Disciplinare di Organizzazione e Funzionamento

'LVFLSOLQDUHGL
2UJDQL]]D]LRQHH)XQ]LRQDPHQWR
GHOO¶,1$)
7LWROR,',6326,=,21,*(1(5$/,
$UW)LQDOLWjHSULQFLSLJHQHUDOL $UW3ULQFLSLGLIXQ]LRQDPHQWR 7LWROR,,25*$1, &'$() *
$UW,O3UHVLGHQWH $UW/¶8IILFLRGL3UHVLGHQ]D &''(+',,()-' .
$UW,O&RQVLJOLRGL$PPLQLVWUD]LRQH &''(+'/)0/'
$UW,O&RQVLJOLR6FLHQWLILFR &''+'!1('')
$UW,O&ROOHJLRGHL5HYLVRULGHL&RQWL 7LWROR,,,25*$1,60,',9$/87$=,21((&20,7$7281,&2',*$5$1=,$ $UW9DOXWD]LRQHGHOOHDWWLYLWjGLULFHUFD2UJDQLVPR,QGLSHQGHQWHGL9DOXWD]LRQHGHOOD5LFHUFD2,95 $UW9DOXWD]LRQHGHOO¶DWWLYLWjDPPLQLVWUDWLYD2UJDQLVPR,QGLSHQGHQWHGL9DOXWD]LRQH2,9 $UW6WUXWWXUDWHFQLFDSHUPDQHQWHGLVXSSRUWRDOO¶2,9 $UW,O&RPLWDWR8QLFRGL*DUDQ]LD&8* 7LWROR,9/¶$00,1,675$=,21(&(175$/(
&'!"! $UW,O'LUHWWRUH*HQHUDOH $UW1RPLQDGHO'LUHWWRUH*HQHUDOH $UW*OLXIILFLGLULJHQ]LDOLOH8QLWj2UJDQL]]DWLYHHL6HUYL]LGHOOD'LUH]LRQH*HQHUDOH &'!"2 $UW,O'LUHWWRUH6FLHQWLILFR $UW1RPLQDGHO'LUHWWRUH6FLHQWLILFR $UW8QLWjHVHUYL]LGHOOD'LUH]LRQH6FLHQWLILFD 7LWROR9/(67587785(',5,&(5&$
$UW,'LUHWWRULGHOOH6WUXWWXUHGL5LFHUFD $UW1RPLQDGHL'LUHWWRULGHOOH6WUXWWXUHGL5LFHUFD $UW,&RQVLJOLGL6WUXWWXUD $UW)XQ]LRQDPHQWRGHOOH6WUXWWXUHGL5LFHUFD 7LWROR9,,/&2//(*,2'(,',5(7725,(,/*58332',5$&&25'2 $UW,O&ROOHJLRGHL'LUHWWRULGHOOH6WUXWWXUHGL5LFHUFD $UW,O*UXSSRGL5DFFRUGR 7LWROR9,,67580(17,23(5$7,9, $UW,&RPLWDWLGL0DFURDUHD7HPDWLFD $UW'RFXPHQWRGL9LVLRQH6WUDWHJLFD'96 $UW3LDQR7ULHQQDOHGL$WWLYLWj37$ $UW3URJHWWLGLULFHUFDHVYLOXSSRWHFQRORJLFR $UW5DSSRUWLFRQ8QLYHUVLWj(QWLGL5LFHUFDHGDOWULVRJJHWWLSXEEOLFLRSULYDWL $UW3DUWHFLSD]LRQLDVRFLHWjFRQVRU]LIRQGD]LRQL 7,72/29,,,',6326,=,21,75$16,725,((),1$/,
$UW'LVSRVL]LRQLWUDQVLWRULHHILQDOL )''$"!
)
2)3&/&+
/¶,VWLWXWR 1D]LRQDOH GL $VWURILVLFD GL VHJXLWR GHQRPLQDWR ,1$) q HQWH SXEEOLFR QD]LRQDOH OH
FXLILQDOLWjVRQRGHILQLWHGDOO¶DUWLFRORGHOSURSULR6WDWXWR
,OSUHVHQWHGLVFLSOLQDUHGHILQLVFHO¶RUJDQL]]D]LRQHFRPSOHVVLYDHLOIXQ]LRQDPHQWRGHOO¶,1$)
)
$/&04-',)'
/¶,1$) UHDOL]]D OD SURSULD DXWRQRPLD VFLHQWLILFD RUJDQL]]DWLYD SDWULPRQLDOH ILQDQ]LDULD H
FRQWDELOH QHO ULVSHWWR GHO SULQFLSLR GL VHSDUD]LRQH WUD FRPSLWL H UHVSRQVDELOLWj GL
SURJUDPPD]LRQHFRPSLWLHUHVSRQVDELOLWjGLJHVWLRQHHFRPSLWLHUHVSRQVDELOLWjGLYDOXWD]LRQHH
GLFRQWUROORDLVHQVLGHOO¶$UWFRPPDGHOSURSULR6WDWXWR
3HU LO SHUVHJXLPHQWR GHL SURSUL FRPSLWL LVWLWX]LRQDOL O¶,1$) VL DYYDOH GL XQD VHGH
DPPLQLVWUDWLYDFHQWUDOHGHJOLXIILFLHVHUYL]LGHOOD'LUH]LRQH*HQHUDOHHGHOOHXQLWjHGHLVHUYL]L
GHOOD 'LUH]LRQH 6FLHQWLILFD q RUJDQL]]DWR LQ 6WUXWWXUH GL 5LFHUFD H VL GRWD GL LQIUDVWUXWWXUH GL
VXSSRUWRDOODULFHUFD
/¶,1$)DLVHQVLGHOO¶$UWGHOSURSULR6WDWXWRHLQFRHUHQ]DFRQOHGLVSRVL]LRQLGHOO¶$UW
GHO'HFUHWR/HJLVODWLYRQRSHUDVXOODEDVHGHO'RFXPHQWRGL9LVLRQH6WUDWHJLFD'96
H GHO 3LDQR 7ULHQQDOH GL $WWLYLWj 37$ FRPSUHQVLYR GHO SLDQR GL IDEELVRJQR GL SHUVRQDOH
IRUPXODWR H DJJLRUQDWR DQQXDOPHQWH SUHYLR FRQIURQWR FRQ OH 2266 PDJJLRUPHQWH
UDSSUHVHQWDWLYH
/¶,1$)qVRJJHWWRDOFRQWUROORGHOOD&RUWHGHL&RQWLSUHYLVWRGDOO¶$UWGHOOD/HJJHPDU]R
Q
)''!
&DSR,,O3UHVLGHQWH
)
5
$()
,O3UHVLGHQWHROWUHDOOHDWWULEX]LRQLGLFXLDOO¶$UWGHOOR6WDWXWRGHOO¶,1$)QHOO¶HVHUFL]LRGHOOH
SURSULHFRPSHWHQ]H
DGRWWDJOLDWWLFKHLPSHJQDQRO¶,1$)YHUVRO¶HVWHUQRHFKHJOLVRQRDWWULEXLWLGDOOR6WDWXWRH
GDLUHJRODPHQWL
HVHUFLWDOHIXQ]LRQLGLLQGLUL]]RSUHYLVWHGDOOR6WDWXWRDQFKHPHGLDQWHDSSRVLWHGLUHWWLYH
LQFDVRGLXUJHQ]D DGRWWDSURYYHGLPHQWLGLFRPSHWHQ]DGHO&RQVLJOLRGL$PPLQLVWUD]LRQH
VRWWRSRQHQGROLSHUODUDWLILFDDOODVHGXWDVXFFHVVLYDGHO&RQVLJOLRVWHVVR
SXz FRQIHULUH GHOHJKH DO 9LFH3UHVLGHQWH R DG DOWUL FRPSRQHQWL GHO &RQVLJOLR GL
$PPLQLVWUD]LRQHVXWHPLVSHFLILFLHSHUSHULRGLGHWHUPLQDWL
SXz DYYDOHUVL GHOOD FRQVXOHQ]D GL HVSHUWL DQFKH HVWHUQL DOO¶,1$) VX SDUWLFRODUL WHPL
VFLHQWLILFLWHFQLFLRDPPLQLVWUDWLYL
,O 3UHVLGHQWH SHU O¶DVVROYLPHQWR GHL SURSUL FRPSLWL LVWLWX]LRQDOL SXz DYYDOHUVL GL XQ 8IILFLR GL
3UHVLGHQ]DFRPSRVWRGD8QLWj2UJDQL]]DWLYHFKHVYROJDQROHVHJXHQWLIXQ]LRQL
DWWLYLWjGLVHJUHWHULD
IXQ]LRQDPHQWRGHO&RQVLJOLRGL$PPLQLVWUD]LRQH
XIILFLRVWDPSDHFRPXQLFD]LRQH
UHOD]LRQLLVWLWX]LRQDOLFRQVRJJHWWLSXEEOLFLHSULYDWL
,Q FDVR GL DVVHQ]D R LPSHGLPHQWR GHO 3UHVLGHQWH OH VXH IXQ]LRQL VRQR VYROWH GD XQ 9LFH
3UHVLGHQWHHOHWWRGDO&RQVLJOLRGL$PPLQLVWUD]LRQHDLVHQVLGHOO¶$UWFRPPDGHOOR6WDWXWR
/DQRPLQDGHLUHVSRQVDELOLGHOOH8QLWj2UJDQL]]DWLYHGLFXLVRSUDqGHOLEHUDWDGDO&RQVLJOLRGL
$PPLQLVWUD]LRQHVXSURSRVWDGHO3UHVLGHQWHVHQWLWRLO'LUHWWRUH*HQHUDOH
)
*
6#00/'$(-
/¶8IILFLRGL3UHVLGHQ]DqFRPSRVWRGDOOHVHJXHQWL8QLWj2UJDQL]]DWLYH
/D6HJUHWHULDGL3UHVLGHQ]D
/D6HJUHWHULDGHO&RQVLJOLRGL$PPLQLVWUD]LRQH
/¶8IILFLR6WDPSDH&RPXQLFD]LRQH
/D 6HJUHWHULD GL 3UHVLGHQ]D VYROJH VHFRQGR JOL LQGLUL]]L VWDELOLWL GDO 3UHVLGHQWH OH VHJXHQWL
DWWLYLWj
SUHGLVSRVL]LRQHQRWHHGRFXPHQWD]LRQHFRQQHVVHDOOHDWWLYLWjGHO3UHVLGHQWH
JHVWLRQHGHOO¶DUFKLYLRGL3UHVLGHQ]D
FRRUGLQDPHQWRGHOOHDWWLYLWjFRQQHVVHDLUDSSRUWLGHOOD3UHVLGHQ]DFRQOD'LUH]LRQH*HQHUDOH
OD'LUH]LRQH6FLHQWLILFDHOH6WUXWWXUHGL5LFHUFD
FRRUGLQDPHQWRHJHVWLRQHGHOOHDWWLYLWjFRQQHVVHDOO¶XIILFLRSURWRFROOR
RJQLDOWURFRPSLWRDGHVVDDVVHJQDWRGDO3UHVLGHQWH
/D 6HJUHWHULD GHO &RQVLJOLR GL $PPLQLVWUD]LRQH VYROJH VHFRQGR JOL LQGLUL]]L VWDELOLWL GDO
3UHVLGHQWH H GDO &RQVLJOLR GL $PPLQLVWUD]LRQH OH IXQ]LRQL GL 6HJUHWHULD GHO &RQVLJOLR GL
$PPLQLVWUD]LRQHFXUDQGROHVHJXHQWLDWWLYLWj
ODIDVHLVWUXWWRULDUHODWLYDPHQWHDOOHTXHVWLRQLGDSRUUHDOO¶RUGLQHGHOJLRUQRGHOOHVHGXWH
ODYHUEDOL]]D]LRQHGHOOHVHGXWHHLOVXSSRUWRDLFRPSRQHQWLGHO&RQVLJOLR
OD IDVH GL WUDVPLVVLRQH GHL YHUEDOL H GHOOH GHOLEHUH DOOD 'LUH]LRQH *HQHUDOH SHU L VHJXLWL GL
FRPSHWHQ]D
'LQRUPDDFDSRGHOOH8QLWjRUJDQL]]DWLYHGLFXLDLFRPPLHqSRVWRSHUVRQDOHFRQLOSURILOR
GLWHFQRORJRRGLIXQ]LRQDULRGLDPPLQLVWUD]LRQH,O5HVSRQVDELOHGHOOD6HJUHWHULDGL3UHVLGHQ]D
SXzDOWUHVuVYROJHUHOHIXQ]LRQLGL6HJUHWDULRGHO&RQVLJOLRGL$PPLQLVWUD]LRQH
/¶8IILFLR VWDPSD H FRPXQLFD]LRQH VYROJH VHFRQGR JOL LQGLUL]]L VWDELOLWL GDO 3UHVLGHQWH OH
VHJXHQWLDWWLYLWj
FXUDGHOOHFRPXQLFD]LRQLLVWLWX]LRQDOLHFRQLPHGLD
SURPR]LRQH GHOOH LQL]LDWLYH RULHQWDWH DOOD YDORUL]]D]LRQH GHOO¶LPPDJLQH GHOO¶(QWH DQFKH
PHGLDQWHODFRPXQLFD]LRQHGHLULVXOWDWLFRQVHJXLWL
UHDOL]]D]LRQHGHOSRUWDOHLQWHUQHWGHOO¶(QWH
UHDOL]]D]LRQH GHL SURGRWWL GL FRPXQLFD]LRQH PXOWLPHGLDOH DWWL D FRQVROLGDUH H YDORUL]]DUH
O¶LPPDJLQHGHOO¶(QWH
VXSSRUWRDO3UHVLGHQWHQHLUDSSRUWLLVWLWX]LRQDOL
SURPR]LRQH GHOO¶LPPDJLQH GHOO¶(QWH DQFKH PHGLDQWH DWWLYLWj GL UHOD]LRQL HVWHUQH HG
RUJDQL]]D]LRQHGLHYHQWL
$FDSRGHOO¶8IILFLRVWDPSDHFRPXQLFD]LRQHqSRVWRGLQRUPDXQUHVSRQVDELOHLVFULWWRDOO¶DOER
QD]LRQDOHGHLJLRUQDOLVWLFRQLOSURILORGLWHFQRORJRHFRQGRFXPHQWDWDHVSHULHQ]DQHLVHWWRULGL
ULFHUFDGHOO¶(QWH
&DSR,,,O&RQVLJOLRGL$PPLQLVWUD]LRQH
)
'(+',,()-'
,O &RQVLJOLR GL $PPLQLVWUD]LRQH KD FRPSLWL GL LQGLUL]]R VWUDWHJLFR H GL SURJUDPPD]LRQH
JHQHUDOHGHOO¶DWWLYLWjGHOO¶,1$)
,O &RQVLJOLR GL $PPLQLVWUD]LRQH VHQWLWH OH 2266 PDJJLRUPHQWH UDSSUHVHQWDWLYH GLVSRQH
O¶DGR]LRQHHODPRGLILFDGHOOR6WDWXWRGHOO¶(QWHGHLUHJRODPHQWLHGHLVXFFHVVLYLGLVFLSOLQDULSHU
L TXDOL VL DSSOLFDQR OH GLVSRVL]LRQL GL FXL DOO¶$UW GHO 'HFUHWR /HJLVODWLYR GL ULRUGLQR Q
2OWUH DL FRPSLWL HOHQFDWL DOO¶$UW FRPPL H GHOOR 6WDWXWR LO &RQVLJOLR GL
$PPLQLVWUD]LRQH
DSSURYDLO'96HLO37$VHFRQGRTXDQWRVWDELOLWRGDLVXFFHVVLYL$UWWHGHOSUHVHQWH
GLVFLSOLQDUH
DSSURYD LO %LODQFLR GL 3UHYLVLRQH H LO &RQWR &RQVXQWLYR GRSR DYHUH DFTXLVLWR L SDUHUL
SUHYLVWLGDOOR6WDWXWR
6XSURSRVWDGHO3UHVLGHQWHLO&RQVLJOLRGL$PPLQLVWUD]LRQH
SXzFRQIHULUHGHOHJKHSHUXQWHPSROLPLWDWRHSHUPDWHULHGHILQLWH
SXzVWDELOLUHSURYYHGLPHQWLDWWXDWLYLGHOSUHVHQWHGLVFLSOLQDUH
IRUQLVFH JOL LQGLUL]]L VWUDWHJLFL DO 'LUHWWRUH *HQHUDOH SHU OD IRUPXOD]LRQH GHO SLDQR GHOOD
SHUIRUPDQFHHGHOODUHOD]LRQHVXOODSHUIRUPDQFHGLFXLDOOHOHWWHUHDHEGHOO¶DUWLFRORGHO
'HFUHWR/HJLVODWLYRRWWREUHQ
DSSURYDLOSLDQRGHOODSHUIRUPDQFHODUHOD]LRQHVXOODSHUIRUPDQFHHLOSURJUDPPDWULHQQDOH
SHUODWUDVSDUHQ]DHO¶LQWHJULWjSUHYLVWLGDO'HFUHWR/HJLVODWLYRRWWREUHQ
,O &RQVLJOLR GL $PPLQLVWUD]LRQH GHWWD XOWHULRUL GLVSRVL]LRQL SHU LO SURSULR IXQ]LRQDPHQWR FRQ
DWWRLQWHUQRDQFKHFRQULIHULPHQWRDOOHIXQ]LRQLGHOODVHJUHWHULDHDOOHPRGDOLWjGLSDUWHFLSD]LRQH
SHUYLDWHOHPDWLFD
/H GHOLEHUH H L YHUEDOL GHOOH VHGXWH GHO &RQVLJOLR GL $PPLQLVWUD]LRQH VRQR WUDVPHVVL D FXUD
GHOOD 6HJUHWHULD GHO &RQVLJOLR VWHVVR HQWUR JLRUQL GDOOD GDWD GL DGR]LRQH DOOD 'LUH]LRQH
*HQHUDOH SUHVVR L FXL XIILFL WDOL GRFXPHQWL VRQR UDFFROWL HG DUFKLYLDWL SHU L VHJXLWL GL
FRPSHWHQ]DWUDFXLODGLIIXVLRQHVHFRQGRTXDQWRSUHYLVWRGDOODQRUPDWLYDGLULIHULPHQWR
,O 3UHVLGHQWH HG L FRPSRQHQWL GHO &RQVLJOLR GL $PPLQLVWUD]LRQH QRQ SRVVRQR IDU SDUWH GL
FRPPLVVLRQL GL FRQFRUVR ULJXDUGDQWL LO SHUVRQDOH GHOO¶,1$) Qp SRVVRQR HVVHUH QRPLQDWL
'LUHWWRULRULFRSULUHDOWULLQFDULFKLGLJHVWLRQHDOO¶LQWHUQRGHOO¶,1$)
,O&RQVLJOLRGL$PPLQLVWUD]LRQHGHILQLVFHXQFRGLFHGLDXWRUHJRODPHQWD]LRQHSHUODJHVWLRQHGL
HYHQWXDOLFRQIOLWWLGLLQWHUHVVHDOSURSULRLQWHUQR
$OOH ULXQLRQL GHO &RQVLJOLR GL $PPLQLVWUD]LRQH SDUWHFLSD LO 6HJUHWDULR GHO &RQVLJOLR GL
$PPLQLVWUD]LRQH
&DSR,,,,O&RQVLJOLR6FLHQWLILFR
)
.
'(+'/)0/'
,O &RQVLJOLR 6FLHQWLILFR KD LO FRPSLWR GL VWLPRODUH H RUJDQL]]DUH DWWUDYHUVR L &RPLWDWL GL
0DFURDUHDWHPDWLFDLOGLEDWWLWRVFLHQWLILFRDOO¶LQWHUQRGHOODFRPXQLWjGLULIHULPHQWRGHOO¶(QWH
$YYDOHQGRVLGHOODFRQVXOHQ]DGHL&RPLWDWLGL0DFURDUHDLO&RQVLJOLR6FLHQWLILFRSUHGLVSRQHH
SURSRQHDO3UHVLGHQWHGHOO¶,1$)LO'96
$L ILQL GHOOD SUHGLVSRVL]LRQH GHO 37$ H GHL VXRL DJJLRUQDPHQWL DQQXDOL H VHFRQGR TXDQWR
SUHYLVWRGDOOR6WDWXWRLO&RQVLJOLR6FLHQWLILFRHODERUDSHULO'LUHWWRUH6FLHQWLILFRXQGRFXPHQWR
FRQWHQHQWHLOUDSSRUWRVXOORVWDWRGLDYDQ]DPHQWRGHLSURJHWWLGLULFHUFDLQFRUVRHOHSURSRVWHGL
QXRYLSURJHWWLFRQOHUHODWLYHSULRULWj
,O&RQVLJOLR6FLHQWLILFRHVHUFLWDOHSURSULHFRPSHWHQ]HLQIRUPDFROOHJLDOHHDLVHQVLGHOO¶$UW
FRPPDGHOOR6WDWXWR
,SDUHULULFKLHVWLGDO3UHVLGHQWHGHOO¶,1$)GHYRQRHVVHUHUHVLLQIRUPDVFULWWDGDO3UHVLGHQWHGHO
&RQVLJOLR 6FLHQWLILFR HQWUR YHQWL JLRUQL GDOOD UHODWLYD ULFKLHVWD IDWWD VDOYD OD SRVVLELOLWj GL
WHUPLQLSLEUHYLFRQFRUGDWLFRQLO3UHVLGHQWHGHO&RQVLJOLR6FLHQWLILFR
,O&RQVLJOLR6FLHQWLILFRGHILQLVFHLQDXWRQRPLDOHUHJROHGLIXQ]LRQDPHQWRLQWHUQRLYLLQFOXVHOH
PRGDOLWjGLGLIIXVLRQHGHLYHUEDOLGHOOHSURSULHVHGXWH
,O &RQVLJOLR 6FLHQWLILFR HOHJJH FRQ XQD PDJJLRUDQ]D GL DOPHQR FRPSRQHQWL LO SURSULR
3UHVLGHQWHHVLDYYDOHGLXQVHJUHWDULRDQFK¶HJOLHOHWWRDOSURSULRLQWHUQR
,YHUEDOLGHOOHVHGXWHGHO&RQVLJOLR6FLHQWLILFRVRQRWUDVPHVVLDO&RQVLJOLRGL$PPLQLVWUD]LRQH
GDO6HJUHWDULRGHO&RQVLJOLRPHGHVLPRHUDFFROWLFURQRORJLFDPHQWHLQDSSRVLWRDUFKLYLRSUHVVR
OD'LUH]LRQH6FLHQWLILFD
4XDORUD WDOXQL GHL FRPSRQHQWL GHO &RQVLJOLR 6FLHQWLILFR FHVVLQR GDOOD FDULFD SULPD GHOOD
VFDGHQ]D GHO PDQGDWR LO &RQVLJOLR GL $PPLQLVWUD]LRQH SURFHGH DOOD VRVWLWX]LRQH VHFRQGR OH
VHJXHQWLPRGDOLWj
SHU L PHPEUL GHVLJQDWL VX SURSRVWD GHO 3UHVLGHQWH GHOO¶,1$) VHFRQGR TXDQWR SUHYLVWR
GDOO¶$UW FRPPD GHOOR 6WDWXWR LO 3UHVLGHQWH VWHVVR SURYYHGHUj D IRUPXODUH XQD QXRYD
SURSRVWD
SHU L PHPEUL VFHOWL DOO¶LQWHUQR GHOOH URVH GL QRPL VHOH]LRQDWH D VHJXLWR GHOOH HOH]LRQL GHL
&RPLWDWL GL 0DFURDUHD DL VHQVL GHOO¶$UW FRPPD GHOOR 6WDWXWR LO &RQVLJOLR GL
$PPLQLVWUD]LRQHSURYYHGHUjDGXQDQXRYDQRPLQDVFHJOLHQGRGDXQDURVDFKHLQFOXGDSHUOD
GDWDPDFURDUHDLPHPEULGHO&RPLWDWRLQHVVHUHHLOSULPRGHLQRQHOHWWL
,O3UHVLGHQWHHGLFRPSRQHQWLGHO&RQVLJOLR6FLHQWLILFRQRQSRVVRQRIDUSDUWHGLFRPPLVVLRQLGL
FRQFRUVR ULJXDUGDQWL LO SHUVRQDOH GHOO¶,1$) Qp SRVVRQR HVVHUH QRPLQDWL 'LUHWWRUL R ULFRSULUH
DOWULLQFDULFKLGLJHVWLRQHDOO¶LQWHUQRGHOO¶,1$)
,O&RQVLJOLR6FLHQWLILFRGHILQLVFHXQFRGLFHGLDXWRUHJRODPHQWD]LRQHSHUODJHVWLRQHGLHYHQWXDOL
FRQIOLWWLGLLQWHUHVVHDOVXRLQWHUQR
&DSR,9,O&ROOHJLRGHL5HYLVRULGHL&RQWL
)
'+'!1('')
,O &ROOHJLR GHL 5HYLVRUL GHL &RQWL q O¶RUJDQR GL FRQWUROOR GHOOD UHJRODULWj JHVWLRQDOH
DPPLQLVWUDWLYDHFRQWDELOHGHOO¶,1$)ODFXLFRPSRVL]LRQHGXUDWDHPRGDOLWjGLIXQ]LRQDPHQWR
VRQRUHJRODWHGDJOLDUWLFROLHGHOOR6WDWXWRGHOO¶(QWH
,O&ROOHJLRGHL5HYLVRULGHL&RQWLYHULILFDODUHJRODULWjGHOODJHVWLRQHHODFRUUHWWDDSSOLFD]LRQH
GHOOH QRUPH GL DPPLQLVWUD]LRQH GL FRQWDELOLWj H ILVFDOL HVSOLFDQGR DOWUHVu DWWLYLWj GL
FROODERUD]LRQHFRQJOLRUJDQLGLYHUWLFHGHOO¶,1$)
3HUTXDQWRQRQHVSUHVVDPHQWHULSRUWDWRFRQULIHULPHQWRDLFRPSLWLGHO&ROOHJLRGHL5HYLVRULGHL
&RQWLVLULPDQGDDOUHJRODPHQWRGLDPPLQLVWUD]LRQHHFRQWDELOLWjGHOO¶,1$)
'L RJQL ULXQLRQH GHO &ROOHJLR GHL 5HYLVRUL GHL &RQWL q UHGDWWR DSSRVLWR YHUEDOH QXPHUDWR
FURQRORJLFDPHQWH H UDFFROWR LQ DSSRVLWR DUFKLYLR D FXUD GHO SUHSRVWR XIILFLR GHOOD 'LUH]LRQH
*HQHUDOH
$L FRPSRQHQWL GHO &ROOHJLR GHL 5HYLVRUL GHL &RQWL q FRUULVSRVWR LO WUDWWDPHQWR GL PLVVLRQH DL
VHQVLGHOGLVFLSOLQDUHPLVVLRQL
,O 3UHVLGHQWH HG L FRPSRQHQWL GHO &ROOHJLR GHL 5HYLVRUL GHL &RQWL QRQ SRVVRQR IDU SDUWH GL
FRPPLVVLRQL GL FRQFRUVR ULJXDUGDQWL LO SHUVRQDOH GHOO¶,1$) Qp SRVVRQR HVVHUH QRPLQDWL
'LUHWWRULRULFRSULUHDOWULLQFDULFKLGLJHVWLRQHDOO¶LQWHUQRGHOO¶,1$)
$OOHULXQLRQLGHO&ROOHJLRGHL5HYLVRULGHL&RQWLSDUWHFLSDLO'LUHWWRUH*HQHUDOHRVXRGHOHJDWR
LQGLYLGXDWRWUDLGLULJHQWLGHOOD'LUH]LRQH*HQHUDOH
)''! #" #
!"
)
4)-'))1)3//+(,'&)4)-'
!//7!8
,O &RQVLJOLR GL $PPLQLVWUD]LRQH GHOO¶,1$) QRPLQD O¶2UJDQLVPR ,QGLSHQGHQWH GL 9DOXWD]LRQH
GHOOD5LFHUFD2,95DLVHQVLHSHUJOLVFRSLGHILQLWLGDOO¶$UWGHOOR6WDWXWR
,O &RQVLJOLR 6FLHQWLILFR DWWUDYHUVR SURFHGXUH GL SXEEOLFD HYLGHQ]D SURSRQH DO &RQVLJOLR GL
$PPLQLVWUD]LRQHLQRPLQDWLYLSHUODQRPLQDGHOO¶2,95
,FRPSRQHQWLGHOO¶2,95QRQSRVVRQRHVVHUHGLSHQGHQWLGHOO¶,1$),OORURPDQGDWRKDODGXUDWD
GLWUHDQQLHSXzHVVHUHFRQIHUPDWRXQDVRODYROWD
/¶LQFDULFRGLFRPSRQHQWHGHOO¶2,95qLQFRPSDWLELOHFRQLQFDULFKLSXEEOLFLHOHWWLYLRFDULFKHLQ
SDUWLWL SROLWLFL R LQ RUJDQL]]D]LRQL VLQGDFDOL R FRQ UDSSRUWL FRQWLQXDWLYL GL FROODERUD]LRQH R GL
FRQVXOHQ]DFRQOHSUHGHWWHRUJDQL]]D]LRQL/¶LQFRPSDWLELOLWjVXVVLVWHDQFKHRYHWDOLLQFDULFKLR
UDSSRUWLVLDQRVWDWLULFRSHUWLQHLWUHDQQLDQWHULRULDOODQRPLQD
/¶2,95 VWDELOLVFH DXWRQRPDPHQWH OH PRGDOLWj GHO SURSULR IXQ]LRQDPHQWR H QRPLQD DO VXR
LQWHUQRXQ3UHVLGHQWH
1HOOR VYROJLPHQWR GHOOH SURSULH DWWLYLWj O¶2,95 RSHUD WHQHQGR FRQWR GL VSHFLILFL RELHWWLYL H
LQGLFDWRUL VHFRQGR OH PRGDOLWj LQGLYLGXDWH GDOO¶$JHQ]LD 1D]LRQDOH GL YDOXWD]LRQH
GHOO¶8QLYHUVLWj H GHOOD 5LFHUFD $1985 G¶LQWHVD FRQ OD &RPPLVVLRQH SHU OD YDOXWD]LRQH OD
WUDVSDUHQ]D H O¶LQWHJULWj GHOOH DPPLQLVWUD]LRQL SXEEOLFKH &,9,7 SHU DVVLFXUDUH LO FLFOR GL
JHVWLRQHGHOODSHUIRUPDQFHGHLULFHUFDWRUL HGHLWHFQRORJLLQFRHUHQ]DFRQLSULQFLSL FRQWHQXWL
QHOOD &DUWD (XURSHD GHL 5LFHUFDWRUL DOOHJDWD DOOD UDFFRPDQGD]LRQH Q &( GHOOD
&RPPLVVLRQH(XURSHDGHOO¶PDU]R
(QWUR XQ WHUPLQH FRPXQLFDWR DQQXDOPHQWH GDO 3UHVLGHQWH O¶2,95 FRQVHJQD DO &RQVLJOLR GL
$PPLQLVWUD]LRQHXQDUHOD]LRQHFRQWHQHQWHLULVXOWDWLGHOODSURSULDDWWLYLWjGLYDOXWD]LRQH
3HUORVYROJLPHQWRGHOOHSURSULHIXQ]LRQLO¶2,95SXzDYYDOHUVLGHOVXSSRUWRGHJOLXIILFLGHOOD
'LUH]LRQH6FLHQWLILFD
7XWWLLVRJJHWWLDYDULRWLWRORFRLQYROWLQHOO¶DWWLYLWjGLPLVXUD]LRQHGHOODSHUIRUPDQFHRSHUDQRLQ
XQDPELWRGLDXWRQRPLDDWWRDJDUDQWLUHO¶LPSDU]LDOLWjGHOOHYDOXWD]LRQLVXOOHDWWLYLWjVYROWH
)
9
4)-'6))1)3,,())1+(,'&)
4)-'78
$L VHQVL GHOO¶$UW GHO GHFUHWR OHJLVODWLYR RWWREUH Q LO &RQVLJOLR GL
$PPLQLVWUD]LRQH ,1$) VX SURSRVWD GHO 3UHVLGHQWH LVWLWXLVFH O¶2UJDQLVPR ,QGLSHQGHQWH GL
9DOXWD]LRQHGHOODSHUIRUPDQFH2,9
/¶LQGLYLGXD]LRQHGHLFRPSRQHQWLGHOO¶2,9DYYLHQHPHGLDQWHSURFHGXUHGLHYLGHQ]DSXEEOLFD,
FRPSRQHQWLVRQRQRPLQDWLFRQGHOLEHUDGHO&RQVLJOLRGL$PPLQLVWUD]LRQH,OORURPDQGDWRKDOD
GXUDWDGLWUHDQQLHSXzHVVHUHFRQIHUPDWRXQDVRODYROWD
/¶2,9VYROJHLQIRUPDFROOHJLDOHHGLQSLHQDDXWRQRPLDOHIXQ]LRQLGLYDOXWD]LRQHLQWHUQDFRQ
ULIHULPHQWR DOO¶DWWLYLWj DPPLQLVWUDWLYR±JHVWLRQDOH GHOO¶(QWH H YHULILFD O¶DWWXD]LRQH GHOOH VFHOWH
FRQWHQXWH QHOOH GLUHWWLYH H QHJOL DOWUL DWWL DGRWWDWL GDJOL RUJDQL GL LQGLUL]]R UHGLJHQGR
DQQXDOPHQWH XQD UHOD]LRQH VXL ULVXOWDWL DFFHUWDWL H ULIHUHQGR GLUHWWDPHQWH DO &RQVLJOLR GL
$PPLQLVWUD]LRQHDLVHQVLGHOO¶$UWFRPPDGHOOR6WDWXWR
/¶LQFDULFRGLFRPSRQHQWHGHOO¶2,9qLQFRPSDWLELOHFRQLQFDULFKLSXEEOLFLHOHWWLYLRFDULFKHLQ
SDUWLWL SROLWLFL R LQ RUJDQL]]D]LRQL VLQGDFDOL R FRQ UDSSRUWL FRQWLQXDWLYL GL FROODERUD]LRQH R GL
FRQVXOHQ]DFRQOHSUHGHWWHRUJDQL]]D]LRQL/¶LQFRPSDWLELOLWjVXVVLVWHDQFKHRYHWDOLLQFDULFKLR
UDSSRUWLVLDQRVWDWLULFRSHUWLQHLWUHDQQLDQWHULRULDOODQRPLQD
7XWWLLVRJJHWWLDYDULRWLWRORFRLQYROWLQHOO¶DWWLYLWjGLPLVXUD]LRQHGHOODSHUIRUPDQFHRSHUDQRLQ
XQDPELWRGLDXWRQRPLDDWWRDJDUDQWLUHO¶LPSDU]LDOLWjGHOOHYDOXWD]LRQLVXOOHDWWLYLWjVYROWH
)
)4))4)//&,)(4&&')'6
3UHVVR O¶2,9 q LVWLWXLWD FRQ SURYYHGLPHQWR GHO 'LUHWWRUH *HQHUDOH VHQWLWR LO 3UHVLGHQWH XQD
6WUXWWXUD7HFQLFD3HUPDQHQWHGLVXSSRUWRDOO¶2,9SHUODPLVXUD]LRQHGHOODSHUIRUPDQFHGRWDWD
GL SHUVRQDOH LQ SRVVHVVR GL LGRQHD H FRPSURYDWD FRPSHWHQ]D SHU O¶HVHUFL]LR GHOOH UHODWLYH
IXQ]LRQL
/D6WUXWWXUD7HFQLFD3HUPDQHQWHGLFXLDOSUHFHGHQWHFRPPDqFRVWLWXLWDGLQRUPDGDSHUVRQDOH
LQWHUQR DOO¶(QWH FRQ SURILOR QRQ LQIHULRUH D TXHOOR GL WHFQRORJR ULFHUFDWRUH ULFHUFDWRUH
DVWURQRPRRIXQ]LRQDULRGLDPPLQLVWUD]LRQHGLFXLXQRFRQIXQ]LRQLGLUHVSRQVDELOH
'HOOD 6WUXWWXUD 7HFQLFD 3HUPDQHQWH GL FXL DO SUHFHGHQWH FRPPD IDQQR SDUWH DOPHQR XQ
GLSHQGHQWH GHOO¶8IILFLR ELODQFLR H XQ GLSHQGHQWH GHOO¶8IILFLR GHO SHUVRQDOH GHOOD 'LUH]LRQH
*HQHUDOH
/D 6WUXWWXUD 7HFQLFD 3HUPDQHQWH GL FXL DO SUHFHGHQWH FRPPD RSHUD LQ SLHQD DXWRQRPLD
UDSSRUWDQGRVLLQPDQLHUDFRRUGLQDWDHFRQJLXQWDGLUHWWDPHQWHFRQO¶2,9
)
',))'#/'-7#8
$L VHQVL GHOOD /HJJH Q H VHFRQGR OH LQGLFD]LRQL FRQWHQXWH QHOOD GLUHWWLYD GHOOD
3UHVLGHQ]D GHO &RQVLJOLR GHL 0LQLVWUL GHO PDU]R YLHQH LVWLWXLWR LO &RPLWDWR 8QLFR GL
*DUDQ]LD SHU OH SDUL RSSRUWXQLWj OD YDORUL]]D]LRQH GHO EHQHVVHUH GL FKL ODYRUD H FRQWUR OH
GLVFULPLQD]LRQL
,O&8*qFRPSRVWRGDLUDSSUHVHQWDQWLGHVLJQDWLGDOOH2266UDSSUHVHQWDWLYHDLVHQVLGHJOL$UWW
HGHOGHFUHWROHJLVODWLYRHGDXQDOWUHWWDQWLFRPSRQHQWLGHVLJQDWLGDOO¶,1$)GL
FXLDOVXFFHVVLYRFRPPDQRQFKpGDLUHODWLYLVXSSOHQWL
/DFRPSRQHQWHGHO&8*GHVLJQDWDGDOO¶,1$)LYLLQFOXVLLPHPEULVXSSOHQWLGRYUjSUHYHGHUH
DOPHQR XQ UDSSUHVHQWDQWH GHO SHUVRQDOH GL ULFHUFD QRQFKp XQ UDSSUHVHQWDQWH GHO SHUVRQDOH
WHFQLFRDPPLQLVWUDWLYR
/D FRPSRQHQWH &8* GL FXL DO FRPPD SUHFHGHQWH VDUj LQGLYLGXDWD PHGLDQWH FRQVXOWD]LRQH
HOHWWRUDOH LQGHWWD FRQ SURYYHGLPHQWR GHO 'LUHWWRUH *HQHUDOH FKH JDUDQWLVFD OD VHJUHWH]]D GHO
YRWR
)''6
!"!
&DSR,/$',5(=,21(*(1(5$/(
)
))'
2OWUH DL FRPSLWL GL FXL DOO¶$UW FRPPD GHOOR 6WDWXWR H DL 5HJRODPHQWL GHOO¶(QWH LO
'LUHWWRUH*HQHUDOH
FXUD OH UHOD]LRQL VLQGDFDOL QHO ULVSHWWR GHOOD QRUPDWLYD YLJHQWH H GHO UHJRODPHQWR GHO
SHUVRQDOH
qUHVSRQVDELOHGHOODJHVWLRQHHGLOL]LDGHOO¶,1$)
qUHVSRQVDELOHGHOO¶DWWXD]LRQHGHLSULQFLSLGLWUDVSDUHQ]DGHOO¶D]LRQHDPPLQLVWUDWLYD
WXWHODJOLLQWHUHVVLOHJDOLGHOO¶,1$)HFXUDODJHVWLRQHGHOFRQWHQ]LRVR
VWDELOLVFH FULWHUL H PRGDOLWj GL GHFHQWUDOL]]D]LRQH GL DOFXQH IXQ]LRQL DPPLQLVWUDWLYR
JHVWLRQDOL
FXUDODIRUPD]LRQHGHOSHUVRQDOHGHOO¶,1$)VHQWLWRLO'LUHWWRUH6FLHQWLILFRSHULOSHUVRQDOH
GLULFHUFD
,O 'LUHWWRUH *HQHUDOH SHU O¶DVVROYLPHQWR GHL SURSUL FRPSLWL LVWLWX]LRQDOL VL DYYDOH GL 8IILFL GL
OLYHOORGLULJHQ]LDOHQRQJHQHUDOHDUWLFRODWLLQXQLWjRUJDQL]]DWLYHHVHUYL]L
,O'LUHWWRUH*HQHUDOHHODERUDXQDSURSRVWDGLRUJDQL]]D]LRQHGHOOD'LUH]LRQH*HQHUDOHHQWUR
JLRUQL GDO VXR LQVHGLDPHQWR H ODSUHVHQWD DO &RQVLJOLR GL $PPLQLVWUD]LRQH &RQ OD GHOLEHUD GL
DSSURYD]LRQH LO &RQVLJOLR GL $PPLQLVWUD]LRQH VWDELOLVFH L WHPSL GL DWWXD]LRQH GHOOD QXRYD
RUJDQL]]D]LRQHGHOOD'LUH]LRQH*HQHUDOH
(YHQWXDOL PRGLILFKH R LQWHJUD]LRQL DOOD VWUXWWXUD RUJDQL]]DWLYD GHOOD 'LUH]LRQH *HQHUDOH
VXFFHVVLYH DOO¶DWWR GL SULPD DGR]LRQH GHOOD VWHVVD GHYRQR HVVHUH FRPXQLFDWH DO &RQVLJOLR GL
$PPLQLVWUD]LRQH
1HOO¶HVHUFL]LR GHOOH VXH IXQ]LRQL G¶LQWHVD FRQ LO 'LUHWWRUH 6FLHQWLILFR LO 'LUHWWRUH *HQHUDOH VL
DYYDOHGHOODFROODERUD]LRQHGHL'LUHWWRULGHOOH6WUXWWXUHGL5LFHUFDDQFKHDWWUDYHUVRLO*UXSSRGL
5DFFRUGRGHL'LUHWWRUL
/D GXUDWD H LO UDSSRUWR GL ODYRUR GHO 'LUHWWRUH *HQHUDOH VRQR UHJRODWL GDOO¶$UW FRPPD GHOOR6WDWXWRIDWWDVDOYDODSRVVLELOLWjGLSURURJDQHOOHPRUHGHOODQRPLQDGHOQXRYR'LUHWWRUH
*HQHUDOH
/¶LQFDULFR GL 'LUHWWRUH *HQHUDOH q D WHPSR SLHQR HG q VRJJHWWR DOOH QRUPH GL LQFRPSDWLELOLWj
SUHYLVWHGDOO¶$UWGHOOR6WDWXWRHGDO5HJRODPHQWRGHO3HUVRQDOH
/¶LQFDULFR GL 'LUHWWRUH *HQHUDOH SXz HVVHUH UHYRFDWR DQFKH SULPD GHOOD VFDGHQ]D FRQ GHFUHWR
GHO 3UHVLGHQWH H SUHYLD GHOLEHUD]LRQH GHO &RQVLJOLR GL $PPLQLVWUD]LRQH DL VHQVL GL TXDQWR
SUHYLVWRGDO5HJRODPHQWRGHO3HUVRQDOH
)
5
',))'
,O 'LUHWWRUH *HQHUDOH q QRPLQDWR GDO &RQVLJOLR GL $PPLQLVWUD]LRQH VX SURSRVWD PRWLYDWD GHO
3UHVLGHQWH
/DVHOH]LRQHSHUODQRPLQDGHO'LUHWWRUH*HQHUDOHqLQGHWWDGDO3UHVLGHQWHFRQFRQJUXRDQWLFLSR
ULVSHWWR DOOD VFDGHQ]D GHO 'LUHWWRUH LQ FDULFD WUDPLWH DYYLVR SXEEOLFDWR VXO VLWR LQWHUQHW
GHOO¶,1$) FKH GHYH SUHYHGHUH XQ WHUPLQH QRQ LQIHULRUH DL YHQWL JLRUQL SHU OD SUHVHQWD]LRQH
GHOOHFDQGLGDWXUHHLUHTXLVLWLULFKLHVWL
/D VHOH]LRQH DYYLHQH WUDPLWH YDOXWD]LRQH FRPSDUDWLYD GHL FXUULFXOD GHL FDQGLGDWL HG HYHQWXDOH
FROORTXLR GD SDUWH GL XQD FRPPLVVLRQH FRVWLWXLWD H QRPLQDWD GDO 3UHVLGHQWH /D FRPPLVVLRQH
GHYHHVSOHWDUHODSURFHGXUDGLVHOH]LRQHHQWURGXHPHVLGDOODVXDQRPLQDDSHQDGLGHFDGHQ]D
IDWWDVDOYDODSRVVLELOLWjGLSURURJDGLXQXOWHULRUHPHVHSUHYLDDXWRUL]]D]LRQHGHO3UHVLGHQWHVX
PRWLYDWDULFKLHVWDGHOODPHGHVLPDFRPPLVVLRQHGLVHOH]LRQH
/DVHOH]LRQHGLFXLDLFRPPLHQRQqDVVLPLODELOHDSURFHGXUDFRQFRUVXDOH
/D &RPPLVVLRQH GRYUj UHGLJHUH HG LQYLDUH DOOD 3UHVLGHQ]D XQ GRFXPHQWR VLQWHWLFR FKH
ULDVVXPHQGRLULVXOWDWLGHOODSURFHGXUDGLYDOXWD]LRQHLGHQWLILFKLPRWLYDQGRODVFHOWDXQDURVD
GLFDQGLGDWLLGRQHLDULFRSULUHO¶LQFDULFR
$L VHQVL GHOOD YLJHQWH QRUPDWLYD H YLVWH OH GLVSRVL]LRQL LQWURGRWWH FRQ OD OHJJH Q GHO DJRVWR ULDIIHUPDWH FRQ OD OHJJH OXJOLR Q H LQ SDUWLFRODUH O¶DUW UHFDQWH
³,QWHUYHQWLLQPDWHULDSUHYLGHQ]LDOH´QRQSXzHVVHUHQRPLQDWR'LUHWWRUH*HQHUDOHFKLDOODGDWD
GHOODQRPLQDDEELDJLjFRPSLXWRLOVHVVDQWXQHVLPRDQQRGLHWjIDWWHVDOYHHYHQWXDOLHOHYD]LRQL
GHLOLPLWLG¶HWjSHULOFROORFDPHQWRDULSRVRGHLGLSHQGHQWLSXEEOLFLSUHYLVWHGDOODOHJJH
,Q FDVR GL GLPLVVLRQL LPSHGLPHQWR R UHYRFD SULPD GHOOD VFDGHQ]D GHO WHUPLQH L FRPSLWL GHO
'LUHWWRUH *HQHUDOH VRQR WHPSRUDQHDPHQWH DWWULEXLWL DG XQ VRVWLWXWR QRPLQDWR GDO &RQVLJOLR GL
$PPLQLVWUD]LRQHVXSURSRVWDGHO3UHVLGHQWH
)
*
400/+-#)3+--)11--'
/D'LUH]LRQH*HQHUDOHDLVHQVLGHOO¶$UWGHOOR6WDWXWRGHOO¶,1$)VLDUWLFRODLQXQPDVVLPR
GL XIILFL GLULJHQ]LDOL D FDSR GHL TXDOL VRQR SUHSRVWL GL QRUPD GLULJHQWL FRQ SURILOR
DPPLQLVWUDWLYR LO FXL LQFDULFR q FRQIHULWR GDO 'LUHWWRUH *HQHUDOH VHQWLWR LO &RQVLJOLR GL
$PPLQLVWUD]LRQH
/HIXQ]LRQLGHJOLXIILFLGLULJHQ]LDOLGHOOHXQLWjHGHLVHUYL]LGHOOD'LUH]LRQH*HQHUDOHLQFOXGRQR
JHVWLRQHGHOOHDWWLYLWjFRQWUDWWXDOLODYRULSXEEOLFLHVHUYL]LJHQHUDOL
JHVWLRQHGHOFRQWHQ]LRVRHDIIDULOHJDOL
VLFXUH]]DVXOODYRUR
ELODQFLRHGDWWLYLWjFRUUHODWH
JHVWLRQHJLXULGLFRHFRQRPLFDGHOSHUVRQDOH
UHOD]LRQLVLQGDFDOL
FRQWUROORGLJHVWLRQH
FRRUGLQDPHQWRGHO&HQWUR(ODERUD]LRQH'DWLSHUORVYLOXSSRGHOVLVWHPDLQIRUPDWLYRGLWXWWL
JOLDVSHWWLDPPLQLVWUDWLYRJHVWLRQDOLGHOO¶(QWH
/¶RUJDQL]]D]LRQHLQWHUQDGHJOLXIILFLGLULJHQ]LDOLqGHILQLWDQHOSURYYHGLPHQWRRUJDQL]]DWLYRGL
FXLDOSUHFHGHQWH$UWFRPPD
$ FDSR GHOOH XQLWj RUJDQL]]DWLYH H GHL VHUYL]L q SUHSRVWR GL QRUPD SHUVRQDOH FRQ SURILOR GL
WHFQRORJR
$LVHQVLGLTXDQWRSUHYLVWRGDOO¶$UWGHOOD/HJJHJLXJQRQHDOILQHGLJDUDQWLUH
O¶HVHUFL]LRGHLGLULWWLGLLQIRUPD]LRQHDFFHVVRHSDUWHFLSD]LRQHGLFXLDOOD/HJJHDJRVWR
QHVXFFHVVLYHPRGLILFD]LRQLO¶RUJDQL]]D]LRQHLQWHUQDGHOOD'LUH]LRQH*HQHUDOHGLFXLDO
SUHFHGHQWHFRPPDSUHYHGHO¶8IILFLR5HOD]LRQLFRQLO3XEEOLFR853
/D'LUH]LRQH*HQHUDOHVLDYYDOHGLXQDSURSULDVHJUHWHULD
&DSR,,/$',5(=,21(6&,(17,),&$
)
))'/)0/'
/D'LUH]LRQH6FLHQWLILFDqO¶XQLWjRUJDQL]]DWLYDGLFRRUGLQDPHQWRVFLHQWLILFRGHOO¶(QWHSHUOHVXH
DWWLYLWjGLULFHUFD$FDSRGHOOD'LUH]LRQH6FLHQWLILFDqSUHSRVWRXQ'LUHWWRUH6FLHQWLILFRFKHQH
qUHVSRQVDELOH
,O 'LUHWWRUH 6FLHQWLILFR DWWXD DWWUDYHUVR RSSRUWXQH LQL]LDWLYH OH OLQHH GL LQGLUL]]R VFLHQWLILFR
GHOLEHUDWHGDO3UHVLGHQWHHGDO&RQVLJOLRGL$PPLQLVWUD]LRQH
,O'LUHWWRUH6FLHQWLILFRROWUHDTXDQWRSUHYLVWRGDOO¶$UWFRPPDGHOOR6WDWXWRFRRUGLQDOR
VYROJLPHQWRHGHIIHWWXDXQPRQLWRUDJJLRGHOOHDWWLYLWjGLULFHUFDGHOO¶(QWHVHFRQGRJOLLQGLUL]]L
VWDELOLWLGDO3UHVLGHQWHHGDO&RQVLJOLRGL$PPLQLVWUD]LRQH
,O'LUHWWRUH6FLHQWLILFRIRUQLVFHDO'LUHWWRUH*HQHUDOHJOLHOHPHQWLGLSURSULDFRPSHWHQ]DSHU
ODSUHGLVSRVL]LRQHGHOELODQFLRSUHYHQWLYRHGHOFRQWRFRQVXQWLYRGHOO¶,1$)
OD GLVWULEX]LRQH GHOOH ULVRUVH DOOH 6WUXWWXUH GL 5LFHUFD H SHU OD UHDOL]]D]LRQH GL SURJHWWL GL
ULFHUFDGLULOHYDQ]DQD]LRQDOHRLQWHUQD]LRQDOH
ODSUHGLVSRVL]LRQHGHJOLDIILGDPHQWLFRQWUDWWXDOL
,O'LUHWWRUH6FLHQWLILFRQHOO¶DPELWRGHOOHDWWLYLWjGLFXLDLSUHFHGHQWLFRPPLHSXzFKLHGHUH
SDUHUHDO&RQVLJOLR6FLHQWLILFR
/D 'LUH]LRQH 6FLHQWLILFD SHU LO SURSULR IXQ]LRQDPHQWR H TXHOOR GHOOH 8QLWj H VHUYL]L DG HVVD
DIIHUHQWLLQDFFRUGRFRQTXDQWRSUHYLVWRGDO5HJRODPHQWRGLDPPLQLVWUD]LRQHH FRQWDELOLWjVL
FRQILJXUDFRPHFHQWURGLUHVSRQVDELOLWjGLVHFRQGROLYHOOR
,O 'LUHWWRUH 6FLHQWLILFR SHU O¶DVVROYLPHQWR GHL SURSUL FRPSLWL LVWLWX]LRQDOL VL DYYDOH GL XQLWj
RUJDQL]]DWLYHHVHUYL]L
,O 'LUHWWRUH 6FLHQWLILFR HODERUD HQWUR JLRUQL GDO VXR LQVHGLDPHQWR XQD SURSRVWD GL
RUJDQL]]D]LRQHGHOOD'LUH]LRQH6FLHQWLILFDQHOULVSHWWRGHJOLLQGLUL]]LVWDELOLWLGDO&RQVLJOLRGL
$PPLQLVWUD]LRQH VX SURSRVWD GHO 3UHVLGHQWH &RQ OD GHOLEHUD GL DSSURYD]LRQH LO &RQVLJOLR GL
$PPLQLVWUD]LRQH VWDELOLVFH L WHPSL GL DWWXD]LRQH GHOOD QXRYD RUJDQL]]D]LRQH GHOOD 'LUH]LRQH
6FLHQWLILFD
(YHQWXDOL PRGLILFKH R LQWHJUD]LRQL DOOD VWUXWWXUD RUJDQL]]DWLYD GHOOD 'LUH]LRQH 6FLHQWLILFD
VXFFHVVLYH DOO¶DWWR GL SULPD DGR]LRQH GHOOD VWHVVD GHYRQR HVVHUH FRPXQLFDWH DO &RQVLJOLR GL
$PPLQLVWUD]LRQH
1HOO¶HVHUFL]LR GHOOH VXH IXQ]LRQL G¶LQWHVD FRQ LO 'LUHWWRUH *HQHUDOH LO 'LUHWWRUH 6FLHQWLILFR VL
DYYDOH GHOOD FROODERUD]LRQH GHO &RQVLJOLR 6FLHQWLILFR GHL 'LUHWWRUL GHOOH 6WUXWWXUH GL 5LFHUFD
DQFKHDWWUDYHUVRLO*UXSSRGL5DFFRUGRGHL'LUHWWRUL
/DGXUDWDHLOUDSSRUWRGLODYRURGHO'LUHWWRUH6FLHQWLILFRVRQRUHJRODWLGDOO¶$UWFRPPD
GHOOR6WDWXWRIDWWDVDOYDODSRVVLELOLWjGLSURURJDQHOOHPRUHGHOODQRPLQDGHOQXRYR'LUHWWRUH
6FLHQWLILFR
/¶LQFDULFRGL'LUHWWRUH6FLHQWLILFRqDWHPSRSLHQRHGqVRJJHWWRDOOHQRUPHGLLQFRPSDWLELOLWj
SUHYLVWHGDOO¶$UWGHOOR6WDWXWRHGDO5HJRODPHQWRGHO3HUVRQDOH
/¶LQFDULFRGL'LUHWWRUH6FLHQWLILFRSXzHVVHUHUHYRFDWRDQFKHSULPDGHOODVFDGHQ]DFRQGHFUHWR
GHO 3UHVLGHQWH H SUHYLD GHOLEHUD]LRQH GHO &RQVLJOLR GL $PPLQLVWUD]LRQH DL VHQVL GL TXDQWR
SUHYLVWRGDO5HJRODPHQWRGHO3HUVRQDOH
)
.
',))'/)0/'
,O'LUHWWRUH6FLHQWLILFRqQRPLQDWRGDO&RQVLJOLRGL$PPLQLVWUD]LRQHVXSURSRVWDPRWLYDWDGHO
3UHVLGHQWH
/D VHOH]LRQH SHU OD QRPLQD GHO 'LUHWWRUH 6FLHQWLILFR q LQGHWWD GDO 3UHVLGHQWH FRQ FRQJUXR
DQWLFLSRULVSHWWRDOODVFDGHQ]DGHO'LUHWWRUHLQFDULFDWUDPLWHDYYLVRSXEEOLFDWRVXOVLWRLQWHUQHW
GHOO¶,1$) FKH GHYH SUHYHGHUH XQ WHUPLQH QRQ LQIHULRUH DL YHQWL JLRUQL SHU OD SUHVHQWD]LRQH
GHOOHFDQGLGDWXUHHLUHTXLVLWLULFKLHVWL
/D VHOH]LRQH DYYLHQH WUDPLWH YDOXWD]LRQH FRPSDUDWLYD GHL FXUULFXOD GHL FDQGLGDWL HG HYHQWXDOH
FROORTXLR GD SDUWH GL XQD FRPPLVVLRQH FRVWLWXLWD H QRPLQDWD GDO 3UHVLGHQWH /D FRPPLVVLRQH
GHYHHVSOHWDUHODSURFHGXUDGLVHOH]LRQHHQWURGXHPHVLGDOODVXDQRPLQDDSHQDGLGHFDGHQ]D
IDWWDVDOYDODSRVVLELOLWjGLSURURJDGLXQXOWHULRUHPHVHSUHYLDDXWRUL]]D]LRQHGHO3UHVLGHQWHVX
PRWLYDWDULFKLHVWDGHOODPHGHVLPDFRPPLVVLRQHGLVHOH]LRQH
/DVHOH]LRQHGLFXLDLFRPPLHQRQqDVVLPLODELOHDSURFHGXUDFRQFRUVXDOH
/D &RPPLVVLRQH GRYUj UHGLJHUH HG LQYLDUH DOOD 3UHVLGHQ]D XQ GRFXPHQWR VLQWHWLFR FKH
ULDVVXPHQGRLULVXOWDWLGHOODSURFHGXUDGLYDOXWD]LRQHLGHQWLILFKLPRWLYDQGRODVFHOWDXQDURVD
GLFDQGLGDWLLGRQHLDULFRSULUHO¶LQFDULFR
$L VHQVL GHOOD YLJHQWH QRUPDWLYD H YLVWH OH GLVSRVL]LRQL LQWURGRWWH FRQ OD OHJJH Q GHO DJRVWR ULDIIHUPDWH FRQ OD OHJJH OXJOLR Q H LQ SDUWLFRODUH O¶DUW UHFDQWH
³,QWHUYHQWL LQ PDWHULD SUHYLGHQ]LDOH´ QRQ SXz HVVHUH QRPLQDWR 'LUHWWRUH 6FLHQWLILFR FKL DOOD
GDWD GHOOD QRPLQD DEELD JLj FRPSLXWR LO VHVVDQWXQHVLPR DQQR GL HWj IDWWH VDOYH HYHQWXDOL
HOHYD]LRQL GHL OLPLWL G¶HWj SHU LO FROORFDPHQWR D ULSRVR GHL GLSHQGHQWL SXEEOLFL SUHYLVWH GDOOD
OHJJH
,Q FDVR GL GLPLVVLRQL LPSHGLPHQWR R UHYRFD SULPD GHOOD VFDGHQ]D GHO WHUPLQH L FRPSLWL GHO
'LUHWWRUH6FLHQWLILFRVRQRWHPSRUDQHDPHQWHDWWULEXLWLDGXQVRVWLWXWRQRPLQDWRGDO&RQVLJOLRGL
$PPLQLVWUD]LRQHVXSURSRVWDGHO3UHVLGHQWH
)
#)3(1--'/)0/
/D'LUH]LRQH6FLHQWLILFDDLVHQVLGHOO¶$UWGHOOR6WDWXWRGHOO¶,1$)VLDUWLFRODLQXQPDVVLPR
GLXQLWjVFLHQWLILFKHFRRUGLQDWHGDSHUVRQDOHQRPLQDWRDLVHQVLGHOO¶$UWFRPPDOHWWHUD
IGHOOR6WDWXWRGHOO¶,1$)
$FDSRGHOOHXQLWjqSUHSRVWRGLQRUPDSHUVRQDOH,1$)GLULFHUFDFRQSURILORGLOLYHOORSDULR
VXSHULRUH D TXHOOR GL SULPR ULFHUFDWRUH SULPR WHFQRORJR R DVWURQRPR DVVRFLDWR RYYHUR
SHUVRQDOH LQ VHUYL]LR DWWLYR DVVRFLDWR DOO¶,1$) FRQ LQFDULFR JUDWXLWR GL ULFHUFD GL OLYHOOR
HTXLYDOHQWH
$FDSRGHLVHUYL]LqSUHSRVWRGLQRUPDSHUVRQDOH,1$)GLULFHUFDFRQSURILORGLOLYHOORSDULR
VXSHULRUH D TXHOOR GL ULFHUFDWRUH WHFQRORJR R ULFHUFDWRUH DVWURQRPR RYYHUR SHUVRQDOH LQ
VHUYL]LRDWWLYRDVVRFLDWRDOO¶,1$)FRQLQFDULFRJUDWXLWRGLULFHUFDGLOLYHOORHTXLYDOHQWH
/HIXQ]LRQLGHOOHXQLWjHGHLVHUYL]LGHOOD'LUH]LRQH6FLHQWLILFDLQFOXGRQR
LOFRRUGLQDPHQWRGHOOH6WUXWWXUHGL5LFHUFDHGHOOHLQIUDVWUXWWXUHGHOO¶,1$)HGLTXHOOHDFXL
,1$)SDUWHFLSD
LOFRRUGLQDPHQWRGHOOHDWWLYLWjVSD]LDOLGHOO¶,1$)
LOFRRUGLQDPHQWRGHOOHJUDQGLLQIUDVWUXWWXUHHGHLWHOHVFRSLGDWHUUD
LOFRRUGLQDPHQWRHLOVXSSRUWRDOOHDWWLYLWjGLULFHUFDHXURSHHHLQWHUQD]LRQDOL
LOFRRUGLQDPHQWRGHL6HUYL]L,QIRUPDWLYLGLVXSSRUWRDOO¶DWWLYLWjGLULFHUFDGHOO¶(QWH
ODSURPR]LRQHHGLOFRRUGLQDPHQWRGHOO¶DWWLYLWjGLGLYXOJD]LRQHVFLHQWLILFDGHOO¶,1$)
OD JHVWLRQH GHOOH DWWLYLWj FRQQHVVH DOOH UHOD]LRQL LQGXVWULDOL DOOD WXWHOD GHOOD SURSULHWj
LQWHOOHWWXDOHDOWUDVIHULPHQWRWHFQRORJLFRDVRJJHWWLSXEEOLFLHSULYDWL
LOFRRUGLQDPHQWRGHOOH%LEOLRWHFKHGHOO¶,1$)HGHJOL$UFKLYL
/D 'LUH]LRQH 6FLHQWLILFD q DOWUHVu UHVSRQVDELOH GHOOH DWWLYLWj GL DOWD IRUPD]LRQH H GHOOD
FRQVHUYD]LRQHHYDORUL]]D]LRQHGHOSDWULPRQLRVWRULFRHPXVHDOHGHOO¶,1$)
/D'LUH]LRQH6FLHQWLILFDVLDYYDOHGLXQDSURSULDVHJUHWHULD
)''!##!!!
)
))')4))4!//
2OWUHDLFRPSLWLGLFXLDOO¶$UWGHOOR6WDWXWRL'LUHWWRULGL6WUXWWXUD
HQWUR JLRUQL GDOOD SURSULD QRPLQD VHQWLWR LO &RQVLJOLR GL 6WUXWWXUD VRWWRSRQJRQR DO
'LUHWWRUH*HQHUDOHHGDO'LUHWWRUH6FLHQWLILFRXQDSURSRVWDGLRUJDQL]]D]LRQHGHOOD6WUXWWXUD
HQHFXUDQRO¶DSSOLFD]LRQH
VRQR UHVSRQVDELOL GHOO¶DWWXD]LRQH GHL SURJUDPPL H GHL SURJHWWL VFLHQWLILFL H WHFQRORJLFL GL
FRPSHWHQ]DGHOOD6WUXWWXUDVHFRQGROHLQGLFD]LRQLVWDELOLWHGDOOD'LUH]LRQH6FLHQWLILFD
SUHGLVSRQJRQRSURSRVWHUHODWLYHDOODGHILQL]LRQHGHO'96HGHO37$
VYROJRQR WXWWL JOL DOWUL FRPSLWL DG HVVL GHOHJDWL GDO 'LUHWWRUH *HQHUDOH R GDO 'LUHWWRUH
6FLHQWLILFR
/DGXUDWDHLOUDSSRUWRGLODYRURGHL'LUHWWRULGL6WUXWWXUDVRQRUHJRODWLGDOO¶$UWFRPPD
GHOOR6WDWXWR
/¶LQFDULFRGL'LUHWWRUHGL6WUXWWXUDSXzHVVHUHUHYRFDWRDQFKHSULPDGHOODVFDGHQ]DVHFRQGROH
PRGDOLWj VWDELOLWH GDOO¶$UW FRPPD GHOOR 6WDWXWR H DL VHQVL GL TXDQWR SUHYLVWR GDO
5HJRODPHQWRGHO3HUVRQDOH
/¶LQFDULFRGL'LUHWWRUHGL6WUXWWXUDqDWHPSRSLHQRHGqVRJJHWWRDOOHQRUPHGLLQFRPSDWLELOLWj
SUHYLVWHGDOO¶$UWGHOOR6WDWXWRHGDO5HJRODPHQWRGHO3HUVRQDOH
1HOOR VYROJLPHQWR GHL SURSUL FRPSLWL LO 'LUHWWRUH GL 6WUXWWXUD SXz DYYDOHUVL GHO &RQVLJOLR GL
6WUXWWXUD ,O 'LUHWWRUH GL 6WUXWWXUD SUHGLVSRQH OH SURSRVWH UHODWLYH DOOD GHILQL]LRQH GHO 37$ H
GHILQLVFH O¶DOORFD]LRQH GHOOH ULVRUVH XPDQH ILQDQ]LDULH H VWUXPHQWDOL DVVHJQDWH DOOD 6WUXWWXUD
SUHYLDDFTXLVL]LRQHGHOSDUHUHGHO&RQVLJOLRGL6WUXWWXUD
, 'LUHWWRUL GHOOH 6WUXWWXUH GL 5LFHUFD QHOO¶DPELWR GL TXDQWR VWDELOLWR GDOO¶DUW GHOOR 6WDWXWR
HVHUFLWDQRLVHJXHQWLFRPSLWLHSRWHUL
DVVLFXUDQR H FRQWUROODQR O¶DWWXD]LRQH GHL SURJUDPPL H GHL SURJHWWL GL ULFHUFD FRPSUHVD OD
ULFHUFDOLEHUDDVVHJQDWLDOOD6WUXWWXUDLQDFFRUGRFRO'LUHWWRUH6FLHQWLILFR
FRRUGLQDQRO¶DWWLYLWjGHOO¶8IILFLR$PPLQLVWUDWLYRGHOOD6WUXWWXUDVHFRQGRJOLDWWLGLLQGLUL]]R
HPDQDWLGDO'LUHWWRUH*HQHUDOHIDWWRVDOYRTXDQWRVWDELOLWRGDOVXFFHVVLYR$UW
IRUPXODQR SURSRVWH DO 'LUHWWRUH *HQHUDOH HG DO 'LUHWWRUH 6FLHQWLILFR SHU TXDQWR FRQFHUQH
ULVSHWWLYDPHQWHJOLDVSHWWLRUJDQL]]DWLYLHTXHOOLVFLHQWLILFLGHOOHDWWLYLWjGHOOH6WUXWWXUH
SURYYHGRQR DOOD RWWLPDOH JHVWLRQH GHOOH ULVRUVH XPDQH ILQDQ]LDULH H VWUXPHQWDOL DVVHJQDWH
DOOD6WUXWWXUD
)
9
',))')4))4!//
, 'LUHWWRUL GHOOH 6WUXWWXUH GL 5LFHUFD VRQR QRPLQDWL FRQ DWWR GHO 3UHVLGHQWHSUHYLD GHOLEHUD GHO
&RQVLJOLRGL$PPLQLVWUD]LRQH
/D VHOH]LRQH SHU OD QRPLQD GHO 'LUHWWRUH GL 6WUXWWXUD q LQGHWWD GDO 3UHVLGHQWH FRQ FRQJUXR
DQWLFLSRULVSHWWRDOODVFDGHQ]DGHO'LUHWWRUHLQFDULFDWUDPLWHDYYLVRSXEEOLFDWRVXOVLWRLQWHUQHW
GHOO¶,1$)FKHGHYHSUHYHGHUHXQWHUPLQHQRQLQIHULRUHDYHQWLJLRUQLSHUODSUHVHQWD]LRQHGHOOH
FDQGLGDWXUHHLUHTXLVLWLULFKLHVWL
/D VHOH]LRQH DYYLHQH WUDPLWH YDOXWD]LRQH FRPSDUDWLYD GHL FXUULFXOD GHL FDQGLGDWL HG HYHQWXDOH
FROORTXLR GD SDUWH GL XQD FRPPLVVLRQH FRVWLWXLWD H QRPLQDWD GDO 3UHVLGHQWH /D FRPPLVVLRQH
GHYHHVSOHWDUHODSURFHGXUDGLVHOH]LRQHHQWURGXHPHVLGDOODVXDQRPLQDDSHQDGLGHFDGHQ]D
IDWWDVDOYDODSRVVLELOLWjGLSURURJDGLXQXOWHULRUHPHVHSUHYLDDXWRUL]]D]LRQHGHO3UHVLGHQWHVX
PRWLYDWDULFKLHVWDGHOODPHGHVLPDFRPPLVVLRQHGLVHOH]LRQH
/DVHOH]LRQHGLFXLDLFRPPLHQRQqDVVLPLODELOHDSURFHGXUDFRQFRUVXDOH
/D &RPPLVVLRQH GRYUj LQGLYLGXDUH XQD URVD GL QRPL DQFKH DWWUDYHUVR OD FRQVXOWD]LRQH GHO
SHUVRQDOH GHOOD 6WUXWWXUD LQWHUHVVDWD LYL LQFOXVR LO SHUVRQDOH LQ IRUPD]LRQH H JOL DVVRFLDWL FRQ
LQFDULFR GL ULFHUFD SUHVVR OD 6WUXWWXUD H GHOOH HYHQWXDOL DOWUH 6WUXWWXUH ,1$) R 'LSDUWLPHQWL
XQLYHUVLWDULDGHVVHFROOHJDWHFKHLQVLVWRQRQHOO¶DUHDJHRJUDILFDG¶LQWHUHVVH
/D &RPPLVVLRQH GRYUj UHGLJHUH HG LQYLDUH DOOD 3UHVLGHQ]D XQ GRFXPHQWR VLQWHWLFR FKH
ULDVVXPHQGRLULVXOWDWLGHOO¶LQGDJLQHVYROWDLGHQWLILFKLPRWLYDQGRODVFHOWDXQDURVDGLFDQGLGDWL
LGRQHLDULFRSULUHO¶LQFDULFR
1RQ SXz HVVHUH QRPLQDWR 'LUHWWRUH GL 6WUXWWXUD FKL L VHQVL GHOOD YLJHQWH QRUPDWLYD H YLVWH OH
GLVSRVL]LRQLLQWURGRWWHFRQODOHJJHQGHODJRVWRULDIIHUPDWHFRQODOHJJHOXJOLR
QHLQSDUWLFRODUHO¶DUWUHFDQWH³,QWHUYHQWLLQPDWHULDSUHYLGHQ]LDOH´DOODGDWDGHOOD
QRPLQDDEELDJLjFRPSLXWRLOVHVVDQWDGXHVLPRDQQRGLHWjIDWWHVDOYHHYHQWXDOLHOHYD]LRQLGHL
OLPLWLGLHWjSHULOFROORFDPHQWRDULSRVRGHLGLSHQGHQWLSXEEOLFLSUHYLVWHGDOODOHJJH
)
'(+)4))4
,Q RJQL 6WUXWWXUD GL 5LFHUFD q FRVWLWXLWR XQ RUJDQR FROOHJLDOH LO &RQVLJOLR GL 6WUXWWXUD FRQ
IXQ]LRQLFRQVXOWLYHHGLVXSSRUWRDOOHDWWLYLWjGHO'LUHWWRUH1HSRVVRQRIDUSDUWHVLDLGLSHQGHQWL
GHOOD VWUXWWXUD GL ULFHUFD DQFKH D WHPSR GHWHUPLQDWR FKH JOL DVVRFLDWL FRQ LQFDULFR JUDWXLWR GL
ULFHUFD
,&RQVLJOLGL6WUXWWXUDVRQRHOHWWLFRQOHPRGDOLWjSUHYLVWHGDOGLVFLSOLQDUHHOHWWRUDOHGHOLEHUDWR
GDO &RQVLJOLR GL $PPLQLVWUD]LRQH ,O QXPHUR GHL FRPSRQHQWL ROWUH LO 'LUHWWRUH q SHU OH
6WUXWWXUHFRQPHQRGLGLSHQGHQWLDWHPSRLQGHWHUPLQDWRHGHWHUPLQDWRSHUOH6WUXWWXUHGD
D GLSHQGHQWL D WHPSR LQGHWHUPLQDWR H GHWHUPLQDWR H SHU OH 6WUXWWXUH FRQ SL GL GLSHQGHQWLDWHPSRGHWHUPLQDWRHLQGHWHUPLQDWR
,Q FDVR GL GLPLVVLRQL RYYHUR GL FHVVD]LRQH GDO VHUYL]LR JOL VWHVVL VDUDQQR VRVWLWXLWL PHGLDQWH
SURFHGLPHQWR HOHWWRUDOH LQGHWWR GDO 3UHVLGHQWH GHOO¶,1$) R GDO 'LUHWWRUH GHOOD 6WUXWWXUD
LQWHUHVVDWDDOO¶XRSRGHOHJDWR
,O &RQVLJOLR q SUHVLHGXWR H FRQYRFDWR GDO 'LUHWWRUH GHOOD 6WUXWWXUD ,O &RQVLJOLR GL 6WUXWWXUD
GHFLGHDXWRQRPDPHQWHOHSURSULHPRGDOLWjGLIXQ]LRQDPHQWRHGLSXEEOLFL]]D]LRQHGHLFRQWHQXWL
GHOOHVHGXWH
,O &RQVLJOLR GL 6WUXWWXUD GHYH HVVHUH FRQYRFDWR DOPHQR WUH YROWH O¶DQQR H FRPXQTXH SHU
HVSULPHUHSDUHULLQPHULWRDOOHULFKLHVWHIRUPXODWHGDO'LUHWWRUHQHOO¶DPELWRGHOODSUHSDUD]LRQH
GHO37$HLQPHULWRDOODGLVWULEX]LRQHGHOOHULVRUVHLQWHUQH
)
24-',)')4))4!//
/H 6WUXWWXUH GL 5LFHUFD GHOO¶,1$) UHDOL]]DQR OH DWWLYLWj GL ULFHUFD DVVLFXUDQGR O¶LPSLHJR
UD]LRQDOHHGLOFRRUGLQDPHQWRGHOOHULVRUVHORURDVVHJQDWH
/H6WUXWWXUHGL5LFHUFDVRQRFHQWULGL UHVSRQVDELOLWjGLVHFRQGROLYHOORLQDFFRUGR FRQTXDQWR
SUHYLVWRGDO5HJRODPHQWRGL$PPLQLVWUD]LRQHH&RQWDELOLWj
/H6WUXWWXUHGLULFHUFD
FRQFRUURQRDOODIRUPD]LRQHGHO37$GHOO¶,1$)
FXUDQR OD GLIIXVLRQH GHOOH FRQRVFHQ]H VFLHQWLILFKHQHOOH PDWHULH GL FRPSHWHQ]D LQ DFFRUGR
FRQLO'LUHWWRUH6FLHQWLILFR
FRQVHUYDQR H YDORUL]]DQR LO SDWULPRQLR VWRULFR ELEOLRJUDILFR HG DUFKLYLVWLFR GL ORUR
FRPSHWHQ]DLQDFFRUGRFRQLO'LUHWWRUH6FLHQWLILFR
SDUWHFLSDQR D EDQGL GL ILQDQ]LDPHQWR ORFDOL QD]LRQDOL H LQWHUQD]LRQDOL DQFKH LQ
FROODERUD]LRQHFRQDOWUH VWUXWWXUHGLULFHUFDGHOO¶,1$)RDOWULVRJJHWWLSXEEOLFLRSULYDWLLQ
FRHUHQ]D FRO '96 GHOO¶,1$) QHL OLPLWL H FRQ OH PRGDOLWj GHILQLWL GDO &RQVLJOLR GL
$PPLQLVWUD]LRQH
FXUDQR L UDSSRUWL VXO WHUULWRULR FRQ L GLYHUVL VRJJHWWL SXEEOLFL H SULYDWL WHQHQGR FRQWR GL
HYHQWXDOLLQGLUL]]LGHO&RQVLJOLRGL$PPLQLVWUD]LRQH
/¶RUJDQL]]D]LRQH LQWHUQD GHOOH 6WUXWWXUH GL 5LFHUFD q DGRWWDWD GDO 'LUHWWRUH GHOOD 6WUXWWXUD DL
VHQVLGHOO¶$UWFRPPDOHWWHUDDGHOSUHVHQWH'LVFLSOLQDUH
1HOOH 6WUXWWXUH GL 5LFHUFD q FRVWLWXLWR XQ 8IILFLR $PPLQLVWUDWLYR D FXL q SUHSRVWR XQ
5HVSRQVDELOHQRPLQDWRGDO'LUHWWRUH*HQHUDOHGLFRQFHUWRFRQLO'LUHWWRUHGHOOD6WUXWWXUD
,O 5HVSRQVDELOH $PPLQLVWUDWLYR ULVSRQGH GHO SURSULR RSHUDWR DO 'LUHWWRUH GHOOD 6WUXWWXUD
VHFRQGR JOL LQGLUL]]L GHO 'LUHWWRUH *HQHUDOH UHODWLYDPHQWH D WXWWL JOL DWWL JHVWLRQDOL H
DPPLQLVWUDWLYRFRQWDELOLGHOOD6WUXWWXUDVWHVVD
$LVHQVLGHOO¶DUWFRPPDOHWWHUDKGHOOR6WDWXWRLO'LUHWWRUH*HQHUDOHSXzFRQPRWLYDWR
SURYYHGLPHQWR LQWHUYHQLUH GLUHWWDPHQWH VXO 5HVSRQVDELOH $PPLQLVWUDWLYR QHOOH DWWLYLWj GL
FRRUGLQDPHQWRGHOO¶8IILFLRGLFXLDOSUHFHGHQWHFRPPD
)''!!!#$$
!!
)
'+'))')4))4!//
,O&ROOHJLRGHL'LUHWWRULqFRPSRVWRGDWXWWLL'LUHWWRULGHOOH6WUXWWXUHGLULFHUFDGHOO¶,1$)(¶
FRQYRFDWRHSUHVLHGXWRGLQRUPDGDO'LUHWWRUH6FLHQWLILFRHDOPHQRYROWHO¶DQQRGDO'LUHWWRUH
*HQHUDOHSHUODSUHSDUD]LRQHGHO37$HGHOELODQFLRGLSUHYLVLRQH3XzHVVHUHFRQYRFDWRDQFKH
VX ULFKLHVWD GL DOPHQR PHWj GHL VXRL FRPSRQHQWL ,Q TXHVWR FDVR LO &ROOHJLR q SUHVLHGXWR GDO
GHFDQRGHL'LUHWWRUL
3RVVRQR HVVHUH LQYLWDWL DOOH ULXQLRQL GHO &ROOHJLR GHL 'LUHWWRUL L GLULJHQWL GHOO¶DPPLQLVWUD]LRQH
FHQWUDOH L UHVSRQVDELOL DPPLQLVWUDWLYL GHOOH 6WUXWWXUH GL 5LFHUFD H LO 3UHVLGHQWH GHO &RQVLJOLR
6FLHQWLILFR
)
5
4&&'!//''
,O *UXSSR GL 5DFFRUGR q HOHWWR DL VHQVL GHOO¶$UW FRPPD GHOOR 6WDWXWR (QWUR JLRUQL
GDOODQRPLQDRFRQIHUPDGHL'LUHWWRULGHOOH6WUXWWXUHLO'LUHWWRUH6FLHQWLILFRLQGLFHOHHOH]LRQL
GHO*UXSSRGL5DFFRUGR
/H HOH]LRQL GHO *UXSSR GL 5DFFRUGR DYYHQJRQR PHGLDQWH SURFHGXUH FKH JDUDQWLVFDQR OD
VHJUHWH]]DGHOYRWR
,O*UXSSRGL5DFFRUGRGHFLGHLQDXWRQRPLDOHPRGDOLWjGHOSURSULRIXQ]LRQDPHQWRIDWWRVDOYR
TXDQWRVWDELOLWRGDOO¶$UWFRPPDOHWWHUDGH$UWFRPPDOHWWHUDMGHOOR6WDWXWRH
SXzDYYDOHUVLGHOVXSSRUWRGHJOLXIILFLGHOOD'LUH]LRQH6FLHQWLILFD
,O*UXSSRGL5DFFRUGRGHL'LUHWWRULIRUPXODSURSRVWHLQPHULWRD
XQLIRUPLWj HIILFLHQ]D GHFHQWUDPHQWR VHPSOLILFD]LRQH GHO VLVWHPD GL JHVWLRQH H
DPPLQLVWUD]LRQHHGHLVXRLSURFHGLPHQWL
IRUPXOD]LRQHHGDWWXD]LRQHGHO37$
PRGLILFKHDUHJRODPHQWLHGLVFLSOLQDUL
, FRPSRQHQWL GHO *UXSSR GL 5DFFRUGR FKH FHVVDQR GDO ORUR LQFDULFR DL VHQVL GHOO¶$UW FRPPDGHOOR6WDWXWRVRQRVRVWLWXLWLSUHYLDHOH]LRQH
)''!# $!
)
*
',)) /',)/
2OWUHDTXDQWRSUHYLVWRGDOO¶$UWFRPPDGHOOR6WDWXWRL&RPLWDWLGL0DFURDUHDSRVVRQR
DVVLVWHUH LO &RQVLJOLR 6FLHQWLILFR DQFKH DWWUDYHUVR IRUPH GL FRQVXOWD]LRQH GHOOD FRPXQLWj
VFLHQWLILFDGLULIHULPHQWRQHOO¶HODERUD]LRQHGLDQDOLVLHVWXGLVXOORVWDWRGHOODULFHUFDDVWURILVLFDH
VXOO¶DQGDPHQWR GHL SULQFLSDOL SURJHWWL GL ULFHUFD QD]LRQDOL H LQWHUQD]LRQDOL DL ILQL GHOOD
SUHGLVSRVL]LRQHGHO'96HSHUJOLDJJLRUQDPHQWLGHO37$
, &RPLWDWL GL 0DFURDUHD FLDVFXQR FRQVXOWDQGRVL FRQ OH FRPXQLWj VFLHQWLILFKH GL ULIHULPHQWR
SRVVRQR HODERUDUH GRFXPHQWL GL SURSRVWD VXJOL DVSHWWL VFLHQWLILFL WHFQLFL ILQDQ]LDUL HG
RUJDQL]]DWLYLGHOOHDWWLYLWjGLULFHUFDDIIHUHQWLDFLDVFXQDULVSHWWLYD0DFURDUHDWHPDWLFD
&LDVFXQR GHL &RPLWDWL GL 0DFURDUHD QRPLQD DO VXR LQWHUQR XQ FRRUGLQDWRUH FKH VYROJH OH
IXQ]LRQLGLUDFFRUGRFRQLO3UHVLGHQWHGHO&RQVLJOLR6FLHQWLILFR
,QFDVRGLGLPLVVLRQLRFHVVD]LRQHGDOO¶LQFDULFRGLXQPHPEURGLXQRGHL&RPLWDWLGL0DFURDUHD
VDUDQQR LQGHWWH QXRYH HOH]LRQL VHFRQGR OH SURFHGXUH GL FXL DO 'LVFLSOLQDUH (OHWWRUDOH
OLPLWDWDPHQWHDO&RPLWDWRLQWHUHVVDWR
)
'/4,)'('))+/78
/¶,1$)DLVHQVLGHOO¶$UWFRPPDGHOOR6WDWXWRHLQFRQIRUPLWjDOGHWWDWRGHOO¶$UWGHO
'HFUHWR/HJLVODWLYRQVLGRWDGLXQ'96
,O '96 q UHGDWWR VX ULFKLHVWD GHO 3UHVLGHQWH GDO &RQVLJOLR 6FLHQWLILFR FKH VL DYYDOH GHL
FRQWULEXWLSURYHQLHQWLGDL&RPLWDWLGL0DFURDUHDVHQWLWHOHFRPXQLWjVFLHQWLILFKHGLULIHULPHQWR
,O'96GHYHLQFOXGHUH
OD GHILQL]LRQH GHOOH SULRULWj VFLHQWLILFKH H WHFQRORJLFKH GL OXQJR SHULRGR DQFKH LQ
ULIHULPHQWRDOFRQWHVWRLQWHUQD]LRQDOH
L SURJHWWL GL ULFHUFD GHQRPLQDWL ³SURJHWWL EDQGLHUD´ ULWHQXWL GL SDUWLFRODUH LQWHUHVVH
QHOO¶DPELWRGHOOHVFHOWHVWUDWHJLFKHHGHJOLLQGLUL]]LGLULFHUFDLPSDUWLWLGDO0LQLVWHURDQFKH
DWWUDYHUVRLO3LDQR1D]LRQDOHGHOOD5LFHUFD
VSHFLILFL SURJHWWL GHQRPLQDWL ³SURJHWWL SUHPLDOL´ GD UHDOL]]DUH DQFKH FRQJLXQWDPHQWH FRQ
DOWUL(QWLGLFXLDOO¶$UWFRPPDGHO'HFUHWR/HJLVODWLYRQ
O¶LQGLYLGXD]LRQHGHOOHDUHHGLHFFHOOHQ]DHGHOOHFRPSHWHQ]HGDSRWHQ]LDUH
)
.
$'))1)37$8
/¶,1$)DLVHQVLGHOO¶$UWFRPPDGHOOR6WDWXWRHLQFRQIRUPLWjDOGHWWDWRGHOO¶$UWGHO
'HFUHWR/HJLVODWLYRQVLGRWDGLXQ37$
,O37$DJJLRUQDWRDQQXDOPHQWHqUHGDWWRVXULFKLHVWDGHO3UHVLGHQWHGDO'LUHWWRUH6FLHQWLILFR
G¶LQWHVDSHU OHSDUWL GL VXD FRPSHWHQ]D FRQ LO 'LUHWWRUH *HQHUDOH H VXOODEDVH GHO GRFXPHQWR
SUHSDUDWRGDO&RQVLJOLR6FLHQWLILFRGLFXLDOO¶$UWFRPPDGHOSUHVHQWHGLVFLSOLQDUH
,O 37$ VXOOD EDVH GHJOL RELHWWLYL SURJUDPPDWLFL H GHOOH OLQHH VWUDWHJLFKH FRQWHQXWH QHO '96
LQGLYLGXDLSURJUDPPLHGLSURJHWWLGLULFHUFDGDDWWXDUHHGLQRUPDGRYUjFRQWHQHUH
ORVWDWRGLDWWXD]LRQHGHOOHDWWLYLWjUHODWLYHDOO¶DQQRSUHFHGHQWH
JOLRELHWWLYLJHQHUDOLGDFRQVHJXLUHQHOWULHQQLR
OHULVRUVHXPDQHHILQDQ]LDULHQHFHVVDULHHGLVSRQLELOLSHUODUHDOL]]D]LRQHGHOOHDWWLYLWj
LOTXDGURGHOOHFROODERUD]LRQLLQWHUQD]LRQDOLGLULOLHYRHOHHYHQWXDOLLQWHUD]LRQLFRQOHDOWUH
FRPSRQHQWLGHOODUHWHGLULFHUFD
OHLQIUDVWUXWWXUHGLULFHUFDLPSRUWDQWL
OHD]LRQLFRQQHVVHDOODIRUPD]LRQHHOHLQL]LDWLYHGLWUDVIHULPHQWRWHFQRORJLFR
LOTXDGURJHQHUDOHGHOOHSDUWHFLSD]LRQLVRFLHWDULH
,O37$qDJJLRUQDWRDQQXDOPHQWHDQFKHVXOODEDVHGHOOHLQGLFD]LRQLFRQWHQXWHQHOGRFXPHQWRGL
FXL DOO¶$UW FRPPD GHO SUHVHQWH GLVFLSOLQDUH HODERUDWR GDO &RQVLJOLR 6FLHQWLILFR H GHL
UDSSRUWLSURGRWWLGDL'LUHWWRULGHOOH6WUXWWXUH$LVHQVLGHOO¶$UWFRPPDGHOOR6WDWXWRVXOOD
SURSRVWD GL SLDQR WULHQQDOH q FKLDPDWR DG HVSULPHUVL LO &ROOHJLR GHL 'LUHWWRUL DSSRVLWDPHQWH
FRQYRFDWRGDO'LUHWWRUH6FLHQWLILFR
/D SURSRVWD GL 37$ HG L UHODWLYL DJJLRUQDPHQWL DQQXDOL VHQWLWH OH 2266 PDJJLRUPHQWH
UDSSUHVHQWDWLYHVRQRDSSURYDWLGDO&RQVLJOLRGL$PPLQLVWUD]LRQHHGHYRQRHVVHUHWUDVPHVVLDL
PLQLVWHULYLJLODQWL
/HVFDGHQ]HWHPSRUDOLDWWXDWLYHGLTXDQWRGLVSRVWRGDOSUHFHGHQWHFRPPDVRQROHVHJXHQWL
HQWUR LO OXJOLR GHOO¶DQQR SUHFHGHQWH L &RPLWDWL GL 0DFURDUHD LQYLDQR DO &RQVLJOLR
6FLHQWLILFRJOLVWXGLGLVHWWRUH
HQWUR LO RWWREUH GHOO¶DQQR SUHFHGHQWH LO &RQVLJOLR 6FLHQWLILFR H L 'LUHWWRUL GL 6WUXWWXUD
LQYLDQRDO'LUHWWRUH6FLHQWLILFRLSURSULUDSSRUWLHUHOD]LRQLDQQXDOL
HQWUR QRYHPEUH GHOO¶DQQR SUHFHGHQWH LO 'LUHWWRUH 6FLHQWLILFR G¶LQWHVD FRQ LO 'LUHWWRUH
*HQHUDOH H VHQWLWR LO *UXSSR GL 5DFFRUGR UHGLJH OD SURSRVWD GL 37$ R LO VXR
DJJLRUQDPHQWRDQQXDOHHODSUHVHQWDDO&ROOHJLRGHL'LUHWWRULSHUFRPPHQWL
HQWURLOGLFHPEUHGHOO¶DQQRSUHFHGHQWHODSURSRVWDGL37$RLOVXRDJJLRUQDPHQWRDQQXDOH
YLHQHWUDVPHVVRDO3UHVLGHQWH
VXFFHVVLYDPHQWH DOOD ULFH]LRQH GHOOD QRWD PLQLVWHULDOH FRQWHQHQWH OH LQGLFD]LRQL SHU OD
UHGD]LRQH GHO 37$ LO 3UHVLGHQWH YHULILFD FRQ LO 'LUHWWRUH *HQHUDOH HG LO 'LUHWWRUH
6FLHQWLILFR OD FRHUHQ]D GHO 37$ FRQ TXDQWR ULFKLHVWR GDO 0LQLVWHUR H OR WUDVPHWWH DO
&RQVLJOLR6FLHQWLILFRSHULOSUHVFULWWRSDUHUHGDLQROWUDUHDO&RQVLJOLRGL$PPLQLVWUD]LRQH
HQWURJLRUQLGDOODUHODWLYDULFKLHVWD
LO&G$DSSURYDLO37$DOODULXQLRQHVXFFHVVLYD
,QSULPDDWWXD]LRQHGHOSUHVHQWH'LVFLSOLQDUHOHVFDGHQ]HWHPSRUDOLGLFXLDOSUHFHGHQWHFRPPD
VDUDQQRGHILQLWHFRQGHOLEHUDGHO&RQVLJOLRGL$PPLQLVWUD]LRQH
)
$'+))//(14&&')/''+/'
,SURJHWWLGLULFHUFDVFLHQWLILFDHVYLOXSSRWHFQRORJLFRGHYRQRULVSHWWDUHOHOLQHHGLLQGLUL]]RHGL
FRQWHQXWLGHO'96HGHO37$
, SURJHWWL GL FXL DO FRPPD SUHFHGHQWH VRQR UHDOL]]DWL QHOOH 6WUXWWXUH GL 5LFHUFD GHOO¶,1$)
PHGLDQWHO¶XWLOL]]RGHOOHLQIUDVWUXWWXUHGHOO¶(QWHDQFKHLQFROODERUD]LRQHFRQOH8QLYHUVLWjDOWUL
VRJJHWWLSXEEOLFLRSULYDWL
, SURJHWWL VRQR UHDOL]]DWL D FXUD GL XQ FRRUGLQDWRUH GL SURJHWWR FKH SHU OR VYROJLPHQWR GHOOH
DWWLYLWj WHFQLFRDPPLQLVWUDWLYH FRQQHVVH SXz DYYDOHUVL GHOOH ULVRUVH XPDQH H VWUXPHQWDOL
GLVSRQLELOL SUHYLD DXWRUL]]D]LRQH GHO 'LUHWWRUH GHOOD SURSULD 6WUXWWXUD GL DSSDUWHQHQ]D H GL
HYHQWXDOLDOWUH6WUXWWXUHFRLQYROWH
,OFRRUGLQDWRUHGLSURJHWWRULVSRQGHGHLULVXOWDWLFRPSOHVVLYLUDJJLXQWLDO'LUHWWRUHGHOODSURSULD
6WUXWWXUD RYYHUR DO 'LUHWWRUH 6FLHQWLILFR QHO FDVR GL SURJHWWL FKH XWLOL]]DQR OH ULVRUVH GL SL
6WUXWWXUH
1HOFDVRGLSURJHWWLSDUWLFRODUPHQWHFRPSOHVVLLO&RQVLJOLRGL$PPLQLVWUD]LRQHSXzGHOHJDUHDO
'LUHWWRUH 6FLHQWLILFR OD FRVWLWX]LRQH GL XQ &RPLWDWR GL 3URJHWWR H GL XQ 5HVSRQVDELOH GL
3URJHWWR GL WDOH &RPLWDWR IDQQR SDUWH H[RIILFLR ROWUH DO 5HVSRQVDELOH GHO 3URJHWWR DQFKH L
'LUHWWRULGHOOH6WUXWWXUHPDJJLRUPHQWHFRLQYROWH
,&RPLWDWLGL3URJHWWRGLFXLDOSUHFHGHQWHFRPPDULVSRQGRQRGHOODSURSULDDWWLYLWjDO'LUHWWRUH
6FLHQWLILFRDQFKHPHGLDQWHO¶LQYLRGLUDSSRUWLSHULRGLFL
)
!&&')/'#1()3)!//)('++))&4/'&1)
$O ILQH GL SURPXRYHUH OD FROODERUD]LRQH WUD O¶,1$) OH 8QLYHUVLWj HG DOWUL VRJJHWWL SXEEOLFL R
SULYDWL QHO UHFLSURFR LQWHUHVVH FRPXQH GL VYLOXSSDUH OH DWWLYLWj GL ULFHUFD VXOOH PDWHULH GL
FRPSHWHQ]DO¶,1$)SXzVWLSXODUHFRQYHQ]LRQLRDFFRUGLTXDGURFRQDWWRGHO3UHVLGHQWHSUHYLD
GHOLEHUDGHO&RQVLJOLRGL$PPLQLVWUD]LRQH
,O &RQVLJOLR GL $PPLQLVWUD]LRQH SXz GHOHJDUH OD VRWWRVFUL]LRQH GL FRQYHQ]LRQL R DFFRUGL GL
LQWHUHVVHSHUXQDVLQJROD6WUXWWXUDDO'LUHWWRUHGHOODPHGHVLPDVHQWLWRLO'LUHWWRUH6FLHQWLILFRH
LO'LUHWWRUH*HQHUDOHFLDVFXQRSHUOHSDUWLGLULVSHWWLYDFRPSHWHQ]D
/¶,1$)SURPXRYHIRUPHGLDVVRFLD]LRQHGHOSHUVRQDOHGLULFHUFDGL8QLYHUVLWjHQWLGLULFHUFD
RG DOWUL VRJJHWWLSXEEOLFL HSULYDWL VHFRQGR PRGDOLWj GHILQLWH GD DSSRVLWR GLVFLSOLQDUH FKHSXz
SUHYHGHUH DQFKH DOWUH IRUPH GL DVVRFLD]LRQH UHODWLYH D ODXUHDQGL GRWWRUDQGL SHUVRQDOH LQ
IRUPD]LRQHRLQTXLHVFHQ]DGLHOHYDWDVSHFLDOL]]D]LRQH
/¶,1$)FRQGHOLEHUDGHO&RQVLJOLRGL$PPLQLVWUD]LRQHSXzLVWLWXLUHJUXSSLGLULFHUFDDWHPSR
GHWHUPLQDWR SUHVVR 8QLYHUVLWj R (QWL GL 5LFHUFD VHQ]D PDJJLRUL RQHUL D SURSULR FDULFR VX
SURSRVWD GHO 'LUHWWRUH 6FLHQWLILFR DFTXLVLWR LO SDUHUH GHL 'LUHWWRUL GHOOH 6WUXWWXUH GL 5LFHUFD
RSHUDQWLQHOODPHGHVLPDDUHDWHUULWRULDOHHVHQWLWRLO'LUHWWRUH*HQHUDOH
$L JUXSSL GL ULFHUFD GL FXL DO SUHFHGHQWH FRPPD SXz HVVHUH DVVHJQDWR SHUVRQDOH GLSHQGHQWH
GHOO¶,1$)VHFRQGROHPRGDOLWjVWDELOLWHQHO5HJRODPHQWRGHO3HUVRQDOH
/¶,1$)FRPSDWLELOPHQWHOHSURSULHDWWLYLWjSXzVYROJHUHDWWLYLWjGLFRQVXOHQ]DHVHUYL]LDWHU]L
VHFRQGR FULWHUL H PRGDOLWj VWDELOLWL LQ DSSRVLWR GLVFLSOLQDUH DSSURYDWR GDO &RQVLJOLR GL
$PPLQLVWUD]LRQHSUHYLRFRQIURQWRFRQOH2266PDJJLRUPHQWHUDSSUHVHQWDWLYH
)
9
$)/&-'('/)3/'('-0'-'
/HDWWLYLWjGLFXLDOO¶$UWGHOOR6WDWXWRVRQRGHOLEHUDWHGDO&RQVLJOLRGL$PPLQLVWUD]LRQHVX
SURSRVWD GHO 3UHVLGHQWH VHQWLWR LO 'LUHWWRUH 6FLHQWLILFR H LO 'LUHWWRUH *HQHUDOH SHU JOL DVSHWWL
WHFQLFR DPPLQLVWUDWLYL SUHYLR SDUHUH GHO &RQVLJOLR 6FLHQWLILFR LQ UHOD]LRQH DL VHJXHQWL
HOHPHQWL
FRPSDWLELOLWj FRQ OH ILQDOLWj LVWLWX]LRQDOL GHOO¶,1$) GD YDOXWDUVL DQFKH LQ UHOD]LRQH DL
YDQWDJJLVFLHQWLILFLWHFQRORJLFLHHFRQRPLFLULVSHWWRDOOHULVRUVHLQYHVWLWH
FRHUHQ]D R FRPSOHPHQWDULHWj FRQ VWUXWWXUH DYHQWL ILQDOLWj DQDORJKH FXL O¶,1$) SDUWHFLSD
FKHKDFRVWLWXLWRRGLFXLKDSURPRVVRODFRVWLWX]LRQH
VSHFLILFKHHGHVFOXVLYHILQDOLWjVFLHQWLILFKHFKHJLXVWLILFDQRODVFHOWDGLGHWHUPLQDWLVRJJHWWL
SXEEOLFLRSULYDWLLWDOLDQLHVWUDQLHULRYYHURVSHFLILFKHILQDOLWjGLWUDVIHULPHQWRWHFQRORJLFR
RVIUXWWDPHQWRGLGLULWWLGLSURSULHWjLQWHOOHWWXDOH
/D SDUWHFLSD]LRQH GHOO¶,1$) DJOL VSLQRII q UHJRODWD GD DSSRVLWR GLVFLSOLQDUH DGRWWDWR FRQ
GHOLEHUDGHO&RQVLJOLRGL$PPLQLVWUD]LRQHVHQWLWHOH2266PDJJLRUPHQWHUDSSUHVHQWDWLYH
$"!!2
)
5
(&'(-')()'0
,O SUHVHQWH GLVFLSOLQDUH HQWUD LQ YLJRUH JLRUQL GRSR O¶LQVHGLDPHQWR GHO &RQVLJOLR GL
$PPLQLVWUD]LRQH
,O SUHVHQWH GLVFLSOLQDUH SXz HVVHUH PRGLILFDWR VX SURSRVWD GHO 3UHVLGHQWH FRQ GHOLEHUD GHO
&RQVLJOLRGL$PPLQLVWUD]LRQHVHQWLWLLO'LUHWWRUH*HQHUDOHHLO'LUHWWRUH6FLHQWLILFR
$SDUWLUHGDOO¶HQWUDWDLQYLJRUHGHOSUHVHQWHGLVFLSOLQDUHGHFDGRQRGDOO¶LQFDULFR
L'LUHWWRULGHL'LSDUWLPHQWL6FLHQWLILFL1D]LRQDOL
LFRPSRQHQWLGHOOD6WUXWWXUD7HFQLFD3HUPDQHQWHGLFXLDOSUHFHGHQWH$UW
LUHVSRQVDELOLGHLVHUYL]LXQLWjHXIILFLGHL'LSDUWLPHQWL6FLHQWLILFL1D]LRQDOL
/H QXRYH QRPLQH GL FXL DOSUHFHGHQWH FRPPD OHWWHUH H VDUDQQR HIIHWWXDWH VHFRQGR OH
GLVSRVL]LRQLSUHYLVWHGDOSUHVHQWHGLVFLSOLQDUH
,Q VHGH GL SULPD DSSOLFD]LRQH GHO SUHVHQWH 'LVFLSOLQDUH OD QRPLQD GHO 'LUHWWRUH *HQHUDOH GHO
'LUHWWRUH 6FLHQWLILFR H GHL 'LUHWWRUL GL 6WUXWWXUD GRYUj DYYHQLUH VHFRQGR OH GLVSRVL]LRQL GL FXL
DOO¶$UWFRPPDGHOOR6WDWXWR
1HOOHPRUHGHOODQRPLQDGHO'LUHWWRUH*HQHUDOHHGHO'LUHWWRUH6FLHQWLILFROHORURIXQ]LRQLVRQR
DVVROWHGDO'LUHWWRUH$PPLQLVWUDWLYR
)LQR DOO¶HQWUDWD LQ YLJRUH GHO SUHVHQWH GLVFLSOLQDUH FRQWLQXDQR D WURYDUH DSSOLFD]LRQH VH
FRPSDWLELOL FRQ OR 6WDWXWR GHOO¶,1$) HQWUDWR LQ YLJRUH LO PDJJLR L UHJRODPHQWL H L
GLVFLSOLQDUHDVVXQWLVHFRQGRLSUHYLJHQWLRUGLQDPHQWL