...

Cultura sammarinese. La lingua: il volgare Giuseppe Macina

by user

on
Category: Documents
11

views

Report

Comments

Transcript

Cultura sammarinese. La lingua: il volgare Giuseppe Macina
&8/785$6$00$5,1(6(
/$/,1*8$
,/92/*$5(
/R VIDOGDPHQWR GHOO¶LPSHUR URPDQR SURYRFz FRP¶q QRWR XQ¶DPSLD FULVL OLQJXLVWLFD
FKHGDUjLOYLDDGXQSURFHVVRGLWUDVIRUPD]LRQHGHOODWLQRGDOTXDOHDYUDQQRRULJLQHOH
OLQJXHURPDQ]H
1RQ FL VRIIHUPHUHPR TXL D GLUH GHOOH IRUPH GL SDVVDJJLR GDO ODWLQR DO YROJDUH FKH
G¶DOWURQGHJOLVWXGLRVLKDQQRJLjEHQHHYLGHQ]LDWH
,SLDQWLFKLGRFXPHQWLLQYROJDUHULVDOJRQRLQ,WDOLDDFLUFDODPHWjGHOVHFROR;1RQ
SRVVLDPRLQYHFHSDUODUHGLXQDQXRYDOLQJXDXQLWDULDSULPDGHOODPHWjGHO&LQTXHFHQWR
SHULVHFROLSUHFHGHQWLVRQRSLXWWRVWRULOHYDELOLGLYHUVHDUHHOLQJXLVWLFKHHTXLQGLGLYHUVL
YROJDUL $ SURSRVLWR GHOO¶HVSUHVVLRQH LQ YROJDUH VL GHYH GLVWLQJXHUH IUD OLQJXDJJLR
SDUODWR H OLQJXDJJLR VFULWWR 0HQWUH LO OLQJXDJJLR SDUODWR KD DYXWR XQD VXD YLWDOH
FRQWLQXLWjQHOOHGLYHUVHIRUPHQHLYHUQDFROLLWDOLDQLODOLQJXDVFULWWDWHQGHJHQHUDOPHQWH
D GLVWLQJXHUVL GDO SURSULR YHUQDFROR PLUD DG XQD IRUPD SL DOWD HVSXQJHQGR L WHUPLQL
ULWHQXWLWURSSRSRSRODUL
/¶HVLJHQ]D LQVRPPD GL XQLIRUPDUVL DG XQ PRGHOOR GL YROJDUH FROWR VSLQJH JOL VFULWWRUL
YHUVR XQD VSHFLH GL FRLQq GHULYDWD GDO OLYHOODPHQWR GHL YHUQDFROL DIILQL FRQ
O¶HOLPLQD]LRQH GL TXDQWR SRWHVVH FRQIHULU ORUR XQ DVSHWWR WURSSR PXQLFLSDOH H SRFR
UDIILQDWR
&RPH VL VD OD SURSRVWD GHO YROJDUH WRVFDQR FRPH OD IRUPD SL LOOXVWUH GHL YROJDUL
LWDOLDQLHTXLQGLFRPHDXVSLFDELOHPRGHOORGLULIHULPHQWRSHUWXWWLLOHWWHUDWLVHJQHUjLO
SDVVRGHFLVLYRQHOFRUVRGHO&LQTXHFHQWRSHULOVXSHUDPHQWRGLHVSUHVVLRQLGLIIHUHQ]LDWH
HO¶DYYLRYHUVRXQDOLQJXDVFULWWDXQLWDULD
,Q DPELWR VDPPDULQHVH L SULPL HVHPSODUL GL VFULWWXUD LQ YROJDUH ULVDOJRQR D WHVWL GL
SRFR DQWHULRUL JOL LQL]L GHO 4XDWWURFHQWR 1HOOD VHULH GHO &DUWHJJLR FKH KD SHU WLWROR
©/HWWHUHGHOOD5HSXEEOLFDª FL LQIRUPDLO0DODJROD ILJXUDXQYROXPH FKHFRQWLHQH
XQSUH]LRVRFRSLDULRFKHYDGDODOFRQOHWWHUHLQEXRQDSDUWHLQYROJDUH ,Q
WHPSLUHFHQWL0&RQWLKDWUDVFULWWRLO©/LYHURGHO¶LVDWRUHªGHOFRPXQHFKHVLFROORFD
0HMHU/XHENH*UDPPDWLFDVWRULFDGHOODOLQJXDLWD OLDQDHGHLGLDOHWWLWRVFDQL7RULQR
*5ROIV*UDPPDWLFDVWRULFDGHOODOLQJXDLWDOLDQDHGHLVXRLGLDOHWWL7RULQR
)%UXQL'DOODWLQRDOO¶LWDOLDQRLQ³(OHPHQWLGLVWRULDGHOODOLQJXDHGHOODFXOWXUD7HVWLHGRFXPHQWL´7RULQR
SS
*9LGRVVL/¶,WDOLDGLDOHWWDOHILQRD'DQWHSUHID]LRQHD³/H2ULJLQL´LQ/HWWHUDWXUDLWDOLDQDVWRULDHWHVWL
0LODQR0&0/9,SS;;;9,,, /;;,
&0DODJROD /¶DUFKLYLR JRYHUQDWLYR GHOOD 5HS GL 6DQ 0DULQR ULRUGLQDWR H GHVFULWWR HG DQ 6DQ 0DULQR
S
FURQRORJLFDPHQWH IUD LO H LO HG q LOSULPR OLEUR LQ YROJDUH GHOO¶$UFKLYLR GL
6WDWR$OFXQLGRFXPHQWLLQYROJDUHVRQRVWDWLWUDVFULWWLGD0)DWWRULGD$%HUQDUGMGD
3)UDQFLRVLDOWULGD&%XVFDULQLHGD0&RQWL,QSUHFHGHQ]DDOFXQHVSLHLQYROJDUH
SRVVLDPR ULQYHQLUOH QHJOL VWDWXWL Oj GRYH YHQJRQR SUHYLVWH SHQH SHU FRORUR FKH
ULYROJRQR SDUROH LQJLXULRVH 0D JOL VFULWWL LQ YROJDUH FKH ULFKLHGRQR XQ¶DGHJXDWD
DWWHQ]LRQHVRQRJOLVWDWXWLGL6HUUDYDOOHHOH/HWWHUHGL0&DOFLJQLSHULO4XDWWURFHQWROH
/HWWHUH GL $ )DEEUL GHWWR O¶2UDIR HG LO 'LDULR DXWRELRJUDILFR GL *%%HOOX]]L SHU OD
SULPDPHWjGHO&LQTXHFHQWR
,/48$7752&(172
67$787,',6(55$9$//(
*OL 6WDWXWL GL 6HUUDYDOOH VRQR FRQVHUYDWL PDQRVFULWWL QHOO¶$UFKLYLR GL 6WDWR GL 6DQ
0DULQR H VROR GL UHFHQWH VRQR VWDWL SXEEOLFDWL )XURQR DSSURYDWL GD 6LJLVPRQGR
0DODWHVWDQHODFRVWXLLQIDWWLLOFDVWHOORGL6HUUDYDOOHHUDVRWWRSRVWRHWDOHULPDUUj
ILQR DO DOORUFKp LQ VHJXLWR DOOD JXHUUD FRQWUR GL OXL PRVVD GD )HGHULFR GL
0RQWHIHOWUR HQWUHUj D IDU SDUWH GHO WHUULWRULR VDPPDULQHVH 'HWWL 6WDWXWL VRQR GLYLVL LQ
TXDWWUROLEUL
/LEUR SULPR SHUWLQHQWH D TXHVWLRQH FLYLOH &RPR VH GHEED SURFHGHUH QH OH TXHVWLRQL
FLYLOL
/LEUR VHJXQGR SHUWLQHQWH D PDOHILWLM &RPPR VH GHEED SURFHGHUH FRQWUD L IXUL ODGUL H
UREDGRUL
/LEUR WHUWLR GH (VWUDRUGLQDULM FLRq GLVSRVLWLRQL DQQRQDULH VX FDVH RUGLQH SXEEOLFR H
XIILWLDOLGHO&DVWHOOR
0)DWWRUL0HPRULHVXOWHQWDWLYRGL)DELDQRGD0RQWH66DYLQRGLRFFXSDUHOD5HSXEEOLFDGL6DQ0DULQR
VG
$%HUQDUGM)UDPPHQWLVDPPDULQHVLHIHOWUHVFKL(VWUDWWR$UFKLYLR6WRULFR,WDO LDQRWRPR;;,9DQQR
$%HUQDUGM&HVDUH%RUJLDHOD5HSGL6DQ0DULQR)LUHQ]H
$%HUQDUGM/HV-XLIVGDQVOD5qSXEOLTXHGH6DLQW 0DULQ3DULV
3)UDQFLRVL0DVWUR$QWRQLRGD6DQ0DULQRRUDIRHSROLWLFRGHO5LQDVFLPHQWRHODVWRULDGHO OD5HSXEEOLFDGDO
DO%RORJQD
&%XVFDULQL,OFDUWHJJLRGHOODVLJQRULDG¶8UELQRFRQODFRPXQLWjGL6DQ0DULQR &%XVFDULQL &URQDFD H VWRULD LQ FHQWR OHWWHUH GL 0DULQR &DOFLJQL OHJXP GRFWRU LQ ³6WXGL
6DPPDULQHVL´6DQ0DULQR
0&RQWL/LYHURGHO¶LVDWWRUHLQ ³$QQXDULR6FXROD6HFRQGDULD6XSHULRUH´;;,,6DQ0DULQR 6WDWXWLUXEU;;;,,WUDGLWRUHDVVDVVLQRIDOVRFDJR]]RYHODOLDVLPLOLD
,QWRUQRDJOL6WDWXWLGL6HUUDYDOOH 37/RPEDUGL,OFDVWHOORHODFKLHVDGL6HUUDYDOOH6DQ0DULQR
(5LJKL,ZDQHMNR>DFXUDGL@6WDWXWRGHOFRPXQHGL6HUUDYDOOHLQ³$QQXDULR/LFHR*LQQDVLR 6FXROD0HGLD´
;,,,;,9;96DQ0DULQR
&%XVFDULQL>D FXUD GL@ 6WDWXWR GHO FRPXQH GL 6HUUDYDOOH OLEUR ,,, LQ ³6WXGL 6DPPDULQHVL ³ 6DQ 0DULQR
)9LUROL%UHYLQRWHVXOSULPRVWDWXWRGL6HUUDYDOOHLQ$QQXDULRFLW6DQ0DULQR
,O TXDUWR OLEUR VHPEUD VLD VWDWR DJJLXQWR SRVWHULRUPHQWH H WUDWWD GHL GDQQL GDWL $OWUH
DJJLXQWHDJOL6WDWXWLYDQQRILQRDOO¶DQQRHULJXDUGDQRQRUPHFRQFHUQHQWLODYLWDLO
ODYRURHLOFRPPHUFLR
'DOOD OHWWXUD GL GHWWL 6WDWXWL VL ULFDYD OD YLVLRQH GL XQ DJJORPHUDWR GL DELWD]LRQL LO FXL
FHQWURqLOFDVWUXPLOOXRJRIRUWLILFDWRDOODFXLSRUWDYLJLODQROHJXDUGLHOLEUR,,,FDSƒ
/9,,,
/D UHVSRQVDELOLWj GHO EXRQ DQGDPHQWR GHOOD YLWD FLYLOH H JLXGL]LDULD HUD DIILGDWD DG XQ
FDSLWDQRLOTXDOHDYHYDDOOHVXHGLSHQGHQ]HDOFXQLXIILFLDOLGHOFRPXQHGXHHVWLPDWRUL
GHLGDQQLGXHPDVVDULLOSLD]]DUR
$OFDSLWDQRVSHWWDYDLQFDVRGLUHDWRO¶DSSOLFD]LRQHGHOOHQRUPHSUHYLVWHGDOORVWDWXWR
,QFDVRG¶LQDGHPSLPHQWRGHLVXRLGRYHULFRUUHYDLOULVFKLRGLSHUGHUHLOSURSULRVDODULR
LQIDWWLFDSLWDQRHXIILFLDOLYHQLYDQRVRWWRSRVWLDVLQGDFDWROLEUR,,,FDSƒ/;;;,,,
,OFDSLWDQRYHQLYD HOHWWRGDO0DODWHVWD
3URYYHGLPHQWL FRQ IXQ]LRQH GL OHJJH SRWHYDQR HVVHUH HPDQDWL GDOO¶$UHQJR R GDO
&RQVLJOLR PD GRYHYDQR RWWHQHUH OD GHILQLWLYD DSSURYD]LRQH GHO VLJQRUH GL 5LPLQL
/LEUR,FDSƒ;
&RPH VL YHGH 6HUUDYDOOH SRVWR LQ SRVL]LRQH G¶DYDQJXDUGLD FRQWUR LO FDVWHOOR GL 6DQ
0DULQR D FXL IX ILHUDPHQWH RVWLOH SHU TXDQWR JRGHVVH GL XQD TXDOFKH EHQHYROHQ]D GD
SDUWHGHO0DODWHVWDHUDLQVHULWRQHOGLOXLYLFDULDWRHGLSHQGHYDGDTXHOVLJQRUH
1HO VHFRQGR OLEUR GL GHWWL VWDWXWL VRQR SUHYLVWH SHQH GHWWDJOLDWH FRQWUR L YDUL WLSL GL
UHDWRHWDOLGDQRQHVFOXGHUHODEHUOLQDHODSHQDGLPRUWHFDSƒ,,,
%UXWWDVRUWHWRFFDYDDFKLSUDWLFDYDIDFWXUHHPDOLH FDSƒ;;;,
3DUWLFRODUHJJLDWHULVXOWDQROHQRUPHLJLHQLFKHFKHLFDVWHOODQLGRYHYDQRULVSHWWDUH/LEUR
,,,FDSƒ/9/;,,/;,,,/;9
$OWUH QRUPH LPSRQHYDQR DL SULYDWL OD PDQXWHQ]LRQH GHOOH VWUDGH VHFRQGDULH PHQWUH
VSHWWDYDDOFRPXQHTXHOODGHOODVWUDGDSULQFLSDOHFKHSRUWDYDD5LPLQLHGHOOHDOWUHFKH
FRQGXFHYDQRD9HUXFFKLRHD0RQWHVFXGR/LEUR,,,FDSƒ/;,,,
3DUWLFRODUHDWWHQ]LRQHYHQLYDULVHUYDWDDOOHDWWLYLWjGLWLSRFRPPHUFLDOHHGDJULFROR
6L SUHVFULYHYD DL FRPPHUFLDQWL GL WHQHUH SHVL H PLVXUH JLXVWL /LEUR ,,, FDSƒ /;9,,
/LEUR,9FDSƒ;;9,,FDSƒ;;;,
'L ULOHYDQWH LQWHUHVVH OH QRUPH FKH ULJXDUGDYDQR O¶DWWLYLWj DJULFROD VSHFLH LQ TXHOOD
IRUPD GL FRQGX]LRQH FKH IX OD FRORQLD OD TXDOH SHU OD ]RQD GHO 6HUUDYDOOHVH ULVXOWD GL
LVWLWX]LRQHDVVDLDQWLFDOLEUR,,,FDSƒ/;;9FDSƒ/;;,,,
1HO OLEUR TXDUWR ILJXUDQR PLQXWH LQGLFD]LRQL SHU TXDQWR FRQFHUQH L ³GDQQL GDGL´ QHOOH
SRVVHVVLRQL DOWUXL GDOOH TXDOL VL ULFDYD XQD YLJLOH DWWHQ]LRQH SHU OH FROWXUH VRSUDWWXWWR
SHUTXDQWRULJXDUGDLOJUDQRLOIRUDJJLRHGDQFKHLOOHJQDPH
0$5,12&$/&,*1,
0DULQR&DOFLJQLQDFTXHD6DQ0DULQRYHUVRODILQHGHO;9VHFROR
,QWRUQRD&DOFLJQL
(5LJKL,ZDQHLNR&DUWHJJLRGL0DULQR&DOFLJQLQH OO¶$UFKLYLRGHOOD5HSGL6DQ0DULQRLQ³$QQXDULR/LFHR
*LQ6F0HGLD´Qƒ;,96DQ0DULQR
&%XVFDULQL,OFDUWHJJLRGHOODVLJQRULDG¶8UELQRFRQODFRPXQLWDGL6DQ0DULQRFLW
&%XVFDULQL&URQDFDHVWRULDLQFHQWROHWWHUHGL0DULQR&DOFLJQLFLW
&%XVFDULQL 0DULQR &DOFLJQL OHJXP GRFWRU XQ VDPPDULQHVH IUD 0RQWHIHOWUR H 0DODWHVWL LQ
³6WXGL5RPDJQROL´W;/9SS &RPSLXWLJOLVWXGLD%RORJQDGRYHVLODXUHzLQJLXULVSUXGHQ]DIXDOVHUYL]LRGHLGXFKL
G¶8UELQRSULPDGL*XLGXEDOGRSRLGL)HGHULFR
1HOHUDSHUODVHFRQGDYROWDSRGHVWjGL&DVWHOGXUDQWHQHOYHQLYDGHVLJQDWR
SRGHVWjG¶8UELQR HQHOSRGHVWjJHQHUDOHGHO0RQWHIHOWUR
6HUYuLQSLGLXQ¶RFFDVLRQHLOVXRSDHVHQHOYHQLYDHOHWWR&DSLWDQR5HJJHQWHQHO
YHQLYDLQYLDWRGDL6DPPDULQHVLDPEDVFLDWRUHSUHVVRSDSD(XJHQLRHQHOIX
XQR GHL WUH LQYLDWL GHO FRPXQH D )RVVRPEURQH D ILUPDUH LO WUDWWDWR FRQ LO FDUGLQDO GL
7HDQRFKHLPSHJQDYDL6DPPDULQHVLDILDQFRGHOVLJQRUHG¶8UELQRQHOODORWWDFRQWURLO
0DODWHVWD
'HWWRWUDWWDWRSUHYHGHYDL QRWLLQJUDQGLPHQWLWHUULWRULDOLFKHSRLYHUUDQQRVDQFLWLGD3LR
,,FRQEROODGHO0RUuD6DQ0DULQRQHO
1HOO¶$UFKLYLR VL FRQVHUYDQR OH VXH OHWWHUH DL &DSLWDQL XQD WHVWLPRQLDQ]D GHO OHJDPH
G¶DIIHWWR FKH OR XQLYD DO VXR SDHVH H GHOOD VXD GLVSRQLELOLWj D UHQGHUJOL RJQL VHUYL]LR
SRVVLELOH
$WWUDYHUVR LO FHQWLQDLR GL OHWWHUH GD OXL LQYLDWH LQ XQ DUFR GL WHPSR FKH YD GDO DO
qSRVVLELOHULFRVWUXLUHODVXDELRJUDILDPDVLKDDQFKHHVRSUDWWXWWRDGLVSRVL]LRQH
XQPDWHULDOHDVVDLXWLOHSHUDQDOL]]DUHXQSHULRGRFUXFLDOHSHUO¶DVVHWWRGHOO¶DUHDFKHVL
HVWHQGHDFDYDOORIUD5RPDJQDH0DUFKHHFKHKDQHLYLFDULDWLGL5LPLQLHGL8UELQRL
SURWDJRQLVWLGLXQ¶LQTXLHWDFRHVLVWHQ]DDOO¶RPEUDGHOOHVDQWHFKLDYL
$63(77,/,1*8,67,&,
3UHQGLDPR LQ FRQVLGHUD]LRQH L SULQFLSDOL DVSHWWL OLQJXLVWLFL GHO 4XDWWURFHQWR LQ
ULIHULPHQWRDJOL6WDWXWLGL6HUUDYDOOHHGDOOH/HWWHUHGHO&DOFLJQL
*5$),$()21(7,&$
1RQ LQVLVWLDPR VX DOFXQH SHFXOLDULWj JLj LQ XVR QHL WHVWL ODWLQL GHO 7UHFHQWR H GD
FRQVLGHUDUVLLQFRPXQHDQFKHDOO¶HVSUHVVLRQH LQYROJDUHHFLRq
K
M
QJQ
SQ
JO
WL
[
FRQULIHULPHQWRHWLPRORJLFRHSHULQGLFDUHLOVXRQRJXWWXUDOHGRSRODFHOD±J
GDYDQWLDRX
DOWHUQDWLYDPHQWHDOODLLQILQHGLSDURODHGHOO¶HOHQFD]LRQHQXPHULFD
DOSRVWRGLJQ
DOSRVWRGLQQ
DOSRVWRGLJOL
FRQSURQXQFLD]LWDORUDLQ&DOFLJQLYLHQHUHVRFRQFLFRPHVLXVDYDDO1RUG
SHULQGLFDUHLOVXRQRGLVVRQRUD
5LOHYLDPR DOWUHVu IRUPH GL VFHPSLDPHQWR H GL UDGGRSSLDPHQWR QRQ ULVSRQGHQWL DOOD
QRUPDWRVFDQD
&%XVFDULQL0&DOFLJQLGRFWRUOHJXPFLW
6RQRUL]]D]LRQH
(¶IHQRPHQR SLXWWRVWR GLIIXVR QHL WHVWL VDPPDULQHVL H JHQHUDOPHQWH QHOO¶,WDOLD
6HWWHQWULRQDOH6LKDODUJRXVRGHOO¶DVVLELOD]LRQHHGHOODOHQL]LRQHVRQRUDDOSRVWRGHOOD
VRUGDWRVFDQDQHJOL6WDWXWLGL6HUUDYDOOHSLPRGHUDWRQHO&DOFLJQLSRLFKp5LPLQLqLO
SXQWRGLULIHULPHQWRSHUTXHOOL6DQ0DULQRHG8UELQRSHUFRVWXL
FJ []
ES Y
W G
F J
6W6HUPHVLQDUH]DVFKHGXQREUXVDUHFDSX]RID]D
&DOFLJQLJLXGH[H]XQJQLRLQGX[DWRFRPHQ]DGDSD[H
6W6HURYUHOLYHUDFDYHOOLFDYRQHYRGH
&DOFLJQLKDYHUHKDYLDPROLYHUH$YULOH
6W6HUWHQXGDPDULGDGDSHGUHH[WLPDGRULODYRUDGRUL
&DOFLJQLDSRUWDGRUHVHUYLGRUHQRGDURIUDGHOOLYHQXGD
6W6HUJLRJRFDULJLDGDVHJRQGRVHJXURVDOLJHGH
&DOFLJQLGRPHQLJDODJRGLJRVHJXURLQFDUJRVLQGLJDQGR
$VSHWWLULOHYDELOLFRPHQXRYLHOHJDWLVSHFLILFDWDPHQWHDOO¶HVSUHVVLRQH YROJDUH
$FFHQWR
$SRVWURIR
3URFOLVL
0HWDIRQHVL
1RQVLIDXVRGHOO¶DFFHQWR
6W6HUTXDQWLWDVHJXUWDPLWDTXDOLWDSDUHUDYRUD
&DOFLJQLOLEHUWDQHFHVVLWDYHULWDFKRPXQLWDSLHWD
1RQULVXOWDLQGLFDWRO¶DSRVWURIR
6W6HUJOROPLJODUERULOXVFLROKHUHGHODTXD
&DOFLJQLODSRVWRORJORPLQLGHORILWLRGDQGUHDDODOWUR
6SHVVR DUW SUHS FRQJ ULVXOWDQR VFULWWH LQ SRVL]LRQH
SURFOLWLFDFRQJLXQWHDOQRPH
6W6HUODFRUWHOHJXDUGLHDOHVSH[HLGLFWLDODOWURDOXL
&DOFLJQLLSDFWLLGDQQLGHTXHOOR GHUD[LRQHGHEDQFR
3HU LQIOXVVR GHOOD L ILQDOH GHO PDVFK SOXU VXELVFH
FDPELDPHQWRODYRFDOHLQWHUQD
6W6HUUREDGXULPHQXULPDOLILWLM
&DOFLJQLPLGLVPLTXLJOLGLQDUM
025)2/2*,$
3HU TXDQWR ULJXDUGD O¶DUW PDVFK VLQJ ULOHYLDPR FKH YLHQH XVDWR SL GL IUHTXHQWH HO
ULVSHWWRDORGLVROLWRLPSLHJDWRGDYDQWLDQRPHFKHLQL]LDSHUYRFDOHQHOTXDOFDVRVL
XVDDQFKHLOVRORO
$OPDVFKSOLHJOLDOIHPSOOH
6W6HUHOQRWDURHOJLRJRHOFDSLWDQRORDFWRUH
OKHUHGH
&DOFLJQLHOYHURHOYRVWURODUFLSUHWHODSRVWROR
$ SURSRVLWR GHOOD IOHVVLRQH
QRPLQDOH ULOHYLDPR IUHTXHQWL FDVL
GLPDVFKHIHPSOLQH
&RVu q GD ULOHYDUH O¶XVR GHO VXII
VHWWDURLQYHFHGHOWRVFDLR
6W6HU OH FRVH VWDEHOH OH UD[RQH SURGXFWH
FLDVFXQHVFULSWXUH
&DOFLJQLOLVXRHRFKLHWXWWLJOLKRPLQH
6W6HUQRGDURSLD]DURSDJODUR
&DOFLJQLQRGDUR
$ SURSRVLWR GHO SURQRPH QRWLDPR O¶XVR IUHTXHQWH GHOOD SDUWLFHOOD SURQRPLQDOH LQ
SRVL]LRQHHQFOLWLFD
6W6HU
&DOFLJQL
JLXUHVHFUHGDVHWRUUORGDJDVHFRJQRVFDVH
DYLVRYHSULHJRYHSDUPHPDDQFKHYHYRJORYHSULHJRPHSDUH
4XDOFKHRVVHUYD]LRQHLQWRUQRDOYHUER
,QG3UHV
SSO
SHUPDQJRQRQHOODHFRQLXJIRUPHFRQGHVLQHQ]DLQDPR HPR
LQULVSRQGHQ]DDOODGHVODWDPXV HPXV PHQWUHL7RVFDQL KDQQR
JLjDGRWWDWRLDPR
6W6HURUGHQDPRGHQHJDPRYROHPR
&DOFLJQL SUHJDPR FRQIRUWDPR KDYHPR VWUHQJHPR GLFKLDUHPR
VHPRPDDQFKHKDYLDPRLQWHQGLDPRVLDPR
,QG3DVV5HP WURYLDPR IRUPH LQ HQR FKH SHU LO %HPER QRQ VRQR WRVFDQH
SSO
>&DOFLJQLVWHWWHQR@HIRUPHLQRUQR>6W6HUUHIRUPRUQRRUGHQRUQR@
,QG)XWV
DEELDPRLOWLSRVHUjSHUVDUjHSHUODSULPDFRQLXJLOWLSRDPDUz
FRQLXJ
6W6HUSDJDUDFRQIHVVDUDEUX[DUD
&DOFLJQL SDVVDUDLQVLJQDUDVSHUDUD
&RQJ3UHV
DEELDPRIRUPHFRQODGHVLQHQ]DLQH
SVLQJ
6W6HUSDJKHHWHPHQGH
&DOFLJQLSDJKHODVVH
&RQJ3UHV
FRQGHVLQHQ]DHQRLQR
SSO
6W6HUSDJKHQRFRPDQGHQRFDYHQRGLFKLDUHQR
&DOFLJQLKDELQRYDJKLQRIDFLQRSDVLQR
&RQJ,PS
DEELDPRIRUPHYHUEDOLFRQGHVLQHQ]DLQDVVHQRHVVHQR
SSO
6W6HUPDQGDVVHQRJXDVWDVVHQRSDUODVVHQRYROHVVHQR
&DOFLJQLIRVVHQRKDYHVVHQRVWHVVHQR
&RQG3UHV
PHQWUHLQ7RVFDQDSUHYDOJRQRGHVLQHLHGHEEHQHLQRVWULWHVWLVL
HSVLQJ
WURYD OD GHV VHWWSHU LO %HPER QRQ WRVFDQD H GD WROOHUDUVL VROR QHL
YHUVLLQLD
6W6HUVHULDSXQLULDKDYHULD
&DOFLJQLGRYHULDPDQFDULDVHULDSDULULD
3HULO3DUW3DVV ULVXOWDQR IRUPHFDGXWHLQGLVXVR
6W6HUUHQGXWH
&DOFLJQLFUHVRFRQFHSXWRUHFHSXWR
/(66,&2
1HLWHVWLSUHVLLQFRQVLGHUD]LRQHVLULVFRQWUDQRQXPHURVLODWLQLVPLFRPHG¶DOWUDSDUWH
LQWXWWLLWHVWLLQSURVDGHO4XDWWURFHQWRHGHO&LQTXHFHQWR
$OLYHOORPRUIRORJLFR SHUODQRQGHOWXWWRFRPSLXWDULVROX]LRQHGHOGLWWRQJRDXHSHUOD
QRQ DQFRUD DYYHQXWD DVVLPLOD]LRQH GHL JUXSSL FRQVRQDQWLFL
SWFWEV[F
6W6HUDXGLWRJDXGHUHFDSWXUDVXVSHFWRREVWDUHH[FHSWLRQH
&DOFLJQL DXGHUH DXGHQWLD DFHSWDWH RFWREUH VXEYHQLDWH
H[FHSWR
DOLYHOORGLOHVVLFR
6W6HUIXULYHQHQRDUERULVDWLVIDUHDLWRULRFRMWRLQGXWLD
&DOFLJQLDGYRFDUHPHUFDWDOHFDSWLDQWLTXDYLFWXDOLH
2FFRUUHUj DOWUHVu DFFHQQDUH DG DOFXQL LGLRPDWLVPL D WHUPLQL H DG HVSUHVVLRQL GL WLSR
SRSRODUH
SHUTXDQWRULJXDUGDLWHUPLQL
6W6HU
VWUDFFKRFDULJLDGDEXVFKRRYHURVSDORVSLQWDRVSDGDFWDVFKDYLOODUjRYHUR
IDUDFDGHUHLO FDSX]R
&DOFLJQL VWDURORRYHURTXDUWDURODREHUQDUGDFXPFULQRJUDQGHRYHURDOWUDWHVDRYHUR
IHGDUROR
$SURSRVLWRGLHVSUHVVLRQL
6W6HU
VH IDUD ILJKD GD FDQWR GH SDGUH FRPH GH PDGUH LQ WDO FDVR GH TXHOOD
PHVXUDVHGHEELDPHVLQDUH
&DOFLJQL GL[LHVHFKHORQJKRGDJOLRFFKLORQJKRGDOFXRUHLRPHGHVWUXJJRFRPPROD
QHYHDODFRULQDGHFDYRDSHGHODSLD]]DFDYDUQHOHPDQHSHUPRGRFKH
QRQFHUHPDQJDLOPDUFLRQRQKRDOWUDLQWUDWDFKHOHEUDFFLDPLDYRLVLGLGL
TXLOOLFKHVHUDGHODVWDOODTXDQGROLERLqSHUGXGLYRLVDYLGHFKHVHGL[HFKH
O¶XQD PDQR ODYD O¶DOWUD H WXWWH GRH LO YLVR OL QRVWUL YLFLQL FH YRJOLRQR
ULQFKLXGHUHLQJDELDVHQ]DGLQDULQRQVLIDFRYHOOH
9LVRQRDQFKHIRUPHGLGLVVLPLOD]LRQHGHOODGRSSLDFKHGDQQ ROXRJRDGXQJUXSSRFRQVRQDQWLFR6W6HU
DGPLFWHUHSURPLFWHUHOLFWHUH&DOFLJQLEDFWHUHWXFWL
)DUH OH ILFKH q HVSUHVVLRQH DQWLFD FRQ OD TXDOH VL LQGLFDYD XQ JHVWR RVFHQR FKH FRQVLVWHYD QHO SRUUH LO
SROOLFHIUDO¶LQGLFHHGLOPHGLRHQHOVHU UDUHODPDQRDSXJQRFRQWURFKLVLYROHYDRIIHQGHUH
,Q'DQWH/HPDQLDO]zFRQDPHQGXHOHILFKH &RYHOOH GD XQ ©TXRG YHOOHVª TXDOXQTXH FRVD WX YRJOLD 'DOO¶DQWLFR LW FRYHOOH LO FXL VLJQLILFDWR q
©DOFXQFKpª H LQ SURSRVL]LRQL QHJDWLYH ©QXOODª G HULYD QHO GLDOHWWR URPDJQROR HG DQFKH LQ TXHOOR
VDPPDULQHVHTXqO©TXDOFRVDQLHQWHª&IU*5ROIV*UDPPDWLFDVWRULFDFLW)RQRORJLDS
'DVHJQDODUHTXLQGLVRSUDWWXWWRQHOOH/HWWHUHDL&DSLWDQLGHO&DOFLJQLXRPRGLOHJJHH
GLFXOWXUDO¶XVRGLHVSUHVVLRQLOHJDWHDOUHJLVWURFROORTXLDOH
5LHSLORJDQGR
SHUTXDQWRULJXDUGDODJUDILDULFRUGLDPRLOWLHLOFLFRQLOVXRQRGL]VRUGDHFRVuSXUH
[FRQVXRQRGLVVRQRUDFKHL)LRUHQWLQLDYHYDQRULVROWRFRQ]LHGV
O¶DVVLELOD]LRQHHODOHQL]LRQHQRQFKqODPHWDIRQLDFKHQRQVRQRSUHVHQWLLQ7RVFDQD
VDSSLDPRSXUHFKHLOVXIILVVRODWDULXPGjHVLWRLQDURD1RUGPDLQDLRLQ7RVFDQD
FRVu LQ FRQWUDSSRVL]LRQH DG HVLWL PHWDIRQHWLFL GHO WLSR &RQVHJOLR H IDPHJOLD LQ 6DQ
0DULQRD)LUHQ]HHGLQEXRQDSDUWHGHOOD7RVFDQDVLKDQQRTXHOOLDQDIRQHWLFL&RQVLJOLR
HIDPLJOLD
$SURSRVLWRGLYRFLYHUEDOL
D)LUHQ]HVRQRQRUPDOLDO3UHV,QG,SSOODGHVLDPRDOO¶,QG)XWLWLSLVDUzLQYHFH
GLVHUzDPHUjLQYHFHGLDPDUj
FRVu SXUH LQYHFH GHOOD GHVLD DO &RQG3UHV DOOD H S V D )LUHQ]H VL HUDQR
DIIHUPDWHTXHOOHLQHL HEEH
,QFRQFOXVLRQHSRVVLDPRDIIHUPDUHFKHLWHVWLVDPPDULQHVLGHO4XDWWURFHQWRVLFROORFDQR
DOLYHOOROLQJXLVWLFRLQDUHDGLFKLDUDWDPHQWHVHWWHQWULRQDOH
,/ &,148(&(172
,/35,02&,148(&(172
,SHUVRQDJJLGL PDJJLRUVSLFFRGHOODSUHVHQ]DFXOWXUDOHVDPPDULQHVHQHOODSULPD PHWj
GHO &LQTXHFHQWR VRQR $QWRQLR GL Pƒ 3DROR GHL )DEEUL GHWWR O¶2UDIR H *LDPEDWWLVWD
%HOOX]]L
'HO SULPR FRQRVFLDPR OH /HWWHUH FKH FL GDQQR WHVWLPRQLDQ]D GHOOD VXD DWWLYLWj
GLSORPDWLFDSUHVVROD6DQWD6HGHGHOVHFRQGRqLOQRWR'LDULR$XWRELRJUDILFR
0DqRYYLRFKHO¶LPSRUWDQ]D GLGHWWLDXWRULYDROWUHOHFLWDWHWHVWLPRQLDQ]HVFULWWHFKp
O¶XQR H O¶DOWUR GL TXHO SHULRGR IHUYRURVR GL HVSHULHQ]H XPDQH H G¶DUWH FKH IX LO
5LQDVFLPHQWRIXURQRHFFHOOHQWLUDSSUHVHQWDQWLHEHQROWUHLFRQILQLVDPPDULQHVLO¶XQR
QHOO¶RUHILFHULDO¶DOWURQHOO¶DUFKLWHWWXUDPLOLWDUH
,Q DPELWR HFFOHVLDVWLFR GXH SHUVRQDJJL GL VSLFFR LQ TXHVWR SHULRGR IXURQR L SDGUL
FRQYHQWXDOL*LXOLDQR3DVLQLHG$QDVWDVLR7XURQLDFXLJLj VLqIDWWRFHQQRXRPLQLGL
FXOWXUDHGDQFKHDELOLDPEDVFLDWRULFKHSUHVWDURQRLQYDULHRFFDVLRQLLORURVHUYLJLDOOD
5HSXEEOLFD
$1721,2)$%%5,GHWWRO¶25$)2
$QWRQLRGL Pƒ3DRORGHL)DEEULGHWWRO¶2UDIRQDFTXHD6DQ0DULQRYHUVRODILQHGHO
;9VHFRORHPRUuD5RPDQHO
,QWRUQRDO3DVLQLHGDO7XURQL
3)UDQFLRVL0DVWUR$QWRQLRFLW
)%DOVLPHOOL2UDWRUHVHWDPEDVFLDWRUHV 6WRULDGHOODGLSORPD]LDVDPPDULQHVH8UEDQLD
,QWRUQRDOO¶2UDIR
3DVVzODPDJJLRUSDUWHGHOODVXDYLWDD5RPDGRYHWHQQHERWWHJDGLPDHVWURRUHILFH)X
DPLFRGL5DIIDHOOR HGLO&HOOLQLQHOODVXD9LWD ORGHILQLVFH LOSULPRHFFHOOHQWHRUHILFH
GL5RPD
$SSURILWWDQGR GHOOD VXD UHVLGHQ]D D 5RPD H GHOOH VXH UHOD]LRQL FRQ LOOXVWUL SHUVRQDJJL
GHOWHPSRDUWLVWLFDUGLQDOLHJOLVWHVVLSRQWHILFLGHLTXDOLIXO¶DUJHQWLHUHODFRPXQLWj
VDPPDULQHVH JOL DIILGz LQ YDULH RFFDVLRQL OD FXUD GHL SURSUL LQWHUHVVL SUHVVR OD 6DQWD
6HGH
0DL O¶2UDIR ULILXWz DOOD SDWULD L VXRL VHUYL]L FRQYLQWR FRPH VFULYH LQ XQD GHOOH VXH
OHWWHUHFKHQRQSRWHULWHPDQGDUHFRVLWULVWRRPRFKHQRQVLDPHJOLRGHOHIRUHVWLHUH
$VFRUUHUHOHGHWWHOHWWHUHSRVVLDPRUHQGHUFLFRQWRFKHQRQIXVROWDQWRHFFHOOHQWHDUWLVWD
PDDQFKHGLSORPDWLFRGLYDORUH
1HOOH SULPH OHWWHUH FKH GL OXL VL FRQVHUYDQR FRQVLJOLDYD L 6DPPDULQHVL D IDU EXRQD
JXDUGLD DL FDVWHOOL JLj FRQTXLVWDWL DO 0DODWHVWD GD DOWUH GHVXPLDPR FKH VL WURYDYD
LPSHJQDWRLQWUDWWDWLYHFRQLOYHVFRYRGL0RQWHIHOWUR&HOVR0HOOLQLSHUODUHWWLILFDGHL
FRQILQLFRQJOLXRPLQLGL9DOOH6DQW¶$QDVWDVLR
'XUDQWH LO SHULRGR GHOO¶RFFXSD]LRQH ERUJLDQD VFULYHYD SDUROH G¶LQFRUDJJLDPHQWR DL
&DSLWDQLLQXQDEUHYHOHWWHUDUHFDQWHODGDWDGHOOXJOLR
0D O¶2UDIR VL RFFXSz GHOOH FRVH VDPPDULQHVL DQFKH SUHVVR OD VWHVVD FRUWH SRQWLILFLD
,QIDWWL D OXL FKH GLPRUDYD D 5RPD YHUUj DIILGDWR LO PDQGDWR GL VWLSXODUH XQD QXRYD
FRQYHQ]LRQHULJXDUGDQWHLOSDJDPHQWRGHOOHFROOHWWHLOOLEHURWUDQVLWRGHOOHGHUUDWHROWUH
LO FRQILQH O
DSSURYYLJLRQDPHQWR GHO VDOH H O¶LQWURGX]LRQH GHOOH PHUFL DWWUDYHUVR LO
WHUULWRULRULPLQHVHVHQ]DSDJDUHLOGD]LR
4XDQGR LO 'HOOD 5RYHUH YHUUj VSRJOLDWR GHL VXRL GRPLQL GD /HRQH ; FKH GL HVVL
LQYHVWLUj LO QLSRWH /RUHQ]R GHL 0HGLFL VDUj DQFRUD LO QRVWUR 2UDIR DG HVVHUH GDL
&DSLWDQL LQFDULFDWR GL LQWHUYHQLUH SUHVVR LO SRQWHILFH H JOL LOOXVWUL SUHODWL GL VXD
FRQRVFHQ]DSHUIDUVuFKH SHUPDQHVVHUREXRQLLUDSSRUWLGHOOD5HSXEEOLFDDQFKHFRQLO
QXRYRGXFDXUELQDWH
/H OHWWHUH GL $QWRQLR GD 6DQ 0DULQR VRQR VWDWH WUDVFULWWH GD 3 )UDQFLRVL H SRVWH LQ
DSSHQGLFH DO VXR OLEUR LQWLWRODWR ©0DVWUR $QWRQLR GD 6DQ 0DULQR RUDIR H SROLWLFR GHO
5LQDVFLPHQWRª
*,$0%$77,67$%(//8==,
1DFTXHD6DQ0DULQRLO6HWWHPEUH
&RPSuLVXRLVWXGLLQSDWULDPDDGLFLRWWRDQQLOLLQWHUUXSSHSHUUHFDUVLD%RORJQDDG
DSSUHQGHUHO¶DUWHGHOODPHUFDWXUD'RSRGXHDQQLODVFLz%RORJQDHULWRUQzLQSDWULDGRYH
VL GHGLFz DO FRPPHUFLR ILQR DO 6SRVDWRVL FRQ XQD 3HUX]]L GL &DJOL ULPDVH EHQ
SUHVWR YHGRYR JUD]LH DL EXRQL XIILFL GHO FRJQDWR 'RPHQLFR 3HUX]]L VL DOORJz SHU
TXDOFKHWHPSRFRPHJHQWLOXRPRSUHVVRLOSULQFLSH$VFDQLR&RORQQD5LVSRVDWRVLFRQOD
ILJOLD GL *LURODPR *HQJD DUFKLWHWWR SHVDUHVH HVHUFLWz SULPD LO VXR WLURFLQLR SUHVVR LO
%&HOOLQL/DYLWDVFULWWDGDOXLPHGHVLPRY,7RULQRSS 3)UDQFLRVL0DVWUR$QWRQLRFLW
,QWRUQRD*LDPEDWWLVWD%HOOX]]L
*9DVDUL/DYLWDGHLSLHFFHOOHQWL SLWWRULHDUFKLWHWWL0LODQRY9,,,SS 97RQQLQL*LDPEDWWLVWD%HOOXFFLGHWWR LO6DQ0DULQR6DQ0DULQR
2%UL]L%LEOLRJUDILDGHJOLLOOXVWUL6DPPDULQHVL$UH]]R
)%DOVLPHOOL*LRYDQQL%DWWLVWD%HOOX]]LGHWWR©,O6DPPDULQRª6 DQ0DULQR
VXRFHURHSRLLQPDQLHUDDXWRQRPDFROWLYHUjO¶DUWHGHOO¶DUFKLWHWWXUDVRSUDWWXWWRTXHOOD
GLWLSRPLOLWDUH/DYRUHUjSULPDSHUDOFXQLSULYDWLSRLSHULOGXFDG¶8UELQR PD ODVXD
DWWLYLWj SL FRQVLVWHQWH OD VYROVH SUHVVR L 0HGLFL GL )LUHQ]H SHU L TXDOL FRVWUXu
IRUWLILFD]LRQLD)LUHQ]H3LVWRLD3LVD3RUWRIHUUDLR1RQRVWDQWHLSUHVVDQWLLPSHJQLQRQ
PDQFDYDDQFKHGDORQWDQRGLLQWHUHVVDUVLGHOVXRSDHVH,QXQDOHWWHUDGHOHVRUWDYD
L &DSLWDQL D UDIIRU]DUH OD WHU]D FHUFKLD GL PXUD LQ PDQLHUD PHJOLR ULVSRQGHQWH DOOH
HVLJHQ]H GHL WHPSL 0RUu LO 0DU]R FROSLWR GD SDOOD GL PRVFKHWWR PHQWUH
SDUWHFLSDYDDGRSHUD]LRQLGLJXHUUDDWWRUQRD6LHQD
/D VXD PDHVWULD QHO FRVWUXLUH VWUXWWXUH PLOLWDUL YLHQH DPSLDPHQWH LOOXVWUDWD LQ XQD 9LWD
GHO9DVDUL
3HU FRPSUHQGHUH O¶LPSRUWDQ]D GHO VXR UXROR QHOO¶DPELWR GHOO¶DUFKLWHWWXUD PLOLWDUH
ELVRJQHUHEEH DSSURIRQGLUH OD FRQRVFHQ]D GH ©,O WUDWWDWR GL IRUWLILFD]LRQHª VWDPSDWR D
9HQH]LDQHO
0DGDOSXQWRGLYLVWDOLQJXLVWLFRHOHWWHUDULRqRSSRUWXQRSUHQGHUHLQFRQVLGHUD]LRQHLO
©'LDULR$XWRELRJUDILFRª
',$5,2$872%,2*5$),&2
(VLVWHGHOO¶RSHUDXQFRGLFHQHOIRQGR9LWWRULR(PDQXHOHSUHVVROD%LOLRWHFD1D]LRQDOH
GL5RPD
,OPDQRVFULWWRqVWDWRSXEEOLFDWRQHOGD3LHWUR(JLGLFKHGRSRXQ¶DQDOLVLDFFXUDWD
QHDVVLFXUDYDODSDWHUQLWjDO%HOOX]]L
3HU TXDQWR FRQFHUQH O¶DVSHWWR ELRJUDILFR DO GL Oj GHOOD VHPSOLFH FXULRVLWj OH YLFHQGH
SHUVRQDOLHVRFLDOLGHOWHPSRLQ FXLYLVVHDOVHJXLWRGHOSULQFLSH&RORQQDLQTXDQWRFKH
VRQRGDFRQVLGHUDUVLHVHPSODULGHOOHFRQVXHWXGLQLGLYLWDGHLJHQWLOXRPLQLGHOWHPSR
,Q ULIHULPHQWR DOOD VXD DWWLYLWj GL DUFKLWHWWR PLOLWDUH GL FHUWR LQWHUHVVDQWL TXHOOH GHJOL
DQQLGLDSSUHQGLVWDWRSUHVVRLO*HQJD
0D LO UDFFRQWR VL DOODUJD DQFKH DOOH YLFHQGH GHOOD IDPLJOLD UDOOHJUDWD GDOOD QDVFLWD GHL
ILJOLHSXUWURSSRDQFKHIXQHVWDWDGDOODPRUWHGHLFRQJLXQWL
/¶DSSDUWHQHQ]D DG XQD IDPLJOLD GL VSLFFR QRQ JOL ULVSDUPLz JOL RQRUL Qp LO JUDYDPH
GHJOLLQFDULFKL
5DSSUHVHQWz LQIDWWL OD 5HSXEEOLFD LQ PLVVLRQL GLSORPDWLFKH DG 8UELQR 3HVDUR
9HQH]LD
6¶LQWHUHVVz GHOO¶LPSRUWD]LRQH GL EHVWLDPH GDO 0RQWHIHOWUR GHOO¶LQWURGX]LRQH LQ
5HSXEEOLFD GHO JUDQR TXDQWR PDL QHFHVVDULR LQ DQQL GL FDUHVWLD
GHOO
DSSURYYLJLRQDPHQWRGHOVDOH
)X SRUWDYRFH SUHVVR L VLJQRUL GHO WHPSR GHL ULVFKL FKH LQFRPEHYDQR VXL 6DPPDULQHVL
SHUOHVXEGROHPLUHGL/LRQHOORGL&DUSLVLJQRUHGL9HUXFFKLR
,O'LDULRGHO%HOOX]]LQRQqFRPHOD9LWD GHO&HOOLQLRSHUDGLOHWWHUDWXUDO¶DXWRUHQRQ
VLFXUDGLHOHJDQ]HVWLOLVWLFKHQqGLFRQVHJQDUHGLVpXQDEHOODLPPDJLQHDLSRVWHUL
$QQRWD FLz FKH SL OR FROSLVFH R FKH JOL VHPEUD SL GHJQR GL PHPRULD VHQ]D
DEEHOOLPHQWLVHQ]DUHWLFHQ]H
*%'LDULRDXWRELRJUDILFRDFXUDGL3(JLGL1DSROL
,QWHUHVVDQWHLQ$SSHQGLFHODQRWDVXOGLDOHWWRDFXUDGL*&URFLRQL
4XDOFKHYROWDLOVXRVWLOHGDWUDVFXUDWRVLIDFRPPRVVRFRPHTXDQGRGLFHGHOODPRUWH
GHOILJOLR%HOOX]]R(UDXQILJOLRWDQWRDOHJURHSLDFHYROHHGHWDQWDVSHUDQ]DFKHVH
SRUWzDOODVHSROWXUDOFRUPLRHGHWXWWLJOLDOWUL
&RVuFRPSUHVRGDFRPPR]LRQHqTXDQGRSDUODGHOODPRUWHGHOIUDWHOOR$QQLEDOH
$PSLDHFRQVDSHYROHGHOODVROHQQLWjGHOPRPHQWRqODGHVFUL]LRQHGHOODFHULPRQLDSHU
ODPRUWHGHOGXFDG¶8UELQRDFXLSDUWHFLSzLQTXDOLWjGLUDSSUHVHQWDQWHGHOODFRPXQLWj
VDPPDULQHVH
*5$),$H)21(7,&$
$63(77,/,1*8,67,&,
1HOOD SULPD PHWj GHO &LQTXHFHQWR VLD LO 6HWWHQWULRQH FKH LO 0HULGLRQH G¶,WDOLD VL
PRVWUDQR SLXWWRVWR UHVWLL ULVSHWWR DL 7RVFDQL DG DEEDQGRQDUH OD JUDILD WUDGL]LRQDOH
SHUFKpTXHVWDRIIULYDLOYDQWDJJLRGLDSSRJJLDUVL DOODWLQR
1HL QRVWUL DXWRUL OD JUDILD ULVXOWD SRFR QRUPDOL]]DWD SHUFKp QRQ LQGLFL]]DWD DG XQ
XQLFRPRGHOORGLULIHULPHQWRFKpDQ]LVLULOHYDQRRVFLOODPHQWLQHOPHGHVLPRDXWRUH
1HO %HOOX]]L DG HV WURYLDPR HVHPSL GL QRQ RPRORJD]LRQH IUD SDUODWR H VFULWWR
LPEDVFLDWRUHHLQEDVFLDWRUHVHPSUHHVHQSUHVHWWHPEUHHVHWHPEUHGLRVFLOODPHQWRIUD
VRQRUDVHWWHVRUGDWRVFDQDGRPHQLJDHGRPHQLFKDDOWHUQDQ]DIUDVLELODQWHVLELODQWH
SDODWDOH H SDODWDOH VRQRUD D GHQRWDUH O¶DYYLFLQDPHQWR DOOD SDODWL]]D]LRQH WRVFDQD EDVLDUH EDVFLDUH H DQFKH EDJLDUH ]HQDUR H JLHQDUR QRQFKq HVSUHVVLRQL QRPLQDOL SHU
GHVLQHQ]DGLVFRUGDQWLEDJLDWLOHPDQLHEDFLDWHOHPDQHFRPSUHVHQ]DGLYRFLYHUEGL
WLSRVHWWHWRVFVWHYDHVWDYD
$ YROHU VFKHPDWL]]DUH OH SHFXOLDULWj ULOHYDELOL QHJOL VFULWWL GHOO¶2UDIR H GHO %HOOX]]L
ULVFRQWULDPRDQFRUDJUDILHJLjVHJQDODWH
K
WL FL
[
5DGGRSSLDPHQWR
HVFHPSLDPHQWR
6RQRUL]]D]LRQH
0HWDIRQLD
VL XVD O¶K FRQ ULIHULPHQWR HWLPRORJLFR H SHU LQGLFDUH LO VXRQR
JXWWXUDOHGHOODFHJGDYDQWLDGDRX
YHQJRQRSURQXQFLDWH]LPHQWUH SHUL7RVFDQLXVDQROD]LDQFKHSHU
ODJUDILD
YLHQHXVDWRSHULQGLFDUHODVVRQRUD
VRQRDQFRUDULOHYDELOLFDVLGLVFHPSLDPHQWRHUDGGRSSLDPHQWR
QRQLQULVSRQGHQ]DGHOODQRUPDWRVFDQD
7DOHIHQRPHQR ULVXOWDSLXWWRVWROLPLWDWRQHOO¶2UDIRUHVLGHQWHLQ
5RPDDEEDVWDQ]DHVWHVRQHO%HOOX]]LLQTXDQWRFKHLOIHQRPHQRq
OHJDWR VRSUDWWXWWR DOOH SDUODWH VHWWHQWULRQDOL DQFKH VH FRPLQFLD DG
HVVHUHLQUHJUHVVRSHUO¶HVWHQGHUVLGHOOHVRUGHWRVFDQH
5LOHYLDPRQHO%HOOX]]LDOFXQLFDVLGLPHWDIRQLDSHULQIOXVVRGHOODL
ILQDOHLPEDVLDGXULPLVLVSLVLLQWLVL
'LYHUVDPHQWHSRVVLDPRQRWDUH
QLHJQL LQYHFHGLJQ
,QHVVLODWLQLQLHJQYHQJRQRULVROWLQHOO¶2UDIRFRQQLQHO%HOOX]]LFRQJQL
2UDIRVLQLRUD$QLRORLQJHQLHUHELVRQLRJLXQLR
%HOOX]]LFXJQLDWRELVRJQLR%RORJQLD%DJQLR5RPDJQLDYLJQLH
LHM
DOSRVWRGLJOL
,OQHVVRODWLQROLYLHQHULVROWRGDHQWUDPELJOLDXWRULFRQLHM
2UDIRPHMRYRMDSLDUH
%HOOX]]LPRMHPLDSHUPLJOLDPHGDMD
FHJ
DOSRVWRGLFLHJLDGLQGLFDUHLOVXRQRSDODWDOH
1HOO¶2UDIR PD QRQ QHO %HOOX]]L DEELDPR SDUROH FRQ WDOH WLSR GL JUDILD
*XDQHJXGLFLRJXVWLFLD)UDQFDLPSDFRIDFD
3HUJOLDVSHWWLSLULOHYDQWLVHJQDOLDPR
$FFHQWR
1RQULVXOWDQHOOHOHWWHUHGHOO¶2UDIRPHQWUHLO%HOOX]]LTXDOFKHGHFHQQLRSL
WDUGLUHFHSLVFHWDOHDFFRUJLPHQWR
2UDIRYROXQWDFLSWDFRPXQLWDOLEHUWDVHJXLUDVLFKHFKRVLJLD
%HOOX]]LSRGHVWjFRPXQLWjGuFRQYLGzUHWRUQz]RqOuSLFXVu
$SRVWURIR 1RQ ULVXOWD DQFRUD XVDWR QHOO¶2UDIR PHQWUH LO %HOOX]]L SXU LQ PDQLHUD
OLPLWDWDJLjQHIDXVR
2UDIRODQLPDOXOWLPRORDYRFKDWRXQRKRPR6DQWR$UFDQJHOR
%HOOX]]L O¶DOHJUH]D O¶RIILWLR XQ¶DOWUD YROWD O¶HEEL FK¶HVHQGR OR
DUFLYHVFRYRORLPSHUDGRUH
3URFOLVL
1HOO¶2UDIRF¶qJHQHUDOPHQWHGLYLVLRQHIUDDUWLFROLSUHSRVL]LRQLHQRPHPD
DEELDPRDQFKHHOYHVFRYRHOPHLROLPRVWUDVHFRQOXLH
1HO%HOOX]]LODGLYLVLRQHSXzFRQVLGHUDUVLJLjDYYHQXWD
025)2/2*,$
$UWLFROR
1HOO¶2UDIR WURYLDPR JHQHUDOPHQWH HO GDYDQWL D QRPH FKH LQL]LD SHU FRQVRQDQWH OR
GDYDQWLDQRPHFKHLQL]LDSHUYRFDOH
1HO %HOOX]]L DFFDQWR DG HO VL VWD LPSRQHQGR LO ULVSRQGHQWH DOO¶XVR ILRUHQWLQR H
UDFFRPDQGDWRGDLJUDPPDWLFLPHQWUHVLXVDORGDYDQWLDYRFDOH
2UDIR
%HOOX]]L
LOVLJQRUHHOSDSDHOYHVFRYRORDYRFDWR
LOVLJQRUHLOGXFDLOSDSDHOFRPLVVDULRHOFDUURHOVLJQRUHORVLJQRUHOR
LPEDVFLDWRUHORDYRFDWRORDVWRUH
$FFHQWR H DSRVWURIR VRQRLQWURGRWWL GDO %HPER HGDO0DQX]LR LOSULPR DSSDUHQHO 3HWUDUFDDO GLQRGHO
LOVHFRQGRQHJOL$VRODQLGHO&IU0LJOLRULQL6WRULDGHOODOLQJXDLWS
(QWUDPELXVDQROLSHULOPDVFKSOHOHSHULOIHPSO
'HVLQHQ]HGHLQRPL
1HOO¶2UDIR DO PDVFKVLQJ VL WURYDQR HVLWL LQ H FKH VL ULQYHQJRQR DQFKH DO PDVFKH
IHPSO
*LRYDQQH %HUQDUGLQH9DOHQWLQH 0DJQLILFL &DSLWDQLH FHUWH ODYRUH ERQH DPLFH
KRDYDQ]DWHVXSOLFDFLRQHFRQKRQHVWHVFXVDFLRQH
3HUTXDQWRULJXDUGDLO%HOOX]]LULOHYLDPRDOPDVFKVLQJHVLWLLQRIXRULQRUPD
GXFKRSDORQRSURFDFFLR
HVHPSUHDOPDVFKVLQJHVLWLLQHFKHULWURYLDPRDQFKHDOIHPSO
$ORYL[H&DJOLH1DSROOH5LPLQHSHUTXHVWHGHYRWLRQHHWVWDWLRQHEDVFLDWHOHPDQH
$QFRUDLQULIHULPHQWRDOQRPHQRWLDPRLOSHUVLVWHUHGHOVXIIVHWWLQDURLQYHFHGLDLR
WRVFVRSUDWWXWWRQHO%HOOX]]LSDUR*HQDUR)HEUDURPDDQFKH)HEUDLR
3URQRPH
3HUTXDQWRULJXDUGDO¶XVRGHOODSDUWSURQQRWLDPRFKHQHOO¶2UDIRHQHO%HOOX]]LYLHQH
RUPDLUDUDPHQWHXVDWDLQSRVL]LRQHHQFOLWLFDGLYHUVDPHQWHGLTXDQWRDYYHQLYDQHLWHPSL
SUHFHGHQWL
,OYHUER
$ YROHU SUHQGHUH LQ FRQVLGHUD]LRQH DOFXQL WHPSL YHUEDOL SRVVLDPR DQFRUD ULVFRQWUDUH
IRUPHQRQDQFRUDULVSRQGHQWLDOODQRUPDOL]]D]LRQHWRVFDQD
,QG3UHV
SSO
DEELDPR GHVLQHQ]HLQHPRLPRPHQWUHLO%HPERFRQVLJOLDYD
LDPRDOODPDQLHUDILRUHQWLQD
2UDIRVHPRDYLPR
%HOOX]]LVWHPRDYHPRYHQLPRPDDQFKHSRWLDPR
,QG,PS
1HOO¶2UDIRDEELDPRGHVLQHQ]HUHJRODULUHVWDYDVHJXLWDYDYROHYD
SVLQJ
1HO %HOOX]]L GHVLQHQ]H UHJRODUL WURYDYD GLFHYD GRYHYD VHUYLYD
PDUHVLVWHDQFKHODGHVVHWWHYDVWHYDGHYDSRVHYDYHQHYD1HOOD
SVDGLIIHUHQ]DGHL)LRUHQWLQLFKHRVFLOODYDQRIUDRHDLO%HOOX]]L
FRPHLQRQ7RVFDQLREEHGLVFHDLJUDPPDWLFL%HPER7ULVVLQRFKH
DPPHWWRQRVRORD
,QG3DVV5HP WURYLDPRDQFRUDSDUHFFKLHIRUPHIXRULQRUPD
SVLQJ
2UDIRRIHUVHGHWH
%HOOX]]LFRJQRVHWWHIRUQLWWHPRUVHYROVHSDUVHSRGGHYHGGH
SSO
ULOHYLDPR QHO %HOOX]]L QRQRVWDQWH LO PRQLWR LQ FRQWUDULR GHO
%HPER O¶XVR VHWW GL GHVLQHQ]H LQ DVVLPR HVVLPR LVVLPR
WRUQDVVLPRDSULVVLPRIDFHVVLPRVWHVVLPRYHQLVVLPRYHGHVVLPR
SSO
ULOHYLDPRQHO%HOOX]]LGHVLQHQ]HLQRUQRLUQRFKHUHVLVWRQRD
RURQRLURQRDLXWRUQRLQFRQWURUQRSUHVWRUQRSDUWLUQRPHQWLUQRHG
%0LJOLRULQL6WRULDGHOODOLQJXDLWFLWS$OSDVVDWRUHPRWRODSULPDSHUVRQDSO,QORPEYHQ
HPWHUPLQDLQDVVLPRHVVLPRLVVLPRRSSXUHDVVHPR
&RQG3UHV
HSVLQJ
DQFKH GHVLQHQ]H LQ HQR PHQWUH LO %HPER HG DOWUL JUDPPDWLFL
VRVWHQJRQRODGHVHURYROVHQRGLVHQRGHWHQRYROJHQR
6LD QHOO¶2UDIR FKH QHO %HOOX]]L VL ULQYLHQH O¶XVR QRQ WRVFDQR GHOOD
GHVLDDOSRVWRGLTXHOOHLQHLHEEHVRVWHQXWHDQFKHGDO%HPER
2UDIRPDQFDULDUHVWDULDUHPHWWHULDIDULD
%HOOX]]LFRPHWHULDSRWULDWURYDULDPDQFDULDYRULDIDULD
6RQRDOWUHVuSUHVHQWLIRUPHGHLPRGLLQILQLWLIXRULQRUPD
1HO%HOOX]]LDGHVSRVXWRVFKRSULWRIDVWLGLDWRYHGDQGRYHQGDQGRYHQDQGR
/(66,&2
1HL WHVWL GHOO¶2UDIR H GHO %HOOX]]L ULIHULELOL DOOD SULPD PHWj GHO &LQTXHFHQWR VRQR
SUHVHQWLQXPHURVLODWLQLVPLHSHUDOWURYHUVRYROJDULVPLFLRqSDUROHOHJDWHDOO¶HSRFDH
SRL FDGXWH LQ GLVXVR H LGLRWLVPL FLRq GL SDUROH HG HVSUHVVLRQL OHJDWH DO OLQJXDJJLR
SDUODWR
/DWLQLVPLDOLYHOORPRUIRORJLFR
/DWLQLVPLDOLYHOORGLOHVVLFR
SHUODHYLGHQWHRPRORJD]LRQHDOPRGHOORODWLQRHG
DQFKH SHU OD QRQ DQFRUD DYYHQXWD ULVROX]LRQH GHO
GLWWRQJRDXHGHLJUXSSLFRQVRQDQWLFLSWFWEV
2UDIR OLEHUWDGH PDWUH VDWLVIDUH SURSLQTXD
VFULSWXUHREWLQHUH
%HOOX]]L SDWUH YLGXD HSLWKDILR LQGXWLDQGR
EDSWL]DUH9LFWRULDDEVHQWDVVH
2UDIRJUDWD
%HOOX]]LFRPPHWWHULDPD[LPHEDLORFXED
9ROJDULVPL
*Lj LO 0LJOLRULQL VHJQDODYD 1HO 'LDULR DXWRELRJUDILFR GHOO¶DUFKLWHWWR PLOLWDUH *%
%HOOX]]L GHWWR LO 6DQ 0DULQR WURYLDPR YRFDEROL ORFDOL FRPH FDUDELQD ³SXOHGUD´ ODVWD
³VWULVFLD´PHUFDWDOH³OXRJRGLPHUFDWR´
3RVVLDPR DJJLXQJHUH SURFDFFLR ³FRQYRJOLR SRVWDOH´ EDUFR ³SDUFR´ VRVVD GH JUDQR
³PLVXUDGLJUDQR´FRURWWR´OXWWR´FRPEDUELR³FDVWHOOR´
,GLRWLVPL
6RQRSUHVHQWLSXUHWHUPLQLGHOOLQJXDJJLRSRSRODUH
1HO%HOOX]]LVWUDFFKLWHWWDEUHWWDJLRELD
$SURSRVLWRGLHVSUHVVLRQLSRSRODULQHOO¶2UDIR
%0LJOLRULQL6WRULDGHOODOLQJXDLWFLWS
HOSDVVzDOGLGLWWRGLVRSUDHFLRqVHQHPRUuQHO%HOOX]]LLRPH WURYDLXFHODWRFRVu
IUDGuHQRWWHFKDYDOFKDLPLJOLDFLQTXHWRUUHGDXQRFDQWRHPHWWHUHGDO¶DOWURGHVRUWH
FKHHEEHXQ¶DOWUDERWWDJUDQGH
$IIHUPD))RUHVWL1HOODSURVDGHO%HOOX]]LVLHYLGHQ]LDQRXQDVHULHGLIHQRPHQLWLSLFL
DQFKH LQ GLDFURQLD GHO FRVLGHWWR LWDOLDQR SRSRODUH ROWUH D QXPHURVH IRUPH YHUEDOL
GLIIXVH QHOOD OLQJXD DQWLFD LQ SDUWH GHO 1RUG LQ SDUWH GHO FHQWUR GHOOD SHQLVRODD
ULEDGLUHODPLOOHQDULDYRFD]LRQHGLFRQILQHHGLFHUQLHUDGHOWHUULWRULRGL6DQ0DULQR
6L SXz DIIHUPDUH FKH LO ULVFRQWUR YD ROWUH O¶LWDOLDQR SRSRODUH LQIDWWL FHUWH IRUPH VHWW
SUHVHQWL QHO YROJDUH FROWR GRYHYDQR FRUUHUH SDUDOOHODPHQWH QHO YROJDUH SOHEHR QHO
SDUODWRLQVRPPDGDOPRPHQWRFKHOHULVFRQWULDPRLQEXRQDSDUWHQHOGLDOHWWRDWWXDOH
3HULOUHVWRDQRLSDUHHYLGHQWHFKHGDSRVL]LRQLSLFKLDUDPHQWHG¶DPELWRVHWWHQWULRQDOH
QHJOL VFULWWL GHO 4XDWWURFHQWR FRQ LO %HOOX]]L VL LQL]LD WLPLGDPHQWH DG DYYHUWLUH OD
OH]LRQHGHLJUDPPDWLFLHGLOSUHVWLJLRFUHVFHQWHGHOO¶HVSUHVVLRQHOLQJXLVWLFDWRVFDQD
,/ 6(&21'2&,148(&(172
'$/92/*$5($//¶,7$/,$12
(¶ QHOO¶DPELWR GHOOD OHWWHUDWXUD LWDOLDQD QDWXUDOPHQWH FKH JLj QHOOD SULPD PHWj GHO
&LQTXHFHQWRVLVYLOXSSDLOWHPDGHOODTXHVWLRQHGHOODOLQJXD
*OL VFULWWRUL GHL VHFROL SUHFHGHQWL DYHYDQR VRVWHQXWR OD GLJQLWj GHO YROJDUH QHL
FRQIURQWL GHOOD OLQJXD ODWLQD 0D WDOH SUREOHPD q RUPDL VXSHUDWR VL WUDWWD VHPPDL GL
LQGLFDUHIUDLYDULWLSLGLYROJDUHXQPRGHOORGLULIHULPHQWR
6H QRQ IX FROXL FKH DSUu OD TXHVWLRQH FHUWR LO %HPER VYROVH IXQ]LRQH GL JXLGD H
FDSRVFXROD
/D VXD RSHUD ©3URVH GHOOD YROJDU OLQJXDª GHO HVHUFLWz XQD JUDQGH LQIOXHQ]D VXL
OHWWHUDWL (¶ TXHOOR GD OXL SURSRVWR XQ PRGHOOR OLQJXLVWLFR GL WLSR OHWWHUDULR FKH JXDUGD
FRQ GLVGHJQR LO SDUODWR H PLUD DO WRQR DOWR LO PRGHOOR GD OXL SURSRVWR q TXHOOR
ILRUHQWLQRPDQRQLOILRUHQWLQRFKHVLSDUODYDDLVXRLWHPSLEHQVuTXHOORGHOODWUDGL]LRQH
VFULWWDGHLJUDQGLGHO7UHFHQWR
6HFRQGR JOL VWXGLRVL WUH VRQR OH FRUUHQWL FKH SUHQGRQR DYYLR QHOOD SULPD PHWj GHO
VHFROR
TXHOODGHOILRUHQWLQRGHO7UHFHQWRFKHIDFDSRDO%HPERTXHOODFKHLQFOLQDYHUVRXQD
OLQJXD GL WLSR HFFOHWWLFR SLR PHQR LVSLUDWD DOOD FRLQq GHOOH FRUWL H LQILQH OD FRUUHQWH
WRVFDQD FKH ULWLHQH FKH OD OLQJXD GHEED SUHQGHUH LQ FRQVLGHUD]LRQH LO ILRUHQWLQR R SL
JHQHULFDPHQWHLOWRVFDQRPRGHUQR
))RUHVWL%RORJQDH5RPDJQDLQ³/¶,WDOLDQRQHOOHUHJLRQL´7RULQRDFXUDGL)%UXQLS
))RUHVWL/HWUDGL]LRQLOLQJXLVWLFKHFLWSS 3%HPER3URVHGHOODYROJDUOLQJXDLQ³/DOHWWHUDWXUDLWDOLDQD6WRULDHWHVWL´Y0LODQR 1DSROL
6XOODTXHVWLRQHGHOODOLQJXDYHGL
0LJOLRULQL/DTXHVWLRQHGHOODOLQJXD4XHVWLRQLHFRUUHQWLGL6WRULD/HWWHUDULDLQ³3UREOHPLHRULHQWDPHQWL
FULWLFLGL/LQJXDH/HWWHUDWXUDLWDOLDQD´0LODQR
$FXUDGL09LWDOH/DTXHVWLRQHGHOODOLQJXD3DOHUPRSS )%UXQL/¶XQLILFD]LRQHGHOYROJDUHOHWWHUDULRQHO5LQDVFLPHQWRLQ³/¶LWDOLDQR(OHPHQWLGLVWRULDGHOODOLQJXD
HGHOODFXOWXUD'RFXPHQWL´7RULQR
0'XUDQWH'DOODWLQRDOO¶LWDOLDQRPRGHUQRFLWSHVJJ
, QXRYL DYYHUWLPHQWL JUDPPDWLFDOL VH GDSSULPD YHQQHUR UHFHSLWL GDL VROL OHWWHUDWL LQ
SURVLHJXRGLWHPSRVLGLIIRQGHYDQRDQFKHLQPH]]RDOOHSHUVRQHFROWH
(¶ VXSHUIOXR ULFRUGDUH FKH OD OLQJXD VFULWWD ULPDVH SHU VHFROL SDWULPRQLR GL SRFKL OD
PDJJLRUSDUWHGHOODSRSROD]LRQHFRQWLQXzDGHVSULPHUVLQHLQDWLLGLDOHWWL
&RVu QRQ VDUjLQXWLOHULFRUGDUHFKH XQ QXRYR PRGHOOROLQJXLVWLFRFRPLQFLzDGLYHQWDUH
RSHUDQWH ILQR D UDJJLXQJHUH VSD]L GL JUDQGH GLIIXVLRQH DQFKH SHUFKp YHQQH
VXSSRUWDWR GDOOD SXEEOLFD]LRQH GL JUDPPDWLFKH H YRFDERODUL QRQFKp GDOOH HVLJHQ]H GL
RPRORJD]LRQHGHLVHJQLGDSDUWHGHJOLVWDPSDWRUL
$IIHUPD 0'XUDQWH/D SULPD H SL ULOHYDQWH WUDVIRUPD]LRQH LQ VHQVR PRGHUQR GHOOD
OLQJXD QD]LRQDOH VL FROORFD D PLR DYYLVR WUD LO &LQTXHFHQWR H 6HLFHQWR DQFKH VH QRQ
PDQFD TXDOFKH SUHFRUULPHQWR SL DQWLFR (¶ GD DJJLXQJHUH FKH OD PDJJLRU SDUWH GHOOH
LQQRYD]LRQLWURYDGRFXPHQWD]LRQHQHOVHFRQGR&LQTXHFHQWRHQHOSULPR6HLFHQWR
7DOHULOLHYRqGDFRQVLGHUDUVLULIHULELOHDQFKHDOO¶DUHDVDPPDULQHVH
)UD L QRVWUL XRPLQL GL FXOWXUD ULFRUGLDPR *LXOLDQR &RUEHOOL SHU OD VHFRQGD PHWj GHO
&LQTXHFHQWRH0DWWHR9DOOLSHUODSULPDGHO6HLFHQWR
0HULWHYROL G¶DWWHQ]LRQH DQFKH JOL DWWL SXEEOLFL SHU TXDQWR PDQRVFULWWL FH QH VLDPR
VHUYLWLSHUULIHULPHQWLFRQFHUQHQWLDQWURSRQLPLDHWRSRQRPDVWLFD
*,8/,$12&25%(//,
*LXOLDQR&RUEHOOLJLXULVWDHGXRPRSROLWLFRULFRSUuDOWLLQFDULFKLSXEEOLFL
HUDSSUHVHQWzOD5HSXEEOLFDLQYDULHHGLPSRUWDQWLDPEDVFHULH
,Q6DQ0DULQRYHQQHHOHWWRSHUEHQVHWWHYROWHUHJJHQWH)XRULSDWULDIXJRYHUQDWRUHGL
YDULHFLWWjGHO/D]LRGHOO¶8PEULDGHOOH0DUFKHHGHOOD5RPDJQD
)XDOVHUYL]LRGHOGXFDG¶8UELQRGLFXLIXDQFKHFRQVLJOLHUH
1HOO¶DPELWR GHOOH PLVVLRQL D OXL DIILGDWH GDO JRYHUQR VDPPDULQHVH VL RFFXSz GHL
SUREOHPLLQHUHQWLLFRQILQLO¶LPSRUWD]LRQHGLFDUQLELDGHVDOH
'HOOD VXD DWWLYLWj SROLWLFD H GLSORPDWLFD VRQR WHVWLPRQLDQ]D OH OHWWHUH SUHVHQWL
PDQRVFULWWHLQ$UFKLYLRVRORLQSDUWHSXEEOLFDWH
$63(77,/,1*8,67,&,
$ FRQVLGHUDUH OH OHWWHUH GHO &RUEHOOL SRVVLDPR ULOHYDUH FKH JLj LQ SDUWH q DYYHQXWR XQ
SURFHVVR GL QRUPDOL]]D]LRQH OLQJXLVWLFD H VSHFLILFDWDPHQWH SHU TXDQWR ULJXDUGD O¶XVR
GHOO¶DSRVWURIRHGHOO¶DFFHQWRGLXQDSLFRUUHWWDLQWHUSXQ]LRQHGHOODGLVWLQ]LRQHGLDUW
HSURSLQSRVL]LRQHSURFOLWLFDDOQRPHGHOOHSDUWSURQQRQSLFROORFDWHLQSRVL]LRQH
HQFOLWLFD
0HQWUHQHLSULPLGHFHQQLGHO&LQTXHFHQWRVLDPPHWWHYDFKHLVLQJROLSRWHVVHURDWWLQJHUH
DSLIRQWLRUPDLDFTXLVLVFHYLJRUHLOULIHULPHQWRDOODQRUPDPDJDULSHUGLVFRVWDUVHQH
3HUPDQJRQR SXU WXWWDYLD LQ XQ FRQWHVWR QRUPDOL]]DWR SHFXOLDULWj VHWWHQWULRQDOL D
OLYHOORJUDILFRHPRUIRORJLFR
*5$),$
0'XUDQWH'DOODWLQRDOO¶LWDOLDQRPRGHUQRFLWS
/5RVVL/DELEOLRWHFDGL*LXOLDQR&RUEHOOL6DQ0DULQR
$ OLYHOOR GL JUDILD UHVLVWRQR DELWXGLQL OHJDWH DOOD WUDGL]LRQH SUHFHGHQWH SHU TXDQWR
ULJXDUGDO¶XVRGHOO¶KHODSURQXQFLDGHOODWLHGHOODFLUHVHFRQLOVXRQR]LFRPHQHO6HWW
&RVuSHUGXUDTXDOFKHLQFHUWH]]DDSURSRVLWRGHOOHFRQVRQDQWLGRSSLHHVFHPSLH
1HOPHGHVLPR&RUEHOOLDEELDPRTXDOFKHFDVRG¶RVFLOODPHQWRGRSSRHGRSRFRPPRH
FRPR
$OFXQLUDGGRSSLDPHQWLIXRULQRUPDQDVFRQRSHUDVVLPLOD]LRQHGHOQHVVRODWLQRFWLQWW
DWWLRQHSURWHWWLRQH SHUIHWWLRQH DOWUL SHU OD ULVROX]LRQH GHOOD [ LQ GRSSLD VHVVHTXLWH
HVVDXGLWH
3UHYDOHQRQGLPHQRODUJDPHQWHODWHQGHQ]DDOORVFHPSLDPHQWRSHUODWHQGHQ]DFRPXQH
DOO¶,WDOLD VHWW GL XVDUH OH IRUPH FKH FRQVHQWLYDQR GL DSSRJJLDUVL DO ODWLQR PDWLQD
LPDJLQDUHDSHWLWR RFDVVLRQH H SHU LQIOXVVR GHOOD OLQJXD SDUODWD OH GRSSLH LQIDWWL VRQR
SUHVVRFKpVFRQRVFLXWHDOODSURQXQ]LDGLDOHWWDOH
025)2/2*,$
3RVVLDPR QRWDUH XQD DYYLFLQDPHQWR DOOD QRUPD SHU TXDQWR ULJXDUGD O¶DUWPDVFKVLQJ
LQIDWWLLOLOFDUURLOVWDWRLOUHLOTXDOHSUHYDOHVXHOHOVWDWRHOELVRJQR
$OSOPDVFKDEELDPRLOLHJOLLVHFROLOLEHQHILFLJO¶DQQL
/HGHVLQHQ]HGHOQRPHVRQRXVXDOPHQWHQRUPDOLPDqSXUHGDULOHYDUHLOSHUPDQHUHGHO
VXIIVHWWLQ DUR)HEEUDURGLQDUREHFFDURLQYHFHGLTXHOODWRVFLQDLR
0DODSDUWHGHOGLVFRUVRFKHSUHVHQWDGLYHUVHIRUPHIXRULQRUPDqSXUVHPSUHLOYHUER
$O 3UHV ,QG S SO D SDUWH TXDOFKH FDVR GL GHV LQ HPR KDYHPR DEELDPR GHV
UHJRODULLQLDPRYRJOLDPRYHGLDPR
(G DOO¶,PSHUI GHV UHJRODUL LQ DYD HYD EDVFLDYD SHQVDYD SRVHYD KDYHYD PD
DQFKH FRQ OD GHV LQHD SRVHD YROHD IDFHD KDYHD IRUPH HQWUDPEH DPPHVVH GDO
%HPER
'LYHUVHLUUHJRODULWjLQYHFHDO3DVV5HPDO)XWDO&RQJ3UHVDO&RQG3UHV
$O)XWV
UHVLVWHDQFRUDODIRUPDVHUzSHUVDUzHODGHVDUzSHUHUz
VHUjVRGLVIDUzFRPLQFLDUzSHFFDUz
,QG3DVV5HPHSV SRGGLGLSDUWHLRIHUVHYROVH
SSO IRUPHVLQFRSDWHLQXUQRHRUQR
IXUQRSHUIXURQRFRQVLJOLRUQRSHUFRQVLJOLRURQR
&RQJ3UHV SV KHEELYHQJKLSRVVL
&RQJ3UHV SSO IRUPHVHWWLQLQRHQR
IDFFLQRKDEELQRSRVVLQRHGDQFKHVFRSUHQRGHYHQR
&RQG3UHV SV GHVVHWWLQLDVHULDGRYHULDYRULDPRQVWUHULDPDDQFKH
SRWULDHSRWUHL
3HUTXDQWRULJXDUGDLOFRUUHWWRXV RGHOOHYRFLYHUEDOLVHFRQGRLJUDPPDWLFLGHOWHPSR
9&ROHWWL6WRULDGHOO¶LWDOLDQROHWWHUDULRFLWSHVJJ
9(562/¶,7$/,$12
,O UDSSUHVHQWDQWH SL VLJQLILFDWLYR GHOOD FXOWXUD VDPPDULQHVH GHOOD SULPD PHWj GHO
6HLFHQWRq0DWWHR9DOOL
0DWWHR9DOOLIXFRQVLJOLHUHHVHJUHWDULRGHOOD5HSXEEOLFD
$OWHUQz O¶DWWLYLWj JLXULGLFD H SROLWLFD LQ 6DQ 0DULQR FRQ OXQJKL SHULRGL GL SHUPDQHQ]D
IXRUL WHUULWRULR IX DO VHUYL]LR GL 0DODWHVWD %DJOLRQL YHVFRYR GL 3HVDUR H ULFRSUu
LQFDULFKLSUHVVRODFRPXQLWjGL5LPLQL
(¶ O¶DXWRUH GHOO¶RSHUD ³'HOO¶RULJLQH HW JRYHUQR GHOOD 5HSXEEOLFD GL 6DQ 0DULQR´
SXEEOLFDWDD3DGRYDQHO
&RQOXLVLSXzFRQVLGHUDUHSUDWLFDPHQWHFRPSLXWRLOSHUFRUVRYHUVRODQRUPDOL]]D]LRQH
OLQJXLVWLFD
5HVLVWRQR DQFRUD WLSL GL JUDILD QRQ QRUPDOL]]DWD PD GHQRWDQR VRVWDQ]LDOPHQWH LO
SHUVLVWHUHGLDELWXGLQLOHJDWHDOODJUDILDGHOODWUDGL]LRQHOLQJXLVWLFDVHWWHQWULRQDOH
3RVVLDPRLQWDOVHQVRVHJQDODUHO¶XVRGHOO¶KHWLPRORJLFRKXRPRKDELOHKXPLOWjGLWL
FRQSURQXQFLD]LUHODWLRQHVHUYLWLROLFHQWLRVR
$ OLYHOOR PRUIRORJLFR VL ULOHYDQR OH VROLWH LQFHUWH]]H D SURSRVLWR GL VFHPSLDPHQWR H
UDGRSSLDPHQWR6LKDQQRUDGGRSSLDPHQWLLQWWSHUDVVLPLOD]LRQHGHOQHVVRFWDOWULLQ
HVVLQL]LDOHSHUULVROX]LRQHGHOO¶H[ODWLQRHVVLPHUHHVVDUFDWR
0D LQ JHQHUH VL SUHGLOLJH OD IRUPD VHPSOLFH LQ UHOD]LRQH D TXHOOD ODWLQD HG DO SDUODWR
5HSXEOLFDLPDJLQDWLRQHVRGLVIDUHIDEULFDUHOHJLWLPD
$GXQDGLVDPLQDSLDPSLDQXRYHSDUWLFRODULWj
XQXVRVRYUDEERQGDQWHGHOOHPDLXVFROH
XQ¶LQWHUSXQ]LRQHQRQDQFRUDEHQUHJRODWDDGHVODYLUJRODGRSROHFRQJHR
FKH
XQ¶DFFHQWXD]LRQH QRQ VHPSUH UHJRODUH GL PRQR H ELVLOODEL j TXj Ij I GRSz
SRLFKH
OD QRQDYYHQXWDGLVWLQ]LRQH IUDODYHODXUDSSUHVHQWDWHDOO¶LQL]LRGLSDURODHQWUDPEH
FRQ OD Y YQL YLUW YQ DOO¶LQWHUQR HQWUDPEH FRQ X FLXLOL JRXHUQR KDXXWR RXHUR
RXH
1RQ VRQR WXWWDYLD TXHVWH XOWLPH SDUWLFRODULWj GD FRQVLGHUDUVL HVFOXVLYH GHO 9DOOL PD
SLXWWRVWRFRPXQLDOOHIRUPHGLVFULWWXUDLQOLQJXDLWDOLDQDGHLSULPLGHFHQQLGHO6HLFHQWR
/¶,7$/,$121(,'2&80(17,38%%/,&,
$ OLYHOOR GL GRFXPHQWD]LRQH SXEEOLFD PDQRVFULWWD VRQR GD VHJQDODUH JOL $WWL GHO
&RQVLJOLR3ULQFLSHODFXLVHULHDSDUWHGXHDWWLSUHFHGHQWLLQL]LDQHOHSURVHJXH
VDOYRGXHODFXQHILQRDLWHPSLQRVWUL
5LFRUGLDPR DOWUHVu L OLEUL GHJOL (VWLPL FKH GDO ULQQRYDWL GL WDQWR LQ WDQWR
SURFHGRQRILQRDOODILQHGHOVHF;9,,VRVWLWXLWLSRLGDLSLPRGHUQL&DWDVWL
,QWRUQRDOOHGHWWHSDUWLFRODULWj
$6WXVVL1XRYRDYYLDPHQWRDJOLVWXGLGLILORORJLDLWDOLDQD%RORJQDSS %0LJOLRULQL6WRULDGHOODOLQJXDLWFLWS 4XDQWRDOODGLVWLQ]LRQHWUDODXYRFDOHHODYFRQVRQDQWH
HVVDV¶LPSRQHDVVDLWDUGLQHOODSULPDPHWjGHOVHFRORODJUDILDTXDVLFRVWDQWHqODYDOO¶LQL]LDOHXDOO¶LQWHUQR
GHOOHSDURODVLDFRQYDORUHYRFDOLFRFKH FRQVRQDQWLFR
,QWRUQRDJOL$WWLGHO&RQVLJOLR3ULQFLSHHGDL&DWDVWL
*OL$WWLGHO&RQVLJOLRHJOL(VWLPLQHLWHPSLSLDQWLFKLVRQRVFULWWLLQODWLQRPDYHUVROD
PHWjGHO&LQTXHFHQWRLSULPLHSULPDGHOODILQHGLGHWWRVHFRORLVHFRQGLFRPLQFLDQR
DGHVVHUHVFULWWLLQLWDOLDQR
/¶LVWLWX]LRQH GL UHJLVWUL SDUURFFKLDOL OLEUL GHL EDWWHVLPL FUHVLPH PDWULPRQL PRUWL
GLVSRVL]LRQH VRVWHQXWD GDO &RQFLOLR GL 7UHQWR q DWWHVWDWD DQFKH D 6DQ 0DULQR SULPD
GHOODILQHGHO&LQTXHFHQWR
/H LQWHVWD]LRQL GHL OLEUL GHJOL (VWLPL H TXHOOH GHL UHJLVWUL SDUURFFKLDOL FRQWULEXLURQR GL
FHUWRDOODVWDELOL]]D]LRQHGHLFRJQRPL
,OLEULGHJOL(VWLPLFLFRQVHQWRQRDQFKHRVVHUYD]LRQLGLWLSRWRSRQRPDVWLFR
$1752321,0,$(7232120$67,&$
1HOOD VHFRQGD PHWj GHO &LQTXHFHQWR FRQ O¶DIIHUPDUVL GHOOH LQWHVWD]LRQL LQ OLQJXD
LWDOLDQD DO SRVWR GL TXHOOD ODWLQD GDO QRPH GHO SDGUH LO SDWURQLPLFR KDQQR RULJLQH L
FRJQRPLLQEXRQDSDUWHDQFRUDLQXVR$GHVGDOODGHQRPLQD]LRQH3HWUXV%DOGLQL
VL KD 3LHWUR GL %DOGLQR FRQ LO SDWURQLPLFR HVSUHVVR HG DQFKH 3LHWUR %DOGLQL FRPH
FRJQRPHYHURHSURSULR
3HU TXDQWR ULJXDUGD L FRJQRPL QHOOD VHFRQGD PHWj GHO &LQTXHFHQWR GDJOL $WWL GHO
&RQVLJOLRHGDJOL(VWLPLGHVXPLDPR
%DOGLQL %HOOX]]L %HQL %LRQGL %RQHOOL %RQHWWL %UDQFXWL %UDQGDQL %XVLJQDQL
&DOFLJQL &DSXFFKLRQL &HFFROL &LRQLQL &RUEHOOL )DEEUL )DWLL )UDQFLQL *DEULHOOL
*DODYRWWL *LDQJL *LDQLQL *RPEHUWLQL *R]L /ROL /RUHQ]RQL /XQDUGHOOL /XQDUGLQL
0DFFLRQL 0DJL 0DUWHOOL 0HORQL 0XFFLROL 2QRIUL 3HOOLFFHUL 6DEEDWLQL 6HUDILQL
6LQLEDOGL7DVLQL7LQL7RQWLQL9DOOL
5LFRUGLDPR FKH DOWUD PDQLHUD SHU LQGLFDUH O¶DSSDUWHQHQ]D DG XQD IDPLJOLD q TXHOOD GHO
QRPHSURSULRVHJXLWRGDOSDWURQLPLFRQHOODIRUPDDSSRVLWLYD6HU%DUWROR%HOOX]]R0V
*LRYDQQL$QWRQLR%RQHOOR6HU3LHU3DROR&RUEHOORHFF
3XU WXWWDYLD SHU WXWWD OD VHFRQGD PHWj GHO &LQTXHFHQWR O¶LQGLFD]LRQH QRPLQDOH SL
GLIIXVDULPDQHTXHOODGHOQRPHSURSULRVHJXLWRGDOSDWURQLPLFR
1HULFRUGLDPRDOFXQLDQFKHLQFRQVLGHUD]LRQHGHOSURJUHVVLYRGLIIRQGHUVLGHLFRJQRPL
GL $OEHUWLQR %DERQH GHOOD %DOGD %DUWROLQR %HUDUGLQR %HUORQH %HUWR %LVLR
%RQLIDWLR &DVDOH &HFFKLQR &HQWLQR *HOOR *LDQRQH *KLUDUGR ,DFRPLQR 0DXUR
3DXOLQR5LJR6DQWH6WDFKLQR7RQHOOR7XUD9LWD
$OFXQL GHL SDWURQLPLFL VL HYLGHQ]LDQR FRPH VRSUDQQRPL *UDVVR 0DQFLQR 5LFFLR
3HOOLFFLRQHDOWULIDQQRULIHULPHQWRDOPHVWLHUH%HFFDURPDFHOODLR0DJQDQRIDEEUR
GHO)DWWRUHDOWULDQFRUDDORFDOLWjGLSURYHQLHQ]DGHO7DOLDQRGL7RUVFLDQRGD9DOOHH
QHOODIRUPDDSSRVLWLYD,QIHUQLQR
/¶XVRGHOSDWURQLPLFRSHUGXUDDFFDQWRDOSURSDJDUVLGHLFRJQRPLYHULHSURSULDQFRUD
SHULSULPLGHFHQQLGHO6HLFHQWRHGDEELDPRGL$U]LOORGHO%XLRGL*LRYDJQRORGHO
0D]]D GL 0DOSHOR GL =DIIHUDQR 2 QHOOD IRUPD DSSRVLWLYD %HUWRQH &HUYHOOLQR
0XODURQHPRODUR©PXJQDLRª9XOSLQR
0DODJROD/¶DUFKLYLRJRYHUQDWLYRGHOOD5HSFLWSS HS
&%XVFDULQL/¶DUFKLYLRGHO OD3LHYHGL6DQ0DULQRLQ³6WXGL6DPPDULQHVL´6DQ0DULQR
,QWRUQRDLFRJQRPL
*5ROIV6WXGLHULFHUFKHVXOLQJXDHGLDOHWWLG¶,WDOLD)LUHQ]HSHVJJ
0D O¶XVR GHL FRJQRPL YHUL H SURSUL ILQLUj FRQ O¶DIIHUPDUVL QHOOD SULPD PHWj GHO
6HLFHQWR
6HQ]DSUHWHVDGLFRPSOHWH]]DSRVVLDPRDJJLXQJHUHDLFRJQRPLJLjULFRUGDWLSHULOWDUGR
&LQTXHFHQWR $OELQL $OEHUWLQL $QJHOL %DQGLHUD %DUWROHWWL %HFFDUL %HO]RSSL
%HQHGHWWLQL %HUORQL %HUWL %LJL &DQLQL &DVDOL &HFFKHWWL &HUYHOOLQL &KLDUXFFL
&LDFFL 'DOO¶2OPR 'DPLDQL 'HOOD %DOGD )DEEULQL )DLWDQL )DQWLQL )DWWRUL )RVFKL
)UDQFHVFRQL *DVSHURQL *DWWL *HQWLOL *KLUDUGL *LDQRQL *LDQRWWL *LRYDJQROL *LUL
*URVVL ,WDOLDQL /D]]DULQL /RPEDUGL /RQIHUQLQL 0DFLQD 0DLDQL 0DOSHOL 0DQFLQL
0DQHQWL 0DQ]L 0DUFXFFL 0DULQHOOL 0LFKHORQL 0RQDOGLQL 0RUDFFL 0RUHWWL
0RUJDQWL 0XODURQL 0XUDGRUL 3DROHWWL 3DROLQL 3HOOLFFLRQL 3LJQDWWD 5DQLHUL 5LFFL
5LJKL 6DUWL 6RULDQLQL 6WDFFKLQL 7DEDUULQL 7RGHVFKL 7RPDVVRQL 7RVLQL 7XUD
8JROLQL9DOHQWLQL9DVHOOL9HQWXULQL9LWD=DPSLQL=ROL
3HU TXDQWR ULJXDUGD OD WRSRQRPDVWLFD SHU XQ YHUVR q GD ULOHYDUH OD VXD QDWXUD
FRQVHYDWULFHODWHQGHQ]DFLRqDPDQWHQHUHLYHFFKLWRSRQLPL
$O SL VXELVFRQR TXDOFKH YDULD]LRQH +XPDQLDQXV'RPDJQDQR R YDQQR VRJJHWWL DG
RVFLOODPHQWRIRQHWLFR&DQDYD&DQRYD&DQHYD&DQLYDLQGLDOHWWR&DQYD
1RQ q TXLQGL GD VWXSLUVL VH ULWURYLDPR TXDOFKH ODWLQLVPR H TXDOFKH IRUDVWLHULVPR
G¶DQWLFDRULJLQH
/DWLQLVPL
)RUHVWLHULVPL
$OYHOOH GD DOEHOOXV´RUQR´ &DUUDUH GD YLD FDUUDULD´ YLD
SHUFRUVD GD FDUUL FDUUDLD´ *DUDYRWWR GD FDUDEXVXFWXV
³GLUXSR´6DXGRGDVDXGXV³VRGR´
$UYRUH 9HUQLD JDOO )RUDWH JRW %DUJHOOR *DJJLR
ORQJRE
( SXU WXWWDYLD YHGLDPR FRPSDULUH QXPHURVL QXRYL WRSRQLPL D GHVLJQDUH FDUDWWHULVWLFKH
GHOVXRORRLPSLDQWRGLQXRYHFROWXUH
/D PDJJLRU SDUWH GL FRVWRUR QDVFRQR LQ UHOD]LRQH DO FRVWLWXLUVL GL QXRYL LQVHGLDPHQWL
UXUDOLHYLGHQ]LDWLLQWRSRQRPDVWLFDGD&D¶VHJXLWRGDOQRPHGHOSURSULHWDULR
)UDLQXRYLWRSRQLPLSRVVLDPRVHJQDODUQHDOFXQLG¶DPELWRDUHDOHGLVWDPSRSRSRODUH
$UYLROD ³SLFFROD TXHUFLD´ &RPEDUELR ³FDVWHOOR´ 5RYLQHOOD ³]RQD IUDQRVD´ 7UHELR
³WULYLR´
*,86(33(0$&,1$
,QXVRWDOYROWDDOPHQRLQDPELWRSRSRODUHLOVRSUDQQRPHLQDJJLXQWDDOQRPH
1HJOL$WWLWURYLDPR
)UDQFHVFR DOLDV %HURF )UDQFHVFR *ULVRWWR 0DULQR DOWULPHQWL LO 7HVWLQR *LR ,DFRPR
DOLDV&LFFKHWWRPXOLQDUR&HVDUH/XQDUGLQLGHWWR*DOOX]]R%HUDUGLQRGHWWR0 D]]XROR0DUJDULWDGL%DUQDEH
DOLDV3DOORWWD'D&DWHULQDGHWWDOD&LXFFLD'D,QQRFHQ]D%HOORQDDOLDVOD)ULWHOORWWD
Fly UP