SlideShare una empresa de Scribd logo
1 de 44
Descargar para leer sin conexión
66WXGLXP 
SHU 
RQVLJOLR1D]LRQDOHGHL*HRPHWUL 
H*HRPHWUL/DXUHDWL 
(8/,'( 
,JHRPHWULQHOIXWXUR 
/¶RI¿FLQDGL1(;7 
/¶LQGDJLQHSUHYLVLRQDOH³(XFOLGH,JHRPHWULQHOIXWXUR´ 
q VWDWD UHDOL]]DWD GD 66WXGLXP VX LQFDULFR GHO RQVLJOLR 
1D]LRQDOH*HRPHWULH*HRPHWUL/DXUHDWL 
$OO¶LQGDJLQHKDQQRSDUWHFLSDWRLQTXDOLWjGLHVSHUWL*LRYDQQL 
XWROR*DEULHOH'HO0HVH0LFKHOH'H/XFD0LUHOOD*LDQQLQL 
0DUFR 0DJQL¿FR 0DULD *UD]LD  1DUGLHOOR *LXVHSSH 5RPD 
(GRDUGR5RQFKL 
/DULFHUFDSUHYLVLRQDOHFRQGRWWDGD66WXGLXPqVWDWDGLUHWWD 
GD 6WHIDQR 3DOXPER H VL q DYYDOVD GHOOD FROODERUD]LRQH GL 
5XEHQULVFXROR 
‹E/¶RI¿FLQDGL1(;7 
5RPDRUVR9LWWRULR(PDQXHOH,, 
ZZZVVWXGLXPLW 
(XFOLGH,JHRPHWULQHOIXWXUR 
GL66WXGLXP 
)LQLWRGLVWDPSDUHQHOPHVHGLJLXJQR 
,PSDJLQD]LRQHDFXUDGL/XFD2JJLDQX 
6WDPSDDFXUDGL$UWHP1DSROL 
ÊFRQVHQWLWDODULSURGX]LRQHDQFKHSDU]LDOH 
FRQTXDOVLDVLPH]]RHIIHWWXDWDFRPSUHVDODIRWRFRSLD 
DQFKHDGXVRLQWHUQRRGLGDWWLFR
,1',( 
3UHPHVVD     
 
,OPDFURVFHQDULR    
/¶HYROX]LRQHVRFLDOH    
/HWHQGHQ]HHFRQRPLFKH   
'HPRJUD¿DXUEDQLVWLFDHWHUULWRULR  
/¶LQÀXHQ]DGHOOHSROLWLFKH   
/¶HYROX]LRQHGHJOL2UGLQLSURIHVVLRQDOL  
 
/DYRURHUXRORVRFLDOHGHLJHRPHWUL  
,OPHUFDWRGHOODYRURGHLJHRPHWUL  
/HWUDVIRUPD]LRQLQHOODYRUR   
,OUXRORGHJOLVWXGLSURIHVVLRQDOL   
,OUDSSRUWRFRQLFOLHQWLHLOPDUNHWLQJ  
 
)RUPD]LRQHHFRPSHWHQ]H   
,VWUX]LRQHHIRUPD]LRQHGHLJHRPHWUL  
/DEDVHGLFXOWXUDGHLJHRPHWUL   
,FRQ¿QLIUDODSURIHVVLRQHGHOJHRPHWUD 
HOHDOWUH     
/¶LQÀXHQ]DGHOOHQXRYHWHFQRORJLH  
 
1RWDVXOO¶LQGDJLQH    
 
*OLHVSHUWL     
35(0(66$
,OSURJHWWR 
/¶LQGDJLQHSUHYLVLRQDOH³(XFOLGH,JHRPHWUL 
QHOIXWXUR´FRPPLVVLRQDWDGDORQVLJOLR1D]LRQDOH 
*HRPHWULH*HRPHWUL/DXUHDWLDOOD66WXGLXPHSUH 
VHQWDWDLQTXHVWRYROXPHVLqSURSRVWDO¶RELHWWLYRGL 
WUDFFLDUHXQRVFHQDULRVXOOHSLSUREDELOLHYROX]LRQL 
GHOODSURIHVVLRQHGHOJHRPHWUDLQ,WDOLDGDTXLDO 
FRQVLGHUDQGR OH LQÀXHQ]H HFRQRPLFKH SROLWLFKH H 
VRFLDOL VXO VHWWRUH ROWUH DOO¶HYROX]LRQH GHOOH DWWLYLWj 
ODYRUDWLYHLQUDSSRUWRDOO¶LVWUX]LRQHODIRUPD]LRQHH 
O¶LQQRYD]LRQHWHFQRORJLFDDOORVFRSRGLRWWHQHUHXQD 
YLVLRQHJOREDOHGLTXHOORFKHVDUjLOIXWXURGHOODSUR 
IHVVLRQHGHOJHRPHWUDLQ,WDOLDQHLSURVVLPLQRYHDQQL 
/¶LQGDJLQHSUHYLVLRQDOH 
,O UDSSRUWR GL ULFHUFD ³(XFOLGH  , JHRPHWUL 
QHOIXWXUR´UDSSUHVHQWDGXQTXHLOSXQWRGLDUULYRGLXQ 
SURJHWWRUHDOL]]DWRFRQUDSLGLWjPDDYYDOHQGRVLGLXQD 
PHWRGRORJLDULJRURVDHVSHULPHQWDWD/¶LQGDJLQHKDDI 
IURQWDWRLOWHPDGHOIXWXURGHOODSURIHVVLRQHGHOJHRPH 
WUDLQ,WDOLDSUHQGHQGRLQHVDPHVLDJOLDVSHWWLPDFUR 
HFRQRPLFLHVWUXWWXUDOLVLDOHGLQDPLFKHRUJDQL]]DWLYH 
HSURIHVVLRQDOLFKHFDUDWWHUL]]HUDQQRODSURIHVVLRQHGHO 
JHRPHWUDQHJOLDQQLIUDLOHLO 
/RVWXGLRqVWDWRFRQGRWWRFRQLOPHWRGR³'HOSKL´ 
XQRGHLSLDI¿GDELOLSHUODIRUPXOD]LRQHGLVFHQDULD 
PHGLR WHUPLQH FRQVXOWDQGR XQ TXDOL¿FDWR SDQHO GL 
(VSHUWLDSSDUWHQHQWLDGDUHHGLVFLSOLQDULHSURIHVVLR 
QDOLPROWRGLIIHUHQ]LDWH,QWDOHPDQLHUDqVWDWRSRVVL 
 
ELOHSUHQGHUHLQFRQVLGHUD]LRQHXQDPSLRYHQWDJOLRGL 
SURVSHWWLYHGLDQDOLVLFRPSOHPHQWDUL 
,OSDQHOGLHVSHUWL 
/¶LQGDJLQHSUHYLVLRQDOHFXUDWDGDOOD66WXGLXP 
KD YLVWR LO FRLQYROJLPHQWR GL *LRYDQQL XWROR 
3UHVLGHQWHGL6DQWD	ROH,WDOLDH9LFH3UHVLGHQWH 
GHOO¶$',
*DEULHOH'HO0HVH)RQGDWRUHGHOOD2YH 
$UXS ,WDOLD
0LFKHOH  'H /XFD 3UHVLGHQWH GHOOD 
6H]LRQH /DYRUR GHOOD RUWH GL DVVD]LRQH
0LUHOOD 
*LDQQLQLGRFHQWHDOO¶8QLYHUVLWjGL1DSROL³)HGHULFR 
,,´
0DUFR0DJQL¿FR9LFH3UHVLGHQWH(VHFXWLYRGHO 
)RQGR$PELHQWH ,WDOLDQR
0DULD *UD]LD  1DUGLHOOR 
JLj'LUHWWRUH*HQHUDOH0,85±RQVLJOLHUHGHO0LQLVWUR 
GHOOD3XEEOLFD,VWUX]LRQH
*LXVHSSH5RPD'LUHWWRUH 
*HQHUDOH GHO HQVLV
(GRDUGR 5RQFKL 3UHVLGHQWH 
GHOOD)RQGD]LRQHSHUOR6YLOXSSR6RVWHQLELOH
,OPHWRGR 
/DFUHGLELOLWjGHOUDSSRUWRSUHYLVLRQDOHqGLUHWWD 
PHQWHOHJDWDROWUHFKHDOODTXDOLWjSURIHVVLRQDOHJD 
UDQWLWDGDJOLHVSHUWLFRQVXOWDWLDOOHFDUDWWHULVWLFKHGHO 
PHWRGRDGRWWDWRSHUODVXDUHDOL]]D]LRQH 
 ODGRSSLDIRUPDGLFRQVXOWD]LRQHSULPDOLEHUD 
HULÀHVVLYDSRLDQDOLWLFDHEDVDWDVXOPHFFDQL 
VPRLQWHOOHWWXDOPHQWHLPSHJQDWLYRGHOODVFHOWD 
VHFFDIUDLO³6,´HLO³12´
O¶DQRQLPDWR UHFLSURFR GHJOL HVSHUWL FKH HYL 
WDVLDOHFRQWUDSSRVL]LRQLSUHJLXGL]LDOLVLDXQ 
DVVHQVRIRQGDWRSLVXOULVSHWWRGHOO¶DXWRUHYR 
OH]]DFKHVXXQDYHUL¿FDSXQWXDOH
ODVHOH]LRQHVHYHUDGHOOHSUHYLVLRQLDFFHWWDELOL 
FKH SRUWD D VFDUWDUH WXWWH OH LSRWHVL FKH QRQ 
UDJJLXQJRQR LO FRQVHQVR GHOOD PDJJLRUDQ]D 
GHJOLHVSHUWL
$OWHUPLQHGHOSURJHWWRLOULVXOWDWRYLHQHFRQVHJQD 
WRDGXQGLEDWWLWROLEHURPDSXQWXDOHFRQGRWWRIDFFLD 
DIDFFLDQHOIRUXPGHOJLXJQRD9HURQDFRQ 
O¶LQWHUYHQWRGHOJUXSSRGLDXWRUHYROLHVSHUWLFKLDPDWL 
DGLVFXWHUHOHLPSOLFD]LRQLGHLIHQRPHQLSUHYLVWLGDOOD 
ULFHUFD 
 
,/0$526(1$5,2
/¶(92/8=,21(62,$/( 
0XWDPHQWRHUHVLOLHQ]D 
/D UDSLGD H FRQWLQXD HYROX]LRQH GHOOD VRFLHWj 
JUD]LHDQFKHDOODJOREDOL]]D]LRQHHDOODGLIIXVLRQHGL 
,QWHUQHW FRQWLQXHUj D SRUWDUH WUDVIRUPD]LRQL LQ WXWWL 
L VHWWRUL GHOOD SURGX]LRQH H GHO VDSHUH H ULFKLHGHUj 
O¶DGDWWDPHQWR GL WXWWL L VHWWRUL SURGXWWLYL FRPSUHVL 
TXHOOLOHJDWLDOO¶LQGXVWULDGHOFRVWUXLUHRORURFKHVD 
UDQQRLQFDSDFLGLDGDWWDUVLUDSLGDPHQWHHFRQVDJJH] 
]DVDUDQQRHVFOXVLGDOJUDQGHPHUFDWRDFFRQWHQWDQ 
GRVLVRORGLRSHUD]LRQLDLPDUJLQLGHLJUDQGLVYLOXSSL 
FLzVDUjYDOLGRDQFKHHVRSUDWWXWWRSHUL*HRPHWUL 
6XO SLDQR GHL IHQRPHQL FXOWXUDOL QHL SURVVLPL 
DQQL DVVLVWHUHPR DO UHFXSHUR H DOOD ULYDORUL]]D]LRQH 
GHJOLHOHPHQWLXQLFLFKHFDUDWWHUL]]DQRO¶LGHQWLWjGHO 
QRVWUR 3DHVH OD VWRULD OD WUDGL]LRQH H LO SDWULPRQLR 
FXOWXUDOH 
5LVFKLSLIRUWLRFFDVLRQLSLJKLRWWH 
1HOSURVVLPRGHFHQQLRSURVHJXLUDQQROHWHQGHQ]H 
 
DWWXDOL 
 VLDYHUVRXQDVHPSUHSLDFFHQWXDWDJOREDOL] 
]D]LRQH 
 VLDYHUVRXQ¶RSSRVWDWHQGHQ]DDOORFDOLVPRWHU 
ULWRULDOH 
/D JOREDOL]]D]LRQH GHOOR VYLOXSSR UDIIRU]DQGRVL 
QHL JUDQGL 3DHVL GL QXRYD LQGXVWULDOL]]D]LRQH FRQ 
FHQWLQDLDGLPLOLRQLGLDELWDQWL 
 DJJUDYHUj OH FULVL DPELHQWDOL D SDUWLUH GDOOD 
 
TXHOODFOLPDWLFD 
 VROOHFLWHUj SURIRQGL FDPELDPHQWL YHUVR XQD 
PDJJLRUHVRVWHQLELOLWjDPELHQWDOHVLDQHLPR 
GHOOLGLSURGX]LRQHVLDQHLFRQVXPL 
,QROWUH VL DOODUJKHUj XOWHULRUPHQWH LO GLYDULR WUD 
FRORURFKHWUDUUDQQRYDQWDJJLGDOOHGLQDPLFKHHFRQR 
PLFKHVRFLDOLHFXOWXUDOLGDXQDSDUWHHJOLHPDUJLQDWL 
GDOODQXRYDHFRQRPLDGDOO¶DOWUD 
/¶DFFHQWXDWD JOREDOL]]D]LRQH UHQGHQGR LO PRQGR 
SLSLFFRORHLQWHUGLSHQGHQWHFRQXQDIRUWHFLUFROD]LRQH 
GL FRQRVFHQ]D LQIRUPD]LRQH FDSLWDOL SHUVRQH EHQL H 
VHUYL]LFRVWULQJHUjVHPSUHSLDQFKHLSURIHVVLRQLVWLGHO 
VHWWRUHGHOOHFRVWUX]LRQLDPLVXUDUVLLQXQDUHDOWjPDJ 
JLRUPHQWHFRPSHWLWLYDHFRPSOHVVD/DJOREDOL]]D]LRQH 
VWHVVDSHUzPHWWHUjORURDGLVSRVL]LRQHDQFKHXQSRWHQ 
]LDOHG¶D]LRQHPROWRSLDPSLR 
3URGRPRVXD 
1HLSURVVLPLDQQLVLUDIIRU]HUjDQFKHODWHQGHQ]D 
DOORFDOLVPR 
 VLDQHOOHVSLQWHSLQHJDWLYHGLFKLXVXUDH[H 
QRIRELD 
 VLDLQTXHOOHSRVLWLYHGLYDORUL]]D]LRQHFXOWXUDOH 
GHOOHGLYHUVLWjWHUULWRULDOLTXHOOHORFDOLPDDQ 
FKHTXHOOHGHOODWHUUDGLRULJLQHGHLSURSULSDGUL
/DWHQGHQ]DDOORFDOLVPRSRUWHUjDGXQDPDJJLRUH
DWWHQ]LRQHDOODTXDOLWjGHOSURSULRFRQWHVWRWHUULWRULD 
OHROWUHFKHGHOODVLQJRODSURSULDDELWD]LRQH 
,QWHUSUHWDUHODEHOOH]]D 
1HOO¶DSSURFFLR DO FRVWUXLUH GHL SURVVLPL DQQL YL 
VDUjPDJJLRUHDWWHQ]LRQHDLSDUDPHWULHVWHWLFLGLFR 
ORUHIRUPHHSURSRU]LRQLFKHULVSHWWLQRO¶LGHQWLWjHOD 
EHOOH]]DLWDOLDQDHORFDOH 
,IXWXULJHRPHWULDYUDQQRXQUXRORSULPDULRLQWDO 
VHQVR SHU HYLWDUH SURJHWWL FRQWUDVWDQWL FRQ OD VWRULD 
HO¶LGHQWLWjGHLVLQJROLOXRJKLLQFXLVRQRFKLDPDWLD 
FRVWUXLUH6DUjSHUWDQWRSHUORURQHFHVVDULDXQDULYL 
VLWD]LRQH GHL OLQJXDJJL FXOWXUDOL FRQ XQD PDJJLRUH 
SUHSDUD]LRQH LQ PDWHULH DUWLVWLFKH DUFKLWHWWRQLFKH H 
DPELHQWDOL 
RVWUXLUHVHQ]DIUHQHVLD 
1HOSURVVLPRGHFHQQLRO¶DSSURFFLRGHLSURIHVVLR 
QLVWL GHO FRVWUXLUH VXELUj SURIRQGL FDPELDPHQWL FKH 
ULJXDUGHUDQQRLQSDUWLFRODUPRGRLOULVSHWWRGHOWHUUL 
WRULRHGHOO¶DPELHQWH6XSHUDWDO¶HSRFDGHOFRVWUXLUH 
DQFKHLQPRGRIUHQHWLFRSHUIDUIURQWHDOODGRPDQGD 
GLDELWD]LRQLVLDWWLYHUjO¶DWWHQ]LRQHDGDVSHWWLSLJH 
QHUDOLTXHVWLULJXDUGHUDQQR 
 ODTXDOLWjGHOODYLWD 
 ODVDOYDJXDUGLDSDHVDJJLVWLFD 
 
 LOFRQWHQLPHQWRGHLFRQVXPLHQHUJHWLFL 
 O¶LPSLHJR GL IRQWL DOWHUQDWLYH GL SURGX]LRQH 
 
GHOO¶HQHUJLD 
6L SRUUj LQROWUH PROWD SL FXUD QHOOD VFHOWD H 
QHOO¶XWLOL]]RGHLPDWHULDOLGDFRVWUX]LRQHFRQXQULQ 
QRYDWRULVSHWWRSHUHYLWDUHORVSUHFRGLULVRUVHHSHU 
LPSHGLUH FKH HGL¿FL LPSURSUL SRVVDQR FUHDUH GLVDU 
PRQLHFRQLOWHVVXWRXUEDQRHVLVWHQWH 
*UD]LHDOULVDQDPHQWRHQHUJHWLFRQHJOLHGL¿FLHVL 
VWHQWLYHUUDQQRVHQVLELOPHQWHULGRWWHOHHPLVVLRQLGL 
DQLGULGH FDUERQLFD SURGRWWH GDO ULVFDOGDPHQWR H GDL 
VLVWHPLGLSURGX]LRQHGHOO¶DFTXDFDOGD 
3URJHWWD]LRQHHSDUWHFLSD]LRQH 
1HLSURVVLPLDQQLVLSXQWHUjLQROWUHVXOO¶DJULFRO 
WXUDLQTXDOLWjGLIRQWHSULPDULDGHOO¶HFRQRPLDHPL 
JOLRUPHWRGRSHUWXWHODUHLOSDHVDJJLRHSHUIDYRULUH 
ORVYLOXSSRWXULVWLFR 
, SURIHVVLRQLVWL GHO FRVWUXLUH GLYHQWHUDQQR LQ 
WHUSUHWL GHL FDPELDPHQWL QHOOD SHUFH]LRQH XPDQD 
GHOO¶DPELHQWHFRQWULEXHQGRDOUHFXSHURGHOODSDUWHFL 
SD]LRQHGHOODFRPXQLWjGHOIDWWRUHVRFLDOHHGXPDQR 
QHLSURFHVVLGLSURJUDPPD]LRQHHSURJHWWD]LRQHGHO 
IXWXUR
/(7(1'(1=((2120,+( 
4XDQWRYDOHODYLYLELOLWj 
6LPDQLIHVWHUDQQRQHLSURVVLPLDQQLFDPELDPHQWL 
SURIRQGLQHOUDSSRUWRIUDHFRQRPLDHWUDVIRUPD]LRQH 
GHOWHUULWRULRLSRWHULHFRQRPLFLSUHPLHUDQQROHLQL 
]LDWLYHHGLSURJHWWLSHUFLWWjSLYLYLELOLQHOULVSHWWR 
GHOWHUULWRULRHGHOO¶DPELHQWH$XPHQWHUjTXLQGLO¶DW 
WHQ]LRQHGHOODULFHUFDVFLHQWL¿FDSHUXQFRUUHWWRLP 
SLHJR GHOOH ULVRUVH H GHJOL VWUXPHQWL SHU XQ XVR SL 
UD]LRQDOHGHOWHUULWRULR 
(PHUJHUDQQRQXRYHVROX]LRQLLQPDWHULDGLKDEL 
WDWLQUDSSRUWRDOO¶HTXLOLEULRWUDYLWDSULYDWDHODYRUR 
DOOHVFHOWHDELWDWLYHHVHUYL]LSXEEOLFLDOODJHVWLRQHH 
LOULFLFODJJLRGHLUL¿XWLDOODVLFXUH]]DHODTXDOLWjGHL 
FLELHWF
FKHIDYRULUDQQRODFUHVFLWDGLQXRYLVHWWRUL 
GLLQWHUYHQWRSURIHVVLRQDOHDQFKHSHULJHRPHWUL 
 HQHUJLD 
 VLFXUH]]D 
 DPELHQWHHGHFRORJLD 
1HOO¶DPELWR GHOO¶HGLOL]LD LO PHUFDWR VDUj LQROWUH 
 
FRQGL]LRQDWR 
 GDOO¶DSSOLFD]LRQHGHOOHQXRYHWHFQRORJLH 
 GDOOD YROXELOLWj GHOO¶RULHQWDPHQWR GHO PHUFDWR 
LQUDSSRUWRDOOHYDULHIDVLGHOODFULVLHFRQRPLFD 
 GDOO¶LQWHUQD]LRQDOL]]D]LRQHGHOODSURGX]LRQHH 
GHJOLVFDPELGLSURGRWWLFDSLWDOLHSHUVRQH 
LQWHVWUHWWHHFDVHSLFFROH 
/¶,WDOLDQHLSURVVLPLDQQLVXELUjDQFRUDOHFRQ 
VHJXHQ]HGHOODFULVLHFRQRPLFDUHVWDQGRLQFDSDFHGL 
XQDFUHVFLWDUDSLGD,OQXRYRFRVWUXLWRLQWHUPLQLGL 
YHUDHSURSULDHVSDQVLRQHDOQHWWRGHOODGHPROL]LRQH 
HVRVWLWX]LRQH
DYUjXQRVSD]LRPLQRUHFKHLQSDVVDWR 
(QWUDQGRSLQHOORVSHFL¿FRQHLSURVVLPLDQQLLO 
PHUFDWRGHOOHFRVWUX]LRQLFRQIHUPHUjODVXDVHJPHQ 
WD]LRQHULSDUWLWDLQ 
 PHUFDWR GL FRQVXPR SUHYDOHQWHPHQWH UHVL 
GHQ]LDOHGDOOHSLFFROHULVWUXWWXUD]LRQLGLHGL¿ 
FLIDPLOLDUL¿QRDGLQWHUYHQWLSLDPSLHFRP 
SOHVVL
LQFXLVDUDQQRULFKLHVWHSURIHVVLRQDOLWj 
SOXULPHWUDWWDQGRVLGLSURGRWWLGLYHUVL 
 PHUFDWRFRUSRUDWHULJXDUGDQWHOHFRVWUX]LRQL 
SHULQYHVWLPHQWRHSHUXVRGLUHWWRGHOOHLPSUH 
VHLQFXLYLVDUDQQRVSD]LDQFKHSHULOWDJOLR 
PHGLRSLFFRORGHJOLHGL¿FLSHUODSURGX]LRQH 
DGHVFDSDQQRQLLQGXVWULDOLRFRVWUX]LRQLSHU 
ODORJLVWLFD
PHUFDWR SXEEOLFR ULJXDUGDQWH OH RSHUH SXE 
EOLFKH LQ ,WDOLD SHU OH TXDOL VL FRQIHUPHUj OD 
WHQGHQ]DGHOOHSLFFROHRSHUHFRPHOHURWRQGH 
VWUDGDOL
DUDSSUHVHQWDUHODPDJJLRUDQ]DGHJOL 
DSSDOWL 
,OPHUFDWRFUHDWRGDOODGRPDQGDGHOSULYDWRFKH 
LQWHQGHFRVWUXLUHRULVWUXWWXUDUHODSURSULDDELWD]LR 
QHLQFXLLOUXRORGHLSURIHVVLRQLVWLqPDJJLRUHLQ 
TXDQWR LQWHUORFXWRUL GLUHWWL H GL ULIHULPHQWR GHOOD 
FRPPLWWHQ]DVDUjPROWRLQÀXHQ]DWRGDOOHWHQGHQ 
]HHFRQRPLFKH
/DWHQWD]LRQHROLJRSROLVWLFD 
,OPHUFDWRGHULYDQWHGDOODGRPDQGDGHOO¶LPSUHVD 
FKH FRVWUXLVFH R ULVWUXWWXUD SHU YHQGHUH YHGUj XQD 
ULGX]LRQH QRWHYROH GHL JXDGDJQL GHL SURIHVVLRQLVWL 
GRYXWDD 
 ODULGX]LRQHGHJOLLQYHVWLPHQWLHGHLPDUJLQLSHUOH 
 
LPSUHVH 
 O¶HFFHVVLYRQXPHURGLSURIHVVLRQLVWLFKHRSHUDQR 
QHOVHWWRUH 
1HL SURVVLPL DQQL SHU DFTXLVLUH PDJJLRUL FRP 
PLWWHQ]HVL FHUFKHUjGL VRSSLDQWDUHOHORJLFKHGHOOD 
FRQFRUUHQ]D FRQ IRUPH GL PRQRSROLR R GL FRQWUROOR 
GLVHJPHQWLGHOPHUFDWRDXWRGLUHWWLYRFLRqGDSDUWH 
GHOO¶2UGLQHSURIHVVLRQDOHRHWHURGLUHWWLYRDGRSHUD 
GHO*RYHUQRORFDOH
1RQRVWDQWH OD SUHPLQHQ]D GHO UHVWDXUR H GHOOD 
ULVWUXWWXUD]LRQH ULVSHWWR DOOH QXRYH FRVWUX]LRQL FR 
PXQTXHSHUJOLRSHUDWRULHFRQRPLFLGHOVHWWRUHGHOOH 
FRVWUX]LRQLQRQVLPDQLIHVWHUDQQRGLI¿FROWjSHUSUR 
VSHUDUHHIDUHSUR¿WWLDQFKHQHO 
/DWHQWD]LRQHGHOFHPHQWR 
(VFOXGHQGROHRSHUHLQIUDVWUXWWXUDOLYLDULHIHUUR 
YLDULHDHURSRUWXDOLHWFO¶HGLOL]LDIXWXUDVDUjGXQTXH 
¿QDOL]]DWDSULQFLSDOPHQWHDOUHFXSHURGHOO¶HVLVWHQWH 
FRQXQDPDJJLRUHDWWHQ]LRQHDJOLDVSHWWLHGLOL]LXUED 
QLVWLFLHQHUJHWLFLHDPELHQWDOL,OQXRYRHGL¿FDWRGL 
SLFFRODGLPHQVLRQHDELWDWLYRGLVHUYL]LHLQGXVWULDOH
DYUjPRGHVWLOLYHOOLGLVYLOXSSRHGLVRVWLWX]LRQH 
7XWWDYLD QHL SURVVLPL DQQL OD SURSHQVLRQH D 
HVSDQGHUH LO WHUULWRULR FRVWUXLWR QRQ VL HVDXULUj /H 
IXQ]LRQLGLYLWDHGLSURGX]LRQHGHOO¶HFRQRPLDWHU]LD 
ULDLOFXLFRQWULEXWRDO3LOUHVWHUjFUHVFHQWHQHOOHVR 
FLHWjDYDQ]DWHFRQWLQXHUDQQRDSUHPHUHSHUDOORFDUVL 
LQQXRYLVSD]L 
/D WHQGHQ]D SUHYDOHQWH SHUz VDUj O¶DIIHUPD]LR 
QHGLXQQXRYRPRGRGLFRVWUXLUHYROWRDVRGGLVIDUH 
O¶HPHUVLRQHGLQXRYHHVLJHQ]HWXWHODDPELHQWDOHUL 
VSDUPLRHQHUJHWLFRHWF
/DWHQWD]LRQHGHOOD¿QDQ]D 
/¶HVSDQVLRQHGHOVHWWRUHGHOOHFRVWUX]LRQLGLSHQ 
GHUjGDOODFDSDFLWjGLLQFRUSRUDUHJOLHOHPHQWLFDUGLQL 
GHOODQXRYDHFRQRPLDTXDOLODWHFQRORJLDHOD¿QDQ]D 
1HOSURVVLPRIXWXURLOSURMHFW¿QDQFLQJLQÀXLUj 
VHPSUHSLVXOO¶DSSURFFLRWUDGL]LRQDOHDOODSURJHWWD 
]LRQHULFKLHGHQGRDLSURIHVVLRQLVWLXQQXRYRHULJH 
QHUDWRDSSRUWRGLTXDOLWjSURIHVVLRQDOHSHUDGDWWDUVL 
DL QXRYL VFHQDUL 9D SHUz FRQVLGHUDWR FKH HVVR QRQ 
UDSSUHVHQWHUjORVWDQGDUGSHUODPDJJLRUSDUWHGHJOL 
LQYHVWLPHQWLQHOPRQGRGHOOHFRVWUX]LRQLVLDSXEEOL 
FKHFKHSULYDWH
'(02*5$),$85%$1,67,$7(55,725,2 
3OXUDOLVPRHWQLFR 
1HL SURVVLPL DQQL OD PRGHVWD FUHVFLWD GHPRJUD 
¿FD VDUj LQWHUDPHQWH GRYXWD DJOL LPPLJUDWL FRQ XQ 
GLYHUVRLPSDWWRVXOODGRPDQGDDELWDWLYDGHOOHFLWWj 
 DOFXQHFRPXQLWjFRPHTXHOOHGLRULJLQHFLQH 
VHSLFRHVHHFRQPDJJLRUHFDSDFLWjHFRQR 
PLFD WHQGHUDQQR DG DFTXLVLUH LQWHUL VWDELOL H 
D FUHDUH ]RQH GRYH VRQR SUHVHQWL LQ PDQLHUD 
PDVVLFFLD 
 DOWUL FRPH TXHOOL GL RULJLQH ¿OLSSLQD LPSLH 
JDWL SHUORSL FRPH FROODERUDWRUL GRPHVWLFL 
SRUWLHULHQHOODULVWRUD]LRQHFHUFKHUDQQRUHVL 
GHQ]HSLSURVVLPHDLOXRJKLGLODYRURDGDW 
WDQGRVLSUHVVROHDELWD]LRQLGRYHODYRUDQRRLQ 
DIIROODWLDOORJJLGLEDVVDTXDOLWj 
 ODPDVVDGLUXPHQLSRODFFKLDOEDQHVLHQRU 
GDIULFDQLRFFXSDWDLQSLFFROHLPSUHVHHGLOL]LD 
R DJULFROWXUD GLVSRUUj GL UHGGLWL EDVVL VSHV 
VRSUHFDULHUDUDPHQWHDFTXLVWHUjXQDQXRYD 
FDVD SUHIHUHQGR VROX]LRQL D EDVVR FRVWR DO 
ORJJL LQ FRQGL]LRQL SUHFDULH GLVWULEXLWH QHOOH 
SHULIHULHRIXRULGDOOHFLWWj
(WLFDHXUEDQLVWLFD 
$FDXVDGHOODFUHVFLWDGHPRJUD¿FDGHOOHFLWWjLWD 
OLDQHIDYRULWDGDOODFRPSRQHQWHLPPLJUDWDVLFUHHUj 
XQDGRPDQGDGLFLUFDDELWD]LRQLDJJLXQWLYH 
DOO¶DQQR 
/¶LQJHQWH IHQRPHQR PLJUDWRULR YHUVR OH FLWWj LO 
SUROLIHUDUH GHOOH PRGHUQH PHJDORSROL HG L SUREOHPL 
OHJDWLDOORURVYLOXSSRULFKLHGHUDQQRDLSURIHVVLRQL 
VWLGHOFRVWUXLUHXQDPDJJLRUHFRQVDSHYROH]]DGHOOH 
LPSOLFD]LRQLHWLFKHVRFLDOLHPRUDOL,JUDQGLVYLOXSSL 
GHOSURVVLPRGHFHQQLRULJXDUGHUDQQRSULQFLSDOPHQWH 
RELHWWLYL FKH SUHGLOLJDQR OH LQIUDVWUXWWXUH H OH RSHUH 
DFDUDWWHUHVRFLDOHLQFOXVHTXHOOHUHODWLYHDLFRJHQWL 
SUREOHPLGLVRVWHQLELOLWjGHOQRVWURSLDQHWD 
/¶LQFUHPHQWR GHPRJUD¿FR GRYXWR DOO¶LPPLJUD 
]LRQHULFKLHGHUjPLVXUHGLLQWHJUD]LRQHHFRQRPLFDH 
VRFLDOHPDSURGXUUjUDUDPHQWHVLJQL¿FDWLYHSRVVLEL 
OLWjRFFXSD]LRQDOLDJJLXQWLYHSHULSURIHVVLRQLVWLGHO 
VHWWRUHHGLOH 
9LWDVRVWHQLELOHFRVWLLQVRSSRUWDELOL 
,OSUH]]RHOHYDWRGLDI¿WWLHFDVHQHOOHJUDQGLHPH 
GLHFLWWjFRQWLQXHUjDIDYRULUHO¶DEEDQGRQRGHLFHQWUL 
XUEDQLYHUVR]RQHSLSHULIHULFKHGDSDUWHGLJLRYDQL 
HQXRYHFRSSLHPDDQFKHGHJOLDQ]LDQLSHQVLRQDWL 
6L DVVLVWHUj VHSSXUH FRQ XQ¶DIIHUPD]LRQH PROWR 
OHQWD H SURJUHVVLYD QHO FRUVR GHO GHFHQQLR DG XQD 
UXUDOL]]D]LRQHGHOODFLWWjLQIXQ]LRQHGHOODPDJJLRU 
DWWHQ]LRQHDOO¶HFRVRVWHQLELOLWjDOUHFXSHURGHOODSLF
FROD SURGX]LRQH DOLPHQWDUH LQ DPELWR XUEDQR DOOD 
TXDOLWjDPELHQWDOHLQVHQVRODWR 
7UDVIRUPD]LRQLHUUDWLFKH 
/D JHVWLRQH SROLWLFD GHOO¶XUEDQLVWLFD H GHOOH WUD 
VIRUPD]LRQLGHOWHUULWRULRFRQWLQXHUjDHVVHUHEDVDWD 
VXXQDVFDUVDSURJUDPPD]LRQHHVXOODPDQFDQ]DGL 
VWUDWHJLHDPHGLRHOXQJRWHUPLQH 
/¶XUEDQLVWLFD FRQWLQXHUj GXQTXH D ULVHQWLUH 
GHOO¶DVVHQ]D GL XQD SROLWLFD DGHJXDWD FRQ LO ULVXO 
WDWRFKHLOVHWWRUHDQGUjYLDYLDSLLQFULVL/HFLWWj 
FRQWLQXHUDQQRDVXELUHXQDWUDVIRUPD]LRQHXUEDQLVWL 
FD GHWWDWD GDOOH VSHFXOD]LRQL SLXWWRVWR FKH GD OLQHH 
GL VYLOXSSR SLDQL¿FDWH VL YHGD DG HV LO FRVLGGHWWR 
³3LDQRFDVD´
,OSDUDGLJPDGHOODTXDOLWj 
*OL XUEDQLVWL GHL SURVVLPL DQQL WHQGHUDQQR D UL 
VSHWWDUHO¶LWDOLDQZDRIOLIHHODSHFXOLDUHVHQVLELOLWj 
GHJOLLWDOLDQLYHUVRODTXDOLWjGHOODYLWD6LHYLWHUjSHU 
WDQWRGLVHJXLUHLOPRGHOORGHOOHPHJDORSROLSULYLOH 
JLDQGROHDELWXGLQLLWDOLDQHGHOODYLWDGDTXDUWLHUHHOD 
SUHIHUHQ]DSHULFHQWULVDWHOOLWLIXRULFLWWj 
6LSRUUjPDJJLRUHDWWHQ]LRQHDOO¶LQWHJUD]LRQHWUD 
WHFQRORJLDHTXDOLWjQHOODSURJHWWD]LRQHSHUODJHVWLR 
QHGHJOLVSD]LXUEDQLHSDHVDJJLVWLFL 
, SURIHVVLRQLVWL RSHUDQWL QHOO¶DPELWR GHOOD SUR 
 
JHWWD]LRQHDYUDQQRODFDSDFLWjGLULFRQRVFHUHLYDOR 
UL DPELHQWDOL HG HVWHWLFL SUHVHQWL QHL OXRJKL LQ FXL q 
SUHYLVWRLOORURLQWHUYHQWRXWLOL]]DQGROLFRPHSXQWR 
GLULIHULPHQWRSHUODSURSULDD]LRQH$QFKHLJHRPH 
WUL ROWUH DO QRUPDOH ULVSHWWR GHOOH QRUPDWLYH H GHOOD 
GHRQWRORJLD SURIHVVLRQDOH VYROJHUDQQR VHPSUH SL 
L SURSUL LQFDULFKL LQGLYLGXDQGR H PLWLJDQGR L IDWWRUL 
GHWUDWWRULGHOODTXDOLWjHGHOODEHOOH]]DSDHVDJJLVWLFD 
,JHRPHWULLQIDWWL 
 VYROJHUDQQR XQ¶D]LRQH GL VHQVLELOL]]D]LRQH H 
IRUPD]LRQHLQPDWHULDDPELHQWDOH 
 FRQWULEXLUDQQRDOUHFXSHURHGLOL]LR 
 SURPXRYHUDQQRODYLYLELOLWjHLOGHVLJQXUED 
 
QR 
/HJLWWLPD]LRQHSURIHVVLRQDOH 
1HLSURVVLPLDQQLLSURIHVVLRQLVWLGHOFRVWUXLUHVD 
UDQQRGXQTXHFDSDFLGLLQFLGHUHVXOOHQXRYHHVLJHQ]H 
FKHVLSUHVHQWHUDQQRGLIURQWHDLFRQWLQXLPXWDPHQWL 
GHOWHUULWRULRLzFRQVHQWLUjORURGLOHJLWWLPDUVLHUHQ 
GHUVLDI¿GDELOL 
/D FRQRVFHQ]D GHO WHUULWRULR SDWULPRQLR VRSUDW 
WXWWR GHL JHRPHWUL VDUj LPSLHJDWD SHU HVHUFLWDUH XQ 
DWWHQWRFRQWUROORVXWXWWHOHDWWLYLWjWHQGHQWLDPRGL 
¿FDUOR 
/DWUDVIRUPD]LRQHGHOWHUULWRULRLPSRUUjDOSURIHV 
VLRQLVWDODVFHOWDGLQXRYLPRGHOOLRSHUDWLYLFKHPLUL 
QRROWUHFKHDOODTXDOLWjSURJHWWXDOHDWXWWLLVXFFHV 
VLYLDVSHWWLJHVWLRQDOL
/¶,1)/8(1=$'(//(32/,7,+( 
38%%/,+( 
/DSRODUL]]D]LRQHDPPLQLVWUDWLYD 
/H SROLWLFKH HXURSHH H QD]LRQDOL DYUDQQR XQ¶LQ 
ÀXHQ]DGLUHWWDVXOODGLVFLSOLQDGHOOHFRVWUX]LRQLQR 
QRVWDQWH OH FRPSHWHQ]H GHWHQXWH ± LQ IXQ]LRQH GHO 
GHWWDWRFRVWLWX]LRQDOH±GDOODOHJLVOD]LRQHUHJLRQDOHH 
GDOODUHJRODPHQWD]LRQHORFDOHWUDPLWHLFRPXQL 
1HOSURVVLPRGHFHQQLROHSROLWLFKHSXEEOLFKHLQ 
ÀXHQ]HUDQQRO¶DSSURFFLRDOFRVWUXLUHLQTXDQWRHVVH 
VWHVVH FRQGL]LRQDWH GDOOH PLJUD]LRQL H GDJOL VSRVWD 
PHQWLDOO¶LQWHUQRGLRJQLSDHVH 
/HSROLWLFKHHXURSHHFRQWLQXHUDQQRD³UHJRODUL] 
]DUH´HUD]LRQDOL]]DUHTXHOOHQD]LRQDOL4XHVWHXOWLPH 
WHQGHUDQQRDSHUGHUHLPSRUWDQ]DDYDQWDJJLRGLTXHO 
OHFRQWLQHQWDOHHORFDOL 
1HLSURVVLPLDQQLDGHVHPSLRQRQYHUUDQQRPHV 
VLLQGLVFXVVLRQHLYLQFROLFUHDWLGDOOHSROLWLFKHHXUR 
SHH SHU O¶DJULFROWXUD SHQDOL]]DQWL SHU O¶HFRQRPLD 
LWDOLDQD 
$QFKH OD UHJRODPHQWD]LRQH SURIHVVLRQDOH QD]LR 
QDOHHORFDOHVDUjFRQGL]LRQDWDGDOOHSROLWLFKHHXUR 
SHH YHUVR XQD PDJJLRUH FRQIRUPLWj GL GHRQWROR 
JLH H SUDWLFKH WUD L 3DHVL FKH DGHULVFRQR DOO¶8QLRQH 
(XURSHD 
 
8QDVDOXWDUHDSHUWXUD 
1HOSURVVLPRIXWXURYHUUDQQRDIIURQWDWLHULVROWLL 
SUREOHPLULJXDUGDQWLLWHPLGHOODFRPSHWLWLYLWjHPR 
ELOLWjLQWHOOHWWXDOHQHOO¶8QLRQH(XURSHD 
/D OLEHUD FLUFROD]LRQH GL EHQL VHUYL]L H SHUVRQH 
DPSOLHUjDQFKHLOPHUFDWRGHOOHSURIHVVLRQLFDXVDQGR 
IUD O¶DOWUR XQ DXPHQWR GHOOD FRQFRUUHQ]D WUD SURIHV 
VLRQLVWL 
,OIXWXURGHOOHSURIHVVLRQLLWDOLDQHVDUjFRPXQTXH 
LQÀXHQ]DWR LQ PDQLHUD FRPSOHVVLYDPHQWH SRVLWLYD 
GDLFULWHULFRPXQLWDULGLFRQFRUUHQ]DQRQRVWDQWHHVVL 
WHQGHUDQQRDVIXPDUHLOYDORUHGHOWLWRORIRUPDOHSHU 
SULYLOHJLDUHOHFDSDFLWjVRVWDQ]LDOLGHO³VDSHUIDUH´ 
/¶DSHUWXUDGHOOHIURQWLHUHDOODPRELOLWjGHLSURIHV 
VLRQLVWL D OLYHOOR HXURSHR DG HVHPSLR PRGL¿FKHUj 
UDGLFDOPHQWHDQFKHOHFRQGL]LRQLGLHVHUFL]LRGHOO¶DW 
WLYLWjGHLJHRPHWULFRQVHQWHQGRODVXGGLYLVLRQHGHOOH 
DWWLYLWj H OD SRVVLELOH HVWHUQDOL]]D]LRQH GL HODERUDWL 
WHFQLFLDQFKHDOWDPHQWHSURIHVVLRQDOLFKHSRWUDQQR 
HVVHUHUHGDWWLDFRVWLLUULOHYDQWLHLQPRGRSLHI¿FLHQ 
WHLQDOWUHQD]LRQL 
/R6WDWROXPDFD 
/HSROLWLFKHHXURSHHDYUDQQRXQLPSDWWRVLJQL¿ 
FDWLYRVXOO¶HGLOL]LDVHWWRUHVWUDWHJLFDPHQWHLPSRUWDQ 
WHSHUO¶(XURSDGDFXLGLSHQGRQRPROWLUDPLGHOO¶HFR 
QRPLD /D OLEHUD FLUFROD]LRQH GL VHUYL]L OHJDWL DOOH 
FRQRVFHQ]HWHFQLFKHFRVWLWXLUjXQDSULRULWjULOHYDQWH 
DQFKHQHOOHSROLWLFKHQD]LRQDOLHORFDOL
*OL HIIHWWL VXOOH SURIHVVLRQL GHO VHWWRUH VDUDQQR 
FRQVLVWHQWLPDQRQQHOEUHYHSHULRGRLQTXDQWRQHL 
SURVVLPL DQQL FRQWLQXHUj D ULVXOWDUH FDUHQWH O¶LQWHU 
YHQWRGHOOR6WDWRLWDOLDQRSHUDJHYRODUHODPRELOLWj 
JHRJUD¿FDHSURIHVVLRQDOHHSHUDGHJXDUHLOPHUFDWR 
GHOODYRURDOOHWUDVIRUPD]LRQLLQGXVWULDOLHDLFDPELD 
PHQWLGHOVLVWHPDHFRQRPLFR 
$QRPDOLHOLWDULIDUUDJLQRVL 
,O IXWXUR GHOOH FLWWj H GHL VLQJROL VYLOXSSL XUED 
QLHQWUROHFLWWjULVHQWLUjDQFKHGHOOHSROLWLFKHSHULO 
WHUULWRULRORFDOLHQD]LRQDOL/DSROLWLFDGHOWHUULWRULR 
SXQWHUjDFRQWUROODUHHGHTXLOLEUDUHVYLOXSSRVRFLDOH 
HVYLOXSSRXUEDQR 
7XWWDYLDFRPHDSSHQDDQWLFLSDWRLOVHWWRUHGHOOH 
FRVWUX]LRQL ULVHQWLUj GHOOD SROLWLFD QD]LRQDOH VRSUDW 
WXWWRLQIXQ]LRQHGHOOHFDUHQ]HGHLULWDUGLGHOOHRPLV 
VLRQLGLTXHVW¶XOWLPD 
1HOSURVVLPRGHFHQQLRDGHVHPSLRDOLYHOORQD 
]LRQDOH SHUVLVWHUj O¶DQRPDOLD GHO ³3LDQR FDVD´ GH 
VWLQDWR D FRQGL]LRQDUH LO VHWWRUH DQFRUD SHU TXDOFKH 
DQQR 
,QROWUH QRQ VL SDVVHUj GD TXL DO  GD XQR 
VYLOXSSR GHOOH LQIUDVWUXWWXUH IHUURYLDULH WXWWR EDVDWR 
VXOO¶$OWDYHORFLWjDGXQRFKHUHFXSHULOHUHWLPLQRUL 
LQPDQLHUDWDOHGDUHQGHUHO¶LQIUDVWUXWWXUDIDYRUHYROH 
DFKLYXROHFRQRVFHUHLOWHUULWRULR 
/¶$XWRULWj JDUDQWH GHOOD FRQFRUUHQ]D H GHO PHU 
FDWR GDO FDQWR VXR FRQWLQXHUj DG DYHUH XQ UHJLPH 
UHJRODPHQWDUH OHJLVODWLYR WURSSR FRPSOHVVR H IDUUD 
 
JLQRVRFKHVDUjLPSRVVLELOHVQHOOLUHHUD]LRQDOL]]DUH 
QHOEUHYHWHUPLQH 
/¶DUWHGHOO¶HI¿FLHQ]D 
/¶DUWH GHO FRVWUXLUH VDUj IRUWHPHQWH LQÀXHQ]DWD 
GDOOD HVLJHQ]D GHO ULVSHWWR GHOO¶DPELHQWH H GHO SDH 
VDJJLRFRVuFRPHVDQFLWDGDOODRQYHQ]LRQH(XURSHD 
GHO3DHVDJJLRQHOJHQQDLRGHO 
8QDGHOOHSULQFLSDOLLQÀXHQ]HGHOOHSROLWLFKHGHL 
SURVVLPLDQQLULJXDUGHUjSURSULROHD]LRQLSHUULGXUUH 
O¶LPSDWWRDPELHQWDOHLQSDUWLFRODUHLQPHULWRDOO¶XVR 
GLHQHUJLDVXOGXSOLFHSLDQR 
 GHOORVYLOXSSRGHOOHHQHUJLHULQQRYDELOL 
 GHOULVSDUPLRHQHUJHWLFRSHUIDUHLQPRGRFKH 
LOSDWULPRQLRHGLOL]LRVLDSURVVLPRDOOHFODVVL 
GLFRQVXPR$H% 
/H GLUHWWLYH HXURSHH DYUDQQR XQ¶LQÀXHQ]D ULOH 
YDQWHVXOOHFRVWUX]LRQLDQFKHLQPHULWRDOODJHVWLRQH 
GHLUL¿XWLGDFRVWUX]LRQHHGHPROL]LRQH 
1HO QRVWUR 3DHVH FRPXQTXH QHL SURVVLPL DQQL 
QRQ YHUUDQQR YDUDWL DPSL SURJUDPPL GL WXWHOD 
GHOO¶DPELHQWHHGHOWHUULWRULR 
RVWUX]LRQLUHVSRQVDELOL 
*OL LQFHQWLYL OHJDWL D PLVXUH GL ULVSDUPLR HQHU 
JHWLFR LQ RFFDVLRQH GL ULVWUXWWXUD]LRQL GHJOL HGL¿FL
HVLVWHQWLDXPHQWHUDQQRQHLSURVVLPLDQQL1HLQXRYL 
HGL¿FLVDUDQQRJUDGXDOPHQWHSUHYLVWLPDJJLRULVWDQ 
GDUGREEOLJDWRULGLHI¿FLHQ]DHQHUJHWLFDFHUWL¿FD]LR 
QLHQHUJHWLFKHHPLVXUHFKHFRLQYROJRQRO¶LQYROXFUR 
LVHUUDPHQWLOHDSSDUHFFKLDWXUHGLULVFDOGDPHQWRHGL 
ULQIUHVFDPHQWRSHUO¶DFTXDFDOGDSHUO¶LOOXPLQD]LRQH 
HSLLQJHQHUDOHHOHWWULFKH
$O ¿QH GL GLPLQXLUH LO FRQVXPR HQHUJHWLFR VDUj 
ULFKLHVWR DL SURIHVVLRQLVWL XQ PDJJLRUH LPSHJQR VR 
SUDWWXWWR QHOOH ULVWUXWWXUD]LRQL 6DUDQQR TXLQGL LQGL 
VSHQVDELOL FRPSHWHQ]H HQHUJHWLFKH LQWHJUDWH QHOOD 
SURJHWWD]LRQHHVHFX]LRQHGHJOLLQWHUYHQWLHQHOOHJH 
VWLRQLGHJOLHGL¿FL 
/D PDJJLRU DWWHQ]LRQH SHU LO ULFLFOR GHL UL¿XWL 
FRPH SUHYLVWR GDOOD QXRYD GLUHWWLYD TXDGUR VXL UL 
¿XWL UHFHQWHPHQWH UHFHSLWD QHOO¶RUGLQDPHQWR QD]LR 
QDOH FRPSRUWHUj FKH QHL SURJHWWL GL ULVWUXWWXUD]LRQH 
HGLQXRYHFRVWUX]LRQLVLDIIURQWLDQFKHODJHVWLRQH 
GHLUL¿XWLSURGRWWLFRQODSUHVHQ]DGLXQUHVSRQVDELOH 
GLFDQWLHUHFRPSHWHQWHFDSDFHGLGLULJHUHODUDFFROWD 
VHSDUDWDGHLUL¿XWLSURGRWWLSHUIUD]LRQLGHVWLQDELOLDO 
ULFLFOR7DOLGLUHWWLYHDYUDQQRXQ¶LQÀXHQ]DGLUHWWDDQ 
FKHDOLYHOORORFDOH 
 
/¶(92/8=,21('(*/,25',1, 
352)(66,21$/, 
7HQWDWLYLGLGLVRUGLQDUH 
/¶HYROX]LRQH GHOO¶XUEDQLVWLFD OH WUDVIRUPD]LRQL 
GHOODFLWWjHGHOWHUULWRULRHODGHPRJUD¿DVSLQJHUDQQR 
YHUVRXQDFRHUHQWHHYROX]LRQHGHOSDWULPRQLRSURIHV 
VLRQDOHHGHOO¶RUGLQDPHQWRGHJOLVWXGLHGHOOHSURIHV 
VLRQL 
/HLQGLFD]LRQLHXURSHHSDVVDJJLRGDOVLVWHPDGH 
JOL RUGLQL DG XQ VLVWHPD IRQGDWR VXOOH DVVRFLD]LRQL
YHUUDQQRDSSOLFDWHQHOFRUVRGHLSURVVLPLDQQLULWRF 
FDQGRLOTXDGUROHJLVODWLYRGHOQRVWUR3DHVH 
RQFRUUHQ]DDVVRFLDWLYD 
0ROWL2UGLQLSURIHVVLRQDOLJLjFRQVROLGDWLVLULWURYH 
UDQQRFRPHFRQFRUUHQWLQHOPHUFDWROH$VVRFLD]LRQL 
FKHUDFFRJOLHUDQQRDOORURLQWHUQRFRPSHWHQ]HGLVFL 
SOLQDULDI¿QLHFRPSOHPHQWDUL 
1RQRVWDQWH OD WHQGHQ]D DOO¶DVVRFLD]LRQLVPR 
H D GLVSHWWR GHO GHFOLQR GHOOH IXQ]LRQL WUDGL]LRQDOL 
GHOO¶LVWLWX]LRQHGHOO¶2UGLQHXQDQXWULWDOLVWDGLJUXSSL 
SURIHVVLRQDOL FRQWLQXHUj D ULFKLHGHUH WDOH ULFRQRVFL 
PHQWR,QTXHVWRTXDGURQD]LRQDOHJOL2UGLQLSURIHV 
VLRQDOLWHQGHUDQQRD 
 OHJLWWLPDUVLFRPHJDUDQWLGLHWLFDSURIHVVLRQD
OHHGLFRPSLWLSHULOVHUYL]LRDOO¶LQWHUDFROOHW 
WLYLWj 
 RSHUDUHFRQIRUPHGLDXWRFRQWUROORGHOPHUFD 
WRGHOOHSURIHVVLRQL 
/DORJLFDSXEEOLFLVWLFDGHJOL2UGLQLULPDUUjTXDOH 
EDOXDUGRGLXQDJHQHUDOHWHQGHQ]DDSUHVHUYDUHOLYHOOL 
GLOHJDOLWjDOWULPHQWLSULYLGLJDUDQ]LHGHULYDQWLVWUDGH 
DOWHUQDWLYHTXDOLLOOLEHURDVVRFLD]LRQLVPR 
5HVWUL]LRQLDOOHQWDWH 
*OL2UGLQLSURIHVVLRQDOLPDQWHUUDQQRODJUDQSDUWH 
GHOOH ORUR SUHURJDWLYH SRLFKp OH IRUPH GL OLEHUDOL] 
]D]LRQHQHFHVVDULHSHUJDUDQWLUHODFRQFRUUHQ]DHJOL 
XWHQWLULPDUUDQQRFRQWHQXWHQHJOLLQWHUYHQWLSHUFDO 
PLHUDUHOHQRUPDWLYHSLUHVWULWWLYHFRPHDGHVHPSLR 
OHWDULIIHPLQLPH 
/DSROLWLFDG¶DOWURQGHUHVWHUjLQFDSDFHGLSUHVWD 
UHDWWHQ]LRQHDOOHLVWDQ]HGHOOHVLQJROHFDWHJRULHSUR 
IHVVLRQDOLDOWHUQDQGRJOLDWWHJJLDPHQWLGLDSHUWXUDDO 
QDXIUDJLRSDUODPHQWDUHGLWXWWHOHLQL]LDWLYH/¶XQLFD 
VROX]LRQHSRVVLELOHVDUjXQSURJHWWRXQLWDULRGLULIRU 
PDGDOEDVVR 
0DVVHGLPDQRYUD 
/DWHQGHQ]DDOO¶DJJUHJD]LRQHGLSURIHVVLRQLPHQR 
VWUXWWXUDWHFRPHDGHVHPSLRLSHULWL
IDYRULUjLOIRU 
PDUVLGLPDVVHGLPDQRYUDFRQXQDTXDOFKHLQÀXHQ]D 
 
VXOOHVFHOWHSROLWLFKHHLVWLWX]LRQDOL 
(QWURLOSHULRGRFRQVLGHUDWRYHUUjDWWXDWRLOSUR 
JHWWR JLj LQ GLVFXVVLRQH GDO  GHOO¶XQL¿FD]LRQH 
GHOOD¿JXUDGHO*HRPHWUDFRQDOWUHGXH¿JXUHSURIHV 
VLRQDOL3HULWLLQGXVWULDOLHG$JUDUL 
9HUUjLVWLWXLWRO¶$OER8QLFRSHUL7HFQLFL/DXUHDWL 
LQFXLYHUUDQQRULFROORFDWHLQ6H]LRQLWXWWHOHFRPSH 
WHQ]HGLVHFRQGROLYHOORWHFQLFRDWWXDOPHQWHGLVSHUVH 
LQQXPHURVLDOELSURIHVVLRQDOL 
6LSXQWHUjDFHUWL¿FDUHODTXDOLWjDQFKHGHOODYRUR 
VYROWRGDLJHRPHWULSXEEOLFLGLSHQGHQWLUHJRODUL]]DQ 
GROHVLWXD]LRQLSURIHVVLRQDOLDWWXDOPHQWHGLGLI¿FLOH 
JHVWLRQH 
0DJJLRUHDWWHQ]LRQHVDUjLQROWUHULVHUYDWDDOSUDWL 
FDQWDWRSUHYHGHQGRQHODSUHVWD]LRQHTXDOHRJJHWWRGL 
XQDGHOOHWLSRORJLHFRQWUDWWXDOLSUHYLVWHGDOODOHJJHR 
FRPXQTXHDWLWRORRQHURVR 
RQWHQHUHO¶REVROHVFHQ]D 
/H UDSSUHVHQWDQ]H SURIHVVLRQDOL QRQRVWDQWH JOL 
RUGLQDPHQWLOHJLVODWLYLREVROHWLFRQWLQXHUDQQRDPL 
JOLRUDUHHDGDGHJXDUVLDLFDPELDPHQWLGHOODVRFLHWjH 
GHOO¶HVHUFL]LRGHOODSURIHVVLRQH 
3HU VRSUDYYLYHUH QHO SURVVLPR GHFHQQLR JOL 
2UGLQLSURIHVVLRQDOLDEEDQGRQHUDQQRLOUXRORGL³TXD 
VLVLQGDFDWR´SHURULHQWDUVLVHPSUHSLYHUVRXQUXROR 
GL ³DVVRFLD]LRQH FXOWXUDOH´ FKH FDSLVFD L SUREOHPL 
GHOODVRFLHWjHLQFRUDJJLJOLLVFULWWLDGHVVHUHDOO¶DOWH] 
]DGHLSUREOHPLGDDIIURQWDUHHGDULVROYHUH
1HO SURVVLPR IXWXUR LQROWUH LO RQVLJOLR 
1D]LRQDOH LQVLHPH DJOL HVSHUWL GHOO¶81, SURFHGH 
UDQQRDOODGH¿QL]LRQHGHOOD³TXDOLWj´GHOOHSUHVWD]LRQL 
GHO*HRPHWUDSHUGHWHUPLQDUHJOLVWDQGDUGQHFHVVDUL 
DOSURFHVVRGLFHUWL¿FD]LRQHHGH¿QLUHOD³SUHVWD]LRQH 
JDUDQWLWD´FKHGLYHQWHUjXQDJDUDQ]LDDJJLXQWLYDSHU 
ODRPPLWWHQ]D 
$QWLFLSD]LRQHHDJJLRUQDPHQWR 
*OL 2UGLQL SURIHVVLRQDOL DO OLPLWH GHO ORUR UXROR 
LVWLWX]LRQDOHVDUDQQRGLQDPLFLHSURSRVLWLYLYHUVRJOL 
LVFULWWLWUDPLWHO¶RIIHUWDGLVHUYL]LLQIRUPD]LRQHIRU 
PD]LRQHHWF 
1HL SURVVLPL DQQL JOL 2UGLQL PLJOLRUHUDQQR IUD 
O¶DOWUR OH SURSULH DELOLWj GL OHWWXUD H LQWHUSUHWD]LRQH 
GHLSURIRQGLFDPELDPHQWLHFRQRPLFLHSURIHVVLRQDOL 
WUDGXFHQGRWDOLFDPELDPHQWLLQDWWLYLWjGLIRUPD]LRQH 
HDJJLRUQDPHQWRSHUDUULFFKLUHHTXDOL¿FDUHLSURIHV 
VLRQLVWLDVVRFLDWL 
9HUUDQQRLQROWUHULFRQRVFLXWHDJOLRUJDQLVPLGLFD 
WHJRULDOHIXQ]LRQLLQPDWHULDGLIRUPD]LRQHHDJJLRU 
QDPHQWRGHJOLLVFULWWLGXUDQWHWXWWRO¶DUFRGHOO¶DWWLYLWj 
SURIHVVLRQDOH 
 
/$9252(582/262,$/('(, 
*(20(75,
,/0(5$72'(//$9252 
9HUVDWLOLHSURWDJRQLVWL 
,OVHWWRUHGHOOHFRVWUX]LRQLDYUjELVRJQRDQFKHQHL 
SURVVLPDQQLGL³WHFQLFLLQWHUPHGL´UDSSUHVHQWDWLGD 
SURIHVVLRQLVWLLQGLYLGXDOLRRUJDQL]]DWLLQDVVRFLD]LR 
QLHVRFLHWjFKHRSHUHUDQQRQHLFHQWULPLQRULSHUOH 
SURJHWWD]LRQLGLGLPHQVLRQLPRGHVWHHSHULOUHFXSHUR 
GHOSDWULPRQLRHGLOL]LRHVLVWHQWH 
/¶HVSHULHQ]D PDWXUDWD GDL JHRPHWUL SHUPHWWHUj 
ORURGLHVVHUHSUHVHQWLHDWWLYLQHLSURFHVVLGHFLVLRQDOL 
IRUQHQGRXWLOLFRQWULEXWLDOODVRFLHWjFRPH 
 IXQ]LRQDUL 
 SXEEOLFLDPPLQLVWUDWRUL 
 LPSUHQGLWRUL 
$QQLDJJXHUULWL 
1HOSURVVLPRGHFHQQLRLOPHUFDWRGHOODYRURGHO 
JHRPHWUDVDUjVHPSUHSLFRQWUDGGLVWLQWRGD 
 O¶RIIHUWDGLXQDPSLRSDQRUDPDGLSUHVWD]LRQL 
 XQDPDJJLRUHHODVWLFLWjHUDSLGLWjJUD]LHDOOHWHF 
QRORJLHLQIRUPDWLFKH 
7XWWDYLD OH SHUVLVWHQWL GLI¿FROWj HFRQRPL 
FKH GHO 3DHVH FRQWULEXLUDQQR QHO PHGLR WHUPLQH 
DG XQ SURJUHVVLYR LPSRYHULPHQWR GHO PHUFDWR 
 
RQVHJXHQWHPHQWHDVVLVWHUHPRD 
 XQDGLPLQX]LRQHGHOODGRPDQGDGLODYRUR 
 XQ DXPHQWR GHOOD FRPSHWL]LRQH PDJJLRUPHQWH 
DJJXHUULWDHVSHFLDOLVWLFD 
,QTXHVWRVFHQDULRPLJOLRUHUDQQRODSURSULDFRQ 
GL]LRQHVRORTXHLJUXSSLGLSURIHVVLRQLVWLFKHDYUDQQR 
DFTXLVLWRXQRVJXDUGRJOREDOHLOOXPLQDWRHFRQPDJ 
JLRUHPRELOLWjJHRJUD¿FD 
3LODXUHDWLSLLPPLJUDWL 
/DPDJJLRUDQ]DGHLJHRPHWULFKHVLLPPHWWHUjQHO 
PHUFDWRQHOSURVVLPRIXWXURVDUjFDUDWWHUL]]DWDGDOOH 
VHJXHQWLFDUDWWHULVWLFKH 
 XQDSLJLRYDQHHWj 
 XQ WLWROR GL VWXGLR SL TXDOL¿FDWR ULVSHWWR DO 
 
*HRPHWUDGLSORPDWR 
 DVSHWWDWLYHGLPDJJLRULVSD]LGLRSHUDWLYLWjHPR 
ELOLWjULVSHWWRDJOLDQQLSDVVDWL 
, IXWXUL SURIHVVLRQLVWL DYUDQQR LQROWUH PDJJLR 
UHFRQFRUUHQ]DGDSDUWHGHJOLLPPLJUDWLLTXDOLQHL 
SURVVLPLDQQLVLDIIDFFHUDQQRDSURIHVVLRQLSLTXDOL 
¿FDWHULVSHWWRDOVHPSOLFHPXUDWRUH 
,PSUHQGLWRULDHPHUJHQWH 
1HOSURVVLPRIXWXURLQOLQHDJHQHUDOHODFRPSR 
VL]LRQH GHO PHUFDWR GHO ODYRUR GHL JHRPHWUL UHVWHUj
VLPLOHDTXHOORGHJOLDOWULSURIHVVLRQLVWL9LVDUDQQRWXW 
WDYLDDOFXQHVLJQL¿FDWLYHYDULD]LRQLQHJOLLPSLHJKLGHL 
JHRPHWULWUDOLEHULSURIHVVLRQLVWLGLSHQGHQWLLPSUHQGL 
WRULHSUHFDUL$VVLVWHUHPRLQIDWWLD 
 XQ DXPHQWR GHOOD GRPDQGD GL ODYRUR GLSHQ 
GHQWHQHOVHWWRUHGHOOHLPSUHVHGLFRVWUX]LRQL 
VRSUDWWXWWRSHUO¶HVWHUR
PHQWUHUHVWHUjVWDEL 
OHLOQXPHURGLJHRPHWULODYRUDWRULGLSHQGHQWL 
QHOVHWWRUHGHOOD3$ 
 XQ DXPHQWR GHOO¶LPSLHJR GL JHRPHWUL OLEHUL 
SURIHVVLRQLVWL HG LPSUHQGLWRUL VRSUDWWXWWR D 
FDXVDFRVWRGHOODYRURHGHLYLQFROLGHLFRQ 
WUDWWLDWHPSRLQGHWHUPLQDWRHGHOIDWWRFKHD 
SDULWjGLFRVWRVLSUHIHULUjSUHQGHUHXQODXUHD 
WR
XQPDJJLRUHVSD]LRSHUTXHLOLEHULSURIHVVLR 
QLVWLFKHVDUDQQRFDSDFLGLWURYDUHXQDSURSULD 
VSHFLDOL]]D]LRQH GD FXL IDU GLVFHQGHUH HYHQ 
WXDOL DOWUL VHUYL]L SURIHVVLRQDOL H LPSUHQGLWR 
ULDOLFRPSOHPHQWDUL 
0DJJLRUL RSSRUWXQLWj GL WLSR LPSUHQGLWRULDOH YL 
VDUDQQRVRSUDWWXWWRVLDQHOFDPSRGHOOHULVWUXWWXUD]LR 
QLHGLOL]LHFKHQHOODSURGX]LRQHHLPSLDQWLVWLFDOHJDWD 
DOULVSDUPLRHQHUJHWLFR 
6RVWLWX]LRQHWHFQRORJLFD 
RORUR FKH VFHJOLHUDQQR LO ODYRUR GLSHQGHQWH 
DYUDQQRFRPHPDJJLRUFRPSHWLWRUOHPDFFKLQHDFXL 
SRWUDQQR HVVHUH GHOHJDWH DWWLYLWj VHPSUH SL LQWHOOL 
JHQWLFRQPLQRULFRVWL 
 
7XWWDYLDQRQRVWDQWHOHPDFFKLQHGLYHQWLQRVHP 
SUH SL VRVWLWXWLYH GHOO¶RSHUD XPDQD QRQ VDUDQQR 
HVVHDGHWHUPLQDUHOLYHOOLRFFXSD]LRQDOLPHQRGH¿QL 
WLYLRSLXWWRVWRSUHFDUL 
/¶HVHUFLWRGHLSUHFDUL 
'DWR LO SHULRGR GL FULVL HFRQRPLFD GHOO¶,WDOLD YL 
VDUj XQ DXPHQWR GHO ODYRUR SUHFDULR QHL SURVVLPL 
DQQL/DIDVFLDGLSUHFDULDWRWHQGHUjDHVWHQGHUVLQRQ 
VRORIUDLJHRPHWULPDDQFKHWUDJOLLQJHJQHULHJOL 
DUFKLWHWWL 
,OQXPHURGLTXHVWLODYRUDWRULSUHFDULDXPHQWHUj 
 VLDQHJOLVWXGLDVVRFLDWL 
 VLDQHOVHWWRUHSXEEOLFR 
6L YHUL¿FKHUj TXLQGL DQFKH SHU L JHRPHWUL XQR 
VSRVWDPHQWRGDOODYRURVXERUGLQDWRDGXQRHVHUFLWDWR 
LQIRUPDOLEHURSURIHVVLRQDOHPDFKHVSHVVRVLFRQ 
FUHWL]]HUjLQXQDIRUPDSDUDVXERUGLQDWD 
*HRPHWULG¶pOLWH 
,O ODYRUR OLEHURSURIHVVLRQDOH DYUj TXLQGL PRO 
WR SL VSD]LR QHO IXWXUR SHUFKp OH VWUXWWXUH SXEEOL 
FKH WHQGHUDQQR D FRQWUDUVL SHU PDQFDQ]D GL ULVRUVH 
HTXLQGLDHVWHUQDOL]]DUHLOSLSRVVLELOHLVHUYL]LLQ 
SUHFHGHQ]DVYROWLLQWHUQDPHQWH 
/HSRVVLELOLWjGHLJHRPHWULGLHVHUFLWDUHODOLEHUD
SURIHVVLRQHVDUDQQRIUDO¶DOWURIDYRULWHLQFDVRGLDS 
SURYD]LRQHGHO'GOQ 
,JHRPHWULFKHVDUDQQRHIIHWWLYDPHQWHOLEHULSUR 
IHVVLRQLVWLDYUDQQRXQFRPSDUWRGLRFFXSD]LRQHFRQ 
FDUDWWHULVWLFKH FRPSOHWDPHQWH GLIIHUHQWL H GLVWDFFDWH 
ULVSHWWRDLJHRPHWULGLSHQGHQWLLPSUHQGLWRULRSUHFD 
UL6HFDSDFLGLDJJLRUQDUVLWHPSHVWLYDPHQWHDYUDQQR 
LQIDWWLRWWLPHRSSRUWXQLWjGLLQWHUFHWWDUHODGRPDQGD 
GLSUHVWD]LRQLSURIHVVLRQDOL 
5DGLFDPHQWRHQRPDGLVPR 
7URYHUHPRVHPSUHSLVSHVVRJHRPHWULOLEHULSUR 
IHVVLRQLVWL VRSUDWWXWWR QHL SLFFROL FHQWUL UDGLFDWL VXO 
WHUULWRULR 
$QFKH JOL DUFKLWHWWL ODYRUHUDQQR SUHYDOHQWHPHQ 
WH FRPH OLEHUL SURIHVVLRQLVWL PD HVVL FRQWLQXHUDQQR 
D VOHJDUVL GDL WHUULWRULGL SURYHQLHQ]D SHU FHUFDUHGL 
RSHUDUHVXOSLDQRQD]LRQDOHRLQWHUQD]LRQDOH 
8Q IUHQR DOOR VYLOXSSR GHO ODYRUR OLEHURSURIHV 
VLRQDOH SHUDOWUR GHULYHUj LQYHFH GDOOD SHUVLVWHQWH 
GLI¿FROWjDGRUJDQL]]DUHHI¿FDFHPHQWHTXHVWDIRUPD 
GLDWWLYLWj 
 
/(75$6)250$=,21,1(//$9252 
0XOWLGLVFLSOLQDULWjHLQQRYD]LRQH 
1HOSURVVLPRIXWXURVLGLIIRQGHUjXQDYLVLRQHROL 
VWLFD GHOOD SURJHWWD]LRQH H GHOOD FRVWUX]LRQH FRPH 
ULVXOWDWR PXOWLGLVFLSOLQDUH GL PROWHSOLFL FRQWULEXWL 
VSHFLDOLVWLFLDSSRUWDWLGDGLIIHUHQWLSURIHVVLRQLVWLXQ 
ÀXVVR GL SURJHWWD]LRQH H FRVWUX]LRQH LPSOHPHQWDWR 
GDPROWLSURIHVVLRQLVWL/DSURIHVVLRQHGL*HRPHWUD 
FRPHOHDOWUHSUHQGHUjDWWRGLTXHVWDWUDVIRUPD]LRQH 
HVLDJJLRUQHUjSHULQVHULUYLVLDOPHJOLR 
/H DWWLYLWj ODYRUDWLYH GHO JHRPHWUD HYROYHUDQQR 
DQFKHLQUDSSRUWRDLFRQWLQXLPXWDPHQWLGHOOHWHFQR 
ORJLH/¶LQWURGX]LRQHGLQXRYHSURFHGXUHSHUDJHYR 
ODUHHVQHOOLUHO¶DWWLYLWjSURIHVVLRQDOHFRQWLQXHUjDUL 
FKLHGHUHDLSURIHVVLRQLVWLWHFQLFLXQRVIRU]RQRWHYROH 
GLDSSUHQGLPHQWRHGLDGHJXDPHQWR 
3URWH]LRQLHLQFXUVLRQL 
)UDLODYRULSLLPSRUWDQWLGHLJHRPHWULGHOSURVVL 
PRGHFHQQLR¿JXUHUDQQRTXLQGL 
 OHWUDGL]LRQDOLDWWLYLWjSURJHWWXDOLGLHGLOL]LDFL 
YLOHLQGXVWULDOHHUXUDOHVRSUDWWXWWRLQDPELWL 
WHUULWRULDOLGLPHGLDHSLFFRODDPSLH]]D 
 WXWWH OH IXQ]LRQL WHFQLFRDPPLQLVWUDWLYH GHO 
SURFHVVRHGLOL]LRVWLPHSHUL]LHULOLHYLDFFD 
WDVWDPHQWLLQWHUPHGLD]LRQHLPPRELOLDUHSUR

Más contenido relacionado

La actualidad más candente

[Cbca] steel framing - engenharia
[Cbca]   steel framing - engenharia[Cbca]   steel framing - engenharia
[Cbca] steel framing - engenhariaAndréia Lima
 
Smau Milano 2014 Unicom
Smau Milano 2014 UnicomSmau Milano 2014 Unicom
Smau Milano 2014 UnicomSMAU
 
Comunicaciones y-redes-de-computadoras-william-stallings
Comunicaciones y-redes-de-computadoras-william-stallingsComunicaciones y-redes-de-computadoras-william-stallings
Comunicaciones y-redes-de-computadoras-william-stallingsSilvia Becerra Zamora
 
Preventing Linux in your car from killing you: The L4Re Open Source Microviso...
Preventing Linux in your car from killing you: The L4Re Open Source Microviso...Preventing Linux in your car from killing you: The L4Re Open Source Microviso...
Preventing Linux in your car from killing you: The L4Re Open Source Microviso...Linaro
 
Soninké I Mandinga
Soninké I MandingaSoninké I Mandinga
Soninké I MandingaArnau Cerdà
 
3 urjuhvv$yh7rurqwr210.(hfhpehu
3 urjuhvv$yh7rurqwr210.(hfhpehu 3 urjuhvv$yh7rurqwr210.(hfhpehu
3 urjuhvv$yh7rurqwr210.(hfhpehu smile790243
 
Activity Report 2011
Activity Report 2011Activity Report 2011
Activity Report 2011Eurovia_Group
 
Lac2004 werken onder architectuur
Lac2004   werken onder architectuurLac2004   werken onder architectuur
Lac2004 werken onder architectuurDan Kamminga
 
Ray bradbury fahrenheit 451 (1)
Ray bradbury   fahrenheit 451 (1)Ray bradbury   fahrenheit 451 (1)
Ray bradbury fahrenheit 451 (1)jlapeire
 
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challengesOrru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challengesIngo Valgma
 
Student Usability in Educational Software and Games: Improving Experiences
Student Usability in Educational Software and Games: Improving ExperiencesStudent Usability in Educational Software and Games: Improving Experiences
Student Usability in Educational Software and Games: Improving ExperiencesCarina Soledad Gonzalez
 

La actualidad más candente (20)

[Cbca] steel framing - engenharia
[Cbca]   steel framing - engenharia[Cbca]   steel framing - engenharia
[Cbca] steel framing - engenharia
 
Smau Milano 2014 Unicom
Smau Milano 2014 UnicomSmau Milano 2014 Unicom
Smau Milano 2014 Unicom
 
Comunicaciones y-redes-de-computadoras-william-stallings
Comunicaciones y-redes-de-computadoras-william-stallingsComunicaciones y-redes-de-computadoras-william-stallings
Comunicaciones y-redes-de-computadoras-william-stallings
 
Insustry
InsustryInsustry
Insustry
 
Preventing Linux in your car from killing you: The L4Re Open Source Microviso...
Preventing Linux in your car from killing you: The L4Re Open Source Microviso...Preventing Linux in your car from killing you: The L4Re Open Source Microviso...
Preventing Linux in your car from killing you: The L4Re Open Source Microviso...
 
Soninké I Mandinga
Soninké I MandingaSoninké I Mandinga
Soninké I Mandinga
 
Brosura de prezentare
Brosura de prezentareBrosura de prezentare
Brosura de prezentare
 
Bedanl sinus700 k_hdg_11.2001
Bedanl sinus700 k_hdg_11.2001Bedanl sinus700 k_hdg_11.2001
Bedanl sinus700 k_hdg_11.2001
 
3 urjuhvv$yh7rurqwr210.(hfhpehu
3 urjuhvv$yh7rurqwr210.(hfhpehu 3 urjuhvv$yh7rurqwr210.(hfhpehu
3 urjuhvv$yh7rurqwr210.(hfhpehu
 
Activity Report 2011
Activity Report 2011Activity Report 2011
Activity Report 2011
 
Enfermidades de pacus e patingas
Enfermidades de pacus e patingasEnfermidades de pacus e patingas
Enfermidades de pacus e patingas
 
Psihologie experimentala
Psihologie experimentalaPsihologie experimentala
Psihologie experimentala
 
Problemas básicos
Problemas básicosProblemas básicos
Problemas básicos
 
Lac2004 werken onder architectuur
Lac2004   werken onder architectuurLac2004   werken onder architectuur
Lac2004 werken onder architectuur
 
Militao es me_ilha
Militao es me_ilhaMilitao es me_ilha
Militao es me_ilha
 
Ray bradbury fahrenheit 451 (1)
Ray bradbury   fahrenheit 451 (1)Ray bradbury   fahrenheit 451 (1)
Ray bradbury fahrenheit 451 (1)
 
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challengesOrru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
Orru sustainable use_of_estonian_peat_reserves_and_environmenta_challenges
 
Student Usability in Educational Software and Games: Improving Experiences
Student Usability in Educational Software and Games: Improving ExperiencesStudent Usability in Educational Software and Games: Improving Experiences
Student Usability in Educational Software and Games: Improving Experiences
 
31 medicion calidad
31  medicion calidad31  medicion calidad
31 medicion calidad
 
Appunti Info Indust
Appunti Info IndustAppunti Info Indust
Appunti Info Indust
 

Destacado

Migration amnesty international(1)
Migration amnesty international(1)Migration amnesty international(1)
Migration amnesty international(1)Abdeslam Asticude
 
Proyecto de Nueva Ley del Profesorado SUTEP
Proyecto de Nueva Ley del Profesorado SUTEPProyecto de Nueva Ley del Profesorado SUTEP
Proyecto de Nueva Ley del Profesorado SUTEPCEN SUTEP
 
RUTAS DEL APRENDIZAJE-SESIÓN DE APRENDIZAJE 2014
RUTAS DEL APRENDIZAJE-SESIÓN DE APRENDIZAJE 2014RUTAS DEL APRENDIZAJE-SESIÓN DE APRENDIZAJE 2014
RUTAS DEL APRENDIZAJE-SESIÓN DE APRENDIZAJE 2014Abelardo Chavarria
 
Estatica aplicada-ingenieria-civil
Estatica aplicada-ingenieria-civilEstatica aplicada-ingenieria-civil
Estatica aplicada-ingenieria-civilJean Romero
 
Terapia fisica y rehabilitacion en amputados
Terapia fisica y rehabilitacion en amputadosTerapia fisica y rehabilitacion en amputados
Terapia fisica y rehabilitacion en amputadosMaritza Castillo
 
Lean User Experience: Probleme lösen statt Papierkram produzieren
Lean User Experience: Probleme lösen statt Papierkram produzierenLean User Experience: Probleme lösen statt Papierkram produzieren
Lean User Experience: Probleme lösen statt Papierkram produzierenCREATIVE CONSTRUCTION HEROES GMBH
 
Präsentation Fachdidaktik I
Präsentation Fachdidaktik IPräsentation Fachdidaktik I
Präsentation Fachdidaktik IPhilippe Wampfler
 
Trastorno Bipolar y Depresivo según DSM V
Trastorno Bipolar y Depresivo según DSM VTrastorno Bipolar y Depresivo según DSM V
Trastorno Bipolar y Depresivo según DSM VDafne Rojas Nieves
 
The Ultimate Guide to Make Your Folded Self-Mailers Receive Automated Rates
The Ultimate Guide to Make Your Folded Self-Mailers Receive Automated RatesThe Ultimate Guide to Make Your Folded Self-Mailers Receive Automated Rates
The Ultimate Guide to Make Your Folded Self-Mailers Receive Automated RatesMaggie Young
 
50571843 regiones-de-cautividad-ana-mendez-ferrell
50571843 regiones-de-cautividad-ana-mendez-ferrell50571843 regiones-de-cautividad-ana-mendez-ferrell
50571843 regiones-de-cautividad-ana-mendez-ferrellJaime Sarmiento
 
Rutas de evacuación y salidas de emergencias
Rutas de evacuación y salidas de emergenciasRutas de evacuación y salidas de emergencias
Rutas de evacuación y salidas de emergenciasArturo Paniagua
 
Workshop Fahrstuhl-Pitch WoMenPower 2011 kathrin sebens
Workshop Fahrstuhl-Pitch WoMenPower 2011 kathrin sebensWorkshop Fahrstuhl-Pitch WoMenPower 2011 kathrin sebens
Workshop Fahrstuhl-Pitch WoMenPower 2011 kathrin sebensKathrin Sebens
 
Guía del PMBOK® > Gestión de las Comunicaciones
Guía del PMBOK® > Gestión de las ComunicacionesGuía del PMBOK® > Gestión de las Comunicaciones
Guía del PMBOK® > Gestión de las ComunicacionesDharma Consulting
 
Tirol vorreiter e tourismus
Tirol vorreiter e tourismusTirol vorreiter e tourismus
Tirol vorreiter e tourismusSTIinnsbruck
 

Destacado (20)

Migration amnesty international(1)
Migration amnesty international(1)Migration amnesty international(1)
Migration amnesty international(1)
 
TPS 10 Lepolepo
TPS 10 LepolepoTPS 10 Lepolepo
TPS 10 Lepolepo
 
Proyecto de Nueva Ley del Profesorado SUTEP
Proyecto de Nueva Ley del Profesorado SUTEPProyecto de Nueva Ley del Profesorado SUTEP
Proyecto de Nueva Ley del Profesorado SUTEP
 
RUTAS DEL APRENDIZAJE-SESIÓN DE APRENDIZAJE 2014
RUTAS DEL APRENDIZAJE-SESIÓN DE APRENDIZAJE 2014RUTAS DEL APRENDIZAJE-SESIÓN DE APRENDIZAJE 2014
RUTAS DEL APRENDIZAJE-SESIÓN DE APRENDIZAJE 2014
 
Estatica aplicada-ingenieria-civil
Estatica aplicada-ingenieria-civilEstatica aplicada-ingenieria-civil
Estatica aplicada-ingenieria-civil
 
Tabla de músculos
Tabla de músculosTabla de músculos
Tabla de músculos
 
Terapia fisica y rehabilitacion en amputados
Terapia fisica y rehabilitacion en amputadosTerapia fisica y rehabilitacion en amputados
Terapia fisica y rehabilitacion en amputados
 
Lean User Experience: Probleme lösen statt Papierkram produzieren
Lean User Experience: Probleme lösen statt Papierkram produzierenLean User Experience: Probleme lösen statt Papierkram produzieren
Lean User Experience: Probleme lösen statt Papierkram produzieren
 
Präsentation Fachdidaktik I
Präsentation Fachdidaktik IPräsentation Fachdidaktik I
Präsentation Fachdidaktik I
 
Cestodos Clase 2010
Cestodos Clase 2010Cestodos Clase 2010
Cestodos Clase 2010
 
Good Fisch
Good FischGood Fisch
Good Fisch
 
Trastorno Bipolar y Depresivo según DSM V
Trastorno Bipolar y Depresivo según DSM VTrastorno Bipolar y Depresivo según DSM V
Trastorno Bipolar y Depresivo según DSM V
 
The Ultimate Guide to Make Your Folded Self-Mailers Receive Automated Rates
The Ultimate Guide to Make Your Folded Self-Mailers Receive Automated RatesThe Ultimate Guide to Make Your Folded Self-Mailers Receive Automated Rates
The Ultimate Guide to Make Your Folded Self-Mailers Receive Automated Rates
 
50571843 regiones-de-cautividad-ana-mendez-ferrell
50571843 regiones-de-cautividad-ana-mendez-ferrell50571843 regiones-de-cautividad-ana-mendez-ferrell
50571843 regiones-de-cautividad-ana-mendez-ferrell
 
Rutas de evacuación y salidas de emergencias
Rutas de evacuación y salidas de emergenciasRutas de evacuación y salidas de emergencias
Rutas de evacuación y salidas de emergencias
 
Marco legal en enfermería
Marco legal en enfermeríaMarco legal en enfermería
Marco legal en enfermería
 
Workshop Fahrstuhl-Pitch WoMenPower 2011 kathrin sebens
Workshop Fahrstuhl-Pitch WoMenPower 2011 kathrin sebensWorkshop Fahrstuhl-Pitch WoMenPower 2011 kathrin sebens
Workshop Fahrstuhl-Pitch WoMenPower 2011 kathrin sebens
 
AURH - Atlas analytique du transport de marchandises en ENO
AURH - Atlas analytique du transport de marchandises en ENOAURH - Atlas analytique du transport de marchandises en ENO
AURH - Atlas analytique du transport de marchandises en ENO
 
Guía del PMBOK® > Gestión de las Comunicaciones
Guía del PMBOK® > Gestión de las ComunicacionesGuía del PMBOK® > Gestión de las Comunicaciones
Guía del PMBOK® > Gestión de las Comunicaciones
 
Tirol vorreiter e tourismus
Tirol vorreiter e tourismusTirol vorreiter e tourismus
Tirol vorreiter e tourismus
 

Similar a The future of surveyors in Italy: Euclide 2020 study

Gardiner Dismantling - Transportation Association of Canada Paper (1)
Gardiner Dismantling - Transportation Association of Canada Paper (1)Gardiner Dismantling - Transportation Association of Canada Paper (1)
Gardiner Dismantling - Transportation Association of Canada Paper (1)Kathleen Llewellyn-Thomas P. Eng.
 
Material de complemento
Material de complementoMaterial de complemento
Material de complementolvaldive
 
ConocoPhillipsLNG_Brochure
ConocoPhillipsLNG_BrochureConocoPhillipsLNG_Brochure
ConocoPhillipsLNG_BrochureIslam Ahmed
 
Resumen Reforma Laboral 2012 - Ley 3/2012
Resumen Reforma Laboral 2012 - Ley 3/2012Resumen Reforma Laboral 2012 - Ley 3/2012
Resumen Reforma Laboral 2012 - Ley 3/2012IFRA asesores
 
Led spring11 web
Led spring11 webLed spring11 web
Led spring11 webAricent Bug
 
Parcheggi a pagamento ad Oria
Parcheggi a pagamento ad OriaParcheggi a pagamento ad Oria
Parcheggi a pagamento ad Oriawww.oria.info
 
Parcheggi
ParcheggiParcheggi
ParcheggiClaudio
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...CIDAADS
 
Cooperative Localization Based on Received Signal Strength in Wireless Sensor...
Cooperative Localization Based on Received Signal Strength in Wireless Sensor...Cooperative Localization Based on Received Signal Strength in Wireless Sensor...
Cooperative Localization Based on Received Signal Strength in Wireless Sensor...?? ?
 
SKGF_Advisory_Reexamination Practice with Concurrent District Court or USITC ...
SKGF_Advisory_Reexamination Practice with Concurrent District Court or USITC ...SKGF_Advisory_Reexamination Practice with Concurrent District Court or USITC ...
SKGF_Advisory_Reexamination Practice with Concurrent District Court or USITC ...SterneKessler
 
Manual+caldera+manaut+gma+24 55+mixta+atmosférica
Manual+caldera+manaut+gma+24 55+mixta+atmosféricaManual+caldera+manaut+gma+24 55+mixta+atmosférica
Manual+caldera+manaut+gma+24 55+mixta+atmosféricachalghaf_ilyes
 
New Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdfNew Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdffusekkdmdmd8i
 
New Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdfNew Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdff7useijdkd8id
 
New Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdfNew Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdfcheng576587ce
 

Similar a The future of surveyors in Italy: Euclide 2020 study (20)

Isome hoa pdf
Isome hoa pdfIsome hoa pdf
Isome hoa pdf
 
Mxp relazione tecnica
Mxp relazione tecnicaMxp relazione tecnica
Mxp relazione tecnica
 
Gardiner Dismantling - Transportation Association of Canada Paper (1)
Gardiner Dismantling - Transportation Association of Canada Paper (1)Gardiner Dismantling - Transportation Association of Canada Paper (1)
Gardiner Dismantling - Transportation Association of Canada Paper (1)
 
Material de complemento
Material de complementoMaterial de complemento
Material de complemento
 
Anexo 5 avales completo v2011.1
Anexo 5 avales completo v2011.1Anexo 5 avales completo v2011.1
Anexo 5 avales completo v2011.1
 
ConocoPhillipsLNG_Brochure
ConocoPhillipsLNG_BrochureConocoPhillipsLNG_Brochure
ConocoPhillipsLNG_Brochure
 
Resumen Reforma Laboral 2012 - Ley 3/2012
Resumen Reforma Laboral 2012 - Ley 3/2012Resumen Reforma Laboral 2012 - Ley 3/2012
Resumen Reforma Laboral 2012 - Ley 3/2012
 
3 form6a
3 form6a3 form6a
3 form6a
 
Led spring11 web
Led spring11 webLed spring11 web
Led spring11 web
 
Resina
ResinaResina
Resina
 
Parcheggi a pagamento ad Oria
Parcheggi a pagamento ad OriaParcheggi a pagamento ad Oria
Parcheggi a pagamento ad Oria
 
Parcheggi
ParcheggiParcheggi
Parcheggi
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
 
Cooperative Localization Based on Received Signal Strength in Wireless Sensor...
Cooperative Localization Based on Received Signal Strength in Wireless Sensor...Cooperative Localization Based on Received Signal Strength in Wireless Sensor...
Cooperative Localization Based on Received Signal Strength in Wireless Sensor...
 
SKGF_Advisory_Reexamination Practice with Concurrent District Court or USITC ...
SKGF_Advisory_Reexamination Practice with Concurrent District Court or USITC ...SKGF_Advisory_Reexamination Practice with Concurrent District Court or USITC ...
SKGF_Advisory_Reexamination Practice with Concurrent District Court or USITC ...
 
Codigo de etica
Codigo de eticaCodigo de etica
Codigo de etica
 
Manual+caldera+manaut+gma+24 55+mixta+atmosférica
Manual+caldera+manaut+gma+24 55+mixta+atmosféricaManual+caldera+manaut+gma+24 55+mixta+atmosférica
Manual+caldera+manaut+gma+24 55+mixta+atmosférica
 
New Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdfNew Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdf
 
New Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdfNew Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdf
 
New Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdfNew Holland VX680 Grape Harvester Service Repair Manual.pdf
New Holland VX680 Grape Harvester Service Repair Manual.pdf
 

Más de Stefano Palumbo

Energia 2030 - slide di sintesi
Energia 2030 - slide di sintesiEnergia 2030 - slide di sintesi
Energia 2030 - slide di sintesiStefano Palumbo
 
Energia 2030. Il futuro del settore energetico in Italia
Energia 2030. Il futuro del settore energetico in ItaliaEnergia 2030. Il futuro del settore energetico in Italia
Energia 2030. Il futuro del settore energetico in ItaliaStefano Palumbo
 
Giovani e lavoro post pandemia - rapporto
Giovani e lavoro post pandemia - rapportoGiovani e lavoro post pandemia - rapporto
Giovani e lavoro post pandemia - rapportoStefano Palumbo
 
Giovani post pandemia-slide 3 luglio
Giovani post pandemia-slide 3 luglioGiovani post pandemia-slide 3 luglio
Giovani post pandemia-slide 3 luglioStefano Palumbo
 
La trasformazione digitale delle organizzazioni
La trasformazione digitale delle organizzazioniLa trasformazione digitale delle organizzazioni
La trasformazione digitale delle organizzazioniStefano Palumbo
 
Tlc 2025. Il futuro delle Telecomunicazioni e della trasformazione digitale i...
Tlc 2025. Il futuro delle Telecomunicazioni e della trasformazione digitale i...Tlc 2025. Il futuro delle Telecomunicazioni e della trasformazione digitale i...
Tlc 2025. Il futuro delle Telecomunicazioni e della trasformazione digitale i...Stefano Palumbo
 
Campania 2020 13 maggio 2014
Campania 2020   13 maggio 2014Campania 2020   13 maggio 2014
Campania 2020 13 maggio 2014Stefano Palumbo
 
Il futuro del turismo in Puglia - 2008-2012
Il futuro del turismo in Puglia - 2008-2012Il futuro del turismo in Puglia - 2008-2012
Il futuro del turismo in Puglia - 2008-2012Stefano Palumbo
 
Il futuro degli ingegneri (2012)
Il futuro degli ingegneri (2012)Il futuro degli ingegneri (2012)
Il futuro degli ingegneri (2012)Stefano Palumbo
 
Euclide 2020 - presentazione
Euclide 2020 - presentazioneEuclide 2020 - presentazione
Euclide 2020 - presentazioneStefano Palumbo
 
Terziario futuro 2012 - sintesi
Terziario futuro 2012 - sintesiTerziario futuro 2012 - sintesi
Terziario futuro 2012 - sintesiStefano Palumbo
 
Il futuro delle arti visive in Italia - rapporto
Il futuro delle arti visive in Italia - rapportoIl futuro delle arti visive in Italia - rapporto
Il futuro delle arti visive in Italia - rapportoStefano Palumbo
 
Il futuro delle arti visive contemporanee - Slide
Il futuro delle arti visive contemporanee - SlideIl futuro delle arti visive contemporanee - Slide
Il futuro delle arti visive contemporanee - SlideStefano Palumbo
 
Il futuro della consulenza nel sistema finanziario italiano - rapporto finale
Il futuro della consulenza nel sistema finanziario italiano - rapporto finaleIl futuro della consulenza nel sistema finanziario italiano - rapporto finale
Il futuro della consulenza nel sistema finanziario italiano - rapporto finaleStefano Palumbo
 
L'impatto del cambiamento climatico 2008-2012
L'impatto del cambiamento climatico 2008-2012L'impatto del cambiamento climatico 2008-2012
L'impatto del cambiamento climatico 2008-2012Stefano Palumbo
 
Volume Delphi "Longevità e abitazione"
Volume Delphi "Longevità e abitazione"Volume Delphi "Longevità e abitazione"
Volume Delphi "Longevità e abitazione"Stefano Palumbo
 
Longevità e abitazione - Presentazione del 21-11-07
Longevità e abitazione - Presentazione del 21-11-07Longevità e abitazione - Presentazione del 21-11-07
Longevità e abitazione - Presentazione del 21-11-07Stefano Palumbo
 

Más de Stefano Palumbo (20)

Energia 2030 - slide di sintesi
Energia 2030 - slide di sintesiEnergia 2030 - slide di sintesi
Energia 2030 - slide di sintesi
 
Energia 2030. Il futuro del settore energetico in Italia
Energia 2030. Il futuro del settore energetico in ItaliaEnergia 2030. Il futuro del settore energetico in Italia
Energia 2030. Il futuro del settore energetico in Italia
 
Giovani e lavoro post pandemia - rapporto
Giovani e lavoro post pandemia - rapportoGiovani e lavoro post pandemia - rapporto
Giovani e lavoro post pandemia - rapporto
 
Giovani post pandemia-slide 3 luglio
Giovani post pandemia-slide 3 luglioGiovani post pandemia-slide 3 luglio
Giovani post pandemia-slide 3 luglio
 
La trasformazione digitale delle organizzazioni
La trasformazione digitale delle organizzazioniLa trasformazione digitale delle organizzazioni
La trasformazione digitale delle organizzazioni
 
Tlc 2025. Il futuro delle Telecomunicazioni e della trasformazione digitale i...
Tlc 2025. Il futuro delle Telecomunicazioni e della trasformazione digitale i...Tlc 2025. Il futuro delle Telecomunicazioni e della trasformazione digitale i...
Tlc 2025. Il futuro delle Telecomunicazioni e della trasformazione digitale i...
 
Campania 2020 13 maggio 2014
Campania 2020   13 maggio 2014Campania 2020   13 maggio 2014
Campania 2020 13 maggio 2014
 
Il futuro del turismo in Puglia - 2008-2012
Il futuro del turismo in Puglia - 2008-2012Il futuro del turismo in Puglia - 2008-2012
Il futuro del turismo in Puglia - 2008-2012
 
Delphi ingegneri slide
Delphi ingegneri slideDelphi ingegneri slide
Delphi ingegneri slide
 
Il futuro degli ingegneri (2012)
Il futuro degli ingegneri (2012)Il futuro degli ingegneri (2012)
Il futuro degli ingegneri (2012)
 
Euclide 2020 - presentazione
Euclide 2020 - presentazioneEuclide 2020 - presentazione
Euclide 2020 - presentazione
 
Energia 2020 sintesi
Energia 2020   sintesiEnergia 2020   sintesi
Energia 2020 sintesi
 
Terziario futuro 2012 - sintesi
Terziario futuro 2012 - sintesiTerziario futuro 2012 - sintesi
Terziario futuro 2012 - sintesi
 
Il futuro delle arti visive in Italia - rapporto
Il futuro delle arti visive in Italia - rapportoIl futuro delle arti visive in Italia - rapporto
Il futuro delle arti visive in Italia - rapporto
 
Il futuro delle arti visive contemporanee - Slide
Il futuro delle arti visive contemporanee - SlideIl futuro delle arti visive contemporanee - Slide
Il futuro delle arti visive contemporanee - Slide
 
Il futuro della consulenza nel sistema finanziario italiano - rapporto finale
Il futuro della consulenza nel sistema finanziario italiano - rapporto finaleIl futuro della consulenza nel sistema finanziario italiano - rapporto finale
Il futuro della consulenza nel sistema finanziario italiano - rapporto finale
 
L'impatto del cambiamento climatico 2008-2012
L'impatto del cambiamento climatico 2008-2012L'impatto del cambiamento climatico 2008-2012
L'impatto del cambiamento climatico 2008-2012
 
Rapporto pmi 2012
Rapporto pmi 2012Rapporto pmi 2012
Rapporto pmi 2012
 
Volume Delphi "Longevità e abitazione"
Volume Delphi "Longevità e abitazione"Volume Delphi "Longevità e abitazione"
Volume Delphi "Longevità e abitazione"
 
Longevità e abitazione - Presentazione del 21-11-07
Longevità e abitazione - Presentazione del 21-11-07Longevità e abitazione - Presentazione del 21-11-07
Longevità e abitazione - Presentazione del 21-11-07
 

The future of surveyors in Italy: Euclide 2020 study

  • 1. 66WXGLXP SHU RQVLJOLR1D]LRQDOHGHL*HRPHWUL H*HRPHWUL/DXUHDWL (8/,'( ,JHRPHWULQHOIXWXUR /¶RI¿FLQDGL1(;7 /¶LQGDJLQHSUHYLVLRQDOH³(XFOLGH,JHRPHWULQHOIXWXUR´ q VWDWD UHDOL]]DWD GD 66WXGLXP VX LQFDULFR GHO RQVLJOLR 1D]LRQDOH*HRPHWULH*HRPHWUL/DXUHDWL $OO¶LQGDJLQHKDQQRSDUWHFLSDWRLQTXDOLWjGLHVSHUWL*LRYDQQL XWROR*DEULHOH'HO0HVH0LFKHOH'H/XFD0LUHOOD*LDQQLQL 0DUFR 0DJQL¿FR 0DULD *UD]LD 1DUGLHOOR *LXVHSSH 5RPD (GRDUGR5RQFKL /DULFHUFDSUHYLVLRQDOHFRQGRWWDGD66WXGLXPqVWDWDGLUHWWD GD 6WHIDQR 3DOXPER H VL q DYYDOVD GHOOD FROODERUD]LRQH GL 5XEHQULVFXROR ‹E/¶RI¿FLQDGL1(;7 5RPDRUVR9LWWRULR(PDQXHOH,, ZZZVVWXGLXPLW (XFOLGH,JHRPHWULQHOIXWXUR GL66WXGLXP )LQLWRGLVWDPSDUHQHOPHVHGLJLXJQR ,PSDJLQD]LRQHDFXUDGL/XFD2JJLDQX 6WDPSDDFXUDGL$UWHP1DSROL ÊFRQVHQWLWDODULSURGX]LRQHDQFKHSDU]LDOH FRQTXDOVLDVLPH]]RHIIHWWXDWDFRPSUHVDODIRWRFRSLD DQFKHDGXVRLQWHUQRRGLGDWWLFR
  • 2. ,1',( 3UHPHVVD ,OPDFURVFHQDULR /¶HYROX]LRQHVRFLDOH /HWHQGHQ]HHFRQRPLFKH 'HPRJUD¿DXUEDQLVWLFDHWHUULWRULR /¶LQÀXHQ]DGHOOHSROLWLFKH /¶HYROX]LRQHGHJOL2UGLQLSURIHVVLRQDOL /DYRURHUXRORVRFLDOHGHLJHRPHWUL ,OPHUFDWRGHOODYRURGHLJHRPHWUL /HWUDVIRUPD]LRQLQHOODYRUR ,OUXRORGHJOLVWXGLSURIHVVLRQDOL ,OUDSSRUWRFRQLFOLHQWLHLOPDUNHWLQJ )RUPD]LRQHHFRPSHWHQ]H ,VWUX]LRQHHIRUPD]LRQHGHLJHRPHWUL /DEDVHGLFXOWXUDGHLJHRPHWUL ,FRQ¿QLIUDODSURIHVVLRQHGHOJHRPHWUD HOHDOWUH /¶LQÀXHQ]DGHOOHQXRYHWHFQRORJLH 1RWDVXOO¶LQGDJLQH *OLHVSHUWL 35(0(66$
  • 3. ,OSURJHWWR /¶LQGDJLQHSUHYLVLRQDOH³(XFOLGH,JHRPHWUL QHOIXWXUR´FRPPLVVLRQDWDGDORQVLJOLR1D]LRQDOH *HRPHWULH*HRPHWUL/DXUHDWLDOOD66WXGLXPHSUH VHQWDWDLQTXHVWRYROXPHVLqSURSRVWDO¶RELHWWLYRGL WUDFFLDUHXQRVFHQDULRVXOOHSLSUREDELOLHYROX]LRQL GHOODSURIHVVLRQHGHOJHRPHWUDLQ,WDOLDGDTXLDO FRQVLGHUDQGR OH LQÀXHQ]H HFRQRPLFKH SROLWLFKH H VRFLDOL VXO VHWWRUH ROWUH DOO¶HYROX]LRQH GHOOH DWWLYLWj ODYRUDWLYHLQUDSSRUWRDOO¶LVWUX]LRQHODIRUPD]LRQHH O¶LQQRYD]LRQHWHFQRORJLFDDOORVFRSRGLRWWHQHUHXQD YLVLRQHJOREDOHGLTXHOORFKHVDUjLOIXWXURGHOODSUR IHVVLRQHGHOJHRPHWUDLQ,WDOLDQHLSURVVLPLQRYHDQQL /¶LQGDJLQHSUHYLVLRQDOH ,O UDSSRUWR GL ULFHUFD ³(XFOLGH , JHRPHWUL QHOIXWXUR´UDSSUHVHQWDGXQTXHLOSXQWRGLDUULYRGLXQ SURJHWWRUHDOL]]DWRFRQUDSLGLWjPDDYYDOHQGRVLGLXQD PHWRGRORJLDULJRURVDHVSHULPHQWDWD/¶LQGDJLQHKDDI IURQWDWRLOWHPDGHOIXWXURGHOODSURIHVVLRQHGHOJHRPH WUDLQ,WDOLDSUHQGHQGRLQHVDPHVLDJOLDVSHWWLPDFUR HFRQRPLFLHVWUXWWXUDOLVLDOHGLQDPLFKHRUJDQL]]DWLYH HSURIHVVLRQDOLFKHFDUDWWHUL]]HUDQQRODSURIHVVLRQHGHO JHRPHWUDQHJOLDQQLIUDLOHLO /RVWXGLRqVWDWRFRQGRWWRFRQLOPHWRGR³'HOSKL´ XQRGHLSLDI¿GDELOLSHUODIRUPXOD]LRQHGLVFHQDULD PHGLR WHUPLQH FRQVXOWDQGR XQ TXDOL¿FDWR SDQHO GL (VSHUWLDSSDUWHQHQWLDGDUHHGLVFLSOLQDULHSURIHVVLR QDOLPROWRGLIIHUHQ]LDWH,QWDOHPDQLHUDqVWDWRSRVVL ELOHSUHQGHUHLQFRQVLGHUD]LRQHXQDPSLRYHQWDJOLRGL SURVSHWWLYHGLDQDOLVLFRPSOHPHQWDUL ,OSDQHOGLHVSHUWL /¶LQGDJLQHSUHYLVLRQDOHFXUDWDGDOOD66WXGLXP KD YLVWR LO FRLQYROJLPHQWR GL *LRYDQQL XWROR 3UHVLGHQWHGL6DQWD ROH,WDOLDH9LFH3UHVLGHQWH GHOO¶$',
  • 5. 0LFKHOH 'H /XFD 3UHVLGHQWH GHOOD 6H]LRQH /DYRUR GHOOD RUWH GL DVVD]LRQH
  • 8. 0DULD *UD]LD 1DUGLHOOR JLj'LUHWWRUH*HQHUDOH0,85±RQVLJOLHUHGHO0LQLVWUR GHOOD3XEEOLFD,VWUX]LRQH
  • 10. (GRDUGR 5RQFKL 3UHVLGHQWH GHOOD)RQGD]LRQHSHUOR6YLOXSSR6RVWHQLELOH
  • 11. ,OPHWRGR /DFUHGLELOLWjGHOUDSSRUWRSUHYLVLRQDOHqGLUHWWD PHQWHOHJDWDROWUHFKHDOODTXDOLWjSURIHVVLRQDOHJD UDQWLWDGDJOLHVSHUWLFRQVXOWDWLDOOHFDUDWWHULVWLFKHGHO PHWRGRDGRWWDWRSHUODVXDUHDOL]]D]LRQH ODGRSSLDIRUPDGLFRQVXOWD]LRQHSULPDOLEHUD HULÀHVVLYDSRLDQDOLWLFDHEDVDWDVXOPHFFDQL VPRLQWHOOHWWXDOPHQWHLPSHJQDWLYRGHOODVFHOWD VHFFDIUDLO³6,´HLO³12´
  • 12. O¶DQRQLPDWR UHFLSURFR GHJOL HVSHUWL FKH HYL WDVLDOHFRQWUDSSRVL]LRQLSUHJLXGL]LDOLVLDXQ DVVHQVRIRQGDWRSLVXOULVSHWWRGHOO¶DXWRUHYR OH]]DFKHVXXQDYHUL¿FDSXQWXDOH
  • 13. ODVHOH]LRQHVHYHUDGHOOHSUHYLVLRQLDFFHWWDELOL FKH SRUWD D VFDUWDUH WXWWH OH LSRWHVL FKH QRQ UDJJLXQJRQR LO FRQVHQVR GHOOD PDJJLRUDQ]D GHJOLHVSHUWL
  • 14. $OWHUPLQHGHOSURJHWWRLOULVXOWDWRYLHQHFRQVHJQD WRDGXQGLEDWWLWROLEHURPDSXQWXDOHFRQGRWWRIDFFLD DIDFFLDQHOIRUXPGHOJLXJQRD9HURQDFRQ O¶LQWHUYHQWRGHOJUXSSRGLDXWRUHYROLHVSHUWLFKLDPDWL DGLVFXWHUHOHLPSOLFD]LRQLGHLIHQRPHQLSUHYLVWLGDOOD ULFHUFD ,/0$526(1$5,2
  • 15. /¶(92/8=,21(62,$/( 0XWDPHQWRHUHVLOLHQ]D /D UDSLGD H FRQWLQXD HYROX]LRQH GHOOD VRFLHWj JUD]LHDQFKHDOODJOREDOL]]D]LRQHHDOODGLIIXVLRQHGL ,QWHUQHW FRQWLQXHUj D SRUWDUH WUDVIRUPD]LRQL LQ WXWWL L VHWWRUL GHOOD SURGX]LRQH H GHO VDSHUH H ULFKLHGHUj O¶DGDWWDPHQWR GL WXWWL L VHWWRUL SURGXWWLYL FRPSUHVL TXHOOLOHJDWLDOO¶LQGXVWULDGHOFRVWUXLUHRORURFKHVD UDQQRLQFDSDFLGLDGDWWDUVLUDSLGDPHQWHHFRQVDJJH] ]DVDUDQQRHVFOXVLGDOJUDQGHPHUFDWRDFFRQWHQWDQ GRVLVRORGLRSHUD]LRQLDLPDUJLQLGHLJUDQGLVYLOXSSL FLzVDUjYDOLGRDQFKHHVRSUDWWXWWRSHUL*HRPHWUL 6XO SLDQR GHL IHQRPHQL FXOWXUDOL QHL SURVVLPL DQQL DVVLVWHUHPR DO UHFXSHUR H DOOD ULYDORUL]]D]LRQH GHJOLHOHPHQWLXQLFLFKHFDUDWWHUL]]DQRO¶LGHQWLWjGHO QRVWUR 3DHVH OD VWRULD OD WUDGL]LRQH H LO SDWULPRQLR FXOWXUDOH 5LVFKLSLIRUWLRFFDVLRQLSLJKLRWWH 1HOSURVVLPRGHFHQQLRSURVHJXLUDQQROHWHQGHQ]H DWWXDOL VLDYHUVRXQDVHPSUHSLDFFHQWXDWDJOREDOL] ]D]LRQH VLDYHUVRXQ¶RSSRVWDWHQGHQ]DDOORFDOLVPRWHU ULWRULDOH /D JOREDOL]]D]LRQH GHOOR VYLOXSSR UDIIRU]DQGRVL QHL JUDQGL 3DHVL GL QXRYD LQGXVWULDOL]]D]LRQH FRQ FHQWLQDLDGLPLOLRQLGLDELWDQWL DJJUDYHUj OH FULVL DPELHQWDOL D SDUWLUH GDOOD TXHOODFOLPDWLFD VROOHFLWHUj SURIRQGL FDPELDPHQWL YHUVR XQD PDJJLRUHVRVWHQLELOLWjDPELHQWDOHVLDQHLPR GHOOLGLSURGX]LRQHVLDQHLFRQVXPL ,QROWUH VL DOODUJKHUj XOWHULRUPHQWH LO GLYDULR WUD FRORURFKHWUDUUDQQRYDQWDJJLGDOOHGLQDPLFKHHFRQR PLFKHVRFLDOLHFXOWXUDOLGDXQDSDUWHHJOLHPDUJLQDWL GDOODQXRYDHFRQRPLDGDOO¶DOWUD /¶DFFHQWXDWD JOREDOL]]D]LRQH UHQGHQGR LO PRQGR SLSLFFRORHLQWHUGLSHQGHQWHFRQXQDIRUWHFLUFROD]LRQH GL FRQRVFHQ]D LQIRUPD]LRQH FDSLWDOL SHUVRQH EHQL H VHUYL]LFRVWULQJHUjVHPSUHSLDQFKHLSURIHVVLRQLVWLGHO VHWWRUHGHOOHFRVWUX]LRQLDPLVXUDUVLLQXQDUHDOWjPDJ JLRUPHQWHFRPSHWLWLYDHFRPSOHVVD/DJOREDOL]]D]LRQH VWHVVDSHUzPHWWHUjORURDGLVSRVL]LRQHDQFKHXQSRWHQ ]LDOHG¶D]LRQHPROWRSLDPSLR 3URGRPRVXD 1HLSURVVLPLDQQLVLUDIIRU]HUjDQFKHODWHQGHQ]D DOORFDOLVPR VLDQHOOHVSLQWHSLQHJDWLYHGLFKLXVXUDH[H QRIRELD VLDLQTXHOOHSRVLWLYHGLYDORUL]]D]LRQHFXOWXUDOH GHOOHGLYHUVLWjWHUULWRULDOLTXHOOHORFDOLPDDQ FKHTXHOOHGHOODWHUUDGLRULJLQHGHLSURSULSDGUL
  • 17. DWWHQ]LRQHDOODTXDOLWjGHOSURSULRFRQWHVWRWHUULWRULD OHROWUHFKHGHOODVLQJRODSURSULDDELWD]LRQH ,QWHUSUHWDUHODEHOOH]]D 1HOO¶DSSURFFLR DO FRVWUXLUH GHL SURVVLPL DQQL YL VDUjPDJJLRUHDWWHQ]LRQHDLSDUDPHWULHVWHWLFLGLFR ORUHIRUPHHSURSRU]LRQLFKHULVSHWWLQRO¶LGHQWLWjHOD EHOOH]]DLWDOLDQDHORFDOH ,IXWXULJHRPHWULDYUDQQRXQUXRORSULPDULRLQWDO VHQVR SHU HYLWDUH SURJHWWL FRQWUDVWDQWL FRQ OD VWRULD HO¶LGHQWLWjGHLVLQJROLOXRJKLLQFXLVRQRFKLDPDWLD FRVWUXLUH6DUjSHUWDQWRSHUORURQHFHVVDULDXQDULYL VLWD]LRQH GHL OLQJXDJJL FXOWXUDOL FRQ XQD PDJJLRUH SUHSDUD]LRQH LQ PDWHULH DUWLVWLFKH DUFKLWHWWRQLFKH H DPELHQWDOL RVWUXLUHVHQ]DIUHQHVLD 1HOSURVVLPRGHFHQQLRO¶DSSURFFLRGHLSURIHVVLR QLVWL GHO FRVWUXLUH VXELUj SURIRQGL FDPELDPHQWL FKH ULJXDUGHUDQQRLQSDUWLFRODUPRGRLOULVSHWWRGHOWHUUL WRULRHGHOO¶DPELHQWH6XSHUDWDO¶HSRFDGHOFRVWUXLUH DQFKHLQPRGRIUHQHWLFRSHUIDUIURQWHDOODGRPDQGD GLDELWD]LRQLVLDWWLYHUjO¶DWWHQ]LRQHDGDVSHWWLSLJH QHUDOLTXHVWLULJXDUGHUDQQR ODTXDOLWjGHOODYLWD ODVDOYDJXDUGLDSDHVDJJLVWLFD LOFRQWHQLPHQWRGHLFRQVXPLHQHUJHWLFL O¶LPSLHJR GL IRQWL DOWHUQDWLYH GL SURGX]LRQH GHOO¶HQHUJLD 6L SRUUj LQROWUH PROWD SL FXUD QHOOD VFHOWD H QHOO¶XWLOL]]RGHLPDWHULDOLGDFRVWUX]LRQHFRQXQULQ QRYDWRULVSHWWRSHUHYLWDUHORVSUHFRGLULVRUVHHSHU LPSHGLUH FKH HGL¿FL LPSURSUL SRVVDQR FUHDUH GLVDU PRQLHFRQLOWHVVXWRXUEDQRHVLVWHQWH *UD]LHDOULVDQDPHQWRHQHUJHWLFRQHJOLHGL¿FLHVL VWHQWLYHUUDQQRVHQVLELOPHQWHULGRWWHOHHPLVVLRQLGL DQLGULGH FDUERQLFD SURGRWWH GDO ULVFDOGDPHQWR H GDL VLVWHPLGLSURGX]LRQHGHOO¶DFTXDFDOGD 3URJHWWD]LRQHHSDUWHFLSD]LRQH 1HLSURVVLPLDQQLVLSXQWHUjLQROWUHVXOO¶DJULFRO WXUDLQTXDOLWjGLIRQWHSULPDULDGHOO¶HFRQRPLDHPL JOLRUPHWRGRSHUWXWHODUHLOSDHVDJJLRHSHUIDYRULUH ORVYLOXSSRWXULVWLFR , SURIHVVLRQLVWL GHO FRVWUXLUH GLYHQWHUDQQR LQ WHUSUHWL GHL FDPELDPHQWL QHOOD SHUFH]LRQH XPDQD GHOO¶DPELHQWHFRQWULEXHQGRDOUHFXSHURGHOODSDUWHFL SD]LRQHGHOODFRPXQLWjGHOIDWWRUHVRFLDOHHGXPDQR QHLSURFHVVLGLSURJUDPPD]LRQHHSURJHWWD]LRQHGHO IXWXUR
  • 18. /(7(1'(1=((2120,+( 4XDQWRYDOHODYLYLELOLWj 6LPDQLIHVWHUDQQRQHLSURVVLPLDQQLFDPELDPHQWL SURIRQGLQHOUDSSRUWRIUDHFRQRPLDHWUDVIRUPD]LRQH GHOWHUULWRULRLSRWHULHFRQRPLFLSUHPLHUDQQROHLQL ]LDWLYHHGLSURJHWWLSHUFLWWjSLYLYLELOLQHOULVSHWWR GHOWHUULWRULRHGHOO¶DPELHQWH$XPHQWHUjTXLQGLO¶DW WHQ]LRQHGHOODULFHUFDVFLHQWL¿FDSHUXQFRUUHWWRLP SLHJR GHOOH ULVRUVH H GHJOL VWUXPHQWL SHU XQ XVR SL UD]LRQDOHGHOWHUULWRULR (PHUJHUDQQRQXRYHVROX]LRQLLQPDWHULDGLKDEL WDWLQUDSSRUWRDOO¶HTXLOLEULRWUDYLWDSULYDWDHODYRUR DOOHVFHOWHDELWDWLYHHVHUYL]LSXEEOLFLDOODJHVWLRQHH LOULFLFODJJLRGHLUL¿XWLDOODVLFXUH]]DHODTXDOLWjGHL FLELHWF
  • 19. FKHIDYRULUDQQRODFUHVFLWDGLQXRYLVHWWRUL GLLQWHUYHQWRSURIHVVLRQDOHDQFKHSHULJHRPHWUL HQHUJLD VLFXUH]]D DPELHQWHHGHFRORJLD 1HOO¶DPELWR GHOO¶HGLOL]LD LO PHUFDWR VDUj LQROWUH FRQGL]LRQDWR GDOO¶DSSOLFD]LRQHGHOOHQXRYHWHFQRORJLH GDOOD YROXELOLWj GHOO¶RULHQWDPHQWR GHO PHUFDWR LQUDSSRUWRDOOHYDULHIDVLGHOODFULVLHFRQRPLFD GDOO¶LQWHUQD]LRQDOL]]D]LRQHGHOODSURGX]LRQHH GHJOLVFDPELGLSURGRWWLFDSLWDOLHSHUVRQH LQWHVWUHWWHHFDVHSLFFROH /¶,WDOLDQHLSURVVLPLDQQLVXELUjDQFRUDOHFRQ VHJXHQ]HGHOODFULVLHFRQRPLFDUHVWDQGRLQFDSDFHGL XQDFUHVFLWDUDSLGD,OQXRYRFRVWUXLWRLQWHUPLQLGL YHUDHSURSULDHVSDQVLRQHDOQHWWRGHOODGHPROL]LRQH HVRVWLWX]LRQH
  • 20. DYUjXQRVSD]LRPLQRUHFKHLQSDVVDWR (QWUDQGRSLQHOORVSHFL¿FRQHLSURVVLPLDQQLLO PHUFDWRGHOOHFRVWUX]LRQLFRQIHUPHUjODVXDVHJPHQ WD]LRQHULSDUWLWDLQ PHUFDWR GL FRQVXPR SUHYDOHQWHPHQWH UHVL GHQ]LDOHGDOOHSLFFROHULVWUXWWXUD]LRQLGLHGL¿ FLIDPLOLDUL¿QRDGLQWHUYHQWLSLDPSLHFRP SOHVVL
  • 21. LQFXLVDUDQQRULFKLHVWHSURIHVVLRQDOLWj SOXULPHWUDWWDQGRVLGLSURGRWWLGLYHUVL PHUFDWRFRUSRUDWHULJXDUGDQWHOHFRVWUX]LRQL SHULQYHVWLPHQWRHSHUXVRGLUHWWRGHOOHLPSUH VHLQFXLYLVDUDQQRVSD]LDQFKHSHULOWDJOLR PHGLRSLFFRORGHJOLHGL¿FLSHUODSURGX]LRQH DGHVFDSDQQRQLLQGXVWULDOLRFRVWUX]LRQLSHU ODORJLVWLFD
  • 22. PHUFDWR SXEEOLFR ULJXDUGDQWH OH RSHUH SXE EOLFKH LQ ,WDOLD SHU OH TXDOL VL FRQIHUPHUj OD WHQGHQ]DGHOOHSLFFROHRSHUHFRPHOHURWRQGH VWUDGDOL
  • 23. DUDSSUHVHQWDUHODPDJJLRUDQ]DGHJOL DSSDOWL ,OPHUFDWRFUHDWRGDOODGRPDQGDGHOSULYDWRFKH LQWHQGHFRVWUXLUHRULVWUXWWXUDUHODSURSULDDELWD]LR QHLQFXLLOUXRORGHLSURIHVVLRQLVWLqPDJJLRUHLQ TXDQWR LQWHUORFXWRUL GLUHWWL H GL ULIHULPHQWR GHOOD FRPPLWWHQ]DVDUjPROWRLQÀXHQ]DWRGDOOHWHQGHQ ]HHFRQRPLFKH
  • 24. /DWHQWD]LRQHROLJRSROLVWLFD ,OPHUFDWRGHULYDQWHGDOODGRPDQGDGHOO¶LPSUHVD FKH FRVWUXLVFH R ULVWUXWWXUD SHU YHQGHUH YHGUj XQD ULGX]LRQH QRWHYROH GHL JXDGDJQL GHL SURIHVVLRQLVWL GRYXWDD ODULGX]LRQHGHJOLLQYHVWLPHQWLHGHLPDUJLQLSHUOH LPSUHVH O¶HFFHVVLYRQXPHURGLSURIHVVLRQLVWLFKHRSHUDQR QHOVHWWRUH 1HL SURVVLPL DQQL SHU DFTXLVLUH PDJJLRUL FRP PLWWHQ]HVL FHUFKHUjGL VRSSLDQWDUHOHORJLFKHGHOOD FRQFRUUHQ]D FRQ IRUPH GL PRQRSROLR R GL FRQWUROOR GLVHJPHQWLGHOPHUFDWRDXWRGLUHWWLYRFLRqGDSDUWH GHOO¶2UGLQHSURIHVVLRQDOHRHWHURGLUHWWLYRDGRSHUD GHO*RYHUQRORFDOH
  • 25. 1RQRVWDQWH OD SUHPLQHQ]D GHO UHVWDXUR H GHOOD ULVWUXWWXUD]LRQH ULVSHWWR DOOH QXRYH FRVWUX]LRQL FR PXQTXHSHUJOLRSHUDWRULHFRQRPLFLGHOVHWWRUHGHOOH FRVWUX]LRQLQRQVLPDQLIHVWHUDQQRGLI¿FROWjSHUSUR VSHUDUHHIDUHSUR¿WWLDQFKHQHO /DWHQWD]LRQHGHOFHPHQWR (VFOXGHQGROHRSHUHLQIUDVWUXWWXUDOLYLDULHIHUUR YLDULHDHURSRUWXDOLHWFO¶HGLOL]LDIXWXUDVDUjGXQTXH ¿QDOL]]DWDSULQFLSDOPHQWHDOUHFXSHURGHOO¶HVLVWHQWH FRQXQDPDJJLRUHDWWHQ]LRQHDJOLDVSHWWLHGLOL]LXUED QLVWLFLHQHUJHWLFLHDPELHQWDOL,OQXRYRHGL¿FDWRGL SLFFRODGLPHQVLRQHDELWDWLYRGLVHUYL]LHLQGXVWULDOH
  • 26. DYUjPRGHVWLOLYHOOLGLVYLOXSSRHGLVRVWLWX]LRQH 7XWWDYLD QHL SURVVLPL DQQL OD SURSHQVLRQH D HVSDQGHUH LO WHUULWRULR FRVWUXLWR QRQ VL HVDXULUj /H IXQ]LRQLGLYLWDHGLSURGX]LRQHGHOO¶HFRQRPLDWHU]LD ULDLOFXLFRQWULEXWRDO3LOUHVWHUjFUHVFHQWHQHOOHVR FLHWjDYDQ]DWHFRQWLQXHUDQQRDSUHPHUHSHUDOORFDUVL LQQXRYLVSD]L /D WHQGHQ]D SUHYDOHQWH SHUz VDUj O¶DIIHUPD]LR QHGLXQQXRYRPRGRGLFRVWUXLUHYROWRDVRGGLVIDUH O¶HPHUVLRQHGLQXRYHHVLJHQ]HWXWHODDPELHQWDOHUL VSDUPLRHQHUJHWLFRHWF
  • 27. /DWHQWD]LRQHGHOOD¿QDQ]D /¶HVSDQVLRQHGHOVHWWRUHGHOOHFRVWUX]LRQLGLSHQ GHUjGDOODFDSDFLWjGLLQFRUSRUDUHJOLHOHPHQWLFDUGLQL GHOODQXRYDHFRQRPLDTXDOLODWHFQRORJLDHOD¿QDQ]D 1HOSURVVLPRIXWXURLOSURMHFW¿QDQFLQJLQÀXLUj VHPSUHSLVXOO¶DSSURFFLRWUDGL]LRQDOHDOODSURJHWWD ]LRQHULFKLHGHQGRDLSURIHVVLRQLVWLXQQXRYRHULJH QHUDWRDSSRUWRGLTXDOLWjSURIHVVLRQDOHSHUDGDWWDUVL DL QXRYL VFHQDUL 9D SHUz FRQVLGHUDWR FKH HVVR QRQ UDSSUHVHQWHUjORVWDQGDUGSHUODPDJJLRUSDUWHGHJOL LQYHVWLPHQWLQHOPRQGRGHOOHFRVWUX]LRQLVLDSXEEOL FKHFKHSULYDWH
  • 28. '(02*5$),$85%$1,67,$7(55,725,2 3OXUDOLVPRHWQLFR 1HL SURVVLPL DQQL OD PRGHVWD FUHVFLWD GHPRJUD ¿FD VDUj LQWHUDPHQWH GRYXWD DJOL LPPLJUDWL FRQ XQ GLYHUVRLPSDWWRVXOODGRPDQGDDELWDWLYDGHOOHFLWWj DOFXQHFRPXQLWjFRPHTXHOOHGLRULJLQHFLQH VHSLFRHVHHFRQPDJJLRUHFDSDFLWjHFRQR PLFD WHQGHUDQQR DG DFTXLVLUH LQWHUL VWDELOL H D FUHDUH ]RQH GRYH VRQR SUHVHQWL LQ PDQLHUD PDVVLFFLD DOWUL FRPH TXHOOL GL RULJLQH ¿OLSSLQD LPSLH JDWL SHUORSL FRPH FROODERUDWRUL GRPHVWLFL SRUWLHULHQHOODULVWRUD]LRQHFHUFKHUDQQRUHVL GHQ]HSLSURVVLPHDLOXRJKLGLODYRURDGDW WDQGRVLSUHVVROHDELWD]LRQLGRYHODYRUDQRRLQ DIIROODWLDOORJJLGLEDVVDTXDOLWj ODPDVVDGLUXPHQLSRODFFKLDOEDQHVLHQRU GDIULFDQLRFFXSDWDLQSLFFROHLPSUHVHHGLOL]LD R DJULFROWXUD GLVSRUUj GL UHGGLWL EDVVL VSHV VRSUHFDULHUDUDPHQWHDFTXLVWHUjXQDQXRYD FDVD SUHIHUHQGR VROX]LRQL D EDVVR FRVWR DO ORJJL LQ FRQGL]LRQL SUHFDULH GLVWULEXLWH QHOOH SHULIHULHRIXRULGDOOHFLWWj
  • 29. (WLFDHXUEDQLVWLFD $FDXVDGHOODFUHVFLWDGHPRJUD¿FDGHOOHFLWWjLWD OLDQHIDYRULWDGDOODFRPSRQHQWHLPPLJUDWDVLFUHHUj XQDGRPDQGDGLFLUFDDELWD]LRQLDJJLXQWLYH DOO¶DQQR /¶LQJHQWH IHQRPHQR PLJUDWRULR YHUVR OH FLWWj LO SUROLIHUDUH GHOOH PRGHUQH PHJDORSROL HG L SUREOHPL OHJDWLDOORURVYLOXSSRULFKLHGHUDQQRDLSURIHVVLRQL VWLGHOFRVWUXLUHXQDPDJJLRUHFRQVDSHYROH]]DGHOOH LPSOLFD]LRQLHWLFKHVRFLDOLHPRUDOL,JUDQGLVYLOXSSL GHOSURVVLPRGHFHQQLRULJXDUGHUDQQRSULQFLSDOPHQWH RELHWWLYL FKH SUHGLOLJDQR OH LQIUDVWUXWWXUH H OH RSHUH DFDUDWWHUHVRFLDOHLQFOXVHTXHOOHUHODWLYHDLFRJHQWL SUREOHPLGLVRVWHQLELOLWjGHOQRVWURSLDQHWD /¶LQFUHPHQWR GHPRJUD¿FR GRYXWR DOO¶LPPLJUD ]LRQHULFKLHGHUjPLVXUHGLLQWHJUD]LRQHHFRQRPLFDH VRFLDOHPDSURGXUUjUDUDPHQWHVLJQL¿FDWLYHSRVVLEL OLWjRFFXSD]LRQDOLDJJLXQWLYHSHULSURIHVVLRQLVWLGHO VHWWRUHHGLOH 9LWDVRVWHQLELOHFRVWLLQVRSSRUWDELOL ,OSUH]]RHOHYDWRGLDI¿WWLHFDVHQHOOHJUDQGLHPH GLHFLWWjFRQWLQXHUjDIDYRULUHO¶DEEDQGRQRGHLFHQWUL XUEDQLYHUVR]RQHSLSHULIHULFKHGDSDUWHGLJLRYDQL HQXRYHFRSSLHPDDQFKHGHJOLDQ]LDQLSHQVLRQDWL 6L DVVLVWHUj VHSSXUH FRQ XQ¶DIIHUPD]LRQH PROWR OHQWD H SURJUHVVLYD QHO FRUVR GHO GHFHQQLR DG XQD UXUDOL]]D]LRQHGHOODFLWWjLQIXQ]LRQHGHOODPDJJLRU DWWHQ]LRQHDOO¶HFRVRVWHQLELOLWjDOUHFXSHURGHOODSLF
  • 30. FROD SURGX]LRQH DOLPHQWDUH LQ DPELWR XUEDQR DOOD TXDOLWjDPELHQWDOHLQVHQVRODWR 7UDVIRUPD]LRQLHUUDWLFKH /D JHVWLRQH SROLWLFD GHOO¶XUEDQLVWLFD H GHOOH WUD VIRUPD]LRQLGHOWHUULWRULRFRQWLQXHUjDHVVHUHEDVDWD VXXQDVFDUVDSURJUDPPD]LRQHHVXOODPDQFDQ]DGL VWUDWHJLHDPHGLRHOXQJRWHUPLQH /¶XUEDQLVWLFD FRQWLQXHUj GXQTXH D ULVHQWLUH GHOO¶DVVHQ]D GL XQD SROLWLFD DGHJXDWD FRQ LO ULVXO WDWRFKHLOVHWWRUHDQGUjYLDYLDSLLQFULVL/HFLWWj FRQWLQXHUDQQRDVXELUHXQDWUDVIRUPD]LRQHXUEDQLVWL FD GHWWDWD GDOOH VSHFXOD]LRQL SLXWWRVWR FKH GD OLQHH GL VYLOXSSR SLDQL¿FDWH VL YHGD DG HV LO FRVLGGHWWR ³3LDQRFDVD´
  • 31. ,OSDUDGLJPDGHOODTXDOLWj *OL XUEDQLVWL GHL SURVVLPL DQQL WHQGHUDQQR D UL VSHWWDUHO¶LWDOLDQZDRIOLIHHODSHFXOLDUHVHQVLELOLWj GHJOLLWDOLDQLYHUVRODTXDOLWjGHOODYLWD6LHYLWHUjSHU WDQWRGLVHJXLUHLOPRGHOORGHOOHPHJDORSROLSULYLOH JLDQGROHDELWXGLQLLWDOLDQHGHOODYLWDGDTXDUWLHUHHOD SUHIHUHQ]DSHULFHQWULVDWHOOLWLIXRULFLWWj 6LSRUUjPDJJLRUHDWWHQ]LRQHDOO¶LQWHJUD]LRQHWUD WHFQRORJLDHTXDOLWjQHOODSURJHWWD]LRQHSHUODJHVWLR QHGHJOLVSD]LXUEDQLHSDHVDJJLVWLFL , SURIHVVLRQLVWL RSHUDQWL QHOO¶DPELWR GHOOD SUR JHWWD]LRQHDYUDQQRODFDSDFLWjGLULFRQRVFHUHLYDOR UL DPELHQWDOL HG HVWHWLFL SUHVHQWL QHL OXRJKL LQ FXL q SUHYLVWRLOORURLQWHUYHQWRXWLOL]]DQGROLFRPHSXQWR GLULIHULPHQWRSHUODSURSULDD]LRQH$QFKHLJHRPH WUL ROWUH DO QRUPDOH ULVSHWWR GHOOH QRUPDWLYH H GHOOD GHRQWRORJLD SURIHVVLRQDOH VYROJHUDQQR VHPSUH SL L SURSUL LQFDULFKL LQGLYLGXDQGR H PLWLJDQGR L IDWWRUL GHWUDWWRULGHOODTXDOLWjHGHOODEHOOH]]DSDHVDJJLVWLFD ,JHRPHWULLQIDWWL VYROJHUDQQR XQ¶D]LRQH GL VHQVLELOL]]D]LRQH H IRUPD]LRQHLQPDWHULDDPELHQWDOH FRQWULEXLUDQQRDOUHFXSHURHGLOL]LR SURPXRYHUDQQRODYLYLELOLWjHLOGHVLJQXUED QR /HJLWWLPD]LRQHSURIHVVLRQDOH 1HLSURVVLPLDQQLLSURIHVVLRQLVWLGHOFRVWUXLUHVD UDQQRGXQTXHFDSDFLGLLQFLGHUHVXOOHQXRYHHVLJHQ]H FKHVLSUHVHQWHUDQQRGLIURQWHDLFRQWLQXLPXWDPHQWL GHOWHUULWRULRLzFRQVHQWLUjORURGLOHJLWWLPDUVLHUHQ GHUVLDI¿GDELOL /D FRQRVFHQ]D GHO WHUULWRULR SDWULPRQLR VRSUDW WXWWR GHL JHRPHWUL VDUj LPSLHJDWD SHU HVHUFLWDUH XQ DWWHQWRFRQWUROORVXWXWWHOHDWWLYLWjWHQGHQWLDPRGL ¿FDUOR /DWUDVIRUPD]LRQHGHOWHUULWRULRLPSRUUjDOSURIHV VLRQLVWDODVFHOWDGLQXRYLPRGHOOLRSHUDWLYLFKHPLUL QRROWUHFKHDOODTXDOLWjSURJHWWXDOHDWXWWLLVXFFHV VLYLDVSHWWLJHVWLRQDOL
  • 32. /¶,1)/8(1=$'(//(32/,7,+( 38%%/,+( /DSRODUL]]D]LRQHDPPLQLVWUDWLYD /H SROLWLFKH HXURSHH H QD]LRQDOL DYUDQQR XQ¶LQ ÀXHQ]DGLUHWWDVXOODGLVFLSOLQDGHOOHFRVWUX]LRQLQR QRVWDQWH OH FRPSHWHQ]H GHWHQXWH ± LQ IXQ]LRQH GHO GHWWDWRFRVWLWX]LRQDOH±GDOODOHJLVOD]LRQHUHJLRQDOHH GDOODUHJRODPHQWD]LRQHORFDOHWUDPLWHLFRPXQL 1HOSURVVLPRGHFHQQLROHSROLWLFKHSXEEOLFKHLQ ÀXHQ]HUDQQRO¶DSSURFFLRDOFRVWUXLUHLQTXDQWRHVVH VWHVVH FRQGL]LRQDWH GDOOH PLJUD]LRQL H GDJOL VSRVWD PHQWLDOO¶LQWHUQRGLRJQLSDHVH /HSROLWLFKHHXURSHHFRQWLQXHUDQQRD³UHJRODUL] ]DUH´HUD]LRQDOL]]DUHTXHOOHQD]LRQDOL4XHVWHXOWLPH WHQGHUDQQRDSHUGHUHLPSRUWDQ]DDYDQWDJJLRGLTXHO OHFRQWLQHQWDOHHORFDOL 1HLSURVVLPLDQQLDGHVHPSLRQRQYHUUDQQRPHV VLLQGLVFXVVLRQHLYLQFROLFUHDWLGDOOHSROLWLFKHHXUR SHH SHU O¶DJULFROWXUD SHQDOL]]DQWL SHU O¶HFRQRPLD LWDOLDQD $QFKH OD UHJRODPHQWD]LRQH SURIHVVLRQDOH QD]LR QDOHHORFDOHVDUjFRQGL]LRQDWDGDOOHSROLWLFKHHXUR SHH YHUVR XQD PDJJLRUH FRQIRUPLWj GL GHRQWROR JLH H SUDWLFKH WUD L 3DHVL FKH DGHULVFRQR DOO¶8QLRQH (XURSHD 8QDVDOXWDUHDSHUWXUD 1HOSURVVLPRIXWXURYHUUDQQRDIIURQWDWLHULVROWLL SUREOHPLULJXDUGDQWLLWHPLGHOODFRPSHWLWLYLWjHPR ELOLWjLQWHOOHWWXDOHQHOO¶8QLRQH(XURSHD /D OLEHUD FLUFROD]LRQH GL EHQL VHUYL]L H SHUVRQH DPSOLHUjDQFKHLOPHUFDWRGHOOHSURIHVVLRQLFDXVDQGR IUD O¶DOWUR XQ DXPHQWR GHOOD FRQFRUUHQ]D WUD SURIHV VLRQLVWL ,OIXWXURGHOOHSURIHVVLRQLLWDOLDQHVDUjFRPXQTXH LQÀXHQ]DWR LQ PDQLHUD FRPSOHVVLYDPHQWH SRVLWLYD GDLFULWHULFRPXQLWDULGLFRQFRUUHQ]DQRQRVWDQWHHVVL WHQGHUDQQRDVIXPDUHLOYDORUHGHOWLWRORIRUPDOHSHU SULYLOHJLDUHOHFDSDFLWjVRVWDQ]LDOLGHO³VDSHUIDUH´ /¶DSHUWXUDGHOOHIURQWLHUHDOODPRELOLWjGHLSURIHV VLRQLVWL D OLYHOOR HXURSHR DG HVHPSLR PRGL¿FKHUj UDGLFDOPHQWHDQFKHOHFRQGL]LRQLGLHVHUFL]LRGHOO¶DW WLYLWjGHLJHRPHWULFRQVHQWHQGRODVXGGLYLVLRQHGHOOH DWWLYLWj H OD SRVVLELOH HVWHUQDOL]]D]LRQH GL HODERUDWL WHFQLFLDQFKHDOWDPHQWHSURIHVVLRQDOLFKHSRWUDQQR HVVHUHUHGDWWLDFRVWLLUULOHYDQWLHLQPRGRSLHI¿FLHQ WHLQDOWUHQD]LRQL /R6WDWROXPDFD /HSROLWLFKHHXURSHHDYUDQQRXQLPSDWWRVLJQL¿ FDWLYRVXOO¶HGLOL]LDVHWWRUHVWUDWHJLFDPHQWHLPSRUWDQ WHSHUO¶(XURSDGDFXLGLSHQGRQRPROWLUDPLGHOO¶HFR QRPLD /D OLEHUD FLUFROD]LRQH GL VHUYL]L OHJDWL DOOH FRQRVFHQ]HWHFQLFKHFRVWLWXLUjXQDSULRULWjULOHYDQWH DQFKHQHOOHSROLWLFKHQD]LRQDOLHORFDOL
  • 33. *OL HIIHWWL VXOOH SURIHVVLRQL GHO VHWWRUH VDUDQQR FRQVLVWHQWLPDQRQQHOEUHYHSHULRGRLQTXDQWRQHL SURVVLPL DQQL FRQWLQXHUj D ULVXOWDUH FDUHQWH O¶LQWHU YHQWRGHOOR6WDWRLWDOLDQRSHUDJHYRODUHODPRELOLWj JHRJUD¿FDHSURIHVVLRQDOHHSHUDGHJXDUHLOPHUFDWR GHOODYRURDOOHWUDVIRUPD]LRQLLQGXVWULDOLHDLFDPELD PHQWLGHOVLVWHPDHFRQRPLFR $QRPDOLHOLWDULIDUUDJLQRVL ,O IXWXUR GHOOH FLWWj H GHL VLQJROL VYLOXSSL XUED QLHQWUROHFLWWjULVHQWLUjDQFKHGHOOHSROLWLFKHSHULO WHUULWRULRORFDOLHQD]LRQDOL/DSROLWLFDGHOWHUULWRULR SXQWHUjDFRQWUROODUHHGHTXLOLEUDUHVYLOXSSRVRFLDOH HVYLOXSSRXUEDQR 7XWWDYLDFRPHDSSHQDDQWLFLSDWRLOVHWWRUHGHOOH FRVWUX]LRQL ULVHQWLUj GHOOD SROLWLFD QD]LRQDOH VRSUDW WXWWRLQIXQ]LRQHGHOOHFDUHQ]HGHLULWDUGLGHOOHRPLV VLRQLGLTXHVW¶XOWLPD 1HOSURVVLPRGHFHQQLRDGHVHPSLRDOLYHOORQD ]LRQDOH SHUVLVWHUj O¶DQRPDOLD GHO ³3LDQR FDVD´ GH VWLQDWR D FRQGL]LRQDUH LO VHWWRUH DQFRUD SHU TXDOFKH DQQR ,QROWUH QRQ VL SDVVHUj GD TXL DO GD XQR VYLOXSSR GHOOH LQIUDVWUXWWXUH IHUURYLDULH WXWWR EDVDWR VXOO¶$OWDYHORFLWjDGXQRFKHUHFXSHULOHUHWLPLQRUL LQPDQLHUDWDOHGDUHQGHUHO¶LQIUDVWUXWWXUDIDYRUHYROH DFKLYXROHFRQRVFHUHLOWHUULWRULR /¶$XWRULWj JDUDQWH GHOOD FRQFRUUHQ]D H GHO PHU FDWR GDO FDQWR VXR FRQWLQXHUj DG DYHUH XQ UHJLPH UHJRODPHQWDUH OHJLVODWLYR WURSSR FRPSOHVVR H IDUUD JLQRVRFKHVDUjLPSRVVLELOHVQHOOLUHHUD]LRQDOL]]DUH QHOEUHYHWHUPLQH /¶DUWHGHOO¶HI¿FLHQ]D /¶DUWH GHO FRVWUXLUH VDUj IRUWHPHQWH LQÀXHQ]DWD GDOOD HVLJHQ]D GHO ULVSHWWR GHOO¶DPELHQWH H GHO SDH VDJJLRFRVuFRPHVDQFLWDGDOODRQYHQ]LRQH(XURSHD GHO3DHVDJJLRQHOJHQQDLRGHO 8QDGHOOHSULQFLSDOLLQÀXHQ]HGHOOHSROLWLFKHGHL SURVVLPLDQQLULJXDUGHUjSURSULROHD]LRQLSHUULGXUUH O¶LPSDWWRDPELHQWDOHLQSDUWLFRODUHLQPHULWRDOO¶XVR GLHQHUJLDVXOGXSOLFHSLDQR GHOORVYLOXSSRGHOOHHQHUJLHULQQRYDELOL GHOULVSDUPLRHQHUJHWLFRSHUIDUHLQPRGRFKH LOSDWULPRQLRHGLOL]LRVLDSURVVLPRDOOHFODVVL GLFRQVXPR$H% /H GLUHWWLYH HXURSHH DYUDQQR XQ¶LQÀXHQ]D ULOH YDQWHVXOOHFRVWUX]LRQLDQFKHLQPHULWRDOODJHVWLRQH GHLUL¿XWLGDFRVWUX]LRQHHGHPROL]LRQH 1HO QRVWUR 3DHVH FRPXQTXH QHL SURVVLPL DQQL QRQ YHUUDQQR YDUDWL DPSL SURJUDPPL GL WXWHOD GHOO¶DPELHQWHHGHOWHUULWRULR RVWUX]LRQLUHVSRQVDELOL *OL LQFHQWLYL OHJDWL D PLVXUH GL ULVSDUPLR HQHU JHWLFR LQ RFFDVLRQH GL ULVWUXWWXUD]LRQL GHJOL HGL¿FL
  • 34. HVLVWHQWLDXPHQWHUDQQRQHLSURVVLPLDQQL1HLQXRYL HGL¿FLVDUDQQRJUDGXDOPHQWHSUHYLVWLPDJJLRULVWDQ GDUGREEOLJDWRULGLHI¿FLHQ]DHQHUJHWLFDFHUWL¿FD]LR QLHQHUJHWLFKHHPLVXUHFKHFRLQYROJRQRO¶LQYROXFUR LVHUUDPHQWLOHDSSDUHFFKLDWXUHGLULVFDOGDPHQWRHGL ULQIUHVFDPHQWRSHUO¶DFTXDFDOGDSHUO¶LOOXPLQD]LRQH HSLLQJHQHUDOHHOHWWULFKH
  • 35. $O ¿QH GL GLPLQXLUH LO FRQVXPR HQHUJHWLFR VDUj ULFKLHVWR DL SURIHVVLRQLVWL XQ PDJJLRUH LPSHJQR VR SUDWWXWWR QHOOH ULVWUXWWXUD]LRQL 6DUDQQR TXLQGL LQGL VSHQVDELOL FRPSHWHQ]H HQHUJHWLFKH LQWHJUDWH QHOOD SURJHWWD]LRQHHVHFX]LRQHGHJOLLQWHUYHQWLHQHOOHJH VWLRQLGHJOLHGL¿FL /D PDJJLRU DWWHQ]LRQH SHU LO ULFLFOR GHL UL¿XWL FRPH SUHYLVWR GDOOD QXRYD GLUHWWLYD TXDGUR VXL UL ¿XWL UHFHQWHPHQWH UHFHSLWD QHOO¶RUGLQDPHQWR QD]LR QDOH FRPSRUWHUj FKH QHL SURJHWWL GL ULVWUXWWXUD]LRQH HGLQXRYHFRVWUX]LRQLVLDIIURQWLDQFKHODJHVWLRQH GHLUL¿XWLSURGRWWLFRQODSUHVHQ]DGLXQUHVSRQVDELOH GLFDQWLHUHFRPSHWHQWHFDSDFHGLGLULJHUHODUDFFROWD VHSDUDWDGHLUL¿XWLSURGRWWLSHUIUD]LRQLGHVWLQDELOLDO ULFLFOR7DOLGLUHWWLYHDYUDQQRXQ¶LQÀXHQ]DGLUHWWDDQ FKHDOLYHOORORFDOH /¶(92/8=,21('(*/,25',1, 352)(66,21$/, 7HQWDWLYLGLGLVRUGLQDUH /¶HYROX]LRQH GHOO¶XUEDQLVWLFD OH WUDVIRUPD]LRQL GHOODFLWWjHGHOWHUULWRULRHODGHPRJUD¿DVSLQJHUDQQR YHUVRXQDFRHUHQWHHYROX]LRQHGHOSDWULPRQLRSURIHV VLRQDOHHGHOO¶RUGLQDPHQWRGHJOLVWXGLHGHOOHSURIHV VLRQL /HLQGLFD]LRQLHXURSHHSDVVDJJLRGDOVLVWHPDGH JOL RUGLQL DG XQ VLVWHPD IRQGDWR VXOOH DVVRFLD]LRQL
  • 36. YHUUDQQRDSSOLFDWHQHOFRUVRGHLSURVVLPLDQQLULWRF FDQGRLOTXDGUROHJLVODWLYRGHOQRVWUR3DHVH RQFRUUHQ]DDVVRFLDWLYD 0ROWL2UGLQLSURIHVVLRQDOLJLjFRQVROLGDWLVLULWURYH UDQQRFRPHFRQFRUUHQWLQHOPHUFDWROH$VVRFLD]LRQL FKHUDFFRJOLHUDQQRDOORURLQWHUQRFRPSHWHQ]HGLVFL SOLQDULDI¿QLHFRPSOHPHQWDUL 1RQRVWDQWH OD WHQGHQ]D DOO¶DVVRFLD]LRQLVPR H D GLVSHWWR GHO GHFOLQR GHOOH IXQ]LRQL WUDGL]LRQDOL GHOO¶LVWLWX]LRQHGHOO¶2UGLQHXQDQXWULWDOLVWDGLJUXSSL SURIHVVLRQDOL FRQWLQXHUj D ULFKLHGHUH WDOH ULFRQRVFL PHQWR,QTXHVWRTXDGURQD]LRQDOHJOL2UGLQLSURIHV VLRQDOLWHQGHUDQQRD OHJLWWLPDUVLFRPHJDUDQWLGLHWLFDSURIHVVLRQD
  • 37. OHHGLFRPSLWLSHULOVHUYL]LRDOO¶LQWHUDFROOHW WLYLWj RSHUDUHFRQIRUPHGLDXWRFRQWUROORGHOPHUFD WRGHOOHSURIHVVLRQL /DORJLFDSXEEOLFLVWLFDGHJOL2UGLQLULPDUUjTXDOH EDOXDUGRGLXQDJHQHUDOHWHQGHQ]DDSUHVHUYDUHOLYHOOL GLOHJDOLWjDOWULPHQWLSULYLGLJDUDQ]LHGHULYDQWLVWUDGH DOWHUQDWLYHTXDOLLOOLEHURDVVRFLD]LRQLVPR 5HVWUL]LRQLDOOHQWDWH *OL2UGLQLSURIHVVLRQDOLPDQWHUUDQQRODJUDQSDUWH GHOOH ORUR SUHURJDWLYH SRLFKp OH IRUPH GL OLEHUDOL] ]D]LRQHQHFHVVDULHSHUJDUDQWLUHODFRQFRUUHQ]DHJOL XWHQWLULPDUUDQQRFRQWHQXWHQHJOLLQWHUYHQWLSHUFDO PLHUDUHOHQRUPDWLYHSLUHVWULWWLYHFRPHDGHVHPSLR OHWDULIIHPLQLPH /DSROLWLFDG¶DOWURQGHUHVWHUjLQFDSDFHGLSUHVWD UHDWWHQ]LRQHDOOHLVWDQ]HGHOOHVLQJROHFDWHJRULHSUR IHVVLRQDOLDOWHUQDQGRJOLDWWHJJLDPHQWLGLDSHUWXUDDO QDXIUDJLRSDUODPHQWDUHGLWXWWHOHLQL]LDWLYH/¶XQLFD VROX]LRQHSRVVLELOHVDUjXQSURJHWWRXQLWDULRGLULIRU PDGDOEDVVR 0DVVHGLPDQRYUD /DWHQGHQ]DDOO¶DJJUHJD]LRQHGLSURIHVVLRQLPHQR VWUXWWXUDWHFRPHDGHVHPSLRLSHULWL
  • 38. IDYRULUjLOIRU PDUVLGLPDVVHGLPDQRYUDFRQXQDTXDOFKHLQÀXHQ]D VXOOHVFHOWHSROLWLFKHHLVWLWX]LRQDOL (QWURLOSHULRGRFRQVLGHUDWRYHUUjDWWXDWRLOSUR JHWWR JLj LQ GLVFXVVLRQH GDO GHOO¶XQL¿FD]LRQH GHOOD¿JXUDGHO*HRPHWUDFRQDOWUHGXH¿JXUHSURIHV VLRQDOL3HULWLLQGXVWULDOLHG$JUDUL 9HUUjLVWLWXLWRO¶$OER8QLFRSHUL7HFQLFL/DXUHDWL LQFXLYHUUDQQRULFROORFDWHLQ6H]LRQLWXWWHOHFRPSH WHQ]HGLVHFRQGROLYHOORWHFQLFRDWWXDOPHQWHGLVSHUVH LQQXPHURVLDOELSURIHVVLRQDOL 6LSXQWHUjDFHUWL¿FDUHODTXDOLWjDQFKHGHOODYRUR VYROWRGDLJHRPHWULSXEEOLFLGLSHQGHQWLUHJRODUL]]DQ GROHVLWXD]LRQLSURIHVVLRQDOLDWWXDOPHQWHGLGLI¿FLOH JHVWLRQH 0DJJLRUHDWWHQ]LRQHVDUjLQROWUHULVHUYDWDDOSUDWL FDQWDWRSUHYHGHQGRQHODSUHVWD]LRQHTXDOHRJJHWWRGL XQDGHOOHWLSRORJLHFRQWUDWWXDOLSUHYLVWHGDOODOHJJHR FRPXQTXHDWLWRORRQHURVR RQWHQHUHO¶REVROHVFHQ]D /H UDSSUHVHQWDQ]H SURIHVVLRQDOL QRQRVWDQWH JOL RUGLQDPHQWLOHJLVODWLYLREVROHWLFRQWLQXHUDQQRDPL JOLRUDUHHDGDGHJXDUVLDLFDPELDPHQWLGHOODVRFLHWjH GHOO¶HVHUFL]LRGHOODSURIHVVLRQH 3HU VRSUDYYLYHUH QHO SURVVLPR GHFHQQLR JOL 2UGLQLSURIHVVLRQDOLDEEDQGRQHUDQQRLOUXRORGL³TXD VLVLQGDFDWR´SHURULHQWDUVLVHPSUHSLYHUVRXQUXROR GL ³DVVRFLD]LRQH FXOWXUDOH´ FKH FDSLVFD L SUREOHPL GHOODVRFLHWjHLQFRUDJJLJOLLVFULWWLDGHVVHUHDOO¶DOWH] ]DGHLSUREOHPLGDDIIURQWDUHHGDULVROYHUH
  • 39. 1HO SURVVLPR IXWXUR LQROWUH LO RQVLJOLR 1D]LRQDOH LQVLHPH DJOL HVSHUWL GHOO¶81, SURFHGH UDQQRDOODGH¿QL]LRQHGHOOD³TXDOLWj´GHOOHSUHVWD]LRQL GHO*HRPHWUDSHUGHWHUPLQDUHJOLVWDQGDUGQHFHVVDUL DOSURFHVVRGLFHUWL¿FD]LRQHHGH¿QLUHOD³SUHVWD]LRQH JDUDQWLWD´FKHGLYHQWHUjXQDJDUDQ]LDDJJLXQWLYDSHU ODRPPLWWHQ]D $QWLFLSD]LRQHHDJJLRUQDPHQWR *OL 2UGLQL SURIHVVLRQDOL DO OLPLWH GHO ORUR UXROR LVWLWX]LRQDOHVDUDQQRGLQDPLFLHSURSRVLWLYLYHUVRJOL LVFULWWLWUDPLWHO¶RIIHUWDGLVHUYL]LLQIRUPD]LRQHIRU PD]LRQHHWF 1HL SURVVLPL DQQL JOL 2UGLQL PLJOLRUHUDQQR IUD O¶DOWUR OH SURSULH DELOLWj GL OHWWXUD H LQWHUSUHWD]LRQH GHLSURIRQGLFDPELDPHQWLHFRQRPLFLHSURIHVVLRQDOL WUDGXFHQGRWDOLFDPELDPHQWLLQDWWLYLWjGLIRUPD]LRQH HDJJLRUQDPHQWRSHUDUULFFKLUHHTXDOL¿FDUHLSURIHV VLRQLVWLDVVRFLDWL 9HUUDQQRLQROWUHULFRQRVFLXWHDJOLRUJDQLVPLGLFD WHJRULDOHIXQ]LRQLLQPDWHULDGLIRUPD]LRQHHDJJLRU QDPHQWRGHJOLLVFULWWLGXUDQWHWXWWRO¶DUFRGHOO¶DWWLYLWj SURIHVVLRQDOH /$9252(582/262,$/('(, *(20(75,
  • 40. ,/0(5$72'(//$9252 9HUVDWLOLHSURWDJRQLVWL ,OVHWWRUHGHOOHFRVWUX]LRQLDYUjELVRJQRDQFKHQHL SURVVLPDQQLGL³WHFQLFLLQWHUPHGL´UDSSUHVHQWDWLGD SURIHVVLRQLVWLLQGLYLGXDOLRRUJDQL]]DWLLQDVVRFLD]LR QLHVRFLHWjFKHRSHUHUDQQRQHLFHQWULPLQRULSHUOH SURJHWWD]LRQLGLGLPHQVLRQLPRGHVWHHSHULOUHFXSHUR GHOSDWULPRQLRHGLOL]LRHVLVWHQWH /¶HVSHULHQ]D PDWXUDWD GDL JHRPHWUL SHUPHWWHUj ORURGLHVVHUHSUHVHQWLHDWWLYLQHLSURFHVVLGHFLVLRQDOL IRUQHQGRXWLOLFRQWULEXWLDOODVRFLHWjFRPH IXQ]LRQDUL SXEEOLFLDPPLQLVWUDWRUL LPSUHQGLWRUL $QQLDJJXHUULWL 1HOSURVVLPRGHFHQQLRLOPHUFDWRGHOODYRURGHO JHRPHWUDVDUjVHPSUHSLFRQWUDGGLVWLQWRGD O¶RIIHUWDGLXQDPSLRSDQRUDPDGLSUHVWD]LRQL XQDPDJJLRUHHODVWLFLWjHUDSLGLWjJUD]LHDOOHWHF QRORJLHLQIRUPDWLFKH 7XWWDYLD OH SHUVLVWHQWL GLI¿FROWj HFRQRPL FKH GHO 3DHVH FRQWULEXLUDQQR QHO PHGLR WHUPLQH DG XQ SURJUHVVLYR LPSRYHULPHQWR GHO PHUFDWR RQVHJXHQWHPHQWHDVVLVWHUHPRD XQDGLPLQX]LRQHGHOODGRPDQGDGLODYRUR XQ DXPHQWR GHOOD FRPSHWL]LRQH PDJJLRUPHQWH DJJXHUULWDHVSHFLDOLVWLFD ,QTXHVWRVFHQDULRPLJOLRUHUDQQRODSURSULDFRQ GL]LRQHVRORTXHLJUXSSLGLSURIHVVLRQLVWLFKHDYUDQQR DFTXLVLWRXQRVJXDUGRJOREDOHLOOXPLQDWRHFRQPDJ JLRUHPRELOLWjJHRJUD¿FD 3LODXUHDWLSLLPPLJUDWL /DPDJJLRUDQ]DGHLJHRPHWULFKHVLLPPHWWHUjQHO PHUFDWRQHOSURVVLPRIXWXURVDUjFDUDWWHUL]]DWDGDOOH VHJXHQWLFDUDWWHULVWLFKH XQDSLJLRYDQHHWj XQ WLWROR GL VWXGLR SL TXDOL¿FDWR ULVSHWWR DO *HRPHWUDGLSORPDWR DVSHWWDWLYHGLPDJJLRULVSD]LGLRSHUDWLYLWjHPR ELOLWjULVSHWWRDJOLDQQLSDVVDWL , IXWXUL SURIHVVLRQLVWL DYUDQQR LQROWUH PDJJLR UHFRQFRUUHQ]DGDSDUWHGHJOLLPPLJUDWLLTXDOLQHL SURVVLPLDQQLVLDIIDFFHUDQQRDSURIHVVLRQLSLTXDOL ¿FDWHULVSHWWRDOVHPSOLFHPXUDWRUH ,PSUHQGLWRULDHPHUJHQWH 1HOSURVVLPRIXWXURLQOLQHDJHQHUDOHODFRPSR VL]LRQH GHO PHUFDWR GHO ODYRUR GHL JHRPHWUL UHVWHUj
  • 41. VLPLOHDTXHOORGHJOLDOWULSURIHVVLRQLVWL9LVDUDQQRWXW WDYLDDOFXQHVLJQL¿FDWLYHYDULD]LRQLQHJOLLPSLHJKLGHL JHRPHWULWUDOLEHULSURIHVVLRQLVWLGLSHQGHQWLLPSUHQGL WRULHSUHFDUL$VVLVWHUHPRLQIDWWLD XQ DXPHQWR GHOOD GRPDQGD GL ODYRUR GLSHQ GHQWHQHOVHWWRUHGHOOHLPSUHVHGLFRVWUX]LRQL VRSUDWWXWWRSHUO¶HVWHUR
  • 42. PHQWUHUHVWHUjVWDEL OHLOQXPHURGLJHRPHWULODYRUDWRULGLSHQGHQWL QHOVHWWRUHGHOOD3$ XQ DXPHQWR GHOO¶LPSLHJR GL JHRPHWUL OLEHUL SURIHVVLRQLVWL HG LPSUHQGLWRUL VRSUDWWXWWR D FDXVDFRVWRGHOODYRURHGHLYLQFROLGHLFRQ WUDWWLDWHPSRLQGHWHUPLQDWRHGHOIDWWRFKHD SDULWjGLFRVWRVLSUHIHULUjSUHQGHUHXQODXUHD WR
  • 43. XQPDJJLRUHVSD]LRSHUTXHLOLEHULSURIHVVLR QLVWLFKHVDUDQQRFDSDFLGLWURYDUHXQDSURSULD VSHFLDOL]]D]LRQH GD FXL IDU GLVFHQGHUH HYHQ WXDOL DOWUL VHUYL]L SURIHVVLRQDOL H LPSUHQGLWR ULDOLFRPSOHPHQWDUL 0DJJLRUL RSSRUWXQLWj GL WLSR LPSUHQGLWRULDOH YL VDUDQQRVRSUDWWXWWRVLDQHOFDPSRGHOOHULVWUXWWXUD]LR QLHGLOL]LHFKHQHOODSURGX]LRQHHLPSLDQWLVWLFDOHJDWD DOULVSDUPLRHQHUJHWLFR 6RVWLWX]LRQHWHFQRORJLFD RORUR FKH VFHJOLHUDQQR LO ODYRUR GLSHQGHQWH DYUDQQRFRPHPDJJLRUFRPSHWLWRUOHPDFFKLQHDFXL SRWUDQQR HVVHUH GHOHJDWH DWWLYLWj VHPSUH SL LQWHOOL JHQWLFRQPLQRULFRVWL 7XWWDYLDQRQRVWDQWHOHPDFFKLQHGLYHQWLQRVHP SUH SL VRVWLWXWLYH GHOO¶RSHUD XPDQD QRQ VDUDQQR HVVHDGHWHUPLQDUHOLYHOOLRFFXSD]LRQDOLPHQRGH¿QL WLYLRSLXWWRVWRSUHFDUL /¶HVHUFLWRGHLSUHFDUL 'DWR LO SHULRGR GL FULVL HFRQRPLFD GHOO¶,WDOLD YL VDUj XQ DXPHQWR GHO ODYRUR SUHFDULR QHL SURVVLPL DQQL/DIDVFLDGLSUHFDULDWRWHQGHUjDHVWHQGHUVLQRQ VRORIUDLJHRPHWULPDDQFKHWUDJOLLQJHJQHULHJOL DUFKLWHWWL ,OQXPHURGLTXHVWLODYRUDWRULSUHFDULDXPHQWHUj VLDQHJOLVWXGLDVVRFLDWL VLDQHOVHWWRUHSXEEOLFR 6L YHUL¿FKHUj TXLQGL DQFKH SHU L JHRPHWUL XQR VSRVWDPHQWRGDOODYRURVXERUGLQDWRDGXQRHVHUFLWDWR LQIRUPDOLEHURSURIHVVLRQDOHPDFKHVSHVVRVLFRQ FUHWL]]HUjLQXQDIRUPDSDUDVXERUGLQDWD *HRPHWULG¶pOLWH ,O ODYRUR OLEHURSURIHVVLRQDOH DYUj TXLQGL PRO WR SL VSD]LR QHO IXWXUR SHUFKp OH VWUXWWXUH SXEEOL FKH WHQGHUDQQR D FRQWUDUVL SHU PDQFDQ]D GL ULVRUVH HTXLQGLDHVWHUQDOL]]DUHLOSLSRVVLELOHLVHUYL]LLQ SUHFHGHQ]DVYROWLLQWHUQDPHQWH /HSRVVLELOLWjGHLJHRPHWULGLHVHUFLWDUHODOLEHUD
  • 44. SURIHVVLRQHVDUDQQRIUDO¶DOWURIDYRULWHLQFDVRGLDS SURYD]LRQHGHO'GOQ ,JHRPHWULFKHVDUDQQRHIIHWWLYDPHQWHOLEHULSUR IHVVLRQLVWLDYUDQQRXQFRPSDUWRGLRFFXSD]LRQHFRQ FDUDWWHULVWLFKH FRPSOHWDPHQWH GLIIHUHQWL H GLVWDFFDWH ULVSHWWRDLJHRPHWULGLSHQGHQWLLPSUHQGLWRULRSUHFD UL6HFDSDFLGLDJJLRUQDUVLWHPSHVWLYDPHQWHDYUDQQR LQIDWWLRWWLPHRSSRUWXQLWjGLLQWHUFHWWDUHODGRPDQGD GLSUHVWD]LRQLSURIHVVLRQDOL 5DGLFDPHQWRHQRPDGLVPR 7URYHUHPRVHPSUHSLVSHVVRJHRPHWULOLEHULSUR IHVVLRQLVWL VRSUDWWXWWR QHL SLFFROL FHQWUL UDGLFDWL VXO WHUULWRULR $QFKH JOL DUFKLWHWWL ODYRUHUDQQR SUHYDOHQWHPHQ WH FRPH OLEHUL SURIHVVLRQLVWL PD HVVL FRQWLQXHUDQQR D VOHJDUVL GDL WHUULWRULGL SURYHQLHQ]D SHU FHUFDUHGL RSHUDUHVXOSLDQRQD]LRQDOHRLQWHUQD]LRQDOH 8Q IUHQR DOOR VYLOXSSR GHO ODYRUR OLEHURSURIHV VLRQDOH SHUDOWUR GHULYHUj LQYHFH GDOOD SHUVLVWHQWH GLI¿FROWjDGRUJDQL]]DUHHI¿FDFHPHQWHTXHVWDIRUPD GLDWWLYLWj /(75$6)250$=,21,1(//$9252 0XOWLGLVFLSOLQDULWjHLQQRYD]LRQH 1HOSURVVLPRIXWXURVLGLIIRQGHUjXQDYLVLRQHROL VWLFD GHOOD SURJHWWD]LRQH H GHOOD FRVWUX]LRQH FRPH ULVXOWDWR PXOWLGLVFLSOLQDUH GL PROWHSOLFL FRQWULEXWL VSHFLDOLVWLFLDSSRUWDWLGDGLIIHUHQWLSURIHVVLRQLVWLXQ ÀXVVR GL SURJHWWD]LRQH H FRVWUX]LRQH LPSOHPHQWDWR GDPROWLSURIHVVLRQLVWL/DSURIHVVLRQHGL*HRPHWUD FRPHOHDOWUHSUHQGHUjDWWRGLTXHVWDWUDVIRUPD]LRQH HVLDJJLRUQHUjSHULQVHULUYLVLDOPHJOLR /H DWWLYLWj ODYRUDWLYH GHO JHRPHWUD HYROYHUDQQR DQFKHLQUDSSRUWRDLFRQWLQXLPXWDPHQWLGHOOHWHFQR ORJLH/¶LQWURGX]LRQHGLQXRYHSURFHGXUHSHUDJHYR ODUHHVQHOOLUHO¶DWWLYLWjSURIHVVLRQDOHFRQWLQXHUjDUL FKLHGHUHDLSURIHVVLRQLVWLWHFQLFLXQRVIRU]RQRWHYROH GLDSSUHQGLPHQWRHGLDGHJXDPHQWR 3URWH]LRQLHLQFXUVLRQL )UDLODYRULSLLPSRUWDQWLGHLJHRPHWULGHOSURVVL PRGHFHQQLR¿JXUHUDQQRTXLQGL OHWUDGL]LRQDOLDWWLYLWjSURJHWWXDOLGLHGLOL]LDFL YLOHLQGXVWULDOHHUXUDOHVRSUDWWXWWRLQDPELWL WHUULWRULDOLGLPHGLDHSLFFRODDPSLH]]D WXWWH OH IXQ]LRQL WHFQLFRDPPLQLVWUDWLYH GHO SURFHVVRHGLOL]LRVWLPHSHUL]LHULOLHYLDFFD WDVWDPHQWLLQWHUPHGLD]LRQHLPPRELOLDUHSUR
  • 46. OHDWWLYLWjJHVWLRQDOLGLFDQWLHUHFKHULFKLHGR QRJUDQGLFDSDFLWjRSHUDWLYHGLGLUH]LRQHHFR RUGLQDPHQWR OHQXRYHDWWLYLWjSURJHWWXDOLLQFDPSRHQHUJH WLFR /H DWWLYLWj WUDGL]LRQDOL UHVWHUDQQR VDOGDPHQWH LQ PDQR DL JHRPHWUL Lz QRQRVWDQWH SURVHJXLUDQQR L WHQWDWLYLGLLQFXUVLRQHGHOOD³FRQFRUUHQ]D´ROWUHFKH GHJOLDQWDJRQLVWLVWRULFLDQFKHGHOOHYDULHOREEFKH YHGRQRDSSHWLELOHLO3LOGHLJHRPHWUL 1XRYHRSSRUWXQLWjSHUFRVWUXWWRUL ,SURIHVVLRQLVWLGHOFRVWUXLUHDVVLVWHUDQQRGDTXL DODGXQDXPHQWRGHOODGRPDQGD GLVLVWHPD]LRQHGLVSD]LSXEEOLFLHULTXDOL¿FD ]LRQHGLDUHHGHJUDGDWH GHOOD GLPHQVLRQH ³ORZFRVW´ GHOO¶DELWDUH H RJQLIRUPDGLULVSDUPLRVRSUDWWXWWRHQHUJHWL FR GHOOHPDQVLRQLUHJRODWLYHDFDUDWWHUHEXURFUD WLFRDPPLQLVWUDWLYR SHUPHVVL FRQWHQ]LRVL SHUL]LHFDWDVWRHWF
  • 47. 3HUOHUDJLRQLHVSRVWHQHOSULPRFDSLWRORLQYHFH QRQVLUHJLVWUHUjGDTXLDOXQDXPHQWRGHOODGR PDQGDGLQXRYHFRVWUX]LRQL $QQLGLUHFXSHUR /¶HGLOL]LDSRFRWUDLQDQWHULVSHWWRDOSDVVDWRVDUj VSLQWDDGLIIHUHQ]LDUHDUULFFKLUHHDOODUJDUHOHSUR SULHDWWLYLWjSUHQGHQGRHVHPSLRGDOVHWWRUHDJULFR ORLOTXDOHLQSHULRGLGLGLI¿FROWjKDVYLOXSSDWRXQ FDUDWWHUHPXOWLIXQ]LRQDOHFRQO¶DJULWXULVPRO¶DJUR HQHUJLD OH UHWL GL YHQGLWD GLUHWWD GL SURGX]LRQL GL TXDOLWjHWLSLFKHHWF
  • 48. /HQXRYHDWWLYLWjODYRUDWLYHGHOVHWWRUHDYUDQQRXQ GRSSLRVWLPROR GDXQODWRYLVDUjXQDULFHUFDGLGLIIHUHQ]LD ]LRQHFKHFRPSHQVLODUHVWUL]LRQHGHOOHDWWLYLWj WUDGL]LRQDOL GDOO¶DOWURDYUHPRXQWHQWDWLYRGLGDUHULVSRVWH DOODFUHVFHQWHGRPDQGDGLTXDOLWjHQHUJHWLFDH DPELHQWDOHGHJOLHGL¿FL /DFXOWXUDGHOUHFXSHURGHOULVSDUPLRHQHUJHWLFR HGHOOHHQHUJLHULQQRYDELOLLQIDWWLLQÀXHQ]HUjPROWRL SURIHVVLRQLVWLFRLQYROWLQHOVHWWRUH /¶RFFDVLRQHGHOODTXDOLWj /¶LQWHUYHQWRSURIHVVLRQDOHGHLJHRPHWULVLIRFDOL] ]HUjVHPSUHSLVXOODTXDOLWjGHOODFRVWUX]LRQH $FFDQWRDLWUDGL]LRQDOLVHWWRULGLFRPSHWHQ]DGHO JHRPHWUDVLVYLOXSSHUDQQROHQXRYHDWWLYLWjUHFHQWH PHQWH DYYLDWH UHQGLPHQWR HQHUJHWLFR YDOXWD]LRQH DFXVWLFDLPSDWWRDPELHQWDOHHWF
  • 50. ODVLFXUH]]DQHLOXRJKLGLODYRURHQHLFDQWLHUL PRELOL O¶LQFUHPHQWR GHOO¶DWWLYLWj GL FHUWL¿FD]LRQH H GHOODPDQXWHQ]LRQHGHOO¶LQYROXFURHGLOL]LR OH SUHVWD]LRQL ULJXDUGDQWL OD FHUWL¿FD]LRQH HQHUJHWLFDGHJOLHGL¿FL OD JHVWLRQH GHO WHUULWRULR DWWUDYHUVR L VHUYL]L FRUUHODWL LOULOLHYRHODVROX]LRQHGHOO¶LPSDWWRDPELHQWD OHQHOOHRSHUHHGLOL]LHHGXUEDQLVWLFKH ,/582/2'(*/,678',352)(66,21$/, )RU]HFHQWULSHWH 1HL SURVVLPL DQQL OD FUHVFHQWH SURGX]LRQH GL FRQRVFHQ]D H VDSHUL LQÀXHQ]HUj LQ PDQLHUD GHWHU PLQDQWHLOUXRORGHLSURIHVVLRQLVWLGHOFRVWUXLUHFKH GLYHQWHUDQQRVHPSUHSLVSHFLDOLVWLLQVLQJROLVHWWRUL GHO³VLVWHPDFRVWUX]LRQH´(PHUJHUjTXLQGLFRQIRU]D FUHVFHQWHODQHFHVVLWjGHOO¶DJJUHJD]LRQHGLYDULVSH FLDOLVWLSHUULVSRQGHUHDOOHHVLJHQ]HGHOODFRPPLWWHQ ]DHSHUIRUQLUHXQDULVSRVWDDGHJXDWDHGDJJLRUQDWD DOTXDGURQRUPDWLYRHWHFQRORJLFRLQFRQWLQXDHYR OX]LRQH *OLHQWLEDQGLWRULLQROWUHVWLPROHUDQQRPDJJLRU PHQWHODFRPSHWL]LRQHWUDLFRQFRUUHQWLULFKLHGHQGR UHTXLVLWLGLFXUULFXOXPSURIHVVLRQDOHHJDUDQ]LH¿QDQ ]LDULH FKH GLI¿FLOPHQWH SRWUDQQR HVVHUH VRGGLVIDWWH GDVLQJROLLQGLYLGXLFRVLFFKpDSDUWLUHGDXQDFHUWD VRJOLDODPDJJLRUSDUWHGHLSURJHWWLVDUjVHPSUHSL DSSDQQDJJLR GL RUJDQL]]D]LRQL VWXGL R DVVRFLD]LRQL SURIHVVLRQDOL /DWHQGHQ]DDOO¶DJJUHJD]LRQHLQDVVRFLD]LRQLSUR IHVVLRQDOL DXPHQWHUj GXQTXH QHOOH GLYHUVH IRUPH FRQVHQWLWHGDOO¶RUGLQDPHQWRSURIHVVLRQDOH 3HUFLzFKHULJXDUGDLVRJJHWWLFKHRSHUHUDQQRQHOVHW WRUHGHOOHFRVWUX]LRQLVLDIIHUPHUDQQRVHPSUHSL VRFLHWjGLSURJHWWD]LRQH VRFLHWjPLVWHFRQSDUWHFLSD]LRQHGLVRFLGLFD SLWDOHVRSUDWWXWWRSHUOHRSHUHGLPDJJLRUFRQ
  • 52. ,QGLYLGXDOLVPRGHFOLQDQWH /¶DJJUHJD]LRQH LQ VWXGL SURIHVVLRQDOL UDSSUHVHQ WHUjXQDVFHOWDTXDVLREEOLJDWDDQFKHSHULJHRPHWUL DO¿QHGLPDQWHQHUHXQUXRORGHFLVLYRQHOPHUFDWR,Q XQDVRFLHWjLQFRQWLQXDHYROX]LRQHVRSUDWWXWWRWHFQR ORJLFDOD¿JXUDGHOJHRPHWUDFKHRSHUDFRPHSURIHV VLRQLVWD LQGLYLGXDOH VDUj SURJUHVVLYDPHQWH GHVWLQDWD DULGXUVLGLQXPHURRFRPXQTXHDFRSULUHVHJPHQWL PLQRULGLPHUFDWR /DFRQGL]LRQHHFRQRPLFDHODYRUDWLYDGHOODSUR IHVVLRQHGLSHQGHUjGDOODFDSDFLWjGHLSURIHVVLRQLVWLGL VYLOXSSDUHXQDVWUDWHJLDDOXQJRWHUPLQHFKHUHVWULQ JDLOSURSULRFDPSRG¶LQWHUYHQWRDXQVHWGLDWWLYLWj OLPLWDWH SUHFLVH H VSHFLDOLVWLFKH LQ FXL YL VLD VFDUVD FRQFRUUHQ]D $QRPLDPHULGLRQDOH 1HO SURVVLPR GHFHQQLR FRQWLQXHUj DQFKH OD WHQ GHQ]DHXURSHDDGLQFRUDJJLDUHXQVLVWHPDGLDJJUH JD]LRQHSURIHVVLRQDOHGLYDULVSHFLDOLVWLLzDYUjOD FRQVHJXHQ]DGLVWDELOL]]DUHO¶LPSLHJRGHLSURIHVVLR QLVWL FRPH SDWULPRQLR FXOWXUDOH GL FRQWLQXLWj GHJOL VWXGLSURIHVVLRQDOL/¶,WDOLDLQYHFHLQFRQWURWHQGHQ ]DYLYUjDQFRUDSHUSDUHFFKLRWHPSRXQDVLWXD]LRQH GLSUHFDULHWjGLIIXVDSHUWXWWHOHSURIHVVLRQL /D WHQGHQ]D GHL JHRPHWUL DG DJJUHJDUVL LQ VWXGL SURIHVVLRQDOLVDUjPDJJLRUHDO1RUG,WDOLD$O6XGLQ IDWWLSUHYDUUjFRPHQHJOLDOWULFDPSLSURIHVVLRQDOLOD WHQGHQ]DDOORVWXGLRLQGLYLGXDOHFRQXQSURIHVVLRQL VWDWLWRODUHHDOFXQLFROODERUDWRULOHJDWLGDXQUDSSRUWR GLGLSHQGHQ]DDQFRUFKpSUHFDULR )LORVR¿DGHOODFROODERUD]LRQH /¶DXPHQWDWDFRPSOHVVLWjJOREDOHVLDDOLYHOORGL FRPPLWWHQ]D FKH GL XWHQ]D FRQWULEXLUj DOOD WHQGHQ ]DDIRUPDUHDVVRFLD]LRQLGLVSHFLDOLVWLFKHDJLVFRQR LQ PRGR PXOWLGLVFLSOLQDUH 7DOH PXOWLGLVFLSOLQDULHWj FRVWLWXLUjXQDVRUWHGLDWWLWXGLQHPHQWDOHHVWUDWHJLFD XQD¿ORVR¿DGLDSSURFFLRDOODULVROX]LRQHGHLPROWH SOLFLSUREOHPLWHFQLFLDUFKLWHWWRQLFLHGLVWULEXWLYL *OLHOHPHQWLYLQFHQWLSHUFRORURFKHRSHUDQRQHO VHWWRUH GHOOH FRVWUX]LRQL VDUDQQR TXLQGL O¶XQLRQH OD FROODERUD]LRQHHLOJLRFRGLVTXDGUDVLWHQGHUjTXLQGL D VRVWLWXLUH OR VWXGLR GHO VLQJROR SURIHVVLRQLVWD FRQ VWXGLDVVRFLDWLPXOWLGLVFLSOLQDULFKHULVSRQGDQRDOOD JUDQGHYDULHWjHVSHFL¿FLWjGHOOHULFKLHVWHGHOPHUFD WRDVVROYHQGRDQFKHFRPSLWLFRVLGGHWWLGL³QLFFKLD´ LzFRQVHQWLUjLQROWUHGLDVVXPHUHXQPDJJLRUSHVR HFRQRPLFRFKHJDUDQWLUjLOIXWXURGHLSURIHVVLRQLVWL 7DOLVWXGLPXOWLGLVFLSOLQDULDVVRFHUDQQR JHRPHWUL LQJHJQHUL DUFKLWHWWL
  • 53. 9DORUL]]DUHOHYRFD]LRQL 1HJOL VWXGL SURIHVVLRQDOL PXOWLGLVFLSOLQDUL XQD YROWD GH¿QLWR O¶DPELWR HVVHQ]LDOH ULVHUYDWR DG RJQL SURIHVVLRQH VL ODYRUHUj LQVLHPH ODVFLDQGR OLEHUR LO VLQJROR SURIHVVLRQLVWD GL VYROJHUH O¶DWWLYLWj SHU OD TXDOHqPDJJLRUPHQWHTXDOL¿FDWRRPHJLjDYYLHQH LQ DOWUL SDHVL L JUXSSL GL SURIHVVLRQLVWL FRQ GLYHUVL VDSHULHFRQRVFHQ]HVIUXWWHUDQQROHYDULHFRPSHWHQ]H HVSHFLDOL]]D]LRQLSHUPHWWHQGRDGRJQLFROODERUDWRUH GLVYROJHUHO¶DWWLYLWjSHUODTXDOHKDPDJJLRUYRFD]LR QHHFDSDFLWj7DOHRUJDQL]]D]LRQHSHUPHWWHUjGL DIIURQWDUH H ULVROYHUH WXWWH OH SUREOHPDWLFKH ULJXDUGDQWL O¶LQFDULFR ULFHYXWR VROOHYDQGR O¶8WHQWHGDOODQHFHVVLWjGLULYROJHUVLDVRJJHWWL GLYHUVLSHUOHYDULHLQFRPEHQ]HHJDUDQWHQGR VROX]LRQLJOREDOLHWHFQLFDPHQWHYDOLGH IRUQLUHDOODFOLHQWHODVHUYL]LGLDOWDSURIHVVLR QDOLWjHTXDOLWjFRQFRVWLSLFRQWHQXWL *OL VWXGL GHL SURIHVVLRQLVWL GHO VHWWRUH WHQGHUDQ QRTXLQGLDPDQWHQHUHFRPSHWHQ]HVHPSUHPDJJLRUL DOSURSULRLQWHUQR$Q]LFKpRUJDQL]]DUVLLQEDVHDOOD GLIIHUHQ]LD]LRQH GHL WLWROL GL VWXGLR GHL SURSUL FRP SRQHQWLVLSXQWHUjVRSUDWWXWWRVXOODVSHFLDOL]]D]LRQH SURIHVVLRQDOHFRQFRUVLDGKRFHVSHULHQ]HGLODYRUR PLUDWHDQFKHDOO¶HVWHURHLQGLUL]]LVSHFL¿FLGHOODSUR SULDDWWLYLWj $IIDULGLVWDWXV /DVDSLHQ]DGHLJHRPHWULVDUjLQGLVSHQVDELOHSHUL JUDQGLVWXGLSURIHVVLRQDOLJUD]LHDOORURUDGLFDPHQWR VXOWHUULWRULRODORURFRQRVFHQ]DORFDOHGHOOHWHFQLFKH VLDFRVWUXWWLYHVLDSDHVDJJLVWLFKH 7XWWDYLDSRLFKpODSURIHVVLRQHGLJHRPHWUDLPSOL FKHUjDWWLYLWjSUHYDOHQWHPHQWHSRFRGLVWLQWHGDTXHOOH DI¿QLHFRPSOHPHQWDULPDFRQXQRVWDWXVSURIHVVLR QDOHLQIHULRUHHFRQXQDOLPLWDWH]]DQHOOHGLPHQVLRQL GHOOHFRVWUX]LRQLHGHOOHRSHUHDPELHQWDOLLJHRPHWUL PDQWHUUDQQRXQDSHFXOLDUHSURSHQVLRQHDFUHDUHVWXGL VSHFLDOLVWLFLSLFKHDVFHJOLHUHODVROX]LRQHPXOWLGL VFLSOLQDUH /D VFHOWD IUD PRGHOOR VSHFLDOLVWLFR R PXOWLGLVFL SOLQDUHVLSRUUjFRPXQTXHLQODUJDPLVXUDLQWHUPLQL ORFDOLHVXEDVHWHFQLFDLzYXROGLUHFKHLQGLYHUVH VLWXD]LRQLGRYUDQQRHVVHUHDGRWWDWLPRGHOOLGLYHUVLLQ DPELWLLQFXLSUHYDUUDQQRHVLJHQ]HWHFQLFKHPROWRVR ¿VWLFDWHSHVODGRPRWLFDRLOULVSDUPLRHQHUJHWLFR
  • 54. OHVROX]LRQLVSHFLDOLVWLFKHDYUDQQRPDJJLRULSRVVLEL OLWjGLDWWHFFKLUH /DOHYDGHOO¶LQWHJUD]LRQH /¶HYROX]LRQH SHU L SURIHVVLRQLVWL VDUj PDJJLRUH QHLJUDQGLFHQWULXUEDQLSRLFKpLQHVVLVDUjLQGLVSHQ VDELOHD EUHYHWHUPLQHO¶DJJUHJD]LRQHWUDJHRPHWUL HGDOWUH¿JXUHSURIHVVLRQDOL/D¿JXUDGHOJHRPHWUD LQ WDOL FHQWUL VDUj SDUWH VSHVVR PDUJLQDOH GL JURVVH VWUXWWXUHPHQWUHQHLSLFFROLDJJORPHUDWLXUEDQLLQYH
  • 55. FHWDOHVYLOXSSRDYYHUUjSLOHQWDPHQWH ,O JHRPHWUD ³WUDGL]LRQDOH´ DYUj DQFRUD XQ UXROR SURIHVVLRQDOHIRUWHQHLSLFFROLFHQWULSRLFKpLQHVVLLO UDSSRUWRWUDSURIHVVLRQLVWDHFRPPLWWHQWHUHVWHUjED VDWRDQFKHVXUDSSRUWLVRFLDOLHGDPLFDOL ,/5$33257221,/,(17, (,/0$5.(7,1* (VLJHQWLPDULRWWRVLDSDJDUH ,OUDSSRUWRWUDJHRPHWUDHFRPPLWWHQ]DVLDPSOLH UjLQPDQLHUDFRQVLVWHQWHQHLSURVVLPLDQQLSLFKH SHU OD TXDQWLWj GL FOLHQWL VRSUDWWXWWR QHOOD YDULHWj H SDUWLFRODULWjGHOOHSUHVWD]LRQLSURIHVVLRQDOLULFKLHVWH ,OUDSSRUWRFRQLFOLHQWLVDUjLQIDWWLRWWLPL]]DWRDFDXVD GHOOHPDJJLRULHVLJHQ]HGLFRPSHWLWLYLWjLQXQ¶RWWLFD GLOLEHUDFRQFRUUHQ]DWUDSURIHVVLRQLVWL 1HO UDSSRUWR FRQ L SURIHVVLRQLVWL GHO FRVWUXLUH L FOLHQWLVDUDQQRVHPSUHSLLQIRUPDWLHGHVLJHQWLID FHQGRVLLQROWUHDI¿DQFDUHGDDGYLVRUHVSHUWLQHOOHYD ULHGLVFLSOLQHGDOOD¿QDQ]DDOPDQDJHPHQW 3HULOIXWXURSHUzYDVHJQDODWDODSUHVHQ]DGLSUR EOHPLDVVDLULOHYDQWLSHUTXDQWRULJXDUGDLSDJDPHQWL LOFKHFRPSRUWHUjXQDGLI¿FLOHJHVWLRQHGHOODOLTXLGLWj ,QRJQLFDVRLJHRPHWULVYLOXSSHUDQQRPDJJLRUPHQWH OHSURSULHFDSDFLWjGLUHOD]LRQHFRQODFRPPLWWHQ]D IRFDOL]]DQGRVL VXL UHTXLVLWL IRQGDPHQWDOL ULFKLHVWL TXDOL LOULJRUHHWLFRQHLFRPSRUWDPHQWL ODIRUPD]LRQHSURIHVVLRQDOHFRVWDQWHPHQWHDJ JLRUQDWD ODTXDOLWjGHOODYRUR
  • 56. ,QWHUPHGLDULRLQGLVSHQVDELOH ,O UDSSRUWR FRQ OH SXEEOLFKH DPPLQLVWUD]LRQL UL VHQWLUjPROWRGHOO¶LQÀD]LRQHGLWHFQLFLOLEHULSURIHV VLRQLVWLFRQODFRQVHJXHQ]DGLXQDPDUJLQDOL]]D]LRQH GHO JHRPHWUD D YDQWDJJLR GL LQJHJQHUL HG DUFKLWHWWL LzVRSUDWWXWWRSHUFKp LQ ,WDOLD LO WLWROR FRQWLQXHUj VSHVVR DG HVVHUH FRQIXVRFRQODFRPSHWHQ]D DSDULWjGLRQRUDULRVLULVSDUPLHUjVXOO¶DOLTXR WDSUHYLGHQ]LDOHHWF 7XWWDYLD LO UDSSRUWR GHL JHRPHWUL FRQ OD 3$ ± HVWUHPDPHQWH GHOLFDWR VRSUDWWXWWR VH VX ODYRUL D EDQGRVLDSHUODGLVFUH]LRQDOLWjGHOOHGHFLVLRQLHL¿ QDQ]LDPHQWLSXEEOLFLFKHSHUOHPRGDOLWjGLDJJLXGL FD]LRQH±QRQYHGUjXQ¶HYROX]LRQHQHJDWLYD /DSUHVHQ]DGHOJHRPHWUDUHVWHUjLQIDWWLLQGLVSHQ VDELOHSHUOR6WDWRHOHDPPLQLVWUD]LRQLLQTXDOLWjGL RSHUDWRUHHGLQWHUPHGLDULRWUDLOFLWWDGLQRHO¶$PPLQL VWUD]LRQH)LQDQ]LDULDLQSDUWLFRODUHSHUJOLLQWHUYHQWL GLFDUDWWHUH¿VFDOHULJXDUGDQWLLOSDWULPRQLRLPPREL OLDUHFRPHDGHVODIRUPD]LRQHGHOFDWDVWRLPPR ELOLDUH OD ULYDOXWD]LRQH GHL WHUUHQL H GHJOL LPPRELOL GLSURSULHWjGHOOHVRFLHWjO¶LQFHQWLYD]LRQHGHOO¶XVRGL IRQWL GL HQHUJLD DOWHUQDWLYH LO IDU HPHUJHUH IRQWL GL JHWWLWR ¿VFDOH FRQ OD GHWUD]LRQH G¶LPSRVWD VSHWWDQWH SHU O¶LQWHUYHQWR GL UHFXSHUR GHO SDWULPRQLR HGLOL]LR HWF
  • 57. /HRFFDVLRQLGLLQWHUYHQWRLQTXHVW¶DUHDDXPHQ WHUDQQRDQFRUDQHOSURVVLPRIXWXUR 8Q¶LPPDJLQHSLVIXPDWD ,OJHRPHWUDFRQWLQXHUjDJRGHUHGLXQDEXRQDLP PDJLQHQHOODVRFLHWjJUD]LHDOVXRIRUWHUDGLFDPHQWR QHOWHUULWRULR,OUDSSRUWRFRVWDQWHHFRQWLQXRFRQOD FOLHQWHODSULYDWDUHVWHUjLOSXQWRGLIRU]DGHLSURIHV VLRQLVWL JHRPHWUL OD FXL ¿JXUD VDUj LO SXQWR GL ULIH ULPHQWRSHUWXWWRFLzFKHULJXDUGDODSURSULHWjGDOOD GHQXQFLDGLVXFFHVVLRQHDOIUD]LRQDPHQWRGDOOHVWLPH GHLEHQLDOODGLYLVLRQHGDOODUHDOL]]D]LRQHGHOIDEEUL FDWRDOO¶DFFDWDVWDPHQWRHWF
  • 58. /D SUHVHQ]D FUHVFHQWH GL PDQRGRSHUD VWUDQLHUD LQROWUHUHQGHUjOHFRQRVFHQ]HORFDOLGHOJHRPHWUDDQ FRUDSLLPSRUWDQWLFKHLQSDVVDWR 9DSHUzFRQVLGHUDWRFKHODYHFFKLDLPPDJLQHGHO JHRPHWUDFRPHSURIHVVLRQLVWDGL¿GXFLDFKHFRVWUX LYDODYLOOHWWDRVLVWHPDYDFDVDFRQO¶HYROX]LRQHGHO SUR¿ORSURIHVVLRQDOHVDUjULPSLD]]DWDGDXQ¶LPPDJL QHSLLQFHUWDHVIXPDWD6DUjSHUWDQWRQHFHVVDULRXQ SURJHWWRFKHDLXWLDULGH¿QLUHWDOHLPPDJLQH RPSHWHQ]DHOXQJLPLUDQ]D /¶LPPDJLQHGHOODSURIHVVLRQHGHLJHRPHWULQHOOD VRFLHWj HYROYHUj LQ FRHUHQ]D FRQ L QXRYL FRQWHQXWL GHOOHFRPSHWHQ]H,QWDOVHQVRODVROLGLWjGHLSHUFRUVL VFRODVWLFLHXQLYHUVLWDULXQLWDDOODSUDWLFDSURIHVVLR QDOHHDOO¶DJJLRUQDPHQWRFRQWLQXRSHUPHWWHUDQQRDO JHRPHWUDGLPDQWHQHUHOHVWUHWWHUHOD]LRQLFRQLOWHV VXWRVRFLDOH
  • 59. $QFKHVHOD¿JXUDGLJHRPHWUDQRQVDUjTXHOODGL XQ SURIHVVLRQLVWD WHFQRORJLFDPHQWH DOO¶DYDQJXDUGLD SHU OD VXD TXDOL¿FD]LRQH SURIHVVLRQDOH L JHRPHWUL UDFFRJOLHUDQQR FRPXQTXH VLPSDWLH YHUVR OD FDWHJR ULDLQWHUFHWWDQGRHSUHFRUUHQGROHWHQGHQ]HHLELVRJQL GHOODVRFLHWjHSURSRQHQGRSHUSULPLVROX]LRQLDGH JXDWHHGLTXDOLWj )UDFRQRVFHQ]DSRSRODUHHSXEEOLFLWj $QFKH VH OD ¿JXUD GHO JHRPHWUD UHVWHUj UDGLFDWD QHOODFRQRVFHQ]DSRSRODUHO¶DWWLYLWjGHOVLQJRORSUR IHVVLRQLVWDQHFHVVLWHUjFRPXQTXHGLHVVHUHSXEEOLFL] ]DWD /DSRVVLELOLWjGLULFRUUHUHDOODSXEEOLFLWjLQIDWWL IRUQLUjDOJHRPHWUDXQXOWHULRUHVWUXPHQWRGLSHQHWUD ]LRQHFDSLOODUHQHOPHUFDWR /DSXEEOLFLWjGLWLSRLQIRUPDWLYRVDUjFRQVHQWLWD SHU JDUDQWLUH DOO¶XWHQWH OD SRVVLELOLWj GL VFHJOLHUH LO SURIHVVLRQLVWDULWHQXWRSLLGRQHR ,OPDUNHWLQJGHOODVLFXUH]]D 8Q¶HYROX]LRQHSRVLWLYDQHOUDSSRUWRGHLJHRPHWUL FRL SURSUL FOLHQWL VLD SXEEOLFL FKH SULYDWL GLSHQGH UjGDOODORURFDSDFLWjGLJXDGDJQDUVLOD¿GXFLDHXQD EXRQDUHSXWD]LRQH,JHRPHWULLQIDWWLYLVWRLOFLWDWR OHJDPHFRQLOWHUULWRULRODYRUHUDQQRVRSUDWWXWWRJUD ]LHDOODSURSULDSUHVHQ]DULFRQRVFLELOHHDOODSURSULD UHSXWD]LRQH /¶HYROX]LRQH VRFLDOH LPSRUUj FRPXQTXH D]LRQL GL PDUNHWLQJ VSHFLDOPHQWH YHUVR JOL XWHQWL GHO ZHE D]LHQGH HG HQWL
  • 60. VXL TXDOL VDUDQQR FRQFHQWUDWH OH D]LRQL SURPR]LRQDOL ,QROWUH VH YHUUj DSSURYDWR LO 'GOQLJHRPHWULWHQGHUDQQRDVOHJDUVLGDOWHUUL WRULRHTXLQGLDGDYHUHELVRJQRGLFXUDUHLOPDUNHWLQJ GHLSURSULVHUYL]L6WUDWHJLHGLPDUNHWLQJHFRPXQL FD]LRQHVDUDQQRGXQTXHPDJJLRUPHQWHXWLOL]]DWHQHL SURVVLPLDQQLLQYHVWHQGRLQSDUWLFRODUHVXLWHPLGHO ODOHJDOLWjHGHOODVLFXUH]]D RPXQLFD]LRQHLVWLWX]LRQDOH *OL2UGLQLSURIHVVLRQDOLVLLPSHJQHUDQQRDI¿QFKp LOFLWWDGLQRPHGLRVXSHULODSURSULDUDSSUHVHQWD]LRQH GHOOLEHURSURIHVVLRQLVWDFRPHXQD¿JXUDFKHJUD]LH DGXQDUHQGLWDGLSRVL]LRQHHDOO¶LVFUL]LRQHDOO¶$OER VIXJJHDOOHUHJROHGLPHUFDWRSHUJXDGDJQDUHSLGHO GRYXWR ,QROWUHSHULQFHQWLYDUHLJLRYDQLQHOO¶LQWUDSUHQGHUH OD FDUULHUD SURIHVVLRQDOH GHO JHRPHWUD VL SXQWHUj VX XQPDJJLRUHFRQWDWWRGHJOL2UGLQLGHL*HRPHWULFRQ LOVLVWHPDGHOO¶LVWUX]LRQHSHUIDYRULUHXQDPDJJLRUH FRPSUHQVLRQHGDSDUWHGHLJLRYDQLHGHOOHIDPLJOLH GHOOHSRWHQ]LDOLWjRFFXSD]LRQDOLGLTXHVWDSURIHVVLRQH
  • 61. )250$=,21((203(7(1=( ,6758=,21(()250$=,21( '(,*(20(75, 'XHQRGLGDVFLRJOLHUH /¶HYROX]LRQHGHOVLVWHPDGHOO¶LVWUX]LRQHULVHQWLUj GLGXHIDWWRUL O¶DSSURYD]LRQHRPHQRGHO'GOQSRL FKp LQ FDVR GL DSSURYD]LRQH VL UDIIRU]HUj H DUULFFKLUjLOSHUFRUVRGHLJHRPHWULVXOYHUVDQWH GHOOD FXOWXUD HVWHWLFD VWRULFD H XPDQLVWLFD LQ JHQHUDOH LOVXSHUDPHQWRRPHQRGHOVLVWHPDGHJOL2UGLQL DIDYRUHGLXQVLVWHPDEDVDWRVXOO¶DVVRFLD]LRQLVPR SURIHVVLRQDOH SRLFKp LQ FDVR GL VXSHUDPHQWR GHJOL2UGLQLLJHRPHWULLQWHQVL¿FKHUDQQRO¶DWWLYL WjDVVRFLDWLYDFXUDQGRIUDO¶DOWURO¶DJJLRUQDPHQWR FRQWLQXRDOO¶LQWHUQRGHOODSURIHVVLRQH ULVLGLFUHVFLWD 1HL SURVVLPL DQQL VL YHUL¿FKHUDQQR HYROX]LRQL QHOOD VWUXWWXUD H QHL FRQWHQXWL GHOO¶LVWUX]LRQH SHU LO *HRPHWUDJLjUHJRODPHQWDWDGDOUHFHQWHULRUGLQRGH JOL,VWLWXWL7HFQLFLFRQO¶RELHWWLYRGLIDUDFTXLVLUHDJOL VWXGHQWLLVDSHULQHFHVVDULSHUXQUDSLGRLQVHULPHQWR QHOPRQGRGHOODYRURHGHOODIRUPD]LRQHVXSHULRUH
  • 62. 7HQHQGRFRQWRGHOODUHFHQWHFDQFHOOD]LRQHGHOWL WROR VFRODVWLFR GL *HRPHWUD GD SDUWH GHOOD ³ULIRUPD
  • 63. *HOPLQL´ H O¶LQFHUWH]]D GHOO¶HYROX]LRQH QRUPDWLYD FKHLQWHUHVVHUjODFDWHJRULDQHOSURVVLPRIXWXURVDUj QHFHVVDULDXQDIRUWHSURPR]LRQHQHOOHVFXROHQHOOH IDPLJOLHHQHOODVRFLHWj
  • 64. SHUHYLWDUHXQGHFOLQRGHOOD SURIHVVLRQH ,JHRPHWULODXUHDWLGLVSRUUDQQRSHUzGLXQSDWUL PRQLRSURIHVVLRQDOHHFFHGHQWHLPRGHVWLOLPLWLGHOOH FRPSHWHQ]HDWWULEXLWHDLJHRPHWULGDOUHPRWRRUGLQD PHQWRRJJLLQYLJRUH4XHVWRUDSSUHVHQWHUjXQDVSLQ WD SHU XQ¶HYROX]LRQH VRVWDQ]LDOH GHOO¶RUGLQDPHQWR VWHVVR ,OSDWULPRQLRGLFRPSHWHQ]HGHLJHRPHWULVXELUjXQ XOWHULRUHDUULFFKLPHQWRVLDTXDQWLWDWLYRVLDTXDOLWDWL YR 8QVLVWHPDSLDGDWWLYR /D IRUPD]LRQH GL EDVH DYYHUUj QHOO¶,VWLWXWR 7HFQLFR FKH SUHYHGHUj OR VWXGLR GHOOH PDWHULH WHF QLFKH IRQGDPHQWR GHOO¶LVWUX]LRQH GHO *HRPHWUD /R VWXGLRWHFQLFRVDUjDI¿DQFDWRGD XQ DSSURIRQGLPHQWR PDJJLRUH GHOOH PDWHULH XPDQLVWLFKH ORVWXGLRGHOOHOLQJXHVWUDQLHUH 6XFFHVVLYDPHQWHVLIUHTXHQWHUDQQRLFRUVLGLODX UHDHRFRUVLGLVSHFLDOL]]D]LRQHHTXLYDOHQWL,76
  • 65. , SHUFRUVLVFRODVWLFLVDUDQQRDFFRPSDJQDWLGDXQSHULR GR GL DGGHVWUDPHQWR H GL SUDWLFD SURIHVVLRQDOH FKH YHGUjLJHRPHWULSLHVSHUWLDI¿DQFDUHDOO¶DWWLYLWjSUR IHVVLRQDOHXQLPSHJQRGLGRFHQ]DSUDWLFD'RSRDYHU VXSHUDWRO¶HVDPHGL6WDWRHGDYHURWWHQXWRO¶DELOLWD]LR QHDOO¶HVHUFL]LRGHOODSURIHVVLRQHLO7HFQLFRGRYUjVH JXLUHXQSHUFRUVRGLIRUPD]LRQHFRQWLQXDREEOLJDWRULD FKHDFFRPSDJQHUjWXWWDODVXDYLWDSURIHVVLRQDOH /DIRUWHDXWRQRPLDGHOOHVFXROHQHOODGH¿QL]LRQH GHL SURJUDPPL FUHVFHQWH QHJOL XOWLPL DQQL GHO FRU VR GL VWXGL IDYRULUj O¶DGDWWDPHQWR GHL SURJUDPPL VWHVVL DOOH IRUWL VSHFL¿FLWj ORFDOL FKH OD SURIHVVLRQH GL*HRPHWUDSRUWDFRQVpDGDWWDQGRODSUHSDUD]LRQH GHLJLRYDQLDOODGRPDQGDGHOWHUULWRULR4XHVWRFRQ VHQWLUjIUDO¶DOWURGLDQWLFLSDUHQHOODIRUPD]LRQHGHL JLRYDQLJOLHOHPHQWLGLVSHFLDOL]]D]LRQHFKHQHFRQ VHQWLUDQQR XQD PDJJLRUH RFFXSDELOLWj HYLWDQGR FKH GHEEDQRGLOD]LRQDUHWURSSRO¶HQWUDWDQHOPHUFDWRGHO ODYRURJLjRJJLSLWDUGLYDFKHLQDOWULSDHVLHXURSHL FKHSUHYHGRQRFRUVLGLVWXGLSLEUHYL
  • 66. 0LVPDWFKLQULGX]LRQH 3URVHJXLUjQHLSURVVLPLDQQLO¶HIIHWWR³PLVPDWFK´ RVVLDODGLYHUVDYHORFLWjWUDLOVLVWHPDGHOODIRUPD]LR QHHLOVLVWHPDGHOODSURGX]LRQH,OVLVWHPDGHOO¶LVWUX ]LRQHFKHGRYUjIRUQLUHQXRYLJHRPHWULDOQRVWURVL VWHPDHFRQRPLFRVDUjSHUzFDSDFHQHLSURVVLPLDQQL GLSURSRUUHYLDYLDSHUFRUVLSLVLQFURQL]]DWLFRQOD YHORFLWjGHOPHUFDWRGHOODYRURHGHOO¶LQJUHVVRGHOOH QXRYHFRQRVFHQ]H /¶DOOXQJDPHQWR GHO SHUFRUVR GL IRUPD]LRQH GHL JHRPHWUL FKH LQFOXGH XQ WULHQQLR SRVWVHFRQGDULR
  • 67. RSHUDWR GDOO¶DGHJXDPHQWR GHO QRVWUR RUGLQDPHQWR DOOH GLUHWWLYH HXURSHH FRQVHQWLUj GL SUHSDUDUH GHOOH ¿JXUHGL*HRPHWUDSLDGHJXDWHDOO¶HYROX]LRQHGHOOH
  • 68. FRQGL]LRQLODYRUDWLYHHFRQRPLFKHHWHFQRORJLFKHLQ FXL OD SURIHVVLRQH GRYUj RSHUDUH /¶DWWXD]LRQH GHOOD ULIRUPDGHOVLVWHPDGLVFXRODVHFRQGDULRJDUDQWLUjLQ IDWWL XQHOHYDWRVWDQGDUGGLSUHSDUD]LRQHGHLJLRYD QL ODSRVVLELOLWjSHUHVVLGLVFHJOLHUHHI¿FDFHPHQ WHLOSURSULRIXWXURWUDODSRVVLELOLWjGLDYYLDUVL DOPRQGRGHOODYRURODSURVHFX]LRQHFRQFRUVL SRVWGLSORPD,VWLWXWL7HFQLFL6XSHULRULRWLUR FLQL R O¶LVFUL]LRQH DOO¶XQLYHUVLWj SHU LO FRQVH JXLPHQWRGHOODODXUHD 5DIIRU]DPHQWRSURIHVVLRQDOH 8QHOHPHQWRLPSUHVFLQGLELOHSHULOUDIIRU]DPHQWR GHOUXRORGHLSURIHVVLRQLVWLGHOFRVWUXLUHVDUjODIRU PD]LRQHHXQ¶DWWHQ]LRQHSDUWLFRODUHDWXWWLJOLDVSHWWL IRUPDWLYL VLD D OLYHOOR VFRODVWLFR VLD QHOO¶DJJLRUQD PHQWRFRQWLQXRHTXDOLWDWLYR4XHVWRLQIDWWL UHVWLWXLUjDLSURIHVVLRQLVWLGHOFRVWUXLUHXQUXR ORFHQWUDOHGLULIHULPHQWR IDUj VXSHUDUH OD ORJLFD GL PHUFDWR GHJOL XOWL PLDQQLLPSRVWDWDVXOODFRQFRUUHQ]DDVFDSLWR GHOODTXDOLWj 3HULO*HRPHWUDGXQTXHLOWLWRORGLVWXGLRFRVWLWX LUjVRORXQDGHOOHSUHPHVVHGHOODSURIHVVLRQHFKHVDUj VHPSUHSLVSHVVRGLYHUVL¿FDWDHDGDWWDWDDOODVSHFL ¿FDRFFDVLRQHGLODYRUR5LVSHWWRDOSDVVDWRVDUDQQR SHUWDQWRQHFHVVDULHXQDPDJJLRUHIRUPD]LRQHGLEDVH SRVWLVWLWX]LRQDOHHXQDPDJJLRUHÀHVVLELOLWj $SSUHQGLPHQWRFRQWLQXR ,QXRYLRUGLQDPHQWLSUHVFULYHUDQQRFKHWHUPLQD WRLOFRUVRGLVWXGLFRPSUHQGHQWLODSUDWLFDSURIHVVLR QDOHHRWWHQXWRLOWLWRORDELOLWDWLYRDOO¶HVHUFL]LRGHOOD SURIHVVLRQHO¶LVFULWWRGRYUjFRQWLQXDUHDIUHTXHQWDUH FRUVLREEOLJDWRULGLIRUPD]LRQHGLVSHFLDOL]]D]LRQHH GLDJJLRUQDPHQWRSHUPDQWHQHUHHGDFFUHVFHUHFRP SHWHQ]HHFDSDFLWjSUDWLFKH /¶DJJLRUQDPHQWRSURIHVVLRQDOHGHLJHRPHWULYHUUj SURPRVVRGDJOLHYHQWLIRUPDWLYLSURSRVWLGDLROOHJL ORFDOLGHL*HRPHWULDVVLFXUDQGRDOODFDWHJRULDFRQGL ]LRQLGLDSSUHQGLPHQWRSHUPDQHQWHHPLJOLRUDPHQWR GHOODTXDOLWjGHOOHSUHVWD]LRQL UHDWLYLWjHDI¿GDELOLWj 1HOSURVVLPRGHFHQQLRLOVXFFHVVRSURIHVVLRQDOH GHO*HRPHWUDDQDORJDPHQWHDGDOWUHSURIHVVLRQLVDUj OHJDWRDOFRQWULEXWRFUHDWLYRGLFLDVFXQSURIHVVLRQLVWD QHOO¶HODERUD]LRQHGLLGHHHSURJHWWLLQQRYDWLYL 5HVWHUjFRPXQTXHXQDODUJDSDUWHGLSURIHVVLRQL VWL SRFR FUHDWLYD R PHUDPHQWH HVHFXWLYD GL SURJHWWL LQQRYDWLYLDOWUXL8QDSDUWHFRQVLVWHQWHHLQQRYDWLYD GLSURIHVVLRQLVWLDYUjIRUWLFRPSHWHQ]HHFRORJLFKH ,Q XQ FRQWHVWR GL VFHOWH DYDQ]DWH GL WLSR WHFQR ORJLFR H FRQ VWDQGDUG WLSRORJLFL H DUFKLWHWWRQLFL DF FHWWDELOLWUDOHTXDOLWjGHLSURIHVVLRQLVWLULVXOWHUDQQR SUHPLDWL LOFDUDWWHUHWHFQLFRRSHUDWLYRHODSUDJPDWLFLWj
  • 69. O¶DI¿GDELOLWj 7XWWRORJLDLQGHFOLQR $I¿QFKpLJHRPHWULULPDQJDQR¿JXUHLPSRUWDQWL QHOFRPSOHVVRVLVWHPDSURIHVVLRQDOHLWDOLDQRLOORUR SURFHVVR IRUPDWLYR VL DJJLRUQHUj VHJXHQGR OD WHQ GHQ]D GHO PHUFDWR QD]LRQDOH HG HXURSHR QHO PHGLR H OXQJR WHUPLQH$ WDO SURSRVLWR VL DEEDQGRQHUj OD VFLDWUDGL]LRQDOHGHO³WXWWRORJLVPR´VDSHUHSRFRVX PROWL FDPSL
  • 70. VHOH]LRQDQGR VHWWRUL VSHFLDOLVWLFL FKH GLYHQWLQR OD SUHURJDWLYD SURIHVVLRQDOH HVFOXVLYD GHO *HRPHWUDSHULSURVVLPLDQQL,QWDOPRGROD¿JXUD GHO*HRPHWUDVDUjOLEHUDWDGDOOHFODVVLFKHFULWLFKHGL FRPSHWLWLYLWjFRQOHDOWUHSURIHVVLRQLFRPSOHPHQWDUL 3HULWL$UFKLWHWWLH,QJHJQHUL
  • 71. ,JHRPHWULDXPHQWHUDQQRLOJUDGRGLIRUPD]LRQH XQLYHUVLWDULDPHQWUHYHUUjODVFLDWDDOO¶DGGHVWUDPHQWR HDOODSUDWLFDODSUHSDUD]LRQHSLWHFQLFDUHODWLYDDOOD SURJHWWD]LRQHHGHVHFX]LRQHGHLODYRUL,QIDWWLUHVWH UjGLIRQGDPHQWDOHLPSRUWDQ]DO¶HVSHULHQ]DSUDWLFDH O¶DGGHVWUDPHQWRVXOFDPSRSHUPHWWHUHLQSUDWLFDFLz FKHVLqLPSDUDWRJUD]LHDOO¶DI¿DQFDPHQWRGLJHRPH WULHVSHUWL 8QPHQXVHPSUHSLULFFR ,OJHRPHWUDFKHXVFLUjGHOODIRUPD]LRQHLVWLWX]LR QDOHDYUjXQSUR¿ORGLFRPSHWHQ]HPROWRSLDPSLR H GLIIHUHQ]LDWR GL TXHOOR WUDGL]LRQDOH ULQIRU]DWR VXL YHUVDQWLGHOGLULWWRGHOOHFRVWUX]LRQLGHLPDWHULDOLGH JOLVWUXPHQWLWHFQRORJLFLLQIRUPDWLFLPDDQFKHVSH FL¿FLGHOOHFRVWUX]LRQLHWF
  • 72. /DULTXDOL¿FD]LRQHSURIHVVLRQDOHVLDGHJXHUjDOOD ULFKLHVWD GL QXRYD H PDJJLRUH TXDOLWj GHOOH SUHVWD ]LRQL HQHUJHWLFKH H DPELHQWDOL GHOO¶HGLOL]LD VDUDQQR TXLQGLLQGLVSHQVDELOLFRPSHWHQ]HUHODWLYHD O¶DQDOLVLHOHGLDJQRVLHQHUJHWLFKHGHJOLHGL¿FL ODFRQRVFHQ]DGLPDWHULDOLHWHFQLFKHGLLVROD PHQWRHFRVWUXWWLYHDGDOWDHI¿FLHQ]DHQHUJHWL FDSHULOUDIIUHVFDPHQWRSDVVLYR OD FDSDFLWj GL LQWHJUD]LRQH QHJOL HGL¿FL GHOOD SURGX]LRQHGLHQHUJLDULQQRYDELOH ODJHVWLRQHGHLUL¿XWLGDFRVWUX]LRQHHGHPROL ]LRQHFODVVL¿FD]LRQHGLUL¿XWLSHULFRORVLHQRQ FULWHULSHULUL¿XWLLQHUWLGLVWLQ]LRQHIUDUL¿XWLH PDWHULDOLULXWLOL]]DELOLFRQGL]LRQLGLULXWLOL]]R WHUUHHURFFHGDVFDYRHWF
  • 73. O¶LPSLHJRGLWHFQLFKHHPDWHULDOLGHOODELRHGL OL]LD XQDPDJJLRUHDWWHQ]LRQHSHULOFRQWHVWRXUED QRHWHUULWRULDOH
  • 74. /$%$6(8/785$/('(,*(20(75, 3LFRQVDSHYROLSLVXSHU¿FLDOL /D FXOWXUD JHQHUDOH H GL EDVH YHUUj UDIIRU]DWD LQ WXWWLLSHUFRUVLGLVWXGLWHFQLFL VLSXQWHUjDGHVHPSLRVXOUDIIRU]DPHQWRGHOOD FDSDFLWjGLOHWWXUDGLWHVWLFRQWLQXLXQGRFX PHQWR
  • 77. 9D FRQVLGHUDWR LQROWUH FKH OD SUROLIHUD]LRQH GL ,QWHUQHWFRQODPDJJLRUHDFFHVVLELOLWjDGXQ¶HQRUPH TXDQWLWjGLLQIRUPD]LRQHSURGXUUjWUDLJLRYDQLXQD FXOWXUDJHQHUDOHPDJJLRUHPDVXSHU¿FLDOH ,OULVFKLRGHOORVSHFLDOLVPR 7XWWHOH¿JXUHSURIHVVLRQDOLLQFOXVHTXHOOHOHJDWH DOPRQGRGHOOHFRVWUX]LRQLVLLQWHUURJKHUDQQRVXLYD ORULHIIHWWLYLGHOODFXOWXUDVLDJHQHUDOHFKHVSHFL¿FD HVXLPH]]LGDXVDUHSHUEHQH¿FLDUQH 1HLSURVVLPLDQQLVLFHUFKHUjGLHYLWDUHLOSLSRV VLELOH O¶HFFHVVLYD IUDPPHQWD]LRQH LQ ³VSHFLDOLVPL´ VDUjLQIDWWLOLPLWDQWHVDSHUHPROWRGHOSURSULRVHWWRUH HSRFRVXOO¶LQVLHPHOHLQWHUGLSHQGHQ]HHFLzFKHUL JXDUGDLJUDQGLWHPLGHOODQRVWUDVRFLHWjLzYDUUjVR SUDWWXWWRSHUFRORURFKHVLRFFXSHUDQQRGLFRVWUX]LRQL VHWWRUHFRQLPSRUWDQWLLPSOLFD]LRQLVRFLDOLHDPELHQ WDOLROWUHDTXHOOHVWUHWWDPHQWHIXQ]LRQDOL , SURIHVVLRQLVWL GHO FRVWUXLUH DJJLXQJHUDQQR DOOH FRPSHWHQ]HWHFQLFKHLQPDJJLRUPLVXUDTXHOOHXPD QLVWLFKH SHU SRWHUVL DGHJXDWDPHQWH FRQIURQWDUH FRQ LQXRYLYDORULFXOWXUDOLGHOODVRFLHWjFRPHDGHVOD EHOOH]]DHVWHWLFDODGLPHQVLRQHHFRORJLFDODVLFXUH] ]DHWF
  • 78. XOWXUDLQYLVLELOH $LSURIHVVLRQLVWLGHOFRVWUXLUHVDUjULFKLHVWDVHP SUHSLXQDEDVHGLFXOWXUD XPDQLVWLFD XJXDOPHQWH DG DOWUH SURIHVVLRQL FRQWLJXH$UFKLWHWWLH,QJHJQHUL
  • 79. HVWHWLFDHVWRULFDDL¿QLGHOOHFRVWUX]LRQLVSH FLHVHGLYDORUHDUWLVWLFRHGLQSDUWLFRODUHGHO UHVWDXURGLFRVWUX]LRQLVWRULFKH ,OSHUFRUVRIRUPDWLYRGHLJHRPHWULLQSDUWLFRODUH VLDUULFFKLUjDQFKHGLFRQRVFHQ]HULJXDUGDQWL ODVWRULDGHOO¶DUWH O¶DUFKLWHWWXUD LOSDHVDJJLRHODYHJHWD]LRQH 3HUODSURIHVVLRQHGHO*HRPHWUD±FKHQHOFDPSR GHOOH FRVWUX]LRQL H GHOO¶DPELHQWH DVVXPHUj DQFKH LO UXRORGL¿JXUDGLUHWWLYDGHLODYRULHGLJDUDQWHGHOOD OHJDOLWj GHOOH SURFHGXUH ± VDUj FRQVLGHUDWD HVWUHPD PHQWHXWLOHXQDEDVHGLFXOWXUDVWRULFDHJLXULGLFD 1HOSURVVLPRIXWXURFRPXQTXHLOJHRPHWUDVDUj
  • 80. GLI¿FLOPHQWHLGHQWL¿FDWRFRQODFXOWXUDHVWHWLFDQHOOD TXDOH SHUDOWUR DQFKH JOL LQJHJQHUL VDUDQQR LQFDSDFL GLLQVHULUVL ,QDGHJXDWH]]DVFRODVWLFD ,SURJUDPPLGLVWXGLRVFRODVWLFLFRQWLQXHUDQQRDG HVVHUHLQFDSDFLGLIRUQLUHFRQRVFHQ]HDSSUH]]DELOLUH ODWLYDPHQWHDOODFXOWXUDHVWHWLFDVWRULFDHLQJHQHUDOH XPDQLVWLFD7DOHFDUHQ]DLQÀXLUjVXOO¶LPPDJLQHHVXO ODFRQFH]LRQHVRFLDOHGHOUXRORGHO*HRPHWUD 9HUUDQQRTXLQGLSURSRVWLSHUFRUVLIRUPDWLYLDGH JXDWLQHOO¶DPELWRGHOODIRUPD]LRQHSRVWLVWLWX]LRQDOH REEOLJDWRULDODIUXL]LRQHGHLTXDOLSHUDOWURVDUjOHJD WDDOODSURSHQVLRQHGHOVLQJROR 5XRORHGXFDWLYR /DSURIHVVLRQDOLWjGHO*HRPHWUDWHQGHUjDOEHOOR DOO¶DUPRQLDFRQODQDWXUDDOULVSHWWRGHLYDORULPRQX PHQWDOLHGDUFKLWHWWRQLFLFKHFLVRQRVWDWLWUDPDQGDWLH DYUjTXLQGLELVRJQRGLDUULFFKLUVLGLVHQVLELOLWjHVWHWL FDHVROLGHEDVLFXOWXUDOLVWRULFKHHGXPDQLVWLFKH ,O SURIHVVLRQLVWD DYUj DQFKH XQ UXROR HGXFDWLYR SHUSURPXRYHUHDOFOLHQWHFRQDUJRPHQWD]LRQLFRQ YLQFHQWLODULFHUFDGHOEHOORLQLQWHUYHQWLSLULVSHW WRVLHFXOWXUDOPHQWHYDOLGLDOGLOjGHOPHURDVSHWWR HFRQRPLFR /HJDWLDO³JHQLXVORFL´ 2OWUHDOODFXOWXUDHVWHWLFDHVWRULFDVDUjLQGLVSHQVD ELOHXQDPDJJLRUHFRQRVFHQ]DGHLPDWHULDOLGDXWLOL] ]DUHHGHOOHWHFQLFKHGLFRVWUX]LRQHSHUHYLWDUHFKH LQQRPHGLXQDFHUWDOLEHUWjGLSURJHWWD]LRQHVLYDGD FRQWURLSULQFLSLGLEXRQVHQVR ,O UDIIRU]DPHQWR GHOOH FRPSHWHQ]H VWRULFKH VDUj GL SDUWLFRODUH LPSRUWDQ]D QHL JHRPHWUL SRLFKp HVVL LQWHUYHUUDQQR FRVWDQWHPHQWH LQ DPELHQWL FKH KDQQR XQ³VHGLPHQWR´VWRULFRPROWRULOHYDQWHFRQFXLqQH FHVVDULR VDSHU GLDORJDUH HI¿FDFHPHQWH 3HU RWWHQHUH TXHVWRULVXOWDWRVLGRYUjHYLWDUHXQDVHPSOLFHJLXVWDS SRVL]LRQHGHOOHPDWHULHVWRULFKHDTXHOOHWHFQLFKHPD VLGRYUjIDUHGHOODVWRULDVWHVVDXQDPDWHULDWHFQLFD LQWHJUDWDQHOFRUVRGLVWXGL /D FXOWXUD VWRULFD SL LPSRUWDQWH SHU L JHRPHWUL VDUj TXLQGL TXHOOD OHJDWD DO WHUULWRULR DO JHQLXV ORFL LQSDUWLFRODUHOHFDUDWWHULVWLFKHFRVWUXWWLYHHDPELHQ WDOL
  • 81. ,21),1,)5$/$352)(66,21('(/ *(20(75$(/($/75( 6DSHULIUDPPHQWDWLVROLGHJHUDUFKLH /D VHPSUH PDJJLRUH FRPSOHVVLWj GHOOD VRFLHWj SRUWHUj DG XQ¶LQHYLWDELOH ULFKLHVWD GL FDPELDPHQWL VWUDWHJLFLGDSDUWHGLWXWWHOHIRU]HSURGXWWLYHLQFOXVH TXHOOHOHJDWHDOPRQGRGHOOHFRVWUX]LRQL ,Q FRQFRPLWDQ]D FRQ O¶DFFUHVFLPHQWR JHQHUDOL]]DWR GL FRQRVFHQ]H H GL FRPSHWHQ]H QHO FDPSR SURIHVVLRQDOH GHOO¶HGLOL]LDVLDVVLVWHUjDXQDPDJJLRUHIUDPPHQWD ]LRQHGHLVDSHULLzVLDFFRPSDJQHUjDXQFRQVROLGD PHQWRGHOOHJHUDUFKLHSURIHVVLRQDOLLQIXQ]LRQH GHOOHJHUDUFKLHGLVFLSOLQDUL GHLVHWWRULHGHLWHUULWRULQHLTXDOLVYROJHUDQQR ODORURDWWLYLWj %LVRJQLIRUWLDVSUHFRQWHVH /DVWDVLHFRQRPLFDGHO3DHVHLQYHVWHQGRDQFKHLO VHWWRUH SURIHVVLRQDOH GHOO¶HGLOL]LD LQDVSULUj LO GLEDW WLWRWUDWHFQLFLODXUHDWLHWHFQLFLGLSORPDWLVXOOHFRP SHWHQ]H QHOOD SURJHWWD]LRQH /H PDJJLRUL GLI¿FROWj GHOUDSSRUWRFRQOHDOWUHSURIHVVLRQLFRPSOHPHQWDUL FRPHJOLDUFKLWHWWLHJOLLQJHJQHULVLPDQLIHVWHUDQQR QHOOHDWWLYLWjFDQRQLFKHGHOO¶HGL¿FD]LRQH,QWDOHFRQ WHVWRLQIDWWLLJHRPHWULULYHVWLUDQQRXQUXRORGL³FHU QLHUD´WUDJOLLQJHJQHULRDUFKLWHWWLHGLFRPPLWWHQWL VLDSXEEOLFLFKHSULYDWL ,OPHUFDWRVSLQJHUjOD¿JXUDGHO*HRPHWUDDOLPLWD UHLFDPSLGLDWWLYLWjDQLFFKLHVSHFLDOLVWLFKHWUDVIRU PDQGRVLGD³WXWWRORJR´DVSHFLDOLVWDLQYHFHGLVDSHU IDUHSRFRVXPROWLFDPSLIDUjPROWRVXSRFKLFDPSL VSHFLDOLVWLFL/RVWHVVRIHQRPHQRLQYHVWLUjQHLSURVVL PLDQQLJOLLQJHJQHUL 6SD]LFRQWHVL , ODXUHDWL FRQWLQXHUDQQR D ULVHQWLUH PDJJLRUPHQ WH GHOOD FRQJLXQWXUD QHJDWLYD ULVSHWWR DL JHRPHWUL PHQRHVSRVWLSRLFKpDVVDLSLUDGLFDWLVXOPHUFDWRSHU O¶DPSLR YHQWDJOLR GL FRPSHWHQ]H WUDGL]LRQDOL OHJDWH DOODSURSULHWjHGDOWHUULWRULRDOODVXDWUDVIRUPD]LRQH HGDOODVXDWXWHOD ,FRQ¿QLWUDOHDOWUHSURIHVVLRQLHODSURIHVVLRQDOLWj GHO*HRPHWUDGLSHQGHUDQQRGDOODTXDOL¿FD]LRQHFKH DVVXPHUjTXHVW¶XOWLPDDUULFFKHQGRVLGLDOWUHFRPSH WHQ]HHRFFXSDQGRQXRYLVSD]LDVFDSLWRGHOOHDOWUH SURIHVVLRQL 6LDIIHUPHUjSURJUHVVLYDPHQWHLOSULQFLSLRGHO³FKL VDHVDIDUH´FKHVLVRYUDSSRUUjDOWLWRORGLVWXGLRH GHWWHUjLOFULWHULRGLVFHOWDGHOPHUFDWR ,QYDVLRQLGLFDPSR ,O *HRPHWUD PDQWHUUj TXLQGL QHL SURVVLPL DQQL XQD VXD IRUWH LQGLYLGXDOLWj SURIHVVLRQDOH DWWDFFD
  • 82. WD SHUz GDJOL LQJHJQHUL MXQLRU H GDJOL DUFKLWHWWL FKH FRQWLQXHUDQQRDGDXPHQWDUHGLQXPHURHSHUTXHVWR WHQGHUDQQR DG DOOXQJDUH OD SURSULD FDWHQD GHO YDOR UHRFFXSDQGRVLDQFKHGLIDVLGHOSURFHVVRSURGXWWLYR WUDGL]LRQDOPHQWHDSSDQQDJJLRGHLJHRPHWULFRPHDG HVSURFHGXUHDPPLQLVWUDWLYHULOLHYLVWLPHHWF
  • 83. ,Q DVVHQ]D GL XQ DJJLRUQDPHQWR GHL UHJRODPHQWL VXOOHFRPSHWHQ]HODFRPPLWWHQ]DVLLQGLUL]]HUjVHP SUHSLYHUVRLQJHJQHULHGDUFKLWHWWL $PELHQWHIDYRUHYROH 1HL SURVVLPL DQQL ULVSHWWR DOOH DOWUH SURIHVVLRQL FRPSOHPHQWDULLJHRPHWULVYLOXSSHUDQQRXQPDJJLRU UXRORLQFDPSRDPELHQWDOH7DOHVHWWRUHLQIDWWLYHGUj QHO*HRPHWUDXQD¿JXUDGLULIHULPHQWRLVWLWX]LRQDOHH VRFLDOHFRVuFRPHDYYHQXWRSHUODVLFXUH]]DQHLFDQ WLHUL
  • 84. 1HOFDPSRGHOOHFRVWUX]LRQLHULVWUXWWXUD]LRQLVLD QHOODGLUH]LRQHGHLFDQWLHULVLDQHOODSURJHWWD]LRQHGHL SLFFROLLQWHUYHQWLLO*HRPHWUDODYRUHUjDVWUHWWRFRQ WDWWRFRQWHFQLFLGHOO¶HQHUJLDHGHOO¶LPSLDQWLVWLFDSHU O¶HI¿FLHQ]DHLOULVSDUPLRHQHUJHWLFRGRYUjSHUWDQWR HVVHUHLQJUDGRGLGLDORJDUHFRQTXHVWH¿JXUHHGLDO ODUJDUHOHSURSULHFRPSHWHQ]H , JHRPHWUL WURYHUDQQR VSD]LR LQ GLYHUVH DWWLYLWj DPELHQWDOLLQVYLOXSSR SURJHWWD]LRQHHUHDOL]]D]LRQHGLQXPHURVLSLF FROLLPSLDQWLVRODULLQWHJUDWLQHOOHFRVWUX]LRQL RDWHUUD SURJHWWD]LRQHHUHDOL]]D]LRQHGLLPSLDQWLHROL FLDELRPDVVHRPLQLLGURHOHWWULFL PLJOLRULH ULSDUD]LRQL H ULVWUXWWXUD]LRQL GHOOH UHWL DFTXHGRWWLVWLFKH IRJQDWXUH H VLVWHPL GH SXUDWLYLGHOOHDFTXHUHÀXH LQWHUYHQWLGLPDQXWHQ]LRQHRUGLQDULDDGHVGL VLVWHPD]LRQHGHOODUHWHLGURJUD¿FDGLVSRQGH GLDUHHGLHVSDQVLRQHGHOOHSLHQHGLFRQVROLGD PHQWLHWF
  • 85. DFDXVDGHLULVFKLGLGLVVHVWRLGUR JHRORJLFR 3HUFRUVRFODVVLFR /DUHJRODPHQWD]LRQHGHLFRQ¿QLWUDLJHRPHWULHOH SURIHVVLRQLFRPSOHPHQWDULVDUjGXSOLFH GD XQ ODWR VL VHJXLUDQQR L SHUFRUVL FODVVLFL GHOOH OLEHUH SURIHVVLRQL FKH GHULYDQR GDOOD SUHVHQ]DGLXQ2UGLQHSURIHVVLRQDOHFKHVLID FDULFRGLOHJLWWLPDUHORVWDWXVGHOODSURIHVVLRQH HGLGH¿QLUHLFRQ¿QLFRQOHDOWUHSURIHVVLRQL GDOO¶DOWUR VL VHJXLUDQQR OH OLQHH GLUHWWLYH HX URSHH FKH LQYLWDQR DG HYLWDUH GL FRVWLWXLUH 2UGLQL SURIHVVLRQDOL SURSRQHQGR LO PRGHOOR DQJORVDVVRQHGHOOH$VVRFLD]LRQLHGHOODOLEHUD OL]]D]LRQHGHOPHUFDWRODVFLDQGRFKHDGH¿QL UHODFRPSHWHQ]DVLDQROHIRU]HGLPHUFDWRLO PHULWRHODUHSXWD]LRQH )UD OH GXH VWUDGH LQ ,WDOLD OD UHJRODPHQWD]LR QH SUHYDOHQWH UHVWHUj FRPXQTXH TXHOOD GL LVFULYHUVL DOO¶$OERSURIHVVLRQDOH
  • 86. RQWHQHUHLOFRQWHQ]LRVR /DUHJROD]LRQHGHLFRQ¿QLWUDLO*HRPHWUDHOHDO WUHSURIHVVLRQLGLSHQGHUjGDOO¶DSSURYD]LRQHRPHQR GHOODULIRUPDGHOOHSURIHVVLRQLFKHFRVWLWXLUjODEDVH SHUODGH¿QL]LRQHGLFRPSHWHQ]HFHUWHHSHUSXQWDUH DOODULGX]LRQHGHOOHSRVVLELOLWjGLVFRQ¿QDPHQWLHGL FRQWHQ]LRVR 6XSHUDWLLOFRQFHWWRGLPRGHVWDFRVWUX]LRQHFRPH GD RUGLQDPHQWR GHO H L YDQL WHQWDWLYL SDVVDWL YROXPLQXPHURGHLSLDQLIXRULWHUUDHWF
  • 87. VLSXQWHUj VXOODGHWHUPLQD]LRQHGLFRQ¿QLWUDPLWHQXRYLFULWHUL GLGH¿QL]LRQHGHOOHFRVWUX]LRQLHVWUXWWXUHVHPSOLFLR VWDQGDUGL]]DWHGH¿QHQGRQXRYLOLPLWLGLFRPSHWHQ]D LQPDWHULDGLFRVWUX]LRQLFLYLOL /¶LQJHJQHUHWHFQLFR /D UHJROD]LRQH GHL FRQ¿QL GHOOH FRPSHWHQ]H GHO *HRPHWUDVLSRUUjQHOSURVVLPRIXWXURLQWHUPLQLGL GH¿QL]LRQHSUHFLVDGHOO¶DSSRUWRGLSURIHVVLRQDOLWjUL FKLHVWRGDXQDVSHFL¿FDVLWXD]LRQHWHFQLFDHTXLQGL FRQVLGHUDQGRDGHVHPSLRJOLDVSHWWLGLVRVWHQLELOLWj DPELHQWDOHGLFRQVXPRHQHUJHWLFRGLULVFKLRVLVPLFR RGLDOWURJHQHUHHWF
  • 88. DQ]LFKpVHPSOLFHPHQWHLQEDVH DOODGLPHQVLRQHSLRPHQROLPLWDWDGHOPDQXIDWWRVX FXLVLLQWHUYLHQH /DULIRUPDGHOODSURIHVVLRQHULFRQRVFHUjDLJHR PHWUL FRPSHWHQ]H FRUULVSRQGHQWL DO ORUR SDWULPRQLR SURIHVVLRQDOHTXDOHULVXOWDGDOODJLjDYYHQXWDULIRU PDGHOO¶RUGLQDPHQWRGHJOLVWXGLHGDOOHLQL]LDWLYHGL IRUPD]LRQH
  • 89. (IIHWWRGLWDOHULFRQRVFLPHQWRVDUjTXHO OR GL DXPHQWDUH OD VRYUDSSRQLELOLWj GHOO¶DWWLYLWj GHL JHRPHWULDTXHOODGHOOHSURIHVVLRQLFRQWLJXH 1HOFRUVRGHOGHFHQQLRDVHJXLWRGHOOHULIRUPHGHO VLVWHPDGHOOHSURIHVVLRQLODSURIHVVLRQH³JHRPHWUD´ FDPELHUjLGHQWLWjHGDVVXPHUjLOQRPHGL³LQJHJQHUH WHFQLFR´R³WHFQLFRHVSHUWR´ $XWRUHJROD]LRQHQHFHVVDULD ,O SHUPDQHUH GHOOD VLWXD]LRQH GL FRQIXVLRQH IUD OHSURIHVVLRQLGHOFRVWUXLUHFRQWLQXHUjDGDQQHJJLDUH WXWWLHSURYRFDUHFRQÀLWWL 6HLO'GOQGLYHUUjOHJJHLJHRPHWULGLYHU UDQQRGHL³TXDVLDUFKLWHWWL´FXLSHUzPDQFKHUDQQROH FRPSHWHQ]HGLWLSRHVWHWLFR6HLO'GOQUHVWHUj SULYR GL DSSURYD]LRQH LQYHFH UHVWHUDQQR OH DWWXDOL VRYUDSSRVL]LRQL SDU]LDOL IUD OH FRPSHWHQ]H GHL SUR IHVVLRQLVWLGHOFRVWUXLUH ,Q DVVHQ]D GL XQ LQWHUYHQWR QRUPDWLYR LO VHWWRUH GHOOHFRVWUX]LRQLYHGUjLQFRQWLQXRFRQÀLWWROHGLYHUVH SURIHVVLRQLFRUUHODWHFRQÀLWWRFKHYHGUjLO*HRPHWUD VHPSUHSLLQGLI¿FROWjSHUOHSURQXQFHJLXULVSUXGHQ ]LDOLPDJJLRUPHQWHVIDYRUHYROL7DOHUDSSRUWRFRQÀLW WXDOHFDPELHUjVRSUDWWXWWRDWWUDYHUVRLOFRQIURQWRWUDL YHUWLFLGHOOHFDWHJRULH
  • 90. 7UDFRQÀLWWRHFRRSHUD]LRQH ,QJHJQHULHJHRPHWULDFTXLVLUDQQRGDTXLDO XQDPDJJLRUHFRQVDSHYROH]]DGHOODQHFHVVLWjGLODYR UDUHLQVLHPHLQPDQLHUDFRPSOHPHQWDUH 3URVHJXLUj QHL SURVVLPL DQQL XQD FRQFUHWD FRR SHUD]LRQHWUDOHSURIHVVLRQLLQYLVWDGHOO¶HVLJHQ]DGL DUULYDUH DOOD GH¿QL]LRQH FRQFRUGDWD FRQ LO OHJLVOD WRUH GL XQ WHVWR GL ULIRUPD GHOOH SURIHVVLRQL VWHVVH 1RQRVWDQWHLOSHUVLVWHQWHFRQÀLWWRWUDOHFRPSHWHQ]H QHOVHWWRUHHGLOL]LRHDPELHQWDOHGXQTXHLOUDSSRUWR WUDJHRPHWULHOHSURIHVVLRQLFRPSOHPHQWDULPLJOLRUH UjQHOSURVVLPRIXWXUR 1HOTXDGUR GLXQDPDJJLRUHFRRSHUD]LRQHWUDOH GLYHUVHSURIHVVLRQLLJHRPHWULRFFXSHUDQQRFRPXQ TXHLVHJPHQWLSLEDVVLQHOODJHUDUFKLDGHOOHSURIHV VLRQLLQJHJQHULVWLFKH /¶,1)/8(1=$'(//(1829(7(12/2*,( 3LWHPSRSHUODFUHDWLYLWj /¶LQÀXHQ]D GHOOH QXRYH WHFQRORJLH LQIRUPDWLFKH FRQWLQXHUj D FUHVFHUH QHL SURVVLPL DQQL UHQGHQGR VHPSUHSLHI¿FLHQWHLOODYRURGHO*HRPHWUDVQHOOHQ GRPROWLVVLPLDVSHWWLVLSHQVLDGHVDOO¶HODERUD]LRQH JUD¿FDGHOODSURJHWWD]LRQHGLRJQLWLSRFRQO¶XWLOL]]R GL $' DJOL DWWL FDWDVWDOL GL GLFKLDUD]LRQH H GL YD ULD]LRQH FRQ SURJUDPPL PLQLVWHULDOL DOOD VWHVXUD GL SHUL]LH H VWLPH HWF
  • 91. 4XHVWR FRQVHQWLUj XQ GHFLVR ULGLPHQVLRQDPHQWRGHJOLVSRVWDPHQWLQHFHVVDULFRQ ULVSDUPLRGLWHPSRHFRVWLDQFKHSHULOFOLHQWH /¶LPSLHJRGHJOLVWUXPHQWLLQIRUPDWLFLHWHOHPDWLFL IDYRULUjSHULOSURIHVVLRQLVWDLQGLYLGXDOHODSRVVLEL OLWjGL UHDOL]]DUH FROODERUD]LRQLD GLVWDQ]DDQFKH LQ IRUPD GL WHOHODYRUR VLD FRQ DOWUL SURIHVVLRQLVWL FKH FRQGLSHQGHQWLGLVWXGLSURIHVVLRQDOL/¶DJHYROD]LRQH ULVXOWDQWH SHUPHWWHUj DL SURIHVVLRQLVWL GL GHGLFDUH PDJJLRU WHPSR DG DWWLYLWj FUHDWLYH $QFKH DL JHR PHWULFKHVLULWURYHUDQQROLEHUDWLGLWXWWHOHSDUWLSL ULSHWLWLYH H VHPSOLFL GHO ORUR ODYRUR O¶LQQRYD]LRQH WHFQRORJLFDFRQVHQWLUjXQDSLDFFHQWXDWDLQWHOOHWWXD OL]]D]LRQHGHOODYRUR
  • 92. 2FFKLYLUWXDOLHRFFKLUHDOL ,ULOLHYLWRSRJUD¿FLJLjHVHJXLWLFRQVWUXPHQWD]LRQH GLDOWDSUHFLVLRQHHFRQO¶XWLOL]]RGHOODQDYLJD]LRQHVDWHO OLWDUHVLDYYDUUDQQRGLWHFQRORJLHGLSLDOWDGH¿QL]LRQH FRQLPPHGLDWDHODERUD]LRQHLQIRUPDWLFDVXOOXRJRVWHVVR GHOULOLHYR *UD]LHDOOHQXRYHWHFQRORJLHVLDIIHUPHUjIUDLJHR PHWULODWHQGHQ]DDXQLUHDOYDORUHWHFQLFRGHOOHVROX]LRQL ODTXDOLWjHVWHWLFDR³GHVLJQ´GHOO¶HODERUD]LRQHHGHOFR VWUXLWR 3XU FRQ O¶LQWHQVR ULFRUVR DJOL VWUXPHQWL WHFQRORJLFL SLLQQRYDWLYLUHVWHUjLQVRVWLWXLELOHO¶XWLOL]]RGHOORVWUX PHQWR SULQFLSH GHO JHRPHWUD O¶RFFKLR XPDQR DOOHQDWR XVDWRVXOFDPSRFDSDFHGLULFRQRVFHUHO¶DUPRQLDDOGLOj GLTXDOVLDVLUHQGHULQJ /DV¿GDGHOODYLVLELOLWj /DSRVVLELOLWjWHFQRORJLFDGLRSHUDUHRYXQTXHDWWUD YHUVRLOZHEVHQ]DELVRJQRGHOODFRQWLJXLWj¿VLFDVSLQJH UjLSURIHVVLRQLVWLDUDJJLXQJHUHOD³HFFHOOHQ]D´LQULVWUHWWL LQGLUL]]L QHOO¶DPELWR GHOO¶DPSLR YHQWDJOLR GHL VHWWRUL GL FRPSHWHQ]D ,SURIHVVLRQLVWLGHOVHWWRUHVDUDQQRPDJJLRUPHQWHFD SDFLGLXWLOL]]DUHOHQXRYHWHFQRORJLHGHOO¶LQIRUPD]LRQH VLDSHUVXSSRUWDUHOHDWWLYLWjGLSURJHWWD]LRQHHGL HVHFX]LRQHGHLODYRUL VLDSHUUHQGHUHYLVLELOHODSURSULDFRPSHWHQ]DDG XQSXEEOLFRFRPSRVWRGDSRWHQ]LDOLFRPPLWWHQWL 'DOWHUULWRULRDOODUHWH 1HOLJHRPHWULFDWWXUHUDQQRGXQTXHXQDTXRWD VLJQL¿FDWLYDGHOODSURSULDXWHQ]DRQOLQH7XWWDYLDDQFKH DOOD¿QHGHOGHFHQQLRLFRQWDWWLGHO*HRPHWUDFRQODSUR SULDXWHQ]DFRQWLQXHUDQQRDGDYHUELVRJQRGLIDUULFRUVR DJOLVWUXPHQWLWUDGL]LRQDOLLO³IDFFLDDIDFFLD´
  • 93. ,JHRPHWULSHUEHQH¿FLDUHVHPSUHSLGHLVHUYL]LRI IHUWLGDOOHQXRYHWHFQRORJLHGRYUDQQRVDSHUVLSUHVHQWDUH DGHJXDWDPHQWH VXOOD UHWH DOOH D]LHQGH DOOH DPPLQLVWUD ]LRQLHDTXDQWLDYUDQQRELVRJQRGHOOHORURSUHVWD]LRQL /DWHQGHQ]DJLjLQDWWRDGXWLOL]]DUHODUHWHSHUFHUFDUH VHUYL]L IRUQLWL GD SURIHVVLRQLVWL FRQWLQXHUj LQIDWWL D FUH VFHUHDQFKHVHDFFRPSDJQDWDGDXQFRQWDWWRSHUVRQDOHR WHOHIRQLFRODULFHUFDGLXQDFRQIHUPDLQUHWHVDUjVHPSUH SLIUHTXHQWH 3URIHVVLRQLVWLQDYLJDWL $O SDUL GHOOH DOWUH SURIHVVLRQL DQFKH TXHOOD GHO *HRPHWUD SHU HVVHUH FRQFRUUHQ]LDOH GRYUj GLYHQWDUH VHPSUHSL³ÀXHQWH´QHOVHWWRUHGHOO¶,7 /RVWUDYROJLPHQWRGHOOHSURIHVVLRQLWHFQLFKHHODUD GLFDOHPRGL¿FDGHLPHWRGLGLODYRURDFDXVDGHOO¶LQQRYD ]LRQHWHFQRORJLFDFRPSRUWHUjODQHFHVVLWjGLFRQWLQXLHG HYROXWLDJJLRUQDPHQWLSURIHVVLRQDOLDQFKHSHUDGDWWDUVL DOO¶XVRGLPRGHUQLVVLPHDWWUH]]DWXUH /¶LQQRYD]LRQHWHFQRORJLFDULFKLHGHUjDJOLHVSHUWLGHO VHWWRUHPDJJLRULFDSDFLWjUHODWLYHD XQ¶DGHJXDWDSUHVHQWD]LRQHVXOSURSULRVLWRZHE
  • 94. O¶XWLOL]]R GL SURJUDPPL DYDQ]DWL GL HODERUD ]LRQHGDWLHLQIRUPD]LRQLGLGLVHJQRHGLSUR JHWWD]LRQH 127$68//¶,1'$*,1(
  • 95. /DPHWRGRORJLD /RVFHQDULRSUHYLVLRQDOH³(XFOLGH,JHRPH WULQHOIXWXUR´qVWDWRRWWHQXWRDWWUDYHUVRXQDYDULDQWH GHO PHWRGR 'HOSKL DUDWWHULVWLFD SHFXOLDUH GHO PH WRGR q OD FRQVXOWD]LRQH ULJRURVDPHQWH VHSDUDWD HG DQRQLPD GL XQ JUXSSR GL HVSHUWL DO ¿QH GL ULFDYDUH SUHYLVLRQL EDVDWH VXOOD FRQYHUJHQ]D GHOOH RSLQLRQL FLUFD LO IXWXUR GHL SUREOHPL R IHQRPHQL FRQVLGHUDWL 3HUTXHVWRSURJHWWRqVWDWDDGRWWDWDXQDSURFHGXUDGL FRQVXOWD]LRQHLQGXHVWDGLGLXQJUXSSRLQWHUGLVFLSOL QDUHGLRWWRHVSHUWL /HIDVLGHOODFRQVXOWD]LRQH 1HOOD SULPD IDVH RJQL HVSHUWR KD SURGRWWR LQ PRGROLEHURDOFXQHSUHYLVLRQLUHODWLYHDLVLQJROLDP ELWLGLLQGDJLQHDSDUWLUHGDGRPDQGHDSHUWHHVXOOD EDVHGHOOHSURSULHFRPSHWHQ]HVFLHQWL¿FKHHSURIHV VLRQDOL/HULVSRVWHDTXHVWRSULPRTXHVWLRQDULRVRQR VWDWH DUULFFKLWH GDOOH RSLQLRQL GL DOFXQL PHPEUL GHO RQVLJOLR1D]LRQDOHGHL*HRPHWUL*LXVHSSH)RUHVWR 0DUFR1DUGLQL(]LR3LDQWHGRVL(QULFR5LVSROL 1HOODVHFRQGDIDVHOHSUHYLVLRQLGLEDVHVRQRVWD WHHODERUDWHWUDGRWWHLQQXFOHLSUHYLVLRQDOLLWHPV
  • 96. H VRWWRSRVWH DO JLXGL]LR GHJOL RWWR HVSHUWL 2JQXQR GL ORUR KD FRVu DYXWR OD SRVVLELOLWj GL DQDOL]]DUH H YD OXWDUHOHRSLQLRQLGHJOLDOWULSRWHQGRHYHQWXDOPHQWH ULFRQVLGHUDUHHPRGL¿FDUHDQFKHOHSURSULHSRVL]LRQL LQL]LDOL ,O FRVWUXWWR SUHYLVLRQDOH KD SRWXWR FRVu XWL OL]]DUH DSSLHQR OH SRWHQ]LDOLWj GL XQ YHUR H SURSULR ³FRQIURQWRGLJUXSSR´DUULFFKLWRGDLGLYHUVLSXQWLGL YLVWDHGDOOHGLYHUVHFRPSHWHQ]HUHVRGLDOHWWLFRGDL VXFFHVVLYL VWDGL GL LQWHUURJD]LRQH QHO ULVSHWWR GHOOD VSHFL¿FLWjGLFLDVFXQFRQWULEXWR /¶LQGDJLQH³(XFOLGH,JHRPHWULQHOIXWXUR´ KDDYXWRLQL]LRQHOPHVHGLDSULOHGHOHVLqFRQ FOXVDQHOPHVHGLJLXJQRGHOORVWHVVRDQQR /HGLPHQVLRQLLQGDJDWH /¶LQGDJLQHSUHYLVLRQDOH(XFOLGH,JHRPHWUL QHO IXWXUR KD IRFDOL]]DWR O¶DWWHQ]LRQH VXOOH VHJXHQWL GLPHQVLRQL O¶LQÀXHQ]HGHOO¶HYROX]LRQHVRFLDOH OHWHQGHQ]HHFRQRPLFKH O¶XUEDQLVWLFDLOWHUULWRULRHODGHPRJUD¿D O¶LQÀXHQ]DGHOOHSROLWLFKHSXEEOLFKH O¶HYROX]LRQHGHJOL2UGLQLHGHJOLVWXGL SURIHVVLRQDOL OHYHFFKLHHOHQXRYHDWWLYLWjODYRUDWLYH LOUDSSRUWRFRQLFOLHQWLHFRQLOPDUNHWLQJ O¶LVWUX]LRQHODIRUPD]LRQHHODEDVHGLFXOWXUDXWLOH LOUDSSRUWRIUDLJHRPHWULHOHSURIHVVLRQL FRPSOHPHQWDUL O¶LQÀXHQ]DGHOO¶LQQRYD]LRQHWHFQRORJLFD
  • 97. /DFRPSRVL]LRQHGHOSDQHO 3HUODFRPSRVL]LRQHGHOSDQHOODVHJXHQWHLQGDJL QHVLqDYYDOVDGHOODFROODERUD]LRQHGLXQJUXSSRTXD OL¿FDWRGLHVSHUWLGLYHUVLWUDORURSHUGLVFLSOLQDHSHU FROORFD]LRQH VFLHQWL¿FR FXOWXUDOH ,Q FRQVLGHUD]LRQH GHOO¶RELHWWLYRJHQHUDOHGHOO¶LQGDJLQH±ODFRVWUX]LRQH GLXQRVFHQDULRPDFURSHULSURVVLPLQRYHDQQL±VLq SUHIHULWRQRQSULYLOHJLDUHXQVRORSXQWRGLYLVWDEHQVu IDYRULUHXQ³GLEDWWLWRLQWHUGLVFLSOLQDUH´VXOIXWXUR ,OPRVDLFRSUHYLVLRQDOHqVWDWRFRVuFRPSRVWRFRQ O¶DSSRUWRGLHVSHUWLGLSURYHQLHQ]DIRUPD]LRQHHSUR ¿ORSURIHVVLRQDOHHVWUHPDPHQWHHWHURJHQHRDOORVFR SRGLRWWHQHUHXQDYLVLRQHJOREDOHGLTXHOORFKHVDUj LOIXWXURGHOODSURIHVVLRQHGHOJHRPHWUDLQ,WDOLDQHL SURVVLPLQRYHDQQL *OL RWWR HVSHUWL FRQVXOWDWL VRQR VWDWL *LRYDQQL XWROR*DEULHOH'HO0HVH0LFKHOH'H/XFD0LUHOOD *LDQQLQL0DUFR0DJQL¿FR0DULD*UD]LD1DUGLHOOR *LXVHSSH5RPD(GRDUGR5RQFKL 'L VHJXLWR VRQR ULSRUWDWH EUHYL QRWH ELRJUD¿FKH GL RJQXQRGLHVVL */,(63(57,
  • 98. *LRYDQQLXWROR /DXUHDWR LQ (FRQRPLD H RP PHUFLR KD LQL]LDWR D RFFXSDUVL GL GHVLJQ QHO FROODERUDQGR FRQ$UWHPLGHHSRLFRQ/XFHSODQ %XOWKDXS9LWUDHDOWUL $WWXDOPHQWH q 3UHVLGHQWH GHOOD 6DQWD ROH ,WDOLD GDO q 9LFH 3UHVLGHQWH GHOO¶$', ± $V VRFLD]LRQH SHU LO 'LVHJQR ,QGXVWULDOH H 3UHVLGHQWH GHOOD)RQGD]LRQH$',ROOH]LRQHRPSDVVRG¶2UR 3HUTXLQGLFLDQQLqVWDWRSURIHVVRUHLQFDULFDWRSUHV VR OD )DFROWj GHO 'HVLJQ GHO 3ROLWHFQLFR GL 0LODQR 3XEEOLFLVWDKDIRQGDWRLPHQVLOL³02'2´
  • 100. FROODERUDQGRFRQQXPHURVHULYL VWHGLGHVLJQDUUHGDPHQWRHDUFKLWHWWXUD +DYLVVXWRPROWLDQQLQHO6XG(VW$VLDWLFRHLQ%UD VLOH GRYH KD WUDGRWWR LQ SRUWRJKHVH ³2SHUD$SHUWD´ GL8PEHUWR(FR3HUVSHFWLYD
  • 101. HGDOEUDVLOLDQR ³0HPRULH 6HQWLPHQWDOL GL *LRYDQQL 0LUDPDUH´ GL 2VZDOG 'H $QGUDGH )HOWULQHOOL
  • 102. +D VFULWWR H SXEEOLFDWR ³/¶(GRQLVWD 9LUWXRVR´ /EUD
  • 105. H ³/XVVR 'HVLJQ´ $ELWDUH
  • 106. *DEULHOH'HO0HVH /DXUHDWR LQ ,QJHJQHULD LYLOH (GLOH DOO¶8QLYHUVLWj GL 3DGRYD GRSR XQ EUHYH SHULRGR GL DWWLYLWj SURIHVVLRQDOH LQ ,WDOLD HQWUz QHL JUXSSL GL %XLOGLQJ (QJLQHHULQJ QHOOR6WXGLR,QWHUQD]LRQDOHGL,Q JHJQHULD 2YH $UXS 3DUWQHUV /RQGUD QHO LQL]LDQGR XQD SUR¿FXDDWWLYLWjGLSURJHWWD]LRQHLQWHUQD]LRQDOHFRPH 'LUHWWRUHGHOO¶$UXS*URXSH)RQGDWRUHGL$UXS,WDOLD QHO 1HOODVXDFDUULHUDLQWHUQD]LRQDOHqVWDWRDFDSRGLGL YHUVLWHDPPXOWLGLVFLSOLQDULFRQUHVSRQVDELOLWjVLDSHU ODSURJHWWD]LRQHFKHODFRVWUX]LRQHGLXQJUDQQXPHUR GLHGL¿FLYDULHFRPSOHVVLVLDQHO5HJQR8QLWRFKHLQ DOWULSDHVLHVWHUL6SDJQD*HUPDQLD/LELD,UDQ,UDT .XZDLW$EX'KDEL$UDELD6DXGLWD+RQJ.RQJ)L OLSSLQH
  • 107. )UD WDOL SURJHWWL VRQR LQFOXVL LQWHUYHQWL XU EDQL GL JUDQGL GLPHQVLRQL RVSHGDOL VWD]LRQL WHDWUL XQLYHUVLWjVWDGLHGLPSLDQWLVSRUWLYLJUDQGLLQWHUYHQWL SHUXI¿FLHGHGL¿FLLQGXVWULDOL $OFXQL GHL SURJHWWL GL FXL q VWDWR UHVSRQVDELOH VRQR VWDWLSXEEOLFDWLVXGLYHUVHULYLVWHGHOVHWWRUH 7LHQH UHJRODUPHQWH FLFOL GL FRQIHUHQ]H H OH]LRQL LQ YDUL 3DHVL HG q XQ IDXWRUH HQWXVLDVWD GHOO¶DSSURFFLR PXOWLGLVFLSOLQDUHDOODSURJHWWD]LRQH ,Q2WWREUHqVWDWRLQVLJQLWRGHOOD0HGDJOLDG¶RUR GLLWWDGLQR,OOXVWUHGDOODFLWWjGL6DOHUQR 1HO*LXJQRJOLqVWDWDFRQIHULWDOD/DXUHD0D JLVWUDOLVDG+RQRUHPLQ,QJHJQHULD(GLOH$UFKLWHWWXUD GDO3ROLWHFQLFRGL0LODQR
  • 109. HVXFFHV VLYDPHQWHSUHVVRODRUWHVXSUH PDGLFDVVD]LRQHFRPH3UHVLGHQWH WLWRODUH GHOOD VH]LRQH ODYRUR 'DO DO;,,H;,,,OHJLVOD WXUD
  • 110. 6HQDWRUH GHOOD 5HSXEEOLFD FDSRJUXSSR '6 SUHVVR OD VH]LRQH ODYRUR 3UHVLGHQ WH GHOOD FRPPLVVLRQH ELFDPHUDOH VXOOD SUHYLGHQ]D HVWHQVRUH GL QXPHURVH UHOD]LRQL VX WHPL GLYHUVL GL VLFXUH]]DVRFLDOHUDFFROWHLQXQYROXPHHGLWRGDD PHUDH6HQDWR
  • 112. SUH VHQWDWRUH GL PROWL GLVHJQL GL OHJJH FRPH SULPR ¿U PDWDULR 'DOSURIHVVRUHDFRQWUDWWRSUHVVRGLYHUVH8QL YHUVLWj 5RPD 3DUPD 0RGHQD 5HJJLR (PLOLD 3HUXJLD 0DFHUDWD
  • 113. LQ PDWHULD GL ODYRUR H VLFXUH]]D VRFLDOHDQFKHVRYUDQD]LRQDOHHUHJLRQDOH $XWRUH GL PRQRJUD¿H VDJJL H FRQWULEXWL QXPHURVL RVSLWDWLGDSULPDULHULYLVWHJLXULGLFKH
  • 115. SDULPHQWL LQ PDWHULD GL ODYRUR H VLFXUH]]DVRFLDOHDQFKHVRYUDQD]LRQDOHHUHJLRQDOH 0LUHOOD*LDQQLQL ,QVHJQD 6RFLRORJLD GHL SURFHVVL HFRQRPLFL H GHO ODYRUR SUHVVR OD )DFROWjGL6RFLRORJLDGHOO¶8QLYHU VLWj³)HGHULFR,,´GL1DSROLDIIH ULVFH DO 'LSDUWLPHQWR GL 6RFLROR JLDHGqPHPEURGHOROOHJLRGHL GRFHQWLGHOOD6FXRODGL'RWWRUDWR LQ 6RFLRORJLD H 5LFHUFD VRFLDOH SUHVVRODVWHVVDXQLYHUVLWj$OO¶HVWHURqVWDWD3URIHV VHXU$VVRFLpDOO¶8QLYHUVLWj3DULV;1DQWHUUH3URIHV VHXU$VVRFLp DOOD 0DLVRQ GHV 6FLHQFH GH O¶+RPPH ±3DULVKHUFKHXU$VVRFLpQHOO¶8QLWpGH5HFKHUFKH 7 03DULV;1DQWHUUUH9LVLWLQJ3URIHVVRUDOOH8QL YHUVLWjGL%HUNOH6DQ)UDQFLVFR5LYHUVLGHDOLIRU QLD
  • 117. )D SDUWH GHO RPLWDWR 6FLHQWL¿FR GHOOD )RQGD]LRQH ³*%URGROLQL´ GHO RPLWDWR (GLWRULDOH GHOOD 5LYL VWD ³(FRQRPLD /DYRUR´ HG q 3HHU 5HYLHZHU SHU O¶(GLWRUH 'HGDOR GL %DUL 0HPEUR GHOO¶(GLWRULDO %RDUG GHOOD 5LYLVWD ³.QRZOHGJH :RUN 6RFLHW 6DYRLU7UDYDLOHW6RFLHWp´/¶+DUPDWWDQ3DULVHGHO 5HVHDUFK RPPLWWHH ³6RFLRORJ RI 3URIHVVLRQDO *URXSV´GHOO¶,QWHUQDWLRQDO6RFLRORJLFDO$VVRFLDWLRQ 0HPEUR(VSHUWRGHORPLWDWR1D]LRQDOHGL3DULWjH GHOOH3DUL2SSRUWXQLWjSUHVVRLO0LQLVWHURGHO/DYRUR +DLQROWUHFROODERUDWRQHOOHDWWLYLWjGLULFHUFDGLGLYHU VL(QWLSXEEOLFL,VIROQHOHWF
  • 119. 0DUFR0DJQL¿FR /DXUHDWR LQ OHWWHUH FRQ LQGLUL]]R 6WRULFR$UWLVWLFRDOO¶8QLYHUVLWjGL 3DYLDVLqTXLQGLVSHFLDOL]]DWRLQ 6WRULDGHOO¶$UWHSUHVVRO¶8QLYHUVL Wj GL )LUHQ]H YLQFHQGR LQ VHJXL WRXQDERUVDGLVWXGLRGLXQDQQR SUHVVR OD ¿RUHQWLQD )RQGD]LRQH ³5REHUWR/RQJKL´3HUTXDVLTXDW WUR DQQL KD ODYRUDWR LQ TXDOLWj GL HVSHUWR GL GLSLQWL DQWLFKL DOOD FDVD G¶DVWH LQJOHVH ³6RWKHE¶V´ SULPD SUHVVRODVHGHGL/RQGUDHVXFFHVVLYDPHQWHLQ,WDOLD +DSDUWHFLSDWRFRPHPHPEURGHORPLWDWR6FLHQWL ¿FR D QXPHURVH PRVWUH G¶DUWH DQWLFD FXUDQGRQH LQ SDUWHLFDWDORJKLSHULO)$,KDRUJDQL]]DWRQHOOD JUDQGHPRVWUD³9HGXWH,WDOLDQHGHOµLQFROOH]LR QL SULYDWH LWDOLDQH´ 9HQH]LD ± 0XVHR 6$SROORQLD 0LODQR ± 3DOD]]R 5HDOH
  • 120. FXUDQGR L VHWWRUL YHQHWR H URPDQR GHO FDWDORJR FULWLFR 1HL SULPL DQQL µ KD UHGDWWRDOFXQHYRFLGHODWDORJR*HQHUDOHGHL'LSLQWL GHOOD3LQDFRWHFDGL%UHUDFXUDWRGD)HGHULFR=HULHG HGLWRGD(OHFWD (¶ FRDXWRUH GHOOH SULQFLSDOL SXEEOLFD]LRQL GHO )$, WUDOHTXDOL³,O/LEURGHO)$,´FKHLOOXVWUDHGHVFULYH LQGHWWDJOLROHSURSULHWjGHOOD)RQGD]LRQHQDUUDQGRQH ODULVSHWWLYDVWRULD 'DJHQQDLR9LFH3UHVLGHQWH(VHFXWLYRGHO)$, HUHVSRQVDELOHGHOOHUHOD]LRQLFXOWXUDOLFRQLO0LQLVWH URSHUL%HQLHOH$WWLYLWjXOWXUDOLHQWLDVVRFLD]LRQL SULYDWHHSXEEOLFKHLWDOLDQHHVWUDQLHUHGHLUHVWDXULH FRQVHUYD]LRQHGHJOLRJJHWWLPRELOLHGHOOHFROOH]LRQL GLSURSULHWjGHOOD)RQGD]LRQHGHOO¶DWWLYLWjHGLWRULDOH GHOOHLVWUXWWRULHSHUOHSURSRVWHGLDFTXLVL]LRQHULYROWH DOOD)RQGD]LRQHHGHOODFRPXQLFD]LRQHLVWLWX]LRQDOH 0DULD*UD]LD1DUGLHOOR /DXUHDFRQORGHLQOHWWHUHPRGHUQH SUHVVRO¶8QLYHUVLWj³/D6DSLHQ]D´ GL 5RPD 6FXROD GL 3HUIH]LRQD PHQWR LQ 6FLHQ]H DPPLQLVWUDWLYH DOO¶8QLYHUVLWjGL%RORJQD6FXROD VXSHULRUHGHOOD3XEEOLFD$PPLQL VWUD]LRQHGL5RPD +D ODYRUDWR GDO DO SUHVVR OD GLUH]LRQH JHQHUDOH SHU O¶LVWUX]LRQH WHFQLFD GHO 0LQLVWHUR GHOOD 3XEEOLFD ,VWUX]LRQH 1HJOL DQQL KD VYROWR O¶LQFDULFR GL DSR GHOO¶8I¿FLR 6WXGL H 3URJUDPPD]LRQH ,Q UHOD]LRQH DL ULVXOWDWL FRQVHJXLWL LO GLFHPEUH LO 3UHVLGHQWH GHOOD 5HSXEEOLFDOHKDFRQIHULWRO¶RQRUL¿FHQ]DGL*UDQGH 8I¿FLDOHGHOOD5HSXEEOLFD'DODOKDVYRO WRO¶LQFDULFRGL'LUHWWRUH*HQHUDOH 1HOFRUVRGHOODVXDFDUULHUDGLULJHQ]LDOHKDFROODER UDWR DOOD UHGD]LRQH GL GRFXPHQWL SURJUDPPDWLFL GHO *RYHUQRQRQFKpDOODUHGD]LRQHGLSURSRVWHGLOHJJH HDWWLUHJRODPHQWDULLQFROODERUD]LRQHFRQLO0LQLVWH UR GHO /DYRUR H GHOOH 3ROLWLFKH VRFLDOL H SL UHFHQ WHPHQWHFRQLO0LQLVWHURGHOOR6YLOXSSRHFRQRPLFR KD VYROWR QXPHURVL LQFDULFKL GL UDSSUHVHQWDQ]D GHO PLQLVWURHGHLVRWWRVHJUHWDULGL6WDWRDQFKHLQVHGL LQWHUQD]LRQDOL +D SXEEOLFDWR QXPHURVL DUWLFROL VX ULYLVWH QD]LRQDOL FRPXQLWDULH H UHJLRQDOL LQ WHPD GL LVWUX]LRQHIRUPD]LRQHHODYRUR $WWXDOPHQWH VYROJH O¶LQFDULFR GL FRQVLJOLHUH RQRUD ULRGHO0,85SHUO¶DQDOLVLHORVWXGLRGHOOHWHPDWLFKH JLXULGLFKHUHODWLYHDOORVYLOXSSRGHOO¶LVWUX]LRQHHIRU PD]LRQHWHFQLFDHSURIHVVLRQDOHDQFKHDOLYHOORWHU ]LDULRDOO¶LVWUX]LRQHGHJOLDGXOWLHGLQPDWHULDGLDO WHUQDQ]DVFXRODODYRURHGLSROLWLFKHDWWLYHGHOODYRUR
  • 121. *LXVHSSH5RPD 'LUHWWRUH *HQHUDOH GHOOD )RQGD ]LRQHHQVLVGDO6HJUHWDULR JHQHUDOH GHOO¶$VVRFLD]LRQH SHU OH LWWj ,WDOLDQH 585 5HWH 8UEDQD GHOOH 5DSSUHVHQWDQ]H
  • 122. GDO 'DO GRFHQWH GL ³8UEDQ 0D QDJHPHQW´ SUHVVR O¶8QLYHUVLWj 5RPD H GDO FRPSRQHQWH GHO)RUXP6WUDWHJLFRGHO0LQLVWHURGHJOL(VWHUL,WD OLDQR +D LQVHJQDWR SUHVVR O¶8QLYHUVLWj ³/D 6DSLHQ]D´ GL 5RPD
  • 126. $P PLQLVWUDWRUH GHOHJDWR GL 1RYHOOD 6S$ GDO
  • 128. 0HPEUR GHO RPLWDWR 6FLHQWL¿FR GHOOH ³LWWj 6ORZ ,QWHUQDWLRQDO´ H GHO FRQVLJOLR GLUHWWLYR GHOO¶$QFVD $VVRFLD]LRQH1D]LRQDOHHQWUL6WRULFL$UWLVWLFL
  • 129. GDO (¶VWDWRIUDO¶DOWUR3UHVLGHQWHGL9HOD6S$±6RFLHWj SHUWLFNHWLQJHPDUNHWLQJGL9HQH]LDHODJXQD
  • 133. +DVFULWWRVDJJLVX³(FRQR PLD GHL VHUYL]L´ ³$VSHQLD´ ³:LUHG´ H DOWUH ULYLVWH VFLHQWL¿FKH (GRDUGR5RQFKL 3UHVLGHQWH GHOOD )RQGD]LRQH SHU OR 6YLOXSSR 6RVWHQLELOH GDO VHW WHPEUHGHO1DWRD7UHYLJOLR %*
  • 134. QHO YLYH D 5RPD GDO FRQLXJDWR H FRQ WUH ¿JOL H ODXUHDWRLQ6RFLRORJLDDOO¶8QLYHU VLWjGL7UHQWR $WWXDOPHQWHGRFHQWHGLVRVWHQLEL OLWj H JHVWLRQH GHO WHUULWRULR SUHVVR O¶8QLYHUVLWj ³/D 6DSLHQ]D´ GL 5RPD Ê VWDWR SDUODPHQWDUH GRFHQWH XQLYHUVLWDULRHPLQLVWURGHOO¶$PELHQWH)UDLIRQGDWR ULGHL9HUGL$UFREDOHQRDOOD¿QHGHJOLDQQLµHGHOOD )HGHUD]LRQH GHL 9HUGL DOO¶LQL]LR GHJOL DQQL µ 1HO DWWUDYHUVR OD 6LQLVWUD HFRORJLVWD KD DGHULWR DO SDUWLWRGHL'HPRFUDWLFLGL6LQLVWUDYHQHQGRVXFFHV VLYDPHQWHQRPLQDWRQHOOD6HJUHWHULDQD]LRQDOH)UDL IRQGDWRULQHOGHOO¶$VVRFLD]LRQHGHJOL(FRORJLVWL GHPRFUDWLFLqVWDWRHOHWWRDOO¶$VVHPEOHDFRVWLWXHQWH GHO3DUWLWRGHPRFUDWLFR'DOKDODVFLDWRLO6HQD WRHQRQVLqULFDQGLGDWRQpKDSLDVVXQWRLQFDULFKL SROLWLFLGHGLFDQGRVLDWHPSRSLHQRDGDWWLYLWjGLVWX GLRULFHUFDHIRUPD]LRQHLQSDUWLFRODUHFRQOD)RQGD ]LRQHSHUOR6YLOXSSR6RVWHQLELOH6WXGLRVRHGHVSHUWR GHOOH SUREOHPDWLFKH DPELHQWDOL H GHOOR VYLOXSSR VR VWHQLELOHKDSXEEOLFDWRQXPHURVLWHVWLHGDUWLFROL