6SHFLILHNHYRRUVWHOOHQYRRUppQ
*HPHHQVFKDSRI*HZHVW
KHW%UXVVHOV+RRIGVWHGHOLMN*HZHVW
&RFRP&RFRI
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
YUHHPGH DINRPVW YDOW RQGHU GH EHYRHJGKHLG YDQ GH &RPPLVVLRQ
FRPPXQDXWDLUHIUDQoDLVHHQGH9ODDPVH*HPHHQVFKDS
$DQJHOHJHQKHGHQ LQ]DNH GH LQWHJUDWLH YDQ SHUVRQHQ PHW HHQ YUHHPGH
QDWLRQDOLWHLW RI YDQ YUHHPGH DINRPVW RYHUVWLMJHQ GH IDFWR HFKWHU GH
EHYRHJGKHGHQ YDQ GH PLQLVWHU YRRU LQWHJUDWLH HQ EHWUHIIHQ GRPHLQHQ
ZDDUYRRUDI]RQGHUOLMNHPLQLVWHULHVEHYRHJG]LMQ WHZHUNVWHOOLQJKXLVYHVWLQJ
2SGDW DDQJHOHJHQKHGHQ PHW EHWUHNNLQJ WRW GH LQWHJUDWLH YDQ
SHUVRQHQ PHW HHQ YUHHPGH QDWLRQDOLWHLW RI YDQ YUHHPGH DINRPVW
LQDDQPHUNLQJZRUGHQJHQRPHQGRRUDOOHGHSDUWHPHQWHQSOHLWKHW
&HQWUXP YRRU HHQ JHFR|UGLQHHUG EHOHLG GDW RS LQWHUPLQLVWHULHHO
QLYHDXRSPHNDDULVDIJHVWHPG
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
%HOJLs QHHPW DDQ HHQ ZLVVHOHQG ULWPH GHHO DDQ GH RSYDQJ YDQ
QLHXZNRPHUVDIKDQNHOLMNYDQGHSULRULWHLWHQYDQGHLQVWHOOLQJHQGLHHUPHH
]LMQEHODVW6LQGVHQNHOHMDUHQ]LMQHUHHQDDQWDOLQIUDVWUXFWXUHQLQKHWOHYHQ
JHURHSHQ
,Q %HOJLs YDOW GLW EHOHLG RQGHU GH EHYRHJGKHLG YDQ *HZHVWHQ HQ
*HPHHQVFKDSSHQ 'H 9ODDPVH *HPHHQVFKDS EHVFKLNW RYHU HHQ
JHwQWHJUHHUGH DDQSDN URQG KHW EHJULS ©LQEXUJHULQJª GDW LQ HHQ
GHFUHHW ZHUG JHJRWHQ 'H]H DDQSDN LV RRN LQ KHW %UXVVHOV +RRIGVWHGHOLMN
*HZHVWRSHUDWLRQHHO
$DQ )UDQVWDOLJH NDQW LV KHW GH µ&RPPLVVLRQ FRPPXQDXWDLUH IUDQoDLVH¶
&RFRI GLHWH%UXVVHOGHFUHWDOHEHYRHJGKHLGKHHIW+HWGHFUHHW©FRKpVLRQ
VRFLDOHª EHSDDOW HHQ EUHHG VSHFWUXP DOJHPHQH PDDWUHJHOHQ
ZDDUYDQHUJHHQHQNHOHVSHFLILHNRSQLHXZNRPHUVLVJHULFKWRRNDOLVKXQ
RSYDQJ HHQ YDQ GH GRHOVWHOOLQJHQ YDQ KHW GHFUHHW 'LW GHFUHHW LV RS
JHPHHQWHOLMNH LQLWLDWLHYHQ JHEDVHHUG 'LH LQLWLDWLHYHQ YHUVFKLOOHQ VWHUN YDQ
JHPHHQWHWRWJHPHHQWH%RYHQGLHQLVRRNGHµ&RPPLVVLRQFRPPXQDXWDLUH
FRPPXQH¶ &RFRP WHU]DNHJHGHHOWHOLMNEHYRHJG
1DDVW GLW RYHUKHLGVEHOHLG LV HU HHQ EHODQJULMNH HQ LQQRYHUHQGH URO
ZHJJHOHJG YRRU LQLWLDWLHYHQ YDQZHJH KHW XLWHUVW ULMNH %UXVVHOVH
YHUHQLJLQJVOHYHQ GDW OHHIW YDQ RYHUKHLGVVXEVLGLHV HQ OLHIGDGLJKHLG 9DDN
JDDWKHWRPJHVSUHLGHLQLWLDWLHYHQZDDUYDQGHLPSDFWPRHLOLMNWHPHWHQLV
'H LQVWLWXWLRQHOH FRPSOH[LWHLW YDQ KHW %UXVVHOV +RRIGVWHGHOLMN *HZHVW ODDW
]LFKGXLGHOLMNJHYRHOHQLQGHRSYDQJYDQQLHXZNRPHUV+HWWHPSRYDQGH
LQLWLDWLHYHQHQGHLQLWLDWLHYHQ]HOIYDQGHYHUVFKLOOHQGHEHYRHJGHRYHUKHGHQ
EHVWDDQQDDVWPHNDDUZDDUGRRUKHWYRRUHHQQLHXZNRPHUGLH]LFKQHWLQ
%UXVVHOKHHIWJHYHVWLJGXLWHUVWPRHLOLMNLV]¶QZHJWHYLQGHQLQKHWDDQERG
DDQ GLHQVWHQ HQ GH VDPHQKDQJ HUYDQ WH EHJULMSHQ RRN DO LV GLW DDQERG
NZDQWLWDWLHIHQYDDNRRNNZDOLWDWLHIKRRJVWDDQG
'H]HVLWXDWLHKHHIWRPWRWJHYROJGDWZDWGHRSYDQJYDQQLHXZNRPHUVLQ
KHW %UXVVHOV +RRIGVWHGHOLMN *HZHVW EHWUHIW QLHW RSWLPDDO ZRUGW WHJHPRHW
JHNRPHQDDQKHWJHHQYDQHHQRYHUKHLGVGLHQVWPDJZRUGHQYHUZDFKWQO
*HOHW RS KHW QXPHULHNH EHODQJ HQ GH VRFLRORJLVFKH LPSDFW YDQ
QLHXZHPLJUDWLHVKHHIW KHW%UXVVHOV+RRIGVWHGHOLMN*HZHVWPHHU
GDQHHQGHUZHONDQGHUJHZHVWEHKRHIWHDDQHHQVSHFLILHNEHOHLG
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
GDWRSGHRSYDQJYDQQLHXZNRPHUVLVJHULFKW
+HW &HQWUXP SOHLW YRRU HHQ %UXVVHOV EHOHLG LQ]DNH RSYDQJ YDQ
QLHXZNRPHUVGDWRYHUKHWYROOHGLJHJURQGJHELHGYDQKHW%UXVVHOV
+RRIGVWHGHOLMN *HZHVW LV JHRUJDQLVHHUG HQ JHFR|UGLQHHUG
FRKHUHQW DDQERG HQ GDW YROGRHW DDQ GH EDVLVYHUHLVWHQ YDQ
HHQGHU ZHONH RYHUKHLGVGLHQVW FRQWLQXwWHLW WRHJDQNHOLMNKHLG
JHOLMNHEHKDQGHOLQJ
:HWWHOLMNH
UHIHUHQWLH V
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
+HW ZHWWHOLMNH NDGHU YHUYROOHGLJHQ LQ GH VWULMG WHJHQ
GLVFULPLQDWLHVLQKHW%UXVVHOV*HZHVW
,Q KHHIW KHW %UXVVHOV *HZHVW YLHU RUGRQQDQWLHV JRHGJHNHXUG WHU
EHYRUGHULQJ YDQ GH GLYHUVLWHLW HQ GH VWULMG WHJHQ GLVFULPLQDWLHV 'H]H
WHNVWHQUHJHOHQ
YRRU]LHQLQJHQ WHU RSWLPDOLVHULQJ YDQ GH
WHZHUNVWHOOLQJVPRJHOLMNKHGHQ LQ GH ORNDOH DGPLQLVWUDWLH YDQ
ZHUN]RHNHQGHQ XLW NDQVDUPH ZLMNHQ RQJHDFKW KXQ HWQLVFKH
DINRPVW ILQDQFLsOH VWLPXOL PHHU REMHFWLYLWHLW ELM GH
UHNUXWHULQJVSURFHGXUH YHUVWHUNWH HQ XLWJHEUHLGHUH URO YDQ GH
GLYHUVLWHLWVFRQVXOHQWHQ RSVWHOOHQ YDQ GLYHUVLWHLWSODQQHQ LQ HONH
DGPLQLVWUDWLH
GH VWULMG WHJHQ GLVFULPLQDWLH JHEDVHHUG RS KHW JHKHHO YDQ
PRWLHYHQ EHGRHOG GRRU GH IHGHUDOH ZHWWHQ YDQ PHL HQ
KHWEHYRUGHUHQYDQGHGLYHUVLWHLWLQGHRSHQEDUHLQVWHOOLQJHQYDQ
KHW%UXVVHOV+RRIGVWHGHOLMN*HZHVW
GH VWULMG WHJHQ GH GLVFULPLQDWLH JHEDVHHUG RS KHW JHKHHO YDQ
PRWLHYHQEHGRHOGGRRUGH IHGHUDOHZHWWHQ YDQPHLZDW
EHWUHIW GH SODDWVLQJVDFWLYLWHLWHQ YDQ ZHUNQHPHUV HQ VRFLR
SURIHVVLRQHOH LQVFKDNHOLQJ GRRU GH LQWHUPHGLDLUH DFWRUHQ RS GH
DUEHLGVPDUNW
LQYRHULQJGLYHUVLWHLWVODEHO
'HLQYORHGHUYDQRSGHVWULMGWHJHQGLVFULPLQDWLHVLQ]DNHWHZHUNVWHOOLQJELM
GHUHJLRQDOHRYHUKHLGRILQGHSULYpVHFWRUGLHRQGHUKHW%UXVVHOV*HZHVW
UHVVRUWHHUW LQWHUPHGLDLUH DFWRUHQ RS GH DUEHLGVPDUNW« LV HYHQZHO
EHSHUNW
,Q PDDUW KHHIW GH &RFRI HHQ GHFUHHW JRHGJHNHXUG EHWUHIIHQGH
JHOLMNHEHKDQGHOLQJLQ]DNHEHURHSVRSOHLGLQJ
(U LV HFKWHU QLHWV JHEHXUG LQ KHW GRPHLQ YDQ GH WHZHUNVWHOOLQJ YRRU KHW
DPEW LQ RYHUKHLGVGLHQVW ELM GH &RFRI GH JH]RQGKHLGV]RUJHQ RI
VFKRROWUDQVSRUW
$OJHPHHQ NDQ ZRUGHQ JHVWHOG GDW HU ELQQHQ KHW %UXVVHOV *HZHVW JHHQ
VSUDNHLVYDQEHVFKHUPLQJWHJHQGLVFULPLQDWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
QRFK LQ KHW GRPHLQ YDQ KHW DDQERG YDQ JRHGHUHQ HQ GLHQVWHQ
DDQ KHW SXEOLHN HQ GXV ELMYRRUEHHOG RRN QLHW ELM GHWRHJDQJ WRW
VRFLDOHKXLVYHVWLQJRIWUDQVSRUW
QRFK LQ GDW YDQ GH WRHJDQJ WRW RI GH GHHOQDPH DDQ HHQ
HFRQRPLVFKH VRFLDOH RI SROLWLHNH DFWLYLWHLW GLH YRRU KHW SXEOLHN
WRHJDQNHOLMNLV JHZHVWYHUNLH]LQJHQELMYRRUEHHOG
9RRUEHHOG VWHO GDW HHQ FKDXIIHXU YDQ GH 0,9% HHQ SHUVRRQ YDQ
YUHHPGH DINRPVW GH WRHJDQJ WRW ]LMQ EXV ZHLJHUW DDQJH]LHQ GH
EHYRHJGKHLG LQ]DNH YHUYRHU HHQ JHZHVWPDWHULH LV ]RX HU GXV HHQ
%UXVVHOVH RUGRQQDQWLH PRHWHQ ZRUGHQ WRHJHSDVW RP KHW UHFKW RS QLHW
GLVFULPLQDWLH YDQ GH]H SHUVRRQ DI WH GZLQJHQ=R¶Q RUGRQQDQWLH EHVWDDW
HFKWHU QLHW +HW VODFKWRIIHU NDQ GXV RS JHHQ HQNHOH PDQLHU ]¶Q UHFKWHQ
GRHQJHOGHQ
%RYHQGLHQ VWHOOHQ ZH YDVW GDW ULFKWOLMQ WRW YHUSOLFKWLQJ YDQ GH
VWULMG WHJHQ UDVVHQGLVFULPLQDWLH ELQQHQ KHW NDGHU YDQ JRHGHUHQ HQ
GLHQVWHQ QLHW DGHTXDDW LV RPJH]HW %HOJLs EOLMIW GXV LQ JHEUHNH ZDQQHHU
KHWJDDWRPGHDGHTXDWHRP]HWWLQJYDQGH]HULFKWOLMQ
'H (XURSHVH &RPPLVVLH ZHUNW PRPHQWHHO DDQ HHQ YRRUVWHO YDQ ULFKWOLMQ
YDQ GH 5DDGEHWUHIIHQGH GH WHQXLWYRHUOHJJLQJ YDQ KHW EHJLQVHO YDQ JHOLMNH
EHKDQGHOLQJ YDQ SHUVRQHQ ]RQGHU RQGHUVFKHLG YDQ JRGVGLHQVW RI
RYHUWXLJLQJ KDQGLFDS OHHIWLMG RI VHNVXHOH JHDDUGKHLG GDW RP YDQ
WRHSDVVLQJLVLQKHWGRPHLQYDQGHOHYHULQJYDQJRHGHUHQHQGLHQVWHQHQ
YDQGH KXLVYHVWLQJ1DJRHGNHXULQJ]DORRN GH]HWHNVWGRRUKHW%UXVVHOV
*HZHVWPRHWHQZRUGHQRPJH]HW
(HQ XLWEUHLGLQJ YDQ KHW WRHSDVVLQJVJHELHG YDQ GH EHVFKHUPLQJ WHJHQ
GLVFULPLQDWLHLQGLHGRPHLQHQLVGXVZHQVHOLMNRSNRUWHWHUPLMQ
WHJHQ GLVFULPLQDWLHV WH JDUDQGHUHQ VWHOW KHW &HQWUXP KHW
YROJHQGHYRRU
PLGGHOHQJRHGWHNHXUHQLQGHVWULMGWHJHQGLVFULPLQDWLHVLQDOOH
GRPHLQHQGLHRQGHUGHEHYRHJGKHLGYDQKHW%UXVVHOV*HZHVWGH
&RFRPHQGH&RFRIYDOOHQ
GH (XURSHVH ULFKWOLMQHQ WHU ]DNH DGHTXDDW RP WH ]HWWHQ ]RZHO
ZDW EHWUHIW DDQJHOHJHQKHGHQ ZDDUYRRU KHW %UXVVHOV *HZHVW
EHYRHJGLVDOVGLHZDDUYRRUGH&RFRIRIGH&RFRPEHYRHJG]LMQ
2UGRQQDQWLH GG VHSWHPEHU HUWRH VWUHNNHQGH HHQ
GLYHUVLWHLWVEHOHLG WH EHZHUNVWHOOLJHQ LQ KHW %UXVVHOV
DPEWHQDUHQDSSDUDDW%6 VHSWHPEHU
2UGRQQDQWLH GG VHSWHPEHU EHWUHIIHQGH GH VWULMG WHJHQ
GLVFULPLQDWLH HQ GH JHOLMNH EHKDQGHOLQJ RS KHW YODN YDQ GH
WHZHUNVWHOOLQJ%6VHSWHPEHU
2UGRQQDQWLH GG VHSWHPEHU WHU EHYRUGHULQJ YDQ
GLYHUVLWHLW HQ WHU EHVWULMGLQJ YDQ GLVFULPLQDWLH LQ KHW %UXVVHOV
*HZHVWHOLMN2SHQEDDU$PEW%6VHSWHPEHU
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
2UGRQQDQWLH GG VHSWHPEHU WHU EHYRUGHULQJ YDQ GH
PDDWVFKDSSHOLMNH YHUDQWZRRUGHOLMNKHLG LQ GH %UXVVHOVH EHGULMYHQ
VHSWHPEHU
'HFUHHWYDQGH&2&2)GGPDDUWEHWUHIIHQGHGHJHOLMNH
EHKDQGHOLQJ WXVVHQ SHUVRQHQ RS KHW YODN YDQ EHURHSVRSOHLGLQJ
%6MDQXDUL
&( DYLV GX MXLOOHW Q $* $*
$* GX HU RFWREUH Q HW GX MXLOOHW
Q UHVSHFWLYHPHQWUHQGXVVXUOHVSURMHWVGHORLV
IpGpUDOHVDQWLGLVFULPLQDWLRQHWVXUO¶DYDQWSURMHWGHGpFUHWZDOORQ
PRGLILDQW OH GpFUHW ZDOORQ GX PDL UHODWLI j O¶pJDOLWp GH
WUDLWHPHQW HQ PDWLqUH G¶HPSORL HW GH IRUPDWLRQ SURIHVVLRQQHOOHª
HW VXU O¶DYDQWSURMHW GH GpFUHW ZDOORQ ©UHODWLI j OD OXWWH FRQWUH
FHUWDLQHVIRUPHVGHGLVFULPLQDWLRQHQFHFRPSULVODGLVFULPLQDWLRQ
HQWUHOHVIHPPHVHWOHVKRPPHVHQPDWLqUHG¶pFRQRPLHG¶HPSORL
HWGHIRUPDWLRQSURIHVVLRQQHOOH
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
WDDN YHHO UXLPHU RPGDW HU ELM KHW GRHOSXEOLHN YDDN HHQ FRPELQDWLH YDQ
SUREOHPHQ ZRUGW YDVWJHVWHOG +HW GHEDW URQG GLH PRHLOLMNKHGHQ QHHPW
YDDNGHYRUPDDQYDQHHQGLVFXVVLHRYHUKHWEHJULSVRFLDOHPL[GDWYDDN
ZRUGWYHUZDUGPHWGDWYDQHWQLVFKHPL[
+HW VDPHQOHYLQJVSUREOHHP ELQQHQ VRFLDOH ZRQLQJHQ PDJ GDQ DO HHQ
EHODQJULMNYUDDJVWXN]LMQKHWFUHsUHQYDQHHQNXQVWPDWLJHKHWHURJHQLWHLW
WXVVHQ EHZRQHUV YLD KHW RSOHJJHQ YDQ TXRWD¶V ± GLH WURXZHQV RQZHWWLJ
]LMQ±]DOGHSUREOHPHQZDDUPHHGHPDDWVFKDSSLMHQHQGHEHZRQHUVYDQ
%LQQHQ GLW NDGHU YUDDJW KHW &HQWUXP GH RYHUKHGHQ YDQ KHW
%UXVVHOV +RRIGVWHGHOLMN *HZHVW PHW GH EHWURNNHQ DFWRUHQ
RYHUOHJWHSOHJHQRPDFWLHVWHEHSDOHQHQGLVFULPLQDWLHSUDNWLMNHQ
WHYHUPLMGHQ
'H KXLVYHVWLQJPDDWVFKDSSLMHQ PRHWHQ RYHU GH PLGGHOHQ
EHVFKLNNHQ RP GLH XLWGDJLQJHQ LQ VDPHQZHUNLQJ PHW GH KHOH
VHFWRU ELMY HHQ QDXZHUH VDPHQZHUNLQJ PHW GH 2&0:¶V WH
NXQQHQDDQJDDQ