HPRQWDJH YDQ KHW DSSDUDDW, 9LJWLJH KHQYLVQLQJHU, ODUJ ULQJ DI LQGE JQLQJVVNDE ILJXU





:DQQHHUGHQHWNDEHOLQWHUIHUHHUWPHWGHELMJHYRHJGH

NDEHOELQGHUGHNDEHOPHWGHELMJHYRHJGHNDEHOELQGHU

EHYHVWLJHQDDQGHRQGHUNDQWYDQGHNRRNSODDW  $IE E 

$DQZLM]LQJ ,VHUHHQODQJHUHQHWNDEHOQRGLJQHHPGDQFRQWDFW

RSPHWGHVHUYLFHGLHQVW(U]LMQNDEHOVWRW PEHVFKLNEDDU
.RRNSODDWSODDWVHQDIE



%HYHVWLJLQJVUDLOVDDQEUHQJHQ  $IE  
² :DQQHHUHUDOEHYHVWLJLQJVUDLOV]LMQDDQJHEUDFKWGH]H

YHUZLMGHUHQHQQLHXZHDDQEUHQJHQ

² %LMEHWHJHOGHZHUNSODWHQGHRQGHUVWHGUDDGERULQJHQ

JHEUXLNHQ

² %LMZHUNEODGHQYDQVWHHQGHUDLOVYDVWOLMPHQ JHEUXLNKLHUYRRU

KLWWHEHVWHQGLJHOLMPGLHJHVFKLNWLVYRRUKHWYHUOLMPHQYDQ

PHWDDOHQVWHHQ 



+HWDSSDUDDWLQGHLQERXZQLVVFKXLYHQ



/HWHURSGDWGHNRRNSODDWRSGH]HOIGHKRRJWHVWDDWDOVKHW

ZHUNEODG,QGLHQGHNRRNSODDW]LFKQLHWRSGH]HOIGHKRRJWH

EHYLQGW ]R QRGLJ GH PHHJHOHYHUGH YHUDQNHULQJHQ LQVWDOOHUHQ HQ

YRRU]LFKWLJDDQWUHNNHQ  $IE  
$DQZLM]LQJ *HHQHOHNWULVFKHVFKURHYHQGUDDLHUVJHEUXLNHQ

=RUJHUYRRUGDWGHYRHGLQJVNDEHOQLHWEHNOHPGUDDNWHQQLHW

RYHUVFKHUSHUDQGHQZRUGWJHOHLG,VHUHHQRYHQRQGHUGH

NRRNSODDWJHSODDWVWGDQGHNDEHOYLDGHDFKWHUVWHKRHNHQYDQ

GH RYHQ QDDU GH DDQVOXLWGRRV OHLGHQ 'H OHLGLQJ PRHW ]R ZRUGHQ

JHwQVWDOOHHUGGDWHUJHHQFRQWDFWZRUGWJHPDDNWPHWKHWH

SODDWVHQYDQGHNRRNSODDWRIGHRYHQ

%LMEHWHJHOGHZHUNEODGHQGHYRHJHQYDQGHWHJHOVDIGLFKWHQ

PHWVLOLFRQHQUXEEHU

$SSDUDDWDDQVOXLWHQDIEHHOGLQJ

6SDQQLQJ]LHKHWW\SHSODDWMH

8LWVOXLWHQGDDQVOXLWHQYROJHQVKHWDDQVOXLWVFKHPD
%1%UXLQ
%8%ODXZ
*1<(*HHOHQJURHQ
%.=ZDUW
*<*ULMV

$IKDQNHOLMNYDQGHDDQVOXLWZDDUGHPRHWHYHQWXHHOGHSODDWVLQJ

YDQGHGRRUGHIDEULHNJHOHYHUGHNOHPPHQZRUGHQYHUDQGHUG

+LHUYRRULVKHWZHOOLFKWQRGLJGHNOHPPHQLQWHNRUWHQHQGH

LVRODWLH WH YHUZLMGHUHQ ]RGDW HHQ NOHP NDQ ZRUGHQ DDQJHEUDFKW

GLHWZHHNDEHOVYHUELQGW

$DQZLM]LQJ &RQWUROHHURIKHWDSSDUDDWNODDULVYRRUJHEUXLN

YHUVFKLMQW

—…‹‹



“‹†‚„ 

RI

RSKHWGLVSOD\YDQKHWDSSDUDDW

GDQ LV KHW QLHW JRHG DDQJHVORWHQ+DDO GH VWHNNHU YDQ KHW DSSDUDDW

GDQXLWKHWVWRSFRQWDFWHQFRQWUROHHUGHDDQVOXLWLQJYDQGH

HOHNWULFLWHLWVNDEHO

'HPRQWDJHYDQKHWDSSDUDDW

+HWDSSDUDDWYDQGHVWURRPKDOHQ
: *HYDDUYRRUHHQHOHNWULVFKHVFKRN
:DQQHHUGHNRRNSODDWYDQGHVWURRPZRUGWJHKDDOGNXQQHQGH

NOHPPHQJHODGHQEOLMYHQ+HWDSSDUDDWPDJDOOHHQZRUGHQ

DDQJHVORWHQGRRUHHQJHVFKRROGHYDNPDQ
'HNRRNSODDWYHUZLMGHUHQGRRUGUXNYDQRQGHUHQXLWWHRHIHQHQ
$WWHQWLH
6FKDGHDDQKHWDSSDUDDW3UREHHUKHWDSSDUDDWQLHWWH

YHUZLMGHUHQGRRUKHWYDQERYHQDIRSWHWLOOHQ

da

×

0RQWHULQJVYHMOHGQLQJ

9LJWLJHKHQYLVQLQJHU

6LNNHUKHGVLNNHUKHGXQGHUEUXJNDQNXQJDUDQWHUHVKYLV

LQVWDOODWLRQHQHUXGI¡UWSnHQNRUUHNWWHNQLVNPnGHRJL

RYHUHQVVWHPPHOVHPHGPRQWHULQJVLQVWUXNWLRQHUQH6NDGHUGHU

RSVWnUSJDIRUNHUWPRQWHULQJHULQVWDOODW¡UHQVDQVYDU
(IWHU LQVWDOODWLRQ VNDO GHW VLNUHV DW EUXJHUHQ LNNH KDU DGJDQJ WLO GH

HOHNWULVNHNRPSRQHQWHU
'HWWHDSSDUDWHUWLOODGWWLOEUXJRSWLOHQK¡MGHSnPHWHURYHU

KDYHW
: 3HUVRQHUPHGHOHNWURQLVNHLPSODQWDWHU
$SSDUDWHWNDQLQGHKROGHSHUPDQHQWHPDJQHWHUVRPNDQSnYLUNH

HOHNWURQLVNHLPSODQWDWHUIHNVSDFHPDNHUHHOOHULQVXOLQSXPSHU

2YHUKROGGHUIRUHQPLQLPXPDIVWDQGSnFPWLOHOHNWURQLVNH

LPSODQWDWHUYHGPRQWDJHQ
(OHNWULVN WLOVOXWQLQJ Pn NXQ IRUHWDJHV DI HQ XGGDQQHW HOHNWULNHU

5HJXODWLYHUQHIUDHOIRUV\QLQJVVHOVNDEHWLRPUnGHWVNDOI¡OJHV

$SSDUDWHWVNDOY UHWLOVOXWWHWWLOHQIDVWLQVWDOODWLRQRJLKHQKROGWLO

LQVWDOODWLRQVIRUVNULIWHUQHVNDOGHUY UHLQVWDOOHUHWHQSDVVHQGH

VLNNHUKHGVDIEU\GHU
7LOVOXWQLQJVW\SHDSSDUDWHWWLOK¡UHUEHVN\WWHOVHVNODVVH ,RJPn

XGHOXNNHQGHDQYHQGHVVDPPHQPHGHQWLOVOXWQLQJPHG

MRUGIRUELQGHOVH
)DEULNDQWHQIUDVLJHUVLJHWKYHUWDQVYDUIRUIRUNHUWIXQNWLRQRJ

PXOLJHVNDGHUGHUVN\OGHVIRUNHUWHOHNWULVNLQVWDOODWLRQ
1HWNDEHO 'HW HU HYHQWXHOW DOOHUHGH WLOVOXWWHW L NRJHVHNWLRQHQV

WLOVOXWQLQJVERNVHOOHUHUOHYHUHWVDPPHQPHGDSSDUDWHW

1HWNDEOHW Pn NXQ LQVWDOOHUHV DI HQ DXWRULVHUHW HOHNWULNHU KKY DI HQ

NYDOLILFHUHWNXQGHVHUYLFHPHGDUEHMGHU'HNU YHGH

WLOVOXWQLQJVGDWDHUDQJLYHWSnW\SHVNLOWHW
.XQGHWQHWNDEHOVRPHUOHYHUHWVDPPHQPHGDSSDUDWHWHOOHUHU

OHYHUHWDINXQGHVHUYLFHPnDQYHQGHV
0RQWDJHXQGHUERUGSODGHQ,QGXNWLRQVNRJHVHNWLRQHQNDQNXQ

LQVWDOOHUHVRYHUVNXIIHUHOOHURYQHVRPYHQWLOHUHVPHGYHQWLODWRU

'HUNDQLNNHLQGE\JJHVN¡OHVNDEHRSYDVNHPDVNLQHU

XYHQWLOHUHGHRYQHHOOHUYDVNHPDVNLQHUXQGHUNRJHWRSSHQ
(PK WWH$IVWDQGHQPHOOHPHPK WWHQRJNRJHWRSSHQVNDOVRP

PLQLPXPVYDUHWLOGHQDIVWDQGGHUHUDQI¡UWLHPK WWHQV

PRQWDJHYHMOHGQLQJ
%RUGSODGHSODQYDQGUHWVWDELO)¡OJERUGSODGHIDEULNDQWHQV

DQYLVQLQJHU
+YLVW\NNHOVHQDIGHQERUGSODGHVRPNRJHVHNWLRQHQVNDO

LQGE\JJHVLLNNHRSI\OGHUNUDYHQHVNDOERUGSODGHQIRUVW UNHV

PHGHWLOGRJYDQGIDVWPDWHULDOHVnGHQRSQnUGHQDQEHIDOHGH

PLQLPXPW\NNHOVH,PRGVDWIDOGHUVWDELOLWHWHQLNNHWLOVWU NNHOLJ

%RUGSODGHQKYRUNRJHWRSSHQHULQGE\JJHWVNDONXQQHWnOH

EHODVWQLQJHUSnRSWLOFDNJ

.RQWUROOHUI¡UVWDWNRJHWRSSHQHUSODQHIWHULQGE\JQLQJHQ

*DUDQWLHQIRUNHUWLQVWDOODWLRQWLOVOXWQLQJHOOHUPRQWHULQJEHW\GHU

DWSURGXNWJDUDQWLHQERUWIDOGHU
%HP UN (QKYHU  QGULQJ L DSSDUDWHWV LQGUH KHUXQGHU XGVNLIWQLQJ

DIIRUV\QLQJVNDEOHWVNDOXGI¡UHVDIV UOLJWXGGDQQHWSHUVRQDOHL

YRUHVWHNQLVNHVHUYLFHDIGHOLQJ

.ODUJ¡ULQJDILQGE\JQLQJVVNDEILJXU

0¡EOHUPHGXGVN ULQJHUPRGVWDQGVG\JWLJHRYHUIRU

WHPSHUDWXUHURSWLOPLQƒ&
8GVN ULQJIMHUQVSnQHUQHQnUXGVN ULQJVDUEHMGHWHUXGI¡UW
8GVN ULQJVNDQWHUIRUHWDJIRUVHJOLQJPHGYDUPHUHVLVWHQW

PDWHULDOH
0RQWHULQJRYHUHQVNXIIHILJXU D
%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ PP
9HQWLODWLRQ$IVWDQGHQPHOOHPRYHUVLGHQDIERUGSODGHQRJ

VNXIIHQVRYHUVLGHVNDOY UHPP
%HP UN 'HUVNDODQYHQGHVHQPHOOHPEXQGDIWU KYLVVNXIIHQ

LQGHKROGHUPHWDOGHOHVRPNDQEOLYHRSYDUPHWSnJUXQGDI

OXIWFLUNXODWLRQHQLIRUELQGHOVHPHGYHQWLODWLRQHQDINRJHVHNWLRQHQ

HOOHUKYLVGHURSEHYDUHVVPnVSLGVHPHWDOJHQVWDQGHLVNXIIHQ

VRPIHNVVWHJHVSLG  ILJXU  
'HUHUSODFHUHWHQYHQWLODWRUSnXQGHUVLGHQDINRJHVHNWLRQHQ

8GHQPHOOHPEXQGPnGHULNNHRSEHYDUHVVPnHOOHUVSLGVH

JHQVWDQGHSDSLUHOOHUYLVNHVW\NNHULVNXIIHQ.¡OLQJHQNDQEOLYH

UHGXFHUHWHOOHUYHQWLODWRUHQNDQEOLYHEHVNDGLJHWKYLVGHUVXJHV

JHQVWDQGHLQGLGHQ'HUVNDOPLQLPXPY UHHQDIVWDQGSn FP

PHOOHPJHQVWDQGHQHLVNXIIHQRJYHQWLODWRUHQVLQGJDQJVnEQLQJ
0RQWHULQJRYHUHQRYQ ILJXUE
%RUGSODGHVNDOKDYHHQW\NNHOVHSnPLQ  PP
%HP UN 6HHIWHULPRQWDJHYHMOHGQLQJHQIRURYQHQKYLV

DIVWDQGHQPHOOHPNRJHWRSRJRYQVNDOIRU¡JHV
9HQWLODWLRQ$IVWDQGHQPHOOHPRYQRJNRJHVHNWLRQVNDOY UH

PLQGVWPP
%HP UN +YLVNRJHVHNWLRQHQEOLYHULQGE\JJHWRYHUHQRYQDIHW

DQGHW P UNH VNDO GHU DQYHQGHV HQ PHOOHPEXQG DI WU   ILJXU  
9HQWLODWLRQILJXU 
.RJHWRSSHQVNDOY UHSDVVHQGHYHQWLOHUHWLPRGVDWIDOGNDQGHW

LNNHJDUDQWHUHVDWGHQIXQJHUHUNRUUHNW
(IWHUVRP YHQWLODWLRQHQ DI GHQ XQGHUVWH GHO DI DSSDUDWHW NU YHU HQ

WLOVWU NNHOLJVWRUOXIWWLOI¡UVHOVNDOLQGE\JQLQJVVNDEHWLQGUHWWHV

WLOVYDUHQGH+HUWLOVNDOI¡OJHQGHXGI¡UHV

(QPLQLPXPDIVWDQGPHOOHPEDJVLGHQDILQGE\JQLQJVVNDEHWRJ

N¡NNHQY JJHQ RJ PHOOHP RYHUVLGHQ DI ERUGSODGHQ RJ VNXIIHQV

¡YHUVWHGHO  ILJXUD 

(QnEQLQJSnEDJVLGHQDILQGE\JQLQJVVNDEHW  ILJXUE