Sei sulla pagina 1di 190

*OL (VVHQL IRUVH LGHQWLILFDURQR PHJOLR GL FKLXQTXH DOWUR LO UXROR GHL

UDSSRUWL XPDQL ULXVFHQGR D GLYLGHUOL LQ  FDWHJRULH  PLVWHUL


FRUULVSRQGHQWL DL YDUL WLSL GL UDSSRUWR FKH TXDOXQTXH LQGLYLGXR
DYUHEEH VSHULPHQWDWR QHO FRUVR GHOOD VXD YLWD GL UHOD]LRQH FRQ
FKLXQTXH

(VVLFKLDPDURQRTXHVWHVHWWHFDWHJRULHVSHFFKLSUREDELOPHQWHSHU
IDUFL ULFRUGDUH FKH LQ RJQL LVWDQWH GHOOD QRVWUD YLWD GL UHOD]LRQH OD
QRVWUD UHDOWj LQWHULRUH FL YLHQH PRVWUDWD GDOO
HVWHUQR FRPH XQR
VSHFFKLR

*UD]LH DOOH SRWHQWL H VHPSOLFL LQIRUPD]LRQL FRQWHQXWH LQ TXHVWR


LOOXPLQDQWH OLEUR ULXVFLUDL DG RVVHUYDUH GD IXRUL L WXRL
FRPSRUWDPHQWL SHUFKp q SURSULR QHO PRPHQWR ULIOHVVR FKH QRL
DEELDPR OD SRVVLELOLWj GL RVVHUYDUH OD QRVWUD SDUWH RVFXUD SHU
PRGLILFDUOD DO ILQH GL GLYHQLUH FLz FKH GDYYHUR VHQWLDPR HVVHUH
GHQWUR

2JQLYROWDFKHGHWHUPLQLHPR]LRQLQHJDWLYHODWXDVIHUDHPR]LRQDOH
GLYLHQH SL SHVDQWH H LO WXR VFRSR LQ TXDQWR HVVHUH VSLULWXDOH q
GHYLDWRHSHUGLLOFRQWDWWRFRQODYRFHJXLGDTXHOODGHOWXR,26212

/LEHUDODWXDFRVFLHQ]DULSUHQGLLOSRVVHVVRGHOODWXD*XLGD,QWHULRUH
HTXLQGLGHOODWXDYLWDFRQTXHVWRSRWHQWHOLEURWXSXRLVSHULPHQWDUH
LPPHGLDWDPHQWHODOLEHUWjHPR]LRQDOH

8VDVXELWRODWHFQRORJLDHVVHQDFRQWHQXWDLQTXHVWROLEUR
+ RYLVWRFDPSLVWHUPLQDWLLQFXLJOLXRPLQLQRQQDVFRQRYHQJRQR
FROWLYDWL

$OO
LQL]LRQRQFLYROHYRFUHGHUHPDSRLPLVRQRGRYXWRDUUHQGHUH
DOO
HYLGHQ]D

0RUSKHXV

7KH0DWUL[
(VWULQJHUHOHPDQLSHUIHUPDUH

TXDOFRVDFKHqGHQWURPH

PDQHOODPHQWHWXDQRQF
q

& DSLUHWXQRQSXRL

WXFKLDPDOHVHYXRL

HPR]LRQL

(PR]LRQL

/XFLR%DWWLVWL
3 5 ( 6 ( 1 7$ = ,21 ( ' ( //
( ' ,725 (

5LHODERUDUH L 6HWWH 6SHFFKL (VVHQL GL *UHJJ %UDGHQ TXDQGR


$UFDQJHOR 0LUDQGD PL SDUOz SHU OD SULPD YROWD GHO VXR QXRYR
SURJHWWR ULPDVL VRUSUHVR H DQFKH XQ SR
 SHUSOHVVR WRFFDUH
TXDOFRVD FKH HUD YLVWR FRPH XQ FRORVVR GHOOD FRQRVFHQ]D FKH
ULJXDUGDYD OH HPR]LRQL OR VL SRWHYD IDUH VROR FRQ GDWL GDYYHUR
VFRQYROJHQWL
(GHURVRUSUHVRSHUFKpDEELDPRDQFRUDWXWWLLQPHQWHLFRQWHQXWL
GL/,) (LVHJUHWLGHOODJKLDQGRODSLQHDOH >@ XQ OLEUR FKH FRQWLHQH
WXWWRFLzFKHqXWLOHVDSHUHSHUWRUQDUHDSHQVDUHSDUODUHHDJLUH
FRQ OD SURSULD WHVWD &RV
DOWUR FL YXROH GLUH DQFRUD $UFDQJHOR D
FRVuEUHYHGLVWDQ]D"
/H PLH SHUSOHVVLWj HUDQR FKH QRQ DYHYD VHQVR SDUODUH GL OLEHUWj
HPR]LRQDOH VH SULPD QRQ FL VL OLEHUD GDO IOXVVR FRQWLQXR H
LQFRQWUROODWR GL SHQVLHUL PHFFDQLFL FKH DWWLYDWL GD HYHQWL HVWHUQL
DWWLQJRQRDOQRVWURVLVWHPDGLFUHGHQ]HHFL³FRVWULQJRQR´DGDJLUH
SHU FRQIHUPDUOR $ FKH SUR ODYRUDUH VXOOH HPR]LRQL VH LO QRVWUR
FRUSRHWHULFRFRQWLQXDDGHVVHUHLQWDVDWRGDIRUPHSHQVLHURGLFXL
QRQULXVFLDPRDOLEHUDUFL"
*OL SRVL OD GRPDQGD H OD ULSRVWD IX KDL SUHVHQWH LO GLVFRUVR VXL
6HWWH6SHFFKL(VVHQLFKHKDDIIURQWDWR*UHJJ%UDGHQHFKHWDQWR
VFDOSRUH KD DYXWR QHO PRQGR" (FFR LQ TXHOO
DQDOLVL VHSSXU
IRQGDPHQWDOH FL VRQR WURSSH LQHVDWWH]]H H QRQ VL SXz ODVFLDUH
LQFRPSLXWD XQD VFRSHUWD GL WDOH LPSRUWDQ]D 4XLQGL KR VHQWLWR OD
QHFHVVLWj GL FKLDULUH HVDWWDPHQWH TXDOH IRVVH LO VLJQLILFDWR GL
TXHOO
DQWLFDWHFQRORJLDHGLUHQGHUODGDYYHURIXQ]LRQDOH
4XDQGRKROHWWRLOODYRURFKHQHqXVFLWRPLVRQRUHVRFRQWRFKH
qSRVVLELOHXVDUHTXHVWROLEURSHUOLEHUDUVLGDTXDOFKHWRQQHOODWDGL
HPR]LRQL GLVIXQ]LRQDOL TXHOOH FKH WRUQDQR LUULPHGLDELOPHQWH QHOOD
QRVWUDYLWDRJQLYROWDFKHVLDPRLPPHGHVLPDWLFRQODSHUVRQDOLWj
VHQ]DFKHVSHVVRQHDQFKHFHQHDFFRUJLDPR3RLKRSDUODWRFRQ
DOWUH SHUVRQH GHOOD UHGD]LRQH H KR FRPLQFLDWR D VHQWLUH GL JURVVL
VXFFHVVL GRSR OD OHWWXUD GHO OLEUR GL $UFDQJHOR GLYHUVDPHQWH GD
FLzFKHQRQHUDVWDWRSRVVLELOHRWWHQHUHFRQLSRFKLGDWLILQRDTXHO
PRPHQWR GLVSRQLELOL GHJOL RULJLQDOL 6HWWH 6SHFFKL (VVHQL TXHVWH
SHUVRQHFRPLQFLDYDQRDGHVVHUHLQJUDGRGLRVVHUYDUHODSURSULD
YLWDVHPSOLFHPHQWHGRSRODOHWWXUDGHOOLEURGLTXHVWROLEUR
,QIDWWLOHJJHQGROHSDJLQHGLTXHVWRWHVWRPHUDYLJOLRVR FUHGRVLD
SLEHOORDQFKHGL/,) (LVHJUHWLGHOODJKLDQGRODSLQHDOH >@ WXWWLL
PLHL GXEEL VL VRQR VFLROWL FRPH QHYH DO VROH SHUFKp YL KR WURYDWR
VFULWWHLQPDQLHUDLQWHOOHJLELOHLQGLFD]LRQLVSHFLILFKHSHUVXSHUDUHL
FRQILQLFKHEORFFDQRFKLGHVLGHUDYLYHUHXQDYLWDYLYD
4XHVWROLEURqODULVSRVWDGHILQLWLYDDOODGRPDQGDSLFODVVLFDFKH
OD PHQWH XPDQD SRVVD FRQFHSLUH FKL VRQR LR" /D ULVSRVWD q
GXSOLFH H FH OD IRUQLVFH LO WLWROR VWHVVR ,2 OD VRUJHQWH & ROXL GHO
TXDOHQXOODVLSXzGLUHSHUFLWDUHXQ
HVSUHVVLRQHFKHLQGLFDEHQH
TXDOFRVD FKH QRQ SXz HVVHUH GHILQLWD VH QRQ DO QHJDWLYR 0D
DQFKH 0( FROXL FKH 2VVHUYD R ',2 VH YRJOLDPR XVDUH
FRUUHWWDPHQWH XQ WHUPLQH DVVROXWDPHQWH DEXVDWR GD WDQWLVVLPL D
FDXVDGHOODEUDPDGLSRWHUHFKHDJLWDPROWHRUJDQL]]D]LRQLXPDQH
HGHOODSLJUL]LDGHOOHPDVVHFHODWDGDXQDSVHXGRGHYR]LRQHFKH
WRJOLH OD UHVSRQVDELOLWj 0( FROXL FKH FUHD H DWWUDYHUVR
O
RVVHUYD]LRQHUHQGHOHLGHHUHDOLHVSHULPHQWDELOL
,QPH]]RDLGXHO
(VVHUHO
(VLVWHQ]DLQWHUDLQFXLWXWWRHVLVWHJLj
VLDSRWHQ]LDOPHQWHVLDFRPHFRQVDSHYROH]]DSXUD
0DFRPH IDUHSHU UHDOL]]DUH ,262120HSHU UHQGHUH FRQFUHWD
TXHVWDWULQLWjFKHDSSDUWLHQHDFLDVFXQRGLQRLSHUGLULWWRGLVWLUSH"
6HWWHDPELWL VHWWHSUREOHPL VHWWHVROX]LRQL qTXHVWD OD SURSRVWD
GL $UFDQJHOR FKH VLQFHUDPHQWH QRQ WUDODVFLD QHVVXQ DVSHWWR
GHOOD QRVWUD HVSHULHQ]D WHUUHQD FRPH HVVHUL FKH VL VRQR ULWURYDWL
XPDQL
,O SURFHGLPHQWR q XQR VROR ULSULVWLQDUH LO FLFOR 6(17,5( )$5(
$9(5(FKHIXQ]LRQDVRORTXDQGRDJLDPRLQFRUULVSRQGHQ]DFRQLO
QRVWUR WDOHQWR VHQ]D DYHUH DWWDFFDPHQWL DO ULVXOWDWR GHO QRVWUR
DJLUH (FFR OD OLEHUD]LRQH HPR]LRQDOH HG HFFR VSLHJDWR SHUFKp q
QHFHVVDULRSDUODUQHVLDPRVFKLDYLGHOOHHPR]LRQLULSHWXWHTXHOOH
FKH VHFRQGR LO QRVWUR VLVWHPD GL FUHGHQ]H FL IDQQR IXJJLUH GDO
GRORUHHULFHUFDUHLOSLDFHUHTXHOOHJLjSURYDWHLQSDVVDWRHFKHVL
ULSURSRQJRQRQHOSUHVHQWHUHQGHQGRFLPDFFKLQHSUHYHGLELOL
)LQR D TXDQGR YLYUHPR FHUFDQGR GL SURYDUH HPR]LRQL JLj
VSHULPHQWDWH LQ SDVVDWR SHU FRQYLQFHUFL FKH HVLVWLDPR
FRQWLQXHUHPR DG HVVHUH VWUXPHQWL LQXWLOL SHU OD 9LWD H DQGUHPR
LQFRQWURDGXQGHVWLQRLPSHUPDQHQWH
0D DGHVVR DEELDPR XQD VROX]LRQH SUDWLFD D TXHVWR YHFFKLR H
FRQVXQWR PRGR GL FRQFHSLUH OD YLWD XQD GL TXHOOH SHU FXL QRQ VL
SXzGLUH³qWURSSRFRPSOLFDWR´qSURSULRTXLLQTXHVWHSDJLQHFKH
WUDO
DOWURFLGDQQRXQDOHWWXUDILQDOPHQWHVHQVDWDHVRUSUHQGHQWH
GHL WHPSL FKH VWLDPR YLYHQGR H GL FLz FKH FL DVSHWWD VH
FRQWLQXHUHPRDGDUFRQWRDOODQRVWUDSHUVRQDOLWjDQ]LFKpDOOD9LWD
LPSHUVRQDOH
8Q
XOWLPD FRVD IRUVH OD SL EHOOD DEELDPR ILQLWR GL FHUFDUH GL
FRPSUHQGHUH FRVD VLD $PRUH TXHOOR FKH ID QRYH WXWWH OH FRVH 
1RQXQ
HPR]LRQHQRQXQFRQFHWWRPDXQ
D]LRQHDQ]LOD9LWDLQ
D]LRQHSHUUHDOL]]DUHVHVWHVVDLQXQPRQGRGRYHGRPLQDODIRU]D
HOHWWURPDJQHWLFD GL FXL OH IRUPHSHQVLHUR FRQ OH FRQVHJXHQWL
HPR]LRQL VRQR O
HVSUHVVLRQH SL ODPSDQWH /D IRU]D QXFOHDUH
GHEROH WDOH VROR LQ VXSHUILFLH PD SLDFHYROPHQWH GHYDVWDQWH LQ
SURIRQGLWj« SURSULR GRYH $UFDQJHOR FL LQYLWD DG HQWUDUH SHU
WRUQDUHDG(VVHUH
%XRQHUHDOL]]D]LRQL
/
(GLWRUH

>  @ 6LWUDWWDGLXQDOWURIDPRVROLEURGHOO
$XWRUHVFULWWRLQFROODERUD]LRQHFRQ$0.LQJq
GLVSRQLELOHVXOQRVWURVLWRZZZLRVRQRHGL]LRQLLW

>  @ 2SHUDFLWDWD
3 5 ()$ = ,21 (

6WLDPR SHU DGGHQWUDUFL LQ TXHOOR FKH q LO WHUULWRULR SL RVFXUR
GHOO
HVVHUHXPDQRODVXDVIHUDHPR]LRQDOH
&LUFDDQQLIDQHOO
,QGLDGHOQRUGXQDGRQQDODUHJLQD0D\D
HUDLQYLDJJLRYHUVRODFDVDSDWHUQDSHUIDUQDVFHUHXQILJOLRFRVu
FRPHULFKLHVWRGDOODWUDGL]LRQH/DOHJJHQGDQDUUDFKHHOODSDUWRUu
LQ XQ ERVFKHWWR GDQGR DOOD OXFH *DXWDPD 6LGGKDUWD LO %XGGKD
FKHVLJQLILFD³ULVYHJOLDWR´R³LOOXPLQDWR´
,QTXDOLWjGLILJOLRGHOUH6LGGKDUWDYLYHYDQHJOLDJLHQHLIDVWLGHO
SDOD]]R UHDOH VHQ]D DYHUH PDL PRGR GL RVVHUYDUH OD VRIIHUHQ]D
GHOO¶XRPR SHUFKp LO SDGUH DYHYD HVSUHVVDPHQWH RUGLQDWR FKH LO
ILJOLRDYHVVHFRQWDWWLVRORFRQSHUVRQHJLRYDQLILRUHQWLHGLQRWWLPD
VDOXWH 0D XQ JLRUQR *DXWDPD XVFu GDO SDOD]]R UHDOH H SRWp
RVVHUYDUH FRQ L VXRL RFFKL LO PRQGR ´UHDOH´ IDWWR GL VRIIHUHQ]H
GHULYDQWLGDPRUWHPDODWWLHHYHFFKLDLD)XFRVuFKHGHQWURGLOXLVL
IHFHVWUDGDO
LGHDGLWURYDUHDWXWWLLFRVWLXQPRGRSHUXVFLUHGDOOD
VRIIHUHQ]DGHOPRQGRGDSRWHULQVHJQDUHDJOLDOWUL$EEDQGRQDWDOD
VXDFDVDDWUHQWDFLQTXHDQQLLQL]LzODULFHUFDFKHORFRQGXVVHLQ
PHGLWD]LRQH VRWWR XQ DOEHUR DO UDJJLXQJLPHQWR GHO ³ULVYHJOLR´
VWDWRLQFXLODPHQWHVLIHUPDHO
LQGLYLGXRRWWLHQHODSDFHGHLVHQVL
'LFH O
DQRQLPR $XWRUH GL (OODP 2QGUH  ³ *OL XRPLQL FHUFDQR OD
IHOLFLWj H ULIXJJRQR OD VRIIHUHQ]D q OR VWHVVR DQFKH SHU JOL DOWUL
HVVHUL& LzYDEHQHSHULOFRUVRQRUPDOHGHOO¶XPDQLWj0DO¶RUGLQH
SL DOWR q WHVR YHUVR OD JLXVWD FRQGRWWD VRSSRUWDQGR
SD]LHQWHPHQWH LO EHQH H LO PDOH FKH QH SXz GHULYDUH /D
FRPXQDQ]DFRQTXHVWLVDUjGXUDWXUDPHQWUHODFRPXQDQ]DFRQOH
SHUVRQH FRPXQL QR ,O %HQH GHULYHUj DO PRQGR VRODPHQWH
DWWUDYHUVRODFRPXQDQ]DFRQO¶RUGLQHSLDOWR
/DGRPDQGDGXQTXHVRUJH³& RV
qJLXVWR"´,OSXQWRqLPSRUWDQWH
PDODULVSRVWDQRQVLWURYD3HUFKp"
3HUFKp FLz FKH q JLXVWR q GHWHUPLQDWR GDOOH FLUFRVWDQ]H SHU
TXDQWRHVDXULHQWHSRVVDHVVHUHXQ¶RSHUDVFULWWDVXOO¶DUJRPHQWRFL
VDUDQQR VHPSUH FLUFRVWDQ]H QRQ SUHYLVWH GDOO¶DXWRUH 3HUFLz
GLYHQWD QHFHVVDULR UHDOL]]DUH TXHOOD FRQGL]LRQH FKH FL UHQGHUj
FDSDFL GL YDOXWDUH OH YDULH FLUFRVWDQ]H H GHWHUPLQDUH FLz FKH q
JLXVWR´
3HUUHDOL]]DUHFLzFKHqJLXVWRGREELDPRVHQWLUHFLzFKHLOQRVWUR
,2 6212 FL GLFH LQ TXDQWR LQ HVVR F
q OD FRVD JLXVWD SHU RJQL
VLWXD]LRQH PD SHU IDUOR q QHFHVVDULR VSHJQHUH LO UXPRUH GHOOD
QRVWUD PHQWH IUXWWR GHO PRWRUH VHPSUH DFFHVR GHOOD QRVWUD
SHUVRQDOLWj 3HU TXHVWR PRWLYR LQ TXHVWR OLEUR SDUOHUHPR GHO
PRGR SL HIILFDFH HG DXWRQRPR SHU UHFXSHUDUH TXHOOD /LEHUWj
(PR]LRQDOHFKHHUDSUHVHQWHDOO
LQL]LRGHOODQRVWUD$YYHQWXUDVXOOD
WHUUD
/¶$XWRUH
,1 75 2' 8 = ,21 (

1RQ VRQR XQD SHUVRQD SDUWLFRODUPHQWH LPSUHVVLRQDELOH PD XQD


GR]]LQD GL DQQL ID PL FDSLWz XQD GL TXHOOH FRVH FKH WL ODVFLDQR
SHUSOHVVR
$YHYR LQWRUQR DL WUHQWDFLQTXH DQQL H VWDYR FKLDFFKLHUDQGR GL
FRPSRUWDPHQWLHGLHPR]LRQLFRQSHUVRQHFKHGLFHYDQRGLHVVHUH
VSLULWXDOL XQJHQHUHGLSHUVRQHFKHqEHQHQRQIUHTXHQWDUH 
)LQRDGDOORUDDYHYRVHPSUHSHQVDWRFKHDPDQRDPDQRFKHVL
GLYHQWD DGXOWL VL VWLD VHPSUH PHJOLR LQ YLUW GHOO
DFTXLVLWD
HVSHULHQ]DVXOODYLWDPDTXHOJLRUQRFDGGHURWXWWHOHPLHYHFFKLH
FRQVLGHUD]LRQLDULJXDUGR
3HUPHIRUVHSHUFKpKRDYXWRXQYLVVXWRWXUEROHQWR FLRqGHOWLSR
FKHWLGHYLIDUHLOPD]]RSHUULVROYHUHOHFRVH HUDYHURHGqYHUR
FKH YLD YLD FKH VL FUHVFH VL GLYLHQH SL FRQVDSHYROL H TXLQGL
WUDQTXLOOL0DTXHVWDFRVDQRQYDOHYDSHUTXHOOHSHUVRQHSHUFKp"
/DPDJJLRUSDUWHGLORURYLVWRFKHDYHYRDOO
LQFLUFDDQQLHUDQR
SHUPHYHFFKLHDYHYDQRSLRPHQRGLDQQL
4XHVWDqODEUHYLVVLPDFURQDFDGLFLzFKHFDSLWz
6L SDUODYD GL FRPSRUWDPHQWR H SUHVHQ]D TXDQGR GLVVL ORUR FKH
FRQODFRQVDSHYROH]]DGHOO
HWjDGXOWDVLYLYHYDFHUWDPHQWHPHJOLR
H FKH OD SDGURQDQ]D VXOOH HPR]LRQL GLYHQLYD PDJJLRUH VH QRQ
WRWDOH 8QD GL TXHOOH SHUVRQH 5HQDWD PL GLVVH FRQ YLVR WULVWH
FKH QRQ q DIIDWWR FRVu PD FKH DQ]L FRQ O
DYDQ]DUH GHOO
HWj OH
SDXUHDXPHQWDQR
4XHVWD DIIHUPD]LRQH DSSRJJLDWD DQFKH GDJOL DOWUL YHFFKL PL
VSLD]]zFRPSOHWDPHQWHHPLVHQWLLVROR
,Q UHDOWj OD PLD YLWD VWDYD PLJOLRUDQGR HG DQFRUD RJJL q SL
SLDFHYROHGLVHPSUHPDLQTXHOIUDQJHQWHPLVHQWLLVRORSRLFKp
SHULOULVSHWWRFKHDYHYRQHOODVDJJH]]DGHOO
DQ]LDQRPLDVSHWWDYR
GD FKL HUD SL VDJJLR GL PH GL SRWHU ULFHYHUH XQ DLXWR D
FRQRVFHUHHVSHULHQ]HHWUXFFKHWWLXWLOLDOODYLWD
0DQRQHUDFRVu
'DDOORUDPROWHYROWHPLVRQRFKLHVWR3HUFKpYLDYLDFKHLOWHPSR
SDVVDOHSHUVRQHVLVHQWRQRPHQREHQH"
/D ULVSRVWD PH O
DYHYDQR GDWD 5HQDWD  IULHQGV  OH HPR]LRQL
SUHQGRQRLOVRSUDYYHQWRVXOODFRVFLHQ]DHOHSDXUHDXPHQWDQR
4XHVWR HUD LO SUREOHPD FKH GLYHQQH LO PRWLYR GL EDVH FKH PL
VSLQVH DG DSSURIRQGLUH OD FRQRVFHQ]D GHOOH HPR]LRQL H FLz FKH
VFRSULL IX FKH OH HPR]LRQL FKH FL GLVWXUEDQR VRQR FUHDWH GD
DWWHJJLDPHQWL FRQWUDUL DOOD QRVWUD QDWXUD GLYLQD H TXLQGL GDOOD
PDQFDWD VLQFURQLD FRQ L ULWPL QDWXUDOL GHOO
XQLYHUVR $UULYLDPR DO
TXDQGRDFDVDGLDPLFLLQXQGRFXPHQWDULRGLXQDYHFFKLD
9+ 6F
qXQJLRYDQLVVLPR*UHJJ%UDGHQFKHHVSRQHOD7HFQRORJLD
GHL6SHFFKL(VVHQL
4XHVWRUDURGRFXPHQWRFRPLQFLzDVSLHJDUPLXQPDUHGLFRVHH
QHOOR VSHFLILFR FRPSUHVL FRQ JLRLD FKH DYHYDPR D GLVSRVL]LRQH
XQDSRWHQWHWHFQRORJLDSHUULFRQRVFHUH±LQPRGRDXWRQRPR±OH
FDXVH FRPSRUWDPHQWDOL GHOOH HPR]LRQL QHJDWLYH H LO PHWRGR SHU
DIIURQWDUOHHGHOLPLQDUOHGHILQLWLYDPHQWH
1HO GRFXPHQWDULR F
HUDQR XQ PXFFKLR GL GDWL PROWR LQWHUHVVDQWL
PD SRL QHO WHPSR PL UHVL FRQWR FKH F
HUDQR DQFKH GHJOL HUURUL
DEEDVWDQ]DJUDYL
7XWW¶RUD PL UHQGR FRQWR FKH JOL LQGLYLGXL QRQ VWDQQR EHQH QRQ
VRQRVHVWHVVLVRQRIDFVLPLOLGLSHUVRQDOLWjLQEDOLDGHOOHHPR]LRQL
+ RGHFLVRGLVFULYHUHTXHVWROLEURSHUPLRGLOHWWRVHSRLTXDOFXQR
QHWUDUUjEHQHILFLRQHVDUzSLFKHOLHWR
3RVVR DVVLFXUDUH FKH TXHVWR WHVWR q DWWXDOPHQWH XQ SRWHQWH
VWUXPHQWRFKHO
XRPRKDDGLVSRVL]LRQHSHUDXWRFHQWUDUVLULVSHWWR
DOOH SURSULH HPR]LRQL ,O SHUFRUVR GL TXHVWR YLDJJLR WUDVFHQGH
UHOLJLRQL H ILORVRILH SRQHQGR O
XRPR R PHJOLR OD VXD HVVHQ]D
GLYLQD DO FHQWUR WUDVIRUPDQGROD LQ OHYD SHU DSULUH LO VDUFRIDJR
XPDQRIDWWRGLHPR]LRQLFKHRVFXUDQRODOXFHYLYDGHO6pDQ]LGL
6p
,26 21 20(  , 6 3( & & + ,( 6 6( 1 ,

7H F QRORJLD GLOLEH U D ] LRQH H P R] LRQD OH


3$ 5 7(,

/
D QD OLV L

1RQWLYRJOLRSLYHGHUHFDUD

PHQWUHVRUVHJJLXQ
DUDQFLDWDDPDUD

FRQO
HVSUHVVLRQHHVWDVLDWD

GLFKLKDUDJJLXQWRILQDOPHQWHXQWUDJXDUGRQHOODYLWD

2KQRQRQWLYRJOLRYHGHUHLQWDQWRFKHFXFLQLJOLVSDJKHWWL

FRQSRPRGRURSHVRYHULWjWUHHWWL

PHQWUHXQLPEHFLOOHHQWUDQGRGDOODSRUWD

JULGDXQHYYLYDFRQODERFFDDSHUWD

FROGHQWLIULFLRSXUHWUDVSDUHQWH

GRYHWLIDQQRGLUHFKHLOOXPLQDODPHQWH

7LIDQQRDOLPHQWDUHO
LJQRUDQ]D

ILQJHQGRGLVHUYLUVLGHOODVFLHQ]D 2KQR

1RQWLYRJOLRYHGHUHYHQGHUHLJLRUQLHOHVHUH

«PDFRQVXPDUHODWXDYLWDFRVuQRQSXRL
/XFLR%DWWLVWL

0DqXQFDQWREUDVLOHUR
  */,$ 1 7,& + ,( 5 $ 1 23 5 ,0 ,7,9 ,"

8QD ULIOHVVLRQH VXOOH FLYLOWj FKH QRL FKLDPLDPR SULPLWLYHQHOO


DWWR
QDWXUDOH GL FRQRVFHUH VH VWHVVR H SHU OD FRQVHJXHQ]D GHOO
DYHU
EORFFDWR LO ULFRQRVFLPHQWR GL 6p O
XRPR KD FDQFHOODWR OD
WHFQRORJLDLQWHULRUHDIDYRUHGHOODWHFQRORJLDHVWHULRUH
)DFFLDPR XQ HVHPSLR VH RJJL O
XRPR IRVVH SDGURQH GHOOD
WHOHSDWLD H GHOOD FRPXQLFD]LRQH D GLVWDQ]D FHUWDPHQWH QRQ
DYUHEEHELVRJQRGLXVDUHLWHOHIRQLLID[ RLQWHUQHW
( VH O
XRPR IRVVH LQ JUDGR GL ULVFDOGDUVL ³FRO SHQVLHUR´ QRQ
DYUHEEH ELVRJQR GL FDOGDLH H GL LPSLDQWL GL ULVFDOGDPHQWR
8JXDOPHQWH VH IRVVH LQ JUDGR GL PXRYHUVL DWWUDYHUVR OD
VPDWHULDOL]]D]LRQH GHO SURSULR FRUSR DOOR VWHVVR PRGR QRQ FL
VDUHEEH ELVRJQR GL DXWR WUHQL DHUHL H GL TXDOVLYRJOLD PH]]R GL
WUDVSRUWR
(FFRFKHOHFLYLOWjDQWLFKHFKHQRLGHILQLDPRSULPLWLYHPDFKHFL
KDQQR FRQVHJQDWR XQD WHFQRORJLD SHU OR VYLOXSSR GHOO
HVVHQ]D
LQWHULRUH >@ H SHU OD OLEHUWj HPR]LRQDOH q SUREDELOH FKH WDQWR
SULPLWLYH QRQ IRVVHUR $FFDGGH SHUz FKH L 0D\D JOL DELWDQWL
GHOO
LVRODGL3DVTXDHWDQWHDOWUHFLYLOWjLQGLJHQHLPSURYYLVDPHQWH
VFRPSDUYHUR VHQ]D ODVFLDUH WUDFFLD H VHQ]D DOFXQ DSSDUHQWH
PRWLYR%RK
(VHLQYHFHTXHVWLSRSROLDYHVVHURVFRSHUWRLOPRGRGLYLDJJLDUH
QHO WHPSR H QHOOR VSD]LR H VL IRVVHUR LQFDPPLQDWL YHUVR DOWUL OLGL
ODVFLDQGRTXLTXHOOHDTXLOHFKHVLFUHGRQRSROOLFKLDPDWLXPDQL"
2JJLTXHVWRIHQRPHQRGLLPSURYYLVDVFRPSDUVDSHUOLGLVXSHULRUL
q FRUUHQWHPHQWH FKLDPDWR DVFHQVLRQH H VH VHL LQ JUDGR GL
UHDOL]]DUH FLz WL DVVLFXUR FKH QRQ F
q DIIDWWR ELVRJQR GL XQD YLWD
FRQLPSLDQWLGLULVFDOGDPHQWR3&FHOOXODULHFDUWHGLFUHGLWR
4XDQGR UHFXSHUHUHPR OD PHPRULD GHO 6p QRL LQFDUQHUHPR OH
IXQ]LRQLGHOOHPDFFKLQHGLFXLVLDPRFLUFRQGDWLHTXLQGLOHIDUHPR
VSDULUH WXWWH LQ TXDQWR LQXWLOL LQTXLQDQWL H YDPSLUH GL HQHUJLD H
DELOLWj
&LzFKHWUDWWHUHPRLQTXHVWRWHVWRqODWHFQRORJLDFRQRVFLXWDFRPH
L6SHFFKL(VVHQLOHFXLWHVWLPRQLDQ]HVHPEUDQRVLWURYLQRDQFKH
QHOO
$PHULFD GHO VXG SURSULR D WHVWLPRQLDUH TXHVWD DELOLWj GHJOL
DQWLFKL GL HVVHUH LQ JUDGR GL IDUH FRVH FKH QRL RJJL FUHGLDPR
LPSRVVLELOL SHU TXHL WHPSL FRPH OR VFRSULUH OH $PHULFKH 
DQQLLQDQWLFLSRVX&RORPER
,QRJQLFDVROHDQWLFKHWUDGL]LRQLSHUPH]]RGHOODWHUPLQRORJLDGHL
ORUR WHPSLGLFKLDUDURQR FKH LQRVWUL FRUSL VDUHEEHUR FDPELDWL FLz
FKH FL KDQQR WUDPDQGDWR q XQD WHFQRORJLD FDSDFH GL DWWLYDUH
TXHOODSDUWHGLELRORJLD LO'1$qDWWLYRVRORDO FKHqEORFFDWD
GDHPR]LRQLQRQ³VSLULWXDOL´HTXLQGLGLDPSOLDUHLOQRVWURSXQWRGL
YLVWD2JJLSHUVSLHJDUHLGDWLDQWLFKLFLVLDPRXQSR
FRPSOLFDWLOD
YLWDHGDEELDPROD31(,ODSVLFRQHXURHQGRFULQRLPPXQRORJLD
/D 31(, q OD VFLHQ]D FKH VSLHJD L PRWLYL GHOOD ELRORJLD GHOOH
FUHGHQ]H FLRq GLPRVWUD FKH OH PRGLILFD]LRQL GHOO
RUJDQLVPR VRQR
FRQVHJXHQ]D GL SURGX]LRQL ELRFKLPLFKH FKH VRQR GLUHWWD
FRQVHJXHQ]D GL HPR]LRQL SURGRWWH D ORUR YROWD VLD GDOOD
SHUFH]LRQH SHUVRQDOH GHOO
DPELHQWH VLD GD VWDWL GL FRVFLHQ]D
DOWHUDWL 4XDQGR GLFR ³SHUFH]LRQH SHUVRQDOH´ PL ULIHULVFR DO IDWWR
FKH OH FRVH QHO PRQGR FDSLWDQR PD VH FL PHWWR O
DWWHQ]LRQH
TXHOOHFRVHFDSLWDQRDPHTXLQGLODSHUFH]LRQHGHOPRQGRqVROR
DIIDUPLRHGLQHVVXQDOWURDOPHQRILQRDTXDQGRKRXQDWHVWDFRQ
FXLSHQVDUH
$ PLR DYYLVR TXHVWR q XQ PRPHQWR GL HYROX]LRQH SHU LO JHQHUH
XPDQRPDXQ
RSSRUWXQLWjSHUUHDOL]]DUVLGHYHHVVHUHVRVWHQXWD
RQRQSRWUjUHDOL]]DUVL/DWHUUDVWDFDPELDQGRVLDPRJLjGHQWURLO
FDPELDPHQWR TXHO FDPELDPHQWR FKH SRWUHEEH DYYHQLUH GD
TXHVWR PRPHQWR ILQR DO SURVVLPR GHFHQQLR H TXHVWR GLSHQGH GD
WXWWD XQD VHULH GL YDULDELOL DVWURQRPLFKH FKH LO QRVWUR VLVWHPD
VRODUH VWD DWWUDYHUVDQGR 7XWWR QHOO
XQLYHUVR q YRUWLFH H DQFKH OH
JDODVVLHUXRWDQRFLzLPSOLFDLOIDWWRFKHSULPDRSRLLYDULVLVWHPL
VRODUL VL WURYHUDQQR LQ DUHH FRQ PDJJLRUL HIIHWWL JUDYLWD]LRQDOL
3DUODQGR GL DVFHQVLRQH GREELDPR ULWHQHUH FKH ROWUH DOOD QRVWUD
GLPHQVLRQH QH HVLVWD DOPHQR XQ
DOWUD FKH GHYH DYHUH
FDUDWWHULVWLFKH YLEUD]LRQDOL GLYHUVH TXHVWH FDUDWWHULVWLFKH
VDUHEEHUR LO ULVXOWDWR GL PRGHOOL GL SHQVLHUR QHFHVVDULDPHQWH
GLYHUVL GDO QRVWUR H UHODWLYL DG XQD UHDOWj GL DOWUR WLSR ,Q TXHOOD
UHDOWj L WHUPLQL DLXWR SHFFDWR SHUGRQR FRQGDQQD QRQ SRVVRQR
HVLVWHUHSHUFKpOuQRQODSHQVDQRFRVuOuQRQFLVRQR³SRYHUHWWLGD
DLXWDUH´ PD VROR 'HL FKH HVSULPRQR VH VWHVVL VHQ]D L OLPLWL GL
SHQVLHUR GL XQ XQLYHUVR GXDOH 8QD GLPHQVLRQH SXz HVVHUH
GLYHUVD GD XQ
DOWUD LQ TXDQWR EDVDWD VX XQD FRVWDQWH GL 3ODQFN
GLYHUVD QHKRSDUODWRQHOODPLD7ULORJLDGHOO
,26212 >@ PDFLz
FKH GLYLGH OH GLPHQVLRQL q OD EDUULHUD GLPHQVLRQDOH XQD VRUWD GL
LVRODWRUH >@  FKH WLHQH VFROOHJDWL JOL HYHQWL 7XWWDYLD DO SDUL GL XQ
FDYR HOHWWULFR FKH SXz VRSSRUWDUH XQ FHUWRSRWHQ]LDOH GL WHQVLRQH
HOHWWULFD GRSRGLFKp QRQ LVROD SL DOOR VWHVVR PRGR XQD EDUULHUD
GLPHQVLRQDOH SXz GLYHQLUH LQVXIILFLHQWH D WHQHUH LVRODWH OH
GLPHQVLRQL 4XDQGR FLz FDSLWD FRPLQFLDQR D SUHVHQWDUVL GHJOL
HYHQWL ILVLFL TXDOL VSLUDOL QHO FLHOR RUPDL DEELDPR XQD FROOH]LRQH
ULOHYDQWH GL YLGHR LQ FXL VRQR ULSUHVH  IHQRPHQL SDUDQRUPDOL H
PDGRQQLQH FKH SLDQJRQR FRQVHJXHQWL GL XQD PDJJLRUH FDSDFLWj
GLIDUDFFDGHUHOHFRVHGRYXWDDOO
HQHUJLDFKHDUULYDQHOODQRVWUD
GLPHQVLRQH GD TXHOOD VXSHULRUH H FKH q LQ JUDGR GL DPSOLILFDUH
TXDOVLDVLFRVDQHOEHQHHQHOPDOH4XLQGLTXHVWDHQHUJLDSHUQRL
³YLWDOH´HFRQRVFLXWDFRPHSUDQDRNLSXzIDUHDFFDGHUHLQTXHVWD
UHDOWjGHOOHFRVHFKHSDVVDQRSHUPLUDFROLGLFKLVVjTXDOHGLYLQLWj
PHQWUHDOWURQRQVRQRFKHOHPDWHULDOL]]D]LRQLJHQHUDWHGDOOHLGHH
GLFRORURFKHSHQVDQRHVLVWDQR'HLFKHIDQQRFRVHSHUJOLHVVHUL
XPDQL ,O SUREOHPD GL TXHVWD HQHUJLD q FKH TXDQGR q HOHYDWD
IXOPLQD L WHVVXWL QHUYRVL GHOOH SHUVRQH FKH QRQ VRQR SURQWH D
YHLFRODUOD
3HU HVVHUH SL VFLHQWLILFL LO FRUUHWWR QRPH GHOOD EDUULHUD
GLPHQVLRQDOH q &DPSR 6FDODUH XQ DUJRPHQWR VX FXL F
q VWDWR LO
VHJUHWR PLOLWDUH DVVROXWR ILQR D XQ GHFHQQLR ID Ê SRVVLELOH
³SLORWDUH´ LO FDPSR VFDODUH ULXVFHQGR DG RWWHQHUH OD IDPRVD IUHH
HQHUJ\  O
HQHUJLD LQILQLWD LQ UHDOWj q XQD FRVD PROWR EDQDOH
UHDOL]]DUOR H OR VL ID FRQ SRFKL HXUR /D FDSDFLWj ³LVRODQWH´ GHO
&DPSR6FDODUHqIXQ]LRQHGHOODURWD]LRQHGHLFRUSLGHOFDPSRGL
IRU]DLQFXLLOFRUSRqLPPHUVR OHIRU]HJUDYLWD]LRQDOLQHOFDVRGHO
QRVWURSLDQHWD HGHLPDWHULDOLGLFXLLOFRUSRqFRVWLWXLWRYLHQHGD
Vp FKH VH VL RWWLPL]]DQR OH QHFHVVDULH FRQGL]LRQL DEELDPR OD
SHUIRUD]LRQH GHO &DPSR 6FDODUH H FL PHWWLDPR LQ FRQWDWWR FRQ OD
GLPHQVLRQHVXSHULRUH4XHVWRqFLzFKHDFFDGHFRQLOFRUSRGLXQ
HVVHUH LQ JUDGR GL DVFHQGHUH JUD]LH DOOD SUHVHQ]D LQ HVVR GL
VSHFLILFKHVRVWDQ]HFKLPLFKHDOO
LQWHQVLWjGHOFDPSRGLHQHUJLDGD
HVVHSURGRWWRHGDOODURWD]LRQHGHOORVWHVVRFDPSR 0HUNDEDK 
3HQVDQGR LQ JUDQGH XQ SLDQHWD GRWDWR GL DOFXQH FDUDWWHULVWLFKH
QHOOD VXD FRPSRVL]LRQH FKLPLFD FKH D FDXVD GHOOR VSRVWDPHQWR
GHOVLVWHPDVRODUHDFXLDSSDUWLHQHVLWURYDDGHVVHUHLQIOXHQ]DWR
GDXQ
DOWDHQHUJLDJUDYLWD]LRQDOHSHUODSUHVHQ]DGLPDVVHFHOHVWL
HSHU LO IDWWRFKH HVVR UXRWDSXz GHWHUPLQDUH OD SHUIRUD]LRQH GHO
FDPSRVFDODUHHGHVVHUHLQYHVWLWRGDJURVVLDIIOXVVLGLHQHUJLDGL
4XLQWD 'LPHQVLRQH ,Q TXHVWR FDVR SRVVRQR DFFDGHUH FRVH
VWUDRUGLQDULH SHU FKL KD LO FXRUH SXUR  R WHUULELOL SHU FKL q VSLQWR
GDOPRWRUHGHOODSHUVRQDOLWj 
( TXL YHQLDPR DOOR VWDWR GL VDOXWH GHOOD QRVWUD YHFFKLD H FDUD
4XDUWD'LPHQVLRQHHTXLQGLGHOSLDQHWD7HUUD
$O FHQWUR GHO QRVWUR SLDQHWD HVLVWH XQ FULVWDOOR GL IHUUR FKH QHO
 DYHYD JLj XQ GLDPHWUR GL  FKLORPHWUL H FKH SHU
FRQWLQXD VROLGLILFD]LRQH GHOOD SDUWH OLTXHIDWWD GLYLHQH VHPSUH SL
JUDQGH /D VXD URWD]LRQH FRHUHQWH D TXHOOD GHOOD 7HUUD FUHD XQ
YRUWLFH FKH GHWHUPLQD XQD SHUWXUED]LRQH GHO &DPSR 6FDODUH WUD
QRL H OD TXLQWD GLPHQVLRQH TXHO OXRJR FRQRVFLXWR DQFKH FRPH
3DUDGLVR 4XHVWD OHVLRQH DOOD EDUULHUD
GLPHQVLRQDOHGHWHUPLQDXQIRUWHDIIOXVVRGL
)RU]D 1XFOHDUH 'HEROH XQD GHOOH TXDWWUR
FRPSRQHQWL GL EDVH GHOO
XQLYHUVR  QRL
HWLFKHWWLDPR FRPH GHEROH TXHVWD IRU]D
VROR SHU LO IDWWR FKH VL WHQWD GL PLVXUDUOD
FRQVWUXPHQWLHOHWWURQLFLSRFRVHQVLELOLDOOD
VWHVVD ,Q UHDOWj HVVD q XQD IRU]D PROWR
IRUWH VH YLHQH PLVXUDWD FRQ OR VWUXPHQWR
DGDWWR OD FRVFLHQ]D e SURSULR TXHVWR LO PRWLYR SHU FXL HVVD ID
SDUWH GHO ³SDUDGLVR´ FLRq GHOOD TXLQWD GLPHQVLRQH LQ TXDQWR LQ
TXHOOD GLPHQVLRQH OD PDWHULD q OD FRVD SL HVWUDQHD PHQWUH OD
FRVDSLYLFLQDqODFRVFLHQ]DHOHYDWDGLXQHVVHUHXPDQRTXHOOD
FRQRVFLXWDFRPHTXLQWHVVHQ]DRFRVFLHQ]DFULVWLFD
/DFRVFLHQ]DFULVWLFDQRQqXQTXDOFRVDFKHVLDFTXLVWDSDJDQGR
OH PHVVH R SUHQRWDQGROD DO EDQFR GHO PHUFDWR OD FRVFLHQ]D
FULVWLFD q LO ULVXOWDWR ELODQFLDWR WUD L IOXVVL GHO &5($5( L IOXVVL
LQWXLWLYL ,2 6212  H L IOXVVL GL &216$3(92/(==$ ULVXOWDWR
GHOO
HVSHULHQ]D FUHDWLYD GHL SUHFHGHQWL  &Lz VLJQLILFD FKH WDQWR
SL VL qFROOHJDWL DOOD FRQGL]LRQH ,26212TXDQWD SL FRVFLHQ]D
DFTXLVLDPR H SRLFKp TXHVWD FRVFLHQ]D VL SXz PLVXUDUH LQ
UHOD]LRQH DOOD )RU]D 1XFOHDUH 'HEROH HFFR FKH DEELDPR OD
SRVVLELOLWj GL DWWUDYHUVDUH YRORQWDULDPHQWH OD EDUULHUD
GLPHQVLRQDOH FRVu FRPH VSLHJKHUz QHO PLR SURVVLPR OLEUR
LQWLWRODWR(IIHWWR7XQQHO>@
/
(IIHWWR 7XQQHO q XQ IHQRPHQR SUHYLVWR GDOOD PHFFDQLFD
TXDQWLVWLFDHGqVIUXWWDWRGDDQQLDQFKHQHLFRPSRQHQWLHOHWWURQLFL
WLSRLO'LRGR7XQQHO
3HUFRPSUHQGHUHLOIHQRPHQRGREELDPRLPPDJLQDUHGLWLUDUHXQD
SDOOLQDFRQWURXQPXUR/DTXDQWLVWLFDqEDVDWDVXOOHSUREDELOLWjH
DO SULPR WLUR R DO PLOLDUGHVLPR WLUR SXz FDSLWDUH XQD FRVD FKH
VHPEUD EL]]DUUD OD SDOOLQD VHQ]D SHUIRUDUH LO PXUR  SDVVD
GDOO
DOWUDSDUWH,QUHDOWjVLVRQRVRORYHULILFDWHOHFRQGL]LRQLSHUFXL
OD SDOOLQD KD VFDYDWR XQ WXQQHO QHOOD EDUULHUD HQHUJHWLFD FKH
PDQLIHVWDODUHDOWj
/
DVFHQVLRQH q LO WHUPLQH ILORVRILFR XVDWR SHU GHVFULYHUH O
(IIHWWR
7XQQHO FLRq LO IDWWR GL DWWUDYHUVDUH LO FDPSR VFDODUH GDQGR
O
LPSUHVVLRQHGLVFRPSDULUHDJOLRFFKLGLFKLWLGRYHVVHJXDUGDUH
2UD VH WDQWR PL Gj WDQWR GRYUHEEH HVVHUH PROWR VHPSOLFH
FRPSUHQGHUHFKHVHULXVFLVVLPRDIDUHLOSLHQRGL)RU]D1XFOHDUH
'HEROH SRWUHPPR DXPHQWDUH OH SUREDELOLWj VWDWLVWLFKH SHU FXL
LQYHFHGLDYHUHXQDSRVVLELOLWjVXXQPLOLDUGRGLDWWUDYHUVDUHTXHO
PXUR RJQL TXDO YROWD YROHVVLPR SDVVDUH LO &DPSR 6FDODUH
VDUHPPRLQJUDGRGLIDUORTXHVWRqFLzFKHSRVVRQRIDUHJOLHVVHUL
DVFHVL>@
/D FDUDWWHULVWLFD ELRORJLFD GL XQ HVVHUH DVFHVR q PROWR
LQWHUHVVDQWH LO VXR FRUSR q SLHQR GL VRVWDQ]H FKLPLFKH FKH
SRWUHPPR GHILQLUH HVVHUH LQ DOWHUDWR VWDWR GL FRVFLHQ]D VWR
SDUODQGRGHJOL0VWDWH
*OL 0VWDWH VRQR LO JUDQGH VHJUHWR GHJOL DOFKLPLVWL H GHOOD 3LHWUD
)LORVRIDOHHGHOFRQVHJXHQWH(OL[ LUGL/XQJD9LWD
3HUFDSLUHJOL0VWDWHVLGHYHIDUHXQDEDQDOHLOOXVWUD]LRQHORJLFD
LQQDQ]LWXWWR q EHQH VDSHUH FKH HVVL VRQR HVVHQ]LDOPHQWH PHWDOOL
HG LQIDWWL O
DOFKLPLD q DQFKH FKLDPDWD 6FLHQ]D GHL 0HWDOOL 
3UHQGHQGR XQ SH]]R GL IHUUR WUD OH PDQL OR ULFRQRVFLDPR FRPH
PHWDOOR SHU XQD VHULH GL FDUDWWHULVWLFKH XVXDOL q PDOOHDELOH q
FRQGXWWRUH KD XQD VXD OXFHQWH]]D XQD VXD GXUH]]D XQD FHUWD
FRQGXFLELOLWjWHUPLFDHFRPXQTXHDOGLOjGHOOHFDUDWWHULVWLFKHGD
ODERUDWRULRLRVRFKHVHWRFFRXQPHWDOORTXHOORqXQPHWDOORKR
OD SHUFH]LRQH GL TXHVWD FRVD H VLDPR XQLYHUVDOPHQWH G
DFFRUGR
FKHqFRVu
0DVHRUDSUHQGLDPRTXHVWRSH]]RGLIHUURHORGLYLGLDPRDPHWj
HSRLDQFRUDDPHWjHSRLDQFRUDDQFRUDHDQFRUDHFFRFKHDG
XQFHUWRSXQWRLOPHWDOORQRQVDUjSLPHWDOORPDGLYHUUjSROYHUH
ELDQFDTXHVWDUREDq0VWDWHHLOPHWDOORKDSHUVRWXWWHOHFLWDWH
FDUDWWHULVWLFKH Ê SHUz GD WHQHUH SUHVHQWH FKH TXHOOD SROYHUH
ELDQFDqDQFRUDIHUUR0DDOORUDFRV
qTXHVWDVWUDQH]]D",QUHDOWj
DEELDPR VROR VSDFFDWR LO UHWLFROR PHWDOOLFR TXHOOD FRQILJXUD]LRQH
FKH UHQGH XQ HOHPHQWR FKLPLFR TXHO TXDOFRVD FKH GHILQLDPR
PHWDOOLFRFRVuFRPHORSHUFHSLDPRVHQVRULDOPHQWH
/
DOFKLPLDURPSHLUHWLFROLPHWDOOLFLHTXHVWRqWXWWRRTXDVL
3HUFKpO
$OFKLPLDIDTXHVWR"
3HUFKpJOL0VWDWHKDQQRSURSULHWjVWUDRUGLQDULHFKHQXOODKDQQRD
FKH YHGHUH FRQ OH SURSULHWj GHOOR VWHVVR HOHPHQWR LQ FRQGL]LRQL
PHWDOOLFKHRUGLQDULH
, PHWDOOL 0 VRQR VXSHUFRQGXWWLYL D WHPSHUDWXUD DPELHQWH VRQR
VXSHUIOXLGL SRVVRQR VFLYRODUH DOO
LQILQLWR VRSUD XQ SLDQR LQFOLQDWR
VHQ]DULGXUVLLQTXDQWLWjODVHWRVLWjGHOSHORGHOJDWWRqGRYXWDD
TXHVWL 0VWDWH GHOOD VXD VDOLYD  SRVVRQR OHYLWDUH SRVVRQR
VFRPSDULUHQRQVRORDOODYLVWDPDSURSULRGDTXHVWDGLPHQVLRQH
0D OD FDUDWWHULVWLFD SL LQWHUHVVDQWH q FKH TXHVWR VWDWR GHOOD
PDWHULDqLQJUDGRGLFDQDOL]]DUHHQHUJLDGDOODTXLQWDGLPHQVLRQH
SHUFKpSHUORURQDWXUDSHUIRUDQRLOFDPSRVFDODUH
*OLDOFKLPLVWLLQJHUHQGRWDOLVRVWDQ]HULXVFLYDQRDIDUHLOSLHQRGL
HQHUJLD YLWDOH H ULSRUWDYDQR LO ORUR FRUSR DG HVVHUH JLRYDQH H
IUHVFRFRPHDWUHQWDFLQTXHDQQLHDGDOOXQJDUHODYLWDILQRDPLOOH
DQQL SHUFKp WDOL VRVWDQ]H VRQR OD OHJQD GHO QRVWUR $WDQRU >@
JKLDQGRODUH HQGRFULQR *OL 0VWDWH GHO FRUSR VRQR LQ JUDGR GL
FUHDUH WXWWR LQWRUQR XQD YLROD]LRQH GL FDPSR VFDODUH FKH SXz
GHWHUPLQDUHDQFKHDOWULIHQRPHQLVWUDRUGLQDULGDJOLDQWLFKLTXHVWR
HIIHWWR HUD FKLDPDWR 0(5.$%$+  FKL KD FRPSOHWDWR OD
FRVWUX]LRQH GHO FDPSR HQHUJHWLFR 0HUNDEDK q LQ JUDGR GL
VFRPSDULUHGDTXHVWDGLPHQVLRQH
&RPH DEELDPR GHWWR SULPD q IDFLOH SHUIRUDUH LO FDPSR VFDODUH
JUD]LH DG XQ FRUSR FRQWHQHQWH 0VWDWH FKH UXRWD LQ XQ FDPSR GL
IRU]HTXDOHODJUDYLWj
7XWWL YRL ULFRUGHUHWH FKH OH QDYLFHOOH 8)2 SRVVHJJRQR XQ
DVVH GL
URWD]LRQH VLD FKH VLDQR GLVFKL VLD FKH DEELDQR IRUPD GL VLJDUR
FKHSRUWDDGLQFOLQDUHLOYHOLYRORTXDQGRSUHQGHLOYRORLOPRWLYRq
PROWRVHPSOLFH$VHJXLWRGLDQDOLVLHVHJXLWHLQYDULHORFDOLWjVXFXL
VRQRDWWHUUDWLLGLVFKLYRODQWL O
DQDOLVLSLLPSRUWDQWHqDYYHQXWDLQ
SURYLQFLDGL1DSROL VRQRVWDWLULWURYDWLFRVSLFXLUHVLGXLGL0VWDWH
,Q UHDOWj H TXHVWR SRWHWH RVVHUYDUOR GD
FHQWLQDLD GL ILOPDWL SL R PHQR DPDWRULDOL
TXDQGR LO GLVFR 8)2 q LQ SURFLQWR GL
PXRYHUVLVLLQFOLQDVHPSUHLOPRWLYRqFKHOD
QDYLFHOOD KD LQWRUQR D Vp XQ GLVFR GL
PDWHULDOH 0VWDWH FKH GRYHQGR
QHFHVVDULDPHQWHUXRWDUHSHUGHWHUPLQDUHXQ
HIIHWWR WXQQHO SURYRFD XQD VDOLWD GHOO
LQWHUR
FRQWHQXWR OD QDYLFHOOD 8)2 OXQJR OD FRRUGLQDWD GL 4XLQWD
'LPHQVLRQH LQIDWWL SRWUHWH QRWDUH FKH XQ EDJOLRUH OXPLQRVR
DFFRPSDJQD LO IHQRPHQR *OL 8)2 QRQ YLDJJLDQR D YHORFLWj
VXSHULRUH D TXHOOD GHOOD OXFH PD VDOWDQR GD XQ XQLYHUVR DOO
DOWUR
FRPSLHQGR XQ YLDJJLR QHOOR VSD]LRWHPSR ,Q TXHVWR PRGR
VHPEUDQRHVVHUHLQJUDGRGLYLDJJLDUHDYHORFLWjVXSHULRULDTXHOOD
GHOODOXFH
2UDGRYUHEEHHVVHUHPROWRSLFKLDURFKHLOFULVWDOORDOFHQWURGHOOD
7HUUD QHOOD VXD URWD]LRQH FUHD XQD SHUIRUD]LRQH GHO FDPSR
VFDODUH PD PHUDYLJOLH GHOOH PHUDYLJOLH DQFKH LO SULPR GHJOL
HVHUFL]L GHL IDPRVL  5LWL 7LEHWDQL JUD]LH DOOD VXD URWD]LRQH FUHD
XQD SHUIRUD]LRQH GHO &DPSR IDFHQGR DIIOXLUH QHO FRUSR XQD
JURVVDTXDQWLWjGLHQHUJLDGLTXLQWDGLPHQVLRQH,QTXHVWRFDVRLO
IHQRPHQR SXz HVVHUH SL HIILFDFH GL XQ VHPSOLFH FULVWDOOR FKH
UXRWD JUD]LH DO IDWWR FKH D TXHVWD URWD]LRQH SDUWHFLSDQR L PHWDOOL
0VWDWH FKH VRQR QHO QRVWUR FRUSR D WDO SURSRVLWR q GDYYHUR
DIIDVFLQDQWHULFRUGDUHODVWRULDGHOFRORQQHOORUDFFRQWDWDFLGD3HWHU
.HOGHULOSULPRDXWRUHGHOOLEURVXL5LWL7LEHWDQL
6LDPR QHO  LQ &DOLIRUQLD H 3HWHU .HOGHU VL VWD ULODVVDQGR VX
XQD SDQFKLQD GHO SDUFR OHJJHQGR LO JLRUQDOH GHOOD VHUD XQ
YHFFKLR JHQWLOXRPR JOL VL VLHGH YLFLQR H OR LPSHJQD LQ XQD
FRQYHUVD]LRQH/
XRPRVLSUHVHQWDFRPHLOFRORQQHOOR%UDGIRUGXQ
XIILFLDOH GHOO
HVHUFLWR LQJOHVH LQ SHQVLRQH FKH KD SUHVWDWR VHUYL]LR
DQFKHQHLFRUSLGLSORPDWLFLGHOOD5HJLQD
,GXHIDQQRDPLFL]LDHVLIUHTXHQWDQRSHUXQSR
GLWHPSRTXDQGR
LO FRORQQHOOR JOL DQQXQFLD GL XQD VXD VRUSUHQGHQWH GHFLVLRQH
DQGDUHLQ,QGLDSHUVFRSULUHODIRQWHGHOO
HWHUQDJLRYLQH]]D$OFXQL
DQQLSULPDLOFRORQQHOORGXUDQWHXQDPLVVLRQHLQ,QGLDDYHYDXGLWR
GLXQDVWRULDFXULRVDHLQGLPHQWLFDELOHFKHULJXDUGDYDLODPDGLXQ
PRQDVWHUR VLWXDWR LQ TXDOFKH OXRJR UHPRWR H VHOYDJJLR
GHOO¶+ LPDOD\DWLEHWDQR6HPEUDYDFKHLQTXHOPRQDVWHURXQ
DQWLFD
VDSLHQ]DWUDPDQGDWDSHUPLJOLDLDGLDQQLSURPHWWHYDODVROX]LRQH
DGXQRGHLJUDQGLPLVWHULGHOPRQGRVHFRQGRODOHJJHQGDLODPD
GHO PRQDVWHUR HUDQR HUHGL GHO VHJUHWR GHOOD )RQWH GHOOD
*LRYLQH]]D
&RPH WXWWL LO FRORQQHOOR %UDGIRUG DYHYD FRPLQFLDWR D LQYHFFKLDUH
DOO
HWj GL  DQQL H GD DOORUD HJOL DYHYD SHUGXWR TXDOXQTXH
VHPELDQ]DGLJLRYHQWPDSLVHQWLYDSDUODUHGLTXHOODPLUDFRORVD
)RQWH GHOOD *LRYLQH]]D H SL VL FRQYLQFHYD FKH XQ WDOH OXRJR
HVLVWHVVHYHUDPHQWHHUDXQDVHQVD]LRQHFKHORDWWDQDJOLDYD
,O FRORQQHOOR HUD VHPSUH SL RVVHVVLRQDWR GDO VXR GHVLGHULR GL
WURYDUHTXHVWD)RQWHGHOOD*LRYLQH]]DDOSXQWRFKHDYHYDGHFLVR
GL ULWRUQDUH LQ ,QGLD H GL FHUFDUH VHULDPHQWH TXHO OXRJR H LO VXR
VHJUHWR GL GXUDWXUD JLRYHQW SHU FXL FRPLQFLz D UDFFRJOLHUH
LQIRUPD]LRQL VXOOH YLH GD VHJXLUH VXOOH FDUDWWHULVWLFKH GHOOD ]RQD
VXO FOLPD H VX TXDOXQTXH DOWUR GDWR FKH SRWHVVH DLXWDUOR DG
LQGLYLGXDUHTXHOODORFDOLWj
,O FRORQQHOOR %UDGIRUG FKLHVH D .HOGHU VH YROHVVH XQLUVL QHO
YLDJJLRPD.HOGHUGHFOLQzO
LQYLWR
,OFRORQQHOOR%UDGIRUGSDUWuHSDVVDURQRPROWLDQQLLQFXLQRQGLHGH
SLQRWL]LHGLVp.HOGHUDYHYDTXDVLGLPHQWLFDWRLOVXRDPLFRGLXQ
WHPSR H OH LGHH GL XQD 6KDQJUL/D WLEHWDQD TXDQGR XQ JLRUQR
ULFHYHWWH XQD OHWWHUD LQ FXL LO FRORQQHOOR JOL FRPXQLFDYD GL DYHU
UDJJLXQWRLOVXRRELHWWLYRHVWDYDSHUWRUQDUH
4XDQGRLGXHVLULWURYDURQR.HOGHUIXWHVWLPRQHGLXQDVWUDELOLDQWH
WUDVIRUPD]LRQH LO YHFFKLR H SHQVLRQDWR FRORQQHOOR %UDGIRUG
PRVWUDYD OH VHPELDQ]H GL XQ TXDUDQWHQQH LQYHFH GL XQ YHFFKLR
FXUYRHSDOOLGRFRQXQEDVWRQHGDSDVVHJJLRYLGHXQDILJXUDDOWD
HG HUHWWD $YHYD LO YROWR IORULGR H L FDSHOOL FUHVFHYDQR IROWL H QHUL
FRQ UDUH WUDFFH GL JULJLR ,O ULQJLRYDQLWR FRORQQHOOR %UDGIRUG VL
DSSUHVWz D UDFFRQWDUH DO VXR HPR]LRQDWR DPLFR WXWWR FLz FKH HUD
DFFDGXWRGXUDQWHODVXDSUROXQJDWDDVVHQ]D3DUOzGLDQQLGLORWWH
H GL VIRU]L ULFRPSHQVDWL LQILQH GDO VXFFHVVR OD VFRSHUWD GL XQ
UHPRWRPRQDVWHURWLEHWDQRLFXLRFFXSDQWLQRQLQYHFFKLDYDQRPDL
JUD]LHDGHJOLHVHUFL]LFKHSUDWLFDYDQRTXRWLGLDQDPHQWH6HFRQGR
.HOGHU TXHVWL HVHUFL]L DYHYDQR LO SRWHUH GL ULQIRU]DUH LO ILVLFR
ULHTXLOLEUDUHO
HQHUJLDULJHQHUDUHLOFRUSRHODPHQWHHUDOOHQWDUHLO
SURFHVVRGLLQYHFFKLDPHQWR
&DSLWH SHUFKp JOL HVHUFL]L GHL  5LWL 7LEHWDQL IDQQR ULQJLRYDQLUH"
4XHVWLRQHGLYRUWLFLFKHSHUIRUDQRLOFDPSRVFDODUH
*OL DOFKLPLVWL OR IDQQR FRQ OD 3LHWUD )LORVRIDOH DVVXPHQGR JOL 0
VWDWHQRLSRVVLDPRIDUORFRQL5LWL7LEHWDQLRUDWLVSLHJRO
HIIHWWR
SHUFXLIXQ]LRQDQR
,Q/,) ( L VHJUHWL GHOOD JKLDQGROD SLQHDOH > @ VL WURYD DQFKH TXHVWD
FLWD]LRQH7XWWRFLzFKHHVLVWHGHYHUHVLVWHUHDTXDOFRVDDOWULPHQWL
QRQSRWUHEEHHVSDQGHUVLJOLDOEHULQRQSRWUHEEHURFUHVFHUHLILRUL
VERFFLDUH L FDYDOOL FUHVFHUH H FRVu YLD QHOO¶DOFKLPLD DGGLULWWXUD
TXHVWDQDWXUDOHUHVLVWHQ]DWUDVPXWDXQDPLQLHUDGLIHUURLQXQDOWUR
PDWHULDOH SHU FXL FLz FKH YHGLDPR RJJL QRQ F¶HUD TXDOFKH
FHQWLQDLD GL PLJOLDLD GL DQQL ID H QRQ FL VDUj SL WUD DOWUHWWDQWR
WHPSR 
/D FUHVFLWD q TXHO ULVXOWDWR SDUDJRQDELOH DG XQ UDJJLR OXPLQRVR
HQHUJLD  FKH SHU WRUQDUH LQGLHWUR GHYH LQFRQWUDUH XQR VSHFFKLR
PDWHULD VXFXLULIOHWWHUH>« @4XLQGLODGRPDQGDSRWUHEEHHVVHUH
q EHQH RSSRUUH XQD UHVLVWHQ]D LQILQLWD RSSXUH QHVVXQD
UHVLVWHQ]D" /D ULVSRVWD q LQ XQD WHU]D RS]LRQH FLRq QHOOD
UHVLVWHQ]D FRQWUROODWD DO ILQH GL SURGXUUH FRPXQTXH XQ EHQFKp
PLQLPR EORFFR DO IOXVVR>« @/
LPPRUWDOLWj qO¶DELOLWj DUHVLVWHUH LQ
PRGR FRQWUROODWR DL IOXVVL YLWDOL XQD UHVLVWHQ]D HFFHVVLYD SRUWD D
FUHVFHUHPDWXUDUH LQYHFFKLDUH HPRULUHXQDDVVROXWDPDQFDQ]D
GL UHVLVWHQ]D SRUWD DOOD LPPHGLDWD VFRPSDUVD PD FKL UHVLVWH LQ
PRGRFRQWUROODWRSHUVLVWH
*OL 0VWDWH VRQR VRVWDQ]H LQ JUDGR GL IDU UHVLVWHUH LQ PDQLHUD
FRQWUROODWDSHUTXHVWRJOLDOFKLPLVWLSRWHYDQRSUROXQJDUHODSURSULD
YLWDILQRDDQQL8QLQGLYLGXRSURGXFHILQFKpqYLYRTXHVWL
PDWHULDOL 0VWDWH DOO
LQWHUQR GHO SURSULR FRUSR VROR FKH OD ORUR
DELOLWj D YHLFRODUH O
HQHUJLD YLWDOH TXLQGL OD IRU]D QXFOHDUH GHEROH
FKLDPDWDDQFKHFKLNLSUDQDIRU]DYLWDOHHODQYLWDO qLQWHUGHWWD
GDOOD IRU]D HOHWWURPDJQHWLFD XQ
DOWUD GHOOH TXDWWUR IRU]H
IRQGDPHQWDOLGHOO
XQLYHUVR OHDOWUHGXHVRQRTXHOODQXFOHDUHIRUWH
H TXHOOD JUDYLWD]LRQDOH  OD TXDOH VL RSSRQH DL IOXVVL GL HQHUJLD
QXFOHDUH GHEROH HTXHVWR VXUSOXV GL HQHUJLD HOHWWURPDJQHWLFD qLO
IDPRVRYHORFKHRFFOXGHJOLRFFKLGHLPRUWDOL
2JQL TXDO YROWD HQWULDPR LQ XQ DPELHQWH LQ FXL q SUHVHQWH XQD
SHUWXUED]LRQH HOHWWURPDJQHWLFD OD QRVWUD SHUFH]LRQH YLWDOH YLHQH
ULGRWWD SHUFKp GL IDWWR VL ULGXFH O
HQHUJLD YLWDOH IRU]D QXFOHDUH
GHEROHYHLFRODWDQHOQRVWURFRUSRGDJOL0VWDWH
/D URWD]LRQH GHO FRUSR DXPHQWD GL QXRYR OD TXDQWLWj GL )RU]D
1XFOHDUH 'HEROH H VSD]]D YLD OH IRUPHSHQVLHUR L EORFFKL R
DJJUHJDWL HOHWWURPDJQHWLFL GHWHUPLQDWL GDO YLYHUH LQ FRQWUDVWR FRQ
JOLVFRSLGHOQRVWUR6pHFKHYLYRQRLQWRUQRDQRLQHOQRVWURFRUSR
HWHULFR
3UDWLFDUH UHJRODUPHQWH H FRVWDQWHPHQWH L  5LWL 7LEHWDQL q
HVDWWDPHQWHFRPHLQJHULUHO
(OLVLUGLOXQJDYLWD
(FFR VSLHJDWR LO VHJUHWR O
DIIOXVVR GL )RU]D 1XFOHDUH 'HEROH
HQHUJLD YLWDOH  q GLUHWWDPHQWH SURSRU]LRQDOH DOOD URWD]LRQH DOOD
JUDYLWj H DOOD QDWXUD GHOOD PDWHULD GHO FRUSR FKH UXRWD &Lz
VLJQLILFD FKH LQ XQ DPELHQWH LQ FXL F
q PROWD JUDYLWj R LQ XQ
DPELHQWHLQFXLODURWD]LRQHqHOHYDWDRSHUSUHVHQ]DGLHQWUDPEL
DEELDPRXQJURVVRDIIOXVVRGLHQHUJLDYLWDOHWDOHGDSRWHUDQFKH
IDUVDOWDUHODEDUULHUDGLPHQVLRQDOHFRQWXWWRLOFRUSRDWXWWLFRORUR
FKHVRQRLQSRVVHVVRGL0VWDWHQHOSURSULRRUJDQLVPRHFKHQRQ
DEELDQR QHO SURSULR FRUSRHWHULFR JURVVH SHUWXUED]LRQL
HOHWWURPDJQHWLFKH SURSULH GHOOH SURSULH IRUPHSHQVLHUR FLRq
ULVWDJQL HQHUJHWLFL GRYXWL D GHFLVLRQL FRQWUDULH DL SURJHWWL GHO
SURSULR ,2 6212 ,Q TXHVWR FDVR O
HQRUPH TXDQWLWj GL IRUPH
SHQVLHUR QHO PRPHQWR LQ FXL YL VDUj XQ HQRUPH IOXVVR GL )RU]D
1XFOHDUH 'HEROH SHU OHVLRQH GHOOD EDUULHUD GLPHQVLRQDOH
IXOPLQHUj LO FRUSR GHOOD SHUVRQH QRQ SL FDSDFL GL FRQGXUUH TXHO
JHQHUHGLHQHUJLDSRLFKpLOFXRUHFKLXVRQRQDWWLYDODSLQHDOHQHO
ULODVFLDUH L FRGLFL ELRFKLPLFL DWWL D IDU SURGXUUH 0VWDWH D WXWWL JOL
RUJDQLGHOFRUSR
4XDQGRVLSDUODGHJOLHYHQWLGHO HGHOGHFHQQLRDVHJXLUH 
VL VWD SDUODQGR SURSULR GHO IDWWR FKH LO &ULVWDOOR GL IHUUR DO FHQWUR
GHOOD 7HUUD JLUD H SRLFKp LO QRVWUR VLVWHPD VRODUH VWD HQWUDQGR D
PDQR D PDQR LQ XQ
DUHD GL XQLYHUVR LQ FXL FL VRQR PDJJLRUL
SUHVHQ]H GL PDVVH FRUSL FHOHVWL  HFFR FKH YRUWLFH   JUDYLWj
GDQQROXRJRDGXQHQRUPHDIIOXVVRGLHQHUJLDQXFOHDUHGHEROHLQ
PRGR GD SHUPHWWHUH O
DVFHQVLRQH GHO FRUSR ILVLFR QHO FRUSR GL
OXFH4XLQRQVWLDPRGLFHQGRFKHqLOSLDQRGHOODOXFHDGHQWUDUH
QHOFRUSRILVLFR WUDVILJXUD]LRQHFRPHVLSDUODGL0RVqGLVFHVRGDO
PRQWH SHUFXLULPDQLTXLLQXQRVWDWRDYDQ]DWRGLFRVFLHQ]DPD
FKHSURSULRWHQHYDLFRQLOWXRFRUSRILVLFRLQTXLQWDGLPHQVLRQH
FKHHQWULWXQHO&RUSRGL/XFHHQRQYLFHYHUVD
3HUFKp OD 7HUUD FRPH ULVXOWD GDL GDWL FKH DEELDPR q RJJL
SRSRODWDFRPHPDLQHOODVWRULDXPDQD"
3XzGDUVLFKHTXHVWLWHPSLVLDQRVWDWLVFHOWLLQTXDQWRPRPHQWRGL
RSSRUWXQLWjGDPLOLDUGLGLSHUVRQH"
2UD LO QRVWUR VLVWHPD VRODUH SRVWR LQ XQ DQJROR UHPRWR GL
XQLYHUVR VWD DWWUDYHUVDQGR XQ
DUHD GHQVD GL IRU]H JUDYLWD]LRQDOL
WDOLGDGHWHUPLQDUHXQDSLDOWDSUREDELOLWjGLDVFHQVLRQHqFRPH
VH DOO
DWWR GHOOD FUHD]LRQH FRQ TXHVWR JHQHUH GL VLVWHPD
DYHVVLPR YROXWR IRUQLUFL GL XQD VRUWD GL FLDPEHOOD GL VDOYDWDJJLR
SHUXQSRVVLELOHQRQVLVDPDL
3ULPD GL SDVVDUH DO SURVVLPR SDUDJUDIR XQD GRPDQGD YLVWRFKH
JOL DQWLFKL FRQRVFHYDQR O
DOFKLPLD H VDSHYDQR SURGXUUH OD 3LHWUD
)LORVRIDOH H PDQHJJLDYDQR FRQ WDQWD GLVLQYROWXUD JOL 0VWDWH FKL
KDDQFRUDLOFRUDJJLRGLGLUHFKHHUDQRSULPLWLYL",RQR

>  @ /
$XWRUHVLULIHULVFHDOOD7HFQRORJLDSHUODULGHILQL]LRQHGHO6pQRWDFRPH,26212
&2/8,&+ (ÊHGDOXLULHODERUDWDHUHVDGLVSRQLELOHGLQXRYRDOPRQGRPRGHUQRJUD]LHDG
XQILOHDXGLRFKHWURYLVXOQRVWURVLWRZZZLRVRQRHGL]LRQLLW 1G(

>  @ 6DLQW*HUPDLQ$0.LQJ&DJOLRVWURFXUDWRUH$UFDQJHOR0LUDQGD7ULORJLDGHOO
,26212
±%,6(GL]LRQL

> @ ,QJHQHUHXQLVRODWRUHqXQVLVWHPDLVRODQWHTXLQGLUHVLVWHQWHDOSDVVDJJLRGHOOD
FRUUHQWHHOHWWULFD

>  @ /
HIIHWWLYRWLWRORVDUj())(7727811(/9LDJJLRQHJOLXQLYHUVLGL3ODQFN 1G(

>  @ &HUFRQHOODPDQLHUDSLDVVROXWDGLQRQXVDUHTXHOULGLFRORWHUPLQHGLPDHVWULDVFHVL
SURSULRGHOPRQGRGHJOLVSLULWXDOLLQTXDQWRVHQHqIDWWDXQ
LQIOD]LRQH

>  @ /
$WDQRUqLOIRUQRLQFXLO
DOFKLPLVWDFXRFHYDOHSUHSDUD]LRQLDOFKHPLFKHHVLPEROHJJLD
SURSULRLOVLVWHPDJKLDQGRODUHHQGRFULQRGHOO
XRPR

>  @ 2SHUDFLWDWD
  & 26 $ 6 7$ 3 ( 5 $ & & $ ' ( 5 ( "

)LQR D SRFKLVVLPL DQQL ID  SDUOR GHO  ± D GHWWD GHL GDWL
GHPRJUDILFL XIILFLDOL OD WHUUD HUD SRFR DELWDWD PD GD DOORUD OD
SRSROD]LRQHqFUHVFLXWDLQPRGRLQFUHGLELOHFRPHVHPROWLDYHVVHUR
VFHOWRGLVIUXWWDUHO
RSSRUWXQLWjLQWULQVHFDGLTXHVWLJLRUQLSDUWLFRODUL
ÊSRVVLELOHFKHQHOSHULRGRWUDOHYLWHYHQLDPRDVDSHUHGLTXDOFRVD
FKHFLSHUPHWWHGLVHOH]LRQDUHLQTXDOHIXWXURUHLQFDUQDUFLDOILQHGL
VFHJOLHUHXQSDQRUDPDLQFXLSRVVLDPRWURYDUHVLWXD]LRQLIDYRUHYROL
SHUUHDOL]]DUHQRLVWHVVL"
6uVHPEUHUHEEHSURSULRFRVu
0DLOSUREOHPDqFKHDUULYDWLTXLFDULFKLGHOOHPLJOLRULLQWHQ]LRQLQHOOD
QRVWUD QXRYD YLWD GLPHQWLFKLDPR WXWWR H FL LQFDQDOLDPR VSHVVR H
QXRYDPHQWHLQTXHOOHVWUDGHGDFXLQRQF
qULWRUQR
(DOODILQHDOWURJLURDOWUDFRUVDPDJDULODSURVVLPDYROWDYDPHJOLR
,QTXHVWDLPPDJLQHSRVVLDPRRVVHUYDUHO
DQGDPHQWRGHOORVWUDQRH
YHUWLJLQRVRDXPHQWRGHOODSRSROD]LRQHPRQGLDOH
)RUVH DO ILQH GL IRUQLUH VSLHJD]LRQH D TXHVWR IHQRPHQR q EHQH
DIIURQWDUHODFRVDGDXQSXQWRGLYLVWDVFLHQWLILFRFRVuQRQPHWWLDPR
LQFDPSRTXHJOLHOHPHQWLVSHFXODWLYLTXDOLODIHGHGLR*HV&ULVWR
OHFUHGHQ]HHDOWUR
&RVDVWDSHUDFFDGHUH"
4XHVWR q XQ WHPSR GL SXULILFD]LRQH /D ULVDOLWD YHUVR LO FLHOR q XQD
SHFXOLDULWjGLWXWWRO
XQLYHUVRRJQLTXDOYROWDXQDSDUWHGLJDODVVLDVL
WURYD LQ XQD ]RQD DG DOWD HQHUJLD JUDYLWD]LRQDOH VL FUHDQR
SHUIRUD]LRQL GHL FDPSL VFDODUL EDUULHUH GLPHQVLRQDOL  FKH IDQQR GD
LVRODQWLWUDOHGLPHQVLRQL4XLQGLVHO
LQGLYLGXRQRQVLqDXWRGLVWUXWWR
H D SDWWR FKH DEELD XQ GHWHUPLQDWR OLYHOOR GL FRQVDSHYROH]]D SXz
HVVHUHDLXWDWRDSDVVDUHQHOODGLPHQVLRQHVXSHULRUH
/DYHORFLWjGLIXJDqTXHOYDORUHFKHVLGHYHVXSHUDUHDOILQHGLIDU
VIXJJLUHLOUD]]RDOODJUDYLWjGHOSLDQHWDGDOTXDOHVLVWDLQQDO]DQGRH
FKH FKLDUDPHQWH GLSHQGH GDOO
HQHUJLD GLVSRQLELOH SHU SRWHUOR IDUH
FUHGHUH GL YLQFHUH OD JUDYLWj FRQ XQD SLOD GL  YROW WLSR TXHOOH
WDVFDELOL VDUHEEH IROOH DOOR VWHVVR PRGR SHU SRWHU HVHJXLUH
XQ
DVFHQVLRQHqQHFHVVDULDXQDFHUWDTXDQWLWjGLHQHUJLD
,Q UHDOWj QRQ q VROR O
HQHUJLD PD LO IDWWR FKH LQWULQVHFDPHQWH
O
HQHUJLD q FROOHJDWD FRQ OD IUHTXHQ]D 3ULPD KR SDUODWR GHL
SDUDGLJPLGLSHQVLHURFKHVRQRSURSULGLRJQLGLPHQVLRQHHFLzFKH
q LPSRUWDQWH RVVHUYDUH q FKH O
HQHUJLD H OD IUHTXHQ]D VRQR GXH
YDULDELOLXQDIXQ]LRQHGHOO
DOWUDLQPRGRGLUHWWR&LzVLJQLILFDFKHVH
DXPHQWD O
HQHUJLD DXPHQWD DQFKH OD IUHTXHQ]D TXLQGL LO IDWWR GL
SHQVDUHOLYHOOLGLSHQVLHURSLDOWLSURYRFDXQDXPHQWRGLYLEUD]LRQH
PD HVVHQGR OD IUHTXHQ]D FROOHJDWD DOO
HQHUJLD HFFR FKH SHU
DVFHQGHUHF
qELVRJQRGLXQTXDOFRVDFKHqHIIHWWRGHOODWLSRORJLDGL
SHQVLHURVHODSHQVRFRPHOjLRDUULYROj4XHVWDqODUHOD]LRQH

I I H
ODIUHTXHQ]DqIXQ]LRQHGLUHWWDGHOO
HQHUJLD

4XLQGL VH D TXHVWR FL PHWWLDPR OD TXHVWLRQH GHOOH LQIOXHQ]H


JUDYLWD]LRQDOL HQHUJLH  VL FRPSUHQGH FKH TXHVWD GLPHQVLRQH QRQ
SXzFRQWHQHUHIHQRPHQLWURSSRHQHUJHWLFLLQTXDQWRLQVLHPHDGXQD
IUHTXHQ]D PROWR HOHYDWD H DOOD URWD]LRQH GHOOD PDVVD VL YLHQH
WUDVSRUWDWLGDXQ
DOWUDSDUWHLQXQ
DOWUDGLPHQVLRQH
3XUWURSSR RJJL VXOOD 7HUUD O
DVFHQVLRQH ³QDWXUDOH´ q XQ IHQRPHQR
SRVVLELOH PD PROWR LPSUREDELOH LQ TXDQWR OD 7HUUD q FLUFRQGDWD
GDOOH )DVFH GL 9DQ $OOHQ GXH FLDPEHOOH GL HQHUJLD DOOR VWDWR GL
SODVPD XQD QHOO
DOWUD XQD GL HOHWWURQL H XQD GL SURWRQL  FKH
GHWHUPLQDQR XQ IHQRPHQR PROWR IDVWLGLRVR SHU FKL ULPDQH H
SHULFRORVRSHUFKLPXRUH
$ VHJXLWR GHOOD PRUWH GHO FRUSR ILVLFR LO FRUSRHWHULFR GHYH HVVHUH
VRJJHWWR DQFK
HVVR DOOD VXD PRUWH ,O FRUSRHWHULFR q TXHOOR LQ FXL
YLYRQR OH IRUPHSHQVLHUR OH TXDOL HVVHQGR HIIHWWR GHOOD YLVLRQH
SRODUL]]DWD HJR VRQRFDULFDWHGLJHQHUHQHJDWLYRRSRVLWLYR
/H)DVFHGL9DQ$OOHQVRQRVLDSRVLWLYHVLDQHJDWLYHHVHLOFRUSR
HWHULFR GHOO
LQGLYLGXR q HVWUHPDPHQWH FDULFR ULPDQH LQWUDSSRODWR H
QRQ ULHVFH D VDOWDUH QHO OLYHOOR GL HQHUJLD O
LQIUDURVVR  JUD]LH DO
TXDOH YHUUHEEH FRQVXPDWR OD VHFRQGD PRUWH  DO ILQH GL GDUH OD
SRVVLELOLWj DOO
LQGLYLGXR GL ULSUHQGHUH XQ FRUSR XPDQR VHQ]D FDULFKL
HPR]LRQDOL
3RLFKp RJJL VLDPR SLHQL GL HIIHWWL GHOO
HJR L FRUSLHWHULFL VRQR FRVu
DOWDPHQWH FDULFKL FKH WXWWD O
DUHD LQWRUQR DOOD WHUUD q ULFFDPHQWH
SRSRODWDGLDQLPHFKHQRQULHVFRQRDGDQGDUVHQHHODFXLLQIOXHQ]D
SUHPHVXOOHFRVFLHQ]HGLFRORURFKHDQFRUDKDQQRXQFRUSRILVLFR>@

0DF
qDQFKHXQDOWURSUREOHPD
/D IHVWD GHO VROVWL]LR G
LQYHUQR DYHYD XQ EHQ SUHFLVR YDORUH
HVRWHULFR LQ TXHL JLRUQL JOL DQWLFKL VDSHYDQR FKH OH )DVFH VL
DSULYDQR H FKH OH DQLPH SRWHYDQR ODVFLDUH TXHVWD GLPHQVLRQH
4XHVWR ULWR VHUYLYD SURSULR FRPH SURSL]LD]LRQH SHU LQFRUDJJLDUH L
GHIXQWLDGDQGDUHQHOO
DUHDGHOO
LQIUDURVVR O
LQIUDURVVRqORVSD]LRWUD
OH YLWH WHUUHQH R DO GL Oj YLVWR FKH GRYH VLDPR QRL q O
DO GL TXD  VL
WUDWWDLQYHULWjGLXQDGLPHQVLRQHSDUDOOHODDOODQRVWUDQHOODTXDOHLO
OLYHOORGLFRVFLHQ]DqLGHQWLFRDOQRVWURPDVLqFRQVDSHYROLGLQRQ
HVVHUHXQFRUSRPDDOPHQRXQ
DQLPD,QGHILQLWLYDVHULQDVFLLQXQ
FRUSRILVLFRVHQ]DDYHUEUXFLDWRTXHOORHWHULFRULQDVFLJLjYHFFKLRH
PDODWRTXHVWDqODVSLHJD]LRQHSULQFLSDOHGHOSHUFKpRJJLQDVFRQR
EDPELQL FKH VRQ JLj SLHQL GL PDODWWLH TXHVWR q O
DOWUR SUREOHPD
3RLFKp VSLULWRPHQWHFRUSR VRQR WUD ORUR FROOHJDWL LQ TXDQWR XQLFD
FRVD QRL SRVVLDPR LQWHUYHQLUH VX XQD GL TXHVWH SDUWL SHU
GHWHUPLQDUH XQ HIIHWWR VXOOH DOWUH GXH 4XHVWR FL ID WRUQDUH DOOD
TXHVWLRQHGHJOLDOFKLPLVWLFKHSHUPH]]RGHOOHVRVWDQ]HDOFKHPLFKH
LQJHULWHULXVFLYDQRDQFKHDSURGXUUHXQHIIHWWRVXOODPHQWHSRLFKp
O
HQRUPHTXDQWLWjGLHQHUJLDYLWDOHFKHSHUFHSLYDQRULSXOLYDDQFKHOD
ORURPHQWHGDLWXUEDPHQWL
&KLDUDPHQWH O
HIIHWWR FKH SRVVLDPR FUHDUH VXOOD SDUWH SL VRWWLOH GL
QRLqVRWWRSRVWRDOOLPLWHGRYXWRDOODFRQGL]LRQHJHUDUFKLFDSURSULD
GHOO
LQVLHPH YRJOLR GLUH FKH SRVVLDPR IDUH DQFKH LO PHJOLR SHU LO
QRVWUR FRUSR PD VH QRQ LQWHULRUL]]LDPR QHOOD YLWD GL WXWWL L JLRUQL L
FDQRQL GHO QRVWUR 6p DOORUD WXWWR DQGUj LUULPHGLDELOPHQWH GL QXRYR
SHUGXWR/RVSLULWRqVXSHULRUHDWXWWRHHVVHQGRLPPDWHULDOHORVL
SXz FXUDUH GHILQLWLYDPHQWH VROR FRQ LO PRGR GL SHQVDUH SHUFKp OR
VSLULWRqSHQVLHUR
$ WDO SURSRVLWR OD WHFQRORJLD GHL  6SHFFKL (VVHQL q FDSDFH GL
³UHJRODUH´LOLYHOOLGLHQHUJLDQHOFRUSRHWHULFRHTXLQGLLQTXHOORILVLFR
FKH DEELDPR SHUVR GL YLVWD 4XHVWD WHFQRORJLD QRQ q PDL DQGDWD
SHUGXWDHJUD]LHDGHVVDSRVVLDPRWRUQDUHDULFRQTXLVWDUHLOQRVWUR
SRWHQ]LDOH0DLOYHURIDWWRUHULPDQHVHPSUHTXHOORGLFRPSUHQGHUH
FRQ OD SURSULD WHVWD FRPH IDUH D YDUDUH TXHL FRPSRUWDPHQWL PROWR
VSHFLILFL FKH ILQRUD D FDXVD GL XQ PRQGR PROWR PHQWDOH
FRQGL]LRQDWRGDOOHUHOLJLRQLHGDLSRWHQWLQRQDEELDPRDWWLYDWRHFKH
TXLQGL QRQ KDQQR SRUWDWR LQ ULVRQDQ]D LO QRVWUR FRUSR DO ILQH GL
SURGXUUHLSRWHQWLVWDWLGHOO
HVVHUHTXLQHOPRQGRPDWHULDOH
*OL DQWLFKL SHU PH]]R GHOO
LPPHUVLRQH LQ GHWHUPLQDWL DPELHQWL
ULXVFLYDQR D ULSURGXUUH OH VWHVVH FRQGL]LRQL ³SHVDQWL´ FKH VWLDPR
YLYHQGRRJJLFLRqGLEDVVRPDJQHWLVPRWHUUHVWUHHGLDOWDYLEUD]LRQH
DOWD HQHUJLD  (VVL DYHYDQR UHDOL]]DWR FRVWUX]LRQL VSHFLILFKH LQ FXL
WXWWH OH SDXUH YHQLYDQR DPSOLILFDWH SHU OLEHUDUVHQH FUHGR FKH WXWWL
SRWHVVHURDFFHGHUHLQTXHVWLDPELHQWLPDFKHSRFKLIRVVHURTXHOOL
FKHQHXVFLYDQRYLYL6WRSDUODQGRGLDPELHQWLGLSXOL]LDHPR]LRQDOH
H DOOR VWHVVR PRGR GHOOD QRVWUD ³VSHULDPR´ IXWXUD UHDOWj TXHOOH
FRQGL]LRQL HVWUHPH SRWHYDQR HVVHUH VRSSRUWDWH VROR GD FKL DYHYD
O
DSHUWXUDGLFXRUHSRLFKpqTXHVWRFKHSHUPHWWHDOQRVWURFRUSRGL
SURGXUUH0VWDWHSHUVRSSRUWDUHDOWHIUHTXHQ]HHGHQHUJLH
4XLQGL OD WHFQRORJLD FKH YHGUHPR q TXDOFRVD GL PLOOHQDULR FKH
DWWHQGH VROR GL HVVHUH XVDWD H FKH SURGXFH ULVXOWDWL VSHULPHQWDELOL
GREELDPRPHWWHUFLLQWHVWDFKHFLzFKHQRQSXzHVVHUHVSHULPHQWDWR
H FKH QRQ Gj HIIHWWL DSSUH]]DELOL q LQ JHQHUH VSD]]DWXUD PD q
DQFKH LPSRUWDQWH FKH WX VLD GDYYHUR SURQWR DG DSSUH]]DUH H DG
XVDUHTXHOODFRVD

>  @ /HIRUPHSHQVLHURLQTXDQWRHOHPHQWLFRQFDUDWWHULVWLFKHHOHWWURPDJQHWLFKHIDQQRSDUWHGL
TXHVWDGLPHQVLRQHHULFDGRQRLQTXHOODFKHqGHWWD0DWHULD2VFXUDR: ,03:HDNO\
,QWHUDFWLQJ0DVVLYH3DUWLFOHRVVLD3DUWLFHOODGRWDWDGLPDVVDFKHLQWHUDJLVFHGHEROPHQWH
3$ 5 7(,,

,OP H F F D QLV P R

3HUFKpQRQVHLXQDPHOD

FRQODEXFFLDWXWWDOXFLGDHFURFFDQWH"

,RWLYRUUHLXQDPHOD

YHUDVHPSOLFHVSRQWDQHDULODVVDQWH

(QRQXQRURORJLR

GDOPHFFDQLVPRVRILVWLFDWR

FRPSOLFDWRLQFRPSUHQVLELOH

1RQJHQHUDOHWDWWLFR

URPDQWLFRFUXGHOH

QpVFKLDYDXPLOHQpVDQWDFRQFDQGHOH

/XFLR%DWWLVWL

3HUFKpQRQVHLXQDPHOD
  /26 & 232' ( //$ (6 ,6 7( 1 = $

3ULPDFKHLOWHPSRIRVVHO
,2LOJUDQGHHXQLFR3HQVDWRUHHEEH
O
LGHDGLFRQRVFHUHVHVWHVVRPDF
HUDXQJURVVRSUREOHPDFRVD
SRWHYD FRQRVFHUH GL Vp VH OXL HUD JLj WXWWR" 1RQ SRWHYD 3HUz
DYUHEEH SRWXWR DYYLDUH XQ PHFFDQLVPR LQ FXL JUD]LH DOOR
VWUXPHQWR GHO PLVWHUR HJOL SRWHVVH GLPHQWLFDUH OD SURSULD QDWXUD
GLYLQDLQTXHVWRPRGRVLVDUHEEHSRWXWRFUHDUHXQSRWHQ]LDOHXQ
VDOWR LQ GHILQLWLYD XQD FRQGL]LRQH SL EDVVD GD FXL ULVDOLUH HG
DYHUHO
LOOXVLRQHGLWRUQDUHDGHVVHUHVHVWHVVR
(FFRFKH QDFTXH O
LGHD GHO JLRFR SRLFKp O
HVVHQ]D GL EDVH GL XQ
JLRFR q OD SUHVHQ]D GL OLPLWL H LO OLPLWH q QRQFRQRVFHQ]D
/
DQDWRPLD GHL OLPLWL WDQWR SHU UHQGHUH VHPSOLFH TXDQWR YHUR LO
GLVFRUVRHUDGHWHUPLQDWDHVFOXVLYDPHQWHGDXQJLRFRGLULIOHVVLWUD
GXHVSHFFKLLQPRGRFKHPHQWUHLOSULPRULIOHVVRDOWHUDYDXQ
LGHD
GL Vp XQ VHFRQGR OR DYUHEEH ULSRVL]LRQDWR ULIOHVVR ULVSHFFKLDWR
FRUUHWWDPHQWH ,Q TXHVWR PRGR XQ GRSSLR ULIOHVVR GL Vp DYUHEEH
IDWWRULVFRSULUHVHVWHVVRDOO
,2
,Q RJQL FDVR F
HUD XQD FHUWH]]D SRLFKp LO IDWWR GL GLPHQWLFDUH VH
VWHVVR DOWHUD OD ³PHPRULD´ PD QRQ OD SURSULD QDWXUD HFFR FKH
SULPD R SRL O
,2 VDUHEEH GLYHQXWR GL QXRYR FRVFLHQWH GL WXWWR FLz
FKH VLDPR TXHVWR q LO PRWLYR SHU FXL GLFR FKH VLDPR FRQGDQQDWL
DGHVVHUHIHOLFLHFKHWDQWRYDOHFRPLQFLDUHDIDUORGDVXELWR0D
DIDUHFRVD"$GHVVHUHSHUTXHOFKHFLFRPSHWH
3RVVLDPR WHQWDUH GL GHILQLUH 0D\D LQ TXHVWR PRGR LO 6p YHOD VH
VWHVVR GDQGR IRUPD DOO
LQWHUR XQLYHUVR 3HU SRWHU VSHULPHQWDUH
TXHVWD FUHD]LRQH LO 6p GHYH LOOXGHUVL GL VHSDUDUVL GD FLz FKH ³q´
FUHGHQGR GL GLYHQLUH OD FRVD FUHDWD 0D\D q FRPH XQ YHOR FKH LO
6pJHWWDVX6H6WHVVRSHUODVFLDUVLPRPHQWDQHDPHQWHLQJDQQDUH
VXOOD UHDOWj GHOOD SURSULD FUHD]LRQH LO YHOR GL 0D\D q LO FDPSR
HOHWWURPDJQHWLFRFKHWLHQHLQVFDFFRTXHOORQXFOHDUHGHEROH
1HO PRPHQWR LQ FXL TXHVWR YHOR YLHQH VROOHYDWR H 0D\D FDGH VL
RWWLHQH O
$XWRUHDOL]]D]LRQH LQ TXHVWR FDVR LO 6p R PHJOLR
O
LQGLYLGXR FKH q LQ FRVWDQWH LGHQWLWj FRQ HVVR  YHGH OD UHDOWj
LOOXVRULD R PHQWDOH GL WXWWR TXHOOR FKH OR FLUFRQGD VHQ]D 0D\D LO
JLRFRGHO6pFRQODSURSULDFUHD]LRQHQRQSRWUHEEHDYHUHOXRJR
4XDOFKH LVWDQWHQRQLVWDQWH SULPD GHOOD FUHD]LRQHQRQFUHD]LRQH
F
HUD O
LGHD GL VH VWHVVR FKH VL GRYHYD GLPHQWLFDUH GL 6p /R
VWUXPHQWR SHU HFFHOOHQ]D SHU IDUH FLz HUD OD PHQWH HVVD UHQGH
SRVVLELOHO
LQJDQQRGLVHVWHVVRSHULOVRORIDWWRGLSRUUHXQ
LGHDDO
VXR LQWHUQR 4XDOVLDVL FRVD VL SRQH LQ HVVD GHWHUPLQD VSD]LR H
SRLFKpSHUFUHDUHF
qELVRJQRGLRVVHUYDUHHFFRFKHLQVLHPHDOOD
PHQWH F
q OD FUHD]LRQH GHJOL RVVHUYDWRUL FKH LQLHWWDQGR HQHUJLD
VXOO
LGHD OD UHQGRQR PDQLIHVWD UHDOWj  6L YXROH FRPXQTXH
VRWWROLQHDUHFKHWXWWHTXHVWHIDVLVRQRDVVROXWDPHQWHFRQWHVWXDOLH
FKHQHVVXQDSXzYHQLUHSULPDGLXQ
DOWUDTXHVWDqODVSLHJD]LRQH
VHQVDWDGHOODWULQLWjXQRHWULQRSHUFKpVRQRWUHFRVHFRQWHVWXDOL
HLQVFLQGLELOL
4XLQGLODULVDOLWDGDOO
,21216212DOO
,26212SXzDYYHQLUHLQ
YLUW GHOO
LOOXVRULD GLVWDQ]D GDO 6p FUHDWD SHU PH]]R GHO
SRVL]LRQDPHQWRGLXQ
LGHDQHOODPHQWH&RV
qTXLQGLODPHQWH"/D
PLJOLRUHGHILQL]LRQHFKHLRFRQRVFDqODGLVWDQ]DWUDGXHSXQWLGL
FRVFLHQ]D SHU TXHVWR PRWLYR VSD]LR H WHPSR VRQR LOOXVRUL H
O
LOOXVLRQH VFRPSDUH GRSR DYHUH FRQVHJXLWR O
HVSHULHQ]D 0D
O
HVSHULHQ]D GL FRVD" 'HOOD UHDOWj FUHDWD ,QIDWWL XQ DOWUR SXQWR
GHWHUPLQDQWHGHOODVHTXHQ]DGLFRPXQLFD]LRQHqODFUHD]LRQHQHO
QRVWURFDVRPDWHULDOHGLFLzFKHHUDFRQWHQXWRQHOO
LGHD,26212
H FKH DSSDUWLHQH FRPH PLVVLRQH FUHDWLYD D TXHOOR VSHFLILFR
RVVHUYDWRUH R HVVHUH VSLULWXDOH 0D QRQ q ILQLWD VHUYLYD DQFRUD
O
HVSHULHQ]DGHOODFRVDFUHDWDSHUPH]]RGLTXHOODSDUWHGLPHQWH
SURSULD GHO FRUSR DYUHPPR DYXWR XQD QXRYD LQYHUVLRQH
GHOO
LQJDQQR FUHDWR GDOOD PHQWH GL FUHD]LRQH ,O YHUR VHJUHWR GHO
JLRFR q IDU ULIOHWWHUH FRPH VL ID FRQ JOL VSHFFKL GXH YROWH
O
LPPDJLQHGLVpLQPRGRFKHPHQWUHLOSULPRODLQYHUWHHFUHDOD
PHQ]RJQDGL6pLOVHFRQGRULIOHVVRGjHVDWWDPHQWHO
LPPDJLQHGL
VHVWHVVR4XHVWDVHFRQGDLPPDJLQHqGDWDGDOO
HVSHULHQ]DFKHLO
FRUSR ID GHOOD FUHD]LRQH LQIDWWL QRQ VL GHYH GLPHQWLFDUH FKH LO
FRUSR q XQD UDSSUHVHQWD]LRQH GHOOD PHQWH H TXLQGL XQD VXD
HVSUHVVLRQH FKH SHU VXD QDWXUD SRVVLHGH FDUDWWHULVWLFKH
LQYHUWHQWL
&RVu LO FRUSR SURSULR SHU LO IDWWR GL HVVHUH PHQWH VHSSXU VROLGD
ULSUHQGHQGR OD FUHD]LRQH SHU PH]]R GHOO
HVSHULHQ]D SURGXFH
DOO
RVVHUYDWRUHXQULIOHVVRGHOULIOHVVRRULJLQDOHFKHqHVDWWDPHQWH
O
LPPDJLQH GL FRVD O
,2 DYHYD PHVVR GD FRQRVFHUH GL Vp GHQWUR
O
,2 6212 /
HVSHULHQ]D q OD YLVLRQH VSLULWXDOH FRQVDSHYROH]]D
GHOO
LPPDJLQHGDSDUWHGHOO
RVVHUYDWRUHFRVuFRP
HUDLQRULJLQHQH
FRQVHJXH FKH OH FRVH GRORURVH LQGHVLGHUDELOL H WXUEROHQWH FKH
PROWLIROOLFKLDPDQR³HVSHULHQ]H´QRQVRQRWDOLLQTXDQWRVHVHLLQ
UHOD]LRQHDOO
,26212QRQSXzHVLVWHUHGLVDUPRQLD
7XWWDYLD TXHVWL HYHQWL FRQWUDUL DOOD JLRLD SRVVRQR HVVHUH XWLOL SHU
ULRUJDQL]]DUH OD SURSULD YLWD YHUVR OD SHUFH]LRQH GHOO
,2 H
DEEDQGRQDUHLOFDPPLQRGHOOD6HOYD2VFXUD
/
,26212qLQILQLWR HFLz VLJQLILFD FKH OR qDQFKH OD VXD DWWLYLWj
FUHDWLYDHFKHTXLQGLFLVDUjSHUVHPSUH/RVFRSRLQWULQVHFRGHOOD
FUHD]LRQH q OD VRSUDYYLYHQ]D LQILQLWD GHOOD FUHD]LRQH VWHVVD XQ
FUHDUH SHU VHPSUH  4XHVWR FRQWLQXR FUHDUH SURGXFH VHPSUH
PDJJLRUH FRQRVFHQ]D GL 6p H FLz q SRVVLELOH VROR VH LO FLFOR GL
FRPXQLFD]LRQHWUDO
,2O
,26212O
266(59$725(OD5($/7¬
H O
(63(5,(1=$ TXHVWH SDUWL VRQR FRQVHTXHQ]LDOL VL PDQWLHQH
SXOLWR
4XDQGRTXHVWRFLFORGLFRPXQLFD]LRQHVLLQWHUURPSHODFUHD]LRQH
LQ TXDQWR SHUIHWWR GXSOLFDWR PDWHULDOH GHOO
LGHD ,2 6212 QRQ
DYYLHQHHFRVuO
2VVHUYDWRUHVLWURYDXQSUREOHPDGHOO
$YHUH HQWUD
QHOOD SRODULWj GHOO
HJR $9(5(121$9(5( H FKH YHGUHPR QHO
6HVWR 6SHFFKLR  HVSUHVVR FRPH FLUFXLWR GL DXWRPDWLVPR
4XDOVLDVL SUREOHPD q VHPSUH XQ SUREOHPD GL FRPXQLFD]LRQH
VHPSUHVHPSUHVHPSUH
&RQVLGHULDPR XQD JDPPD GL HPR]LRQL GHO FRUSR H SRQLDPROH LQ
VFDODDSDUWLUHGDTXHOODSLGHVLGHUDELOH

HQWXVLDVPR
QRLD
RVWLOLWj
UDQFRUH
DSDWLD
PRUWH
4XDQGR O
RVVHUYDWRUH HUD QHOOD FRVFLHQ]D 812 SRWHYD FRQ LO
FRUSR FKH FRQWUROODYD VROR YLYHUH HPR]LRQL GHOOD IUHTXHQ]D GL
HQWXVLDVPR LQ TXDQWR WDOH WHUPLQH VLJQLILFD SURSULR HVVHUH
GLYLQDPHQWHLVSLUDWRLQTXHVWDFRQGL]LRQHGLFRQQHVVLRQHSHUIHWWD
RJQL FRVD HUD DUPRQLFD $UPRQLD VLJQLILFD FKH GXH SDUWL VRQR
FRRUGLQDWH WUD ORUR H QHO QRVWUR FDVR FL ULIHULDPR DOO
LGHD H DOOD
UHDOWj e LPSRUWDQWH VRWWROLQHDUH FKH O
DUPRQLD q LQGLSHQGHQWH
GDOODQDWXUDGHOO
LGHDPRWLYRSHULOTXDOHVLGRYUHEEHFRPSUHQGHUH
FKH OD YLWD QRQ UDJLRQD LQ WHUPLQL GL JLXGL]LR PD VROR GL XQ
TXDOFRVDFKH³q´RFKH³QRQq´7RUQDQGRDQRLTXLQGLILQTXDQGR
F
HUD XQ FROOHJDPHQWR SHUIHWWR WUD ,2 6212 H 2VVHUYDWRUH QRQ
HUDSRVVLELOHDQGDUHDOGLVRWWRGLHQWXVLDVPR
3HUSRWHUYLYHUHXQ
HPR]LRQHGLDSDWLDHUDQHFHVVDULR³VSRUFDUH´
LO FLFOR GL FRPXQLFD]LRQH TXHVWR DYUHEEH FUHDWR XQ SUREOHPD
GHOO
DYHUH PDQFDQ]D GL DYHUH  O
RVVHUYDWRUH DYUHEEH DYXWR OD
VHQVD]LRQH GL HVVHUH XQD FRVD GLYHUVD GDO 7XWWR IUDQWXPD]LRQH
GHO 6p  H TXLQGL VDUHEEH HQWUDWR LQ XQ FLUFXLWR SHU ULPHGLDUH DO
SUREOHPDGHOODPDQFDQ]DGLDYHUH
8QDPDQFDQ]DGHOO
DYHUHVLJQLILFDQXOO
DOWURFKHXQIOXVVRXVFHQWH
QRQYLHQHELODQFLDWRGDXQIOXVVRHQWUDQWHQHOQRVWURFDVRLOIOXVVR
XVFHQWHqLOIOXVVR,26212HTXHOORHQWUDQWHqO
HVSHULHQ]D8Q
FLFORGLFRPXQLFD]LRQHVSRUFRGHWHUPLQDO
LQTXLQDPHQWRGHOFRUSR
HWHULFR GD IRUPHSHQVLHUR OH TXDOL GLVWXUEDQGR OD FRPSOHWD
GXSOLFD]LRQH GHOO
LGHD ,2 6212 QRQ QH FRQVHQWRQR XOWHULRUH
HVSHULHQ]DWLSRLOJDWWRFKHVLPRUGHODFRGD
4XHVWR HUD QHFHVVDULR IDFHYD SDUWH GHO SLDQR FKH O
,2 VL
IUDQWXPDVVH LQ WDQWL HVVHUL FKH FUHGHVVHUR GL DYHUH FRVFLHQ]D
SURSULD DO ILQH GL HQWUDUH LQ FLUFXLWL SHU SRWHU VSHULPHQWDUH WXWWH
TXHOOHHPR]LRQLDOGLVRWWRGLHQWXVLDVPRSHUFKpVHIRVVHULPDVWR
FROOHJDWRWRWDOPHQWHDOODFRVFLHQ]D,26212QRQOHDYUHEEHPDL
SRWXWRYLYHUH
,O SUREOHPD q FKH VLDPR ULPDVWL EORFFDWL LQWUDSSRODWL LQ TXHVWL
PHFFDQLVPL SRLFKp QH VRQR LQWHUYHQXWL DOWUL FKH VRQR VWDWL
LPSLDQWDWLFRQO
XVRGHOODIRU]DHFKHSRVWLSULPDGHOODFRVFLHQ]D
SRUWDQR O
LQGLYLGXR D IDU ULWHQHUH JLXVWD H ULFKLHVWD GDOO
,2 6212
XQD VHULH GL FRPSRUWDPHQWL LGLRWL GHWHUPLQDQGR DOOD ILQH OD
VFRPRGDFRQGL]LRQHGLHVVHUHXPDQR
  $9 ( 5 ( 2( 6 6( 5 (

&RVDVLJQLILFDHVVHUH"
,Q WHRULD q DEEDVWDQ]D VHPSOLFH HVVHUH q XJXDOH D 6(17,5( 
)$5(   $9(5( TXHVWD q XQD VHTXHQ]D LQDOLHQDELOH H WXWWR LO
SUHVHQWH OLEUR H TXDOVLDVL DOWUR OLEUR GL HYROX]LRQH GHOOD SURSULD
QDWXUDVSLULWXDOHGHYHWUDWWDUHQHFHVVDULDPHQWHGLTXHVWRDVSHWWR
9LRODUH XQR VROR GHL WUH SXQWL GL TXHVWD VHTXHQ]D GHWHUPLQD OD
FRQGL]LRQH XPDQD H TXLQGL OD WUDSSROD &RPH VSLHJDWR QHO ILOP
7KH0DWUL[  TXHVWR q XQ XQLYHUVR LOOXVRULR LQ FXL VHL LQ WUDSSROD
1RUPDOPHQWH O
LQGLYLGXR QRQ q LQ JUDGR GL YHGHUH OD WUDSSROD
SHUFKp q OXL VWHVVR OD WUDSSROD Ê OXL FKH OD GHWHUPLQD H
LGHQWLILFDQGRVLSHUPH]]RGHOOHFUHGHQ]HVXFLzFKHULWLHQHHVVHUH
ODQDWXUDGHOODUHDOWjQHULPDQHLQYLVFKLDWR/DUHDOWjQRQqWXWWD
TXHOODFKHVHPEUDRFKHFLGLFRQRSRVVDHVVHUH
0L ID SLDFHUH YHGHUH FKH TXHVWR JHQHUH GL SXQWR GL YLVWD VL VWLD
GLIIRQGHQGR DQFKH 'DYLG ,FNH GLFH FKLDUDPHQWH FRPH VWDQQR OH
FRVH/¶XPDQLWjqFRVuGLVSHUDWDPHQWHFRQIXVDVXOODGLIIHUHQ]DWUD
LOYHUR,2 ODFRVFLHQ]DFKHqO¶HWHUQR6p HFLzFKHQRLFKLDPLDPR
LR FRUSR PHQWH SHUVRQDOLWj  GL XQ HVVHUH XPDQR 8QR q FLz FKH
VLDPR H O¶DOWUR q FLz FKH VWLDPR YLYHQGR FRPH HVSHULHQ]D Ê
TXHVWD OD FRQIXVLRQH FKH SRUWD PLOLDUGL GL SHUVRQH D YLYHUH XQD
IDOVD LGHQWLWj FUHGHQGR FKH LQYHFH VLD OD ORUR YHUD HVVHQ]D 1RL
QRQVLDPRLOQRVWURFRUSRPDFRVFLHQ]DLQILQLWDFKHSHUPH]]RGHO
FRUSR YLYH XQ¶HVSHULHQ]D 4XLQGL QRL QRQ VLDPR Qp LO FRUSR Qp OD
PHQWHLTXDOLVRQRVWUXPHQWLFKHFLSHUPHWWRQRGLVSHULPHQWDUHOD
UHDOWjGHOO¶XQLYHUVRPDWHULDOH>@
&RVu QRL QRQ VLDPR Qp LO FRUSR Qp OD PHQWH L TXDOL VRQR JOL
VWUXPHQWLFKHFLSHUPHWWRQRGLVSHULPHQWDUHODUHDOWjGHOO¶XQLYHUVR
PDWHULDOH'RSRPLOLRQLGLDQQLGLYDJDUHHYDJDUHGLYLWDLQYLWDLO
PHFFDQLVPRGHOO
LQFRVFLHQ]DVLSXzURPSHUHHGHQWULDPRLQFULVL
DOORUD OH VROLWH FRVH QRQ FL VWDQQR SL EHQH H FHUFKLDPR D WXWWL L
FRVWLGLRWWHQHUHULVSRVWHDOOHFODVVLFKHGRPDQGHGHOO
HVLVWHQ]DÊ
SURSULRLQTXHVWLPRPHQWLFKHQRQSLGLVWUDWWLGDOOHFRVHFKHILQR
DG RUD DYHYDPR FRQVLGHUDWR LPSRUWDQWL H FKH RJJL FRQVLGHULDPR
EDQDOL FRPLQFLDPR DG DYYHUWLUH OD YRFH GHO QRVWUR 6p 6H SRL
GHFLGLDPR GL GHGLFDUH OD QRVWUD YLWD DO QRVWUR VSLULWR DOORUD FL
DWWUH]]LDPR SHU )$5( HG q FRVu FKH GDOOD UHODWLYD HVSHULHQ]D
GHOO
LGHD SRVVLDPR $9(5( FRQVDSHYROH]]D GL QRL ,O IOXVVR
HQWUDQWH GL XQ
HPR]LRQH GHULYDQWH GD XQD UHDOL]]D]LRQH GL XQD
QRVWUD LGHD q VHPSUH XQ
HPR]LRQH DXWRGHWHUPLQDWD H SURGXFH
FRQRVFHQ]DGLVp$OFRQWUDULRXQ
HPR]LRQHQRQDXWRGHWHUPLQDWD
SXz HVVHUH FDWDORJDWD LQ TXDOVLDVL HVSHULHQ]D FKH QRQ SURYLHQH
GDOODUHDOL]]D]LRQHGLXQ
LGHDLQWHULRUHPDGDXQIDUHFKHULVSRQGH
DOOHLGHHGLDOWULGLXQDPLFRGHOORVWDWRRGLXQGLR
,O SUREOHPD GHOO
$YHUH q FRVWLWXLWR GD $9(5( H GD 121$9(5(
TXDQGR O
LQGLYLGXR EORFFD LO VXR FLFOR GL FRPXQLFD]LRQH
VSHULPHQWDLO121$9(5(LOTXDOHGHWHUPLQDXQDIRUPDSHQVLHUR
FKH QXWUHQGRVL GHOO
HQHUJLD GHOO
HVVHUH YD LQ ULFKLHVWD GL
DPPLUD]LRQH H FHUFD XQ ³DYHUH´ ULHPSLWLYR DO ³QRQDYHUH´ SHU
TXHVWRODYLWDFRPHYHGUHPRQHO6HVWR6SHFFKLRSURFHGHSHUDOWL
H EDVVL  4XLQGL O
$YHUH FKH QRUPDOPHQWH VL FRQWUDSSRQH
DOO
HVVHUH QHOOD FODVVLFD GRPDQGD (VVHUH R $YHUHQRQ q O
DYHUH
YHURRVVLDTXHOO
$YHUHFRQVHJXHQ]DQDWXUDOHGHOFLFORGHO6HQWLUH
PD q O
HIIHWWR GL XQ YROHUH LQ TXDQWR QHFHVVLWj HPR]LRQDOH GL
SURYDUH HPR]LRQH HG q VHPSUH XQD GHYLD]LRQH R XQD
GHJUDGD]LRQHGHOQDWXUDOHFLFORGLFRPXQLFD]LRQH
/
$9(5( RWWLPDOH q XQD YLEUD]LRQH HPR]LRQH  JUD]LH DOOD TXDOH
FL VL VHQWH YLYL H DXWRULFRQRVFLXWL XQ $9(5( ³GHWWDWR GD
DPPLUD]LRQHHVWHUQD´qFRPXQTXHXQDYLEUD]LRQHFRQODTXDOHVL
VHQWHTXDOFRVDTXLQGLFRPHVLVXROGLUH³PHJOLRFKHQLHQWH´FLRq
PHJOLRXQ
HPR]LRQHQHJDWLYDSLXWWRVWRFKHQHVVXQDHPR]LRQH
4XDOVLDVL HPR]LRQH DOWUXLGHWHUPLQDWD q VHPSUH GHJUDGDQWH SHU
O
HVVHUH LQ TXDQWR QRQ OR SRUWD DO ULFRQRVFLPHQWR GL Vp QRQ
SXOLVFH LO FLFOR GL FRPXQLFD]LRQH H FUHD IRUPHSHQVLHUR TXHVWR
JHQHUH GL HPR]LRQH SXz EDQDOPHQWH HVVHUH GHVFULWWD FRPH LO
ULVXOWDWRGLXQPHFFDQLVPRVWLPRORULVSRVWD
2JQL TXDO YROWD UHDOL]]LDPR JOL VWDWXV GL DOWUL QRL QRQ VLDPR QRL
VWHVVL VLDPR JOL DOWUL HVVHUH VHFRQGR JOL VWDQGDUG GHOOD PDVVD
QRQqHVVHUHVHVWHVVREHQVuqHVVHUHVFKLDYL
7XWWDYLD LQ TXHVWR XQLYHUVR q VHPSUH QHFHVVDULR IDUH TXDOFRVD
&21 DOWUH SHUVRQH R &21 DOWUL WHUPLQDOL LQIDWWL XQ SURJHWWR ,2
6212SRWUHEEHULFKLHGHUHO
LQWHUYHQWRVLQHUJLFRGLSLSHUVRQHSHU
HVVHUHSRUWDWRDWHUPLQHQHOO
XQLYHUVRPDWHULDOH
4XDQGRUHDOL]]LDPRXQDVSLQWD,26212HORIDFFLDPRGDVROLR
LQ VLQHUJLD FRQ DOWUL LO FLFOR GL FRPXQLFD]LRQH VL HVWLQJXH FRQ OD
UHDOL]]D]LRQHGHOO
HVSHULHQ]DHWXWWRVLGLVVROYH LOFLFORHPR]LRQDOH
VL VSHJQH  SHU FXL FLz FKH ULPDQH q OD SHUFH]LRQH
FRQVDSHYROH]]D GHOO
HVSHULHQ]D  VROR D TXHVWR SXQWR XQ QXRYR
IOXVVRXVFHQWHSXzQDVFHUHHLOFLFORGLHVLVWHQ]DGHOO
HVVHUHSXz
UDSSUHVHQWDUHXQDQXRYDSXQWDWD
7XWWH TXHVWH FRVH YHQJRQR JHVWLWH GDOO
RVVHUYD]LRQH FKH O
HVVHUH
VSLULWXDOHLQTXDOLWjGLRVVHUYDWRUHSXzIDUH)LQRUDDEELDPRYLVWR
FRVD VLJQLILFD 6(17,5( FRVD SL FRPSOHVVD q O
$YHUH LQ TXDQWR
WHU]DHGXOWLPDIDVHGHOSURFHVVRG
HVVHUH
/
DYHUH q OD FKLXVXUD GDO FLFOR GL FRPXQLFD]LRQH GHOO
HVVHUH HG q
XQ
HPR]LRQH HQWUDQWH DQFKH TXHVWD HPR]LRQH q JHVWLWD
GDOO
RVVHUYDWRUH SHU PH]]R GHOO
RVVHUYD]LRQH 'REELDPR
LPPDJLQDUHO
$9(5(FRPHXQSHUIHWWRLQFDVWURFRO6(17,5(VH
PHQWUHVWLDPRUHDOL]]DQGRLOQRVWURVHQWLUHSHUPH]]RGHO)$5(H
OR PRGLILFKLDPR SHUFKp GLVWUDWWL GD DOWUR DOORUD LO IOXVVR HQWUDQWH
GHOO
HVSHULHQ]D DYHUH  QRQ VL LQFDVWUD FRQ OD VRUJHQWH H
O
RVVHUYDWRUHVSLQWRGDOODPDQFDQ]DGLDYHUHGLYLHQHDIIDPDWRGL
DPPLUD]LRQH
/
DPPLUD]LRQH ULJXDUGD DQFKH O
HVSHULHQ]D SHU FXL HVVD q XQ
HOHPHQWR HVVHQ]LDOH GHOOD FUHD]LRQH 0D TXDQGR O
HQHUJLD GL
ULPDQGR FKH q LQGLVSHQVDELOH QRQ SURYLHQH GDOOH SURSULH
FUHD]LRQLHFFRFKHJOLXRPLQLGLYHQJRQRGHLFRODEURGRHPR]LRQDOL
H XVDQR OD SURSULD XPDQLWj SHU DWWLUDUH O
DPPLUD]LRQH GL DOWUL
HVVHUL LO SUREOHPD q FKH WDOH DPPLUD]LRQH QRQ VL LQFDVWUD FRQ
O
RULJLQDULR IOXVVR XVFHQWH GL 6RUJHQWH ( FRVu JOL HVVHUL VSLULWXDOL
QDVFRQR H ULQDVFRQR QHOOD FRQGL]LRQH XPDQD DO ILQH GL ULHPSLUH
TXHOORVSD]LRULPDVWRYXRWRGDXQIOXVVRPDQFDQWHGL$9(5(
$QFKHTXDQGRVLYDLQDFFRUGRFRQXQDSHUVRQDEORFFDWDVXXQD
VSHFLILFD UHDOWj VL GLYLHQH SHVDQWL LO IOXVVR YLHQH DUUHVWDWR
VXOO
HVSHULHQ]DHFDULFDQGRVLGLHPR]LRQLVLIDOOLVFHFKLYDFRQOR
]RSSRLPSDUDD]RSSLFDUH
1RQ F
q ELVRJQR GL DYHUH XQ RULHQWDPHQWR GLUHWWDPHQWH DXWR
GLVWUXWWLYRSHUIDOOLUHEDVWDDYHUHXQDVRODLGHDFKHSXzVFDWXULUH
DQFKHGDXQDFFRUGRGLVDUPRQLFR
1HOODPLVXUDLQFXLFLDWWDFFKLDPRDOOHFRVHVLDFFXPXODQRWRVVLQH
QHOQRVWURFRUSRILVLFROHTXDOLGLYHQJRQRSXQWLGLDQFRUDJJLRGHOOH
IRUPHSHQVLHUR 4XLQGL XQ
HVSDQVLRQH GHOOD FRVFLHQ]D VLJQLILFD
XQD PDJJLRUH SHUFH]LRQH GHOOD UHDOWj PD VHQ]D ULSHWHUH
HVSHULHQ]H JLj IDWWH RVVLD SL VHL VWDFFDWR GDOOH HVSHULHQ]H
YLVVXWHSLVHL*5$1'(
$G XQ FHUWR SXQWR GHOOD YLWD FL VL WURYD LQQDQ]L DG XQ ELYLR DOOD
SRVVLELOLWj GL VFHJOLHUH GD XQD SDUWH XQD YLWD WUDQTXLOOD FRQ XQD
EHOODIDPLJOLDHXQDEHOODSHQVLRQHFKHILQLUjFRQXQEHOIXQHUDOHR
XQD FUHPD]LRQH GDOO
DOWUD F
q OD UHDOL]]D]LRQH GHO QRVWUR YHUR
GHVWLQR OD SRVVLELOLWj GL ULFRQRVFHUVL FRPH HVVHUH VSLULWXDOH H
TXLQGL GL FRPLQFLDUH D VSHULPHQWDUH VLWXD]LRQL FKH VRQR SURSULH
GHOOR VSLULWR 0D TXHVWD q XQD SRVVLELOLWj QRQ FRQFHVVD D WXWWL
&RPH GLFR QHOOD 7ULORJLD GHOO
,2 6212 D YROWH LO ³PHFFDQLVPR´
GHOODSHUVRQDOLWjV¶LQFHSSDHTXDOFXQRSXzFRPLQFLDUHDFKLHGHUVL
VHLOPRQGRqHIIHWWLYDPHQWHWXWWRFRVuRVHF
qGHOO
DOWUR'DTXHO
PRPHQWR HQWULDPR LQ FULVL H GHVLGHULDPR DOWUH ULVSRVWH DOOH
GRPDQGH VXOOD YLWD FKL VRQR" GD GRYH YHQJR" GRYH YDGR"
SHUFKpVRQRTXL"
$OOD EDVH GL TXDOVLDVL DUJRPHQWD]LRQH WHFQLFD q EHQH ULFRUGDUH
FKH O
LQGLYLGXR q FRPSRVWR GD WUH SDUWL 63,5,72 0(17( H
&2532FRQTXHVWDSUHFLVDJHUDUFKLDJHUDUFKLDVLJQLILFDFKHFLz
FKHqSLLQDOWRKDXQSRWHUHPDJJLRUH
&Lz VLJQLILFD FKH OD ULVROX]LRQH GHOOH HPR]LRQL FKH YLYRQR
QHOO
DPELWRGHOODPHQWH VRQRGDULFHUFDUVLSHUSULPRQHLGDWLFRQ
FXL OR VSLULWR O
XQLFD FRVD FKH q GDYYHUR LQ JUDGR GL SHQVDUH q
DQGDWRLQDFFRUGR
/HUHOD]LRQLFRQLOPRQGRFKHFLFLUFRQGDqODVILGDO
RSSRUWXQLWj
SHU PH]]R GHOOD TXDOH SRVVLDPR ULGHILQLUH L QRVWUL SDUDPHWUL
ELRORJLFLOHHPR]LRQLHLOQRVWURSXQWRGLYLVWD
4XDQGR SDUOLDPR GL DUPRQLD H GL GLVDUPRQLD VWLDPR SDUODQGR GL
TXDQWRO
LQGLYLGXRqDOOLQHDWRDOOHGLUHWWLYHGHOVXR,26212QHOOD
PLVXUD LQ FXL OR q HJOL GHWHUPLQD HPR]LRQL GHVLGHUDELOL PD QHOOD
PLVXUD LQ FXL QRQ OR q GHWHUPLQD HPR]LRQL QHJDWLYH QRQ
GHVLGHUDELOL
8Q DOWUR WHUPLQH WURSSR VSHVVR XWLOL]]DWR HUURQHDPHQWH q
*/25,),&$5(FLKDQQRULHPSLWRODWHVWDFRQLOIDWWRGLJORULILFDUH
GLR (EEHQH JORULILFDUH VLJQLILFD 5,6821$5( HVLSXz HQWUDUH LQ
ULVRQDQ]D VROR VH F
q XQ HOHPHQWR QHOO
,2 6212 FRQ LO TXDOH
ULVXRQDUH TXLQGL FUHDUH FLz FKH q SUHYLVWR QHO QRVWUR ,2 6212
JORULILFDGLR O
,2 FLRqUHDOL]]DLO6p/
HWLFDqIXQ]LRQHDOO
HVVHUH
PD SHU HVVHUH QRQ VL GHYRQR SURYDUH HPR]LRQL H VHQWLPHQWL
QHJDWLYL GLFKLDUDUVL YHJHWDULDQL H RGLDUH FKL XVD SURGRWWL DQLPDOL
QRQYDEHQHLQTXDQWRO
HWLFDQRQSXzFRHVLVWHUHFRQTXHVWLVWDWL
QHJDWLYL
0ROWL GL YRL DYUDQQR YLVWR OH IRWR GL TXHJOL VSOHQGLGL FULVWDOOL GL
JKLDFFLR FKH OR VFLHQ]LDWR JLDSSRQHVH (PRWR FUHD LQ ODERUDWRULR
(EEHQHTXHVWRSXzDFFDGHUHLQTXDQWRODPDWHULD±O
DFTXD±HOD
IUHTXHQ]D DSSOLFDWD SHU PH]]R GL SDUROH H DPELHQWL VHUHQL
HQWUDQR LQ ULVRQDQ]D VL XQLVFRQR WUD ORUR H TXLQGL DEELDPR
TXHOO
HIIHWWR &KLDUDPHQWH VH OD FUHD]LRQH IRVVH GL WLSR GLYHUVR H
FRQXQDVWUXWWXUDPDWHULDOHGLYHUVDOHVWHVVHIUHTXHQ]HFKHRJJL
QHO QRVWUR PRQGR VRQR DUPRQLFKH LQ XQ PRQGR GLYHUVR
FUHHUHEEHURIRUPHPRVWUXRVH/RVWHVVRFRQFHWWRYDOHSHULQRVWUL
FRUSL VH VLDPR LQ JUDGR GL DYYROJHUH L QRVWUL FRUSL GL XQR VWDWR
HPR]LRQDOH DUPRQLFR LO ULVXOWDWR VDUj GL JXDULJLRQH VDOXWH HG
HVSDQVLRQHGLYHUVDPHQWHULPDUUHWHFLzFKHVLHWHRJJL
0ROWH DQWLFKH SURIH]LH H VFULWWL DIIHUPDQR FKH L QRVWUL JLRUQL
VDUDQQR VSHWWDWRUL GL TXDOFRVD GL PROWR VSHFLDOH H FLz FKH
VXFFHGHUj VDUj ULIOHVVR GDL QRVWUL FRUSL SHU FXL LO PXWDPHQWR
VSLULWXDOH GHL QRVWUL FRUSL FKH HTXLYDOH D FRQRVFHUH VH VWHVVL
VLJQLILFDXVFLUHLOOHVLGDLWHPSLIXWXUL
4XDOVLDVL SUREOHPD R FRQGL]LRQH VJUDGHYROH KD DOOD EDVH XQD
QHFHVVLWjGLDPPLUD]LRQH
/
HPR]LRQH q FRVu VXEGROD FKH O
LQGLYLGXR SXz DUULYDUH DG
DPPLUDUVL GD VROR LQ RJQL FDVR O
DPPLUD]LRQH JHQHUD HQHUJLD
VWD]LRQDULDHTXHVWDHQHUJLDSURGXFHXQDXOWHULRUHLGHQWLILFD]LRQH
FRQOHIRUPH/DFDSDFLWjGLJHQHUDUHHPR]LRQLVHQ]DULWRUQDUFLVX
SHU PH]]R GHOO
DPPLUD]LRQH OLEHUD L IOXVVL H QRQ SURGXFH
LGHQWLILFD]LRQH
&
q DQFKH OD TXHVWLRQH GHL ULWXDOL SHU LQJUD]LDUVL XQ GLR FKH QRQ
HVLVWH PD YXRL FDSLUH FKH GLR VHL WX" &KL YXRL LQJUD]LDUWL" 7L
KDQQRFRQYLQWRFKHVHVWDLPDQJLDQGRqPHULWRGLGLRSHUFXLq
EHQH IDUH XQD SUHJKLHUD D WDYROD %HQH SURYD D QRQ ODYRUDUH H
YHGL VH DYUDL DQFRUD YRJOLD GL LQJUD]LDUH H ULQJUD]LDUH TXDOFXQR
FKHQRQF
q/DSUHJKLHUDqXQDSUDWLFDLFDQWLVRQRXQDSUDWLFD
WXWWH FRVH PHVVH Ou SHU ULQFRJOLRQLUFL TXDOVLDVL FRVD GLYLHQH
QHJDWLYD VH YLHQH LPSRVWD GDOOD SDXUD GHOO
LQIHUQR GDOO
HVFD GHO
SUHPLRRVHFRPXQTXHQRQVLEDVDVXFRVHYHUH2JQLYROWDFKHFL
LPSRQLDPR XQD FRVD QRQ IDFFLDPR DOWUR FKH UDIIRU]DUQH LO VXR
RSSRVWR VH PL LPSRQJR OD FDVWLWj UDIIRU]R OD OXVVXULD VH PL
LPSRQJR OD FDULWj UDIIRU]R O
DYDUL]LD VH PL LPSRQJR LO QRQ
DWWDFFDPHQWR UDIIRU]R O
DWWDFFDPHQWR 4XLQGL FRPH SULPD FRVD
ELVRJQHUHEEH FRPSUHQGHUH XQ FRQFHWWR IRQGDPHQWDOH QRQ
LPSRUVL QXOOD DQFKH VH FRQVLGHUDWR SRVLWLYR GDOOD PRUDOH VSHFLH
VH GL WLSR UHOLJLRVR ,O QRQDWWDFFDPHQWR q FLz GL FXL DEELDPR
ELVRJQRDEELDPRELVRJQRGLIOXVVRQRQGLEORFFKL

>  @ ,OULVYHJOLRGHOOHRQH±'DYLG,FNH0DFUR(GL]LRQL
  & ,5 & 8 ,7, 6 7$ ,5 ( & ,7$ 1 ' 28 1 $
3$ 5 7(

7LVHPEUHUHEEHEXIIRVHDFFDGHVVHFKHXQJLRUQRWXQRQULXVFLVVL
SL DG XVFLUH GDOO
DXWR VHQWHQGRWL WXWWR XQ SH]]R FRQ HVVD" 3HU
TXDQWRSDUDGRVVDOHTXHVWRqFLzFKHHIIHWWLYDPHQWHIDLFRQLOWXR
FRUSR GHWHUPLQDQGR OD WXD FRQGL]LRQH XPDQD 7XWWH OH
LGHQWLILFD]LRQLFKHXVLYHJHWDULDQRJHQLWRUHFDSRILJOLRVWXGHQWH
VDOYDWRUH FDPSHULVWD PRWRFLFOLVWD HFFVRQR FRPSRQHQWL GL TXHL
YLUXVLQIRUPDWLFLPHQWDOLFKHWLFRQYLQFRQRFKHWXVHLVRORXQFRUSR
FKHYLYHLQXQRVSD]LRUHVSLUDQGRTXDOFRVDGLLOOXVRULRFKLDPDWR
DULD
&
q XQD RVVHVVLRQH FKH q SURSULD GHJOL HVVHUL XPDQL TXHOOD GL
DSSDULUH TXHVWD RVVHVVLRQH q FRVu SRWHQWH FKH WURSSR VSHVVR
TXDVLVHPSUHLQDVVROXWDEXRQDIHGHOHSHUVRQHIDQQRFRVHFRVu
VWXSLGH GD PHWWHUH LQ SHULFROR OD SURSULD YLWD R TXHOOD GHJOL DOWUL
VSRUWHVWUHPLD]LRQLEDORUGHEXOOLVPRSHUVHQWLUVLLPSRUWDQWLHQRQ
F
qFDWHJRULDVRFLDOHRIDVFLDG
HWjHVHQWHGDTXHVWDRVVHVVLRQH
6H GDL XQ
RFFKLDWD DL SURGRWWL HGLWRULDOL EDVDWL VXO PLJOLRUDPHQWR
SHUVRQDOH VXOOD ULFFKH]]D VXOOD 31/ VXOO
DXWRVWLPD WURYHUDL
PLJOLDLD H PLJOLDLD GL WLWROL VXO FRPH IDUWL GLYHQLUH PLJOLRUH 0D OD
GRPDQGD FKH JLXQJH VSRQWDQHD q VH WX VHL GLYLQR H TXLQGL
SHUIHWWR FRVD YXRL GLYHQLUH ³GL SL´" ,O YHUR FRQFHWWR QRQ q
SURFHGHUHLQWHUPLQLGLPLJOLRUDPHQWRSHUVRQDOHEHQVuLQWHUPLQLGL
ULFRQRVFLPHQWRGHOODSURSULDQDWXUDVSLULWXDOH
/D FUHGHQ]D IRQGDPHQWDOH VX FXL SRJJLD O
RVVHVVLRQH q FKH VH
QRQVHLYLVWRQRQHVLVWLHDOORUDYLDFRQFRUVLFRDFKLQJYLYLILFDWRUL
H FRVH GHO JHQHUH H DOOD ILQH EXWWL YLD OD SHUFH]LRQH GL WH SHU
HVVHUHFLzFKHODVRFLHWjLQGLFDFRPHPRGHOOLGDUDJJLXQJHUH
6SHVVR DOOD 79 VL DVVLVWH D TXHOOH FDUQHILFLQH QHL UHDOLW\ LQ FXL
YHFFKLHVWDUVRQRGLVSRVWHDIDUVLPDVVDFUDUHSXUGLDSSDULUHQRQ
GLPHQWLFKLDPR FKH SURSULR QHOO
DPELHQWH GHO FLQHPD F
q VWDWR XQ
SHULRGR LQ FXL OH DVVLFXUD]LRQL QRQ DVVLFXUDYDQR OD YLWD SHU O
DOWR
WDVVRGLVXLFLGL
)RQGDPHQWDOPHQWH QRQ q VEDJOLDWR IDU VDSHUH FKH HVLVWL
GLYHUVDPHQWH LQ SDQHWWHULD LO FRPPHVVR QRQ WL FKLHGHUHEEH FKH
SDQH YXRL VH QRQ WL YHGHVVH PD LO SUREOHPD q O
RVVHVVLRQH D
YROHUIDUVLDPPLUDUH(DOORUDLQTXHVWLWHUPLQLVLFRPSUHQGHFKH
XQ
DOWLVVLPD SHUFHQWXDOH GL DELWDQWL GHL VRFLDO QHWZRUN)DFHERRN
LQ WHVWD q Ou VROR SHU IDUVL DPPLUDUH SXRL RVVHUYDUH GL SHUVRQH
FKHVRQRFROOHJDWHRUHDOJLRUQRHDQFKHVHVRQRLQYLVLWDGD
DPLFL LO ORUR LQWHUHVVH q GL WURYDUH XQ FRPSXWHU FRQ LO TXDOH
FROOHJDUVL SHUFKp VHQWHQGR GL QRQ ULXVFLUH D VRSSRUWDUH XQD
FRPXQLFD]LRQHGDOYLYRSUHIHULVFRQRVHQWLUVLYLYLSHUPH]]RGLXQD
PRGDOLWjYLUWXDOH
$OOR VWHVVR PRGR q DOWUHWWDQWR SDWRORJLFR LO IDWWR GL ULWLUDUVL LQ
HUHPLWDJJLR 4XLQGL TXL LO SUREOHPD QRQ q O
DYHU FXUD GHO SURSULR
FRUSR RSSXUH LO ULYROJHUVL DOOD FKLUXUJLD HVWHWLFD SHU VLVWHPDUH XQ
SUREOHPD RJJHWWLYDPHQWH GHWXUSDQWH EHQVu O
XVDUH O
HVWHWLFD SHU
VRVWHQHUH LO SURFHVVR GL DPPLUD]LRQH FRPH IDQQR FRORUR FKH
ULHPSLRQRLOSURSULRFRUSRGLWDWXDJJL
6H FRQWLQXLDPR LQ TXHVWD DQDOLVL O
XUDJDQR ,UHQH GL ILQH DJRVWR
PHWWHLQJLQRFFKLRXQDFLWWj1HZ<RUNLQFXLVLqSDUODWRGL
HYDFXD]LRQHGLPDVVDTXHVWRqLOWLSLFRFDVRGHOJLJDQWHGDLSLHGL
GLDUJLOODXQJLJDQWHIDWWRGLDSSDUHQ]DFKHDOSUHVHQWDUVLGLXQR
VWUHVV FRPLQFLD D WUHPDUH O
XRPR FUHD DQFKH OH SURSULH FLWWj D
VXD LPPDJLQH H VRPLJOLDQ]D FLWWj LQ FXL q SULRULWDULR O
DSSDULUH
ULVSHWWRDOO
HVVHQ]LDOH1HOPHUFDWRGHOO
DSSDULUHOHERUVHGDGRQQD
.HOO\ R %LUNLQ VL YHQGRQR DG DOPHQR VHWWHPLOD HXUR H L SURGRWWL
WDURFFDWLGLJUDQGLPDUFKHVLYHQGRQRFRPHLOSDQHDYROWHDQFKH
LQ PDJJLRUL TXDQWLWj GL TXHOOL YHUL H F
q GD ULPDQHUH VELJRWWLWL
TXDQGR OHJJLDPR FKH XQD PROWLWXGLQH GL DGROHVFHQWL GD ³JUDQGL´
YRJOLRQR IDUH OH YHOLQH R L FDOFLDWRUL SHU DYHUH VXFFHVVR H
DPPLUD]LRQH FLz PL VHPEUD DEEDVWDQ]D QRUPDOH LQ XQD VRFLHWj
GRYH QRQ FL VL VHQWH XQLWL QHOO
8QR PD LQ FRPSHWL]LRQH O
XQR FRQ
O
DOWUR ³'HYL GLYHQWDUH TXDOFXQR´ q OD IUDVH FKH DVFROWLDPR GD
SLFFROLHSRLGDJUDQGLGLDPRO
DVVROX]LRQHDLQRVWULDEXVLFRQOD
IUDVH³/HLQRQVDFKLVRQRLR´
6LQ GDOOD WHQHUD HWj FL YLHQH LQVHJQDWR FKH GREELDPR GLYHQLUH
JUDQGLHLPSRUWDQWLPDJDULFRQXQDEXRQDGRVHGLIXUEL]LDFDSDFH
GL³DQQLHQWDUH´LOFRQFRUUHQWHSHUODVFDODWDDOSRVWRPLJOLRUHGLXQD
FRQGL]LRQH VXSHULRUH &RPH YHGUHPR QHO 6HWWLPR 6SHFFKLR
(VVHQRqSURSULRTXHVWRWLSRGLFRPSHWL]LRQHD³IDUHPHJOLR´FKH
YLRODODQDWXUDGHOQRVWUR6p5LFRUGRGLXQDVWRULD=HQGDOWLWROR³,O
JLURGHO´LQFXLLO5HQRQULXVFLYDDVSLHJDUVLFRPHPDLLOSDJJLR
IRVVH FRVu IHOLFH YLYHQGR GL FRVH SUHVH LQ SUHVWLWR LQGRVVDQGR
YHVWLWLGLVPHVVLHQXWUHQGRVLGHJOLDYDQ]LGHLFRUWLJLDQL&KLHVHDO
&RQVLJOLHUH SHUFKp LO VXR SDJJLR IRVVH FRVu IHOLFH H TXHVWL JOL
VSLHJzFKHHUDIHOLFHSHUFKpHUDIXRULGDOJLUR,O5HYROOHVDSHUH
GL TXDOH JLUR VWHVVH SDUODQGR H LO FRQVLJOLHUH JOL GLVVH FKH VL
WUDWWDYDGHO*LURGHO
&RPHOHJJHUHPRSLDYDQWLQHOO
LQWHUDVWRULDLOIDWWRqFKHSHUXQD
PRQHWD PDQFDQWH DG XQ LGHDOH  WRQGR WRQGR LO SDJJLR YHQQH
ULVXFFKLDWR QHO PRQGR GHL FRQIURQWL SHUFKp O
DYHUH TXHOO
XOWLPD
PRQHWD VLJQLILFDYD SHU OXL LO UDJJLXQJLPHQWR GHOOD IHOLFLWj &RVu
GHVLGHUzRVVHVVLYDPHQWHTXHOODFHQWHVLPDPRQHWDFDGHQGRQHOOD
WUDSSROD GHO SDUDJRQH GRYH DEELDPR LPSDUDWR FKH OD IHOLFLWj
DUULYDVRORFRPSOHWDQGRTXHOFKHFLPDQFDHGDWRFKHFLPDQFD
VHPSUH TXDOFRVD VL ULFRPLQFLD GDFFDSR VHQ]D PDL ULXVFLUH D
JRGHUFLODYLWD
$OOD EDVH GL WXWWR F
q VHPSUH H VROR XQD FRVD OD QHFHVVLWj
G
HVVHUH H FRPH VFULWWR LQ 9LWD ,PSHUVRQDOH ,2 6212  >@ 
TXDOVLDVLLGHDFKHSURYLHQHGDOO
,26212GRYUjQHFHVVDULDPHQWH
HVVHUHSRUWDWDLQPDQLIHVWD]LRQH&LzVLJQLILFDFKHDOODEDVHF
q
VHPSUH OD VSLQWD SURSXOVLYD GHOO
HVVHUH H SULPD R SRL GRYUHPR
DUUHQGHUFL DOO
DPRUH ULSHWR VLDPR FRQGDQQDWL DG HVVHUH IHOLFL H
WDQWRYDOHFRPLQFLDUHDIDUORGDVXELWR,OQRQIDUORSRUWDO
HVVHUHD
FUHDUHGHOOHEL]]DUUHVLWXD]LRQLFKHVRQRVXUURJDWLGHO9HUR
4XDOVLDVL FRVD D FXL WX WL DIILGL H FKH FUHGL SRVVD IDUWL GLYHQLUH
EHOORULFFRSRWHQWHGHVLGHUDELOHHFRVuYLDSXzLQJDQQDUWLSRLFKp
VRWWRVRWWRSURPHWWHGLIDUWL³GLYHQLUH´FLzFKHVHLJLjFLRq'LR6H
ULXVFLUDL DG DQGDUH D IRQGR QHOOD SUDWLFD GL TXHVWR OLEUR YHGUDL
FRPH LO OLEHUDUWL GDOOH HPR]LRQL WL SRUWHUj DG HVVHUH GDYYHUR WH
VWHVVR &
q XQ
DVVROXWD GLIIHUHQ]D WUD PLJOLRUDUH VH VWHVVR H
PLJOLRUDUH TXDOFRVD FKH FRQ LO Vp QRQ KD QXOOD D FKH IDUH 3XRL
FRPLQFLDUH D IDUH FLz QRQ PHWWHQGRWL LQ SDUDJRQH H TXLQGL LQ
FRPSHWL]LRQHFRQLOPRQGRFKHWLFLUFRQGD
&RPHGLFHLOFDQWDQWH& DSDUH]]DLOIURQWHGHOO
XRPR³TXDOFXQR´q
LOSULPRSDUWLWRGLTXHVWRSDHVH>@
,OPLJOLRUPRGRSHUIDUWHUPLQDUHFHUWHFRVHqQRQSDUODUQHFLRq
WDFHUQHFRPHIDQQROH79DHYLWDUHFKHTXDOFXQRSRVVDSHQVDUH
FKHJOLLQFHQHULWRULIDQQRPDOH"1RQQHSDUODQRPDLPDPDQGDQR
LQ RQGD GLVWUDWWRUL VRFLDOL R RQFRORJL FKH DIIHUPDQR FKH JOL
LQFHQHULWRUL SURGXFRQR HPLVVLRQL ]HUR PHQWUH OH ORUR IRQGD]LRQL
VRQRILQDQ]LDWHGDLSLJUDQGLFRVWUXWWRULGLLQFHQHULWRUL

>  @ ,26212qWUDLSLIDPRVLOLEULGHOODQXRYDFRQRVFHQ]DHUURQHDPHQWHDWWULEXLWRDO
&RQWHGL6DLQW*HUPDLQ/RWURYLLQH%RRNVXOQRVWURVLWRZZZLRVRQRHGL]LRQLLW

>  @ ,2GLYHQWHUzTXDOFXQR±&DSDUH]]D±(PL0XVLF±/HGLPHQVLRQLGHOPLRFDRV 


  ( 02= ,21 ,' (6 ,' ( 5 $ % ,/,(
,1 ' (6,' ( 5 $ % ,/,

3HU FRPSUHQGHUH JOL HIIHWWL GL XQ $YHUH TXDOH FRQVHJXHQ]D GHO
6HQWLUH R GL XQ DYHUH TXDOH FRQWUDSSRVL]LRQH GL XQ QRQDYHUH
RFFRUUHVSLHJDUHVXTXDOLPHFFDQLVPLSRJJLDQRLFRPSRUWDPHQWLH
JOLDWWHJJLDPHQWLXPDQLHOHHPR]LRQLDGHVVLFROOHJDWH
/
HVVHUH LQ TXDOLWj GL FUHDWRUH QRQ SXz ULPDQHUH DVFLXWWR GL
HPR]LRQL LQ TXDQWR IOXVVL HQWUDQWL H TXDQGR LO IOXVVR VL EORFFD
GLYLHQH DIIDPDWR GL HPR]LRQL (FFR FKH SXU GL QXWULUH TXHVWR
DSSHWLWR FKH 'DQWH $OLJKLHUL GHILQu LQVD]LDELOH >@  O
LQGLYLGXR VL
SURVWLWXLVFHDOOD5DJLRQH1DVFRVWD
3HUUDJLRQHQDVFRVWDVLLQWHQGHLOIDWWRGLXWLOL]]DUHGHOOHVWUDWHJLH
SHU IDU Vu FKH OH SHUVRQH FRQ FXL VL q LQ FRQWDWWR VLDQR LQGRWWH D
IDUH GHOOH FRVH SHU SURSULD FRQYHQLHQ]D SXRL FKLDPDUOH DQFKH
LQJDQQR QHOOH UHOD]LRQL PD QRL SRVVLDPR FKLDPDUOL IDOVL VFRSL R
VFRSLGHOODSHUVRQDOLWj
4XDQGR FL YHVWLDPR LQ XQ FHUWR PRGR SHU IDU FROSR VX TXDOFXQR
VWLDPR XVDQGR OD UDJLRQH QDVFRVWD PD OR IDFFLDPR DQFKH
TXDQGRDILQHDQQRIDFFLDPRLUHJDOLLQTXDQWRD]LHQGDDLFOLHQWL
JUDQGL FKH FL SRUWDQR IDWWXUDWR H QRQ DL SLFFROL FKH LQYHFH FL
VWDUHEEHUR DQFKH VLPSDWLFL &Lz QRQ VLJQLILFD FKH VH RJJL PL
YRJOLR YHVWLUH FRVu SHUFKp OR VHQWR VLD VEDJOLDWR WXWW
DOWUR ILQ
TXDQGRFRPSLRVFHOWHFRQODPLDWHVWDYDVHPSUHWXWWREHQH
3HU FROWLYDUH OD 5DJLRQH 1DVFRVWD DYHWH ELVRJQR GHOOD VRVWDQ]D
GLFXLVRQRFRPSRVWLWHPSLHYHQWLFRVHUHOD]LRQLHOXRJKLFLRqGL
0DWHULD(QHUJLD6SD]LR7HPSRVHLQWRUQRDYRLWURYDWHSHUVRQH
FKH VSUHFDQR PDWHULD HQHUJLD VSD]LR R WHPSR YXRO GLUH FKH
VWDQQRXVDQGRXQDEHOODUDJLRQHQDVFRVWDDQ]LSLGLXQDWDQWH
HORVWHVVRYDOHVHODSHUVRQDqDYDUDQHOO
XVRGLTXHVWHFRVH 
6H QRQ FUHL GHO QXRYR FLRq GDOO
,2 6212 L IOXVVL VRQR EORFFDWL
QHOOH IRUPHSHQVLHUR O
LQGLYLGXR VL LGHQWLILFD FRQ HVVH SHU
QHFHVVLWj GL VRSUDYYLYHQ]D IDPH YLEUDWRULD  H OR VSD]LR
QHFHVVDULRSHURVVHUYDUHqDQQXOODWR
(FFRTXLQGLFKHTXDQGRO
RVVHUYDWRUHQRQKDVSD]LRLQTXDQWRq
DWWDFFDWR DOOH FRVH KD QHFHVVLWj GL ULFHYHUH XQ VXUURJDWR GL
HQHUJLD GD VRVWLWXLUH DO IOXVVR UHDOH DOORUD q SRUWDWR D XVDUH OD
UDJLRQH QDVFRVWD DO ILQH GL VHQWLUH TXDOFRVD JOL GLYLHQH TXLQGL
LQGLVSHQVDELOHLOPHFFDQLVPRGHOO¶DPPLUD]LRQHFLRqIDUYLEUDUHOH
IRUPHSHQVLHURSHUULFHYHUHODVHQVD]LRQH HYLGHQWHPHQWHIDVXOOD
GHOPRYLPHQWR
3HU DWWDFFDPHQWR VL LQWHQGH SURSULR DVVHQ]D GL VSD]LR GL
RVVHUYD]LRQH qTXHOODFRVDFKHVLFKLDPDVSLULWRG
RVVHUYD]LRQH
SURSULD GL XQD SHUVRQD OLEHUD  SRLFKp FLz FKH VL PXRYH QHOOR
VSD]LRqO
HQHUJLDQHFRQVHJXHFKHO
DVVHQ]DGLVSD]LRGHWHUPLQD
LO EORFFR GL HQHUJLD FKLDPDWR IRUPDSHQVLHUR ,O SUREOHPD
GHOO
DWWDFFDPHQWR q FKH QRL GLYHQLDPR OH QRVWUH HVSHULHQ]H
YLVVXWHSRLFKpFLEORFFKLDPRLQHVVH
/D 5DJLRQH 1DVFRVWD q OR VWUXPHQWR FKH O
LQGLYLGXR XWLOL]]D SHU
RWWHQHUHYLEUD]LRQLGDOFRUSRHWHULFRHPR]LRQDOHSHUXQHVVHUHq
PHJOLR XQ
HPR]LRQH QHJDWLYD SLXWWRVWR FKH QHVVXQD HPR]LRQH H
O
LQGLYLGXR TXDQGR FDGH LQ TXHVWR FRPSURPHVVR GHYH
UDJJLXQJHUHXQSLFFRHPR]LRQDOHHGRSRODVFDULFDGHOORVWHVVR
FHUFDUH GL ULWRUQDUFL GL QXRYR $EELDPR LO SLFFR GHOOD 5DJLRQH
1DVFRVWD FKH PXRYH L VXRL VFRSL XPDQL  H OD GHOXVLRQH FRPH
DVSHWWDWLYD
&RPXQTXHVLIDGDVHPSUHJUDQGHFRQIXVLRQHTXDQGRVLSDUODGL
HPR]LRQL LQQDQ]LWXWWR VL ULWLHQH FKH TXDOVLDVL HPR]LRQH FKH
ULVSRQGDDOSLDFHUHVLDGHVLGHUDELOHPDLQYHULWjQRQqFRVuTXLq
XQ SUREOHPD GL SXQWL GL YLVWD 4XDQGR SDUOLDPR GL HPR]LRQL
GHVLGHUDELOL R LQGHVLGHUDELOL VWLDPR DIIURQWDQGR OD FRVD GDO SXQWR
GLYLVWDGHOORVSLULWR
/D JLXVWD HG RSSRUWXQD GRPDQGD GD SRUVL q FRV
q FKH q
GHVLGHUDELOHRPHQRSHUORVSLULWR"
0DULWRUQLDPRDOIDWWRGHOOHWUHPDFURSDUWL±VSLULWRPHQWHHFRUSR
± GL FXL q FRVWLWXLWR O
LQGLYLGXR LQ XQ PXFFKLR GL VFULWWXUH ULWHQXWH
VDFUH q GHWWR FKH FRUSR PHQWH H DQLPD VL GHYRQR DOOLQHDUH DL
YROHULGHOORVSLULWR(FFRTXLQGLFKHEDO]DIXRULXQDFRPSRQHQWH
O
DQLPD ( TXL GREELDPR IDUH XQD SLFFROD GLIIHUHQ]LD]LRQH
(VLVWRQR QHOOD FRPSOHVVLWj GHOO
LQGLYLGXR GXH WLSL GL DQLPH XQD
FKHqTXHOODLQFXLqUHJLVWUDWDODFRQVDSHYROH]]DGLVpLQTXDQWR
HVVHUH VSLULWXDOH H O
DOWUD LQ FXL VRQR UHJLVWUDWL WXWWL JOL HIIHWWL GHO
QRQHVVHUH FKH QRL WUDGXFLDPR LQ IRUPHSHQVLHUR 8QD IRUPD
SHQVLHURqLOULVXOWDWRGLXQRVFRQWURWUDXQDYRORQWjGLYLQDHTXHOOD
GHOO
HJR HG q TXDOFRVD FKH VL FRQJHOD LQ TXHOOR FKH q GHILQLWR
FRUSRHWHULFR GHOO
LQGLYLGXR 4XHVWD q O
DQLPD GHO QRQHVVHUH q
TXHOO
DQLPD FKH LQ ULVSRVWD DJOL VWLPROL DPELHQWDOL ID Vu FKH
O
LQGLYLGXR IDFFLD GHOOH FRVH FKH SHUz QXOOD KDQQR D FKH YHGHUH
FRQ OD VXD DXWRGHWHUPLQD]LRQH 4XLQGL XQR VFRSR LQWULQVHFR
GHOO
XRPRqTXHOORFKHSRUWDDOODSXOL]LDGHOVXRFRUSRHWHULFRFLRq
DOOD WRWDOH HOLPLQD]LRQH GHOO
DQLPD DEHUUDWD LQ IDYRUH
GHOO
DFFUHVFLPHQWR GHOO
DQLPD GL FRQVDSHYROH]]D GL Vp YLVWR FKH
WXWWR FLz FKH F
q QHOO
DQLPD DEHUUDWD q LO ULVXOWDWR GL XQ YROHUH
GLYLQR ,26212 FKHQRQqULXVFLWRDGDUULYDUHLQPDQLIHVWD]LRQH
HFKHTXLQGLVLqEORFFDWROu
4XDQGR JOL HJL]L SHU PH]]R GHOOD ELODQFLD GL 0DDW SHVDYDQR
O
DQLPD GHOO
LQGLYLGXR UDSSUHVHQWDWR GDO FXRUH GHO GHIXQWR LQ
UHDOWjVWDYDQRYDOXWDQGRVHF
HUDRPHQRFKLXVXUDGLFXRUHHVH
O
DQLPD SHVDYD SL GHOOD SLXPD GL 0DDW FKH HUD SRVWD VXOO
DOWUR
SLDWWHOOR GHOOD ELODQFLD XQD EHOYD LPPRQGD PDQJLDYD O
DQLPD GHO
GHIXQWRPDTXHVWRSURSULRLQYLUWGHOIDWWRFKHF
HUDTXDOFRVDGD
PDQJLDUH VH O
LQGLYLGXR DYHVVH DYXWR O
DQLPD LQIHULRUH SXUD LO
FRUSRHWHULFRSXOLWR QRQFLVDUHEEHVWDWRQXOODGDPDQJLDUH
/D TXHVWLRQH IRQGDPHQWDOH GD FRPSUHQGHUH q QHOO
DVVLRPD FKH
UHFLWD FKH TXDOVLDVL SUREOHPD GLVDJLR PDODWWLD FRVD
LQGHVLGHUDELOH q 6(035( GRYXWR DG XQ SUREOHPD GL
FRPXQLFD]LRQHWUDO
HVVHUHVSLULWXDOHHO
,26212
4XHVWDFRVDSHUTXDQWRSRVVDVHPEUDUHJURVVDKDLPSOLFD]LRQL
SLJUDQGLGLTXHOOHFKHVLSRVVRQRLPPDJLQDUH
,OWHUPLQHHVVHUHVSLULWXDOHVRWWLQWHQGHLOIDWWRFKHF
qTXDOFRVDFKH
O
,2 FUHD DO ILQH GL UHQGHUOR DUWHILFH GL DWWL FUHDWLYL O
HVVHUH
VSLULWXDOH q DQFKH FRQRVFLXWR FRQ LO WHUPLQH GL RVVHUYDWRUH LQ
TXDQWRFRQLOSRWHUHGHOSHQVLHUR DELOLWjGLLQGLUL]]DUHHQHUJLDVX
XQ
LGHD FUHD
0D F
q XQD FRVD FKH q HVWUHPDPHQWH LPSRUWDQWH VFRSULUH QHO
WHUPLQH RVVHUYDWRUH F
q TXHOOR GL VHUYR O
RVVHUYDWRUH q GL IDWWR OR
VWUXPHQWR FRQ FXL O
,2 PHWWH LQ PDQLIHVWD]LRQH VH VWHVVR 1RQ
HVLVWRQRWDQWL,2PDVROR8QRHGHJOLqLO3ULQFLSLR3ULPRFLzFKH
IRUQLVFH LO PRYLPHQWR D WXWWH OH FRVH H ID TXHVWR JUD]LH DJOL
RVVHUYDWRUL 6H WRUQLDPR VXOOH WUH PDFUR FRPSRQHQWL 63,5,72
0(17(&2532O
HVVHUHVSLULWXDOHqSURSULRORVWUXPHQWRFRQFXL
OR63,5,72SXz(66(5(QRQVLSXzLPPDJLQDUH(66(5(VHQ]D
HVSUHVVLRQH HG q SURSULR JUD]LH DOOD FUHD]LRQH GHJOL RVVHUYDWRUL
GHJOLHVVHULVSLULWXDOLFKHO
,2SXzPDQLIHVWDUVL
&KL q TXLQGL GLR" 1RQ HVLVWH XQ VROR GLR PD RJQL HVVHUH
VSLULWXDOHqXQGLR/
,2KDFUHDWRJOLGHLHQLHQW
DOWURPHQWUHJOLGHL
KDQQRFUHDWRWXWWR&RPHGLFH$0.LQJQHOVXR,26212',2 >@
 GRSR OD FUHD]LRQH GHJOL RVVHUYDWRUL O
,2 VL PLVH LQ SHQVLRQH
QHVVXQDEDWWXWDIXSLLQGRYLQDWD
4XDOVLDVL SUREOHPD q VHPSUH ULFRQGXFLELOH DG XQ HUURUH GL
FRPXQLFD]LRQHWUDLO6pO
HVVHUHVSLULWXDOHHLOVXRUDSSRUWRFRQOD
UHDOWj SHU PH]]R GHOOD SHUFH]LRQH 4XDQGR LO IOXVVR YLWDOH VL
LQWHUURPSH O
HVVHUH VSLULWXDOH QHO VXR FDPSR HWHULFR VL EHFFD
XQDEHOODIRUPDSHQVLHUR9HGLDPRQHLOSDUWLFRODUH
4XDOFXQR SRWUHEEH FKLHGHUVL PD DOORUD D PH LQ TXDQWR HVVHUH
VSLULWXDOH QRQ q FRQFHVVR DOFXQ WLSR GL SHQVLHUR" 1R SHUFKp LO
3HQVDWRUH q O
,2 H VH WL SRQL QHOO
,2 YHGL FKH JLj WXWWL L SHQVLHUL
FKHYROHYLFLVRQRSHUFKpWXOLDYHYLJLjPHVVLOuSHUHVVHUHXVDWL
PDQLIHVWDQGROL VROR ULHQWUDQGR LQ VLQWRQLD FRQ HVVL /R VFRSR
GHOO
RVVHUYDWRUH QRQ q TXHOOR GL JHQHUDUH SHQVLHUL PD GL
UHDOL]]DUOL 3HU XQ LQGLYLGXR LQ FRQGL]LRQH XPDQD LO SHQVLHUR q XQ
RELHWWLYRGDUHDOL]]DUHDOILQHGLULFHYHUHXQSLFFRGLHPR]LRQHPD
SHUXQHVVHUHFKHVDGLHVVHUHO
,2LOSHQVLHURqVRORXQDVSHWWR
GLVpFKHSHUPH]]RGHOJLRFRULWRUQDDVp(TXHVWRqWXWWR
4XLQGL FLz FKH SHU O
XRPR q ³VFRSR´ SHU O
,2 QRQ q QXOOD ,O IDWWR
FKH O
LGHD SUHPD SHU PDQLIHVWDUVL QRQ q XQ
HVLJHQ]D GHO 6p PD
VROR XQ DVSHWWR LQWULQVHFR GHOO
LGHD VWHVVD YLVWR FKH FRPH L GXH
ODWL GL XQD PRQHWD FRQWHVWXDOPHQWH DOO
LGHD q VWDWD FUHDWD DQFKH
O
HQHUJLDSHUUHDOL]]DUODFRQRVFHQ]DHGHQHUJLDVRQROHGXHIDFFH
GHOOD VWHVVD PRQHWD H TXLQGL LQGLYLVLELOL'LUH
FKH OD FUHD]LRQH VDUHEEH XQD HVLJHQ]D GHO
VpHTXLYDUUHEEHDGLUHFKHGLRKDGHVLGHUL
6ROR FRQ OD PRUWH GHOO
HJR VL SRWUj ULSRVDUH
QHOOD YHUD QRVWUD FRQGL]LRQH GL ,2 &RPH
GLFHYD $ODQ : DWWV ILQR DOO
XOWLPR TXHOOD
VHQVD]LRQH GHOO
LR WL VHSDUD GDOO
HVVHUH
GDYYHUR ,2 TXDQGR VL SDUOD GL PRUWH
GHOO
HJRVLGHYHVHPSUHLQWHQGHUHWXWWRFLzFKHLQTXDOFKHPRGR
QRQ WL ID VHQWLUH ,2 PD FKH WL LGHQWLILFD FRQ TXDOFRVDTXDOFXQR R
TXDOFKHUXROR

>  @ /
DXWRUHIDULIHULPHQWRDOFDQWRGHOO
,QIHUQRTXDQGR9LUJLOLRFRQVLJOLD'DQWHGLFDPELDUH
DWWHJJLDPHQWR VWUDGD VHYRUUjVDOYDUVLGDOODOXSDFKHUDSSUHVHQWDOHHPR]LRQLXPDQHOD
TXDOHQRQFRQVHQWHDQHVVXQRGLSDVVDUHPDDQ]LXFFLGHFKLXQTXHFLSURYLHVVHQGRSHU
QDWXUDPDOYDJLDFUXGHOHHLQVD]LDELOHWDQWRFKHGRSRDYHUPDQJLDWRKDDQFRUDSLIDPH
(GRSRLOSDVWRKDSLIDPHFKHSULD,QIHUQRFDQWR,Y 1G(

>  @ 7ULORJLDGHOO
,26212RSHUDFLWDWD
  ,/' 23 3 ,25 8 2/2' ( /& 8 25 ( ( /$
31 (,

4XDQGR LO IOXVVR GHOO


HVVHUH VHQWLUHIDUHDYHUH  YLHQH JHVWLWR LO
PRGRFRUUHWWRDFFDGHXQPLUDFRORLOVLVWHPDLPPXQLWDULRFRVWUXLVFH
XQFRUSRLQSHUIHWWDVDOXWH
6L GLFH FKH LO UXROR GHO 6LVWHPD ,PPXQLWDULR q TXHOOR GL GLIHQGHUH
GDOOH PDODWWLH PD TXHVWD DIIHUPD]LRQH q IDOVD ,O 6LVWHPD
,PPXQLWDULR q VROR O
LQGLFDWRUH GHO WXR OLYHOOR GL FRVFLHQ]D XQLWDULD
FRQ LO PRQGR XQ LQGLYLGXR FKH q FROOHJDWR DO SURSULR 6p QRQ SXz
HVVHUH PDODWR HG KD LO VLVWHPD LPPXQLWDULR FKH JOL FRVWUXLVFH LO
FRUSRLQ6DOXWH5DGLDQWH
4XLQGLQRQHVLVWHXQ6LVWHPD,PPXQLWDULRIRUWHRGHEROHLQTXDQWR
HVVR q VROR OR VWUXPHQWR FRQ FXL OD SVLFKH FRVWUXLVFH H SODVPD LO
FRUSRDVXDLPPDJLQHHVRPLJOLDQ]DSHUFXLHVVRSXzVRORHVVHUH
VTXLOLEUDWRFRPHVTXLOLEUDWDqODSVLFKHFKHORGLULJH
'DL DPRUH VSRJOLDWL VWHQGLWL D OHWWR FKH WUD SRFR WL DPHUz GD
TXHVWD HVSUHVVLRQH HPHUJH LO WLSR GL FRPSUHQVLRQH FKH DEELDPR
GHOO
DPRUHFLRqIDUHVHVVR IDUO
DPRUH qEHOOR
4XHVWRqEHOORqODWUDSSRODFKHVSLQJHOHSHUVRQHDFRPSRUWDUVL
FRVuFRPHVLFRPSRUWDQRVHQ]DVDSHUHFKHO
RUJDQLVPRLQULVSRVWD
D TXHVWR PRGR GL IDUH VL LQRQGD GL VRVWDQ]H PRUILQRVLPLOL FKH
VSHQJRQRODFRVFLHQ]DDQDOLWLFDGHOO
HVVHUHFKHORDELWDFLRq7(OD
PRUILQD LQIDWWL q XQ SRWHQWH DQHVWHWL]]DQWH VSHVVR XVDWR QHOOD
WHUDSLDGHOGRORUH
,OFRQFHWWRqFKHGLEDVHO
XRPRqDOODULFHUFDGHOSLDFHUHPDQRQ
WXWWL L SLDFHUL VRQR GHOOD VWHVVD TXDOLWj VH QRQ ULXVFLDPR D
FRPSUHQGHUH FLzYHGLDPR FKH LO PRQGR VLULHPSLH DG HVHPSLR GL
SHUVRQH FKH VL GHGLFDQR DG DWWLYLWj GL YRORQWDULDWR SHU SURYDUH
VROOLHYRGDOSLDFHUHFKHQHGHULYDLQTXDQWRVWUHWWHGDWURSSRWHPSR
QHOODPRUVDGHLSURSULVHQVLGLFROSD
,O SLDFHUH LQ RJQL FDVR VHPEUD DOOHJJHULUH O
DQLPR PD QRQ q
VHPSUH FRVu VROR TXHOOR GL XQ WLSR QH FRQVHUYD OH SLDFHYROL
VHQVD]LRQLTXHOORFKHqLQUHOD]LRQHDJOLVFRSLGHOQRVWUR6pPHQWUH
WXWWLJOLDOWULQRQVRQRDOWURFKHODULVSRVWDDOUDJJLXQJLPHQWRGLSLFFKL
HPR]LRQDOLGHWWDWLGDRELHWWLYLXPDQLFKHQXOODKDQQRDFKHYHGHUH
FRQJOLRELHWWLYLGHO6p9HGLDPRO
HUURUH
/DFRVWDQWHSUHVHQWHLQWXWWHOHDWWLYLWjXPDQHqODFUHGHQ]DFKHLO
SLDFHUHGHULYLGDDVSHWWDWLYHHPR]LRQDOLPDLQUHDOWjQRQqFRVuH
VHLO SLDFHUH SURYLHQH VROR GD DVSHWWDWLYH HPR]LRQDOL FLVLGHJUDGD
QHO FRUSR H QHOOD SVLFKH ,QIDWWL TXHVWR JHQHUH GL FRQGL]LRQL OH
DVSHWWDWLYH SURYRFDQR IRUWL VWLPROL GRSDPLQHUJLFL ULVSRVWD
ELRFKLPLFD DOOD YRJOLD GL UDJJLXQJHUH XQR VFRSR  FKH YHQJRQR
VRGGLVIDWWLGDYLROHQWHLQRQGD]LRQLHQGRUILQLFKH VRVWDQ]HSURGRWWHDO
UDJJLXQJLPHQWRGHOORVFRSR 
'RSDPLQDHGHQGRUILQDVRQRGXHQHXURWUDVPHWWLWRULFKHIDQQRSDUWH
GHOPHFFDQLVPRGHOSLDFHUHHPR]LRQDOHHQRQGLTXHOORGHOODJLRLD
,O SLDFHUH HPR]LRQDOH q FROOHJDWR DJOL VFRSL H OR VFRSR q LO FDOFROR
IXWXULVWLFR SHU PH]]R GHO TXDOH O
LQGLYLGXR FHUFD GL WURYDUH XQD
VROX]LRQH DG XQ SUREOHPD GHO SDVVDWR ULPDVWR DQFRUD LUULVROWR q
XQDDVSHWWDWLYD QHFHVVDULDDRWWHQHUHSLDFHUH 
4XLQGLSHUHVVHUHSLUHDOLO
LQGLYLGXRVWDSHUVHJXHQGRODSRVVLELOLWj
GL YLYHUH XQD FHUWD HPR]LRQH SHU PH]]R GHOOD TXDOH FUHGH FKH
ULFHYHUjXQSLDFHUHLQWHULRUHPDTXHVWRqVRORXQSLDFHUHILVLFRHGq
XQ + LJK (PR]LRQDOH XQ SLFFR G
HPR]LRQH FRQ FXL O
LQGLYLGXR LQ
TXDQWRHVVHUHVSLULWXDOHQRQKDQXOODDFKHYHGHUH
4XDQGR FL VL FRVWUXLVFH XQD VWUDWHJLD SHU SRUWDUVL D OHWWR XQD
SHUVRQD VL VWD SDVVDQGR SHU XQD IDVH GRSDPLQLFD QHFHVVDULD DO
UDJJLXQJLPHQWRGHOORVFRSR RGHOODVFRSDWDFKHGLUVLYRJOLD H
TXHVWD KD OD VXD FRQVHJXHQ]D ELRFKLPLFD QHO UDJJLXQJLPHQWR GHO
SLFFR HQGRUILQLFR GHO SLDFHUH XQ PHFFDQLVPR SXUDPHQWH GHOOD
SHUVRQDOLWjFKHGHJUDGDLOFRUSRPHQWH
( TXHVWR q LO SXQWR LPSRUWDQWH RJQL TXDO YROWD QRL SHUVHJXLDPR
VFRSL JLj VDSSLDPR TXDOH HPR]LRQH YRJOLDPR UDJJLXQJHUH H
SHUWDQWR JOL RELHWWLYL QRQ SRVVRQR SURYHQLUH GDOOD )RQWH 3ULPDULD
GHOOH,GHH GDOO
,26212 4XDOVLDVLLGHDDSSDUWHQHQWHDOO
,26212
q DQFRUD VFRQRVFLXWD H TXLQGL QRQ SRVVLDPR JLj FRQRVFHUQH LO
ULVXOWDWR HPR]LRQDOH SHUFKp QRQ QH DEELDPR PDL IDWWR HVSHULHQ]D
*OLVFRSLDWWLYDQRLOVLVWHPDGRSDPLQHUJLFRFHUHEUDOHJOLRELHWWLYLGHO
6p12
2UD YL IDFFLR DYHUH XQ
LGHD GL TXDQWR SHULFRORVR SRVVD HVVHUH LO
FRQWLQXR XWLOL]]R GHO VLVWHPD GRSDPLQHUJLFR FKH q DWWLYDWR GDJOL
VFRSL
,PPDJLQDWHXQFRUULGRUHXQFHQWRPHWULVWDVXOODOLQHDGLSDUWHQ]DGL
XQD JDUD LPSRUWDQWH WXWWL L VXRL PXVFROL VRQR WLUDWL D PLOOH OD VXD
FRQFHQWUD]LRQH q DO PDVVLPR HG q LQ DWWHVD GHOOR VSDUR 2UD
LPPDJLQDWHXQRVSDURFKHQRQDUULYDPDLSULPDRSRLO
DWOHWDFDGUj
DWHUUDHVDXVWRLOVLVWHPDGRSDPLQHUJLFRHVDXVWRQRQJOLFRQFHGHUj
DOWUD HQHUJLD ELRFKLPLFD SHU DUULYDUH DOO
LQRQGD]LRQH HQGRUILQLFD GL
SLDFHUHSHUFXLULPDUUjFRQXQSDOPRGLQDVR
2JQL YROWD FKH QRL DEELDPR VFRSL GL FXL FRQRVFLDPR JLj O
DSSRUWR
HPR]LRQDOH ILQDOH FKH QH GHULYHUj  DWWLYLDPR DQFKH OD SURGX]LRQH
GL VSHFLILFKH PROHFROH GD SDUWH GHO QRVWUR FXRUH H TXHVWH
GHWHUPLQDQRXQRVTXLOLEULRDOLYHOORFHUHEUDOH4XDQGRSHUVHJXLDPR
VFRSL GHOOD SHUVRQDOLWj LO QRVWUR FXRUH SURGXFH XQD SURWHLQD
FKLDPDWD(7 HQGRWHOLQD FKHSRWUHPPRGHILQLUHODSURWHLQDGHOOD
PRUWHHFKHSRUWDLQVTXLOLEULRGXHDUHHFHUHEUDOLTXHOODRSSLRLGHH
TXHOODFDQQDELQRLGH
/D SDUWH FKH VHJXH q WUDWWD GDO PLR SUHFHGHQWH OLEUR /,) ( L VHJUHWL
GHOOD JKLDQGROD SLQHDOH >@ GDO SDUDJUDIR³(66(5( 69(*/,YROHUH
SRWHUH,R6RQR´HGqXWLOHSHUVSLHJDUHLOPHFFDQLVPRGHOUXRORGHO
FXRUHHGHOODVSLQWDHQGRUILQLFDSURSULRGHJOLVFRSLGHOODSHUVRQDOLWj
*OLVWXGLGHOOD31(,DIIHUPDQRFKHQHOFHUYHOORDEELDPRGXH GLVWLQWL
VLVWHPL GHO SLDFHUH  XQR FKH KD D FKH IDUH FRQ O
HFFLWD]LRQH SHU
JLXQJHUH DO SLDFHUH H XQ DOWUR FKH UHJROD OD VRGGLVID]LRQH GHO
SLDFHUH
/¶HFFLWD]LRQH q LQ UHOD]LRQH FRQ LO SLDFHUH GHOO¶DVSHWWDWLYD FKH
SURYLDPRLPPDJLQDQGRTXDOFRVDFKHGHVLGHULDPR±YROHUH±FKHVL
WUDWWL GL VHVVR R GL XQ SDVWR JXVWRVR H GDO SXQWR GL YLVWD
QHXURFKLPLFR TXHVWR VLVWHPD q DPSLDPHQWH FRQQHVVR FRQ OD
GRSDPLQDHDXPHQWDLOQRVWUROLYHOORGLWHQVLRQH
,OVHFRQGRVLVWHPDGHOSLDFHUHKDDFKHIDUHFRQODJUDWLILFD]LRQHR
SLDFHUH GHOO¶HVVHUFL ULXVFLWL ± SRWHUH ± LO TXDOH DFFRPSDJQD
XQ
HVSHULHQ]D VHVVXDOH FRQFUHWD R OD FRQVXPD]LRQH GL XQ SDVWR
JXVWRVR'DOSXQWRGLYLVWDQHXURFKLPLFRTXHVWRVLVWHPDVLEDVDVXO
ULODVFLR GHOOH HQGRUILQH VRVWDQ]H RSSLDFHH FKH GDQQR XQ VHQVR GL
SURIRQGDULODVVDWH]]DHEHQHVVHUHPDFKHLQGXFRQRGLVWDFFRGDOOD
UHDOWj
$EELDPR JLj GDWR OD GHILQL]LRQH GL PDOH LQ TXDQWR HVSHULHQ]D
ULSHWXWD FKLHGLDPRFL TXLQGL TXDQG¶q FKH SRVVLDPR DYHUH
XQ¶DVSHWWDWLYD H TXLQGL LQQHVFDUH XQD VLWXD]LRQH GL WLSR
GRSDPLQHUJLFR"4XDQGRVDSSLDPRFKHWLSRGLHPR]LRQHDQGUHPRD
VSHULPHQWDUH 1RQ q O
RELHWWLYR FKH FL HFFLWD EHQVu O
HPR]LRQH LQ
HVVR FRQWHQXWD SRL TXDQGR JLXQJLDPR DOO
RELHWWLYR O
HFFLWD]LRQH
GLYLHQHSLDFHUH
8Q LQGLYLGXR FKH q FROOHJDWR DO SURSULR HVVHUH VD FRVD VL GHYH
UDJJLXQJHUH PD QRQ FRQRVFH O
HPR]LRQH FRQWHQXWD QHOO
RELHWWLYR
SHUFKp FRQ OD VXD D]LRQH GHYH DQFRUD UHQGHUH FRQRVFLXWR OR
6FRQRVFLXWR LO SURSULR 6p GL FXL QRQ KD DQFRUD IDWWR HVSHULHQ]D
4XLQGLVHVLDPRHFFLWDWLQHOUDJJLXQJHUHXQRELHWWLYRYXROGLUHFKH
VWLDPR ULSHWHQGR XQ
HVSHULHQ]D FKH DEELDPR JLj YLVVXWR SULPD
SRLFKpDOWULPHQWLQRQQHFRQRVFHUHPPRO
HPR]LRQHILQDOHHTXLQGL
QRQSRWUHPPRDYHUHXQ¶DVSHWWDWLYDHPR]LRQDOH
,Q TXHVWR FDVR VWLDPR XOWHULRUPHQWH IUDPPHQWDQGR LO QRVWUR 6p
SRLFKp VWLDPR ULYDQJDQGR LO SDVVDWR H QXWUHQGR O
HJR DOWHUDWR
4XDQGRULXVFLDPRDUDJJLXQJHUHO
RELHWWLYRGHOO
HFFLWD]LRQHLOQRVWUR
FHUYHOOR ULODVFLD Vu HQGRUILQH PD TXHVWH IDQQR SDUWH GHO VLVWHPD
RSSLRLGHHFLzVLJQLILFDFKHVWLDPRDPSOLILFDQGRLOVLVWHPDRSSLRLGH
DVIDYRUHGLTXHOORFDQQDELQRLGH
/D SURGX]LRQH GL HQWUDPEH OH GHWWH PROHFROH GRSDPLQH HG
HQGRUILQH  VL EDVD VXO UDJJLXQJLPHQWR GL XQ RELHWWLYR FRQRVFLXWR H
TXLQGLVLEDVDVXOODSURGX]LRQHGLGHVLGHULSHUVRQDOLHQRQGLYLQL
&RVD VRWWHQGH O
DIIHUPD]LRQH GL HVVHUH LQQDPRUDWL GL XQD FHUWD
SHUVRQD" 6LDPR VROR LQQDPRUDWL GHOOH DQWLFLSD]LRQL GHOOH HPR]LRQL
GDOOHTXDOLVLDPRGLSHQGHQWLSHQVDFLVWRSDUODQGRGHOOHDVSHWWDWLYH
FKH VWDL PHWWHQGR VXOOD UHOD]LRQH /D VWHVVD SHUVRQD SXz QRQ
LQWHUHVVDUWLSLLOPHVHGRSRVHQRQVRGGLVIDOHWXHDVSHWWDWLYHQRQ
qYHUR"
4XHVWR QRQ FDPELD IRUVH LO SDHVDJJLR GHOOD QRVWUD SURVSHWWLYD
HPRWLYDVXLELVRJQLHVXOOHLGHQWLWjSHUVRQDOL"4XHVWRDOWHUDWRPRGR
GL HVVHUH ULSURSRQH LQ QRL HPR]LRQL JLj FRQRVFLXWH H QRQ SRWHQGR
VHSDUDUH OH HPR]LRQL GD QRL TXDOVLDVL DWWLYLWj GHO QRVWUR FRUSR q
UHJRODWD GD TXHVWH VWHVVH HPR]LRQL GDOOD FXL TXDOLWj GLSHQGH LO
QRVWURVWDWRGLVDOXWH
0DDOORUDOHHPR]LRQLVRQRQHJDWLYHRVRQRSRVLWLYH"/HHPR]LRQL
QRQ VRQR Qp O
XQR Qp O
DOWUR OH HPR]LRQL VRQR OD YLWD LO SUREOHPD
VRQROHGLSHQGHQ]HFDXVDWHGDJOLDWWDFFDPHQWLDOOHFRVH
/D GLSHQGHQ]D q OD QHFHVVLWj GHOOD VHQVD]LRQH GL XQD VFDULFD
FKLPLFDFKHDOORVFRFFDUHGLXQDIDQWDVLDDWWUDYHUVDLOFRUSRWUDPLWH
XQD VHULH GL JKLDQGROH HQGRFULQH H LO OLTXLGR VSLQDOH q TXHVWR LO
PRWLYR SHU FXL OH SHUVRQH QHO FDVR LQ FXL FDSLVFDQR GL HVVHUH
GLSHQGHQWL GDOOH HPR]LRQL VL GHYRQR SULQFLSDOPHQWH UHQGHUH FRQWR
FKH OD GLSHQGHQ]D QRQ q VROWDQWR XQ IDWWR SVLFRORJLFR q
HVVHQ]LDOPHQWH XQ SRWHQWH SUREOHPD ELRFKLPLFR /H GURJKH
XWLOL]]DQRJOLVWHVVLPHFFDQLVPLGHLUHFHWWRULFHOOXODULXVDWLGDOOH
VRVWDQ]H ELRFKLPLFKH FRLQYROWH QHOOH HPR]LRQL  SHU FXL VH
SRVVLDPR DYHUH XQD GLSHQGHQ]D GDOO
HURLQD SRVVLDPR DYHUH XQD
GLSHQGHQ]DGDTXDOXQTXHSHSWLGHHTXLQGLGDTXDOVLDVLHPR]LRQH
/D QRVWUD PHQWH FUHD OHWWHUDOPHQWH LO QRVWUR FRUSR FRPLQFLD WXWWR
GDOODFHOOXOD/DFHOOXODqXQDPDFFKLQDFKHSURGXFHSURWHLQHHFKH
ULFHYH LO VHJQDOH GDO FHUYHOOR 6H TXHVWR VHJQDOH SHUFH]LRQH
GHOO¶DPELHQWH  SHUVLVWH L UHFHWWRUL SRVVRQR FDPELDUH OD ORUR
VHQVLELOLWjTXLQGLVHLOUHFHWWRUHYLHQHERPEDUGDWRSHUPROWRWHPSR
HDGXQDHOHYDWDLQWHQVLWjGDXQDTXDOVLYRJOLDGURJDRVRVWDQ]DVL
GHWHULRUHUjHLQWDOPRGRFLVDUDQQRYLDYLDVHPSUHPHQRUHFHWWRULH
PDJJLRUPHQWHGHVHQVLELOL]]DWL
3RLFKp OD VWHVVD TXDQWLWj GL GURJD R VRVWDQ]D SURYRFKHUj XQD
ULVSRVWD PROWR SL ULGRWWD DYUHPR ELVRJQR GL DPSOLILFDUH L QRVWUL
FRPSRUWDPHQWLSHUFRQWLQXDUHDVHQWLUHTXDOFRVD
,OFDPSRGHOODSVLFKLDWULDQRQULFRQRVFHDEEDVWDQ]DOLEHUWjGLD]LRQH
DOOHSHUVRQHHPROWLVVLPLGHLSUREOHPLFKHYHQJRQRHWLFKHWWDWLFRPH
SUREOHPLSVLFRORJLFLGHULYDQRVROWDQWRGDOIDWWRFKHOHSHUVRQHIDQQR
VFHOWH VEDJOLDWH SRLFKp VRQR LPERWWLWH GL GDWL VEDJOLDWL
%LVRJQHUHEEHLQVHJQDUHORURFRPHIDUHVFHOWHGLYHUVHVSLHJDQGRLO
PRGR GL PLJOLRUDUH LQ ORUR LO FRQWDWWR FRQ LO 6p 4XHVWR q O¶XQLFR
PRGRGLDLXWDUHLOPRQGR
,O IDWWR GUDPPDWLFR q FKH SHU VFRSL GL SRWHUH OD FRQRVFHQ]D q
VHPSUHVWDWDRFFXOWDWDHQRQYLVRQRPDLVWDWHIRUQLWHLQIRUPD]LRQLH
GDWL HVDXULHQWL VXO YRVWUR VSOHQGLGR HVVHUH H VXO UDSSRUWR FRQ OD
UHDOWj LOOXVRULD FKH YL FLUFRQGD DO ILQH GL OLEHUDUYHQH 6DSSLDWH FKH
TXHVWHFRVHQRQYHOHYRJOLRQRIDUVDSHUHSRLFKpVHYRLOHVDSHVWH
/RUR QRQ DYUHEEHUR SL QHVVXQR GD FRQWUROODUH SRLFKp YRL YH QH
DQGUHVWHH/RURLPSRWHQWLSRLFKpVHQ]DDPRUHUHVWHUHEEHURTXLD
VFDQQDUVLUHFLSURFDPHQWH
3HUFKpDYHWHGHOOHGLSHQGHQ]H"3HUFKpQRQDYHWHQLHQWHGLPHJOLR
GDIDUHQRQDYHWHPDLVRJQDWRQLHQWHGLPHJOLRHQHVVXQRYLKDPDL
LQVHJQDWR D IDUOR 4XL QRQ VL WUDWWD GL VFHJOLHUH GL HVVHUH EXRQL R
FDWWLYL TXL VL WUDWWD GL SHUFHSLUH FKH WX VHL GLR H Ou WURYHUDL OD 9HULWj
8OWLPD
'REELDPR ULFHUFDUH OD FRQRVFHQ]D VHQ]D DOFXQD LQWHUIHUHQ]D GDOOH
QRVWUH GLSHQGHQ]H VH ULXVFLUHPR D IDUOR VSHULPHQWHUHPR OD
&RQRVFHQ]DGHO6pHLOQRVWURFRUSRODVSHULPHQWHUjLQPRGLQXRYL
FRQ XQD QXRYD FKLPLFD FRQ QXRYH UHWL QHXUDOL H QXRYL OLYHOOL GL
SHQVLHUR %HQYHQXWL QHO 5HJQR GHL &LHOL XQR VSD]LR VHQ]D SURYH
VHQ]DJLXGL]LRVHQ]DFDWHQHVHQ]DQLHQWHVRORVSD]LRGDFRVWUXLUH
DSLDFLPHQWRVHFRQGRLQRVWULVRJQLSLVIUHQDWL
,Q XQR GHL OLEUL SL EHOOL FKH HVLVWDQR ,R 6RQR 4XHOOR >@  LQ XQ
SDVVDJJLRWUDO
LQWHUURJDQWHHLO0DHVWUR1LVDUJDGDWWDqGHWWR
±,QWHUURJDQWH,OGHVLGHULRGHOSLDFHUHHODSDXUDGHOGRORUHVRQGXH
VWDWLHQWUDPELDQJRVFLRVLSXzHVVHUFLXQSLDFHUHLQYLRODWR"
± 0DHVWUR 2JQL SLDFHUH ILVLFR R PHQWDOH ULFKLHGH XQR VWUXPHQWR
)LVLFLRPHQWDOLFKHVLDQRJOLVWUXPHQWLVRQRPDWHULDOLVLVWDQFDQRH
VL XVXUDQR SURFXUDQR XQ SLDFHUH QHFHVVDULDPHQWH OLPLWDWR LQ
LQWHQVLWj H GXUDWD ,O GRORUH q OR VIRQGR GL WXWWL L SLDFHUL H WX OL YXRL
SHUFKpVRIIUL'
DOWUDSDUWHSURSULRODULFHUFDGHOSLDFHUHqODFDXVD
GHOGRORUHÊXQFLUFRORYL]LRVR
&RV¶q GDYYHUR LO VXFFHVVR" Ê O
DELOLWj GL ULXVFLUH D PDQLIHVWDUH JOL
VFRSL GHO SURSULR ,2 6212 4XDQGR VLDPR VX TXHVWD OLQHD
O
LQGLYLGXR QRQ SXz SURYDUH HFFLWD]LRQH GRSDPLQHUJLFD SRLFKp QRQ
FRQRVFH JLj O
HPR]LRQH D FXL DQGUj LQFRQWUR (FFR FKH LQYHFH
TXDQGR UDJJLXQJH O
RELHWWLYR H TXLQGL LO VXFFHVVR GHOOD
PDQLIHVWD]LRQHQHOO¶XQLYHUVRPDWHULDOHGHOORVFRSRGHOSURSULR6pLO
FHUYHOORSURGXFHDQDQGDPLGH >@ ODPROHFRODGHOODEHDWLWXGLQHFKH
SRUWD QRQ DG XQ GLVWDFFR GDOOD UHDOWj EHQVu DOO¶HVSDQVLRQH GL
FRVFLHQ]D
&RQ TXHVWR FULWHULR VL VSLHJD LQ PRGR RWWLPDOH LO FRQFHWWR GL
³VRUSUHVD´ LO WHUPLQH VRUSUHQGHUH SURYLHQH GDO ODWLQR VXSHU
SUHKqQVXV FKH VLJQLILFD SUHQGHUH VRSUD H FKH q SHUIHWWDPHQWH LQ
DUPRQLDFRQODSDURODHSLILVLFKHVLJQLILFDVRSUDODQDWXUD/
HIIHWWR
VRUSUHVD GL XQ
D]LRQH LQGLFD LO IDWWR FKH QRQ DYHYDPR DVSHWWDWLYH
HPR]LRQDOLFLUFDO
RELHWWLYRSRLFKpLOQRVWURRELHWWLYRHUDTXDOFRVDGL
VFRQRVFLXWRHUDQXRYRSURYHQLYDGDOQRVWURGLR
4XHVWDFRVDULPHWWHLQHTXLOLEULRLVLVWHPLRSSLRLGHHFDQQDELQRLGHH
SURYYHGHDOODSURGX]LRQHGHOOHPROHFROHGHOODEHDWLWXGLQHqXQSR

FRPHODVHQVD]LRQHFKHVLSURYDTXDQGRVLULFHYHXQDVRUSUHVDOD
TXDOH SHU LO IDWWR FKH q LQDVSHWWDWD HVFOXGH QHFHVVDULDPHQWH
O
DWWLYLWjGLGRSDPLQHHGLHQGRUILQH
/D SDUROD GRSD PLQD q TXDOFRVD GL FROOHJDWR D GRSD QWH FLRq
DOO
DVVXHID]LRQH
,O SUREOHPD q FKH O
XRPR LQVLVWHQGR D SHUVHJXLUH VFRSL GHOOD
SHUVRQDOLWj VL LQWRVVLFD GL HQGRUILQH H SHUYLHQH DOO¶DVVXHID]LRQH
2JQLYROWDFKHF¶qXQDGLSHQGHQ]DGDVRVWDQ]DRGDDWWLYLWjYLHQH
SURGRWWD XQD SURWHLQD FKLDPDWD GHOWD)RV% FKH VL DFFXPXOD QHL
QHXURQL Ê O
DFFXPXOR GL GHOWD)RV% SURYRFDWR GDOO
HVSRVL]LRQH D
XQDVRVWDQ]D FLERIXPRHFF RDXQ
DWWLYLWj VSRUWULWXDOLUHOLJLRVL
HFF  FKH FUHD GLSHQGHQ]D H FKH SRUWD DOOD VHQVLELOL]]D]LRQH 0DQ
PDQR FKH VL VYLOXSSD OD VHQVLELOL]]D]LRQH VL KD ELVRJQR GL XQD
TXDQWLWj VHPSUH PLQRUH GL VRVWDQ]D R DWWLYLWj GLYHQXWL IRUWL IDWWRUL
VFDWHQDQWL  SHU GHVLGHUDUOD LQWHQVDPHQWH FLz SRUWD DOO
DXPHQWR GHO
GHVLGHULRPDQRQQHFHVVDULDPHQWHGHOSLDFHUHFRQQHVVRDOO
XVR,Q
GHILQLWLYD PHQWUH SULPD GRYHYL YHGHUH LO GROFH ROWUH D VHQWLUQH
O
RGRUH RUD SHU GHVLGHUDUOR FRQ O
DXPHQWR GHOOD VHQVLELOL]]D]LRQH
EDVWDVRORVHQWLUQHO
RGRUH4XHVWRPHFFDQLVPRSXzSURYRFDUHVHUL
GDQQLFKHSRVVRQRSHUPDQHUHSHUWXWWDODYLWDDOVLVWHPDHFFLWDWRULR
GRSDPLQHUJLFR
/D SVLFKLDWULD DFFRPXQDQGR O¶XRPR D XQD PDFFKLQD KD VHPSUH
DYXWR OD SUHVXQ]LRQH GL VSLHJDUH L FRPSRUWDPHQWL XPDQL
DQDOL]]DQGR H ULIDFHQGRVL DOO¶DUHD GHL QHXURWUDVPHWWLWRUL DG
HVHPSLR QRUDGUHQDOLQD DFHWLOFROLQD LVWDPLQD GRSDPLQD
VHURWRQLQD  L IDUPDFL SVLFKLDWULFL L SHULFRORVLVVLPL TXDQWR LQXWLOL
SVLFRIDUPDFL DJLVFRQR D TXHO OLYHOOR 0D >@ DEELDPR YLVWR FKH
TXHVWR OLYHOOR q VROR TXHOOR SL ³YLVLELOH´ LQ TXDQWR SL ³PHFFDQLFR´
SULPD GL HVVR HVLVWH O¶DUHD GHOOD QHXURPRGXOD]LRQH GHL VLVWHPL
*$%$ H *OXWDPPDWR FKH UHJRODQR O¶DWWLYLWj GL TXHVWL FLQTXH
QHXURWUDVPHWWLWRULSULQFLSDOLPDDQFKHTXHVWLGXHVLVWHPLKDQQRXQ
ORUR PHFFDQLVPR UHJRODWRUH FKH ULVLHGH QHL VLVWHPL 2SSLRLGH H
&DQQDELQHUJLFR4XHVW
XOWLPDVXSHULRUHDUHDPRGXODWRULDqGHWWDGL
SVLFRQHXURPRGXOD]LRQH SRLFKp q LO SHQVLHUR R PHJOLR OD TXDOLWj
GHOSHQVLHUR IUDPPHQWDWRRROLVWLFR FKHDJLVFHGLUHWWDPHQWHFRPH
XQIXOPLQHDOLYHOORELRORJLFR
/D 31(, DIIHUPD FKH QHOO
DWULR GHO FXRUH GL XQ XRPR FKH DPD q
SURGRWWDXQDPROHFRODSURWHLFDFKLDPDWD$13 RUPRQHQDWULXUHWLFR
DWULDOH TXHVWDSURGX]LRQHqSRVVLELOHVRORQHOFDVRGLXQLQGLYLGXR
FKHYLYHODVXDYLWDFRPHWXWWRIRVVH812FRPHVHO
LQWHURPRQGR
IRVVH OXL VWHVVR 6DSSLDPR FKH IRQGDPHQWDOPHQWH H SHU GLUOD LQ
PDQLHUD VHPSOLFLVWLFD HVLVWRQR VROR GXH VWDWL DPRUH H SDXUD
4XDQGR OD SHUVRQD q LQ XQR VWDWR GL DPRUH LO FXRUH SURGXFH $13
TXDQGR LQYHFH OD SHUVRQD YLYH LQ GLIHVD SRLFKp DELWD QHOOD SDXUD
DOORUD LO FXRUH SURGXFH XQD VRVWDQ]D FKLDPDWD (7 HQGRWHOLQD 
/DSDXUDqODFRQVHJXHQ]DGLDYHURVDWRYHGHUHLOPRQGRFRPHXQ
WHUULWRULR GL FRQTXLVWD SHU FXL WXWWR FLz FKH q DO GL IXRUL GL QRL OR
YHGLDPRVHSDUDWRGDQRLqXQJURVVRSUREOHPDGHOO
$9(5(
$13 HG (7 KDQQR XQ HIIHWWR PROWR SDUWLFRODUH VXOOD *KLDQGROD
3LQHDOH O
$13 OD WLHQH DWWLYD O
(7 OD LQLELVFH LQ TXHVWR DPELWR VL
JLRFD O
HTXLOLEULR WUD OD 6DOXWH 3HUIHWWD H OD 0DODWWLD 4XDQGR OD
*KLDQGROD3LQHDOHqFDOFLILFDWDDOORUDTXHVWDSDUWLWDqILQLWDHVHUYH
XQQXRYRFRUSR
&KLHGLWLILQRDFKHSXQWRVHLGLVSRVWRDULQXQFLDUHDOWXRJXDGDJQR
SHUVRQDOH SHU LO PDJJLRU EHQH" 3HUFKp VH QRQ VLDPR GLVSRVWL
DOORUDLOPDOHQRQq³OjIXRUL´LOPDOHqGHQWURGLQRL,OPRQGRQRQq
DOWURFKHODUDSSUHVHQWD]LRQHO
RPEUDGHOQRVWURPRGRGLYHGHUHOD
YLWD LO PRQGR ULIOHWWH VHPSOLFHPHQWH LO PDOH FKH ULVLHGH QHO QRVWUR
FXRUH 0D VH VHL LQWHQ]LRQDWR D GLUH 12 DOO
HVVHUH SDUWH GL XQD
PDFFKLQD GL GLVWUX]LRQH DOORUD VWDL GDQGR LO WXR FRQWULEXWR SHU
FROODERUDUHFRQLOPRQGRLQFRPLQFLDQGRGDWHVWHVVRPDVRORVHWL
DSUL DG XQD YLVLRQH ROLVWLFD /D SURVVLPD LPPDJLQH LOOXVWUD FRPH OR
VWHVVRFXRUHVLDLQJUDGRGLSURGXUUHVRVWDQ]HFRQWUDSSRVWHWUDORUR
D VHFRQGD GL TXDOH SHUFH]LRQH VL KD GHOO
DPELHQWH QRQ
GLPHQWLFKLDPR FKH OD 31(, q OD VFLHQ]D FKH VWXGLD SURSULR OD
SURGX]LRQH ELRFKLPLFD LQ FRQVHJXHQ]D GHOOD SHUFH]LRQH
GHOO
DPELHQWH

/H SHUVRQH PL FKLHGRQR PD FRPH VL ID D SHQVDUH LQ PDQLHUD
ROLVLWLFDDYHGHUHWXWWR812"
1RQqSRVVLELOHVSLHJDUORGLUHWWDPHQWHSRLFKpTXLVLDPRQHOFDPSR
GLDWWLYLWjGHOORVSLULWRULJXDUGDQWHSHUWDQWRFRVHFRVuLQWLPHGDQRQ
HVVHUH SRVVLELOH WUDVPHWWHUOH D SDUROH H UHQGHUOH FRPSUHQVLELOL
VHQ]DXQDEHQFKpPLQLPDHVSHULHQ]DGLUHWWD
3HUz SRVVR GLUWL FRPH VL ID D VFDUWDUH WXWWR FLz FKH q 80$12 VH
TXDQGR IDL TXDOFRVD OD IDL DYHQGR XQ
DVSHWWDWLYD GL DPPLUD]LRQH
FKH WHQGD D IDU IDUH TXDOFRVD DJOL DOWUL SURYRFDUH XQD UHD]LRQH 
DOORUD VWDL FHUWR FKH LO WXR )$5( q XPDQR H LO WXR FXRUH VWD
SURGXFHQGR(7
$O FRQWUDULR VH TXDQGR IDL TXDOFRVD QRQ KDL DOWUR VFRSR UDJLRQH
QDVFRVWD R VHFRQGR ILQH VHL VXOOD YLD GHO ULFRQRVFLPHQWR GL WH LQ
TXDQWRHVVHUHVSLULWXDOH
1RQLOOXGLDPRFLFKHXQDGLHWDPDVVDJJLQXPHURORJLD5HLNLRFRUVL
HPR]LRQDOL FL SRVVDQR OLEHUDUH QRQ q SRVVLELOH PD QHDQFKH
ORQWDQDPHQWH Ê YHUR FKH XQD SHUVRQD VDQD H DOOHJJHULWD GHOOH
SURSULH SHQH q SL DUPRQL]]DWD SHU LO EHQH GL WXWWL PD TXL q XQD
TXHVWLRQHGLFDPELDUHLOSXQWRGLYLVWDVXOODYLWDSRLFKpqTXHVWRFKH
GHWHUPLQDODQDWXUDGHOODSVLFKHGLRJQXQRODYDULDELOHFXRUHQRQOD
VLSXzLPEURJOLDUHXQFXRUHSXURqXQFXRUHSXUR

>  @ 2SHUDFLWDWDGDOFDSLWRORSDJLQD

>  @ 1LVDUJDGDWWD,R6RQR4XHOOR(GL]LRQL$VWURODELR8EDOGLQL

> @ GDDQDQGDFKHLQVDQVFULWRVLJQLILFDEHDWLWXGLQH
3$ 5 7(,,,

/RV W U XP H QW R

6RJQRGLDEEUDFFLDUHXQDPLFRYHUR

FKHQRQYRJOLDYHQGLFDUVLVXGLPH

GLXQVXRPRPHQWRDPDUR

HJHQWHJLXVWDFKHULILXWLG
HVVHUSUHGD

GLIDFLOLHQWXVLDVPLHLGHRORJLHDOODPRGD

/XFLR%DWWLVWL

8QDJLRUQDWDXJJLRVD
  $9 3 5  $  ,/*( 1 (' (//$
*(1 ( 5 26 ,7¬

)HUPR UHVWDQWH FKH XQ LQGLYLGXR VL SUHQGD OD UHVSRQVDELOLWj GL


TXDOFKHFRVDDXWRPDWLFDPHQWHHJOLGLYHUUjDQFKHFDXVDVXTXHOOD
FRVD(VVHUHFDXVDWLVROOHYDGDOPHOPRVRVWDWRGLHVVHUHXPDQR
HWLSRUWDSLYLFLQRDTXHOODFKHqODWXDYHUDQDWXUDFLRqTXHOODGL
XQ HVVHUH VSLULWXDOH FRQ SRWHUL H DELOLWj LOOLPLWDWH GD PHWWHUH D
GLVSRVL]LRQHSHULOVHUYL]LRHLOGLOHWWRGLVpVWHVVLLQTXDQWR,2
7XWWDYLD SXU VH VWLDPR SDUODQGR GL &$86$ q EHQH VDSHUH FKH
GREELDPRFRPSUHQGHUHDQFKHLOFRQFHWWRRSSRVWR PDQRQWDQWR
FRPH YHGUHPR  GL &$62 H TXLQGL GL FDVXDOLWj 3XU HVVHQGR GXH
WHUPLQLGLYDOHQ]DRSSRVWDqEHQHVDSHUHFKHLQTXHVWRXQLYHUVR
TXHVWHGXHFRVHVRQRFROOHJDWH
)DFFLDPR XQ HVHPSLR TXDQWL JUDPPL GL ODWWH DQGUHEEHUR PHVVL
QHOELEHURQGLXQSULPRLSRWHWLFRELPERQDWRLQXQPRQGRGLDGXOWL
FKH QRQ KDQQR HVSHULHQ]D FRQ L QHRQDWL" $ TXDOH WDFFD LO ODWWH
GHYHDUULYDUHQHOELEHURQ"
/D FRPSUHQVLRQH GL TXHVWD PHFFDQLFD UHQGH FKLDUR LO UXROR GHOOD
&$68$/,7¬QHOO
XQLYHUVRILVLFR
3RWUHPPR GLUH FKH LO &$62 VLD XQD LQHYLWDELOH )$77,9,7¬
63(5,0(17$/(DO ILQH GL JLXQJHUH DOO
HVSHULHQ]D PDVROR VHOR
VIRU]RGHOIDUHqGLUHWWRGDXQD&$86$DOWULPHQWLVLRWWLHQHFDRV
6WXGLDWD O
HWj LO SHVR GHO ELPER TXDQWH YROWH VL VYHJOLD SHU
PDQJLDUHDOJLRUQRLQVLHPHDOIDWWRFKHGHSHULYDSHUPDQFDQ]DGL
ODWWHRLQJUDVVDYDSHUDEERQGDQ]DGLODWWHVLSURFHGHSHUWHQWDWLYL
VXFFHVVLYL &Lz FKH YRJOLR GLUH q FKH SDUWHQGR GD XQD FDXVD VL
DUULYDDOO
HVSHULHQ]DSDVVDQGRSHUWHQWDWLYLDEERQGDQWLRFDUHQWL
4XDOVLDVL )$5( FKH SRVVD HVVHUH HIIHWWXDWR LQ TXHVWR XQLYHUVR
ILVLFRFRPSUHVLLWHRUHPLGLPDWHPDWLFDODILORVRILDODPHGLFLQDR
ORVWXGLRGLXQDULFHUFDDUFKHRORJLFDLQL]LDFRQXQSULPRSDVVRH
VXFFHVVLYDPHQWH ULFHYH XQD TXDQWLWj GL LQIRUPD]LRQL ILQR D
GLYHQLUHXQIDWWRFRPSLXWRXQODYRURFRPSOHWR
/DTXHVWLRQHGHL6HWWH6SHFFKL(VVHQLQRQqTXDOFRVDFKHqVWDWR
SRUWDWRDFRPSLPHQWRYDGDWRXQJURVVRPHULWRD*UHJJ%UDGHQ
SHU DYHU ULSRUWDWR DOOD OXFH TXHVWD WHFQRORJLD WXWWDYLD O
DQDOLVL
ILORVRILFDHGHVRWHULFDQRQVLqFRPSLXWDLQTXDQWRJOLDOERULVRQR
ULPDVWLWDOLHQHVVXQRQHDQFKHORVWHVVR%UDGHQKDRWWLPL]]DWROD
VFRSHUWD
&LzFKHSHUzPLVWXSLVFHDQFRUGLSLqO
HVLVWHQ]DGLXQDJURVVD
TXDQWLWj GL FRUVL SUHVVRFKp LQ WXWWH OH OLQJXH LQ FXL WL
LQVHJQHUHEEHUR O
XWLOL]]R GL TXHVWD WHFQRORJLD LQWHULRUH &Lz FKH
RJJL YLHQH VSDFFLDWR FRPH OD WHFQRORJLD GHL  6SHFFKL (VVHQL q
TXDOFKHFRVDFKHSRWUHPPRGHILQLUHSUHLVWRULFRHFKHSXzSRUWDUH
JURVVLGDQQLDOODFRPSUHQVLRQHGHOOHSHUVRQH
$EELDPRJLjIDWWRULIHULPHQWRDOO
HQHUJLDTXDQWLFDDJOL06WDWHDL
YRUWLFL H DOO
HIIHWWR 7XQQHO FRPH PHFFDQLVPL H SUHVXSSRVWL
VFLHQWLILFL LQ JUDGR GL VSLHJDUH LO IHQRPHQR GHOO
DVFHQVLRQH
XQLWDPHQWHVLqIDWWRDQFKHULIHULPHQWRDLYRUWLFLHDOODVHULHGHL
HVHUFL]LWLEHWDQLGHOODULJHQHUD]LRQHILVLFD
7XWWDYLD q DQFKH EHQH SRUUH O
DFFHQWR VXOOD TXHVWLRQH GL TXHOOD
IDPRVDHSLJHQHWLFDUHVDQRWDGDOELRORJR%UXFH/LSWRQQHOODVXD
³%LRORJLD GHOOH FUHGHQ]H´ /D YLVLRQH VFLHQWLILFD DOOD EDVH DIIHUPD
FKHqLOSHQVLHURFKHFDPELDLO'1$HFKHSHUHVVHUHSLFRUUHWWL
WXWWD OD ELRORJLD GHOOH FUHGHQ]H VL EDVD VXOOD 31(, OD TXDOH LQ
TXDQWR VFLHQ]D VSLHJD FRPH LO QRVWUR FRUSR UHDJLVFH H VL
FRVWUXLVFH LQ ULVSRVWD D SHUFH]LRQL GHOO
DPELHQWH H D VWDWL GL
FRVFLHQ]D
7XWWD TXHVWD SUHID]LRQH q UHVD QHFHVVDULD SHU VSLHJDUH FLz FKH
QHOPLRSUHFHGHQWHOLEURDIIHUPRLQSDJLQHFLRqFKHTXDQGR
O
LQGLYLGXRYHGHVHVWHVVRVHSDUDWRGDOPRQGRVLVWDVXLFLGDQGRD
OLYHOOR GHOO
HVVHUH 812 4XDQGR WL YHGL QRQ VROR FLz FKH L FRQILQL
GHOWXRFRUSRILVLFRIDQQRDSSDULUHDLWXRLRFFKLXPDQLPDPHWWLLQ
IXQ]LRQHO
RFFKLRVSLULWXDOHHWLYHGLXQWXWWRFRQLOPRQGRFDGHOD
FRPSHWL]LRQHHODUDJLRQHQDVFRVWDHODWXDFRVFLHQ]DVLHVSDQGH
/D WHFQRORJLD GHL  6SHFFKL (VVHQL SXz IXQ]LRQDUH LQ TXDQWR
DJLVFHVXOOHDEHUUD]LRQLGHOO
LQGLYLGXRSRLFKpVRQRSURSULRTXHVWH
FKH OR SRUWDQR D VHQWLUVL VHSDUDWR GDOO
8QR H D QRQ YHGHUH LO
PRQGRTXDOHPDQLIHVWD]LRQHXQLWDULDGLXQXQLFR,2
Ê XQD QRWL]LD GHO GLFHPEUH  VXIIUDJDWD GD DOWUH SURYH H
ULWUDVPHVVDFRQPDJJLRUHHQIDVLLORWWREUHODJHQHURVLWj
DYUHEEHXQDPDWULFHJHQHWLFDLOJHQH$935D7XWWDYLDTXHVWRq
LO WLSLFR FDVR GL FRPH OD SHUFH]LRQH GHOO
DPELHQWH H QRQ LO
FRQWUDULR  FRQVHJXHQ]D GL PLOLDUGL GL DQQL GL IRUPD]LRQH DQLPLFD
GHOO
HVVHUH SRVVD GHWHUPLQDUH XQD YDULD]LRQH GHO '1$ 5LFRUGR
FKHLOJHQHqXQFRVWLWXHQWHGHO'1$HGqLOFRGLFHFRQFXLLOFRUSR
YLHQH FRVWUXLWR HG q FRQVHJXHQWH HVSUHVVLRQH GHO FDUDWWHUH GHOOD
SHUVRQDHGHOVXRPRGRGLSHUFHSLUHO
DPELHQWH
1HO  L ULFHUFDWRUL GHOOD + HEUHZ 8QLYHUVLW\ GL *HUXVDOHPPH
DYUHEEHUR VFRSHUWR LO JHQH XQ DUWLFROR GL 5HSXEEOLFD RQ OLQH GHO
GLFHPEUHGLTXHOO
DQQRULSRUWD
,ULFHUFDWRULVRQRDUULYDWLDTXHVWDFRQFOXVLRQHGRSRDYHUVWXGLDWR
ODSHUVRQDOLWjGLYRORQWDULQHOFRUVRGLXQWHVWRQOLQHGDOWLWROR
7KHGLFWDWRU ,OGLWWDWRUH QHOTXDOHVLSRWHYDVFHJOLHUHVHWHQHUH
R GDUH YLD XQD VRPPD GL GHQDUR SDUL D FLUFD QRYH HXUR
'LUHWWDPHQWHRQOLQHLPHGLFLKDQQRFKLHVWRDLYRORQWDULGLIDUHXQD
VFHOWD WUD GRQDUH H QRQ GRQDUH GHQDUR 2JQXQR SRWHYD GHFLGHUH
GL WHQHUH L VROGL FKH JOL HUDQR VWDWL DVVHJQDWL R GL GDUOL WXWWL R LQ
SDUWH D XQ DOWUR SDUWHFLSDQWH DQRQLPR $ QHVVXQR q VWDWR GHWWR
FKH FRVD QH VDUHEEH VWDWR GHO GHQDUR LQ PRGR GD QRQ
LQIOXHQ]DUQHODGHFLVLRQH,YRORQWDULKDQQRDQFKHIRUQLWRFDPSLRQL
GHO SURSULR '1$ L TXDOL VRQR VWDWL DQDOL]]DWL H FRQIURQWDWL FRQ OH
ORUR UHD]LRQL , ULVXOWDWL KDQQR ULYHODWR FKH FKL DYHYD TXDOFKH
YDULDQWH GHO JHQH $935D PRVWUDYD XQD SURSHQVLRQH SL DOWD
GHOFLQTXDQWDSHUFHQWRDGRQDUHLSURSULVROGL$ULHO.QDIRDFDSR
GHOO
HTXLSH GL ULFHUFD KD VSLHJDWR VXOOD ULYLVWD VSHFLDOL]]DWD
*HQHV %UDLQ DQG %HKDYLRU FRPH OH SHUVRQH SRUWDWULFL GL XQD
SUHFLVDYDULDQWHGHOJHQHGHOODJHQHURVLWjDEELDQRXQDPDJJLRUH
SUHGLVSRVL]LRQH D GRQDUH L SURSUL VROGL DJOL DOWUL ,O JHQH LQ
TXHVWLRQH q JLj QRWR FRPH UHJRODWRUH GHOOD SURGX]LRQH
GHOO
RUPRQH DUJLQLQD YDVRSUHVVLQD FKH DJLVFH VXOOH FHOOXOH
FHUHEUDOL H UHJROD LO PHFFDQLVPR GHL OHJDPL VRFLDOL 'DOOH DQDOLVL
FRQGRWWHQHLODERUDWRULLVUDHOLDQLqHPHUVRFKHLQFHUWLLQGLYLGXLXQD
SDUWHVSHFLILFDGHOJHQHGHWWDSURPRWRUHULVXOWDYDSLOXQJDSL
OXQJR q LO SURPRWRUH SL DWWLYR q LO JHQH LQ TXHVWLRQH 8QD
VFRSHUWDVHQVD]LRQDOHDGHWWDGHJOLVWXGLRVLSHUFKpVLqVHPSUH
FUHGXWR FKH OD JHQHURVLWj GLSHQGHVVH GDO FRQWHVWR LQ FXL VL YLYH
GDO EHQHVVHUH GL FXL VL JRGH H GD IDWWRUL FXOWXUDOL 4XHVWD q OD
SULPDSURYDGLXQDUHOD]LRQHWUDDOWUXLVPRH'1$KDGHWWR.QDIR
DO TXRWLGLDQR EULWDQQLFR 'DLO\ 7HOHJUDSK  PD DQFRUD QRQ
VDSSLDPR SHUFKp FHUWH SHUVRQH KDQQR LO JHQH H DOWUH QR Qp
TXDQWHSHUVRQHFHO
DEELDQRHIIHWWLYDPHQWH6HFRQGRODULFHUFDL
UDJD]]L FRQ LO JHQH GHOOD JHQHURVLWj SL VYLOXSSDWR VDUHEEHUR
DQFKH TXHOOL FRQ VROLGL YDORUL SURQWL D EDWWHUVL SHU OD SDFH QHO
PRQGRODJLXVWL]LDVRFLDOHHODVDOYDJXDUGLDGHOO
DPELHQWH>@
$UULYDQGRTXLQGLDGRWWREUHODULYLVWD3OR6FRQIHUPDTXDQWR
VFRSHUWRQHOHGDIIHUPDXQDFRVDPROWRLQWHUHVVDQWHHFLRq
FKHLOJHQHGHOO
HJRLVPRqFRQVLGHUDWRXQDGLVIXQ]LRQHJHQHWLFDq
FRPH GLUH FKH XQ 6p GHILQLWR GHWHUPLQD OR VWDWR GL VDOXWH SHU
HIIHWWRGHOOD31(,VL³FUHD´XQFRUSRLQVDOXWHSHUIHWWD PHQWUHXQ
6p IUDPPHQWDWR GHWHUPLQD OR VWDWR GL PDODWWLD 4XHVWR q LO
FRPPHQWRGL)HGHULFR5DPSLQLVX5HSXEEOLFD
8Q¶LPSRUWDQWH ULFHUFD SXEEOLFDWD VXOOD ULYLVWD VFLHQWLILFD 3/R6 H
ULSUHVDGDO:DOO6WUHHW-RXUQDOGLPRVWUDLQPRGRFRQYLQFHQWHFKH
VLDPR SURJUDPPDWL ELRORJLFDPHQWH FRQ XQ ³JHQH GHOO¶DOWUXLVPR´
$OPHQRPROWLGLQRLFHO¶KDQQRDWWLYRHIXQ]LRQDQWH0HQWUHVRQR
JOL ³HJRLVWL DOOD QDVFLWD´ OD YHUD DQRPDOLD SHUFKp YLWWLPH GL XQD
GLVIXQ]LRQHJHQHWLFD(VVHUHJHQHURVLDOWUXLVWLUHQGHSLIHOLFL"Ê
TXHOOR FKH KDQQR UDFFRQWDWR L EDPELQL SURWDJRQLVWL
GHOO¶HVSHULPHQWRFKHKDGDWRYLWDDOORVWXGLR
4XHVWR q LO ULVXOWDWR GHOO¶HVSHULPHQWR FRQGRWWR GD XQ
HTXLSH GL
SVLFRORJL LQ XQ ODERUDWRULR LVUDHOLDQR VRWWR OD JXLGD GHO SURIHVVRU
5HXW $YLQXP GHOOD +HEUHZ 8QLYHUVLW\ GL *HUXVDOHPPH ,O WHVW q
VHPSOLFHFRPLQFLDFRQEDPELQLGLHWjFRPSUHVDIUDLHL
DQQL 8QR DOOD YROWD RJQL EDPELQR HQWUD GD VROR LQ XQD VWDQ]D
DUUHGDWD FRPH OD VDOD JLRFKL GL XQD VFXROD PDWHUQD *OL YHQJRQR
FRQVHJQDWH VHL FRQIH]LRQL GL DGHVLYL FRORUDWL R VWLFNHUV ©3XRL
WHQHUOL WXWWL SHU WH ² JOL VSLHJD O¶LVWUXWWRUH ² RSSXUH SXRL GDUQH
TXDOFXQRDXQDOWUREDPELQRFKHQRQQHKDª*OLVWLFNHUVFRORUDWL
UDSSUHVHQWDQR LPPDJLQL EHOOH DWWUDHQWL 1HVVXQ DOWUR FRHWDQHR
DSSDUHQHOODVWDQ]DTXLQGLLOEDPELQRQRQKDODSLSDOOLGDLGHDGL
FKL VDUHEEH LO EHQHILFLDULR GHO VXR GRQR HYHQWXDOH *OL VL FKLHGH
XQR VIRU]R G¶LPPDJLQD]LRQH QRWHYROH SHU TXHOOD HWj OD VXD
JHQHURVLWjGHYHHVHUFLWDUVLDIDYRUHGLXQHVVHUHDVWUDWWR(SSXUH
LO ULVXOWDWR GHO WHVW q LQHTXLYRFDELOH L GXH WHU]L GHL EDPELQL
VFHOJRQRGLODVFLDUHTXDOFKHFRQIH]LRQHDGDOWULVRORSHUFKpJOLq
VWDWR GHWWR FKH GD TXDOFKH SDUWH HVLVWRQR GHL EDPELQL FKH QRQ
KDQQR DOFXQ DGHVLYR 1RQ FL VRQR GLIIHUHQ]H WUD PDVFKL H
IHPPLQH $OFXQL DGGLULWWXUD ULQXQFLDQR DOOD WRWDOLWj GHO GRQR
,QWHUURJDWL VXO SHUFKp GL TXHVWR DOWUXLVPR HVWUHPR ULVSRQGRQR
©3HUFKpqFRVuFKHFLVLVHQWHSLIHOLFLª
&LzVLJQLILFDFKHUHODWLYDPHQWHDOUXRORGHOJHQH$935DFLVRQR
SHUVRQHSLJHQHURVHHSHUVRQHFKHQRQORVRQRFKHQRQKDQQR
TXHVWR JHQH H FKH GLUHL SUHVHQWDQR SDWRORJLH GD 6p
IUDPPHQWDWR
&LzFKHSRFKLYRJOLRQRPHWWHUVLLQWHVWD±PHQFKHPHQRLSROLWLFL±
q FKH QRQ FL SXz HVVHUH HOHYD]LRQH VSLULWXDOH VH QRQ F
q
FRPSDVVLRQH SHU WXWWH OH SDUWL GHOO
HVLVWHQ]D TXHVWD IUDVH FL
DFFRPSDJQHUj DOOD WHVWD GL RJQL VSHFFKLR D PR
 GL DIRULVPD
7XWWDYLDqDQFKHEHQHSUHFLVDUHFKHODFRPSDVVLRQHQRQKDQXOOD
D FKH YHGHUH FRQ TXHOOD FRVD FKH OH UHOLJLRQL PLOODQWDQR FRPH
SLHWLVPR
,RQRQVRFRVDVLDLOEHQHHFRVDVLDLOPDOHQpVRFRVDVLDJLXVWR
RFRVDVLDVEDJOLDWRDOPHQRQRQULXVFLUHLDGLUORFRUUHWWDPHQWHD
SDUROH)LJXULDPRFLSRLWHQWDUHGLVSLHJDUORDGDOWULFRQXQSDVVDWR
GLYHUVR GDO PLR IROOLD SXUD (SSXUH XQ PHWRGR SHU IDU
FRPSUHQGHUH EHQH FRVD VLD O
HJRLVPR ULVSHWWR DOO
8QLWj O
KR
WURYDWR HG q DQFKH PROWR VHPSOLFH FRPH OR VRQR WXWWH OH FRVH
YHUH
2JQL TXDO YROWD FRPSLR XQ
D]LRQH SHU OD TXDOH VR GL IRUQLUH XQ
YDQWDJJLR D TXDOFXQR D GLVFDSLWR GL XQ DOWUR TXHOOD q XQ
D]LRQH
HJRLVWLFD&LzYDOHDQFKHQHLVHPSOLFLUDSSRUWLWUDPRJOLHHPDULWR
6HLRIDFFLRXQDWHOHIRQDWDDOGLUHWWRUHSHUSDVVDUHDYDQWLDOODILOD
TXHOO
D]LRQHSURFXUDXQEHQHILFLRDTXDOFXQRH³WRJOLH´GHLGLULWWLDG
DOWUL 8QD UDFFRPDQGD]LRQH DYDQ]DWD SHU LO ODYRUR GHO SURSULR
ILJOLRORSRUWDLQVWDWRGLVYDQWDJJLRLOILJOLRORGLXQDOWURLOFRQFHWWR
q FKH VH VLDPR 812 QRQ SRVVLDPR GDUH XQ YDQWDJJLR DG XQD
SDUWH GL QRL ULVSHWWR DG XQ
DOWUD SHU TXHVWR LO JLXVWR SURFHGHUH
GHOOHFRVHGRYUHEEHSUHPLDUHLPHULWLHODSURGXWWLYLWj0DDQFKHLO
QRQLQWHUYHQLUHODVFLDQGRTXLQGLVLWXD]LRQLVTXLOLEUDWHQRQqHWLFR
HG q HJRLVWLFR TXDOVLDVL FRVD FKH VLD HJRLVWLFD QRQ q HWLFD H
YLFHYHUVDHWLFRVLJQLILFDHVVHUHLQGLRHO
HVVHUH8QRQRQSUHYHGH
IDYRULWLVPL 7XWW
DO SL SRVVR GHFLGHUH VH DSULUH XQD ERWWLJOLD GL
IDQWDVWLFR %DUROR R XQ QRUPDOH YLQR GD SDVWR D VHFRQGD VH OD
SHUVRQDFKHKRGDYDQWLVLDLQJUDGRGLDSSUH]]DUHXQYLQRULVSHWWR
DGXQDOWUR
4XLQGL OD FRPSDVVLRQH QHOO
LPSRVVLELOLWj GL GHILQLUH LO EHQH H LO
PDOH q TXHOOD FRQGL]LRQH SHU FXL QHVVXQD FRVD ULFHYH GLVFDSLWR
GXUDQWHO
HVSUHVVLRQHGLXQ
D]LRQH
'DFLzQHFRQVHJXHYLVWDO
LPSRUWDQ]DGHOODFRVDFKHODFRUUHWWD
FRPSUHQVLRQH GHOOD WHFQRORJLD SXz OLEHUDUH HG HIIHWWLYDPHQWH OR
ID PROWD SRWHQ]D H UHQGH O
LQGLYLGXR PDJJLRUPHQWH FDXVD
VXOO
DPELHQWHSRUWDQGRORDGDYHUHPDJJLRUHFXUDGHOPRQGRFKH
ORRVSLWDVHQ]DTXHOODPDOHGHWWDVSLQWDDIDUHOHFRVHEDVDQGRVL
VXOJLXGL]LRFKHTXDOFXQRqLQHUURUHSRYHURULFFRRDOWUR
4XDQGRO
XRPRqOLEHURGDOYHORGHOOHHPR]LRQLIDFLzFKHVHQWHH
VL SUHQGH DXWRPDWLFDPHQWH FXUD GHOO
DPELHQWH 4XHVWR SUHQGHUVL
FXUD QRQ GHYH PDL HVVHUH XQR VFRSR DQFRUDWR VX XQ
LQGRWWULQDPHQWR JLXGLFDQWH ± IDL TXHVWR FKH q EHQH QRQ IDUH
TXHVWRFKHqPDOH±EHQVuqO
HIIHWWRGHOIDWWRFKHQRQSLVSLQWR
GDOOHHPR]LRQL6(17(GLIDUHTXHOODFRVDSHUFXLLOPRQGRQRQVL
ULHPSLH GL SHUVRQH FKH VL GHGLFDQR LQ PRGR HFFHVVLYR QHO IDUH
YRORQWDULDWR
8Q*UDQGH(VVHUHYHGUjJOLDOWULQHOORURWHQWDWLYRGLHVVHUHFRPH
JLjDUULYDWLSHUFXLFROODERUHUjFRQORURDOJLRFRGHOODYLWDVXLSXQWL
H OH D]LRQL LQ FXL F
q DIILQLWj H QRQ JLXGLFKHUj JOL DOWUL 8Q *UDQGH
(VVHUH QRQ DLXWD QHVVXQR SRLFKp q OLEHUR GD TXHOOH HPR]LRQL GL
FXL q QRUPDOPHQWH SULJLRQLHUR O
XRPR FRPXQH FKH UDJLRQD LQ
WHUPLQLGLJLXGL]LR1RQGLUjFKHTXHOORqXQSRYHURGDDLXWDUHRXQ
PDODWR GD VROOHYDUH PD VROR XQ GLR FKH VWD ³HVVHQGR´ 
&ROODERUHUjFRQOXLSHUUHDOL]]DUHLO3LDQRGHO6pQHOPRQGRILVLFR
HYHGHQGRORFRPHHVSUHVVLRQHXQLFDTXDOHWDVVHOORGLXQLQILQLWR
SX]]OH HVSUHVVLRQH GHO 7XWWR GL FXL DO PRPHQWR D OXL ULPDQH
LJQRWRLOILQH
8Q*UDQGH(VVHUHQRQDLXWDJOLDOWULSRLFKpSHUOXLWXWWRqYLWDLQ
HVSUHVVLRQH PD FRQ OH VXH QDWXUDOL D]LRQL q LQ SULPD OLQHD SHU LO
VROOLHYR GDOOD VRIIHUHQ]D OH VXH D]LRQL QRQ SDUWRQR GDO
SUHVXSSRVWRGHOO
DLXWRPDGDTXHOORGHOODFROODERUD]LRQH6DFKH
DGXQIOXVVRXVFHQWHGLXQFHUWRWLSRHJOLQHULFHYHUjXQRHQWUDQWH
GLSDULWLSRORJLDHJOLVDFKHFKLGLDLXWRIHULVFHGLDLXWRSHULVFHH
FKH LO IOXVVR HQWUDQWH GL DLXWR OR IDUj GL QXRYR VSURIRQGDUH QHOOD
FRQGL]LRQHXPDQD(JOLLO*UDQGH(VVHUHVDFKHVHYXROHHVVHUH
',2GHYHYHGHUH',2QHJOLDOWULHFRPHSRWUHEEHFRVuSHQVDUHGL
DLXWDUHXQHVVHUHJLjRQQLSRWHQWHRQQLVFLHQWHHGRQQLSUHVHQWH"
$OOD ULFKLHVWD GHO EDUERQHGLR GL XQ DWWR GL HOHPRVLQD HJOL
ULVSRQGHUjFRQLOVXRUXRORGLDWWRUHQHOJLRFRGHOODYLWDHUHFLWHUj
XQDSDUWHFKHDYUjODIXQ]LRQHGLFDPELDUHODPHQWHGHOEDUERQH
GLRLQTXHOODGLGLREDUERQH7XGLYLHQLVRORFLzFKHVHLLQJUDGRGL
RVVHUYDUHHSHUIDUFLzGHYLIDUFDGHUHLOYHORHPR]LRQDOHGDLWXRL
RFFKLSXRLXVDUHODWHFQRORJLDFKHWURYLSLDYDQWLSRLFKpqVWDWD
ULYHGXWDFRUUHWWDHWHVWDWDHIXQ]LRQD
&RPSDVVLRQH VLJQLILFD TXLQGL FROODERUD]LRQH WUD HVVHUL QHO
UHDOL]]DUHDVHJXLWRGHOVHQWLUHJOLRELHWWLYLDQLPLFLLQFRPXQHFKH
VLSUHVHQWDQRLQTXHOPRPHQWRHLQTXHOSRVWRFRPHGLUHO
DELOLWj
GL HVVHUH DO SRVWR JLXVWR QHO PRPHQWR JLXVWR &RPSRUWDUVL FRPH
VHVLIRVVHXQLWLJLjFRQLO7XWWRUHQGHUHDOHO
HVSHULHQ]DGHOWXWWR
QRQ GLPHQWLFKLDPR FKH FRPXQTXH YDGD VLDPR VHPSUH WXWWL
OHJDWLULFRUGDO
HQWDQJOHPHQW

> @
ZZZUHSXEEOLFDLWVH]LRQLVFLHQ]DB HB WHFQRORJLDJHQHURVLWDJHQHURVLWDJHQHURVLWDK
WPO
  (1 7$ 1 */(0 (1 7 78 772Ê8 1 ,72

/
DVSHWWRGLVHQVD]LRQHGLXQLWjORVLULWURYDQHOOHSHUFH]LRQLDJUDQGL
GLVWDQ]H FKH KDQQR SHUVRQH WUD ORUR PROWR OHJDWH FRPH OD PDGUH
FKH ³VHQWH´ FKH VWD DFFDGHQGR TXDOFRVD DO ILJOLR /D SHUFH]LRQH q
WDQWR SL LQWHQVD TXDQWR PDJJLRUH q OD FRPSHQHWUD]LRQH O
DIIHWWR R
DIILQLWjWUDOHSHUVRQHqLOULVXOWDWRGLXQDFRUULVSRQGHQ]DGLDPRURVL
VHQVL PD DQFKH VH QRQ FH QH DFFRUJLDPR TXHVWD UHOD]LRQH D
GLVWDQ]D q GDSSHUWXWWR FRPH VH WXWWR IRVVH XQ FRUSR XQLFR GL FXL
DYHUHFXUD
$QFKH OD VFLHQ]D VWD UHFXSHUDQGR SDUDGRVVDOL SURYH FRQFUHWH FKH
GLPRVWUDQRFKHWXWWRqFROOHJDWRHTXLQGLLOVHQVRGLXQLFLWjGHOODYLWD
&RQODVFRSHUWDGHOODPHFFDQLFDTXDQWLVWLFDYHQQHURDJDOODEL]]DUUH
WHRULH FKH VHPEUDYD YLRODVVHUR OH DOORUD FRQVROLGDWH WHRULH
UHODWLYLVWLFKH /R VWHVVR (LQVWHLQ GLVVH ³5LFRQRVFR QHOOD ILVLFD
TXDQWLVWLFDXQQRWHYROHFRQWHQXWRGLYHULWjPDQRQSRVVRFUHGHUHLQ
HVVDSHULOIDWWRFKHHVVDqLQFRPSDWLELOHFRQLOSULQFLSLRFKHODILVLFD
VLDODUDSSUHVHQWD]LRQHGLXQDUHDOWjVSD]LRWHPSRUDOHVHQ]DSRWHU
DVVROXWDPHQWH FRQVLGHUDUH DVVXUGL HIIHWWL D GLVWDQ]D YLRODQGR LO
FRQFHWWRVWHVVRGLYHORFLWjGHOODOXFH´
/DJLRYDQHPHFFDQLFDTXDQWLVWLFDSUHYHGHYDFKHLQTXDOFKHPRGR
XQRVFDPELRGLLQIRUPD]LRQHSRWHVVHDYYHQLUHDYHORFLWjVXSHULRULD
TXHOOH GHOOD OXFH FRVD DOOD TXDOH JOL VFLHQ]LDWL 5HODWLYLVWLFL VL
RSSRQHYDQR
4XHVWDVHQVD]LRQHGLDVVXUGLWjVIRFLzQHOFRQO
HODERUD]LRQH
GHO 3DUDGRVVR (35 GRYH (LQVWHLQ 3RGROVN\ H 5RVHQ OH OHWWHUH
(35  VEHIIHJJLDYDQR OD WHRULD TXDQWLVWLFD QRQ VL DFFHWWDYD FKH
SRWHVVHURDYYHQLUHHIIHWWLDGLVWDQ]DLPPHGLDWLTXLQGLDYHORFLWjEHQ
VXSHULRUL D TXHOOH GHOOD OXFH 4XHVWL VFLHQ]LDWL FRQ L GDWL D ORUR
GLVSRVL]LRQH FRQWLQXDYDQR D VRVWHQHUH LO FRQFHWWR GL ORFDOLWj FLRq
FKH OH FRVH DYYHQLYDQR TXD H SRL Oj D VHJXLWR GL VFDPELR GL
LQIRUPD]LRQLDYHORFLWjQRQVXSHULRULDTXHOODGHOODOXFH
1HJOLDQQL¶LOILVLFRHPDWHPDWLFRLUODQGHVH-RKQ%HOOWUDVIRUPzLO
SDUDGRVVR LQ WHRUHPD 7HRUHPD GL %HOO  VH SXU VROR LQ PRGR
PDWHPDWLFR VL IRUPXODYD FKH HUDQR SRVVLELOL HYHQWL LVWDQWDQHL VX
SDUWLFHOOHFKHHUDQRGLVWDQWLWUDORURPDDSDWWRFKHTXHVWHSDUWLFHOOH
DYHVVHURFDUDWWHULVWLFKHDIILQLYLRODQGRLQTXHVWRPRGRLOFRQFHWWRGL
VFDPELRGLLQIRUPD]LRQLDOODPDVVLPDYHORFLWjSRVVLELOHTXHOODGHOOD
OXFH &Lz VLJQLILFDYD FKH OH FRVH DYYHQLYDQR QRQORFDOPHQWH ,O
WHRUHPD ULPDVH WDOH ILQR DO  TXDQGR O
HTXLSH GHO SURIHVVRU
$VSHFW GHOO
8QLYHUVLWj GL 3DULJL OR VSHULPHQWz FRO VXR JUXSSR
9HQQHURSUHVLGHJOLLVRWRSL DWRPRLQXQDSDUWLFRODUHFRQILJXUD]LRQH
GL FDOFLR H IDWWL FROOLGHUH GD TXHVWD RSHUD]LRQH QDVFHYDQR GXH
SDUWLFHOOHDIILQLFKHYHQLYDQRIDWWHDOORQWDQDUHLQDSSRVLWLPDFFKLQDUL
8QDFDUDWWHULVWLFDGHOOHSDUWLFHOOHDWRPLFKHqTXHOODGLUXRWDUHVXVH
VWHVVH H TXHVWD URWD]LRQH YLHQH FKLDPDWD VSLQ 6L QRWDYD FKH
TXDQGR OR VSLQ GL XQD GL TXHVWH SDUWLFHOOH YHQLYD LQYHUWLWR DQFKH
O
DOWUD LVWDQWDQHDPHQWH LQYHUWLYD OR VSLQ LQGLSHQGHQWHPHQWH GDOOD
GLVWDQ]D D FXL OH SDUWLFHOOH VL WURYDYDQR ,O SUREOHPD HUD VH OH
LQIRUPD]LRQL LQ TXHVW
XQLYHUVR SRVVRQR YLDJJLDUH DQFKH DOOD
PDVVLPDYHORFLWjFKHqSLRPHQRTXHOODGHOODOXFHHGHLQHXWULQL
FRP
qSRVVLELOHFKHDUULYLQRLVWDQWDQHDPHQWHDGHVWLQD]LRQH"
4XHVWD FRVD HUD VWDWD WHRUL]]DWD SRVVLELOH DQFKH D GLVWDQ]H
XQLYHUVDOLO
LQIRUPD]LRQHSDVVDYDDOO
LVWDQWHLQGLSHQGHQWHPHQWHGDL
OXRJKLGHOO
XQLYHUVRLQFXLVLWURYDVVHUROHSDUWLFHOOH/
XQLFRPRGRLQ
FXL VL VSLHJDYD TXHVWD FRVD HUD FKH OH LQIRUPD]LRQL SRWHVVHUR
YLDJJLDUH VHFRQGR XQ VLVWHPD QRQORFDOH FLRq QRQ FRQ XQ
HQHUJLD
FKH FRPSLH XQ SHUFRUVR QHOOR VSD]LR SRUWDQGR XQ
LQIRUPD]LRQH
EHQVuFRPHVHWXWWRIRVVHXQLWRLQFRVFLHQ]DHTXLQGLVRORLQTXHVWR
PRGR TXHOO
HYHQWR SRWHYD HVVHUH SUHVHQWH H GLVWULEXLWR GDSSHUWXWWR
FRQWHPSRUDQHDPHQWH
$QFKHLOILVLFRLQJOHVH'DYLG%RKPFKHIXDOOLHYRGL(LQVWHLQHODERUz
XQD WHRULD SHU OD TXDOH WXWWR O
XQLYHUVR QRQ q DOWUR FKH OD
UDSSUHVHQWD]LRQH QHOOD IRUPD GL XQD VRVWDQ]D OD FRVFLHQ]D FKH q
XQLFDHLQGLVVROXELOHPDFKHDOO¶DWWRGLPDQLIHVWDUVLDVVXPHLQILQLWH
IRUPHLOIDWWRGLYHGHUHTXHVWHIRUPHHQRQODVRVWDQ]D812GLFXL
HVVH VRQR FRVWLWXLWH GHWHUPLQD OD IUDPPHQWD]LRQH (JOL JLXQVH DG
DIIHUPDUH FKH WXWWR O
XQLYHUVR FRPH XQ UHVSLUR D IUHTXHQ]D
HOHYDWLVVLPD VL HVSDQGH PDQLIHVWD]LRQH  H VL FRQWUDH ULHQWUD QHO
PRQGR GHO SHQVLHUR  H GHILQu TXHVWL GXH VWDWL FRQ L QRPL GL RUGLQH
HVSOLFDWR H GL RUGLQH LPSOLFDWR $ PH SLDFH FKLDPDUH TXHVWR
IHQRPHQRLOUHVSLURGL'LR
/
DVSHWWRGHOODFRVFLHQ]DXQLWDULDRHQWDQJOHPHQWTXDQWLVWLFRGLWXWWH
OH FRVH q VWDWR GLPRVWUDWR DQFKH JUD]LH D 'HQQLV *DERU XQR
VFLHQ]LDWR XQJKHUHVH SUHPLR 1REHO SHU OD WHRULD GHJOL RORJUDPPL
FKH GRSR YHQWL DQQL IX GLPRVWUDWD SHU PH]]R GL XQ HVSHULPHQWR
IRWRJUDILFRFRQXQDVRUJHQWHODVHUULSRUWRGLVHJXLWRXQDSDUWHWUDWWD
GDOPLROLEUR7ULORJLDGHOO
,26212
,O  QRYHPEUH  DOOD 5R\DO 6RFLHW\ GL /RQGUD 7KRPDV <RXQJ
HVHJXu SXEEOLFDPHQWH LO SL LPSRUWDQWH ILQR DG DOORUD HVSHULPHQWR
GL LQWHUIHUHQ]D GHOOD OXFH OR UHDOL]]z LQ TXHVWR PRGR XQ UDJJLR GL
VROHYHQLYDGHYLDWRFRQXQRVSHFFKLRLQPRGRGDHQWUDUHRUL]]RQWDOH
QHOOD VWDQ]D 6XFFHVVLYDPHQWH LO UDJJLR HUD UHVR PROWR VRWWLOH
IDFHQGRORSDVVDUHSHUXQVHFRQGRIRURSLSLFFRORGLXQDVXSHUILFLH
RSDFD H SHU PH]]R GHOOR VSLJROR GL XQ IRJOLHWWR GL FDUWD OR VL
VHSDUDYDLQGXHODOXFHLQILQHFROSLYDXQRVFKHUPR QRUPDOPHQWH
O¶HVSHULPHQWR VL HVHJXH IDFHQGR SDVVDUH LO UDJJLR DWWUDYHUVR GXH
IHQGLWXUHVWUHWWHHYLFLQHLQYHFHGLVSDFFDUHLOUDJJLRFRQXQIRJOLRGL
FDUWD 
<RXQJ RVVHUYz FKH VXOOR VFKHUPR QRQ FRPSDULYDQR GXH LPPDJLQL
OXPLQRVH FRUULVSRQGHQWL DL GXH UDJJL PD FKH L UDJJL VWHVVL VL
DOODUJDYDQR VL VRYUDSSRQHYDQR H QHOO
DUHD GL VRYUDSSRVL]LRQH
IRUPDYDQRGHOOHEDQGHOXPLQRVHDOWHUQDWHD]RQHG
RPEUD
7DOHFRPSRUWDPHQWRqVLPLOHDOOHRQGHQDWHLQGXHSXQWLGLYHUVLGLXQ
ODJRFKHLQFRQWUDQGRVLVRPPDQRODORURDOWH]]DLQDOFXQLSXQWLHVL
DQQXOODQRDYLFHQGDLQDOWUL
3RLFKpO
HVSHULPHQWRULFKLHGHYDGXHVRUJHQWLFRHUHQWL RQGHLQIDVH
FRQODVWHVVDIUHTXHQ]DHOXQJKH]]DG
RQGD SHUPH]]RGHOIRJOLRGL
FDUWD GLHGH RULJLQH D GXH VRUJHQWL SXQWLIRUPL YLFLQLVVLPH 2JJL DO
SRVWR GHOOD OXFH VRODUH VL XVD XQ UDJJLR ODVHU FKH KD FRPH
SULQFLSDOHFDUDWWHULVWLFDTXHOODGLHVVHUHFRHUHQWH

4XDQGR OD OXFH SDVVD DWWUDYHUVR VRWWLOL IHQGLWXUH OD VXD


SURSDJD]LRQHQRQqSLUHWWLOLQHDTXHVWRIHQRPHQRSURSULRGLWXWWLL
IHQRPHQLRQGXODWRULqGHWWRGLIIUD]LRQH
/H RQGH LQWHUIHULVFRQR XQD FRQ O
DOWUD FUHDQGR EDQGH OXPLQRVH GL
LQWHUIHUHQ]D FRVWUXWWLYD EDQGH FKLDUH  H EDQGH GL LQWHUIHUHQ]D
GLVWUXWWLYD EDQGHVFXUH LQPDQLHUDDOWHUQDWD
4XHVWR HVSHULPHQWR GLPRVWUD FKH OD OXFH SXz FRPSRUWDUVL FRPH
SDUWLFHOODHFRPHRQGD
$QFKHO
LGHDFKH%RKPKDGHOOHSDUWLFHOOHVXEDWRPLFKHqGLVWDPSR
TXDQWLVWLFR VHFRQGR TXDQWR GLFKLDUz LQ XQD IDPRVD LQWHUYLVWD DOOD
%%& QHO  ©6H YL GRPDQGDVWH FRPH O¶HOHWWURQH q SDVVDWR LQ
UHDOWjDWWUDYHUVRODIHQGLWXUDHVHUHDOPHQWHKDDWWUDYHUVDWRO¶XQDR
O¶DOWUD LR YL ULVSRQGHUHL FKH FRQ PROWD SUREDELOLWj O¶HOHWWURQH QRQ q
XQWLSRGLFRVDFKHSRVVDSDVVDUHDWWUDYHUVRXQDIHQGLWXUDRO¶DOWUD
,QUHDOWjHVVRqTXDOFRVDFKHFRQWLQXDPHQWHVLIRUPDHVLGLVVROYH
TXHVWRSXzHVVHUHLOPRGRLQFXLVLFRPSRUWDUHDOPHQWHª/DYLVLRQH
GHOODUHDOWjGL%RKPQRQHUDTXHOODFODVVLFDPDVLFRQFHQWUDYDVXOOH
UHOD]LRQL WUD OD IXQ]LRQH G
RQGD H LO PRGR LQ FXL TXHVWD HUD
VWUXWWXUDOPHQWH FRQQHVVD DOOD UHDOWj VSD]LRWHPSR WHPD FKH
FRLQYROJH LO GLIILFLOH SUREOHPD SHU OD VFLHQ]D GHOOH UHOD]LRQL WUD
5HODWLYLWj*HQHUDOH0HFFDQLFD4XDQWLVWLFDH&RVFLHQ]D8PDQD
6XOO
RQGDGHLSRVWXODWLGHLJUDQGLILVLFLGHOWHPSRTXDOL53HQURVH
' )LQNHOVWHLQ H * &KHZ %RKP HODERUz L IDPRVL FRQFHWWL GL
EDFNJURXQG H IRUHJURXQG  RVVLD GL RUGLQH LPSOLFLWR H GL RUGLQH
HVSOLFLWRDOILQHGLFRPSUHQGHUHLOUXRORGHOO¶RVVHUYDWRUHLQUHOD]LRQH
DLYDULOLYHOOLGLGHVFUL]LRQHGHOPRQGRILVLFR
Ê FRQ TXHVWR FRQFHWWR FKH %RKP GLFKLDUDYD FKH OD UHDOWj WDQJLELOH
GHOOD QRVWUD YLWD TXRWLGLDQD q XQD VSHFLH GL LOOXVLRQH  DO SDUL GL
XQ
LPPDJLQH RORJUDILFD %RKP GHILQLYD XQ OLYHOOR GL UHDOWj SL
SURIRQGRRUGLQHLPSOLFLWRRLPSOLFDWR QDVFRVWR PHQWUHGHILQLYDLO
FRPXQH OLYHOOR GL PDQLIHVWD]LRQH RUGLQH HVSOLFLWR R HVSOLFDWR
PDQLIHVWR  SHUFKp YHGHYD OD PDQLIHVWD]LRQH GL RJQL FRVD
GHOO
XQLYHUVRFRPHLOULVXOWDWRGLXQLQILQLWRFHODUVLHVYHODUVLFUHDUHH
GLVVROYHUVLGHLGXH³RUGLQL´
%RKP VRVWLHQH FKH OH LQIRUPD]LRQL GHOO
LQWHUR XQLYHUVR VRQR
FRQWHQXWH LQ FLDVFXQD GHOOH VXH SDUWL HG XWLOL]]D FRPH EDVH
GLPRVWUDWLYD GL FLz XQR VWXSHIDFHQWH SULQFLSLR IRWRJUDILFR O

RORJUDPPDLOFXLVLJQLILFDWROHWWHUDOHqPHVVDJJLRJOREDOH
/D WHRULD PDWHPDWLFD VX FXL VL EDVD O¶RORJUDPPD IX VYLOXSSDWD
LQL]LDOPHQWHQHJOLDQQLTXDUDQWDGDXQSUHPLR1REHOLOILVLFR'HQQLV
*DERU 4XDQGR *DERU QH SURSRVH OD WHRULD JOL RORJUDPPL QRQ
SRWHYDQR HVVHUH ³FRVWUXLWL´ ELVRJQz DVSHWWDUH SHU TXHVWR
O
LQYHQ]LRQH GHO ODVHU YHQWL DQQL GRSR 6L WUDWWD GL XQ
LPPDJLQH
FRVWUXLWD LQ PRGR SDUWLFRODUH VX GL XQD ODVWUD IRWRJUDILFD FKH
LOOXPLQDWD GD XQ UDJJLR ODVHU VL PDQLIHVWD IDQWDVPDJRULFDPHQWH
VRVSHVDQHOORVSD]LRWULGLPHQVLRQDOH
/DFDUDWWHULVWLFDSLLQFUHGLELOHGLXQRORJUDPPDqFKHFLDVFXQDVXD
SDUWH VH LOOXPLQDWD GD XQD OXFH FRHUHQWH LO ODVHU SHU HVHPSLR
IRUQLVFHXQ
LPPDJLQHGHOO
LQWHURRORJUDPPD
/HLQIRUPD]LRQLFLUFDO
LQWHURVRQRFRQWHQXWHQHOODSDUWH4XHVWR
SULQFLSLRDIIHUPD%RKPVLHVWHQGHDOO
XQLYHUVRLQJHQHUDOH
4XHVWR q LO PRWLYR SHU FXL ILQR D TXDQGR QRQ FL VYHVWLDPR
GHOO
HJRLVPRGLQRLVWHVVLDIDYRUHGHOFRQFHWWRFKHJOLDOWULVLDPRQRL
QRQSRVVLDPRSDUWHFLSDUHDO7XWWRSRLFKpGLIDWWRSHUVFHOWDQRQYL
SDUWHFLSLDPR1RQVLSXzDPDUH'LRHGRGLDUHLOSURSULRYLFLQR
$O GL VRWWR GL FLz FKH YHGLDPR PDQLIHVWDWR HVLVWH XQ RUGLQH GL
HVLVWHQ]DSLSURIRQGRGDFXLVLRULJLQDODUHDOWjGHOQRVWURXQLYHUVR
LQ PRGR PROWR VLPLOH D TXHOOR LQ FXL XQD SRU]LRQH GL SHOOLFROD
RORJUDIDWDHVSULPHXQRORJUDPPD
*OL RORJUDPPL VRQR FUHDWL PHGLDQWH XQD VRUWD GL IRWRJUDILD VHQ]D
OHQWL Ê QHFHVVDULD XQD OXFH FRQ RQGH DSSURVVLPDWLYDPHQWH GHOOD
VWHVVD IUHTXHQ]D FKH YLDJJLDQR LQ IDVH H QHOOD VWHVVD GLUH]LRQH LO
ODVHU
/DOXFHQRUPDOHGHO6ROHRGLXQDODPSDGLQDqFRVWLWXLWDGDRQGHGLIUHTXHQ]DGLYHUVD
QRQPRQRFURPDWLFD
FKHQRQVRQRLQIDVHWUDORURHSHUFLzRJQLRQGDVLFRPSRUWDGLYHUVDPHQWHGDWXWWHOHDOWUH
WUDWWRGD;P;LW

1HOODOXFHGLXQODVHULQYHFHLIURQWLG
RQGDVRQRLQIDVHWUDGLORURHODOXFHHPHVVDKD
XQ
XQLFDIUHTXHQ]D3HUTXHVWHUDJLRQLODOXFHSURGRWWDqGLXQVRORFRORUHSXURQRQVL
GLVSHUGHFRQO
DXPHQWDUHGHOODGLVWDQ]DGDOODVRUJHQWHHYLDJJLDLQXQ¶XQLFDGLUH]LRQH6L
GLFHFKHWDOHOXFHqPRQRFURPDWLFDHFRHUHQWH WUDWWRGD;P;LW
/D OXFH SURGRWWD GD XQ UDJJLR ODVHU q IDWWD SDVVDUH DWWUDYHUVR XQR
VSHFFKLR VHPLWUDVSDUHQWH OD SDUWH QRQ DUJHQWDWD GHOOR VSHFFKLR
SHUPHWWH DG XQD SDUWH GHOOD OXFH GL FROSLUH GLUHWWDPHQWH XQD ODVWUD
IRWRJUDILFD TXHVWR q LO UDJJLR GL ULIHULPHQWR /
DOWUD PHWj TXHOOD
DUJHQWDWD ULIOHWWH OD SRU]LRQH ULPDQHQWH GHOOD OXFH YHUVR O
RJJHWWR
FKH GHYH HVVHUH RORJUDIDWR /
RJJHWWR ULIOHWWH OD OXFH YHUVR OD ODVWUD
FKH UHJLVWUD OH LUUHJRODULWj GHOOD VXSHUILFLH GHOO¶RJJHWWR OD IRUPD H LO
FRORUHGLVWXUEDQRODFRHUHQ]DGHOODOXFH

/
RORJUDPPDUHJLVWUDWRGDOODODVWUDVLJHQHUDGDOO
LQWHUIHUHQ]DIUDODOXFHULIOHVVDGDOO
RJJHWWR
HTXHOODSURYHQLHQWHGDOUDJJLRGLULIHULPHQWR WUDWWRGD;P;LW

4XL VRSUD YHGLDPR FRPH VL UHDOL]]D O


RORJUDPPD XQ IDVFLR GL OXFH
ODVHU YLHQH VGRSSLDWR XQD SDUWH q LQYLDWD GLUHWWDPHQWH VXOOD ODVWUD
PHQWUHO
DOWUDSDUWHGHOIDVFLRqGLIIXVDGDOO
RJJHWWRSULPDGLFDGHUH
VXOOD ODVWUD 1HO SHUFRUUHUH WUDJLWWL GLYHUVL OH GXH FRPSRQHQWL GHO
IDVFLR VL VIDVDQR O
XQD ULVSHWWR DOO
DOWUD H ULFRQJLXQJHQGRVL
SURGXFRQR XQD ILJXUD GL LQWHUIHUHQ]D FKH q UHJLVWUDWD VXOOD SHOOLFROD
VRWWRIRUPDGLRORJUDPPD$GRFFKLRQXGRVXOODODVWUDQRQqYLVLELOH
DOFXQD LPPDJLQH VROR XQD UHWLQDWXUD GL OLQHH VRWWLOLVVLPH H
LULGHVFHQWL WUDWWRGD;P;LW
&RVuTXDQGRLOUDJJLRRJJHWWRUDJJLXQJHODODVWUDLOVXRVFKHPDGL
YLEUD]LRQHQRQFRLQFLGHSL WHFQLFDPHQWHVLGLFHFKH³QRQFROOLPD´
FRQ LO UDJJLR GL ULIHULPHQWR /H RQGH IURQWDOL GHL GXH UDJJL
LQWHUDJLVFRQRRLQWHUIHULVFRQRIUDORURHODORURULVXOWDQWHVDUjFLzFKH
OD ODVWUD IRWRJUDILFD UHJLVWUHUj FRPH RORJUDPPD (PHUJH RUD OD
FDUDWWHULVWLFDYHUDPHQWHXQLFDGHJOLRORJUDPPLGLYHUVDPHQWHGDXQ
QHJDWLYR IRWRJUDILFR R GD XQD GLDSRVLWLYD QHVVXQD LPPDJLQH q
YLVLELOHVXOODODVWUDVYLOXSSDWDPDTXDQGRXQUDJJLRODVHUYLHQHIDWWR
SDVVDUHDWWUDYHUVRODODVWUDFROXLFKHqVXOODWRRSSRVWRGHOODODVWUD
YHGH XQD ©LPPDJLQH WULGLPHQVLRQDOHª GHOO
RJJHWWR IRWRJUDIDWR
VRVSHVDQHOORVSD]LR$GGLULWWXUDVHODODVWUDYLHQHIUDPPHQWDWDHG
XQ VROR IUDPPHQWR q LOOXPLQDWR FRQ LO ODVHU DYYLHQH OR VWHVVR
IHQRPHQR 3L SLFFROR q LO IUDPPHQWR SL SLFFROD q O
LPPDJLQH H
PHQRGHWWDJOLDWDTXHVWRIDWWRGLPRVWUDFKHO
LQWHUDUDSSUHVHQWD]LRQH
GHOO
RJJHWWR RULJLQDULR GHOO
LQWHUR RORJUDPPD q FRQWHQXWD LQ
FLDVFXQDSRU]LRQH IUDPPHQWR GHOODODVWUDIRWRJUDILFDRORJUDIDWD
4XLVRSUDSHUULSURGXUUHO
RORJUDPPDORRVVHUYLDPRFRQODOXFHODVHUSURLHWWDQGRQHXQ
IDVFLRVXOODODVWUD$SSDUHQWHPHQWHDPH]]
DULDO
RVVHUYDWRUHYHGHIRUPDUVLO
LPPDJLQH
WULGLPHQVLRQDOHDWWRUQRDOODTXDOHVLSXzDQFKHJLUDUHSHURVVHUYDUODGDWXWWLLSXQWLGLYLVWD
SURSULRFRPHVHIRVVHXQRJJHWWRUHDOH WUDWWRGD;P;LW

6XXQDVWHVVDODVWUDSRVVRQRHVVHUHUHJLVWUDWLPROWLVVLPLRORJUDPPLVHPSOLFHPHQWH
YDULDQGRO
DQJRORGLLQFLGHQ]DGHOODVHUDOORVWHVVRPRGRHVVLSRVVRQRHVVHUHOHWWL
VHSDUDWDPHQWH WUDWWRGD;P;LW
4XLYHGLDPRFKHO
LQIRUPD]LRQHUHJLVWUDWD O
LPPDJLQHGHOODPHOD qGLVWULEXLWDVXWXWWDOD
ODVWUD,QIDWWLGDRJQLVXDSLSLFFRODSDUWHqSRVVLELOHUHFXSHUDUHO
LQIRUPD]LRQHRULJLQDOH
DQFKHVHLQWDOFDVRVLYHULILFDXQDFHUWDSHUGLWDG
LQIRUPD]LRQHLQPRGRLQYHUVDPHQWH
SURSRU]LRQDOHDOODJUDQGH]]DGHOODSDUWHOHWWD WUDWWRGD;P;LW

4XHVWRqLOPRWLYRSHUFXLSLVLqIUDPPHQWDWLSLFLVLVHQWHORQWDQL
GDO 7XWWR H TXLQGL GDOOD GLYLQLWj 3HU %RKP O
XQLYHUVR q FRVWUXLWR
VXJOL VWHVVL SULQFLSL GHOO
RORJUDPPD H QHOOD PRGHUQD YLVLRQH GHOOD
)LVLFD VWD HPHUJHQGR LO FRQFHWWR FKH LO PRQGR QRQ q FRVWLWXLWR GD
IUDPPHQWL LQGLYLGXDOL EHQVu q XQ FRPSOHVVR LQGLYLVLELOH GL PRGHOOR
SURFHVVRHLQWHUUHOD]LRQH
/DSHUFH]LRQHGHOODUHDOWjFRPHIUDPPHQWLqSHU%RKPXQ
LOOXVLRQHH
XQDGLVWRUVLRQHGHOO
XQLFLWjHGHOO
XQLWjFKHVWDQQRDOODEDVHGLWXWWR
WXWWHOHSDUWLGHOODPDQLIHVWD]LRQHVRQRLQWULQVHFKHDO7XWWRHGD(VVR
LPSUHVFLQGLELOL8Q812LPPRUWDOHHLQILQLWRFKHFRQWLHQH7XWWR>«@
$OGLOjGHOFRQFHWWRILVLFR%RKPFUHGHYDFKHODQRVWUDWHQGHQ]DD
VXGGLYLGHUHLOPRQGRLQIUDPPHQWLHDGLJQRUDUHO
XQLRQHGLRJQLFRVD
LQ XQ 7XWWR LPPRUWDOH H LQILQLWR IRVVH OD FDXVD GL WXWWL L SUREOHPL
GHOO
XPDQLWj&UHGHUHGLFXUDUHXQFRUSRPDODWRDWWDFFDQGRVRORXQ
VLQWRPR q XQ FRQFHWWR FKH LQ PHGLFLQD VWD EDUFROODQGR RJJL OD
YLVLRQH ROLVWLFD ± OD YLVLRQH GHO 7XWWR ± VL VWD IDFHQGR DYDQWL FRVu
FRPHVLVWDFRPSUHQGHQGRFKHLSUREOHPLGHOPRQGRQRQSRWUDQQR
PDL HVVHUH ULVROWL VHQ]D XQD FRPSUHQVLRQH G
LQVLHPH GHL YDUL
IHQRPHQLVRFLDOL´
,O SULQFLSLR GHO FRQWLQXR FHODUVL H VYHODUVL GHOOD QDWXUD FKH FUHD
FRQWLQXDPHQWH LO QRVWUR XQLYHUVR q FKLDPDWR ©RORPRYLPHQWRª SHU
QRQ XVDUH LO WHUPLQH RORJUDPPD FKH VL ULIHULVFH DG XQ
LPPDJLQH
VWDWLFD
4XHVWD8QLWj³VXSSRUWD´O
XQLYHUVRHGqOD³VRVWDQ]D´GHOO
LPSOLFLWR
LOTXDOHVLPDQLIHVWDLQLQILQLWHIRUPHSHUPH]]RGHOO
RORPRYLPHQWR>@
2JQL SDUWH q FRPSUHVD QHO WXWWR H QRQ SXz HVVHUH PDL VHSDUDWD
RJQLSDUWHFRPSUHQGHLOWXWWRHSLVLDPRFRPSHQHWUDWLFRQRVHQ]D
DPRUH SL VXELDPR OH LQIOXHQ]H HQHUJHWLFKH SHU HIIHWWR GHOOD
FRPSHQHWUD]LRQHDQLPLFDFKHDEELDPRDYYLDWR3LOHLQWHUD]LRQLGHO
SDVVDWR VRQR VWDWH LQWLPH SL GHWHUPLQDQR QHO SUHVHQWH IRUPH GL
FROOHJDPHQWR DWWLYR LQ WHPSR UHDOH LQGLSHQGHQWHPHQWH GDOOD
GLVWDQ]D SHU FXL LO FRPSRUWDPHQWR GL RJQXQR FRQGL]LRQHUj LO
FRPSRUWDPHQWRGHOO
DOWURSXUQRQHVVHQGRYLFLQLTXHVWRqHQWDQJOHG
PLQGV
&RPSUHQGLDPR OH LPSOLFD]LRQL GL TXHVWD FRVD HQWUDWH LQ UHOD]LRQH
LQWLPDFRQXQDGRQQDHTXLQGLFUHDWHO
DQLPDGHOODFRSSLDHTXHVWD
FRVD YL SRUWD HQWDQJOHG FRQ OHL H TXHVWR WLSR GL FRQQHVVLRQH
HVVHQGR QRQORFDOH QRQ q VRJJHWWD D WHPSR H VSD]LR FLz VLJQLILFD
FKH HVLVWH VHPSUH DQFKH GRSR OD FKLXVXUD GHOOD UHOD]LRQH H VH OD
SHUVRQDqGHEROHWXUEROHQWDGLVDUPRQLFDRQRQFHQWUDWDVLYLYUjOD
WXUEROHQ]D GHOO
DOWUR DQFKH GRSR OD FKLXVXUD GHO UDSSRUWR 0D F
q
GHOO
DOWUR«
/
HQWDQJOHPHQWQRQqVRORGLUHWWRGHLUDSSRUWLILVLFDPHQWHDSHUWLRUD
PDqDQFKHLQGLUHWWRHGqIXQ]LRQHGLWXWWLLFDQDOL³HPR]LRQDOL´DSHUWL
FKHODSHUVRQDKDLQTXHVWRPRPHQWRWXVHLFRQXQDGRQQD >@PD
OHL q HPRWLYDPHQWH FROOHJDWD DL VXRL UDSSRUWL SDVVDWL H WX VHL
FRLQYROWR QHOOH VXH WXUEROHQ]H HPR]LRQDOL LO ULVXOWDWR q FKH FUHGL GL
HVVHUH ILGDQ]DWR FRQ XQD SHUVRQD LQYHFH QHO UDSSRUWR FH QH VRQR
XQDGR]]LQD(SRLWLFKLHGLSHUFKpDYROWHGDTXDQGRVHLFRQTXHOOD
SHUVRQDLOWXRVHQWLUWLQHJDWLYRORSHUFHSLVFLDQFRUDSLQHJDWLYRq
SHUFKp VHL VRJJHWWR DL FDPSL GL WXUEROHQ]D FKH VRQR HQWDQJOHG WUD
ORUR
6H OD SHUVRQD LQYHFH q FHQWUDWD QRQ SRWUj HVVHUH HIIHWWR GL DOFXQ
HQWDQJOHPHQWQHJDWLYR
2JQL SXQWR GHOOD ODVWUD IRWRJUDILFD GHOO
RORJUDPPD TXDQGR q
LOOXPLQDWRPRVWUDXQ
LPPDJLQHVHSDUDWDHGLVWDQWHPDLQUHDOWjWXWWL
L SXQWL GHOO
LPPDJLQH VRQR FROOHJDWL H XQLWL FRPH OD YLWD QHO WXWWR
1HOODPLVXUDLQFXLQRLFUHGLDPRFKHLOPRQGRVLDVHSDUDWRLOQRVWUR
FRUSR VDUj PDODWR H VRJJHWWR DO SDVVDWR FLRq XQD SDUWH GHOOD
FRVFLHQ]DGHLQRVWULWULOLRQLGLFHOOXOHQRQqQHOSUHVHQWHFLRq
QRQVLDPRLOOXPLQDWL
,O ILORVRIR JUHFR =HQRQH GL (OHD  D&  D&  HODERUz L VXRL
IDPRVLSDUDGRVVLSHUVRVWHQHUHO
LGHDFKHODUHDOWjqFRVWLWXLWDGDXQ
(VVHUH XQLFR H LPPXWDELOH L TXDOL GLPRVWUDQR D ULJRUH GL ORJLFD
O
LPSRVVLELOLWjGHOODPROWHSOLFLWjHGHOPRWRQRQRVWDQWHOHDSSDUHQ]H
GHOODYLWDTXRWLGLDQDLOPRWRqLPSRVVLELOHSHUFKpFLzFKHVLPXRYH
GHYH DUULYDUH DOOR VWDGLR LQWHUPHGLR SULPD GL DUULYDUH DOOD PHWD
$ULVWRWHOH)LVLFD9,E 
&RQ XQ LQWXLWR GHVWDELOL]]DQWH =HQRQH VRVWHQQH FKH VH OH FRVH
VRQR PROWH HVVH VRQR DOOR VWHVVR WHPSR XQ QXPHUR ILQLWR H XQ
QXPHUR LQILQLWR VRQR ILQLWH LQ TXDQWR HVVH VRQR Qp SL Qp PHQR GL
TXDQWHVRQRHVRQRFRQWHVWXDOPHQWHLQILQLWHSRLFKpWUDODSULPDHOD
VHFRQGDFHQ
qXQDWHU]DHFRVuYLD3RJJLDQGRVXOO
LQILQLWDGLYLVLELOLWj
GHOORVSD]LRDUULYzDFRQFOXGHUHFKHLOPRWRqXQ
LOOXVLRQHFRVuFKH
XQD IUHFFLD VFDJOLDWD QRQ UDJJLXQJHUj PDL OD PHWD SHUFKp SHU
JLXQJHUYLGHYHDWWUDYHUVDUHXQQXPHURLQILQLWRGLSXQWL
7XWWRFLzFKHHVLVWHqQHOORVWHVVRWHPSRLOOXVLRQHHFRVFLHQ]DFKH
TXDOFXQR VWD SHQVDQGR H LO QRVWUR FRUSR q OD UDSSUHVHQWD]LRQH GL
XQDFRVFLHQ]DFKHQRLVWLDPRHODERUDQGRHGHILQHQGRLQXQRVSD]LR
FKH FKLDPLDPR FRUSR PD LQ UHDOWj HVVD OD FRVFLHQ]D VL HVWHQGH
DOO
LQILQLWR ,Q SUHVHQ]D GL WUDXPL DOFXQL IOXVVL GL HQHUJLD ULPDQJRQR
EORFFDWL QHO QRVWUR FRUSR H TXLQGL VIXJJRQR DOOD QRVWUD FRVFLHQ]D
FRQVFLD DOFXQH DUHH ELRORJLFKH ULPDQJRQR RFFOXVH H DQHVWHWL]]DWH
DOODFRVFLHQ]D
8QDYLVLRQHROLVWLFDGHOODYLWDSRUWDDFRQVLGHUDUFLSDUWHLQWHJUDQWHGL
XQ WXWWR H TXDOVLDVL YLROD]LRQH GL TXHVWD YHULWj FUHD XQD IRUPD
SHQVLHUR QHOOD VIHUD HWHULFD FKH FL UHQGH VFKLDYL H FL EORFFD QHO
SHQVDUHYHQLDPRFRVu³SHQVDWL´GDOQRVWURFRUSR
6HQWLUHGLIDUHDVHVWHVVLFLzFKHVLIDDJOLDOWULqXQRWWLPRHVHUFL]LR
SHUULFRQQHWWHUVLDO7XWWR
/D IUDVH GL 0DWWHR TXDQGR LO WXR RFFKLR q VHPSOLFH >@ WXWWR LO WXR
FRUSRVDUjLOOXPLQDWRULDVVXPHWXWWRTXDQWRFLVLDPRGHWWLILQRUDHFL
DFFRPSDJQHUjSLDYDQWLODYLVLRQHGHOVLQJRORGHOO
8QRqFLzFKH
FRQVHQWHDOQRVWURFRUSRGLXQLUFLDOO
HQHUJLDSUDQLFDFLRqDO7XWWR
ÊTXLQGLRUDGLXVDUHL6SHFFKL(VVHQLSHUODGHILQL]LRQHGHO6pLQ
PRGRGDRWWHQHUHODOLEHUWjHPR]LRQDOH
>  @ 6DLQW*HUPDLQ$0.LQJ&DJOLRVWUR7ULORJLDGHOO¶,26212%,6(GL]LRQL

>  @ &KLDUDPHQWHTXHVWRYDOHDQFKHSHUXQDGRQQDQHLFRQIURQWLGLXQXRPRFRQFXLKD
UHOD]LRQH

> @ $YROWHWUDGRWWR³VLQJROR´SLDGDWWRDGLQWHQGHUHO
RVVHUYDWRUHVWHVVR
   5 ,' ( ),1 ,5 (,/6 e & 21 , 63 ( & & + ,
(6 6( 1 ,

,OSUREOHPDGLEDVHGHJOLLQGLYLGXLFKHJLRFDQRDIDUHJOLXPDQLq
OD IDPH GL DPPLUD]LRQH H TXHVWD IRUPD GL HQHUJLD q ULFKLHVWD H
YDPSLUL]]DWD VROR VH SURYLHQH GD DOWUL LQGLYLGXL VL SRVVRQR XVDUH
GHOOHFRVHLOFDJQROLQRGLUD]]DRODERUVDWUHQGPDLOWHUPLQDOHD
FXL VL ID ULIHULPHQWR SHU O
RWWHQLPHQWR GHOO
HQHUJLD q VHPSUH
XQ
DOWUD SHUVRQD 1H FRQVHJXH FKH JOL LQGLYLGXL QRQ VRQR
LQWHUHVVDWLDULFHYHUHDPPLUD]LRQHGDTXDOVLDVLUDSSUHVHQWDQWHGL
TXDOVLYRJOLD GLQDPLFD D PHQR FKH QRQ VL WUDWWL GL DOWUL LQGLYLGXL
1HVVXQR PHWWH L WDFFKL D VSLOOR SHU ULFHYHUH DPPLUD]LRQH GDOOD
SLDQWD FKH WURYHUj VRWWR FDVD H QHVVXQR PHWWH OD FUDYDWWD GL
0DULQHOOD SHU IDUVL DPPLUDUH GDOOD VHGLD GHOOD FXFLQD /D SL
LPSRUWDQWHIRUPDGLDPPLUD]LRQHqSURSULRTXHOODFKHSURYLHQHGD
DOWUL HVVHUL ,Q EDVH D TXHVWD SDUWLFRODUH ULFKLHVWD GL HQHUJLD JOL
DQWLFKL (VVHQL XQD DQWLFD SRSROD]LRQH GHOO
DUHD GHOOD 6LULD
SDOHVWLQHVH VFRSULURQR FKH WXWWH OH UHOD]LRQL XPDQH SRWHYDQR
HVVHUH ULFRQGRWWH D VROL VHWWH SDUDPHWUL RJJL FRQRVFLXWL FRPH L
6HWWH6SHFFKL(VVHQLGHOOHUHOD]LRQLXPDQH
3ULPDGHOODVFRSHUWDGHL5RWROLGHO0DU0RUWRQHOJOL(VVHQL
HUDQR FRQRVFLXWL VROR JUD]LH DOOH FLWD]LRQL GL )ODYLR *LXVHSSH
)LORQH $OHVVDQGULQR IDPRVR ILORVRIR JLXGDLFR H 3OLQLR LO 9HFFKLR
FROXLFKHULSRUWzGHOO
HUX]LRQHGL3RPSHLQHOG& 
6HFRQGR )LORQH LQ PROWH FLWWj GHOOD *LXGHD H LQ PROWL YLOODJJL H
UDJJUXSSDWL LQ JUDQGL FRPXQLWj FRPSRVWH GD QXPHURVL PHPEUL
YLYHYDQR DOPHQR  HVVHQL GL FXL XQ  D 4XPUDQ H JOL DOWUL
VSDUVL WUD 0XUDEDDW (Q*HGL 0DVDGD .KLUEHW 0LUG 1HOOH IRQWL
JUHFKH HVVL VRQR FLWDWL FRPH (VVDLRL R (VVHQRL PD QRQ F
q
HWLPRORJLDFHUWDVXTXHVWRWHUPLQHVHFRQGRDOFXQLVHPEUDFKHOD
IRUPD ODWLQD SRWHVVH GHULYDUH GDOO
HEUDLFR KDVLGLXP SLL SXUL
VLOHQ]LRVL  VHFRQGR DOWUL LO QRPH GHULYDYD GDOO
DUDPDLFR DV\D
PHGLFR PDSRWUHEEHQRQVLJQLILFDUHQpO
XQRQpO
DOWUR
1HOG&LHVVHQLUHVLGHQWLD4XPUDQGRYHWWHURQDVFRQGHUH
WXWWLLURWROLGHJOLVFULWWLQHOOHRUDPDLIDPRVHJURWWHSHUFKpL5RPDQL
VL DFFLQJHYDQR DG XQ DWWDFFR FKH SRL GLVWUXVVH WXWWD OD FRPXQLWj
DFFXVDWDGLSHUSHWUDUHVRPPRVVH
1HLURWROLGL4XPUDQQRQFRPSDUHPDLLOWHUPLQH(VVHQLHVRORXQD
PHWj GHOOD FRPXQLWj VWRULFD DVVHJQD DG HVVL SDUWH GHOOD
SURGX]LRQHGRFXPHQWDOHOuULWURYDWDOHFRQYHUJHQ]HFRQJOLVFULWWL
GHJOL DQWLFKL VWRULFL VHPEUHUHEEHUR WDQWH PD OD TXHVWLRQH q GL
VHFRQGDULDLPSRUWDQ]DFRPHDOVROLWRGREELDPRHVVHUHSUDWLFLH
DOGLOjGLXQDGXEELDLQWHUSUHWD]LRQHVWRULFDGREELDPRXVDUHOH
FRVHLQPRGRGDRWWHQHUQHXQHIIHWWRSUDWLFR
1HO VXR VHFRQGR OLEUR & DPPLQDUH WUD L PRQGL OD VFLHQ]D GHOOD
& RPSDVVLRQH%UDGHQDIIHUPDGLDYHUUDFFROWROHLQIRUPD]LRQLVXL
6HWWH 6SHFFKL GD QXPHURVL WHVWL DQWLFKL PD FKH QRQ FL q GDWR GL
VDSHUH TXDOL 9LVWR FKH SULPD GHO
 QRQ HVLVWHYD QXOOD LQ JLUR L
GRFXPHQWLGRYUHEEHURSURYHQLUHSURSULRGD4XPUDQ
,Q RJQL FDVR VHFRQGR %UDGHQ JOL (VVHQL FL ULFRUGDQR JOL VWUHWWL
UDSSRUWL WUD FLz FKH DFFDGH QHO QRVWUR PRQGR LQWHULRUH IDWWR GL
VHQWLPHQWLHOHFRQGL]LRQLGHOPRQGRFKHFLFLUFRQGDVHQ]DQXOOD
HVFOXGHUH
1RLWXWWLVLDPRTXLSHULQFDUQDUHQHOODQRVWUDYLWDJUD]LHDOSLDOWR
VDSHUH XQ PDJLVWUDOH DOOLQHDPHQWR GHOOH QRVWUH HPR]LRQL SL
EDVVH FRQ L QRVWUL SHQVLHUL SL HOHYDWL 4XHVWD LQWHJUD]LRQH
DYYLHQHQHLQRVWULFXRULIDFHQGREHQDWWHQ]LRQHDQRQFRQIRQGHUH
OH HPR]LRQL LQIHULRUL FRL VHQWLPHQWL QHO FXRUH TXDQGR OH QRVWUH
HPR]LRQLVDUDQQRDOOLQHDWHDLSHQVLHULGHOFXRUHLQQRLVLULIOHWWHUj
O
LQWHJUD]LRQHFRUSRPHQWHVSLULWR
3DUODQGRGLULIOHVVRPLVHPEUDPROWRJLXVWRXVDUHTXHVWRWHUPLQH
SHUSDUODUHGHLVHWWHVSHFFKLGHOOHUHOD]LRQLXPDQHPDFDPELHUHL
LOQRPHDOODFRVDGLUHLGLXVDUHLOWLWROR,VHWWHSDVVLSHUODOLEHUWj
GHO6pHFRPHVRWWRWLWRORDWWUDYHUVRLUDSSRUWLXPDQL
(IIHWWLYDPHQWH RJQL YROWD FKH XWLOL]]LDPR XQ DWWHJJLDPHQWR QRQ
XQLWDULRQRQDIDYRUHGHO6pFLWURYLDPRGLIURQWHXQDVLWXD]LRQH
FKH FRPH XQR VSHFFKLR FL ULIOHWWH LO QRVWUR DWWHJJLDPHQWR
HJRLVWLFRLQTXDQWRFRQVHJXHQ]DGLXQPRGRDEHUUDWRGLYHGHUOD
YLWD 2JQL YROWD FKH LO QRVWUR PRQGR HPR]LRQDOH FL ULPDQGD LO
ULIOHVVR GL XQR GHL 6HWWH 6SHFFKL VLJQLILFD FKH VLDPR SULJLRQLHUL
QHOOD QRVWUD OXPLQRVD JDEELD H FKH TXLQGL VWLDPR ULFHYHQGR XQ
DYYLVR GL IUDQWXPD]LRQH GHO QRVWUR HVVHUH 6H F
q SUHVHQ]D GL
TXHVWR VSHFFKLR QRL UHDJLDPR D FRPSRUWDPHQWL H VLWXD]LRQL
HVWHUQHDOSXQWRFKHQRQVLDPRQRLVWHVVLPDFLFRPSRUWLDPRQHO
PRGRLQFXLO
DPELHQWHGHVLGHUD,QDVVHQ]DGLFRQGL]LRQLHJRLFKH
QRQ FL VRQR ULIOHVVL SRLFKp DEELDPR IUDQWXPDWR WXWWL JOL VSHFFKL
PHQWDOL FKH FL FLUFRQGDYDQR 4XLQGL SHU WRUQDUH D 5HQDWD
IULHQGV  LO SUREOHPD q FKH TXHOOH SHUVRQH VWDYDQR YLYHQGR XQD
YLWDIXRULHWLFDSHUFXLOHSDXUHDXPHQWDYDQRFRQLOSDVVDUHGHJOL
DQQL
&RQ L SURVVLPL VHWWH SDVVL SRVVR DVVLFXUDUWL FKH VWD SHU DYHUH
LQL]LR OD SL JUDQGH DYYHQWXUD FKH SXRL UHJDODUWL TXHOOD FKH WL
SRUWHUjDOODVFRSHUWDGHOYHURWHVWHVVRXQDVLWXD]LRQHFKHJUD]LH
DOOD JLXVWD GLVFLSOLQD IDUj XVFLUH FLz FKH UHDOPHQWH VHL D TXHO
SXQWRWLDSSDULUjLQQDQ]LDJOLRFFKLFKHVRQRVWDWHOHVFHOWHFKHWX
KDL IDWWR QHO QRQ DYYLFLQDUWL D GHOOH FRVH R SHU QRQ HVVHUWL
DOORQWDQDWR GD DOWUH FKH WL KDQQR SRUWDWR LQ XQ YLFROR FLHFR ILQR D
SHUGHUHOHVSHUDQ]HGLXQDYLWDPLJOLRUH
/
HUHPLWD(YDJULRHLOVXRGLVFHSROR&DVVLDQRVSHUGXWLQHOGHVHUWR
HJL]LDQRDYHYDQRGHFLVRFKHLSHFFDWLFDSLWDOLHUDQRRWWRSRLQHOOD
VHFRQGD PHWj GHO 9, VHFROR *UHJRULR 0DJQR SDSD H SDGUH GHOOD
FKLHVD SHQVz FULVWLDQDPHQWH FKH LO QXPHUR VHWWH IRVVH SL
FRQVRQRDOODIHGHHWUDO
DFFLGLD DFHGLD HODWULVWH]]D WULVWL]LD
EXWWz YLD OD SULPD SRL UHFXSHUDWD GHILQLWLYDPHQWH LQ VRVWLWX]LRQH
GHOOD VHFRQGD QHO ;,, VHFROR , SHFFDWL H OH FROSH UHQGRQR EHQH
DOOHUHOLJLRQLHLQFKLRGDQROHSHUVRQHDLPXULGHOOHSDXUH
4XHVWDqXQDWDEHOODLQFXLVLSXzYHGHUHODFRUULVSRQGHQ]DWUDOD
TXDOLWj GHOOR VSHFFKLR OD FDXVD VSLULWXDOH FKH DJLVFH FRPH
IUDQWXPD]LRQHGHO6pHL9L]LRSHFFDWLFDSLWDOL
7LSUHJRGLQRWDUHFKHLFROOHJDPHQWLWUDOHGLYHUVHFDWHJRULHVRQR
LQGLFDWLYHHQRQHVDXVWLYHSRLFKpFRVuFRPHDOFXQHFDUDWWHULVWLFKH
GL XQR 6SHFFKLR SRVVRQR FDGHUH LQ XQ DOWUR DOOD VWHVVD PDQLHUD
VDUj SRVVLELOH ULOHYDUH FKH DOFXQH FDUDWWHULVWLFKH GL XQ 9L]LR
SRVVRQR HVVHUH ULWURYDWH DQFKH LQ DOWUL 6SHFFKL 0L GLVSLDFH
FRPXQTXH QRWDUH FKH DQFKH TXHVWD YROWD XQ TXDOFRVD FKH
SRWHYDGDWHPSRHVVHUHXVDWDSHUODOLEHUD]LRQHGHOO
XRPRqVWDWR
DSSURVVLPDWR DG XQD FRQGL]LRQH GL SHFFDWR H YL]LR FDSLWDOH XQ
DOWURPRGRSHULQFKLRGDUHDOPXURJOLLQGLYLGXL

4 XDOLWjGHOOR
VSHFFKLRVHFRQGR &DXVDSVLFKLFD 9 L]LFDSLWDOL
%UDGHQ
&LULPDQGDFLzFKH
 $WWRGDQQRVR ,UD
VLDPR
$VSHWWDWLYDWUDGLWD
&LULPDQGDFLzFKH LGHQWLILFD]LRQHFRQ
 JLXGLFKLDPRQHO OHFRVH ,QYLGLD
SUHVHQWH WUDGLPHQWR
ULFHYXWR
*ROD
LQFDSDFLWj
GLVWDUGL
&LPRVWUDOHTXDOLWj
 &RPSURPHVVR IURQWHDL
FKHDEELDPRSHUVR
PHFFDQLVPL
FLRpDL
GHVLGHUL
3HUPHWWHGL
9LROD]LRQH $YDUL]LD
RVVHUYDUFLLQXQR
 GHOO
LQWHJULWj LQFDSDFLWj
VWDWRGLGLSHQGHQ]D
SHUVRQDOH DGDUH
HFRPSXOVLRQH
/RVSHFFKLRFL
PRVWUDFRPH (VDOWD]LRQHGHOOH
SHUGLDPRGLYLVWDLO FDULFKHVRFLDOL
QRVWURHVVHUHGLRLQ SUHFRVWLWXLWH
 6XSHUELD
UHOD]LRQHDTXDQWR UDSSRUWRFRQ
FUHGLDPRFKHLQRVWUL O
DXWRULWj SUREOHPL
JHQLWRULVLDQR GLLGHQWLILFD]LRQH
GDYYHURWDOL
 1RWWHRVFXUD 5LILXWRGHOOD $FFLGLD
GHOO
DQLPDDOILQHGL SHUFH]LRQH,2 O
XRPRQRQ
ULSRUWDUHLQHTXLOLEULR 6212 SDGURQHJJLD
ODSURSULDYLWD IDVHGLSLFFRGHO SLODYLWD
QRQDYHUH
/XVVXULD
(PHWWHUHJLXGL]L
&LVLVHQWHLQIHULRUL GHVLGHUL
 VHQWLUVL
DJOLDOWUL PDL
IUDPPHQWDWL
DSSDJDWL

/H HPR]LRQL QHJDWLYH HG L UHODWLYL FRPSRUWDPHQWL HJRLVWLFL


WHQGHQWL D UDSSUHVHQWDUH VH VWHVVL D VFDSLWR GHJOL DOWUL  SRVVRQR
HVVHUH FROOHJDWH QRQ VROR D FUHD]LRQL ILVLFKH PD DQFKH D TXHOOH
HPR]LRQDOLJOLDWWHJJLDPHQWLJOLXPDQLFUHDQRXOWHULRULSHUVRQDOLWj
PHWWHQGR LQ DWWR VFHQH GL SRWHUH YLWWLPLVPR VHQVXDOLWj
DIIDVFLQDPHQWR PD DQFKH UXROL GL JHQLWRUL FDSL ILJOL H FRVH GHO
JHQHUH
6H WX SUHQGHVVL XQD SHUVRQD D FDVR IUD OD IROOD DYUHVWL TXDVL LO
 GLSUREDELOLWjGLWURYDUHXQLQGLYLGXRFKHSHQVDGLHVVHUHXQ
VDFFRGLFRVHFKHqLGHQWLILFDWRFRQXQDYDVWDVHULHGLUXROLHFKH
FKLDPDWXWWRTXHVWRVHVWHVVR3RWUHEEHHVVHUHXQSHVFDWRUHILJOLR
GLXQDUPDWRUHRXQDXWRPRELOLVWDFKHTXDQGRSHUFRUUHLQDXWROH
YLHSLHQHGLWUDIILFRFHO
KDFRQLSHGRQLFKHDWWUDYHUVDQRODVWUDGD
VHQ]DJXDUGDUHTXDQGRQRQXVDODPDFFKLQDqXQSHGRQHFKHVH
ODSUHQGHFRQJOLDXWRPRELOLVWLFKHQRQVLIHUPDQRPHQWUHOXLqLQ
DWWHVD GL DWWUDYHUVDUH VXOOH VWULVFH SHGRQDOL 3RWUHEEH HVVHUH XQ
PDULWRDGRUDELOHHSDGUHDIIHWWXRVRXQPRWRFLFOLVWDXQLWDOLDQR
HFFWXWWHOHSDUROHVRWWROLQHDWHSRVVRQRHVVHUHHWLFKHWWHFRQFXL
OD SHUVRQD SRWUHEEH HVVHUH LGHQWLILFDWD H ULWHQHUVL WXWWH TXHVWH
FRVH
8QPRGRVSLFFLRSHUFDSLUHVHODSHUVRQDqLGHQWLILFDWDRPHQRq
GL IDUH XQ SDLR GL FRPPHQWL RIIHQVLYL H GDOOD UHD]LRQH FDSLUHVWL
VXELWR FRPH VWDQQR OH FRVH EDVWD FKH WX GLFD DOOD SHUVRQD
GHOO
HVHPSLR FKH L SHVFDWRUL YHQGRQR SHVFH DYDULDWR FKH JOL
DXWRPRELOLVWL VRQR GHJOL HVVHUL LQXWLOL FKH L SHGRQL VRQR
DXWRPRELOLVWLIDOOLWLFKHLPDULWLVRQRWXWWLGHLFRUQXWLFKHJOLLWDOLDQL
VRQR WXWWL GHL PDILRVL H VH DYUDL XQ ULVFRQWUR QHJDWLYR VDSUDL LQ
PRGR LQHTXLYRFDELOH FKH OD SHUVRQD q LGHQWLILFDWD FRQ
XQ
HPR]LRQH QHJDWLYD H TXLQGL VLJQLILFD FKH Ou F
q XQR VSHFFKLR
FKHVWDDJHQGR RPHJOLRUHDJHQGR 
(EEHQHWXWWLSURWHVWHUDQQRLQPDQLHUDYHHPHQWHFRQWUROHYRVWUH
DIIHUPD]LRQLODSHUVRQDOLWjWHQGHDGLIHQGHUHVHVWHVVDTXDQGRVL
qRIIHVLVLUHDJLVFH'RYHF
qUHD]LRQHF
qTXDOFXQRFKHGRUPH7L
SXzULVXOWDUHIDFLOHQRQUHDJLUHTXDQGRWLSUHQGLXQSXJQRLQERFFD
SHUFKp WXR PDULWR WL KD VFRSHUWR D OHWWR FRQ XQ DOWUR Ou WHQGL DG
LQFDVVDUH LQ VLOHQ]LR SHU L VHQVL GL FROSD PD TXDQGR FL VL VHQWH
YLWWLPHGLXQ
LQJLXVWL]LDDOORUDVuFKHqGDYYHURGLIILFLOHQRQUHDJLUH
OD SHUVRQDOLWj VL VHQWH RIIHVD (VVHUH QHO JLXVWR FL UHQGH IRUWL H
DWWLYD LO QRVWUR DWWDFFR PDUFDWL GD HVWUHPD LQWHQVLWj GL HPR]LRQL
FRQYLQ]LRQL H FDULFKL GL ULVHQWLPHQWR GLYHQWLDPR LQFOLQL D UHDJLUH
YLROHQWHPHQWH FRQWUR FKL KD FRPPHVVR O
LQJLXVWL]LD 4XHVWR
SHUFKp VL q LGHQWLILFDWL QHOOD SHUVRQDOLWj Ê OD SHUVRQDOLWj IHULWD
LQJLXVWDPHQWHFKHVXELVFHO
LQJLXVWL]LDQRQO
HVVHUHTXDQGRFLVL
VYHJOLDVLVPHWWHGLUHDJLUH
*OLDQDUFKLFLVSLULWXDOLXQDUD]]DSXUWURSSRLQJUDQGHHVSDQVLRQH
SHU OR VWDWR GL DSDWLD LQ FXL YHUVDQR GLUHEEHUR FKH WXWWR q
SHUIHWWR H FKH QRQ VL GHYH PDL DJLUH SHUFKp WXWWL VLDPR OLEHUL GL
IDUHFLzFKHYRJOLDPR$SSRJJLDPRTXHVWDWHRULDLQHVSDQVLRQHH
FLWURYHUHPRDGHVWLQJXHUFLFRPHUD]]DXPDQD3XUWURSSRFLVRQR
WURSSL PDHVWUL VSLULWXDOL FKH SUHWHQGHQGR GL LQVHJQDUH QRQ VL
PHWWRQR DO OLYHOOR GL FRORUR FKH DVFROWDQR D OLYHOOR GHOOD ORUR
FRQVDSHYROH]]D H ULHPSLRQR GL GDWL IDOVL OH ORUR WHVWH VSHFLH VX
TXHOSUH]LRVRFRQFHWWRFKHqODOLEHUWj
/D PLJOLRUH FRQGL]LRQH XPDQD VDUHEEH TXHOOD LQ FXL O
HVVHUH
VSLULWXDOHDELWDDEUHYHGLVWDQ]DIXRULGDOFRUSRGLHWURODVXDWHVWD
H GD Ou OR JXLGD 4XHVWD FRQGL]LRQH SRUWD O
LQGLYLGXR DG HVVHUH
SLHQR GL EHDWLWXGLQH H JLRLRVR WXWWDYLD OD TXDVL WRWDOLWj GHOOH
SUDWLFKHFKHHVLVWRQRLQJLURQRQVRQRLQJUDGRGLIDUUDJJLXQJHUH
TXHVWR VWDWR 6LGGKDUWD GHWWR %XGGKD HIIHWWLYDPHQWH UDJJLXQVH
TXHOODFRQGL]LRQHHDLXWzDOWULDUDJJLXQJHUOD%XGGKDSURYLHQHGDO
VDQVFULWRERGKLFKHVLJQLILFDULVYHJOLDWRODFRQGL]LRQHQHOODTXDOH
OH FRVH VL YHGRQR FRPH UHDOPHQWH VRQR H QRQ FRVu FRPH
QRUPDOPHQWHDSSDLRQRPDO
XQLFRPRGRLQFXLOHFRVHVLSRVVRQR
YHGHUHFRVuFRPHYHUDPHQWHVRQRqTXDQGRO
LQGLYLGXRqIXRULGDO
FRUSR H GL FRQVHJXHQ]D VSHULPHQWD DQFKH JLRLD EHDWLWXGLQH
VHUHQLWjFDOPDGHOODPHQWHHGHLVHQVL2JJLXQDHQRUPHTXDQWLWj
GL PHQWHFDWWL FKH VL GLFKLDUDQR LOOXPLQDWL H UHDOL]]DWL QRQ
ULXVFHQGRDYHQLUHIXRULGDOSURSULRFRUSRFRPLQFLDQRDVSDFFLDUH
XQPRGRGLDWWHJJLDUVLDPRUHYROHHEHQLJQRFRPHVWDWRGLERGKL
Ê SHU TXHVWR PRWLYR FKH WURYLDPR WDQWL DSDWLFL FRQ XQ VRUULVR
VWDPSDWR VXOOH ODEEUD FKH VDUHEEHUR LQ JUDGR GL ULPDQHUH
LPSDVVLELOL LQQDQ]L D TXDOFXQR FKH VWHVVH YLROHQWDQGR OD SURSULD
ILJOLD4XDQGRF
qXQDWWDFFRDOODVRSUDYYLYHQ]DVHPSOLFHPHQWHVL
DJLVFH SHU ULPHGLDUH DOO
LQJLXVWL]LD VHQ]D ULVHQWLPHQWR Qp
HPR]LRQLQHJDWLYHHFLzVLJQLILFDFKHO
LQGLYLGXRqVYHJOLR
7XWWL JOL 6SHFFKL VRWWHQGRQR XQD SURSULD PDQFDWD FRQGL]LRQH GL
HVVHUH H GL FRQVHJXHQ]D XQD WHQWDWD LPSRVL]LRQH GL SULYDUH JOL
DOWUL GHOOD OLEHUWj GL HVVHUH QHOOD VWHVVD PLVXUD &Lz VLJQLILFD FKH
TXDORUD OD OLEHUWj G
HVVHUH SURSULD H YHUVR JOL DOWUL YHQLVVH
ULSULVWLQDWDJOLVSHFFKLDQGUHEEHURLQIUDQWXPL(DQGUHEEHURSXUH
LQIUDQWXPLWXWWHOHUHD]LRQLLQVLHPHDWXWWDODUHOLJLRQHFRQLVHWWH
YL]LRSHFFDWLFDSLWDOLIDFLOHQR"
    ,/3 5 ,0 26 3 (& & + ,2( 6 6( 1 2' (,
5 $ 3325 7,8 0 $ 1 ,

,QIOXHQ]DVXOOHUHOD]LRQLYHGLDPRHFULWLFKLDPRQHJOLDOWULOHQRVWUH
FROSH
) UDVHWLSLFDSULPD GL WRJOLHUH OD SDJOLX]]D GDOO
RFFKLR GHO IUDWHOOR
ULPXRYLODWUDYHFKHqQHOWXR

0ROWH YROWH FL VLDPR WURYDWL DG HVVHUH RJJHWWR GL LQYHWWLYH
HVDJHUDWHRVLDPRVWDWLSUHVHQWLTXDQGRTXDOFXQROHLQGLUL]]DYDD
TXDOFXQ DOWUR &L HUDQR VHPEUDWH LQYHWWLYH WURSSR IXRUL OXRJR
HVDJHUDWHVFHQHJJLDWHHUDPDQ]LQHFKHQRQFLDVSHWWDYDPRHGL
FXLRQHVWDPHQWHQRQFRPSUHQGHYDPRLOPRWLYR
4XHVWD q OD WLSLFD UHD]LRQH R IXQ]LRQH GHO SULPR 6SHFFKLR OD
SHUVRQD FKH KD FRPPHVVR GHOOH D]LRQL GDQQRVH DWWDFFD FKL VL
WURYDGLIURQWHVHLQTXDOFKHPRGRODVLWXD]LRQHGHOPRPHQWROR
DJJDQFLD DOOD FROSD GHOOD FDWWLYD D]LRQH FKH KD FRPSLXWR (FFR
TXLQGLLOPRWLYRGLXQDHVDJHUDWDUHD]LRQHULVSHWWRDOPRPHQWROD
SHUVRQD q VFKLDFFLDWD GDOO
HQRUPH TXDQWLWj GL FDULFD GHO VHQVR GL
FROSDHDWWDFFDQGRVLVHQWHPHJOLRPDLQRJQLFDVRVHODSUHQGH
FRQXQEHUVDJOLRVEDJOLDWR
4XHVWRVSHFFKLRFLULPDQGDFLzFKHVLDPRQHOPRPHQWRSUHVHQWH
HTXDQGRVLDPRLQSUHGDDLVHQVLGLFROSDQRQFLULPDQGDFLzFKH
VLDPRLQSURIRQGLWjLOQRVWUR,262120(PDVRORXQDUHD]LRQH
HPR]LRQDOH
4XDQGRVLDPRLQTXHVWRVSHFFKLRLOPRQGRVLULHPSLHGLSHUVRQH
FRQFXLOLWLJDUHHYHUVRFXLLQYHLUH
$OODILQHTXDQGRODSHUVRQDFUROODVRWWRLOSHVRGHOOHVXHUHD]LRQL
HPR]LRQDOL FL SRVVRQR YROHUH DQQL  HVVD QRQ DJJUHGLUj SL SHU
GLIHQGHUVL FRPH IDFHYD SULPD PD FRPLQFHUj DG LGHQWLILFDUVL H D
GLIHQGHUHOHSHUVRQHFKHYHUVDQRQHOOHFRQGL]LRQLGLFRORURYHUVR
FXLFRPPLVHD]LRQLGDQQRVHHQRQVDUjSLRJJHWWLYDQHLFRQIURQWL
GHOODUHDOWjLQTXDQWROHHPR]LRQLODVRSUDIIDUDQQRQHOOHYDOXWD]LRQL
LGHQWLILFD]LRQHWRWDOH 
4XDQGROHUHD]LRQLVRQRFRQWLQXHVLSXzDUULYDUHDOSXQWRFKHOD
SHUVRQDQRQDJJUHGLVFDSLSRLFKpODVXDIRU]DqRUPDLGLPLQXLWD
D TXHO HOOD SXQWR YHUUj ULVXFFKLDWD QHOOH HPR]LRQL QHJDWLYH FKH
SURYRFz DOOH SHUVRQH FROSLWH H YDOXWHUj FKH LO PRQGR LQWHUR VL
VHQWLUjFRVuVHG
LPSURYYLVRVLVHQWHVWUDQDOHLFUHGHUjFKHWXWWRLO
PRQGRVLVHQWDVWUDQRVHVLVHQWLUjGHSUHVVDFUHGHUjFKHWXWWRLO
PRQGRVLVHQWDGHSUHVVR8QDOWURDVSHWWRLQWHUHVVDQWHGLTXHVWR
6SHFFKLR q LO VRVSHWWR OD SHUVRQD FKH q DELWXDWD D FRPSLHUH
D]LRQLGDQQRVHqVHPSUHVRVSHWWRVDSHUFKpVLDVSHWWDFKHJOLDOWUL
IDFFLDQR YHUVR GL OHL D]LRQL GDQQRVH TXDQGR LQFRQWUDWH XQD
SHUVRQDVRVSHWWRVDVWDWHDWWHQWLFKHSULPDRSRLYHQHFRPELQHUj
XQD
4XDQGR FL WURYLDPR FLUFRQGDWL GD PRGHOOL GL FRPSRUWDPHQWR FKH
UHVWLPRODQR OH QRVWUH HPR]LRQL QHJDWLYH QRL FL VHQWLDPR LQ TXHO
PRGR (UURQHDPHQWH VL FUHGH FKH XQR VSHFFKLR SRVVD ULIOHWWHUH
FRQGL]LRQLSRVLWLYHTXDOLJLRLDHVWDVLHIHOLFLWjPDORVSHFFKLRSXz
VROR ULIOHWWHUH FRQGL]LRQL HPR]LRQDOL QHJDWLYH H OD JLRLD QRQ SXz
HVVHUHULIOHVVDSHUFKpQRQqXQ
HPR]LRQHODJLRLDqTXDOFRVDFKH
WX KDL GHQWUR H QRQ GLSHQGH GD LQIOXHQ]H HVWHUQH HG q
FDUDWWHULVWLFDGLXQDHOHYD]LRQHVSLULWXDOH
&Lz FKH SHU O
HVVHUH VSLULWXDOH HOHYDWR q XQD FRQGL]LRQH SURSULD
SHU XQ LQGLYLGXR HPR]LRQDOH q XQ ULIOHVVR 8Q LQGLYLGXR HOHYDWR
VDUjLQJLRLDHWXWWRLOPRQGRVDUjJLRLRVRPDQRQSHUFKpLOPRQGR
JOLULIOHWWHODJLRLDEHQVuSHUFKpqOXLFKHqJLRLRVRGHQWUR
6H VL FUHGH FKH XQR VSHFFKLR SRVVD ULIOHWWHUH TXDOFRVD GL
³SRVLWLYR´ OD SHUVRQD SXz HQWUDUH LQ HXIRULD LQ XQ DPELHQWH
HXIRULFR  LQ UHDOWj q VROR FRQVHJXHQ]D GHO IDWWR FKH XQD SRODULWj
HPR]LRQDOH FKH QRL JLXGLFKLDPR JUDGLWD H FKH FL ID VHQWLUH GL
HVVHUH FROOHJDWL DG DOWUL DO SDUL GHO PDQLDFRGHSUHVVLYR YD LQ
ULVRQDQ]D TXLQGL QHOO
DWWR GHOOD VXD IDVHPDQLDFDOH O
LQGLYLGXR VL
VHQWHEHQHSHUFKpVWDFRPXQTXHYDPSLUL]]DQGRHQHUJLD
1HVVXQR SRWUHEEH HVVHUH HIIHWWR HPR]LRQDOH VH QRQ DYHVVH
FRPSLXWR D]LRQL GDQQRVH FKH JOL KDQQR IDWWR FUROODUH O
DELOLWj GL
IURQWHJJLDUH OH VLWXD]LRQL GHWHUPLQDQGR IRUPHSHQVLHUR
VWD]LRQDULHLQWRUQRDOVXRFRUSRILVLFROHTXDOLGLYHQJRQRVHQVLELOL
DJOLVWLPROLDPELHQWDOL2OWUHDOIDWWRGLFRPPHWWHUHTXDOFRVDFRQWUR
TXDOFXQRO
DOWUDFDXVDGHLVHQVLGLFROSDVRQROHD]LRQLQRQIDWWH
FLRq OH LQD]LRQL OH TXDOL DOOD EDVH KDQQR OD QRVWUD LQFDSDFLWj GL
GLUH QR GHWHUPLQDQGR LO ULPDQHUH LQ VLWXD]LRQL QRQ JUDGLWH DOOD
QRVWUDYHUDQDWXUD
'RYH F
q UHD]LRQH QRQ F
q SUHVHQ]D H TXDQGR FRPLQFLDPR D
ULVSRQGHUHFRQUHD]LRQHDGHPR]LRQLVWLDPRFUHDQGRSURSULRFRQ
OHQRVWUHHPR]LRQLSHUVRQHFKHGHYRQRGDUHXQVHQVRDOOHQRVWUH
HPR]LRQL QHJDWLYH GD DWWDFFDUH SHU GDUH XQD FRQFUHWH]]D DOOD
QRVWUDSRODULWj6HDEELDPRUXEDWRHFRPLQFLDPRDFULWLFDUHLODGUL
DYUHPR ELVRJQR GL ODGUL GD FULWLFDUH FKH FL GHUXEHUDQQR LQ
FRQWLQXD]LRQH HG q VWDWD SURSULR OD QRVWUD UHD]LRQH HPR]LRQDOH
SULPDULD D IDUFL DSSDULUH L ODGUL QHO QRVWUR PRQGR ,O GLVDJLR GHOOD
UHD]LRQH HPR]LRQDOH QRQ GHYH TXLQGL PDL HVVHUH XVDWR FRPH
PRWLYR SHU FRPSRUWDUFL GL QXRYR QHO PRGR GDQQRVR FKH GLHGH
LQL]LRDOODVSLUDOHGLVFHQGHQWH
/H HPR]LRQL VRQR OD IRUPD SL IDFLOPHQWH GLVSRQLELOH SHU IDU
DFFDGHUH OH FRVH QHOOD QRVWUD YLWD SHU FXL q QHFHVVDULR QRQ
DOLPHQWDUH FRVH VJUDGHYROL TXHVWR q LO PRWLYR SHU LO TXDOH XQD
SURFHGXUDFKHVFDULFDLOVHQVRGLFROSDULSXOLVFHO
DUHDHPR]LRQDOH
GHOODSHUVRQDO
DPELHQWHVLVSRSRODGDSUHVHQ]HRVWLOLHO
LQGLYLGXR
VPHWWHGLFRPSLHUHO
D]LRQHQHJDWLYDSHUIDUVLVFRSULUHHIHUPDUH

&20(86$5(,/35,0263(&&+ ,2
1HO SURIRQGR GL RJQXQR GL QRL F
q OD FDSDFLWj GL VDSHUH FRVD
VWLDPRVEDJOLDQGRLQWXWWLLFDVLXQDWWRGDQQRVRHLOFRQVHJXHQWH
VHQVR GL FROSD q GRYXWR DO IDWWR GL FUHGHUH FKH TXHO
FRPSRUWDPHQWR FL VHUYD SHU VRSUDYYLYHUH SHU FXL LO SL GHOOH
YROWH XVLDPR OD 5DJLRQH 1DVFRVWD SHU VHPEUDUH FLz FKH QRQ
VLDPRHSHUSRWHUDYHUHO
RFFDVLRQHGLFROSLUHDOOHVSDOOHFROXLFKH
YHGLDPR FRPH LPSHGLPHQWR DOOD VRSUDYYLYHQ]D 'HOOD 5DJLRQH
1DVFRVWDQHDEELDPRSDUODWRqODEDVHGHOODQDWXUDXPDQDHGq
TXHOODFKHFLIDVHQWLUHVHSDUDWLLQXQPRQGRLQFXLWXWWRqXQLWRLO
IDWWR GL RVVHUYDUH OD SDUWHQ]D GHOOH QRVWUH SDXUH H LO FRPH
PHWWLDPR LQ PRWR OD 5DJLRQH 1DVFRVWD ID Vu FKH LO PHFFDQLVPR
GHOFRPPHWWHUHTXDOFRVDFRQWURLOQRVWURVLPLOHVLVSHQJD
« HULFRUGD
1RQFLSXzHVVHUHHOHYD]LRQHVSLULWXDOH
VHQRQF
qFRPSDVVLRQHSHUWXWWH
OHSDUWLGHOO
HVLVWHQ]D
SRLFKpO
LQWHUDHVLVWHQ]DVHL78HQRQSXRL
GLVLQWHUHVVDUWLGLXQDSDUWHGLWH
SHUFKpODYHGLVHSDUDWDGDOWXRFRUSR
ILVLFRDFDXVDGLXQ
LOOXVLRQH
FRQVHJXHQ]DGLXQD
SHUFH]LRQHGLOLYHOORXPDQR
    ,/6 ( & 21 ' 26 3( & & + ,2( 6 6( 1 2
' ( ,5 $ 3 325 7,8 0 $ 1 ,

,QIOXHQ]D VXOOH UHOD]LRQLFRQ TXHVWR DWWHJJLDPHQWR VROLGLILFKLDPR


QHOOD QRVWUD YLWD FLz FKH GHWHVWLDPR H GHWHVWLDPR TXDOFRVD
SRLFKpVLDPRVWDWLWUDGLWLGDHVVD
) UDVHWLSLFDTXDQGRHQWUDLQJLRFRLOSRVVHVVRGHOOHFRVHWHUUHQH
qGLIILFLOHSHUJOLXRPLQLUDJLRQDUHVHFRQGRJLXVWL]LD

3LVLDPRLQWUDSSRODWLQHOODQDWXUDXPDQDPDJJLRUPHQWHODFULWLFD
FKH QRL LQGLUL]]HUHPR DJOL DOWUL VDUj LQWHQVD 4XHVWR q XQR
6SHFFKLR OH FXL UDGLFL VRQR PROWR UDIILQDWH FL VSLQJH D FULWLFDUH
FROXL FKH FL KD WUDGLWL H FL SLD]]D QHOOD QRVWUD YLWD SHUVRQH FKH FL
WUDGLVFRQR /D VHQVD]LRQH GL WUDGLPHQWR OD SRVVLDPR SURYDUH
TXDQGRGLDPRILGXFLDDTXDOFXQRHGLFRQVHJXHQ]DQHULPDQLDPR
GHOXVL PD OH GHOXVLRQL GD DVSHWWDWLYH PDQFDWH H OH FULWLFKH FKH
SRL RULJLQLDPR  VRQR LO PDJJLRU LQGLFDWRUH GL TXDQWR QRL VWLDPR
YLRODQGR OD QRVWUD OLEHUWj GL FRQVHJXHQ]D D FDXVD GHOOD QDWXUD
RORJUDILFDGHOODUHDOWjDƒ SRVVLDPRULVFRQWUDUHTXDQWRLQWHQVR
VLD LO OLYHOOR GL FRQWUROOR FKH YRJOLDPR HVHUFLWDUH VXJOL DOWUL PRWLYR
SHU LO TXDOH XQ WUDGLPHQWR ULFHYXWR GHWHUPLQD JURVVH RQGDWH GL
JLXGL]LR ,O JLXGL]LR QRQ q DOWUR FKH XQ WHQWDWLYR GL VSLQJHUH FROXL
FKH FL KD WROWR O
HQHUJLD D ULGDUFHOD SRLFKp LQ VXD DVVHQ]D FL
VHQWLDPR GL QRQ ULXVFLUH D VRSUDYYLYHUH ,O IDWWRUH EDVH GL TXHVWR
6SHFFKLR q OD FDULFD FKH DEELDPR VXJOL DWWHJJLDPHQWL VSHFLH
TXDQGRFRQVLGHULDPRFKHO
RQHVWjDGHVHPSLRqO
XQLFDFRVDFKH
YRUUHPPRFDSLWDVVHQHOODQRVWUDYLWDÊVFULWWRFKH'LRFUHDYDVLD
ODOXFHVLDOHWHQHEUHHLQTXDQWRFUHD]LRQHGLYLQDHUDQREXRQH
PD O¶XRPR KD GHILQLWR FRPH FDWWLYR WXWWR FLz FKH q FRUUHODWR DOOH
WHQHEUHTXHVWRIDFRPSUHQGHUHFRPHVLJHQHULXQDFDULFDTXDQGR
QRQDFFHWWLDPRJOLDWWHJJLDPHQWLGHJOLDOWULHGHVLGHUHUHPPRQHOOD
QRVWUD YLWD VROR XQ GHWHUPLQDWR JHQHUH GL DWWHJJLDPHQWL
O
DVSHWWDWLYD q XQ FRQFHWWR SDU]LDOL]]DQWH H TXLQGL SRODUL]]DQWH
YHGLDPR
1HOOD YHUVLRQH RULJLQDOH LO VHFRQGR 6SHFFKLR FL ULIOHWWH FLz FKH
JLXGLFKLDPR QHO PRPHQWR SUHVHQWH PD OD FRPSUHQVLRQH GHO
PHFFDQLVPR GL TXHVWR 6SHFFKLR FL DYYHUWH GHOOD SHUYHUVD
LQIOXHQ]D FKH SXz DYHUH VX GL QRL LQ TXDQWR VHSSXU VLPLODUH DO
SULPRqPROWRSLVRWWLOH
6H WX YXRL HVVHUH DUWHILFH GHOOD WXD YLWD GHYL HVVHUH O
RULJLQDWRUH
GHOOHWXHLGHHHDJLUHFRQVHUHQLWj/DVHUHQLWjKDXQDSHFXOLDULWj
PROWR SDUWLFRODUH QRQ SXz GLSHQGHUH GD FDXVH HVWHUQH PD
PDWXUDWRWDOPHQWHGHQWURGLQRLODVHUHQLWjKDFRPHQHPLFRSULPR
OH DVSHWWDWLYH 1HVVXQR SXz VHQWLUVL VHUHQR VDSHQGR FKH OD VXD
YLWDqXQWHUQRDOORWWRSRLFKpULVXOWDWRGHOOHGHFLVLRQLGLDOWULYHUR"
ÊYHURFKHSRVVLDPRWURYDUFLLQVLWXD]LRQLWXUEROHQWLGHOO
DPELHQWH
PD LO GLVFRUVR q FRPH WX OH SHUFHSLVFL 6H VLDPR FHUWL GL YROHU
JLXQJHUH DG XQ RELHWWLYR H OD SHUVRQD D FXL DEELDPR IDWWR
ULIHULPHQWRFL³WUDGLVFH´SUREDELOPHQWHVLJQLILFDFKHDEELDPRIDWWR
VROR XQD VFHOWD VEDJOLDWD YHUVR OD SHUVRQD O
DEELDPR FDULFDWD GL
XQ
DVSHWWDWLYD6HWXYXRLUDJJLXQJHUHXQDFRVDGHYLVRORWHQHUHLO
IRFXV FUHDWLYR VXOOD FRVD GD UDJJLXQJHUH SRL LO SDQRUDPD DGDWWR
DOOD WXD VLWXD]LRQH VL DSULUj GD VROR &RVD FUHD O
DVSHWWDWLYD"
1HFHVVDULDPHQWH LO WUDGLPHQWR 6H XQ LQGLYLGXR KD QHOOD WHVWD
DVSHWWDWLYD DXWRPDWLFDPHQWH QRQ ULXVFLUj DG RWWHQHUH SHUFKp OXL
VWDFUHDQGRDVSHWWDWLYDQRQULVXOWDWLFDSLVFL"6HODSHUVRQDDFXL
WX IDFHYL ULIHULPHQWR IDOOLVFH QH VXEHQWUHUj XQ
DOWUD PD VH QRL
FRPLQFLDPR D FULWLFDUH TXHOOD SHUVRQD FKH FL KD WUDGLWL DYUHPR
QHOODQRVWUDYLWDSHUVRQHGDFULWLFDUHSHUVRGGLVIDUHODQHFHVVLWjGL
IDPH HPR]LRQDOH GL FULWLFLVPR 4XHVWR 6SHFFKLR KD DOOD EDVH OD
PDQFDQ]D GL FHUWH]]H QHOOH SURSULH DELOLWj FUHDWLYH XQ LQGLYLGXR
HYROXWR WHUUjLO VXRIRFXVFUHDWLYR VXO ULVXOWDWR VXOOD VFHQD LGHDOH
FKH YXRO UHDOL]]DUH H PDL VXOOH SHUVRQH VH OR ID YXRO GLUH FKH
YXROHFRQWUROODUHJOLDOWUL,QTXHVWRFDVROHDVSHWWDWLYHVRQRXVDWH
SHU WUDUUH XQ JXDGDJQR HPR]LRQDOH VXOOH SHUVRQH FKH
FRQWUROOLDPRPDTXHVWDFRVDYDDGLVFDSLWRGHOODVHUHQLWjFKHSXz
HVVHUH PDQWHQXWD VROR VH LO WXR IRFXV ULPDQH VXOO
RELHWWLYR H D
SDWWRFKHVRWWRO
RELHWWLYRVWHVVRQRQFLVLDXQD5DJLRQH1DVFRVWD
&RVD YXRL SURGXUUH QHO WXR FXRUH $13 R (7" /
DSHUWXUD GHO
FXRUH GLSHQGH GD FRPH WX YHGLOH FRVH H QRQ GDOOH FRVH FKH JOL
DOWUL IDQQR FLz VLJQLILFD FKH OH FRVH QHO PRQGR DFFDGRQR PD D
VHFRQGDGLFRPHWXOHSHUFHSLVFLLOWXRFXRUHSURGXUUjOHVRVWDQ]H
GHOO
LPPRUWDOLWj R TXHOOH GHOOD PRUWH $13 R (7 8Q
DSHUWXUD GL
FXRUH QRQ KD DVSHWWDWLYH SRUUH DVSHWWDWLYH VXOOH SHUVRQH GHYH
SURGXUUH QHFHVVDULDPHQWH TXDOH IDWWRUH GL ELODQFLDPHQWR GHOOD
SRODUL]]D]LRQHLOWUDGLPHQWRVHWXFLSHQVLXQ
DVSHWWDWLYDQXWUHVH
VWHVVDHQRQWLGHYHIDUUDJJLXQJHUHXQULVXOWDWRWLFUHLDVSHWWDWLYD
H RWWLHQL DVSHWWDWLYD 6H SHQVL LQ WHUPLQL GL DVSHWWDWLYD q
QHFHVVDULR FKH FL VLD XQ WUDGLPHQWR SRL LO WUDGLPHQWR JHQHUD OD
FULWLFD H TXHVW
XOWLPD ULSRUWD LO WUDGLPHQWR QHOOD VFHQD SHU IDU Vu
FKHODWXDFULWLFDFRQWLQXLDGHVLVWHUH0DVHLWXFKHKDLFUHDWROD
FRVD
4XHVWR PHFFDQLVPR VDUHEEH GD WHQHUH D PHQWH PLOOH YROWH DO
JLRUQRDOILQHGLDEEUDFFLDUQHO
LQWHURVLJQLILFDWRDGXQFHUWRSXQWR
OD SHUVRQD VSHULPHQWHUHEEH XQD FRPSUHQVLRQH LPSURYYLVD H VL
DFFRUJHUHEEH FKH WXWWR FLz FKH HVLVWH q LOOXVLRQH H FKH LO IDWWR GL
PDQWHQHUHTXHVWDLOOXVLRQHIDULPDQHUHEORFFDWLQHOOHHPR]LRQL
&RPH YHGHUH OH FRVH FRPH SHUFHSLUOH TXHVWR q LO SUREOHPD $G
HVHPSLR XQ JLRUQR SRWUHPPR YHGHUH XQD SHUVRQD LQ PRGR
EHQHYROR H LO JLRUQR GRSR D SDWWR FKH QRQ VLD VWDWR WX D IDUH
TXDOFRVDYHUVRODSHUVRQDDOWULPHQWLULFDGUHVWLQHOSULPRVSHFFKLR
TXHOORGHOODFULWLFDSHUDXWRULIOHVVR ODSHUVRQDGLYLHQHLOEHUVDJOLR
SUHIHULWR GHOOH QRVWUH FULWLFKH TXHVWR DFFDGH TXDQGR OD SHUVRQD
KDWUDGLWROHWXHDVSHWWDWLYHHWLKDGLVDQFRUDWRQHLWXRLRELHWWLYLR
LGHDOL
,O VHJXHQWH q XQ HVHPSLR GL ELODQFLDPHQWR GHL IDWWRUL GL
SRODUL]]D]LRQH FKH IDFFLR VSHVVR SHU VSLHJDUH TXHVWR 6SHFFKLR
TXDOFXQR GLFH FKH SXU QRQ DYHQGR PDL GHUXEDWR QHVVXQR q
VSHVVR VRJJHWWR DO IDWWR FKH JOL UXEDQR LQ FRQWLQXD]LRQH OD
PDFFKLQD(SSXUHODSHUVRQDJLXUDFKHQRQqQHOVXRPRGRGLIDUH
LO UXEDUH DJOL DOWUL HTXLQGL VL FKLHGH SHUFKp JOL DFFDGD FLz,O VXR
SUREOHPD VWD QHO IDWWR FKH OXL FULWLFD O
DWWHJJLDPHQWR GHO
UXEDUH SHUFKp ORGD O
RQHVWj HJOL q ILVVDWR VXOO
RQHVWj  KD
FDULFDVXGLHVVD,OVRORIDWWRGLFRQVLGHUDUHFLzVSH]]DO
8QRH
QRQODVFLDOLEHULGLHVVHUHFLzQRQVLJQLILFDFKHLOODGURDEELDSL
GLULWWL GHOOH SHUVRQH RQHVWH PD VROR FKH DQFKH XQD FDULFD
VXOO
RQHVWj VWHVVD q FDXVD GL XQ SUREOHPD RSSRVWR /D QRVWUD
DWWHQ]LRQH FULWLFD YLHQH FDWWXUDWD GDOOD VROOHFLWD]LRQH HPR]LRQDOH
FKHVLDWWLYDTXDQGRXQ
DVSHWWDWLYDYLHQHWUDGLWDHYLHQHVFRSHUWRLO
QHUYR GHOOD UDJLRQH QDVFRVWD FKH DYHYDPR FRVWUXLWR VRWWR
4XDQGR OH SHUVRQH UDJLRQDQR LQ WHUPLQL GL FROSD R GL SUHPLR
DEHUUD]LRQHGHOVDOYDWRUH SHUGRQRGLYLVWDODPHFFDQLFDHIIHWWLYD
GHOODFRVD
4XHVWRqTXLQGLOR6SHFFKLRGHOWUDGLPHQWRULFHYXWRWXWLILGDYLFKH
OH FRVH VDUHEEHUR DQGDWH LQ XQ FHUWR PRGR PD TXDOFXQR WL KD
VFDUGLQDWROHWXHFHUWH]]HHDGHVVRFHO
KDLFRQOXLWLKDQQRUXEDWR
OD PDFFKLQD D FXL WHQHYL WDQWR 4XLQGL q YHUR FKH F
q TXHVWR
JHQHUHGLUHVSRQVDELOLWjGDSDUWHGLTXDOFXQRYHUVRGLWHPDTXDO
q OD WXD GL UHVSRQVDELOLWj" &RVD KDL IDWWR WX DIILQFKp OD FRVD WL
FROSLVVH H WL LPSULJLRQDVVH HPRWLYDPHQWH" ,O SUREOHPD GHO
VHFRQGR6SHFFKLRqO
DVSHWWDWLYDHTXHVWDqLQUHOD]LRQHDOJUDGR
GL OLEHUWj FKH WX ODVFL DJOL DOWUL GLUHWWD FRQVHJXHQ]D GL TXDQWD
OLEHUWj FRQFHGL DO WXR HVVHUH 6H XQ LQGLYLGXR q VXOO
HVVHUH 
ODVFHUj WXWWL OLEHUL GL HVVHUH  TXHVWR GRYUHEEH IDU FRPSUHQGHUH
FKHQRQSXRLVHQWLUWLOLEHURQHOODPLVXUDLQFXLSRVVLHGLOHFRVHPD
VHOHFRVHWXOHVHL&RPHWLVLSRWUHEEHWUDGLUHVHWXIRVVLTXHOOD
FRVD"8QHVVHUHVSLULWXDOHGLYLHQHO
HVSHULHQ]DFKHKDSURGRWWRH
LQWDOFDVRQRQqSRVVLELOHSHUGHUHTXHOODFRVDSRLFKpHVVHQGROXL
VWHVVR OD FRVD VH OD SXz ULFUHDUH LQ TXDOVLDVL LVWDQWH FRQ
O
HVSHULHQ]D VH LQYHFH SRVVLHGL VHQ]D HVVHUOD DYHUH GL
SRVVHVVR  VDUDL VHPSUH SUHRFFXSDWR FKH TXDOFXQR WH OD SRVVD
SRUWDUH YLD TXLQGL FL DWWDFFKLDPR DOOH FRVH H OH XVLDPR SHU
HVHUFLWDUH FRQWUROOR VXJOL DOWUL 5DJLRQH 1DVFRVWD  RJQL YROWD FKH
OLPLWLDPR LO QRVWUR HVVHUH  ,O SUREOHPD UHDOH QRQ q FKH WL YHQJD
UXEDWD OD PDFFKLQD EHQVu FKH VHQ]D TXHOOD PDFFKLQD QRQ SXRL
HVHUFLWDUHXQRVWDWXVGLFRQWUROORYHUVRJOLDOWUL3HUTXHVWRODIUDVH
FKLDYH GL TXHVWR 6SHFFKLR q O
DIRULVPD TXDQGR HQWUD LQ JLRFR LO
SRVVHVVR GHOOH FRVH WHUUHQH q GLIILFLOH FKH JOL XRPLQL UDJLRQLQR
VHFRQGRJLXVWL]LD1RQVWRGLFHQGRFKHWXGHEEDDSSURYDUHDOFXQL
FRPSRUWDPHQWL LO IXUWR QRQ q PDL GD DSSURYDUH PD GLFR FKH VH
TXHVWH FRVH FDSLWDQR H WX WL VHQWL ³RIIHVR´ q SHUFKp q LQ
GLVFXVVLRQH LO WXR OLYHOOR GL OLEHUWj G
HVVHUH H GL FRQVHJXHQ]D
TXHOORGHJOLDOWUL
4XDQGR DFTXLVWLDPR OD PDFFKLQD FL PHWWLDPR VRSUD GHOOH
DVSHWWDWLYH &L VHUYH DTXDOFRVD HTXHVWR GLYLHQH XQ GDWR VWDELOH
SHU QRL SRLFKp G
RUD LQ SRL IDFFLDPR DIILGDPHQWR VXOO
XVR GL
TXHOO
DXWRYHWWXUD SRL FH OD UXEDQR LQ TXHVWR PRGR FL KDQQR
YLRODWR XQ
DVSHWWDWLYD FL VHQWLDPR WUDGLWL H OD FRQVHJXHQ]D
QDWXUDOHGLTXHVWDFRVDqFULWLFDUHLODGULFKHFLKDQQRIDWWRTXHOOD
FRVDFRQWURODQRVWUDYRORQWj1RWDEHQHFRQWURODQRVWUDYRORQWj
q TXHVWR FLz FKH TXHVWR VSHFFKLR FL ULIOHWWH TXDOFXQR FKH ID OD
FRVDFRQWURODQRVWUDYRORQWjPDODPDVVDHPR]LRQDOHFKHYLEUD
LQQRLqTXHOODIRUPDWDVLGDOIDWWRFKHQRLDEELDPRYLRODWRLOIOXVVR
GHO QRVWUR 6p FLRq DEELDPR ULGRWWR OD OLEHUWj 9DOH VHPSUH LO
FRQFHWWRFKHFXRUHSXURQRQSXzVXELUHRIIHVD
&KLDUDPHQWHGREELDPRIDUDSSHOORDOEXRQVHQVRFKHQRQVHPSUH
WXWWR FLz FKH SXz DFFDGHUFL GHYH QHFHVVDULDPHQWH GLSHQGHUH GD
QRL VH VXOOD WHUUD VWHVVH SHU VFKLDQWDUVL XQ DVWHURLGH QRQ FL
VDUHEEH XQD WXD UHVSRQVDELOLWj GLUHWWD 6WR VROR GLFHQGR FKH OH
FRVH SRVVRQR FDSLWDUH H QRQ VRQR FRQVHJXHQ]D GL FULVWLDQD
SXQL]LRQHFRVuFRPHVLDPRSRUWDWLDFUHGHUHVSHVVR7XWWDYLDVH
VXOO
HYHQWR FL PHWWL O
DWWHQ]LRQH TXHOOH FRVH FDSLWDQR D WH H
VFDWHQDWD O
HPR]LRQH VL ULFUHHUj FRQWLQXDPHQWH /
DELOLWj GL XQ
HVVHUH VWD QHO IDWWR GL QRQ IDUVL SUHQGHUH HPR]LRQDOPHQWH GDOOH
FRVH FKH FDSLWDQR SHU FXL VH QRQ VWDL XVDQGR OD 5DJLRQH
1DVFRVWD H VHL VLQFHUR LQ TXHOOR FKH IDL ULXVFLUDL PHJOLR D
IURQWHJJLDUH O
RQGDWD HPR]LRQDOH GHO WUDGLPHQWR VH LQYHFH YLYL GL
HVSHGLHQWLSHUFRQWUROODUHJOLDOWULDOORUDKDLDVSHWWDWLYHHTXLQGLWL
WURYHUDL³GHOXVR´RPHJOLRWUDGLWRGDOOHDVSHWWDWLYHPDQFDWH
0DODFRVDVXFXLULIOHWWHUHqFKHVHOHHPR]LRQLFUHDQRYXROGLUH
FKH VWLDPR PHWWHQGR Ou WXWWD XQD VHULH GL FRVH VJUDGHYROL FKH
SULPD R SRL FL VDOWHUDQQR DGGRVVR $ PDQR D PDQR FKH TXHVWH
FRVH VL SUHVHQWDQR GRYUHPPR DQDOL]]DUH FRVD TXHVWL UDSSRUWL FL
ULIOHWWRQR4XLQGLFKLHGLDPRFLVHJOLDYYHQLPHQWLFKHFLFROSLVFRQR
QRQ VRQR FRVuFRPH QRL VLDPR HVHLQ UHDOWj VWLDPR JLXGLFDQGR
FRORUR FKH FL SURLHWWDQR QHOOD QRVWUD YLWD TXHVWH VLWXD]LRQL
6FRSULUHPRFKHFRVWRURLQXQWHPSRHLQXQPRGRRQHOO
DOWURFL
KDQQR WUDGLWL SHUFKp QRL QRQ WROOHUDYDPR TXHO JHQHUH GL
FRPSRUWDPHQWR ,O SUREOHPD GL TXHVWR 6SHFFKLR VL SUHVHQWD
TXDQGR DQGLDPR DO GL Oj GHOO
RJJHWWLYD YDOXWD]LRQH FLRq TXDQGR
ULFDGLDPR LQ XQ JLXGL]LR DFFRPSDJQDWR GDOO
HPR]LRQH /XFH H
WHQHEUHVRQRLGXHLQJUHGLHQWLGHOOD9LWD
,O IDWWR SDUDGRVVDOH WLSR LO GHWWR FKL GLVSUH]]D YXRO FRPSUDUH q
FKHFRQWLQXDQGRFRQODFULWLFDYHUVRXQDFRQWURSDUWHSULPDRSRL
FLLGHQWLILFKHUjFRQO
DUJRPHQWRRJJHWWRGHOFULWLFLVPRFLzVLJQLILFD
FKHVHSULPDFULWLFDYLLODGULSRLORGLYHQWHUDLDQFKHWXULFDGHQGR
FRVu GDO 6HFRQGR DO 3ULPR 6SHFFKLR (VVHQR 4XLQGL LQVLVWHQGR
QHOO
HPR]LRQH GL TXHVWR 6SHFFKLR SULPD RSRL GLYHQLDPR FLz FKH
DEELDPRFULWLFDWR

&20(86$5(,/6(&21'263(&&+ ,2
'RYUHPPR ULFRUGDUH VSHVVR FKH TXDQGR VWLDPR IDFHQGR
TXDOFRVDORIDFFLDPRLQTXDQWR7XWWRHFKHTXDQGRDFFDGRQROH
FRVH q LO 7XWWR VWHVVR VHFRQGR XQ SLDQR D QRL VFRQRVFLXWR FKH
VWD PHWWHQGR RUGLQH DO FDRV Ê QHFHVVDULR HYLWDUH LO JLXGL]LR GL
TXHJOL DWWHJJLDPHQWL FKH QRQ FL SLDFFLRQR HG q SURSULR TXHVWR LO
PRWLYRSHUFXLTXHOOHFRVHVLSUHVHQWDQRQHOODQRVWUDYLWDFLRqSHU
IDUVuFKHQRLDEEUDFFLDPRLO7XWWRHQRQVRORXQDSDUWHGHOODYLWD
&LzQRQVLJQLILFDFKHGREELDPRDSSURYDUHFRPSRUWDPHQWLDWWLDOOD
GLVWUX]LRQHGLSHUVRQHHFRVHPDVRORGLQRQDYHUQHXQJLXGL]LR
FRQ FDULFD HPR]LRQDOH FLRq FULWLFR$QFRUD XQD YROWDOD FDSDFLWj
GL HVVHUH VH VWHVVL VHQ]D IDU TXLQGL ULFRUVR DOOD 5DJLRQH
1DVFRVWDFLSHUPHWWHGLULWRUQDUHDGHVVHUHLQJUDGRGLRVVHUYDUH
HGLIHUPDUHTXHVWRJHQHUHGLFRQGL]LRQH

« HULFRUGD
1RQFLSXzHVVHUHHOHYD]LRQHVSLULWXDOH
VHQRQF
qFRPSDVVLRQHSHUWXWWH
OHSDUWLGHOO
HVLVWHQ]D
SRLFKpO
LQWHUDHVLVWHQ]DVHL78HQRQSXRL
GLVLQWHUHVVDUWLGLXQDSDUWHGLWH
SHUFKpODYHGLVHSDUDWDGDOWXRFRUSR
ILVLFRDFDXVDGLXQ
LOOXVLRQH
FRQVHJXHQ]DGLXQD
SHUFH]LRQHGLOLYHOORXPDQR

>  @ ,OQRPHGHOODURVD±8PEHUWR(FR%RPSLDQL
    ,/7( 5 = 263 (& & + ,2( 66 (1 2' (,
5 $ 3325 7,8 0 $ 1 ,

,QIOXHQ]D VXOOH UHOD]LRQLq OR VSHFFKLR GHO FROSR GL IXOPLQH FL ID
LQQDPRUDUH GL TXHOOH FDUDWWHULVWLFKH FKH DYHYDPR H FKH DEELDPR
SHUVRSHUFXLTXHOORFKHFRQVLGHULDPRDPRUHLQTXHVWRJHQHUHGL
UHOD]LRQLQRQORqDIIDWWR
) UDVHWLSLFDSHQVDYRIRVVHDPRUHLQYHFHHUDXQFDOHVVH

7L q PDL FDSLWDWR GL LQFRQWUDUH TXDOFXQR H GL DYYHUWLUH XQ


SDUWLFRODUHVHQVRGLIDPLOLDULWj"0DJDULSRLVFRFFDODVFLQWLOODHVL
LQWUDSUHQGHXQDUHOD]LRQHLOFROSRGLIXOPLQHWLFROSLVFHHYLDDOOD
UHOD]LRQH
1HOODQRVWUDVRFLHWjLOFROSRGLIXOPLQHqJHQHUDOPHQWHFRQVLGHUDWR
SHUOHUHOD]LRQLWUDVHVVLRSSRVWLPDJOLHIIHWWLGLTXHVWR6SHFFKLR
QRQ HVVHQGR HVFOXVLYDPHQWH GL YDOHQ]D VHVVXDOH VRQR WDQJLELOL
DQFKH WUD SHUVRQH GHOOR VWHVVR VHVVR FRPH SHU DPPLUD]LRQH
SURIHVVLRQDOH R SROLWLFD PD TXHVWD FRVD ULJXDUGD DQFKH
O
DGRUD]LRQHFKHVLKDYHUVRGLRODPDGRQQDLVDQWLHLUHGHQWRUL
1HOILOPDWRRULJLQDULR%UDGHQUDFFRQWDFKHQHOVXRXIILFLRF
HUDXQ
FROOHJDFKHVLLQQDPRUDYDSLYROWHDOJLRUQRHDYHYDQRFKLDPDWR
TXHVWD VHQVD]LRQH HIIHWWR VFKLDIIR  SHU FXL TXDQGR LO FROOHJD
UDFFRQWDYDGLHVVHUHVWDWRVFKLDIIHJJLDWRFLQTXH YROWHVLJQLILFDYD
FKHQHOODVRODSDXVDSUDQ]RVLHUDLQQDPRUDWRGLFLQTXHUDJD]]H
GLYHUVH 3RVVLDPR IDUFL DQFKH XQD ULVDWD PD TXL OD FRVD q
GDYYHURGHOLFDWDKDLXQDEHOODIDPLJOLDHG
LPSURYYLVRWLLQQDPRUL
GLXQDSHUVRQDKDLXQDUHOD]LRQHHSRLWXWWRVLULYHODXQIXRFRGL
SDJOLDFRVDqVXFFHVVR"3HUFKpDFFDGHFLz"
,O WHU]R 6SHFFKLR (VVHQR q TXHOOR FKH FL ULIOHWWH TXHOOH SDUWL GHO
QRVWUR FDUDWWHUH FKH DYHYDPR H FKH DEELDPR SHUVR R FHGXWR D
VHJXLWRGLFRPSURPHVVLSHUFKpSHQVDYDPRIRVVHURQHFHVVDULSHU
SRWHU VRSUDYYLYHUH 4XDQGR FL LQQDPRULDPR GL TXDOFXQR VWLDPR
LQ UHDOWj SURYDQGR XQD JURVVD QRVWDOJLD SHU TXHJOL DVSHWWL FKH
DEELDPR SHUVR H FKH OD SHUVRQD FL ULIOHWWH DQFKH QRL VLDPR VWDWL
FRVuLQSDVVDWRPDGRYHPPRVYHQGHUHRFHQVXUDUHTXHOPRGRGL
IDUH SHUFKp QRQ HUD JUDGLWR D TXDOFXQR FKH FUHGHYDPR FL
JDUDQWLVVHVRSUDYYLYHQ]D
(FFR FKH LQ TXHVWR PRGR OD TXDVL WRWDOLWj GHL UDSSRUWL QDWL VXO
FROSRGLIXOPLQHFDGRQRDSSHQDULHQWULDPRLQSRVVHVVRGLTXHOOH
FDUDWWHULVWLFKH FKH DYHYDPR SHUVR 1RQ DEELDPR IDWWR DOWUR FKH
LQQDPRUDUFL GL QRL VWHVVL H QRQ ULXVFLDPR D YHGHUH LQ PRGR
FRPSOHWR WXWWH OH FDUDWWHULVWLFKH GL TXHOOD SHUVRQD SHUFKp QRQ
YHGLDPRFKHLOVRORULIOHVVRGHOOHQRVWUH&RVuLOPRQGRVLULHPSLH
GL UDSSRUWL LPSRVVLELOL R DPRUL LUUDJJLXQJLELOL VSHVVR FRQVLGHUDWL
LPSRUWDQWLGDXQDVRODSDUWHLQTXDQWRqVRORXQRGHLGXHFKHKD
SHUVR TXHOOH FDUDWWHULVWLFKH H TXLQGL DOO
DOWUR QRQ SXz ULIOHWWHUH
QXOOD
,YHULUDSSRUWLTXHOOLQHLTXDOLVLHVSULPHO
HVVHUHVRQRTXHOOLFKH
QDVFRQRSHUDFFRUGLHGDIILQLWjVXFFHVVLYHLQTXHOFDVRYXROGLUH
FKHOHSHUVRQHWURYDQRQXRYLSXQWLGLLQFRQWURILQRDGHVLGHUDUHGL
YLYHUHLQVLHPHLQTXDQWRO
XQRFRQO
DOWURKDQQRGDYYHURFRVHGD
IDUHLQFRPXQH
6SHVVRLOJXDUGDUVLQHJOLRFFKLIDDFFDGHUHTXDOFRVDGLPDJLFRLO
WHPSRVLIHUPDLOFXRUHEDWWHHVLIDQQRSURJHWWL7XWWDODYLWDYLHQH
IDWWD GLULJHUH YHUVR O
RELHWWLYR GL VWDUH LQVLHPH PD SRL TXDQGR VL
DELWD XQ SR
 GL WHPSR QHOOR VWHVVR VSD]LR SRVVRQR YHQLUH IXRUL
FRQIOLWWLSHUFKpTXHOODSHUVRQDQRQqTXHOODGDYYHURDGDWWDDQRL
DQFKH VH LQ UHDOWj DGDWWD LQ TXHO SUHFLVR PRPHQWR OR q SHU
GDYYHUR SHUFKp FL VWD UHQGHQGR XQ VHUYL]LR GL 7HU]R 6SHFFKLR
DQFKH VH QRQ LPPHGLDWDPHQWH JUDGLWR  &RVu TXDQGR FL
DFFRUJLDPR FKH TXHOOD SHUVRQD QRQ KD QXOOD GL VLPLOH D QRL OD
UHOD]LRQHVLURPSHVSHVVRWUDHQRUPLOLWLJLSUREDELOPHQWHWXWWLQRL
DEELDPRYLVVXWRXQUDSSRUWRGLTXHVWRWLSR,OFRQFHWWRqFKHQHOOD
QRVWUD YLWD SHU QHFHVVLWj DEELDPR IDWWR GHL FRPSURPHVVL H FL
VLDPR DPSXWDWL GL SDUWL GL QRL HG q FRVu FKH TXDQGR WURYLDPR
SHUVRQH FKH SRVVHJJRQR TXHOOH FDUDWWHULVWLFKH FKH QRL DEELDPR
SHUVR R FHGXWR QH YHQLDPR DWWUDWWL 1HO FDVR LQ FXL QRQ ULXVFLVWH
DG DQGDUH LQ IRQGR DQFKH D TXHVWR JHQHUH GL UHOD]LRQH SRVVR
DVVLFXUDUYL FKH OR ULPSLDQJHUHVWH SRLFKp TXHOOD IDPLOLDULWj QRQ
YHULILFDWDODVFLDLOSRVWRDOODQRVWDOJLDODQRVWDOJLDGLVHVWHVVLPD
TXHVWDFRVDSHUTXDQWREDQDOHqDQFKHGLIILFLOHGDUDJJLXQJHUH
VHQ]DSDVVDUHSHUODUHOD]LRQHVWHVVD4XLQGLTXHVWDFRVDqVROR
XQ
LOOXVLRQH H EDVWD FKLHGHUVL FRV
KD TXHVWD SHUVRQD FKH PL
PDQFD" &RPSUHQGHUHWH VHPSUH FKH TXHOOD SHUVRQD KD TXDOFKH
DWWHJJLDPHQWRFKHDYHYDWHHFKHDYHWHSHUVR6HDPDYDWHLILRULH
OLFRQWHPSODYDWHHSRLDOO
XQLYHUVLWjVLHWHVWDWLULVXFFKLDWLQHOYRUWLFH
GHOOD ERWDQLFD H GHOOH FDWHJRUL]]D]LRQH q PROWR SUREDELOH FKH
GRSRQRQQHYHGUHWHSLJOLDVSHWWLURPDQWLFLPDTXHOOLVFLHQWLILFL
VLJQLILFDFKHDYHWHSHUVRO
LQQRFHQ]DGHOWHPSRFKHIX4XDOXQTXH
SHUVRQD VHQVLELOH VH VL ID SUHQGHUH GDJOL DVSHWWL PDWHULDOLVWLFL
SHUGH O
LQQRFHQ]D H VH LQFRQWUD SHUVRQH LQQRFHQWL VH QH SXz
LQQDPRUDUHÊSHUTXHVWRPRWLYRFKHIHURFLXRPLQLG
DIIDULFDGRQR
QHOOH JULQILH GL UDSSRUWL DPRURVL SLORWDWL (VVL KDQQR SHUVR OD
SURSULD LQQRFHQ]D H XQD TXDOXQTXH GRQQD FKH DEELD XQ
DWWHJJLDPHQWRFLYHWWXRORHGDEDPELQDOLSXzPHWWHUHLQWUDSSROD
TXHVWDFRVDIXQ]LRQDVHPSUH
/HJJHQGR OH VLWXD]LRQL FRQ TXHVWD RWWLFD DQFKH XQD LPPHQVD
TXDQWLWj GL FDQ]RQL H GL SRHVLH LQYHFH FKH GL DPRUH VL ULYHODQR
SDUODUH GL FDOHVVL >@ 0ROWR VSHVVR VH L GXH SVHXGRLQQDPRUDWL
YHQJRQRPHVVLXQRGLIURQWHDOO
DOWURFRQIHVVHUDQQR³FRVD´DWWUDH
GHOO
DOWUR H VH GL VHJXLWR YHQLVVH SRVWD OD GRPDQGD ³(UD TXHVWD
XQD FDUDWWHULVWLFD FKH WX DYHYL H FKH KDL SHUVR LQ XQ GHWHUPLQDWR
PRPHQWRGHOODWXDYLWD"´FLzSURYRFKHUHEEHODUHDOL]]D]LRQHFKH
VRWWRTXHVWDSDVVLRQHQRQF
qDIIDWWRDPRUHPDVRORXQDULFKLHVWD
GL ULFRPSRUUH LO 6p XQ ULHQWUDUH LQ SRVVHVVR GL FDUDWWHULVWLFKH
SHUVH R FHGXWH 4XHVWD SURFHGXUD VFDULFD JURVVH TXDQWLWj GL
HPR]LRQLEORFFDWHHGDOOHJJHULVFHOHSHUVRQHDOO
LVWDQWH
&KLDUDPHQWH O
DWWUD]LRQH q PDJJLRUH TXDQGR LO UDSSRUWR VL
LQVWDXUDWUDXRPRHGRQQDSURSULRSHUO
DPSOLILFD]LRQHGRYXWDDOOH
QDWXUDOLGLIIHUHQ]HVHVVXDOL4XHVWRFLIDHQWUDUHDQFKHLQXQDOWUR
DVSHWWR JOL HVVHUL VSLULWXDOL VRQR GL SHU Vp DVHVVXDWL H TXDQGR
HQWUDQR LQ XQ FRUSR VFHJOLHQGR GL HVVHUH XQ VHVVR ULQXQFLDQR
DOO
DOWUD PHWj H TXL HQWULDPR LQ XQ
DOWUD VIDFFHWWDWXUD GL TXHVWR
6SHFFKLR )DFFLDPR O
HVHPSLR GL XQD SHUVRQD FKH VXELVFH DEXVL
VHVVXDOL XQ HVVHUH TXDQGR VL LQFDUQD DG HVHPSLR LQ XQ FRUSR
PDVFKLOHqSHUFKpKDFHGXWRODVXDSDUWHIHPPLQLOHHGqDWWUDWWR
GDOOHGRQQHHFLzqQRUPDOHLQTXDQWRODFDUDWWHULVWLFDQRQqVWDWD
FHGXWD LQ TXHVWD YLWD H OD VLWXD]LRQH YLHQH YLVVXWD LQ PRGR
QDWXUDOH 2UD QHOO
DWWXDOH FRUSR PDVFKLOH KD VXELWR DEXVL HG q
VWDWRYLRODWRQHOODVXDVHVVXDOLWjJOLqVWDWDSRUWDWDYLDXQDSDUWH
GHOOD FRQGL]LRQH PDVFKLOH HG q SUREDELOH FKH WHQGHUj D
HQIDWL]]DUH TXHO SRFR GHOOD VXD SDUWH PDVFKLOH FKH q ULPDVWD D
VXD GLVSRVL]LRQH (FFR FKH GD TXHVWR JHQHUH GL VLWXD]LRQH SXz
YHQLUHIXRULXQFRPSXOVLYRLQWHUHVVHYHUVRJOLLQGLYLGXLGHOSURSULR
VHVVRPDLQUHDOWjHJOLVWDFHUFDQGRVRORGLUDIIRU]DUHFLzFKHKD
SHUVRRFHGXWRLQTXHVWDYLWD
6XTXHVWDVFRUWDRUDSRWUHVWLDYHUHXQDJURVVDUHDOL]]D]LRQHXQD
WXDFDUDWWHULVWLFDSXUDYHQGRXQFRUSRILVLFRqTXHOODGLHVVHUHXQ
HVVHUH VSLULWXDOH LPPRUWDOH H LQILQLWR VH OH UHOLJLRQL WL GLFRQR SHU
VHFROL FKH VHL XQ SHFFDWRUH WL KDQQR SRUWDWR YLD XQD SDUWH
ULOHYDQWHGLWHDQ]LODPLJOLRUHÊLQTXHVWRPRGRFKHWLPHWWRQRLQ
FRQGL]LRQH GL DGRUDUH HQWLWj FKH QRQ HVLVWRQR GLR PHVVLD OD
PDGRQQD L VDQWL DQJHOL DUFDQJHOL HFF  R FDSL UHOLJLRVL D FXL
LQFROODQR HWLFKHWWH VSLULWXDOL GL TXDOLWj FKH WX DYHYL H FKH RUD QRQ
VHQWLSLGLDYHUH1HVVXQRSXzLQQDPRUDUVLGLGLRRGLDOFXQFKp
PD SXz VROR ULFHUFDUH VH VWHVVR LQ TXDOFRVD DQFKH LQ XQ
HQWLWj
LQHVLVWHQWHLQFXLKDQQRPHVVRODSDUWHPLJOLRUHGLWH3HUTXHVWR
OD UHOLJLRQH q OD GURJD SL SRWHQWH FRQ FXL FRQWUROODUH L SRSROL
TXDQGR UHDOL]]L FKH WX VHL O
,2 WXWWD OD EDUDFFD GHOOH FUHGHQ]H
UHOLJLRVH FDGH LPPDQFDELOPHQWH H VL SRUWD GLHWUR VHQ]D
FRPSDVVLRQHDOFXQDGLRHWXWWRLOVXRIDOVRHVHUFLWRFHOHVWH

&20(86$5(,/7(5=263(&&+ ,2
4XDQGR VHQWLWH SDVVLRQH YHUVR TXDOFXQR IHUPDWHYL H SHQVDWH
TXDOH FRVD QHOOD YRVWUD YLWD DYHWH FHGXWR GL YRL R YL q VWDWD
SRUWDWD YLD GD FKL DYHYD SRWHUH VX GL YRL H FKH RUD YRL VWDWH UL
WURYDQGRLQTXDOFXQR'DWHYLGDIDUHSHUUHFXSHUDUHLQYRLFLzFKH
DYHWH SHUVR DOWULPHQWL QRQ YL ULGHILQLUHWH H OH YRVWUH UHOD]LRQL
VDUDQQR EDVDWH VXL ILOWUL GL FLz FKH SHUVR YLHQH ULIOHVVR 1RQ
VLJQLILFDFKHQRQGRYHWHIUHTXHQWDUHTXHOODSHUVRQDFKHYLULIOHWWH
TXHOO
DVSHWWR DQ]L q XQ RWWLPR PRWLYR SHU IDUOR PD FLz D FXL VL
GHYHIDUHDWWHQ]LRQHqGLQRQLQQDPRUDUVLGLXQEDQDOHULIOHVVR(
LQ TXDQWR DOOD VHQVD]LRQH GL IDPLOLDULWj FRQ XQ DOWUR HVVD q VROR
IDPLOLDULWj FRQ YRL VWHVVL H GL YRL VWHVVL DOWUR FKH QRVWDOJLD GD
DOORQWDQDPHQWRqQRVWDOJLDGLFRPHHUDYDPR

« HULFRUGD
1RQFLSXzHVVHUHHOHYD]LRQHVSLULWXDOH
VHQRQF
qFRPSDVVLRQHSHUWXWWH
OHSDUWLGHOO
HVLVWHQ]D
SRLFKpO
LQWHUDHVLVWHQ]DVHL78HQRQSXRL
GLVLQWHUHVVDUWLGLXQDSDUWHGLWH
SHUFKpODYHGLVHSDUDWDGDOWXRFRUSR
ILVLFRDFDXVDGLXQ
LOOXVLRQH
FRQVHJXHQ]DGLXQD
SHUFH]LRQHGLOLYHOORXPDQR

>  @ 4XHVWDIUDVHFKHqLOWLWRORGHOILOPGL0DVVLPR7URLVLGHO3HQVDYRIRVVHDPRUH
LQYHFHHUDXQFDOHVVHqXVDWDQHOOLQJXDJJLRFRPXQHVLQGDDOORUDSHULQGLFDUHTXHOOH
VLWXD]LRQLFKHQDVFRQRFRPHFROSRGLIXOPLQHHSRLYHQJRQRYLVWHQHOODORURYHUDOXFH
ULYHODQGRVLFRVDGLYHUVDGDTXHOODFKHVLSHQVDYDIRVVH
    ,/4 8 $ 5 7263 ( & & + ,2(6 6( 1 2
' ( ,5 $ 3 3 25 7,8 0 $ 1 ,

,QIOXHQ]DVXOOHUHOD]LRQLTXHVWRVSHFFKLRFLSHUPHWWHGLRVVHUYDUFL
LQ XQR VWDWR GL GLSHQGHQ]D H FRPSXOVLRQH SULPD GL SHUGHUFL
FRPSOHWDPHQWHLQHVVH
) UDVHWLSLFDVRQRFDSDFHGLVPHWWHUHTXDQGRYRJOLR

6SHVVR VRWWR OD EDQGLHUD GL XQ FRPRGR PD IDOVR VHQWLUH GLDPR
VIRJRDOOHQRVWUHUHSUHVVLRQLHFLLPSHJQLDPRLQXQ
LQILQLWDTXDQWLWj
GL DWWLYLWj ILQR D WURYDUFL LQYLVFKLDWL LQ XQ YRUWLFH FKH FL ULVXFFKLD
SRUWDQGRFLDGLPHQWLFDUHWXWWLJOLDOWULREEOLJKLQHLYDULVHWWRULGHOOD
QRVWUD YLWD 6RQR IUHTXHQWL OH GLFKLDUD]LRQL GL UDJD]]L FKH
DYUHEEHURYROXWRFKHLOSURSULRSDSjDYHVVHJLRFDWRDSDOODFRQOXL
RFKHIRVVHYHQXWRDYHGHUORDOODVXDSDUWLWDGLSDOORQHLQYHFHGL
HVVHUHVHPSUHRFFXSDWRLQLPSHJQLGLODYRUR4XLQGLPHQWUHSHULO
UDJD]]R VL WUDWWD GL WUDGLPHQWR VHFRQGR 6SHFFKLR  LO JHQLWRUH
GLVWUDWWRqQHOODWUDSSRODGHOODFRPSXOVLRQHGHOODYRUR
,O TXDUWR 6SHFFKLR FL SHUPHWWH GL RVVHUYDUFL LQ XQR VWDWR GL
FRPSXOVLRQH VWDWR LQ FXL VROR OH QRVWUH SDVVLRQL GLYHQJRQR
LPSRUWDQWL H GLYHQLDPR DYDUL FRQ WXWWR LO UHVWR GHO PRQGR  D
PHQR FKH OH FRVH QRQ VLDQR GLUHWWDPHQWH FROOHJDWH DOOD QRVWUD
IDPDGLVFRSL FRQO
XVRGHOOD5DJLRQH1DVFRVWD /DFRVDXWLOHGL
TXHVWR 6SHFFKLR q TXHOOD GL ULXVFLUH GDYYHUR D IHUPDUVL VH VL ID
XVR GL XQD EXRQD GRVH GL GLVFLSOLQD SULPD GL DUULYDUH DOOD
SDUDGRVVDOH IUDVH LR ULHVFR D IHUPDUPL TXDQGR YRJOLR FKH
VLJQLILFDDOFRQWUDULRQRQULXVFLUHSLDIDUOR
2JJL IDL XQ ODYRUR LQ FXL VWLSXOL  FRQWUDWWL DO JLRUQR PD GRPDQL
YRUUDLIDUQHHSRLILQLVFLFKHLQYHFHGLODYRUDUHSHUYLYHUH
YLYLSHUODYRUDUH
)DPLJOLH GLYLVH JHQLWRUL FKH QRQ SDUODQR FRQ L ILJOL H WXWWR SHU OD
FRPSXOVLRQHDSRUWDUHDYDQWLLQWHUHVVLSHUVRQDOLFKHDPSXWDQROD
YLWD H FL ODVFLDQR VROR SLFFROH SDUWL GL HVVD 6RQR GLSHQGHQ]H
FURQLFKH TXHOOD VHVVXDOH VH[ XDO DGGLFWLRQ  O
XVR GL VRVWDQ]H
VWXSHIDFHQWL GURJKHSHVDQWL TXHOOHDOLPHQWDULQRWHFRPHEXOLPLD
HG DQRUHVVLD LO YL]LR GHO JLRFR O¶DOFROLVPR HFF SRVVRQR HVVHUH
SL R PHQR LQWHQVH PD VRQR FDUDWWHULVWLFKH GL TXDUWR 6SHFFKLR
7URSSR VSHVVR OH GLSHQGHQ]H LQFRQWUROODELOL QDVFRQR GD
DWWHJJLDPHQWL TXDOL LO GDUVL LQ PDQLHUD HFFHVVLYD DO ODYRUR DOOD
IDPLJOLD DO YRORQWDULDWR DO YHJHWDULDQLVPR DO FLER FKH QRL
FKLDPLDPRVHPSOLFHPHQWHVFHOWHHFKHQHOODQRVWUDVRFLHWjQRQ
YHQJRQRHWLFKHWWDWHFRPHSHULFRORVHRSDWRORJLFKH0DSHUFKpXQ
LQGLYLGXR FKH VL WURYD LQ XQD RVVHVVLRQH ULWHQXWD VRFLDOPHQWH
OHJJHUD  FRPH LO ODYRUR LO VHVVR OH VLJDUHWWH R DOWUR QRQ GHYH
HVVHUH YLVWR LQ XQR VWDWR SDWRORJLFR" 4XHVWR q SUHRFFXSDQWH SHU
ODVRSUDYYLYHQ]DGHOODVSHFLHXPDQD
8QDQDWXUDOHHYROX]LRQHGLXQDWWHJJLDPHQWRGLFRPSXOVLRQHSRUWD
D QRQ SLDFHUVL LQ TXDQWR GLUHWWD FRQVHJXHQ]D GHOOD PDQFDWD
UHDOL]]D]LRQH GHO Vp PDWHULDOH D  JUDGL ,O SDVVR ILQDOH q XQD
VJUDGHYROH VHQVD]LRQHSDWRORJLD FKLDPDWD 5LILXWR GHOO
LPPDJLQH
FRUSRUHDO
LQGLYLGXRQRQVLSLDFHVHQRQVLUHDOL]]DLQWXWWHOHVXH
GLQDPLFKH PDWHULDOL SHU FXL DOOD ILQH RGLD OR VWUXPHQWR PDWHULDOH
FKHVHUYHSHUUHDOL]]DUVLSURSULRLOVXRFRUSR
&
qXQDVRUWDGLFLUFRORYL]LRVRFKHLQL]LDFRQTXHOORFKHSRVVLDPR
FKLDPDUH352&(662'(//$72//(5$1=$TXHVWRSURFHVVRq
LOPRPHQWRLQFXLVDSSLDPRFKHVWLDPRDSSURYDQGRTXDOFRVDFKH
FRQVLGHULDPRFRQWUDULRDOQRVWURRQRUHHDOODQRVWUDHWLFDHTXHVWR
PHFFDQLVPR DWWLYD LO ',6785%2 '(/ 6Ê ,O IDWWR GL HVVHUH
VEDO]DWL GDOO
HVVHUH DOO
DYHUH QHXURILVLRORJLFDPHQWH VL WUDGXFH LQ
',3(1'(1=$ HG DOOD ILQH ILVLFDPHQWH DEELDPR LO ',6785%2
'(//¶,00$*,1( &25325($ FLRq QRQ FL SLDFFLDPR SL
ILVLFDPHQWH
,O SURFHVVR GHOOD WROOHUDQ]D q OD VHQVD]LRQH FRVFLHQWH FKH
DEELDPR TXDQGR VWLDPR YLRODQGR FLz FKH SHU QRL VRQR PRGHOOL GL
FRPSRUWDPHQWRRQRUHYROLFROOHJDWLFRQO
HVSUHVVLRQHGLQRLVWHVVL
ULJXDUGD OD QRVWUD HWLFD VX FRVD q JLXVWR H FRVD QR ,Q UHDOWj
DOO
LQL]LRGHOSUREOHPDQRLVHQWLYDPRFRVDHUDJLXVWRIDUHPDQHO
IDUORORDEELDPRPRGLILFDWRqXQSUREOHPDGHO)$5(DVHJXLWRGL
YLROD]LRQH GHOOD QRVWUD HWLFD SHUVRQDOH SHUFKp LO QRVWUR HJR OD
VDSHYD SL OXQJD 4XDQGR VFHQGLDPR D FRPSURPHVVL FRQ OD
QRVWUD UHDOWj FRPSRUWDPHQWR GLVRQRUHYROH  QRL VWLDPR ULILXWDQGR
GL PDQLIHVWDUH LQ XQ FHUWR PRGR XQD SDUWH GL QRL EORFFR VXO
)$5( PDqTXHVWDFRVDFKHSRUWDDOODGLSHQGHQ]DLQTXDQWRDG
XQ EORFFR GHO IOXVVR GL (66(5( F
q XQD FRQVHJXHQWH HG
LQHYLWDELOHFDUHQ]DGL$9(5(4XHVWDFDUHQ]DODVLULHPSLHFRQOD
FRPSXOVLRQHDGDYHUHSHULQFDSDFLWjGL$YHUHHTXHVWRVIRFHUjLQ
TXHOORFKHULVXOWDHVVHUHXQDGLSHQGHQ]D
2JQL VSLQWD FRPSXOVLYD PHWWH LQ D]LRQH GHL SURFHVVL ILVLFL FKH
ULJXDUGDQR LO VLVWHPD GRSDPLQHUJLFR SHU RWWHQHUH XQ +LJK
(PR]LRQDOHHTXHVWDFRVDFUHDXQDDELWXGLQHDOLYHOORELRFKLPLFR
QHOOD QHFHVVDULD SURGX]LRQH HQGRUILQLFD OD TXDOH q O
DSLFH
GHOO
DVSHWWDWLYD HPR]LRQDOHGRSDPLQHUJLFD TXHVWD DELWXGLQH
GDSSULPDOHJJHUDqDOODEDVHGHOODGLSHQGHQ]D
,Q /,) ( L VHJUHWL GHOOD JKLDQGROD SLQHDOH >@  DO FDSLWROR  q
VFULWWR /H HQGRUILQH VRQR ULQWUDFFLDELOL SUHYDOHQWHPHQWH
QHOO¶LSRILVL H QHOO¶LSRWDODPR /¶HXIRULD FKH VL QRWD QHJOL LQQDPRUDWL
FKHQRQULVSRQGHQHFHVVDULDPHQWHDOO¶DPRUHGLYLQRWUDJOLHVVHUL
SXz HVVHUH GRYXWD SURSULR DOO¶DXPHQWR GHOOH HQGRUILQH FLUFRODQWL
FRVu FRPH DQFKH LQ WXWWH TXHOOH DWWLYLWj FKH OD JHQWH LQ TXDQWR
EUDQFR ULFHUFD DO ILQH GL WURYDUH LO SLDFHUH *LRFR G¶D]]DUGR
FLQHPD WHDWUR IXPR PHWWRQR LQ PRWR LO VLVWHPD HQGRUILQHUJLFR
PD DQFKH OH DWWLYLWj UHOLJLRVH LO QXRWR R OR M RJJLQJ PRWLYR SHU LO
TXDOHPROWDJHQWHVLGHGLFDDGHVVHLQPRGRDELWXDOH
4XDOVLDVLWLSRGLGLSHQGHQ]DIDUPDFRORJLFDRPHQRGjOXRJRDOOD
SURGX]LRQHGHOODSURWHLQDGHOWD)RV%TXHVWDqXQDSURWHLQDPROWR
VWDELOHFKHSXzULPDQHUHQHOFHUYHOORSHUPHVLGRSRODFHVVD]LRQH
GHOO¶HVSRVL]LRQH H OD VXD SHUVLVWHQ]D ULVLHGH QHOOD SDUWLFRODUH
VWDELOLWj PROHFRODUH 4XHVWD SURWHLQD FUHD GDQQL DO VLVWHPD GL
WUDVFUL]LRQH GHOO¶51$ HUURUL GL WUDVFUL]LRQH VRQR DOOD EDVH GL
DOWHUD]LRQLGHLWHVVXWLGHOO
RUJDQLVPRGHOORVYLOXSSRGLPDODWWLHGL
FDPELDPHQWLFRPSRUWDPHQWDOLHGHOODGLVWUX]LRQHGHOODFKLPLFDGHO
SLDFHUH D OLYHOOR GRSDPLQHUJLFR H GHO JOXWDPPDWR >@ 4XDQGR
LQYHFH OH SDVVLRQL YHQJRQR UDJJLXQWH SHU PH]]R GL YHUH VSLQWH
LQWHULRUL LO ULVXOWDWR QRQ VDUj DQDOJHVLFR GRYXWR D SURGX]LRQL
FHUHEUDOLRSSLRLGLPDULJHQHUDQWHJUD]LHDQFKHDOODSURGX]LRQHGL
VRVWDQ]H GDWH GDOO¶HTXLOLEULR RSSLRLGHFDQQDELQRLGH TXDOL
O¶DQDQGDPLGH/DPHQWHqLOSLDVWXWRGHLQRVWULQHPLFLFKHSXUGL
VRSUDYYLYHUH PHWWH LQ DWWR QXPHURVL VWUDWDJHPPL JUDWLILFDQWL
HQGRUILQH FRPHODULFHUFDVSLULWXDOHO¶DVSLUD]LRQHDOODYLUWRDOOD
VDQWLWj)LQTXDQGRLOQRVWURSLDFHUHVDUjLQWHUPLQLGLHQGRUILQHOD
SLHQDDWWLYLWjUHJRODWULFHGHOODSLQHDOHFLqSUHFOXVD
&
qXQDVRUWDGLFLUFRORYL]LRVRFKHLQL]LDFRQTXHOORFKHSRVVLDPR
FKLDPDUH352&(662'(//$72//(5$1=$TXHVWRSURFHVVRq
LOPRPHQWRLQFXLVDSSLDPRFKHVWLDPRDSSURYDQGRTXDOFRVDFKH
FRQVLGHULDPRFRQWUDULRDOQRVWURRQRUHHDOODQRVWUDHWLFDHTXHVWR
PHFFDQLVPR DWWLYD LO ',6785%2 '(/ 6e SHU GLVWXUER GHO 6p VL
LQWHQGHFKHTXDQGRXQDSHUVRQDqWXUEDWDULGXFHODVXDDELOLWjGL
VHQWLUH LO SURSULR ,2 6212 H DWWLYD XQ ORRS VXOO
DYHUH TXHOOR
GHOO
$9(5(H121$9(5(GHVFULWWLTXDOFKHFDSLWRORID 
4XHVWR EORFFR GHOO
HVVHUH H LO FRQVHJXHQWH HVVHUH VEDO]DWL
VXOO
DYHUH D VHJXLWR GL PHFFDQLVPL QHXURILVLRORJLFL VL WUDGXFH LQ
',3(1'(1=$
2JQL FRVD FKH VL EDVD VXOO
DYHUH VHQ]D FKH TXHVW
XOWLPR VLD XQD
FRQVHJXHQ]D GHOO
HVVHUH (VVHUH 6HQWLUH )DUH $YHUH 
GHWHUPLQD OD VFKLDYLW GL GRYHU RWWHQHUH HQHUJLD GDOO
HVWHUQR
SHUVRQH FRVH WHPSL HYHQWL OXRJKL  ,Q GHILQLWLYD OH
FRPSXOVLRQL VHUYRQR SHU VIRJDUH OR VWUHVV ELRFKLPLFR
GHULYDQWH GD XQD PDQFDQ]D GL $YHUH GHO FLFOR
6HQWLUH)DUH$YHUH  4XDQGR DQGLDPR DG DWWLYDUH LO FRUSR
HPR]LRQDOH SHU PH]]R GL VRVWDQ]H ELRFKLPLFKH HFFR FKH QDVFH
DQFKHODGLSHQGHQ]DqFRVuFKHGLYHQLDPRFDUQHILFLGLQRLVWHVVL
1RLSRVVLDPRDFFRUJHUFLGHOOHGLSHQGHQ]HOHJJHUHHGLQWHUYHQLUH
PDTXDQGRVLDPRLQTXHOOHFURQLFKHODVLWXD]LRQHVLFRPSOLFD
,QGLSHQGHQWHPHQWH GDOO¶LQWHQVLWj FRQ FXL VL PDQLIHVWD OD
FRPSXOVLRQHODVHTXHQ]DqFRPXQTXHODVHJXHQWH
 3URFHVVR GL WROOHUDQ]D GHOOD YLROD]LRQH GL FLz FKH QRL
FRQVLGHULDPRRQRUHYROH DQGDUHFRQWURLOSURSULRFRGLFHG
RQRUH 
 'LVWXUER GHO 6p GLIHWWR GHOO
DELOLWj GL VHQWLUH OD YRFHLQWXL]LRQL
LQWHULRUL 
 'LSHQGHQ]D QHXURELRFKLPLFD DWWLYD]LRQH GHOOD GLSHQGHQ]D
HQGRUILQLFD 
'LVWXUERGHOO¶LPPDJLQHFRUSRUHD
6H DEELDPR XQ GLVWXUER GHOO¶LPPDJLQH FRUSRUHD YXRO GLUH FKH
VLDPR IRUWHPHQWH GLSHQGHQWL GD TXDOFRVD IXRUL GL QRL TXHVWR
SURFHVVRqFRQRVFLXWRDQFKHFROQRPHGL'RZQ5HJXODWLRQ>@
6H DYHWH DYXWR LO SHQVLHUR GL LQWHUYHQLUH FRQ LO ELVWXUL VXO YRVWUR
FRUSRRUDFRQRVFHWHLOPRWLYRGHOSHUFKpQRQYLSLDFHWHSLVLHWH
LQEDOLDGHO4XDUWR6SHFFKLR
Ê EHQH VRWWROLQHDUH DQFRUD FKH QRQRVWDQWH TXHVWR 6SHFFKLR VL
DWWLYL FRQ XQ 3URFHVVR GL WROOHUDQ]D FKH FRUULVSRQGH DG XQD
YLROD]LRQH GHOOD SURSULD HWLFD  OD UHODWLYD GLSHQGHQ]D QRQ QDVFH
PDL FRPH FURQLFD SHU FXL SULPD GL PHWWHUVL QHL JXDL VSHVVR q
SRVVLELOHIHUPDUVLPDVRORVHQRQLQVLVWLDPRDGHVVHUHGLVRQHVWL
FRQQRLVWHVVL6HDUULYLDPRDOSXQWRLQFXLQRQFLDFFRUJLDPRSL
LQTXDOHVLWXD]LRQHFLVLDPRPHVVLQRQULXVFLUHPRSLDGXVFLUQH
IDFLOPHQWH3RVVLDPRHVVHUHFHUWLFKHTXDQGRVLDWWLYDO
LQGLFDWRUH
FKH QRQ FL SLDFFLDPR ILVLFDPHQWH YXRO GLUH FKH VLDPR PROWR IXRUL
HWLFD H FKH q RUPDL QHFHVVDULR IUDQWXPDUH JURVVH TXDQWLWj GL
VLWXD]LRQLHJRLFKHVXWXWWLJOLDVSHWWLGHOODQRVWUDYLWD
8Q DVSHWWR EL]]DUUR GHWHUPLQDWR GDOO
DEHUUD]LRQH IRQGDPHQWDOH
FRQ LO VXGRUH GHOOD IURQWH WL JXDGDJQHUDL LO SDQH q SURSULR TXHOOD
VHQVD]LRQH GL GRORUH FKH VL FUHGH VL GHEED VRSSRUWDUH SHU
RWWHQHUH OH FRVH &L VWD FKH VLDPR VWDQFKL HG DVVRQQDWL PD OD
FRPSXOVLRQHFLGLFHGLFRQWLQXDUHQHOODFRVDFKHVWLDPRIDFHQGR
FL WUDWWHQLDPR OD SLSu PHQWUH VLDPR LPSHJQDWL LQ TXDOFRVD
FRQWLQXLDPR D JXLGDUH SXU HVVHQGR VWDQFKL FRQWLQXLDPR D
ODYRUDUHSXUHVVHQGRHVDXVWLVWLDPRLQQDQ]LDO3&ILQRDWDUGLSXU
HVVHQGR VWUHPDWL RSSXUH YRJOLDPR ILQLUH GL YHGHUH LO ILOP SXU
VHQWHQGRFL VHQ]D IRU]H 6DSSLDPR FKH TXHVWH FRVH QRQ VRQR
RQRUHYROL SHU QRL PD OD YRJOLDPR VDSHUH SL OXQJD GHOOD QRVWUD
HWLFD 4XHVWR DWWHJJLDPHQWR q OHJDWR D TXHO FRQFHWWR FRVu
SURIRQGDPHQWH UDGLFDWR LQ QRL GL SHFFDWRHVSLD]LRQH SHU
VRIIHUHQ]DHGqLQFRQVHJXHQ]DGLFLz SURFHVVRGHOODWROOHUDQ]D
FKHDWWLYLDPRODGLSHQGHQ]D SDUWHQGRGDXQ
DQVLDGLSUHVWD]LRQH
SHUPDQFDQ]DGLDYHUH 7XWWRLQL]LDGDOIDWWRFKHVRORXQDVSHWWR
GHOOD QRVWUD UHDOWj SUHQGH TXHOOD SLHJD PD SRL OD FRVD GLYLHQH
YLUDOH VX WXWWD OD QRVWUD HVLVWHQ]D /D QRVWUD QDWXUD q RORJUDILFD
SHU FXL QRQ SXz HVVHUFL XQD SDUWH GL QRL FKH QRQ VXELVFH
FRQWUDFFROSRTXDQGRGHWHUPLQLDPRXQHIIHWWRVXGLXQ
DOWUD

&20(86$5(,/48$57263(&&+ ,2
4XHVWR q XQR VSHFFKLR PROWR SRWHQWH H VH FRQVDSHYROL]]DWR LQ
WHPSR SXz HYLWDUH GL IDUFL HQWUDUH LQ TXHOOD VWUDGD LQ FXL O
XQLFD
FHUWH]]D q OD SHUGLWD GHJOL DIIHWWL H GHOOH FRVH SL FDUH 4XDQGR
YHGLDPRFKHVWLDPRGLYHQHQGRDQVLRVLGLULVXOWDWLDOORUDqJLXQWRLO
PRPHQWR GL IHUPDUVL DG RVVHUYDUH FRPH H SHUFKp DEELDPR
LQVWDXUDWR TXHOOR VWDWR GL FRVH QHOOD QRVWUD YLWD &RVu VL SUHQGHUj
FRVFLHQ]D GHO IDWWR FKH WURSSR IUHTXHQWHPHQWH VWLDPR
GLVWUXJJHQGR OD QRVWUD LQWHJULWj H LO QRVWUR RQRUH ,O IDWWR GL QRQ
HVVHUHFDSDFLDULVSRQGHUH1R qXQRGHLIDWWRULVXFXLODYRUDUHOD
GLIILFROWj D GLUH 1R  q FROOHJDWD DOOD SDXUD GL SHUGHUH O
DLXWR GL
VRSUDYYLYHQ]D SHUFKp FUHGLDPR FKH GLFHQGR QR SHUGLDPR OD
SHUVRQD FKH FRQVLGHULDPR LO QRVWUR VDOYDWRUH GHO PRPHQWR PD
TXHVWR q XQ DOWUR LQJDQQR EDVDWR VXOO
DEHUUD]LRQH GHO VDOYDWRUH
,QROWUHTXDQGRLOIXRFRGHOGRYHUHWLSUHQGHFKLHGLWLPDVHTXHVWD
FRVDODIDFFLRGRPDQLRQRQODIDFFLRDIIDWWRFKHGDQQRSURGXFR"
(EEHQH VH OH ULVSRVWH VRQR WURSSR IUHTXHQWHPHQWH ³QHVVXQR´
SRVVLDPRHVVHUHFHUWLFKHVRQRVRORGHLPHFFDQLVPLVXUURJDWLFRQ
FXL VWLDPR FHUFDQGR GL HVVHUH 4XHVWR JHQHUH GL RVVHUYD]LRQH
ULDELOLWD O
LQGLYLGXR QHOOD UHDOH SHUFH]LRQH GL 6p H WHQGH D
PLJOLRUDUHODVWLPDLQVHVWHVVL

« HULFRUGD
1RQFLSXzHVVHUHHOHYD]LRQHVSLULWXDOH
VHQRQF
qFRPSDVVLRQHSHUWXWWH
OHSDUWLGHOO
HVLVWHQ]D
SRLFKpO
LQWHUDHVLVWHQ]DVHL78HQRQSXRL
GLVLQWHUHVVDUWLGLXQDSDUWHGLWH
SHUFKpODYHGLVHSDUDWDGDOWXRFRUSR
ILVLFRDFDXVDGLXQ
LOOXVLRQH
FRQVHJXHQ]DGLXQD
SHUFH]LRQHGLOLYHOORXPDQR
>  @ 2SHUDFLWDWD

>  @ 'RZQ5HJXODWLRQRUHJROD]LRQHYHUVRLOEDVVRGHVFULYHSURSULRLOPHFFDQLVPR
ELRFKLPLFRGLVFHQGHQWHGHOODVSLUDOHGHOODGLSHQGHQ]D
    ,/4 8 ,1 726 3( & & + ,2( 66 ( 1 2
' ( ,5 $ 3 325 7,8 0 $ 1 ,

,QIOXHQ]D VXOOH UHOD]LRQLTXHVWR VSHFFKLR LQGLFD TXDQWR FL VWLDPR


VHSDUDQGRGDO7XWWRSRLFKpFRQVLGHULDPRTXDOFXQRSLLPSRUWDQWH
GLXQDOWUR
) UDVHWLSLFDQRQVRQRJOLXRPLQLIDWWLSHUOHOHJJLPDOHOHJJLSHU
JOLXRPLQL

, YRVWUL ILJOL QRQ VRQR L YRVWUL ILJOL  TXHVWD q OD SL FRQRVFLXWD
FLWD]LRQH GHOOD VH]LRQH FKH ULJXDUGD LO UDSSRUWR JHQLWRULILJOL QHO
IDPRVROLEUR,O3URIHWD >@ GL.DKOLO*LEUDQ  4XHVWRqLO
WHVWR FRPSOHWR GHOOD VH]LRQH FKH DLXWD DG LQWURGXUFL QHOOD
GLVFXVVLRQHGHO4XLQWR6SHFFKLR(VVHQR
,YRVWULILJOLQRQVRQRLYRVWULILJOL
6RQRLILJOLHOHILJOLHGHOODYLWDVWHVVD
(VVLQRQYHQJRQRGDYRLPDDWWUDYHUVRGLYRL
HQRQYLDSSDUWHQJRQREHQFKpYLYLDWHLQVLHPH
3RWHWHDPDUOLPDQRQFRVWULQJHUOLDLYRVWULSHQVLHUL
SRLFKpHVVLKDQQRLORURSHQVLHUL
3RWHWHFXVWRGLUHLORURFRUSLPDQRQOHDQLPHORUR
SRLFKpDELWDQRFDVHIXWXUHFKHQHSSXUHLQVRJQRSRWUHWHYLVLWDUH
& HUFKHUHWHG¶LPLWDUOLPDQRQSRWUHWHIDUOLVLPLOLDYRL
SRLFKpODYLWDSURFHGHHQRQV¶DWWDUGDVXLHUL
9RLVLHWHJOLDUFKLGDFXLLILJOLOHYRVWUHIUHFFHYLYHVRQRVFRFFDWH
ORQWDQR
/¶$UFLHUHYHGHLOEHUVDJOLRVXOVHQWLHURLQILQLWRHFRQODIRU]DYL
WHQGHDIILQFKpOHVXHIUHFFHYDGDQRUDSLGHHORQWDQH
,QJLRLDVLDWHWHVLQHOOHPDQLGHOO¶$UFLHUH
SRLFKpDPDLOYRORGHOODIUHFFLDFRVuFRPHDPDO¶LPPRELOLWj
GHOO¶DUFR
,O4XLQWR 6SHFFKLR (VVHQR qSHU PHTXHOOR SL LQFUHGLELOH TXHOOR
SL VRWWLOH H GXUR D PRULUH DQFKH D FDXVD GHOOD IRU]D FKH
O
DEHUUD]LRQHIRQGDPHQWDOHGHOVDOYDWRUHHVHUFLWD VXOOD TXHVWLRQH
4XHVWR 6SHFFKLR YL ULIOHWWH TXDQWR YL VHQWLWH GLR LQ UHOD]LRQH D
TXDQWR FRQVLGHUDWH L YRVWUL JHQLWRUL FDUQDOL FRPH YRVWUD PDGUH H
YRVWURSDGUHHQRQOLYHGHWHTXDOLHVVHULVSLULWXDOLXJXDOLDYRL
1HOODILVLFDGHLIOXVVLODPDGUHDSUHORVSD]LRLOSDGUHORFKLXGHOD
PDGUHGjLOSHUPHVVRLOSDGUHPHWWHLSDOHWWLTXDQGRSDUOLDPRGL
SDGUH HGL PDGUH VWLDPR SDUODQGR QRQ GHOOH IRUPHILVLFKH EHQVu
GHJOL DWWHJJLDPHQWL IHPPLQLOL H PDVFKLOL FDUDWWHULVWLFL GHL UXROL
PDGUHHSDGUH
$GHVHPSLR PHQWUH SHU LO ILJOLR PDVFKLR OD PDGUH DSUH OR VSD]LR
JOLDFFRQVHQWHWXWWR HLOSDGUHORFKLXGH JOLGjOHUHJROH SHUOD
ILJOLD IHPPLQD q LO FRQWUDULR LO SDGUH GLYLHQH ³PDGUH´ LQ TXDQWR q
DUUHQGHYROH QHL VXRL FRQIURQWL H OD PDGUH q FROHL FKH LQYHFH OH
UHJROHOHPHWWHFKLXGHQGRGLIDWWRORVSD]LRHLQFDUQDQGRLOUXROR
SDWHUQRPDVFKLOH3HULOVHFRQGRJHQLWRODFRVDFDPELD
8Q UDJD]]R QRQ SXz FUHVFHUH VHQ]D OH GXH ILJXUH GL ULIHULPHQWR
TXHOOD PDVFKLOH H TXHOOD IHPPLQLOH PD QHOO
DEEDQGRQDUH OD FDVD
SDWHUQD q GHWHUPLQDQWH DEEDQGRQDUH DQFKH O
DVSHWWR SVLFRORJLFR
FKH FL ID FUHGHUH HVVHUH VHPSUH ILJOL ULVSHWWR DL QRVWUL JHQLWRUL $
SURSRVLWR GL TXHVWR JHQHUH GL FRQVHJXHQ]H ULFRUGR GL XQD FRVD
FKHHEELPRGRGLRVVHUYDUHLQXQILOPGLDOWRYDORUHVLPEROLFRGHO
GDOWLWROR,JLDUGLQLGHOO
(GHQLQTXHVWRILOP.LP5RVVL6WXDUW
LQWHUSUHWD OD YLWD GL *HV GD EDPELQR DO PRPHQWR GHO EDWWHVLPR
TXHO SHULRGR FKH FLQHPDWRJUDILFDPHQWH q QRUPDOPHQWH PHQR
UDSSUHVHQWDWR
6LPEROLFDPHQWH q XQ ILOP PROWR LQWHUHVVDQWH H TXDQGR OR
SURLHWWDURQR SHU WHOHYLVLRQH LQ XQ SHULRGR GL 3DVTXD GL TXDOFKH
DQQR ID IRUVH LO   FL IX XQD IUDVH FKH PL ODVFLz GDYYHUR
VWXSLWR &
HUD *HV FKH YDJDYD SHU YDULH VFXROH H PHQWUH HUD
QHOOD FRPXQLWj GHJOL (VVHQL YHQQH GDWD ULOHYDQ]D DO IDWWR FKH
SURSULR L UDSSRUWL GL SDUHQWHOD HUDQR LO SULPR YHUR RVWDFROR DOOD
OLEHUWj VSLULWXDOH )DQWDVWLFR SHQVDL H LPPHGLDWDPHQWH DQGDL D
FRPSUDUH OD FDVVHWWD SDUOLDPR DQFRUD GL 9+ 6  5LFRUGR FKH OD
LQVHULLQHOYLGHRUHJLVWUDWRUHXQDVHUDGRSROHDOWHUPLQHGLXQD
GXULVVLPD JLRUQDWD GL ODYRUR PHQWUH HUR VWHVR VXO OHWWR $OOD ILQH
GHOODYLVLRQHQRQDYHYRVHQWLWRTXHOODIUDVHPDLPSXWDLODFRVDDO
IDWWR FKH PL GRYHYR HVVHUH DGGRUPHQWDWR TXDOFKH DWWLPR SHU OD
VWDQFKH]]D JLXVWR LQ TXHO SDUWLFRODUH SDVVDJJLR 'DWD OD PLD
YRJOLDGLVDSHUHDOPDWWLQRGRSRDOULVYHJOLRPHQWUHPLSUHSDUDYR
SHU XVFLUH IHFL ULSDUWLUH LO ILOP GDOO
LQL]LR FRVu DOPHQR QH DYUHL
VFDUWDWD XQD SDUWH SHU OD VHUD VH QRQ DYHVVL IDWWR LQ WHPSR DG
DVFROWDUH TXHOOD IUDVH ( LQIDWWL QRQ IHFL LQ WHPSR VSHQVL LO
YLGHRUHJLVWUDWRUH H PL ULSURPLVL GL ULSDUWLUH FRQ O
DVFROWR OD VHUD
&RVuDOULWRUQRWUDXQDVSLJQDWWDWDHODPHVVDDWDYRODULSUHVLDG
DVFROWDUHLOILOP0DQQDJJLDGLVVLDOODILQHGHOILOPPLqVFDSSDWD
GLQXRYRODIUDVH
2N D TXHVWR SXQWR HUD QHFHVVDULD XQ
D]LRQH UDGLFDOH VSHQVL LO
WHOHIRQR WDJOLDL WXWWHOH OLQHH GL FRPXQLFD]LRQH FRQ O
HVWHUQR HPL
YLGL LO ILOP GDOO
LQL]LR HUR VWXIR GL IDUPL ³VFDSSDUH´ TXHOOD IUDVH GD
VRWWRLOQDVRXIID)XLQTXHOPRPHQWRFKHULFRUGDQGRPLODVFHQD
DQGDLDYDQWLFRQLOWDVWRYHORFHSHUVHQWLUHWXWWHOHVFHQHGL*HV
FRQ JOL HVVHQL DOOD ILQH GRYHWWL DUUHQGHUPL DOOR VELJRWWLPHQWR
TXHOOD IUDVH HUD VWDWD FDQFHOODWD GDO ILOP PHVVR LQ YHQGLWD DO
SXEEOLFR ,PPHGLDWDPHQWH L PLHL GXEEL GLYHQQHUR FHUWH]]H LO ILOP
OR DYHYR FRPSUDWR QHO QHJR]LR GHOOH (GL]LRQL 3DROLQH GL 6DOHUQR
PD DQFKH VXOOD FRQIH]LRQH VWHVVD F
HUD LO PDUFKLR GHOOH 3DROLQH
&RV
HUD VXFFHVVR" ,O ILOP HUD VWDWR FHQVXUDWR" /D ULVSRVWD QRQ
YROHYD HVVHUH FRPSORWWLVWLFD H DYHYR SHQVDWR DO VROLWR ILVLRORJLFR
WDJOLRSHUFDVVHWWDPDQHOLGXEELVRQRGLYHQXWLFHUWH]]DGL
FHQVXUD XQ DPLFR FXULRVR GL TXHVWD PLD VWRULD KD DFTXLVWDWR LO
ILOPLQ'9'/RVDSSLDPRTXDQGRXQYHFFKLRILOPSDVVDLQGLJLWDOH
YLHQH SXEEOLFDWR FRQ PROWL SL FRQWHQXWL YLVWD O
DEERQGDQ]D GL
VSD]LR GHO VXSSRUWR HG DQFKH SHU XQD TXHVWLRQH GL PDUNHWLQJ
TXDOFKH FRQWHQXWR LQ SL VSLQJH DOO
DFTXLVWR  0D DQFKH QHO '9'
QRQHVLVWHWUDFFLDGLTXHOODIUDVH
1HO YRFDERODULR =LQJDUHOOL LO WHUPLQH RQRUDUH q GHILQLWR FRPH
³WUDWWDUH FRQ SDUWLFRODUH YHQHUD]LRQH H ULVSHWWR´ H TXHVWD
GHILQL]LRQH VL ULIHULVFH SURSULR DO TXDUWR FRPDQGDPHQWR TXHOOR
PRVDLFR,QTXHVWLWHUPLQLIDUHGHYR]LRQHDOSDGUHHDOODPDGUHq
SURSULRXQPRGRVRSSUHVVLYRGLLQWUDSSRODUHJOLHVVHULHWLEXWWDLQ
WUDSSROD D FDSRILWWR LQ TXHVWR TXLQWR VSHFFKLR (G q XJXDOPHQWH
SHULFRORVRSHULOJHQLWRUHYHGHUHLILJOLFRPHWDOL
,Q JHQHUH L FRPPHQWL VX TXHVWR TXDUWR FRPDQGDPHQWR VRQR GHO
WLSR,OTXDUWRFRPDQGDPHQWR2QRUDLOSDGUHHODPDGUHFLRUGLQD
GLULVSHWWDUHGRSR'LRLQRVWULJHQLWRULHDQFKHWXWWLFRORURFKH'LR
SHU LO QRVWUR EHQH KD ULYHVWLWR GL XQD TXDOFKH DXWRULWj  0D VH
VSHQGLDPR WUH VHFRQGL SHU ULIOHWWHUH YHGLDPR FKH GL IDWWR LO
FRPDQGDPHQWR QRQ GLFH 782 SDGUH H 78$ PDGUH EHQVu VL
ULIHULVFH DOOD SDUWH GLYLQD FKH q GHQWURVLDPR QRL TXHOOR FKH
VXFFHVVLYDPHQWH QHOOD PLWRORJLD FULVWLDQD KD DVVXQWR XQD XQLFD
FROORFD]LRQHLQTXDQWR,/3$'5(GDWRFKHOD³YRFH´LQWHULRUHFKH
DVFROWLDPRqLQJHQHUHGLWLSRPDVFKLOH YLHQHLQIDWWLFKLDPDWDOD
YRFH GHOO
DQJHOR FXVWRGH  4XLQGL YLVWR FKH QRQ HVLVWH XQ GLR
O
RULJLQDULR RQRUDUH SDGUH HPDGUH GLYHQXWR VXFFHVVLYDPHQWH >@
VROR LO 3DGUH VL ULIHULVFH DO IDWWR FKH RQRUDUH SXz HVVHUH WUDGRWWR
FRQ LO SL PRGHUQR WHUPLQH JORULILFDUH FKH VLJQLILFD PDQLIHVWDUH
JORULILFDUH ULVXRQDUH  H GDOO
DQFRU SL PRGHUQR VHUYLUH  FKH q LO
VHQVR VWHVVR GHOOD SDUROD RVVHUYD WRUH /
RVVHUYDWRUH RQRUD LO
SDGUH SRLFKp SRUWD LQ PDQLIHVWD]LRQH PDWHULDOH JOL VFRSL GHO 6p
TXHVWR q WXWWR ,O SUREOHPD q FKH GRYUHPPR JLUDUH FRQ XQ
YRFDERODULR LQ WDVFD SHU QRQ IDUFL IUHJDUH GD RSLQLRQL TXDOL
ULVSHWWDUH GRSR 'LR >« @ DQFKH WXWWL FRORUR FKH 'LR SHU LO QRVWUR
EHQHKDULYHVWLWRGLXQDTXDOFKHDXWRULWj4XHVWRqXQRGHLPRGL
LQFXLVLUHQGRQRVFKLDYHOHSHUVRQH
,O SUREOHPD GL TXHVWR VSHFFKLR q O
LGHQWLILFD]LRQH FRQ OH FRVH H L
UXROL L UXROL SDGUHPDGUH LQFDUQDQR OD FRQWLQXLWj GHO FLFOR GL
FRPXQLFD]LRQH GHO 6p FLFOR GHOO
(VVHUH  H TXHVWR VL EORFFD
TXDQGR FL VL LGHQWLILFD FRQ OH FRVH WHUUHQH TXDQGR QHO FDUDWWHUH
GLYHQJRQR ULOHYDQWL JOL DWWDFFDPHQWL FLz VLJQLILFD FKH FL
LGHQWLILFKLDPR FRQ GHL UXROL H DOOD VWHVVD PDQLHUD L UXROL KDQQR
HIIHWWR VX GL QRL H SHUGLDPR OD SHUFH]LRQH GL HVVHUH HQWLWj
VSLULWXDOL
/DSHUFH]LRQHGLVpLQTXDQWRHVVHUHVSLULWXDOHHTXLQGLLOVHQWLUVL
'LRq LQYHUVDPHQWH SURSRU]LRQDOH DOOD SHUFH]LRQH FKH DYHWH GHL
YRVWULJHQLWRULVLDVHQHVLDWHGHYRWLVLDVHOLYHGHWHFRPHQHPLFL
6HVLHWHPROWROHJDWLDOFRQFHWWRGLSDGUHDOORUDYHGUHWHLOVLQGDFR
FRPH VLQGDFR LO SUHVLGHQWH GHOOD UHSXEEOLFD FRPH WDOH H L
FDUDELQLHUL FRPH FDUDELQLHUL /D VHQVD]LRQH FKH DYHWH GHL YRVWUL
JHQLWRULqLOFRQGHQVDWRGLFRPHSHUFHSLWHLOPRQGRQHLWHUPLQLGL
OHJJHHGLFRQVHQVRGLDXWRULWjHSRVVLELOLWjGLFRVHGDIDUH HQRQ
IDUH GHWWDWHGDOODOHJJHLQEDUEDDOSXQWRGLYLVWDGHOO
RVVHUYDWRUH
FKH qLO SULQFLSDOH IXOFUR GHOO
HWLFD 1RQ GHYH HVVHUH OD PRUDOH OH
OHJJLFRVWLWXLWHDGLULJHUHYLWDHFRPSRUWDPHQWRGHOOHSHUVRQHPD
RJJL OD FXOWXUD q ILQDOL]]DWD DOO
LQGRWWULQDPHQWR GHOOH PDVVH HG KD
VRVWLWXLWR O
HGXFD]LRQH LQ TXDQWR ODYRUR FKH LO PHQWRUH HVHUFLWDYD
SHU HOHYDUH O
DQLPR GHO EDPELQR 3HU DYHUH SHUVRQH OLEHUH H QRQ
XQD VRFLHWj PDVVLILFDWD OD OHJJH GHYH YHQLUH GD GHQWUR
VSRQWDQHDPHQWHSHUFKpSURLH]LRQHGHOODFRVFLHQ]DHTXHOJHQHUH
GLOHJJHQRQVLFKLDPDPRUDOHPDHWLFDWHUPLQHFROOHJDWRDWHR
GLYLQR &RPH GLFH LO ILORVRIR VSDJQROR -RVp 2UWHJD \ *DVVHW
0DVVDqWXWWRFLzFKHQRQYDOXWDVHVWHVVRQpLQEHQHQpLQPDOH
PHGLDQWHUDJLRQLVSHFLDOLPDFKHVLVHQWHFRPHWXWWRLOPRQGR
H WXWWDYLD QRQ VH QH DQJXVWLD DQ]L VL VHQWH D VXR DJLR QHO
ULFRQRVFHUVL LGHQWLFR DJOL DOWUL >@ HG DJJLXQJH /
RUGLQH QRQ q XQD
SUHVVLRQH LPSRVWD DOOD VRFLHWj GDO GL IXRUL PD XQ HTXLOLEULR
LQVWDXUDWR GDO GL GHQWUR /D EDUEDULH QDVFH VHPSUH TXDQGR
DOO
HGXFD]LRQHVLVRVWLWXLVFHODFXOWXUD
(G q OD FXOWXUD FKH FUHD XQ PRGR GL YHGHUH LO PRQGR LQ PDQLHUD
IUDPPHQWDWD ,O FRPDQGDPHQWR GL RQRUDUH LO SDGUH H OD PDGUH q
VWDWRPHVVROuSHUIDUFLIDOOLUHFRPHWXWWHOHVWDWXHYHUVRFXLVLID
DWWRGLGHYR]LRQH LGRODWULD TXDQGRGDWHLPSRUWDQ]DDTXDOFRVD
YL VWDWH IUDPPHQWDQGR VHSDUDQGR GDO 7XWWR $ WDO SURSRVLWR
5XG\DUG.LSOLQJQHOODIDPRVDSRHVLD³6H´VFULVVH6HSHUWHRJQL
SHUVRQDFRQWDPDQHVVXQDWURSSR4XDQGRYLFRQYLQFHWHFKHLO
3DSD q ³TXDOFRVD GL SL´ R FKH HVLVWRQR L PDHVWUL R FKH L VDQWL
VLDQRVXSHULRULDYRLYLVLHWHIDWWLPHWWHUHLQWUDSSRODGDOO
LGRODWULD
1RQ ULHVFR QHDQFKH SL D ULFRUGDUH TXDQWH YROWH KR DIIURQWDWR OD
GLVFXVVLRQH FRQ L SDUDQRLFL GHO ULVSHWWR VSHFLH QHO PHULGLRQH
G
,WDOLDLQFXLVLIDXQDJUDQGHVSHFXOD]LRQHVXTXHVWRFRQFHWWR LO
ULVSHWWR q RUPDL GLYHQXWR XQ REEOLJR GRYXWR DO UXROR FKH TXDOFXQ
DOWURULFRSUH,QUHDOWjLQXQHVVHUHHYROXWRLOULVSHWWRSHUJOLDOWULq
TXDOFRVD GL DXWRPDWLFR LQ TXDQWR VH LR PL VHQWR 7XWWR   q
DXWRPDWLFR LO ULVSHWWR SHU WXWWR FLz FKH ,2 VRQR ,O ULVSHWWR GHOOH
OHJJL GHYH FRPSUHQGHUH DQFKH LO SXQWR GL YLVWDGHOO
LQGLYLGXR SHU
TXHVWR QRQ VRQR JOL XRPLQL IDWWL SHU OH OHJJL PD TXHVWH SHU JOL
XRPLQL6RORXQLGLRWDVLIHUPHUHEEHDOVHPDIRURURVVRPHQWUHVWD
DFFRPSDJQDQGRLQPDFFKLQDXQPDODWRJUDYHDOSURQWRVRFFRUVR
HSSXUH QHOOD YLWD GL WXWWL L JLRUQL PLOLDUGL GL SHUVRQH VL IDQQR
EORFFDUH QHO ORUR VHQWLUH GD VLWXD]LRQL FKH LQFRQWUDQR VXOOD ORUR
VWUDGDHXQDGLTXHVWDqLOVHQVRGLDXWRULWjFKHODVRFLHWjYXROIDU
SHVDUH VXOOH SHUVRQH 4XDQGR OD VRFLHWj KD ILVVDWR LO VHQVR GL
DXWRULWj QHOOH SHUVRQH GHFDGH OD SRVVLELOLWj GL SHQVDUH FRQ OD
SURSULD WHVWD 1RQ YRJOLDPR LQ DOFXQ PRGR FKH WXWWR FLz IDFFLD
FDGHUH O
DIIHWWR H LO ULVSHWWR FKH DEELDPR QHL FRQIURQWL GHO PRQGR
FKHFLFLUFRQGDRGLFRORURFKHFLKDQQRPHVVRDOPRQGRVLWUDWWD
VRORGLULXVFLUHDYHGHUHOHFRVHFRPHVWDQQRHGLDJLUHSHULOEHQH
FRPXQH PD SHU IDUH TXHVWR DO PDVVLPR GHOOH QRVWUH SRVVLELOLWj
GRYUHPPR YHGHUH L QRVWUL JHQLWRUL VHPSOLFHPHQWH FRPH HVVHUL L
FXL FRUSL FL KDQQR SHUPHVVR GL DUULYDUH TXL FRVu IDFHQGR
URPSHUHPR TXHVWR VSHFFKLR H ULWRUQHUHPR LQ SRVVHVVR GHOOD
QRVWUDLGHQWLWjVSLULWXDOH,ILJOLQRQVRQRLQRVWULILJOLHLJHQLWRULQRQ
VRQRLQRVWULJHQLWRULOHDQLPHQRQSRVVHJJRQRFDUWDG
LGHQWLWj
9LVWR FKH OR DEELDPR FLWDWR TXHVWD FKH VHJXH q OD YHUVLRQH
LQWHJUDOHGHOORVSOHQGLGRSRHPD6(GL5.LSOLQJ
6H
6HULHVFLDQRQSHUGHUHODWHVWDTXDQGRWXWWL
LQWRUQRDWHODSHUGRQRHGDQQRODFROSDDWH
6H ULHVFL DG DYHU ILGXFLD LQ WH VWHVVR TXDQGR WXWWL GXELWDQR GL WH
PDULHVFLDQFKHDWHQHUHLQFRQVLGHUD]LRQHLOORURGXEELR
6HULHVFLDGDVSHWWDUHVHQ]DVWDQFDUWL
2 VH TXDQGR VHQWL GL FDOXQQLH YHUVR GL WH QRQ ULFDPEL FRQ OD
VWHVVDPRQHWD
2VHWLRGLDQRDQRQODVFLDUWLSUHQGHUHGDOO
RGLR
6HQ]D WXWWDYLD QRQ VHPEUDUH WURSSR EXRQR Qp SDUODUH WURSSR
VDJJLR
6HULHVFLDVRJQDUHVHQ]DULPDQHUHEORFFDWRVRORLQHVVL
6HULHVFLDSHQVDUHHDQRQIDUHGHOSHQVLHURLOWXRVFRSR
6HULHVFLDIDUIURQWHDO6XFFHVVRHDOOD6FRQILWWD
(WUDWWDUHDOORVWHVVRPRGRTXHLGXHLPSRVWRUL
6HULHVFLDVRSSRUWDUHFKHFLzFKHKDLGHWWR
YHQJDGLVWRUWRGDIXUIDQWLSHULQJDQQDUHJOLVFLRFFKL
2DJXDUGDUHOHFRVHDFXLKDLGHGLFDWRODYLWDLQIUDQWH
(SLHJDUWLDULFRVWUXLUOHFRQVWUXPHQWLORJRUL
6HULHVFLDIDUHXQPXFFKLRGLWXWWLLWXRLSRVVHVVL
(DULVFKLDUORLQXQFROSRVRORDWHVWDHFURFHGHOODPRQHWLQD
(SHUGHUHHULFRPLQFLDUHGLQXRYRGDFFDSR
6HQ]DPDLSLSHQVDUHDOODSHUGLWD
6HULHVFLDFRVWULQJHUHFXRUHWHQGLQLHQHUYL
$VHUYLUHDOWXRVFRSRDQFKHTXDQGRVRQRVILQLWL
(DWHQHUGXURTXDQGRLQWHQRQUHVWDDOWUR
7UDQQHOD9RORQWjFKHGLFHORUR7LHQLGXUR 
6HULHVFLDSDUODUHFRQODIROODHDFRQVHUYDUHODWXDYLUW
(DFDPPLQDUHFRQL5HVHQ]DSHUGHUHLOFRQWDWWRFRQODJHQWH
6HQRQSRVVRQRIHULUWLQpLQHPLFLQpJOLDPLFLSLFDUL
6HSHUWHRJQLSHUVRQDFRQWDPDQHVVXQDWURSSR
6HULHVFLDRFFXSDUHRJQLLQHVRUDELOHPLQXWR
'DQGRYDORUHDRJQXQRGHLVHVVDQWDVHFRQGL
7XDqOD7HUUDHWXWWRFLzFKHqLQHVVD
(FRVDSLLPSRUWDQWHVDUDLXQ8RPRILJOLRPLR

&20(86$5(,/48,17263(&&+ ,2
/
XWLOL]]RGLTXHVWRVWUXPHQWRqPROWRFRPSOLFDWRHVVHQGRTXHVWR
6SHFFKLR HVWUHPDPHQWH VXEGROR H VRWWLOH ULFRUGR GL XQD ULFHUFD
LQJOHVHGLTXDOFKHDQQRIDLQFXLVLGLFHYDFKHO
 GHJOLRJJHWWL
FKH DEELDPR LQ FDVD QRQ VHUYRQR PD VRQR WHQXWL Ou SHU ULFRUGR
/D VWHVVD WUDSSROD OD ULYHGLDPR QHOOH FHOHEUD]LRQL LQ FXL FL VRQR
PRPHQWL VROHQQL LQ TXHOOH GHL UHGXFL QHOOH IHVWH GL ULFRUUHQ]D
FRPH LO 1DWDOH H OD 3DVTXD FRQ O
LQQR QD]LRQDOH VX FXL
HPR]LRQDUFL H FRVu YLD WXWWR SDVVDWR GD EXWWDUH YLD PD D FXL
GLDPR VROHQQLWj H IUDPPHQWL GHOOD QRVWUD LGHQWLWj  4XL HQWULDPR
QHOFXRUHGHOO
DVSHWWRGHYR]LRQDOHGHOO
DEHUUD]LRQHQRLWHQLDPRH
ULSHWLDPR OH FRVH SHUFKp FL ULFRUGDQR TXDOFXQR R XQ HYHQWR
FROOHJDWR D TXDOFXQR  H TXHVWD FRVD FL SRUWD IXRUL GDO WHPSR
SUHVHQWH ,O ULVXOWDWR GL GHWWD ULFHUFD HUD LO IDWWR FKH VRQR SURSULR
TXHVWHFROOH]LRQLGLRJJHWWLHTXLQGLDQFKHOHFHOHEUD]LRQLVROHQQL
FKHDEEDVVDQRLOQRVWURWRQRHPR]LRQDOHHSRUWDQRDGHSULPHUFL
SHUFKpFRQODORURSUHVHQ]DYHQLDPRSURLHWWDWLFRQWLQXDPHQWHQHO
SDVVDWR *OL RJJHWWL FKH SHU QRL UDSSUHVHQWDQR XQ FROOHJDPHQWR
HPR]LRQDOHFRQTXDOFXQRFLUHQGRQRLGRODWULHDPSOLILFDQRLQQRLLO
VHQVRGLVHSDUD]LRQHGDO7XWWR,QIDWWLDOODEDVHGHOODVHSDUD]LRQH
F
q SURSULR OD GHYR]LRQH H TXHVWD VL EDVD VXOO
DPPLVVLRQH GHO
GHYRWR FKH FL VLD XQ
DXWRULWj VXSHULRUH HFFR VSLHJDWR LO
PHFFDQLVPR
/
HOLPLQDUHJOLRJJHWWL³YHFFKL´XQLWDPHQWHDOQRQSURVWUDUVLLQQDQ]L
DQLHQWHHDQHVVXQRHDQRQYHGHUHTXDOFXQDOWURSLJUDQGHGL
Vp q XQD GHOOH DWWLYLWj FKH SRUWD DOOD URWWXUD GL TXHVWR 6SHFFKLR
FLz QRQ VLJQLILFD FKH XQ
RSHUD G
DUWH TXDOH /D *LRFRQGD VLD XQ
RJJHWWR YHFFKLR WXWW
DOWUR /
DVSHWWR GHYR]LRQDOH VL EDVD VXO IDWWR
FKH WX KDL GHOHJDWR LO WXR SRWHUH D TXDOFXQ DOWUR H TXHVWR WL KD
SRUWDWR DG HVVHUH LQJDQQDWR GD XQD SUHVXQWD DXWRULWj FRVWLWXLWD
IXRUL GL WH FRQVLGHUD FKH VH TXDOFXQ DOWUR SXz IDUH TXDOFRVD q
VRORSHUFKpKDSLHVSHULHQ]DGLWHPDTXHOODFRVDVHWXYROHVVL
SRWUHVWL IDUOD SRLFKp q VROR TXHVWLRQH GL HVSHULHQ]D &Lz QRQ
VLJQLILFD FKH QRQ VLD GD DPPLUDUH XQR VSRUWLYR FKH WL ID L FHQWR
PHWUL LQ RWWR VHFRQGL TXL QRQ q LQ GLVFXVVLRQH LO IDWWR GL GDUH LO
JLXVWR ULFRQRVFLPHQWR DOOH FRVH PD VROR LO IDWWR GL FUHGHUH FKH
VHQ]D TXHO TXDOFXQR R TXDOFRVD OD WXD YLWD VLD LQ SHULFROR ,QIDWWL
XQ DOWUR DVSHWWR SHULFRORVR VRQR L ULWXDOL LO ULWXDOH q SURSULR XQ
PH]]R G
LQJDQQR FUHDWR DG DUWH SHU IDU FUHGHUH DO GHYRWR FKH
VHQ]DXQDLXWRHVWHUQRQRQFHODSRVVDIDUH
4XLQGLSURFHGLFRQO
HOLPLQDUHTXDOVLDVLFRVDDEELDDFKHIDUHFRQ
VWDWXH VLPEROL HG HOLPLQD OD FRQVLGHUD]LRQH FKH XQD OLQHD
JHRJUDILFD GLYLGD OH SHUVRQH LQ JHQWH GHO VXG H JHQWH GHO QRUG
1RQSHQVDUHFKHFHULPRQLHHULWXDOLWLSRVVDQRIDUDYYLFLQDUHDGLR
R IDUWL HOHYDUH VXO WXR SHUFRUVR H DEEDWWL TXDOXQTXH ILJXUD
VSHFLDOPHQWHVHGLWLSRUHOLJLRVRFKHVLDXQ*XUXLO3DSDRLO'DODL
/DPD R L 0DHVWUL DVFHVL 4XDOXQTXH OLPLWH GL TXDOXQTXH WLSR q
VWDWR PHVVR Ou SHU WHQHUWL LQ WUDSSROD 4XDQGR VHQWL SDUODUH LQ
WHUPLQL GL GLIIHUHQ]H FKH TXDOLILFDQR SHUVRQH ³PLJOLRUL´ ULVSHWWR DG
DOWUH QRQ SDUWHFLSDUH H RVVHUYD 5LFRUGD FKH LO PRQGR q 812 H
FKH TXDOXQTXH FRVD q HVSUHVVLRQH GHOOR VWHVVR YDORUH GHO 7XWWR
4XHVWR6SHFFKLRqLQJUDGRGLDYHUHSRWHUHVXGLWHQHOODPLVXUDLQ
FXLFUHGLFKHOHFRVHGHEEDQRHVVHUHFRVuSHUFKpTXDOFXQRORKD
GHFLVRSHUWHHGqULXVFLWRDIDUWHORFUHGHUH

« HULFRUGD
1RQFLSXzHVVHUHHOHYD]LRQHVSLULWXDOH
VHQRQF
qFRPSDVVLRQHSHUWXWWH
OHSDUWLGHOO
HVLVWHQ]D
SRLFKpO
LQWHUDHVLVWHQ]DVHL78HQRQSXRL
GLVLQWHUHVVDUWLGLXQDSDUWHGLWH
SHUFKpODYHGLVHSDUDWDGDOWXRFRUSR
ILVLFRDFDXVDGLXQ
LOOXVLRQH
FRQVHJXHQ]DGLXQD
SHUFH]LRQHGLOLYHOORXPDQR

>  @ ,O3URIHWDqVWDWRVWDPSDWRSHUODSULPDYROWDD1HZ<RUNQHO

>  @ &LVLULIHULVFHDOODGRWWULQDFULVWLDQDVXFFHVVLYDDTXHOODPRVDLFD

> @ 'D/DULEHOOLRQHGHOOHPDVVH
    ,/6(67263( & & + ,2(6 6(1 2' (,
5 $ 33 25 7,8 0 $ 1 ,

,QIOXHQ]DVXOOHUHOD]LRQLLUDSSRUWLOHUHOD]LRQLHWXWWLJOLDVSHWWLGHOOD
YLWDVRIIURQRGLDOWLHEDVVL
) UDVH WLSLFD OD SHUIH]LRQH q LO ULVXOWDWR GHOO
HTXLOLEULR WUD OH
LPSHUIH]LRQL

4XHVWR6SHFFKLRHUDFKLDPDWRGDJOLDQWLFKLO
RVFXUDQRWWHGHOO
DQLPD
QRQRVWDQWH O
LQIDXVWR QRPH TXHVWR 6SHFFKLR SDUOD GL XQ HTXLOLEULR
GD UDJJLXQJHUH H TXLQGL FL ULIOHWWH OD FRQGL]LRQH GL VTXLOLEULR LQ FXL
WURYLDPR 4XDQGR LQVLVWLDPR QHOO
DQGDUH WURSSR IXRUL GDOOD QDWXUD
VSLULWXDOH IXRULHWLFD LOPRQGRGLYLHQHXQPHFFDQLVPRFKHYLDJJLD
WUD DOWL H EDVVL H VHSSXU QRQ FH QH DFFRUJLDPR PHQWUH VLDPR
QHOO
DOWRTXDQGRVLDPRQHOEDVVRFLVHQWLDPRLQSHULFRORHGREELDPR
DWWLYDUH WXWWH OH QRVWUH DELOLWj SHU ULSRUWDUH OD YLWD DOO
HTXLOLEULR 8QD
IUDVHFHOHEUHGLFHLO%HQHHLO0DOHVRQRLGXHVSURQLGHOPRQGRHOR
WHQJRQR LQ FDUUHJJLDWD 6H SXQJHVVH VROWDQWR LO 0DOH LO PRQGR
SHUGHUHEEH O
HTXLOLEULR H FDGUHEEH WXWWR GD XQD SDUWH ( FRVu
YLFHYHUVD GHO %HQH >@  ,O 6HVWR 6SHFFKLR (VVHQR q TXHOOR UHODWLYR
DOOHSRODULWjGHOO
$9(5(HGHO121$9(5(QRQSRVVLDPRSHQVDUH
FKH WXWWR FLz GL FXL VL VLD HQWUDWR LQ SRVVHVVR XVDQGR OD SHUILGD
5DJLRQH1DVFRVWDSRVVDULPDQHUHSHUVHPSUHSHUFXLSULPDRSRL
VLSDVVHUjFLFOLFDPHQWHGDXQ$9(5(DGXQ121$9(5(7XWWDYLD
q SURSULR TXDQGR VLDPR QHO 121$9(5( FKH JUD]LH DO GRORUH
WURYDQGRFL QXGL ULVSHWWR DOOD YLWD WLULDPR IXRUL TXHOOH DELOLWj FKH FL
SHUPHWWRQR GL DIIURQWDUH OH JUDQGL VILGH GHOOD YLWD ILQDOL]]DWH D
ULSRUWDUH O
HTXLOLEULR H IUDQWXPDUH OR 6SHFFKLR GHOOD RVFXUD QRWWH
GHOO
DQLPD0DVHFLIRVVLPRDFFRUWLSULPDQHOSLFFR$9(5(FKHJLj
HUDLQL]LDWDO
RVFXUDQRWWHTXDQWHVRIIHUHQ]HFLVDUHPPRULVSDUPLDWL
TXHVWR q LO YHUR GLVDVWUR GL TXHVWR 6SHFFKLR SLHQL GL HQGRUILQH GL
VLPLOSLDFHUHVRWWRYDOXWLDPRLOYDORUHGHOOHYHUHVRVWDQ]HGHOODJLRLD
DQDQGDPLGH 
0HQWUHFLWLULDPRIXRULGDTXHVWDFRQGL]LRQHHVSULPLDPRLQRVWULSL
DOWLOLYHOOLGLPDHVWULDPDFRVDVLWUDWWDGLVXSHUDUH"(SHUFKp"4XDO
qODPHFFDQLFD"
4XDQGR OD YLWD GLYLHQH XQ LQIHUQR TXDQGR OD QRVWUD VDOXWH q LQ
SHVVLPR VWDWR TXDQGR QRQ DEELDPR XQ FHQWHVLPR SHU SDJDUH
O
DIILWWR GHO SURVVLPR PHVH TXDQGR L QRVWUL DPLFL FL KDQQR
DEEDQGRQDWL SHUFKp O
DEELDPR IDWWD JURVVD SRVVLDPR HVVHUH FHUWL
FKH OD ULVSRVWD D WXWWH OH GLIILFROWj FKH DEELDPR FUHDWR q VHPSUH LQ
QRLHGREELDPRVRORULFRQRVFHUHLOPRWLYRSHUFXLVLDPRDQGDWLIXRUL
HTXLOLEULR6LGLFHFKHGLRQRQWLGjPDLSLSUREOHPLGLTXDQWLWXVLD
LQ JUDGR GL VRSSRUWDUQHPDYLVWRFKH GLR VHL WXYXRO GLUH FKH FLz
FKH KDL FUHDWR OR SXRL DOOR VWHVVR PRGR GLVFUHDUH SRLFKp WXWWR q
RSHUDWXD
6HLOWXRPRGRGLPDQJLDUHqSHVVLPRHWLLQJR]]LFRPHXQPDLDOH
GRYUDL DVSHWWDUWL GL DYHUH SUREOHPL GL VDOXWH H FRVu FRPH FL VHL
HQWUDWRSXRLDQFKHJXDULUHGDTXHOORVWDWR
(G q SURSULR QHOOD FRQGL]LRQH GL PDJJLRU SHUGLWD FKH SRVVLDPR
WURYDUHTXHOODOXFLGLWjFKHQRQDYHYDPRPHQWUHVWDYDPRVFLYRODQGR
QHOIRQGRGHOOHQRVWUHSDVVLRQL4XDQGRXVFLUHPRGDOO
DOWUDSDUWHFL
UHQGHUHPR FRQWR FKH OD YLWD q SHUIHWWD H FKH QRL VLDPR GDYYHUR
HVVHUL PROWR SRWHQWL WDQWR QHO PHWWHUFL QHL JXDL FRPH QHOO
XVFLUQH
4XL QRQ VL WUDWWD GL FKLHGHUH D GLR XQ
DOWUD RSSRUWXQLWj GL HVVHUH
PHVVLDOODSURYDGDTXDOFXQRPDqVRORGDUVLGDIDUHSHUXVFLUHGD
XQDVLWXD]LRQHGLVTXLOLEULRFKHDEELDPRFUHDWRQRL
/R VTXLOLEULR q XQ HIIHWWR DXWRPDWLFR QDWXUDOH LQHYLWDELOH
PHFFDQLFR FRQVHJXHQ]LDOH VFXVDWH OD ULGRQGDQ]D  GHOO
$9(5( H
GHO121$9(5(
$9(5(H121$9(5(UDSSUHVHQWDQRXQDGLFRWRPLDXQDFRSSLDGL
RSSRVWL ,Q XQ XQLYHUVR PDWHULDOH RJQL TXDO YROWD VLDPR SRODUL]]DWL
VX XQ HVWUHPR GL XQD FRSSLD SRODUH SULPD R SRL GHYH DYYHQLUH LO
FRQWUDULR OD PHFFDQLFD SXz HVVHUH UDSSUHVHQWDWD JUDILFDPHQWH GD
XQ¶RQGDDOWHUQDWD
&Lz VLJQLILFD FKH LQ TXHVWR XQLYHUVR VH QRL VLDPR SURLHWWDWL
VXOO¶$9(5(DYUHPRRWWHUUHPR LQTXDQWRSRVVHVVRFHORLQVHJQD
7KH6HFUHW PDSRL ORSHUGHUHPR 121$9(5( DO FRQWUDULR VH
VLDPRSURLHWWDWLVXOQRQDYHUH YROHUSHUGHUH SULPDRSRLGRYUHPR
$9(5( TXLQGL OD SHULRGLFLWj GHOO
RQGD FL IDUj DOWHUQDWLYDPHQWH
$9(5( H 121$9(5( H TXHVWD q OD VWHVVD LGHQWLFD H SUHFLVD
IXQ]LRQH G
RQGD GHO &LFOR GHOOH 1DVFLWH H GHOOH 0RUWL RUD VDSHWH
SHUFKpULWRUQLDPRTXL$WDOHSURSRVLWR2VKRDIIHUPDYD
/D YLWD ULSHWH VH VWHVVD LPPHPRUH GHJOL HYHQWL VH QRQ GLYHQWL
FRQVDSHYROH FRQWLQXHUj D ULSHWHUVL FRPH XQD UXRWD HFFR SHUFKp L
EXGGKLVWLODGHILQLVFRQRODUXRWDGHOODYLWDHGHOODPRUWHODUXRWDGHO
WHPSR
*LUD FRPH XQD UXRWD OD QDVFLWD q VHJXLWD GDOOD PRUWH OD PRUWH q
VHJXLWD GDOOD QDVFLWD O
DPRUH q VHJXLWR GDOO
RGLR O
RGLR q VHJXLWR
GDOO
DPRUHLOVXFFHVVRqVHJXLWRGDOIDOOLPHQWRLOIDOOLPHQWRqVHJXLWR
GDOVXFFHVVR
2VVHUYDVROWDQWR
6H ULHVFL DG RVVHUYDUOR DQFKH VROR SHU TXDOFKH JLRUQR YHGUDL
DIILRUDUHXQRVFKHPDORVFKHPDGLXQDUXRWD
8Q JLRUQR XQD EHOOD PDWWLQD WL VHQWL EHQLVVLPR H IHOLFH PHQWUH XQ
DOWURJLRUQRVHLFRVuYXRWRHRWWXVRGDLQL]LDUHDSHQVDUHDOVXLFLGLR
(SSXUHLOJLRUQRSULPDHULFRVuSLHQRGLYLWDFRVuHVWDWLFRGDVHQWLUWL
ULFRQRVFHQWH D 'LR SHU HVVHUH LQ XQ WDOH VWDWR G
DQLPR GL SURIRQGD
JUDWLWXGLQHPHQWUHRJJLLOODPHQWRLQWHVHPEUDLQILQLWRHQRQYHGLLO
PRWLYRSHUFRQWLQXDUHDYLYHUH
3DVVLGDXQRVWDWRG
DQLPRDOO
DOWURPDQRQYHGLORVFKHPDGLIRQGR
1HOPRPHQWRLQFXLWHQHDFFRUJLQHSXRLXVFLUH
&RPH VL ID D SRVVHGHUH LQ PDQLHUD VWDELOH" 6HPSOLFH EDVWD
ULVSRQGHUH DOOD VHTXHQ]D GHOO¶HVVHUH VHQWLUHIDUHDYHUH TXHVWR
JHQHUH GL $9(5( q XQ ³DYHUH´ DXWHQWLFR LQ TXDQWR GHULYDQWH GDO
VHQWLUH LQWHULRUH LO FKH VLJQLILFD HVVHUH TXHOOD FRVD OD TXDOH QRQ
SRWUj PDL HVVHUH SHUVD D FDXVD GL HYHQWL HVWHUQL LQ TXDQWR WX VHL
GLYHQXWRTXHOODFRVD
(VLVWRQR PLOLRQL GL PRGL SHU DYHUH FRPH FRQVHJXHQ]D GHO
SRVVHGHUH H WXWWL ULFDGRQR QHOOD GXDOLWj GHOOD GLFRWRPLD $9(5( H
121$9(5(PHQWUHLOPRGRSLEDQDOHSHUDYHUHTXDOFRVDVHQ]D
PDLSRWHUODSHUGHUHPDFKHFRQWLQXDPHQWHYLHQHLJQRUDWRqHVVHUH
TXHOODFRVD
$QFKH LO 121$9(5( ULVSRQGH DOOD VWHVVD PHFFDQLFD LQ TXDQWR
FRQVHJXHQ]D GHO QRQYROHUSRVVHGHUH SULPD R SRL LO SHQGROR
HPR]LRQDOHFDPELDVHQVRULFRUGDLTXDWWURDPLFLDOEDU>@FKHLQHWj
DGXOWD VRQR GLYHQXWL LPSLHJDWL GL EDQFD SURSULR OD FRVD FKH SULPD
FRPEDWWHYDQR
,Q FRQFOXVLRQH LO GHVWLQR EHOOR R EUXWWR FKH VLD QRQ q DIIDWWR
TXHVWLRQH GL IRUWXQD R GL VIRUWXQD PD GL VFHOWH GHULYDQWL GDO QRVWUR
DWWHJJLDPHQWRYHUVRLOPRQGRQRQHVLVWRQRJOLDQJHOLFXVWRGLVHQRQ
LOQRVWURHVVHUH
3UREDELOPHQWHWXWWLQRLDOPHQRXQDYROWDQHOODYLWDFLVDUHPRFKLHVWL
SHUFKp GHWHUPLQDWH SHUVRQH FDWWLYL SROLWLFL GHOLQTXHQWL FULPLQDOL
VHPEULQR DYHUH WDQWR VHQ]D DSSDUHQWHPHQWH SHUGHUH PDL QXOOD ,Q
UHDOWj FRQVLGHUDQGR LO SHQGROR GHOOD GLFRWRPLD QRQ QHOO¶DUFR GL XQD
YLWD PD LQ XQ SHULRGR FKH QH DEEUDFFLD DQFKH GLYHUVH OD FRVD
WRUQD QHO VHQVR FKH D VHFRQGD GHOOD IRU]D FRQ FXL XQD SHUVRQD
FHUFD GL SRVVHGHUH SRWUHEEH ULPDQHUH ULFFD DQFKH SHU PROWH YLWH
PDSULPDRSRLLQL]LHUjODVSLUDOHGLVFHQGHQWHHDOODILQHVLWURYHUjD
QDVFHUHLQ$IULFDQHOOHSHJJLRULFRQGL]LRQLFKHFRQRVFLDPRQHOODYLWD
QXOODDFFDGHDFDVR
)RUVH WXWWL QRL DEELDPR OHWWR LO IDPRVR ,2 6212 H QHO FDSLWROR
GHGLFDWRDOEHQHHDOPDOHF
qXQDFLWD]LRQHPROWRLQWHUHVVDQWHLQFXL
VL FRPSUHQGH FRPH LO EHQH H LO PDOH XPDQL VLDQR VROR GHOOH
FRQVLGHUD]LRQL SDU]LDOL FKH QXOOD KDQQR D FKH YHGHUH FRQ LO %HQH
$VVROXWR TXHOOR FKH F
q QHOO
HTXLOLEULR HFFR OD FLWD]LRQH &RVu
DWWUDYHUVRLWXRLHUURULOHWXHSHQHHOHWXHVRIIHUHQ]HLOGHVLGHULRGL
DOOHYLDUOH IHFH VRUJHUH QHOOD WXD PHQWH O
LGHD GHO PDOH H TXDQGR
TXHVWH SHQH QRQ HVLVWHYDQR SL HVVR LVSLUz O
LGHD GHO EHQH  H D
WXWWH OH DSSDUHQ]H GL FRVH H FRQGL]LRQL WX DWWULEXLVWL OH TXDOLWj GHO
EHQHHGHOPDOHQHOODPLVXUDLQFXLVRGGLVIDFHYDQRRPHQR>«@WH
QHOOD WXD SHUVRQDOLWj XPDQD 0D WXWWH TXHVWH FRQGL]LRQL HG
HVSHULHQ]HLQFXLWXHQWUDYLHFKHFKLDPDYLEHQHVHWLSLDFHYDQRH
PDOHVHWLVSLDFHYDQRHUDQRVROWDQWRLQFLGHQWLFUHDWLGDOGHVLGHULR
>«@ ,O PDOH FKH SHU WH HUD WDOH DSSDUHQWHPHQWH  HUD O
DVSHWWR
SRVLWLYR GHO IUXWWR GHOO
DOEHUR FKH VHPSUH WL DOOHWWDYD FRO VXR
EHOO
DVSHWWR H FRQ OD GROFH]]D GHO SULPR DVVDJJLR D PDQJLDUH H
JRGHUH ILQR DOOD VD]LHWj R ILQFKp L VXRL HIIHWWL GDQQRVL VL
PDQLIHVWDVVHUR H GLYHQLVVHUR XQD PDOHGL]LRQH DSSRUWDWULFH GHO
GLVLQJDQQR>«@
/
DELOLWjGLXQHVVHUHVWDQHOULXVFLUHDYHQLUHIXRULGDOOHFRQGL]LRQLGL
EHQH H GL PDOH ³XPDQL´ ULXVFHQGR D HYLWDUH LO FRQWLQXR SHQGROR
HPR]LRQDOH EDVDWR VXOO
DYHUH H VXO UHODWLYR QRQDYHUH LQ TXDQWR
SRVVHVVR H SHUGLWD GHOOR VWHVVR 8QD VROX]LRQH q QHOO
DSHUWXUD GL
FXRUHHQHOODDOLHQD]LRQHGHOOD5DJLRQH1DVFRVWD
,Q XQR VSOHQGLGR DUWLFROR GDO WLWROR /D YLWD WHQGH DOO
HTXLOLEULR >@ 
O
DPLFR $0 .LQJ VSLHJD SHUIHWWDPHQWH FRPH O
DWWHJJLDPHQWR SRUWL
DOORVELODQFLDPHQWRGHOODYLWD
&DSLWD VSHVVR FKH LPSLHJKLDPR JLRUQL PHVL R DQQL SHU IDU Vu FKH
TXHOOD FRVD QRQ DFFDGD SL FL PHWWLDPR XQ
HQHUJLD SD]]HVFD
VLVWHPLDPRDPELHQWLVLWXD]LRQLHGDOWURLPEURJOLDPRSHUVRQHHQRQ
FLIDFFLDPRVFUXSROLDIDUGHOPDOHDLQRVWULDPLFLPDHFFRFKHGRSR
XQ SR
 GL WHPSR FL VL SUHVHQWD LO VROLWR SDQRUDPD OD VROLWD VFHQD
DFFDGHGLQXRYRSURSULRTXHOODFRVDFKHYROHYDPRQRQDFFDGHVVH
SLVLSUHVHQWDHFLURYLQDODYLWDGLQXRYRXIID
3RVVLDPRIUHJDUHWXWWLPDQRQqSRVVLELOHIUHJDUHODQRVWUDPHQWHH
TXLQGLQRLVWHVVLOHFRVHQRQULVROWHVLSUHVHQWHUDQQRVHPSUH
6SHVVRFLVHQWLDPRHVDVSHUDWLQHOYHGHUHFKHOHFRVHYDQQRVHPSUH
QHOOD VWHVVD PDQLHUD H DOORUD SUHQGLDPR GHL SURYYHGLPHQWL UDGLFDOL
FDPELDPRFDVDDPLFL]LHODYRURHFF
0DGRSRTXDOFKHWHPSRLOQRVWURSDUWQHUFLWUDGLVFHFRPHDFFDGHYD
SULPDFRQO
DOWURLOQRVWURGDWRUHGLODYRURFLVIUXWWDFRPHDFFDGHYD
SULPD L QRVWUL DPLFL DSSURILWWDQR GL QRL FRPH DFFDGHYD SULPD L
FRQRVFHQWLFLSUHQGRQRLQJLURFRPHDFFDGHYDSULPD
8QDOWURHVHPSLRWHQWLDPRGLVSHUDWDPHQWHGLULVSDUPLDUHGLOjRGL
TXD VFHJOLDPR FRQ FXUD OD VSHVD EXRQD PD FRPXQTXH SL
YDQWDJJLRVD DEELDPR VDSXWR FKH OH EDQFKH QRQ SRVVRQR SL
ULFKLHGHUHODSHQDOHSHUO
HVWLQ]LRQHGHOFRQWRFRUUHQWHHFDPELDPR
EDQFD DSSURILWWDQGR GL TXHOOD SURPR]LRQH GRYH SDJKHUHPR VROR 
HXUR DO PHVH LQYHFH FKH  PD SULPD QRQ FRQYHQLYD FDPELDUH
SRLFKp OH VSHVH GL HVWLQ]LRQH HUDQR DOWH  IDFFLDPR DQFKH XQ
FRQWUDWWR GHO WHOHIRQR SL FRQYHQLHQWH HK Vu F
q XQD IDQWDVWLFD
QXRYD SURPR]LRQH  H VFHJOLDPR LO GLVWULEXWRUH GL EHQ]LQD GRYH
FRVWD DO OLWUR  FHQWHVLPL LQ PHQR FKH GD TXHOO
DOWUR HG HFFR
IDFFLDPR XQ LQFLGHQWH FRQ OD PDFFKLQD H URPSLDPR LO IDUR DOO
DXWR
FKH FL SUHFHGHYD $YHYDPR FDOFRODWR FKH FRQ OH VWUDWHJLH GL
ULVSDUPLRTXHVWRPHVHFLVDUHPPRWURYDWLLQWDVFDHXURULVSHWWR
DO PHVH VFRUVR G
DOWURQGH VDSHYDPR FKH HUD XQR VSUHFR EXWWDUH L
VROGL FRQ TXHO YHFFKLR FRQWUDWWR WHOHIRQLFR R FRQ OD EHQ]LQD FRVu
FRVWRVDPDRUDWXWWRqDQGDWRSHUVRILQRDOO
XOWLPRFHQWHVLPRGHL
 HXUR ULVSDUPLDWL LO IDUR FRVWD  HXUR RSSXUH VH IDFFLDPR OD
OHWWHUD LO FRVWR GHOO
DVVLFXUD]LRQH GHO QXRYR DQQR VDUj  HXUR SL
FRVWRVR HG DYUHPR GXH FODVVL LQ SL )DFFLDPR XQ DOWUR HVHPSLR
$EELDPR GHFLVR GL JXDULUH GDOOD PDODWWLD ULYROJLDPR OD QRVWUD
DWWHQ]LRQH D PHWRGL WLSR OD PHGLFLQD LO 5HLNL L ULPHGL QDWXUDOL H
TXDQW
DOWUR FL SRWUj DLXWDUH 0D HFFR FKH TXDQGR VWLDPR Ou SHU
ULXVFLUH PDQJLDPR TXHO GHWHUPLQDWR FLER FKH FL ID VWDUH
QXRYDPHQWHPDOHXVFLDPRSRFRYHVWLWLHSUHQGLDPRIUHGGRYLHQHD
SLRYHUH SXUH VHQ]D DOFXQD DYYLVDJOLD H FL DPPDOLDPR GL QXRYR
SHUFKp QRQ DEELDPR SRUWDWR FRQ QRL O
RPEUHOOR VLDPR GDYYHUR
LUULWDWL/DFROSDqGLWXWWLWUDQQHFKHODQRVWUD>«@
,Q WXWWL TXHVWL IDOOLPHQWL LQ JHQHUH FL VL SRQH OD VHJXHQWH GRPDQGD
TXDOHDVSHWWRWHFQLFRPLKDWUDGLWRRqYHQXWRPHQR"
1RQRQHVVXQDVSHWWRWHFQLFRVHLYHQXWRPHQR781RQYHGRXQ
FXRUHSXUR
6u VHL YHQXWR PHQR WX &Lz FKH LGHQWLILFD LQ SULPLVVLPD LVWDQ]D XQ
0DHVWURqLOIDWWRFKHVLSUHQGHODWRWDOHUHVSRQVDELOLWjGHOODSURSULD
YLWD (JOL QRQ VD DQFRUD TXDQGR FRPH R SHUFKp JOL q DFFDGXWD
TXHOODFRVDSHUzVDFRQFHUWH]]DFKLO
KDFUHDWDOXLVWHVVR
,PPDJLQDWH GL HVVHUH LQ GLIILFROWj QHO GHVHUWR H GL YHGHUH LO PDUH Ou
DOO
RUL]]RQWH YL VHQWLWH VDOYL SRLFKp LO PDUH q Ou H YL LQFDPPLQDWH
YHUVR GL HVVR '
LPSURYYLVR VL DO]D XQD WHPSHVWD GL VDEELD H SRL
VFHQGH OD QRWWH PD YRL DSSHQD SRWHWH YL ULPHWWHWH LQ FDPPLQR LQ
TXHOODGLUH]LRQHSRLFKpQRQRVWDQWHLOEXLRVDSHWHFKH LO PDUH qOu
DQFKHVHPRPHQWDQHDPHQWHQRQULXVFLWHDYHGHUOR0DLGLUHVWHFKH
SHULOIDWWRGLQRQYHGHUORLOPDUHQRQqSLOu
(SSXUH QHOOD YLWD UHJRODUPHQWH QRQ VLDPR FRHUHQWL FRQ OH QRVWUH
VFHOWH SHUGLDPR GL YLVWD O
RELHWWLYR H QRQ UDJJLXQJLDPR LO
FDPELDPHQWR SHUFKp FL IDFFLDPR GLVWUDUUH GDOOD QRVWUD SHUVRQDOLWj
GDJOL LQWHUHVVL FKH HVVD LQHYLWDELOPHQWH PHQWUH VWLDPR ODYRUDQGR
SHUFDPELDUHTXDOFRVDFLULPHWWHVRWWRLOQDVR
8Q(VVHUHqXQFUHDWRUHHQXOODSXzDFFDGHUHDFDVRDPHQRFKH
QRQ O
DEELD FUHDWD OXL &Lz QRQ WRJOLH FKH SRVVD DYHU GLPHQWLFDWR
TXDQGRODFUHzIDWWRVWDFKHIXOXLDFUHDUHODFRQGL]LRQHVJUDGHYROH
FKHRJJLVLWURYDWUDOHPDQL4XDOVLDVLFUHD]LRQHYLHQHHIIHWWXDWDSHU
PH]]R GHO SHQVLHUR H FRQ O
XVR GHOOD GHFLVLRQH VH OD YRVWUD
GHFLVLRQH ULHQWUD QHO FDPSR GHOOD FHUWH]]D FHUWD VLDWH FHUWL FKH
TXHOOD FRVD DFFDGUj 6H QRQ F
q XQD QXRYD GHFLVLRQH FKH VL
VRVWLWXLVFH DOOD YHFFKLD LO SDQRUDPD GHOOD QRVWUD YLWD QRQ FDPELD
QRQ LOOXGLDPRFL 4XDOVLDVL FRVD IDUHPR VDUj FRPH IDUH XQ EXFR
QHOO
DFTXD  q TXHVWLRQH GL WHPSR PD O
DFTXD ULHPSLUj TXHO EXFR
7XWWDYLD FL VL SXz DQFKH LOOXGHUH GL DYHU FDPELDWR OD SURSULD
VLWXD]LRQH LQ PDQLHUD GHILQLWLYD DOOD YLWD QRQ PDQFD LO VHQVR
GHOO
LURQLD SHUFKp SRL WL SUHVHQWHUj LO FRQWR TXDQGR PHQR WH OR
DVSHWWL
$WDOSURSRVLWRKRYLVWRSHUVRQHFKHKDQQRVRIIHUWRSHUDQQLSXUGL
DUULYDUHDSRVVHGHUHTXHOODFHUWDFRVDORURVLVHQWLYDQRSRYHULSHU
FXL SHQVDYDQR FKH FRQ LO UDJJLXQJLPHQWR GL TXHO SRVVHVVR
VDUHEEHUR GLYHQXWH ULFFKH 4XLQGL KDQQR SURIXVR HQHUJLH WUHPHQGH
H VRQR DQGDWH LQFRQWUR D PRUWLILFD]LRQL LQFUHGLELOL YHVWHQGR DELWL
YHFFKL SURFXUDQGRVL VWUHVV FRQ OH EDQFKH QRQ PDQJLDQGR SXU GL
DUULYDUHDSRVVHGHUHTXHOODFRVD
(EEHQHRUDTXHOODFRVDFHO
KDQQRPDODSHUGHUDQQRQHOODTXDQWLWj
FKH PDQFD SHU JLXQJHUH DOO
HTXLOLEULR FRPH XQD ELODQFLD FKH GHYH
ULWRUQDUH DO FHQWUR 'RYUDQQR GDUH WXWWR FLz FKH KDQQR DFFXPXODWR
SHUFXUDUHVHVWHVVLRTXDOFXQRGHOODIDPLJOLDSHUXQPDOHLQFXUDELOH
FKH GLYHUUj FXUDELOH VROR TXDQGR DYUDQQR GDWR YLD WXWWR FLz FKH
KDQQRRWWHQXWRFRQJOLVIRU]LGLXQDYLWD
4XDQGRXQDSHUVRQDqLPSHJQDWDFRQO
$9(5( XVRGHOORVIRU]RSHU
SRVVHGHUH QRQSXzYHGHUHODVXDFRQGL]LRQHSHUSRUYLULPHGLR
(VLVWRQR PLOLRQL GL PHWRGL SHU RWWHQHUH TXDOFRVD PD OD FRVD SL
RYYLD SHU ULXVFLUH GDYYHUR DG RWWHQHUH YLHQH PHVVD GD SDUWH
O
HVVHUHTXHOODFRVDÊLQXWLOHORWWDUHSHURWWHQHUHqLQXWLOHIDUHVIRU]L
HGDQGDUHLQFRQWURDULQXQFHSHUGLYHQLUHULFFKLEDVWDVHQWLUVLULFFKL
&RQRVFR SHUVRQH FKH VRQR ULFFKLVVLPH PD FKH QRQ VHQWRQR GL
HVVHUORHTXLQGLVRQROuDYLYHUHXQDYLWDGDPLVHUDELOLSRLFKpGHQWUR
GLORURQXOODqFDPELDWRVLVHQWRQRSRYHUL
4XDOFXQR GLVVH GL VPHWWHUOD GL DFFXPXODUH WHVRUL VXOOD WHUUD
O
DFFXPXODUH SUHYHGH OR VIRU]R LO YHUR DYHUH FRQVHJXHQ]D
GHOO
HVVHUHQRQSUHYHGHDOFXQRVIRU]R >  @  8QD SHUVRQD FKH VL q
VHPSUHVHQWLWDVRODQHOODYLWDTXDQGRDUULYDDFRQRVFHUHHVWULQJHUH
XQDUHOD]LRQHFRQODSHUVRQDLGHDOHVHQRQFDPELHUjDWWHJJLDPHQWR
ODSHUGHUjSRLFKpFLzFKHF
qVRWWRSURGXUUjDQFRUDVROLWXGLQH
9DOXWDWH L IDWWL H QRQ ILGDWHYL GHOOH VFXVH H GHOOH JLXVWLILFD]LRQL L
ULVXOWDWL VRQR OD FUHD]LRQH GHOO
DWWHJJLDPHQWR H GHOO
LQWHQ]LRQH GHOOD
SHUVRQD>@
9RJOLR VSLHJDUH SHUFKp OD JLXVWL]LD YHQLYD VHPSUH LGHQWLILFDWD FRQ
VSDGD H ELODQFLD >«@ 5DUDPHQWH OD *LXVWL]LD QHL WHVWL D VWDPSD WUD
;9,H;9,,,VHFRORFRPSDUHVHQ]DLVXRLGXHDWWULEXWLSLFODVVLFLOD
ELODQFLDHODVSDGD
/D ELODQFLD VDUj VHPSUH GHO WLSR GHWWR D EUDFFL XJXDOL FKH q GD
VHFROL LQVLHPH DO FRUSR XPDQR XQR GHJOL HVHPSL SL FODVVLFL GL
LPPDJLQHVLPPHWULFD
6XJJHULVFH TXLQGL FRQ O
LGHD GL SRQGHUDWH]]D FKH OH q
LPPHGLDWDPHQWH DVVRFLDWD TXHOOD GHOO
HTXLOLEULR H GHOO
HTXLWj FKH q
FRPSLWR GHOOD *LXVWL]LD FRQVHUYDUH R ULVWDELOLUH VL WUDWWD GHL GXH
DWWULEXWLFDUDWWHULVWLFLGHOOD*LXVWL]LD
/DELODQFLDSRWUjFRQIRQGHUVLFRQTXHOODGHOOHLPPDJLQLDVWURORJLFKH
R GHOOD OHWWHUDWXUD HPEOHPDWLFD PD DQFKH LQ TXHVWL FDVL UHVWD
HYLGHQWH LO UDSSRUWR FRQ XQD FHUWD LGHD GHOOD *LXVWL]LD RUGLQH
HTXLOLEULR DUPRQLD  /D VSDGD ULPDQGD DOOD IRU]D DO SRWHUH FKH OD
JLXVWL]LD GHYH DYHUH SHU LPSRUUH H IDU ULVSHWWDUH L SURSUL JLXGL]L OD
*LXVWL]LDRSLGLUHWWDPHQWHSHUHVHPSLRLQWDQWHLPPDJLQLWUDWWHGD
OLEUL GL HPEOHPL LO 5H  6L WUDWWD LQ JHQHUH GL XQD VSDGD D GRSSLR
WDJOLRVDUjVSHVVRLPSXJQDWDULYROWDYHUVRO
DOWRRDSSRJJLDWDDXQD
VSDOOD DOWUH YROWH LQYHFH ULYROWD LQ EDVVR R DSSRJJLDWD D WHUUD /H
GLYHUVH GLVSRVL]LRQL FRQWULEXLVFRQR LQ JHQHUH D GHILQLUH XQD
GHWHUPLQDWD LPPDJLQH H VLWXD]LRQH GHOOD *LXVWL]LD '
DOWUD SDUWH
DQFKHODVSDGDSHUTXDQWRSRVVDHVVHUHGLIILFLOHIDUHDVWUD]LRQHGDL
VLJQLILFDWL YLROHQWL FROOHJDWL DO VXR XVR q FRPH OD ELODQFLD XQD
ILJXUDVLPPHWULFD
/D OHJJH GHOOD YLWD q XJXDOH SHU WXWWL 3HU JOL DQWLFKL *UHFL DG
HVHPSLR O
LGHD GL JLXVWL]LD HUD FROOHJDWD DOO
RUGLQH GHOO
XQLYHUVR SHU
FXL FRVH H LQGLYLGXL DYHYDQR XQD SURSULD IXQ]LRQH HG XQD
FRQGL]LRQHGHWHUPLQDWDDOO
LQWHUQRGHOFRVPRHODGHDGHOODJLXVWL]LD
'LNH LQ ODWLQR ,XVWLWLD  HUD FROHL FKH YLJLODYD VXOOH LQJLXVWL]LH HG
DYYHUWLYD=HXVGHOO
RUGLQHYLRODWR
3UHVVRJOLHJL]LDQLLOFRPSLWRGLULSRUWDUHO
RUGLQHVRYUDQRO
HTXLOLEULR
QHOOHFRVHHUDFRPSLWRGHOODGHD0DDWLQTXHVWDLPPDJLQHYHGLDPR
DOO
RSHUDODELODQFLDQHOO
DWWRGLJLXGLFDUHO
DQLPDGLXQPRUWR6XXQR
GHL SLDWWL D GHVWUD QHOO
LPPDJLQH  YLHQH SRVDWD OD SLXPD GL VWUX]]R
FKHqLOSULQFLSDOHDWWULEXWRGL0DDW6HLOFXRUHGHOPRUWRSRVWRLQXQ
YDVHWWRVXOO
DOWURSLDWWRqOHJJHURFRPHODSLXPDODELODQFLDUHVWDLQ
HTXLOLEULRHO
DQLPDqVDOYDVHqSLSHVDQWHODELODQFLDSLHJDQGRVL
VXXQODWRODFRQGDQQD
$VLQLVWUD$QXELGDOODWHVWDGLVFLDFDOORSRUWDSHUPDQRO
DQLPDDOOD
SHVDWXUDGLFXLVLRFFXSDSHUVRQDOPHQWH ORVLYHGHGLQXRYRPHQWUH
SHVD  $VVLVWRQR 7KRW DOO
HVWUHPD GHVWUD  LQ IXQ]LRQH GL VFULED H
XQDFUHDWXUDLQIHUQDOHLOFRFFRGULOOR$PPLWSURQWDDGLYRUDUHO
DQLPD
GDQQDWD ,Q RJQL FDVR O
RUGLQH GHOOH FRVH QRQ VL GHYH ULVWDELOLUH
QHFHVVDULDPHQWHQHOODYLWDLQFXLqDYYHQXWRORVTXLOLEULR
'LNH0DDWHFKLXQTXHDOWURSHUVRQDJJLRFKHDEELDLQFDUQDWROHYHVWL
GHOOD JLXVWL]LD QRQ HUDQR LQGLYLGXL EHQVu UDSSUHVHQWDYDQR OH OHJJL
ULHTXLOLEUDWULFLGHOODYLWD1RLSRVVLDPRFDPELDUHODQRVWUDUHDOWjSHU
PH]]R GHO SHQVLHUR H LO QRVWUR VXEFRQVFLR LO JHQLR GHOOD ODPSDGD
HVDXGLUj TXDOVLDVL QRVWUR GHVLGHULR PD SHU FDPELDUH GDYYHUR OD
QRVWUD YLWD GREELDPR FDPELDUH LO QRVWUR SXQWR GL YLVWD VX GL HVVD
DOWULPHQWLORVWHVVRJHQLRTXDQGRFLGLVWUDLDPRGDXQSHQVLHURFKH
QRQqGLYHQXWRUHDOPHQWHQRVWURFLULSRUWHUjDOODVLWXD]LRQHGLSULPD
SRLFKpODQRVWUDHVVHQ]DQRQqYHUDPHQWHFDPELDWD3HUFDPELDUH
GDYYHURGREELDPRIDUHHVSHULHQ]HGLYHUVHVRQROHHVSHULHQ]HFKH
FDPELDQR LO QRVWUR SHQVLHUR QRQ OD EXRQD YRORQWj R OH OHWWXUH /D
FXOWXUD QRQ FDPELD QLHQWH SHU GDYYHUR QHDQFKH VH FL FUHGLDPR
PHQWUH O
HGXFD]LRQH q TXHOOD FRVD FKH SURYLHQH GDOO
HVSHULHQ]D
GDOO
DWWHJJLDPHQWRGLQRQXVDUHODUDJLRQHQDVFRVWDSHUSRVVHGHUH
ILQHGHOODFLWD]LRQH
&RVD FL LQGLFD TXLQGL OD FRQGL]LRQH GHO 6HVWR 6SHFFKLR" ,O IDWWR GL
VDSHU HVSULPHUH OH QRVWUH TXDOLWj GLYLQH DO ILQH GL ULSRUWDUH OD YLWD
XPDQD YHUVR OD FRQGL]LRQH GL HVSUHVVLRQH SURSULD GHO 6p &DGH D
SURSRVLWR TXHVWD FLWD]LRQH GDO YDQJHOR DSRFULIR GL 7RPPDVR 8QD
VHUD *HV PL GLVVH 7RPPDVR QRQ WL ODPHQWDUH VH WXWWR WL YD GL
WUDYHUVR LQIRQGRTXHVWHSURYHFKHWXGHYLVXSHUDUHOHLQYHQWDVWLWX
VWHVVR 4XDQWL GDO FLHOR VL DIIDFFLDQR SHU YHGHUH VH FDGL QHOOH
WUDSSROH FKH WX VWHVVR WL VHL SUHSDUDWR ) HOLFH O
XRPR FKH VXSHUD
TXHVWHSURYHSHUFKpDOGLOjHJOLWURYDOD9LWD4XLQGLFKHVLYRJOLD
R PHQR OD YLWD WHQGHUj DOO
HTXLOLEULR H OH IRU]H SHU ULVWDELOLUH OD
FRQGL]LRQHLGHDOHVRQRVHPSUHLQQRL

&20(86$5(,/6(67263(&&+ ,2
$QFKH QHOOD VROX]LRQH GL TXHVWR 6SHFFKLR FL PXRYLDPR FRQ O

HOLPLQD]LRQH GHOOD 5DJLRQH 1DVFRVWD  PD FRQWHVWXDOPHQWH


GREELDPRDQFKHPHWWHUHDSRVWRLOIDWWRGLULSUHQGHUHO
DVFROWRGHOOD
QRVWUD YRFH LQWHULRUH VX FRVD IDUH H O
DIILQDUH OD QRVWUD VHQVLELOLWj
HWLFD ULVSHWWR D FRVD QRQ IDUH  2JQXQR GL QRL D SDUWH XQD
SLFFROLVVLPD PLQRUDQ]D GL HVVHUL HFFHVVLYDPHQWH GHJUDGDWL SXz
UHFXSHUDUH OD SURSULD FDSDFLWj GL ³VHQWLUH´ FLz FKH q DUPRQLFR SHU
GLVWLQJXHUOR GD FLz FKH QRQ q DUPRQLFR 0D DO GL Oj GL WXWWR YRJOLR
VRWWROLQHDUH FKH GRYUHPPR DYHUH LO FRUDJJLR GL PHWWHUH GD SDUWH OD
SDXUD GL SHUGHUH TXHOOD FRVD ILWWL]LD FKH VL FKLDPD DPPLUD]LRQH H
IDUH FLz FKH QRL VHQWLDPR JLXVWR H QRQ IDUH FLz FKH QRQ VHQWLDPR
JLXVWR DO ILQH GL HVVHUH QRL VWHVVL SRLFKp q SURSULR GD TXHVWD
YLROD]LRQH FKH QDVFH OD QHFHVVLWj GL XVDUH OD 5DJLRQH 1DVFRVWD
4XLQGLVHqSXUYHURFKHGREELDPROLPLWDUHILQRDOO
HVWLQ]LRQHO
XVR
GHOOD 5DJLRQH 1DVFRVWD q FRPXQTXH GHWHUPLQDQWH DSULUVL H
PDQLIHVWDUH FLz FKH QRL DEELDPR SHQVDWR FRQ OD QRVWUD WHVWD e GD
TXLFKHLQL]LDO
HWLFDRSSXUHqGDTXLFKHVLHQWUDQHOODRVFXUDQRWWH
GHOO
DQLPD /R VR FKH q GLIILFLOH DVFROWDUVL VSHFLH VH DEELDPR IDWWR
PROWL ³HUURUL´ PD FRQWLQXDQGR D QRQ IDUOR QRQ IDUHPR FKH
VSURIRQGDUHDQFRUGLSLQHOO
RVFXUDQRWWHGHOODQRVWUDDQLPD

« HULFRUGD
1RQFLSXzHVVHUHHOHYD]LRQHVSLULWXDOH
VHQRQF
qFRPSDVVLRQHSHUWXWWH
OHSDUWLGHOO
HVLVWHQ]D
SRLFKpO
LQWHUDHVLVWHQ]DVHL78HQRQSXRL
GLVLQWHUHVVDUWLGLXQDSDUWHGLWH
SHUFKpODYHGLVHSDUDWDGDOWXRFRUSR
ILVLFRDFDXVDGLXQ
LOOXVLRQH
FRQVHJXHQ]DGLXQD
SHUFH]LRQHGLOLYHOORXPDQR

>  @ &DUOR%LQL0DQRVFULWWRGLXQSULJLRQLHUR

>  @ ,OULIHULPHQWRqDOODFDQ]RQHGL*LQR3DROL³4XDWWURDPLFLDOEDU´

> @ ZZZWULORJLDGHOOLRVRQRLWILOHVERRNGHWDLOFKWPO

>  @ .LQJVLULIHULVFHDOODIUDVH³8RPLQLGLSRFDIHGHSHUFKpYLSUHRFFXSDWHGHOGRPDQLLOYRVWUR
6pVHORDVFROWDVWHqLQJUDGRGLIRUQLUYLWXWWRTXHOORGLFXLDYHWHUHDOPHQWHELVRJQR´
    ,/6 ( 77,0263 (& & + ,2( 6 6 ( 1 2
' ( ,5 $ 3 325 7,8 0 $ 1 ,

,QIOXHQ]DVXOOHUHOD]LRQLLQYHFHGLYHGHUHOHSURSULHD]LRQLJLj2.
VL HQWUD LQ FRPSHWL]LRQH D FDXVD GHO SDUDJRQH YHUVR FRVH R
FDUDWWHULVWLFKH IDWWH R SRVVHGXWH GD DOWUL SHU FXL VL DWWLYD XQ
FRQIURQWR FRQWLQXR FRQ O
HVWHUQR GDQGR OXRJR DG XQD SDUDQRLFD
QHFHVVLWjGLLUUDJJLXQJLELOHSHUIH]LRQH
) UDVH WLSLFD XQR VFLRFFR WURYD VHPSUH XQR SL VFLRFFR FKH OR
DPPLUD>@

6HFRQGR L  9L]L &DSLWDOL TXHVWR q OR 6SHFFKLR GHOOD OXVVXULD


TXHOORGHLGHVLGHULPDLDSSDJDWL
5LFRUGDWHLOGHWWRFKLGLVSUH]]DYXROFRPSUDUH"
6H QRQ VLDPR OLEHUL GDOOD QDWXUD XPDQD QRQ SRVVLDPR
FRQVLGHUDUHODYLWDSHUIHWWDVHQ]DIDUHDOFXQFRQIURQWR
4XHVWR q OR VSHFFKLR FKH FL ULIOHWWH O
DEHUUDQWH FRQFHWWR GHO
SDUDJRQHLQYHFHGLFRQVLGHUDUHFKHRJQLFRVDFKHIDFFLDPRqJLj
SHUIHWWD FRVu FRP
q ,O PRQGR FL ULIOHWWH LO OLYHOOR GL JLXGL]LR FKH
DEELDPR LQ UHOD]LRQH DO IDWWRFKH FLSUHRFFXSLDPR GL UDJJLXQJHUH
FLz FKH JOL DOWUL VRQR H QRQ FLz FKH QRL VHQWLDPR GL HVVHUH (
TXDQGR QRQ ULXVFLDPR D UDJJLXQJHUH XQD FRQGL]LRQH HVWHUQD OD
GLVSUH]]LDPRFRPHODYROSHFKHQRQDUULYDQGRDOO
XYDGLFHFKHq
DFHUED 0HQR VLDPR OLEHUL GDOOD QDWXUD XPDQD SL OD FULWLFD FKH
QRLLQGLUL]]LDPRFRQWURJOLDOWULVDUjLQWHQVD
/DQDWXUDXPDQDqEDVDWDVXOO
DPEL]LRQHGLSHUVHJXLUHVFRSLFKH
VRQR XWLOL VROR D VH VWHVVL H GL FHUFDUH GL WHQHUOL Ou D VFDSLWR GHJOL
DOWUL SRLFKp SHU XQ FDOFROR HUUDWR FUHGLDPR FKH GD TXHVWR
FRPSRUWDPHQWR GLSHQGD OD QRVWUD VRSUDYYLYHQ]D 4XDQGR VLDPR
QHO FRQIURQWR RJQL FRVD QRVWUD GHYH HVVHUH FRQWLQXDPHQWH
UDSSRUWDWDDOO
HVWHUQRSHUSHUPHWWHUFLGLHVLVWHUH8QLQGLYLGXRFKH
ODYRUDSHULO7XWWRQRQDYUjQHFHVVLWjGLSDUDJRQDUVLFRQO
HVWHUQR
SRLFKpVDFKHRJQLVXDD]LRQHqXQLFDLQTXDQWROXLVWHVVRqXQ
HVVHUH XQLFR HG LUULSHWLELOH 0D SRLFKp OD IDPH GL DPPLUD]LRQH
GHOO
LQGLYLGXR LQ FRQGL]LRQH XPDQD WHQGH DG HVVHUH VRGGLVIDWWD
GDOO
HVWHUQRHFFRFKHLOFRQIURQWRGHOOHSURSULHFRVHFRQO
HVWHUQR
ID Vu FKH O
LQGLYLGXR SRVVD FDWWXUDUH XQD PDJJLRUH TXDQWLWj GL
DPPLUD]LRQHHTXLQGLGLHQHUJLD4XHVWRqXQRVWDWRFURQLFRLQFXL
YHUVDO
HVVHUHXPDQR
7XWWDYLD LO FRQVLGHUDUH FKH WXWWR q JLj SHUIHWWR ULJXDUGD OH QRVWUH
D]LRQL H TXHVWD FRVD QRQ VL GHYH FRQIRQGHUH FRQ OD YDOXWD]LRQH
FKH QRL SRVVLDPR DYHUH GHO PRQGR 1RQ VL GHYH FDGHUH QHOOD
VSHFXOD]LRQHGHOGLUHFKHLOPRQGRODIRJQDFKHRJJLqGLYHQXWRq
SHUIHWWR H FKH WXWWR YD EHQH TXHVWD QRQ VDUHEEH XQ
RSLQLRQH
FRQVDSHYROH PD VLJQLILFKHUHEEH HVVHUH LGLRWL Ê SURSULR TXHVWR
JHQHUHGLDWWHJJLDPHQWRFKHKDSURYRFDWRJURVVLGDQQLJUD]LHDJOL
DSDWLFL H DL GHSUHVVL FKH OR SURIHVVDQR 'LYHUVDPHQWH SRVVR
DQGDUHDOFLQHPDHGLUHFKHLOILOPQRQPLSLDFHPDTXHVWRQRQq
XQ FRQIURQWR q XQ
RSLQLRQH ULVSHWWR DG XQ JXVWR SHUVRQDOH ,O
6HWWLPR 6SHFFKLR VL LQWHUHVVD GHOOH SURSULH D]LRQL ULVSHWWR
DOO
HVWHUQR H QRQ KD QLHQWH D FKH YHGHUH FLUFD LO IDWWR GL GDUH
XQ
RSLQLRQH DELOLWj D GLIIHUHQ]LDUH  VDQLWj PHQWDOH  R LO IDWWR GL
HVVHUHFULWLFLFRVDTXHVW
XOWLPDFKHFLIDUHEEHULFDGHUHQHOSULPR
RQHOVHFRQGR6SHFFKLRSHUFULWLFDVLLQWHQGHXQ
RSLQLRQHLQIDUFLWD
GLHPR]LRQHQHJDWLYD
5LWRUQDQGR DOOD TXHVWLRQH LQWHULRUH VH FL IDFFLDPR LUUHWLUH GD
TXHVWRVSHFFKLRODQRVWUDYLWDGLYLHQHXQDSHUHQQHFRPSHWL]LRQH
H LO UDJJLXQJHUH TXHO TXDOFRVD FKH VHPEUD PDQFDUH GLYLHQH XQ
LOOXVRULR H LUUDJJLXQJLELOH PRGR SHU FHUFDUH GL VWDUH EHQH PHQWUH
OD IHOLFLWj q JLj RUD VHQ]D DOFXQ ELVRJQR GL GRYHU UDJJLXQJHUH
DOWUR&KLDUDPHQWH FLz QRQ VLJQLILFD FKH FL VLGHEED DFFRQWHQWDUH
GL XQD YLWD QRQ GLJQLWRVD WXWW
DOWUR PD O
DUJRPHQWR GL TXHVWR
VSHFFKLR q LO SDUDJRQH TXDOFRVD FKH KD D FKH YHGHUH FRQ XQ
UDJJLXQJHUH GHWHUPLQDWR GDOOD IDPH GL DPPLUD]LRQH LQ FXL q
SUHVHQWH VHPSUH XQD 5DJLRQH 1DVFRVWD $OOD ILQH LO FDOFROR
DEHUUDWR q VH ULXVFLUz DG DYHUOR DQFK
LR FRVu FRPH JOL DOWUL OR
KDQQRPLVHQWLUzEHQH
3HUFRPSUHQGHUHDQFRUPHJOLRO
DVSHWWRGHOFRQIURQWRYLUDFFRQWR
TXHVWDVSOHQGLGDVWRULD=HQFRVuFRPHUDFFRQWDWDGD2VKR>@
&
HUD XQD YROWD XQ UH PROWR WULVWH FKH DYHYD XQ VHUYR H TXHVWR
VHUYRFRPHRJQLVHUYRGLUHWULVWHHUDPROWRIHOLFH2JQLPDWWLQD
VYHJOLDYD LO 5H H JOL SRUWDYD OD FROD]LRQH FDQWLFFKLDQGR DOOHJUH
FDQ]RQFLQHGHLWURYDWRUL$YHYDVHPSUHXQJUDQGHVRUULVRVXOYROWR
GLVWHVRHQHLFRQIURQWLGHOODYLWDXQDWWHJJLDPHQWRVHUHQRHIHOLFH
8QJLRUQRLO5HORIHFHFKLDPDUH
©3DJJLRªGLVVH©TXDOqLOWXRVHJUHWR"ª
©4XDOHVHJUHWR0DHVWj"ª
©4XDOqLOVHJUHWRGHOODWXDDOOHJULD"ª
©1RQF
qQHVVXQVHJUHWR0DHVWjª
©1RQPHQWLUHSDJJLRKRIDWWRWDJOLDUHWHVWHSHURIIHVHPHQRJUDYL
GLXQDPHQ]RJQDª
©1RQYLVWRPHQWHQGR0DHVWjGDYYHURQRQKRQHVVXQVHJUHWRª
©$OORUD VSLHJDPL SHUFKp VHL VHPSUH IHOLFH H DOOHJUR" (K"
3HUFKp"ª
©6LJQRUH QRQ KR PRWLYR GL HVVHUH WULVWH /D YRVWUD PDHVWj PL
RQRUDFRQVHQWHQGRPLGLVHUYLUYL&RQPLDPRJOLHHLPLHLILJOLYLYR
QHOODFDVDFKHFLqVWDWDDVVHJQDWDGDOODFRUWH&LIRUQLVFRQRFLER
H YHVWLWL H LQROWUH OD YRVWUD PDHVWj RJQL WDQWR PL SUHPLD FRQ
TXDOFKH PRQHWD H SRVVLDPR OHYDUFL TXDOFKH FDSULFFLR &RPH
SRWUHLQRQHVVHUHIHOLFH"ª
©6H QRQ PL GLFL VXELWR LO WXR VHJUHWR WL IDUz GHFDSLWDUH VHGXWD
VWDQWHªGLVVHLOUH
©1HVVXQRSXzHVVHUHIHOLFHSHUOHUDJLRQLFKHKDLGHWWRª
©0D 0DHVWj QRQ F
q QHVVXQ VHJUHWR 'HVLGHUR VROWDQWR
FRPSLDFHUYLQRQYLVWRQDVFRQGHQGRQXOODª
©9D
YLDYD
YLDSULPDFKHFKLDPLLOERLDª,OVHUYLWRUHVRUULVHIHFH
XQD ULYHUHQ]D H XVFu GDOOD VWDQ]D LO 5H HUD FRPH LPSD]]LWR QRQ
ULXVFLYDDVSLHJDUVLSHUTXDOHPRWLYRTXHOSDJJLRIRVVHFRVuIHOLFH
YLYHQGR GL FRVH SUHVH LQ SUHVWLWR LQGRVVDQGR YHVWLWL GLVPHVVL H
QXWUHQGRVL GHJOL DYDQ]L GHL FRUWLJLDQL 4XDQGR ULXVFu D FDOPDUVL
FKLDPzLOFRQVLJOLHUHSLVDJJLRHJOLUDFFRQWzODFRQYHUVD]LRQHGL
TXHOODPDWWLQD
©3HUFKpTXHOO
XRPRqIHOLFH"ª
©$KPDHVWjLOIDWWRqFKHOXLqIXRULGDOJLURª
©)XRULGDOJLUR"ª
©(VDWWRª
©(TXHVWRORUHQGHIHOLFH"ª
©1RVLJQRUH4XHVWRQRQORUHQGHLQIHOLFHª
©9HGLDPRVHKRFDSLWRVWDUHQHOJLURWLUHQGHLQIHOLFH"ª
©(VDWWRª
©(OXLQRQqGHQWURDOJLURª
©(VDWWRª
©(FRPHKDIDWWRDXVFLUH"ª
©1RQqPDLHQWUDWRª
©0DGLFKHJLURVLWUDWWD"ª
©,OJLURGHOQRYDQWDQRYHª
©1RQFLFDSLVFRQLHQWHGDYYHURª
©3RWUDLFDSLUORVROWDQWRVHODVFLFKHWHORGLPRVWULFRQLIDWWLª
©(FRPH"ª
©)DFHQGRHQWUDUHLOWXRSDJJLRQHOJLURª
©6uFRVWULQJLDPRORDHQWUDUHª
©1R0DHVWj1HVVXQRSXzHVVHUHFRVWUHWWRDHQWUDUHQHOJLURª
©$OORUDGRYUHPRWHQGHUJOLXQWUDQHOORª
©1RQFHQ
qELVRJQRPDHVWjVHJOLGLDPRO
RSSRUWXQLWjFLHQWUHUj
GDVRORª
©0DOXLQRQVLUHQGHUjFRQWRFKHGLYHQWHUjXQDSHUVRQDLQIHOLFH"ª
©6uVHQHUHQGHUjFRQWRª
©$OORUDQRQFLHQWUHUjª
©1RQSRWUjHYLWDUORª
©'LFLFKHVLUHQGHFRQWRGHOO
LQIHOLFLWjFKHSURYHUjHQWUDQGRLQTXHO
ULGLFRORJLURHFLRQRQRVWDQWHORIDUjHQRQSRWUjSLXVFLUQH"ª
©(VDWWR PDHVWj 6HL GLVSRVWR D SHUGHUH XQ HFFHOOHQWH VHUYLWRUH
SHUSRWHUFDSLUHODVWUXWWXUDGHOJLUR"ª
©6uª
©0ROWREHQH6WDQRWWHYHUUzDSUHQGHUWL'HYLDYHUHSUHSDUDWRXQD
ERUVDGLFXRLRFRQGHQWURQRYDQWDQRYHPRQHWHG
RUR1RQXQDGL
SLQpXQDGLPHQRª
©&KHDOWUR"'HYRSRUWDUPLGLHWURDQFKHOHJXDUGLH"ª
©6ROWDQWRODERUVDGLFXRLR&LYHGLDPRVWDQRWWHPDHVWjª
©&LYHGLDPRVWDQRWWHª
&RVu IX 4XHOOD QRWWH LO VDJJLR DQGz D SUHQGHUH LO UH LQVLHPH
VFHVHUR GL QDVFRVWR QHL FRUWLOL GHO SDOD]]R H VL QDVFRVHUR YLFLQR
DOOD FDVD GHO SDJJLR H Ou DWWHVHUR O
DOED 1HOOD FDVD VL DFFHVH OD
SULPDFDQGHOD,OVDJJLROHJzDOODERUVDGLFXRLRXQIRJOLHWWRFRQXQ
PHVVDJJLRFKHGLFHYD
4XHVWRWHVRURqWXR qLOSUHPLRSHUHVVHUHXQEUDY
XRPR
*RGLWHORHQRQGLUHDQHVVXQRFRPHORKDLWURYDWR
3RLOHJzODERUVDDOODSRUWDGHOODFDVDGHOVHUYREXVVzHWRUQzD
QDVFRQGHUVL 4XDQGR LO SDJJLR XVFu LO VDJJLR H LO UH VSLDURQR OH
VXH PRVVH GD GLHWUR D XQ FHVSXJOLR ,O VHUYLWRUH DSUu OD ERUVD
OHVVH LO PHVVDJJLR DJLWz LO VDFFR H VHQWHQGR LO VXRQR PHWDOOLFR
SURYHQLUH GDOO
LQWHUQR YHQQH SHUFRUVR GD XQ EULYLGR VWULQVH LO
WHVRUR FRQWUR LO SHWWR VL JXDUGz LQWRUQR SHU FRQWUROODUH FKH
QHVVXQRORRVVHUYDVVHHULHQWUzLQFDVD'DOO
HVWHUQRVLVHQWuFKHLO
GRPHVWLFRVWDYDVEDUUDQGRODSRUWDHLGXHVSLRQLVLDIIDFFLDURQR
DOODILQHVWUDSHURVVHUYDUHODVFHQD
,OGRPHVWLFRDYHYDEXWWDWRSHUWHUUDWXWWRTXHOORFKHF
HUDVRSUDLO
WDYROR WUDQQH XQD FDQGHOD 6L HUD VHGXWR H DYHYD VYXRWDWR LO
FRQWHQXWR GHOOD ERUVD , VXRL RFFKL QRQ FUHGHYDQR D TXHOOR FKH
VWDYDQRYHGHQGR(UDXQDPRQWDJQDGLPRQHWHG
RUR
/XL FKH QRQ QH DYHYD PDL WRFFDWD QHVVXQD DGHVVR QH DYHYD
XQ
LQWHUD PRQWDJQD D VXD GLVSRVL]LRQH ,O SDJJLR OH PDQHJJLDYD
WXWWHHOHDPPXFFKLDYD/HDFFDUH]]DYDHIDFHYDLQPRGRFKHOD
OXFHGHOODFDQGHODOHIDFHVVHULVSOHQGHUH/HPHWWHYDLQVLHPHHOH
VSDUSDJOLDYDGLQXRYRIDFHQGRQHWDQWLPXFFKLHWWL
( FRVu D IRU]D GL JLRFKHUHOODUH FRPLQFLz D IDUH GHL PXFFKLHWWL GL
GLHFL PRQHWH 8Q PXFFKLHWWR GL GLHFL GXH PXFFKLHWWL GL GLHFL WUH
PXFFKLHWWLTXDWWURFLQTXHVHL(LQWDQWRIDFHYDOHVRPPHGLHFL
YHQWL WUHQWD TXDUDQWD FLQTXDQWD VHVVDQWD )LQR D IRUPDUH
O
XOWLPRPXFFKLHWWRHGHUDGLQRYHPRQHWH
'DSSULPDLQGXJLzFRQORVJXDUGRVRSUDLOWDYRORDOODULFHUFDGHOOD
PRQHWDPDQFDQWH3RLJXDUGzSHUWHUUDHDOODILQHODERUVD
©1RQqSRVVLELOHªSHQVz$FFRVWzO
XOWLPRPXFFKLHWWRDWXWWLJOLDOWUL
HYLGHFKHHUDSLEDVVR
©6RQRVWDWRGHUXEDWRªJULGz©6RQRVWDWRGHUXEDWR0DOHGHWWLª
&HUFz GL QXRYR VRSUD LO WDYROR SHU WHUUDQHOOD ERUVD WUDLYHVWLWL
QHOOHWDVFKHVRWWRDLPRELOL0DQRQWURYzTXHOORFKHFHUFDYD
6RSUD LO WDYROR TXDVL D SUHQGHUVL JLRFR GL OXL XQ PXFFKLHWWR GL
PRQHWH VSOHQGHQWL JOL ULFRUGDYD FKH DYHYD QRYDQWDQRYH PRQHWH
G
RUR6ROWDQWRQRYDQWDQRYH
©1RYDQWDQRYH PRQHWH 6RQR WDQWL VROGLª SHQVz ©0D PL PDQFD
XQDPRQHWD1RYDQWDQRYHQRQqXQQXPHURFRPSOHWRªSHQVDYD
©&HQWRqXQQXPHURFRPSOHWRQRYDQWDQRYHQRª
,O 5H H LO VXR FRQVLJOLHUH JXDUGDYDQR GDOOD ILQHVWUD /D IDFFLD GHO
SDJJLR QRQ HUD SL OD VWHVVD DYHYD OD IURQWH FRUUXJDWD H L
OLQHDPHQWLLUULJLGLWLVWULQJHYDJOLRFFKLHODERFFDJOLVLFRQWUDHYDLQ
XQDRUULELOHVPRUILDPRVWUDQGRLGHQWL
,OVHUYLWRUHULPLVHOHPRQHWHQHOODERUVDHJXDUGDQGRDGHVWUDHD
VLQLVWUDSHUQRQIDUVLYHGHUHGDQHVVXQRLQFDVDQDVFRVHODERUVD
LQPH]]RDOODOHJQD3RLSUHVHFDUWDHSHQQDHVLVHGHWWHSHUIDUHL
FRQWL
3HUTXDQWRWHPSRDYUHEEHGRYXWRPHWWHUHGDSDUWHLULVSDUPLSHU
FRPSUDUVL OD PRQHWD QXPHUR FHQWR" ,O VHUYR SDUODYD GD VROR DG
DOWD YRFH (UD GLVSRVWR D ODYRUDUH VRGR SXU GL RWWHQHUOD 3RL
PDJDUL QRQ DYUHEEH DYXWR SL ELVRJQR GL ODYRUDUH &RQ FHQWR
PRQHWH G
RUR XQ XRPR SXz VPHWWHUH GL ODYRUDUH &RQ FHQWR
PRQHWH XQ XRPR q ULFFR &RQ FHQWR PRQHWH VL SXz YLYHUH
WUDQTXLOOL)LQuGLIDUHLVXRLFRQWL6HODYRUDYDHPHWWHYDGDSDUWHLO
VDODULRHTXDOFKHH[ WUDFKHPDJDULJOLGDYDQRQHOJLURGLXQGLFLR
GRGLFL DQQL DYUHEEH DYXWR LO QHFHVVDULR SHU FRPSUDUVL XQ
DOWUD
PRQHWDG
RUR
©'RGLFLDQQLVRQRWDQWRWHPSRªSHQVz
0DJDULDYUHEEHSRWXWRFKLHGHUHDOODPRJOLHGLFHUFDUVLXQODYRURLQ
SDHVH SHU XQ SR
 GL WHPSR ( GRSRWXWWR OXL ILQLYD LO ODYRUR D
SDOD]]R DOOH FLQTXH GHO SRPHULJJLR SHU FXL DYUHEEH SRWXWR
ODYRUDUHILQRDVHUDHULFHYHUHXQDSDJDH[ WUD
)HFH L FRQWL VRPPDQGR LO VXR ODYRUR LQ SDHVH H TXHOOR GHOOD
PRJOLH LQ VHWWH DQQL DYUHEEH SRWXWR PHWWHUH LQVLHPH LO GHQDUR
VXIILFLHQWH
(UDWURSSRWHPSR
0DJDUL DYUHEEH SRWXWR SRUWDUH LQ SDHVH LO FLER FKH DYDQ]DYDQR
RJQL VHUD H YHQGHUOR SHU SRFKH PRQHWH ,Q HIIHWWL PHQR
PDQJLDYDQR SL FLER DYUHEEHUR SRWXWR YHQGHUH 9HQGHUH
YHQGHUH
,QL]LDYD D IDUH FDOGR 3HUFKp FL YROHYDQR WDQWL YHVWLWL G
LQYHUQR"
3HUFKpDYHUHSLGLXQSDLRGLVFDUSH"
(UD XQ VDFULILFLR 0D FRQ TXDWWUR DQQL GL VDFULILFL DYUHEEH
JXDGDJQDWR OD VXD PRQHWD QXPHUR FHQWR ,O 5H H LO VDJJLR
ULWRUQDURQR D SDOD]]R ,O SDJJLR HUD HQWUDWR QHO JLUR GHO
QRYDQWDQRYH
1HL PHVL VXFFHVVLYL LO VHUYLWRUH VHJXu L VXRL SLDQL FRVu FRPH OL
DYHYD FRQFHSLWL TXHOOD QRWWH 8QD PDWWLQD LO SDJJLR HQWUz
QHOO
DOFRYDUHDOHVEDWWHQGRODSRUWDEURQWRODQGRHGLPDOXPRUH
©&KHFRV
KDL"ªFKLHVHLOUHFRQEHOOHPDQLHUH
©1RQKRQLHQWHQRQKRQLHQWHª
©3ULPDSRFRWHPSRIDULGHYLHFDQWDYLVHPSUHª
©)DFFLR LO PLR ODYRUR QR" &KH FRVD SUHWHQGH OD YRVWUD PDHVWj"
3UHWHQGH FKH IDFFLD DQFKH LO EXIIRQH H LO WURYDWRUH"ª 1RQ SDVVz
PROWRWHPSRFKHLO5HOLFHQ]LzLOVHUYLWRUH1RQHUDSLDFHYROHDYHUH
XQSDJJLRVHPSUHGLFDWWLYRXPRUH
7XWWL TXDQWL PH H WH FRPSUHVL VLDPR VWDWL HGXFDWL FRQ TXHVWD
VWXSLGD LGHRORJLD &L PDQFD VHPSUH TXDOFRVD SHU HVVHUH
VRGGLVIDWWL H VROWDQWR VH VDUHPR VRGGLVIDWWL SRWUHPR JRGHUH GL
TXHOORFKHSRVVHGLDPR
3HU FXL DEELDPR LPSDUDWR FKH OD IHOLFLWj DUULYD VROWDQWR TXDQGR
DYUHPRFRPSOHWDWRTXHOFKHFLPDQFD
( GDWR FKH FL PDQFD VHPSUH TXDOFRVD VL ULFRPLQFLD GDFFDSR H
QRQULXVFLDPRPDLDJRGHUFLODYLWD
0D FKH FRVD VXFFHGHUHEEH VH O
LOOXPLQD]LRQH DFFHQGHVVH OH
QRVWUH YLWH H FL UHQGHVVLPR FRQWR FRVu GL FROSR FKH OH QRVWUH
QRYDQWDQRYHPRQHWHVRQRLO GHOWHVRURHFKHQRQFLPDQFD
QXOOD QHVVXQR FL KD SRUWDWR YLD QXOOD LO QXPHUR FHQWR QRQ q SL
URWRQGRGHOQRYDQWDQRYH
ÊVROWDQWR XQ WUDQHOOR XQD FDURWD FKH FLKDQQR PHVVR GDYDQWL DO
QDVR SHU UHQGHUFL VWXSLGL SHU IDUFL WLUDUH LO FDUUHWWR VWDQFKL GL
PDOXPRUHLQIHOLFLHUDVVHJQDWL&UHGHUHFKHJOLHYHQWLVLPXRYDQR
GLYLWDSURSULDqLOSULPRSDVVRSHUIDUVLLQWUDSSRODUHGDHVVL
8Q WUDQHOOR SHU QRQ IDUFL PDL VPHWWHUH GL VSLQJHUH H WXWWR VDUj
VHPSUHXJXDOH(WHUQDPHQWHXJXDOH
4XDQWH FRVH FDPELHUHEEHUR VH FRPLQFLDVVLPR D JRGHUFL L QRVWUL
WHVRULFRVuFRPHVRQR

(TXLILQLVFHODVWRULDPLFLGLDOHYHUR",QRJQLFRVDFKHIDFFLDPR
YH O
DVVLFXUR QRL PHWWLDPR D FRQIURQWR FLz FKH q QRVWUR FRQ FLz
FKH q GL TXDOFXQ DOWUR H TXHVWR QRQ FL ID HVVHUH QRL VWHVVL H
SRLFKp QRQ q SRVVLELOH HVVHUH DOWUL QRQ VLDPR QXOOD H FL VL VHQWH
XQD QXOOLWj ,QIDWWL XQD HVWUHPL]]D]LRQH GL TXHVWR VSHFFKLR q
SURSULRLOVXLFLGLR
3HUQRQSHQVDUHDOODFRPSHWL]LRQHqEHQHQRQSRUYLDWWHQ]LRQHH
YHGUHPR FKH LO PHFFDQLVPR D PDQR D PDQR FL DWWUDUUj VHPSUH
PHQR ULSHWR XQD IUDVH FKH KR JLj VFULWWR LO PLJOLRU PRGR SHU IDU
WHUPLQDUH FHUWH FRVH QRQ q SDUODUQH H GHQXQFLDUOH PD WDFHUQH
&RPHIDQQROH79DHYLWDUHFKHTXDOFXQRSHQVLFKHJOLLQFHQHULWRUL
IDQQRPDOH"1RQQHSDUODQRPDLPDPDQGDQRLQRQGDGLVWUDWWRUL
VRFLDOLTXLQGLDYDQWLFRQLO*UDQGH)UDWHOORHO
,VRODGHLIDPRVL

&20(86$5(,/6(77,0263(&&+ ,2
/
RVVHUYD]LRQH GL TXHVWD FRQGL]LRQH q OD SL VHPSOLFH GL WXWWH
QRQRVWDQWH VLD TXHOOD SL IUHTXHQWH LQIDWWL QRQ SDVVD DWWLPR FKH
QRQ VLDPR Ou D IDUH FRQIURQWL WUD LO QRVWUR HVVHUH H LO PRQGR H
TXDQGRORIDFFLDPRFLWURYLDPRDGRYHUIDUHGLYHUVDPHQWHSRLFKp
FUHGLDPRFKH³VLSXzIDUPHJOLR´/DVROX]LRQHVWDQHOO
RVVHUYDUHLO
IDWWRGHOFRQIURQWRFKHFRQWLQXDPHQWHIDFFLDPR
3HUODQDWXUDRORJUDILFDGHOODUHDOWjGLFXLDEELDPRSDUODWROHFRVH
DFFDGRQR D ƒ  LQ WXWWD OD QRVWUD UHDOWj SHU FXL TXDQGR QRL
SDUWLDPR D IDUH FRQIURQWL WUD QRL H O
HVWHUQR FRPLQFLDPR DQFKH D
IDUHSDUDJRQLWUDOHSHUVRQHHFRPLQFLDPRDJLXGLFDUOHSHUGHQGR
GL YLVWD OD SHUFH]LRQH GHO 7XWWR H FL IUDQWXPLDPR FRVu FRPH
TXDQGR SHQVLDPR FKH XQD EHOOD UDJD]]D KD PDJJLRU YRFH LQ
FDSLWROR ULVSHWWR DG XQD GRQQD DQ]LDQD ,O 6HWWLPR 6SHFFKLR q
EDVDWR VXOO
DEHUUD]LRQH IRQGDPHQWDOH TXHOOD FROOHJDWD
GLUHWWDPHQWH DOO
DSRVWROR *LXGD ± LO SL SHULFRORVR GHL  ± SHU
TXHVWRULVXOWDHVVHUHTXHOORGHOJLXGL]LR

« HULFRUGD
1RQFLSXzHVVHUHHOHYD]LRQHVSLULWXDOH
VHQRQF
qFRPSDVVLRQHSHUWXWWH
OHSDUWLGHOO
HVLVWHQ]D
SRLFKpO
LQWHUDHVLVWHQ]DVHL78HQRQSXRL
GLVLQWHUHVVDUWLGLXQDSDUWHGLWH
SHUFKpODYHGLVHSDUDWDGDOWXRFRUSR
ILVLFRDFDXVDGLXQ
LOOXVLRQH
FRQVHJXHQ]DGLXQD
SHUFH]LRQHGLOLYHOORXPDQR

>  @ 1LFRODV%RLOHDXSRHWDVFULWWRUHHFULWLFROHWWHUDULRIUDQFHVH 3DULJL 

>  @ 2VKR'LHFLVWRULH]HQ(GL]LRQL0HGLWHUUDQHH
   ,    5 ,7,7,% ( 7$ 1 ,' ( /
5 ,1 *,29 $ 1 ,0( 1 72

/¶XQLFDGLIIHUHQ]DIUDLOYLJRUHHODJLRYLQH]]D

ODYHFFKLDLDHXQDVDOXWHPDOIHUPD

qLOULWPRYHORFHDFXLUXRWDQRLFKDNUD

1RUPDOL]]DWHTXHOULWPRH

LOYHFFKLRWRUQHUjDHVVHUHFRPHQXRYR

& RORQQHOOR%UDGIRUG

DPLFRGL3HWHU.HOGHU

DXWRUHGHOSULPROLEURVXL5LWL
,1 75 2' 8 = ,21 (

0ROWL GL YRL KDQQR VHQWLWR SDUODUH GHL &LQTXH 5LWL 7LEHWDQL FKH LO
FRORQQHOOR %UDGIRUG SRUWz LQ &DOLIRUQLD GDO VXR YLDJJLR
QHOO¶+ LPDOD\D H GL FRPH 3HWHU .HOGHU OL DEELD GLIIXVL QHO SULPR
OLEUR4XLQGLQRQLQWHQGRGLOXQJDUPLWDQWRVXTXHVWRDUJRPHQWRH
QHDQFKH DSSRJJLDUH TXHO 6HWWLPR 5LWR FKH WUDWWD GL XQ 0DQWUD
VFRPSDUVR QHO  H ULWURYDWR TXDOFKH DQQR ID WUD OH FDUWH
GHOO
DXWRUHPDFLGHYRFUHGHUH"%HKQRQqLPSRUWDQWHTXHVWR
7XWWDYLD q EHQH FKH PL GLOXQJKL XQ SR
 GL SL VXO FRPH YDQQR
HVHJXLWL JOL HVHUFL]L SRLFKp VX TXHVWR F
q XQD TXDVL WRWDOH
PDQFDQ]DGLFRQRVFHQ]DHFLzSHUXQVRORHVHPSOLFHPRWLYRQRQ
VHUYHHQRQqDVVROXWDPHQWHVXIILFLHQWHTXHOORFKHYHGLIDUHDGXQ
DOWUR FKH HVHJXH L  7LEHWDQL F
q PROWR GL SL LQ TXHOOR FKH QRQ
YHGLHFKHUDSSUHVHQWDHGDSSRUWDLO GHOJXDGDJQRFKHSXRL
DYHUH FRQ L 7LEHWDQL VH QRQ FRQRVFL TXHO PHWRGR QRQ SXRL
RWWHQHUHJXDGDJQL
0L VRQR DFFRUWR GL TXHVWR DVSHWWR FKH VIXJJLYD DQFKH D PH
PHQWUH IDFHYR YHGHUH R SDUODYR DJOL DOWUL GL FRPH IDUH L 7LEHWDQL
SHU XQ VHPSOLFH PRWLYR QRQ VR FRPH H SHUFKp PD TXDQGR OL
HVHJXLYR LR XWLOL]]DYR TXHO PHWRGR VSRQWDQHDPHQWH H TXLQGL
SHQVDYR FKH WXWWL OR IDFHVVHUR FRPH PH ,R QRQ VRQR XQ
LQVHJQDQWHGLTXHVWRJHQHUHGLSUDWLFKHSHUFXLQRQPLVRQRPDL
VSLQWRDOHJJHUHDULJXDUGR
$YHYR VHPSOLFHPHQWH ULFHYXWR OH LVWUX]LRQL GD XQD SHUVRQD
LQFRQWUDWD SHU FDVR  DQQL ID LQ ,QGLD PL SDUH IRVVH XQ
YHQH]XHODQR HGDDOORUDQRQPLVRQRPDLFXUDWRGLLQIRUPDUPLVX
FRPH IXQ]LRQDVVHUR L  5LWL GDWR FKH FRQ PH IXQ]LRQDYDQR
EHQLVVLPRVHQ]DDOFXQDGGLWLYRSDUWLFRODUH
(GHUDSURSULRFRVuGRSRVROLTXDWWURJLRUQLGLSUDWLFDIRUWLFRUUHQWL
DVFHQVLRQDOL H IRUWL VSUX]]L GL NXQGDOLQL FKH SDUWLYDQR GDO EDFLQR
DUULYDYDQR DOOD WHVWD SURYRFDQGRPL GHOOH VHQVD]LRQL GDYYHUR
SLDFHYROL QHO PLR FRUSR H VXO PLR FRUSR D YHGHUH OD OXFH FKH LO
YROWR H OD SHOOH SUHQGHYDQR ROWUH DG XQD HQRUPH HQHUJLD
TXRWLGLDQDHODPDQFDQ]DGLGRORUL GRORUHWWLYDUL
)X VROR TXDOFKH PHVH ID FKH OD PLD DPLFD 3DROD PL SDUOz GHL
%DQGKDFKHPLPLVHURVXELWRFXULRVLWjSHUFKpGLFHYDODYRUDUHVXL
%DQGKD SURFXUD XQD EHOOD HQHUJLD /D SDUROD %DQGKD VLJQLILFD
³OHJDUH´ R ³SUHQGHUH´ H QHOO
XWLOL]]R \RJD VLJQLILFD XQD VHULH GL
SUDWLFKH LQ JUDGR GL SUHQGHUH H VROOHYDUH OD NXQGDOLQL D GLVSHWWR
GHOODIRU]DGLJUDYLWj VLQRWLFRPHILJXUDWLYDPHQWHSHUJUDYLWjVL
LQWHQGDFLzFKHSRUWDLQEDVVR 
4XLQGL FRQ LO WHUPLQH 0DKD%DQGKD VL LQWHQGH O
LQVLHPH GL WUH
GLIIHUHQWL HVHUFL]L UHVSLUDWRUL FKH ODYRUDQR VX WUH VSHFLILFKH DUHH
GHOFRUSRDOILQHGLLQQDO]DUHODNXQGDOLQL

0XOD%DQGKDDUHDSHOYLFDSXERFRFFLJHD
8GGL\DQD%DQGKDGLDIUDPPDDGGRPH
-DODQGKDUD%DQGKDJRODFROOR

)HFL GHOOH ULFHUFKH H IX FRVu FKH LQ SRFKLVVLPR WURYDL XQ WHVWR
SUHVHQWDWRDOODILQHGLTXHVWROLEUR GDOWLWROR,OPLVWHURULYHODWRGHL
5LWL7LEHWDQLGL$OEHUWR&KLDUD>@
1HO OHJJHUH TXHVWR WHVWR D SDJLQD  ULPDVL GDYYHUR FROSLWR
O
$XWRUHVSLHJDYDLQPRGRHJUHJLRLOWLSRGLUHVSLUD]LRQH%DQGKDH
LPRYLPHQWLGDHVHJXLUHGXUDQWHO
HVHFX]LRQHGHL7LEHWDQLIXVROR
LQTXHOPRPHQWRFKHFDSLLFRVDQRQDYHYRGHWWRDOOHSHUVRQHDFXL
DYHYR LOOXVWUDWR OD SURFHGXUD GHL 7LEHWDQL FLRq FKH HVLVWRQR
PRYLPHQWL ³VHJUHWL´ VHQ]D L TXDOL L 7LEHWDQL ULPDQJRQR VROR
VHPSOLFLHVHUFL]LGLJLQQDVWLFD
4XLQGL q LO PRYLPHQWR ILVLFR GHL ULWL LQVLHPH DOOD GLQDPLFD GHL
%DQGKD FKH GHWHUPLQD O
HIIHWWLYR LQQDO]DPHQWR GHOOD NXQGDOLQL OR
VFRSRGHL5LWL
( LO 6HVWR" (VLVWH XQ 6HVWR 7LEHWDQR" ,O 6HVWR q XQ GLVFRUVR D
SDUWH LO FRORQQHOOR %UDGIRUG GLFH 9L KR IDWWR FRQRVFHUH & LQTXH
5LWLLOFXLVFRSRqTXHOORGLSURFXUDUYLODVDOXWHHODYLWDOLWj« PDVH
YROHWHGDYYHURUHFXSHUDUHLQWHUDPHQWHODVDOXWHqQHFHVVDULRFKH
SUDWLFKLDWHXQ6HVWR5LWR3RLFKpLO6HVWR5LWRqXQYHURHSURSULR
HVHUFL]LRGLUHVSLUD]LRQHQRQDVVRPLJOLDSHUQXOODDGXQHVHUFL]LR
GL JLQQDVWLFD FRPH L SULPL  SHU TXHVWR YLHQH SL R PHQR
GLPHQWLFDWR

>  @ (GL]LRQL+ HUPHV


& 20 ( (6( *8 ,5 (,5 ,7,

1%,Q FDVR GLVWXUEL DOOD ]RQD DGGRPLQDOH H SHOYLFD q VXJJHULWR


FDOGDPHQWH  GL FRQVXOWDUH LO SURSULR PHGLFR FXUDQWH  FLUFD
O
RSSRUWXQLWjGLHVHJXLUHTXHVWLHVHUFL]L

6HQWLUHWHODFRORQQDYHUWHEUDOHGLYHQLUHGLDFFLDLRHODIRU]DFKHYL
DYYROJHUj YL VSDULUDQQR PDODQQL H DXPHQWHUj OD ILGXFLD LQ YRL
VWHVVL TXHVWR q O
HIIHWWR FODVVLFR GHL  5LWL 7LEHWDQL GHO
ULQJLRYDQLPHQWR 'HOOD VWRULD GHOOD ORUR VFRSHUWD QH DEELDPR JLj
SDUODWRSULPDRUDVLWUDWWDGLPHWWHUOLLQSUDWLFDDOILQHGLSURGXUUH
FRVWDQWHPHQWH XQD SHUIRUD]LRQH GHO &DPSR 6FDODUH EDUULHUD
GLPHQVLRQDOH HGLEHUHDOODIRQWHGL9LWD(WHUQD
*UD]LH DOO
DIIOXVVR GL HQHUJLD YLWDOH GDOOD TXLQWD GLPHQVLRQH
O¶HVHFX]LRQH GL TXHVWL HVHUFL]L SHUPHWWH DOO
HQHUJLD H DOOD IRU]D
YLWDOHFKHDWWUDYHUVDLQHUYLGLIOXLUHFRUUHWWDPHQWHHGLDOOHQWDUHR
ULVROYHUH HYHQWXDOL EORFFKL HQHUJHWLFL /
HIIHWWR EHQHILFR GHL 
7LEHWDQLqVWUDRUGLQDULRHVLULYHOHUjGLJUDQGHYDORUHSHUFKLXQTXH
VLDGLVSRVWRDGHGLFDUJOLTXDOFKHPLQXWRGHOODSURSULDJLRUQDWD
6LD FKLDUR FKH VL WUDWWD GL WHFQLFKH HQHUJHWLFKH H QRQ GL HVHUFL]L
JLQQLFL QHL TXDOL PRVWUDUH OD SURSULD DELOLWj IRU]D R UDSLGLWj GL
HVHFX]LRQH H TXLQGL IRUVH SURSULR FKL KD GLIILFROWj QHO PXRYHUH LO
SURSULR FRUSR SXz FRQ L SURSUL WHPSL WURYDUH EHQHILFL LPSRUWDQWL
QHOO
HVHJXLUHTXHVWLVHPSOLFLHVHUFL]L
&RQRVFRLOPRGRLQFXLKDQQRHIIHWWRHGLOPRGRLQFXLIXQ]LRQDQR
HSRVVRGLUHFKHFDSLVFRSHUFKpGRSRPLJOLDLDGLDQQLFRQWLQXDQR
D ULPDQHUH XQ PLVWHUR PD RUD DQFKH YRL VLHWH LQ SRVVHVVR GL
TXDOFKHGDWRVXO&DPSR6FDODUH
,OODYRURSULPDULRqLOODYRURVXOFRUSRTXHVWRYDULFRUGDWR'LFHYD
2VKR FKH OH SHUVRQH KDQQR ELVRJQR GL HVVHUH ULSRUWDWH QHL ORUR
FRUSL SRLFKp VL VRQR PRVVH WURSSR ORQWDQR D FDXVD GHL ORUR
SHQVLHUL HG KDQQR SHUVR LO UDGLFDPHQWR FRQ L ORUR FRUSL H FKH
TXDQGR OH SHUVRQH GLYHQJRQR SDGURQH GHL ORUR FRUSL RJQL FRVD
GLYHQWDSRVVLELOHSHUFKpGLYHQWDQRHVVHULYLYLHVHQVLELOL4XDQGR
FRPLQFLDQR D SHUFHSLUH OD ORUR HQHUJLD O¶HQHUJLD GHO ORUR FRUSR
VPHWWRQRGLHVVHUHFULVWLDQLLQGRPXVVXOPDQLHVLSHUFHSLVFRQR
VHPSOLFHPHQWHHVVHULXPDQL'LYHQWDQRSDUWHGHOPRQGRDOTXDOH
DSSDUWHQJRQR GLYHQWDQR YLWDOL SLHQL GL YLWD FRPH JOL DOEHUL JOL
DQLPDOLJOLXFFHOOLHRJQLFRVDGLYHQWDSRVVLELOH
,7LEHWDQLFRQVLVWRQRLQVSHFLILFLVHLFLFOLGLSRVL]LRQLGLFXLLSULPL
DUHJLPHVDUDQQRHVHJXLWLYROWHFLDVFXQRLO6HVWR5LWRqGD
HVHJXLUVLVRORGDDYROWH4XHVWLHVHUFL]LYDQQRHVHJXLWLWXWWLL
JLRUQLHPHJOLRDQFRUDVDUHEEHGXHYROWHDOJLRUQRPDWWLQDHVHUD
VL HVHJXRQR VHPSUH D VWRPDFR YXRWR 3HU FKL LQL]LD QRQ q PDL
FRQVLJOLDWRHVHJXLUHFLFOLSHURJQLHVHUFL]LRSULPDGLDUULYDUHD
UHJLPHqEHQHIDUQHVRORTXDWWURRFLQTXHSHUSRLSDVVDUHLQXQ
SDLRGLVHWWLPDQHDL SHULSULPLULWL 
'L VHJXLWR FL VRQR OH LPPDJLQL >@ GHOOH FLQTXH SRVL]LRQL FRQ LO
UHODWLYR PRGR GL SRUWDUH DYDQWL O
HVHUFL]LR 7XWWL JOL HVHUFL]L 121
YDQQR IDWWL FRQ YHORFLWj PD VROR FRQ YLJRUH IHUPDQGRVL TXDOFKH
DWWLPRWUDXQDVFDQVLRQHHO
DOWUDHPDQWHQHQGRODSRVL]LRQH3HU
RJQL HVHUFL]LR FHUFKHUz GL LOOXVWUDUH DQFKH L IRQGDPHQWL GHOOD
UHVSLUD]LRQH %DQGKD PD UHVWD LQWHVR FKH WXWWL L SDUWLFRODUL H OH
VSLHJD]LRQLQHFHVVDULHVRQRLOOXVWUDWLQHOODORURFRPSOHWH]]DQHOOH
SDJLQHGHOOLEURGL$OEHUWR&KLDUD
0L SHUPHWWHUHL GL GDUH XQ FRQVLJOLR SRLFKp DOO
LQL]LR q GDYYHUR
PROWRGLIILFLOHHVHJXLUHLOPRYLPHQWRGHOO
HVHUFL]LRFRQWHVWXDOPHQWH
DOOD UHVSLUD]LRQH %DQGKD GLUHL GL LPSDUDUH SULPD DG HVHJXLUH
SHUIHWWDPHQWH JOL HVHUFL]L LQ JHQHUH VL q SDGURQL GHJOL HVHUFL]L
TXDQGR VL DUULYD D UHJLPH DL  FLFOL  H VROR VXFFHVVLYDPHQWH
IRFDOL]]DUVLDGDSSOLFDUHODUHVSLUD]LRQH%DQGKD

>  @ SHUJHQWLOHFRQFHVVLRQHGL0DUF&RIHUGDOVLWRZZZOLIHHYHQWVRUJWLEHWDQVHQHUJ\
UHM XYHQDWLRQH[ HUFLVHVKWP
3 5 ,02(6 ( 5 & ,= ,2

,OSULPRHVHUFL]LRFRQVLVWHVWDQGRLQSRVL]LRQHHUHWWDQHOUXRWDUH
FRQ O
LQWHUR FRUSR LQ VHQVR RUDULR WHQHQGR OH EUDFFLD DSHUWH H OH
GLWD GHOOH PDQL XQLWH TXHVWR WUD L FLQTXH q O
HVHUFL]LR SL
LPSRUWDQWH LQ TXDQWR q SURSULR OD URWD]LRQH D SURYRFDUH OD
SHUIRUD]LRQHGHO&DPSR6FDODUHHFRQVHQWHGLDQGDUHLQGLHWURQHO
WHPSR ULQJLRYDQLUH JUD]LHDOPDJJLRUDIIOXVVRGLHQHUJLDSUDQLFD
5LFRUGDWH FKH O
LPPRUWDOLWj q O¶DELOLWj D UHVLVWHUH LQ PRGR
FRQWUROODWR DL IOXVVL YLWDOL XQD UHVLVWHQ]D HFFHVVLYD SRUWD D
FUHVFHUHPDWXUDUH LQYHFFKLDUH HPRULUHXQDDVVROXWDPDQFDQ]D
GL UHVLVWHQ]D SRUWD DOOD LPPHGLDWD VFRPSDUVD PD FKL UHVLVWH LQ
PRGR FRQWUROODWR SHUVLVWH 4XHVWR HVHUFL]LR SXz ULVXOWDUH
SHULFRORVR LQ TXDQWR LO FRQVHJXHQWH JLUDPHQWR GL WHVWD SRWUHEEH
FDXVDUH SHUGLWD GL HTXLOLEULR FRQ FRQVHJXHQWH FDGXWD q TXLQGL
QHFHVVDULRQRQDYHUHPRELOLRDOWURFKHLQTXDOFKHPRGRSRVVDQR
QXRFHUYL LQ FDVR GL FDGXWD 3HU QRQ SHUGHUH O
HTXLOLEULR q XWLOH DO
WHUPLQH GHOOH URWD]LRQL XQLUH L SROOLFL H ILVVDUOL FRQ OR VJXDUGR SHU
TXDOFKH VHFRQGR PHQWUH XQ DOWUR PHWRGR q TXHOOR GL SUHPHUH L
SROOLFLQHOOD]RQDGLTXHOORFKHYLHQHFKLDPDWRLOWHU]RRFFKLR
5HODWLYDPHQWH DOOD UHVSLUD]LRQH %DQGKD VDUj QHFHVVDULR
FRQWUDUUH LPXVFROL SXERFRFFLJHL 0XOD%DQGKD  HPDQWHQHQGROL
FRQWUDWWLVLHVHJXHODURWD]LRQHSUHQGHQGRXQULIHULPHQWRLQWRUQR
DQRLRJQLGXHRWUHYROWHFKHSDVVLDPRSHUTXHOSXQWRHVSLULDPR
FRQXQDOHJJHUDIRU]DWXUDLQPRGRFKHO
DGGRPHULHQWUL 8GGL\DQD
%DQGKD  H OD VXFFHVVLYD LQVSLUD]LRQH GLODWHUj XQ SR
 O
DGGRPH
DVSLUDQGR HQHUJLD GDO EDVVR 4XLQGL LQ TXHVWR HVHUFL]LR OD
UHVSLUD]LRQH q HVFOXVLYDPHQWH DGGRPLQDOH H OD FRQWUD]LRQH GHL
PXVFROL SXERFRFFLJHL ULPDQH FRVWDQWH SHU WXWWD OD GXUDWD
GHOO
HVHUFL]LR
$OOD ILQH GHOO
HVHUFL]LR SURFHGHUH FRQ OD VHJXHQWH UHVSLUD]LRQH
GHOOH ODEEUD DG ³2´ &L VL DO]D VL PHWWRQR OH PDQL DL ILDQFKL H VL
UHVSLUDSURIRQGDPHQWHWHQHQGRLSLHGLXQLWHHOHPDQLDSSRJJLDWH
VXL ILDQFKL TXLQGL UHVSLUDUH SURIRQGDPHQWH LQVSLUDQGR FRO QDVR
HVSLUDQGRDWWUDYHUVRODERFFDHIRUPDQGRXQD2FRQOHODEEUDSHU
WUHYROWHSULPDGLSDVVDUHDOO
HVHUFL]LRVXFFHVVLYR
6 ( & 21 ' 2( 6 (5 & ,= ,2


6LSDUWHGDOODSRVL]LRQHVGUDLDWDFRQOHEUDFFLDSDUDOOHOHDOFRUSRL
SDOPLULYROWLYHUVRLOVXRORHOHEUDFFLDFRPSOHWDPHQWHGLVWHVHFRQ
OHGLWDXQLWH
3ULPDGLHVHJXLUHTXDOVLDVLPRYLPHQWRLQVSLULDPRSURIRQGDPHQWH
H ULODVVDQGRFL IDFFLDPR XVFLUH WXWWD O
DULD IRU]DQGR ILQR DOOD ILQH
TXHVWD RSHUD]LRQH IDUj ULHQWUDUH SURIRQGDPHQWH O
DGGRPH
8GGL\DQD%DQGKD  H IDUj DSSLDWWLUH OD SDUWH ORPEDUH GHOOD
VFKLHQD TXHVWR DVVLFXUHUj XQD DGHUHQ]D DO SDYLPHQWR H
SURWHJJHUjODVFKLHQDGDVIRU]LPXVFRODUL
$ TXHVWR SXQWR q QHFHVVDULR FRQWUDUUH L JOXWHL H L PXVFROL SXER
FRFFLJHL 0XOD%DQGKD  H PHQWUH LQVSLULDPR VROOHYLDPR JDPEH H
WHVWDSRUWDQGRLOPHQWRDOSHWWR TXHVWRq-DODQGKDUD%DQGKD Ê
EHQHLQTXHVWDIDVHVHQWLUHWLUDUHLPXVFROLGLHWURLOFROORHTXHOOL
GLHWUROHFRVFHOHSXQWHGHLSLHGLYDQQRVSLQWHYHUVRLOFRUSR
4XLQGL UHVWDQGR TXDOFKH DWWLPR LQ DSQHD SLHQD SRUWLDPR JL
OHQWDPHQWH JDPEH H WHVWD TXDQGR VLDPR GLVWHVL ULODVVLDPR
FRPSOHWDPHQWHWXWWLLPXVFROLGHOFRUSRSHUTXHLEUHYLLVWDQWLLQFXL
VLDPRLQIDVHGLHVSLUD]LRQHPDHVSLUDQGRWXWWDO
DULDGHLSROPRQL
SHUDWWLYDUH8GGL\DQD%DQGKD DGGRPLQDOH 
$TXHVWRSXQWRVLSXzULSHWHUHLOFLFOR
ÊGDVRWWROLQHDUHFKHORVYXRWDPHQWRGLWXWWLLSROPRQLIDULHQWUDUH
O
DGGRPH 8GGL\DQD%DQGKD  H UHQGH PDJJLRUPHQWH HIILFDFH OD
FRQWUD]LRQH GHL PXVFROL SXERFRFFLJHL 0XOD%DQGKD  WXWWR
TXHVWR VL WUDGXFH LQ XQD PDJJLRUH DWWLYD]LRQH GL HQHUJLD FKH FL
SHUPHWWHUjGLIDUHO
HVHUFL]LRFRQXQDPDJJLRUHIOXLGLWj
5LFRUGR FKH LO WHU]R HVHUFL]LR GHYH HVVHUH HVHJXLWR
LPPHGLDWDPHQWHGRSRTXHVWRVHQ]DHIIHWWXDUHDOFXQDSDXVD
7(5 = 2(6 ( 5 & ,= ,2


4XHVWR HVHUFL]LR q HFFHOOHQWH SHU DOOXQJDUH OD VFKLHQD 6L LQL]LD
PHWWHQGRVL LQ JLQRFFKLR PDJDUL VX XQ VXROR FRPRGR WHQHQGR OH
JDPEH OHJJHUPHQWH GLYDULFDWH OH PDQL VXOOH QDWLFKH DOO
DOWH]]D
GHOO
DQRHGHOOHFRVFHODVFKLHQDGULWWDHLOPHQWRSURWHVRYHUVRLO
SHWWROHGLWDGHLSLHGLGHYRQRHVVHUHSXQWDWHDOSDYLPHQWR
)DFFLDPR XQD SURIRQGD LQVSLUD]LRQH HG HVSLULDPR IRU]DWDPHQWH
ILQR DOO
XOWLPD JRFFLD G
DULD SHU IDU ULHQWUDUH O
DGGRPH 8GGL\DQD
%DQGKD  4XLQGL UHVWDQGR LQ DSQHD YXRWDFRQWUDLDPR LJOXWHL HL
PXVFROL SXERFRFFLJHL SRUWLDPR LO PHQWR DO SHWWR ILQR D VHQWLUH L
PXVFROL GHO FROOR WLUDUH $ TXHVWR SXQWR UDGGUL]]LDPR LO FROOR H
LQFRPLQFLDPR D LQVSLUDUH SURIRQGDPHQWH DOOXQJDQGR SULPD OD
VFKLHQD YHUVR O
DOWR H SRL LQFOLQDQGR LO FDSR DOO
LQGLHWUR
VRFFKLXGHQGR OD ERFFD H LQDUFDQGR DOO
LQGLHWUR OD FRORQQD
YHUWHEUDOH LQ TXHVWD IDVH VDUDQQR OH YRVWUH EUDFFLD FKH
VRVWHUUDQQR LO SHVR GHO EXVWR H OD FRQWUD]LRQH GHL JOXWHL H GHL
PXVFROL SXERFRFFLJHL YHUUj DEEDQGRQDWD PDQ PDQR FKH FL VL
LQDUFDDOO
LQGLHWUR
$OWHUPLQHGHOO
LQVSLUD]LRQHFLIHUPLDPRUHVWLDPRSHUXQDWWLPRLQ
DSQHDSLHQDHGHVSLUDQGRULWRUQLDPRLQSRVL]LRQHHUHWWDSRUWDQGR
OH EUDFFLD DG DVVXPHUH XQD SRVL]LRQH SDUDOOHOD DO FRUSR H
IRU]DQGR O
XOWLPD SDUWH GHOO
HVSLUD]LRQH 4XLQGL UHVWDQGR LQ DSQHD
YXRWD FRQWUDLDPR L JOXWHL H L PXVFROL SXERFRFFLJHL H LQVSLUDQGR
ULSHWLDPRO
HVHUFL]LR
$QFKH TXL FRPH LQ WXWWL JOL HVHUFL]L PHQWUH HVSLULDPR O
DULD QHOOD
IDVH GL ULWRUQR GHOO
HVHUFL]LR SULPD GL IRU]DUH O
HVSLUD]LRQH QHOOD
VXD SDUWH ILQDOH 8GGL\DQD%DQGKD  FHUFKHUHPR GL ULODVVDUH
FRPSOHWDPHQWHLOFRUSRSHUTXHLSRFKLVVLPLLVWDQWLGHOODSURFHGXUD
3ULPD GL SDVVDUH DOO
HVHUFL]LR VXFFHVVLYR ULODVVLDPRFL
FRPSOHWDPHQWHLQSRVL]LRQHVXSLQDSHUGXHRWUHUHVSLULSURIRQGLH
VHGLDPRFLSHULO4XDUWR5LWR
4 8 $ 5 72(6 ( 5 & ,= ,2


4XHVWR HVHUFL]LR q FRQRVFLXWR QHOOD JLQQDVWLFD FRPXQH FRPH
SRQWH/DSRVL]LRQHLQL]LDOHqTXHOODVHGXWDFRQODVFKLHQDGULWWDH
FRQLSDOPLGHOOHPDQLDSSRJJLDWLLQGLUH]LRQHGHOODVHGXWDFRQOH
GLWD ULYROWH LQ DYDQWL PHQWUH OH JDPEH VRQR WHVH H OHJJHUPHQWH
GLYDULFDWHFRQOHGLWDGHLSLHGLSURWHVHYHUVRLOFRUSR
3ULPD GL FRPLQFLDUH IDFFLDPR OD VROLWD UHVSLUD]LRQH GL
ULODVVDPHQWR LQVSLULDPR HG HVSLULDPR IRU]DQGR OD SDUWH ILQDOH
GHOO
HVSLUD]LRQHLQPRGRGDVYXRWDUHWRWDOPHQWHLSROPRQLHSHUIDU
ULHQWUDUHO
DGGRPH 8GGL\DQD%DQGKD 
5HVWDQGR LQ DSQHD YXRWD FRQWUDLDPR L JOXWHL H L PXVFROL SXER
FRFFLJHL 0XOD%DQGKD  H SLHJKLDPR LO PHQWR LQ DYDQWL YHUVR LO
SHWWRILQGRYHqSRVVLELOHVHQWHQGRWLUDUHLPXVFROLGHOFROORHGHOOH
JDPEH 4XLQGL LQVSLULDPR SLHJKLDPR OH JLQRFFKLD H VROOHYLDPR LO
EDFLQR LQ PRGR GD DVVXPHUH OD SRVL]LRQH JLQQDVWLFD GHO SRQWH
FLRq FRQ LO FRUSR SDUDOOHOR DO SDYLPHQWR FRQ EUDFFLD H JDPEH
SHUSHQGLFRODUL DO VXROR H LO FDSR VHPSOLFHPHQWH H GROFHPHQWH
SHQ]RORQLDOO
LQGLHWUR
5HVWLDPR IHUPL TXDOFKH LVWDQWH LQ DSQHD SLHQD H HVSLUDQGR
WRUQLDPR DOOD SRVL]LRQH LQL]LDOH FRQ OD VFKLHQD HUHWWD FRPH LQ
SDUWHQ]D ULODVVDQGR WXWWL L PXVFROL 1HOOD SDUWH ILQDOH GHOOD
UHVSLUD]LRQH IRU]LDPR FRPH DO VROLWR O
HVDOD]LRQH 8GGL\DQD
%DQGKD $OODILQHGHOO
HVHUFL]LRTXLQGLSULPDGLSDVVDUHDO4XLQWR
5LWR FL ULODVVLDPR LQ SRVL]LRQH VXSLQD FRQ OD VFKLHQD SDUDOOHOD DO
SDYLPHQWRSHUGXHRWUHSURIRQGLUHVSLUL
ÊLPSRUWDQWH FRPSUHQGHUH FKH LO JLRFR GL IXOFUR OR IDQQR LWDOORQL
SHU FXL q LO EDFLQR FKH GHYH PXRYHUVL DYDQWL H LQGLHWUR H PDL VL
GHYRQRVSRVWDUHLSLHGLROHJDPEH
4 8 ,1 72(6 ( 5 & ,= ,2



/D SRVL]LRQH GL SDUWHQ]D GL TXHVWR HVHUFL]LR q TXHOOD LQGLFDWD


GDOO
LPPDJLQHGLVLQLVWUDQHOODTXDOHVLYHGHFKHVLqDSSRJJLDWLLQ
WHUUD FRQ OH SXQWD GHL SLHGL FKH VRQR XQLWL WUD ORUR  H OD WHVWD q
SURWHVDDOO
LQGLHWURLOSLSRVVLELOH
,Q TXHVWD SRVL]LRQH SULPD GL SDUWLUH IDFFLDPR XQD SURIRQGD
LQVSLUD]LRQH TXLQGL HVSLULDPR FRPSOHWDPHQWH SHU DYHUH OD
FRQGL]LRQHGL8GGL\DQD%DQGKD&KLDUDPHQWHLQTXHVWDSRVL]LRQH
O
DGGRPH QRQ SXz ULHQWUDUH PROWR PD O
LPSRUWDQWH q GL IDU XVFLUH
TXDQWD SL DULD SRVVLELOH $ TXHVWR SXQWR FRQWUDLDPR L JOXWHL H L
PXVFROL SXERFRFFLJHL 0XOD%DQGKD  H SRL FRPLQFLDQGR D
LQVSLUDUHPDQRDPDQRFKHFLVLDUTXDSRUWLDPRODWHVWDYHUVRLO
SHWWR ILQR DOOD SRVL]LRQH ILQDOH PRPHQWR LQ FXL OH QDWLFKH
UDJJLXQJHUDQQR LO PDVVLPR GHOO
DOWH]]D VL GRYUj VHQWLUH WLUDUH L
PXVFROLGHOFROORHVSLQJHQGRLWDOORQLYHUVRLOSDYLPHQWRVLVHQWLUj
DQFKH WLUDUH L PXVFROL SRVWHULRUL GHOOH JDPEH $OOD ILQH LO FRUSR
GLYHUUj XQD VRUWD GL 9 URYHVFLDWD TXLQGL FRQ O
DSLFH YHUVR O
DOWR
FRVuFRPHVLYHGHGDOODVHJXHQWHILJXUD
$TXHOSXQWRUHVWLDPRLOVROLWRLVWDQWHLQDSQHDSLHQDHFRQWUDLDPR
WXWWL L PXVFROL GHO FRUSR 4XLQGL VL HVSLUHUj H VL WRUQHUj QHOOD
SRVL]LRQHGLSDUWHQ]D EDFLQRDVILRUDUHLOSDYLPHQWR ULSRUWDQGROD
WHVWD DOO
LQGLHWUR PD FRPH DO VROLWR SUDWLFDQGR 8GGL\DQD%DQGKD
H ULODVVDQGR WXWWR LO FRUSR $ TXHVWR SXQWR FRQWUDLDPR GL QXRYR L
JOXWHLHYLDSHUXQDOWURFLFOR
$O WHUPLQH GHOO
HVHUFL]LR SULPD GL SDVVDUH DO 6HVWR 5LWR FL
ULODVVLDPRVFKLHQDDWHUUDHSRVL]LRQHVXSLQDSHUGXHRWUHUHVSLUL
6 ( 6 72(6 (5 & ,= ,2

(VHJXLUHLO6HVWR5LWRqODFRVD
SLVHPSOLFHGHOPRQGRPDSUDWLFDWHOR
VRORTXDQGRDYYHUWLWHXQHFFHVVR
GLHQHUJLDVHVVXDOHRSURYDWHLO
GHVLGHULRQDWXUDOHGLHVSULPHUOD
3HWHU.HOGHU

3ULPD GL VSLHJDUH OD SURFHGXUD GL TXHVWR 5LWR q LPSRUWDQWH GDUH
DOFXQH LQGLFD]LRQL HQHUJHWLFKH 1HO PLR OLEUR /,) ( L VHJUHWL GHOOD
JKLDQGROD SLQHDOH >@ KR JLj VSLHJDWR FRQ OD PDVVLPD GRYL]LD GL
SDUWLFRODUL OD TXHVWLRQH GHO VHVVR H GHOO
HQHUJLD .XQGDOLQL H
O
DVSHWWRFKHELVRJQDVRWWROLQHDUHqFKHPHQWUHO
HFFLWD]LRQHqXQ
HOHPHQWRHQHUJHWLFRO
HLDFXOD]LRQHqXQHOHPHQWRFKHIDSHUGHUH
O
HQHUJLD Ê SHU TXHVWR PRWLYR FKH LO VHVVR WDQWULFR WHQGH DOOD
ULWHQ]LRQH GHO VHPH DSSXQWR SHUFKp OD SHUGLWD GL VHPH SRUWD DG
XQD SHUGLWD GHOO
HQHUJLD 'D WURSSR WHPSR DOFXQH UHOLJLRQL IDQQR
O
HUURUHGLFRQIRQGHUHLOFHOLEDWRFRQO
DVWLQHQ]DVHVVXDOH,QUHDOWj
TXDQGRVLSDUODGLDEEUDFFLDUHLOFHOLEDWRQRQVLLQWHQGHGLQRQIDUH
VHVVR FRQ XQD GRQQD PD VROR FKH VH VHL FHOLEH q EHQH FKH LO
VHVVRQRQORVLIDFFLDGDVRORDUULYDQGRDOODSHUGLWDGHOVHPH1HO
PLR FLWDWR OLEUR VSLHJR FKH FRQ OD GRQQD HVLVWH XQ VLVWHPD GL
FLUFROD]LRQHIDFLOPHQWHXWLOL]]DELOHFRVuFRPHVSLHJDWRGD0DQWDN
&KLD QHO VXR OLEUR 7$2 <2*$ '(//
$025( (GL]LRQL
0HGLWHUUDQHH  DO ILQH GL QRQ SHUGHUH O
HQHUJLD DQ]L SHU IDUOD
DXPHQWDUHHFLUFRODUHLQPRGRPROWRSRWHQWH,OJUDQGHSUREOHPD
q O
HLDFXOD]LRQH QRQ O
HFFLWD]LRQH VHVVXDOH 4XLQGL DO SDUL GL
DOFXQH DQWLFKH GLVFLSOLQH FKH HVDOWDQR OD IDVH GL HFFLWD]LRQH
ULQXQFLDQGRDOODVFDULFDRUJDVPLFDFRQSHUGLWDGLOLTXLGLFRQIHUPR
FKH q RSSRUWXQR SHUPHWWHUH DOOD GRQQD H DOO
XRPR GL IDU Vu FKH
O
HQHUJLD VHVVXDOH HQWUDWD GDL FKDNUD EDVVL QRQ IXRULHVFD
QXRYDPHQWHSHUJOLVWHVVLPDFKHVLDYHLFRODWDYHUVRO
DOWURYHUVR
ODWHVWDSURGXFHQGRXQRUJDVPRLQWHULRUHPROWRSLIRUWHOXQJRH
SLDFHYROH GL TXHOOR ILVLFR FKH ULFKLHGH OD SHUGLWD GL OLTXLGR
VHVVXDOH
,O6HVWR5LWRLQVHJQDDWUDVPXWDUHO
HQHUJLDVHVVXDOHLQVHVWHVVL
VHQ]DODSHUGLWDGHOVHPHHORIDLQPRGRPROWRVHPSOLFHO
HQHUJLD
FKHVLDFFXPXODQHOEDVVRYHQWUHJUD]LHDOO
HFFLWD]LRQHYLHQHIDWWD
IOXLUHQHOFRSURDQ]LFKpULYHUVDUVLGLQXRYRDOO
HVWHUQRSDUOLDPRGL
DOFKLPLDVHVVXDOH4XLQGLFLVRQRGXHDVSHWWLGDFRJOLHUHEHQHSHU
TXDQWRULJXDUGDLO6HVWR5LWRLOSULPRqFKHTXHVWRHVHUFL]LRQRQ
YD IDWWR VH QRQ F
q YRJOLD VHVVXDOH DO ILQH GL QRQ VFDULFDUH OH
HQHUJLHGHOEDVVRYHQWUHLOVHFRQGRqFKHTXHOO
HQHUJLDXQDYROWD
LQFDQDODWD SXz HVVHUH XVDWD SHU JXDULUH FXUDUH ULQJLRYDQLUH H
SRUWDUHJLRLDHVHUHQLWjQHOFRUSRHQHOODPHQWH
/H LVWUX]LRQL SHU HVHJXLUH LO 6HVWR 5LWR VRQR DVVROXWDPHQWH
VHPSOLFL
6H QDVFH XQD FRQGL]LRQH GL HFFLWD]LRQH VHVVXDOH FL VL GHYH
PHWWHUHLQSLHGLFRQODVFKLHQDHUHWWDHODVFLDWHXVFLUHOHQWDPHQWH
PD FRQ IRU]D WXWWD O
DULD GHL SROPRQL 2UD WUDWWHQHQGR LO ILDWR
DSQHDYXRWD FLSLHJKLDPROHJJHUPHQWHLQDYDQWLDSSRJJLDQGROH
PDQLVXOOHJDPEHXQSR
VRSUDOHJLQRFFKLD
,Q TXHVWD SRVL]LRQH GL IDYRUH VH IRU]LDPR DG HVSLUDUH O
DULD FL
DFFRUJHUHPRFKHVDUHPRLQJUDGRGLEXWWDUQHIXRULXQDOWURSR
D
TXHVWRSXQWRFRQTXHVWDYHUDDSQHDYXRWDULWRUQLDPROHQWDPHQWH
QHOOD SRVL]LRQH HUHWWD H VROOHYDQGR LO WRUDFH ULWUDLDPR LO SL
SRVVLELOH O
DGGRPH 8GGL\DQD%DQGKD  FRVu FKH SRVVD DVVXPHUH
XQDVSHWWRFRQFDYR
2UD FRQWUDLDPR L PXVFROL SXERFRFFLJHL 0XOD%DQGKD  H
DSSRJJLDQGROHPDQLVXLILDQFKLVSLQJLDPRYHUVRLOEDVVRTXHVWR
JHVWR FL SRUWHUj D VROOHYDUH OH VSDOOH -DODQGKDUD%DQGKD  H DG
DWWLYDUHXQDIRUPDGLFKLXVXUDGHOODJRODFRQODVFKLHQDGULWWD
,Q TXHVWR PRGR DEELDPR DWWLYDWR FRQWHPSRUDQHDPHQWH OH WUH
FRQWUD]LRQL %DQGKD 0DQWHQLDPR TXHVWD SRVL]LRQH LO SL D OXQJR
SRVVLELOH FLRq SHU WXWWR LO WHPSR FKH ULXVFLDPR D WUDWWHQHUH LO
UHVSLUR
4XDQGR VL VDUj FRVWUHWWL D LPPHWWHUH DULD QHL SROPRQL YXRWL IDUOR
FROQDVRULODVFLDQRLO0XOD%DQGKDHGROFHPHQWHO
DGGRPH XVFLUH
GDOO
8GGL\DQD%DQGD  H SRL HVSLUDWH OHQWDPHQWH GDOOD ERFFD
ODVFLDQGRFDGHUHOHEUDFFLDULODVVDWHOXQJRLILDQFKL5LODVVLDPRLO
FRUSRHIDFFLDPRDOFXQHUHVSLUD]LRQLPROWRSURIRQGHFRQODERFFD
RFRQLOQDVR
,Q JHQHUH q QHFHVVDULR XQ VROR FLFOR FRVu FRPH GHVFULWWR SHU
WUDVPXWDUH LO GHVLGHULR VHVVXDOH PD VH GRYHVVH VHUYLUH WUH GL
TXHVWL FLFOL WUDVPXWHUDQQR FRPSOHWDPHQWH DQFKH LO SL HOHYDWR
GHVLGHULRVHVVXDOH
0ROWR VSHVVR D FDXVD GHOO
HQHUJLD DVFHQGHQWH VL SXz DFFXVDUH
PDO GL WHVWD R DOWUL VFRPSHQVL SHU FXL VL VXJJHULVFH GL
VSHULPHQWDUHQRQSLGLXQFLFORSHUYROWD
4XLQGL LO 6HVWR 5LWR WLEHWDQR q O
LQVLHPH GHL WUH %DQGKD R 0DKD
%DQGKD FRPH DEELDPR YLVWR DOO
LQL]LR R 7UD\D%DQGKD FKH
VLJQLILFD DSSXQWR WUH FRQWUD]LRQL  &RPH DYYHUWH 3HWHU .HOGHU
TXHVWR 5LWR q LQGLVSHQVDELOH VROR VH QHOO
LQGLYLGXR F
q OR VWLPROR
VHVVXDOHDWWLYRPDVHXQDSHUVRQDKDSHUGXWRO
LPSXOVRVHVVXDOH
QRQGHYHHVHJXLUHTXHVWDSUDWLFDSHUFKpQHULFDYHUHEEHSLPDOH
FKH EHQH LQ TXDQWR VFDULFKHUHEEH XOWHULRUPHQWH XQ
DUHD JLj
SRYHUDGLHQHUJLD
&Lz FKH GRYUHPR VHPSUH WHQHU SUHVHQWH q FKH XQD SHUVRQD LQ
JUDGRGLSURYDUHVSHVVRHFFLWD]LRQHVHVVXDOHHFKHqLQJUDGRGL
QRQ GLVSHUGH DOO
HVWHUQR OD VXD VHVVXDOLWj q XQD SHUVRQD VDQD
FKHYLYUjEHQHHIHOLFHSHUPROWRPROWRWHPSRLQTXDQWRORVWLPROR
VHVVXDOH LQGLFD FKH O
HQHUJLD YLWDOH VWD HQWUDQGR QHO FRUSR H FRQ
TXHVWR 5LWR VDUj SRVVLELOH GLVWULEXLUOD LQ WXWWR O
RUJDQLVPR
GLULJHQGRODYHUVRODWHVWD

>  @ 2SHUDFLWDWD
3$ 5 7(,9

& RQF OXV LRQH

0DLOPLRPHVWLHUHqYLYHUHXQDYLWD

FKHVLDGLWXWWLLJLRUQLRVFRQRVFLXWD

7LDPRIRUWHGHEROH

FRPSDJQDFKHTXDOFKHYROWD

LPSDUDHDYROWHLQVHJQD

/XFLR%DWWLVWL

8QDGRQQDSHUDPLFR
( 3 ,/2*2 78 772Ê 3 (5 )( 772

/DIUDVHWXWWRqSHUIHWWRKDFUHDWRXQDTXDQWLWjGLGDQQLLQHQDUUDELOL
QHO VHWWRUH FRVLGGHWWR VSLULWXDOH HG q GLYHQXWD YHVVLOOR GL LQGLYLGXL
GHSUHVVLHLUUHVSRQVDELOL
'LUH FKH LO PRQGR q SHUIHWWR H QRQ DJLUH q GD LPEHFLOOL H SRUWD
FRPHFRQVHJXHQ]DLOIDWWRFKHQRQVHUYHIDUHQXOODSRLFKpOHFRVH
YDQQR JLj EHQH FRVuPDLQ XQ XQLYHUVR VHQRQ F
qXQ FRQWLQXR
DSSRUWR GL HQHUJLD WDOH GD SURGXUUH XQ ODYRUR LQ JUDGR GL IDU
FDPELDUH OH FRVH QRQ FL SXz HVVHUH ULFRQRVFLPHQWR SURJUHVVLYR
GHOVp
/DIUDVHWXWWRqSHUIHWWRqSURSULDGLXQLQGLYLGXRFKHKDPDWXUDWR
GHQWUR Vp LO YHGHUH OH FRVH VHQ]D DOFXQ JLXGL]LR HPR]LRQDOH /D
FRPSDVVLRQHQRQqFRLQYROJLPHQWRHPR]LRQDOHPDqVHPSUHXQD
VSLQWD DG DJLUH SHU WUDVIRUPDUH OH FRVH GLVDUPRQLFKH LQ
DUPRQLFKH
&LzFKHqYHUDPHQWHSHUIHWWRqLOPHFFDQLVPRFRQFXLDFFDGRQROH
FRVH H TXLQGL GL FRPH FL ULWURYLDPR LO IXWXUR O
DELOLWj GHOO
LQGLYLGXR
VWDQHOIDWWRGLULXVFLUHDVSH]]DUHOHFDWHQHGLTXHJOLHYHQWLFKHJOL
PDVVDFUDQR OD YLWD $PPHWWLDPR FKH SHU OLEHUDUWL GD XQD
VLWXD]LRQH IXJJLVVL YLD GD XQD SHUVRQD LGLRWD OD SHUIH]LRQH GHOOD
YLWDWLIDUjRWWHQHUHODVWHVVDLGHQWLFDHSUHFLVDTXDQWLWjGLLGLR]LD
VSHFFKLRVRWWRDOWUHIRUPHHGDDOWULWHUPLQDOLVLDQRHVVLSHUVRQH
HYHQWL OXRJKL WHPSL R FRVH &Lz VLJQLILFD FKH HQWUDQGR GDO
SDQHWWLHUHJLXGLFKHUHVWLLOVXRFRPSRUWDPHQWRLGLRWDULVSHWWRDXQ
TXDOFRVD FKH LQ TXHO PRPHQWR OH IRU]H HTXLOLEUDWULFL GHOOD YLWD WL
ULSUHVHQWHUHEEHUR LQQDQ]L DJOL RFFKL LQ ULVSRVWD DOOD TXDQWLWj GL
LGLR]LDFKHWXJLXGLFKL
4XHVWDGLVFXVVLRQHFLSRUWDDOO
DEHUUD]LRQHSLSRWHQWHTXHOODGHO
JLXGL]LR UDSSUHVHQWDWD GDOO
$SRVWROR *LXGD QHOOD VWRULHOOD
VLPEROLFDFKLDPDWD9DQJHOR
(VLVWHXQDLQQXPHUHYROHVHULHGLILORVRILHFKHSRQJRQRDWWHQ]LRQH
VXOOD TXHVWLRQH GHO  L  DSRVWROL OH  IDWLFKH G
(UFROH OH 
FRVWHOOD]LRQL OH  WULE G
,VUDHOH H FRVu YLD SHUFKp TXHVWR  q
FRVuULFRUUHQWH"
3HU FRPSUHQGHUH TXHVWD FRVD SRVVLDPR IDU ULIHULPHQWR DG XQD
VFHQDGHOPLWRFULVWLFRTXHOODLQFXLLOSHUVRQDJJLRLQYHQWDWRDILQL
OHWWHUDULFROQRPHGL*HVWUDODPROWLWXGLQHGHOODIROODVFHJOLH
SHUVRQDJJLDLTXDOLDGXQFHUWRSXQWRGHOSHUFRUVRGLFHGRYH,2
YDGRYRLQRQSRWHWHYHQLUH´&KLVRQRL"(VVLUDSSUHVHQWDQROH
 DEHUUD]LRQL IRQGDPHQWDOL TXHOOH FKH UHQGRQR XQ HVVHUH
VSLULWXDOH XQ XPDQR SULJLRQLHUR GHOOD PDWHULD /D VFHOWD GHL 
VLJQLILFD FKH VH VL ODYRUD VX TXHOOH  DEHUUD]LRQL IRQGDPHQWDOL
WXWWDODIROODGHOOHPLULDGLGLDEHUUD]LRQLFRQVHJXHQWLYLHQHPHQR(
SURSULR LQ TXHVWR PRGR ODYRUD XQD 6FXROD GL ,OOXPLQD]LRQH FKH
WHQGHDOO
DVFHQVLRQH
8QLQGLYLGXRFKHHVSULPHLOVXR6pPDWHULDOHVHQ]DODYRUDUHVXOOH
DEHUUD]LRQLIRQGDPHQWDOLPRULUjFRQLOFRUSRILVLFRPDDYHQGR
WHUPLQDWR OD VXD PLVVLRQH PDWHULDOH QRQ DYUj QHFHVVLWj GL
ULQDVFHUHVXTXHVWRSLDQRHGqTXLQGLOLEHURGDOFLFORGHOOHQDVFLWH
HGHOOHPRUWL'LYHUVDPHQWHVHPHQWUHVLqLQYLWDHVLUHDOL]]DLOVp
PDWHULDOH VL ULHVFRQR D VUDGLFDUH DQFKH OH DEHUUD]LRQL
IRQGDPHQWDOLHFFRFKHO
LQGLYLGXRQRQKDSLQHFHVVLWjGLPRULUHH
SXz DVFHQGHUH QHOOD GLPHQVLRQH VXSHULRUH WUDVIRUPDQGR LO VXR
FRUSR ILVLFR LQ TXHOOR GL OXFH 4XHVWD LPSUHVD q GDYYHUR FRVu
WLWDQLFDFKHqDSSXQWRFKLDPDWDOH  IDWLFKHG
(UFROH
0DWRUQLDPRDLQRVWULVLPEROLFLDSRVWROLLOSHUVRQDJJLRGL*LXGD
UDSSUHVHQWDLO*LXGL]LR7RPPDVRO
LQHYLWDELOLWjGHOODPRUWH3LHWUR
ODGXDOLWj FROXLFKHSRUWDUDQFRUHYHUVRO
DOWURVHVVR HFRVuYLD
4XDO q LO SL LPSRUWDQWH GHJOL DSRVWROL H TXLQGL O
DEHUUD]LRQH
IRQGDPHQWDOHVXFXLODYRUDUH"ÊLOJLXGL]LRTXHOODUHODWLYDDOQRPH
*LXGD ,QIDWWL WXWWH OH ILORVRILH GLFRQR GL QRQ JLXGLFDUH H GD TXL
FRPHDEELDPRGHWWRDOO
LQL]LRQDVFRQRLSUREOHPLGLDSDWLD
/D PDQFDQ]D GL JLXGL]LR GL ³7XWWR q SHUIHWWR´ VL ULIHULVFH DOO
DELOLWj
GHOO
LQGLYLGXR GL HVVHUH VHUHQL SXU QRQ HVVHQGR IHOLFL LQQDQ]L DG
XQD FRQWUDULHWj *HV SLDQVH DOOD PRUWH GHOO
DPLFR /D]]DUR  H
SURSULR OD PDQFDQ]D GL IHOLFLWj GLYLHQH OD VSLQWD DG DJJLXVWDUH OH
FRVH /D PDQFDQ]D GL JLXGL]LR q O
DELOLWj D ULPDQHUH LQ XQR VWDWR
FRPHVHOHFRVHIRVVHURSHUIHWWHHQRQSHUFKpORVLDQRTXHVWRq
VWDU GL IURQWH DOOH FRVH H YHGHUOH QHOOD ORUR YHUD QDWXUD VHQ]D
HVVHUH ULVXFFKLDWL QHL YRUWLFL HPR]LRQDOL GHOOD IDFFHQGD &Lz QRQ
VLJQLILFD QRQ DJLUH FRPH HUURQHDPHQWH FUHGH OD PDJJLRU SDUWH
GHOOHSHUVRQHGHSUHVVHFKHULHPSLRQRLOVHWWRUHVSLULWXDOH0ROWLPL
GLFRQR FKH OD UHDOWj q XQ VRJQR FKH SRVVLDPR FDPELDUH TXDQGR
YRJOLDPR PD QHVVXQR VL UHQGH FRQWR FDXVD O
DEHUUD]LRQH GHO
VDOYDWRUHFKHVHQRQPHWWLDPROuXQSXQWRGLRSHUDWLYLWjOHFRVH
QRQFDPELDQRSRLFKpqVRORO
HPR]LRQHGLXQDHVSHULHQ]DGLYHUVD
FKHIDFDPELDUHLOQRVWURSXQWRGLYLVWDVXOOHFRVH
4XHVWD VWXSLGD VSHUDQ]D FKH OH FRVH FDPELQR GD VROH VRWWHQGH
O
DWWLYLWjPDOLJQDGHOVDOYDWRUHVHFRQGRFXLOHFRVHVHVLDPREXRQL
HRQHVWLDUULYLQRGDVROHTXHVWRQRQqSRVVLELOHSHUFKpO
XQLYHUVR
QRQIXQ]LRQDVXOOHVSHUDQ]HPDVXOODYRURHULFKLHGHHQHUJLDSHUL
FDPELDPHQWL6LSRWUHEEHGLUHFKHO
DVVLRPDGHOO
XQLYHUVRILVLFRVLD
FKHFKLGLVSHUDQ]DYLYHGLVSHUDWRPXRUH
&LzVLJQLILFDFKHJOLLQDWWLYLHJOLVSHUDQ]RVLFUHGRQRFKHTXHVWRVLD
XQVRJQRHQRQVLUHQGRQRFRQWRFKHqXQLQFXER
& $ 5 2$ 5 & $ 1 *( /2

$OORUFKpQRLFLUHQGLDPRFRQWRFKHODSUDWLFDPHGLWDWLYDSL
SURIRQGDqODFROWLYD]LRQH
GLXQDWWHJJLDPHQWRHQRQODULFHUFDGLXQDHVSHULHQ]DVSHFLDOH
DOORUDWXWWDOD
QRVWUDYLWDVLDSUHHRJQLDWWLYLWjSXzGLYHQWDUHXQYHLFRORGL
ULVYHJOLR
/DYLWDqIDWWDGLPRPHQWL/DSUDWLFDGLFRQVDSHYROH]]Dq
VHPSOLFHPHQWHODFROWLYD]LRQHGHOO¶DELOLWjGLLQFRQWUDUH
TXDOXQTXHFRVDHPHUJHGLPRPHQWRLQPRPHQWR
FRQWRWDOHSUHVHQ]DHDFXRUHDSHUWR
-.ULVKQDPXUWL

4XHOOD FKH VHJXH q XQD OHWWHUD GHO PLR FDUR DPLFR 6DQGUR
VWXGHQWH GHOOD 6FXROD FKH ULQJUD]LR LQ HVVD YL q PROWR
GHOO
HVVHQ]DVXOODFRPSDVVLRQHHVXLFRQWHQXWLGLTXHVWROLEUR
&DUR$UFDQJHOR
PL WURYR D SHQVDUH DOOD YLWD LQ WXWWL L VXRL DVSHWWL H
LPPDQFDELOPHQWHODPHQWHPLSRUWDDL6HWWH6SHFFKL(VVHQLPD
FDSLWDDQFKHO¶LQYHUVRSHULOIDWWRFKHLOWHPDqLQHQWUDPELLFDVLOD
UHOD]LRQH WUD JOL LQGLYLGXL *OL 6SHFFKL SUHQGRQR IRUPD GDOOH
UHOD]LRQLSDVVDWHHOHUHOD]LRQLSUHVHQWLYHQJRQRYLVVXWHDWWUDYHUVR
GLORUR
8Q DVSHWWR FRQVLGHUHYROH GHOOD YLWD q FKH HVVD VL VYROJH
QHOO
DELWXGLQH DFTXLVLWD D GLSHQGHUH GD FLz FKH YLHQH SHUFHSLWR
GDOO
HVWHUQR (VVHQGR RVVHUYDWRUL ULFHYLDPR GL ULWRUQR GD RJQL
FRVD SHUVRQD R HYHQWR OD VWHVVD HQHUJLD FKH QRL SURGXFLDPR
LQYLDWD FRO SHQVLHUR H O
DWWHJJLDPHQWR 4XHVWR FL FRQYLQFH FKH
FRVHSHUVRQHHGHYHQWLDEELDQRLOSRWHUHGLSURFXUDUHHIIHWWLVXGL
QRLHGLYHQWDLOSULQFLSDOHOLPLWHDOODFRPSUHQVLRQHPDLRVWHVVRKR
SRVWRWDOLOLPLWLHOLULQIRU]RULSHWHQGRQHO
HVSHULHQ]D
/LULQIRU]RFROJLXGL]LRSHUFKpTXDQGRGLSHQGRGDFRVHSHUVRQH
HG HYHQWL FDGR QHOOD SDXUD FUHR QHOOD PHQWH LO EHQH H LO PDOH
FHUFDQGRGLRWWHQHUHLOSULPRHGLDOORQWDQDUHLOVHFRQGR,OJLXGL]LR
q LQIDWWL UDGLFDWR QHOOD SDXUD /D VWHVVD LPPDJLQH FKH KR GL PH
VWHVVR DQFKH TXDQGR q GLSLQWD FRL FRORUL GHOO
RWWLPLVPR VL IRUPD
QHOODSDXUDGLQRQHVLVWHUH
Ê FRVu FKH KR LQL]LDWR DG HVVHUH SULJLRQLHUR GHOOH HPR]LRQL ,
³PDHVWUL´ LQVHJQDQR GD VHPSUH FKH O
HPR]LRQH q LO ULVFRQWUR GL
XQ
HVSHULHQ]D GD FXL VL DFTXLVLVFH VDJJH]]D H FKH OD VDJJH]]D
YLHQH DVVLPLODWD WUDVFHQGHQGR O
HPR]LRQH PD YLHQH SXUWURSSR
GLVSHUVD GD XQ
LGHD FKH WUDWWLHQH O
HPR]LRQH VWHVVD VLD HVVD
DVVRFLDWDDOGRORUHVLDHVVDDVVRFLDWDDOSLDFHUH,QTXHVWRPRGR
PL FRVWULQJR D ULFKLDPDUH OH HPR]LRQL GDO SDVVDWR ULVSHFFKLDQGR
LQHVVHOHSDXUHHOHVSHUDQ]HGHOODPLDHVLVWHQ]D
*OL VSHFFKL VRQR JLRFKL WUD GRORUH H SLDFHUH RYYHUR WUD FLz FKH
ULIXJJRHFLzFKHEUDPR(VVLVRQROHLPPDJLQLGHOOHHPR]LRQLQRQ
WUDVFHVH 1HO PRPHQWR LQ FXL PL FRQYLQFR FKH LO PLR (VVHUH QRQ
KDSHQGHQ]HFROSDVVDWRRFRVHLUULVROWH $9(5(H121$9(5( 
PDFKHHVVHVRQRXQLFDPHQWHUDFFKLXVHLQXQ
LGHDFUHDWDGDPH
JOL 6SHFFKL VL URPSRQR H VRQR OLEHUR 0D QRQ q VHPSOLFH TXHVWD
OLEHUWj/LEHUWjVLJQLILFDHVVHUHVYLQFRODWLGDRJQLLGHDGLVLFXUH]]D
H GL SHUIH]LRQH PHQWUH SHU HGXFD]LRQH WHQGR D FUHDUH OD FRVD
JLXVWDHSHUIHWWDFKHPLGjVLFXUH]]D/DSHUIH]LRQHSHUzVWDQHO
PRYLPHQWR H QRQ q PDL OD VWHVVD 2JQL VLQJROD FRVD q LQ Vp
SHUIHWWD LQ TXDQWR VLQJROD VH]LRQH GHO PRYLPHQWR PD TXDQGR
YRJOLR LPPDJLQDUH XQD SHUIH]LRQH PL EORFFR VX XQD IUD]LRQH
VWDWLFDHQHJRO
HYROX]LRQHFLRqODEHOOH]]DGHOFDPELDPHQWR
4XHVWRPLSRUWDFROSHQVLHURDOFRQFHWWRVFKLDYL]]DQWHGLFDXVDOLWj
GHO.DUPD
6RQR FRQYLQWR GL HVVHUH FLz FKH PL VRQR ³SUHSDUDWR´ FLRq FKH
VRQR O
LGHD FKH KR GL PH VWHVVR PD TXHVWR DSSDUWLHQH DOOD
SHUVRQDOLWjFLRqDOO¶HJRHQHqIRQGDPHQWDOHLOSXQWRGLYLVWD6H
FUHGRQHOOD³JLXVWL]LD´GHO.DUPDFRVWULQJRPHVWHVVRDVXELUODVH
FUHGR GL DYHU TXDOFRVD GD ULVFDWWDUH OH PLH D]LRQL SDVVDWH QRQ
VDUDQQRVHPSOLFHPHQWHFRQFOXVHFRPHHVSHULHQ]HPDQHULPDUUz
YLQFRODWRHRJQLYLWDFUHHUzIRUVHSL.DUPDGLTXHOORFKHVDUzLQ
JUDGR GL ULVROYHUH QHO WHQWDWLYR GL HTXLOLEUDUH LO EHQH DO PDOH
FRPSLXWRXQDWUDSSRODVHQ]DILQH
+ R VHPSUH DYXWR OD FODVVLFD LPPDJLQH GHOOD FLSROOD GD VIRJOLDUH
SHQVDQGR DG RJQL VWUDWR WROWR FRPH DG XQD FRVD SDVVDWD FKH
ULVROYR PD Y
q VWDWR XQ DWWLPR LQ FXL KR YLVWR OD SDUDGRVVDOH
HQRUPLWj GL TXHVWR SURFHVVR SRLFKp OH LSRWHWLFKH FRVH LUULVROWH
VRQRQHOO
LQFRQVFLRLQQXPHURLQLPPDJLQDELOHHQHOORVJRPHQWRGL
IURQWHDOO
LPPDQHLPSUHVDODTXHVWLRQHSRVWDPLqSDUVDFRPHXQ
NRDQ >@ HFRPHWDOHULVROYLELOHVRORWUDVFHQGHQGRODHGRVVHUYDQGR
FKHLOSUREOHPDQRQHVLVWHLQTXHLWHUPLQL
/H FHUWH]]H GHOOH RSLQLRQL QDVFRQR QHOOD SDXUD /D FHUWH]]D
GHOO
HVVHUH QRQ q XQ
RSLQLRQH PD XQ VHQWLPHQWR 4XDQGR PL
FKLHGR LO SHUFKp GHOOH FRVH VWR HYLWDQGR GL YLYHUOH SLHQDPHQWH
4XDQGR VRQR LQWHUHVVDWR DO FRPH FRPSHQHWUR OD YLWD ,O SHUFKp
SRUWD DOO¶RSLQLRQH LO FRPH SRUWD DO VHQWLUH ,O SHUFKp SUHVXSSRQH
XQR VFRSR LO FRPH SRQH OD VHPSOLFH RVVHUYD]LRQH ,O SHUFKp
QDVFH GDOO
DQVLD H GDOOD VRIIHUHQ]D LO FRPH q OD JLRLD GHOOD
VFRSHUWD
/D FRQWLQXD FRPSXOVLRQH D ULFHUFDUH XQ SHUFKp SRQH SHU
FRQWUDSSRVL]LRQH LO QDVFHUH GHOOH VSHUDQ]H FKH FRQVLGHUR FRPH
VHFRQGLILQLQHFHVVDULH5DJLRQL1DVFRVWHDQFKHDQRLVWHVVLFKH
VL VRYUDSSRQJR DOOD QDWXUDOLWj GL HVVHUH &RPH XRPR FLz FKH PL
SRQH QHOO
HVVHUH q LO SHQVLHUR DQFKH OD VHPSOLFH SHUFH]LRQH q LO
SHQVLHURGHOODSHUFH]LRQHVWHVVD3HUTXHVWRVRQRFLzFKHSHQVR
PHQWUHDYHYRVHPSUHFUHGXWRGLSHQVDUHFLzFKHVRQR,QTXHVWRLO
JLXGL]LR q XQD SDUWH FRQJHODWD QHOO
HVVHUH H VROR OD
FRQVDSHYROH]]D GL PH VWHVVR VFLRJOLH LO JLXGL]LR H ULVFRSUH
O
HVVHUHFKHq$PRUH
/H GLQDPLFKH GHOOD YLWD WXWWL JOL DVSHWWL FKH HVVD FRPSUHQGH
YLVVXWH SLHQDPHQWH H FRQVDSHYROPHQWH VRQR OR VYROJHUVL D WXWWR
YHQWDJOLR GHOO
$PRUH SRLFKp LO YHUR $PRUH WUDVFHQGH O
LGHD FKH
HVLVWD XQ RJJHWWR G
DPRUH /
DPRUH QRQ q XQ
HPR]LRQH PD q OR
VJXDUGR OLPSLGR VHQ]D JLXGL]LR GL TXDQGR VRQR VHPSOLFH H SXUR
RVVHUYDWRUH ULVXOWDWR GHOO
DYHU UHVR PDQLIHVWR LQ TXHVWR XQLYHUVR
XQDULFKLHVWDGHO6p
(VLVWHSHUzXQSXQWRGLSDUWHQ]DPHVWHVVRODSULPDGLQDPLFDOD
EDVH SHU FXL LO PLR PRQGR HVLVWH 1RQ SHQVR FKH LQ TXHVWD
GLQDPLFD LR GHEED FHUFDUH VROR LO VHPSOLFH HG XPDQR
DSSDJDPHQWR GHOOD PLD SHUVRQD PD FRQ VJXDUGR OLPSLGR VHQ]D
JLXGL]LR LPSDUDUH DG DPDUPL FRPSOHWDPHQWH SHU WXWWR FLz FKH
VRQR 6ROR FRVu QRQ YLYR QHOOH SDVVDWH HPR]LRQL PD QHOOD JLRLD
GHOO
HVVHUH
4XHVWR q O
XQLFR YHUR SXQWR GL SDUWHQ]D SHUFKp VHQ]D HVVHUH
IRUWHQHOODSULPDGLQDPLFDDIIURQWHUzOHDOWUHVHQ]DHQHUJLDHVDUz
FRVWUHWWR D ULFKLHGHUH HQHUJLD GDOO
HVWHUQR 3HU TXHVWR LQ
PDJJLRUDQ]DYLYLDPRLUDSSRUWLFRQO
HVWHUQR LOSDUWQHUODIDPLJOLD
LO JUXSSR OD QD]LRQH OD QDWXUD O
DPELHQWH  FRPH VXUURJDWL GL
TXHVW
$PRUHHQRQJLXQJLDPRDFRQWDWWDUHLO6p
,O YHUR VLQFHUR $PRUH SHU VH VWHVVL SRUWD D YLYHUH OH DOWUH
GLQDPLFKH FRQ SXUH]]D VHQ]D SRUVL DOFXQFKp FRPH SULRULWDULR H
FRPH ULIXJLR 6HQ]D SUHFRQFHWWL R VFRSL GD UDJJLXQJHUH SRVVR
LQFRQWUDUH OR 6FRQRVFLXWR SRLFKp RJQL WUDJXDUGR LPPDJLQDWR
SURYLHQH GDO FRQRVFLXWR SHUWDQWR GD XQ SDVVDWR JLj YLVVXWR HG
XVDWR
0D FRPH ULFRQRVFR TXHVW
DPRUH" /R ULFRQRVFR LQQDQ]LWXWWR GDO
JUDGR GL JLRLD H GL OLEHUWj LQWHULRUH 2JQL YROWD PL WURYR D ULSDUWLUH
GD XQ
DIIHUPD]LRQH FKH GD DQQL q GLYHQXWD XQ PLR SXQWR GL
ULIHULPHQWR /¶$PRUH SHU WXWWR TXHOOR FKH FRQVLGHUL LQIHUQR q OD
FKLDYHGHOSDUDGLVR3HQVRFKHWXVLDG
DFFRUGRVXOIDWWRFKHVLq
DQFRUDWL DOOD FRQGL]LRQH XPDQD HVVHQ]LDOPHQWH SHU GXH RSSRVWL
PRWLYL OD GLSHQGHQ]D H LO JLXGL]LR 6H OL ULIXJJR QH ULPDQJR
SULJLRQLHUR'DOPLRFLWDWRSXQWRGLULIHULPHQWRKRDFFHVVRDGXQD
FRQGL]LRQH VSLULWXDOH D QRL SL FRQVRQD TXDQGR KR LPSDUDWR D
ODVFLDU DQGDUH VHQ]D JLXGL]LR O
HVLVWHQ]D H L IDWWL GHO PRQGR 0L
HVSULPR LQ TXHVWR PRGR SHUFKp VR FKH WX FRPSUHQGL EHQH LO
VLJQLILFDWR FKH LQWHQGR GDUH DG ³DPDUH´ TXHOOR FLRq
GHOO
RVVHUYD]LRQHOLPSLGDQHOODFHQWUDWXUDGHOO
HVVHUH
7X KDL FKLDULWR EHQH QHO QRVWUR XOWLPR LQFRQWUR >@ FKH QRQ q
SRVVLELOH RVVHUYDUH TXDOFRVD VWDQGRFL GHQWUR H FKH GREELDPR
SHUWDQWRVSRVWDUFLVXGLXQSXQWRG
RVVHUYD]LRQHDOILQHGLRWWHQHUH
GLVWDQ]DGDOODFRQGL]LRQHGLDWWDFFDPHQWR/DTXHVWLRQHqSURSULR
TXHVWD LR RVVHUYDWRUH KR SXUWURSSR XQ VROR SLFFROR PD
LPSRUWDQWHGLIHWWRODSUHVELRSLDHILQWDQWRFKHYLYRDOO
LQWHUQRGHOOD
VLWXD]LRQH QRQ KR YLVLRQH H YHQJR IDFLOPHQWH ULVXFFKLDWR QHO
YRUWLFH GHOOH HPR]LRQL SLDFHYROL R VSLDFHYROL FKH VLDQR
ULFHYHQGRQHO
LPPDJLQHGLVWRUWDGHLSUHFRQFHWWL
4XHOOHGLQDPLFKHHJOL6SHFFKLFKHWXFLKDLPRVWUDWR$UFDQJHOR
VRQRSHUPHXQ
LQGLFD]LRQHFKHPLLQYLWDDULFRQVLGHUDUHLOPRGRGL
SRUPLQHOOHUHOD]LRQLPDqIDFLOHLQWHUSUHWDUOHVHFRQGRJOLVFKHPL
GHOODFRVFLHQ]DVRFLDOHODTXDOHFLHGXFDVHFRQGRSUHFLVLFRQFHWWL
FKH EHQ VHUYRQR OD FDXVD GHO FRQWUROOR VRFLDOH 6ROR SRQHQGRPL
QHO PLR 6p SRVVR YHGHUH LO ³FRPH´ q VWDWR GDWR XQ VLJQLILFDWR
VXEGRORDOOHSDUROHFRPHFRSSLDIDPLJOLDJUXSSRVRFLDOHSDHVH
QDWXUD>@
6HLQEXRQDIHGHULPDQJRQHOOHGLQDPLFKHGHOODYLWDOHJDWRDTXHL
FRQFHWWLQRQSRVVRYLYHUHQHOO
$PRUHSHUFKpVLRIIXVFDODOLPSLGD
UHOD]LRQH FRQ PH VWHVVR $PRUH H 6DJJH]]D VL PDQLIHVWDQR QHO
SHUGRQR GL Vp H LO SHUGRQR QRQ q DOWUR FKH LO ODVFLDUH DQGDUH LO
SDVVDWR LQWHQGHQGR FRQ TXHVWR OD PHPRULD HPR]LRQDOH PL
ULIHULVFRDOOHIRUPHSHQVLHURQHOWXRVHUYL]LR$QDWRPLDGHOSHUGRQR
>@ 
(VLVWRQR PROWH YDULDELOL FKH LPSHGLVFRQR TXHVWR SURFHVVR H FKH
VSHVVRFRVWLWXLVFRQRYLQFROLPROWRIRUWL3UHQGLDPRDGHVHPSLROD
FRSSLD/DFRSSLDqVWDWDGDOODVRFLHWjFDULFDWDGLVLJQLILFDWLPROWR
YLQFRODQWL UHOLJLRVL H VRFLDOL FKH OLPLWDQR FRQVLGHUHYROPHQWH OD
OLEHUWj H OD VSRQWDQHLWj GHOOD UHOD]LRQH $QFKH OH SHUVRQH FKH
QRUPDOPHQWH VRQR SL DSHUWH VRQR LQFRQVDSHYROPHQWH
SULJLRQLHUH GHL SUHFRQFHWWL GHWWDWL GDOOD IDPLJOLD H GDOOD VRFLHWj ,O
SULPR GHYLDQWH SUHFRQFHWWR qTXHOOR GHOO
DPRUH FKHQHO PRGR LQ
FXL YLHQH GD WXWWL HQIDWL]]DWR UDSSUHVHQWD TXDOFRVD FKH q
DOO
RSSRVWR GHOO
$PRUH SHUFKp $PRUH q OLEHUD HVSUHVVLRQH
GHOO
HVVHUH &RQ DPRUH YLHQH LQWHVD XQ
HPR]LRQH H OD UHOD]LRQH
GLYLHQH XQ GDUH H DYHUH H O
HJR UHJLVWUD D FDUDWWHUL FXELWDOL TXHOOR
FKHGjHGDFDUDWWHULPLQXVFROLTXHOORFKHULFHYH
,QHIIHWWLQRQHVLVWHXQDFRVDFRPHODFRSSLDPDHVLVWHXQOLEHUR
LQFRQWUR GL GXH LQGLYLGXDOLWj LQ VLQWRQLD , YLQFROL IRUWL QHO FRQWHVWR
GHO FRQGL]LRQDPHQWR VRFLDOH HG HJRLFR VRQR GD RVVHUYDUH
QHOO
DPELWR GHO ELVRJQR OD VHVVXDOLWj O
DSSRJJLDUVL DOO
DOWUR OD
SDXUD GHOOD VROLWXGLQH OH UHOD]LRQL IDPLJOLDUL SDUHQWL DPLFL
FRQRVFHQWLFHWRVRFLDOHVLWXD]LRQHHFRQRPLFDFDVDHFF
3XUWURSSR q PROWR GLIILFLOH XVFLUH GD TXHVWD YLVLRQH QHO UDSSRUWR
GLDOHWWLFR VHQ]D FUHDUH VRIIHUHQ]H SHUFKp QRQ YLHQH FRPSUHVR
DOWUR SXQWR GL YLVWDFKH ULVSRQGHUH DL FRQFHWWL GHWWDWLGDOOD PRUDOH
FRQGL]LRQDWDGDOODFRVFLHQ]DVRFLDOH6HFRQGRTXHVWDPRUDOHFKL
HVFHGDTXHVWLVFKHPLqHJRLVWDHQRQDPD
*OL VFKHPL VRFLDOL WHQGRQR D FUHDUH OXRJKL GL VLFXUH]]D PD LQ
UHDOWj DOLPHQWDQR OD SDXUD GHOOD ORUR PDQFDQ]D SDXUD FKH q OD
UDGLFH GHOO
HJR DOWHUDWR /
HJR FUHD FRVu LO ELVRJQR GL HVVHUH
³SULPR´ HDOORUD LR DPR FLz FKH qPLRPLD PRJOLH PLR ILJOLR PLR
SDGUHLOPLRDPLFRHFFHTXDQGRO
RJJHWWRGHOO
DPRUHHVFHGDJOL
VFKHPLSUHILVVDWLPLWUDGLVFH
+ R GHWWR FKH O
$PRUH QRQ KD RJJHWWR LQ UHDOWj QRQ KD QHSSXUH
VRJJHWWR 1HOOD SXUD HVSUHVVLRQH GHOO
HVVHUH HVLVWH OD VROD
RVVHUYD]LRQH DO SDUL GL XQD PDFFKLQD IRWRJUDILFD FKH QHOO
DWWR GL
RVVHUYDUHQRQJLXGLFDPDFRPSLHVRORLOVXRODYRUR
0DDOORUDFRPHYLYRO
$PRUH"
1RUPDOPHQWHQRQKRODFDSDFLWjGLXVFLUHGDOODVLWXD]LRQHFKHYLYR
SHUFKpQHVRQRULVXFFKLDWRSHUFKpQRQQHKRXQDOXFLGDYLVLRQH
FRPH KR JLj GHWWR q FRPH PXRYHUVL QHOOH VDEELH PRELOL 'D XQ
VLQJROR PRPHQWR FULWLFR VL SXz LQIDWWL XVFLUH IDFLOPHQWH
RVVHUYDQGROR GD XQD GLYHUVD DUHD GL SHQVLHUR PD XQR VWDWR
UHOD]LRQDOH FRQVROLGDWR q WDOPHQWH DPSLR FKH QH ULPDQJR
DOO
LQWHUQRRYXQTXHPLPXRYD4XDQGRULHVFRDGDOORQWDQDUPHQH
FRPHGDOOHVDEELHPRELOLQRQqXQPRYLPHQWRSLFFRORROHQWRPD
qXQVDOWRTXDQWLFRQHOODTXLHWHGHOO
HVVHUH
$OORUD YHGR FKH RJQL FRVD RJQL VLWXD]LRQH RJQL VFKHPD q PH
VWHVVR FKH LR QH VLD FRLQYROWR SHU GRJPD R QH VLD LQ FRQIOLWWR
YHGRFKHqLPSOLFLWRDOO
HJRFKHPLVRQRFRVWUXLWRHQHFRVWLWXLVFH
ODVWUXWWXUD9HGRFKHQRQSRVVRSHQVDUHGLDPDUHPHVWHVVRVH
QRQ DPR DQFKH TXHVWH SDUWL GL 0HSRLFKp ,2 6212 0H  2JQL
UHOD]LRQHqXQDUHOD]LRQHFRQPHVWHVVRQHOORVGRSSLDPHQWR6p
(JRFKHGLYROWDLQYROWDYLYRLPPDJLQRFKHVHQRQHVLVWHO
HJR
QRQ HVLVWH LO PRQGR PHQWUH LO 6p FRQWLQXD DG DPDUH O
HJR
LPSHUWHUULWRFRPHXQFDQQRQHFKHLQRQGDDPRUHHWROOHUDQ]D
,PPDJLQRO
HJRFRPHXQDVIHUDDOFXLLQWHUQRVLPXRYHLOPRQGR
VH YRJOLR SRUWDUH RUGLQH QHOOD VIHUD GHYR DSULUOD DO GLVRUGLQH
SULPDULRFKHqTXHOORVSD]LRLQFRPSUHQVLELOHDFXLODPHQWHGHYH
DUUHQGHUVL OR VSD]LR GHOOD FUHDWLYLWj GD FXL PDJLFDPHQWH VL
FRPSRQHRJQLRUGLQH
,OFRQFHWWRqXQDSULPDJXLGDSHUODPHQWHPDFRPHO
HPR]LRQH
GHYHHVVHUHWUDVFHVRDOWULPHQWLQHULPDQJRLQYLVFKLDWR LPPDJLQR
LO FRQFHWWR FRPH XQ
HPR]LRQH UD]LRQDOL]]DWD  6H OR WUDVFHQGR
QRQ OR UHQGR YDQR PD FRQWDWWR OD PDWULFH TXDQWLFD FKH OR KD
JHQHUDWR H FKH PL DSUH D QXRYL RUL]]RQWL 4XHVWR q O
$PRUH
/
$PRUH URPSH RJQL 6SHFFKLR H OR VJXDUGR SXz DQGDUH ROWUH
GLVSHUGHQGRODSUHRFFXSD]LRQHSHUTXHOORFKHGHYRIDUH/DSDXUD
GHO)XWXUR'LYLQR6FRQRVFLXWRQRQHVLVWHQHOODPLDPHQWH
/D YLWD LQ WXWWH OH VXH HVSUHVVLRQL H GLQDPLFKH UDSSUHVHQWD LO
FRPSOHVVRGHOOHHVSUHVVLRQLGHOO
(JR/
(JRqXQ
HPR]LRQHGHOO
,2
/D IHOLFLWj DFTXLVLWD q O
DSSDJDPHQWR GHOO
(JR /D JLRLD VWDELOH
HPHUJHQHOODWUDVFHQGHQ]DGHOO
(JR
7LYRJOLREHQH
6DQGUR

>  @ ,.RDQVRQRSUREOHPLRVFXULHDVVXUGLLQYHQWDWLHFRVWUXLWLFRQFXUDDSSRVLWDPHQWHSHU
LQGXUUHLOGLVFHSROR=HQDUHQGHUVLFRQWRQHOPRGRSLGUDPPDWLFRGHLOLPLWLGHOODUDJLRQH

>  @ 6DQGURLQTXDOLWjGL6WXGHQWHGL3URJHWWRSHUO
,PPRUWDOLWj YHGLLOVLWR
KWWSZZZFRPSUHQVLRQHLW VLVWDULIHUHQGRDGXQRGHLUDULLQFRQWULGHOOD6FXROD

> @ 6DQGURVLVWDULIHUHQGRLQSDUWLFRODUPRGRDOOHGLQDPLFKHFRQFXLODYLWDVLPDQLIHVWD

>  @ ZZZLRVRQRRUJILOHVDQDWRPLDB GHOB SHUGRQRKWP


%XRQ9LDJJLRLQYRLVWHVVLDWXWWL9RL
$UFDQJHOR0LUDQGD
36HVHHVLVWHVVHXQ2WWDYR6SHFFKLR(VVHQR"
$ 5 *20(1 7,& 25 5 ( /$7,

&RPHIXQ]LRQDODUHDOWj"&RPHIDO
HVVHUHVSLULWXDOHDFUHDUOD"4XDOL
VRQRLSUHVXSSRVWLSHUFXLqSRVVLELOHPRGLILFDUHODUHDOWj"4XHVWL
VRQRLFRQWHQXWLGHOOD7ULORJLDGHOO
,26212XQRGHLSLJUDQGL
VXFFHVVLHGLWRULDOLQHOVHWWRUHGHOO
HVRWHULVPRHGHOODVSLULWXDOLWj,Q
TXHVWROLEURJOLDXWRUL 6DLQW*HUPDLQ$0.LQJ&DJOLRVWUR
VSLHJDQRFRPHODYLWDVLDUHJRODWDGDOODQRVWUDYLVLRQHLQWHULRUH
&XUDWRUHGHOO
2SHUDqVWDWR$UFDQJHOR0LUDQGDDWWXDOHIRQGDWRUH
GHOODQRVWUD&DVD(GLWULFH
(XURSDJLQHIRUPDWRFDUWDFHR

OLQNSHUODUHFHQVLRQHRO
DFTXLVWRGL7ULORJLDGHOO
,26212

DFXUDGL$UFDQJHOR0LUDQGD

3HUULPDQHUHQHOFDPSRGLDSSOLFD]LRQHGHOODOLEHUWjLQTXDQWRHVVHUL
VSLULWXDOLVLDPROLHWLGLSUHVHQWDUHLVHJXHQWLWHVWL

/,)(LVHJUHWLGHOOD*KLDQGROD3LQHDOH
GL$0.LQJH$UFDQJHOR0LUDQGD

*LjSXEEOLFDWRFRQLOWLWROR,26212LPPRUWDOHTXHVWRqLO/LEURSHU
HFFHOOHQ]DGDXVDUVLFRPHXQPDQXDOHSHULOSHUFRUVRYHUVR
O
DVFHQVLRQH4XHVWRqVWDWRXQOLEURDWWHVRSHUDQQLHSHUODSULPD
YROWDQHOODVWRULDYHQJRQRPHVVHLQUHOD]LRQHOHHQHUJLHYLWDOLFRQOD
ELRFKLPLFDGHOFRUSRSHUPH]]RGHJOL0VWDWHTXHLPDWHULDOLGLXQ
SDUWLFRODUHVWDWRGHOODPDWHULDGLFXLJOLDOFKLPLVWLKDQQRVHPSUHIDWWR
XVRHFKHKDUHVROD3LHWUD)LORVRIDOHWDQWRDPELWDHVHJUHWDFRQOD
3LHWUDSXRLUDJJLXQJHUHODVHPLLPPRUWDOLWjFRQTXHVWROLEURSXRL
UDJJLXQJHUHODFRQRVFHQ]DGLWHLQTXDQWRHVVHUHVSLULWXDOH
LPPRUWDOH
(XURVSHGL]LRQHJUDWXLWD±SDJLQHIRUPDWRFDUWDFHR

OLQNSHUODUHFHQVLRQHRO
DFTXLVWR/,)(

,26212&2/8,&+(ÊGL$UFDQJHOR0LUDQGD
H%RRNSGI$XGLROLEUR03

5HJLVWUDWRFRQODYRFHGL$UFDQJHOR0LUDQGDSUREDELOPHQWHSHUOD
SULPDYROWDDOPRQGRRUDHVLVWHXQILOHDXGLRLQJUDGRGL
DFFRPSDJQDUHO
LQGLYLGXRDFRQWDWWDUHLO6pSHURWWHQHUHOD
ULYHOD]LRQHGLWXWWLLVHJUHWLGHOODSURSULDQDWXUDVSLULWXDOH,OILOHDXGLR
qDFFRPSDJQDWRGDXQH%RRNFRQXQDSUHVHQWD]LRQHGL$UFDQJHOR
0LUDQGDHODWUDVFUL]LRQHGHOSURFHVVRXVDWRQHOILOH

/DSURFHGXUDFRQWHQXWDLQTXHVWRSURGRWWRqFRQVLJOLDWDVRORD
SHUVRQHJLjDYDQWLQHOSHUFRUVRGHOOD5LFHUFD,QWHULRUHHGq
YLHWDWDDSHUVRQHFKHVRQRVWDWHFXUDWHSVLFKLDWULFDPHQWH


(XUR±GXUDWDILOHDXGLR03
H´ H%RRNLQYHUVLRQHSGI

OLQNSHUODUHFHQVLRQHRO
DFTXLVWR,26212&2/8,&+(Ê


())(7727811(/YDGHPHFXPSHUO
LPPRUWDOLWjGL$UFDQJHOR
0LUDQGD

/
DVFHQVLRQHqXQSURFHVVRFKHKDELVRJQRGLFRUUHWWH]]DGHLGDWL
FKHGLYHQJRQRLGDWLVWDELOLVXFXLO
LQGLYLGXRSRJJLDODSURSULDUHDOWj
VHTXHVWLGDWLQRQVRQRTXHOOLVXFXLVLEDVDQROHOHJJLGHJOLXQLYHUVL
O
LQGLYLGXRULPDUUjVHPSUHLQWUDSSRODQHOO
XQLYHUVRLQFXLVLWURYD
1HVVXQDFRVDqPLJOLRUHGHOFRQWDWWRFRQLOSURSULR,26212
O
HVVHQ]DLPSHUVRQDOHFKHqHULPDQHO
XQLFRYHURHJUDQGH0DHVWUR
4XHVWRFRQWDWWRORVLUDJJLXQJHDVHJXLWRGHOO
,OOXPLQD]LRQH
GHILQHQGRTXHVW
XOWLPDFRPHO
LQL]LRGHOFRQWDWWRFRQLO6p4XLQGL
SDUOLDPRGLULPR]LRQHGLGDWLIDOVLRGDWLWUDSSROD
OLQNDG())(7727811(/

LQSXEEOLFD]LRQH

,GXHVXSHUWLWROLVXL5,7,7,%(7$1,

,IDPRVLHVHUFL]LGHQRPLQDWL,5LWL7LEHWDQLQRQVRQRDVVROXWDPHQWH
TXHOOLFKHVHPEUDQRYLVWLGDIXRUL,OYHURVHJUHWRVWDLQFRPHWHQGL
DOFXQLPXVFROLQHOFRUSR FRFFLJHDGGRPHFROOR GXUDQWHTXHL
PRYLPHQWLGHOFRUSR

,OVLQFURQL]]DUHTXHVWLPXVFROLLQUHOD]LRQHDLPRYLPHQWLGHJOL
HVHUFL]LSURYRFDIRUWLDVFHQVLRQLGHOO
HQHUJLDNXQGDOLQLGDOEDFLQR
DOODWHVWD$GGLULWWXUDVRQRVHQVD]LRQLFKHVLSRVVRQRDYYHUWLUHLQ
SRFKLVHFRQGL$OEHUWR&KLDUDQHOVXR,OPLVWHURULYHODWRGHL5LWL
7LEHWDQLLQWHJUDLQPRGRHJUHJLRO
RULJLQDOH,FLQTXHWLEHWDQLGL
3HWHU.HOGHULOOLEURVFULWWRGLUHWWDPHQWHGDOOHODEEUDGHOIDPRVR
VFRSULWRUHGHO6HJUHWRO
DPLFR&RORQQHOOR%UDGIRUG4XHVWLGXHVRQR
LGXHOLEULLPSHUGLELOL



HXURHXUR

OLQNOLQN

/LWURYLVXOQRVWURVLWRZZZLRVRQRHGL]LRQLLW
,/1 26 75 21 ( 7: 25 .

6LDPRFRVWDQWHPHQWHLPSHJQDWLQHOODULFHUFDGHOEHQHVVHUH

,26212(GL]LRQLqXQPDUFKLRGHO*UXSSR,1',9,6,%,/(XQQHWZRUNSHUOD
FRVFLHQ]DHLOEHQHVVHUH

6LDPR FRVWDQWHPHQWH QHOOD ULFHUFD GL SURGRWWL H FXOWXUD FKH SRVVDQR GDUH
XQDPDQRDOOHSHUVRQHDVHQWLUVLPHJOLR
4XHVWH VRQR OH QRVWUH OLQHH SULQFLSDOL FKH WURYL VXO QRVWUR VLWR GL FXOWXUD H
SURGRWWLZZZLGHDODQGLDLW

,/1267526,7235,1&,3$/(
4XHVWR q LO QRVWUR VLWR LQ FXL WURYHUDL WXWWL L
SURGRWWL VLD FXOWXUDOL FKH GL RJJHWWLVWLFD SHU LO
EHQHVVHUH &L DEELDPR LPSHJDWR DQQL SHU
VHOH]LRQDUHLSURGRWWLFKHVHPSUHSLSHUVRQH
DPDQR H VLDPR LO JUXSSR GL ODYRUR SL
DYDQ]DWRFKHF
qQHOVHWWRUHGHOEHQHVVHUH
6RWWR WURYHUDL OH SULQFLSDOL VH]LRQL VX FXL q
EDVDWRLOVLWRZZZLGHDODQGLDLW
1HO VLWR WURYHUDL DQFKH DOWUH FHQWLQDLD GL
SURGRWWLXWLOLSHULOWXREHQHVVHUH

9DLVX
ZZZLGHDODQGLDLW

/$ 0(025,$
' (//
$&4 8$
%HUHDFTXDVWUXWWXUDWD
H DOFDOLQL]]DWD q XQD
SDQDFHD SHU LO QRVWUR
RUJDQLVPR
$EELDPR WURYDWR SHU
WHFHQWLQDLDGLSURGRWWL
SHU UHQGHUH O
DFTXD OD
PLJOLRUH FKH WX SRVVD
PDLEHUHHGXVDUH

9DLVX
ZZZLGHDODQGLDLW
DFFHVVRULSHUOD 
PHPRULDGHOODFTXD

/$ 3,(75$ ' ,


6+81*,7(
4XHVWD q OD QRVWUD
SXQWD GL GLDPDQWH OD
SLHWUD GL 6KXQJLWH
FRQRVFLXWD DQFKH
FRPH OD SLHWUD GHOOD
FRVFLHQ]D 4XHVWR
PLQHUDOH VL WURYD VROR
LQ XQD SLFFROD ]RQD
GHOOD 5XVVLD HG q LQ
HVDXULPHQWR
1RL VLDPR VWDWL L SULPL
DG LPSRUWDUOD LQ ,WDOLD
SHU GLVWULEXLUOD LQ WXWWD
(XURSD WXWWL YRJOLRQR
SURFXUDUVL XQD 3LHWUD
GL 6KXQJLWH SULPD FKH
WHUPLQHUj
9LVLWD OD VH]LRQH GHOOD
6KXQJLWH VXO VLWR
LGHDODQGLDLW D TXHVWR
ORQN

ZZZLGHDODQGLDLW
VKXQJLWHSLHWUD
SURWHWWLYDSHU
HFFHOOHQ]D

,&,/,1' 5,(*,= ,$1,


3HU ROWUH  DQQL H
ILQRDOG&)DUDRQL
H 5H GHOO
DQWLFR HJLWWR
YHQQHUR VHPSUH
UDSSUHVHQWDWL QHOOH
ORUR VWDWXWH FRQ LQ
PDQR XQD FRSSLD GL
&LOLQGUL FKH SRUWDYDQR
VHPSUH FRQ Vp 1HO
 LQ 5XVVLD GRSR
 DQQL GL VWXGL 
LQWHUQD]LRQDOL VRQR
VWDWLULSURGRWWLL&LOLQGUL
'HL )DUDRQL H RUD QRL
QH VLDPR JOL
LPSRUWDWRUL LWDOLDQL LQ
HVFOXVLYD
9LVLWD OD VH]LRQH GHL
&LOLQGUL (JL]LDQL QHO
QRVWUR VLWR
ZZZLGHDODQGLDLW D
TXHVWROLQN

ZZZLGHDODQGLDLW
HQHUJ\HSRZHU

*/, $520,
$)5,&$1,
'DO FRQWLQHQWH SL
DQWLFR VWLDPR
LGHQWLILFDQGR H
SUHVHQWDQGR L PLJOLRUL
SURGRWWLSHUO
DPELHQWH
HODSHUVRQD 
4XHVWDqXQD VH]LRQH
VXOOD TXDOH
ODYRUHUHPR PROWR PD
SXRL JLj WURYDUH UHVLQL
GL LQFHQVL LQ JUDQL ROLL
HVVHQ]LDOL SXULVVLPL
VDSRQL DJOL ROLL
HVVHQ]LDOL EUXFLDWRUL
SHU LQFHQVL H RJQL
JLRUQRWURYHUDLVHPSUH
SLSURGRWWLGLSXQWDGL
FXL XQD YROWD SURYDWL
QRQ QH SRWUDL SL IDUH
DPHQR
9LVLWD OD VH]LRQH VXO
QRVWUR VLWR LGHDOQGLDLW
DTXHVWROLQN

ZZZLGHDODQGLDLW
DURPLDIULFDQL

1875,7, &21
(1(5*,$
,Q TXHVWD VH]LRQH
WURYHUDL
DSSDUHFFKLDWXUH H
VLVWHPL SHU RWWHQHUH
FLEL PHUDYLJOLRVR H
6XFFKL 9LYL /
HOHQFR
VDUHEEH LQILQLWR PD
SXRL WURYDUH (VWUDWWRUL
GL VXFFR YLYR
JHUPRJOLDWRUL
GLVLGUDWDWRUL VLVWHPL
SHU LO WRIX FROWHOOHULD
JLDSSRQHVH FROWHOOL LQ
FHUDPLFDHWDQWRDOWUR
6H XWLOL]]HUDL XQR GHL
QRVWUL SURGRWWL QRQ QH 
SRWUDLSLIDUHDPHQR
9LVLWD OD VH]LRQH VXO
QRVWUR VLWR
LGHDODQGLDLW D TXHVWR
OLQN

ZZZLGHDODQGLDLW
FXFLQD
DSSDUHFFKLDWXUH

Potrebbero piacerti anche