&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXP*HZHVWYHUNLH]LQJHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
,QKRXGVWDIHO
,QOHLGLQJ&LMIHUJHJHYHQV'RHOVWHOOLQJHQ
),&+(
2YHU]LFKWYDQHQNHOHFLMIHUJHJHYHQVRYHUGHELMKHW&HQWUXPJHGDQHPHOGLQJHQLQJHZHVWHOLMNHHQJHPHHQVFKDSVDDQJHOHJHQKHGHQ
),&+(,QOHLGLQJ±GRHOVWHOOLQJ
9RRUVWHOOHQJHPHHQVFKDSSHOLMNDDQ*HPHHQVFKDSSHQHQ*HZHVWHQWHU
EHYRUGHULQJYDQHHQEHOHLGJHOLMNHEHKDQGHOLQJ,167580(17(1
),&+(2UJDQLVDWLHYDQGHVDPHQZHUNLQJWXVVHQKHW&HQWUXPHWGH*HZHVWHQHQ
*HPHHQVFKDSSHQKHW&HQWUXPLQWHUIHGHUDDORUJDDQ
),&+(9RRUHHQGLYHUVLWHLWVEDURPHWHU
),&+(0RQLWRULQJLQYRHUHQYDQVDPHQZHUNLQJPHWGH*HZHVWHQ
),&+()HGHUDDO,PSXOVIRQGVYRRUKHW0LJUDQWHQEHOHLG
9RRUVWHOOHQJHPHHQVFKDSSHOLMNDDQ*HPHHQVFKDSSHQHQ*HZHVWHQWHU
EHYRUGHULQJYDQHHQEHOHLGJHOLMNHEHKDQGHOLQJ,1+28'(/,-.(
922567(//(1
),&+( 5HJHOJHYLQJHQ LQ]DNH OHHIWLMG LQ GH IXQFWLHV YDQ JHZHVWHOLMN DPEWHQDDU HQ
GDDUPHH JHOLMNJHVWHOGH ZHUNQHPHUV PHW GH (XURSHVH YHUHLVWHQ LQ RYHUHHQVWHPPLQJ
EUHQJHQ
),&+(+RPRVHNVXHOHZHUNQHPHUVDOVHHQGRHOJURHSYDQHHQGLYHUVLWHLWVEHOHLG
EHVFKRXZHQ
9RRUVWHOOHQJHPHHQVFKDSSHOLMNDDQ*HPHHQVFKDSSHQWHUEHYRUGHULQJYDQ
HHQEHOHLGJHOLMNHEHKDQGHOLQJ
),&+(2QGHUZLMV
),&+(6SRUWHQGLYHUVLWHLW
),&+(&XOWXXUYRRULHGHUHHQWRHJDQNHOLMNPDNHQ
),&+($GRSWLHGRRUNRSSHOVYDQKHW]HOIGHJHVODFKW
9RRUVWHOOHQJHPHHQVFKDSSHOLMNDDQ*HZHVWHQWHUEHYRUGHULQJYDQHHQEHOHLG
JHOLMNHEHKDQGHOLQJ
),&+(2QGHUVWHXQHQHQDDQPRHGLJHQYDQHHQPDLQVWUHDPLQJYDQJHOLMNKHLGYDQ
NDQVHQLQGHJHPHHQWHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
),&+(7RHJDQNHOLMNKHLGYDQGHVWHPEXUHDXV
),&+( :RRQZDJHQEHZRQHUV JHZHVWHOLMN SODQ RSVWHOOHQ YRRU GH LQULFKWLQJ YDQ
SDUNHHU]RQHV
),&+(6RFLDOHLQVSHFWLH
),&+(*HZHVWHOLMNHLQVSHFWLHFRQWUROHRSLOOHJDOHZHUNQHPHUV
),&+(³0RVTXLWR´DSSDUDDWWHJHQMRQJHUHQ
),&+('HYROOHGLJHWRHJDQNHOLMNKHLGYDQRYHUKHLGVJHERXZHQRUJDQLVHUHQ
9RRUVWHOOHQVSHFLILHNDDQppQ*HPHHQVFKDSRI*HZHVW9ODDPVH
*HPHHQVFKDS*HZHVW
),&+($PEWHQLQGHJHZHVWHOLMNHRYHUKHLGVGLHQVWHQRSHQVWHOOHQYRRUYUHHPGHOLQJHQ
RQGHUGDQHQYDQHHQQLHW(8ODQG
),&+(7RHJDQJYDQDVVLVWHQWLHKRQGHQWRWDOOHRSHQEDUHSODDWVHQRUJDQLVHUHQ
),&+( 2QGHUZLMV (HQ ©&RPPLVVLH GLVFULPLQDWLHª PHW &RPPLVVLH
OHHUOLQJHQUHFKWHQ RSULFKWHQ GLH EHYRHJG ]RX ]LMQ RP HONH PHOGLQJ YDQ GLVFULPLQDWLH WH
EHKDQGHOHQ
),&+(7RONHQJHEDUHQWDDOEHKRHIWHQRQYROGRHQGHYROGDDQ
),&+(0HOGSXQWHQ
),&+(6RFLDOHKXLVYHVWLQJOHHIEDDUKHLGYHUVWHUNHQ
),&+(+HW(YHQUHGLJH$UEHLGVGHHOQDPHHQ'LYHUVLWHLW¶($'EHOHLG
),&+(:RRQFRGH
),&+(7DDONHQQLV
),&+(0HGLD±WHOHYLVLH
9RRUVWHOOHQVSHFLILHNDDQppQ*HPHHQVFKDSRI*HZHVW)UDQVH*HPHHQVFKDS
),&+(6DPHQZHUNLQJVDNNRRUGWXVVHQGH)UDQVH*HPHHQVFKDSHQKHW:DDOV
*HZHVWLQ]DNHKHWEHOHLGEHWUHIIHQGHSHUVRQHQPHWHHQYUHHPGHQDWLRQDOLWHLWRIYDQ
YUHHPGHDINRPVW
),&+(7RONHQJHEDUHQWDDOEHKRHIWHQRQYROGRHQGHYROGDDQ
),&+(2QGHUZLMVGHRYHUJDQJVNODVVHQHYDOXHUHQ
),&+(2QGHUZLMVVFKRROJHERXZHQWRHJDQNHOLMNPDNHQ
),&+($XGLRYLVXHHOHQPHGLD
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
9RRUVWHOOHQVSHFLILHNDDQppQ*HPHHQVFKDSRI*HZHVW'XLWVWDOLJH
*HPHHQVFKDS
),&+(+HWZHWJHYHQGHNDGHUWRWRUJDQLVDWLHYDQGHEHVFKHUPLQJWHJHQ
GLVFULPLQDWLHVXLWEUHLGHQHQYHUYROOHGLJHQ
),&+( 6DPHQZHUNLQJ RUJDQLVHUHQ WXVVHQ KHW &HQWUXP HQ GH 'XLWVWDOLJH
*HPHHQVFKDS YRRU GH WRHSDVVLQJ YDQ KHW GHFUHHW LQ]DNH GH JHZDDUERUJGH JHOLMNH
EHKDQGHOLQJ
),&+($XGLRYLVXHHOHQPHGLD
9RRUVWHOOHQVSHFLILHNDDQppQ*HPHHQVFKDSRI*HZHVW:DDOV*HZHVW
),&+($PEWHQLQGHJHZHVWHOLMNHRYHUKHLGVGLHQVWHQRSHQVWHOOHQYRRUYUHHPGHOLQJHQ
RQGHUGDQHQYDQHHQQLHW(8ODQG
),&+( 2S ODQJH WHUPLMQ GHQNHQ DDQ GH LQYRHULQJ YDQ HHQ YHUSOLFKWLQJ YRRU HONH
JHPHHQWHRPHHQPLQLPXPSHUFHQWDJHVRFLDOHZRQLQJHQWHERXZHQ
),&+(2YHUOHJSOHJHQRYHUGHVRFLDOHPL[LQGHVRFLDOHZRQLQJHQ
),&+('HGHILQLWLHYDQGHSHUVRRQPHW HHQKDQGLFDSXLWEUHLGHQLQKHWEHVOXLW YDQ
GH:DDOVHUHJHULQJYDQVHSWHPEHU KRXGHQGHGHUHJHOLQJYDQGHYHUKXXUYDQGH
ZRQLQJHQEHKHHUGGRRUGH6RFLpWp:DOORQQHGX/RJHPHQW
),&+(6DPHQZHUNLQJVDNNRRUGWXVVHQGH)UDQVH*HPHHQVFKDSHQKHW:DDOV
*HZHVWLQ]DNHKHWEHOHLGEHWUHIIHQGHSHUVRQHQPHWHHQYUHHPGHQDWLRQDOLWHLWRIYDQ
YUHHPGHDINRPVW
),&+(
:
9RRUHHQJHFR|UGLQHHUGLQWHJUDWLHEHOHLGRSLQWHUPLQLVWHULHHOQLYHDX),&+(2QWKDDOHQLQWHJUDWLHYDQQLHXZNRPHUV
9RRUVWHOOHQVSHFLILHNDDQppQ*HPHHQVFKDSRI*HZHVW%UXVVHO
+RRIGVWHGHOLMN*HZHVW**&&RFRI
),&+(9RRUHHQEHOHLGYDQLQWHJUDWLHHQVRFLDOHVDPHQKDQJJHFR|UGLQHHUGRS
LQWHUPLQLVWHULHHOQLYHDX
),&+(2QWKDDOHQLQWHJUDWLHYDQQLHXZNRPHUV
),&+( +HW ZHWWHOLMNH NDGHU YHUYROOHGLJHQ LQ GH VWULMG WHJHQ GLVFULPLQDWLHV LQ KHW
%UXVVHOV*HZHVW
),&+(2YHUOHJSOHJHQRYHUGHVRFLDOHPL[LQGHVRFLDOHZRQLQJHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
,QOHLGLQJ
&LMIHUJHJHYHQV
'RHOVWHOOLQJHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
,QOHLGLQJ±&LMIHUJHJHYHQV
%HYRHJGKHLGVQLYHDX
9ODDPVH*HPHHQVFKDS)UDQVH*HPHHQVFKDS
'XLWVWDOLJH*HPHHQVFKDS
:DDOV*HZHVWHQKHW%UXVVHOV+RRIGVWHGHOLMN*HZHVW
7LWHO
2YHU]LFKWYDQHQNHOHFLMIHUJHJHYHQVRYHUGHELMKHW&HQWUXP
JHGDQHPHOGLQJHQLQJHZHVWHOLMNHHQJHPHHQVFKDSV
DDQJHOHJHQKHGHQ
9DVWVWHOOLQJ
,QKHHIWKHW&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQQLHXZH
PHOGLQJHQJHUHJLVWUHHUG%LMYDQGLHGRVVLHUVJLQJKHWRP
DDQJHOHJHQKHGHQGLHRQGHUGHEHYRHJGKHGHQYDQ*HPHHQVFKDSSHQHQ
*HZHVWHQYDOOHQRIYDQGHELMKHW&HQWUXPJHGDQHPHOGLQJHQLQ
DOOHGLVFULPLQDWLHJURQGHQVDPHQ
2QGHUVWDDQGHJUDILHNEHVFKULMIWGHYHUGHOLQJHQKHWSHUFHQWDJH
RQWYDQJHQPHOGLQJHQLQIXQFWLHYDQGHYRRUQDDPVWHVHFWRUHQGLHRQGHU
GHEHYRHJGKHGHQYDQGH*HPHHQVFKDSSHQHQ*HZHVWHQYDOOHQ
+HWJDDWKLHURPYROJHQGHVHFWRUHQ
VRFLDOHKXLVYHVWLQJ
ORNDOHRYHUKHGHQHQKHWVRFLDOHOHYHQGDJHOLMNVHOHYHQ
EXXUWOHYHQRQWVSDQQLQJJURHQHUXLPWHVUXVWKXL]HQ«
PHGLDDXGLRYLVXHOHSHUV
WRHJDQNHOLMNKHLGFXOWXXUHYHQHPHQWHQJHPHHQWHOLMNH
JHERXZHQWHQWRRQVWHOOLQJHQ«
RSHQEDDUYHUYRHU7HF6WLEGH/LMQ
RQGHUZLMVEDVLVVHFXQGDLUHQKRJHURQGHUZLMVYHUKRXGLQJ
OHHUOLQJHQRXGHUVVFKROHQYHUKRXGLQJVFKROHQOHHUNUDFKWHQ
'H]HJUDILHNKRXGWHYHQZHOJHHQUHNHQLQJPHW
PHOGLQJHQEHWUHIIHQGHPLJUDWLHPDWHULHV
PHOGLQJHQPHWEHWUHNNLQJWRWWHZHUNVWHOOLQJLQKHWJHZHVWHOLMN
RIFRPPXQDXWDLUDPEWLQRYHUKHLGVGLHQVW
EHURHSVRSOHLGLQJRISXEOLHNHRISULYDWHEHPLGGHOLQJVLQVWDQWLHV
RSGHDUEHLGVPDUNW
'HJHJHYHQVUHJLVWUDWLHLQKHW&HQWUXPODDWLQ]LMQKXLGLJHYRUPLPPHUV
QLHWWRHRPYDQDOOHPHOGLQJHQGLHLQ]DNHWHZHUNVWHOOLQJZRUGHQ
JHGDDQGHPHOGLQJHQWHLGHQWLILFHUHQGLHELQQHQGH]HYHUVFKLOOHQGH
FDWHJRULHsQYDOOHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
27%
6% 43%
4%
15% 5%
Enseignement Culture/média Transports Logement social
Pouvoirs locaux et vie sociale Accessibilité
9HUWDOLQJJUDILHN
2QGHUZLMV
&XOWXXUPHGLD
7UDQVSRUW
6RFLDOHKXLVYHVWLQJ
/RNDOHRYHUKHGHQHQVRFLDDOOHYHQ
7RHJDQNHOLMNKHLG
5HIHUHQWLHV
'H]HFLMIHUV]LMQDINRPVWLJXLWKHWYHUVODJ'LVFULPLQDWLH'LYHUVLWHLW
9HUVODJ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
SWRW
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
,QOHLGLQJ'RHOVWHOOLQJ
%HYRHJGKHLGVQLYHDX
9ODDPVH*HPHHQVFKDS)UDQVH*HPHHQVFKDS'XLWVWDOLJH
*HPHHQVFKDS:DDOV*HZHVWHQKHW%UXVVHOV+RRIGVWHGHOLMN
*HZHVW
9RRUVWHO
+HW&HQWUXPEHQDGUXNWKHWEHODQJYDQHHQGDDGZHUNHOLMNHWRHSDVVLQJYDQ
KHW(XURSHVHµDQWLGLVFULPLQDWLH¶EHOHLGHQIRUPXOHHUWGDDURPRSJURQGYDQ
]LMQSURIHVVLRQHOHHUYDULQJHHQUHHNVYRRUVWHOOHQDDQGHGHHOVWDWHQGLH]LFK
YRRUEHUHLGHQRSGHYHUNLH]LQJHQYDQMXQL
'LH YRRUVWHOOHQ KHEEHQ JHHQV]LQV GH EHGRHOLQJ GH DXWRQRPLH YDQ GH
*HPHHQVFKDSSHQHQ*HZHVWHQRSGHKHOOLQJWH]HWWHQPDDUGHHUYDULQJHQ
YDQ VODFKWRIIHUV PRHWHQ NHQEDDU JHPDDNW ZRUGHQ 'DDUWRH EDVHHUW KHW
&HQWUXP]LFKHYHQHHQVRSDUWLNHOYDQGHZHWYDQIHEUXDUL
:HWWHOLMNH
UHIHUHQWLHV
$UWLNHOYDQGHZHWYDQIHEUXDULWRWRSULFKWLQJYDQHHQ&HQWUXP
YRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ©+HWFHQWUXP
YHUYXOW]LMQWDNHQLQDOOHRQDIKDQNHOLMNKHLG+HW&HQWUXPLVEHYRHJG
«
GHRYHUKHLGDGYLH]HQHQDDQEHYHOLQJHQWHYHUVWUHNNHQWHQHLQGHGH
UHJHOJHYLQJLQWRHSDVVLQJYDQDUWLNHOYDQGH]HZHWWHYHUEHWHUHQǻ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU
GH*HZHVWHQHQ*HPHHQVFKDSSHQ
WHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
,167580(17(1
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HZHVWHQHQ*HPHHQVFKDSSHQWHU
EHYRUGHULQJYDQHHQEHOHLGYDQJHOLMNHEHKDQGHOLQJ
,167580(17
%HYRHJGKHLGVQLYHDX
*HPHHQVFKDSSHQHQ*HZHVWHQ
7LWHO
2UJDQLVDWLHYDQGHVDPHQZHUNLQJWXVVHQKHW&HQWUXPHWGH
*HZHVWHQHQ*HPHHQVFKDSSHQKHW&HQWUXPLQWHUIHGHUDDO
RUJDDQ
9DVWVWHOOLQJ
+HW &HQWUXP YRRU JHOLMNKHLG YDQ NDQVHQ HQ YRRU UDFLVPHEHVWULMGLQJ ZHUNW
YRRU*HZHVWHQHQ*HPHHQVFKDSSHQHQYRRUGH)HGHUDOHRYHUKHLG%LQQHQ
GLW SHUVSHFWLHI ZHUG WLMGHQV GH YRULJH OHJLVODWXXU HHQ RQWZHUS YDQ
VDPHQZHUNLQJVDNNRRUG WXVVHQ GH )HGHUDOH RYHUKHLG HQ GH
YHUVFKLOOHQGHGHHOVWDWHQRQGHUKDQGHOGRPKHW&HQWUXPYRRUJHOLMNKHLGYDQ
NDQVHQYDQHHQIHGHUDOHLQVWHOOLQJLQHHQ³LQWHUIHGHUDDO´RUJDDQRPWH
YRUPHQ 'DQN]LM GLW RQWZHUSDNNRRUG ]XOOHQ GH VODFKWRIIHUV YDQ
GLVFULPLQDWLHV HQ KDDWGHOLFWHQ RYHUDO LQ KHW ODQG RQJHDFKW GH ZHWJHYLQJ
GH]HOIGH VWHXQ HQ EHVFKHUPLQJ JHQLHWHQ YDQ HHQ]HOIGH RQDIKDQNHOLMNH
RSHQEDUHLQVWHOOLQJZDWWURXZHQVZRUGWYRRUJHVFKUHYHQGRRUGH(XURSHVH
ULFKWOLMQHQWHU]DNH'HPRJHOLMNKHLGRPKXQUHFKWHQDIWHGZLQJHQ]DORS
GLH PDQLHU YHHO ]LFKWEDDUGHU ZRUGHQ 0HW GLW RQWZHUSDNNRRUG GDW GH
DXWRQRPLH HQ GH EHYRHJGKHGHQ YDQ HON YDQ GH GHHOVWDWHQ HQ YDQ GH
IHGHUDOH RYHUKHLG UHVSHFWHHUW NULMJHQ GH YHUVFKLOOHQGH RYHUKHGHQ YDQ KHW
ODQG QLHXZH PRJHOLMNKHGHQ YRRU RYHUOHJ HQ VDPHQZHUNLQJ LQ GH VWULMG
WHJHQGLVFULPLQDWLHV'LWRQWZHUSDNNRRUGYRRU]LHWWHYHQVLQHHQFRUUHFWHHQ
VWUXFWXUHOHILQDQFLHULQJYDQGHDFWLYLWHLWHQYDQKHW&HQWUXP
9RRUVWHO
+HW &HQWUXP SOHLW YRRU VWHXQ YDQ GH *HZHVWHQ HQ
*HPHHQVFKDSSHQ ELM KHW RPYRUPLQJVSURMHFW YDQ KHW &HQWUXP
YRRU JHOLMNKHLG YDQ NDQVHQ LQ HHQ LQWHUIHGHUDDO &HQWUXP HQ YRRU
HHQ VQHOOH KHUYDWWLQJ YDQ GH RQGHUKDQGHOLQJHQ GLH WRW HHQ
©VDPHQZHUNLQJVDNNRRUGªPRHWHQOHLGHQ
:HWWHOLMNH
UHIHUHQWLHV
$UWLNHOELVYDQGHELM]RQGHUHZHWWRWKHUYRUPLQJGHULQVWHOOLQJHQGG
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HZHVWHQHQ*HPHHQVFKDSSHQWHU
EHYRUGHULQJYDQHHQEHOHLGYDQJHOLMNHEHKDQGHOLQJ
,167580(17
%HYRHJGKHLGVQLYHDX
*HPHHQVFKDSSHQHQ*HZHVWHQ
7LWHO
9RRUHHQGLYHUVLWHLWVEDURPHWHU
9DVWVWHOOLQJ
+HW &HQWUXP KHHIW HHQ GLYHUVLWHLWVEDURPHWHU JHODQFHHUG 'LH PHHW RS
UHJHOPDWLJH WLMGVWLSSHQ GH VWHUHRW\SHQ HQ GH GLVFULPLQDWLH WHJHQRYHU
EHSDDOGH ©PLQGHUKHGHQª ]RJHQDDPGH UDVHWQLFLWHLW KDQGLFDS OHHIWLMG
VHNVXHOH JHDDUGKHLG « HQ KXQ SDUWLFLSDWLH DDQ GH EHODQJULMNVWH VHFWRUHQ
YDQGHPDDWVFKDSSLMWHZHUNVWHOOLQJRQGHUZLMVKXLVYHVWLQJ«
(HQ KDDOEDDUKHLGVVWXGLH KHHIW GULH LQVWUXPHQWV QDDU YRRU
JHVFKRYHQRPGH]HEDURPHWHUWHUHDOLVHUHQRSLQLHSHLOLQJHQHUNHQGHWHVWV
HQ GH H[SORLWDWLH YDQ EHVWDDQGH JHJHYHQV GDWDEDQNHQ UDSSRUWHQ HQ]
«
'H *HPHHQVFKDSSHQ HQ *HZHVWHQ ]LMQ UHFKWVWUHHNV EHWURNNHQ DDQJH]LHQ
HHQ DDQWDO YDQ GLH VHFWRUHQ YROOHGLJ RI JHGHHOWHOLMN RQGHU KXQ
EHYRHJGKHGHQ YDOOHQ WHZHUNVWHOOLQJ RQGHUZLMV VRFLDOH KXLVYHVWLQJ
JHZHVWHOLMN RI FRPPXQDXWDLU DPEW LQ RYHUKHLGVGLHQVW RSHQEDDU YHUYRHU
«
'H GLYHUVLWHLWVEDURPHWHU LV HHQ LQIRUPDWLH HQ DQDO\VHLQVWUXPHQW GLH DOOH
RYHUKHGHQ PRHW KHOSHQ HHQ EHOHLG WH YRHUHQ GDW LV JHULFKW RS GH
SDUWLFLSDWLHYDQHHQLHGHUHQGHVWULMGWHJHQGLVFULPLQDWLHVHQVHJUHJDWLH
9RRUVWHO
+HW &HQWUXP YUDDJW GH *HPHHQVFKDSSHQ HQ *HZHVWHQ PHH WH
ZHUNHQDDQGHGLYHUVLWHLWVEDURPHWHU
'H]HELMGUDJHNDQRSYHUVFKLOOHQGHPDQLHUHQJHEHXUHQILQDQFLsOH
HQRI ORJLVWLHNH RQGHUVWHXQLQJ YRRU HHQ DDQWDO NUDFKWOLMQHQ YDQ
GH EDURPHWHU ELMY HUNHQGH WHVWV LQ]DNH WHZHUNVWHOOLQJ
WHUEHVFKLNNLQJVWHOOLQJ YDQ QXWWLJH JHJHYHQV UHNHQLQJ KRXGHQ
PHWGHEDURPHWHULQGHYHUVODJHQ«
:HWWHOLMNH
UHIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HZHVWHQHQ*HPHHQVFKDSSHQWHU
EHYRUGHULQJYDQHHQEHOHLGYDQJHOLMNHEHKDQGHOLQJ
,167580(17
%HYRHJGKHLGVQLYHDX
*HPHHQVFKDSSHQHQ*HZHVWHQ
7LWHO
0RQLWRULQJYHUGHU]HWWHQYDQVDPHQZHUNLQJPHWGH*HZHVWHQ
9DVWVWHOOLQJ
'RRUGHKDUGQHNNLJHGLVFULPLQDWLHVJHEDVHHUGRSQDWLRQDOLWHLWHQQDWLRQDOH
DIVWDPPLQJ RS GH DUEHLGVPDUNW ZRUGHQ HHQ HIILFLsQWH PRQLWRULQJ HQ
RSYROJLQJ YDQ GH DUEHLGVVLWXDWLH YDQ GH %HOJHQ YDQYUHHPGH DINRPVW HQ
DDQJHSDVWHVWDWLVWLHNHQVWHHGVQRRG]DNHOLMNHU
2PHHQEHWHULQ]LFKWWHNULMJHQLQGLHGLVFULPLQDWLHUHDOLWHLWHQGHPLGGHOHQ
WHU EHVWULMGLQJ YDQ GLH GLVFULPLQDWLHV EHWHU LQ WH ]HWWHQ HQ WH EHRRUGHOHQ
KHHIWKHW&HQWUXPLQPDDUWHHQYRRUVWHOLQJHGLHQGWRWLQYRHULQJYDQ
HHQPRQLWRULQJYDQGHDUEHLGVPDUNWRPGHSODDWVRSGHDUEHLGVPDUNWYDQ
GH SHUVRQHQ PHW HHQ YUHHPGH QDWLRQDOLWHLW RI YDQ YUHHPGH DINRPVW WH
PHWHQHQWHYHUJHOLMNHQ
'H PRQLWRULQJ ]DO LQ KDDU ©PDFURª YHUVLH RS HHQ UHJHOPDWLJH EDVLV GH
DUEHLGVPDUNW SHU VHFWRU EHURHSVVWDWXXW HQ DQGHUH NHQPHUNHQ LQ]DNH
WHZHUNVWHOOLQJ NXQQHQ DQDO\VHUHQ LQ IXQFWLH YDQ QDWLRQDOLWHLW HQ QDWLRQDOH
DIVWDPPLQJ,QKDDU©PLFURªYHUVLH]DOGHPRQLWRULQJEHGULMYHQGLH]LFK
HU RQGHU WRH]LFKW YDQ SXEOLHNH DFWRUHQ GLH GH GLYHUVLWHLWVSODQQHQ EHKHUHQ
WRH KHEEHQ YHUERQGHQ HHQ GLYHUVLWHLWVSODQ LQ WH YRHUHQ GH QRGLJH
LQIRUPDWLH NXQQHQ YHUVWUHNNHQ RP GH VDPHQVWHOOLQJ YDQ KXQ SHUVRQHHO LQ
IXQFWLHYDQQDWLRQDOLWHLWHQQDWLRQDOHDIVWDPPLQJWHDQDO\VHUHQ
'H 0RQLWRULQJ YDQ GH DUEHLGVPDUNW ]DO JHEDVHHUG ]LMQ RS REMHFWLHYH
DQRQLHPHHQHUNHQGHJHJHYHQVXLWEHVWDDQGHDGPLQLVWUDWLHYHGDWDEDQNHQ
HQ GLW FRQIRUP GH EHSDOLQJHQ YDQ GH ZHW LQ]DNH EHVFKHUPLQJ YDQ GH
SULYDWHOHYHQVVIHHU
9RRUVWHO
+HW &HQWUXP SOHLW YRRU VWHXQ YDQ GH JHZHVWUHJHULQJHQ RP LQ
VDPHQZHUNLQJ PHW KHW &HQWUXP HHQ PRQLWRULQJV\VWHHP YDQ GH
DUEHLGVPDUNW LQ WH YRHUHQ GDW LV JHEDVHHUG RS QDWLRQDOLWHLW HQ
QDWLRQDOH DINRPVW HQ YRRU GH RQWZLNNHOLQJ HUYDQ DIJHVWHPG RS
GHJHZHVWHOLMNHGLYHUVLWHLWVSODQQHQ
:HWWHOLMNH
UHIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HZHVWHQHQ*HPHHQVFKDSSHQWHU
EHYRUGHULQJYDQHHQEHOHLGYDQJHOLMNHEHKDQGHOLQJ
,167580(17
%HYRHJGKHLGVQLYHDX
*HPHHQVFKDSSHQHQ*HZHVWHQ
7LWHO
)HGHUDDO,PSXOVIRQGVYRRUKHW0LJUDQWHQEHOHLG
9DVWVWHOOLQJ
+HW )HGHUDDO ,PSXOVIRQGV YRRU KHW 0LJUDQWHQEHOHLG ),0 EHVWDDW VLQGV
9LD RQGHUVWHXQLQJ YDQ SURMHFWHQ WHU EHYRUGHULQJ YDQ GH
PDDWVFKDSSHOLMNH LQWHJUDWLH YDQ SHUVRQHQ YDQ YUHHPGH DINRPVW GH
SUHYHQWLH YDQ GLVFULPLQDWLHV HQ GH LQWHUFXOWXUHOH GLDORRJ GUDDJW KHW ),0
EHOHLGELMWRWGHYHUVWHUNLQJYDQGHVRFLDOHHQFXOWXUHOHPL[
'HSURJUDPPD¶VEHRJHQLPPHUVGHYHUEHWHULQJYDQKHWOHYHQVNDGHUHQGH
JHOLMNKHLGYDQNDQVHQHQGUDJHQELMWRWGHLQYRHULQJYDQHHQRIPHHUGHUH
LQWHJUDWLHGLPHQVLHV
+HW JDDW RP HHQ IHGHUDDO IRQGV PDDU WRFK LV GH EHWURNNHQKHLG YDQ GH
*HPHHQVFKDSSHQ HQ *HZHVWHQ EHODQJULMN =H PDNHQ LPPHUV GHHO XLW YDQ
KHW EHKHHUVFRPLWp HQ YDQ GH PLGGHOHQ JDDQ QDDU SURMHFWHQ GLH
GRRUGH*HPHHQVFKDSVHQ*HZHVWUHJHULQJHQ]LMQXLWJHNR]HQ
7RFK PRHW GH ZHUNLQJ YDQ GLW IRQGV ZRUGHQ JHRSWLPDOLVHHUG RP HHQ
GXLGHOLMNHU]LFKWWHNULMJHQRSGHWRHJHNHQGHPLGGHOHQHQRPGLHRRNLQGH
WRHNRPVWWHZDDUERUJHQ
%HKDOYH GH QRRG]DNHOLMNH KHU]LHQLQJ YDQ KHW VWDWXXW RS MXULGLVFK HQ
DGPLQLVWUDWLHI YODN SULRULWDLUH YHUDQWZRRUGHOLMNKHLG YDQ GH IHGHUDOH
RYHUKHLGGLHQWHUWHYHQVUHNHQLQJWHZRUGHQJHKRXGHQPHWGHHYDOXDWLH
YDQ GH 8/% $QGUHD 5HD HQ GH .8/HXYHQ -RKDQ :HWV HQ PHW GH
DDQEHYHOLQJHQHUYDQ
9RRUVWHO
9RRUKHW&HQWUXPPRHWHQ*HPHHQVFKDSSHQHQ*HZHVWHQHHQ
DFWLHYHUROVSHOHQELMKHWKHUGHILQLsUHQYDQGHGRHOVWHOOLQJHQHQ
GHZHUNLQJYDQKHW),0
'DDURPPRHWHQ
GHGRHOJURHSHQRSQLHXZZRUGHQJHGHILQLHHUG
GHSULRULWDLUHDFWLHWHUUHLQHQZRUGHQKHU]LHQHQ
JHKHUGHILQLHHUG
HUHHQ]HNHUHIOH[LELOLWHLWZRUGHQLQJHERXZG]RGDWKHW),0
]LFKDDQGHJHZHVWHOLMNHUHDOLWHLWHQNDQDDQSDVVHQ
GHJHPHHQWHOLMNHSURMHFWHQZRUGHQEHKRXGHQHQWHJHOLMN
PRHWHQRYHUOHJHQHYDOXDWLHZRUGHQJHVWLPXOHHUGRPWH
YHUPLMGHQGDWHUMDDUQDMDDUSURMHFWHQZRUGHQRQGHUVWHXQG
GLHKHWQLHWODQJHU©YHUGLHQHQª
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
GHPHHUMDUHQYLVLHYDQKHW),0HQ]LMQSURMHFWHQZRUGHQ
JHZDDUERUJGHQRIJHVWLPXOHHUG
:HWWHOLMNH
UHIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU
GH*HZHVWHQHQ*HPHHQVFKDSSHQ
WHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
,1+28'(/,-.(922567(//(1
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HZHVWHQHQ*HPHHQVFKDSSHQ
WHUEHYRUGHULQJYDQHHQEHOHLGYDQJHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
*HPHHQVFKDSSHQHQ*HZHVWHQ
7LWHO
5HJHOJHYLQJHQ LQ]DNH OHHIWLMG LQ GH IXQFWLHV YDQ JHZHVWHOLMN HQ
JHPHHQVFKDSVDPEWHQDDU HQ GDDUPHH JHOLMNJHVWHOGH
ZHUNQHPHUV PHW GH (XURSHVH YHUHLVWHQ LQ RYHUHHQVWHPPLQJ
EUHQJHQ
9DVWVWHOOLQJ
'H OHHIWLMG ZRUGW VWHHGV YDNHU WHQ RQUHFKWH DOV HHQ YROOHGLJ QHXWUDDO
RQGHUVFKHLGVFULWHULXP EHVFKRXZG +HHO ZDW UHJHOJHYLQJHQ PDNHQ HU GDQ
RRN JHEUXLN YDQ +HW RQJHUHFKWYDDUGLJGH RQGHUVFKHLG RS JURQG YDQ GH
OHHIWLMGZRUGWRSGLHPDQLHUYDDNRQJHZLOGHHQUHDOLWHLW
+HW FULWHULXP ©OHHIWLMGª LV HFKWHU ODQJ QLHW QHXWUDDO HQ NDQ QHJDWLHYH
JHYROJHQKHEEHQYRRUEHSDDOGHFDWHJRULHsQSHUVRQHQ'H]HGLVFULPLQDWLH
RSJURQGYDQGHOHHIWLMGGRHW]LFKKHHOYDDNYRRURS]RZHOGHSXEOLHNHDOV
GHSULYDWHDUEHLGVPDUNWHQZRUGWQRJVWHHGVQLHWFRUUHFWJHwGHQWLILFHHUG
=H NDQ YHUVFKLOOHQGH YRUPHQ DDQQHPHQ KHW DUELWUDLU EHSDOHQ YDQ
OHHIWLMGVJUHQ]HQELMYYHUEDQGWXVVHQOHHIWLMGHQI\VLHNHODVWYDQHHQMRE
ZHLJHULQJ RP LHPDQG LQ GLHQVW WH QHPHQ RPZLOOH YDQ GH GXUH HQ ODQJH
RSOHLGLQJHQ ZDDUGRRU RXGHUH ZHUNQHPHUV ]LMQ XLWJHVORWHQ ZHLJHULQJ RP
LHPDQGLQGLHQVWWHQHPHQGRRUKHWIHLWJHHQYROOHGLJSHQVLRHQWHNXQQHQ
RSERXZHQZDDUGRRURXGHUHZHUNQHPHUV]LMQXLWJHVORWHQ«
9ROJHQV GH ULFKWOLMQ (* GLH GH *HPHHQVFKDSSHQ HQ *HZHVWHQ
DGHTXDDW GLHQHQ RP WH ]HWWHQ ]LMQ YHUVFKLOOHQGH EHKDQGHOLQJHQ RS JURQG
YDQ GH OHHIWLMG LQ]DNH WHZHUNVWHOOLQJ HFKWHU YHUERGHQ EHKDOYH LQGLHQ GLH
REMHFWLHI HQ UHGHOLMN ZRUGHQ JHUHFKWYDDUGLJG GRRU HHQ OHJLWLHP GRHO PHW
LQEHJULSYDQOHJLWLHPHGRHOVWHOOLQJHQYDQKHWEHOHLGRSKHWWHUUHLQYDQGH
ZHUNJHOHJHQKHLG GH DUEHLGVPDUNW RI DOOH RYHULJH YHUJHOLMNEDUH OHJLWLHPH
GRHOVWHOOLQJHQHQGHPLGGHOHQYRRUKHWEHUHLNHQYDQGDWGRHOSDVVHQGHQ
QRRG]DNHOLMN]LMQ
9RRUVWHO
'DDURPSOHLWKHW&HQWUXPLQGLWYHUEDQGYRRU HHQVFUHHQLQJYDQ
GHUHJOHPHQWDLUHWHNVWHQRPGLHLQRYHUHHQVWHPPLQJWHEUHQJHQ
PHWGH5LFKWOLMQ(*YDQGH5DDGYDQQRYHPEHU
WRWLQVWHOOLQJYDQHHQDOJHPHHQNDGHUYRRUJHOLMNHEHKDQGHOLQJLQ
DUEHLG HQ EHURHS 'LW ]DO GH RYHUKHLGVDGPLQLVWUDWLH KHOSHQ RP
EHWHU RP WH JDDQ PHW GH GLYHUVLWHLW YDQ KDDU SHUVRQHHO HQ
HYHQWXHOHJHUHFKWHOLMNHSURFHGXUHVYHUPLMGHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
5HIHUHQWLHV
5LFKWOLMQ(*YDQGH5DDGYDQQRYHPEHUWRWLQVWHOOLQJ
YDQHHQDOJHPHHQNDGHUYRRUJHOLMNHEHKDQGHOLQJLQDUEHLGHQEHURHS
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HZHVWHQHQ*HPHHQVFKDSSHQ
WHUEHYRUGHULQJYDQHHQEHOHLGYDQJHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
*HZHVWHQHQ*HPHHQVFKDSSHQ
7LWHO
+RPRVHNVXHOHZHUNQHPHUVDOVHHQGRHOJURHSYDQHHQ
GLYHUVLWHLWVEHOHLGEHVFKRXZHQ
9DVWVWHOOLQJ
8LWGHRQGHU]RHNHQLQUHIHUHQWLHEOLMNWRPKHWYROJHQGH
UHVSRQGHQW RS PHHQW GDW KHW PRHLOLMN LV RP ]LMQKDDU
KRPRVHNVXDOLWHLWWHXLWHQRSKHWZHUN
KROHELUHVSRQGHQWHQRSGXUYHQKXQVHNVXHOHJHDDUGKHLGQLHW
EHNHQGPDNHQRSKHWZHUN
UHVSRQGHQW RS PHHQW GDW HHQ KROHEL GLH ]LMQKDDU VHNVXHOH
JHDDUGKHLGLQKHWDPEWLQRYHUKHLGVGLHQVWXLW]LMQKDDUFDUULqUHLQ
JHYDDUEUHQJW
UHVSRQGHQWRSKRRUWJUDSSHQRYHUKROHEL¶VHQRSYHUNODDUW
GDWGLHJUDSSHQRSKHPKDDUEHWUHNNLQJKDGGHQ
PHHU GDQ UHVSRQGHQW RS KRUHQ SHMRUDWLHYH EHQDPLQJHQ
ZDQQHHUKHWRYHUKROHEL¶VJDDWHQRSLVUHHGVKHWVODFKWRIIHU
YDQEHOHGLJLQJHQJHZHHVW
ELQQHQ KHW DPEW LQ RYHUKHLGVGLHQVW EHVWDDW HHQ SURFHV YDQ
PDUJLQDOLVDWLHLQWHJUDWLH
EHSDDOGHVWHUHRW\SHVHQYRRURRUGHOHQWHQRYHUVWDDQYDQKROHEL¶V
EOLMYHQ KDUGQHNNLJ EHVWDDQ LQ KHW DPEW LQ RYHUKHLGVGLHQVW GH
YHUZLMIGH HQ YHUILMQGH KRPR KHW RS KRRS JRRLHQ YDQ
KRPRVHNVXHOHQHQSHGRILHOHQ«
ZHUNQHPHUV GLH KHW VODFKWRIIHU ]LMQ YDQ KRPRIRELH YHUWRQHQ
GHSUHVVLHHQDQJVWV\QGURPHQ
HHQ YDQ GH PHHVW FRXUDQWH YRUPHQ YDQ GLVFULPLQDWLH LV QDDU
YHUOXLGWKHWEXLWHQVSHO]HWWHQYDQKROHEL¶VELMSURPRWLHV
9RRUVWHO
'H]H VWXGLHV KHEEHQ EHWUHNNLQJ RS YHUVFKLOOHQGH VWDOHQ YDQ
ZHUNQHPHUV XLW ]RZHO GH RYHUKHLGVGLHQVW DOV GH SULYpVHFWRU
PDDU EHSDDOGH YDQ GH DDQEHYHOLQJHQ GLH HULQ VWDDQ NXQQHQ
WHYHQVJHOGHQYRRUJHZHVWHOLMNHRIJHPHHQVFKDSVDGPLQLVWUDWLHV
+HW&HQWUXPSOHLWELQQHQGLWNDGHUGDQRRNYRRU
KHW FUHsUHQ YDQ HHQ RSHQ NOLPDDW ELQQHQ KHWZHONH
KROHEL¶V]LFKNXQQHQRXWHQDOV]HGDWZHQVHQ
'RRU WH IRFXVVHQ RS GH LQWHJUDWLH HQ KHW ZHO]LMQ YDQ KROHEL¶V
WUHNWKHW*HZHVWRIGH*HPHHQVFKDSDOVZHUNJHYHURRNYROXLWGH
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
NDDUW YDQ GH GLYHUVLWHLW LQ GH UXLPH EHWHNHQLV FKDUWHUV
VSHFLILHNHDFWLHV«
.LH]HQ YRRU HHQ SURDFWLHYH DDQSDN YDQ GH GLVFULPLQDWLHV
RSJURQGYDQVHNVXHOHJHDDUGKHLG
5HIHUHQWLHV
9HUNHQQHQGRQGHU]RHNQDDUGHDDQZH]LJKHLGYDQKRPRVHNVXDOLWHLWLQ
KHW%HOJLVFKHDPEWLQRYHUKHLGVGLHQVW±&DS6FLHQFHV
+XPDLQHV8QLYHUVLWp&DWKROLTXHGH/RXYDLQ±PHL
'LVFULPLQDWLHYDQKROHEL¶VRSGHZHUNYORHU±8QLYHUVLWHLWYDQ*HQW±
PHL
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU
GH*HPHHQVFKDSSHQWHUEHYRUGHULQJ
YDQHHQEHOHLGYDQJHOLMNH
EHKDQGHOLQJ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HPHHQVFKDSSHQWHUEHYRUGHULQJYDQHHQ
EHOHLGYDQJHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
)UDQVH9ODDPVHHQ'XLWVWDOLJH*HPHHQVFKDS
7LWHO
2QGHUZLMV
9DVWVWHOOLQJ
¾ 'LYHUVLWHLW SURPRWHQ LQ KHW EHOHLG YDQ KHW
RQGHUZLMVSHUVRQHHO
'H RQGHUZLMVVHFWRU LV HHQ DDQ]LHQOLMN WHZHUNVWHOOLQJVUHVHUYRLU 1HW DOV HHQ
DQGHUH ZHUNJHYHU NXQQHQ GH EHWURIIHQ RYHUKHGHQ HQ VFKROHQ ELM GH
DDQZHUYLQJ YDQ SHUVRQHHO HQ KHW SHUVRQHHOVEHKHHU HHQ
GLYHUVLWHLWVVWUDWHJLHYRHUHQ
¾ 6WUHYHQQDDUHHQLQFOXVLHIRQGHUZLMV
2S VFKRRO NDQ HHQ NLQG LQ DDQUDNLQJ NRPHQ PHW GLYHUVLWHLW HQ ]LMQ
SHUVRRQOLMNH HQ VRFLDOH YDDUGLJKHGHQ RQWZLNNHOHQ 'H VFKRRORPJHYLQJ LV
GDDURPLGHDOLWHUHHQZHHUJDYHYDQGHVRFLDOHUHDOLWHLW
¾ +HWWKHPDYDQGHVHNVXHOHGLYHUVLWHLWRSVFKRRODDQNDDUWHQ
=RGUD]HQDDUVFKRROJDDQNXQQHQNLQGHUHQRPZLOOHYDQKXQVHNVXHOH
JHDDUGKHLGZRUGHQJHGLVFULPLQHHUG
9RRUKHW&HQWUXPLVKHWEHODQJULMNGDWOHHUNUDFKWHQKHWWKHPDYDQGH
VHNVXHOHGLYHUVLWHLWLQKXQOHVVHQSDNNHWNXQQHQRSQHPHQHQRSHHQ
JHSDVWHPDQLHUUHDJHUHQRSPRHLOLMNHVLWXDWLHVZDDUPHHMRQJHKROHEL¶V
JHFRQIURQWHHUGNXQQHQ]LMQ
¾ 'HSHGDJRJLVFKHGLPHQVLHYDQGHLQWHUFXOWXUDOLWHLWRSVFKRRO
LQKHWOHVVHQSURJUDPPDRSQHPHQ
:H VWHOOHQ YDVW GDW GH RSHQKHLG QDDU DQGHUH FXOWXUHQ HQ GH DDQGDFKW
YRRUSHGDJRJLVFKHGLPHQVLHVYDQGHLQWHUFXOWXUDOLWHLWUHHGVUXLPDDQERG
NRPHQLQKHWOHVVHQSURJUDPPD
9ROJHQVKHW &HQWUXP LVKHWHFKWHU QXWWLJQRJPDDOVWHRQGHUVWUHSHQGDW
ZDQQHHU HHQ VDPHQOHYLQJ LQWHUFXOWXUHHO EHZHHUW WH ]LMQ HQ ]LFK RRN
GXLGHOLMN DOV GXVGDQLJ SURILOHHUW GLW RRN WRW XLWLQJ PRHW NRPHQ LQ KHW
W\SHRQGHUZLMVGDWDDQGHMRQJHUHQZRUGWJHJHYHQ
%LQQHQ GLW SHUVSHFWLHI PRHW KHW PRGHO GDW ODQJH WLMG ZHUG JHKDQWHHUG
QOGDWYDQKHWRYHUQHPHQYDQGHGRPLQHUHQGHFXOWXUHOHQRUPHQSODDWV
UXLPHQ YRRU HHQ RQGHUZLMVPRGHO GDW UHVROXXW YRRU HHQ FXOWXUHOH
GLYHUVLWHLW RSWHHUW 'LH NDQ ]LFK HQNHO RQWZLNNHOHQ ELQQHQ HHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
HPDQFLSDWLHG\QDPLHNHQHHQNULWLVFKHLQJHVWHOGKHLGGLHGHPRWRUYDQKHW
RQGHUZLMVLV8LWHUDDUGPRHWGLWRRNWRWXLWLQJNRPHQLQGHLQKRXGYDQGH
VFKRROERHNHQHQKHWSHGDJRJLVFKHPDWHULDDO
%RYHQGLHQ LV KHW RQGHUZLMV JHULFKW RS KHW RSOHLGHQ YDQ YULMH HQ
DXWRQRPH LQGLYLGXHQ 9RRU KHW &HQWUXP EHWHNHQW GLW GDW KHW LQ
KHULQQHULQJ EUHQJHQ YDQ GH JHVFKLHGHQLV YDQ GH GHPRFUDWLH HQ YDQ GH
YRRUQDDPVWH YHUZRUYHQKHGHQ LQ]DNH HPDQFLSDWLH HQ ZDDUGHQ ]RDOV
YULMKHLG HQ JHOLMNKHLG PRHW JHNRSSHOG ZRUGHQ DDQ OHVVHQSDNNHWWHQ
JHVFKLHGHQLV DDUGULMNVNXQGH OLWHUDWXXU HQ]« +HW YHUKDDO YDQ GH
PLJUDWLHWUDMHFWHQHQGHLQEUHQJYDQQLHW(XURSHVHFXOWXUHQLQGHNHQQLV
YDQ LGHHsQ HQ RQWGHNNLQJHQ ]LMQ RQRQWEHHUOLMN YRRU GH YRUPLQJ YDQ
MRQJHUHQ
9RRUVWHO
¾ +HW OLMNW RQV GDQ RRN EHODQJULMN RP ]RYHHO PRJHOLMN
LQFOXVLHI RQGHUZLMV WH RUJDQLVHUHQ HQ WH RQGHUVWHXQHQ
RSGDW NLQGHUHQ PHW VSHFLDOH EHKRHIWHQ RI NLQGHUHQ PHW
HHQ EHSHUNLQJ]RYHHOPRJHOLMNNXQQHQGHHOQHPHQDDQKHW
JHZRQH RQGHUZLMV ,QFOXVLHI RQGHUZLMV KHOSW GH MHXJG
YDDUGLJKHGHQ DOV WROHUDQWLH EHJULS HQ RSHQKHLG WH
RQWZLNNHOHQGRRUKHHQFRQFUHWHHUYDULQJHQ
¾ +HW &HQWUXP SOHLW YRRU HHQ YHUGHUH YHUVSUHLGLQJ YDQ
OHHUPLGGHOHQ HQ RSOHLGLQJHQ QDDU OHHUNUDFKWHQ WRH RSGDW
]HGLHSHUNXQQHQLQJDDQRSKHWWKHPDYDQKHWUHVSHFWYDQ
GH VHNVXHOH GLYHUVLWHLW RP RS GLH PDQLHU HONH YRUP YDQ
KRPRIRELHXLWGHVFKROHQWHEDQQHQ
¾ +HW &HQWUXP SOHLW HU YRRU GDW GH RYHUKHGHQ EHODVW PHW
RQGHUZLMV QDGHQNHQ RYHU GH WRHSDVVLQJ YDQ GH
DDQEHYHOLQJHQ YDQ GH &RPPLVVLH YRRU ,QWHUFXOWXUHOH
'LDORRJPHWEHWUHNNLQJWRWGHSHGDJRJLVFKH DVSHFWHQ YDQ
GH LQWHUFXOWXUDOLWHLW RS VFKRRO RSGDW GH JHVFKLHGHQLV YDQ
GH YUHHPGH YRONHUHQ HQ FXOWXUHQ HQ YDQ PLJUDWLHV HQ
EDOOLQJVFKDS PHHU DDQ ERG NRPHQ LQ YDNNHQ ]RDOV
JHVFKLHGHQLVHQDDUGULMNVNXQGH
:HWWHOLMNH
UHIHUHQWLHV
&RPPLVVLHYRRU,QWHUFXOWXUHOH'LDORRJ(LQGYHUVODJHQJHWXLJHQLVVHQ
RYHUKDQGLJGDDQGH0LQLVWHUYRRU*HOLMNH.DQVHQ6RFLDOH,QWHJUDWLHHQ
,QWHUFXOWXUDOLWHLW&RPPLVVLHYRRU,QWHUFXOWXUHOH'LDORRJ0HL
SHY
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HPHHQVFKDSSHQWHUEHYRUGHULQJYDQHHQ
EHOHLGYDQJHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
)UDQVH*HPHHQVFKDS9ODDPVH*HPHHQVFKDS'XLWVWDOLJH
*HPHHQVFKDS
7LWHO
6SRUWHQGLYHUVLWHLW
9DVWVWHOOLQJHQ
2SEDVLVYDQGHPHOGLQJHQLQ]DNHVSRUWDFWLYLWHLWHQGRHWKHW&HQWUXPHHQ
DDQWDOYDVWVWHOOLQJHQ
+HW &HQWUXP VWHOW YDVW GDW KHHO ZDW KRPRVHNVXHOHQ ]RZHO
DPDWHXUV DOV SURIV KXQ KRPRVHNVXDOLWHLW ELQQHQ KHW VSRUWPLOLHX
ZHQVHQ WH YHU]ZLMJHQ RP EHSDDOGH YRUPHQ YDQ XLWVOXLWLQJ WH
YHUPLMGHQEHOHGLJLQJHQVSRWQLHWJHVHOHFWHHUGZRUGHQ«
'HHOQDPHDDQVSRUWDFWLYLWHLWHQNDQHHQEHODQJULMNHOHPHQW]LMQLQ
GH DDQYDDUGLQJ HQ LQWHJUDWLH YDQ MRQJHUHQSHUVRQHQ LQ SUHFDLU
YHUEOLMI +HW &HQWUXP RQWYDQJW PHW UHJHOPDDW PHOGLQJHQ HQRI
YUDJHQYDQPHWEHWUHNNLQJWRWSUREOHPHQGLHPHQVHQHUYDUHQDOV
]HZHQVHQGHHOWHQHPHQDDQRIILFLsOHZHGVWULMGHQ
+HHO ZDW SHUVRQHQ PHW HHQ KDQGLFDS GRHQ DDQ VSRUW RI ZHQVHQ
VSRUWPDQLIHVWDWLHV ELM WH ZRQHQ 9DDN NULMJHQ ]H DI WH UHNHQHQ
PHW RQWRHJDQNHOLMNHVSRUWLQIUDVWUXFWXXURIPHW PRHLOLMNKHGHQRP
LQ GHGRRUKHWJHZRQHVSRUWFLUFXLWJHRUJDQLVHHUGHDFWLYLWHLWHQWH
ZRUGHQRSJHQRPHQ
9RRUVWHOOHQ
2PGHVWULMGDDQWHELQGHQWHJHQKRPRIRELHLQGHVSRUW
SOHLWKHW&HQWUXPHUYRRUGDWGHVSRUWIHGHUDWLHVDFWLHIGH
VWULMGWHJHQKRPRIRELHELQQHQGHFOXEV]RXGHQ
RQGHUVWHXQHQRSGDWHHQGHUZHONHVHNVXHOHJHDDUGKHLG
ELQQHQKHWVSRUWPLOLHXZRUGWDDQYDDUG
2P 6SRUW YRRU PHQVHQ PHW HHQ SUHFDLU YHUEOLMI WH
VWHXQHQ UDDGW KHW &HQWUXP DDQ RP HHQGXLGLJH HQ
HHQYRXGLJHYRRUZDDUGHQXLWWHZHUNHQRPWHJDUDQGHUHQ
GDW SHUVRQHQ GLH JHPDFKWLJG ]LMQ RI WRHJHODWHQ WRW
YHUEOLMI NXQQHQ GHHOQHPHQ DDQ WUDLQLQJHQ HQ
FRPSHWLWLHVSRUW HQ GLW RQGHU GH]HOIGH YRRUZDDUGHQ DOV
SHUVRQHQ GLH %HOJ ]LMQ RI GDDUPHH JHOLMNJHVWHOG NXQQHQ
ZRUGHQ
2P ELM VSRUWDFWLYLWHLWHQ LQWHJUDWLH RI LQFOXVLH WH
EHYRUGHUHQ HQ WRHVFKRXZHUV PHW HHQ KDQGLFDS RS WH
YDQJHQ SOHLW KHW &HQWUXP HUYRRU PHHU LQVSDQQLQJHQ WH
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
OHYHUHQ RP GH LQIUDVWUXFWXXU WRHJDQNHOLMNHU WH PDNHQ
YDQSDUNLQJWRWYHVWLDLUHVHQUHGHOLMNHDDQSDVVLQJHQXLW
WH YRHUHQ YRRU SHUVRQHQ PHW HHQ KDQGLFDS +HW &HQWUXP
ZLMVWHURSGDWKHWELMGHUHGHOLMNHDDQSDVVLQJHQQLHWHQNHO
RP WHFKQLVFKH JDDW OLIWVWRHO ]ZHPEDG ZHHUJDYH YDQ
YLVXHOHERRGVFKDSSHQYLDGHOXLGVSUHNHU«KHWNDQRRN
JDDQ RP EHJHOHLGLQJ ULFKWOLMQHQ DDQJHSDVW YRRU
]ZDNEHJDDIGHQ RI KHW WRHODWHQ YDQ DVVLVWHQWLHKRQGHQ LQ
GHWULEXQHV
:HWWHOLMNH
UHIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HPHHQVFKDSSHQWHUEHYRUGHULQJYDQHHQ
EHOHLGYDQJHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
)UDQVH*HPHHQVFKDS9ODDPVH*HPHHQVFKDS'XLWVWDOLJH
*HPHHQVFKDS
7LWHO
&XOWXXUYRRULHGHUHHQWRHJDQNHOLMNPDNHQ
9DVWVWHOOLQJ
+HHO ZDW FXOWXUHOH FHQWUD PXVHD HYHQWKDOOHQ RI WHQWRRQVWHOOLQJVUXLPWHV
KHEEHQLQWHUHVVDQWHLQLWLDWLHYHQJHQRPHQHQOHYHQGHJHZHVWHOLMNHUHJHOV
LQ]DNH RSYDQJ HQ WRHJDQNHOLMNKHLG YDQ SHUVRQHQ PHW HHQ EHSHUNWH
PRELOLWHLWQD
+HW&HQWUXPPRHWHFKWHUYDVWVWHOOHQGDWHUQRJKHHOZDWVWUXLNHOEORNNHQ
]LMQ SHUVRQHQ PHW HHQ EHSHUNWH PRELOLWHLW 3%0 NULMJHQ YDDN GH
VOHFKWVWHSODDWVHQVWHULMLQGHELRVFRRSNXQQHQQLHWQDDVWYULHQGHQRI
IDPLOLHOHGHQ ]LWWHQ RI NULMJHQ JHZRRQZHJ JHHQ I\VLHNH WRHJDQJ WRW
FXOWXXU
-DDUOLMNV NULMJW KHW &HQWUXP PHOGLQJHQ ELQQHQ YDQ SHUVRQHQ PHW HHQ
KDQGLFDSGLHHHQVSRUWRIFXOWXXUHYHQWQLHWLQJRHGHRPVWDQGLJKHGHQRI
KHOHPDDO QLHW KHEEHQ NXQQHQ ELMZRQHQ %RYHQGLHQ PRHWHQ ]H YDDN GH
GXXUVWHWLFNHWVQHPHQDDQJH]LHQGHYRRUKHQWRHJDQNHOLMNHSODDWVHQ]LFK
LQGHSDUWHUUHRILQGH9,3]RQHEHYLQGHQ
,Q EHWURIIHQ PHOGLQJHQ GH VHFWRU YDQ YULMH WLMG FXOWXXU HQ
WRHULVPHZDWJRHGLVYRRUYDQGHPHOGLQJHQGLVFULPLQDWLHRSJURQG
YDQHHQKDQGLFDS'H]HPHOGLQJHQJDDQRYHUSUREOHPHQLQ]DNHWRHJDQJ
RI HHQ WHNRUW DDQ YRRU]LHQLQJHQ YRRU SHUVRQHQ PHW HHQ KDQGLFDS +HW
JDDW RP KHHO XLWHHQORSHQGH SUREOHPHQ WHNRUW DDQ LQIRUPDWLH RYHU GH
DDQJHSDVWH SODDWVHQ ELM UHVHUYDWLH QLHW FRPIRUWDEHOH SODDWVHQ YRRU
SHUVRQHQ PHW HHQ KDQGLFDS KHW QLHW DDQZH]LJ ]LMQ YDQ DDQJHSDVWH
SODDWVHQRYHUGUHYHQSULMVOLIWEXLWHQGLHQVWRIQLHWWRHJDQNHOLMNSODDWVYHU
YDQIDPLOLHRIYULHQGHQHQ]
9RRUVWHO
2P SHUVRQHQ PHW HHQ EHSHUNWH PRELOLWHLW 3%0 PHHU
YDQ FXOWXXUHYHQHPHQWHQ WH ODWHQ JHQLHWHQ SOHLW KHW
&HQWUXP YRRU HHQ DDQWDO WHFKQLVFKH HQRI PHQVHOLMNH
DDQSDVVLQJHQ LQGXFWLHOXVVHQ YRRU VOHFKWKRUHQGHQ
DDQJHSDVWHRSYDQJYRRU]ZDNEHJDDIGHQ«
+HW&HQWUXPGULQJWERYHQGLHQDDQRSGHKDUPRQLVDWLHHQ
DDQSDVVLQJ YDQ QRUPHQ HQ KHW QHPHQ YDQ PDDWUHJHOHQ
RPGHKLQGHUQLVVHQLQRXGHJHERXZHQYRRUSHUVRQHQPHW
HHQEHSHUNWHPRELOLWHLWZHJWHZHUNHQ3%0%HVWDDQGH
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
QRUPHQ PRHWHQ ZRUGHQ QDJHOHHIG HQ JRHGH SUDNWLMNHQ
DDQJHPRHGLJG
:HWWHOLMNH
UHIHUHQWLHV
'HVWXGLH©(YHQHPHQWHQYRRUDOOHQDDQJHSDVWHWLFNHWVHQSODDWVHQYRRU
SHUVRQHQPHWHHQKDQGLFDSªYLQGWXRSZZZGLYHUVLWHEHRINDQZRUGHQ
DDQJHYUDDJGRSKHWQXPPHURIYLDHPDLOQDDU
HSRVW#FQWUEH
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRUGH*HPHHQVFKDSSHQWHUEHYRUGHULQJYDQHHQ
EHOHLGYDQJHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
)UDQVH9ODDPVHHQ'XLWVWDOLJH*HPHHQVFKDS
7LWHO
$GRSWLHGRRUNRSSHOVYDQKHW]HOIGHJHVODFKW
9DVWVWHOOLQJ
2SYDOOHQGLVGDWVLQGVGHLQZHUNLQJWUHGLQJYDQGHZHWYDQPHLWRW
ZLM]LJLQJ YDQ HHQ DDQWDO EHSDOLQJHQ YDQ KHW %XUJHUOLMN :HWERHN WHQHLQGH
GH DGRSWLH GRRU SHUVRQHQ YDQ KHW]HOIGH JHVODFKW PRJHOLMN WH PDNHQ KHW
DDQWDOJHRSHQGHGRVVLHUVLVYHUPLQGHUG
(HQ UHGHQ GDDUYRRU LV RP GH EORNNHULQJ YDQ GH LQWHUQDWLRQDOH DGRSWLH
+HHO ZDW SDUWQHUODQGHQ ZHLJHUHQ LPPHUV DGRSWLH GRRU NRSSHOV YDQ
KHW]HOIGH JHVODFKW HQ VWHOOHQ WHYHQV HHQ YHWR WHJHQ DGRSWLH GRRU
RQJHKXZGHQ XLW DQJVW GDW KHW JDDW RP HHQ LQLWLDWLHI YDQ NRSSHOV YDQ
KHW]HOIGHJHVODFKW
9RRUVWHO
+HW &HQWUXP YUDDJW GDW GH &HQWUDOH $XWRULWHLWHQ YDQ GH
*HPHHQVFKDSSHQ RS ]RHN JDDQ QDDU QLHXZH SDUWQHUV GLH
LQVWHPPHQ PHW DGRSWLH GRRU NRSSHOV YDQ KHW]HOIGH JHVODFKW HQ
GDW ]H RS HHQ DFWLHYH PDQLHU LQIRUPDWLH HQ
VHQVLELOLVHULQJVFDPSDJQHV EOLMYHQ YRHUHQ URQG DGRSWLH GRRU
NRSSHOVYDQKHW]HOIGHJHVODFKWQDDUHUNHQGHDGRSWLHGLHQVWHQWRH
:HWWHOLMNH
UHIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU
*HZHVWHQWHUEHYRUGHULQJYDQHHQ
EHOHLGYDQJHOLMNHEHKDQGHOLQJ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU*HZHVWHQWHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
9ODDPV:DDOVHQ%UXVVHOV+RRIGVWHGHOLMN*HZHVW
7LWHO
2QGHUVWHXQHQHQDDQPRHGLJHQYDQHHQPDLQVWUHDPLQJYDQ
JHOLMNKHLGYDQNDQVHQLQGHJHPHHQWHQ
9DVWVWHOOLQJ
0DLQVWUHDPLQJ YDQ JHOLMNKHLG YDQ NDQVHQ RS JHPHHQWHOLMN YODN LPSOLFHHUW
GDW GH ORNDOH EHVWXUHQ JHOLMNKHLG YDQ NDQVHQ LQ HON GRPHLQ ZDDULQ GH
JHPHHQWH DFWLHI LV DOV GRHOVWHOOLQJ HQ PHWKRGH RSQHHPW 'H EDVLV LV HHQ
JOREDOH DDQSDN YDQ GH GLYHUVLWHLW LQ GH PDDWVFKDSSLM ]RQGHU GDW ppQ
GRHOJURHSZRUGWEHYRRUGHHOGZDDUGRRUDQGHUHZRUGHQXLWJHVORWHQ
'HORNDOHRYHUKHGHQEHVFKLNNHQRYHUHHQDFWLHPLGGHORPKHWSULQFLSHYDQ
PDLQVWUHDPLQJDFWLHIWRHWHSDVVHQ$OVRYHUKHLG GLHGLFKWELMGHEHYRONLQJ
VWDDW ]LMQ JHPHHQWHQ LPPHUV JRHG JHSODDWVW RP GLVFULPLQDWLHV WH
LGHQWLILFHUHQ %RYHQGLHQ ]LMQ ORNDOH EHVWXUHQ HHQ ]LFKWEDUH VSHOHU RS GH
SXEOLHNHVFqQH'HPDQLHUZDDURS]HKHWORNDOHOHYHQRUJDQLVHUHQNDQQLHW
HQNHO HHQ EURQ YDQ LQVSLUDWLH ]LMQ YRRU DQGHUH ORNDOH EHVWXUHQ PDDU RRN
YRRUKRJHUHRYHUKHGHQHQDFWRUHQXLWGHSULYpVHFWRU
$OVYRRJGLMRYHUKHLGYRRUJHPHHQWHQNXQQHQ*HZHVWHQUHNHQLQJKRXGHQG
PHW GH JHPHHQWHOLMNH DXWRQRPLH LQLWLDWLHYHQ HQ SURMHFWHQ RQGHUVWHXQHQ
GLHNDGHUHQELQQHQHHQDDQSDNYDQ©JHOLMNKHLGYDQNDQVHQª
9RRUVWHO
+HW&HQWUXPVWHOWGHJHZHVWHQYRRUORNDOHRYHUKHGHQWH
VHQVLELOLVHUHQRYHUPDDWUHJHOHQGLHQRRG]DNHOLMNHQQXWWLJ]LMQ
YRRUKHWEHYRUGHUHQYDQGHGLYHUVLWHLWHQGHJHOLMNKHLGYDQ
NDQVHQ
LQKHWORNDOHEHOHLG
LQGHORNDOHGLHQVWHQWRHJDQNHOLMNKHLGYDQGHORNDOH
GLHQVWHQ
LQKHWJHPHHQWHOLMNSHUVRQHHOVEHOHLGWRHJDQNHOLMNH
LQIRUPDWLHRYHUGHJHPHHQWHLQWHUDFWLHYHFRPPXQLFDWLH
PHWGHORNDOHDFWRUHQ
+HW&HQWUXPYUDDJWGHORNDOHRYHUKHGHQGDQRRNPHWDDQGUDQJ
YROJHQGHEURFKXUHWHYHUVSUHLGHQ©*HOLMNHNDQVHQDOV
0DLQVWUHDPLQJLQKHWORNDOHEHOHLG*URRW*HOLMNª&HQWUXPYRRU
JHOLMNKHLGYDQNDQVHQð
5HIHUHQWLHV
%URFKXUH©*HOLMNHNDQVHQDOV0DLQVWUHDPLQJLQKHWORNDOHEHOHLG*URRW
*HOLMNª&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU*HZHVWHQWHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
:DDOV*HZHVW9ODDPV*HZHVW%UXVVHOV+RRIGVWHGHOLMN*HZHVW
7LWHO
7RHJDQNHOLMNKHLGYDQGHVWHPEXUHDXV
9DVWVWHOOLQJHQ
2QGDQNV GH LQVSDQQLQJHQ GLH GH RYHUKHGHQ GH ODDWVWH MDUHQ KHEEHQ
JHOHYHUG QD ODQJ DDQGULQJHQ YDQ YHUHQLJLQJHQ YRRU SHUVRQHQ PHW HHQ
KDQGLFDS NULMJHQ NLH]HUV PHW HHQ KDQGLFDS QRJ VWHHGV PHW KHHO ZDW
KLQGHUQLVVHQDIWHUHNHQHQRPKXQVWHPXLWWHEUHQJHQ
2IZHO KHEEHQ ]H QLHW DOWLMG WRHJDQJ WRW GH QRGLJH LQIRUPDWLH RP HHQ
RRUGHHONXQGLJH NHX]H WH PDNHQ WXVVHQ GH YHUVFKLOOHQGH OLMVWHQ HQ
NDQGLGDWHQELMYHUNLH]LQJHQRIZHOVODJHQ]HHUJHZRRQZHJQLHWLQRPWH
JDDQ VWHPPHQ RQWRHJDQNHOLMN YHUYRHU JHERXZ RI VWHPKRNMH QLHW
WRHJDQNHOLMN«
2PDOOH NLH]HUVGHNDQVWHJHYHQDXWRQRRPHQ]RQGHUGLVFULPLQDWLHKXQ
VWHPXLWWHEUHQJHQPHHQWKHW&HQWUXPGDWSHUVRQHQPHWHHQKDQGLFDS
WRHJDQJ PRHWHQ NULMJHQ WRW LQIRUPDWLH RYHU SURJUDPPD¶V YDQ SDUWLMHQ
HQRYHUGHLQ]HWYDQGHYHUNLH]LQJHQ
RYHUDOOHQXWWLJLQIRUPDWLHPRHWHQEHVFKLNNHQRPDDQGHYHUNLH]LQJHQ
GHHOWHQHPHQ
]LFK QDDU KHW VWHPEXUHDX PRHWHQ NXQQHQ EHJHYHQ HQ ]R DXWRQRRP
PRJHOLMNLQKHWVWHPKRNMHPRHWHQNXQQHQVWHPPHQZDDUELMKHWJHKHLP
YDQGHVWHPPLQJZRUGWJHZDDUERUJG
9RRUVWHOOHQ
+HW &HQWUXP YUDDJW GH SROLWLHNH SDUWLMHQ YHUNODUHQGH
GRFXPHQWHQ ELM KXQ SURJUDPPD¶V WH YRRU]LHQ LQ YHUVLHV GLH ]LMQ
DDQJHSDVWYRRUSHUVRQHQPHWJH]LFKWVHQJHKRRUVWRRUQLVVHQHQ
YRRU PHQVHQ PHW EHJULSVPRHLOLMNKHGHQ ELMY LQWHUQHWVLWHVYRRU
VOHFKW]LHQGHQ©PDNNHOLMNWHOH]HQªYHUVLHVYDQEURFKXUHVYRRU
SHUVRQHQPHWEHJULSVPRHLOLMNKHGHQ«
+HW&HQWUXPGULQJWHURSDDQGDWGH*HZHVWHQKXQLQVSDQQLQJHQ
YRRUW]HWWHQHQQDXZHUJDDQVDPHQZHUNHQPHWYHUHQLJLQJHQYDQ
SHUVRQHQPHWHHQKDQGLFDSRP
DOOH NLH]HUV WRHJDQNHOLMNH LQIRUPDWLH RYHU KHW
NLHVSURFHV WHU EHVFKLNNLQJ WH VWHOOHQ LQWHUQHWVLWHV YDQ GH
RYHUKHGHQ VHQVLELOLVHULQJ YDQ GH JHPHHQWHQ FRQWDFWSHUVRQHQ
LQ GH JHPHHQWHQ LQIRUPDWLH DIJHVWHPG RS GH EHWURNNHQ
SHUVRQHQ«
GHWRHJDQNHOLMNKHLGYDQGHVWHPEXUHDXVJDUDQGHUHQHQ
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
GHVWHPKRNMHVDDQSDVVHQ
:HWWHOLMNH
UHIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU*HZHVWHQWHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
9ODDPVHQ:DDOV*HZHVWHQ%UXVVHOV+RRIGVWHGHOLMN*HZHVW
7LWHO
:RRQZDJHQEHZRQHUV JHZHVWHOLMN SODQ RSVWHOOHQ YRRU GH
LQULFKWLQJYDQVWDQGSODDWVHQ
9DVWVWHOOLQJ
9RRU]LJHXQHUVHQZRRQZDJHQEHZRQHUVLVKHWVWDQGSODDWVSUREOHHPYRRUDO
HHQSUREOHHPYDQUHFKWHQRSYDQJ JHNRSSHOG DDQGHHUNHQQLQJYDQHHQ
YROZDDUGLJ EXUJHUVFKDS +XQ YRRUQDDPVWH HLV LV RP YROGRHQGH ODQJ WHU
SODDWVH WH PRJHQ EOLMYHQ UHNHQLQJ KRXGHQG PHW GH EHKRHIWHQ YDQ HON
JH]LQ
+HWGLYHUVLILsUHQYHUKRJHQHQDDQSDVVHQYDQKHWDDQWDOVWDQGSODDWVHQ]LMQ
GRHOVWHOOLQJHQGLHJHPHHQWHQHUPRHWHQWRHDDQ]HWWHQVDPHQWHZHUNHQELM
GHXLWERXZYDQHHQIOH[LEHOHHQJRHGXLWJHUXVWHRSYDQJVWUXFWXXU
9RRUVWHO
+HW&HQWUXPVWHOWKHWYROJHQGHYRRU
HHQ JHZHVWHOLMN SODQ RSVWHOOHQ YRRU GH LQULFKWLQJ YDQ
VWDQGSODDWVHQ ZDDUGRRU GH LQVSDQQLQJHQ NXQQHQ ZRUGHQ
JHFR|UGLQHHUG HQ DOOHHQVWDDQGH LQLWLDWLHYHQ NXQQHQ ZRUGHQ
YHUPHGHQ 'H ODDWVWH MDUHQ LV HU KHHO ZDW YRRUXLWJDQJ JHERHNW
PDDUHU]LMQQRJVWHHGVRQYROGRHQGHSODDWVHQ
GLW SODQ EHVSUHNHQ HQ XLWYRHUHQ LQ RYHUOHJ PHW GH JHPHHQWHQ
'LH VSHOHQ LPPHUV HHQ HVVHQWLsOH URO ELM KHW LQYRHUHQ YDQ HHQ
EHOHLGGDWYRRUPHHUVWDQGSODDWVHQPRHW]RUJHQ
RP ZULMYLQJHQ PHW GH RPZRQHQGHQ YDQ GH VWDQGSODDWVHQ WH
YHUPLMGHQ NXQQHQ EHPLGGHODDUV ZRUGHQ LQJHVFKDNHOG RP YLD
VQHOOH WXVVHQNRPVW SUREOHPHQ WH YHUPLMGHQ RI WH YHUKHOSHQ 'H
*HZHVWHQ ]RXGHQ KHW LQLWLDWLHI NXQQHQ QHPHQ LQ]DNH RSOHLGLQJ
YDQ GH]H EHPLGGHODDUV GLH RYHU HHQ UXLPHUH RSGUDFKW ]RXGHQ
EHVFKLNNHQLQ]DNHVRFLDOHDFWLHRSYROJHQYDQGHJH]LQQHQRSKHW
YODN YDQJH]RQGKHLGVFKROLQJ HQSURPRWHQYDQEDVLVUHFKWHQYDQ
GHLQGLYLGXHQ]RDOVGHLQWHUQDWLRQDOHLQVWDQWLHVGLHYRRUVFKULMYHQ
GH *HZHVWHQ PRHWHQ EHURHS GRHQ RS EHVWDDQGH YHUHQLJLQJHQ
RPKHQELMGLWZHUNWHKHOSHQGLH]RXGHQELMYRRUEHHOGVWUXFWXUHOH
KXOSNXQQHQOHYHUHQ
5HIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU*HZHVWHQWHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
9ODDPVHQ:DDOV*HZHVWHQ%UXVVHOV+RRIGVWHGHOLMN*HZHVW
7LWHO
6RFLDOHLQVSHFWLH
9DVWVWHOOLQJ
1X KHEEHQ LQ SULQFLSH HQNHO GH DPEWHQDUHQ GLH EHODVW ]LMQ PHW KHW
µWRH]LFKW¶RSHHQZHWJHYLQJRIGHµPHHZHUNHQGHLQVWHOOLQJHQYDQGHVRFLDOH
]HNHUKHLG¶UHFKWRSHHQNRSLH'LWJHOGWGXVQLHWYRRUKHW&HQWUXP
2P GH RYHUGUDFKW YDQ RQGHU]RHNVYHUVODJHQ YDQ GH JHZHVWHOLMNH
VRFLDDOUHFKWHOLMNH LQVSHFWLHGLHQVWHQ 9ODDPVH LQVSHFWLH :HUN HQ 6RFLDOH
(FRQRPLH ,QVSHFWLRQ :DOORQQH GH O¶(PSORL HW GH OD )RUPDWLRQ
3URIHVVLRQQHOOH %UXVVHOVH *HZHVWHOLMNH :HUNJHOHJHQKHLGVLQVSHFWLH QDDU
KHW &HQWUXP FRQIRUP GH ZHW WH ODWHQ YHUORSHQ ]RXGHQ GH UHVSHFWLHYH
DUWLNHOV XLW GH JHZHVWHOLMNH LQVSHFWLHGHFUHWHQ JHZLM]LJG PRHWHQ ZRUGHQ
]RGDW RRN µSXEOLHNH LQVWHOOLQJHQ EHODVW PHW GH WRHSDVVLQJ YDQ HHQ DQGHUH
ZHWJHYLQJ¶HHQNRSLHYDQKHWYHUVODJNXQQHQRQWYDQJHQ
9RRUVWHO
2PGH]HUHGHQZHUGKHWDQDORJHDUWLNHOLQGHIHGHUDOHZHWYDQ
QRYHPEHU EHWUHIIHQGH GH DUEHLGVLQVSHFWLH DOV YROJW
JHZLM]LJG©:DQQHHU ]LM ]XONV QRGLJ DFKWHQ GHOHQ GH VRFLDOH
LQVSHFWHXUV GH LQOLFKWLQJHQ GLH ]LM WLMGHQV KXQ RQGHU]RHN KHEEHQ
LQJHZRQQHQ PHH DDQ >«@ DPEWHQDUHQ EHODVW PHW >«@ GH
WRHSDVVLQJ YDQ HHQ DQGHUH ZHWJHYLQJ LQ GH PDWH GDW GLH
LQOLFKWLQJHQODDWVWJHQRHPGHQNXQQHQDDQEHODQJHQ>«@
+HW LV YHUSOLFKW GH]H LQOLFKWLQJHQ PHH WH GHOHQ ZDQQHHU >«@
DPEWHQDUHQ EHODVW PHW >«@ GH WRHSDVVLQJ YDQ HHQ DQGHUH
ZHWJHYLQJ HURP YHU]RHNHQ
(YHQZHO PRJHQ LQOLFKWLQJHQ GLH ZHUGHQ LQJHZRQQHQ WLMGHQV GH
XLWRHIHQLQJ YDQ SOLFKWHQ YRRUJHVFKUHYHQ GRRU GH UHFKWHUOLMNH
RYHUKHLGVOHFKWVZRUGHQPHHJHGHHOGPLWVWRHVWHPPLQJYDQGH]H
ODDWVWHª
'HUJHOLMNH ZLM]LJLQJ ]RX RRN LQ GH UHVSHFWLHYHOLMNH JHZHVWHOLMNH
GHFUHWHQRUGRQQDQWLHVPRHWHQRSJHQRPHQZRUGHQ
5HIHUHQWLHV
$UWLNHOZHWYDQQRYHPEHUEHWUHIIHQGHGHDUEHLGVLQVSHFWLH
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU*HZHVWHQWHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
9ODDPVHQ:DDOV*HZHVWHQ%UXVVHOV+RRIGVWHGHOLMN*HZHVW
7LWHO
*HZHVWHOLMNHLQVSHFWLHFRQWUROHRSLOOHJDOHZHUNQHPHUV
9DVWVWHOOLQJ
6WHHGVYDNHUEOLMNHQGRVVLHUVYDQGHGLHQVWPHQVHQKDQGHOHQVPRNNHOWH
PDNHQ WH KHEEHQ PHW RFFDVLRQHOH JHVWUXFWXUHHUGH RI ODQJGXULJH
HFRQRPLVFKH H[SORLWDWLH +HW IHQRPHHQ EHSHUNW ]LFK QLHW ODQJHU WRW
KDYHQVWHGHQ ZDDUGRRU VWHHGV PHHU DPEWHQDUHQ GLH HHQ FRQWUROHIXQFWLH
XLWRHIHQHQHUPHHZRUGHQJHFRQIURQWHHUG
9RRUVWHO
+HW &HQWUXP URHSW GH UHJLRQDOH LQVSHFWLHGLHQVWHQ RS RP ELM HONH
YDVWVWHOOLQJYDQRQUHJHOPDWLJKHGHQRSHHQZHUNSOHNDWWHQWWH]LMQ
HQ WH EOLMYHQ YRRU PRJHOLMNH JHYDOOHQ YDQ PHQVHQKDQGHO HQ
PHQVHQVPRNNHOHQGHSROLWLHGLHQVWHQKLHURQPLGGHOOLMNYDQRSGH
KRRJWH WH EUHQJHQ 'H]H DDQGDFKW LV EHODQJULMN YRRU GH YHUGHUH
DIKDQGHOLQJYDQKHWGRVVLHUHQGHWRHNRPVWYDQGHVODFKWRIIHUV
5HIHUHQWLHV
9RRUVWHO YDQ ULFKWOLMQ WRW YDVWVWHOOLQJ YDQ VDQFWLHV YRRU ZHUNJHYHUV YDQ
LOOHJDDO YHUEOLMYHQGH RQGHUGDQHQ YDQ GHUGH ODQGHQ &20 GDW
PRPHQWHHOGRRUGH5DDGYDQGH(XURSHVH8QLHHQKHW(XURSHHV3DUOHPHQW
ZRUGWEHGLVFXVVLHHUG
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU*HZHVWHQWHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
9ODDPVHQ:DDOV*HZHVWHQ%UXVVHOV+RRIGVWHGHOLMN*HZHVW
7LWHO
³0RVTXLWR´DSSDUDDWWHJHQMRQJHUHQ
9DVWVWHOOLQJ
'HODDWVWHPDDQGHQYHUVFKHQHQLQGHSHUVVWHHGVYDNHUDUWLNHOHQRYHUKHW
SODDWVHQ YDQ DSSDUDDWMHV PHW HHQ OXLGVSUHNHU GLH XOWUDVRQH JHOXLGHQ
YHUVSUHLGHQGLHHQNHOGRRUDGROHVFHQWHQKRRUEDDU]LMQ
9ROJHQV KHW &HQWUXP JDDW KHW KLHU RP HHQ GLUHFWH GLVFULPLQDWLH RS JURQG
YDQ OHHIWLMG RP LQ KHW NDGHU YDQ GH WRHJDQJ WRW JRHGHUHQ HQ GLHQVWHQ
+HW DSSDUDDW WUHIW UHFKWVWUHHNV MRQJHUHQ HQ EHOHW KHQ ]HOIV LQGLUHFW RP
WRHJDQJWHNULMJHQWRWDDQJHERGHQJRHGHUHQHQGLHQVWHQ
+HWJHEUXLNYDQGLHDSSDUDWHQWHJHQMRQJHUHQLVWHYHQVHHQDDQWDVWLQJYDQ
KXQI\VLHNHLQWHJULWHLWHQNDQLQEHSDDOGHJHYDOOHQ]HOIVZRUGHQEHVFKRXZG
DOVKDDWGHOLFWWHQODVWHYDQGLHJHQHGLHKHWSODDWVW
(HQ DDQWDO JHPHHQWHQ LV ]LFK DO EHZXVW YDQ GH SUREOHPDWLHN HQ KHHIW LQ
KHW SROLWLHUHJOHPHQW PDDWUHJHOHQ JRHGJHNHXUG GLH GDW VRRUW DSSDUDWHQ
YHUELHGHQ
9RRUVWHO
9ROJHQV KHW &HQWUXP PRHWHQ DOOH SROLWLHUHJOHPHQWHQ
JHOLMNDDUGLJH PDDWUHJHOHQ WUHIIHQ RP KHW SULQFLSH YDQ JHOLMNKHLG
WXVVHQ DOOH EXUJHUV WH ZDDUERUJHQ HQ MRQJHUHQ WH EHVFKHUPHQ
WHJHQRQUHFKWPDWLJHDDQWDVWLQJYDQKXQI\VLHNHLQWHJULWHLW
+HW&HQWUXPUDDGWGH *HZHVWHQDDQORNDOHRYHUKHGHQWHYUDJHQ
LQ KXQ JHPHHQWHUHJOHPHQWHQ PDDWUHJHOHQ WH QHPHQ RP KHW
JHEUXLN YDQ DSSDUDWHQ WHJHQ MRQJHUHQ WH YHUELHGHQ HQ WH
EHVWUDIIHQ
5HIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
*HPHHQVFKDSSHOLMNHYRRUVWHOOHQYRRU*HZHVWHQWHUEHYRUGHULQJYDQHHQEHOHLGYDQ
JHOLMNHEHKDQGHOLQJ
%HYRHJGKHLGVQLYHDX
:DDOV*HZHVW9ODDPV*HZHVW%UXVVHOV+RRIGVWHGHOLMN*HZHVW
7LWHO
'H YROOHGLJH WRHJDQNHOLMNKHLG YDQ
RYHUKHLGVJHERXZHQRUJDQLVHUHQ
9DVWVWHOOLQJHQ
+HW &HQWUXP KHHIW HHQ VWXGLH JHPDDNW RYHU GH SUREOHPDWLHN YDQ
WRHJDQNHOLMNKHLG YDQ SXEOLHN WRHJDQNHOLMNH JHERXZHQ YRRU SHUVRQHQ PHW
HHQEHSHUNWHPRELOLWHLW
(HQDDQWDONQHOSXQWHQNZDPHQWLMGHQVKHWRQGHU]RHNVWHHGVWHUXJ
HU LV KHHO ZDW ZHWJHYLQJ YRRUKDQGHQ PDDU GH]H LV HFKWHU WH
ZHLQLJ JHNHQG RI WH ZHLQLJ WRHJHSDVW HQ ]H LV QLHW ELQGHQG HQ
ZRUGWQLHWDOWLMGRSJHYROJGHQRIJHVDQFWLRQHHUG
EHVWDDQGH JHERXZHQ ZRUGHQ QLHW JHYLVHHUG GRRU GH ZHWJHYLQJ
HQNHOQLHXZERXZHQRPYDQJULMNHUHQRYDWLHV
DOOH RYHUKHLGVQLYHDXV ]LMQ EHWURNNHQ GH IHGHUDOH RYHUKHLG GH
JHZHVWHQ GH SURYLQFLHV GH JHPHHQWHQ HU LV HHQ PDQLIHVW
JHEUHN DDQ FRKHUHQWLH HQ DIVWHPPLQJ WXVVHQ GH]H YHUVFKLOOHQGH
RYHUKHLGVQLYHDXV
9RRUVWHOOHQ
+HW&HQWUXPVWHOWKHWYROJHQGHYRRU
GH EHVWDDQGH UHJHOJHYLQJ RS YODN YDQ WRHJDQNHOLMNKHLG
V\VWHPDWLVFK QD WH OHYHQ WH FRQWUROHUHQ HQ WH VDQFWLRQHUHQ HQ
GH]H UHJHOJHYLQJ ZDDU QRGLJ YHUEHWHUHQ RD LQ]DNH
EUDQGYHLOLJKHLG
EHVWDDQGH JHERXZHQ PHW HHQ YRRUUDQJ YRRU DGPLQLVWUDWLHYH
JHERXZHQ PHW HHQ RSHQEDUH IXQFWLH WH VFUHHQHQ HQ
V\VWHPDWLVFKHQVWDSVJHZLMVWRHJDQNHOLMNWHPDNHQ
YRRU DPEWHQDUHQ LQ]DNH VWHGHQERXZ HQ UXLPWHOLMNH RUGHQLQJ
GLH VWHGHQERXZNXQGLJH YHUJXQQLQJHQ XLWUHLNHQ YHUSOLFKWH
VHQVLELOLVHULQJVHQRSOHLGLQJVVHVVLHVRUJDQLVHUHQ
:HWWHOLMNH
UHIHUHQWLHV
'HVWXGLH©7RHJDQNHOLMNKHLGYDQRSHQEDUHJHERXZHQYRRUSHUVRQHQPHW
HHQEHSHUNWHPRELOLWHLWª&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQ
YLQGWXRSZZZGLYHUVLWHEHRINDQZRUGHQDDQJHYUDDJGRSKHWQXPPHU
RIYLDHPDLOQDDUHSRVW#FQWUEH
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
6SHFLILHNHYRRUVWHOOHQYRRUppQ
*HPHHQVFKDSRI*HZHVW
9ODDPV*HZHVW9ODDPVH
*HPHHQVFKDS
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
6SHFLILHNHYRRUVWHOOHQYRRUppQ*HPHHQVFKDSRI*HZHVW
%HYRHJGKHLGVQLYHDX
9ODDPV*HZHVWHQ9ODDPVH*HPHHQVFKDS
7LWHO
$PEWHQLQGHJHZHVWHOLMNHRYHUKHLGVGLHQVWHQRSHQVWHOOHQYRRU
YUHHPGHOLQJHQRQGHUGDQHQYDQHHQQLHW(8ODQG
9DVWVWHOOLQJ
3HUVRQHQ GLH QLHW %HOJ ]LMQ HQ JHHQ RQGHUGDDQ ]LMQYDQ HHQ (8OLGVWDDW
KHEEHQ RPZLOOH YDQ KXQ QDWLRQDOLWHLW JHHQ WRHJDQJ WRW DPEWHQ LQ
JHZHVWHOLMNHRYHUKHLGVGLHQVWHQ
9RRUVWHO
2P GH LQVSDQQLQJHQ LQ]DNH GLYHUVLWHLW LQ WHZHUNVWHOOLQJ WH
FRQVROLGHUHQ HQ JHOHW RS GH WDNHQ YDQ GH RYHUKHLGVGLHQVWHQ
SOHLW KHW &HQWUXP HUYRRU GDW © EXUJHUV YDQ QLHW%HOJLVFKH
QDWLRQDOLWHLW GLH JHHQ RQGHUGDDQ ]LMQ YDQ HHQ OLGVWDDW YDQ GH
(XURSHVH8QLHRIYDQGH(XURSHVH(FRQRPLVFKH5XLPWHNXQQHQ
ZRUGHQRSJHQRPHQLQ GH GLHQVWHQYDQGH 9ODDPVH5HJHULQJRI
KHW9ODDPV*HZHVWHQYDQGHSXEOLHNUHFKWHOLMNHUHFKWVSHUVRQHQ
GLH HUYDQ DIKDQJHQ YRRU EHWUHNNLQJHQ GLH JHHQ DO GDQ QLHW
UHFKWVWUHHNVH GHHOQHPLQJ LQKRXGHQ DDQ GH XLWRHIHQLQJ YDQ
RSHQEDDU JH]DJ RI IXQFWLHV GLH QLHW WRW GRHO KHEEHQ GH
DOJHPHQH EHODQJHQ YDQ GH 6WDDW HQ DQGHUH RSHQEDUH OLFKDPHQ
WHEHVFKHUPHQª
&RQIRUP GH EHSDOLQJHQ YRRU KHW YHUNULMJHQ YDQ KHW VWHPUHFKW
]RX HHQ YHUEOLMIVGXXU RS KHW %HOJLVFKH JURQGJHELHG NXQQHQ
ZRUGHQJHsLVW
:HWWHOLMNH
UHIHUHQWLHV
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
6SHFLILHNYRRUVWHOYRRUppQ*HPHHQVFKDSRI*HZHVW
%HYRHJGKHLGVQLYHDX
9ODDPV*HZHVWHQ9ODDPVH*HPHHQVFKDS
7LWHO
7RHJDQJ YDQ DVVLVWHQWLHKRQGHQ WRW DOOH RSHQEDUH SODDWVHQ
RUJDQLVHUHQ
9DVWVWHOOLQJ
+HW RQW]HJJHQ YDQ GH WRHJDQJ YRRU SHUVRQHQ PHW DVVLVWHQWLHKRQGHQ WRW
EHSDDOGH RSHQEDUH SODDWVHQ NDQ ZRUGHQ EHVFKRXZG DOV LQGLUHFWH
GLVFULPLQDWLH RS JURQG YDQ KDQGLFDS RI GH ZHLJHULQJ YDQ HHQ UHGHOLMNH
DDQSDVVLQJ 'H DVVLVWHQWLHKRQG YRRU GH EOLQGH VOHFKW]LHQGH RI
HSLOHSVLHSDWLsQW LV LPPHUV HVVHQWLHHO YRRU ]LMQKDDU YHUSODDWVLQJHQ
YHLOLJKHLGHQDXWRQRPLH(HQDVVLVWHQWLHKRQGLVJHHQJH]HOVFKDSVGLHUKLM
LV RSJHOHLG RP GH SHUVRRQ PHW HHQ KDQGLFDS WH EHJHOHLGHQ LQ ]LMQ
YHUSODDWVLQJHQ HQ KHPKDDU WH KHOSHQ ELM HHQ DDQWDO GDJHOLMNVH
KDQGHOLQJHQ
'DDURP EHQDGUXNW KHW &HQWUXP GDW KHW WRHJDQJVYHUERG YRRU SHUVRQHQ
PHWHHQDVVLVWHQWLHKRQGHHQXLW]RQGHULQJPRHW]LMQ
,Q KHHIW KHW &HQWUXP HFKWHU WZDDOI PHOGLQJHQ ELQQHQJHNUHJHQ
ZDDUELMGHWRHJDQJWRWHHQRSHQEDUHUXLPWHZHUGJHZHLJHUGRPZLOOHYDQ
HHQDVVLVWHQWLHKRQG
9RRUVWHO
2P VOHFKW]LHQGHQ HQ HSLOHSVLHSDWLsQWHQ UHFKW WRW WRHJDQJ WH
JDUDQGHUHQ LV HHQ GHFUHHW QRRG]DNHOLMN GDW HQHU]LMGV SHUVRQHQ
PHW HHQ KDQGLFDS EHJHOHLG GRRU DVVLVWHQWLHKRQGHQ WRHJDQJ
YHUOHHQW WRW DOOH JHERXZHQ RI GHOHQ YDQ JHERXZHQ SXEOLHNH RI
SULYDWH SODDWVHQ HQ UXLPWHV GLH YRRU HHQ SXEOLHN JHEUXLN ]LMQ
EHVWHPG HQ GDW DQGHU]LMGV KHW DDQWDO JHYDOOHQ ZDDULQ GLH
WRHJDQJ NDQ ZRUGHQ JHZHLJHUG WRW HHQ DDQWDO XLW]RQGHUOLMNH
VLWXDWLHVEHSHUNW
:HWWHOLMNH
UHIHUHQWLHV
'H:DDOVHZHWJHYHUKHHIWKHWGHFUHHWYDQQRYHPEHU
DDQJHQRPHQZDDUYDQGHXLWYRHULQJVEHVOXLWHQRSRNWREHU]LMQ
JRHGJHNHXUGPDDUGLHQRJQLHWLQKHW%6]LMQJHSXEOLFHHUG
&HQWUXPYRRUJHOLMNKHLGYDQNDQVHQHQYRRUUDFLVPHEHVWULMGLQJ
±
0HPRUDQGXPJHZHVWYHUNLH]LQJHQ
),&+(
6SHFLILHNHYRRUVWHOOHQYRRUppQ*HPHHQVFKDSRI*HZHVW
%HYRHJGKHLGVQLYHDX
9ODDPVH*HPHHQVFKDSHQ9ODDPV*HZHVW
7LWHO
2QGHUZLMV (HQ ©&RPPLVVLH GLVFULPLQDWLHª PHW &RPPLVVLH
OHHUOLQJHQUHFKWHQ RSULFKWHQ GLH EHYRHJG ]RX ]LMQ RP HONH
PHOGLQJYDQGLVFULPLQDWLHWHEHKDQGHOHQ
9DVWVWHOOLQJ
6LQGV HQNHOH MDUHQ ELHGW GH 9ODDPVH *HPHHQVFKDS OHHUOLQJHQ HQ KXQ
RXGHUV GLH GH RPVWDQGLJKHGHQ HQ UHGHQHQ EHWZLVWHQ YRRU GH
LQVFKULMYLQJVZHLJHULQJYDQ HHQVFKRROGHPRJHOLMNKHLGGLHZHLJHULQJ YRRU
WH OHJJHQ DDQ HHQ FRPPLVVLH &RPPLVVLH OHHUOLQJHQUHFKWHQ GLH RS KDDU
EHXUW HHQ DGYLHV PRHW YRRUOHJJHQ DDQ GH VFKRRO HQ GH EHYRHJGH
RYHUKHGHQ
9RRUVWHO
$DQJH]LHQ GH]H YRRU]LHQLQJ KDDU QXW KHHIW EHZH]HQ VWHOW KHW
&HQWUXP GH RSULFKWLQJ YRRU YDQ HHQ ©&RPPLVVLH GLVFULPLQDWLHª
GLH YROJHQV HHQ JHOLMNDDUGLJH SURFHGXUH ]RX ZHUNHQ HQ GLH DOOH
PHOGLQJHQ LQ]DNH GLVFULPLQDWLHV DOOH UHGHQHQ HQ RQJHOLMNKHLG
YDQNDQVHQLQGHRQGHUZLMVVHFWRU]RXNXQQHQEHKDQGHOHQ
:HWWHOLMNH
UHIHUHQWLHV