Scarica PDF - Il Periodico News

$QQR1ƒ
9RJKHUDO¶8QLRQH
$UWLJLDQLYXROH
WUDVIRUPDUHYLD*UDPVFL
LQµ9LDGHOO¶$UWH¶
$SULOH
LO 3HULRGLFR
$01*&
QHZV
(',725(
',5(7725(
5(63216$%,/(
$/(66$1'52',63(5$7,
GLUHWWRUH#LOSHULRGLFRQHZVLW
5HVSRQVDELOH35
251(//$5(3(77,
YHQGLWH#LOSHULRGLFRQHZVLW
'LUH]LRQHUHGD]LRQH
DPPLQLVWUD]LRQHJUD¿FD
PDUNHWLQJSXEEOLFLWj
9LDOHGHOOH7HUPH1ƒ
*RGLDVFR6DOLFH
7HUPHWHO
ID[
ZZZLOSHULRGLFRQHZVLW
LQIR#LOSHULRGLFRQHZVLW
7XWWLLGLULWWLVRQRULVHUYDWL
(¶YLHWDWDODULSURGX]LRQH
GLWHVWLHIRWR
67$03$6DQ%LDJLR
6WDPSD6S$*HQRYD
5HJLVWUD]LRQHSUHVVRLO
7ULEXQDOHGL9RJKHUD
1GHO
'LVWULEX]LRQH*UDWXLWD
,OPDJJLRVLYRWDLQ2OWUHSz
$QFRUDWDQWLGXEELGDFKLDULUH
',$/(66$1'52',63(5$7,
,O PDJJLR OD PDJJLRU SDUWH GHL FRPX
QLGHOO¶2OWUHSzSDYHVHVDUDQQRFKLDPDWLDO
YRWR SHU LO ULQQRYR GHOOH DPPLQLVWUD]LRQL
FRPXQDOL 6L YRWD D &DVWHJJLR 6WUDGHOOD
*RGLDVFR 6DOLFH 7HUPH 9DU]L H LQ WDQ
WLVVLPL SLFFROL FRPXQL FRPH 5HWRUELGR
0RQWHVHJDOH)RUWXQDJR%UDOORGL3UHJR
OD&LJRJQROD&DQQHWR3DYHVH5RYHVFDOD
LQVRPPDQHOODPDJJLRUSDUWHGHLPXQLFLSL
G¶2OWUHSz ,Q DWWHVD GL VDSHUH LO DSULOH
VHSDVVHUjODOHJJHVXOODSRVVLELOLWjGHLVLQ
GDFLFKHKDQQRJLjHIIHWWXDWRGXHPDQGDWL
GL SRWHUVL ULFDQGLGDUH SHU XQ WHU]R HG LQ
DWWHVD DQFKH GL FDSLUH VH OH OLVWH VDUDQQR
FRPSRVWHGDRFDQGLGDWLFRQVLJOLHUL
LQFRPLQFLDQR DG HVVHUFL L QRPL GHL SULPL
FDQGLGDWLVLQGDFL0DYHGLDPRQHLFRPXQL
SULQFLSDOLFRPHFLVLVWDPXRYHQGRLQYLVWD
GHOOH HOH]LRQL$ *RGLDVFR 6DOLFH 7HUPH
DG RJJL q FHUWD OD VROD OLVWD GHO VLQGDFR
XVFHQWH$QQD&RUEL6LVDSRLGLXQDVH
FRQGD OLVWD FKH VDUj IUXWWR GHOOH GHFLVLRQL
GHOO¶H[VLQGDFR(OLR%HURJQR0DFKLVDUj
LOFDQGLGDWRVLQGDFR"(¶TXHOORFKHVLFKLH
GRQR XQ Sz WXWWL YLVWR FKH D QHSSXUH GXH
PHVL GDO YRWR QRQ WUDSHOD QXOOD 6DOWDWH
OH LSRWHVL GL $QJHOR 'HDQWRQL H DGGLULW
WXUD TXHOOD GL 6WHIDQR %LQD LO JUXSSR VWD
FHUFDQGR XQ QRPH YDOLGR QHO WHQWDWLYR GL
RVWDFRODUHLOELVGL$QQD&RUEL(SRLF¶q
ODµVRUSUHVD¶GL$OEHUWR6RUUHQWLQRFKHVH
¿QR D SRFKH VHWWLPDQH ID VHPEUDYD QRQ
YROHU SUHVHQWDUH OD OLVWD LQYHFH RUD VHP
EUDLQWHQ]LRQDWRDULFDQGLGDUVL$&HFLPD
O¶DPPLQLVWUD]LRQH FRPXQDOH XVFHQWH VWD
ODYRUDQGR SHU OD IRUPD]LRQH GHOOD QXRYD
OLVWD LQFHUWR VH FDQGLGDWR VDUj LO VLQGDFR
XVFHQWH&DUOD&DURVLRRO¶H[VLQGDFR%UX
QR &KLDSSDUROL$ %DJQDULD FHUWD OD OLVWD
JXLGDWD GD 0DWWLD )UDQ]D FKH SDUH DEELD
WURYDWR XQ DFFRUGR DQFKH FRQ O¶DVVHVVR
UH SURYLQFLDOH 3DROR *UDPLJQD 3RWUHEEH
FRPXQTXH QDVFHUH XQD VHFRQGD OLVWD $
5XLQRVHGRYHVVHSDVVDUHODOHJJHFKHSHU
PHWWHDLVLQGDFLGLULFDQGLGDUVLSHULOWHU]R
PDQGDWRO¶DPPLQLVWUD]LRQHFKHDYHYDJLj
GHFLVRGLFDQGLGDUHLOYLFHVLQGDFRSRWUHE
EH WRUQDUH D ULXQLUVL H SHQVDUH DG XQ 6HU
JLR /RGLJLDQL WULV 0D TXL
SRWUHEEHUR HVVHUFL DOWUH GXH
OLVWH XQD JXLGDWD GD *LRU
JLR 5HPX]]L SUHVLGHQWH
GHO *DO H O¶DOWUD GD DWWXDOL
HVSRQHQWL GHOOD PLQRUDQ]D
$ 6WUDGHOOD FL VDUDQQR WUH
OLVWHµ7RUUH&LYLFD¶FRQFDQ
GLGDWR VLQGDFR 3LHUJLRUJLR
0DJJL µ3ULPD 6WUDGHOOD¶
JXLGDWDGD(WWRUH%UDQGROLQL
OLVWDFLYLFDGL3GOH/HJDH
,OSURVVLPRQXPHUR
GHµ,O3HULRGLFR1HZV¶
YHUUjGLVWULEXLWR
LOPDJJLRFRQXQR
VSHFLDOHHOH]LRQL
FKH YHGUj LQ OLVWD O¶DWWXDOH FDSRJUXSSR GL
PLQRUDQ]D$QWRQLD0HUDOGL/DWHU]DOLVWD
VDUj µ/D 6WUDGD QXRYD SHU 6WUDGHOOD¶ FRQ
FDQGLGDWRDQFRUDGDWURYDUHDQFKHVHQRQq
GDHVFOXGHUHFKHVDUj$QWRQLR&XUHGGDDV
VHVVRUHGHOODJLXQWD/RPEDUGLFKHTXDOFKH
PHVHIDKDGHFLVRGLDEEDQGRQDUHLQVHJQR
GL SURWHVWD 8QD VROD OLVWD D )RUWXQDJR
GRYH VL ULSUHVHQWHUj 3LHUDFKLOOH /DQIUDQ
FKL H D 0RQWHVHJDOH FRQ OD ULFDQGLGDWXUD
GL&DUOR)HUUDUL$9DU]LO¶DWWXDOHPDJJLR
UDQ]DSRWUHEEHHVVHUHVXSSRUWDWDLQFDP
SDJQDHOHWWRUDOHDQFKHGDOO¶H[VLQGDFR(U
QHVWR 4XHUFLROOL 0D FL SRWUHEEHUR HVVHUH
DOWUH GXH OLVWH OD SULPD GRYUHEEH HVVHUH
IRUPDWD WUD JOL DOWUL GD (QULFR 'XVLR HG
$OEHUWR%ULJQROLH[DVVHVVRUHGHOODJLXQWD
4XHUFLROOLPHQWUHODVHFRQGDYHGUHEEHOD
SDUWHFLSD]LRQHGLDOFXQLJLRYDQLFKHJLjVL
HUDQRSUHVHQWDWLFLQTXHDQQLID7UDJOLDOWUL
VLIDDQFKHLOQRPHGHOO¶DYYRFDWR&ODXGLD
0DUHQ]L$6DQWD0DUJKHULWDGL6WDIIRUD
FL GRYUHEEHUR HVVHUH GXH OLVWH /D SULPD
HVSUHVVLRQH GHOOD PDJJLRUDQ]D XVFHQWH
YHGUj FRPH FDQGLGDWR VLQGDFR (OLR =DP
ELDQFKLH[GLUHWWRUHGHOOD)RQGD]LRQHGRQ
&DUOR*QRFFKLGL6DOLFH7HUPH/DVHFRQ
GD VDUj IRUPDWD GD TXDVL WXWWL L JLRYDQL
LPSUHQGLWRULVLWXDWLQHOFRPXQHPRQWDQR
GD&DVDQRYD6WDIIRUDD&DVDOHGD3LDQGHO
3RJJLR¿QRD&HJQL,QTXHVWLJLRUQLVLVWD
GHFLGHQGRLOQRPHGHOFDQGLGDWRVLQGDFR
PD SDUH FKH DOOD JXLGD SRWUHEEH HVVHUFL
$QGUHD *DQGRO¿ $O %UDOOR GL 3UHJROD
q JLj GHFLVR WXWWR 8QD OLVWD VROD JXLGDWD
GDOO¶DWWXDOHYLFHVLQGDFRHIDUPDFLVWD&KUL
VWRV&KODSDQLGDV
LO 3HULRGLFR
$35,/(
LO 3HULRGLFR
$35,/(
&200(172',$1721,2/$75,33$
7UDTXDOFKHVHWWLPDQDDQFKHLQ2OWUHSzVLYRWHUjSHUOH
HOH]LRQLFRPXQDOLVRQRLQL]LDWHOHJUDQGLPDQRYUHSHU
IDUH OH OLVWH FRPXQDOL GLFRQR L SROLWLFL SDHVDQL VRQR
LQL]LDWHOHSDWHWLFKHPDQRYUHGLFLDPRQRLFLWWDGLQL3UH
PHVVR TXHVWR SHU GDUH LO JLXVWR YDORUH DL SROLWLFL SDH
VDQLRJJLHRYXQTXHQHOPRQGRODPDJJLRUSDUWHGHOOD
JHQWHKDSHUVROD¿GXFLDQHLSROLWLFLDQFKHLQTXHOOLGD
FRUWLOH ROWUHSDGDQR &RUUX]LRQH FRVSLUD]LRQL H VFDQ
GDOLSROLWLFLVRQRGLYHQWDWLODQRUPDLQRJQLSDHVHHGLQ
RJQL SDUWLWR SHU FXL PROWLVVLPL SROLWLFL KDQQR SHUVR OD
¿GXFLDDQFKHGHLSURSULVRVWHQLWRUL0ROWLFUHGRQRFKH
OD3ROLWLFDJHQHULDXWRPDWLFDPHQWHODFRUUX]LRQHGLTXL
LOGHWWR³GRYHF¶qSRWHUHF¶qFRUUX]LRQH´1HVVXQDPH
UDYLJOLDTXLQGLVHODPDJJLRUDQ]DGHOOHSHUVRQHQRQKD
¿GXFLDQRQVRORQHLSROLWLFLPDQHDQFKHQHOODSROLWLFD
LQTXDQWRWDOHPROWLVLUL¿XWDQRGLYRWDUHFUHGHQGRIHU
PDPHQWH FKH LO ORUR QRQ YRWR SRVVD SRUWDUH D FDPELD
PHQWLVLJQL¿FDWLYLFRPHGDUORURWRUWR,Q2OWUHSzQH
DEELDPRYLVWLGLRJQLWLSRHWHQGHQ]DFLVRQRVLQGDFLH[
VWDWDOLDWWXDOLVWDWDOLSURIHVVRULH[SURIHVVRULVLQGDFLLQ
FDPLFHELDQFRRSSXUHLQFDPLFLDQHUDURVVDRYHUGHLQ
UHDOWjODVWUDJUDQGHPDJJLRUDQ]DGLORURSRWUHEEHURHV
VHUHFODVVL¿FDWLLQXQPDFURJUXSSRGHQRPLQDWR´SRYHUL
YROWDJDEEDQD´JHQWHFKHSULPDHUDFRPXQLVWDRVRFLD
OLVWD H FKH DGHVVR q GL GHVWUD JHQWH FKH HUD OHJKLVWD H
FKH RUD q GHO 3' R YLFHYHUVD R FRPXQTXH SULPD HUD
QRXQD³FRVD´RUDVRQRXQ¶DOWUD³FRVD´«GHLSRYHULQL
/DUHDOWjqFKHLQ2OWUHSzPDDQFKHLQ,WDOLDLVLQGDFL
GHL SLFFROL FRPXQL QRQ FRQWDQR FRQFUHWDPHQWH QLHQWH
TXHOOLGHLSDHVLFLWWjSLHVWHVLFRQWDQRSLRPHQRFRPH
TXHOOLGHLSLFFROLFRPXQLTXLQGLQLHQWHDQFKHSHUFKqOD
PDJJLRUDQ]DGLORURSUHQGHRUGLQLGDOUHIHUHQWHSROLWLFR
± RQRUHYROH R DVVHVVRUH UHJLRQDOH GL WXUQR LQ 2OWUHSz
GDO PHGLFR FXUDQWH« GL WXUQR ,Q 2OWUHSz OD PDJJLRU
SDUWHGHLVLQGDFLYLFHVLQGDFLDVVHVVRULHRHOHWWLDOO¶RS
SRVL]LRQHQRQKDQQRLGHRORJLDSROLWLFDEDVWHUHEEHOHJ
JHUHOHORURGLFKLDUD]LRQLRDQQLRUVRQRHTXHOOH
GLRJJLFKLDQQLRUVRQRVLGLFKLDUDYDGLFHQWURRUDqGL
VLQLVWUDFKLVLGLFKLDUDYDGLVLQLVWUDRUDqGLGHVWUDFKL
GLFKLDUDYDGLHVVHUHEOXRUDqYHUGHHWFHWF,QVRPPD
SRFKHPDFRQIXVHLGHRORJLH1RQqFROSDDORURDWWULEXL
ELOHPROWLORIDQQRSHUFHUFDUHGLUHVWDUHLQPRVWUDQHOOD
SROLWLFD SDHVDQD DOWUL OR IDQQR SHU LQWHUHVVH SHUVRQDOH
RSHUTXHOORGHLSDUHQWLHRDPLFL«PDFKHGLUH$WDO
SURSRVLWRPLVRYYLHQHXQDQHGGRWRQRQSLGLGXHDQQL
IDPHQWUHSDUODYRDOEDUFRQXQLPSRUWDQWHUHIHUHQWHOH
JKLVWDGHOOD]RQDFKHDYHYDDOSURSULR¿DQFRXQDVVHV
VRUHFRPXQDOHYRJKHUHVHGHOVXRSDUWLWRULFRUGRGLDYHU
GHWWRDG³HQWUDPEL´³PDTXHVWRTXDQGRO¶KRFRQRVFLXWR
HUDµVRFLDOLVWD¶YHGUDLFKHFDPELHUjDQFRUDSDUWLWR´
7XWWHHGXHFRQIDFFLDFRQWULWDKDQQRDEER]]DWR«'HWWR
IDWWR O¶H[ DVVHVVRUH QHL JLRUQL VFRUVL D GXH DQQL GL GL
VWDQ]DKDFDPELDWRDQFRUDXQDYROWDSDUWLWRQRQGLFR
OR VDSHYR GLFR VROR« FRQRVFHYR LO SRYHULQR 1RQ LQ
WXWWL L FRPXQL ROWUHSDGDQL FKL VL PHWWHUj LQ OLVWD QHO
OHSURVVLPHFRPXQDOLVLqFRPSRUWDWRLQTXHVWRPRGR
PDODVWUDJUDQGHPDJJLRUDQ]DVL3XUWURSSR«SHUQRL
4XLQGL FKL YRWDUH" , PHQR SHJJLR" 6FHOWD GLI¿FLOH«
SHUFKqDOSHJJLRQRQF¶qPDLOLPLWH6RFLHWjSXEEOLFKH
SULPD GLVWUXWWH FRQ GLFKLDUD]LRQL IDOVH H SRL VYHQGXWH
JHQWHWURYDWDFRQODEUDJKHWWDGHLSDQWDORQLJLQHLSDH
VLGHOO¶(VWSROLWLFLFKHIDQQRLQWHUGLUHL¿JOLFKHKDQQR
WUDYROWRXQRLQPDFFKLQDHVRQRVFDSSDWLHFKHGRSRSR
FKLPHVLSDVVDWDODEXULDQDYHQJRQRQRPLQDWLGLULJHQWL
GLHQWLSXEEOLFLSROLWLFLFKHGRSRDYHUXEELGLWRDLORUR
FDSDWD]SROLWLFLUHJDODQGRVRFLHWjSXEEOLFKHGLYHQWDQR
IRUQLWRULFRQOHORURVRFLHWjGLHQWLSXEEOLFLHRRVSHGD
OL« SROLWLFL FKH ¿QDOPHQWH ULHVFRQR D PHWWHUH D SRVWR
LO ¿JOLR LQ VRFLHWj SDUD SXEEOLFKH R HQWL DI¿QL 9RWDUH
LSLRQHVWL"""«6FHOWDDOWUHWWDQWRGLI¿FLOHSHUFKqWXWWL
³WHQJRQRIDPLJOLD´HPROWLKDQQRELVRJQRQRQSHUORUR
V¶LQWHQGH PD SHU L ORUR IDPLOLDUL DPLFL H FRQRVFHQWL
XQD SLFFROD OLFHQ]D HGLOL]LD XQ WHUUHQR HGL¿FDELOH XQ
DSSDOWLQR DOO¶DPLFR XQ ODYRUR SDUWWLPH LQ FRPXQH R
TXDOFKH HQWH SHU OD ¿JOLD R OD QLSRWH LQVRPPD VWRULH
GLTXHVWRWLSR8QHVHPSLR"0LRPDULWRJHRPHWUDLQJH
JQHUHDUFKLWHWWRRJHRORJRFKHVLDSHUFKqQRQIRUQLUJOL
XQ SLFFROR FRQWUDWWR FRQ XQ¶D]LHQGD SDUWHFLSDWD" 0LD
¿JOLD FRLQYROWD LQ XQD VRFLHWj GL VWXGL HR ULFHUFKH XQ
SLFFRORDSSDOWLQRFRPXQDOHFKHPDOHSXzIDUH"8QDPLD
VRFLHWjKDXQWHUUHQRHGKDELVRJQRGLXQDDXWRUL]]D]LR
QHHGLOL]LD«%HK«LRVRQRRQHVWRHTXDQGRYRWDQR«
DIDYRUHSLFFRORSDUWLFRODUHLRHVFRHSHUFRUUHWWH]
]DQRQYRWR5LGLFROL4XLQGL"(¶LQXWLOHYRWDUHFKL
GLFKLDUDGLHVVHUVLPHVVRLQOLVWD³SHUPHWWHUVLDOVHUYL]LR
GHOSDHVH´RSSXUH³SHUFKqLQWDQWLPHORKDQQRFKLHVWR´
RSHUFKp³TXHVWRqLOPLRSDHVHHYRJOLRIDUHTXDOFRVD
SHUPLJOLRUDUOR´SHUFDULWj«³WXFDQLHQWFDVXPDDSRVW
LQVL´±WUDGX]LRQH±SHUIDYRUHQRQWRFFDUHQLHQWHFKH
VLDPRDSRVWRFRVLRSSXUH³YRJOLRFDPELDUHLRVRQR
LOQXRYR´SHUFDULWj«³ODVDVWDPHLXQEHOXVjFKHLXQ
EUXWQRY´WUDGX]LRQH±QRQWRFFDUHQXOODVLDPRDSRVWR
FRVL¶RSSXUHSHUFKLYXROHIDUVLULHOHJJHUHODIUDVHFODV
VLFDq³SHUFRQWLQXDUHHFRPSOHWDUHLOODYRURLQL]LDWR´
SHUFDULWj«³PDYDDFjDIDGLVRJQFOHPHLSDUWXW´
WUDGX]LRQH±YDLSXUHDFDVDDGRUPLUHFKHqPHJOLR
SHUWXWWL
4XLQGLFKHIDUH",RSURSRQJRGLYRWDUHLSLHFRQRPL
FLYRWLDPRVRORTXHLVLQGDFLHTXHOOHOLVWHFRPXQDOLFKH
GLFKLDUHUDQQRGLRVVHUYDUHTXHVWHVHPSOLFL5(*2/(
GLEXRQVHQVRHWUDVSDUHQ]D
)$5(,/6,1'$&2(2/¶$66(6625(*5$7,6
5,181&,$1'2 $ 48$/6,$6, (02/80(172 ±
67,3(1',2(7&(7&
',12186$5(0$,3(5,35235,63267$
0(17,,0(==,&2081$/,238%%/,&,',86$
5(62/$0(17(,35235,0(==,2&208148(
0(==,38%%/,&,(',121&+,('(5(5,0%25
6,&+,/20(75,&,$872675$'$/,)(5529,$
5,(7&(7&
',121)$56,5,0%256$5(35$1=,&(1(
&$))((2&$338&&,1,(7&(7&
',121'$5($33$/7,678',',)$77,%,
/,7$¶ 352*(77, ,1&$5,&+, (' $/75( &26(
6,0,/,$ 3(5621( &+( 6,$12 /252 3$5(17,
2 &+( 6,$12 3$5(17, ', 48$/6,$6, (/(772
6,$(662',0$**,25$1=$&+(',0,125$1
=$48(6729$/($1&+(3(5/(62&,(7$¶&+(
121 '(9212 $9(5( $/ 35235,2 ,17(512
&20( 35235,(7$5, 2 62&, 3$5(17, ', 2*1,
(/(772
',121)$5$6680(5(6(67(66,2,352
35,),*/,(3$5(17,48$/&+(92/7$$1&+(
$0$17,« 0$ 48(672 (¶ 3,8¶ ',)),&,/( ,1
(17, 2 62&,(7$¶ 38%%/,&+( 2 3$5$ 38%%/,
&+(
7(5=$3$*,1$
2OWUHSzHOH]LRQLFRPXQDOL
9RWLDPRVRORFKLORIDUjJUDWLV
',121$&&(77$5(,1&$5,
&+, ,1 (17, 2 62&,(7$¶ 38%%/,
&+(6(121$7,72/2*5$78,72
6(+$112,03,(*+,/$92
52(¶81$3$52/$*5266$,1
62&,(7$¶67$7$/,3$5$67$7$/,
38%%/,&+( (' $)),1, ', 121
&+,('(5( $63(77$7,9( 2 3(5
0(66,3(50(66,3(50$/$77,$
(¶ 3,8¶ ',)),&,/( 6212 &20(
/( $0$17, 3(5 ,03(*1, &2
081$/, 3(5&+(¶ $/75,0(17,
3(5 , 62/', &+( 35(1', &20(
67,3(1',23(5)$5(,/782/$9252&+,(',,/
3(50(6623(5)$5(,/6,1'$&2121/$925,
()$,32/,7,&$$63(6('(/&2175,%8(17(
',86$5(6(035((62/2,/35235,27(
/()21227(/()21,126(1=$&+,('(5(5,0
%256,9,(7$72,/7(/()212&2081$/(2',
6(59,=,23$*$72'$$/75,6,86$,/35235,2
', &21&('(5( ,17(59,67( 48(672 (¶
*,8672 &, 0$1&+(5(%%( 0$ &+,('(1
'2 ( 35(7(1'(1'2 &+( 1219(1*$ 0(66$
/$ 35235,2 )272 68, *,251$/, ,1 48(672
02'2 ,/ 35235,2 (*2« 60,685$72 $1&+(
3(5 48(67, 32/,7,&, &+( 121 &217$12
1,(17(68%,5(%%(81%(/&2/3(772
',1215,35(6(17$56,6(48$172352
0(6621(/352*5$00$(/(7725$/(121(¶
67$72¶ 5($/,==$72$1&+( 81$ 62/$ &26$
6(1=$6&86(6(1=$0$6(1=$³,21216$
3(92´³0$,2$9(92'(772&+(´('$/75(
6752«$7(6&86$7($0(1,7$¶'(/*(1(5(
0ROWLFDQGLGDWLGLUDQQRFKHFRQTXHVWHVHPSOLFLUHJROH
VLVTXDOL¿FDFKLODSROLWLFDODIDODYRUDQGRVXOVHULRPL
YLHQGDULGHUH«6XOFRQFHWWRGLVHULR«HSHUFKpUDI
IRU]DQHJOL HOHWWRULO¶LGHD FKH XQ VLQGDFR XQ DVVHVVRUH
HWFQRQqDOWURFKHXQPDQJLDSDQHDWUDGLPHQWR,OFKH
LQGXFHLOOHWWRUHDHODERUDUHLOYROJDUHTXDQWRFRQFUHWLV
VLPRVRVSHWWRFKHVHQRQVLIDQQRSDJDUHqSHUFKpUXED
QR%HKLSURVVLPLFDQGLGDWLFRPXQDOLLQFRPLQFLQRD
VHJXLUHTXHVWHVHPSOLFLUHJROHSRLVHIDQQRLOFRQWUDULR
VRSUDWWXWWRQHLSLFFROLSDHVLWXWWLORVDQQRHWXWWLORYH
GRQR ,Q EXRQD VRVWDQ]D WXWWL TXHOOL FKH VL PHWWRQR LQ
SROLWLFDGLFRQRFKHORIDQQRSHUVSLULWRGL6(59,=,2"
%HQHIDOORJUDWLV$79858/$%,&,&/$7$$'(66
3('$/$«WUDGX]LRQHKDLYROXWRODELFLFOHWWDDGHV
VR SHGDOD 9HGUHWH FKH LO QXPHUR GL DVSLUDQWL SROLWLFL
FRPXQDOL GLPLQXLUj VWDWHQH FHUWL GLPLQXLUj 8Q SLF
FRORULVSDUPLRVHJXHQGRTXHVWHUHJROH")RUVHVL7DQWR
WURYHUDQQR LO PRGR GL IDUH L ORUR LQWHUHVVL FRPXQTXH"
)RUVHVL0DGDTXDOFKHSDUWHELVRJQDSXUFRPLQFLDUH
LQFRPLQFLDPRGDLQRVWULSROLWLFLSDHVDQLFRQWDQRQLHQWH
TXLQGLLQL]LDPRDSDUWLUHGDORUR9XRLSRUWDUHODIDVFLD
WULFRORUHGD6LQGDFR"%HQHIDOORJUDWLV«(329('8
0$6$$75,'WUDGX]LRQHHSRLYHGLDPRVHULGL
$OFXQL DQQL RUVRQR HUR DO EDU FRQ XQ DPLFR EUDY¶XR
PRFKHDPDODYRJOLDVLHUDPHVVRLQOLVWDSHUFKqJOLHOR
DYHYDFKLHVWRO¶DPLFRSROLWLFRGLWXUQRHPLULFRUGRFKH
JOLGLVVL³9(16$&+(&$/92&+($/126&2
081$/3$5'$5$/,67(69$'$712&+,,(1
/8& ( &+( , &$','$ 6,1',& ,$1 0$, /895$
,17877/$629,7$6$927&+,6$33,$1WUD
GX]LRQH9LQFDFKLYXROHFKHLOQRVWURFRPXQHSHUGHUj
FRPXQTXHQRQYHGLFKHVRQRGHJOLLQFDSDFLHGLFDQGL
GDWLVLQGDFLQRQKDQQRPDLODYRUDWRQHOODORURYLWDFRVD
YXRLFKHVDSSLDQR'RSRDOFXQLPHVLSXUHVVHQGRVWDWR
HOHWWRO¶DPLFRVHPSUHDOEDUGRSRXQDWUDJLFDVYHQGLWD
GLXQDVRFLHWjFRPXQDOHPLGLVVH³$'*+(9$5$62
,6$1126(&+,)$1,(135235,/8&´WUDGX
]LRQHDYHYLUDJLRQHQRQVDQQRTXHOORFKHIDQQRVRQR
SURSULRLQFDSDFL*LjDYHYRUDJLRQH
LO 3HULRGLFR
$35,/(
$778$/,7$·
3$5/$/¶$66(6625($/785,602(0$18(/$0$5&+,$)$9$
³(FFRODJXLGDGHOOD3URYLQFLDGL3DYLD
WUDPSROLQRGLODQFLRSHU([SR´
',67()$1,$%(5721$==,
,Q XQ 2OWUHSz FKH VWD PXRYHQGR L
SULPL SDVVL LQ YLVWD GL ([SR ORVFRUVRPDU]RO¶DVVHVVRUDWRDO
WXULVPRGHOOD3URYLQFLDGL3DYLDKD
XI¿FLDOPHQWH SUHVHQWDWR OD ³*XLGD
,WLQHUDULGHOOD3URYLQFLDGL3DYLD´
3HU O¶RFFDVLRQH DEELDPR LQFRQWUDWR
O¶DVVHVVRUH SURYLQFLDOH DO WXULVPR
(PDQXHOD0DUFKLDIDYD
&RPHPDLTXHVWRSURJHWWR"
³4XHVWR q VWDWR LO IUXWWR GL XQ¶LGHD FRPSUHVD QHO
PDQGDWRGHO3UHVLGHQWH%RVRQHHVVHQGRSRLLRVWDWD
DJHQWHGLYLDJJLRKRSHQVDWRGLSRUWDUHOHFRPSHWHQ
]H WHFQLFKH GHL WRXU RSHUDWRU D GLVSRVL]LRQH GL (QWL
SXEEOLFLFRPHOD3URYLQFLD(¶VWDWRXQIRUWHHFRP
SOHVVRODYRURGLVTXDGUDXQDUDFFROWDPLQX]LRVDGL
LPPDJLQLQR]LRQLLQIRUPD]LRQLVWRULFKHWXULVWLFKHH
PROWRDOWURDQFRUD/RVFRUVRDSULOHODSUHVHQWD
]LRQH XI¿FLDOH GL TXHVWD *XLGD D LWLQHUDUL H VRW
WROLQHR OD SUHSRVL]LRQH ³D´ GHOOD SURYLQFLD FRQ OD
³S´PLQXVFROD6LWUDWWDGHOULVXOWDWRGLGXHDQQLGL
ODYRURGLSURJHWWRGLVYLOXSSRVRVWHQLELOHXQSURJHWWR
FRVWUXLWR ³&21´ LO WHUULWRULR FKH FL KD ULYHODWR XQ
YHURWHVRURGDYDORUL]]DUH´
8QDEUHYHGHVFUL]LRQHGLTXHVWDJXLGD"
³6LWUDWWDGLXQD³PDFURUDFFROWD´GDFXLVLVRQRGH
OLQHDWLLWLQHUDUL8QDUFKLYLRGLFRPXQLVX
FRQSXQWLGLLQWHUHVVHTXDWWURDQHOOLFRQXQDPH
GLDGLFLUFDNPFLDVFXQRGDFRQWRUQRHGHWWDJOLR
DOOD YLD )UDQFLJHQD $O VXR LQWHUQR ³/H 7HUUH GHL
5H´ ³/H 9DOOL GHO 9LQR´ ³YHUVR O¶$OWR 2OWUHSz´ H
³&DVWHOOLH5LVDLH´FROOHJDWLGD³EUHWHOOH´'HWHUPL
QDQWHqVWDWDODFROODERUD]LRQHFKLHVWDDG(QWLLQWHU
PHGL FRPH L &RPXQL LO *DO H DOWUL FKH KDQQR IDWWR
GDLQWHUPHGLDULWUDLOWHUULWRULRHQRL1RQVLWUDWWDGL
XQ¶HQFLFORSHGLDGHO7HUULWRULRFRPHGLFRDQFKHVXOOD
*XLGDQRQqHVDXVWLYDDOWULPHQWLVDUHEEHVWDWDSHU
DSSXQWRXQ¶HQFLFORSHGLD(¶XQSURJHWWRQDWRHFUHD
WRSHULOYLDJJLDWRUHFKHDGLIIHUHQ]DGHOWXULVWDFHU
FD XQ¶HVSHULHQ]D GL YLWDH QRQ XQR VYDJR 8Q¶HVSH
ULHQ]DFKHSXzHVVHUHSLFFRODGLXQ¿QHVHWWLPDQDR
SLHVWHVDGHVLGHUDQGRGL³DVVDJJLDUH´SLSHUFRUVL
³PLVFKLDQGROL WUD ORUR GLYHQWDQGR XQD YDFDQ]D´
5DFFRQWDWD FRQ LO PHWRGR GHOOR ³VWRU\ WHOOLQJ´ XQ
UDFFRQWRSHUIDUHPHUJHUHOHLGHQWLWjWHUULWRULDOL/D
9DOOHGHO9LQRDGHVHPSLRqVWDWDDPSOLDWDFRQWUH
¿ORQL WUH SHUFRUVL GD 6WUDGHOOD %URQL H &DVWHJJLR
FKHYDQQRDULXQLUVLD=DYDWWDUHOOR1HOOHXOWLPHSD
JLQH GHOOD JXLGD XQ LQGLFH DOIDEHWLFR FRQ HOHQFDWL
WXWWLLSXQWLHGLUHODWLYLUHFDSLWLGLFRQWDWWRRUDUL
HLQIRUPD]LRQL8QLQGLFH³DFRORUL´SHUFKpLOFRORUH
YDDGHWHUPLQDUHLOFRGLFHGLULFRQRVFLPHQWRGLXQR
GHL YDUL LWLQHUDUL GL DSSDUWHQHQ]D $ SRFR PHQR GL
JLRUQLHVDWWLGDOOD¿HUDLQWHUQD]LRQDOHTXHVWRq
LOWUDPSROLQRGLODQFLRSHU([SRFKHVHJQDXQDWDSSD
IRQGDPHQWDOHHQRQXQDPHWD´
6IRJOLDQGRODJXLGDWURYLDPRLOWHUPLQH³IRU]HLQ
FDPSR´FRVDVLLQWHQGH"
³3HUIRU]HLQFDPSRVLLQWHQGRQRJOLDVVLLQFDPSR
YDOHDGLUHL³WHPLIRUWL´DWWRUQRDLTXDOLVLGLSDQD
TXHVWD*XLGD6RQRORURLYHULSURWDJRQLVWLGLTXHVWH
SDJLQHHFKHKDQQRFUHDWRTXHVWRWHUULWRULRHVDUDQQR
LUHDOLVWUXPHQWLGLFRQVXOWD]LRQH´
(GLOSURJHWWRGHO3DQLHUH3DYHVH"
³&RPHVLFLWDLQ*XLGDLO3DQLHUH3DYHVHVWDPXR
YHQGR L SULPL SDVVL PD DYYLFLQDUH RJQXQR GL QRL
DOO¶DJULFROWXUDIDUFLFRQRVFHUHLSURGRWWLFKHLQFLD
VFXQD3URYLQFLDKDDYXWRLQÀXHQ]DHVWRULDqLOVXR
YHUR FRPSLWR 6L VWD ODYRUDQGR DG $VVRFLD]LRQL GL
3URGRWWRGHSRVLWDULHGHL'LVFLSOLQDULGLSURGX]LRQHH
GHO0DUFKLRGHO3URGRWWRHDOO¶$VVRFLD]LRQH3DQLHUH
3DYHVHFKHUDFFRJOLHWXWWLLSURGRWWL/¶2OWUHSzYDQWD
XQDULFFKH]]DLQHVWLPDELOHXQ³TXDOFRVD´GLFXLQRQ
FLVLDPRDQFRUDUHVLUHDOPHQWHFRQWRPDFKHDSLF
FROLSDVVLVWLDPRULVFRSUHQGR,OPRQGRGHOO¶HQRJD
VWURQRPLDYDDUDFFKLXGHUHWXWWRFLzFKHLQXQDWHUUD
IHUWLOH ULFFD GL DFTXD H FRQ FROOLQH YHQWLODWH IDQQR
GLTXHVWRID]]ROHWWRGLPRQGRLOWHUULWRULRLGHDOHSHU
O¶DJULFROWXUD5LVDLHYLJQHWLJOLRUWDJJLLIRUPDJJL
HDQFRUDODWUDGL]LRQHGHJOL³LQVDFFDWL´VRQRDOFXQL
GHL GHWHUPLQDQWL QXFOHL YLWDOL VX FXL UXRWD YLYH H VL
PXRYHRJQLJLRUQRLOQRVWUR2OWUHSz´
/RQJREDUGL H9LD )UDQFLJHQD GXH ¿VVH SUHVHQ]H
LQTXHVWRUDFFRQWRYHUR"
³'XH LPSRUWDQWL FKLDYL GL ULFHUFD VRQR L GXH ORJKL
XWLOL]]DWL SHU ULPDUFDUH OD GHWHUPLQDQWH LQÀXHQ]D
DOO¶LQWHUQRGHO7HUULWRULRSHUTXDQWRULJXDUGDL/RQ
JREDUGL H OD 9LD )UDQFLJHQD 3HU WDOH VFRSR VRQR
VWDWLXWLOL]]DWLGXHVLPEROLLGHQWL¿FDWLYLQHOORVSHFL
¿FRSHUOD9LD)UDQFLJHQDqVWDWRULVSROYHUDWRLOVXR
VLPERORGLVHPSUHSHUL/RQJREDUGLLQYHFHqVWDWR
FUHDWRXQORJR³GLQRVWUDLQYHQ]LRQH´2JQLYROWDFKH
VLYDD³WRFFDUH´XQSXQWRLQFXLXQRGHLGXHDUJR
PHQWLKDLQÀXLWRVXTXHOODSDUWHGLWHUULWRULRLOOHWWRUH
YHGHULFKLDPDWRLOULVSHWWLYRORJRDVHJQRDSSXQWR
FKHTXHOID]]ROHWWRGLWHUUDULJXDUGDXQRGHLGXHWHPL
/DFLYLOWjGHL/RQJREDUGLDYHYDFRPHFHQWUR3DYLD
D IURQWH GL TXHVWR DQGDUOL D ULVFRSULUH VLJQL¿FD
³FRPSUHQGHUHLQFKHPRGRODFXOWXUDHODERUDWDGDL
5RPDQLSRWpWUDVIRUPDUVLHULJHQHUDUVLOXQJRLO0H
GLRHYRSHUJLXQJHUHTXLQGL¿QRDLJLRUQLQRVWUL´/D
9LD)UDQFLJHQDGHWWDDQFKH9LD5RPHDYDDFRSULUH
TXHOOXQJRHGLVWHVRIDVFLRGLVHQWLHULFKHQHO0HGLR
HYRGD&DQWHUEXU\SRUWDYDQRD5RPD/¶$UFLYHVFRYR
GL&DQWHUEXU\GXUDQWHLOVXRSULPRGLDULRGLYLDJJLR
DQQRWzPLQX]LRVDPHQWHLSXQWLGLVRVWDQHL
NPSHUFRUVLDSSXQWRLQJLRUQLWUHGLTXHVWL³SRVWL
WDSSD´VLWURYDQRLQ2OWUHSzHQHOOD*XLGDVFRSULUHWH
HVDWWDPHQWHHPLQX]LRVDPHQWHRJQLGHWWDJOLR3HUWDOL
UDJLRQLOD9LD)UDQFLJHQDFRVWLWXLVFHSHUOD3URYLQ
FLDGL3DYLDXQYHURULIHULPHQWRQHOODYDORUL]]D]LRQH
HUHFXSHURGHOWHUULWRULR´
LPPDJLQL VHOH]LRQDWH HG LQVHULWH DOO¶LQWHUQR
GHOOD*XLGD«PHQWUHLQYHFHWXWWRFLzFKHQRQVLHWH
ULXVFLWLDGLQFOXGHUHFKH¿QHKDIDWWR"
³&RPHGLFHYRDGLQL]LRLQWHUYLVWDLOODYRURGLTXHVWL
GXHDQQLqGDGH¿QLUVL³LPPDQH´$EELDPRFKLHVWR
OD FROODERUD]LRQH GL RJQL (QWH LQWHUPHGLR WUD QRL H
LO WHUULWRULR SHUFKp DEELDPR YROXWR OD SDUWHFLSD]LR
QHHGLOFRLQYROJLPHQWRGLWXWWLHFFRSHUFKpGLFRFKH
TXHVWRSURJHWWRqFRVWUXLWRFRQLOWHUULWRULR6RQRSHU
YHQXWHDQRLXQDTXDQWLWjGLIRWRQR]LRQLHGDQHGGRWL
FKHQRQSRWHWHLPPDJLQDUHPDQRQHUDSRVVLELOHLQ
VHULUHWXWWR'DTXLXQDVHOH]LRQHFKHPHJOLRDQGDYD
D ULVSHWWDUH RJQL SHFXOLDULWj QDUUDWD &RPH GLFHYR
QRQVLWUDWWDGLXQ¶HQFLFORSHGLDHTXLQGLQRQqHVDX
VWLYD7XWWRFLzFKHQRQqSRVVLELOHWURYDUHWUDTXHVWH
SDJLQH VDUj PDWHULDOH GHWHUPLQDQWH H IRQGDPHQWDOH
FKH SRWUj HVVHUH YLVXDOL]]DWR QHO QRVWUR QXRYR SUR
JHWWR LO TXDOH VDUj RSHUDWLYR LQGLFDWLYDPHQWH QHO
SURVVLPRPDJJLR6LWUDWWDGLXQSRUWDOHGHO7XULVPR
GHOOD3URYLQFLDGL3DYLDRQOLQHFKHDQGUjQRQVRORD
UDFFRQWDUHWXWWRFLzFKHQRQWURYDWHTXLPDWUDPLWH
HVVRVDUjSRVVLELOHHVVHUHDJJLRUQDWLLQWHPSRUHDOH
VXRJQLDYYHQLPHQWRLQFDOHQGDULRGDQGRVSD]LRDG
$VVRFLD]LRQL 3UR /RFR H TXDQW¶DOWUR VLD RSHUDWLYR
FRQVLGHULDPR LQIDWWL TXHVWL XOWLPL HQWL YHUL ³DWWRUL´
SHULO7XULVPR´
6LqVHQWLWRSDUODUHGL([SORUDGLFRVDVLWUDWWD"
³([SORUDqXQFDQDOHDVpLQVWUHWWDFROODERUD]LRQH
FRQ QRL 6L WUDWWD GL XQD VRFLHWj GL PDUNHWLQJ WHUUL
WRULDOH IRUWHPHQWH H QHWWDPHQWH OHJDWD DG ([SR FRQ
UHJROHHLOVXRVSHFL¿FR³FDWDORJR´(¶JLjVWDWDLQ
YLDWDDWXWWHOHVWUXWWXUHUHFHWWLYHXQDFRPXQLFD]LRQH
LQIRUPDWLYD SHU SRWHU DGHULUH RFFRUURQR UHTXLVLWL
VSHFL¿FLFRQUHODWLYLFRVWL5LWHQLDPRVLDIRQGDPHQ
WDOHTXHVWRSDVVDJJLRSHUFKpIDUjGDFDQDOHHGLQVH
ULPHQWR LQ XQR GHJOL DSSXQWDPHQWL SL DWWHVL RVVLD
([SR´
$ *XLGD RUPDL LQ YHQGLWD TXDOL VRQR L SURVVLPL
SURJHWWLHGDSSXQWDPHQWL"
³'RSRODSUHVHQWD]LRQHDYYHQXWDORVFRUVRDSULOH
OD*XLGDqLQYHQGLWD*LjSDUHFFKL³WHFQLFL´GHOVHW
WRUHULVWRUDWRULHDOWURKDQQRFKLHVWRODSRVVLELOLWj
GLSRWHUODYHQGHUHRIDUODFRQVXOWDUHDFKLIDWDSSD
SUHVVRGLORURJOLHVWUDWWLLQYHFHVRQRLQGLVWULEX]LR
QHJUDWXLWD/DUHJLRQH/RPEDUGLDKDSURJUDPPDWR
WDSSH XQD SHU RJQL SURYLQFLD XQ SHUFRUVR GH¿
QLWR ³/RPEDUG\ 7RXU´ HG LO DSULOH IDUj WDSSD D
3DYLD H FRQ OD FROODERUD]LRQH GHOOD &ROGLUHWWL H GL
³&DPSDJQD$PLFD´VLDQGUjDYLYHUHXQDJLRUQDWD
GHGLFDWD D FKL YRUUj HVSRUUH FRQRVFHUH H YLYHUH LO
QRVWUR WHUULWRULR ,O HG LO DSULOH LQROWUH YHU
UDQQR FRQYRFDWH WXWWH OH VWUXWWXUH UHFHWWLYH HG HQWUR
3DVTXD YHUUj GLVWULEXLWR WXWWR LO PDWHULDOH WHFQLFR
2JQLLWLQHUDULRSRLDSDUWLUHGDPDJJLRVDUjQRVWUD
LQWHQ]LRQHSUHVHQWDUOR³VXOWHUULWRULR´LQORFR³XQ
LWLQHUDULRVXOO¶LWLQHUDULR´6DUHPRDQFKHDWWLYLSUHV
VRLOSURVVLPR9LQLWDO\HYRJOLRULFRUGDUHFRQRQRUHH
VRGGLVID]LRQHFKH3DYLD([SRUWKDJLjULWLUDWRLOQR
VWURPDWHULDOHHORKDSUHVHQWDWRSUHVVRODSUHVWLJLRVD
¿HUDLQWHUQD]LRQDOH³$OLPHQWDULD´GL%DUFHOORQD´
%LFLEDUFDDXWRRVHPSOLFHPHQWHDSLHGLSHUGHUVLH
VFRSULUHODEHOOH]]DGHOO¶2OWUHSzGHOOD/RPHOOLQDGHO
3DYHVHPDJDULQDYLJDQGRVXO¿XPHFRQXQEXRQELF
FKLHUHGLYLQRRJJLqSRVVLELOHHDOODSRUWDWDGLWXWWL
LO 3HULRGLFR
$35,/(
(;32(¶81$*5$1'(23325781,7¬3(5/$3529,1&,$',3$9,$
',$/(66$1'52',63(5$7,
$EELDPR LQFRQWUDWR 3DROR *UDPLJQD DVVHVVRUH DL
7UDVSRUWLH0RELOLWjGHOOD3URYLQFLDGL3DYLD&RQOXL
DEELDPRIDWWRXQDFKLDFFKLHUDWDDJUDGLVXOOHSUR
EOHPDWLFKHGHOO¶2OWUHSzSDYHVH
3DROR*UDPLJQD/HLQHOOD*LXQWD%RVRQHq$VVHV
VRUHDLWUDVSRUWLHGDOODPRELOLWj4XDOLVRQRLVXRL
RELHWWLYLSULPDUL"
³,WHPLGHLWUDVSRUWLHGHOODPRELOLWjVRQRRJJLSL
FKHPDLDOO¶RUGLQHGHOJLRUQR,WDJOLGHOOHULVRUVHDO
WUDVSRUWRSXEEOLFRORFDOHHOHFULWLFLWjULJXDUGDQWLOH
LQIUDVWUXWWXUHYLDULHSULPDGLWXWWRLSRQWLUHQGRQR
GLI¿FROWRVRVLDSHUSULYDWLFLWWDGLQLFKHSHULPSUHVHGL
WUDVSRUWRSXEEOLFRHSULYDWRPXRYHUVLLQSURYLQFLDGL
3DYLD,OSULPRRELHWWLYRqVWDWRTXHOORGLDIIURQWDUH
OHHPHUJHQ]HHGLPLWLJDUHJOLHIIHWWLGHOODFKLXVXUDGL
VWUDGHHSRQWLFKHVLVRQRULSHWXWHQHJOLVFRUVLPHVL
6LDPR ULXVFLWL D PDQWHQHUH LO VHUYL]LR GL WUDVSRUWR
SXEEOLFRSHUSHQGRODULHVWXGHQWLLQGLYLGXDQGRSHU
FRUVL DOWHUQDWLYL LQ FRQVHJXHQ]D GHOOH WHPSRUDQHH
FKLXVXUH GHOOD H[ VWDWDOH GHO 3HQLFH DOO¶DOWH]]D GL
&HFLPD GHOOD VS GHOOD YDOOH $UGLYHVWUD GHO VRWWR
SDVVR VXOOD 63 D %UHVVDQD %RWWDURQH 3HU TXDQWR
ULJXDUGDODFKLXVXUDDOWUDI¿FRSHVDQWHGHOSRQWHGL
%DVWLGD VXO 3R FKH VL q DJJLXQWD DOOD FKLXVXUD GHO
SRQWHGHOOD%HFFDDEELDPRRUJDQL]]DWREXVQDYHWWD
SHUODVWD]LRQH)6GL%UHVVDQD%RWWDURQHSUHYHGHQGR
GHLULPERUVLSHUSHQGRODULHVWXGHQWLJUDYDWLGLFRVWL
PDJJLRULHVVHQGRVLO¶$VVHVVRUH5HJLRQDOH'HO7HQ
QRVRWWUDWWRDFKLXGHUHXQDFFRUGRFRQ7UHQRUGFKH
SHUPHWWHVVHWHPSRUDQHDPHQWHGLYLDJJLDUHVXOWUHQR
FRQO¶DEERQDPHQWREXV$EELDPRDIIURQWDWRDQFKHOD
FKLXVXUDDOWUDQVLWRGHLEXVVXOSRQWHGHOOD*HURODLO
SUREOHPDGHLULWDUGLGHJOLVWXGHQWLORPHOOLQLFKHIUH
TXHQWDQRJOLLVWLWXWLVFRODVWLFLGL9RJKHUDVRQRVWDWL
ULVROWLPRGL¿FDQGRJOLRUDULHOHOLQHH3HUWXWWRFLz
GHYRULQJUD]LDUHJOLXI¿FLGHOO¶$VVHVVRUDWRFKHKDQQR
ODYRUDWRFRQDEQHJD]LRQH0ROWHDOWUHFULWLFLWjSHULO
SDVVDJJLRGHLEXVVRQRVWDWHPRQLWRUL]]DWHFRQO¶DLX
WRGLFDQWRQLHULHSURWH]LRQHFLYLOH3HUFHUFDUHXQD
VROX]LRQH SHU FRPSHQVDUH L GDQQL HFRQRPLFL GHOOH
LPSUHVHGLWUDVSRUWRSULYDWRKRLQL]LDWRXQFRQIURQWR
FRQO¶$VVHVVRUH0HOD]]LQLSHUULFHUFDUHXQDVROX]LR
QHDOLYHOORUHJLRQDOH´
$OWULRELHWWLYL"
³$OWUR WHPD QHOOH FRPSHWHQ]H GHOOD PLD GHOHJD q
TXHOOR GHOOD PRELOLWj FLFODELOH $IIURQWDQGR H ULVRO
YHQGRDOFXQHFULWLFLWjVLDPRULXVFLWLDFRQFOXGHUHL
ODYRULGHOWUDWWRGLJUHHQZD\GD9RJKHUDD&RGHYLOOD
HGDIDUHULSDUWLUHLODYRULVXOWUDWWR5HWRUELGR±5L
YDQD]]DQR7HUPH±6DOLFH7HUPHFKHYHURVLPLOPHQ
WHVLFRQFOXGHUDQQRSULPDGHOO¶HVWDWH$QFKHODSLVWD
FLFODELOH WUD 0H]]DQLQR 3R H $UHQD 3R VXOO¶DUJLQH
GHO¿XPHVWDSHUHVVHUHFRQFOXVD6WLDPRDQFKHUHD
OL]]DQGRODUHWHGHOOH9HORVWD]LRQLGHOODSURYLQFLDGL
3DYLD$EELDPRDWWLYDWRXQJUXSSRGLODYRURFRQOR
6WHUSHULOULOLHYRGHOOHSLVWHFLFODELOLHVLVWHQWLHSHUOD
SLDQL¿FD]LRQHIXWXUD´
6HUYL]L GL WUDVSRUWR SXEEOLFR TXDOL SRVVLELOL PL
JOLRUDPHQWL"
³,QQDQ]LWXWWR VL GHYH FKLDULUH FKH OD 3URYLQFLD KD
FRPSHWHQ]D VXO WUDVSRUWR SXEEOLFR VX JRPPD H[
WUDXUEDQRODUHJLRQHVXOWUDVSRUWRVXIHUUR/DOHJJH
5HJLRQDOHSUHYHGHO¶LVWLWX]LRQHGHOOHDJHQ]LH
GHOODPRELOLWj/D3URYLQFLDGL3DYLDVDUHEEHLQVHUL
WDLQXQEDFLQRFRPSUHQGHQWH0LODQR/RGLH0RQ]D
%ULDQ]D 8Q WHUULWRULR HQRUPH DOO¶LQWHUQR GHO TXDOH
SRWUHEEH HVVHUH GLI¿FLOH VRVWHQHUH L ELVRJQL GHL QR
VWULFRPXQL3HUWDOHPRWLYRDEELDPRULWHQXWRGLQRQ
GRYHU DVVXPHUH XQ DWWHJJLDPHQWR LQHU]LDOH LQ SUH
YLVLRQH GHOOD FRVWLWX]LRQH GHOOH $JHQ]LH GHOOD PREL
OLWjPDDWWUDYHUVRXQSHUFRUVRSDUWHFLSDWRVWLDPR
HODERUDQGR LO QXRYR SLDQR GHO 73/ HVVHQGR TXHOOR
YLJHQWHGHOQRQSLFRHUHQWHFRQOHDWWXDOLHVL
JHQ]H6LGHYHPLJOLRUDUHSXQWDQGRVXOSRWHQ]LDPHQ
WRGHOO¶LQWHUVFDPELRIHUURJRPPDHUD]LRQDOL]]DQGR
OH OLQHH FRQ O¶RELHWWLYR GL PDQWHQHUH LO VHUYL]LR VLD
QHLFHQWULSLSRSRORVLFKHQHLFRPXQLSLSLFFROLH
PRQWDQL 3HU IDUH HPHUJHUH FULWLFLWj H VXJJHULPHQWL
VWLDPR FRQYRFDQGR ULXQLRQL GHOO¶2VVHUYDWRULR GHOOD
PRELOLWjVXLWHUULWRUL´
4XDOHRSSRUWXQLWjUDSSUHVHQWD([SRSHUOD
3URYLQFLDGL3DYLD"
³8QD JUDQGLVVLPD RSSRUWXQLWj /D YLFLQDQ]D FRQ LO
VLWRGHOO¶HYHQWRHODULFFKH]]DGHOSDWULPRQLRVWRULFR
FXOWXUDOHHQDWXUDOLVWLFRGHOODQRVWUDSURYLQFLDVRQR
VLFXUDPHQWH HOHPHQWL GL IRU]D /¶RIIHUWD q VWDWD RU
JDQL]]DWD GDOO¶$PPLQLVWUD]LRQH SURYLQFLDOH VWUXWWX
UDQGRLWLQHUDULEHQLQVHULELOLQHLSDFFKHWWLWXULVWLFL
SURSRQLELOLDLYLVLWDWRUL(¶FKLDURFKHDQFKH5HJLRQH
/RPEDUGLDGHYHSXQWDUHHFUHGHUHQHOQRVWURWHUULWR
ULR'HYRQRHVVHUHVWDQ]LDWHOHULVRUVHFKHSHUPHWWD
QR O¶DGHJXDPHQWR H OD QRUPDOH SHUFRUULELOLWj GHOOH
VWUDGH H[ $1$66 GDWH LQ FDULFR GDOOH 5HJLRQL DOOH
SURYLQFHGHYRQRHVVHUHVWDQ]LDWHULVRUVHDJJLXQWLYH
SHU SRWHQ]LDUH LO WUDVSRUWR SXEEOLFR ORFDOH FRVu GD
SHUPHWWHUHDLYLVLWDWRULGL([SRGLJLUDUHLOQRVWURWHU
ULWRULRFRQPH]]LSXEEOLFL´
,Q 2OWUHSz TXDOL SRVVRQR HVVHUH OH FDUWH YLQFHQWL
SHULOULODQFLR"
³/DSDURODFKLDYHqSLDQL¿FD]LRQHGLDPELWRWHUULWR
ULDOHSHULOPDQWHQLPHQWRHGLOSRWHQ]LDPHQWRGHLVHU
YL]L2JJLHSHULOIXWXUROHULVRUVHSRWUDQQRDUULYDUH
DWWUDYHUVRLIRQGLVWUXWWXUDOLHXURSHLHOH)RQGD]LRQL
%DQFDULH/¶HVHPSLRqTXDQWRIDWWRLQTXHVWLDQQLGDO
*DO2OWUHSzDWWUDYHUVRLO3653HUDFFHGHUHDTXH
VWRWLSRGL¿QDQ]LDPHQWLRFFRUURQRSROLWLFKHFRHUHQWL
FRQJOLLQGLUL]]LGHOOD&RPXQLWj(XURSHD0ROWLFR
PXQL VWDQQR DQGDQGR LQ TXHVWR VHQVR SHU HVHPSLR
FRQ O¶DGR]LRQH GHL 3$(6 H O¶DGHVLRQH DO 3DWWR GHL
6LQGDFL SHU TXDQWR L WHPL HQHUJHWLFL 2FFRUUH IDUH
VHQ]DGXEELRXQVDOWRGLTXDOLWjVXLWHPLDPELHQWDOL
SURJUDPPDQGR SROLWLFKH SHU LO PLJOLRUDPHQWR GHOOD
TXDOLWj VXSHU¿FLDOH GHOOH DFTXH FRQ OD VRWWRVFUL]LR
$778$/,7$·
*UDPLJQD³3ULPDGHOO¶HVWDWHSURQWDOD
*UHHQZD\¿QRD6DOLFH7HUPH´
QHGLFRQWUDWWLGL¿XPH(¶LQQHJDEL
OH FKH OR VYLOXSSR GHOO¶2OWUHSz GHYH
HVVHUH SHQVDWR VX XQ PRGHOOR UXUDOH
PXOWLIXQ]LRQDOH,QWDOVHQVRODIUXLEL
OLWjWHUULWRULDOHGHYHHVVHUHJDUDQWLWD
GDXQRVYLOXSSRSHUTXDQWRSRVVLELOH
GHOODPRELOLWjGROFHHFLFODELOHROWUH
FKHGLLPSOHPHQWD]LRQHGHOWUDVSRUWR
SXEEOLFRORFDOH7XWWRFLzSHUPHWWHUj
GLHVDOWDUHOHVSHFL¿FLWjGHOO¶2OWUHSz
SDYHVH FRPH OH '23 GHO YLQR H GHO
VDODPH GL 9DU]L ROWUH DG DOWUL SUR
GRWWLGLQLFFKLDFDUDWWHUL]]DQWLLOWHUULWRULR1HOO¶LGHD
GL VYLOXSSR ORFDOH q QHFHVVDULR DQFKH FRPSUHQGHUH
HGHVDOWDUHOHSURGX]LRQLLQGXVWULDOLSUHVHQWLGDDQQL
VXOQRVWURWHUULWRULRIDYRUHQGRQHODSHUPDQHQ]DDW
WUDYHUVRLQIUDVWUXWWXUHDGHJXDWHVLDYLDELOLVWLFKHFKH
GLJLWDOL´
'LVVHVWR LGURJHRORJLFR XQ DQQRVR SUREOHPD SHU
O¶2OWUHSz3DYHVH&RVDVLVWDIDFHQGRDWDOSURSR
VLWR"
³,O GLVVHVWR LGURJHRORJLFR q FRPSHWHQ]D UHJLRQDOH
(QWHFKHDPLRDYYLVRVLVWDDWWLYDQGRLQPRGRDQ
FRUDLQVRGGLVIDFHQWH7XWWDYLDOD3URYLQFLDGL3DYLD
KDLVWLWXLWRXQD³FDELQDGLUHJLD´DWWUDYHUVRODTXDOH
FLVLSURSRQHGLLQGLUL]]DUHOHULVRUVHFRQXQSHUFRU
VRFRQFHUWDWRFRQL&RPXQL/DVROX]LRQHSHUzQRQq
TXHOODGLDIIURQWDUHOHHPHUJHQ]HEHQVuGLDSSURQWDUH
XQSLDQRDOXQJRWHUPLQHFKHSUHYHGDLQWHUYHQWLVXOOD
SUHYHQ]LRQHHODPLWLJD]LRQHGHOULVFKLR,QWDOHVHQVR
qIRQGDPHQWDOHXQSURJUDPPDGLJHVWLRQHGHOERVFR
FRQXQDFFRUGRGL¿OLHUDFKHSUHYHGDLOFRQIHULPHQ
WRRQHURVRGHOODELRPDVVDOHJQRVDLQLPSLDQWLSHUOD
SURGX]LRQHGLHQHUJLDHXQVRVWHJQRDL&RPXQLSHUOD
FXUDGHLUHWLFROLLGULFLPLQRUL´
9LDELOLWjTXDQGRVDUjSURQWDODYDULDQWHVXOODH[
VWDWDOHGHO3HQLFHDOO¶DOWH]]DGL%DJQDULD"
³6R FKH O¶$VVHVVRUH 9LVSRQHWWL VWD DODFUHPHQWH OD
YRUDQGR FRQ L WHFQLFL GHOOD SURYLQFLD SHU ULVROYHUH
FULWLFLWj SURJHWWXDOL HUHGLWDWH , ODYRUL VRQR ULSDUWL
WL&UHGRFKHO¶RSHUDSRWUjHVVHUHFRQFOXVDLQEUHYH
WHPSR´
/HLFKHGDVHPSUHVLRFFXSDGLSUREOHPLOHJDWLDO
PRQGRGHJOL2VSHGDOL4XDOHIXWXURSHUJOLRVSH
GDOLGHOO¶2OWUHSzHSHUTXHOORGL9DU]L"
³&UHGRFKHFLVLDVSD]LRHVLGHEEDQRPDQWHQHUHWXWWL
LSUHVLGLVDQLWDULLQ2OWUHSz4XHVWRqTXDQWRDQFKH
HPHUVRGDOUHFHQWH&RQVLJOLR3URYLQFLDOHDSHUWRVXO
ODVDQLWj(¶FKLDURFKHELVRJQDLQL]LDUHDUDJLRQDUH
LQ XQ¶RWWLFD GL UHWH SURJUDPPDQGR GHL VHUYL]L FRQ
XQDORJLFDGLFRPSOHPHQWDULHWjQRQGLFRQFRUUHQ]D
/¶2VSHGDOHGL9RJKHUDGRYUjHVVHUHO¶+XEWHUULWRULD
OH FRPSOHWDQGRVL FRQ O¶DWWLYD]LRQH GHOOD VWURNHXQLW
GL,,OLYHOOR*OLDOWUL2VSHGDOLGRYUDQQRSRWHQ]LDUHL
VHUYL]LGLGLDJQRVLHFXUDVRSUDWWXWWRDOLYHOORDPEX
ODWRULDOHRGL'+/¶$5(8GRYUjSRWHQ]LDUHLSURSUL
VHUYL]LDQFKHHQWUDQGRQHOODJHVWLRQHGHL36/¶DXWR
SUHVHQWD]LRQH GRYUj HVVHUH JDUDQWLWD SRWHQ]LDQGR LO
VHUYL]LRGLFRQWLQXLWjDVVLVWHQ]LDOH´
3URYLQFLDGL3DYLDTXDOHIXWXUR"
³$QFKH TXDORUD OD QRUPDWLYD QD]LRQDOH WUDVIRUPH
UjOHSURYLQFHLQ(QWLGL,,OLYHOORFUHGRFKHSHUXQ
WHUULWRULRFRPHTXHOORGHOOD3URYLQFLDGL3DYLDDOWD
PHQWHIUDPPHQWDWRHGHWHURJHQHRVLDLQGLVSHQVDELOH
XQVRJJHWWRLVWLWX]LRQDOHFKHVYROJDXQDIXQ]LRQHGL
FRRUGLQDPHQWR,QWDOVHQVRLOUXRORGHOO¶$PPLQLVWUD
]LRQH3URYLQFLDOHVDUjDQFRUDSLLPSRUWDQWHSHULO
IXWXUR´
LO 3HULRGLFR
$35,/(
92*+(5$
3$5/$/¶$66(6625($//(32/,7,&+(62&,$/,'(/&2081(',92*+(5$
)LRFFKL³$EELDPRWDQWHULFKLHVWHSHU
LEXRQLVSHVDFRQROWUHXWHQWL´
',6(5(1$6,08/$
,Q XQ SHULRGR GL FULVL FRPH TXHOOR
DWWXDOHLOVHWWRUHGHLVHUYL]LVRFLDOLq
WUDLSLGHOLFDWLORVDEHQH*LXVHSSH
)LRFFKL DVVHVVRUH DOOH SROLWLFKH VR
FLDOLGHOFRPXQHGL9RJKHUDFKHDE
ELDPRLQFRQWUDWRSHUIDUFLUDFFRQWDUH
TXDOLSURYYHGLPHQWLO¶DPPLQLVWUD]LR
QHVWDPHWWHQGRLQFDPSRSHUYHQLUH
LQFRQWURDOOHHVLJHQ]HGLFKLqSLLQ
GLI¿FROWj
4XDOqODIRUPDGLDVVLVWHQ]DSLULFKLHVWD"
³1RQVRVHVLDODSLULFKLHVWDPDVHQ]DGXEELRODSL
LPPHGLDWDqTXHOODFKHHODUJLVFHLEXRQLVSHVD2JQL
VHPHVWUH SHU TXHVWR SDUWLFRODUH VHUYL]LR DEELDPR D
GLVSRVL]LRQHPLODHXURGDDVVHJQDUHDFRORURFKH
QRQDEELDQRXQLQGLFDWRUH,6((VXSHULRUHDLFLQTXH
PLOD HXUR DQQXL H SHU GDUH TXDOFKH FLIUD OR VFRUVR
VHPHVWUHJOLXWHQWLVRQRVWDWLGLFXLLWDOLDQL
FRPXQLWDULHH[WUDFRPXQLWDUL5LVSHWWRDOVH
PHVWUHSUHFHGHQWHLOQXPHURGLTXHVWLXOWLPLVLqTXDVL
GLPH]]DWR LQ IDYRUH GHJOL LWDOLDQL XQ FDPELDPHQWR
GRYXWR DOO¶LQWURGX]LRQH GL XQ QXRYR SURYYHGLPHQWR
SHUFXLQRQqSLSRVVLELOHSUHVHQWDUHXQDVHPSOLFH
DXWRFHUWL¿FD]LRQH&RPH/HJD1RUGORVWHVVRUHJROD
PHQWRDEELDPRYROXWRFKHIRVVHDSSOLFDWRDQFKHSHU
O¶DVVHJQD]LRQHGHOOHFDVHSRSRODUL´
*LXVWRSDUOLDPRGLFDVHSRSRODUL
³$FFDQWRDLFRQWULEXWLRUGLQDULFKHVLDJJLUDQRLQ
WRUQRDLPLODHXURSHUOHYHUL¿FKHGHOOHFDVHSR
SRODULTXHVW¶DQQRVRQRVWDWLVWDQ]LDWLDOWULPLOD
HXUR SHU OD ULVLVWHPD]LRQH GL DOORJJL H D EUHYH
SDUWLUj OD JDUD G¶DSSDOWR 3URQWL GD FRQVHJQDUH QH
DEELDPRLQYHFHTXDWWURHPROWLDOWULLQYHFHVRQROLEH
ULPDKDQQRXUJHQWHELVRJQRHVVHUHPHVVLDQRUPD
RULVWUXWWXUDWL´
&KHDOWUHIRUPHGLDVVLVWHQ]DHVLVWRQR"
³3URSULR SRFKL JLRUQL ID q VWDWR DSSURYDWR GDO 'L
VWUHWWRGL9RJKHUDGXQTXHQRQULJXDUGDVRORQRLPD
DQFKHLFRPXQLGL%DJQDULD%DVWLGDGH¶'RVVL%UDO
ORGL3UHJROD&DVHL*HUROD&HFLPD&RGHYLOOD&R
UDQD &RUQDOH *RGLDVFR 0HQFRQLFR 0RQWHVHJDOH
3RQWH 1L]]D 5HWRUELGR 5LYDQD]]DQR 5RFFD 6XVHO
OD 5RPDJQHVH 6DQWD 0DUJKHULWD 6WDIIRUD 6LOYDQR
3LHWUD7RUUD]]D&RVWH9DOGL1L]]D9DOYHUGH9DU]L
9RJKHUD=DYDWWDUHOORLOSLDQRGL]RQDFKHSUHYHGH
O¶DVVHJQD]LRQHGLEXRQLVRFLDOLDIDYRUHGHOOHSHUVR
QH FRQ JUDYL GLVDELOLWj GL YRXFKHU SHU DQ]LDQL QRQ
DXWRVXI¿FLHQWLHGLDOWULDLXWLHFRQRPLFLYHGLDUWLFROR
UHODWLYRDS$FFDQWRDWXWWHTXHVWHIRUPHGLVRVWH
JQRF¶qSRLOR6SRUWHOOR$I¿WWLLQTXHVWRFDVRYLHQH
VWDQ]LDWDXQDVRPPDFKHVHUYHRDSURURJDUHO¶HVH
FX]LRQH GL XQR VIUDWWR RSSXUH D SDJDUH GXH PHVL GL
DI¿WWRDFKLORDYHVVHVXEuWRHYROHVVH¿UPDUHXQQXR
YRFRQWUDWWR2YYLDPHQWHWDOLDLXWLYHQJRQRFRQFHVVL
VRORQHLFDVLGLPRURVLWjLQFROSHYROH´
&DPELDPRDUJRPHQWRGDYDU]HVHGRFFRVDSHQVD
ULJXDUGRLOULVFKLRFKLXVXUDGHOO¶2VSHGDOHGL9DU
]L"
³2YYLDPHQWH QRQ SRVVR FKH HVVHUH FRQWUDULR D
TXHVW¶LGHDROWUHDGHVVHUHXQSRORRFFXSD]LRQDOHLP
SRUWDQWLVVLPRqDQFKHO¶XQLFDVWUXWWXUDUDJJLXQJLEL
OHLQFDVRGLHPHUJHQ]DGDWXWWLLSDHVLGHOO¶DOWD9DOOH
6WDIIRUD 'HYR GLUH SHUz FKH D ULJXDUGR L UDJD]]L
GHOOD/HJD1RUGGL9DU]LVLVWDQQRGLPRVWUDQGRPROWR
DWWLYLqPHULWRORURVHO¶RVSHGDOHGL7UHYLJOLRKDRI
IHUWRJUDWXLWDPHQWHXQD7$&DOO¶D]LHQGDRVSHGDOLHUD
YDU]HVHPDFFKLQDULRFKHLGLULJHQWLVWDQQRYDOXWDQ
GRVHDFFHWWDUHRPHQRHTXLQGLVHIDUVLFDULFRGHOOD
SUHGLVSRVL]LRQHGLXQORFDOHDSSRVLWR´
LO 3HULRGLFR
$35,/(
,/*58332(¶67$7235(6(17$72,1&2081($92*+(5$
',6(5(1$6,08/$
)UDWHOOLG¶,WDOLDDUULYDDQFKHLQ2OWUHSz,OSDUWLWRJXL
GDWR GD *LRUJLD 0HORQL FKH QHOOR VWUDGHOOLQR H QHO
SDYHVHDYHYDJLjGDWHPSRUDGXQDWRXQFHUWRVHJXLWR
KD DSSHQD UDGXQDWR WUH QXRYL DGHSWL WUD L FRQVLJOLH
UL FRPXQDOL ROWUHSDGDQL VL WUDWWD GL /XFD 0HLVLQD
GHO FRPXQH GL *RGLDVFR H[ OLVWD FLYLFD 0DVVLPR
/XFRWWL GHO FRPXQH GL 5HWRUELGR H[ OLVWD FLYLFD H
*LXVHSSH 5RI¿ H[ /HJD 1RUG , WUH SROLWLFL KDQQR
FRPXQLFDWRODORURGHFLVLRQHLQXQDFRQIHUHQ]DVWDP
SD D SDOD]]R *RXQHOD GRYH VL VRQR SUHVHQWDWL DF
FRPSDJQDWL GDOOD FRRUGLQDWULFH UHJLRQDOH GL )UDWHOOL
G¶,WDOLD 3DROD )UDVVLQHWL GDOO¶DVVHVVRUH FRPXQDOH GL
3DYLD0DUFR*DODQGUDHGL&ODXGLR0DQJLDURWWL³1HO
QRVWUR3DHVHKDVSLHJDWRVHPSOLFHPHQWH0DVVLPR
/XFRWWLPDQFDYD¿QRDSRFRWHPSRIDXQFUHGLELOH
SDUWLWRGLGHVWUDHVVHQGRLRXQDSHUVRQDGLGHVWUDPL
qVHPEUDWRDOTXDQWRQDWXUDOHFRQÀXLUHDOO¶LQWHUQRGL
)UDWHOOLG¶,WDOLDXQDUHDOWjDQFRUDSLFFRODPDPRO
WRVHULD´*LjSURLHWWDWRVXOIXWXUR*LXVHSSH5RI¿LO
TXDOHKDDQQXQFLDWRVXELWRODVXDLQWHQ]LRQHGLEDW
WHUVLFRQWURODFKLXVXUDGHOODFDVHUPDGHLFDUDELQLHUL
GL9RJKHUD ³8QD ULVRUVD KD FRPPHQWDWR GL FXL
YRUUHEEHURHVSURSULDUFLFRVuFRPHKDQQRIDWWRFRQLO
WULEXQDOH6SHURFKHLOPLRSDVVDJJLRD)UDWHOOLG¶,WD
OLDKDSRLFRQWLQXDWRSRVVDJHWWDUHXQVHPHQHOOD
QRVWUD FRPXQLWj H FRQYLQFHUH DOWUL VLPSDWL]]DQWL D
FROODERUDUHFRQQRLODPLDSRUWDqVHPSUHDSHUWDH
FROJRO¶RFFDVLRQHSHULQYLWDUHFKLXQTXHIRVVHLQWHUHV
VDWRDVDSHUQHGLSLVXTXHVWDQXRYDUHDOWjSROLWLFDD
EXVVDUHLQTXDOXQTXHPRPHQWR´&RQWHQWDGHOQXRYR
DFTXLVWRYRJKHUHVHVLqGHWWDO¶RQRUHYROH)UDVVLQHWL
OD TXDOH KD VRWWROLQHDWR O¶LPSRUWDQ]D GL DYHUH XQD
UDSSUHVHQWDQ]DDOO¶LQWHUQRGHOFRQVLJOLRFRPXQDOHGL
TXHOIRQGDPHQWDOHFURFHYLDFKHqODFDSLWDOHGHOO¶2O
WUHSzPHQWUHLQFRUDJJLDQWLVRQRVWDWLLWRQLXVDWLGDO
VLQGDFR&DUOR%DUELHUL³3UHQGRDWWRHULVSHWWRODGH
FLVLRQHSUHVDGDOFRQVLJOLHUH5RI¿KDGLFKLDUDWRXQ
HOHPHQWR PROWR YDOLGR LO FXL FRQWULEXWR VRQR VLFXUR
92*+(5$
*LXVHSSH5RI¿0DVVLPR/XFRWWLH/XFD
0HLVLQDDGHULVFRQRD)UDWHOOLG¶,WDOLD
FKH FRQWLQXHUj DG HVVHUH SRVLWLYR H FRVWUXWWLYR FRVu
FRPH q VHPSUH VWDWR &RQVLGHUR LO VXR SDVVDJJLR D
)UDWHOOLG¶,WDOLDXQSDUWLWRODFXLYLVLELOLWjHO¶LQWH
UHVVHJHQHUDOHVRQRODPSDQWLXQXOWHULRUHVHJQDOHGL
GHPRFUD]LDHJOLIDFFLRO¶LQERFFDDOOXSRSHUTXHVWD
QXRYDHVSHULHQ]D´
8Q LQWHUHVVH TXHOOR SHU )UDWHOOL G¶,WDOLD FKH q FUH
VFLXWR PROWR QHOO¶XOWLPR SHULRGR QRQ VROR WUD FKL ID
SROLWLFD PD DQFKH WUD OH SHUVRQH FRPXQL ³,Q SDU
WLFRODUH KD FRPPHQWDWR *DODQGUD FRQVLGHULDPR
XQVXFFHVVRLOIDWWRGLHVVHUHULXVFLWLDGDWWLUDUHPROWL
JLRYDQLLTXDOLKDQQRGLPRVWUDWRGLDSSUH]]DUHLPH
WRGLGHOVHJUHWDULR*LRUJLD0HORQL´
,/352*(772,//8675$72'$/6,1'$&2',92*+(5$&$5/2%$5%,(5,
(FFRJOLLQWHUYHQWLDIDYRUHGHJOLDQ]LDQL
³$UULYDLOEXRQRVRFLDOHSHULGLVDELOL´
',6(5(1$6,08/$
ÊVWDWRSUHVHQWDWRTXDOFKHJLRUQRIDLQXQDFRQIH
UHQ]DVWDPSDDSDOD]]R*RXQHODLOSURJHWWRDSSUR
YDWRGDOO¶$VVHPEOHDGHL6LQGDFLGHO3LDQRGL=RQD
GHO 'LVWUHWWR GL 9RJKHUD ULJXDUGDQWH JOL LQWHUYHQWL
DIDYRUHGLDQ]LDQLQRQDXWRVXI¿FLHQWLHGLSHUVRQH
FRQ GLVDELOLWj JUDYH ¿QDQ]LDWL GDO IRQGR QD]LRQDOH
SHUOHQRQDXWRVXI¿FLHQ]HHGDOSURJUDPPDRSHUD
WLYRUHJLRQDOHLQPDWHULDGLJUDYLHJUDYLVVLPHGLVD
ELOLWj*OLDLXWLLOOXVWUDWLGDOVLQGDFR&DUOR%DUELHUL
GDO YLFH VLQGDFR *LXVHSSH )LRFFKL GDO SUHVLGHQWH
GHOO¶DVVHPEOHDGHLVLQGDFL5RPDQR)HUUDULHGDOGL
ULJHQWHGHLVHUYL]LVRFLDOLYRJKHUHVL'RPHQLFR0DU
UDSRGLYHUUDQQRDWWLYDWLLQFRPXQLGHOO¶2OWUHSR¶
%DJQDULD %DVWLGD GH¶ 'RVVL %UDOOR GL 3UHJROD
&DVHL*HUROD&HFLPD&RGHYLOOD&RUDQD&RUQDOH
*RGLDVFR 6DOLFH 7HUPH 0HQFRQLFR 0RQWHVHJDOH
3RQWH 1L]]D 5HWRUELGR 5LYDQD]]DQR 5RFFD 6X
VHOOD5RPDJQHVH6DQWD0DUJKHULWD6WDIIRUD6LOYD
QR 3LHWUD 7RUUD]]D &RVWH 9DO GL 1L]]D 9DOYHUGH
9DU]L 9RJKHUD =DYDWWDUHOOR H VDUDQQR ¿QDOL]]DWL
DO VRVWHJQR GHOOD SHUVRQD H GHOOD VXD IDPLJOLD SHU
JDUDQWLUH D FKL QRQ IRVVH DXWRVXI¿FLHQWH OD SRVVL
ELOLWj GL FRQWLQXDUH DG DELWDUH QHO SURSULR GRPLFL
OLR ,Q SDUWLFRODUH LO ³%XRQR VRFLDOH D IDYRUH GHOOH
SHUVRQHFRQGLVDELOLWjJUDYH´qGHVWLQDWRDJOLDIIHWWL
GD PDODWWLH GHO PRWRQHXURQH FRPSUHVH OD 6FOHURVL
/DWHUDOH$PLRWUR¿FD OD &RUHD GL +XQWLQJWRQ IRU
PHJUDYLGLGLVWUR¿DHGLPLRSDWLDODVFOHURVLPXO
WLSODHODVLQGURPH/RFNHG,QFRQOLYHOORGLGH¿FLW
PRGHUDWRHPHGLRJUDYH,EHQH¿FLDULLQGLYLGXDWLD
VHJXLWRGLYDOXWD]LRQHPXOWLGLPHQVLRQDOHHIIHWWXDWD
FRQPRGDOLWjLQWHJUDWDWUD$VOHFRPXQHGRYUDQQR
HVVHUHLQSRVVHVVRGLXQ¶DWWHVWD]LRQH,6((QRQVX
SHULRUHDPLODHXUR¿QRDGRWWRPLODHXURSRWUj
HVVHUH ULFRQRVFLXWR ORUR XQ EXRQR VRFLDOH GL HXURPHQVLOLPHQWUHWUDJOLRWWRHLTXLQGLFLPLODLO
FRQWULEXWRVDUjGLHXURPHQVLOL,O³9RXFKHUSHU
DQ]LDQLQRQDXWRVXI¿FLHQWLLQFHQWURGLXUQRLQWHJUD
WR´LQYHFHVDUjDVVHJQDWRSHUODIUHTXHQ]DGHLFHQ
WULGLXUQLLQWHJUDWLSUHVHQWLQHOGLVWUHWWRHJHVWLWLGD
HQWLDFFUHGLWDWLDO¿QHGLVXSSRUWDUHFRVuOHIDPLJOLH
QHL FRPSLWL GL DVVLVWHQ]D$QFKH LQ TXHVWR FDVR LO
FRQWULEXWRULVHUYDWRDJOLDQ]LDQLQRQDXWRVXI¿FLHQWL
UHVLGHQWLQHLFRPXQLGHO'LVWUHWWRFRQXQ,6((QRQ
VXSHULRUH DG PLOD HXUR q GL PDVVLPR HXUR
PHQVLOL5LVHUYDWRDOO¶DVVLVWHQ]DGRPLFLOLDUHDLGLVD
ELOLqLQYHFHLO³9RXFKHUDVRVWHJQRGHOODGLVDELOLWj´
FRPH QHO FDVR SUHFHGHQWH SRVVRQR ULFKLHGHUH O¶DV
VHJQRPHQVLOHGLPDVVLPRHXURLUHVLGHQWLQHL
FRPXQLGHO'LVWUHWWRFRQ,6((QRQVXSHULRUHDG
PLODHXUR'LYHUVRLQYHFHLO³&RQWULEXWRGLVROOLHYR
SHUODIDPLJOLDGLSHUVRQDQRQDXWRVXI¿FLHQWH´FKH
SRWUjHVVHUHDVVHJQDWRSHUSHULRGLOLPLWDWLPHVL
DOODIDPLJOLDGLSHUVRQDQRQDXWRVXI¿FLHQWHWUDVFRUVL
SUHVVRXQLWjG¶RIIHUWDUHVLGHQ]LDOLRVHPLUHVLGHQ]LDOL
VRFLRVDQLWDULHRVRFLDOL3RVVRQRULFKLHGHUHO¶DWWLYD
]LRQH GHO FRQWULEXWR GL VROOLHYR DVVHJQDWR SUHYLD
YDOXWD]LRQHGHOO¶RSHUDWRUHVRFLDOHH¿QRDGXQPDV
VLPRGL¼XQDWDQWXPLUHVLGHQWLQHLFRPXQL
GHO'LVWUHWWRFRQ,6((QRQVXSHULRUHDGPLODHXUR
,QXOWLPRqVWDWRVWDQ]LDWRDQFKHLO³%XRQRVRFLDOH
YLWDLQGLSHQGHQWHSHUSHUVRQHFRQGLVDELOLWjJUDYHR
JUDYLVVLPD´LOTXDOHVLSURSRQHGLVRVWHQHUHSURJHWWL
GLYLWDLQGLSHQGHQWHGLSHUVRQHGLHWjFRPSUHVDWUD
LHLDQQLFRQGLVDELOLWj¿VLFRPRWRULDJUDYHH
JUDYLVVLPDPDFRQFDSDFLWjGLHVSULPHUHODSURSULD
YRORQWjFKHLQWHQGRQRUHDOL]]DUHLOSURSULRSURJHWWR
VHQ]D LO VXSSRUWR IDPLOLDUH FRQ O¶DXVLOLR GL XQ DV
VLVWHQWHSHUVRQDOHDXWRQRPDPHQWHVFHOWRHGDORUR
DVVXQWRGLUHWWDPHQWH$QFRUDXQDYROWDLGHVWLQDWDUL
YHUUDQQR LQGLYLGXDWL D VHJXLWR GL YDOXWD]LRQH PXO
WLGLPHQVLRQDOHHIIHWWXDWDFRQPRGDOLWjLQWHJUDWDWUD
$VOH&RPXQH)LQRDXQPDVVLPRGLHXURPHQ
VLOLLOEXRQRSRWUjHVVHUHDVVHJQDWRDFKLDEELDXQ
,6(( QRQ VXSHULRUH DL PLOD HXUR 3HU PDJJLRUL
LQIRUPD]LRQLqSRVVLELOHULYROJHUVLDOO¶XI¿FLRGLSLD
QRVHWWRUHVHUYL]LVRFLDOLGHOFRPXQHGL9RJKHUDLQ
FRUVR5RVVHOOLRSSXUHFRQWDWWDUHOR
RPDQGDUHXQDPDLODSLDQLGL]RQD#FRPXQHYRJKH
UDSYLW
LO 3HULRGLFR
$35,/(
LO 3HULRGLFR
$35,/(
,17(59,67$$/6(*5(7$5,2'(,*,29$1,'(02&5$7,&,)$%,2)$52/',
',6(5(1$6,08/$
)DELR )DUROGL KD YHQWLVHWWH DQQL q LO VHJUHWDULR GHL
*LRYDQL'HPRFUDWLFLGL9RJKHUDHGDSRFRqHQWUDWR
D IDU SDUWH GHOOD VHJUHWHULD ORFDOH GHO SDUWLWR FRQ LO
FRPSLWRGLRFFXSDUVLGHOODFRPXQLFD]LRQH/DXUHDWR
LQ6FLHQ]H3ROLWLFKHPDLQFHUFDGLXQ¶RFFXSD]LRQH
FRQOXLDEELDPRSDUODWRGHOOHDWWLYLWjHGHOOHSURSRVWH
FKHODVH]LRQHJLRYDQLOHGHO3GKDLQWHQ]LRQHGLLQVHUL
UHQHOSURJUDPPDSHUOHSURVVLPHHOH]LRQLFRPXQDOL
'D FKL q FRPSRVWR LO JUXSSR GHL *LRYDQL 'HPR
FUDWLFLGL9RJKHUD"
³©6LDPRXQJUXSSRSLFFRORHGHWHURJHQHRFKHFRQWD
XQGLFLWHVVHUDWLWUDLVHGLFLHLWUHQW¶DQQLSURYHQLHQWL
GD9RJKHUDHGDOODYDOOH6WDIIRUD&HUFKLDPRGLHVVH
UHLOSLLQIRUPDOHSRVVLELOHHDQFKHVHRJQXQRGLQRL
SXzGHFLGHUHLQWRWDOHDXWRQRPLDTXDQWRWHPSRGHGL
FDUHDOSDUWLWRLQJHQHUDOHIDUQHSDUWHQRQULFKLHGH
WURSSRLPSHJQRQRLLQIDWWLFLLQFRQWULDPRXQSDLRGL
YROWHDOPHVHHGXUDQWHOHQRVWUHULXQLRQLQRQVLSDUOD
VRORGLSROLWLFD6HVLDPRLQWHUHVVDWLSRLSRVVLDPR
SDUWHFLSDUH DOOH ULXQLRQL GHJOL DOWUL WHVVHUDWL H GDU
ORUR OD QRVWUD RSLQLRQH FROODERUDQGR FRQ ORUR VR
SUDWWXWWRQHOO¶RUJDQL]]D]LRQHGHJOLHYHQWL´
8QGLFLWHVVHUDWLSHUzVRQRSRFKL
³,Q HIIHWWL VL VRSUDWWXWWR VH OL FRQIURQWLDPR FRQ L
VLPSDWL]]DQWLFKHLQYHFHEDVWDSHQVDUHDLDPLFL
GHOOD QRVWUD SDJLQD IDFHERRN VRQR PROWL GL SL ,O
PRWLYR FUHGR VLD GXSOLFH LQ SDUWH q QRWR FKH O¶HWj
PHGLDGHLYRWDQWLGHO3GVLDDEEDVWDQ]DDOWDLQVH
FRQGR OXRJR FUHGR FKH XQD VWUXWWXUD ULJLGD H FRP
SOHVVDFRPHODQRVWUDQRQDLXWLLUDJD]]LDGDYYLFL
QDUVL1RQFUHGRVLDXQSUREOHPDGLJHQHUD]LRQLSL
R PHQR SLJUH PD GL LPPDJLQH H GL RUJDQL]]D]LRQH
GHOSDUWLWR´
&RVD SURSRUUDQQR L *LRYDQL 'HPRFUDWLFL SHU LO
SURVVLPRSURJUDPPDHOHWWRUDOH"
©6LFXUDPHQWHDYDQ]HUHPRSURSRVWHFKHFLULJXDUGD
QR GD YLFLQR ,QQDQ]LWXWWR FL SLDFHUHEEH WURYDUH HG
LVWLWXLUH XQ OXRJR GL ULWURYR XI¿FLDOH SHU L JLRYDQL
LQ FXL LQFRQWUDUVL H VWDUH LQVLHPH XQ OXRJR GD FXL
SHUDOWUR IDU SDUWLUH XQ SL DPSLR SURJHWWR GL ZL¿
SXEEOLFR 2OWUH D TXHVWR SRL YRUUHPPR RFFXSDU
92*+(5$
³$EELDPRWDQWLRELHWWLYLHYRUUHPPR
RUJDQL]]DUHPRPHQWLFXOWXUDOL´
FL PDJJLRUPHQWH GL FXOWXUD RUJDQL]]DQGR FRQFHUWL
SUHVHQWD]LRQL GL OLEUL LQFRQWUL FRQ SHUVRQDJJL QRQ
QHFHVVDULDPHQWHOHJDWLDOSDUWLWR´
3HUFKLXGHUHXQDGRPDQGDG¶REEOLJRGDVHJUHWD
ULRGHL*LRYDQL'HPRFUDWLFLFRVDQHSHQVDGL5HQ
]LLOJLRYDQHSHUHFFHOOHQ]DGHO3G"
³3HUVRQDOPHQWH VRQR XQ UHQ]LDQR GHOOD SULP¶RUD
GXQTXHQRQSRVVRFKHJXDUGDUHFRQIDYRUHDOODVXD
DWWLYLWjFRPHFDSRGHOJRYHUQR&HUWRTXDOFKHSHU
SOHVVLWjVXOPRGRLQFXLqDUULYDWRDGRFFXSDUHTXHO
ODSRVL]LRQHULPDQHPDVRQRSLFKHGLVSRVWRDFRQ
WLQXDUHDGDUJOL¿GXFLDHFRPHPHDQFKHWDQWLVVLPL
DOWULFKHSLDQRSLDQRVRQRFRQÀXLWLQHOO¶DODUHQ]LDQD
GHOSDUWLWR´
LO 3HULRGLFR
$35,/(
92*+(5$
3$5/$/¶$66(6625($,/$925,38%%/,&,'(/&2081(',92*+(5$
5RFFD³&DYR/DJR]]RH3LD]]D6DQ
%RYRVDUDQQROHSULRULWjGLTXHVWLPHVL´
',6(5(1$6,08/$
*LDQSLHUR 5RFFD q O¶DVVHVVRUH DL OD
YRULSXEEOLFLDOSDWULPRQLRDOO¶DUUH
GRHDOGHFRURXUEDQRGHOFRPXQHGL
9RJKHUD8QDVVHVVRUDWRLPSRUWDQWH
FHQWUDOH SHU LO IXQ]LRQDPHQWR GHOOD
FLWWj H VHPSUH DOO¶RSHUD SHU PLJOLR
UDUQHQRQVRORO¶HI¿FLHQ]DPDDQFKH
O¶DVSHWWR WDQWH VRQR OH RSHUH UHDOL]
]DWH QHOO¶XOWLPR SHULRGR H DQFRUD GL
SL TXHOOH LQ SURJUDPPD SHU L SURV
VLPLPHVL$GLOOXVWUDUFHOHqVWDWRSURSULRO¶DVVHVVRUH
4XDOLODYRULVRQRVWDWLSRUWDWLDWHUPLQHQHOO¶XOWL
PRSHULRGR"
³,QQDQ]LWXWWR GRSR L SUREOHPL FKH DEELDPR DYXWR
FRQ OH SLRJJH DEERQGDQWL FL q VHPEUDWR LO FDVR GL
LQWHUYHQLUHVXELWRVXO&DYR/DJR]]RHVXOODVLVWHPD
]LRQHGHLIRVVLSHUTXHVW¶XOWLPDRSHUD]LRQHFKHKD
YLVWR OD FROODERUD]LRQH GHJOL DJULFROWRUL GHOOD ]RQD
VRQR VWDWL VWDQ]LDWL PLOD HXUR H OH XOWLPH SLRJJH
KDQQRWHVWDWRLPPHGLDWDPHQWHO¶HI¿FDFLDGHLODYRUL
2OWUHDTXHVWRDEELDPRDSSHQDFRQVHJQDWRODSDOH
VWUDGHOODER[HYLFLQRDOFHQWURQDWDWRULRHDEELDPR
ULVLVWHPDWRODYHFFKLDVHGHGHOO¶8I¿FLRUHOD]LRQLFRQ
LO3XEEOLFRLQYLD(PLOLDWUDVIRUPDQGRODLQXQDVDOD
FRQYHJQL FKH YHUUj LQDXJXUDWD D EUHYH 5LPDQHQGR
LQ WHPD GL LQDXJXUD]LRQL SRL O¶ DSULOH GRYUHEEH
HVVHUH XI¿FLDOPHQWHLQDXJXUDWD DQFKH OD *UHHQZD\
XQYHURHSURSULR¿RUHDOO¶RFFKLHOORGLTXHVWDDPPL
QLVWUD]LRQHª
3URJHWWLDEUHYHWHUPLQH"
³'XQTXHQHDEELDPRGLYHUVLFKHGRYUHEEHURSDUWLUH
SURSULRQHLSURVVLPLJLRUQLHDOFXQLFKHLQYHFHVRQR
SUHYLVWL SHU O¶HVWDWH 7UD TXHOOL SURQWL SHU SDUWLUH FL
VRQRLODYRULGLDPSOLDPHQWRDOFLPLWHURGL0HGDVVL
QRSHUFXLqJLjVWDWRFRQFHVVRO¶DSSDOWRHTXHOOLLQ
SLD]]D6DQ%RYRGRYHUHDOL]]HUHPRXQSDUFRJLRFKL
SHULEDPELQL$EUHYHSRLSDUWLUjODJDUDG¶DSSDO
WRSHUODFRVWUX]LRQHGLXQDFRPXQLWjODFXLJHVWLRQH
YHUUj DI¿GDWD DOO¶$QIIDV GL 9RJKHUD 6HPSUH D EUH
YH SURFHGHUHPR FRQ OH DVIDOWDWXUH SDUWLFRODUPHQWH
QHFHVVDULH GRSR XQ LQYHUQR FRVu SLRYRVR 1HL SURV
VLPL PHVL LQYHFH ULVLVWHPHUHPR L SRUWLFL GL SLD]]D
'XRPRROWUHDOO¶LPELDQFDWXUDDEELDPRSUHYHQWLYDWR
GL VRVWLWXLUH DQFKH WXWWD O¶LOOXPLQD]LRQH DWWXDOH FRQ
TXHOODDOHGXQ¶RSHUD]LRQHFKHYDOHFLUFDPLOD
HXUR,QSURJUDPPDSRLF¶qDQFKHODVLVWHPD]LRQH
GHOOHWULEXQHGHOFDPSRVSRUWLYR3DULVLHGHOOHURWRQ
GHGLYLD&DYRXUHYLD*DULEDOGL´
(SHUTXDQWRULJXDUGDOHDUHHYHUGL"
³/HDUHHYHUGLFLVRQRHQRQVRORLQFHQWUR3XUWURSSR
SHUzOHSHUVRQHQRQOHIUHTXHQWDQRPROWRDFDXVDGHL
SHUVRQDJJLFKHOHRFFXSDQRPDSHUTXHVWRSRVVLDPR
IDUHSRFRVSHWWDDLFLWWDGLQLULDSSURSULDUVHQHHVSH
ULDPRFKHODFRVWUX]LRQHGHOSDUFRJLRFKLGLSLD]]D
6DQ%RYROHLQYRJOLDIDUOR´
$OVWDJLjSHQVDQGR"
³ÊDQFRUDXQSR¶SUHVWRSHURUDKRVRORXQDPH]]D
LGHD GL ULVLVWHPDUH L PDUFLDSLHGL VXO WUDWWR ¿QDOH GL
YLD;;9,,PDU]RHGLFRUVR5RVVHOOL´
LO 3HULRGLFR
$35,/(
,/029,0(172',)$%,2$48,/,1,*,$¶$//$92523(5/((/(=,21,
',$/(66$1'52',63(5$7,
/HHOH]LRQLFRPXQDOLVRQRDQFRUDORQWDQHPD
D9RJKHUDF¶qFKLVLSRUWDDYDQWL,O0RYLPHQWR&LYL
FR/¶,WDOLDGHO5LVSHWWRLGHDWRGDOFRPPHUFLDQWHHG
H[ FRQVLJOLHUH FRPXQDOH )DELR$TXLOLQL LPPDJLQD
XQ¶LSRWHWLFDJLXQWDHSUHVHQWDLVXRLFDQGLGDWLFRQODU
JRDQWLFLSR'RSRODYROWDGL&ODXGLR/RPEDUGRH[
FDOFLDWRUHSURIHVVLRQLVWDFKHFRUUHUjSHUO¶DVVHVVRUDWR
DOORVSRUWHWHPSROLEHURqRJJLLOWXUQRGL$QWRQLR
5LEH]]L VRWWRXI¿FLDOH GHOOD 3ROL]LD 3HQLWHQ]LDULD LQ
SHQVLRQH FKH DVSLUD DO UXROR GL DVVHVVRUH DOOD VLFX
UH]]D5LEH]]LFODVVHqRULJLQDULRGL%ULQGLVL
PD YRJKHUHVH G¶DGR]LRQH YLVWR FKH FRQRVFH OD FLW
Wj ¿Q GDJOL DQQL H FL YLYH VWDELOPHQWH GDO ,O UHVSRQVDELOH GHO PRYLPHQWR$TXLOLQL OR KD VFHOWR
³SHUFKpqXQDSHUVRQDFRPSHWHQWHLQPDWHULDVHULDH
QRQKDSUHFHGHQWLLQSROLWLFD,UHTXLVLWLIRQGDPHQWDOL
SHU IDU SDUWH GHO PRYLPHQWR 1RL YRJOLDPR SHUVRQH
SXOLWHFKHDEELDQRYRJOLDGLPHWWHUVLDGLVSRVL]LRQH
GHOODFLWWDGLQDQ]DVHQ]DDUULYLVPR´
$5LEH]]LLOGLVFRUVRVLFXUH]]DVWDSDUWLFRODUPHQWHD
FXRUH DYHQGR DVVLVWLWR QHJOL XOWLPL DQQL DG XQ ³GH
FOLQR DOODUPDQWH´ ³4XDQGR ODYRUDYR LQ 3ROL]LD D
0LODQR ± UDFFRQWD ± WRUQDYR VHPSUH D 9RJKHUD QHL
JLRUQLGLULSRVRSHUFKpHUDXQ¶RDVLGLSDFH2JJLOD
VLWXD]LRQHqSUHFLSLWDWDODFLWWjqLQPDQRDLGHOLQ
TXHQWLHLFLWWDGLQLGRSROHRWWRGLVHUDKDQQRSDXUD
DGXVFLUHGLFDVD0LULIHULVFRVRSUDWWXWWRDGRQQHH
SHUVRQH DQ]LDQH 3HU QRQ SDUODUH SRL GHL IXUWL DX
PHQWDWL LQ PRGR HVSRQHQ]LDOH QHJOL XOWLPL DQQL VLD
TXHOOL LQ DSSDUWDPHQWR FKH QHL QHJR]L 3RL FL VRQR
JOLVFLSSLORVSDFFLRO¶DFFDWWRQDJJLRDJJUHVVLYRHLO
ELYDFFRRYXQTXH´
'D FRVD q VWDWR FDXVDWR TXHVWR GHJUDGR VHFRQGR
OHL"
³,QQDQ]LWXWWR FL VRQR VWDWL QHO FRUVR GHJOL DQQL GHL
WDJOL SHVDQWL D WXWWL L FRPSDUWL DJHQWL H FDUDELQLHUL
VRQR GLPLQXLWL SURJUHVVLYDPHQWH 3RL O¶LQHVSHULHQ
]DHO¶LQDGHJXDWH]]DGHOOH$PPLQLVWUD]LRQLFKHQRQ
KDQQR PDL DIIURQWDWR LO GLVFRUVR VLFXUH]]D FRPH VL
GHYHKDQQRIDWWRLOUHVWR1RQKDQQRLGHDGLFRPHFL
92*+(5$
'RSR/RPEDUGRHFFR5LEH]]LQDVFHOD
OLVWDGHOO¶,WDOLDGHO5LVSHWWRSHU9RJKHUD
$TXLOLQLH
5LEH]]L
VLGHYHPXRYHUH´
2OWUHFKHGHOOD3ROL]LD3HQLWHQ]LDULDOHLqVWDWRPHP
EURGHOFRPLWDWRGLUDSSUHVHQWDQ]DGLRUGLQHSXE
EOLFRGHOOD3URYLQFLDGL%ULQGLVLDLQL]LRGHJOLDQQL
&KH FRVD OH KD LQVHJQDWR TXHVWD HVSHULHQ]D"
³&KHODVLFXUH]]DVLIDVWDQGRLQVWUDGDSUHVLGLDQGR
ODFLWWjRUHVXVRSUDWWXWWRQHOOHRUHQRWWXUQH
2JJLVLSXQWDPROWRVXOOHWHOHFDPHUHSHQVDQGRFKH
GDVROHSRVVDQRFRQWUDVWDUHODPLFURFULPLQDOLWj8QD
WHOHFDPHUD SXz HVVHUH RVFXUDWD LPEUDWWDWD RSSXUH
HOXVDFRSUHQGRVLLOYROWRLQYDULPRGL1RQqSRVVLELOH
SUHVFLQGHUHGDOODSUHVHQ]D¿VLFDGHOOHIRU]HGHOO¶RU
GLQHVXOWHUULWRULR´
,QYHFH VHPEUD SURSULR FKH LO WUHQG YDGD YHUVR
O¶HOLPLQD]LRQH GL XOWHULRUL SRVWL GL SROL]LD /H FD
VHUPHGHLFDUDELQLHULSLSLFFROHFRPSUHVDTXHOOD
GL9RJKHUDVRQRRJJLDUHSHQWDJOLR«
³6DUHEEHOD¿QH*LjF¶qSRFRFRQWUROORRJJL¿JXULD
PRFLGRPDQLFRQDQFRUDPHQRFDUDELQLHUL,OVLVWHPD
VLFXUH]]DVHVLYDDYDQWLFRVuqGHVWLQDWRDVDOWDUHGH
¿QLWLYDPHQWH´
/HLGDDVVHVVRUHFRVDIDUHEEH"
³,QQDQ]LWXWWR RFFRUUH EDWWHUVL RUD FRQ WXWWH OH IRU
]HSHUFKpTXHVWRQRQDYYHQJD3RLQRLGHOO¶,WDOLDGHO
5LVSHWWR DYHYDPR JLj DYDQ]DWR OD QRVWUD SURSRVWD
FUHDUHXQJUXSSRGLYRORQWDULFRPSRVWRGDH[DJHQWL
LQSHQVLRQHGDDI¿DQFDUHPDJDULDJLRYDQLYROHQWH
URVL FKH SRWHVVH GDUH VXSSRUWR DOOH IRU]H GHOO¶RUGL
QH3HUVRQHFRQHVSHULHQ]DGLVSRVWHDEDWWHUHODFLWWj
VRSUDWWXWWRQHOOHRUHGLXUQHLQFRQWDWWRFRQOHIRU]H
GHOO¶RUGLQHHSURQWLDVHJQDODUHHYHQWXDOLDQRPDOuH
LQPRGRGDFRQVHQWLUHDOOHIRU]HGHOO¶RUGLQHGLLPSLH
JDUHSRLPDJJLRULSDWWXJOLHQHOOHRUHQRWWXUQH´
&KHQHqVWDWRGLTXHOSURJHWWR"
³1HDYHYDPRSDUODWRFRQLO&RPXQHDXQFHUWRSXQWR
DYHYDQRSXUHGHWWRFKHFLDYUHEEHURPHVVRDGLVSRVL
]LRQHGHOOHGLYLVH6RQRSDVVDWLRWWRPHVLGDDOORUDq
HYLGHQWHFKHIRVVHURVRORGLFKLDUD]LRQLGLFLUFRVWDQ
]D '¶DOWUD SDUWH TXDQGR VROOHYDPPR LO SUREOHPD
SRFR GRSR TXDOFXQR LQ &RPXQH YHQWLOz DGGLULWWXUD
O¶LSRWHVLGLSRVL]LRQDUHOHJDULWWHLQOXRJKLVWUDWHJLFL
8QDVSDUDWDVHQ]DGXEELRHDQFKHLQVHQVDWD´
3HUFKpKDVFHOWR/¶,WDOLDGHO5LVSHWWR"
³3HUFKpVRQRVWDQFRGHLSDUWLWL)DQQRVRORSURPHVVH
GLIDFFLDWDHQRQDVFROWDQRQHVVXQR,QYHFHGLPLJOLR
UDUHODSROLWLFDDPPLQLVWUDWLYDODSHJJLRUDQRHQRQ
UDSSUHVHQWDQRLQQHVVXQPRGRODYRORQWjGHOSRSR
OR´
LO 3HULRGLFR
$35,/(
LO 3HULRGLFR
$35,/(
48(67$/$3523267$'(/7$92/23(50$1(17(',$57(,19(75,1$
FRQFOXVRLOSUHVLGHQWHGL8QLRQH$U
WLJLDQL0DULR6LVVD±FKHYHGHLQWHU
ORTXLUH SHUVRQH LQWHOOLJHQWL H GDOOD
GLYHUVDVHQVLELOLWj*UDGLUHPPRSHU
FLz DSULUH XQ WDYROR SHUPDQHQWH GL
FROODERUD]LRQH ( LQROWUH VWLDPR JLj
ODYRUDQGR SHU SUHSDUDUH XQ LPSRU
WDQWH HYHQWR FKH LQ RFFDVLRQH GHOOD
SURVVLPD)LHUDGL9RJKHUDFRLQYROJD
JOLLVWLWXWLVFRODVWLFLLQPRGRSDUWLFR
ODUHJOLLQGLUL]]L*UD¿FRH7XULVWLFR´
',$/(66$1'52',63(5$7,
³,QWHQGLDPR FKLHGHUH XI¿FLDOPHQWH DOO¶DPPLQLVWUD
]LRQHFRPXQDOHGL9RJKHUDFKH9LD*UDPVFLVLDULFR
QRVFLXWDFRPH9LDGHOO¶$UWHLQTXHVWDVWUDGDLQIDWWL
VLWURYDQRJLjGHJQDPHQWHLQVWDOODWLLOPRQXPHQWRDL
&DGXWLGL1DVVLUL\DLO&DUUR$UPDWRSURSULRGLIURQ
WHDO0XVHR6WRULFRHOD9DOYRODGHOOD*URYH3RWUHE
EHWURYDUYLSUHVWRDGHJXDWDHGH¿QLWLYDFROORFD]LRQH
O¶RSHUDGL6LOYHULR5LYDLQROWUHQHOPHVHGLPDJJLR
VHPSUHQHLSUHVVLGHO0XVHR6WRULFRVDUjSRVL]LRQD
WR XQ ODYRUR GL 0DWWHR %RVRQL JLRYDQH DUWLVWD YR
JKHUHVHSUHPDWXUDPHQWHVFRPSDUVRLQ)UDQFLDGXH
DQQL RU VRQR /D FROORFD]LRQH SHUPDQHQWH GL RSHUH
PRQXPHQWDOLQHLJLDUGLQLGHOODYLDSRWUHEEHIDUQHXQ
SXQWRGLQRWHYROHULFKLDPRSHUJOLVWHVVLYRJKHUHVLH
SHUHYHQWXDOLWXULVWL´$SDUODUHq0DULR6LVVDSUHVL
GHQWHGL8QLRQH$UWLJLDQL3LFFROHH0HGLH,PSUHVH
FKHQRQDFDVRKDVFHOWR9LD*UDPVFLSHUVWDELOLUHOD
VHGHGHOODSURSULDDVVRFLD]LRQHHSHUODQFLDUH³$UWHLQ
YHWULQD´XQ¶LQL]LDWLYDFKHKDJLjRWWHQXWRHQWXVLDVWL
FLFRQVHQVLGDSDUWHGLPROWLDUWLVWLROWUHSDGDQLGDJOL
DGGHWWLDLODYRULGDOPRQGRGHOODVFXRODHGDTXHOOR
GHOODSROLWLFD8Q¶LQL]LDWLYDROWUHWXWWRLQWLWRODWDDOOD
PHPRULD GHOO¶DUWLJLDQRDUWLVWD 0LOHV )LRUL LQGLPHQ
WLFDWR 0DHVWUR OLWRJUDIR LULHQVH ³/D ¿QDOLWj ± KD
VSLHJDWR 6LVVD ± q FKLDUD RIIULUH PDVVLPD YLVLELOLWj
DJOL DUWLVWL H DOOH ORUR RSHUH FROORFDQGROH DSSXQWR
DOO¶LQWHUQRGLXQRVSD]LREHQIUXLELOHVRWWRRJQLSUR
¿OR9RJKHUDSXzHGHYHGLYHQWDUHQHOO¶LPPDJLQDULR
FROOHWWLYRXQDFLWWjG¶DUWHWLWRORGHOUHVWRJLjDWWULEX
LWROHGDOOD5HJLRQH/RPEDUGLD0DF¶qGLSL4XHVWD
VWHVVDORFDWLRQEHQSUHVWRVLWUDVIRUPHUjTXDVLSHU
PDJLD LQ $]LHQGH LQ YHWULQD XQR VSD]LR ULVHUYDWR
DOOH LPSUHVH GL TXDOLWj FKH FRQIHULVFRQR XQ YDORUH
DJJLXQWRDOWHUULWRULR,QVRPPD±KDDJJLXQWRLOSUH
VLGHQWHGL8QLRQH$UWLJLDQL±SURVHJXLUHPRQHOSHU
FRUVRLQL]LDWRDOFXQLDQQLRUVRQRYROWRDIRUQLUHXQ
HVHPSLRSRVLWLYRHFRVWUXWWLYRFRQXQDVHULHGLSUR
SRVWHPLUDWHDOODULYLWDOL]]D]LRQHGHOODFLWWjHGHOWHU
ULWRULRXQODYRURFKHDXVSLFKLDPRSRVVDDWWUDUUHOD
FROODERUD]LRQHGLHQWLSXEEOLFLHSULYDWL´3RVLWLYDOD
ULVSRVWDGHOOHVFXROHYRJKHUHVLJUD]LHVRSUDWWXWWRDOOD
VHQVLELOLWj GHL GLULJHQWL )LOLSSR 'H]]D H 0DULD 5LWD
0DUFKHVRWWLUHVSRQVDELOLULVSHWWLYDPHQWHGHOO¶,VWLWX
WRGL,VWUX]LRQH6XSHULRUH&DUOR&DOYLHGHOO¶,VWLWXWR
3URIHVVLRQDOHSHUL6HUYL]L&RPPHUFLDOLLQWLWRODWRDG
³$OHVVDQGUR0DUDJOLDQR´1XPHURVLVWXGHQWLLQIDWWL
KDQQRJLjDYXWRO¶RSSRUWXQLWjGLLQFRQWUDUHQXPHURVL
DUWLVWLHLQVHJQDQWLSUHSDUDWLODSURIHVVRUHVVD/XFLDQD
0DQHOOLGRFHQWHDOO¶$FFDGHPLD%HOOH$UWLGL%UHUD
KDLPSDUWLWRPDJLVWUDOLOH]LRQLVXOODWHFQLFDSLWWRULFD
LOSLWWRUHHVFXOWRUH3LHWUR%LVLRGD*HURODH*LXVHS
SH9LROD RSLQLRQLVWD H FROOH]LRQLVWD QRQFKp SDWURQ
GHOO¶RPRQLPRULWURYRLQWHUQD]LRQDOHGLDUWLVWLD7RU
UD]]D&RVWHKDQQRSDUODWRLQPRGRRULJLQDOHGL6WR
ULDGHOO¶$UWHPHQWUHO¶DUWLVWDYRJKHUHVH(UQHVWR7LQR
0RQWDJQD KD LOOXVWUDWR DOFXQH LQQRYD]LRQL WHFQLFKH
UDFFRQWDQGR DQFKH O¶RULJLQH GHOOH VXH ³SLWWRVFXOWX
UH´ 1HO FRUVR GHOO¶XOWLPR LQFRQWUR VYROWRVL SURSULR
GL UHFHQWH SUHVVR OD VHGH GL ³$UWH LQ YHWULQD´ VL q
VYLOXSSDWRXQLQWHUHVVDQWHGLEDWWLWR±FRRUGLQDWRGDO
JLRUQDOLVWD*LRUJLR0DFHOODUL±VXOODFRVLGGHWWD³HWLFD
GHOEHOOR´XQDFLWWjFRPH9RJKHUDGHYHFLRqWRUQDUH
DGDPDUHO¶DUWHHOHVXHPROWHSOLFLHVSUHVVLRQLULVFR
SUHQGRQHLOYDORUHLQWULQVHFR3UHVHQWLWUDJOLDOWULJOL
DUWLVWL H LQVHJQDQWL JLj FLWDWL OR VFHQRJUDIR$QWRQLR
'H3DROLODSURIHVVRUHVVD5HQDWD&URWWLGRFHQWHGL
6WRULD 0HGLHYDOH SUHVVR O¶8QLYHUVLWj GL 3DYLD O¶DY
YRFDWR *LXVHSSH )LRFFKL YLFH VLQGDFR GL 9RJKHUD
H O¶DVVHVVRUH *LXVHSSH &DUERQH ³&RQ¿GLDPR QHO
SURVLHJXRGLTXHVWDLQWHUHVVDQWHFROODERUD]LRQH±KD
92*+(5$
/¶8QLRQH$UWLJLDQLODQFLDO¶LGHD
³9LD*UDPVFLGLYHQWLODYLDGHOO¶DUWH´
LO 3HULRGLFR
$35,/(
5,9$1$==$127
,/6(*5(7$5,267()$12$/%(5,&,+$/(,'((02/72&+,$5(
,O3GFKLXGHOHSRUWHD6RUUHQWLQR
³$*RGLDVFRVDUHPRFRQOD&RUEL´
',$/(66$1'52',63(5$7,
,QYLVWDGHOOHHOH]LRQLDPPLQLVWUDWLYH
GLPDJJLRDEELDPRLQFRQWUDWRLQTXH
VWLJLRUQLLOVHJUHWDULRGHO3GGL5LYD
QD]]DQR7HUPH6WHIDQR$OEHULFL
&RPHSURVHJXHO¶DWWLYLWjGHOFLUFROR
GHO3G"
³6WLDPR ODYRUDQGR FRQ LO FRRUGLQD
PHQWR H FRQ WXWWL JOL LVFULWWL SHU UL
ODQFLDUH O¶DWWLYLWj SROLWLFD VXO QRVWUR
WHUULWRULRQHOPRPHQWRLQFXLLOQRVWUR
SDUWLWRqIRUWHPHQWHLPSHJQDWRDOLYHOORQD]LRQDOHQHO
ULGDUH¿GXFLDDO3DHVH$EELDPRGHFLVRGLDSULUHXQ
EORJ SGVWDIIRUDEORJVSRWFRP FKH VL SURSRQH FRPH
OXRJR GL LQFRQWUR H GL VFDPELR GL LGHH SHU WXWWL JOL
LVFULWWLHLVLPSDWL]]DQWLGHO3'HGHOFHQWURVLQLVWUD
PDQRQVRORSHUFKpYRJOLDPRHVVHUHLOULIHULPHQWRSHU
WXWWLFRORURFKHKDQQRDFXRUHOHVRUWLGHOQRVWURWHU
ULWRULR´
(TXLQGL"
³3HU IDUH TXHVWR LQ SDUWLFRODUH VWLDPR GLVFXWHQGR
VXO UXROR GD WHQHUH QHOOH SURVVLPH HOH]LRQL DPPLQL
VWUDWLYH GL ¿QH PDJJLR VHQ]D SHUz GLPHQWLFDUH FKH
FRQWHPSRUDQHDPHQWHVLWHUUDQQROHHOH]LRQLHXURSHH
LOFXLHVLWRDYUjULFDGXWHIRUWLDQFKHVXLQRVWULWHUUL
WRUL´
$YHWHJLjSUHVRGHOOHGHFLVLRQL"
³$EELDPR GHFLVR GL LQWHUORTXLUH LQ SULPD DQDOLVL
FRQLFDQGLGDWLGL*RGLDVFR6DOLFH7HUPHHGL5HWRU
ELGRHGLQSDUWLFRODUHFRQLVLQGDFLXVFHQWL&RUELH
&HEUHOOLFHUFDQGRSXQWLGLFRQWDWWRHSURSRVLWLFRPX
QLSHULPPDJLQDUHLOIXWXURGHLQRVWULSDHVL´
4XDOLVRQRJOLRELHWWLYL"
³,O3DUWLWR'HPRFUDWLFRGHYHVDSHUVLSURSRUUHFRPH
IRU]DGLULQQRYDPHQWRHGLFDPELDPHQWRHDQFKHOj
GRYHVLDOOHDGHYHHVVHUHHOHPHQWRWUDVFLQDQWHHFD
UDWWHUL]]DQWH 9RUUHPPR SRUWDUH OH DPPLQLVWUD]LRQL
FKH DSSRJJHUHPR D FRQIURQWDUVL VXL SURJUDPPL H
VXJOL LPSHJQL SUHVL (¶ LPSRUWDQWH SDVVDUH GDL SUR
JUDPPLFRSLDHLQFROODGRYHWXWWLIDQQRWXWWRDSRFKL
SXQWL FKLDUL H FRQ WHPSL FHUWL GL UHDOL]]D]LRQH FKH
SRVVDQR DYHUH XQD YHUL¿FD SHULRGLFD DQFKH SHUFKp
OH ULVRUVH VRQR OLPLWDWH 2FFRUUH VDSHU ODYRUDUH VX
WHPLVSHFL¿FLFKLDULHEHQULFRQRVFLELOLFKHYHGDQRLO
FRLQYROJLPHQWRGHLFLWWDGLQL´
8QHVHPSLR"
³3HU QRL QRQ q SL SRVVLELOH SHQVDUH GL FRQVXPD
UH VXROR UHQGHQGR QXRYL WHUUHQL HGL¿FDELOL VSHFLH
OjGRYHVLqJLjFRVWUXLWRWURSSRFRPHODFROOLQDGL
6DOLFH 7HUPH 8Q DOWUR SXQWR LPSUHVFLQGLELOH q XQ
SURJUDPPDVHULRSHUODJHVWLRQHULTXDOL¿FD]LRQHGHL
SDUFKLGHOWHUULWRULRTXHOORGL6DOLFH7HUPHLQSULPLV
3L FXUD H SL DWWHQ]LRQH DO QRVWUR SDWULPRQLR DP
ELHQWDOHO¶REELHWWLYRGLXQDSLDQL¿FD]LRQHHQHUJHWL
FDFRPXQDOHYDQHOODJLXVWDGLUH]LRQHPDDQFKHD
TXHOORVWRULFRFXOWXUDOHFKHSXzROWUHWXWWRHVVHUHXQ
XOWHULRUHIRQWHGLULFKLDPRWXULVWLFR,QWDOVHQVRRF
FRUUHULODQFLDUHOD)RQGD]LRQHSHUODYDORUL]]D]LRQH
GHOSDWULPRQLR0DODVSLQLDQRSHUPHWWHUHLQUHWHJOL
DUFKLYLHGLPRQXPHQWLSUHVHQWLVXOQRVWURWHUULWRULR
7XWWRFLzGRYUHEEHHVVHUHSURGURPLFRDOODFRVWLWX]LR
QHGLXQ'LVWUHWWRFXOWXUDOHGDDFFUHGLWDUHLQ5HJLRQH
/RPEDUGLD´
(DOOHQXRYHDPPLQLVWUD]LRQLFKHFRVDFKLHGHWH"
³9RUUHPPRFKHOHQXRYH$PPLQLVWUD]LRQLDGRWWDVVH
URPHWRGLFKHLQQRYDWLYHGLDPPLQLVWUD]LRQHQRQVROR
JXDUGDQGRDOO¶LQWHUQRGHLSURSULFRQ¿QLFRPXQDOLPD
LQWHJUDQGRVL LQ XQ SURJHWWR GL DUHD YDVWD 6ROR FRQ
TXHVWRDWWHJJLDPHQWRLOQRVWURWHUULWRULRSRWUjFDQGL
GDUVLD¿QDQ]LDPHQWLGHULYDQWLGDL)RQGLVWUXWWXUDOL
HXURSHLRGDOOH)RQGD]LRQL%DQFDULH´
$*RGLDVFR6DOLFH7HUPHVLSDUODGHOODIRUPD]LRQH
GLXQDOLVWDJXLGDWDGD$OEHUWR6RUUHQWLQRLVFULWWR
DO3G
³5LJXDUGRDOOHYRFLGLXQDSRVVLELOHOLVWDWDUJDWD$O
EHUWR 6RUUHQWLQR H[ FRQVLJOLHUH FRPXQDOH H LVFULWWR
3' SRVVR VROR GLUH FRPH VHJUHWDULR FKH O¶DVVHP
EOHDGHJOLLVFULWWLVLqHVSUHVVDSHUXQSHUFRUVRFKLDUR
FKHSRUWLDYDOXWDUHXQDSRVVLELOHLQWHVDFRQODOLVWD
GHOO¶$PPLQLVWUD]LRQH &RUEL 3HUFRUVR FKH LO 3G LQ
WHQGHSHUVHJXLUHFRQVHULHWjHWUDVSDUHQ]D/¶RELHW
WLYRqXQDSUHVHQ]DVLJQL¿FDWLYDQHOODOLVWDHODFRQ
GLYLVLRQH GL SXQWL VDOLHQWL GHO SURJUDPPD 5LFRUGR
VRORFKHDOOHSUHFHGHQWLHOH]LRQLODVLQLVWUDqDQGDWD
LQRUGLQHVSDUVRHQRQKDRWWHQXWRQHVVXQULVXOWDWR
4XHVWD YROWD LQYLWR WXWWL D QRQ ULSHWHUH O¶HUURUH VH
YRJOLDPRLQFLGHUHGDYYHURVXOOHGHFLVLRQLHGHYLWDWH
TXDOXQTXLVPLFKHQRQFLDSSDUWHQJRQR´
LO 3HULRGLFR
$35,/(
6(&&$5(3/,&$'(/6,1'$&2',5,9$1$==$127(50(520$12)(55$5,
',$/(66$1'52',63(5$7,
,QFRQWULDPRLOVLQGDFRGL5LYDQD]]DQR7HUPH5RPD
QR)HUUDULFKHUHSOLFDDOOHDFFXVHPRVVHQHOQXPHUR
VFRUVRGHOQRVWURJLRUQDOHGDOODPLQRUDQ]DHGLQSDU
WLFRODUHGD*UD]LHOOD=HODVFKLHGD0DUFR%HUWHOHJQL
6LQGDFRFRVDVLVHQWHGLGLUHLQSULPDEDWWXWDDL
FRQVLJOLHULGLRSSRVL]LRQH"
³/D PLQRUDQ]D QHO QXPHUR VFRUVR KD FLWDWR DOFXQL
QRVWULLQWHUYHQWLFRPHODJUHHQZD\ODSLD]]DGLHWUR
DO FHQWUR VSRUWLYR HG LO SDUFKHJJLR GHO WHDWUR +D
SDUODWR GL RSHUH IDWWH PDOH DOFXQH SURVHFX]LRQH GL
SURJHWWLDOWUXLXWLOL]]DQGRO¶LQIHOLFHWHUPLQHGL³DULD
IULWWD´1RQKRSDUROH,QQDQ]LWXWWRFKLHGRORURGLYH
UL¿FDUHEHQHXQ¶DIIHUPD]LRQHFKHKDQQRIDWWRHFLRq
FKH LO SDUFKHJJLR GLHWUR DO FHQWUR VSRUWLYR VDUHEEH
VWDWRUHDOL]]DWRFRQLVROGLGLXQDORWWL]]D]LRQHSULYD
WD1RQqFRVu,ODYRULGLULTXDOL¿FDGHOSDUFKHJJLR
GLHWURDOFHQWURVSRUWLYRVRQRVWDWLSDJDWLLQWHUDPHQ
WHGDOFRPXQH,VROGLQRQVRQRDUULYDWLGDQHVVXQD
ORWWL]]D]LRQH´
(TXLQGL"
³(¶YHURHUDSUHYLVWRXQSLDQRGLUHFXSHURLQ]RQD
FKH DYUHEEH SUHYLVWR O¶DVIDOWDWXUD GHO SDUFKHJJLR
3HUzLOWXWWRqGHFDGXWRVHQ]DODVWLSXODGHOODFRQYHQ
]LRQHFKHDYUHEEHFRQWHPSODWRTXHVWLODYRULDFDULFR
GLSULYDWL,ODYRULGLDVIDOWDWXUDSHUWDQWRVRQRVWDWL
HIIHWWXDWLFRQIRQGLFRPXQDOLDWWUDYHUVRXQDYDULDQWH
DOO¶DSSDOWRULJXDUGDQWHO¶DVIDOWDWXUDGLVWUDGHFRPX
QDOLFKHDOORUDHUDLQFRUVR,OWXWWRqGRFXPHQWDWR
GDOODGHWHUPLQDGHOO¶8I¿FLRWHFQLFRQGHOPDJ
JLR4XHVWLVRQRLIDWWL´
,QVRPPDKDQQRFODPRURVDPHQWHSUHVRXQDFRVD
SHUXQ¶DOWUD"
³6RQR FRQVLJOLHUL FRPXQDOL KDQQR WXWWL L PH]]L SHU
LQIRUPDUVLVXOO¶DUJRPHQWR´
0DF¶qDOWURVLQGDFR"
³/¶DVIDOWDWXUDGHOODSLD]]DGLHWURDOFHQWURVSRUWLYR
HUD XQ ODYRUR FKH DQGDYD IDWWR SHU ULTXDOL¿FDUH XQ
LPSRUWDQWLVVLPRSDUFKHJJLRFKHULFRUGRORURVHUYH
WXWWRLOSDHVH,QROWUHULYHQGLFKLDPRODERQWjHGXWL
OLWjGHOSDUFKHJJLRGHOWHDWUR$EELDPRIDWWRXQSDU
FKHJJLR XWLOLVVLPR /H XVFLWH VRQR DXWRUL]]DWH GDOOD
5,9$1$==$127
³/DPLQRUDQ]D"2JQLFRVDFKHIDFFLDPR
QRQYDEHQHQRLDQGLDPRDYDQWLFRVu´
5RPDQR
)HUUDUL
3URYLQFLDFHUWDPHQWHLOULVSHWWRGHOFRGLFHVWUDGDOHq
GRYHURVRGDSDUWHGHLFRQGXFHQWL´
&DPELDPRDUJRPHQWR'DOODYLDELOLWjDOSUREOHPD
ULJXDUGDQWHOHWDVVHFRVDULVSRQGH"
³3DUODQRGLWDVVH7XWWLVDQQRFKHLFRPXQLQRQSRV
VRQRIDUHDPHQRGLDSSOLFDUHOHQXRYHLPSRVWH,P
SRVWHFKHYDQQRDJUDYDUHXOWHULRUPHQWHLOFDULFRVXL
FLWWDGLQL'RYHFLqVWDWRODVFLDWRXQPDUJLQHGLPD
QRYUDDEELDPRVHPSUHFHUFDWRGLHYLWDUHXQSHVDQ
WHDJJUDYLR¿VFDOHVXLULYDQD]]DQHVL(¶ODOLQHDFKH
DEELDPRVLQTXLDGRWWDWRHFKHFLSRUWDDGDYHUHXQD
GHOOHDOLTXRWHLUSHISLEDVVHLQ]RQD¶SHUPLOOH
FRQGHWUD]LRQH¿QRD¶HXURHFKHFLKDSRU
WDWRIRUWXQDWDPHQWHDQRQGRYHUDSSOLFDUHODFRVLGHW
WDPLQLLPXLQTXDQWRDYHYDPRFRQWHQXWRO¶DOLTXRWD
SULPDFDVDFRPXQTXHVRORDOSHUPLOOH´
0D OD PLQRUDQ]D YL DWWDFFD DQFKH LQ PHULWR DOOD
FXUDGHLIRVVLOXQJRLOWHUULWRULRFRPXQDOHVLQGDFR
FRVDULVSRQGH"
³3HUTXDQWRULJXDUGDOHDFFXVHUHODWLYHDOODFXUDGHL
IRVVLULFRUGRORURFKHJOLLQWHUYHQWLPHVVLLQDWWRGDOOD
QRVWUD DPPLQLVWUD]LRQH KDQQR SRUWDWR VLFXUDPHQWH
DGXQDVLWXD]LRQHGLPDJJLRUWXWHODSHULOSDHVHQHO
FDVR GL DOODJDPHQWL H GL IRUWL SLRJJH /D VLWXD]LRQH
O¶DEELDPRDIIURQWDWDHFUHGLDPRDQFKHGLDYHURWWH
QXWRTXDOFKHULVXOWDWR/¶DEELDPRYLVWRDQFKHLQRF
FDVLRQH GHOOH IRUWL SHUWXUED]LRQL FKH UHFHQWHPHQWH
KDQQRPHVVRLQJLQRFFKLRWDQWH]RQHGHOQRVWURWHU
ULWRULR´
&RQFOXGHQGR"
³/¶LPSUHVVLRQHqFKHRJQLFRVDSUHGLVSRVWDGDQRLD
ORURQRQYDGDEHQH3HUFXLSURVHJXLDPRVXOODQRVWUD
VWUDGDFKH¿QRUDFLKDSRUWDWRQRLFUHGLDPRDEXRQL
ULVXOWDWL,QROWUHVLDPRPROWRJUDWL¿FDWLGHOUDSSRUWR
FKHLQTXHVWLDQQLVLqFUHDWRWUDQRLDPPLQLVWUDWRUL
HGLFLWWDGLQLULYDQD]]DQHVL´
/¶(9(17225*$1,==$72'$0$5,$7(5(6$$*5,//2
*OLDOXQQLGL5LYDQD]]DQR7HUPHLPSHJQDWL
SHUODWXWHODGHLGLULWWLGHJOLDQLPDOL
*OL DOXQQL GHOO¶,VWLWXWR &RPSUHQVLYR GL
5LYDQD]]DQR 7HUPH KDQQR UHFHQWHPHQWH
SDUWHFLSDWR D XQ SURJHWWR GL VHQVLELOL]]D
]LRQH VXOOD WXWHOD GHJOL DQLPDOL RUJDQL]
]DWR GD 0DULD 7HUHVD $JULOOR 3UHVLGHQWH
GHOOD&RQVXOWD&RPXQDOHSHUOD7XWHODGHL
'LULWWL GHJOL $QLPDOL LQ FROODERUD]LRQH
FRQODVFXRODLO&RPXQHGL*RGLDVFR6D
OLFH7HUPHHO¶(13$GL3DYLD,OSURJHWWR
KDSUHYLVWRXQLQWHUYHQWRQHOOHFODVVLWHQX
WR GDOOD 'RWWVD (OLVD 1HUYHWWL YRORQWDULD
GHOO¶(13$GL9RJKHUDHGDOOD'RWWVD3DR
OD&UHYDQLGHOO¶$6/YHWHULQDULDGL9RJKH
UDVFRSRGHOO¶LQWHUYHQWRqVWDWRIDUULÀHWWH
UHLUDJD]]LVXOFRQFHWWRGL³FDQH´LQWHVR
QRQ FRPH HOHPHQWR GL VYDJR PD FRPH
HVVHUHYLYHQWHGRWDWRGLGLULWWLVRWWROLQHDQ
GR FRPH DQFKH XQD QRUPDWLYD GL UHFHQWH
DWWXD]LRQHSRQJDO¶DFFHQWRSURSULRVXTXH
VWR DVSHWWR , UDJD]]L H OH IDPLJOLH KDQQR
LQROWUHFRQWULEXLWRFRQFUHWDPHQWHDGDLXWD
UHJOLDQLPDOLGHOFDQLOHFRQYHQ]LRQDWRGHO
&RPXQHFRQVHGHD6DQ*HQHVLRH8QLWL
H JHVWLWR GDOO¶(13$ GRQDQGR VSRQWDQHD
PHQWHFLERYHFFKLHFRSHUWHHGHQDURSHU
TXHVWR PRWLYR q VWDWR FRQVHJQDWR ORUR XQ
DWWHVWDWRGLEHQHPHUHQ]DGDSDUWHGHOVLQ
GDFRODGRWWVVD$QQD&RUEL
LO 3HULRGLFR
$35,/(
5,9$1$==$127
/$62'',6)$=,21('(/6,1'$&2520$12)(55$5,
$VIDOWDWDODSLVWDFLFODELOHD5LYDQD]]DQR
7HUPHRUDqSHUFRUULELOH
',$/(66$1'52
',63(5$7,
/D FLFODELOH OXQJR LO WRUUHQWH
6WDIIRUDD5LYDQD]]DQR7HUPH
qVWDWDDVIDOWDWDSURSULRLQTXH
VWLJLRUQL
( QH YD ¿HUR LO VLQGDFR 5R
PDQR )HUUDUL FKH VRWWROLQHD
³&RPH DPPLQLVWUD]LRQH YR
JOLDPR ULQJUD]LDUH L IXQ]LR
QDUL H JOL DPPLQLVWUDWRUL GHO
*$/FKHKDQQRFUHGXWRQHOQRVWURSURJHWWR
)UDQFR &XQHR H 6WHIDQR 7RFFDOLQL JHRPHWUL
GHOQRVWUR&RPXQHFKHO¶KDQQRSURJHWWDWDLO
QRVWURVHJUHWDULRHWXWWLFRORURFKHFLKDQQROD
YRUDWR*UD]LHDQFKHDJOLDPPLQLVWUDWRULGHOOD
3URYLQFLDGL3DYLDHGDLIXQ]LRQDULSURYLQFLDOL
FKHVLVRQRIDWWLFDULFRGHOODUHDOL]]D]LRQHDO
GLUHWWRUHGHLODYRULDOUHVSRQVDELOHVLFXUH]]D
HGDWXWWLTXDQWLGDYYHURFLVWDQQRODYRUDQGR
,Q¿QHXQJUDQGLVVLPRJUD]LHDOO¶DPLFR3DROR
*UDPLJQD DWWXDOH DVVHVVRUH SURYLQFLDOH DOOD
SDUWLWD FKH WDQWR LPSHJQR KD PHVVR LQVLHPH
DQRLDQFKHSULPDGLHVVHUHDVVHVVRUHSHUOD
ULXVFLWDGLTXHVWDUHDOL]]D]LRQH´
4XHVWRODYRURDUULYDGRSRFKHORVFRUVRRWWR
EUH HUD VWDWR LQDXJXUDWR XQ WUDWWR GHOOD SLVWD
FLFODELOHLQYLDOH&RORPER
&21:,//,$0785$
$VFXRODGL
FRVWLWX]LRQH
*OLDOXQQLGHOOHFODVVLWHU]HGHOODVFXRODVHFRQGDULD
GLSULPRJUDGRGL5LYDQD]]DQRH*RGLDVFRKDQQR
SUHVRSDUWHDXQQXRYRSURJHWWRDIIHUHQWHDJOLDP
ELWLGLFLWWDGLQDQ]DHFRVWLWX]LRQHHOHJDOLWjDYHQWH
FRPHWLWROR³/D&RVWLWX]LRQHQHOOHVXHSDUROHFKLD
YH«SHUXQDJHQHUD]LRQHGLVDQDHUREXVWDFRVWLWX
]LRQH´,OSURJHWWRqVWDWRSURPRVVRGDOODVH]LRQH
YRJKHUHVH GHOO¶$,*$ $VVRFLD]LRQH ,WDOLDQD
*LRYDQL$YYRFDWLHKDYLVWRFRLQYROWLGLYHUVLJLR
YDQL DYYRFDWL GHO QRVWUR WHUULWRULR FRRUGLQDWL GD
:LOOLDP7XUDSUHVLGHQWHGHOODVH]LRQHGL9RJKHUD
GHOO¶$,*$HFRRUGLQDWRUHUHJLRQDOHGHOOD/RP
EDUGLD$,*$ ,O SURJHWWR KD SUHYLVWR LQWHUYHQWL
GHJOLDYYRFDWLQHOOHFODVVLDOORVFRSRGLSURPXR
YHUH OD ¿JXUD GHOO¶DYYRFDWR QHOOD VXD DFFH]LRQH
FRVWLWX]LRQDOHDWWUDYHUVRXQIRUPDWHGXFDWLYRFKH
SRWHVVHUHQGHUHOHOH]LRQLLQWHUDWWLYHHFRLQYROJHQ
WL3XQWRIRFDOHGHJOLLQFRQWULqVWDWRRYYLDPHQWH
TXHOORDWWLQHQWHDOODQRVWUD&DUWD&RVWLWX]LRQDOHLQ
PHULWRDOODTXDOHLUDJD]]LKDQQRSRWXWRVRGGLVIDUH
OHORURFXULRVLWj
LO 3HULRGLFR
$35,/(
/¶(9(172(¶67$723$752&,1$72'$/&2081(',5,9$1$==$127(50(
1HLJLRUQLVFRUVLVLqFRQFOXVRLOSULPRFRUVRGLGLIHVDSHUVRQDOHRUJDQL]]DWRGDO&65¿WQHVVODSDOHVWUDGHOFHQWURVSRUWLYRFRPXQDOHGL5LYDQD]]DQR
7HUPHFRQLOSDWURFLQLRGHOO¶$PPLQLVWUD]LRQH,OFRUVRqVWDWRWHQXWRGDOO¶LVWUXWWRUHGL.UDY0DJD'DYLGH%RUGLQFRDGLXYDWRGDOPDHVWUR,,,GDQGL
.DUDWq3DROR%RQHOOLHVLqDUWLFRODWRLQLQFRQWULGXUDQWHLTXDOLLPDHVWULKDQQRSRWXWRLQVHJQDUHDLSDUWHFLSDQWLOHWHFQLFKHPLJOLRULSHUGLIHQGHUVL
GDHYHQWXDOLPDOLQWHQ]LRQDWLHOHVWUDWHJLHSLLGRQHHGDDWWXDUHLQVLWXD]LRQLGLGLI¿FROWj,OFRUVRJUDWXLWRSHULUHVLGHQWLqVWDWRPROWRDSSUH]]DWR
GDLFLUFDSDUWHFLSDQWLFKHKDQQRDGHULWRDOO¶LQL]LDWLYDHFKHVLVRQRGHWWLHQWXVLDVWLVLDGDOODSURIHVVLRQDOLWjGHLGRFHQWLVLDGHOVHUYL]LRRIIHUWRGDOOD
VWUXWWXUDFRPXQDOH/¶DVVHVVRUHDOORVSRUW0DUFR3RJJLHLOJHVWRUHGHOODSDOHVWUD6WHIDQR$OEHULFLFKHKDQQRSURPRVVRH¿QDQ]LDWRLOFRUVRVRQR
VRGGLVIDWWLGHOULVXOWDWRGHOULVFRQWURGHLSDUWHFLSDQWLHVLVRQRGHWWLGHVLGHURVLGLULSHWHUHO¶LQL]LDWLYDDQFKHSHULOSURVVLPRDQQR,QWDQWRLOJUXSSR
GL.DUDWq&65VSRUW¿WQHVVGHO0DHVWUR%RQHOOLKDSDUWHFLSDWRDOO¶ƒ.DUDWqGD\GHOPDU]RD0RUWDUDGLVWLQJXHQGRVLFRPHULVXOWDWRGLVRFLHWj
FKHVLqSLD]]DWDDOƒSRVWRSHUQXPHURGLPHGDJOLHYLQWHHFRQQXPHURVLSLD]]DPHQWLLQGLYLGXDOL,QSDUWLFRODUHVLVRQRGLVWLQWL)DELR%HUUL0DWWLD
0DQWRDQ0DUFR5LFRWWL1LFROH%RQGD0DUFR'HQDUL&KLDUD&LWWHULRH$OLFH&DPSDUGRFODVVL¿FDWLVLDOSULPRSRVWRQHOOHULVSHWWLYHFDWHJRULH
5,9$1$==$127
6XFFHVVRSHULOFRUVRGLDXWRGLIHVD
FRQWURHYHQWXDOLPDOLQWHQ]LRQDWL
6$5$¶5,92/72$*/,$/811,'(//¶,67,7872&2035(16,92',5,9$1$==$127(50(
$QFKHTXHVW¶DQQRJOLDOXQQLGHOO¶,VWLWXWR&RPSUHQ
VLYRGL5LYDQD]]DQR7HUPHUHWWRGDO'LULJHQWH6LO
YDQD %DVVL QHOO¶DPELWR GHO SURJHWWR ³(GXFD]LRQH
DOOD OHJDOLWj H DOOD FLWWDGLQDQ]D´ KDQQR LQFRQWUDWR
O¶$UPDGHL&DUDELQLHULLOSHUFRUVRIRUPDWLYRFKH
SURVHJXH RUPDL GD DOFXQL DQQL KD FRPH ¿QDOLWj
TXHOODGLSURPXRYHUHQHJOLDOXQQLHVSHULHQ]HVLJQL
¿FDWLYH FKH FRQVHQWDQR OD PDWXUD]LRQH GHL YDORUL
SHUVRQDOLSRQHQGROHEDVLSHUO¶HVHUFL]LRGHOODFLW
WDGLQDQ]D DWWLYD ,Q SDUWLFRODUH LO SHUFRUVR PLUD D
LQVHJQDUH D GLVWLQJXHUH L FRPSRUWDPHQWL OHJDOL GD
TXHOOLLOOHJDOLDIDUULÀHWWHUHJOLDOXQQLVXLYHULYD
ORULTXDOLO¶DPLFL]LDODVROLGDULHWjHLOULVSHWWRYHUVR
WXWWRHWXWWLHDSURPXRYHUHO¶LPSHJQRGHLUDJD]]L
SHUO¶DIIHUPD]LRQHGHOODOHJDOLWj
4XHVW¶DQQRVFRODVWLFRLOSURJHWWRSURVHJXHFRQXQ
QXRYR LQFRQWUR FRQ O¶$UPD GHL &DUDELQLHUL LO DSULOHSUHVVRLOWHDWUR&DJQRQLGL*RGLDVFR6DOLFH
7HUPHDOOHRUHDSHUWRDQFKHDOOHIDPLJOLHH
DYHQWHFRPHWHPDO¶XVROHFLWRHFRQVDSHYROHGL,Q
WHUQHW
$VFXRODLOFRUVRGLOHJDOLWj
$SSXQWDPHQWRLODSULOH
7$17(/(&219(1=,21,&21&2081,$=,(1'(($662&,$=,21,
(QWUDQHOYLYRODVWDJLRQHWHUPDOH
GHOOH7HUPH3UHVLGHQWGL6DOLFH
/H7HUPH3UHVLGHQWGL6DOLFH7HUPHKDQQRGDWRLO
YLDDOODVWDJLRQHGHOOHFXUHWHUPDOLLQFUHPHQWDQGR
LOQXPHURGHOOHFRQYHQ]LRQLFRQFRPXQLUHVLGHQ
]H VDQLWDULH H DVVRFLD]LRQL 6RQR LQL]LDWL L VHUYL]L
GLWUDVSRUWRYHUVRORVWDELOLPHQWRWHUPDOHVDOLFHVH
FRQYHQ]LRQDWRFRQ$VOH,QSV/H7HUPH3UHVLGHQW
DWWLYHGDOHJXLGDWHGDOO¶DPPLQLVWUDWRUHXQL
FR6DQGUR0RURPHWWRQRJUDWXLWDPHQWHDGLVSRVL
]LRQH GHJOL HQWL XQ PLQL EXV VL SXz JXLGDUH FRQ
OD SDWHQWH % SHU LO WUDVSRUWR GL TXHL FLWWDGLQL FKH
GHFLGRQRGLDIIURQWDUHXQFLFORGLFXUHGLJLRUQL
,QROWUH SHU FRQWUDVWDUH TXHVWR SHULRGR VIDYRUHYR
OH KDQQR GHFLVR GL FUHDUH VLQHUJLD H IDUH VLVWHPD
FRQ LO VROR XQLFR RELHWWLYR FRQWULEXLUH DO ULODQFLR
GHOO¶2OWUHSz3DYHVHHSUHSDUDUVLDOWDQWRDWWHVRDS
SXQWDPHQWRFRQ([SRDWWUDYHUVRODFUHD]LRQH
GLSDFFKHWWLWXULVWLFLYROWLDIDUFRQRVFHUHODORFDOLWj
WHUPDOHGL6DOLFHHO¶LQFRQWDPLQDWRWHUULWRULRGHOOD
9DOOH6WDIIRUD3HUTXHVWRPRWLYRVRQRVWDWHFUHDWH
DQFKH FRQYHQ]LRQL FRQ PROWH VWUXWWXUH ULFHWWLYH H
D]LHQGH'DVHJQDODUHO¶LQL]LDWLYD³7HUPHH1DWXUD
LQ0RXQWDLQ%LNH´FKHJUD]LHDOODFROODERUD]LRQH
FRQ O¶HVSHUWR GL 'XDWKORQ $WOHWLFD /HJJHUD )LW
QHVVHJXLGDXI¿FLDOHGHOO¶$FFDGHPLD1D]LRQDOHGL
0RXQWDLQ%LNH'DQLHOH$OEHUWLQLRIIUHODSRVVLEL
OLWjGLFRQLXJDUHPRPHQWLGLUHOD[QHOFHQWUREHQHV
VHUHFRQHVFXUVLRQLLQELFLFOHWWDOXQJRLVXJJHVWLYL
SHUFRUVLGHOOD*UHHQZD\HOHYLHGHO6DOHFKHWRFFD
QROHSURYLQFHGL3DYLDH$OHVVDQGULD8Q¶DOWUDLP
SRUWDQWHFRQYHQ]LRQHqVWDWDVLJODWDFRQLOJUXSSR
,SHUFKHFRQVHQWHDLSRVVHVVRULGHOOD&DUWD9DQWDJJL
GLSRWHUDFFHGHUHDOFHQWURWHUPDOHDSUH]]L³IRUPD
WRIDPLJOLD´LQWHUHVVDQWLVVLPL0DQRQ¿QLVFHWXWWR
TXL,QIDWWLLOFHQWUREHQHVVHUHDWWLYRWXWWRO¶DQQR
RUJDQL]]DHYHQWLHJLRUQDWHDWHPDRIIUHQGRDFROR
URFKHULFHUFDQRUHOD[XQSHUFRUVRLGURYDVFRODUHLQ
DFTXDVXOIXUHDFRQLGURPDVVDJJLPXOWLSOLHFDVFDWD
FHUYLFDOH VDXQD EDJQR WXUFR VWDQ]D GHOOH WLVDQH
$OVXRLQWHUQRVLRUJDQL]]DQRFRUVLGL$FTXDJ\P
%RG\7RQLF3LODWHVH<RJDHVLSUDWLFDQRPDVVDJJL
ULODVVDQWLDQWLVWUHVVHWRQL¿FDQWLHFF«
UHGD]LRQDOHDSDJDPHQWR
LO 3HULRGLFR
$35,/(
LO 3HULRGLFR
$35,/(
&RUEL³9RJOLDPRFROODERUDUHSHUOD
JHVWLRQHGHO3DUFRGL6DOLFH7HUPH´
',*,$1/8&$*,$&21,$
,OPDJJLRGDWDGHOOHSURVVLPH(OH]LRQLFR
PXQDOLVLVWDDYYLFLQDQGRVHPSUHGLSL(¶JLjQRWR
GD WHPSR FKH O¶DWWXDOH 6LQGDFR GL *RGLDVFR 6DOLFH
7HUPH$QQD&RUELDQGUjDULFDQGLGDUVLDGRJJLQRQ
qSRVVLELOHVDSHUHLOQXPHURGHLFRPSRQHQWLGHOODOL
VWDLQTXDQWRQRQVRQRDQFRUDDUULYDWHQRWL]LHFRQ
FUHWHGD5RPD,QTXHVW¶LQWHUYLVWDLO3ULPR&LWWDGLQR
VL q VRIIHUPDWR VX PROWL DUJRPHQWL GHOLFDWL FRPH LO
3DUFRGL6DOLFHHVXOODULVSRVWDDGDOFXQHFULWLFKHUL
FHYXWH
6LQGDFR TXDOL VRQR VWDWH OH PDJJLRUL FULWLFLWj UL
VFRQWUDWHQHOFRUVRGHOPDQGDWR"
³6RQRFUHVFLXWHPROWLVVLPROHQRUPDWLYHHJOLDGHP
SLPHQWLGDDVVROYHUHFLVRQRVWDWHFRQWLQXHHUHSHQ
WLQH PRGL¿FKH OHJLVODWLYH FKH KDQQR PHVVR D GXUD
SURYDODJHVWLRQHDPPLQLVWUDWLYD/DFRVDSHJJLRUHq
VWDWDODGLI¿FROWjSHULFRQWULEXHQWLGRYXWDDOO¶DSSOL
FD]LRQHGLQXRYHHVHPSUHPDJJLRULLPSRVWH´
&RPHDYHWHDJLWRSHUULGXUUHTXHVWDGLI¿FROWj"
³$EELDPR FHUFDWR GL OLPLWDUH WDOH GLI¿FROWj FRQ OD
FRQVHUYD]LRQHGHOOD7$568DOSRVWRGHOOD7$5(6SL
SHVDQWH FRQ O¶HOLPLQD]LRQH GHOO¶,08 VHFRQGD FDVD
LQFRPRGDWRD¿JOLRJHQLWRULFRQLOQRQSDJDPHQWR
GHOODPLQL±,08FRQODFRQVHUYD]LRQHQHOTXLQTXHQ
QLRGHOODVWHVVDDOLTXRWD,53()HGHOODVWHVVD
IDVFLDGLHVHQ]LRQHHXURDQQXLSUHHVLVWHQWL´
0ROWL FRQFLWWDGLQL ODPHQWDQR OH FRQGL]LRQL GHO
3DUFRGL6DOLFH7HUPHFKHqXQDJUDQGHDWWUD]LR
QHWXULVWLFDGHOODORFDOLWj&RVDGLFHDOULJXDUGR"
³/HYLFHQGHGHOOH7HUPHGL6DOLFHQHJOLXOWLPLDQQL
VRQRDEEDVWDQ]DQRWH'DODQQRGLLQJUHVVRGL
XQVRFLRSULYDWRQHOODVRFLHWjQHOFRUVRGHOO¶DPPL
QLVWUD]LRQH'HDQWRQLOH7HUPHKDQQRDYXWRVHPSUH
ELODQFL LQ SHUGLWD ,O VRFLR SULYDWR 2OWUHSz 7HUPH
5HVRUWKDDYXWRQHOWHPSRGLYHUVLSURSULHWDULHKD
HODERUDWR SURJHWWL FRVWRVL SHU OD VRFLHWj WHUPDOH D
SDUWHFLSD]LRQHFRPXQDOHDQFKHDYYHUVDWLGDOODFLW
WDGLQDQ]D PDL UHDOL]]DWL GDOOD FOLQLFD FRVLGGHWWD
ULDELOLWDWLYDQHO*UDQG+RWHODOFHQWURGHOSDUFRHGHO
SDHVHDOOHIDPRVHSLVFLQHLQWHUFRPXQLFDQWLWHUPDOL
OXQJRO¶DODGHOSDUFRDGLDFHQWHDYLD'LYLDQL0HQWUH
VLHODERUDYDQRTXHVWLSURJHWWLIDUDRQLFLOD³PRQWD
JQDSDUWRULYDLOWRSROLQR´GHOODSLVFLQDWHUPDOHQHOOD
VDOD1LQIHDSURWHWWDGDOODVRYULQWHQGHQ]DDLEHQLDU
FKLWHWWRQLFLHFXOWXUDOLVHPSUHDVSHVHGHOODVRFLHWj
DQFRUDDSDUWHFLSD]LRQHFRPXQDOH1HOIUDWWHPSRLO
SDUFRHUDDEEDQGRQDWRVHQ]DODPDQXWHQ]LRQHFRQ
VHUYDWLYDGLXQSDWULPRQLRFRVuSUHJLDWR´
3URVHJXHQGR"
³$ PHWj GHO D VHJXLWR GHOOH XOWLPH YLFHQGH
QRWH LO &RPXQH q XVFLWR QRQ VHQ]D JUDQGH IDWLFD
VWUHVV H LPSHJQR GDOOD VRFLHWj 7HUPH GL 6DOLFH LQ
SHUGLWDFRVuSUHYHGHODOHJJHHLQFDPELRROWUHD
LPSHGLUH OD OLTXLGD]LRQHOD FKLXVXUD GHOO¶D]LHQGDH
ODSHUGLWDGHOSRVWRGLODYRURSHUWDQWHSHUVRQHKD
RWWHQXWRO¶XVRSXEEOLFRSHUSHWXRGHO3DUFRVXOTXDOH
ODQXRYDSURSULHWjGHOOH7HUPHGHYHSURYYHGHUHDOOD
PDQXWHQ]LRQHRUGLQDULDPHQWUHO¶(QWHGHYHJDUDQWL
UHO¶RUGLQHSXEEOLFRHODVLFXUH]]D*UD]LHDLSURYHQWL
GHOO¶XVXIUXWWRWUHQWHQQDOHRWWHQXWRVXDOFXQLLPPRELOL
VLWLQHOO¶DPELWRGHO3DUFRVWHVVRDEELDPRDYYLDWROD
SDUWHGLQRVWUDFRPSHWHQ]DFRQLOULIDFLPHQWRGHOO¶LO
OXPLQD]LRQH LQ FRUVR GL UHDOL]]D]LRQH H LQWHQGLDPR
FROODERUDUH FRQ OD SURSULHWj SHU VRWWRVFULYHUH LQ
WHPSL EUHYL XQD FRQYHQ]LRQH H XQ UHJRODPHQWR SHU
ODGLVFLSOLQDGHOODJHVWLRQHHGHOODIUXL]LRQHGLTXHVWR
LPSRUWDQWHPRQXPHQWDOHSROPRQHYHUGHGHOODQRVWUD
ORFDOLWjWHUPDOH´
6LQGDFRFRVDULVSRQGHDTXDQWLODPHQWDQRLVROGL
VSHVLQHOODFXOWXUDHXWLOL]]DWLSHUVLVWHPDUHOHEX
FKHVXOOHVWUDGH"
³6XOOHVWUDGHFLVRQROHEXFKHqYHURODPDQXWHQ
]LRQHGHOOHVWUDGHqSXUWURSSRFRVWRVDHGHYHHVVHUH
FRQWLQXDSHUFXLLQWHPSLGL³YDFFKHPDJUH´QRQVL
SXzDUULYDUHDWXWWR7UDWXWWRHQLHQWHF¶qXQDYLDGL
PH]]R FKH q TXHOOD FKH DEELDPR FHUFDWR GL VHJXLUH
H VWLDPR VHJXHQGR FHVVDWR O¶LQYHUQR H O¶HPHUJHQ]D
IUDQH SHU OH TXDOL DEELDPR VYROWR SURQWL LQWHUYHQWL
DQFKHFRVWRVL,VROGLVSHVLSHUODFXOWXUDTXLQGL6D
OLFHGRUR«4XHVWDPDQLIHVWD]LRQHqGDVHPSUHVXOOD
ERFFDGHLPLHLDYYHUVDULSROLWLFLFRPHDUJRPHQWRD
PLR FDULFR ,Q UHDOWj OD PDQLIHVWD]LRQH KD VHPSUH
DYXWRLPSRUWDQWL¿QDQ]LDPHQWLGDOOD3UHVLGHQ]DGHO
&RQVLJOLRGHL0LQLVWULDOOD)RQGD]LRQHFRPX
QLWDULD3URYLQFLDGL3DYLDDOOD&DPHUD
GL&RPPHUFLR,QGXVWULDH$UWLJLDQDWRGL3DYLDDO9
EDQGRGHLGLVWUHWWLGHOFRPPHUFLRDVSRQVRUYDULFRQ
LQWHUHVVLVXOWHUULWRULRGD5RFFDGL0RQWDOIHRD/L
EDUQD JDV *XOOLYHU$60 9RJKHUD 7HUPH GL 6DOLFH
H 7HUPH 1HJULQL &KLHGHUH VROGL SHU OD FXOWXUD RW
WHQHUOLHVSHQGHUOLULWHQJRFKHVLDXQPHULWRQRQXQ
GHPHULWRGLTXHVWDDPPLQLVWUD]LRQHSHQVRFKHWXWWL
FRPSUHQGDQRLQIDWWLFKH³VHWLGDQQRVROGLSHUODFXO
WXUDQRQOLSXRLVSHQGHUHSHUOHEXFKHGHOOHVWUDGH´
(LQPHULWRDOO¶DFTXLVWRGHOODWHQVRVWUXWWXUD$XGL
WRULXP'LYLDQL"
³/DFLWWDGLQDQ]DVDOLFHVHSULYDWDGLOXRJKLFRPHOD
VDOD1LQIHDRUDSULYDWDHFRQSLVFLQDWHUPDOHPHUL
WDYDXQDXGLWRULXPVLDSXUHVRORSULPDYHULOHHVWLYR
LQ JUDGR GL RVSLWDUH PDQLIHVWD]LRQL HG HYHQWL GDOOH
IHVWHVFRODVWLFKHDLJHPHOOLGL&KDOOHV/HV(DX[DL
&RQYHJQL DOOD IHVWD GHOOD PXVLFD DO IHVWLYDO QD]LR
*2',$6&26$/,&(7
,17(59,67$$/6,1'$&2',*2',$6&26$/,&(7(50(
QDOHGHLFRUL81,75(DLVDJJLGHOOHVFXROHGLEDOOR
DOOHUDSSUHVHQWD]LRQLPXVLFDOLHWHDWUDOLDRVSLWLLO
OXVWULGHOODFXOWXUDHGHOORVSHWWDFRORD6DOLFHGRUR
4XHVWDVWUXWWXUDFRPSOHWDGLLPSLDQWRDXGLRHOXFLq
FRVWDWDHXURHGqDGLVSRVL]LRQHGHLFLWWDGLQL
HQRQVRORDLSULPLGLRWWREUHRVSLWHUjLOUDGXQRQD
]LRQDOHGHLJLRYDQLGHOO¶2)7$/´
&DPELDPRDUJRPHQWR4XDOHOLVWDSUHSDUHUjSHU
OHSURVVLPHHOH]LRQL"
³,QWDQWR GREELDPR DQFRUD VDSHUH VH VLDPR R QRGRFKHVLVFLRJOLHUjHQWURLODSULOHFRQO¶DSSURYD
]LRQHRPHQRGHO''/VXOO¶DEROL]LRQHGHOOHSURYLQFH
3RLYHGUHPR«´
/DFRVDGLFXLYDSLRUJRJOLRVD"
³/DGHOLEHUD]LRQHGHO&RQVLJOLR&RPXQDOHQGHO
QRYHPEUH ³,QL]LDWLYD OHJLVODWLYD SHU LO PXWD
PHQWRGHOODGHQRPLQD]LRQHFRPXQDOHGD³*RGLDVFR´
D ³*RGLDVFR 6DOLFH 7HUPH´ 5LFKLHVWD DOOD *LXQWD
5HJLRQDOH´$ VHJXLWR GHO UHIHUHQGXP FRQ HVLWR SR
VLWLYRqVWDWDHPDQDWDODOHJJHUHJLRQDOHJLXJQR
Q ³0XWDPHQWR GHOOD GHQRPLQD]LRQH GHO
&RPXQHGL*RGLDVFRLQSURYLQFLDGL3DYLDLQTXHO
ODGL*RGLDVFR6DOLFH7HUPH´$EELDPR¿QDOPHQWH
VXSHUDWRXQRVWDFRORFRQWURLOTXDOHVLHUDQRLQIUDQWL
LWHQWDWLYLSUHFHGHQWLSHUGDUHYLVLELOLWjLVWLWX]LRQDOH
D 6DOLFH 7HUPH VHFRQGR XQD DQWLFD DVSLUD]LRQH GHL
VDOLFHVLWHVWLPRQLDWDGD%UXQR)DYDXRPRSROLWLFR
LPSUHQGLWRUH H VDOLFHVH '2& &L FKLDPLDPR DGHV
VRFRQXQQRPH*RGLDVFR6DOLFH7HUPHFKHOHJDHG
HVSULPHOHGXHDQLPHGLYHUVHPDFRPSOHPHQWDULGHO
QRVWURSDHVHFRVuUDIIRU]DWLVLDPRDSHUWLDOGLDORJR
YROWRDFUHDUHXQLRQLDVVRFLD]LRQLSLDPSLHWUDVRJ
JHWWLSXEEOLFLDOORVFRSRGLPLJOLRUDUHO¶DPPLQLVWUD
]LRQHVLDVXOSLDQRGHOODTXDOLWjGHLVHUYL]LRIIHUWLDOOD
FLWWDGLQDQ]DVLDVXOSLDQRGHOODULGX]LRQHGHLFRVWLH
GHOOHVSHVH´
*2',$6&26$/,&(7
LO 3HULRGLFR
$35,/(
/¶$66(6625($//$&8/785$1216,5,35(6(17(5$¶$//(35266,0((/(=,21,
³8Q¶HVSHULHQ]DFKHFRQVLJOLHUHLD
FKLXQTXHODVFLRXQJUXSSRDI¿DWDWR´
',*,$1/8&$*,$&21,$
/¶DVVHVVRUH DOOD FXOWXUD GHO &RPXQH
GL *RGLDVFR 6DOLFH 7HUPH 0RQLFD
0DVDQWD LQ TXHVW¶LQWHUYLVWD KD VSLH
JDWRLPRWLYLGHOODVXDVFHOWDLQYLVWD
GHOOH(OH]LRQLGLPDJJLR
$VVHVVRUH 0DVDQWD DUULYLDPR VX
ELWRDOSXQWRSULQFLSDOH6LGLFHFKH
OHLQRQVLULFDQGLGHUjDOOHSURVVLPH
HOH]LRQLYRFLYHUHRIDOVH"
³'RSRFLQTXHDQQLGLLPSHJQRDOO¶LQ
WHUQRGHOO¶DPPLQLVWUD]LRQHFRPXQDOHDOULSUHVHQWDU
VL GL XQD VFHOWD LPSRUWDQWH FRQ XQD LSRWHFD GL DOWUL
FLQTXHDQQLVXOIXWXURPLWURYRDGRYHUGHFLGHUHVH
ULPDQHUH SUHVWDWD DOOD SROLWLFD R VH WRUQDUH GH¿QL
WLYDPHQWH DO PLR PRQGR FKH q TXHOOR GHOOD VFXROD
,QTXHVWRTXLQTXHQQLRKRVHPSUHFHUFDWRGLQRQWUD
VFXUDUH Qp O¶XQR Qp O¶DOWUR FRQ LO VHJUHWR WLPRUH GL
QRQULXVFLUHDGHVVHUHSUHVHQWHFRPHDYUHLYROXWRLQ
HQWUDPELLFDPSLHDVVROYHUHLOPLRFRPSLWRQHLFRQ
IURQWL GHL PLHL VWXGHQWL H GHOOH ORUR IDPLJOLH GD XQD
SDUWHHGHLFLWWDGLQLGDOO¶DOWUD1RQVRVHVRQRULXVFL
WDQHOO¶LQWHQWRPDVRFKHDYROWHqVWDWRPROWRIDWLFR
VRHQRQVHPSUHPLVRQRVHQWLWDDSSDJDWDYHGHQGR
TXDQWR DQFRUD VL VDUHEEH SRWXWR IDUH ,Q TXHVWR KR
DYXWRFRPHHVHPSLROD¿JXUDGHO6LQGDFRFKHQRQVL
qPDLULVSDUPLDWDHFLqVHPSUHVWDWDGLVWLPROR2UD
WURYDQGRPL D GHFLGHUH VH GDUH OD PLD GLVSRQLELOLWj
SHU O¶LPSHJQR GL XQ DOWUR PDQGDWR DPPLQLVWUDWLYR
VFHOJR GL UHVWDUH VROR QHO PRQGR GD FXL SURYHQJR
TXHOOR GHOOD VFXROD QRQ DYHQGR SL OH HQHUJLH SHU
HQWUDPEL´
4XLQGLTXDOLVRQROHPRWLYD]LRQLFKHO¶KDQQRLQGL
UL]]DWDYHUVRTXHVWDGHFLVLRQH"
³&RQGLVSLDFHUHODVFLRXQJUXSSRDI¿DWDWRDOTXDOH
PL VHQWR PROWR OHJDWD PD FRQWHPSRUDQHDPHQWH UL
WHQJRFKHXQULFLFORSDU]LDOHVLDEHQH¿FRLQTXDQWR
RJQLQXRYRVRJJHWWRSRUWDLQGRWHXQSDWULPRQLRGL
QXRYHLGHHHGHQHUJLHSLIUHVFKH,OJUXSSRVWRULFR
ULPDQH O¶HOHPHQWR GL FRQWLQXLWj LQGLVSHQVDELOH SHU
SURVHJXLUHLGLVFRUVLHLSURJHWWLFKHVRQRVWDWLPHVVL
LQ FDQWLHUH PD QHFHVVLWDQR GL SL WHPSR SHU HVVHUH
FRQFOXVLPHQWUHLQXRYLHOHPHQWLSRVVRQRDSSRUWDUH
XQDFHUWDOLQIDYLWDOH1HOPLRFDVRULWHQJRGLDYHUH
FRQFOXVRLFRPSLWLSLLPSHJQDWLYLFKHPLHUDQRVWD
WLDVVHJQDWLQHVRQRXVFLWDDUULFFKLWDVLDVXOSLDQR
SHUVRQDOHFKHSURIHVVLRQDOHPDQRQSRVVRQHJDUHGL
DYHUH VHQWLWR LO SHVR GHOOD UHVSRQVDELOLWj H OD IDWLFD
GLXQGRSSLRODYRUR8QDHVSHULHQ]DGLYRORQWDULDWR
FLYLFR TXLQGL GLVLQWHUHVVDWR FKH PL VHQWR GL FRQVL
JOLDUHSHUXQSHULRGRGHOODYLWD´
3XzVWLODUFLXQELODQFLRGLTXHVWLRUPDLDQQLGL
DPPLQLVWUD]LRQH"
³2JQLYROWDFKHVRQRVWDWDRVSLWDWDVXTXHVWHSDJL
QHKRFHUFDWRGLHVVHUHSXQWXDOHQHOULSRUWDUHO¶RSH
UDWR GHO PLR DVVHVVRUDWR SHU FXL QRQ YRUUHL HVVHUH
ULSHWLWLYDHQRLRVDFRPHOHSROHPLFKHFKHDWUDWWLOR
KDQQRDFFRPSDJQDWR0LVRIIHUPHUHLSLXWWRVWRVXXQ
DVSHWWR FKH TXHVWD DPPLQLVWUD]LRQH QRQ KD DQFRUD
SRWHQ]LDWRDVXI¿FLHQ]DTXHOORGHOODFRPXQLFD]LRQH
HYRUUHLFHUFDUHGLVSLHJDUQHODUDJLRQH4XHOORFKH
qVWDWRIDWWRqVLFXUDPHQWHSLGLTXHOORFKHqVWDWR
GHWWRLQGXEELDPHQWHLOWHPSRGHGLFDWRDOIDUHqVWDWR
VRWWUDWWRDTXHOORFKHVLVDUHEEHSRWXWRLPSLHJDUHSHU
SDUODUQH,QDOWUHSDUROHVHqYHURFRPHVRQRFRQ
YLQWDFKHVLDFKHO¶HVVHUHYDOHSLGHOO¶DSSDULUHDO
ORUDLQTXHVWRFDVRLOGLUHYDOHPHQRGHOO¶DJLUH3RFD
FRPXQLFD]LRQHVSHVVRDSURSULRGLVFDSLWRPDWDQWR
ODYRUR VLOHQ]LRVR TXRWLGLDQR VSHVVR VRPPHUVR PD
FRQFUHWR´
4XDOFKHHVHPSLR"
³,OFHQWUR'LYLDQLD6DOLFHO¶H[VFXRODPHGLDD*R
GLDVFR6DOLFHGRUR1HODQQRG¶LQL]LRGHOPDQ
GDWRODVWUXWWXUDGHO'LYLDQLJLDFHYDVHPLYXRWDHLQ
VWDWRGLTXDVLWRWDOHDEEDQGRQRQRQRVWDQWHOHJURV
VH VSHVH VRVWHQXWH SHU OD VXD ULVWUXWWXUD]LRQH RJJL
RVSLWD ROWUH DOOD VFXROD PDWHUQD FKH GDO SURVVLPR
DQQRWRUQHUjDGHVVHUHGLTXDWWURVH]LRQLO¶81,75(
OD &LYLFD %LEOLRWHFD FRQ LO )RQGR 1RWDUEDUWROR LO
GLVWDFFDPHQWRGHOOD6FXRODGLPXVLFDGL*RGLDVFRH
GXUDQWHLPHVLHVWLYLXQDWHQVRVWUXWWXUDFRQSRVWL
DVHGHUHFKHFRQVHQWHDPROWHDVVRFLD]LRQLHDOO¶DP
PLQLVWUD]LRQH GL GLVSRUUH GL XQ WHDWUR HVWLYR /¶HGL
¿FLR q YLYR H DO VHUYL]LR GHOOD FLWWDGLQDQ]D PHQWUH
SURSULR LQ TXHVWL JLRUQL YLHQH VLVWHPDWR LO JLDUGLQR
FKH VL DIIDFFLD VXOOR 6WDIIRUD HVLVWH JLj XQ SURJHW
WRSHUDSULUHDQFKHOHFDPHUHDUUHGDWHFKHFRP
SOHWDQR JOL VSD]L GHOO¶HGL¿FLR$ *RGLDVFR O¶HGL¿FLR
GHOO¶H[VFXRODPHGLDFKHQHORVSLWDYDVROROD
3ROL]LD 0XQLFLSDOH RJJL ULVWUXWWXUDWR q VHGH GHJOL
DPEXODWRUL GHL PHGLFL GL EDVH GHOOD 3URWH]LRQH &L
YLOHGHO3HGDOH*RGLDVFKHVHGHOO¶DVVRFLD]LRQH1DVR
D 1DVR H GHOO¶$JULQLGR ,Q FDQWLHUH LO WUDVIHULPHQWR
GHOOD&LYLFDELEOLRWHFDHO¶DOOHVWLPHQWRGLXQ¶DXODLQ
IRUPDWLFD´
3DUODQGRGL6DOLFHGRUR"
³6DOLFHGRUR q XQD QRYLWj QHO SDQRUDPD GHOO¶RIIHUWD
SHUO¶LQWUDWWHQLPHQWRGHOFRPXQHFKHqJUDGXDOPHQ
WHFUHVFLXWR¿QRDGHVVHUHSURQWRSHUHVVHUHWUDVIRU
PDWR FRPH HUD VWDWR SURPHVVR DG LQL]LR PDQGDWR
QHOO¶HYHQWRXQLFRGLWXWWDODVWDJLRQHHVWLYDVDOLFHVH
'DTXHVW¶DQQRLQIDWWLQRQVDUjSLFRQIH]LRQDWRFRPH
XQ XQLFR SDFFKHWWR GL FRQFRUVL PD WXWWL JOL HYHQWL
SURJUDPPDWLSHUDQLPDUHODQRVWUDEHOODORFDOLWjWHU
PDOHLQL]LHUDQQRDPDJJLRFRQLOFRQFRUVROLULFRH
FRQWLQXHUDQQR ¿QR D VHWWHPEUH SHU FRQFOXGHUVL FRQ
ODIHVWDSDWURQDOHGL0DULD%DPELQD´
&RPHKDYLVVXWRTXHVWRWLSRGLHVSHULHQ]D"
³/D SDUDJRQHUHL DG XQ YLDJJLR DHUHR GDO GHFROOR
PROWR IDWLFRVR DYYHUVDWR R JXDUGDWR FRQ GLI¿GHQ]D
QHO PLJOLRUH GHL FDVL LQYHVWLWR GL DVSHWWDWLYH FKH LO
YHOLYRORVXFXLVLYLDJJLDYDQRQHUDLQJUDGRGLVRG
GLVIDUHSHUFKpPDODQGDWR8QDYROWDLQTXRWDSHUzLO
YRORqVWDWRSLÀXLGR,OYHOLYRORVLqVWDELOL]]DWRHOD
QDYLJD]LRQHqGLYHQWDWDPHQRIDWLFRVDDQFKHJUD]LH
DOPLJOLRUDPHQWRGHOOHFRQGL]LRQLGLYLDJJLR+RLP
SDUDWRFRVHHGLQFRQWUDWRSHUVRQHFRQFXLKRODYRUD
WRFRQSLDFHUHHVRGGLVID]LRQHVSHURUHFLSURFDHFKH
YRUUHLULQJUD]LDUHSHUODIDWWLYDFROODERUD]LRQHFKH
KDSHUPHVVRODUHDOL]]D]LRQHGLTXDQWRSURJHWWDWRR
SURSRVWR´
4XDOLVRQROHXOWLPHQRYLWjLQDPELWRFXOWXUDOH"
³,QFRPLQFLDPRGDOODFXOWXUDGHFOLQDWDQHOODGLPHQ
VLRQH GHOOD FRQRVFHQ]D H GHO ULVSHWWR GHO SLDQHWD
D SDUWLUH GDO OXRJR LQ FXL DELWLDPR /¶DQQR VFRUVR
FRPHTXHVW¶DQQRLOFRPXQHGL*RGLDVFR6DOLFH7HU
PH KD DGHULWR DOO¶2UD GHOOD 7HUUD VSHJQHQGR SHU
XQ¶RUD FRQWHPSRUDQHDPHQWH D ROWUH FLWWj LQ
WXWWRLOPRQGROHOXFLFKHLOOXPLQDQRODIDFFLDWDGHO
PXQLFLSLR$GHUHQGRDTXHVWRHYHQWRVLPERORO¶$P
PLQLVWUD]LRQHFRJOLHO¶RFFDVLRQHSHUHVSULPHUHTXDOL
VLDQR OH D]LRQL FKH LQWHQGH FRPSLHUH QHO WHUULWRULR
FRPXQDOHSHUGLPLQXLUHOHHPLVVLRQLGLDQLGULGHFDU
ERQLFD FRPH GLFKLDUDWR QHO 3$(6 RUD FRQVXOWDELOH
VXO VLWR GHO &RPXQH /D *LRUQDWD GHO 9HUGH 3XOLWR
QHO QRVWUR FRPXQH PDU]R ULYHVWH RUPDL
GD YDUL DQQL XQ UXROR VLJQL¿FDWLYR QHOO¶DPELWR GHO
OH TXHVWLRQL DPELHQWDOL D WHVWLPRQLDQ]D GHOO¶LPSH
JQRQHOODVHQVLELOL]]D]LRQHGHLFLWWDGLQLDIDYRUHGHO
YHUGH H GHOOR VYLOXSSR VRVWHQLELOH ,O SURJUDPPD GL
TXHVW¶DQQRFRQVLVWHQHOODVHFRQGDHGL]LRQHGHOODSDV
VHJJLDWDHFRORJLFDGD*RGLDVFRD6DOLFH7HUPHOXQ
JRLOVHQWLHURFKHLQSDUWHFRVWHJJLDLO¿XPH6WDIIRUD
SUHYHGHQGRGLHOLPLQDUHHYHQWXDOLWUDFFHGLUL¿XWLVXO
SHUFRUVR1HOO¶DPELWRGHOOHRFFDVLRQLGLLQFRQWULGDO
WHPDOHWWHUDULRSURVHJXRQRJOLDSSXQWDPHQWLGHO³7q
OHWWHUDULR´ LGHDWR GDOOD &RPPLVVLRQH ELEOLRWHFD H
QDWRFRPH³,QFRQWULVRWWRODTXHUFLD´SHULOSHULRGR
HVWLYR6LWUDWWDGLFRQYHUVD]LRQLWUDDSSDVVLRQDWLGL
OHWWXUDVXXQURPDQ]ROHWWRD0DJJLRVLSDUOHUjGHO
EHVWVHOOHUGL&ODUD6DQFKH]³,OSURIXPRGHOOHIRJOLH
GL OLPRQH´ /D VWHVVD FRPPLVVLRQH ELEOLRWHFD FKH
QHO PHVH GL *HQQDLR DYHYD RUJDQL]]DWR XQ LQWHUHV
VDQWH FLFOR GL FRQIHUHQ]H GDO WLWROR ³8RPR 6WRULD
1DWXUD³ D FXUD GHO SURI 5DIIDHOH 5XVVR GRFHQWH GL
6WRULD GHOOD )LORVR¿D DOO¶8QLYHUVLWj GL 7UHQWR ± VWD
XOWLPDQGRXQSURJHWWRGLLVSLUD]LRQHLQWHUQD]LRQDOH
DGDWWDWR DOOD QRVWUD UHDOWj FRPXQDOH H ULEDWWH]]DWR
/LEUL9DJDERQGL´
3URVHJXHQGR"
³,Q¿QH/D9DOOHGHO5HSURJHWWRLGHDWRGD,9LDJJL
GL7HOVHSDWURFLQDWRGDOFRPXQHGL*RGLDVFR6DOLFH
7HUPHFKHqJLXQWRDOODIDVHGXHGHOODVXDDWWXD]LR
QH,9LDJJLGL7HOVWRXURSHUDWRULQFRPLQJGL3DYLD
DOO¶LQWHUQRGHO3URJHWWR$XUDPDODH0HLQ,WDO\FRQ
LOVRVWHJQRGHO&RPXQHGL*RGLDVFR6DOLFH7HUPHGHO
OH7HUPHGL6DOLFHHGHO&RQVRU]LR7XWHOD9LQL2OWUHSz
3DYHVHRUJDQL]]DQR6DEDWR$SULOHGDOOHDOOH
SUHVVROD6DOD1DUFLVRGHOOH7HUPHGL6DOLFHXQ$SHUL
WLYR2OWUHSz7UDGHPDUNSHUWXWWLJOLVWUDQLHULFKHYHU
WRQRVXOWHUULWRULRROWUHSDGDQRHSURYHQJRQRGDLSDHVL
FKH UH (GRDUGR ,, 3ODQWDJHQHWR DWWUDYHUVz GDOO¶,Q
JKLOWHUUD SHU JLXQJHUH D 6DQW¶$OEHUWR GL %XWULR´
6HPSUH LQ DPELWR FXOWXUDOH FL VRQR VWDWL GHL PL
JOLRUDPHQWLLQPHULWRDOO¶DIÀXVVRGHOODSRSROD]LR
QHGXUDQWHOHYRVWUHLQL]LDWLYH"
³6HQ]D GXEELR TXHVWD DPPLQLVWUD]LRQH KD VHPSUH
JXDUGDWRFRQDWWHQ]LRQHDOOHLQL]LDWLYHLQDPELWRFXO
WXUDOH QHOOD FRQYLQ]LRQH FKH OD FXOWXUD HVHUFLWL XQD
IXQ]LRQHHGXFDWLYDVLDVXFKLODSURSRQHFKHVXFKL
QHXVXIUXLVFH/DFXOWXUDQRQqLOPH]]RXWLOHSHUOD
UDFFROWD GL FRQVHQVR PD JUD]LH DOOD VXD LQWULQVHFD
YDOHQ]D HGXFDWLYD IXQJH GD VWLPROR DOOD ULFHUFD GHO
EHQHVVHUHGHOORVSLULWR/DSURSRVWDFXOWXUDOHqULYRO
WD D WXWWL PD LO SXEEOLFR QH XVXIUXLVFH LQ EDVH DOOD
SURSULD LQFOLQD]LRQH SHUVRQDOH FKH VL FRQFUHWL]]D
LQ XQ SHUFRUVR GL IRUPD]LRQH SHUPDQHQWH 1HVVX
QR q FRVu LQJHQXR GD FUHGHUH FKH RJQL WLSR GL SUR
SRVWD GL LQWUDWWHQLPHQWR DEELD OR VWHVVR SRWHQ]LDOH
GLSXEEOLFRTXLQGLODYDOXWD]LRQHGHOO¶DIÀXVVRGHYH
HVVHUH UDSSRUWDWD DO WLSR GL HYHQWR $G HVHPSLR OD
SDUWHFLSD]LRQHDGXQ7qOHWWHUDULRQRQVDUjPDLSD
UDJRQDELOHDTXHOODDGXQDSDUWLWDGLFDOFLRPDQRQ
SHUTXHVWRO¶LQFRQWUROHWWHUDULRqPHQRVLJQL¿FDWLYR
GHOO¶HYHQWRVSRUWLYR3UHPHVVRTXHVWRFUHGRGLSRWHU
DIIHUPDUHFKHGDYDQWLDGXQ¶RIIHUWDYDULDHGLYHUVL¿
FDWDLOSXEEOLFRKDULVSRVWRDXPHQWDQGRODVXDSUH
VHQ]DLQPRGRFRVWDQWHQHOWHPSR´
&RVD VL DXJXUD SHU LO IXWXUR GL *RGLDVFR 6DOLFH
7HUPH"
³$OODFLWWDGLQDQ]DGL*RGLDVFR6DOLFH7HUPHDXJXUR
GLSRWHUIUXLUHSHUDOWULDQQLGLTXHVWDEXRQDDPPLQL
VWUD]LRQHDOODTXDOHKRGDWRLOPLRFRQWULEXWR´
LO 3HULRGLFR
$35,/(
3UHWL³/DFULVLQRQGDWUHJXDSURFHGH
EHQHLOSURJHWWR7HUUH'LYHUVH´
',*,$1/8&$*,$&21,$
/DVLWXD]LRQHGLFULVLHFRQRPLFDLQÀXLVFHSDUHFFKLR
DQFKHVXOVHWWRUHDOEHUJKLHURFKHRJJLSUHVHQWDPROWH
GLI¿FROWj'LTXHVWRGHLSLFFROLSDVVLDYDQWLDOLYHOOR
WHUULWRULDOHPHGLDQWHOHSUH]LRVHFROODERUD]LRQLHGHO
ODVLWXD]LRQHLQFXLULYHUVD6DOLFH7HUPHQHDEELDPR
SDUODWR FRQ LO 3UHVLGHQWH GHOO¶$VVRFD]LRQH$OEHUJD
WRUL 2OWUHSR )UDQFHVFR 3UHWL 4XHVW¶XOWLPR LQ SDU
WLFRODUH VL q VRIIHUPDWR VXO SURJHWWR 7HUUH 'LYHUVH
FKHVWDSUHQGHQGRTXRWDJUD]LHDOO¶XQLRQHGLIRU]HD
WHVWLPRQLDQ]D GHO IDWWR FKH VROR PHGLDQWH OD VWUHWWD
FROODERUD]LRQHVLSXzVXSHUDUHLOPRPHQWRGLI¿FLOH
4XDOqODVLWXD]LRQHDOEHUJKLHUDDWWXDOH"
³6HO¶DQQRVFRUVRDEELDPRODYRUDWRSRFRHPDOHQHO
ODVLWXD]LRQHqDQFRUDSLGLI¿FLOHHQRQVLSUR
VSHWWDQXOODGLSRVLWLYR,QTXHVWRSHULRGRGHOO¶DQQR
LQIDWWLQRLDOEHUJDWRULJLjULXVFLDPRDYHGHUHLOQX
PHURGLSUHQRWD]LRQLULFKLHVWHHFRQWDWWLULFHYXWLSHU
ODVWDJLRQHLQDUULYR,SRFKLFRQWDWWLDYXWLTXHVW¶DQ
QR VRQR IUDJLOL SHUFKp L FOLHQWL FKLHGRQR VROR LQIRU
PD]LRQL H QRQ SUHQRWDQR RSSXUH SUHQRWDQR H SRL
GLVGLFRQR/DVLWXD]LRQHqGLI¿FLOHQRQVRODPHQWHVXO
QRVWUR WHUULWRULR GDWR FKH LQ DOWUH ]RQH OH VWUXWWXUH
DHVWHOOHDEEDVVDQGRLSUH]]LSHUQRQULPDQHUH
YXRWH YDQQR D FUHDUH XQD FRQFRUUHQ]D VOHDOH SHU
FXLQRLQRQSRVVLDPRHVVHUHFRPSHWLWLYL,SUH]]LGHOOH
VWUXWWXUHVXOQRVWURWHUULWRULRDVWHOOHLQIDWWLULVXO
WDQRHVVHUHSLFRVWRVHRSSXUHFRVWRVHTXDQWRXQKR
WHOVWHOOHSUHVHQWHD0LODQRTXLQGLLOWXULVWDHTXL
LQWHQGR OR VWUDQLHUR LQ SDUWLFRODUH SHUFKp O¶LWDOLDQR
QRQ KD SL VROGL TXDQGR JOL YLHQH IDWWD XQ¶RIIHUWD
SXzWUDQTXLOODPHQWHVFHJOLHUHIUDVWUXWWXUHGL6DOLFH
GHOO¶2OWUHSRGL0LODQRHDOWUH]RQHFRQWDULIIHPROWR
VLPLOL´
,Q ULIHULPHQWR DO VXR WHUULWRULR PL DYHYD GHWWR
O¶DQQRVFRUVRFKHD6DOLFHF¶qODFULVLGHQWURODFUL
VL3XzFRQIHUPDUHLOSHQVLHURDQFKHSHULOSHULRGR
DWWXDOH"
³/DVLWXD]LRQHQRQqFDPELDWDSHUFKpODFULVLJHQH
UDOH FRQWLQXD D SHUVLVWHUH H QRQ FL VRQR VHJQDOL GL
PLJOLRUDPHQWR$OLYHOORORFDOHTXDOFRVDWLPLGDPHQWH
VLVWDPXRYHQGRJUD]LHDOO¶DUULYRGHOO¶([SRFKHVWD
FUHDQGR XQ SR¶ GL VHQVLELOLWj PD QRQ q VXI¿FLHQWH
LQTXDQWRVXOQRVWURWHUULWRULRqQHFHVVDULRXQIRUWH
ULFDPELR FXOWXUDOH %LVRJQD ODYRUDUH DVVLHPH H YH
GHUH FLz FKH VL VWD IDFHQGR LQ DOWUH ]RQH XVDQGR LO
EXRQVHQVR QHFHVVDULR D GLPRVWUDUH FKH FDPPLQDUH
GD VROL q IDWLFRVR LQ SDUWLFRODUH LQ TXHVWR SHULRGR
/DYRUDQGRWXWWLDVVLHPHVXXQWHUULWRULRVLSRVVRQR
RWWHQHUHRWWLPLULVXOWDWLHJOLVIRU]LQHFHVVDULVRQRLQ
IHULRULULVSHWWRDTXHOOLFRPSLXWLVHVLGHFLGHGLODYR
UDUHGDVROL´
4XLQGLPLVHPEUDGLFDSLUHFKHQHPPHQRO¶DUULYR
GHOO¶HVWDWHSHUHFFHOOHQ]DODVWDJLRQHLQFXL6DOLFH
7HUPHKDVHPSUHRVSLWDWRWDQWLVVLPLWXULVWLSRVVD
FDPELDUHODURWWD&RVDVDUHEEHQHFHVVDULRSHULQ
YHUWLUHLOWUHQG"0DJDULTXDOFKHPDQLIHVWD]LRQH"
³3DUODQGRGLPDQLIHVWD]LRQLPLSRVVRULWHQHUHVRG
GLVIDWWR H ULQJUD]LR D QRPH GHOOD FDWHJRULD O¶DP
PLQLVWUD]LRQH FRPXQDOH SHUFKp DQFKH TXHVW¶DQQR
VDUjSUHYLVWRLO6DOLFHGRURLQL]LDWLYDFXOWXUDOHPROWR
LQWHUHVVDQWH 0L VHPEUD XQ RWWLPR ULVXOWDWR H OD GL
VSRQLELOLWj q VWDWD FRQIHUPDWD DQFKH TXHVW¶DQQR LQ
WHUPLQLGLDLXWLHGDJHYROD]LRQLDJOLRVSLWLSUHYLVWLD
6DOLFH7HUPHTXLQGLSHUVLVWHODPDVVLPDFROODERUD
]LRQHGHOOHVWUXWWXUHDOEHUJKLHUHFRQJOLRUJDQL]]DWRUL
GHOO¶HYHQWR6DOLFHGRURQRQqSHUR¶VXI¿FLHQWH$QFKH
)UDQFHVFR3UHWL
TXHVW¶DQQRQRQFLVDUjLQIDWWLLO5DOO\GHOOH5HJLR
QL FKH QHO DYHYD ULSUHVR FRQ RWWLPL ULVXOWDWL
H QHO QRQ VL HUD WHQXWR SHU SUREOHPL GL VDOXWH
DOO¶RUJDQL]]DWRUHqXQSHFFDWRSHUFKpVLWUDWWDYDGL
XQHYHQWRFKHIXQ]LRQDYDSDUHFFKLR8QDOWURHYHQWR
FKH YHUUj D PDQFDUH q OD *UDQ )RQGR GL FLFOLVPR
PDQLIHVWD]LRQHSURSRVWDSHUO¶RFFDVLRQHD9RJKHUD
'DOSXQWRGLYLVWDWHUULWRULDOHTXHVWRQRQqXQDVSHWWR
QHJDWLYRSHUFKpO¶LPSRUWDQWHqIDUODYRUDUHO¶2OWUH
SR DWWUDUUH SHUVRQH H VRGGLVIDUH OH DVSHWWDWLYH GHL
WXULVWL*OLHYHQWLVRQRXQDIRUPXODYLQFHQWHPDSHU
RUJDQL]]DUH LQL]LDWLYH GL DOWR OLYHOOR FL YXROH WHPSR
SD]LHQ]DHULVRUVHFRVDFKHLQTXHVWRSHULRGRqGLI¿
FLOHUHFXSHUDUH´
/DVLWXD]LRQHQRQEHQGH¿QLWDGHOOH7HUPHqXQDO
WURSXQWRDVIDYRUHSHUODVLWXD]LRQHGHOLFDWDGHJOL
DOEHUJKL&RVDQHSHQVDDULJXDUGR"
³/H7HUPHVWDQQRWHUPLQDQGRODSULPDIDVHGLVFR
SHUWD GL XQD UHDOWj FRPSOHVVD HG DUWLFRODWD TXHVWR
qLOPLRSHQVLHURQRQRVWDQWHLRQRQDEELDPDLDYXWR
UDSSRUWL GLUHWWL FRQ OD QXRYD SURSULHWj 4XHVW¶DQQR
VLSRWUHEEHODYRUDUHDVVLHPHVXOWHUULWRULRHFRQIHU
PLDPRODQRVWUDGLVSRQLELOLWjDFROODERUDUHFRQWXWWL
FRORUR FKH YRJOLRQR YDORUL]]DUH OH ULVRUVH H TXLQGL
DWWUDUUHWXULVWL´
&RP¶qDUWLFRODWDODYRVWUDFROODERUD]LRQH"
³/DFROODERUD]LRQHFRLQYROJHDOWULRSHUDWRULDVVLHPH
D ³7HUUH 'LYHUVH GLPHQVLRQH 2OWUHSR´ DVVRFLD]LR
QHFKHYDDUDFFRJOLHUHLQXQXQLFRFRQWHQLWRUHWXW
WDO¶RIIHUWDWXULVWLFDROWUHSDGDQD1RQSDUOLDPRVROR
GHOO¶DVSHWWREHQHVVHUHHWHUPDOHPDDQFKHGHOO¶DVSHW
WR FXOWXUDOH DUWLVWLFR H VWRULFR HQRJDVWURQRPLFR H
DJURDOLPHQWDUHVSRUWLYRHQDWXUD7XWWRFLzFKHSXz
WUDUUHWUDHJLRYDPHQWRGDLÀXVVLWXULVWLFLRIIUHQGRXQ
SURGRWWRRVHUYL]LRGLTXDOLWjIUXLELOHGDOWXULVWDVL
WUDWWD GL XQ SURJHWWR PROWR DPEL]LRVR H FUHGLDPR
DWWUDHQWH SHU FKL ODYRUD VXO WHUULWRULR 3XQWLDPR VX
XQDSUHVHQ]DRQOLQHFRQXQVLWR,QWHUQHWFKHSUHVHQWD
LO WHUULWRULR LQ GXH OLQJXH D EUHYH VDUj LQ WUH XQD
SUHVHQ]DVX)DFHERRNXQWRXURSHUDWRUVHOH]LRQDWR
*2',$6&26$/,&(7
,17(59,67$$/35(6,'(17('(//¶$662&,$=,21($/%(5*$725,2/75(32
FKH VWD ODYRUDQGR RWWLPDPHQWH FRQ
JUDQGL ULVXOWDWL $EELDPR FUHDWR GHL
SDFFKHWWL WXULVWLFL D OLYHOOR GL WHVW H
VHQ]D JURVVH DVSHWWDWLYH VWLDPR JLj
DYHQGR L SULPL ULWRUQL LQ WHUPLQL GL
YLVLELOLWj H SUHQRWD]LRQL $EELDPR
DSSHQDLQL]LDWRHVWLDPRLPSDUDQGR
FRQODFRQVDSHYROH]]DFKHWDQWHFRVH
GRYUDQQRPLJOLRUDUH´
4XDOLVRQRLULVXOWDWLULVFRQWUDELOL"
³6LDPR VRGGLVIDWWL SHUFKp VHQ]D UL
VRUVH VWLDPR YHGHQGR FKH WUDPLWH
O¶D]LRQH GL LPSUHQGLWRUL FKH FUHGRQR QHO WHUULWRULR
L ULVXOWDWL FL VRQR LQ WHUPLQL GL SUHQRWD]LRQL FROOD
ERUD]LRQHHVFDPELGLFOLHQWL/¶RELHWWLYRqULHPSLUH
OHVWUXWWXUHULFHWWLYHOHFDQWLQHFRQJUXSSLGLFOLHQWL
FKHYDQQRDIDUHOHGHJXVWD]LRQLLFDVHL¿FLVDOXPL
¿FLPLHOL¿FLFHQWULWHUPDOLULVWRUDQWLHORFDQGHFKH
RIIURQRLQRVWULSURGRWWLWLSLFLPDQHJJLFHQWULGLDJ
JUHJD]LRQH PXVHL WHDWUL« VL WUDWWD TXLQGL GL YDOR
UL]]DUH LO QRVWUR WHUULWRULR PHGLDQWH OD FUHD]LRQH GL
TXHVWDUHWH3HURWWHQHUHGHLULVXOWDWLFLYRUUjWHPSR
QHVLDPRFRQVDSHYROLPDFKLEHQFRPLQFLDqDPHWj
GHOO¶RSHUD´
$QFKHSHUFKpFRPXQTXHVLHWHQDWLGDSRFR«
³7HUUH 'LYHUVH q VWDWR FRQFHSLWR FRQFHWWXDOPHQWH DQQLIDVHQ]DIRQGLHVHQ]DSHUVRQHFKHVLVRQRGH
GLFDWHDO$EELDPRPHVVRLQUHWHVWUXWWXUH
VXOWHUULWRULRFKHQRQVLFRQRVFHYDQRHRUDLQL]LDQR
DGLDORJDUHWUDPLWHXQSDVVDJJLRHVFDPELRGLFOLHQ
WL 6XO QRVWUR VLWR ZZZWHUUHGLYHUVHROWUHSRLW VRQR
YLVLELOLOHVWUXWWXUHFRQFXLVWLDPRODYRUDQGR6LDPR
SURQWLDWXWWHOHFULWLFKHPDODPDFFKLQDVWDIXQ]LR
QDQGR VWLDPR FUHDQGR DOOHDQ]H LPSRUWDQWL H VLDPR
VRGGLVIDWWL%HQYHQJDQROHSHUVRQHYRJOLRVHGLFROOD
ERUDUHFRQQRLSHUTXHVWRSURJHWWR´
&RVDVLDXVSLFDGDOOHSURVVLPH(OH]LRQLFRPXQDOL
GLPDJJLR"
³0L DXJXUR FKH OD SURVVLPD WRUQDWD HOHWWRUDOH VLD
O¶XOWLPD LQ TXDQWR VSHUR LQ XQ¶XQL¿FD]LRQH GHO WHU
ULWRULR H TXLQGL FKH TXHVWL PLFUR FRPXQL ULHVFDQR
DGRWWLPL]]DUHOHSURSULHULVRUVHPHGLDQWHXQDUHDOH
XQLRQH,FRPXQLGRYUHEEHURDYHUHXQDFRPSHWHQ]D
WHUULWRULDOHSLDPSLDHFRVuXQDIRUWHULGX]LRQHGHOOH
VSHVH´
9$//(67$))25$
LO 3HULRGLFR
$35,/(
,/$925,$//$)5$=,21(&$¶%,2772
0RQWHVHJDOHTXDVLXOWLPDWR
O¶LQWHUYHQWRG¶XUJHQ]DVXOODIUDQD
(¶VWDWRTXDVLXOWLPDWRDWHPSRGLUHFRUGLOULVDQDPHQWRGHOODIUDQDFKHPLQDFFLDYDO¶DELWDWRGLIUD]LRQH&D¶%LRWWRJUD]LHDGXQSURQWRLQWHUYHQWR
ULFKLHVWRHGDWWXDWRGDO&RPXQHGL0RQWHVHJDOHH¿QDQ]LDWRGDOO¶$VVHVVRUDWRDOOD3URWH]LRQH&LYLOHGL5HJLRQH/RPEDUGLD/¶LPSRUWRGHO¿QDQ
]LDPHQWRFRQFHVVRGD5HJLRQH/RPEDUGLDqGLFLUFD(XUR,ODYRULGLULVDQDPHQWRGHOGLVVHVWRLGURJHRORJLFRKDQQRSHUPHVVRGLPHWWHUH
GH¿QLWLYDPHQWHLQVLFXUH]]DO¶DELWDWRGL)UD]LRQH&j%LRWWR3HUTXDQWRULJXDUGDLQYHFHLOYHUVDQWHGLIUDQDFKHKDGDQQHJJLDWROD63O¶DP
PLQLVWUD]LRQHFRPXQDOHKDLQROWUDWRXQDULFKLHVWDGL¿QDQ]LDPHQWRSUHVHQWDQGRXQRVWXGLRGLIDWWLELOLWjSHULOULVDQDPHQWRGHOYHUVDQWHGLIUDQD
DOO¶$VVHVVRUDWRDO7HUULWRULRGL5HJLRQH/RPEDUGLDPHQWUHqVWDWRULFKLHVWRDOOD3URYLQFLDGL3DYLDXQLQWHUYHQWRGLULSULVWLQRHPHVVDLQVLFXUH]]D
GHOODVWUDGDSURYLQFLDOH$JLRUQLWHUPLQHUDQQRDQFKHLODYRULGLSULPDHPHUJHQ]DHIIHWWXDWLLQ)UD]LRQH&HQFHUDWHDWWLDULSULVWLQDUHODYLDELOLWj
FRPXQDOHLODYRULVRQR¿QDQ]LDWLGD5HJLRQH/RPEDUGLDHGDPPRQWDQRDG(XUR3HUTXDQWRULJXDUGDODYLDELOLWjFRPXQDOHDEUHYHVD
UDQQRHIIHWWXDWLODYRULGLULSULVWLQRHFRQVROLGDPHQWRGHOOHVSRQGHDPPDORUDWHGDOOHUHFHQWLLQWHPSHULHVLDLQ)UD]%UHJQHFKHLQ)UD]=XFFDUHOOR
TXHVWLXOWLPLODYRULVDUDQQR¿QDQ]LDWLHGHIIHWWXDWLGLUHWWDPHQWHGDOOD&RPXQLWj0RQWDQD2OWUHSz3DYHVH³,OQRVWUR2OWUHSzqXQWHUULWRULRIUDJLOH
GDOSXQWRGLYLVWDLGURJHRORJLFRGLFHLO6LQGDFR&DUOR)HUUDUL3HUTXHVWRqQHFHVVDULRLQWHUYHQLUHFRQODPDVVLPDXUJHQ]DSHUODPHVVDLQVLFX
UH]]DGHOOD]RQD&DSLDPRODGLI¿FLOHIDVHHFRQRPLFDGHJOLHQWLORFDOLPDODVLWXD]LRQHGDDIIURQWDUHqGDYYHURHFFH]LRQDOH´
,/6,1'$&2&$5/2)(55$5,,//8675$,/18292352*(772
&RPXQHGL0RQWHVHJDOHH*$/SRWHQ]LDQR
ORVSD]LRSROLIXQ]LRQDOHGL&DVHGHO0ROLQR
',$/(66$1'52',63(5$7,
/D FUHD]LRQH GL XQ QXRYR FHQWUR GL DJJUHJD]LRQH D
0RQWHVHJDOH ¿QDQ]LDWR GDOOD PLVXUD ³6HUYL]L
HVVHQ]LDOLSHUO¶HFRQRPLDHODSRSROD]LRQHUXUDOH´GHO
365SHUXQLPSRUWRFRPSOHVVLYRGLFLUFD
LQ FXL JOL DELWDQWL VXGGLYLVL LQ QXPHURVH IUD]LRQL
SRWUDQQRLQFRQWUDUVLWUDVFRUUHUHGHOWHPSRLQVLHPHH
RUJDQL]]DUHDQFKHLQPRGRDXWRQRPRIHVWHHYHQWLH
PRPHQWLOXGLFRULFUHDWLYL7UDXQDVHWWLPDQDVDUjDW
WLYRLOVHUYL]LRGLDFFHVVRLQWHUQHWJUDWXLWRVLDDOO¶LQ
WHUQRGHOFHQWURSROLIXQ]LRQDOHGL)UD]LRQH&DVHGHO
0ROLQRFKHDOO¶HVWHUQRSDUFRJLRFKLHGDUHDDWWUH]
]DWD3HUTXDQWRFRQFHUQHLQYHFHODVDODLQWHUQDLO
SURJHWWRSUHYHGHO¶DOOHVWLPHQWRGLGXHRWUHSRVWD]LR
QLPXOWLPHGLDOLFRQ3&¿VVLHDFFHVVRDOODUHWHJUDWX
LWRODGLVSRQLELOLWjGLXQDVWDPSDQWHPXOWLIXQ]LRQDOH
H GL XQ SURLHWWRUH /¶DFFHVVR DOOD VDOD VDUj JDUDQWLWR
GDO &RPXQH DWWUDYHUVR O¶DSHUWXUD VHFRQGR FDOHQGDUL
SUH¿VVDWLFRQODSUHVHQ]DGLSURSULGLSHQGHQWLRSSXUH
DWWUDYHUVR O¶RUJDQL]]D]LRQH GL PRPHQWL GL DJJUHJD
]LRQHPDDQFKHDWWUDYHUVRODFRQFHVVLRQHGHOODVDOD
DFLWWDGLQLFKHQHIDFFLDQRULFKLHVWDDGHVHPSLRRU
JDQL]]D]LRQH GL PRPHQWL GL LQFRQWUR GD SDUWH GHOOH
$VVRFLD]LRQLORFDOLRUJDQL]]D]LRQHGLHYHQWLHFRUVL
GLIRUPD]LRQHWHPDWLFLHFF
,O SURJHWWR SUHYHGH DQFKH O¶DFTXLVWR GL DWWUH]]DWX
UHTXDOLXQJD]HERFKLXVRFRQWDYRORHDFFHVVRDOOD
FRUUHQWH HOHWWULFD SHU SHUPHWWHUH O¶XWLOL]]R GHO SF
DOO¶HVWHUQRDLFLWWDGLQLXQFKLRVFRDWWUH]]DWRSHUPR
PHQWLFRQYLYLDOLHYHQWXDOPHQWHJHVWLWLLQDXWRQRPLD
GDOODSRSROD]LRQHIHVWHGLFRPSOHDQQRIHVWHWUDDPL
FL PRPHQWL GL DJJUHJD]LRQH SHU EDPELQL HG DGXOWL
HFF« FDVHWWD GL OHJQR SHU EDPELQL GXH WDYROL GD
SLFQLF
³/¶RELHWWLYRVSLHJDLOVLQGDFRGL0RQWHVHJDOH&DUOR
)HUUDULqTXHOORGLDXPHQWDUHO¶DWWUDWWLYLWjGHOFHQ
WUR SROLIXQ]LRQDOH JLj IUHTXHQWDWR GD UDJD]]L H GD
IDPLJOLHHUHQGHUORDWXWWLJOLHIIHWWLXQYHURFHQWURGL
DJJUHJD]LRQH VRFLDOHH FXOWXUDOH,QROWUH DOO¶LQWHUQR
GHOODVDODGHOFHQWURSROLIXQ]LRQDOHVDUjDOOHVWLWDXQD
SLFFRODELEOLRWHFDDIUXLELOLWjSXEEOLFD´
6$17¶$/%$1252%(572&8/$&&,$7,3$1(77,(5($$11,
³+RGHFLVRGLFRQWLQXDUHLOODYRURGHO
QRQQRVLWUDWWDGLXQDV¿GDLPSRUWDQWH´
',*,$1/8&$*,$&21,$
8QYHURHVHPSLRSHULVXRLFRHWDQHLHSHUWXWWL
FRORURFKHDELWDQRQHOWHUULWRULR
$ DQQL 5REHUWR &XODFFLDWL KD LQIDWWL DY
YLDWRODVXDDWWLYLWjGLSDQHWWLHUHD6DQW¶$OED
QRDSDUWLUHGDOORVFRUVRPHVHGLJHQQDLR,Q
XQ¶HWj LQ FXL q IDFLOH DYHUH DOWUH FRVH SHU OD
WHVWD LO JLRYDQH 5REHUWR KD GHFLVR GL SXQWD
UH VXO VDFUL¿FLR H GL FRQWLQXDUH LO ODYRUR GHO
QRQQRSDQHWWLHUHSHUEHQDQQLFKHDQFRUD
VLUHQGHGLVSRQLELOHDGDLXWDUORQHOODSUHSDUD
]LRQHGHLELVFRWWL³6RQRVRGGLVIDWWRGLTXHVWR
LQL]LRGHOO¶DWWLYLWj±KDFRPPHQWDWR5REHUWR
/DJHQWHqFRQWHQWDDQFKHSHUFKpODSUHVHQ]D
GLXQSDQL¿FLRqGDYYHURLQGLVSHQVDELOHLQXQ
WHUULWRULRFRPHTXHVWR´
$QFKHLO6LQGDFRGHO&RPXQHGL9DOGL1L]]D
)UDQFR &DPSHWWL q ULVXOWDWR SDUHFFKLR VRGGL
VIDWWR GDOOD GHFLVLRQH SUHVD GD 5REHUWR ³6L
WUDWWDGLXQ¶LQL]LDWLYDORGHYROHGDSDUWHGLXQ
JLRYDQHGHOQRVWURWHUULWRULRFKHKDDFFHWWD
WRXQD V¿GD LPSRUWDQWH4XHVWDVFHOWDKD XQ
YDORUHHFRQRPLFRHVRFLDOHLOQHJR]LRLQIDWWL
FRVWLWXLUjXQSXQWRGLULIHULPHQWRQRQVRORSHU
6DQW¶$OEDQR PD DQFKH SHU L SDHVL OLPLWUR¿
6RQRVLFXURFKH5REHUWRVDSUjJHVWLUHDOPH
JOLRODVLWXD]LRQH´
LO 3HULRGLFR
$35,/(
,19$//(67$))25$&,6212/¶$*5,785,602/$625*(17((9$/7,'21(9(5'(
',$/(66$1'52',63(5$7,
6LqFRVWLWXLWDQHLJLRUQLVFRUVLODQXRYDUHWHG¶LPSUH
VDWXWWDDOIHPPLQLOH³7UDOHWHUUH´
/DPLVVLRQHGLTXHVWDLQQRYDWLYDUHWHqGLWUDVIHULUH
EHQHVVHUHHSDVVLRQHQHOO¶DPELHQWHGHOODIDPLJOLDHV
VHUH FXVWRGH GHOOD WUDGL]LRQH IHPPLQLOH GHOOH QRVWUH
WHUUHSHUIDUVFRSULUHFXOWXUDDUWHHQDWXUDLQPDQLH
UDSLDFHYROHHPRGHUQD/HVHLWLWRODULGHOOHD]LHQGH
DJULWXULVWLFKHSDYHVLKDQQRFUHDWRXQSHUFRUVRLQQR
YDWLYRGLSURGRWWLHVHUYL]LFKHYDQQRGDOOHSDUWLFRODUL
SURGX]LRQLELRORJLFKHYLQLFROHULVLFROHHGRUWRIUXWWL
FROHDJOLLQVDFFDWLWLSLFL
4XDOL JOL RELHWWLYL" /H WLWRODUL ULVSRQGRQR ³$WWHQ
]LRQH DOOD FXUD GHOOD SHUVRQD DWWUDYHUVR SHUFRUVL R
DWWLYLWj GL EHQHVVHUH FRPH WUDWWDPHQWL NLQHVLRORJLFL
OD ELRRUWLFROWXUD OH DWWLYLWj GL IDWWRULH GLGDWWLFKH L
ODERUDWRULFUHDWLYLLOEHQHVVHUHHO¶HGXFD]LRQHGHOOD
IDPLJOLDQHOODJHVWLRQHGHJOLDQLPDOLGDFRPSDJQLDR
GHLUDJD]]LQHOO¶LPSDWWRHULVSHWWRGHOODQDWXUD7XWWR
DI¿DQFDWRDOO¶RIIHUWDJDVWURQRPLFDFRQODULVFRSHUWD
GLSURGRWWLHULFHWWHFXOLQDULHWLSLFKHGHOWHUULWRULRH
DOO¶DFFRJOLHQ]D DJULWXULVWLFD SHU XQD SDUHQWHVL YD
FDQ]LHUDLPPHUVDQHOODSDFHGHOODQDWXUD´
/¶HVSHULHQ]D GHOO¶DFFRJOLHQ]D IHPPLQLOH WXWWD LWDOLD
QDYHGHOHVHLLPSUHQGLWULFLSLRQLHULQHOO¶LQQRYD]LRQH
DOODULVFRSHUWDGLFLzFKHIRUVHHUDWURSSRYLFLQRSHU
HVVHUHQRWDWRODQRVWUDWUDGL]LRQHFXOWXUDOHDOLPHQWD
9$//(67$))25$
6HLGRQQHRUJDQL]]DQR³7UDOHWHUUH´
ODQXRYDUHWHG¶LPSUHVDDOIHPPLQLOH
/HVHL
WLWRODUL
UHHGLUDSSRUWRFRQODQDWXUDSHUDUULFFKLUHGLHVSH
ULHQ]HHGLFRQRVFHQ]HFKLXQTXHHQWULLQFRQWDWWRFRQ
TXHVWLRULJLQDOLSHUFRUVLGLSURSRVWDWXULVWLFD$EUHYH
VXOVLWRZZZWUDOHWHUUHLWO¶HOHQFRGHOOHSULPHLQL]LD
WLYHGHOODVWDJLRQHFKHYDQQRGDLFRUVLGLHGXFD]LRQH
FLQR¿ODSHUFDQLHSURSULHWDULDLFRUVLGLFHUDPLFDDL
FRUVLGLULODVFLRGHOORVWUHVVFRQWHFQLFKHGLNLQHVLROR
JLDDOOHGHJXVWD]LRQLGHOODQXRYDYHQGHPPLDGHLYLQL
ELRORJLFL SLXWWRVWR FKH GHL ULVL ELRORJLFL SDUWLFRODUL
FRPHLOULVRURVVRRSSXUHLOULVRQHURGLORPHOOLQDOH
SULPHSDVVHJJLDWHJXLGDWHSHUSHUFRUVLDSLHGLRSSXUH
LQ PRXQWDLQ ELNH RSSXUH O¶HPR]LRQH GL XQD JLWD LQ
KRYHUFUDIWVXO3R
/¶DVVRFLD]LRQHVLSXzFRQWDWWDUHDLQIR#WUDOHWHUUHLW
/H$]LHQGHLQ5HWHVRQR&DVWHOIHOLFH$]0RQWLQL
±&ULVWLQD*DODWL6DQWD*LXOHWWDZZZFDVWHOIHOLFH
LW&HOODGL0RQWDOWR6LPRQDH0DUFHOOD&DQHJDOOR
0RQWDOWR3DYHVHZZZFHOODGLPRQWDOWRFRP,O%LDQ
FRVSLQR±3DROD'DIIXQFKLR&DVWHJJLRZZZLOELDQ
FRVSLQRLW /D 6RUJHQWH $QJHOPLQD7RUQDUL 9DU]L
ZZZODVRUJHQWHDJULWXULVPRLW 7HQXWD 6DQ *LRYDQQL
&ULVWLDQD6DUWRUL2OHYDQRGL/RPHOOLQDZZZOH
RQHGLORPHOOLQDLW9DOWLGRQH9HUGH/XGPLOOD:ROI±
=DYDWWDUHOORZZZYDOWLGRQHYHUGHLW
LO 3HULRGLFR
$35,/(
LO 3HULRGLFR
$35,/(
7255$==$&267(35(6(17$7$/$1829$/,67$&,9,&$%(5877,±781',6
',*,$1/8&$*,$&21,$
/RVFRUVRPDU]RSUHVVRLO6DORQH([62$06GL
7RUUD]]D&RVWHqVWDWDSUHVHQWDWDODQXRYD/LVWD&L
YLFDFDSLWDQDWDGDOFDQGLGDWR6LQGDFR&ODXGLD%HUXW
WL H GD (QQLR 7XQGLV DWWXDOH FRQVLJOLHUH FRPXQDOH
,QROWUHVRQRVWDWLLOOXVWUDWLLOSURJHWWR³6PDUW7RZQ´
LQHUHQWH DOO¶LOOXPLQD]LRQH SXEEOLFD H DOO¶LQQRYD]LR
QHWHFQRORJLFDHLSURJHWWLLQHODERUD]LRQHSHU([SR
DOO¶LQWHUQRGHOO¶2OWUHSR3DYHVH
'DYDQWL DG XQ VDORQH JUHPLWR GL SHUVRQH &ODXGLD
%HUXWWLKDLQL]LDWRDGLOOXVWUDUHODOLVWDHO¶LQL]LRGHO
VRGDOL]LRFRQ7XQGLV³,OQRPHGDQRLVFHOWR7RUUD]
]D 9LYD LQGLFD LO GHVLGHULR GL FRVWLWXLUH XQD QRYLWj
ULVSHWWR DOOH SUHFHGHQWL DPPLQLVWUD]LRQL HG HVVHUH
VHPSUHSLDFRQWDWWRFRQOHQXRYHWHFQRORJLH,OORJR
qVWDWRFUHDWRGDQRLFRQLOFDPSDQLOHFRPHVLPEROR
GHOQRVWURSDHVHHODVWUDGDURVDFKHVLPEROHJJLDOD
VSHUDQ]D SHU LO IXWXUR /¶DOORUD FRQVLJOLHUH GL PDJ
JLRUDQ]D(QQLR7XQGLVDYHYDULVFRQWUDWRGHLSUREOH
PLGLYLVLRQHLQDOFXQLVSHFL¿FLDUJRPHQWLDOO¶LQWHUQR
GL WDOH JUXSSR YRWDQGR FRQWUR LO 3JW LQ RFFDVLRQH
GHOO¶DGR]LRQHVXOODVWHVVDSRVL]LRQHGHOODPLQRUDQ
]D&RQOXLDEELDPRORVWHVVRSXQWRGLYLVWDVXPROWH
TXHVWLRQL F¶HUD OD YRORQWj GL FRLQYROJHUH OH VWHVVH
SHUVRQH H GD TXL q QDWD O¶DOOHDQ]D 9HGR LQ 7XQGLV
XQDSHUVRQDHQHUJLFDHYROHQWHURVDGLRSHUDUHEHQH
SHULOSURSULRWHUULWRULRHDVVLHPHVWLDPRSURJHWWDQGR
SDUHFFKLH FRVH ,O 'LVHJQR GL /HJJH QRQ KD DQFRUD
GHFLVRVHOHOLVWHVDUDQQRFRPSRVWHGDRSLFRQVL
JOLHULTXLQGLQRQSUHVHQWHUHPRRJJLLQRPLODQRVWUD
qXQD/LVWD&LYLFDHQRQDEELDPRXQDFROORFD]LRQH
SROLWLFDVSHFL¿FD9LYLDPRXQSHULRGRLQFXLqGLI¿FLOH
UHSHULUH L IRQGL SHUFLz L FRPXQL GHYRQR SUHVHQWDUH
GHLSURJHWWLSHURWWHQHUHL¿QDQ]LDPHQWLHVIUXWWDUHOH
RFFDVLRQLRSSRUWXQH´
/D SDUROD LQ VHJXLWR SDVVD DOO¶DOWUR SH]]R IRUWH GHO
OD OLVWD (QQLR7XQGLV YLVLELOPHQWH HPR]LRQDWR PD
GHWHUPLQDWRDGHVSULPHUHLOSURSULRPHVVDJJLR³7RU
UD]]D&RVWHGHYHFUHVFHUHVXOOHWUDGL]LRQLODQXRYD
RSSRUWXQLWj VL FKLDPD ([SR H QRL QRQ OD SRVVLDPR
SHUGHUH DVVLHPH DL QRVWUL JLRYDQL HOHPHQWR VX FXL
SXQWDUH IRUWHPHQWH /¶DPPLQLVWUD]LRQH FRQ FXL SUH
FHGHQWHPHQWHHURVFKLHUDWRKDDYXWRSDXUDELVRJQD
LQYHFHDYHUHFRUDJJLRHGHFFRSHUFKpVRQRTXLRJJL
,QROWUH SHQVR FKH OD GRQQD SRVVD HVVHUH O¶HOHPHQWR
VXSHULRUH XQD QXRYD ¿JXUD SROLWLFD HFFR LO PRWLYR
SHU FXL &ODXGLD VDUj LO QRVWUR FDQGLGDWR 1RQ GRE
ELDPRDVSHWWDUHFKH3URYLQFLDH5HJLRQHFLLQGLFKLQR
ODVWUDGDJLXVWDPDGREELDPRODYRUDUHSHUFUHVFHUH
SHUFKp QRQ VL SXz DYHU SDXUD GHO IXWXUR 0L SLDFH
ODSDURODFRPXQLWjSHUTXHVWRYRJOLDPRFRLQYROJHUH
SL SHUVRQH H TXHVWD q XQD JUDQGH RSSRUWXQLWj SHU
FDPELDUH PRGR GL IDUH SROLWLFD VROR FRVu SRVVLDPR
VXSHUDUHLOPRPHQWRGLFULVL/DQRVWUDVTXDGUDqFR
UDJJLRVDVLDPRDQFKHFRLQYROWLQHOFRQIURQWRFRQOH
DOWUHFLWWjHXURSHHLOSURJHWWR6PDUW&LW\SHUTXDQWR
ULJXDUGDLSDHVLLQWHOOLJHQWL´
*DEULHOH&DVWHOODQWHFQLFR(1($±6PDUW7RZQKD
LOOXVWUDWRLOSURJHWWR³6PDUW7RZQ´LQHUHQWHDOO¶LOOX
PLQD]LRQH SXEEOLFD H LQQRYD]LRQH WHFQRORJLFD ³/D
VSHVDHQHUJHWLFDqXQDGHOOHPDJJLRULYRFLGLVSHVD
QHLFRPXQLLWDOLDQL*OLLPSLDQWLSUHVHQWLVXOWHUULWR
ULRGHYRQRGLYHQWDUHHI¿FLHQWLHTXDOL¿FDWLSHUSRWHU
JDUDQWLUH VLFXUH]]D DOOD SRSROD]LRQH 3XQWDQGR VXO
ULVSDUPLR VL ULHVFH D FRQWUROODUH PHJOLR OD VSHVD
VRSUDWWXWWR VH IDFFLDPR ULIHULPHQWR DO SHULRGR FKH
VWLDPRSDVVDQGRDWWXDOPHQWH,O&RPXQHSDUHFFKLH
9$//(67$))25$
³/DSDURODG¶RUGLQHqULQQRYDUH([SR
qXQDJUDQGHRSSRUWXQLWj´
&ODXGLD
%HUXWWL
H(QQLR
7XQGLV
YROWHKDGDYDQWLXQRVWDFRORLQIDWWLO¶LPSLDQWRGLLO
OXPLQD]LRQHSXEEOLFDSXzQRQHVVHUHGLVXDSURSULHWj
&RPSLWRGHOO¶DPPLQLVWUD]LRQHqTXHOORGLSURFHGHUH
DO ULVFDWWR GHOO¶LPSLDQWR H DOFXQL FRPXQL ORPEDUGL
GHOOH]RQHGL%HUJDPRH%UHVFLDKDQQRJLjLQWUDSUH
VR WDOH SHUFRUVR D SDUWLUH GDO ,Q TXHVW¶RWWLFD
GH¿QLVFRLOSURJHWWR6PDUW&LW\FRPHXQLQVLHPHGL
SURFHVVLWHFQRORJLFLHGLQIRUPDWLYLYROWLDPLJOLRUD
UH OD VDOXWH GHO SDHVH 6L YHQJRQR D FUHDUH GLYHUVH
VROX]LRQLSHUODYLGHRVRUYHJOLDQ]DVXOOHVWUDGHSRVL
]LRQDQGRXQDVRUWDGL³VHQWLQHOOD´RJQLPHWUL
,PSRUWDQWLVVLPRqDQFKHO¶DYYHQWRGL([SRSHUFXLVL
VWDSHQVDQGRDFUHDUHXQDVWUXWWXUDLQJUDGRGLRVSL
WDUHOHELFLFOHWWHHOHWWULFKHDOO¶LQWHUQRGHO&RPXQHGL
7RUUD]]D&RVWH´,QVHJXLWR,VD0DJJL5HIHUHQWH3D
YLD([SRLQWRXUKDLOOXVWUDWRGHLSURJHWWLLQHOD
ERUD]LRQHDOO¶LQWHUQRGHOO¶2OWUHSR3DYHVHLQYLVWDGL
TXHVWRLPSRUWDQWHHYHQWR³([SRGHYHSUHVHQWDUHXQD
JUDQGHRSSRUWXQLWjSHULOQRVWURWHUULWRULRHVVHQGRFL
6WDWLFRPHOD6YL]]HUDFKHODYRUDQRGDOLQIXQ
]LRQHGLTXHVWRHYHQWR$EELDPRGDWRDWWHQ]LRQHDOOH
IDVFH GHEROL L WDVVL GL GLVRFFXSD]LRQH VRQR HOHYDWL
VXSHULRULDWXWWHOHPHGLHSRVVLELOLHGLPPDJLQDELOL
([SRDQGUjDFUHDUHRSSRUWXQLWjGLODYRURSHUGRQQH
H JLRYDQL VL WUDWWD GL ULXQLUH LO EUDQG GHOOD SURYLQ
FLDGL3DYLDHSRUWDUHLOWXWWRDOO¶DWWHQ]LRQHJHQHUDOH
$EELDPR VROOHFLWDWR SDUHFFKL SURJHWWL VWLDPR RUJD
QL]]DQGRLOƒ([SR)HVWLYDOD3DYLDPDVDSSLDPR
EHQLVVLPR FKH q GLI¿FLOH VWDUH DO SDVVR H FRPSHWHUH
FRQOHDOWUHUHDOWjLWDOLDQHELVRJQDLQIDWWLFROOHJDUH
LOFLERDOODFXOWXUDDOSDHVDJJLRHDGDOWULDVSHWWL,O
SURJHWWRFKHDQGUjDOHJDUHLJLRYDQLVDUjXQDVRUWD
GL SLFFROD VWDUWXS LQIDWWL SRWUDQQR XWLOL]]DUH GHJOL
VSD]LFRPXQDOLGHGLFDWLDOODPXVLFD,SURJHWWLYHQJR
QRLQVHJXLWRSRUWDWLDOO¶HVWHURDGHVHPSLRDJLXJQR
LQ6SDJQD´'RSRODSUHVHQWD]LRQHGHOSURJHWWR3DYLD
GD JXVWDUH EDVDWR DQFKH VX9RJKHUD H9LJHYDQR OD
SDUROD q SDVVDWD DG XQD FRRULQDWULFH GL 2OWUH&RQ¿
QHXQDFRRSHUDWLYDVRFLDOHQDWDQHO³$EELDPR
ODYRUDWRFRQHQWLSXEEOLFLORFDOLFKHVLRFFXSDQRGL
WHUULWRULRHWXULVPRHPROWRDQFKHFRQOHVFXROH&L
RFFXSLDPRGHOWHUULWRULRSURYLQFLDOHULYDOXWDQGROD
/RPHOOLQDJUD]LHDGHJOLLQWHUYHQWLGLODERUDWRULRGL
GDWWLFL,Q]RQDDEELDPRSXQWDWRDOODYDORUL]]D]LRQH
GHO 6DQWXDULR GL 7RUULFHOOD 9HU]DWH LQIDWWL ELVRJQD
HIIHWWXDUHXQFRQQXELRWUDDUWHVWRULDUHOLJLRQHHGq
LQDWWRXQSURJHWWRGL9DU]LOHJJHQGDULDWUDPLWHXQD
EUHYH SDVVHJJLDWD QHO FHQWUR VWRULFR H DO WHUPLQH
OD GHJXVWD]LRQH GHO VDODPH ORFDOH´ ,Q¿QH )HGHULFR
%HUWRQH H *LXVHSSH 5LVHWWL KDQQR SUHVHQWDWR LO SUR
JHWWR9DOOH6WDIIRUD7ULDO³1HOODQRVWUD]RQDSRVVLD
PRFRQWDUHVXGHJOLHOHPHQWLSDHVDJJLVWLFLFKHYDQQR
VIUXWWDWL,OQRVWURWHUULWRULRVLSUHVWDDGXQWXULVPR
VSRUWLYRJUD]LHDOOHQXPHURVHVRFLHWjRSHUDWLYHLQRO
WUHVLDPRIDPRVLSHUODULVWRUD]LRQHDOWURDVSHWWRLP
SRUWDQWH([SRTXLQGLSRWUjVYROJHUHXQUXROR
GL PROWLSOLFDWRUH GL FRQWDWWL SHU O¶2OWUHSR VL SXQWD
VXOOD SURGX]LRQH VXOOD YDORUL]]D]LRQH GHO WHUULWRULR
H VXO WXULVPR FRQ ¿QDOLWj VSRUWLYD 9RJOLDPR IRUQL
UHXQDUHWHGLSHUFRUVLFRQGLYHUVLOLYHOOLGLGLI¿FROWj
DOO¶LQWHUQRGHOO¶DUHDGL7RUUD]]D&RVWHFRQPDSSDWX
UD*SVHVHJQDOHWLFD¿VVD´
LO 3HULRGLFR
$35,/(
9$//(67$))25$
,/6,1'$&2',9$/',1,==$&$03(77,)$,/38172'(//$6,78$=,21(
³3RFKLSUREOHPLSHUODYLDELOLWj
5HQ]LSXzHVVHUHXQD¿JXUDSRVLWLYD´
',*,$1/8&$*,$&21,$
$QFRUD ORQWDQR GDOOH SURVVLPH (OH
]LRQL FRPXQDOL SUHYLVWH SHU LO LO &RPXQH GL 9DO GL 1L]]D KD GRYX
WR ULVROYHUH LO SUREOHPD GHOOH IUDQH
H TXHOOR OHJDWR DOOD FULVL QD]LRQDOH
VHPSUHLQFRVWDQWHHYROX]LRQH,O6LQ
GDFR)UDQFR&DPSHWWLKDLOOXVWUDWROD
VLWXD]LRQH JHQHUDOH SDUODQGR DQFKH
GLWDVVD]LRQL(VWDWH9HUGHH&DVWHOOR
GL2UDPDOD
&DPSHWWLLQL]LDPRFRPHVHPSUHGDXQTXDGURJH
QHUDOHGHOODVLWXD]LRQHDOO¶LQWHUQRGHO&RPXQHGL
9DOGL1L]]D"
³/DVLWXD]LRQHqDQDORJDDTXHOODGHJOLDOWULFRPXQL
LWDOLDQLFKHVWDQQRSDJDQGRDVVLHPHDLFLWWDGLQLXQD
VLWXD]LRQH GL FULVL PROWR PDUFDWD +R OD VHQVD]LRQH
FKHFKLFLVWDUDSSUHVHQWDQGRD5RPDQRQKDDQFRUD
EHQ FRPSUHVR OD JUDYLWj GHOOD VLWXD]LRQH JHQHUDOH
/¶DYYHQWRGHO6LQGDFRGL)LUHQ]H0DWWHR5HQ]LVWD
FUHDQGRDVSHWWDWLYHLQWXWWLJOLDPPLQLVWUDWRULSHUFKp
HVVHQGROXLVWDWRSULPRFLWWDGLQRFRQRVFHLSUREOHPL
SUHVHQWLQHOO¶DPPLQLVWUDUHXQHQWHORFDOH,OTXDGUR
JHQHUDOHQRQqSURSULDPHQWHFULWLFRSHULO&RPXQH
PDEHQVuSHULFLWWDGLQL´
3DUODQGRGL6WDWRFHQWUDOHQRQVLSXzQRQWUDWWDUH
ODWHPDWLFDGHOOHWDVVD]LRQL&RPHDQGUHWHDJHVWL
UHO¶DYYHQWRGHOOD7DVL"
³1RQ DEELDPR DQFRUD LO TXDGUR JHQHUDOH H FRP
SOHVVLYRGHLWDJOLLPSRVWLGDOOR6WDWRQHOPDOD
7DVLDQGUjDGLQFLGHUHQHJDWLYDPHQWHVXOOHWDVFKHGHL
FLWWDGLQL LWDOLDQL *Lj QHO LQ PHULWR DL YHUVD
PHQWLFKHLFLWWDGLQLGL9DOGL1L]]DKDQQRHIIHWWXDWR
VXOO¶,PXOR6WDWRKDWUDWWHQXWRLOTXHVWRODGLFH
OXQJDVXFRPHLQTXHVWRPRPHQWRYHQJRQRFRQVLGH
UDWLJOLHQWLORFDOL/HUHJROHVRQRFDPELDWHLQTXDQWR
HUD SUHYLVWRGL IDU DSSOLFDUH OD 7DUHV QHO FRQ
GHLFRVWLDOLYHOORGL&RPXQHWUDPLWHOHDJHQ]LHFKH
FLDLXWDQRLQPHULWR2OWUHDOODWDVVD]LRQHFKHDQGUj
DFDULFRGHLFLWWDGLQLFLVDUjXQDJJUDYLRGLFRVWLGHO
&RPXQHSHUSHUPHWWHUHO¶DSSOLFD]LRQHGLTXHVWHOHJ
JL(¶VWDWDWROWDO¶,PXVXOODSULPDFDVDGDXQDSDUWHH
ULPHVVDVXFFHVVLYDPHQWHFRQOD7DVLSHUFKpVHLVROGL
QRQFLVRQRHELVRJQDIDUTXDGUDUHLOELODQFLRQRQ
SRVVLDPRSHUPHWWHUFLGLWDJOLDUHGHLIRQGL/D7DVLSHU
PHWWHDLFRPXQLGLUHFXSHUDUHO¶,PXVXOODSULPDFDVD
HOLPLQDWD GRSR OH GHFLVLRQL SURYHQLHQWL GD 5RPD´
,OROWUHDLSUREOHPLFKHKDHOHQFDWROHLLQSUH
FHGHQ]DKDYLVWRODSUHVHQ]DGHOOHIUDQHDOO¶LQWHU
QRGHOO¶2OWUHSR3DYHVH&RPHqVWDWRFRLQYROWRLO
YRVWURFRPXQHDOLYHOORGLYLDELOLWj"
³$OLYHOORGLYLDELOLWjFRPXQDOHQRQDEELDPRDYXWR
SDUWLFRODULSUREOHPL&LVRQRDOFXQHVWUDGHLQSDU
WLFRODUH TXHOOD FKH YD D &DVDUDVFR H TXHOOD FKH GD
3RJJLR )HUUDWR SURFHGH SHU 0ROLQR &DVVDQR FKH
YHQJRQRPRQLWRUDWHFRVWDQWHPHQWHVWLDPRSDUODQGR
GLPRYLPHQWLVHFRQGDULVXFXLVLDPRJLjLQWHUYHQXWL
HSURVHJXLUHPRLQTXHVWLJLRUQL$EELDPRSURYYHGX
WRDGXQLQWHUYHQWRVXOODIUDQDFKHKDULJXDUGDWRLO
FHQWURDELWDWRGL3RJJLR)HUUDWRWUDPLWHXQ¿QDQ]LD
PHQWRGHOOD5HJLRQH4XHVWRKDFUHDWRDQRLTXDOFKH
SUREOHPDSHUFKpVHJOLLQWHUYHQWLVWUXWWXUDOLSLLP
SRUWDQWLDGLIHVDGHOWHUULWRULRKDQQRUHWWRDOO¶XUWR
GHOOHSLRJJHGLTXHVW¶LQYHUQROHVLVWHPD]LRQLVXSHU¿
FLDOLLQSDUWHQRQKDQQRSRVWRUHVLVWHQ]DTXLQGLDOFX
QLIRVVLHTXDOFKHSDOL]]DWDFLKDQQRUHFDWRGHLGLVD
JL6LDPRULWRUQDWLVXOFDQWLHUHHYHGUHPRGLULVROYHUH
LSUREOHPLFUHDWLGDOOHSLRJJHSHUVLVWHQWL6XOOHVWUDGH
SURYLQFLDOLVLUHJLVWUDXQSUREOHPDQHOFRQ¿QHYHUVR
9DOYHUGH 63 H QRQ SRVVR FKH PDQLIHVWDUH OH DS
SUHQVLRQL GHL PLHL FLWWDGLQL SHU OD IUDQD GL &HFLPD
VXOODH[6WDWDOHSHUFXLLOWUDQVLWRGHLYHLFROLDYYLHQH
DVHQVRXQLFRDOWHUQDWR6SHULDPRFKHDEUHYHLOWUDQ
VLWR ULWRUQL DG HVVHUH D GRSSLR VHQVR LO EORFFR GHO
WUDI¿FRDQGUHEEHDSUHJLXGLFDUHLOWXULVPRLQHQWUDWD
QHOODQRVWUD]RQD´
3DUODQGR LQYHFH GHOOD IUDQD VXOO¶DFTXHGRWWR GL
6DQW¶$OEDQR"
³/DIUDQDQpSUHYHGLELOHQpSUHYHQWLYDELOHKDFHQ
WUDWR XQD SUHVD GHOO¶DFTXHGRWWR H VLDPR FRVu LQWHU
YHQXWL LPPHGLDWDPHQWH FRQ O¶$VP SHU JDUDQWLUH
O¶HURJD]LRQHGHOO¶DFTXDDOODIUD]LRQHGL6DQW¶$OEDQR
*UD]LHDOO¶LQWHUYHQWRGHLWHFQLFLGHOOD5HJLRQHHQWH
FKH KD PHVVR D GLVSRVL]LRQH XQ ¿QDQ]LDPHQWR LP
SRUWDQWHDEELDPRVLVWHPDWRHULIDWWRODSUHVDROWUH
DG DOFXQH RSHUH GL GLIHVD VSRQGDOH SHU FRQVHQWLUH
O¶HURJD]LRQHGHOO¶DFTXD,QTXHVWLJLRUQLVWLDPRVLVWH
PDQGR JOL DOODFFLDPHQWL SHU JDUDQWLUH O¶HURJD]LRQH
VRSUDWWXWWRQHOSHULRGRSULPDYHULOHHGHVWLYRTXDQGR
O¶DXPHQWRGHOODSRSROD]LRQHHGHOFRQVXPRGHOO¶DF
TXDULFKLHGRQRODPHVVDLQUHJLPHGHOO¶DFTXHGRWWR´
6L GLFH FKH GRSR OD SLRJJLD F¶q LO VROH VLPEROR
GHOO¶HVWDWH$YHWH SURJUDPPDWR TXDOFRVD LQ YLVWD
GHOODEHOODVWDJLRQH"
³6WLDPR SHQVDQGR DOO¶(VWDWH 9HUGH DSSXQWDPHQWR
¿VVRFKHSUHYHGHVHPSUHXQQXPHURHOHYDWRGLEDP
ELQL (¶ LQ DWWR O¶LGHD GL XWLOL]]DUH XQD VHWWLPDQD LQ
SLROWUHDOOHWUHJLjLQSURJUDPPDDQFKHSHUVRG
GLVIDUHOHULFKLHVWHGHLJHQLWRUL/¶DOWUDLQL]LDWLYDSUH
YLVWDSULPDGHOSHULRGRHVWLYRqODSUHVHQWD]LRQHGHO
SDUFRORFDOHGLLQWHUHVVHVRYUDFRPXQDOHGHQRPLQD
WR2UDPDODFKHqVWDWRULFRQRVFLXWRDQFKHDOLYHOOR
SURYLQFLDOHHKDWXWWLLUHTXLVLWLSHUSRWHUHVVHUHLQVH
ULWRQHOODUHWHWXULVWLFDGHOQRVWURWHUULWRULR$QGUHPR
DGRUJDQL]]DUHDOWUHLQL]LDWLYHJUD]LHDOODYRURGHOOH
DVVRFLD]LRQLRSHUDQWLVXOWHUULWRULRFRPHJOL$PLFLGL
3RJJLR)HUUDWRHOD3UR/RFRPDELVRJQDIDUHLFRQWL
FRQODFULVLHFRQRPLFDHSUHYHGRSHUTXHVW¶DQQRXQ
DIÀXVVRPLQRUHGLSHUVRQHFRQXQ³FDOR´GHOWXULVPR
VLDTXHOOROHJDWRDOOHVHFRQGHFDVHFKHTXHOORGRPH
QLFDOH8QULQJUD]LDPHQWRSDUWLFRODUHYDDO6HQDWRUH
/XLJL3DQLJD]]LFKHDWWUDYHUVRLO&DVWHOORGL2UDPD
OD KD IDWWR FRQRVFHUH TXHVW¶LPSRUWDQWH WHUULWRULR´
3URVHJXHQGR"
³$O&DVWHOORGL2UDPDODDEELDPRDYXWRXQLQFRQWUR
QHJOLVFRUVLJLRUQLFRQXQDWURXSHFKHODYRUDSHU6N\
LQTXDQWRDVVLHPHDO6HQDWRUH3DQLJD]]LDEELDPRHI
IHWWXDWROHULSUHVHGLTXHVWDURFFDFKHQRQqVRORLO
VLPERORGHOQRVWUR&RPXQHPDGHOSRWHUHPDODVSL
QLDQRGHOODYDOOH6WDIIRUDDSDUWLUHGDOO¶DQQR
&¶HUD TXLQGL O¶LQWHUHVVH GD SDUWH GHOOD SLDWWDIRUPD
6N\DULSUHQGHUHTXHVWDEHOOLVVLPDURFFDGLIHQVLYDGD
LQVHULUH LQ XQ SURJUDPPD FKH SURVVLPDPHQWH VDUj
WUDVPHVVR´
,O YRVWUR FRPXQH VDUj HVHQWH GDOOH SURVVLPH (OH
]LRQL FRPXQDOL SUHYLVWH SHU LO PHVH GL PDJJLR
&RVDVLDXJXUDGDTXHVWDWRUQDWDHOHWWRUDOH"
³8QSODXVRYDGDWRDFRORURFKHVLSUHVWDQRDGDP
PLQLVWUDUH XQ &RPXQH HVVHQGR D FRQRVFHQ]D GHL
SUREOHPLFXLVLYDLQLQFRQWURFRPHODPDQFDQ]DDV
VROXWDGLIRQGLSHUSRWHUIDUIURQWHDOOHHVLJHQ]HHLO
SHQVLHURGLGRYHUWDVVDUHLFLWWDGLQLVXOODOLQHDSUR
YHQLHQWHGDOOR6WDWRFHQWUDOH/DGHOXVLRQHSURYLHQH
GDOIDWWRFKHDGRJJLQRQHVLVWHXQDOHJJHVXOODTXDOH
LFRPXQLVLSRVVRQREDVDUHSHUGLUDPDUHOHOLVWHQRQ
SRWHQGRVDSHUHLOQXPHURGHLFRQVLJOLHUL3HUFHSLVFR
GD TXHVWRIDWWRODWRWDOHHDVVROXWDPDQFDQ]DGLUL
VSHWWR GD SDUWH GHJOL RQRUHYROL H VHQDWRUL FKH QRQ
KDQQR D FXRUH JOL DYYHQLPHQWL GHJOL HQWL ORFDOL QHL
SURVVLPLDQQL4XHVWRODGLFHOXQJDVXFRPHO¶LVWLWX
]LRQHSDUODPHQWDUHVLDGLVWDQWHGDLFLWWDGLQLHGDJOL
HQWLORFDOL´
)UDQFR&DPSHWWLqDUULYDWRDSLGLPHWjGHOVXR
PDQGDWR&KHJLXGL]LRSXzGDUHDOVXRRSHUDWR"
³+R LQL]LDWR DG DPPLQLVWUDUH QHO SHULRGR LQ
FXLODFULVLHFRQRPLFDVWDYDLQFRPLQFLDQGRDGHQWUD
UHQHOVXRSHULRGRSLGLI¿FLOH'DSDUWHGHOOR6WDWR
FHQWUDOH DEELDPR TXLQGL YLVWR XQD FRQWLQXD LPSR
VL]LRQH GL WDVVH ,PX 7DUHV H 7DVL FKH VRQR DQGD
WHDFROSLUHOHWDVFKHGHLFLWWDGLQL'DOO¶DOWUDSDUWH
JUD]LHDOODVHQVLELOLWjHDOO¶DWWHQ]LRQHPRVWUDWDGDOOD
&RPXQLWj 0RQWDQD LQ TXHVWL DQQL QHL FRQIURQWL GHL
FRPXQL VLDPR ULXVFLWL D UHDOL]]DUH XQD VHULH GL LQ
WHUYHQWLVXOQRVWURWHUULWRULRQHLFHQWULVSRUWLYLVXOOH
VWUDGHFRPXQDOL6HTXLQGLGDXQYHUVRQRQVLqSRWXWL
DFFHGHUHDOOHULVRUVHFRPXQDOLSHUODPDQXWHQ]LRQH
GHOWHUULWRULRGDOO¶DOWURJUD]LHDL¿QDQ]LDPHQWLGHOOD
5HJLRQHGHO*DOHGHOOD&RPXQLWj0RQWDQDDEELD
PRSURJUDPPDWRGLYHUVHLQL]LDWLYHVXOVRFLDOHVXOOH
LQIUDVWUXWWXUHHVXLVHUYL]LDLFLWWDGLQLSHUFKpLQTXHVWL
JLRUQLqSDUWLWRLOQXRYRVHUYL]LRGHOWD[LEXVFKHFRQ
VHQWHDOOHSHUVRQHGLUDJJLXQJHUHSRVWLGLQHFHVVLWjH
DYHUHXQPLQLPRGLVXSSRUWR0LDXJXURFKHTXHVWD
LQL]LDWLYD SRVVD DLXWDUH OH SHUVRQH LQ XQ WHUULWRULR
IUDJLOHFRPHLOQRVWUR´
LO 3HULRGLFR
$35,/(
81$/(77(5$$55,9$7$$//$5('$=,21('(/126752*,251$/(
',$/(66$1'52',63(5$7,
1HOQXPHURVFRUVRGHµ,O3HULRGLFR1HZV¶LOVLQGDFR
GL6DQWD0DUJKHULWD6WDIIRUD3LHWUR%ULJQROLqLQWHU
YHQXWRSHUVSLHJDUHLOSHUFKqGHLULWDUGLGHOO¶DSSDOWR
GHLODYRULSHUODVLVWHPD]LRQHGHOODVHJJLRYLDGL3LDQ
GHO 3RJJLR RUPDL IHUPD GD WUH DQQL LQ DWWHVD GHJOL
LQWHUYHQWLGLDGHJXDPHQWRULFKLHVWLGDOODOHJJH'RSR
WDQWHSROHPLFKHVXLULWDUGLGLFXLLOQRVWURJLRUQDOHKD
VHPSUHSXQWXDOPHQWHGDWRVSD]LRLOVLQGDFR%ULJQROL
YROHYDGLUHODµVXD¶YHULWj'RSRO¶DUWLFRORqDUULYDWD
YLD PDLO TXHVWD OHWWHUD GHOO¶DYYRFDWR /XFD$QJHOHUL
FKHWHVWXODPHQWHULSRUWLDPRTXLVRWWR
/DOHWWHUD
³&DUR$OHVVDQGUR
PLVWXSLVFHFKHWXGLUHWWRUHGHO3HULRGLFRHFRQRVFL
WRUHGHJOLXRPLQLHGHOOHVLWXD]LRQLWLSUHVWLDVWDP
SDUHXQDUWLFRORIDVXOORDUWHIDWWR¿WWL]LRGDOTXDOH
SDUHWUDVSDULUHXQ6LQGDFRFKHERQWjVXDqULXVFLWR
DULSRUWDUHXQDVHJJLRYLDD3LDQGHO3RJJLR
2UDLRPLLQFOXGRWUD³TXHJOLDPLFL´FXLOXLIDULIH
ULPHQWRHFKHDYUHEEHURDYXWR³QXPHURVLFRQWULEXWL´
H FKH GL TXHL FRQWULEXWL PDL H LO VLQGDFR EHQ VD KDQQR XVXIUXLWR %HOOH H LQFDQWHYROL OH SDUROH GL XQ
6LQGDFRFKHDGHWWDVXDqULPDVWRRVWDJJLRHYLWWLPD
GLXQ6HJUHWDULRFKHPDLLQROWUHXQDQQRHPH]]R
KDFRPSLXWRTXHLPLQLPLDGHPSLPHQWLFKHDYUHEEH
URSHUPHVVRGLDYHUHXQDVHJJLRYLDJLjGDOORVFRUVR
LQYHUQR
9HGLFDUR'LUHWWRUHGRSRODULXQLRQHGLTXHVWDHVWD
WHQHOOD³'LVFRWHFD3RJJLR&OXE´LO6LQGDFRDGGRV
VyODFROSDGHLULWDUGLDOO¶LQJ&ROODWHFQLFRFKHGR
YHYDSUHGLVSRUUHLOSLDQRRSHUDWLYRSHUODVHJJLRYLD
,RPLSHUPLVLGLVRWWROLQHDUHFKH&ROODqXQVHULRSUR
IHVVLRQLVWD FRQRVFHQGROR SHUVRQDOPHQWH H UHQGHQ
GRPL PLVHUDPHQWH FRQWR FKH LO 6LQGDFR FHUFDYD XQ
SRYHURHQRQSUHVHQWHFDSULRHVSLDWRULR
+R SHUVRQDOPHQWH FRQWDWWDWR O¶LQJ &ROOD RFFXSDQ
GRJUDQSDUWHGHJOLDJRQLDWLJLRUQLGLDJRVWRWHDWUR
GHOOHPLHPRGHVWHHULGRWWHYDFDQ]HLQYDGHQGRDQFKH
TXHOOHGHOSRYHURLQJHJQHUH
(JOL SHUz VHPSUH GLVSRQLELOH PL ULIHULYD GL HVVHUH
GD ROWUH XQ DQQR SURQWR FRQ LO SURJHWWR GH¿QLWLYR H
LQ DWWHVD GL LQGLFD]LRQL GDO 6LQGDFR VHFRQGR LO WXR
DUWLFROR6DQWR6LQGDFR
0LVRQRSHUPHVVRGLULIHULUHDO6DQWRDWWHQWRLPSHF
FDELOH%ULJQROLLOFRQWHQXWRGHOOHPLHFRPXQLFD]LRQL
FRQ &ROOD 5LVSRVWH q LO PLR 6HJUHWDULR FKH QRQ ID
TXHOFKHGHYH,RULOHYRFKHLOVXRVHJUHWDULRGHYHIDUH
FLz FKH LO 6LQGDFR JOL FKLHGH 5LVXOWDWR QHVVXQR ID
QLHQWH¿QRDFKH³JOLDPLFLGHO3RJJLR´PLQDFFLDQR
FDXVHHDOWURDLGDQQLGHO&RPXQH2JJLODVHJJLRYLD
IRUVH SHU PLUDFROR WRUQHUj D IXQ]LRQDUH /D FRVD
FHUWD q FKH LO VLQGDFR QXOOD KD IDWWR QXOOD IDUj H D
QXOODVHUYH&LzFKHqVWDWRIDWWRYDDWWULEXLWRDFKL
FUHGHGDYYHURLQ3LDQGHO3RJJLRHDFKLVRWWRGLYHU
VHYHVWLKDGDWRLOVXRFRQWULEXWR'LFHUWRF¶qFKHVH
ODVHJJLRYLDULDSULUjFDUR'LUHWWRUHSRWUDLLQWHVVHUH
HORJLDFKLXQTXHWUDQQHFKHDXQ6LQGDFRHDXQDVXD
VTXDGUDFKHSXUUHPDQGRFRQWURRJJLVLDWWHJJLDDG
HVXOWDUHSHUXQULVXOWDWRPDLDPELWRHPDLSHUVHJXLWR
3UREDELOPHQWH OD SROLWLFD q TXHVWD PD LR QRL ED
GLDPRDLIDWWLHDOODUHDOWjHQRQWROOHULDPRFKHRJJL
TXDOFXQRVLDUURJKLPHULWLFKHQRQKD8QFDURVDOXWR
3UHJRSXEEOLFDUHWHVWXDOPHQWH´
$YY/XFD$QJHOHUL
&DUR/XFD
FL FRQRVFLDPR GD WDQWR WDQWLVVLPR WHPSR ,O PLR FRPSLWR H TXHOOR GH
µ,O3HULRGLFR1HZV¶qTXHOORGLGDUHVSD]LRDWXWWL1HOEHQHHQHOPDOH
$SSUH]]RODWXDOHWWHUDFKHSXEEOLFRTXLD¿DQFRFRPHGDWXDJHQWLOHUL
FKLHVWD1HLPHVLVFRUVLVXOJLRUQDOHKRSLYROWHGDWRVSD]LRDOODTXHVWLR
QHUHODWLYDDOODVHJJLRYLDGL3LDQGHO3RJJLRHPLVRQRDQFKHVFKLHUDWR
LQSLGLXQ¶RFFDVLRQHFRQWURO¶DPPLQLVWUD]LRQHGL6DQWD0DUJKHULWD
6WDIIRUDSHULULWDUGLVXOO¶DSSDOWRGHOODVHJJLRYLD2UDPLVHPEUDYDJLX
VWRSHUHWLFDSURIHVVLRQDOHGDUHVSD]LRDOVLQGDFR3LHWUR%ULJQROLFKH
KDYROXWRUDFFRQWDUHLIDWWLFRPHDVXRPRGRGLYHGHUHVRQRDQGDWL
6DUjSRLODJHQWHGLPRQWDJQDGLTXHVWDIHWWDGL$SSHQQLQR3DYHVHFKH
VLDLRFKHWHDPLDPRHIUHTXHQWLDPRGDDQQLDVWDELOLUHVHTXHOORIDWWR
GDOO¶DPPLQLVWUD]LRQHFRPXQDOHqVWDWRFRUUHWWRRVEDJOLDWR,OEHOORGH
µ,O3HULRGLFR¶qTXHOORGLQRQHVVHUHVFKLHUDWLFRQQHVVXQRPDGLGDUH
VSD]LRVHPSUHDWXWWLPDJJLRUDQ]DHPLQRUDQ]DURVVLHYHUGLELDQFKLH
QHULLQGLVWLQWDPHQWH6SHWWDSRLDOODJHQWHFDSLUHVHXQ¶DPPLQLVWUD]LRQH
KDDJLWRQHOYHUVRJLXVWRRSSXUHQR
&RQDIIHWWRXQFDURVDOXWR
$OHVVDQGUR'LVSHUDWL
9$//(67$))25$
6HJJLRYLDGL3LDQGHO3RJJLRO¶DYYRFDWR
$QJHOHULUHSOLFDDOVLQGDFR%ULJQROL
LO 3HULRGLFR
$35,/(
LO 3HULRGLFR
$35,/(
LO 3HULRGLFR
$35,/(
2/75(32
'$&(59(6,1$$&251$/(&¶Ê$1&25$7$17$,1'(&,6,21(
2OWUHSzDOYRWRUHJQDO¶LQFHUWH]]DQHL
FRPXQLSRVWLOXQJRLO3R
',*,$1/8&$*,$&21,$
/H LQGHFLVLRQL GHOOR 6WDWR &HQWUDOH
FKH QRQ KD DQFRUD HPDQDWR XQ 'H
FUHWR /HJJH ULJXDUGDQWH LO QXPHUR
GHLFRQVLJOLHULGDSUHVHQWDUHQHOOHOL
VWHVWDQQRFUHDQGRPLVWHURDWWRUQRDL
SURVVLPLFDQGLGDWL0DQFDQRVRORGXH
PHVL DOOH SURVVLPH (OH]LRQL HG q JLj
LQL]LDWDXQDIDVHGLIHUPHQWRLQPHULWR
DLQRPLGHLFDQGLGDWLDLFRQVLJOLHULH
DLSURJUDPPLVXFXLSXQWDUHSHUDP
PLQLVWUDUHLULVSHWWLYLSDHVLQHLSURVVLPLDQQL
,QL]LDPRGD&DVHL*HURODLQFXLqFHUWDODFDQGLGD
WXUDGHO6LQGDFRDWWXDOH(]LR6WHOODODFXLOLVWDVDUj
HVSUHVVLRQHGLTXHOODXVFHQWHHVWDDWWXDOPHQWHODYR
UDQGRVXLSURJUDPPLSHULOIXWXUR3HU6WHOODFRQVL
JOLHUH SURYLQFLDOH 6HO H 6LQGDFR DQFKH GDO DO
VLWUDWWHUHEEHGHOTXDUWRPDQGDWRLQFDVRGLUL
HOH]LRQH$IURQWHJJLDUHO¶DWWXDOH6LQGDFRFLVDUjXQD
OLVWDGLJLRYDQLLOFXLFDQGLGDWRGRYUHEEHHVVHUH$OH[
0DUFR%UDJDHXQDOWURJUXSSRVXFXLVWDODYRUDQGR
IRUWHPHQWHO¶H[DVVHVVRUH6HUJLR)DQWLQ
$6LOYDQR3LHWUDODVLWXD]LRQHqPROWRSLLQFHUWDFL
VDUDQQRGXHOLVWHDOFRQIURQWRHVLVDFKHO¶DWWXDOH6LQ
GDFR$OHVVDQGUR3DQLJD]]LQRQVLULSUHVHQWHUjFRPH
FDQGLGDWR
6RQR JLRUQL GL SXUD ULÀHVVLRQH DQFKH D &HUYHVLQD
SDHVH LQ FXL LO 6LQGDFR 'DQLHOH )XVR KD GHFLVR GL
DVSHWWDUH DG DJLUH H QRQ GLFKLDUDUH QXOOD LQ YLVWD GL
1(/0,5,12,/6,1'$&2
/DUHSOLFDGHOOD
)UDVFD³1RLQRQ
DEELDPRFKLXVR´
PDJJLR
6LWXD]LRQHLQFHUWDDQFKHQHOQXRYR&RPXQHIRUPDWR
GDOODIXVLRQHGD%DVWLGD'H¶'RVVLH&RUQDOHLVWLWX
LWR XI¿FLDOPHQWH OR VFRUVR JHQQDLR D VHJXLWR GHO
UHIHUHQGXP (¶ VWDWD SRVWD XQD VROD VHGH PXQLFLSD
OHD&RUQDOHPHQWUHUHVWDGDGH¿QLUHLOGHVWLQRGHOOD
VHGH GL %DVWLGD /¶H[ 6LQGDFR GL &RUQDOH *LDQFDUOR
&DUQHYDOHGRYUHEEHHVVHUHXQRGHLFDQGLGDWLPHQWUH
O¶H[3ULPR&LWWDGLQRGL%DVWLGD6WHIDQR&DVVRODQRQ
VLULSUHVHQWHUjDOOHXUQH
$3LQDUROR3RO¶DWWXDOH6LQGDFR&LQ]LD&DUPHQ*D]
]DQLJDVLULSUHVHQWHUjDOOHSURVVLPH(OH]LRQLHVWDJLj
ODYRUDQGR VXO SURJUDPPD FKH VL EDVHUj VX GXH ULF
FKH]]HIRQGDPHQWDOLVFXRODHDPELHQWH5HVWDDQFR
UDLQFHUWRLOQRPHGHOFDQGLGDWRFKHDQGUjDIURQWHJ
JLDUHTXHVWDOLVWD
³6WR PHGLWDQGR DQFRUD VXO PLR IXWXUR q XQD GHFL
VLRQH GLI¿FLOH FKH SUHQGHUz D JLRUQL´ 6RQR TXHVWH
OH SDUROH GHO 3ULPR &LWWDGLQR GL %UHVVDQD 'DYLGH
5RYDWLFKHQRQKDDQFRUDGHFLVRVHULSUHVHQWDUVLQHO
SURVVLPRPHVHGLPDJJLR
³(¶GDFHQWRDQQLFKHODQRVWUDDWWLYLWjIXQ]LRQD
DSLHQRUHJLPH6LDPRVWXSLWLGHOOHSDUROHGHOVLQ
GDFRDQFKHSHUFKqQRLQRQVRORQRQDEELDPRPDL
FKLXVRPDSHUQRVWUDIRUWXQDLOULVWRUDQWHIXQ]LR
QDEHQHVLDGLJLRUQRFKHGLVHUDHUDHULPDQHXQ
SXQWRGLULIHULPHQWRQRQVRORSHU0HQFRQLFRPD
DQFKHSHULWXULVWLFKHIUHTXHQWDQRLO0RQWH3HQLFH
HO¶$SSHQQLQR´
6WHIDQLD)HQDUROLWLWRODUHGHOULVWRUDQWH/D)UDVFD
GL0HQFRQLFRVLGLFHVFRFFLDWDGHOOHSDUROHHGHO
OH GLFKLDUD]LRQL GHO VLQGDFR GL 0HQFRQLFR /LYLR
%HUWRUHOOLFKHKDDIIHUPDWRLQXQ¶LQWHUYLVWDDOQR
VWUR JLRUQDOH ³1RQ DEELDPR JURVVH VWUXWWXUH VX
FXL SRVVLDPR SXQWDUH QRQ GREELDPR QHPPHQR
SHQVDUH GL GDUH YLWD D QXRYL ULVWRUDQWL R QHJR]L
DQFKHSHUFKpFKLF¶HUDSXUWURSSRqIDOOLWR´6WH
IDQLD )HQDUROL FRQFOXGH ³6SLDFH FKH LO VLQGDFR
GLFKLDULTXHVWHFRVHVRSUDWWXWWRLQFRQVLGHUD]LRQH
FKHLOQRVWURqXQORFDOHVWRULFRHSXQWRGLULIHUL
PHQWRSHUFKLIUHTXHQWDTXHVWH]RQHHQRQVROR´
&(6$5(/,6$1'5,$,//8675$,/352*(772
,O5RWDU\&OXE2OWUHSzLQVWDOODQXRYL
GH¿EULOODWRULD&DVWHJJLRH5LYDQD]]DQR
1HO &RPXQH GL %URQL H GL 5LYDQD]]DQR YHUUDQQR
LQVWDOODWLGXHGH¿EULOODWRULXQRQHL&RPXQLGL&D
VWHJJLR H GL 6WUDGHOOD WXWWL SURWHWWL GD WHOHFDPHUH
(¶TXDQWRKDGHFLVRQHLJLRUQLVFRUVLLO5RWDU\&OXE
2OWUHSz³/¶RELHWWLYRVSLHJDLOSUHVLGHQWHGHO5R
WDU\2OWUHSz&HVDUH/LVDQGULDqTXHOORGLFUHDUH
GHOOHDUHHDOO¶LQWHUQRGHOQRVWURWHUULWRULRPHGLDQWH
O¶LQVWDOOD]LRQHGLGH¿EULOODWRUL1HVRQRJLjVWDWLLQ
VWDOODWL GXH D %URQL HG XQR D 5LYDQD]]DQR 7HUPH
LOVHFRQGRD5LYDQD]]DQRGRYHLOVLQGDFR5RPDQR
)HUUDULqVRFLRGHO5RDWU\qLQDUULYR1HVRQRLQ
DUULYRDOWULGXHXQRSHU&DVWHJJLRHGXQRSHU6WUD
GHOOD´
0DSHUFKqTXHVWDGHFLVLRQH"
³,OUDSLGRHFRQWLQXRVYLOXSSRGHOODFRVFLHQ]DPH
GLFDGDSDUWHGHOFLWWDGLQRHO¶DFFUHVFHUVLFRQWLQXR
GHOOHLQQRYD]LRQLVLDWHFQRORJLFKHFKHRUJDQL]]DWL
YHUHQGRQRRUDSRVVLELOHODSUHYHQ]LRQHGHOODPRUWH
LPSURYYLVDFRQO¶DGGHVWUDPHQWRGHOSHUVRQDOHODLFR
DQFKHLQDPELHQWLGLODYRURVSRUWLYRHGXUEDQR,O
SURJHWWR $UHD &DUGLR3URWHWWD SURSRQH XQ PRGHOOR
GLWUDWWDPHQWRGHOO¶DUUHVWRFDUGLDFRFRQO¶LQWHQWRGL
WUDVIRUPDUHLFHQWULGLDJJUHJD]LRQHGLDWWLYLWjOD
YRUDWLYDHGXUEDQDFKHFDUDWWHUL]]DQRLOWHUULWRULR
VLFXULDXPHQWDQGRODSHUFH]LRQHGLWXWWLGLWURYDUVL
LQDUHHSURWHWWHLQFXLVYROJHUHODSURSULDDWWLYLWj´
(/LVDQGULDSURVHJXH³6XTXHVWRWHPDVLqHVSUHVVR
DQFKH LO 0LQLVWHUR GHOOD 6DOXWH FRQ OD /HJJH %DO
GX]]L LQ YLUW GHOOD TXDOH WXWWL L FHQ
WUL VSRUWLYL VL GHYRQR GRWDUH GL XQ GH¿EULOODWRUH
SHU GDUH VLFXUH]]D DL SURSUL LVFULWWL SRWHQGR DJLUH
SURQWDPHQWHGDYDQWLXQHYHQWRGLDUUHVWRFDUGLDFR
/¶DUUHVWRFDUGLDFRTXHVWRHYHQWRGUDPPDWLFRFKH
QRQ WUDWWDWR WHPSHVWLYDPHQWH VL WUDVIRUPD LQ SR
FKLVVLPLPLQXWLLQPRUWHLPSURYYLVDLQFLGHLQ,WDOLD
LQFLUFDPLODHYHQWLRJQLDQQR&ROSLVFHVSHVVR
SHUVRQHFRQSDWRORJLHFDUGLRYDVFRODULPDSXzFRO
SLUH VHQ]D SUHDYYLVR SHUVRQH VDQH H FOLQLFDPHQWH
FRQWUROODWH 6L WUDWWD GL XQ IHQRPHQR TXDQWLWDWLYD
PHQWH ULOHYDQWH FKH SXz PDQLIHVWDUVL GRYXQTXH H
SHUWDQWRDQFKHIXRULGDOOHVWUXWWXUHVDQLWDULHFRQ
XQGHJOLDUUHVWLFDUGLDFLHTXLQGLGHOOHPRUWL
LPSURYYLVHDGRPLFLOLRLOVXOSRVWRGLODYRUR
LOSHUVWUDGDLOGXUDQWHOHDWWLYLWjULFUHD
WLYH1HOO¶DUUHVWRFDUGLDFRODSHUVRQDFDGHLPSURY
YLVDPHQWHDWHUUDSDOOLGRLQFRVFLHQWHHVHQ]DSROVR
HUHVSLUD]LRQH(¶QHFHVVDULRDJLUHHGqQHFHVVDULR
DJLUH FRQ OD PDVVLPD WHPSHVWLYLWj YLVWR FKH GRSR
PLQXWL GL DUUHVWR FDUGLRFLUFRODWRULR LQL]LDQR L
GDQQL FHUHEUDOL FKH GLYHQJRQR GDQQL LUUHYHUVLELOL
GRSR VROR PLQXWL VH QHVVXQR DWWXD XQ VRFFRU
VR(¶GLPRVWUDWRFKHLQXQ¶DUHDQRQSURWHWWDROWUH
O¶GHLFDVLQRQYLHQHWUDWWDWRLOYLHQHVDO
YDWR PD FRQ GHL GDQQL SHUPDQHQWL H FKH VROWDQWR
LO YLHQH VDOYDWR HG KD XQ UHFXSHUR GHO LQXQ¶DUHDSURWHWWDTXHVWLGDWLVRQRDVVROXWDPHQWH
FDSRYROWLSHUFXLO¶GHLFDVLYLHQHVDOYDWRVHQ]D
ULSRUWDUH GDQQL LO ULSRUWD GDQQL SHUPDQHQWL H
XQQRQqVWDWRVDOYDWR,OWHQWDWLYRGLVROX]LR
QHDOO¶DUUHVWRFDUGLDFRFRQVLVWHQHOODIRUPD]LRQHH
QHOO¶DGGHVWUDPHQWRGLXQQXPHURFRQJUXRGLODLFL
ULDQLPDWRULGLSULPRVRFFRUVRFRQODSUHVHQ]DGL
XQGH¿EULOODWRUHVHPLDXWRPDWLFRLQORFR$OVXSH
UDPHQWRGHOWHVWDOSHUVRQDOHODLFRYLHQHULODVFLDWD
OD FHUWL¿FD]LRQH LQWHUQD]LRQDOH $PHULFDQ +HDUW
$VVRFLDWLRQ $+$ H O¶DELOLWD]LRQH GHO 3HU
RJQLGH¿EULOODWRUHYHUUDQQRIRUPDWLDOPHQRRSH
UDWRUL,OFRUVRGLIRUPD]LRQHDYUjODGXUDWDGLXQ
JLRUQRSHUXQWRWDOHGLRUH,OORJRGHOSURJHWWRq
VWDWRLGHDWRGDOJUDQGH7RQLQR*XHUUD³,OFXRUH
WLYXROHEHQH´,'H¿EULOODWRUL±FHQHVRQRGLYDUL
PRGHOOLHFRVWLFRQWHFDHEDQGLHUDLGHQWL¿FDWLYD
DWRWHPFRQVSD]LRHVSRVLWLYR1HOODSDUWHDOWD
GHOWRWHPYLqXQSDQQHOORJUD¿FRSHUVRQDOL]]DWDLQ
39&VXOTXDOHFRPSDULUjLOORJRGHO5RWDU\&OXE
2OWUHSzODFDUDWWHULVWLFD5XRWD´
LO 3HULRGLFR
$35,/(
$%%,$02,1&2175$72,/5(63216$%,/(&+(+$,//8675$,352*5$00,
',0$57$0$66$&&,
1HLPHVLVFRUVLDEELDPRGDWRULOLHYRDO0XVHRDUFKHR
ORJLFRGL&DVWHJJLRFKHFRQOHDWWLYLWjVFRODVWLFKHHLO
FRQYHJQRGLDUFKHRORJLDULHVFHDPDQWHQHUHYLYRO¶LQ
WHUHVVHSHUODVWRULDHODFXOWXUDGHOWHUULWRULRGHOO¶2O
WUHSR,QVLHPHDOPXVHROD%LEOLRWHFDFLYLFDUDSSUH
VHQWDLOVHFRQGRSRORFXOWXUDOHGHOODFLWWjHRIIUHXQ
VHUYL]LRHI¿FLHQWHHDOSDVVRFRLWHPSL$EELDPRLQ
WHUYLVWDWR2UHVWH5LFFLUHVSRQVDELOHGHOODELEOLRWHFD
4XDOHVHUYL]LRRIIUHODELEOLRWHFDDLFLWWDGLQL"
³/D ELEOLRWHFD GL &DVWHJJLR FKH RSHUD SDUDOOHOD
PHQWHDOO¶DWWLYLWjPXVHDOHRIIUHXQVHUYL]LRGLFRQVXO
WD]LRQHHSUHVWLWROLEULLQXQDUDFFROWDGLFLUFDTXLQ
GLFLPLODYROXPLFKHVSD]LDQRQHLJHQHULSLGLYHUVL
$EELDPR XQ RUDULR DSHUWR DO SXEEOLFR LQ VHL JLRUQL
VXVHWWHFRPSUHVDOD'RPHQLFDSRPHULJJLRFRQXQ
RUDULRSRPHULGLDQRFKHYDGDOOHDOOHSHU
WXWWLFRORURFKHYRJOLRQRYHQLUHDGLVWUDUVLHDOHJJHUH
XQOLEURRFRPHPROWLVWXGHQWLDVWXGLDUH´
6L GLFH FKH LQ ,WDOLD OH SHUVRQH QRQ OHJJDQR SL
FRP¶qO¶DIÀXHQ]D"
³ÊYHURQHOQRVWURSDHVHVLOHJJHSRFKLVVLPRHQRQ
qXQDEXRQDFRVD6X&DVWHJJLRSRVVRGLUHFKHVHE
EHQH DEELDPR ULVFRQWUDWR XQ DXPHQWR GHL SUHVWLWL
OD ELEOLRWHFD QRQ q PDL SDUWLFRODUPHQWH DIIROODWD
/¶$PPLQLVWUD]LRQHGRYUHEEHFRQFHGHUHDEUHYHXQD
FRQQHVVLRQH ZL¿ FKH SRWUHEEH PLJOLRUDUH TXHVWR
DVSHWWRSHUFKpLJLRYDQLVWXGHQWLVDUHEEHURDJHYRODWL
HLQYRJOLDWLDYHQLUHDVWXGLDUHTXLSLXWWRVWRFKHDO
&$67(**,2
5LFFL³/DELEOLRWHFDUHVWDXQSXQWRGL
ULIHULPHQWRSHULFDVWHJJLDQL´
WURYH,QROWUHO¶DSHUWXUDGRPHQLFDOH
RUPDLqGLQRUPDSHURIIULUHXQVHUYL
]LRFKHVLDLOSLFRPSOHWRSRVVLELOH´
/HLODYRUDGDPROWRSHUODELEOLRWH
FD"
³2UPDLVRQRYHQWLFLQTXHDQQLFKHPL
RFFXSRGHOODELEOLRWHFDGL&DVWHJJLR
HGLFLDVVHWWHGDTXDQGRqVXEHQWUDWD
OD JHVWLRQH GHOO¶DPPLQLVWUD]LRQH FR
PXQDOHSHUFKpLQSUHFHGHQ]DTXHVWR
VSD]LRYHQLYDJHVWLWRGDXQDFRRSHUD
WLYD 'HYR GLUH FKH VRQR VRGGLVIDWWR
SHUFKp QRQRVWDQWH L OLEUL QRQ VLDQR
OHWWLWDQWRFRPHXQDYROWDHYLVWLLWHPSLFKHFRUURQR
SHU OH DPPLQLVWUD]LRQL &DVWHJJLR q LQ JUDGR GL RI
IULUHXQVHUYL]LRDSHUWRDWXWWLLFLWWDGLQLHSHUPHWWHUH
DOODYLWDFXOWXUDOHGLPLJOLRUDUHHSURJUHGLUH´
ÊO¶XQLFRDRFFXSDUVLGHOORVSD]LRFXOWXUDOH"
³3HUODPDJJLRUSDUWHGHOWHPSRVLPDXOWLPDPHQWH
F¶qXQUDJD]]RFKHPLDLXWDWUHYROWHDOODVHWWLPDQD
HGqULXVFLWRDVXEHQWUDUHFRPHDVVLVWHQWHJUD]LHD
XQDERUVDODYRURDQFKHVHSXUWURSSR¿QRDG$SUL
OH3XUWURSSRQRQqIDFLOHDVVXPHUHSHUVRQDOH¿VVRH
VWDELOHLQYHVWHQGRPDJDULLQUDJD]]LGLTXDOLWjPDFL
DXJXULDPRFKHLWHPSLPLJOLRULQR´
*/,678'(17,'(//¶(1$,392*+(5$&82&+,3(581*,2512&21'$1,/21(0%5,1,
$)RUWXQDJRVRQRVWDWLSUHVHQWDWLSLDWWL
LQWHUHVVDQWLDEELQDWLFRQGHOEXRQYLQR
',67()$1,$%(5721$==,
1HL JLRUQL VFRUVL FL VLDPR WURYDWL D SUDQ]R LQ XQR
GHL%RUJKLSLEHOOLG¶,WDOLDHSUHFLVDPHQWHD)RU
WXQDJRSUHVVRLO5LVWRUDQWHOD3LQHWDGRYHODIDPL
JOLD1HPEULQLFRPSOLFHLOFXRFRHO¶DPLFR'DQLOR
WLWRODUH GHO 5LVWRUDQWH KD UHVR L VXRL VWXGHQWL
GHOO¶,VWLWXWR (QDLS GL9RJKHUD FXRFKL H SDGURQL GL
FDVDSHUXQJLRUQR
³/D VFXROD DO 5LVWRUDQWH LO 5LVWRUDQWH D VFXROD´
FRVu q VWDWD FKLDPDWD OD JLRUQDWD XQ HYHQWR RUJD
QL]]DWR GDOOD 'RWWVVD (PDQXHOD /DQIUDQFKL &R
RUGLQDWULFH(QDLSFRQODSUHVHQ]DLQVDODGHO3URI
3DROR'XPLQXFRHFRQODVXSHUYLVLRQHGHOYHURSD
GURQHGLFDVDLOFXRFRHGLQVHJQDQWH'DQLOR1HP
EULQL1XPHURVLLSUHVHQWLFRQODSDUWHFLSD]LRQHGL
,VWLWX]LRQLORFDOLTXDOLLO6LQGDFRGL)RUWXQDJR3LHU
$FKLOOH /DQIUDQFKL HG LO 3DUURFR 'RQ )DELHQ 1L
\RQNXUXRULJLQDULRGHO%XUXQGLROWUHDG$VVHVVRUL
HIXQ]LRQDULFRPXQDOL
/¶LQWHUR PHQ q VWDWR SHQVDWR H FUHDWR LQ VLQHUJLD
FRQJOLVWXGHQWLRJQLSRUWDWDVHUYLWDLQWDYRODqVWD
WD D ƒ RSHUD GL TXHVWL UDJD]]L GDOOD SUHSDUD
]LRQHLQFXFLQDVLQRDOVHUYL]LRDLWDYROL8QPHQ
VHPSOLFHFUHDWRGDPDQLFKHWDQWRKDQQRDQFRUDGD
LPSDUDUHPDUDI¿QDWRDOWHPSRVWHVVREHQSURSR
VWR LQ WDYROD D WHVWLPRQLDQ]D GHO JUDQGH LPSHJQR
GLTXHVWLUDJD]]L$IDUHGD³HQWUpH³XQ¶LQVDODWDGL
JDOORDOOHPHOHUHQHWWHFRQDFHWREDOVDPLFR´DVH
JXLUHXQELVGLSULPLSLDWWLWDJOLDWHOOHWULFRORUHFRQ
IDQWDVLD YHJHWDOH H FDQQHOORQL LQ VDOVD ELDQFD FRQ
YHOOXWDWD GL SLVHOOL PD QRQ VROR HFFR DUULYDUH XQ
UDI¿QDWR¿OHWWRGLPDLDOHLQFURVWDGLVSHFNDEELQD
6WXGHQWL(QDLS
FRQ'DQLOR1HPEULQLH(PDQXHOD/DQIUDQFKL
WRDWUHGLYHUVLFRQWRUQL7UDLGROFLDQFK¶HVVLSUH
SDUDWL GDJOL VWXGHQWL XQ VHPLIUHGGR DO FLRFFRODWR
ELDQFRHIUDJRODFRQVDOVDLQJOHVHDOODPHQWD1XOOD
qODVFLDWRDOFDVRHDGDFFRVWDUHRJQLSRUWDWDXQSHU
IHWWR DEELQDPHQWR GL YLQL WUH LPSRUWDQWL HWLFKHWWH
LQFROODERUD]LRQHFRQWUHD]LHQGHYLWLYLQLFROH³$]
$JULFROD *RJJL´ GL *UDYDQDJR ³$] $JULFROD
*D]]RWWL´GL0RQWHVFDQR9HUVLJJLDHG³$]$JULFR
OD)OOL*XHUFL´GL&DVWHJJLR$GRJQLSDUWHFLSDQWH
qVWDWDFRQVHJQDWDXQDVFKHGDSHUSRWHUIRUPXODUH
XQJLXGL]LRFRPSOHWRXQDYHUDHSURSULDYDOXWD]LR
QH GDO VHUYL]LR DOOD FRWWXUD DOOD SUHVHQWD]LRQH GL
RJQLSRUWDWD)DFLOPHQWHLQWXLELOHHUDODWHQVLRQHGL
TXHVWLUDJD]]LFKHFRQWDQWRLPSHJQRHGDWWHQ]LRQH
VLPXRYHYDQRLQVDODFHUFDQGRGLVHJXLUHHFXUDUH
RJQLGHWWDJOLR
$ ¿QH PHQ SUHQGRQR OD SDUROD OD FRRUGLQDWULFH
(PDQXHOD /DQIUDQFKL HG LO 3URI 'RPLQXFR FKH
GRSRDYHUULQJUD]LDWRLSUHVHQWLVLFRQJUDWXODQRFRQ
RUJRJOLRFRQTXHVWLVWXGHQWL$VHJXLUHLOFXRFR
'DQLOR 1HPEULQL FKH VHJXH TXHVWL UDJD]]L DQFKH
QHOO¶,VWLWXWRYRJKHUHVHULEDGLVFHO¶LPSRUWDQ]DGLXQ
JLXGL]LRRELHWWLYRGDSDUWHGHLSUHVHQWLXQDYDOXWD
]LRQHFKHSHUPHWWDDLUDJD]]LGLUHQGHUVLFRQWRGHO
ORUROLYHOORGLSUHSDUD]LRQHHVXTXDQWRGHEEDQRDQ
FRUDODYRUDUH(VVHUHWURSSRFOHPHQWLR³GLSDUWH³
VHPSOLFHPHQWH SHUFKp VL WUDWWD GL UDJD]]L JLRYDQL
FRQWLQXD'DQLOR1HPEULQLQRQSHUPHWWHUHEEHORUR
GLFUHVFHUHHGLFDSLUHUHDOPHQWHLOORURJUDGRDWWXD
OHGLFRQRVFHQ]DGHOODPDWHULD
1HLJLRUQLFKHKDQQRVHJXLWRTXHVWRHYHQWRXQDOWUR
LPSRUWDQWHDSSXQWDPHQWROLKDDWWHVLXQ&RQFRUVR
RUJDQL]]DWR GD )HG,W&XRFKL GL 3DYLD DOOD VFXROD
SURIHVVLRQLVWLFD$SROIGL3DYLDFRQLO3DWURQ0DULR
%HFFLROLQL LO SUHVLGHQWH SURYLQFLDOH HG LO VXR DW
WXDOHFRQVLJOLRFRQ*LXULDLQWHUQD]LRQDOHFXRFKL
GHOOD:DFVDFXLVRQRVWDWHLQYLWDWHWXWWHOHVFXROH
GHOOD /RPEDUGLD RUJDQL]]DWR SHU LQGLYLGXDOL SUH
PLR 6HOYDWLFR H SHU 7HDP SUHPLR 0DQ]DOL GL SHUVRQHLQFXFLQDLQVDOD,OQXPHURFRPSOHV
VLYRGLSDUWHFLSDQWLqVWDWRGLSHULQGLYLGXDOHH
WHDP9LWWRULDGL$SROISHUSUHPLR7HDPFDSLWDQDWL
GDOOR&KHI5LFFDUGR9HUGHOOLHJUDQGHƒSRVWRGHO
7HDP (QDLS FKH KD SDUWHFLSDWR FRQ VROL DOOLHYL GL
¶FRQWURDOWULGL¶¶DOSULPRFRQFRUVRSURIHV
VLRQDOHDOTXDOHKDQSDUWHFLSDWR9LWWRULDSHULQGL
YLGXDOHDOOLHYRGHOODFODVVHƒGHO6DQWD&KLDUDGL
6WUDGHOODLVWUXLWRGDOJUDQGH&KHI6LOYDQR9DQ]XOOL
9DOHULR3DUXVVLQL(QDLSqVWDWRSUHPLDWRFRPHPL
JOLRUDOOLHYRGL¶H9DOHQWLQD0DOIDWWL$SROIFRPH
DOOLHYDGL¶
LO 3HULRGLFR
$35,/(
LO 3HULRGLFR
$35,/(
3$5/$,/&216,*/,(5(&2081$/($11$)5217,
',0$57$0$66$&&,
$EELDPR LQFRQWUDWR LO FRQVLJOLHUH FRPXQDOH $QQD
)URQWLFKHFLKDUDFFRQWDWRODVXDHVSHULHQ]DLQSROLWL
FDHOHRSLQLRQLFKHKDULJXDUGRDOODFLWWjGL&DVWHJJLR
HLFLWWDGLQLFKHQHIDQQRSDUWH
'DTXDQWRWHPSRqLPSHJQDWDVXOIURQWHSROLWLFRH
FKHFRVDO¶KDVSLQWD"
³'HYRGLUHFKHVRQRVHPSUHVWDWDXQSzDWWUDWWDGDOOD
FRVDDOLYHOORWHUULWRULDOHLQWHQGRHGDFLUFDDQQL
SRUWR DYDQWL TXHVWR SHUFRUVR GL IRUPD]LRQH SROLWLFD
HGLYLWD/¶LQFRQWURFRQO¶$VVHVVRUH$QQD5DI¿QHWWL
HODYRJOLDFKHDYHYRGLLPSHJQDUPLSHUPLJOLRUDUH
ODUHDOWjFKHPLFLUFRQGDKDQQRIDWWRVuFKHHQWUDVVL
LQ TXHVWR PRQGR DQFKH VH QRQ FRQRVFHYR SHUIHWWD
PHQWHODPDFFKLQDSROLWLFDÊWXWWRUDXQ¶HVSHULHQ]D
SRVLWLYDSHUFKpWXWWLLJLRUQLPLSHUPHWWHGLLPSDUD
UHTXDOFRVDHFUHGRFKHVLDVHPSUHXWLOHDSSUHQGHUH
JOLLQVHJQDPHQWLGDWLVRSUDWWXWWRLQXQSHULRGRFRPH
TXHVWRLQFXLVLVHQWHODQHFHVVLWjGLWRUQDUHDGDYHUH
¿GXFLD´
4XDOqLOVXRFRQFHWWRGL³EXRQDSROLWLFD´"
³6HFRQGRPHODEXRQDSROLWLFDVLIDFRQLOFUHDUHOH
JDPLVRFLDOLUHOD]LRQDQGRVLFRQJOLDOWUL,QROWUHLO
SROLWLFRGHYHIDUHXQDPHGLD]LRQHWUDHVLJHQ]HHLQ
WHUHVVHGHOFLWWDGLQRFRPXQLFDUHFRQLGLYHUVLJUXSSL
SHUVHUYLUHDOPHJOLRO¶LQWHUHVVHFROOHWWLYRHVHUFLWDQ
GRODSURSULDPDQVLRQHFRQSDVVLRQHFLYLOHHVHFRQ
GR L YDORUL GL GHPRFUD]LD H FRVWLWX]LRQDOLWj ,PSRU
WDQWLVVLPL SHU PH VRQR L OHJDPL FRQ LO WHUULWRULR H L
FLWWDGLQL´
&KH ULVRUVH KD LO WHUULWRULR GHOO¶2OWUHSz H FRPH
YHQJRQRVIUXWWDWH"
³/H ULVRUVH GHOO¶2OWUHSz SXUWURSSR R SHU IRUWXQD
FRPH VDSSLDPR VRQR OHJDWH DO VXR HVVHUH XQ WHUUL
WRULR SUHWWDPHQWH DJULFROR SHUFKp HFFHWWR DOFXQH
GL D]LHQGH FH QH VRQR SRFKH 4XHOOR FKH VHFRQGR
PHVDUHEEHQHFHVVDULRIDUHqVYLOXSSDUHLOWHUULWRULR
GHOO¶2OWUHSz GDO SXQWR GL YLVWD WXULVWLFR 6RQR VWDWD
GLUHFHQWHLQ8PEULDHLOWHUULWRULRVHPEUDHTXLYD
OHQWHDOQRVWURPDFRQODGLIIHUHQ]DFKHOuVLqVDSXWR
VIUXWWDUHTXHVWDVXDSRWHQ]LDOLWj3HQVRFKHSRWUHP
PRGDYYHURUHQGHUHPLJOLRUHLOQRVWURWHUULWRULRHJH
VWLUORDQFKHWUDPLWHLPH]]LGLFRPXQLFD]LRQHGLRJJL
,QVRPPDULWURYDUHLOJXVWRGHOEHOOR´
&DVWHJJLR LQ SDUWLFRODUH LQ FRVD VL FDUDWWHUL]]D
PDJJLRUPHQWH"
³4XDQGR FL UHOD]LRQLDPR FRL FROOHJKL FL FKLHGLDPR
ODVWHVVDFRVDPDDSDUWHODWUDQTXLOOLWjFKHSRWUHE
EHHVVHUHXQEXRQSUHWHVWRSRLTXHOORFKHGLVWLQJXH
YHUDPHQWHODQRVWUDFLWWDGLQDVRQRLEHQLFKHDEELD
PR FRPH DG HVHPSLR OD &HUWRVD H OH VXH FROOLQH
OLPLWURIH6HGRYHVVLPRFUHDUHVWUXWWXUHDWWHDGDYHUH
XQFHUWRQXPHURGLWXULVPRSRWUHEEHHVDOWDUHDQFRUD
GL SL LO QRVWUR WHUULWRULR 6L RUJDQL]]DQR FRQYHJQL
PDQLIHVWD]LRQLVHUDWHHPRVWUHGLTXDGULHO¶DIÀXVVR
DQFKHGDSDUWHGLSHUVRQHFKHQRQFRQRVFRQR¿QRLQ
IRQGRTXHVWDQRVWUDULVRUVDqVWDWRPROWREXRQR´
&KH RSLQLRQH KD VXO ODYRUR VYROWR GDOO¶DPPLQL
VWUD]LRQHXVFHQWH"
³6HFRQGRPHKDIDWWRLOPHJOLRFKHVLSRWHYDIDUHLQ
XQDVLWXD]LRQHFULWLFDFRPHTXHOODGLWXWWLDWWXDOPHQ
WH/¶LPSHJQRqVWDWRJUDQGHGDSDUWHGLWXWWLHWXWWL
KDQQRVYROWRXQEXRQODYRUR´
'D GRYH VL GRYUj ULSDUWLUH D ¿QH 0DJJLR QRQR
VWDQWHODVLWXD]LRQHVLDSLXWWRVWRGLI¿FLOHHOHULVRU
VHVFDUVHJJLQR"
³%LVRJQHUHEEH DSSURIRQGLUH L PHWRGL L SURFHVVL JOL
&$67(**,2
³/¶DPPLQLVWUD]LRQHKDODYRUDWREHQH
FRQVLGHUDQGRDQFKHOHUHVWUL]LRQL´
$QQD
)URQWL
VWUXPHQWL H L OLQJXDJJL SHUFKp F¶q O¶HVLJHQ]D GL XQ
QXRYRUDSSRUWRGL¿GXFLDGDSDUWHGHLFLWWDGLQLDQ
GUHEEHUR ULGH¿QLWH FRPSHWHQ]H H DPELWL G¶D]LRQH
ULÀHWWHQGRVXOODGHJHQHUD]LRQHGHOVLVWHPDHOHSRV
VLELOLVROX]LRQL3HQVRFKHODUHOD]LRQHGHLFLWWDGLQLH
LOHJDPLFROWHUULWRULRSRVVDQRGDYYHURIDUHODGLIIH
UHQ]DFRQLOFRLQYROJLPHQWRHLOULDYYLFLQDPHQWRGHL
FLWWDGLQLDOODSROLWLFDFRPHSDUROD¿ORFRQGXWWRUHIUD
FLWWDGLQRHSDUWHDPPLQLVWUDWLYDGHOFRPXQH5LDOODF
FLDUHLUDSSRUWLGDHQWUDPEHOHSDUWLSHUFKqLOSROL
WLFRQRQGHEEDHVVHUHYLVWRFRPHFROXLFKHGDOO¶DOWR
YXROHSUHQGHUVLJLRFRGHOOHSHUVRQHODSROLWLFDVLDPR
QRLFLWWDGLQLQHOODYLWDGLWXWWLLJLRUQL´
6L SDUOD VSHVVR GL TXRWH URVD H GL FRQFUHWD PDQ
FDQ]DQHLFRQIURQWLGHOOHGRQQHGLSDULRSSRUWX
QLWjDQFKHUHFHQWHPHQWHODSURSRVWDGHO*RYHUQR
5HQ]LQRQqULXVFLWDSDVVDUH4XDOqODVXDRSLQLR
QH DO ULJXDUGR" 6LDPR GDYYHUR LQ XQ SDHVH FRVu
PDVFKLOLVWDDQFRUD"
³6RQRXQDSHUVRQDXQDGRQQDFKHVLqVHPSUHGDWD
GD IDUH H YRUUHL FRQWLQXDUH D IDUOR LQ TXHVWR VHQVR
DQFKHULFDQGLGDQGRPLPDLQGLSHQGHQWHPHQWHGDOOD
PLDSRVL]LRQHSROLWLFDSXUWURSSRO¶,WDOLDqXQSDHVH
PDVFKLOLVWD &DPELHUj" /DYRUDWLYDPHQWH SDUODQGR
DQFKH VH OD GRQQD q PROWR SL OLPSLGD H SUDWLFD H
TXHVWRQRQORGLFRVRORLRO¶XRPRULVXOWDHVVHUHDQ
FRUDXQD¿JXUDFKHLVSLUDPDJJLRUH¿GXFLDSLFKH
DOWURPDJJLRUHDXWRULWj+RTXDVLDQQLGLODYRURH
QHKRSDVVDWHLQGLSHQGHQWHPHQWHGDTXHOORFKHGLFR
QROHSHUVRQH1RQVRFRVDVLSRWUHEEHIDUHLQTXHVWR
VHQVR SHUFKp FUHGR VLD XQ¶RSLQLRQH DQFRUDWD QHOOD
QRVWUD FXOWXUD DQFRUD TXDOFKH JLRUQR ID KR DYXWR
XQ¶HVSHULHQ]DSHUVRQDOHFKHPLKDWURYDWDLQDFFRUGR
FROIDPRVRGHWWR³GLHWURDXQJUDQGHXRPRF¶qWXW
WRUD VHPSUH XQD JUDQGH GRQQD´ &KLDUDPHQWH FL
VRQRGHOOHGRQQHFKHFRQRVFRFRQDWWLYLWjLQSURSULR
FKHVRQRSLHQDPHQWHUHDOL]]DWHSHUzTXHVWRQRQFR
VWLWXLVFHODUHJRODJHQHUDOH´
&KHRSLQLRQHVLqIDWWDVX5HQ]LHLOVXRJRYHUQR
³XQGHU´"
³/¶XQLFDFRVDFKHPLVHQWRGLGLUHDULJXDUGRqFKH
VHSSXU¿GXFLRVDUHVWRDOOD¿QHVWUDDRVVHUYDUHFKH
FRVDDFFDGUj6SHULDPR´
$QFKHVXLJLRYDQLOHRSLQLRQLGHOODFODVVHSROLWLFD
VRQRVSHVVRFRQWUDGGLWWRULHWUDFKLVRVWLHQHFKLVLD
XQD JHQHUD]LRQH ³VYRJOLDWD´ GL ³EDPERFFLRQL´ H
³PDPPRQL´HFKLLQYHFHSHQVDFKHLOQRVWURSDHVH
QRQVLDLQJUDGRGLGDUHORURXQIXWXURDQFKHVHSR
WHQ]LDOPHQWHFRVWLWXLVFRQRXQDJUDQGHULVRUVDOD
WDQWRGLVFXVVD³IXJDGLFHUYHOOL´/HLFRPHOLYHGH"
³1RQYRUUHLFDGHUHLQUHWRULFDROXRJRFRPXQHYRU
UHL XVDUH XQD IUDVH GL .DURO :RMW\OD ³9L GLUDQQR
FKHQRQVLHWHDEEDVWDQ]DQRQIDWHYLLQJDQQDUHVLHWH
PROWRPHJOLRGLTXHOORFKHYRJOLRQRIDUYLFUHGHUH´
&UHGRWDQWLVVLPRDTXHVWHSDUROHO¶LWDOLDQRFRQWLQXD
DSXQWDUHLOGLWRSHUzELVRJQDDPPHWWHUHFKHVLDPR
VWDWL QRL OD QRVWUD JHQHUD]LRQH D FUHDUH SRFR SHU
ORURSRFRSHUIDUHGLYHUVDPHQWH$QFKHLQIDPLJOLD
IRUVH OD SROLWLFD QRQ VL YLYH SL LO YLYHUH LQVLHPH H
IDUH FRPXQLWj VL q SHUVR SHUFKp QRQ q VWDWR LQVH
JQDWR FROSD QRVWUD LQGXEELDPHQWH PD TXHVWR QRQ
qVDOXWDUHHQRQDLXWDLOSDHVH4XHVWRQHFRPSRUWD
SDUODUQHQHJDWLYDPHQWHLQFDVDIUDDGXOWLHGLFRQVH
JXHQ]DLJLRYDQLVLIDQQRXQ¶LGHDFRQWRUWDFKHYHGH
ODSROLWLFDFRPHXQPRQGRGLFRUURWWLGDFXLVWDUHDOOD
ODUJDPDLRYRUUHLHVRUWDUOLSHUFKpSURYLQRUHDOPHQ
WHDGDYYLFLQDUVLDTXHVWRPRQGR´
&KHFRVDGLUHEEHDXQJLRYDQHSHUFRQYLQFHUORD
LPSHJQDUVLSROLWLFDPHQWH"
³,R FRQVLJOLHUHL VHPSOLFHPHQWH DL UDJD]]L GL DYH
UHFRUDJJLRGLJXDUGDUHDYDQWLSHUFKqF¶qWDQWRGD
IDUHQHOQRVWURSDHVH3HQVRFKHO¶XQLRQHSHUIHWWDVLD
O¶HVSHULHQ]D GHOO¶DQ]LDQR FKH KD OD VDJJH]]D H OD
VWRULDGLFXLqVWDWRSDUWHHFKHSXzGDUHGHJOLLQVH
JQDPHQWLGLYLWDUHDOLLQVLHPHDOGLQDPLVPRGHLJLR
YDQLDLQXRYLPH]]LFKHVDQQRXVDUH,QXQDVRFLHWj
VHTXHVWLGXHFRQQXELQRQSURVHJXRQRGLSDULSDVVR
QRQF¶qIXWXUR%LVRJQDPHWWHUVLLQJLRFRFRQVSLUL
WRFULWLFRDXWRFULWLFRHFRVWUXWWLYRFRQVDSHYROLFKHOH
FRPSHWHQ]H H OH HVSHULHQ]H VRQR LQGLVSHQVDELOL SHU
DOLPHQWDUHLOEHQHVVHUHJHQHUDOH´
8QD¿JXUDQHOODVWRULD±SROLWLFDRPHQR±FKHO¶KD
FROSLWDPDJJLRUPHQWHRDFXLVLLVSLUD"
³$ULVWRWHOH VFULVVH´O¶XRPR q XQ DQLPDOH SROLWLFR H
LQTXDQWRWDOHVLXQLVFHDLSURSULVLPLOLSHUIRUPDUH
GHOOH FRPXQLWj´ /D VRFLHWj LQVRPPD /¶XRPR q XQ
DQLPDOHSROLWLFRSHUFKpQHOPRPHQWRLQFXLXQRGLD
ORJDVLIDSROLWLFDTXDQGRFLVLHVSULPHDWWUDYHUVRXQ
FRQIURQWRDQFKHVRORVXFRPHVLFROWLYDRPHQRXQ
FDPSRTXHOORqIDUHSROLWLFD,OFRQIURQWRQRQGHYH
PDLHVVHUHXQRVFRQWURHLQTXHVWRIRUVHODSROLWLFDq
VWDWDXQSzWXUEDWD´
LO 3HULRGLFR
$35,/(
%521,
/¶$1))$6%521,675$'(//$&+,8'(/¶$112&21813$66,92',0,/$(852
³6HQRQDUULYHUDQQRULVRUVHGDOO¶HVWDWH
VDUjDULVFKLRLOVHUYL]LRGLWUDVSRUWR´
',2/,9,(520$**,
$ULVFKLRLOVHUYL]LRGLWUDVSRUWRGLVD
ELOL RUJDQL]]DWR GDOO¶$QIIDV %URQL
6WUDGHOOD /¶DVVRFLD]LRQH LQIDWWL KD
FKLXVRLOELODQFLRFRQXQSDVVL
YR VXSHULRUH DL PLOD HXUR SHU OD
PDJJLRUSDUWHOHJDWLDOVHUYL]LRGLWUD
VSRUWRLFXLFRVWLQRQWURYDQRFRSHU
WXUDQHOOHHQWUDWHGHLFRPXQLFKHXVX
IUXLVFRQR GHO WUDVSRUWR VWHVVR 6RQR
JOLXWHQWLFKHULVFKLDQRGLULPDQHUH
DFDVDROWUHDVHWWHGLSHQGHQWLWXWWLDVVXQWLFRQFRQ
WUDWWLSDUWWLPHFKHSUHVWRSRWUHEEHURULPDQHUHVHQ]D
ODYRUR8QFROSRPROWRIRUWHSHUO¶DVVRFLD]LRQHFKH
GDDQQLQRQDYHYDPDLFKLXVRXQELODQFLRLQURVVR
JUD]LH DQFKH DOOH QXPHURVH GRQD]LRQL H DJOL HYHQWL
SXEEOLFLGLUDFFROWDIRQGL0DTXHVWDYROWDLOGLYDULR
qWURSSRJURVVRGDFROPDUH,OSUHVLGHQWHGL$QIIDV
3DROR3LHWUDKDFRVuGHFLVRGLSUHQGHUHFDUWDHSHQQD
HVFULYHUHDLFRPXQLDOOHIDPLJOLHGHJOLXWHQWLHGDL
3LDQLGL]RQDSHUVRWWRSRUUHORURODTXHVWLRQHHLOOX
VWUDUH OD ULRUJDQL]]D]LRQH GHL WUDVSRUWL LQ YLJRUH GD
DSULOHSHUFHUFDUHGLUHFXSHUDUHTXDOFKHULVRUVDLQSL
SHUGLPLQXLUHLOSDVVLYR0DQRQqGHWWRFKHTXHVWD
VROX]LRQH EDVWL D ULVROOHYDUH OH VRUWL GHO VHUYL]LR (
VH QRQ DUULYHUDQQR ULVRUVH GDL FRPXQL LQDGHPSLHQWL
RGDTXDOFKHVSRQVRUL]]D]LRQHDOWHUPLQHGHOO¶DQQR
VFRODVWLFRLOVHUYL]LRULVFKLDYHUDPHQWHGLFKLXGHUHL
EDWWHQWL2JQLDQQRVRSUDWWXWWRQHLSULPLPHVLO¶DV
VRFLD]LRQHVHJQDODYDOHSURSULHGLI¿FROWjSHUFRSULUHL
FRVWLGHOWUDVSRUWRPDSRLFRQLOSDVVDUHGHOWHPSRL
FRQWLVLVLVWHPDYDQR4XHVWDYROWDSHUzODVLWXD]LRQH
VHPEUDSLFRPSOLFDWDHLQJLRFRROWUHDOVHUYL]LRLQ
VpF¶qLOIXWXURVWHVVRGHOO¶DVVRFLD]LRQH
3UHVLGHQWH 3LHWUD TXDO q OD VLWXD]LRQH DWWXDOH
GHOO¶DVVRFLD]LRQH$QIIDV"
³1HLJLRUQLVFRUVLDEELDPRSUHVHQWDWRLOELODQFLRDQ
QXDOH3XUWURSSRO¶DVVRFLD]LRQHKDFKLXVRLOELODQFLR
FRQXQIRUWHSDVVLYRGLFLUFDPLODHXURGLFXL
PLODGHULYDQWLGDLVHUYL]LGLWUDVSRUWRLQTXDQWR
L FRVWL QRQ WURYDQR FRSHUWXUD GDOOH HQWUDWH HURJDWH
GDLFRPXQL$WWXDOPHQWHGHOVHUYL]LRXVXIUXLVFRQR
XWHQWL SURYHQLHQWL GD FRPXQL GL WXWWR O¶2OWUHSR
O¶DVVRFLD]LRQH PHWWH D GLVSRVL]LRQH SHU LO WUDVSRUWR
TXDWWURSXOOPDQDQRYHSRVWLHWUHDXWRYHWWXUHLPSH
JQDQGRLQWXWWRVHWWHGLSHQGHQWLSHUXQDVSHVDDQQXD
OHWUDPDQXWHQ]LRQHGHLPH]]LHVWLSHQGLDJOLDXWLVWL
GLFLUFDPLODHXUR,OVHUYL]LRYLHQHHIIHWWXDWRSHU
JLRUQLDOO¶DQQRYHUVRLVHUYL]LGLXUQLDWWLYLSUHVVR
L FRPXQL GL 6WUDGHOOD H GL 9RJKHUD O¶LVWLWXWR 0DUD
JOLDQRGL9RJKHUD9LOOD0HDUGLD5HWRUELGR´
8Q ³EXFR´ GL TXDVL PLOD HXUR QRQ q IDFLOH GD
FROPDUH&KHFRVDIDUHWHRUD"
³6LDPRGDYYHURPROWRSUHRFFXSDWLSHUFKpGRSREHQ
DQQLGLDWWLYLWjTXHVWRqLOSULPRDQQRFKHFKLX
GLDPRLOELODQFLRLQSHUGLWD1HOVHUYL]LRWUDVSRUWLDE
ELDPRVHPSUHUHJLVWUDWRTXDOFKHSDVVLYRPDGLFHUWR
QRQFRQXQDFLIUDGHOJHQHUH6HFKLXGLDPRLOELODQ
FLRLQSDVVLYRGLPLODHXURDQFKHLOSURVVLPRDQQR
ULVFKLDPRROWUHFKHGLFKLXGHUHLOVHUYL]LRWUDVSRUWL
DQFKH GL FKLXGHUH GLUHWWDPHQWH O¶DVVRFLD]LRQH *OL
VFRUVLDQQLHUDYDPRULXVFLWLDFRPSHQVDUHOHSHUGLWH
RUJDQL]]DQGRDOFXQLHYHQWLSXEEOLFLHORWWHULHSHUOD
UDFFROWDGLIRQGL0DTXHVWRGH¿FLWqYHUDPHQWHSH
VDQWHHQRQVDSSLDPRGDYYHURFRPHFROPDUOR´
/HULVRUVHSHU¿QDQ]LDUHLWUDVSRUWLGDGRYHDUUL
YDQR"
³/HULVRUVHSHULOWUDVSRUWRDUULYDQRLQSDUWHWUDPL
WHDOFXQHFRQYHQ]LRQLFRQLFRPXQLWUDFXL%URQLH
6WUDGHOODFKHKDQQRLOPDJJLRUQXPHURGLXWHQWLLQ
SDUWH FRQ L ¿QDQ]LDPHQWL GHL 3LDQL GL =RQD 0D FL
VRQRFRPXQLVRSUDWWXWWRQHOO¶DUHDGHOYRJKHUHVHFKH
ULVXOWDQR LQDGHPSLHQWL 6HPEUD TXDVL SDUDGRVVDOH
FKHPROWLXWHQWLGHOOD]RQDGL9RJKHUDGHEEDQRDS
SRJJLDUVLDQRLPDGLOjOHOLVWHGLDWWHVDVRQRYHUD
PHQWHWURSSROXQJKH/RVFRUVRDQQRVLDPRULXVFLWLD
FKLXGHUHLOELODQFLRLQDWWLYRJUD]LHDGDOFXQHLQL]LD
WLYHEHQH¿FKHHDGXQLPSRUWDQWHODVFLWR0DTXHVWD
RUPDLqXQDVLWXD]LRQHLQVRVWHQLELOH´
4XDOLVRQRLULVFKLOHJDWLDGXQ¶HYHQWXDOHFKLXVXUD
GHOVHUYL]LR"
³2OWUHDOOHSURVSHWWLYHGLFKLXVXUDGLXQVHUYL]LRVR
FLDOHIRQGDPHQWDOHSHULOWHUULWRULRYLVWRFKHVHQ]D
LOWUDVSRUWRWXWWLTXHVWLXWHQWLULVFKLDQRGLULPDQHUH
SHUVHPSUHDFDVDODQRVWUDSUHRFFXSD]LRQHqULYROWD
DQFKHDOIXWXURGHLVHWWHGLSHQGHQWLFKHULVFKLDQRLO
ORURSRVWRGLODYRUR3HUTXHVWRKRGHFLVRGLVFULYHUH
DOOHIDPLJOLHGHJOLXWHQWLDLFRPXQLHDLUHVSRQVDELOL
GHL3LDQLGL=RQDLOOXVWUDQGRODVLWXD]LRQHHOHSRVVL
ELOLFRQVHJXHQ]H´
&KHFRVDKDFRPXQLFDWRQHOODOHWWHUDDOOHIDPLJOLH
GHJOLXWHQWLHDLFRPXQLFKHXVXIUXLVFRQRGHOVHU
YL]LR"
³,QQDQ]LWXWWR KR DQQXQFLDWR D WXWWL L QRVWUL LQWHUOR
FXWRUL FKH D SDUWLUH GDO PHVH GL DSULOH VL UHQGHUj
QHFHVVDULD XQD ULRUJDQL]]D]LRQH GHL YDUL JLUL FKH
SRUWL DG XQD GLPLQX]LRQH GHL FRVWL GHO SHUVRQDOH H
GHL FDUEXUDQWL FRQ O¶DFFRUSDPHQWR GL SL SHUFRUVL
6L WUDWWHUHEEH GL XQD VROX]LRQH WDPSRQH ROWUHWXWWR
GL QRQ IDFLOH DWWXD]LRQH YLVWR FKH FL VRQR PROWH VR
YUDSSRVL]LRQLGLRUDULRPDFKHFLSHUPHWWHUHEEHGL
JDUDQWLUH LO WUDVSRUWR DOPHQR ¿QR DOOD ¿QH GHOO¶DQ
QRVFRODVWLFRYLVWRFKHDOFXQLGHLQRVWULXWHQWLVRQR
UDJD]]L FKH QRL RJQL JLRUQR SRUWLDPR H DQGLDPR D
SUHQGHUHQHOOHGLYHUVHVFXROHGHOWHUULWRULR0DQRQ
VRVHTXHVWREDVWHUj´
3UHVLGHQWH3LHWUDHVHODULRUJDQL]]D]LRQHGHLWUD
VSRUWLQRQGRYHVVHSRUWDUHQHVVXQULVSDUPLRFKH
FRVDIDUHWH"
³ÊPROWRVHPSOLFH6HQRQDUULYHUDQQRFRQWULEXWLGDL
FRPXQLRDOWUHSRVVLELOLVSRQVRUL]]D]LRQLLOVHUYL]LR
ULVFKLD VHULDPHQWH GL FKLXGHUH D SDUWLUH GDOO¶HVWDWH
,Q PDQFDQ]D GL XQD ULVSRVWD FRQFUHWD GL DXPHQWR
GHOOH HQWUDWH R DOWUH IRUPH GL VRVWHJQR FL YHGUHPR
FRVWUHWWL D FHVVDUH LO VHUYL]LR D SDUWLUH GDO PHVH GL
OXJOLR $ EUHYH ULXQLUz LO GLUHWWLYR GHOO¶DVVRFLD]LRQH
HSUHQGHUHPRLQHVDPHODVLWXD]LRQH6LDPRGDYYHUR
PROWRDPDUHJJLDWLSHUFKpQRQDEELDPRPDLYLVVXWR
XQD VLWXD]LRQH VLPLOH 3XUWURSSR ULSHWR QRQ VLDPR
LQJUDGRGLVRVWHQHUHXQDOWURDQQRLQTXHVWHFRQGL
]LRQL´
7$17,$33817$0(17,&21
/$)21'$=,21(&(//$
8QSHULRGRGHQVRGLDSSXQWDPHQWLTXHOORFKHDW
WHQGHJOLRVSLWLGHOODVHGHGL9HVFRYHUDGHOOD)RQ
GD]LRQH&RQWH)UDQFR&HOODGL5LYDUDQHLSURVVLPL
JLRUQL FRQ JOL RELHWWLYL GL VHPSUH TXHOOR GL IDU
SHUFHSLUH DL VLJQRUL RVSLWL XQ¶DWPRVIHUD IDPLOLD
UH H GL FDVD q TXHOOR GL FRLQYROJHUOL LQ XQD VHULH
GLDWWLYLWjFKHGLPRVWUDQRFRPHDQFKHODSHUVRQD
DQ]LDQDRGLVDELOHVLDLQJUDGRGLHVSULPHUHJUDQ
GLSRWHQ]LDOLWj,QSDUWLFRODUHOD)RQGD]LRQH&HOOD
FRQJOLRVSLWLGHO&VVOD&RPXQLWj6RFLR6DQLWDULD
SHUGLVDELOLGL9HVFRYHUDSDUWHFLSDDOIHVWLYDO³$O
IDEHWLGLIIHUHQWL´SURPRVVRGDOFRPXQHGL3DYLD
6L WUDWWD GL XQ¶LQL]LDWLYD GHGLFDWD DO ELQRPLR DUWH
HGLVDELOLWjFKHQHOO¶DUFRGLXQDVHWWLPDQDSURSR
QHXQSHUFRUVRWUDDUWHHFXOWXUDLQFXLOH³GLYHUVH
DELOLWj´VRQRSURWDJRQLVWHGLPRVWUHVSHWWDFROLWH
DWUDOLFRQFHUWLFRQYHJQLZRUNVKRSODERUDWRUL(
JOLRVSLWLGL9HVFRYHUDKDQQRGDWRLOPDVVLPRFRQ
LOORURLPSHJQRLOORURODYRURHODORURDUWHHLO
DSULOHVDUDQQRD3DYLDQHOODEHOODORFDWLRQGL6DQWD
0DULD *XDOWLHUL LQ RFFDVLRQH GHOO¶LQDXJXUD]LRQH
GHO)HVWLYDOFKHVLSRWUDUUj¿QRDODSULOH6DEDWR
DSULOH XQ DOWUR DSSXQWDPHQWR DOOH RUH L VL
JQRULRVSLWLGL9HVFRYHUDLQFRQWUHUDQQRJOLRSHUD
WRULHJOLDQLPDOLGHOO¶$VVRFLD]LRQHGL3HWKWKHUDS\
³%DWWLWRG¶DOL´GL9LJHYDQR*LRYHGuPDJJLRLQ
¿QHYHUUDQQRIHVWHJJLDWHWXWWHOHPDPPHDOODSUH
VHQ]DGHLYRORQWDULGHOOD&URFH5RVVDGL6WUDGHOOD
LO 3HULRGLFR
$35,/(
,/9,&(6,1'$&2,//8675$,352*(77,)8785,'(,682,$66(6625$7,
',2/,9,(520$**,
'DOOD ULTXDOL¿FD]LRQH GHO TXDUWLHUH ³/D )UDFLD´ DOOD
UHDOL]]D]LRQH GHJOL LPPRELOL D FDQRQH FDOPLHUDWR
QHOO¶H[0XOLQR0HULJJLGDOQXRYREDQGRSHULO'L
VWUHWWRGHOFRPPHUFLRDOODUHYLVLRQHGHOPHUFDWRFLW
WDGLQR LQVLHPH DOOH DVVRFLD]LRQL GL FDWHJRULD GDOOD
)HVWDGHOORVSRUWDOODJLRUQDWDGHOYRORQWDULDWRFRQJOL
VWXGHQWLGHO/LFHR6DUDQQRPROWRLQWHQVLLSURVVLPL
PHVL SHU LO YLFHVLQGDFR$QWRQLR 5LYLH]]L LPSHJQD
WRVXSLIURQWLGHOO¶DWWLYLWjDPPLQLVWUDWLYD,QVLHPH
DJOLLPSHJQLGHULYDQWLGDOOHVXHGHOHJKH5LYLH]]LKD
DYYLDWRXQFRVWDQWHGLDORJRFRQLSHQGRODULSRUWDQGR
OHORURLVWDQ]HGDYDQWLD7UHQRUGHG5¿LQSDUWLFRODUH
VXOODPHVVDLQVLFXUH]]DGHOODVDODG¶DVSHWWRQHOODVWD
]LRQHIHUURYLDULD
9LFHVLQGDFR 5LYLH]]L LQL]LDPR GDOO¶XUEDQLVWLFD
$FKHSXQWRqODULTXDOL¿FD]LRQHGHOTXDUWLHUHOD
)UDFLD"
³,ODYRULSURFHGRQRFRPHGDSURJUDPPD/RVFRUVR
JHQQDLRVLqVYROWRLOFROODXGRFKHKDULJXDUGDWR
ROWUH DOOH XQLWj DELWDWLYH DQFKH L SULPL SRVWL
DXWRGHOSDUFKHJJLRSXEEOLFRJUDWXLWRUHDOL]]DWLQHOOD
FRUWHGHOO¶H[0XOLQR'HLPLQLDSSDUWDPHQWLFRP
SOHWDWLVRQRGHVWLQDWLDOODORFD]LRQHDFDQRQHVR
FLDOHSHUODFXLDVVHJQD]LRQHVLIDUjULIHULPHQWRDOOD
JUDGXDWRULD(USPHQWUHLUHVWDQWLYHUUDQQRORFDWLD
FDQRQHPRGHUDWR3HUTXDQWRULJXDUGDTXHVWLXOWLPLLO
EDQGRSUHGLVSRVWRGDJOLXI¿FLFRPXQDOLQRQKDDYXWR
HVLWRSRVLWLYRLQTXDQWRQRQVRQRSHUYHQXWHULFKLHVWH
DFFHWWDELOL 3HU LQFHQWLYDUH OD SDUWHFLSD]LRQH DG XQ
HYHQWXDOHQXRYREDQGRSURSRUUHPRD5HJLRQH/RP
EDUGLDXQDFRQYHQ]LRQHSHUSRWHUULYHGHUHLUHTXLVL
WL GL SDUWHFLSD]LRQH LQ SDUWLFRODUH LO UHGGLWR ,VHH´
2OWUH DOO¶([ 0XOLQR TXDOL DOWUL LQWHUYHQWL VRQR
SUHYLVWLLQ]RQD"
³3URVVLPDPHQWHSDUWLUDQQRLODYRULSHULOVHFRQGRORW
WRFKHSUHYHGHO¶HVWHQVLRQHGHOSURJHWWRFRQODUHDOL]
]D]LRQHGLXQQXRYRFRUSRGLXOWHULRULDSSDUWDPHQ
WL8QDYROWDWHUPLQDWLLODYRULO¶RIIHUWDFRPSOHVVLYD
VDOLUjDXQLWjDELWDWLYH,SOHVVLYHUUDQQRXQLWL
GDXQSRUWLFDWRVXFXLYHUUDQQRLQVWDOODWLGHLSDQQHOOL
IRWRYROWDLFLFKHSURGXUUDQQRHQHUJLDSXOLWDSHUVRG
GLVIDUHLOIDEELVRJQRGLFRUUHQWHHULVFDOGDPHQWR,O
UHFXSHUR GHOO¶H[ 0XOLQR ID SDUWH GL XQ SURJHWWR SL
DPSLR FKH SUHYHGH OD ULTXDOL¿FD]LRQH GHO TXDUWLHUH
/D)UDFLDDUHDFRPSUHVDWUDYLD&DLUROLHYLD0DWWH
RWWL7UDOHRSHUHLQFDQWLHUHFLVDUjDQFKHODFUHD]LR
QHGLXQDQXRYDVWUDGDGLFROOHJDPHQWRWUDYLD0DWWH
RWWLHODVWUDGDSURYLQFLDOHFKHUHQGHUjSLVHPSOLFH
ODYLDELOLWjQHOOD]RQDHFKHVDUjFROOHJDWDFRQYLD
&LUFRQYDOOD]LRQH PHGLDQWH XQD QXRYD URWRQGD´
7UDOHVXHGHOHJKHF¶qTXHOODDOFRPPHUFLRVXFRVD
VWDWHODYRUDQGRSHUDLXWDUHLFRPPHUFLDQWLDFRQ
WUDVWDUHODFULVL"
³,QQDQ]LWXWWRFRQWLQXDLOQRVWURLPSHJQRFRPHHQWH
FDSR¿ODGHO'LVWUHWWRGHO&RPPHUFLRGHOODYLD(PL
OLD (¶ QRWL]LD GL TXDOFKH JLRUQR ID OD SURURJD GHL
WHUPLQLGLFKLXVXUDSHUSDUWHFLSDUHDOTXLQWREDQGR
UHJLRQDOH 3HU SUHVHQWDUH GRPDQGD SHU DFFHGHUH DL
¿QDQ]LDPHQWL OH DWWLYLWj FRPPHUFLDOL LQWHUHVVDWH
DYUDQQRWHPSR¿QRDOOXJOLRLQYHFHGHOPDU]R
,OEDQGRVLULYROJHDGDVVRFLD]LRQLFRQVRU]LFRRSH
UDWLYH FKH DEELDQR SHU RJJHWWR OD SURPR]LRQH HG LO
VRVWHQJR GHOOH LPSUHVH FRPPHUFLDOL H DL FRPPHU
FLDQWLGHLFRPXQLDGHUHQWLDO'LVWUHWWR´
4XDOLOHD]LRQLLQSURJUDPPDFRPH'LVWUHWWR"
³,Q SULPLV SURFHGHUHPR FRQ OD UHDOL]]D]LRQH GL XQ
GHSOLDQWLQIRUPDWLYRFRQWHQHQWHLQIRUPD]LRQLWXULVWL
FKHHGHOHQFKLGLVWUXWWXUHULFHWWLYHOXRJKLGLLQWHUHV
VHQHJR]LHGDWWLYLWjFRPPHUFLDOLGLWXWWRLO'LVWUHWWR
GLVWULEXLWDFDSLOODUPHQWHLQWXWWRLOWHUULWRULRSURYLQ
FLDOH HG ROWUH VIUXWWDQGR DQFKH L FRPXQL L FLUFXLWL
GHJOLLQIRSRLQWHGHOOHELEOLRWHFKH,QVHFRQGROXRJR
SUHGLVSRUUHPRXQ4XLFN5HVSRQVH&RGH45&RGH
SRVWRVXOVLWRGHOGLVWUHWWRVXTXHOOLGHLFRPXQLDGH
UHQWLHVWDPSDWRVXWXWWLLPDWHULDOLLQIRUPDWLYLFRQ
FXLVLSRWUDQQRVFDULFDUHWUDPLWHVPDUWSKRQHWDEOHW
HDOWULGHYLFHDELOLWDWLWXWWHOHLQIRUPD]LRQLSXEEOLFL
WDULHVWDPSDWHLQIRUPDFDUWDFHD´
/DWHU]DD]LRQHFRVDULJXDUGD"
³7HU]DD]LRQHSUHYLVWDGDOSURJHWWRULJXDUGDLOSRWHQ
]LDPHQWRVLQHUJLFRGHOOHLQL]LDWLYHSURPR]LRQDOLUHD
OL]]DWHLQWXWWRLOWHUULWRULRGHOODYLD(PLOLDWUDFXLOD
)HVWDGHOO¶8YD9LQXYD2OWUHYLQL2OWUHSR:LQH)H
VWLYDOOD*LRUQDWDGHOO¶(QRWXULVPRROWUHDGDOWUHPD
QLIHVWD]LRQL RUJDQL]]DWH GDL YDUL FRPXQL DGHUHQWL DO
'LVWUHWWR6HPSUHSHUTXDQWRULJXDUGDOHD]LRQL¿QDOL]
]DWHDOODSURPR]LRQHGHOWHUULWRULRL&RPXQLGL$OED
UHGRH&DPSRVSLQRVRLQVWDOOHUDQQRXQDQXRYDVHJQD
OHWLFDWXULVWLFDH UHDOL]]HUDQQR XQD SLVWD FLFODELOH´
&LVRQRDOWUHQRYLWjLQDUULYRSHUTXDQWRULJXDUGD
LOFRPPHUFLR"
³,QVLHPH DG $VFRP VWLDPR ODYRUDQGR SHU DSSURQ
WDUHDOFXQHPLJOLRULHDOPHUFDWRULRQDOHGHOYHQHUGu
PDWWLQD VRSUDWWXWWR ULJXDUGR DOOD GLVSRVL]LRQH GHL
EDQFKL ,Q DOFXQL SXQWL LQIDWWL OD VLVWHPD]LRQH DW
WXDOH GHL YHQGLWRUL QRQ q VXI¿FLHQWHPHQWH RUGLQDWD
UHQGHQGRGLI¿FROWRVRLOORURUDJJLXQJLPHQWRGDSDU
WHGHLFOLHQWLVSHFLDOPHQWHSHUJOLDQ]LDQL/DQXRYD
VLVWHPD]LRQH GHL EDQFKL FKH VWLDPR SURJHWWDQGR VH
JOL DPEXODQWL WURYHUDQQR XQ DFFRUGR UHQGHUHEEH LO
PHUFDWR SL RUGLQDWR DFFDWWLYDQWH IUXLELOH H DQFKH
SL VLFXUR LQ WHUPLQL GL YLD GL IXJD H GL DFFHVVR GD
SDUWHGHLPH]]LGLSXEEOLFRVHUYL]LR´
&DPELDPRDUJRPHQWRSDUOLDPRGLYLDELOLWjHVL
FXUH]]D5HFHQWHPHQWHD%URQLVRQRVWDWLLQVWDOOD
WLFLQTXHGLVVXDVRULGLYHORFLWj&RPHPDLTXHVWD
GHFLVLRQH"
³4XDOFKH WHPSR ID L FLWWDGLQL GL DOFXQH ]RQH GHOOD
FLWWjDYHYDQRFKLHVWRDOO¶DPPLQLVWUD]LRQHGLLQWHUYH
QLUHSHUOLPLWDUHODYHORFLWjGHLYHLFROLLQDOFXQLWUDWWL
XUEDQL ULGXFHQGRQH OD SHULFRORVLWj FRPH DG HVHP
SLRQHLSUHVVLGHOODSLVFLQDHGHOFDPSRVSRUWLYR,O
FRPXQH KD YDOXWDWR SRVLWLYDPHQWH OD ULFKLHVWD H KD
GHFLVRGLLQWHUYHQLUHFRQO¶LQVWDOOD]LRQHGLXQDSULPD
WUDQFKHGLGLVVXDVRULGLYHORFLWjVHPSUHQHOULVSHW
WRGHOOHOLQHHJXLGDGHOSLDQRGHOODYLDELOLWjUHGDWWR
QHO*OL³VSHHGFKHFN´VRQRSRVL]LRQDWLLQYLD
5HJLRQH*LRLHOORLQVWUDGDSHU=DYDWWDUHOORDOO¶LQL
]LRGLYLD(PLOLDLQ4XDUWLHUH3LDYHHLQYLD)HUULQL
$URWD]LRQHLGLVVXDVRULSRVVRQRHVVHUHPHVVLLQIXQ
]LRQHSHUHURJDUHVDQ]LRQLDFKLQRQULVSHWWDLOLPLWL
GLYHORFLWj´
3HUTXDQWRULJXDUGDLSDUFKHJJLVLSUR¿ODTXDOFKH
QRYLWjDOO¶RUL]]RQWH"
³6WLDPRSURVHJXHQGRQHOUHDOL]]DUHJOLLQGLUL]]LFRQ
WHQXWLQHOORVWXGLRVXOODYLDELOLWjFRPPLVVLRQDWRQHO
/R VWXGLR LQ TXHVWLRQH ROWUH D SUHYHGHUH OD
PHVVDGLVLFXUH]]DGLDOFXQLLQFURFLFLWWDGLQLLVWLWX
LYDWLSRORJLHGLSDUFKHJJLRODVRVWDDSDJDPHQWR
LQFHQWURSHQVDWDSHUIDYRULUHODURWD]LRQHGLXWHQWL
LQPDQLHUDGDSHUPHWWHUHDFKLVLUHFDQHLQHJR]LLQ
FLWWj GL WURYDUH IDFLOPHQWH SRVWR OLEHUR QHOOH YLFL
QDQ]HXQDVHULHGLSDUFKHJJLOLEHULQHOOHLPPHGLDWH
YLFLQDQ]H GHO FHQWUR VWRULFR FRPH TXHOOR GHOOD VWD
%521,
5LYLH]]L³6WLDPRDSSURQWDQGRDOFXQH
PLJOLRULHDOPHUFDWRGHOYHQHUGu´
]LRQH R TXHOOR VLWR LQ YLD *LRUGDQR %UXQR HG LQ¿
QH GHL SRVWL DXWR GD GHGLFDUH DL UHVLGHQWL GL DOFXQH
YLH LQ FXL q SDUWLFRODUPHQWH GLI¿FROWRVR SDUFKHJ
JLDUH 5LVSHWWR D TXHVW¶XOWLPD WLSRORJLD GRSR DYHU
LVWLWXLWR L SDUFKHJJL ULVHUYDWL DL UHVLGHQWL LQ SLD]]D
9LWWRULR 9HQHWR H LQ XQ WUDWWR GL 9LD 7RJQL DEELD
PR GHFLVR GL SURVHJXLUH LQ YLD VSHULPHQWDOH QHOOD
ORURLVWLWX]LRQHFRLQYROJHQGRDOWUH]RQHGHOFHQWUR´
4XDOL]RQHFRLQYROJHUHWHQHOSURJHWWR"
³/H]RQHLQWHUHVVDWHGDOO¶LQGDJLQHVRQRVWDWHYLD/H
RQDUGR'D9LQFL¿QRDOVHPDIRURFRQYLD&DLUROLYLD
3DULQLYLD&DYRXU3LD]]D6DQ)UDQFHVFRYLD6ROIH
ULQR 3LD]]D *LXJQR 3LD]]D &DJQRQL YLD 'DQWH
YLD*D]]DQLJDYLD9ROWDHYLD3LVDFDQH6XOODEDVH
GHLULVXOWDWLGHOO¶LQGDJLQHDEELDPRGHFLVRGLULVHUYD
UH DL UHVLGHQWL SDUFKHJJL GHOLPLWDWL GDOOH VWULVFH
JLDOOH 5LFRUGR LQ¿QH FKH q VHPSUH SRVVLELOH DFTXL
VWDUH SUHVVR O¶8I¿FLR 8US GHO FRPXQH JOL DEERQD
PHQWLDWDULIIDDJHYRODWDSHUODVRVWDDSDJDPHQWR
VLWUDWWDGLXQ¶LQL]LDWLYDSHQVDWDQRQVRORSHUIDYRULUH
FRPPHUFLDQWL LPSLHJDWL H SHQGRODUL FKH ODYRUDQR
LQFLWWjPDVRSUDWWXWWRSHUDJHYRODUHLUHVLGHQWLFKH
QRQKDQQRXQER[GLSURSULHWjRFKHKDQQRSLGLXQ
YHLFROR´
$VVHVVRUH 5LYLH]]L SDUOLDPR GL VSRUW FRVD EROOH
LQSHQWROD"
³6WLDPRODYRUDQGRSHURUJDQL]]DUHODSURVVLPD)H
VWD 'HOOR 6SRUW 5HFHQWHPHQWH KR LQFRQWUDWR OD 9L
FHSUHVLGHGHOOH6FXROH(OHPHQWDULH0HGLHGL%URQL
0RQLFD *D]]DQLJD SHU FRLQYROJHUH DQFKH OH VFXROH
QHOO¶RUJDQL]]D]LRQH GHOOD PDQLIHVWD]LRQH 8QD SR
WHQ]LDOHGDWDSHUO¶HYHQWRSRWUHEEHHVVHUHLOSURVVLPR
JLXJQR ROWUH DJOL DOXQQL GHOOH VFXROH HOHPHQWDUL
H PHGLH GL %URQL YHUUHEEHUR FRLQYROWL DQFKH TXHOOL
GHLSOHVVLVFRODVWLFLGL5HGDYDOOHH6DQWD*LXOHWWD$
EUHYHRUJDQL]]HUHPRXQDULXQLRQHFRQOHDVVRFLD]LRQL
VSRUWLYHGL%URQLSHUSUHSDUDUHLQVLHPHLOSURJUDPPD
GHOO¶LQL]LDWLYD´
3HU FKLXGHUH YLVWD OD VXD GHOHJD DO YRORQWDULDWR
FLSXzDQWLFLSDUHTXDOFRVDVXOODSURVVLPDJLRUQDWD
GHOYRORQWDULDWR"
³6DEDWRDSULOHOHDVVRFLD]LRQLGLYRORQWDULDWREUR
QHVL LQFRQWUHUDQQR L JLRYDQL VWXGHQWL GHO /LFHR )D
UDYHOOL SHU SUHVHQWDUH ORUR OH DWWLYLWj DO VHUYL]LR GHL
SLGHEROLHFKLVLWURYDLQXQPRPHQWRGLGLI¿FROWj
4XHOODGLTXHVW¶DQQRqODWHU]DHGL]LRQHVLWUDWWDGL
XQD IRUPXOD FROODXGDWD FKH UDJJLXQJH LQ SLHQR OR
VFRSRGLLQFXULRVLUHHGDYYLFLQDUHLUDJD]]LDOODUHDO
WjGHOYRORQWDULDWR/DQRYLWjGLTXHVW¶DQQRqLOFRLQ
YROJLPHQWRDQFKHGHOOHSULPHVHFRQGHHWHU]HFODVVL
GHO /LFHR 3HU XQD PDWWLQDWD LO FRUWLOH GHO /LFHR VL
ULHPSLUj GL VWDQG GHOOH DVVRFLD]LRQL GRYH L UDJD]]L
SRWUDQQRDVFROWDUHWHVWLPRQLDQ]HHFRQVXOWDUHPDWH
ULDOHULJXDUGRDOOHDWWLYLWjDOVHUYL]LRGHLELVRJQRVLH
GHLSLGHEROLVHQVLELOL]]DUOLVXOODFXOWXUDGHOO¶DLXWR
HFHUFDUHQXRYLYRORQWDUL´
LO 3HULRGLFR
$35,/(
675$'(//$
/¶(;$66(6625((¶,/&$1','$726,1'$&2'(//$/,67$³/$675$'$1829$´
&XUHGGD³6WUDGHOODVLqULVYHJOLDWDFRQ
JLRYDQLPHQWLGLQDPLFKHHEULOODQWL´
',2/,9,(520$**,
1HOOH VFRUVH VHWWLPDQH GXUDQWH XQ
HYHQWRGHGLFDWRDOIRONORUHHDOOHWUD
GL]LRQL VWUDGHOOLQH LO &RPLWDWR ³/D
6WUDGD 1XRYD GL 6WUDGHOOD´ KD SUH
VHQWDWRLOFDQGLGDWRVLQGDFRVLWUDWWD
GL$QWRQLR&XUHGGDDQQLFRQXQ
ODYRUR QHOO¶DPELWR GHOO¶LQQRYD]LRQH
LQIRUPDWLFD ,O FRPLWDWR KD YDJOLDWR
WDQWHSURSRVWHDVFROWDWRDOWULSRVVLELOL
FDQGLGDWLHDOOD¿QHKDVFHOWRDOO¶XQD
QLPLWjO¶H[DVVHVVRUH&XUHGGDVHJXHQGRLYDORULIRQ
GDWLYLGHOFRPLWDWRRQHVWjFDSDFLWjGLDVFROWRVHULHWj
HFRPSHWHQ]H³4XHVWR&RPLWDWRQDWRGDOODEXRQD
YRORQWj GL DOFXQL FLWWDGLQL FKH YRJOLRQR LQYHUWLUH OD
WHQGHQ]D DO GHFOLQR FKH DFFRPXQD 6WUDGHOOD DOO¶LQ
WHUDSURYLQFLDGL3DYLDRJJLIDLOVXRSULPRSDVVRH
SUHVHQWD LO VXR FDQGLGDWR 6LQGDFR ± KD DIIHUPDWR LO
SUHVLGHQWHGHOFRPLWDWR6DOYDWRUH6DO]DQR'DRJJL
LQL]LD OD 6WUDGD 1XRYD IDWWD GL VSHUDQ]H FRQFUHWD
PHQWHUHDOL]]DELOLXQDSROLWLFDGHOODSDUWHFLSD]LRQH
DSHUWD D WXWWL´ 8Q¶DYYHQWXUD FKH KD JLj RWWHQXWR LO
VRVWHJQRGLGLYHUVLVHWWRULGHOODVRFLHWjVWUDGHOOLQDD
SDUWLUH GDO SUHVLGHQWH$VFRP *LJL 6DQJXLQHWWL ³,Q
WDQWL PL KDQQR SURSRVWR GL FDQGLGDUPL PD LR VRQR
FRQYLQWRFKHVLDJLXQWRLOPRPHQWRGLXQFDPELDPHQ
WRJHQHUD]LRQDOHDOODJXLGDGHOODFLWWjHVRQRFHUWR
FKH$QWRQLRQRQRVWDQWHODJLRYDQHHWjDEELDWXWWLL
QXPHULFKHFLVHUYRQR1RQWDQWRSHUFULWLFDUH7RUUH
&LYLFDPDqHYLGHQWHFKHTXHOJUXSSRTXHVWDQHFHV
VLWjQRQO¶KDSHUFHSLWDDQ]LqVFOHURWL]]DWRHLPPREL
OH$EELDPRELVRJQRFKHLSLDQ]LDQLVLPHWWDQRDGL
VSRVL]LRQHFRQODORURHVSHULHQ]DPDGLDQRVSD]LRDL
WDQWLJLRYDQLSUHSDUDWLFKHQRQVRQRDQFRUDVFDSSDWL
GD6WUDGHOODSHUODPDQFDQ]DGLODYRURPDYRJOLRQR
PLJOLRUDUODHPHWWHUVLDOVHUYL]LRGHOEHQHFRPXQH´
,QTXHVWDLQWHUYLVWD&XUHGGDVLSUHVHQWDHWUDFFLDOHOL
QHHJXLGDGHOSURJUDPPDFKHSUHVHQWHUjQHLSURVVLPL
PHVLDJOLHOHWWRULSHUFKLHGHUHODORUR¿GXFLD
&RPHVLSUHSDUDDYLYHUHTXHVWDQXRYDDYYHQWXUD
FRPHFDQGLGDWRVLQGDFR"
³'RSRLPRPHQWLGLI¿FLOLGRYHVLqWHQWDWRGLVFUHGL
WDUPLRJJLPLVHQWRVHUHQRJUD]LHDOVRVWHJQRGHOOH
WDQWH SHUVRQH FKH VRVWHQJRQR LO &RPLWDWR H KDQQR
VSLQWRSHUODPLDFDQGLGDWXUD)DUHPRFRPHDEELD
PRSURPHVVRXQDOLVWDGLJLRYDQLGRYHVLVFHJOLHUj
LQEDVHDOOHFRPSHWHQ]HHQRQLQEDVHDL³ELODQFLQL´
XQD OLVWD GL SHUVRQH RQHVWH H QXRYH FKH QRQ KDQQR
LQWHUHVVLSHUVRQDOLLQFRQÀLWWR8QDQQRIDQRQDYUHL
FUHGXWRIRVVHVWDWRSRVVLELOHPD6WUDGHOODVLqULVYH
JOLDWDHVRQRHQWXVLDVWDGLSRWHUYLYHUHLQSULPDSHU
VRQDTXHVWDVWRULFDWUDVIRUPD]LRQH&LzFKHIDUHPR
LQ TXHVWH HOH]LRQL VH YLQFHUHPR DYUj ULSHUFXVVLRQL
SRVLWLYHDQFKHGRSRGLQRLQHJOLDQQLDYHQLUHSHU
OHEDVLGLVRVWHQLELOLWjHEXRQJRYHUQRFKHVDSUHPR
DIIUDQFDUHQHOODJHVWLRQHGHOODFRVDSXEEOLFD´
'D GRYH SDUWLUHWH SHU FHUFDUH GL FRQTXLVWDUH LO
FRQVHQVRGHJOLHOHWWRUL"
³3DUWLUHPR GDOOD VLFXUH]]D XUEDQD FRQ O¶XVR GHOOH
XOWLPHWHFQRORJLHLQPDWHULDHGDOODFXOWXUDGHFOLQD
WD FRPH VYLOXSSR HFRQRPLFR FRQ OD FXOWXUD DQFKH
FRQ LO QRVWUR SDWULPRQLR ORFDOH VL SXz ³PDQJLDUH´
HFFRPH FL VRQR RFFDVLRQL FKH VRQR VWDWH VSUHFD
WHF¶qWDQWRGDIDUHHFLYRJOLRQRPHQWLGLQDPLFKH
H EULOODQWL 2UD OH DEELDPR 1RQ YHGR O¶RUD GL FR
PLQFLDUH,OVLQGDFRGL3DYLDLOVLQGDFRSLJUDGLWR
G¶,WDOLDqVWDWRHOHWWRDDQQLVLDPRFRQYLQWLFKHOD
JLRYDQHHWjQRQVLDXQDSHQDOLWjDQ]L´
(QWULDPR SL D IRQGR QHO SURJUDPPD HOHWWRUDOH
'L FHUWR VL SDUOHUj PROWR GL VLFXUH]]D 4XDO q LO
FRQFHWWRGLVLFXUH]]DFKHLQWHQGHWHSRUWDUHDYDQWL"
³6HFRQGR QRL OD VLFXUH]]D VLJQL¿FD FRHVLRQH VRFLD
OH6WDUHVLFXULQHOOHSURSULHFDVHQHOODSURSULDFLWWj
q OD SULPD HVLJHQ]D GHO YLYHUH 4XHVWR OR VL RWWLHQH
FRVWUXHQGRXQDFLWWjGRYHODJHQWHULWURYLLOJXVWRGL
XVFLUHGLFDVDODVHUDGRYHFLVLDQRRFFDVLRQLGLLQ
FRQWURGRYHVLWRUQLDJXDUGDUHLOSURVVLPRFRPHXQ
YLFLQRHQRQFRPHXQHVWUDQHR/DVLFXUH]]DqDQFKH
SUHYHQ]LRQH RYYHUR XQ XVR LQWHOOLJHQWH H PRGHUQR
GHOOHWHFQRORJLHFKHFRQVHQWDQRXQDORWWDDOODFULPL
QDOLWjJUDQGHRSLFFRODFKHVLD3HUTXHVWRVWUDGHH
JLDUGLQLPHJOLRLOOXPLQDWLODVHUDWHOHFDPHUHDLYDU
FKLHQHLSXQWLVHQVLELOLPDJJLRUFRRUGLQDPHQWRIUD
FKLVLRFFXSDGHOODWXWHODGHLFLWWDGLQLVRQRWXWWHFRVH
FKHVLSRVVRQRHGHYRQRIDUH´
*UDQGH LPSRUWDQ]D LQ TXHVWR SHULRGR GL FULVL
KDQQRLVHUYL]LHJOLDLXWLDLELVRJQRVL&RPHqSRV
VLELOHIDUORDQFKHFRQSRFKHULVRUVH"
³'LFHUWRQRQVLSXzYLYHUHEHQHVHVLqDEEDQGRQD
WLDOODSURSULDGLVSHUD]LRQH&LzYDOHSHUJOLDQ]LDQL
VROLRSHUFKLKDSHUGXWRLOODYRURRVLWURYDLQGLI¿
FROWjSHUOHSLGLYHUVHUDJLRQL1HVVXQRSXzHVVHUH
ODVFLDWRVRORHORVFRSRGHOZHOIDUHFKHVLJQL¿FDSUR
WH]LRQHVRFLDOHqSURSULRTXHOORGLGDUHXQDPDQRD
FKLQHKDELVRJQRQRQLQPRGRDVVLVWHQ]LDOLVWLFRPD
FRQVHUYL]LHWXWHOHFKHDLXWLQRDULPHWWHUVLLQSLHGLH
DULSUHQGHUHODSURSULDVWUDGD´
3ULPDKDDIIHUPDWRFKHFRQODFXOWXUDVLSXzDQFR
UD³PDQJLDUH´,QFKHPRGR"
³/DFXOWXUD¿QDOPHQWHGHYHHVVHUHVYLOXSSRGREELD
PRIDUFDSLUHDLFLWWDGLQLFKHO¶LVWUX]LRQHqODYRURH
LOWXULVPRqULFFKH]]D1HOODVWRULDGL6WUDGHOODF¶qOD
FKLDYHSHUULWURYDUHXQQXRYRVODQFLRVLDFKHVLWUDW
WLGLWUDGL]LRQLDQWLFKHOHJDWHDJOLVWUXPHQWLPXVLFDOL
FKH DL WDQWL PHVWLHUL DUWLJLDQL FKH DQFRUD D IDWLFD
VRSUDYYLYRQRVLDFKHVLWUDWWLGHOEHOOLVVLPR2OWUHSR
GLFXL6WUDGHOODqODSRUWDG¶DFFHVVR,QWXWWRFLzQRL
YHGLDPRXQPRGHOORGLHFRQRPLDLQFXLODULVFRSHUWD
GHOOHSURSULHUDGLFLGHOSURSULRWHUULWRULRGLDQWLFKL
PHVWLHULULYLVWLLQFKLDYHPRGHUQDSXzHVVHUHWUDLQR
DGXQQXRYRPRGHOORGLHFRQRPLDEDVDWRVXWXULVPR
SLFFRODLPSUHQGLWRULDOLWjVHUYL]LDFLWWDGLQLHLPSUH
VHVSHWWDFROLSURGX]LRQLFXOWXUDOL´
'DSLSDUWLVLFKLHGHXQD6WUDGHOODPLJOLRUHGDO
SXQWR GL YLVWD GHOO¶DUUHGR XUEDQR H GHOOD GLIHVD
GHOO¶DPELHQWH &RPH q SRVVLELOH IDUOR VHQ]D UL
VFKLDUH GL FRPSURPHWWHUH ULVRUVH LPSRUWDQWL SHU
OHFDVVHFRPXQDOL"
³&KLGLFHFKHODVDOYDJXDUGLDGHOO¶DPELHQWHVLDDQ
WLHFRQRPLFD" 2JJL OD YHUD ULFFKH]]D FRQVLVWH QHO
ULVDQDUHLFHQWULVWRULFLQHOUHQGHUHSLEHOOHOHSH
ULIHULHHLFHQWULGHOOHFLWWjVLJQL¿FDULFLFODUHHGLI
IHUHQ]LDUH L UL¿XWL ERQL¿FDUH OH DUHH LQTXLQDWH SHU
ULGDUHXQDYLWDPLJOLRUHDFKLYLYHQHLFHQWULXUEDQL
'RYHVLYLYHEHQHVLYLYHLQVDOXWH1RQqFHUWRFR
SUHQGR GL FHPHQWR JOL XOWLPL VSD]L GHOOH FROOLQH FKH
VL VYLOXSSD XQ WHUULWRULR PD DO FRQWUDULR FUHDQGR
RFFDVLRQLGLODYRURSURSULRSHUUHQGHUORVHPSUHSL
EHOORHFXUDWR´
3HUFRQFOXGHUHOHLVWDSXQWDQGRPROWRODFDPSD
JQDVXOODWUDVSDUHQ]DQHOODSXEEOLFDDPPLQLVWUD
]LRQH &RPH ULXVFLUj D FRQFUHWL]]DUH TXHVWR VXR
LPSHJQR"
³1RLFUHGLDPRFKH³SXEEOLFR´QRQVLDXQDSDURODF
FLD R XQ FRQFHWWR REVROHWR &Lz FKH q SXEEOLFR q GL
WXWWLPDTXHVWRFRPSRUWDGHOOHJURVVHUHVSRQVDELOL
WjFKLDPPLQLVWUDXQDSURSULHWjGLWXWWLORGHYHIDUH
LQ PRGR RQHVWR WUDVSDUHQWH HI¿FLHQWH FHUFDQGR H
DFFHWWDQGRODSDUWHFLSD]LRQHGHLFLWWDGLQL6RORFRVu
LO SXEEOLFR SRWUj WRUQDUH DG HVVHUH XQD PROOD SHU
O¶HFRQRPLDHQRQVDUjSLXQRVWDFRORSHULOSULYDWR
PDDQ]LVDSUjDI¿DQFDUORQHJOLLQYHVWLPHQWLHVRQR
WDQWLFKHSRVVRQRFRQFLOLDUHLPSUHVHHSXEEOLFRLQ
WHUHVVHSDUWHQGRSURSULRGDOVHWWRUHGHLUL¿XWLHGHO
ULFLFOR,Q¿QHLOQRVWURELODQFLRqSXEEOLFRHYLVLELOH
VXOVLWRDQWLFLSDQGRODWUDVSDUHQ]DFRQODTXDOHLQ
WHQGLDPRJRYHUQDUHFRQVHQWLDPRDFKLXQTXHGLYH
UL¿FDUH GD GRYH DUULYDQR H FRPH VRQR XWLOL]]DWH OH
GRQD]LRQL´
LO 3HULRGLFR
$35,/(
,/&216,*/,(5(/(*+,67$5(3/,&$$//¶$66(6625($//$6,&85(==$),/,3321,
',2/,9,(520$**,
/H URQGH GHL FLWWDGLQL VRQR WXWW¶DOWUR FKH LOOHJDOL
,OFRQVLJOLHUHGHOOD/HJD1RUG'DQLHOH0RVFDWHOOL
UHSOLFD DOO¶DVVHVVRUH DOOD VLFXUH]]D 'DQLHOH )LOLS
SRQLFKHQHOO¶XOWLPRFRQVLJOLRFRPXQDOHOHDYHYD
EROODWH FRPH LQFRVWLWX]LRQDOL PHQWUH OD PDJJLR
UDQ]DDYHYDUHVSLQWRODPR]LRQHOHJKLVWDVXOODORUR
LVWLWX]LRQH0RVFDWHOOLLQYHFHWRUQDDFKLHGHUHDO
FRPXQH GL LVWLWX]LRQDOL]]DUH XQ¶DVVRFLD]LRQH GL
FLWWDGLQLYRORQWDULGLVSRQLELOLDOODVRUYHJOLDQ]DGHO
WHUULWRULR&RPHDYYLHQHLQDOWULFRPXQLGHOOD3UR
YLQFLDFRPH*URSSHOOR&DLUROLRGHOODYLFLQD(PL
OLD FRPH 3LDQHOOR 8Q GHWHUUHQWH LPSRUWDQWH SHU
IHUPDUHODSUHRFFXSDQWHHVFDODWLRQGLIXUWLHUDSLQH
DYYHQXWD QHJOL XOWLPL WHPSL 6HFRQGR 0RVFDWHOOL
LQROWUHLOFRPXQHSRWHYDIDUHGLSLLQWHUPLQLGL
DVVXQ]LRQH GL YLJLOL H GL DGR]LRQH GL WXWWL L SURY
YHGLPHQWL GL SUHYHQ]LRQH QHFHVVDUL D SDUWLUH GDO
PDQWHQLPHQWR LQ FLWWj GHOOD FDVHUPD GHOOD *XDU
GLDGL)LQDQ]D7XWWLWHPLFKHVDUDQQRULSUHVLGDOOD
/HJD1RUGLQFDPSDJQDHOHWWRUDOHGRYHLO&DUURF
FLR VWUDGHOOLQR TXHVWD YROWD VL SUHVHQWHUj XQLWR D
)RU]D,WDOLD1FGH)UDWHOOLG¶,WDOLDQHOODOLVWDFLYLFD
³3ULPD6WUDGHOOD´DVRVWHJQRGHOFDQGLGDWRVLQGD
FR(WWRUH%UDQGROLQL
&RQVLJOLHUH0RVFDWHOOLFRVDVLVHQWHGLUHSOLFDUH
DOO¶DVVHVVRUH)LOLSSRQL"
³,QQDQ]LWXWWR ULVSRQGR D )LOLSSRQL LQIRUPDQGROR
FKHOHURQGHVRQRWXWW¶DOWURFKHLOOHJDOL&¶qLQIDWWL
XQ GHFUHWR GHO PLQLVWHUR GHOO¶,QWHUQR GHOO¶ DJR
VWR FKH LVWLWXLVFH H ULFRQRVFH OD ¿JXUD GHO
YRORQWDULRFLYLFRQHGH¿QLVFHOHIXQ]LRQLVYLQFR
ODQGRODGDTXDOVLDVLULIHULPHQWRDLSDUWLWLSROLWLFL
VHEEHQHODTXHVWLRQHGHOOHURQGHVLDGDVHPSUHXQ
FDYDOORGLEDWWDJOLDGHOOD/HJDÊDQFKHYHURFKH
OD3URWH]LRQHFLYLOHQRQSXzHIIHWWXDUHTXHVWRVHU
YL]LRPDQHVVXQRQHJDDLYRORQWDULVLQJRODUPHQ
WHGLSDUWHFLSDUYLFRQXQDXQLIRUPHVHQ]DLQVHJQH
,QVRPPDQRQFDSLVFRSHUFKpD3LDQHOORDSRFKL
FKLORPHWULGDQRLVLIDQQRHTXLD6WUDGHOODQRQVL
SRVVRQRIDUH(QRQVLSXzGLUHFKHTXLGDQRLQRQ
HVLVWDLOSUREOHPDGHOODVLFXUH]]D´
&RPHJLXGLFDTXHVWRDXPHQWRGLIXUWLHUDSLQH
QHOOD]RQD"
³&¶qVWDWDXQHVFDODWLRQGLHSLVRGLPDLYLVWDSUL
PD(QRQSDUORGHLIXUWLLQDELWD]LRQHFKHFLVRQR
VHPSUHVWDWLDQFKHVHRUDLODGULFROSLVFRQRDQFKH
TXDQGRODJHQWHqLQFDVDPDPLULIHULVFRVRSUDW
WXWWRDOOHFDVVHIRUWLGHLVXSHUPHUFDWLIDWWHVDOWDUH
FRQLOJDVDOOHUDSLQHDPDQRDUPDWDDOOHFDVVLHUH
DTXHVWLHYHQWLPROWRYLROHQWLGLFXLSULPDVLVHQWL
YDSDUODUHVRORLQWHOHYLVLRQHÊYHURFKHF¶qVWDWR
XQIRUWHDJJUDYDUVLGHOODFULVLHOHSHUVRQHFKHDU
ULYDQRVXOQRVWURWHUULWRULRVHQ]DXQODYRURVLDU
UDQJLDQRIDFHQGRGHLIXUWL3XUWURSSRD6WUDGHOOD
F¶qXQIRUWHSUREOHPDVLFXUH]]DHYRUUHLVDSHUHFKH
FRVDLOFRPXQHDEELDLQWHQ]LRQHGLIDUHSHUSRUYL
ULPHGLR´
&RVDQHSHQVDGHOOHPLVXUHDGRWWDWHGDOO¶DPPL
QLVWUD]LRQHLQTXHVWLDQQL"
³0L YLHQH GD ULVSRQGHUH TXDOL PLVXUH" ,R QRQ
FH O¶KR SHUVRQDOPHQWH FRQ O¶DVVHVVRUH )LOLSSRQL
SHUzPLFKLHGRFKHFRVDDEELDIDWWRLQTXHVWLDQQL
SHUFRQWUDVWDUHLOIHQRPHQRGHLIXUWL)LQRUDQRQ
675$'(//$
³/HURQGHQRQVRQRLOOHJDOLYLVWRFKH
DQFKHDOWULFRPXQLOHKDQQRDGRWWDWH´
'DQLHOH
0RVFDWHOOL
KR PDL YLVWR DWWL SUHFLVL GHO FRPXQH SHU FHUFDUH
GLIHUPDUHTXHVWRSUREOHPD(QRQVRQRPDLVWDQ
]LDWHULVRUVHLPSRUWDQWLLQTXHVWDGLUH]LRQH$QFKH
O¶LPSLDQWRGLYLGHRVRUYHJOLDQ]DqXWLOHVRORVHXWL
OL]]DWR QHL GRYXWL PRGL DG HVHPSLR FROOHJDQGROR
FRQ OD FDVHUPD GHL FDUDELQLHUL SHU SRWHU YHGHUH
OH LPPDJLQL LQ WHPSR UHDOH ( VH F¶q XQ JUXSSR
GL FLWWDGLQL GLVSRVWR D ULXQLUH XQ¶DVVRFLD]LRQH GL
YRORQWDUL QRQ YHGR SHUFKp LO VLQGDFR QRQ SRVVD
HPDQDUH XQ¶RUGLQDQ]D SHU LQYHVWLUOD GL XQ UXROR
LVWLWX]LRQDOH2VHSURSULRQRQYXROHIDUORDOPHQR
FLFRPXQLFKLOHVXHUDJLRQL´
,OFRPXQHKDSDUODWRGLXQDPDQFDQ]DGLULVRU
VHGDLQYHVWLUHQHOODVLFXUH]]D
³$GHVVRLOFRPXQHXWLOL]]DLOIDWWRFKHQRQVLSRV
VRQRIDUHDVVXQ]LRQLGLSHUVRQDOHHTXLQGLDQFKH
GLYLJLOL(QRQVLSRWHYDIDUHDQFKHORVFRUVRDQQR
3ULPD SHUz HUD SRVVLELOH H TXHVWD RSSRUWXQLWj q
VWDWDVIUXWWDWDGDFRPXQLFRPH3DYLDH0RUWDUD
FKHKDQQRSURYYHGXWRDGLPSOHPHQWDUHLORURFRUSL
GL3ROL]LDORFDOH0LDXJXURFKHDSSHQDOHULVRU
VH D ELODQFLR OR SHUPHWWDQR LO FRPXQH SURYYHGD
DOO¶DVVXQ]LRQH GL QXRYL DJHQWL YLVWR FKH DWWXDO
PHQWHLOFRUSRULVXOWDVRWWRRUJDQLFRYLVWRDQFKH
OHPROWHSOLFLIXQ]LRQLRUDLQFDSRDOOD3ROL]LDORFD
OHÊYHURFKHODFROSDQRQqWXWWDGHOFRPXQHYLVWR
LQXPHURVLWDJOLLPSRVWLGDOJRYHUQRPDTXDOFXQR
GHYHSXUVXSSOLUHDOODPDQFDQ]DGHOOR6WDWR(UL
SHWR XQ¶DVVRFLD]LRQH GL YRORQWDUL FLYLFL FKH JLUD
GXUDQWHODQRWWHDFRQWUROODUHLOWHUULWRULRSRWUHEEH
HVVHUHXQRWWLPRGHWHUUHQWHSHULODGUL´
/DSUHFHGHQWHHVSHULHQ]DGHOOHJXDUGLH]RR¿OHq
¿QLWDPDOHSHUXQSRVWRGLEORFFRQRQDXWRUL]
]DWR1RQF¶qLOULVFKLRFKHVLULSHWDFRQOHURQ
GH"
³/HJXDUGLH]RR¿OHQRQDYHYDQRLOFRPSLWRGLIDUH
VRUYHJOLDQ]DVXOWHUULWRULRPDOHORURIXQ]LRQLHUD
QROHJDWHDOODSUHYHQ]LRQHGHLFULPLQLFRQWURO¶DP
ELHQWHHFRQWURJOLDQLPDOLeYHURFKHO¶HVSHULHQ]D
FRQOHJXDUGLHQRQKDDYXWRXQEXRQ¿QHPDQRQ
q GHWWR FKH XQ DOWUR JUXSSR FRQ IXQ]LRQL H FRP
SHWHQ]H EHQ VSHFL¿FKH QRQ SRVVD DYHUH PDJJLRUH
IRUWXQDHXWLOLWjULVSHWWRDOSDVVDWR´
/DPLQRUDQ]DFRQVLOLDUHGHO3GOKDVHPSUHDFFX
VDWRODJLXQWDGLDYHUODVFLDWRFKHDOFXQLSUHVLGL
GHOWHUULWRULRFKLXGHVVHUR/HLqG¶DFFRUGR"
³$6WUDGHOODqVWDWDFKLXVDODFDVHUPDGHOOD*XDU
GLDGL)LQDQ]DHSHURUDDOPHQR¿QRDOO¶([SRq
ULHQWUDWR LO ULVFKLR GL FKLXVXUD DQFKH SHU TXHOOD
GHOOD3ROL]LD6WUDGDOH$PLRSDUHUHVHLOFRPXQH
VLIRVVHIDWWRFDULFRGLSDJDUHO¶DI¿WWRSHUODVHGH
SUREDELOPHQWH DYUHPPR DQFRUD OH )LDPPH *LDO
OHDWWLYHVXOQRVWURWHUULWRULR,QYHFHVLqGHFLVRGL
GHVWLQDUHVHPSUHSLULVRUVHVXOODFXOWXUDHVXDO
WUL VHWWRUL FKH HYLGHQWHPHQWH VRQR L SL SULRULWDUL
SHU TXHVWD DPPLQLVWUD]LRQH ,R LQYHFH SHQVR FKH
VLSRWHYDVSHQGHUHPHJOLRLVROGLFKHVLDYHYDQRD
GLVSRVL]LRQH GDQGR DQFKH XQ VHJQDOH GL YLFLQDQ
]DHDWWHQ]LRQHDOOHQRVWUHIRU]HGHOO¶RUGLQHFKHDO
PRPHQWRVRQROHPHQRSDJDWHULVSHWWRDTXHOOHGHO
UHVWRGHOO¶(XURSD´
3HUOHHOH]LRQLGLPDJJLROD/HJD1RUGKDGHFLVR
GLDSSRJJLDUHODOLVWDFLYLFD³3ULPD6WUDGHOOD´H
LOVXRFDQGLGDWR(WWRUH%UDQGROLQL&KHSRVWRRF
FXSHUjODVLFXUH]]DQHOYRVWURSURJUDPPDHOHW
WRUDOH"
³6DUj XQR GHL SXQWL SL VYLOXSSDWL DQFKH SHUFKp
LQVLHPHDOO¶RVSHGDOHODVLFXUH]]DqXQDGHOOHSULR
ULWjSLULFKLHVWHGDWXWWDODFLWWDGLQDQ]D(XQFR
PXQHGHYHHVVHUHLQSULPDOLQHDSHUJDUDQWLUHTXHVWL
VHUYL]L6LSRWUHEEHDQFKHLQWURGXUUHVHPSUHFKHOD
OHJJHORSUHYHGDXQDWDVVDGLVFRSRSHU¿QDQ]LDUH
OHD]LRQLGLSUHYHQ]LRQHOHJDWHDOODVLFXUH]]D3HQVR
FKHLFLWWDGLQLVLDQRFRQWHQWLGLTXHVWRHVLDQRDQFKH
SLLQYRJOLDWLDSDJDUODYLVWDO¶LPSRUWDQ]DGHOOD¿
QDOLWj4XHVWLVDUDQQRLWHPLVXFXLVSLQJHUHPRGL
SLLQFDPSDJQDHOHWWRUDOHHGLVSLDFHLQYHFHFKH
TXHVWDDPPLQLVWUD]LRQHDEELDEHQDOWUHSULRULWj´
LO 3HULRGLFR
$35,/(
2/75(32
,1$55,9281),1$1=,$0(172$1182',0,/$(852
/RGLJLDQL³2UDOD56'GL3RPHWRq
DFFUHGLWDWDGDOOD5HJLRQH/RPEDUGLD´
',$/(66$1'52',63(5$7,
/¶DQQRQXRYRKDSRUWDWREXRQHQRWL
]LHSHULOFRPXQHGL5XLQR/D5HJLR
QH/RPEDUGLDKD¿QDOPHQWHFRQFHVVR
O¶DFFUHGLWDPHQWRGLWXWWLLYHQWLSRVWL
GL GHJHQ]D SUHVVR OD 56' GL 3RPH
WR5XLQR4XHVWDVWUXWWXUDDSHUWDLO
JHQQDLRGLSURSULHWjGHO&RPX
QHGL5XLQRHJHVWLWDGDOOD6SD%URQL
6WUDGHOOD JXLGDWD GDO SUHVLGHQWH /XL
JLQR0DJJLqVWDWDIRUWHPHQWHYROXWD
GDOO¶$PPLQLVWUD]LRQH&RPXQDOHJXLGDWDGDOVLQGDFR
6HUJLR/RGLJLDQL3UHVVRO¶HGL¿FLRVLWRLQ3RPHWRYLD
3ULQFLSDOH q LQ IXQ]LRQH XQD &RPXQLWj 6RFLR6DQL
WDULDHVRQRSUHVHQWLDQFKHRWWRPLQLDOORJJLDWWXDO
PHQWHWXWWLRFFXSDWLFRQJLjXQDOLVWDGLDWWHVD4XHVWL
XOWLPLSUHVHQWLDOSULPRSLDQRGHOODVWUXWWXUDRIIURQR
VHUYL]L H DJJUHJD]LRQH DG DQ]LDQL UHVLGHQWL$G HVVL
VRQRLQIDWWLRIIHUWLVHUYL]LTXDOLLOSDVWRODODYDQGHULD
HLOVHUYL]LRSXOL]LDJDUDQWHQGRJOLFRPXQTXHODPDV
VLPDDXWRQRPLDQHOJHVWLUVL
,QROWUH FRQ O¶DFFUHGLWDPHQWR GD SDUWH GL 5HJLRQH
/RPEDUGLD RJQL DQQR OD FLWDWD 56' ULFHYHUj GDOOD
VWHVVD 5HJLRQH FRQIHULPHQWL SHU FLUFD ¼ DG
DEEDWWLPHQWRGHOODUHWWDSULYDWD
/¶HTXLSH VRFLR VDQLWDULD RSHUDQWH QHOOD VWUXWWXUD q
FRPSRVWDGDGLSHQGHQWLXQUHVSRQVDELOHGHOVHU
YL]LR XQ PHGLFR TXDWWUR LQIHUPLHUL SURIHVVLRQLVWL
TXDWWURHGXFDWRULQRYHRSHUDWRULVRFLRVDQLWDULXQ¿
VLRWHUDSLVWDGXHFXRFKHXQFRQVXOHQWHWHFQLFRHXQR
SVLFKLDWUDHVWHUQR9DLQROWUHVRWWROLQHDWRFRPHODSUH
VHQ]DGHOOD56'KDSHUPHVVRDOODVWUXWWXUDVFRODVWLFD
SUHVHQWHVXOWHUULWRULRGLXVXIUXLUHGHOVHUYL]LRGLFRQ
IH]LRQDPHQWRHVRPPLQLVWUD]LRQHSDVWL/DFXFLQDLQ
ORFRKDPLJOLRUDWRTXDOLWDWLYDPHQWHLOVHUYL]LRGLUH
IH]LRQHGHVWLQDWRDJOLDOXQQLJDUDQWHQGRDOWUHVuLOSLH
QRULVSHWWRGHOOHGLUHWWLYHDVOLQPDWHULD,OVXFFHVVRGL
TXHVWD LQL]LDWLYD KD VSLQWR O¶DPPLQLVWUD]LRQH FRPX
QDOHDGDWWLYDUVLSHURWWHQHUHQHOSURVVLPRIXWXURXQ
VHUYL]LRGLHURJD]LRQHSDVWLDGRPLFLOLRSHULFLWWDGLQL
GL5XLQRLQFRQYHQ]LRQHFRQOD56',O6LQGDFR/R
GLJLDQLVLqGHWWRPROWRVRGGLVIDWWRGDOPRPHQWRFKH
TXHVWDVWUXWWXUDUDSSUHVHQWDXQDYDOLGDRSSRUWXQLWjGL
ODYRURLQXQSLFFRORFRQWHVWRWHUULWRULDOH
,QROWUH O¶DWWXDOH DPPLQLVWUD]LRQH KD JLj SUHVHQWDWR
GRPDQGD DJOL XI¿FL FRPSHWHQWL SHU SRWHU DPSOLDUH
O¶RIIHUWDGHLVHUYL]LDLFLWWDGLQL
eLQIDWWLLQIDVHGLVWXGLRLQFRQFHUWD]LRQHFRQO¶$VO
GL 3DYLD OD SRVVLELOLWj GL UHDOL]]DUH XQD SOXUDOLWj GL
VHUYL]LDPEXODWRULDOLSUHOLHYLHPDWLFLYLVLWHVSHFLD
OLVWLFHDGLVSRVL]LRQHGHOODSRSROD]LRQHLQVLHPHDOOD
SRVVLELOLWj GL SUHYHGHUH XQ VHUYL]LR GL ULDELOLWD]LRQH
¿VLRWHUDSLFD LQ FRQYHQ]LRQH FRQ O¶DVO SUHVVR O¶HVL
VWHQWHSDOHVWUDGHOOD56'
LO 3HULRGLFR
$35,/(
/¶$66(6625($/&200(5&,235(6(17$*/,³,7,1(5$5,',9,1,´
',2/,9,(520$**,
,O'LVWUHWWRGHO&RPPHUFLRGHOOD9DOOH9HUVDVLSUH
SDUDDG([SR1HOOHVFRUVHVHWWLPDQHLQIDWWLLO
'LVWUHWWRLQFROODERUD]LRQHFRQ3DYLD6YLOXSSRH&H
OLWKDSURPRVVRXQDVHULHGLLQFRQWULULYROWLDJOLRSH
UDWRULWXULVWLFLFRPPHUFLDOLHGHOODULVWRUD]LRQHYROWR
DOODFUHD]LRQHGLXQSHUFRUVRWXULVWLFRFKHSDUWHQGR
GD6WUDGHOODYDORUL]]LOHUHDOWjWXULVWLFKHSURGXWWLYH
FRPPHUFLDOLGLWXWWDODYDOOHFUHDQGRXQDVLQHUJLDWUD
L YDUL VRJJHWWL LPSHJQDWL QHOOD SURPR]LRQH GHO WHU
ULWRULR*OLLQFRQWULFKHVLVRQRVYROWLWUDLOPHVHGL
JHQQDLRHIHEEUDLRKDQQRUHJLVWUDWRXQDJUDQGHSDU
WHFLSD]LRQHGLRSHUDWRULHGHVSHUWLGHOVHWWRUH'RSR
ODSDUWHFLSD]LRQHDO,9%DQGRSHUL'LVWUHWWLGHOFRP
PHUFLRLO'LVWUHWWRGHOOD9DOOH9HUVDVLGLPRVWUDFRQ
TXHVWD LQL]LDWLYD XQ VRJJHWWR GLQDPLFR LQ JUDGR GL
DJJUHJDUHTXHLSLFFROLFRPXQLFKHDOWULPHQWLGDVROL
QRQ ULXVFLUHEEHUR D UDJJLXQJHUH ULVXOWDWL LPSRUWDQWL
/¶DVVHVVRUHDOFRPPHUFLRGHOFRPXQHGL6DQWD0DULD
GHOOD9HUVD H PDQDJHU GHO 'LVWUHWWR GHO FRPPHUFLR
'DQLHOH 0DJJL FL VSLHJD OH WDSSH IRQGDPHQWDOL GL
TXHVWRSHUFRUVRLQFXLWXWWDOD9DOOHULSRQHOHVXHVSH
UDQ]HSHUOHRSSRUWXQLWjGLVYLOXSSRIXWXUH
$VVHVVRUH0DJJLLO'LVWUHWWRGHOFRPPHUFLR9DOOH
9HUVDFRPHVLVWDSUHSDUDQGRDOO¶([SR"
³,O 'LVWUHWWR GHO &RPPHUFLR 7XULVPR H 6HUYL]L GHO
OD 9DOOH 9HUVD VL SUHSDUD DOO¶HYHQWR GL ([SR SDUWHQGRGDXQRELHWWLYRFHQWUDOHIDUHGHOWHUULWRULR
XQ YHUR H SURSULR SDGLJOLRQHGLIIXVR LQ FXL O¶RVSLWH
SRVVDPXRYHUVLLQOLEHUWjVDSLHQWHPHQWHJXLGDWRDOOD
VFRSHUWDGHOOHFROWXUHHFXOWXUHFKHORLGHQWL¿FDQR
([SRUDSSUHVHQWDSHUQRLXQYHURHSURSULRDSSHOOR
XQEDQFRGLSURYDSHUSURSRUUHLOQRVWUR'LVWUHWWRDG
XQDFOLHQWHODDWWHQWDFDSDFHGLFRJOLHUQHJOLDVSHWWL
SHFXOLDULODTXDOLWjGHLSURGRWWLODEHOOH]]DGHOO¶DP
ELHQWHLOYDORUHGHOODFXOWXUD(¶XQHVDPHGDSUHSD
UDUHSHUDQGDUHROWUH´
&RPHIDUHWHDUDJJLXQJHUHJOLRELHWWLYLFKHYLVLHWH
SUH¿VVDWL"
³,O'LVWUHWWRGHOFRPPHUFLRqXQRVWUXPHQWRLPSRU
WDQWHHTXDOL¿FDQWHSHUDJJUHJDUHWDQWLSLFFROLFRPX
QLFKHFHUWDPHQWHGDVROLVLSHUGHUHEEHURLQXQPHU
FDWRVHPSUHSLJOREDOH/¶HVSHULHQ]DGHO'LVWUHWWRFL
KDLQVHJQDWRDODYRUDUHLQVLHPHDIDUHTXDGUD&RQ
LO,9%DQGRDEELDPRSRWXWRDLXWDUHOHLPSUHVHDPL
JOLRUDUHLOORURDVSHWWRHVWHULRUHRUDYRJOLDPRPHW
WHUHDSXQWRLQVLHPHLOQRVWURSURGRWWR3HUTXHVWRq
VWDWRFKLHVWRXQVXSSRUWRPROWRFRQFUHWRDOO¶$]LHQGD
6SHFLDOHGHOOD&DPHUDGL&RPPHUFLR3DYLDVYLOXSSR
FKH LQVLHPH DOOD VRFLHWj FKH VWD DFFRPSDJQDQGR LO
'LVWUHWWR&HOLWKDGH¿QLWRXQLQWHUYHQWRFKHYDROWUH
ODVHPSOLFHIRUPD]LRQH´
4XDOLVRQRLWUDWWLSULQFLSDOLGLTXHVWRLQWHUYHQWR"
³3DYLD6YLOXSSRKDULVSRVWRFRQLQWHUYHQWRPLUDWRH
FRPSOHWR ³,WLQHUDUL GL«YLQL /DERUDWRULR SHU OD
FRVWUX]LRQH GL LWLQHUDUL WXULVWLFL LQ 9DO 9HUVD´ q XQ
YHURHSURSULRPRPHQWRGLODYRURHFRVWUX]LRQHDWWLYD
H SDUWHFLSDWD GDOOH LPSUHVH FRQ OD JXLGD GL HVSHU
WL SHU GH¿QLUH O¶RIIHUWD SDUWHQGR GDOOR VWXGLR GHO
PHUFDWR,O'LVWUHWWRGHOOD9DO9HUVDPHWWHDOFHQWUR
O¶LGHQWLWjWHUULWRULDOHFRPHSUHFRQGL]LRQHIRQGDPHQ
WDOHSHUO¶DYYLRGLXQPRGHOORGLVYLOXSSRDXWRVRVWH
QLELOHIRQGDWRVXOODYDORUL]]D]LRQHGHOOHDWWLYLWjHFR
QRPLFKHDWWUDYHUVRODSURGX]LRQHGLEHQLUHOD]LRQDOL
HODIRUPD]LRQHGL¿OLHUHFRPSOHVVHFKHTXDOL¿FKLQR
O¶LGHQWLWjSURGXWWLYDFRQWULEXHQGRDJHQHUDUHFUHVFL
WDVWDELOHHGXUDWXUD´
'DQLHOH0DJJL
4XDOLVRQROH¿QDOLWjGLTXHVWRODERUDWRULR"
³,O 'LVWUHWWR LQWHQGH FRVWUXLUH XQ¶RIIHUWD GL DFFR
JOLHQ]DTXDOL¿FDWDLQWRUQRDOWHPDFHQWUDOHGHOYLQR
SHUDWWLUDUHHIDUIHUPDUHXQWXULVPRGLTXDOLWjDWWHQ
WRDOOHVSHFL¿FKHGHOWHUULWRULRLQJUDGRGLFRJOLHUQH
ODVRWWLOHXQLFDDWPRVIHUD/¶DWWLYLWjSURSRVWDqYRO
WD D PHWWHUH D SXQWR XQ ,WLQHUDULR DOO¶LQWHUQR GHOOD
9DOOHFKHSDUWHQGRGD6WUDGHOODYDORUL]]LOHDWWLYLWj
FRPPHUFLDOL H WXULVWLFKH LQ VWUHWWD VLQHUJLD FRQ JOL
HYHQWLFXOWXUDOLHWUDGL]LRQDOLFKHYHQJRQRRUJDQL]]D
WLLQYDOOHLQLQWHUD]LRQHFRQDOWUHHFFHOOHQ]HORFDOL
QDWXUDOLVWLFKHSURGXWWLYHVWRULFRFXOWXUDOL´
4XDOLLQYHFHLGHVWLQDWDULGHOSHUFRUVR"
³, GHVWLQDWDUL GHO SHUFRUVR VRQR JOL RSHUDWRUL GHO
FRPPHUFLRWXULVPRHVHUYL]LOHDVVRFLD]LRQLGLSUR
PR]LRQH OH SURORFR JOL DPPLQLVWUDWRUL H L WLWRODUL
GLD]LHQGHDJULWXULVWLFKHH%%FKHRSHUDQRQHO'L
VWUHWWRGHOOD9DOOH9HUVD/¶LQWHUYHQWRVLDUWLFRODLQ
JLRUQDWHGLODYRURFRQODSUHVHQ]DGL6DQGUR&KLUL
RWWL7RXU*RXUPHWHGL&RQFHWWD3XJOLHVHDJHQWHGL
VYLOXSSR /R VFRUVR JHQQDLR SUHVVR OD VHGH GHO
&RPXQH GL 6DQWD 0DULD GHOOD 9HUVD VL q WHQXWD OD
SUHVHQWD]LRQHXI¿FLDOHGHOO¶LQL]LDWLYDHLOVXRDYYLRD
FXLKDQQRSDUWHFLSDWRWXWWLJOLDPPLQLVWUDWRULHOHUH
DOWjSURGXWWLYHDVVRFLDWLYHQRQFKpODFLWWDGLQDQ]D´
1HLSULPLWUHLQFRQWULGHOODERUDWRULRGLFRVDDYHWH
SDUODWR"
³1HOO¶LQFRQWUR GHO IHEEUDLR SUHVVR O¶(QRWHFD
5H 1HUR GL 6DQWD 0DULD GHOOD 9HUVD VL q SURFHGXWR
DOO¶LQGLYLGXD]LRQHGHOWDUJHWGHOSURJHWWRLQROWUHVLq
2/75(32
0DJJL³/¶([SRVDUjEDQFRGLSURYD
SHUYDORUL]]DUHLQRVWULSURGRWWL´
DYYLDWRLOODYRURGLJUXSSRSHUO¶LQGL
YLGXD]LRQHGHOOHD]LHQGHFRLQYROJLEL
OLOHYDOHQ]HFXOWXUDOLLOXRJKLHJOL
HYHQWL FRQ OR VFRSR GL FUHDUH RUJR
JOLRHDSSDUWHQHQ]DQHOWHDPRSHUD
WLYR,Q¿QHVLqSDVVDWLDOODGLVDPLQD
GHOOH YDOHQ]H WXULVWLFKH WHUULWRULDOL H
UHODWLYL PHUFDWL WDUJHW GL ULIHULPHQWR
H DOOD YDOXWD]LRQH GHL SRVVLELOL GH
VWLQDWDUL GHOO¶RIIHUWD 1HJOL LQFRQWUL
GHOO¶HIHEEUDLRULVSHWWLYDPHQWH
SUHVVRLO5LVWRUDQWH&RORPELHO¶(QR
WHFDGHO%XWWDIXRFR6WRULFRVLqSDU
ODWR GHOOD FRVWUX]LRQH GHL SURGRWWL LWLQHUDUL O¶RUJD
QL]]D]LRQHHGH¿QL]LRQHGLDOFXQLSDFFKHWWLGLRIIHUWD
FRPSUHQGHQWLULVWRUD]LRQHULFHWWLYLWjYLVLWHJXLGDWH
DPELHQWHGHJXVWD]LRQLIROFORUHHYHQWLVSRUW3RLVL
qSDVVDWLDOODFDOHQGDUL]]D]LRQHGHJOLHYHQWL(DOOD
PHVVDDSXQWRGLXQDFFRUGRFRQOHDVVRFLD]LRQLGL
JXLGHYLDJJLR´
4XDQGR DYHWH SUHVHQWDWR L ULVXOWDWL GL TXHVWL LQ
FRQWUL"
³1HOO¶XOWLPRLQFRQWURGHOIHEEUDLRVHPSUHSUHVVR
O¶(QRWHFDGHO%XWWDIXRFR6WRULFRqVWDWRDSSURYDWRLO
SLDQRGLSURPR]LRQHGLFRPXQLFD]LRQHFKHFRQVLVWH
QHOODFUHD]LRQHGHOODSDJLQDSHULOVLWRLQWHUQHWHQHO
ODJHVWLRQHGHOPHGHVLPRDWWUDYHUVRLVRFLDOQHWZRUN
,OVLWRSRLVDUjLQWHJUDWRFRQTXHOOLGHO'LVWUHWWRGHO
YLQRFRQLO6LVWHPDWXULVWLFR3RGL/RPEDUGLDHFRQ
LOSLDQRGLSURPR]LRQHGHOOD3URYLQFLD$EELDPRSRL
GH¿QLWRLFRQWDWWLFRQOHDJHQ]LHWXULVWLFKHHDEELDPR
SURJUDPPDWR O¶LQVHULPHQWR GHO SURJHWWR QHO PDVWHU
SODQ GL )XRUL([SR ,O SULPR PDU]R LQ¿QH SUHVVR
LO ULVWRUDQWH 6DVVHR DEELDPR SUHVHQWDWR LO SURGRWWR
PHVVRDSXQWRDOODSUHVHQ]DGLRSHUDWRULSXEEOLFLH
SULYDWL´
4XDOLVRQRLFRQWHQXWLSULQFLSDOLGLTXHVWRSURJHW
WR"
³6LWUDWWDGLTXDWWURSDFFKHWWLWXULVWLFLFKHFRLQYRO
JRQRWXWWLLFRPXQLGHOODYDOOH9HUVDOHDWWLYLWjFRP
PHUFLDOL OH VWUXWWXUH ULFHWWLYH H DOEHUJKLHUH L ULVWR
UDQWL YDORUL]]DQGR OH EHOOH]]H QDWXUDOL H DUWLVWLFKH
H L SURGRWWL ORFDOL GL HFFHOOHQ]D $FFDQWR D TXHVWR
DEELDPRSUHYLVWRODULSURSRVL]LRQHGLTXDWWURHYHQWL
FKHJLjYHQJRQRRUJDQL]]DWLQHLGLYHUVLFRPXQLHOD
UHDOL]]D]LRQH GL DOWUL TXDWWUR QXRYL HYHQWL GL FDUDW
WHUH HQRJDVWURQRPLFR FXOWXUDOH IRONORULVWLFR H PX
VLFDOH´
$VVHVVRUH0DJJLFKHFRVDQHSHQVDGLTXHVWDLQL
]LDWLYD"
³6LDPR YHUDPHQWH VRGGLVIDWWL GHOO¶LQL]LDWLYD SHU
FKpWDQWLRSHUDWRULGHOVHWWRUHDOEHUJKLHURWXULVWLFR
FRPPHUFLDOH GHOOD FRPXQLFD]LRQH KDQQR UDFFROWR
LO QRVWUR LQYLWR H VL VWDQQR LPSHJQDQGR SHU FUHDUH
TXDOFRVD FKH YDORUL]]L LO QRVWUR WHUULWRULR 4XHVWR q
XQSULPRLPSLDQWRFKHSXzHVVHUHULYLVWRPDqXVFLWR
GDOOD SDVVLRQH DWWDFFDPHQWR DO WHUULWRULR H JUDQGH
SURIHVVLRQDOLWj VLD GHL GRFHQWL FKH GHJOL RSHUDWRUL
SDUWHFLSDQWL &RPH 'LVWUHWWR GHO &RPPHUFLR LQWHQ
GLDPR SURVHJXLUH TXHVWR SHUFRUVR ULXQHQGR SURVVL
PDPHQWHWXWWLJOLRSHUDWRULLQPRGRGLGDUHXQDPDS
SDWXUDFRPSOHWDGLWXWWRTXHOORFKHYLqVXOWHUULWRULR
SHUSRWHUHVVHUHLOIXOFURGLLQL]LDWLYHHSXEEOLFL]]D
]LRQHGLTXHVWLSDFFKHWWLSUHVVRLEX\HUVWXULVWLFLSHU
([SRPDQRQVROR,QVLQWHVLVLDPRPROWRVRGGLVIDWWL
GHOODTXDOLWjHSDUWHFLSD]LRQHVHQWLWDDOFRUVRHYR
JOLDPRSURVHJXLUHGDSURWDJRQLVWLLQVLQHUJLDFRQJOL
DOWULHQWLGHOWHUULWRULR´
LO 3HULRGLFR
$35,/(
2/75(32
,/3'675$'(//,128)),&,$/,==$,/682$332**,2$3,(5*,25*,20$**,
³,OQRVWURVRVWHJQRFRQFRQYLQ]LRQH
QRQSXzFKHHVVHUHSHU7RUUH&LYLFD´
',2/,9,(520$**,
,O 3DUWLWR 'HPRFUDWLFR VWUDGHOOLQR
DSSRJJHUj OD FDQGLGDWXUD GL 3LHU
JLRUJLR0DJJLDVLQGDFRGHOODFLWWj
/¶DQQXQFLR XI¿FLDOH DQFKH VH HUD
VFRQWDWRqDUULYDWRQHLJLRUQLVFRUVL
DO WHUPLQH GHOO¶DVVHPEOHD GL FLUFR
OR FRQYRFDWD SURSULR SHU SUHQGHUH
XQD SRVL]LRQH ULVSHWWR DOOH HOH]LRQL
GHOOD SURVVLPD SULPDYHUD 6HFRQGR
LOVHJUHWDULRORFDOH$OHVVDQGUR9HU
FHVL O¶DWWXDOH YLFHVLQGDFR q O¶XQLFR FDQGLGDWR DQ
FRUDDI¿GDELOHHFUHGLELOH&RVuFRPHLOSURJHWWRGL
7RUUH&LYLFDFKHQRQRVWDQWHLYHQW¶DQQLDOODJXLGD
GHO FRPXQH q DQFRUD O¶XQLFR SURJHWWR LQ JUDGR GL
JDUDQWLUHVWDELOLWjHEXRQDFRQGX]LRQHDPPLQLVWUD
WLYD8QPL[GLFRQWLQXLWjHULQQRYDPHQWRTXLQGL
GLFXL9HUFHVLqXQRGHJOLHVHPSLSULQFLSDOLGLFXL
QRQVDUjSLSDUWHFLSHLQYHFHO¶H[DVVHVVRUH$QWR
QLR&XUHGGDGLIDWWRDQFRUDPHPEURGHO3GPDD
GHWWDVXDJLjGHFDGXWRDOPRPHQWRGHOODVXDDGH
VLRQHDOODOLVWDFLYLFD³/D6WUDGD1XRYD´GLFXLVDUj
LO FDQGLGDWR VLQGDFR 6HFRQGR 9HUFHVL LQ¿QH OD
FDPSDJQDHOHWWRUDOHGRYUjHVVHUHLPSRVWDWDQHOGDUH
ULVSRVWHFRQYLQFHQWLDLFLWWDGLQLVXTXHOORFKHO¶DP
PLQLVWUD]LRQH FRPXQDOH q ULXVFLWD D IDUH LQ TXHVWL
DQQLPDDQFKHVSLHJDQGRLOSHUFKpQRQVLqULXVFLWLD
SRUWDUHDWHUPLQHGHWHUPLQDWLLQWHUYHQWL6HQ]DIDUH
SURPHVVH H FHUFDQGR OD YLD GHO GLDORJR LQYHFH GL
TXHOOD GHOOH FULWLFKH ,O VHJUHWDULR$OHVVDQGUR 9HU
FHVLHQWUDQHOPHULWRGHOO¶DWWLYLWjGHOVXRSDUWLWRQHL
SURVVLPLPHVL
6HJUHWDULR 9HUFHVL TXDO q OD SRVL]LRQH XI¿FLDOH
GHO3GLQYLVWDGHOOHSURVVLPHHOH]LRQLFRPXQDOL"
³/¶XOWLPDDVVHPEOHDGHOFLUFRORGHO3GGL6WUDGHOOD
H9DOOH9HUVDFKHJXLGRHUDSSUHVHQWRVLqHVSUHVVD
DOO¶XQDQLPLWjLQULIHULPHQWRDOOHSURVVLPHHOH]LRQL
DPPLQLVWUDWLYHGL6WUDGHOOD,OVRWWRVFULWWRDWLWROR
SHUVRQDOHHLO3GGL6WUDGHOODGDPHUDSSUHVHQWDWR
VRVWHUUDQQRFRQODPDVVLPDFRQYLQ]LRQHHGHWHUPL
QD]LRQH LO SURJHWWR GL 7RUUH &LYLFD GL FXL LO
3G q XQD FRPSRQHQWH IRQGDPHQWDOH DQFKH VH QRQ
O¶XQLFDHLOFDQGLGDWRVLQGDFR3LHUJLRUJLR0DJJL,
PHPEULGHO&RRUGLQDPHQWRGHO3GGL6WUDGHOOD$Q
WRQLR&XUHGGDH7RPPDVR9LQFLJXHUUDULPDUUDQQR
SHUFLzLVROLDGLQWUDSUHQGHUHXQDOWURSURJHWWRFL
YLFR´
8QDSSRJJLRTXHOORGHOVXRSDUWLWRD0DJJLFKH
VHPEUDVFRQWDWR
³,OSDUHUHXQDQLPHIDYRUHYROHD7RUUH&LYLFDVLHUD
JLj UHJLVWUDWR SUHFHGHQWHPHQWH DQFKH DOO¶LQWHUQR
GHOOD VHJUHWHULD FKH KR FRVWLWXLWR DOO¶LQWHUQR GHO
FLUFROR VHJUHWHULD FRPSRVWD LQ SUHYDOHQ]D YRJOLR
ULFRUGDUORGDGLYHUVLJLRYDQLFKHVLVRQRDIIDFFLDWL
GDSRFRDOODSROLWLFDORFDOH2UJDQL]]HUHPRDEUHYH
XQLQFRQWURSXEEOLFRDSHUWRDWXWWLJOLLVFULWWLDWXW
WLLVLPSDWL]]DQWLDVVLHPHDLFRPSRQHQWLHDLVLPSD
WL]]DQWLGHOFRPLWDWR7RUUH&LYLFD6RQRJLjDOOHVWLWL
RJQLPDUWHGuHRJQLGRPHQLFDLJD]HERGXUDQWHOH
RUHGLPHUFDWR&¶qXQDVHGHXI¿FLDOHFKHVDUjDSHU
WDDOSXEEOLFRLQGLYHUVLPRPHQWLGHOODVHWWLPDQD´
&RVD YL KD VSLQWR D GHFLGHUH GL DSSRJJLDUH OD
FDQGLGDWXUDGL3LHUJLRUJLR0DJJL"
³5LWHQLDPRFKHPDOJUDGRODFDPSDJQDGLFRPXQL
FD]LRQH PROWR LQWHQVD FRQWUR O¶LPPDJLQH GHOO¶DP
$OHVVDQGUR9HUFHVL
PLQLVWUD]LRQHFRPXQDOHXVFHQWHHPDOJUDGRODSUH
VHQ]D GL XQ PDOFRQWHQWR JHQHUDOH YHUVR LO PRQGR
SROLWLFRFKHYDROWUHLOOLYHOORORFDOHPDFKHVLVIRJD
VRSUDWWXWWRVXJOLDPPLQLVWUDWRULORFDOLSULPLLQWHU
ORFXWRULGHLFLWWDGLQLLOSURJHWWR7RUUH&LYLFDFKH
KD HVSUHVVR FRPH FDQGLGDWR VLQGDFR 3LHUJLRUJLR
0DJJLVLDDQFRUDGLJUDQOXQJDLOSLDI¿GDELOHH
FUHGLELOH 3HUFKq KD LQQDQ]LWXWWR HVSRQHQWL GL XQR
VSHVVRUHFXOWXUDOHHSROLWLFRDOWLVVLPRFRPH3LHUDQ
JHOR/RPEDUGL0DXUL]LR9LVSRQHWWLORVWHVVR3LHU
JLRUJLR 0DJJL QHL TXDOL QXWUR OD PDVVLPD VWLPD
SHUDYHUVDSXWRFRVWUXLUHYHQW¶DQQLIDXQSURJHWWR
OXQJLPLUDQWHDQWLFLSDQGRSROLWLFDPHQWHFLzFKHSRL
qDFFDGXWRDOLYHOORQD]LRQDOHVRORVXFFHVVLYDPHQWH
FRQO¶DOOHDQ]DWUDLFDWWROLFLGHPRFUDWLFLHLSURJUHV
VLVWL´
&RVDQHSHQVDWHLQYHFHGHOSURJHWWRYHQWHQQDOH
GL7RUUH&LYLFD"
³7RUUH &LYLFD q VWDWD DQFKH XQR GHL SULPL HVHPSL
GLXQDYHUDHSURSULDIRUPD]LRQHFLYLFDFDUDWWHUL]
]DWD GDOOD SUHVHQ]D QRQ VROR GHL SDUWLWL PD DQFKH
GL UDSSUHVHQWDQWL GHO PRQGR DVVRFLDWLYR H UDSSUH
VHQWDQWLGLWXWWHOHFDWHJRULHVRFLDOLHSURIHVVLRQD
OL8QSURJHWWRFKHKDJDUDQWLWRVWDELOLWjSROLWLFDH
XQDEXRQLVVLPDFRQGX]LRQHDPPLQLVWUDWLYDSHUGXH
GHFHQQL FRQ FDSDFLWj FRPSHWHQ]D VHULHWj DVFRO
WDQGRVHPSUHWXWWLHFHUFDQGRGLSRUUHULPHGLRDG
RJQLWLSRGLGLVDJLRFKHLOFLWWDGLQRPDQLIHVWDYDGL
YROWDLQYROWD4XHVWRODYRURVWDSURVHJXHQGRFRQOR
VWHVVRLPSHJQRDQFKHLQTXHVWLPHVLLQFXLLOFDQGL
GDWRVLQGDFRDVVLHPHDOFRPLWDWRGL7RUUH&LYLFD
KDLQFRQWUDWRODFLWWDGLQDQ]DGLWXWWLLTXDUWLHULGL
6WUDGHOOD H QHOOH IUD]LRQL &Lz SURVHJXLUj VHPSUH
FRQPDJJLRUHLQWHQVLWjHLO&RPLWDWRULPDUUjSUH
VHQWHVXOWHUULWRULRHDGLVSRVL]LRQHGHLFLWWDGLQLDQ
FKHGRSROHHOH]LRQL´
/HLKDSDUODWRGLFRPXQLFD]LRQHQHJDWLYDYHUVR
O¶DPPLQLVWUD]LRQH$FRVDVLULIHULVFH"
³1RQ VL SXz QHJDUH WXWWDYLD LO PDOFRQWHQWR JHQH
UDOHHODYRJOLDGLULQQRYDPHQWRFKHVLSHUFHSLVFH
QHOFLWWDGLQR0DVSHVVRSXUWURSSRLOFLWWDGLQRQRQ
FRQRVFHOHGLI¿FROWjFKHSDWLVFRQRWXWWLLFRPXQLGD
TXDOFKHDQQRFDUDWWHUL]]DWHGDXQ¶HVWUHPDFDUHQ]D
GLULVRUVHHFRQRPLFKHDJJUDYDWDGDO3DWWRGL6WD
ELOLWjFKHQRQqXQDOHJJHORFDOHPDKDQDWXUDQD
]LRQDOHFRQGHLSDUDPHWULVWDELOLWLLQ(XURSDFKHKD
LPSHGLWRQXRYLLQYHVWLPHQWLHKDEORFFDWRLQGLYHUVL
WUDWWLO¶D]LRQHDPPLQLVWUDWLYD7RUUH&LYLFDGLVFXWH
FRQLFLWWDGLQLGLFRQWHQXWLGLLQL]LDWLYHFRQFUHWHH
VXSUREOHPLFRQFUHWL1RQqLOWHPSRGLIDUHSURPHV
VHFKHSRLQRQSRVVRQRHVVHUHPDQWHQXWHHFRVuFLz
QRQIDUjDQFKHDFRVWRGLSHUGHUHYRWL&KLDWWDFFD
VRORSHUJXDGDJQDUHTXDOFKHYRWRLQSLQRQIDLO
EHQHGLXQDFLWWj´
4XDOLVRQRDVXRSDUHUHLQYHFHLSXQWLGLIRU]D
GHOO¶DPPLQLVWUD]LRQHXVFHQWH"
³/¶DPPLQLVWUD]LRQHXVFHQWHHLQSDUWLFRODUH3LHU
JLRUJLR0DJJLDVVHVVRUHDLVHUYL]LVRFLDOLKDFHU
FDWRLQSDUWLFRODUHGLPDQWHQHUHSLDOWDSRVVLELOH
ODTXDOLWjHTXDQWLWjGHLVHUYL]LDOODSHUVRQDVSH
FLDOPHQWHDOOHIDVFHSLGHEROLWDQWHDQFKHOHLQL
]LDWLYHSHUORVSRUWHSHUODFXOWXUD6XOO¶DPELHQWH
YL VRQR ULVXOWDWL WDQJLELOL SHU TXDQWR ULJXDUGD OD
UDFFROWDGHLUL¿XWL6XOODYLDELOLWjVXOO¶LOOXPLQD]LR
QHVXOODVLFXUH]]DYLqDWWXDOPHQWHXQJURVVRLPSH
JQRSHUUHQGHUHSLOHJJHURLOWUDI¿FRSHUUHQGHUH
SLIDFLOPHQWHIUXLELOLLVHUYL]LHVXOODVLFXUH]]DF¶q
XQ¶LQWHUORFX]LRQHFRVWDQWHFRQOHIRU]HGHOO¶RUGLQH
SHUPLJOLRUDUHODVLWXD]LRQH´
/R VORJDQ GL 7RUUH &LYLFD SHU TXHVWH HOH]LRQL q
³&RQWLQXLWjHULQQRYDPHQWR´&RPHVLGHFOLQHUj
LOULQQRYDPHQWRQHOODQXRYDVTXDGUD"
³/D OLQHD GHOOD FRQWLQXLWj QRQ VWD LPSHGHQGR OD
IRUPD]LRQHGLXQVDQRULQQRYDPHQWR/RGLPRVWUD
LO PLR HVHPSLR QHO 3G OD UHODWLYD 6HJUHWHULD GHL
JLRYDQLORGLPRVWUHUjODSUHVHQ]DLQOLVWDGLQRYLWj
O¶KDGLPRVWUDWRFLQTXHDQQLIDLO6LQGDFR3LHUDQJH
OR/RPEDUGLFKHKDGDWR¿GXFLDHVSD]LRDFKLDYHYD
RWWHQXWR QRQRVWDQWH OD JLRYDQH HWj XQ FRQVLGHUH
YROHFRQVHQVR´
4XDOLVDUDQQRJOLDUJRPHQWLGDDIIURQWDUHFRQL
FLWWDGLQLLQFDPSDJQDHOHWWRUDOH"
³'RYUHPRVSLHJDUHLPRWLYLGHLWDQWLSUREOHPLFKH
DIÀLJJRQR L FLWWDGLQL OD FDUHQ]D WRWDOH GL ULVRUVH
HFRQRPLFKHLOVLJQL¿FDWRGHOSDWWRGLVWDELOLWjRF
FRUUHUjLOOXVWUDUHODSUREOHPDWLFDFRPSOHVVDOHJDWD
DOO¶RVSHGDOHPRWLYLFKHQRQGLSHQGRQRGDOO¶DPPL
QLVWUD]LRQHGRYUHPRVSLHJDUHFKHODSUREOHPDWLFD
GHOOD VLFXUH]]D q XQ GLVDJLR FKH QRL GD VROL QRQ
SRVVLDPRULVROYHUH'DFRQVLGHUDUHLQROWUHFKHVXL
SUREOHPLOHJDWLDOODYLDELOLWjHDOGLVVHVWRLGURJHR
ORJLFRDQFKHOD3URYLQFLDGRYUHEEHDYHUHXQUXROR
SULPDULRPDFKHSXUWURSSRQRQULHVFHDGRSHUDUH
SHULSUREOHPLHFRQRPLFLJLjFLWDWL´
6HJUHWDULR9HUFHVLSHUFRQFOXGHUHFRPHVLSUH
SDUHUjDOO¶DWWLYLWjGLTXHVWLSURVVLPLPHVL"
³3HUULVSRQGHUHSUHQGRLQSUHVWLWRXQ¶DIIHUPD]LRQH
GL3LHUJLRUJLR0DJJLFKHTXDOFKHJLRUQRIDVFULV
VHSXEEOLFDPHQWH³/¶XQLFDSURPHVVDFUHGLELOHSHU
FKLVLFDQGLGDD6LQGDFRGHYHHVVHUHTXHOODGLQRQ
LOOXGHUH L FLWWDGLQL ,O PLR LPSHJQR VDUj TXHOOR GL
IDUHO¶LPSRVVLELOHSHURWWHQHUHWXWWRFLzFKHqSRVVL
ELOH´/DSHQVRFRVuDQFK¶LR,OQRVWURVRVWHJQRQRQ
SXzFKHHVVHUHSHU7RUUH&LYLFD´
LO 3HULRGLFR
$35,/(
³'$//¶2/75(3Ñ$//(7(55($/7(´81¶,1,=,$7,9$6(1=$35(&('(17,
6DEDWR0DJJLRDO&DVWHOOR'DO9HUPHGL=DYDWWDUHOORVDUjLQDXJXUDWDODPRVWUDIRWRJUD¿FD
³'DOO¶2OWUHSzDOOH7HUUH$OWH´DFXUDGL'DQLHOH0DULROL9DOHULR0DUXI¿H*LDFRPR7XUFRWUH
IRWRDPDWRULFKHQHOWHPSRKDQQRPDWXUDWRXQDFRQRVFHQ]DGHOO¶2OWUHSzHGHOO¶$SSHQQLQRWDOHGD
SHUPHWWHUHORURGLFRJOLHUHHFRQGLYLGHUHO¶DXWHQWLFDDQLPDGLTXHVWHWHUUH,OPDWHULDOHIRWRJUD¿
FRSUHVHQWDWRUDFFRJOLHODVLQWHVLGLDQQLGLHVSORUD]LRQLVXOFDPSRXQODYRURGLGRFXPHQWD]LRQH
GHOWHUULWRULRGHOOH³4XDWWUR3URYLQFH´$OHVVDQGULD*HQRYD3DYLDH3LDFHQ]DVYROWRLQJUDQ
SDUWHVXVHQWLHULGLPHQWLFDWLVWUDGHVHFRQGDULHHPXODWWLHUHLQDEEDQGRQRSHUFRUVLFRQRVFLXWL
TXDVLVRORDGHVFXUVLRQLVWLHDSSDVVLRQDWL8QYLDJJLRFKHSDUWHGDOOHSULPHFROOLQHGHOO¶2OWUHSz
]RQDGLD]LRQHGL0DULROLHVLDGGHQWUDLQYDO7LGRQHYDOOH6WDIIRUDWUDYLJQHWLHFDVWHOOLGLFRVWD
LQFRVWD¿QRDOOHSLDOWHYHWWHGHLQRVWULPRQWLTXLLOWHVWLPRQHSDVVDD7XUFRFKHRSHUDSUHYD
OHQWHPHQWHQHOOHYDOOLOLJXULHSLDFHQWLQH]RQHGLDVSUDEHOOH]]DFKHVLULYHODDFKLFRQSD]LHQ]D
HYRORQWjVDDWWHQGHUHOHJLXVWHFRQGL]LRQL,QTXHVWRSHUFRUVRVLFROORFDQROHIRWRGL0DUXI¿DOOD
ULFHUFDGHOOHVWRULHGLYLWDGLFRORURFKHKDQQRVFHOWRGLQRQDEEDQGRQDUHODORURWHUUDSHUIXJJLUH
LQFLWWjFRQWDGLQLHDUWLJLDQLFKHFRQ¿HUH]]DVLODVFLDQRUDFFRQWDUHLQXQDIRWRJUD¿D/DPRVWUD
VDUjYLVLWDELOHWXWWLL¿QHVHWWLPDQD¿QRDOO¶*LXJQR
2/75(32
'DOPDJJLRD=DYDWWDUHOORODPRVWUD
IRWRJUD¿FDGL0DULROL0DUXI¿H7XUFR
2*1,$1122/75(0,/$9,6,7$725,
=DYDWWDUHOORXQULFFR
GLDSSXQWDPHQWLHGLULFRUGL
',$/(66$1'52',63(5$7,
%HQ GXH ULFRUUHQ]H LPSRUWDQWL VHJQDQR TXHVWR DQQR
D =DYDWWDUHOOR L DQQL G¶DSHUWXUD DO SXEEOL
FRGHO&DVWHOOR'DO9HUPHHLDQQLGDOO¶DUULYRGL
8EHUWLQR/DQGLVRWWRODFXLHJLGDVLDYYLzORVYLOXSSR
GHOERUJRPHGLHYDOH
1DSDUOLDPRFRQLOVLQGDFR6LPRQH7LJOLRVLQGDFRGL
=DYDWWDUHOORHFRQ6DUD5RVVLGLUHWWULFHGHO&DVWHOOR
GL=DYDWWDUHOOR
³0ROWRqFDPELDWRGDOƒPDJJLRTXDQGRJOL
DQWLFKL SRUWRQL G¶LQJUHVVR GHO FDVWHOOR VL ULDSULURQR
SHUDPPHWWHUHDOO¶LQWHUQRLSULPLYLVLWDWRULGRSRXQ
OXQJR SHULRGR GL URYLQD H VXFFHVVLYDPHQWH GL UH
VWDXULVRWWROLQHD6DUD5RVVL1HOqVWDWRPR
VWUDWRDOSXEEOLFRXQLPSRQHQWHODYRURGLUHFXSHURLO
FDVWHOORSDUHYDULQDVFHUHDQXRYDYLWDHQRQRVWDQWH
LVXRLGLHFLVHFROLGLVWRULDVHPEUDYDGDYYHURPROWR
JLRYDQH OH LGHH HUDQR WDQWH O¶HQWXVLDVPR DOWR PD
OHVDOHHUDQRDQFRUDFRPSOHWDPHQWHYXRWHJOLRUDUL
G¶DSHUWXUDULGRWWLLOQXPHURGHLYLVLWDWRULVWHQWDYDD
VDOLUH0ROWRODYRURqVWDWRIDWWRGDDOORUDJUD]LHDJOL
DPPLQLVWUDWRULFRPXQDOLDOSHUVRQDOHDLYRORQWDUL
D WXWWL FRORUR FKH KDQQR FUHGXWR QHOOH SRWHQ]LDOLWj
GL TXHVWD SLHWUD PLOLDUH GHOO¶2OWUHSR¶ 3DYHVH 2JJL
LO FDVWHOOR GL =DYDWWDUHOOR DFFRJOLH RJQL DQQR ROWUH
YLVLWDWRULSDJDQWLSLGLYHUVHDOWUHPLJOLDLDLQ
RFFDVLRQHGLVSHWWDFROLFRQFHUWLUDSSUHVHQWD]LRQL´
'DO DOO¶XOWLPR SLDQR KD VHGH XQ PXVHR G¶DUWH
FRQWHPSRUDQHDFKHKDWUDLSURSULVFRSLSULQFLSDOLOD
YDORUL]]D]LRQHGLDUWLVWLHPHUJHQWLHGHOWHUULWRULRRO
WUHSDGDQR/HVDOHXQWHPSRVSRJOLHRVSLWDQRRJJL
DUUHGLG¶HSRFDHYHULHSURSULFDSRODYRULGLDUWH¿JX
UDWLYDDFTXLVLWLSULQFLSDOPHQWHJUD]LHDOOHGRQD]LRQL
GL SULYDWL FLWWDGLQL D FXL YD WULEXWDWR XQ VHQWLWR ULQ
JUD]LDPHQWR ,O FRPSOHVVR PRQXPHQWDOH q DQLPDWR
RJQLDQQRGDHYHQWLGLRJQLJHQHUHGDOOHULHYRFD]LRQL
VWRULFKHDLFRQFHUWLGDOOHPRVWUHDJOLVSHWWDFROLGDO
OHFRQIHUHQ]HDOOHFHQHDWHPD1HOFDVWHOORYHQJRQR
DQFKHFHOHEUDWLPDWULPRQLHYLVLVYROJRQRFHULPRQLH
HIHVWHSULYDWH6FXROHGLRJQLRUGLQHHJUDGRSDUWHFL
SDQRDOOHLQL]LDWLYHHGXFDWLYHHDOOHDWWLYLWjGLGDWWLFKH
SURSRVWH GDOO¶HQWH FRPXQDOH &LUFROL DVVRFLD]LRQL
JUXSSLGLDPLFLHIDPLJOLHYHQJRQRRJQLZHHNHQGD
YLVLWDUHLOFDVWHOORHXQGDWRGHJQRGLQRWDqFKHVSHV
VRULWRUQDQRSLYROWHDWHVWLPRQLDQ]DGHOO¶LQHVDXUL
ELOH IDVFLQR GHO OXRJR ³Ê SHU ULFRUGDUFL GL TXHVWD
FUHVFLWD FRQFOXGH6DUD5RVVL FKHYRJOLDPRFHOH
EUDUHTXHVWLSULPLDQQLGLDSHUWXUDDOSXEEOLFRLQ
RQRUHGLWXWWLFRORURFKHKDQQRFUHGXWRQHOFDVWHOOR
GL=DYDWWDUHOORHFKHVLVRQRLPSHJQDWLSHUIDUORULYL
YHUHSHUDEEHOOLUORSHUUHQGHUORXQSRORGLDWWUD]LR
QHFXOWXUDOHHWXULVWLFDDOVHUYL]LRGHOWHUULWRULRÊLO
QRVWURPRGRGLJDUDQWLUHFKHLOSHUFRUVRGLFUHVFLWD
LQWUDSUHVRQRQVLIHUPHUjTXL´
)RUVHQRQqXQFDVRFKHTXHVWRDQQLYHUVDULRFRLQFLGD
FRQXQ¶DOWUDLPSRUWDQWHULFRUUHQ]DLDQQLGDOO¶DY
YLRGHOORVYLOXSSRGHOERUJRDQWLFRDEEDUELFDWRVXOOD
FROOLQDDLSLHGLGHOFDVWHOORHGDQWLFDPHQWHSURWHWWRGD
XQDFLQWDPXUDULDGLFXLDQFRUDVLLQWUDYHGRQRLVHJQL
VFROSLWLQHOOHPXUDSHULPHWUDOLGHOOHYHFFKLHFDVH5L
VXOWDLQYHFHEHQYLVLELOHXQDGHOOHWUHWRUULGLJXDUGLD
HUHWWHQHO'XHFHQWRDSURWH]LRQHGHOO¶DELWDWRSURSULR
GXUDQWH LO GRPLQLR GL 8EHUWLQR /DQGL IDPLJHUDWR
FRQGRWWLHURSLDFHQWLQRFKHRWWHQQHLQIHXGR=DYDWWD
UHOOR GDO YHVFRYR GL %REELR H FKH IRUWL¿Fz LO ERUJR
HG LO FDVWHOOR IDFHQGRQH OD EDVH GL SURLH]LRQH GHOOH
SURSULH UD]]LH QHOOD UHJLRQH DSSHQQLQLFD ³,O FHQWUR
DELWDWR VSLHJD LO VLQGDFR GL =DYDWWDUHOOR 6LPRQH
7LJOLR VL VYLOXSSz LQ YLUW GHOOD EHQH¿FD LQÀXHQ]D
GL8EHUWLQRFKHIDYRUuLOULSRSRODPHQWRGHOYHFFKLR
QXFOHRHODQDVFLWDGLGLYHUVHDWWLYLWjDUWLJLDQDOLWUD
FXLVSLFFDURQRLQSDUWLFRODUHOHPDQLIDWWXUHGHGLFDWH
DOODSURGX]LRQHGLFDO]DWXUHFRPHULYHODWRGDOO¶HWL
PRORJLDVWHVVDGHOWRSRQLPR=DYDWWDUHOORGDOODWLQR
6DYDWDUHOOXP LO OXRJR GRYH VL IDEEULFD OD µVDYjWD¶
QRPHGHOODFDO]DWXUDWLSLFDLQGRVVDWDGDOSRSRORLQ
HSRFDWDUGRPHGLHYDOH´
$OO¶LQWHUQRGHOERUJRVRQRFRQVHUYDWHGLYHUVHFRVWUX
]LRQLULVDOHQWLDO'XHFHQWRHGDO7UHFHQWRSUHJHYROL
SHUDUFKLWHWWXUDHGHFRUD]LRQL$OFXQHDELWD]LRQLSUH
VHQWDQRDUFKLWUDYLVFROSLWLLQEORFFKLGLSLHWUDDUHQDULD
HGXQDKDLQFDVWRQDWDXQDIRUPHOODLQWHUUDFRWWDULSRU
WDQWH OD 0DGUH FRQ LO %DPELQR /H ULSLGH VFDOH JOL
VWUHWWLYLRWWROLFKHVLDUUDPSLFDQRYHUVRLOERVFRJOL
VFRUFL SDQRUDPLFL FKH JXDUGDQR YHUVR OH PRQWDJQH
DSSHQQLQLFKHOHYHFFKLHFDVHLQVDVVRDYLVWDIDQQR
GHO ERUJR GL =DYDWWDUHOOR XQ OXRJR LQFDQWHYROH FKH
PHULWDGDVRORODYLVLWDDOSDHVH
7LJOLRFRQFOXGH³,UHFHQWLODYRULGLULTXDOL¿FD]LRQH
DWWXDWL GDOO¶DPPLQLVWUD]LRQH FRPXQDOH FRQWULEXL
VFRQR D UHQGHUH DQFRUD SL VXJJHVWLYD H SLDFHYROH
OD YLVLWD DO ERUJR DQWLFR RUD SDYLPHQWDWR LQ SLHWUD
H LOOXPLQDWR GD ODQWHUQH LQ IHUUR EDWWXWR /¶RSHUD
GL UHVWDXUR FRQFOXVDVL QHO q VWDWD UHDOL]]DWD
QHOO¶DPELWRGLXQSURJHWWRFR¿QDQ]LDWRGD)RQGD]LR
QH&DULSORGLFXLSURSULRLO&RPXQHGL=DYDWWDUHOOR
qVWDWRHQWHFDSR¿ODLQSDUWQHUVKLSFRQDOWULFLQTXH
%RUJKLSL%HOOLG¶,WDOLDORPEDUGL)RUWXQDJR3RUD
QD0RQ]DPEDQR3DQGLQR6RQFLQR´
LO 3HULRGLFR
$35,/(
2/75(32
6&(1'(,1&$032,/&$32*583326$%5,1$0$5$==,
5RPDJQHVHQXRYRDWWDFFRGHOOD
PLQRUDQ]DDOVLQGDFR$XUHOLR%UDPDQWL
',$/(66$1'52',63(5$7,
/DFDSRJUXSSRGLPLQRUDQ]DLQVHQR
DOFRQVLJOLRFRPXQDOHGL5RPDJQHVH
6DEULQD0DUD]]LVIHUUDXQQXRYRDW
WDFFR DOO¶DPPLQLVWUD]LRQH FRPXQDOH
JXLGDWDGDOVLQGDFR$XUHOLR%UDPDQWL
³1HOO¶XOWLPRFRQVLJOLRFRPXQDOHDE
ELDPR DVVLVWLWR DQFRUD D XQD VHULH
GL FRVH QRQ YHULWLHUH /¶DVVHVVRUH
DOO¶DPELHQWH,YDQ(O¿HUDVWDWRFKLD
PDWRDGDUFRQWRVXXQHSLVRGLRFKHOR
DYHYDYLVWRSURWDJRQLVWDGLXQDFDGXWDGLVWLOHHWLFR
DPELHQWDOH$OOHFRQWHVWD]LRQLGHOODVRWWRVFULWWDO¶DV
VHVVRUH(O¿KDHVSUHVVRWXWWDODVXDVWL]]DHQRQFHUWR
FRQ XQ GLJQLWRVR EDJQR GL XPLOWj YHUVR JOL DELWDQWL
FKH OR DYUHEEHUR YLVWR Vu FROSHYROH GL XQR VYDULRQH
PHPRUDELOH PD WXWWDYLD DWWHQXDWR GD XQ SURIRQGR
VHQVR GL UHVSRQVDELOLWj H VRSUDWWXWWR GDO SL LPSRU
WDQWHVHQVRGLYHULWjHULVSHWWRYHUVRJOLDELWDQWLFKH
OR KDQQR HOHWWR D VLPEROR GHOOD WXWHOD GHOOD QDWXUD
,QYHFHLOQRVWURDVVHVVRUHVHQ]DLOPLQLPRLPEDUD]]R
QRQKDDYXWRLOFRUDJJLRGLDPPHWWHUHORVEDJOLRQH
JDQGRDGGLULWWXUDGLDYHUFRPPHVVRODEULFFRQDWDD
FXLQHVVXQRFUHGH´
(6DEULQD0DUD]]LFRQWLQXD³8QFROSRPRUWDOHDOOD
VXDLPPDJLQHGLFULVWDOOLQDPRUDOLWjHGLLPPDFRODWD
UHSXWD]LRQHSHUQRQDYHUDYXWRLOFRUDJJLRGHOOHSUR
SULHD]LRQL$GDUPDQIRUWHDOO¶DVVHVVRUHLQGLI¿FROWj
qLQWHUYHQXWRLOVLQGDFR%UDPDQWLFKHFRQWHPSLVWLFD
TXDVLSHUIHWWDFHUFDYDGLGHOHJLWWLPDUHOHDFFXVHUL
YROWDQGRODIULWWDWDSHUIDUSDVVDUHFRPHULEHOOHFKL
DYHYDRVDWRWXUEDUHLOEXFROLFRFOLPDLQFDQWDWRDQ]L
GLVLQFDQWDWR´(LOFRQVLJOLHUHGLRSSRVL]LRQHLQFDO
]D³(GLOVLQGDFRULIHULVFDFKHDYUHEEHDQFKHSRWXWR
QRQULVSRQGHUHDOO¶LQWHUSHOODQ]DFLWDQGRLOFRPPDGL
XQ DUWLFROR GL UHJRODPHQWR RPHWWHQGR VFLHQWHPHQWH
JOL DOWUL FKH LQYHFH OR LPSRQJRQR FRPH VH XQ VLQ
GDFR FKH SHUFHSLVFH EHQ HXUR PHQVLOL HTXL
YDOHQWLDGXQJHWWLWRGLFLUFDPLODHXURXQDQQL
QRQ WURYDVVH LO WHPSR SHU ULVSRQGHUH DOOH IDVWLGLRVH
LQWHUSHOODQ]HGHOODPLQRUDQ]DGLPRVWUDQGRLQJHQX
LWj R SHU¿GLD SROLWLFD SRLFKq OR VDQQR DQFKH QHOOR
=LPEDEZH FKH QRQ q FHUWR XQD FRUWHVLD ULVSRQGHUH
DOOHLQWHSHOODQ]HPDXQREEOLJRSROLWLFRHJLXULGLFR
SUHFLVRHYLQFRODQWH´(DQFRUD³0DLOPHJOLRDQ]L
LOSHJJLRGHYHDQFRUDDUULYDUHTXDQGRDOVLQGDFR
KRULIHULWRFKHDYUHEEHGRYXWRSUHQGHUHGHLSURYYH
GLPHQWLFRQWURO¶DVVHVVRUHqPRQWDWRVXWXWWHOHIXULH
FHUFDQGRGLIDUPLFRPSUHQGHUHFRQXQDQFRUSLDX
WRULWDULR³TXLQRQVLDPRD0RQWHFLWRULRGRYHSDUOD
QRGLSDUWLWHGHOOD-XYHQWXVRGHO0LODQOHLQWHUSHO
ODQ]HULJXDUGDQRLOFRQWUROORSROLWLFRDPPLQVWUDWLYR
GHO&RQVLJOLR&RPXQDOHGHOODSRVL]LRQHGHOFRPXQHH
QRQVHLOFRQVLJOLHUHYDDSLVFRQWURLOGLVWULEXWRUH
*HOR LQ DXOD (¶ OD FDGXWD GL RJQL VWHQGDUGR HWLFR
VRFLDOH´,OFRQVLJOLHUHFRQFOXGH³$OODOXFHGLTXH
VWLIDWWLHDQWHIDWWLFRQVLGHUDWRFKHVRQRLPPLQHQWLOH
HOH]LRQLDPPLQLVWUDWLYHqDXVSLFDELOHFKHLFLWWDGLQL
GL5RPDJQHVHFRQVLGHULQRFRQVFUXSRORRJQLYDOXWD
]LRQHSROLWLFDPHULWRFUDWLFDHVRSUDWWXWWRPRUDOHSHU
FKLVLDFFLQJHUjDJXLGDUHLOFRPXQHSHULSURVVLPL
FLQTXHDQQL3HUVRQDOPHQWHFUHGRGLDYHUGDWRLOPLR
PRGHVWRFRQWULEXWRDOUXRORFKHJOLHOHWWRULPLKDQQR
DVVHJQDWRFRQGHGL]LRQHVHULHWjOHDOWjHVRSUDWWXWWR
LQWUDQVLJHQ]DVHQ]DYHOLHLQ¿QJLPHQWLYHUVRTXHVWD
PDJJLRUDQ]D FKH KD GHOXVR DPSLDPHQWH OH DVSHWWD
WLYHGHLFLWWDGLQL$XJXURRJQLGHVLGHUDWREHQHSHUL
FLWWDGLQLGL5RPDJQHVHHSHUTXDQWRVLKDLQDQLPR
GLUHDOL]]DUHSHULOQRVWURFRPXQHSHUFKqSRVVRVROR
LPPDJLQDUHTXDQWRO¶LPSUHVDVLDGLI¿FLOHPDQRQLP
SRVVLELOH´
0$5&2&21)2572/$$//(0(',(',675$'(//$
³,JLRYDQLVRQRLOIXWXURGHOPRQGR
QRQVPHWWHWHGLVRJQDUH´
',2/,9,(520$**,
1HLJLRUQLVFRUVLLOIDPRVRDOSLQLVWD0DUFR&RQIRU
WRODKDLQFRQWUDWRLUDJD]]LGHOOHFODVVLWHU]HGHOOD
VFXRODPHGLD'HSUHWLVGL6WUDGHOOD/¶HYHQWRqVWDWR
RUJDQL]]DWRGDO/LRQV&OXE³6WUDGHOOD%URQL+RVW´
FRQODFROODERUD]LRQHGHOO¶DVVHVVRUDWRFRPXQDOHDO
:HOIDUH'XUDQWHO¶LQFRQWUR&RQIRUWRODKDFHUFDWR
GLVSLHJDUHDLUDJD]]LDL³ERFLD´FRPHOLFKLDPDOXL
LQ GLDOHWWR YDOWHOOLQHVH O¶LPSRUWDQ]D GHOOD YLWD GL
QRQPROODUHPDLHQRQVPHWWHUHGLVRJQDUH/RKD
IDWWRSDUODQGRGHOOHVXHVFDODWHVXOOHYHWWHSLDOWH
GHOPRQGRHGHOODVXDHVSHULHQ]DFRPHYRORQWDULR
FRQO¶HOLVRFFRUVR&RQIRUWRODQHOGXUDQWHXQD
VFDODWDVXO.qVWDWRO¶XQLFRDOSLQLVWDVRSUDYYLV
VXWRGLXQDFRUGDWDGLSHUVRQH4XHVWDDYYHQWXUD
JOLKDODVFLDWRGHLVHJQLLQGHOHELOLVXOFRUSRYLVWR
FKHKDGRYXWRVXELUHO¶DPSXWD]LRQHGLWXWWHOHGLWD
GHL SLHGL FRQJHODWHVL SHU LO JUDQ IUHGGR 4XHVWD
PHQRPD]LRQH SHUz QRQ JOL KD LPSHGLWR GL FRQ
WLQXDUH D ORWWDUH H GL UDJJLXQJHUH QXRYL RELHWWLYL
QHODTXDWWURDQQLGLGLVWDQ]DGDOO¶LQFLGHQWH
qVDOLWRVXO0DQDVOXGHGLFDQGRODYHWWDDOO¶DPLFR
0DUFR 6LPRQFHOOL VFRPSDUVR JLRYDQLVVLPR GX
UDQWHXQDJDUDGLPRWRFLFOLVPRHQHOKDUDJ
JLXQWR OD FLPD GHO /KRWVH ( QRQ q DQFRUD ¿QLWD
D JLRUQL LQIDWWL &RQIRUWROD SDUWLUj SHU XQ QXRYR
YLDJJLR TXHVWD YROWD DOOD FRQTXLVWD GHO .DQFKHQ
MXQJD 1HOOD VWHVVD JLRUQDWD LQROWUH &RQIRUWROD q
VWDWR RVSLWH DO 7HDWUR VRFLDOH GL 6WUDGHOOD SHU XQ
HYHQWREHQH¿FRGLUDFFROWDIRQGLSHULOFHQWURFDUL
WDWLYRSDUURFFKLDOH³,OSDQHTXRWLGLDQR´GXUDQWHOD
VHUDWDO¶DOSLQLVWDKDSURLHWWDWRLYLGHRGHOOHVXHGXH
XOWLPHVFDODWHHXQYLGHRGLXQFDPSRHVWLYRFRQL
UDJD]]L VXO PRQWH &HYHGDOH$OOD ¿QH KD ULVSRVWR
DOOHGRPDQGHGHLSUHVHQWL/DVHUDWDKDIUXWWDWRXQD
GRQD]LRQHGLHXURFKHL/LRQVRUJDQL]]DWR
ULDQFKHGHOO¶HYHQWRDOWHDWURKDQQRFRQVHJQDWRDO
YLFHSDUURFR GL 6WUDGHOOD GRQ &ULVWLDQR 2UH]]L ,Q
TXHVWDLQWHUYLVWD0DUFR&RQIRUWRODFLSDUODGHOVXR
LPSHJQRVRFLDOHYHUVRLUDJD]]L
4XDOqLOVLJQL¿FDWRGLTXHVWLLQFRQWULFKHOHLID
FRQLJLRYDQLLQJLURSHUO¶,WDOLD"
³6RQRLQFRQWULFKHVHUYRQRDIDUFDSLUHDLJLRYD
QL FKH VRQR LO IXWXUR GHO PRQGR ,R XWLOL]]R TXDVL
VHPSUHOHPLHVFDODWHVXJOLPLODPHWULSHUIDUFD
SLUHORURO¶LPSRUWDQ]DGHOORVSRUWLQROWUHFRQGHL
¿OPDQWL VWUDYDJDQWL GRYH VL SDUOD GL PRWRUL SHU
FKpLRVRQRDSSDVVLRQDWRDQFKHGLTXHOOLJOLIDF
FLRFDSLUHLOYHURYDORUHGHOODYLWDHLSUREOHPLFKH
SXUWURSSR FL VRQR QHOOD QRVWUD VRFLHWj FKH VRQR
DOFRRO GURJD H LQFLGHQWL VWUDGDOL 3RL ODYRUDQGR
QHO H FRQ O¶HOLVRFFRUVR FHUFR GL SRUWDUH ORUR
TXHVWRSDUDOOHOLVPRSHUIDUJOLFDSLUHGDYYHURO¶LP
SRUWDQ]DGHOODYLWD´
,OYHURYDORUHGHOODYLWDOHLORKDFDSLWRDQFRUDGL
SLGRSRLOHO¶HVSHULHQ]DVXO.&KHFRVD
qFDPELDWRGDDOORUD"
³,R KR VHPSUH DPDWR WDQWR OD YLWD VLFXUDPHQWH
GRSRO¶HVSHULHQ]DGHO.O¶KRDPDWDDQFRUDGLSL
,RVRQRDQQLFKHODYRURQHOO¶HOLVRFFRUVRHOuVL
FDSLVFHLOYHURYDORUHGHOODYLWDTXDQGRVHLVXXQ
LQFLGHQWH PDJDUL GL XQ UDJD]]R JLRYDQH FKH VWD
ORWWDQGRWUDODYLWDHODPRUWHDOORUDOuFDSLVFLYH
UDPHQWHFKHFRVDYXROGLUHYLYHUH$QFKHSHUFKpOD
YLWD q XQD VROD H SHU XQD GLVWUD]LRQH R SHU XQD
UDJD]]DWDVLULVFKLDGDYYHURGLSHUGHUODHSRLQRQ
SXRLULSUHQGHUOD(SXUWURSSRQHOODPDJJLRUSDU
WHGHJOLLQFLGHQWLVXFXLVRQRLQWHUYHQXWRLUDJD]
]LQRQFHO¶KDQQRIDWWD3HUTXHVWRXVRTXHVWHPLH
HVSHULHQ]HHOHVFDODWHKLPDOD\DQHSHUWUDVPHWWHUH
DORURFKHODYLWDqO¶XQLFRYHURWHVRURFKHDEELDPR
HFKHORURVRQRGDYYHURLPSRUWDQWLHVRQRLOIXWXUR
GHOPRQGR´
2OWUHDTXHVWRSRLF¶qO¶LGHDGLQRQPROODUHPDL
YLVWR FKH GRSR LO OHL q VDOLWR DQFRUD GXH
YROWHVXJOLPLODHDJLRUQLqSURQWRDSDUWLUH
SHUXQDQXRYDDYYHQWXUD
³6u TXHVWR q XQ DOWUR SXQWR LPSRUWDQWH FKH YD
WUDVPHVVRDLJLRYDQLSHUIDUJOLFDSLUHO¶LPSRUWDQ
]D GL QRQ PROODUH PDL 4XDQGR LO FKLUXUJR PL KD
DPSXWDWR OH GLWD GHL SLHGL D 3DGRYD PL KD GHWWR
³&RQIRUWROD IDFLOPHQWH OHL QRQ FRUUHUj SL´ H LR
JOLKRULVSRVWR³,RIDFLOPHQWHFRUUHUzDQFRUD´,Q
IDWWLFRUURDQFRUDDQFKHVHVRQRDPSXWDWRHVHPL
YHGHWHFDPPLQDUHLRFDPPLQRQRUPDOPHQWH4XH
VWRSHUIDUFDSLUHDLJLRYDQLFKHQRQELVRJQDPDL
SLDQJHUVLDGGRVVRPDWURYDUHVHPSUHODVROX]LRQH
SHUDQGDUHDYDQWL´
4XLQGLqTXHVWRLOPHVVDJJLRSULQFLSDOHFKHYXR
OHODQFLDUHDOOHJLRYDQLJHQHUD]LRQL"
³,RQHLFDPSLHVWLYLFKHIDFFLRFRQLUDJD]]LLQVHJQR
LPLHLWUHFRPDQGDPHQWLREEHGLUHVWXGLDUHHIDUH
VSRUW,PHVVDJJLFKHYRJOLRODQFLDUHVRQRTXHVWL
ORURVRQRLPSRUWDQWLHVRQRLOIXWXURGHOPRQGRLO
GRQRSLLPSRUWDQWHFKHKDQQRLQPDQRqXQRVROR
HGqODYLWDHSRLFKHGHYRQRVHPSUHLPSHJQDUVLSHU
DUULYDUHDGXQRELHWWLYR6RJQDUHQRQGHYHHVVHUH
VRORXQSLDFHUHPDDQFKHXQGRYHUH6RJQDUHSHU
DYHUHXQRELHWWLYRJXDUGDUHDYDQWLHPDLPROODUH´
LO 3HULRGLFR
$35,/(
6(5$7$$&$6&,1$&$6$5(**,2,1&2//$%25$=,21(&212/75(/$9$//(
',67()$1,$%(5721$==,
/¶2OWUHSz 3DYHVH q RUPDL FRQRVFLXWR FRPH XQ WHU
ULWRULR ULFFR GL SDHVDJJL IDWWL GL YDOOL H GL ERUJKL OD
FXLEHOOH]]DDIIDVFLQDGDVHPSUHFKLFLYLYHHFKLGD
WXULVWDQHYLHQHDFRQRVFHQ]D2OWUHSzqVLQRQLPRGL
QDWXUD GL YHUGH GL WLSLFLWj ORFDOL H ELVRJQD ULOHYDUH
FKHVRQRQXPHURVLJOLHQWLOHDVVRFLD]LRQLOHORFDWLRQ
HOHUHDOWjFRPPHUFLDOLFKHRSHUDQRFRQORVFRSRGL
TXDOL¿FDUQHXQ¶RIIHUWDHSURPXRYHUQHXQDYDORUL]]D
]LRQHODYRUDQGRLQTXHVWDGLUH]LRQHSHUVRWWROLQHDUH
TXDOLWjSUHJLHFDSDFLWjGLFXLTXHVWDWHUUDGLVSRQH$
WDOHSURSRVLWRLQXQDWHQXWDFXUDWDVLWXDWDQHOFXRUHGL
XQD QDWXUD TXDVL LQFRQWDPLQDWD DEELDPR LQFRQWUDWR
/XFLD5RVVRWWLWLWRODUHHFKHIGHOODULQRPDWD&DVFLQD
&DVDUHJJLRXQDGHOOHSLSUHVWLJLRVHORFDWLRQORFDOL
/R VFRUVR PDU]R &DVFLQD &DVDUHJJLR LQ VWUHWWD
FROODERUD]LRQHFRQ2OWUH/D9DOOHXQDGHOOH$VVRFLD
]LRQLSLDWWLYHLQORFRKDGDWRYLWDDGXQDVHUDWDGRYH
WLSLFLWjORFDOLSURGRWWLDNP]HURHULFHWWHGHOODFDVD
VL VRQR XQLWL DOOD UDI¿QDWH]]D GHO VHUYL]LR LQ WDYROD
DOO¶HOHJDQ]D GHOOD SUHVHQWD]LRQH HG DOOD FODVVH GHOOR
VWDIIFKHGDVHPSUHFRQWUDGGLVWLQJXHTXHVWDVWUXWWXUD
5LFRUGLDPRLYDULVXFFHVVLGLWXWWHOHWDSSHGLTXHVWR
SHUFRUVRHQRJDVWURQRPLFRFKHKDVHJXLWROHSHFXOLD
ULWjGLRJQLULVWRUDQWHFRLQYROWRHFKHFRQTXHVWDWDS
SDKDYROXWRQXRYDPHQWHUHJDODUHDJOLRVSLWLHGLVXRL
VHJXDFLSLIHGHOLXQDVHUDWDDOO¶LQVHJQDGHOODUDI¿QD
WH]]DGHOO¶HOHJDQ]DHGHOORVWLOHXQYHURPRPHQWRGL
DJJUHJD]LRQHOHJDWRDOODWUDGL]LRQHLQFXLWDQWRFUHGH
ORVSLULWRGL2OWUHOD9DOOH2JQLULVWRUDWRUHHSURGXWWR
UHDVVRFLDWR2OWUHOD9DOOHqXQSURIHVVLRQLVWDQHOVHW
WRUHHO¶$VVRFLD]LRQHYDQWDLQIDWWLDOSURSULRLQWHUQR
O¶DGHVLRQHGLQRPLLPSRUWDQWLRJQXQRULQRPDWRSHU
ODSURSULDSURIHVVLRQDOLWjHVHULHWjHJUD]LHDLTXDOLq
VWDWRSRVVLELOHFROOH]LRQDUHXQVXVVHJXLUVLGLVXFFHVVL
DGRJQLHYHQWRRUJDQL]]DWR,OSHUFRUVRHQRJDVWURQR
PLFRQRQVLIHUPDGXQTXHTXLHFRQWLQXHUjFRQDOWUH
PHWH H WDSSH H TXHVWD YROWD QH q VWDWD SURWDJRQLVWD
LQGLVFXVVDODUHDOWjGL³&DVFLQD&DVDUHJJLR´
³3HU2OWUH/D9DOOHTXHVWDVHUDWDqVWDWDPRWLYRGL
IRUWHRUJRJOLRFRQWDUHVXOODFROODERUD]LRQHGLVWUXW
WXUHFRPHTXHVWDHDYHUDYXWRODSRVVLELOLWjGLSUHVHQ
WDUHXQDORFDWLRQGLHOHYDWDFDWHJRULDVSLHJDLO'L
UHWWLYRGHOO¶$VVRFLD]LRQHqVWDWRXQRWWLPRELJOLHWWR
GD YLVLWD SHU FKL GHVLGHUD YLVLWDUH LO QRVWUR PHUDYL
JOLRVR2OWUHSzVLDSHUXQSUDQ]RRSHUXQHYHQWRVLD
SHUXQZHHNHQGRSHUWUDVFRUUHUFLGHOWHPSROLEHUR
&RJOLDPRO¶RFFDVLRQHSHUFRQJUDWXODUFLSHULDQQL
GLDWWLYLWjGL&DVFLQD&DVDUHJJLRFRPSLXWLORVFRUVR
PDU]R´8QDFKLFFDGHOODVHUDWDqVWDWDODSUHVHQ
WD]LRQHGHOOLEURGL/XFLD5RVVRWWL³/DPLD&XFLQD
3RHVLDGL9LWD´XQDUDFFROWDGDFXLHPHUJHVLQGDOOH
SULPHSDUROHODSDVVLRQH H O¶DPRUHGHOORFKHISHU LO
SURSULRODYRURSHULSLDWWLFKHGDDQQLSURSRQHHGD
FXLHPHUJHODIHOLFLWjHODVRGGLVID]LRQHQHOYROHUWUD
VPHWWHUHHFRQGLYLGHUHODSURSULDHVSHULHQ]DPDWXUDWD
LQPDWHULD³4XHVWROLEURVSLHJD/XFLD5RVVRWWLq
IUXWWRGLXQ¶LGHDQDWDLQPRGRVHPSOLFHFRPHVHPSOL
FHqWXWWRFLzFKHWURYDWHDOVXRLQWHUQRSHUDQQLPL
VRQRVHQWLWDFKLHGHUHOHULFHWWHGLFLzFKHLPLHLFOLHQWL
DVVDJJLDYDQR FRVL KR SHQVDWR GL UDFFRJOLHUOH LQ XQ
UDFFRQWRHGLSRWHUSHUPHWWHUHDFKLDPDVWDUHWUDL
IRUQHOOLGLFLPHQWDUVLFRQLPLHLSLDWWL´8QOLEURGD
FXLHPHUJHWDQWRDPRUHDPRUHSHUODSURSULDLQIDQ]LD
ODFXLHVSHULHQ]DSDUWHQGRGDOULVWRUDQWHGLIDPLJOLD
YLHQHULFRUGDWDFRQVWUXJJHQWHPDOLQFRQLDDPRUHSHU
OHFROOLQHLQFXLqQDWDHFUHVFLXWDDPRUHSHULVDSRUL
GLXQWHPSRFKHFRQUDI¿QDWH]]DHGHOHJDQ]DKDVD
SXWRPDQWHQHUHHULSURSRUUHLQWDYRODRJJL8QOLEUR
RIIHUWR LQ RPDJJLR D WXWWL L SUHVHQWL SHUVRQDOPHQWH
GDOOD6LJUD5RVVRWWLFRQWDQWRGLGHGLFDHDFRQIHUPD
GHOOD SXUD SDVVLRQH HG DPRUH SHU LO SURSULR ODYRUR
$GLQL]LRVHUDWDDGDWWHQGHUHLSUHVHQWLXQHOHJDQWH
FRFNWDLO GL EHQYHQXWR VHUYLWR FRQ OR VWLOH H OD ¿OR
VR¿DFKH2OWUHOD9DOOHSURPXRYHHFLRqFRQYLQLHG
HWLFKHWWHGHOODQRVWUDWDQWRDPDWD9DOOH6FKL]]RODGL
(9(17,
3UHVHQWDWRLOOLEURFRQOHPLJOLRULULFHWWH
GHOORFDOHGL/XFLD5RVVRWWL
FXLO¶$VVRFLD]LRQH2OWUHOD9DOOHFRQ
DFDSR0DUFR%HUWHOHJQL$QGUHD1H
JULH%UXQHOOD%UXVDVLIDVRVWHQLWUL
FH7UDOHHWLFKHWWHSUHVHQWLLQWDYROD
O¶$]LHQGD$JULFROD ³3LFFR´ O¶D]LHQ
GD $JULFROD ³*DOORWWL´ /¶$]LHQGD
$JULFROD ³,O &DVWHOOR´ GL 4XDWWULQL
O¶D]LHQGD 9LQLFROD ³5LVL 0DULDFULVWL
QD´ HG LO VXFFR GL PHOH GHOOD FRQR
VFLXWD$]LHQGD$JULFROD³6WXUOD´/D
FROODERUD]LRQH FRQ O¶$VVRFLD]LRQH
2OWUH/D9DOOHKDFKLDUDPHQWHGLPR
VWUDWR FKH OD FUHVFLWD SURIHVVLRQDOH DYYHQXWD JUD]LH
DOGXURODYRURGHOOD6LJUD5RVVRWWLGHOOD¿JOLD6DUD
0DURQL H GL WXWWR OR VWDII KD ODVFLDWR LQWDWWL OD SUR
SHQVLRQHDOODFRRSHUD]LRQHLOUDGLFDWREXRQVHQVRH
O¶XPLOWj GL ULPDQHUH IHGHOL DOOH SURSULH UDGLFL7XWWR
TXHVWRqXQPHVVDJJLRLPSRUWDQWHSHUFKpFRPHYLHQH
DQFKHVSLHJDWRQHOOLEURQRQELVRJQDSHUGHUHO¶DPRUH
SHULSURGRWWLQRVWUDQLODVWLPDHGLOVRVWHJQRSHUWXWWL
TXHLSLFFROLLPSUHQGLWRULFKHQHOODYDOOHKDQQRGHFLVR
GLODYRUDUHRIIUHQGROHORURULFFKH]]H,QVRPPDXQ
YHUR HVHPSLR GL FRPH OD UDI¿QDWH]]D GL XQD SUHVWL
JLRVDORFDWLRQFRPHTXHVWDVLVSRVLFRQO¶LPSHJQRH
ODVHPSOLFLWjGHLUDJD]]LGL2OWUHOD9DOOHFKHGDROWUH
GXHDQQLVRQSUHVHQWLVXOWHUULWRULRFRQXQVXVVHJXLUVL
GLHYHQWLOHJDWLDOODYDORUL]]D]LRQHGHOOD9DOOH6FKL]
]RODGRYHWXWWLVRQRQDWLHFUHVFLXWL
6(1((¶3$5/$72'85$17(µ(;323$9,$'$<¶
7DQWHLGHHSHU([SR
&RQWLQXDQRLFRQIURQWL
',6(5(1$6,08/$
8QPRPHQWRGLFRQIURQWRSHULOOXVWUDUHOHSURSULH
LGHHSHUFHUFDUHGLIDUHUHWHHGLVDOWDUHWXWWLXQLWL
VXO WUHQR GL ([SR TXHVWR OR VFRSR GHOO¶DS
SXQWDPHQWR YRJKHUHVH FRQ ³([SR 3DYLD 'D\´ RU
JDQL]]DWR TXDOFKH VHWWLPDQD ID SUHVVR LO FHQWUR
$GROHVFHUH GDOO¶DVVRFLD]LRQH $GHVVR 2OWUHSz LQ
FROODERUD]LRQHFRQLO&RPLWDWR3DYLDSHU([SR$G
LQWHUYHQLUH SULPD GHOOD SUHVHQWD]LRQH GHL SURJHWWL
LOVLQGDFR&DUOR%DUELHULHLOSUHVLGHQWHGL5LFFD
JLRLD5REHUWR0XUDLTXDOLKDQQRFRQFRUGDWRVXOOD
QHFHVVLWjGLSRUWDUHDOODPDQLIHVWD]LRQHLOWHUULWRULR
LQWHURHQRQLVXRLSURGRWWLSUHIHUHQGRXQDVWUDWHJLD
FKHFRQYLQFDLWXULVWLDYLVLWDUHODSURYLQFLDHQRQD
YHGHUODUDSSUHVHQWDWDGDXQEDQFKHWWRWUDPLJOLDLD
³&LzFKHQDVFHUjSHU([SRKDDJJLXQWR0XUDq
LPSRUWDQWHFKHQRQ¿QLVFDQHOPDFKHFRQ
WLQXL D SURPXRYHUH LO QRVWUR EHO WHUULWRULR DQFKH
QHJOL DQQL VXFFHVVLYL 'REELDPR LQVRPPD YHGHUH
TXHVW¶RFFDVLRQHFRPHXQSXQWRGLSDUWHQ]DHQRQ
FRPHXQSXQWRGLDUULYR´7DQWLDOORUDJOLLWLQHUDUL
QDWXUDOLVWLFL FXOWXUDOL HG HQRJDVWURQRPLFL SHQVDWL
GDSHUFRUUHUHDSLHGLLQELFLFOHWWDDFDYDOORFRPH
TXHOOL SURSRVWL GD ³7UDLW '¶8QLRQ´ ³,WLQLHUDQGR
FRQ JXVWR´ H ³2OWUHFRQ¿QH´ H SHUVLQR GL FRUVD
FRVuFRPHSHQVDWRGDOO¶$WOHWLFD,ULHQVHPDQRQFL
VLqGLPHQWLFDWLGLSDUODUHGLRVSLWDOLWjFRQOHVWUXW
WXUHPHVVHDGLVSRVL]LRQHGDO&HQWUR$GROHVFHUHH
FRQO¶DQFRUDYDJDLGHDGLLVWLWXLUHD9RJKHUDGHJOL
DOEHUJKLGLIIXVLYDOHDGLUHUHFXSHUDUHDSSDUWDPHQWL
HVWDELOLLQXWLOL]]DWLSHUIDUQHVWUXWWXUHDOEHUJKLHUH
6HPSUH SHU L WXULVWL WUD OH LGHH PLJOLRUL TXHOOH GL
VWDPSDUH XQD JXLGD FDUWDFHD GHOOD ]RQD VWDPSDWD
GD ³3ULPXOD (GLWRUH´ GL UHDOL]]DUH GHOOH DSS SHU
VPDUWSKRQHDGRFFXSDUVHQHVDUjOD³*HRIHOL[´H
GL SURSRUUH LQFRQWUL FRQ DXWRUL VFULWWRUL H JLRUQD
OLVWL QHL OXRJKL SL UDSSUHVHQWDWLYL GHOOD SURYLQFLD
XQ¶LGHD GHOOD OLEUHULD ³7LFLQXP´ 'LYHUVH DQFKH
OHSURSRVWHSHUFRLQYROJHUHOHVFXROHPDWUDLSUR
JHWWLSLRULJLQDOLDYDQ]DWDGD3LHUR0LODQHVLF¶q
IRUVH OD UHDOL]]D]LRQH GL XQD FRPPHGLD PXVLFDOH
GDOWLWROR³$OEHUW(LQVWHLQLQ,WDOLD´LVSLUDWDDXQD
YDFDQ]DFKHLOFHOHEUHVFLHQ]LDWRDYUHEEHFRPSLX
WR D &DVWHJJLR GXUDQWH O¶DGROHVFHQ]D ,PSRVVLELOL
GD WUDODVFLDUH SRL OH SURSRVWH VXO FLER SUHVHQWDWH
GDOO¶$XVHUGDOOD&LRFFRODWHULDGL5LYDQD]]DQRGD
)LVDUH6ORZ)RRG$FRQFOXGHUHODOXQJDSUHVHQWD
]LRQHLOFRPPHQWRGL,VD0DJJLSUHVLGHQWHVVDGHO
&RPLWDWR3DYLDSHU([SR³2UDFKHDEELDPRGHOOH
LGHH O¶REELHWWLYR q PHWWHUOH LQVLHPH LQ XQ SURJHW
WRXQLWDULRGDSRUWDUHVXLWDYROLPLODQHVLFRQFXL
SDUWHFLSDUHDLEDQGLHXURSHLHVRSUDWWXWWRFRQFXL
DSULUFLYHUVRO¶HVWHURDTXHVWRVFRSRD¿QHJLXJQR
SDUWHFLSHUHPR D XQ JURVVR HYHQWR LQWHUQD]LRQDOH
FKHVLWHUUjD/OHLGDLQ&DWDORJQDGRYHVSHULDPR
GLLQWUHFFLDUHUDSSRUWLWDOLFRQOHLPSUHVHVWUDQLHUH
GDFRQYLQFHUOHDGLQYHVWLUHLQ,WDOLDQHO´
LO 3HULRGLFR
$35,/(
(9(17,
$//$&(5726$&$17Ô',&$67(**,2$))/8(1=$',38%%/,&2
,OPHVVDJJLRGHOODEHOOH]]DGL³1DWXUD
LQSRVD´ODPRVWUDGL*HULFR
',%581$63$//$/2==$
8QD FLQTXDQWLQD GL RSHUH UHDOL]]DWH
GDOSLWWRUH*HULFRVXWHODGLOLQRRVX
WDYRODWHODWDFRQODWHFQLFDGHOO¶DFULOL
FRVRQRULPDVWHHVSRVWHGDODO
PDU]RDOSLDQRVXSHULRUHGHOSDOD]]R
&HUWRVD &DQW GL &DVWHJJLR /D PR
VWUDqVWDWDSURPRVVDGDOO¶$VVHVVRUDWR
DOOD&XOWXUD$OYHUQLVVDJHO¶$VVHVVR
UH /RUHQ]R 9LJR KD HVSUHVVR ULQJUD
]LDPHQWR SHUVRQDOH H GHOO¶$PPLQL
VWUD]LRQHDOO¶DUWLVWDSHUODSUHVHQ]DDOXQJRULFKLHVWD
PDQLIHVWDQGRDSSUH]]DPHQWRSHUODVXDSLWWXUD
*HULFRQRPHFULSWLFRGL3LHUR*HUL9RJKHUHVHG¶DGR
]LRQHKDODVFLDWRDOSXEEOLFRLOWHPSRGLYLVXDOL]]DUH
WXWWHOHRSHUHQHOOHQXPHURVHVDOHQHOFRUULGRLRDS
SHVHDELDQFKLSDQQHOOLLGHDWLHUHDOL]]DWLGD(XJHQLR
0RQWDOH
,O FULWLFR 5HQ]R %DVRUD KD TXLQGL SUHVHQWDWR FRQ OD
FRQVXHWDSHUL]LDODPRVWUD©/RVYLOXSSRDUWLVWLFRGL
³1DWXUDLQSRVD´qXQDSDUWHGLXQOXQJRWUDJLWWRLQL
]LDWRYHUVRLO,OSHUFRUVRLQL]LDOHKDSRUWDWR*H
ULFRYHUVRXQDFRPSOHVVLWjGLYLVLRQHSLWWRULFDFKHYD
DOGLOjGLXQDVHPSOLFHUDSSUHVHQWD]LRQHªKDHVRUGL
WRHVSLHJDWRWDSSHGHOOHVXHFUHD]LRQLGDDXWRGLGDWWD
³3URYHWHFQLFKHGLWUDVPLVVLRQH´JOLKDQQRDSHUWROD
SRUWDGHOO¶DUWHSLWWRULFD³1DWXUDXRPRPDFFKLQD´q
IUXWWRGLXQDOXQJDULFHUFDFRQFOXVDVLFRQXQ¶HVSRVL
]LRQHDQWRORJLFDQHOOD*DOOHULD5RWWDGL*HQRYDGDO
PHVVDJJLRGLVRSUDIID]LRQHGHOODPDFFKLQDVXOODQD
WXUD
&RQ ³0XVHR YLYR´ SHUIRUPDQFH VRQR QDWH RSHUH
EDVDWH VXOOD ULSUHVD VFHQRJUD¿FD GL EUDQL GL SLWWXUD
DQWLFDÊGHO³1DWXUDLQSRVD´PRVWUDFXUDWDGDO
SURI)ORULDQR'H6DQWLLQFXLJOLHOHPHQWLGLQDWXUD
VRQR UHDOL]]DWL QHO PDVVLPR UHDOLVPR XQLWR DOOD SL
JUDQGH DUWL¿FLDOLWj 4XHVWD q O¶HVSHULHQ]D FROWLYDWD
DQFRUDRJJLFKHKDGDWROXRJRDOODPRVWUDGL&DVWHJ
JLRª%DVRUDKDGLVHJXLWRRIIHUWROHEDVLSHUPHJOLR
FRPSUHQGHUHHGDSSUH]]DUHOHWHOHHVSRVWH
,O YLVLWDWRUH FRQ O¶RVVHUYD]LRQH DWWHQWD GHOOH FRP
SRVL]LRQLÀRUHDOLGLIUXWWDHYHUGXUDYLHQHFDWWXUDWR
GDOO¶DFFXUDWH]]D UHDOL]]DWLYL &KL KD DYXWR PRGR GL
HQWUDUHQHOODVXDFDVDVWXGLREHQVLSXzVSLHJDUHFLz
TXL¿JOLGLDSSXQWLGLVFKHPLGLER]]HWWLULYHODQRLO
VXR SHUFRUVR SLWWRULFR FKH LQL]LD GDO SURJHWWDUH SUL
PD GL DUULYDUH D GLSLQJHUH ( VWXGLD SHUFKp QLHQWH
YXROODVFLDUHDOFDVRPHQWUHQRQVLDEEDQGRQDDXQD
FUHD]LRQHHVSORVLYDHLPSXOVLYD9LHQGDVpFKHVLD
QROHUHJROHDGDUYLWDDLFRORULHDOOHIRUPHÊFRVu
VSLHJDWRSHUFKpQRQVLDFFRQWHQWDGLFLzFKHYHGH/D
WHODLQIDWWLPRVWUDDUWL¿FLRIUXWWRGL³LPPDJLQD]LRQH
UD]LRQDOH´(LOULVXOWDWRqVSOHQGLGRFRQRSHUHPHWD
¿VLFDPHQWHUHDOLFUHDWHQHOVXRODERUDWRULRHDUULYDWH
DGHPHUJHUHQRQVRORQHOOHJDOOHULHLWDOLDQHPDDQFKH
VSDJQROHHIUDQFHVL&HUWRqFKHOHVXHQDWXUHPRUWHGL
YHUGXUDRGLIUXWWDL¿RULHXOWLPDPHQWHTXHVWLXQLWL
DLIUXWWLFKLDPDWH³1DWXUDLQSRVD´VRQRLOULVXOWDWR
GL XQD PDVVLPD SUHFLVLRQH RWWLFD DEEDJOLDQWH H IH
VWDQWHQHOODVXDLUUHDOWjHVXOWDQ]DGLOXFHHGLFRORUH
PDQRQGDHVSHUWRIRWRJUDIREHQVuLOSURGRWWRGLXQD
VDSLHQWH HVSUHVVLRQH SLWWRULFD FKH q ³TXDVL LUUHDOH
PHWD¿VLFDPHQWHQHOODVXDVRVSHVDVWDELOLWj´$YROWH
D OXQJR LPPRELOL GDYDQWL D XQ¶RSHUD VL DUULYD TXD
VLDSHUFHSLUHFRPHVHVLWRFFDVVHODFRUSRVLWjHOD
VROLGLWj GHOOH LPPDJLQL WDQWR GD SHQVDUH HVLVWD XQD
V¿GDDOWDWWR&ROSLWLGDTXHOODOXFHLQWHQVDFKHHVDO
WDIRUPHHFRORULVLSXzRVDUHXQSHQVLHURGLHVVHUH
DUULYDWLQHOO¶(GHQ9LqSRLORVIRQGRQHXWURRQHUR
GHOOHFRPSRVL]LRQLDLXWDDUHDOL]]DUHXQLSRWHWLFRVHW
GLULSUHVD
$GDUO¶LGHDGHOOD³PHVVLQVFHQD´VRQRWUDO¶DOWURTXHL
¿OLFKHFRPSDLRQRVXDOFXQHWHOHGLTXLDQFKHLOSHQ
VLHUR GL ³SLWWXUD FRQFHWWXDOH´ 0D GDOO¶RVVHUYD]LRQH
FKH YD D XQLUVL DOOD ULÀHVVLRQH WUDLDPR VHPSUH SL
LQIRUPD]LRQL WLSR OD PLVWHULRVLWj GHOOD YLWD OD VXD
FDGXFLWj
3RLVLULWRUQDDOODJLRLRVLWjGLTXHOWUDWWRSXOLWRGLTXHL
FRORULVFLQWLOODQWLHODFRPSOHVVLWjGHLFRQWHQXWLVHU
YH DG HYLGHQ]LDUH D IDU ULVDOWDUH OD YLWD SLWWRULFD GL
*HULFRXQXRPRFKHGHOODVXDDUWHKDVDSXWRIDUHXQ
PHWRGRGLFRQRVFHQ]DFKHKDDYXWRXQSULQFLSLRKD
VHJXLWRYLHVHPSUHQXRYHVWXSHIDFHQWLFKHKDQQRDQ
FRUDWDQWRGDFUHDUHGDPRVWUDUHODPHQWHLOFXRUH
ODPDQRODIRU]DGLTXHVWRDUWLVWDVRQRYROWHHQDWH
SHUXQFRQWLQXRGLYHQLUH(FKLSHQVDFKHJOLVFULWWLVX
GLOXLVXOODVXDSLWWXUDSRVVDQRDUULYDUHDGLUH³WXWWR´
GHYHFRQYHQLUHFKHYHUDPHQWHDQFKHODUHDOWjGHOOD
SDUROD GDYDQWL D TXHVWR JUDQGH SLWWRUH DYUj VHPSUH
XQOLPLWH
6HVFULYHVVHXQSRHWDGLUHEEH
©+RFHUFDWRODEHOOH]]DSHUJLRUQLPHVLDQQLTXDQ
GRO¶KRWURYDWDQHOODVXDSLWWXUDOXL*HULFRDYHYD
JLjVFRSHUWRXQQXRYRPHWRGRFKHIRVVHVLPERORGL
XQPHVVDJJLRDQFRUDVFRQRVFLXWRª
'¶DOWUDSDUWHORVWHVVRDUWLVWDDYHYDULYHODWR©0LVHQ
WRSLWWRUHQHOVHQVRGLXQDSURIHVVLRQHYLVVXWDJLRUQR
GRSRJLRUQR&HUFRGLSHUIH]LRQDUHLQFRQWLQXD]LRQH
WHFQLFKHHFRQWHQXWLª4XLQGLQRQFLVLPHUDYLJOLGHO
OH VXH QXPHURVLVVLPH SHUVRQDOL H PRVWUH FROOHWWLYH
0DQHSSXUHGHOVXRSHUFRUVRHVSRVLWLYRLQL]LDWRORQ
WDQRGDOOHVXH]RQHHVRORRUDDUULYDWRDO3DYHVH(UD
FRQVFLRPDQRQFRQVXSHUELDGHOVXRYDORUHHQRQ
DYHYD QHFHVVLWj GL FHUFDUH GL IDUVL XQ QRPH GRY¶HUD
FRQRVFLXWR /D VWUDGD GHOOD QRWRULHWj GL ³SHUVRQDJ
JLR GHOO¶DUWH´ DYUHEEH DYXWR XQR VSD]LR SL JUDQGH
HQHOORVWHVVRWHPSRPHQRQRUPDOHPDSLOHJLWWLPR
FHUWDPHQWHSHUOXL7XWWRVWDDLQGLFDUH*HULFRDUWLVWD
XQLFRFRVuFRPHORqFRPHXRPR
LO 3HULRGLFR
$35,/(
(6&(,/18292',6&2'$/7,72/2µ26&8523$662¶
',$/(66$1'52',63(5$7,
'DXQSDHVLQRGLSURYLQFLDDOOHJUDQGLFDSLWDOLHXUR
SHHVXRQDQGRODSURSULDPXVLFD,OVRJQRGHL'RFWRU
&\FORSV SRZHU WULR URFN FRQ OH UDGLFL EHQ SLDQWDWH
VXOOH QRVWUH FROOLQH FRQWLQXD FRQ OD SXEEOLFD]LRQH
GHOVHFRQGRGLVFRGDOWLWRORFKHSURIXPDGL2OWUHSz
³2VFXURSDVVR´ 3XEEOLFDWR GDOOD FDVD GLVFRJUD¿FD
WHGHVFD:RUOG LQ 6RXQG QHPR SURIHWD LQ SDWULD LO
QXRYRODYRURGHOODEDQGIDVHJXLWRDOVXRSUHGHFHV
VRUH ³%RUJRIRQGR´ GL FXL q OD QDWXUDOH SURVHFX]LR
QH LQ WHUPLQL PXVLFDOL H FRQWHQXWLVWLFL 3HU OD EDQG
GL &KULVWLDQ 'UDJKL FKLWDUUD H YRFH )UDQFHVFR )L
OLSSLQLEDVVRH$OHVVDQGUR'DOOHUDEDWWHULDVLDSUH
FRVuXQQXRYRFDSLWRORHXQDQXRYDDYYHQWXUD6RQR
DSSHQDULHQWUDWLGDXQWRXUFKHOLKDSRUWDWLDYLVLWDUH
RWWRFLWWjHXURSHHWUDFXL6WRFFDUGD%HUOLQR$QYHU
VD H 1RULQEHUJD /RUR FL WHQJRQR SHUz DG DVVHJQDU
VLLQDWDOLD%RVPHQVRSLFFRORSDHVHDUURFFDWRVXOOH
DOWXUH GHOO¶$SSHQQLQR SRFKL FKLORPHWUL ROWUH 9DU]L
³$EELDPR Ou L OXRJKL GHOO¶LQIDQ]LD´ VSLHJDQR ³q OD
WHUUDGHLQRVWULQRQQLHGDOOHPRQWDJQHHGDOOHEHO
OH]]H DSSDUWDWH GL TXHL OXRJKL YLHQH OD QRVWUD LVSL
UD]LRQH´6RQRVWDWL&KULVWLDQH)UDQFHVFRDIRQGDUH
ODEDQGFKHKDLQL]LDWRDVXRQDUHGDOYLYRQHO
1HOVLqXQLWRORUR$OHVVDQGURDQFKHOXLROWUH
SDGDQRPDGL6DQQD]]DURGH¶%XUJRQGL'DDOORUDGL
VWUDGDQHKDQQRIDWWDRFRPHDPDQRGLUHQHKDQQR
IDWWD IDUH DL ORUR VWUXPHQWL H DOOH ORUR FDQ]RQL IUXW
WRGLXQDPLVFHODGLURFNRVFXURGLPDWULFHDQQL
,ORURULIHULPHQWLVRQREDQGVWRULFKHGLTXHOO¶HSRFD
FRPH /HG =HSSHOLQ %ODFN 6DEEDWK R 'HHS 3XUSOH
FXLORURPL[DQRLQÀXHQ]HSL³PRGHUQH´FRPHLOSUR
JUHVVLYH LO SURWR KHDY\ PHWDO R LO GRRP ,QVRPPD
PXVLFD GD VXRQDUH D WXWWR YROXPH VHQ]D IURQ]ROL H
FRQWDQWRLVWLQWR,OQXRYRGLVFRFKHSHUJOLDPDQWL
GHOYLQWDJHVDUjVWDPSDWRDQFKHVXYLQLOHFRQVWDGL
FLQTXHFDQ]RQLPROWROXQJKHHDUWLFRODWHGDLDL
PLQXWL LQ ELOLFR WUD LO URFN VHYHQWLHV LO GRRP H LO
SURJ FRQ GHOOH QRWH GL EOXHV HG KHDY\ PHWDO SULPD
(9(17,
'RFWRU&\FORSVGDXQSDHVLQRGL
SURYLQFLDDOOHJUDQGLFDSLWDOLHXURSHH
,
'RFWRU
&\FORSV
PDQLHUD&RPHLOVXRSUHGHFHVVRUHKDXQWLWRORLWD
OLDQRQRQRVWDQWHOHOLULFKHVLDQRLQLQJOHVH³&LSLDFH
OHJDUFLLQTXDOFKHPRGRDOOHQRVWUHRULJLQL2VFXUR
SDVVR ULFKLDPD OD 9DOOH 6FXURSDVVR LQIDWWL q GD XQ
FDUWHOORVWUDGDOHFKHqSDUWLWDO¶LGHD«PDGLYHQWDXQ
FRQFHWWR PROWR SL DPSLR H PHWD¿VLFR 1HOOH QRVWUH
FDQ]RQLUDFFRQWLDPRLOPRQGRLOPDUFLXPHFKHFRQ
WLHQHOHSRFKHVWUDGHFKHFRQRVFLDPRSHUPDQWHQHUVL
LQTXDOFKHPRGRVDQLGLPHQWH2SSXUHGLSLQJLDPR
DIIUHVFKL UDFFRQWLDPR SHUVRQDJJL ERUGHUOLQH«GHL
IUHDNVFRPHLQ7KH0RQNRLQ$QJHO6DYLRXU´1HL
SLDQL GHOOD EDQG VSLFFD RUD LO WRXU FKH OL YHGUj LP
SHJQDWLLQ*HUPDQLD6YL]]HUDH%HOJLRDOO¶LQL]LRGL
PDU]RSHUOHGDWHFRPSOHWHHXQDVFROWRGHLORUREUD
QLFHUFDWHL'RFWRU&\FORSVVXIDFHERRNRSSXUHVXO
ORURVLWRZZZGRFWRUF\FORSVFRP1RQRVWDQWHLSDV
VLDYDQWLIDWWLHXQDFHUWDSRSRODULWjJXDGDJQDWDQHOOD
VFHQDXQGHUJURXQGSHUzODPXVLFDUHVWDDQFRUDXQD
SDVVLRQHHQRQqGLYHQWDWRODYRUR³/¶XQGHUJRXQG±
UDFFRQWD OD EDQG ±Gj PROWD OLEHUWj D OLYHOOR HVSUHV
VLYR PD SXUWURSSR q XQ DPELHQWH WURSSR SRYHUR
HFRQRPLFDPHQWHSHUFKpQRQqVWDWREHQHGHWWRRPD
OHGHWWRGDOPDJLFRWRFFRGHLPDVVPHGLD6LIDWXWWR
FRQOHSURSULHIRU]HHLOEHOORqFKHF¶qDQFRUDXQD
FHUWDPHULWRFUD]LD/¶HVSHULHQ]DHODJDYHWWDKDQQR
DQFRUDXQVHQVRHODFUHVFLWDGLXQDEDQGDVVRPLJOLD
DG XQ SHUFRUVR 2JJL OD SRSRODULWj H LO VXFFHVVR VL
JXDGDJQDQRFRQPLQXWLLQWY&RQWDDSSDULUHOuOD
TXDOLWjGHLSURGRWWLQRQLQWHUHVVDDQHVVXQR/DPX
VLFDRULJLQDOHLQ,WDOLDqSLFKHGLQLFFKLDTXDVLXQD
TXHVWLRQH GD FDUERQDUL SHUFKp IRQGDPHQWDOPHQWH
D QHVVXQR LQWHUHVVD DSSURIRQGLUH R VFRSULUH QXRYH
FRVH6LDPRSLHQLGLWDOHQWLQRQVRORQHOODPXVLFDPD
DQFKHQHOFLQHPDQHOWHDWURSXUWURSSRODPDJJLRU
SDUWH GL ORUR QRQ JRGUj GHOOH OXFL GHOOD ULEDOWD PD
VRORGHOO¶DWWHQ]LRQHGLSRFKLIRUWXQDWLFKHDYUDQQROH
RUHFFKLHRJOLRFFKLDEEDVWDQ]DDSHUWLHFXULRVLSHU
VFRSULUOL/DSULPDFULVLLQ,WDOLDqSURSULRFXOWXUDOH´
/,25*$1,==$/¶$66(6625$72$//$&8/785$
$SULOHULFFRGLDSSXQWDPHQWLD9RJKHUD
,OFORXVDUjDOO¶$UOHFFKLQRHDO5LWURYR
',6(5(1$6,08/$
6DUj XQ DSULOH ULFFR GL DSSXQWDPHQWL TXHOOR GL
TXHVW¶DQQR SHU L YRJKHUHVL DPDQWL GHOOD PXVLFD
H GHO WHDWUR 2UJDQL]]DWL GDOO¶DVVHVVRUDWR FXOWXUD
QHOO¶DPELWRGLWUHGLYHUVHUDVVHJQHVDUDQQRLQIDWWL
DOWUHWWDQWLJOLVSHWWDFROLULYROWLDOODFLWWDGLQDQ]DFKH
DQGUDQQRLQVFHQDTXHVWRPHVH$GDSULUHOHGDQ]H
SHUODUDVVHJQD³7HDWUDORJLDXQDSROWURQDSHUTXDW
WUR´UHDOL]]DWDLQFROODERUD]LRQHFRQLO5RWDU\&OXE
O¶DVVRFLD]LRQH³&KLqGLVFHQD´HOD6RFLHWj2SHUD
LD GL 0XWXR 6RFFRUVR SUHVVR LO WHDWUR$UOHFFKLQR
VDUDQQRLODSULOHDOOH*LRUJLR%RFFDVVLH
'RQDWD %RJJLR 6ROD SURWDJRQLVWL GHO GLYHUWHQWH
VSHWWDFROR´&LQHPDVSULQWFRPSDQ\)LOPLQFDUQH
HGRVVD´,GXHDWWRULSURSRUUDQQRDOSXEEOLFRXQD
VSDVVRVDFDUUHOODWDGLJHQHULFLQHPDWRJUD¿FLGDOOD
FRPPHGLDURPDQWLFDDO¿OPKRUURUGDOO¶DYYHQWXUD
DOWKULOOHUSDVVDQGRLQUDSLGDHLSQRWLFDVXFFHVVLR
QHGDXQ¿OPDOO¶DOWURHGDXQSHUVRQDJJLRDGXQ
DOWURWUDYROJHQGRHWUDVSRUWDQGRORVSHWWDWRUHLQXQ
PRQGR IDWWR GL JDJ VXUUHDOL VLWXD]LRQL GHPHQ]LD
OL GLDORJKL DFUREDWLFL H JLRFKL GL SDUROH ,O FRVWR
GHOELJOLHWWRDFTXLVWDELOHGLUHWWDPHQWHODVHUDGHOOR
VSHWWDFROR DO ERWWHJKLQR R LQ SUHYHQGLWD SUHVVR OD
*LRLHOOHULD6R]]DQLGL9RJKHUDLQYLD(PLOLD
qGLHXURFLIUDFKHYHUUjGHVWLQDWDDOOHIDPLJOLH
YRJKHUHVLLQGLI¿FROWj3RFRSLGLXQDVHWWLPDQD
GRSRLODSULOHVDUjODYROWDGHOO¶XOWLPRDSSXQ
WDPHQWRFRQODUDVVHJQD³/LULFDEDUHW´RUJDQL]]DWD
SUHVVRLOFLUFROR³,O5LWURYR´GLSLD]]D&HVDUH%DW
WLVWL LQ FROODERUD]LRQH FRQ O¶DVVRFLD]LRQH ³$PLFL
GHOODPXVLFD&LWWjGL9RJKHUD´$VDOLUHVXOSDOFR
SHULOJUDQ¿QDOHFRQODFRPPHGLDPXVLFDOH³6RX
YHQLU G¶,WDOLH´ L FDQWDQWL 6LOYLD )HOLVHWWL$OHVVDQ
GUR%UDFKHWWL0DXUR3DJDQRH5REHUWR5RVVLDI
¿DQFDWLGDLPXVLFLVWL0LOR0DUWDQL'HQLV=DQQDQL
H0DWWHR)HUUDUL,OJUXSSRFRVuFRPSRVWRVLHVLELUj
LQXQRVSHWWDFRORFKHPLUDDFRQIURQWDUHLQPDQLHUD
GLYHUWHQWH L GLYHUVL GLDOHWWL H PRGL GL SHQVDUH GHO
%HO3DHVHHVSORUDQGRQHODWUDGL]LRQHPXVLFDOHSR
SRODUHLQXQLUUHVLVWLELOHPLVWRGLYDULHWjHFDEDUHW
FKHSURPHWWHGLHVDPLQDUHFRQLURQLDSUHJLHGLIHWWL
GHJOLLWDOLDQL
/RVSHWWDFRORLQL]LHUjDOOHO¶LQJUHVVRqOLEH
UR$FKLXGHUHJOLDSSXQWDPHQWLFXOWXUDOLGHOPHVH
FL SHQVHUj SRL OD UDVVHJQD ³3RPHULJJL 0XVLFDOL´
RUJDQL]]DWD LQ FROODERUD]LRQH FRQ O¶DVVRFLD]LRQH
³$OLD0XVLFD´SUHVVRLOPXVHRVWRULFRGL9RJKHUD
FRQ LO FRQFHUWR GHOOD VRSUDQR DPHULFDQD &DQGDFH
7D\ORUFKHDFFRPSDJQDWDGDOSLDQLVWD0DUF$QGUH
%RXJLHLQWHUSUHWHUjOHFDQ]RQLSLQRWHGHOUHSHU
WRULR MD]]LVWLFR G¶ROWUHRFHDQR ,O FRQFHUWR LQL]LHUj
DOOHO¶LQJUHVVRqOLEHUR
LO 3HULRGLFR
$35,/(
(9(17,
35(662,/&(175232/,)81=,21$/('$//(25(
,ODSULOHD&DVDQRYD6WDIIRUDYDLQ
VFHQDµ/DQRVWUDSLFFRODDUWH¶
/¶$XVHUHOD3URORFRGL6DQWD0DUJKHULWD6WDIIRUDLQFROODERUD]LRQHFRQ6ORZ)RRG
2OWUHSz3DYHVHO¶8V&DVDQRYDHGLO&RPXQHGL6DQWD0DUJKHULWD6WDIIRUDRUJDQL]]DQR
SUHVVRLOFHQWURSROLIXQ]LRQDOHGL&DVDQRYD6WDIIRUDSHUOXQHGuGL3DVTXDLODSULOH
DSDUWLUHGDOOHRUHO¶HYHQWRLQWLWRODWRµ/DQRVWUDSLFFRODDUWH¶SURGXWWRULJDVWUR
QRPLFLHGDUWLJLDQL,OSRPHULJJLRVDUjDOOLHWDWRGDOOHPXVLFKHHGDOOHGDQ]HWUDGL]LR
QDOLFRQSLIIHULH¿VDUPRQLFKH,OSURJUDPPDSUHYHGHO¶LQDXJXUD]LRQHHLOVDOXWRGHO
OHDXWRULWj/DGHJXVWD]LRQHGHLYLQLFRQLOSURIHVVRU7HUHVLR1DUGLHO¶HQRORJR0DULR
0DI¿/DYLVLWDDJOLVWDQGFRQDVVDJJL$VHJXLUHO¶LQL]LRGHOOHPXVLFKHHGHOOHGDQ]H
*LRFKLHGLQWUDWWHQLPHQWLSHUWXWWL,OULFDYDWRGHOODJLRUQDWDVDUjGHYROXWRDOO¶$XVHU
/¶(9(172(¶25*$1,==$72'$2&&$6,21,',)(67$*8,'$7$'$0$5,1$/(,',
,ODSULOHD5LYDQD]]DQR7HUPHLO
JUDQGHDSSXQWDPHQWRFRQOD)LHUD
',$/(66$1'52',63(5$7,
,O SURVVLPR DSULOH WRUQD OD PDQLIHVWD]LRQH ³5LYD
QD]]DQR7HUPHULYLYHOD)LHUDG¶$SULOH´RUPDLJLXQWD
DOODƒHGL]LRQH
,QTXHVWDJLRUQDWDODFLWWDGLQDWHUPDOHDSUHLVXRLFRU
WLOLVWRULFLVLULHPSLHGLEDQFDUHOOHHVLDQLPDSHUUL
FUHDUHO¶DWPRVIHUDGHOODRWWRFHQWHVFD¿HUDGHOEHVWLD
PHLPSRUWDQWHPRPHQWRGLLQFRQWURHGLVFDPELRSHU
JOL DOOHYDWRUL H L FRQWDGLQL GHOO¶HSRFD /D )LHUD VL q
PDQWHQXWD¿QRDLSULPLDQQL¶GHOVHFRORVFRUVRSHU
SRLYHQLUHDEEDQGRQDWDDFDXVDGHLPXWDPHQWLVRFLDOL
HGHFRQRPLFLLQWHUYHQXWL
*UD]LH DOO¶$VVRFLD]LRQH FXOWXUDOH ³2FFDVLRQL GL )H
VWD´ O¶DQWLFD WUDGL]LRQH q VWDWD ULSUHVD QRQ SL FRQ
¿QDOLWjSXUDPHQWHFRPPHUFLDOLPDDQFKHDOORVFRSR
GLULFRUGDUHDOOHQXRYHJHQHUD]LRQLOHRULJLQLDJULFROH
GHOODFRPXQLWjULYDQD]]DQHVH
/DPDQLIHVWD]LRQH¿HULVWLFDVLDSUHXI¿FLDOPHQWHDOOH
RUH
$OOH RUH O¶DVVRFLD]LRQH &DO\[ SURSRQH XQD
SDVVHJJLDWD DOOD VFRSHUWD GHOO¶DPELHQWH GHO WRUUHQWH
6WDIIRUD H GHJOL VWRULFL 0ROLQL GL 5LYDQD]]DQR FRQ
SDUWHQ]DGDOOD3LD]]HWWDGHOOD3RVWD
1HO3DUFR%UXJQDWHOOLGDOOHRUHDOOHRUH
LQ FROODERUD]LRQH FRQ O¶$VVRFLD]LRQH &XRFKL GL
3DYLD q SUHYLVWR LO FRQFRUVR ³/D WRUWD GHOOD )LHUD
G¶$SULOH´QHOO¶DPELWRGHO³3UHPLR*LDQQL6HOYDWLFR´
ƒ HGL]LRQH$ FLPHQWDUVL VDUDQQR JOL VWXGHQWL GHJOL
LVWLWXWLDOEHUJKLHUL³$SROI3DYLD´H³(QDLS/RPEDUGLD
±,VWLWXWRGL9RJKHUD´HVDUjLOSXEEOLFRDVFLHJOLHUH
LOGROFHPLJOLRUH/RVFRSRqDQFKHTXHOORGLYDORUL]
]DUH DOFXQL SURGRWWL ORFDOL FRPH OD ³IDULQD 2OWUHSR´
GHL0ROLQLGL9RJKHUDLIRUPDJJLGHO&DVHL¿FLR)OOL
&DYDQQDHOHHUEHVSRQWDQHHSULPDYHULOLGHOWHUULWRULR
1XPHURVLVRQRLODERUDWRULSHUDGXOWLHEDPELQLHOH
SURSRVWHFXOWXUDOLDSDUWLUHGDOOHRUHDLSLHGL
GHOOD 7RUUH 3HQWDJRQDOH LO FDQWDVWRULH ,YDQ )ORZHU
GHOO¶$VVRFLD]LRQH³,OPRQGRGL7HOV´SUHVHQWDOHJJHQ
GHGLSHUVRQDJJLSDYHVLUDFFRQWDWHLQOLQJXDLQJOHVH
DOOHQHO3DUFR%UXJQDWHOOLVLLPSDUDQRLVHJUHWL
GHOIDUHODSDVWDDPDQRVHFRQGRODWUDGL]LRQHGHOOH
YDULH5HJLRQLLWDOLDQHVHPSUHQHO3DUFRDVHJXLUHL
FRQVLJOLGLHWHWLFLGHOOD'UVVD&KLDUD*XUULHULHLFRQ
VLJOLGHOEHUHEHQHDFXUDGHOO¶HQRORJR0DULR0DI¿
$O%UXJQDWHOOLLQROWUHGDOOHRUHLOODERUDWRULR
³,EDPELQLLPSDVWDQR´UHDOL]]DWRGDO0DJD]]LQRGHL
5LFRUGLGL=DYDWWDUHOORÜDOOH³&RVWUXLVFLLOWXR
WDXPDWURSLR´ DQWLFR JLRFR GHOO¶ SURSRVWR GDOOH
UDJD]]H GL )DQWDVWLFDUWH SRL DQFRUD LO JLRFR GLGDWWL
FR³/DYLWDGHOO¶DPDQXHQVH´DFXUDGHOO¶DVVRFLD]LRQH
³/RVSLQR¿RULWR´³+LVWRU\WHOOLQJ´ODERUDWRULRLQOLQ
JXDLQJOHVHSURSRVWRGD³,OPRQGRGL7HOV´H³/DYD
OLJLDGHLFRORUL´ODERUDWRULRFUHDWLYRDFXUDGHOO¶$VLOR
1LGR³3XSL6RODUL´GL5LYDQD]]DQR7HUPH
3HULOSUDQ]RQRQPDQFKHUDQQRLQWHUHVVDQWLSURSRVWH
JDVWURQRPLFKHDFXUDGL2FFDVLRQLGL)HVWDHGHOO¶$V
VRFLD]LRQH ³/D *LRYDQH 5LYD ´ ULVSHWWLYDPHQWH
SUHVVRLO3DUFR%UXJQDWHOOLLO&RUWLOH6DFFKHWWLH9LD
*DWWL1HOOD&RUWH6DFFKHWWLLQROWUHLO&OXEGHO*X
VWR /RPHOOLQR SUHSDUD SDQH H IRFDFFH FRQ OD IDULQD
2OWUHSR
1HOOD3LD]]HWWDGHOOD3RVWDDOOHHVLEL]LRQHGHOOD
³3LFFROD2UFKHVWUD&KLWDUUDLQVLHPH´GLUHWWDGDOPDH
VWUR)HGHULFR/LVDQGULDHQHO&RUWLOH/RGL9HUGLPXVL
FDHEDOOLGHOOH7HUUH&HOWLFKHFRQLOJUXSSR/¶2QWDQR
&RPH VHPSUH SRL DQLPDOL QHOOH FRUWL H SHU OH YLH
YHFFKLWUDWWRULHODWUHEELDWXUDGHOJUDQRODFRUWHFRQ
WDGLQD GL LQL]LR µ DQWLFKL PHUOHWWL IRWR G¶HSRFD
DXWRHPRWR³VWRULFKH´EDQFDUHOOHGLRJQLJHQHUH
³9RJOLRULQJUD]LDUHSHUODFROODERUD]LRQHO¶$PPLQL
VWUD]LRQHHOD&RPPLVVLRQH$JULFROWXUDGHO&RPXQH
GL 5LYDQD]]DQR 7HUPH H O¶$PPLQLVWUD]LRQH 3URYLQ
FLDOHGL3DYLDSHULOSDWURFLQLRDFFRUGDWRDOODPDQL
IHVWD]LRQH±FRVuHVRUGLVFH0DULQD/HLGLSUHVLGHQWHGL
³2FFDVLRQLGL)HVWD´±LQROWUHXQJUD]LHSDUWLFRODUH
DOOH$VVRFLD]LRQLHDOOH,VWLWX]LRQLSXEEOLFKHHSULYDWH
FKHGDDQQLFRQWULEXLVFRQRFRQODORURSDUWHFLSD]LR
QHDOODEXRQDULXVFLWDGHOOD)LHUD3UR/RFRH3UR
WH]LRQH&LYLOHGL5LYDQD]]DQR7HUPH8QLWUq,VWLWXWR
&RPSUHQVLYRGL5LYDQD]]DQR7HUPH&ROGLUHWWL&DP
SDJQD$PLFD7HUPHGL5LYDQD]]DQR*UXSSR)RWRD
PDWRUL *UXSSR 0LFRORJLFR 8Q JUD]LH GL FXRUH YD
SHUzVRSUDWWXWWRDLSULYDWLFKHJUDWXLWDPHQWHPHWWR
QRDGLVSRVL]LRQHFRUWLOLDQLPDOLDWWUH]]LPDFFKLQHH
SURGRWWLSHUGDUHYLWDDTXHVWDPDQLIHVWD]LRQH´
³&RQOD)LHUDGLTXHVW¶DQQR±SURVHJXHODSUHVLGHQWH
±YRJOLDPRULFRUGDUHOD5LYDQD]]DQRGLLHULPDDQ
FKHSURPXRYHUHOHDWWLYLWjSURGXWWLYHHFRPPHUFLDOL
DWWXDOL SHU TXHVWR DEELDPR DGHULWR DO SURJHWWR GHO
'LVWUHWWR GHO &RPPHUFLR ³,O 0HUFDWR GHL 0RQWL´
LQROWUHJLjGDGLYHUVLDQQLO¶$VVRFLD]LRQHVLSURSRQH
GLFRQWULEXLUHDOODSURPR]LRQHHGDOODWXWHODGHOO¶DP
ELHQWHHGHOSDWULPRQLRVWRULFRDUFKLWHWWRQLFRGL5L
YDQD]]DQR7HUPHFXUDQGRODSXEEOLFD]LRQHGLJXLGH
UHODWLYHDSHUFRUVLFLFORSHGRQDOLQHOWHUULWRULRFRPX
QDOHHQHOOH]RQHOLPLWURIH/DSULPDGLTXHVWHJXLGH
VFULWWDGD(PLOLR)UDQFLRVRYHUUjSUHVHQWDWDSUHVVR
OD%LEOLRWHFD&LYLFDGL5LYDQD]]DQR7HUPHVDEDWR
DSULOHDOOH´
LO 3HULRGLFR
$35,/(
86&,72,/18292$/%80'$/7,72/2µ6(1*85¶
',$/(66$1'52',63(5$7,
(VVHUHULXVFLWLDFRQYLQFHUORKDGHOPLUDFRORVR(S
SXUHL%HDJOHVFHO¶KDQQRIDWWD(VLGRPDQGDQRDQ
FRUDFRPHVLDVWDWRSRVVLELOH)DWWRVWDFKH$O%DQR
O¶XJRODG¶RURGHOODFDQ]RQHLWDOLDQDLO*UDQGH3XJOLH
VHVLPERORGHO6XGSLYHUDFHKDDFFHWWDWRGLFDQWDUH
LQ©6qQJXUªO¶DOEXPFKHVHJQDLOULWRUQRGHOO¶LURQLFR
JUXSSRSRSURFNGHOO¶2OWUHSz3DYHVH/¶XRPRGL&HO
OLQR6DQ0DUFRLQWHUSUHWDSHUODSULPDYROWDQHOODVXD
YLWDLQGLDOHWWRSDYHVHFRQOHJJHULHFKLPLODQHVLOD
FRYHUGL©0\:D\ªXQFODVVLFRGL)UDQN6LQDWUD6L
LQWLWROD©0DLEHL/DWHUVDJDPEDªHUDFFRQWDO¶DPD
URWUDPRQWRGLXQSOD\ER\GLSURYLQFLDIUDGRQQHRU
PDLODWLWDQWLSLFFROHSDXUHHGH¿FLWHUHWWLYL
/DFDQ]RQHqFRQWHQXWDLQ©6qQJXUªLOQXRYRFGGL
VSRQLELOHLQGLJLWDOHLQWXWWLLQHJR]LGLPXVLFDRQOL
QHGHOJUXSSRFKHYHGHODSDUWHFLSD]LRQHGLXQDOWUR
JUDQGHDUWLVWD'UXSL/¶LQWHUSUHWHSDYHVHFKHLQYHFH
JLRFDLQFDVDFDQWD±VHPSUHLQGLDOHWWR©3jGDUJ¶KR
VRJQªFRYHUGL©)DWKHUDQGVRQªGL&DW6WHYHQVGD
SRFRULYLVWRD6DQUHPRÊXQDOWURFODVVLFRXQPDQL
IHVWRGHOODSRHWLFDELJROHVFD
(FFROHSDUROHGL$O%DQR©+RDFFHWWDWRTXHVWDSLF
FRODIROOLDSHUFKpPHO¶KDFKLHVWRXQDPLFRLOJLRU
QDOLVWD )UDQFR %DJQDVFR FKH q DXWRUH GHO SH]]R H
DQLPDGHL%HDJOHVVSLHJD$O%DQR(SRLSHUFKp
YROHYRWRUQDUHFRQODPHPRULDDLPLHLDQQLTXDQ
GR SULPD GL VIRQGDUH QHOOD FDQ]RQH PL WUDVIHULL D
0LODQRSHUIDUHLOFDPHULHUHHGHGLFDUPLDODYRULVDO
WXDUL FRPH FRJOLHUH O¶XYD LQ YHQGHPPLD GDOOH SDU
WL GL 6DQWD 0DULD GHOOD 9HUVD LQ 2OWUHSz 3DYHVH ,
%HDJOHVVRQRGLTXHLSRVWLHTXHOOHWHUUHOHDPRHOH
KR FDOSHVWDWH WDQWH YROWH &DQWDUH ³0DL EHL´ PL KD
GLYHUWLWRPROWRFUHGRGLHVVHUPHODFDYDWDJLXGLFDWH
YRLHDOOD¿QHGLWHVWDPLDKRPHVVRDQFKHXQDIUDVH
FKHPLVHQWLYRVHPSUHULSHWHUHLQTXHJOLDQQLD0LOD
QRHGLQWRUQL´
0D HFFR OD ULVSRVWD GHO PLWLFR JUXSSR ROWUHSDGDQR
L %HDJOHV ³$YHUH LQ TXHVWR GLVFR$O %DQR H 'UXSL
FKHQRQ¿QLUHPRPDLGLULQJUD]LDUHqVWDWRXQRQRUH
JUDQGLVVLPRFRPPHQWD)UDQFR%DJQDVFRDQRPHGL
WXWWLL%HDJOHVJOLDOWULVRQRO¶LPSUHQGLWRUHHGLOH*LJL
%UHJDHLOSURIHVVRUHXQLYHUVLWDULR3LHUDQJHOR0DVD
UDWLWXWWLFRQO¶KREE\GHOODFDQ]RQHUXVSDQWHFKHV¿R
UDODOHJJHUH]]DHVHQWLUH$O%DQRFDQWDUHTXHOSH]]R
LQVDODGLUHJLVWUD]LRQHPLKDPHVVRLEULYLGL3HUXQ
SXJOLHVHQRQqVWDWRIDFLOHDGGHQWUDUVLLQXQPRQGR
GLDOHWWDOH GLDPHWUDOPHQWH GLYHUVR PD FH O¶KD IDWWD
FRQSRFKHFRUUH]LRQLLQFRUVRG¶RSHUD&RJOLHQGRLQ
SLHQRORVSLULWRGLTXHVWDVHULVVLPDJROLDUGDWD,QXQ
SDLRG¶RUHFRQXQSR¶GLYRFDOFRDFKLQJODFDQ]RQH
HUDUHJLVWUDWD$O%DQRLQTXDQWRDLQWHOOLJHQ]DJH
QHURVLWj H VHQVR GHOOR VSHWWDFROR EDWWH GLHFL D ]HUR
PROWLUDJD]]LQL&KDSHDX´
)UDQFR%DJQDVFRPDFKHFRV¶qµ6HQJXU¶"
³6qQJXU´RYYHUR³]LQJDUL´LQGLDOHWWRROWUHSDGDQR
qLOTXDUWRFGGHL%HDJOHVWXWWHOHLQIRUPD]LRQLVXO
JUXSSR VL WURYDQR VXOOD )DQ 3DJH )DFHERRNFRP
LEHDJOHV FRVWDQWHPHQWH DJJLRUQDWD FRQWLHQH WUDFFHHGHVFHLQGLVWULEX]LRQH¿VLFDDOLYHOORORFDOHH
GLJLWDOHLQWXWWRLOPRQGRVXSLDWWDIRUPHRQOLQHFRPH
L7XQHVH3OD\6WRUH©6qQJXUª]LQJDULDOOD©$PLFL
PLHLªPDDQFKHUDJD]]DFFLSHVWLIHULLQXQ¶LQWHUSUH
WD]LRQH GHO GLDOHWWR VRQR JOL VWHVVL %HDJOHV H SRL L
WDQWLVWUDQLHULFKHRJJLIUHTXHQWDQROHWHUUHROWUHSD
GDQH TXDVL VHPSUH LQ FHUFD GL ODYRUR 6SHVVR FRQ
SDVVLRQHHGHGL]LRQHQRQGLUDGRUXEDQGRRFUHDQGR
VFRPSLJOLRHSVLFRVLQHOODSRSROD]LRQH1RQRVWDQWHOH
SUHPHVVH³6qQJXU´QRQqXQDOEXP[HQRIRERPDVX
TXHVWD[HQRIRELDJLRFDHLURQL]]DDQFKHHVRSUDWWXWWR
SHUHVRUFL]]DUOD3HUFKpqO¶XQLFRPRGRSHUXVFLUQH
³0DUXFKHQ ,,,´ FRYHU GL /XSLQ FDQWDWD GDO FRQ
WUDOWR&ODXGLD2WWDYLD%RVHOOLqXQHVHPSLRGLTXHVWD
FLIUD&RVuFRPH©/DFD¶DGEDOQpJDUªFKHUDFFRQ
WDGLXQDJULFROWRUHFKH¿QLVFHLQJDOHUDGRSRDYHU
PDOPHQDWRXQLVSHWWRUHGHOODYRURFKHORPXOWDSHU
DYHU LQJDJJLDWR XQ ODYRUDWRUH VDOWXDULR LQ FDPSD
JQDVHQ]DUHJRODUHFRQWUDWWR(PHQWUHqLQFDUFHUH
XQ FULPLQDOH DOEDQHVH YLHQH ULODVFLDWR GL Ou D SRFR
JUD]LHDXQFRQGRQR1HOODQXRYDIDWLFDGHL%HDJOHV
F¶qVSD]LRDQFKHSHUUDFFRQWDUHODVIRUWXQDLQ³0HU
GD´IUDJUDQWHFRYHUGL©<HVWHUGD\ªGHL%HDWOHVHSHU
O¶DPRUHURPDQWLFRLQ³/p´ODYHUVLRQHVTXLWDPHQWH
ORFDOHGL³6KH´GL(OYLV&RVWHOOR&KHUDFFRQWDLPD
OXPRULGLXQDURGDWDFRSSLD0DLOVLQJRORWUDLQDQWH
GHOO¶DOEXPq³'LVFRFLXOD´XQLQHGLWRURFNUDSFKH
FLSURLHWWDLPPHGLDWDPHQWHQHOPRQGRGHOODQRWWHIUD
VWXSLGRWWL L FLXOD DSSXQWR FKH HQWUDQR LQ GLVFRWH
FDFROQRPHLQOLVWDVDOYRWURYDUHVJUDGLWHVRUSUHVH
8QDULÀHVVLRQH%HDJOHVVW\OHIUDYHFFKLHQXRYLPRGL
GL DSSURFFLDUVL DOO¶XQLYHUVR IHPPLQLOH /D ULWPDWD
³7DVFLjSDOPXV´UDFFRQWDJOLHWHUQLOLWLJLGHLUDJD]
]LGDYDQWLDOEDUH³8QDPDQJDDGFXLzQ´FRYHUGL
³:KDWDZRQGHUIXOZRUOG´GL/RXLV$UPVWURQJHQWUD
QHOORVWHVVREDUGLSURYLQFLDYLVWRSULPDGDIXRULH
QH GLVHJQD O¶DIIUHVFR GHOOD YDULHJDWD FOLHQWHOD 'DO
SXQWRGLYLVWDGHOWLWRODUH/DSRPSDWLVVLPD³6DLFKL
WLVDOXWD"´qXQRWUDLSH]]LLQLWDOLDQRHFKLXGHO¶DO
EXP5DFFRQWDFRQVDUFDVPRFRPHLQXQDYLJQHWWD
OH ¿JXUH PDUFH GL TXHVW¶,WDOLD GLULJHQWL G¶D]LHQGD
FDUGLQDOLSROLWLFLHGLUHWWRULGLJLRUQDOL´
,%HDJOHVVRQR)UDQFR%DJQDVFR)UHQFK4XLQWLQR
*LJL%UHJDLO0DQH3LHUDQJHOR0DVDUDWL$QGR,O
SULPRDOEXPGHOODIRUPD]LRQHGL6DQWD0DULDGHOOD
9HUVDULVDOHDOHVLLQWLWROD©,UURUDQGRª6HJXL
WRGD©,OSRGHUHORJRUDªH©5XVSDQWLª
7XWWLGLVSRQLELOLQHLQHJR]LGLPXVLFDRQOLQH/DIDQ
3DJH XI¿FLDOH q )DFHERRNFRPLEHDJOHV H FRQWLHQH
WXWWHOHLQIRUPD]LRQLVXOODEDQG
(9(17,
$O%DQRFDQWDLQGLDOHWWRLOWUDPRQWRGL
XQSOD\ER\QHOQXRYRFGGHL%HDJOHV
6,3$57(,/$35,/(
9DU]L9LYDLQDXJXUD
ODVWDJLRQHWHDWUDOH
/¶DSSXQWDPHQWR SHU JOL DPDWRUL GHOOD FRPPHGLD
GLDOHWWDOH q D9DU]L SUHVVR LO WHDWUR GHOOD &DVD GL
5LSRVRJHQWLOPHQWHFRQFHVVRGDOOD)RQGD]LRQH6
*HUPDQR FRQ GXH UDSSUHVHQWD]LRQL GHOOD QXRYD
RSHUD GL )LRUHQ]D /DQIUDQFKL GDO WLWROR ³(U 3DO
WzPHULFDQ´VDEDWRDSULOHRUHHGRPHQLFD
DSULOH RUH /¶$VVRFLD]LRQH ³9DU]L9LYD´ V¶LP
SHJQDDWHQHUHLQYLWDODWUDGL]LRQHGHOODFRPPHGLD
GLDOHWWDOHYDU]HVHSHUFKpULWLHQHFKHVLDO¶HVSUHV
VLRQHGLXQDFRPXQLWjFKHKDFRQGLYLVRHFRQGL
YLGH YLVVXWL q FRPH XQ DELWR VX PLVXUD q FRPH
XQD VSXJQD FKH DVVRUEH YLFHQGH HSLVRGL OXRJKL
SHUVRQDJJL H OL UHVWLWXLVFH FRQ SUR¿OR H LGHQWLWj
SUHFLVLPDVRSUDWWXWWRFRQXQ¶DQLPD,OSUHVLGHQ
WH0DULDQR/HUELQLVRWWROLQHD³$PDUHLOGLDOHWWR
XVDUORQHOQRVWURTXRWLGLDQRQHOWHDWURSHUJLRFR
SHU FRPXQLFDUH LQ PRGR DPHQR VLJQL¿FD DPDUH
QRLVWHVVLVLJQL¿FDHVVHUHSRVVHVVRULGLXQDJUDQ
GHHUHGLWjO¶HUHGLWjGHOODQRVWUDVWRULD(GLVWR
ULDTXRWLGLDQDGHOODJHQWHFRPXQHG¶DOWULWHPSLVL
QDUUDDQFKHLQTXHVWDFRPPHGLD/DYLFHQGDDP
ELHQWDWDQHOHYRFDO¶HSRFDGHJOLHPLJUDQWL
GHOOHPRQGLQHGHLFRPPHUFLDQWLHGHOWUHQLQRGHO
OD9RJKHUD9DU]LLPSRUWDQWHHSLWWRUHVFRPH]]R
GLFRPXQLFD]LRQH3HUODVFHQRJUD¿DqVWDWDXQD
YDOLGD IRQWH GL GRFXPHQWD]LRQH OD PRQRJUD¿D GL
$OHVVDQGUR'LVSHUDWLH&HOHVWLQR)RVVDWL³,OWUHQL
QRGHOOD9DOOH6WDIIRUD´,OJUXSSRGHJOLLQWHUSUHWL
VLqLPSHJQDWRDUHFLWDUHFDQWDUHHEDOODUHSHURI
IULUHDOO¶DPDWRSXEEOLFRXQRVSHWWDFRORGLPHPRULD
H GL VYDJR /¶LQWHQWR DPEL]LRVR q GL GLYHUWLUH GL
SRUWDUHXQDYHQWDWDSULPDYHULOHLQWXWWLLVHQVLGL
IDUSLDFHUHDWXWWL6LULFRUGDFKHF¶qODSUHYHQGLWD
GHLELJOLHWWLSUHVVRODFDUWROLEUHULDGL'HJOLDOEHUWL
6LOYDQDLQYLD3LHWUR0D]]D9DU]L
LO 3HULRGLFR
$35,/(
(9(17,
35(6(17$72/¶8/7,02&''(//¶$57,67$92*+(5(6(
8PEHUWR3DWULQSUHVHQWDµ7UDFHVDQG
JKRVWV¶XQDOEXPWXWWRGHGLFDWRDOMD]]
',6(5(1$6,08/$
,O WLWROR ³7UDFHV DQG JKRVWV´ LQ LWD
OLDQR³7UDFFHHIDQWDVPL´QHULDVVX
PH SHUIHWWDPHQWH O¶HVVHQ]D VWLDPR
SDUODQGRGHOO¶XOWLPRDOEXPLQFLVRGDO
QRWRSLDQLVWDMD]]YRJKHUHVH8PEHUWR
3HWULQ LO TXLQGLFHVLPR UHDOL]]DWR GD
VROR DOO¶LQFLUFD LO VHWWDQWHVLPR FRQ
VLGHUDQGROHLQQXPHUHYROLFROODERUD
]LRQL8QGLVFRGLYHUVRGDLSUHFHGHQWL
LQFXLVRQRFRQÀXLWHWDQWLVVLPHVXJJH
VWLRQLSURYHQLHQWLGDOPRQGRGHOO¶DUWH
HGHOODOHWWHUDWXUDXQGLVFRFKHqDSSHQDXVFLWRVXLVLWL
LWDOLDQLPDFKHDOO¶HVWHURGRYHqLQYHQGLWDGDOOD¿QH
GL IHEEUDLR KD JLj ULVFRQWUDWR L SDUHUL SRVLWLYL GHOOD
FULWLFD$UDFFRQWDUFLOHPLOOHVIXPDWXUHGHOVXRXOWL
PRODYRURHFLzFKHVLFHODGLHWURLOFRPSOHVVRSUR
FHVVR G¶LPSURYYLVD]LRQH q VWDWR SURSULR 3HWULQ FKH
DEELDPRLQFRQWUDWRQHOODVXDDELWD]LRQHYRJKHUHVH
,QQDQ]LWXWWRVSLHJKLDPRFRPHVLLQFLGHXQDOEXP
MD]]"
³,QPRGRXQSR¶GLYHUVRULVSHWWRDTXDOXQTXHDOWUR
WLSRGLDOEXP&HUWRDQFKHLQTXHVWRFDVRFLVLSUHSD
UDSULPDPDLOSURFHVVRFUHDWLYRIXQ]LRQDLQWXWW¶DOWUD
PDQLHUD 3HUVRQDOPHQWH GHFLGR GL LQFLGHUH TXDQGR
KRFRPSRVWRXQDVHULHGLWHPLGHOOHER]]HFKHGH¿
QLUHWUDFFHVDUHEEHHFFHVVLYRPDFKHKDQQRXQRVWLOH
EHQ GLVWLQWR XQ¶LVSLUD]LRQH SUHFLVD 3HUVRQDOPHQWH
PL FDSLWD VSHVVR GL FRPSRUUH XQ WHPD GRSR HVVHU
PLHVHUFLWDWRDOXQJRVXOODYRURGLXQFRPSRVLWRUHR
SHQVDQGRDGXQ¶RSHUDQDUUDWLYDRSLWWRULFDFRQFXL
KR DYYHUWLWR XQ OHJDPH WDOPHQWH SURIRQGR GD IDUPL
VXSHUDUHODGLIIHUHQ]DWUDLOLQJXDJJLDUWLVWLFLSHUIRQ
GHUOLLQXQDPHORGLD8QDYROWDFKHKRTXHVWHWUDFFH
LQPHQWHSRUWRFRQPHLQVDODGLUHJLVWUD]LRQHGHJOL
DSSXQWLHWXWWRLOUHVWRORDI¿GRDOO¶LPSURYYLVD]LRQH
,OULVXOWDWRTXLQGLqVHPSUHXQDWUDFFLDXQLFDHGLU
ULSHWLELOH´
&KLVRQRLIDQWDVPLFKHQRPLQDQHOWLWROR"
³,IDQWDVPLVRQRDSSXQWRFRORURFKHPLKDQQRLVSL
UDWRGXUDQWHODFUHD]LRQHGHLEUDQL,QTXHVW¶DOEXPFL
VRQRO¶LQWHUSUHWD]LRQHGL'UDFXODIDWWDGD%HOD/XJR
VLO¶DWWDFFRGHOURPDQ]R³/ROLWD´GL9ODGLPLU1DER
NRYOHRSHUHSLWWRULFKHGL3KLOLS*XVWRQODVFULWWXUD
GHSLVWDQWHGL7KRPDV3\QFKRQHPROWLVVLPLDOWULUL
PDQGLDGDOWULJHQHULPXVLFDOLWUDFXLDGGLULWWXUDLO
PHWDOHODGDQFHPXVLF´
4XLQGLODVXDqXQDSDVVLRQHSHUO¶DUWHDƒ
³$VVROXWDPHQWHVLLRDPRRJQLIRUPDGLFUHD]LRQHH
YRUUHLIDUHGHOODPLDVWHVVDYLWDXQ¶RSHUDG¶DUWH1RQ
SHUQLHQWHWUDLPLHLPLWLF¶qO¶DUWLVWDWHGHVFR-RVHSK
%HX\VFROXLFKHSLGLWDQWLDOWULKDVDSXWRXQLUHOH
GXHFRVHHFRPHOXLLRVRQRFRQYLQWRFKHGHQWURRJQL
XRPRVLQDVFRQGDXQDUWLVWDVLWUDWWDVRORHTXHVWRq
LOYHURFRPSLWRGHOO¶DUWHGLVWLPRODUQHODVHQVLELOLWj
HGLIDUHLQPRGRFKHHVFDDOORVFRSHUWR´
&RPHVLSUHSDUDSULPDGLXQFRQFHUWR"
³$QFKH LQ TXHVWR FDVR LQ PDQLHUD XQ SR¶ DQRPDOD
0LFDSLWDVSHVVRGLVWXGLDUHWDQWLVVLPRXQEUDQRFRQ
O¶LGHDGLDSULUFLLOFRQFHUWRHGLVDOLUHVXOSDOFRVLFX
ULVVLPRGLFLzFKHVXRQHUz3RLSHUzPLVLHGRDOSLDQR
H DOO¶LPSURYYLVR PL YLHQH YRJOLD GL IDUH TXDOFRV¶DO
WURGLODVFLDUHFKHVLDO¶LPSURYYLVD]LRQHDJXLGDUPL
8PEHUWR3DWULQIRWRGL0DULQD0DJUL
&RVuPLDEEDQGRQRDOODPXVLFDHGHQWURLQXQRVWDWR
GLDXWRDQQXOODPHQWRLQFXLLRVWHVVRPLWUDVIRUPRLQ
XQRVWUXPHQWRQHOOHPDQLGLTXDOFXQDOWUR´
(ROWUHDVXRQDUHFRVDOHSLDFHIDUH"
³,QVHJQDUHLQVHJQDUHPLSLDFHWDQWLVVLPR0LSLDFH
O¶LGHDGLWUDVPHWWHUHOHSURSULHFRQRVFHQ]HDXQ¶DOWUD
SHUVRQDHPLSLDFHFKHTXHVWDYRJOLDDSSUHQGHUOHGD
WHHQRQGDTXDOFXQDOWUR(SRLYLDJJLDUHVXRQDUHLQ
JLURSHULOPRQGR´
'RYHVLSRWUjFRPSUDUH³7UDFHVDQGJKRVWV´"
³3UREDELOPHQWH VROR RQOLQH SHU RUD VX GLYHUVL VLWL
VWUDQLHUL H VX TXHOOR GHOOD 0RQGDGRUL PD D EUHYH
GRYUHEEHDUULYDUHDQFKHVX$PD]RQ3RLDVHFRQGD
GLFRPHDQGUDQQROHYHQGLWHVXLQWHUQHWYHGUHPRVH
GLVWULEXLUORDQFKH¿VLFDPHQWHQHOOHJUDQGLFDWHQHGL
QHJR]LFRPH)HOWULQHOOL´
/¶23(5$6$5¬35(6(17$7$0(5&2/('Î$35,/($//(21'¶252$//(25(
³/DVFDODGHOSROODLR´HFFR¿QDOPHQWHO¶DWWHVR
OLEURDXWRELRJUD¿FRVFULWWRGD)DXVWR&UHYDQL
',$/(66$1'52',63(5$7,
1HO SRPHULJJLR GL PHUFROHGu DSULOH DOOH SUHVVR LO &DIIq /HRQ G¶2UR GL 3LD]]D 'XRPR D
9RJKHUDVDUjSUHVHQWDWRXQOLEURVFULWWRGD)DXVWR
&UHYDQLLQWLWRODWR³/DVFDODGHOSROODLR´3ULPXOD
(GLWRUH
'LSHQGHQWH FRPXQDOH H UDSSUHVHQWDQWH VLQGDFD
OH SHU PROWR WHPSR LPSHJQDWR DQFKH LQ SROLWLFD
JHVWRUH GL LPSLDQWL H LPSUHQGLWRUH GL VXFFHVVR
&UHYDQL RULJLQDULR GL 5RPDJQHVH PD YRJKHUHVH
G¶DGR]LRQHHVFHDOORVFRSHUWRFRQXQ¶RSHUDDXWR
ELRJUD¿FDVLQJRODUHGHQVDGLDQHGGRWLHGLULFRUGL
HPR]LRQDQWL
³/DVFDODGHOSROODLR´qLOSULPRYROXPHGLXQDWUL
ORJLDFKHVLSUHDQQXQFLDLQWHUHVVDQWHHFKHSURPHW
WHULYHOD]LRQLSLFFDQWLHLQHGLWHVXDOFXQHTXHVWLRQL
FKHKDQQRFDUDWWHUL]]DWRPH]]RVHFRORGLYLWDSROL
WLFDYRJKHUHVH
&UHYDQLUDFFRQWDHVLUDFFRQWDSHUODSULPDYROWD
SURSRQHQGR XQ ÀXVVR GL ULFRUGL WHQHUL H D YROWH
HVLODUDQWL
&RQXQDVFULWWXUDVRVSHVDWUDLURQLDHPDOLQFRQLD
O¶DXWRUHUHQGHJUDQGHSURWDJRQLVWDGHOOLEURSURSULR
ODVXDFLWWjHO¶2OWUHSz3DYHVHGRYHVLVQRGDQRQX
PHURVLHYHQWLFKHULJXDUGDQRODFDVDODVFXRODJOL
DPLFL OH VFRUULEDQGH LQ PRWRULQR JOL VFKHU]L JOL
LQFRQWULFRQLSHUVRQDJJLGHOODSROLWLFDHGHOOHLVWL
WX]LRQL
(PHUJHSRLLOUDSSRUWRVHPSOLFHHVSHQVLHUDWRFRQ
OD FDVD GHL QRQQL D &DVD /D]]DWL GL 5RPDJQHVH
FRQOHWUDGL]LRQLHOHXVDQ]HGHOWHPSRFKHIX
8QSHUFRUVRFRPXQTXHVLQFHURTXHOORGL&UHYDQL
GRYHSUHGRPLQDQRYHFFKLHHPR]LRQLUXPRULVDSR
ULHRGRUL
8Q OLEUR LPSHUGLELOH SHU VFRSULUH LO ³SULYDWR´ H L
PROWHSOLFL DVSHWWL FDUDWWHULDOL GHOO¶DXWRUH XQ SHU
VRQDJJLRLUUHTXLHWRFKHULÀHWWHQGRVXVHVWHVVRVD
GLYHUWLUH H LQFXULRVLUH LO OHWWRUH DQFKH DWWUDYHUVR
DOFXQH VXFFRVH DQWLFLSD]LRQL UHODWLYH DL SURVVLPL
YROXPLGHOODWULORJLD
$OO¶HYHQWR LQ SURJUDPPD DO /HRQ G¶2UR ROWUH
DOO¶DXWRUH LQWHUYHUUj *LRUJLR 0DFHOODUL UHVSRQ
VDELOHGL3ULPXOD(GLWRUH1HOFRUVRGHOODSUHVHQ
WD]LRQH 0DU\ 9LVFDUGL OHJJHUj DOFXQL EUDQL WUDWWL
GDO OLEUR /¶RSHUD GL &UHYDQL UDSSUHVHQWD O¶XOWLPD
SURGX]LRQH LQ RUGLQH GL WHPSR GHOOD FDVD HGLWULFH
YRJKHUHVH FKH QDWD DOO¶LQL]LR GHOOR VFRUVR DQQR
FXUD OD SXEEOLFD]LRQH GL RJQL OLEUR QRQ VROR QHO
IRUPDWR FDUWDFHR EHQVu DQFKH LQ IRUPDWR GLJLWDOH
±LOFRVLGGHWWRHERRN±DYHQGRDFTXLVLWRO¶RSSRU
WXQLWjGLGLVWULEXLUHVXLSLQRWLHIUHTXHQWDWLVLWLGL
GLVWULEX]LRQHHGLWRULDOHRQOLQH3ULPXOD(GLWRUHKD
JLjDOO¶DWWLYRDOFXQLOLEULHGqRUDDOODYRURVXDOWUH
RSHUH FRPH DG HVHPSLR XQD VHULH GL LQWHUHVVDQWL
SXEEOLFD]LRQLUHODWLYHDOWHUULWRULR
LO 3HULRGLFR
$35,/(
³,Q,WDOLDQRQFLVRQRQXRYLWDOHQWLDOLYHOORLQWHUQD
]LRQDOHPDVRORGLVFUHWLJLRYDQLGLEHOOHVSHUDQ]HD
OLYHOOR QD]LRQDOH SRL LQ ,WDOLD VL KD XQ FRQFHWWR GL
JLRYDQLGLYHUVRULVSHWWRDOUHVWRGHOPRQGRLQ,WDOLD
XQRGLDQQLH¶FRQVLGHUDWRJLRYDQHDOO¶HVWHURH¶JLD
FRQVLGHUDWRYHFFKLRRSHUORPHQRPDWXUR´(¶TXHVWD
OD IUDVH SURQXQFLDWD DOFXQL JLRUQL RUVRQR LQ$XVWULD
GXUDQWHLO5HEHOQDQG5DOO\GD3LHU/LEHUDOLGHOOD8QL
WHG%XVLQHVVVRFLHWjGLPDQDJHPHQWVSRUWLYRLPSH
JQDWDDLPDVVLPLOLYHOOLHXURSHL)UDVHODSLGDULDFKH
IRWRJUDIDODGLI¿FLOHVLWXD]LRQHFKHVWDYLYHQGRO¶DX
WRPRELOLVPRWULFRORUHGDOOD)RUPXODDLUDOO\
,OVHJQDOHSLHYLGHQWHGHOOD³FULVL´qO¶DVVHQ]DGLSL
ORWLLWDOLDQLLQ)RUPXODPDTXHVWDqVRORODSXQWD
GLXQLFHEHUJFKHVLHVWHQGHPROWRSLLQSURIRQGLWj
FRLQYROJHQGRDQFKHLUDOO\
3HUXQDSHUVRQDPLQLPDPHQWHFRPSHWHQWHXQ¶DIIHU
PD]LRQH GHO JHQHUH q DVVROXWDPHQWH FRQGLYLVLELOH
D PDJJLRU UDJLRQH LQ TXDQWR SURQXQFLDWD QRQ GD XQ
SURIDQR TXDOFKH IDQ RFFDVLRQDOH FKH VL OLPLWD D VH
JXLUHOHFRUVHGHOODPDVVLPDVHULHPDGDXQSDWURQ
GLXQ¶D]LHQGDFKHKDJHVWLWRHJHVWLVFHSLORWLLWDOLDQLH
VWUDQLHULDOLYHOORLQWHUQD]LRQDOHROWUHFKHHVVHUHSUR
PRWHUGLUDOO\VLDLQ,WDOLDFKHDOO¶HVWHURXQDSHUVRQD
FKHGXQTXHH¶WUDOHSLDWWHQWHDLULVXOWDWLHGDOODFUH
VFLWDGHLJLRYDQLUDOO\VWLGLFDVDQRVWUD
,QXWLOHJLUDUFLLQWRUQRqWXWWDXQDTXHVWLRQHGLVROGL
PDDQFKHGLPHQWDOLWj/DFULVLGHO6LVWHPD,WDOLDYD
DEUDFFHWWRFRQTXHOODFKHVWDPHWWHQGRLQJLQRFFKLR
O¶HFRQRPLDPRQGLDOHOHD]LHQGHLWDOLDQHQRQLQYHVWR
QRSLQHOPRWRUVSRUWSHUFKpQRQKDQQRSLLFDSLWDOL
SHUIDUOR
6HQWLUH LQ FRQWLQXD]LRQH L QRVWUL SLORWL DIIHUPDUH GL
QRQGLVSRUUHGHOEXGJHWQHFHVVDULRSHUWURYDUHXQVH
GLOHQRQqXQFDVRPDDQFKHTXDQGRKDQQRLOEXG
JHWORVSHQGRQREHQH"'DOO¶$XVWULD/LEHUDOLDIIHUPD
³*LXGLFDUHVHXQEXGJHWqEHQVSHVRRQRqVHPSUH
GLI¿FLOH DQFKH SHUFKq RJQXQR FRQ L VROGL SURSUL ID
TXHOORFKHYXROHSUHPHVVRTXHVWRELVRJQDYHGHUHGL
FKHWLSRORJLDGLSLORWDSDUOLDPRVHqXQJHQWOHPDQ
GULYHUFKHFRUUHSHUGLYHUWLUVLFRPHLQ2OWUHSzFHQH
VRQRWDQWLLOEXGJHWORLQYHVWHFRPHYXROHSHUFKqLO
VXRRELHWWLYRqSULPDGLWXWWRGLYHUWLUVLORVSRUWqVH
FRQGDULR VH SDUOLDPR GL XQ SLORWD DIIHUPDWR FRPH
5RVVHWWL%DVVR$QGUHXFFLR/RQJKLFKHLOSLORWDOR
IDQQRGLSURIHVVLRQHTXHVWLFRUURQRGRYHOLSDJDQRR
GRYHFLJXDGDJQDQRVHSDUOLDPRGLJLRYDQLIRUVHYH
ORFLqGLI¿FLOHGDUHXQJLXGL]LRVXJOLLWDOLDQLFRUURQR
VRORLQ,WDOLDHQHJOLXOWLPLWHPSLTXDQGRVRQRDQGDWL
DOO¶HVWHURKDQQRSUHVRVRORGHOOHEDWRVWHPDWUDJLFD
PHQWH KDQQR VHPSUH WURYDWR VFXVH H GRSR XQD GXH
JDUHVRQRVFDSSDWLQXRYDPHQWHLQ,WDOLD6HPEUHUHE
EHFKHDLJLRYDQLLWDOLDQLPDQFKLLOFRUDJJLRGLJD
UHJJLDUHDOO¶HVWHURHYHGHUHYHUDPHQWHFRVDYDOJRQR
FRQIURQWDQGRVLFRQDOWUHUHDOWjDOWULSHUFRUVLHGDOWUL
SLORWLSUHIHULVFRQRLQYHFHXQDJDUDLQSLLQ,WDOLDHG
XQEXRQSLD]]DPHQWRLQXQWURIHRQD]LRQDO±ORFDOH
QRQqTXLQGLVHPSUHTXHVWLRQHGLEXGJHWPDGLVFHOWH
8Q UXROR FKLDYH LQ QHJDWLYR q JLRFDWR FHUWDPHQ
WH GDOO¶XQLFD FDVD DXWRPRELOLVWLFD LWDOLDQD OD )LDW
/D&DVDGL7RULQRR'HWURLWGLUVLYRJOLDGRYUHEEH
DYHUHLOFRUDJJLRGLULHQWUDUHQHLUDOO\GLVFLSOLQDFKH
WDQWROXVWURHWDQWHYHQGLWHKDGDWRQHJOLDQQLVFRUVL
DOPDUFKLRGHO*UXSSR),$7RUD)&$±)LDW&KU\
VOHU$XWRPRELOHVHVHULHQWUDVVHQHLUDOO\GRYUHEEH
DYHUHLOGRYHUHPRUDOHGLDOOHYDUHLJLRYDQLSLORWLLWD
02725,
/DFULVLGHO³6LVWHPD5DOO\,WDOLD´
VSRQVRUDVVHQWLVROGLDVVHQWL
H)LDW«SXUH
$VLQLVWUD
*LDFRPR
6FDWWRORQ
DQQL
&DPSLRQH
,WDOLDQR-XQLRU
4XLD¿DQFR
(VDNHSSD
/DSSLDQQL
)LQODQGLD
3LORWDXI¿FLDOH
6NRGD
,QWHUQDWLRQDO
OLDQLVHQRQDOWURSHUFDPSDQLOLVPR«FRVLFRPHIDQ
QRLFRVWUXWWRULIUDQFHVL&LWURHQ3HXJHRWH5HQDXOW
'DTXHVWDVLWXD]LRQHHFRQRPLFD±VSRUWLYDVLVDOYDQR
VRORDOFXQLSLORWLFRQODYDOLJLDDGHVHPSLR%HUWHO
OLVXDPDGUHH¶0LXFFLD3UDGDFRQGXWWRUHLQ
TXHVWRFDVRSDUODUHGLSLORWDqHFFHVVLYRFRQPH]]L
HFRQRPLFLSUHVVRFKHLOOLPLWDWLFKHGDDOFXQLDQQLqLQ
SLDQWDVWDELOHQHOOHSRVL]LRQLGLULQFDO]RQHOPRQGLD
OHUDOO\PDDOWULSLORWLLWDOLDQLFKHSRVVDQRORWWDUHSHU
ODFODVVL¿FDDVVROXWDRJLRYDQLGLEHOOHVSHUDQ]HFKH
VRQRQHOPRQGLDOHFRQXQDURVHDSURVSHWWLYD«EHK«
QRQFHQ¶qQHDQFKHO¶RPEUD´
(GLQ2OWUHSzODVLWXD]LRQHFRP¶H¶"
³&L VRQR WDQWL RWWLPL JHQWOHPDQ GULYHUV 7DJOLD
QL %HYDFTXD %UHJD 0XVWL PD VWLDPR SDUODQGR GL
JHQWOHPDQGULYHUVFKHSHUPRWLYLGLODYRURRSHUFR
PRGLWDKDQQRVHPSUHFRUVRLQ,WDOLDRQHOODSURSULD
]RQD ± GLFKLDUD 3LHU /LEHUDOL ± XQ EXRQ SURVSHWWR q
FHUWDPHQWH LO ¿JOLR G¶DUWH 6FDWWRORQ FKH QHJOL DQQL
VFRUVLKDFRUVRLQ,WDOLDHGDQFKHTXHVW¶DQQRVHPEUD
VHJXLUHDQFRUDXQSURJUDPPDWXWWRLWDOLDQRTXLQGL
TXDOVLDVLULVXOWDWRRWWHUUjVDUjLPSRVVLELOHGDJLXGL
FDUHHVRSUDWWXWWRQHVVXQ7HDP0DQDJHULQWHUQD]LR
QDOHVLSUHQGHODEULJDGLSUHQGHUHLQFRQVLGHUD]LRQH
XQ SLORWD FKH FRUUH VROR QHOOD VXD QD]LRQH SHUFKq
PDQFDQRLWHUPLQLGLSDUDJRQHLOFRQIURQWRFRQSLORWL
LQWHUQD]LRQDOLDGDWWDELOLWjDVWUDGHGLYHUVHFDSDFLWj
GLUHOD]LRQDUVLLQXQDPELHQWHLQWHUQD]LRQDOHHWXWWD
XQD VHULH GL DOWUL SDUDPHWUL 6RQR UDJLRQHYROPHQWH
FHUWR FKH 6FDWWRORQ LQ ,WDOLD RWWHUUj EXRQL ULVXOWDWL
PD SRL VDUj SXQWR D FDSR 4XHVWD q OD PLD RSLQLR
QHFKHSXzHVVHUHFRQGLYLVDRSSXUHQRPDLJLRYDQL
SLORWLVWUDQLHULFRQYHOOHLWjDJRQLVWLFKHFRUURQRHVL
FRQIURQWDQRJLjDDQQLDOLYHOORLQWHUQD]LRQD
OHPDJDULFRQPDFFKLQHSLFFROHPDDOO¶HVWHURWDQWR
PDFFKLQHSLFFROHRJURVVHFKHVLDQRLWHDPPDQDJHU
YHGRQRFKLYDIRUWHHFKLQR3XUWURSSROD¿OLHUDLWD
OLDQDWURIHLGL]RQDWURIHLQD]LRQDOLHSRL&DPSLRQDWR
,WDOLDQR5DOO\QRQSRUWDDQLHQWHGDWLDOODPDQRPH
JOLRGLVSXWDUHWURIHLLQWHUQD]LRQDOLFRPHLO'0DFN
)RUG7URSQ\RLO&LWURHQ7URSK\OLWLJXDUGDQRHVH
YDLIRUWHHVRSUDWWXWWRWLYHGRQR´
,Q2OWUHSzF¶qDQFRUDVSD]LRHGHVLVWHODSRVVLELOWj
SHUXQUDOO\DOLYHOORQD]LRQDOHHRLQWHUQD]LRQDOH"
,OSDWURQGHOOD8QLWHG%XVLQHVVJLjSURPRWHUGHO%HWD
5DOO\2OWUHSzGHO&URDWLD5DOO\HGRUDLQ$XVWULDSHU
XQSURJHWWRUDOOLVWLFRLQWHUQD]LRQDOHQHOO¶(VW(XURSHR
±qODSLGDULR³1RLQ2OWUHSzQRQFLVRQRFKDQFHVSHU
XQUDOO\DUHVSLURLQWHUQD]LRQDOHHGqXQSHFFDWRLO
VLVWHPDSROLWLFRROWUHSDGDQRSUHIHULVFHSHUQHFHVVLWj
FRVWUL]LRQH R VFHOWD WDQWH PDQLIHVWD]LRQL GL PHGLR
EDVVR YDORUH SLXWWRVWR FKH SRFKH GL JUDQGH YDORUH
QRQVRVHqJLXVWRRVEDJOLDWRQRQPLSRQJRGDGLYHU
VLDQQLLOSUREOHPD´
3HUULWRUQDUHDLEHLWHPSLLQFXLO¶,WDOLDHUDODQD
]LRQHFDUGLQHGHJOLVSRUWPRWRULVWLFLPRQGLDOLXQ
EXRQLQWHUHVVHVWDQQRULVFXRWHQGRLUDOO\VWRULFL
³(¶XQDGLVFLSOLQDOXGLFDSHUFKqORVSRUWqXQ¶DOWUD
FRVDHGqXQDGLVFLSOLQDFKHQRQVHJXRQRQKRQXOOD
LQFRQWUDULRDQ]LWXWWRVHUYHSHUPDQWHQHUHLQYLWDLO
PRWRUVSRUWHGLUDOO\HIDUHSURVHOLWLVPRPDDPHSHU
VRQDOPHQWHYHGHUHOHJDUHVWRULFKHPHWWHWULVWH]]D«
PLVHPEUDGLDQGDUHDYHGHUHXQDSDUWLWDGLYHFFKLH
JORULHFRQ0D]]ROD5LYHUDH%HWWHJDRJJLLOFDOFLR
q0HVVL3LUOR,EUDKLPRYLüOD)RUPXODq$ORQVR
+DPLOWRQ9HWWHOQRQ/DXGD3URVWH0DQVHOYHGHUH
LUDOO\VWRULFLPLVHPEUDGLYHGHUHLOSURJUDPPD³/H
9HORQH´QRQ³/H9HOLQH´PDDQFKHLQTXHVWRFDVRq
VRORODPLDRSLQLRQHHGXQPLRJXVWR´
6HPEUDSURSULRFKHSHULOPRWRUVSRUWHSHULOUDOO\VPR
LWDOLDQR VLD QHFHVVDULR DVSHWWDUH O¶XVFLWD GDOOD FULVL
HFRQRPLFDVSHUDQGRFKHDTXHOSXQWROD³UHVXUUH]LR
QH´DEELDLQL]LRO¶LPSUHVVLRQHqFKH¿QRDTXHOPR
PHQWRQXOODFDPELHUjELVRJQDSRLVSHUDUHFKHFDPEL
TXDOFRVDDQFKHQHOODWHVWDGHOOHJLRYDQLVSHUDQ]HUDO
O\VWLFKHLWDOLDQH
1RQ FL UHVWD FKH DI¿GDUFL DOOD 'LYLQD 3URYYLGHQ]D
TXDOFKHYROWDKDIXQ]LRQDWR
LO 3HULRGLFR
$35,/(
63257
92/$/$648$'5$7$5*$7$&(67(5&2,16,1(5*,$&21/¶$'2/(6&(5(
,OSUHVLGHQWHFKHYXROHFDPELDUHLOPRQGR
GHOYROOH\RELHWWLYRXQDSDOODYRORD.P
/DVTDXGUD
FKHPLOLWDLQ
VHULH&
',$/(66$1'52',63(5$7,
/HUDJD]]H³5,9$'2´FRQOHXOWLPHYLWWRULHVLVRQR
SRUWDWH D ULGRVVR GHOOD SULPD GHOOD FODVVH LQ SLHQD
]RQDSOD\RII'RSRODYLWWRULDFRQ0DUXGRLQGRSSLD
V¿GDqDUULYDWDDQFKHODTXDOL¿FD]LRQHDOODVHPL¿QDOH
GL &RSSD /RPEDUGLD7UDJXDUGR VWRULFR QHOOD SDOOD
YRORORFDOHFKHDXPHQWDODVRGGLVID]LRQHVHVLSHQVD
FKHqVWDWRUDJJLXQWRFRQTXDVLWXWWHUDJD]]HORFDOL
,O3UHVLGHQWH*LDQFDUOR)UDQFKLQLHLOGLULJHQWH$GULD
QR 0LODQ FUHGRQR VHPSUH GL SL QHO SURJHWWR ³'D
TXDQGR DEELDPR SUHVR LQ PDQR OD SDOODYROR H GD
TXDQGR DQFRUD GL SL DEELDPR XQLWR OH IRU]H FRQ
$GROHVFHUH 9RJKHUD DEELDPR LPSURQWDWR JOL RELHW
WLYLGHOODQRVWUDVRFLHWjVXOODFUHVFLWDGHOOHJLRYDQL
GHOWHUULWRULRFKHSRLSRVVRQRDUULYDUHDJLRFDUHLQ
SULPDVTXDGUD,QTXHVWRPRGRWXWWHOHQRVWUHVTXD
GUHVRQRIRUPDWHGDUDJD]]HFKHDEELDPRFUHVFLXWRH
FKHJLRFDQRSHUDWWDFFDPHQWRDOODPDJOLDHQRQSHU
LOULPERUVRVSHVHFRPHQHOFDOFLRRFRPHQHOODSDOOD
YRORRUPDLREVROHWD´
(GDTXLFKHSDUWHTXHVWDYRJOLDGLFUHVFHUHPD
QHOOR VWHVVR WHPSR GL FDPELDUH TXHVWR SDQRUDPD
SHUIDUODGLYHQWDUHXQDSDOODYRORDNLORPHWUR"
³6RQR ¿QLWL L WHPSL GHOOH YDFFKH JUDVVH FKLRVD LO
SUHVLGHQWH ,QYHVWLUHPR VHPSUH GL SL VX EUDYL DO
OHQDWRUL QHO VHWWRUH JLRYDQLOH FKH FL SHUPHWWHUDQQR
GLPLJOLRUDUHODTXDOLWjGHOODFUHVFLWDGHOOHJLRYDQL
(¶SRLODFROODERUD]LRQHIUDVRFLHWjYLFLQHFKHSRUWD
ORQWDQR/DSROLWLFDGHOO¶RUWLFHOORQRQSRUWDGDQHVVX
QDSDUWH(¶TXLFKHVWLDPRIDFHQGRSDVVLGDJLJDQWH
FRQODFROODERUD]LRQHDWWLYDFKHROWUHD5LYDQD]]DQR
7HUPHH9RJKHUDFRPSUHQGHDQFKH/XQJDYLOODH6DQ
QD]]DUR´
3URJHWWLDEUHYHVFDGHQ]D"
³,QQDQ]LWXWWR OD QRVWUD 8QGHU $GROHVFHUH 5LYD
QD]]DQRqSDVVDWDDOODIDVH5HJLRQDOHHKDJLjYLQWR
FRQWUR &UHPRQD 6DUj JUDGDWDPHQWH LQWHJUDWD FRQ
OHUDJD]]HGHOLQYLVWDGHOSURVVLPRFDPSLR
QDWR3HULOSURVVLPRDQQRSXQWLDPRPROWRVXLJUXSSL
RUDXQGHUFKHGLYHQWHUDQQRXQGHUGRYHDEELD
PRLQPHQWHXQJURVVR³SURJHWWR´QHLDQQL6WLDPR
RUJDQL]]DQGRXQFDPSHVWLYRFKHVLVYLOXSSHUjD5L
YDQD]]DQRH6DOLFHFRRUGLQDWRGDXQYHURHSURSULR
JXUX GHOOD SDOODYROR FKH q O¶DPLFR 0DVVLPR /RWWD
DOOHQDWRUHFRQWUDVFRUVLLQVHULH$VSLHJD$GULDQR
0LODQ6LSDUWLUjGDOO¶DOIDEHWL]]D]LRQHDOYROOH\SHU
SRLSDVVDUHDOODVSHFLDOL]]D]LRQHSHUUXRORHDOSHU
IH]LRQDPHQWR H WDWWLFD GL JLRFR 3XQWLDPR PROWR VX
TXHVWRHYHQWRSHUFKHqXQDJURVVDSRVVLELOLWjGLFUH
VFLWDVLDSHUOHUDJD]]HQRQVRORQRVWUHPDGLWXWWR
LOWHUULWRULRVLDSHULQRVWULJLjSXUEUDYLDOOHQDWRUL
FKHKDQQRFROWRDOYRORTXHVWDRSSRUWXQLWjHVLVRQR
UHVLGLVSRQLELOLSHUFROODERUDUHFRQ0DVVLPR/RWWD
$EELDPRDSHUWRXQQXRYR&HQWURGL$YYLDPHQWRDOOD
3DOODYRORFRQLQRVWULDOOHQDWRULGHOOHJLRYDQLOLD5H
WRUELGR XQR D *RGLDVFR HG q SURVVLPD XQD QXRYD
DSHUWXUDD3RQWH1L]]DSHUSRLSURVHJXLUHQHLSDHVL
OLPLWUR¿ DQFKH GHOO¶$OHVVDQGULQR GRYH OD SDOODYROR
QRQqDQFRUDSDUWLWD´
7RUQDQGRDOODSULPDVTXDGUDFRPLQFLDDVHUSHJ
JLDUH OD GRPDQGD PD GRYH SXz DUULYDUH TXHVWD
$GROHVFHUH5LYDQD]]DQR"
³6DSSLDPREHQLVVLPRFKHODSULPDVTXDGUDGHYHIXQ
JHUHGDWUDLQRSHUWXWWRLOPRYLPHQWR1RQVRQRVWDWL
IDWWLSURFODPLFKLDULVFHLOSUHVLGHQWH)UDQFKLQLPD
LOFOLPDFKHVLUHVSLUDLQFDVD5LYDGRqGLHVWUHPDVRG
GLVID]LRQHHGHQWXVLDVPR,OSXEEOLFRHLQRVWULWLIRVL
FRQLQWHVWD&ODXGLR%ROGULQLJUDGLVFRQRORVSHWWD
FROR SDUWHFLSDQGR VHPSUH QXPHURVL DJOL LQFRQWUL´
'XQTXHIDULSXQWDWLVXTXHVWDJLRYDQHVTXDGUDGL
VHULH&"
³6LFRQFOXGH)UDQFKLQLODVTXDGUDqPROWRJLRYD
QHHWjPHGLDDQQLHGqIRUPDWDGDXQJUXSSRGL
UDJD]]HTXDVLWXWWHFUHVFLXWHLQFDVD$SURSRVLWRVL
VWDQQRDOOHQDQGRTXDVLDWHPSRSLHQRFRQODVHULH&
OHJLRYDQLGHOODVHFRQGDVTXDGUD5LYDGR0DUWD%D
URVFHOOLFODVVHH$OHVVDQGUD0DVVDDQFKHOHL
DSSHQDGLFLRWWHQQH(WXWWRQHOULVSHWWRGHOODQRVWUD
¿ORVR¿DFKHqTXHOODGLIDUFUHVFHUHOHUDJD]]HORFDOL
FRQEUDYLDOOHQDWRUL´
LO 3HULRGLFR
$35,/(
&2126&,$020(*/,2/$5($/7$¶'(/58*%<92*+(5$
',*,$1/8&$*,$&21,$
)RQGDWRQHOLO5XJE\9RJKHUDVLSURSRQHFRPH
XQDGHOOHSLLQWHUHVVDQWLUHDOWjDOO¶LQWHUQRGHOSDQR
UDPDVSRUWLYRROWUHSDGDQR3HUO¶RFFDVLRQHDEELDPR
LQFRQWUDWR1LDOO*URVVLDOOHQDWRUHHDOO¶RFFRUUHQ]D
DQFKHJLRFDWRUHGHOODVTXDGUDLOTXDOHKDSUHVHQWDWR
TXHVWD UHDOWj PHWWHQGR LQ HYLGHQ]D L SURJHWWL SHU LO
IXWXUR
3DUWLDPRGDOODVWRULDGHOODVRFLHWj
³/¶$6'5XJE\9RJKHUDQDVFHXI¿FLDOPHQWHLO/X
JOLR 8QD UHDOWj QDWD VSRQWDQHDPHQWH GDOOD
FRPELQD]LRQH WUD L SURJHWWL 6FXROD GHO &XV 3DYLD
5XJE\ SRUWDWL DYDQWL QHJOL DQQL GD *DHWDQR 3ULQL
H *LXVHSSH *LRYDQHWWL HQWUDPEL VRFL IRQGDWRUL GHO
5XJE\ 9RJKHUD H OD YRJOLD GL PHWWHUVL LQ JLRFR GL
DOFXQLH[JLRFDWRULHGLDOFXQLUDJD]]LGHOOD]RQDFKH
VLVRQRPDQRDPDQRDYYLFLQDWLDTXHVWDGLVFLSOLQD
FRVWUXHQGR TXDOFRVD FKH D 9RJKHUD QRQ F¶HUD PDL
VWDWR7UDLVRFLIRQGDWRULHWUDFRORURFKHKDQQRSHU
PHVVRDTXHVWDUHDOWjGLHVLVWHUHYRUUHLULFRUGDUHLO
QRVWURH[SUHVLGHQWH2UD]LR9DOOHLOTXDOHSXUWURSSR
qYHQXWRDPDQFDUHQHOJLXJQRGHOXQHVHPSLR
VRWWRRJQLSXQWRGLYLVWDFKHFLKDVHPSUHWUDVPHVVR
HQWXVLDVPRVHODVTXDGUDHVLVWHDQFRUDORGREELDPR
LQJUDQSDUWHDTXHOORFKHDEELDPRFRVWUXLWRLQVLHPH
DOXL´
4XDQGRYLVLHWHLVFULWWLDOFDPSLRQDWR"
³'DOSDUWHFLSLDPRUHJRODUPHQWHDOFDPSLRQD
WR GL VHULH & ),5 'DOOD JDYHWWD GHOO¶XOWLPR SRVWR
GHOSULPRDQQRDEELDPRFROOH]LRQDWRSHUGXHDQQLGL
¿OD OD WHU]D SRVL]LRQH QHO H QRQRVWDQWH
SDUWLVVLPR FRQ SHQDOL]]D]LRQL SHU OD PDQFDQ]D GHO
OHJLRYDQLOL3DUDOOHODPHQWHQHJOLDQQLVLqWHQWDWRGL
GDUYLWDDOVHWWRUHJLRYDQLOHFRQODFROODERUD]LRQHGL
DOFXQHVFXROHGL9RJKHUD/DVWUDGDqDQFRUDOXQJD
PDJUD]LHDOODSUR¿FXDFROODERUD]LRQHFRQODVFXROD
PHGLD3DVFROLFRQLOODYRURGHOOD3URIVVD'¶DPLFR
HGHO3URI6FDSRODQVLDPR¿GXFLRVLSHULOSURVVLPR
IXWXUR´
4XDOLVRQRLUXROLSULQFLSDOLVRFLHWDUL"
³'RSR OD VFRPSDUVD GL 9DOOH KD SUHVR LO VXR SRVWR
%UXQR 0DJQDQL PHGLFR GHOOR VSRUW H GLUHWWRUH VD
QLWDULRGHO&ULDPVD9RJKHUD&HQWURGLULFHUFD
LQWHUGLSDUWLPHQWDOHGHOOHDWWLYLWjPRWRULHHVSRUWLYH
GHOO¶8QLYHUVLWjGHJOL6WXGLGL3DYLD,OYLFH3UHVLGHQ
WHq9LWWRUH&RORPERLO'LUHWWRUH7HFQLFRq*LXVHSSH
*LRYDQHWWL YLFH SUHVLGHQWH GHO &RPLWDWR 5HJLRQDOH
/RPEDUGRGHOOD),5,OVRWWRVFULWWRLQYHFHVLRFFX
SDGHOO¶DWWLYLWjQHOOHVFXROHHJLRYDQLOLROWUHDGDOOH
QDUHODSULPDVTXDGUDLQVLHPHDG(GRDUGR&DUXJL
ODXUHDQGRLQ6FLHQ]H0RWRULHHGH[JLRFDWRUHDGDOWR
OLYHOOR,Q XQD VRFLHWjFRPH OD QRVWUD LQ UHDOWj WXWWL
VLGDQQRGDIDUHFLVLGDQQRGHLUXROLSRLLQ¿QGHL
FRQWLODYRULDPRVHPSUHLQVLHPH´
&RPHSURFHGHLOFDPSLRQDWRGLVHULH&"
³4XHVW¶DQQRQRQFLSRVVLDPRDVSHWWDUHJUDQGLULVXO
WDWLVXOFDPSRSXUWURSSRVWDQQRULIRUPDQGRLFDP
SLRQDWL GL VHULH & D OLYHOOR QD]LRQDOH H VLDPR VWDWL
SDUWLFRODUPHQWHVIRUWXQDWLFRQLOVRUWHJJLRGHOJLUR
QH &L VLDPR WURYDWL SL GL PHWj GHOOH VTXDGUH FKH
SURYHQLYDQR GD FDWHJRULH VXSHULRUL H DGGLULWWXUD OD
UHWURFHVVD GDOOD VHULH % 7XWWDYLD OD VTXDGUD q FUH
VFLXWDGXUDQWHODVWDJLRQHHJLjQHOOHSULPHSDUWLWH
GHOJLURQHGLULWRUQRTXDOFKHEHOULVXOWDWRVWDDUUL
YDQGRODUHFHQWHYLWWRULDLQWUDVIHUWDFRO9DOFXYLDQH
qXQHVHPSLR´
8QJLXGL]LRVXOODVTXDGUDDGLVSRVL]LRQH"
³6LDPRXQEHOJUXSSRXQLWRHSRVLWLYR1RQVLSXz
FKHHVSULPHUHXQJLXGL]LRVXSHUODWLYRGDTXHVWRSXQ
WR GL YLVWD 'DO SXQWR GL YLVWD WHFQLFRRUJDQL]]DWLYR
DEELDPRXQVRORGLIHWWRQRQVLDPRDEEDVWDQ]D0L
VSLHJRPHJOLRODURVDFRSUHDPSLDPHQWHOHQHFHVVLWj
GLXQFDPSLRQDWRPDVLDPRWXWWLODYRUDWRULHVWXGHQ
WL FRQ GLYHUVL LPSHJQL H QRQ VL SXz SUHWHQGHUH FKH
UDJD]]LLTXDOLSDJDQRWXWWRSHUJLRFDUHPHWWDQRGD
SDUWHOHSULRULWjGHOODYRURHGHOORVWXGLR6HFLIRVVH
URSLHOHPHQWLVLFXUDPHQWHULXVFLUHPPRDSURGXUUH
DOOHQDPHQWLGLTXDOLWjPDJJLRUHDOOHQDUVLLQqXQ
FRQWRDOOHQDUVLLQqXQDOWURHODFUHVFLWDVDUHEEH
VHQVLELOPHQWHSLYHORFH/DFRVDFKHPLIDSLDFHUH
qYHGHUHVHPSUHSLVSHVVRUDJD]]LQXRYLDUULYDUHDO
FDPSRHPHWWHUVLLQJLRFRDQFKHVRORSHUFXULRVLWjH
SRL ULPDQHUH FRLQYROWL VHJQDOH FKH ODYRULDPR EHQH
VRWWRGLYHUVLSXQWLGLYLVWD´
8QJLXGL]LRVXOOLYHOORGHOFDPSLRQDWR"
³&RPHGLFHYRSULPDTXHVW¶DQQRDEELDPRLQFRQWUDWR
VTXDGUHYHUDPHQWHIRUWLULVSHWWRDQRLOD8QLRQ0LOD
QRqYDULJUDGLQLVRSUDHGHFLVDPHQWHODSLIRUWHGHO
JLURQH,QRJQLFDVRDIIURQWDUHDYYHUVDULSLIRUWLDLX
WDDFUHVFHUHVHDQFKHDUULYDVVLPRXOWLPLTXHVW¶DQQR
FRVDGLFXLGXELWRIRUWHPHQWHVDUHEEHWXWWDSUH]LRVD
HVSHULHQ]DLQYLVWDGHOO¶DQQRSURVVLPR´
&KHVWUXWWXUHXWLOL]]DWH"
³&LDOOHQLDPRHJLRFKLDPRDO&DPSR*LRYDQLGL9LD
%DUELHULWUHDOOHQDPHQWLGXUDQWHODVHWWLPDQDSLOD
63257
*URVVL³,OJUXSSRqXQLWRHODYRUDEHQH
FHUFKLDPRGLFRVWUXLUHOHJLRYDQLOL´
SDUWLWD,OFDPSLRQDWRGLVROLWR¿QLVFH
YHUVRPDJJLRPD¿QRDOPHVHGLJLX
JQRFRQWLQXLDPRDODYRUDUH´
&RPH PDL YHQLWH FKLDPDWL 3HS
SHUV"
³$ VXR WHPSR TXDQGR q QDWD OD
VTXDGUD IDQWDVWLFDQGR VXO IXWXUR H
VHJXHQGR LO UXJE\ QD]LRQDOH H LQWHU
QD]LRQDOHGRYHULVDOWDQRVTXDGUHFXL
YHQJRQRDI¿DQFDWLQRPLHVRSUDQQR
PL JHQHUDOPHQWH OHJDWL DOOD WUDGL
]LRQH ORFDOH VWRULFD R VLPEROLFD FL
VLDPR FKLHVWL TXDOH SRWHVVH HVVHUH LO
QRVWUR3XUHVVHQGRFLQHOORJRO¶DTXLODFKHIDSDUWH
GHOVLPERORGHOFRPXQHGL9RJKHUDDEELDPRSUHIHUL
WRGLVWLQJXHUFLHQRQSUHQGHQGRFLWURSSRVXOVHULRFL
VLDPRLVSLUDWLDOOHFRVLGGHWWH3GL9RJKHUD$YHQGR
SUHIHULWRVRUYRODUHVXOODWHU]DDEELDPRWHQXWR3HSH
URQLH3D]]LFKHqSRLGLYHQWDWR&UD]\3HSSHUV$OOD
¿QH XQ QRPH FKH ULVSHFFKLD DQFKH OR VSLULWR GHOOD
VTXDGUDSURYDUHSHUFUHGHUH´
4XDOLVRQRLSURJHWWLSHULOIXWXUR"
³3URJHWWL WDQWL WDQWLVVLPL 4XHOOR FKH PDQFD VRQR
OH ULVRUVH FRPH LQ WXWWR OR VSRUW GLOHWWDQWLVWLFR
4XHVW¶DQQRDEELDPRFROODERUDWRFRQODFDVDFLUFRQ
GDULDOHGL9RJKHUDFROODERULDPRFRQWXWWHOHVFXROH
FKHIDQQRULFKLHVWDHVLDPRDGLVSRVL]LRQHSHUTXDVL
RJQLLQL]LDWLYDVXOWHUULWRULR/DSULRULWjqGDUHFRQ
WLQXLWjDOODVTXDGUDFRVWUXHQGROHJLRYDQLOLHGDQGR
ODSRVVLELOLWjDLEDPELQLHDOOHEDPELQHFKHYRJOLRQR
SUDWLFDUHTXHVWRVSRUWGLSUDWLFDUORQHOPLJOLRUPRGR
SRVVLELOHVHQ]DGRYHUVSRVWDUVLIXRUL9RJKHUD´
&RVDQHSHQVDGHOUXJE\DOLYHOORQD]LRQDOH"
³6XTXHVWRDUJRPHQWRQRQEDVWHUHEEHXQQXPHURLQ
WHURGHOYRVWURJLRUQDOH%UHYHPHQWHVLSXzGLUHFKH
OD QRVWUD QD]LRQDOH DO PRPHQWR q O¶HVDWWR SURGRWWR
GHOODYRURGHOOD)HGHUD]LRQHGHJOLXOWLPLDQQL
VLDQHLSUHJLFKHQHLGLIHWWL&RPHLQRJQL)HGHUD]LR
QH VL PDQLIHVWDQR LQHI¿FLHQ]H WLSLFKH LWDOLDQH GHOOD
JHVWLRQH SROLWLFD GHOOH VWUXWWXUH IHGHUDOL FKH WURSSR
VSHVVRSHUGRQRGLYLVWDO¶RELHWWLYRSULPDULRRYYHUR
OD IRUPD]LRQH H GLIIXVLRQH GHOOD SURSULD GLVFLSOLQD
$GRUDF¶qXQDVFROODWXUDLPSLHWRVDWUDODEDVHHO¶DO
WR OLYHOOR &RQ LO UHFHQWH FDPELR GL 3UHVLGHQ]D DOOD
),5YHGUHPRFKHLQGLUL]]RSUHQGHUjODSROLWLFDIH
GHUDOHPDLQSDVVDWRVRQRVWDWLSRUWDWLDYDQWLHUURUL
FKHVLULÀHWWRQRDWWXDOPHQWHQHLSHVVLPLULVXOWDWLGHOOD
QD]LRQDOHHQHOEDVVROLYHOORHVSUHVVRGDOOHVTXDGUH
SURIHVVLRQLVWLFKHLWDOLDQH´
LO 3HULRGLFR
$35,/(
63257
(¶1$7$1(//26&25620(6(81$1829$62&,(7$¶&,&/,67,&$,%(%,.(56
³9RJOLDPRFRQGLYLGHUHODSDVVLRQHSHU
LOFLFOLVPRVSRUWSRFRFRQVLGHUDWR´
',*,$1/8&$*,$&21,$
,%H%LNHUV(EEHQHVLTXHVWRqLOQRPHGHOODQXRYD
VRFLHWjFLFOLVWLFDQDWDSHUDFFRJOLHUHLWDQWLDSSDVVLR
QDWLGLTXHVWDGLVFLSOLQD,SURJHWWLHOHLQL]LDWLYHQRQ
PDQFDQR LQIDWWL DOFXQL UDSSUHVHQWDQWL GHOOD VRFLHWj
KDQQRSDUWHFLSDWRDOOD*UDQ)RQGRGL6DQW¶$QJHORLQ
FRQFRPLWDQ]DFRQO¶XVFLWDGHOQRVWURJLRUQDOH%H%L
NHUVqSULPDGLWXWWRXQJUXSSRGLDPLFLHFROOHJKLFR
RUGLQDWRGDO3UHVLGHQWH/XFD)HUUDULFKHKDLOOXVWUDWR
PHJOLRODQHRQDWDVRFLHWjHKDDQFKHHIIHWWXDWRDOFXQH
FRQVLGHUD]LRQLVXOFLFOLVPRDOLYHOORQD]LRQDOH
)HUUDUL FRQ FKH LQWHQWR q QDWD TXHVWD QXRYD VR
FLHWj"
³/¶LGHD HUD TXHOOD GL FUHDUH XQD$6' FKH DFFRPX
QDVVHJOLDPDQWLGHOFLFOLVPRGHOOD]RQD6RQRSDUWLWR
FRQ LO FRLQYROJLPHQWR GHL PLHL FROOHJKL GLSHQGHQWL
&DPHURQ PD DQFKH DPLFL GL DOWUH VRFLHWj DFFRPX
QDWLGDOODVWHVVDSDVVLRQH$GRJJLVLDPRSHUVRQH
WUDDPDWRULHFLFORWXULVWL8QEHOOLVVLPRVRJQRFKHVL
UHDOL]]D´
'DFKLqFRPSRVWRLOFRQVLJOLRGLUHWWLYR"
³,R VRQR LO 3UHVLGHQWH &HOHVWLQR 0DULQL q LO 9LFH
SUHVLGHQWH H ,YR 7DJOLDQL LO 7HVRULHUH /D 6RFLHWj q
SHUzQDWDDQFKHJUD]LHDOVXSSRUWRHDOOD¿GXFLDGL
6HUJLR3DVWRULQROHJDOHUDSSUHVHQWDQWHGHOOD6RFLHWj
&DPHURQ,WDO\6UOSULQFLSDOHVSRQVRUGHL%H%LNHUV
FKHqTXLQGL3UHVLGHQWH2QRUDULRGHOODVWHVVD$6'´
4XDOLVRQROHYRVWUHDPEL]LRQL"
³/RVFRSRqFRQGLYLGHUHODSDVVLRQHSHUTXHVWRVSRUW
FRQ LO PDJJLRU QXPHUR GL SHUVRQH $PELDPR LQ XQ
SURVVLPRIXWXURDGDYHUHTXDOFKHFRUULGRUHGLSXQWD
SURYLQFLDOHWUDLQRVWULDVVRFLDWL´
6XFKLIDUHWHDI¿GDPHQWR"
³,O QRVWUR VSRQVRU SULQFLSDOH q OD &DPHURQ PD FL
KDQQR VXSSRUWDWL DQFKH OD VRFLHWj %&XEH LO ULVWR
UDQWH9LOOD$OSHJJLDQLODVRFLHWj,QWUDHWXWWLLQRVWUL
WHVVHUDWL´
&RVDDYHWHLQSURJUDPPDSHUO¶HVWDWH"
³3HUFKpDVSHWWDUHO¶HVWDWH",QWDQWRSDUWLDPRFRQOD
*UDQIRQGRGL6DQW¶$QJHORLO0DU]R3RLOHJDUHH
OH*UDQIRQGRVHJXLUDQQRLFDOHQGDULVRQRULFFKLVLD
GL HYHQWL VX VWUDGD FKH LQ 07% 6SHULDPR LQ EXRQL
SLD]]DPHQWLSHUODVTXDGUD´
&RP¶qQDWDODVXDSDVVLRQHSHULOFLFOLVPR"
³/DPLDSDVVLRQHqQDWDTXDVLSHUJLRFRHV¿GDFRQ
GHLFROOHJKLFKHJLjSUDWLFDYDQRLOFLFOLVPR'DOuq
QDWRXQOHJDPHLQVFLQGLELOHFRQTXHVWRVSRUWFKHKD
WDQWRGDLQVHJQDUH´
&RPHLQTXDGUDLOFLFOLVPRQHOFRQIURQWRFRQOHDO
WUHGLVFLSOLQHQD]LRQDOL"
³3HUPHLOFLFOLVPRqORVSRUWSULQFLSHGLFXLVHJXR
WXWWH OH DWWLYLWj GLOHWWDQWLVWLFKH H SURIHVVLRQLVWLFKH
3XUWURSSRLQ,WDOLDQRQYLHQHGDWDVXI¿FLHQWHDWWHQ
]LRQHHGHYLGHQ]DDTXHVWREHOOLVVLPRVSRUW$SSUR¿W
WRGLTXHVWDLQWHUYLVWDSHUIDUHXQSDUWLFRODUHULQJUD
]LDPHQWRD(OHQD&HUHGDSHURUDXQLFDVRFLDGRQQD
FKH PL KD VXSSRUWDWR FRQFUHWDPHQWH QHOOD UHDOL]]D
]LRQHGLTXHVWRVRJQRHQHOODQDVFLWDGHL%H%LNHUV´
$/9,$/$67$*,21(&,&/,67,&$
,O3HGDOH*RGLDVFKHVHSDUWH
VXELWRDOODJUDQGHD&DPRJOL
',$/(66$1'52',63(5$7,
&RQOD*UDQIRQGR,QWHUQD]LRQDOHGL/DLJXHJOLDGHO
)HEEUDLR KD SUHVR LO YLD OD VWDJLRQH DJRQLVWLFD
GHO3HGDOH*RGLDVFKHVH³8QDVWDJLRQHVRWWROLQH
DQR *LDQQL 'DJOLD SUHVLGHQWH H 0DVVLPR $OELQL
YLFHSUHVLGHQWHDOO¶LQVHJQDGLDOFXQLFDPELDPHQWL
SHUTXHOFKHULJXDUGDODWLSRORJLDGHOOHJDUHDFXL
SDUWHFLSHUHPR /D VTXDGUD q VWUXWWXUDWD TXHVW¶DQ
QR SHU OH JUDQIRQGR H OH PHGLRIRQGR FRQ DOFXQH
SDUWHFLSD]LRQLDJDUHLQVDOLWDHFRQWURLOWHPSR´
6HWWHLSDUWHFLSDQWLDO&KDOOHQJHGL&RSSD3LHPRQ
WH6WUDGD,ORURQRPL'DPLDQR&KLHVDFDSLWDQR
0DXUR%RQDPLFL&LUR'HPDULQLV*LDQFDUOR$USH
VHOOD 0DUWLQR &DUUDVVL 5REHUWR *URVVR H 0DWWHR
&DIIDURQH4XHVWLDWOHWLSDUWHFLSHUDQQRDOOHSURYH
LQVHULWHQHOFDOHQGDULRDFRPLQFLDUHGDOD1RYL
/LJXUHFRQOD*)'ROFLWHUUHGL1RYLSHUSURVHJXL
UHFRQOD%UD%UDOD*)9DOOL0RQUHJDOHVLODPL
WLFD *) GHO *DOLELHU 3DQWDQL )RUHYHU /D9LJQHWL
0DUDWKRQ D9RJKHUD H SHU FRQFOXGHUH OD &HUYLQR
&\FOLQJ0DUDWKRQD&HUYLQLDLO$GLQWHJUDUH
OD VWDJLRQH FL VDUj OD SDUWHFLSD]LRQH D PROWH DOWUH
*)TXDOLDGHVHPSLR/D*I$ODVVLR6DQW¶$QJHOR
/RGLJLDQR/RDQR&KDUO\*DXOOHD7UHQWR/D0D
UDWRQDGX0RQW%ODQF*)*LRUGDQDDOO¶$SULFD8Q
QXRYRJUDQIRQGLVWDVLqDJJLXQWRDO7HDPVLWUDWWD
GL (QULFR 'H 3DROL 5LJXDUGR DOOH &URQRVFDODWH H
&LFORVFDODWHLQYHFHROWUHDLQRPLGHJOLDWOHWLVRSUD
PHQ]LRQDWLYDQQRFLWDWL&ODXGLR0DOLQYHUQL'DQLH
OH0DOLQYHUQL&ULVWLDQ6HFFR6HYHULQR*LDFRERQH
'DQLHOH&RQFDWL/XFD0HLVLQD3HUTXHVWHVSHFLDOL
WjVRQRSURJUDPPDWHOHSDUWHFLSD]LRQLDJOL(XURSHL
GL&LFORVFDODWDD*LJQHVH9%DO&DPSLRQDWRGHO
0RQGRD7UHQWRLO&DPSLRQDWR(XURSHRGL&URQR
VFDODWDD*RPEROD02ROWUHDL&DPSLRQDWL1D]LR
QDOLGHOOD&RQVXOWDGL&LFORH&URVFDODWDLOH
D*HQRYD'DJOLDH$OELQLSURVHJXRQR³/HPRWLYD
]LRQLHJOLREELHWWLYLUHVWDQRTXHOOLGLVHPSUHYLYHUH
TXHVWRVSRUWFRQSDVVLRQHDOO¶LQVHJQDGHOJUXSSRH
GHOO¶DPLFL]LD4XLQGLXQJUDQGH³LQERFFDDOOXSR´
DLQRVWULUDJD]]LSHUXQDVWDJLRQHULFFDGLVRGGLVID
]LRQL SHUVRQDOL 3RWUHWH VHJXLUFL VXO JUXSSR )DFH
ERRN³3HGDOH*RGLDVFKHVH2I¿FLDO*URXS´,QWDQWR
F¶qVWDWRXQGHEXWWRFROERWWRDOOD*)&LWWjGL&DPR
JOL'DJOLDH$OELQLVRWWROLQHDQR³*UDQGHSDUWHQ]D
TXHOODGHLQRVWULGXHDWOHWL'DPLDQR&KLHVDH0DX
UR %RQDPLFL ,Q SDUWLFRODUH 0DXUR %RQDPLFL FKH
FRJOLHLOSULPRVXFFHVVRGLFDWHJRULDGHO/D
JDUDLQVHULWDQHOOD&RSSD/LJXULDROWUHFKHDO&LU
FXLWRGHJOL$SSHQQLQLH&DPSLRQDWR,WDOLDQR)RQGR
$&6,VLVYLOXSSDYDVXSHUFRUVRXQLFRGLFLUFD
NPHXQGLVOLYHOORGLPVOP/DSDUWHQ]DDOOH
GDOFHQWURGL&DPRJOLLQ9OH5HSXEEOLFDH
VXELWRVLSDUWHYHUVRO¶DOWRLQGLUH]LRQH5XWDGRYH
LQL]LDODSULPDVHOH]LRQHGHLFLUFDSDUWHFLSDQ
WL 5DJJLXQWR LO YDOLFR JL YHUVR 5DSDOOR SHU SRL
GRSRDOFXQLVDOLHVFHQGLSLRPHQRLPSHJQDWLYLVL
DWWDFFDODVDOLWDSLGXUDGLJLRUQDWDODVDOLWDYHU
VR3DVVR3R]]DGHO/XSRPHJOLRFRQRVFLXWDFRPH
3DVVR 5RPDJJL XQD VDOLWD GL NP SRVWD D PVOP'RSRGLFKHJLYHUVRO¶DUULYRSRVWRVHPSUH
QHO FHQWUR GL &DPRJOL 0DXUR H 'DPLDQR SDUWRQR
GDOODJULJOLDFRQXQQXPHURGLSHWWRUDOHDWWRUQRDO
HDIIURQWDQRO¶LPPHGLDWDVDOLWDLQVLHPHPDOD
SUHSDUD]LRQHGLYHUVDLQTXHVWRIUDQJHQWHGLVWDJLR
QHSUHPLD0DXURFKHVLVWDFFDGD'DPLDQRHLQ
FRPLQFLD OD SURSULD ULPRQWD VXO JUXSSR FRPSDWWR
FKHOLSUHFHGH,OULVXOWDWR¿QDOHGLTXHVWDJLRUQDWD
GLFHFKH'DPLDQR &KLHVDKDWDJOLDWRLOWUDJXDUGR
FRQXQHFFHOOHQWHƒDVVROXWRLQK¶´FRQTXL
VWDQGR LO ƒ SRVWR GL FDWHJRULD 9HWHUDQL PHQWUH
0DXUR%RQDPLFLFRQTXLVWDODYLWWRULDQHOODFDWHJR
ULD*HQWOHPDQLOƒDVVROXWRLQK¶´6HWH
QLDPRSUHVHQWHFKHLOQXPHURGLSHWWRUDOHDVVHJQD
WRDOO¶LVFUL]LRQHFRPHGHWWRSULPDHUDPROWRDOWR
EKH«GLUHLFKHODSURYDqVWDWDDVVROXWDPHQWHIDQ
WDVWLFD8QLFDFRVDGDULYHGHUHIRUVHSHUOHSURV
VLPHHGL]LRQHGLTXHVWDEHOOLVVLPD*UDQIRQGRVRQR
DOFXQLDVSHWWLGHOODORJLVWLFDPDVLFXUDPHQWHO¶RU
JDQL]]D]LRQH FXUDWD GDOO¶$6' %LFL &DPRJOL *ROIR
3DUDGLVR VDSUj FROPDUH LQ PDQLHUD HVHPSODUH´
LO 3HULRGLFR
$35,/(
3$5/$,/35(6,'(17('(/6,/9$123,(75$$/(66$1'52586&21,
',*,$1/8&$*,$&21,$
$GXQPHVHGDOWHUPLQHGHOFDPSLRQDWRGLƒFDWH
JRULD q VHPSUH DSHUWLVVLPD OD ORWWD DO YHUWLFH GHOOD
FODVVL¿FD WUD /XQJDYLOOD H 5HWRUELGR SHU GHFLGHUH
FKL VDOLUj GLUHWWDPHQWH LQ ƒ 6FHQGHQGR WURYLDPR
XQJUXSSRGLVTXDGUHFDSLWDQDWRGDO5HDO9LGLJXOIR
FKHVLDQGUjDJLRFDUH¿QRLQIRQGRO¶DFFHVVRDLSOD
\RII7UD TXHVWH VTXDGUH FL GRYHYD HVVHUH DG LQL]LR
VWDJLRQHDQFKHLO6LOYDQR3LHWUDFKHFRQXQDVHULH
GLULVXOWDWLQHJDWLYLKDTXDVLYLVWRVYDQLUHODSURSULD
VSHUDQ]D7DQWL IDWWRUL WUD L TXDOL FHUWDPHQWH DQFKH
TXHOORGHOODVIRUWXQDKDQQRLQFLVRQHJDWLYDPHQWHVXO
FDPPLQRGHLJUDQDWDJXLGDWLGDO3UHVLGHQWH$OHVVDQ
GUR5XVFRQLFKHKDDQDOL]]DWRLQTXHVW¶LQWHUYLVWDOD
VWDJLRQH H DOWUL DUJRPHQWL LQWHUHVVDQWL OHJDWL DQFKH
DOODQRQSUHVHQ]DGHOODSRSROD]LRQHDOOHSDUWLWHGHOOD
VTXDGUD
,QFKHDQQROHLqGLYHQWDWRSUHVLGHQWH"
³/D VTXDGUD GHO 6LOYDQR 3LHWUD q ULQDWD QHO TXDQGR DOFXQL JLRFDWRUL GL *KLDLH KDQQR GHFLVR GL
WRUQDUHTXLHULIRQGDUHLOWXWWR'RSRDOFXQLFDPSLR
QDWLDPDWRULDOLLOGLULJHQWHFKHJXLGDYDODVTXDGUD
KDPROODWRO¶LQFDULFRHPLVRQRSURSRVWRFRPHSUH
VLGHQWHQHODQQRLQFXLVLDPRWRUQDWLDJLRFDUH
LQƒFDWHJRULD´
3XzWUDFFLDUHXQEUHYHULDVVXQWRVXOOHXOWLPHVWD
JLRQLGHOODVXDVTXDGUD"
³/¶DQGDPHQWRGLTXHVWHVWDJLRQLqVWDWRPROWRDOWD
OHQDQWHEHQHLOSULPRDQQRFRQ0LVWHU3RPRFRQ
FXLFLVLDPRFODVVL¿FDWLDOO¶ƒSRVWRPDOHLOVHFRQ
GRDQQRFRQ0LVWHU0LODQHVLLQSDQFKLQDFRQFOXVR
DO WHU]¶XOWLPR SRVWR LQ FODVVL¿FD SHUFKp OD VTXDGUD
QRQJLUDYDDSLHQRUHJLPHSHU¿QLUHPHJOLRO¶DQQR
VFRUVRFRQ0LVWHU$UWLROLO¶RWWDYRSRVWRHLSXQWL
RWWHQXWL´
3DVVDQGRDTXHVWDVWDJLRQHLQYHFH"
³4XHVWD VWDJLRQH HUD SDUWLWD FRQ EXRQL SURSRVLWL
SXUWURSSRSHUXQDVHULHGLPRWLYLQRQULXVFLUHPRD
GLVSXWDUHLSOD\RIIRELHWWLYRLQL]LDOHSUH¿VVDWR3HU
XQSDHVHFRPH6LOYDQR3LHWUDODƒFDWHJRULDVDUHE
EH VHQ]D GXEELR XQ JUDQGH ULVXOWDWR PD D TXHVWR
SXQWR FL ULSURYHUHPR O¶DQQR SURVVLPR 0L GLVSLDFH
PROWRPDFHUWDPHQWHQRQSRVVRGLUHQXOODVXOO¶LP
SHJQRGHLJLRFDWRUL´
&RPHYDOXWDOHDYYHUVDULHLQFRQWUDWHLQFDPSLR
QDWR"
³'RSRLOJLURQHG¶DQGDWDODVTXDGUDFKHPLDYHYD
PDJJLRUPHQWH LPSUHVVLRQDWR HUD LO 5HDO 9LGLJXOIR
,O /XQJDYLOOD DWWXDOH FDSROLVWD FL KD VFRQ¿WWL VLD
DOO¶DQGDWDFKHDOULWRUQRPDQRQPLKDFRQYLQWRSD
UHFFKLR $EELDPR EDWWXWR LQ FDVD LO 5HWRUELGR LQXQDSDUWLWDFKHKDFDXVDWRSDUHFFKLHSROHPLFKH
H ULWHQJR FKH QRQ VLD XQD VTXDGUD GD ƒ SRVWR ,Q
TXHVWRPRPHQWRqXQDFODVVL¿FDVWUDQDSHUFKpWXWWL
YLQFRQRHSHUGRQRFRQWXWWLDOGLOjGHOOHSULPHGXH
LQFODVVL¿FDTXLQGLVLWUDWWDGLXQFDPSLRQDWRDEED
VWDQ]DHTXLOLEUDWR$OFXQHVTXDGUHFKHFLSUHFHGRQR
LQ FODVVL¿FD VRQR PROWR LQIHULRUL D QRL VRSUDWWXWWR
GDOSXQWRGLYLVWDWHFQLFRFRPHLO6DQ0DUWLQRHLO
0RQWHEHOORSHUFXLODQRVWUDFODVVL¿FDqEXJLDUGD
WHQHQGR FRQWR DQFKH GHL JLRFDWRUL GL FXL SRVVLD
PRGLVSRUUHLQURVD3XUWURSSRLSXQWLDWWXDOLVRQR
O¶HVSUHVVLRQHGHOPRPHQWRLQFXLYLYHODVTXDGUD´
6HFRQGROHLLOOLYHOORGHOODƒFDWHJRULDqPLJOLRUD
WRLQTXHVWLDQQL"
³5LVSHWWRDJOLXOWLPLGXHDQQLLOOLYHOORqFUHVFLXWR
GDWRFKHLOGLVWDFFRWUDOHSULPHGXHLQFODVVL¿FDq
DGRJJLGLXQSXQWRDGLIIHUHQ]DGHOORVFRUVRFDP
SLRQDWR VWUDGRPLQDWR GDOOD 3RUWDOEHUHVH FKH ¿QR
D SDUWLWH GDOOD ¿QH DYHYD SDUHFFKL SXQWL GL YDQ
WDJJLRDQFKHGXHDQQLIDO¶$OEX]]DQRDYHYDFUHDWR
LOYXRWR,OFDPSLRQDWRGLTXHVW¶DQQRqFRPSHWLWLYR
H VDUj DYYLQFHQWH ¿QR DOO¶XOWLPD JLRUQDWD FL VRQR
VTXDGUHDWWUH]]DWHFKHPHULWDQRGLVWDUHQHOODSRVL
]LRQHLQFXLVRQRDGHVVRHFRPSDJLQLFKHSUHVHQWDQR
LQYHFH SDUHFFKLH ODFXQH 8QD GL TXHVWH SXz HVVHUH
LO0H]]DQD&RUWLFKHqFRPSRVWDSHUR¶GDWDQWLHOH
PHQWLJLRYDQLLTXDOLFRVWLWXLUDQQRTXLQGLODVTXD
GUDSHULOIXWXUR$OEX]]DQRH3RUWDOEHUHVHQHJOLDQQL
VFRUVL KDQQR SXQWDWR VXOO¶HVSHULHQ]D H VX HOHPHQWL
GLFDWHJRULDVXSHULRUHTXLQGLLOOLYHOORHUDGLYHUVR´
&RPHFXUDWHLOGLVFRUVROHJDWRDLJLRYDQL"
³'DWHOHSRWHQ]LDOLWjGL6LOYDQR3LHWUDYLYLDPRLQ
63257
³1RQULXVFLUHPRDGDFFHGHUHDLSOD\RII
FLULSURYHUHPRO¶DQQRSURVVLPR´
IDWWL LQ XQ SDHVH GL DELWDQWL O¶LGHDOH VDUHEEH
FRVWUXLUH XQ PL[ WUD JLRYDQL HG HVSHUWL 6H O¶DQQR
SURVVLPRGRYHVVHURDUULYDUHJLRYDQLYDOLGLLRVD
UHL FRQWHQWR VRQR FRQVDSHYROH LQROWUH FKH TXDOFKH
JLRFDWRUHPLFKLHGHUjORVYLQFRORD¿QHDQQRSHUFXL
GRYUjHVVHUHSXQWXDOPHQWHVRVWLWXLWR3DVVDQRLSUH
VLGHQWLHLJLRFDWRULPDLO6LOYDQRULPDQHTXLQGLXQD
VTXDGUDJLRYDQHSXzDQGDUHDYDQWLQHOFRUVRGHJOL
DQQL,QROWUHFRQOHGLVSRQLELOLWjHFRQRPLFKHULGRW
WHLOGLVFRUVRGLSRWHQ]LDPHQWRGHOODVTXDGUDGLYHQ
WDGLI¿FLOHODVROX]LRQHqFRVWLWXLWDGDLJLRYDQL´
4XLQGL HVLVWH XQ UHDOH SURJHWWR QHO SRUWDUH OD
VTXDGUDQHOODFDWHJRULDVXSHULRUH"
³6LDPR WRUQDWL LQ ƒ FDWHJRULD VX IRUWH ULFKLHVWD
GHO SDHVH GDWR FKH QRQ F¶HUD VRGGLVID]LRQH SHU LO
GLVFRUVROHJDWRDJOLDPDWRUL1RQFLqPDLVWDWRFKLH
VWRGLVDOLUHGLFDWHJRULDGLFHUWRVHLOFDPSLRQDWR
SURFHGHEHQHO¶DQQRVXFFHVVLYRVLFHUFDGLVLVWHPD
UHJOLDVSHWWLSRFRIXQ]LRQDQWL6DUHEEHEHOORSRWHUVL
JLRFDUHODƒFDWHJRULDPDFLYRJOLRQRJOLVSRQVRUH
RFFRUURQRDOPHQRJLRYDQLSHUFKpYLJHO¶REEOLJR
TXLQGLqQHFHVVDULRDYHUHODMXQLRUHVRIDUHFRPXQ
TXHDI¿GDPHQWRVXVTXDGUHLQ]RQDFKHKDQQROHJLR
YDQLOL*LRFDQGRLQƒFDWHJRULDELVRJQDSRLIDUHXQ
FDPSLRQDWR GL PHGLD FODVVL¿FD FHUFDQGR JLRFDWRUL
GLXQFHUWRYDORUHSHUFKpQRQVLSXzVXELWRULVFHQGH
UHQRQDYUHEEHVHQVR´
&RPHULVSRQGHODSRSROD]LRQHGL6LOYDQRDOOHYR
VWUHSDUWLWHFDVDOLQJKH"
³6LOYDQR3LHWUDqXQSDHVHGLI¿FLOHLQIDWWLQRQFLVRQR
PROWL VSHWWDWRUL GXUDQWH OH QRVWUH XVFLWH FDVDOLQJKH
DOODGRPHQLFD&¶qDQFKHGDGLUHFKHVHODVTXDGUD
IRVVH SULPD LQ FODVVL¿FD SUREDELOPHQWH FL VDUHEEH
XQPDJJLRUHVHJXLWRPDQRQHVVHQGRFRVuYHQJRQR
L VROLWL ³IHGHOLVVLPL´ (¶ XQD VLWXD]LRQH GLI¿FLOH LQ
TXDQWR QRQ DEELDPR DYXWR QHO FRUVR GHJOL DQQL XQ
JUDQGHULVFRQWURGDSDUWHGHOODSRSROD]LRQHHTXHVWR
PLGLVSLDFHSHUFKpJLRFKLDPRSHULOSDHVHGLJXDGD
JQLQRQFHQHVRQRLOFDOFLRqXQDSXUDHVHPSOLFH
SDVVLRQH3RLVHODJHQWHULVSRQGHSRVLWLYDPHQWHD
PLRDYYLVRVLqSLVWLPRODWLQHOIDUEHQHVHOHSHU
VRQHQRQSUHVHQ]LDQRLOWXWWRGLYHQWDSLGLI¿FLOH´
LO 3HULRGLFR
$35,/(
63257
,/0,67(5+$5$335(6(17$72/¶2/75(321(//$6(5,(%%(/*$
'RPHQLFDOL³7DQWHGLIIHUHQ]HULVSHWWR
DOO¶,WDOLDVWRYDOXWDQGRSHULOIXWXUR
',*,$1/8&$*,$&21,$
([DOOHQDWRUHGLUHDOWjLPSRUWDQWLDOLYHOORSURIHVVLR
QLVWLFRFRPH%RUJRVHVLD,VHUQLD*HOD3LVD&DWDQ
]DUR 3RUWRJUXDUR 7HUQDQD 0H]]RFRURQD H 3DYLD
0DQXHOH³/HOH´'RPHQLFDOLKDSRUWDWRDOWRLOQRPH
GHOO¶2OWUHSR 3DYHVH LQ %HOJLR DOOHQDQGR LO 9LVq
VTXDGUDFKHPLOLWDQHOODVHULH%'RSRODEXRQDVWD
JLRQHGLVSXWDWDHLOPHULWDWRDQQRGLULSRVR'RPHQL
FDOLqSURQWRSHUULPHWWHUVLLQJLRFRYDOXWDQGRRIIHUWH
SURYHQLHQWLGDOO¶,WDOLDHGDOO¶HVWHUR&RQOXLDEELDPR
ULSHUFRUVRO¶HVSHULHQ]DLQ%HOJLRHDQDOL]]DWROHGLI
IHUHQ]HULVSHWWRDOO¶,WDOLDFRQXQDSDUHQWHVL¿QDOHVXL
SURVVLPL0RQGLDOLEUDVLOLDQL
0LVWHU SDUWLDPR GDO SUHVHQWH 'RSR O¶HVSHULHQ]D
SRVLWLYDLQ%HOJLRGHOODVFRUVDVWDJLRQHDWWXDOPHQ
WHqTXLQGLDULSRVR"
³1HOODVWDJLRQHLQFRUVRVRQRXQRGHLWDQWLDOOHQDWRUL
D ULSRVR IRU]DWR LQ TXDQWR QRQ VL q SUHVHQWDWD XQD
VLWXD]LRQH GL ODYRUR LQWHUHVVDQWH ,O PRPHQWR DWWXD
OH QRQ q GHL PLJOLRUL SDUOR GHO FDOFLR LQ ,WDOLD PD
DQFKHDOO¶HVWHURFRQVLGHUDQGRODPLDUHFHQWHHVSH
ULHQ]D4XDQGRXQDOOHQDWRUHqDULSRVRFHUFDGLDQ
GDUHDYHGHUHSDUWLWHGLYDULROLYHOORHJOLDOOHQDPHQWL
VWDQGRFRVuDJJLRUQDWLSHUHVVHUHSURQWLDOODULSUHVD
GHOODYRUR´
&RPHVWDYLYHQGRTXHVWRULSRVRIRU]DWR"
³,OFDOFLRqXQDSURIHVVLRQHPDULPDQHSXUVHPSUH
XQD SDVVLRQH 'RSR LO ULWRUQR GDOOD PLD HVSHULHQ
]D LQ %HOJLR QHO PDJJLR VLQFHUDPHQWH DYHYR
ELVRJQRGLULSRVRSHUFKpqVWDWDXQDVWDJLRQHHQWX
VLDVPDQWHPDFKHPLKDVRWWUDWWRSDUHFFKLHHQHUJLH
1RQ PL LQWHUHVVDYD VXELWR SDUWLUH FRQ XQD QXRYD
DYYHQWXUD RUD HVVHQGR SDVVDWR TXDVL XQ DQQR OD
YRJOLDGLULWRUQDUHLQFDPSRF¶q6WRYLYHQGRODVLWXD
]LRQHLQPRGRPROWRWUDQTXLOORSHUFKpFRPXQTXHFL
VRQRPROWLDOWULDOOHQDWRULDVSDVVRLQROWUHOHVRFLH
WjVRQRVHPSUHPHQRHVDUHEEHLPSRUWDQWHSHUORUR
DYHUHXQSURJHWWRYLVWHOHGLI¿FROWjHFRQRPLFKHSHU
FRQVHQWLUHXQODYRURVHUHQRDLYDULPHPEUL´
7RUQLDPR DO SDVVDWR &RVD FL UDFFRQWD GHOO¶HVSH
ULHQ]DLQ%HOJLR"
³6L q WUDWWDWD GL XQ¶HVSHULHQ]D LPSRUWDQWH VRWWR
O¶DVSHWWR XPDQR H SURIHVVLRQDOH +R DOOHQDWR LQ XQ
SLFFROR FHQWUR 9LVp LQ SURYLQFLD GL /LHJL XQD FLW
WDGLQDGLDELWDQWLFRQXQDSURSULHWjLQGRQH
VLDQDHUHVSRQVDELOLLWDOLDQLHXUXJXDLDQL4XHVWRKD
IDWWRSHUFHSLUHO¶LQWHUQD]LRQDOLWjGHOOHSHUVRQHFRQOH
TXDOLFLVLDQGDYDDFRQIURQWDUHWXWWLLJLRUQLQRQD
FDVRLRKRGRYXWRULVSROYHUDUHLOIUDQFHVHDSDUWLUH
GDOODPLDSUHVHQWD]LRQHLOWXWWRDSSUH]]DWRSDUHFFKLR
GDLJLRUQDOLVWLHGDOOHWHOHYLVLRQLORFDOL,SURJUDPPL
VRFLHWDULHUDQRLPSHJQDWLYLGDPHVLDVSHWWDYDQRSD
UHFFKLRLGLULJHQWLLWDOLDQLPLFRQRVFHYDQRHKDQQR
VFHOWRPHSHUSRUWDUHDYDQWLLOORURSURJUDPPDED
VDWRVXLULVXOWDWLHVXOODFUHVFLWDGHLJLRYDQLDGLVSR
VL]LRQH´
+D ULVFRQWUDWR GHOOH GLIIHUHQ]H ULVSHWWR DO QRVWUR
FDOFLR"
³,Q%HOJLRLOGLVFRUVROHJDWRDLJLRYDQLqGLYHUVRUL
VSHWWRDOO¶,WDOLDLQVHULH%IDFHYRJLRFDUHVWDELOPHQWH
UDJD]]LGHO¶¶H¶FRVDFKHQHOQRVWURSDHVH
qFRQVLGHUDWDXQ¶DVVXUGLWjDGGLULWWXUDOD/HJDGHYH
ULFRQRVFHUHXQSUHPLRSHULQFHQWLYDUHOHVRFLHWjDG
XWLOL]]DUH L JLRYDQL 0L KDQQR PHVVR D GLVSRVL]LRQH
XQD URVD GL JLRFDWRUL FRPSRVWD GD EHOJD ¿DP
PLQJKL LWDOLDQL LQGRQHVLDQL DXVWUDOLDQL DIULFDQL
IUDQFRPDURFFKLQLHIUDQFRDOJHULQLTXLQGLXQLQVLH
PHGLUDJD]]LFRQFXOWXUDUHOLJLRQHHDELWXGLQLGLYHU
VH/DVRFLHWjKDGHFLVRGLSXQWDUHVXOO¶LSHUSURIHVVLR
QDOLWjLWDOLDQDGDWRFKHQRLGDTXHVWRSXQWRGLYLVWD
VLDPRGHLPDHVWULJUD]LHDOO¶RWWLPDSUHSDUD]LRQH´
3XzGDUFLDOWULVSXQWLVXOODUHDOWjLQFXLKDYLVVXWR"
³3DUWRGDOGLUHFKHD¿QHVWDJLRQHVRQWRUQDWRLQ,WD
OLDSHUFKpLOSURJHWWRGHO9LVpqVWDWRULGLPHQVLRQD
WRSXUDYHQGRGLVSXWDWRXQDEXRQDVWDJLRQHLQFXLq
VWDWRPHVVRLQDWWRLOSURFHVVRGLFUHVFLWDGHLJLRYD
QLJUD]LHDQFKHDL¶H¶VFKLHUDWLLQFDPSR/D
VRFLHWjDYHYDDGLVSRVL]LRQHXQFHQWURVSRUWLYRFRQ
FDPSL LQ HUED JLRYDQL LVFULWWL H QHOOD ]RQD
OLPLWURIDXQDOWURFDPSRLQHUEDSHUJOLDOOHQDPHQWL
HXQVLQWHWLFRUHJRODUHROWUHDOODSDOHVWUDDWWUH]]DWD
HGXWLOL]]DWDSDUHFFKLRLQLQYHUQRDFDXVDGHOFOLPD
ULJLGRHGHOODQHYH,Q%HOJLRO¶DOOHQDWRUHFKLDPDWR
FRDFKKDXQRVWXGLRSULYDWRLQFXLSRWHYRGLVSRUUH
GLWHOHYLVRUHFRQVFKHUPRJLJDQWHYLGHRUHJLVWUDWRUH
IDFHQGRULIHULPHQWRDXQDZHEWYFKHULSUHQGHYDOH
QRVWUHSDUWLWHHTXHOOHGHJOLDYYHUVDUL*UD]LHDFLz
SRWHYRDQDOL]]DUHDVVLHPHDLJLRFDWRULJOLHUURULLQ
FDPSR GHOOD PLD VTXDGUD H VWXGLDUH PHJOLR JOL DY
YHUVDUL´
&RPHKDULWURYDWRLOFDOFLRLQ,WDOLD"
³,Q,WDOLDF¶qVWDWDXQDULVWUXWWXUD]LRQHGHLFDPSLR
QDWLVLqULWRUQDWLDOODYHFFKLDVHULH&DJLURQLHOL
PLQDQGROD&HVLJHQ]DGHWWDWDGDOODFULVLHFRQRPL
FD,OSURIHVVLRQLVPRGHYHJDUDQWLUHDOO¶DOOHQDWRUHDO
FDOFLDWRUHHDJOLDOWULPHPEULGHOORVWDIIORVWLSHQGLR
LFRQWULEXWLLOIRQGRD¿QHFDUULHUDLQXQSHULRGRLQ
FXLOHVRFLHWjQRQSDJDQROHWDVVHHULVXOWDQRHVVHUH
SHQDOL]]DWH3URSULRSHUTXHVWRDOLYHOORSURIHVVLRQL
VWLFRYHUUDQQRDPDQFDUHGHLSRVWLGLODYRURSHUFKp
FL VDUDQQR VRFLHWj SURIHVVLRQLVWLFKH H DO
OHQDWRULGLVSRQLELOLTXLQGLELVRJQDJXDUGDUVLDQFKH
DOO¶HVWHUR´
4XDOqODVLWXD]LRQHDWWXDOH"
³,QTXHVWRPRPHQWRQRQFLVRQRJUDQGLFRQWDWWLVWR
YDOXWDQGRLOPHUFDWRQD]LRQDOHHGLQWHUQD]LRQDOH$O
OHQR GD DQQL FRQVHFXWLYL TXHVWD q OD SULPD VWD
JLRQHLQFXLVRQRDULSRVRQRQSRVVRDFFRQWHQWDUPL
GLWXWWRSHUFKpKRIDWWRODJDYHWWDSHULRGRLQFXLVL
VRQRDOWHUQDWHVRGGLVID]LRQLHGHOXVLRQL+RELVRJQR
GLXQDVRFLHWjFKHPLGLDGHOOHGHWHUPLQDWHJDUDQ]LH
qFKLDURFKHQHOPRPHQWRLQFXLQRQDUULYDQRLULVXO
WDWL DQFKH O¶DOOHQDWRUH SL LPSRUWDQWH YLHQH PHVVR
LQGLVFXVVLRQHFRPHGLPRVWUDLOFDVRVHFRVuVLSXz
FKLDPDUH 6HHGRUI QHO 0LODQ $VSHWWLDPR ¿GXFLRVL
DQDOL]]DQGRDQFKHOHRIIHUWHHVWHUHSHUFKpTXHOODLQ
%HOJLRqVWDWDXQ¶HVSHULHQ]DGDPHPROWRJUDGLWD´
&RVDQHSHQVDGHOOHSDUWLWHDFXLOHLKDDVVLVWLWR"
³+RYLVLRQDWRDOFXQHSDUWLWHGHO1RUG9RJKHUDVR
SUDWWXWWRSHULOIDWWRFKHPLR¿JOLRJLRFDQHLJLRYDQLV
VLPLTXLQGLVHJXRJOLDOOHQDPHQWLVXOFDPSRDVVLHPH
DOORURDOOHQDWRUH3DROR%DUELHULUDJD]]RSUHSDUDWR
H JLRFDWRUH GHOOD SULPD VTXDGUD +R SRWXWR YHGHUH
GHOOH GLVFUHWH SDUWLWH FL VRQR VTXDGUH PHVVH EHQH
LQFDPSRFKHKDQQRFHUFDWRGLJLRFDUHDFDOFLRWH
QHQGRDQFKHFRQWRGHOODVLWXD]LRQHSUHFDULDGLPROWL
WHUUHQL GL JLRFR H LO FRQWHVWR GHOOD FDWHJRULD 3UR
VHJXHQGR q YHQXWD D PDQFDUH OD 9RJKH EHQ YHQJD
TXLQGLO¶2OWUHSR9RJKHUDFKHKDSHUPHVVRDOFDOFLR
GLQRQVFRPSDULUHLQTXHVWDFLWWjODTXDOHGLVSRQHGL
XQDWLIRVHULDLPSRUWDQWHFRPHULFRUGRQHOO¶TXDQ
GRVRQDUULYDWRTXLLQ&GLUHWWDPHQWHGDO7UHQWR
FKHPLOLWDYDLQ&/DQXRYDVRFLHWjVWDYLQFHQGRLO
FDPSLRQDWRLQ(FFHOOHQ]DTXLQGLYDGDWRDWWRDLYDUL
PHPEULPHQWUHDOWUHUHDOWjFRPH'HUWKRQDVWDQQR
RWWHQHQGRULVXOWDWLDOWDOHQDQWL´
4XDO q LO VXR SHQVLHUR QHL FRQIURQWL GHOOH VRFLHWj
GLRJJL"
³6L GHYH SDUWLUH GDO SUHVXSSRVWR FKH O¶DVSHWWR SL
LPSRUWDQWHqSURSULRODVRFLHWjODTXDOHGHYHHVVHUH
VROLGDHFRPSHWHQWHHTXHVWRGLVFRUVRYDOHDQFKHSHU
ODVHULH&,OEXGJHWDGLVSRVL]LRQHGLTXHVWHVRFLHWj
GHYHHVVHUHJHVWLWRGDSHUVRQHFRPSHWHQWLTXLQGLEL
VRJQD VFHJOLHUH L JLRFDWRUL JLXVWL SHU TXHOOD UHDOWj
7DQWH VRFLHWj LQL]LDQR OD VWDJLRQH FRQ O¶RELHWWLYR GL
YLQFHUH TXDQGR DUULYDQR D GLFHPEUH H YHGRQR FKH
QRQ YLQFRQR VPDQWHOODQR WXWWR QRQ SDJDQR QHVVX
QRHOLEHUDQRLJLRFDWRULTXHVWDQRQqVHULHWjQRQq
FDOFLR%LVRJQDIDUHLOPHJOLRSRVVLELOHFRQOHSURSULH
ULVRUVHHODYRUDUHEHQHFRQLVHWWRULJLRYDQLOLULVRU
VD LPSRUWDQWH FKH YD FXUDWD WUDPLWH GHJOL LVWUXWWRUL
LQ JUDGR GL LQVHJQDUH FDOFLR H L YDORUL GHOOR VSRUW
/¶RELHWWLYRqFUHVFHUHLUDJD]]LFKHVXFFHVVLYDPHQWH
SRVVRQRDUULYDUHDOOHSULPHVTXDGUHHGLVSXWDUHXQD
FDUULHUD LPSRUWDQWH 9HGR SRFD SURJUDPPD]LRQH D
OLYHOORJHQHUDOHHTXHVWDqXQDJURVVDSHFFD´
&L VWLDPR DYYLFLQDQGR DL SURVVLPL 0RQGLDOL LQ
%UDVLOH FRQ LO VROLWR VFHWWLFLVPR FKH FLUFRQGD OD
QRVWUD QD]LRQDOH 4XHVWR VFHWWLFLVPR q LQ SDUWH
JLXVWL¿FDWRGDOIDWWRFKHPDQFDQRLFDPSLRQLQHO
OD QRVWUD QD]LRQDOH HFFHWWR 3LUOR FKH VWD DQFRUD
JLRFDQGRDGDOWLOLYHOOL)DFHQGRDQFKHXQJLXGL]LR
VXOOHSUREDELOLFRQYRFD]LRQLFRPHYHGHO¶,WDOLDQHO
FRQIURQWRFRQOHDOWUHQD]LRQLLQ%UDVLOH"
³3UDQGHOOLKDODYRUDWRPROWREHQHDQFKHLQWHUPLQL
GLLQVHJQDPHQWRGHLYDORULFRVDFKHSUHWHQGHSDUHF
FKLRGDLVXRLJLRFDWRULSXQLWLSLYROWHFRQODPDQ
FDWD FRQYRFD]LRQH SHU FRPSRUWDPHQWL VFRUUHWWL LQ
FDPSR,QRFFDVLRQHGLXQDFRPSHWL]LRQHLPSRUWDQWH
FRPHLO0RQGLDOHVLSHQVDVXELWRDOOHFRQYRFD]LRQL
LRSHQVRFKH3UDQGHOOLDEELDJLjLQPHQWHJOLHOHPHQWL
GDSRUWDUHTXDOFKHGXEELRSHUVLVWHUj¿QRDOO¶XOWLPR
FRPHLULWRUQLGL&DVVDQRH7RWWLFKHVWDQQRHQWUDPEL
IDFHQGREHQH,OSXQWRIHUPRqVHPSUH3LUORFKHVWD
JLRFDQGRDGDOWLOLYHOOLHSUROXQJKHUjLOVXRFRQWUDWWR
FRQOD-XYHQWXV1RQSDUWLDPRWUDOHIDYRULWHJUXSSR
QHOTXDOHVSLFFDLO%UDVLOHSDGURQHGLFDVDVHJXLWR
GD$UJHQWLQD*HUPDQLDH6SDJQDFRQOD&RORPELD
WUDOHSRVVLELOLULYHOD]LRQL6LDPRXQDVTXDGUDGLI¿
FLOHGDDIIURQWDUHVRSUDWWXWWRDOLYHOORWDWWLFRSHUFKp
VLDPRHYROXWLJUD]LHDOODYRURGHLQRVWULDOOHQDWRUL
HDEELDPRGHOOHPRWLYD]LRQLLPSRUWDQWLTXLQGLSRV
VLDPRDPLRDYYLVRIDUHEHQH,JLRFDWRULFKHSRUWHUj
3UDQGHOOLVDUDQQRTXHOOLFKHDEELDPRYLVWRLQTXHVWH
DSSDUL]LRQL SRWUHEEH HVVHUFL LO ULWRUQR GL &DVVDQR
PHQWUH HVFOXGHUHL 7RWWL SHU XQ GLVFRUVR ¿VLFR 7UD L
FRQYRFDWL FL VDUj %DORWHOOL JLRFDWRUH DYHQWH VHQ]D
GXEELR GHOOH SRWHQ]LDOLWj FKH GHYRQR HPHUJHUH VXO
FDPSRFRQFRQWLQXLWjDOWULPHQWLULPDUUjVHPSUHXQ
LQFRPSLXWR´
LO 3HULRGLFR
$35,/(
$//¶,17(512'(/&2081(&,6212$1&25$(6(5&,=,&200(5&,$/,
%XRQJLRUQR'LUHWWRUH
/DOHWWXUDGHOO¶LQWHUYLVWDDOVLQGDFRGL0HQFRQLFRPL
LQGXFHFRPHDELWDQWHGHO&RPXQHDFKLHGHUHVSD]LR
VXO JLRUQDOH GD /HL GLUHWWR SHU XQD UHSOLFD SXQWXDOH
DOOHVWUDYDJDQWLHDYROWHQRQYHUHRHYDVLYHDIIHUPD
]LRQLGHOVLJVLQGDFRFKHSRVVRQRLQGXUUHLOOHWWRUHD
XQJLXGL]LROXVLQJKLHURVXOO¶RSHUDWRGHOO¶DWWXDOHDP
PLQLVWUD]LRQHFRPXQDOH
3DUWLDPRGDOIRQGRGRYHO¶LQWHUYLVWDWRDIIHUPD³DQ
FKHSHUFKpFKLF¶HUDSXUWURSSRqIDOOLWR´
0LSHUPHWWRGLLQIRUPDUHLOVLQGDFRHLOHWWRULFKHOD
7UDWWRULD ³/D )UDVFD´ D FRQGX]LRQH IDPLJOLDUH ID
PLJOLD&KLRGL(PLOLDqDSHUWDGDROWUHFHQWRDQQLD
0HQFRQLFRHUDSSUHVHQWDWXWWRUDXQLPSRUWDQWHULIH
ULPHQWR SHU SUDQ]L GL ODYRUR H GL VYDJR FRQ RWWLPD
FXFLQDORFDOH
$ 0HQFRQLFR H D 6DQ 3LHWUR &DVDVFR VRQR SUHVHQWL
LQROWUH GXH FLUFROL $163, FKH FRVWLWXLVFRQR LPSRU
WDQWL FHQWUL GL DJJUHJD]LRQH VRFLDOH H WXWWRUD DSHUWL
JUD]LHDOYRORQWDULDWRORFDOH
6XOO¶DVIDOWDWXUDGHOOHVWUDGHFKHQRQPRVWUDSUREOHPL
VHFRQGROXLELVRJQHUHEEHVHQWLUHLOSDUHUHGHOOHRO
WUHGLHFLIDPLJOLHGL6DQ3LHWUR&DVDVFRFRQDIIDFFLR
VXOODVWUDGD³GHOODIRQWDQHOOD´FKHQRQqVWDWDDVIDOWDWD
QRQRVWDQWHOHQXPHURVHEXFKHSUHVHQWL
$OWURYH DIIHUPD FKH ³FL VLDPR GRYXWL OLPLWDUH DOOH
SLFFROHVSHVHQLHQWHVSHVHIROOLRLQXWLOL´9LHQHSUR
SULRGDGLUHFLPDQFKHUHEEHDOWUR1RQGLFHSHUzFKH
LO&RPXQHKDDOLEURSDJDEHQTXDWWURGLSHQGHQWLGL
FXLWUHLPSLHJDWLFKHJXDUGDFDVRVRQRVWDWLWXWWLQHO
WHPSRDVVXQWLGDOXLFRQXQDSRSROD]LRQHLQFRVWDQWH
FDORLOFRVWRGLTXDWWURGLSHQGHQWLVLIDLQVRVWHQLELOH
SHUOHFDVVHFRPXQDOL
'HOOD56$³,*HUPRJOL´XQDVWUXWWXUDLPSRUWDQWH
FKH SXz RVSLWDUH ¿QR D SHUVRQH GL SURSULHWj FR
PXQDOH QRQ VSUHFD XQD SDUROD$L UHVLGHQWL GRYHYD
HVVHUHDVVLFXUDWDXQDUHWWDPHQVLOHFRQXQVLJQL¿FDWL
YRVFRQWRHLQYHFHFRQODVWLSXODGHOQXRYRFRQWUDW
WR GL JHVWLRQH VRQR DGGLULWWXUD FRVWUHWWL D ULYROJHUVL
DOWURYH
6LqSXUHGLPHQWLFDWRGHOO¶DUHDFDPSHUGL0HQFRQLFR
H[ FDPSR GL FDOFLR GRYH QHO FRUVR GHO VROR VRQRVWDWLLQYHVWLWLEHQHXUR6DUHEEHLQWHUHV
VDQWH VDSHUH FRPH VDUj RUJDQL]]DWD FXVWRGH FDVVD
WDULIIHDGGHWWRDOOHSXOL]LHVHJQDOHWLFDHFF
,O SDJDPHQWR GHOOR VSDUWLQHYH D WDULIID DQQXDOH IRU
IHWWDULDqXQDSHQVDWDLQJHJQRVDORULQJUD]LDPRSHU
DYHUQH VSLHJDWR L SUHJL 1RQ FKLDULVFH SHUz LQ EDVH
DTXDOLDOJRULWPLqDUULYDWRDOO¶LPSRUWRGL
HXUR WDOH q LQIDWWL OD VRPPD PHVVD D ELODQFLR Qp VL
VD VH LO VHUYL]LR GL VSDUJLPHQWR VDOH HVVHQ]LDOH SHU
VWUDGHGLPRQWDJQDqFRPSUHVRRPHQR
'$,/(7725,
5HSOLFDDOO¶LQWHUYLVWDGHOVLQGDFRGL
0HQFRQLFR³$IIHUPD]LRQLVWUDYDJDQWL´
6HIDUHLOVLQGDFRGLXQDSLFFRODUH
DOWj FRPH LO FRPXQH GL 0HQFRQLFR
VLJQL¿FDHVVHUHDXWROHVLRQLVWLRSD]
]L PL FKLHGR FRPH VLD VWDWR SRVVL
ELOH SHU OXL DYHUOR IDWWR SHU EHQ DQQLHSXUWURSSRSHUJOLXOWLPL
DQQLFRQVHFXWLYL
,Q¿QH DIIHUPD FKH ³LO VLQGDFR QRQ
VDUjSLXQD¿JXUDGLULIHULPHQWR´H
VLDYYHQWXUDQHOODVSLHJD]LRQHGHOOD
JHVWLRQHDVVRFLDWDGHLVHUYL]LGLPR
VWUDQGR SDOHVHPHQWH GL QRQ DYHUQH
UHFHSLWRLOVLJQL¿FDWR
3HUFRQWHQHUHLFRVWLTXHOOLFKHOXLKDIDWWROLHYLWDUH
DVVXPHQGR EHQ TXDWWUR SHUVRQH L SLFFROL &RPXQL
VRQRLQIDWWLLQFHQWLYDWLDGXQDJHVWLRQHDVVRFLDWDFKH
SXzWUDGXUVLLQXQDXQLRQHGL&RPXQLRQHOODVWLSXOD
GLFRQYHQ]LRQLSHUFRQGLYLGHUHSHUHVHPSLROHULVRU
VHXPDQHPDVHQ]DOLPLWDUHO¶DXWRQRPLDHOHSUHURJD
WLYHGHOVLQGDFRFRQVLJOLRLOVLJVLQGDFRGLULOHJJHUVL
O¶DUWGHOOR6WDWXWRGHO&RPXQHGL0HQFRQLFR
&RUGLDOLVDOXWL
$OHVVDQGUR&DOOHJDUL
0HQFRQLFR
6,1720,'¶,1',*1$=,21($6&82/$
*(7721$7$$1&+(/$*5((1:$<
4XDQGRLWHUEXURFUDWLFL
PHWWRQRLQFULVLLPLQRUL
$UULYDODSULPDYHUDH
O¶2OWUHSzVLULSRSROD
*HQWPR'LUHWWRUHGH,O3HULRGLFR
FROJR O¶RFFDVLRQH SHU ULQJUD]LDUOD GHOOH LQIRUPD]LRQL FKH PHQVLOPHQWH
HODUJLVFHDOODSRSROD]LRQHULJXDUGRLOQRVWURDPDWR2OWUHSzWHUUDGLYLQL
VROHHWDQWRDOWUR«
/HVFULYRSHUFKpULWHQJRLPSRUWDQWHVHJQDODUHFLzFKHqDFFDGXWRDGXQD
QRWDSURIHVVLRQLVWDSDYHVH3HUFKLQRQqDFRQRVFHQ]DGHJOLLWHUFKHVL
VYROJRQRWUDVFXRODH$2ORFDOHQRQSXzFDSLUHGHOGDQQRFKHqVWDWR
UHFDWRDFHQWLQDLDGLPLQRUL
,PSURYYLVDPHQWHGDXQJLRUQRDOO¶DOWURQRLRSHUDWRULGHOVHWWRUHVFXROD
FLVLDPRULWURYDWLVHQ]DGRWWRUHVVDGLULIHULPHQWR
/D³URYLQD´DJOLDGXOWLSXzHVVHUHFRQVLGHUDWDVXSHUÀXDPDQRQORq
PD LO GDQQR UHFDWR DL PLQRUL VHJXLWL GDOOD SVLFRORJD q HQRUPH )RUVH
TXDOFXQRKDGLPHQWLFDWRLWHUPLQLFRQWLQXLWjDIIHWWLYLWjSURIHVVLRQDOLWj
,QROWUH OD SHUVRQD OLFHQ]LDWD FKH LPSURYYLVDPHQWH VL ULWURYD VHQ]D VWL
SHQGLRVHQ]DLVXRLEDPELQLDQQLGLODYRUREXWWDWLDOYHQWR«0DQRL
XRPLQLVLDPRSHQVDQWLRGLVWUXWWLYL"$EELDPRXQDPHQWHSHUSHQVDUHDO
PHJOLRQRQDOSHJJLR«
4XHVWRVIRJRqGHWWDWRGDOEHQHSHULPLQRULWURSSRVSHVVRQHOQRVWUR
3DHVH FL VL GLPHQWLFD FKH ORUR QRQ KDQQR FROSD VSHFLDOPHQWH VH VRQR
GLYHUVDPHQWHDELOL«
&RPHVLSXzWRJOLHUHGRSRXQGLFLDQQLGLGXURODYRURRQHVWjLQWHOOHWWXD
OHHSURIHVVLRQDOHFRPSHWHQ]DWUDVSDUHQ]DFRUUHWWH]]DGLVSRQLELOLWjXQ
PHGLFRFKHFXUDFHQWLQDLDGLEDPELQLHUDJD]]LLQGLVDJLR"0DTXDOFXQR
VLqPDLFKLHVWRFKHHQWLWjDYUHEEHDYXWRTXHVWDPRVVDVXOODSHGDQDGHJOL
VFDFFKLGHOODYLWDGHOOHSHUVRQH"
2UDVHTXDOFXQRVLSRQHVVHLQXQDFRQGL]LRQHGLHPSDWLDYHUVRQRLGR
FHQWLYHUVRLJHQLWRULHLPLQRULVHJXLWLGDOODGRWWRUHVVDPDJDULSRWUHEEH
FRPSUHQGHUHFRPHFLVHQWLDPR3HUVLLQXQGHVHUWR«
&ROJRO¶RFFDVLRQHSHUULQJUD]LDUODQXRYDPHQWHFRUGLDOLVDOXWL
)'
$OODUHGD]LRQHGH³LO3HULRGLFR1HZV´
$QFKHTXHVW¶DQQRqJLXQWDODSULPDYHUDHFRQHVVDODYRJOLDGLVWDUHDOO¶DULDDSHU
WD H ULVFRSULUH LO QRVWUR WHUULWRULR ROWUHSDGDQR 1RWR FRQ SLDFHUH FKH ¿QDOPHQWH
QHO ¿QH VHWWLPDQD OH ORFDOLWj SL JHWWRQDWH GHOOD 9DOOH 6WDIIRUD ULFRPLQFLDQR D
SRSRODUVL6DOLFH7HUPH5LYDQD]]DQR7HUPHHVDOHQGR¿QRDO%UDOORH3LDQGHO
3RJJLR0DQRQVRORSDVVHJJLDQGRGD7RUUD]]D&RVWHYHUVRODURWRQGDGHOO¶,SHU
GL0RQWHEHOOR¿QDOPHQWHQRQVRQRSLLOVRORDGDSSUH]]DUHOHPHUDYLJOLHGHOOH
QRVWUHYDOODWHLQIDWWLODQXRYDSLVWDFLFODELOHSHGRQDOHFKHFRVWHJJLDSHUXQWUDWWR
ODVWUDGDqSUDWLFDPHQWHLQYDVDGDSHUVRQHFKLLQELFLFKLDSLHGLSDVVHJJLDQGRR
FRUUHQGRHWDQWHIDPLJOLHFRQ¿JOLDOVHJXLWR8QRVSHWWDFROR(FFRFRPHYRUUHL
FKHIRVVHO¶HVWDWHTXLLQ2OWUHSzSDYHVHGDYLYHUHLQRJQLVXRDVSHWWRFRQOHVDJUH
FKHDEUHYHLQL]LHUDQQRFRQLPHUFDWLQLFRQXQDVHPSOLFHSDVVHJJLDWDDOVLFXUR
GDOWUDI¿FRTXRWLGLDQR(TXLYDXQSODXVRDFKLGLGRYHUHHXQLQFRUDJJLDPHQWRD
QRQPROODUHOHUHGLQLDQFKHLQXQSHULRGRFRVuGLI¿FLOHSHUO¶HFRQRPLDGHOSDHVH
SHUFKpqJUD]LHDSHUVRQHYROHQWHURVHFKHVLULXVFLUjDULODQFLDUHLOQRVWUREHOWHUUL
WRULRHO¶HFRQRPLDGHOOHQRVWUHYDOODWH
6LPRQH9HUJD
/(77(5($/',5(7725(
4XHVWDSDJLQDqDGLVSRVL]LRQHGHLOHWWRULSHUOHWWHUHVXJJHULPHQWL
RSHULQWHUYHQLUHVXOOHTXHVWLRQLGLEDWWXWHGDOQRVWURJLRUQDOH6FULYHWH
XQDHPDLODGLUHWWRUH#LOSHULRGLFRQHZVLW
/HOHWWHUHQRQGHYRQRVXSHUDUHOHEDWWXWH0LUDFFRPDQGROH
EDWWXWHHQRQPLODFRPHVSHVVRYHQJRQRUHFDSLWDWHLQUHGD]LRQH
(GHYRQRFRQWHQHUHQRPHFRJQRPHLQGLUL]]RHQXPHURGLWHOHIRQR
FKHQRQVDUDQQRSXEEOLFDWLVXOJLRUQDOHPDFKHFLSHUPHWWHUDQQR
GLULFRQRVFHUHODYHULGLFLWjGHOPLWWHQWH
LO 3HULRGLFR
$35,/(