(0%$5*27276(37(0%(5
4 $¶VQRWD³,QKHWEHODQJYDQ1HGHUODQG´RSEDVLVYDQ
NHUQERRGVFKDSSHQ
3DJLQDYDQ
:DWJHEHXUWHUPHWKHWDPELWLHQLYHDX"
'HNULMJVPDFKWEHKRXGWGHYHUHLVWHPL[DDQFDSDFLWHLWHQRPLQ]HWEDDUWHEOLMYHQ
RSDOOHJHZHOGVQLYHDXVHQVWUDWHJLVFKHIXQFWLHV'HZHUHOGLVHUQDPHOLMNQLHW
YHLOLJHURSJHZRUGHQHQGDDUELMSDVWHHQNUDFKWLJHKRRJZDDUGLJHHQIOH[LEHOH
NULMJVPDFKWGLHVDPHQPHWLQWHUQDWLRQDOHSDUWQHUVLQVWDDWLVKHWKRRIGWH
ELHGHQDDQWDOYDQGUHLJLQJHQ'RRUGHPRJHOLMNKHGHQYDQLQWHUQDWLRQDOH
VDPHQZHUNLQJXLWGUXNNHOLMNWHEHVFKRXZHQ]LMQNHX]HVJHPDDNWRYHUGHRPYDQJ
YDQEHSDDOGHEDVLVFDSDFLWHLWHQ'DDUQDDVW]LMQNHX]HVJHPDDNWRYHU
QLFKHJHELHGHQ]RDOVGHSDWULRWVHQGHRQGHU]HHERWHQGLHZRUGHQDDQJHKRXGHQ
RPGDW]HXQLHN]LMQELQQHQGH1DYR
'HNULMJVPDFKWZRUGWNOHLQHUPDDUNDQRRNLQGHWRHNRPVWDOOHUOHLRSHUDWLHVLQ
ELQQHQHQEXLWHQODQGEOLMYHQXLWYRHUHQ(ULVPHHUEDODQVDDQJHEUDFKWGRRU
RQGHUDQGHUHGHDPELWLHWHYHUODJHQ'LWEHWHNHQWLQGHSUDNWLMNYRRUDOGDWHU
EHSHUNLQJHQ]LMQDDQKHWYRRUW]HWWLQJVYHUPRJHQ:HKRXGHQGHLQ]HWPHWDQGHUH
ZRRUGHQPLQGHUODQJYROHQPRHWHQPHHURYHUODWHQDDQSDUWQHUV0DDURRNPHW
HHQJHULQJHUHRPYDQJ]LMQZHLQVWDDWRPEHWHNHQLVYROHQRSKRRJQLYHDXHHQ
VWHHQWMHELMWHGUDJHQDDQPLVVLHVGLH]RQGHUXLW]RQGHULQJFRPSOH[HUZRUGHQ%LM
DOOHNHX]HVJDDWNZDOLWHLWERYHQNZDQWLWHLW
+RHSDVVHQGHNHX]HVLQKHWLQWHUQDWLRQDOHYHUDQWZRRUGHOLMNKHLGYDQ
1HGHUODQG"
'HYHUDQWZRRUGHOLMNKHLGGLH1HGHUODQGLQWHUQDWLRQDDOKHHIWYUDDJWEHUHLGKHLGHQ
KHWYHUPRJHQHHQUHOHYDQWHELMGUDJHWHOHYHUHQDDQGHPLVVLHVGLHGH
LQWHUQDWLRQDOHJHPHHQVFKDSQRRG]DNHOLMNYLQGW,QGHQRWDLVYHHODDQGDFKW
EHVWHHGDDQJRHGHDDQVOXLWLQJELMZHQVHQGLHGH1DYRHQ(8KHEEHQ
&DSDFLWHLWHQZDDUDDQGH1DYRHQ(8HHQWHNRUWKHEEHQZRUGHQ]RYHHOPRJHOLMN
RQW]LHQRI]HOIVYHUEHWHUG'HEH]XLQLJLQJHQGLHLQYHHO(XURSHVHODQGHQRS
'HIHQVLH]LMQGRRUJHYRHUGKHEEHQHUWRHJHOHLGGDWGHEXUGHQVKDULQJELQQHQGH
1DYRLVDIJHQRPHQ1HGHUODQGVWHOWGLWFRQVHTXHQWDDQGHRUGHHQEOLMIW
WHJHOLMNHUWLMGHHQDFWLHYHHQUHOHYDQWHELMGUDJHOHYHUHQ
:DDURPNLHVWKHWNDELQHWYRRUGH)"
+HWNDELQHWKHHIWGHYHUDQWZRRUGHOLMNKHLGRPWHEOLMYHQLQYHVWHUHQLQYHLOLJKHLG
HQ'HIHQVLH'H)SDVWGDDUELM'HYHLOLJKHLGVVLWXDWLHODDWQDPHOLMN]LHQGDWGH
1HGHUODQGVHNULMJVPDFKWYRRUEHUHLGPRHWEOLMYHQRSYHUVFKLOOHQGH
LQ]HWPRJHOLMNKHGHQ'UHLJLQJHQHQULVLFR¶VQXHQLQGHWRHNRPVW]LMQGLIIXXV+HW
JHZHOGVQLYHDXLQFRQIOLFWHQLVQLHWWHYRRUVSHOOHQHQNDQVQHOYHUDQGHUHQ:LM
NLH]HQKHWJHZHOGVQLYHDXQLHW ZLMZRUGHQGDDUPHHJHFRQIURQWHHUG2RNGH
(0%$5*27276(37(0%(5
3DJLQDYDQ
VQHOOHRSNRPVWYDQPRGHUQHPRELHOHOXFKWDIZHHUHQQLHXZHUDGDUHQ
GHWHFWLHWHFKQLHNHQLVHHQIHLW
'H)ELHGWLQPLOLWDLUHRSHUDWLHVGHPHHVWHPRJHOLMNKHGHQELHGWKHW
GHIHQVLHSHUVRQHHOGHEHVWHEHVFKHUPLQJHQLVQDXZNHXULJ+HWELHGWGHNRPHQGH
GHFHQQLDWHYHQVJRHGHPRJHOLMNKHGHQYRRUGRRURQWZLNNHOLQJ$QGHUVGDQGH
DQGHUHWRHVWHOOHQNDQGH)LQDOOHPLVVLHVZRUGHQLQJH]HWYDQKHWEHYHFKWHQ
HQEHKRXGHQYDQOXFKWRYHUZLFKWKHWRQGHUGUXNNHQHQXLWVFKDNHOHQYDQ
YLMDQGHOLMNH PRELHOH OXFKWDIZHHUV\VWHPHQWRWFORVHDLUVXSSRUWDDQHLJHQ
WURHSHQ'H)ELHGWERYHQGLHQVWHUNYHUEHWHUGHZDDUQHPLQJVFDSDFLWHLWHQGLH
LQDOOHPLVVLHVYDQJURWHZDDUGH]LMQLQKHWELM]RQGHUELMGHYHU]DPHOLQJYDQ
LQOLFKWLQJHQYHUNHQQLQJHQHQEHZDNLQJ%HODQJULMN]LMQRRNGHPRJHOLMNKHGHQ
YRRULQWHUQDWLRQDOHVDPHQZHUNLQJRSJHELHGYDQWUDLQLQJLQVWDQGKRXGLQJHQ
LQ]HW9HUGHUZRUGWPHWGH)HHQZDDUGHYROOHELMGUDJHJHOHYHUGDDQKHW
RSORVVHQYDQPLOLWDLUHWHNRUWNRPLQJHQGLHGH1DYRHQGH(8KHEEHQYDVWJHVWHOG
'HDDQVFKDIYDQGH)ZRUGWEHNRVWLJGXLWGHUHJXOLHUHGHIHQVLHEHJURWLQJ+HW
NDELQHWPDDNWGDDUYRRUJHHQH[WUDJHOGYULM+HWJHUHVHUYHHUGH
LQYHVWHULQJVEXGJHWYDQ¼PLOMDUGZRUGWRYHUHHQSHULRGHYDQUXLPWLHQMDDU
XLWJHJHYHQHQKHWLVGHEHGRHOLQJGDWGH)]R¶QGHUWLJWRWYHHUWLJMDDUPHH
JDDW+HWKXLGLJHEXGJHW LQYHVWHULQJSOXVH[SORLWDWLHEXGJHW) LVYROGRHQGH
YRRUGHDDQVFKDIHQH[SORLWDWLHYDQGH)
:DW]LMQGHSHUVRQHOHFRQVHTXHQWLHVYDQGHQRWD"
$OVJHYROJYDQGHEHOHLGVEULHIYHUGZLMQHQELM'HIHQVLHRQJHYHHU
DUEHLGVSODDWVHQ'HYRULJHPLQLVWHUYDQ'HIHQVLHKHHIWJHPHOGWHYHUZDFKWHQGDW
DOVJHYROJKLHUYDQRQJHYHHUPHGHZHUNHUVH[WHUQEHPLGGHOGPRHWHQ
ZRUGHQ,QGHDIJHORSHQSHULRGHLVGXLGHOLMNJHZRUGHQGDWGHRYHUWROOLJKHLGODJHU
XLWYDOW'HYHUZDFKWLQJLVQXGDWRQJHYHHUPHQVHQQDDUZHUNEXLWHQ
'HIHQVLHPRHWHQZRUGHQEHJHOHLG
+HWSDNNHWDDQPDDWUHJHOHQLQGHQRWDOHLGWWRWHHQYHUPLQGHULQJYDQRQJHYHHU
DUEHLGVSODDWVHQ'HH[DFWHSHUVRQHOHFRQVHTXHQWLHVPRHWHQEOLMNHQXLWGH
XLWZHUNLQJYDQGHPDDWUHJHOHQGRRUGHOLMQYHUDQWZRRUGHOLMNHQ'HIHQVLHKRXGWHU
QXUHNHQLQJPHHGDWWXVVHQGHHQ PHGHZHUNHUVH[WHUQEHPLGGHOG
PRHWHQZRUGHQ
'HIHQVLH]DO]LFKWRWKHWXLWHUVWHLQVSDQQHQRPGHPHGHZHUNHUVYRRUZLHHUJHHQ
IXQFWLHPHHULVQDDUSDVVHQGZHUNEXLWHQ'HIHQVLHWHEHPLGGHOHQ2S
UHRUJDQLVDWLHVDOVJHYROJYDQGHQRWDGLHYRRUMDQXDULVWDUWHQ]DOKHW
6RFLDDO%HOHLGVNDGHUYDQWRHSDVVLQJEOLMYHQ
