8QSHUFRUVRGLULFHUFDSHUODFRPSUHQVLRQHGHO
SDHVDJJLRODSURVSHWWLYDJHRJUDILFD
WUD
ORJRV
H
P\WKRV
/XLVD6SDJQROL
5LYLVWDGHOO¶,VWLWXWR
GL6WRULDGHOO¶(XURSD0HGLWHUUDQHD
,661;QXPHURJLXJQR ,VWLWXWRGL6WRULDGHOO¶(XURSD0HGLWHUUDQHD &RQVLJOLR1D]LRQDOHGHOOH5LFHUFKH KWWSULPHWRFQULW
'LUH]LRQH /XFLDQR*$//,1$5,$QWRQHOOD(0,1$'LUHWWRUHUHVSRQVDELOH 5HVSRQVDELOLGLUHGD]LRQH
*UD]LD%,25&,0DULD*LXVHSSLQD0(/21,3DWUL]LD63,1$72%586&+, ,VDEHOOD0DULD=233,
&RPLWDWRGLUHGD]LRQH
0DULD(XJHQLD&$'(''8&ODUD&$03/$1,0RQLFD&,1,$OHVVDQGUD&,233, <YRQQH)5$&$66(77,/XFLDQD*$77,5DRXGKD*8(0$5$*LRYDQQL*+,*/,21( 0DXUL]LR/832$OEHUWR0$57,1(1*20DULD*UD]LD5RVDULD0(/(
6HEDVWLDQD12&&2$QQD0DULD2/,9$5LFFDUGR5(*,6 *LRYDQQL6(55(/,/XLVD63$*12/,0DVVLPR9,*/,21(
&RPLWDWRVFLHQWLILFR
/XLV $'2GD)216(&$ 6HUJLR %(/$5',1(//, 0LFKHOH %521',12 /XFLR &$5$&&,2/2 'LQR &2)5$1&(6&2 'DQLHOD &2/, 0LJXHO ÈQJHO '(%81(6,%$55$ $QWRQLR '2112 *LRUJLR ,65$(/ $GD /211, 0DVVLPR 0,*/,2 $QQD 3DROD 0266(772 0LFKHOD 1$&&, (PLOLD3(5$66,$GHOLQH58&482,)ORFHO6$%$7e&858//*LDQQL9$77,02
&ULVWLQD9(5$'()/$&+66HUJLR=233, &RPLWDWRGLOHWWXUD ,QDFFRUGRFRQLPHPEULGHO&RPLWDWRVFLHQWLILFROD'LUH]LRQHGL5L0HVRWWRSRQHD UHIHUHHLQIRUPDDQRQLPDWXWWLLFRQWULEXWLULFHYXWLSHUODSXEEOLFD]LRQH 5HVSRQVDELOHGHOVLWR &RUUDGR/$77,1,
,VWLWXWRGL6WRULDGHOO¶(XURSD0HGLWHUUDQHD/XFD&2',*12/$%2'LUHWWRUH 5L0H±5LYLVWDGHOO¶,VWLWXWRGL6WRULDGHOO¶(XURSD0HGLWHUUDQHDKWWSULPHWRFQULW FR,6(0&159LD62WWDYLR725,12,WDOLD 7HOHIRQR)D[ 6HJUHWHULDVHJUHWHULDULPH#LVHPFQULW 5HGD]LRQHUHGD]LRQHULPH#LVHPFQULWLQYLRFRQWULEXWL
Indice
Marco Atzori
L’identità della città contemporanea nel contesto
eco-nomico globale 5-11
Esther Martí Sentañes
L’empremta catalana en la cultura sarda. Història,
institucions, art, llengua i tradicions populars 13-30 Simonetta Sitzia
Note sull'attività pastorale di Antonio Parragues de Castillejo, arcivescovo di Cagliari, negli anni
1559-1568 31-46
Jean-François Plamondon
Exotisme et Touriste de bananes 47-58
VeronicaCappellari
I mostri della guerra fra follia e morte: la rappresenta-zione del dramma libanese nell’opera teatrale di Abla Farhoud e Wajdi Mouawad
59-84 Nataša Raschi
Le kaléidoscope linguistique dans le théâtre de Zadi
Zaourou 85-104
Dossier
La ricerca all'Istituto di Storia dell'Europa Mediterranea
a cura di Luca Codignola Bo
Giovanni Serreli
Vita e morte dei villaggi rurali in Sardegna tra Stati
giu-dicali e Regno di 'Sardegna e Corsica' 109-116 Alessandra Cioppi
Il costo della guerra nel Regno di Sardegna attraverso i
libri del batlle general Jordi de Planella (1396-1399) 117-130 Sebastiana Nocco
Indice
Luciano Gallinari
L’Italia e gli Italiani in Argentina tra la fine dell’Ottocento e i primi decenni del Novecento. Prospet-tive di ricerca a un anno dal Bicentenario
dell’indipendenza (2010) 143-171
Giovanni Sini
Gli strumenti informatici di collaborazione nella ricerca e nello studio della Storia: prospettive e mutamenti
173-192 Luisa Spagnoli
Un percorso di ricerca per la comprensione del pae-saggio: la prospettiva geografica tra logos e mythos
193-205 Grazia Biorci
Verso una pragmatica interculturale: l’espressione e l’interpretazione del disagio psicologico degli immigrati
207-218 Antonella Emina
De la littérature d’expression française de
8QSHUFRUVRGLULFHUFDSHUODFRPSUHQVLRQHGHO
SDHVDJJLRODSURVSHWWLYDJHRJUDILFD
WUD
ORJRVHP\WKRV
/XLVD6SDJQROL
«LOJHRJUDIRUD]LRQDOLVWDVLPXRYHVXOSLD QR GHO ORJRV LQWHQGHQGR TXHVWR WHUPLQH FRPH UDSSUHVHQWD]LRQH GHO PRQGR FRQGRWWD VHFRQGR UDJLRQH HG HVSUHVVD GD UDJLRQD PHQWLFDXVDOLVWLFLPHQWUHLOJHRJUDIRXPDQL VWD VL PXRYH VXO SLDQR GHO P\WKRV DWWUL EXHQGR D TXHVWR WHUPLQH LO VHQVR GL IRUPD DXWRQRPDGLSHQVLHURQRQYLQFRODWDDVSLH JDUHOHFRQQHVVLRQLWUDJOLHOHPHQWLLQWHUPLQL GLFDXVDHGHIIHWWR $9DOOHJD/HJUDPPDWLFKHGHOODJHRJUDILD %RORJQD3DWURQS 3UHPHVVD5LVXOWDWR GHOO¶D]LRQH DQWURSLFD VXOO¶DPELHQWH QDWXUDOH LO SDHVDJJLR qODPDQLIHVWD]LRQHGHOORVWRULFRUDSSRUWRGLDOHWWLFRWUDQDWXUDHXR PRFDSDFHGLVHUEDUHLQVpLOVHQVRLGHQWLWDULRHG¶DSSDUWHQHQ]DFKH XQLVFHO¶XRPRDOOXRJRGHOVXRYLYHUHGHOODVXDTXRWLGLDQLWj8QSDH VDJJLRGXQTXHFRPHVHUEDWRLRGLPHPRULH±DWWUDYHUVRFXLOHJJHUH ODVXDFRQWLQXLWjQHOPXWDPHQWRDSUHQGRFRVuODYLDDOODVXDLGHQWL Wj± FRPH FRQFUHWL]]D]LRQH PDWHULDOH HG LPPDWHULDOH GL VWUDWLILFD ]LRQLVRFLDOLHFXOWXUDOLFKHQHOFRUVRGHOWHPSRVLVRQRVHGLPHQWDWH QHOWHUULWRULRULYHODQGRVLDLQRVWULRFFKLDWWUDYHUVRPHGLDWRULVHJQLFL TXHOO¶LQVLHPH FLRq RUJDQL]]DWR ©GL VHJQL FDSDFL GL ULPDQGDUH DG H OHPHQWLIXQ]LRQDOLOHVWUDGHOHFDVHLFDPSLFROWLYDWLOHIDEEULFKHL SDHVLOHFLWWjHFFªHFKHDOORVWHVVRWHPSRUDFFKLXGRQRLOVHQVR GHOYLVVXWRGHOULFRUGRULYHODQGRJOLRULJLQDULUDSSRUWLFKHVLVRQRLQ VWDXUDWLWUDXRPLQLHWHUULWRULR ,OSDHVDJJLRTXLQGLFRPHFKLDYHGLOHWWXUDSHUULSHUFRUUHUHOHPRO WHSOLFLVWRULHLGHQWLWjHVSHULHQ]HDWWHVHD]LRQLFKHLQHVVRVLVRQR ULIOHVVH'DTXLO¶LGHDGLSDHVDJJLRFRPHULVXOWDQWHGDOO¶D]LRQHWHUULWR (XJHQLR7855,6HPLRORJLDGHOSDHVDJJLRLWDOLDQR0LODQR/RQJDQHVLS 7XWWLLSDHVDJJLLQIDWWLULVSHFFKLDQR©XQ¶RUJDQL]]D]LRQHGHOORVSD]LRXQDPDQLH UDSURSULDGHJOLRJJHWWLVRFLDOLGLRUGLQDUVLHULYHODUVLQHOWHUULWRULROHVWRULHFKHWDOL
/XLVD6SDJQROL
ULDOH FKH FLDVFXQD FRPXQLWj PHGLDQWH OD SURSULD FXOWXUD OH SURSULH VWUXWWXUH PHQWDOL H VRFLDOL HVSULPH VXO WHUULWRULR L FXL ULVXOWDWL VRQR YLVLELOLWDQWRQHOFDPELDPHQWRGHOOHVXHWLSRORJLHLQVHGLDWLYHGHLVXRL VLVWHPLHFRQRPLFRSURGXWWLYLLQWXWWHOHVXHPDQLIHVWD]LRQLFRQFUHWH TXDQWRQHLVXRLYDORULHVLJQLILFDWL6XOOHWUDFFHGL'HQLV&RVJURYHLO SDHVDJJLR UDSSUHVHQWD ©XQ PRGR GL YHGHUH LO PRQGR FKH SRV VLHGHXQDVXDVWRULDªFKHqVWRULDGHOOHVRFLHWjGHOOHUHOD]LRQLWUDGL
HVVHHGLOSURSULRWHUULWRULRGHOOHORURSDUWLFRODULHSHFXOLDULYLVLRQLH LQWHUSUHWD]LRQLGHOODUHDOWj
,QTXHVW¶RWWLFDULVXOWDFKLDURFKHLOSDHVDJJLRVLSUHVWDDGXQDOHW WXUD HG LQWHUSUHWD]LRQH GHL VXRL PROWHSOLFL VLJQLILFDWL DQFKH SURIRQ GDPHQWHGLVWDQWLWUDORURLFXLSRVWXODWLFRQFHWWXDOLHGHSLVWHPRORJLFL DIIRQGDQROHUDGLFLLQXQ¶DPSLDJDPPDGLDSSURFFLWHRULFRVFLHQWLILFL /DVXDQR]LRQHSROLVHPLFDLQIDWWLHPHUJHGDOFRQIURQWRGHLGLIIHUHQWL VLJQLILFDWLDWWULEXLWLJOLQRQVRORLQFRQWHVWLGLVFLSOLQDULGLYHUVLPDDQ FKHDOO¶LQWHUQRGHOODVWHVVDSURVSHWWLYDJHRJUDILFD1RQDFDVR3DROD 6HUHQRKDVRWWROLQHDWRO¶HVWUHPDFRPSOHVVLWjGHOSDHVDJJLRFRPHRJ JHWWRGHOODULFHUFDVFLHQWLILFD©HVVRVLIUDQWXPDLQPLOOHVFKHJJHª SHUVLQRDOO¶LQWHUQRGLXQPHGHVLPRDPELWRGLVFLSOLQDUH'LTXLDQFKH OD VXD DPELJXLWj VHPDQWLFD 'DWD OD VWUDRUGLQDULD YDULHWj GHOOH VXH FRQFUHWHPDQLIHVWD]LRQLHGHLVXRLVLJQLILFDWLLOSDHVDJJLRILQLVFHSHU HVVHUHHQLJPDWLFRHGLQDIIHUUDELOHGLIILFLOPHQWHULGXFLELOHDGXQXQLFR VLJQLILFDWR LQ JUDGR GL ULYHODUH OH LQQXPHUHYROL YDULHWj GHOOH VXH H VSUHVVLRQL
,OULFRQRVFLPHQWRQRQVRORGHOO¶RJJHWWLYLWjGHOSDHVDJJLRGHOOHVXH IRUPHFRQFUHWHPDDQFKHGHLVHJQLFKHGLIIHUHQWHPHQWHVLFRPELQD QRLQHVVRWHVWLPRQLDQ]DGHOUDSSRUWRFXOWXUDOHFKHXQDGDWDVRFLHWj VWDELOLVFH FRQ LO SURSULR FRQWHVWR WHUULWRULDOH FRQWULEXLVFH D IRUQLUH PDJJLRUHVSHVVRUHHVLJQLILFDWRDQFKHDOOHSROLWLFKHGLSLDQLILFD]LRQH 6HILQRDSRFKLGHFHQQLIDFLVLHUDGLPHQWLFDWLFKHLOWHUULWRULRYLVVXWR q XQ GHGDOR LQHVWULFDELOH GL VSD]L GL UHDOWj GL VWRULH GL LGHQWLWj GL WDQWLSDHVDJJLWXWWLGLYHUVLFKHVLVYROJRQRDULWPLGLIIHUHQWLRJJLLQ YLUW GHO FUHVFHQWH IDYRUH FKH LO WHPD VWD LQFRQWUDQGR QRQ VROR LQ FDPSRVFLHQWLILFRPDDQFKHLQVHGHSROLWLFRLVWLWX]LRQDOHOHVWUDWHJLH GL SLDQLILFD]LRQH WHUULWRULDOH VRQR VHPSUH SL LQFOLQL D ULFRQRVFHUH OD
RUGLQLKDQQRGHWHUPLQDWRª(XJHQLR7855,,OSDHVDJJLRFRPHWHDWURGDOWHUULWRULR YLVVXWRDOWHUULWRULRUDSSUHVHQWDWR9HQH]LD0DUVLOLRS
'HQLV&26*529(5HDOWjVRFLDOLHSDHVDJJLRVLPEROLFR0LODQR 8QLFRSOL S 6WXGLHULFHUFKHVXOWHUULWRULR
3DROD6(5(12³,OSDHVDJJLR´LQ*LRYDQQL'(/81$3HSSLQR2572/(9$0DUFR5( 9(//,1LFROD75$1)$*/,$DFXUDGL,OPRQGRFRQWHPSRUDQHR*OLVWUXPHQWLGHOOD ULFHUFD)LUHQ]H/D1XRYD,WDOLDS
GXSOLFHGLPHQVLRQHGHOSDHVDJJLRRJJHWWLYDHVRJJHWWLYDPDWHULDOH HGLPPDWHULDOH 'LUHFHQWHLQIDWWLqPDWXUDWDODFRQVDSHYROH]]DDOLYHOORVLDWHRUL FRVLDWHFQLFRFKHLOSDHVDJJLRVHPSUHSLGHEEDHVVHUHFRQVLGHUDWR FRPHXQRUJDQLVPRYLYHQWHXQLQVLHPHFRPSOHVVRGLHOHPHQWLQDWX UDOL DQWURSLFL H GL VLJQLILFDWL FXOWXUDOL WUD ORUR LQWHUUHODWL ©SHUPHDWR GDVHJQLGLVWUDWLILFD]LRQHVWRULFDªFRPHXQFRPSOHVVRHWHURJHQHR
HGXQLWDULRDOORVWHVVRWHPSRVXFXLLQWHUYHQLUHDWWUDYHUVRXQDSUR JUDPPD]LRQH H SLDQLILFD]LRQH SDHVLVWLFD VHPSUH SL UHVSRQVDELOH H FRQVDSHYROH$WDOILQHGLYLHQHLQGLVSHQVDELOHLQWHUYHQLUHDVFDODYXRL ORFDOHYXRLJOREDOHVYLOXSSDQGRVWXGLHULFHUFKHPXOWLHWUDQVGLVFLSOL QDULFKHDIIURQWLQRODFRPSOHVVLWjGHOSDHVDJJLRDYYDOHQGRVLGLFULWHUL GL OHWWXUD H G¶LQGDJLQH GLIIHUHQWL GD TXHOOL RJJHWWLYL D TXHOOL VRFLR HFRQRPLFLJHRVWRULFLHFXOWXUDOLVHPLRORJLFLILQRDTXHOOLSUHYDOHQ WHPHQWH VRJJHWWLYL 6HPSUH QXRYL VWUXPHQWL FRJQLWLYL GXQTXH FRQ IRUWLLPSOLFD]LRQLQHOO¶LQGLYLGXD]LRQHGLVWUDWHJLHSLDQLILFDWRULHHGLJH VWLRQH VRVWHQLELOH GHOOH ULVRUVH LQ JUDGR GL WHQHUH LQ FRQVLGHUD]LRQH DQFKHJOLDVSHWWLYDORULDOLHLVLJQLILFDWLORFDOPHQWHDWWULEXLWLDLFDUDWWH ULSURSULGLXQWHUULWRULR ,QTXHVWDSURVSHWWLYDODULFHUFDFKHYXROHHVVHUHXQDULIOHVVLRQH VXOO¶LGHDGLSDHVDJJLRFRVuFRPHqVWDWDDFFROWDHUDSSUHVHQWDWDGDOOH VRFLHWjVWRULFKHSURFHGHFRQO¶LQWHQWR±FRPHVLGLUjROWUHLQPDQLHUD SLHVDXVWLYD±GLWUDFFLDUHXQDVRUWDGL³VWRULD´GHOSDHVDJJLRGLXQ SDHVDJJLRSHUFHSLWRGDOOHFROOHWWLYLWjFKHQHOFRUVRGHLVHFROLORKDQQR DQLPDWRHYLDYLDSODVPDWRHFRVuIDFHQGRGLFRPSUHQGHUHLQHVVRL PRGHOOLFXOWXUDOLOHIRUPD]LRQLLGHRORJLFKHOHVWUXWWXUHVRFLDOLFKHVL VRQRFRQWLQXDPHQWHULVSHFFKLDWLQHOODVXDLPPDJLQH,QWDOVHQVROD ³VWRULD´GHOSDHVDJJLRFRLQFLGHUjFRQTXHOODGHOODFXOWXUDHGHOODVR FLHWj q SHU WDOL UDJLRQL DOORUD FKH VDUj RSSRUWXQR FRJOLHUH OH VXH PROWHSOLFLVIDFFHWWDWXUHVHPSUHSLQLWLGHDSDUWLUHGDTXDQGRLOWH PDVLqDSHUWRDGXQFRQIURQWRSOXUDOLVWLFRHGqVWDWDDFFROWDO¶LGHD GHOODVXDFRPSOHVVLWj
8QRVWXGLRQHOTXDOHLOSDHVDJJLRDVVXPHODYDOHQ]DGLXQWHVWRVX FXLqVWDWDVFULWWDODVWRULDGHOOHVRFLHWjHDWWUDYHUVRLOTXDOHqSRVVL ELOH ULFRUGDUOD FRPSUHQGHUOD WUDGXUOD 8Q FRQFHWWR TXHOOR GL SDH
$QQDOLVD&$/&$*120$1,*/,2³,QWURGX]LRQH´LQ$GULDQD*+(56,DFXUDGL3ROLWL FKHHXURSHHSHULOSDHVDJJLRSURSRVWHRSHUDWLYH5RPD*DQJHPLS ©LOSDHVDJJLRqFRPHXQDJUDQGHHQFLFORSHGLDRXQDJUDQGHQDUUD]LRQHGRYH VLWURYDWXWWRGLXQDVRFLHWjEDVWDVDSHUOROHJJHUHFHUFDUHLVLJQLILFDWLGLRJQLFRVD HGHLFRQWHVWLLQFXLVLFROORFDª(XJHQLR7855,³,OSDHVDJJLRWUDSHUVLVWHQ]DHWUD VIRUPD]LRQL´ LQ,OSDHVDJJLRLWDOLDQR,GHH FRQWULEXWLLPPDJLQL0LODQR 7RXULQJ S
/XLVD6SDJQROL VDJJLRFKHqGLUHWWD HVSUHVVLRQHGHOOHFROOHWWLYLWjGHOOHORURYLVLRQL DVSLUD]LRQLYDORULODFXLFRPSOHVVLWjHDPELJXLWjGLIRQGRVDUjVRQ GDWD D SDUWLUH GDOO¶DQDOLVL GL XQ FRQWHVWR WHRULFRPHWRGRORJLFR LQ FXL FROORFDUORWUDFFLDQGRFRVuO¶HYROX]LRQHGHOODVXDVWHVVDQR]LRQH&Lz LPSOLFKHUj XQ HVDPH GHOO¶DUWLFRODWR GLEDWWLWR FKH VRSUDWWXWWR LQ JHR JUDILDVLqGLSDQDWRHGHOLQHDWRLQUHOD]LRQHDOVXRVLJQLILFDWRXQUL FRQRVFLPHQWR FULWLFR GHL SULQFLSDOL DSSURFFL WHRULFL QHOO¶DPELWR GHL TXDOLODVXDQR]LRQHKDSUHVRIRUPDHVLqVYLOXSSDWD /¶LGHDGLSDHVDJJLRDWWUDYHUVRO¶HYROX]LRQHGHOSHQVLHURJHRJUDILFR 4XHOORGLSDHVDJJLRqXQFRQFHWWRFKHSURJUHVVLYDPHQWHVLqDUULF FKLWRHPDWXUDWRLQYLUWGLXQSLVLJQLILFDWLYRLQWHUHVVHLQWHUGLVFLSOL QDUHDSDUWLUHGDOTXDOHVLqDUWLFRODWRXQLQWHQVRHYLYDFHGLEDWWLWR VFLHQWLILFR7DOHqODYDULHWjULFFKH]]DHIOXLGLWjGHOOHVXHLQWHUSUHWD ]LRQLPXOWLGLVFLSOLQDULGDUHQGHUHLPSRVVLELOHODVXDUHGXFWLRDGXQXP TXDOXQTXHWHQWDWLYRFLRqGLXQLYRFDGHILQL]LRQH8QYHQWDJOLRGXQ TXHGLOHWWXUHHVIXPDWXUHSRVVLELOLXQDPROWLWXGLQHGLGLVFRUVLVXFXL FLVLqFRQIURQWDWLDVFDODQD]LRQDOHHVRSUDQD]LRQDOHQHOULFRQRVFL PHQWRHVVHQ]LDOPHQWH±FRPHSLYROWHVRWWROLQHDWR±GHOODVXDGX SOLFH GLPHQVLRQH RJJHWWLYD H VRJJHWWLYD ULQWUDFFLDELOH FLRq QHOOD PDWHULDOLWjGHLVHJQLHQHLYDORULQHOOHHODERUD]LRQLSHUFHWWLYHFKHOH GLYHUVH VRFLHWj D VHFRQGD GHL PRGHOOL FXOWXUDOL GL ULIHULPHQWR GHO PRPHQWR VWRULFR H GHL FRQWHVWL GL SURYHQLHQ]D KDQQR LPSUHVVR VXO WHUULWRULR GDQGR YLWD DG XQ SDHVDJJLR SROLVHPLFR 7DOH q O¶DPSLH]]D FKHLOWHPDKDDVVXQWRGDUDJJLXQJHUHXQDQHWWDGLPHQVLRQHVRSUD QD]LRQDOHDOODULFHUFDHDOGLEDWWLWRVFLHQWLILFRLQIDWWLVLVRQRDIILDQ FDWLQXRYLRULHQWDPHQWLSROLWLFLHQRUPDWLYLWUDFXLHPHUJRQRLQSDUWL FRODUHLFRQWHQXWLGHOOD&RQYHQ]LRQH(XURSHDGHOSDHVDJJLR±SURSR VWDDOODILUPDD)LUHQ]HLORWWREUHGHO±FKHLQOLQHDFRQOD ULFHUFD ULFRQRVFH OD VXD FRPSOHVVLWj VRWWROLQHDQGR OD QHFHVVLWj GL DGRWWDUH XQD ©YLVLRQH FRPELQDWD LQ FXL HVVR q LQWHVR FRPH UHDOWj RJJHWWLYD±IRUPDHVSUHVVDGDVWUXWWXUHWHUULWRULDOL±PDQHLWHUPLQL LQFXLq³ILOWUDWRGDOVRJJHWWR´YDOHDGLUHGDOOHVLQJROHFRPXQLWjX PDQHª
$GDOEHUWR9$//(*$,QGLFDWRULSHULOSDHVDJJLR0LODQR)UDQFR$QJHOLS /¶LQGLVFXVVDULOHYDQ]DGHOOD&RQYHQ]LRQH(XURSHDHODVXDSRUWDWDLQQRYDWLYDHPHU JRQR JLj QHOOD GHILQL]LRQH GL SDHVDJJLR DUWLFROR ODGGRYH UHFLWD FKH FRQ HVVR V¶LQWHQGH©XQDGHWHUPLQDWDSRU]LRQHGLWHUULWRULRFRVuFRPHqSHUFHSLWDGDOOHSRSR OD]LRQL LO FXL FDUDWWHUH GHULYD GDOO¶D]LRQH GL IDWWRUL QDWXUDOL HR XPDQL H GDOOH ORUR LQWHUUHOD]LRQLªÊFKLDUDODYRORQWjGLIDUFRHVLVWHUHGXHDQLPHGXHGLYHUVLPRGLGL
/DWHQGHQ]DQHOGLEDWWLWRVFLHQWLILFRRGLHUQRHQRQVRORFRQVLVWH GXQTXH QHO ULFRQRVFLPHQWR VLD GHOO¶DVSHWWR FRQFUHWR GHO SDHVDJJLR VLD GHOOD VXD GLPHQVLRQH SHUFHWWLYD XQ SDHVDJJLR FKH YLHQH FROWR QRQVRODPHQWH©FRPHVHJQRFKHVLPDWHULDOL]]DVXGLHVVRSHULOJLR FRFRPELQDWRGLIDWWRULHFRORJLFLHGXPDQLªPDDQFKHQHOVHQVRGL IRUPDLQWDQJLELOH©FRPHPDQWRGLYDORULDWWULEXLWLDGXQWHUULWRULRDV VXQWRHVVHQ]LDOPHQWHFRPHVSD]LRFXOWXUDOHª (VLVWHGXQTXHXQ¶LQHYLWDELOH©WHQVLRQHª±VFULYH5REHUWR*DPEL QR±©WUDVRJJHWWLYLWjHGRJJHWWLYLWjLPSOLFLWDQHOFRQFHWWRVWHVVRGL SDHVDJJLRª8QDWHQVLRQHFKHVILGDLQXQFHUWRVHQVROHFHUWH]]HH OHDQVLHG¶RJJHWWLYD]LRQHFKHKDQQRFDUDWWHUL]]DWRJOLLQGLUL]]LVFLHQWL ILFLLQSDUWLFRODUHTXHOOLJHRJUDILFLGXUDQWHODSULPDPHWjGHO1RYH FHQWR /DSDUWLFRODULWjFKHKDFRQWUDGGLVWLQWRJOLVWXGLJHRJUDILFLTXHOOLSL LQIOXHQ]DWLGDOOHIRUPXOD]LRQLGHOODVFXRODWHGHVFDDSDUWLUHVRSUDWWXW WR GDOOD SULPD PHWj GHO ;; VHFROR VLQR D WHPSL SLXWWRVWR UHFHQWL q FRQVLVWLWDQHOODVSLFFDWDSURSHQVLRQH³YLVLYD´±FRPHVRVWLHQH'HQLV &RVJURYH ± LQWHQWL DG REOLWHUDUH D ULPXRYHUH ©GDOOD FRQILJXUD]LRQH JHRJUDILFDWXWWLLIHQRPHQLHLSURFHVVLQRQPDWHULDOLHQRQYLVLELOLSHU FRQFHQWUDUVL >HVFOXVLYDPHQWH@ VXOOD PRUIRORJLD GHOOH IRUPHª 7DOH DWWHJJLDPHQWRLQIRQGRqULVFRQWUDELOHLQSDUWHDQFKHQHOODSURGX ]LRQHVFLHQWLILFDGL3DXO9LGDOGHOD%ODFKHFKHVHSSXUHORQWDQRGDOOD JHRJUDILDWHGHVFDPDUFDWDPHQWHSRVLWLYLVWDHPHFFDQLFLVWLFDFDSDFH DOFRQWUDULRGLDSHUWXUHLQVHQVRXPDQLVWLFRILQLVFHSXUVHPSUHSHU HODERUDUH GHOOH VLQWHVL ³SLWWRULFKH´ DWWUDYHUVR OH TXDOL UDFFRQWDUH OH IRUPHGHOSDHVDJJLRFRVuFRPHLULWPLIXQ]LRQDOLGHOODVXDTXRWLGLDQL WjJOLHOHPHQWLILVLFLWDQWRTXDQWRLJHQHULGLYLWDGHOOHFRPXQLWjX PDQH,QVRVWDQ]DVLULHYRFDQRLSDHVDJJLDSDUWLUHGDXQDSRWHQWH JXDUGDUHHGLLQWHQGHUHLOSDHVDJJLRO¶XQRRULHQWDWRDFRJOLHUQHOHIRUPHFRQFUHWH HVSUHVVHGDVWUXWWXUHWHUULWRULDOLO¶DOWURDFRQGLYLGHUHO¶LGHDGLSDHVDJJLRFRPHXQD UHDOWjHVLVWHQWHDSDUWLUHGDOVRJJHWWRGDOODSHUFH]LRQHGHOOHFROOHWWLYLWj
$GDOEHUWR9$//(*$³3DHVDJJLRFRPHSUDVVLHUDSSUHVHQWD]LRQH´LQ$GULDQD*KHUVL DFXUDGL3ROLWLFKHHXURSHHSHULOSDHVDJJLRFLWSS
,Q HIIHWWL VXJJHULVFH 'HQLV &RVJURYH ©OD IXVLRQH H OD WHQVLRQH IUD VRJJHWWR H RJJHWWR « SURGXFH >H KD SURGRWWR@ SUREOHPL SHU TXHL JHRJUDIL FKH GHVLGHUHUHEEHUR IDU GHULYDUH GDO SDHVDJJLR XQ FRQFHWWR VFLHQWLILFR VSHFLILFRª $ WDOHULJXDUGR©5LFKDUG+DUWVKRUQHKDDUJRPHQWDWRLQIDYRUHGHOO¶HVFOXVLRQH GHOSDHVDJJLRGDOYRFDERODULRJHRJUDILFRDPHQRFKHLOVXRVLJQLILFDWRQRQYHQJD SXULILFDWRDOSXQWRGDHVSXQJHUHWXWWHOHFRQQRWD]LRQLVRJJHWWLYHSHUVRQDOLª'HQLV &26*529(5HDOWjVRFLDOLHSDHVDJJLRVLPEROLFRFLWS
5REHUWR*$0%,12&RQVHUYDUHLQQRYDUH3DHVDJJLRDPELHQWHWHUULWRULR7RULQR 87(7S
/XLVD6SDJQROL
LPPDJLQH YLVLYD 3XU QHOOD FRQVDSHYROH]]D GL ³UHFXSHUDUH´ OD SUR
VSHWWLYDXPDQDQHOORVWXGLRGHLIHQRPHQLJHRJUDILFLHTXLQGLODGL PHQVLRQHVWRULFDODJHRJUDILDKDFRQWLQXDWRDGRFFXSDUVLDOXQJRGL FLzFKHqVWDWLFRILVVRGLWXWWLTXHJOLDVSHWWLFKH*LXVHSSH'HPDWWHLV GHILQLVFH ©FRVH HWHUQHª VHEEHQH PXWHYROL H LQ FRQWLQXR GLYHQLUH FRPHLSDHVDJJL8QDOHWWXUDGXQTXHFKHLQUHDOWjILVVDLOSDHVDJ JLR QHOOD VWDWLFLWj GL XQ¶LPPDJLQH IRWRJUDILFD VHQ]D VSLHJDUH OD VXD
6LFRQVLGHULDWLWRORHVHPSOLILFDWLYRTXDQWRVFULWWRGD3DXO9LGDOGHOD%ODFKHVXO 3D\VGHOD%HDXFH©/D%HDXFHQ¶HVWGRQFSDVXQHFLUFRQVFULSWLRQWHUULWRULDOHHOOH HVWO¶H[SUHVVLRQG¶XQHIRUPHGHVROHWG¶H[LVWHQFHGRQWODQRWLRQWUqVQHWWHH[LVWH GDQVO¶HVSULWSRSXODLUHLOUHVWHUDWRXMRXUVXQSD\VTXLHVWOD%HDXFHSDUH[FHO OHQFHSDUFHTXHFHW\SHGHQDWXUH\DFFXVHIUDQFKHPHQWHWSOHLQHPHQWVHVFDUDF WqUHV /HV SHWLWHV ULYLqUHV TXL GpFRXSHQW HQSHWLW QRPEUH OD SpULSKpULH GH OD %HDXFHQHVHODLVVHQWVRXSoRQQHUVXUFHWWHHVSqFHGHERXFOLHUFRQYH[HTXHSDUOH FRPPHQFHPHQWGHURXFKHVRXOLJQHVGHPDUDLV/DYLHGHSODLQH\H[LVWHVHXOHj O¶H[FOXVLRQGHODYDULpWpTX¶DPqQHWRXMRXUVODYLHGHYDOOpH(OOHVHFRQFHQWUHHQGH JURVYLOODJHVDJJORPpUpV DXWRXUVGHSXLWVTXLQ¶DWWHLJQHQWO¶HDXTX¶DXQHJUDQGH SURIRQGHXU GpSRXUYXV GH FHW HQWRXUDJH G¶DUEUHV HW GH MDUGLQV GDQV OHTXHO V¶pSDQRXLWOHYLOODJHSLFDUG/HFDOFDLUHWRXMRXUVDVVH]YRLVLQGHODVXUIDFHIRXUQLW GHERQVPDWpULDX[VRLWSRXUODFRQVWUXFWLRQGHVPDLVRQVVRLWSRXUO¶HPSLHUUHPHQW GHVURXWHV/HIHUPLHUEHDXFHURQFLUFXOHHQFDUULROHVXUOHVORQJXHVURXWHVTXL V¶HQILOHQW YHUV O¶KRUL]RQ /¶LGpH G¶XQH YLH DERQGDQWH HW SODQWXUHXVH V¶DVVRFLH DX SD\VTXLOKDELWHHQWUHGDQVVHVKDELWXGHVHWVHVEHVRLQVª3DXO9,'$/'(/$%/$ &+(7DEOHDX GH OD JpRJUDSKLH GH OD )UDQFH 3DULV +DFKHWWH WRPR , S LQ(UQHVW/$9,66(DFXUDGL+LVWRLUHGH)UDQFH
1RQRVWDQWHODJHRJUDILDGHOSRVVLELOLVPRIUDQFHVHLQYRFKLOD³VWRULD´±VFULYH*LX VHSSH'HPDWWHLV±HVVDqSXUVHPSUH©ULGRWWDDFLzFKHKDRSHUDWRQHOSDVVDWRSHU JHQHUDUH FRPH VXR SXQWR G¶DUULYR XQ SUHVHQWH VWDWLFR FRVu FRPH O¶HYROX]LRQH JHRORJLFDKDSURGRWWRODILVVLWjGHLULOLHYLPRQWXRVLFKHRJJLRVVHUYLDPRª*LXVHSSH '(0$77(,6³=HXVOHRVVDGHOEXHHODYHULWjGHJOLDUDQFL%LIRUFD]LRQLJHRJUDILFKH´ SLQKWWSZZZDLLJLW7HVWLSGI=HXVWHVWROHFWLRSGI!'L TXLDQFKHOHFULWLFKHFKH/XFLR*DPELKDPRVVRQHLFRQIURQWLGLXQDJHRJUDILDFKH QRQSRWHQGRVLGHILQLUHXPDQDLOJHRJUDIRGHQRPLQDYDHFRORJLFDULYROWDDOORVWXGLR GHOOHDSSDUHQ]HQRQLQJUDGRGLVFHQGHUHDOGLVRWWRGHOODVXSHUILFLHGLFLzFKHq YLVLELOH©ULWHQHUHFKHLOSDHVDJJLRYLVLYRVLDRGLDVLQWHVLYHUDHSLHQDGHOODYLWD DJULFRODVLJQLILFDDYHUHXQDYLVLRQHSDU]LDOHPRQFDLQVXIILFLHQWHGLWDOHUHDOWjSRL FKp O¶RSHUD]LRQH VFDUWD FLz FKH LQ SULPR OXRJR QRQq YLVLELOH R LQ RJQL PRGR QRQ SXzYHQLUHFROWRGDTXDOFKHVHQVRHFKHTXLQGLQRQqWRSRJUDILFDPHQWHFRQILJXUD ELOH0DFLzFKHQRQKDIRUPDYLVLELOHRFDUWRJUDIDELOHFRPHLOYDORUHGHOOHFLWWjROD VFHOWDGLXQRULHQWDPHQWRHFRQRPLFRRODQDWXUDGLXQDLVWLWX]LRQHVRFLDOHIDSDUWH GHOODPHGHVLPDUHDOWjFKHDVVRPPDDQFKHLO³SDHVDJJLR´DFXLLJHRJUDILOLPLWDQR DELWXDOPHQWHLORURVWXGLª(SHUFRQFOXGHUH©4XDOHYDORUHKDSL±SHUFLzFKH ULJXDUGDODUHDOWjXPDQD±ODULFRVWUX]LRQHGLXQ³SDHVDJJLR´YLVLELOHRWRSR JUDILFR"1RQSLFKHTXHOORGLHOHPHQWDUHVFKL]]RHVWULQVHFDWLYRRGLHSLGHPLFDH IDFLOHFRQVWDWD]LRQHFKHqSRFKLVVLPRSHUFKLYXROJXDUGDUHQHOODUHDOWjGHOOH VWUXWWXUHXPDQHFRQPHQWDOLWjQRQGLHFRORJRPDGLVWRULFRª/XFLR*$0%,8QD JHRJUDILDSHUODVWRULD7RULQR3LFFROD%LEOLRWHFD(LQDXGLSSH
UHDOHGLQDPLFLWjHGLVXRLSRVVLELOLVFHQDULGLVYLOXSSRIXWXURRIIUHQ GRFLFRVuVRODPHQWHXQDVXDHODERUD]LRQHVLQWHWLFD
,OIRQGDPHQWRYLVLYRHTXLQGLODSURVSHWWLYDGHOODVLQWHVLVDUjSHU PROWR WHPSR SUHGRPLQDQWH QHOO¶LQWHUSUHWD]LRQH JHRJUDILFD GHL SDH VDJJLDQFKHQHOO¶DPELWRGLTXHJOLLQGLUL]]LVFLHQWLILFLYROWLDFRQVLGHUD UHLOUDSSRUWRXRPRQDWXUDLQXQJLRFRGLUHFLSURFKHLQIOXHQ]HDUL FRQRVFHUHQHOODUHDOWj©XQXQLYHUVRGLSRVVLELOLVLJQLILFDWLVRWWRSRVWL DOO¶LQFHVVDQWH PXWDELOLWj GHL GLIIHUHQWL H VWRULFDPHQWH PXWHYROL SXQWL GL YLVWD FXL VL ULIHULVFRQRª ,Q WDO VHQVR LO SDHVDJJLR GHO JHRJUDIR ULVXOWDGDXQDVHULHGLRSHUD]LRQL±ULOLHYRWRSRJUDILFRFDPSLRQDPHQ WR FODVVLILFD]LRQH GHWWDJOLDWD ± SHU PH]]R GHOOH TXDOL RWWHQHUH ©OD SURVSHWWLYD GL YDVWD SRUWDWD PD VLQWHWLFD GHO SLORWD GL HOLFRWWHUR R GHOO¶DHURQDXWDDUPDWLGLFDUWHIRWRJUDILHHXQSDLRGLELQRFROLª,O
SDHVDJJLRFRVuLQWHUSUHWDWRILQLVFHSHUHVVHUHPDQFKHYROHSULYDWRGL XQVXRFRQQDWXUDOHDVSHWWRTXHOORVRJJHWWLYRHVSUHVVRGDXQDPRO WLWXGLQH GL VXJJHVWLRQL YLVLYH ROIDWWLYH VRQRUH XQ SDHVDJJLR GD LQ GDJDUHHGLQWHUSUHWDUHDQFKHQHLVXRLHOHPHQWLSHUFHWWLYLHQHLVXRL VLJQLILFDWL
3HU FRPSUHQGHUH FRPH VLD PDWXUDWD O¶LGHD GHOOD FRPSOHVVLWj GHO SDHVDJJLR H FRQVHJXHQWHPHQWH LO ULFRQRVFLPHQWR GHOO¶LPSRUWDQ]D GHOO¶DGR]LRQH GL XQ¶RWWLFD LQWHUSUHWDWLYD FKH WHQJD FRQWR GHOO¶LQWHUUH OD]LRQHGHJOLDVSHWWLFRVWLWXWLYLGHOSDHVDJJLRQDWXUDOLDQWURSLFLHGHL FDUDWWHULFXOWXUDOLFDUDWWHUL]]DWLGDSURFHVVLIXQ]LRQDOLHGHYROXWLYLGL WLSRGLQDPLFRRFFRUUHSURSRUUHEUHYHPHQWHDOFXQHFRQVLGHUD]LRQLLQ PHULWR DOOH GLIIHUHQWL OHWWXUH FKH VX GL HVVR VL VRQR VXFFHGXWH QHOO¶DPELWR GHJOL VWXGL JHRJUDILFL ©LQVHJXHQGRQHª ± SHU GLUOD FRQ 0DULD&KLDUD=HUEL±©OHYDULD]LRQLO¶DUULFFKLPHQWRODIUDPPHQWD]LR QH H OD VXFFHVVLYD HQXFOHD]LRQH GL GLVWLQWL VLJQLILFDWLª ,QWHUSUHWD
]LRQL PROWHSOLFL WDOYROWD FRQYHUJHQWL GD ULSHUFRUUH QHO WHQWDWLYR GL JHWWDUHOHEDVLSHUODGHILQL]LRQHGHOTXDGURGLVFLSOLQDUHGLULIHULPHQWR LQFXLLQVFULYHUHLOSDHVDJJLR(¶RSSRUWXQRFLRqWHQHUFRQWRGHLGLI IHUHQWL DSSURFFL VHSSXUH SLXWWRVWR EUHYHPHQWH SHU FRPSUHQGHUH ± DOODOXFHGLXQLQTXDGUDPHQWRWHRULFRPHWRGRORJLFRHGHOORVWDWRGHO
ÊTXHVWDODVWUDRUGLQDULDSURVSHWWLYDFKH/XFLHQ)HEYUH±VFULYH)UDQFR)DULQHOOL QHOOD SUHID]LRQH DOOD FHOHEUH RSHUD GHOOR VWRULFR/D WHUUD H O¶HYROX]LRQH XPDQD± ©VSDODQFDSHUJOLVWRULFLHLJHRJUDIL±HSHUJOLVWRULFLGHOODJHRJUDILD±VXXQDYYH QLUHLQGHILQLWRª)UDQFR)$5,1(//,³3UHID]LRQH&RPH/XFLHQ)HEYUHLQYHQWzLOSRV VLELOLVPR´LQ/XFLHQ)(%95(/DWHUUDHO¶HYROX]LRQHXPDQD,QWURGX]LRQHJHRJUDILFD DOODVWRULD7RULQR3LFFROD%LEOLRWHFD(LQDXGLS;;;,
0DUYLQ : 0,.(6(// ³/DQGDVFDSH´ LQ,QWHUQDWLRQDO (QF\FORSHGLD RI WKH 6RFLDO 6FLHQFHV1HZ<RUN&URZHOO&ROLHUDQG0DFPLOODQYROS
0DULD&KLDUD=(5%,3DHVDJJLGHOODJHRJUDILD0LODQR8QLYHUVLWj&DWWROLFD S
/XLVD6SDJQROL OHFRQRVFHQ]HVXWDOHFDWHJRULDFRQFHWWXDOH±ODYDULHWjODULFFKH]]D ODVLQJRODULWjHO¶XQLWjGHLSDHVDJJLFKHVRORXQDOHWWXUDDSHUWDSXz FRQWULEXLUH DG LOOXPLQDUH 7UDFFLDQGR O¶HYROX]LRQH GHO VXR VLJQLILFDWR QHOO¶DPELWRGHOORVYROJLPHQWRGHOSHQVLHURJHRJUDILFRRLQOLQHDSL JHQHUDOH GHL FDPELDPHQWL GHOOD FRQFH]LRQH GHO UDSSRUWR XRPR QDWXUDqSRVVLELOHFRJOLHUHODVXDVWUXWWXUDSURIRQGDVXOOHFXLWUDFFH OHGLYHUVHLGHQWLWjVLULIOHWWRQRVLWUDVIRUPDQRSHUPDQJRQRQHLVHFR OLÊVRORDSDUWLUHGDXQDWWHQWRHVDPHGHLVLJQLILFDWLFKHLOSDHVDJJLR KD DVVXQWR QHO WHPSR FKH VL SRVVRQR VYHODUH ©L VXRL OHJDPL FRQ VWUXWWXUHHSURFHVVLVWRULFLªSLDPSLWDQWRGDULXVFLUHDGLQVHULUHOR VWXGLRVXGLHVVRQHOO¶DPELWRGLXQDSLHQDFRPSUHQVLRQHGHLPRGLGL YHGHUHLOPRQGRGHOOHGLIIHUHQWLFXOWXUHHVRFLHWj /DJHRJUDILDDSDUWLUHGDOSHULRGRFRPSUHVRWUDOHGXHJXHUUHKD SRVWRDOFHQWURGHLSURSULLQWHUHVVLORVWXGLRGHOODFDWHJRULDSDHVDJ JLRIDFHQGRQHO¶RJJHWWRSULYLOHJLDWRGHOOHVXHULFHUFKH8QDYROWDSH QHWUDWDQHOODJHRJUDILDLQIDWWLODQR]LRQHGLSDHVDJJLRqYHQXWDDG DVVXPHUHXQWDOHULOLHYRFKHGXUDQWHLSULPLGHFHQQLGHO1RYHFHQWR ODGLVFLSOLQDqDUULYDWDDGGLULWWXUDD GHILQLUVLFRPH³VFLHQ]DGHOSDH VDJJLR´ ©,O SDHVDJJLR JHRJUDILFR FRVWLWXLVFH VHFRQGR TXHVWR SDUD GLJPDXQRJJHWWRGLVWXGLRFRQFUHWRHGRVVHUYDELOHVXOTXDOHSRV VRQRHVHUFLWDUVLVLDJOLLQWHUHVVLGHLJHRJUDILGLIRUPD]LRQHQDWXUDOLVWL FDVLDTXHOOLGLIRUPD]LRQHXPDQLVWLFDª 6LqGLVHJQDWRGXQTXHXQSHUFRUVRGLLGHHHGLDSSURFFLPROWHSOLFL FKHGDXQDSURVSHWWLYDSULRULWDULDPHQWHGHVFULWWLYDGLPDQLIHVWDLP SRVWD]LRQHGHWHUPLQLVWDLQFHQWUDWDVXOODFODVVLILFD]LRQHHVXJOLDVSHWWL IRUPDOLGHLSDHVDJJLSULYLOHJLDQGRQHODFRPSRQHQWHPHUDPHQWHVHQ VLELOHVLqSURJUHVVLYDPHQWHDIIHUPDWDODWHQGHQ]DDGDQGDUHROWUH OHIDWWH]]HLPPHGLDWDPHQWH³YLVLELOL´FRQVLGHUDWH©SDUWLGLFRPSOHVVL EHQSLULOHYDQWLFKHQRQULHQWUDQRQHFHVVDULDPHQWHVRWWRLOFRQWUROOR GHLVHQVLª8QDQHFHVVLWjGXQTXHFRPHVFULYHUj/XFLR*DPEL©GL 'HQLV&26*529(5HDOWjVRFLDOLHSDHVDJJLRVLPEROLFRFLWS
0DULD &KLDUD =(5%, /LRQHOOD 6&$==26, D FXUD GL3DHVDJJLVWUDRUGLQDULHSDH VDJJLRUGLQDUL$SSURFFLGHOODJHRJUDILDHGHOO¶DUFKLWHWWXUD0LODQR*XHULQLVFLHQWLIL FDS ,QTXHVWRFRQWHVWRLQIDWWLGHOSDHVDJJLRLQWHUHVVDVRSUDWWXWWRSURGXUUHXQDVLQ WHVLGHJOLHOHPHQWLQDWXUDOLFKHORFRPSRQJRQR©LVXRLVLQJROLHOHPHQWLFRPSRVLWLYL HOHORURUHOD]LRQLGLYHQJRQRVXVFHWWLELOLG¶LGHQWLILFD]LRQHFODVVLILFD]LRQHHPLVXUD ]LRQHRJJHWWLYDª'HQLV&26*529(5HDOWjVRFLDOLHSDHVDJJLRVLPEROLFRFLWS &IU/XFLR*$0%,8QDJHRJUDILDSHUODVWRULDFLWS 6XJJHULVFHDQFRUD&RVJURYHFKHO¶DSSURFFLRSRVLWLYLVWDGHILQLWRGDOJHRJUDIRPRU IRORJLFR ©UHVWD SRFR SHUVXDVLYR FRPH VSLHJD]LRQH GHO SDHVDJJLR SRLFKp HVVR L JQRUD >OH@ GLPHQVLRQL VLPEROLFKH ± LO VLJQLILFDWR VLPEROLFR H FXOWXUDOH LQYHVWLWR LQ TXHVWHIRUPHGDFRORURFKHOHKDQQRSURGRWWHHFRQVHUYDWHHFKHOHKDQQRFRPX
LQGDJDUHLPROWRSLFRPSOHVVLFRQWHQXWLGLRJQLRUGLQH±FKHDVXD YROWDQRQODVFLDQRULIOHVVRQHOODIRWRJUDILDRQRQFROSLVFRQRLVHQVL± GDFXLOHIDWWH]]HSDHVLVWLFKHVRQRLQODUJDPLVXUDGHWHUPLQDWHª ,QVRVWDQ]DLOFRQFHWWRGLSDHVDJJLRVLqHYROXWRSDVVDQGRDWWUD YHUVRXQDSULPDIDVHFRQWUDVVHJQDWDGDXQGHWHUPLQLVPRJHRJUDILFR VWUHWWR±UHWDJJLRGHOODVFXRODDPELHQWDOLVWDWHGHVFDFKHKDJLRFDWR XQ UXROR GD SURWDJRQLVWD QHOO¶DPELWR GHOOD JHRJUDILD LWDOLDQD GHOOD SULPDRUD±SHUSRLLQXQVHFRQGRPRPHQWR DOOHQWDUHO¶DWWHQ]LRQH VXOUDSSRUWRXRPRDPELHQWHGLWLSRXQLGLUH]LRQDOHHSULYLOHJLDUHOR VWXGLR©GHOOHUHOD]LRQLFKHVLLQWHVVRQRWUDLIHQRPHQLORFDOL]]DWLªLQ XQDSRU]LRQHGLVXSHUILFLHWHUUHVWUH,QWDOHFRQWHVWRLOSDHVDJJLRUL VXOWDFLzFKHO¶RFFKLRSXzDEEUDFFLDUHLQXQJLURG¶RUL]]RQWH±FRPH GLUj5HQDWR%LDVXWWLQHOODVXDFHOHEUHPRQRJUDILD³,OSDHVDJJLRWHUUH VWUH´XQSDHVDJJLRVHQVLELOHGXQTXHGLFXLqQHFHVVDULRVHOH]LRQDUH VRORDOFXQLHOHPHQWLLQEDVHDOFULWHULRGHOODORURULSHWLWLYLWjFKHULHQ WUDQR LQ TXDWWUR FDWHJRULH GL IHQRPHQL GL WLSR FKLDUDPHQWH ILVLFR LO FOLPD OD PRUIRORJLD OD YHJHWD]LRQH O¶LGURJUDILD 9LJH DQFRUD XQR VFKHPDLQWHUSUHWDWLYRFKHUHVWDFRPXQTXHDPSLDPHQWHGHWHUPLQLVWL FR ILQR D TXDQGR LQWRUQR DJOL DQQL &LQTXDQWD FRQ /XFLR *DPEL VHQVLELOH DOOH SRVL]LRQL QHRLGHDOLVWLFKH H DL UHWDJJL GHOOD VFXROD JHR JUDILFDG¶LVSLUD]LRQHIUDQFHVHVLIDUjVWUDGDXQFDPELDPHQWRVRVWDQ ]LDOHGHOO¶LGHDVWHVVDGLSDHVDJJLR©VLSXzULFRQRVFHUHFRPHIRQGD PHQWDOH DVSHWWR LQQRYDWLYR LO ULFRUVR QHOO¶LQWHUSUHWD]LRQH DG XQD FDXVDOLWjVWRULFDFKHVSH]]DODGLSHQGHQ]DGDVSLHJD]LRQLDQFRUDWHDL VROL IDWWL ILVLFL FDUWRJUDIDELOL FRPSUHVHQWL QHOOR VWHVVR WHUULWRULR D SUHQGR DOOH FRQVLGHUD]LRQL GL IDWWL VRFLDOL HFRQRPLFL H FXOWXUDOL QRQ QHFHVVDULDPHQWHFRQFUHWLPDQRQSHUTXHVWRPHQRUHDOLª
'DTXHVWRPRPHQWRWXWWDYLDO¶LQWHUHVVHSHUORVWXGLRGHOSDHVDJ JLRFRPLQFLDDYHQLUPHQRILQWDQWRFKpDSDUWLUHGDJOLDQQL2WWDQWD LQ,WDOLDPDROWUHXQGHFHQQLRSULPDQHJOL6WDWL8QLWLHQHJOLDOWULFRQ WHVWL HXURSHL VL DVVLVWH DG XQ VXR VLJQLILFDWLYRUHYLYDO PRWLYDWR LQ SDUWLFRODUHGDOODQXRYDVHQVLELOLWjQHLFRQIURQWLGHOO¶DPELHQWHHGHOOD VXDVRVWHQLELOLWjLFXLVWLPROLVRQRGDULQWUDFFLDUHVLDQHOFRQWHVWRVR FLDOHSLLQFOLQHDGXQPLJOLRUDPHQWRGHOODTXDOLWjGHOOHFRQGL]LRQLGL QLFDWHDTXHOOLFKHYHQJRQRLQFRQWDWWRFRQORURLOVLJQLILFDWRDGHVHPSLRGHOOHJX JOLHGHOODFKLHVDFKHGRPLQDLFDPSLGLILHQRRGLJUDQRLQPDWXUD]LRQHOHVWRSSLH XPLGHRO¶DUDWURIUDGLFLR±XQVLPERORHIILFDFHDQFKHSHUO¶RVVHUYDWRUHSLFDVXDOHª 'HQLV&26*529(5HDOWjVRFLDOLHSDHVDJJLRVLPEROLFRFLWS
/XFLR *$0%, ³3HU XQD VWRULD GHOOD DELWD]LRQH UXUDOH LQ ,WDOLD´ LQ5LYLVWD VWRULFD LWDOLDQDIDVF,,S
0DULD&KLDUD=(5%,3DHVDJJLGHOODJHRJUDILDFLWS ,ELS
/XLVD6SDJQROL YLWDVLDVXOSLDQRGHOODULFHUFDQHOO¶DPELWRGHOODTXDOHVLYDGHOLQHDQ GRXQDYHUDHSURSULDHYROX]LRQHWHRULFDHPHWRGRORJLFDGHOOHGLYHUVH GLVFLSOLQH 2UDVHQ]DHQWUDUHWURSSRQHOPHULWRGHOODTXHVWLRQHqRSSRUWXQR VRWWROLQHDUHFRPHLQYLUWGLWDOHULVFRSHUWDLOSDHVDJJLRVLDGLYHQXWR SURWDJRQLVWD GL XQD YHUD H SURSULD YDORUL]]D]LRQH DOOD OXFH GL XQD PDJJLRUHFRQVDSHYROH]]DGHOODFRPSOHVVLWjGHLPRGLLQFXLO¶DPELHQWH qVWDWRWUDVIRUPDWRHSODVPDWRGDOOHFRPXQLWjHGLFRPHHVVRYLHQH SHUFHSLWR GDOOH VWHVVH ,O ULFRQRVFLPHQWR GHOOD FRPSOHVVLWj GHO SDH VDJJLRLPSOLFDVXOSLDQRPHWRGRORJLFRO¶DGR]LRQHGLXQDSSURFFLRGL WLSRVLVWHPLFRFKHLQWHQGHLOSDHVDJJLRDQDORJDPHQWHDLVLVWHPLWHU ULWRULDOLFRPSOHVVLFRPHXQLQVLHPHGLHOHPHQWLGLUHOD]LRQLGLVLJQL ILFDWLLQWHUPLQLPDWHULDOLHGLPPDWHULDOLFKHVLHYROYRQRQHOWHPSR ,OGDWRVLJQLILFDWLYRqSURSULRO¶LQWHUFRQQHVVLRQHWUDORVFHQDULRILVLFR OHDWWLYLWjXPDQHHGLVLJQLILFDWLTXLQGLLOHJDPLFKHVLLQVWDXUDQRWUD GLHVVLFKHQHOO¶LQVLHPHHVSULPRQRLOFRPSOHVVRSDOLQVHVWRGHLYDORUL FXOWXUDOLSDVVDWLHSUHVHQWL4XHVWHULIOHVVLRQLKDQQRULQQRYDWRODQR ]LRQHGLSDHVDJJLRULSRUWDQGRORDQFKHDLVXRLVLJQLILFDWLVRJJHWWLYLR FRPXQTXHLQHUHQWLDOGRPLQLRGHOODUDSSUHVHQWD]LRQH6RORULFRQR
VFHQGR O¶DPELJXLWj GXDOH GHO SDHVDJJLR YDOH D GLUH OD VXD GXSOLFH FRPSRQHQWH RJJHWWLYD H VRJJHWWLYD q SRVVLELOH FRPSUHQGHUH OD FRPSOHVVLWjGHLVLVWHPLWHUULWRULDOLHVRSUDWWXWWRULXVFLUHDOHJJHUHHG LQWHUSUHWDUH L GLIIHUHQWL VLJQLILFDWL FKH LQ HVVR VL VRQR VHGLPHQWDWL H VWUDWLILFDWL (FFR GXQTXH WUDFFLDWR LO SHUFRUVR VDOLHQWH GHL SULQFLSDOL LQGLUL]]LJHRJUDILFLGDFXLSUHQGHDYYLRLOSDUDGLJPDWHRULFRGLULIHUL PHQWRSHUODULFHUFDSURSRVWD 5LIOHVVLRQLSUHOLPLQDULSHUXQDSRVVLELOHSURSRVWDGLULFHUFD ,QWDOHSURVSHWWLYDQHOO¶LPSRUWDQ]DGHOULFRQRVFLPHQWRGHOSDHVDJ JLRQRQLQVpTXDQWRSLXWWRVWRLQUDSSRUWRDLGLYHUVLVLJQLILFDWLHYDOR ULFKHHVVRDVVXPHHKDDVVXQWRQHOFRUVRGHOWHPSRVLLQVFULYRQRL SULQFLSDOLFRQWHQXWLGHOORVWXGLRFKHLQWHQGHULSRUWDUHLOSDHVDJJLR± VXOOHWUDFFHGL(XJHQLR7XUUL±©QHOO¶DOYHRGHOOHPDQLIHVWD]LRQLFXOWX UDOL H SHUFLz GHQWUR O¶XQLYHUVR UDSSUHVHQWDWLYR GHJOL LQGLYLGXL H GHOOH VRFLHWjª
1HOWHQWDWLYRTXLQGLGLIDUHPHUJHUHVRSUDWWXWWROHUDJLRQLIXQ]LR QDOL FKH VWDQQR DOOD EDVH GHL VHJQL FXOWXUDOL GHOOD QDWXUD VDUj LQGL
(XJHQLR7855,,OSDHVDJJLRFRPHWHDWURFLWS ,ELS
VSHQVDELOH DEEUDFFLDUH O¶LGHD GL XQD VHPLRWLFD GHO SDHVDJJLR FKH FL SRUWHUj LQHYLWDELOPHQWH DG DYYHUWLUH OD QHFHVVLWj GL LQGDJDUH XOWH ULRUPHQWH VXOOD SHUFH]LRQH 7DOH DSSURFFLR G¶DOWUD SDUWH q IRUVH TXHOORFKHKDVXVFLWDWRXQSLYLYDFHULVYHJOLRG¶LQWHUHVVLQHJOLXOWLPL DQQL ± D SDUWLUH GDOOH LPSRVWD]LRQL IRUPXODWH GDOOD JHRJUDILD DQJOR VDVVRQHOHFXLRSHUHSDUDGLJPDWLFKHIDQQRULIHULPHQWRLQSDUWLFRODUH DOOD SURGX]LRQH VFLHQWLILFD GL 'HQQLV &RVJURYH <L)X 7XDQ H $QQH %XWWLPHU±FDSDFHGLLQVHULUVLDQFKHQHOO¶DPELWRGLTXHOODSURVSHWWLYD GL ULFHUFD RULHQWDWD SULQFLSDOPHQWH DJOL DVSHWWL VWRULFRFXOWXUDOL GHO SDHVDJJLRLOTXDOHYLHQHFRQVLGHUDWRFRPHXQ¶HODERUD]LRQHFXOWXUDOH GL XQR VSHFLILFR DPELHQWH QDWXUDOH 3L LQ JHQHUDOH D SDUWLUH GD TXHVWRQXRYRLQGLUL]]RGLWLSRSUHWWDPHQWHXPDQLVWLFRVLDSURQRYL VLRQLDOWHUQDWLYHFKHLQTXDGUDQRLOSDHVDJJLRLQWHUPLQLSURIRQGDPHQ WHGLYHUVLLOSDHVDJJLRqSRVWR DOFHQWURGHOODYLVLRQHGHOWHUULWRULR FKHqFRQVLGHUDWRLQWHUPLQLGLOXRJKL6ROWDQWRQHOOXRJRVLSXzFR JOLHUHLOVLJQLILFDWLYRUDSSRUWRFKHLQWHUFRUUHWUDO¶LQGLYLGXRYLVWRQHOOD VXD GLPHQVLRQH HVLVWHQ]LDOH HG LO WHUULWRULR &RQVHJXHQWHPHQWH LO SDHVDJJLR QRQ q SL DVVXQWR FRPH O¶LQVLHPH GHOOH IRUPH FRQFUHWH ©PD DOEHUJD QHOOD FRVFLHQ]D GHO VRJJHWWR HVLVWH QRQ SHUFKp OH FR PXQLWj XPDQH KDQQR VHPSOLFHPHQWH WHUULWRULDOL]]DWR OD QDWXUD PD SHUFKpQHOIDUFLzKDQQRFRQQRWDWRLOXRJKLGLVLPEROLHYDORULª
/¶RELHWWLYR GHOOR VWXGLR TXLQGL FRQVLVWH QHO WUDFFLDUH XQ TXDGUR GHOOHPRGLILFD]LRQLGHOSDHVDJJLROXQJRO¶DUFRWHPSRUDOHFKHQHGHIL QLVFHLOSHUFRUVRVWRULFRQRQWDQWRLQWHUPLQLPDWHULDOLGLWUDVIRUPD ]LRQLFLRqVWUXWWXUDOLTXDQWRSLXWWRVWRQHOOHGLYHUVHPRGDOLWjGLSHU FHSLUORRYYHURDQDOL]]DQGRLVLJQLILFDWLHLYDORULVLPEROLFLFKHDVH FRQGDGHOOHYDULD]LRQLGHLPRGHOOLFXOWXUDOLJOLVRQRVWDWLDWWULEXLWL3HU WDOL UDJLRQL DVVXPH SDUWLFRODUH ULOLHYR O¶DGR]LRQH GL XQD SURVSHWWLYD ³QRQUD]LRQDOLVWD´YROWDDFRJOLHUHQHOSDHVDJJLRJOLHOHPHQWLLPPD WHULDOLFKHFRQVLVWRQRLQ©VLPEROLDWWULEXLWLDLOXRJKLHQHLVLJQLILFDWL FXL VL DSSURGD DWWUDYHUVR OH FRQQRWD]LRQL VLPEROLFKHª ,O UHIHUHQWH
GHOOD UDSSUHVHQWD]LRQH GHO SDHVDJJLR TXLQGL QRQ VDUj WDQWR O¶RJJHWWRTXDQWRLOVRJJHWWRVRFLDOH±ODFROOHWWLYLWj4XHOODFROOHWWLYLWj IDWWDGLXRPLQLGHPLXUJKLDUWHILFLGHLSURSULSDHVDJJLGHOODORURFRP SOHVVLWjHGLYHUVLWjHGHOODVSHFLILFLWjGLRJQLOXRJRFKHUHFDLQVpLOUL IOHVVRGHOODFXOWXUDFKHOLKDIRUPDWL 6LFRQVXOWLDWDOHULJXDUGR3DROD6(5(12³,OSDHVDJJLR´FLW
$GDOEHUWR 9$//(*$/H JUDPPDWLFKH GHOOD JHRJUDILD %RORJQD 3jWURQ S
$GDOEHUWR9$//(*$,QGLFDWRULSHULOSDHVDJJLRFLWS
&RVuKDVFULWWR-RDFKLP5LWWHU©QpLFDPSLGLQQDQ]LDOOHFLWWjQpLOWRUUHQWH FRPH³FRQILQH´³VWUDGDPHUFDQWLOH´H³RVWDFRORSHUFRVWUXLUHSRQWL´QpLPRQWLHOH
/XLVD6SDJQROL 'HOLQHDUHLQVRVWDQ]DGLVHJQDUHXQDPROWHSOLFLWjGLSDHVDJJLFRVu FRPHVLGLVSLHJDQHOODPROWLWXGLQHGHOOHSHUFH]LRQLFKHQHPRGHOODQR O¶LPPDJLQH FRVWLWXLUj LO ILOR FRQGXWWRUH GHOOD ULFHUFD LQ RJJHWWR FKH LQWHQGHPHWWHUHLQOXFHLOVLJQLILFDWRFXOWXUDOHFKHFLDVFXQSDHVDJJLR KDDVVXQWRQHOFRUVRGHOWHPSRQHOOHGLYHUVHVRFLHWjFKHKDQQRRSH UDWR LQ XQ FHUWR WHUULWRULR FRQ OD FRQVDSHYROH]]D GHOOD QHFHVVLWj GL OHJJHUOR FRPH VLVWHPD GL VHJQL IUXWWR GL XQ FRGLFH FRQGLYLVR GDOOH FROOHWWLYLWjVWHVVH©RJQLVRFLHWjLQIDWWLKDVFULWWR(XJHQLR7XUULFHU FD GL HVSULPHUH QHO SDHVDJJLR LO VHJQR GL Vp LO PDUFKLR GHO SURSULR HVLVWHUHª1RQHVLVWHSDHVDJJLRVHQ]DO¶XRPRFKHDVXDYROWDSUR
SRQHDOYDULDUHGHOODVXDFXOWXUDGHOOHVXHILQDOLWjHLQWHQWLXQSDH VDJJLRULFFRGLQXRYHFRQQRWD]LRQLVLPEROLFKH
'LYHUVL VRQR L PRGL LQ FXL LO SDHVDJJLR VL q VYHODWR DJOL RFFKL GHL VXRLFRQWHPSRUDQHLHFRQVHJXHQWHPHQWHGLIIHUHQWLVRQRVWDWLLPRGL DWWUDYHUVRFXLULFRQRVFHUORHGLQWHUSUHWDUORGDLPPDJLQLDWHPSRUDOL VWDWLFKH LGHDOL H VRSUDWWXWWR DOOHJRULFKH FKH UHVWLWXLVFRQR XQ¶LGHD GL SDHVDJJLRFRPH³EHOOHQDWXUH´RHVVHQ]LDOPHQWHFRPHXWLOHDOSDH VDJJLRFRPHRJJHWWR PLVXUDELOHHSURJHWWDELOH8QDPROWLWXGLQHYD ULHJDWDGLSXQWLGLYLVWDHGLDSSURFFLFKHLQYHULWjQRQVRQRVHPSUH DVFULYLELOLDGXQSHUFRUVROLQHDUHGLFURQLFDPHQWHLQWHVRPDDOFRQWUD ULRVRQRVSHVVRVRYUDSSRQLELOLHSUHQGRQRIRUPDLQXQDPROWHSOLFLWj GLLQWUHFFL
0LVXUDQGRVL ROWUH FKH VXOOD OHWWHUDWXUD FULWLFD DQFKH VXO WHUUHQR GHOOHIRQWLSULQFLSDOPHQWHHGLWHORVWXGLRWHQWHUjGLSURSRUUHXQDOHW WXUD GHO FDUDWWHUH IHQRPHQRORJLFR GHO SDHVDJJLR GHOOD VXD UDSSUH VHQWD]LRQHGHOVXRULIOHWWHUHVWUDWHJLHDVSLUD]LRQLLQGLYLGXDOLHFROOHW WLYH ULSHUFRUUHUH FLRq OH PROWHSOLFL QDUUD]LRQL FKH FLDVFXQD VRFLHWj KDWHVVXWRQHOFRUVRGHLVHFROL
VWHSSHGHLSDVWRULHGHOOHFDURYDQHVRQRLQTXDQWRWDOL³SDHVDJJLR´/RGLYHQ WDQR VROR TXDQGR O¶XRPR VL ULYROJH DG HVVL VHQ]D XQR VFRSR SUDWLFR LQWXHQGROL H JRGHQGROLOLEHUDPHQWHSHU HVVHUHQHOODQDWXUDLQTXDQWRXRPRª-RDFKLP5,77(5 3DHVDJJL 8RPR H QDWXUD QHOO¶HWj PRGHUQD D FXUD GL 0DVVLPR 9(1785,)(55,2/2 0LODQR*XHULQLH$VVRFLDWLS/DQR]LRQHGLSDHVDJJLRSUHVXSSRQHVHP SUHO¶XRPRLQTXDQWRVRJJHWWRFKHRVVHUYDODUHDOWjGDOO¶LQWHUQRHGDOO¶HVWHUQRSHU LQWHUSUHWDUODHOHJJHUODVHFRQGRLOVLVWHPDGHLVXRLYDORUL,QWDOVHQVRLO0DUFR3ROR GL,WDOR&DOYLQRSRVWRGLIURQWHDOO¶LQWHUURJDWLYRGL.XEODL.KDQ©4XDQGRULWRUQHUDL DO3RQHQWHULSHWHUDLDOODWXDJHQWHJOLVWHVVLUDFFRQWLFKHIDUDLDPH"ªULVSRQGHUj ©LRSDUORPDFKLPLDVFROWDULWLHQHVROROHSDUROHFKHDVSHWWDª,WDOR&$/9,12/HFLW Wj LQYLVLELOL 7RULQR (LQDXGL S /R VWHVVR YDOH SHU LO SDHVDJJLR RJQL VXDLQWXL]LRQHHUDSSUHVHQWD]LRQHPXWDDOYDULDUHGHOOHVWUXWWXUHVRFLDOLHFXOWXUDOL GLFLDVFXQDVRFLHWj
(XJHQLR7855,³6XOVHQVRGLXQDVHPLRORJLDGHOSDHVDJJLR´LQ3DROR&$67(/129, DFXUDGL,OVHQVRGHOSDHVDJJLR7RULQR,5(6S
,Q TXHVWR VHQVR RFFRUUHUj ULQXQFLDUH DG XQ GLVFRUVR RUJDQLFR H FLUFRVWDQ]LDWRLQIDYRUHGLXQSHUFRUVRFRPSOHVVRGLXQDQGDPHQWR DSSDUHQWHPHQWHQRQUD]LRQDOHULWPDWRVXXQDSOXUDOLWjGLLPPDJLQL GLLGHHHGLVLWXD]LRQLFKHKDQQRFRQWUDGGLVWLQWRODFRPSOHVVDYLFHQGD XPDQDQHOWHQWDWLYRGLWUDFFLDUHGLYHUVLDPELWLWHPDWLFLLQFXLLQVFUL YHUHOD³VWRULD´GHOSDHVDJJLR±LQWHVDQHOODGHILQL]LRQHSLDPSLDGL VWRULDVRFLDOHVWRULDGHOOHLGHHVWRULDGHOOHFXOWXUHFKHODVFLDVHJQL LQHTXLYRFDELOLVXOWHUULWRULR±GLXQSDHVDJJLRFRVuFRPHqVWDWRHOD ERUDWRGDOOHFROOHWWLYLWjLQXQDUFRWHPSRUDOHFKHVHFROWRLQXQDSUR VSHWWLYDOLQHDUHSURFHGHGDOO¶DQWLFKLWjDGRJJL