LQILQLWj GL DYYHQLPHQWL GLYHUVLVVLPL WUD ORUR FKH …

4
$QQR ;;,9 1 (-PDLO JRFFHGLDUPRQLD#JRFFHGLDUPRQLDLW 7 XWWL L QRVWUL VHQVL VRQR SULQFLSDOPHQWH ULYROWL YHUVR OHVWHUQR HG q FRPSUHQVL ELOH FKH VLD FRVu LQIDWWL SHU YLYHUH DE ELDPR XQD IRUWH QHFHVVLWj GL FRQR VFHUH WXWWR TXHOOR FKH FL FLUFRQGD 1H YD GHOOD QRVWUD VRSUDYYLYHQ]D 6HQWLDPR LO ELVRJQR GL VWDUH DWWHQWL GREELDPR HVVHUH SURQWL GDYDQWL DG RJQL HYHQWXDOH SHULFROR H TXHVWR VXFFHGH GD TXDQGR VLDPR QDWL 'D TXDQGR VRQ QDWR VH QRQ GD SULPD SRVVR LPPDJLQDU PL GL HVVHUH FRPH XQ FRQWH QLWRUH GL XQD LPPHQVLWj TXDQWLWj GL GDWL SURYHQLHQWL GDO PRQGR HVWHUQR GDWL FKH SRL XQD YROWD GHSRVLWDWL HG HODERUDWL LQ PH VL VRQR WUD VIRUPDUWL LQ JLRLH GRORUL UDE ELD JHQHURVLWj H LQ WXWWR OR VSHWWUR GHOOH PLH HPR]LRQL )RQGDPHQWDOH q RYYLDPHQWH ODPELHQWH LQ FXL VRQR QDWR DO 6XG DO 1RUG TXDOH UHOLJLR QH R FUHGR SURIHVVDYD OD PLD IDPLJOLD VH OD PLD IDPLJOLD HUD ULFFD R SRYHUD FKH WLSR GL VFXROD KR IUHTXHQWDWR GL TXDOL DPLFL]LH PL VRQR FLUFRQGDWR 7XWWH TXHVWH HVSHULHQ]H LQHYLWDELOPHQWH LQ SDUWH OH KR VXELWH DOWUH OH KR LQFRQWUDWH OXQJR OD PLD YLWD H DOWUH OH KR FHUFDWH H QRQ VHPSUH WURYDWH &HUWR VH OH FRVH VRQR DQGDWH FRVu OD YLVLRQH GL PH VWHVVR QRQ q DOWUR FKH OD ULVXOWDQWH GL XQD LQILQLWj GL DYYHQLPHQWL GLYHUVLVVLPL WUD ORUR FKH D YROWH DQGDYDQR LQ GLUH]LRQL RSSRVWH VH QRQ FRQWUDGGLWWRULH 3HQVR FKH SHU WHQHUH LQVLHPH FRQ XQ PLQLPR GL FULWHULR TXHVWD QHEXORVD GL DFFDGLPHQWL VLD QHFHVVDULR XQ FROODQWH PROWR IRUWH FKH SHU IDU PL FDSLUH PL SLDFH FKLDPDUH HJR ,Q TXHVWR FDVR OHJR OLQWHQGR FRPH XQR VFDWR ORQH DOOLQWHUQR GHO TXDOH FL VRQR LR H WXWWD OD PLD VWRULD FKH q LQHYLWDELO PHQWH GLYHUVD GD WXWWH OH DO WUH GLYHUVLWj SLFFROH H JUDQ GL GLYHUVLWj FRPXQTXH FKH PL IDQQR DYYLFLQDUH RSSXUH DOORQWDQDUH GDJOL DOWUL 4XDQWH YROWH KR GHWWR H DQ FKH VHQWLWR GLUH ³LR VRQR IDWWR FRVu H QRQ SRVVR FDPELDUH´ 4XDQWD UDJLRQH H TXDQWD FRPSUHQVLRQH LQ WXWWR TXH VWR Ê FRVu 'HYR SUHQGHUH DWWR FKH PL VRQR IRUPDWR DQQR GRSR DQ QR FRQ TXHVWH FDUDWWHULVWL FKH FRVD YRJOLR FDPELDUH" (SSXUH D ULSHQVDUFL EHQH FL VRQR VWDWL GHL PRPHQWL QHL TXDOL DYYHUWLYR GHOOLQTXLHWXGLQH GHOOD VWDQ FKH]]D GHOOH VHQVD]LRQL GL XQD YLWD GLYHQWDWD VWUHWWD QDVFHYD LQ PH XQ TXDOFKH GHVLGHULR GL VSHULPHQWDUH DOWUH FRVH FRVH SL HOHYDWH QRQ VDSHYR DOORUD GL TXDQWR IRVVH IDFLOH LOOXGHUVL GL HVVHUH LQ TXDOFKH PRGR XQ SR¶ VSHFLDOL *LRUJLR $0%526, 6HJXH D SDJLQD GXH 9LVLRQH R 9LVLRQDULR" (VVHUH YLVLRQH R HVVHUH YLVLRQDULR" ,PPDJLQH GDO ZHE

Transcript of LQILQLWj GL DYYHQLPHQWL GLYHUVLVVLPL WUD ORUR FKH …

Page 1: LQILQLWj GL DYYHQLPHQWL GLYHUVLVVLPL WUD ORUR FKH …

$QQR�;;,9�—�1�����

(-PDLO��JRFFHGLDUPRQLD#JRFFHGLDUPRQLD�LW

7 XWWL� L�QRVWUL�VHQVL�VRQR�SULQFLSDOPHQWH�ULYROWL�YHUVR�OHVWHUQR�HG�q�FRPSUHQVL�ELOH�FKH�VLD�FRVu��LQIDWWL�SHU�YLYHUH�DE�ELDPR� XQD� IRUWH� QHFHVVLWj� GL� FRQR�

VFHUH� WXWWR�TXHOOR�FKH�FL� FLUFRQGD��1H�YD�GHOOD�QRVWUD� VRSUDYYLYHQ]D�� 6HQWLDPR� LO� ELVRJQR� GL�VWDUH� DWWHQWL�� GREELDPR� HVVHUH� SURQWL� GDYDQWL�DG� RJQL� HYHQWXDOH� SHULFROR� H� TXHVWR� VXFFHGH�GD�TXDQGR�VLDPR�QDWL�� 'D�TXDQGR�VRQ�QDWR��VH�QRQ�GD� SULPD�� SRVVR� LPPDJLQDU�PL�GL�HVVHUH�FRPH�XQ�FRQWH�QLWRUH� GL� XQD� LPPHQVLWj�TXDQWLWj� GL� GDWL� SURYHQLHQWL�GDO� PRQGR� HVWHUQR�� GDWL� FKH�SRL�� XQD� YROWD� GHSRVLWDWL� HG�HODERUDWL� LQ� PH�� VL� VRQR� WUD�VIRUPDUWL� LQ�JLRLH��GRORUL�� UDE�ELD�� JHQHURVLWj� H� LQ� WXWWR� OR�VSHWWUR�GHOOH�PLH�HPR]LRQL� )RQGDPHQWDOH��q�RYYLDPHQWH�ODPELHQWH� LQ� FXL� VRQR� QDWR��DO�6XG��DO�1RUG��TXDOH�UHOLJLR�QH�R�FUHGR�SURIHVVDYD�OD�PLD�IDPLJOLD�� VH� OD� PLD� IDPLJOLD�HUD� ULFFD� R� SRYHUD�� FKH� WLSR�GL� VFXROD� KR� IUHTXHQWDWR�� GL� TXDOL� DPLFL]LH� PL�VRQR�FLUFRQGDWR� 7XWWH� TXHVWH� HVSHULHQ]H�� LQHYLWDELOPHQWH� LQ�SDUWH�� OH�KR�VXELWH��DOWUH� OH�KR� LQFRQWUDWH� OXQJR�OD�PLD�YLWD�H�DOWUH� OH�KR�FHUFDWH�H�QRQ�VHPSUH�WURYDWH� &HUWR��VH�OH�FRVH�VRQR�DQGDWH�FRVu�OD�YLVLRQH�GL�PH� VWHVVR�QRQ�q�DOWUR� FKH� OD� ULVXOWDQWH� GL� XQD�

LQILQLWj�GL� DYYHQLPHQWL�GLYHUVLVVLPL� WUD� ORUR� FKH��D� YROWH� DQGDYDQR� LQ� GLUH]LRQL� RSSRVWH� VH� QRQ�FRQWUDGGLWWRULH� 3HQVR�FKH�SHU� WHQHUH� LQVLHPH��FRQ�XQ�PLQLPR�GL�FULWHULR��TXHVWD�QHEXORVD�GL�DFFDGLPHQWL��VLD�QHFHVVDULR�XQ�FROODQWH�PROWR�IRUWH�FKH��SHU�IDU�PL�FDSLUH��PL�SLDFH�FKLDPDUH�HJR� ,Q�TXHVWR�FDVR��OHJR�OLQWHQGR�FRPH�XQR�VFDWR�ORQH� DOOLQWHUQR� GHO� TXDOH� FL� VRQR� LR� H� WXWWD� OD�

PLD� VWRULD�� FKH� q� LQHYLWDELO�PHQWH�GLYHUVD�GD� WXWWH� OH�DO�WUH�� GLYHUVLWj� SLFFROH� H� JUDQ�GL�� GLYHUVLWj� FRPXQTXH� FKH�PL� IDQQR� DYYLFLQDUH� RSSXUH�DOORQWDQDUH�GDJOL�DOWUL� 4XDQWH� YROWH� KR� GHWWR� H� DQ�FKH�VHQWLWR�GLUH�³LR�VRQR�IDWWR�FRVu�H�QRQ�SRVVR�FDPELDUH´� 4XDQWD� UDJLRQH� H� TXDQWD�FRPSUHQVLRQH� LQ� WXWWR� TXH�VWR��Ê�FRVu� 'HYR� SUHQGHUH� DWWR� FKH� PL�VRQR� IRUPDWR�DQQR�GRSR�DQ�QR� FRQ� TXHVWH� FDUDWWHULVWL�FKH��FRVD�YRJOLR�FDPELDUH" (SSXUH�D� ULSHQVDUFL� EHQH�� FL�VRQR� VWDWL� GHL� PRPHQWL� QHL�

TXDOL� DYYHUWLYR� GHOOLQTXLHWXGLQH�� GHOOD� VWDQ�FKH]]D� GHOOH� VHQVD]LRQL� GL� XQD� YLWD� GLYHQWDWD�VWUHWWD��QDVFHYD� LQ�PH�XQ�TXDOFKH�GHVLGHULR�GL�VSHULPHQWDUH�DOWUH�FRVH��FRVH�SL��HOHYDWH��QRQ�VDSHYR�DOORUD�GL�TXDQWR�IRVVH�IDFLOH� LOOXGHUVL�GL�HVVHUH�LQ�TXDOFKH�PRGR�XQ�SR¶�VSHFLDOL� *LRUJLR�$0%526, ������������������������������������������������6HJXH�D�SDJLQD�GXH

9LVLRQH�R�9LVLRQDULR" (VVHUH�YLVLRQH�R�HVVHUH�YLVLRQDULR"

�������,PPDJLQH�GDO�ZHE

Page 2: LQILQLWj GL DYYHQLPHQWL GLYHUVLVVLPL WUD ORUR FKH …

� � �

6HJXH�GDOOD�SULPD�SDJLQD &RVu�GRSR�EODQGL��PD�DOORUD�FRQYLQWL��WHQWD�WLYL�GL�FDPELDPHQWR�DWWUDYHUVR�OHWWXUH�SDUWL�FRODUL�H�IUHTXHQWD]LRQH�GL�JUXSSL�SL��R�PH�QR�VSLULWXDOL��PL�VRQR�LQ�TXDOFKH�PRGR�DUUH�VR� GDYDQWL� DOOLPSRVVLELOLWj� GL� TXDOVLYRJOLD�FDPELDPHQWR� 3L��WDUGL�PL�UHVL�FRQWR�FKH�FDPELDUH�VLJQLIL�FDYD� VDOWDUH�GD� XQ� WUHQR� LQ�FRUVD� RG� XVFL�UH�GD�XQ� ILXPH�GRYH�OD�FRUUHQ�WH� q�PROWR� IRU�WH��5LIOHWWHYR�H�PL� FRQYLQFHYR�FKH� L� ULVFKL�HUDQR�WDQWL�H�OH�FHUWH]]H� SR�FKH� 4XHVWD� H� OD�YLVLRQH� GHOOD�PLD�YLWD�H�PL�q�HVWUHPDPHQWH�GRORURVR� UHQ�GHUPL� FRQWR�FKH�SRJJLDYD�VXO�QXOOD� 3RL�TXDQGR�VRQR�XQ�SR�SL��DOOHJUR��PL�GLFR�FKH�WXWWR�TXHVWR�QRQ�q�SRL�PDOH�DQ]L�PL�UL�WHQJR� IRUWXQDWR��GL� FRVD�PL� GHYR� ODPHQWD�UH�� VRQR� DUULYDWR� DOOD� SHQVLRQH�� OD� VDOXWH�ILQRUD�q�VWDWD�JHQHURVD��H�DWWRUQR�D�PH�WXW�WR�q�DPSLDPHQWH�VRGGLVIDFHQWH�� 'HYR�VROR�ULQJUD]LDUH�'LR�GL�WXWWR�TXHVWR� 4XHVWD�q� OD�YLWD�� OR�VR� OR�VR����&RVD�FHUFR�DQFRUD�FRVD�GHVLGHUR�GL�SL����VRQR�VROR�ILVL�PH�� WHQWDWLYL� SDWHWLFL� GL� YROR� FRQ� OH� DOL� GL�,FDUR� 4XL�ILQLVFH�OD�³YLVLRQH´�GL�PH�VWHVVR�HG�LQL�]LD�OLR�³YLVLRQDULR´� 6u���Vu���QRQ�SRVVR�H�QRQ�YRJOLR�WDSSDUPL�OH�RUHFFKLH�� WDQWRPHQR� LO� FXRUH�� RVDUH� FRPH�,FDUR�� JXDUGR� GHQWUR� PH� VWHVVR� H� IRUWH� H�SUHFLVD�q� OD�VHQVD]LRQH��VH�QRQ�SURSULR� OD�FHUWH]]D��FKH�WXWWD�OD�PLD�YLWD�VLD�VWDWD�HG�q�

SDUDJRQDELOH� DG� XQD� PDWDVVD� FKH� DWWLPR�GRSR�DWWLPR�VL�DYYROJH�DWWRUQR�DG�XQ��&HQ�WUR�QRQ�GHILQLWR�PD��SUHFLVR� 6ROR�TXHVWR�&HQWUR��KD�SHUPHVVR�DOOD´�PD�WDVVD´� GL� DYYROJHUVL� LQ� XQ� FHUWR� RUGLQH�� GL�SUHQGHUH�XQD�IRUPD�FRQFUHWD�H�GL�ULFHYHUH�XQD�FRQRVFHQ]D�GL�Vp� 3HU� TXHVWR� OD� ³PDWDVVD´� � SXz� GLUH� HVLVWR�

SHUFKp�KR�XQD�FRQRVFHQ]D� GL�PH�VWHVVR��H�LO�&HQWUR� VSLUL�WXDOH� SXz� GLUH�HVLVWR�H�TXHOOD�³PDWDVVD´� QH�q�OD�FRQIHUPD� /D� GRPDQGD�FKH� PL� IDFFLR�RUD� q�� ´PL� q�SRVVLELOH� FR�QRVFHUH�H�VSH�ULPHQWDUH�TXH�VWR�&HQWUR´" /D� PLD� ULVSR�VWD� q�� ³FHUWR��VHQ]D� DOFXQ�

GXEELR´� 2UD� FKH� VRQR� QHOO³HVVHUH� YLVLRQDULR´�� QRQ�DYYHUWR�RVWDFROL�GL�VRUWD�VR�FKH�PL�q�SRVVL�ELOH� VH� QRQ� DUULYDUH� DO�PLR�&HQWUR�� DYYLFL�QDUPL�H�FRJOLHUQH�OD�SDFH�LQILQLWD�H�OLQILQLWD�IRU]D� 7RUQDQGR� XQ� SRFR� FRQ� L� SLHGL� SHU� WHUUD��FRQIHVVR� FKH�PL� SLDFH�SHQVDUH� FKH� FL� VLD�XQ�VRWWLOH�ILOR�G¶DUJHQWR�FKH�FROOHJKL�LO�PRQ�GR� GHOOD� ³YLVLRQH´� FRQ� LO� PRQGR� GHO�³YLVLRQDULR´��XQD�VRWWLOH�YLEUD]LRQH��FKH�FR�PH�LO�ILOR�GL�$ULDQQD�PL�VDSSLD�FRQGXUUH�DQ�FKH�SHU�SRFKL�DWWLPL�IXRUL��GDO�ODELULQWR�GHOOD�³YLVLRQH�³�GL�PH�VWHVVR��� *LRUJLR�$0%526,

9LVLRQH�R�9LVLRQDULR" (VVHUH�YLVLRQH�R�HVVHUH�YLVLRQDULR"

,PPDJLQH�GDO�ZHE

Page 3: LQILQLWj GL DYYHQLPHQWL GLYHUVLVVLPL WUD ORUR FKH …

6 WDPDQL�PL� VRQR� DO]DWR� FRQ� XQD� FHUWD� WUL�VWH]]D��LQFRQVFLD��H�VWUDQL�SHQVLHUL��FKH�PL�UDWWULVWDYDQR� ,O�IXWXUR�ULVSHWWR��DOOH�DVSHWWDWLYH�GHJOL�DQQL�

GHOOD� PLD� JLRYHQW�� q� EHQ�PLVHUR�� LQ� TXHJOL� DQQL� ���������H����«����DQQL�LQ�FXL�WXWWR�VHPEUDYD�SURLHW�WDWR�YHUVR�XQ� � IXWXUR�FDULFR�GL�VSHUDQ]H��)XWXUR� LQ�FXL�VL�YLYHYD�OD�FHUWH]]D�GL�FRQTXLVWH�GHOOR�VSD]LR��GL� XQD�XPDQLWj� ILQDOPHQWH� OLEHUD�GD�JXHUUH� � H� FR�VFLHQWH� GHOOH� SURSULH� SRWHQ]LDOLWj�� � ILGXFLRVR� QHOOD�VFLHQ]D� H� QHOOD� ULFHUFD� GHO�PHJOLR� H� GL� DOWUH� FRVH�LQLPPDJLQDELOL�H�SRVVLELOL�� 'L�WXWWL�L�IXWXUL�DVWUDOL�R�DSRFDOLWWLFL�QRQ�VL�q�DYYHUDWR�QXOOD�� 6LDPR� QHO� OLPER�� 3HUFKp� DEELDPR� XQD� WUH�PHQGD� SDXUD� GHO� IXWXUR�� GL� TXDOXQTXH� VSHFLH� GL�IXWXUR��(�SRLFKp��OD�ULFHUFD�H�OD�WHFQRORJLD�QRQ�SR�WHYDQR�VWDUH�IHUPL�� O¶DEELDPR�PRVVD�QHOO¶XQLFD�YLD�SRVVLELOH� LQ�TXHVWD�HVWUHPD� LQFHUWH]]D�� O¶LQIRUPDWL�FD���H�OR�DEELDPR�IDWWR�QHOOD�PDQLHUD�SL��PHVFKLQD�H�WULVWH��SHUFKp�LO�ULVXOWDWR�q�VROR�FURQDFD��H�FRQWURO�OR� GHOOH� SHUVRQH��7XWWR� LO� UHVWR� VWD� SUHFLSLWDQGR� LQ�XQR�VTXDOORUH�PLVHUHYROH�GHJQR�GHOOH�HWj�SL��EXLH� 8PDQDPHQWH�VL�SRVVRQR�VDOYDUH�VROR�DOFXQH�FRVH��PD�FKH�ULJXDUGDQR�XQD�SDUWH��PLQLPD�GHOOD�SRSROD�]LRQH�PRQGLDOH��PD�SHU�FRQWUR�VWLDPR�GLVWUXJJHQ�GR�LO�SLDQHWD��H�OH�VSHFLH�DQLPDOL�� LQTXLQDQGR�WHUUD�H�PDUL��FL�VLDPR�ULFKLXVL�LQ�ORFXOL��VLDQR�HVVL�DSSDU�WDPHQWL� � R� YHLFROL�� 3HU� XQD� VWUDQD� FRQWUDGGL]LRQH��FRQ� O¶DXPHQWR� GHOO¶LQIRUPDWLFD� q� DXPHQWDWR� LO� GL�VWDFFR� WUD� JOL� LQGLYLGXL�� � � FKH� VL� VWDQQR� LVRODQGR�VHPSUH�SL�� /¶XQLFD� UHDOWj�FKH�q�HQWUDWD� LQ�DXJH�q� O¶HFRQRPLD��PD�QRQ�TXHOOD�UHDOH��GL�FXL�RJQL�HVVHUH�SXz�JLRYDU�VL��PD�TXHOOD�GHO�GHQDUR�ILQH�D�VH�VWHVVR��H�TXHVWD�HFRQRPLD� YLUWXDOH� VWD� FRQGL]LRQDQGR� OD� YLWD� GHJOL�LQGLYLGXL� /D� FRVD� SL�� JUDYH� FKH� VL� WHPHYD� QHJOL� DQQL� GHOOD�PLD�JLRYHQW��HUD�XQD�JXHUUD�QXFOHDUH��PD�VL�FRQIL�GDYD��QHO�WLPRUH�UHFLSURFR�GHOOH�VXSHU�SRWHQ]H��3HU�LO�UHVWR�HUD�VROR�RWWLPLVPR� 2UD�PL� VWR� UHQGHQGR� FRQWR� FKH� O¶XPDQLWj� KD� XQD�WUHPHQGD�SDXUD�GHO�IXWXUR��OR�VHQWH�WURSSR�LQFHUWR��VHQ]D�VSHUDQ]H�UHDOL��H�FLz�FKH�VWD�DFFDGHQGR�DW�WXDOPHQWH�QHO�PRQGR�QH�q�OD�SURYD�SURYDWD��5LJXU�JLWL� GL� UDGLFDOLVPR� UHOLJLRVR�� JXHUUH� WULEDOL� VHQ]D�VHQVR�H�VHQ]D�PLVXUD����OD�VXSUHPD]LD�GHOOH�OREE\�VX�WXWWR�H�VX�WXWWL��OD�FRUUX]LRQH�GLODJDQWH��OD�VSLHWD�WH]]D�GHL�PDQLSRODWRUL�GL�GHQDUR�YLUWXDOH�� OD�VWUDJH�SHUSHWXDWD� GD� SHVFKHUHFFL� H� EDOHQLHUH�� � OD� VFRP�SDUVD�GL� FXOWXUH�PLOOHQDULH�� O¶DFFXOWXUD]LRQH�H� O¶� LQ�FXOWXUD]LRQL� GHL� SRSROL� DG� XQD� XQLFD� UHDOWj�� LO� VLQ�FUHWLVPR� GLODJDQWH�� RIIURQR� XQR� VSHWWDFROR� SRFR��GLJQLWRVR� GL� XQD� XPDQLWj� VHPSUH� SL�� FRVFLHQWH��JUD]LH�DQFKH�DOO¶LQIRUPDWLFD��H�D�LQWHUQHW��GL�TXDOH�

VLD�OR�VWDWR�GL�GHJUDGR�LQ�FXL�q�SUHFLSLWDWD��(�TXHVWD��QXRYD�FRQVDSHYROH]]D��GL�XQ�VHPSUH�PDJJLRU�QX�PHUR� GL� SHUVRQH�� DQ]LFKp� OHQLUH� LO� GLVDJLR�� QRQ� ID�FKH� DXPHQWDUOR�� $EELDPR� DQFRUD� XQD� TXDOFKH�VSHUDQ]D"� $�YROWH�PL�FKLHGR�GRYH�VWLDPR�DQGDQGR��/D�ULVSR�VWD�SL�� ORJLFD� FKH�PL� GR�q� FKH�VWLDPR� ILQHQGR�XQ�FLFOR�FRVPLFR��VDSSLDPR�EHQH�R�PDOH�FRVD�DEELD�PR� ODVFLDWR�� PD� QRQ� VDSSLDPR� FRVD� FL� DVSHWWD��7HPR�IRUWHPHQWH�FKH�FL�VDUj�XQD�ULYROX]LRQH��QRQ�VROR� LQ�VHQVR�PDWHULDOH�� �PD�GHOOH�FRVFLHQ]H�� FKH�VL� HPDQFLSHUDQQR� GDOOH� � YDULH� GLWWDWXUH� � SHU� FDP�ELDUH�LO�SLDQHWD��0D�QRQ�VDUj�XQD�ULYROX]LRQH�LQGR�ORUH��� 6SHVVR� PL� FKLHGR�� TXDQWR� VRQR� UHVSRQVDELOH� LQ�SULPD�SHUVRQD��DVVLHPH�D� WXWWL�JOL� DELWDQWL� GHO�SLD�QHWD�GL�TXHVWD�VLWXD]LRQH"�2�q� LQHOXWWDELOH� �FKH� OH�FRVH� DQGDVVHUR� FRVu"� 9XRL� SHU� GLVHJQR� 'LYLQR� R�YXRL�SHU�HVLJHQ]H�FRVPLFKH��H�FRVD�R�TXDQWR�SRV�VR� IDUH� SHU� OHQLUH� R� WHQWDUH� GL� PRGLILFDUH� TXHVWD���WULVWH�VLWXD]LRQH"�,O�WHPSR�FKH�PL�UHVWD�q�SRFKLVVL�PR� ULVSHWWR� DO� WHPSR� GHOOD�PLD� YLWD� WUDVFRUVD��PD�SRVVR�IDUH�TXDOFRVD"����(�VH�VL��FRVD" $�YROWH�ULPSLDQJR��OD�PLD�IDQFLXOOH]]D�GRYH�LO�VDFUR�HUD�DQFRUD�LQ�DXJH��QRQ�FKH�L�SRSROL�YLYHVVHUR�PH�JOLR��PD� F¶HUD� VSHUDQ]D�� DOPHQR� QHO� GLYLQR�� � �0D�RJJL� O¶DVSHWWR�UHOLJLRVR�GHL�SRSROL�VL�q� WUDVIRUPDWR���GD�XQD�SDUWH� LQ� UDGLFDOLVPR�UHOLJLRVR�H�GDOO¶DOWUD� LQ�VHQWLPHQWDOLVPR��H�SLHWLVPR��VHQ]D�VSLQD�GRUVDOH��PDQWHQHQGR� SHUz� LQWDWWR� XQ� GRJPDWLVPR� VHQ]D�ULVSRVWH�ORJLFKH��� 6L�q�SHUVR�LO�VHQVR�JHUDUFKLFR�GHOO¶XQLYHUVR�H�GHOOD�VRFLHWj� FKH�D�HVVR� ID� ULIHULPHQWR�H� FRQ�HVVR� VL� q�SHUVR� LO� VHQVR� GHOOD� UHVSRQVDELOLWj� GHOOH� SURSULH�D]LRQL� 1RQ�EDVWHUj� ULVYHJOLDUH� OD� FRVFLHQ]D�XPDQD��VDUj�QHFHVVDULR� ULVWDELOLUH� LO�FRQWDWWR�FRQ� OD�SDUWH�VXSH�ULRUH�GHOO¶XRPR�� � FRQ� OD�VXD�SXUD� LQWHOOHWWXDOLWj�QHO�VHQVR� SURIRQGR� GHO� WHUPLQH�� H� GD� TXL� LO� FRQWDWWR�FRQ� LO�'LYLQR� �FKH�Gj�VHQVR�DG�RJQL�RSHUD�XPDQD��DWWUDYHUVR�LO�VDFUR� (FFR��YROXWD�R�QR� OD�SHUGLWD�GHO�6DFUR�QHOOH�D]LRQL�XPDQH�q�OD�UDJLRQH�SULPDULD�GHOOD�VLWXD]LRQH�XPD�QD� DWWXDOH�� (� VROR� OD� VXD� ULFRQTXLVWD� DWWUDYHUVR�XQD�HPDQFLSD]LRQH�GHOOD�FRVFLHQ]D� �FL�SRUWHUj�DG�XQD�QXRYD�HUD�

6$%$72����DSULOH��GHOO¶DQQR�GHO�6LJQRUH����� ������������������������������������������������ �����������������������������������������3LHUR�/$021

&RQVLGHUD]LRQL

Page 4: LQILQLWj GL DYYHQLPHQWL GLYHUVLVVLPL WUD ORUR FKH …

3 Xz� � IRUVH� GLUH� GL� DYHU� UDJJLXQWR� O¶LQQR�FHQ]D��SULPRUGLDOH��FROXL�FKH�QHOOD�VHQLOL�Wj�QRQ�KD�SL��VWLPROL�VHVVXDOL" &HUWDPHQWH�QR��

/R�VDUHEEH�VH�QHOOD�VXD�JLRYLQH]]D�� WUD� LO� SXO�VDUH�SUHSRWHQWH��GHOOD�YLJRULD���DYHVVH�GRPDWR�H�FDYDOFDWR�OD�VXD�VHVVXDOLWj���WDQWR�GD�FRQYHU�WLUH� WXWWD� TXHVWD� HQHUJLD� ULSURGXWWULFH� LQ� GRQR�PHUDYLJOLRVR� GL� Vp�� R� LQ� FDSRODYRUL� GD� GRQDUH�DOO¶XPDQLWj��RSSXUH� LQ�XQD�VXEOLPD]LRQH�GL�Vp��WDOH�GD�VXSHUDUH�OD�FRQGL]LRQH�XPDQD�� 6LPLOPHQWH� VL� SXz� GLUH� GHOOD� PHQWH�� � XQ� YHF�FKLR��LO�FXL�SR]]R�PHQWDOH�q�LQDULGLWR��SXz�JLRLUH�SHQVDQGR�GL�DYHU�GRPDWR�OD�PHQWH"�� 6H� � OR� IDFHVVH� VDUHEEH� GRSSLDPHQWH� VWROWR��SULPR�SHUFKp�QH�q�VWDWR� LQFDSDFH�TXDQGR� OD� VXD�PHQWH�HUD�QHO� SLH�QR�YLJRUH�GHOOD�VXD�SRWHQ]LDOLWj�� H� VH�FRQGR� SHUFKp� VL�DWWULEXLVFH� XQ� SR�WHUH� FKH� QRQ� KD�SL�� 2K� � PHQWH�� LP�PHQVR�GRQR�GL�'LR�DOOH�FUHDWXUH�� 2K� PHQWH� FUHDWUL�FH�GL�WXWWH�OH�JLRLRVH�PHUDYLJOLH�GHOO¶XRPR���PD�DQFKH�GHOOH�VXH�SL��QHIDVWH�D]LRQL� 0HQWH� FDSDFH�GL� DPRUL� HFFHOVL� H� GL� RGL� VHQ]D�ILQH�� %HDWR�FROXL�FKH�QHO� WXR�SLHQR�SRWHUH� � ULHVFH�D�FDYDOFDUWL�FRPH�FROXL�FKH�KD�GRPDWR� LO�SL��VX�SHUER� GHJOL� VWDOORQL�� H� SXz� FRQ� OD� VXD� YRORQWj�ODQFLDUOR� DO� JDORSSR� DWWUDYHUVR� VFRQILQDWH� SUD�WHULH�� 2K�PHQWH��EHDWR�FROXL�FKH�VHQ]D� LPSULJLRQDUWL�LQ� SDVWRLH� FKH� WL� SDUDOL]]DQR� ULHVFH� D� JRGHUH�SLHQDPHQWH� GHO� WXR� OLEHUR� JDORSSR�� FRQ� O¶DULD�FKH� JOL� VIHU]D� LO� YLVR� H� WXWWH� OH� FHOOXOH� GHO� VXR�FRUSR�WHVH�YHUVR�OD�PqWD� 2UD�� VH� QHOOD� VHQLOLWj� OD� WXD�PHQWH� QRQ� q� � SL��TXHOOD�EHOOD� IDQFLXOOD�GL�FXL�JRGHVWL� L�SLDFHUL�XQ�WHPSR�ORQWDQR��QRQ�DIIOLJJHUWL��QH��ULPSLDQJHUH�O¶XVR�QRQ�FRUUHWWR�FKH�QH�KDL�IDWWR��PD�VLL�D� OHL�ULFRQRVFHQWH�� H� DVFROWD� OD� VXD� YRFH�� GLYHQXWD�QHO� IUDWWHPSR� SL�� IOHELOH�� QRQ� SHUPHWWHUH� FKH�HVVD�GLYHQWL�SHU�WH�VWUXPHQWR�GL�VRIIHUHQ]D��QH�ODVFLDOD�DEEDQGRQDWD�D�VH�VWHVVD�

Ê�YHUR��RUD�QRQ�SXRL�SL��ODQFLDUOD�DO�JDORSSR�H�VHQWLUQH�O¶HEEUH]]D���PD�SXRL�VHPSUH�VHQWLUH�OD�VXD� FRPSDJQLD� H� JRGHUH� GHOOD� VDJJH]]D� FKH�DWWUDYHUVR�JOL�DQQL��FRQ�WH�KD�FRQVHJXLWR� 'LPPL�PHQWH���FKL�VHL�YHUDPHQWH�"� 7XWWL�JOL�XRPLQL��FKL�SL���FKL�PHQR��WL�XVDQR��DQ�]L��VL�LGHQWLILFDQR�LQ�WH��VFDPELDQGR�LO�VHUYR�SHU�LO�SDGURQH���PD�QHVVXQR�WL�FRQRVFH�YHUDPHQWH�� PDL�WL�PRVWUDVWL�DOO¶XRPR�GHVQXGD��VHQ]D�L�FLQ�TXH�YHOL�FKH�ULFRSURQR�OD�WXD�HVVHQ]D���� 1RL�DEELDPR�GDWR�GHL�QRPL�DL� WXRL�FLQTXH�YHOL����LVWLQWLYD���UD]LRQDOH���LQWHOOHWWXDOH��LQWHOOHWWLYD�HG��LQILQH�DO�SL��VDFUR�H� WHQXH��GHL� WXRL�YHOL�DEELD�PR�DWWULEXLWR� LO�QRPH��GL� LQWXLWLYD��0D�ROWUH�QRQ�VDSSLDPR�R�QRQ�SRVVLDPR�DQGDUH��

0D� � TXDOH� q� LO� WXR�YHUR�YROWR"��/D�WXD�VHPSLWHUQD� HVVHQ�]D"� 6ROR� FROXL� FKH� KD�UHDOL]]DWR� OD� WXD�YHUD� QDWXUD� � SXz�FRQRVFHUWL� VHQ]D�YHOL� 2�FROXL�DO�TXDOH�7X�QHOOD� � WXD� YHUD�HV�VHQ]D� � YRUUDL� FRQ�FHGHUWL� 7X�� PDGUH� H� ILJOLD�

GHOOD�FRQRVFHQ]D� 7X���GRQDWULFH�GL�LQHIIDELOL�JLRLH��R�VWUXPHQWR�GL�WRUWXUD� 7X��'HD��QHOOD�TXDOH�O¶XRPR�VL�LGHQWLILFD��ULQXQ�FLDQGR�SHUILQR�DOOD�SURSULD��LGHQWLWj� 7X�� FKH� DFFRPSDJQL� O¶HVVHUH� QHOOH� OXQJKH� SH�UHJULQD]LRQL� GHO� VXR� VWDWR�� FRPH� VWUXPHQWR�SULQFLSH��SHU�LO�ULVYHJOLR�GHOOD�VXD�FRVFLHQ]D� 7X�� �JHQLWULFH�GHOO¶LR�� FKH�GD�FRQTXLVWD� OR� � WUD�VIRUPL�LQ�SLHWUD�GL�LQFLDPSR� 7X���PDGUH�H�PDWULJQD��FKH�JHVWLVFL�JLRLH�H�SH�QH��H�WUDVIRUPL�OH�XQH�QHOOH�DOWUH�H�YLFHYHUVD�� 7X���PDGUH�GL�0D\D�H�VXD�ILJOLD�SUHGLOHWWD� 5HQGLPL�JLXVWL]LD�SHU�OH�QRWWL�VSHVH�DO�WXR�ILDQ�FR�� � H� FRQFHGLPL� GL� YHGHUH� LO� 7XR� YHUR� YROWR��ROWUH�LO�YHOR�GHOO¶DSSDUHQ]D� 5LIOHVVLRQL�GL��3LHUR�/DPRQ��� LQ�ULWLUR�/XJOLR����

2GH�DOOD�0HQWH

,PPDJLQH�GDO�ZHE