Page 40 - C:\Users\MK\AppData\Local\Temp\msoE350.tmp
P. 40
GDOOD SURSULD DELWD]LRQH DYYHQJD VHQ]D JLXVWLILFDWR PRWLYR 1HO FDVR LQ FXL LQIDWWL IRVVH FRQWHVWDWD OD QDWXUD GHOO¶DUPD
O¶LQWHUHVVDWR SRWUj LQFRUUHUH LQ XQD VDQ]LRQH FKH YD GD XQ FRPH VWUXPHQWR VSRUWLYR OH IRU]H GHOO¶RUGLQH SRWUHEEHUR
PHVH DG XQ DQQR GL UHFOXVLRQH H FRQ O¶DPPHQGD GD D ULWHQHUH YLRODWR O¶DUWLFROR GHO 7HVWR 8QLFR GHOOH /HJJL GL
HXUR 1HL FDVL GL OLHYH HQWLWj ULIHULELOL DO SRUWR GHL 3XEEOLFD 6LFXUH]]D DL VHQVL GHO TXDOH ³,O FRPPHUFLDQWH LO
VROL RJJHWWL DWWL DG RIIHQGHUH q SUHYLVWD OD SRVVLELOLWj GL LUUR IDEEULFDQWH GL DUPL H FKL HVHUFLWD O LQGXVWULD GHOOD ULSDUD]LR
JDUH OD VROD SHQD GHOO DPPHQGD QH GHOOH DUPL QRQ SXz WUDVSRUWDUOH IXRUL GHO SURSULR QHJR
,QWHUHVVDQWH DSSDUH OD OHWWXUD GHOOD VHQWHQ]D GHOOD &DVVD]LR ]LR RG RSLILFLR VHQ]D SUHYHQWLYR DYYLVR DOO DXWRULWj GL SXE
QH 3HQDOH Q UHODWLYD DOOH EDOHVWUH EOLFD VLFXUH]]D / REEOLJR GHOO DYYLVR VSHWWD DQFKH DO SULYD
1HOOD FLWDWD VHQWHQ]D VL OHJJH LQIDWWL FKH ³,Q WHPD GL UHDWL WR FKH SHU TXDOXQTXH PRWLYR GHYH WUDVSRUWDUH DUPL
FRQFHUQHQWL OH DUPL GHYH SHUWDQWR HVFOXGHUVL FKH OD EDOHVWUD QHOO LQWHUQR GHOOR 6WDWR´ H O¶DUW GHO 5HJRODPHQWR DWWXD
SRVVD FODVVLILFDUVL WUD OH DUPL SURSULH SHU OD UDJLRQH FKH WDOH WLYR DL VHQVL GHO TXDOH ³/ DYYLVR SHU LO WUDVSRUWR GHOOH DUPL
VWUXPHQWR GL GLIILFLOH SRUWR H GL DUGXD PDQHJJHYROH]]D QHOO LQWHUQR GHO 5HJQR GL FXL q SDUROD QHO SULPR H QHO VH
LQFRPSDWLELOH FRQ OH HVLJHQ]H HG L FRVWXPL GHO YLYHUH PR FRQGR FRPPD GHOO DUW GHOOD OHJJH GHYH HVVHUH SUHVHQ
GHUQR QRQ KD SL GD WHPSR TXDOH GHVWLQD]LRQH QDWXUDOH WDWR DO 4XHVWRUH GHOOD SURYLQFLD GRQGH OH DUPL VRQR VSHGL
TXHOOD GL UHFDUH RIIHVD DJOL HVVHUL XPDQL PD SLXWWRVWR IXQ WH 2YH LO 4XHVWRUH DXWRUL]]L LO WUDVSRUWR DSSRQH LO YLVWR
]LRQL RUQDPHQWDOL GL FROOH]LRQH R WDORUD VSRUWLYH QH FRQ VXOO DYYLVR / DYYLVR FRO YLVWR GHYH DFFRPSDJQDUH OH DUPL
VHJXH FKH QRQ YL q REEOLJR GL GHQXQFLD H LO SRUWR IXRUL ,Q FRQFOXVLRQH O¶DFTXLVWR H OD GHWHQ]LRQH GL DUPL QRQ GD
GHOO DELWD]LRQH H VXH SHUWLQHQ]H DO SDUL GL TXHOOR GHOOH UHODWL IXRFR DG XVR VSRUWLYR QRQ ULFKLHGH DOFXQD DXWRUL]]D]LRQH
YH IUHFFH VH LQJLXVWLILFDWR q SXQLWR QRQ DL VHQVL GHOO DUW ,O WUDVSRUWR GHOOD PHGHVLPD DUPD QRQ ULFKLHGH O¶DXWRUL]]D
FRG SHQ PD GHOO DUW FRPPD VHFRQGR GHOOD OHJJH ]LRQH GHO 4XHVWRUH VH LO WUDVSRUWR q QHFHVVDULR SHU SRWHU
DSULOH Q ´ XWLOL]]DUH O¶DUPD LPSURSULD LQ XQ FRQWHVWR VSRUWLYR 5LPD
7DOH RULHQWDPHQWR q VWDWR VXIIUDJDWR DQFKH GDOOD LQWHUSUHWD QH D FDULFR GL FKL GHWLHQH O¶DUPD LPSURSULD O¶RQHUH GL GL
]LRQH RIIHUWD GDO 0LQLVWHUR GHOO ,QWHUQR FRQ OD &LUFRODUH GHO PRVWUDUH FKH GHWWR WUDVSRUWR DYYLHQH LQ UDJLRQH GHOOD SDUWH
GLFHPEUH ODGGRYH VL OHJJH FKH OH EDOHVWUH PRGHU FLSD]LRQH DG XQD PDQLIHVWD]LRQH VSRUWLYD R DG DOOHQDPHQWL
QH HG L UHODWLYL GDUGL YDQQR FRQVLGHUDWL QHO QRYHUR GHOOH DUPL VSRUWLYL
LPSURSULH H VRQR VRWWRSRVWH DOOD GLVFLSOLQD GL FXL DJOL DUWW
FRPPD VHFRQGR GHOOD OHJJH Q GHO H FRPPD
VHFRQGR GHO UHJRODPHQWR GL HVHFX]LRQH DO 7 8 GHOOH OHJJL $UVHD 6UO
GL SXEEOLFD VLFXUH]]D 8IILFLR FRQVXOHQ]H
6X FKL LQFRUUH O¶RQHUH GL GLPRVWUDUH FKH O¶DUPD LPSURSULD 'RWW VVD )UDQFHVFD &ROHFFKLD
VLD GHVWLQDWD DG XVR VSRUWLYR H TXLQGL QRQ ULFKLHGD GHQXQFLD ILUPD VXOO¶RULJLQDOH
H FKH LO UHODWLYR WUDVSRUWR VLD ILQDOL]]DWR DOOR VYROJLPHQWR
GHOO¶DWWLYLWj VSRUWLYD H SHUWDQWR JLXVWLILFDWR"
'HWWR RQHUH ULFDGH VXOOD SHUVRQD FKH GHWLHQH O¶DUPD LPSUR 9LD 6 0DULD 0DJJLRUH - %RORJQD
SULD ,Q FDVR GL IHUPR O¶LQWHUHVVDWR VDUj SHUWDQWR FKLDPDWR D 7HO - )D[
GLPRVWUDUH FKH (- PDLO LQIR#DUVHDVUO LW
VYROJH DWWLYLWj VSRUWLYD DG HVHPSLR HVLEHQGR OD WHVVHUD ZZZ DUVHDVUO LW
GHOO¶DVVRFLD]LRQH DIILOLDWD DOO¶(QWH GL SURPR]LRQH VSRUWLYD R
DOOD )HGHUD]LRQH FKH ULFRQRVFRQR OD GLVFLSOLQD QHO FXL HVHU
FL]LR q SUHYLVWR O¶XVR GL TXHOOR VWUXPHQWR VSRUWLYR
VL VWD UHFDQGR QHO OXRJR GRYH VL VYROJH O¶DWWLYLWj VSRUWLYD
DG HVHPSLR HVLEHQGR OD FRQYRFD]LRQH DG XQD PDQLIHVWD]LR
QH VSRUWLYD R LO FDOHQGDULR GHJOL RUDUL GL OH]LRQH SUHVVR LO
SURSULR FHQWUR VSRUWLYR
/R VSRUWLYR QRQ q REEOLJDWR DG HVLELUH OD GRFXPHQWD]LRQH
FRPSURYDQWH OH FLUFRVWDQ]H VRSUD LQGLFDWH PD LQ FRQVLGHUD
]LRQH GHO IDWWR FKH OD GLVWLQ]LRQH WUD DUPD SURSULD HG LPSUR
SULD ULVXOWD HVVHUH QRQ FKLDULVVLPD H DWWHVD SHUWDQWR OD
GLIIHUHQWH LQWHUSUHWD]LRQH FKH SXz HVVHUH GDWD GDJOL RUJDQL GL
SROL]LD QHO PRPHQWR GHO IHUPR VL ULWLHQH FKH O¶HVLEL]LRQH GL
GHWWD GRFXPHQWD]LRQH SRVVD FRVWLWXLUH FRQJUXD JLXVWLILFD]LR
QH GHOOD GHWHQ]LRQH H GHO WUDVSRUWR GHJOL VWUXPHQWL VSRUWLYL
/,67,12 ,//8675$72 -. 632576 3$*,1$