%KD:7B?D?
%KD:7B?D?
?BIKEH
?BIKEH?IL;=B?EF
?IL;=B?EFH;C7JKHE;:?
H;C7JKHE;:?DLEBEDJ7H?E
DLEBEDJ7H?E

3UHPHVVD

/(QHUJLD FKH YLHQH ULVYHJOLDWD FRQ O$OFKLPLD q OD VWHVVD RYYLDPHQWH FKH q FKLDPDWD LQ
RULHQWH.XQGDOLQL

,O 6LPEROR 2FFLGHQWDOH GHO &DGXFHR GL 0HUFXULR (UPHWH 7ULVPHJLVWR FRQ L VXRL GXH
6HUSHQWL LQWUHFFLDWL LQWRUQR DO %DVWRQH KD OD VWHVVD YDOHQ]D FKH QHOOD 7UDG]LRQH 2ULHQWDOH
KDQQR LO FDQDOH PHGLDQR 6XVKXPQD  FKH DWWUDYHUVD OD FRORQQD YHUWHEUDOH HG L GXH FDQDOL
ODWHUDOL,GDH3LQJDODDWWUDYHUVRLTXDOLLO6HSUHQWH.XQGDOLQLULVDOH
$QFKHQHO&DGXFHR6HUSHQWLH%DVWRQHVL,QWUHFFLDQRLQSXQWLSUHFLVLFKHFRUULVSRQGRQRDL
SXQWLHQHUJHWLFLSULQFLSDOL2ULHQWDOLGHWWL&KDNUDV
3HUDOWURVLSRVVRQRQRWDUHLQILQHSLODVWL&HQWUDOHH/DWHUDOLFRPHQHOOD&DEDOD

,O VHJXHQWH WHVWR VSLHJD EHQH FHUWH VHQVD]LRQL FKH SURYLDPR DQFRUD SULPD GL FRQRVFHUH
NXQGDOLQLHGDFRVDVLYDLQFRQWURULVYHJOLDQGRODRTXDQGRVLULVYHJOLDSUHPDWXUDPHQWH

(VWUDWWRGD*HQHYLHYH/HZLV3DXOVRQ.XQGDOLQLH&KDNUDVODUPRQLFRHTXLOLEULRIUDFRUSRH
VSLULWR JUD]LH DOOD IDFROWj FXUDWLYD H ULJHQHUDWULFH GHOOHQHUJLD FRVPLFD $UPHQLD 
0LODQRSS

.XQGDOLQLOHQHUJLDGHOOHYROX]LRQH

,QWURGX]LRQH

2JQXQR KD LQ VH TXDOFRVD FKH OR VSLQJH D HFFHOOHUH R D GLVWLQJXHUVL LQ TXDOFKH FDPSR
LQVRPPDDHVVHUHXQLFR

7DOYROWDOHSHUVRQHVRGGLVIDQRWDOHSXOVLRQHLQPRGRQHJDWLYR7XWWDYLDYDWHQXWRSUHVHQWH
FKHTXHVWDVSLQWDIDSDUWHGHOOHYROX]LRQHODULFHUFDGHOOLOOXPLQD]LRQHLOWHQWDWLYRGLHVVHUH
GLYLQLSXUULPDQHQGRXRPLQL

(FFRFRPHOH8SDQLVKDGODGHVFULYRQR

9LYHQGRLQTXHVWRFRUSRLQTXDOFKHPRGRDEELDPRWURYDWR%UDPD>HVSDQVLRQHHYROX]LRQH
O$VVROXWR LO &UHDWRUH LO 3UHVHUYDWRUH H LO 'LVWUXWWRUH GHOOXQLYHUVR@ VH FRVu QRQ IRVVH
VDUHPPR ULPDVWL LJQRUDQWL H OD JUDQGH GLVWUX]LRQH DYUHEEH SUHVR LO VRSUDYYHQWR &KL
FRQRVFH %UDPD GLYHQWD LPPRUWDOH PHQWUH JOL DOWUL VRIIURQR LQ PLVHULD >,9 ,9  QHOOD
YHUVLRQHGL6ZDPL1LNKLODQDQGD@

*HVULVSRVHQHO1XRYR7HVWDPHQWR
1RQVWDVFULWWRQHOODYRVWUDOHJJH'LVVL6LHWH'HL"$FRORURLTXDOLYHQJRQRFKLDPDWL'HLLO
PRQGR GL 'LR q VWDWR DIILGDWR  H OH 6FULWWXUH QRQ SRVVRQR HVVHUH WUDVFXUDWH >*LRYDQQL
=/D1XRYD%LEELD,QJOHVH@

6FRSULDPRGLHVVHUHFKLDPDWLDVXSHUDUHODFRQGL]LRQHXPDQDSHUDVSLUDUHDVIHUHVXSHULRUL
/HQHUJLD.XQGDOLQLVSURQDRJQXQRYHUVROLOOXPLQD]LRQHDFRQRVFHUH'LRHODOXFH

1HOOR<RJD7LEHWDQRHLQDOWUHGRWWULQHHVRWHULFKHVLWURYDODVHJXHQWHHVSUHVVLRQH

4XHVWDqODPLDIUDVH3RVVLDWHHVVHUH'HLILJOLGLXQ'LRVXSHULRUH>6DOPR@

*UD]LH DOOR 6KDNWL <RJD >GLVFLSOLQD HQHUJHWLFD@ OR \RJL WDQWULFR DSSUHQGH OD GLVFLSOLQD GHO
FRUSR H GHOOD PHQWH SHU SRL DIIURQWDUH OHQRUPH FRPSLWR GL ULVYHJOLDUH OH VXH HQHUJLH
DVVRSLWH R LQQDWH GHOOD GLYLQLWj SHUVRQLILFDWH GDOOD GHD GRUPLHQWH .XQGDOLQL  3RL
DWWUDYHUVR OXQLRQH PLVWLFD GL 6KDNWD >DO YHUWLFH GHOOD WHVWD@ H GL 6KDNWL VL UDJJLXQJH
OLOOXPLQD]LRQHOR\RJLKDUDJJLXQWRLOVXRRELHWWLYR 

.XQGDOLQL XQ WHUPLQH VDQVFULWR FKH VLJQLILFD HQHUJLD FLUFRODUH H XQHQHUJLD GL EDVH
GHOOHYROX]LRQH LQGLYLGXDOH FKH VFRUUH LQ TXDOFKH PLVXUD LQ RJQXQR GL QRL ILQ GDOOD QDVFLWD
/DTXDQWLWjGLHQHUJLDGLVSRQLELOHGHWHUPLQDLOJUDGRGLLQWHOOLJHQ]DGHOODSHUVRQDGDOOLYHOOR
SLEDVVRDOODJHQLDOLWj1RQVLWUDWWDVRORGLXWLOL]]DUHXQD FRPSRQHQWHGHOOXRPREHQVuGL
ULVYHJOLDUQHODSDUWHSLFRVSLFXDFKHDWWHQGHQHOODULVHUYD.XQGDOLQLVLWXDWDDOODEDVHGHOOD
FRORQQDYHUWHEUDOH

.XQGDOLQLqXQHQHUJLDQDWXUDOHSUHVHQWHLQRJQXQR1RQVLWUDWWDGLXQDUHOLJLRQHVHEEHQHLO
VXRLPSLHJRVLDSDUWHLQWHJUDQWHGLDOFXQLFXOWLHSRVVDFRQWULEXLUHDVYLOXSSDUHHSRWHQ]LDUH
ODIHGHUHOLJLRVDLQGLYLGXDOH/DQWLFDOHWWHUDWXUDRULHQWDOHIRUQLVFHQXPHURVHLQIRUPD]LRQLVX
.XQGDOLQL D GLIIHUHQ]D GHOOD OHWWHUDWXUD RFFLGHQWDOH FKH SHUDOWUR VWD LQL]LDQGR D
RFFXSDUVHQH ,Q FRUULVSRQGHQ]D GHO FUHVFHQWH LQWHUHVVH SHU OHWj GHOO$FTXDULR H GHOOD
SDUDOOHODOLEHUD]LRQHVSRQWDQHDGHOOHSRWHQWLHQHUJLH.XQGDOLQLOHSHUVRQHGLRJQLDPELHQWH
HWj H JUDGR GL HYROX]LRQH OD VSHULPHQWDQR LQGLSHQGHQWHPHQWH GDOOH ORUR RULJLQL FXOWXUDOL
ILORVRILFKHRUHOLJLRVH
&RORUR FKH QRQ QH KDQQR PDL VHQWLWR SDUODUH H VL FKLHGRQR TXDOH VLD OD FDXVD GHL ORUR
SUREOHPL ILVLFL PHQWDOL HG HPRWLYL RSSXUH GHO ORUR HVDXULPHQWR LQFRQWUDQR GLIILFROWj QHO
UHSHULUHLQIRUPD]LRQLXWLOLLQPHULWRFRPHGHOUHVWRDFFDGHDQFKHDFRORURFKHVLLPSHJQDQR
QHL FDPSL GHOOHYROX]LRQH SHUVRQDOH H GHOODVVLVWHQ]D H LQWHQGRQR DLXWDUH FKL OLEHUDQGR
SUHPDWXUDPHQWHOHQHUJLD.XQGDOLQLVLWURYDGLIURQWHSUREOHPLGLRJQLWLSRSDUDJRQDELOLSHU
ODORURSRUWDWDDXQDFDULFDHOHWWULFDGL9DWWUDYHUVRXQXQLWjGLVROL9LIXVLELOLVDOWDQR
HLOFLUFXLWRVLIRQGH

8QDGHOOHFDXVHGHOODVFDUVDUHSHULELOLWjGLWHVWLULVLHGHQHOIDWWRFKHPROWHSHUVRQHVHEEHQH
VLDQR LQIRUPDWH WHPRQR LO SRWHQ]LDOH HIIHWWR GDQQRVR GL .XQGDOLQL H ULWHQJRQR FKH QRQ
GHEED HVVHUH VIUXWWDWR  TXLQGL QLHQWH HVHUFL]L R DGGHVWUDPHQWR  SHU HYLWDUH FKH WDOH
SRWHQWHIRU]DVLWUDVIRUPLLQXQHQHUJLDGLVWUXWWLYD

8Q VLPLOH DWWHJJLDPHQWR SXz HVVHUH SDUDJRQDWR D TXHOOR GL FKL SHQVD FKH LOQRQ SDUODUH GL
VHVVRDLJLRYDQLSRVVDHYLWDUHOLQVRUJHUHGLSUREOHPLGLWDOHQDWXUD0ROWLLQROWUHFRQVLGHUDQR
.XQGDOLQLOHQQHVLPDPRGDGHOQRVWURWHPSR1LHQWHGLWXWWRFLz.XQGDOLQLLQIDWWLSXzHVVHUH
YLVWDFRPHODVFLHQ]DSLDQWLFD

,QSDVVDWRODOLEHUD]LRQHGL.XQGDOLQLDYYHQLYDVRWWRLOFRQWUROORGLPDHVWULHLQGHWHUPLQDWH
VLWXD]LRQL H LO VXR DSSUHQGLPHQWR HUD FRQVLGHUDWR XQD VDJJH]]D HVRWHULFD 0D QHOOHUD
DWWXDOHOHVRWHULVPRqGLYHQWDWRRUPDLSRSRODUH4XDQWLDORURLQVDSXWDKDQQRVSHULPHQWDWR
OD OLEHUD]LRQH GL .XQGDOLQL PDO LQWHUSUHWDQGR L VLQWRPL GHO ORUR PDOHVVHUH YHQLYDQR
JHQHUDOPHQWH FRQVLGHUDWL PDODWL GL PHQWH R SVLFKLFDPHQWH ODELOL HG q SUREDELOH FKH QH
IRVVHUR FRQYLQWL HVVL VWHVVL ,O SURFHVVR LQIDWWL FDXVD QRQ VROR JLRLD H JUDQGH VROOLHYR PD
DQFKH XQ DFFHQWXDWR VWDWR GL FRQIXVLRQH H SDXUD /H WHVWLPRQLDQ]H ODVFLDWHFL GDL PLVWLFL
FULVWLDQLGLPRVWUDQRFKHDQFKHVVLDYHYDQRVSHULPHQWDWR.XQGDOLQLLQPRGRGRORURVRDQFKH
VH FRPSUHQGHYDQR FKH WDOH SURFHVVR OL DYUHEEH SRUWDWL DOOXQLRQH FRQ PLR *RSL .ULVKQD IX
WHVWLPRQHGLWDOHIRU]DHYROXWLYDQHOOHUDPRGHUQD

/D OLEHUD]LRQH GHOOD VXD .XQGDOLQL YHQQH SURYRFDWD PHGLDQWH HVHUFL]L GL PHGLWD]LRQH VYROWL
VHQ]DXQDGGHVWUDPHQWRSUHYHQWLYRGHGLFzDQQLLQWHULDOODQDOLVLGHOIHQRPHQRLQDWWRHOH
HVSHULHQ]HGDOXLUDFFROWHVRQRVWDWHGLJUDQGHDLXWRSHUFRORURFKHFRPHOXLQRQVLHUDQR
SUHYHQWLYDPHQWHSUHSDUDWL



'DOO
HGL]LRQHGL:<(YDQV:HQW]

6LYHGD.XQGDOLQLGL*RSL.ULVKQD

,VLQWRPLGHOODOLEHUD]LRQHSUHPDWXUD

'DWR FKH RJQL LQGLYLGXR q XQLFR  FRQ OD VXD VWRULD LO VXR VWDWR ILVLFR OD VXD HYROX]LRQH
SHUVRQDOHHVSLULWXDOHODOLEHUD]LRQHGL.XQGDOLQLqGLYROWDLQYROWDGLYHUVD7XWWDYLDDOFXQL
VLQWRPL SRVVRQR LQGLFDUH OD SUHVHQ]D GL XQD OLEHUD]LRQH HFFHVVLYD LQ XQ VLVWHPD QRQ
SUHSDUDWRPDODWWLHLQVSLHJDELOLXQFRPSRUWDPHQWRDQRPDOR

 ODVHQVD]LRQHGLSHUGHUVLHGLQRQSRWHUDIIURQWDUHODYLWDTXRWLGLDQDEULYLGLRFROSL
GLFDORUH
 VGRSSLDPHQWRGHOODSHUVRQDOLWj
 HFFHVVLYLVEDO]LGXPRUHGHSUHVVLRQHRHVWDVL
 SHULRGLGLDSDWLDRGLDWWLYLVPRHFFHVVLYL
 SHUGLWDRGLVWRUVLRQHGHOODPHPRULD
 GLVRULHQWDPHQWR QHL FRQIURQWL GL VH VWHVVL GHJOL DOWUL GHO ODYRUR H GHO PRQGR LQ
JHQHUDOH
 FDPELDPHQWLGUDVWLFLGHOODVSHWWRXQDSHUVRQD SXzVHPEUDUH ULQJLRYDQLWDGLDQQLH
SRFRGRSRLQYHFFKLDWDGLYHQWDQQL
 VHQVD]LRQL YLVLYH YLVLRQL GLOXFH H FRORUL GL IRUPH JHRPHWULFKH GL HSLVRGL GHOOH YLWH
SDVVDWHRGHOIXWXUR

/R6FRSR

.XQGDOLQL VHJXH OD VXD GLUH]LRQH QDWXUDOH VFRUUHQGR OXQJR OD FRORQQD YHUWHEUDOH H
IXRULXVFHQGR GDOOD VRPPLWj GHO FDSR OXQJR LO FDPPLQR GRQD XQD QXRYD FRQVDSHYROH]]D
QXRYH FDSDFLWjHDVVLFXUDLOUDJJLXQJLPHQWRGLVWDWLWUDVFHQGHQWDOL&RPHXQDSLDQWDFHUFD
OD OXFH .XQGDOLQL FHUFD OLOOXPLQD]LRQH HOLPLQDQGR L EORFFKL HQHUJHWLFL FKH OD RVWDFRODQR H
FDXVDQGRLQWDOPRGRODFRPSDUVDGHLVLQWRPLSUHFHGHQWHPHQWHHOHQFDWLWXWWDYLDSRVVLELOH
UHDJLUH D TXHVWR SURFHVVR 8QD SHUVRQD FRPSOHWDPHQWH HYROXWD FRQVHJXLUj SRWHUL
SDUDQRUPDOL VWUDRUGLQDUL XQD SURIRQGD FRQVDSHYROH]]D VSLULWXDOH H YHUUj HIIHWWLYDPHQWH
FRQVLGHUDWDXQJHQLRRXQHVVHUHGLYLQR3ULPDRSRLWXWWLVSHULPHQWDQR.XQGDOLQLTXDQWR
SLVDUDQQRSURQWLHLQIRUPDWLWDQWRSLDSSDJDQWHVDUjWDOHHVSHULHQ]D

/DOLEHUD]LRQHLQYRORQWDULDHGHOOHQHUJLD.XQGDOLQL

,OSURFHVVRGLOLEHUD]LRQH

/HQHUJLD.XQGDOLQLDYYROJHODEDVHGHOODFRORQQDYHUWHEUDOH

/DVXDOLEHUD]LRQHSXzHVVHUHSDUDJRQDWDDOVXFFHGHUVLGL2QGHILDPPHSXOVD]LRQLRDXQD
VRUWDGLVURWRODPHQWR

.XQGDOLQL FHUFD GL VROLWR XQR VIRJR OXQJR OD FRORQQD YHUWHEUDOH ILQR DOOD VRPPLWj GHO FDSR
DWWUDYHUVRTXHOORFKHWDOYROWDYLHQHGHILQLWRLOFKDNUDGHOODFRURQD

,OWHUPLQHFKDNUDFKHLQVDQVFULWRVLJQLILFDUXRWDVLULIHULVFHDLYRUWLFLHQHUJHWLFLQHOFRUSR
HWHULFR
7DOYROWD.XQGDOLQLDYYROJHOLQWHUDFRORQQDYHUWHEUDOHILQRDOFKDNUDGHOODFRURQD

1HO FRUVR GHO SURFHVVR YLWDOH QDWXUDOH YHQJRQR OLEHUDWH RQGH VXFFHVVLYH GL HQHUJLD D
VHFRQGDGHOOHYROX]LRQHHGHOODGLVSRQLELOLWjLQGLYLGXDOL

,OPRYLPHQWRRQGXODWRULRqWDOPHQWHLPSHUFHWWLELOHFKHODPDJJLRUSDUWHGHJOLLQGLYLGXLQRQ
OR SHUFHSLVFH SXU SURYDQGR XQD VHQVD]LRQH GL FDORUH PRYLPHQWR HQHUJHWLFR QHOOD ]RQD
GHOORVVR VDFUR SULPD FKH LQL]L OD OLEHUD]LRQH PHQWUH FKL KD XQD VHQVLELOLWj SL VSLFFDWD
SHUFHSLVFH LO IOXVVR GL HQHUJLD OXQJR OD FRORQQD YHUWHEUDOH DFFRPSDJQDWR DQFKH GD
SUHVVLRQHRGRORUHLQSUHVHQ]DGLXQEORFFRRSSXUHGLDQRUPDOLWjQHOOHQHUJLDVWHVVD


0ROWL VWUDWL GL .XQGDOLQL DWWHQGRQR GL HVVHUH OLEHUDWL ,O IHQRPHQR SXz HVVHUH SDUDJRQDWR
DOOD]LRQHGHOORVEXFFLDUHXQDFLSROOD
1HOFRUVRGLXQDYLWDqSRVVLELOHOLEHUDUHXQRRSLVWUDWLFKLFRQRVFH.XQGDOLQLqOLEHURGL
GHFLGHUHVHOLEHUDUQHSLGXQRDOILQHGLDFFHOHUDUHODSURSULDHYROX]LRQHSHUVRQDOHLQFDVL
HVWUHPLVLSXzJLXQJHUHDOODOLEHUD]LRQHGLIXRFRDOORVWDWROLTXLGRRGLXQIRUWLVVLPRFDORUH

.XQGDOLQL FKLDPDWD WDOYROWD DQFKH VKDNWL VFLQWLOOD GLYLQD GHOOHQHUJLD YLWDOH LQL]LD OD VXD
DVFHQVLRQHSDUWHQGRGDOODULVHUYDDOODEDVHGHOORVVRVDFUR

5LVDOHQGR OXQJR OD FRORQQD YHUWHEUDOH H IXRULXVFHQGR GDOOD VRPPLWj GHO FDSR VL XQLVFH
DOOHQHUJLD VSLULWXDOH XQLYHUVDOH WDOH FRPELQD]LRQH GL HQHUJLH ULFDGH SRL VXOORUJDQLVPR
SHUPHDQGROLQWHURVLVWHPDHFRQWULEXHQGRDGDIILQDUHHDSXULILFDUHOHFHOOXOH

4XDORUD .XQGDOLQL OXQJR LO VXR FDPPLQR DVFHQGHQWH WURYL GHJOL RVWDFROL FRVWLWXLWL GD
HQHUJLH LPSURSULH R QHJDWLYH RSSXUH VH LO FRUSR QRQ q VWDWR SUHYHQWLYDPHQWH SUHSDUDWR H
SXULILFDWR SXz DFFDGHUH FKH PROWL JLRUQL GRSR GLVFHQGD QXRYDPHQWH SHU SRL UHLQL]LDUH
XQDVFHVDOHQWDHGRORURVDGHOFRUSRSXULILFDQGRORHDIILQDQGROR

7DOH SURFHVVR SXz FDXVDUH GDQQL PROWR JUDYL H GLVWXUEL ILVLFL HPRWLYL R PHQWDOL /LEHUDQGR
FRQWHPSRUDQHDPHQWH SL VWUDWL HQHUJHWLFL VL SXz UDJJLXQJHUH XQR VWDWR GL SURIRQGR
EHQHVVHUHFKHVLSURWUDHSHUJLRUQLRDGGLULWWXUDSHUVHWWLPDQHHLQROWUHqSRVVLELOHDFFHGHUH
D XOWHULRUL IRU]H ILVLFKH D ULYHOD]LRQL QXRYH H PHUDYLJOLRVH D VHQVD]LRQL GL EHDWLWXGLQH R GL
FRQVDSHYROH]]D WUDVFHQGHQWDOH RSSXUH DOOD FRVFLHQ]D GL DYHU UDJJLXQWR OD YHUD
LOOXPLQD]LRQH 7DOYROWD VL SURYD DQFKH XQ FHUWR RUJRJOLR VSLULWXDOH 1HOOD PDJJLRU SDUWH GHL
FDVL WXWWDYLD TXHVWR VWDWR q GL EUHYH GXUDWD H KD WHUPLQH SRFR GRSR TXDQGR .XQGDOLQL
DYYLDLO SURFHVVR GL SXULILFD]LRQH OLQGLYLGXR D TXHVWR SXQWR IDWLFD DIDUH TXDOVLDVL FRVD H
QRQFDSLVFHFRPHPDLVLDQRVFRPSDUVHOHSLDFHYROLVHQVD]LRQLSUHFHGHQWHPHQWHSURYDWH

4XHVWD q OD FODVVLFD HYROX]LRQH GHOOD OLEHUD]LRQH GL .XQGDOLQL LQGLSHQGHQWH GD HYHQWXDOL
HUURULFRPSLXWLGDOVRJJHWWR

,Q SUHVHQ]D GL EORFFKL SURIRQGL JOL VWDWL GL EHDWLWXGLQH QRQ VL YHULILFDQR OHQHUJLD VL
FRQFHQWUDLPPHGLDWDPHQWHVXOODSXULILFD]LRQH
, EORFFKL HQHUJHWLFL GHULYDQR GDOOD UHSUHVVLRQH GL DWWHJJLDPHQWL VHQWLPHQWL R DQWLFKH IHULWH
LQWHULRULRPHQWDOLQRQFKpGDOODVVXQ]LRQHGLSRVWXUHVFRUUHWWHHGDWUDXPLILVLFL&RORURFKH
VL VRQR SUHSDUDWL DWWUDYHUVR OD FXUD GHO ORUR FRUSR H OR VYLOXSSR GHOOD ORUR FRQVDSHYROH]]D
VSLULWXDOH VSHULPHQWDQR OD SXULILFD]LRQH .XQGDOLQL LQ PDQLHUD SL UDSLGD H VHPSOLFH
WUDHQGRQH XQ EHQHILFLR TXDVL LPPHGLDWR H YLYHQGR ODVFHQVLRQH GL .XQGDOLQL FRPH
XQHVSHULHQ]D PHUDYLJOLRVD $O FRQWUDULR VH LO VLVWHPD SVLFRFRUSRUHR QRQ q SUHSDUDWR DG
DFFHWWDUHWDOHSRWHQWHHQHUJLDLOSURFHVVRSXzGXUDUHGHJOLDQQL'RSRODOLEHUD]LRQHQRQVL
SXzWRUQDUHLQGLHWUR
LQIDWWLLPSRVVLELOHLQYHUWLUHOHYROX]LRQHDQFKHVHWDOYROWDODVLSXzUDOOHQWDUH
1HOFDVRLQFXLLOVRJJHWWRGHFLGDGLQRQGHVLGHUDUHSLODFUHVFLWDHWHQWLGLEORFFDUHODVXD
HQHUJLDTXHVWXOWLPDSXzFDXVDUHOLQVRUJHUHGLFRQJHVWLRQLHGLPDODWWLHFKHLQFDVLHVWUHPL
FRQGXFRQRDOODPRUWH
2FFRUUH LPSDUDUH FRPH JHVWLUH OD SXULILFD]LRQH LQ DWWR RSSXUH FRPH ULXVFLUH D VXSHUDUOD
6ROLWDPHQWH QRQ VL WUDWWD GL XQ FDPELDPHQWR PDJLFR WRWDOH H VXELWDQHR LO SURFHVVR GL
SXULILFD]LRQH SXz GXUDUH GDL YHQWL DL YHQWLFLQTXH DQQL SULPD FKH VL VYLOXSSLQR DSSLHQR L
SRWHULSVLFKLFLRVSLULWXDOLDGHVVRFRQQHVVL

3HU FRQWUR OD VXD GXUDWD q PROWR SL EUHYH QHO FDVR VL VDSSLD FRPH JHVWLUH OHQHUJLD H VL
GLVSRQJD GL XQ FRUSR XQD PHQWH H XQR VSLULWR VDQL H DSHUWL &KL VWD JLj VSHULPHQWDQGR
DWWLYDPHQWHXQIOXVVRQDWXUDOHGLHQHUJLD.XQGDOLQLULXVFLUjD VIUXWWDUORSLUDSLGDPHQWH$
RJQL LQFDUQD]LRQH q QHFHVVDULR DSSUHQGHUH QXRYDPHQWH LO PRGR FRQ FXL FRQWUROODUH H
VIUXWWDUHOHQHUJLD4XHVWRqXQRGHJOLVFRSLSULQFLSDOLGHOOLQIDQ]LDLEDPELQLKDQQRELVRJQR
GLHVVHUHJXLGDWLQHOORURFRPSRUWDPHQWRHQHLORURDWWHJJLDPHQWLLQPRGRWDOHGDLPSLHJDUH
DGHJXDWDPHQWH OH ORUR HQHUJLH FKH VH ODVFLDWH LQFRQWUROODWH FDXVDQR SUREOHPL QHOOD YLWD
TXRWLGLDQDHRVWDFRODQRODFUHVFLWDIXWXUD


7LSRORJLHGLOLEHUD]LRQHLQYRORQWDULD

/D OLEHUD]LRQH LQYRORQWDULD GL .XQGDOLQL SXz DYYHQLUH D VHJXLWR GL XVR GL VRVWDQ]H
VWXSHIDFHQWL GL VXSHUODYRUR GL XQD YLROHQWD FRQWXVLRQH R GL XQD IHULWD QHOOD ]RQD GHOORVVR
VDFURDFDXVDGLXQGRORUHGLXQWUDXPDRGLSDXUHHFFHVVLYHSHUWURSSRLQVLVWLWHSUDWLFKH
GLPHGLWD]LRQHVPRGDWLHVHUFL]LSHUODFUHVFLWDVSLULWXDOHRHFFHVVLVHVVXDOL

$QFKH SUROXQJDQGR L SUHOLPLQDUL VHVVXDOL ROWUH PLVXUD VHQ]D SRL UDJJLXQJHUH ORUJDVPR VL
SXzFDXVDUHODOLEHUD]LRQHVSRQWDQHDGHOOHQHUJLD&ROWHUPLQH LQYRORQWDULDQRQVLLQWHQGH
QHFHVVDULDPHQWH QRQ YROXWD EHQVu VROR VSRQWDQHD .XQGDOLQL QRQ VROR SURPXRYH
OHYROX]LRQH LQGLYLGXDOH PD FRQIHULVFH DQFKH HQHUJLH DJJLXQWLYH FKH SRWUHEEHUR DLXWDUH LO
FRUSRDGDIIURQWDUHDOLYHOORLQFRQVFLRVLWXD]LRQLOLPLWHVSHVVRGRSRLOORURVXSHUDPHQWRLO
IOXVVRFRQWLQXDDVFRUUHUHHLOVRJJHWWRKDGLIILFROWjQHOORVYROJHUHLVXRLFRPSLWLLQPDQLHUD
DGHJXDWDDFDXVDVLDGHOOHFFHVVLYDOLEHUD]LRQHGL.XQGDOLQLVLDGHOWUDXPDDOORULJLQH

/HWj GHOO$FTXDULR q FDUDWWHUL]]DWD GD XQD IRUWH LQWHQVLWj GL HQHUJLD FKH DFFHOHUD
HQRUPHPHQWHOHYROX]LRQHLQGLYLGXDOHHORVYLOXSSRLQWXWWLLVHWWRULGHOODYLWD/XPDQLWjKD
GLPRVWUDWR XQD JUDQGH GLVSRQLELOLWj QHL FRQIURQWL GHOOLQFUHGLELOH SURJUHVVR WHFQRORJLFR FKH
KDFRQWUDGGLVWLQWRVRSUDWWXWWRJOLXOWLPLGXHGHFHQQLLQTXHVWRFDVRVLWUDWWDGLXQDQDORJR
SURJUHVVR D OLYHOOR LQGLYLGXDOH H VSLULWXDOH GL FXL VSHULPHQWLDPR DQFRUD OD IDVH LQL]LDOH D
FDXVDGHOOLQWHQVLWjGLWDOLQXRYHHQHUJLHVLYHULILFKHUjODOLEHUD]LRQHVSRQWDQHDGL.XQGDOLQL
VLDQHOOHSHUVRQHSURQWHHSXUHVLDLQTXHOOHFKHQRQORVRQR

&KL JHQHWLFDPHQWH q PDJJLRUPHQWH SUHGLVSRVWR DG DFFHWWDUH TXHVWD HQHUJLD H KD D
GLVSRVL]LRQH XQD GLVFUHWD ULVHUYD XWLOL]]DELOH QRQ DYUj JUDQGL SUREOHPL H VDUj DQFKH SL
VHQVLELOHDOODVXDOLEHUD]LRQH
/H HQHUJLH DVWURORJLFKH LQIOXLVFRQR IRUWHPHQWH VXOOD GLVSRQLELOLWj LQGLYLGXDOH QHL FRQIURQWL
GHOOD OLEHUD]LRQH HQHUJHWLFD  VHPEUD FKH WDOYROWD XQ 8UDQR DIIOLWWR FDXVL OD OLEHUD]LRQH LQ
DOFXQH SHUVRQH FRPH GHO UHVWR DYYLHQH LQ FKL QHO WHPD QDWDOH KD 6DWXUQR QHOOD 4XDUWD
&DVD R OD /XQD LQ 6FRUSLRQH FKH VFDWHQDQR SURIRQGH IRU]H GHO VXEFRQVFLR $OFXQH GRQQH
SHUFHSLVFRQRODOLEHUD]LRQHVSRQWDQHDGL.XQGDOLQLGXUDQWHODJUDYLGDQ]DVLDVRWWRIRUPDGL
SUHVVLRQL GHO IHWR QHOOD ]RQD GL .XQGDOLQL WUD ODQR H JOL RUJDQL JHQLWDOL VLD VSHULPHQWDQGR
DFFHQWXDWLSRWHULHFRQVDSHYROH]]DSVLFKLFL
$OWUH YHQJRQR FROSLWH GDOOD GHSUHVVLRQH SRVWSDUWR FDXVDWD FRQ IRUWH SUREDELOLWj GD XQ
LQDGHJXDWRIOXVVR.XQGDOLQLQHOFRUVRGHOODJUDYLGDQ]D

&KL SHU DQQL VL q GHGLFDWR FRQ WURSSR LPSHJQR DOOD SURIHVVLRQH SXz VRIIULUH GL HVDXULPHQWL
QHUYRVL SVLFKLFL HPRWLYL R PHQWDOL FXUDELOL VROR FRQ PHVL R DQQL GL ULSRVR  VSHVVR DQFKH
TXHVWL VLQWRPL VRQR ULFRQGXFLELOL DO IDWWR FKH LO VLVWHPD SHU ULXVFLUH D JHVWLUH LO SHVR
HFFHVVLYRGHOODYRURKDOLEHUDWRXQDTXDQWLWjHVDJHUDWDGL.XQGDOLQL
,Q VHJXLWR WDOL SHUVRQH VRVWHQJRQR FKH LO SHULRGR GL ULSRVR IRU]DWR VL q ULYHODWR GL JUDQGH
LPSRUWDQ]DSHUFKpKDSHUPHVVRORURGLULIOHWWHUHHGLPRGLILFDUHORVWLOHGLYLWD

.XQGDOLQLVWLPRODODPHGLWD]LRQHHGHWHUPLQDFDPELDPHQWLLQTXHVWRVHQVR

(YHQWXDOL IHULWH QHOOD ]RQD GHOORVVR VDFUR SRVVRQR VRWWRSRUUH OD ULVHUYD GL .XQGDOLQL D XQD
SUHVVLRQH FRQWLQXD FRVWULQJHQGR LQ WDO PRGR OLQGLYLGXR DG DIIURQWDUH LQFHVVDQWHPHQWH VLD
OHHQHUJLHFKHLFDPELDPHQWLFKHOHDFFRPSDJQDQR

/DVSHWWR SRVLWLYR GHOOD IDFFHQGD VWD QHO IDWWR FKH FRVu OD .XQGDOLQL HFFHGHQWH SURYRFD QHO
VRJJHWWRXQHYROX]LRQHSHUVRQDOHGDOOLQWHUQR
,GRORULLWUDXPLOHDQVLHHLULFRUGLQHJDWLYLFRQWULEXLVFRQRDGDSULUHLOVXEFRQVFLRFKHD
VXD YROWD OLEHUD OH HQHUJLH GL VROLWR OH VHQVD]LRQL LQWHULRUL DVVXPRQR LQ TXHVWD IDVH
SURSRU]LRQL HFFHVVLYH HQWUDQGR D IDU SDUWH GHOOD UHDOWj GHOOLQGLYLGXR FKH SHUWDQWR q
SUHGLVSRVWRDOODSVLFRVL


6H QRQ VL HOLPLQD GDO VXEFRQVFLR ]RQD GHO YHQWUH OD .XQGDOLQL HFFHGHQWH ULHTXLOLEUDQGR
ORUJDQLVPROHQHUJLDFRQWLQXDDIOXLUHPROWLSOLFDQGROHRVVHVVLRQL

3HUFRPEDWWHUHWDOHSUREOHPDPHWWHQGRLQPRYLPHQWROHHQHUJLH HULHTXLOLEUDQGROHVLSXz
ULFRUUHUH D PHWRGL TXDOL OD PHGLWD]LRQH OD GDQ]D D FRUSR OLEHUR GXUDWD GD FLQTXH D GLHFL
PLQXWL GD HIIHWWXDUH LQ XQ VHFRQGR WHPSR R ODXWRLPSRVL]LRQH GL SHULRGL GL ULIOHVVLRQH
SURIRQGD

.XQGDOLQLVLRULHQWHUjYHUVROD]RQDRLOFKDNUDSLDSHUWLSHUIXRULXVFLUHQHOFDVRLOFRUSR
QRQ VLD SUHSDUDWR D JHVWLUH OD VXD HQHUJLD SURYRFDQGRQH ODSHUWXUD VH QHFHVVDULR H
FRQFHQWUDQGRWXWWDODVXDIRU]DLQTXHOSXQWRFRPHVHIRVVHXQEXFRQHUR

/HRVVHVVLRQLSRVVRQRHVVHUHVXSHUDWHVRORJUD]LHDXQQXRYRRULHQWDPHQWRGHOOHHQHUJLH

/DOLEHUD]LRQHFDXVDWDGDOOXVRGLVRVWDQ]HVWXSHIDFHQWLHFFLWDQWLSXzHVVHUHSDUWLFRODUPHQWH
GDQQRVD GDO PRPHQWR FKH HVVD SURYRFD ODSHUWXUD GHL FKDNUDV R OD VHQVD]LRQH GL
IXOPLQDPHQWRQRWDDGDOFXQLWRVVLFRPDQL

/D YHUD UDJLRQH FKH VSLQJH DOFXQH SHUVRQH D IDUH XVR GL GURJKH  DO ILQH GL SURYDUH
HVSHULHQ]HSDUDQRUPDOLSXzHVVHUHODFDXVDGLXQDFDUHQ]DGLSRWHULSDUDQRUPDOLQHOODYLWD
TXRWLGLDQD

8Q DVSHWWR SRVLWLYR GHOODVVXQ]LRQH GL VRVWDQ]H VWXSHIDFHQWL q GDWR GDOOD SUREDELOLWj FKH
FRORUR FKH IDQQR XVR GL GURJKH DEELDQR UDJJLXQWR GLPHQVLRQL VXSHULRUL H DFTXLVLWR IDFROWj
PLVWLFKH 7XWWDYLD OXVR GL GURJKH QRQ FRQVHQWH LO UDJJLXQJLPHQWR DXWRQRPR GL WDOL VWDWL
TXLQGL OH HQHUJLH VIXJJRQR DO FRQWUROOR H VSHVVR QRQ VRQR XWLOL DO FRQWUDULR SRVVRQR
GLYHQLUHPROWRSHULFRORVH

6L SXz FRPXQTXH VFHJOLHUH GL YLYHUH WDOL HVSHULHQ]H FRQVDSHYROL WXWWDYLD FKH QRQ
FRQVHQWLUDQQRGLLPSDUDUHDJHVWLUHODSURSULDHQHUJLDHYROXWLYD

6H LO VRJJHWWR q SUHGLVSRVWR DOOD PHGLWD]LRQH JHQHUDOPHQWH OD OLEHUD]LRQH GL .XQGDOLQL
DYYLHQH LQ PDQLHUD SL GROFH SRLFKp OLQGLYLGXR VWD JLj ODYRUDQGR VX VH VWHVVR SHU
SUHGLVSRUVLDOFDPELDPHQWR

$QFKHOHYLVLRQLOHHVSHULHQ]HPLVWLFKHHODWWHQ]LRQHHFFHVVLYDSRVVRQRLQIOXLUHVXOODULVHUYD
HQHUJHWLFDVFDWHQDQGRQXRYHRQGDWHGL.XQGDOLQLLQWXWWRLOVLVWHPD

/H LQL]LD]LRQL VSLULWXDOLDL SL DOWLOLYHOOL YHQJRQR FRQFHVVH D FRORUR FKH KDQQR JLj UDJJLXQWR
XQR VWDGLR GL HYROX]LRQH PROWR HOHYDWR 'L VROLWR FRQ HVVH YLHQH OLEHUDWR DOPHQR XQ DOWUR
VWUDWR GL HQHUJLD .XQGDOLQL 7XWWR FLz QRQ KD QXOOD D FKH IDUH FRQ OH LQL]LD]LRQL QHOOH
RUJDQL]]D]LRQLWHUUHQHFKHGLVSRQJRQRGLXQDSURSULDFDULFD.XQGDOLQL/HLQL]LD]LRQLDLOLYHOOL
VSLULWXDOL VXSHULRUL DYYHQJRQR VSHVVR GXUDQWH LO VRQQR VHQ]D FKH OD SHUVRQD VH QH UHQGD
FRQWRDYYHUWHQGRVRORXQPXWDPHQWRQHOOHVXHSHUFH]LRQLHQHLVXRLDWWHJJLDPHQWL

6H WXWWDYLD LO VRJJHWWR QH q SHUIHWWDPHQWH FRVFLHQWH VDUj LQ JUDGR GL SHUFHSLUH OHQHUJLD
FRPH XQ GDUGR OXPLQRVR FKH SDUWH GDOOD VRPPLWj GHO FDSR H UDJJLXQJH OD ]RQD GHO FXRUH
RSSXUH DUULYD DOOD ULVHUYD .XQGDOLQL GRYH OLEHUD SDUWH GHOOH VXH HQHUJLH 4XHVWR WLSR GL
OLEHUD]LRQH RIIUH LO YDQWDJJLR GL IDYRULUH JHQHUDOPHQWH XQD PDJJLRUH FRQVDSHYROH]]D GHO
SURFHVVR LQ DWWR QHO VLVWHPD /LQL]LD]LRQH IDYRULVFH VHPSUH DQFKH XQD PDJJLRUH
FRQVDSHYROH]]D JHQHUDOH HG HYLWD FKH OLQGLYLGXR VL FUHGD DEEDQGRQDWR R SD]]R TXDQGR
.XQGDOLQLLQL]LDDSURYRFDUHUHD]LRQLVWUDQH

6H FRPXQTXH LO VRJJHWWR QRQ q ILVLFDPHQWH HPRWLYDPHQWH R PHQWDOPHQWH SUHSDUDWR D
JHVWLUHOHQHUJLDVLHVSRQHDSRVVLELOLGHSUHVVLRQLVHQVD]LRQLGLGLVRULHQWDPHQWRPDODWWLHR
DOWULGLVWXUEL

$QFKHOHLQL]LD]LRQLWHUUHQHSRVVRQRVFDWHQDUHODOLEHUD]LRQHGHOOHQHUJLD.XQGDOLQL


4XDQGR VL q SURQWL DG DFFHGHUH D OLYHOOL VXSHULRUL R SL SURIRQGL GHOOHQHUJLD WHUUHQD
DYYLHQH XQ FROOHJDPHQWR R LQL]LD]LRQH FKH Gj DOOLQGLYLGXR XQD FRQVDSHYROH]]D WHUUHQD
XOWHULRUPHQWHVYLOXSSDWDODTXDOHDSDUWLUHGDLSLHGLOXQJRWXWWRLOFRUSRVDOHFRQIRU]DILQR
DOODVRPPLWjGHOFDSR/DVXDHQHUJLDVHVXIILFLHQWHPHQWHLQWHQVDSXzULVYHJOLDUH.XQGDOLQL
QHJOLLQGLYLGXLSUHGLVSRVWLIRQGDPHQWDOHHYROYHUVLLQWXWWLLVHWWRULGHOODYLWD

 LQ FRVWDQWH DXPHQWR LO QXPHUR GHOOH SHUVRQH DWWLYH QHO FDPSR GHOODVVLVWHQ]D GHOOD
UHOLJLRQHHGHOODPHGLFLQDFKHHQWUDQRLQFRQWDWWRFRQ.XQGDOLQLULFRQRVFHQGRQHLVLQWRPLH
IDYRUHQGRQH LO SURFHVVR SHU FXL WXWWL L SURIHVVLRQLVWL FKH RIIURQR DLXWR H SUHVWD]LRQL
PHGLFKHLQTXHVWRDPELWRGRYUHEEHURGLVSRUUHGLXQDFRQRVFHQ]DSUDWLFD

,VLQWRPLGHOODOLEHUD]LRQH

/D OLEHUD]LRQH GL .XQGDOLQL LQ XQD SHUVRQD QRQ VXIILFLHQWHPHQWH SXULILFDWD H SUHSDUDWD
VSLULWXDOPHQWHYLHQHFRQVLGHUDWDSUHPDWXUDHFDXVDYDULVLQWRPL

$ EUHYL SHULRGL GL DFFHQWXDWD FRQVDSHYROH]]D GL EHDWLWXGLQH R GL LOOXPLQD]LRQH SRVVRQR
VHJXLUH SHULRGL GL HVWUHPD DSDWLD R GL GHSUHVVLRQH FRPSRUWDPHQWL DQRPDOL PDODWWLH
LQVSLHJDELOLSHUGLWDRODELOLWjGHOODPHPRULDVHQVD]LRQHGLGLVRULHQWDPHQWRQHLFRQIURQWLGL
VHVWHVVLGHJOLDPLFLGHOODYRURHGHOPRQGRLQJHQHUDOH

6HYLHQHFROSLWRLOIHJDWRODSHOOHDFTXLVWDXQFRORUHJLDOODVWURTXDVLVSRUFRDFDXVDGHOOD
OLEHUD]LRQHGLHQHUJLHQHJDWLYHRSSXUHSXzFDSLWDUHFKHLQDOFXQH]RQHOHSLGHUPLGHGLYHQWL
URVVDVWUD EOXDVWUD R DVVXPD DOWUH WRQDOLWj FROOHJDWH DOOH FRQFHQWUD]LRQL HQHUJHWLFKH
FDUDWWHUL]]DWH GD GLIIHUHQWL YLEUD]LRQL GL EDVH $ RJQL YLEUD]LRQH GL EDVH FRUULVSRQGH XQD
WRQDOLWjGLFRORUH

/D SHUVRQD SXz DYHUH XQ DVSHWWR LQYHFFKLDWR VWDQFR R PDODWR HSSXUH VHPEUDUH
ULQJLRYDQLWDHSLHQDGLYLWDOLWjVRORSRFKHRUHGRSRRSSXUHHVDWWDPHQWHLOFRQWUDULR

8QDOWURVHJQRGHOODOLEHUD]LRQHSUHPDWXUDGL.XQGDOLQLqLOFRORUHEOXDVWURGHOOHXQJKLHGHJOL
DOOXFL GHULYDQWH GDOOHFFHVVLYD DWWLYD]LRQH GHOOH ]RQH ULIOHVVRJHQH GHJOL DOOXFL FRQQHVVH DOOD
JKLDQGRODSLQHDOH

$WUDWWLVLSRVVRQRSHUFHSLUHOHYLEUD]LRQLFKHDFFRPSDJQDQRLOULODVVDPHQWRGHLPXVFROLHOD
OLEHUD]LRQH GL XOWHULRUH HQHUJLD YHUVR OH WHUPLQD]LRQL QHUYRVH QRQFKp XQD VHQVD]LRQH GL
SLHQH]]D R GL SUHVVLRQH LQWHUQH SDUDJRQDELOL D FRQDWL GL YRPLWR WHVL D OLEHUDUH OHQHUJLD
HFFHVVLYD

3RVVRQRDYHUHOXRJRHPRUUDJLHQDVDOL,QFDVLHVWUHPL.XQGDOLQLSXzFDXVDUHODODFHUD]LRQH
GHLWHVVXWL

3RVVRQR YHULILFDUVL PRYLPHQWL LQYRORQWDUL R WUHPRUL OH PDODWWLH HYHQWXDOPHQWH SURYRFDWH
GDOOD SXULILFD]LRQH .XQGDOLQL SRVVRQR VSHVVR HVVHUH FXUDWH DWWUDYHUVR OD PRGLILFD]LRQH GHO
PRGHOOR HQHUJHWLFR $WWHQ]LRQH q QHFHVVDULR FRQVXOWDUH XQ PHGLFR QHO FDVR WDOH
PRGLILFD]LRQHQRQDEELDHVLWRSRVLWLYRHRJQLTXDOYROWDSURYRFKLVHULGLVWXUELDOODVDOXWH

2JQL VRJJHWWR SUHVHQWD VLQWRPL GLYHUVL FROOHJDWL DOOXELFD]LRQH SDUWLFRODUH GHL VXRL EORFFKL H
GHOOHFRQFHQWUD]LRQLGLHQHUJLD

TXLQGLGLIILFLOHSUHYHGHUHOHUHD]LRQLLQGLYLGXDOL.XQGDOLQLSXzHVVHUHSDUDJRQDWDTXDQGR
VH QH OLEHUDQR FRQWHPSRUDQHDPHQWH SL RQGDWH D XQ DQQDIILDWRLR GD JLDUGLQR
FRPSOHWDPHQWH DSHUWR VH OD FRORQQD YHUWHEUDOH q OLEHUD H GLULWWD OHQHUJLD VFRUUH VHQ]D
LQFRQWUDUH RVWDFROL ILQR DOOD VRPPLWj GHO FDSR PHQWUH VH OD FRORQQD q EORFFDWD FXUYD R
SLHJDWDLOVXRIOXLUHYLHQHDUUHVWDWRRLPSHGLWRFDXVDQGRODGHYLD]LRQHGHOOHQHUJLDYHUVROD
]RQDSLYLFLQDFRPHDFFDGHDGHVHPSLRDXQDSHUVRQDODFXLVFKLHQDSUHVHQWDXQDFXUYD

ORPEDUHWURSSRDFFHQWXDWDFKHGHYLDOHQHUJLDYHUVRLOYHQWUHHLOSOHVVRVRODUHFDXVDQGRLQ
WDOPRGRHPR]LRQLLQWHQVH

/DSUHVHQ]DGLXQIOXVVRSUROXQJDWRSXzGHWHUPLQDUHGLVWXUELSVLFKLFLSUREOHPLDOORVWRPDFR
RDGGLULWWXUDXOFHUH

6HOHQHUJLDVLEORFFDDOODOWH]]DGHOSHWWRODSHUVRQDDFFXVDLVLQWRPLGHLGLVWXUELFDUGLDFL

8QEORFFRDOODOWH]]DGHOFHUYHOORSURYRFDODSHUGLWDGHOODPHPRULDHRDEHUUD]LRQLPHQWDOL

$ FDXVD GHOOD YDULHWj GHL VLQWRPL SRVVLELOL H GHOOD FDUHQ]D GL LQIRUPD]LRQL VX .XQGDOLQL
JHQHUDOPHQWH VL FRPSLRQR HUURUL QHOOLQGLYLGXD]LRQH GHOORULJLQH GHOOD OLEHUD]LRQH HUUDWD R
HFFHVVLYD

7DOYROWD OH SHUVRQH FKH QH VRIIURQR VRQR ULWHQXWH LSRFRQGULDFKH SRLFKp FUHGRQR GL HVVHUH
PDODWHVHQ]DHVVHUORYHUDPHQWH

4XHVWL VRJJHWWL SRVVRQR DYHUH OD VHQVD]LRQH GL HVVHUH SURVVLPL DOOD PRUWH H
FRQWHPSRUDQHDPHQWH VHQWLUVLLQIRUPDVSHULPHQWDQGRXQRVWDWR FRQIXVLRQDOHWLSLFRGLFKL
QRQqSUHSDUDWRDXQDOLEHUD]LRQHHFFHVVLYDGL.XQGDOLQL

 DFFDGXWR FKH QHOODUFR GL GXH DQQL XQD GRQQD VRWWR FRQWUROOR PHGLFR DYHVVH DFFXVDWR L
VLQWRPLGHOFDQFURGHOGLDEHWHHGLGLVWXUELDOFXRUHQRQFKpGLDOWUHSDWRORJLHLQVHJXLWR
WDOLVLQWRPLVFRPSDUYHURVSRQWDQHDPHQWHFROSURJUHGLUHGHOSURFHVVRGLSXULILFD]LRQH

2JJLqGLYHQWDWDXQDPHGLXPGLWDOHQWR

8QDOWUDGRQQDSHUYHQWXQDQQLVLqVRWWRSRVWDDUHJRODULFXUH PHGLFKHSHUOHVXHPDODWWLH
LQILQH LO PHGLFR KD DIIHUPDWR GL QRQ ULXVFLUH D GHWHUPLQDUH OD QDWXUD GHL GLVWXUEL GD OHL
DFFXVDWLHGXQTXHGLQRQSRWHUOHSLHVVHUHGLDOFXQDLXWR

0D XQD YROWD FRQFOXVRVL LO SURFHVVR .XQGDOLQL OD GRQQD VFRSUu GL DYHUH SRWHUL VSLULWXDOL
WHUDSHXWLFLQHOOHPDQL

*OL HTXLYRFL SRVVRQR UDOOHQWDUH LO SURFHVVR GL SXULILFD]LRQH H FDXVDUH SUHRFFXSD]LRQL H
SUREOHPLSHUOXQJRWHPSR

3RVVRQR FRPSDULUH H VFRPSDULUH VLD EULYLGL H FROSL GL FDORUH DQDORJKL D TXHOOL FKH
DFFRPSDJQDQR OD PHQRSDXVD VLD SRWHUL SVLFKLFL VRQR LQROWUH FRPXQL JOL VEDO]L GXPRUH L
FDPELDPHQWL QHOODWWHJJLDPHQWR R QHOODOLPHQWD]LRQH H QHOOH SUHIHUHQ]H GL VWLOH H GL FRORUH
,Q DOFXQH SHUVRQH SRVVRQR YHULILFDUVL L VLQWRPL GHOOD VFKL]RIUHQLD QHO FDVR .XQGDOLQL OLEHUL
HQHUJLD GDOOD SHUVRQDOLWj GHOOD ORUR YLWD SDVVDWD XQD IRU]D LQWHQVD PD LQFRPSOHWD IRUVH
SHUFKH PDQFDYD XQ FRQWDWWR HIIHWWLYR GD LQWHJUDUH LQ XQDOWUD YLWD WUD ODQLPD H OD
SHUVRQDOLWjVWHVVDFKHSHUWDQWRULPDQHYDLVRODWD.XQGDOLQLWHQWDGLSXULILFDUHWXWWLLULFRUGL
UHSUHVVLGLWLSRILVLFRHPRWLYRHPHQWDOHOHHVSHULHQ]HWUDXPDWLFKHFRPHTXHOOHHVWDWLFKH

 SRVVLELOH ULYLYHUH HVSHULHQ]H GHOOLQIDQ]LD R GL YLWH SUHFHGHQWL VLD VSRQWDQHDPHQWH FKH
DWWUDYHUVR OD PHGLWD]LRQH /H HVSORVLRQL GL HQHUJLD JOL DFFHVVL GLUD LPPRWLYDWL OH IDQWDVLH
VHVVXDOL SHUYHUWLWH R L VHQWLPHQWL PHVFKLQL IDQQR SDUWH GL GHPRQL SHUVRQDOL LQYLVLELOL FKH
DIILRUDQR DOOD OXFH DWWUDYHUVR OD SXULILFD]LRQH .XQGDOLQL 1RQ ELVRJQD WHPHUH GL DIIURQWDUH L
ULFRUGL FKLXVL GHQWUR GL QRL 'RSR OHOLPLQD]LRQH GL WXWWL L EORFFKL .XQGDOLQL VFRUUH OLEHUD
DIILQDQGR OH FHOOXOH H SHUPHWWHQGR DO OHQHUJLD GLYLQD XQLYHUVDOH GL SHQHWUDUH LO VLVWHPD LQ
PDQLHUDSXUDHIRUWH

/DGHSUHVVLRQH

/D SXULILFD]LRQH .XQGDOLQL q VHPSUH DFFRPSDJQDWD GDOOD GHSUHVVLRQH SRLFKp OH HQHUJLH
VRQROHWWHUDOPHQWHFRQILQDWHQHOSURIRQGRGHOFRUSRSHUIDYRULUHODFUHVFLWDXPDQD


3DUODUH GL GHSUHVVLRQH HTXLYDOH D GLUH FKH TXDOFRVD YLHQH ULSRUWDWR DOOD OXFH SHU HVVHUH
RVVHUYDWR

$ SUHVFLQGHUH GDOOD GHSUHVVLRQH SVLFRWLFD R FKLPLFD OD SXUD GHSUHVVLRQH FRLQYROJH WXWWL L
SURFHVVLHQHUJHWLFLFKHDYYHQJRQRQHOOXRPRDXQFHUWRSXQWRGHOODVXDYLWD

1HJOL6WDWL8QLWLqGLIIXVRXQJLXGL]LRQHJDWLYRRFFRUUHLQYHFHHYLGHQ]LDUQHLODWLSRVLWLYLFRQ
HVVD VL UDJJLXQJH XQ OLYHOOR SL SURIRQGR GL FRPSUHQVLRQH GL YRORQWj GL FRPSDVVLRQH
QRQFKpSURIRQGLWjGLSHQVLHURHJUDQGHFDSDFLWjFUHDWLYD

%LVRJQDYLYHUHOHSURSULHGHSUHVVLRQL

2FFRUUHFRQVLGHUDUOHXQDVRUWDGLSURFHVVRFUHDWLYRSHQHWUDUQHOHHQHUJLHDPSOLILFDUOHHSRL
DVFROWDUOH

6SD]LDQGR FRQ OD SURSULD PHQWH q SRVVLELOH ULFRUGDUH HSLVRGL GHOOLQIDQ]LD R GL YLWH
SUHFHGHQWLRSSXUHHYHQWLUHFHQWLHIXWXUL

/D GHSUHVVLRQH SXz FRQIHULUH QXRYH IDFROWj SHUFHWWLYH R IDFLOLWDUH QXRYL DSSURFFL ILORVRILFL
SXzFDSLWDUHFKHVLVHQWDLOELVRJQRGLFDPELDUHSHWWLQDWXUDGLSURYDUHXQDQXRYDULFHWWDGL
LQL]LDUHXQQXRYRSURJHWWRQRQVLVDPDLFKHFRVDSXzQDVFHUH GDOOHSURIRQGLWjGHOSURSULR
VXEFRQVFLR

6L YHGD OD GHSUHVVLRQH FRPH XQDYYHQWXUD FKH FRQGXFH YHUVR OD UHDOWj SL SURIRQGD GHOOD
SURSULDHVLVWHQ]D

'HOUHVWRqLPSURSULRGHILQLUHLOVXEFRQVFLRLQWDOPRGRGDWRFKHVLWUDWWDGHOODQRVWUDSULPD
FRVFLHQ]DGHOODFRPELQD]LRQHGHOODFRQVDSHYROH]]DILVLFDHGHPRWLYD

8QD SDUWH GHO SURFHVVR .XQGDOLQL FRQVLVWH SURSULR QHOODIILDQFDUH WDOH FRVFLHQ]D SULPD DOOD
FRVFLHQ]D PHQWDOH H VSLULWXDOH FRQ FXL FL DIIDFFLDPR DOOD YLWD IDYRUHQGR LQ WDO PRGR OD
VFRSHUWD GHOOH VXH HQHUJLH H GHO VXR PHVVDJJLR FKH DO SDUL GHJOL DOWUL OLYHOOL GHOOD
FRQVDSHYROH]]DXPDQDVLULYHODQRGLHQRUPHXWLOLWjHVXSSRUWR

/DPDJJLRUDQ]DGHJOLLQGLYLGXLUHDJLVFHDOSURFHVVRGLSXULILFD]LRQHHVSULPHQGRLOGHVLGHULR
GL VXLFLGDUVL R GL PRULUH TXHVWR DWWHJJLDPHQWR q XQ DVSHWWR QDWXUDOH GHO SURFHVVR H
DQGUHEEHFRQVLGHUDWRFRPHWDOH

/DEEDQGRQR GL PROWL SHUFRUVL REVROHWL SUHSDUD LO WHUUHQR DOOD QXRYD YLWD 5LXVFLUH D
FRPSUHQGHUH LO SURSULR GHVLGHULR GL PRUWH SXz HVVHUH OLQL]LR GL XQD QXRYD HVLVWHQ]D QHOOR
VWHVVRFRUSRPDFRQXQRVSLULWRULQQRYDWRHSURVSHWWLYHQXRYH,OSURFHVVRQRQqDOWURFKH
ODEEDQGRQRGHOSDVVDWRHOLQL]LRGHOODQXRYDYLWD