLYLGXHOOH>«@LOHVW
pYLGHQW TXH OH ELOLQJXLVPH FRPPH Q·LPSRUWH TXHO DXWUH V\VWqPH GH
FRPSRUWHPHQWHVWOHUpVXOWDWG·XQHLQWHUDFWLRQLQWLPHHQWUHORFXWHXUVGDQVGHVVLWXDWLRQV
GHFRPPXQLFDWLRQVSUpFLVHV/HELOLQJXLVPHUHSUpVHQWHGRQFXQHVWUXFWXUDWLRQSDUWLFXOLqUH
GHODSHUVRQQDOLWpLQGLYLGXHOOHVRXVO·DVSHFWH[SUHVVLIHWFRPPXQLFDWLI 7LWRQH
/DODQJXHHWODSDUROH
4XDQGQRXVSUpVHQWRQVOD&DODQGUHWDGHODPDQLqUHODSOXVVLPSOHQRXV
GLVRQVHQVHLJQHUHQRFFLWDQHWQRQHQVHLJQHUO·RFFLWDQ0DLVLOHVWGLIILFLOH
GH SDUOHU GH ODQJXH VDQV SDUOHU GH SDUROH &RPPHQW V·DSSURSULHU XQH
ODQJXHVDQVDYRLUODSDUROHVDQVVDYRLUTX·RQDODSDUROH"&·HVWO·LQGLYLGX
UHFRQQXVXMHWHWGpVLUDQWTXLVHXOSHXWIDLUHFHWWHDSSURSULDWLRQTXDQGLO
\ WURXYH GX VHQV /HV 7)3, SDUFH TX·HOOHV SHUPHWWHQW GHV HQWUpHV
GLIIpUHQWHV GDQV OD FODVVH SDUFH TX·HOOHV PHWWHQW HQ SODFH GHV OLHX[ GH
SDUROHV GLIIpUHQWV GRQF GHV SRVVLELOLWpV GH SDUROHV GLIIpUHQWHV GHV
pFRXWHVGLIIpUHQWHVGHVVLOHQFHVDXVVLODLVVHQWODSODFHjO·pPHUJHQFHGHFH
GpVLU2QSHXWDORUVSUHQGUHODSDUROHGLUHFHTXHO·RQDjGLUHGDQVXQH
FODVVHRO·RQVHVHQWHWVHVDLWpFRXWpSURWpJpHWDLGp
/DSDUROHLQVWLWXHOHJURXSHHWODSHUVRQQH/·RFFLWDQHVWLQVWLWXpGDQVOD
FODVVHHWHQFKDFXQ
-HFLWH*LOEHUW'DOJDOLDQ
OHELOLQJXHQ·HVWGRQFSDVXQORFXWHXUSDUIDLW6LFHQ·HVWSRXUOHVIRQGHPHQWVGH
O·RUDOSDUIDLWHPHQWPDvWULVpVGDQVOHVGHX[FRGHV&·HVWHQVRPPHO·RUDO²FHOXL
GHODYLHTXRWLGLHQQH²TXLVRXVUpVHUYHG·XQHQYLURQQHPHQWIDYRUDEOHIDLWG·XQ
HQIDQWXQYUDLELOLQJXH 'DOJDOLDQ
(QVHIDPLOLDULVDQWDYHFOHVVRQVOHVPRWVOHVFRQFHSWVGHO·DXWUHODQJXHHWOHV
REMHWVGHO·DXWUHFXOWXUHOHELOLQJXHLQWpULRULVHWRXWMHXQHXQHDXWUHIDoRQG·rWUH
(QLWDOLTXHGDQVOHWH[WHRULJLQDO
&DODQGUHWDHQVHLJQHPHQWGHO·RFFLWDQHQLPPHUVLRQFKRL[SpGDJRJLTXHV
,O LQWpULRULVH O·$XWUH FRPPH XQH SDUW GH OXLPrPH XQH DXWUH PRGDOLWp GH OXL
PrPH -XVTXH GDQV OD GLPHQVLRQ SK\VLTXHPHQW YpFXH G·XQH XWLOLVDWLRQ
GLIIpUHQWH GH VD YRL[ GH VD ERXFKH GH VRQ VRXIIOH HW GH WRXV VHV PXVFOHV
PRELOLVpVSRXUFRPPXQLTXHUDXWUHPHQW
$YRLU LQWpJUp O·$XWUH HQ VRL F·HVW QH SOXV MDPDLV SRXYRLU UHJDUGHU OHV DXWUHV
FRPPH FRPSOqWHPHQW GLIIpUHQWV &·HVW OHV DSSUpKHQGHU GDQV FH TX·LOV RQW j OD
IRLV GH FRPPXQ HW GH GLIIpUHQW >«@ &HWWH SHUFHSWLRQ GH O·$XWUH FRQILQH j
O·©LQWLPH SXLVTXH F·HVW DYHF VD SURSUH SDUROH TXH OH ELOLQJXH FRQVWUXLW VD
GHX[LqPHODQJXHVRQDXWUHVRLPrPHª 'DOJDOLDQ
4XHOOHTXHVRLWODODQJXHHQVHLJQDQWHO·pFROH PDWHUQHOOH GHYUDLWGpMjrWUH
©O·pFROHGXODQJDJHª&·HVWG·DXWDQWSOXVYUDLSRXUQRXVDYHFO·RFFLWDQ
QRXVQHVRPPHVSDVLFLSRXUO·LQFXOTXHUHQWDQWTXH©IRQFWLRQQDLUHªRX
SRXUO·LQVXIIOHUHQWDQWTXHPLOLWDQWPDLVELHQSRXUO·LQVWLWXHU HQWDQW«
TX·LQVWLWXWHXU
/HV 7HFKQLTXHV )UHLQHW VRQW HQWUH DXWUHV GHV SUDWLTXHV TXL UHPSODFHQW
O·LPLWDWLRQHWODUpSpWLWLRQSDUO·REOLJDWLRQGHO·pFKDQJHHWPHWWHQWHQSODFH
OHV SRVVLELOLWpV PDWpULHOOHV RUJDQLVDWLRQQHOOHV HW SV\FKLTXHV GH FHW
pFKDQJH/DSUpVHQFHjO·pFROHHWO·LQYHVWLVVHPHQWSURJUHVVLIGHODODQJXH
SUHQQHQW VHQV SDUFH TXH OD SDUROH GLWH D GX SRXYRLU VXU O·DXWUH HW VXU OH
PLOLHX/HVHQVMDLOOLWGHO·HIIHWSURGXLWVXUO·DXWUH
3DUH[HPSOHO·H[LVWHQFHGXMRXUQDOIDLWTXHOHWH[WHTXHM·pFULVSRXUUDrWUH
OX0DLVF·HVWjODFRQGLWLRQTXHMHOHSUpVHQWHjODFODVVHTXHM·DFFHSWHGH
OH UHSUHQGUH GH OH FRUULJHU DYHF O·DLGH GH OD FODVVH« 2Q SRXUUDLW
PXOWLSOLHU OHV H[HPSOHV HQ SDUODQW GH OD IDEULFDWLRQ G·DOEXPV GH OD
FRUUHVSRQGDQFHGHO·LPSULPHULHROHVPRWV HWODODQJXH VHIDEULTXHQW
VHPDQLSXOHQWSK\VLTXHPHQW«
&·HVW GDQV OD UHODWLRQ HQWUH OHV GLYHUVHV SRVVLELOLWpV G·H[SUHVVLRQ HW OD
ULJXHXU LQGLVSHQVDEOH j OD FRPSUpKHQVLRQ HWRX j OD GLIIXVLRQ TXH DYHF
O·DLGHHWOHPRGqOHGHVDXWUHVVHIDLWO·DSSUHQWLVVDJH
3RXUOHVHQVHLJQDQWVDXVVLLO\DREOLJDWLRQGHSURGXFWLRQVHWG·pFKDQJHV
SDUQpFHVVLWpSUDWLTXHSRXUFRPEOHUOHVPDQTXHVHWIDEULTXHUGHVRXWLOV
SRXUQHSDVUHVWHUVHXOjODVXLWHGH)UHLQHWGXPRXYHPHQW)UHLQHWHWGH
OD&RRSpUDWLYHGHO·(QVHLJQHPHQW/DwTXH &(/
&RULQQH/KpULWLHU
&UpDWLRQG·XQDOEXP&DJDUDXODGHGLQWUDGD (VFDUJRWGHUHQWUpH
*pQpUDOHPHQW TXHO TXH VRLW OH QLYHDX VFRODLUH R M·HQVHLJQH MH GpEXWH
O·DQQpHSDUODSURGXFWLRQG·XQDOEXPDYHFOHVHQIDQWVQRXVSDVVRQVGH
O·H[SUHVVLRQ GHV LGpHV HQ IUDQoDLV HQ ©IUDQFLWDQª RX HQ RFFLWDQ j OD
UpGDFWLRQ G·XQ WH[WH RFFLWDQ 'H O·pFRXWH j OD GLIIXVLRQ HQ SDVVDQW SDU
O·pFULWXUH OD OHFWXUH OD UHOHFWXUH« /·REMHW WHUPLQp YD SHUPHWWUH HQWUH
DXWUHGHYpKLFXOHUFHWWHODQJXHGDQVODFODVVH ELEOLRWKqTXHVpDQFHVGH
OHFWXUH« GDQVOHVIDPLOOHVYHUVO·H[WpULHXU YLVLWHXUVFRUUHVSRQGDQWV«
(QM·DLXQHFODVVHGHpOqYHVGHSHWLWHHWPR\HQQHVHFWLRQ
GH PDWHUQHOOH (Q LPPHUVLRQ OLQJXLVWLTXH OHV HQIDQWV TXL FRPSUHQQHQW
WRXWGHVXLWHXWLOLVHQWG·DERUGOHIUDQoDLVSXLVO·RFFLWDQVHORQOHXUU\WKPH
SURSUH GDQV FH TXL VXLW PHV SDUROHV VRQW WUDQVFULWHV HQ IUDQoDLV FHOOHV
GHVHQIDQWVFRPPHHOOHVRQWpWpGLWHVDYHFWUDGXFWLRQpYHQWXHOOH
&·HVWODUHQWUpH,OSOHXW«
'DQV OD FRXU 6RXKHLO 0R\HQQH 6HFWLRQ DQV HW 0HKGL &RXUV
3UpSDUDWRLUHDQV WURXYHQWGHVHVFDUJRWVHWPHOHVDSSRUWHQW
/DSUHPLqUHFRTXLOOHHVWYLGH©/DOLPDFHHVWVRUWLHª $GULHQ
/HVHFRQG VRUWµVHGpSODFHHWQRXVO·REVHUYRQVXQPRPHQW
/DWURLVLqPHFRTXLOOHHVWSOHLQHGHWHUUHHWQRXVQ·DUULYRQVSDVjVDYRLUV·LO
\DDXWUHFKRVH«
&·HVW VXUWRXW OH VHFRQG TXL UHWLHQW O·DWWHQWLRQ 6SRQWDQpPHQW 0DULQH VH
PHW j OXL FKDQWHU &DJDUDXOD HW OD FKDQVRQ HVW UHSULVH SDU OD FODVVH
©&DJDUDXODVRUWtVWDVEDQHWDV«ª &HUWDLQVGRQQHQWOHXUDYLVVXUOHIDLW
TXH O·HVFDUJRW ´VRUWHµ GH VD FRTXLOOH ©SDUFH TX·LO SOHXW ª ©SDUFH TXH
F·HVWOHMRXUGHO·HVFzODª©LODIDPª«
©9RV SUHSDXVL G·HVFULXUH VRQ LVWzULD H GH QH IDLUH XQ OLEUH >-H YRXV
SURSRVHG·pFULUHVRQKLVWRLUHHWG·HQIDLUHXQOLYUH@ª
$SUqV GLVFXVVLRQ HW YRWH QRXV GpFLGRQV G·pFULUH O·KLVWRLUH G·XQ HVFDUJRW
TXL YLHQW j O·pFROH OH MRXU GH OD UHQWUpH &H VHUD PrPH OH WLWUH GX OLYUH
&DJDUDXODGHGLQWUDGD ©(VFDUJRWGHUHQWUpHª
&DODQGUHWDHQVHLJQHPHQWGHO·RFFLWDQHQLPPHUVLRQFKRL[SpGDJRJLTXHV
/HVHQIDQWVODQFHQWGHVLGpHV©,OYDWUDYDLOOHU²,OYDIDLUHORWDOKLqUGH
SLQWXUD>O·DWHOLHUGHSHLQWXUH@²,OSHXWrWUHHQPHMDQDVHFFLRQ PR\HQQH
VHFWLRQ FRPPH QRXV ² ,O YD MRJDU MRXHU VXU OH WDSLV ² ,O YD j OD
ELEOLRWKqTXHGHODPH]]DQLQH²,ODSDVEHVRLQGHUHQWUHUjVRQRVWDO VD
PDLVRQ LOO·DVXUVRQGRVª
-H UHIRUPXOH HQ HVVD\DQW TXH FKDFXQ VH UHFRQQDLVVH GDQV XQH SDUWLH DX
PRLQVGHO·KLVWRLUHSRXUTXHFHOLYUHVRLWELHQFHOXLGXJURXSH
PLGLOHWH[WHHVWWHUPLQp
©(VODGLQWUDGD3OzX8QDFDJDUDXODYHQDO·HVFzOD9HQSHUGHTXHHVOD
GLQWUDGD (V HQ SLFKzWD H PHMDQD VHFFLRQ 7UDEDOKD SXqL IDL GH
SLQWXUD4XDQGHVRUDGHSDUWLUGHPzUDGLQVODFRUWDMDVRQRVWDO
>&·HVWODUHQWUpH,OSOHXW8QHVFDUJRWYLHQWjO·pFROH,OYLHQWSDUFHTXH
F·HVWODUHQWUpH,OHVWHQSHWLWHHWHQPR\HQQHVHFWLRQ,OWUDYDLOOHSXLV
LO IDLW GH OD SHLQWXUH 4XDQG F·HVW O·KHXUH GH UHQWUHU LO UHVWH GDQV OD
FRXULODGpMjVDPDLVRQ@ª
/·DSUqVPLGL TXDQG QRXV UHQWURQV HQ FODVVH OH WURLVLqPH HVFDUJRW D
SRQGXGHV±XIV/·KLVWRLUHQ·HVWSDVPRGLILpHPDLVGDQVOHFDKLHUGHYLH
GHODFODVVHQRXVpFULURQVQRVREVHUYDWLRQVVXUOHVWURLVHVFDUJRWV
1RXVSDVVRQVjO·LOOXVWUDWLRQGHO·DOEXPO·DWHOLHUGHVVLQMHSURSRVHDX[
HQIDQWVGHGHVVLQHUOHVHVFDUJRWVTXHQRXVDYRQVYXVFHPDWLQ©FRPPH
RQ VDLW OH IDLUHª ,OV RQW j OHXU GLVSRVLWLRQ IHXLOOHV IHXWUHV FUD\RQV GH
FRXOHXUHWFUD\RQVJUDV
&RULQQH/KpULWLHU
(QILQG·DWHOLHUFKDFXQSUpVHQWHVHV´FURTXLVµHWQRXVOHVFRPPHQWRQV
,O\DGHVHVFDUJRWV´GHGDQVµHWG·DXWUHV´GHKRUVµ2QUHPDUTXHVXUWRXW
FHX[GH6RXKHLOTXLRQWXQ´YHQWUHµ©SDVHQILOª
&HUWDLQVRQWDMRXWpGHVDFFHVVRLUHV MRXHWSLQFHDXIHXWUH«
©'LQVOROLEUHLDXUjVLHLVSDJLQDVQ·DXUqW]SDVXQDFDGXQ&DOGUjDGRQF
GHFLGLUTXDOLOOXVWUDFDGDSDJLQDFDXVLUORVGHVVHQKV«>'DQVOHOLYUHLO\
DXUD VL[ SDJHV YRXV Q·HQ DXUH] SDV XQH FKDFXQ ,O IDXGUD GRQF GpFLGHU
TXLLOOXVWUHFKDTXHSDJHFKRLVLUOHVGHVVLQV«@ª
/DGLVFXVVLRQSHUPHWGHUDVVHPEOHUYHUEDOHPHQWOHVpOpPHQWVGHSOXVLHXUV
GHVVLQV ODFRTXLOOHGH0HOLVVDDYHFOH´YHQWUHµGH6RXKHLOHWOHSLQFHDXGH
$PEUH«
$SUqV OD UpFUpDWLRQ OHV HQIDQWV FRPPHQFHQW OHV SHLQWXUHV j SDUWLU GHV
FURTXLVHWGHVUpIOH[LRQV&KDTXHSHLQWXUHHVWIDLWHSDUSOXVLHXUVHQIDQWV
FKDTXH FKDQJHPHQW OH SUpFpGHQW SDVVH OD FRQVLJQH SRXU FRQWLQXHU
WHFKQLTXH GH FRORULDJH GH O·HVFDUJRW GX IRQG UHSDVVHU VXU OHV WUDLWV
LQLWLDX[ « F·HVW OH PRPHQW G·XWLOLVHU GHV PRWV SUpFLVSLQFqOEODXURJH
FDJDUDXOD« SLFHDXEOHXURXJHHVFDUJDRW«
&H WUDYDLO GXUH HQYLURQ XQH VHPDLQH VDQV TXH O·LQWpUrW QH UHWRPEH HW
SHQGDQWTXHODFODVVHVHPHWSHXjSHXHQSODFH
/D VHPDLQH VXLYDQWH OH OLYUH HVW WHUPLQp MH OH OHXU OLV XQ PDWLQ HQ
FRPPHQoDQW OD FODVVH HW OH VRLU j OHXU GHPDQGH 'DQV OD MRXUQpH LO HVW
´UDQJpµ VXU OD WDEOH G·H[SRVLWLRQ R LO UHVWHUD TXHOTXHV VHPDLQHV DYDQW
G·LQWpJUHUODELEOLRWKqTXH HWLOSDVVHGHPDLQVHQPDLQVFHUWDLQVOHOLVDQW
HWUHOLVDQWVHXOVRXHQSHWLWJURXSH«,OVQHVDYHQWSDVOLUHELHQVUPDLV
FHVRQWEHOHWELHQOHVPRWVGHO·KLVWRULHTXHO·RQSHXWHQWHQGUHFDJDUDXOD
SOzXRVWDOHVFzOD« HVFDUJRWLOSOHXWPDLVRQpFROH«
&·HVWYUDLPHQWO·DOEXPGHWRXV«
/·DSUqVPLGL SHQGDQW OH JRWHU XQH GHV DLGHVPDWHUQHOOHV SUHQG VRQ
VHUYLFH
0DULQH ©5HJDUGH 6\OYLH RQ D DFDEDW OR OLYUH &DJDUDXOD RQ D ILQL OH
OLYUH 7XSHX[OHOLUHª
ODUpXQLRQGHUHQWUpHSRXUOHVSDUHQWVG·pOqYHVMHFKRLVLVGHSUpVHQWHUOH
MRXUQDOGHYLHGHODFODVVHHWVXUWRXWO·DOEXP&DJDUDXODGHGLQWUDGD
&DODQGUHWDHQVHLJQHPHQWGHO·RFFLWDQHQLPPHUVLRQFKRL[SpGDJRJLTXHV
-HOLVODSUHPLqUHSDJHHWP·DSSUrWHjFRPPHQFHUODVHFRQGHTXDQGXQH
PDPDQGHPDQGH©&HVRQWOHVHQIDQWVTXLRQWIDLWOHVGHVVLQV"ª$YDQW
TXHMHQ·DLHOHWHPSVGHUpSRQGUH0DULQHDYHFXQJUDQGVRXULUHpSDQRXL
GLW©2QHVWIRUWLFKHKHLQ"ª
6RXULUHV«
*DJHRQVTXHFHWWHILHUWpO·DLGHUDGDQVO·DFTXLVLWLRQGHODODQJXHGHO·pFROH
(VODGLQWUDGD3OzX8QDFDJDUDXODYHQDO·HVFzOD
9HQSHUGHTXHHVODGLQWUDGD
&RULQQH/KpULWLHU
(VHQSLFKzWDHPHMDQDVHFFLRQ
7UDEDOKDSXqL
&DODQGUHWDHQVHLJQHPHQWGHO·RFFLWDQHQLPPHUVLRQFKRL[SpGDJRJLTXHV
)DLGHSLQWXUD
4XDQGHVRUDGHSDUWLUGHPzUDGLQVODFRUWDMDVRQRVWDO
7UDYDLOYUDL
&HWUDYDLOTXLHVWGXF{WpGX´WUDYDLOYUDLµQRXVSHUPHWGHFRQVWUXLUHXQ
VDYRLUHQPrPHWHPSVTX·XQ´WUpVRUFRPPXQµ-HQ·DWWHQGVSDVTXHOHV
HQIDQWV FRQQDLVVHQW HW PDvWULVHQW SDUIDLWHPHQW OD ODQJXH RFFLWDQH VRQ
OH[LTXHVDV\QWD[H«&KDFXQSHXWGLUHVHGLUHGDQVODODQJXHTX·LOFKRLVLW
FI5REHUW*DXWKLHU©O·RUHLOOHFKRLVLWVDODQJXHª HWVHUHFRQQDvWUHGDQV
&RULQQH/KpULWLHU
FHOOH GLIIpUHQWHRXQRQ GHO·REMHWILQL$LQVLFHWWHODQJXHG·DERUGSDUOpH
SDUODPDvWUHVVHHWOHVDQFLHQVVHXOHPHQWFKDFXQSHXWODIDLUHVLHQQHHOOH
Q·HVW SDV DUWLILFLHOOHPHQW LQMHFWpH HW UpSpWpH kQRQQpH« &RPPH SRXU OD
OHFWXUH RX O·pFULWXUH RQ Q·DWWHQG SDV GH VDYRLU SRXU V·DXWRULVHU j IDLUH
DWHOLHUpFULWXUHWH[WHOLEUH« &HTXLYHXWGLUHDXVVLTXHFKDFXQSUHQGOH
WHPSVTX·LOYHXWTXLOXLHVWQpFHVVDLUHSRXUpFRXWHUDYDQWGHVHODQFHUj
SDUOHU&RPPHSRXUWRXWDSSUHQWLVVDJHLOQ·HVWSDVTXHVWLRQGHQLHULFLOHV
WHPSV G·REVHUYDWLRQ HW G·LPLWDWLRQ DVVLPLODWLRQ DYDQW RX HQ PrPH
WHPSVTXHFHX[GHSURGXFWLRQSURSUH
/·DSSUHQWLVVDJH PXWXHO TXL H[LVWH GDQV OD FODVVH j GLYHUV QLYHDX[ D LFL
DXVVLWRXWVRQVHQVLOQ·HVWSDVUDUHTXHO·XQRXO·DXWUHGHVpOqYHVGRQQH
OH PRW RX OD WRXUQXUH MXVWH j FHOXL TXL OH FKHUFKH DYDQW TXH M·DLH j
LQWHUYHQLURXTX·LOVFKHUFKHQWHQVHPEOH GLFWLRQQDLUHOH[LTXHOLYUHV«
/HVSURJUqVGHWRXVHWGHFKDFXQVRQWSRUWpVSDUO·HQVHPEOHGHODFODVVH
'·DXWDQW SOXV TXH OHV HQIDQWV VDYHQW SDUFH TXH oD OHXU D pWp VLJQLILp
FODLUHPHQW SDU OHV SDUHQWV HW OHV HQVHLJQDQWV TX·LOV DSSUHQQHQW DXVVL
O·RFFLWDQ
/HWUpVRUFRPPXQSURYLVRLUHHWD\DQWXQIRUWSRWHQWLHOG·HQULFKLVVHPHQW
VHFRQVWUXLWSHXjSHX&·HVWVRXYHQWXQWUDYDLOGpOLFDWHWOHQWLOVHIRUJH
SURJUHVVLYHPHQWGHVDSSRUWVGHFKDFXQGHVLQWHUYHQWLRQVGHVXQVVXUOHV
DXWUHVGHVDFFRPSDJQHPHQWVPXWXHOV«,OGHYUDLWSRXYRLUODLVVHUODSODFH
DX[DSSRUWVVDXYDJHVDX[HPSUXQWVDX[LQFXUVLRQVGDQVOHIUDQoDLVSRXU
VXU XQ VDYRLU GpMj Oj VH VWUXFWXUHU HQULFKLU OHV FRQQDLVVDQFHV VDQV
SROOXHU WUDYHVWLU RX GpILJXUHU OD ODQJXH RFFLWDQH &·HVW HQ FH VHQV DXVVL
SDUFH TX·HOOH DFFHSWH GHERXJHU TX·HOOH SHXW DVVLPLOHU VDQV \SHUGUH VRQ
LQWpJULWpRXVHVSDUWLFXODULWpVHWTX·HOOHQHVRXIIUHSDVGHFHVQpRORJLVPHV
TXHFHWWHODQJXHYLW
/DFRUUHVSRQGDQFHVFRODLUHOHWH[WHOLEUHRXOHMRXUQDOYRQW VRQW GDQVOD
PrPHGLUHFWLRQWUDYDLOVXUODODQJXHRUDOHHWpFULWHHQRFFLWDQGLIIXVLRQ
GDQV GHV FHUFOHV SOXV RX PRLQV ODUJHV DFFXOWXUDWLRQ GHV DOHQWRXUV GH
O·pFROH IDPLOOHV «&HV7HFKQLTXHV)UHLQHWGHEDVHSHUPHWWHQWFHWUDYDLO
´YUDLµDXWKHQWLTXHTXLGRQQHVHQVjO·DSSUHQWLVVDJHHW SRXU O·XWLOLVDWLRQ
GHFHWWHODQJXHHOOHIRQFWLRQQHGDQVOHVpFKDQJHVFLUFXOH&RPPHSRXU
OHV DOEXPV OH WUDYDLO DERXWLW j XQ REMHW DFKHYp GH ERQQH SUpVHQWDWLRQ
&·HVWO·RFFDVLRQDXVVLGHUHQFRQWUHUG·DXWUHVSHUVRQQHVDYHFTXLSDUOHUHQ
RFFLWDQHWTXLQHOHIHUDLHQWSHXWrWUHSDVVSRQWDQpPHQW
&DODQGUHWDHQVHLJQHPHQWGHO·RFFLWDQHQLPPHUVLRQFKRL[SpGDJRJLTXHV
'XVHQV
3DUHLOOHPHQWO·HQVHPEOHGHVLQVWLWXWLRQVGHEDVHGHODFODVVHFRRSpUDWLYH
GRQQH VHQV j FHWWH ODQJXH HOOHPrPH WUDYDLOOpH FRPPH LQVWLWXWLRQ
eYLGHPPHQW LO Q·\ D SHXWrWUH SDV OLHX GH V·pWRQQHU GH YRLU OHV HQIDQWV
FRPPHQFHU j V·H[SULPHU HQ RFFLWDQ SULQFLSDOHPHQW SRXU XQ WHPSV DX
&RQVHLO RX DX 4Xp GH 1zX" OD JUDQGH PDMRULWp QH FRQQDLVVHQW FHV
LQVWLWXWLRQV TX·j O·pFROH R LOV OHV GpFRXYUHQW &RQWUDLUHPHQW DX[ QRPV
G·REMHWV XVXHOV SDU H[HPSOH LOV Q·RQW SDV O·pTXLYDOHQW HQ IUDQoDLV HW QH
SHXYHQW IDLUH OH SDUDOOqOH OD OLPLWH RQ SRXUUDLW SHQVHU TX·LOV VDYHQW FH
TX·HVWXQ©4XpGH1zX"ªPDLVSDVXQ©4XRLGH1HXI"ªSHXKDELWXpV
TX·LOV VRQW j WUDGXLUH PRW j PRW 0DLV FHOD QH GXUHUDLW TX·XQ WHPSV (W
OHXUV LQWHUYHQWLRQV HQ RFFLWDQ GDQV FHV OLHX[ QH VH OLPLWHQW SDV DX[
PDvWUHVPRWVTX·LOVQHSRXUUDLHQWWURXYHUQXOOHSDUWDLOOHXUV ©ORFRQVHOK
FRPHQoDª ©OD SDUDXOD HV Dª ©OR 4Xp GH 1zX" HV DFDEDWª HWF &·HVW
ELHQO·HQVHPEOHGHOHXUVSDUROHVTXLVHGLWRXHVVDLHGHVHGLUHHQRFFLWDQ
&HWWHYRORQWpV·pWHQGHQVXLWHGDQVODFODVVHGDQVOHVPRPHQWVGHWUDYDLO
DYHFOHPDvWUHSXLVOHVSDLUVSXLVGDQVOHVPRPHQWVPRLQVVWUXFWXUpVHW
SDUODVXLWHGDQVODFRXU« ,OQ·\DSDVOjGHKLpUDUFKLH
&HFL FRQIRUWH OH IDLW TXH FHV LQVWLWXWLRQV GRQQHQW GX VHQV j OD ODQJXH
XWLOLVpH GX SRLGV (OOH Q·HVW SDV SRXU DXWDQW ODQJXH GX SRXYRLU DX VHQV
SpMRUDWLI GX WHUPH FHX[ TXL VDYHQW SDUOHU PqQHQW OD FODVVH PDLV GDQV
XQHFODVVHFRKpUHQWHHOOHHVWDFFHVVLEOHHWLQYHVWLH&KDFXQSDUOHSRXUGLUH
FHTX·LODjGLUH WRXWSHXWVHGLUHHQRFFLWDQ HWQ·XWLOLVHSDVO·RFFLWDQGDQV
OH VHXO EXWGHIDLUHSODLVLUDXPDvWUH'DQVODPHVXUHRFHWWHODQJXHHVW
Oj GLVSRQLEOH HW j SRUWpH R HOOH SHUPHW WRXWH H[SUHVVLRQ HW R GHV
JDUDQWLHVGHVpFXULWpH[LVWHQWGHIDLWHWIRQFWLRQQHQWLOQ·\D´SOXVTX·jµ
V·HQVHUYLU'·DXWDQWSOXVTX·HOOHHPSUHLJQHODYLHTXRWLGLHQQHODFXOWXUH
GDQV ODTXHOOH RQ pYROXH j GHV QLYHDX[ SOXV RX PRLQV GLIIXV SOXV RX
PRLQVODWHQWVGHIDLWHOOHH[LVWHHWGpWHUPLQHXQFHUWDLQPRGHGHSHQVpH
&DODQGUHWDHW7HFKQLTXHV)UHLQHW3pGDJRJLH,QVWLWXWLRQQHOOH
-HQ·DLSDVSUpVHQWpLFLXQHDSSURFKHSXUHPHQWOLQJXLVWLTXHMHQ·HQDLSDV
OHVFRPSpWHQFHV0DSUDWLTXHHVWFHOOHGHO·HQVHLJQHPHQWHQRFFLWDQHWFH
TXL P·LQWpUHVVH LFL HVW O·DSSURSULDWLRQ TXH V·HQ IRQW OHV pOqYHV GH QRV
FODVVHV/HWHUPH´G·LPPHUVLRQOLQJXLVWLTXHµSRXUUDLWODLVVHUSHQVHUjXQH
FHUWDLQH SDVVLYLWp VDQV pFKDQJH HW VDQV DFWLRQ UpFLSURTXH VXU O·REMHW
&RULQQH/KpULWLHU
G·DSSUHQWLVVDJH &·HVW WRXW OH FRQWUDLUH GH FH TX·LO VH SDVVH (QIDQWV HW
DGXOWHV QH VRQW SDV PLV GDQV XQ EDLQ TXL V·LQILOWUHUDLW SHX j SHX PDLV j
SDUWLU GH EDVHV SOXV RX PRLQV VROLGHV SHUVRQQHOOHV LOV VH IDEULTXHQW HW
IRQWOHXUVVHXOVHQWUHSDLUVDFFRPSDJQpVOHVpOpPHQWVG·XQVDYRLU
/·DGXOWHSDUFHTXHOXLPrPHDXQUDSSRUWpWURLWDYHFFHWWHODQJXHIDLWGH
FRQQDLVVDQFHV VUHPHQW PDLV DXVVL GH SODLVLU GH OLHQV DIIHFWLIV HVW j OD
IRLVJXLGHHWFRPSDJQRQVRXPLVOXLDXVVLDX[PrPHVFRQWUDLQWHVHWDX[
PrPHV H[LJHQFHV SUrW SRXU GH QRXYHOOHV FRQQDLVVDQFHV HQ UHVWDQW OH
PDvWUH
2Q QH SHXW GRQF SDV j SURSUHPHQW SDUOHU SUpVHQWHU OHV &DODQGUHWDV
FRPPHGHVpFROHVRFFLWDQHVRO·RQSUDWLTXHUDLW´HQSOXVµOHV7HFKQLTXHV
)UHLQHWHWOD3pGDJRJLH,QVWLWXWLRQQHOOH&HVGHUQLqUHVDSSDUDLVVHQWSOXW{W
FRPPH OD UpSRQVH j O·HQVHLJQHPHQW GDQV XQH ODQJXH LFL O·RFFLWDQ
FRQVLGpUpH GDQV VRQ HQWLHU ODQJXH FXOWXUH WUDQVPLVVLRQ
DFFRPSDJQHPHQW«
(Q HIIHW LO HVW ELHQ TXHVWLRQ LFL GH SDUWDJHU XQ VDYRLU XQH FXOWXUH HW
SRXUTXRL SDV XQ DSSpWLW XQH JRXUPDQGLVH G·DFFRPSDJQHU OHV pOqYHV HW
GH PHWWUH HQ SODFH XQ UpVHDX G·DFFRPSDJQHPHQW8Q FKRL[ GRQF SDUFH
TXHFHVRQWGHVpFROHVRFFLWDQHVHWSDUFHTXHO·RFFLWDQQ·HVWSDVXQREMHWj
GpFRXYULUPDLVXQHODQJXHYLYDQWH
5pIpUHQFHV
%$55e0LFKHO&pOHVWLQ)UHLQHWpGXFDWHXUGHQRWUHWHPSV WRPHV 0RXDQV6DUWRX[
3(0)
&2/621 -HDQ&ODXGH HW DVVRFLDWLRQ 3UDWLTXHV GH OD &RRSpUDWLYH *ORVVDLUH GH OD
3pGDJRJLH,QVWLWXWLRQQHOOH$L[HQ3URYHQFH3UDWLTXHVGHOD&RRSpUDWLYH
'(/*$/,$1*LOEHUW(QIDQFHVSOXULOLQJXHVWpPRLJQDJHSRXUXQHpGXFDWLRQELOLQJXHSUpFRFH
3DULV/·+DUPDWWDQ
)5(,1(7&pOHVWLQ/HV7HFKQLTXHV)UHLQHWGHO·(FROH0RGHUQH3DULV$UPDQG&ROLQ
/$)),77(5HQp8QHMRXUQpHGDQVXQHFODVVHFRRSpUDWLYH3DULV6\URV
/$)),77(5HQp0pPHQWRGH3pGDJRJLH,QVWLWXWLRQQHOOH9LJQHX[0DWULFH
285<)HUQDQG9$648(=$wGD'HODFODVVHFRRSpUDWLYHjOD3pGDJRJLH,QVWLWXWLRQQHOOH
9LJQHX[0DWULFH
7,721(5HQ]R%LOLQJXLVPRSUHFRFHHHGXFD]LRQHELOLQJXH5RPD$UPDQGR%UX[HOOHV
'HVVDUWSRXUODWUDGXFWLRQIUDQoDLVH
2FFLWDQO·HQVHLJQHPHQWELOLQJXHSRXUVDXYHUODODQJXH"
<DQ/HVSRX[
8QLYHUVLWp3DXO9DOpU\0RQWSHOOLHU
/·HQVHLJQHPHQWELOLQJXHGHO·RFFLWDQV·HVWUpHOOHPHQWPLVHQSODFHUpFHPPHQWDSUqVGHORQJVWkWRQQHPHQWV
UqJOHPHQWDLUHVHWODFUpDWLRQGHVWUXFWXUHVDVVRFLDWLYHVOHVFDODQGUHWDVTXLRQWSULVjOHXUFRPSWHXQW\SH
G·HQVHLJQHPHQWTXHO·eGXFDWLRQ1DWLRQDOHQHVHPEODLWDORUVSDVHQPHVXUHIDXWHG·XQHUpHOOHYRORQWp
G·DVVXUHU/DPpWKRGHELOLQJXH²jSDULWpKRUDLUHRXHQLPPHUVLRQ²DSSDUDvWDXMRXUG·KXLFRPPHOD
VHXOH j PrPH GH IRUPHU GH YpULWDEOHV ORFXWHXUV 0DLV HOOH VH KHXUWH j GHV IDFWHXUV TXL OLPLWHQW
VLQJXOLqUHPHQW VRQ HIILFDFLWp XQ QRPEUH G·pOqYHV FRQFHUQpV WUqV IDLEOH SURSRUWLRQQHOOHPHQW DX QRPEUH
G·HQIDQWV VFRODULVpV GDQV OHV UpJLRQV RFFLWDQHV XQ PDLOODJH GH FHW HQVHLJQHPHQW WUqV LQpJDO TXL ODLVVH j
O·pFDUW XQH JUDQGH SDUWLH GH O·HVSDFH RFFLWDQ HW HQILQ OD IDLEOHVVH YRLUH O·DEVHQFH GH UHODLV HQ GHKRUV GH
O·pFROH TXL SXLVVHQW SHUPHWWUH DX[ MHXQHV ORFXWHXUV G·XWLOLVHU OD ODQJXH HQ VLWXDWLRQ GH FRPPXQLFDWLRQ
UpHOOH$ORUVO·HQVHLJQHPHQWELOLQJXHSHXWLOVDXYHUODODQJXHRFFLWDQH"
/·LQVHJQDPHQWR ELOLQJXH GHOO·RFFLWDQR q VWDWR FRQFUHWDPHQWH RUJDQL]]DWR GRSR OXQJKL WHQWHQQDPHQWL
IRUPDOL H O·LQVHGLDPHQWR GL VWUXWWXUH DVVRFLDWLYH OH FDODQGUHWD FKH VL VRQR IDWWH FDULFR GL XQ WLSR
G·LQVHJQDPHQWR FKH O·(GXFD]LRQH 1D]LRQDOH QRQ VHPEUDYD LQ JUDGR SHU PDQFDQ]D GL YRORQWj GL
JDUDQWLUH,OPHWRGRELOLQJXH²DSDULWjRUDULDHLQLPPHUVLRQH²DSSDUHRJJLO·XQLFRLQJUDGRGLIRUPDUH
GHLYHULORFXWRUL7XWWDYLDWDOHPHWRGRVLVFRQWUDFRQIDWWRULFKHOLPLWDQRQRWHYROPHQWHODVXDHIILFDFLDXQ
QXPHURGLDOOLHYLFRLQYROWLPROWRGHEROHLQSURSRU]LRQHDOQXPHURGLEDPELQLVFRODUL]]DWLQHOOHUHJLRQL
RFFLWDQHXQDUHWHGLWDOHLQVHJQDPHQWRPROWRGLVHJXDOHFKHHVFOXGHXQDJUDQSDUWHGHOORVSD]LRRFFLWDQRH
LQILQHODGHEROH]]DRDGGLULWWXUDO·DVVHQ]DGLDWWRULGHOODWUDVPLVVLRQHGHOO·RFFLWDQRGLIXRULGDOODVFXROD
FKH SRVVDQR FRQVHQWLUH DL JLRYDQL ORFXWRUL GL XWLOL]]DUH OD OLQJXD LQ FRQWHVWL GL FRPXQLFD]LRQH UHDOH
/·LQVHJQDPHQWRELOLQJXHSXzLQWDOLFRQGL]LRQLVDOYDUHODOLQJXDRFFLWDQD"
/HFDGUHKLVWRULTXHHWUqJOHPHQWDLUH
/·HQVHLJQHPHQW ELOLQJXH WHO TX·RQ OH FRQQDvW DXMRXUG·KXL GDQV OH FDV GH
O·RFFLWDQHVWOHIUXLWGHORQJXHVDYDQFpHVKLVWRULTXHV²GDQVOHVHQVROH
PRXYHPHQW UHYHQGLFDWLI HQ IDYHXU GH O·HQVHLJQHPHQW GH O·RFFLWDQ D XQH
KLVWRLUH ² HW UpJOHPHQWDLUHV pWURLWHPHQW OLpHV &·HVW XQ IDLW TXH
O·HQVHLJQHPHQW ELOLQJXH GH O·RFFLWDQ Q·HVW SDV LVVX G·XQH TXHOFRQTXH
YRORQWp GHV SRXYRLUV SXEOLFV PDLV ELHQ GH FHOOH GH TXHOTXHV PLOLWDQWV
OHVGLWV SRXYRLUV SXEOLFV Q·DJLVVDQW TX·HQ UpDFWLRQj O·DFWLRQ PLOLWDQWH TXL
SRXYDLWOHVSULYHUGHOHXUVSUpURJDWLYHV
3UHPLqUHV H[SpULHQFHV GH ELOLQJXLVPH OD FUpDWLRQ GHV
FDODQGUHWDV
(QGHVPLOLWDQWVRFFLWDQLVWHVLVVXVHQSDUWLHGHVFRPLWpVSROLWLTXHV
RFFLWDQV99$3 9ROqP9LXUH$O3DwV HWGHODJDXFKHVRFLDOLVWHPDLVTXL
<DQ/HVSRX[
VRQW DXVVL SDU DLOOHXUV SRXU ERQ QRPEUH G·HQWUH HX[ HQVHLJQDQWV GDQV
O·eGXFDWLRQ 1DWLRQDOH GpFLGHQW GH FUpHU GHV pFROHV RFFLWDQHV VXU OH
PRGqOHGHVpFROHVEDVTXHVTXHVRQWOHVLNDVWRODN/HPRXYHPHQWSUHQGVD
VRXUFH HQ %pDUQ DX 6XG GH O·$TXLWDLQH UpJLRQ GDQV ODTXHOOH FRH[LVWHQW
GHX[FXOWXUHVUpJLRQDOHVEDVTXHHWRFFLWDQH/HVLNDVWRODNH[LVWHQWGHSXLV
HW FHUWDLQHV G·HQWUH HOOHV VRQW DORUV LPSODQWpHV GDQV OD SDUWLH
RFFLWDQRSKRQH GX GpSDUWHPHQW GHV 3\UpQpHV$WODQWLTXHV j 3DX HW
2ORURQ6DLQWH0DULH /HV PLOLWDQWV RFFLWDQLVWHV EpQpILFLHQW GRQF GH FHW
H[HPSOH ORUVTX·LOV GpFLGHQW GH ODQFHU XQH pFROH TXL SHUPHWWUDLW DX[
HQIDQWV G·DSSUHQGUH O·RFFLWDQ G·XQH PDQLqUH SOXV HIILFDFH TXH QH OH
SHUPHWDORUVOHFDGUHOpJLVODWLIHWUqJOHPHQWDLUHIUDQoDLV/·DVVRFLDWLRQTXL
SUHQG OH QRP GH FDODQGUHWD RSWH GqV OH GpSDUW SRXU XQH SpGDJRJLH
IRQGpHFRPPHSRXUOHVpFROHVEDVTXHVVXUXQHDSSURFKHSDUWLFXOLqUHGH
O·HQVHLJQHPHQW ELOLQJXH O·HQVHLJQHPHQW SDU LPPHUVLRQ TXL FRQVLVWH j
IDLUHGHO·RFFLWDQODODQJXHGHFRPPXQLFDWLRQHWG·HQVHLJQHPHQW
&HWWHH[SpULHQFHDYDQWWRXWPLOLWDQWHGHPHXUHDORUVELHQPDUJLQDOHGDQV
VHV SUHPLqUHV DQQpHV SXLVTXH VHXOHPHQW VHSW pFROHV DYHF GHV HIIHFWLIV
ELHQOLPLWpVRXYUHQWHQWUHHWVXUO·HVSDFHRFFLWDQHWDYHFGHV
PR\HQV ELHQ SUpFDLUHV /D FDODQGUHWD G·2ORURQ SDUWDJHUD DLQVL SHQGDQW
TXHOTXHVDQQpHVXQUH]GHFKDXVVpHGHPDLVRQSULYpHDYHFO·LNDVWRODGHOD
YLOOH OD FDODQGUHWD RFFXSDQW OD FKDPEUH HW O·LNDVWROD OD FXLVLQH 0DOJUp
WRXW FHWWH SUpFDULWp QH VDXUDLW VXIILUH j FDFKHU OD SRUWpH V\PEROLTXH
LPSRUWDQWH GH OD FUpDWLRQ GHV FDODQGUHWDV 3RXU OD SUHPLqUH IRLV HQ
2FFLWDQLH VH PHW HQ SODFH XQ HQVHLJQHPHQW ELOLQJXH DYHF XQ EXW
FODLUHPHQW pQRQFp GH UHFRQTXrWH OLQJXLVWLTXH $ORUV TXH OD SROLWLTXH GH
O·eGXFDWLRQQDWLRQDOHHQPDWLqUHG·HQVHLJQHPHQWGHVODQJXHVUpJLRQDOHVVH
FDQWRQQHGHSXLVGHVGpFHQQLHVjSHUPHWWUHXQHQVHLJQHPHQWVDQVGRXWH
HIILFDFH HQ PDWLqUH GH VHQVLELOLVDWLRQ HW GH GpFRXYHUWH RX ² GDQV OH FDV
G·HQIDQWV SDUODQW GpMj OD ODQJXH ² GH FRQVHUYDWLRQ (QVHLJQHPHQW XWLOH
FHUWHV PDLV TXL Q·HVW SDV HQ SRVLWLRQ GH IRUPHU GHV ORFXWHXUV j WRXW OH
PRLQV G·HQ IRUPHU XQ QRPEUH VXIILVDQW SRXU UHG\QDPLVHU OD SUDWLTXH
OLQJXLVWLTXH GDQV OD VRFLpWp 1XO GRXWH TXH OH SURMHW &DODQGUHWD HVW
ILQDOHPHQWXQDLJXLOORQSRXUO·LQVWLWXWLRQHWFHODG·DXWDQWSOXVTX·jSDUWLU
GH OD ILQ GHV DQQpHV HW GX GpEXW GHV DQQpHV OH PRXYHPHQW
DVVRFLDWLIPLHX[VWUXFWXUpGLVSRVDQWG·XQHPHLOOHXUHH[SpULHQFHHQWHUPH
GH SpGDJRJLH SUHQG VRQ HQYRO HW DFFXHLOOH GHV HIIHFWLIV HQ FRQVWDQWH
DXJPHQWDWLRQGDQVGHVpFROHVGHSOXVHQSOXVQRPEUHXVHV
2FFLWDQO·HQVHLJQHPHQWELOLQJXHSRXUVDXYHUODODQJXH"
'XF{WpGHO·eGXFDWLRQQDWLRQDOHOHVWH[WHVRIILFLHOV
/HSUHPLHUWH[WHRIILFLHODERUGDQWODTXHVWLRQGHO·HQVHLJQHPHQWELOLQJXHGHV
ODQJXHV UpJLRQDOHV HVW OD FLUFXODLUH GX MXLQ GLWH FLUFXODLUH
6DYDU\/DUpIpUHQFHHVWTXDVLDQHFGRWLTXHHWWLHQWGDQVXQHSKUDVH
%LHQ HQWHQGX VHURQW pWXGLpHV OHV FRQGLWLRQV GDQV OHVTXHOOHV SRXUUDLHQW rWUH
FUppHV GHV FODVVHV H[SpULPHQWDOHV ELOLQJXHV WHQDQW FRPSWH GHV H[SpULHQFHV GpMj
HQJDJpHV GDQV FHUWDLQHV UpJLRQV HW IDLVDQW DSSHO DX[ FRPSpWHQFHV TX·HOOHV RQW
DLQVLUpYpOpHV
(OOH DSSDUDvW DYDQW WRXW FRPPH XQH UpDFWLRQ j OD FUpDWLRQ GHV pFROHV
LPPHUVLYHVHQODQJXHVUpJLRQDOHVHWSHUPHWGHODLVVHUODSRUWHRXYHUWHDX[
QpJRFLDWLRQVDORUVSUpYXHVDXWRXUGHO·LQWpJUDWLRQpYHQWXHOOHGHFHVpFROHV
j O·eGXFDWLRQ QDWLRQDOH &RQFUqWHPHQW HOOH VH WUDGXLW SDU GHV
FRQVpTXHQFHV SDUWLFXOLqUHPHQW OLPLWpHV SXLVTXH FHWWH LQWpJUDWLRQ QH VH
IHUDSDV(Q2FFLWDQLHPLVjSDUWXQLPEURJOLRDXWRXUGHODFUpDWLRQSUpYXH
G·XQH FDODQGUHWD j 6DUODW TXL GHYLHQGUD ILQDOHPHQW XQH pFROH ELOLQJXH
SXEOLTXH LO IDXGUD DWWHQGUH SRXU TX·XQH G\QDPLTXH V·DPRUFH HQ
PDWLqUH G·HQVHLJQHPHQW ELOLQJXH SXEOLF DYHF OD FUpDWLRQ GHV pFROHV
ELOLQJXHVGH6DLQW$IIULTXHHW$OELGDQVO·$FDGpPLHGH7RXORXVH
3OXVDPELWLHXVHODFLUFXODLUHGXDYULODIILUPHO·XWLOLWpGDQV
ODIRUPDWLRQGHO·HQIDQWG·XQHQVHLJQHPHQWELOLQJXH
/·HQVHLJQHPHQW ELOLQJXH GRQQH j OD ODQJXH UpJLRQDOH j F{Wp GH OD ODQJXH
IUDQoDLVHXQHSODFHUHFRQQXHGDQVODVFRODULWpjO·pFROHSULPDLUH,OHVWXQRXWLOGH
GpYHORSSHPHQWLQWHOOHFWXHOOLQJXLVWLTXHHWFXOWXUHO
(OOH GRQQH OHV PRGDOLWpV GH FHW HQVHLJQHPHQW j SDULWp KRUDLUH HQ
SULPDLUH DYHF XQ KRUDLUH TXL Q·HVW SDV FODLUHPHQW GpILQL PDLV SOHLQ GH
SURPHVVHV KHXUHVPLQLPXPG·HQVHLJQHPHQWGHODODQJXHXQHRXGHX[
GLVFLSOLQHV GDQV OD ODQJXH HQ FROOqJH (OOH SRVH FHSHQGDQW GHX[
SUREOqPHV
'·DERUG FRPPH F·HVW OD FRXWXPH ORUVTX·LO V·DJLW GH ODQJXHV
UpJLRQDOHVODGHPDQGHG·HQVHLJQHPHQWGRLWpPDQHUGHVSDUHQWV,O
Q·HVW QXOOHPHQW TXHVWLRQ SRXU O·eGXFDWLRQ 1DWLRQDOH GH
SURPRXYRLU FHW HQVHLJQHPHQW HW GH IDLUH XQH LQIRUPDWLRQ j VRQ
VXMHW HQ GHKRUV GH OD FLUFXODLUH (W RQ SHXW OpJLWLPHPHQW GRXWHU
GXIDLWTXHOHSDUHQWODPEGDLUDOLUHODGLWHFLUFXODLUH
<DQ/HVSRX[
(QVXLWH HQ FROOqJH HQ FH TXL FRQFHUQH O·RFFLWDQ LO YD GH VRL
TX·XQH VHXOH GLVFLSOLQH SRXUUD rWUH HQVHLJQpH GDQV OD ODQJXH HW
QRQ SDV GHX[ SXLVTXH OHV VHXOHV YDOHQFHV H[LVWDQWHV DX &$3(6
G·RFFLWDQODQJXH G·RF VRQW OHWWUHV DQJODLV HVSDJQRO HW KLVWRLUH
JpRJUDSKLH 6HXOH O·KLVWRLUHJpRJUDSKLH SHXW rWUH HQVHLJQpH HQ
RFFLWDQ)DXWHG·HQVHLJQDQWVG·RFFLWDQD\DQWXQHYDOHQFHGDQVXQH
PDWLqUH VXVFHSWLEOH G·rWUH HQVHLJQpH GDQV OD ODQJXH VSRUW
PDWKpPDWLTXHV DUWV SODVWLTXHV VFLHQFHV GH OD YLH HW GH OD WHUUH
VFLHQFHV SK\VLTXHV« LO HVW GLIILFLOH GH GpYHORSSHU XQ UpHO
HQVHLJQHPHQWELOLQJXHHWO·RQUHVWHORLQGHODSDULWpKRUDLUH
/HVFLUFXODLUHV /DQJ GHHW SOXV SDUWLFXOLqUHPHQWODFLUFXODLUH
GXVHSWHPEUHPDUTXHQWXQFHUWDLQSURJUqVSXLVTXHO·XWLOLWpVRFLDOHHW
SDUWDQWO·LGpHGHSUpVHUYHUOHVODQJXHVUpJLRQDOHVHVWFODLUHPHQWDIILUPpH
/H EXW GH O·HQVHLJQHPHQW ELOLQJXH HVW G·DPHQHU SURJUHVVLYHPHQW OHV pOqYHV j
XWLOLVHUODODQJXHUpJLRQDOHRXOHIUDQoDLVDYHFOHXUVSDLUVGXPrPHkJHPDLVDXVVL
DYHF OHV DGXOWHV GDQV O·pFROH HW GDQV OH PLOLHX IDPLOLDO HW VRFLDO /·LQWHUDFWLRQ
YHUEDOHHQWUHO·HQIDQWHWDXWUXL PDvWUHLQWHUORFXWHXUVHQIDQWVHWDGXOWHV GDQVOD
YLHGHO·pFROHHWOHVDFWLYLWpVGHODFODVVHGDQVOHPLOLHXIDPLOLDOHWVRFLDOHVWjOD
IRLVO·REMHFWLIHWOHPRWHXUGHFHWDSSUHQWLVVDJH
&HSHQGDQW OHV SUREOqPHV FRQVWLWXWLRQQHOV VRXOHYpV SDU GLYHUVHV
DVVRFLDWLRQVHWV\QGLFDWVHWTXLRQWQRWDPPHQWHQWUDvQpO·DEURJDWLRQGHOD
FLUFXODLUH VXU O·HQVHLJQHPHQW LPPHUVLI IRQW TX·XQ UHFXO HVW DPRUFp
SXLVTXH O·HQVHLJQHPHQW HQ ODQJXH UpJLRQDOH QH SHXW rWUH GLVSHQVp
HQWLqUHPHQWGDQVODODQJXH
'DQVOHSURORQJHPHQWGHO HQVHLJQHPHQWjSDULWpGLVSHQVpGDQVOHVpFROHVHWGH
PDQLqUHjHQDVVXUHUODFRQWLQXLWpQpFHVVDLUHGHVVHFWLRQV©ODQJXHVUpJLRQDOHVª
VRQWPLVHVHQSODFHDXFROOqJH FLUFXODLUHGXVHSWHPEUH
&HV VHFWLRQV RIIUHQW XQ HQVHLJQHPHQW GH ODQJXH HW FXOWXUH UpJLRQDOHV GH WURLV
KHXUHV KHEGRPDGDLUHV PLQLPXP HW XQ HQVHLJQHPHQW G·XQH RX GH SOXVLHXUV
GLVFLSOLQHV GDQV OD ODQJXH UpJLRQDOH SHUPHWWDQW G·DWWHLQGUH SURJUHVVLYHPHQW XQ
HQVHLJQHPHQWjSDULWpHQIUDQoDLVHWHQODQJXHUpJLRQDOHVRXVUpVHUYHTX·DXFXQH
GHFHVGLVFLSOLQHVQHVRLWHQVHLJQpHH[FOXVLYHPHQWHQODQJXHUpJLRQDOH FLUFXODLUH
GXMXLQ
0DOJUp FHV FDGUHV ELHQ ULJLGHV OD FLUFXODLUH GX VHSWHPEUH D DX
PRLQV O·DYDQWDJH GH SUpYRLU XQH SRXUVXLWH GX FXUVXV ELOLQJXH HQ O\FpH
SHUPHWWDQW GRQF GH PHWWUH HQ SODFH GHV ILOLqUHV FRPSOqWHV GH OD
2FFLWDQO·HQVHLJQHPHQWELOLQJXHSRXUVDXYHUODODQJXH"
PDWHUQHOOH DX EDFFDODXUpDW 5HVWH j YRLU FRPPHQW FHV WH[WHV VRQW
FRQFUqWHPHQWDSSOLTXpVVXUOHWHUUDLQ
/DVLWXDWLRQDFWXHOOH
/HGpYHORSSHPHQWGHO·HQVHLJQHPHQWELOLQJXH
,OHVWFODLUTXHOHVFLUFXODLUHVTXHQRXVYHQRQVG·pYRTXHURQWMRXpXQU{OH
LPSRUWDQW GDQV OH GpYHORSSHPHQW GH O·HQVHLJQHPHQW ELOLQJXH j SDULWp
KRUDLUHGDQVOHVHUYLFHSXEOLFGHO·eGXFDWLRQ1DWLRQDOH
0DLV LO QH IDXW SDV QRQ SOXV QpJOLJHU OH U{OH G·DLJXLOORQ MRXp SDU
&DODQGUHWDHQFRQVWDQWGpYHORSSHPHQWHQSDUWLFXOLHUGHSXLVODVLJQDWXUH
HQ G·XQ SURWRFROH G·DFFRUG DYHF O·eGXFDWLRQ 1DWLRQDOH TXL OHXU
SHUPHWG·DFFpGHUDXVWDWXWG·pFROHVVRXVFRQWUDWG·DVVRFLDWLRQDYHFO·eWDW
&HVWDWXWFHOXLTXLFRQFHUQHHQIDLWOHVpFROHVSULYpHVGDQVOHFDGUHGHOD
ORL'HEUpGHIDLWTX·DXERXWGHTXDWUHDQQpHVG·H[LVWHQFHOHVpFROHV
SHXYHQWSUpWHQGUHjXQFRQWUDWG·DVVRFLDWLRQHQWUDvQDQWODSULVHHQFKDUJH
GHV VDODLUHV GHV HQVHLJQDQWV SDU O·eWDW ,O SHUPHW G·DVVDLQLU OD VLWXDWLRQ
ILQDQFLqUH GH &DODQGUHWD HW OXL GRQQH OHV PR\HQV GH GpYHORSSHU GH
QRXYHOOHVpFROHV/DFURLVVDQFHGHVHIIHFWLIVHVWGqVORUVH[SRQHQWLHOOHHQ
VHSWHPEUH DQV DSUqV OD FUpDWLRQ GX PRXYHPHQW &DODQGUHWD
FRPSWHpOqYHVGDQVpFROHV(QFHVRQWpOqYHVTXLVRQW
VFRODULVpVGDQVpFROHVHWGHX[FROOqJHV
1XO GRXWH TXH FH GpYHORSSHPHQW SDUDOOqOH j O·eGXFDWLRQ 1DWLRQDOH HQ
PHWWDQW O·LQVWLWXWLRQ IDFH j VHV FDUHQFHV HQ PDWLqUH G·HQVHLJQHPHQW
ELOLQJXHGHO·RFFLWDQDMRXpXQU{OHQRQQpJOLJHDEOHGDQVODFURLVVDQFHGH
O·HQVHLJQHPHQWELOLQJXHjSDULWpKRUDLUHGDQVOHVHUYLFHSXEOLF'HIDLWSDV
XQH DQQpH QH SDVVH PDLQWHQDQW VDQV O·RXYHUWXUH GH QRXYHOOHV FODVVHV
ELOLQJXHVSXEOLTXHVHWGXUDQWO·DQQpHpFROHVHWFROOqJHV
SXEOLFVRIIUDLHQWXQHQVHLJQHPHQWELOLQJXHjpOqYHV
8QHVLWXDWLRQGLVSDUDWH
7RXWHIRLV OHV GLVSDULWpV VRQW pQRUPHV &HW HQVHLJQHPHQW HVW FRQFHQWUp
SRXUO·HVVHQWLHOVXUXQODUJHFHQWUHGHO·2FFLWDQLHGX%pDUQDX5K{QHHW
DX 6XG GX 0DVVLI &HQWUDO 'HV UpJLRQV HQWLqUHV GH O·HVSDFH RFFLWDQ VH
WURXYHQW j O·pFDUW GH FHW HQVHLJQHPHQW OD SOXV JUDQGH SDUWLH GH
O·$TXLWDLQH %pDUQ H[FOX OH /LPRXVLQ O·$XYHUJQH OHV $OSHV HW OD
<DQ/HVSRX[
3URYHQFH&HVGLVSDULWpVH[LVWHQWDXVVLDXVHLQPrPHGHV$FDGpPLHVTXL
VH PRQWUHQW OH SOXV YRORQWDULVWHV OH *HUV HW OD SOXV JUDQGH SDUWLH GH OD
+DXWH*DURQQHHQ0LGL3\UpQpHV/R]qUHHW*DUGHQ/DQJXHGRFYRLHQW
SHXG·LQVWDOODWLRQVGHVLWHVELOLQJXHVDVVRFLDWLIVRXSXEOLFV ,OIDXWYRLUOj
OHUpVXOWDWGHODGRFWULQHVHORQODTXHOOHLOIDXWDWWHQGUHXQHGHPDQGHGHV
SDUHQWVSRXURXYULUGHVVLWHVELOLQJXHVPDLVDXVVLGHVUpWLFHQFHVLQWHUQHVj
O·eGXFDWLRQ 1DWLRQDOH DYHF PrPH GHV RSSRVLWLRQV DX VHLQ GHV pFROHV
FRQFHUQpHV GDQV OHVTXHOOHV FHUWDLQV HQVHLJQDQWV YRLHQW G·XQ PDXYDLV ±LO
O·LQVWDOODWLRQGHFODVVHVELOLQJXHV $XMRXUG·KXLODFRPPXQLFDWLRQDXWRXU
GXELOLQJXLVPHHVWGHSOXVHQSOXVDVVXUpHSDUOHVUpJLRQVHWOHVUHFWRUDWV
PDLV HVW HVVHQWLHOOHPHQW D[pH VXU O·H[LVWDQW ,O HVW GqV ORUV GLIILFLOH GH
VXVFLWHUFKH]OHVSDUHQWVG·pOqYHVGHVGHPDQGHVSRXUXQWHOHQVHLJQHPHQW
&H VRQW HVVHQWLHOOHPHQW GHV DVVRFLDWLRQV TXL SRUWHQW FHV SURMHWV DYHF
O·DLGH GHV FRQVHLOOHUV SpGDJRJLTXHV TXL SHXYHQW UHOD\HU FHV GHPDQGHV DX
VHLQ GH O·LQVWLWXWLRQ PDLV VRQW VRXYHQW HQ EXWH DX[ RSSRVLWLRQV HW DX[
IUHLQVGHOHXUDGPLQLVWUDWLRQ
/·HQVHLJQHPHQWELOLQJXHSHXWLOVDXYHUODODQJXH"
/HVHIIHFWLIVFRQFHUQpV
,OHVWFODLUTXHODVXUYLHGHODODQJXHSDVVHSDUO·HQVHLJQHPHQWELOLQJXHOH
VHXO j PrPH GH FUpHU GHYpULWDEOHV ORFXWHXUV 7RXWHIRLV OD OHQWHXU GH OD
PLVH HQ SODFH GHV GLVSRVLWLIV ELOLQJXHV HVW LQTXLpWDQWH 'H IDLW GDQV OHV
PHLOOHXUV GHV FDV FHW HQVHLJQHPHQW QH FRQFHUQH HQ IDLW TX·XQH SRUWLRQ
H[WUrPHPHQWUpGXLWHGHVpOqYHV/·$FDGpPLHGH7RXORXVHjODSRLQWHGH
O·HQVHLJQHPHQW ELOLQJXH UpJXOLqUHPHQW FLWpH HQ H[HPSOH HQ OD PDWLqUH
VFRODULVHjO·KHXUHDFWXHOOHVHXOHPHQWGHVpOqYHVGHSULPDLUHHWGH
FROOqJH HQ GLVSRVLWLI ELOLQJXH HQ SULPDLUH HQ FROOqJH (Q
FRPSDUDLVRQ LO H[LVWDLW SRXU O·DQQpH VFRODLUH pFROHV
SULPDLUHV SXEOLTXHV RX SULYpHV FROOqJHV SXEOLFV RX SULYpV HW O\FpHV
SXEOLFV GLVSHQVDQW XQ HQVHLJQHPHQW ELOLQJXH HQ FDWDODQ GDQV OH VHXO
GpSDUWHPHQW GHV 3\UpQpHV2ULHQWDOHV GDQV O·$FDGpPLH GH 0RQWSHOOLHU
VFRODULVDQWGHVpOqYHVGXGpSDUWHPHQW HQSULPDLUH
HQFROOqJHHQO\FpHJpQpUDOHWWHFKQLTXH
$LQVL GRQF LO HVW ELHQ GLIILFLOH G·HQYLVDJHU GH VDXYHU OD ODQJXH G·XQ
HQVHLJQHPHQWELOLQJXHELHQOHQWjVHPHWWUHHQSODFHHWTXLDFFXHLOOHWRXW
DX SOXV TXHOTXHV GL]DLQHV G·pOqYHV VXSSOpPHQWDLUHV FKDTXH DQQpH /D
2FFLWDQO·HQVHLJQHPHQWELOLQJXHSRXUVDXYHUODODQJXH"
SUHPLqUH VHFWLRQ ELOLQJXH GH O\FpH GHYUDLW RXYULU j OD UHQWUpH j
&DUFDVVRQQH«RQHVSqUHTX·HOOHDFFXHLOOHUDXQHGL]DLQHG·pOqYHV«
/·HQVHLJQHPHQWSHXWLOWRXWIDLUH"
(WGHWRXWHIDoRQO·HQVHLJQHPHQWSHXWLOVXIILUHSRXUDVVXUHUQHVHUDLWFH
TXHODSUpVHUYDWLRQGHODODQJXH RQQ·RVHSDVSDUOHULFLG·LQYHUVLRQGHOD
VLWXDWLRQ " ,O DSSDUDvW FODLUHPHQW GH O·pWXGH GLULJpH SDU +HQUL %R\HU
%R\HU DXSUqV G·H[FDODQGURQV TXH VHXOH XQH WUqV SHWLWH PLQRULWpV
G·pOqYHV D\DQW EpQpILFLpV G·XQ WHO HQVHLJQHPHQW FRQWLQXHQW G·HPSOR\HU
ODQJXH4XDQWjODWUDQVPHWWUH«
3RXU DVVXUHU OD VXUYLH G·XQH ODQJXH SOXVLHXUV FRQGLWLRQV GRLYHQW rWUH
UpXQLHV /·81(6&2 GpILQLW DLQVL OHV FRQGLWLRQV QpFHVVDLUHV j OD YLWDOLWp
G·XQH ODQJXH XQ QRPEUH DEVROXGH ORFXWHXUV UHSUpVHQWDQW XQ WDX[ DVVH]
LPSRUWDQW GH O·HQVHPEOH GH OD SRSXODWLRQ TXL SHUPHWWH XQH WUDQVPLVVLRQ
LQWHUJpQpUDWLRQQHOOH O·XWLOLVDWLRQ GH OD ODQJXH GDQV OHV GRPDLQHV SULYpV HW
SXEOLFV OD PLVH HQ SODFH SDU OHV JRXYHUQHPHQWV HW LQVWLWXWLRQV G·XQH
YpULWDEOHSROLWLTXHOLQJXLVWLTXHODGLVSRQLELOLWpG·XQPDWpULHOG·DSSUHQWLVVDJH
HWG·HQVHLJQHPHQWGHVODQJXHVHWXQHGRFXPHQWDWLRQJpQpUDOHGHTXDOLWp\
FRPSULVGDQVOHVPpGLDVHWOHVQRXYHDX[GRPDLQHV LQWHUQHW HQILQXQH
DWWLWXGHSRVLWLYHGHODFRPPXQDXWpYLVjYLVGHVDODQJXH
'H IDLW OD ODQJXH RFFLWDQH HVW ORLQ GH UpXQLU WRXV FHV FULWqUHV FH TXL
H[SOLTXH TXH O·81(6&2 OD FODVVH SDUPL OHV ODQJXHV ©VpULHXVHPHQW HQ
GDQJHUª j WRXV OH PRLQV SRXU OHV GLDOHFWHV ODQJXHGRFLHQ SURYHQoDO
DXYHUJQDW HW OLPRXVLQ OH JDVFRQ pWDQW FRQVLGpUp ©HQ GDQJHUª ² VDQV
GRXWHFDURIILFLHOHQ9DOG·$UDQ
(QFRQFOXVLRQRQSHXWGLUHTXHO·HQVHLJQHPHQWELOLQJXHHVWQpFHVVDLUHj
ODVXUYLHGHODODQJXH/DWUDQVPLVVLRQIDPLOLDOHQ·H[LVWDQWSRXUDLQVLGLUH
SOXV VHXO FHWWH PRGDOLWp G·HQVHLJQHPHQW SRXUUD SHUPHWWUH FHWWH
WUDQVPLVVLRQ 7RXWHIRLV SRXU rWUH HIILFDFH LO GRLW VH GpYHORSSHU G·XQH
PDQLqUHLQWHQVLYHHWUDSLGHHWGRLWEpQpILFLHUGHUHODLVGDQVOHUHVWHGHOD
VRFLpWp VDQV PpGLDV VDQV SURGXFWLRQ DUWLVWLTXH VDQV SUpVHQFH DIILUPpH
GHODODQJXHGDQVO·HVSDFHSXEOLFFHWHQVHLJQHPHQWQHSRXUUDSDVPHWWUH
OHVpOqYHVHQVLWXDWLRQGHFRPPXQLFDWLRQUpHOOHG·XWLOLVDWLRQ©QDWXUHOOHª
3RXU SOXV GH GpWDLOV VH UpIpUHU DX VLWH LQWHUQHW GH O·81(6&2
ZZZXQHVFRRUJFXOWXUHLFKLQGH[SKS"SJ
<DQ/HVSRX[
GH OD ODQJXH HW GRQF HQ FDSDFLWp GH OD WUDQVPHWWUH &HOD QpFHVVLWH XQH
SROLWLTXH JRXYHUQHPHQWDOH DPELWLHXVH TXL IDLW G·DXWDQW SOXV FUXHOOHPHQW
GpIDXWHQ)UDQFHTXHO·RQV·DSHUoRLWTX·XQHJUDQGHSDUWLHGHODSRSXODWLRQ
HVWSOXW{WIDYRUDEOHjO·HQVHLJQHPHQWHWjODWUDQVPLVVLRQGHODODQJXH
$LQVL O·HQTXrWH OLQJXLVWLTXH PHQpH GDQV OD UpJLRQ $TXLWDLQH HQ D
PRQWUp TXH OHV $TXLWDLQV DYDLHQW HQ PDMRULWp XQH LPDJH SRVLWLYH GH OD
ODQJXHRFFLWDQHFRQVLGpUDQWTX·HOOHSRXYDLWDYRLUXQHXWLOLWpFRQFUqWHWDQW
HQ WHUPHV pGXFDWLIV HW SpGDJRJLTXHV QRWDPPHQW SRXU O·DSSUHQWLVVDJH
G·DXWUHV ODQJXHV URPDQHV TX·pFRQRPLTXHV 6XUWRXW ORUVTXH OD TXHVWLRQ
OHXUHVWSRVpHGHVVRQGpVVHUDLHQWSUrWVjLQVFULUHOHXUVHQIDQWVGDQV
XQHpFROHHQVHLJQDQWO·RFFLWDQG·HQWUHHX[VHSURQRQFHQWHQIDYHXU
G·XQ HQVHLJQHPHQW RSWLRQQHO HW HQ IDYHXU G·XQ HQVHLJQHPHQW
ELOLQJXH&HUWHVFHGHUQLHUFKLIIUHQ·HVWSDVGHVSOXVLPSRUWDQWVWRXWHIRLV
VLGHVHQIDQWVDTXLWDLQVpWDLHQWVFRODULVpVGDQVXQFXUVXVELOLQJXHOD
VLWXDWLRQ GH OD ODQJXH RQ HQ FRQYLHQGUD VHUDLW VHQVLEOHPHQW GLIIpUHQWH
2QV·DSHUoRLWSDUODPrPHRFFDVLRQTXHO·RIIUHSHXWFUpHUODGHPDQGH
,O YD GH VRL TXH WDQW TXH O·eWDW QH SURSRVHUD SDV V\VWpPDWLTXHPHQW XQ
FXUVXV ELOLQJXH GDQV WRXV OHV EDVVLQV GH IRUPDWLRQ O·HQVHLJQHPHQW
ELOLQJXH GHPHXUHUD SRXU OHV pOqYHV HW OHXUV SDUHQWV FRPPH SRXU OHV
HQVHLJQDQWV XQ YpULWDEOH SDUFRXUV GX FRPEDWWDQW &H Q·HVW SDV HQ
FDQWRQQDQW FHW HQVHLJQHPHQW GDQV XQH VLWXDWLRQ WHQDQW HQFRUH SOXV GX
PLOLWDQWLVPH TXH GH O·LQWpJUDWLRQ YpULWDEOH DX V\VWqPH pGXFDWLI TXH O·RQ
SRXUUDDVVXUHUODPLVHHQSODFHGHFRQGLWLRQVIDYRUDEOHVjODVXUYLHHWjOD
WUDQVPLVVLRQGHODODQJXH
5pIpUHQFHV
$/e1 *$5$%$72 &DUPHQ ©(QVHLJQHU O·RFFLWDQHQ RFFLWDQ DXMRXUG·KXL XQ
SDUFRXUVGXFRPEDWWDQWǻ (/$eWXGHVGHOLQJXLVWLTXHDSSOLTXpH5HYXHGHGLGDFWRORJLH
GHVODQJXHVFXOWXUHVHWGHOH[LFXOWXURORJLHQSS
%2<(5 +HQUL GLU 'H O·pFROH RFFLWDQH j O·HQVHLJQHPHQW SXEOLF YpFX HW UHSUpVHQWDWLRQV
VRFLROLQJXLVWLTXHVXQHHQTXrWHDXSUqVG·XQJURXSHG·H[FDODQGURQV3DULV/·+DUPDWWDQ
*,25'$1+HQUL©/HVODQJXHVGH)UDQFHGHO·KpJpPRQLHUpSXEOLFDLQHjODGpPLVVLRQGH
O·eWDWª,Q*,25'$1+HQUL HG /HVPLQRULWpVHQ(XURSHSS3DULV.LPp
/(6328; <DQ ©4XHOOH SODFH SRXU O·RFFLWDQ GDQV O·eGXFDWLRQ 1DWLRQDOH
DXMRXUG·KXL"ª,Q/,(87$5'+HUYpHW9(51<0DULH-HDQQH HG 1RXYHOOHUHFKHUFKH
HQGRPDLQHRFFLWDQ$FWHVGXFROORTXH-HXQHVFKHUFKHXUV5HGzF 805 ²$YULOSS
0RQWSHOOLHU3XEOLFDWLRQ0RQWSHOOLHUFROO/RJDWURV
&RPSUHQGUHHWDFFRPSDJQHUOHGpYHORSSHPHQW
GHO·HQVHLJQHPHQWELOLQJXHHQ&RUVH
(XJqQH);*KHUDUGL3DVFDO2WWDYL
8QLYHUVLWpGH&RUVH3DVTXDOH3DROL&RUWL
/·8QLWp0L[WHGH5HFKHUFKH/,6$DREWHQXODFUpDWLRQG·XQH(TXLSHGH5HFKHUFKHHQ7HFKQRORJLHGH
O·eGXFDWLRQ (57e LQWLWXOpH&XUULFXOXP,GHQWLWpVHW(VSDFHGDQVO·(XURSH &,( &HOOHFLV·HVW
GRQQpSRXUREMHFWLIG·H[DPLQHUOHVSUREOqPHVTXLVHSRVHQWGDQVOHFDGUHGHO·HIIRUWGHJpQpUDOLVDWLRQGH
O·HQVHLJQHPHQWELOLQJXHVHORQODYRORQWpGHO·$VVHPEOpHWHUULWRULDOHGH&RUVH,OV·DJLWjODIRLVG·REVHUYHU
HW G·DQDO\VHU OH SURFHVVXV GH FRQVWUXFWLRQ G·XQH RIIUH pGXFDWLYH QRXYHOOH G·LQYHVWLJXHU OH FKDPS GHV
UHSUpVHQWDWLRQVHWG·HQYLVDJHUGHVSURSRVLWLRQVLVVXHVGXWHUUDLQVXVFHSWLEOHVGHUpSRQGUHjGHVEHVRLQVGH
FHW\SHPLVjMRXUGDQVODGXUpHGHODUHFKHUFKH(QHIIHWODJpQpUDOLVDWLRQVXSSRVHTXHO·RQV·DGUHVVHj
XQSXEOLFG·HQVHLJQDQWVHWGHVFRODLUHVTXLQ·RQWSDVIRUFpPHQWODYRORQWpG·LQYHVWLVVHPHQWPLOLWDQWGHOD
JpQpUDWLRQ SLRQQLqUH $LQVL H[LVWHWLO XQ FHUWDLQ QRPEUH GH ©YHUURXVª TXL GH OD VSKqUH PDFUR j OD
VSKqUHPLFURHPSrFKHQWXQHGLIIXVLRQHIILFDFHGHO·HQVHLJQHPHQWELSOXULOLQJXH/DSUHPLqUHpWDSHQRXVD
FRQGXLWVjpODERUHUXQFRUSXVG·REVHUYDEOHVSDUGHVHQTXrWHVGHWHUUDLQHIIHFWXpHVGDQVGHVpFROHVHWGHV
FROOqJHV ELOLQJXHV /D GHX[LqPH D FRQVLVWp j DQDO\VHU OHV GRQQpHV DILQ G·LGHQWLILHU OHV GpWHUPLQDQWV
VXVFHSWLEOHVGHFRQGLWLRQQHUOHVGLIILFXOWpVUHODWLYHVjODPLVHHQ±XYUHGHO·HQVHLJQHPHQWELOLQJXH,OHVW
G·RUHV HW GpMj DSSDUX j GLYHUV QLYHDX[ XQ HQVHPEOH GH SUREOqPHV TXL RXYUHQW VXU XQ QRXYHDX
TXHVWLRQQHPHQW TXH O·pTXLSH VH SURSRVH G·LQVWUXLUH ©OH ELOLQJXLVPH j O·pFROH UHOqYH G·XQH YpULWDEOH
FRPSpWHQFHSURIHVVLRQQHOOHª1RXVVRXKDLWRQVH[SRVHUOHVpWDSHVTXLQRXVFRQGXLVHQWjO·LGHQWLILFDWLRQGH
FHWREMHWGHUHFKHUFKH1RXVIHURQVGRQFXQSRLQWG·pWDSHHQSUpVHQWDQWXQHDQDO\VHG·HQVHPEOHDGRVVpH
DX[GRQQpHVGXFRUSXVTXHQRXVDYRQVSXFRQVWLWXHUGDQVOHFDGUHGHFHWWHpWXGHV\VWpPLTXH
/·8QLWj 0LVWD GL 5LFHUFD /,6$ KD RWWHQXWR OD FUHD]LRQH GL XQD (TXLSH GL 5LFHUFD LQ 7HFQRORJLD
GHOO·(GXFD]LRQH (57e LQWLWXODWD &XUULFXOXP ,GHQWLWj H 6SD]LR QHOO·(XURSD &,(
4XHVW·XOWLPDVLqGDWDFRPHRELHWWLYRO·DQDOLVLGHLSUREOHPLFKHVLSRQJRQR QHOO·DPELWRGHOORVIRU]RGL
JHQHUDOL]]D]LRQHGHOO·LQVHJQDPHQWRELOLQJXHVHFRQGRODYRORQWjGHOO·$VVHPEOHDWHUULWRULDOHGL&RUVLFD6L
WUDWWDDXQWHPSRGLRVVHUYDUHHGLDQDOL]]DUHLOSURFHVVRGLFRVWUX]LRQHGLXQDQXRYDRIIHUWDHGXFDWLYD
G·LQGDJDUH LO FDPSR GHOOH UDSSUHVHQWD]LRQL H GL LQGLYLGXDUH SURSRVWH HPHUVH VXO FDPSR VXVFHWWLELOL GL
ULVSRQGHUHDELVRJQLGLTXHVWRWLSRSURFHVVRDJJLRUQDWRGXUDQWHODULFHUFD,QHIIHWWLODJHQHUDOL]]D]LRQH
VXSSRQH FKH FL VL ULYROJD D XQ SXEEOLFR G·LQVHJQDQWL H GL VWXGHQWL FKH QRQ KDQQR QHFHVVDULDPHQWH OD
YRORQWjGL LPSHJQRPLOLWDQWHGHOODJHQHUD]LRQHGHLSLRQLHUL'LFRQVHJXHQ]DHVLVWHXQFHUWRQXPHURGL
©SDOHWWLªFKHGDOODVIHUDPDFURDOODVIHUDPLFURLPSHGLVFRQRXQDGLIIXVLRQHHIILFDFHGHOO·LQVHJQDPHQWREL
SOXULOLQJXH /D SULPD WDSSD FL KD FRQGRWWL D HODERUDUH XQ FRUSXV GHULYDWR GD LQFKLHVWH VXO FDPSR
HIIHWWXDWHQHOOH VFXROHSULPDULHHVHFRQGDULHLQIHULRULELOLQJXL/DVHFRQGDqFRQVLVWLWD QHOO·DQDOL]]DUHL
GDWLDOILQHGLLGHQWLILFDUHJOLHOHPHQWLVXVFHWWLELOLGLFRQGL]LRQDUHOHGLIILFROWjUHODWLYHDOODPHVVDLQRSHUD
GHOO·LQVHJQDPHQWR ELOLQJXH Ë HPHUVR D GLYHUVL OLYHOOL XQ LQVLHPH GL SUREOHPL FKH DSURQR XQ QXRYR
GLEDWWLWR FKH O·pTXLSH VL SURSRQH GL VYLOXSSDUH ©LO ELOLQJXLVPR D VFXROD GLSHQGH GD XQ·DXWHQWLFD
FRPSHWHQ]D SURIHVVLRQDOHª 'HVLGHULDPR HVSRUUH OH WDSSH FKH FL FRQGXFRQR DOO·LGHQWLILFD]LRQH GL
TXHVW·RJJHWWR GL ULFHUFD )DUHPR GXQTXH LO SXQWR GHOOD VLWXD]LRQH SUHVHQWDQGR XQ·DQDOLVL G·LQVLHPH
EDVDWDVXLGDWLGHOFRUSXVFKHDEELDPRSRWXWRFRVWLWXLUHQHOO·DPELWRGLTXHVWRVWXGLRVLVWHPLFR
(XJqQH);*KHUDUGL3DVFDO2WWDYL
&XUULFXOXP,GHQWLWp V HW(VSDFHGDQVO·(XURSH
'·HPEOpH LOHVW QpFHVVDLUH GH SUpVHQWHU OHV RULJLQHV OH FDUDFWqUH RULJLQDO
HW OHV REMHFWLIV GX SURMHW SOXULGLVFLSOLQDLUH GH O·(57e (TXLSH GH
5HFKHUFKH HQ 7HFKQRORJLH GH O·(GXFDWLRQ ©&XUULFXOXP ,GHQWLWp V HW
(VSDFHGDQVO·(XURSHª &,(
/HV(57eRQWSRXUILQDOLWpODUpVROXWLRQGHVSUREOqPHVOLpVjO·pGXFDWLRQ
HWODIRUPDWLRQ(OOHVSHXYHQWVHFRQVDFUHUDX[SURFHVVXVG·DSSUHQWLVVDJH
j O·XWLOLVDWLRQ GHV 7,&( j O·HIILFDFLWp GHV VWUXFWXUHV RX PpWKRGHV
pGXFDWLYHV (OOHV VH MXVWLILHQW SDU XQH GHPDQGH GH SUDWLFLHQV GH
O·pGXFDWLRQ HW GH OD IRUPDWLRQ RX GH UHVSRQVDEOHV GX V\VWqPH pGXFDWLI
FRQIURQWpV j XQ HQMHX FRQFUHW RX XQ SUREOqPH GpILQL TXL H[LJH XQH
GpPDUFKH GH UHFKHUFKH IRQGDPHQWDOH VSpFLILTXH (OOHV PqQHQW VXU OH
PR\HQWHUPH TXDWUHDQQpHVDXPD[LPXP GHVUHFKHUFKHVTXLV·DWWDFKHQW
j GHV SKpQRPqQHV pGXFDWLIV QRXYHDX[ RX GHV SUREOqPHV SpGDJRJLTXHV
TXLQ·RQWSDVUHQFRQWUpGHUpSRQVHVDWLVIDLVDQWH
2Q DWWHQG GHV WUDYDX[ j UpDOLVHU TX·LOV SXLVVHQW GpERXFKHU VXU GHV
UpSRQVHV FRQFUqWHV HQ WHUPHV GH SROLWLTXH OLQJXLVWLTXH HW GH SURGXFWLRQ
GLGDFWLTXH /·pFROH HQ )UDQFH D SHQGDQW ORQJWHPSV WURXYp VRQ VHXO
SULQFLSH GH MXVWLILFDWLRQ GDQV O·DIILUPDWLRQ GH O·LGpDO UpSXEOLFDLQ
SHUPHWWUH j O·HQVHPEOH GHV SHWLWV )UDQoDLV G·DFFpGHU j OD FLWR\HQQHWp HQ
IUpTXHQWDQW OHV PrPHV OLHX[ G·HQVHLJQHPHQW HQ UHFHYDQW OHV PrPHV
VDYRLUV HQ VXELVVDQW OHV PrPHV H[DPHQV VXU O·HQVHPEOH GX WHUULWRLUH
QDWLRQDO 3RXU GH PXOWLSOHV UDLVRQV OD GpILQLWLRQ WUDGLWLRQQHOOH GX
FXUULFXOXP HVW DFWXHOOHPHQW LQWHUURJpH SDU O·pPHUJHQFH HW OD SULVH HQ
FRPSWHGHQRXYHOOHVGHPDQGHVVRFLDOHVQRWDPPHQWFHOOHVUHODWLYHVjGHV
ODQJXHV HW FXOWXUHV PLQRUpHV WHUULWRULDOLVpHV RX QRQ (Q &RUVH OD
TXHVWLRQGHO·LGHQWLWpORFDOHDSSDUDvWSDUWLFXOLqUHPHQWUpFXUUHQWHGHSXLVOD
SXEOLFDWLRQGHODFLUFXODLUH6DYDU\HQODUHFRQQDLVVDQFHG·XQVWDWXW
VSpFLILTXH GH &ROOHFWLYLWp 7HUULWRULDOH GpVRUPDLV &7& HQ HW OHV
PHVXUHVSULVHVGDQVOHFDGUHGXSURMHW©6WUDWpJLHGHO·(WDWªPLVHQ±XYUH
HQVRXVOHJRXYHUQHPHQWG·(GRXDUG%DOODGXU
(OOHVHWUDGXLWSDUXQIRUWGpYHORSSHPHQWGHO·HQVHLJQHPHQWELOLQJXHGDQV
OH SUHPLHU GHJUp GHV HIIHFWLIV WRWDX[ DFWXHOV (OOH V·H[SULPH
pJDOHPHQW j WUDYHUV OD IRUPXODWLRQ G·REMHFWLIV QRXYHDX[ IRUPXOpV SDU
O·$VVHPEOpH WHUULWRULDOH GDQV OH FDGUH GX SODQ GH GpYHORSSHPHQW GH OD
ODQJXH FRUVH GRQW OD ORL GH MDQYLHU OXL DWWULEXH OD UHVSRQVDELOLWp
/·HQVHLJQHPHQWELOLQJXHHQ&RUVH
©VDXYHJDUGHU OD WUDQVPLVVLRQ GH OD ODQJXH FRUVH DX[ MHXQHV JpQpUDWLRQV
>«@ GpILQLU OD SODFH HW OHV IRQFWLRQV GH OD ODQJXH FRUVH GDQV OD VRFLpWp
FRUVH G·DXMRXUG·KXL >«@ GpILQLU OHV PR\HQV HW O·RUJDQLVDWLRQ QpFHVVDLUHV
SRXU VRXWHQLU OH GpYHORSSHPHQW GH O·XVDJH GH OD ODQJXH GDQV WRXV OHV
GRPDLQHVª
/D SUREOpPDWLTXH GH O·HQVHLJQHPHQW ELOLQJXH V·LQVqUH HOOHPrPH GDQV
FHOOHSOXVODUJHGHO·DFFqVGHVMHXQHVJpQpUDWLRQVDXSOXULOLQJXLVPHFRQoX
FRPPH O·XQ GHV IXWXUV DWWULEXWV GH OD FLWR\HQQHWp HXURSpHQQH
DFWXHOOHPHQWHQFRQVWUXFWLRQ
/·REMHFWLI JpQpUDO GH FHWWH UHFKHUFKH FRQVLVWH j H[DPLQHU OHV SUREOqPHV
TXL VH SRVHQW GDQV OH FDGUH GX SURFHVVXV GH PRQWpH HQ FKDUJH GH
O·HQVHLJQHPHQW ELOLQJXH TXH O·$VVHPEOpH WHUULWRULDOH GH &RUVH YHXW j
PR\HQWHUPHJpQpUDOLVHU
$XWRXUGXPRQROLQJXLVPHREVHVVLRQQHO5HWRXUVXUXQHKLVWRLUH
IUDQoDLVHELHQFRQQXH
6·LO Q·HVW SDV LFL OH OLHX GH IDLUH O·KLVWRLUH GH O·REVHVVLRQ IUDQoDLVH GH
FHQWUDOLVDWLRQ pWDWLTXH TXL FRPPH 7RFTXHYLOOH O·D pFODLUp SDUPL OHV
SUHPLHUVHQMDPEHOD5pYROXWLRQGHSXLVIDLWXQSRQWUpVLVWDQWHQWUH
O·$QFLHQ 5pJLPH HW OD SpULRGH FRQWHPSRUDLQH TXHOTXHV UDSSHOV QH VRQW
SDVLQXWLOHV
$SUqVGHVVLqFOHVGHQLYHOOHPHQWPRQDUFKLTXHHWGHVLPSOLILFDWLRQUpSXEOLFDLQHOD
FDXVH HQ HIIHW Q·HVW WRXMRXUV SDV HQWHQGXH HW OHV UDSSRUWV GX FHQWUH HW GH OD
SpULSKpULH Q·RQW SDV ODLVVp G·rWUH SUREOpPDWLTXHV /D GLYHUVLWp IUDQoDLVH V·HVW
UHIXVpHjO·LQGLIIpUHQFLDWLRQ 2]RXI
&RPPHOHVDXWUHVeWDWVQDWLRQVOD)UDQFHDFKqYHjODILQGX;,;HVLqFOH
O·pFULWXUHGHVRQURPDQQDWLRQDO6·LQWHUURJHDQWVXUO·LGpHGHQDWLRQGDQV
OHVPDQXHOVG·KLVWRLUH3DWULFN&DEDQHOQRWH
8QH QDWLRQ HVW G·DERUG XQH ©IDEULTXHª XQH ILFWLRQ XQ UpFLW TXH FHUWDLQV
UDFRQWHQW LQODVVDEOHPHQW HW TXH G·DXWUHV V·pPHUYHLOOHQW j HQWHQGUH j OLUH j
FKDQWHUjDSSUHQGUHSDUF±XUjUpSpWHUVRXVWRXWHVOHVIRUPHV)LFWLRQDXVHQV
GHODIDEOHRXGHP\WKHIRQGDWHXU WRXWHQDWLRQHVWXQH*HQqVHXQH,OLDGHXQH
2G\VVpH HWDXVHQVGHWH[WHHWGHOLYUHOHVGHX[DVSHFWVGXUHVWHVHFRQIRQGDQW
FRPPH WRXMRXUV DX[ RULJLQHV GHV FXOWXUHV OD MXLYH OD JUHFTXH OD IUDQoDLVH« 6L
ELHQTX·LOQHSDUDvWSDVIDX[G·DYDQFHUTX·XQHQDWLRQQ·HVWDXWUHFKRVHDXPRLQV
DX GpSDUW TX·XQ SXLVVDQW WH[WH SOXV RX PRLQV FRKpUHQW SOXV RX PRLQV
(XJqQH);*KHUDUGL3DVFDO2WWDYL
FRPSRVLWH GRQW OHV DXWHXUV QH VRQW SDV QpFHVVDLUHPHQW DQRQ\PHV FROOHFWLIV HW
LPPpPRULDX[ &DEDQHO
VRQ WRXU 0DUF )HUUR QRWH TX·©j WUDYHUV OH WHPSV HW OHV FXOWXUHV
GRPLQH OH IR\HU GH O·KLVWRLUH LQVWLWXWLRQQHOOH SDUFH TX·HOOH LQFDUQH HW
OpJLWLPHXQUpJLPHSDUO·KLVWRLUHTXHFHIR\HUSURGXLWª )HUUR
7RXWHIRLV VXU OH SODQ SpGDJRJLTXH FHW HIIRUW FRPELQH DVWXFLHXVHPHQW
KLVWRLUHORFDOHHWKLVWRLUHQDWLRQDOH$QQH0DULH7KLHVVHH[SOLTXHTXH
/·DFFHQW PLV VXU OD FRQQDLVVDQFH GX ORFDO FRPPH SUpDODEOH j OD YpULWDEOH
FRQQDLVVDQFHGXQDWLRQDODXVHLQGHO·LQVWLWXWLRQVFRODLUHHVWHQHIIHWHQUHODWLRQ
DYHF OD QRXYHOOH GpILQLWLRQ GH O·LGHQWLWp IUDQoDLVH pODERUpH GqV OHV GpEXWV GH OD
7URLVLqPH 5pSXEOLTXH HW DERQGDPPHQW YXOJDULVpH GDQV OHV GpFHQQLHV VXLYDQWHV
7KLHVVH
&HWWHWHQVLRQHQWUHO·XQHWOHPXOWLSOHHQWUHXQLWpHWGLYHUVLWpUHVWHHQFRUH
WUqVDFWLYHFRPPHOHUDSSRUWH)HUQDQG%UDXGHOGDQV/·LGHQWLWpGHOD)UDQFH
/XFLHQ )HEYUH UpSpWDLW HW LO IDXW UpSpWHU DSUqV OXL TXH OD )UDQFH VH QRPPH
©GLYHUVLWpª -·DLPHUDLV SUHVTXH PLHX[ GLUH ELHQ TXH FH VRLW SOXV SODW ©HVW
GLYHUVLWpª FDU FH Q·HVW SDV VHXOHPHQW XQH DSSDUHQFH XQH DSSHOODWLRQ PDLV OD
UpDOLWpFRQFUqWHOHWULRPSKHpFODWDQWGXSOXULHOGHO·KpWpURJqQHGHMDPDLVWRXWj
IDLWVHPEODEOHGXMDPDLVWRXWjIDLWYXDLOOHXUV>«@0DLVVLJpRJUDSKHVKLVWRULHQV
pFRQRPLVWHV VRFLRORJXHV HVVD\LVWHV DQWKURSRORJXHV SROLWRORJXHV V·DFFRUGHQW j
FRQVWDWHU OD GLYHUVLWp IUDQoDLVH V·LOV OH IRQW PrPH DYHF XQH VRUWH GH SODLVLU HW
G·DSSpWLWF·HVWXQHIRLVFHWWHUpYpUHQFHIDLWHSRXUWRXUQHUDXVVLW{WOHVWDORQVHWQH
SOXVV·LQWpUHVVHUTX·jOD)UDQFHXQH %UDXGHO
/·KLVWRLUH VH FRQVWLWXH HQ UpFLW UpJLRQDO TXL OH PRPHQW YHQX UHMRLQW OD
JUDQGH IUHVTXH QDWLRQDOH FRPPH OH UXLVVHDX VH MHWWH GDQV OD ULYLqUH
7KLHVVH VRXOLJQH TXH O·KLVWRLUH HW OD JpRJUDSKLH GX WHUURLU Q·RQW G·DXWUH
PRGHG·H[LVWHQFHTXHFHOXLGHO·LQWpJUDWLRQGDQVOHQDWLRQDO
/·KLVWRLUH GH OD SHWLWH SDWULH HVW GRQQpH FRPPH TXLQWHVVHQFH GH O·KLVWRLUH GH
)UDQFH /H SULQFLSH GH FRQVWUXFWLRQ GH OD QDWLRQ HQ SRXSpHVJLJRJQHV IDLW GH
FKDTXH SHWLWH SDWULH O·LGpDOH PLQLDWXUH GH OD )UDQFH GHV RULJLQHV j QRV MRXUV
7KLHVVH
/D 5pSXEOLTXH PDLQWLHQW LQWDFWH OD FHQWUDOLVDWLRQ GH O·eWDW PDLV DXWRULVH
SDUDOOqOHPHQWXQUpJLRQDOLVPHRIILFLHO *DVQLHU PDLQWHVUHSULVHV
O·HQVHLJQHPHQW GH OD JpRJUDSKLH HW GH O·KLVWRLUH ORFDOHV EpQpILFLH GHV
HQFRXUDJHPHQWVGHVDXWRULWpV2UFHTXLIUDSSHF·HVWFHWWHFRQWUDGLFWLRQ
/·HQVHLJQHPHQWELOLQJXHHQ&RUVH
PDMHXUHHQWUHOHWUDLWHPHQWGHVODQJXHVGH)UDQFHG·XQHSDUWGHO·KLVWRLUH
HW GH OD JpRJUDSKLH ORFDOHV G·DXWUH SDUW *KHUDUGL /D PDvWULVH GX
IUDQoDLVIDLWHQHIIHWSDUWLHG·HQMHX[LGHQWLWDLUHVIRUWVDXVHLQGHVTXHOVOHV
GLPHQVLRQVpFRQRPLTXHHWSROLWLFRLQVWLWXWLRQQHOOHVRQWFDSLWDOHV
)RUPHUGHERQVFLWR\HQVGHERQVUpSXEOLFDLQV7RXWO·HVSULWGXV\VWqPH
pGXFDWLI IUDQoDLV WHQG YHUV FHW REMHFWLI /·pFROH VH YRLW KLVWRULTXHPHQW
HQMRLQGUH G·DUUDFKHU OHV HQIDQWV DX[ SDUWLFXODULVPHV HW DX[ YLHLOOHV
FUR\DQFHV SRXU HQ IDLUH GHV FLWR\HQV pFODLUpV 'XEHW &HWWH pFROH
DSSDUDvW FRPPH SRUWHXVH G·XQH LGHQWLWp FRPSDFWH HW XQLYHUVDOLVWH /D
JUHIIHLGHQWLWDLUHHVWUHQGXHSRVVLEOHSDU©ODFHQWUDOLVDWLRQTXLHVWXQWUDLW
VL HQUDFLQp GDQV OD WUDGLWLRQ IUDQoDLVH TX·LO HVW LQGLVSHQVDEOH G·HQ WHQLU
FRPSWHGDQVO·DQDO\VHGHVSUDWLTXHVGHVDFWHXUVGHODVFRODULVDWLRQjWRXV
OHVQLYHDX[ª 'XUX%HOODW9DQ=DQWHQ
/·pFROH GH -XOHV )HUU\ LPSUqJQH OD PpPRLUH IUDQoDLVH HW DSSDUDvW SRXU
EHDXFRXSFRPPHO·KpULWDJHG·XQHpFROHVLPSOHHWDXWKHQWLTXHjUpDQLPHU
)RUW MXVWHPHQW 0RQD 2]RXI H[SOLTXH TXH ©GDQV OH FRUELOORQ GH
VRXYHQLUVTXHOHXUOqJXHO·pFROHODwTXHOHV)UDQoDLVWURXYHQWGRQFGHTXRL
DOLPHQWHU XQ VHQWLPHQW SDWULRWLTXH G·XQH H[FHSWLRQQHOOH ERQQH
FRQVFLHQFHª 2]RXI &HWWH FRQVWUXFWLRQ LGpDOLVDQWH
HQYRWDQWHHWSURFKHGHODFDULFDWXUHHVWFRQVLGpUpHFRPPHXQPRGqOH
SRXU OHV WKpRULFLHQV HW OHV DFWHXUV GH OD YLH SROLWLTXH TXL FRQVLGqUHQW
O·pFROHFRQWHPSRUDLQHFRPPHXQHLQVWLWXWLRQGpYR\pH
&RPPH OH VRXOLJQH -HDQ0LFKHO %DUUHDX OH VRXYHQLU VH PHXW HQ
WHQWDWLRQV UpDFWLRQQDLUHV 'DQV OH GpEDW G·LGpHV FHWWH IDVFLQDWLRQ SUHQG
VRXYHQW OD IRUPH GH ©UHJDUGV QRVWDOJLTXHV VXU OH SDVVp SURORQJpV GH
VRXSLUV PpODQFROLTXHV SRXU IDLUH GH O·DQFLHQ HW GX MDGLV OHV UpIpUHQFHV
LQGpSDVVDEOHVG·XQSUpVHQWTXLQ·DXUDLWSDVVXOHVFRQVHUYHUHWTXLGHYUDLW
rWUH SXQL GH FHWWH IDXWH GH OqVHPDMHVWp HQ ´WUDGLWLRQVµ HW DXWUHV
´PpPRLUHVµDXPDXYDLVVHQVGXWHUPHª %DUUHDX
+HUYp 7HUUDO VLJQDOH TX·©LO LPSRUWH GH UHFRQQDvWUH HQ HIIHW TXH O·pFROH
FRQVWUXLWHSDUOD5pSXEOLTXHHVWH[WUrPHPHQWQRUPDWLYHª 7HUUDO
3DU FRQVpTXHQW OH PRQROLQJXLVPH HVW SHUoX FRPPH XQH LQILUPLWp
©1HSDVFRQQDvWUHG·DXWUHVODQJXHVTXHODVLHQQHHVWjQ·HQSDVGRXWHUXQ
KDQGLFDS XQ PRQROLQJXH F·HVW FRPPH XQ XQLMDPELVWHª /HJHQGUH
(XJqQH);*KHUDUGL3DVFDO2WWDYL
7RXWHIRLV VL OH PRQROLQJXLVPH Q·HVW SRLQW HQFRUH WHUUDVVp IRUFH HVW GH
UHFRQQDvWUHTX·LOHVWDXMRXUG·KXLGpVDYRXpHQKDXWOLHX
8QHHQTXrWHGHWHUUDLQOHFROOqJHGHO·,OH5RXVVH
'XUDQWO·DQQpHVFRODLUHXQHHQTXrWHDSSURIRQGLHDpWpPHQpH
DX FROOqJH GH O·,OH5RXVVH GDQV OH FDGUH GH OD PLVH HQ ±XYUH GH O·(57e
&,(/HVpOpPHQWVGXFRUSXVLFLDFFXPXOpVVRQWFRQVWLWXpVGHGLIIpUHQWV
VRXVHQVHPEOHV
- OHV UDSSRUWV G·DFWLYLWp GHV VHFWLRQV ELOLQJXHV FRXYUDQW OD SpULRGH
pWDEOLVSDUOHSURIHVVHXUSULQFLSDOGHFHOOHVFL
- GHV VpDQFHV G·KLVWRLUH ILOPpHV HQ FODVVH ELOLQJXH FHOOH GX
SURIHVVHXU SULQFLSDO WURXYDQW OHXU LQVFULSWLRQ GDQV
O·HQVHLJQHPHQW GHV 'LVFLSOLQHV 1RQ /LQJXLVWLTXHV GpVRUPDLV
'1/
- GHV LQWHUYLHZV G·DFWHXUV XQH HQVHLJQDQWH GH ODQJXH FRUVH XQ
SHUVRQQHO ,$7266 LQJpQLHXUV DGPLQLVWUDWLIV WHFKQLFLHQV
RXYULHUV VRFLDX[ GH VHUYLFH HW GH VDQWp O·,35,$ LQVSHFWHXU
SpGDJRJLTXH UpJLRQDOLQVSHFWHXU G·DFDGpPLH GH ODQJXH FRUVH OH
SUpVLGHQW G·XQH DVVRFLDWLRQ GH SDUHQWV G·pOqYHV GH VHQVLELOLWp
RXYHUWHPHQWLGHQWLWDLUH
7RXWHV FHV GRQQpHV RQW pWp UHFXHLOOLHV SDU XQ MHXQH HQTXrWHXU GXUDQW
O·DQQpH VFRODLUH VHORQ XQ SODQ GH WUDYDLO SUpDODEOHPHQW pWDEOL
SDU O·pTXLSH GH UHFKHUFKH '·RUHV HW GpMj QRXV VRPPHV HQ PHVXUH GH
OLYUHUXQFHUWDLQQRPEUHGHFRQVWDWVHWGHUpIOH[LRQV&HX[FLSHUPHWWHQW
GHPHWWUHHQH[HUJXHTXDWUHSKpQRPqQHVPDMHXUV
-
XQLQYHVWLVVHPHQWH[WUrPHPHQWLPSRUWDQWGHFHUWDLQVSHUVRQQHOV
DX VHLQ GH OHXU VWUXFWXUH GH WUDYDLO HQ WHUPHV G·LPSOLFDWLRQ
SURIHVVLRQQHOOHHWVXEVpTXHPPHQWVRFLDOH
XQ HIIHW LQGXLW QRQ PDvWULVp GH WUL GH OD SRSXODWLRQ VFRODLUH HQ
IRQFWLRQGHVUpVXOWDWVREWHQXVDSSDUHPPHQWFRQYDLQFDQWVSRXU
OHVIDPLOOHVOHVSOXVDYHUWLHV
XQ FHUWDLQ ©UHWUDLWª GH O·DXWRULWp GH WXWHOOH TXL WRXW HQ
DFFRPSDJQDQW LQFRQWHVWDEOHPHQW OH PRXYHPHQW GH
GpYHORSSHPHQWGHVVHFWLRQVELOLQJXHVHQFROOqJHQ·\LQYHVWLWSRXU
O·LQVWDQW VDQV GRXWH SDV VXIILVDPPHQW HQ WHUPHV G·LQJpQLHULH
pGXFDWLYH
/·HQVHLJQHPHQWELOLQJXHHQ&RUVH
OD SUpJQDQFH G·XQH IRUPH G·LQVpFXULWp OLQJXLVWLTXH TXL FKH] OHV
HQVHLJQDQWV GH '1/ SHXW LPSDFWHU OD TXDOLWp OLQJXLVWLTXH GHV
HQVHLJQHPHQWV GLVSHQVpV HW ULVTXH GH PDVTXHU XQH SDUWLH GHV
HQMHX[ G·XQH pGXFDWLRQ ELSOXULOLQJXH LQFOXDQW XQH ODQJXH
PLQRUpH
1RXV QRXV SURSRVRQV j SUpVHQW GH SUpVHQWHU OHV SUHPLHUV pOpPHQWV
G·DQDO\VHUHODWLIVjFHX[FL
-
/DFODVVHELOLQJXHXQOLHXG·LQYHVWLVVHPHQWGHO·HQVHLJQDQW
/HV UDSSRUWV pWDEOLV SDU OH SURIHVVHXU SULQFLSDO HQVHLJQDQW G·KLVWRLUH HW
JpRJUDSKLHVHUYLURQWGHSRLQWG·DSSXLjQRWUHDQDO\VH&HX[FLFRXYUHQW
XQH SpULRGH GH QHXI DQV GH O·DQQpH VFRODLUH j O·DQQpH
,OVSUpVHQWHQWXQH[SRVpFRQFLVHWFODLUGHODGpPDUFKHJOREDOHXQ
ELODQV\VWpPDWLTXHGHVDFWLYLWpVLQLWLpHVHWSRXUVXLYLHVHWWpPRLJQHQWG·XQH
DWWLWXGH UHOHYDQW G·XQH VWUDWpJLH LQVFULWH j OD IRLV GDQV O·HQJDJHPHQW
LPPpGLDWHWGDQVOHPR\HQWHUPH/HODQFHPHQWGHVSUHPLqUHVLQLWLDWLYHV
D SHUPLV GH PHWWUH HQ pYLGHQFH XQ FHUWDLQ QRPEUH GH GLIILFXOWpV
FRQFUqWHV TXL VHURQW SURJUHVVLYHPHQW UpVROXHV GDQV OH FDGUH GH
QpJRFLDWLRQVDYHFOHVSHUVRQQHOVQRWDPPHQWODTXHVWLRQGXIOpFKDJHGHV
SRVWHV HQ HIIHW GDQV XQH pFROH ELOLQJXH WRXV OHV HQVHLJQDQWV QH
SOpELVFLWHQWSDVIRUFpPHQWXQWHOSURMHWHWSHXYHQWFRQWLQXHUjRSWHUSRXU
XQH RIIUH PRQROLQJXH PkWLQpH GHSXLV OD ORL GH MDQYLHU GH
O·REOLJDWLRQGHO·RIIUHGHO·HQVHLJQHPHQWH[WHQVLIGXFRUVHREOLJDWLRQIDLWH
jO·eWDWQRQDX[IDPLOOHV2QGHVWLQHUDGRQFOHVSRVWHVRFFXSpVSDUGHV
SHUVRQQHOV ©PRQROLQJXHVª TXH O·RQ SRXUYRLUD ORUVTXH FHV GHUQLHUV OHV
TXLWWHURQWSRXUWHOOHRXWHOOHUDLVRQPDLVWRXMRXUVHQIRQFWLRQGHOHXUOLEUH
FKRL[ /HV pFROHV ELOLQJXHV FRPPH SOXV WDUG OHV VHFWLRQV ELOLQJXHV GHV
FROOqJHV GRLYHQW IDLUH O·REMHW G·XQ FRQVHQVXV SUpDODEOH RIILFLDOLVp SDU OH
FRQVHLO G·pFROH GDQV OH VHFRQG GHJUp OH FRQVHLO G·DGPLQLVWUDWLRQ GH
O·pWDEOLVVHPHQWHQWpULQHODGHPDQGHFROOHFWLYHHWODWUDQVPHWDX[DXWRULWpV
DFDGpPLTXHVSRXUDFFRUG
8Q PRXYHPHQW HVW GRQF ODQFp G·DPSOHXU FHUWDLQH GRQW OD SRXVVpH
V·H[HUFHVXUO·HQVHPEOHGHODVWUXFWXUHHQSDUWLFXOLHUOHVFROOqJHV&HX[FL
HQHIIHWVRQWGHVWLQpVjDFFXHLOOLUDXVHLQG·XQHVHFWLRQDGKRFOHVpOqYHV
LVVXV G·pFROHV ELOLQJXHV GX EDVVLQ GH UHFUXWHPHQW GRQW LOV FRQVWLWXHQW OH
UpFHSWDFOH 2Q QH PDQTXHUD DLQVL SDV GH UHPDUTXHU GDQV OHV UDSSRUWV
(XJqQH);*KHUDUGL3DVFDO2WWDYL
G·DFWLYLWpGpGLpVDX[DQQpHVHWOHU{OHMRXpjODIRLV
SDU O·pFROH SULPDLUH HW SDU OH PLOLWDQWLVPH G·HQVHLJQDQWV TXL RQW JDJQp
ORFDOHPHQW O·HVWLPH HW OD FRQVLGpUDWLRQ GH OHXUV SDLUV HW GH OHXUV
FRQFLWR\HQV $ FRQWUDULR O·RXYHUWXUH GH OD VHFWLRQ ELOLQJXH DX VHLQ GX
FROOqJH JpQpUHUD GHV EHVRLQV G·DOLPHQWDWLRQ HQ DPRQW GH OD ILOLqUH DYHF
QRWDPPHQWO·RXYHUWXUHG·XQHILOLqUHELOLQJXHGDQVO·pFROHGH/·,OH5RXVVH
O·XQHGHVGHX[SOXVLPSRUWDQWHVGH%DODJQH
&RPPHLODpWpLQGLTXpSOXVKDXWRQQHVDXUDLWSDVVHUVRXVVLOHQFHOHU{OH
PDMHXU MRXp SDU OHV DFWHXUV GH WHUUDLQ DX VHLQ GH OHXU VWUXFWXUH
SURIHVVLRQQHOOH /H SURIHVVHXU SULQFLSDO LFL HQVHLJQDQW G·KLVWRLUH
JpRJUDSKLH D VX HQWUDvQHU GDQV VRQ VLOODJH GqV OH GpSDUW XQ FHUWDLQ
QRPEUHGHFROOqJXHVOHVWURLVHQVHLJQDQWVGH/DQJXHHW&XOWXUH&RUVHV
GpVRUPDLV /&& XQH HQVHLJQDQW GH OHWWUHV XQ FROOqJXH GH 6FLHQFHV HW
9LHGHOD7HUUH GpVRUPDLV697 XQGHPDWKVXQHG·(GXFDWLRQ3K\VLTXH
HW 6SRUWLYH GpVURPDLV (36 SOXV WDUG XQ HQVHLJQDQW GH PXVLTXH 2Q
SHXWQRWHUG·DLOOHXUVTXHOHVFRPSpWHQFHVLQLWLDOHVGpWHUPLQHQWGHVFKRL[
GLGDFWLTXHV pFOHFWLTXHV HQ IRQFWLRQ GHV VDYRLUIDLUH HVWLPpV HW GH
O·LQFRQWRXUQDEOH HPSLULVPH GH OD GpPDUFKH HQ O·DEVHQFH GH WRXWH
SODQLILFDWLRQ SUpDODEOH GX GpYHORSSHPHQW GH O·HQVHLJQHPHQW ELOLQJXH DX
QLYHDX LQVWLWXWLRQQHO $LQVL OH SULQFLSDO FRQFHUQp GqV OH GpSDUW EkWLUD
TXDQWjOXLODWRWDOLWpGHVRQFRXUVGHHGDQVODODQJXHDLGpHQFHODSDU
VHVWURLVFROOqJXHVGH/&&/DSURIHVVHXUHG·(36HWVRQFROOqJXHGH697
H[SORUHURQWSOXW{WODYRLHGHO·DGDSWDWLRQGHVSURJUDPPHVLHODSULVHHQ
FRPSWH G·pOpPHQWV SDWULPRQLDX[ GDQV OHV FRQWHQXV G·HQVHLJQHPHQW HQ
ODQJXH IUDQoDLVH XQH SURIHVVHXUH GH OHWWUHV V·HQJDJHUD VXU OD YRLH
FRPSDUDWLVWHjWUDYHUVOHUHFRXUVjO·pW\PRORJLHODWLQHHWODFRQIURQWDWLRQ
SDU FH ELDLV GHV ODQJXHV IUDQoDLVH HW FRUVH WDQGLV TX·XQ SURIHVVHXU GH
PDWKpPDWLTXH IHUD OXL O·H[SpULHQFH LVROpH G·XQ FRXUV XQLTXH %UHI
FRPPH RQ SHXW OH FRQVWDWHU LFL FKDFXQ VH PRELOLVH HQ IRQFWLRQ GH VHV
FRPSpWHQFHV GH VRQ HQYLH SHUVRQQHOOH PDLV DXVVL VDQV GRXWH GH VHV
DSSUpKHQVLRQV HW GH VHV GRXWHV 2Q UHWURXYH HQ WRXW FDV OHV YHUWXV GX
SURMHWSpGDJRJLTXHHWGHVRQHIIHWG·HQWUDvQHPHQWVXUOHVDFWHXUV
2Q QH VDXUDLW GpWDLOOHU GDQV OH FDGUH GH FHWWH EUqYH UHODWLRQ O·HQVHPEOH
GHV PHVXUHV DSSOLTXpHV RQ VH FRQWHQWHUD GRQF G·LQGLTXHU OHV OLJQHV GH
IRUFH GH O·DFWLRQ FROOHFWLYH HW VHV UpVXOWDWV DFWXHOV 2Q UHPDUTXHUD WRXW
G·DERUG O·LPSRUWDQFH GRQQpH SRXU FKDTXH VHFWLRQ FRQVWLWXpH DX ILO GHV
DQVjO·RXYHUWXUHV\VWpPDWLTXHVXUO·HQYLURQQHPHQWLPPpGLDWHWORLQWDLQ
/·HQVHLJQHPHQWELOLQJXHHQ&RUVH
QRWDPPHQW j WUDYHUV OD SUDWLTXH V\VWpPDWLTXH GX 3$( 3URMHW G·$FWLRQ
(GXFDWLYH SXLVGHVSDUFRXUVGHGpFRXYHUWH$LQVLOHVFODVVHVGHHHVH
VSpFLDOLVHURQW SOXW{W VXU O·HQYLURQQHPHQW ORFDO WDQGLV TXH FHOOHV GH HH
V·RULHQWHURQWYHUVO·RXYHUWXUHDXQDWLRQDOHWjO·LQWHUQDWLRQDO
2QQRWHUDpJDOHPHQWXQDXWUHpOpPHQWVWUDWpJLTXHGHO·DFWLRQHQWUHSULVHj
WUDYHUV OD FRQFHUWDWLRQ DYHF OHV pFROHV SULPDLUHV OD FROODERUDWLRQ DYHF
O·pTXLSHGHFLUFRQVFULSWLRQGHSUHPLHUGHJUpTXLSHUPHWWUDO·RUJDQLVDWLRQ
GH UHQFRQWUHV DYHF OHV SDUHQWV G·pOqYHV GHV pFROHV OD YHQXH GH
O·HQVHLJQDQWG·KLVWRLUHJpRJUDSKLHGDQVFHUWDLQV&0GXEDVVLQGHFROOqJH
SRXU GHV GpPRQVWUDWLRQV GH FRXUV GH '1/ /·DFWLRQ SDWLHQWH UpIOpFKLH
HQWLqUHPHQW GpGLpH DX WUDLWHPHQW G·XQH TXHVWLRQ SURIHVVLRQQHOOH
SHUWLQHQWH GDQV VRQ FRQWH[WH VRFLRFXOWXUHO FRQGXLW j O·DFFXPXODWLRQ GH
UpVXOWDWV SRVLWLIV RXYHUWXUH G·XQH VHFRQGH ELOLQJXH HQ H[LVWHQFH
G·XQH ILOLqUH UHJURXSDQW HQYLURQ GHV pOqYHV GX FROOqJH QLYHDX GHV
UpVXOWDWV GH OD ILOLqUH pODUJLVVHPHQW GHV FRPSpWHQFHV GHV HQVHLJQDQWV
FRPPHHQWpPRLJQHQWSDUH[HPSOHO·pYROXWLRQGXSURIHVVHXUG·(36TXL
HQSUHQGODGpFLVLRQGHSUDWLTXHUO·HQVHPEOHGHVHVFRXUVHQ
FRUVH RX ELHQ HQFRUH HQ OD UpDOLVDWLRQGH VpDQFHV FRPSOqWHV
HQPDWKpPDWLTXH
/DOHFWXUHGHO·HQVHPEOHGHFHVUpVXOWDWVSOXW{WSRVLWLIVPHWHQpYLGHQFH
OD FRQVWUXFWLRQ G·XQ SURMHW OH ODQFHPHQW G·XQH G\QDPLTXH YLD XQH
PRELOLVDWLRQ GHV DFWHXUV GH WHUUDLQ HQWHQGXV DX VHQV GH O·DFWHXU VRFLDO
2Q SRXUUD UHWHQLU FH FRQFHSW LVVX GH OD VRFLRORJLH VHORQ &UR]LHU HW
)ULHGEHUJ OHV VWUXFWXUHV VRFLDOHV SRXU GpWHUPLQDQWHV TX·HOOHV
VRLHQW GHV FRPSRUWHPHQWV LQGLYLGXHOV Q·REqUHQW SDV OHV FDSDFLWpV
G·LQLWLDWLYH GHV LQGLYLGXV RQPHQWLRQQHUD pJDOHPHQW 'HURXHW RX
HQFRUH 1yYRD HW -XFTXRLV OH SUHPLHU SRXU OD PLVH HQ
pYLGHQFHG·XQHVWUXFWXUHVFRODLUHGRQWODOpJLWLPLWpVHFRQVWUXLWGpVRUPDLV
jODIRLVSDUOHKDXWHWSDUOHEDVOHVHFRQGSRXUOHVPrPHVUDLVRQVPDLV
DXVVL SRXU VHV UpIOH[LRQV TXDQW DX[ HIIHWV GH OD PRQGLDOLVDWLRQ VXU OHV
V\VWqPHVpGXFDWLIVGHV(WDWVQDWLRQV TXHSDUWDJHOHWURLVLqPH SOXVSUqV
GHQRXVHQILQRQSRXUUDIDLUHUpIpUHQFHj'LDQD/HH6LPRQHWj0DUWLQH
0DWWKH\ SRXU TXL OHV HQVHLJQDQWV GDQV OH FDGUH GH O·DFWXHOOH
PRQGLDOLVDWLRQ ©IRQW SDUWLH GHV DFWHXUV VRFLDX[ TXL FRQVWUXLVHQW HW
FRQILJXUHQWFHWWHQRXYHOOHUpDOLWpª
(XJqQH);*KHUDUGL3DVFDO2WWDYL
/H GpYHORSSHPHQW GH O·HQVHLJQHPHQW ELOLQJXH XQ SLORWDJH
SUREOpPDWLTXH"
/·HQVHPEOHGHFHVUHOHYpVSRXUSRVLWLITX·LODSSDUDLVVHQHGRLWFHSHQGDQW
SDVGLVVLPXOHUO·H[LVWHQFHGHUpHOVSUREOqPHVDXSODQTXDOLWDWLI(QHIIHW
RQOLVWHUDLFLXQFHUWDLQQRPEUHGHGLIILFXOWpVTXHO·RQJUDGXHUDSDURUGUH
G·LPSRUWDQFHWHOOHVTX·HQWRXWFDVHOOHVVHPDQLIHVWHQWjQRV\HX[
/DILOLqUHELOLQJXHXQULVTXHGHVpOHFWLRQPDVTXpH"
/D SUHPLqUH G·HQWUH HOOHV QRXV VHPEOH JpQpUpH SDU O·HIIHW GH ILOLDULVDWLRQ
GH OD VHFWLRQ /HV UpVXOWDWV \ DSSDUDLVVHQW JpQpUDOHPHQW ERQV DLQVL HQ
VXU pOqYHV LQVFULWV VXU O·HQVHPEOH GH OD ILOLqUH
REWLHQQHQWOHVIpOLFLWDWLRQVHWOHVHQFRXUDJHPHQWV2QFRQVWDWHUDDLQVL
TXH WUqV SHX G·pOqYHV LVVXV GH O·LPPLJUDWLRQ IUpTXHQWHQW FHV FODVVHV TXL
WHQGHQW j SUpVHQWHU XQH FHUWDLQH KRPRJpQpLWp HWKQLTXH 6DQV GRXWH QH
V·DJLWLOSDVG·XQHYRORQWpSOXVRXPRLQVFU\SWLTXHGHVHQVHLJQDQWVPDLV
SOXW{W G·XQH VRUWH G·HIIHW LQGXLW GH VHFWLRQV GRQW OD UpSXWDWLRQ DXUDLW
WHQGDQFH j DWWLUHU OHV ERQV pOqYHV XQH IRLV TXH OHV UpVXOWDWV DLGDQW j
GpSDVVHU OHV SUpYHQWLRQV YLVjYLV GH OD ODQJXH PLQRUpH OHV SDUHQWV
UpWLFHQWVVHODLVVHQWSHXjSHXFRQYDLQFUHSDUO·XWLOLWpG·XQHWHOOHIRUPXOH
VFRODLUH /·RQ GpFRXYUH GRQF XQ ULVTXH UpHO GH WUL GHV HQIDQWV HQ
IRQFWLRQGHOHXURULJLQHO·HWKQLTXHVHWURXYDQWDORUVQDWXUHOOHPHQWFRUUpOp
DX VRFLDO 6L ELHQ TXH O·RQ SHXW DYDQFHU O·K\SRWKqVH VXLYDQWH GDQV OH
FDGUHG·XQpWDEOLVVHPHQWHQ]RQHQLIUDQFKHPHQWXUEDLQHQLIUDQFKHPHQW
UXUDOHGDQVOHTXHOOHVSUREOqPHVGHGLVFLSOLQHGHGpVRUGUHQ·DSSDUDLVVHQW
SDVSUpJQDQWVHWHQO·DEVHQFHGHWRXWHSRVVLELOLWpGHVWUDWpJLHLQGLYLGXHOOH
YLD OD GpVHFWRULVDWLRQ OHV SDUHQWV OHV SOXV DYHUWLV YRLUH OHV SOXV DQ[LHX[
SHXYHQW rWUH WHQWpV SRXU GLIIpUHQWHV UDLVRQV SDU XQH VRUWH GH
©GpVHFWRULVDWLRQLQWHUQHªjO·pWDEOLVVHPHQWOXLPrPHDXPR\HQGXFKRL[
GH OD ILOLqUH MXJpH FRPPH OD PHLOOHXUH )HORX]LV /LRW HW 3HUURWRQ
HW WUqV UpFHPPHQW 9DQ =DQWHQ RQW ELHQ PLV HQ H[HUJXH XQH
WHQGDQFH VRFLRORJLTXH ORXUGH TXL FRQVLVWH SRXU OHV IDPLOOHV SDV
VHXOHPHQW OHV SOXV DLVpHV G·DLOOHXUV j PHWWUH HQ DYDQW XQH H[LJHQFH GH
MXVWLFH VRFLDOH pODERUpH j SDUWLU G·XQ SRLQW GH YXH LQGLYLGXHO HW QRQ
FROOHFWLI H[LJHQFH MXVWLILDQW LQ ILQH OH FKRL[ HVWLPp FRPPH OH SOXV
RSSRUWXQSRXUFHOXLRXFHOOHGDQVOHTXHORQSODFHOHVSOXVJUDQGVHVSRLUV
GHUpXVVLWH$FHODLOIDXWDMRXWHUXQHGRQQpHHPSLULTXHGHQDWXUHUpFHQWH
PLVH HQ H[HUJXH SDU 6pEDVWLHQ 4XHQRW TXL VHPEOHUDLW FRQIRUWHU FH TX·LO
/·HQVHLJQHPHQWELOLQJXHHQ&RUVH
IDXW VDQV GRXWH HQUHJLVWUHU FRPPH XQH WHQGDQFH VLJQLILFDWLYH GDQV
O·pFROH SULPDLUH GH OD PrPH YLOOH OD ILOLqUH ELOLQJXH FRPSWDLW HQ
G·pOqYHV G·RULJLQH PDJKUpELQH G·pOqYHV LVVXV GH O·8QLRQ
HXURSpHQQH FRQWUH UHVSHFWLYHPHQW HW SRXU OD ILOLqUH
VWDQGDUG«
/HSLORWDJHGHO·HQVHLJQHPHQWELOLQJXHTXHOU{OHGHO·DXWRULWpGHWXWHOOH"
8QH GHX[LqPH GLIILFXOWp VHPEOH VH UpYpOHU GDQV OD PLVH HQ ±XYUH GHV
VHFWLRQVELOLQJXHVOLpHFHWWHIRLVFLDXSLORWDJHDFDGpPLTXHGHVLQLWLDWLYHV
ORFDOHV(QHIIHWO·RQSHXWFRQVWDWHUGHVSUREOqPHVGHPLVHHQFRKpUHQFH
GH OD SURJUHVVLRQ GH O·RIIUH ELOLQJXH WDQW DX SODQ GH O·pWDEOLVVHPHQW OXL
PrPH TX·j FHOXL GH O·DFDGpPLH GDQV VRQ HQVHPEOH &HX[FL UHOqYHQW GH
GHX[ RUGUHV OD TXHVWLRQ GX YLYLHU G·XQH SDUW FHOOH GH OD FRKpUHQFH GH
O·RIIUHGHO·pWDEOLVVHPHQWG·DXWUHSDUW
/HGLVSRVLWLIOpJDO
&HSHQGDQW DYDQW TXH G·HQ DERUGHU OH FRQWHQX LO FRQYLHQW G·DSSRUWHU
TXHOTXHV SUpFLVLRQV TXDQW DX[ SRXYRLUV SDUWLFXOLHUV GpYROXV j OD &7&
SDUWLFXOLqUHPHQWGHSXLVOHVWDWXWGH,OLQFRPEHHQHIIHWDX[pOXVGH
SUpVHQWHU XQ SODQ GH GpYHORSSHPHQW GH O·HQVHLJQHPHQW GH OD ODQJXH
FHOXLFL SUpSDUp SDU OHV VHUYLFHV GH O·LQVWLWXWLRQ HQ FROODERUDWLRQ DYHF
FHX[ GX UHFWRUDW IDLW O·REMHW GH FRQYHQWLRQV (WDW5pJLRQ OD GHUQLqUH
FRXYUDQW OD SpULRGH 'DQV FHOOHFL O·RQ UHOqYHUD XQ FHUWDLQ
QRPEUH GH PHVXUHV SDUWLFXOLqUHPHQW VLJQLILFDWLYHV LOOXVWUDWLYHV G·XQH
FHUWDLQH YRORQWp GX SRXYRLU ORFDO G·DOOHU GH O·DYDQW HQ PDWLqUH GH
SURPRWLRQ GH OD ODQJXH ORFDOH 2Q UHOqYHUD DLQVL OHV PHVXUHV VXLYDQWHV
UHODWLYHPHQWIRUWHVTXDQWjOHXULPSDFWVRFLRFXOWXUHO
- ODJpQpUDOLVDWLRQjO·LVVXHGHODSpULRGHFRXYUDQWODFRQYHQWLRQGH
O·RIIUHG·HQVHLJQHPHQWELOLQJXHHQPDWHUQHOOH S
- ©HQDXPRLQVXQWLHUVGHVpOqYHVGH&3HWXQTXDUWGHVpOqYHV
GH&(GHYUDLWEpQpILFLHUG·XQHQVHLJQHPHQWELOLQJXHª S
)ORULOLQJXD OHV FDKLHUV GH O·(57e Q $FWHV GX ZRUNVKRS GX RFWREUH
8QLYHUVLWjGL&RUVLFD3DVTXDOH3DROL805&156/,6$&5'3GH&RUVH
(XJqQH);*KHUDUGL3DVFDO2WWDYL
-
©OHVFROOqJHVDXURQWjDFFXHLOOLUDXPRLQVGHVpOqYHVGDQVGHV
ILOLqUHVELOLQJXHVHQ jSDUWLUG·XQSRXUFHQWDJHDFWXHOGH
HQVL[LqPH ª S
/·HQVHLJQHPHQWVHFRQGDLUHVXSpULHXUUHVWHSRXUO·LQVWDQWGLIILFLOHPHQWSULV
HQFRPSWH'HWRXVOHVGHJUpVGHO·HQVHLJQHPHQWF·HVWVXUFHWHUUDLQTXH
OD VLWXDWLRQ GHPHXUH OD SOXV DOpDWRLUH ,O QH VHPEOH SDV SRXU O·LQVWDQW
VXVFLWHU OD SUpRFFXSDWLRQ PDMHXUH GHV pOXV DSSDUHPPHQW SOXV VRXFLHX[
GHVWDELOLVHUHWGHFRQIRUWHUO·H[LVWDQWTXHGHVHODQFHUGDQVXQHSROLWLTXH
GH PDVVLILFDWLRQ SRXU ODTXHOOH RQ QH GLVSRVH SDV HQFRUH GH OD UHVVRXUFH
QpFHVVDLUH
'HV GLVSRVLWLIV H[LVWHQW SRXUWDQW DXMRXUG·KXL GX F{Wp GH O·LQVWLWXWLRQ
VFRODLUHGHQDWXUHjDOLPHQWHUOHVEHVRLQVJpQpUpVSDUODPRQWpHHQFKDUJH
GXGLVSRVLWLI
- O·H[LVWHQFH GHSXLV O·DQQpH G·XQ FRQFRXUV GH
UHFUXWHPHQW GHV SURIHVVHXUV GHV pFROHV ELOLQJXHV GRQW OH
SRXUFHQWDJH SHXW PRQWHU j GHV SRVWHV RXYHUWV VHORQ OHV
DQQpHV
- O·H[LVWHQFHG·XQHKDELOLWDWLRQjHQVHLJQHUGDQVOHELOLQJXHGDQVOH
SUHPLHU GHJUp FRQVWUXLWH VXU OH PRGqOH GH O·KDELOLWDWLRQ j
HQVHLJQHUOHVODQJXHVpWUDQJqUHV
- OD PLVH HQ ±XYUH G·XQH KDELOLWDWLRQ GHVWLQpH DX[ SHUVRQQHOV GX
VHFRQGGHJUpVHGpURXODQWHQGHX[WHPSV
- GHVVWDJHVGHIRUPDWLRQRXSOXW{WG·DXWRIRUPDWLRQjGHVWLQDWLRQ
GHV HQVHLJQDQWV VH GHVWLQDQW DX[ FODVVHV ELOLQJXHV DLQVL FHWWH
DQQpH WURLV MRXUQpHV XQH SDU WULPHVWUH VRQW UHVSHFWLYHPHQW
GpGLpHVDX[GLVFLSOLQHVVXLYDQWHVKLVWRLUHJpRJUDSKLH(36697
HWPDWKpPDWLTXH
- XQVLWHDFDGpPLTXHGHPXWXDOLVDWLRQGHVSUDWLTXHVQRWDPPHQWHQ
PDWKpPDWLTXHDUpFHPPHQWpWpPLVHQSODFH
- OD SXEOLFDWLRQ G·RXYUDJHV G·KLVWRLUH HW GH PDWKpPDWLTXH DVVXUpH
SDUOH&5'3SRXUWRXVOHVQLYHDX[G·HQVHLJQHPHQWGXFROOqJH
&IFLUFXODLUHGXRFWREUH%2(1QGXQRYHPEUH
&IDUUrWpUHFWRUDOGXMXLQ
/·HQVHLJQHPHQWELOLQJXHHQ&RUVH
/·HQVHLJQHPHQWGX&RUVHVDSURJUHVVLRQHQDQV
6RXUFH,16(((FRQRPLHFRUVHQ
(OpPHQWVFRQWH[WXHOVDQVDSUqVOHGRFXPHQW© 6WUDWpJLHGHO·(WDW ª
4XDUWH*LRUQDWH GHL'LULWWL /LQJXLVWLFLPDJJLR
8QLYHUVLWj GL7HUDPR/(0,WDOLD
6HFRQGGHJUpOHVFKLIIUHVGHO·HQVHLJQHPHQWSXEOLFHWGHO·HQVHLJQHPHQWSULYpGDQVO·DFDGpPLH
VRXUFHUHFWRUDWGH&RUVHDFFRUVHIU
(XJqQH);*KHUDUGL3DVFDO2WWDYL
%LODQVWDWLVWLTXHGHO·HQVHLJQHPHQWGHODODQJXHFRUVHDQQpH
VRXUFHUHFWRUDWGH&RUVHDFFRUVHIU
'DQVOHSUHPLHUGHJUp
KHXUHVKHEGRPDGDLUHVGHODQJXHjWRXVOHVQLYHDX[
pOqYHVVRLWUHoRLYHQWXQHQVHLJQHPHQWGHFRUVHGRQW
RQWPRLQVGHKHXUHV HQYLURQK RQWKHXUHV
HW FHX[ GX ELOLQJXH VXLYHQW RXWUH OHV KHXUHV GH FRUVH
O·HQVHLJQHPHQWGHGLVFLSOLQHVHQODQJXHpOqYHVVHXOHPHQWQ·RQWSDV
G·HQVHLJQHPHQWSURSRVp
pOqYHV QHVXLYHQWSDVO·HQVHLJQHPHQWTXDQGLOHVWRIIHUWHWVH
YRLHQWSURSRVHUG·DXWUHVDFWLYLWpV
'DQVOHVHFRQGGHJUp
$XWRWDOpOqYHV pWXGLHQWOHFRUVHGRQWHQFROOqJH
HQ O\FpH HW HQ O\FpH SURIHVVLRQQHO
)RUPHVG·HQVHLJQHPHQWHQ/9
- HQ /9 SRVVLEOH VHXOHPHQW GDQV FHUWDLQHV VHFWLRQVGHV O\FpHV
- HQRSWLRQIDFXOWDWLYHGHKHXUHV&·HVWODVHXOHSRVVLELOLWp
RIIHUWHHQHHWHHWHQ/3
(QVHLJQHPHQWELOLQJXHSDULWDLUH
- (QVHLJQHPHQWSULPDLUHpOqYHV
-
HQVHLJQHPHQW VHFRQGDLUH pOqYHV \ FRPSULV FHX[
GHVHFWLRQPpGLWHUUDQpHQQH pWXGLDQWOHFRUVHXQH/9URPDQH
LWDOLHQRXHVSDJQROHWOHODWLQ
7URLVTXHVWLRQVSRVpHVDXV\VWqPHREOLJDWLRQSODQLILFDWLRQHWUpJXODWLRQ
0DLVLOH[LVWHGHVFRQWUDGLFWLRQVGLIILFLOHVjVXUPRQWHUHQO·pWDWDFWXHOGHV
FKRVHV DLQVL VL O·DFDGpPLH GLVSRVH j SUpVHQW G·HQYLURQ SURIHVVHXUV
KDELOLWpV FH TXL HVW ORLQ G·rWUH QpJOLJHDEOH OHV UHVVRXUFHV SHXYHQW VH
UHWURXYHU WUqV LQpJDOHPHQW UpSDUWLHV 3DU H[HPSOH XQ O\FpH EDVWLDLV
FRPSWHDFWXHOOHPHQWGL[QHXIHQVHLJQDQWVKDELOLWpVTXLDWWHQGHQWO·DUULYpH
G·XQH JpQpUDWLRQ G·pOqYHV LVVXV GHV FROOqJHV j FRQGLWLRQ TXH O·RQ SXLVVH
DYRLU OH QRPEUH G·pOqYHV VXIILVDQW SRXU FRQVWLWXHU DX PRLQV XQH
VHFWLRQ« (Q RXWUH OHV VWUDWpJLHV LQGLYLGXHOOHV QH VRQW SDV j H[FOXUH
/·HQVHLJQHPHQWELOLQJXHHQ&RUVH
O·KDELOLWDWLRQSHXWVHUYLUjFKDQJHUG·pWDEOLVVHPHQWVDQVTXHO·RQVRXKDLWH
YUDLPHQW SDVVHU j O·HQVHLJQHPHQW ELOLQJXH GDQV OHTXHO RQ V·LPSOLTXH
WRXMRXUVSDUFKRL[MDPDLVSDUREOLJDWLRQ
/H IDLW GH ODLVVHU OHV HQVHLJQDQWV V·RUJDQLVHU HQWUH HX[ GDQV OH FDGUH GH
O·pWDEOLVVHPHQWDSHUPLVGDQVXQSUHPLHUWHPSVGHPRELOLVHUOHVpQHUJLHV
/·H[HPSOH GH O·,OH5RXVVH OH GpPRQWUH DPSOHPHQW ,QFRQWHVWDEOHPHQW
O·pGXFDWLRQVHSLORWHWRXWDXWDQWDXQLYHDXKRUL]RQWDOTX·DXQLYHDXYHUWLFDO
1yYRD'HURXHW'HURXHW'XWHUFT &HSHQGDQWjWURS
ODLVVHUO·LQLWLDWLYHDX[DFWHXUVORFDX[RQSHXWDOOHUDXGHYDQWGHGLIILFXOWpV
TXDVLLQVXUPRQWDEOHV3DUH[HPSOHOHVFKRL[GHVPDWLqUHVVHGpWHUPLQHQW
HQ IRQFWLRQ GH O·LPSOLFDWLRQ GHV SHUVRQQHOV OHV '1/ SULYLOpJLpHV VRQW
SRXUO·LQVWDQWO·KLVWRLUHHWJpRJUDSKLHO·(36OHV697OHVPDWKpPDWLTXHV
HW OD WHFKQRORJLH 2Q D GRQF DIIDLUH j XQ pYHQWDLO UHODWLYHPHQW ODUJH GH
GLVFLSOLQHVFHTXLDSULRULSDUDvWSOXW{WSRVLWLI0DLVXQHPXWDWLRQSHXW
SURYRTXHUXQHVLWXDWLRQ GHFDUHQFHG·XQHDQQpHVXUO·DXWUH'HSOXVOHV
VWDJHV GH IRUPDWLRQ GRQW OD TXDQWLWp Q·HVW ILQDOHPHQW SDV QpJOLJHDEOH
GHPHXUHQWVRXPLVDXOLEUHFKRL[GHO·LQGLYLGX$WURSLQVLVWHUVXUO·LGpHGH
GpWHUPLQDWLRQ LQGLYLGXHOOH j HQ SRUWHU OD ORJLTXH MXVTX·j VHV
FRQVpTXHQFHVXOWLPHVRQILQLWSDUFRXULULQVWLWXWLRQQHOOHPHQWOHULVTXHGH
O·LQFRKpUHQFH 6L OD SODQLILFDWLRQ GH O·DFFRPSDJQHPHQW GHV VHFWLRQV
ELOLQJXHV SDUDvWFRQYHQDEOHPHQW DVVXUpH HQ PDWLqUHG·RIIUH O·DEVHQFH GH
PHVXUHIRUWHHQPDWLqUHGHUpJXODWLRQREqUHODSHUWLQHQFHGXGLVSRVLWLIHW
FRQVWLWXHXQHPHQDFHSRVVLEOHjPR\HQWHUPH
/DFRPSpWHQFHGHO·HQVHLJQDQWELOLQJXHLQVpFXULWpOLQJXLVWLTXHHWGLJORVVLH"
'HUQLqUH GLIILFXOWp HW QRQ GHV PRLQGUHV OD TXHVWLRQ GH OD FRPSpWHQFH
SURIHVVLRQQHOOH GH O·HQVHLJQDQW GH '1/ 'DQV OHV pWDEOLVVHPHQWV
FRQFHUQpVOHVSURIHVVHXUVGHFRUVHVRQWVRXYHQWDVVRFLpVjOHXUVFROOqJXHV
GHV GLVFLSOLQHV SRXU OHV DLGHU DX SODQ OLQJXLVWLTXH UHJLVWUH GH ODQJXH
WRXUQXUHVGHSKUDVHVOH[LTXHVSpFLDOLVp $O·,OH5RXVVHXQHHQVHLJQDQWH
EpQpILFLH SDU H[HPSOH G·XQH KHXUH VXSSOpPHQWDLUH KHEGRPDGDLUH SRXU
DVVLVWHU VHV SDLUV 0DLV FHOOHFL LQWHUURJpH SDU O·HQTXrWHXUFRQVLGqUH SDU
H[HPSOHTXHO·KDELOLWDWLRQQ·HVWSDVDVVH]VpOHFWLYHTXHVHVFROOqJXHVVRQW
ELHQWURSOLYUpVjHX[PrPHVTXHODFKDUJHGHWUDYDLOSHXWGHYHQLUSDUIRLV
WURS LPSRUWDQWH SRXU GHV LQGLYLGXV TXL GRLYHQW WRXW j OHXU SURSUH
HQJDJHPHQW2QSHXWG·DLOOHXUVFRQVWDWHUjO·H[DPHQGHVVpDQFHVILOPpHV
OD SUpJQDQFH G·XQH IRUPH G·LQVpFXULWp OLQJXLVWLTXH 3DU H[HPSOH
(XJqQH);*KHUDUGL3DVFDO2WWDYL
O·HQVHLJQDQW G·KLVWRLUH GDQV XQH VpDQFH ILOPpH HQ XWLOLVH XQH
PDXYDLVHSURQRQFLDWLRQG·XQQpRORJLVPHDORUVTX·LODOXLPrPHSDUWLFLSp
j O·DGDSWDWLRQ GH O·RXYUDJH GH H GDQV OHTXHO VH WURXYH FRQVLJQp OH
QRXYHDX Op[qPH QRUPDOLVp« /·DSDUWp TX·LO GpYHORSSH j XQ PRPHQW
GRQQpDYHFO·HQTXrWHXUDSSDUDvWpJDOHPHQWVLJQLILFDWLIGHFHSRLQWGHYXH
LQVLVWDQW DYHF OXL VXU O·XVDJH VSRQWDQp GH OD ODQJXH LO OXL VHPEOH
LQGLVSHQVDEOHGHFUpHUXQFOLPDWGHFRQILDQFHVLEHVRLQHQSDVVDQWSDUOH
FRQWDFWGHVODQJXHVRXSDUXQXVDJHGLVRQVIDPLOLHUGXFRUVH LOSDUOHGH
©ODQJXH XVXHOOH HQILQ GH OD UXH«ª $ O·pYLGHQFH LO Q·D UHoX DXFXQH
IRUPDWLRQ WKpRULTXH TXDQW j O·pODERUDWLRQ OLQJXLVWLTXH 7KLHUV HW
DVVXPHVDQVVRXUFLOOHUODFRQWUDGLFWLRQHQWUHO·H[LJHQFHVFRODLUHHQPDWLqUH
OLQJXLVWLTXH GDQV VD GLVFLSOLQH HQ ODQJXH IUDQoDLVH HW OD FRQYLYLDOLWp OD
FRQILDQFHjREWHQLUGHO·pOqYHYLDXQUHJLVWUHGHSUR[LPLWpGDQVO·XVDJHGX
YHUQDFXODLUH 6L ELHQ TX·DX OLHX GH VH WRXUQHU YHUV OHV FDWpJRULHV GH
O·DXVEDX NORVVLHQQH 7KLHUV LELG LO FKRLVLW SOXW{W GH YHUQDFXODULVHU VRQ
PpGLDGHGLIIXVLRQGHVVDYRLUVGLVFLSOLQDLUHV
6L O·RQ D UHFRXUV DX[ UHVVRXUFHV GH OD GLGDFWLTXH GHV ODQJXHV RQ SHXW
FRQVWDWHU XQH DEVHQFH GH PDvWULVH TXL WLHQW VDQV GRXWH j XQH FHUWDLQH
LJQRUDQFH GHV HQMHX[ OLQJXLVWLTXHV j O·±XYUH GDQV XQH '1/ 2Q SRXUUD
IDLUHUpIpUHQFHLFLDX[WUDYDX[GH/DXUHQW*DMRHQPRELOLVDQWQRWDPPHQW
OD QRWLRQ GH ©VpTXHQFHª HQYLVDJpH VRXV O·DQJOH LPPHUVLI
SUDJPDWLTXH RX UpIOH[LI GDQV OD ©VpTXHQFH LPPHUVLYHª LELG
O·LQWHUDFWLRQ HQVHLJQpHQVHLJQDQW QH V·DSSHVDQWLW JXqUH VXU OD IRUPH
OLQJXLVWLTXHDXEpQpILFHGXFRQWHQXVpPDQWLTXHTXHOOHTXHVRLWODODQJXH
XWLOLVpH \ FRPSULV HQ DGPHWWDQW GHV PRPHQWV LQWHUOHFWDX[ GDQV OD
©VpTXHQFHSUDJPDWLTXHª LELG O·RFFXUUHQFHFRQYHUVDWLRQQHOOHFRQGXLWj
XQJXLGDJHREOLJDWRLUHGHODFRPPXQLFDWLRQHQIRQFWLRQGHODFRQWUDLQWH
PpWDOLQJXLVWLTXH GDQV OD ©VpTXHQFH UpIOH[LYHª LELG HQILQ SULRULWp HVW
GRQQpH j OD IRUPH GDQV O·LQWHUDFWLRQ YHUEDOH 2U RQ GpFRXYUH GDQV OHV
ILOPV YLVLRQQpV XQ UHFRXUV V\VWpPDWLTXH j OD VpTXHQFH LPPHUVLYH VDQV
TX·jDXFXQPRPHQWQHVRLWVROOLFLWpOHQLYHDXSUDJPDWLTXHDLQVLjWUDYHUV
GHVPRPHQWVGHV\QWKqVHO·HQVHLJQDQWSRXUUDLWVHPRQWUHUSOXVH[LJHDQW
TXDQW j OD TXDOLWp GH OD SURGXFWLRQ OLQJXLVWLTXH HQ GHPDQGDQW SDU
H[HPSOHDX[pOqYHVGHSURFpGHUjXQSRLQWG·pWDSHSDUODFRQVWUXFWLRQGH
SKUDVHV RUDOHV RUGRQQpHV VWUXFWXUpHV GDQV / LO FRQWULEXHUDLW j
GLPLQXHU OD GLVWDQFH TX·LO D OXLPrPH LQVWDOOpH VDQV V·HQ UHQGUH FRPSWH
/·HQVHLJQHPHQWELOLQJXHHQ&RUVH
HQWUH O·pFULW R LO REWLHQW GH WUqV ERQV UpVXOWDWV HW O·RUDO R OHV DFWHXUV
VXELVVHQWXQHVLWXDWLRQGHGLJORVVLHGDYDQWDJHTX·LOVQHWHQWHQWGHODJpUHU
5pIpUHQFHV
%$55($8-HDQ0LFKHO /·pFROH HWOHVWHQWDWLRQV UpDFWLRQQDLUHV5pIRUPHVHWFRQWUHUpIRUPHV
GDQVOD)UDQFHG·DXMRXUG·KXL3DULVpGLWLRQVGHO·DXEH
%5$8'(/ )HUQDQG /·LGHQWLWp GH OD )UDQFH (VSDFH HW KLVWRLUH 3DULV $UWKDXG
)ODPPDULRQ
&$%$1(/3DWULFN©/DQDWLRQHVWXQOLYUH/HVWRXUVGHODQDWLRQSDUOHPDQXHO
GDQV O·(XURSH GX ;,;H VLqFOHª ,Q 9(5'(/+$1%285*$'( 0LFKqOH
%$.+28&+( %pDWULFH %287$1 3LHUUH HW e7,(11( 5LFKDUG pGV /HV PDQXHOV
VFRODLUHVPLURLUVGHODQDWLRQ"3DULV/·+DUPDWWDQSS
&52=,(50LFKHO )5,('%(5*(UKDUG/·DFWHXUHWOHV\VWqPH3DULV6HXLO
'(528(7-HDQ/RXLVeFROHHWMXVWLFH3DULV0pWDLOOp
'(528(7-HDQ/RXLVHW'87(5&4<YHV/·pWDEOLVVHPHQWVFRODLUH3DULV(6)
'8%(7 )UDQoRLV ©eFROH OD TXHVWLRQ GX VHQVª ,Q 58$12%25%$/$1 -HDQ
&ODXGH pG eGXTXHUHW)RUPHU/HVFRQQDLVVDQFHVHWOHVGpEDWVHQpGXFDWLRQHWHQIRUPDWLRQ
$X[HUUHeGLWLRQV6FLHQFHVKXPDLQHVSS
'858%(//$70DULHHW9$1 =$17(1$JQqV6RFLRORJLHGHO·pFROH3DULV$UPDQG
&ROLQ
)(/28=,6*HRUJHV/,27)UDQoRLVHHW3(552721-RHOOH©/DVpJUpJDWLRQHWKQLTXH
DXFROOqJHª$UWLFOHWLUpGXUDSSRUWGHUHFKHUFKHeFROHYLOOHVpJUpJDWLRQ/DSRODULVDWLRQVRFLDOH
HWHWKQLTXHGHVFROOqJHVDQVO·DFDGpPLHGH%RUGHDX[&$',6/$36$&8QLYHUVLWpGH%RUGHDX[
-XLQZZZLVODPODLFLWHRUJ,0*SGI*)HORX]LVSGI
)(552 0DUF /·KLVWRLUH VRXV VXUYHLOODQFH 6FLHQFH HW FRQVFLHQFH GH O·KLVWRLUH 3DULV )ROLR
KLVWRLUH
*$-2/DXUHQW,PPHUVLRQELOLQJXLVPHHWLQWHUDFWLRQHQFODVVH3DULV'LGLHU/$/
*$61,(57KLHUU\©/HORFDO8QHHWGLYLVLEOHª,Q125$3LHUUHpG /HVOLHX[GH
PpPRLUH3DULV*DOOLPDUG9RO,,,WRPHSS
*+(5$5',(XJqQH);©'H9HUFLQJpWRUL[j6DPEXFXFFLRUHPDUTXHVVXUXQH
KLVWRLUHODYLVVLHQQHGHOD&RUVHjOD%HOOHeSRTXH,QWURGXFWLRQjOD3HWLWH+LVWRLUHGH
OD&RUVHSDU+HQUL+DQW]HW5REHUW'XSXFKª6WUDGH$MDFFLR$OELDQDSS
(XJqQH);*KHUDUGL3DVFDO2WWDYL
-8&482,6*X\©/·XQLILFDWLRQHXURSpHQQHHWODTXHVWLRQGHVODQJXHVª,Q/DQJXH
QDWLRQDOHHWPRQGLDOLVDWLRQHQMHX[HWGpILVSRXUOHIUDQoDLV$FWHVGX6pPLQDLUHRUJDQLVpSDU
OH&RQVHLOVXSpULHXUGHODODQJXHIUDQoDLVHGHOD&RPPXQDXWpIUDQoDLVHGH%HOJLTXH
OH &RQVHLO VXSpULHXU GH OD ODQJXH IUDQoDLVH GH )UDQFH HW OH &RQVHLO GH OD ODQJXH
IUDQoDLVH DX 4XpEHF OHV HW RFWREUH j 4XpEHF
ZZZFVOIJRXYTFFDSXEOLFDWLRQV3XE))FKKWPOSS
/(*(1'5(-DFTXHV 6pQDWHXU 5DSSRUWG·LQIRUPDWLRQIDLWDXQRPGHODFRPPLVVLRQGHV
$IIDLUHV FXOWXUHOOHV VXU O·HQVHLJQHPHQW GHV ODQJXHV pWUDQJqUHV HQ )UDQFH $QQH[H DX SURFqV
YHUEDOGHODVpDQFHGXQRYHPEUHQ
/((6,021 'LDQD 0$77+(< 0DUWLQH ©3UpIDFHª ,Q $OWpULWp HW IRUPDWLRQ GHV
HQVHLJQDQWVQRXYHOOHVSHUVSHFWLYHV5HYXH/,',/Q*UHQREOH38*SS
1292$$QWRQLR©(WDWGHVOLHX[GHO·pGXFDWLRQFRPSDUpHSDUDGLJPHVDYDQFpHV
HW LPSDVVHVª ,Q 6,527$ 5pJLQH pG $XWRXU GX FRPSDUDWLVPH HQ pGXFDWLRQ 3DULV
38)SS
2=28) 0RQD /·pFROH GH OD )UDQFH (VVDLV VXU OD 5pYROXWLRQ O·XWRSLH HW O·HQVHLJQHPHQW
3DULV*DOOLPDUG
2=28)0RQD&RPSRVLWLRQIUDQoDLVH5HWRXUVXUXQHHQIDQFHEUHWRQQH3DULV*DOOLPDUG
32&+(%HUQDUG/HVODQJXHVPLQRULWDLUHVHQ(XURSH*UHQREOH38*
7(55$/ +HUYp /·pFROH GH OD 5pSXEOLTXH 8QH DQWKRORJLH 3DULV &HQWUH
QDWLRQDOGHGRFXPHQWDWLRQSpGDJRJLTXH
7+,(56 -DFTXHV ©eODERUDWLRQ OLQJXLVWLTXH HW LQGLYLGXDWLRQ OLQJXLVWLTXHª ,Q
/·LQGLYLGXDWLRQVRFLROLQJXLVWLTXHFRUVH&RU,(&²*5(&62²,5('SS
7+,(66($QQH0DULH,OVDSSUHQDLHQWOD)UDQFH/·H[DOWDWLRQGHVUpJLRQVGDQVOHGLVFRXUV
SDWULRWLTXH3DULVpGLWLRQVGHOD0DLVRQGHVVFLHQFHVGHO·KRPPH
9$1 =$17(1$JQqV&KRLVLUVRQpFROH6WUDWpJLHVIDPLOLDOHVHWPpGLDWLRQVORFDOHV3DULV
38)/HOLHQVRFLDO
'DOODGLJORVVLDDOELOLQJXLVPR
QRWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
0DUFR7DPEXUHOOL
8QLYHUVLW\&ROOHJH/RQGRQ
Ë ULVDSXWR TXDQWR VLD GLIILFLOH GHWHUPLQDUH FRQ HVDWWH]]D OH FRQGL]LRQL VXIILFLHQWL SHU DVVLFXUDUH
O·LQYHUVLRQHGHOODGHULYDOLQJXLVWLFD1RQRVWDQWHFLzO·LQWURGX]LRQHGHOODOLQJXDORFDOHRGLPLQRUDQ]DQHO
VLVWHPDVFRODVWLFRqDPSLDPHQWHDFFHWWDWDFRPHXQDGHOOHSRFKHFRQGL]LRQLQHFHVVDULHSHULOPDQWHQLPHQWR
GL WDOH OLQJXD ROWUH DG HVVHUH XQ GLULWWR SDUWLFRODUPHQWH GLIILFLOH GD RWWHQHUH )DFHQGR ULIHULPHQWR DL
FRQFHWWL GL ´GLJORVVLDµ H ´ELOLQJXLVPRµ TXHVWR DUWLFROR HVDPLQD OH GLQDPLFKH FRPXQLFDWLYH FKH
FDUDWWHUL]]DQROHFRPXQLWjOLQJXLVWLFKHG·,WDOLDSRQHQGRVLLOGRSSLRVFRSRGL L IRUQLUHXQDWDVVRQRPLD
FKHLQVHULVFDWDOLGLQDPLFKHLQXQFRQWHVWRSLDPSLRH LL HVDPLQDUHOHLPSOLFD]LRQLGLWDOHWDVVRQRPLD
LQUHOD]LRQHDOODGHULYDOLQJXLVWLFDHGDOODVXDHYHQWXDOHLQYHUVLRQH4XHVWDDQDOLVLGLPRVWUDFRPHO·,WDOLD
VLDSDVVDWDGDXQDVLWXD]LRQHGLVWDELOLWj GLJORVVLD DGXQDGLGHULYDOLQJXLVWLFD ELOLQJXLVPRYHUWLFDOH
H ULYHOD GXQTXH O·LPPHGLDWD QHFHVVLWj GL LQVHULUH OH OLQJXH ORFDOL QHOOH VFXROH FRPH SULPR SDVVR YHUVR
O·LVWLWX]LRQH GL XQ ELOLQJXLVPR GL WLSR ´RUL]]RQWDOHµ DWWUDYHUVR LO TXDOH JOL LGLRPL ORFDOL SRVVDQR
VRWWRIRUPDGLOLQJXHUHJLRQDOLFRHVLVWHUHDOLYHOORLVWLWX]LRQDOHFRQODOLQJXDGL6WDWRSXUQRQHQWUDQGRLQ
FRQIOLWWRFRQHVVD
,OHVWpYLGHPPHQWGLIILFLOHGHGpWHUPLQHUDYHFSUpFLVLRQOHVFRQGLWLRQVVXIILVDQWHVSRXUDVVXUHUO·LQYHUVLRQ
GH OD GpULYH OLQJXLVWLTXH &HSHQGDQW O·LQWURGXFWLRQ GH OD ODQJXH ORFDOH RX PLQRULWDLUH GDQV OH V\VWqPH
VFRODLUH HVW ODUJHPHQW DFFHSWpH FRPPH O·XQH GHV UDUHV FRQGLWLRQV QpFHVVDLUHV SRXU OH PDLQWLHQ GH WHOOH
ODQJXH &H GURLW HVW SDUWLFXOLqUHPHQW GLIILFLOH j REWHQLU O·DLGH GHV QRWLRQV GH ©GLJORVVLHª HW GH
©ELOLQJXLVPHª FHW DUWLFOH FRQVLGqUH OHV IRUFHV G\QDPLTXHV HW FRPPXQLFDWLYHV TXL FDUDFWpULVHQW OHV
FRPPXQDXWpVOLQJXLVWLTXHVG·,WDOLHHWVHIL[HXQGRXEOHREMHFWLI L IRXUQLUXQHWD[RQRPLHTXLLQWqJUH
FHVIRUFHVG\QDPLTXHVGDQVXQFRQWH[WHSOXVDPSOHHW LL H[DPLQHUOHVLPSOLFDWLRQVGHFHWWHWD[RQRPLH
HQUHODWLRQDYHFODGpULYHOLQJXLVWLTXHHWVRQLQYHUVLRQpYHQWXHOOH&HWWHDQDO\VHGpPRQWUHTXHO·,WDOLHHVW
SDVVpHG·XQH VLWXDWLRQ VWDEOH GLJORVVLH jXQHVLWXDWLRQGHGpULYHOLQJXLVWLTXH ELOLQJXLVPHYHUWLFDO HW
UpYqOHGRQFODQpFHVVLWpG·LQVpUHUGDQVO·LPPpGLDWOHVODQJXHVORFDOHVGDQVOHVpFROHVFRPPHSUHPLHUSDV
YHUVO·LQVWLWXWLRQG·XQELOLQJXLVPHGHW\SH©KRUL]RQWDOªjWUDYHUVOHTXHOOHVLGLRPHVORFDOHVSXLVVHQWVRXV
IRUPHGHODQJXHVUpJLRQDOHVFRH[LVWHUDXQLYHDXLQVWLWXWLRQQHODYHFODODQJXHG·eWDWVDQVSRXUDXWDQW
HQWUHUHQFRQIOLWDYHFFHOOHFL
,QWURGX]LRQH
1RQRVWDQWH VLD VWDWR RJJHWWR GL QXPHURVH ULIRUPXOD]LRQL LO FRQFHWWR GL
´GLJORVVLDµ q EDVDWR VX GXH FDUDWWHUVWLFKH IRQGDPHQWDOL )HUJXVRQ
)LVKPDQ RYYHUR L O·XVRGLGXHFRGLFLOLQJXLVWLFLVHSDUDWLDOO·LQWHUQR
GHOOD VWHVVD VRFLHWj H LL OD VHSDUD]LRQH GL WDOL FRGLFL LQ EDVH DOOD ORUR
/·DXWRUH ULQJUD]LD JOL RUJDQL]]DWRUL H L GHOHJDWL GHOOH 4XDUWH *LRUQDWH GHL 'LULWWL
/LQJXLVWLFL SHU LO SURILFXR VFDPELR GL RSLQLRQL VXO PDQWHQLPHQWR OLQJXLVWLFR 5LQJUD]LD
DOWUHVu(LULQL6DQRXGDNL 3K' H$OHVVDQGUR$ULROLSHUOHXWLOLRVVHUYD]LRQLVXOWHVWR
0DUFR7DPEXUHOOL
IXQ]LRQH 7DOH VHSDUD]LRQH LPSOLFD O·HVLVWHQ]D GL XQD FRVLGHWWD OLQJXD
´DOWDµ GHWWDOLQJXD´+µGDOO·LQJOHVH´KLJKµ XVDWDQHOFRQWHVWRUHOLJLRVR
QHOO·LVWUX]LRQH H LQ DOWUL DPELWL GHOOD FXOWXUD ´DOWDµ R ´XIILFLDOHµ HG XQD
OLQJXD ´EDVVDµ GHWWD OLQJXD ´/µ GDOO·LQJOHVH ´ORZµ XVDWD QHJOL VFDPEL
TXRWLGLDQLLQIDPLJOLDHDOODYRUR,QXQDVHULHGLDUWLFROL+XGVRQ
ULFRUGD SHUz XQ·DOWUD FDUDWWHULVWLFD GHWHUPLQDQWH GHOOD GLJORVVLD
RYYHURODWRWDOHDVVHQ]DGL+FRPHOLQJXDPDWHUQD(JOLIDQRWDUHFRPH
TXHVWDFDUDWWHULVWLFDVLDVWDWDVSHVVRGLPHQWLFDWDQHLODYRULFKHVHJXLURQR
OD GHILQL]LRQH RULJLQDOH GL )HUJXVRQ HV )LVKPDQ H ULFRUGD FKH ²
QHO VHQVR SL FODVVLFR H D VXR DYYLVR SL VLJQLILFDWLYR GHO WHUPLQH ² OD
GLJORVVLDQRQqGHWHUPLQDWDVROWDQWRGDOODFRPSDUWLPHQWD]LRQHIXQ]LRQDOH
GL GXH FRGLFL OLQJXLVWLFL PD DQFKH GDO IDWWR FKH OD OLQJXD + HVLVWH VROR
FRPH OLQJXD GL XQ FRQWHVWR H QRQ FRPH OLQJXD GL XQ JUXSSR 4XHVWD
FDUDWWHULVWLFD q FKLDUDPHQWH HVHPSOLILFDWD GDL FDVL GLVFXVVL GD +XGVRQ
HRULJLQDULDPHQWHSUHVHQWDWLGD)HUJXVRQ GRYHVLKD
OD JLXVWDSSRVL]LRQH WUD JUHFR NDWDUHYXVD H JUHFR GHPRWLFR R WUD O·DUDER
FODVVLFRHLYDULDUDELUHJLRQDOL
4XHVWDFDUDWWHULVWLFDqGLFUXFLDOHLPSRUWDQ]DSHUFKpSHUPHWWHGLVHSDUDUH
QHWWDPHQWH OD GLJORVVLD GD DOWUH VLWXD]LRQL GL FRQYLYHQ]D WUD SL GL XQ
FRGLFH OLQJXLVWLFR FRPH SHU HVHPSLR LO ELOLQJXLVPR VRFLHWDULR GRYH OD
OLQJXD GL SUHVWLJLR R PDJJLRUDQ]D q OD OLQJXD PDWHUQD GL XQ JUXSSR EHQ
GHILQLELOH +XGVRQ ULFRUGD FKH q IRQGDPHQWDOH PDQWHQHUH TXHVWH GXH
VLWXD]LRQL WDVVRQRPLFDPHQWH GLVWLQWH SHUFKp HVVH SRVVLHGRQR GLQDPLFKH
EHQGLYHUVHWUDORURHSRUWDQRDGHVLWLQRQVRORGLYHUVLPDEHQVuRSSRVWL
QHL FDVL GL GHULYD OLQJXLVWLFD 0HQWUH OD GLJORVVLD WHQGH D ULVROYHUVL D
YDQWDJJLR GHOOD OLQJXD SRSRODUH LO ELOLQJXLVPR VRFLHWDULR WHQGH D
VRSSLDQWDUH OD OLQJXD SRSRODUH H ULPSLD]]DUOD FRQ OD OLQJXD GL SUHVWLJLR
HR GL PDJJLRUDQ]D 'L FRQVHJXHQ]D OH YDULH ULIRPXOD]LRQL FKH
FRQVLGHUDQR OD GLIIHUHQ]LD]LRQH IXQ]LRQDOH WUD L GXH FRGLFL FRPH
FRQGL]LRQHVXIILFLHQWHSHULOFRQVHJXLPHQWRGHOODGLJORVVLDVRQRGDHYLWDUH
SHUFKpVSRJOLDQRODQR]LRQHGHOODVXDFDSDFLWjHVSOLFDWLYDHSUHGLWWLYD
/HLGHQWLWjOLQJXLVWLFKHG·,WDOLD
8Q FKLDUR HVHPSLR GL GLJORVVLD HUD SUHVHQWDWR GDOOD VLWXD]LRQH LWDOLDQD D
SDUWLUHGDOODVHFRQGDPHWjGHO;,;VHFRORILQRDGDUULYDUHDJOLDQQL·GHO
1RWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
VHFRORVFRUVRGRYHTXDVLRJQLJUXSSROLQJXLVWLFDPHQWHGHILQLELOHHUDXQ
JUXSSR GLJORVVLFR FRQ XQD OLQJXD + ² RYYHUR O·LWDOLDQR ² XVDWD
QHOO·LVWUX]LRQH H QHOOD EXURFUD]LD H XQD OLQJXD / ² OD OLQJXD VWRULFD
UHJLRQDOH ² XVDWD SUDWLFDPHQWH LQ RJQL DOWUD VLWXD]LRQH Ë FUXFLDOH FKH
DOO·LQWHUQR GL TXHVWL JUXSSL + HUD SUDWLFDPHQWH DVVHQWH FRPH OLQJXD
PDWHUQD
7DOH GHVFUL]LRQH QRQ FRUULVSRQGH SHUz DOOD VLWXD]LRQH RGLHUQD GRYH LO
GHJOL LWDOLDQL q PRQROLQJXH LQ LWDOLDQR H LO q ELOLQJXH LWDOLDQR
OLQJXDUHJLRQDOH GDWL,67$7 ,QROWUHDQFKHWUDLELOLQJXLYLqXQD
SHUFHQWXDOHGLULOLHYRRYYHURLOFKHXVDO·LWDOLDQRLQFRQWHVWL´EDVVLµ
'DFLzWUDVSDUHFRPHODVLWXD]LRQHLWDOLDQDQRQSUHVHQWLSLXQHVHPSLRGL
GLJORVVLD DOPHQR QRQ QHO VHQVR FODVVLFR GHO WHUPLQH SURSRVWR
RULJLQDULDPHQWH GD )HUJXVRQ H UHLWHUDWR SL UHFHQWHPHQWH GD
+XGVRQ SHUFKp L +HVLVWHFRPHOLQJXDPDWHUQDH LL +KDLQYDVR
ORVSD]LRGL/VSH]]DQGRODVHSDUD]LRQHG·XVRWUDLGXHFRGLFL
8QDWLSRORJLDSHUODVLWXD]LRQHRGLHUQD
'D TXHVWD FRQFOXVLRQH QDVFH TXLQGL OD QHFHVVWLWj GL ULFDWHJRUL]]DUH OD
VLWXD]LRQH LWDOLDQD H GL IDUOR LQ XQ PRGR FKH VLD QRQ VROR
GHVFULWWLYDPHQWH DFFXUDWR PD DQFKH WDVVRQRPLFDPHQWH LQIRUPDWLYR $
TXHVWR SURSRVLWR q LPSRUWDQWH ULFRUGDUH FRPH XQD WDVVRQRPLD
&LULIHULDPRRYYLDPHQWHDTXHOWLSRGLGLJORVVLDFKHYHGHO·LWDOLDQRFRPHOLQJXDDOWD
SRLFKpODGLJORVVLDLQ ,WDOLDqVWDWDDWWLYDSHUFLUFDGXHPLOOHQQLPDFRQ SURWDJRQLVWDLO
ODWLQRSLXWWRVWRFKHO·LWDOLDQR
(FFH]LRQ IDWWD SHU JUDQ SDUWH GHOOD 7RVFDQD H IRUVH 5RPD GRYH OD OLQJXD GHO
SRSROR q DOWDPHQWH LQWHOOLJLELOH FRQ OD OLQJXD DOWD HG q TXLQGL SL FRUUHWWR SDUODUH GL
GLDIDVLD SLXWWRVWR FKH GL GLJORVVLD $ TXHVWR SURSRVLWR YHGDVL SHU HVHPSLR 0DUFDWR
3HU´OLQJXDUHJLRQDOHµVLLQWHQGHRJQLVLVWHPDOLQJXLVWLFRVWRULFRGHLWHUULWRULLWDOLDQL
VLD TXHVWR GL WLSR URPDQ]R R DOORJORWWR H LQGLSHQGHQWHPHQWH GDOOD VXD SRVL]LRQH LQ
UHOD]LRQH D ULFRQRVFLPHQWL SROLWLFL R JLXULGLFL ,O WHUPLQH FRPSUHQGH TXLQGL DQFKH TXHL
VLVWHPLOLQJXLVWLFLFKHYHQJRQRVSHVVRGHQRPLQDWL´GLDOHWWLµR´VLVWHPLGLDOHWWDOLµSRLFKp
²XVDWLLQTXHVWRVHQVR²O·HSLWHWR´GLDOHWWRµHLVXRLGHULYDWLVLULIHULVFRQRXQLFDPHQWH
DOOD SRVL]LRQH FKH TXHVWL VLVWHPL KDQQR QHOO·DPELWR JLXULGLFRSROLWLFR H QRQ DG XQD
UHOD]LRQH OLQJXLVWLFD GDO PRPHQWR FKH HVVL QRQ VRQR YDULDQWL GHOO·LWDOLDQR $ TXHVWR
SURSRVLWRVLYHGDDQFKH&ROX]]L HODGHILQL]RQHGL´OLQJXDUHJLRQDOHµSURSRVWDGD
:LFKHUNLHZLF] LQOLQHD DQFKHFRQTXHOODULSRUWDWDVXOOD&DUWDHXURSHDSHUOHOLQJXH
UHJLRQDOLHPLQRULWDULHDGRWWDWDGDO&RQVLJOLRG·(XURSD
0DUFR7DPEXUHOOL
LQIRUPDWLYD H JHUDUFKLFDPHQWH EHQ VWUXWWXUDWD VLD GL FUXFLDOH LPSRUWDQ]D
SHUORVYLOXSSRGLRJQLVFLHQ]D3HUHVHPSLRLQELRORJLDqULVDSXWRFKHOD
WDVVRQRPLDKDXQIRUWHLPSDWWRVXOOHPLVXUHSURWHWWLYH HV3DUQDE\
H D QRVWUR DYYLVR QRQ q GD HVFOXGHUH FKH TXHVWR VLD LO FDVR DQFKH LQ
GLVFLSOLQH FRPH OD OLQJXLVWLFD GRYH OH PLVXUH SURWHWWLYH VYROJRQR XQD
IXQ]LRQH FHQWUDOH QHO PDQWHQLPHQWR GHOOD GLYHUVLWj OLQJXLVWLFD &U\VWDO
5RPDLQH ,Q DOWUH SDUROH ULWHQLDPR FKH XQD EXRQD
WDVVRQRPLD VLD FUXFLDOH SHU LO PDQWHQLPHQWR GHOOD GLYHUVLWj VLD TXHVWD OD
ELRGLYHUVLWjRODJORWWRGLYHUVLWj'DFLzFRQVHJXHGXQTXHODQHFHVVLWjGL
XQD WDVVRQRPLD JHUDUFKLFD FKH SHUPHWWD GL FDWHJRUL]]DUH OH YDULH
VLWXD]LRQLFRPXQLFDWLYHVHFRQGROHORURUHOD]LRQLHOHORURFDUDWWHULVWLFKH
VLDLQWHUQHVLDHVWHUQHHYLWDQGRGLOLPLWDUVLDOODVHPSOLFHGHVFUL]LRQHGHOOH
ORURGLQDPLFKH
,OWHQWDWLYRIRUVHSLFRQRVFLXWRGLXQDWDVVRQRPLDGHOVLVWHPDLWDOLDQRq
TXHOOR GL %HUUXWR LO TXDOH SDUWH GD GXH SUHPHVVH FRQ OH TXDOL FL
WURYLDPR LQ SLHQR DFFRUGR /D SULPD SUHPHVVD FRQFHUQH OD
FDUDWWHUL]]D]LRQH GHOOD VLWXD]LRQH LWDOLDQD RGLHUQD FRPH QRQ DSSDUWHQHQWH
DOODGLJORVVLD/DVHFRQGDPDDOWUHWWDQWRLPSRUWDQWHSUHPHVVDFRQFHUQH
O·DSSDUHQWH SRVVLELOLWj GL HVWHQGHUH OD GHILQL]LRQH GL GLJORVVLD D VFRSR GL
LQFOXGHUYL OD VLWXD]LRQH LWDOLDQD 3RVVLELOLWj FKH %HUUXWR ULILXWD D QRVWUR
DYYLVR VDJJLDPHQWH SHUFKp SULYHUHEEH LO FRQFHWWR GL GLJORVVLD GHOOD VXD
IRU]D HVSOLFDWLYD GHFODVVDQGROR DG XQ VHPSOLFH VWUXPHQWR GHVFULWWLYR
%HUUXWR SURSRQH SHUz GL FUHDUH XQD QXRYD FDWHJRULD FKH HJOL FKLDPD
©GLODOLDª/DGLODOLDYLHQHLPSOLFLWDPHQWHGHILQLWDFRPHXQWLSRGLGLJORVVLD
H FRPH WDOH LQWHUVHFDELOH FRQ OD QR]LRQH GL ELOLQJXLVPR j OD )LVKPDQ
PDFRQGXHFDUDWWHULVWLFKHFKHODGLVWLQJXRQRGDHVVD
+HVLVWHFRPHOLQJXDPDWHUQD
+qXVDWDQHOODFRQYHUVD]LRQHFRPXQH RYYHURQHOGRPLQLRGL/
/·LGHDFKHODVLWXD]LRQHLWDOLDQDQHFHVVLWDVVHGLXQDFDWHJRULD´VSHFLDOHµIX
SUHVHQWDWD TXDOFKH DQQR SULPD DQFKH GD 7UXPSHU HG q D QRVWUR
DYYLVR SURIRQGDPHQWH HUUDWD 3L SUHFLVDPHQWH ULWHQLDPR FKH
FDWHJRUL]]DUH OD VLWXD]LRQH LWDOLDQD FRPH XQD ´FRVD D Vpµ QRQ VLD VROR
XQ·RSHUD]LRQH DG KRF PD VLD DQFKH WDVVRQRPLFDPHQWH LQHVDWWR SHUFKp
LPSOLFDFKHVLWUDWWLGLXQIHQRPHQRVHSDUDWRWDQWRGLVWDQWHGDOODGLJORVVLD
1RWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
TXDQWRGDOELOLQJXLVPRRDOPHQRQRQVXIILFLHQWHPHQWHLGHQWLILFDELOHFRQ
HVVL /·LQYDOLGLWj GL TXHVWD LPSOLFD]LRQH q GLPRVWUDWD GDOOD WDYROD
FRPSDUDWLYD TXL ULSRUWDWD GRYH YHQJRQR PHVVH LQ HYLGHQ]D OH
FDUDWWHULVWLFKHFKHWLSLFDPHQWHGLVWLQJXRQRODGLJORVVLDGDOELOLQJXLVPRH
ODORURSHUWLQHQ]DFRQODVLWXD]LRQHLWDOLDQD
7DEHOOD8QFRQIURQWRWUDOHGLQDPLFKHFRPXQLFDWLYHGHOELOLQJXLVPRHGHOODGLJORVVLD
&RPXQLWjELOLQJXL
&RPXQLWj
OLQJXLVWLFKHLWDOLDQH
&RPXQLWj
GLJORVVLFKH
&RHVLVWHQ]D GL GXH
LGLRPL
HQWUDPEL
FRPH OLQJXH PD
WHUQH ELOLQJXLVPR
VRFLHWDULR
6L
6L
1R
3UHVHQ]D GL ORFXWRUL
QHOOD FXL PHQWH
FRHVLVWRQR HQWUDPEL
JOL LGLRPL ELOLQJXL
VPRFRJQLWLYR
6L
6L
1R
(QWUDPEL JOL LGLRPL
XVDWL LQ FRQWHVWL
LQIRUPDOL
6L
6L
1R
7HQGHQ]DDGDEEDQ
GRQDUH O·LGLRPD GL
SUHVWLJLR
1R
1R
6L
9DULD]LRQH GLDVWUD
WLFD QHOOD VFHOWD GL
FRGLFH
6L
6L
1R
3UHVD YLVLRQH GL TXHVWL IDWWL OD WULSDUWL]LRQH SURSRVWD GD %HUUXWR q D
QRVWURDYYLVRWDVVRQRPLFDPHQWHLQVRGGLVIDFHQWHVHQRQGHOWXWWRHUUDWD
SHUFKp QRQ FRJOLH LO IDWWR FKH OD VLWXD]LRQH LWDOLDQD q DOOR VWHVVR WHPSR
WLSRORJLFDPHQWH DIILQH DO ELOLQJXLVPR H DQWLWHWLFD DOOD GLJORVVLD 4XHVWD
FRQFOXVLRQHVLPRVWUDDQFRUDSLLQHYLWDELOHTXDQGRVLFRQVLGHUDFKHXQD
GHOODFDUDWWHULVWLFKHFKHOHFRPXQLWjOLQJXLVWLFKHLWDOLDQHFRQGLYLGRQRFRQ
DOWUL FDVL GL ELOLQJXLVPR q OD FRHVLVWHQ]D GL GXH LGLRPL FRPH OLQJXH
PDWHUQH FRPH GD 7DEHOOD FDUDWWHULVWLFD FKH q DGGLULWWXUD FRQVLGHUDWD
GHWHUPLQDQWHQHOODGLVWLQ]LRQHIHUJXVRQLDQDIUDGLJORVVLDHELOLQJXLVPR
0DUFR7DPEXUHOOL
,QROWUHqEHQHPHQ]LRQDUHFRPHODVLWXD]LRQHLWDOLDQDQRQDEELDFKHXQD
FDUDWWHULVWLFDLQFRPXQHFRQODGLJORVVLDRYYHURODTXDVLWRWDOHHVFOXVLRQH
GL XQD GHOOH GXH OLQJXH GDL FRQWHVWL IRUPDOL HFFH]LRQ IDWWD SHU L GRGLFL
VLVWHPL OLQJXLVWLFL LQFOXVL QHOOD OHJJH FKH ² DOPHQR GDO SXQWR GL
YLVWDWDVVRQRPLFR²QRQULVXOWDQRSUREOHPDWLFL
$ VHJXLWR GHOOH FRQVLGHUD]LRQL GL FXL VRSUD OD FUHD]LRQH GL XQD WHU]D
FDWHJRULDQRQqVRORLQJLXVWLILFDWDPDSRUWDDGGLULWWXUDDGXQDWDVVRQRPLD
HUUDWDGHOIHQRPHQRLWDOLDQRODFXLVWUXWWXUDqSLHQDPHQWHLQDFFRUGRFRQ
DOWUL FDVL GL ELOLQJXLVPR SHU TXDQWR ULJXDUGD OH GLQDPLFKH SXUDPHQWH
OLQJXLVWLFKH H FRPXQLFDWLYH 1DWXUDOPHQWH LO ELOLQJXLVPR SXz DVVXPHUH
SL IRUPH VRFLRSROLWLFKH HG DYHUH GLYHUVL JUDGL GL ULFRQRVFLPHQWR
LVWLWX]LRQDOH 5RPDLQH H +DPHUV H %ODQF PD q
LPSRUWDQWHULFRQRVFHUHTXHOOHFKHVRQRYDULD]LRQLGHOORVWHVVRIHQRPHQR
OLQJXLVWLFR SLXWWRVWR FKH IHQRPHQL VHSDUDWL VRSUDWWXWWR LQ YLVWD
GHOO·LPSDWWR FKH OD WDVVRQRPLD SXz DYHUH VXOOH PLVXUH SURWHWWLYH H VXO
FRQVHJXHQWHPDQWHQLPHQWRRVFRPSDUVDGHOODGLYHUVLWjOLQJXLVWLFD
(IIHWWLSUDWLFLGLXQDWDVVRQRPLDGLQDPLFKHHLPSOLFD]LRQL
/D WDVVRQRPLD FKH HPHUJH GDOOD 7DEHOOD FL SHUPHWWH GL FROORFDUH OD
VLWXD]LRQH LWDOLDQD LQ XQ TXDGUR SL DPSLR GHO ELOLQJXLVPR H GHOOH VXH
GLQDPLFKH 'D WDOH ULGLPHQVLRQDPHQWR WDVVRQRPLFR FRPH GD RJQL
SRWHQ]LDOH WDVVRQRPLD FRQVHJXRQR VSHFLILFKH LPSOLFD]LRQL SUDWLFKH
3ULPRIUDWXWWLqLOULVFKLRGLGHULYDOLQJXLVWLFDFKHFDUDWWHUL]]DEXRQDSDUWH
GHOOHVLWXD]LRQLGLELOLQJXLVPR0HQWUHODGLJORVVLDqFDUDWWHUL]]DWDGDXQD
FHUWDVWDELOLWjFKHSHUPHWWHLOPDQWHQLPHQWRGHOODOLQJXD/VHQ]DELVRJQR
GLDOFXQVRVWHJQRGLUHWWRLOELOLQJXLVPRUDSSUHVHQWDXQVHULRSHULFRORSHU
OD OLQJXD PLQRUH HV )LVKPDQ H LQWHU DOLD ,Q DVVHQ]D
GHOO·HTXLOLEULR GLJORVVLFR OD OLQJXD PLQRUH q VRWWR FRVWDQWH PLQDFFLD GL
GHULYD OLQJXLVWLFD H TXLQGL G·HVWLQ]LRQH D PHQR FKH QRQ YHQJDQR SUHVH
PLVXUHDIDYRUHGLXQVLVWHPDGLELOLQJXLVPRRUL]]RQWDOH HJ%DNHU
'HXFKDU H 'DYLHV RYYHUR XQ VLVWHPD FKH SHUPHWWD DOOH OLQJXH R
©1RUPH LQ PDWHULD GL WXWHOD GHOOH PLQRUDQ]H OLQJXLVWLFKH VWRULFKHª HG LO
©5HJRODPHQWRGLDWWXD]LRQHª '35GHOPDJJLRQ
/·,WDOLD QH q VWDWD XQ HVHPSLR SHU VHFROL FRQ PROWH OLQJXH UHJLRQDOL FKH ² QHOOH
ULVSHWWLYH YDULDQWL ORFDOL ² VRQR VWDWH LPPDQFDELOPHQWH WUDPDQGDWH QRQRVWDQWH OH
SUHVVLRQLGHOODWLQRSULPDHGHOWRVFDQRLWDOLDQRSRL
1RWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
VLVWHPL OLQJXLVWLFL FRHVLVWHQWL DOO·LQWHUQR GL XQ WHUULWRULR JHRSROLWLFR GL
DYHUHSDULGLULWWLDQFKHQHOO·DPELWRGHOODFXOWXUD´XIILFLDOHµHTXLQGLQHOOD
VFXRODQHLPHGLDHQHOOHDWWLYLWjVRFLDOLLQJHQHUDOH
$ TXHVWR SURSRVLWR q LPSRUWDQWH ULFRQRVFHUH FKH RJQL VLQJROR FDVR GL
PDQWHQLPHQWR OLQJXLVWLFR SRVVLHGH SHFXOLDULWj SURSULH H FKH SROLWLFKH
OLQJXLVWLFKHPROWRVLPLOLSRVVRQRSRUWDUHDULVXOWDWLUDGLFDOPHQWHGLIIHUHQWL
DVHFRQGDGHOODVLWXD]LRQHVRFLROLQJXLVWFDLQFXLYHQJRQRDSSOLFDWH YHGDVL
5RPDLQHSHUXQHVDPHFRPSOHWRGHOOHYDULHSROLWLFKHOLQJXLVWLFKH
,QROWUH q SHUWLQHQWH ULFRUGDUH TXDQWR VLD GLIILFLOH GHWHUPLQDUH FRQ
HVDWWH]]D TXDOL VLDQR OH FRQGL]LRQL SRWHQ]LDOPHQWH VXIILFLHQWL SHU XQ
PDQWHQLPHQWR OLQJXLVWLFR GL VXFFHVVR 1RQRVWDQWH FLz O·LQWURGX]LRQH
GHOOD OLQJXD ORFDOH R GL PLQRUDQ]D QHO VLVWHPD VFRODVWLFR q DPSLDPHQWH
DFFHWWDWDFRPHXQDGHOOHSRFKHFRQGL]LRQLQHFHVVDULHSHULOPDQWHQLPHQWR
GLWDOHOLQJXDQHLFDVLLQFXLHVVDQRQJRGDGHOO·HTXLOLEULRGLJORVVLFRGLFXL
VRSUD YHGDVLLQWHUDOLD%DNHU)LVKPDQ
$TXHVWRSXQWRSRQHQGRTXHVWHUHDOWjVRFLRDQWURSRORJLFKHQHOTXDGUR
GHOOD WDVVRQRPLD TXL SUHVHQWDWD SRVVLDPR VYLOXSSDUH XQD YLVLRQH SL
FRPSOHWD GHOOH GLQDPLFKH VRFLROLQJXLVWLFKH LQ TXHVWLRQH H GHL ORUR
SRVVLELOL VYLOXSSL 'D XQ ODWR DEELDPR YLVWR FKH OD GLJORVVLD SXz DYHUH
GXHHVLWL L O·DEEDQGRQRGHOODOLQJXDDOWDR LL O·LQYDVLRQHGHOORVSD]LRGL
/GDSDUWHGHOODOLQJXDDOWDHGXQTXHO·DVFHVDGL+DOLQJXDPDWHUQD1HL
FDVL LQ FXL VL YHULILFKL LO VHFRQGR HVLWR VL KD LO SDVVDJJLR GD GLJORVVLD D
ELOLQJXLVPR &RPH DEELDPR JLj GHWWR WDOH ELOLQJXLVPR SXz DVVXPHUH
GLYHUVHIRUPHVRFLRSROLWLFKHRYYHURSXzHVVHUHGLWLSRRUL]]RQWDOH²FRQ
LYDULULFRQRVFLPHQWLHGXVLLVWLWX]LRQDOLFKHQHFRQVHJXRQR²RSSXUHSXz
ULPDQHUH ´DEEDQGRQDWR D VH VWHVVRµ 1HO VHFRQGR FDVR VL SDUOHUj SHU
DQDORJLD GL ELOLQJXLVPR ´YHUWLFDOHµ ULIDFHQGRVL DG XQD GLVWLQ]LRQH
SUHVHQWDWDSHUODSULPDYROWDGD3RKO /DGLIIHUHQ]DWUDTXHVWLGXH
WLSLGLELOLQJXLVPRqTXHOODDSSHQDGLVFXVVDLQUHOD]LRQHDOORURHIIHWWRVXO
PDQWHQLPHQWR OLQJXLVWLFR H TXLQGL VXOOD JORWWRGLYHUVLWj FKH VL ULYHOD
VLVWHPDWLFDPHQWHSRVLWLYRQHOSULPRFDVRPDDOWUHWWDQWRVLVWHPDWLFDPHQWH
QHJDWLYR QHO VHFRQGR /H GLQDPLFKH GL TXHVWL IHQRPHQL GLQDPLFKH FKH
FRQFHUQRQRVLDOHUHOD]LRQLWUDLIHQRPHQLVWHVVLVLDTXHOOHDWWLYHWUDTXHVWL
XOWLPLHGHYHQWXDOLSUHVVLRQLHVWHUQHSRVVRQRHVVHUHVFKHPDWL]]DWHFRPH
QHOODILJXUD/DVWUXWWXUDDGDOEHURHLFRQVHJXHQWLOLYHOOLRSHUDQWLVXLGXH
DVVL LQGLFDQR OH UHOD]LRQL JHUDUFKLFKH WUD L GLYHUVL IHQRPHQL OH IUHFFH
LQGLFDQR OD WUDQVL]LRQH WUD GXH IHQRPHQL PHQWUH OD FRORUD]LRQH LQGLFD
0DUFR7DPEXUHOOL
O·LPSDWWRVXOPDQWHQLPHQWROLQJXLVWLFRLOELDQFRLQGLFDXQDVLWXD]LRQHGL
VWDELOLWjHPDQWHQLPHQWRPHQWUHLOQHURLQGLFDODGHULYDOLQJXLVWLFD
)LJXUD8QDWDVVRQRPLDJHUDUFKLFDGHOOHVLWXD]LRQLFRPXQLFDWLYHHULVSHWWLYLVYLOXSSL
4XHVWRVFKHPDFLSHUPHWWHGLFRPSUHQGHUHFKLDUDPHQWHFRPHODJORWWR
GLYHUVLWj VLD DVVLFXUDWD GD GXH FDVL VSHFLILFL RYYHUR GDOOD GLJORVVLD H GDO
ELOLQJXLVPR RUL]]RQWDOH H PLQDFFLDWD QHJOL DOWUL FDVL ,O PRWLYR SHU FXL
GXH IHQRPHQL FRVu GLVWLQWL IUD ORUR FRPH OD GLJORVVLD H LO ELOLQJXLVPR
RUL]]RQWDOH SRUWDQR D ULVXOWDWL VLPLOL QHO PDQWHQLPHQWR GHOOD OLQJXD
´PLQRUHµ ULVLHGH QHOOD FDSDFLWj FKH HQWUDPEL KDQQR GL SURPXRYHUH ²
DQFKH VH LQ PDQLHUD UDGLFDOPHQWH GLYHUVD ² OD WUDVPLVVLRQH
LQWHUJHQHUD]LRQDOH FKH q LO VLQH TXD QRQ SHU OD YLWDOLWj GL TXDOVLDVL OLQJXD
YHGDVL VRSUDWWXWWR )LVKPDQ 1HL FDVL GL GLJORVVLD OD WUDVPLVVLRQH
LQWHUJHQHUD]LRQDOH q LPSUHVFLQGLELOH SHUFKp OD VRFLHWj ULFRQRVFH
DSHUWDPHQWH FKH O·XVR GHOOD OLQJXD + q OLPLWDWR DL FRQWHVWL IRUPDOL HG
HVWUDQHR DO FRQWHVWR IDPLOLDUH 'L FRQVHJXHQ]D OD OLQJXD / JRGH GHO
PRQRSROLRFRPSOHWRQHOOHVLWXD]LRQLLQIRUPDOLHFRPHWDOHULPDQHO·XQLFD
OLQJXD FDSDFH GL FUHDUH SDUODQWL QDWLYL $ TXHVWR SURSRVLWR q LPSRUWDQWH
ULFRUGDUH FRPH QHL FODVVLFL FDVL GL GLJORVVLD OD OLQJXD + q FRQVLGHUDWD
VRFLDOPHQWHLQDGHJXDWDDGDGHPSLHUHOHIXQ]LRQLGL/FRPHGLPRVWUDWR²
WUD OH DOWUH FRVH ² GDOO·XVR GL / DQFKH GD SDUWH GHL PHGLD TXDQGR YL q LO
ELVRJQR GL UDSSUHVHQWDUH FRQWHVWL LQIRUPDOL 8Q FKLDUR HVHPSLR q
GLPRVWUDWR GDOO·XVR GHO6FKZ\]HUGWVFK LQ PROWL SURJUDPPL UDGLRWHOHYLVLYL
1HOFDVRGHOSDVVDJJLRDOPRQROLQJXLVPRODJORWWRGLYHUVLWjqRYYLDPHQWHGHOWXWWR
SHUGXWD
1RWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
GHOOD 6YL]]HUD WHGHVFD YHGDVL SHU HVHPSLR %HUGLFKHYVN\ R O·XVR
TXDVL HVFOXVLYR GHO JUHFR GHPRWLFR QHOOD FLQHPDWRJUDILD SRSRODUH JUHFD
*HRUJDNRSRXORX ,Q FDVR GL ELOLQJXLVPR RUL]]RQWDOH LQYHFH OD
WUDVPLVVLRQH LQWHUJHQHUD]LRQDOH q DVVLFXUDWD GDO IDWWR FKH ELOLQJXLVPR H
JORWWRGLYHUVLWj VRQR DSHUWDPHQWH YDORUL]]DWL GDOOH LVWLWX]LRQL OH TXDOL
UHQGRQRLOELOLQJXLVPRVRFLRHFRQRPLFDPHQWHYDQWDJJLRVR %DNHU
&LzGjYLWDDGXQDWWHJJLDPHQWRSRVLWLYRQHLFRQIURQWLGHOELOLQJXLVPRH
GLFRQVHJXHQ]DDQFKHQHLFRQIURQWLGHOODFRQRVFHQ]DGHOODOLQJXDPLQRUH
FKHYLHQHTXLQGLWUDVPHVVDFRQUHJRODULWjDOOHQXRYHJHQHUD]LRQL
(QWUDPEH TXHVWH VLWXD]LRQL VL WURYDQR LQ SRVL]LRQH GLDPHWUDOPHQWH
RSSRVWDDOELOLQJXLVPRYHUWLFDOHLOTXDOHSULYDLORFXWRULGHOOHPRWLYD]LRQL
IRQGDPHQWDOL SHU OD WUDVPLVVLRQH LQWHUJHQHUD]LRQDOH GHOOD OLQJXD PLQRUH
'D XQ ODWR LQ FDVR GL ELOLQJXLVPR YHUWLFDOH OD OLQJXD PLQRUH QRQ q SL
SDUDJRQDELOH DOOD OLQJXD / GL XQD VLWXD]LRQH GLJORVVLFD SHUFKp QRQ HVLVWH
DOFXQFRQWHVWRDOO·LQWHUQRGHOTXDOHODVXDFRQRVFHQ]DqLPSUHVFLQGLELOHH
OD VXD VXSUHPD]LD LQGLVFXVVD 1RQ HVLVWH LQIDWWL DOFXQD VLWXD]LRQH
FRPXQLFDWLYD DOO·LQWHUQR GHOOD TXDOH O·XVR GL + VLD IXRUL OXRJR H GL
FRQVHJXHQ]D QHVVXQD VLWXD]LRQH FRPXQLFDWLYD GRYH OD OLQJXD PLQRUH VLD
ULWHQXWDQHFHVVDULD'DOO·DOWURODWRLOELOLQJXLVPRYHUWLFDOHWUDOLQJXDDOWDH
OLQJXD PLQRUH QRQ JRGH GL DOFXQ YDQWDJJLR LVWLWX]LRQDOH ULVSHWWR DO
VHPSOLFHPRQROLQJXLVPRLQOLQJXDDOWD
9HQHQGR D PDQFDUH VLD LOYDQWDJJLR VRFLDOH GL FXL JRGH OD OLQJXD / QHOOD
VLWXD]LRQHGLJORVVLFDVLDLYDQWDJJLHFRQRPLFRLVWLWX]LRQDOLGLFXLJRGRQR
OHOLQJXHPLQRULULFRQRVFLXWHDWWUDYHUVRLOELOLQJXLVPRRUL]]RQWDOHYLHQHD
PDQFDUH RJQL VSLQWD D IDYRUH GHOOD WUDVPLVVLRQH LQWHUJHQHUD]LRQDOH GHOOD
OLQJXD PLQRUH FRQ O·LQHYLWDELOH ULVXOWDWR FKH TXHVW·XOWLPD GLYHQWD SUHGD
GHOOD GHULYD OLQJXLVWLFD FKH OD SRUWHUj DOO·HVWLQ]LRQH QHO JLUR GL SRFKH
JHQHUD]LRQL
$ TXHVWR SURSRVLWR 9HOWPDQ H 3DXOVWRQ FLWDQR LQ UHOD]LRQH D FDVL
QRQ WURSSR GLVVLPLOL GD TXHOOR TXL GLVFXVVR LO FLFOR GHOOH ´WUH JHQHUD]LRQLµ VHFRQGR LO
TXDOH²LQDVVHQ]DGLLQWHUYHQWLDIDYRUHGHOODWUDVPLVVLRQHLQWHUJHQHUD]LRQDOH²ODPRUWH
OLQJXLVWLFDDYYLHQHDSSXQWRHQWURWUHJHQHUD]LRQL3HULPRWLYLVRSUDFLWDWLFLWURYLDPR
SHUWDQWRLQDFFRUGRFRQ&U\VWDO H+HLQULFK+RFNH-RVHSK VHFRQGRLTXDOL
WDOHFLFORDJLVFHLQWXWWHOHVLWXD]LRQLGLELOLQJXLVPRYHUWLFDOH
0DUFR7DPEXUHOOL
,OPDQWHQLPHQWRGHOODSOXUDOLWjOLQJXLVWLFDLQ,WDOLD
'DOOD QRVWUD GLVFXVVLRQH HPHUJRQR GXQTXH GXH SRVVLELOLWj SHU LO
PDQWHQLPHQWR GHO SDWULPRQLR OLQJXLVWLFR LQ DVVHQ]D GHOO·HTXLOLEULR
GLJORVVLFR L LO UHLQVHULPHQWR GL WDOH HTXLOLEULR LL O·LVWLWX]LRQH GHO
ELOLQJXLVPR RUL]]RQWDOH /D SRVVLELOLWj GL UHLQVHULUH OD GLJORVVLD QHOOD
VRFLHWj LWDOLDQD R LQ TXDOVLDVL VRFLHWj YD HVFOXVD D SULRUL SHUFKp
SUHYHGHUHEEHO·REEOLJRSHULPRQROLQJXLGLOLQJXDLWDOLDQDGLDEEDQGRQDUH
O·LWDOLDQR QHL FRQWHVWL LQIRUPDOL H IDPLOLDUL XQ SURYYHGLPHQWR DQWL
GHPRFUDWLFR H LQ FRQIOLWWR FRQ OR VSLULWR GHL GLULWWL OLQJXLVWLFL /·XQLFD
VROX]LRQH SHU LO PDQWHQLPHQWR GHO SDWULPRQLR OLQJXLVWLFR G·,WDOLD ULPDQH
TXLQGL LO ELOLQJXLVPR RUL]]RQWDOH DWWUDYHUVR LO TXDOH L SDUODQWL GHOOH YDULH
OLQJXH UHJLRQDOL JXDGDJQHUHEEHUR LO GLULWWR GL VFHJOLHUH LO FRGLFH FRQ LO
TXDOH FRQGXUUH TXDOVLDVL VLWXD]LRQH FRPXQLFDWLYD DOO·LQWHUQR GHOOD VRFLHWj
FLYLOH4XHVWRSURYYHGLPHQWRSHUPHWWHUHEEHQRQVRORGLPDQWHQHUHYLYR
LO SDWULPRQLR OLQJXLVWLFR G·,WDOLD PD GL IDUH FLz QHO SLHQR ULVSHWWR GHL
GLULWWL OLQJXLVWLFL GL RJQL SDUODQWH DO TXDOH VDUHEEH FRQFHVVR LO GLULWWR
IRQGDPHQWDOH GL VFHOWD OLQJXLVWLFD 1RQRVWDQWH TXHVWD SRVVD VHPEUDUH
XQD VROX]LRQH WDQWR UD]LRQDOH TXDQWR SUDWLFD H QRQRVWDQWH O·XQLFD
DOWHUQDWLYDVHPEULHVVHUHO·LPPLQHQWHSHUGLWDGLXQHQRUPHSDWULPRQLRVLD
OLQJXLVWLFR VLD FXOWXUDOH SHU OD PDJJLRU SDUWH GHL ELOLQJXL LWDOLDQL LO
ELOLQJXLVPR RUL]]RQWDOH ULPDQH HVSUHVVDPHQWH QHJDWR GDOOR 6WDWR
DWWUDYHUVR OD OHJJH OD TXDOH WXWHOD L GLULWWL OLQJXLVWLFL GL GXH VROL
JUXSSL GL ELOLQJXL FRORUR FKH SDUODQR XQ LGLRPD VWUHWWDPHQWH OHJDWR D
OLQJXH UDGLFDWH GL IXRUL GDL FRQILQL LWDOLDQL DOEDQHVH FDWDODQRDOHPDQQR
JUHFRVORYHQRFURDWRIUDQFHVHIUDQFRSURYHQ]DOHHRFFLWDQR HFRORUR
FKHSDUODQRVDUGRIULXODQRRODGLQR,QDOWUHSDUROHSHUTXDQWRULJXDUGDL
VLVWHPL OLQJXLVWLFL VWRULFL UDGLFDWL SULQFLSDOPHQWH R HVFOXVLYDPHQWH QHO
WHUULWRULR LWDOLDQR LO ELOLQJXLVPR RUL]]RQWDOH ² H LO FRQVHJXHQWH GLULWWR DO
PDQWHQLPHQWR GHOOD OLQJXD PLQRUH ² q ULFRQRVFLXWR VROR D WUH GHOOH
QXPHURVH FRPXQLWj ELOLQJXL SUHVHQWL LQ ,WDOLD 6L QRWL FKH LO WUDWWDPHQWR
SUHIHUHQ]LDOH ULVHUYDWR D TXHVWL WUH VLVWHPL OLQJXLVWLFL H DL ORUR ORFXWRUL q
EDVDWR VX FULWHUL WLSRORJLFL DUELWUDUL H QRQ WLHQH FRQWR DOFXQR Qp GHOOH
GLQDPLFKH FRPXQLFDWLYH LQ TXHVWLRQH Qp GHL ORUR HIIHWWL LQ UHOD]LRQH DOOD
GHULYDOLQJXLVWLFD
$ WDOH SURSRVLWR YHGDVL VRSUDWWXWWR OD ´'LFKLDUD]LRQH XQLYHUVDOH GHL GLULWWL
OLQJXLVWLFLµUHGDWWDD%DUFHOORQDQHO
1RWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
8QDYROWDFRQVLGHUDWHOHGLQDPLFKHULDVVXQWHQHOOD7DEHOODDSSDUHRYYLR
FKHQRQYLqDOFXQDGLIIHUHQ]DIUDXQORFXWRUHVDUGRHGXQRORPEDUGRR
IUD XQR IULXODQR H XQR VLFLOLDQR FRPH QRQYL q GLIIHUHQ]D DOFXQD IUD XQ
ORFXWRUH ODGLQR H XQR QDSROHWDQR 1HOOD PHQWH GL RJQXQR GL TXHVWL
FRHVLVWRQR GXH LGLRPL O·LWDOLDQR H OD OLQJXD UHJLRQDOH VXIILFLHQWHPHQWH
GLYHUVLWUDORURGDOSXQWRGLYLVWDVWUXWWXUDOHSHUFKpVLDWWLYLQRXQDVHULHGL
GLQDPLFKHFRPXQLFDWLYHGHWHUPLQDQWLGHOELOLQJXLVPR DTXHVWRSURSRVLWR
YHGDVL DQFKH $OIRQ]HWWL H 6REUHUR ,QROWUH FRQVLGHUDQGR L
SRWHQ]LDOLVYLOXSSLULSRUWDWLQHOOD)LJXUDODVLWXD]LRQHLWDOLDQDGHJHQHUHUj
SUHVWR QHO PRQROLQJXLVPR VH JOL LGLRPL UHJLRQDOL FRQWLQXDQR DG HVVHUH
DEEDQGRQDWLDXQELOLQJXLVPRGLWLSRYHUWLFDOH/·HIIHWWRGHOODOHJJH
QRQqTXLQGLTXHOORGLDYHUHLQGLYLGXDWRTXDOLVLDQROHFRPXQLWjELOLQJXL
QHO WHUULWRULR LWDOLDQR PD EHQVu GL DYHU GHFLVR D TXDOL FRPXQLWj ELOLQJXL
ULFRQRVFHUHLOGLULWWRDOELOLQJXLVPRHLOFRQVHJXHQWHGLULWWRDOSRWHQ]LDOH
PDQWHQLPHQWRGHOODSURSULDOLQJXDVWRULFD
ËDOWUHWWDQWRLPSRUWDQWHULFRUGDUHFKHDQFKHOHFRPXQLWjSRWHQ]LDOPHQWH
IDYRULWH GDOOD OHJJH QRQ VRQR LPPXQL GDOOD GHULYD OLQJXLVWLFD LQ
TXDQWR LO FRQFHWWR GL WXWHOD D FXL ID ULIHULPHQWR OD OHJJH QRQ HTXLYDOH
QHFHVVDULDPHQWH D TXHOOR GL ELOLQJXLVPR RUL]]RQWDOH ,QIDWWL VSHVVR LO
ELOLQJXLVPR RUL]]RQWDOH QRQ q XQ RELHWWLYR QHPPHQR QHL FDVL LQ FXL OD
WXWHODOLQJXLVWLFDqSUHVXPLELOPHQWHDVVLFXUDWDGDOODOHJJHFRPHULSRUWDWR
SHUHVHPSLRQHOFDVRGHOO·DUEsUHVKODFXLSUHVHQ]DFRPHOLQJXDYHLFRODUH
QHOOH VFXROH q LQ FHUWL FDVL HVWUHPDPHQWH OLPLWDWD HG LQ DOWUL DGGLULWWXUD
QXOOD ,DQQjFFDUR FRQ OD FRQVHJXHQ]D FKH SL GL GLHFL DQQL GRSR
O·DSSURYD]LRQHGHOODOHJJHQRQYLqDOFXQVHJQRGLXQELOLQJXLVPR
RUL]]RQWDOH1RQVRUSUHQGHGXQTXHFKHO·DUEsUHVKVLDDIIHWWRGDXQDIRUWH
GHULYD OLQJXLVWLFD QRQRVWDQWH SRVVD YDQWDUH XQ DWWHJJLDPHQWR
JHQHUDOPHQWH PROWR SRVLWLYR GD SDUWH GHL ORFXWRUL 'HUKHPL
4XHVWRGLPRVWUDFRPHODGHULYDOLQJXLVWLFDFRVWLWXLVFDXQSUREOHPDVHULR
DQFKH QHL FDVL LQ FXL OD OLQJXD PLQRUH JRGH GL XQ ULFRQRVFLPHQWR
LVWLWX]LRQDOH TXDORUD WDOH ULFRQRVFLPHQWR QRQ ULVXOWL QHO ELOLQJXLVPR
RUL]]RQWDOH
/D VRSUDYYLYHQ]D GHOOH OLQJXH VWRULFKH G·,WDOLD q GLUHWWDPHQWH OHJDWD DO
FDPELDPHQWR GHOOH SRVL]LRQL LVWLWX]LRQDOL DSSHQD GLVFXVVH ,Q SULPLV
&LzHVFOXGHTXLQGLFRPHJLjGHWWROD7RVFDQDH5RPD
0DUFR7DPEXUHOOL
O·LVWLWX]LRQHGLXQVLVWHPDGLWXWHODSHUWXWWHOHOLQJXH RVLVWHPLOLQJXLVWLFL
VWRULFKH HFOXVH GDOOD OHJJH OH TXDOL VHFRQGR O·81(6&2
GRYUHEEHURLQFOXGHUHDOPHQROHVHJXHQWLO·HPLOLDQRURPDJQRORLOOLJXUH
LO ORPEDUGR LO QDSROHWDQR LO SLHPRQWHVH LO VLFLOLDQR H LO YHQHWR ,O
VHFRQGR SURYYHGLPHQWR FRPSRUWD O·LQVHULPHQWR R GRYH JLj HVLVWD LO
QHWWR UDIIRU]DPHQWR GL TXHOOH SURFHGXUH FKH PLUDQR DOO·XVR YHLFRODUH
SULPD FKH DOOR VWXGLR IRUPDOH GHO SDWULPRQLR OLQJXLVWLFR VWRULFR 4XHVWR
SHUFKpO·XVRYHLFRODUHGHOOHOLQJXHUHJLRQDOLQHOODVFXRODqODFDUDWWHULVWLFD
SULQFLSDOHSHULQFHQWLYDUHODWUDVPLVVLRQHLQWHUJHQHUD]LRQDOHHTXLQGLSHU
SDVVDUH GDOOD ]RQD GL SHULFROR LO ELOLQJXLVPR YHUWLFDOH DOOD ]RQD GL
PDQWHQLPHQWRRYYHURDOELOLQJXLVPRRUL]]RQWDOH
6XOODWXWHODHODSVHXGRWXWHOD
$QFKH VH OD QHFHVVLWj GL LQVHULUH QHO VLVWHPD VFRODVWLFR OH YDULH OLQJXH
VWRULFKH G·,WDOLD q GD DQQL DUJRPHQWR GL GLVFXVVLRQH GD SDUWH
GHOO·DVVRFLD]LRQLVPR LQ PROWH UHJLRQL LWDOLDQH SULQFLSDOPHQWH PD QRQ
HVFOXVLYDPHQWH LQ 3LHPRQWH9HQHWR H 6LFLOLD LOWHPD q EDO]DWR DO FHQWUR
GHO GLEDWWLWR PHGLDWLFR VROR GRSR LO UHFHQWH DQQXQFLR GL XQD SURSRVWD GL
OHJJH DYDQ]DWD GD DOFXQL HVSRQHQWL GL JRYHUQR9D SUHPHVVR FKH TXHVWR
GLVHJQR GL OHJJH VL OLPLWD VHPSOLFHPHQWH D SURSRUUH O·LQVHULPHQWR GHOOH
OLQJXH UHJLRQDOL H ORFDOL FRPH PDWHULD GL VWXGLR SLXWWRVWR FKH DO ORUR XVR
FRPHOLQJXHFRYHLFRODULHTXLQGLQRQPLUDLQDOFXQPRGRDOO·LQVWDXUD]LRQH
GL XQ SRWHQ]LDOH ELOLQJXLVPR RUL]]RQWDOH QHOOD VFXROD &RPH WDOH OD
SURSRVWD QRQ FRVWLWXLVFH XQ SURYYHGLPHQWR SHU O·LQYHUVLRQH GHOOD GHULYD
OLQJXLVWLFDHGqTXLQGLFKLDUDPHQWHLQDGDWWDDOPDQWHQLPHQWRGHOOHOLQJXHLQ
TXHVWLRQH1RQRVWDQWHODQDWXUDHVSUHVVDPHQWHEODQGDGLTXHVWDSURSRVWD
LOVXRDQQXQFLRKDULYHODWRO·HVLVWHQ]DGLXQDIRUWHRVWLOLWjFRQWURRJQLWLSR
GL LQVHULPHQWR GHOOH OLQJXH UHJLRQDOL QHOOH VFXROH 'D XQ ODWR TXHVWR QRQ
GRYUHEEH DIIDWWR VRUSUHQGHUH LQ YLVWD GHO IDWWR FKH O·LQWURGX]LRQH GL XQD
OLQJXDPLQRUHQHOVLVWHPDVFRODVWLFRqXQRGHLGLULWWLOLQJXLVWLFLSLGLIILFLOL
GD RWWHQHUH 5RPDLQH $OOR VWHVVR WHPSR q SHUWLQHQWH GLVFXWHUH OD
JLXVWLILFD]LRQHFKHqVSHVVRHPHUVDLQUHOD]LRQHDWDOHRVWLOLWjQHOFRQWHVWR
LWDOLDQR RYYHUR O·LGHD FKH ² LQ OLQHD GL PDVVLPD ² LO PDQWHQLPHQWR GHL
&L VWLDPR ULIHUHQGR DO ''/ ©'LVSRVL]LRQL SHU O·LQVHJQDPHQWR QHOOD VFXROD
GHOO·REEOLJRGHOOHOLQJXHHGLDOHWWLGHOOHFRPXQLWjWHUULWRULDOLHUHJLRQDOLªYLVLRQDELOHTXL
ZZZVHQDWRLWVHUYLFH3')3')6HUYHU%*7SGI
1RWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
´GLDOHWWLµ VLD EXRQD FRVD SXUFKq ULPDQJD OLPLWDWD DOO·XVR IDPLOLDUH H QRQ
LPSOLFKLODORURLQWURGX]LRQHQHOVLVWHPDVFRODVWLFR2OWUHFKHDGDSSDULUH
GRJPDWLFD SHUFKp SULYD GL DUJRPHQWD]LRQH WDOH SRVL]LRQH q
QHFHVVDULDPHQWH EDVDWD VXOO·DVVXQWR FKH ² QRQRVWDQWH OD VSDFFDWXUD
GHOO·HTXLOLEULR GLJORVVLFR ² OD VDOYDJXDUGLD GL XQD OLQJXD SRVVD SUHVFLQGHUH
GDO VXR LQVHULPHQWR LQ FRQWHVWL LVWLWX]LRQDOL H SL SUHFLVDPHQWH
GDOO·LQVHULPHQWRQHOODVFXROD&RPHDEELDPRYLVWRGDOODQRVWUDGLVFXVVLRQH
YHGDVLDQFKHOD)LJXUD WDOHDVVXQWRqSURIRQGDPHQWHHUUDWRSHUFKpLQ
FRQIOLWWRFRQYDULHGLQDPLFKHVRFLROLQJXLVWLFKHHPSLULFDPHQWHDWWHVWDWHFKH
FDUDWWHUL]]DQRODFRHVLVWHQ]DWUDSLOLQJXH
6HEEHQH VLD LQHFFHSLELOH FKH OD FXOOD GHOOD WUDVPLVVLRQH OLQJXLVWLFD q OD
IDPLJOLD OH VFHOWH OLQJXLVWLFKH GHOOD IDPLJOLD QRQ VRQR LVROH QHO YXRWR
%DNHU EHQVuULIOHVVLRQLGHOVLVWHPDVRFLHWDULRQHOTXDOHODIDPLJOLD
VWHVVDqUDGLFDWD(GqSURSULRSHUTXHVWRFKH²FRPHDEELDPRYLVWR²OD
IDPLJOLDPDQWLHQHLPPDQFDELOPHQWHODWUDVPLVVLRQHOLQJXLVWLFDLQFDVRGL
GLJORVVLDHGLELOLQJXLVPRRUL]]RQWDOH,QFDVRGLGLJORVVLDODOLQJXDPLQRUH
KDXQ·HVWUHPDLPSRUWDQ]DQHOFRQWHVWRVRFLDOHGRYHJRGHGHOPRQRSROLR
FRPSOHWR QHOOH VLWXD]LRQL LQIRUPDOL HG q TXLQGL LPSHQVDELOH SHU XQ
LQGLYLGXR HVVHUH VRFLDOPHQWH IXQ]LRQDOH VHQ]D GL HVVD )HUJXVRQ
&RQVDSHYROH GL TXHVWR YDORUH IXQ]LRQDOH OD IDPLJOLD QH DVVLFXUD OD
WUDVPLVVLRQH LQWHUJHQHUD]LRQDOH ,Q FDVR GL ELOLQJXLVPR RUL]]RQWDOH LO
ELOLQJXLVPR H OD JORWWRGLYHUVLWj VRQR DSHUWDPHQWH YDORUL]]DWL GDOOH
LVWLWX]LRQL H YHQJRQR GXQTXH SHUFHSLWL FRPH VRFLRHFRQRPLFDPHQWH
YDQWDJJLRVLGDOODIDPLJOLD %DNHU FKHGLFRQVHJXHQ]DVLLPSHJQDDO
PDQWHQLPHQWR GHOOD WUDVPLVVLRQH LQWHUJHQHUD]LRQDOH 'DWD OD ORUR
SRVL]LRQH QHOOD WDVVRQRPLD ULSRUWDWD QHOOD )LJXUD O·LGHD FKH OH OLQJXH
VWRULFKHG·,WDOLDSRVVDQRVRSUDYYLYHUHHVFOXVLYDPHQWHLQIDPLJOLDqTXLQGL
LQVRVWHQLELOHLQTXDQWRFRVWLWXLVFHXQRVVLPRUR
&RQVLGHUD]LRQLILQDOL
'RSR DYHU DQDOL]]DWR OH VLWXD]LRQL FRPXQLFDWLYH SUHVHQWL QHOOHFRPXQLWj
OLQJXLVWLFKH G·,WDOLD q HPHUVR FRPH TXHVWH XOWLPH DEELDQR OH
FDUDWWHULVWLFKH SULQFLSDOL GHO ELOLQJXLVPR H VLDQR UDGLFDOPHQWH GLIIHUHQWL
4XHVWR DWWHJJLDPHQWR GL ´QHJOLJHQ]D EHQLJQDµ QRQ q DIIDWWR QXRYR VL YHGD SHU
HVHPSLRO·DSRORJLDGHOPRQROLQJXLVPRLQ0DUD]]LQL
0DUFR7DPEXUHOOL
GDLFDVLGLGLJORVVLD4XHVWRFLKDSHUPHVVRGLVYLOXSSDUHXQDWDVVRQRPLD
SLFRPSOHWDGHOODVLWXD]LRQHLWDOLDQDHGLLQVHULUHTXHVW·XOWLPDQHOTXDGUR
JHQHUDOHGHOOHVLWXD]LRQLOLQJXLVWLFKHPRQGLDOL'DWDOHULGLPHQVLRQDPHQWR
q HPHUVR DQFKH LO SUREOHPD GHOOD GHULYD OLQJXLVWLFD H GHOOD VXD HYHQWXDOH
LQYHUVLRQH ,Q SDUWLFRODUH SDUWHQGR GD YDULH JHQHUDOL]]D]LRQL HVWUDSRODWH
GD XQ YDVWR QXPHUR GL VWXGL HPSLULFRWHRULFL &U\VWDO )LVKPDQ
5RPDLQH q HPHUVR FRPH HVLVWDQR VROR GXH VLWXD]LRQL LQ
JUDGRGLDVVLFXUDUHXQDFHUWDVWDELOLWjOLQJXLVWLFDODGGRYHHVLVWDSLGLXQD
OLQJXDDOO·LQWHUQRGLXQDVRFLHWj4XHVWHVRQRODGLJORVVLDHLOELOLQJXLVPR
RUL]]RQWDOH &RQVLGHUDWD OD PDQFDQ]D GL HTXLOLEULR GLJORVVLFR QHOOH
FRPXQLWj OLQJXLVWLFKH G·,WDOLD H YLVWD O·LPSRVVLELOLWj GL UHLQVWDXUDUH WDOH
HTXLOLEULR O·XQLFD VROX]LRQH LQ JUDGR GL VDOYDJXDUGDUH LO SDWULPRQLR
OLQJXLVWLFRG·,WDOLDULPDQHO·LVWLWX]LRQHGHOELOLQJXLVPRRUL]]RQWDOH4XHVWR
FRPSUHQGH GXH RSHUD]LRQL L O·LQVHULPHQWR HR UDIIRU]DPHQWR GHOO·XVR
YHLFRODUHGHOOHOLQJXHPLQRULWDULHQHOOH]RQHGRYHLOELOLQJXLVPRJRGHJLj
GLXQULFRQRVFLPHQWRLVWLWX]LRQDOHPDQRQKDUDJJLXQWRO·RUL]]RQWDOLWjH
LL LO ULFRQRVFLPHQWR GHO ELOLQJXLVPR FRQ LO FRQVHJXHQWH LQVHULPHQWR
GHOO·XVR YHLFRODUH GHOOH OLQJXH UHJLRQDOL LQ WXWWH OH ]RQH GRYH LO
ELOLQJXLVPRHVLVWHJLjGLIDWWRVHEEHQHVRORLQIRUPDYHUWLFDOH
6RORDWWUDYHUVRTXHVWLSURYYHGLPHQWLVLSRWUjLQYHUWLUHODGHULYDOLQJXLVWLFD
FKH GD TXDOFKH GHFHQQLR DIIOLJJH OH OLQJXH VWRULFKH G·,WDOLD H PDQWHQHUH
XQDSOXUDOLWjOLQJXLVWLFDFKHFRVWLWXLVFHXQDULFFKH]]DFRJQLWLYDHFXOWXUDOH
QRQVRORSHUJOLVWHVVLELOLQJXLPDSHUWXWWLJOLLWDOLDQL
1RWHVXOPDQWHQLPHQWRGHOSDWULPRQLROLQJXLVWLFRG·,WDOLD
5LIHULPHQWL
$/)21=(77, *LRYDQQD ,O GLVFRUVR ELOLQJXH ,WDOLDQR H GLDOHWWR D &DWDQLD 0LODQR
)UDQFR$QJHOL
%$.(5 &ROLQ )RXQGDWLRQV RI %LOLQJXDO (GXFDWLRQ DQG %LOLQJXDOLVP UG HLGWLRQ
&OHYHGRQ0XOWLOLQJXDO0DWWHUV
%(5',&+(96.< 1RUPDQ 1DWLRQ ODQJXDJH DQG FLWL]HQVKLS -HIIHUVRQ 1&
0F)DUODQG FR
%(55872 *DHWDQR ©/LQJXD GLDOHWWR GLJORVVLD GLODOLDª ,Q +2/786 *QWHU HG
5RPDQLFDHWVODYLFDDGULDWLFD)HVWVFKULIWIUåDUNR0XOMDÿLý+DPEXUJ%XVNHSS
%5$773$8/6721&KULVWLQD©6RFLDOIDFWRUVLQODQJXDJHPDLQWHQDQFHDQGODQJXDJH
VKLIWª ,Q ),6+0$1 -RVKXD $DURQ 7$%285(7.(//(5 $QGUpH &/<1( 0LFKDHO
.5,6+1$0857, %KDGULUDMX $%'8/$=,= 0RKDPHG HGV 6RFLROLQJXLVWLFVDQGWKHVRFLRORJ\
RIODQJXDJH1HZ<RUN0RXWRQGH*X\WHUSS
&5<67$/'DYLG/DQJXDJH'HDWK&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
'(5+(0, (GD ©7KH (QGDQJHUHG $UEUHVK /DQJXDJH DQG WKH ,PSRUWDQFH RI
6WDQGDUGLVHG:ULWLQJIRULWV6XUYLYDO7KH&DVHRI3LDQDGHJOL$OEDQHVLª,QWHUQDWLRQDO
-RXUQDORQ0XOWLFXOWXUDO6RFLHWLHV3DULJL81(6&2SS
'(8&+$5 0DUJDUHW H '$9,(6 3HUHGXU ©&RGH VZLWFKLQJ DQG WKH IXWXUH RI WKH
:HOVK ODQJXDJHª ,QWHUQDWLRQDO -RXUQDO RI WKH 6RFLRORJ\ RI /DQJXDJH %HUOLQR 'H
*UX\WHU0RXWRQSS
)(5*8621 &KDUOHV ©'LJORVVLDª :RUG 1HZ <RUN ,QWHUQDWLRQDO /LQJXLVWLF
$VVRFLDWLRQSS
),6+0$1-RVKXD$©%LOLQJXDOLVPZLWKDQGZLWKRXWGLJORVVLDGLJORVVLDZLWKDQG
ZLWKRXWELOLQJXDOLVPª-RXUQDORI6RFLDO,VVXHVSS2[IRUG:LOH\
),6+0$1 -RVKXD $ 5HYHUVLQJ ODQJXDJH VKLIW 7KHRUHWLFDO DQG HPSLULFDO IRXQGDWLRQV RI
DVVLVWDQFHWRWKUHDWHQHGODQJXDJHV&OHYHGRQ0XOWLOLQJXDO0DWWHUV
),6+0$1-RVKXD$©0DLQWDLQLQJODQJXDJHV:KDWZRUNVDQGZKDWGRHVQ·Wª,Q
&$1721, *LQD HG 6WDELOL]LQJ ,QGLJHQRXV /DQJXDJHV )ODJVWDII $UL]RQD 1RUWKHUQ
$UL]RQD8QLYHUVLW\SS
),6+0$1-RVKXD$©5HYHUVLQJODQJXDJHVKLIW5/6WKHRU\DQGSUDFWLFHUHYLVLWHGª
,Q.,1'(//*(H/(:,603 HG $VVHVVLQJHWKQROLQJXLVWLFYLWDOLW\7KHRU\DQGSUDFWLFH
VHOHFWHG SDSHUV IURP WKH WKLUG LQWHUQDWLRQDO ODQJXDJH DVVHVVPHQW FRQIHUHQFH 'DOODV 7; 6,/
,QWHUQDWLRQDOSS
*(25*$.2328/28 $OH[DQGUD ©2Q WKH 6RFLROLQJXLVWLFV RI 3RSXODU )LOPV
)XQQ\&KDUDFWHUV)XQQ\9RLFHVª-RXUQDORI0RGHUQ*UHHN6WXGLHV0DU\ODQG-RKQV
+RSNLQV8QLYHUVLW\3UHVVSS
0DUFR7DPEXUHOOL
+$0(56 -RVLDQH H %/$1& 0LFKHO %LOLQJXDOLW\ DQG ELOLQJXDOLVP QG HG
&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
+(,15,&+ +2&. +DQV H -26(3+ %ULDQ /DQJXDJH KLVWRU\ ODQJXDJH FKDQJH DQG
ODQJXDJHUHODWLRQVKLS$QLQWURGXFWLRQWRKLVWRULFDODQGFRPSDUDWLYHOLQJXLVWLFV%HUOLQR0RXWRQ
GH*UX\WHU
+8'621 $ODQ ©7RZDUG WKH 6\VWHPDWLF 6WXG\ RI 'LJORVVLDª 6RXWKZHVW -RXUQDO RI
/LQJXLVWLFV(ZLQJ1-/LQJXLVWLF$VVRFLDWLRQRIWKH6RXWKZHVWSS
+8'621$ODQ©2XWOLQHRIDWKHRU\RIGLJORVVLDª,QWHUQDWLRQDO-RXUQDORIWKH6RFLRORJ\
RI/DQJXDJH%HUOLQR'H*UX\WHU0RXWRQSS
,67$7©/DOLQJXDLWDOLDQDLGLDOHWWLHOHOLQJXHVWUDQLHUHª5RPD,VWLWXWR1D]LRQDOH
GL6WDWLVWLFD
,$11&&$52 *DEULHOH ©/LQJXH GL PLQRUDQ]D H VFXROD D GLHFL DQQL GDOOD /HJJH
,O SOXULOLQJXLVPR VFRODVWLFR QHOOH FRPXQLWj GL PLQRUDQ]D GHOOD 5HSXEEOLFD
,WDOLDQDª 4XDGHUQL GHOOD 'LUH]LRQH *HQHUDOH SHU JOL 2UGLQDPHQWL 6FRODVWLFL H SHU O·$XWRQRPLD
6FRODVWLFD5RPD0LQLVWHURGHOO·,VWUX]LRQHGHOO·8QLYHUVLWjHGHOOD5LFHUFD
0$5$==,1,&ODXGLR'D'DQWHDOODOLQJXDVHOYDJJLD5RPD&DURFFL
0$5&$72&DUOD'LDOHWWRGLDOHWWLHLWDOLDQR%RORJQD,O0XOLQR
3$51$%< +DUU\ ©$ VRXQG VSHFLHV WD[RQRP\ LV FUXFLDO WR WKH FRQVHUYDWLRQ RI
EDWVª ,Q /811(< ' HG &RQVHUYDWLRQ RI $XVWUDOLD·V )RUHVW )DXQD 6LGQH\ 5R\DO
=RRORJLFDO6RFLHW\RI1HZ6RXWK:DOHVSS
32+/-DFTXHV©%LOLQJXDOLVPHVª5HYXH5RPDLQHGH/LQJXLVWLTXH6RPHUYLOOH0$
&DVFDGLOOD3UHVVSS
520$,1(6X]DQQH/DQJXDJHLQVRFLHW\2[IRUG2[IRUG8QLYHUVLW\3UHVV
520$,1(6X]DQQH%LOLQJXDOLVP2[IRUG%ODFNZHOO
520$,1(6X]DQQH©7KH,PSDFWRI/DQJXDJH3ROLF\RQ(QGDQJHUHG/DQJXDJHVª
,QWHUQDWLRQDO-RXUQDORQ0XOWLFXOWXUDO6RFLHWLHV3DULJL81(6&2SS
62%5(52$OEHUWR©,WDOLDQL]DWLRQDQG9DULDWLRQVLQWKH5HSHUWRLUH7KH.RLQDLª
6RFLROLQJXLVWLFD%HUOLQRGH*UX\WHUSS
75803(5 -RKQ ©5LFRVWUX]LRQH QHOO·,WDOLD VHWWHQWULRQDOH VLVWHPL FRQVRQDQWLFL
&RQVLGHUD]LRQLVRFLROLQJXLVWLFKHQHOODGLDFURQLDª,Q6,021(5DIIDHOH9,*18==,8JR
HG 3UREOHPLGLULFRVWUX]LRQHLQOLQJXLVWLFD5RPD%XO]RQLSS
9(/70$1&DOYLQ/DQJXDJH6KLIWLQWKH8QLWHG6WDWHV%HUOLQR0RXWRQ
81(6&2$WODVRIWKH:RUOG·V/DQJXDJHVLQ'DQJHURI'LVDSSHDULQJ3DULJL81(6&2
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
6WHIDQLD&DYDJQROL
8QLYHUVLWjGHJOL6WXGLGL0DFHUDWD
,OFRQWULEXWRSUHVHQWDXQ·HVSHULHQ]DGLHGXFD]LRQHVFRODVWLFDSOXULOLQJXH LWDOLDQRWHGHVFRLQJOHVH LQDWWR
GDTXDWWURDQQLQHOOD3URYLQFLDDXWRQRPDGL%RO]DQR'HVFULYHODVLWXD]LRQHJLXULGLFDHVRFLROLQJXLVWLFD
LQEUHYHSHUSRLSDVVDUHDOODVWRULDGHOODVSHULPHQWD]LRQHHDOODGHVFUL]LRQHGHOSURJHWWR6LVRIIHUPDSRL
LQPRGRSLHVDXVWLYRVXOO·DQDOLVLGHOOHELRJUDILHOLQJXLVWLFKHGHJOLDOXQQLFRPSLODWHDGRSHUDGHLJHQLWRUL
SHUVRVWHQHUHODWHVLGHOODQHFHVVLWjGLXQFRLQYROJLPHQWRHGLXQDIRUWHPRWLYD]LRQHGLHVVLSHUODULXVFLWD
GL XQ WDOH SURJHWWR ,QGLFD DOWUHVu TXDOL SRVVRQR HVVHUH L VXSSRUWL SHU XQD EXRQD SUHSDUD]LRQH DOOD
GLPHQVLRQHVFRODVWLFDSOXULOLQJXH
&HWDUWLFOHSUpVHQWHXQHH[SpULHQFHG·pGXFDWLRQVFRODLUHSOXULOLQJXH LWDOLHQDOOHPDQGDQJODLV HQFRXUV
GHSXLVTXDWUHDQVGDQVOD3URYLQFH$XWRQRPHGH%RO]DQR,OLOOXVWUHEULqYHPHQWODVLWXDWLRQMXULGLTXHHW
VRFLROLQJXLVWLTXH O·KLVWRLUH GH FHWWH H[SpULPHQWDWLRQ HW OD GHVFULSWLRQ GX SURMHW HQ FRXUV ,O V·DWWDUGH
HQVXLWHGHPDQLqUHSOXVH[KDXVWLYHVXUO·DQDO\VHGHVELRJUDSKLHVOLQJXLVWLTXHVGHVpOqYHVUpGLJpHVSDUOHV
SDUHQWVSRXUDSSX\HUODWKqVHTXHODUpXVVLWHG·XQWHOSURMHWSDVVHQpFHVVDLUHPHQWSDUODSDUWLFLSDWLRQHW
ODIRUWHPRWLYDWLRQGHVSDUHQWV3RXUILQLULOLQGLTXHOHVPDWpULHOVHWOHVVWUDWpJLHVSHUPHWWDQWXQHERQQH
SUpSDUDWLRQjODGLPHQVLRQVFRODLUHSOXULOLQJXH
,OFRQWHVWRODVFXRODLQ$OWR$GLJH
/·$OWR$GLJHQHOULVSHWWRGHOOHQRUPHGLYDORUHFRVWLWX]LRQDOH DUWLFROR
GHOOD &RVWLWX]LRQH H 6WDWXWR GL $XWRQRPLD DUWLFROR SURWHJJH OH
PLQRUDQ]H OLQJXLVWLFKH WHGHVFD H ODGLQD LQ XQR GHL VXRL SLODVWUL
IRQGDPHQWDOLFKHqTXHOORGHOODIRUPD]LRQHHGHOO·LVWUX]LRQHEDVDWRVXOOD
QHWWD VHSDUD]LRQH LVWLWX]LRQDOH H VXO SDUDOOHOLVPR GL VFXROH LQ OLQJXD
LWDOLDQDHWHGHVFD3HUTXHVWRPRWLYRSUHYHGHODSRVVLELOLWjGLIUHTXHQWDUH
VFXROH LQ OLQJXD PDWHUQD LWDOLDQD WHGHVFD H ODGLQD SHU L VXRL FLWWDGLQL
4XHVWDPLVXUDSURWHWWLYDQHFHVVDULDGRSRLOSHULRGRIDVFLVWDSHUSDUHFFKL
DQQLKDUHVRSHUzGLIILFLOHVHQRQLPSRVVLELOHODFUHD]LRQHGLXQDVFXROD
SOXULOLQJXH FKH ULVSHFFKL XQD VLWXD]LRQH VRFLROLQJXLVWLFD WHUULWRULDOH GL
SOXULOLQJXLVPR0ROWLVRQRVWDWLLWHQWDWLYLOHULIOHVVLRQLOHGLVFXVVLRQLHOH
PLVXUH JLXULVGL]LRQDOL DGRWWDWH GD GLYHUVL JUXSSL GL LQWHUHVVH LQ SULPR
OXRJRJHQLWRULGLIDPLJOLHPRQROLQJXLHELOLQJXLSHUDVVLFXUDUHDLORURILJOL
,OPRGHOORGHOODVFXRODODGLQDLQYHFHqSDULWHWLFRLWDOLDQRWHGHVFRPHQWUHODOLQJXD
ODGLQDYLHQHLQVHJQDWDSHUGXHRUHVHWWLPDQDOL1HOODUHDOWjODVFXRODLQOLQJXDODGLQDqXQD
YHUDVFXRODSOXULOLQJXH
3HU L SRVVLELOL PRGHOOL VFRODVWLFL H JOL VWDQGDUG LQWHUQD]LRQDOL VL YHGDQR :RHON H
3DOHUPR FDS H3DOHUPRH:RHON FDS
6WHIDQLD&DYDJQROL
XQIXWXURSOXULOLQJXHFKHVSHVVR VLJQLILFDDQFKHXQDPDJJLRUSRVVLELOLWj
GLDFFHGHUHDSURIHVVLRQLGLIIHUHQ]LDWHFRQFRQVHJXHQWHDUULFFKLPHQWRGDO
SXQWR GL YLVWD ILQDQ]LDULR 6L q DVVLVWLWR DG XQ VHPSUH PDJJLRU
DPSOLDPHQWR GHOOH SRVVLELOLWj GL LQVHJQDUH ´LQ PRGR GLYHUVRµ SHU
HVHPSLR SDVVDQGR GDOOH RUH VHWWLPDQDOL GL / DG XQ WRWDOH GL RUH
XWLOL]]DELOLSHUSURJHWWLLQWHUGLVFLSOLQDULSHULOSRWHQ]LDPHQWRGHOOD/
/D ULFHUFD GL VROX]LRQL YDOLGH R DOPHQR DFFHWWDELOL SHU RIIULUH XQ
LQVHJQDPHQWR LO SL SOXULOLQJXH SRVVLELOH q VWDWD ULFFD H VLFXUDPHQWH KD
SRUWDWR IUXWWL SRVLWLYL LQL]LDQGR D FRVWUXLUH XQ SHUFRUVR FKH RJJL VL VWD
UHDOL]]DQGRVHSSXUHDQFRUDLQPLVXUDPLQRUHGLTXDQWRVLSRWUHEEHIDUH
VSHULPHQWDQGRVROX]LRQLQXRYHRDSSRJJLDQGRVLDGHVSHULHQ]HPROWHSOLFL
UHDOL]]DWHLQDOWULWHUULWRULQD]LRQDOLHGHVWHUL
1RQRVWDQWH LQIDWWL OH LQGLFD]LRQL GHO &RQVLJOLR G·(XURSD H GHOO·8QLRQH
(XURSHD YDGDQR RUPDL GD DQQL QHOOD GLUH]LRQH GHOO·LQVHJQDPHQWR
YHLFRODUH FRPH VWUDGD IDFLOPHQWH SHUFRUULELOH H FRQGLYLVLELOH OD QHWWD
VHSDUD]LRQH H LO SDUDOOHOLVPR VFRODVWLFR GHOO·$OWR $GLJH KDQQR UDOOHQWDWR
LQSDUWHLPSHGLWRODFRVWUX]LRQHGLXQDIRUPD]LRQHLQGXHRSLOLQJXH
/D SUHVHQ]D LQ PLVXUD PDVVLFFLD GHOOD VHFRQGD OLQJXD LWDOLDQR SHU OD
VFXROD LQ OLQJXD WHGHVFD WHGHVFR SHU OD VFXROD LQ OLQJXD LWDOLDQD QRQ KD
SHUz UDJJLXQWR FRPSHWHQ]H VLJQLILFDWLYH QHJOL DOXQQL QRQRVWDQWH OD
SUHSDUD]LRQH GHO GRFHQWL GL PDGUHOLQJXD LO VXSSRUWR GHJOL ,VWLWXWL
SHGDJRJLFLHGHOOH,QWHQGHQ]HVFRODVWLFKHQRQVLDQRPDLPDQFDWL
3HUTXHVWRPRWLYROHVSLQWHSHULQGLYLGXDUHYLHHGXFDWLYHDOWHUQDWLYHVRQR
VWDWHPROWHHGKDQQRSRUWDWRDGLQL]LDUHVSHULPHQWD]LRQLDOLYHOORSUHFRFH
FRQ OD VFXROD GHOO·LQIDQ]LD H FRQ OD VFXROD GHOO·REEOLJR ROWUH FKH FRQ
8Q HVHPSLR SHU OH LQL]LDWLYH GHL JHQLWRUL q GDWR GDOOD VHQWHQ]D VXOOD FRPSUHVHQ]D
7DU GL %RO]DQR FKH DFFRJOLH LO ULFRUVR GL XQ JUXSSR GL JHQLWRUL
FRQWUR LO GLYLHWR GHOOD *LXQWD SURYLQFLDOH FKH YLHWDYD OD FRPSUHVHQ]D GL LQVHJQDQWL GL
OLQJXD LWDOLDQD H GL OLQJXD WHGHVFD EDVDWD VXO ULVSHWWR GHOO·DUWLFROR GHOOR 6WDWXWR GL
$XWRQRPLD FKH SUHYHGH LO GLULWWR DOO·LQVHJQDPHQWR QHOOD PDGUHOLQJXD 'D SDUWH GHOOH
LVWLWX]LRQL SROLWLFKH LQYHFH VRQR GD FLWDUH OD GHOLEHUD GHOOD *LXQWD SURYLQFLDOH GHO
/LQHHJXLGDSHUO·LQVHJQDPHQWRDSSUHQGLPHQWRGHOWHGHVFR/QHOOHVFXROHLQOLQJXDLWDOLDQDH
ODGHOLEHUD*LXQWDSURYLQFLDOHGHODWWLYLWjSDUDVFRODVWLFKHFKHSUHYHGHILQR
DJLRUQDWHGLJHPHOODJJLRDOO·DQQRIUDOHVFXROHLQOLQJXDLWDOLDQDHLQOLQJXDWHGHVFDGHOOD
3URYLQFLDGL%RO]DQR
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
HVSHULHQ]H SXQWXDOL QHOOD VFXROD VXSHULRUH H OD IRQGD]LRQH GL XQD OLEHUD
XQLYHUVLWjWULOLQJXH WHGHVFRLQJOHVHLWDOLDQR
,OFRQWULEXWRDIIURQWHUjO·HVSHULHQ]DGLLQVHJQDPHQWRYHLFRODUHLQWHGHVFR
H SDU]LDOH LQ LQJOHVH GL XQD VFXROD HOHPHQWDUH LQ OLQJXD LWDOLDQD FKH GD
GHFHQQL RUPDL VL q LPSHJQDWD QHO SOXULOLQJXLVPR H QHOOD VXD SRVVLELOH
UHDOL]]D]LRQH D OLYHOOR VFRODVWLFR 2OWUH DG XQ LQTXDGUDPHQWR H DOOD
GHVFUL]LRQH GHO SURJHWWR VSHULPHQWDOH VL VRIIHUPHUj VXOO·DQDOLVL GHOOH
ELRJUDILHOLQJXLVWLFKHGHJOLDOXQQLGLTXDWWURFODVVL GLPHQVLRQHYHUWLFDOH
FRQIURQWDWH FRQ XQD FODVVH SDUDOOHOD GLPHQVLRQH RUL]]RQWDOH SHU
HYLGHQ]LDUHDOFXQHFDUDWWHULVWLFKHGLSDUWHQ]DGLFODVVLSOXULOLQJXLHWUDUQH
FRQVHJXHQ]HXWLOLSHULOSURVLHJXRGHOSURJHWWR
6WRULDGHOO·HVSHULHQ]DXQDVFXRODLQOLQJXDLWDOLDQD
/D VFXROD SULPDULD 0DQ]RQL FRQVLGHUD IRQGDPHQWDOH O·LQVHJQDPHQWR
YHLFRODUH JLj GDJOL DQQL LQ FXL DOFXQH GLVFLSOLQH YHQJRQR
LQVHJQDWHLQPRGRYHLFRODUHLQOLQJXDWHGHVFD VLWUDWWDGLVFLHQ]HQDWXUDOL
H VFLHQ]H PRWRULH $ RJJL WXWWH OH FODVVL KDQQR PDQWHQXWR TXHVWL GXH
LQVHJQDPHQWLLQOLQJXDWHGHVFD
1HOO·DQQR q SDUWLWR LQ $OWR $GLJH LO SURJHWWR ´6H]LRQL
WULOLQJXLµDFXLODVFXRODKDDGHULWRFKHSUHYHGHYDO·LQVHJQDPHQWRGLXQD
RGXHGLVFLSOLQHLQOLQJXDWHGHVFDHGLXQDGLVFLSOLQDLQOLQJXDLQJOHVH
0D q QHO FKH LO &ROOHJLR GRFHQWL VXOOD EDVH GL XQD GHOLEHUD GHOOD
*LXQWD SURYLQFLDOH Q DSSURYD D ODUJD PDJJLRUDQ]D OD
QDVFLWD GL XQ FRUVR ELOLQJXH DOO·LQWHUQR GHOOD VFXROD SHU FHUFDUH GL
ULVSRQGHUH DOOH HVLJHQ]H GHL JHQLWRUL FRQ EDPELQLVSHVVR SURYHQLHQWL GD
VFXROHGHOO·LQIDQ]LDLQOLQJXDWHGHVFDSHUFKpPLVWLOLQJXLRVHPSOLFHPHQWH
LQWHUHVVDWL DOO·DSSUHQGLPHQWR SUHFRFH GHOOD / 'DO OH VFXROH FKH
SURSRQJRQR XQ LQVHJQDPHQWR ELOLQJXH VL VRQR PROWLSOLFDWH
UDSSUHVHQWDQGRXQPRGHOORFRPXQHEDVDWRVXDOFXQLSULQFLSLGHFOLQDELOL
SHUzLQPRGRGLYHUVRDVHFRQGDGHOOHVLWXD]LRQLHGHLFRQWHVWLVFRODVWLFLGL
ULIHULPHQWR8QWDOHPRGHOORFRQWXWWDODIOHVVLELOLWjSUHYLVWDWURYDODVXD
IRU]D QHOO·LQGLFDUH DOFXQL ULIHULPHQWL GL WLSR SHGDJRJLFRGLGDWWLFR ROWUH
FKH OLQJXLVWLFR FRQ DSSOLFD]LRQL GLIIHUHQ]LDWH FKH SRVVRQR HVVHUH
3HU LQIRUPD]LRQL HVDXVWLYH VXOOH VH]LRQL WULOLQJXH VL YHGD OD SDJLQD ZHE
ZZZLSE]LWJHQHUDOHLQGH[DVS["DUHD
6WHIDQLD&DYDJQROL
PRGLILFDWH DGHJXDWH DOOD VLWXD]LRQH LQ FXL FL VL WURYD DG RSHUDUH
VHQWHQGRVL SHUz SDUWH GL XQ SHUFRUVR FRPXQH &Lz VLJQLILFD SRWHUVL
ULYROJHUH DJOL DOWUL GRFHQWL H GLULJHQWL DL JHQLWRUL SHU XQ FRQIURQWR H XQ
DLXWRSHUOHQXRYHHVSHULHQ]HSHULGXEELHPHUJHQWLSHULOSURVLHJXRGHO
SURJHWWR
,O PRGHOOR RIIUH ULVSRVWH D TXHVWLRQL RUPDL DQWLFKH FKH FLFOLFDPHQWH
WRUQDQR QHOOD GLVFXVVLRQH SXEEOLFD PRVWUD FRPH VLD SRVVLELOH LQVHJQDUH
HG LPSDUDUH LQ PRGR YHLFRODUH FRQ XQ WHDP GL GRFHQWL SUHSDUDWL H LQ
FRQWLQXD IRUPD]LRQH VHQ]D DEEDVVDUH LO OLYHOOR GLVFLSOLQDUH GHOOH
FRPSHWHQ]H GHL EDPELQL FRPH GLPRVWUDQR OH SURYH ,QYDOVL H OH
RVVHUYD]LRQLGHOPRQLWRUDJJLRDFXUDGHJOLHVSHUWL
0RVWUD FRPH L SUREOHPL GLVFXVVL D OLYHOOR SXEEOLFR FRPSUHVHQ]D GL
GRFHQWL SDXUD FKH QRQ VL ULVSHWWL LO GLULWWR DOO·DSSUHQGLPHQWR LQ OLQJXD
PDWHUQD TXHVWLRQL VLQGDFDOL« YHQJDQR FRQVLGHUDWL PD QRQ SRODUL]]DWL
FRQ O·RELHWWLYR GL SHQVDUH VROX]LRQL GLYHUVH H FRQGLYLVH SHU XQ·LGHD GL
VFXRODSOXULOLQJXHHSOXULFXOWXUDOH
/H´LGHHYLQFHQWLµGHLGLYHUVLSURJHWWLDWWXDWLDQFKHLQDOWUHVFXROHROWUHD
TXHOOR GHOOD VFXROD 0DQ]RQL FKH FRVWLWXLVFRQR LO ILOR URVVR GHOOH
VSHULPHQWD]LRQLVRQRFRQGLYLVH
8QSXQWRGHFLVLYRqTXHOORGHOODVFHOWDGHOODPDWHPDWLFDFRPHGLVFLSOLQD
IRUWHFKHYLHQHYHLFRODWDLQSDUWHRWRWDOPHQWHLQ/DWWUDYHUVRPDWHULDOL
LQ XVR QHOOD VFXROD LQ OLQJXD WHGHVFD FRQ VXSSRUWR DQFKH GL HVSHUWL
GLVFLSOLQDUL GL PDGUHOLQJXD H GL IRUPD]LRQH DFFDGHPLFD H GLGDWWLFD
WHGHVFD/DPDWHPDWLFDFRPHOHDOWUHGLVFLSOLQHYHLFRODWHLQ/VLLPSDUD
FRQ PRGDOLWj GLGDWWLFD ODERUDWRULDOH ULGXFHQGR VHPSUH SL
O·LQVHJQDPHQWR IURQWDOH 4XHVWD PHWRGRORJLD IXQJH GD FROODQWH
QHOO·LQVHJQDPHQWRGHOOHVSHULPHQWD]LRQLDQFKHLQ/HGLQIOXHQ]DWXWWDOD
GLGDWWLFDGHOOHFODVVL
8QDOWURSXQWRIRUWHqUDSSUHVHQWDWRGDOO·DOIDEHWL]]D]LRQHELOLQJXHLQWHVD
FRPH O·DSSUHQGLPHQWR SDUDOOHOR GL OHWWRVFULWWXUD GDOOD SULPD DOOD TXLQWD
FODVVH LQ LWDOLDQR H LQ WHGHVFR 6HFRQGR JOL VWXGL GL QHXUROLQJXLVWLFD H
SVLFROLQJXLVWLFDLPSDUDUHFRQWHPSRUDQHDPHQWHDOHJJHUHHVFULYHUHLQGXH
OLQJXH QRQ VROR QRQ SURYRFD SUREOHPL QHJOL DOXQQL PD OL IDYRULVFH
QHOO·DXPHQWR H FRQVROLGDPHQWR GHOOH FRPSHWHQ]H /H ULIOHVVLRQL
PHWDOLQJXLVWLFKH FKH HPHUJRQR QHOOH FODVVL GLPRVWUDQR OD FRPSHWHQ]D
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
OLQJXLVWLFDGHLEDPELQLVWXSHQGRVSHVVRJOLLQVHJQDQWLSHUODSUHFRFLWjGHO
SHQVLHUROLQJXLVWLFR
0DIRUVHGHFLVLYRqLOUXRORGHOOHSHUVRQHFKHKDQQRVFHOWRGLODYRUDUHH
LPSDUDUH LQ TXHVWR SHUFRUVR VSHULPHQWDOH L GRFHQWL GL LWDOLDQR H GL
WHGHVFRFKHIRUPDQRXQWHDPGLSURIHVVLRQLVWLFKHJHVWLVFRQRLQVLHPHOD
FODVVH,OSURFHVVRLQL]LDWRGDOO·HVSHULHQ]DGHOODVFXRODWULOLQJXHQHOODTXDOH
YLDYLDLOUXRORGHOGRFHQWHGL/DVVXPHYDVHPSUHPDJJLRULPSRUWDQ]DH
UHVSRQVDELOLWj VL FRPSOHWD QHOOH VSHULPHQWD]LRQL LQ DWWR LQ TXDQWR L
GRFHQWL GL / VRQR HIIHWWLYDPHQWH FRQWLWRODUL GHOOD FODVVH FRQ
FRQVHJXHQWHQHFHVVLWjGLULFDOLEUDUHODORURSUHVHQ]DHLOORURUDSSRUWRFRQ
L FROOHJKLH JOLDOXQQL ,O FDPELR GL SDUDGLJPD GHO ORUR UXROR LQIOXLVFH LQ
PRGRGHFLVLYRQHLULVXOWDWLHQHOOHFRPSHWHQ]HUDJJLXQWHGDLEDPELQLPD
IRUVH SRWUHEEH HVVHUH XQD VLJQLILFDWLYD ULVSRVWD DIILQFKp JOL LQVHJQDQWL GL
PDGUHOLQJXD WHGHVFD ULPDQJDQR R YHQJDQR DG LQVHJQDUH QHOOD VFXROD LQ
OLQJXDLWDOLDQD
/D JUDWLILFD]LRQH H DOOR VWHVVR WHPSR OD SRVVLELOLWj GL LQVHJQDUH OLQJXD H
GLVFLSOLQD SRWUHEEH UDSSUHVHQWDUH XQD IRUWH PRWLYD]LRQH D UHQGHUVL
GLVSRQLELOLSHUTXHVWHVSHULPHQWD]LRQL
, JHQLWRUL VL VRQR ULYHODWL DOWUHWWDQWR GHFLVLYL QHO ULFKLHGHUH QHO
SURPXRYHUHHQHOVRVWHQHUHLSURJHWWLIDFHQGRVuFKHDXPHQWDVVHO·HQWLWj
GHOOHLVFUL]LRQLHVLOLPLWDVVHODULFKLHVWDGLLVFUL]LRQHDOODVFXRODLQOLQJXD
WHGHVFD GL EDPELQL GL FXOWXUD G·RULJLQH LWDOLDQD , JHQLWRUL IRUWHPHQWH
PRWLYDWL VL DYYLFLQDQR DOOD VFXROD H DO SHUFRUVR HGXFDWLYRIRUPDWLYR GHL
ORURILJOLFRQJUDQGHSDUWHFLSD]LRQHHGHQWXVLDVPRFKHIDFLOLWDJOLVFDPEL
QHOO·H[WUDVFXRODSHUFKpLEDPELQLDSSDUWHQJRQRDGDVVRFLD]LRQLVSRUWLYHH
PXVLFDOLLQVLHPHDEDPELQLGLPDGUHOLQJXDWHGHVFD
( LQILQH JOL DFFRPSDJQDWRUL GHOOH VSHULPHQWD]LRQL FRQ LO UXROR GL
FRQVXOHQWL VFLHQWLILFL GL DPLFL FULWLFL GL RVVHUYDWRUL $ VHFRQGD GHOOH
VLWXD]LRQL H GHOOH ULFKLHVWH GHOOH VLQJROH VFXROH LQ XQ·RWWLFD GL ULFHUFD
D]LRQH LQ FROODERUD]LRQH FRQ L FRPLWDWL VFLHQWLILFL GHOOH VFXROH FRQ LO
QXFOHR SURYLQFLDOH GL YDOXWD]LRQH FRQ OH LVWLWX]LRQL SURYLQFLDOL ODYRUDQR
VRVWHQHQGR JOL RELHWWLYL H OH FRPSHWHQ]H LQGLYLGXDWH GDL GRFHQWL H GDL
GLULJHQWL
/H VSHULPHQWD]LRQL LQ DWWR PRVWUDQR FRPH ULVSHWWR DO FRQWHVWR FLRq DO
GLEDWWLWR SXEEOLFR SROLWLFRFXOWXUDOH VXOOD TXHVWLRQH GHOO·DSSUHQGLPHQWR
6WHIDQLD&DYDJQROL
GHOOH OLQJXH GHO ELOLQJXLVPR GHOOH VFXROH ELOLQJXL ULVSHWWR DOOH
SRODUL]]D]LRQL H DJOL VFRQWUL LGHRORJLFL HG HWQLFL VXL ´GLULWWLµ GHJOL XQL H
GHJOL DOWUL VLD SRVVLELOH LQWUDSUHQGHUH XQ FDPPLQR GL WLSR SHGDJRJLFR H
GLGDWWLFR GDO EDVVR FRVWUXHQGROR SDVVR D SDVVR FRQ ODFROODERUD]LRQH GL
WXWWL L SDUWHFLSDQWL DOO·HVSHULHQ]D HGXFDWLYD LQ XQ FOLPD GL ULVSHWWR H GL
LQWHUHVVHUHFLSURFR/DVFXRODVHODVFLDWDOLEHUDGLLQWUDSUHQGHUHSHUFRUVL
UDJLRQDWL H FRQGLYLVL H GRWDWD GL PH]]L SXz FRPSLHUH XQD ULFHUFD H
JLXQJHUH D ULVXOWDWL SRVLWLYL VFLHQWLILFDPHQWH GLPRVWUDELOL H LQGLFDWLYL SHU
DOWUHHVSHULHQ]HVRFLDOL
/DSDUWLFRODULWjGHOSURJHWWRVSHULPHQWDOHDGLIIHUHQ]DGLDOWUHHVSHULHQ]H
q EDVDWD VXOOD FRQWLWRODULWj GHJOL LQVHJQDQWL GL / H / FKH KDQQR SDUL
SHVRHVLGLYLGRQRLQPRGRHTXLOLEUDWROHGLVFLSOLQHGDLQVHJQDUHDQFKHD
VHFRQGDGHOOHORURFRPSHWHQ]HGLSDUWHQ]D/HRUHGLLQVHJQDPHQWRVRQR
GLFXLGDSDUWHGHOO·LQVHJQDQWHGL/GL/HGLLQJOHVH
7DEHOOD/LQJXHHGLVFLSOLQH
'LVFLSOLQHLQOLQJXDLWDOLDQD
'LVFLSOLQHLQOLQJXDWHGHVFD
/LQJXDLWDOLDQD
/LQJXDWHGHVFD
0DWHPDWLFD
/DERUDWRULRGLPDWHPDWLFD
6WRULD
*HRJUDILD
6WXGLVRFLDOL
6FLHQ]H
(GXFD]LRQHDOO·LPPDJLQH
(GXFD]LRQHPXVLFDOH
(GXFD]LRQHPRWRULD
/H PRGDOLWj GLGDWWLFKH VRQR SULQFLSDOPHQWH ODERUDWRULDOL PHQWUH L
PRPHQWLIURQWDOLVLOLPLWDQRDSRFKHRFFDVLRQL
,O ODERUDWRULR FRVWLWXLVFH XQD GHOOH FDUDWWHULVWLFKH IRQGDPHQWDOL GHO
SURJHWWR/HDWWLYLWjODERUDWRULDOL
VRQRVWDWHSUHGLVSRVWHSHUWXWWHOHGLVFLSOLQHLQSDUWLFRODUPRGRSHUO·DYYLDPHQWR
DOOD OHWWXUD H DOOD VFULWWXUD HIIHWWXDWR FRQWHPSRUDQHDPHQWH VLD LQ OLQJXD LWDOLDQD
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
VLDLQOLQJXDWHGHVFDSHUODPDWHPDWLFDOHVFLHQ]HHODJHRJUDILD,OODERUDWRULRq
TXHOORVSD]LRGLULFHUFDLQFXLVL´LPSDUDIDFHQGRµLQFXLVLGLVFXWRQROHSURSRVWH
H VL ULFHUFDQR OH VROX]LRQL GHL SUREOHPL GRYH VL LQFRQWUDQR GLYHUVL OLQJXDJJL H
YDORUL GRYH VL SXz RVVHUYDUH FDSLUH H PRGLILFDUH DWWUDYHUVR O·D]LRQH GLUHWWD H
O·LPPDJLQD]LRQH )LRUHQWLQR3DVVDUHOODH:HUWK
1HL ODERUDWRUL FL VL SRQJRQR FRVu RELHWWLYL GL WLSR WUDQVGLVFLSOLQDUH D
OLYHOORVRFLDOH ´SHQVDUHLQVLHPHµ DOLYHOORFRJQLWLYR VYLOXSSRGLVWUDWHJLH
SHUHVHJXLUHLOFRPSLWR DOLYHOORPHWDFRJQLWLYR ULIOHVVLRQHVXLSURFHVVLH
VXLSURGRWWL
,O ODERUDWRULR GL LQIRUPDWLFD VL VYROJH LQ OLQJXD LQJOHVH JOL DOWUL
PDWHPDWLFDVFLHQ]HJHRJUDILDDOIDEHWL]]D]LRQHELOLQJXHLQWHGHVFRHLQ
LWDOLDQRGRYHULFKLHVWR
/HELRJUDILHOLQJXLVWLFKHDQDOLVLHFRQIURQWR
/HTXDWWURFODVVLSDUWHFLSDQWLDOODVSHULPHQWD]LRQHSOXULOLQJXH GDODO
VRQR VWDWH VRWWRSRVWH DOOD GLVWULEX]LRQH GL XQD VFKHGD SHU OD
FRPSLOD]LRQH GL XQD ELRJUDILD OLQJXLVWLFD /D VFHOWD GL XQ WDOH WLSR GL
IRUPDWRqOHJDWDDLGHVWLQDWDULJHQLWRULGLGLYHUVDIRUPD]LRQHFXOWXUDOHH
VRSUDWWXWWR FRQ GLYHUVR JUDGR GL PRWLYD]LRQH ULVSHWWR DOOD VFHOWD
VFRODVWLFDGHLILJOL/DSURSRVWDGLVFULYHUHXQDELRJUDILDOLQJXLVWLFDUHODWLYD
DL ILJOL LQ IRUPD QDUUDWLYD VHPEUDYD SRWHU FUHDUH PDJJLRUL SUREOHPL
ULVSHWWR DOOD ´VHPSOLFHµ FRPSLOD]LRQH GL XQD VFKHGD SUHGLVSRVWD FRQ
DOFXQH GRPDQGH D VFHOWD PXOWLSOD H DOFXQH GRPDQGH DSHUWH /H VFKHGH
VRQR VWDWH GLVWULEXLWH DOO·LQL]LR GHOO·DQQR VFRODVWLFR FRPSLODWH D FDVD GDL
JHQLWRULHFRQVHJQDWHDOO·LQVHJQDQWHGLFODVVH
/DELRJUDILDOLQJXLVWLFDqXQRVWUXPHQWRGHWHUPLQDQWHSHUODFRQRVFHQ]D
GHL EDPELQL H GHL ORUR JHQLWRUL SHUFKp ULSRUWD GDWL RJJHWWLYL PD DOWUHVu
SHUFHWWLYLHGLDWWHJJLDPHQWRULVSHWWRDOOHOLQJXHFRQRVFLXWH
/DVWUXWWXUD
,O SULPR DQQR GL VRPPLQLVWUD]LRQH OD VFKHGD HUD VWUXWWXUDWD LQ
FLQTXHSXQWL LQGLFDWLLQFRUVLYRQHOWHVWRVHJXHQWH
'DO VHFRQGR DQQR LQ SRL OH VFKHGH VRQR VWDWH DUULFFKLWH GL XOWHULRUL
GRPDQGHFKHPHWWRQRLQHYLGHQ]DVRSUDWWXWWROHSHUFH]LRQLGHLJHQLWRUL
ULVSHWWRDOOHFRPSHWHQ]HOLQJXLVWLFKHHDOO·XVRGHOOHOLQJXHGHLORURILJOL
6WHIDQLD&DYDJQROL
4XDOH OLQJXD q SUHYDOHQWH SHU LO EDPELQROD EDPELQD QHOO·DPELWR
IDPLOLDUH"
'DTXDQGRSDUODODOLQJXDLWDOLDQD"
'DTXDQGRSDUODODOLQJXDWHGHVFD"
4XDOLDOWUHOLQJXHRGLDOHWWLVLSDUODQRLQIDPLJOLD"
&RQ TXDOH OLQJXD R GLDOHWWR LO YRVWUR EDPELQROD YRVWUD EDPELQD VL
ULYROJHDOODPDPPD"$OSDSj"$LIUDWHOOLDOOHVRUHOOH"$LSDUHQWL"$JOL
DPLFLHDLFRQRVFHQWL"
6HFRQGRYRLTXDOHOLQJXDSDUODPHJOLRLOEDPELQRODEDPELQD"
,O EDPELQROD EDPELQD q LQ JUDGR GL SDVVDUH GD XQD OLQJXD
DOO·DOWUD"
,OEDPELQRODEDPELQDVDWUDGXUUHGDXQDOLQJXDDOO·DOWUD"
4XDOH OLQJXD SUHIHULVFH LO EDPELQROD EDPELQD FRVD GLFH OXL
VWHVVROHLVWHVVD "
,OYRVWUREDPELQRKDO·RFFDVLRQHGLHQWUDUHLQFRQWDWWRFRQXQ·DOWUDOLQJXD
LQDPELWRH[WUDVFRODVWLFR HVJUXSSRVSRUWLYRPXVLFDOHGRSRVFXRODHFF "
4XDOHVFXRODGHOO·LQIDQ]LDKDIUHTXHQWDWRYRVWURDILJOLRD"
1HOOD VFXROD GHOO·LQIDQ]LD IUHTXHQWDWD HUD SUHYLVWR O·LQVHJQDPHQWR GL
XQ·DOWUDOLQJXD"$WUHDQQLDTXDWWURDFLQTXH
/H VFKHGH FRQVHJQDWH SHU L TXDWWUR DQQL VFRODVWLFL FRUULVSRQGRQR FRQ
XQ·XQLFDPDQFDQ]DDOQXPHURGHLEDPELQLLQVHULWLQHOOHFODVVL
,Q TXHVW·DQDOLVL VL FRQVLGHUDQR LQROWUH OH ELRJUDILH OLQJXLVWLFKH
VRPPLQLVWUDWH DG XQD FODVVH GL FRQWUROOR SDUDOOHOD FKH SXU QRQ
SDUWHFLSDQGR DOOD VSHULPHQWD]LRQH LQ TXHVWLRQH KD OR VWHVVR QXPHUR GL
RUHGLWHGHVFRYHLFRODUHLQFODVVHDOODVHWWLPDQD PDQFDQRVRORGXHRUHGL
SUHVHQ]D LQ PHQVD GHOO·LQVHJQDQWH GL WHGHVFR ULVSHWWR DOO·DOWUD FODVVH
PHQWUHODGLIIHUHQ]DIRQGDPHQWDOHqFRVWLWXLWDGDOODQRQFRQWLWRODULWjGHL
GRFHQWL OD FODVVH KD LQIDWWL XQ GRFHQWH GL LWDOLDQR XQ GRFHQWH GL
PDWHPDWLFD OLQJXD LWDOLDQD H XQ GRFHQWH GL / /D YHLFRODULWj QRQ q
SUHYLVWDSHUODPDWHPDWLFD
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
/LQJXHLQIDPLJOLD
,Q WXWWL H FLQTXH L JUXSSL GL VFKHGH OD OLQJXD SDUODWD LQ FDVD LQ IDPLJOLD
ULVXOWDHVVHUHO·LWDOLDQRFRQSRFKHYDULD]LRQL,QWHUHVVDQWHQRWDUHFKHQHO
SULPR DQQR VRQR SUHVHQWL LQ QXPHUR VLJQLILFDWLYR DQFKH DOWUH OLQJXH
SDUODWHLQIDPLJOLD
7DEHOOD/LQJXHLQIDPLJOLD
D
E
LWDOLDQR
WHGHVFR
LWWHG
$OWUHOLQJXH
'DTXDQGRLOEDPELQRODEDPELQDSDUODLWDOLDQR"
'DOO·DQDOLVLULVXOWDFKHqO·LWDOLDQRODOLQJXDPDGUHODSULPDOLQJXDDSSUHVD
HGXWLOL]]DWDQHJOLDPELWLVRFLDOLGHLEDPELQL
7DEHOOD,WDOLDQR
D
E
'DVHPSUH
'RSR L WUH
DQQL
'DTXDQGRLOEDPELQRODEDPELQDSDUODWHGHVFR"
3HUTXDQWRULJXDUGDLOWHGHVFRODVLWXD]LRQHqPDJJLRUPHQWHGLIIHUHQ]LDWD
ULVSHWWRDOODOLQJXDLWDOLDQD0HQWUHQHOLOQXPHURGHLSDUODQWLSUHFRFL
GL WHGHVFR q FRQVLVWHQWH GLYHQWD HTXLOLEUDWD QHL GXH DQQL VXFFHVVLYL SHU
FDSRYROJHUVL QHOOD FODVVH GL FRQWUROOR E 4XHVWR GDWR q
SDUWLFRODUPHQWHVLJQLILFDWLYRSHULUHTXLVLWLGLDFFHVVRDOOHFODVVLELOLQJXL
6WHIDQLD&DYDJQROL
7DEHOOD7HGHVFR
D
E
'DVHPSUH
'RSR L WUH
DQQL
$OWUHOLQJXHSDUODWHLQIDPLJOLD
/H OLQJXH SDUODWH LQ IDPLJOLD ROWUH DO WHGHVFR H DOO·LWDOLDQR DEEDVWDQ]D
SUHVHQWL QHO SULPR DQQR GHOOD VSHULPHQWD]LRQH VSDULVFRQR QHO VHFRQGR
DQQR SHU WRUQDUH LQ PRGR QRQ VLJQLILFDWLYR QHO H 6RQR
SUHVHQWLLQYHFHQHOODFODVVHGLFRQWUROOR
7DEHOOD/LQJXHLQIDPLJOLD
D
E
/LQJXH
UXPHQR
PROGDYR
LQJOHVH
SRUWRJKHVH
QHVVXQD
QRUYHJHVH
JUHFR
DOEDQHVH
SRODFFR
/LQJXHXWLOL]]DWHQHOODFRPXQLFD]LRQH
/D OLQJXD SUHYDOHQWH XWLOL]]DWD QHOOD FRPXQLFD]LRQH H[WUDIDPLOLDUH q
O·LWDOLDQR QHOOH VXH YDULDQWL UHJLRQDOL 0HQWUH QHO SULPR DQQR GHOOD
VSHULPHQWD]LRQH H QHOOD FODVVH GL FRQWUROOR GHOO·DWWXDOH DQQR VFRODVWLFR q
O·LWDOLDQR OD OLQJXD PDJJLRUPHQWH XWLOL]]DWD QHOOH DOWUH DQQDWH VL WURYD XQ
ELODQFLDPHQWR IUD LWDOLDQR H WHGHVFR VRSUDWWXWWR D OLYHOOR GL DWWLYLWj
VSRUWLYH PXVLFDOL R QHOO·LQWHUD]LRQH FRQ EDE\ VLWWHU GL OLQJXD GLYHUVD GD
TXDQWR SDUODWR LQ IDPLJOLD 4XHVW·XOWLPR DVSHWWR FUHVFH FRQ LO SDVVDUH
GHJOLDQQLDQDOL]]DWL
6HFRQGRYRLTXDOHOLQJXDSDUODPHJOLRLOEDPELQRODEDPELQD"
$JLXGL]LRGHLJHQLWRULqO·LWDOLDQRODOLQJXDPHJOLRSDUODWDGDLILJOLHGDOOH
ILJOLH1HOHDXPHQWDQRLPDGUHOLQJXDWHGHVFRIRQLHTXLQGLVL
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
ULVFRQWUD QHOOH ELRJUDILH OLQJXLVWLFKH DQFKH LO WHGHVFR FRPH OLQJXD GL
PDJJLRUFRPSHWHQ]D
7DEHOOD/LQJXDSDUODWDPHJOLR
D
E
LWDOLDQR
WHGHVFR
HQWUDPEH
,OEDPELQRODEDPELQDqLQJUDGRGLSDVVDUHGDXQDOLQJXDDOO·DOWUD"
/D GRPDQGD GDYD DGLWR D PROWH LQWHUSUHWD]LRQL GLYHUVH HG HUD VWDWD
IRUPXODWD LQ WDO PRGR SHU SHUPHWWHUH DL JHQLWRUL GL HVSULPHUH DQFKH OH
ORURFUHGHQ]HHOHORURVHQVD]LRQL
7DEHOOD&RGHVZLWFKLQJ
D
E
FRQIDFLOLWj
FRQGLIILFROWj
QRQSUHVHQWH
,ULVXOWDWLVLFRQVLGHUDQRVLJQLILFDWLYLVHLQFURFLDWLFRQDOWULGDWLGLULVSRVWH
GLYHUVH6LJQLILFDWLYRULVXOWDLOGDWRGLEQHOODTXDOHLFRQWHVWLIDPLOLDUL
VRQRLWDORIRQLFRVuFRPHLFRQWHVLDPLFDOLHVSRUWLYRPXVLFDOL
&DSDFLWjGLWUDGX]LRQHGDXQDOLQJXDDOO·DOWUD
$QFKHTXHVWDGRPDQGDHUDOHJDWDPROWRDOOHSHUFH]LRQLGHLJHQLWRULHDOOD
SRVVLELOLWj GL YHGHUH L ILJOL DOO·RSHUD LQ FRQWHVWR PXOWLOLQJXH SRVVLELOLWj
PROWR ULVWUHWWD SHU E FRPH HVSULPRQR EHQH L GDWL 1HL WUH DQQL
FHQWUDOL LQYHFH SUHYDOJRQR GDWL SRVLWLYL LQ EXRQD SHUFHQWXDOH /D
6WHIDQLD&DYDJQROL
WUDGX]LRQH SUREDELOPHQWH GL VLQJROH SDUROH R IUDVL VHPSOLFL q SUHVHQWH
LQTXDVLWXWWLLFDVL
7DEHOOD7UDGX]LRQH
D
E
FRQIDFLOLWj
FRQGLIILFROWj
QRQSUHVHQWH
/LQJXDSUHIHULWDGDOEDPELQRGDOODEDPELQD
,O TXHVLWR YROHYD QXRYDPHQWH IDU ULIOHWWHUH L JHQLWRUL VXOOH SUHIHUHQ]H
OLQJXLVWLFKH GHL ORUR ILJOL /·LWDOLDQR ULVXOWD OD OLQJXD SUHIHULWD ROWUH FKH
PDJJLRUPHQWHSDUODWDPDVHPEUDQRVLJQLILFDWLYLLQFUHVFHQGRGDOL
QXPHULGHLELOLQJXLVLPPHWULFLDOPHQRDOLYHOORSHUFHWWLYR
7DEHOOD3UHIHUHQ]DGLOLQJXD
D
E
LWDOLDQR
WHGHVFR
HQWUDPEH
$OWUH
2FFDVLRQLH[WUDVFRODVWLFKHGLLQFRQWUDUHDOWUHOLQJXH
/HRFFDVLRQLGLVFDPELROLQJXLVWLFRVRQRSULQFLSDOPHQWHOHJDWHDGDWWLYLWj
VSRUWLYH PXVLFDOL R VRSUDWWXWWR SHU JOL XOWLPL DQQL D EDE\ VLWWHU GL
PDGUHOLQJXD WHGHVFD (VLVWH XQD GLIIHUHQ]D IUD OH FODVVL GHOOD
VSHULPHQWD]LRQH H OD FODVVH GL FRQWUROOR VHEEHQH DQFKH LQ HVVD VLDQR
DOPHQRLEDPELQLFRQFRQWDWWLLQWHUOLQJXLVWLFLH[WUDVFRODVWLFL
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
6FXRODGHOO·LQIDQ]LDIUHTXHQWDWD
,OGDWRUHODWLYRDOODIUHTXHQ]DGHOODVFXRODGHOO·LQIDQ]LDqLOPDJJLRUPHQWH
VLJQLILFDWLYR VL QRWDQR JUDQGL GLIIHUHQ]H IUD JOL DQQL E H
/HSULPHGXHDQQDWHFLWDWHKDQQRLQFRPXQHLOIDWWRGL
HVVHUH VWDWH IRUPDWH FRPH FODVVL QRQ QHFHVVDULDPHQWH ELOLQJXL QHO
QRQ HUDQR DQFRUD PROWL L JHQLWRUL LQWHUHVVDWL DG XQ WDOH SHUFRUVR QRQ
SDUWLFRODUPHQWH SXEEOLFL]]DWR 1HO E OD FODVVH GL FRQWUROOR q VWDWD
VFHOWDSHULOQXPHURGLRUHLQOLQJXDDEEDVWDQ]DSDUDJRQDELOLDOODVH]LRQH
ELOLQJXH PD GL QXRYR QRQ VHPEUD HVVHUFL QHL JHQLWRUL XQ SDUWLFRODUH
LQWHUHVVH DOO·LQVHJQDPHQWR ELOLQJXH Qp SHU UDJLRQL GL IDPLJOLD Qp SHU
FRQWHVWLDPLFDOLIUHTXHQWDWL
1HL WUH DQQL FHQWUDOL SUHYDOH LQYHFH LQ PRGR
PDVVLFFLR OD IUHTXHQ]D GHOOD VFXROD GHOO·LQIDQ]LD LQ OLQJXD WHGHVFD 3DUH
TXHVWRHVVHUHXQHOHPHQWRFHQWUDOHQHOODFRQFH]LRQHGLXQFRUVRGLVFXROD
SULPDULD ELOLQJXH H QRQ VROR SHU OD SUHSDUD]LRQH GHL JHQLWRUL PD DQFKH
SHU O·DSHUWXUDYHUVR FRQWHVWL LQ FXL VL SDUOD DQFKH LO WHGHVFR LQ RFFDVLRQL
H[WUDVFRODVWLFKH
7DEHOOD6FXRODGHOO·LQIDQ]LD
D
E
,QOLQJXD
LWDOLDQD
,QOLQJXD
WHGHVFD
$OWUR
$OWUHOLQJXHQHOODVFXRODGHOO·LQIDQ]LD
/D SUHVHQ]D GL DOWUH OLQJXH GL LQVHJQDPHQWR QHOOD VFXROD GHOO·LQIDQ]LD q
OHJDWD XQLFDPHQWH DOOD VFXROD LQ OLQJXD LWDOLDQD FKH JLj GD TXDVL XQ
GHFHQQLR KD LQ DWWR VSHULPHQWD]LRQL H SURJHWWL SHU O·LQVHJQDPHQWR GHO
WHGHVFRFRQGRWWHGDHGXFDWULFLGHOODVFXRODGHOO·LQIDQ]LDLQOLQJXDWHGHVFD
,OSURJHWWRULJXDUGDSULQFLSDOPHQWHO·XOWLPRDQQRGHOODVFXRODLEDPELQLH
6WHIDQLD&DYDJQROL
OHEDPELQHGLDQQLFRPHEHQULVXOWDGDOODWDEHOODVHJXHQWH'DPHQR
WHPSRHVLVWRQRDQFKHPRPHQWLGLGDWWLFLUHODWLYLDOODOLQJXDLQJOHVH
7DEHOOD$OWUHOLQJXH
E
7HGHVFR
$WUHDQQL
$TXDWWURDQQL
$FLQTXHDQQL
,QJOHVH
$WUHDQQL
$TXDWWURDQQL
$FLQTXHDQQL
6LQWHVLHFRPPHQWL
/·DQDOLVLGHOOHELRJUDILHOLQJXLVWLFKHIRUQLVFHGLYHUVLHOHPHQWLLQWHUHVVDQWLD
VXSSRUWRGHOO·LSRWHVLGLFRPHQHOO·DSSUHQGLPHQWRGLXQDVHFRQGDOLQJXD
VLD IRQGDPHQWDOH XQD IUHTXHQWD]LRQH GL DPELHQWLSOXULOLQJXL HXQD IRUWH
PRWLYD]LRQH DQFKH GD SDUWH GHOOH IDPLJOLH ,O IDWWR FKH L JHQLWRUL VLDQR
VROLWL SDUODUH LQ SL OLQJXH SDVVDUH GD XQD OLQJXD DOO·DOWUD DLXWD L ILJOL
QHOO·XVR GL SL OLQJXH H VRSUDWWXWWR DLXWD L JHQLWRUL D FRQVLGHUDUH
FRPSHWHQWL L ILJOL QHOOD FRPXQLFD]LRQH SOXULOLQJXH /H SHUFH]LRQL GHL
JHQLWRUL VXOOD ´QRQµ FRPSHWHQ]D GHL ILJOL FRPH ULVXOWD GDOOH GRPDQGH
VXOOH SHUFH]LRQL QRQ VHPSUH LQYHFH FRLQFLGRQR FRQ OH
FRPSHWHQ]H HIIHWWLYH GHL EDPELQL H GHOOH EDPELQH HPHUJHQWL GDOOH
RVVHUYD]LRQLLQFODVVHHGDOODYDOXWD]LRQHGHLGRFHQWL
6LYHGDZZZSURYLQFLDE]LWLQWHQGHQ]DVFRODVWLFDSURJHWWLSURJHWWRSLORWDODVS
FRQ XQ·DPSLD GHVFUL]LRQH GHO SURJHWWR ©/D ILQDOLWj SHUVHJXLWD GD TXHVWR SURJHWWR q GL
FRVWUXLUHXQPRGHOORSHUO·DSSURFFLRDOODOLQJXDHFXOWXUDWHGHVFDQHLEDPELQLGHOO·XOWLPR
DQQRGHOODVFXRODGHOO·LQIDQ]LDLQOLQJXDLWDOLDQDFLzVLJQLILFDFKHLOSURJHWWRVLSURSRQHGL
GHILQLUH O·DSSURFFLR PHWRGRORJLFR LO PRGHOOR GLGDWWLFR HG LOSURILOR SURIHVVLRQDOH GHOOH
LQVHJQDQWLGL/DOODVFXRODGHOO·LQIDQ]LDª
)DUHVFXRODFRQHLQWUHOLQJXHXQ·HVSHULHQ]DERO]DQLQD
&RQVLGHUD]LRQLFRQFOXVLYH
/·DQDOLVLGHOOHELRJUDILHOLQJXLVWLFKHUHVWDXQPRPHQWRIRQGDPHQWDOHQHOOD
SURJHWWD]LRQH GL FRUVL SOXULOLQJXL XQR VWUXPHQWR FKH GHY·HVVHUH
DIILDQFDWR GD DOWUL VWUXPHQWL QHOO·RWWLFD GHOOD WULDQJROD]LRQH GHL GDWL
RVVHUYD]LRQL SURYH RJJHWWLYH YDOXWD]LRQL FROORTXL PD FKH VH EHQ
VWUXWWXUDWR Gj LQIRUPD]LRQL FRQFUHWH VXOOD VLWXD]LRQH LQL]LDOH H
LQIRUPD]LRQL OHJDWH DOOH SHUFH]LRQL GHL JHQLWRUL HOHPHQWR GHWHUPLQDQWH
SHUO·DSSUHQGLPHQWROLQJXLVWLFR HQRQ GHLILJOL
/HLQIRUPD]LRQLTXLULDVVXQWHIDQQRULIOHWWHUHSHUODSURJHWWD]LRQHGLFRUVL
SOXULOLQJXL DOO·LQWHUQR GHOOD VFXROD SULPDULD LQ $OWR $GLJH 6LD LO FRUVR
ELOLQJXH VLD TXHOOR SRWHQ]LDWR GLPRVWUDQR GL DYHUH UDJJLXQWR RWWLPL
ULVXOWDWLQHOO·DSSUHQGLPHQWRDFTXLVL]LRQHGHOODVHFRQGDOLQJXD1HOSULPR
FDVR SHUz DSSDUH GHFLVLYR XQ SHUFRUVR LQ / D OLYHOOR GL VFXROD
GHOO·LQIDQ]LD SHU XQD QDWXUDOH]]D FRPXQLFDWLYD PDJJLRUH H DOOR VWHVVR
WHPSRXQDVHULHGLFRQRVFHQ]HH[WUDVFRODVWLFKHFKHSRUWDQRLEDPELQLH
OH EDPELQH D QXPHURVL PRPHQWL GL VFDPELR VSRUW PXVLFD DPLFL EDE\
VLWWHU
1HOVHFRQGRFDVRODPLQRUHDWWHQ]LRQHDOO·DSSUHQGLPHQWRGHOODVHFRQGD
OLQJXD LQ PRPHQWL H[WUDVFRODVWLFL ID Vu FKH OH RFFDVLRQL SHU L ILJOL
GLPLQXLVFDQR QRQRVWDQWH OD FRPSHWHQ]D OLQJXLVWLFD VLD SOXULOLQJXH H
SHUPHWWDODYHLFRODULWjGLDOFXQHGLVFLSOLQH8QSXQWRTXHVWRGLULIOHVVLRQH
SHUODIXWXUDSROLWLFDVLDOLQJXLVWLFDVLDVFRODVWLFDLQJUDGRGLPRGLILFDUHLO
WHVVXWRFRPXQLFDWLYRDOWRDWHVLQRHOHUHODWLYHFRPSHWHQ]HGHLFLWWDGLQL
6WHIDQLD&DYDJQROL
5LIHULPHQWL
&$9$*12/, 6WHIDQLD ©,PSDUDUH GXH OLQJXH LQ XQD SULPD HOHPHQWDUH
VSHULPHQWD]LRQH GLGDWWLFD H OLQJXLVWLFD FRQ EDPELQL ELOLQJXL H PRQROLQJXLª ,Q
&+,1,0DULQD'(6,'(5,3DROD)$9,//$(OHQD3$//277,*DEULHOH HG ,PSDUDUH
XQD OLQJXD 5HFHQWL VYLOXSSL WHRULFL H SURVSHWWLYH DSSOLFDWLYH DWWL GHO 9, FRQJUHVVR
LQWHUQD]LRQDOH GHOO·$VVRFLD]LRQH ,WDOLDQD GL /LQJXLVWLFD DSSOLFDWD 1DSROL
IHEEUDLR3HUXJLD*XHUUDHGL]LRQLSS
),25(17,126RQLD3$66$5(//$0LUFD:(57+$QGUHDV©,VWLWXWRFRPSUHQVLYR
%RO]DQR 9, 6FXROD SULPDULD $ 0DQ]RQLª ,Q &$9$*12/, 6WHIDQLD 3$66$5(//$
0LUFD HG 3OXULOLQJXLVPRVFRODVWLFRLQ$OWR$GLJHVFXRODSULPDULD5DVVHJQD%RO]DQR
,VWLWXWRSHGDJRJLFRSS
)5$1&(6&+,1,5LWD0,(&=1,.2:6.,-RKDQQD HG /HEHQPLWPHKUHUHQ6SUDFKHQ
6SUDFKELRJUDSKLHQ%HUQ3HWHU/DQJ
*,52772 ,UHQH :2'( +HQQLQJ 6NHSWLVFKH +HUPHQHXWLN DOV +HUDXVIRUGHUXQJ
=ZHLWVSUDFKOLFKHU /HKUH LQ 6XHGWLURO 8QWHUVXFKXQJ ]XU EHVRQGHUHQ 6LWXDWLRQ DQ LWDOLHQLVFKHQ
2EHUVFKXOHQ0HUDQR$OSKD%HWD
3$/(502 )UDQFHVFR :2(/. -HQV 'LULWWR FRVWLWX]LRQDOH FRPSDUDWR GHL JUXSSL H GHOOH
PLQRUDQ]H3DGRYD&HGDP
:2(/.-HQV3$/(502)UDQFHVFR0$5.2-RVHSK HG 7ROHUDQFH7KURXJK/DZ²
6HOI*RYHUQDQFHDQG*URXS5LJKWVLQ6RXWK7\URO/HLGHQ%RVWRQ0DUWLQXV1LMKRII%ULOO
=$5$7(*HQHYLqYH/(9<'DQLHOOH.5$06&+&ODLUH pGV 3UpFLVGXSOXULOLQJXLVPH
HWGXSOXULFXOWXUDOLVPH3DULVeGLWLRQVGHVDUFKLYHVFRQWHPSRUDLQHV
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOH
LQXQ·DUHDPXOWLOLQJXHLOFDVRGL6DQ*LDFRPRGL/DLYHV
6DQGUD/XFLHWWR
/LEHUD8QLYHUVLWjGL%RO]DQR
8QD UHFHQWH VSHULPHQWD]LRQH &/,/ &RQWHQW DQG /DQJXDJH ,QWHJUDWHG /HDUQLQJ LQ WHGHVFR
OLQJXDVHFRQGD / LQXQDVFXRODSULPDULDGLOLQJXDLWDOLDQDQHLSUHVVLGL%RO]DQRYLHQHSUHVHQWDWD
QHOOHVXHFDUDWWHULVWLFKHIRUPDOLSXQWLGLIRU]DGLGHEROH]]DFRQGL]LRQLGLIDWWLELOLWjHFRQWLQXLWjSULPL
ULVXOWDWLHSUHYLVLRQLSHULOIXWXUR$OFXQHDWWHQ]LRQLHPRGDOLWjGLODYRURSHUVHJXRQRRELHWWLYLIRUWHPHQWH
LQQRYDWLYL SHU LO FRQWHVWR QRQ VROR OLQJXLVWLFL PD GL GLDORJR WUD OH FXOWXUH H GL FLWWDGLQDQ]D ,Q XQ
WHUULWRULR PXOWLFXOWXUDOH FRPH O·$OWR $GLJH DOFXQL HOHPHQWL FDUDWWHUL]]DQWL LO SURJHWWR SRWUHEEHUR IRUVH
HVVHUHWUDVIHULWLDGDWWDQGROLDQFKHDVSHULPHQWD]LRQLQHOODOLQJXDUHJLRQDOHGLPLQRUDQ]DIDYRUHQGROD
QDVFLWDGLLQQRYDWLYHSROLWLFKHOLQJXLVWLFKHGLSURPR]LRQHGHOODSLDQWLFDOLQJXDVXOWHUULWRULRSUHVVROH
QXRYHJHQHUD]LRQL
2Q SUpVHQWH LFL XQH H[SpULPHQWDWLRQ &/,/ &RQWHQW DQG /DQJXDJH ,QWHJUDWHG /HDUQLQJ HQ
DOOHPDQG/UpFHPPHQWLQLWLpHGDQVXQHpFROHSULPDLUHGXV\VWqPHVFRODLUHGHODQJXHLWDOLHQQHGDQVOD
SURYLQFH GH %RO]DQR +DXW$GLJH ,WDOLH /HV FDUDFWpULVWLTXHV GH O·RUJDQLVDWLRQ OHV SRLQWV IRUWV HW
IDLEOHVOHVSUHPLHUVUpVXOWDWVOHVSUpFRQGLWLRQVSRXUOHVXFFqVDLQVLTXHOHVSUpYLVLRQVSRXUO·DYHQLUGX
SURMHW VRQW LOOXVWUpV HQ GpWDLO &HUWDLQHV PRGDOLWpV GH O·DFWLRQ GLGDFWLTXH SRXUVXLYHQW GHV REMHFWLIV WUqV
DYDQFpV SRXU OH FRQWH[WH QRQ VHXOHPHQW DX QLYHDX OLQJXLVWLTXH PDLV pJDOHPHQW SRXU FH TXL HVW GX
GLDORJXH HQWUH OHV FXOWXUHV HW OD FLWR\HQQHWp DFWLYH GHV pOqYHV 'DQV XQ WHUULWRLUH PXOWLFXOWXUHO FRPPH
O·+DXW$GLJH FHUWDLQV pOpPHQWV FDUDFWpULVDQW OH SURMHW SRXUUDLHQW rWUH WUDQVIpUpV DYHF TXHOTXHV
DGDSWDWLRQVjGHVH[SpULPHQWDWLRQVHQODQJXHUpJLRQDOHGHPLQRULWpIDYRULVDQWDLQVLOHGpYHORSSHPHQWGH
SROLWLTXHVOLQJXLVWLTXHVQRYDWULFHVSRXUODSURPRWLRQGHODODQJXHSOXVDQFLHQQHGDQVOHWHUULWRLUHDXSUqV
GHVMHXQHVJpQpUDWLRQV
,OFRQWHVWRVWRULFR
6DQ*LDFRPRqXQDIUD]LRQHGL/DLYHVXQDFLWWDGLQDDVXGHVWGL%RO]DQR
LOFDSROXRJRGHOODSURYLQFLDFKHGDOODILQHGHOOD6HFRQGD*XHUUD0RQGLDOH
JRGHGLXQSDUWLFRODUH6WDWXWRGL$XWRQRPLD DOO·LQWHUQRGHOOR
6WDWR LWDOLDQR &ROORFDWR SHU VHFROL QHOO·DPELWR FXOWXUDOH EDYDUHVH D
DXVWULDFR FRQ SRSROD]LRQH GL OLQJXD WHGHVFD 6GWLUROHULVFK YDULDQWH
GLDOHWWDOHGLRULJLQHDXVWUREDYDUHVH DGHFFH]LRQHGLXQSLFFRORJUXSSRGL
PLQRUDQ]D GL OLQJXD ODGLQD QHOOH 9DOOL 'RORPLWLFKH *DUGHQD H %DGLD LO
WHUULWRULR q GLYHQWDWR LWDOLDQR VROWDQWR GRSR OD 3ULPD *XHUUD 0RQGLDOH
'XUDQWH LO SHULRGR IDVFLVWD q VWDWR IRUWHPHQWH LWDOLDQL]]DWR OR
/·DWWLYLWj GL FRQVXOHQ]D DO SURJHWWR YLHQH VYROWD VRWWR JOL DXVSLFL GHOOD /LEHUD
8QLYHUVLWjGL%RO]DQR)DFROWjGL6FLHQ]HGHOOD)RUPD]LRQH
6DQGUD/XFLHWWR
6WDWR KD IDYRULWR OD PLJUD]LRQH LQWHUQD GL IDPLJOLH SURYHQLHQWL GD PROWH
UHJLRQL VRSUDWWXWWR QRUGRULHQWDOL H FUHDWR XQD GLVXJXDJOLDQ]D GL GLULWWL
WUD OD SRSROD]LRQH GL OLQJXD WHGHVFD H LWDOLDQD SRQHQGR OH EDVL SHU XQ
GLVVLGLRSURIRQGRDFXLWRVLFRQOD6HFRQGD*XHUUD0RQGLDOHHQRQDQFRUD
GHOWXWWRVXSHUDWR
,OFRQWHVWROLQJXLVWLFR
/DSURYLQFLDGL%RO]DQRqXQWHUULWRULRPXOWLOLQJXHFDUDWWHUL]]DWRGDIRUWH
FRPSOHVVLWj LQWHUQD YL FRQYLYRQR WUH JUXSSL OLQJXLVWLFL WXWWL RUPDL
©VWRULFLªLOJUXSSRGLOLQJXDWHGHVFD LOGHOODSRSROD]LRQH TXHOORGL
OLQJXDODGLQD FLUFDLO LOSLDQWLFRHTXHOORGLOLQJXDLWDOLDQD FLUFDLO
ROWUH D IDPLJOLH GL UHFHQWH LPPLJUD]LRQH GD DOWUL 3DHVL HXURSHL R
H[WUDHXURSHL 3HU OH GXH OLQJXH SULQFLSDOL OD VLWXD]LRQH q TXL FDSRYROWD
ULVSHWWR DO WHUULWRULR QD]LRQDOH LO JUXSSR GL OLQJXD WHGHVFD FRQVLGHUDWR
PLQRUDQ]DHWQLFDHOLQJXLVWLFDQHOOR6WDWRLWDOLDQRqLQIRUWHPDJJLRUDQ]D
PHQWUHLOJUXSSRGLOLQJXDLWDOLDQDqLQPLQRUDQ]D
,O FRQWHVWR q WULOLQJXH O·LWDOLDQR H LO WHGHVFR KDQQR HIIHWWLYD SDULWj GL
VWDWXVHWXWWHOHFRPXQLFD]LRQLLVWLWX]LRQDOLVRQRHIIHWWXDWHLQTXHVWHGXH
OLQJXHODOLQJXDODGLQDqXVDWDQHJOLDWWLSXEEOLFLTXDORUDLGHVWLQDWDULVLDQR
LQ SUHYDOHQ]D ODGLQL /·DFFHVVR DO SXEEOLFR LPSLHJR q UHJRODWR
GDOO·DFFHUWDPHQWROLQJXLVWLFR LOFRVLGGHWWR©3DWHQWLQRª HLSRVWLPHVVLD
FRQFRUVR VRQR VXGGLYLVL LQ PRGR SURSRU]LRQDOH DOOD FRQVLVWHQ]D GHL
GLYHUVLJUXSSLOLQJXLVWLFL1HOVHWWRUHSULYDWRWXWWDYLDODIRU]DHFRQRPLFD
GHOODSRSROD]LRQHGLOLQJXDWHGHVFDqSUHYDOHQWH'LTXLODQHFHVVLWjSHULO
JUXSSR GL OLQJXD LWDOLDQD GL VYLOXSSDUH FRPSHWHQ]H ©DOWHª QHOOD OLQJXD
WHGHVFD OLQJXD FKH DQFRU RJJL QRQ q GD ORUR EHQ SDGURQHJJLDWD %DXU
3HUTXDQWRDWWLHQHDOSOXULOLQJXLVPRLQGLYLGXDOH %HDFFRH%\UDP
VL SXz GLUH JHQHUDOL]]DQGR FKH SHU LO JUXSSR GL OLQJXD WHGHVFD
O·LWDOLDQRUDSSUHVHQWLVHPSUHSLXQDOLQJXDVHFRQGD / ²YLVLDFLRqXQ
DPSLR H GLIIXVR ELOLQJXLVPR DWWLYR ² PHQWUH LO JUXSSR GL OLQJXD LWDOLDQD
)RQWHZZZSURYLQFLDE]LWDVWDW
6HFRQGR OD GHILQL]LRQH GHO &RQVLJOLR G·(XURSD q ©PXOWLOLQJXHª XQD VRFLHWj LQ FXL
FRHVLVWRQR SL GL XQD OLQJXD RJQXQD XVDWD GD XQ GHWHUPLQDWR JUXSSR OLQJXLVWLFR Ë
LQYHFH SOXULOLQJXH XQD SHUVRQD FKH FRQRVFH H XVD SL OLQJXH %HDFFR H %\UDP
6DUHEEH SHUFLz SOXULOLQJXH XQD FRPXQLWj LQ FXL WXWWL FRQRVFRQR H XVDQR OH OLQJXH GHO
WHUULWRULR
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
PDQLIHVWD DQFRUD XQ GLIIXVR PRQROLQJXLVPR HYHGH LO WHGHVFR SL FRPH
OLQJXD VWUDQLHUD /6 0ROWR GLYHUVD OD VLWXD]LRQH GHO JUXSSR ODGLQR RYH
VRQRLQYHFHPROWRGLIIXVHFRPSHWHQ]HDOWHQHOOHWUHOLQJXH
,WUHJUXSSLOLQJXLVWLFLKDQQRDOWUHWWDQWLVLVWHPLVFRODVWLFLHIRUPDWLYLFKH
UDSSUHVHQWDQRVHSDUDQGROHOHWUHUHDOWjOLQJXLVWLFKHODWHGHVFDO·LWDOLDQDH
OD ODGLQD 3HU OHJJH 1XRYR 6WDWXWR GL $XWRQRPLD DUW OD OLQJXD
GHOOD VFXROD q OD OLQJXD PDWHUQD GHJOL DOXQQL ,O WHGHVFR H O·LWDOLDQR
YHQJRQR LQVHJQDWL QHOO·XQR H QHOO·DOWUR VLVWHPD FRPH / SHU XQ EXRQ
QXPHUR GL RUH 1HO FDVR GHO WHGHVFR QHOOD VFXROD SULPDULD GL OLQJXD
LWDOLDQD VRQR O·DQQR FRUULVSRQGHQWL D FLUFD RUH OD VHWWLPDQD
QRQRVWDQWHTXHVWRJOLDOXQQLIDWLFDQRDQFRUDDUDJJLXQJHUHJOLDOWLOLYHOOLGL
FRPSHWHQ]D DXVSLFDWL LQ XVFLWD 3HU PROWL DQQL O·LQWHUSUHWD]LRQH GDWD
DOO·DUWGHOOR6WDWXWRKDRVWDFRODWRLOILRULUHGLPRGDOLWjGLLQVHJQDPHQWR
IOHVVLELOLHLQQRYDWLYHPDQHJOLXOWLPLTXLQGLFLDQQLHLQSDUWLFRODUHGDOOH
DSHUWXUH FRQFHVVH GDO '35 DUW H GHOOD /3 Q
DUWW SDUHFFKLH LVWLWX]LRQL GL OLQJXD LWDOLDQD ² VFXROH
&RPXQL (QWL GL ULFHUFDIRUPD]LRQH ² KDQQR PROWLSOLFDWR JOL VIRU]L SHU
FUHDUH OH FRQGL]LRQL DIILQFKp OD FRPXQLWj SURYLQFLDOH GLYHQWL VHPSUH SL
SOXULOLQJXH 'L TXL OD QDVFLWD GL VSHULPHQWD]LRQL FKH SUHYHGRQR IRUPH
RUJDQL]]DWLYHGLYHUVHDYHQWLLQFRPXQHLOSRWHQ]LDPHQWRGHOOD/GDOOD,
FODVVHGHOODVFXRODSULPDULDSHUIDYRULUHO·DFTXLVL]LRQHGHOWHGHVFRGDSDUWH
GHJOL DOXQQL GL PDGUHOLQJXD LWDOLDQD DWWUDYHUVR XQ DSSURFFLR GLGDWWLFR
DQFKHGLWLSR&/,/ &RQWHQWDQG/DQJXDJH,QWHJUDWHG/HDUQLQJ²FIUSDU
,O3URJHWWRGL6DQ*LDFRPRGL/DLYHV
/LQJXLVWLFDXWRQRPDPHQWH RYYHUR ©XQD PHQWH DXWRQRPD FKH DSSUHQGH OH
OLQJXHDXWRQRPDPHQWHª²FIU5DVRP/XFLHWWR&UHWWLH6WULFFD LO
SURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHTXLLOOXVWUDWRGHYH
LOVXRQRPHDOOHGRFHQWL XQDGLPDGUHOLQJXDLWDOLDQDHXQDGLPDGUHOLQJXD
WHGHVFD FKH KDQQR DFFROWR OD ULFKLHVWD GHL JHQLWRUL GL RIIULUH
XQ·HGXFD]LRQH LQ GXH OLQJXH FKH SHUPHWWHVVH DL ORUR ILJOL GL UDJJLXQJHUH
DOOD ILQH GHOOD VFXROD SULPDULD XQ OLYHOOR GL FRPSHWHQ]D LQ WHGHVFR
VXSHULRUHDTXHOORQRUPDOPHQWHUDJJLXQWRGDLORURSDUL'RSRXQDQQRGL
QHJR]LD]LRQH H SLDQLILFD]LRQH RYH L JHQLWRUL KDQQR DYXWR XQ UXROR
SURSRVLWLYRPROWRIRUWH FIUSDU LOSURJHWWRqLQL]LDWRQHOO·DV
FRQXQDFODVVH,GLDOXQQLHXQWHDPGLGRFHQWL'RSRLOSULPR
DQQRODVFXRODKDGHFLVRGLDFFRJOLHUHOHULFKLHVWHDQFKHGHLQXRYLJHQLWRUL
6DQGUD/XFLHWWR
HGLDOODUJDUHLOSURJHWWRDGXOWHULRULFODVVLHQWUDQWL1HOOHFODVVL
FRLQYROWHVRQRVWDWHGXH ,H,, QHOWUH ,,,H,,, QHO
TXDWWUR ,,,,,,H,9
1HOVHJXLWRVLSUHVHQWDQROHIDVLLVWLWX]LRQDOLSURSHGHXWLFKHDOSURJHWWROH
VXHFDUDWWHULVWLFKHIRUPDOL RUJDQL]]DWLYHHSHGDJRJLFRGLGDWWLFKH DOFXQL
SULPLULVXOWDWLSXQWLGLIRU]DHGLGHEROH]]DFRQGL]LRQLGLIDWWLELOLWjHGL
FRQWLQXLWj SUHYLVLRQL SHU LO IXWXUR /·DQDOLVL VL IRFDOL]]D VX DWWHQ]LRQL H
PRGDOLWjGLODYRURFKHFDUDWWHUL]]DQRFRPHHVVHQ]LDOPHQWHLQQRYDWLYLSHU
LO FRQWHVWR SURYLQFLDOH VLD LO SURJHWWR VLD OH DWWLYLWj GHOOH GXH GRFHQWL
SUHYDOHQWL GHO SULPR WHDFKLQJ WHDP FKH KDQQR HVSUHVVR JUDQGH TXDOLWj
DQFKHLQWHUFXOWXUDOH ©/H&ªGL&R\OH HVXOOHQXRYHSURVSHWWLYHGL
FLWWDGLQDQ]DDSHUWHGDLULVXOWDWLRWWHQXWL
/·,QL]LRFRQQHWWHUVLDOFRQWHVWRDSULUVLDOO·HVWHUQR
3HUSXQWLVLLOOXVWUDQRQHOVHJXLWROHWDSSHGLXQSHUFRUVRFKHSXzHVVHUH
XQHVHPSLRGLEXRQDSUDWLFDVXFRPHFUHDUHOHFRQGL]LRQLDPRQWHSHUOD
QDVFLWD GL XQ SURJHWWR GL HGXFD]LRQH LQ SL OLQJXH FRLQYROJHQGR XQD
SOXUDOLWj GL LVWLWX]LRQL FRPSHWHQWL VXO WHUULWRULR SHU PDQGDWR SROLWLFR
DPPLQLVWUDWLYRRVFLHQWLILFR
$XWXQQRSULPDYHUD
• 8Q JUXSSR GL JHQLWRUL GL /DLYHV HVSULPH LO GHVLGHULR GL RIIULUH DL
ORURILJOLXQ·LVWUX]LRQHELOLQJXH
• OD ULFKLHVWD q LQROWUDWD DOO·$VVHVVRUD DOO·LVWUX]LRQH H OH SROLWLFKH
VRFLDOLGHO&RPXQHGL/DLYHV
• O·$VVHVVRUDSURSRQHO·LQL]LDWLYDDOGLULJHQWHVFRODVWLFRGHOO·,VWLWXWR
GL FRPSHWHQ]D H DOO·LVSHWWRUH GL WHGHVFR / SUHVVR OD
6RYULQWHQGHQ]DVFRODVWLFD
• GLULJHQWHHLVSHWWRUHGLFKLDUDQRLOORURDFFRUGRGLPDVVLPD
• OD SURSRVWD YLHQH GLVFXVVD GDO GLULJHQWH QHO SOHVVR GHOOD VFXROD
SULPDULDGL6DQ*LDFRPRHDFFROWDGDGXHLQVHJQDQWL WHGHVFR/
H©SUHYDOHQWHª
• O·$VVHVVRUD FRLQYROJH OD )DFROWj GL 6FLHQ]H GHOO·(GXFD]LRQH
GHOO·8QLYHUVLWjGL%RO]DQRSHUXQVXSSRUWRVFLHQWLILFR
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
• OH LVWLWX]LRQL FRLQYROWH QHO SURJHWWR IRUPDQR XQ &RPLWDWR
6FLHQWLILFRSHUODYDOXWD]LRQHGHOO·LGHDHODFRQFUHWDSURJHWWD]LRQH
DFXLSDUWHFLSDDQFKHXQDUDSSUHVHQWDQWHGHLJHQLWRUL
3ULPDYHUDHVWDWH
• /HLQVHJQDQWLLOGLULJHQWHO·$VVHVVRUDODYLFHSUHVLGHGHOOD)DFROWj
GL6FLHQ]HGHOO·(GXFD]LRQHHGXHGRWWRUDQGH OHIXWXUHFRQVXOHQWL
GHILQLVFRQRLOTXDGURGLULIHULPHQWRHDYYLDQRODULIOHVVLRQHVXOOH
PRGDOLWjGLDSSURFFLR SLDQRRUJDQL]]DWLYRHSLDQRSHGDJRJLFR
• LO GLULJHQWH OH GXH GRFHQWL H OH FRQVXOHQWL LQFRQWUDQR D 6DQ
*LDFRPR XQ WHDP GHOOD VFXROD SULPDULD GL OLQJXD LWDOLDQD GL
%UXQLFR FKH DYHYD LQL]LDWR XQ SURJHWWR VLPLOH QHO SHU
FRQGLYLGHUHLQIRUPD]LRQLVXDOFXQHPRGDOLWjRUJDQL]]DWLYH
• LO &RPLWDWR 6FLHQWLILFR VL ULXQLVFH D JLXJQR SUHVVR LO &RPXQH GL
/DLYHV SHU GHILQLUH UXROL H UHVSRQVDELOLWj PRGDOLWj GL VXSSRUWR H
GLLQWHUD]LRQHIUDOHYDULHFRPSRQHQWL
• O·$VVHVVRUDSURPXRYHXQJUXSSRGLDQLPD]LRQHHVWLYDFRQDWWLYLWj
LQOLQJXDWHGHVFDDJOLDOXQQLGHOODIXWXUDFODVVHELOLQJXH
6HWWHPEUH
• ,O &RPLWDWR 6FLHQWLILFR FRQGLYLGH ILQDOLWj RELHWWLYL H ULVXOWDWL GD
UDJJLXQJHUH QHO PHGLROXQJR WHUPLQH GHILQLVFH RULHQWDPHQWL
SHGDJRJLFL PHWRGRORJLD H RUJDQL]]D]LRQH GLGDWWLFD GHOOD
VSHULPHQWD]LRQH
• /DSULPD©FODVVHELOLQJXHªLQL]LDLOVXRSHUFRUVR
2ELHWWLYLHRUJDQL]]D]LRQH
*OLRELHWWLYLJHQHUDOLGHOSURJHWWRGDUDJJLXQJHUHHQWURODILQHGHOODVFXROD
SULPDULD VRQR D VYLOXSSR GL PDJJLRUL FRPSHWHQ]H QHOOD OLQJXD WHGHVFD
ULVSHWWR D TXHOOH QRUPDOPHQWH UDJJLXQWH QHOOD VFXROD GL OLQJXDLWDOLDQD GL
SDUL JUDGR E LQ XVFLWD UDJJLXQJLPHQWR GL FRPSHWHQ]H QHOOD OLQJXD
LWDOLDQD GL OLYHOOR XJXDOH D TXHOOR UDJJLXQWR QHOOH FODVVL WUDGL]LRQDOL F
FUHD]LRQH GL XQ FRQWHVWR H XQ HWKRV VFRODVWLFR DSHUWR DOOD FRPSUHQVLRQH
DFFHWWD]LRQH H YDORUL]]D]LRQH GHOOD GLYHUVLWj OLQJXLVWLFD H FXOWXUDOH FKH
FDUDWWHUL]]DLOWHUULWRULRSURYLQFLDOH
6DQGUD/XFLHWWR
3HU UDJJLXQJHUOL VL q XWLOL]]DWR LO SULQFLSLR GHOOD IOHVVLELOLWj GHO GHO
FXUULFRORSUHYLVWRGDOO·$UWFRPPDGHOOD/3QLOWHGHVFRq
RIIHUWR SHU FLUFD RUH VHWWLPDQDOL LO GRSSLR GHOO·RIIHUWD IRUPDWLYD
WUDGL]LRQDOH 6HL RUH VRQR XWLOL]]DWH SHU OR VYLOXSSR GHO WHGHVFR FRPH
OLQJXD VHWWH SHU O·DSSUHQGLPHQWR DWWUDYHUVR LO WHGHVFR GHOO·DUHD
DQWURSRORJLFD VWRULD H JHRJUDILD GHOOH VFLHQ]H H GL SDUWH GHOOD
PDWHPDWLFD/HRUHVHWWLPDQDOLGLOH]LRQHVRQRFRVuULSDUWLWH
RUHGLLWDOLDQR /
RUHGLWHGHVFR /
RUHGLDQWURSRORJLD LQWHGHVFRLQFRPSUHVHQ]D
RUHGLVFLHQ]H LQWHGHVFRLQFRPSUHVHQ]D
RUHGLPDWHPDWLFD GLFXLLQWHGHVFRLQFRPSUHVHQ]D
RUDGLHGPXVLFDOH
RUDGLHGPRWRULD
RUDGLHGDOO·LPPDJLQH LQLQJOHVH
RUDGLLQJOHVH /6
RUHGLUHOLJLRQH
SHUXQWRWDOHGL
RUHLQOLQJXDLWDOLDQD
RUHLQOLQJXDWHGHVFD / >GLFXLLQPRGDOLWj&/,/@
RUHLQOLQJXDLQJOHVH /6 >GLFXLLQ&/,/ FIUSDU @
1HOOH VHL RUH LQ FRPSUHVHQ]D OH GXH GRFHQWL SUHYDOHQWL VRQR LQVLHPH LQ
FODVVH H SRUWDQR DYDQWL RELHWWLYL GLGDWWLFL H IRUPDWLYL FRQGLYLVL WDOYROWD
JHVWHQGR LQVLHPH LO JUXSSR FODVVH WDODOWUD PRQLWRUDQGR JOL DOXQQL FKH
ODYRUDQR LQ PRGR DXWRQRPR FRQ PDWHULDOL GHOOD SHGDJRJLD
PRQWHVVRULDQD
$SSURFFLRSHGDJRJLFR©SOXUDOHª
,OWHDFKLQJWHDPFKHKDLQL]LDWRODVSHULPHQWD]LRQHqVWDWRPROWRFRHVRILQ
GDOO·LQL]LR FDUDWWHUL]]DQGRVL FRPH WUHQGVHWWHU LGHDOH SHU L WHDP VXFFHVVLYL
GDOO·LQWURGX]LRQH GHOOD GRSSLD DOIDEHWL]]D]LRQH GD VXELWR DOOD VFHOWD GL
SULQFLSL SHGDJRJLFL LQQRYDWLYL H VWUDWHJLH H WHFQLFKH GLGDWWLFKH FRHUHQWL
DOOD VHOH]LRQH GHL PDWHULDOL SHU O·DSSUHQGLPHQWR DOOH PRGDOLWj VFHOWH SHU
IDFLOLWDUH O·LQWHULRUL]]D]LRQH GHOOH UHJROH GL FRPSRUWDPHQWR H GL
FRQYLYHQ]DQHOODFODVVHHQHOODVFXROD FIUSDU
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
'DO SXQWR GL YLVWD SHGDJRJLFR OD VFHOWD SULPDULD GHOOH GRFHQWL q VWDWD LO
ULIHULPHQWRDGDSSURFFLFHQWUDWLVXOO·DSSUHQGHQWHSULPRIUDWXWWLLOSHQVLHURGL
0DULD0RQWHVVRUL 'DOHLKDQQRPXWXDWRDOFXQLIRUWLSULQFLSLJXLGD
GHOODORURGLGDWWLFDHGXFD]LRQHHIRUPD]LRQHFRPHOLEHUWjGLDSSUHQGHUH
VHFRQGR L SURSUL ULWPL H D SDUWLUH GDOOH SURSULH HVSHULHQ]H VHQVRULDOL
LPSRUWDQ]D SULPDULD GHOO·LQWHUD]LRQH WUD OH SHUFH]LRQL H OD PHQWH
GHOO·DSSUHQGHQWHFKHDFTXLVLVFHDWWUDYHUVRXQSHUFRUVRVHQVRULDOHIDWWRGL
HVHUFL]L SUDWLFL VHJXLWL GD SHUFRUVL GL ULIOHVVLRQH VX TXDQWR HVSHULWR
LQVHJQDPHQWRDSSUHQGLPHQWRFRPHSURFHVVRFUHDWLYRFKHYHGHFRLQYROWL
LQVLHPH DOXQQL H LQVHJQDQWL 1RQ q SHUz OD ORUR XQD ©FODVVH
PRQWHVVRULDQDª SHUFKp KDQQR VFHOWR XQ DSSURFFLR SOXUDOH SUHQGHQGR
LVSLUD]LRQHDQFKHGDDOWUHVXJJHVWLRQLODGRSSLDDOIDEHWL]]D]LRQHDSDUWLUH
GDOOD $QODXWWDEHOOH GL -UJHQ 5HLFKHQ H OD PDWHPDWLFD DWWUDYHUVR
0DWKH XQSURJHWWRHODERUDWRGDOO·XQLYHUVLWjGL'RUWPXQGH
ODUJDPHQWH XWLOL]]DWR QHO VLVWHPD VFRODVWLFR LQ OLQJXD WHGHVFD Ë DOWUHVu
SUHYLVWR FKH D SDUWLUH GDOOD FODVVH ,,, VL PHWWHUDQQR LQ SUDWLFD
XQLWj GL ODYRUR LQ &RRSHUDWLYH /HDUQLQJ &RKHQ -RKQVRQ -RKQVRQ H
+ROXEHF.DJDQH6KDUDQH6KDUDQWUDLIRQGDWRUL
XQ DSSURFFLR D PHGLD]LRQH VRFLDOH &RPRJOLR EDVDWR VXO ODYRUR GL
JUXSSRFKHUDSSUHVHQWDXQLQWHUHVVDQWHFRPSOHPHQWRDLSULQFLSLPHVVLLQ
DWWRILQRUD
%HQHVLVSRVDQRTXHVWHVFHOWHFRQORVYLOXSSRGHOOHFRPSHWHQ]HLQDOFXQH
DUHHGHOFXUULFRORDWWUDYHUVRLO&/,/ %DUEHURH&OHJJ &OHJJ
&R\OH &R\OH +RRG H 0DUVK 0DUVK 0DUVK H /DQJp
/XFLHWWR0HKLVWR0DUVKH)ULJROV:ROIIH
WUDJOLDOWUL RYYHURO·DFFRVWDPHQWRDOODFRQRVFHQ]DFRPSUHQVLRQH
HLQWHUSUHWD]LRQHGHOPRQGRDWWUDYHUVRLOPHGLXPGLXQDOLQJXD©DOWUDª$6
*LDFRPROHOLQJXHFRLQYROWHVRQRGXHOD/ WHGHVFRSHURUH HOD/6
LQJOHVHSHURUD ,O&/,/ qXQDSSURFFLRSHGDJRJLFRFDUDWWHUL]]DWRGD
XQ IRFXV GXDOH FKH PLUD DOOR VYLOXSSR FRQWHPSRUDQHR GL FRPSHWHQ]H
FXUULFRODULHOLQJXLVWLFKHQRQVROWDQWRDWWUDYHUVRO·DSSUHQGLPHQWRIRUPDOH
GHOODOLQJXDPDDQFKHIDFLOLWDQGRQHO·DFTXLVL]LRQHFRQO·XVRVLJQLILFDWLYRH
PLUDWR DQFRUFKp QDWXUDOH WUD JOL DWWRUL PHQWUH VL DSSUHQGRQR FRQWHQXWL
QRQOLQJXLVWLFL$QFKHO·DSSURFFLR&/,/qFHQWUDWRVXOO·DSSUHQGHQWHSRFR
q OR VSD]LR ULVHUYDWR DOOH DWWLYLWj WUDVPLVVLYH GL WLSR WUDGL]LRQDOH PHQWUH
VRQRSUHYLVWHDWWLYLWjEDVDWHVXOODULVROX]LRQHGLFRPSLWLGLDSSUHQGLPHQWR
VLD LQGLYLGXDOL VLD LQ JUXSSR FKH ULFKLHGRQR FRQWHPSRUDQHDPHQWH XQR
6DQGUD/XFLHWWR
VIRU]R FRJQLWLYR H OLQJXLVWLFR Ë XQ SURFHVVR GL DSSUHQGLPHQWR ©SHU
FRVWUX]LRQHª SLXWWRVWR FKH ©SHU LVWUX]LRQHª 0DUVK XQ YHUR H
SURSULR FDPELR GL SDUDGLJPD ULVSHWWR DOOD OH]LRQH IURQWDOH GHOOH FODVVL
WUDGL]LRQDOL Ë VWDWR FKLHVWR D 'DYLG 0DUVK VH DEELD PDL YLVLWDWR
FODVVLRYHYLVLDXQ©FDWWLYR&/,/ª/DVXDULVSRVWDqVLJQLILFDWLYD
*OLHVHPSLGLIDOOLPHQWRVLWURYDQRQHLFDVLLQFXLF·qXQ´FDWWLYRLQVHJQDPHQWRµ
LQ XQD OLQJXD GLYHUVD GDOOD SULPD LQJOHVH SRUWRJKHVH R TXDOVLDVL DOWUD 6SHVVR
VXFFHGH GRYH JOL LQVHJQDQWL LQVHJQDYDQR JLj ´PDOHµ QHOOD SULPD OLQJXD SHU XQD
TXDOFKHUDJLRQH PDJDUL SROLWLFD TXDOFXQROLKDLQYLWDWLDLQVHJQDUHLQLQJOHVHH
KDQQRFRQWLQXDWRDLQVHJQDUH´PDOHµLQLQJOHVH1RQFKLDPHUHLTXHVWR&/,/PD
LQVHJQDUH LQ XQD OLQJXD GLYHUVD 1RQ SRVVR GLUH GL ULXVFLUH D LGHQWLILFDUH OXRJKL
GRYH F·q ´FDWWLYR &/,/µ &L VRQR PROWH VLWXD]LRQL LQYHFH GRYH F·q FDWWLYR
LQVHJQDPHQWRLQXQDOLQJXDGLYHUVD²TXHVWRGLVLFXUR
,QTXHVW·RWWLFDLO&/,/UDSSUHVHQWDXQ·LQQRYD]LRQHSHGDJRJLFDIRUWHFKH
WUDVIHULVFH EXRQH SUDWLFKH GLGDWWLFKH JLj HVLVWHQWL LQ OHWWHUDWXUD QHOOR
VYLOXSSR GL FRPSHWHQ]H OLQJXLVWLFKH WUDPLWH LO FRUH FXUULFXOXP H QRQ
DWWUDYHUVRODPROWLSOLFD]LRQHGHOOHRUHGLOLQJXDSHUVH(VVRSXzDUDJLRQH
HVVHUH GHILQLWR FRPH XQ ©FDYDOOR GL 7URLDª )ULJROV SHU LQWURGXUUH
EXRQH SUDWLFKH GLGDWWLFKH LQ XQD VFXROD WUDGL]LRQDOH SRLFKp SHU SRWHU
FKLDPDUH &/,/ XQD OH]LRQH HIIHWWXDWD XWLOL]]DQGR XQD OLQJXD GLYHUVD GD
TXHOODGHOODVFXRODqQHFHVVDULRXQFDPELRGLSDUDGLJPDSHGDJRJLFR0D
F·qGLSLVHO·RELHWWLYRSHUVHJXLWRGDO&/,/QRQq ©XQDWHVWDEHQSLHQDª
GL QR]LRQL GD VSHQGHUH DOO·LQWHUQR GHOO·DPELHQWHVFXROD PD FRPH SHU LO
WHDP GL 6 *LDFRPR XQD PHQWH DXWRQRPD FKH DSSUHQGH LO PRQGR OR
FRPSUHQGH OR VD LQWHUSUHWDUH H ULIOHWWHUYL FULWLFDPHQWH SHU ULVROYHUH
SUREOHPLUHDOLLO&/,/SXzUDSSUHVHQWDUHXQPRGRSHUFRVWUXLUH ©ODWHVWD
EHQIDWWDªFKHUDSSUHVHQWDODVILGDGHOIXWXURLQHGXFD]LRQH 0RULQ
6FHOWHPHWRGRORJLFKHFKLDYH©SRUWDWRªFRJQLWLYRHFXOWXUDOH
3URSULRSHUODQDWXUDHODYDULHWjGHLULIHULPHQWLSHGDJRJLFLPROWHOHVFHOWH
HIIHWWXDWHGDOOHGRFHQWLPROWHOHIURQWLHUHLQHVSORUDWHGLYHQXWHWHUULWRULGL
ULIOHVVLRQHHGLULFHUFDPROWLJOLHVHPSLGLVWUDWHJLHGLGDWWLFKHLQQRYDWLYH
DOFXQHPXWXDWHGDSHGDJRJLHHVLVWHQWLDOWUHHODERUDWHLQPRGRDXWRQRPR
,QWHUYLVWD D 'DYLG 0DUVK GDO WLWROR ©'DYLG 0DUVK RQ &/,/ª DFFHVVLELOH GD
ZZZ\RXWXEHFRPZDWFK"Y &]GJP-$ &DULFDWD GD &DPEULGJH 83(/7 LQ GDWD
QRY WUDGX]LRQHGHOO·DXWULFH
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
©PHWLFFLDQGRª
SUDWLFKH GD SL FXOWXUH 6RQR VWDWH VROX]LRQL D YROWH
VRIIHUWHDYROWHDOXQJRULFHUFDWHFKHKDQQRSRUWDWROHGRFHQWLDOOLPLWH
GHOOH SURSULH ULVRUVH SURIHVVLRQDOL PD KDQQR GHWHUPLQDWR XQD IRUWH
FUHVFLWDGLFRPSHWHQ]H0LOLPLWHUzQHLSDUDJUDILVXFFHVVLYLDGHQXQFLDUQH
DOFXQH
/HWWRVFULWWXUDODGRSSLDDOIDEHWL]]D]LRQH
)LQGDOO·LQL]LROHGRFHQWLGHOWHDPKDQQRRSWDWRSHUVFHOWHFXOWXUDOLROWUH
FKH SHGDJRJLFRGLGDWWLFKH IRUWL H LQXVXDOL LQ XQ FRQWHVWR FRVu
OLQJXLVWLFDPHQWHHFXOWXUDOPHQWHFRPSOHVVRFRPHODSURYLQFLDGL%RO]DQR
)LJXUD'LH$QODXWWDEHOOH
7XWWH KDQQR FRQWULEXLWR D GDUH VSHVVRUH DO SURJHWWR FKH VL FRQILJXUD
FRPHXQSHUFRUVRGDYYHURLQWHJUDWRHLQWHUFXOWXUDOHO·XQLFRGLWDOHQDWXUD
GL FXL VHPEUD HVLVWHUH GRFXPHQWD]LRQH QHOOD SURYLQFLD 7UD OH SL
VLJQLILFDWLYHODGHFLVLRQHGLFRQGLYLGHUHO·DSSURFFLRDOODOHWWRVFULWWXUDHGL
QRQ ODVFLDUH FKH VL FDUDWWHUL]]DVVH FRPH GL VROLWR DFFDGH SHU OD
FRHVLVWHQ]DGLGXHSHUFRUVLGLDOIDEHWL]]D]LRQHSDUDOOHODXQDLQLWDOLDQRH
XQD LQ WHGHVFR /H GRFHQWL KDQQR VSHVR HQHUJLH H WHPSR SHU GHFLVLRQL
FRPXQL VX TXDOH IRUPD GL VFULWWXUD SURSRUUH H VX FRPH IDU QRWDUH GD
6DQGUD/XFLHWWR
VXELWRDQFKHYLVLYDPHQWHDWWUDYHUVRLOFRORUH D]]XUURSHUOD/JLDOORSHU
OD/ ODFRHVLVWHQ]DHSDULGLJQLWjGHOOHGXHOLQJXHQHOFXUULFROR'LTXLOD
VFHOWD GL DIILGDUVL DOOD $QODXWWDEHOOH GL -UJHQ 5HLFKHQ )LJ SHU
O·DSSURFFLRDOODOHWWXUDDWWUDYHUVRODVFULWWXUDHGLIDUVFULYHUHDJOLDOXQQLLQ
FRUVLYRPROWRSUHVWRFRQWUDULDPHQWHDTXDQWRDFFDGHQRUPDOPHQWH
/D VFHOWD VXFFHVVLYD TXDOH FRUVLYR LQVHJQDUH VH LO
9HUHLQIDFKWHQDXVJDQJVVFKULIW R LO /DWHLQLVFKHQDXVJDQJVVFKULIW FL VRQR LQIDWWL
GLIIHUHQ]HWUDLOPRGRGLVFULYHUHLWDOLDQRHWHGHVFR qVWDWDSRUWDWDDYDQWL
LQVLHPH ILQ QHL GHWWDJOL GDO FRPH WHQHUH LQ PDQR OD PDWLWD DO YHUVR GHO
WUDWWR QHO UHDOL]]DUH OH OHWWHUH ,O WHDP KD HIIHWWXDWR XQD GLVDPLQD GHL
IRQGDPHQWLVFLHQWLILFLDOODEDVHGHOODVFULWWXUDGLWLSRWHGHVFRHO·KDVFHOWD
FRPH IRUPD FRQGLYLVD GL VFULWWXUD QHOOH GXH OLQJXH GHFLVLRQH PROWR
LQQRYDWLYDSHUODVFXRODLWDOLDQDGL%RO]DQR/DGLVFXVVLRQHHPHGLD]LRQH
WUDODFXOWXUDLWDOLDQDHTXHOODVXGWLUROHVHKDQQRUHVRLOFRUVLYRSURSRVWR
DFFHWWDELOHSHUHQWUDPEHOHFXOWXUHFRVuJOLDOXQQLKDQQRSRWXWRLPSDUDUH
D VFULYHUH LQ PRGR QDWXUDOH QHOOH GXH OLQJXH VHQ]D GRYHU LPSDUDUH GXH
FDQRQL GLYHUVL WHVWLPRQL LQFRQVDSHYROL GL XQ FDPELDPHQWR GLGDWWLFR
SURIRQGR,OSRUWDWRFXOWXUDOHGLWDOHVFHOWDULYROX]LRQDULDSHULOFRQWHVWR
SXz ULVXOWDUH GLIILFLOPHQWH FRPSUHQVLELOH D FKL YLYH DOWURYH PD LQ
SURYLQFLD GL %RO]DQR RJQL SL SLFFROD ©PRVVDª FKH YD QHOOD GLUH]LRQH
GHOO·DYYLFLQDPHQWRWUDOHFXOWXUHDQ]LFKpSHUSHWXDUQHODGLYHUVLWjGLYHGXWH
q XQ PHVVDJJLR VLPEROLFR PROWR IRUWH 1HOOD PLD YHVWH GL FRQVXOHQWH
&/,/KRVFHOWRGLDFFRPSDJQDUHLOSURFHVVRPROWLSOLFDQGRSHUOHGRFHQWL
OHRFFDVLRQLGLULIOHVVLRQHHGLDQDOLVLLQWHUSUHWDQGRLOPLRFRPSLWRFRPH
WHVWLPRQH SURPRWULFH H FXVWRGH GL XQD ULYROX]LRQH FXOWXUDOH SURIRQGD
DQFRUFKp SHU RUD FLUFRVFULWWD FKH GRYUHEEH SHUDOWUR FDUDWWHUL]]DUH RJQL
VSHULPHQWD]LRQH&/,/VSHFLHLQDUHHPXOWLOLQJXL
$XWRQRPLDLO©ODYRUROLEHURª )UHLH$UEHLW
&RPH JLj DFFHQQDWR FIU SDU L SULQFLSL JHQHUDOL GL 0RQWHVVRUL
SHUPHWWRQRGLPLUDUHDGXQDPHQWHDXWRQRPDGLIIHUHQ]LDQGROHDWWLYLWjSHU
OLYHOOL GL FRPSOHVVLWj DOO·LQWHUQR GL XQ·XQLWj GL ODYRUR 1HOOD FODVVH &/,/
GHO SULPR WHDFKLQJ WHDP LQ DOFXQL PRPHQWL VHWWLPDQDOL H SHU XQ WHPSR
DQFKHOXQJR RRUHGLOH]LRQH OHDWWLYLWjSHUO·DSSUHQGLPHQWRYHQJRQR
SURSRVWHDQFKHLQPRGROLEHUR )UHLH$UEHLW)LJ
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
)LJXUD)UHLH$UEHLW
*OL DOXQQL VFHOJRQR LQGLYLGXDOPHQWH FRQ FRJQL]LRQH GL FDXVD PHWD
FRPXQLFDQGR DOOD GRFHQWH OH PRWLYD]LRQL GHOOD VFHOWD GL XQ·DWWLYLWj
SLXWWRVWR FKH XQ·DOWUD 1XPHURVL VRQR L VHW GL PDWHULDOL VWUXWWXUDWL VXOOR
VWHVVRDUJRPHQWRPDGLFRPSOHVVLWjFUHVFHQWHWUDLTXDOLSRWHUVFHJOLHUHD
VHFRQGDGHLSURSULULWPLHGHLSURSULOLYHOOLGLSDGURQDQ]DSHUVYLOXSSDUH
FRPSHWHQ]H SDU]LDOL LQ DUHH FKLDYH GHO FXUULFROR OLWHUDF\ H QXPHUDF\ &Lz
UHQGH O·DOXQQR DWWRUH SULQFLSDOH ©FHQWURª LQ XQ SURFHVVR GL SUHVD GL
GHFLVLRQH RYH q DWWLYDPHQWH FRLQYROWR H FKH JOL Gj SLHQD UHVSRQVDELOLWj
QHOO·DSSUHQGLPHQWR /D GRFHQWH GLYHQWD JXLGD DOOD VFHOWD RYH ULFKLHVWR
GDOO·DOXQQRIDFLOLWDWULFHHSXQWRGLULIHULPHQWRQHLPRPHQWLGLGLIILFROWjR
LQDOFXQLVQRGLFUXFLDOLGHOSURFHVVR 0RQWHVVRULFIUDQFKH5RJHUV
H)UHLEHUJ
6DQGUD/XFLHWWR
&LWWDGLQDQ]DLO©&RQVLJOLRª
/·DXWRQRPLDGLVFHOWDqDOODEDVHGHOODOLEHUWjGHOFLWWDGLQRJDUDQWLWDGDOOD
&RVWLWX]LRQH ,O VXR HVHUFL]LR FRQVDSHYROH HG HIILFDFH QRQ q SHUz XQ
©GDWRª LPPXWDELOH H D SULRUL PD XQ SURFHVVR GLQDPLFR q XQD FRQTXLVWD
FKHVLGLSDQDDWWUDYHUVRPRPHQWLVLJQLILFDWLYLGLLQWHUYHQWRVXVFHOWHFKH
UHJRODQR OD YLWD GHOOD FRPXQLWj SHU L EDPELQL OD FODVVH ,O SHQVLHUR
FULWLFR O·DXWRQRPLD GL JLXGL]LR OD JLXVWLILFD]LRQH GHL SURSUL
FRQYLQFLPHQWLYDQQRHGXFDWLHDIILQDWLLQXQSHUFRUVRFKHqDOFRQWHPSR
FRJQLWLYR DWWUDYHUVR OD DUHH GHO FXUULFROR H IRUPDWLYR O·HGXFD]LRQH DOOD
OHJDOLWjHDOULVSHWWRSHUJOLDOWUL
3HU VYLOXSSDUH FRPSHWHQ]H GL FLWWDGLQDQ]D ² XQ DVSHWWR FKH WURSSR
VSHVVRQRQYLHQHSUHVRLQFRQVLGHUD]LRQHLQPRGRSURDWWLYRQHOODVFXROD
² OH GRFHQWL GHO SULPR WHDP KDQQR PDQWHQXWR QHO ORUR DSSURFFLR
HFOHWWLFRXQDPRGDOLWjGLODYRURFKHJLjIDFHYDSDUWHGHOSURSULREDJDJOLR
SURIHVVLRQDOH LO ©&RQVLJOLR GL FODVVHª PXWXDWR GDO SHQVLHUR GL &pOHVWLQ
)UHLQHW %HDXPRQW²RQOLQHVHQ]DGDWD-DVPLQ 1HOODORURFODVVHLO
&RQVLJOLR FRPH YLHQH QRUPDOPHQWH FKLDPDWR q XQ DSSXQWDPHQWR
VHWWLPDQDOHRYHLEDPELQLLPSDUDQRODJHVWLRQHGHOFRQIOLWWRHLOULVSHWWR
GHOOH UHJROH GHPRFUDWLFKH XQ OXRJR RYH VL ULVROYRQR L SUREOHPL H VL
SUHQGRQRGHFLVLRQL6LULXQLVFHFRQXQRUGLQHGHOJLRUQRVFULWWRQHO/LEUR
GHO &RQVLJOLR$OO·LQL]LR GHOOD FODVVH , OD VFULWWXUD HUD LQ FDULFR DOOH GRFHQWL
PDqVWDWDDIILGDWDDJOLDOXQQLQRQDSSHQDVRQRVWDWLLQJUDGRGLIDUORGD
VROL ,O &RQVLJOLR q XQ OXRJR DXWRJHVWLWR RYH LQWHUDJLUH WUD SDUL VRWWR OR
VJXDUGRGHOO·DGXOWRLQFXLSHUzODGRFHQWHFKHDVVLVWHVLOLPLWDDULFRUGDUH
OH UHJROH GL JHVWLRQH FKH LO JUXSSR KD FRFRVWUXLWR 2JQL EDPELQR KD LO
VXRSRVWRHODVWHVVDLPSRUWDQ]DPHQWUHLUXROLGLVHUYL]LR FRRUGLQDWRUH
VHJUHWDULR YHQJRQRSRUWDWLDYDQWLDWXUQR6HLSUREOHPLYHQJRQRULVROWL
YLVLLQVHULVFHDFFDQWRXQD©5ªLQURVVRRJQLGHFLVLRQHYLHQHUHJLVWUDWDLQ
URVVRDIRQGRSDJLQD8QDYROWDSUHVDXQDGHFLVLRQHWXWWLVRQRWHQXWLD
ULVSHWWDUOD DOWULPHQWL VL DSSOLFDQR VDQ]LRQL FRQGLYLVH LQ SUHFHGHQ]D ,O
&RQVLJOLRSHUPHWWHGLUDJJLXQJHUHRELHWWLYLTXDOL ODVROX]LRQHGLFRQIOLWWLOD
UHJROD]LRQH GHJOL DSSUHQGLPHQWL LO ULVSHWWR GHL GLULWWL O·DUWLFROD]LRQH GHO
FRQWUDWWRGLGDWWLFRHGLTXHOORVRFLDOHO·DXWRYDOXWD]LRQHHO·DXWRGLVFLSOLQD
OD ILGXFLD LQ Vp OD IUXL]LRQH GL XQR VSD]LR SHU HVSULPHUH OH SURSULH
HPR]LRQLSUREOHPLELVRJQL XQ·HGXFD]LRQH DOOD JHVWLRQH DWWLYD GHOOD YLWD
VRFLDOH H DOOD UHVSRQVDELOLWj *OL DOOLHYL LPSDUDQR DG DQDOL]]DUH
DUJRPHQWDUH SUHYHGHUH GHFLGHUH WURYDUH VROX]LRQL ULVROYHUH FRQWUDVWL
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
$WWUDYHUVRO·HVHUFL]LRGLTXHVWHKLJKUDQNWKLQNLQJVNLOOVVLSRQJRQROHEDVL
QRQVRORSHU UDJJLXQJHUHRELHWWLYLUHOD]LRQDOLPDWUDVIHUHQGROHVNLOOVLQ
DOWULDPELWLDQFKHQHOORVWXGLRHQHOO·DSSUHQGLPHQWRGHOOHGLYHUVHDUHHGHO
FXUULFROR
6WUDWHJLHHDWWLYLWjGLGDWWLFKHGLTXHVWRWLSRFKHVWLPRODQRXQFRQIURQWR
GHPRFUDWLFR ILQ GDOOD SL WHQHUD HWj VRQR SDUWLFRODUPHQWH LPSRUWDQWL LQ
WHUULWRUL PXOWLOLQJXL LQ FXL FRQYLYRQR FRPXQLWj GLYHUVH SHU OLQJXD H
FXOWXUD GRYH QRQ q VHPSUH IDFLOH PHWWHUH LQ DWWR PRGDOLWj FRUUHWWH GL
UHOD]LRQHHLQWHUFRPSUHQVLRQHWUDLJUXSSL$OOHGRFHQWLLOPHULWRGLDYHU
LQWURGRWWR XQD VLPLOH SUDWLFD LQ TXHVWD VSHULPHQWD]LRQH FKH q DO WHPSR
VWHVVR OLQJXLVWLFD HGXFDWLYD H LQWHUFXOWXUDOH SHU OR VYLOXSSR GL
FRPSHWHQ]HUHOD]LRQDOLIRUWLFKHXQDYROWDLQWHULRUL]]DWHSRWUDQQRHVVHUH
XWLOL]]DWHGLIXRULGDOODVFXRODFRQLSDULGLDOWUHFXOWXUH
9HUVRXQ·LGHQWLWj©FRPSOHVVDª"
/H VFHOWH PHWRGRORJLFKH H GLGDWWLFKH ILQ TXL LOOXVWUDWH PRVWUDQR DOFXQL
HOHPHQWL GL LQQRYDWLYLWj GHO SURJHWWR FKH YDQQR EHQ ROWUH OD SRUWDWD GL
SURJHWWL VLPLOL VXO WHUULWRULR *OL DOXQQL YLYRQR LPPHUVL LQ XQ HWKRV FKH
FRQVLGHUDOHGXHOLQJXHGLSDULGLJQLWjDOLYHOORSURIRQGRHQRQVROWDQWR
QHOOHPDQLIHVWD]LRQLHVWHULRULFRPHODVXGGLYLVLRQHRUDULD3HURJQLVFHOWD
GDHIIHWWXDUHOHGRFHQWLSUHQGRQRLQHVDPHLQPRGRILORVRILFDPHQWHHG
HPRWLYDPHQWH ´OLEHURµ OH SUDWLFKH GLGDWWLFKH XVDWH QHL GXH VLVWHPL
VFRODVWLFL GL OLQJXD LWDOLDQD LQ FXL ODYRUDQR H GL OLQJXD WHGHVFD
UDSSUHVHQWDWR GDOO·LQVHJQDQWH GL WHGHVFR /H PHWWRQR D FRQIURQWR H QH
GLVFXWRQR OH GLIIHUHQ]H VFHJOLHQGR VXOOD EDVH GHOOD ORUR HIILFDFLD H QRQ
GHOO·DSSDUWHQHQ]DOLQJXLVWLFDRFXOWXUDOH1RQKDQQRSDXUDGL´PHWLFFLDUHµ
WUDLVLVWHPLPDVLFRQVLGHUDQRIRUWXQDWHSHUFKpOHORURFXOWXUHGLRULJLQH
PHVVH LQVLHPH SHUPHWWRQR XQDYLVLRQH SL ODUJD GHOOD UHDOWjH GL RIIULUH
DJOL DOXQQL OH VROX]LRQL PLJOLRUL SHU O·DSSUHQGLPHQWR $QFKH SHU TXDQWR
ULJXDUGDO·XWLOL]]RGHOOHGXHOLQJXHLQFODVVHQRQVLODVFLDQRJXLGDUHGDJOL
VWHUHRWLSL ©XQD OLQJXD XQD SHUVRQDª SRWUHEEH HVVHUQH XQ HVHPSLR PD
FRPXQLFDQR FRQ JOL DOXQQL QHOOD OLQJXD FKH VHQWRQR SL YLFLQD R SL
DSSURSULDWD LQ TXHO PRPHQWR &RQ L ORUR FRPSRUWDPHQWL PDQGDQR LO
PHVVDJJLR LQHTXLYRFRFKH XQD SHUVRQD QRQ VROR SXz SDUODUH SL OLQJXH
PDSXz´HVVHUHµLQSLOLQJXH
6DQGUD/XFLHWWR
$WWUDYHUVRODPHGLD]LRQHGHOODORURLQVHJQDQWHGLWHGHVFRJOLDOXQQLGHOOD
FODVVH GHO SULPR WHDP QRQ VWDQQR DSSUHQGHQGR ©OD OLQJXD GHOO·DOWURª
LPSDUDQRVHPSOLFHPHQWHLQSLOLQJXHFUHVFRQRFRQSLOLQJXH,OVRJQR
GL TXHVWR SURJHWWR q FKH TXDQGR GLYHQWHUDQQR SL JUDQGL H FRQVDSHYROL
QRQVLUHOD]LRQHUDQQRFRQ©O·DOWURªGHOWHUULWRULRFRPHFRQTXDOFXQRFKH
SDUOD XQD OLQJXD ORUR HVWUDQHD SHUFKp HQWUDPEH OH OLQJXH DSSDUWHUUDQQR
ORUR LQ PRGR QDWXUDOH /D ORUR LGHQWLWj SRWUHEEH HVVHUH SL ©DPSLDª GL
TXHOODGLFKLqFUHVFLXWRFRQXQDVRODOLQJXDSLFRPSOHVVDSLULFFDSL
GLVSRQLELOH D JXDUGDUH VHQ]D SDXUD H FRQ LQWHUHVVH O·DOWUR TXDOXQTXH
OLQJXD HJOL SDUOL 6H FLz VL UHDOL]]DVVH DQFKH VROWDQWR LQ SDUWH DOFXQH
EDUULHUH FKH DQFRUD SHUPDQJRQR QHOOD FRPSUHQVLRQH LQWHUFXOWXUDOH
SRWUHEEHUR SHUGHUH VSHVVRUH R YDORUH Ë TXHVWR LO SRUWDWR FXOWXUDOH SL
LQWHUHVVDQWHGHOSURJHWWRËXQDVILGDIRUVHVRORXQVRJQR
4XDOFKHSULPRULVXOWDWR
, ULVXOWDWL GHOOH SHUIRUPDQFH GHJOL DOXQQL VRQR VWDWL PRQLWRUDWL ILQRUD GDOOH
GRFHQWLWHQHQGRWUDFFLDGHLSURJUHVVLDWWUDYHUVRLTXDGHUQLGLFLDVFXQRH
OHSURYHVRPPLQLVWUDWHQHOOHPDWHULHGHOFRUHFXUULFXOXP QXPHUDF\HOLWHUDF\
$OO·LQL]LR GHO SURJHWWR VL q SUHVD OD GHFLVLRQH GL QRQ PLVXUDUH L ULVXOWDWL
RWWHQXWL QHO WHGHVFR ULVSHWWR DG XQR VWDQGDUG GD XQ ODWR SHUFKp QRQ
HVLVWRQR VWDQGDUG PLQLPL GL ULIHULPHQWR SHU OD OLQJXD ´DOWUDµ QHO &/,/
GDOO·DOWUR SHUFKp LQ FRQWUDGGL]LRQH FRQ O·DSSURFFLR GHOOH GRFHQWL FKH VL
EDVD VXOO·LQGLYLGXDOL]]D]LRQH GHL SHUFRUVL LO ULVSHWWR GHOOH GLIIHUHQ]H H
O·DWWHQ]LRQH DL WHPSL GL DSSUHQGLPHQWR GL RJQXQR 6L FRQWLQXHUj TXLQGL
SHULOPRPHQWRLQTXHVWDGLUH]LRQH)LQRDGRUDVLSXzGLUHFKHRJQXQRD
IURQWH GHOOD FRPSOHVVLWj LQWURGRWWD FRQ LO &/,/ LQ DOFXQH DUHH GHO
FXUULFROR KD IDWWR SURJUHVVL ULVSHWWR DO VXR SXQWR GL SDUWHQ]D LQ WXWWH OH
PDWHULH1HOVHJXLWRDOFXQLSULPLHVHPSLVLJQLILFDWLYL
7HGHVFR
1HOODFRPSUHQVLRQHQRQVRQRVWDWHQRWDWHGLIILFROWjVLJQLILFDWLYHGDSDUWHGL
DOFXQ DOXQQR QHO FRUVR GHOOD FODVVH , DQFKH SHUFKp OD GRFHQWH GL /
XWLOL]]DPROWHVWUDWHJLHGLVFDIIROGLQJ %UXQHU%XUQVHGH6LOYD-R\FH
*LEERQV :RRG %UXQHU H 5RVV VLD QHOOD OLQJXD RUDOH
FKH LQ TXHOOD VFULWWD DIILQFKp LO VLJQLILFDWR GHOO·HQXQFLDWR OLQJXLVWLFR VLD
VXSSRUWDWR QHOOD GHFRGLILFD GDO WRQR GHOOD YRFH JHVWL VLJQLILFDWLYL
LPPDJLQLKLJKOLJKWHUV
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
3HU OD SURGX]LRQH VFULWWD GDO PRPHQWR FKH OD GRSSLD DOIDEHWL]]D]LRQH GD
VXELWR HUD XQR GHJOL RELHWWLYL SULQFLSDOL GHOOH GRFHQWL QHOOD FODVVH , FIU
SDU LOSULPRJLRUQRGLVFXRODOHPDHVWUHKDQQRVRPPLQLVWUDWRXQ
GHWWDWRLQ/FRPHEHQFKPDUNGLSDUWHQ]D/RVSHWWURGLFRPSHWHQ]HQHOOD
FODVVH q ULVXOWDWR PROWR DPSLR GDOOD VFULWWXUD JLj SUHVHQWH DOOD PDQFDQ]D
WRWDOH GL VLOODELFLWj ,O QRYHPEUH q VWDWR VRPPLQLVWUDWR LO SULPR
GHWWDWR LQ / GL XJXDOH VWUXWWXUD ULVSHWWR DOO·XOWLPR LQ / SUHFHGHQWH GL
DSSHQDTXDOFKHJLRUQR,OGHWWDWRVLFRPSRQHYDGLTXDWWURSDUROHGLVWLQWH
HGLXQDIUDVHGLVHQVRFRPSLXWR
$VWURQDXW3LQVHO/DPSH/DWHUQH'HU0RQGLVWKHOO
1HOODOXQJDFDUULHUDSURIHVVLRQDOHGHOO·LQVHJQDQWHGLWHGHVFRTXHVWRqVWDWR
LO SULPR GHWWDWR LQ / VRPPLQLVWUDWR DG DOXQQL LWDORIRQL GL XQD FODVVH ,
GHOODVFXRODSULPDULD,ULVXOWDWLVLVRQRGLVWULEXLWLVXXQRVSHWWURSLXWWRVWR
DPSLRPDJOLHUURULLQ/QRQVRQRVWDWLIRQGDPHQWDOPHQWHGLYHUVLGDJOL
HUURUL SUHVHQWL QHL GHWWDWL LQ / GHJOL VWHVVL DOXQQL $OOD ILQH GHOO·DQQR
VFRODVWLFR OD GRFHQWH KD SUHVR DFFRUGL FRQ XQD FROOHJD GHOOD VFXROD GL
OLQJXD WHGHVFD GL 6 *LDFRPR H OR VWHVVR GHWWDWR q VWDWR VRPPLQLVWUDWR
QHOORVWHVVRJLRUQRDJOLDOXQQLGHOOHGXHFODVVL,GHOOHGXHVFXROH,GHWWDWL
GHJOLDOXQQLGLPDGUHOLQJXDWHGHVFDVRQRULVXOWDWLTXDVLWXWWLSULYLGLHUURUL
LGHWWDWLGHJOLDOXQQLGLPDGUHOLQJXDLWDOLDQDQHFRQWHQHYDQRLQYHFHDOFXQL
PD QHO FRPSOHVVR OD ORUR TXDOLWj QRQ q VWDWD JLXGLFDWD GDOOH GXH GRFHQWL
PROWRLQIHULRUHDTXHOODGHLORURSDULGLPDGUHOLQJXDWHGHVFD
1HO FRUVR GHOOD FODVVH ,, OH LQVHJQDQWL KDQQR QRWDWR QHOOD SURGX]LRQH RUDOH
XQXVRTXRWLGLDQRGHOOD/SURJUHVVLYDPHQWHSLIUHTXHQWHHVSRQWDQHR
QHL PRPHQWL GL OLEHUWj )UHLH $UEHLW SDXVH H JLRFR OLEHUR L EDPELQL
SURYDQR D ULYROJHUVL DOO·LQVHJQDQWH GL / LQ / HVSHVVR TXHVWR VXFFHGH
DQFKH QHOOH LQWHUD]LRQL FRQ O·LQVHJQDQWH GL / ,Q PDWHPDWLFD OH GRFHQWL
RVVHUYDQRO·XWLOL]]RVSRQWDQHRGLHQWUDPEHOHOLQJXH
0DWHPDWLFD
$OO·LQL]LRGHOODFODVVH,DOFXQLDOXQQL WUHGHLTXDOLDYHYDQRIUHTXHQWDWROD
VFXRODGHOO·LQIDQ]LDGLOLQJXDWHGHVFD FRQRVFHYDQRLQXPHULLQWHGHVFRGD
D $OOD ILQH GHOO·DQQR VFRODVWLFR WXWWL JOL DOXQQL HUDQR LQ JUDGR GL
HIIHWWXDUH FDOFROL QHOOH RSHUD]LRQL SUHYLVWH DG XQ OLYHOOR GL FRPSOHVVLWj
GLYHUVLILFDWR LQGLYLGXDOPHQWH VLD LQ / VLD LQ / ,QROWUH WXWWL DYHYDQR
6DQGUD/XFLHWWR
UDJJLXQWR WDSSH GLYHUVH QHOOD ULVROX]LRQH GL SUREOHPL PDWHPDWLFL $
GLIIHUHQ]DGHOWHGHVFRDOODILQHGHOSULPRDQQRQRQqVWDWDVRPPLQLVWUDWD
OD VWHVVD SURYD DOOH GXH FODVVL , GL PDGUHOLQJXD WHGHVFD H PDGUHOLQJXD
LWDOLDQD
,WDOLDQR
'LYHUVDqODVLWXD]LRQHSHUTXDQWRULJXDUGDOHFRPSHWHQ]HLQ/SHUFXL
SXU QRQ HVLVWHQGR VWDQGDUG SUHILVVDWL OH FRPSHWHQ]H GHJOL DOXQQL
YHQJRQRWHVWDWHGXHYROWHQHOFRUVRGHOODVFXRODSULPDULD FODVVL,,H9
GDOO·,VWLWXWR QD]LRQDOH SHU OD YDOXWD]LRQH GHO VLVWHPD HGXFDWLYR GL LVWUX]LRQH H GL
IRUPD]LRQH ,19$/6, /H GRFHQWL H OD FRQVXOHQWH KDQQR VROOHFLWDWR OD
VFXROD DO ILQH GL QRQ HIIHWWXDUH OD SURYD QHOOD FODVVH &/,/ RYH OH RUH
VHWWLPDQDOL LQ / H LQ / VRQR XJXDOL H GXQTXH OH RUH GL LWDOLDQR VRQR
PROWH PHQR RUH LQ PHQR ULVSHWWR DOOH FODVVL WUDGL]LRQDOL 9D GD Vp
LQIDWWL FKH VH O·RELHWWLYR GHO SURJHWWR q GL DUULYDUH DOOR VWHVVR OLYHOOR GL
FRPSHWHQ]DLQ/LQXVFLWDGDOODVFXRODSULPDULDOHGLIIHUHQ]HDSRFRSL
GL XQ WHU]R GHO SHUFRUVR SRVVRQR HVVHUH DQFKH PROWR PDUFDWH GDO
PRPHQWRFKHJOLDOXQQLVWDQQRDFTXLVHQGRGXHOLQJXHDQ]LFKpXQD&LzQRQ
VL q YHULILFDWR H LO WHVW KD GLPRVWUDWR TXDQWR JLj LO WHDP H OD FRQVXOHQWH
DYHYDQR SUHYLVWR L ULVXOWDWL VRQR VWDWL LQIHULRUL D TXHOOL GHOOD FODVVH
SDUDOOHOD LQ SDUWLFRODUH QHOOD FRPSUHQVLRQH H SURGX]LRQH OHVVLFDOH /H
GRFHQWLHODFRQVXOHQWHKDQQRGHFLVRSHUDOWURGLQRQGUDPPDWL]]DUHHGL
DWWHQGHUHLULVXOWDWLGHOWHVWFKHVDUjVRPPLQLVWUDWRLQFODVVH9
©&/,/ªR©QRQ&/,/ª"
'XUDQWH LO VHFRQGR DQQR GL VSHULPHQWD]LRQH YROHQGR RSHUDUH XQ
FRQWUROOR VXOO·LPSDWWR FKH L ´PHWLFFLDPHQWLµ HIIHWWXDWL SRWHVVHUR DYHU
DYXWRVXOODVSHULPHQWD]LRQHLQ/DOILQHGLVWDELOLUHVHTXDQWRVLDQGDYD
IDFHQGR ULHQWUDVVH QHL FDQRQL GHO &/,/ KR HIIHWWXDWR XQD ULFRJQL]LRQH
GHOOHFDUDWWHULVWLFKHGHO&/,/LQOHWWHUDWXUDHYHULILFDWRDGLVWDQ]DGLXQ
DQQR GDOO·LQL]LR FRPH OH VFHOWH SHGDJRJLFKH H PHWRGRORJLFKH GHOOH
GRFHQWLVLVLWXDVVHURULVSHWWRDGHVVH
/DOHWWHUDWXUDFRQWHPSRUDQHDVXO&/,/QRQVXJJHULVFHULFHWWHQRQHQWUD
QHOPHULWRGHJOLDSSURFFLSHGDJRJLFL´HIILFDFLµHGHYLWDGLIDUQHXQHOHQFR
VLWXDSHUzO·DSSURFFLR&/,/LQPRGRLQHTXLYRFRDOO·LQWHUQRGLTXHOODFKH
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
'DYLG 0DUVK FIU 3DU FKLDPD DSHUWDPHQWH ©JRRG HGXFDWLRQª XQ
DSSURFFLR SHGDJRJLFR FHQWUDWR VXOO·DSSUHQGHQWH DWWLYR H RYH OD
PHGLD]LRQH VRFLDOH QHO JUXSSR q EHQ ELODQFLDWD VH QRQ SUHYDOHQWH
ULVSHWWR D TXHOOD GHOO·LQVHJQDQWH 3HU LO EHQFKPDUNLQJ KR SUHVR LQ HVDPH L
SLODVWULGHO&/,/GHVFULWWLGD0HKLVWR0DUVKH)ULJROV FKH
VLSRVVRQRULDVVXPHUHQHLVHJXHQWLSXQWLSULQFLSDOL
DOLYHOORSHGDJRJLFRPHWRGRORJLFR
•
•
•
•
•
•
•
•
LOFDPELRGLSDUDGLJPDHGXFDWLYR DSSUHQGLPHQWRDWWLYR
O·DXWHQWLFLWjFRQQHVVLRQHFRQWLQXDWUDDSSUHQGLPHQWRHYLWD
LOIRFXVPXOWLSORHO·DWWHQ]LRQHGXDOHDOODOLQJXDHDOFRQWHQXWR
XQDPELHQWHGLDSSUHQGLPHQWRDUULFFKHQWHHFKHQRQJHQHUDDQVLD
OH´&µFRQWHQXWRFRPXQLFD]LRQHFRJQL]LRQHHFXOWXUD
OHDUQLQJE\GRLQJ
O·DSSUHQGLPHQWRLQFRRSHUD]LRQHFRQJOLDOWULHGDVROL
6FDIIROGLQJ²VRVWHJQRDOO·DSSUHQGLPHQWRGDSDUWHGLXQDGXOWRRGL
XQSDULSLDELOH
DOLYHOORLVWLWX]LRQDOHRUJDQL]]DWLYR
• LOFRLQYROJLPHQWRGHLGLYHUVLVWDNHKROGHUV
8QDGLVDPLQDGHOOHFDUDWWHULVWLFKHGHOSURJHWWRHGHOO·DSSURFFLRGHOOHGXH
GRFHQWL GHVFULWWH DPSLDPHQWH ² DQFKH VH QRQ HVDXVWLYDPHQWH ² QHL
SDUDJUDIL SUHFHGHQWL SHUPHWWH GL VLWXDUH FRQ VLFXUH]]D LO SURJHWWR
/LQJXLVWLFDXWRQRPDPHQWHDOO·LQWHUQRGHOO·DFURQLPR&/,/
8QSULPRELODQFLR
1HL GXH SDUDJUDIL VXFFHVVLYL VLSUHQGRQR LQ HVDPH L SL LPSRUWDQWLVQRGL
GHO SURJHWWR DOOR VWDWR DWWXDOH FKH GD XQ ODWR QHKDQQR FDUDWWHUL]]DWR OD
SRVLWLYLWj H KDQQR SHUPHVVR L ULVXOWDWL ILQ TXL RWWHQXWL H GDOO·DOWUR QH
KDQQR VHJQDWR DOFXQH EDWWXWH G·DUUHVWR H UDSSUHVHQWDQR OH VILGH GD
VXSHUDUHLQXQSURVVLPRIXWXUR
4XHVWDDIIHUPD]LRQHqULFRUVDPROWRVSHVVRQHOOHFRPXQLFD]LRQL RUDOLGL0DUVKD
&RQYHJQLH6HPLQDULDFXLFKLVFULYHKDSDUWHFLSDWR
6DQGUD/XFLHWWR
3XQWLGLIRU]D
,OSURJHWWRqQDWRSHUODJUDQGHGHWHUPLQD]LRQHGHLJHQLWRULFKHKDQQRVDSXWR
PXRYHUVL FRQ VDJJH]]D DOO·LQWHUQR GHO QRQ IDFLOH LQWULFR GL UHJROH H
SURFHGXUH GD ULVSHWWDUH TXDQGR VL YXRO FKLHGHUH O·LQWURGX]LRQH GL
XQ·LQQRYD]LRQH VSHFLH VH GL SRUWDWD QRWHYROH H QRQ VHPSUH SLHQDPHQWH
GHILQLELOH D SULRUL FRPH O·HGXFD]LRQH LQ SL OLQJXH 4XHVWR SURFHVVR
VHPSUHLUWRGLRVWDFROLGLYHQWDSDUWLFRODUPHQWHFRPSOHVVRLQXQWHUULWRULR
PXOWLOLQJXHFDUDWWHUL]]DWRGDXQUHWDJJLRVWRULFRQRQVHPSUHIDYRUHYROHDO
GLDORJR WUD OH FXOWXUH VSHFLH LQ FDPSR HGXFDWLYR , JHQLWRUL VRQR VWDWL
FDSDFL GL ULYROJHUVL DOOH LVWLWX]LRQL QHO PRGR JLXVWR VHQ]D VFDYDOFDUQH
QHVVXQDFKLHGHQGRFRQJDUERHVHQ]DGHPRUGHUHDOODSULPDGLIILFROWj
$IURQWHGHOODJUDQGHDWWHQ]LRQHDSLVWDNHKROGHUVGDSDUWHGHLJHQLWRULOD
GLVSRQLELOLWjGHLUHIHUHQWLLVWLWX]LRQDOLqVWDWDPDVVLPDLSROLWLFLGHOODFRPXQLWj
KDQQR VDSXWR WURYDUH SXQWL GL ULIHULPHQWR VFLHQWLILFL DWWHQWLH GLVSRQLELOL
)DFROWj GL 6FLHQ]H GHOOD )RUPD]LRQH O·8QLYHUVLWj VL q PHVVD LQ JLRFR
RIIUHQGRJUDWXLWDPHQWHVXSSRUWRVFLHQWLILFRHFRQVXOHQ]DSHGDJRJLFDJOL
LVSHWWRUL GHOOD 6RYULQWHQGHQ]D KDQQR RIIHUWR XQD VXSHUYLVLRQH
LVWLWX]LRQDOH FKH KD DYDOODWR OH VFHOWH RUJDQL]]DWLYH OD VFXROD KD VDSXWR
PRELOLWDUH DQFKH FDPELDQGR OD SURSULD SURJUDPPD]LRQH GHOOH FDWWHGUH
SHU LO GXH GRFHQWL FKH DYHYDQR JLj LQWUDSUHVR LQGLYLGXDOPHQWH
SHUFRUVL GL FUHVFLWD SURIHVVLRQDOH LPSRUWDQWL FRUVL PDVWHU FRUVL GL
IRUPD]LRQHELHQQDOL HFKHHUDQRGHVLGHURVHGLPHWWHUVLLQJLRFR
,O SULPR WHDP GL GRFHQ]D KD VDSXWR FDSLWDOL]]DUH H PHWWHUH D IUXWWR OH
FRPSHWHQ]H LQGLYLGXDOL IRQGHQGROH LQ SURFHVVL GL UHVSRQVDELOLWj
FRQGLYLVH H PHWWHUH LQ DWWR DWWLYLWj GL QHWZRUNLQJ DOO·HVWHUQR SHU WURYDUH
ULVSRVWH DL ORUR TXHVLWL DQFKH DWWUDYHUVR GRFHQWL GL VFXROH YLFLQLRUL FKH
DYHYDQR JLj LQL]LDWR SHUFRUVL VLPLOL $ IURQWH GHOOD PHVVD LQ OXFH GL
VFRSHUWL IRUPDWLYL VX FRPSHWHQ]H SURIHVVLRQDOL VSHFLILFKH LO WHDP KD
VDSXWR FKLHGHUH R ULFHUFDUH QHO FRQWHVWR DOODUJDWR RFFDVLRQL GL XOWHULRUH
FUHVFLWDVXDUJRPHQWLQXRYLHVILGDQWLQHOODFRQYLQ]LRQHGLQRQSRWHUPDL
PHWWHUH OD SDUROD ©ILQHª DO SHUFRUVR GL FUHVFLWD GL FRQRVFHQ]H H
FRPSHWHQ]H
/D FDSDFLWj GL ULIOHWWHUH VXOOH SURSULH SUDWLFKH SURIHVVLRQDOL 6FK|Q H
VXO VHQVR GHOOH SURSULH LQQXPHUHYROL VFHOWH SHGDJRJLFKH VWUDWHJLFKH H
FXOWXUDOL 0RUWDUL DOO·LQWHUQRGLXQSDUDGLJPDGLULFHUFDSHGDJRJLFD
SLHQDPHQWH FRQVDSHYROH GHOOD FRPSOHVVLWj H GHOO·LQWHUFRQQHWWLYLWj FKH
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
FDUDWWHUL]]DQRLOPRQGRFRQWHPSRUDQHR 0RUWDUL qVWDWDVWLPRODWD
H VRVWHQXWD GD XQD FRQVXOHQ]D SHGDJRJLFRVFLHQWLILFD DWWHQWD H YLFLQD DOOH
GRFHQWL FKH KD DJLWR VX GXH SLDQL SULQFLSDOL DQFRUFKp VWUHWWDPHQWH
LQWHUFRQQHVVL H LQWHUGLSHQGHQWL TXHOOR SL SURSULDPHQWH HGXFDWLYR OH
JUDQGL VFHOWH GL TXDGUR H TXHOOR IRUVH XQ SR· SL WHFQLFR PD PROWR
VILGDQWH SHU O·DSSUHQGHQWH QHRILWD OH FRQRVFHQ]H OH FRPSHWHQ]H H OH
VWUDWHJLHSHUXQ·HIILFDFHLPSOHPHQWD]LRQHGHLSULQFLSLSRUWDQWLGHO&/,/
,QILQH LO SLDFHUH GHOOD VFRSHUWD H O·DIILGDUVL FRQ ILGXFLD DOOD YHUWLJLQH GHOOD
FRQRVFHQ]D FKH KDQQR FDUDWWHUL]]DWR OH GRFHQWL H OD FRQVXOHQWH
FDUDWWHULVWLFKHFKHKDQQRSHUPHVVRGLRVDUHLQFXUVLRQLLQWHUULWRULDOWUXLH
GL SURGXUUH PHWLFFLDPHQWL PHWRGRORJLFL H FXOWXUDOL FKH VRQR DOOD EDVH
GHOO·LQQRYDWLYLWj SURIRQGD GHO SURJHWWR H QH UDSSUHVHQWDQR LO VLJQLILFDWR
SHU DOFXQL YHUVL SL ULYROX]LRQDULR ,Q XQ WHUULWRULR RYH PRGDOLWj
FRQVROLGDWH GL SUDWLFKH GLGDWWLFKH ©LQQRYDWLYH PD QRQ WURSSRª VRQR
ODUJDPHQWH DSSUH]]DWH OD FRPSUHQVLRQH GHOOD UHDOH SRUWDWD GL DOFXQH
VFHOWH HGXFDWLYH GHO SULPR WHDP GL 6 *LDFRPR SRWUHEEH QRQ WURYDUH
FRQGLYLVLRQHGLIXRULGDOODSURSULDHVSHULHQ]D
3XQWLGLGHEROH]]DRGLDWWHQ]LRQH
$IURQWHGHOO·LQL]LRIRUWHPHQWHSRVLWLYRLOVHFRQGRDQQRGHOSURJHWWR DV
KDVHJQDWRXQDEDWWXWDG·DUUHVWRQHOODTXDOLWjGHOODGLGDWWLFD/H
UDJLRQLVRQRSLG·XQDHQRQVRODPHQWHFRQWLQJHQWH6XOSLDQRLVWLWX]LRQDOH
LQIDWWL OD VFXROD GL 6 *LDFRPR QRQ KD IRUVH VXIILFLHQWHPHQWH ULIOHWWXWR
DOO·LQL]LRGHOOHQHJR]LD]LRQLVXOOHFRQGL]LRQLGLIDWWLELOLWjVXOPHGLRSHULRGRH
VXOOH FRQWLQXLWj DOO·LQWHUQR GHOO·,VWLWXWR 6L VRQR SUHVH SUHFDX]LRQL SHU
JDUDQWLUH OD TXDOLWj GHO SURJHWWR QHO SULPR DQQR PD q PDQFDWD XQD
YDOXWD]LRQH GHO ULVFKLR OHJDWR DOOD SURJUDPPD]LRQH GL PHGLROXQJR SHULRGR
QRQRVWDQWH IRVVHUR QRWH OH GLIILFROWj OHJDWH DO WXUQRYHU GL GRFHQWL QHO
SOHVVR 1HOOR VWHVVR WHPSR VL q IRUVH SUHVHQWDWR LO SURJHWWR DJOL RUJDQL
FROOHJLDOLGHOODVFXRODSHFFDQGRXQSR·GLRSDFLWj3LGLTXDOFKHGRFHQWH
KD LQIDWWL LQIRUPDOPHQWH GLFKLDUDWR FKH OR VWDII QRQ HUD SLHQDPHQWH
FRQVDSHYROH GHOOD SRUWDWD GHOO·LQQRYD]LRQH VXO TXDOH HUD FKLDPDWR DG
HVSULPHUVLHGHOOHSRVVLELOLLPSOLFD]LRQLSHULOIXWXURSURIHVVLRQDOHGLWXWWL
4XHVWH PRGDOLWj GL SUHVHQWD]LRQH DO FROOHJLR GHL GRFHQWL SRVVRQR HVVHUH
FRPSUHQVLELOL LO GLULJHQWH SUHVVDWR WUD OH ULFKLHVWH GHL JHQLWRUL H OH
UHVLVWHQ]H GHOOR VWDII SUHIHULVFH RWWHQHUH XQ ULVXOWDWR LPPHGLDWR DQ]LFKp
FRPXQLFDUH LQ PRGR GHO WXWWR WUDVSDUHQWH XQ IXWXUR FRPXQTXH LQFHUWR
6DQGUD/XFLHWWR
FRQLOULVFKLRFKHLOFROOHJLRQRQDSSURYLXQSURJHWWR1HOFDVRVLYRJOLD
SURVHJXLUH LQ IXWXUR SHUz TXHVWD VWUDWHJLD QRQ PHWWH DO ULSDUR GDO
PDQLIHVWDUVLDSSLHQRGHOODUHVLVWHQ]DLQXQPRPHQWRVXFFHVVLYR
'XUDQWHXQDULXQLRQHGHO&RPLWDWR6FLHQWLILFR JLXJQR ODGLULJHQ]D
KDGHFLVRGLVXSSRUWDUHODULFKLHVWDGHLJHQLWRULGHOODQXRYDFODVVH,FKH
KDQQRIDWWRSUHVVLRQHSHURWWHQHUHODVWHVVDRSSRUWXQLWj1RQVRQRVWDWH
DSSLHQR FRQVLGHUDWH OH LQFRJQLWH GHO WXUQRYHU GL SHUVRQDOH QRQRVWDQWH
PDQFDVVHURD6*LDFRPRVLDODGRFHQWHGL/VLDXQDGRFHQWHGLWHGHVFR
SHULQL]LDUHLOQXRYRSHUFRUVRHVHPSOLFHPHQWHFRQILGDQGRFKHLOGRFHQWH
GL PDWHPDWLFD FXL OD QXRYD FODVVH VDUHEEH WRFFDWD SHU URWD]LRQH VDUHEEH
VWDWRDOO·DOWH]]DGHOODFRPSOHVVLWjGHOFRPSLWRQRQRVWDQWHQRQFLIRVVHUR
FKLDUH HYLGHQ]H LQ WDO VHQVR 7XWWR TXHVWR TXDVL VRWWDFHQGR LO IDWWR FKH
DQFKHLOGLULJHQWHVWHVVRVWDYDSHUODVFLDUHODVFXRODHFKHLOQRPHGHOVXR
VXFFHVVRUHQRQIRVVHDQFRUDQRWR
0HQWUH LO SULPR WHDP GL GRFHQ]D KD TXLQGL FRQWLQXDWR VHQ]D LQWRSSL
OXQJROHGLUHWWULFLGHOO·DQQRSUHFHGHQWHLOVHFRQGRWHDPVLqIRUPDWRVROWDQWR
D ULGRVVR GHOO·LQL]LR GHOOH OH]LRQL FRQ O·DUULYR GL GXH LQVHJQDQWL D WHPSR
GHWHUPLQDWR XQR FRQ HVSHULHQ]D GL LQVHJQDPHQWR GL LWDOLDQR / QHOOD
VFXROD GL OLQJXD WHGHVFD SHU LWDOLDQR / H FRPSUHVHQ]D LQ &/,/ XQD GL
PDGUHOLQJXDWHGHVFDFRQHVSHULHQ]DGLLQVHJQDQWHGLWHGHVFR/6DGDGXOWL
LQ DOWUH UHJLRQL G·,WDOLD DOOD VXD SULPD HVSHULHQ]D GL VFXROD SULPDULD SHU
WHGHVFR/HWXWWHOHRUHGHOOHPDWHULHLQ&/,//HVHULHGLIILFROWjFKHLO
VHFRQGR WHDP KD DYXWR DG HVSULPHUH XQD SHGDJRJLD FRQYLQFHQWH H XQD GLGDWWLFD
LQWHJUDWD GL WLSR &/,/ QRQ VRQR SHUWDQWR ULFRQGXFLELOL VROWDQWR DG XQD
VFDUVDSURSHQVLRQHDOODYRURLQWHDPGLPRVWUDWDLQSDUWLFRODUHGDXQRGHL
WUHGRFHQWLSULQFLSDOLPDDQFKHDGXQ·LQWULQVHFDGHEROH]]DSURIHVVLRQDOH
GL HVSHULHQ]H FRPSHWHQ]H H FRQRVFHQ]H WHRULFKH GL WXWWL /·HYLGHQWH
GLIILFROWj GHL GRFHQWL ULVSHWWR DOOH FDUDWWHULVWLFKH GHO FRPSLWR OD
FRQVDSHYROH]]D ² DOPHQR LQ XQ FDVR ² GL QRQ HVVHUH DOO·DOWH]]D H XQD
VRYUDVWLPDWDILGXFLDGDSDUWHGLXQRGLORURQHOOHSURSULHFRPSHWHQ]HH
FDSDFLWj GL JXLGDUH LOWHDP KDQQR JHQHUDWR GXUDQWH WXWWR O·DUFR GHOO·DQQR
XQ ULILXWR SL R PHQR PDQLIHVWR D SDUWHFLSDUH DOOD FRQVXOHQ]D ² FKH
SHUDOWUR QRQ q VWDWR SRVVLELOH JDUDQWLUH ILQ GD VXELWR ² H LO PDQFDWR
FRQIURQWRWUDLGXHWHDPFKHVLSXzIDUULVDOLUHDOODORURSDXUDGLUHQGHUH
HYLGHQWLDLFROOHJKLGHOOHDOWUHFODVVLOHSURSULHGHEROH]]HSURIHVVLRQDOLGL
IURQWHDOO·RELHWWLYDTXDOLWjGHOOHGRFHQWLGHOSULPRWHDP
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
7XWWRTXDQWRHVSRVWRILQRUDULVFKLDQHOSURVVLPRIXWXURGLJHQHUDUHGXH
SUREOHPLGLGLIILFLOHJHVWLRQHFKHDYUDQQRELVRJQRGLFKLDUH]]DHDOOHDQ]D
WUD LO GLULJHQWH H OD FRQVXOHQWH SHU HVVHUH VXSHUDWH 'D XQ ODWR VL SXz
FUHDUHXQDVSDFFDWXUDLQWHUQDSRLFKpLGRFHQWLFKHGRYUHEEHURIRUPDUHL
SURVVLPLWHDPHFKHKDQQRDVVLVWLWRSHUYRORQWjGHOQXRYRGLULJHQWHDG
DOFXQL LQFRQWUL GHO &RPLWDWR 6FLHQWLILFR YHUVR OD ILQH GHOO·DQQR LQ FRUVR
KDQQRLQL]LDWRLQPRGRSLRPHQRSDOHVHDSUHQGHUHOHGLIHVHGHOWHDP
SLGHEROHHVSULPHQGRDYROWHJLXGL]LSRFROXVLQJKLHULQHLFRQIURQWLGHOOH
FDSDFLWjGHOSULPRWHDP'DOO·DOWURVLULVFKLDFLzFKHLQOHWWHUDWXUD&/,/
YLHQH FKLDPDWR ©DVFKRROZLWKLQDVFKRRO V\QGURPHª XQD GLYHUVD
DWWULEX]LRQH GL TXDOLWjDOOH FODVVL &/,/ H QRQ&/,/ GD SDUWH GHL FROOHJKL
FKH QRQ VRQR DQFRUD LPSHJQDWL QHL WHDP&/,/ SHUDOWUR VHQ]D HYLGHQ]H
FRQFUHWH (VVL SRVVRQR SUHQGHUH OH GLVWDQ]H GDOOH FODVVL &/,/ LQ PRGR
VWUXPHQWDOH FRQVLGHUDQGROH XQ·HVSHULHQ]D HOLWDULD SHU PDVFKHUDUH LQ WDO
PRGR OH SURSULH SDXUH SURIHVVLRQDOL (QWUDPEL JOL VFHQDUL VRQR DO
PRPHQWRSRVVLELOLHVDUDQQRODVILGDGDVXSHUDUHQHOSURVHJXLPHQWRGHO
SURJHWWR
7UDVIHULELOLWj
$IURQWHGLXQTXDGURFRPSOHVVRHULFFRGLOXFLHGRPEUHQHOSDVVDJJLR
GDOOD SURJHWWD]LRQH DOOD UHDOL]]D]LRQH SUDWLFD PD QHO FRPSOHVVR SRVLWLYR
SHU OD VXD FDULFD LQQRYDWLYD H LGHDOH LO SURJHWWR /LQJXLVWLFDXWRQRPDPHQWH q
WDQWRSLLQWHUHVVDQWHLQ TXDQWRLQXQWHUULWRULRFRVuPXOWLFXOWXUDOPHQWH
FDUDWWHUL]]DWR L VXRL SULQFLSL H OD VXD VWUXWWXUD SRWUHEEHUR IDFLOPHQWH
HVVHUH WUDVIHULWL DGDWWDQGROL DOO·LQVHJQDPHQWR LQ GXH R SL OLQJXH LQ
VSHULPHQWD]LRQLFKHFRLQYROJDQRDQFKHODOLQJXDUHJLRQDOHPLQRULWDULDLO
ODGLQR 7DOL VSHULPHQWD]LRQL SRWUHEEHUR UDSSUHVHQWDUH XQD QRYLWj QHOOH
SROLWLFKH OLQJXLVWLFKH GL SURPR]LRQH GHOOD OLQJXD UHJLRQDOH PLQRULWDULD
SUHVVR OH QXRYH JHQHUD]LRQL H QHO FRQWHPSR FRQWULEXLUH D LQWURGXUUH
FRPHXQQRYHOORFDYDOORGL7URLDLQQRYD]LRQLGLGDWWLFKHGDOXQJRWHPSR
DWWHVHQHOVLVWHPDHGXFDWLYRGLTXHVWR3DHVH
6DQGUD/XFLHWWR
5LIHULPHQWL
%$5%(527HUHVLQDH&/(**-RKQ3URJUDPPDUHSHUFRUVL&/,/5RPD&DURFFL
%$856LHJIULHG/DOLQJXDGHJOLDOWUL$VSHWWLGHOODSROLWLFDOLQJXLVWLFDHVFRODVWLFDLQ$OWR
$GLJH6GWLUROGDODGRJJL0LODQR)UDQFR$QJHOL
%($&&2 -HDQ &ODXGH H %<5$0 0LFKDHO )URP /LQJXLVWLF 'LYHUVLW\ WR 3OXULOLQJXDO
(GXFDWLRQ*XLGHIRUWKH'HYHORSPHQWRI/DQJXDJH(GXFDWLRQ3ROLFLHVLQ(XURSH0DLQ9HUVLRQ
6WUDVERXUJ &RXQFLO RI (XURSH /DQJXDJH 3ROLF\ 'LYLVLRQ 6FDULFDELOH DOOD SDJLQD
VRWWRVWDQWH
8OWLPR
DFFHVVR
DJRVWR
ZZZFRHLQWWGJ/LQJXLVWLF6RXUFH*XLGHB0DLQB%HDFFRB(1GRF
%($80217 5RJHU ©3HGDJRJLD )UHLQHW H HGXFD]LRQH DOOD FLWWDGLQDQ]Dª ,Q 0(,5,(8
3KLOLSSH HG &RPH VXVFLWDUH LO GHVLGHULR GL LPSDUDUH" &pOHVWLQ )UHLQHW 0DWHULDOH DG XVR
LQWHUQR SHU DWWLYLWj GLGDWWLFD &RUVR GL SHGDJRJLD GHOOD )DFROWj GL 3VLFRORJLD
GHOO·8QLYHUVLWj
GL
%RORJQD
$FFHVVLELOH
GD
ZZZVEXURYHULWSVLFHSHGDJRJLD&RPHBVXVFLWDUHBLOBGHVLGHULRBGLBLPSDUDUHSGI
%581(5-HURPH6H\PRXU©7KHUROHRIGLDORJXHLQODQJXDJHDFTXLVLWLRQª,Q$
6LQFODLU5-DUYHOOD :-0/HYHOW HGV 7KHFKLOG·VFRQFHSWLRQRIODQJXDJH1HZ<RUN
6SULQJHU9HUODJ
%8516 $QQHH '( 6,/9$ -2<&( +HOHQ HGV 7HDFKHUV·YRLFHV([SOLFLWO\VXSSRUWLQJ
UHDGLQJDQGZULWLQJLQWKHFODVVURRP1DWLRQDO&HQWUHIRU(QJOLVK/DQJXDJH7HDFKLQJDQG
5HVHDUFK6\GQH\0DFTXDULH8QLYHUVLW\
&/(** -RKQ ©7RZDUGV 6XFFHVVIXO (QJOLVKPHGLXP (GXFDWLRQ LQ 6RXWKHUQ
$IULFDª,Q0$56+'DYLG217(52$QQH 6+,.21*27DXWLNR HGV (QKDQFLQJ
(QJOLVKPHGLXP(GXFDWLRQLQ1DPLELD SS -\YlVN\OD8QLYHUVLW\RI-\YlVN\OlDQG
2QJZHGLYD&ROOHJHRI(GXFDWLRQ
&2+(1 (OL]DEHWK * 'HVLJQLQJ *URXSZRUN QG HGLWLRQ 1HZ <RUN 7HDFKHUV·
&ROOHJH &ROXPELD 8QLYHUVLW\ 7UDG LW 2UJDQL]]DUH , JUXSSL FRRSHUDWLYL 5XROL IXQ]LRQL
DWWLYLWj7UHQWR(ULFNVRQ
&202*/,2 0DULR ©3UHVHQWD]LRQHDOO·HGL]LRQHLWDOLDQDª,Q-2+1621'DYLG:
-2+16215RJHU7 +2/8%(&(G\WKH-$SSUHQGLPHQWRFRRSHUDWLYRLQFODVVH
7UHQWR(ULNVRQ
&2</( 'R ©5HOHYDQFH RI &/,/ WR WKH (XURSHDQ &RPPLVVLRQ·V ODQJXDJH
OHDUQLQJ REMHFWLYHVª ,Q 0$56+ 'DYLG HG &/,/(0,/( ² 7KH (XURSHDQ
'LPHQVLRQ SS -\YlVN\Ol8QLYHUVLW\RI-\YlVN\Ol
&2</( 'R +22' 3KLOLS DQG 0$56+ 'DYLG &/,/ &RQWHQW DQG /DQJXDJH
,QWHJUDWHG/HDUQLQJ&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV
)5,*2/60DULD©7URMDQ+RUVHRU $LUEXV"ª&RQIHUHQFH&/,/&/,/
&RPSHWHQFHEXLOGLQJIRU*OREDOL]DWLRQ3DSHUDQGSUHVHQWDWLRQ-XQH+HOVLQNL
8QSURJHWWRSHUORVYLOXSSRGHOSOXULOLQJXLVPRLQGLYLGXDOHLQXQ·DUHDPXOWLOLQJXH
*,%%216 3 6FDIIROGLQJ /DQJXDJH 6FDIIROGLQJ /HDUQLQJ 7HDFKLQJ 6HFRQG /DQJXDJH
/HDUQHUVLQWKH0DLQVWUHDP&ODVVURRP/RQGRQ+HLQHPDQQ
-$60,1'DQLHOOH/HFRQVHLOGHFRRSpUDWLRQ8QRXWLOSpGDJRJLTXHSRXUO·RUJDQLVDWLRQGHODYLH
GHFODVVHHWODJHVWLRQGHVFRQIOLWV0RQWUpDO&KHQHOLqUHeGXFDWLRQ
-2+1621'DYLG:-2+16215RJHU7 +2/8%(&(G\WKH-$SSUHQGLPHQWR
FRRSHUDWLYRLQFODVVH7UHQWR(ULNVRQ
.$*$1 6SHQFHU &RRSHUDWLYH /HDUQLQJ 5HVRXUFHV IRU 7HDFKHUV 5LYHUVLGH &$
8QLYHUVLW\RI&DOLIRUQLD
.$*$1 6SHQFHU &RRSHUDWLYH /HDUQLQJ 6DQ -XDQ &DSLVWUDQR &$ .DJDQ
&RRSHUDWLYH/HDUQLQJ
/8&,(7726DQGUDHDOORUD&/,//·DSSUHQGLPHQWRLQWHJUDWRGHOOHOLQJXHVWUDQLHUHQHOOD
VFXROD'LHFLDQQLGLEXRQHSUDVVLLQ7UHQWLQRHLQ(XURSD7UHQWR,35$6(
0$56+ 'DYLG H /$1*e *LVHOOD 8VLQJ /DQJXDJHV WR /HDUQ DQG /HDUQLQJ WR 8VH
/DQJXDJHV-\YlVN\Ol8QLYHUVLW\RI-\YlVN\Ol
0$56+ 'DYLG &/,/(0,/( ² 7KH (XURSHDQ 'LPHQVLRQ $FWLRQV 7UHQGV DQG
)RUHVLJKW3RWHQWLDO-\YlVN\Ol8QLYHUVLW\RI-\YlVN\Ol
0$56+'DYLG ©3URMHFW'²&/,/0DWUL[²&HQWUDOZRUNVKRSUHSRUWª
*UD] 1RYHPEHU (XURSHDQ &HQWUH IRU 0RGHUQ /DQJXDJHV 5HWULHYHG IURP
KWWSDUFKLYHHFPODWPWS&/,/PDWUL[SGIZVUHS'(BSGI
0$56+ 'DYLG ©'DYLG 0DUVK RQ &/,/ª ,QWHUYLVWD DFFHVVLELOH VX
ZZZ\RXWXEHFRPZDWFK"Y &]GJP-$ &DULFDWD GD &DPEULGJH83(/7 LQ GDWD
QRYHPEUH
0217(6625,0DULD'DVNUHDWLYH.LQG)UHLEXUJLQ%UHLVJDX+HUGHU
025,1 (GJDU/DWHVWDEHQIDWWD5LIRUPDGHOO·LQVHJQDPHQWRHULIRUPDGHOSHQVLHUR5RPD
5DIIDHOOR&RUWLQD
0257$5,/XLJLQD$SSUHQGHUHGDOO·HVSHULHQ]D,OSHQVDUHULIOHVVLYRQHOODIRUPD]LRQH5RPD
&DURFFL
0257$5, /XLJLQD &XOWXUD GHOOD 5LFHUFD H SHGDJRJLD 3URVSHWWLYH HSLVWHPRORJLFKH 5RPD
&DURFFL
5$6202OLPSLD/8&,(7726DQGUD&5(77,*DEULHOODDQG675,&&$(OLVDEHWWD
/LQJXLVWLFDXWRQRPDPHQWH´0DHVWUD«$FRPH6FKUDQN"µ%RO]DQR 8QSXEOLVKHG<)LQDO
5HSRUW
5(,&+(1 -UJHQ /HVHQ GXUFK 6FKUHLEHQ ZLH .LQGHU VHOEVWJHVWHXHUW OHVHQ OHUQHQ +HIW
=ULFK6DEH9HUODJ
52*(56 &DUO DQG )5(,%(5* + -HURPH )UHHGRP WR /HDUQ UG (GLWLRQ 1HZ
<RUN0DFPLOODQ&ROOHJH3XEOLVKLQJ&RPSDQ\
6DQGUD/XFLHWWR
6&+g1'RQDOG$7KH5HIOHFWLYH3UDFWLWLRQHU+RZ3URIHVVLRQDOV7KLQNLQ$FWLRQ1HZ
<RUN%DVLF%RRNV
6+$5$1 <DHO H 6+$5$1 6KORPR ([SDQGLQJ &RRSHUDWLYH /HDUQLQJ WKURXJK *URXS
,QYHVWLJDWLRQ 1HZ <RUN 7HDFKHUV· &ROOHJH &ROXPELD 8QLYHUVLW\ 7UDGLW *OL DOXQQL
IDQQRULFHUFD7UHQWR(ULFNVRQ
:,770$11 (ULFK XQG 0h//(5 *HUKDUG 'DV =DKOHQEXFK 6SLHOH ]XU
)UKI|UGHUXQJ 6WXWWJDUW (UQVW .OHWW 9HUODJ *PE+ ,O 3URJUDPPD 0DWKH q
DFFHVVLELOHGDZZZXQLGRUWPXQGGHPDWKH
:2/))'LHWHU©0HWKRGRORJLFDO6XFFHVV)DFWRUVª,Q0$56+'DYLG217(52
$QQH H 6+,.21*2 7DXWLNR HGV (QKDQFLQJ (QJOLVKPHGLXP (GXFDWLRQ LQ 1DPLELD
SS -\YlVN\OD8QLYHUVLW\RI-\YlVN\OlDQG2QJZHGLYD&ROOHJHRI(GXFDWLRQ
:2/)) 'LHWHU ©2Q WKH LPSRUWDQFH RI &/,/ LQ WKH FRQWH[W RI WKH GHEDWH RQ
SOXULOLQJXDOHGXFDWLRQLQWKH(XURSHDQ8QLRQª,Q0$56+'DYLG&/,/(0,/(²
7KH(XURSHDQ'LPHQVLRQ$FWLRQV7UHQGVDQG)RUHVLJKW3RWHQWLDO-\YlVN\Ol8QLYHUVLW\RI
-\YlVN\Ol
:2/)) 'LHWHU ©$SSURDFKLQJ &/,/ª ,Q 0$56+ 'DYLG &2</( 'R
.,7$129$ 6WHIND 0$/-(56 $QQH :2/)) 'LHWHU DQG =,(/21.$ %URQLVODZD
HGV 3URMHFW'²&/,/PDWUL[7KH&/,/TXDOLW\PDWUL[&HQWUDOZRUNVKRSUHSRUW
SS *UD] (XURSHDQ &HQWUH IRU 0RGHUQ /DQJXDJHV 5HWULHYHG IURP
ZZZHFPODW
:22' 'DYLG %581(5 -HURPH 6 5266 *DLO ©7KH UROH RI WXWRULQJ LQ
SUREOHPVROYLQJª-RXUQDORI&KLOG3V\FKRORJ\DQG3V\FKLDWU\SS
'RFXPHQWL
'HFUHWRGHO3UHVLGHQWHGHOOD5HSXEEOLFDPDU]RQ LQ62/GHOOD*8
DJRVWRQ 5HJRODPHQWRUHFDQWHQRUPHLQPDWHULDGLDXWRQRPLDGHOOHLVWLWX]LRQL
VFRODVWLFKHDLVHQVLGHOO DUWGHOODOHJJHPDU]RQ
3URYLQFLD $XWRQRPD GL %RO]DQR ,QGLFD]LRQL SURYLQFLDOL SHU OD GHILQL]LRQH GHL FXUULFROL
UHODWLYLDOODVFXRODSULPDULDHDOODVFXRODVHFRQGDULDGLSULPRJUDGRQHJOLLVWLWXWLGLOLQJXDLWDOLDQD
GHOODSURYLQFLDGL%RO]DQR%RO]DQR6RYULQWHQGHQ]DSHUODVFXRODLQOLQJXD,WDOLDQD
3URYLQFLD$XWRQRPDGL%RO]DQR,O1XRYR6WDWXWRGL$XWRQRPLDDULVWDPSD
3URYLQFLDDXWRQRPDGL%RO]DQR/HJJHSURYLQFLDOHJLXJQRQ$XWRQRPLDGHOOH
LVWLWX]LRQLVFRODVWLFKH
(QVHLJQHPHQWGHVODQJXHVORFDOHVHWWHUULWRLUH
OHVHUEHHQ5RXPDQLHHWOHURXPDLQHQ6HUELH
.VHQLMD'MRUGMHYLý
8QLYHUVLWp3DXO9DOpU\0RQWSHOOLHU
'DQVFHWWHFRQWULEXWLRQQRXVWkFKHURQVGHUpIOpFKLUjODVLWXDWLRQGHODPLQRULWpVHUEHHQ5RXPDQLHHW
URXPDLQH HQ 6HUELH GDQV OH GRPDLQH pGXFDWLI /HV OLHQV DYHF OH SD\V GH UpIpUHQFH OHV RVFLOODWLRQV
GpPRJUDSKLTXHVHWOHXUVFRQVpTXHQFHVVXUOHGRPDLQHpGXFDWLIO·LQFLGHQFHGHVpYpQHPHQWVSROLWLTXHVVXUOD
VLWXDWLRQOLQJXLVWLTXHVRQWDXWDQWGHWUDLWVTXLGpILQLURQWO·DQFUDJHHWODFRQWLQXLWpGHFHVGHX[PLQRULWpV
GDQV FKDTXH WHUULWRLUH /D UpSDUWLWLRQ WHUULWRULDOH GHV pFROHV OHV PpWKRGHV HW OHV UpIRUPHV pGXFDWLYHV
TXHVWLRQQHURQWOHU{OHGHO·pFROHGDQVOHWLVVXVRFLDOPXOWLOLQJXHHQ6HUELHHWHQ5RXPDQLH6DFKDQWTXHOD
WUDGLWLRQGHO·pGXFDWLRQHQODQJXHPLQRULWDLUHHVWGDQVOHVGHX[WHUULWRLUHVORQJXHGHSOXVLHXUVVLqFOHV
QRXV QRXV SRVHURQV OD TXHVWLRQ GH VDYRLU FRPPHQW HW SRXUTXRL FHV LQIUDVWUXFWXUHV VHPEOHQW SRXUWDQW
Q·DYRLUTXHSHXG·LQFLGHQFHVXUOHSURFHVVXVG·DVVLPLODWLRQGHFHVPLQRULWpV
,QTXHVWRFRQWULEXWRDOODTXHVWLRQHGHOO·HGXFD]LRQHLQOLQJXDPLQRULWDULDDQDOL]]HUHPRLOSDUDOOHOLVPRH
LOFRQWUDVWRIUDOHFRQGL]LRQLGLVYLOXSSRVWRULFRHGLFRQWLQXLWjGHOOHLQIUDVWUXWWXUHHGXFDWLYHPLQRULWDULH
LQOLQJXDURPHQDLQ6HUELDGDXQFDQWRLQOLQJXDVHUEDLQ5RPDQLDGDOO·DOWURFDQWR,YLQFROLFROSDHVH
GLULIHULPHQWROHYDULD]LRQLGHPRJUDILFKHO·LPSDWWRGHJOLDYYHQLPHQWLJHRSROLWLFLGHOOHULIRUPHHGXFDWLYH
LPHWRGLVFRODVWLFLODULSDUWL]LRQHWHUULWRULDOHGHOOHFRPXQLWjHGHOOHVFXROHFRQOHORURFRQVHJXHQ]HVXOOD
VLWXD]LRQHOLQJXLVWLFDHVXOODIUHTXHQWD]LRQHGHOOHVFXROHVRQRDOWUHWWDQWLIDWWRULFKHFRQWULEXLVFRQRDGDUH
DGRJQLPLQRUDQ]DXQSURILORVSHFLILFRLQTXHVWLGXHWHUULWRULGHOO·(XURSDFHQWUDOH&RQVLGHUDQGRLOIDWWR
FKH HVLVWRQR GD VHFROL LQIUDVWUXWWXUH HGXFDWLYH LQ OLQJXH PLQRULWDULH LQ SDHVL GHOO·(XURSD FHQWUDOH FRPH
5RPDQLDH6HUELDqGLSDUWLFRODUHULOHYDQ]DFKLHGHUVLFRPHPDLTXHVWRYDQWDJJLRULVSHWWRDOOHVLWXD]LRQL
GHOO·(XURSDRFFLGHQWDOHQRQLPSHGLVFDO·RGLHUQRSURFHVVRGLDVVLPLOD]LRQHGHOOHPLQRUDQ]H
,QWURGXFWLRQ
1RXVDERUGHURQVLFLOHWKqPHGHODFRQWLQXLWpGHVODQJXHVPLQRULWDLUHVj
O·DLGH G·XQH FRPSDUDLVRQ HQWUH GHX[ PLQRULWpV HXURSpHQQHV 6HUEHV GH
5RXPDQLH HW 5RXPDLQV GH 6HUELH &KDFXQH GH FHV GHX[ PLQRULWpV HVW
SDUYHQXH QRQ VDQV GLIILFXOWpV j FRQVHUYHU VD ODQJXH GDQV OH SD\V GH
O·DXWUH PDOJUp OHVYLFLVVLWXGHV GH O·KLVWRLUH HW XQH LPEULFDWLRQ WHUULWRULDOH
FRPSOH[H
/·XQHGHVFOpVGHFHWWHFRQWLQXLWpGHVODQJXHVPLQRULWDLUHVHVWVDQVGRXWH
OH SOXUDOLVPH GX V\VWqPH pGXFDWLI HW O·H[LVWHQFH G·pFROHV VHUEHV HQ
5RXPDQLH HW URXPDLQHV HQ 6HUELH &HSHQGDQW GDQV OHV GHX[ FDV GH
ILJXUH RQ DVVLVWH DXMRXUG·KXL j XQH EDLVVH GHV HIIHFWLIV GDQV OH V\VWqPH
pGXFDWLI DXWUHPHQW GLW j XQH GpVDIIHFWLRQ 1RXV WkFKHURQV LFL GH
UpIOpFKLUjWUDYHUVXQH[DPHQFULWLTXHGHODVLWXDWLRQGHODPLQRULWpVHUEH
HQ5RXPDQLHHWURXPDLQHHQ6HUELHHWGHOHXUVV\VWqPHVpGXFDWLIVVXUOHV
.VHQLMD'MRUGMHYLý
ODFXQHVHWOHVDFTXLVGHFHVGHX[H[SpULHQFHVHWVXUOHVHQVHLJQHPHQWVj
WLUHU TXDQW j O·DYHQLU GX PXOWLFXOWXUDOLVPH HQ (XURSH /HV OLHQV DYHF OH
SD\VGHUpIpUHQFHOHVRVFLOODWLRQVGpPRJUDSKLTXHVHWOHXUVFRQVpTXHQFHV
VXU OH GRPDLQH pGXFDWLI O·LQFLGHQFH GHV pYpQHPHQWV SROLWLTXHV VXU OD
VLWXDWLRQOLQJXLVWLTXHVRQWDXWDQWGHIDFWHXUVTXLGpILQLVVHQWO·DQFUDJHHWOD
FRQWLQXLWp GH FHV GHX[ PLQRULWpV GDQV FKDTXH WHUULWRLUH /D UpSDUWLWLRQ
WHUULWRULDOH GHV pFROHV OHV PpWKRGHV HW OHV UpIRUPHV pGXFDWLYHV
TXHVWLRQQHQWOHU{OHGHO·pFROHGDQVOHWLVVXVRFLDOPXOWLOLQJXHHQ6HUELHHW
HQ5RXPDQLH
&HVGHX[H[HPSOHVFRQWULEXHQWjPRQWUHUO·LPSRUWDQFHGHFRQVWUXLUHRX
GH PDLQWHQLU GHV LQIUDVWUXFWXUHV pGXFDWLYHV HQ ODQJXHV PLQRULWDLUHV WDQW
SRXU SURWpJHU OHV PLQRULWpV GH O·DVVLPLODWLRQ TXH SRXU SHUPHWWUH
O·LQWpJUDWLRQ PXOWLOLQJXH DXVVL ELHQ DX QLYHDX ORFDO RX UpJLRQDO
TX·HXURSpHQ 6DFKDQW TXH O·pGXFDWLRQ HQ ODQJXH PLQRULWDLUH V·LQVFULW VXU
OHV GHX[ WHUULWRLUHV GDQV XQH WUDGLWLRQ ORQJXH GH SOXVLHXUV VLqFOHV QRXV
QRXV SRVHURQV OD TXHVWLRQ GH VDYRLU FRPPHQW HW SRXUTXRL FHV
LQIUDVWUXFWXUHV VHPEOHQW SRXUWDQW Q·DYRLU TXH SHX G·LQFLGHQFH VXU OH
SURFHVVXVG·DVVLPLODWLRQGHFHVPLQRULWpV
,PEULFDWLRQWHUULWRULDOHHWIOXFWXDWLRQVKLVWRULTXHV
/HV 6HUEHV HW OHV 5RXPDLQV RQW VRXYHQW SDUWDJp OH PrPH VRUW RQW pWp
VRXPLV DX[ PrPHV SXLVVDQFHV pWUDQJqUHV HW RQW VXEL OHV PrPHV
FRQVpTXHQFHV HW OD SUpVHQFH GH OD PLQRULWp VHUEH HQ 5RXPDQLH HW
URXPDLQHHQ6HUELHV·LQVFULWVXUSOXVLHXUVVLqFOHV
/D SUpVHQFH GH OD PLQRULWp URXPDLQH HQ 6HUELH HW SOXV SDUWLFXOLqUHPHQW
DX QRUG GH OD 6HUELH GDQV OD UpJLRQ GH OD 9RwYRGLQH V·H[SOLTXH
SULQFLSDOHPHQW SDU GHX[ pYpQHPHQWV G·XQH SDUW OH GpSODFHPHQW GH OD
SRSXODWLRQ IX\DQW OH MRXJ RWWRPDQ G·DXWUH SDUW OD FRORQLVDWLRQ
V\VWpPDWLTXH RUJDQLVpH GH OD SDUW GH OD FRXU GH 9LHQQH %MHOMDF
0rPH VL FHUWDLQV FKHUFKHXUV IRQW UHPRQWHU OH SHXSOHPHQW GH OD
9RwYRGLQHSDUOHV5RXPDLQVWUqVORLQGDQVOHSDVVpLOVHPEOHFHUWDLQTXH
ODJUDQGHPDMRULWpGHV5RXPDLQVV·HVWLQVWDOOpHGDQVFHWWHUpJLRQGX;9,,H
DX ;,;H VLqFOH /H GHUQLHU UHFHQVHPHQW VHUEH GH LQGLTXH
5RXPDLQV HQ 6HUELH GRQW SUHVTXH OD WRWDOLWp KDELWH HQ
6XUOHVOLHQVpWURLWVHQWUHFHVGHX[SHXSOHVjWUDYHUVO·KLVWRLUHFI*DYULORYLý
/HVHUEHHQ5RXPDQLHHWOHURXPDLQHQ6HUELH
9RwYRGLQH /HXU QRPEUH D VLJQLILFDWLYHPHQW EDLVVp HQ O·HVSDFH G·XQ
VLqFOH OH UHFHQVHPHQW \RXJRVODYH GH LQGLTXDLW 5RXPDLQV
SRXUODVHXOHUpJLRQGH9RwYRGLQH %MHOMDF
/DEDLVVHGpPRJUDSKLTXHWRXFKHpJDOHPHQWOHV6HUEHVGH5RXPDQLHGDQV
GHV SURSRUWLRQV VHQVLEOHPHQW VLPLODLUHV OH QRPEUH GH 6HUEHV HQ
5RXPDQLHDEDLVVpGHPRLWLpHQWUHHWHQRQGpQRPEUDLW
6HUEHV HW HQ VHXOHPHQW %XJDUVNL 7RXW
FRPPHSRXUOHV5RXPDLQVHQ6HUELHOHXUSUpVHQFHHQ5RXPDQLHDFWXHOOH
V·H[SOLTXH SDU O·H[RGH IDFH j OD GRPLQDWLRQ RWWRPDQH GX ;9H DX ;,;H
VLqFOH 3DYORYLý PrPHVLFHUWDLQHVWUDFHVGXSHXSOHPHQWVODYH
VRQWYLVLEOHVGqVOH0R\HQ$JH
/DEDLVVHGpPRJUDSKLTXHTXLWRXFKHOHVGHX[PLQRULWpVSHXWV·H[SOLTXHU
GHSOXVLHXUVIDoRQVODQDWDOLWpWUDGLWLRQQHOOHPHQWIDLEOHO·pPLJUDWLRQGXH
HQWUH DXWUHV IDFWHXUV DX[ UDLVRQV pFRQRPLTXHV HW ELHQ pYLGHPPHQW
O·DVVLPLODWLRQTXLG·XQUHFHQVHPHQWjO·DXWUHIDLWDSSDUDvWUHWRXMRXUVSOXV
GH PHPEUHV GH OD SRSXODWLRQ PDMRULWDLUH V·DFFRPSDJQDQW G·XQH
GLPLQXWLRQGHODSRSXODWLRQPLQRULWDLUH
(QFHTXLFRQFHUQHODUpSDUWLWLRQWHUULWRULDOHGHVGHX[PLQRULWpVVpSDUpHV
SDUXQHIURQWLqUHpWDWLTXHRQUHPDUTXHXQHFRQWLQXLWpUHODWLYHPRQWUDQW
XQH LPEULFDWLRQ GHV 6HUEHV HW GHV 5RXPDLQV GLVWULEXpH VXU XQH SDUWLH
UHODWLYHPHQWLPSRUWDQWHGXWHUULWRLUHGHVGHX[SD\V/DIURQWLqUHWHUUHVWUH
WHOOHTX·HOOHH[LVWHDXMRXUG·KXLDpWpIL[pHSDUOHWUDLWpGH7ULDQRQPDLVOHV
GHX[ SD\V VRQW HQ SDUWLH VpSDUpV pJDOHPHQW SDU OH 'DQXEH 6XLWH DX
SDUWDJHGXWHUULWRLUHDSUqVOD3UHPLqUH*XHUUHPRQGLDOHXQWLHUVGX%DQDW
HVWUHYHQXjOD6HUELHHWGHX[WLHUVjOD5RXPDQLH'HFHIDLWXQHSDUWLH
6XUODPDQLqUHGRQWODIURQWLqUHHQWUHOHVGHX[SD\VDpWpGpILQLWLYHPHQWpWDEOLHFI
O·DUWLFOH G·( %RXOLQHDX TXHVWLRQQDQW OH U{OH GX ©WUDFHXU GH IURQWLqUHª IUDQoDLV OH
JpRJUDSKH (PPDQXHO GH 0DUWRQQH &HWWH IURQWLqUH D ILQDOHPHQW pWp OH UpVXOWDW G·XQ
FRPSURPLV HQWUH OHV UHYHQGLFDWLRQV VHUEHV GHPDQGDQW XQ SHX SOXV GHV GHX[ WLHUV GX
%DQDW HWURXPDLQHV H[LJHDQWOHUDWWDFKHPHQWGHODSURYLQFHHQWLqUH &RPPHO·H[SOLTXH
ELHQ O·DXWHXUH O·HQFKHYrWUHPHQW GH SRSXODWLRQV GDQV OH %DQDW D FRQVWLWXp XQ YpULWDEOH
FDVVHWrWH SRXU OHV ©WUDFHXUVGH IURQWLqUHª 6L OD PDMRULWp pWDLW URXPDLQH GH
IRUWHV PLQRULWpV VHUEH KRQJURLVH HW DOOHPDQGH GHPDQGDLHQW
G·rWUHSULVHVHQFRPSWH %RXOLQHDX $SUqVGHORQJXHVQpJRFLDWLRQVXQ
FRPSURPLVHQWUHOHSULQFLSHJpRJUDSKLTXHOHSULQFLSHKLVWRULTXHHWFHOXLGHVQDWLRQDOLWpV
DpWpWURXYpVDQVSRXUDXWDQWFRQWHQWHUOHVSD\VFRQFHUQpV
.VHQLMD'MRUGMHYLý
GH OD SRSXODWLRQ V·HVW WURXYpH GqV ORUV HQ GHKRUV GHV IURQWLqUHV GH VRQ
SD\VGHUpIpUHQFH
3DU OD VXLWH OHV GHX[ PLQRULWpV RQW VXEL OHV FRQVpTXHQFHV GHV UHODWLRQV
SDUIRLVWHQGXHVHQWUHOD<RXJRVODYLHHWOD5RXPDQLH6LODSpULRGHG·HQWUH
OHVGHX[JXHUUHVDpWpSOXW{WIDYRUDEOHDX[6HUEHVGH5RXPDQLH SUHVVH
HQVHLJQHPHQWLQVWLWXWLRQVFXOWXUHOOHV LOQ·HQDOODLWSDVGHPrPHSRXUOHV
5RXPDLQVGH6HUELH FDUODSRSXODWLRQ©QDWLRQDOLWDLUHªGX5R\DXPHGHV
6HUEHV&URDWHVHW6ORYqQHVDpWpDPpQDJpHGHWHOOHIDoRQTXHGHJUDQGHV
GLVSDULWpV H[LVWDLHQW HQWUH OHV SHXSOHV FRQVWLWXWLIV GH OD IpGpUDWLRQ HW OHV
©DXWUHVª DXWUHPHQW GLW OHV PLQRULWpV /D SpULRGH FRPPXQLVWH D
LQWURGXLW GHV FKDQJHPHQWV TXL VH VRQW DYpUpV SOXW{W SRVLWLIV GDQV OH FDV
GHV 5RXPDLQV GH 6HUELH OD SROLWLTXH QDWLRQDOLWDLUH GH 7LWR pWDQW
FRQVLGpUpHSDUEHDXFRXSFRPPHXQHUpXVVLWH ,OQ·HQDOODLWSDVGHPrPH
SRXU OHV 6HUEHV GH 5RXPDQLH TXL FRQQXUHQW DORUV FH TXH FHUWDLQV
KLVWRULHQVDSSHOOHQWXQH©SpULRGHQRLUHªGHOHXUH[LVWHQFH GpSRUWDWLRQV
IHUPHWXUHVGHVpFROHVHWGHVLQVWLWXWLRQVFXOWXUHOOHV ,OHVWELHQHQWHQGX
GLIILFLOHGHJpQpUDOLVHUVXUXQHSpULRGHV·pWDODQWVXUSOXVLHXUVGpFHQQLHV²
ODVLWXDWLRQIOXFWXDLWDXJUpGHVpYpQHPHQWVSROLWLTXHV7RXMRXUVHVWLOTXH
PDOJUp FHUWDLQHV DPpOLRUDWLRQV WHPSRUDLUHV OHV GHX[ PLQRULWpV RQW
DWWHQGX OD FKXWH GX FRPPXQLVPH HQ YR\DQW V·DSSURFKHU XQH pSpH GH
'DPRFOqVO·DVVLPLODWLRQjWHUPH
&HV GHX[ PLQRULWpV LQVpUpHV GDQV XQ FRQWH[WH WUDQVIURQWDOLHU SUpVHQWHQW
O·LQWpUrW GH PRQWUHU j TXHO SRLQW OHV VWDWXWV HW OHV SRVLWLRQQHPHQWV VRQW
YDULDEOHVGDQVO·KLVWRLUH\FRPSULVjO·pFKHOOHGHTXHOTXHVGpFHQQLHVVHORQ
OHVFLUFRQVWDQFHVSROLWLTXHVHWJpRSROLWLTXHV0LHX[HQFRUHLOHQGpFRXOH
TXHOHVPRWLYDWLRQVHQIDYHXUGXPDLQWLHQ FRQWLQXDWLRQ RXGHO·DEDQGRQ
DVVLPLODWLRQ GH OD ODQJXH PLQRULWDLUH VRQW pJDOHPHQW VXVFHSWLEOHV GH
IOXFWXHU WRXWHV FRQGLWLRQV pJDOHV SDU DLOOHXUV \ FRPSULV ORUVTX·XQ
DPpQDJHPHQWOLQJXLVWLTXHHWGHVVWUXFWXUHVpGXFDWLYHVELOLQJXHVH[LVWHQW
/·DSSRUWGHFHWWHpWXGHGHFDVFRQVLVWHGRQFjDGDSWHUOHVWDFWLTXHVHWOD
VWUDWpJLHGHSURPRWLRQRXGHVRXWLHQGHVODQJXHVUpJLRQDOHVQRWDPPHQW
GDQV OH GRPDLQH pGXFDWLI HQ SDUWDQW PRLQV GH SULQFLSHV JpQpUDX[ TXL
VRQW UDUHPHQW DFTXLV XQH IRLV SRXU WRXWHV TXH GHV YDULDWLRQV
G·DMXVWHPHQW j XQ FRQWH[WH VXVFHSWLEOH GH PRGLILHU OHV PRWLYDWLRQV OHV
DWWLWXGHVHWOHVFRPSRUWHPHQWVGHODSRSXODWLRQPLQRULWDLUHYLVjYLVGHVD
ODQJXH
/HVHUEHHQ5RXPDQLHHWOHURXPDLQHQ6HUELH
&RQWLQXLWpRXVXUYLHGHODPLQRULWpHWGHVDODQJXH
/HV &RQVWLWXWLRQV GHV GHX[ SD\V DXWRULVHQW DXVVLELHQ O·HQVHLJQHPHQW HQ
ODQJXH PLQRULWDLUH TXH FHOXL GH OD ODQJXH PLQRULWDLUH j WLWUH RSWLRQQHO
/·DUWLFOHGHOD&RQVWLWXWLRQURXPDLQHSUpFLVH©OHGURLWGHVSHUVRQQHV
DSSDUWHQDQW DX[ PLQRULWpV QDWLRQDOHV G·DSSUHQGUH OHXU ODQJXH PDWHUQHOOH
HWOHGURLWG·rWUHLQVWUXLWHVGDQVFHWWHODQJXHVRQWJDUDQWLVOHVPRGDOLWpV
GHO·H[HUFLFHGHFHVGURLWVVRQWGpWHUPLQpHVSDUODORLª/D&RQVWLWXWLRQ
VHUEH GH JDUDQWLW GDQV VRQ DUWLFOH OH GURLW SRXU OHV PLQRULWpV
QDWLRQDOHV j ©OD VFRODULVDWLRQ GDQV OHXU ODQJXH GDQV OHV pWDEOLVVHPHQWV
G·(WDWHWGHVSURYLQFHVDXWRQRPHVODFUpDWLRQGHVpFROHVSULYpHVª
/H URXPDLQ D OH VWDWXW GH ODQJXH RIILFLHOOH HQ 6HUELH XQLTXHPHQW VXU OH
WHUULWRLUHGHOD3URYLQFH$XWRQRPHGH9RwYRGLQHDORUVTXHFHQ·HVWSDVOH
FDV DLOOHXUV VXU OH WHUULWRLUH GH OD 6HUELH /H VWDWXW GH ODQJXH RIILFLHOOH
FRQIqUHjFHOOHFLOHGURLWG·rWUHXWLOLVpHGDQVO·DGPLQLVWUDWLRQOHVPpGLDVHW
O·HQVHLJQHPHQW&HGURLWVHUpDOLVHGHIDoRQSOXW{WVDWLVIDLVDQWHDXQRUGGX
SD\V DORUV TX·DX VXG OH VWDWXW LQGpILQL GHV 5RXPDLQV9DODTXHV H[FOXW
WRXWH UHFRQQDLVVDQFH G·XQH VSpFLILFLWp HW OHV GURLWV TXL HQ GpFRXOHQW (Q
HIIHWO·LGHQWLWpQDWLRQDOHGHV9DODTXHVHVWVXMHWGHSROpPLTXHVHQ6HUELH
3OXVLHXUVWKpRULHVFRH[LVWHQWSRXUFHUWDLQVDXWHXUVOHV9DODTXHVVHUDLHQW
GHV5RXPDLQVSRXUG·DXWUHVOHV9DODTXHVVHUDLHQWGHV6HUEHVURPDQLVpV
HW SRXU OHV WURLVLqPHV HQFRUH OHV 9DODTXHV VHUDLHQW XQH SRSXODWLRQ
DXWRFKWRQH GLIIpUHQWH DXVVL ELHQ GHV 6HUEHV TXH GHV 5RXPDLQV /HXU
ZZZFGHSUR
ZZZSDUODPHQWJRYUV
WLWUH GH FXULRVLWp PHQWLRQQRQV O·H[LVWHQFH GH OD FRPPXQDXWp VODYRSKRQH GLWH
©.DUDäHYFLªRX©.UDäRYDQLªTXLSHXSOHODYDOOpHGHODULYLqUH.DUDä(WDQWFDWKROLTXHV
OHXU DSSDUWHQDQFH j OD FRPPXQDXWp VHUEH RX OHXU SUR[LPLWp DYHF OHV 6HUEHV GpIHQGXH
SDUFHUWDLQVDXWHXUVGRQWSDUH[O·KLVWRULHQ/M&HURYLýHVWVRXYHQWPLVHHQGRXWHGX
F{WpGHVFKHUFKHXUVFURDWHVjWHOSRLQWTX·LOVVHGpFODUHQWHX[PrPHVSUpIpUHQWLHOOHPHQW
FRPPH FURDWHV %XJDUVNL ,OV VHUDLHQW GH QRV MRXUV &HURYLý
/·XQGHVGpIHQVHXUVGHFHWWHWKqVHHVWO·KLVWRULHQ9RMLVODY6WRMDQRYLýTXLDSXEOLpj
1HJRWLQHQOHOLYUH(WKQRJHQqVHGHV9DODTXHVTXLDVXVFLWpEHDXFRXSGHSROpPLTXHV
DSSX\DQWODWKqVHTXHOHV9DODTXHVVHUDLHQWXQHHWKQLHGLIIpUHQWHVGHV5RXPDLQVPDOJUp
ODSUR[LPLWpGHODODQJXH1RXVWHQRQVjQRXVGpPDUTXHUGHFHFRQFHSWG·HWKQRJHQqVH
WUqVUpSDQGXGDQVODWUDGLWLRQGHUHFKHUFKHVODYHGRQWFHWWHSURSRVLWLRQVG·LQGLYLGXDWLRQ
DG KRF TXL WUDQFKH GDQV OH FRQWLQXXP GLDOHFWDO GDFRURPDQ UHSUpVHQWH j QRV \HX[ XQ
H[HPSOH SDUODQW 6L OHV ODQJXHV VRQW GHV FRQVWUXLWV JORWWRSROLWLTXHV ² HW O·DSSURFKH
.VHQLMD'MRUGMHYLý
QRPEUH QH VDXUDLW rWUH QpJOLJp VHORQ OH UHFHQVHPHQW GH OD
SRSXODWLRQ YDODTXH DWWHLQGUDLW KDELWDQWV GRQW VHXOHPHQW
UpVLGHQWHQ9RwYRGLQHODJUDQGHPDMRULWpGHFHX[TXLVHGpFODUHQWFRPPH
9DODTXHVKDELWDQWDXVXGHVWGXSD\V/HXUODQJXHHVWLQFRQWHVWDEOHPHQW
GXURXPDLQPrPHVLHOOHV·pFDUWHSRXUGHVUDLVRQVKLVWRULTXHVSROLWLTXHV
HWFXOWXUHOOHVGHVDYDULDQWHOLWWpUDLUH
/·pFODWHPHQW GH O·KDELWDW URXPDQRSKRQH HQ GHX[ ]RQHV pORLJQpHV
FXOWXUHOOHPHQWHWJpRJUDSKLTXHPHQW 5RXPDLQVGH9RwYRGLQHDXQRUGHVW
HW 9DODTXHV GX VXGHVW GH OD 6HUELH GLIIqUH GH O·KDELWDW SOXW{W FRPSDFW
GHV 6HUEHV HQ 5RXPDQLH TXH PrPH OD GpSRUWDWLRQ ORLQ GH OD IURQWLqUH
\RXJRVODYH HQ GDQV OD VWHSSH GH %DUDJDQ Q·D SDV GpIDLW 'H QRV
MRXUVOHFHQWUHGHODYLHFXOWXUHOOHGHV6HUEHVGH5RXPDQLHHVWODYLOOHGH
7LPLûRDUD TXL DEULWHOH VLqJH GH O·pSLVFRSDW SOXVLHXUV pJOLVHV OH VLqJH GH
O·$VVRFLDWLRQ GHV 6HUEHV GH 5RXPDQLH OHV LQVWLWXWLRQV FXOWXUHOOHV OHV
PDLVRQVG·pGLWLRQVHWDXVVLTXHOTXHVpWDEOLVVHPHQWVVFRODLUHVGHX[pFROHV
PDWHUQHOOHV XQH FODVVH GDQV XQH pFROH URXPDLQH XQ FHQWUH VFRODLUH
SULPDLUHHWVHFRQGDLUH HWODFKDLUHGHODQJXHVHUEHDXSUqVGHO·8QLYHUVLWp
3DYORYLý 'DQVFHWWHYLOOHKDELWHXQWLHUVGHV6HUEHVTXLVRQW
SDUDLOOHXUVSUpVHQWVGDQVFLQTXDQWHVL[ORFDOLWpVURXPDLQHV'DQVTXDWUH
VHXOHPHQW LOV UHSUpVHQWHQW XQH IRUWH PDMRULWp GH SOXV GH GH OD
SRSXODWLRQ 6WHSDQRY
/HVLqJHGHODYLHFXOWXUHOOHGHODPLQRULWpURXPDLQHGH6HUELHHVWODYLOOH
IURQWDOLqUH GH 9UäDF TXL DEULWH SDU DLOOHXUV OH VHXO O\FpH GLVSHQVDQW XQ
HQVHLJQHPHQW JpQpUDO HQ URXPDLQ /HV 5RXPDLQV KDELWHQW GDQV
FRPPXQHVHQ9RwYRGLQH'DQVWURLVGHFHVFRPPXQHV $OLEXQDU9UäDF
HW3DQÿHYR LOVUHSUpVHQWHQWUHVSHFWLYHPHQWHWGHOD
SRSXODWLRQURXPDLQHWRWDOH,OHVWpJDOHPHQWLQWpUHVVDQWGHUHPDUTXHUTXH
GDQVGL[VHSWORFDOLWpVOHV5RXPDLQVUHSUpVHQWHQWXQHIRUWHPDMRULWpTXL
©HWKQRJpQpWLTXHªVHUWJpQpUDOHPHQWjHQFRQVWUXLUHO·RQWRORJLH²ODUpDOLWpGHVFRQWLQXD
VWUXFWXUHOVQ·HQH[LVWH SDVPRLQVHWFRQIRUWHWRXWDXWDQW VXUGHVEDVHV REMHFWLYHVXQH
YLVLRQGDYDQWDJHXQLWDULVWH
/HV 9DODTXHV XWLOLVHQW GHX[ SDUOHUV GH OD ODQJXH URXPDLQH DSSDUWHQDQW WRXV OHV
GHX[DXGLDOHFWHGDFRURXPDLQOHEDQDWLHQTXLOHXUHVWFRPPXQDYHFOHV5RXPDLQVGH
9RwYRGLQHHWO·ROWpQLHQ LQ%LVHUNR 3RXUODGHVFLSWLRQGXYDODTXHFIODWKqVH
GH0DULMDQD3HWURYLý5LJQDXOW'HVFULSWLRQV\QWD[LTXHHWVpPDQWLTXHGXYDODTXH XQSDUOHUGDFR
URXPDLQGH6HUELH
/HVHUEHHQ5RXPDQLHHWOHURXPDLQHQ6HUELH
IU{OHSDUIRLVOHVFRPPHSDUH[HPSOHGDQVOHYLOODJHGH.XäWLOMGDQV
ODFRPPXQHGH9UäDF %MHOMDF
/·DVVLPLODWLRQOLQJXLVWLTXHHVWHQFRXUVDXVVLELHQHQ5RXPDQLHRVHORQ
OHV GRQQpHV UpFHQWHV GH SOXV HQ SOXV GH 6HUEHV RQW SRXU ODQJXH
PDWHUQHOOHOHURXPDLQTX·HQ6HUELHRG·XQHDQQpHVXUO·DXWUHOHQRPEUH
G·pOqYHV TXL VRQW VFRODULVpV HQ VHUEH DXJPHQWH &H IDLW HVW G·DXWDQW SOXV
LPSRUWDQW TXH F·HVW OH GRPDLQH GH O·HQVHLJQHPHQW TX·RQ VXSSRVH
JpQpUDOHPHQW rWUH OH SULQFLSDO JDUDQW IRUPHO GH OD VXUYLH GH OD ODQJXH
PLQRULWDLUH
3DUDLOOHXUVGDQVFHTXHQRXVYHQRQVGHGpFULUHRQFRQVWDWHXQHIRLVGH
SOXV j TXHO SRLQW O·pFODWHPHQW SUpGRPLQH GDQV OH IDLW PLQRULWDLUH
WUDQVIURQWDOLHU OD FDWpJRULVDWLRQ HQWUH 5RXPDLQV GH 9RwYRGLQH HW
9DODTXHV GX VXG GH OD 6HUELH UHQG LPSRVVLEOH XQH XQLRQ FRQFHUWpH GHV
HIIRUWVRXGHVUHYHQGLFDWLRQV²G·DXWDQWSOXVTXHO·DV\PpWULHGHVWDWXWHVW
WRWDOHHQWUHOHVSUHPLHUVTXLEpQpILFLHQWGHVVWDWXWVG·DXWRQRPLHGHOHXU
SURYLQFH DX[ F{WpV G·DXWUHV PLQRULWpV HW OHV VHFRQGV PLQRULWp
URXPDQRSKRQHLVROpHGDQVXQFRQWH[WHPDMRULWDLUHPHQWVHUEH
(QVHLJQHPHQWGHODQJXHVPLQRULWDLUHV
(Q6HUELHOHV5RXPDLQVSHXYHQWVFRODULVHUOHXUVHQIDQWVGDQVOHXUODQJXH
PDWHUQHOOH j WRXV OHV QLYHDX[ GH O·pFROH PDWHUQHOOH HQ SDVVDQW SDU OH
VHFRQGDLUH LOV RQW j OHXU GLVSRVLWLRQ XQ O\FpH G·HQVHLJQHPHQW JpQpUDO j
9UäDF HW XQH pFROH VHFRQGDLUH WHFKQLTXH RSWLRQ pFRQRPLH j $OLEXQDU
MXVTX·j O·XQLYHUVLWp /HV pFROHV PDWHUQHOOHV HQ 6HUELH IRQFWLRQQHQW
JpQpUDOHPHQW GH IDoRQ XQLOLQJXH PDLV LO DUULYH TX·HOOHV SURSRVHQW
SOXVLHXUV ODQJXHV G·HQVHLJQHPHQW PrPH VL OH SOXV VRXYHQW LO V·DJLW GH
GHX[ODQJXHV$LQVLGHVpFROHVPDWHUQHOOHVHQURXPDLQIRQFWLRQQHQWGDQV
FLQT pWDEOLVVHPHQWV VFRODLUHV O·HQVHLJQHPHQW HQ URXPDLQ HW HQ VHUEH HVW
SURSRVp GDQV GHX[ pWDEOLVVHPHQWV /D VLWXDWLRQ HVW VLPLODLUH GDQV OH
SULPDLUH OH URXPDLQ pWDQW OD ODQJXH GH O·HQVHLJQHPHQW GDQV GL[KXLW
pFROHVWDQGLVTXHGHX[pFROHVRQWGHX[ODQJXHVG·HQVHLJQHPHQWDXFKRL[
/j R OHV pOqYHV URXPDLQV VRQW VFRODULVpV HQ VHUEH LOV RQW OD SRVVLELOLWp
/HV GRQQpHV TXL VXLYHQW GDQV FH SDUDJUDSKH SURYLHQQHQW GH OD FRPSDUDLVRQ GHV
GRQQpHVGHSOXVLHXUVpWXGHVUpFHQWHVUpDOLVpHVSDUOH&HQWUHGHV'URLWVGHO·+RPPHGH
9RwYRGLQHOH6HFUpWDULDWSRXUOHVTXHVWLRQVGHVPLQRULWpVHQ9RwYRGLQHHWF
.VHQLMD'MRUGMHYLý
G·DSSUHQGUHGHIDoRQIDFXOWDWLYHOHXUODQJXHDYHFOHVpOpPHQWVGHFXOWXUH
QDWLRQDOH'DQVOHVHFRQGDLUHODSRVVLELOLWpGHVXLYUHXQHQVHLJQHPHQWHQ
URXPDLQ H[LVWH pJDOHPHQW PDLV OHV pFROHV VRQW GH SOXV HQ SOXV
FRQIURQWpHVDXPDQTXHGHSHUVRQQHOTXDOLILpSRXUFHUWDLQHVPDWLqUHV/H
GHX[LqPH SUREOqPH TXL SRXUUDLW rWUH PHQWLRQQp HVW FHOXL GX PDQTXH
G·RULHQWDWLRQVGLVSRQLEOHVGDQVOHVHFRQGDLUHDLQVLTXHO·pORLJQHPHQWGHV
pFROHV GHV OLHX[ G·KDELWDWV URXPDQRSKRQHV /HV pOqYHV URXPDLQV RQW j
OHXUGLVSRVLWLRQXQO\FpHHWXQHpFROHWHFKQLTXH$XQLYHDXXQLYHUVLWDLUH
ODPLQRULWpURXPDLQHDVXUWRXWODSRVVLELOLWpGHIRUPHUOHVPDvWUHVG·pFROHV
HWOHVSURIHVVHXUVGHODQJXHjO·(FROHVXSpULHXUHGHIRUPDWLRQGHVPDvWUHV
j 9UäDF HW GDQV GHV GpSDUWHPHQWV GH URXPDQRORJLH j 1RYL 6DG j
%HOJUDGH
/DEDLVVHGHVHIIHFWLIVHVWFULDQWHjWLWUHG·H[HPSOHHQYLQJWGHX[
pFROHV GLVSHQVDLHQW XQ HQVHLJQHPHQW HQ URXPDLQSRXU pOqYHV HQ
LO QH UHVWDLW TXH pOqYHV TXL VXLYDLHQW OD VFRODULWp HQ
URXPDLQ 1HJUX 6HORQ$1HJUXVLGDQVOHVSUHPLqUHVFODVVHV
OHVPDvWUHVIRUPpVjO·,QVWLWXWGHIRUPDWLRQGHVPDvWUHVGHURXPDLQVLWXp
j 9UäDF QH PDQTXHQW SDV LO Q·HQ YD SDV GH PrPH GDQV OHV FODVVHV
VXLYDQWHV QRWDPPHQW HQ FH TXL FRQFHUQH OHV PDWLqUHV SHX UHSUpVHQWpHV
GDQV OH V\VWqPH VFRODLUH PXVLTXH LQIRUPDWLTXH FKLPLH SK\VLTXH HWF
&HODHVWGHQSDUWLHDXIDLWTXHFHVHQVHLJQDQWVQHSHXYHQWSDVUHPSOLUOH
QRPEUHG·KHXUHVTX·LOVGRLYHQWVWDWXWDLUHPHQWjO·(WDWVLELHQTX·LOVVRQW
REOLJpV GH FRPSOpWHU OHXU VHUYLFH DLOOHXUV /·XQH GHV VROXWLRQV SRXU
UpVRXGUH FH SUREOqPH VHORQ OXL VHUDLW GH IRUPHU GHV PDvWUHV VSpFLDOLVpV
SRXU GHV PDWLqUHV DXWUHV TXH O·HQVHLJQHPHQW GH EDVH SK\VLTXHFKLPLH
KLVWRLUHJpRJUDSKLHHWF 1HJUX
8QDXWUHSUREOqPHHVWFHOXLGHVPDQXHOVVRXYHQWWUDGXLWVGXVHUEHVDQV
OD QpFHVVDLUH DGDSWDWLRQ TX·LPSOLTXH XQ HQVHLJQHPHQW H[WUDWHUULWRULDO DX
FRQWH[WH QDWLRQDO LOV RQW SDUIRLV pWp FRQoXV SDU GHV SpGDJRJXHV
LQVXIILVDPPHQW IRUPpV &HSHQGDQW OH ;;,H VLqFOH D DSSRUWp TXHOTXHV
QRXYHDXWpVGDQVOHVSODQVHWOHVSURJUDPPHVpGXFDWLIV3RXUODSUHPLqUH
IRLV OHV PHPEUHV GHV PLQRULWpV QDWLRQDOHV SDUWLFLSHQW DFWLYHPHQW j OD
FRQFHSWLRQ GHV SODQV HW GHV SURJUDPPHV pGXFDWLIV HW O·RQ FRPPHQFH j
GLVWLQJXHU GH IDoRQ LQIRUPHOOH HQWUH ©WURLV JURXSHV GH PDQXHOVª TXL
/HVHUEHHQ5RXPDQLHHWOHURXPDLQHQ6HUELH
FRQWLHQQHQW GDYDQWDJH G·pOpPHQWV GH OD FXOWXUH QDWLRQDOH GHV PLQRULWpV
$LQVL SDU H[HPSOH OH SUHPLHU JURXSH GH PDQXHOV FRPSRVp GH
GRFXPHQWVGLGDFWLTXHVGHOLWWpUDWXUHHWGHODQJXHHVWHQWLqUHPHQWpODERUp
SDU GHV DXWHXUV LVVXV GHV PLQRULWpV /H GHX[LqPH JURXSH GH PDQXHOV
FRPSRVp GH OLYUHV GH VFLHQFHV GH OD QDWXUH HW GH OD VRFLpWp G·XQH SDUW
G·KLVWRLUH G·DXWUH SDUW HVW FDUDFWpULVp SDU FH TX·RQ DSSHOOH GHV
©FRPSOpPHQWVª GH OD FXOWXUH QDWLRQDOHHW GHO·KLVWRLUH GH ODPLQRULWp ,O
V·DJLWG·XQLWpVSpGDJRJLTXHVTXLYLHQQHQWFRPSOpWHUOHVPDQXHOVH[LVWDQWV
pFULWV SDU GHV DXWHXUV LVVXV GHV PLQRULWpV GRQW OH FRQWHQX HVW FRQVLGpUp
FRPPHLPSRUWDQWSDUFHVGHUQLHUV/HWURLVLqPHJURXSHHVWIRUPpSDUOHV
PDQXHOV G·pGXFDWLRQ PXVLFDOH HW G·DUWV SODVWLTXHV ,O HVW SUpYX TXH
GXFRQWHQXGHFHVPDQXHOVFRQFHUQHODFXOWXUHHWO·DUWGHODPLQRULWpHQ
TXHVWLRQ
'H OD PrPH IDoRQ TX·HQ 6HUELH OD EDLVVH GHV HIIHFWLIV HVW DODUPDQWH HQ
5RXPDQLH pJDOHPHQW VL HQ pOqYHV pWDLHQW VFRODULVpV HQ
VHUEH OHXU QRPEUH D FKXWp j HQYLURQ j OD ILQ GX ;;H VLqFOH
*YR]GHQRYLý HW FRQWLQXH GH EDLVVHU G·DQQpH HQ DQQpH /H
QRPEUHG·pFROHVDGLPLQXpSDUDOOqOHPHQWjODEDLVVHGHVHIIHFWLIVVXUOHV
FLQTXDQWHpFROHVGHVDQQpHVVHXOHPHQWYLQJWYRQWrWUHUHFRQGXLWHV
GDQVOHXUIRQFWLRQQHPHQWMXVTX·HQHWFHFLSULQFLSDOHPHQWHQFHTXL
FRQFHUQH OHV pFROHV SULPDLUHV LQFRPSOqWHV DYHF VHXOHPHQW OHV TXDWUH
SUHPLqUHV FODVVHV *YR]GHQRYLý 3RXUWDQW O·KLVWRLUH GH OD
VFRODULVDWLRQ HQ VHUEH HVW WUqV DQFLHQQH 6 %XJDUVNL UDSSHOOH TXH OHV
SUHPLqUHV pFROHV RQW FRPPHQFp j IRQFWLRQQHU GqV OH ;9,,,H VLqFOH HW
TX·HOOHVRQWVRXYHQWpWpDGPLQLVWUpHVSDUO·pJOLVHGXPRLQVMXVTX·HQ
GDWH j ODTXHOOH WRXWHV OHV pFROHV VRQW GHYHQXHV GHV pFROHV G·(WDW GDQV OH
FDGUH GX UpJLPH FRPPXQLVWH /D PrPH DQQpH D RXYHUW OH O\FpH GH
7LPLûRDUD TXL H[LVWH HQFRUH DXMRXUG·KXL %XJDUVNL &HW
pWDEOLVVHPHQWDXQHIRQFWLRQXWLOLWDLUHLQFRQWHVWDEOHPDLVUHYrWpJDOHPHQW
XQH IRQFWLRQ V\PEROLTXH ,O D VXUYpFX j GH QRPEUHXVHV UpIRUPHV
pGXFDWLYHVHWjGHQRPEUHX[pYpQHPHQWVSROLWLTXHV&HSHQGDQWPrPHVL
FKDTXH DQQpH LO \ D GH PRLQV HQ PRLQV G·pOqYHV VFRODULVpV HQ VHUEH HQ
5RXPDQLH O·pWDEOLVVHPHQW FRQWLQXH j IRQFWLRQQHU HW UHSUpVHQWH G·XQH
/HVGpWDLOVGHFHVQRXYHDX[GLVSRVLWLIVQRXVRQWpWpSUpVHQWpVORUVG·XQHQWUHWLHQ
DYHFODGLUHFWULFHGX&HQWUHSRXUOHVGURLWVGHO·KRPPHGH9RwYRGLQH$OHNVDQGUD9XMLý
HQDRW
.VHQLMD'MRUGMHYLý
FHUWDLQH IDoRQ OH VLqJH FXOWXUHO GH OD PLQRULWp YRLUH OH IOHXURQ GH
O·HQVHLJQHPHQW HQ ODQJXH VHUEH GDQV OH SD\V &H JURXSH VFRODLUH GH
7LPLûRDUD TXL SRUWH OH QRP GX UpIRUPDWHXU VHUEH 'RVLWHM 2EUDGRYLý
DYHFVHVGRX]HFODVVHVHVWIUpTXHQWpSDUSUHVTXHODPRLWLpGHVHIIHFWLIVGH
WRXWHOD5RXPDQLH/·DXWUHPRLWLpIUpTXHQWHOHVpFROHVSULPDLUHVGDQVOH
PHLOOHXUGHVFDVSHQGDQWKXLWDQVRXGXPRLQVSHQGDQWTXDWUHDQV'DQV
OH SLUH GHV FDV OHV pOqYHV GRLYHQW VH FRQWHQWHU GH O·RSWLRQ ©ODQJXH
PDWHUQHOOHVHUEHªGDQVTXHOTXHVpFROHVURXPDLQHV2QUHWURXYHOHPrPH
SUREOqPH GH SpQXULH GH PDvWUHV IRUPpV SRXU XQ pYHQWDLO VXIILVDQW GH
PDWLqUHV VFRODLUHV RX HQFRUH OH EORFDJH GHV TXRWDV G·pOqYHV UHTXLV SRXU
O·RXYHUWXUH G·XQH FODVVH HQ VHUEH GDQV OHV GHX[ FDV OH VHXLO HVW IL[p j
TXLQ]HpOqYHVPrPHVLGHVH[FHSWLRQVSRVLWLYHVSRXUODPLQRULWpH[LVWHQW
GHVGHX[F{WpV (QFHTXLFRQFHUQHOHVPDQXHOVVLODPLQRULWpVHUEHDOH
GURLW G·LPSRUWHU OHV PDQXHOV GH 6HUELH LO Q·HVW SDV UDUH GH YRLU HQFRUH
HQVHLJQHUFHUWDLQHVPDWLqUHVDX[pOqYHVDYHFOHV©PDQXHOVGH&HDXûHVFXª
*YR]GHQRYLý
2Q YRLW Oj DSSDUDvWUH XQ SUREOqPH PDMHXU DXTXHO HVW FRQIURQWp
O·HQVHLJQHPHQW HQ ODQJXH PLQRULWDLUH OH PDQTXH GH PR\HQV HQ
UHVVRXUFHV SpGDJRJLTXHV OHV PDQXHOV OD PpWKRGRORJLH HW KXPDLQHV
SpQXULH G·HQVHLJQDQWV IRUPpV TXL VH WUDGXLW SDU FRQVpTXHQW HQ XQH
DV\PpWULH GDQV OHV SHUIRUPDQFHV HW OHV UpVXOWDWV TXH OH SXEOLF VHUDLW HQ
GURLWG·DWWHQGUHG·XQHWHOOHVSpFLILFLWp/DTXHVWLRQGHVTXRWDVTXLREpLWj
XQHORJLTXHpOpPHQWDLUHGHJHVWLRQJUqYHG·DXWDQWSOXVODGLVSRQLELOLWpGHV
LQIUDVWUXFWXUHV pGXFDWLYHV SRXU OHV PLQRULWpV GDQV GHV SD\V GRQW OD
QDWDOLWp HVW HQ EDLVVH RX GRQW OH VROGH PLJUDWRLUH HVW QpJDWLI (QILQ OD
TXHVWLRQGHO·DXWRQRPLHHWGHODSHUWLQHQFHGHVFRQWHQXVG·HQVHLJQHPHQW
² OH UHFRXUV PrPH RFFDVLRQQHO j GHV PDQXHOV VHUEHV QRQ DGDSWpV DX
FRQWH[WHORFDORXjGHV©PDQXHOVGH&HDXûHVFXªHQ5RXPDQLH²LQFLWHj
VXJJpUHU TXH O·XQH GHV VROXWLRQV FRQVLVWHUDLW j GRQQHU OHV PR\HQV DX[
pFROHVPLQRULWDLUHVGHIRQFWLRQQHUFRPPHGHVFHQWUHVGHGpYHORSSHPHQW
SpGDJRJLTXH HW GH UD\RQQHPHQW FXOWXUHO FH TXL QH YD SDV GH VRL QL HQ
WHUPHV GH ILQDQFHPHQW QL HQ WHUPHV JpRSROLWLTXHV $XWUHPHQW GLW RQ
SHXWVHGHPDQGHUVLXQHQVHLJQHPHQWHQODQJXHPLQRULWDLUHSDXSpULVpQH
ULVTXHSDVGHV·DYpUHUFRQWUHSURGXFWLIGDQVXQFRQWH[WHFRPPHFHOXLGH
FHGpEXWGHVLqFOHHWGHSpULRGHSRVWWUDQVLWRLUHDSUqVOHFRPPXQLVPHGH
FRPSpWLWLYLWpH[DFHUEpHGRQWOD©ORJLTXHG·H[FHOOHQFHªQ·HVWTX·XQHGHV
H[SUHVVLRQVUHOHYDQWGHO·HXSKpPLVPH
/HVHUEHHQ5RXPDQLHHWOHURXPDLQHQ6HUELH
&RQFOXVLRQ
/D5RXPDQLHHWOD6HUELHRQWHQFRPPXQXQWDX[UHODWLYHPHQWLPSRUWDQW
GHSRSXODWLRQPLQRULWDLUH VXSpULHXUj HWHOOHVGRLYHQWWRXWHVGHX[
FRPSRVHU DYHF XQ JUDQG QRPEUH GH PLQRULWpV GLVWLQFWHV VXU OHXUV VROV
UHVSHFWLIV GRQW FHUWDLQHV OHXU VRQW FRPPXQHV +RQJURLV 5RPV
6ORYDTXHV $OOHPDQGV /D SULQFLSDOH PLQRULWp DXVVL ELHQ HQ 5RXPDQLH
TX·HQ6HUELHHVWODPLQRULWpKRQJURLVHGRQWODFRQVFLHQFHLGHQWLWDLUHHVW
WUqVGpYHORSSpH/HXU©VWDWXWPLQRULWDLUHªELHQGpILQLGHORQJXHGDWHOHV
DLGH j PLHX[ FRPSUHQGUH OHV HQMHX[ GH OD SRVLWLRQ TX·LOV RFFXSHQW VHV
DYDQWDJHV PDLV DXVVL OHV pFDUWV HQWUH OHV GLVSRVLWLRQV DQQRQFpHV HW OHXU
PLVHHQSUDWLTXHIDLVDQWSDUIRLVSURILWHUGHFHVDFTXLVOHVDXWUHVPLQRULWpV
PRLQV QRPEUHXVHV HW PRLQV ELHQ RUJDQLVpHV &HSHQGDQW OH IDLEOH SRLGV
GpPRJUDSKLTXHGHV6HUEHVHQ5RXPDQLHHWGHV5RXPDLQVHQ6HUELHHWOH
PDQTXHGHYRORQWpGHOHXUVSD\VGHUpIpUHQFHGHVHSHQFKHUVpULHXVHPHQW
VXU OHXUV SRSXODWLRQV H[WUDWHUULWRULDOHV IRQW TX·LOV VRQW SDUIRLV ODLVVpV j
O·RPEUHGH©JUDQGHVPLQRULWpVªRXHQFRUHDXVHFRQGSODQSDUUDSSRUWj
G·DXWUHV SOXV ©SUREOpPDWLTXHVª FRPPH SDU H[HPSOH OD PLQRULWp URP
GRQWODJHVWLRQHVWO·XQGHVGpILVTXHOHVGHX[SD\VGRLYHQWDIIURQWHU
3DU DLOOHXUV OHV GHX[ SD\V RQW IDLW OH FKRL[ GH UHFRQQDLVVDQFH HW GH
SURWHFWLRQ GHV PLQRULWpV DSSX\p SDU XQ DUVHQDO GH GLVSRVLWLRQV
MXULGLTXHVGDQVOHTXHOOHGURLWjO·pGXFDWLRQRFFXSHXQHSODFHLPSRUWDQWH
'DQV FH GRPDLQH SOXVLHXUV SRLQWV SRVLWLIV SHXYHQW rWUH VLJQDOpV OH
V\VWqPHpGXFDWLIHQODQJXHPLQRULWDLUHH[LVWHLODVXUYpFXDX[YDULDWLRQV
GpPRJUDSKLTXHVGpIDYRUDEOHVDLQVLTX·DX[pYpQHPHQWVSROLWLTXHVGHODILQ
GX;;HVLqFOHDSSRUWDQWGHQRPEUHX[FKDQJHPHQWVDXVVLELHQDXQLYHDX
WHUULWRULDOTX·DXQLYHDXpGXFDWLI0DLVFHV\VWqPHRULJLQDODWRXWGHPrPH
pWppEUDQOpHWSUpVHQWHGHVGpIDXWVTXHQRXVDYRQVVRXOLJQpVGDQVQRWUH
WUDYDLO PDQXHOV SHX DGDSWpV DX[ FRQGLWLRQV ORFDOHV HQVHLJQDQWV
LQVXIILVDPPHQWIRUPpVSUREOqPHVGHTXRWDVHWF
3UREOqPH TXH VRXOLJQHQW SDUIRLV OHXUV UHSUpVHQWDQWV GDQV OHV GHX[ SD\V HW TXL
FRQWUDVWH DYHF O·DWWLWXGH YRORQWDULVWH GH OD +RQJULH TXL DWWDFKH SUHVTXH DXWDQW
G·LPSRUWDQFHjODJHVWLRQGHVPLQRULWpVVXUVRQSURSUHWHUULWRLUHTX·jFHOOHODFRQFHUQDQW
jO·pWUDQJHU
.VHQLMD'MRUGMHYLý
&HUWHVLOHVWLPSRUWDQWGHFRQVWUXLUHRXGHPDLQWHQLUGHVLQIUDVWUXFWXUHV
pGXFDWLYHV HQ ODQJXHV PLQRULWDLUHV DXWDQW SRXU SURWpJHU OHV PLQRULWpV
GDQV OD PHVXUH GX SRVVLEOH GH O·DVVLPLODWLRQ TXH SRXU IDYRULVHU OHV
FRQGLWLRQVG·LQWpJUDWLRQPXOWLOLQJXHORFDOHHWUpJLRQDOHG·DXWDQWSOXVTX·LO
V·DJLWLFLGHODQJXHVWUDQVIURQWDOLqUHV2UO·XQHGHVOHoRQVGHQRWUHpWXGH
GH FDV HVW SUpFLVpPHQW TXH O·HQVHLJQHPHQW HQ ODQJXH PLQRULWDLUH VHPEOH
QH SDV VXIILUH j OXL VHXO j JDUDQWLU OD FRQWLQXLWp RX OD SpUHQQLWp GH OD
ODQJXH FDU OHV GHX[ PLQRULWpV VRQW ELHQ HQJDJpHV VXU OD YRLH GH
O·DVVLPLODWLRQ PDOJUp OHV DWRXWV GH YpKLFXODULWp UpJLRQDOH HW GH SRQW
OLQJXLVWLTXH TXH UHSUpVHQWHQW UHVSHFWLYHPHQW OH VHUEH HQ 5RXPDQLH HW OH
URXPDLQHQ6HUELH
/·XQHGHVLGpHVUHoXHVTXLDFRXUVGDQVFHUWDLQVSD\VRFFLGHQWDX[TXLRQW
VXLYLOHPRGqOHGHFRQVWUXFWLRQQDWLRQDOHXQLWDULVWHHVWTXHO·DVVLPLODWLRQ
VHUDLWOHPHLOOHXUJDUDQWGHO·XQLWpQDWLRQDOHHWGHO·pJDOLWpFLWR\HQQHWDQGLV
TXHVRQDQWLWKqVHOHSOXUDOLVPHHVWOHSOXVVRXYHQWFRQVLGpUpFRPPHXQH
LPSDVVH VRXV OH QRP GH PXOWLFXOWXUDOLVPH 2U HQ (XURSH FHQWUDOH OH
PXOWLFXOWXUDOLVPH SDUWLFLSH GHV IRQGHPHQWV GH OD FRQVWUXFWLRQ QDWLRQDOH
VDQV SRXU DXWDQW QpFHVVDLUHPHQW SUHQGUH OHV IRUPHV WDQW UHGRXWpHV HQ
2FFLGHQW GH FRPPXQDXWDULVPH /H PXOWLFXOWXUDOLVPH FHQWUHHXURSpHQ
SORQJHVHVUDFLQHVGDQVOHVFRQVWUXFWLRQVLPSpULDOHVGRQWODSOXVQRWRLUH
HVW O·HPSLUH DXVWURKRQJURLV 'H OD PrPH IDoRQ TX·RQ QH VDXUDLW H[LJHU
G·XQ PRGqOH FHQWUDOLVWH TX·LO VH WUDQVIRUPH UDSLGHPHQW HQ UpJLPH
PXOWLFXOWXUDOLVWH VDQV SURIRQGpPHQW GpVWDELOLVHU HW IUDJLOLVHU OD VWUXFWXUH
GH O·(WDW LO Q·HVW JXqUH UDVVXUDQW GH YRLU OH PRGqOH PXOWLFXOWXUDOLVWH
FHQWUHHXURSpHQ VH GpVDJUpJHU IDXWH GH UHVVRXUFHV HW IDXWH GH SURMHW
G·DYHQLU SRXU YRLU pPHUJHU HQ TXHOTXH VRUWH VXU OHV IULFKHV GX PRGqOH
DQFLHQ OH PRGqOH FHQWUDOLVDWHXU HW XQLWDULVWH SDU OD VLPSOH IRUFH GH
O·DVVLPLODWLRQ /·DVVLPLODWLRQ OLQJXLVWLTXH FRQVLVWH VHORQ OD GpILQLWLRQ
G·8ULHO:HLQUHLFKGDQV©OHFKDQJHPHQWGHO·HPSORLKDELWXHOG·XQHODQJXH
jO·HPSORLKDELWXHOG·XQHDXWUHODQJXHª FLWpSDU0DXUDLV 6HORQ
OH VFKpPD G·(LQDU +DXJHQ O·DVVLPLODWLRQ VH IDLW JpQpUDOHPHQW G·XQ
PRQROLQJXLVPHHQXQHODQJXH$YHUVXQQRXYHDXPRQROLQJXLVPHHQXQH
ODQJXH%HQSDVVDQWSDUXQHSKDVHGHELOLQJXLVPHFRPELQDQW$HW% $!
$% ! % DXTXHO FDV OH ELOLQJXLVPH GH WUDQVLWLRQ PqQH j OD VXEVWLWXWLRQ
G·XQHODQJXHSDUXQHDXWUH 0DXUDLV ,FLO·DVVLPLODWLRQVHIDLW
GX ELOLQJXLVPH WUDQVIURQWDOLHU YHUV OH PRQROLQJXLVPH /·pFROH HQ ODQJXH
PLQRULWDLUH TXL DVVXUDLW OD FRQWLQXLWp HQ WHUPHV GH WUDQVPLVVLRQ
/HVHUEHHQ5RXPDQLHHWOHURXPDLQHQ6HUELH
LQWHUJpQpUDWLRQQHOOH GX ELOLQJXLVPH QH SDUYLHQW JXqUH j IUHLQHU FHWWH
WHQGDQFH G·DXWDQW SOXV TX·HOOH SHUG GDQV OH FRQWH[WH GH FRPSpWLWLYLWp
H[DFHUEpHTXLGRPLQHHQFHGpEXWGH;;,HVLqFOHGHVRQDWWUDFWLYLWp'pMj
DIIDLEOLH GDQV VHV HIIHFWLIV SDU OH YLHLOOLVVHPHQW GH OD SRSXODWLRQ HW OHV
WHQGDQFHV PLJUDWRLUHV QpJDWLYHV O·pFROH HQ ODQJXH PLQRULWDLUH GRLW HQ
RXWUH FRPSRVHU DYHF XQ PDQTXH GH PR\HQV HQ WHUPHV GH UHVVRXUFHV
KXPDLQHV HW GH VXSSRUWV GLGDFWLTXHV 2Q SHXW GpSORUHU TX·RQ ODLVVH
SpULFOLWHU GHV VWUXFWXUHV GpMj H[LVWDQWHV HQ (XURSH FHQWUDOH DORUV TX·RQ
REMHFWHHQ(XURSHRFFLGHQWDOHDX[PLQRULWpVOLQJXLVWLTXHVTXHOHFRWGH
OD FUpDWLRQ G·LQIUDVWUXFWXUHV VHUDLW WURS pOHYp SRXU TXH O·(WDW SXLVVH OHXU
JDUDQWLUXQVRXWLHQGDQVOHGRPDLQHpGXFDWLI
(QILQLOQRXVVHPEOHTXHODSULQFLSDOHOHoRQjWLUHUGHFHWWHVLWXDWLRQHVW
TXHQLXQFDGUHMXULGLTXHGHOpJLWLPDWLRQRXG·RIILFLDOLVDWLRQGHVODQJXHV
PLQRULWDLUHV QL O·H[LVWHQFH G·LQIUDVWUXFWXUHV pGXFDWLYHV GDQV FHV ODQJXHV
QH VRQW VXIILVDQWHV VL O·(WDW OHV FROOHFWLYLWpV ORFDOHV HW OHV SDUWHQDLUHV
VRFLDX[HWpGXFDWLIVQHSDUYLHQQHQWjVHPHWWUHG·DFFRUGVXUXQHSROLWLTXH
G·H[FHOOHQFH0LHX[HQFRUHXQHYpULWDEOHDXWRQRPLHGHODFRQVWLWXWLRQHW
GHO·pODERUDWLRQGHVFRPSpWHQFHVHWGHVFRQQDLVVDQFHVGHYUDLWIDLUHO·REMHW
G·XQGpYHORSSHPHQWYRORQWDULVWHSRXUFHVVWUXFWXUHV²OHVpFROHVFROOqJHV
HW O\FpHV HQ ODQJXHV PLQRULWDLUHV GHYUDLHQW rWUH GHV FHQWUHV GH
UD\RQQHPHQW LQWHOOHFWXHO HW WHFKQLTXH SOXW{W TXH GHV YDLVVHDX[ j OD
GpULYH&·HVWOHVHXOPR\HQjQRV\HX[GHOXWWHUFRQWUHODGpVDIIHFWLRQHQ
SDUWLH PRWLYpH SDU XQH VLWXDWLRQ GpVDYDQWDJpH IDXWH G·LQYHVWLVVHPHQW
GDQV OD VSpFLILFLWp GH FH VHFWHXU SRXUWDQW G·DXWDQW SOXV SUpFLHX[ GH
O·pGXFDWLRQ TX·LO IDYRULVH OHV pFKDQJHV OD FRPPXQLFDWLRQ HW OH
GpYHORSSHPHQWWUDQVIURQWDOLHU
5pIpUHQFHV
©$OWHUQDWLYQL L]YHäWDM NRML VH SRGQRVL QD RVQRYX þODQD 3RYHOMH R UHJLRQDOQLP LOL
PDQMLQVNLPMH]LFLPDª9RMYRĀDQVNLFHQWDU]DOMXGVNDSUDYD
%,6(5.26RQMD pG 9ODVLLOL5XPXQLL]LVWRÿQH6UELMHL©YODäNRSLWDQMHª,Q+HOVLQäNH
VYHVNHQ%RU
%-(/-$& åHOMNR ©'HPRJUDIVNR NUHWDQMH UXPXQVNH SRSXODFLMH X 9RMYRGLQLª
=ERUQLN0DWLFHVUSVNH]DGUXäWYHQHQDXNH1RYL6DGSS
%28/,1($8 (PPDQXHOOH ©8Q JpRJUDSKH WUDFHXU GH IURQWLqUHV (PPDQXHO GH
0DUWRQQHHWOD5RXPDQLHª(VSDFHJpRJUDSKLTXH3DULV%HOLQSS
.VHQLMD'MRUGMHYLý
%8*$56., 6WHYDQ©1DWLRQDOPLQRULWLHVLQ5RPDQLDª,Q67$129þ,ü 9RMLVODY
pG 'HPRFUDF\ DQG 0XOWLFXOWXUDOLVP LQ 6RXWK (DVW (XURSH %HRJUDG (WKQLFLW\
5HVHDUFK&HQWHUSS
%8*$56.,6WHYDQ©6UELX7HPLäYDUXª7HPHYROQ1LäSS
&(529,ü/MXELYRMH6UELX5XPXQLML1RYL6DG0DWLFDVUSVND
*$95,/29,ü 1LNROD 6UEL L 5XPXQL VSUVNRUXPXQVNH YH]H NUR] YHNRYH
%HRJUDG1RYL6DG=DYRG]DXGæEHQLNHLQDVWDYQDVUHGVWYD3URPHWHM
*92='(129,ü 6ODYRPLU ©3UREOHPL REUD]RYDQMD QD MH]LFLPD PDQMLQD X
5XPXQLML VD RVYUWRP QD VUSVNXPDQMLQXLPRJXýLQDÿLQL QMLKRYLJ SUHYD]LODæHQMDª
,Q $VSHNWL REUD]RYDQMD QD MH]LFLPD HWQLÿNLK PDQMLQD 1RYL 6DG &HQWDU ]D
PXOWLNXOWXUDOQRVWSS
0$85$,6-DFTXHV pG 3ROLWLTXHHWDPpQDJHPHQWOLQJXLVWLTXHV4XpEHF&RQVHLOGHOD
/DQJXH)UDQoDLVH
1(*58$GULDQ©$NWXHOQLSUREOHPLXQDVWDYQRPSURFHVXQDUXPXQVNRPMH]LNX
X 9RMYRGLQL L PRJXýL PRGHOL QMLKRYRJ SUHYD]LODæHQMDª ,Q $VSHNWL REUD]RYDQMD QD
MH]LFLPDHWQLÿNLKPDQMLQD1RYL6DG&HQWDU]DPXOWLNXOWXUDOQRVWSS
3$9/29,& 0LUMDQD ©(WQLFLWHW L LQWHJUDFLMD X LVWRULMVNRP NRQWHNVWX 6UEL X
7HPLäYDUXª6$18SS
3(7529,&5,*1$8/7 0DULMDQD 'HVFULSWLRQ V\QWD[LTXH HW VpPDQWLTXH GX YDODTXH XQ
SDUOHUGDFRURXPDLQGH6HUELH WKqVHGHGRFWRUDW8QLYHUVLWp3DULV,9
67(3$129 /MXERPLU ©6WDWLVWLÿNL SRGDFL R 6UELPD X 5XPXQLMLª 7HPLäYDUVNL
]ERUQLN1RYL6DGSS
/DQRUPDOLVDWLRQGHODODQJXHSRORQDLVHJpQpUDOH
HWOHVSDUOHUVORFDX[
$QQD%HUOLľVND
8QLZHUV\WHWZ%LDâ\PVWRNX%LDâ\VWRN
/HEHVRLQ RXSOXW{WODQpFHVVLWp GHO·XQLILFDWLRQOLQJXLVWLTXH SDUOHVQRUPHVGHODODQJXHFRPPXQH HW
OHV WHQGDQFHV TXL PqQHQW j OD GLIIpUHQFLDWLRQ GLDOHFWDOH VRFLROHFWDOH SURIHVVLROHFWDOH LGLROHFWDOH
V·RSSRVHQW GH IDoRQ pYLGHQWH GDQV O·KLVWRLUH GHV ODQJXHV DLQVL TXH GDQV OHXUV SKDVHV SUpVHQWHV GH
GpYHORSSHPHQW4XDQGOHVFROOHFWLYLWpVFRPPXQLFDWLYHVJUDQGLVVHQWOHVIRUFHVFRQWUDGLFWRLUHVXQLILFDWULFHV
HWGLYHUJHQWHVSUHQQHQWGHO·DPSOHXU7DQW{WO·KRPRJpQpLVDWLRQWDQW{WODGLYHUVLILFDWLRQGRPLQHVXUXQ
WHUULWRLUH VHORQ OHV DYDWDUV GH O·KLVWRLUH HW OHV EHVRLQV GH OD VRFLpWp /·pTXLOLEUH HQWUH FHV GHX[ IRUFHV
DQWDJRQLTXHV Q·HVW MDPDLV pWDEOL XQH IRLV SRXU WRXWHV 3RXU OHV UpFRQFLOLHU OHV FKDPSV G·XVDJHV VRQW
GpOLPLWpV HW GpILQLV H[ SRVW SDU OHV OLQJXLVWHV JpQpUDO YHUVXV UpJLRQDO pFULW YV SDUOp RIILFLHO YV
IDPLOLHU VRXWHQX YV UHOkFKp YLHLOOL YV FRXUDQW FRPPXQ YV VSpFLDOLVp HWF 'DQV FHWWH SHUVSHFWLYH XQH
TXHVWLRQSDUPLG·DXWUHVSDUDvWLPSRUWDQWHTXHOOHHVWODSODFHGHVYDULpWpVORFDOHVGHODODQJXHQDWLRQDOH
GDQVODFXOWXUHSRORQDLVHG·DXMRXUG·KXL"
/DQHFHVVLWjGHOO·XQLILFD]LRQHOLQJXLVWLFD SHUPH]]RGHOOHQRUPHGHOODOLQJXDFRPXQH HOHWHQGHQ]HFKH
FRQGXFRQRDOODGLYHUVLWjGLDOHWWDOHVRFLROHWWDOHSURIHVVLROHWWDOHLGLROHWWDOHVLRSSRQJRQRLQPDQLHUD
HYLGHQWH QHOOD VWRULD GHOOH OLQJXH FRVu FRPH QHOOH VXH IDVL SUHVHQWL GL VYLOXSSR 4XDQGR OH FRPXQLWj
FRPXQLFDWLYH V·LQJUDQGLVFRQR OH IRU]H FRQWUDGGLWRULH XQLILFDQWH H GLIIHUHQ]LDQWH V·LQWHQVLILFDQR 2
O·RPRJHQHL]]D]LRQH R OD GLYHUVLILFD]LRQH GRPLQD VX XQ WHUULWRULR FRQIRUPHPHQWH DOOH PHWDPRUIRVL
VWRULFKHHDLELVRJQLGHOODVRFLHWj/HGXHIRU]HFRQWUDVWDQWLQRQVRQRPDLLQHTXLOLEUR3HUULFRQFLOLDUH
TXHVWH IRU]H L FDPSL GL XVR VRQR GHOLPLWDWL H GHILQLWL H[ SRVW GDL OLQJXLVWL JHQHUDOH YV UHJLRQDOH
VFULWWR YV SDUODWR XIILFLDOH YV IDPLOLDUH VRVWHQXWR YV QHJOLJHQWH DQWLTXDWR YV FRUUHQWH FRPXQH YV
VSHFLDOL]]DWR,QTXHVWRFRQWHVWRXQDGRPDQGDWUDO·DOWURSDUHLPSRUWDQWHTXDOqORVSD]LRRFFXSDWR
GDOOHYDULHWjORFDOLGHOODOLQJXDQD]LRQDOHQHOODFXOWXUDSRODFFDGLRJJL"
'DQV O·KLVWRLUH UpFHQWH GH OD ODQJXH SRORQDLVH ;;H VLqFOH F·pWDLW OH
FRXUDQWXQLWDULVWHTXLSUpGRPLQDLW/·eWDWSRORQDLVLQGpSHQGDQWUHVWLWXp
HQ DYDLW EHVRLQ G·XQH ODQJXH FRPPXQH UHODWLYHPHQW KRPRJqQH
XWLOLVpHQRQVHXOHPHQWSDUOHVpOLWHVGHODVRFLpWpPDLVjORQJWHUPHSDUOD
PDMRULWp GH VHV FLWR\HQV G·XQH ODQJXH TXL V·DGDSWHUDLW ELHQ DX[ EHVRLQV
GHO·DGPLQLVWUDWLRQGHO·pFROHGHODSUHVVHQDWLRQDOHHWF/HVGLIIpUHQFHV
UpJLRQDOHV SDV WUqV QRPEUHXVHV G·DLOOHXUV REVHUYDEOHV GDQV OH GLDOHFWH
FXOWXUHO ² ODQJXH SDUOpH GHV JHQV FXOWLYpV ² Q·pWDLHQW SDV DSSUpFLpHV /HV
MXJHV GX ERQ XVDJH OHV JHQV TXL V·RFFXSDLHQW GH OD FRGLILFDWLRQ GX
SRORQDLV HQ )UDQFH LOV VHUDLHQW DSSHOpV JUDPPDLULHQV V·HIIRUoDLHQW GH
UpGXLUHFHVSDUWLFXODULWpV/DODQJXHpFULWHQ·pWDLWSDVXQLIRUPHQRQSOXV
0rPH O·RUWKRJUDSKH XWLOLVpH DX GpEXW GX ;;H VLqFOH j 9DUVRYLH j
&UDFRYLH RX j 3R]QDľ Q·pWDLW SDV LGHQWLTXH TXRLTXH OHV GLYHUJHQFHV
$QQD%HUOLľVND
SRUWDLHQWVXUOHVGpWDLOV$XFRXUVGHVDQQpHVOHVOLQJXLVWHV GRQW-DQ
áRœ .D]LPLHU] 1LWVFK :LWROG 'RURV]HZVNL GDQV OH FDGUH GX &RPLWp
RUWKRJUDSKLTXHGHO·$FDGpPLHSRORQDLVHGHVVFLHQFHV .RPLWHW2UWRJUDILF]Q\
3ROVNLHM $NDGHPLL 8PLHMęWQRœFL DYDLHQW WUDYDLOOp QRQ VDQV FRQIOLWV PDLV
ILQDOHPHQW DYHF VXFFqV VXU O·XQLILFDWLRQ GH O·RUWKRJUDSKH SRORQDLVH
-RGâRZVNL3RODľVNL
4XDQWDX[GLDOHFWHVGLWVSRSXODLUHVSDUOpVSDUOHVSD\VDQVJHQVSHXRXSDV
LQVWUXLWVLOVQHMRXLVVDLHQWSDVGHSUHVWLJHDWWULEXpXQLTXHPHQWjODODQJXH
OLWWpUDLUH VRLJQpH SRO\YDOHQWH XWLOLVpH SDU OHV FRXFKHV VXSpULHXUHV GH OD
VRFLpWp XQ IDLEOH SRXUFHQWDJH GH OD SRSXODWLRQ GH O·pSRTXH /HV
OLQJXLVWHV OHV HWKQRJUDSKHV HWF DSSUpFLDLHQW OHV SDUOHUV ORFDX[ FRPPH
SDUWLH GX SDWULPRLQH FXOWXUHO ,O IDOODLW OHV HQUHJLVWUHU G·XUJHQFH DYDQW
TX·LOV QH GLVSDUDLVVHQW $X GpEXW GX ;;H VLqFOH HW ORQJWHPSV DSUqV OHV
GLDOHFWRORJXHVHWOHVHWKQRORJXHVMXJHDLWFHWWHGLVSDULWLRQLQpYLWDEOHWRXW
FRPPH O·HIIDFHPHQW GHV FXOWXUHV SD\VDQQHV WUDGLWLRQQHOOHV DX FRXUV GH
TXHOTXHV GpFHQQLHV GH GpYHORSSHPHQW HW GH PRGHUQLVDWLRQ GX SD\V
3UHVTXHFHQWDQVSOXVWDUGOHVGLDOHFWHVSRORQDLVRQWPRLQVGHORFXWHXUV
PDLVLOVH[LVWHQWWRXMRXUV
/HVRULJLQHVGXSRORQDLVOLWWpUDLUH
/HVGpEXWVGHODODQJXHSRORQDLVHFRPPXQHDVVRFLDQWOHVpOpPHQWVSXLVpV
GDQV SOXVLHXUV SDUOHUV VODYHV RFFLGHQWDX[ DSSDUWHQDQW DX[ HQVHPEOHV
GLDOHFWDX[ GH :LHONRSROVND OD *UDQGH 3RORJQH HW GH 0DâRSROVND OD
3HWLWH 3RORJQH UHPRQWHQW DX GHUQLHU TXDUW GX ;,9H VLqFOH &HV GHX[
JURXSHV GH GLDOHFWHV DYDLHQW pWp LQWHUFRPSUpKHQVLEOHV SDUFH TXH OHV
SHXSOHV TXL OHV SDUODLHQW KDELWDQW GH YDVWHV SODLQHV VDQV EDUULqUHV
JpRJUDSKLTXHV PDMHXUHV TXL DXUDLHQW UHQGX GLIILFLOHV OHV FRQWDFWV HQWUH
HX[VRQWUHVWpVFXOWXUHOOHPHQWSURFKHV/HVJUDQGHVIRUrWVTXLFRXYUDLHQW
&H TXL D pWp IDLW OD ELEOLRJUDSKLH GHV WUDYDX[ GLDOHFWRORJLTXHV SRORQDLV HVW WUqV
H[WHQVLYH *UkFH j FHV RXYUDJHV SXEOLpV DX FRXUV GX ;;H VLqFOH UHFXHLOV GH WH[WHV
PRQRJUDSKLHV GLFWLRQQDLUHV DWODV OLQJXLVWLTXHV OHV GLDOHFWHV WUDGLWLRQQHOV VRQW ELHQ
GpFULWV 6WUXW\ľVNL /HVSURMHWVGHFHJHQUHVRQWHQFRUHUpDOLVpVGDQV
SOXVLHXUVFHQWUHVDFDGpPLTXHVGH3RORJQH3DUFRQWUHFHTXHFRQVWDWHHQWUHDXWUHV-HU]\
5HLFKDQ 5HLFKDQ LO\DEHDXFRXSPRLQVGHWUDYDX[FRQFHUQDQWO·pYROXWLRQ
HWOHIRQFWLRQQHPHQWSUpVHQWGHVGLDOHFWHV XQH[HPSOHGHWUDYDX[UpFHQWVGHFHW\SH
6LHURFLXN
/DQRUPDOLVDWLRQGHODODQJXHSRORQDLVHJpQpUDOHHWOHVSDUOHUVORFDX[
OD PDMRULWp GH OD VXUIDFH GX SD\V DX ,;H HW ;H VLqFOH HQYLURQ GX
WHUULWRLUH SXLV JUDGXHOOHPHQW GpERLVp HW FRORQLVp QH FRQVWLWXDLHQW SDV
G·REVWDFOHVLQIUDQFKLVVDEOHV
3RXU GHV UDLVRQV KLVWRULTXHV LO Q·\ DYDLW SDV VXUOH WHUULWRLUH SRORQDLV GH
GLDOHFWHSULYLOpJLpFKRLVLSRXUMRXHUOHU{OHGHPR\HQGHFRPPXQLFDWLRQj
O·pFKHOOH QDWLRQDOH FRPPH F·pWDLW OH FDV SDU H[HPSOH HQ ,WDOLH RX HQ
)UDQFH /H SRORQDLV VXSUDUpJLRQDO VH GpILQLVVDLW SURJUHVVLYHPHQW DX
FRXUV GX ;9H HW VXUWRXW GX ;9,H VLqFOH HQ DGRSWDQW HW ©HQQREOLVVDQWª
FHUWDLQV WUDLWV GLDOHFWDX[ HW HQ HQ UHMHWDQW G·DXWUHV &H SURFHVVXV V·HVW
SURGXLWGDQVOHVWH[WHVpFULWVpODERUpVG·DERUGSRXUOHVEHVRLQVGHO·pJOLVH
FDWKROLTXH VHUPRQVFKDQWVHWSULqUHVSRXUOHVJHQVQHFRPSUHQDQWSDVOH
ODWLQ GHV WULEXQDX[ VWDWXWV GpSRVLWLRQV GHV WpPRLQV SOXV WDUG DXVVL
GDQVGHVWH[WHVSXUHPHQWOLWWpUDLUHV
&RPPH OH VRXOLJQH =G]LVâDZ 6WLHEHU ©HQ 3RORJQH O·XQLILFDWLRQ GH OD
ODQJXHpFULWHDSUpFpGpO·XQLILFDWLRQGHODODQJXHSDUOpHGHVJHQVFXOWLYpVª
6WLHEHU /·K\SRWKqVH TX·XQH ODQJXH SDUOpH FRPPXQH GLDOHFWH
FXOWXUHO SXLVVH VH IRUPHU GpMj DX ;H;,H VLqFOH j OD FRXU GHV SUHPLHUV
PRQDUTXHVSRORQDLV GRQFjOD*UDQGH3RORJQHDXWRXUGHOHXUVVLqJHVGH
*QLH]QR HW 3R]QDľ VRXWHQXH SDU :âDG\VâDZ .XUDV]NLHZLF]
.XUDV]NLHZLF] HW =HQRQ .OHPHQVLHZLF] .OHPHQVLHZLF]
Q·HVWSDVGpPRQWUDEOHjSUpVHQW
6HORQ%RJGDQ:DOF]DN
OD OXPLqUH GX VDYRLU FRQWHPSRUDLQ VXU O·KLVWRLUH GH OD ODQJXH WRXW VHPEOH
FRQILUPHUTXHODQRUPDOLVDWLRQV·HVWSURGXLWHG·DERUGGDQVODODQJXHpFULWHHWTXH
OD QRUPH \ DGRSWpH HW VWDELOLVpH V·HVW UpSDQGXH SOXV WDUG OHQWHPHQW HW
SpQLEOHPHQWGDQVODYDULpWpSDUOpHGHODODQJXH :DOF]DN
5HODWHU OD GLVFXVVLRQ SDUIRLV SUHQDQW OH FDUDFWqUH G·XQH SROpPLTXH
DFKDUQpH VXU OHV RULJLQHV GH OD ODQJXH SRORQDLVH FRPPXQH Q·HVW SDV
O·REMHFWLIGXSUpVHQWDUWLFOH'DQVO·RSLQLRQUpFHQWHGH6WDQLVâDZ'XELV]
OHV GLDOHFWHV GH O·DQFLHQQH 3RORJQH QH VH FDUDFWpULVDLHQW SDV SDU GHV
&UDFRYLHHVWGHYHQXHODFDSLWDOHGXSD\VDXFRXUVGX;,HVLqFOH
7RXWHVOHVFLWDWLRQVGHWH[WHVSRORQDLVVRQWWUDGXLWHVSDUQRVVRLQV
/DUHFKHUFKHVXUOHVRULJLQHVGXSRORQDLVFRPPXQOLWWpUDLUHGDWHGHVDQQpHV
GX;,;HVLqFOHHWVHSRXUVXLWMXVTX·jQRVMRXUV
$QQD%HUOLľVND
GLIIpUHQFHVWUqVSURIRQGHVOHVKDELWDQWVGHVUpJLRQVGHOD*UDQGHHWGHOD
3HWLWH3RORJQHGH0D]RYLHRXGH6LOpVLHQ·pSURXYDLHQWSDVGHGLIILFXOWpVj
VH FRPSUHQGUH OHV XQV OHV DXWUHV /HV SURFHVVXV GH OD FRGLILFDWLRQ GH OD
QRUPH OLWWpUDLUH RQW GRQF SULYLOpJLp OHV WUDLWV TXL pWDLHQW FRPPXQV DX[
GLDOHFWHVGHVUpJLRQVSROLWLTXHPHQWHWFXOWXUHOOHPHQWOHVSOXVLPSRUWDQWHV
GH OD *UDQGH HW GH OD 3HWLWH 3RORJQH HQ DMRXWDQW TXHOTXHV pOpPHQWV
VSpFLILTXHVjFKDFXQG·HX['DQVOHFDVGHFHVGHUQLHUVODODQJXHWFKqTXH
GX PrPH JURXSH VODYH RFFLGHQWDO TXL V·HVW QRUPDOLVpH SOXV W{W VHUYDLW
IUpTXHPPHQWG·DUELWUH'HGHX[pOpPHQWVFRQFXUUHQWVpWDLWFKRLVLOHSOXV
VRXYHQWFHOXLTXLUHVVHPEODLWDXWFKqTXH 'XELV]
$X ;9,,H VLqFOH TXDQG 9DUVRYLH pWDLW GHYHQXH OD FDSLWDOH GX SD\V OHV
GLDOHFWHVGH0D]RYLHRQWODLVVpDXVVLOHXUHPSUHLQWHVXUOHVQRUPHVDLQVL
TXH OHV GLDOHFWHV GHV &RQILQV 2ULHQWDX[ /HXU LPSDFW VXU OD ODQJXH
FRPPXQH GpMj DVVH] VWDELOLVpH pWDLW SRXUWDQW OLPLWp 'XELV]
/D ODQJXH DLQVL IRUPpH HVW GHYHQXH DYHF OH WHPSV OH PR\HQ GH
FRPPXQLFDWLRQ KDELWXHO TXRLTXH OpJqUHPHQW PDUTXp SDU GHV pOpPHQWV
UpJLRQDX[QRQDFFHSWpVSDUOD QRUPHFRPPXQH GHODQREOHVVHHWG·XQH
SDUWLHGHVERXUJHRLVODPDvWULVHGHFHWWHYDULpWpVRLJQpHDXJPHQWDQWDYHF
OHQLYHDXG·pGXFDWLRQ
&HUWDLQV pOpPHQWV OLQJXLVWLTXHV LQFRUSRUpV j OD ODQJXH JpQpUDOH SXLV
GLVSDUXV DX FRXUV GH VRQ GpYHORSSHPHQW VXEVLVWHQW SDUIRLV GDQV OHV
GLDOHFWHVSH[OHVIRUPHVYHUEDOHVGXDOHVGHOD,qUHHWGHOD,,HSHUVRQQH²
GLIIpUHQWHV GX SOXULHO ² TXL IRQFWLRQQHQW OH SOXV VRXYHQW j OD SODFH GX
SOXULHO PDLV SDU HQGURLW VH UpIqUHQW XQLTXHPHQW j GHX[ SHUVRQQHV /HV
YR\HOOHV IHUPpV > @ > @ >l@ HQ VRQW XQ DXWUH H[HPSOH 'HMQD
,O\DYDLWDXVVLGDQVOHVGLDOHFWHVGHVLQQRYDWLRQV
TXLQHVHVRQWSDVSURGXLWHVGDQVODODQJXHJpQpUDOHSH[ODGLVSDULWLRQ²
GDQV OD GpFOLQDLVRQ HW GDQV OD FRQMXJDLVRQ ² GH O·RSSRVLWLRQ DX SOXULHO
HQWUH OH JHQUH PDVFXOLQ SHUVRQQHO HW QRQ PDVFXOLQ SHUVRQQHO GDQV XQH
SDUWLHGHGLDOHFWHVSRORQDLV 'HMQD.XFDâD
/·pYROXWLRQ GH O·LPDJH HW GH OD IRQFWLRQ GHV GLDOHFWHV GDQV OH
V\VWqPHFRPPXQLFDWLIGHODVRFLpWpSRORQDLVH
0DOJUp OHV HIIRUWV GH QRPEUHX[ pFULYDLQV OH SUHVWLJH GX SRORQDLV Q·pWDLW
SDVJUDQG/HU{OHGHPR\HQGHFRPPXQLFDWLRQSULYLOpJLp ODFKDQFHOOHULH
ODGLSORPDWLHO·eJOLVHODORLOHVFKURQLTXHVHWF UHYHQDLWDXODWLQ²ODQJXH
/DQRUPDOLVDWLRQGHODODQJXHSRORQDLVHJpQpUDOHHWOHVSDUOHUVORFDX[
DQFLHQQHUDIILQpHLQWHUQDWLRQDOHULFKHHQYRFDEXODLUHVDYDQW/HSRORQDLV
DORQJWHPSVpWpXQHODQJXHDX[LOLDLUHSDUEHDXFRXSGHJHQVFXOWLYpVMXJpH
LQVXIILVDQWH WURS kSUH WURS ©VLPSOHª SRXU VHUYLU FRPPH XQH ODQJXH
OLWWpUDLUH HW RIILFLHOOH j SOHLQ WLWUH /·LQVWUXFWLRQ GDQV OHV pFROHV DYDLW pWp
IDLWHSUHVTXHH[FOXVLYHPHQWHQODWLQMXVTX·DX[DQQpHVGX;9,,,HVLqFOH
HW DX[ UpIRUPHV GH OD &RPPLVVLRQ GH O·pGXFDWLRQ QDWLRQDOH .RPLVMD
(GXNDFML 1DURGRZHM FUppH HQ TXL D SUpSDUp HW RUJDQLVp
O·DSSUHQWLVVDJH GHV PDWLqUHV VFRODLUHV HQ SRORQDLV SURJUDPPHV
WHUPLQRORJLHPDQXHOVHWF
7DQGLV TXH OD OLWWpUDWXUH VH VHUYDLW GX ODWLQ RX GX SRORQDLV OHV GLDOHFWHV
UpJLRQDX[VRQWUHVWpVUHVWUHLQWVjODFRPPXQLFDWLRQRUDOHTXRWLGLHQQHHQ
IDPLOOHHWGDQVOHYRLVLQDJHOHXUXVDJHGpFURLVVDQWjPHVXUHTXHOHQLYHDX
G·LQVWUXFWLRQSHUVRQQHODXJPHQWDLW/DFRQQDLVVDQFHGXODWLQ DX;9,,,H
HW;,;HVLqFOHDXVVLGXIUDQoDLV HWODPDvWULVHGXGLDOHFWHFXOWXUHOSRORQDLV
FRQVWLWXDLHQWGHVIDFWHXUVGHGLVWLQFWLRQVVRFLDOH
&HSHQGDQW FRPPH O·RQW FRQVWDWp OHV KLVWRULHQV GH OD ODQJXH DX ;9,H
O·pSRTXH GH OD 5HQDLVVDQFH HQ 3RORJQH HW PrPH DX ;9,,H VLqFOH OHV
GLDOHFWHV XWLOLVpV SUDWLTXHPHQW SDU WRXWHV OHV FODVVHV VRFLDOHV RQW pWp
FRQVLGpUpV FRPPH GHV LQVWUXPHQWV GH FRPPXQLFDWLRQ HW G·H[SUHVVLRQ
QDWXUHOV/HVWUDLWVGLDOHFWDX[©jpYLWHUªpWDLHQWSHXQRPEUHX[&HQ·HVW
TX·DX FRXUV GX ;9,,,H VLqFOH ² OD SpULRGH R O·XVDJH GX GLDOHFWH FXOWXUHO
V·HVW UpSDQGX GDQV OD QREOHVVH O·kJH GX FODVVLFLVPH GDQV OD FXOWXUH HW OD
OLWWpUDWXUHSRORQDLVHV²WUqVVpOHFWLISDUUDSSRUWDX[PR\HQVOLQJXLVWLTXHV
TXH OHV GLDOHFWHV VRQW GHYHQXV ©OH ODQJDJH GX SHXSOHª F·HVW j GLUH GHV
SD\VDQVHWGHVERXUJHRLVOHVSOXVSDXYUHV :DOF]DN
*UDGXHOOHPHQW j SDUWLU GH FHWWH pSRTXH FHX[ TXL SDUODLHQW XQ GLDOHFWH
UpJLRQDOHWQHFRQQDLVVDLHQWSDVOHGLDOHFWHFXOWXUHORQWFRPPHQFpjrWUH
SHUoXVFRPPHGHVJHQVJURVVLHUVSULPLWLIVVDQVFXOWXUH&HUWDLQVPR\HQV
G·H[SUHVVLRQ GLDOHFWDX[ VXUWRXW FHX[ GX GLDOHFWH GH 0D]RYLH pWDLHQW
VRXYHQWULGLFXOLVpVDWWLWXGHGRQWRQUHWURXYHOHVWUDFHVGDQVODOLWWpUDWXUH
VDWLULTXHGpMjYHUVO·DQ 8UEDľF]\N
$X;,;HVLqFOHjO·pSRTXHRO·eWDWSRORQDLVLQGpSHQGDQWDGLVSDUXGHOD
FDUWH GH O·(XURSH D\DQW pWp SDUWDJp j OD ILQ GX ;9,,,H VLqFOH HQWUH OD
3DUPLOHVKRPPHVDSSDUWHQDQWjODQREOHVVHjSDUWLUGX;9,HVLqFOH
$QQD%HUOLľVND
5XVVLH OD 3UXVVH HW O·$XWULFKH OD ODQJXH SRORQDLVH GpSRXUYXH GDQV OD
SOXSDUWGHVFDVGHVHVIRQFWLRQVRIILFLHOOHVQHFHVVDLWSDVGHYpKLFXOHUOD
FXOWXUHQDWLRQDOHGDQVOHVUDUHVLQVWLWXWLRQVWROpUpHVSDUOHVRFFXSDQWVHQ
SULYp²GDQVOHVIDPLOOHV²RXELHQjO·pWUDQJHU
FHWWH SpULRGH OHV PR\HQV G·H[SUHVVLRQ FKRLVLV SXLVpV GDQV OHV SDUOHUV
ORFDX[ VH VRQW WURXYpV FRQVFLHPPHQW LQFRUSRUpV GDQV OHV WH[WHV
OLWWpUDLUHV ©VpULHX[ª QRQ VDWLULTXHV *UkFH j O·HQWKRXVLDVPH GHV
URPDQWLTXHV SRXU OH IRONORUH OD FXOWXUH SD\VDQQH DQFHVWUDOH DYHF VHV
IDoRQV GH VHQWLU HW GH SDUOHU FUR\DQFHV FKDQWV FRQWHV HWF D IDLW VRQ
HQWUpH GDQV OHXUV ±XYUHV O·±XYUH GX JUDQG SRqWH $GDP 0LFNLHZLF] RX
FHOOH GH ² PRLQV WDOHQWXHX[ PDLV SRSXODLUH j O·pSRTXH ² :âDG\VâDZ
6\URNRPOD HQ IRXUQLVVHQW GHV H[HPSOHV &HOD QH YHXW SDV GLUH TXH OHV
DXWHXUV GH FHWWH pSRTXH VH VRQW PLV j pFULUH HQ GLDOHFWH ,OV VH VHUYDLHQW
GHV ORFXWLRQV SURYHQDQW GHV GLDOHFWHV FRPPH G·XQ LQVWUXPHQW GH OD
VW\OLVDWLRQ TXHOTXH FKRVH TXL SHUPHWWDLW GH FUpHU O·DPELDQFH OD FRXOHXU
ORFDOHVRXKDLWpH :DOF]DN
/DOLWWpUDWXUHSRVLWLYLVWH GHODGHX[LqPHPRLWLpGX;,;HVLqFOH TXLDYDLW
HQWUHSULV OD GHVFULSWLRQ UpDOLVWH HW GpWDLOOpH GH OD VRFLpWp GDQV WRXWH VD
FRPSOH[LWp QH SRXYDLW SDV UHQRQFHU j LQFOXUH OHV PR\HQV OLQJXLVWLTXHV
FDUDFWpULVDQWOHVJURXSHVVRFLDX[ SD\VDQVRXYULHUVSHWLWVERXUJHRLVHWF
GDQV VRQ UpSHUWRLUH 6·HQ VHUYDLHQW HQWUH DXWUHV GHV pFULYDLQV WHOVTXH
+HQU\N6LHQNLHZLF](OL]D2U]HV]NRZDRX0DULD.RQRSQLFND
'DQV OH FRXUDQW UpDOLVWH QDWXUDOLVWH OH FpOqEUH URPDQ&KâRSL /HVSD\VDQV
SRXU OHTXHO VRQ DXWHXU :âDG\VâDZ 6WDQLVâDZ 5H\PRQW D
REWHQX OH SUL[ 1REHO HQ DYDLW pWp pFULW DYHFO·HPSORL FRQVWDQW GHV
PR\HQV GLDOHFWDX[ VW\OLVpV /H ODQJDJH GH FHUWDLQHV ±XYUHV GH $GROI
'\JDVLľVNL .D]LPLHU] 3U]HUZD7HWPDMHU 6WDQLVâDZ ,JQDF\ :LWNLHZLF]
6WHIDQŮHURPVNLHWGHSOXVLHXUVDXWUHVDXWHXUV WH[WHVOLWWpUDLUHVFUppVjOD
ILQ GX ;,;H HW DX GpEXW GX ;;H VLqFOH V·DSSURFKDLW GDYDQWDJH GHV
GLDOHFWHV UpHOV UHVSHFWLIV &HV ±XYUHV Q·DYDLHQW SDV OD UpFHSWLRQ IDFLOH
DXSUqVGHVOHFWHXUVTXLQHFRQQDLVVDLHQWSDVOHGLDOHFWHXWLOLVpjF{Wp²RX
jODSODFH²GHPR\HQVVW\OLVWLTXHVGHODODQJXHSRORQDLVHJpQpUDOH(QFH
WHPSVXQHJUDQGHSDUWLHGHVORFXWHXUVGHVGLDOHFWHVQHVDYDLWSDVOLUH
'DQV OHV EXFROLTXHV GX ;9,,,H V OHV EHUJHUV HW OHV EHUJqUHV LGpDOLVpV SDUODLHQW
FRPPHGHVpUXGLWV
/DQRUPDOLVDWLRQGHODODQJXHSRORQDLVHJpQpUDOHHWOHVSDUOHUVORFDX[
6HORQ.D]LPLHU]1LWVFKOHJUDQGGLDOHFWRORJXHGHODSUHPLqUHPRLWLpGX
;;H VLqFOH FUpDWHXU GH O·pFROH SRORQDLVH GH GLDOHFWRORJLH OD SUHPLqUH
±XYUH SRpWLTXH pFULWH HQWLqUHPHQW HQ GLDOHFWH F·pWDLW XQ ORQJ SRqPH GH
+LHURQLP 'HUGRZVNL ,O pWDLW UpGLJp HQ NDFKRXEH HW SXEOLp HQ
1LWVFK >@ SDUWLU GH OD PRLWLp GX ;,;H VLqFOH OHV
GpIHQVHXUV HW OHV SURSDJDWHXUV GH FH SDUOHU RQWFRPPHQFp j UpGLJHU GHV
SpULRGLTXHV SXEOLHU GHV DUWLFOHV HW GHV OLYUHV HQ NDFKRXEH HW OHXUV
VXFFHVVHXUV FRQWLQXDLHQW j HQULFKLU OD OLWWpUDWXUH GH FHWWH UpJLRQ MXVTX·j
SUpVHQW
1LWVFKJUDPPDLULHQjVHVKHXUHVHWGLDOHFWRORJXHDYDQWWRXWSURSDJHDLW
XQH DWWLWXGH RXYHUWH j O·pJDUG GHV pOpPHQWV UpJLRQDX[ GDQV OD ODQJXH
JpQpUDOHSDVXQLTXHPHQWHQFHTXLFRQFHUQHOHYRFDEXODLUH&HSHQGDQWLO
Q·HQYLVDJHDLWSDVODVLWXDWLRQRXQGLDOHFWHSRXUUDLWGHYHQLUXQVWDQGDUG
OLWWpUDLUHFRPSOHW
8QGLDOHFWHWRXWVHXOQHSHXWSDVUHPSODFHUODODQJXHOLWWpUDLUHFDUPrPHOHSOXV
ULFKHGHVGLDOHFWHVVHUDLWWURSSHXUDIILQpHWPDQLIHVWHUDLWjFKDTXHPRPHQWWURS
G·LQGLJHQFH FHSHQGDQW SRXU OD ODQJXH >JpQpUDOH@ LOV pWDLHQW WRXMRXUV HW LOV YRQW
rWUH XQH VRXUFH GH OD SXLVVDQFH GH OD IUDvFKHXU GH O·LQGLYLGXDOLWp &HOD QH
FRQFHUQH SDV XQLTXHPHQW OHV GLDOHFWHV HX[PrPHV PDLV DXVVL OHV QXDQFHV GX
ODQJDJHGHVFODVVHVFXOWLYpHV3HUVRQQHQHQLHUDO·pQRUPHLPSRUWDQFHGHODODQJXH
QDWLRQDOH KRPRJqQH FHOD Q·HPSrFKH SDV GH FRQVWDWHU TXH OHV LQGLYLGXV TXL
VXLYHQWWURSULJRXUHXVHPHQW>OHVQRUPHVGH@ODODQJXHOLWWpUDLUHpUXGLWHVDXIWUqV
SHXG·H[FHSWLRQVSDUOHQWG·XQHPDQLqUHIDGH 1LWVFK>@
3OXV ORLQ GDQV OH PrPH WH[WH pFULW LO \ D FHQW DQV QRXV WURXYRQV OHV
SDUROHVG·XQHDFWXDOLWpVXUSUHQDQWH
&HUWHVOHVFKDQJHPHQWVOLQJXLVWLTXHVHQSDUWLFXOLHUGDQVOHODQJDJHDGPLQLVWUDWLI
HW WHFKQLTXH QXLVHQW SDUIRLV j OD EHDXWp GH OD ODQJXH PDLV G·DXWUH SDUW OHV
pOpPHQWV QRXYHDX[ SRSXODLUHV V·\ LQWqJUHQW FRQWUHFDUUDQW OD FXOWXUH JOREDOH TXL
/DWUDGLWLRQQHOOHSURGXFWLRQDUWLVWLTXHHQGLDOHFWHRUDOHHWDQRQ\PHPLVHjSDUW
6HORQO·RSLQLRQGHFHUWDLQVOLQJXLVWHVOHNDFKRXEHIDLWSDUWLHGHO·HQVHPEOHGLDOHFWDO
SRORQDLV G·DXWUHV \ YRLHQW XQH ODQJXH j SDUW (Q GHKRUV GX FRQWH[WH SXUHPHQW
OLQJXLVWLTXHRFHWWHFRQWURYHUVHHVWSUREDEOHPHQWLQVROXEOH 0DMHZLF] OD
OpJLVODWLRQ GDQV OH FDGUH GH 8VWDZD R PQLHMV]RœFLDFK QDURGRZ\FK L HWQLF]Q\FK RUD] R Mę]\NX
UHJLRQDOQ\P /DORLVVXUOHVPLQRULWpVQDWLRQDOHVHWHWKQLTXHVHWVXUODODQJXHUpJLRQDOH DDWWULEXpDX
SDUOHUNDFKRXEHOHVWDWXWGHODQJXHUpJLRQDOH 8VWDZDDUWWHW
$QQD%HUOLľVND
XQLIRUPLVHWRXW>@OHUDIUDvFKLVVHPHQWGHODODQJXHJpQpUDOHjO·DLGHGHVpOpPHQWV
GLDOHFWDX[DOOLHO·LGpHGpPRFUDWLTXHjO·LGpHGHODEHDXWp 1LWVFKLELGHP
O·pSRTXH R 1LWVFK D SULV OD SDUROH HQ IDYHXU GHV GLDOHFWHV RX GHV
PR\HQVG·H[SUHVVLRQGLDOHFWDX[ HWGHOHXUSODFHGDQVODODQJXHOLWWpUDLUHLO
V·DJLVVDLW HQ HIIHW G·DFFHSWHU TX·LOV IXVVHQW XWLOLVpV GDQV OH VW\OH DUWLVWLTXH
RXELHQ²UDUHPHQW²GDQVOHVpQRQFLDWLRQVXQSHX©UHOkFKpHVªGHVJHQV
FXOWLYpVSRXUDJUpPHQWHUFHOOHVFLG·XQHSHWLWHVDYHXUORFDOH/HVGLDOHFWHV
GDQV OHXU IRUPH WUDGLWLRQQHOOH ©SXUHª VRQW UHVWpV OH ODQJDJH OXGRZ\ ¶GX
SHXSOH· ZLHMVNL ¶SD\VDQ· SURSUH DX JHQV VDQV pGXFDWLRQ $XFXQ
SURIHVVHXU DYRFDW RX PpGHFLQ QH VH VHUDLW SDV PLV j SDUOHU FDUUpPHQW
GLDOHFWH 'DQV VHV LQVWUXFWLRQV SRXU OHV DGHSWHV GH OD UHFKHUFKH
GLDOHFWRORJLTXH1LWVFKFRQVHLOODLW²QRQVDQVUDLVRQGHFKRLVLUFRPPH
OHV LQIRUPDWHXUV j OD FDPSDJQH GHV DQDOSKDEqWHV /H ODQJDJH GHV JHQV
D\DQW UHoX XQ SHX G·LQVWUXFWLRQ ULVTXDLW G·rWUH ©FRQWDPLQpª SDU OHV
pOpPHQWVGHODODQJXHJpQpUDOH
/HV FRGLILFDWHXUV GH OD ODQJXH JpQpUDOH GH OD SpULRGH HQWUH OHV GHX[
JXHUUHV SDUH[HPSOH$GDP$QWRQL.U\ľVNL6WDQLVâDZ6]REHU VH VRQW
FRQFHQWUpV VXU OH SUREOqPH GH O·XQLILFDWLRQ GH OD ODQJXH RIILFLHOOH DSUqV
O·pSRTXH GHV SDUWLWLRQV ,O V·DJLVVDLW VXUWRXW GH FKDVVHU GH OD ODQJXH OHV
HPSUXQWV DX UXVVH RX j O·DOOHPDQG MXJpV VXSHUIOXV /D QRUPDOLVDWLRQ GH
O·RUWKRJUDSKHV·LPSRVDLWDXVVLFRPPHXQHXUJHQFH/DODQJXHFRPPXQH
Q·pWDLWDORUVSDVPHQDFpHSDUO·H[FqVGHVGLDOHFWLVPHVSRXYDQWFRQGXLUHj
VRQIUDFWLRQQHPHQW
4XDQW DX[ GLDOHFWHV SRORQDLV LOV VH VRQW ELHQ FRQVHUYpV MXVTX·j OD
GHX[LqPH JXHUUH PRQGLDOH ELHQ TXH OHV HIIRUWV pGXFDWLIV DLHQW
FRQVLGpUDEOHPHQW GLPLQXp OH SKpQRPqQH GH O·DQDOSKDEpWLVPH HW TX·LO \
HWGpMjXQHFHUWDLQHQRXYHOOHLQIOXHQFHGHODODQJXHQRUPDOLVpHGXHDX[
pPLVVLRQVGHODUDGLR
/HV pYpQHPHQWV GH OD JXHUUH OD PRUW GH PLOOLRQV G·KDELWDQWV GX SD\V
SXLV OHV PRGLILFDWLRQV GHV IURQWLqUHV GH O·eWDW SRORQDLV OHV PLJUDWLRQV
PDVVLYHV IRUFpHV HW OH FKDQJHPHQW GX UpJLPH SROLWLTXH RQW FRQVWLWXp XQ
ERXOHYHUVHPHQWpQRUPHVXUOHSODQKXPDLQHWVRFLROLQJXLVWLTXHDXVVL6XU
3HXG·HQWUHHX[G·DLOOHXUVDXUDLHQWHXXQGLDOHFWHUpJLRQDOSRXUODQJXHPDWHUQHOOH
/DQRUPDOLVDWLRQGHODODQJXHSRORQDLVHJpQpUDOHHWOHVSDUOHUVORFDX[
GH YDVWHV WHUULWRLUHV OHV GLDOHFWHV GLYHUV RQW FRPPHQFp j VH PpODQJHU
HWRXjrWUHUHPSODFpVGDQVOHXUVIRQFWLRQVSDUOHSRORQDLVJpQpUDO
/DVLWXDWLRQSUpVHQWHGHVSDUOHUVORFDX[
/D VFRODULVDWLRQ SOXV V\VWpPDWLTXH HW SOXV ORQJXH O·LQIOXHQFH FURLVVDQWH
GHV PpGLDV TXL XWLOLVHQW OH SRORQDLV JpQpUDO OD IDFLOLWp j VH GpSODFHU OH
QRPEUH GpFURLVVDQW GH JHQV KDELWDQW j OD FDPSDJQH RQW pWp WRXV GHV
IDFWHXUV GpIDYRUDEOHV j OD VXUYLH GHV GLDOHFWHV /·XUEDQLVDWLRQ GX SD\V D
UHQIRUFp OHV GLDOHFWHV XUEDLQV DX GpWULPHQW GHV GLDOHFWHV WUDGLWLRQQHOV
SD\VDQV
&RPPHOHFRQVWDWH0DULDQ.XFDâD
,O \ D TXHOTXHV GL]DLQHV G·DQQpHV RQ GLVDLW TXH YHUV O·DQ OHV GLDOHFWHV HQ
3RORJQH DOODLHQW GLVSDUDvWUH &HOD QH V·HVW SDV SURGXLW PDLV VXU OD SOXSDUW GHV
WHUUHVDSSDUWHQDQWjO·eWDWSRORQDLVOHVpOpPHQWVGLDOHFWDX[FKH]ODPDMRULWpGHV
KDELWDQWV GH OD FDPSDJQH VRQW PpODQJpV DX[ pOpPHQWV GH OD ODQJXH JpQpUDOH
'DQVWURLVUpJLRQVVHXOHPHQW3RGKDOHDXVXG.DV]XE\ .DFKRXELH DXQRUGHW
FRQVLGpUDEOHPHQW ŒOĊVN 6LOpVLH OHV DXWRFKWRQHV XWLOLVHQW FRQVFLHPPHQW XQ
GLDOHFWH HQ IRUPH UHODWLYHPHQW SXUH 3DUWRXW DLOOHXUV O·XVDJH GHV GLDOHFWHV D
EHDXFRXS GLPLQXp 8QH VRUWH GH ELOLQJXLVPH VH UpSDQG OHV KDELWDQWV GH OD
FDPSDJQHVHVHUYHQWGXGLDOHFWHHQFRQWDFWDYHFVHVSURFKHVHWVHVYRLVLQVHWHQ
GHKRUV GH FH FHUFOH XWLOLVHQW OD ODQJXH JpQpUDOH G·KDELWXGH LPSUpJQpH GHV
pOpPHQWVGLDOHFWDX[ .XFDâD
2Q REVHUYH TXH OHV SDUOHUV FHOD FRQFHUQH VXUWRXW FHV WURLV JURXSHV
GLDOHFWDX[PHQWLRQQpVSDU.XFDâD TXHOHVORFXWHXUVVRQWILHUVG·XWLOLVHU
VH PDLQWLHQQHQW ELHQ JUkFH DXVVL DX[ HIIRUWV GHV DVVRFLDWLRQV FXOWXUHOOHV
ORFDOHV±XYUDQW²SDUIRLVDYHFO·DSSXLG·LQWHOOHFWXHOVLVVXVGHODUpJLRQ²j
FRQVHUYHUHWjGpYHORSSHUODFXOWXUHVSpFLILTXHYpKLFXOpHSDUFHVGLDOHFWHV
,O \ D XQ FHUWDLQ GDQJHU GDQV OD FRPPHUFLDOLVDWLRQ GHV pOpPHQWV GHV
FXOWXUHVUpJLRQDOHV PpODQJpVjODFXOWXUHSRSJOREDOH VXUWRXWj3RGKDOH
DXYHUVDQWQRUGGH7DWUDVUpJLRQVSpFLDOHPHQWDSSUpFLpHSDUOHVWRXULVWHV
DXVVL ELHQ SRORQDLV TX·pWUDQJHUV VXVFHSWLEOH SDU Oj GH VH SOLHU j OHXU
GHPDQGH
3DUOHUV TXL DEVRUEHQW GHV WUDLWV PRLQV VWLJPDWLVDQW GHV GLDOHFWHV DXVVL ELHQ TXH
FHX[ GH OD ODQJXH JpQpUDOH HW TXL RQW FRPPHQFp j VH IRUPHU GDQV OHV JUDQGHV YLOOHV
SRORQDLVHVDX;,;HVLqFOH
$QQD%HUOLľVND
/HV UHFKHUFKHV HIIHFWXpHV MXVTX·j SUpVHQW SDU OHV GLDOHFWRORJXHV HW OHV
VRFLROLQJXLVWHV HQWUH DXWUHV +DOLQD .XUHN .D]LPLHU] 2ůyJ +DOLQD
3HOFRZD 6LHURFLXN .XFDâD 0D]XU .XUHN
.Ċœ5HLFKDQ GpPRQWUHQWOHVWHQGDQFHVVXLYDQWHV
OD GLVSDULWLRQ SURJUHVVLYH GH OD FXOWXUH WUDGLWLRQQHOOH UXUDOH O·LQIOXHQFH
GHV PpGLDV HW GH OD FLYLOLVDWLRQ GH FRQVRPPDWLRQ TX·LOV SURSDJHQW
HQGRPPDJHDXVVLOHVGLDOHFWHV
OHV SOXV YXOQpUDEOHV VHPEOHQW rWUH OHV ©QRXYHDX[ GLDOHFWHV PL[WHVª
UpVXOWDWGHVPLJUDWLRQVPDVVLYHVG·DSUqVJXHUUH YHUVODIURQWLqUHRXHVWHW
DXQRUGGXSD\V
SHUWH GH PDvWULVH GX GLDOHFWH FKH] OHV MHXQHV JpQpUDWLRQV OHV SDUOHUV
ORFDX[ OHV SOXV ©IRUWVª NDFKRXEH VLOpVLHQ GLDOHFWH GH 3RGKDOH VRQW
XWLOLVpV SDU WRXWHV OHV JpQpUDWLRQV DLOOHXUVOHV JHQV OHV SOXV MHXQHV RQW
G·KDELWXGHGHVFRPSpWHQFHVIDLEOHVHQSDUOHUORFDO
OHV GpILFLHQFHV HQ FRQQDLVVDQFH GX GLDOHFWH Q·LPSOLTXHQW SDV
DXWRPDWLTXHPHQWODERQQHFRPSpWHQFHHQODQJXHJpQpUDOH©/HVMHXQHV
QH FRQQDLVVHQW SDV OHV TXDWUH HVSqFHV GH FpUpDOHV PDLV SDUOHQW
SDUIDLWHPHQWOHODQJDJHGHODSXEOLFLWpª 2ůyJ
OH PRGH G·DSSUHQWLVVDJH GH OD ODQJXH QDWLRQDOH GDQV OHV pFROHV
HQFRXUDJHDQW HQ SUDWLTXH OHV pOqYHV j DEDQGRQQHU OH SDUOHU ORFDO
PpWKRGH QH GLV SDV [ GLV \ R [ WUDLW GLDOHFWDO \ pOpPHQW
DSSDUWHQDQWjODQRUPHJpQpUDOH
RQ REVHUYH OD GLJORVVLH GX W\SH GLDOHFWH HQ VLWXDWLRQ IDPLOLqUH OH
SRORQDLV JpQpUDO HQ VLWXDWLRQ RIILFLHOOH VHXOHPHQW OHV JHQV LVVXV GH OD
FDPSDJQHHWD\DQWIDLWOHXUVpWXGHVVXSpULHXUHVDUULYHQWjQHSDVPpODQJHU
OHVFRGHV
OH ODQJDJH HQWHQGX OH SOXV VRXYHQW GDQV OHV PLOLHX[ UXUDX[ F·HVW OH
PpODQJHGLDOHFWHODQJXHJpQpUDOHHQSURSRUWLRQVGLYHUVHV LQWHUGLDOHFWH
7KpRULTXHPHQWOHUHVSHFWSRXUOHVGLDOHFWHVFRPPHSDUWLHGXSDWULPRLQHFXOWXUHO
QDWLRQDO HVW LQVFULW GDQV OHV SURJUDPPHV 3HX G·HQVHLJQDQWV SRXUWDQW HQFRXUDJHQW OHV
pOqYHVjSUDWLTXHUOHELOLQJXLVPHGLDOHFWHODQJXHJpQpUDOHHQFKDQJHDQWGHFRGHVHORQ
O·LQWHUORFXWHXUHWODVLWXDWLRQ
/DQRUPDOLVDWLRQGHODODQJXHSRORQDLVHJpQpUDOHHWOHVSDUOHUVORFDX[
OHVUpDOLVDWLRQVDSSUR[LPDWLYHVjPLFKHPLQHQWUHOHVWUDLWVGLDOHFWDX[HW
OHV pOpPHQWV FRQIRUPHV DX[ QRUPHV GH OD ODQJXH JpQpUDOH VRQW DVVH]
UpSDQGXHVVXUWRXWHQFHTXLFRQFHUQHODSKRQpWLTXH
GDQVOHSURFHVVXVG·DEDQGRQSURJUHVVLIGXGLDOHFWHDXSURILWGHODODQJXH
JpQpUDOHOHSKpQRPqQHGHO·K\SHUFRUUHFWLRQHVWIUpTXHQW
XQH SDUWLH GHV JHQV LQIOXHQWV GDQV OHV PLOLHX[ UXUDX[ GpYDORULVH OHV
GLDOHFWHV
RQ FRQVWDWH WRXW GH PrPH XQ FHUWDLQ UHQRXYHDX G·LQWpUrW SRXU OHV
GLDOHFWHV XQH HQYLH GH UHFXHLOOLU GX YRFDEXODLUH j PRLWLp RXEOLp GDQV OH
FRXUDQW GH OD UHFKHUFKH GH O·LGHQWLWp ORFDOH GH VHV ©UDFLQHVª FXOWXUHOOHV
G·XQHVRUWHGHFRQWUHSRLGVjODFXOWXUHGHPDVVHXQLIRUPLVDQWH
$YHF VD SUHVVH GHX[ WUDGXFWLRQV GH OD %LEOH GHV GLFWLRQQDLUHV HW GHV
JUDPPDLUHV XQH SURGXFWLRQ OLWWpUDLUH FRQVLGpUDEOH HW VD SURSUH
RUWKRJUDSKH GRQW OD FRGLILFDWLRQ HVW PDLQWHQDQW HQ FRXUV F·HVW OH
NDFKRXEH DXMRXUG·KXL TXL HVW OH SDUOHU ORFDO OH SOXV SURFKH G·rWUH
VWDQGDUGLVp HW XWLOLVp GDQV OHV VLWXDWLRQV RIILFLHOOHV HQ DOWHUQDQFH DYHF OH
SRORQDLV JpQpUDO =LHQLXNRZD ,O HVW DXVVL HQVHLJQp
FRPPH PDWLqUH GDQV SOXVLHXUV pFROHV GH OD UpJLRQ HW j O·8QLYHUVLWp GH
*GDľVN$SUqVO·HQWUpHHQYLJXHXUGHODORLLOHVWDGPLVSRXUO·XVDJH
DGPLQLVWUDWLI FRPPH Mę]\N SRPRFQLF]\ ©ODQJXH DX[LOLDLUHª j FRWp GX
SRORQDLVGDQVOHVFRPPXQHVROHQRPEUHGHVHVORFXWHXUVGpSDVVH
GH OD SRSXODWLRQ /D SURGXFWLRQ pFULWH HQ VLOpVLHQ HW HQ GLDOHFWH GH
3RGKDOH DXJPHQWH DXVVL HW O·DFWLYLWp DVVRFLDWLYH ORFDOH GDQV FHV GHX[
UpJLRQV IDYRUDEOH DX PDLQWLHQ GHV GLDOHFWHV HVW DVVH] GpYHORSSpH /HV
FRQFRXUVGXPHLOOHXUGLVFRXUVHQGLDOHFWHRXGHVFRQFHUWVHWGHVIHVWLYDOV
GHVFKDQWVUpJLRQDX[VXVFLWHQWEHDXFRXSG·LQWpUrW$YHFO·XVDJHUpSDQGX
FKH] OHV MHXQHV HW OH VRXWLHQ TXH SRUWHQW j FHV GHX[ FXOWXUHV ORFDOHV OHV
LQWHOOHFWXHOVDXWRFKWRQHVELHQFRQQXVDXQLYHDXQDWLRQDOOHXUH[LVWHQFH
QHVHPEOHSDVHQGDQJHU
8Q GHV SURSDJDWHXUV GH OD FXOWXUH VLOpVLHQQH HVW OH FpOqEUH FLQpDVWH .D]LPLHU]
.XW] /D FXOWXUH HW OD ODQJXH GH 3RGKDOH RQW WUDGLWLRQQHOOHPHQW LQWpUHVVp OHV PLOLHX[
LQWHOOHFWXHOV GH &UDFRYLH GHSXLV OD ILQ GX ;,;H VLqFOH .D]LPLHU] 3U]HUZD7HWPDMHU
6WDQLVâDZ ,JQDF\ :LWNLHZLF] HW DXWUHV 3OXV UpFHPPHQW OH SKLORVRSKH -y]HI 7LVFKQHU
TXL HQ VD TXDOLWp GH SUrWUH FDWKROLTXH SURQRQoDLW SDUIRLV GHV VHUPRQV HQ GLDOHFWH GH
3RGKDOH SR JyUDOVNX ©HQ PRQWDJQDUGª HW HQ HVW YHQX ² DYHF VRQ VHQV GH O·KXPRXU HW
$QQD%HUOLľVND
/DVLWXDWLRQG·DXWUHVHQVHPEOHVGLDOHFWDX[SDUDvWPRLQVDYDQWDJHXVH&HX[
GH0D]RYLHSDUH[HPSOHODUpJLRQHQWRXUDQWODFDSLWDOHGXSD\VVRQWHQ
WUDLQ GH VH GLVVRXGUH GDQV OH ODQJDJH FRPPXQ IDPLOLHU '·DXWUH SDUW
FHUWDLQWUDLWVOLQJXLVWLTXHVPD]RYLHQVVHVRQWIDLWDFFHSWHUGDQVODODQJXH
JpQpUDOH DX FRXUV GX ;;H VLqFOH 8QH FRQGLWLRQ LPSRUWDQWH GH OD VXUYLH
GHV SDUOHUV ORFDX[ HVW DXVVL OHXU DGDSWDWLRQ QpFHVVDLUH j OD YLH
FRQWHPSRUDLQHHWVHVH[LJHQFHVFRPPXQLFDWLYHVFHTXLFRQFHUQHVXUWRXW
OHYRFDEXODLUH9RXORLUOHVFRQVHUYHUHQpWDW´SXUµDQFHVWUDOULVTXHGHOHV
HQIHUPHU DX PHLOOHXU FDV GDQV OHV PXVpHV HWKQRJUDSKLTXHV HW OHV
ELEOLRWKqTXHVDXSLUHGDQVO·RXEOLFRPSOHW
5pIpUHQFHV
'(-1$.DURO'LDOHNW\SROVNLH:URFâDZ2VVROLQHXP
'8%,6= 6WDQLVâDZ -ę]\N ² KLVWRULD ² NXOWXUD Z\NâDG\ VWXGLD DQDOL]\ :DUV]DZD
:\G8:
.ĉŒ -y]HI .85(. +DOLQD ©-ę]\N ZVLª ,Q *$-'$ 6WDQLVâDZ HG 1DMQRZV]H
G]LHMHMę]\NyZVâRZLDľVNLFK-ę]\NSROVNL2SROHSS
./(0(16,(:,&==HQRQ+LVWRULDMę]\NDSROVNLHJR:DUV]DZD3:1
.8&$á$ 0DULDQ ©*ZDU\LUHJLRQDOQHRGPLDQ\SROV]F]\]Q\Z;;ZLHNXª,Q
'8%,6= 6WDQLVâDZ *$-'$ 6WDQLVâDZ HG 3ROV]F]\]QD ;; ZLHNX (ZROXFMD L
SHUVSHNW\Z\UR]ZRMX:DUV]DZD(OLSVDSS
.85$6=.,(:,&= :âDG\VâDZ 3ROVNL Mę]\N OLWHUDFNL 6WXGLD QDG KLVWRULĊ L VWUXNWXUĊ
:DUV]DZD²3R]QDľ3:1
-2'á2:6., 6WDQLVâDZ
ZZZJZDU\SROVNLHXZHGXSO
/RV\
SROVNLHM
RUWRJUDILL
:DUV]DZD
3:1
0$-(:,&=$OIUHG-ę]\NLœZLDWDLLFKNODV\ILNRZDQLH:DUV]DZD3:1
0$=85 -DQ ©'LDOHNW\ª ,Q *$-'$ 6WDQLVâDZ HG 1DMQRZV]H G]LHMH Mę]\NyZ
VâRZLDľVNLFK-ę]\NSROVNL2SROHSS
1,76&+.D]LPLHU]ŒZLDWPRZ\SROVNLHM:DUV]DZD3:1 pGLWLRQSRVWKXPHWH[WH
FLWp0RZDOXGXSROVNLHJRDpWpSXEOLpSRXUODSUHPLqUHIRLVHQ
O·DXGDFH LQWHOOHFWXHOOH ² MXVTX·j pFULUH XQH ´KLVWRLUH GH OD SKLORVRSKLHµ HQ GLDOHFWH
PRQWDJQDUG&HQ·pWDLWSDVOHGLDOHFWH´SXUµPDLVVDYDPPHQWHQULFKLHWSRXUWDQWILGqOHj
OD YLVLRQ GX PRQGH YpKLFXOpH SDU FHWWH FXOWXUH 7LVFKQHU 6HV OLYUHV VRQW
FRQVWDPPHQWUppGLWpV
/DQRUPDOLVDWLRQGHODODQJXHSRORQDLVHJpQpUDOHHWOHVSDUOHUVORFDX[
2Ů * .D]LPLHU] ©.RQWHNVW\ NXOWXURZH ZVSyâF]HVQHM SROV]F]\]Q\ ZVLª ,Q
6,(52&,8.-HU]\ HG *ZDU\G]LœYRO,93R]QDľ:\G3731SS
32/$Ľ6.,(GZDUG©5HIRUP\RUWRJUDILLSROVNLHM²ZF]RUDMG]LœMXWURª%LXOHW\Q
3ROVNLHJR7RZDU]\VWZD-ę]\NR]QDZF]HJR)DVFLFXOH/;.UDNyZ8QLYHUVLWDVSS
5(,&+$1-HU]\©*ZDU\SROVNLHZNRľFX;;ZLHNXª,Q3,6$5(.:DOHU\ HG
3ROV]F]\]QD 2UęG]LH R VWDQLH Mę]\ND QD SU]HâRPLH W\VLĊFOHFL .UDNyZ 2%3 8- SS
6,(52&,8. -HU]\ HG *ZDU\ G]Lœ YRO ,,9 3R]QDľ :\G
3731
67,(%(5=G]LVâDZŒZLDWMę]\NRZ\6âRZLDQ:DUV]DZD3:1
67587<Ľ6., -DQXV] HG %LEOLRJUDILD GLDOHNWRORJLL SROVNLHM YRO ,,,,
.UDNyZ:\G8-
7,6&+1(5-y]HI+LVWRULDILOR]RILLSRJyUDOVNX.UDNyZ=QDN
7,6&+1(5 -y]HI 6âRZR R œOHERG]LH .D]DQLD VSRG 7XUEDF]D .UDNyZ
=QDN
85%$Ľ&=<.6WDQLVâDZ6]NLFH]G]LHMyZMę]\NDSROVNLHJR:DUV]DZD3:1
8VWDZD ] GQLD U R PQLHMV]RœFLDFK QDURGRZ\FK L HWQLF]Q\FK RUD] R Mę]\NX UHJLRQDOQ\P
KWWSNVVHMPJRYSOSURFXVWDZ\BXKWP
:$/&=$. %RJGDQ ©.RPX ]DZG]LęF]DP\ SROVNL Mę]\N OLWHUDFNL"ª ,Q
%$-(52:$ ,UHQD .$53/8. 0DULD /(6=&=<Ľ6., =HQRQ HG -ę]\N D
FKU]HœFLMDľVWZRSS/XEOLQ:\G71.8/
:$/&=$. %RJGDQ ©*ZDU\ Z œZLDGRPRœFL Xů\WNRZQLNyZ SROV]F]\]Q\
3UROHJRPHQDKLVWRU\F]QH ª,Q6,(52&,8.-HU]\ HG *ZDU\G]LœY,93R]QDľ
:\G3731SS
=,(1,8.2:$-DGZLJD©.DV]XEV]F]\]QDª,Q*$-'$6WDQLVâDZ HG 1DMQRZV]H
G]LHMHMę]\NyZVâRZLDľVNLFK-ę]\NSROVNL2SROHSS
/DODQJXHDUPpQLHQQHRFFLGHQWDOHHQWUHGpVLUVHWUpDOLWpV
9DUWDQ2]LQLDQ
*DPPD,QVWLWXWH:RUOG1HWZRUN
&HWDUWLFOHHVWEDVpVXUGHVHQTXrWHVYLVDQWjpWDEOLUO·pWDWGHVOLHX[GHO·HQVHLJQHPHQWHWGHODIRUPDWLRQ
GHV HQVHLJQDQWV DLQVL TXH FHOXL GHV DGPLQLVWUDWHXUV G·pFROHV FHQVpHV rWUH G·H[SUHVVLRQ DUPpQLHQH
RFFLGHQWDOH8QHODQJXHVDQVWHUULWRLUHOHVGpVLUVSRXUVDSpUHQQLVDWLRQVRQWWUDGXLWVHQFRQWULEXWLRQVGH
OD SDUW GH SHUVRQQHV GH ERQQH YRORQWp HW GH ERQQH IRL ² GHV PpFqQHV GHV DGPLQLVWUDWHXUV HW GHV
HQVHLJQDQWV DX VHLQ G·XQ PLOOLHU G·pFROHV IRUPHOOHV HW LQIRUPHOOHV SRXU XQH SRSXODWLRQ HVWLPpH j WURLV
PLOOLRQV GLVSHUVpH GDQV OH PRQGH FRQVWLWXDQW OD 'LDVSRUD GHV $UPpQLHQV 2FFLGHQWDX[ &HOOHFL
FRQVWLWXHOD5pSXEOLTXH&XOWXUHOOHGHV$UPpQLHQV XQHHQWLWpFXOWXUHOOH G·pWHQGXHPRQGLDOH(OOHQ·HVW
SDVDVVXMHWWLHjODMXULGLFWLRQGHOD5pSXEOLTXHG·$UPpQLH&HWWHGHUQLqUHHVWG·XQHQDWXUHGLIIpUHQWHHW
Q·DDXFXQPDQGDWOpJLWLPHQLOpJDOSRXUUHSUpVHQWHUOD'LDVSRUD1pDQPRLQVOHV$UPpQLHQVGHO·(WDW
GH OD 5pSXEOLTXH G¶$UPpQLH VRQW GHVPHPEUHV GH OD 5pSXEOLTXH &XOWXUHOOH GHV $UPpQLHQV 3DU
FRQVpTXHQW LO HVW VRXKDLWDEOH HW QRUPDO TX·LO \ DLW XQH FRRSpUDWLRQ FXOWXUHOOH HQWUH OD 5pSXEOLTXH
G·$UPpQLHHW OD'LDVSRUD 0DLVFHOOHFLQHSHXWrWUHIRQGpHTXH VXUOH UHVSHFWPXWXHOGHVYDOHXUVGHV
SDUWLHVLQWpUHVVpHV
4XHVW·DUWLFRORVLEDVDVXDOFXQHLQFKLHVWHYROWHDGHILQLUHORVWDWRGHOO·LQVHJQDPHQWRHGHOODIRUPD]LRQH
GHJOLLQVHJQDQWLFRPHDQFKHTXHOORGHJOLDPPLQLVWUDWRULGLVFXROHUHSXWDWHHVVHUHGLHVSUHVVLRQHDUPHQD
RFFLGHQWDOH8QDOLQJXDVHQ]DWHUULWRULRLGHVLGHULGLSHUHQQL]]DUODVLWUDGXFRQRLQFRQWULEXWLGDSDUWH
GLSHUVRQHGLEXRQDYRORQWjHLQEXRQDIHGH²PHFHQDWLDPPLQLVWUDWRULHLQVHJQDQWLQHOO·DPELWRGLXQ
PLJOLDLRGLVFXROHIRUPDOLHQRQIRUPDOLSHUXQDSRSROD]LRQHVWLPDWDDFLUFDWUHPLOLRQLGLLQGLYLGXL
VSDUVL SHU LO PRQGR FKH FRVWLWXLVFH OD 'LDVSRUD GHJOL DUPHQL RFFLGHQWDOL 4XHVW·XOWLPD FRVWLWXLVFH OD
5HSXEEOLFDFXOWXUDOHGHJOLDUPHQLXQ·HQWLWjFXOWXUDOHHVWHVDDOLYHOORPRQGLDOH(VVDQRQqDVVRJJHWWDWD
DOODJLXULVGL]LRQHGHOOD5HSXEEOLFDG·$UPHQLD4XHVW·XOWLPDqGLXQDGLYHUVDQDWXUDHQRQKDDOFXQ
PDQGDWR OHJLWWLPR Qp OHJDOH SHU UDSSUHVHQWDUH OD 'LDVSRUD 7XWWDYLD JOL DUPHQL GHOOR 6WDWR GHOOD
5HSXEEOLFD G·$UPHQLD VRQR PHPEUL GHOOD 5HSXEEOLFD &XOWXUDOH GHJOL DUPHQL 'L FRQVHJXHQ]D q
DXVSLFDELOH H QDWXUDOH FKH FL VLD FRRSHUD]LRQH FXOWXUDOH WUD OD 5HSXEEOLFD G·$UPHQLD H OD 'LDVSRUD
0DWDOHFRRSHUD]LRQHQRQSXzIRQGDUVLFKHVXOUHFLSURFRULVSHWWRGHLYDORULGHOOHSDUWLLQWHUHVVDWH
,QWURGXFWLRQ
/D JHQqVH GH OD ODQJXH DUPpQLHQQH HW GHV UpIOH[LRQV SRXU XQH SROLWLTXH
OLQJXLVWLTXHRQWpWpH[SRVpHVLFLPrPHj7HUDPROHPDLHWOH
PDL ORUV GHV WUDYDX[ GHV GHX[LqPHV HW WURLVLqPHV -RXUQpHV GHV
'URLWV/LQJXLVWLTXHV 2]LQLDQDHW2]LQLDQE
SUpVHQW LO HVW TXHVWLRQ GH IDLUH O·pWDW GHV OLHX[ GH O·HQVHLJQHPHQW GH
FHWWHODQJXHHWGHODIRUPDWLRQFRQWLQXHGHVHQVHLJQDQWVDLQVLTXHGHFHOOH
GHVDGPLQLVWUDWHXUVG·pWDEOLVVHPHQWVVFRODLUHV
9DUWDQ2]LQLDQ
/·DUPpQLHQ RFFLGHQWDO HVW DSDWULGH FRPPH OHV $UPpQLHQV 2FFLGHQWDX[
G·DERUG GLDVSRULTXHV PDLV GHYHQXV SOXV WDUG GHV FLWR\HQV G·eWDWV GH
FXOWXUH GLIIpUHQWH &HFL GHSXLV OD SUHPLqUH JXHUUH PRQGLDOH j FDXVH GHV
LQWpUrWVGHVJUDQGHVSXLVVDQFHVGHO·pSRTXH²G·XQHSDUW²HWjFDXVHG·XQ
UpJLRQDOLVPHDUPpQLHQRULHQWDO²G·DXWUHSDUW
3DU OH SUpVHQW DUWLFOH QRXV HVVDLHURQV G·pWDEOLU XQH FRPSDUDLVRQ HW XQH
SDVVHUHOOH HQWUH OHV GpVLUV SRXU OD SpUpQQLWp GH OD FXOWXUH TXL HVW
LQGLVVROXEOH GH VD ODQJXH HW OHV UpDOLWpV HQ IDFH GHV FHV GpVLUV /HV
HQTXrWHV HIIHFWXpHV LQGLTXHQW OHV UpVXOWDWV GHV GpPDUFKHV HQWUHSULVHV HQ
UDLVRQ GX GpVLU GH SURWHFWLRQ GH O·DUPpQLHQRFFLGHQWDO (Q IDLW FHV
UpVXOWDWV FDUDFWpULVHQW DXVVL OD UpDOLWp GH OD VLWXDWLRQ GH O·pYROXWLRQ
OLQJXLVWLTXH
'pPDUFKHVGXHVDX[GpVLUV
/D ODQJXH DUPpQLHQQH RFFLGHQWDOH HVW FHOOH G·XQH SRSXODWLRQ
G·pWHQGXHPRQGLDOH GLWH /D 'LDVSRUD GHV $UPpQLHQV RFFLGHQWDX[ TXL
YpKLFXOH GHV FRPSRVDQWHV GH OD FXOWXUH DUPpQLHQQH '·DSUqV OHV
HVWLPDWLRQV FHWWH 'LDVSRUD HVW FRQVWLWXpHV GH WURLV PLOOLRQV G·kPHV GH
PRLQVHQPRLQVDUPpQRSKRQHV(OOHSRVVqGHGHSDUOHPRQGHHQYLURQ
pFROHV SULPDLUHV HW VHFRQGDLUHV FRQIRQGXHV DLQVL TXH pFROHV
KHEGRPDGDLUHV SRXU GHV FRXUV GH ODQJXH HW FXOWXUH DUPpQLHQQHV 3DU
DLOOHXUV GHV FRXUV GH ODQJXH VRQW GLVSHQVpV GDQV GHV VpPLQDLUHV SRXU OD
SUpSDUDWLRQ GHV SUrWUHV HW GHV SDVWHXUV 6·DMRXWHQW j FHX[FL GHV
SURJUDPPHVG·HQVHLJQHPHQWVVXSpULHXUVDXVHLQG·LQVWLWXWLRQVVSpFLDOLVpHV
GDQV GLIIpUHQWV SD\V /D IRUPDWLRQ HW OH UHF\FODJHGHV FRQQDLVVDQFHV GHV
LQVWLWXWHXUV VRQW RUJDQLVpV G·XQH SDUW VXUWRXW GDQV GHV SD\V GX 0R\HQ
2ULHQW HW G·DXWUH SDUW HQ 5pSXEOLTXH G·$UPpQLH ² QRWDPPHQW j
O·LQVWLJDWLRQ GH VRQ 0LQLVWqUH GH OD 'LDVSRUD DYHF OH FRQFRXUV GX
0LQLVWqUHGHO·(GXFDWLRQHWGHV6FLHQFHVDLQVLTX·DYHFODFROODERUDWLRQGH
FHUWDLQHV DVVRFLDWLRQV GH OD GLDVSRUD &HV LQLWLDWLYHV YHQDQW GH OD
5pSXEOLTXHG·$UPpQLHVRQWODVXLWHGHVHPEODEOHVDFWLYLWpVUHPRQWDQWj
O·pSRTXHVRYLpWLTXH
/H ILQDQFHPHQW G·LQYHVWLVVHPHQWV HW GX IRQFWLRQQHPHQW GHV pWDEOLV
VHPHQWV GH OD GLDVSRUD HVW HIIHFWXp TXDVL WRWDOHPHQW SDU GHV DFWHV GH
PpFpQDWLQGLYLGXHORXFROOHFWLIVDQVFRQWUHSDUWLHFRPPHUFLDOH$LQVLOHV
UHFHWWHVGHVEXGJHWVGHFHVpWDEOLVVHPHQWVVRQWFRQVWLWXpHVSDUGHVDFWHV
/DODQJXHDUPpQLHQQHRFFLGHQWDOHHQWUHGpVLUVHWUpDOLWpV
GHELHQIDLVDQFH&HOOHFLHVWXQHWUDGLWLRQGDQVODFXOWXUHDUPpQLHQQHVDXI
GDQVOD5pSXEOLTXHG·$UPpQLHTXLDVDVWUXFWXUHG·LPS{WV
/HV pOpPHQWV PHQWLRQQpV FRQFHUQDQW O·DFWLYLWp SRXU OD SURWHFWLRQ GH
O·DUPpQLHQRFFLGHQWDODIILFKHQWXQHYRORQWpLQFRQWHVWDEOHHQIDYHXUG·XQH
FXOWXUHTXL²SDUGpILQLWLRQ²UHVWHLQGLVVROXEOHGHVDODQJXHjVDYRLUGH
O·DUPpQLHQRFFLGHQWDO/HSULQFLSHIRQGDWHXUGHO·pFROHGHODGLDVSRUDHVW
GpILQL SDU O·HIILFDFLWp G·XQH IRUPDWLRQ PXOWLFXOWXUHOOH R O·DUPpQLHQ
RFFLGHQWDO HVW XQH FRPSRVDQWH HVVHQWLHOOH HW QRQQpJRFLDEOH 0DLV HQ
UpDOLWp FH SULQFLSH HVW PLV j UXGH pSUHXYH SDU GHV REVWDFOHV $LQVL OD
UDLVRQ G·rWUH GH O·pFROH DUPpQLHQQH GH OD GLDVSRUD HVW GHYHQXH
K\SRWKpWLTXH
5pDOLWpVVDLOODQWHV
/·DUPpQLHQ RFFLGHQWDO FRPPH WRXWHV ODQJXHV PLQRULWDLUHV VXUWRXW HQ
PLOLHX XUEDLQ VH WURXYH FRQIURQWp j GHV IDFWHXUV G·REVWUXFWLRQ ² DXVVL
p[RJqQHVTX·HQGRJqQHV/HPDQTXHG·LQWpUrWGHSDUOHPRQGHHVWGHSOXV
HQSOXVJUDQGjO·pJDUGGHO·DUPpQLHQGHODSDUWG·XQHSRSXODWLRQFHQVpH
SDUOHUFHWWHODQJXHHWHQrWUHVDGpSRVLWDLUH&HWWHVLWXDWLRQHVWGXH
- G·XQHSDUWjO·HIIHWLQFRQWU{ODEOHGHODG\QDPLTXHGHPDVVHGHOD
VRFLpWp HQYLURQQDQWH ² GRQW OD ODQJXH XWLOLWDLUH Q·HVW SDV
O·DUPpQLHQ²RODSRSXODWLRQPLQRULWDLUHSHXWrWUHLGHQWLILpHSDU
XQHDSSDUWHQDQFHjGHX[FXOWXUHVKDUPRQLVpHVFHOOHVGHVRQSD\V
GH UpVLGHQFH HW O·DUPpQLHQQH /·HIIRUW G·KDUPRQLVDWLRQ HVW HQ
JUDQGH SDUWLH VLQRQ HQWLqUHPHQW j OD FKDUJH GH FHX[ TXL
V·RFFXSHQWGHO·DUPpQLHQRFFLGHQWDO
-
G·DXWUH SDUW OH PDQTXH G·LQWpUrW YLVjYLV GH O·DUPpQLHQ VXUWRXW
RFFLGHQWDO HVW G j OD FDUHQFH UHODWLYHPHQW FRQWU{ODEOH GH OD
TXDOLWpHWGHODTXDQWLWpGHVHQVHLJQDQWVG·DUPpQLHQRFFLGHQWDOHW
GHV DGPLQLVWUDWHXUV GH OHXUV pWDEOLVVHPHQWV PDLV DXVVL DX
FRPSRUWHPHQW GHV SDUHQWV G·pOqYHV (Q HIIHW FHWWH VLWXDWLRQ
GpQDWXUHO·HQVHLJQHPHQWPrPHVLO·pWDEOLVVHPHQWHVWELHQpTXLSp
PDWpULHOOHPHQW HW V·LO HVW VpFXULVDQW VRFLDOHPHQW (Q IDLW FHOOHV HW
FHX[ TXL ±XYUHQW SRXU OH IRQFWLRQQHPHQW FRUUHFW GHV
pWDEOLVVHPHQWV FRQIRQGHQW WUqV VRXYHQW OD PLVVLRQ pGXFDWLYH HW
GH FRQQDLVVDQFH DYHF OD FRQVWUXFWLRQ G·XQ EkWLPHQW RX VD
UpQRYDWLRQDLQVLTX·DYHFODPLVHHQ±XYUHG·XQHVSDFHSRO\YDOHQW
9DUWDQ2]LQLDQ
GH VSRUW HW GH UpFUpDWLRQ RX O·pTXLSHPHQW GHV ODERUDWRLUHV (Q
UpDOLWp FHV pOpPHQWV PDWpULHOV QH VRQW TXH GHV DX[LOLDLUHV XWLOHV
/·HVVHQWLHOHVWVRQFRUSVHQVHLJQDQWTXDOLILpJXLGpHWDLGpSDUXQH
GLUHFWLRQ DYHF OHV DGPLQLVWUDWHXUV SUREHV TXL GRQQHUDLHQW GHV
UpVXOWDWV FRQIRUPHV j OD PLVVLRQ GH O·pWDEOLVVHPHQW /D PLVVLRQ
pWDQW GpILQLH SDU XQH FXOWXUH ELHQ GpWHUPLQpH DYHF VD ODQJXH
SURSUHSRXUXQHSRSXODWLRQHVWXGLDQWLQH©FRQVHQWDQWHª
/·eFROH GH OD 'LDVSRUD GHV $UPpQLHQV 2FFLGHQWDX[ V·pORLJQH GH FHWWH
PLVVLRQ $ FHW pJDUG LO VHUDLW LQWpUHVVDQW YRLUH QpFHVVDLUH G·pYDOXHU OD
IRUPDWRQGHVLQVWLWXWHXUVGXSRLQWGHYXHGHO·DSWLWXGHjO·HQVHLJQHPHQW
HW GRQW OD ODQJXH GH WUDYDLO HVW HQ SULQFLSH O·DUPpQLHQ RFFLGHQWDO 'H
PrPH O·pYDOXDWLRQ GHV FRQQDLVVDQFHV HQ DUPpQLHQ RFFLGHQWDO V·LPSRVH
FKH]OHVXQLYHUVLWDLUHVTXLVHSUpVHQWHQWFRPPHGHVVSpFLDOLVWHVGHVpWXGHV
DUPpQLHQQHV &HV pYDOXDWLRQV SHXYHQW SHUPHWWUH G·pWDEOLU XQ pWDW GHV
OLHX[OLQJXLVWLTXH&HSHQGDQWLOHVWXQIDLWTXHOHVpWDEOLVVHPHQWVVFRODLUHV
GH ODQJXH DUPpQLHQQH RFFLGHQWDOH SHXYHQW rWUH SUpVHQWpV HQ WURLV
FDWpJRULHV
GHVpWDEOLVVHPHQWVTXLpGXTXDLHQWHWGLVSHQVDLHQWXQHQVHLJQHPHQW
GH TXDOLWp UHFKHUFKp GDQV OH PRQGH HQWLHU EDVp VXU OD ODQJXH
DUPpQLHQQH RFFLGHQWDOH HW KDUPRQLVp DYHF OD FXOWXUH GHV SD\V GH
UpVLGHQFH SOXV XQH RX GHX[ ODQJXHV pWUDQJqUHV GLWHV
LQWHUQDWLRQDOHV $FWXHOOHPHQW FHV DFWLYLWpV VRQW GpYLpHV YHUV XQ
HQVHLJQHPHQW HQ ODQJXH DQJORDPHUFDLQH RX DXWUH DX[ GpSHQV GH
O·DUPpQLHQ RFFLGHQWDO WRXW HQ JDUGDQW OH QRP G·©pFROH
DUPpQLHQQHª&·HVWGXFDQQLEDOLVPHOLQJXLVWLTXH
GHV pWDEOLVVHPHQWV R O·DUPpQLHQ RFFLGHQWDO D WRXMRXUV pWp
DQpPLTXH TXL GLVSHQVHQW OD TXDVL WRWDOLWp GH VRQ HQVHLJQHPHQW
GDQV OD ODQJXH GX SD\V GH UpVLGHQFH ² SOXV XQH RX GHX[ ODQJXHV
pWUDQJqUHV GRQW O·DUPpQLHQ 7RXMRXUV VRXV OH QRP G·©pFROH
DUPpQLHQQHª&·HVWGXFDQQLEDOLVPHOLQJXLVWLTXHDYDQFp
GHVpWDEOLVVHPHQWVTXLVRQWHQYRLHGHOLTXLGDWLRQRXUpFHPPHQW
OLTXLGpV SDU GHV DGPLQLVWUDWHXUV PDLV QRQSURSULpWDLUHV TXL
FRQVLGqUHQW HW GpFODUHQW TXH O·DUPpQLHQ RX O·DUPpQLHQ RFFLGHQWDO
Q·RQWDXFXQHYDOHXUPDUFKDQGH
/DODQJXHDUPpQLHQQHRFFLGHQWDOHHQWUHGpVLUVHWUpDOLWpV
(Q IDLW O·LGpH GX PDQTXH GH YDOHXU PDUFKDQGH HVW j OD EDVH GH OD
GpSUpFLDWLRQ GH O·DUPpQLHQ RFFLGHQWDO GDQV OHV pFROHV GH OD 'LDVSRUD R
OHV SDUHQWV G·pOqYHV DYHF OH FRQVHQWHPHQW GH OD GLUHFWLRQ HW GHV
DGPLQLVWUDWHXUV G·pWDEOLVVHPHQWV IRQW REVWUXFWLRQ j O·HQVHLJQHPHQW HQ
ODQJXH DUPpQLHQQH PrPH GDQV XQ UpJLPH ELOLQJXH $ OHV HQWHQGUH FHV
DGPLQLVWUDWHXUV FUDLJQHQW GH SHUGUH ©OD FOLHQWqOHªHVWXGLDQWLQH7HOOHHVW
ODMXVWLILFDWLRQSDUDGR[DOHGHVUHVSRQVDEOHVG·pFROHV,OHVWFODLUTXHFHWWH
©MXVWLILFDWLRQª QH WLHQW SDV FRPSWH TX·XQH ODQJXH PLQRULWDLUH HVW XQH
ODQJXH GH FXOWXUH TXL HVW QpFHVVDLUHPHQW XQH YDOHXU DMRXWpH GDQV
O·pGXFDWLRQ GX FLWR\HQ &HUWHV FHWWH YDOHXU DMRXWpH Q·HVW SDV PDUFKDQGH
GDQV O·LPPpGLDW 0DLVHOOH O·HVW j WHUPH FRPPH O·pGXFDWLRQ SHUPDQHQWH
'DQV OHXU FRQFHSWLRQ GX PDQTXH GH ODYDOHXU PDUFKDQGH GH O·DUPpQLHQ
RFFLGHQWDO OHV UHVSRQVDEOHV G·pFROHV HW OHV SDUHQWV G·pOqYHV VHPEOHQW
©RXEOLHUª TXH FHV pWDEOLVVHPHQWV VRQW GHV pFROHVHQ ODQJXH DUPpQLHQQH
RFFLGHQWDOH HW HOOHV VRQW ILQDQFpHV HQ WDQW TXH WHOOH SDU GHV PpFqQHV GH
ERQQHYRORQWpHWGHERQQHIRL&HW©RXEOLªHQTXHVWLRQLQGXLWSDUXQH
LQGpQLDEOH FRPSODLVDQFH GH FOLHQWpOLVPH HVW OD FOHI GH YRWH GH
O·REVWUXFWLRQ PRQWpH SDU OHV SDUHQWV G·pOqYHV j O·HQFRQWUH GH
O·HQVHLJQHPHQW HQ DUPpQLHQ RFFLGHQWDO pYHQWXHOOHPHQW ELOLQJXH
SURSUHPHQWGLW
/HV PrPHV FRQVLGpUDWLRQV FOLHQWpOLVWHV PHUFDQWLOHV IRQW SURPRXYRLU OD
ODQJXHORFDOHGHOD5pSXEOLTXHG·$UPpQLHRXGDQVFHUWDLQVFDVO·DUPpQLHQ
RULHQWDO HQ H[FOXDQW O·DUPpQLHQ RFFLGHQWDO GH VD SURSUH PDLVRQ j VDYRLU
GH O·pFROH DUPpQLHQQH RFFLGHQWDOH &HWWH ©RSpUDWLRQªHVW IRUJpH
VLPSOHPHQWSRXUSODLUHDX[FOLHQWVDOLDVSDUHQWVG·pOqYHVUHVVRUWLVVDQWGH
OD5pSXEOLTXHG·$UPpQLHLPPLJUpVGDQVOHVSD\VRFFLGHQWDX[&HUWHVOD
ODQJXHOLWWpUDLUHDUPpQLHQQHRULHQWDOHHVWXQHGHVYDOHXUVLQFRQWHVWDEOHGH
ODPRVDwTXHGHVFXOWXUHVDUPpQLHQQHVWRXWFRPPHO·DUPpQLHQRFFLGHQWDO
0DLV HQ YpULWp OH UHPSODoDQW GH FH GHUQLHU HVW XQ ODQJDJH TXL Q·HVW SDV
QRQSOXVO·RULHQWDOVXVPHQWLRQQp
&XULHXVHPHQW GDQV WRXWHV OHV WURLV FDWpJRULHV G·pFROHV TXH QRXVYHQRQV
G·pYRTXHUGHVIRQGVGHVWLQpVSRXUSpUHQQLVHUODFXOWXUHDUPpQLHQQHDYHF
O·HQVHLJQHPHQW HQ DUPpQLHQ RFFLGHQWDO VRQW DOORXpV DLOOHXUV SDU XQH
FRPSODLVDQFHFOLHQWpOLVWH&HWWHVLWXDWLRQHVWXQHIDoRQGHGpWRXUQHPHQW
GH IRQGV TXHOOH TX·HQ VRLW OD UDLVRQ (VWLO QpFHVVDLUH GH FRPPHQWHU OD
PRWLYDWLRQ GH FH FDQQLEDOLVPH OLQJXLVWLTXH DXWUHPHQW GLW FXOWXULFLGH
VXLFLGDLUH"
9DUWDQ2]LQLDQ
&HSHQGDQW OH 0LQLVWqUH GH OD 'LDVSRUD HW TXHOTXHVDXWUHV RUJDQHV GH OD
5pSXEOLTXH G·$UPpQLH V·DFWLYHQW DILQ G·DPpOLRUHU OHV FRQGLWLRQV
G·p[LVWHQFHGHO·DUPpQLHQRFFLGHQWDOGHOD'LDVSRUD3RXUFHODLOVLQYLWHQW
GHVLQVWLWXWHXUVGHOD'LDVSRUDDX[FRXUVGHIRUPDWLRQHWRXGHUHF\FODJH
LQVWDXUpV GDQV OH SD\V (Q UpDOLWp FHWWH DFWLYLWp QH SHXW TXH GpQDWXUHU HW
SDU FRQVpTXHQFH DIIDLEOLU O·DUPpQLHQ RFFLGHQWDO (OOHHVW FRQWUH
SURGXFWLYH&HWWHREVHUYDWLRQWURXYHVDFRQILUPDWLRQSDUOHVFRQVWDWVGHV
VRXUFHVGDQVOD5pSXEOLTXHG·$UPpQLHTXHYRLFL
'HVRUJDQHVG·LQIRUPDWLRQGXSD\VV·H[SULPHQWHQODPDWLqUHG·XQH
PDQLqUHLPDJpHPDLVFODLUHPHQWDODUPDQWHO·$UPpQLHHVWO·DEDWWRLU
GHODODQJXHDUPpQLHQQH
/H&RPLWpFRQVXOWDWLIG·eWDWSRXUODODQJXHDUPpQLHQQHV·DODUPHGH
OD GpFDGHQFH GH OD ODQJXH GX SD\V GDQV OD 5pSXEOLTXH G·$UPpQLH
$XGHPHXUDQWODODQJXHGXSD\VQ·HVWSDVO·DUPpQLHQRFFLGHQWDO
3DU DLOOHXUV LO HVW XQ IDLW LQGpQLDEOH TXH OH UpJLRQDOLVPH GHV
$UPpQLHQV RULHQWDX[ KRVWLOHV j O·DUPpQLHQ RFFLGHQWDO H[LVWH HW
SHUGXUH GHSXLV WUqV ORQJWHPSV (Q FRQVpTXHQFH O·DUPpQLHQ
RFFLGHQWDO \ HVW PpFRQQX VLQRQ PpSULVp VXUWRXW FRPPH ODQJXH
YLYDQWHSDUODSOXSDUWGHVSHUVRQQHVTXLXWLOLVHQWODODQJXHORFDOHGH
OD 5pSXEOLTXH G·$UPpQLH RX DFFHVVRLUHPHQW O·DUPpQLHQ RULHQWDO
YpULGLTXHMXVTX·DX[SHUVRQQHVOHVSOXVLQVWUXLWHVDXVHLQPrPHGHV
LQVWDQFHVLQWHUQDWLRQDOHV
&HVUpDOLWpVHQJHQGUHQWGHVTXHVWLRQV
&RPPHQW XQ LQVWLWXWHXU SHXWLO DPpOLRUHU VD ODQJXH DUPpQLHQQH
RFFLGHQWDOHRXrWUHIRUPpGDQVXQSD\VRODODQJXHORFDOHPrPH
² GLWHDUPpQLHQQH ©RULHQWDOHª ² HVW GpJpQpUpHj WRXV D]LPXWVSDU
XQHGpFDGHQFHDODUPDQWHHWRO·DUPpQLHQRFFLGHQWDOHVWDXPRLQV
PpFRQQX VLQRQ PpSULVp j FDXVH G·XQ UpJLRQDOLVPH G·KRVWLOLWp
OpJHQGDLUH"
&H JHQUH G·HQWUHSULVH GH IRUPDWLRQ HW GH UHF\FODJH Q·DERXWLWHOOH
SDVjXQFDQLEDOLVPHOLQJXLVWLTXHGRQWODYLFWLPHVHUDQDWXUHOOHPHQW
O·DUPpQLHQRFFLGHQWDO"
/H PLQLVWUH GHV DIIDLUHV H[WpULHXUHV GH OD 5pSXEOLTXH G·$UPpQLH D
UpFHPPHQW SULV SDUW j O·$VVHPEOpH *pQpUDOH GH OD )UDQFRSKRQLH
TXLV·HVWWHQXHj3DULV(WDLWFHSRXUOD©IUDQFRSKRQLVDWLRQªGHOD
/DODQJXHDUPpQLHQQHRFFLGHQWDOHHQWUHGpVLUVHWUpDOLWpV
5pSXEOLTXH G·$UPpQLH HW GH VRQ SHXSOH" 6L FHOD Q·HVW SDV OH FDV
V·LQVSLUDQW GX PRGqOH HW GHV REMHFWLIV GH O·DFWLRQ SRXU OD
IUDQFRSKRQLH SRXUTXRL OHGLW PLQLVWUH QH SURSRVHWLO SDV j VD
FROOqJXHOD0LQLVWUHGHOD'LDVSRUDGHEDOD\HUGHYDQWODSRUWHGHOD
ODQJXHSDXSpULVpHGHVRQSD\V"
/HVGLVFRXUVTXLRQWpWpSURQRQFpVUpFHPPHQWjO·pWUDQJHUSDUOHFKHIGH
O·eWDW GH OD 5pSXEOLTXH G·$UPpQLH SHXYHQW GRQQHU TXHOTXHV UpSRQVHV
DX[ LQWHUURJDWLRQV TXL YLHQQHQW G·rWUH IRUPXOpHV /H FKHI GH O·eWDW VH
SUpVHQWH FRPPH OH SUpVLGHQW GHV $UPpQLHQV GX PRQGH HQWLHU &HWWH
GpILQLWLRQ VH FRPSOqWH SDU OHV GpPDUFKHV GHV UHSUpVHQWDQWV GX PrPH
eWDWDYHFXQHIRUPXOHPDLQWHVIRLVUpSpWpH©8QH1DWLRQ8QH&XOWXUH
8QH 1DWLRQ8QH &XOWXUHª DILQ GH UpJXODULVHU OHXU UHODWLRQ DYHF OD
'LDVSRUD&HWWHIRUPXOHSHXWUDSSHOHUFHOOHTXLDPLVOHPRQGHjIHXHWj
VDQJDYHFOHVYLWXSpUDWLRQVGH©HLQ9RONHLQ5HLFKHLQ)KUHUªLO\D
VHXOHPHQWDQV
(VWLO SRVVLEOH TXH OHV DSSpWLWV FRORQLDOLVWHV GHV GLULJHDQWV GH OD
5pSXEOLTXH G·$UPpQLH SXLVVHQW FRQGXLUH OH PRQGH j XQ GpVDVWUH SDU OD
YRLHG·XQFDQQLEDOLVPHOLQJXLVWLTXH",OVHPEOHSHXSUREDEOH&HODGLWOH
PRQGHHVWFHTX·LODpWpGHSXLVODQXLWVGHVWHPSVO·DWWLWXGHPHQWDOHTXL
IDLWGLUH©8QH1DWLRQ8QH&XOWXUHªSHXWQpDQPRLQVVHUYLUGHSUpWH[WHHW
GH SURYRFDWLRQ DX[ HQWLWpV EHOOLFLVWHV VDQV TX·LO \ DLW G·pOpPHQW
OLQJXLVWLTXH $X GHPHXUDQW O·DWWLWXGH PHQWDOH GHV GLULJHDQWV GH OD
5pSXEOLTXHG·$UPpQLHQ·HVWQLOpJDOHQLOpJLWLPHFHWHIIHWLOHVWXUJHQW
GH UHFRQQDvWUH TXH OD 5pSXEOLTXH G·$UPpQLH HW OD 5pSXEOLTXH &XOWXUHOOH
GHV$UPpQLHQVVRQWGHVHQWLWpVGHQDWXUHGLIIpUHQWH
/D SUHPLqUH HVW G·RUGUH SROLWLTXH OD MXULGLFWLRQ GH ODTXHOOH HVW
OLPLWpHjVRQeWDW
/D VHFRQGH HVW G·RUGUH FXOWXUHO (OOH HVW FRQVWLWXpH SDU XQH
SRSXODWLRQ GH IHPPHV G·HQIDQWV HW G·KRPPHV TXL YpKLFXOHQW HQ
HX[PrPHV GHV FRPSRVDQWHV G·DUPpQLWp GDQV OHXU FXOWXUH
G·H[LVWHQFH HW VRQW GLVSHUVpV GDQV SOXVLHXUV SD\V GHV eWDWV
VRXYHUDLQV GRQW LOV VRQW FLWR\HQV DYHF OHXUV GHYRLUV HW OHXU GURLWV
FLYLTXHV&HWWHUpSXEOLTXHG·HQWLWpFXOWXUHOOHGHV$UPpQLHQVQHSHXW
rWUH UHSUpVHQWpH QL SDU OH JRXYHUQHPHQW GH OD 5pSXEOLTXH
G·$UPpQLHQLSDUOHVUHSUpVHQWDQWVGHFHOXLFLjO·LQWpULHXUHWRXj
O·H[WpULHXU GH VRQ SD\V WDQW TX·LOV QH VHURQW SDV GpOpJXpV SDU GHV
9DUWDQ2]LQLDQ
PHPEUHV GH FHWWH HQWLWp FXOWXUHOOH GLVSHUVpV GH SDU OH PRQGH
FRQVWLWXDQW OD 'LDVSRUD GHV $UPpQLHQV &HOOHFL Q·HVW GRQF HQ
DXFXQH PDQLqUH DVVXMHWWLH j OD MXULGLFWLRQ GH OD 5pSXEOLTXH
G·$UPpQLH 3DU FRQVpTXHQW OD 'LDVSRUD Q·HVW SDV QRQ SOXV OD
FRORQLHGHFHWWHGHUQLqUHQLFHOOHG·XQDXWUHeWDW2UEHDXFRXSGH
SHUVRQQHVQRWDPPHQWGHVIRQFWLRQQDLUHVHWGHVpOXVGHWRXVERUGV
GHWRXVSD\VYHXOHQWFURLUHHWIDLUHFURLUHTX·XQ$UPpQLHQHVWFHQVp
rWUH XQ UHVVRUWLVVDQW GH OD 5pSXEOLTXH G·$UPpQLH DYHF WRXV VHV
GURLWVHWGHYRLUVTXLHQGpFRXOHUDLHQW²SXLVTX·LOHVWSUpVHQWpRXVH
SUpVHQWH FRPPH $UPpQLHQ (Q IDLW FH GHUQLHU PHPEUH GH OD
'LDVSRUD QH YpKLFXOH TXH GHV FRPSRVDQWHV GH OD PRVDwTXH GHV
FXOWXUHVDUPpQLHQQHVHWLOHVWFLWR\HQG·XQeWDWDXWUHTXHFHOXLGHOD
5pSXEOLTXHG·$UPpQLH1pDQPRLQVGHVFLWR\HQVGHFHWWHGHUQLqUH
VDQVrWUHPHPEUHVGHOD'LDVSRUDIRQWSDUWLHGHOD5pSXEOLTXHGHV
$UPpQLHQV V·LOV YpKLFXOHQW GHV FRPSRVDQWHV GH OD PRVDwTXH GHV
FXOWXUHVDUPpQLHQQHV
'RQF XQH FRRSpUDWLRQ FXOWXUHOOH HQWUH OD 'LDVSRUD HW OD 5pSXEOLTXH
G·$UPpQLH HVW QDWXUHOOHPHQW VRXKDLWDEOH 0DLV FHWWH FRRSpUDWLRQ QH
GHYLHQW SRVVLEOH TXH GDQV OH UHVSHFW PXWXHO GHV YDOHXUV GHV SDUWLHV
LQWpUHVVpHV
'DQV FH FRPSOH[H OHV ODQJXHV DUPpQLHQQHV DYHF WRXWHV OHXUV YDULDQWHV
FRQVWLWXHQWXQYHFWHXUHVVHQWLHOSRXUVHVFXOWXUHV
&HSHQGDQWOHVHIIRUWVHQIDYHXUGHO·pYROXWLRQEpQpILTXHGHODODQJXHHQ
TXHVWLRQ Q·DUULYHQW SDV jFRQWUHEDODQFHU OHV UpDOLWpV G·REVWUXFWLRQ WDQGLV
TXHOHVGpVLUVGHVIHPPHVHWGHVKRPPHVGHERQQHYRORQWpTXL±XYUHQW
SRXU OD SpUHQQLWp GH O·DUPpQLHQ RFFLGHQWDO QH UHSUpVHQWHQW TX·XQ SRLGV
UHODWLYHPHQW QpJOLJHDEOH VXU ODGLWH EDODQFH $LQVL FHWWH ODQJXH VXLW VRQ
FRXUVGHGpFDGHQFHGHSOXVHQSOXVDFFpOpUpH
,O HVW XUJHQW TXH OHV GLULJHDQWV GH OD 5pSXEOLTXH G·$UPpQLH HW VHV DPLV
LQFRQGLWLRQQHOVGDQVOHU{OHGHFKHIVG·DEDWWRLUGHODODQJXHGHOHXUSD\V
FRPSUHQQHQWTXHODJUDYLWpGHVPpIDLWVGXFDQQLEDOLVPHOLQJXLVWLTXHQ·HVW
SDVTX·DX[GpSHQVGHO·DUPpQLHQRFFLGHQWDOPDLVDXVVLGXSD\VTX·LOVVRQW
FHQVpVJRXYHUQHU
/DODQJXHDUPpQLHQQHRFFLGHQWDOHHQWUHGpVLUVHWUpDOLWpV
&RQFOXVLRQ
'DQVO·HQVHPEOHGHVIDFWHXUVTXLYLHQQHQWG·rWUHH[SRVpVLOHVWQpFHVVDLUH
GHUHPDUTXHUTXHODODQJXHDUPpQLHQQHRFFLGHQWDOHHVWXQHYDULDQWHG·XQ
YHFWHXU HVVHQWLHO GH FXOWXUH TXL HVW HQ GpFDGHQFH GH SOXV HQ SOXV
DFFpOpUpH 4XHOOH TXH VRLW VD YDOHXU OLQJXLVWLTXH HOOH IDLW SDUWLH GX
SDWULPRLQHLPPDWpULHOGHO·KXPDQLWpDXPrPHWLWUHTXHWRXWHVOHVDXWUHV
ODQJXHV WHOOHVTXHO·DOOHPDQGOHSODWWGHXWVFKOHVFKZLW]HUGXWVFKO·DQJODLV
OHJDOORLVOHIUDQoDLVOHEUHWRQOHFRUVHO·RFFLWDQO·HVSDJQROOHFDWDODQOH
SRUWXJDLV OH VZDKLOL OHV ODQJXHV GHV W]LJDQHV HW GHV HVTXLPDX[ HW WDQW
G·DXWUHV ,O HVW pJDOHPHQW QpFHVVDLUH GH UHPDUTXHU TXH OD ODQJXH
DUPpQLHQQH FRPPH WRXWH DXWUHODQJXH Q·HVW SDV ODSURSULpWp G·XQ (WDW
1LFHOOHG·XQJURXSHGHSHUVRQQHVGRQWOHVpWDWVG·kPHKpVLWHQWHQWUHOD
FRQVRODWLRQ G·LPPLJUpV pWHUQHOV HW OD VRXUFH GH SURILWV YpWLOOHX[ G·XQH
FODVVH UpSXWpH G·LQWHOOHFWXHOV /HV ODQJXHV Q·REpLVVHQW JXqUH j FHX[ TXL
VRXKDLWHQW OHV UpJLPHQWHU SDU GHV PDQLSXODWLRQV SROLWLFRVRFLDOHV YLHOOHV
FRPPHODSODQqWH/·DUPpQLHQRFFLGHQWDOFRPPHWRXWHDXWUHODQJXHHVW
O·XQGHVUHSUpVHQWDQWVGHODOLEHUWpG·H[SUHVVLRQGHVHVORFXWHXUV
(QILQ LO HVW XUJHQW GH SUHQGUH DFWH GHV IDLWV LQGLTXpV LFL &DU FHV
LQIRUPDWLRQV FRQFHUQHQW DXVVL ELHQ OHV UHVSRQVDEOHV GH OD &KDUWH GX
&RQVHLOGHO·(XURSHSRXUODSURWHFWLRQHWOHGpYHORSSHPHQWGHVODQJXHV
UpJLRQDOHVRXPLQRULWDLUHVTXHWRXVFHX[TXLRQWODYRORQWpG·KRQRUHUOHV
YDOHXUV GHV ODQJXHV TXL UHVWHQW WRXMRXUV LQGLVVRFLDEOHV GHV 'URLWV GH
O·+RPPH
5pIpUHQFHV
2=,1,$19DUWDQD©/·DUPpQLHQRFFLGHQWDOODQJXHPLQRULWDLUHHWQRQWHUULWRULDOH
VHV SUREOqPHV HW VHV FKDQFHVª LQ $*5(67, *LRYDQQL HW %,(1.2:6., )UpGpULF
pGV /HVGURLWVOLQJXLVWLTXHVGURLWjODUHFRQQDLVVDQFHGURLWjODIRUPDWLRQ$FWHVGHV
'HX[LqPHV-RXUQpHVGHV'URLWV/LQJXLVWLTXHV 7HUDPRHWPDL 5RPH
$UDFQH ©/LQJXHG·(XURSDHGHO0HGLWHUUDQHRª SS
2=,1,$1 9DUWDQ E ©5pIOH[LRQV SRXU XQH SROLWLTXH OLQJXLVWLTXH UHODWLYH j
O·DUPpQLHQ RFFLGHQWDOª LQ $*5(67, *LRYDQQL HW '·$1*(/2 0DULDSLD pGV
5HQYHUVHU %DEHO (FRQRPLH HW pFRORJLH GHV ODQJXHV UpJLRQDOHV HW PLQRULWDLUHV $FWHV GHV
7URLVLqPHV -RXUQpHV GHV 'URLWV /LQJXLVWLTXHV 7HUDPR)DHWR PDL
5RPH$UDFQH ©/LQJXHG·(XURSDHGHO0HGLWHUUDQHRª SS
2=,1,$1 9DUWDQ © SURSRV G·XQH FDXVHULHª $UWLFOH SDUX j O·RFFDVLRQ GX HU
)RUXPGHOD3UHVVH$UPpQLHQQHG·(XURSHLQ-DPDQDN,VWDQEXO
9DUWDQ2]LQLDQ
2=,1,$19DUWDQ©/DQJXHV FULWqUHVªLQ-DPDQDN,VWDQEXO
2=,1,$1 9DUWDQ ©/·pFROH O·pFROH DUPpQLHQQHª &RQIpUHQFH DX[ $QFLHQV GH
O·(FROH*XHWURQDJDQ $(* LQ6RXUFHVGH/XPLqUH3DULV
• (QTXrWHVDQQXHOOHVHIIHFWXpVGHIpYULHUjPDUVSDUOH&HUFOHG·$PLVGH
6DYRLU (GXFDWLRQHW3UR('9&$7,2DYHFODFROODERUDWLRQGHVRQJURXSH*UWDVVqUH
• 9LVLWHVGHVpFROHVDUPpQLHQQHVHWpWUDQJqUHVHQ$IULTXH$PpULTXHV$VLH(XURSH
2FpDQLH
• ([SRODQJXHV DQQXHOOHV VDORQV LQWHUQDWLRQDX[ GRQW OH SOXV UpFHQW HQ IpYULHU
2UJDQLVPHV LQWHUQDWLRQDX[ 218 VHFUpWDULDW JpQpUDO 318' 81(6&2
81,&() 2,7 218', 2&'( %DQTXH 0RQGLDOH )0, )RQGDWLRQ &DORXVWH
*XOEHQNLDQ
• 0pGLDVG·LQIRUPDWLRQDUPpQLHQQHPXOWLOLQJXHV GRQWTXHOTXHVWLWUHVHQUHODWLRQ
DYHFO·REMHWG·HQTXrWHSDUSD\V $EX'DEL²$]DG+D\H$UJHQWLQH²$UPHQLD1RU
6HYDQ 5DGLR $XGLHQFLD $UPHQLD 6DUGDUDEDG $UPpQLH ² $,0 $JHQFH 1R\DQ
7DSDQ $]J (WMPLDG]LQH +D\DVWDQL +DQUDEHGRXWKLXQ +D\JDJDQ -DPDQDJ 79
DUPpQLHQQH$XVWUDOLH² 0LRXWXQH $XWULFKH+DQWHVV $PVRULD &DQDGD$EDND
+RUL]RQ .HJKDUW &K\SUH ² $UW]DNDQN $]DG 7]DLQ &\SUXV 0DLO F\SUXV :HHNO\
*LEUDKD\HU+D\\DWVN3KLOOHOHIHWUHRV3ROLWLV(J\SW²$UHY+RXVDSqUH7MDKDJXLU
(WDWV8QLVG·$PpULTXH²$,0$UPHQLDQ/LIH$UPHQLDQ0LUURU$UPHQLDQ2EVHUYHU
$UPHQLDQ5HSRUWHU$UPHQLDQ6SHFWDWRU$VEDUH]+D\UHQLN+\H6KDU]RRP $UPpQLDQ
$FWLRQ 1RU*\DQN1RU+D\DVWDQ1RU2U)UDQFH²$FKNKDU$<2$]DGeJOLVH
$UPpQLHQQH )UDQFH $UPpQLH *HWURQDJDQ *XHWURQDJDQH +DUDWFK /D OHWWUH 6($
1RU+DUDWFK1RXYHOOHVG·$UPpQLH2XVVDQRJK3DPSqUH5DGLR$]N5DGLR$<3)0
7HUWLJ*UqFH²$]DG2U,UDQ²$OLN,WDOLH²3D]PDYHE-pUXVDOHP²6LRQ
/LEDQ ² $]WDJ&KDQHVVqUH ']DJKLJ +DVJ 0DVVLV 0HVURELDQ /UDSqUH 1DLUL 1RU 2U
=DUWRQN 5RXPDQLH ² 1RU *\DQN 5R\DXPH 8QL ² $UPHQLDQ ,QVWLWXWH 1HZV
$UPHQLDQ9RLFH+DPD\QN6XLVVH²$UW]DNDQN (FKR $'$*7XUTXLH²$JRV
-DPDQDN 1RU 0DUPDUD 6XUS 3LUJLF 6RXUS 3HUJXLWKF 8UXJXD\ ² 5DGLR *RPLGDV
5DGLR/D9R]GHOD-RYHQWXW
/HPXOWLOLQJXLVPHHQ*pRUJLH
*YDQWVD7FKDQWXULD7VLXUL$NKYOHGLDQL
8QLYHUVLWpG·eWDW,YDQH-DYDNKLVKYLOLGH7ELOLVVL
/D*pRUJLHHVWDXMRXUG·KXLOHVHXOGHVeWDWVGHODUpJLRQGX&DXFDVHjrWUHGHPHXUpMXVTX·jFHMRXUXQ
eWDW SOXULFXOWXUHO SOXULOLQJXLVWLTXH HW SOXULFRQIHVVLRQQHO /H SD\V Q·D SDV GH SROLWLTXH OLQJXLVWLTXH
pODERUpHHWGpILQLHGDQVXQJUDQGQRPEUHGHORLV/HEXWGHODSROLWLTXHHVWG·LQWpJUHUOHVPLQRULWpVGDQV
ODYLHVRFLRSROLWLTXHGXSD\VDLQVLTXHGDQVOHVSURFHVVXVGHGpPRFUDWLVDWLRQHWGHIRUPDWLRQGHODVRFLpWp
FLYLOH3HQGDQWGHVVLqFOHVGLIIpUHQWVSHXSOHVRQWKDELWpFHVWHUUHVHQFRQWULEXDQWODUJHPHQWjODFXOWXUHHW
j OD IRUPDWLRQ GH O·eWDW JpRUJLHQ /HV pFROHV SXEOLTXHV VRQW SUpVHQWpHV FRPPH XQH ©YLWULQH GX
PXOWLFXOWXUDOLVPHª JpRUJLHQ /·HQVHLJQHPHQW SULPDLUH HVW GLVSHQVp HQ SOXVLHXUV ODQJXHV HQ JpRUJLHQ
GHVpOqYHV HQUXVVH HQDENKD]HHQRVVqWHHQDUPpQLHQHWHQD]pULHQXNUDLQLHQ/D
*pRUJLH HVW XQ SD\V R OD ORL OLQJXLVWTXH Q·D MDPDLV pWp GpSRVpH PDLV TXDQG PrPH WRXV OHV SHXSOHV
GpPHXUDQWHQ*pRUJLHFRH[LVWHQWDPLFDOHPHQW
/D*HRUJLDqRUPDLO·XQLFRSDHVHQHOODUHJLRQHGHO&DXFDVRDGHVVHUHULPDVWRILQRDGRJJLPXOWLFXOWXUDOH
PXOWLOLQJXHHPXOWLUHOLJLRVR,OSDHVHQRQKDXQDSROLWLFDOLQJXLVWLFDVYLOXSSDWDHGHILQLWDGDXQDVHULHGL
OHJJL/RVFRSRGHOODSROLWLFDqTXHOORGLLQWHJUDUHOHPLQRUDQ]HQHOODYLWDVRFLRSROLWLFDGHOSDHVHHQHO
SURFHVVRGLGHPRFUDWL]]D]LRQHHGLIRUPD]LRQHGHOODVRFLHWjFLYLOH3HUVHFROLLYDULSRSROLKDQQRDELWDWR
TXHVWRWHUULWRULRFRQWULEXHQGRHQRUPHPHQWHDOODFXOWXUDHDOODIRUPD]LRQHGHOORVWDWRJHRUJLDQR/HVFXROH
SXEEOLFKH VRQR SUHVHQWDWH FRPH XQD ´YHWULQD GHO PXOWLFXOWXUDOLVPRµ GHOOD *HRUJLD /·LVWUX]LRQH
SULPDULDqGLVSRQLELOHLQGLYHUVHOLQJXHJHRUJLDQR GHJOLVWXGHQWL UXVVR DENKD]RRVVHWR
DUPHQRHD]HURXFUDLQR/D*HRUJLDqXQSDHVHGRYHODOHJJHOLQJXLVWLFDQRQqPDLVWDWRUDWLILFDWDPD
WXWWLLSRSROLUHVLGHQWLLQ*HRUJLDFRHVLVWRQRDPLFKHYROPHQWH
6LWXDWLRQJpQpUDOH
/HV ODQJXHV HW OH PXOWLOLQJXLVPH FRQVWLWXHQW XQ GRPDLQH SURIRQGpPHQW
LQWHUGLVFLSOLQDLUH HW LQWHUVHFWRULHO (Q *pRUJLH SDUOHU pFULUH
FRPPXQLTXHUHQODQJXHPDWHUQHOOHHVWXQGURLWIRQGDPHQWDOGXFLWR\HQ
/D *pRUJLH HVW XQ SD\V WUDQVFDXFDVLHQ TXL DXMRXUG·KXL HVW OH VHXO GHV
(WDWV GH OD UpJLRQ GX &DXFDVH j rWUH GHPHXUp XQ (WDW SOXULFXOWXUHO
SOXULOLQJXLVWLTXH HW SOXULFRQIHVVLRQQHO /D *pRUJLH FRPSWH XQH
SRSXODWLRQ HVWLPpH j PLOOLRQV G·KDELWDQWV /H SD\V FRPSUHQG XQH
FHQWDLQHGHJURXSHVHWKQLTXHV
/HV *pRUJLHQV VRQW XQ SHXSOH DXWRFKWRQH GH OD UpJLRQ VXG GX &DXFDVH
'·DSUqVOHVKLVWRULHQVHWOHVDUFKpRORJXHVQRVDQFrWUHVV·LQVWDOOqUHQWGDQV
FHWWHUpJLRQjO·pSRTXHQpROLWKLTXH'qVOH9,HVLqFOHDY-&GHVWULEXV
SURWRJpRUJLHQQHV pWDEOLUHQW GHV UR\DXPHV LQGpSHQGDQWV VXU OHV WHUUHV
FRUUHVSRQGDQWDXWHUULWRLUHDFWXHOGHOD*pRUJLH 0HOLNLVKYLOL
*YDQWVD7FKDQWXULD7VLXUL$NKYOHGLDQL
/DODQJXHJpRUJLHQQH
/H JpRUJLHQ HVW SDUPL OHV ODQJXHV GH OD IDPLOOH NDUWYpOLHQQH FHOOH TXL
FRPSWH OH SOXV GH ORFXWHXUV F·HVW DXVVL OD VHXOHTXL D pWp QRUPDOLVpH$
SDUWLU GX GHX[LqPH PLOOpQHDLUH DY -& FHWWH ODQJXH D FRPPHQFp j VH
VpSDUHU GH OD ODQJXH VYDQH HOOH Q·D MDPDLV FHVVp G·rWUH SDUOpH VXU OH
WHUULWRLUHDFWXHOGH*pRUJLH(WF·HVWDXILOGXSUHPLHUPLOOpQDLUHDY-&
TXH OH JpRUJLHQ V·HVW SHX j SHX pORLJQp GHV GHX[ DXWUHV ODQJXHV GH OD
PrPHIDPLOOH OHPpQJUHOLHQHWOHOD]H
/HJpRUJLHQVHGLYLVHHQGHX[JUDQGVJURXSHVGHGLDOHFWHV
/·RFFLGHQWDOSDUOpjO·RXHVWHWDXQRUGGHOD*pRUJLHHWGDQVODYDOOpH
G·,PHUNKpYLHQ7XUTXLH
/·RULHQWDOVXUOHTXHOODODQJXHVWDQGDUGHVWIRQGpH,OHVWSDUOpGDQVOH
UHVWH GH OD *pRUJLH DX QRUGRXHVW GH O·$]HUEDwGMDQ HW SDU OHV pPLJUpV
JpRUJLHQVYLYDQWHQGLDVSRUDHQ,UDQ
,OH[LVWHXQWURLVLqPHGLDOHFWHSDUOpHQ*pRUJLHHWHQ,VUDsOOHJURX]LQLRX
MXGpRJpRUJLHQ GRQW OH OH[LTXH LVVX GX JpRUJLHQ GH O·KpEUHX HW GH
O·DUDPpHQ HVW JUHIIp VXU XQH VRXFKH JUDPPDWLFDOH JpRUJLHQQH &HUWDLQV
OLQJXLVWHV OH FRQVLGqUHQW XQH ODQJXH LQGpSHQGDQWH PDLV LO HVW VRXYHQW
FODVVpDXUDQJGHVGLDOHFWHVOHGHJUpGHFRPSUpKHQVLRQHQWUHFHSDUOHUHW
OH JpRUJLHQ pWDQW pOHYp $ SDUWLU GX PRPHQW R OH JpRUJLHQ GHYLHQW OD
ODQJXH pFULWH 9H VLqFOH DSUqV -& VRQ KLVWRLUH FRQQDvW WURLV SpULRGHV
GLVWLQFWHV OH JpRUJLHQ DQFLHQ 9H;,H OH JpRUJLHQ PR\HQ ;,,H;9,,,H
HWOHJpRUJLHQPRGHUQH jSDUWLUGX;,;HVLqFOH 6KDQLG]p
,O IDXW VRXOLJQHU TXH OD ODQJXH JpRUJLHQQH DSSDUWLHQW DX JURXSH GHV
ODQJXHV FDXFDVLHQQHV GX6XG TXL QH VH UDWWDFKHQWjDXFXQHDXWUH IDPLOOH
OLQJXLVWLTXH
/HJpRUJLHQSRVVqGHVRQSURSUHDOSKDEHWGLWPNKpGUXOLTXLFRPSRUWH
OHWWUHV FRQVRQQHV HW YR\HOOHV HW V·pFULW GH JDXFKH j GURLWH &HWWH
pFULWXUHUHPRQWHUDLWDX,,,HVLqFOHRHOOHDXUDLWpWpFUppHSDU3KDUQDYD]
OHSUHPLHUURLGXSD\VjSDUWLUGXSKpQLFLHQ7RXWHIRLVOHVVSpFLDOLVWHVQH
V·HQWHQGHQW SDV HW O·RULJLQH GH O·DOSKDEHW IDLW O·REMHW GH FRQWURYHUVHV
FHUWDLQV FURLHQW TX·LO HVW LVVX GH O·DOSKDEHW JUHF G·DXWUHV GH O·DOSKDEHW
SHUVDQ
/HPXOWLOLQJXLVPHHQ*pRUJLH
7DEOHDX$OSKDEHW©PNKpGUXOLª
$X SRLQW GH YXH SKRQpWLTXH LO IDXW QRWHU O·H[LVWHQFH GH GHX[ >U@ O·XQ
©JUDVVH\pª O·DXWUH URXOp SDU H[HPSOH 5UXEpOL JKUXEpOLʾʸʻʩʬʲʰ OH
QXDJH /D ODQJXH JpRUJLHQQH HVW pJDOHPHQW UpSXWpH SRXU SRVVpGHU XQH
JUDPPDLUHFRPSOH[H2XWUHXQV\VWqPHGHGpFOLQDLVRQVGHVHSWFDV SDU
H[HPSOHOHPRWJpRUJLHQ4DOL±ʽʨʲʰTXLVLJQLILH©IHPPHªQRPLQDWLI
TDOL QDUUDWLI TDOPD GDWLI TDOV JpQLWLI TDOLV DEODWLI TDOLW
FLUFRQVWDQFLHOTDODGYRFDWLITDOR OHJpRUJLHQDUHFRXUVjXQV\VWqPH
YHUEDO SDUWLFXOLHU DX FDUDFWqUH ©SOXULSHUVRQQHOª &RQWUDLUHPHQW DX
IUDQoDLVRODFRQMXJDLVRQGHVYHUEHVGpSHQGGXVHXOVXMHW M·DLPHLODLPH
QRXV DLPRQV HWF OH JpRUJLHQ j O·LQVWDU GX EDVTXH SRVVqGH XQH
FRQMXJDLVRQRLQWHUYLHQQHQWjODIRLVOHVXMHWHWOHFRPSOpPHQWGXYHUEH
6LO·RQDMRXWHTXHODUDFLQHYHUEDOHSHXWrWUHGLIIpUHQWHVHORQTX·LOV·DJLWGX
©SHUIHFWLIª RX GH O·©LPSHUIHFWLIª OH V\VWqPH VH UpYqOH G·XQH FHUWDLQH
FRPSOH[LWp %DEXQDVKYLOL 0DOJUp O·RULJLQDOLWp SURIRQGH GX
JpRUJLHQRQ\UHWURXYHGHVPRWVHPSUXQWpVDXWXUFDXSHUVDQjO·DUDEH
DXUXVVHHWSRXUOHYRFDEXODLUHWHFKQLTXHjO·DQJODLV
/HJpRUJLHQFRQWHPSRUDLQDGRQQpQDLVVDQFHjSOXVLHXUVODQJXHVYRLVLQHV
WHOOHV TXH OD ODQJXH GH OD SURYLQFH PRQWDJQHXVH GH 6YDQpWL OH VYDQH
VYDQXUL ODODQJXHGHODSURYLQFHGH6DPpJUpOROHPHQJUpOLHQ PpJUXOL HW
TXHOTXHV DXWUHV TXL DYHF OD SOXV UpSDQGXH G·HQWUH HOOHV OH JpRUJLHQ
PRGHUQH IRUPHQW OD IDPLOOH GHV ODQJXHV FDXFDVLHQQHV/H JpRUJLHQ
FRQQDvWpJDOHPHQWVHORQOHVUpJLRQVGHVYDULDQWHVGLDOHFWDOHVO·LPpUpWLHQ
OHUDFKDOpFKNKRXPOHJRXULHQO·DGMKDU RXDFKDULHQ O·LPpUNKHYNDUWOLHQ
*YDQWVD7FKDQWXULD7VLXUL$NKYOHGLDQL
OH NDNKpWLHQ O·LQJLOR OH WRXFK OH NKHYVRXU NKH\VRXU OH PRNKHY OH
SFKDYOHPWLRXOOHIpUpMGLHQHWOHPHVNKRXUMDYDNKRXUL
/DSROLWLTXHOLQJXLVWLTXH
/D *pRUJLH Q·D SDV GH SROLWLTXH OLQJXLVWLTXH pODERUpH HW GpILQLH GDQV XQ
JUDQG QRPEUH GH ORLV 'HV SURMHWV VRQW HQ SUpSDUDWLRQ PDLV DXFXQH
YpULWDEOHORLOLQJXLVWLTXHQ·DHQFRUHYXOHMRXU&RPPHOD*pRUJLHFRQQDvW
GHJUDYHVSUREOqPHVGHIUDJPHQWDWLRQHWKQLTXH³SRXUQHSDVSDUOHUGH
VpFHVVLRQ ³ LO VHUDLW XUJHQW TXH O·eWDW UpXVVLVVH j GpILQLU XQH SROLWLTXH
OLQJXLVWLTXHSDUGHVWH[WHVMXULGLTXHVVSpFLILTXHV
3RXU OH PRPHQW LO IDXW VH FRQWHQWHU GH OD &RQVWLWXWLRQ GX RFWREUH
GHOD/RLVXUODFXOWXUHGXMXLQGHOD/RLVXUO·pGXFDWLRQGX
MXLQ HW GH OD /RL VXU O·DXWRQRPLH 0HQWLRQQRQV pJDOHPHQW XQ
SURMHWGHORLVXUODODQJXHRIILFLHOOH&HSURMHWGHORLDpWpUppYDOXpHWUHPLV
HQTXHVWLRQHQMXLQ0DOJUpOHIDLWTXHOHJRXYHUQHPHQWJpRUJLHQDLW
WUDYDLOOp VXU OH SURMHW GH ORL OLQJXLVWLTXH GHSXLV OH 3DUOHPHQW D
GpFLGpOHPDLG·DUUrWHUWRXWGpEDWVXUVRQDSSUREDWLRQILQDOHHW
FH SRXU XQH SpULRGH LQGpILQLH /·2UJDQLVDWLRQ SRXU OD FRRSpUDWLRQ HW OD
VpFXULWp HQ (XURSH 26&( D DXVVL FULWLTXp XQH SDUWLH GX SURMHW GH ORL
VXUWRXW DX VXMHW GH OD FRQQDLVVDQFH REOLJDWRLUH GX JpRUJLHQ SRXU OHV
IRQFWLRQQDLUHV HW OHV FLWR\HQV D\DQW DIIDLUH DYHF OHV EXUHDX[ GX
JRXYHUQHPHQW &·HVW XQH TXHVWLRQ SDUWLFXOLqUHPHQW GpOLFDWH QRWDPPHQW
GDQV GHX[ UpJLRQV RULHQWDOHV R G·DXWUHV ODQJXHV VRQW SDUOpHV SHQVRQV
VXUWRXWDX[$UPpQLHQVDX[$]HUEDwGMDQDLVHWDX[5XVVHV
3DU DLOOHXUV OH &RPLWp SRXU OHV GURLWV GH O·KRPPH HW GHV PLQRULWpV DX
3DUOHPHQW JpRUJLHQ D GpMj GLVFXWp G·XQ SURMHW GH ORL SRUWDQW VXU OHV
PLQRULWpV QDWLRQDOHV /H SURMHW GH ORL D pWp UpGLJp SDU OH GLUHFWHXU GH
O·$FDGpPLH JpRUJLHQQH GX &HQWUH GHV VFLHQFHV SRXU OHV UHODWLRQV
LQWHUQDWLRQDOHV$YDQWOHVGLVFXVVLRQVGXFRPLWpOHSURMHWGHORLPrPHD
pWp pWXGLp SDU O·218 HW GHV H[SHUWV GH O·26&( TXL OXL RQW GRQQp XQH
pYDOXDWLRQ SRVLWLYH 0DLV OH WH[WH Q·D SDV HQFRUH pWp DGRSWp SDU OH
3DUOHPHQW&·HVWSRXUTXRLHQPDWLqUHGHSROLWLTXHOLQJXLVWLTXHLOIDXWVH
UpIpUHU DYDQW WRXW DX[ SUDWLTXHV pWDEOLHV GDQV OH SD\V ,O FRQYLHQW
QpDQPRLQV GH IpOLFLWHU OD *pRUJLH SRXU OD FUpDWLRQ GH QRPEUHXVHV
LQVWLWXWLRQV HQ YXH GH OD SURPRWLRQ HW OD SURWHFWLRQ GHV GURLWV GH
O·KRPPH WHOOHV TXH O·LQVWDXUDWLRQ G·XQ PpGLDWHXU RPEXGVPDQ GX
/HPXOWLOLQJXLVPHHQ*pRUJLH
&RPLWpSRXUOHVGURLWVGHO·KRPPHHWOHVUHODWLRQVHWKQLTXHVHWGX&RPLWp
SRXUO·LQWpJUDWLRQFKDUJpGHGpIHQGUHOHVLQWpUrWVGHVPLQRULWpV
(Q D pWp LQVWLWXp XQ QRXYHDX %XUHDX GH O·DVVLVWDQW GX 3UpVLGHQW
FKDUJp GHV UHODWLRQV LQWHUHWKQLTXHV GRQW OH SHUVRQQHO FRPSUHQG GHV
UHSUpVHQWDQWVGHGLIIpUHQWHVPLQRULWpVQDWLRQDOHV6HVWkFKHVFRQVLVWHQWj
VXUYHLOOHUGHPDQLqUHJpQpUDOHODVLWXDWLRQHQFHTXLDWUDLWDX[GURLWVGHV
PHPEUHVDSSDUWHQDQWDX[JURXSHVHWKQLTXHVUHOLJLHX[HWOLQJXLVWLTXHVHW
jpODERUHUGHQRXYHDX[WH[WHVGHORLRXDXWUHVDFWHVQRUPDWLIVGHVWLQpVj
SURWpJHUHWSURPRXYRLUFHVGURLWV
/RUV GH VRQ DGKpVLRQ DX &RQVHLO GH O·(XURSH HQ DYULO OD *pRUJLH
V·pWDLW HQJDJpH j VLJQHU HW j UDWLILHU GDQV XQ GpODL G·XQ DQ VXLYDQW VRQ
DGKpVLRQ OD &RQYHQWLRQFDGUH SRXU OD SURWHFWLRQ GHV PLQRULWpV QDWLRQDOHV HW OD
&KDUWH HXURSpHQQH GHV ODQJXHV UpJLRQDOHV RX PLQRULWDLUHV ,O VHPEOH TXH OH
3DUOHPHQW H[DPLQH DFWXHOOHPHQW OD UDWLILFDWLRQ GH OD &RQYHQWLRQFDGUH
7RXWHIRLV OH JRXYHUQHPHQW JpRUJLHQ QH SHXW LPSRVHU QL JDUDQWLU
O·DSSOLFDWLRQ GH VD OpJLVODWLRQ HQ $ENKD]LH HW HQ 2VVpWLH GX 6XG GHX[
UpJLRQVGDQVOHVTXHOOHVVRQFRQWU{OHHVWIDLEOHVLQRQLQH[LVWDQW
/·pGXFDWLRQHQ*pRUJLH
/H JpRUJLHQ HVW OD ODQJXH SUpGRPLQDQWH GH OD VRFLpWp JpRUJLHQQH /H
V\VWqPHpGXFDWLIHWODSOXSDUWGHVSXEOLFDWLRQVO·HPSORLHQW,OIDXWVLJQDOHU
TXHGDQVOHVGHX[UpSXEOLTXHVTXLRQWSURFODPpOHXULQGpSHQGDQFHYLVj
YLVGHO·eWDWJpRUJLHQ²O·$ENKD]LHHWO·2VVpWLHGX6XG²OHJpRUJLHQQ·D
SDVGHSULPDXWpOHVODQJXHVTXL\RQWOHSOXVGHSRLGVVRQWOH UXVVHHW
UHVSHFWLYHPHQWO·DENKD]HHWO·RVVqWH
/HEXWGHODSROLWLTXHGHQRWUHSD\VHVWG·LQWpJUHUOHVPLQRULWpVGDQVODYLH
VRFLRSROLWLTXH DLQVL TXH GDQV OHV SURFHVVXV GH GpPRFUDWLVDWLRQ HW GH
IRUPDWLRQ GH OD VRFLpWp FLYLOH HQ YXH GH JDUDQWLU OHV GURLWV SROLWLTXHV
OLQJXLVWLTXHV HW FXOWXUHOV GHV PLQRULWpV HQ *pRUJLH SRXU XQH PHLOOHXUH
LQWpJUDWLRQGDQVODVRFLpWp
/D *pRUJLH HVW XQ SD\V WUDGLWLRQQHOOHPHQW SOXULHWKQLTXH FRPPH QRXV
O·DYRQV GpMj REVHUYp 3HQGDQW GHV VLqFOHV GLIIpUHQWV SHXSOHV RQW KDELWp
FHVWHUUHVHQFRQWULEXDQWODUJHPHQWjODFXOWXUHHWjODIRUPDWLRQGHO·eWDW
JpRUJLHQ9HUV OD PRLWLp GX ;,;H VLqFOH DX PRPHQW GH O·DQQH[LRQ GH OD
*pRUJLH SDU O·(PSLUH UXVVH XQ JUDQG QRPEUH GH PHPEUHV G·DXWUHV
*YDQWVD7FKDQWXULD7VLXUL$NKYOHGLDQL
QDWLRQDOLWpV KDELWDLHQW OHV WHUULWRLUHV GH O·DFWXHOOH *pRUJLH HW GDQV
FHUWDLQHVUpJLRQVLOVUHSUpVHQWDLHQWODPDMRULWpGHODSRSXODWLRQ
/HV*pRUJLHQVVHVRQWWRXMRXUVSUpRFFXSpVGHOHXUODQJXHQDWLRQDOH&HWWH
TXHVWLRQ DYDLW IDLW OD ©8QHª GHV MRXUQDX[ HQ DORUV TXH OHV
*pRUJLHQV DYDLHQW SURWHVWp FRQWUH O·DSSUHQWLVVDJH REOLJDWRLUH GX UXVVH
GDQV OHV pFROHV (Q LOV VH PRELOLVqUHQW FRQWUH OD QRXYHOOH
&RQVWLWXWLRQVRFLDOLVWHVRYLpWLTXH DYULO TXLYRXODLWUHQGUHOHUXVVHHWOH
JpRUJLHQ OHV ODQJXHV RIILFLHOOHV GH OD 5pSXEOLTXH )LQDOHPHQW OHV
GLULJHDQWVVRYLpWLTXHVGXUHQWDFFRUGHUSDUO·DUWLFOHOHVWDWXWGHODQJXH
RIILFLHOOHDXJpRUJLHQHWOHVWDWXWGHODQJXHGHVUHODWLRQVLQWHUHWKQLTXHVDX
UXVVH /H JpRUJLHQ HVW OD ODQJXH RIILFLHOOH GH OD *pRUJLH /D *pRUJLH
DFFRUGH WRXW OH VRLQ SRVVLEOH GH O·eWDW DX GpYHORSSHPHQW GH OD ODQJXH
JpRUJLHQQH HW JDUDQWLW VRQ XWLOLVDWLRQ GDQV OHV RUJDQLVPHV
JRXYHUQHPHQWDX[ HW VRFLDX[ GDQV OHV LQVWLWXWLRQV FXOWXUHOOHV GDQV OHV
LQVWLWXWLRQV G·HQVHLJQHPHQW HW DXWUHV $XMRXUG·KXL XQH WHQGDQFH VHPEOH
VH GHVVLQHU YHUV O·DEDQGRQ GX UXVVH HQ IDYHXU GH O·DQJODLV FRQVLGpUp
PDLQWHQDQWFRPPHSOXVSUHVWLJLHX[7RXWHIRLVO·DEDQGRQGXUXVVHDWWLUH
GHV FULWLTXHV FDU OHV HQIDQWV DLQVL pGXTXpV VH UpYqOHQW LQFDSDEOHV GH
FRPPXQLTXHUDYHFOHXUVYRLVLQVGX&DXFDVH
3UpVHQWHPHQW GHV PLQRULWpV QDWLRQDOHV VRQW UHSUpVHQWpHV DX 3DUOHPHQW
GX SD\V ,O V·DJLW GH GpSXWpV UXVVHV DUPpQLHQV HW D]HUEDwGMDQDLV /HV
*pRUJLHQV RQW OH GURLW GH FKRLVLU OD ODQJXH GDQV ODTXHOOH OHXUV HQIDQWV
UHFHYURQW OHXU LQVWUXFWLRQ WDQW DX SULPDLUH TX·DX VHFRQGDLUH /D
OpJLVODWLRQ SUpFRQLVH O·H[LVWHQFH GHV ©pFROHV QDWLRQDOHVª SXEOLTXHV OH
JpRUJLHQ pWDQW UHFRQQX FRPPH ODQJXH G·HQVHLJQHPHQW VDXI SRXU FHX[
GRQW OD ODQJXH PDWHUQHOOH Q·HVW SDV OH JpRUJLHQ HW TXL SHXYHQWVXLYUH XQ
HQVHLJQHPHQW GLVSHQVp GDQV OHXU ODQJXH /·DFFHQW HVW PLV VXU OD
SURPRWLRQ GHV ©ODQJXHV PDWHUQHOOHVª FH TXL SHUPHW GH GLPLQXHU OH
QRPEUH GHV LQVFULSWLRQV GHV HQIDQWV PLQRULWDLUHV GDQV OHV pFROHV UXVVHV
/HV SURJUDPPHV pGXFDWLIV GDQV OHV pFROHV PLQRULWDLUHV UXVVHV
DUPpQLHQQHV D]pULHV HWF GRLYHQW rWUH FRQIRUPHV DX[ SURJUDPPHV
QDWLRQDX[ IL[pV SDU O·eWDW(Q YHUWX GH O·DUWLFOH GH OD /RL VXU OD FXOWXUH
O·eWDW JpRUJLHQ GRLW QpFHVVDLUHPHQW FUpHU GHV FRQGLWLRQV pJDOHV
SRXU OH GpYHORSSHPHQW FXOWXUHO GH WRXWHV OHV UpJLRQV $X GpEXW GHV
DQQpHVOHVpFROHVSXEOLTXHVpWDLHQWSUpVHQWpHVFRPPHXQH©YLWULQHGX
PXOWLFXOWXUDOLVPHªJpRUJLHQ'DQVOHVDQQpHVO·HQVHLJQHPHQWSULPDLUH
pWDLW GLVSHQVp HQ VL[ ODQJXHV HQ JpRUJLHQ GHV pOqYHV HQ UXVVH
/HPXOWLOLQJXLVPHHQ*pRUJLH
HQDENKD]HHQRVVqWHHQDUPpQLHQHWHQD]pUL4XRLTX·LOHQVRLW
XQ UDSSRUW GDWDQW GH O·DQQpH PRQWUH TXH OH QRPEUH GHV pFROHV
SULPDLUHV GDQV OHV ODQJXHV GHV PLQRULWpV D SOXW{W EDLVVp HQWUH HW
FRPPHO·LOOXVWUHQWOHVGRQQpHVVXLYDQWHVOHV*pRUJLHQVVRQWOHSOXV
LPSRUWDQW GH FHV JURXSHV FDU LOV UHSUpVHQWHQW GH OD SRSXODWLRQ ,O
VRQWVXLYLVGHV$UPpQLHQV GHV5XVVHV GHV$]pULV
GHV2VVqWHV GHV$ENKD]HV HWSOXVLHXUVDXWUHV HQY
GRQWGHV*UHFVGHV8NUDLQLHQVGHV$OOHPDQGVGHV3RORQDLVGHV.XUGHV
GHV %LpORUXVVHV GHV $]HUEDwGMDQDLV GHV 7FKpWFKqQHV GHV 7XUFV GHV
$VV\ULHQVGHV,QJKLORLVGHV2XURXPVGHV7VLJDQHVHWF
/D*pRUJLHHVWXQSD\VRODORLOLQJXLVWTXHQ·DMDPDLVpWpGpSRVpHPDLV
TXDQG PrPH WRXV OHV SHXSOHV GpPHXUDQW HQ *pRUJLH FRH[LVWHQW
DPLFDOHPHQW&·HVWOHUpVXOWDWGHVFRQGLWLRQVGDQVOHVTXHOOHVWHOOHRXWHOOH
SHUVRQQH YLW HW WUDYDLOOH ,O H[LVWH GHV *pRUJLHQV TXL SDUOHQW SOXVLHXUV
ODQJXHV LOV VRQW EL RX WULOLQJXHV SDUFH TX·LOV FRKDELWHQW DYHF GHV
PLQRULWpV 'H QRPEUHX[ PDULDJHV PL[WHV IXUHQW HQUHJLVWUpV HQWUH OHV
PLQRULWpV GH OD *pRUJLH 'HV PDULDJHV PL[WHV RQW pWp FpOpEUpV HQWUH OHV
2VVqWHV HW OHV *pRUJLHQV HW XQ VHQWLPHQW GH FRPSUpKHQVLRQ PXWXHOOH
UHPRQWH j O·KLVWRLUH DQFLHQQH 3DU H[HPSOH QRWUH URL 7DPDU ² F·HVW XQH
IHPPHPDLVQRXVO·DSSHOORQV©OHURLª²pWDLWPDULpHjXQ2VVqWH$LQVL
JUkFH DX UpSHUWRLUH PXOWLOLQJXH OHV JHQV SHXYHQW V·RXYULU WDQW{W j XQH
ODQJXH WDQW{W j XQH DXWUH /H ELOLQJXLVPH RX OH PXOWLOLQJXLVPH QH
UHSUpVHQWHQWSOXVXQGDQJHUSRXUOHVODQJXHVDXVHLQG·XQWHUULWRLUHPDLV
XQHQULFKLVVHPHQWGHO·LQGLYLGXFRPPHGHWRXWHODFRPPXQDXWp
'XF{WpGHVODQJXHVRQSHXWUpSDUWLUODSRSXODWLRQKDELWDQWHQ*pRUJLH
VHORQO·HWKQLHjODTXHOOHHOOHDSSDUWLHQWPDLVOHSRXUFHQWDJHGHVHWKQLHVQH
FRUUHVSRQGSDVIRUFpPHQWjFHOXLGHVORFXWHXUVGHJpRUJLHQVGH
UXVVHVG·DUPpQLHQVG·D]pULVG·RVVqWHVG·DENKD]HVPDLV
LO HVW j QRWHU TXH SUHVTXH WRXVSDUOHQW OH JpRUJLHQDLQVL TXH OH UXVVH /H
JpRUJLHQ O·DENKD]H OH PHQJUpOLHQ OH OD]H OH EDWV HW OH VYDQH VRQW GHV
ODQJXHV GH OD IDPLOOH FDXFDVLHQQH /H UXVVH JURXSH VODYH O·DUPpQLHQ
LVRODW OLQJXLVWLTXH OH NXUGH JURXSH LQGRLUDQLHQ HW O·RVVqWH JURXSH
LQGRLUDQLHQ DSSDUWLHQQHQWjODIDPLOOHLQGRHXURSpHQQHDORUVTXHO·D]pUL
D]HUEDwGMDQDLV IDLWSDUWLHGHODIDPLOOHDOWDwTXHHWO·DVV\ULHQGHODIDPLOOH
FKDPLWRVpPLWLTXH 6KDQLG]H
*YDQWVD7FKDQWXULD7VLXUL$NKYOHGLDQL
1RXV OHV *pRUJLHQV QRXV QRXV DSSHOORQV QRXVPrPHV .DUWYHOL
©KDELWDQWVGHOD.DUWOLHª HWQRXVQRPPRQVQRWUHWHUULWRLUH6DNKDUWYHOR
F·HVWjGLUH OH ©SD\V GHV .DUWYHOLª *pRUJLHQV FHOXL GH O·XQLILFDWLRQ
SROLWLTXH FXOWXUHOOH HW UHOLJLHXVH GX GpEXW GX ;,H VLqFOH 3RXU OHV
*pRUJLHQVFHVDSSHOODWLRQVUHPRQWHQWDXKpURVP\WKLTXH.DUWORVDXTXHO
OD OpJHQGH SUrWHUDLW XQH RULJLQH ELEOLTXH G·DSUqV OH OLYUH GH OD *HQqVH
.DUWORV VHUDLW OH ILOV GH 7KRUJDPD SHWLW ILOV GH -DSKHW OXLPrPH ILOV GH
1Rp /HV $UDEHV HW OHV 3HUVHV GpVLJQHQW OHV *pRUJLHQV SDU .RXUGM RX
*RXUGMG·RGpULYH*UX]LDOHQRPUXVVHGHOD*pRUJLH
(Q *pRUJLH LO H[LVWH GHV pWDEOLVVHPHQW SUpVFRODLUHV HQ JpRUJLHQ PDLV
DXVVLHQUXVVHDUPpQLHQHQD]pULHWHQRVVqWH(QGHQRPEUHXVHV
PLQRULWpV QDWLRQDOHV SRVVpGDLHQW OHXUV SURSUHV pFROHV 2Q FRPSWDLW
pFROHVDUPpQLHQQHVHQYLURQpFROHVUXVVHV HWGHVFUqFKHV pFROHV
D]pULHV HW GHV FUqFKHV HW TXDWUH pFROHV RVVqWHV 'H SOXV OHV *UHFV
SHXYHQW DSSUHQGUH OH JUHF GDQV GHV FODVVHV JUHFTXHV OHV .XUGHV
EpQpILFLHQWGHVPrPHVDYDQWDJHVHQNXUGHDLQVLTXHOHV-XLIVHQ\LGGLVK
/HV $OOHPDQGV TXDQW j HX[ GLVSRVHQW GH FRXUV G·DOOHPDQG ODQJXH
VHFRQGH LOVIUpTXHQWHQWGHVpFROHVUXVVHVRXJpRUJLHQQHV /HV$ENKD]HV
SRVVqGHQWOHXUVSURSUHVpFROHVHQ$ENKD]LH&·HVWGDQVOHVUpJLRQVjIRUWH
FRQFHQWUDWLRQ GH PLQRULWpV HWKQLTXHV TX·RQ WURXYH OH SOXV G·pFROHV
SXEOLTXHV,O H[LVWH DXVVL GHV pFROHV ELOLQJXHV SRXU OHV PLQRULWpV
OLQJXLVWLTXHV UXVVHDUPpQLHQ UXVVHD]pUL UXVVHRVVqWH UXVVHDENKD]H
UXVVHJpRUJLHQ UXVVH\LGGLVK DUPpQLHQJpRUJLHQ D]pULJpRUJLHQ HWF 2Q
FRPSWHGHVpFROHVWULOLQJXHVHQJpRUJLHQUXVVHRVVqWH/H&DXFDVHTXHOHV
$UDEHV DYDLHQW GpFULW FRPPH ©OD PRQWDJQH GHV ODQJXHVª Q·HVW SOXV
DXMRXUG·KXL TX·XQH MX[WDSRVLWLRQ GH SRSXODWLRQV HW GH FDUDFWpULVWLTXHV
FXOWXUHOOHV UHOLJLHXVHV RX OLQJXLVWLTXHV (Q WHPRLJQH OH WUqV IDLEOH
SRXUFHQWDJH GH OD SRSXODWLRQ G·XQ (WDW TXL SDUOH OD ODQJXH GHV SD\V
YRLVLQV $LQVL DXMRXUG·KXL HQFRUH SUHVTXH YLQJW SRXU FHQW GH OD
SRSXODWLRQHVWLGHQWLILpFRPPHDSSDUWHQDQWjGHV©PLQRULWpVHWKQLTXHVª
&RQFOXVLRQ
&RPPH FRQFOXVLRQ QRXV YRXGULRQV GLUH TXH OH PXOWLOLQJXLVPH HVW XQ
SKpQRPqQHFRPSOH[HTXLUpVXOWHGHODFRKDELWDWLRQGHVODQJXHVHWTXHOD
*pRUJLH HVW XQ SD\V TXL FRQQDvW FHUWHV GHV SUREOqPHV HW GHV GLIILFXOWpV
PDLVTXLHVWWRXMRXUVRUJXHLOOHXVHGHVDULFKHKLVWRLUHVRQSDWULPRLQHVD
ODQJXH VD FXOWXUH HW VHV WUDGLWLRQV ,O IDXW SULQFLSDOHPHQW IRFDOLVHU
/HPXOWLOLQJXLVPHHQ*pRUJLH
O·DWWHQWLRQVXUOHVREMHFWLIVVXLYDQWVVDXYHJDUGHUOHVODQJXHVDXWRFKWRQHV
HW HQ GDQJHU SURPRXYRLU OH PXOWLOLQJXLVPH HW OD GLYHUVLWp OLQJXLVWLTXH
SURPRXYRLU OHV ODQJXHV FRPPH RXWLO GH GLDORJXH SURPRXYRLU
O·pGXFDWLRQPXOWLOLQJXH\FRPSULVO·HQVHLJQHPHQWHQODQJXHPDWHUQHOOH
0DLV j PRQ DYLV XQ eWDW PRGHUQH QH SHXW DYRLU GH PLQRULWp HWKQLTXH
QRXV SRXYRQV DYRLU GHV FLWR\HQV pJDX[ HQ GURLWV HW HQ GHYRLUV TXHOOHV
TXH VRLHQW OHXUV RULJLQHV HWKQLTXHV RX UpJLRQDOHV /H PRGqOH HXURSpHQ
F·HVWMXVWHPHQWOHGpSDVVHPHQWGHO·HWKQLHRXGHVHWKQLHVFRQVWLWXWLYHVHQ
XQHQDWLRQ8QeWDWGRLWIpGpUHUHWPpQDJHUXQHSODFHjFKDFXQJDUDQWLH
SDUOD&RQVWLWXWLRQ,OIDXWDYRXHUTX·LOQ·\DSDVG·HWKQLHJpRUJLHQQHPDLV
XQHPXOWLSOLFLWpG·RULJLQHVHWKQLTXHVSOXVRXPRLQVDXWRFKWRQHV(QFHOD
OD *pRUJLH HVW QRQ VHXOHPHQW ILGqOH j OD WUDGLWLRQ GX &DXFDVH PDLV GpMj
HXURSpHQQH
5pIpUHQFHV
eWXGHV
%$%81$6+9,/, (OHQH 8785*$,'=( 7HRGRUH $QWRQ SLUYHOLV JUDPDWLND GD PLVL
HURYQXOLVWRULXOLPQLVKYQHORED7ELOLVVL0HFQLHUHED
0(/,.,6+9,/,*XLRUJXL/HVGHO·KLVWRLUHGHOD*HRUJLH7ELOLVVL0HFQLHUHED
6+$1,'=( $NDNL 3ULQFLSOHV RI FODVVLILFDWLRQ RI JHRUJLDQ GLDOHFWV %DNX &ROORTXH GH
O·DFDGHPLHGHVVFLHQFHVGHO·8566
7$%,'=(0DQDQD©6RFLROLQJXLVWLFDVSHFWVRIWKHGHYHORSPHQWRI*HRUJLDQªLQ
:RUNLQJSDSHUVSS/XQG/XQG8QLYHUVLW\
7&+.8$6(/, 9DUODP ©$VVHVVPHQW RI WKH 3ROLWLFDO (QYLURQPHQW LQ *HRUJLD
3URVSHFWVIRUHWKQLFPLQRULWLHV 3DUW ªLQ0LQRULW\:HE7ELOLVVL$QDO\VHV
7&+.8$6(/, 9DUODP ©$VVHVVPHQW RI WKH 3ROLWLFDO (QYLURQPHQW LQ *HRUJLD
3URVSHFWVIRUHWKQLFPLQRULWLHV 3DUW ªLQ0LQRULW\:HE7ELOLVVL$QDO\VHV
'RFXPHQWV
/RLVXUODFXOWXUH
/RLVXUO·pGXFDWLRQ
3URMHWGHORLVXUODODQJXH
&RQVHLOGHO·(XURSH5DSSRUWVXUOD*pRUJLH%UX[HOOHV&RPPLVVLRQHXURSpHQQHFRQWUHOH
UDFLVPHHWO·LQWROpUDQFHDGRSWpOHMXLQHWUHQGXSXEOLFOHDYULO
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
0DVVLPR5LSDQL
'LVYDVWLJR²/LQJXHH&XOWXUD7HUDPR
/D5HSXEEOLFD&LXYDVFLDIDSDUWHGHO'LVWUHWWR)HGHUDOHGHO9ROJD )HGHUD]LRQH5XVVD HGqXQQRGR
IRQGDPHQWDOHGLFRPXQLFD]LRQHGRYHVLLQFURFLDQROHOLQHHIHUURYLDULHOHDUWHULHIOXYLDOLHOHJUDQGLVWUDGH
*OLDELWDQWLVRQRSUHYDOHQWHPHQWHRUWRGRVVLHGKDQQRFRQVHUYDWRSXUFRQIRUWLLQIOXHQ]HXJURILQQLFKHOD
OLQJXD GHL ORUR DQWHQDWL RYYHUR L %XOJDUL GHO 9ROJD ,O FLXYDVFLR VL FRQILJXUD TXLQGL FRPH O·XQLFD
GHULYD]LRQHYLYHQWHGHOUDPRRJXUGHOODIDPLJOLDGHOOHOLQJXHWXUFRDOWDLFKHPDqVWDWRLQVHULWRQHO
GDOO·8QHVFR QHOOD OLVWD GHOOH OLQJXH PLQDFFLDWH VHEEHQH DOOD FDGXWD GHOO·8QLRQH 6RYLHWLFD IRVVH JLj
LQWHUYHQXWRLOOHJLVODWRUHLVWLWXHQGRQHO·LQVHJQDPHQWRQHOOHVFXROHHO·HTXLSDUD]LRQHDOODOLQJXDUXVVD/R
VWXGLRVLSURSRQHGLHYLGHQ]LDUHOHUDGLFLGHOODSURJUHVVLYDGLPLQX]LRQHGHLFLXYDVFLRIRQLFRQSDUWLFRODUH
LQWHUHVVHDOO·DPELWRGHOO·HGXFD]LRQHHGHOODIRUPD]LRQHDSDUWLUHGDOO·DQQHVVLRQHDOO·LPSHURUXVVR
ILQRDOOHQRUPDWLYHYLJHQWL
/D5pSXEOLTXH7FKRXYDFKHDSSDUWLHQWDX'LVWULFW)pGpUDOGHOD9ROJD )pGpUDWLRQGH5XVVLH HWHVWOD
SODTXHWRXUQDQWHGHODFRPPXQLFDWLRQROHVOLJQHVGHVFKHPLQVGHIHUOHVJUDQGVIOHXYHVHWOHVJUDQGV
D[HVURXWLHUVVHFURLVHQW/HVKDELWDQWVVRQWHQPDMRULWpRUWKRGR[HVHWRQWJDUGpPrPHVLDYHFGHIRUWHV
LQIOXHQFHVILQQRRXJULHQQHVODODQJXHGHOHXUVDQFrWUHVjVDYRLUOHV%XOJDUHVGHOD9ROJD/HWFKRXYDFKH
HVWGRQFODVHXOHGpULYDWLRQYLYDQWHGHO·RJKRXUHEUDQFKHGHODIDPLOOHGHVODQJXHVWXUFRDOWDwTXHVHWLOD
pWp LQVpUp HQ SDU O·8QHVFR GDQV OD OLVWH GHV ODQJXHV HQ GDQJHU ELHQ TX·j OD FKXWH GH O·8QLRQ
6RYLpWLTXHOHOpJLVODWHXUHQHWGpMjLQVWLWXpO·HQVHLJQHPHQWGDQVOHVpFROHVHQYLVDQWjO·pJDOLVDWLRQDYHFOD
ODQJXH UXVVH &HWWH pWXGH WkFKH GH PHWWUH HQ pYLGHQFH OHV UDLVRQV GH OD GLPLQXWLRQ GHV ORFXWHXUV GH OD
ODQJXH WFKRXYDFKH HQ SDUWLFXOLHU GDQV OH GRPDLQH GH O·pGXFDWLRQ HW GH OD IRUPDWLRQ j SDUWLU GH
O·DQQH[LRQjO·(PSLUH5XVVH MXVTX·DX[UpJOHPHQWDWLRQVHQYLJXHXU
/·LGHQWLWjFLXYDVFLD
/D &LXYDVFLD VL SUHVHQWD FRPH XQ SRQWH QDWXUDOH WUD (XURSD H $VLD
QRQFKp XQ LQWHUORFXWRUH SULYLOHJLDWR SHU 0RVFD QHOO·DUHD GHO 9ROJD OD
SRSROD]LRQHORFDOHLQIDWWLqVWDWDODSULPDHWQLDGLVWLUSHWXUFDDGHVVHUH
HQWUDWD QHOO·RUELWD GHOO·LPSHUR UXVVR H O·XQLFD FRQYHUWLWDVL LQ PDVVD DO
FULVWLDQHVLPRRUWRGRVVR1HOLQIDWWLGXUDQWHO·RIIHQVLYDODQFLDWDGD
,YDQ LO 7HUULELOH FRQWUR LO .DQDWR GL .D]DQ L FLXYDVFL LQVLHPH DL YLFLQL
PDULVLVFKLHUDURQRDOILDQFRGHLUXVVL
, PDUL UDSSUHVHQWDQR L GLVFHQGHQWL LQVLHPH DJOL HU]\D HG DL PRNäD PRUGYLQL GHL
ILQODQGHVL GHO 9ROJD 1RWL DQFKH FRPH ÿHUHPLV H oLUPHû VRQR GLYLVL LQ WUH JUXSSL
GLIIHUHQWL L PDUL GHOOH SLDQXUH FKH DELWDQR OXQJR OD ULYD VLQLVWUD GHO 9ROJD L PDUL
RULHQWDOL FKH SRSRODQR OD %DVFKLULD HG L PDUL GHOOD FROOLQD R GHOOD PRQWDJQD L TXDOL
YLYRQROXQJRODULYDGHVWUDGHOILXPHUXVVR
0DVVLPR5LSDQL
,QTXHVWRDQQRLOSRSRORFLXYDVFLROHJDSHUVHPSUHLOVXRGHVWLQRDTXHOORGHOOD
5XVVLD H QHO GXUDQWH OD SUHVD GL .D]DQ OH WUXSSH FLXYDVFLH VL HUDQR XQLWH
DOO·HVHUFLWR UXVVR GD DOORUD WXWWL JOL HYHQWL FKH KDQQR VHJQDWR OD &LXYDVFLD VRQR
LQGLVVROXELOPHQWHOHJDWLDOODVWRULDGHOOD5XVVLD $wJX
/D UDULWj GL WHVWL VFULWWL H GL UHSHUWL VXOOD JHQHVL GHL FLXYDVFL UHQGH
HVWUHPDPHQWH GLIILFLOH ULFRVWUXLUQH OD VWRULD SHU TXDQWR ULJXDUGD O·DOWR
0HGLRHYR OHXQLFKH IRQWL D GLVSRVL]LRQH GHJOL VWXGLRVL VRQR FURQDFKH ²
SULQFLSDOPHQWH UXVVH H WDUWDUH ² H UDUH LQFLVLRQL IXQHUDULH /H SULPH
PHQ]LRQDQRFRQO·DWWXDOHQRPHLFLXYDVFLVROWDQWRQHODWWHVWDQGRQH
OD SUHVHQ]D WUD L ILXPL 6XUD H 6YLLDJD OH VHFRQGH QH WHVWLPRQLDQR OD
FRQWLQXLWjVXOSLDQROLQJXLVWLFRULVSHWWRDLEXOJDULGHO9ROJD,OFLXYDVFLR
LQIDWWLKDFRQVHUYDWRPROWHFDUDWWHULVWLFKHTXDOLDGHVHPSLRLOURWDFLVPR
H LO ODPEGDFLVPR FRQILJXUDQGRVL FRPH XQLFD GHULYD]LRQH YLYHQWH GHO
UDPRRJXUGHOODIDPLJOLDGHOOHOLQJXHWXUFRDOWDLFKH 5yQD7DV
*OL VWXGLRVL KDQQR TXLQGL LQGLYLGXDWR L SURJHQLWRUL GHL FLXYDVFL LQ XQD
GHOOH WULE GHOOD FRQIHGHUD]LRQH GHL EXOJDUL GHO 9ROJD L VXYDUL TXHVWL
XOWLPL ² FRPH WHVWLPRQLDWR GD $KPDG ,EQ )DGODQ ² ULILXWDQGRVL GL
DEEUDFFLDUH O·,VODP DYHYDQR VFHOWR QHO ; VHFROR GL FRORQL]]DUH VRWWR OD
JXLGDGLXQ:LUJKODULYDGHVWUDGHOILXPHUXVVR
/DOLQJXDLQROWUHSUHVHQWDDQFKHQXPHURVLWUDWWLXJURILQQLFLFKHKDQQR
SRUWDWRJOLVWXGLRVLDGLSRWL]]DUHO·HVLVWHQ]DGLXQVXEVWUDWR²SLHYLGHQWH
QHO GLDOHWWR VHWWHQWULRQDOH LO 9\ULDO ,O IHQRPHQR YD LQ SDUWLFRODUH
FRQWHVWXDOL]]DWR QHOOD UHOD]LRQH VLPELRWLFD FKH XQLVFH L FLXYDVFL DL PDUL
-RKDQVRQ /H GXH SRSROD]LRQL LQIDWWL SHU VHFROL KDQQR
FRQGLYLVR ODUJKH IDVFH GL WHUULWRULR VH VXO SLDQR PRUIRVLQWDWWLFR q
HVWUHPDPHQWH GLIILFLOH GHWHUPLQDUH OH LQIOXHQ]H GL XQD OLQJXD VXOO·DOWUD R
YLFHYHUVD SHU TXDQWR ULJXDUGD LO OHVVLFR q SRVVLELOH VRWWROLQHDUH DOFXQH
WHQGHQ]H,QSULPROXRJRLWHUPLQLPDULHQWUDWLQHOYRFDERODULRFLXYDVFLR
IDQQR ULIHULPHQWR VROLWDPHQWH DOOD VIHUD GHOOD YLWD TXRWLGLDQD NĈWNĈ
/RVFULWWRUHDUDER$KPDGLEQ)DGODQ qVWDWRPHPEURGLXQDPLVVLRQH
GLSORPDWLFDLQYLDWDQHOGDDO0XTWDGLUFDOLIIRDEEDVLGHGL%DJKGDGSUHVVRLOUHGHL
EXOJDUL$OPÖû7RUQDWRLQ SDWULDUHGDVVHLOUHVRFRQWRGHOYLDJJLRGLFXLWXWWDYLDQRQq
SHUYHQXWD QHVVXQD FRSLD RULJLQDOH PD VROR XQD YHUVLRQH DEEUHYLDWD FXVWRGLWD QHOOD
%LEOLRWHFD GL 0DVKKDG ,UDQ YDULH FLWD]LRQL H DOFXQH WUDGX]LRQL VX DOWUL WHVWL
LPPHGLDWDPHQWHVXFFHVVLYL
3UREDELOPHQWH 9X\ULJKYHUVLRQHEXOJDUDGHOWLWRORWXUFRGL%X\UXT
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
´IRUPLFDµOĈN´DQJRORµPĕONH´RPEUDµ HQRQDGRJJHWWLGLSUHVWLJLRRGL
FXOWXUD,QROWUHVHEEHQHLOWDUWDURSRVVDYDQWDUHXQQXPHURFRQVLGHUHYROH
GLSUHVWLWLQHOPDULLOFLXYDVFLRKDDYXWRXQDFRVWDQWHSHQHWUD]LRQHHXQ
PDJJLRUHLPSDWWR
7UDLOHLOOHWUXSSHPRQJROHWUDYROVHURTXHOOREXOJDUHGDQGRLO
YLD DOO·RFFXSD]LRQH GHOO·DUHD GHO 9ROJD GD SDUWH GHOOH WULE .LSÿDN DO
VHJXLWRGHOO·HVHUFLWRYLQFLWRUH6LVHSDUDFRVuGHILQLWLYDPHQWHLOGHVWLQRGHL
VXYDULFLXYDVFLGDTXHOORGHOOHDOWUHWULEEXOJDUHGHO9ROJDFKHGDUDQQR
YLWDVRWWRO·LQIOXHQ]DGHLQXRYLDUULYDWLDOSRSRORWDUWDUR
)LJXUD0DSSDGHOOD5XVVLDFHQWUDOH
/·HUHGLWjFRQWHVD
6LDQHOODFXOWXUDWDUWDUDVLDLQTXHOODFLXYDVFLDqIRUWHLOULFKLDPRDLEXOJDUL
GHO9ROJDFRQVLGHUDWLGDHQWUDPELLSRSROLPLWRIRQGDQWHGHOODSURSULDHG
HVFOXVLYD LGHQWLWj HWQLFD O·DUJRPHQWR q VWDWR LQIDWWL RJJHWWR GL DFFHVH
FRQWHVHDFFDGHPLFKHILQRDJOLXOWLPLGHFHQQLGHO;;VHFROR 6KQLUHOPDQ
,.LSÿDNL .\SFKDNL4LSFKDT4\SFKDT4LSoDT SRSROD]LRQHWXUFRDOWDLFDVRQR
PHQ]LRQDWL SHU OD SULPD YROWD QHOOH FURQDFKH GHOO·$VLD FHQWUDOH QHO , PLOOHQQLR D&
2ULJLQDUL GDOOD UHJLRQH GHO ILXPH ,UW\VK FRQTXLVWDURQR O·8FUDLQD H SDUWH GHOOD 5XVVLD
QHOO·;, VHFROR H SDUWHFLSDURQR D QXPHURVH VFRUUHULH QHOO·,PSHUR %L]DQWLQR H LQ
8QJKHULD 6FRQILWWL SULPD GDJOL 8QJKHUHVL H GDL 5XVVL IXURQR LQILQH VRWWRPHVVL GDL
0RQJROL
0DVVLPR5LSDQL
,WDUWDULKDQQRFHUFDWRLQSDUWLFRODUHGLSURYDUHLOORURSULPDWRDWWUDYHUVR
LOULGLPHQVLRQDPHQWRGHOUXRORGHLEXOJDULQHOO·HWQRJHQHVLGHLFLXYDVFLXQ
HVHPSLR GL WDOL WHRULH q UDSSUHVHQWDWR GDOO·HYROX]LRQH GHO SHQVLHUR GHOOR
VWRULFRWDUWDUR*LPDGL&RVWXLLQXQSULPRPRPHQWRHYLGHQ]LzODQDWXUD
PXOWLHWQLFD GHL EXOJDUL LSRWL]]DQGROL DOOD EDVH VLD GHL &LXYDVFLD VLD GHL
WDUWDUL H VXFFHVVLYDPHQWH VYLOXSSz O·LGHD GL XQ FRQWULEXWR GHL SRSROL
WXUFKLSUHEXOJDULQHOODIRUPD]LRQHGHLSULPL,QILQH*LPDGLHQIDWL]]zLO
UXROR GHOOH SRSROD]LRQL ORFDOL XJURILQQLFKH LQ TXHVWR SURFHVVR OH TXDOL
YHQXWH LQ FRQWDWWR FRQ OH WULE WXUFKH QH DYHYDQR DVVXQWR PROWL WUDWWL
FXOWXUDOL /H WHRULH GHJOL VWXGLRVL WDUWDUL WHQGHYDQR LQROWUH DG DIIHUPDUH
O·HVWUDQHLWj GHL WHUULWRUL GHOO·DWWXDOH 5HSXEEOLFD &LXYDVFLD DOOD FLYLOWj
EXOJDUD GDO SXQWR GL YLVWD JHRJUDILFR H GD TXHOOR FXOWXUDOHUHOLJLRVR L
EXOJDULLQIDWWLVLVDUHEEHURFRQYHUWLWLLQPDVVDDOO·,VODPDOFRQWUDULRGHOOH
SRSROD]LRQL XJURILQQLFKH ² WUD FXL JOL DQWHQDWL GHL FLXYDVFL ² OH TXDOL
DYUHEEHURFRQVHUYDWRJOLDQWLFKLFXOWLSDJDQL
4XHVWH WHRULH KDQQR WXWWDYLD XQ SXQWR GHEROH OH WHVWLPRQLDQ]H VFULWWH
JLXQWH ILQR D QRL FL ULYHODQR OR VWUHWWLVVLPR OHJDPH GHO EXOJDUR FRQ LO
FLXYDVFLR *OL VWXGLRVL WDUWDUL SXU QHJDQGR D OXQJR TXHVWD HYLGHQ]D
KDQQR SUHIHULWR IRFDOL]]DUH OD ORUR DWWHQ]LRQH VX DVSHWWL QRQ OLQJXLVWLFL
WUDFFLDQGR XQ·LGHDOH FRQWLQXLWj WUD L EXOJDUL GHO 9ROJD HG LO .DQDWR GL
.D]DQ WUD LO ;,9 H LO ;9 VHFROR SHU TXDQWR ULJXDUGD OH LVWLWX]LRQL OD
FXOWXUDHODSRSROD]LRQH
, FLXYDVFL GDO FDQWR ORUR DFFXVDQR L ULYDOL GL PLWL]]DUH L EXOJDUL
HVDJHUDQGRQH OD SRWHQ]D HG LO OLYHOOR GL FLYLOL]]D]LRQH UDJJLXQWR H
PHWWRQR LQ GLVFXVVLRQH O·LGHD GL XQ OHJDPH FRQ LO .DQDWR GL .D]DQ
6HFRQGRLFLXYDVFLLQIDWWLORVWDWREXOJDURVDUHEEHVWDWRFRPSOHWDPHQWH
VSD]]DWR YLD GDOOH RUGH PRQJROH H TXLQGL LO .DQDWR VDUHEEH VWDWR
FRVWUXLWRVXEDVLGLIIHUHQWLVRSUDWWXWWRDOLYHOORGLFRPSRVL]LRQHHWQLFD,
SURWDJRQLVWL GHOO·HWQRJHQHVL GHL WDUWDUL VDUHEEHUR VWDWL LQIDWWL L .LSÿDNL
TXHVWDSRSROD]LRQHJLjVWDQ]LDWDVLQHOO·DUHDGHO9ROJDSULPDGHOO·LQYDVLRQH
PRQJROD H VXFFHVVLYDPHQWH ULQIRU]DWDVL JUD]LH DG XQD QXRYD RQGDWD
PLJUDWRULD DYUHEEH JXLGDWR OD ULFRORQL]]D]LRQH GHOOD ULYD VLQLVWUD GHO
9ROJDGDQGRYLWDDLWDUWDULGL.D]DQ
/D VWHVVD OLQJXD WDUWDUD q FODVVLILFDWD GDJOL VWXGLRVL DOO·LQWHUQR GHO UDPR NLSÿDN
EXOJDURHQRQLQTXHOORXLJXUR6LPLOPHQWHLOWDUWDURGL&ULPHDqFROORFDWRWUDOHOLQJXH
NLSÿDNFXPDQH
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
/DGLDVSRUD
8Q IHQRPHQR PROWR LQWHUHVVDQWH GD DQDOL]]DUH QHOOR VWXGLR GHOO·HWQLD
FLXYDVFLD q TXHOOR GHOOD GLDVSRUD 7DEHOOD RYYHUR GHOO·HPLJUD]LRQH GL
ODUJKHIDVFHGLSRSROD]LRQHHGHOFRQVHJXHQWHVWDQ]LDPHQWRGHOOHVWHVVHLQ
WHUULWRUL DQFKH PROWR GLVWDQWL GDOOD WHUUD PDGUH ,O SURFHVVR LQIDWWL
FRLQYROJHFLUFDLOGHLFLXYDVFLHGqSURIRQGDPHQWHOHJDWRDOODVWRULD
GHOO·HWQLD QRQ D XQ FDVR GXH FHQWUL LPSRUWDQWLVVLPL GHOOD ULQDVFLWD
FXOWXUDOH GL TXHVWR SRSROR VRQR VWDWL D FDYDOOR WUD O·2WWRFHQWR HG LO
1RYHFHQWR6LPELUVN QRWDDQFKHFRPH8OMDQRYVN H.D]DQ
7DEHOOD/DGLDVSRUDFLXYDVFLD
'LVWUHWWR
3RSROD]LRQH 5LVSHWWR DO
WRWDOH GHOOD
GLDVSRUD
'LVWUHWWR)HGHUDOHGHO9ROJD
'LVWUHWWR)HGHUDOH6LEHULDQR
'LVWUHWWR)HGHUDOHGHJOL8UDOL
'LVWUHWWR)HGHUDOH&HQWUDOH
'LVWUHWWR)HGHUDOH1RUGRFFLGHQWDOH
'LVWUHWWR)HGHUDOH0HULGLRQDOH
'LVWUHWWR)HGHUDOH(VWUHPRRULHQWDOH
7RWDOH
/HGLUHWWULFLGHOPRYLPHQWRPLJUDWRULRQRQKDQQRLQWHUHVVDWRWXWWDYLDOD
VRODUHJLRQHGHO9ROJDPDKDQQRDEEUDFFLDWRDQFKHLYDVWLWHUULWRULGLOj
GDJOL 8UDOL L FLXYDVFL VRQR VWDWL LQIDWWL WUD L SURWDJRQLVWL GHOOD
FRORQL]]D]LRQH GHOOD 6LEHULD 3HU TXDQWR ULJXDUGD O·HSRFD SUH
ULYROX]LRQDULD SRVVLDPR LGHQWLILFDUH WUH IDVL QHO SURFHVVR GHOOD GLDVSRUD
FLDVFXQDFDUDWWHUL]]DWDGDXQDFDXVDVFDWHQDQWHVHODSULPD ;9,,SULPD
PHWj GHO ;9,,, VHF DYHYD YLVWR SDUWH GHL FLXYDVFL DEEDQGRQDUH OD
PDGUHSDWULDULILXWDQGRGLDEEUDFFLDUHLO&ULVWLDQHVLPRODVHFRQGD ;9,,,
;,; VHF QDVFHYD GDOOD IXJD GHL FRQWDGLQL GDOO·RSSULPHQWH VLVWHPD
IHXGDOH LPSRVWR GDL UXVVL H OD WHU]D LQL]LR GHO ;; VHF GD VSHFLILFKH
0DVVLPR5LSDQL
GHFLVLRQL GHO JRYHUQR LPSHULDOH /·DPPLQLVWUD]LRQH ]DULVWD LQIDWWL VL
SURSRVH GL ULVROYHUH OD TXHVWLRQH DJUDULD DWWUDYHUVR LO WUDVIHULPHQWR GL
SRSROD]LRQH GDOOD 5XVVLD HXURSHD D TXHOOD DVLDWLFD DL FRQWDGLQL FLXYDVFL
IXURQR DVVHJQDWL D SDUWLUH GDO WHUUHQL QHOOH SURYLQFH GL 7REROVN
7RPVNH<HQLVHL
&RQODQDVFLWDHO·DIIHUPD]LRQHGHOO·8QLRQHVRYLHWLFDLQYHFHOHSROLWLFKHH
OH PLJUD]LRQL VL OHJDQR DOO·LQGXVWULDOL]]D]LRQH LQWHQVLYD WUD LO H LO
OD PDQRGRSHUD FLXYDVFLD IX GHVWLQDWD DOOR VYLOXSSR H DOOR
VIUXWWDPHQWRGHOOHULVRUVHQDWXUDOLLQSDUWLFRODUHQHOODUHJLRQHGHJOL8UDOL
LQ 6LEHULD H QHOO·HVWUHPR RULHQWH PHQWUH DOOD FRQFOXVLRQH GHOOD VHFRQGD
JXHUUDPRQGLDOHODPHWDGHOOHPLJUD]LRQLHUDLO.D]DNLVWDQVRSUDWWXWWRD
SDUWLUH GHO 8Q·XOWLPD IDVH GHOOD GLDVSRUD LQILQH KD LQWHUHVVDWR OD
6LEHULDRFFLGHQWDOHWUDJOLDQQL··O·DWWHQ]LRQHGHOO·DPPLQLVWUD]LRQH
FHQWUDOH VL HUD FRQFHQWUDWD VXOOR VIUXWWDPHQWR GHJOL LGURFDUEXUL
ULFKLHGHQGRFRVuLOWUDVIHULPHQWRGLFLXYDVFLQHOO·DUHDGL7\XPHQ
,OGHFOLQRGHOODOLQJXD
1HO XQR GHL SULPL DWWL GHOOD QHRQDWD UHSXEEOLFD q VWDWD OD
SURPXOJD]LRQHGLXQDOHJJHSHUUHLQWURGXUUHO·LQVHJQDPHQWRGHOFLXYDVFLR
QHOOH VFXROH H SHU VDQFLUQH OR VWDWXV GL OLQJXD XIILFLDOH DFFDQWR DO UXVVR
1RQRVWDQWH L SURYYHGLPHQWL SUHVL WXWWDYLD LO FLXYDVFLR q VWDWR LQVHULWR
QHO GDOO·8QHVFR QHO /LEUR URVVR GHOOH OLQJXH LQ SHULFROR H
FRQIHUPDWRLQWDOHSRVL]LRQHQHO3XUUDSSUHVHQWDQGRDOO·LQWHUQRGHL
FRQILQLQD]LRQDOLLOGHOODSRSROD]LRQHLFLXYDVFLLQIDWWLHVHUFLWDQR
XQDPLQRUHUHVLVWHQ]DFRQWURODUXVVLILFD]LRQH
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
7DEHOOD'HPRJUDILDGHLSRSROLGHOPHGLR9ROJD %DVNDNRY 1DV\URYD
(WQLD
7RWDOH
3UHVHQ]DHWQLDQHOODUHSXEEOLFD
HSRQLPDULVSHWWRDOWRWDOH
3HUFHQWXDOHGL
SDUODQWLQHOOD
UHSXEEOLFDHSR
QLPD
5LVSHWWRDOWRWDOH
5LVSHWWRDO
GHOODSRSROD]LRQH
WRWDOHGHOOD
GHOODUHSXEEOLFD
SRSROD]LRQH
GHOO·HWQLD
GHQWURHIXRUL
GDOODUHSXE
EOLFD
&LXYDVFL
7DUWDUL
%DVFKLUL
/·DOODUPH ODQFLDWR GDOO·8QHVFR H GDJOL VWXGLRVL QHOOR VSHFLILFR QRQ SRQH
O·DFFHQWR QHOOR VSHFLILFR VXOOD GLPLQXL]LRQH LQ YDORUH DVVROXWR GHL
FLXYDVFLRIRQLEHQVuVXOODPDQFDWDWUDVPLVVLRQHGHOODOLQJXDGLJHQHUD]LRQH
LQ JHQHUD]LRQH UHFHQWL VWXGL KDQQR GLPRVWUDWR FKH XQ QXPHUR VHPSUH
PDJJLRUH GL FRSSLH ULQXQFLD DOO·LQVHJQDPHQWR H DOO·XVR GHO FLXYDVFLR
QHOO·DPELWRIDPLOLDUH$OODGRPDQGD©4XDOHOLQJXDXVLGLVROLWRFRQLWXRL
JHQLWRULª LQIDWWL XQD IHWWD FRQVLVWHQWH GHO FDPSLRQH SUHVR LQ HVDPH KD
ULVSRVWR ©LQ UXVVRª PHQWUH LO GHJOL LQWHUYLVWDWL GLFKLDUD GL
XWLOL]]DUHLOFLXYDVFLR,OKDLQGLFDWRHQWUDPEHOHOLQJXHTXHVWRGDWR
WXWWDYLD QRQ FL IRUQLVFH DOWUH LQGLFD]LRQL XWLOL R SRVVLELOLWj GL
LQWHUSUHWD]LRQH
/H VWDWLVWLFKH 7DEHOOD WUDFFLDQR O·LPPDJLQH GL XQD VRFLHWj
WUDGL]LRQDOPHQWH UXUDOH FKH KD QHL SLFFROL YLOODJJL OH SURSULH URFFDIRUWL
O·LGHDGHOFLXYDVFLRFRPHOLQJXDGHOOHFDPSDJQHHGHOIROFORUHUDSSUHVHQWD
XQ GHEROH WHUPLQH GL SDUDJRQH FRQWUR LO UXVVR VLPEROR GHOOD FLWWj H
GHOO·LQGXVWULDOL]]D]LRQH
0DVVLPR5LSDQL
7DEHOOD3HUFHQWXDOHGLEDPELQLVRWWRLDQQLGLFXLYLHQHGLFKLDUDWDODOLQJXDHWQLFDFRPH
PDGUHOLQJXD )RQWH%DVNDNRY 1DV\URYD
1D]LRQDOLWj
$UHHXUEDQH $UHHUXUDOL
&LXYDVFL
7DUWDUL
%DVFKLUL
/DIRUPXODGHOGRSSLRVWDQGDUGHODERUDWDGDOOHJLVODWRUHFLXYDVFLRLQIDWWL
QRQVLqULYHODWDDGDWWDDWXWHODUHODOLQJXDORFDOHIDYRUHQGRDOFRQWUDULROD
GLIIXVLRQH GHO UXVVR FRPH SULPD OLQJXD /H FRQWUDGGL]LRQL DOO·LQWHUR
GHOO·RUGLQDPHQWR VRQR HYLGHQWL PHQWUH O·DUWLFROR GHOOD &RVWLWX]LRQH
GHOODSLFFRODUHSXEEOLFD DSSURYDWDQHOHGHPHQGDWDSLYROWHILQRDO
VWDELOLVFHFKHOHOLQJXHGL6WDWRVRQRLOFLXYDVFLRHLOUXVVRO·DUWLFROR
SUHYHGHFKHLSURFHVVLHODUHODWLYDGRFXPHQWD]LRQHGHEEDQRHVVHUHLQ
UXVVR R LQ DOWHUQDWLYD LQ UXVVR H LQ FLXYDVFLR /D ORJLFD q IUXWWR GL XQ
GHWHUPLQDWR SHUFRUVR SROLWLFR VH LQ XQ SULPR PRPHQWR DO FUROOR
GHOO·8QLRQH 6RYLHWLFD OH DXWRULWj ORFDOL DYHYDQR FRQTXLVWDWR XQ GLVFUHWR
JUDGRGLDXWRQRPLDSUHVHUYDQGRDOORVWHVVRWHPSRO·LQWHJULWjGHOORVWDWR
UXVVRQHOO·DUFRGLXQYHQWHQQLR0RVFDKDULEDGLWRODSURSULDFHQWUDOLWjQHO
JRYHUQRGHOODIHGHUD]LRQH/DVLWXD]LRQHHOHDWWXDOLSROLWLFKHOLQJXLVWLFKH
SRVVRQR HVVHUH ULDVVXQWH EULOODQWHPHQWH QHO QRPH GHO SDUWLWR GL
PDJJLRUDQ]DLQ5XVVLD(GLQD\D5XVVLD 5XVVLD8QLWD
&XOWXUDLVWUX]LRQHHGDVVLPLOD]LRQH
/D 5XVVLD FRQVLGHUD OD UHJLRQH GHO 9ROJD FRPH SURSULD SURYLQFLD
QD]LRQDOHHSHUTXHVWRPRWLYRQHOODVXDVWRULDKDPHVVRLQDWWRSROLWLFKH
SHU PDQWHQHUQH LO FRQWUROOR H VYLOXSSDUH XQ UDSSRUWR GL VXSHULRULWj
ULVSHWWR DOOH SRSROD]LRQL QRQ UXVVH 7DOL SROLWLFKH KDQQR DYXWR XQ IRUWH
LPSDWWR VXL FLXYDVFL PD QRQ VXL SL QXPHURVL WDUWDUL SHUPHWWHQGR
DOO·DPPLQLVWUD]LRQH ]DULVWD GL VSH]]DUH O·XQLWj GHL SULPL GLYLVL WUD OH
SURYLQFH GL 6LPELUVN H .D]DQ H RSSUHVVL GDOOD QRELOWj UXVVD PD QRQ
TXHOODGHLVHFRQGL
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
'RSR OD ULYROX]LRQH G·RWWREUH OD UHJLRQH GLYHQQH VFHQDULR GHOOH
VDQJXLQRVH ORWWH WUD O·DUPDWD URVVD H TXHOOD ELDQFD H VRIIRFDWH OH XOWLPH
VDFFKHGLUHVLVWHQ]DQHOO·DUHDLOSDUWLWRFRPXQLVWDFRQFHVVHDLFLXYDVFLFKH
DVSLUDYDQR DOO·LQGLSHQGHQ]D GL SRWHUVL FRVWLWXLUH LQ XQD UHSXEEOLFD
VRFLDOLVWD DXWRQRPD QHO 8Q DQQR SL WDUGL LQROWUH LO FRPLWDWR
FHQWUDOH QHJDYD DOOD QHRQDWD UHSXEEOLFD O·DQQHVVLRQH GHOOD SURYLQFLD GL
6LPELUVN FKH DYHYD GDWR L QDWDOL D /HQLQ FRPSHQVDQGR OD PDQFDWD
DFTXLVL]LRQH WHUULWRULDOH FRQ O·DWWULEX]LRQH GL DOFXQL GLVWUHWWL SHULIHULFL
FDUDWWHUL]]DWL GD XQD SL PDUFDWD LQGXVWULDOL]]D]LRQH PD DOOR VWHVVR
WHPSRGDXQDULGRWWDSUHVHQ]DGHOO·HWQLDFLXYDVFLD
/DFURFHHODULQDVFLWDFLXYDVFLD
0LVHPEUDFKHOD5XVVLILFD]LRQHRDVVLPLOD]LRQHGHLFLXYDVFLFRQLOSRSRORUXVVR
SRVVD HVVHUH UDJJLXQWD VROWDQWR LQ WUH PRGL LO SULPR H SL LPSRUWDQWH q
DWWUDYHUVR O·DGR]LRQH GHOO·2UWRGRVVLD >@ ,Q VHFRQGR OXRJR PHGLDQWH OH XQLRQL
FRQLXJDOL>PDWULPRQLPLVWL@LQILQHDWWUDYHUVRO·DSSUHQGLPHQWRGHOUXVVRGDSDUWH
GHLFLXYDVFL 0LOOHU
4XHVWDEUHYHQRWDVFULWWDGD<DNRYOHYLOSDGUHGHOODOHWWHUDWXUDFLXYDVFLD
GHOLQHDFRQSUHFLVLRQHLWUDWWLVDOLHQWLGHOODSROLWLFD]DULVWDHFLSHUPHWWHLQ
SDUWLFRODUH GL HYLGHQ]LDUH LO QHVVR WUD LO SURVHOLWLVPR RUWRGRVVR H OD
GLIIXVLRQH GHOOD OLQJXD UXVVD , UHOLJLRVL LQIDWWL HUDQR GHGLWL VLD DOOD
FDWHFKL]]D]LRQH GHOOH PDVVH VLD DOO·LVWUX]LRQH GHOOH VWHVVH PLVVLRQH
LQWHUSUHWDWD GDL VDFHUGRWL FRQ GLVWLQWL DSSURFFL /D SULPD PHWRGRORJLD
SUHYHGHYD OD QDVFLWD GL VFXROH GRYH O·LQVHJQDPHQWR DYYHQLYD
HVFOXVLYDPHQWHLQUXVVR,ULVXOWDWLWXWWDYLDQRQIXURQRSRVLWLYLJOLDOOLHYL
HUDQR LQIDWWL REEOLJDWL D VWXGLDUH HD UHFLWDUH L WHVWLVDFUL D PHPRULD QRQ
ULXVFHQGRDGLPSDUDUHODOLQJXDGLLQVHJQDPHQWR&RPHGHQXQFLDWRGDOOD
ULYLVWD GHO 0LQLVWHUR GHOO·LVWUX]LRQH OD VFDUVLWj GL VFRODUL]]D]LRQH WUD L
FLXYDVFL ODVFLDYD TXLQGL FDPSR DSHUWR DOOD SURSDJDQGD LVODPLFD H
DOO·DVVLPLOD]LRQHGDSDUWHGHLWDUWDUL
,OULVFKLRGLXQ·HVWHQVLRQHGHOO·,VODPVXLWHUULWRULWUDGL]LRQDOPHQWHOHJDWLDL
FXOWLSDJDQLRYYHURQRQVROROD&LXYDVFLDPDDGHVHPSLRDQFKHLO0DUL
(O VSLQVH JOL LQWHOOHWWXDOL UXVVL D XQD WDWWLFD GL VXSSRUWR GHOOH VLQJROH
LGHQWLWj HWQLFKH GHL SRSROL GHO 9ROJD H GHJOL 8UDOL ,Q TXHVWD RWWLFD VL
LQVHULVFH OD VHFRQGD PHWRGRORJLD GL LQVHJQDPHQWR LQ FXL JOL HGXFDWRUL
SRQHYDQRO·HQIDVLVRSUDWWXWWRVXOODIRUPD]LRQHPRUDOHSLXWWRVWRFKHVXOOD
OLQJXD UXVVD /D ULIRUPD SURPRVVD GD ,O·PLQVNLM GRFHQWH GHOO·8QLYHUVLWj
0DVVLPR5LSDQL
GL .D]DQ SURPXRYHYD LQIDWWL O·LVWUX]LRQH GL EDVH DWWUDYHUVR OH OLQJXH
ORFDOL VRVWHQHQGR LQ XQD IDVH VXFFHVVLYD OR VWXGLR GHOOD OLQJXD
GHOO·LPSHUR
/D ULQDVFLWD FXOWXUDOH FLXYDVFLD q VWUHWWDPHQWH OHJDWD DO FRQVROLGDPHQWR
GHOODWUDGL]LRQHVFULWWD&RQO·LQYDVLRQHPRQJRODLQIDWWLVLHUDSHUVRO·XVR
GHOO·DOIDEHWRHVROWDQWRDFDYDOORWUDLO;9,,,HLO;,;VHFQHIXDGRWWDWR
XQR EDVDWR VXO FLULOOLFR *UD]LH DJOL VWXGL SLRQHULVWLFL GHL PLVVLRQDUL H
GHOO·XQLYHUVLWj GL .D]DQ LQIDWWL QHO SULPD H QHO SRL IXURQR
SXEEOLFDWLJUDPPDWLFKHHWHVWLSULQFLSDOPHQWHGLQDWXUDVDFUDLQFLXYDVFLR
/·LPSXOVR PDJJLRUH VH QRQ GHFLVLYR DOOD ULQDVFLWD JLXQVH WXWWDYLD
FLQTXDQWD DQQL SL WDUGL TXDQGR <DNRYOHY GLHGH YLWD DOOD SULPD VFXROD
VHFRQGDULD FLXYDVFLD 1DWR QHO YLOODJJLR GL .RVKNL1RYRWLPEDH\YR
QHOO·DWWXDOH 7DWDUVWDQ H TXLQGL ILJOLR GHOOD GLDVSRUD FLXYDVFLD <DNRYOHY
LQYHVWu LQ TXHVWR SURJHWWR L VXRL ULVSDUPL H OH GRQD]LRQL SULYDWH JLj QHO
DQFRUSULPDGLFRQFOXGHUHJOLVWXGL7UHDQQLSLWDUGLO·LVWLWXWRIX
IRQGDWR XIILFLDOPHQWH D 6LPELUVN FRQ LO VRVWHJQR GHO SDGUH GL /HQLQ
LVSHWWRUH VFRODVWLFR GHOO·LPSHUR ]DULVWD 6XFFHVVLYDPHQWH QHO OD
VFXRODGLYHQQH6FXROD&HQWUDOH&LXYDVFLDGL6LPELUVN
,O FRQWULEXWR GL <DNRYOHY QRQ q WXWWDYLD OLPLWDWR DO FDPSR
GHOO·HGXFD]LRQH (JOL LQIDWWL SHUIH]LRQz DQFKH XQ PRGHOOR GL DOIDEHWR
ULPDVWR LQ XVR ILQR DO H QHO SXEEOLFz XQ $EEHFHGDULR LQ FXL
ROWUHDOPDWHULDOHGLGDWWLFRF·HUDQRIDYROHUDFFRQWLLQGRYLQHOOLHFLUFD
SURYHUEL 6H <DNRYOHY SXz HVVHUH TXLQGL FRQVLGHUDWR LO FDSRVWLSLWH GHOOD
OHWWHUDWXUD FLXYDVFLD LO VXR DOOLHYR .RQVWDQWLQ ,YDQRY QH q
VWDWRFHUWDPHQWHO·HVSRQHQWHGLPDJJLRUSUHVWLJLR4XHVW·XOWLPRQDWRQHO
YLOODJJLR GL 6ODNEDVK DWWXDOH %DVFKLULD q VWDWR DXWRUH EHQFKq
JLRYDQLVVLPR GL QXPHURVH FRPSRVL]LRQL ² OD VXD SURGX]LRQH OHWWHUDULD
VSD]LD GDOOD SRHVLD DO GUDPPD ² FKH WXWWRUD JRGRQR GL DPSLVVLPD
GLIIXVLRQH WUD L FLXYDVFL /D VXD RSHUD SL IDPRVD q LO UDFFRQWR HSLFR
1DUVSLVWUXWWXUDWRLQFDQWLFKHFRQULPDDOWHUQDWD
7DEHOOD$OIDEHWRGL<DNRYOHY 3HWURY
ǭĈȀȈDzĕˤǵǶǷǸȕǹǺȖǼǽǾoȅǯȂǿŘȎ
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
,OPDUWHOOR
&RQVROLGDWRLOSRWHUHLOSDUWLWRFRPXQLVWDFRQFHQWUzLSURSULVIRU]LVXOOD
IRUPD]LRQHGHOO·XRPRQXRYRVRYLHWLFRRVVLDGHO PRGHOORGLFLWWDGLQRGL
LGHRORJLD FRPXQLVWD H FXOWXUD UXVVD ,O SLDQR GL FDUDWWHUH VWUHWWDPHQWH
FXOWXUDOH QRQ IX WXWWDYLD DSSOLFDWR QHOOD VXD LQWHUH]]D ILQR DOO·DVFHVD GL
6WDOLQ SHU SDXUD GL UHVLVWHQ]H H VROR VXFFHVVLYDPHQWH OD FDPSDJQD GHO
SDUWLWR LQL]Lz D SUHQGHU IRUPD 1HJOLDQQL · DGHVHPSLR L SRSROL QRQ
UXVVL IXURQR REEOLJDWL DG DGRWWDUH DOIDEHWL SL SURVVLPL DO PRGHOOR GHO
FLULOOLFR H FRVu FRPH OH DOWUH OLQJXH WXUFKH GHOO·8QLRQH 6RYLHWLFD
DEEDQGRQDURQR O·DOIDEHWR DUDER DQFKH LO FLXYDVFLR VXEu XQ FDPELR GL
RUWRJUDILD
7DEHOOD$OIDEHWRDWWXDOH 3HWURY
ǭĈǮǯǰDZDzȍĕdzǴǵǶǷǸǹǺǻǼ
ǽǾoǿȀˤȁȂȃȄȅȆȉȈȇȊȋȌ
/D SROLWLFD VRYLHWLFD DYHYD FDUGLQH QHOO·LVWUX]LRQH H SUHYHGHYD OD
SURJUHVVLYDLQWURGX]LRQHGHOO·LQVHJQDPHQWRGHOODOLQJXDUXVVDDGLVFDSLWR
GHOOHDOWUHVHFRQGRXQSHUFRUVRJLjVSHULPHQWDWRLQ&DUHOLD1HOODUHJLRQH
VWUDSSDWDDLILQODQGHVLQHOLEDPELQLVWXGLDYDQRSHUGXHPHVLQHOOD
ORUR OLQJXD PDGUH LO WHPSR QHFHVVDULR SHU LQWURGXUUH OH EDVL GHO UXVVR
SURVHJXHQGR SRL LO ORUR FXUVXV VWXGLRUXP QHOOD OLQJXD GL 7ROVWRM $
GLIIHUHQ]LDUH OH VLQJROH UHJLRQL GDO PRGHOOR HUD OD WHPSLVWLFD 7DEHOOD
QHOOHVFXROHSHUFLXYDVFLLQIDWWLLOUXVVRGLYHQLYDOLQJXDG·LQVHJQDPHQWRD
SDUWLUHGDOTXLQWRDQQRPHQWUHQHJOLLVWLWXWLSHUUXVVLLOFLXYDVFLRQHO
GLYHQQH PDWHULD RS]LRQDOH ,O SXQWR GL VYROWD q ULQWUDFFLDELOH QHJOL DQQL
· D SDUWLUH GD TXHVWR GHFHQQLR QHOOH UHSXEEOLFKH DXWRQRPH OR VWXGLR
GHOOHOLQJXHORFDOLIXVLVWHPDWLFDPHQWHRVWDFRODWRVRSUDWWXWWRSHUTXDQWR
ULJXDUGD OH GLDVSRUH /·XOWLPD VFXROD GL OLQJXD FDOPXFFD IX FKLXVD DG
HVHPSLRQHOHQHOODFDSLWDOHGHOO·2VVH]LDGHO1RUGXQVRORLVWLWXWR²
SHU EDPELQL GLYHUVDPHQWH DELOL ² SRWp FRQWLQXDUH O·LQVHJQDPHQWR GHOOD
OLQJXD QD]LRQDOH /D ULYROX]LRQH LPSRVWD GDO SDUWLWR LQWHUHVVz LQROWUH
DQFKHLPH]]LGLFRPXQLFD]LRQHLQ0RUGRYLDOHWUDVPLVVLRQLQHOODOLQJXD
ORFDOHDYHYDQRXQRVSD]LRGLYHQWLPLQXWLDOJLRUQRLQ7DWDUVWDQGLRUH
LQ&LXYDVFLDGL
0DVVLPR5LSDQL
7DEHOOD/HOLQJXHQD]LRQDOLFRPHYHLFRORGLLVWUX]LRQHQHOVLVWHPDVFRODVWLFR 6LOYHU
(WQLD
DQQL DQQL (WQLD
DQQL DQQL
7DUWDUL
%XULDWL
%DVFKLUL
.RPL
&LXYDVFL
7XYDQL
0DUL
%DOFDUL
0RUGRYL
&DOPXFFR
8GPXUWL
&HFHQL
-DNXWL
&DEDUGLQL
,O VLOHQ]LR RVVHUYDWR GDOOD VWDPSD VRYLHWLFD D ULJXDUGR IX VSH]]DWR QHO
GDOOR VFULWWRUH FLXYDVFLR<XKPD FKH LQWHUURJDQGRVL VXO UXROR GHJOL
VFULWWRULQHOODSHUHVWURMNDHULYHQGLFDQGRXQDPDJJLRUHDXWRQRPLDGLHGH
YRFHDOOHSURWHVWHGHJOLDELWDQWLGLXQSLFFRORFHQWURGHO7DWDUVWDQ
1HOOHQRVWUHELEOLRWHFKHGLFDPSDJQDFLVRQRSLGLOLEUL>@PDGLTXHVWL
VROWDQWRVRQRQHOODOLQJXDFLXYDVFLD1HOOHDUHHUXUDOLYLYRQRVRORFLXYDVFLH
YRJOLRQROHJJHUHDQFKHQHOODOLQJXDQD]LRQDOH>@1HOWUDPLWHODELEOLRWHFD
FHQWUDOH DEELDPR SRWXWR ULFHYHUH XQ WRWDOH GL OLEUL LQ FLXYDVFLR $ TXDOH
LQGLUL]]RGREELDPRVFULYHUH"$FKLFLULYROJLDPR" <XKPD
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
7DEHOOD(YROX]LRQHLQSHUFHQWXDOHGHOODFLXYDVFLRIRQLD ,YDQRYD
3RSROD]LRQHWRWDOH
3RSROD]LRQHDUHHXUEDQH 3RSROD]LRQHDUHHUXUDOL
,OPDOXPRUHGHJOLLQWHOOHWWXDOLHOHPDQLIHVWD]LRQLSDFLILFKHGHLQD]LRQDOLVWL
FRQWHPSRUDQHDPHQWH DOOD FULVL GHOO·8QLRQH 6RYLHWLFD VSLQVHUR LO JRYHUQR
DG HPDQDUH OD OHJJH ´VXOOH OLQJXH GHOOD 5HSXEEOLFD &LXYDVFLDµ GHO
RWWREUH 1HO H QHO LQROWUH QDFTXHUR OH DVVRFLD]LRQL GL
ULIHULPHQWR QHO PRQGR GHOOD FLXYDVFLRIRQLD RYYHUR LO &HQWUR 6RFLR
FXOWXUDOH SDQ &LXYDVFLR ȄǻǷȃ ǏǾDzȄȀǯǭȅǾǷǵǶ ǻǮȆDzǾǿǯDzǺǺǻ
ǷȀǸȉǿȀǽǺȈǶ ǣDzǺǿǽ H LO &RQJUHVVR 1D]LRQDOH &LXYDVFLR ǤǺǷ
ǤȀǯǭȅǾǷǵǶǺǭȃǵǻǺǭǸȉǺȈǶǷǻǺǰǽDzǾǾ /DVLWXD]LRQHWXWWDYLDVHPEUDYD
JLjJUDYHPHQWHFRPSURPHVVD
6HQHJOLDQQL··OHIXQ]LRQLGHOODOLQJXDQD]LRQDOHHUDQRDEEDVWDQ]DHVWHVH>@
QHJOL XOWLPL GHFHQQL VL VRQR ULGRWWH ILQR DO PLQLPR /D OLQJXD QD]LRQDOH q
XWLOL]]DWDVROWDQWRQHOO·LQVHJQDPHQWRGLEDVHQHOOHEHOOHOHWWHUHQHOWHDWURHQHOOD
VWDPSDSHULRGLFD 'LPLWULHY
/DVFXRODHLOFLXYDVFLRRJJL
3URLHWWDQGR VX VFDOD QD]LRQDOH L GDWL UDFFROWL GD XQD ULFHUFD VXO FDPSR
,JQDW·HYD q SRVVLELOH HYLGHQ]LDUH LO SULPDWR GHOOD VFXROD QHOOD
WUDVPLVVLRQH GHO SDWULPRQLR FXOWXUDOH DOOH QXRYH JHQHUD]LRQL 1HOOD
5HSXEEOLFD &LXYDVFLD LQIDWWL VROWDQWR LO GHL EDPELQL DSSUHQGH LQ
IDPLJOLDQHLSULPLVVLPLDQQLGLHWjODOLQJXDGHLORURQRQQLPHQWUHLO
GHL JLRYDQLVVLPL VL DYYLFLQD DO FLXYDVFLR QHJOL DQQL GHOO·DVLOR HG LO
QHOODVFXRODGHOO·REEOLJR$FRQIHUPDGLTXHVWRTXDGURVLSXzDJJLXQJHUH
FKH O· GHL UDJD]]L GLFKLDUD GL LPSDUDUH D SDUODUH SULPD LQ UXVVR LO
SULPDLQFLXYDVFLRLQHQWUDPEHOHOLQJXH4XHVWLGDWLLQROWUH
FL RIIURQR XQD SUH]LRVD FKLDYH LQWHUSUHWDWLYD SDUWH GHL JHQLWRUL LQIDWWL
DOWURQRQULVSRQGH
0DVVLPR5LSDQL
WUDVPHWWH DL ILJOL DOPHQR OH EDVL R TXDOFKH UXGLPHQWR GHOOD OLQJXD
QD]LRQDOHPDO·DJRGHOODELODQFLDSXQWDGULWWRVHPSUHD0RVFD
$OWUL QXPHUL VHPEUHUHEEHUR LQGLFDUH XQ LQRSSXJQDELOH VXFFHVVR GHOOD
VFXROD FLXYDVFLD GDO DG RJJL VRQR VWDWL VWDPSDWL ROWUH PLOLRQL GL
FRSLH GL WHVWL SHU O·LQVHJQDPHQWR GHOOD OLQJXD QDWLYD H VRQR DWWXDOPHQWH
DWWLYLFLUFDLQVHJQDQWLGLOLQJXDGLFXLLOGLDOWDIRUPD]LRQHHSL
GHOO·GLFDWHJRULDTXDOLILFDWD&RQVLGHUDQGRDQFKHLOFDORGHPRJUDILFR
UHJLVWUDWR QHJOL XOWLPL GHFHQQL DQFKH LO QXPHUR GHOOH VFXROH q ULPDVWR
VWDELOHQHOO·XOWLPRGHFHQQLR 7DEHOOHH 4XHVWLLVWLWXWLULPDQJRQR
WXWWDYLDFRQILQDWLQHOOHFDPSDJQH$&KHERNVDU\ODFDSLWDOHDGHVHPSLR
qDWWLYRXQVRORDVLORGLOLQJXDFLXYDVFLD
7DEHOOD6FXROHQHOOD5HSXEEOLFD&LXYDVFLD
)RQWH0LQLVWHURGHOO·,VWUX]LRQHGHOOD5HSXEEOLFD&LXYDVFLD
6FXROHGLOLQJXD 'LIIHUHQ]D
FLXYDVFLD
UXVVD
WDUWDUD
PRUGRYD
7RWDOH
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
7DEHOOHH/·LQVHJQDPHQWRGHOODOLQJXDFLXYDVFLDIXRULGDOODUHSXEEOLFD 5DSSRUWRVXOORVWDWR
HVRVWHJQRDOODGLYHUVLWjOLQJXLVWLFDQHOOD)HGHUD]LRQH5XVVD
FRPHOLQJXDGLLQVHJQDPHQWR
6RJJHWWL
$UHHXUEDQH
$UHHUXUDOL
GHOOD
QVWXGHQWL
QVWXGHQWL
)HGHUD]LRQH
Q
Q
5XVVD
VFXROH &ODVVL &ODVVL &ODVVL VFXROH &ODVVL &ODVVL &ODVVL
%DVFKLULD
7DWDUVWDQ
6RJJHWWLGHOOD
)HGHUD]LRQH
5XVVD
2EODVW·
GL.HPHURYR
2EODVW·
GL2UHPEXUJ
FRPHPDWHULDGLVWXGLR
$UHHXUEDQH
$UHHUXUDOL
QVWXGHQWL
QVWXGHQWL
Q
Q
VFXROH &ODVVL &ODVVL &ODVVL VFXROH &ODVVL &ODVVL &ODVVL
%DVFKLULD
7DWDUVWDQ
+DNDVVLD
2EODVW·
GL6DPDUD
/·DWWXDOHVLVWHPDVFRODVWLFRRIIUHDJOLVWXGHQWLGXHSHUFRUVLGLVWXGLRXQR
WRWDOPHQWH LQ UXVVR HG XQ DOWUR LQ SDUWH QHOOD OLQJXD QD]LRQDOH ,Q
7DWDUVWDQ H LQ 0RUGRYLD q DWWLYR VROR TXHVWR XOWLPR PRGHOOR PHQWUH LQ
&LXYDVFLDHQWUDPEL4XHVWLSHUFRUVLGHOLQHDWLGDO0LQLVWHURGHOO·LVWUX]LRQH
GHOOD )HGHUD]LRQH UXVVD KDQQR XQ FRPSRQHQWH IHGHUDOH HG XQ DOWUR
DOWHUQDWLYRGLFDUDWWHUHUHJLRQDOHODVFLDWRDOODGLVFUH]LRQDOLWjGHOOHVFXROH
,OSULPRYLHQHGHVWLQDWRDVHFRQGDGHOSURILORGLVWXGLDOOHYDULHPDWHULH
FRPH DG HVHPSLR 'LULWWR (FRQRPLD H 6RFLRORJLD QHO SURILOR VRFLR
0DVVLPR5LSDQL
HFRQRPLFR ,O FRPSRQHQWH UHJLRQDOH LQYHFH FRPSUHQGH PDWHULH FRPH
QHOQRVWURFDVRODOHWWHUDWXUDFLXYDVFLD6HLQ7DWDUVWDQTXHVWRPRQWHRUH
YLHQH GHVWLQDWR HVFOXVLYDPHQWH DOOD OLQJXD H DOOD OHWWHUDWXUD WDUWDUD SHU
GHFLVLRQH GHO 0LQLVWHUR GHOO·,VWUX]LRQH QHOOD 5HSXEEOLFD &LXYDVFLD OD
TXHVWLRQH q SL FRPSOLFDWD 6LD QHOOH VFXROH SHU FRVu GLUH ´UXVVHµ VLD LQ
TXHOOH´FLXYDVFLHµLOFRPSRQHQWHIHGHUDOHqWHQGHQ]LDOPHQWHSUHIHULWRFRQ
XQUDSSRUWRFLUFDGHOO·D 7DEHOOD
7DEHOOD8WLOL]]RGHLFRPSRQHQWLDOO·LQWHUQRGHOOHVFXROHGHOOD5HSXEEOLFD&LXYDVFLD
)RQWH0LQLVWHURGHOO·,VWUX]LRQHGHOOD5HSXEEOLFD&LXYDVFLD
(OHPHQWDUL
QFODVVL
0HGLH
6XSHULRUL
7RWDOH
QFODVVL
QFODVVL
QFODVVL
6FXROHGLOLQJXDUXVVD
&RPSRQHQWHIHGHUDOH
&RPSRQHQWH
QD]LRQDOHUHJLRQDOH
$OWUR
6FXROHGLOLQJXDFLXYDVFLD
&RPSRQHQWHIHGHUDOH
&RPSRQHQWH QD]LRQDOH
UHJLRQDOH
$OWUR
/R VFHQDULR LQROWUH q FDPELDWR LQ VHJXLWR DOO·DSSURYD]LRQH GHOOD OHJJH
IHGHUDOHGHOFKHSUHYHGHSHUJOLVWXGHQWLGHOODIHGHUD]LRQHUXVVD
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
OD SRVVLELOLWj GL VRVWHQHUH O·(*( RYYHUR O·HVDPH GL VWDWR VROWDQWR LQ
OLQJXD UXVVD$ SDUWLUH GDO LQROWUH L SLDQL VFRODVWLFL VDUDQQR UHGDWWL
LQWHUDPHQWH D 0RVFD H QRQ q WXWWRUD FKLDUR LO UXROR GHOO·LQVHJQDPHQWR
GHOOHOLQJXHQD]LRQDOL)LQRDOODVHQWHQ]DGHOOD&RUWH&RVWLWX]LRQDOHGHOOD
)HGHUD]LRQH 5XVVD 3 GHO QRYHPEUH HUD LQIDWWL SUHYDOVR LO
SULQFLSLR VHFRQGR LO TXDOH OD IRUPD]LRQH GHJOL VWXGHQWL SHU TXDQWR
ULJXDUGD OH OLQJXH PLQRULWDULH VDUHEEH FRPSHWHQ]D GHOOH DPPLQLVWUD]LRQL
ORFDOL /D GHFLVLRQH GHOOD VXSUHPD FRUWH LQYHFH KD HYLGHQ]LDWR OD
QHFHVVLWjGLWUDVIHULUHTXHVWHFRPSHWHQ]HSHUFKp©/D)HGHUD]LRQH5XVVD
VWDELOLVFH JOL VWDQGDUG JRYHUQDWLYL IHGHUDOL GHOO·LVWUX]LRQHª &RVWLWX]LRQH
5XVVDDUWS
,Q FRQFRPLWDQ]D FRQ O·HQWUDWD LQ YLJRUH GHOOD OHJJH IHGHUDOH Q LQ DOFXQH
UHSXEEOLFKH GHOOD )HGHUD]LRQH 5XVVD OH DXWRULWj ORFDOL H L SHUVRQDJJL SXEEOLFL
KDQQRODQFLDWRO·DOODUPHFLUFDLOSHULFRORGLFDQFHOOD]LRQHGHOO·LQVHJQDPHQWRGHOOH
OLQJXHQDWLYH>@/DGLIIHUHQ]DFRQODSUHFHGHQWHOHJLVOD]LRQHqFKHORVWXGLRGHOOH
OLQJXH QDWLYH UXVVR LQFOXVR QHOOH VFXROH GHYH HVVHUH LPSOHPHQWDWR VROWDQWR VX
ULFKLHVWDHVFHOWDGHLSDUWHFLSDQWLVWHVVLDOSURFHVVRHGXFD]LRQDOHSLXWWRVWRFKHDG
HOHPHQWL GL FRQWUROOR GHL VRJJHWWL GHOOD IHGHUD]LRQH UXVVD 5DSSRUWR VXOOR VWDWR H
VRVWHJQRDOODGLYHUVLWjOLQJXLVWLFDQHOODIHGHUD]LRQH5XVVD
5LIHULPHQWL
D'RFXPHQWL
&RVWLWX]LRQH5XVVD GLFHPEUH KWWSFRQVWLWXWLRQNUHPOLQUX
&RVWLWX]LRQH
GHOOD
5HSXEEOLFD
&LXYDVFLD
QRYHPEUH
KWWSJRYFDSUXKLHUDUK\BFDSDVS"SDJH
/HJJH IHGHUDOH Q GHO ©Ǜ ȌǴȈǷǭȂ ǺǭǽǻDZǻǯ ǝǻǾǾǵǶǾǷǻǶ
ǡDzDZDzǽǭȃǵǵª
/HJJH IHGHUDOH Q GHO ©ǛǾǺǻǯȈ ǴǭǷǻǺǻDZǭǿDzǸȉǾǿǯǭ ǝǻǾǾǵǶǾǷǻǶ
ǡDzDZDzǽǭȃǵǵǻǷȀǸȉǿȀǽDzª
/HJJHIHGHUDOHQ)GHO ©ǛǮǵǮǸǵǻǿDzȄǺǻǹDZDzǸDzª
/HJJH IHGHUDOH Q ) GHO ©Ǜ ǺǭȃǵǻǺǭǸȉǺǻǷȀǸȉǿȀǽǺǻǶ ǭǯǿǻǺǻǹǵǵª
/HJJH IHGHUDOH Q ) GHO ©Ǜ ǰǭǽǭǺǿǵȌȂ Ǽǽǭǯ ǷǻǽDzǺǺȈȂ
ǹǭǸǻȄǵǾǸDzǺǺȈȂǺǭǽǻDZǻǯǝǻǾǾǵǶǾǷǻǶǡDzDZDzǽǭȃǵǵª
/HJJH IHGHUDOH Q ) GHO ©Ǜ ǰǻǾȀDZǭǽǾǿǯDzǺǺǻǹ ȌǴȈǷDz ǝǻǾǾǵǶǾǷǻǶ
ǡDzDZDzǽǭȃǵǵª
0DVVLPR5LSDQL
/HJJH IHGHUDOH Q ) GHO ©Ǜ ǯǺDzǾDzǺǵǵ ǵǴǹDzǺDzǺǵǶ ǯ ǻǿDZDzǸȉǺȈDz
ǴǭǷǻǺǻDZǭǿDzǸȉǺȈDz ǭǷǿȈ ǝǻǾǾǵǶǾǷǻǶ ǡDzDZDzǽǭȃǵǵ Ǽǻ ǯǻǼǽǻǾǭǹ ǯȈǼǸǭǿȈ
ǾǿǵǼDzǺDZǵǶ ǵ ǻǽǰǭǺǵǴǭȃǵǵ ǻǮǽǭǴǻǯǭǿDzǸȉǺǻǰǻ ǼǽǻȃDzǾǾǭ ǯ ǻǮǽǭǴǻǯǭǿDzǸȉǺȈȂ
ȀȄǽDzdzDZDzǺǵȌȂª
'HFLVLRQH&RUWH&RVWLWX]LRQDOHGHOOD)HGHUD]LRQH5XVVDQ3
'HFUHWR GHO 3UHVLGHQWH GHOOD )HGHUD]LRQH 5XVVD Q GHO ©ǛǮ ȀǿǯDzǽdzDZDzǺǵǵ
ǾǿǽǭǿDzǰǵȄDzǾǷǻǰǻ ǷȀǽǾǭ ǝǻǾǾǵǶǾǷǻǶ ǡDzDZDzǽǭȃǵǵ Ǿ ǰǻǾȀDZǭǽǾǿǯǭǹǵ ȀȄǭǾǿǺǵǷǭǹǵ
ǞǻDZǽȀdzDzǾǿǯǭǚDzǴǭǯǵǾǵǹȈȂǐǻǾȀDZǭǽǾǿǯª
/HJJHGHOOD5HSXEEOLFD&LXYDVFLDGHO©ǛȌǴȈǷǭȂǯǤȀǯǭȅǾǷǻǶǝDzǾǼȀǮǸǵǷDzª
LQ ǞǮǻǽǺǵǷ ǴǭǷǻǺǻDZǭǿDzǸȉǺȈȂ ǵ ǺǻǽǹǭǿǵǯǺȈȂ ǭǷǿǻǯ ǏDzǽȂǻǯǺǻǰǻ ǞǻǯDzǿǭ ǵ
ǞǻǯDzǿǭǙǵǺǵǾǿǽǻǯǤȀǯǭȅǾǷǻǶǝDzǾǼȀǮǸǵǷǵ
/HJJHGHOOD5HSXEEOLFD&LXYDVFLDGHO ©ǛǮǻǮǽǭǴǻǯǭǺǵǵª
/HJJH GHOOD 5HSXEEOLFD &LXYDVFLD Q GHO ©Ǜ ȌǴȈǷǭȂ ǯ ǤȀǯǭȅǾǷǻǶ
ǝDzǾǼȀǮǸǵǷDzª
©%DVLFKQ\\HXFKHEQ\\HSODQ\ª1DURGQD\DVKNRODQ SS
5DSSRUWRVXOORVWDWRHVRVWHJQRDOODGLYHUVLWjOLQJXLVWLFDQHOOD)HGHUD]LRQH5XVVD
E6WXGL
$Î*8, *XHQQDGL HG /·±LO GHV FKDPSV $QWKRORJLH GH OD SRpVLH WFKRXYDFKH &LUFp
(GLWLRQV8QHVFR
$6+0$5,1 1LNRODLM &KXYDVKVND\D QDURGQD\D VORYHVQRVW· LVVOHGRYDQL\D DYWRELRJUDIL\D
YRVSRPLQDQL\DSLV·PD&KHERNVDU\,]GYR&KXYDVKVNRJRXQLYHUVLWHWD
%$6.$.29 $OH[DQGU 1$6<529$ 2OJD ©-D]\NRY\HVLWXDFLLYWMXUNRMD]\FKQ\K
UHVSXEOLNDK 5RVVLMVNRM )HGHUDFLLª ,Q 0,;$/·&+(1.2 9LGD .5-8&+.29$
7DWMDQD HG <D]\NL5RVVLMVNRM)HGHUDFLLLQRYRJR]DUXEH]K·\DVWDWXVLIXQNFLLSS²
0RVFD8566
',0,75,(9 9DVLOLM,VWRUL\D&KXYDVKLL;9,,,YHNDGRNUHVWMMDQVNRMYRMQ\JJ
&KHERNVDU\&KXYDVKJRVL]GDW
',0,75,(9 9DVLOLM ©,VWRVFKDHW QDFL\X QLJHOL]Pª 6RYHWVND\D &KXYDVKL\D Q
²RWWREUH S
',0,75,(9 9DVLOLM 9RSURV\ HWQRJHQH]D HWQRJUDILL L LVWRULL NXO·WXU\ FKXYDVKVNRJR QDURGD
VERUQLNVWDWH\&KHERNVDU\&KXYDVKVNLMJRV8QLYHUVLWHW
'2:/(5:D\QH©7KH3ROLWLFVRI/DQJXDJHLQQRQ5XVVLDQ(OHPHQWDU\6FKRROV
LQ WKH (DVWHUQ (PSLUH ª 5XVVLDQ 5HYLHZ YRO Q RWWREUH SS
'2:/(5 :D\QH &ODVVURRP DQG (PSLUH 7KH 3ROLWLFV RI 6FKRROLQJ 5XVVLD·V (DVWHUQ
,FLXYDVFLIUDRULHQWHHGRFFLGHQWH
1DWLRQDOLWLHV0RQWUpDO0F*LOO4XHHQ·V8QLYHUVLW\3UHVV
(*2529 9DVLOLM 6RYUHPHQQ\M FKXYDVKVNLM OLWHUDWXUQ\M \D]\N Y VUDYQLWHO·QR LVWRULFKHVNRP
RVYHVKFKHQLL&KHERNVDU\&KXYDVKVNR\HNQL]KL]GYR
)20,1 (GXDUG ©1RWHV VREUH OD VRFLROLQJtVWLFD W[XYDL[Dª .DWDOXQD (VSHUDQWLVWR
SS
+8=$1*$- 3HGHU 3RLVN VORYD VWDW·L R VRYUHPHQQRM FKXYDVKNR\ SRH]LL &KHERNVDU\
&KXYDVKVNRHNQL]KL]GYR
,*1$7·(9$ (OHQD&KXYDVKVND\DHSLFKHVND\DSRH]L\DSUREOHP\IRUPLURYDQL\DLUD]YLWL\D
]KDQURY&KHERNVDU\&KXYDVKVNLMJRVXQLYHUVLWHWLP,18O·\DQRYD
,*1$7·(9$$QLVL\D©*RYRU\DWGHWLSRFKXYDVKVNLM"ª1DURGQD\DVKNRODSS
,9$129 9LWDOLM &KXYDVKVNLM HWQRV 3UREOHP\ LVWRULL L HWQRJHRJUDILL &KHERNVDU\
&KXYDVKVNLMJRVXGDUVWYHQQ\MLQVWLWXWJXPDQLWDUQQ\KQDXN
,9$129 9LWDOLM &KXYDVKVND\D GLDVSRUD (WQRJHRJUDILFKHVNLM VSUDYRFKQLN &KHERNVDU\
&K*,*1
,9$129 9LWDOLM 1,.2/$(9 9DVLOLM ',0,75,(9 9DVLOLM &KXYDVKL (WQLFKHVND\D
LVWRUL\DLWUDGLFLRQQD\D.XOWXUD0RVFD',.
,9$129 9LWDOLM D (WQLFKHVND\D JHRJUDIL\D FKXYDVKVNRJR QDURGD &KHERNVDU\
&KXYDVKVNRHNQL]KL]GYR
,9$129 9LWDOLM E ©2VREHQQRVWL HWQLFKHVNLK SURFHVVRY Y &KXYDVKVNRM
5HVSXEOLNHª,Q ./(0(17·(9 9DOHULM &KXYDVKVND\D 5HVSXEOLNDSUREOHP\
QDFLRQDO·QRJRVXGDUVWYHQQRJR VWURLWHO·VWYD LVWRULMD L VRYUHPHQQRVW· &KHERNVDU\
&KXYDVKVNLMJRVXGDUVWYHQQ\MLQVWLWXWJXPDQLWDUQ\KQDXNSS
-2+$1621 /DUV©/LQJXLVWLFFRQYHUJHQFHLQWKH9ROJDDUHDª,Q*,/%(56 'LFN\
1HUERQQH -2+1 6&+$(.(1 -RV HG /DQJXDJHV LQ FRQWDFW $PVWHUGDP $WODQWD
5RGRSLSS
-2+$1621 /DUV &6$72 eYD $JQHV >@ 7KH WXUNLF ODQJXDJHV 1HZ <RUN
5RXWOHGJH
.$33(/(5 $QGUHDV©&HQWURHSHULIHULDQHOO·LPSHURUXVVRªLQ5LYLVWD
6WRULFD,WDOLDQD&;9IDVFSS
.29$/(96.,- $QGUHM &KXYDVKL L EXOJDU\ SR GDQQ\P $KPHGD LEQ)DGODQD
&KHERNVDU\&KXYDVKVNRHJRVXGDUVWYHQQRHL]GYR
.29$/(96.,- $QGUHM .QLJD $KPHGDLEQ)DGODQDRHJR SXWHVKHVWYLL QD9ROJXY
JJ+DU·NRY,]GDWěĺVWYRJRVXGDUVWYHQQRJRXQLYHUVLWHWD
/27)8//,1 0DUDW ©2EUD]RYDQLH QD URGQRP \D]\NH Y 5RVVLLª ,Q +$.,029
5$)$(/ HG 3ROLWLNRSUDYRY\HUHVXUV\IHGHUDOL]PDY5RVVLLSS.D]DQ.D]DQVNLM
,QVWLWXW)HGHUDOLVPD
0DVVLPR5LSDQL
0,//(5 $OH[HL ©5RVVL\VND\D LPSHUL\D QDWVLRQDOL]P L SURWVHVV\ IRUPLURYDQL\D
QDWVLMY3RYRO]K·\Hª$E,PSHULRQSS
0,//(5 $OH[HL ©7KH HPSLUH DQG WKH QDWLRQ LQ WKH LPPDJLQDWLRQ RI UXVVLDQ
QDWLRQDOLVPª ,Q 0,//(5 $OH[HL H 5,(%(5 $OIUHG HG ,PSHULDO UXOH SS
%XGDSHVW&(83UHVV
08&./( -DPHV ©5XVVLDQ DQG RWKHU PRWKHU WRQJXHV LQ WKH VFKRROV RI WKH
5XVVLDQ )HGHUDWLRQ DQG WKH )RUPHU 6RYLHW 8QLRQª ,Q 78/$6,(:,&= :LWROG
$'$06 $QWKRQ\7HDFKLQJWKHORFDOWRQJXHLQDPXOWLFXOWXUDO(XURSH/RQGUD&DVVHOOSS
1,.2/$(9 9DVLOLM ,9$12925.29 *HQQDGLM ,9$129 9LWDOLM &KXYDVKVNLM
NRVW\XP RW GUHYQRVWL GR VRYUHPHQQRVWL &KHERNVDU\ )RQG LVWRULNRNXO·WXURORJLFKHVNLK
LVVOHGRYDQLMLP.9,YDQRYD
3(7529 1LNRODM &KXYDVKVNLM \D]\N Y VRYHWVNX\X HSRKX &KHERNVDU\ &KXYDVKVNRH
NQL]KL]GYR
5Ð1$7$6 $QGUiV 0RQJROLVFKHV /HVHEXFK /HVHVWFNH LQ XLJXUPRQJROLVFKHU 6FKULIW PLW
JUDPPDWLNDOLVFKHQ %HPHUNXQJHQ :LHQ $UEHLWVNUHLV IU WLEHWLVFKH XQG EXGGKLVWLVFKH
6WXGLHQ8QLYHUVLWlW:LHQ
6+1,5(/0$1 9LFWRU:KR*HWVWKH3DVW"&RPSHWLWLRQIRU$QFHVWRUVDPRQJ1RQ5XVVLDQ
,QWHOOHFWXDOVLQ5XVVLD:DVKLQJWRQ'&:RRGURZ:LOVRQ&HQWHU3UHVV
6,/9(5 %ULDQ©7KH6WDWXVRI1DWLRQDOPLQRULW\ODQJXDJHVLQ6RYLHWHGXFDWLRQDQ
DVVHVVPHQWRIUHFHQWFKDQJHVªLQ6RYLHW6WXGLHV;;9,QSS
<8+0$0LKDLO©%URVKHQQRHSROHª/LWHUDWXUQD\DJD]HWDQ JHQQDLR S
<8+0$0LKDLO'UHYQLHFKXYDVKL&KHERNVDU\9XFKDK
<8+0$0LKDLO2FKHUNLSRLVWRULL9RO]KVNRM%ROJDULL&KHERNVDU\$WWLO
/·DSSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUH
FRPSWHUHQGXG·H[SpULHQFHVHWGHSURMHWV
7KpUqVH&DURQ
%7K8QLYHUVLWpGH0RQWUpDO
'·DSUqV OH GRFWHXU $OIUHG 7RPDWLV RWRUKLQRODU\QJRORJLVWH FpOqEUH SRXU VHV WUDYDX[ GH UHFKHUFKH VXU
O·RUHLOOH OH ODQJDJH HW OD FRPPXQLFDWLRQ QRXV VRPPHV WRXV QpV SRO\JORWWHV 3DU FRQWUH SRXU FHUWDLQHV
QDWLRQDOLWpVO·DSSUHQWLVVDJHG·XQHVHFRQGHODQJXHHVWSOXVGLIILFLOHYXODYDULDWLRQGHVIUpTXHQFHVVRQRUHV
GH OD YRL[ KXPDLQH $LQVL VHORQ 7RPDWLV OH IUDQoDLV Q·XWLOLVH TX·XQH RFWDYH FRQWUH TXDWUH SRXU
O·DQJODLV'RQFSRXUO·DQQpHVFRODLUHOHPLQLVWUHGHO·eGXFDWLRQGX/RLVLUHWGX6SRUWGX
4XpEHF D GpFUpWp TXH O·DQJODLV VHUDLW HQVHLJQp GqV OD SUHPLqUH DQQpH GX SULPDLUH DILQ GH SHUPHWWUH j
O·HQIDQWG·DYRLUXQSUHPLHUFRQWDFWDYHFODODQJXHVHFRQGH/·H[SpULHQFHDpWpHIIHFWXpHGDQVFLQTUpJLRQV
DYHF GL[ JURXSHV G·pOqYHV GH SUHPLqUH HW GH GHX[LqPH DQQpH GDQV FKDTXH pFROH WRWDOLVDQW
SDUWLFLSDQWV$XFRXUVGHVGHX[SUHPLqUHVDQQpHVO·HQIDQWDSSUHQGGHVFKDQVRQVGHVFRPSWLQHVHWGHV
KLVWRLUHVHWXWLOLVHGHVPRWVDQJODLVSRXUFRPPXQLTXHURUDOHPHQWHWGpYHORSSHUXQHDWWLWXGHSRVLWLYHIDFH
jO·DQJODLV&RPPHVXLWHDX[UpVXOWDWVREWHQXVO·DQJODLVHVWHQVHLJQpGqVODSUHPLqUHDQQpHGXSULPDLUH
GDQVWRXWHVOHVpFROHVGX4XpEHFVRLWGHSXLVVHSWHPEUH
6HFRQGRLOGRWWRU$OIUHG7RPDWLVXQRWRULQRODULQJRLDWUDFHOHEUHSHUOHVXHULFHUFKHVXXGLWROLQJXDJJLRH
FRPXQLFD]LRQHVLDPRWXWWLQDWLSROLJORWWL7XWWDYLDO·DSSUHQGLPHQWRGLXQDVHFRQGDOLQJXDqSLGLIILFLOH
SHUDOFXQHQD]LRQDOLWjGDWDODYDULD]LRQHGHOOHIUHTXHQ]HVRQRUHGHOODYRFHXPDQD,OIUDQFHVHXWLOL]]D
VROWDQWRXQ·RWWDYDFRQWUROHTXDWWUR GHOO·LQJOHVHVHPSUHVHFRQGR7RPDWLV'LFRQVHJXHQ]DLO0LQLVWUR
GHOOD 3XEEOLFD ,VWUX]LRQH GHO 7HPSR OLEHUR H GHOOR 6SRUW GHO 4XHEHF KD GHFUHWDWR FKH O·LQJOHVH IRVVH
LQVHJQDWR SHU O·DQQR VFRODVWLFR GDO SULPR DQQR GHOOD VFXROD SULPDULD SURSULR SHU
FRQVHQWLUHDOEDPELQRGLDYHUHXQSULPRFRQWDWWRFRQODVHFRQGDOLQJXD8QHVSHULPHQWRqVWDWRFRQGRWWR
LQ FLQTXH UHJLRQL FRQ GLHFL JUXSSL GL VWXGHQWL GL SULPR H GL VHFRQGR DQQR LQ FLDVFXQD VFXROD SHU XQ
WRWDOH GL SDUWHFLSDQWL 1HO FRUVR GHL SULPL GXH DQQL LO EDPELQR LPSDUD FDQ]RQL ILODVWURFFKH H
VWRULHHXVDSDUROHLQJOHVLSHUFRPXQLFDUHRUDOPHQWHHVYLOXSSDUHXQDWWHJJLDPHQWRSRVLWLYRYHUVRO·LQJOHVH
)DFHQGRVHJXLWRDLULVXOWDWLRWWHQXWLODOLQJXDLQJOHVH qLQVHJQDWDGDOVHWWHPEUH ILQGDOSULPR
DQQRGHOODSULPDULDLQWXWWHOHVFXROHGHO4XHEHF
$SSUHQWLVVDJH SUpFRFH GH O·DQJODLV GqV OH SULPDLUH VXLYL GH
FRPSWHVUHQGXVG·H[SpULHQFHVHWGHSURMHWV
7HOTXHSXEOLpSDUOH0LQLVWqUHGHO·eGXFDWLRQGX/RLVLUHWGX6SRUWSRXU
O·DQQpHGpYHORSSpHQTXDWUHYROHWVFRPPHVXLW
0D FRPPXQLFDWLRQ V·DSSXLH VXU OH 5DSSRUW G·pWDSH GH OD 3UHPLqUH DQQpH
G·H[SpULPHQWDWLRQGXSURJUDPPHG·DQJODLVODQJXHVHFRQGH3UHPLHUF\FOHGXSULPDLUH
$QQpH 3XEOLp SDU OH PLQLVWqUH GH O·eGXFDWLRQ GX /RLVLU HW GX 6SRUW
'LUHFWLRQJpQpUDOHGHODIRUPDWLRQGHVMHXQHV1RYHPEUH
7KpUqVH&DURQ
$SSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUH
0DWpULHOXWLOLVpSHQGDQWO·H[SpULPHQWDWLRQ
1DWXUHGXSURJUDPPH
)RUPDWLRQGXSHUVRQQHOHQVHLJQDQW
$SSUpFLDWLRQV
,QWURGXFWLRQ
(WVHVRUHLOOHVV·RXYULUHQWHWDXVVLW{WOHOLHQGHVDODQJXHVHGpQRXD
6DLQW0DUF&KDSLWUH9,,9HUVHW
'DQV VRQ RXYUDJH LQWLWXOp 1RXV VRPPHV WRXV QpV SRO\JORWWHV SDUX HQ
$OIUHG7RPDWLVDIILUPHTXHTXHOOHTXHVRLWODVWUDWpJLHSpGDJRJLTXHPLVH
HQ SODFH LO Q·\ D SDV G·kJH SRXU DSSUHQGUH XQH ODQJXH ,O SRXUVXLW HQ
GLVDQWTXH©OHSHWLWHQIDQWDXQHRUHLOOHSODVWLTXHFDSDEOHG·LQWpJUHUWRXV
OHV XQLYHUV VRQRUHV FHOXL GH VD ODQJXH PDWHUQHOOH FRPPH FHOXL G·XQH
ODQJXH pWUDQJqUHª G·R OD FLWDWLRQ HPSUXQWpH j 6DLQW 0DUF HQ JXLVH GH
SUpDPEXOH
4XHOTXHV DQQpHV SOXV W{W HQ OH QHXURORJXH TXpEpFRLV :LOGHU
3HQILHOG VRXWHQDLW TXH SDVVp O·kJH GH RX DQV LO pWDLW WUqV GLIILFLOH
G·DSSUHQGUHXQHODQJXHVHFRQGH
3DUODVXLWHHQOHSURIHVVHXU*LOOHV%LEHDXGRFWHXUHQOLQJXLVWLTXH
GpFODUH TXH GDQV XQ eWDW FRPPH OH 4XpEHF R OHV IUDQFRSKRQHV QH
UHSUpVHQWHQW TXH GH OD SRSXODWLRQ GH O·$PpULTXHGX 1RUGj JUDQGH
PDMRULWp DQJORSKRQH LO IDXW IDLUH OH PD[LPXP SRXU TXH OHV MHXQHV
DSSUHQQHQWO·DQJODLV(WOHSOXVW{WVHUDOHPLHX[
3DU DLOOHXUV HQ /·81(6&2 D IDLW IDLUH GHV UHFKHUFKHV
GHVFULSWLYHV VXU FHWWH TXHVWLRQ GDQV KXLW SD\V GLIIpUHQWV DYHF OD
FROODERUDWLRQ GH FKHUFKHXUV UpSXWpV ,O HQ UHVVRUW TX·j O·pFROH
O·DSSUHQWLVVDJHG·XQHODQJXHVHFRQGHUpXVVLWPLHX[jXQkJHSOXVDYDQFp
3DUFRQWUHFRQVLGpUDQWO·LPSRUWDQFHGXELOLQJXLVPHSRXUOH4XpEHFYXVD
VLWXDWLRQ JpRJUDSKLTXH HQ SOXV GH OD PRQGLDOLVDWLRQ GH O·pFRQRPLH OH
PLQLVWqUH GH O·eGXFDWLRQ GX /RLVLU HW GX 6SRUW D GHYDQFp O·kJH GH
O·HQVHLJQHPHQWGHO·DQJODLVGHODWURLVLqPHDQQpHjODSUHPLqUHDQQpHGX
SULPDLUHFHTXLjPRQDYLVHVWXQHVDJHGpFLVLRQSXLVTXHQRXVDYRQVOH
/·DSSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUH
SULYLOqJH G·DYRLU DFFqV j GH QRPEUHX[ PpGLDV GH ODQJXH DQJODLVH FH TXL
HQIDFLOLWHO·DSSUHQWLVVDJH
3RXUVXLYRQVDYHFOHSURJUDPPHPLVHQSODFHGDQVOHVpFROHVGX4XpEHF
GHSXLV VXLYL GH TXHOTXHV VXJJHVWLRQV VHORQ PD SURSUH H[SpULHQFH
G·HQVHLJQHPHQWGHO·DQJODLVGHSXLV
$SSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUH
&RPPH OHV KXLW DQQpHV G·HQVHLJQHPHQW GH O·DQJODLV DX SURJUDPPH
VFRODLUH Q·RQW SDV SHUPLV G·DWWHLQGUH DX ELOLQJXLVPH RX GX PRLQV GH
SRXYRLUVRXWHQLUXQHFRQYHUVDWLRQpOpPHQWDLUHGDQVGHVWHUPHVSUpFLVRQ
Q·\ YRLW DXFXQ ULVTXH j GHYDQFHU O·kJH GH O·DSSUHQWLVVDJH GH O·DQJODLV
VXUWRXW TX·HQ EDV kJH O·HQIDQW VXELUD PRLQV GH PDODLVHV IDFH DX[ DXWUHV
HQIDQWV
'·HQWUpH GH MHX[ MH FURLV TXH O·HQIDQW HQ EDV kJH DXUD O·DYDQWDJH
G·DVVLPLOHU OHV WHUPHV SUpFLV SRXU V·H[SULPHU DORUV TXH SOXV WDUG LO DXUD
WHQGDQFHjWUDGXLUHOLWWpUDOHPHQWGXIUDQoDLVYHUVO·DQJODLVFHTXLGRQQHUD
TXHOTXHV H[SUHVVLRQV ©FRROª« WHOOHV TXH RSHQ WKH OLJKW DQG FORVH WKH OLJKW
WXUQRQRIIWKHOLJKW RXHQFRUH,OLNHWRJRWRVNL ,OLNHVNLLQJ HWDXWUHV
3DU FRQWUH O·pWXGH GH OD JUDPPDLUH VHUD LQWpJUpH GDQV OHV DQQpHV
VXFFHVVLYHV
6L FH SURJUDPPH DYDLW pWp LQVWDXUp SOXV W{W LO DXUDLW SX GLVVXDGHU OHV
SDUHQWV IUDQFRSKRQHV G·XWLOLVHU OHV pFROHV DQJODLVHV VXUQRPPpHV ©pFROHV
SDVVHUHOOHVª GRQW FHUWDLQV VH VRQW VHUYLV SRXU GpWRXUQHU OD ORL REOLJHDQW
OHVHQIDQWVjIUpTXHQWHUO·pFROHIUDQoDLVH(QLQVFULYDQWOHXUVHQIDQWVSRXU
XQH DQQpH GDQV XQH pFROH DQJODLVH QRQ VXEYHQWLRQQpH OHV SDUHQWV
FUR\DLHQWIDFLOLWHUO·DGPLVVLRQGHOHXUVHQIDQWVjO·pFROHSXEOLTXHDQJODLVH
O·DQQpH VXLYDQWH /RUVTXH OH 0LQLVWUH D GpFRXYHUW FH VWUDWDJqPH LO HVW
LQWHUYHQX HQ SUpVHQWDQW OH SURMHW GH ORL DGRSWp j O·XQDQLPLWp SDU
O·$VVHPEOpHQDWLRQDOHOHMXLQFRPSRUWDQWGHVGLVSRVLWLRQVSRXU
TX·XQ HQIDQW IUpTXHQWDQW O·pFROH DQJODLVH SULYpH QRQ VXEYHQWLRQQpH QH
SXLVVHV·LQVFULUHDXWRPDWLTXHPHQWGDQVXQHpFROHDQJODLVHVXEYHQWLRQQpH
O·DQQpHVXLYDQWH
6XUFHO·$VVRFLDWLRQGHVFRPPLVVLRQVVFRODLUHVDQJORSKRQHVGX4XpEHF
SDUO·HQWUHPLVHGHVDSUpVLGHQWH'HEELH%RUURFNVLQWHUYLHQWHQGLVDQWTXH
©GHSXLV SOXV G·XQH JpQpUDWLRQ OHV &RPPLVVLRQV VFRODLUHV DQJORSKRQHV
7KpUqVH&DURQ
GX 4XpEHF pODERUHQW HW LPSODQWHQW GHV SURJUDPPHV GH IUDQoDLV ODQJXH
VHFRQGHTXLGpSDVVHQWJUDQGHPHQWOHVH[LJHQFHVGXSURJUDPPHpGXFDWLI
GX4XpEHFª(OOHSRXUVXLWHQGLVDQW©QRXVGHPHXURQVRSWLPLVWHVTXHOH
SURMHW GH ORL VHUD GpFODUp LQRSpUDQWª (OOH DMRXWH ©QRXV YRXORQV
VLQFqUHPHQW FRQWULEXHU j O·DYHQLU GX 4XpEHF DORUV 4XpEHF GRLW
VLQFqUHPHQW FRQWULEXHU j O·DYHQLU G·XQH WHOOH LQVWLWXWLRQ /HV HQMHX[
OLQJXLVWLTXHV QH VRQW MDPDLV IDFLOHV j UpVRXGUH SDUWLFXOLqUHPHQW DX
4XpEHFª 'RQF O·$VVRFLDWLRQ GHPDQGH O·LQYDOLGDWLRQ GX SURMHW GH ORL
/HV pFROHV SXEOLTXHV DQJORSKRQHV VRQW GHV DOOLpHV HW QRQ GHV
DGYHUVDLUHV GH FRQFOXUH O·$VVRFLDWLRQ GHV FRPPLVVLRQV VFRODLUHV
DQJORSKRQHVGX4XpEHF
&HSHQGDQW DX PRPHQW G·pFULUH FHV OLJQHV OH JRXYHUQHPHQW WHQWH GH
UHYHQLU VXU VD SRVLWLRQ HW GH SHUPHWWUH DX[ SDUHQWV IUDQFRSKRQHV
G·LQVFULUH OHXUV HQIDQWV GDQV XQH pFROH SULYpH GH ODQJXH DQJODLVH QRQ
VXEYHQWLRQQpHSRXUXQHSpULRGHGHWURLVDQVFHTXLOHXUDVVXUHUDLWO·DFFqV
jO·pFROHDQJODLVHSDUODVXLWH/HSURMHWSDVVHUDWLO"
(W ILQDOHPHQW OH &(*(3 &ROOqJH G·HQVHLJQHPHQW JpQpUDO HW
SURIHVVLRQQHO UHSUpVHQWHODGHUQLqUHpWDSHSRXUDFFpGHUjO·XQLYHUVLWp
FH QLYHDX OHV pWXGLDQWV VRQW OLEUHV GH IUpTXHQWHU O·LQVWLWXWLRQ GH OHXU
FKRL[
&RPSpWHQFHVjGpYHORSSHU
$X FRXUV GHV GHX[ SUHPLqUHV DQQpHV GX SULPDLUH O·HQIDQW GpYHORSSHUD
GHV VWUDWpJLHV G·DSSUHQWLVVDJH OXL SHUPHWWDQW G·DSSUHQGUH GHV FKDQVRQV
GHVFRPSWLQHVHWGHVKLVWRLUHVRUDOHPHQWVDQVVHVRXFLHUGHODOHFWXUHRX
GHO·pFULWXUHWRXWFRPPHLODDSSULVjSDUOHUVDODQJXHPDWHUQHOOH
/H WHPSV DOORXp HQ FODVVH VHUD GH j PLQXWHV SDU VHPDLQH HQ
SpULRGHV GH j PLQXWHV SDU FRXUV 'RQF LO QH V·DJLW SOXV GX FRXUV
LQWHQVLIRRQDYDLWVXSSULPpTXHOTXHVSpULRGHVGHIUDQoDLVDXSURILWGH
O·DQJODLV SRXU OHV UHSRUWHU j SOXV WDUG VRXOHYDQW XQ WROOp GH FULWLTXHV j
O·pJDUGGX0LQLVWqUH
©/H UpVHDX GH FRPSpWHQFHV GH FRPSRVDQWHV HW GH VDYRLUV HVVHQWLHOV VH
SUpVHQWH GDQV XQ ODQJDJH FRQWH[WXHO GDQV GHV VLWXDWLRQV VWUDWpJLTXHV HW
GDQVGHVpOpPHQWVFXOWXUHOVLQWpJUpVGDQVOHVGHX[F\FOHVGXSULPDLUHªWHO
/·DSSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUH
TXHPHQWLRQQpGDQVOHSURJUDPPH/HVpOpPHQWVGXSURJUDPPHVRQWLFL
SUpVHQWpVGDQVODODQJXHRULJLQDOHG·HQVHLJQHPHQW
$X SUHPLHU F\FOH GX SULPDLUH OH SURJUDPPH FRPSUHQG GHX[ FRPSpWHQFHV j
GpYHORSSHU
²7RDFWRQXQGHUVWDQGLQJRIDXWKHQWLFWH[WV
²7RXVH(QJOLVK
$X[ GHX[LqPHV HW WURLVLqPHV F\FOHV GX SULPDLUH O·HQIDQW GpYHORSSHUD OHV
FRPSpWHQFHVVXLYDQWHV
7RLQWHUDFWRUDOO\LQ(QJOLVK
7RUHLQYHVWXQGHUVWDQGLQJRIRUDODQGZULWWHQWH[WV
7RZULWHWH[WV
'RFXPHQWVOLpVjO·H[SpULPHQWDWLRQGXSURJUDPPHG·DQJODLV
6RQJV
$%&
$LNHQGUXP
*RLQJWRWKH=RR
/RRE\/RR
2QH)LQJHU2QH7KXPE
3HDQXW%XWWHUDQG-HOO\
6L[/LWWOH'XFNV
:KHHOVRQWKH%XV 7KH
6WRULHV
&DEUHUD-DQH
&DUOH(ULF
'U6HXVV
0XQVFK5REHUW
&DW·V&RORUV
,6%1
)URP+HDGWR7RH
*UHHQ(JJVDQG+DP
$OOLJDWRU%DE\
HWF
:RUGVDQGH[SUHVVLRQV
$FWLYLWLHV
3OD\LQJ%LQJR,QHHGDSDUWQHU
:KRZDQWVWREHWKHPDWHULDOPDQDJHU"
<RXFDQZRUNLQSDLUVZLWKDIULHQGDSDUWQHU
7KpUqVH&DURQ
1HHGV
&DQ,0D\,KHOS\RX"
,·PILQLVKHG
$WLVVXHSOHDVH"
2UGHUV
%HTXLHW%HVLOHQW
&DQ\RXSDVVWKHVFUDSERRN"
,FDQ·WKHDU\RX
$VNLQJIRUKHOS &DQ\RXKHOSPH"
'LG\RXZDQWWRVD\VRPHWKLQJ"
/LWWOHSUREOHP"
.H\HOHPHQWVIRUVWRULHV
)DPLO\PHPEHUV
:KDWGR\RXWKLQNZLOOKDSSHQLQWKLVVWRU\"
$QLPDOVMXPSLQJUXQQLQJZDONLQJ
(QFRXUDJHPHQW %UDYR([FHOOHQW
1LFHFRORXUV:HOOGRQH
3HUVRQDO
&KULVWPDVHLJKWSUHVHQWV
0HSOD\LQWKHVQRZ
:DWHUPHORQJRRG
0DWHULDO
&RORXUSHQFLOV0DUNHUV
'R\RXKDYHJOXHVFLVVRUVSHQFLOV"
5HWURDFWLRQ
$UH\RXFRQFHQWUDWLQJ"
$UH\RXORRNLQJDWPH"
5RXWLQH
'LG\RXKDYHDVQDFN"
,·PJRLQJWRVKRZ\RXWKHSLFWXUHV
/HW·VOLVWHQWRDVWRU\
*UHHWLQJV
'LG\RXKDYHDQLFHZHHNHQG"
+DYHDJRRGOXQFK
+L0LVV0pOLVVD
)HHOLQJV
$UH\RXKDSS\"5DLVH\RXUKDQG
/·DSSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUH
$UH\RXKXQJU\"7KLUVW\"
/HVIRQGHPHQWVGXSURJUDPPH
/·HQIDQWEpQpILFLH
G·XQH DSSURFKH QDWXUHOOH GDQV OH UHVSHFW GX U\WKPH G·DSSUHQWLVVDJH GH
FKDTXHpOqYH
GHO·HQWUDvQHPHQWGHO·RUHLOOHDXU\WKPHjODPXVLFDOLWpHWDX[SKRQqPHV
GHODODQJXH
LO DSSUHQG GHV FKDQVRQV GHV FRPSWLQHV HW GHV KLVWRLUHV DXWKHQWLTXHV
LVVXHVGXUpSHUWRLUHFXOWXUHODQJORSKRQHGHODMHXQHHQIDQFH
LO EpQpILFLH GH OD FRQVWUXFWLRQ GX VDYRLU SDU O·pOqYH TXL ©EkWLWª VRQ
ODQJDJHjSDUWLUG·XQXQLYHUVFXOWXUHORLOSUHQGFHGRQWLODEHVRLQ
GX GpYHORSSHPHQW GH VWUDWpJLHV FOpV HQ YXH GH O·DSSUHQWLVVDJH G·XQH
ODQJXHVHFRQGH
GHO·DXWRUpJXODWLRQJXLGpHSDUO·HQVHLJQDQWVSpFLDOLVWHTXLPqQHUDO·pOqYH
YHUVODGpFRXYHUWHHWO·DSSOLFDWLRQGHQRXYHOOHVVWUDWpJLHV
HWILQDOHPHQWLOEpQpILFLHGXGpYHORSSHPHQWGHODFROODERUDWLRQGHOD
FRRSpUDWLRQGXSRXYRLUG·DFWLRQGHO·RXYHUWXUHjXQHDXWUHFXOWXUHGHOD
FUpDWLYLWpHWGHO·LPDJLQDLUH
/HSURJUDPPHUpSRQGDX[EHVRLQVG·DFWLRQHWGHVRFLDOLVDWLRQGHO·pOqYH
GHODIDoRQVXLYDQWH
O·pOqYHSDUWLFLSHDFWLYHPHQWjODYLHGHODFODVVHHWYLWODODQJXH
LO SUHQG SODLVLU j FKDQWHU j UpFLWHU GHV FRPSWLQHV HW j pFRXWHU GHV
KLVWRLUHV DYHF VRQ JURXSH TXL VRXWLHQW VD PRWLYDWLRQ HW VHV SUHPLqUHV
WHQWDWLYHVGHSDUOHUHQDQJODLV
/DODQJXHGHFRPPXQLFDWLRQHQFODVVHHVWO·DQJODLVHWFRPSRUWHFHUWDLQHV
FRQGLWLRQV
O·HQVHLJQDQWH RX O·HQVHLJQDQW VSpFLDOLVWH V·H[SULPH XQLTXHPHQW HQ
DQJODLVGqVOHSUHPLHUFRXUVG·DQJODLV
O·pOqYH V·H[SULPH HQ DQJODLV DYHF SHX GH PRWV PDLV GH IDoRQ WUqV
FUpDWLYHHQSXLVDQWGDQVVRQUpSHUWRLUHSHUVRQQHO
7KpUqVH&DURQ
/HVDWWHQWHVVRQWDGDSWpHVFDUO·pOqYH
FRPSUHQGWUqVYLWHTX·LOHVWFDSDEOHGHIDLUHFHTXLHVWDWWHQGXGHOXL
LO YLW GHV VXFFqV WUqV W{W LO SHXW FKDQWHU HW PLPHU XQH FKDQVRQ HQ
DQJODLVGqVOHSUHPLHUFRXUV
LO Q·D SDV j GpYHORSSHU GH FRPSpWHQFHV HQ OHFWXUH RX HQ pFULWXUH DILQ
G·pYLWHU WRXWH LQFLGHQFH QpJDWLYH VXU O·DSSUHQWLVVDJH GH OD OHFWXUH HW GH
O·pFULWXUHHQIUDQoDLV
/H 7DEOHDX VXLYDQW LQGLTXH OH FKHPLQHPHQW GH O·pOqYH (Q URXWH YHUV OH
GHX[LqPHF\FOHO·HQIDQW«
eFRXWH OD
ODQJXH
SDUOpH
HW
UHPDUTXH GH
QRXYHOOHV
VRQRULWpV
©'U{OHV GH
VRQVª
'LVWLQJXH
SOXV
IDFLOHPHQW
FH TXL HVW
DQJODLV
5pSqWH
VSRQWDQpPHQW
GHVPRWV
3HUVRQQDOLVH
GHV KLVWRLUHV
DYHF
XQ
SDUWHQDLUHHQ
LQWpJUDQW
FHUWDLQV
5pXWLOLVH GHV pOpPHQWV
SURYHQDQW
pOpPHQWV
WH[WHV
LPSRUWDQWV GH
GHFKDQVRQV IDPLOLHUV
GH
FRPSWLQHVHW
G·KLVWRLUHV
(VVDLH GH
UHIRUPXOHU
GHV KLVWRLUHV
DYHF
VRQ
JURXSH
5pDJLW GH
IDoRQ QRQ
YHUEDOH
j
O·XQLVVRQ
DYHF
VRQ
JURXSH
'pPRQWUH &RQQDvW
TXHOTXHV
VD
FRPSUpKHQVLRQ FKDQVRQV
SDU
GHV
UpDFWLRQV
SOXV
DXWRQRPHV
'pYHORSSH
XQUpSHUWRLUH
GHFKDQVRQV
GH
FRPSWLQHVHW
G·KLVWRLUHV HW
HQ
FRPSUHQG
OHV pOpPHQWV
LPSRUWDQWV
6·H[SULPH
DXPR\HQGH
JHVWHV HW GH
PRWVLVROpV
6H EkWLW
XQUpSHUWRLUH
GH PRWV HW
GH FRXUWHV
H[SUHVVLRQV
7UDQVPHW
GH
EUHIV
PHVVDJHV HQ
FRPELQDQW
GHV
PRWV
SURYHQDQW
GH
VRQ
UpSHUWRLUH
SHUVRQQHO
5pDOLVH
GH FRXUWHV
DFWLYLWpV
DYHF
XQ
SDUWHQDLUHHQ
XWLOLVDQW
VHXOHPHQW
O·DQJODLV
)RUPDWLRQGXSHUVRQQHOHQVHLJQDQW
/HVHQVHLJQDQWVGRQWLOHVWTXHVWLRQGDQVFHSURJUDPPHRQWpYLGHPPHQW
XQH SDUW LPSRUWDQWH j MRXHU SRXU DVVXUHU OH VXFFqV GX SURJUDPPH ,OV
/·DSSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUH
GRLYHQW SDUWLFLSHU DX[ VHVVLRQV GH IRUPDWLRQ RUJDQLVpHV SDU OH0LQLVWqUH
HW DFFHSWHU GH SDUOHU DX[ pOqYHV XQLTXHPHQW HQ DQJODLV GqV OH SUHPLHU
FRXUV'HSOXVLOVGHYURQWPHWWUHHQSUDWLTXHODSpGDJRJLHSULYLOpJLpHSDU
OH0LQLVWqUHHWXWLOLVHUOHVDFWLYLWpVDLQVLTXHOHVVLWXDWLRQVG·DSSUHQWLVVDJH
HWG·pYDOXDWLRQSURGXLWHVSDUO·pTXLSHGX0LQLVWqUH
,OV GRLYHQW pJDOHPHQW FRQWULEXHU j O·DSSOLFDWLRQ HW j OD YDOLGDWLRQ GX
FRQWHQX GX SURJUDPPH HQ LQWHUDJLVVDQW UpJXOLqUHPHQW DYHF O·pTXLSH GX
0LQLVWqUH GH PrPH TX·DYHF OHV DXWUHV VSpFLDOLVWHV SDUWLFLSDQW j
O·H[SpULPHQWDWLRQ,OVGHYURQWDXVVLDFFHSWHUODYLVLWHGDQVOHVFODVVHVGH
OD FRRUGRQQDWULFH GH O·H[SpULPHQWDWLRQ HW OD UpDOLVDWLRQ GH VpTXHQFHV GH
ILOPVDYHFOHVpOqYHVHQDFWLRQ
3RXU SDUWLFLSHU j FH SURJUDPPH OH SHUVRQQHO HQVHLJQDQW D UHoX XQH
IRUPDWLRQGHWURLVMRXUVHQHWGHTXDWUHMRXUVHQ
3DUWLFLSDWLRQ
5DSSHORQVTXHGL[JURXSHVG·pOqYHVVRLWKXLWGXVHFWHXUSXEOLFHWGHX[GX
VHFWHXU SULYp RQW SDUWLFLSp j O·H[SpULPHQWDWLRQ &LQT HQVHLJQDQWHV HW XQ
HQVHLJQDQWVSpFLDOLVWHVGHO·DQJODLVODQJXHVHFRQGHGHVL[pWDEOLVVHPHQWV
VFRODLUHVRQWFROODERUpjO·H[SpULPHQWDWLRQ
/H 0LQLVWqUH SUpFLVH TXH OHV pOqYHV GX VHFWHXU SXEOLF j O·H[FHSWLRQ GH
TXHOTXHV pOqYHV Q·DYDLHQW SDV pWp HQ FRQWDFW DYHF OD ODQJXH DQJODLVH
DXSDUDYDQW7DQGLVTXHOHVpOqYHVGXVHFWHXUSULYpDYDLHQWEpQpILFLpG·XQ
HQVHLJQHPHQWjGHPLWHPSVHQDQJODLVjO·pGXFDWLRQSUpVFRODLUH
0DWpULHOSpGDJRJLTXH
/HV VSpFLDOLVWHV RQW EpQpILFLp GH PDWpULHO GH VRXWLHQ FRPSUHQDQW
QRWDPPHQW GHV WH[WHV DXWKHQWLTXHV GHX[ VLWXDWLRQV G·DSSUHQWLVVDJH HW
G·pYDOXDWLRQ GHV DFWLYLWpV GLYHUVHV XQ VXSSRUW YLVXHO HW GHV RXWLOV
G·pYDOXDWLRQ
,OVRQWpWpVRXWHQXVSDUGLYHUVPR\HQVPLVHQSODFHSDUODFRRUGRQQDWULFH
GH O·H[SpULPHQWDWLRQ F·HVWjGLUH GHV UpSRQVHV j OHXUV SUpRFFXSDWLRQV HW
EHVRLQV DX PR\HQ GH FRXUULHOV GX VRXWLHQ WpOpSKRQLTXH HW GHV YLVLWHV
GDQV OHV FODVVHV FRPSUHQDQW GHV SpULRGHV G·REVHUYDWLRQ HW
G·HQUHJLVWUHPHQWVVXLYLHVG·pFKDQJHV
7KpUqVH&DURQ
$SSUpFLDWLRQV
/·DSSUpFLDWLRQGHVpOqYHVSDURUGUHGHSUpIpUHQFH
1RWRQVTX·LOQ·\DSDVGHGLIIpUHQFHVVLJQLILFDWLYHVHQWUHOHVUpSRQVHVGHV
ILOOHVHWFHOOHVGHVJDUoRQVDXTXHVWLRQQDLUHG·RSLQLRQ&HTX·LOVRQWDLPp
OHSOXVVHUpVXPHDLQVL
7UDYDLOOHUDYHFGHVDPLVVXLYUHOHVFRXUVG·DQJODLVFRPSUHQGUHO·DQJODLV
FKDQWHUGHVFKDQVRQVpFRXWHUGHVKLVWRLUHVHQWHQGUHSDUOHUDQJODLVGLUH
GHVPRWVHQDQJODLVHWIDLUHGHVJHVWHVHQFKDQWDQW
$SSUpFLDWLRQGHVGLUHFWLRQVG·pWDEOLVVHPHQW
6HORQOHVGLUHFWLRQVG·pWDEOLVVHPHQWOHVpOqYHVDLPHQWOHXUFRXUVG·DQJODLV
/HV WLWXODLUHV FRQVWDWHQW TXH O·DSSUHQWLVVDJH GH O·DQJODLV QH QXLW SDV j
O·DSSUHQWLVVDJHGHODOHFWXUHHWGHO·pFULWXUHGXIUDQoDLVFRQWUDLUHPHQWjFH
TXHO·RQFUDLJQDLWDXGpSDUW7RXVVRQWG·DFFRUGSRXUGLUHTXHOHVpOqYHV
GH FH JURXSH G·kJH DVVLPLOHQW IDFLOHPHQW HW ©DLVpPHQWª XQH QRXYHOOH
ODQJXH /HV GLUHFWLRQV FURLHQW TX·XQH DPpOLRUDWLRQ HVW VRXKDLWpH VRLW GH
GLIIXVHUGDYDQWDJHO·LQIRUPDWLRQVXUOHSURJUDPPH
$SSUpFLDWLRQGHVWLWXODLUHV
'·DSUqVOHVWLWXODLUHVOHVpOqYHVVRQWHQWKRXVLDVWHVHWDLPHQWFKDQWHUOHXU
UpSHUWRLUH GH FKDQVRQV ,O VHPEOH \ DYRLU GHV JDLQV VXU OH SODQ GH
O·DWWHQWLRQGHODFRQFHQWUDWLRQHWGHODFRPPXQLFDWLRQRUDOH2QQHQRWH
DXFXQ LPSDFW QpJDWLI VXU O·DSSUHQWLVVDJH GH OD OHFWXUH HW GH O·pFULWXUH GX
IUDQoDLV 7RXV OHV WLWXODLUHV VRQW KHXUHX[ G·DYRLU YpFX O·H[SpULHQFH HW
VRXKDLWHQWODSRXUVXLYUH
$SSUpFLDWLRQGHVVSpFLDOLVWHVG·DQJODLVODQJXHVHFRQGH
/HVVSpFLDOLVWHVG·DQJODLVVRQWFRQYDLQFXVTXHFHSUHPLHUFRQWDFWDYHFOD
ODQJXHSDUO·HQWUHPLVHGHFKDQVRQVGHFRPSWLQHVHWG·KLVWRLUHVLVVXHVGH
ODFXOWXUHDQJORSKRQHGqVODMHXQHHQIDQFHHVWXQHpWDSHPHUYHLOOHXVHHW
LQGLVSHQVDEOHGDQVO·DSSUHQWLVVDJHGHODODQJXHVHFRQGH
/·DSSUHQWLVVDJHSUpFRFHGHO·DQJODLVGqVOHSULPDLUH
$SSUpFLDWLRQGHVSDUHQWV
/HV SDUHQWV VRXOLJQHQW OD PRWLYDWLRQ GH OHXUV HQIDQWV SRXU OHXU FRXUV
G·DQJODLVODILHUWpTXHFHX[FLpSURXYHQWjPRQWUHUFHTX·LOVRQWDSSULVHW
OH UpLQYHVWLVVHPHQW TX·LOV IRQW j OD PDLVRQ SDU O·pFRXWH G·pPLVVLRQV GH
WpOpYLVLRQHQDQJODLVHWGHSDUWLFLSDWLRQjGHVMHX[/HVSDUHQWVDSSUpFLHQW
O·DSSURFKH XWLOLVpH OD ERQQH SURQRQFLDWLRQ HW O·LQWRQDWLRQ ,OV VRQW
pWRQQpVGXSURJUqVDFFRPSOLSDUOHXUVHQIDQWVHQVLSHXGHWHPSV
&RQFOXVLRQ
/H SURJUDPPH Q·D SDV IDLW O·XQDQLPLWp SDUPL OHV GLIIpUHQWV PRXYHPHQWV
TXL SU{QHQW O·DSSUHQWLVVDJH GX IUDQoDLV DYDQW WRXW &HUWDLQV RQW VXJJpUp
G·DWWHQGUHDXQLYHDXGXVHFRQGDLUHSRXUHQWUHSUHQGUHO·pWXGHGHO·DQJODLV
VRXV SUpWH[WH TXH OHV pOqYHV VRQW SOXV PRWLYpV j O·kJH GH O·DGROHVFHQFH
3RXU PD SDUW MH VXJJqUH TX·DX VHFRQGDLUH XQH PDWLqUH VFRODLUH QRQ
OLQJXLVWLTXH VRLW HQVHLJQpH XQLTXHPHQW HQ DQJODLV DILQ GH GpYHORSSHU
FKH] O·pOqYH OH UpIOH[H GH SHQVHU HQ DQJODLV DXWDQW j O·RUDO TX·j O·pFULW
pYLWDQWDLQVLGHWUDGXLUHG·XQHODQJXHjO·DXWUH
$MRXWRQVTX·LOQHIDXWSDVDWWHQGUHO·kJHDGXOWHSRXUDSSUHQGUHO·DQJODLV
SDUFHTX·LOVHSURGXLWVRXYHQWXQEORFDJHSDUSHXUG·rWUHULGLFXOLVpSDUOHV
SDLUV&·HVWFHTXHUHGRXWHQWHQFHPRPHQWTXHOTXHVDGXOWHVFDUHQSOXV
GHYLYUHOHVWUHVVGHODUHFKHUFKHG·HPSORLLOVGRLYHQWJpUHUOHVWUHVVGHOD
ODQJXH'RQFLOIDXWPRWLYHUOHVMHXQHVjDSSUHQGUHDORUVTX·LOHVWHQFRUH
WHPSV
(Q UpVXPp O·pWXGH GH O·DQJODLV GqV OH SULPDLUH SHUPHW GH GpYHORSSHU
SDUDOOqOHPHQW OHV GHX[ ODQJXHV VRLW OH IUDQoDLV HW O·DQJODLV DX PrPH
QLYHDX FRQWULEXDQW DLQVL j DFTXpULU XQ YRFDEXODLUH SOXV pODERUp 6L OH
SURJUDPPH VXJJpUp SDU OH 0LQLVWqUH HVW ELHQ HQVHLJQp OD SOXSDUW GHV
pOqYHV GHYUDLHQW SRXYRLU V·H[SULPHU FRXUDPPHQW HQ DQJODLV j OD ILQ GH
OHXUFRXUVVHFRQGDLUHjTXHOTXHVH[FHSWLRQVSUqV
,OQHIDXWSDVVHOHXUUHUOHPRQROLQJXLVPHHVWFKRVHGXSDVVpO·qUHGHOD
PRQGLDOLVDWLRQ HW GH OD FRPPXQLFDWLRQ REOLJH« FH TXL Q·H[FOXW SDV
O·REOLJDWLRQGHSURWpJHUQRWUHODQJXHFHOOHTXLQRXVLGHQWLILHFHOOHTXLIDLW
SDUWLHGHQRWUHKLVWRLUHHWGHQRWUHFXOWXUH
3RXUWHUPLQHUM·DLPHUDLVFLWHU3LHUUH.OHLQGDQV/·$OVDFHLQDFKHYpH
©,OQ·\DSDVG·HQWUDYHVSV\FKRORJLTXHVRXSpGDJRJLTXHVDXELOLQJXLVPH
7KpUqVH&DURQ
ELHQ DX FRQWUDLUH ,O Q·\ D TXH GHV SROLWLTXHV OLQJXLVWLTXHV PRQROLQJXHV
ELOLQJXHVRXSOXULOLQJXHV ª
5pIpUHQFHV
%,%($8 *LOOHV ©/·DSSUHQWLVVDJH GH O·DQJODLV DX SULPDLUH RX O·pGXFDWLRQ ELOLQJXH SUp
FRFHª&RPPLVVLRQIUDQoDLVHSRXUO·8QHVFR/·pGXFDWLRQELOLQJXHHQ$PpULTXHGX1RUGFXOWXUHOV
HW DSSUHQWLVVDJH GHV ODQJXHV ZZZPHITFFDGRFVDQJODLVSULPDLUH%,%($8KWP &RQVXOWp OH
DYULO
%,%($8*LOOHVeGXFDWLRQELOLQJXHHQ$PpULTXHGX1RUG0RQWUpDO*XpULQ
./(,13LHUUH/·$OVDFHLQDFKHYpH&ROPDU%HQ]LQJHU
720$7,6$OIUHG1RXVVRPPHVWRXVQpVSRO\JORWWHV3DULV)L[RW
9,1$< -HDQ3DXO '$5%(/1(7 -HDQ/RXLV 6W\OLVWLTXH FRPSDUpH GX IUDQoDLV HW GH
O·DQJODLV0RQWUpDO%HDXFKHPLQ
/RLPRGLILDQWOD&KDUWHGHODODQJXHIUDQoDLVH/HVpFROHVSXEOLTXHVDQJORSKRQHVVRQW
GHV DOOLpHV HW QRQ GHV DGYHUVDLUHV 'HEELH +RUURFNV SUpVLGHQWH GH O·$VVRFLDWLRQ GHV
&RPPLVVLRQVVFRODLUHVDQJORSKRQHVGX4XpEHFKWWSDFGVDRUJ"S
3URJUDPPHG·DQJODLVODQJXHVHFRQGHGXSUHPLHUF\FOHGXSULPDLUH5DSSRUWG·H[SpULPHQWDWLRQ
ZZZPHOVJRXYTFFDGJIMGSSGIH[DPLQDWLRQ$/65DS([SSGI
&RQVXOWpOHDYULO
Postface
L’école des langues : lieu du père, lieu de la mère ?
Giovanni Agresti
Université de Teramo
Les articles recueillis dans ce volume se confrontent tous, de près ou de
loin, à quatre idées à succès, qu’il nous paraît utile de mettre en question.
La première, c’est que la langue est un moyen de communication. Ce qui
pourrait suggérer qu’il est des langues « utiles » et des langues « inutiles »
d’après leur capacité à véhiculer l’information. Nous proposons : l’outil est
le stylo, la touche du clavier, les cordes vocales, le téléphone portable etc.,
la langue étant plutôt – une fois actualisée en dicours – la substance de la
communication. Substance qui a, bien sûr, une valeur foncièrement –
mais pas exclusivement – fonctionnelle au premier degré.
La seconde, c’est que toute langue a son « génie ». Telle langue est
« musicale », telle autre est « agressive » ; telle langue est adapte à la
« science », telle autre est « poétique » et ainsi de suite. On plaque des
représentations, qui ipso facto relèvent de la subjectivité, sur des réalités dès
lors cristallisées, hypostatisées. Nous proposons : toute langue naturelle
étant une interface entre l’en-dedans et l’au-dehors du sujet, les
représentations ou jugements de valeur sur les langues en disent sans
doute moins de la nature intrinsèque, voire de la soi-disant « destinée »
des langues, que du sujet qui est la source de ces représentations et de la
culture au sens large qui l’enveloppe.
La troisième, c’est que la langue est l’image fidèle d’une culture, d’une
civilisation, bref qu’elle véhicule une weltanschauung. Nous proposons :
certains lexiques peuvent en dire long, par exemple quant à la culture
matérielle d’une civilisation – encore faudrait-il en connaître l’incidence
statistique dans les discours des gens et cerner les contextes d’usages etc.
Cela dit, abstraction faite de tout vocabulaire, c’est le discours qui infléchit
le sens, c’est le discours qui véhicule idées et idéologies, représentations –
entre autres, de la langue et des langues. Par ailleurs, toute langue et toute
culture sont à leur tour le résultat de brassages multiples d’identités – et
donc de visions du monde – parfois très diverses.
*LRYDQQL$JUHVWL
/DTXDWULqPHF·HVWTX·XQHODQJXHHVWHQTXHOTXHVRUWHXQrWUHYLYDQWTXL
QDvW VH GpYHORSSH YLHLOOLW HW VH PHXUW 9LVLRQ SRVLWLYLVWH WRXMRXUV j OD
PRGHFHSHQGDQW1RXVSURSRVRQVV·LOHVWGHVrWUHVYLYDQWVFHVRQWELHQ
OHV VXMHWV HQ FKDLU HW HQ RV HQ FH TXH OD ODQJXH YLD O·DFWXDOLVDWLRQ
GLVFXUVLYHUHPSOLWO·HVSDFHOHWLVVXFRQMRQFWLIHWUHODWLRQQHOGHODVSKqUH
VRFLDOH VRQ GHVWLQ V·DFFRPSDJQH HQ ODUJH PHVXUH GH FHOXL GH ODGHV
FLYLOLVDWLRQV TXL O·DRQW JpQpUpH HW XWLOLVpH GDQV XQ WHPSV HW XQ FDGUH
GRQQpV
&HV TXDWUH LGpHV j VXFFqV LO \ HQ D G·DXWUHV ELHQ VU SHXYHQW
pYLGHPPHQWVRLWVHFRQWUHGLUHVRLWFRRSpUHUGDQVFHFDVHOOHVILQLVVHQW
SDUFRQVWUXLUHHWFULVWDOOLVHUXQHLPDJH HWXQLPDJLQDLUH VWpUpRW\SpHGHOD
ODQJXHHQJpQpUDOHWGHWHOOHRXWHOOHODQJXHHQSDUWLFXOLHU'·DSUqVFHWWH
LPDJHODODQJXHVHUDLWGRQFXQLQVWUXPHQWHWXQLQVWUXPHQWWRXMRXUVSOXV
RX PRLQV VSpFLDOLVp ² GDQV FHUWDLQV FDV DUPH G·DJUHVVLRQ GH PHQDFH
GDQVG·DXWUHVO\UHHWYLRORQ'HILOHQDLJXLOOHFHWWHVSpFLDOLVDWLRQVHUDLWOH
UHIOHW G·XQH FXOWXUH HW G·XQH FLYLOLVDWLRQ WRXW HQWLqUHV OD ODQJXHDUPH
VHUDLWO·H[SUHVVLRQG·XQSHXSOHJXHUULHUODODQJXHjV\QWD[HOLEUHVHUDLWOH
UHIOHW G·XQH FLYLOLVDWLRQ GpVRUGRQQpH YRLUH SXOVLRQQHOOH HWF 3RXU
WHUPLQHUPDOJUpFHOLHQHQWUHODQJXHFXOWXUHHWFLYLOLVDWLRQWRXWHODQJXH
HVW XQ RUJDQLVPH TXL QDvW VH GpYHORSSH HW PHXUW (W pYLGHPPHQW WRXW
YLHLOOLVVHPHQW²HWGHVXUFURvWWRXWHPRUW²VRQWLUUpYHUVLEOHV8QVHQVGH
IDWDOLVPHFRPSOqWHOHWDEOHDX
2U PDOJUp QRV UpVHUYHV HW QRWUH FULWLTXH j O·pJDUG GH FHV TXDWUH LGpHV
UHoXHVVXUODODQJXHQRXVVRPPHVDVVXUpGXIDLWTX·HOOHVFRQWLQXHURQWGH
PHQHUERQWUDLQQHVHUDLWFHTX·DXQLYHDXGHODGR[D1RXVQRXVSRVRQV
SDUOjXQHTXHVWLRQTXHQRXVHVWLPRQVGHODSOXVKDXWHLPSRUWDQFHHWTXL
FRQYRTXH DX PRLQV O·DQWKURSRORJLH OD VRFLRORJLH HW OD SKLORVRSKLH GX
ODQJDJH SRXUTXRL O·RSLQLRQ SXEOLTXH SUpIqUHWHOOH VH UHSUpVHQWHU OD
ODQJXHTXLHVWO·XQGHVSULQFLSDX[pOpPHQWVFDUDFWpULVDQWO·HVSqFHTXLHVW
XQ SDWULPRLQH TXL OLH OHV JpQpUDWLRQV TXL HVW XQH ULFKHVVH HW XQH
FRPSpWHQFHGRQWWRXWXQFKDFXQHVWOHGpSRVLWDLUHFRPPHpWDQWTXHOTXH
FKRVH G·H[WHUQH RX GH VpSDUp SDU UDSSRUW DX VXMHW" &RPPH XQ RXWLO GH
FRPPXQLFDWLRQ SUpFLVpPHQW RX DORUV FRPPH XQH UpDOLWp RUJDQLTXH
WUDQVFHQGDQW OH ERXLOORQQHPHQW VRFLDO" '·R VXUJLW FHWWH P\VWLILFDWLRQ
RULJLQHOOH"(VWHOOHXWLOHRXDXFRQWUDLUHQXLVLEOH"
3RVWIDFH
3OXVLHXUV UpSRQVHV VRQW SRVVLEOHV pYLGHPPHQW 3DUPL FHOOHVFL QRXV
REVHUYRQV TXH O·pFROH D MRXp HW MRXH XQ U{OH IRQGDPHQWDO GDQV OD
FRQVWUXFWRQ GHV LPDJLQDLUHV OLQJXLVWLTXHV (W FH SRXU GHX[ UDLVRQV
SULQFLSDOHV SDUFH TXH O·pFROH HQ 2FFLGHQW GX PRLQV HVW OLHX
LQVWLWXWLRQQHO OLHX GH OD SURPRWLRQ VRFLDOH OLHX GX SqUH HQ WHUPHV
SV\FKDQDO\WLTXHV SUHQDQW OD UHOqYH HW UHPSODoDQW SURJUHVVLYHPHQW OHOLHX
GHODPqUHRQ\HQVHLJQHSDUFRQVpTXHQWGHVODQJXHVWUqVVWDQGDUGLVpHV
HQJRPPDQWWRXWHYDULDWLRQ²GRQFWRXWHWUDFHVXEMHFWLYH SDUFHTXH
O·pFROH GHV ODQJXHV D ORQJWHPSV VXEL OH ORXUG KpULWDJH GH O·HQVHLJQHPHQW
GHV ODQJXHV FODVVLTXHV HQVHLJQpHV FRPPH GHV ODQJXHV PRUWHV HW GHV
ODQJXHV GH O·$XWRULWp j VDYRLU GHV ODQJXHV pFULWHV ILJpHV GRQW OD
QRUPDOLVDWLRQ²RX*UDPPDLUH²DpWpSULVHjFRQWUHVHQVGHGHVFULSWLYH
HOOHHVWGHYHQXHjO·pFROHSUHVFULSWLYH
$LQVL V·DJLVVDQW GH ODQJXHV XQ SDUDOOqOH VH PHW HQ SODFH HQ WHUPHV
SV\FKDQDO\WLTXHV TXL YHQWLOH G·XQH SDUW WRXW FH TXL D WUDLW j OD VSKqUH
©PDWHUQHOOHª HW G·DXWUH SDUW WRXW FH TXL UHOqYH GH OD WRSRORJLH HW GH
O·LGpRORJLH GX ©SDWHUQHOª 1RXV SURSRVRQV GDQV OH WDEOHDX VXLYDQW XQH
WHQWDWLYHGHV\QWKqVHVDQVQXOOHPHQWDPELWLRQQHUjO·H[KDXVWLYLWpHWELHQ
FRQVFLHQWGXIDLWTXHO·DQDO\VHSRXUrWUHILDEOHGRLWVHIDLUHDXFDVSDUFDV
HWPR\HQQDQWODSULVHHQFRPSWHGHFRQWH[WHVFRQFUHWVUpHOV
©/DPqUHGDQVODPHVXUHRODIDPLOOHHVWSUpFLVpPHQWXQHFHOOXOHF·HVWjGLUHXQ
HVSDFHFORVLQWpULHXUHVWPrPHSOXVTXHOHSqUHOHJDUDQWGHODFO{WXUH0DLVODIDPLOOH
SDWULOLQpDLUHVHJDUDQWLWGHOXLFRPPHRUJDQHVRFLDOHWFRPPHSHUPDQHQFHGLDFKURQLTXH
/D VRFLpWp UHFRQQDvW OD IDPLOOH VRXV OH QRP GX SqUH &H QRP >«@ FUpH O·LGHQWLWp GX
JURXSHª /DIRQW 5REHUW ,O \ D TXHOTX·XQ /D SDUROH HW OH FRUSV /LPRJHV /DPEHUW
/XFDVS
0RGH
G·H[SUHVVLRQ
SUpYDOHQW
(VSDFH
VLWXDWLRQ
G·H[SUHVVLRQ
,QVWLWXWLRQ
6WDWXWGHOD
ODQJXH
*LRYDQQL$JUHVWL
/LHXGHODPqUH
/LHXGXSqUH
/DQJXH RUDOH SXOVLRQQHOOH /DQJXH pFULWH QRUPDOLVpH
UHJLVWUHVLQIRUPHOV
ODQJXH
RUDOH
VRXWHQXH
UHJLVWUHVIRUPHOV
(VSDFH
LQWLPH
IDPLOLDO (VSDFH SXEOLF SURIHVVLRQQHO
FRQYLYLDO
RIILFLHO
(FROHPDWHUQHOOHSULPDLUH
©/DQJXH GX F±XUª SHX XWLOH
YRLUHLQXWLOHDIIHFWLYHGLDOHFWH
SDWRLV
5HSUpVHQWDWLRQV 1RVWDOJLHUHSOLVXUVRLUpJUHV
SUpYDOHQWHV
VLRQFRQQLYHQFH
DWWHQGXHVGX
GLVFRXUV
6WUXFWXUH
6\QWD[HOLEUH
V\QWD[LTXH
&DUDFWqUHGHOD /DQJXH©RGRORJLTXHª
ODQJXHG·DSUqV
ODIDoRQTX·HOOH
DG·RUJDQLVHUHW
GHQRPPHU
O·HVSDFH
(FROHSULPDLUHVHFRQGDLUH!
/DQJXHRXWLO
GH
FRPPXQLFDWLRQ
XWLOH
FRJQLWLYHODQJXHYpKLFXODLUH
$YHQLUSURPRWLRQRXYHUWXUH
SROLWHVVHSURJUqV
6\QWD[HIL[H
/DQJXH©]pQLWKDOHª
%LHQ pYLGHPPHQW FHWWH VFKpPDWLVDWLRQ D FRPPH WRXWH VFKpPDWLVDWLRQ
G·LPSRUWDQWHV OLPLWHV (OOH HVW QpDQPRLQV HIILFDFH HQ FH TX·HOOH LOOXVWUH
ELHQ XQH GLDOHFWLTXH IRQGDPHQWDOH HW RUJDQLVDWULFH QRQ VHXOHPHQW GX
FKRL[LQGLYLGXHOHWVRFLDOGHWHOOHRXWHOOHODQJXHRXGHWHORXWHOUHJLVWUH
PDLVpJDOHPHQWGHVUDSSRUWVWRSRORJLTXHVHWVRFLDX[TX·HQWUHWLHQQHQWOHV
LQWHUORFXWHXUV
0DOJUp OD SUXGHQFH TXL HVW j OD EDVH GH VD FRQFHSWLRQ QRXV QRXV
DSHUFHYRQV TXH GDQV FH WDEOHDX OHV TXDWUH LGpHV UHoXHV VXU OD ODQJXH
UHOqYHQWWRXWHVHQJURVGXSRLQWGHYXH©SDWHUQHOªF·HVWHQHIIHWGHSXLV
OH OLHX GX SqUH KDXW SODFp YRLUH ©]pQLWKDOª TXH OD ODQJXH HVW XQ REMHW
G·DERUG HW VXUWRXW IRQFWLRQQHO GpILQL UpJXOLHU SXEOLF RIILFLHO FRJQLWLI
SDUFHTXHGLVFUHWHWF
1RV UpVHUYHV DX VXMHW GHV FHV LGpHV UHoXHV UHYLHQQHQW GRQF j XQ
FKDQJHPHQW RX SOXV H[DFWHPHQW j XQ FRPSURPLV HQWUH DQJOHV YLVXHOV
GLIIpUHQWVOD©PqUHªUHSUpVHQWHLFLO·XQLWpjVDYRLUOHOLHQGXVXMHWDYHF
Postface
327
sa langue dans un cadre topologique concret, charnel. Le lieu de la mère
est par là la maison du sujet, marquée au point de vue linguistique par une
forte connivence entre les interlocuteurs, une subjectivité encouragée par
une reconnaissance « parentale ». Sur le plan linguistique, le lieu de la
mère est donc le cadre normal des langues locales (langues de proximité,
langues identitaires), le lieu du père étant au contraire le règne par
excellence des langues « de grande communication », ou à tout le moins
officielles, censées par là être « de promotion sociale ».
Lorsque nous nous occupons d’une langue locale, il est fort probable (ce
n’est pas une règle générale) que nous ayons affaire à une langue
minoritaire même à l’endroit où elle est historiquement parlée par un
nombre relativement important d’individus. Ainsi, très souvent le combat
pour soutenir l’enseignement institutionnalisé de cette langue revient à
rendre porose la frontière entre les lieux du père et de la mère, à
confondre les camps, ce qui peut le cas échéant susciter à la fois une
réaction amusée et un sentiment d’agression, de bouleversement des
valeurs acquises. Dans un cas comme dans l’autre, cette confusion des
« lieux » provoque généralement un contrecoup hors mesure, aboutissant
à la caricature.
Or, les Quatrièmes Journées des Droits Linguistiques voulaient dire et
illustrer, éclaircir et soutenir cette « rupture » ou porosité. Démontrer
qu’elle est non seulement possible, mais juste et nécessaire, voire salutaire.
Elle ne va cependant pas sans quelques contradictions. Ainsi, au moment
de livrer l’édition de ces Actes, il nous paraît possible non seulement
d’argumenter en sa faveur, mais également de proposer des lectures de
second degré des différentes contributions : la tentative de court-circuiter
les représentations figées des langues locales et des rapports entre langues
dominantes et dominées n’est que rarement innocente et à travers son
analyse nous pouvons saisir un certain nombre d’éléments ou de réflexes
chez les auteurs sélectionnés.
En raison de la richesse et de la diversité des contributions ici recueillies,
nous nous bornerons à un exemple très parlant. Lorsque Benmayouf
affirme que « Tout comme l’arabe algérien moderne dit “dialectal”, le
berbère en Algérie souffre de son oralité qui est un réel handicap dans le
monde moderne où tout est graphie » (117), nous observons que le
mouvement d’« émancipation » de la langue minoritaire (l’amazigh) se
*LRYDQQL$JUHVWL
YHXW SDVVHU QRQ SDV SDU XQH UHVWUXFWXUDWLRQ YDORULVDWLRQ GHV
UHSUpVHQWDWLRQV GH OD ODQJXH ©GRPLQpHª PDLV DX FRQWUDLUH SDU XQH
DGKpVLRQ GH FHOOHFL DX PRGqOH GRPLQDQW TXL HVW FHOXL G·XQH ODQJXH GH
SOXV HQ SOXV ©SDWHUQHOOHª SDUFH TX·pFULWH &H SDVVDJH QRXV SDUDvW WRXW
SDUWLFXOLqUHPHQW LQWpUHVVDQW QRQ SDV SDUFH TX·LO SU{QH XQH pYLGHPPHQW
QpFHVVDLUH QRUPDOLVDWLRQ GX V\VWqPH GH WUDQVFULSWLRQ GH OD ODQJXH
PLQRULWDLUH FRUSXVSODQQLQJ PDLVSDUFHTXHO·RUDOLWpTXLHVWOHUqJQHGHOD
WUDQVPLVVLRQGHODODQJXHOLHXGHODPqUHSDUH[FHOOHQFH\HVWHQYLVDJpH
FRPPH ©XQ UpHO KDQGLFDSª VRLW XQH GLPLQXWLRQ GHV KDELOLWpV
UHODWLRQQHOOHVGXFRUSVPrPHGXORFXWHXU²FHTXLHVWGHWRXWHpYLGHQFH
SDUDGR[DO
&HWH[HPSOHPRQWUHELHQOHSRLGVGHO·LGpRORJLHjO·±XYUHGDQVO·DQDO\VH
GHV G\QDPLTXHV VRFLROLQJXLVWLTXHV HW GDQV O·pODERUDWLRQ GH SROLWLTXHV
OLQJXLVWLTXHV/HSDVVDJHjO·pFULWTXLPDUTXHHQJURVOHSDVVDJHGHO·pFROH
PDWHUQHOOHjO·pFROHSULPDLUHHVWXQREMHFWLIPDMHXUSRXUTXHOHVXMHWHWOD
FRPPXQDXWpOLQJXLVWLTXHV·LQVWDOOHQWGDQVOHOLHXGXSqUH3RXUXQHODQJXH
ORFDOHRXPLQRULWDLUHFHWREMHFWLIGRLWrWUHDWWHLQWSDUpWDSHVVXFFHVVLYHV
GHODQRUPDOLVDWLRQJUDSKLTXH QRUPDWLYLVDWLRQ jO·LQVWLWXWLRQQDOLVDWLRQGH
O·HQVHLJQHPHQWMXVTX·jODSUpVHQFHGDQVO·HVSDFHSXEOLFHQPLOLHXXUEDLQ
,OV·DJLWELHQG·XQHSURJUHVVLRQGXSOXVIDFLOHDXSOXVFRPSOH[HHWSLpJp
ULHQ QL SHUVRQQQH QH SHXW HPSrFKHU OD QRUPDWLYLVDWLRQ GH Q·LPSRUWH
TXHOOH ODQJXH QRUPDWLYLVDWLRQ TXL SHXW ILQDOHPHQW GHPHXUHU XQ IDLW XQ
H[HUFLFH VRPPH WRXWH SHX ULVTXp O·pFROH UHODLV LQVWLWXWLRQQHO HQWUH OLHX
GH OD PqUH HW OLHX GX SqUH SHXW SRXU VD SDUW V·RXYULU GH PLOOH PDQLqUHV
GLIIpUHQWHV j O·HQVHLJQHPHQW GH OD ODQJXH HW RX GH OD FXOWXUH ORFDOHV
PDLV O·HVSDFH SXEOLF F·HVW DXWUH FKRVH F·HVW OH OLHX H[FOXVLI GX SqUH
/·DVSHFWYLVXHO\HVWVDQVFHVVHVROOLFLWpHWOHV\PEROLTXHV·\JUHIIHMXVTX·j
V·\ VXSHUSRVHU 3UHXYH HQ HVW OH GpEDW HQ $OJpULH DX VXMHW GX FKRL[ GH
O·DOSKDEHWjXWLOLVHUSRXUWUDQVFULUHO·DPD]LJK&·HVWHQFRUH%HQPD\RXITXL
REVHUYH ©/D JUDSKLH D EHDX rWUH XQ V\VWqPH FRQYHQWLRQQHO GH
WUDQVFULSWLRQGHVVRQVG·XQHODQJXHLOQ·HQUHVWHSDVPRLQVTX·HOOHDXQH
FKDUJH V\PEROLTXH QRQ QpJOLJHDEOH TXL IDLW TX·HOOH D DXVVL XQH FKDUJH
LGpRORJLTXH LQFRQWHVWDEOH (Q WpPRLJQH XQH UpIOH[LRQ IDLWH SDU O·H[
SUpVLGHQW &KDGOL VXLWH DX[ pYqQHPHQWV G·DYULO HQ TXDOLWp GH
GpIHQVHXU HW GH UHSUpVHQWDQW GHV SRVLWLRQV GX )/1 j O·pJDUG GH FH
PRXYHPHQWQDLVVDQW´2XLjO·HQVHLJQHPHQWGXEHUEqUHjFRQGLWLRQTX·LO
VRLWpFULWHQFDUDFWqUHDUDEHVµDXUDLWGLWOHSUpVLGHQWFLWpª
3RVWIDFH
/·DGRSWLRQ RIILFLHOOH G·XQH QRUPH JUDSKLTXH YRLUH G·XQ V\VWqPH
DOSKDEpWLTXH UHSUpVHQWH HQ HIIHW XQ HQMHX GH OD SOXV KDXWH LPSRUWDQFH
DXVVL HW VXUWRXW ORUVTX·LO HVW TXHVWLRQ G·HQVHLJQHPHQW GH ODQJXHV ORFDOHV
DIIHFWpHV SDU XQH YDULDWLRQ DXVVL SRXVVpH TXH QDWXUHOOH TXH OH SDVVDJH j
O·pFULW D IDWDOHPHQW WHQGDQFH j pFUDVHU 3RXU OD GR[D OD GLIIpUHQFH HQWUH
XQH ODQJXH HW XQ GLDOHFWH QH UHYLHQGUDLW ILQDOHPHQW TX·j O·XVDJH QRUPDOLVp
G·XQHIRUPHpFULWH&HTXLIDLWGLUHjQRPEUHGHJHQV©FHQ·HVWSDVXQ
GLDOHFWHF·HVWXQHODQJXHSDUFHTX·RQO·pFULWª
/H SDVVDJH j O·pFULW SRXU O·HQIDQW HW OH SDVVDJH j O·pFULWXUH SRXU XQH
FRPPXQDXWp OLQJXLVWLTXHPLQRULWDLUH GH SUR[LPLWpFHUQHQW VDQV GRXWH OH
F±XU GX SUREOqPH TXH QRXV SRVRQV LFL &H GRXEOH SDVVDJH QH SHXW
FRQWRXUQHU O·pFROH 0DLV FRPPHQW FHOOHFL ² OLHX GH OD FRQVWUXFWLRQ GX
VXMHWHWGXFLWR\HQHQWUHOLHXGHODPqUHHWOLHXGXSqUH²JqUHWHOOHFHWWH
IDLOOH FHWWH GLDOHFWLTXH HQWUH RUDO HW pFULW TXL HVW HQ PrPH WHPSV
GLDOHFWLTXHGHO·LGLROHFWHHWGHODODQJXHVWDQGDUGHWHQJpQpUDOGLDOHFWLTXH
GHODVXEMHFWLYLWpHWGHODQRUPH"
/HV FRQWULEXWLRQV LFL UHFXHLOOLHV GRQQHQW EHDXFRXS GH UpSRQVHV HW
DOOqJXHQW SOXVLHXUV WpPRLJQDJHV 1RXV QRXV ERUQHURQV j UHSUHQGUH HW j
V\VWpPDWLVHU TXHOTXHV pFODLUDJHV HVVHQWLHOV 'DQV OH VLOODJH GH *LUDUG
*LRUGDQ PHW SDU H[HPSOH O·DFFHQW VXU OH EORFDJH SV\FKRORJLTXH TX·XQH
WUDGLWLRQ VFRODLUH ELHQ IUDQoDLVH HQWUH DXWUHV D ORQJWHPSV LQVWDOOp FKH]
OHVpOqYHVSRXUTXLO·HUUHXUOLQJXLVWLTXHRXJUDPPDWLFDOHpWDLWFRQVLGpUpH
EHO HW ELHQ XQH ©IDXWHª PRW PDUTXp TXL HVW SURFKH SDUHQW GHOD )DXWH
VSLULWXHOOH /D*UDPPDLUHDpWpSDUOjFRQVLGpUpHHWHQTXHOTXHVRUWH
O·HVWHQFRUHFRPPHXQHDXWRULWpVXSUrPHLQGLVFXWDEOHTXLIRQFWLRQQHVXU
ODEDVHGHUqJOHVULJLGHV HWVRXYHQWGHIRUPHVGpVXqWHV TXHWURSVRXYHQW
OHV HQVHLJQDQWV QH V·HIIRUFHQW PrPH SDV G·H[SOLTXHU 5pJXODWULFH GH
O·DFFqV DX OLHX GX SqUH OD *UDPPDLUH VH FRQILJXUH FRPPH XQ HUVDW] GH
O·$XWRULWppWDWLTXH2XUHOLJLHXVHOHVGRJPHVQHV·H[SOLTXHQWSDV
3RXUWDQWLO\DWRXMRXUVHXGLDOHFWLTXH&KH]'DQWH 'HYXOJDULHORTXHQWLD
SDU H[HPSOH SRXU TXL ©JUDPPDLUHª pWDWLW V\QRQ\PH GH ©ODWLQª OD
©ODQJXHYXOJDLUHªpWDLWFHUWHVOD©ODQJXHGHODQRXUULFHª²VRLWPDUTXpH
DX SRLQW GH YXH DIIHFWLI ODQJXH FKDUQHOOH ² PDLV MXVWHPHQW SDUFH TXH
YLYDQWH HW SURFKH GH OD UpDOLWp GHV JHQV HOOH pWDLW GDYDQWDJH ©QREOHª HW
WRXW j IDLW HQ PHVXUH GH GLUH OH PRQGH FRQWHPSRUDLQ RX OHV WKqPHV
DEVWUDLWVFRPPHODSKLORVRSKLHRXODUHOLJLRQ2XDORUVORUVTX·HQ,WDOLHOD
*LRYDQQL$JUHVWL
4XHVWLRQH GHOOD OLQJXD GHYHQDLW GH SOXV HQ SOXV XQH XUJHQFH VRFLDOH HW
SROLWLTXH j FKHYDO HQWUH ;,;H HW ;;H VLqFOH FKH] GHV SpGDJRJXHV SDU
WURS PpFRQQXV FRPPH *LXVHSSH /RPEDUGR 5DGLFH 6RQ SURJUDPPH
'DOGLDOHWWRDOODOLQJXD ©'XGLDOHFWHjODODQJXHª jVRQWRXULQVSLUpGHOD
SHQVpHGHO·XQGHVSqUHVIRQGDWHXUVGHODGLDOHFWRORJLH ©JORWWRORJLDª OH
IULRXODQG·RULJLQHLVUDpOLHQQH*UD]LDGLR,VDLD$VFROLJUDQGFRQQDLVVHXUHW
GpIHQVHXU GH OD GLYHUVLWp OLQJXLVWLTXH SHXW rWUH OX FRPPH XQHSDVVHUHOOH
IpFRQGHHQWUHOHVGHX[©OLHX[ª
0DOJUpVRQU{OHGHYpULWDEOHSLYRWHW©SDVVHXUªLQVWLWXWLRQQHOHQWUHOHOLHX
GHODPqUHHWOHOLHXGXSqUHO·pFROHGHVODQJXHV²HWO·pFROHWRXWFRXUW²
HVW ORLQ G·rWUH WRXWHSXLVVDQWH ,O VHUDLW JUDYH HW QDwI GH QpJOLJHU OD
IRQFWLRQGHVSDUHQWVGHVpOqYHV²OHVSULQFLSDX[UHVSRQVDEOHVG·DLOOHXUVGH
WRXWH WUDQVPLVVLRQ OLQJXLVWLTXH LQWHUJpQpUDWLRQQHOOH ² IRQFWLRQ TXL HVW
GDQV FH FDGUH pJDOHPHQW HVVHQWLHOOH '·XQH SDUW SDUFH TX·LOV YpKLFXOHQW
HX[PrPHV XQH LGpRORJLH SOXV RX PRLQV FRQVFLHPPHQW G·DXWUH SDUW
SDUFH TX·LOV VRQW FHQVpV PDLQWHQLU LQFDUQHU HQ TXHOTXH VRUWH OD
GLFKRWRPLHOLHXGXSqUHOLHXGHODPqUHWRXWDXORQJGHODYLHGHOHXUV
HQIDQWV$XGpEXWLOVFKRLVLVVHQWjOHXUSODFHLOVSHXYHQWOHVSODFHUGDQV
XQHFODVVHGHFDODQGUHWDSDUH[HPSOHO·pFROHDVVRFLDWLYH GHODPDWHUQHOOH
MXVTX·jODILQGXSULPDLUH RO·RFFLWDQHVWODQJXHLPPHUVLYHGRQFG·DERUG
HWVXUWRXWODQJXHSDUOpHHWDJLH/KpULWLHUQRXVIDLWSDUWG·XQHH[SpULHQFH
TXLGLWELHQODPDQLqUHGHFRQFHYRLUODSDVVHUHOOHHQWUHOLHXGHODPqUHHW
OLHX GX SqUHOHV pWDSHV GH OD FRQFHSWLRQ HW GH OD UpDOLVDWLRQ G·XQ DOEXP
&DJDUDXODGHGLQWUDGD WUDFHQWILQDOHPHQWXQLWLQpUDLUHSUpFLV²GX
MDLOOLVVHPHQW GHV LGpHV GHSXLV O·HVSDFH LQWLPHLPDJLQDLUH GH O·HQIDQW
MXVTX·j OD SXEOLFDWLRQ HW GLVFXVVLRQ HQWUH DGXOWHV GX WUDYDLO FROOHFWLI
IRUPDOLVp²TXHQRXVSRXYRQVVFKpPDWLVHUG·DSUqVOHWDEOHDXVXLYDQW
KWWSFRFRUJFDODQGUHWDPS
331
Postface
Lieu de la mère > Dépassement du seuil > Lieu du père
Le sujet pulsionnel
« lance des idées » à
partir de faits réels qui
retiennent son attention et celle de la classe
Les créations (textuelles et
plastiques) des enfants font
l’objet de commentaires
partagés, socialisés, et
commencent à être « formalisées »
Le journal de vie de la
classe et l’album Cagaraula de dintrada fait
l’objet d’une présentation (publication) lors
de la « réunion de rentrée pour les parents
d’élèves »
L’interaction entre enfants en bas âge, enseignants de langue minoritaire
(toujours en quelque sorte militants), parents d’élèves est extrêmement
intéressante et féconde, et l’est encore davantage pour peu que l’on
dépasse le seuil : non seulement le seuil des « lieux » psychiques et
langagiers, mais également celui qui marque l’enceinte de la famille (la
maison) ou de l’école (l’établissement scolaire). Rendre public de quelque
manière que ce soit le langage intérieur et intime en langue de proximité
revient de près ou de loin à occuper l’espace public : les spécialistes
d’aménagement linguistique savent bien jusqu’à quel point cette présence
dans l’espace public est indispensable pour une émancipation voire un
renversement des clichés et des représentations des communautés
linguistiques minoritaires.
Il y a plus. Ce dépassement peut être porteur d’une plus-value au niveau
de l’apprentissage linguistique. Nous citerons encore Lhéritier : « Nous
souhaitons […] dépasser le seul apprentissage d’un outil de
communication supplémentaire : instituée, plutôt qu’instrumentalisée, la
langue occitane trouve de plein droit son statut et la reconnaissance
qu’elle mérite, et entre de fait dans la constitution de la personne » (155).
La qualité des écoles calandretas nous est témoignée ne serait-ce que par
le fait que nombre de parents d’élèves non occitans envoyent leurs
enfants dans ces écoles, justement pour la haute qualité pédagogique qui
les caractérise.
Malheureusement, les choix des parents d’élèves ne sont pas toujours
tout à fait libres ni éclairés. C’est ce que dénonce de Varennes, en
mettant l’accent sur la faiblesse de l’institutionnalisation de plusieurs
332
Giovanni Agresti
langues locales, marginalisées dans les faits au quotidien et donc exclues
du lieu du père même en présence de lois en principe favorables : « les
choix et préférences linguistiques des parents ne sont pas véritablement
libres. Ils sont le résultat de pratiques et décisions émanant des
gouvernements […] qui font en sorte que l’accès à l’enseignement
supérieur ou aux emplois publics ne peut se faire que par le biais de la
langue officielle, et les langues locales n’ont aucune valeur à ces niveaux.
Qui plus est, choisir un enseignement en langue locale signifie dans bien
des cas choisir une école moins bien nantie que celle enseignant dans la
langue de la majorité, ou encore le choix de la langue locale ne peut se faire
dans certains pays qu’en sacrifiant l’apprentissage d’une langue
internationale, souvent l’anglais. Face à de telles situations, bon nombre de
parents n’ont pas de choix et abandonnent souvent à contrecœur
l’apprentissage de leur propre langue que leurs enfants apprendront de
façon “artisanale” à la maison » (44).
L’enseignement bilingue inclusif (c’est-à-dire n’allant pas à l’encontre de
l’apprentisage d’une langue étrangère véhiculaire) semblerait alors
pouvoir seul concilier les deux instances : apprentissage de la langue
officielle et de la langue locale, si possible avec un productif va-et-vient
entre elles pour que les deux lieux fondateurs du sujet ne sombrent pas
l’un sous l’hégémonie de l’autre. En effet, l’un des sujets les plus
stimulants, au point de vue aussi bien de la recherche scientifique en
didactique des langues que des politiques d’aménagement linguistique,
c’est l’essor et la mise en système du bilinguisme précoce. Si six articles,
portant sur des sujets très divers, abordent de manière explicite ce thème
(Lespoux, Gherardi, Tamburelli, Cavagnoli, Lucietto, Caron), la réflexion
sur le bilinguisme est en fait centrale et partout sous-jacente en ce que le
débat sur l’utilité ou pas du bilinguisme même résume et reflète bien la
dialectique des deux points de vue fondamentaux sur la/les langue/s
jusqu’ici illustrée.
En effet, le discours contraire à la pleine institutionnalisation du
bilinguisme précoce, là où s’affrontent une langue véhiculaire et une
langue de proximité, repose sur des arguments tendancieux découlant
d’une idéologie réductrice de linguistique. Ces arguments vont de la
nécessité de favoriser la pleine maîtrise de la langue nationale officielle en
évitant toute confusion avec des langues concurrentes dans le même
3RVWIDFH
WHUULWRLUHjO·RSSRUWXQLWpGHPLVHUSOXW{WVXUO·DSSUHQWLVVDJHG·XQHODQJXH
pWUDQJqUH GH JUDQGH FRPPXQLFDWLRQ GH OD QpFHVVLWp GH PHWWUH WRXV OHV
pOqYHVQRQVHXOHPHQWGHODPrPHFODVVHRXpFROHPDLVDXVVLHWVXUWRXWGX
PrPHeWDWVXUXQSODQG·pJDOLWpOLQJXLVWLTXHMXVTX·jODPLVHDXEDQWRXW
FRXUW GH WRXW HQVHLJQHPHQW GH HW HQ ODQJXH ORFDOH HWF 'DQV WRXV FHV
DUJXPHQWV XQH IRLV GH SOXV OD QDWXUH SURIRQGH GX VXMHW HVW HVFDPRWpH
0rPHOjRLOHVWELHQTXHVWLRQG·DSSURIRQGLUOHVHQMHX[SV\FKRDIIHFWLIV
FRJQLWLIV TX·XQH pGXFDWLRQ ELOLQJXH LPPHUVLYH SUpFRFH VHUDLW FHQVpH
VXVFLWHUFKH]OHVMHXQHVpOqYHV
0DOJUp XQH ULFKH ELEOLRJUDSKLH DUJXPHQWDQW TXDVLPHQW VDQV UpVHUYHV HQ
IDYHXU GX ELOLQJXLVPH HW QRWDPPHQW GX ELOLQJXLVPH SUpFRFH GDQV OD
UpDOLWpFHWWHVWUDWpJLHDGHPDQLqUHGLIIXVHGXPDOjVHPHWWUHHQSODFHGH
PDQLqUHFRKpUHQWH/HSUD[qPHPrPH©ELOLQJXLVPHªSURGXLWojHWOjXQ
VHQVELHQGLIIpUHQWSDUUDSSRUWjFHTXHQRXVYHQRQVG·HQYLVDJHUHWDILQL
SDUGpVLJQHUFRPPHGDQVOHV\VWqPHVFRODLUHLWDOLHQWRXWVLPSOHPHQWGHV
FODVVHVRO·RQDSSUHQG HWHQFRUH GHX[ODQJXHVpWUDQJqUHVSDUUDSSRUWj
ODODQJXHQDWLRQDOH2QHVWELHQORLQGXELOLQJXLVPHSUpFRFHLPPHUVLI
&HVGHUQLHUVFRQVWDWVQRXVDPqQHQWjWHQWHUXQHFRQFOXVLRQHQFRUHTXH
SURYLVRLUH HW RXYHUWH pYLGHPPHQW DX GpEDW '·DSUqV QRWUH JULOOH
G·DQDO\VH OHV DUJXPHQWV FRQWUDLUHV j OD SOHLQH LQVWLWXWLRQQDOLVDWLRQ G·XQ
HQVHLJQHPHQW ELOLQJXH pYHQWXHOOHPHQW SUpFRFH HW LPPHUVLI VHUDLHQW
LQWHUSUpWDEOHVFRPPHXQUHIXV LPSRVp GHODSULVHGHFRQWDFWLQWLPHGX
VXMHW DYHF VD ODQJXH PDWHUQHOOH HW OD ODQJXH GH O·$XWUH TXH OH VXMHW HVW
FHQVpLQFRUSRUHU/DSURJUHVVLYHpYDFXDWLRQGqVOHSULPDLUHGHO·XQLFLWp
HW LUUpGXFWLELOLWp GX FRUSV GX VXMHW GDQV OH SURFHVVXV G·DSSUHQWLVVDJH
OLQJXLVWLTXHHQYLVDJpHFRPPHLQpOXFWDEOHHWQpFHVVDLUHSRXUDFFpGHUjOD
©ODQJXHSDWHUQHOOHª²QDWLRQDOHRXpWUDQJqUH²VHGRXEOHG·XQHODWHQWHRX
PDQLIHVWHGpOpJLWLPDWLRQGXVWDWXWGHODODQJXHPDWHUQHOOHORFDOH,OHVWGqV
ORUV pYLGHQW TXH FH SURFHVVXV GH VXEVWLWXWLRQ UHYLHQW j XQH VWUDWpJLH
SROLWLTXH HW VRFLDOH R OH OLHX GX SqUH UHPSODFH OH OLHX GH OD PqUH HQ
DVVXMHWWLVVDQW OH VXMHW WLUp GH VRQ ©JLURQª PDWHUQHO GRPHVWLTXH DX[
QRUPHVGHO·HVSDFHSXEOLFpWDWLTXH
&HSHQGDQW OHV DUJXPHQWV QH PDQTXHQW SDV HQ IDYHXU G·XQH OHFWXUH
GDYDQWDJH GLDOHFWLTXH GHV FKRVHV ODQJXH SDWHUQHOOH YpKLFXODLUH HW ODQJXH
PDWHUQHOOH ORFDOH SRXYDQW WUqV ELHQ IRQFWLRQQHU HQ V\QHUJLH DX VHLQ GX
*LRYDQQL$JUHVWL
VXMHW GRQW O·LGHQWLWp HVW HQ JUDQGH SDUWLH FRQVWUXLWH j SDUWLU GHV ODQJXHV
TX·LOKDELWHHWTXLO·KDELWHQW'XUHVWHXQHSOXVODUJHSDOHWWHOLQJXLVWLTXH
SHUPHWWUD j O·HQIDQW DXVVL ELHQ G·DYRLU FRQVFLHQFH GH VHV UDFLQHV GH OD
PpPRLUHGHVJpQpUDWLRQVGLVSDUXHVTXHGHPDQLHUXQRXWLOWUqVSUDWLTXH
GHPLVHHQFRPPXQLFDWLRQDYHFO·$XWUH
$LQVL HQ GHUQLHU UHVVRUW O·HQVHLJQHPHQW GHV ODQJXHV ORFDOHV GRLW rWUH
HQFRXUDJpHWVRXWHQXQRQVHXOHPHQWSRXU©VDXYHUªWHOOHRXWHOOHODQJXH
PDLVVXUWRXWSRXUVDXYHJDUGHUHWGpYHORSSHUOHSRWHQWLHOKXPDLQGXVXMHW
GpVLUDQW HW UHODWLRQQHO DXTXHO WRXWH GpPRFUDWLH RXYHUWH DX SURJUqV HW j
O·LQQRYDWLRQQHVDXUDLWUHQRQFHU
0DQLIHVWLLGHDWLHUHDOL]]DWLGD$GULDQD&LYLWDUHVH
LINGUE D’EUROPA E DEL MEDITERRANEO
1. Dorothea LÉVY-HILLERICH, Silvia SERENA (Hg.)
Studienbegleitender Deutschunterricht in Europa. Rückblick und Ausblick: Versuch einer Standortbestimmung
ISBN 978-88-548-2608-3, formato 17 × 24 cm, 512 pag., 30,00 euro. 2009
2. Michele DE GIOIA (éd.)
Actes du « 27e Colloque international sur le lexique et la grammaire »
(L’Aquila, 10–13 septembre 2008). Seconde partie
Sezione VII: Grammatica comparata
ISBN 978-88-548-3166-7, formato 17 × 24 cm, 180 pag., 11,00 euro. 2010
3. Giovanni AGRESTI, Frédéric BIENKOWSKI (textes réunis par)
Les droits linguistiques : droit à la reconnaissance, droit à la formation.
Actes des Deuxièmes Journées des Droits Linguistiques (Teramo, 20–21
mai 2008)
Sezione I: Diritti linguistici
ISBN 978-88-548-3239-8, formato 17 × 24 cm, 364 pag., 22,00 euro. 2010
4. Giovanni AGRESTI, Mariapia D’ANGELO (a cura di)
Rovesciare Babele. Economia ed ecologia delle lingue regionali e minoritarie. Atti delle Terze Giornate dei Diritti Linguistici (Teramo–Faeto, 20–23 maggio 2009)
Sezione I: Diritti linguistici
ISBN 978-88-548-3901-4, formato 17 × 24 cm, 576 pag., 30,00 euro. 2010
5. Charles BARONE
Une histoire de la communication. Pour le perfectionnement du français langue étrangère
Sezione VIII: Didattica delle lingue moderne
ISBN 978-88-548-4236-6, formato 17 × 24 cm, 540 pag., 30,00 euro. 2011
6. Alessandra MOLINO
A Corpus–Based Study of Stance Adverbials in Learner Writing
Sezione V: Analisi del discorso
ISBN 978-88-548-4359-2, formato 17 × 24 cm, 160 pag., 10,00 euro. 2011
7. Giovanni AGRESTI, Michele DE GIOIA (sous la direction de)
L’enseignement des langues locales. Institutions, méthodes, idéologies
Actes des Quatrièmes Journées des Droits Linguistiques (Teramo,
Giulianova, Rosciano Villa Badessa, 20–23 mai 2010)
Sezione I: Diritti linguistici
ISBN 978-88-548-5092-7, formato 17 × 24 cm, 340 pag., 24,00 euro. 2012
Finito di stampare nel mese di settembre del 2012
dalla «ERMES. Servizi Editoriali Integrati S.r.l.»
00040 Ariccia (RM) – via Quarto Negroni, 15
per conto della «Aracne editrice S.r.l.» di Roma