• Non ci sono risultati.

Il paradigma del valore e la sua rottura: il caso del non profit

N/A
N/A
Protected

Academic year: 2021

Condividi "Il paradigma del valore e la sua rottura: il caso del non profit"

Copied!
14
0
0

Testo completo

(1)cerca. home saggi. chi siamo. la rivista. contattaci. siamo in: Homepage / archivio. working paper. N°. autori. 1 2004. archivio. di Lorenzo. Caselli. Perché questa rivista. recensioni segnalazioni eventi. saggi. working paper. Pier Maria Ferrando. link. Renata Paola. Il valore e le diverse accezioni del termine "Economia Aziendale". I bilanci delle società del MIB 30 e l’applicazione dei principi contabili. Il caso delle Immobilizzazioni immateriali. scarica il plug-in gratuito. Acrobat Reader. Clara. Caselli. Giovanni. Il paradigma del valore e la sua rottura: il caso del non profit Nicoletta. Dameri. Prospetti informativi e valore. Buratti. Riccardo. Il coinvolgimento del cliente nei processi di creazione del valore: nuove sfide per il marketing nell'era dell'immaterialità. Lombardo. Spinelli. Le criticità del processo di integrazione delle nuove tecnologie nelle imprese tradizionali. Francesca Querci L’architettura del requisito patrimoniale a fronte del rischio di credito: un esercizio empirico. < indietro. Reg. Tribunale di Genova, n. 11/2004 del 31 maggio 2004. ISSN 1824-3576. Cod. CINECA E187020. p.iva 00754150100.

(2) Q . ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUD LOFDVRGHOQRQSURILW &ODUD&DVHOOL 6RPPDULR  ,O SDUDGLJPD GHOOD SURGX]LRQH GHO YDORUH ±  /D URWWXUD GHO SDUDGLJPD QHO QRQ SURILW ±  'DOOD EXVLQHVV LGHD DOOD VRFLDO EXVLQHVV LGHD ±  8QD UDSSUHVHQWD]LRQHJUDILFDGHOODILOLHUDGHOYDORUH± ,OQRQSURILWXQDUHWHGLFUHD]LRQH GLYDORUHVXOODIURQWLHUD± &RQFOXVLRQL± %LEOLRJUDILD. $EVWUDFW. /DTXHVWLRQHGHOYDORUHTXDOHVLDODVXDQDWXUDFRPHVLJHQHULFRPHVLSRVVDYDOXWDUHLO UDSSRUWRFRQOHILQDOLWjG¶LPSUHVDqGD VHPSUHXQWHPDFUXFLDOHVLDSHUJOLHFRQRPLVWLJHQHUDOL VLDSHUJOLHFRQRPLVWLGLLPSUHVD0DDOGLOjGHJOLDVSHWWLWHRULFLqVRSUDWWXWWRLPSRUWDQWHFDSLUH TXDOH q O¶LQIOXVVR VXL FRPSRUWDPHQWL HFRQRPLFL FRQFUHWL GDOOH JUDQGL VFHOWH GL SROLWLFD HFRQRPLFDDTXHOOHGHOOHVLQJROHD]LHQGH/¶LGHDGLYDORUHFLRqGL³FKHFRVDYDOH´HSHUWDQWR GHOOD GLUH]LRQH YHUVR FXL ³YDOH OD SHQD´ PXRYHUVL H RSHUDUH q DOOD EDVH GHOOH GLYHUVH FXOWXUH HFRQRPLFKH H GL LPSUHVD H LQIOXHQ]D LQ PRGR VLJQLILFDWLYR OD YLWD GHOOH QD]LRQL GHOOH RUJDQL]]D]LRQLHGHOOHSHUVRQH ,O SUHVHQWH FRQWULEXWR LQWHQGH IDUH XQD ULIOHVVLRQH D SDUWLUH GDOOH ORJLFKH GL FRPSRUWDPHQWR GHOOH D]LHQGH QRQ SURILW PD SHU FRJOLHUH JOL DVSHWWL FKH KDQQR XQD ULOHYDQ]D SL JHQHUDOH QHL FRQIURQWL GL WXWWH OH LPSUHVH H QHOOD SURVSHWWLYD GL XQD UHWH R ILOLHUD GL SURGX]LRQH GHO YDORUH &DVHOOLD

(3) .  ,OSDUDGLJPDGHOODSURGX]LRQHGHOYDORUH. 1HOSHUODSULPDYROWDLOPRQGRGHOO¶DFFDGHPLDLWDOLDQDSRVHDOFHQWURGHOOHVXH ULIOHVVLRQLQHOFRQVXHWRFRQYHJQRDQQXDOHOHGLQDPLFKHGHOOHRUJDQL]]D]LRQLQRQSURILW VHJQRGHOO¶LPSRUWDQ]DHGHOODULOHYDQ]DDQFKHWHRULFDFKHLOWHPDVWDYDDVVXPHQGR,Q TXHVWR FRQWHVWR QRQ SRWHYD RYYLDPHQWH PDQFDUH XQD ULIOHVVLRQH VXO YDORUH $,'($ 7HVVLWRUH

(4)  3HUDSSURIRQGLUHLOWHPDQRQqLQXWLOHULSDUWLUHGDOODGHILQL]LRQHGL LPSUHVD 0DVLQL &RGD

(5) FRPHULVXOWDWRGLWUHHOHPHQWL &DVHOOLE

(6)  D

(7) XQDFRPXQLWjGLSHUVRQHFKHVYLOXSSDQRFRQJLXQWDPHQWHXQDDWWLYLWjGLWLSR HFRQRPLFR E

(8) FRQXQILQHFKHqODSURGX]LRQHGLXQYDORUHHFRQRPLFRHVRFLDOHQHOWHPSR F

(9) SUHVHUYDQGROHFRQGL]LRQLGHOODSURSULDDXWRQRPLD.

(10) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. ,Q IRQGR OH WHRULH VXOOD VRSUDYYLYHQ]D FRPH ILQDOLWj XOWLPD GHOO¶LPSUHVD &DVHOOL 

(11) JLjDYHYDQRSRVWRTXHVWRFRQWHQXWRPDTXHOOR FKHTXLVLYXROHVRWWROLQHDUHq O¶DVSHWWR QRQ ULGXFLELOH D FDWHJRULH PHUDPHQWH HFRQRPLFRILQDQ]LDULH XQD FRPXQLWj QRQ q XQD DJJUHJD]LRQH DQRQLPD R XWLOLWDULVWLFD VH FRVu IRVVH QRQ DYUHEEHUR WDQWR ULOLHYR OH GLQDPLFKH LQIRUPDOL

(12)  PHQWUH OD GXUDWD QHO WHPSR ± VH VL JXDUGD D IRQGR OD SDURODVRSUDYYLYHQ]D HYRFDQRQJLjXQDVRJOLDPLQLPDSHUSRWHUUHVWDUHLQYLWDEHQVu LO GHVLGHULR GL ODVFLDUH QHOOD UHDOWj H QHOOD VWRULD OXRJR GL RSSRUWXQLWj ± PLQDFFH

(13)  XQ VHJQRGHOSURSULRSDVVDJJLRFRVuFRPHO¶LGHDGLDXWRQRPLDQRQqLOVHQWLPHQWRGLXQ RUJRJOLRVRULILXWRGLUHOD]LRQLLQXQDSURVSHWWLYDDXWRUHIHUHQ]LDQWH WDQWRSLDVVXUGDLQ XQ FRQWHVWR FRPH O¶DWWXDOH FKH ID GHOOR VFDPELR UHOD]LRQDOH GL LQIRUPD]LRQL H FRQRVFHQ]H LO VXR PRGXV RSHUDQGL SUHYDOHQWH

(14)  EHQVu O¶LGHD GHO YDORUH GHO SURSULR HVVHUH³XRPLQLOLEHUL´LQWXWWDODSLHQH]]DGHLORUROHJDPL 'RSR TXHVWH FRQVLGHUD]LRQL SUHOLPLQDUL q HYLGHQWH FKH O¶LGHD GL YDORUH VX FXL FL LQWHUHVVD ULIOHWWHUH QRQ FRQVLVWH VROR LQ XQD GLQDPLFD HFRQRPLFD QHL VXRL DVSHWWL UHGGLWXDOLHFRPSHWLWLYL

(15) PDFKLDPDSHVDQWHPHQWHLQFDXVD± LQPRGRLQVFLQGLELOH± OD GLQDPLFD GHOOH ³FRVH FKH QRQ KDQQR SUH]]R´ H FKH VL OHJDQR DOOH FRQYLQ]LRQL DJOL LGHDOLDOOHVSHUDQ]HFKHPXRYRQRJOLXRPLQLGLWXWWLLWHPSLHGLWXWWHOHUD]]H &DVHOOL 

(16)  ,OSDUDGLJPDFRQFHWWXDOHGHOODSURGX]LRQHGLYDORUHOHJJHO¶DWWLYLWjGLLPSUHVDFRPH GLDOHWWLFDWUDYDORULG¶XVRHYDORULGLVFDPELR )HUUDQGR

(17)  /¶DWWLYLWjGLRJQLLPSUHVDLQL]LDFRPSUDQGRYDORULGLVFDPELRSHUGHVWLQDUOLDXQXVR EHQ SUHFLVR *Lj LQ TXHVWD IDVH F¶q XQ SXQWR GL FUHD]LRQH GHO YDORUH SHUFKq SXz DFFDGHUH FKH LO FRPSUDWRUH SHUFHSLVFD XQ PDJJLRU YDORUH ULVSHWWR DO SUH]]R SDJDWR TXHVWR VL SXz WUDGXUUH QHO OLQJXDJJLR FRPXQH QHOOD FRQYLQ]LRQH GL ³DYHU IDWWR XQ DIIDUH´RFRPXQTXHHVSULPHXQDYDOXWD]LRQHFLUFDODFDSDFLWjGHOO¶DFTXLUHQWHGLULWUDUUH GDOO¶XVR GHO EHQH XQ OLYHOOR GL VRGGLVID]LRQH VXSHULRUH R DO PDVVLPR XJXDOH D TXHOOR FRUULVSRQGHQWHDOVXRSUH]]R 6XFFHVVLYDPHQWH LO SURFHVVR SURGXWWLYR WUDVIRUPD TXHVWL YDORUL H QH SURYRFD XQ DXPHQWR FKH QRUPDOPHQWH q LO ULVXOWDWR GL XQD GLQDPLFD EHQ SL DPSLD GL TXHOOD GHL YDORULGLVFDPELRLQL]LDOLSHUFKqGHULYDGDOIDWWRFKHHQWUDQRLQJLRFRDELOLWjVXSHULRULWj WHFQLFKHPRWLYD]LRQLYDORULFKHQRQVHPSUHKDQQRXQFDUDWWHUHWDQJLELOH 'DXOWLPRVLWRUQDDFRQIURQWDUVLFRQLOPHUFDWRHGLQXRYRVLPDQLIHVWDQRGLIIHUHQWL PRGDOLWjGLSHUFH]LRQHGHOYDORUH/DGRWWULQDFLGLFHFKHLOYDORUHGHYHFUHVFHUHGDXQD IDVHDOO¶DOWUDLQFDVRFRQWUDULRQRQVLSURGXUUHEEHYDORUHHFRQRPLFREHQVuGLVYDORUHH VLVRWWUDUUHEEHYDORUHDGDOWUL,QROWUHRJQLLPSUHVDGHYHWHQGHUHDSURGXUUHYDORUHSHU VHVWHVVDHSHUWXWWLFRORURFRQFXLHQWUDLQUHOD]LRQH6LFRPSUHQGHFRVuFKHODQDWXUD GL TXHVWR YDORUH q LQ RJQL FDVR TXHOOD GL HVVHUH DO WHPSR VWHVVR XQ YDORUH QRQ VHPSOLFHPHQWHHFRQRPLFRPDDQFKHVRFLDOHVLDSHUFKqVLWUDWWDGLXQDUHOD]LRQHWUD VRJJHWWLVLDSHULOVXRFRQWHQXWR. .

(18) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. )LJXUD± 3DUDGLJPDGHOODSURGX]LRQHGHOYDORUH. 0(5&$72. ,035(6$. 0(5&$72 352'277,. )$7725, 9DORUH GL VFDPELR. )$6(. )DWWRUL 9DORUH G¶XVR. )$6(. 3URGRWWL 9DORUH G¶XVR. )$6(. 9DORUH GL VFDPELR )$6(. )RQWH(ODERUD]LRQHSURSULD. ÊLQWHUHVVDQWHRVVHUYDUHFRPHLO SURFHVVRGHVFULWWRQHOODILJXUDULYHVWDLQWXWWHOH VXH IDVL XQ FDUDWWHUH VRFLDOH VLD SXUH FRQ FDUDWWHULVWLFKH GLYHUVH 1HOOH IDVL  H  LO SURFHVVR SUHQGH OH PRVVH H ULDOLPHQWD XQD UHOD]LRQH GL PHUFDWR WUD LPSUHVH R VRJJHWWL

(19)  LQ FXL VL FRQIURQWDQR HG HQWUDQR LQ GLDOHWWLFD GLIIHUHQWL SHUFH]LRQL GHO YDORUH VWHVVRPHQWUHQHOOHIDVLHOHGLQDPLFKHVRFLDOLKDQQRFRPHFHQWURO¶D]LHQGDVWHVVD QHOODTXDOHVLVWDVYROJHQGRXQSURFHVVRSURGXWWLYRFKHSUHVXSSRQHLOFRQWULEXWRGLXQD YDULHWjGLDWWRUL3URSULRTXHVWRIDVuFKHLOFLUFXLWRGLYHQWLVRFLDOHHFKHVLIRUPLQHOOD VRFLHWj XQ VLVWHPD GHO YDORUH FKH PHWWH LQ UHOD]LRQH LPSUHVH IRUQLWRUL FRQVXPDWRUL DOWULVRJJHWWLJHQHUDQGRXWLOLHVRGGLVID]LRQLLQXQ DPELHQWHDOODUJDWR.  /DURWWXUDGHOSDUDGLJPDQHOQRQSURILW. 2UD FKH FDUDWWHULVWLFKH DVVXPH TXHVWR SDUDGLJPD QHO FDVR GHO QRQ SURILW VRSUDWWXWWRQHOOHVXHIRUPHSLDYDQ]DWHHLPSUHQGLWRULDOL" 6HqYHURFKHOHD]LHQGH QRQSURILW QRQFHVVDQRGLHVVHUHLPSUHVHDQFKHVHQRQ KDQQR FRPH RELHWWLYR LO SURILWWR WXWWDYLD LO VLVWHPD GL GLVXJXDJOLDQ]H VRSUD GHVFULWWR SUHVHQWDGLIIHUHQ]HVRVWDQ]LDOLSHUHVHPSLRLIDWWRULGHOODSURGX]LRQHSRVVRQRHVVHUH DFTXLVLWL DO GL IXRUL GL XQD ORJLFD GL PHUFDWR H QRQ VL SRWUHEEH VSLHJDUH LO VHJQR ³´ VROWDQWR FRPH GLIIHUHQWH SHUFH]LRQH GHO YDORUH R HVLWR GL XQD EXRQD FDSDFLWj GL FRQWUDWWD]LRQHSHUFKqVHPSOLFHPHQWHVLVDUHEEHYHULILFDWDXQD³URWWXUD´GHOSDUDGLJPD GRYXWDDOSHVRFKHHVHUFLWDQRHOHPHQWLQRQHFRQRPLFLLQVHQVRVWUHWWRDQDORJDPHQWH. .

(20) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. SXz DFFDGHUH FKH OD YHQGLWD GHL SURGRWWLVHUYL]L RWWHQXWL QRQ DYYHQJD D SUH]]L GL PHUFDWR H LQ TXHVWR FDVR OD GLVXJXDJOLDQ]D FDPELD GL GLUH]LRQH VHQ]D FKH VL SRVVD GLUHFKHLOSURFHVVRSURGXWWLYRqLQHIILFLHQWHSHUFKqLQFRQVHJXHQ]DGHOSHVRGHFLVLYR GHOOD UHOD]LRQH VRFLDOH FKH VL LQVWDXUD DO GL IXRUL GHOOD GLQDPLFD FRPSHWLWLYD WXWWD OD SURGX]LRQH GL YDORUH YLHQH WUDVIHULWD DOO¶DFTXLUHQWH ULPDUUj VROWDQWR FHUWD OD GLVXJXDJOLDQ]DFKHF¶qWUDODVHFRQGDHODWHU]DIDVHSHUWDQWRQHOODIDVHVLGLVSLHJD OD FDSDFLWj RULJLQDOH GL SURGX]LRQH GHO YDORUH GHOO¶D]LHQGD QRQ SURILW H Ou VL JLRFD LQ PRGRGHFLVLYRODVXDFDSDFLWjGLVYROJHUHHIILFLHQWHPHQWHLOVXRUXRORQHOODVRFLHWj 6LSXzTXLQGLDIIHUPDUHFKHQHOFDVRGHO QRQSURILW LYDORULG¶XVRIDQQRSUHPLRVXL YDORULGLVFDPELRLQDOWUHSDUROHFLzFKHOHFRVH³VRQR´qSLLPSRUWDQWHGHOSUH]]RFKH QHPLVXUDLOYDORUHGDXQODWRqLPSRUWDQWHVWDUHQHOPHUFDWRULVSHWWDQGRQHOHUHJROH SHUz GDOO¶DOWUR ODWR q PROWR HYLGHQWH OD SUHVHQ]D H O¶LPSRUWDQ]D IRQGDPHQWDOH GL XQD GLQDPLFDGL³FRVHFKHQRQKDQQRSUH]]R´ 4XHVWDRVVHUYD]LRQHYDWXWWDYLDTXDOLILFDWDXOWHULRUPHQWH D

(21) DQFKHQHOPRQGRGHO SURILW SXzYHULILFDUVLXQDURWWXUDGHOSDUDGLJPDHQRQ VROR SHU FLUFRVWDQ]H ³SDWRORJLFKH´ FKH HVLJHUHEEHUR VHQ]¶DOWUR OD FKLXVXUD GHOO¶D]LHQGD PHWWHQGRQH LQ GLVFXVVLRQH OD UDJLRQ G¶HVVHUH PD SHU UDJLRQL DFFHWWDELOL SHU HVHPSLR SHU EUHYL SHULRGL GL WHPSR H SHU FLUFRVWDQ]H FRQWLQJHQWL IDVHLQL]LDOHGHOO¶DWWLYLWjIHQRPHQLFRQJLXQWXUDOLDYYHUVLGLQDWXUD WUDQVLWRULD HWF

(22)  RSSXUH QHOO¶DPELWR GL XQ JUXSSR GL LPSUHVH RSSXUH DQFRUD QHOFDVRGLFHVVLRQHGLHVWHUQDOLWjSRVLWLYH E

(23) QHO PRQGR GHO QRQ SURILW QRQ VDUHEEH FRPXQTXH DFFHWWDELOH XQ URYHVFLDPHQWR SURJUDPPDWLFR GHOOH GLVXJXDJOLDQ]H QHOOD PLVXUD LQ FXL QDVFRQGHVVH XQD QRQ WHQVLRQH DOO¶HFRQRPLFLWj TXHVWR GDUHEEH LQIDWWL UDJLRQHDTXDQWLQHJDQRODQDWXUDGLLPSUHVDGHOQRQSURILW F

(24) OD URWWXUD GHO SDUDGLJPD QHO FDVR GL WXWWH OH LPSUHVH SXz HVVHUH DFFHWWDWD VRORVHqLQIXQ]LRQHGHOODFUHD]LRQHGLYDORUHDQFKHHFRQRPLFRQHOWHPSR HSHUWXWWRLOVLVWHPD ,QDOWUHSDUROHLOIHQRPHQRGHOODFUHD]LRQHGLYDORUHQRQSXzHVVHUHFRUUHWWDPHQWH DQDOL]]DWRVHQRQDOLYHOORGL³ILOLHUD´FLzFKHYD YDOXWDWRqO¶DSSRUWRDOOD FRPSOHVVLYD FUHD]LRQHGHOYDORUHGLILOLHUDYDGDVqFKHO¶LGHDGLILOLHUDLPSOLFDXQDVHULHGLUHOD]LRQL FRQFDWHQDWHWUDLPSUHVH 'D TXHVWR SXQWR GL YLVWD q FKLDUR FKH LO YDORUH VL FUHD LQ XQ FRQWLQXXP *Lj O¶RVVHUYD]LRQH GHO PRQGR GHL VHUYL]L ID HPHUJHUH O¶LGHD GL XQD QRQ VROX]LRQH GL FRQWLQXLWjDGHVHPSLRWUDLQGXVWULDHVHUYL]LPDTXHVWDVWHVVDFDUDWWHULVWLFDFRQQRWDOH UHOD]LRQLWUDLPSUHVHSURILW HQRQSURILW FKHVSHVVRVRQRLPSUHVHGLVHUYL]L

(25)  $OLYHOORGLILOLHUDRVVLDQHOUHJQRGHOOHFRQWLQXLWjOHGLIIHUHQ]HQRQVRQRWDQWRSHU WLSRORJLD GL DWWLYLWj R SHU DUFKHWLSL]]D]LRQL WUDGL]LRQDOL TXDQWR SLXWWRVWR SHU PLVVLRQV QHOODUHDOWjVLPXRYHXQDSOXUDOLWjGLDWWRULFKHVRQRSRUWDWRULGL PLVVLRQV GLIIHUHQ]LDWH DO OLPLWH IRUVH DQFKH FOXVWHUL]]DELOL

(26)  PD WXWWH SDUWHFLSDQR LQ PRGR IRUWHPHQWH SHUVRQDOL]]DWR DOOD FUHD]LRQH GHO YDORUH FRPSOHVVLYR ,Q IRQGR OD IHGHOWj DOOD SURSULD PLVVLRQ q LO SXQWR IRQGDPHQWDOH FKH FRQQRWD OD VRFLDO UHVSRQVLELOLW\ GL TXDOVLYRJOLD LPSUHVD $QFRUD XQD YROWD SHU QHVVXQR GHJOL DWWRUL OD SDUWHFLSD]LRQH DO VLVWHPD GHO YDORUH QRQSXzVHPSOLFHPHQWHJLRFDUVLVXLYDORULGLVFDPELRPDODGLQDPLFDGHOOH³FRVHFKH QRQ KDQQR SUH]]R´ H FKH KDQQR XQ FRVWR FRPH OD FRUSRUDWH VRFLDO UHVSRQVLELOLW\

(27)  VL. .

(28) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. FRQILJXUD FRPH XQ LQYHVWLPHQWR D OXQJR WHUPLQH IRQGDPHQWDOH SHU DVVLFXUDUH OD GXUDWD VRSUDYYLYHQ]D

(29) QHOWHPSR&RVuQHFHVVDULDPHQWH O¶LPSUHVDDXWHQWLFD QRQOR VSHFXODWRUH RYYLDPHQWH

(30)  GHYH GHILQLUH H SHUVHJXLUH QHO WHPSR XQ YHWWRUH GL RELHWWLYL HFRQRPLFRVRFLDOL 3HU TXHVWR VL q LGHQWLILFDWD SL VRSUD OD FUHD]LRQH GL YDORUH FRPH ILQDOLWjGHOO¶LPSUHVD 'HWWRTXHVWRUHVWDYHURFKHLOQRQSURILWVLFDUDWWHUL]]DSHUODURWWXUDGHOSDUDGLJPD H SHU LOIDWWR FKH OD GLQDPLFD GHL YDORUL G¶XVR SUHYDOH VX TXHOOD GHL YDORUL GL VFDPELR SHUzTXHVWDSUHURJDWLYDQRQqHVFOXVLYDGHOQRQSURILW.  'DOODEXVLQHVVLGHDDOODVRFLDOEXVLQHVVLGHD. (¶LQWHUHVVDQWHULSUHQGHUHORVFKHPDGHOODEXVLQHVVLGHD DOOD1RUPDQQ 

(31) FRVu FRPHqVWDWRVYLOXSSDWRGDOODVFXRODLWDOLDQD &RGDH

(32)  )LJXUD± /DIRUPXODLPSUHQGLWRULDOH. 6,67(0$&203(7,7,92. 6,67(0$',352'2772. 0(5&$72. )RQWH$GDWWDPHQWRGD&RGD 

(33) . 67587785$. 6,67(0$'(*/,$7725,. 3523267$ 62&,$/(. 62&,(7¬. $OODOXFHGHOOHFRQVLGHUD]LRQLSUHFHGHQWLORVFKHPDUDSSUHVHQWDXQLQVLHPHORJLFR GL HOHPHQWL FKH SHUPHWWRQR GL GHILQLUH H YDOXWDUH OD EXVLQHVV LGHDIRUPXOD LPSUHQGLWRULDOH,GXHWULDQJROLGHVFULYRQROHGXHORJLFKHGLIIHUHQWLHFRPSOHPHQWDULFKH WXWWHOHLPSUHVHGHYRQRWHQHUHSUHVHQWLQHOGHILQLUHHGHVSOLFLWDUHODSURSULD PLVVLRQ H QHOOD VXFFHVVLYD WUDGX]LRQH LQ SUDWLFD $ VLQLVWUD VL FROORFDQR OH UHOD]LRQL FRPSHWLWLYH PHUFDWR

(34)  H D GHVWUD OH UHOD]LRQL QRQ FRPSHWLWLYH FRQ WXWWL JOL DWWRUL FKH HQWUDQR LQ UHOD]LRQHFRQO¶LPSUHVDFRRSHUDQGRFRQHVVD ODVRFLHWj

(35) /¶LPSUHVDGHYHLPPDJLQDUH LOVXRSURGRWWRVHUYL]LRHLOVHJPHQWRGLPHUFDWRDFXLYXROHGLULJHUVLHSURJHWWDUHODVXD VWUXWWXUDLQPRGRFRHUHQWHFRVWUXHQGRXQYDQWDJJLRFRPSHWLWLYRVRVWHQLELOHQHOWHPSR. .

(36) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. SHUzDOWHPSRVWHVVRGHYHFRQRVFHUHLVRJJHWWLFKHVWDELOLVFRQRFRQHVVDUHOD]LRQLQRQ FRPSHWLWLYH ODYRUDWRULIRUQLWRULEDQFKHVRFLDXWRULWjSXEEOLFKHHWF

(37) H VYLOXSSDUHQHL ORUR FRQIURQWL XQD SURSRVWD VRFLDOH FKH UHQGD VWDELOL H GL SLHQD VRGGLVID]LRQH GL WXWWL TXHVWHUHOD]LRQL 2UD QHO FDVR GHO QRQ SURILW LO WULDQJROR GHVWUR q PROWR LPSRUWDQWH FRVu FRPH OD ORJLFDGLFRRSHUD]LRQHFKHVLVYROJHWUDJOLDWWRUL VRFLDOLHDUULYDDFRQWDJLDUHLQPRGR VLJQLILFDWLYR DQFKH JOL DWWRUL WUDGL]LRQDOPHQWH FRPSHWLWLYL LQ TXHVWR FDVR XQD DQDOLVL GHOOHIRU]HFRPSHWLWLYHjOD3RUWHU 3RUWHU

(38) GHYHPXWDUHODVXDILVLRQRPLDSHUFKq O¶DPELHQWHqLQVFLQGLELOPHQWHFRPSHWLWLYRFRRSHUDWLYR1HFRQVHJXHFKHqSLFRUUHWWR SDUODUH GL VRFLDO EXVLQHVV LGHD R IRUPXOD GL LPSUHQGLWRULDOLWj VRFLDOH SHU VRWWROLQHDUH FRPHOHGLQDPLFKHOXFUDWLYHHTXHOOHQRQOXFUDWLYHQRQVLDQRVHSDUDWHHSDUDOOHOHEHQVu XQLWHHFRQIOXHQWLQHOODFDSDFLWjGLFUHDUHXQGLQDPLVPRGLLQQRYD]LRQH QHOO¶DPELHQWH HFRQRPLFRHVRFLDOHEDVDWRVXUHOD]LRQLVWDELOLFRQDOWRFRQWHQXWRGLFRRSHUD]LRQHWUD JOL DWWRUL OD UHWH GHO YDORUH VRFLDOH

(39)  9D WXWWDYLD SUHFLVDWR FKH QRQ VL WUDWWD GL WRJOLHUH QXOOD DOO¶HVLJHQ]D GL XQD JHVWLRQH LPSUHQGLWRULDOH HG HIILFLHQWH FKH q LPSUHVFLQGLELOH DOPHQRDSDUWLUHGDXQFHUWRVWDGLRGLVYLOXSSRGHOOHLQL]LDWLYHQRQSURILW /R VFKHPD SUHFHGHQWH SXz TXLQGL HVVHUH PRGLILFDWR SHU WHQHUH FRQWR GHOOD ULOHYDQ]DGLXQRVSD]LRFRPSHWLWLYRFROODERUDWLYR )LJXUD± /DIRUPXODGLLPSUHQGLWRULDOLWjVRFLDOH. 6,67(0$&203(7,7,92. 6,67(0$'(*/,$7725,. 6,67(0$ &203(7,7,92 &2//$%25$7,92. 6,67(0$',352'2772. 0(5&$72. 67587785$. 3523267$ 62&,$/(. 62&,(7¬. 63$=,2&203(7,7,92&2//$%25$7,92. )RQWH(ODERUD]LRQHSURSULD. ,Q FRQFOXVLRQHGXQTXHLO QRQSURILW VLFDUDWWHUL]]DSHUO¶HPEOHPDWLFDULOHYDQ]DGHO WULDQJROR GL GHVWUD VHJQR GHOOD LPSUHVFLQGLELOLWj GHOOD FDSDFLWj UHOD]LRQDOH PDJJLRUH ILQRDGDUULYDUHDGXQDSLIRUWHFRPSHQHWUD]LRQHGHOORVSD]LRFRPSHWLWLYRFRQTXHOOR. .

(40) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. FROODERUDWLYR LQ RJQL FDVR VHPSUH IXQ]LRQDOH DO PDQWHQLPHQWR QHO WHPSR GHOOD FDUDWWHULVWLFDGLLPSUHVD

(41) .  8QDUDSSUHVHQWD]LRQHJUDILFDGHOODILOLHUDGHOYDORUH. /DORJLFDGHOODILOLHUDUDSSUHVHQWDLOSDVVDJJLRDGXQQXRYRPRGRGLSURGXUUHYDORUH QHOVLVWHPDHFRQRPLFRVRFLDOHGRSRODGHILQLWLYDFULVLGHOPRGHOORFODVVLFRGL ZHOIDUH VWDWH HODFUHVFLWDGHOSURWDJRQLVPRGHJOLDWWRULVRFLDOLVLWUDWWDGLXQDUHWHFRVWLWXLWDGD XQD DUWLFROD]LRQH YDULD H FRPSOHVVD GL RSHUDWRUL FRQ SURSULH RULJLQDOL LGHQWLWj H PLVVLRQV )LJXUD± /DILOLHUDGHOYDORUH. 0(5&$72. 0(5&$7, /2&$/,. 67$72 %,62*1,. (17,/2&$/,. (635(66, 327(1=,$/,. 9$/25( (&2120,&2 (62&,$/(. 121 352),7. '$//2&$/( $/*/2%$/(. )RQWH(ODERUD]LRQHSURSULD. ,Q TXHVWR VFKHPD q LQWHUHVVDQWH DQ]LWXWWR ULIOHWWHUH VXOOD QDWXUD H L FRPSLWL GHL GLYHUVLDWWRULFKHQHIDQQRSDUWH $O FHQWUR DEELDPR SRVWR L ELVRJQL FKH HVLVWRQR QHOOD VRFLHWj FRQ L ORUR SRUWDWRUL 'LHWURDTXHVWLELVRJQLVWDQQRHYLGHQWHPHQWHGHOOHSHUVRQHFKHYDQQRFRQVLGHUDWHVLD. .

(42) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. FRPHVLQJROHVLDQHOOH ORUROLEHUHDJJUHJD]LRQL VLDQHOOHORURDSSDUWHQHQ]HDFRQWHVWL ORFDOLFRQOHUHODWLYHLGHQWLWjHFXOWXUH Ê LPSRUWDQWH QRWDUH FKH QRQ VWLDPR IDFHQGR TXHVWH FRQVLGHUD]LRQL LQ XQ PRQGR DVHWWLFR R LQ ODERUDWRULR PD OH VWLDPR IDFHQGR LQ XQ PRPHQWR VWRULFR PROWR FRQWUDGGLWRULRHVWLPRODQWH 'DOSXQWRGLYLVWDGHOODHYROX]LRQHHFRQRPLFDYLYLDPRDOO¶LQVHJQDGHOSLHQRVYLOXSSR GHOOD ULYROX]LRQH GHOO¶LQIRUPD]LRQH FKH PXWD UDGLFDOPHQWH OH IRQWL GHO YDQWDJJLR FRPSHWLWLYR H SURGXFH OD ILQH GHOO¶HSRFD GHOOD VFDUVLWj GHL EHQL H GHOOH ULVRUVH

(43)  SHU HQWUDUH LQ TXHOOD GHOOD ULGRQGDQ]D GHOOH LQIRUPD]LRQL

(44)  PHWWHQGR LQ GLVFXVVLRQH OH FHUWH]]HGHLGLULWWLDFTXLVLWL O¶LQVLFXUH]]DGHOO¶HUDGHOO¶DFFHVVR± 5LINLQ

(45) ,QTXHVWR FRQWHVWR O¶LPPDWHULDOHID SUHPLR VXOPDWHULDOH H OD GLVWLQ]LRQH SURILWQRQSURILW GLYHQWD XQFRQWLQXXPÊDQFKHO¶HUDGHOODFRRSHUD]LRQHHGHOORVWHPSHUDUVLGHOPHFFDQLVPRGL PHUFDWRPHQWUHVXOYHUVDQWHVRFLDOHDSSDUHLUUHYHUVLELOHODFULVLGHO ZHOIDUHVWDWH HGq FKLDUD SHU WXWWL O¶LPSRVVLELOLWj GL XQD ULVSRVWD SXEEOLFD DL PROWL ELVRJQL FKH VL PDQLIHVWDQRQHOODEDVHVRFLDOH1HOFDPSRGHOODYRUROHSURIHVVLRQDOLWjVLULGLVFXWRQRH FDPELDQR FRQWLQXDPHQWH $ OLYHOOR PDFUR H PRQGLDOH OH FULVL VL VXVVHJXRQR H VL FROOHJDQRIDFLOPHQWHJHQHUDOL]]DQGRVL1RQF¶qVROROD JOREDOL]]D]LRQHGHOODULFFKH]]D F¶qDQFKHTXHOODGHOOHFULVLHLOSHUVLVWHUHGHOGLYDULR1RUG±6XG6XOORVFHQDULRSROLWLFR LQWHUQD]LRQDOHSRLVWDQQRWXWWLLFRQIOLWWLJOLLQWHJUDOLVPLOHSUHVVLRQLGLQXRYLSRSROLH FXOWXUH 6L WUDWWD GL XQ FRQWHVWR GL JUDQGL RSSRUWXQLWj FRPH q QRWR PD DQFKH GL GLVDJLR JHQHUDOL]]DWR 0DOHVVHUL FKH QRQ VDQQR HVSULPHUVL LQ ELVRJQL ELVRJQL FKH QRQ VL HVSULPRQRELVRJQLPXWDWLHFKHFKLHGRQRULVSRVWHQRQVWDQGDUGL]]DWHODVFHQDVRFLDOH DSSDUHFRPHXQDVSHFLHGLJLJDQWHVFRJURXQG]HURGRYHVLGHOLQHDXQDSURIRQGLWjGL LQTXLHWXGLQHFKHULJXDUGDLOVHQVRVWHVVRGHOYLYHUH 1HOOD ILJXUD DSSDLRQR SHUFLz SHU FRPRGLWj GL VHPSOLILFD]LRQH GXH GLYHUVH DUHH GL ELVRJQR XQD FDSDFH GL HVSULPHUVL DQFKH VH ELVRJQRVD GL XOWHULRUL VSHFLILFD]LRQL HG XQD LQYHFH SRWHQ]LDOH FKH VL HVSULPH JHQHULFDPHQWH FRPH ³PDOHVVHUH´ HVSOLFLWR R ODWHQWH6WLDPRSHQVDQGRDTXHOGLVDJLRFKHDWWUDYHUVDWXWWLJOLVWUDWLGHOODSRSROD]LRQH FRQFDUDWWHULVWLFKHGLYHUVHPROWRVHJPHQWDWHXQFRQWRqLOGLVDJLR JLRYDQLOHQDVFHQWH GDOOD ODFHUD]LRQH GHO WHVVXWR IDPLOLDUH H GDOOH FDUHQ]H GHO VLVWHPD IRUPDWLYR DOO LQVHJQD GHOOD LQFRQVLVWHQ]D GHO YLYHUH H GHOOD ULFHUFD GL VHQVR DOWUD FRVD VRQR L JLRYDQL FKH QRQ KDQQR ODYRUR H QRQ LQWHQGRQR DVVXPHUVL UHVSRQVDELOLWj ULVSHWWR DOOD YLWDFRQSUREOHPLQRQVRORSVLFRORJLFLPDDQFKHFRQFUHWLFRPHLOELVRJQRGLXQODYRUR FKHQRQF qRULVSHWWRDOTXDOHKDQQRGLIILFROWjGLLQVHULPHQWRSHUFKqQRQQHFDSLVFRQR ORVSLULWRXQFRQWROHGLIILFROWjGLWXWWLFRORUR± QRQSLJLRYDQLVVLPLPDQHSSXUHDQ]LDQL ± FKHYHQJRQRHVSXOVLGDOPRQGRSURGXWWLYRHQRQULHVFRQRSLDGDIIURQWDUHSHUFRUVL SRVLWLYL DOWUD FRVD DQFRUD VRQR JOL LPPLJUDWL FRQ WXWWL L ORUR VSHFLILFL SUREOHPL GL LQVHULPHQWR ODYRUR HVLJHQ]D GL QRQ VUDGLFDPHQWR GDOOH ORUR FXOWXUH GL RULJLQH XQ FRQWR LQILQH WXWWR LO WUDGL]LRQDOH VHWWRUH GHJOL DQ]LDQL ± VHPSUH SL QXPHURVL LQ FRQVHJXHQ]D GHO WUHQG GHPRJUDILFR H VHPSUH PHQR LQWHJUDWL QHL FRQWHVWL IDPLOLDUL GL RULJLQH± FRQLORURELVRJQLWUDLOPHGLFRHO DVVLVWHQ]LDOHPDFLVRQRDQFKHWXWWLLQXRYL GLVDJL SURYHQLHQWL GD FDWHJRULH FKH GRYUHEEHUR HVVHUH SL R PHQR ³QRUPDOL´ ± VH HVLVWHVVH TXHVWD FDWHJRULD GHOOD QRUPDOLWj EHQLQWHVR ± H FKH LQYHFH QRQ KDQQR XQD FRQVLVWHQ]DHXQDVROLGLWjXPDQDVXIILFLHQWHSHUDIIURQWDUHVHQ]DWUDXPLHQHFHVVLWjGL DLXWRODTXRWLGLDQLWjGHOODYLWD. .

(46) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. 4XHOOD FKH VL q FHUFDWR GL GHVFULYHUH ILQRUD q O¶DUHD GHO GLVDJLR ± H FRQVHJXHQWHPHQWH GHO ELVRJQR ± SL VWUHWWDPHQWH VRFLDOH PD F¶q WXWWD XQ¶DUHD GL HVLJHQ]HVSHFLILFKHFKHVRQRSLVWUHWWDPHQWHHFRQRPLFKHHOHJDWHSLFKHDOGLVDJLR DOO¶HVLJHQ]DGLXQQXRYRSURWDJRQLVPRHFRQRPLFRVRFLDOHVWLDPRSHQVDQGRDOOHQXRYH IRUPH GL ODYRUR LQ SDUWLFRODUH QHO FRQWHVWR GHOOD HFRQRPLD GHOO¶LQIRUPD]LRQH H GHOOD WHU]LDUL]]D]LRQHDOELVRJQRGLUDIIRU]DPHQWR HFUHVFLWDGLXQDVRJJHWWLYLWjHFRQRPLFD FRQIRUWHUDGLFDPHQWRQHLFRQWHVWLORFDOLDOODLGHQWLILFD]LRQHGLQXRYLPRGHOOLGLFUHVFLWD QHLSDHVLHPHUJHQWL 5LVSHWWR D TXHVWD FRPSOHVVD UHWH GL HVLJHQ]H OD ULVSRVWD QRQ SXz VWDUH VHPSOLFLVWLFDPHQWHQqLQHQWLQqLQVHUYL]LQqLQULFHWWHSUHSDUDWHGDJOLVSHFLDOLVWLPD RFFRUUHPHWWHUHLQPRWRXQJUDQGHSURFHVVRGLGLQDPLVPRGLLQQRYD]LRQHVRFLDOHFKH ULPHWWDLQJLRFRLYDORULSRVLWLYLOHHVLJHQ]HIRQGDPHQWDOL FRPHODEHOOH]]DODJLXVWL]LD ODYHULWjODFRVWUXWWLYLWjLOVHQVR

(47) URPSHQGRORVFHWWLFLVPRHLOQLFKLOLVPRLPSHUDQWHSHU FXL QRQ F q QLHQWH GD IDUH H QRQ YDOH OD SHQD IDUH PD VROR FKLXGHUVL LQ XQ SURSULR PRQGR DXWRVXIILFLHQWH H DXWRUHIHUHQ]LDQWH DO PDVVLPR FRQ FRQFHVVLRQL D LGHRORJLH VHQ]DLPSDWWRVXOODTXDOLWjGHOODYLWDTXRWLGLDQD.  ,OQRQSURILWXQDUHWHGLFUHD]LRQHGLYDORUHVXOODIURQWLHUD. 6FHQGHQGRDOO¶DQDOLVLGHOOHPRGDOLWjGLSURGX]LRQHGHOYDORUHQHOQRQSURILWODSULPD RVVHUYD]LRQH q FKH QRQ q SRVVLELOH WUDWWDUOR FRPH XQ VHWWRUH LQGLVWLQWR PD q QHFHVVDULR LGHQWLILFDUH GHL FOXVWHUV FRQ FDUDWWHULVWLFKH DIILQL $G HVHPSLR QHOOH RUJDQL]]D]LRQL GL YRORQWDULDWR LO PRGHOOR GL FUHD]LRQH GHO YDORUH q PROWR GLYHUVR GDOOH LPSUHVHVRFLDOLWXWWRVELODQFLDWRVXOYHUVDQWHGHOODFUHD]LRQHGLYDORUH VRFLDOHHPHQR SUHRFFXSDWRGHOODHFRQRPLFLWj ,Q WHUPLQL JHQHUDOL YD SHUz GHWWR FKH VH SHU WXWWH OH LPSUHVH FRPH SHU WXWWH OH SHUVRQH H SHU WXWWL JOL VWDWL q LPSRUWDQWLVVLPR FRPSUHQGHUH FKH YD ULFHUFDWD O¶LQWHJUD]LRQH LQ TXHVWD UHWH GHO YDORUH QHO FDVR GHO QRQ SURILW TXHVWD HVLJHQ]D q HVWUHPL]]DWD VLD SHUFKq OD PLVVLRQ VHPSUH FRQVLVWH LQ XQD LGHD DPSLD GL LPSUHQGLWRULDOLWj VRFLDOH PROWR GL SL GHOOD VHPSOLFH QRQ GLVWULEX]LRQH GHL SURILWWL

(48)  VLD SHUFKq GDO PRGR H GDOOD GLJQLWj FRQ FXL TXHVWR DYYLHQH GLSHQGH O¶HVLWR SRVLWLYR GHOOD VILGD GHO QRQ SURILW FRPH HVHPSLR GL FUHDWLYLWj VRFLDOH H VWUXPHQWR GL FLWWDGLQDQ]D DWWLYD $OO¶LQWHUQRGLTXHVWDUHWHTXDOLVRQRJOLDVSHWWLWLSLFLGHOODFUHD]LRQHGHOYDORUHGHOOH IRUPHGLLPSUHQGLWRULDOLWjVRFLDOH" $Q]LWXWWR q SDFLILFR FKH QRQ VL WUDWWD GL VYROJHUH XQD IXQ]LRQH UHVLGXDOH GL VXSSOHQ]D GHL IDOOLPHQWL DOWUXL 6LQWHWL]]DQGR FRQ XQR VORJDQ LO QRQ SURILW SURGXFH YDORUHVXOODIURQWLHUD$FLQTXHGLYHUVLOLYHOOL. D

(49) /DIURQWLHUDWUDELVRJQLHSRVVLELOLWjGLULVSRVWD 5LVSHWWR DOOD VSHFLILFD]LRQH GHL ELVRJQL YHFFKL ± QXRYL FRVFLHQWL ± LQFRVFLHQWL ± SRWHQ]LDOL VRGGLVIDWWL ± LQVRGGLVIDWWL ± SDU]LDOPHQWH LQVRGGLVIDWWL LO QRQ SURILW KD XQD IXQ]LRQH PROWR LPSRUWDQWH GD VYROJHUH DQFKH SHU FUHDUH XQD VRFLHWj GHOOD YRLFH VXSHUDQGR H ULEDOWDQGR OD ORJLFD GHOO¶H[LW +LUVFKPDQQ 

(50)  Ê HYLGHQWH LO IRUWLVVLPR. .

(51) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. SRWHQ]LDOH VRFLDOH HG HFRQRPLFR GL TXHVWD DWWLYLWj ULVRUVH FKH QRQ VRQR FRVFLHQWL GL HVVHUORHQWUDQRLQYDORUL]]D]LRQHULVRUVHFKHKDQQRSHUGXWRLOORURYDORUHORULWURYDQR HVLJHQ]HQRQVRGGLVIDWWHWURYDQRORVSD]LRSHUFRVWUXLUHXQDULVSRVWDHQHUJLHSRVLWLYH WURYDQRLFDQDOLSHUODORURHVSUHVVLRQHHFRVuYLD$FLDVFXQDGLTXHVWHRVVHUYD]LRQL FRUULVSRQGRQRFDVLHPEOHPDWLFLGLRUJDQL]]D]LRQLQRQSURILW. E

(52) /DIURQWLHUDSURILW HQRQSURILW 6SHVVR VL WUDWWD GL GXH PRQGL FKH QRQ VL SDUODQR H FKH LQYHFH KDQQR PROWH RSSRUWXQLWj GL FRQWLJXLWj HG DQFKH GHVWLQDWL DG XQD FRQYHUJHQ]D VHPSUH PDJJLRUH FRPHDEELDPRYLVWR

(53) FKHFRQVHQWRQRGLVWULQJHUHDOOHDQ]HDGHVHPSLRQHOOHDUHHGHOOD SURGX]LRQHGHOODORJLVWLFDGHOODIRUPD]LRQHHGHOODFUHD]LRQHGLQXRYLSRVWLGLODYRUR /DORJLFDGHOODFRRSHUD]LRQHVWDDYDQ]DQGRQHOPRQGRSURILWQRQVLYHGHSHUFKqQRQ SRVVD HVWHQGHUVL DQFKH DL UDSSRUWL FRO QRQ SURILW OD UHOD]LRQH q EHQHILFD DQFKH GDO SXQWR GL YLVWD GHOOH SRVVLELOL FRQVHJXHQ]H VXOOH FXOWXUH GL LPSUHVD SHUPHWWHQGR XQD SURILFXDRVPRVLFKHSXzIDFLOLWDUHDOOHLPSUHVHQRQ SURILW ODFRPSUHQVLRQHGHOO¶HVLJHQ]D GLSHUFRUUHUHLOFDPPLQRGHOO¶D]LHQGDOL]]D]LRQHHSXzIDU FUHVFHUHQHOOHLPSUHVH SURILW OD FRVFLHQ]D GHOOD VRFLDO UHVSRQVLELOLW\ 8Q PRGR GL FRQWDPLQD]LRQH q DQFKH FKH FL VLDQR FLFOL GL YLWD GL LPSUHVH FKH IDQQR LO SHUFRUVR GDO QRQ SURILW DO SURILW QRQFKq SHUFRUVL SURIHVVLRQDOL VRSUDWWXWWR DL OLYHOOL GHO WRS PDQDJHPHQW FKH VL VYROJRQR LQ HQWUDPELLPRQGL VHTXHQ]LDOPHQWHRLQSDUDOOHOR

(54) . F

(55) /DIURQWLHUDSXEEOLFR±SULYDWR 3HUTXDQWRULJXDUGDODIURQWLHUDFRQLOVHWWRUHSXEEOLFRODFUHD]LRQHGLYDORUHSDVVD DWWUDYHUVRODFDSDFLWj HODGLVSRQLELOLWj

(56) GLURPSHUHODORJLFDGHOODVXERUGLQD]LRQHSHU LQVWDXUDUH XQ VLVWHPD GL SDUWQHUVKLS 4XHVWR LPSOLFD GD SDUWH GHO VHWWRUH SXEEOLFR LO ULFRQRVFLPHQWRFKHLOQRQ SURILW QRQqXQVHFRQG EHVW PDXQDPDQLHUDGLUHLQWHUSUHWDUH FUHDWLYDPHQWH HG HIILFLHQWHPHQWH LO UXROR GHOOR VWDWR VRFLDOH QHO FRQWHVWR GHO ZHOIDUH ZRUWK *LRUJHWWL

(57) 7UDO¶DOWURODFROORFD]LRQHGLPROWHLQL]LDWLYHQRWIRUSURILW PROWR YLFLQH DO SXQWR LQ FXL L ELVRJQL HVLVWRQR QH ID XQ LQWHUORFXWRUH IRQGDPHQWDOH SHU OR VWHVVR GLVHJQR GL SROLWLFKH VRFLDOL HG HFRQRPLFKH SHU FHUWL DVSHWWL

(58)  6L SHQVL FRPH ULFRUGDWRSRFRVRSUDDLELVRJQLFKHQRQHPHUJRQRRDOO¶DUWLFRODUVLGLTXHOOLHPHUVLPD VL SHQVL DQFKH DOOH SROLWLFKH GHOO¶RFFXSD]LRQH H D TXHOOH UHODWLYH DOOD PLFURLPSUHQGLWRULDOLWj,QTXHVWRVHQVRLO QRQSURILW SXzHVVHUHVLDXQOHWWRUHGLELVRJQL VLD XQ IDWWRUH GL LQQRYD]LRQH GHOOD ULVSRVWD VLD XQ YHWWRUH GL VXVVLGLDULHWj H XQ PHGLDWRUHWUDVXVVLGLDULHWjYHUWLFDOHHRUL]]RQWDOH G

(59) /DIURQWLHUDQHOQRQSURILW /DIURQWLHUDLQWHUQDDOVHWWRUHqDQFK¶HVVDPROWRLQWHUHVVDQWHOHUHOD]LRQLDOO¶LQWHUQR GHO PRQGR GHO QRQ SURILW QHOOH VXH YDULH FRPSRQHQWL QRQ VRQR VHPSUH SDFLILFKH H VFRQWDWHHOHFROODERUD]LRQLVRQRUHVHGLIILFLOLGDUHFLSURFKHGLIILGHQ]H/HUHOD]LRQLFKH SURGXFRQRYDORUHVRQRVHQ]¶DOWUR TXHOOHLPSURQWDWHDGXQDORJLFDGLD]LHQGDOL]]D]LRQH H ± D OLYHOOR SL JHQHUDOH ± TXHOOH FKH KDQQR XQ FRQWHQXWR FXOWXUDOH RULHQWDWR DOOD FDSDFLWj GL ULOHJJHUH OH SURSULH PLVVLRQV DOOD OXFH GHL FDPELDPHQWL DPELHQWDOL H GHOO¶HVLJHQ]DGLD]LHQGDOL]]D]LRQH8QWHPDFUXFLDOHqDQFKHTXHOORGHOODFUHD]LRQHGL QXRYL PHUFDWL SHU HVHPSLR GHL YRXFKHUV

(60)  FRVWUXLWL VHFRQGR ORJLFKH QRQ LQGLYLGXDOLVWLFKH. .

(61) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. H

(62) $OO¶LQWHUQRGLRJQLLPSUHVDQRQSURILW /HIURQWLHUHQRQVRQRVRORDOO¶HVWHUQRPDSDVVDQRDQFKHDOO¶LQWHUQRGHOOHVWUXWWXUH QRQ SURILW 1RQ VROR SHUFKq LO FRQILQH LQWHUQRHVWHUQR VL DWWHQXD H SHUFLz XQD SURGX]LRQH GL YDORUH FKH HUD JLRFDWD DOO¶LQWHUQR VL VSRVWD YHUVR DOWUL VRJJHWWL H YLFHYHUVD PD VRSUDWWXWWR DWWUDYHUVR OD FXOWXUD D]LHQGDOH FRQ WXWWL L VXRL ULIOHVVL VXO JUDGRGLVRGGLVID]LRQHGLTXDQWLRSHUDQRQHOO¶RUJDQL]]D]LRQHHFRQODVXDFDUDWWHULVWLFD GLHVVHUHDQFKHSURSRVWDDOO¶HVWHUQRGLXQPRGRGLFRQFHSLUHO¶DWWLYLWjHFRQRPLFD.  &RQFOXVLRQL. /HFRQVLGHUD]LRQLIDWWHLQGLYLGXDQRLQFRQFOXVLRQHXQUXRORPROWRVLJQLILFDWLYRSHULO QRQ SURILW QHOO¶DPELWR GHOOD ILOLHUD GHO YDORUH /D FDUDWWHULVWLFD GLVWLQWLYD GL TXHVWR PRGHOORFRQVLVWHQHOODURWWXUDGHOSDUDGLJPDWUDGL]LRQDOHGLSURGX]LRQHGHOYDORUHFRQ XQD SUHYDOHQ]D GHOOD GLQDPLFD GHL YDORUL G¶XVR VX TXHOOD GHL YDORUL GL VFDPELR OD SURGX]LRQHGLYDORUHVRFLDOHFRPHLOVXR '1$

(63) PDLQFXLDOWHPSRVWHVVRGHYHHVVHUH SUHVHQWH XQD IRUWH WHQVLRQH DOO¶HFRQRPLFLWj GHOOD JHVWLRQH ,O QRQ SURILW KD TXLQGL LO FRPSLWR H OD IXQ]LRQH VWRULFD GL HVVHUH LO ODERUDWRULR LQ FXL VL VSHULPHQWD OD VWUHWWD FRPSHQHWUD]LRQHGLYDORUHHFRQRPLFRHVRFLDOHHGDFXLVLGLIIRQGHDWXWWDODILOLHUDGHO ZHOIDUHZRUWK ODWHVWLPRQLDQ]DGHOODSRVVLELOLWjLGHDOHHGHOODSHUFRUULELOLWjHFRQRPLFDGL TXHVWDFRQWDPLQD]LRQH &KHLOQRQ SURILW H LQSDUWLFRODUHOHVXHYDULHJDWHIRUPHGLLPSUHQGLWRULDOLWjVRFLDOH SUHQGDQR FRVFLHQ]D GHOOD ORUR VSHFLILFLWj H YLYDQR ILQR LQ IRQGR OD ORUR UHVSRQVDELOLWj FRPH WHVVLWRUL GHO YDORUH VRFLDOH q HVWUHPDPHQWH LPSRUWDQWH DQFKH SHUFKq ULFKLDPD WXWWLJOLDWWRULDOODORURUHVSRQVDELOLWjGLFRQWULEX]LRQHDOODUHWHVWHVVD 'XHDVSHWWLIUDTXHOOLVRWWROLQHDWLVRQRSDUWLFRODUPHQWHLPSRUWDQWL D

(64) LOPRGHOORGLSURGX]LRQHGHOYDORUHGHOORVWDWRHGHOOHDPPLQLVWUD]LRQLSXEEOLFKH 3HU XQ YHUVR VL WUDWWD FHUWDPHQWH GHOO¶HVLJHQ]D GL ULWLUDUVL GDOOH ³]RQH LQYDVH´ GHOOD VRFLHWjFLYLOHSHUSHUPHWWHUHDTXHVWDGLULSUHQGHUHWXWWDODVXDLQL]LDWLYDPDSHUDOWUR YHUVR VL WUDWWD DQFKH GL ULFHQWUDUVL VXO FRUH EXVLQHVV H GL VYLOXSSDUOR FRQ IRU]D HG HQHUJLD /D WHVVLWXUD ULFKLHGH XQR VWDWR IRUWH QRQ XQR VWDWR PLQLPDOLVWD EHQVt XQR VWDWRUHDOLVWDFKHKDFLRqFRPHILORVRItDLOUHDOLVPRGHOODSRVVLELOLWjGLXQDHYROX]LRQH GDOEDVVRGHOODFRVWUX]LRQHVRFLDOHHGHLGLULWWLGLFLWWDGLQDQ]D,QTXHVWRVHQVRVLWUDWWD GL XQR VWDWR SURQWR D JDUDQWLUH OH FRQGL]LRQL GL TXHVWD HYROX]LRQH HG DQFKH DG LQWHUYHQLUH VXVVLGLDULDPHQWH

(65) TXDQGR QRQ VL ULHVFH D GDUULVSRVWD DO ELVRJQR DL OLYHOOL SL~SURVVLPLDOSXQWRLQFXLLOELVRJQRLQVRUJH E

(66)  LO OLYHOOR GHO PHUFDWR H GHOOH LPSUHVH ,O PHUFDWR PDQWLHQH LO VXR YDORUH GL PHFFDQLVPR FKH JDUDQWLVFH HIILFLHQ]D SURGXWWLYD H DOORFDWLYD VROR FKH SHUGH OD VXD ILVLRQRPLD DWRPL]]DWD H LQGLYLGXDOLVWD SHU DVVXPHUH OD FDUDWWHULVWLFD GL FRVWUX]LRQH VRFLDOHQHOODTXDOHHQWUD± DGHVHPSLR± ODSUREOHPDWLFDGHOODVRFLDO UHVSRQVLELOLW\ PD QRQFRPHXQLPSHUDWLYRPRUDOLVWDFKHYLHQHGDOO¶HVWHUQRGHOPRGRGLSURGX]LRQHFRPH HVLJHQ]D HWLFD JLXVWDSSRVWD

(67)  $OOR VWHVVR PRGR QDVFRQR QXRYL WLSL GL PHUFDWR VL VSHULPHQWDQRSHUHVHPSLRPHUFDWLGHLEHQLPHULWRUL

(68) HQDVFRQRDQFKHQXRYHUHOD]LRQL. .

(69) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. WUD OH LPSUHVH WUD LO SURILW H LO QRQ SURILW WUD LO SXEEOLFR H LO SULYDWR WUD OH LPSUHVH H L FRQVXPDWRUL VHFRQGRODORJLFDGHOODYRLFH

(70)  7XWWD OD WHVVLWXUD GHVFULWWD KD FRPH ULVXOWDWR H VLQWHVL OD GHILQL]LRQH GL XQ VLVWHPD SDHVH GL SURGX]LRQH GHO YDORUH VLQWHVL GL VLVWHPL ORFDOL ULFFKL HG DUWLFRODWL

(71)  FKH VL FRQIURQWD D OLYHOOR LQWHUQD]LRQDOH H LQL]LD D ULGLVFXWHUH H D ULIRUPXODUH O¶DVVHWWR GHOOH UHOD]LRQL LQWHUQD]LRQDOL H LO YROWR VWHVVR GHOOD JOREDOL]]D]LRQH ,O SUREOHPD GHO VRWWRVYLOXSSRFRVuFRPHTXHOORGHOODSDFHHGHOO¶RUGLQHLQWHUQD]LRQDOHSRVVRQRWURYDUH LQXQZRUOGVRFLDOZRUWK QXRYHRSSRUWXQLWjHQXRYHIRUPHGLFROODERUD]LRQHQHOULVSHWWR GLWXWWHOHLGHQWLWjHOHFXOWXUH. .

(72) &ODUD&DVHOOL ,OSDUDGLJPDGHOYDORUHHODVXDURWWXUDLOFDVRGHOQRQSURILW ,PSUHVD3URJHWWR± 5LYLVWDRQOLQHGHO',7($Q. BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB. %LEOLRJUDILD. $,'($ 

(73)  $WWL GHO &RQYHJQR ³/H D]LHQGH QRQ SURILW WUD VWDWR H PHUFDWR´ 5RPD VHWWHPEUH &DVHOOL& 

(74) ³,GULYHUVGHOORVYLOXSSRGHOQRQSURILWQHOPRQGR´LQ*DVSDUUH$ D FXUD GL

(75)  2UJDQL]]D]LRQL QRQ SURILW UDGLFL SUREOHPL H SURVSHWWLYH 'H )HUUDUL *HQRYDSDJ &DVHOOL & D

(76)  ³5LIOHVVLRQL VXOOD FRPSOHVVD WHVVLWXUD GHO YDORUH VRFLDOH O¶LPSUHVD VRFLDOH FRPH µSURGXWWRUH GL IURQWLHUD¶´ LQ &DPSL 6 D FXUD GL

(77)  ,PSUHVD VRFLDOH YHUVRXQIXWXURSRVVLELOH'H)HUUDUL*HQRYDSDJ &DVHOOL & E

(78)  ³(PSUHVD \ HPSUHVDULRV FDPLQR DO p[LWR \ SURGXFFLzQ GHO YDORU HFRQzPLFR\VRFLDO´LQ5HYLVWD6WXGLXP9HULWDWLVQXPHURSDJ &DVHOOL / 

(79)  ³)LQDOLWj JHQHUDOL GHOO¶LPSUHVD´ LQ &DVHOOL / D FXUD GL

(80)  /H SDUROH GHOO¶LPSUHVD)$QJHOL0LODQRSDJ &RGD 9 

(81)  ³/D YDOXWD]LRQH GHOOD IRUPXOD LPSUHQGLWRULDOH´ LQ 6YLOXSSR H 2UJDQL]]D]LRQHPDU]RDSULOHSDJ &RGD9 

(82) /¶RULHQWDPHQWRVWUDWHJLFRGHOO¶LPSUHVD8WHW7RULQR )HUUDQGR 30 

(83)  ³9DORUH´ LQ &DVHOOL / D FXUD GL

(84)  /H SDUROH GHOO¶LPSUHVD )$QJHOL0LODQRSDJ *LRUJHWWL * 

(85)  ³3HU XQR VWDWXWR GHOO¶LPSUHVD VRFLDOH´ LQ &DPSL 6 D FXUD GL

(86)  ,PSUHVDVRFLDOHYHUVRXQIXWXURSRVVLELOH'H)HUUDUL*HQRYDSDJ +LUVFKPDQ$2 

(87) /HDOWjGHIH]LRQHSURWHVWD%RPSLDQL0LODQR 0DVLQL& 

(88) /¶RUJDQL]]D]LRQHGHOODYRURQHOO¶LPSUHVD8WHW7RULQR 1RUPDQQ5 

(89) /DJHVWLRQHVWUDWHJLFDGHLVHUYL]L(WDV/LEUL0LODQR 3RUWHU0( 

(90) ,OYDQWDJJLRFRPSHWLWLYR&RPXQLWj0LODQR 5LINLQ- 

(91)  /¶HUDGHOO¶DFFHVVR0RQGDWRUL0LODQR 7HVVLWRUH $ 

(92)  ³,O SURILOR D]LHQGDOH GHOOH RUJDQL]]D]LRQL QRQ SURILW´ LQ 5LYLVWD LWDOLDQDGL5DJLRQHULDH(FRQRPLD$]LHQGDOHQXPHURSDJ. &ODUD&DVHOOL 3URIHVVRUH2UGLQDULRGL(FRQRPLDHJHVWLRQHGHOOHLPSUHVHLQWHUQD]LRQDOL ',7($ 'LSDUWLPHQWRGL7HFQLFDHG(FRQRPLDGHOOH$]LHQGH )DFROWjGL(FRQRPLD8QLYHUVLWjGHJOL6WXGLGL*HQRYD 9LD9LYDOGL *HQRYD (PDLOFDVHOOL#HFRQRPLDXQLJHLW. .

(93)

Riferimenti

Documenti correlati

PHVLGDGHWWD VFDGHQ]DILQDOL]]DWRDGDIILQDUHGHILQLWLYDPHQWHODFRQRVFHQ]DDSSURIRQGLWD

,O'LUHWWRUHGHL/DYRULRO¶HVHFXWRUHFRPXQLFDQRDOUHVSRQVDELOHGHOSURFHGLPHQWROHFRQWHVWD]LRQL

[r]

$OORVWHVVRPRGRODFRUUHQWHFKHIOXLVFHLQXQ FLUFXLWRSURGXFHXQIOXVVRGLFDPSRPDJQHWLFR FKHH¶FRQFDWHQDWRFRQXQFLUFXLWRYLFLQR 6HODFRUUHQWH,GHOFLUFXLWRYDULDQHOWHPSR

VHODOXFHq FRQVLGHUDWDFRPHXQ RQGDFODVVLFDJOLHOHWWURQLGRYUHEEHURDVVRUELUHHQHUJLDLQ PRGRFRQWLQXRHSHURJQLYDORUHGHOO LQWHQVLWj OXPLQRVDª GRYUHEEHHVVHUHVRORTXHVWLRQHGL

'HVLXVDQRSLX¶ VSHFFKL VLRWWLHQHLOIHQRPHQR GLULIOHVVLRQH PXOWLSOD LOQXPHURGHOOHLPPDJLQLVL PROWLSOLFD HODSRVL]LRHQH GHOOHLPPDJLQLGLSHQGHGDOO¶

65&,=, RWWREUH / GHJOL VWXGHQWL FKH VL SUHVHQWDQR DOO HVDPH GL PDWHPDWLFD tH SUHSDUDWR 'L TXHVWL SHUtR LO tH VIRUWXQDWR H TXLQGL QRQ YLHQH SURPRVVR 7UD JOL VWXGHQWL QRQ

,O GHJOL VWXGHQWL GL DUPDFLD VRQR ELRQGL LO VRQR FDVWDQL H LO KDQQR L FDSHOOL URVVL 'L TXHOOL ELRQGL O KD JOL RFFKL D]]XUUL GL TXHOOL FDVWDQL LO KD JOL RFFKL D]]XUUL GL