Page 29 - C:\Users\MK\AppData\Local\Temp\mso3213.tmp
P. 29

³           SUREDELOH FKH L WRUPHQWL GHO PDUWLULR OL VHQWRQR SL DFXWDPHQWH                _
                                                                                     &217$77, ',5(77,
        È
                 JOL  DVWDQWL   ,  WRUPHQWL  VRQR  LOOXVRUL   /D  SULPD  VRIIHUHQ]D  q

                 O XOWLPD  VRIIHUHQ]D   SHUFKp  OH  OHVLRQL  VXFFHVVLYH  VL  SHUGRQR
                 QHOO LQVHQVLELOLWj   5DOSK :DOGR (PHUVRQ ª                                VHJUHWHULD#DUWHPDU]LDOH RUJ
                                                                                       $57(0$5=,$/( 25*


    FRQWUR OD SHUVRQD VLDQR GD LQTXDGUDUH FRPH IRUPD GL DEXVR  Ê   FRQFUHWL]]D  TXDQGR  O¶D]LRQH  SRVWD  LQ  HVVHUH  GDO  VRJJHWWR  DWWLYR
    SDUDGRVVDOH  QRWDUH  FKH  OH  SHQH  SUHYLVWH  GDOO DUW        VLDQR   WUDVFHQGHQGR L OLPLWL GHOO¶XVR GHO SRWHUH FRUUHWWLYR H GLVFLSOLQDUH D
    PDJJLRUL GL TXHOOH SUHYLVWH GDO DUW      QRQRVWDQWH OD JUDYLWj GHO   OXL  VSHWWDQWH  QHL  FRQIURQWL  GHOOD  SHUVRQD  RIIHVD   VFRQILQD
    UHDWR   ,Q  RJQL  FDVR  OD  GRWWULQD  VHPEUD  ULIHULUVL  D  WXWWL  L  FDVL  GL   QHOO¶DEXVR   TXDORUD  OR  LXV  FRUULJHQGL  YHQJD  HVHUFLWDWR  FRQ
    WXWHOD VLD GHOO LQFROXPLWj ILVLFD FKH SVLFRORJLFD         PRGDOLWj  QRQ DGHJXDWH R  SHU SHUVHJXLUH  XQ LQWHUHVVH  GLYHUVR GD
    / ©LVWLJD]LRQH DO VXLFLGLRª  DUW      F S   YDOH VLD SHU L PLQRUL GL   TXHOOR  SHU  LO  TXDOH  q  FRQIHULWR  GDOO¶RUGLQDPHQWR   &RQGL]LRQH
    GLFLRWWR DQQL FKH SHU L PDJJLRUL GL TXDWWRUGLFL  VH TXHVWL ©DEELD   QHFHVVDULD  q  FKH  O¶DEXVR  VWHVVR  SRVVD  JHQHUDUH  XQ  SHULFROR  GL
    UHDOPHQWH  PDWXUDWR  WDOH  LQWHQ]LRQHª   PHQWUH  SHU  L  PLQRUL  GL   PDODWWLD  DOOD  SHUVRQD  FKH  OR  KD  VXELWR   SHULFROR  GL  OHVLRQL
    TXDWWRUGLFL  DQQL  ILJXUD  FRPH  UHDWR  GL  RPLFLGLR  LQ  TXDQWR  VL   DOO¶LQFROXPLWj  ILVLFD  R  DOOD  VHUHQLWj  SVLFKLFD  GL  FKL  OR  VXELVFH
    FRQVLGHUD LO PLQRUH QRQ DQFRUD FDSDFH GL LQWHQGHUH H GL YROHUH    FRPH  OR  VWDWR  G¶DQVLD   O¶LQVRQQLD   OD  GHSUHVVLRQH   L  GLVWXUEL  GHO
    $OWUD PDQLSROD]LRQH SVLFRORJLFD GL FXL WHQHUH FRQWR« 6L GLFHYD H    FDUDWWHUH H GHO FRPSRUWDPHQWR
    SXUWURSSR  VL FRQWLQXD D GLUH FKH ©VH XQD GRQQD GLFH QR  YXRO GLUH   Ê VXIILFLHQWH LO FRPSLPHQWR GL XQ XQLFR DWWR  HG q VXIILFLHQWH LO GROR
    VL   6H  GLFH  IRUVH  YXRO  GLUH  QR   (  VH  GLFH  VL  YXRO  GLUH  IRUVH ª   JHQHULFR  FLRq OD VHPSOLFH FRVFLHQ]D H YRORQWj GL XVDUH LO PH]]R GL
    &UHVFHUH FRQ TXHVWD FRQYLQ]LRQH SXz HVVHUH GHOHWHULR  /H UDJLRQL   FRUUH]LRQH  R  GL  GLVFLSOLQD  VDSHQGR  FKH  VL  WUDWWD  GL  DEXVR
    DGGRWWH HUDQR PROWHSOLFL  GDOOD WLPLGH]]D  DOOD PRUDOH  DO SUHVXQWR   FRQVDSHYROH    /D SHQD q DJJUDYDWD QHO FDVR LQ FXL  GDOO¶DEXVR GHL
    GHVLGHULR GL QRQ DSSDULUH OLEHUWLQH H FRVu YLD  4XLQGL LO QR  (UD XQ   PH]]L  GL  FRUUH]LRQH  R  GLVFLSOLQD   DOOD  SHUVRQD  RIIHVD  GHULYL  XQD
    VL   (  FRVu  OD  YLD  VL  ODVWULFz  GL  YLROHQ]D   GL  VRWWRPLVVLRQL   GL   QRQ YROXWD OHVLRQH SHUVRQDOH R OD PRUWH
    PDOWUDWWDPHQWL                                            *LXULVSUXGHQ]D  OD PDHVWUD FKH XVD PHWRGL HGXFDWLYL HFFHVVLYL YD
    6HSSXU  IDFLOH  GD  FRPSUHQGHUH  FKH  VL  WUDWWDVVH  G¶XQD  EHVWLDOLWj  LO   FRQGDQQDWD  –  &DVVD]LRQH  3HQDOH   VH]LRQH  9,   VHQWHQ]D  GHO
    JHQHUH  XPDQR  FL  DQGDYD  D  QR]]H     2JJL  LO  OHJLIHUDWR  UHFLWD  FRVu   IHEEUDLR       Q        ,Q WHPD  GL  UHDWL FRQWUR  OD  IDPLJOLD   QRQ
    ©$57        &RGLFH  3HQDOH   ³&KLXQTXH  DEXVD  GL  PH]]L  GL   SXz  ULWHQHUVL  OHFLWR  O¶XVR  VLVWHPDWLFR  GD  SDUWH  GHO  JHQLWRUH  GL
    FRUUH]LRQH R GL GLVFLSOLQD LQ GDQQR GL XQD SHUVRQD VRWWRSRVWD DOOD   YLROHQ]D  ILVLFD  H  PRUDOH   FRPH  RUGLQDULR  WUDWWDPHQWR  GHO  ILJOLR
    VXD  DXWRULWj   R  D  OXL  DIILGDWD  SHU  UDJLRQH  GL  HGXFD]LRQH    PLQRUH  DQFKH VH VRUUHWWR GD ³DQLPXV FRUULJHQGL´  LQWHJUDQGR LQ
    LVWUX]LRQH   FXUD   YLJLODQ]D  R  FXVWRGLD   RYYHUR  SHU  O¶HVHUFL]LR  GL   WDO  FDVR  LO  SL  JUDYH  UHDWR  GL  PDOWUDWWDPHQWL  LQ  IDPLJOLD  H  QRQ
    XQD  SURIHVVLRQH  R  GL  XQ¶DUWH   q  SXQLWR   VH  GDO  IDWWR  GHULYD  LO   TXHOOR  GL  DEXVR  GHL  PH]]L  GL  FRUUH]LRQH   1p  WDOL  FRPSRUWDPHQWL
    SHULFROR  GL  XQD  PDODWWLD  QHO  FRUSR  R  QHOOD  PHQWH   FRQ  OD   PDOWUDWWDQWL  SRVVRQR  ULWHQHUVL  FRPSDWLELOL  H  JLXVWLILFDELOL  FRQ  XQ
    UHFOXVLRQH  ILQR  D  VHL  PHVL   6H  GDO  IDWWR  GHULYD  XQD  OHVLRQH   LQWHQWR FRUUHWWLYR HG HGXFDWLYR SURSULR GHOOD FRQFH]LRQH FXOWXUDOH
    SHUVRQDOH  VL DSSOLFDQR OH SHQH VWDELOLWH QHJOL DUWLFROL     H        GL  FXL  O¶DJHQWH  q  SRUWDWRUH  –  &DVVD]LRQH  3HQDOH   VH]LRQH  9,
    ULGRWWH D XQ WHU]R  VH QH GHULYD OD PRUWH  VL DSSOLFD OD UHFOXVLRQH   VHQWHQ]D   OXJOLR       Q
    GD WUH D RWWR DQQL´                                       'HYH  HVFOXGHUVL  FKH  VLD OD ILQDOLWj HGXFDWLYD DG  DQLPDUH JOL DWWL
    /D ILQDOLWj GHOO¶DUW      F S  q TXHOOD GL UHSULPHUH OD FRQGRWWD GL   DELWXDOL GL YLROHQ]D SRVWL LQ HVVHUH QHL FRQIURQWL GHL ILJOL PLQRUL H[
    FRORUR  FKH   LQ  IRU]D  GHOOD  ORUR  DXWRULWj   DEXVDQR  GHL  PH]]L  GL   DUW      F S   SRLFKp TXHVWL GHYRQR ULWHQHUVL RJJHWWLYDPHQWH HVFOXVL
    FRUUH]LRQH  H  GL  GLVFLSOLQD  QHL  FRQIURQWL  GHOOD  SHUVRQD  ORUR   GDOOD  IDWWLVSHFLH  GHOO¶DEXVR  GHL  PH]]L  GL  FRUUH]LRQH   GRYHQGR
    VRWWRSRVWD R D ORUR DIILGDWD SHU UDJLRQL GL HGXFD]LRQH  LVWUX]LRQH    YDOXWDUVL  WDOL  VROR  TXHOOL  SHU  ORUR  QDWXUD  D  FLz  GHSXWDWL   FKH
    FXUD  YLJLODQ]D R FXVWRGLD R SHU O¶HVHUFL]LR GL XQD SURIHVVLRQH R GL   WUDGLVFRQR  O¶LPSRUWDQWH  H  GHOLFDWD  IXQ]LRQH  HGXFDWLYD  –
    XQ¶DUWH  VH GDO IDWWR GHULYD XQ SHULFROR DO FRUSR R DOOD PHQWH    &DVVD]LRQH  3HQDOH   VH]LRQH  9,   VHQWHQ]D      IHEEUDLR         Q
    , VRJJHWWL DWWLYL GHO UHDWR VRQR VRODPHQWH FRORUR FKH VRQR OHJDWL DO
    VRJJHWWR SDVVLYR GD XQ YLQFROR GL FXL VRQR WLWRODUL LQ UDJLRQH GL   /¶HOHPHQWR PDWHULDOH GHO UHDWR GL DEXVR GHL PH]]L GL FRUUH]LRQH
    XQD  SDUWLFRODUH  IRUPD  GL  DXWRULWj   FKH  VL  FRQFUHWL]]D  QHOOR  LXV   ULFKLHGH  XQ  DEXVR  LQWHVR  FRPH  HFFHVVR  QHOO¶XVR  GL  PH]]L
    FRUULJHQGL   6RJJHWWR  SDVVLYR  QRQ  SXz  HVVHUH  LO  ILJOLR   JLXULGLFDPHQWH  OHFLWL   QHOOD  VSHFLH   OD  &RUWH  KD  HVFOXVR  OD
    PDJJLRUHQQH   EHQVu  VROR  LO  ILJOLR  PLQRUH  FKH  QRQ  SXz  VRWWUDUVL   UHVSRQVDELOLWj  GL  XQD  LQVHJQDQWH  FKH  DYHYD  WUDWWHQXWR  SHU  XQ
    DOOD  UHVSRQVDELOLWj  JHQLWRULDOH   /D  FRQGRWWD  VDQ]LRQDWD  VL   EUDFFLR  XQD  EDPELQD  SHU  VRWWUDUOD  DOOH  SRVVLELOL  DJJUHVVLRQL  GHL



                                                        $7$/$17$ - /$ 6&(/7$                             0$5=2
   24   25   26   27   28   29   30   31   32