• No results found

Embedding the Circular Economy in Investment Decision-making for Capital Assets – A Business Case Framework

N/A
N/A
Protected

Academic year: 2021

Share "Embedding the Circular Economy in Investment Decision-making for Capital Assets – A Business Case Framework"

Copied!
6
0
0

Bezig met laden.... (Bekijk nu de volledige tekst)

Hele tekst

(1)

Procedia CIRP 48 ( 2016 ) 425 – 430

2212-8271 © 2016 The Authors. Published by Elsevier B.V. This is an open access article under the CC BY-NC-ND license (http://creativecommons.org/licenses/by-nc-nd/4.0/).

Peer-review under responsibility of the scientific committee of the 23rd CIRP Conference on Life Cycle Engineering doi: 10.1016/j.procir.2016.04.087

ScienceDirect

UG&,53&RQIHUHQFHRQ/LIH&\FOH(QJLQHHULQJ

(PEHGGLQJWKHFLUFXODUHFRQRP\LQLQYHVWPHQWGHFLVLRQPDNLQJIRUFDSLWDO

DVVHWV±DEXVLQHVVFDVHIUDPHZRUN



0.RUVH

D

5-5XLWHQEXUJ

EF

0(7R[RSHXV

E

$--%UDDNVPD

E





aGemeente Haarlemmermeer, Raadhuisplein 1, 2132 TZ Hoofddorp, the Netherlands

bUniversity of Twente, De Horst 2, 7522 LW Enschede, the Netherlands c Liander N.V., Utrechtseweg 68, 6812 AH Arnhem, the Netherlands &RUUHVSRQGLQJDXWKRUTel.:E-mail address:UMUXLWHQEXUJ#XWZHQWHQO

$EVWUDFW

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‹7KH$XWKRUV3XEOLVKHGE\(OVHYLHU%9 3HHUUHYLHZXQGHUUHVSRQVLELOLW\RIWKHVFLHQWLILFFRPPLWWHHRIWKHVFLHQWLILFFRPPLWWHHRIWKHUG&,53&RQIHUHQFHRQ/LIH&\FOH (QJLQHHULQJ Keywords:LQYHVWPHQWGHFLVLRQPDNLQJFLUFXODUHFRQRP\VXVWDLQDELOLW\DVVHWPDQDJHPHQW  ,QWURGXFWLRQ 5HFHQWO\WKH&LUFXODU(FRQRP\ &( VWDUWHGWRJDLQPRUH DWWHQWLRQ $V RSSRVHG WR WKH FXUUHQW ³OLQHDU´ HFRQRP\ WKLV PRGHO DLPV WR NHHSUHVRXUFHV DW WKHLUKLJKHVW XWLOLW\ DW WKHLU KLJKHVW YDOXH DQG SRWHQWLDO  ZLWKLQ WKH HFRQRP\ >@ 7KLV SURSRVLWLRQRI&(LVDQDQVZHUWRLQFUHDVLQJUHVRXUFHVFDUFLW\ $YDLODELOLW\ DQG VXSSO\ RI UHVRXUFHV LV EHFRPLQJ OHVV VHFXUH DQG SULFHV EHFRPH PRUH YRODWLOH &( DGGUHVVHV VRFLDO DQG HQYLURQPHQWDOFKDOOHQJHVDQGLWSURYLGHVHFRQRPLFEHQHILWVWR EXVLQHVVHV>@

6XFKFKDOOHQJHVZHUHDOVRUHFRJQL]HGE\/LDQGHUD'XWFK GLVWULEXWRUDQGQHWZRUNRSHUDWRU '12 IRUJDVDQGHOHFWULFLW\ WKDWDLPVWRSURYLGHDVXVWDLQDEOHDQGUHOLDEOHHQHUJ\VHUYLFH 7KH LQIUDVWUXFWXUH WKDW LW PDLQWDLQV H[LVWV RI DQ H[WHQVLYH QHWZRUN RI GXUDEOH SK\VLFDO FDSLWDO DVVHWV 2QH RI WKH FKDOOHQJHVLVWRUHSODFHDJLQJDVVHWVDGHTXDWHO\$WWKHVDPH WLPHUHFHQWWHFKQRORJLFDOGHYHORSPHQWVVXFKDVGHFHQWUDOL]HG SURGXFWLRQ RI UHQHZDEOH HQHUJ\ UHTXLUH DQ H[SDQVLRQ RI LWV LQIUDVWUXFWXUHFDSDFLW\WRFRQWLQXHDKLJKOHYHORIDYDLODELOLW\

:LWKLQ WKLV FRQWH[W /LDQGHU QHHGV D WRRO WR VXSSRUW VXVWDLQDEOH GHFLVLRQV RQ DVVHW LQYHVWPHQWV ,Q OLQH ZLWK /LDQGHU¶V DPELWLRQV WR LPSOHPHQW &( ZLWKLQ WKHLU DVVHW PDQDJHPHQW HQYLURQPHQWDO VXVWDLQDELOLW\ VKRXOG EH SDUW RI WKH VXVWDLQDEOH LQYHVWPHQW GHFLVLRQV PHWKRGRORJ\ 7KHVH DPELWLRQV DVZHOO DV SK\VLFDO DQG WHFKQLFDO FKDOOHQJHV DIIHFW /LDQGHU¶V EXVLQHVV SURSRVLWLRQ UHTXLULQJ D FKDQJH LQ LWV EXVLQHVVFDVHPRGHOIRUSK\VLFDOFDSLWDODVVHWV

%XVLQHVV FDVHV DOORZ D FRPSDQ\ WR VWHHU WRZDUGV SUHGHILQHGJRDOVLQDGYDQFH&RPPRQEXVLQHVVFDVHVPRGHOV LQFOXGH WKH business objectives cost and benefits DQG risk valuation >@5HVXOWLQJDVVHW LQYHVWPHQW GHFLVLRQV DUHEDVHG RQ WKH WUDGHRIIV EHWZHHQ WKHVH YDOXHV 6R IDU IHZ SXEOLFDWLRQV KDYH EHHQ IRXQG WKDW GLVFXVV WKH DGGLWLRQ RI HQYLURQPHQWDO VXVWDLQDELOLW\ WR WKH EXVLQHVV FDVH DQG &( LQ SDUWLFXODU$OVR DV 1LHNDPSet al. VWDWH LQ WKH ILHOG RI DVVHW PDQDJHPHQW WKHUH LV D ODFN RI JXLGDQFH IRU FRQVLGHULQJ VXVWDLQDELOLW\ DVSHFWV >@ 1H[W WR WKDW &( SULQFLSOHV LQ UHODWLRQ WR SK\VLFDO FDSLWDO DVVHWV DUH QRW FOHDUO\ GHILQHG © 2016 The Authors. Published by Elsevier B.V This is an open access article under the CC BY-NC-ND license

(http://creativecommons.org/licenses/by-nc-nd/4.0/).

(2)

+HQFH QR XVHIXO PHWKRG LV \HW DYDLODEOH WR PDNH &( EDVHG GHFLVLRQVIRUSK\VLFDOFDSLWDODVVHWV

7KH DLP RI WKLV SDSHU LV WR GHYHORS D EXVLQHVV FDVH IUDPHZRUN IRU HQYLURQPHQWDO VXVWDLQDELOLW\ EDVHG RQ &( SULQFLSOHV7KHSDSHUZLOOHVSHFLDOO\DGGUHVVWKHGHILQLWLRQRI &(IRUFDSLWDODVVHWVDQGWKHLPSOHPHQWDWLRQRIWKLVGHILQLWLRQ ZLWKLQDEXVLQHVVFDVHIUDPHZRUN,WZLOOUHVXOWLQDSUDFWLFDO GHFLVLRQ VXSSRUW WRRO WR DLG DVVHW PDQDJHUV LQ PDNLQJ LQYHVWPHQW GHFLVLRQV IRU FDSLWDO DVVHWV 7KH 'HVLJQ 6FLHQFH 5HVHDUFK '65 PHWKRGRORJ\GHVFULEHGLQVHFWLRQLVXVHGWR JXLGHWKLVSURFHVV

7KHOLWHUDWXUHSDUDJUDSKVHFWLRQIRFXVVHVRQWZRILHOGV EXVLQHVV FDVHV IRU VXVWDLQDELOLW\ %&6  DQG &( 7KH FRQVWLWXHQWV RI WUDGLWLRQDO EXVLQHVV FDVHV DV ZHOO DV FXUUHQW IUDPHZRUNV IRU %&6 ZLOO EH GLVFXVVHG &RQVLGHULQJ &( LWV GHILQLWLRQ DQG SULQFLSOHV ZLOO EH DGGUHVVHG DV ZHOO DV LQGLFDWRUVWRPHDVXUHHQYLURQPHQWDOVXVWDLQDELOLW\IURPD&( SHUVSHFWLYH

6HFWLRQZLOOOLQN&(WRWKHEXVLQHVVFDVHE\GHYHORSLQJD IUDPHZRUNWKDWLQFOXGHVVXVWDLQDELOLW\7KHIROORZLQJVHFWLRQ ZLOO GHPRQVWUDWH WKLV IUDPHZRUN WKURXJK DQ DSSOLFDWLRQ RQ GLVWULEXWLRQ WUDQVIRUPHUV 7KHVH FDSLWDO DVVHWV DUH FRPPRQO\ SUHVHQWDQGUHSUHVHQWDWLYHIRUWKHHOHFWULFDOLQIUDVWUXFWXUH

7KHSDSHUZLOOFRQFOXGHZLWKDQHYDOXDWLRQDQGGLVFXVVLRQ RIWKHUHVXOWVLQVHFWLRQDQG

'HVLJQVFLHQFHUHVHDUFKPHWKRGRORJ\ '65 

7RGHVLJQDWRROWKDWVXSSRUWVVXVWDLQDEOHDVVHWLQYHVWPHQW GHFLVLRQPDNLQJ LQWHJUDWLRQ RI YDULRXV GLVFLSOLQHV LV QHFHVVDU\ %HVLGHV LQWHJUDWLRQ WKH WKHRUHWLFDO NQRZOHGJH QHHGV WR EH WUDQVODWHG LQWR D SUDFWLFDO WRRO IRU D UHDO ZRUOG SUREOHP %\ XVLQJ '65 WR WDFNOH WKLV FRPSOH[ SUREOHP LQ D UHOLDEOHZD\DUHOHYDQWWRRORU³DUWHIDFW´IRUDQXQVROYHGDQG LPSRUWDQWEXVLQHVVSUREOHP>@ZLOOEHGHYHORSHG$V+HYQHU et al. >@ VWDWHV '65 FDQ KHOS VROYH SUREOHPV FKDUDFWHUL]HG E\ ³XQVWDEOH UHTXLUHPHQWV DQG FRQVWUDLQWV EDVHG XSRQ LOO GHILQHG >«@ FRQWH[WV´ 7KH PHWKRGRORJ\ GHYHORSV ERWK NQRZOHGJH DQG DQ DUWHIDFW GXULQJ WKH YDULRXV SURFHVV VWHSV ILJ ,QWKLVSDSHUMXVWWKHUHVXOWVZLOOEHSUHVHQWHG

7KH NQRZOHJGH QHHGHG WR GHYHORS WKH DUWHIDFW LV EDVHG XSRQDOLWHUDWXUHUHYLHZREVHUYDWLRQVPDGHZKLOHSDUWDNLQJLQ /LDQGHU¶V RUJDQL]DWLRQ DQG WKURXJK PHHWLQJV ZLWK UHOHYDQW VWDNHKROGHUV LQWHUQDO DQG H[WHUQDO RI WKH RUJDQL]DWLRQ 7KLV SURFHVVVXSSRUWHGWKHLGHQWLILFDWLRQRIDQ\SUHFRQGLWLRQVWKDW WKHIUDPHZRUNQHHGVWRFRPSO\ZLWK

7RJXLGHWKHGHVLJQSURFHVVWKHFRQWH[WXDONQRZOHGJHZDV WUDQVODWHG LQWR VSHFLILF GHVLJQ FULWHULD 7KHVH GHVLJQ FULWHULD ZHUHXVHGWRFUHDWHDFOHDUVFRSHIRUWKHGHYHORSPHQWRIWKH WRRODQGWRWHVWWKHGHYHORSHGWRRO

)LJ'HVLJQ6FLHQFH5HVHDUFK0HWKRGRORJ\$GDSWHGIURP3HIIHUVet al>@

/LWHUDWXUH

3.1. Business case models for sustainability (BCS)

%XVLQHVV FDVH PRGHOV GHILQH WKH EXVLQHVV SURSRVLWLRQ DQG YDOXHV RI DQ RUJDQL]DWLRQ $Q H[DPSOH RI D WUDGLWLRQDO EXVLQHVV FDVH PRGHO LV WKH ,7 LQYHVWPHQW GHFLVLRQ PRGHO RI 5HPHQ\L >@ 7KLV FRPSUHKHQVLYH PRGHO DSSUDLVHV WKH EXVLQHVV RXWFRPH VWDNHKROGHUV WHFKQLFDO TXDOLW\ VWUDWHJLF DOLJQPHQWDQGULVNDVVHVVPHQWRIDQ,7LQYHVWPHQW7KHKLJK TXDOLW\ VWDQGDUGVZLWKLQ WKHFDSLWDO DVVHW LQGXVWU\ DUH VLPLODU WR WKHVH ILYH EXVLQHVV FDVH HOHPHQWV 5HPHQ\L¶V PRGHO PD\ WKHUHIRUH EH DGRSWHG ZLWKLQ FDSLWDO DVVHW VHFWRUV +RZHYHU WKH PRGHO GRHV QRW LQFOXGH HQYLURQPHQWDO VXVWDLQDELOLW\ QRU &( 7KH OLWHUDWXUH UHYLHZ RI EXVLQHVV FDVH PRGHOV E\ %HUJKRXW 7DQ>@VKRZHGWKDWVXVWDLQDELOLW\LVXVXDOO\QRW WDNHQ LQWR DFFRXQW LQ EXVLQHVV FDVHV 7KLV LV D GHILFLW LQ FXUUHQW PHWKRGRORJLHV DV WKH GHPDQG IRU LQFOXGLQJ HQYLURQPHQWDOVXVWDLQDELOLW\LVLQFUHDVLQJ>@

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

%XVLQHVVFDVHPRGHOVWKDWVSHFLILFDOO\LQFOXGH&(ZHUHQRW IRXQG$PHWKRGWKDWFRPHVFORVHVWWRWKHVFRSHRIWKLVVWXG\ LV WKH 6XVWDLQDEOH :DWHU ,QGXVWU\ $VVHW 5HVRXUFH 'HFLVLRQ 6:$5' PRGHO>@7KLVPRGHODVVHVVHVYDULRXVLQGLFDWRUV ZLWKLQ IRXU WRS OHYHO FRQVWLWXHQWV HFRQRPLF HQYLURQPHQWDO VRFLDO DQG WHFKQLFDO FULWHULD$OWKRXJK WKH6:$5' PRGHO LV WRRVSHFLILFIRUWKHDLPRIWKLVUHVHDUFKWKHH[SOLFLWLQFOXVLRQ RIHQYLURQPHQWDOVXVWDLQDELOLW\PDNHVLWDJRRGH[DPSOHIRUD %&6

3.2. Circular Economy

$W WKH PRPHQW RI WKLV VWXG\¶V UHVHDUFKSKDVH IHZ DUWLFOHV RQ &( ZHUH SXEOLVKHG >@ $Q DQDO\VLV RI WKH OLWHUDWXUH VKRZHG WKDW DPRQJVW WKH YDULRXV VFKRODUV GLIIHUHQFHV LQ GHILQLWLRQ DQG SULQFLSOHV RI &( FDQ EH IRXQG 7KHVH GLIIHUHQFHV RFFXU GXH WR D GLIIHUHQFH LQ FXOWXUDO SHUVSHFWLYH

(3)

OHJLWLPL]DWLRQ DSSOLFDWLRQ DQG VFRSLQJ >@ 7KHUHIRUH LW VKRXOG EH QRWHG WKDW QRW DOO &( SULQFLSOHV FDQ EH DSSOLHG LQ HYHU\ FRQWH[W DQG WKDW VSHFLILF DSSOLFDWLRQV PD\ UHTXLUH D XQLTXHVHWRISULQFLSOHV

$SSDUHQWO\ QR JHQHUDO DFNQRZOHGJHG GHILQLWLRQ RI &( LV SUHVHQW >±@ 7R PHHW WKH QHHG IRU WKLV VWXG\ LW LV QHFHVVDU\ WR GHILQH &( IURP DQ HQYLURQPHQWDO VXVWDLQDELOLW\ SHUVSHFWLYH LQ VXFK D ZD\ WKDW LW FDQ EH HPEHGGHG ZLWKLQ D EXVLQHVV FDVH IUDPHZRUN 7KH UHVXOWLQJ LQGLFDWRUV VKRXOG EH DSSOLFDEOH DQG SUDFWLFDO ZLWKLQ LQIUDVWUXFWXUH DVVHW PDQDJHPHQW

3.3. Operationalizing Circular Economy Principles

(YHQ WKRXJK QR JHQHUDO DFFHSWHG GHILQLWLRQ LV SUHVHQW D ZLGH YDULHW\ RI &( SULQFLSOH VHWV KDYH EHHQ GHYHORSHG LQ RUGHU WR PHDVXUH &( 8QIRUWXQDWHO\ LQ PRVW FDVHV LW LV XQFOHDU ZKDW WKH IXQGDPHQWDO SULQFLSOH ZDV WR EDVH WKH LQGLFDWRUV RQ )RU H[DPSOH WKH 1'5& LQGLFDWRU V\VWHP IRFXVVHVRQO\RQUHVRXUFHXWLOL]DWLRQ>@ZKLOH%DVWHLQet al. DOVR LQFOXGH HFRORJLFDO IRRWSULQW >@ 7KHVH LQFRQVLVWHQFLHV FDQ FDXVH FRQIXVLRQ DQG LQFRPSDWLELOLWLHV DQG PD\ HYHQ LQFUHDVH WKH ELDV RI &( SHUIRUPDQFH DVVHVVPHQWV 7R UHQGHU RXWWKLVELDVZLWKLQD%&6WKHFRUHSULQFLSOHVRI&(PXVWEH FOHDUO\ GHILQHG 7KLV LV GRQH WKURXJK DQ DQDO\VLV RI HOHYHQ LQGLFDWRUVHWV WDEOH UHOHYDQWWRWKHVFRSHRIWKLVVWXG\

%\ JURXSLQJ LQGLFDWRUV WKDW PHDVXUH D VLPLODU DVSHFW LQWR RYHUDUFKLQJ FDWHJRULHV WKH DPRXQW RI LQGLFDWRUV KDV EHHQ UHGXFHG ILJXUH   6XEVHTXHQWO\ WKH QXPEHU RI LQGLFDWRUV ZLWKLQHDFKFDWHJRU\LQGLFDWHVWKHDSSDUHQWLPSRUWDQFHRIWKDW FDWHJRU\ZLWKLQ&( 7DEOH2YHUYLHZRILQGLFDWRUVHWVIRU&(DQGUHODWHGWRSLFV %DVWHLQet al.>@ &LUFXODU6FRUHFDUG>@ &LUFXODULW\&DOFXODWRU (0$ >@ &UDGOHWR&UDGOH>@ &653HUIRUPDQFH/DGGHU>@ *HQJet al. $ >@ *HQJet al. % >@ 0(3LQGLFDWRUV\VWHP>@ 1'5&LQGLFDWRUV\VWHP>@ 5HVRXUFH3DVVSRUW>@ 6FKRROGHUPDQet al.>@    )LJ&DWHJRUL]DWLRQRIWRSOHYHOSULQFLSOHVDQGLQGLFDWRUVIRXQGLQOLWHUDWXUH RQDQGUHODWHGWR&(SHUFHQWDJHRILQGLFDWRUVWKDWWKHFDWHJRU\DFFRXQWVIRU  )LJ5HODWLRQRIWKUHH&(GHGXFHGHQYLURQPHQWDOVXVWDLQDELOLW\LQGLFDWRUV

,Q FRPPRQ EXVLQHVV FDVH IUDPHZRUNV OLNH 5HPHQ\L¶V >@ RU 6:$5' >@ WKH economic social DQG organization FDWHJRULHV DUH DOUHDG\ UHSUHVHQWHG 7KH FDWHJRULHV material usage eco-footprint DQG impact FRPELQHG FDQ FRQWULEXWH WR WKH DLP RI H[SOLFLWO\ LQFOXGLQJ HQYLURQPHQWDO VXVWDLQDELOLW\ IURP D &( SHUVSHFWLYH LQWR WKH IUDPHZRUN 7KH UHPDLQLQJ FDWHJRULHV energy DQG emissions KDYH EHHQ LQFOXGHG ZLWKLQ WKHPDWHULDOXVDJHDQGHFRIRRWSULQWFDWHJRU\7KLVZDVGRQH DV HQHUJ\ SURGXFWLRQ LV GHULYDWLYH RI PDWHULDO XVDJH DQG HPLVVLRQVDIIHFWWKHHFRIRRWSULQW)RUH[DPSOHSRZHUSODQWV LQFLQHUDWH IRVVLO IXHOV DQG &2 %\ HPEHGGLQJ WKHP LQ H[LVWLQJFDWHJRULHVGRXEOHFRXQWLQJLVDYRLGHG

7KLV UHVXOWV LQ WKH IROORZLQJ WKUHH HOHPHQWV WKDW RSHUDWLRQDOL]H &( SULQFLSOHV IURP DQ HQYLURQPHQWDO VXVWDLQDELOLW\SHUVSHFWLYH

 Resource usageFDQEHVHHQDVDGLUHFWVWGHJUHHHIIHFW,W LVWKHTXDQWLWDWLYHHIIHFWRQWKHJOREDOVWRFNRIPDWHULDOV DQGIRVVLOHQHUJ\

 Ecological footprintLVWKHTXDQWLWDWLYHHIIHFWRQWKHJOREDO FDSDFLW\WRUHJHQHUDWHDQGDFWDVVLQN,WLVDVWGHJUHH HIIHFWRQVSDFH

 Environmental impactLVDQLQGLUHFWQGGHJUHHTXDOLWDWLYH HIIHFWRIDQ\HFRQRPLFDFWLYLW\RQWKHHFRV\VWHPV $Q H[DPSOH RI WKHVH WKUHH LQGLFDWRUV FDQ EH JLYHQ RQ WKH EDVLV RI D FRDO ILUH 7KH HIIHFW RI   UHVRXUFH XVDJH LV OHVV FRDO  WKHHFRORJLFDOIRRWSULQWLVWKHGHVWUXFWLRQRIQDWXUHDW FRDOPLQHVDQGWKHVDWXUDWLRQRIWKHDLUZLWK&2DQG  WKH HQYLURQPHQWDO LPSDFW LV WKH JUHHQKRXVH HIIHFW )LJXUH  LOOXVWUDWHVWKHVHWKUHHLQGLFDWRUVLQUHODWLRQWRHDFKRWKHU 'HYHORSPHQWRIEXVLQHVVFDVHIUDPHZRUN

4.1. Template framework

$V D VXLWDEOH %&6 IUDPHZRUN ZDV QRW IRXQG D %&6 ZDV GHYHORSHG ZLWKLQ WKLV VWXG\ EDVHG XSRQ WUDGLWLRQDO EXVLQHVV FDVHVUHOHYDQWWR WKHSK\VLFDO FDSLWDO DVVHW VHFWRU 5HPHQ\L¶V IUDPHZRUN ZDV LGHQWLILHG DV D VXLWDEOH WHPSODWH GXH WR WKH FRQVWLWXHQWVLWFRYHUVWKHWHFKQRORJ\VWUDWHJLFVWDNHKROGHUV ILQDQFLDO DQG ULVNV 7KH ILUVW IRXU GHVFULEH VHSDUDWH GRPDLQV ZKLOHULVNVDUHDVVHVVHGXSRQWKHVHIRXUFRQVWLWXHQWV



&2

(4)

(YHQ WKRXJK 5HPHQ\L¶V IUDPHZRUN LV UHOHYDQW WR WKLV VWXG\LWVLQGLFDWRUVGRQRWDOOPDWFKWKHDVSHFWVWKDWDUHIRXQG WR EH LPSRUWDQW ZLWKLQ WKH HOHFWULFLW\ LQIUDVWUXFWXUH VHFWRU 8VLQJ WKH SURFHVV SKDVHV RI 6:$5' WKUHH DSSOLFDEOH LQGLFDWRUV SHU FRQVWLWXHQW WDEOH   ZHUH VHOHFWHG 7KLV ZDV GRQH E\ WDNLQJ LQWR DFFRXQW WKH LQGLFDWRUV XVHG E\ /LDQGHU DQG WKRVH SUHVHQW LQ 5HPHQ\L¶V IUDPHZRUN 7KLV OHDGV WR D WHPSODWHIUDPHZRUNWRZKLFKVXVWDLQDELOLW\FDQEHDGGHG

$ OLPLWHG QXPEHU RI LQGLFDWRUV NHHSV WKH PRGHO OHDQ DQG SUDFWLFDO7KHVHOHFWHGLQGLFDWRUVDVVHVVGLIIHUHQWQRQRUOLWWOH RYHUODSSLQJ DVSHFWV RI WKH FRQVWLWXHQW +RZHYHU DV HDFK %&6 KDV LWV VSHFLILF FRQWH[W GLYHUWLQJ IURP WKHVH JHQHULF LQGLFDWRUV FDQ EH GRQH E\ UHSODFLQJ RU DGGLQJ DGGLWLRQDO LQGLFDWRUV

4.2. Adding environmental sustainability to the framework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

$VVHVVPHQW RI WKHVH LQGLFDWRUV FDQ EH GRQH E\ PHDQV RI DSSO\LQJ H[LVWLQJ WRROV )RU UHVRXUFH XVDJH PDWHULDO IORZ DQDO\VHV RU FRPSUHKHQVLYH UHXWLOL]DWLRQ VFRUHV FDQ EH XVHG (QYLURQPHQWDOLPSDFWFDQEHDVVHVVHGXVLQJSDUWRIOLIHF\FOH DQDO\VLVWRROVDQGHFRORJLFDOIRRWSULQWFDQEHPHDVXUHGXVLQJ DFRPSUHKHQVLYHQRQFDUERQIRRWSULQWFDOFXODWRU

4.3. Risk and opportunity management

5LVN PDQDJHPHQW LV WDNHQ VHSDUDWHO\ IURP WKH RWKHU FRQVWLWXHQWV DQG QRW YDOXHG DV DQ LQGLFDWRU ZLWKLQ HDFK FRQVWLWXHQW EHFDXVH RI WKH LPSRUWDQFH RI ULVN PDQDJHPHQW (YHQVPDOOFKDQFHVPD\UHVXOWLQODUJHLPSDFWVZKHQGHDOLQJ ZLWK SK\VLFDO FDSLWDO DVVHWV ZLWKLQ WKH HQHUJ\ LQIUDVWUXFWXUH +HQFHULVNVWHQGWRLQIOXHQFHWKHEXVLQHVVFDVHQHJDWLYHO\

2Q WKH RWKHU KDQG WKHUH LV WKH FKDQFH WKDW FHUWDLQ RSSRUWXQLWLHVPD\RFFXU2SSRVLWHWRULVNVFDQLQIOXHQFHWKH EXVLQHVV FDVH SRVLWLYHO\ +HQFH WKH ULVN DVVHVVPHQW FDQ EH ERWK SRVLWLYH WKH FKDQFH DQG LPSDFW RI DQ RSSRUWXQLW\  DQG QHJDWLYH WKHFKDQFHDQGLPSDFWRIDULVN 7KHUHVXOWLQJ%&6 IUDPHZRUNLVGHSLFWHGLQILJXUH 7DEOH6XJJHVWHGLQGLFDWRUVIRUWKHEXVLQHVVFDVHIRUVXVWDLQDELOLW\ IUDPHZRUN  )LJ%XVLQHVVFDVHIRUVXVWDLQDELOLW\IUDPHZRUN

4.4. Asset investment decision-making

7KHEXVLQHVVFDVHIUDPHZRUNLVWKHEDVLVIRUDVVHWUHODWHG GHFLVLRQV 7R WUDQVODWH WKH IUDPHZRUN LQWR D GHFLVLRQDLGLQJ WRRO YDULRXV PHWKRGV FDQ EH XVHG 7KLV SURFHVV ZLOO QRW EH H[WHQVLYHO\ GLVFXVVHG LQ WKLV SDSHU EXW EDVHG XSRQ SUHYLRXV UHVHDUFKRQWKHWRSLF>@

0XOWLFULWHULD GHFLVLRQ DQDO\VHV 0&'$  FDQ DGGUHVV FRPSOH[ SUREOHPV ZLWK FRQIOLFWLQJ REMHFWLYHV >@ DQG ILW WKH FKDUDFWHULVWLFRID%&67RSUHYHQWFRPSDULQJRUVXPPDWLRQ RI LQGLFDWRUV EDVHG RQ GLIIHUHQW LQFRPSDWLEOH SDUDPHWHUV D SDLUZLVH RXWUDQNLQJ PHWKRG LV VXJJHVWHG >@ 2XWUDQNLQJ JLYHV LQVLJKW LQWR WKH GHFLVLRQ SUREOHP ZLWKRXW FUHDWLQJ ELDVHGRXWFRPHV

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

7KHFDVHVWXG\IRFXVVHVRQGLVWULEXWLRQWUDQVIRUPHUV '7  ILJXUH '7VDUHVWDWLFGHYLFHVWKDWDUHPDLQO\FRQVWUXFWHG RI VWHHO FRSSHU PLQHUDO RLO DQG VRPH SDSHU 7KH FXUUHQW SRSXODWLRQ   WKDW /LDQGHU PDLQWDLQV KDYH UDWHG ORDGV UDQJLQJ IURP N9$ WR N9$ DQG KDYH EHHQ GHVLJQHG IRUDQDYHUDJHOLIHWLPHRI\HDUV7KHLUUHSODFHPHQWUDWHLV DERXWSHU\HDUPRVWO\EDVHGRQSUHYHQWLYHUHSODFHPHQW FULWHULDLQVWHDGRIIDLOXUH

(FRQRPLF 7HFKQRORJ\ 6WDNHKROGHUV 6WUDWHJLF 6XVWDLQDELOLW\ 5LVNV

1HWSUHVHQWYDOXH 5HWXUQRQLQYHVWPHQW 7RWDOFRVWRIRZQHUVKLS )XQFWLRQDOUHTXLUHPHQWV 3K\VLFDOUHTXLUHPHQWV 2SHUDWLRQDOUHTXLUHPHQWV 6WDNHKROGHUGHSHQGHQF\ 6WDNHKROGHUFROODERUDWLRQ 6WDNHKROGHUUHVSRQVLELOLW\ %XVLQHVVJRDOVDOLJQPHQW &KDLQSDUWQHUDOLJQPHQW *RYHUQPHQWDODOLJQPHQW 5HVRXUFHXVDJH (QYLURQPHQWDOLPSDFW (FRORJLFDOIRRWSULQW (FRQRPLF 7HFKQRORJ\ 6WDNHKROGHU 6WUDWHJLF 6XVWDLQDELOLW\

(5)

7DEOH  JLYHV WKH UHVXOW RI DQ 0&'$ IRU WKUHH '7 WHFKQRORJLHVWKHXVHRIDQDOXPLQXPFRLODPRUSKRXVFRUHV RU XVLQJ ELRRLO DV LQVXODWLRQ DQG FRRODQW 7KH EHQFKPDUN LV WKH FXUUHQW VWDQGDUG WUDQVIRUPHU ZLWKLQ /LDQGHU¶V LQIUDVWUXFWXUH 7KH DVVHVVPHQWV ZHUH EDVHG XSRQ H[SHUW VHVVLRQV ZLWKLQ /LDQGHU DQG VXSSRUWHG E\ OLWHUDWXUH RQ WKH YDULRXVWHFKQRORJLHV7KH0&'$LQWDEOHVKRZVWKHUHODWLYH VFRUHVRIWKHFDVHVWXG\DVDQLOOXVWUDWLRQRIWKHDVVHVVPHQW

7KH DVVHVVPHQW VKRZV WKDW HDFK WHFKQRORJ\ KDV LWV SURV DQG FRQV LQ UHODWLRQ WR WKH EHQFKPDUN '7 7KH WUDQVIRUPHU ZLWK DOXPLQXP FRLO LV PRVW VLPLODU WR WKH EHQFKPDUN DQG VFRUHV RQO\ VOLJKWO\ EHWWHU RQ D IHZ LQGLFDWRUV WKDQ WKH EHQFKPDUN7KLVLVWKHUHVXOWRIDOXPLQXPEHLQJDOHVVVFDUFH PDWHULDO WKDQ FRSSHU 'HSHQGHQF\ RQ VXSSO\ FKDLQ DQG VWDNHKROGHUV LV WKHUHIRUH OHVV FULWLFDO 7KH SRVLWLYH VXVWDLQDELOLW\ULVNWUDQVODWHVLQWRDVXVWDLQDELOLW\RSSRUWXQLW\

7KH '7 ZLWK DQ DPRUSKRXV FRUH VKRZV VRPH ODUJH QHJDWLYHV UHOLDELOLW\  DV ZHOO DV ODUJH SRVLWLYHV HQHUJ\ HIILFLHQF\  7KLV LV DQ LQGLFDWLRQ WKDW WKLV QHZ WHFKQRORJ\ LV SURPLVLQJ EXW QRW \HW VXIILFLHQWO\ UHOLDEOH 7KLV LV PDLQO\ FDXVHG E\ WKH EULWWOHQHVV RI WKH DPRUSKRXV PDWHULDO ZKLFK FRPSOLFDWHVSURGXFWLRQWUDQVSRUWDQGLQFUHDVHVFRQWDPLQDWLRQ RI WKH LQVXODWLQJ PLQHUDO RLO )XUWKHU GHYHORSPHQW RI WKH WHFKQRORJ\ PD\ LQFUHDVH LWV SRWHQWLDO DQG RSSRUWXQLWLHV IRU IXWXUHLQYHVWPHQWV 7DEOH$VVHVVPHQWRI'7WHFKQRORJLHVLOOXVWUDWLQJEHQFKPDUNHGVFRUHV $ SRVLWLYHVFRUHSHUIRUPVEHWWHUWKDQWKHEHQFKPDUNDQHJDWLYHZRUVH &RQVWLWXHQW ,QGLFDWRU $OXP LQXP $P RUSKRXV %LRRLO 7HFKQLFDODSSUDLVDO )XQFWLRQDOSHUIRUPDQFH    3K\VLFDOSHUIRUPDQFH    2SHUDWLRQDOSHUIRUPDQFH    (FRQRPLFDSSUDLVDO 1HWSUHVHQWYDOXH    5HWXUQRQLQYHVWPHQW    7RWDOFRVWRIRZQHUVKLS    6WDNHKROGHUDSSUDLVDO 6WDNHKROGHUGHSHQGHQF\    6WDNHKROGHUFROODERUDWLRQ    6WDNHKROGHUUHVSRQVLELOLW\    (QYLURQPHQWDOVXVWDLQDELOLW\ 5HVRXUFHXVDJH    (FRORJLFDOIRRWSULQW    (QYLURQPHQWDOLPSDFW    6WUDWHJLFDOLJQPHQW %XVLQHVVJRDOVDOLJQPHQW    &KDLQSDUWQHUDOLJQPHQW    *RYHUQPHQWDODOLJQPHQW    5LVNYDOXDWLRQ 7HFKQLFDOULVNV    (FRQRPLFULVNV    6WDNHKROGHUULVNV    6XVWDLQDELOLW\ULVNV    6WUDWHJLFULVNV      )LJ$FURVVVHFWLRQRIDFRPPRQGLVWULEXWLRQWUDQVIRUPHU

7KH '7 WKDW XVHV ELRRLO DV FRRODQW LQVWHDG RI FRPPRQO\ XVHG PLQHUDO RLO KDV PRVW DGYDQWDJHV RYHU WKH EHQFKPDUN $OWKRXJK PRUH H[SHQVLYH ELRRLO VORZV GRZQ DJLQJ DQG LPSURYHV UHF\FODELOLW\ ZKLFK KDV D ODUJH SRVLWLYH HIIHFW RQ UHVRXUFHXVDJHDQGPDNHVWKHILQDQFLDOEXVLQHVVFDVHSRVLWLYH RYHUWKHHQWLUHOLIHF\FOH2QHRIWKHGUDZEDFNVRILQYHVWLQJLQ ELRRLO PHQWLRQHG E\ /LDQGHU LV WKH EXUGHQ WR PDQDJH WZR GLIIHUHQW W\SHV RI RLOIORZV 7KLV H[SODLQV WKH QHJDWLYH VFRUH RQRSHUDWLRQDOSHUIRUPDQFHDVORJLVWLFVQHHGWREHDGMXVWHG

7KH DOXPLQXP RSWLRQ VFRUHV VOLJKWO\ OHVV WKDQ WKH ELRRLO EXWKDVQRQHJDWLYHV,WPD\WKHUHIRUHEHHDVLHUWRLPSOHPHQW RQ WKH VKRUW WHUP ZKLOH ELRRLO PD\ KDYH JUHDWHU DGYDQWDJHV RQ WKH ORQJ UXQ 7KH DPRUSKRXV '7 KDV WRR PDQ\ QHJDWLYH VFRUHV WR EH YLDEOH DW WKLV VWDJH +RZHYHU DV WHFKQRORJ\ SURJUHVVHVWKHRSWLRQPD\EHUHDVVHVVHG

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

7R GHYHORS D EDODQFHG DQG FRPSUHKHQVLYH IUDPHZRUN HQYLURQPHQWDO VXVWDLQDELOLW\ ZDV LQFOXGHG LQWR WKH %&6 DV D VHSDUDWH FRQVWLWXHQW 7KDW OHG WR D %&6 RI VL[ FRQVWLWXHQWV ILQDQFLDO DSSUDLVDO WHFKQLFDO DVVHVVPHQW VWDNHKROGHU DSSUDLVDO VWUDWHJLF DOLJQPHQW HQYLURQPHQWDO VXVWDLQDELOLW\ DQG ULVN YDOXDWLRQ 7R NHHS WKH IUDPHZRUN DQG GHFLVLRQ DLGLQJ WRRO SUDFWLFDO LW LV VXJJHVWHG WR DVVHVV WKUHH LQGLFDWRUV SHU FRQVWLWXHQW 7KH SDSHU XVHG FRQVWLWXHQWV DQG LQGLFDWRUV WKDWDUHUHOHYDQWZLWKLQWKHVFRSHRIWKLVVWXG\

7KH GHYHORSHG %&6 IUDPHZRUN KDV EHHQ HYDOXDWHG LQ DQ DSSOLFDWLRQRQGLVWULEXWLRQWUDQVIRUPHUV,WZDVIRXQGWREHD SUDFWLFDO IUDPHZRUN DQG VXSSRUW GHFLVLRQ PDNHUV LQ JLYLQJ EHWWHULQVLJKWLQWKHWUDGHRIIV

(6)

'LVFXVVLRQ

$V GHILQLWLRQV RI &( YDU\ WKURXJKRXW OLWHUDWXUH PRUH UHVHDUFKLVQHFHVVDU\WRGHYHORSDFRPPRQJURXQGDQGV\QWD[ RI &( 0RVW LQGLFDWRUV WKDW WU\ WR PHDVXUH &( ODFN VXEVWDQWLDWLRQ 7KHUHIRUH UHVHDUFK VKRXOG QRW RQO\ IRFXV RQ WKHLPSOHPHQWDWLRQRI&(EXWDOVRRQWKHPHFKDQLVPVEHKLQG &(WRHQDEOHWKHGHGXFWLRQRIFRQVLVWHQWFRUHSULQFLSOHV

:KLOHWKHFRUHSULQFLSOHVPD\QRWEHJHQHUDOO\GHILQHGLW LVJHQHUDOO\DFNQRZOHGJHGWKDW&(FDQEHDQDQVZHUWRPRUH HIILFLHQW UHVRXUFH XVDJH 7KH ILHOG RI DVVHWPDQDJHPHQW DQG HVSHFLDOO\ SK\VLFDO FDSLWDO DVVHWV WKDW FRQWDLQ PDQ\ VFDUFH PDWHULDOV LV WKHUHIRUH DNH\ UHVHDUFK DUHD+RZHYHU &( KDV KDGOLWWOHDWWHQWLRQZLWKLQDVVHWPDQDJHPHQWOLWHUDWXUH

&XUUHQW EXVLQHVV SUDFWLFHV DUH RIWHQ VWUXFWXUHG WR EH FRVW HIILFLHQW DQG DYRLG ILQDQFLDO ULVNV 'HSUHFLDWLRQ DQG GLVFRXQWLQJ DUH VXFK PHDVXUHV +RZHYHU ZKHQ GHSUHFLDWLQJ DQ LQYHVWPHQW WR ]HUR WKH ILQDQFLDO LQFHQWLYH LV ORVW WR UHXVH RUUHF\FOHWKHDVVHWDWLWVHQGRIOLIH:HSURSRVHWRGLVFRXQW WRZDUGVWKHUHPDLQLQJYDOXHRIWKHUHVRXUFHV

:LWKLQ WKLV VWXG\ PDWHULDO UHVRXUFHV ZHUH IRXQG WR EH DQ LPSRUWDQW DVSHFW RI &( 7KH VXSSO\ FKDLQ GHSHQGV RQ WKHVH UHVRXUFH IORZV 7KHUHIRUH WKH DVVHW PDQDJHU WKDW WDNHV &( H[SOLFLWO\LQWRDFFRXQWDOVRDIIHFWVWKHUHVWRIWKHVXSSO\FKDLQ WKURXJKLWVGHFLVLRQV7KHLPSDFWRQWKHVXSSO\FKDLQLVWDNHQ LQWRDFFRXQWZLWKLQWKHVWDNHKROGHUDSSUDLVDOLQGLFDWRU

7KHGHYHORSHG%&6IUDPHZRUNH[SOLFLWO\H[FOXGHVHQHUJ\ DQGHPLVVLRQVDVVHSDUDWHLQGLFDWRUVWRDYRLGGRXEOHFRXQWLQJ +RZHYHU SROLF\PDNLQJ LV FXUUHQWO\ FDUERQ IRFXVHG DQG WKH HQHUJ\ WUDQVLWLRQ KLJKO\ LQIOXHQFHV EXVLQHVV SURSRVLWLRQV ZLWKLQWKHHQHUJ\VHFWRU7KHUHIRUHLWLVVXJJHVWHGWKDWIRUWKH WLPHEHLQJHQHUJ\XVDJHDQG&2FRXOGH[SOLFLWO\EHLQFOXGHG LQ%&6DVGLVFXVVHGLQVHFWLRQ

(FRQRPLFDQGHQYLURQPHQWDOVXVWDLQDELOLW\KDYHERWKEHHQ DFFRXQWHGIRUZLWKLQWKHGHYHORSHGEXVLQHVVFDVHIUDPHZRUN +RZHYHU WRPDNH LW D WUXO\ VXVWDLQDEOH EXVLQHVV FDVH VRFLDO LPSDFWVVKRXOGDOVREHLQFOXGHG7KHIUDPHZRUNGRHVJLYHWKH RSSRUWXQLW\ WR GR VR WKURXJK WKH VWDNHKROGHU UHVSRQVLELOLW\ LQGLFDWRU %XW GXH WR WKH FRPSOH[ QDWXUH RI VRFLDO LPSDFW PRUH UHVHDUFK ZRXOG EH QHFHVVDU\ WR PDNH VXEVWDQWLDWHG FODLPVRQKRZWRLQFOXGHWKLVZLWKLQDEXVLQHVVFDVH

7KH FXUUHQW IUDPHZRUN KDV EHHQ HYDOXDWHG ZLWK D VLQJOH FDVH VWXG\ FRQVLVWLQJ RI YDULRXV GHFLVLRQ SUREOHPV RI ZKLFK RQH KDV EHHQ SUHVHQWHG ZLWKLQ WKLV SDSHU )XUWKHU WHVWLQJ RI WKH IUDPHZRUN LV VXJJHVWHG WR LPSURYH LWV UHOLDELOLW\ DQG JHQHUDOL]DELOLW\7KHUHOLDELOLW\ZLOOLPSURYHLIUHSOLFDELOLW\RI WKH IUDPHZRUN LV IRXQG ,PSURYHPHQW RI WKH JHQHUDOL]DELOLW\ UHTXLUHV WHVWLQJ ZLWKLQ RWKHU LQGXVWULHV LQ DQG RXWVLGH WKH VFRSHRISK\VLFDOFDSLWDODVVHWVIRUWKHHQHUJ\VHFWRU $FNQRZOHGJHPHQWV

7KH DXWKRUV WKDQN /LDQGHU 19 IRU SURYLGLQJ WKH RSSRUWXQLW\DQGFORVHFROODERUDWLRQLQWKLVUHVHDUFKSURMHFW 5HIHUHQFHV >@ (OOHQ0DF$UWKXU)RXQGDWLRQ7RZDUGVWKH&LUFXODU(FRQRP\(FRQRPLF DQGEXVLQHVVUDWLRQDOHIRUDQDFFHOHUDWHGWUDQVLWLRQYRO(OOHQ 0DF$UWKXU)RXQGDWLRQ >@ %DVWHLQ75RHORIV(5LHWYHOG(+RRJHQGRRUQ$2SSRUWXQLWLHVIRUD &LUFXODU(FRQRP\LQWKH1HWKHUODQGV712 >@ %HUJKRXW(7DQ&:8QGHUVWDQGLQJWKHLPSDFWRIEXVLQHVVFDVHVRQ,7 LQYHVWPHQWGHFLVLRQV$QDQDO\VLVRIPXQLFLSDOHJRYHUQPHQWSURMHFWV ,QI0DQDJ±GRLMLP >@ 1LHNDPS6%KDUDGZDM856DGKXNKDQ-&KU\VVDQWKRSRXORV0.$ PXOWLFULWHULDGHFLVLRQVXSSRUWIUDPHZRUNIRUVXVWDLQDEOHDVVHW PDQDJHPHQWDQGFKDOOHQJHVLQLWVDSSOLFDWLRQ-,QG3URG(QJ ±GRL >@ 3HIIHUV.7XXQDQHQ75RWKHQEHUJHU0$&KDWWHUMHH6$'HVLJQ 6FLHQFH5HVHDUFK0HWKRGRORJ\IRU,QIRUPDWLRQ6\VWHPV5HVHDUFK- 0DQDJ,QI6\VW±GRL0,6 >@ +HYQHU$50DUFK673DUN-5DP6'HVLJQ6FLHQFHLQ,QIRUPDWLRQ 6\VWHPV5HVHDUFK0,64± >@ 5HPHQ\L',7LQYHVWPHQWPDNLQJDEXVLQHVVFDVHVWHG2[IRUG %XWWHUZRUWK+HLQHPDQQ >@ 6DO]PDQQ2,RQHVFXVRPHUV$6WHJHU87KH%XVLQHVV&DVHIRU &RUSRUDWH6XVWDLQDELOLW\(XU0DQDJ-± GRLMHPM >@ +RRJPDUWHQV59DQ3DVVHO69DQ$FNHU.'XERLV0%ULGJLQJWKH JDSEHWZHHQ/&$/&&DQG&%$DVVXVWDLQDELOLW\DVVHVVPHQWWRROV (QYLURQ,PSDFW$VVHVV5HY± GRLMHLDU >@)LQQYHGHQ*+DXVFKLOG0=(NYDOO7*XLQpH-+HLMXQJV5+HOOZHJ 6HWDO5HFHQWGHYHORSPHQWVLQOLIHF\FOHDVVHVVPHQW-(QYLURQ0DQDJH ± >@0iUTXH]$&0iUTXH]&3)HUQiQGH]-)*&DPSRV0/*RQ]iOH] 3ULGD'tD]9/LIH&\FOH&RVW$QDO\VLV,QYDQGHU/HL7+HUGHU3 :LMQLD<HGLWRUV$VVHW0DQDJ6WDWH$UW(XUIURPD/LIH&\FOH 3HUVSHFW'RUGUHFKWWKH1HWKHUODQGV6SULQJHU1HWKHUODQGV'RUGUHFKW S± >@0LVKDQ(-4XDK(&RVWEHQHILWDQDO\VLV5RXWOHGJH >@%XWOHU'-RZLWW3$VKOH\5%ODFNZRRG''DYLHV-2OWHDQ'XPEUDYD &HWDO6:$5'GHFLVLRQVXSSRUWSURFHVVHVIRUWKH8.ZDWHULQGXVWU\ 0DQDJ(QYLURQ4XDO$Q,QW-± GRL >@.RUVH0$%XVLQHVV&DVH0RGHOWR0DNH6XVWDLQDEOH,QYHVWPHQW 'HFLVLRQV8QLYHUVLW\RI7ZHQWH >@$QGHUVHQ06$QLQWURGXFWRU\QRWHRQWKHHQYLURQPHQWDOHFRQRPLFVRI WKHFLUFXODUHFRQRP\6XVWDLQ6FL±GRLV  >@'DMLDQ=%DFNJURXQG3DWWHUQDQG3ROLF\RI&KLQDIRU'HYHORSLQJ &LUFXODU(FRQRP\&KLQHVH-3RSXO5HVRXU(QYLURQ± GRL >@<XDQ=%L-0RULJXLFKL<7KH&LUFXODU(FRQRP\$1HZ 'HYHORSPHQW6WUDWHJ\LQ&KLQD-,QG(FRO± GRL >@6X%+HVKPDWL$*HQJ<<X;$UHYLHZRIWKHFLUFXODUHFRQRP\LQ &KLQDPRYLQJIURPUKHWRULFWRLPSOHPHQWDWLRQ-&OHDQ3URG ±GRLMMFOHSUR >@&LUFOH(FRQRP\3ODV$YDQGHU&LUFXODU6FRUHFDUG >@0F'RQRXJK%UDXQJDUW'HVLJQ&KHPLVWU\&UDGOHWR&UDGOH&HUWLILHG 3URGXFW6WDQGDUGHG >@)RXQGDWLRQ6XVWDLQHG5HVSRQVLELOLW\'H0923UHVWDWLHODGGHU(LVHQ 0920DQDJHPHQWV\VWHHP± >@*HQJ<)X-6DUNLV-;XH%7RZDUGVDQDWLRQDOFLUFXODUHFRQRP\ LQGLFDWRUV\VWHPLQ&KLQDDQHYDOXDWLRQDQGFULWLFDODQDO\VLV-&OHDQ 3URG±GRLMMFOHSUR >@'DPHQ0$$5HVRXUFHV3DVVSRUWIRUD&LUFXODU(FRQRP\8WUHFKW 8QLYHUVLW\ >@6FKRROGHUPDQ+YDQGHQ'XQJHQ3YDQGHQ%HXNHO-:YDQ5DDN5 /RRUEDFN'YDQ(LMN)HWDO2QGHUQHPHQLQGHFLUFXODLUHHFRQRPLH $PVWHUGDP2QH3ODQHW$UFKLWH[WXUHLQVWLWXWH0921HGHUODQG >@:DQJ---LQJ<<=KDQJ&)=KDR-+5HYLHZRQPXOWLFULWHULD GHFLVLRQDQDO\VLVDLGLQVXVWDLQDEOHHQHUJ\GHFLVLRQPDNLQJ5HQHZ 6XVWDLQ(QHUJ\5HY±GRLMUVHU >@=DYDGVNDV(.7XUVNLV=0XOWLSOHFULWHULDGHFLVLRQPDNLQJ 0&'0  PHWKRGVLQHFRQRPLFVDQRYHUYLHZ7HFKQRO(FRQ'HY(FRQ ±GRL >@=RSRXQLGLV&3DUGDORV30+DQGERRNRI0XOWLFULWHULD$QDO\VLV 6SULQJHU%HUOLQ+HLGHOEHUJGRL

Referenties

GERELATEERDE DOCUMENTEN

APPLICATION INFORMATION designing the transimpedance circuit continued The feedback capacitor provides a pole in the noise gain of the circuit, counteracting the zero in the noise

\]pe\TTQOP PY^ ^PVQ PY^q^PVQ ZPQR~YWUPY^ ZPQR~YWU^PVZQPQR~YWUPY^q^PVQ nmmrmmmvwwwwwwwwwwwwwwUno{umm vwxyxxvwwwwwwwwwwwwwwwwwwwn Uo{umm vwwwwwwwwwwwwwwwwU

Behoudens de in of krachtens de Auteurswet van 1912 gestelde uitzonderingen mag niets uit deze uitgave worden verveelvoudigd, opgeslagen in een geautomatiseerd gegevensbestand,

[r]

In dit hoofdstuk zal antwoord worden gegeven op de volgende vraag: ‘Welke beoordelingssystemen worden gebruikt bij externe organisaties voor het beoordelen van hun werknemers en

• Leverancier bevestigt schriftelijk aan het bedrijf (in dit geval M&amp;S mode) dat hij zich zal houden aan de Code of Conduct.. • Leverancier vult op verzoek van het bedrijf

Welke problemen bestaan er bij V&amp;D zelf waardoor jouw leveranciers de geplande OG-datum niet weten te realiseren.. Wat zou V&amp;D kunnen doen om deze problemen

Op 21 april en 8 september 2009 is aan uw raad toegezegd dat er terug gekomen zou worden op de suggestie om aandacht te besteden aan de landschappelijke inpassing rondom de