Adam Ploszka
ÅŮ<&,(52'=,11(µ:35$:,(32/6.,0&=<0-(67$&=<01,(-(67"**
:VWēS
:]ZLĊ]NX]SRVWęSXMĊF\PL]PLDQDPLVSRâHF]Q\PLUHIOHNVMDQDWHPDWNZHVWLL]ZLĊ]DQ\FK
]UHJXODFMĊů\FLDURG]LQQHJRZ3ROVFHQDELHUDFRUD]ZLęNV]HJR]QDF]HQLDL]DMPXMHFRUD]ZLęFHM
PLHMVFDZGHEDFLHSXEOLF]QHM&HOHPQLQLHMV]HJRRSUDFRZDQLDMHVWSUyEDXG]LHOHQLDRGSRZLHG]L
QDQDVWęSXMĊFHS\WDQLDMDNQDJUXQFLHSUDZDSROVNLHJRGHILQLRZDQHVĊSRMęFLDURG]LQ\Lů\FLD
URG]LQQHJRMDNQDOHů\UR]XPLHýLQVW\WXFMęPDâůHľVWZDF]\SRMęFLHPů\FLDURG]LQQHJRREMęWH
VĊW]Z]ZLĊ]NLSDUWQHUVNLHZUHV]FLHMDNLZSâ\ZQDGHILQLRZDQLHURG]LQ\Z\ZLHUDG]LHFNRLF]\
QDOHů\X]QDýMH]DVXEVWDQFMDOQ\HOHPHQWURG]LQ\"
3UyED XG]LHOHQLD RGSRZLHG]L QD SRZ\ůV]H S\WDQLD ]RVWDQLH GRNRQDQD Z RSDUFLX
RSU]HSLV\SUDZDSROVNLHJRZW\PJâyZQLH.RQVW\WXFMę53MDNLZLĊůĊFH3ROVNęVWDQGD
UG\PLęG]\QDURGRZHZ\QLNDMĊFH](XURSHMVNLHM.RQZHQFML3UDZ&]âRZLHNDLF]âRQNRVWZD
5]HF]SRVSROLWHM3ROVNLHMZ8QLL(XURSHMVNLHMGDOHM8(
5RG]LQDMDNRLQVW\WXFMDSUDZQDRUD]PRijOLZHGRZ\RGUēEQLHQLDSRGW\S\²
PRGHOHURG]LQ\
5HJXODFML ů\FLD URG]LQQHJR SRœZLęFRQR V]HUHJ SU]HSLVyZ SUDZD NUDMRZHJR L PLęG]\QD
URGRZHJR&R]DW\PLG]LHSRMęFLHURG]LQ\Lů\FLDURG]LQQHJR]QDOD]âRVZRMHRG]ZLHUFLHGOHQLH
ZV]HUHJXSU]HSLVDFK.RQVW\WXFML53Å0DâůHľVWZRLURG]LQDQDOHůĊGRZDUWRœFLVDPRLVWQ\FK
SHâQLĊFMHGQRF]HœQLHUROęLQVWUXPHQWDOQĊZRGQLHVLHQLXGRUHDOL]DFMLâDGXVSRâHF]QHJRLSRU]ĊGNX
SUDZQHJR=W\FKZ]JOęGyZNRQVW\WXFMDMDNRXVWDZD]DVDGQLF]D]DZLHUDVWRVRZQHQRUP\ZVND
]XMĊFHQDVWRVXQHNSDľVWZDGRURG]LQ\D]ZâDV]F]D]DNUHVXMHMRFKURQ\µ1RUP\WHUHNRQVWUX
$XWRUMHVWVWXGHQWHP9URNXSUDZDQD:\G]LDOH3UDZDL$GPLQLVWUDFML8QLZHUV\WHWX:DUV]DZVNLHJR
1LQLHMV]\ DUW\NXâ SRZVWDâ G]LęNL ů\F]OLZHM L SU]\MD]QHM SRPRF\ SURI 0LURVâDZD :\U]\NRZVNLHJR ]
=DNâDGX3UDZ&]âRZLHND:\G]LDâX3UDZDL$GPLQLVWUDFML8:PRMHJRWXWRUDUDPDFK&ROOHJLXP,QYLVLELOOH
]DFRPXVHUGHF]QLHG]LęNXMę
7\WXâHPSU]\NâDGX8VWDZD]GQLD]GQLDOXWHJRU².RGHNVURG]LQQ\LRSLHNXľF]\']81U
SR]]H]PXVWDZD]GQLDOLSFDU²RSU]HFLZG]LDâDQLXSU]HPRF\ZURG]LQLH']81U
SR] ]H ]P XVWDZD ] GQLD F]HUZFD U R ZVSLHUDQLX URG]LQ\ L V\VWHPLH SLHF]\ ]DVWęSF]HM
']81USR]]H]P
7\WXâHP SU]\NâDGX (XURSHMVND .RQZHQFMD R SU]\VSRVRELHQLX G]LHFL ] U (XURSHMVND
.RQZHQFMD R VWDWXVLH SUDZQ\P G]LHFND SR]DPDâůHľVNLHJR ] U (XURSHMVND .RQZHQFMD R
X]QDZDQLXLZ\NRQ\ZDQLXRU]HF]HľGRW\F]ĊF\FKSLHF]\QDGG]LHFNLHPRUD]RSU]\ZUDFDQLXSLHF]\]
U (XURSHMVND .RQZHQFMD R Z\NRQ\ZDQLX SUDZ G]LHFL ] U .RQZHQFMH GRVWęSQH QD VWURQLH
LQWHUQHWRZHM5DG\(XURS\KWWSZZZFRQYHQWLRQVFRHLQWGDWDSREUDQLDU
']8]OLSFDU1USR]]H]P
76P\F]\ľVNL3UDZRURG]LQQHLVWRVXQNLURG]LQQRSUDZQH>Z@6\VWHP3UDZD3U\ZDWQHJR7RP;,:DUV]DZD
Opublikowano w: Przegląd Prawniczy Uniwersytetu
Warszawskiego, nr 1-2, rok XII, Warszawa 2013.
35=(*/ĉ'35$:1,&=<
RZDQHVĊQDSRGVWDZLHQDVWęSXMĊF\FKSU]HSLVyZDUWRNWyU\PSRQLůHMDUWXVW
UyZQRœýNRELHW\LPęůF]\]Q\Zů\FLXURG]LQQ\PDUWRFKURQDSUDZQDSU\ZDWQRœFLů\FLD
URG]LQQHJRDUWXVWRFKURQDSUDZQDSUDZURG]LFLHOVNLFKDUWXVW]GZ]ZLĊ]NX
]DUWXVWSUDZRURG]LFyZGRZ\FKRZ\ZDQLDG]LHFL]JRGQLH]ZâDVQ\PLSU]HNRQDQLDPL
ZW\PGR]DSHZQLHQLDG]LHFLRPZ\FKRZDQLDLQDXF]DQLDPRUDOQHJRLUHOLJLMQHJRDUWRFK
URQDGREUDURG]LQ\LSUDZRURG]LQ\RUD]PDWNLGRSRPRF\]HVWURQ\ZâDG]SXEOLF]Q\FKDWDNůH
DUWXVW]GDUWXVWDUWXVWLDUWRFKURQDSUDZG]LHFND
7DN OLF]QD JUXSD SU]HSLVyZ RG]ZLHUFLHGOD SRGVWDZRZĊ UROę MDNĊ SHâQL URG]LQD
Zů\FLX VSRâHF]Q\P 'R QDMZDůQLHMV]\FK IXQNFML MDNLH PD VSHâQLDý URG]LQD ]DOLF]D VLę
IXQNFMH SURNUHDF\MQĊ RSLHNXľF]Ċ RUD] Z\FKRZDZF]RVRFMDOL]DF\MQĊ :VSRPQLDQH
IXQNFMH SR]ZDODMĊ X]QDý ]DVDGQRœý SRJOĊGX ůH Å« WR JâyZQLH RG NRQG\FML URG]LQ\
]DOHů\]DNUHVSUREOHPyZL]DGDľVWRMĊF\FKSU]HGRUJDQDPLSDľVWZDµ
:œUyG ZVND]DQ\FK Z\ůHM SU]HSLVyZ UHJXOXMĊF\FK VWDWXV URG]LQ\ ]D QDMLVWRWQLHMV]\
LQDMF]ęœFLHM SU]\ZRâ\ZDQ\ X]QDMH VLę DUW NWyU\ VWDQRZL ůH Å>P@DâůHľVWZR MDNR ]ZLĊ]HN
NRELHW\LPęůF]\]Q\URG]LQDPDFLHU]\ľVWZRLURG]LFLHOVWZR]QDMGXMĊVLęSRGRFKURQĊLRSLHNĊ
5]HF]SRVSROLWHM3ROVNLHMµ3U]HSLVWHQMDNRMHG\Q\VSRœUyGJUXS\ZVND]DQ\FKZ\ůHMSU]HSLVyZ
PDMĊF\FKZSâ\ZQDVWDWXVURG]LQ\]RVWDâXPLHV]F]RQ\ZUR]G]LDOHSLHUZV]\P.RQVW\WXFML53
RNUHœODMĊF\P]DVDG\XVWURMX5]HF]SRVSROLWHM3ROVNLHM3HâQLRQGZRMDNĊIXQNFMęSRSLHUZV]H
Å« MHVW HOHPHQWHP DNVMRORJLL NRQVW\WXF\MQHM RNUHœODMĊF SRGVWDZRZH ZDUWRœFL ]ZLĊ]DQH
]LQVW\WXFMĊURG]LQ\LMHMUROĊZVSRâHF]HľVWZLH«>SRGUXJLH²SU]\S$3@MHVWHOHPHQWHP
Z\]QDF]DQLDFHOyZL]DGDľZâDG]\SXEOLF]QHMERQDNâDGDQDWHZâDG]HRERZLĊ]HN©RFKURQ\
LRSLHNLª«ZDUWRœFLZVND]DQ\FKZW\PSU]HSLVLHµ
3RMęFLD ů\FLD URG]LQQHJR URG]LQ\ VĊ SRMęFLDPL XVWDZRZ\PL NRQVW\WXF\MQ\P QLH
]GHILQLRZDQ\PLZ ůDGQ\PDNFLH SUDZQ\P :VSRPQLDQ\EUDN ]RVWDâ GRVWU]HůRQ\ SU]H]
7U\EXQDâ.RQVW\WXF\MQ\ZZ\URNXZVSUDZLH6.7U\EXQDâVWZLHUG]LâůHÅ>E@UDN
GHILQLFMLURG]LQ\Z.RQVW\WXFMLQDZHWZœZLHWOHGRNRQXMĊF\FKVLęSU]HPLDQVSRâHF]Q\FK
QLH VNXWNXMH EUDNLHP PRůOLZRœFL ]UHNRQVWUXRZDQLD WHJR SRMęFLD : SLHUZV]\P U]ęG]LH
WU]HED RGZRâDý VLę GR Mę]\NRZHJR MHJR ]QDF]HQLD ª5RG]LQD© ² Z œFLVâ\P WHJR VâRZD
UR]XPLHQLX²WRZVSyOQRWDURG]LFyZQDMF]ęœFLHMPDâůHľVWZDLG]LHFL1DWRPLDVWªURG]LQD
QLHSHâQD©WRURG]LQDZNWyUHMEUDNMHVWMHGQHJR]URG]LFyZ]RE6âRZQLN-ę]\ND3ROVNLHJR
3:1 1D JUXQFLH SU]HSLVyZ NRQVW\WXF\MQ\FK QLH PD MHGQRF]HœQLH SRGVWDZ GR
RGVWĊSLHQLDRGSRZV]HFKQHJR]QDF]HQLDSRMęýMDNLHXNV]WDâWRZDâ\VLęZMę]\NXSROVNLP
: œZLHWOH SU]HSLVyZ NRQVW\WXF\MQ\FK ]D ªURG]LQę© QDOHů\ ]DWHP X]QDý NDůG\ WUZDâ\
]ZLĊ]HN GZyFK OXE ZLęFHM RVyE VNâDGDMĊF\ VLę ] FR QDMPQLHM MHGQHM RVRE\ GRURVâHM
LG]LHFNDRSDUW\QDZLę]DFKHPRFMRQDOQ\FKSUDZQ\FKDSU]HZDůQLHWDNůHLQDZLę]DFK
NUZL5RG]LQDPRůHE\ýªSHâQD©ZW\PªZLHORG]LHWQD©OXEªQLHSHâQD©5RG]LQDªSHâQD©
VNâDGDVLę]GZRMJDRVyEGRURVâ\FKSR]RVWDMĊF\FKZHZVSyOQRFLHGRPRZHML]ZLĊ]DQ\FK
ZLę]DPL XF]XFLRZ\PL RUD] Z\FKRZ\ZDQHJR SU]H] QLH ZVSyOQHJR G]LHFND G]LHFL
/ *DUOLFNL .RPHQWDU] GR DUW .RQVW\WXFML >Z@ / *DUOLFNL UHG.RQVW\WXFMD 5]HF]\SRVSROLWHM 3ROVNLHM
.RPHQWDU]W:DUV]DZD
Å1D JUXQFLH VRFMRORJLL URG]LQD FKDUDNWHU\]RZDQD MHVW MDNR SHZQD JUXSD VSRâHF]QD R V]F]HJyOQ\FK
FHFKDFKVSHâQLDMĊFDVRELHW\ONRZâDœFLZHIXQNFMHµ²0áĊF]NRZVND=ZLĊ]NLRVyEWHMVDPHMSâFLZœZLHWOH
SUDZDSROVNLHJR>Z@3:LOLľVNLUHG3UDZRZREHFZ\]ZDľZVSyâF]HVQRœFL3R]QDľ
0 'REURZROVNL 6WDWXV SUDZQ\ URG]LQ\ Z œZLHWOH QRZHM .RQVW\WXFML 5]HF]\SRVSROLWHM 3ROVNLHM Å3U]HJOĊG
6HMPRZ\µV
,ELGHP
ÅŮ<&,(52'=,11(µ:35$:,(32/6.,0&=<0-(67$&=<01,(-(67"
5RG]LQęªQLHSHâQĊ©WZRU]\QDWRPLDVWMHGHQGRURVâ\LZ\FKRZ\ZDQHSU]H]QLHJRG]LHFNR
G]LHFLµ
: W\P VDP\P Z\URNX 7U\EXQDâ VSURZDG]Lâ MHGQDNůH URG]LQę GR ]ZLĊ]NX NRELHW\
LPęůF]\]Q\VWZLHUG]DMĊFůHÅRFKURQDURG]LQ\UHDOL]RZDQDSU]H]ZâDG]HSXEOLF]QHPXVL
XZ]JOęGQLDý SU]\MęWĊ Z .RQVW\WXFML ZL]Mę URG]LQ\ MDNR WUZDâHJR ]ZLĊ]NX PęůF]\]Q\
LNRELHW\ QDNLHURZDQHJR QD PDFLHU]\ľVWZR L RGSRZLHG]LDOQH URG]LFLHOVWZR YLGH DUW
.RQVW\WXFMLµ 3RGREQLH SRMęFLH URG]LQ\ GHILQLXMĊ QLHNWyU]\ SU]HGVWDZLFLHOH GRNWU\Q\
X]QDMĊF ůH Å>S@UHIHURZDQĊ NRQVW\WXF\MQLH ZL]MĊ URG]LQ\ MHVW WUZDâ\ ]ZLĊ]HN NRELHW\
LPęůF]\]Q\QDNLHURZDQ\QDPDFLHU]\ľVWZRLRGSRZLHG]LDOQHURG]LFLHOVWZRµ
=DSUH]HQWRZDQ\Z\ůHMWU\EUR]XPRZDQLD7U\EXQDâX.RQVW\WXF\MQHJRVWDQRZLHOHPHQW
XWUZDORQHM OLQLL RU]HF]QLF]HM 7U\EXQDâ NRQVHNZHQWQLH Å« SU]\MPXMH ůH QDOHů\ âĊF]QLH
SRVWU]HJDý]DVDGęRFKURQ\LRSLHNLQDGURG]LQĊZ\QLNDMĊFĊ]DUW.RQVW\WXFML]RSLHNĊQDG
PDâůHľVWZHPPDFLHU]\ľVWZHPLURG]LFLHOVWZHP2]QDF]DWRZV]F]HJyOQRœFLůHRSLHNDQDG
URG]LQĊQLHSRZLQQDE\ýSRMPRZDQDZVSRVyENWyU\QDUXV]DâE\]DVDGęRFKURQ\RRSLHNLQDG
PDâůHľVWZHP ]ZâDV]F]D ]Dœ QDG VWDELOQRœFLĊ PDâůHľVWZD 1D W\P WOH 7U\EXQDâ X]QDâ
UR]ZLĊ]DQLD SROHJDMĊFH QD SUHIHURZDQLX ©RVyE VDPRWQLH Z\FKRZXMĊF\FK G]LHFLª ² SU]H]
SU]\]QDQLHLPGRGDWNXGR]DVLâNXURG]LQQHJR NLHG\WDNLHJRGRGDWNXVĊSR]EDZLRQHRVRE\
Z\FKRZXMĊFHG]LHFNRZURG]LQLH²]D]DFKęFDMĊFHGR]PLDQ\VWDWXVXSUDZQHJRURG]LQ\FR
VWDQRZL]DJURůHQLHGODWUZDâRœFLPDFLHU]\ľVWZDDW\PVDP\PQDUXV]DDUW.RQVW\WXFMLµ
:W\PPLHMVFX]DX]DVDGQLRQHQDOHů\X]QDýSRVWDZLHQLHS\WDQLDF]\ZLVWRFLH]JRGQLH
] SRZ\ůV]\P Z\URNLHP URG]LQę QDOHů\ VSURZDG]Lý GR ]ZLĊ]NX NRELHW\ L PęůF]\]Q\"
3R]\W\ZQD RGSRZLHGŭ QD SRZ\ůV]H S\WDQLH Z\NOXF]D VSRGSRMęFLDURG]LQ\V]HUHJLQQ\FK
]ZLĊ]NyZRFKDUDNWHU]HIDNW\F]Q\PRNWyU\FKV]HU]HMQLůHM1HJDW\ZQHMRGSRZLHG]LQDWDN
VNRQVWUXRZDQHS\WDQLHPRůQDGRV]XNDýVLęVWDQRZLVNX.RPLWHWX1DXN
3UDZQ\FKZ\UDůRQHZ]ZLĊ]NX]SURMHNWHPXVWDZR]ZLĊ]NDFKSDUWQHUVNLFK
:OLœFLHW\PGRVWU]HůRQRůHÅ>Z@\NâDGQLDDUW.RQVW\WXFMLQLHGDMH«SRGVWDZ\GR
ZQLRVNX ůH PDâůHľVWZR MDNR ]ZLĊ]HN NRELHW\ L PęůF]\]Q\ MHVW MHG\QĊ PRůOLZĊ SRGVWDZĊ
URG]LQ\ZV]F]HJyOQRœFLQLHSU]HNUHœODGRœýRF]\ZLVWHMNRQVWDWDFMLLů²ZP\œOVWDQRZLVND
GRNWU\Q\ SUDZD RU]HF]QLFWZD L EDGDľ QDXN VSRâHF]Q\FK ² ZVSyâF]HœQLH URG]LQę PRJĊ
:\URN7U\EXQDâX.RQVW\WXF\MQHJR]GQLDNZLHWQLDU6.27.=8QU$
SR]
,ELGHPSDUDJUDIZ\URNX
0=XELN3RGPLRW\NRQVW\WXF\MQ\FKZROQRœFLSUDZLRERZLĊ]NyZÅ3U]HJOĊG/HJLVODF\MQ\µQU
,ELGHP
3U]HGPLRWRZHVWDQRZLVNR]GQLDU]DZLHUDâRV\QWHW\F]QH]HVWDZLHQLHZ\SRZLHG]LRSLQLHL
VXJHVWLH F]âRQNyZ .RPLWHWX 1DXN 3UDZQ\FK ZREHF SURMHNWyZ SRVHOVNLFK XVWDZ R ]ZLĊ]NDFK
SDUWQHUVNLFK RUD] SU]HSLVyZ ZSURZDG]DMĊF\FK SU]\JRWRZDQ\ Z ]ZLĊ]NX ] VNLHURZDQLHP SURœE\ GR
3UH]HVD3ROVNLHM$NDGHPLL1DXNRZ\UDůHQLHRSLQLLRZVSRPQLDQ\FKSURMHNWDFKSU]H]0DUV]DâND6HMPX
7\WXâHPSU]\NâDGX11D]DUSRMęFLHURG]LQ\UHNRQVWUXXMHQDSRGVWDZLHV]HUHJXSU]HSLVyZGRFKRG]ĊF
GRQDVWęSXMĊFHJRZQLRVNXMHVWRQDXMPRZDQDQDJUXQFLHLQQ\FKXVWDZV]HU]HMQLůSU]\MęWHZNRGHNVLH
URG]LQQ\PLRSLHNXľF]\PÅQSDUWSNW3RP6SRâ8ZHGâXJNWyUHJRURG]LQęWZRU]ĊWDNůHRVRE\
QLHVSRNUHZQLRQH SR]RVWDMĊFH Z IDNW\F]Q\P ]ZLĊ]NX ZVSyOQLH ]DPLHV]NXMĊFH L JRVSRGDUXMĊFH
>3RGREQLH ² SU]\ $3@ XVWDZD ] U R SU]HFLZG]LDâDQLX SU]HPRF\ Z URG]LQLH ² WHUPLQHP
ÅF]âRQHN URG]LQ\µ RNUHœOD RVREę QDMEOLůV]Ċ Z UR]XPLHQLX DUW NN D WDNůH ÅRVREę ZVSyOQLH
]DPLHV]NXMĊFĊOXEJRVSRGDUXMĊFĊµDUWSNW8VWDZDV]HURNR]DNUHœODNUĊJURG]LQ\Z\NUDF]DMĊFSR]D
RVRE\ WZRU]ĊFH URG]LQę Z UR]XPLHQLX ]DSHZQLD RFKURQę SU]HG SU]HPRFĊ Z URG]LQLH WDNůH RVRERP
SR]RVWDMĊF\PZNRQNXELQDFLHµ01D]DUUR]G]LDâ;,.RQNXELQDW>Z@3UDZRURG]LQQHLRSLHNXľF]HWRP;,
6\VWHP3UDZD3U\ZDWQHJRUHG76P\F]\QVNLV
35=(*/ĉ'35$:1,&=<
WZRU]\ý L IDNW\F]QLH WZRU]Ċ RVRE\ IXQNFMRQXMĊFH Z GâXJRWUZDâ\P SRů\FLX SURZDG]ĊFH
ZVSyOQH JRVSRGDUVWZR Z\FKRZXMĊFH G]LHFL L ELRUĊFH ]D QLH ZVSyâRGSRZLHG]LDOQRœý 7DN
SRMPRZDQD URG]LQD PRůH E\ý RSDUWD QD ]ZLĊ]NX RVyE UyůQHM DOER WHM VDPHM SâFLµ
3RPRFQ\P GOD UR]VWU]\JQLęFLD SRZVWDâHM ZĊWSOLZRœFL GRW\F]ĊFHM GHILQLFML URG]LQ\ F]\ ů\FLD
URG]LQQHJR PRJĊ E\ý ZLĊůĊFH 53 VWDQGDUG\ PLęG]\QDURGRZHM RFKURQ\ SUDZ F]âRZLHND
RF]\PV]HU]HMZGDOV]HMF]ęœFLQLQLHMV]HJRRSUDFRZDQLD
.RQVW\WXF\MQDUHJXODFMDLQVW\WXFMLPDãijHĝVWZDLMHMLQWHUSUHWDFMD
3U]\ZRâDQ\ Z\ůHM SU]HSLV DUW\NXâX .RQVW\WXFML VWDQRZLĊF\ ]DVDGę XVWURMRZĊ ²
DZLęF QRUPĊ SURJUDPRZĊ ² Z MHGQ\PW\ONR IUDJPHQFLHSRVLDGDRGPLHQQ\ FKDUDNWHU²
FKDUDNWHUQRUP\SUDZQHM)UDJPHQWHPW\PMHVWGHILQLFMDPDâůHľVWZDRNUHœODMĊFDMHMDNR
]ZLĊ]HN NRELHW\ L PęůF]\]Q\ .RQVW\WXF\MQD GHILQLFMD PDâůHľVWZD SURZDG]L NRPHQWD
WRUyZGR]JRGQ\FKNRQNOX]ML/*DUOLFNLXZDůDLůÅ]DND]XMHWRXVWDZRGDZF\]Z\NâHPX
QDGDZDQLDFKDUDNWHUXPDâůHľVWZD]ZLĊ]NRPIDNW\F]Q\PNRQNXELQDWRZLPLęG]\NRELHWĊ
L PęůF]\]QĊ MDN WHů ]ZLĊ]NRP SRPLęG]\ RVREDPL MHGQHM SâFLµ 3RGREQLH - %Rý
VWZLHUG]D ůH ÅX]QDQLH Z .RQVW\WXFML PDâůHľVWZD ]D ]ZLĊ]HN NRELHW\ LPęůF]\]Q\
SU]HFLęâRUyZQLHůPRůOLZRœFLLQQHJRIRUPXâRZDQLDLLQQHJRNRQVWUXRZDQLDPDâůHľVWZD
Z VIHU]H SUDZQHMµ : QRZV]\P NRPHQWDU]X % %DQDV]DN Z RGQLHVLHQLX GR GHILQLFMD
PDâůHľVWZDVWZLHUG]DůHÅ«XVWDZRGDZFDQLHPDPRůOLZRœFLDQL]PLDQ\WHMGHILQLFML
DQL IRUPXâRZDQLD LQQ\FK NRQVWUXNFML SUDZQ\FK NWyUH RJUDQLF]Dâ\E\ IXQNFMH ]ZLĊ]DQH
]URG]LFLHOVWZHP UR]XPLDQ\P MDN SURNUHDFMD L Z\FKRZ\ZDQLH G]LHFLµ :SRGREQ\P
GXFKX EU]PL Z\SRZLHGŭ 0 'REURZROVNLHJR NWyU\ NRPHQWXMĊF NRQVW\WXF\MQĊ GHILQLFMę
PDâůHľVWZDVWZLHUG]LâůHÅMHVWWRUR]ZLĊ]DQLHSR]\W\ZQHSRQLHZDůXWUXGQLHZHQWXDOQĊ
SUyEęOHJDOL]DFMLPDâůHľVWZKRPRVHNVXDOQ\FKµ
: SRGREQ\P GXFKX EU]PLZ\SRZLHGŭ 7U\EXQDâX .RQVW\WXF\MQHJR NWyU\ ]ZUyFLâ
XZDJęůHÅ>P@DâůHľVWZRMDNR]ZLĊ]HNNRELHW\LPęůF]\]Q\X]\VNDâRZSUDZLHNUDMRZ\P
53 RGUęEQ\ VWDWXV NRQVW\WXF\MQ\ ]GHWHUPLQRZDQ\ SRVWDQRZLHQLDPL DUW .RQVW\WXFML
=PLDQD WHJR VWDWXVX E\âDE\ PRůOLZD MHG\QLH SU]\ ]DFK RZDQLX U\JRUyZ WU\EX ]PLDQ\
.RQVW\WXFMLRNUHœORQ\FKZDUWWHJRDNWX:ůDGQ\PZ\SDGNXWDNůH]HZ]JOęGyZ
IRUPDOQRSUDZQ\FK ]PLDQD FKDUDNWHUX F]\ VWDWXVX PDâůHľVWZD Z SROVNLP V\VWHPLH
SUDZQR NRQVW\WXF\MQ\P QLH PRJâDE\ SU]\MĊý IRUP\ UDW\ILNRZDQHM XPRZ\ PLęG]\QDUR
GRZHMQDZHWUDW\ILNRZDQHMZVSRVyENZDOLILNRZDQ\µ
3RZ\ůV]H Z\SRZLHG]L NRQFHQWUXMĊ VLę QD ]DJDGQLHQLX ÅSRGPLRWyZµ NWyUH PRJĊ
F]HUSDý]LQVW\WXFMLPDâůHľVWZD7UXGQRGRV]XNDýVLęRGSRZLHG]LF]\PPDâůHľVWZRUyůQL
VLę RG LQQ\FK IRUP SRů\FLD 2GSRZLHGŭ PRůQD Z\ZQLRVNRZDý PLQ ]H VWDQRZLVND
76P\F]\ľVNLHJR NWyU\ VWZLHUG]Lâ ůH Å>W@UZDâH SR]\FLH PęůF]\]Q\ L NRELHW\ SUDZQLH
XQRUPRZDQHMHVWQD]\ZDQHPDâůHľVWZHP«MHVW>RQR²SU]\S$3@HOHPHQWHPâDGX
6WDQRZLVNR .RPLWHWX 1DXN 3UDZQ\FK Z\UDůRQH Z ]ZLĊ]NX ] SURMHNWHP XVWDZ R ]ZLĊ]NDFK SDUWQHUVNLFK
/*DUOLFNL.RPHQWDU]GRDUW.RQVW\WXFML«
,ELGHP
-%RýUHG.RQVW\WXFMH5]HF]SRVSROLWHMRUD]NRPHQWDU]GR.RQVW\WXFML53]U:URFâDZUV
%%DQDV]DN.RQVW\WXFMD5]HF]SRVSROLWHM3ROVNLHM.RPHQWDU]:DUV]DZDV
0'REURZROVNL6WDWXVURG]LQ\ZœZLHWOH.RQVW\WXFMLÅ3U]HJOĊG6HMPRZ\µV
:\URN7U\EXQDâX.RQVW\WXF\MQHJR]GQLDPDMDU.27.$SR]
ÅŮ<&,(52'=,11(µ:35$:,(32/6.,0&=<0-(67$&=<01,(-(67"
LSRU]ĊGNX SUDZQHJR Z SDľVWZLH D SDľVWZR MHVW ]DLQWHUHVRZDQH SUDZLGâRZ\P SRZVWD
QLHPLIXQNFMRQRZDQLHPPDâůHľVWZDLSRZVWDâHMZWHQVSRVyEURG]LQ\1LHMHVWERZLHP
SU]HVDGĊůHSDľVWZRVSRâHF]HľVWZRMHVWSU]HGHZV]\VWNLPVXPĊURG]LQµ:SRZ\ůV]HM
Z\SRZLHG]LDXWRU]GDMHVLęXWRůVDPLDý]HVREĊSRMęFLHPDâůHľVWZDLURG]LQ\'HILQLXMĊF
SRMęFLHPDâůHľVWZDZVSRPQLDQ\DXWRU]DXZDůDÅ0DâůHľVWZRLZVSyOQHSRů\FLHNRELHW\
LPęůF]\]Q\ VĊ ]MDZLVNLHP SU]HGH ZV]\VWNLP VSRâHF]Q\P Z\QLNDMĊF\P ] W]Z QDWXU\
U]HF]\ 1DWXUDOQ\ SRSęG SâFLRZ\ Z VWRVXQNDFK PLęG]\ NRELHWĊ L PęůF]\]QĊ MHVW
HOHPHQWHPFDâHJRV\VWHPXSUDZU]ĊG]ĊF\FKœZLDWHPSU]\URG\ZNWyU\PRVREQLNLPęVNLH
âĊF]ĊVLę]RVREQLNLHPůHľVNLP]DSHZQLDMĊFWUZDQLHRNUHœORQHJRJDWXQNXµ
=SRZ\ůV]\FKZ\SRZLHG]LZ\QLNDZVSRVyEMHGQR]QDF]Q\ůHSRMęFLHPDâůHľVWZD
ZNRQVW\WXFML MHVW ]DVWU]HůRQH MHG\QLH GOD ]ZLĊ]NX NRELHW\ L PęůF]\]Q\ 1D JUXQFLH
RERZLĊ]XMĊFHJR VWDQX SUDZQHJR SU]\ Xů\FLX GRVWęSQHJR LQVWUXPHQWDULXP SUDZQHJR QLHPRůOLZ\P Z\GDMH VLę VNRQVWUXRZDQLH LQQHM GHILQLFML PDâůHľVWZD :ĊWSOLZRœý EXG]Lý
PRůHMHG\QLHDNFHQWRZDQLHSU]H]GRNWU\QęMDNLZ\SRZLHG]L7.DVSHNWXSURNUHDF\MQHJR
3RâRůHQLHQDFLVNX QD WHQ DVSHNW PRůQD X]QDý]D]E\W VLOQĊ LQJHUHQFMę SDľVWZD Z VIHUę
SU\ZDWQRœFLPDâůRQNyZ
,QQHQLijPDãijHĝVWZRIRUP\ZVSyOQHJRSRij\FLD
=SUDNW\NLů\FLDVSRâHF]QHJRZ\QLNDůHSR]DPDâůHľVWZHPLVWQLHMĊWDNůHLQQHIRUP\
ZVSyOQHJRSRů\FLD SR]RVWDMĊFH GH OHJH ODWD SR]D VIHUĊ UHJXODFML SUDZQHM 1DOHůĊ GR QLFK
NRQNXELQDWW]Z]ZLĊ]HNSDUWQHUVNLRUD]LQQHIRUP\ZVSyOQHJRSRů\FLD
7HUPLQNRQNXELQDWMHVWWUDG\F\MQLHRGQRV]RQ\GRRVyENWyUHFRGR]DVDG\PRJĊDOH
]UyůQ\FKSRZRGyZQLHFKFĊ]DZU]Hý]ZLĊ]NXPDâůHľVNLHJRÅ1LHFKRG]LWXRSU]HORWQH
]ZLĊ]NL OHF] R Z MDNLœ VWRSQLX WUZDâH SRů\FLH MHGQDN EH] SRGGDQLD VLę NRQWUROL SUDZD
]DUyZQRSU]\]DZLĊ]\ZDQLXMDNLXVWDQLXSRů\FLDµ:RGQLHVLHQLXGRWHUPLQX]ZLĊ]NX
SDUWQHUVNLHJRQDOHů\]DXZDů\ýůHMHJR]DNUHVMHVWV]HUV]\JG\ůPRůHREHMPRZDý]DUyZQR
RVRE\NWyUHPRJĊ]DZU]HýPDâůHľVWZRDOHVLęQDWRQLHGHF\GXMĊMDNLRVRE\NWyUHWDNLHM
PRůOLZRœFL QLH SRVLDGDMĊ 3RZV]HFKQLH ]ZLĊ]NL SDUWQHUVNLH XWRůVDPLD VLę ]H ]ZLĊ]NDPL
RVyEWHMVDPHMSâFLFKRýWHQVNUyWP\œORZ\QLHMHVWSUHF\]\MQ\ERZLHPMDNMXů]RVWDâR
ZVSRPQLDQH ]ZLĊ]HN SDUWQHUVNL REHMPXMH WDNůH NRQNXELQDW MDN ]ZLĊ]NL RVyE NWyUH
SURZDG]ĊZVSyOQHSRů\FLHSR]EDZLRQHZLę]LVHNVXDOQHM6DPWHUPLQ]ZLĊ]NXSDUWQHU
76P\F]\ľVNL&]\SRWU]HEQDMHVWUHJXODFMDSUDZQDSRů\FLDNRQNXEHQFNLHJRKHWHURVHNVXDOQHJRLKRPRVHNVXDOQHJR">Z@
3.DVSU]\NUHG3UDZRURG]LQQHZ3ROVFHLZ(XURSLH/XEOLQV
,ELGHP
6]HU]HM0:\U]\NRZVNLUHG5R]XPQRœýUR]XPRZDľSUDZQLF]\FK:DUV]DZD
76P\F]\ľVNL&]\SRWU]HEQDMHVWUHJXODFMDSUDZQDSRů\FLDNRQNXEHQFNLHJR«V
8WRůVDPLHQLH ]ZLĊ]NyZ SDUWQHUVNLFK ]H ]ZLĊ]NDPL RVyE WHM VDPHM SâFL PD SHZQD SRGEXGRZę
KLVWRU\F]QĊJG\ůMHVWWRLQVW\WXFMDVWZRU]RQDGODWHJRW\SX]ZLĊ]NXZVXEVW\WXFMLPDâůHľVWZD1LHQDOHů\
SU]\W\P]DSRPLQDýůHÅ>P@QLHMOXEEDUG]LHMX]QDZDQHVSRâHF]QLH]ZLĊ]NLRVyEWHMVDPHMSâFLLVWQLDâ\Z
ZLHOX HSRNDFK VSRâHF]HľVWZDFK NXOWXUDFK ]ZâDV]F]D SR]RVWDMĊF\FK SR]D RGG]LDâ\ZDQLHP
FKU]HœFLMDľVWZD%\â\REHFQDQDSU]\NâDGZQLHNWyU\FKNXOWXUDFKD]MDW\FNLFKZW\PSU]HGHZV]\VWNLPZ
&KLQDFK Z DQW\F]QHM NXOWXU]H JUHFNLHM U]\PVNLHM « NXOWXUDFK LQGLDľVNLFK F]\ DIU\NDľVNLFKµ 7
3LHWU]\NRZVNL(W\F]QHSUREOHP\SUDZD=DU\VZ\NâDGX.DWRZLFH
7\WXâHPSU]\NâDGXPRůQDZVND]DýURG]HľVWZRPLHV]NDMĊFHUD]HP
35=(*/ĉ'35$:1,&=<
VNLHJR VWDQRZL WâXPDF]HQLH LQVW\WXFML SUDZQ\FK UHJXOXMĊF\FK Wę SUREOHPDW\Nę NWyUH
]RVWDâ\SU]\MęWHZOLF]Q\FKNUDMDFKJâyZQLH(XURS\=DFKRGQLHM
-DN]RVWDâRZVND]DQHZ\ůHMSU]HGVWDZLRQHIRUP\ZVSyOQHJRSRů\FLDSR]RVWDMĊSR]D
VIHUĊ UHJXODFML : ]ZLĊ]NX ] W\P QD SU]HVWU]HQL RVWDWQLFK ODW SRGHMPRZDQH E\â\ SUyE\
VWZRU]HQLDLQVW\WXFML]ZLĊ]NXSDUWQHUVNLHJR
-DN ]RVWDâRZ]PLDQNRZDQH SRZ\ůHM GRNWU\QD MHVWZ SU]HZDůDMĊFHM F]ęœFLSU]HFLZQD
UHJXODFML ]ZLĊ]NyZ SDUWQHUVNLFK 2VWDWQLPL F]DV\ SRGREQH VWDQRZLVNR ]RVWDâR ]DSUH]HQ
WRZDQHZZ\SRZLHG]LRFKDUDNWHU]HLQVW\WXFMRQDOQ\PDPLDQRZLFLHZRSLQLLRSRVHOVNLP
SURMHNFLHXVWDZ\ÅRXPRZLH]ZLĊ]NXSDUWQHUVNLHJRµSU]\JRWRZDQ\PSU]H]%LXUR6WXGLyZ
L$QDOL]6ĊGX1DMZ\ůV]HJR:RSLQLLWHMVWZLHUG]RQRůHÅ]ZLĊ]HNRVyEWHMVDPHMSâFLQLH
PRůHE\ýPDâůHľVWZHPQLHFKRG]LWXMHG\QLHR]DVWU]HůHQLHVDPHMQD]Z\ªPDâůHľVWZR©GOD
]ZLĊ]NX NRELHW\ L PęůF]\]Q\ DOH R ]DND] ]UyZQDQLD ]ZLĊ]NX RVyE WHM VDPHM SâFL
]PDâůHľVWZHP ]ZLĊ]HN RVyE UyůQHM SâFL NWyUH QLH ]DZDUâ\ PDâůHľVWZD QLH PRůH
Z\ZRâ\ZDý DQL WDNLFK VDP\FK VNXWNyZ MDNLH Z\ZRâXMH PDâůHľVWZR DQL WHů VNXWNyZ
]EOLůRQ\FKGRPDâůHľVWZD]ZâDV]F]DEęGĊF\FKNRQVHNZHQFMĊSUHIHUHQF\MQHJRWUDNWRZDQLD
PDâůHľVWZD DQL ]ZLĊ]HN RVyE UyůQHM SâFL DQL RVyE WHM VDPHM SâFL SR]RVWDMĊF\FK ZH
ZVSyOQ\P SRů\FLX QLH Z\ZRâXMH QLH SR]RVWDMH SRG RFKURQĊ L RSLHNĊ 5]HF]SRVSROLWHMµ
:RSLQLL6ĊGX1DMZ\ůV]HJRMDNDNROZLHNUHJXODFMD]ZLĊ]NXSDUWQHUVNLHJRRVyEWHMVDPHMOXE
UyůQHMSâFLMHVWVSU]HF]QD].RQVW\WXFMĊ
2GPLHQQLHRUHJXODFML]ZLĊ]NyZRVyEWHMVDPHMOXELQQHMSâFLVWDQRZLZVSRPQLDQH
Z\ůHM VWDQRZLVNR .RPLWHWX 1DXN 3UDZQ\FK Z\UDůRQH Z ]ZLĊ]NX ] SURMHNWHP XVWDZ
R]ZLĊ]NDFKSDUWQHUVNLFK6WDQRZLVNRWRUR]SRF]\QDVLęRGVIRUPXâRZDQLDůHÅZ\UDůRQ\
]RVWDâ SRJOĊG ůH XVWDZRZD UHJXODFMD ]ZLĊ]NyZ SDUWQHUVNLFK VWDQRZL XU]HF]\ZLVWQLHQLH
ZDUWRœFL L QRUP .RQVW\WXFML RUD] RGSRZLDGD ZVSyâF]HVQ\P VWDQGDUGRP SDľVWZD
GHPRNUDW\F]QHJRLSUDZQHJRµ'DOHMSRWZLHUG]RQRůH.RQVW\WXFMDVWDQRZLSHZLHQZ\UD]
V]F]HJyOQHM DILUPDFML W]Z WUDG\F\MQHM URG]LQ\ ZVND]XMĊF MĊ MDNR SUHIHURZDQ\ Z]RU]HF
URG]LQ\&RLVWRWQHZOLœFLHW\PZ\UDůRQRůHÅGODªů\FLDURG]LQQHJR©QLHMHVWNRQLHF]QD
LQVW\WXFMD PDâůHľVWZD DOERZLHP PRůH RQR UHDOL]RZDý UyZQLHů SR]D PDâůHľVWZHP
8VWDZRZH XQRUPRZDQLH ]ZLĊ]NyZSDUWQHUVNLFK E\âRE\ FHORZH L ]DVDGQH GR LQVW\WXFMR
QDOL]DFML GRRNUHœOHQLD L SRV]DQRZDQLD IDNW\F]QLH Z\VWęSXMĊF\FK IRUP ů\FLD URG]LQQHJR
=ZLĊ]HN SDUWQHUVNL MDZL VLę ]DWHP QLH MDNR DOWHUQDW\ZD GOD PDâůHľVWZD OHF] MDNR QRZD
IRUPD URG]LQ\ SR]ZDODMĊFDRVRERP SR]RVWDMĊF\P SR]DPDâůHľVWZHP UHDOL]RZDý VZRMH
IXQGDPHQWDOQHDVSLUDFMHů\FLRZHµ
:DUWR]ZUyFLýXZDJęZW\PPLHMVFXQDMHGQĊ]WH]SRVWDZLRQ\FKZHZVWęSQHMF]ęœFL
VWDQRZLVND .RPLWHWX 1DXN 3UDZQ\FK 3$1 GRVWU]HJD ůH SURSR]\FMD SUDZRGDZF\ PD
ÅSRGVWDZRZĊ GRQLRVâRœý Z W\P DNVMRORJLF]QĊ PD ªZâĊF]DMĊFD© QLH ]Dœ ©Z\NOXF]DMĊFDª
1D WHPDW ]ZLĊ]NyZ SDUWQHUVNLFK V]HU]HM 0 6WXV ,QVW\WXFMRQDOL]DFMD ]ZLĊ]NyZ SDUWQHUVNLFK L PDâůHľVWZ
VHNVXDOQ\FKZXVWDZRGDZVWZLHSDľVWZHXURSHMVNLFK3L3V²0ŒZLGHUVND&\ZLOQ\SDNWVROLGDUQRœFL
Z SUDZLH F\ZLOQ\P )UDQFML 3L3 V ² % -DQRZVNL 5HMHVWUDFMD Z 5)1 ]ZLĊ]NyZ SDUWQHUVNLFK
Å5HMHQWµ - )DOVNL .RQVW\WXF\MQH DVSHNW\ UHIRUP\ SUDZD PDâůHľVNLHJR Z +LV]SDQLL 3L3
:-DF]HZVNL3UREOHPDW\ND]ZLĊ]NyZSDUWQHUVNLFKZ8(Å-XU\VWDµV²33LOFK0RGHOHUHJXODFML
SUDZQ\FK GRW\F]ĊF\FK ]ZLĊ]NyZ SDUWQHUVNLFK RERZLĊ]XMĊFH Z NUDMDFK HXURSHMVNLFK ² U\V KLVWRU\F]Q\ >Z@
5:LHUXV]HZVNL0:\U]\NRZVNLUHG2ULHQWDFMDVHNVXDOQDLWRůVDPRœýSâFLRZD²DVSHNW\SUDZQHLVSRâHF]QH
:DUV]DZDV²
6\JQDWXUDSLVPD%6$,
,ELGHPV
,ELGHP
ÅŮ<&,(52'=,11(µ:35$:,(32/6.,0&=<0-(67$&=<01,(-(67"
SRVWDZDSUDZRGDZF\3RůĊGDQHMHVWSU]\W\PWDNLHVWDQRZLVNRMDNLHWRZDU]\V]\FKDUDNWHURZL
SUDZ F]âRZLHND ]DVSRNDMDQLH DVSLUDFML VWDWXVRZ\FK ZROQRœý RVRELVWD Z\PDJD W\ONR LFK
X]QDQLD ]DVSRNDMDQLH DVSLUDFML SRPRFRZ\FK œZLDGF]Hľ 'ODWHJR SU]\ NV]WDâWRZDQLX
NRQNUHWQ\FKUHůLPyZSUDQ\FKNRQLF]QHVĊUR]ZDJLSRZœFLĊJOLZRœý]ZâDV]F]DZWHMGUXJLHM
VIHU]Hµ
3RZ\ůV]\ SRJOĊG PRůH Z]PRFQLý DUJXPHQWDFMD Z\QLNDMĊFĊ ] DUW .RQVW\WXFML
VWDQRZLĊFHJR ůH 5]HF]SRVSROLWD MHVW GREUHP ZVSyOQ\P ZV]\VWNLFK RE\ZDWHOL Å:REHF
F]ęœFL RE\ZDWHOL WD ]DVDGD NRQVW\WXF\MQD QLH MHVW UHDOL]RZDQD ] SRZRGX SRJOĊGyZ
XNV]WDâWRZDQ\FK Z ]XSHâQLH LQQ\FK ZDUXQNDFK VSRâHF]Q\FK F\ZLOL]DF\MQ\FK L SUDZQ\FK
=SRZRGX XSU]HG]Hľ RSLQLL Z\SRZLDGDQ\FK SU]H] SU]HGVWDZLFLHOL NRœFLRâyZ SU]HNRQDľ
PRUDOQ\FK ZâDG]\ 7DNLH SU]HNRQDQLD QLH PRJĊ VWDQRZLý X]DVDGQLHQLD GR QLHUyZQHJR
WUDNWRZDQLD RE\ZDWHOL Z UHDOL]DFML W\FK VDP\FK SRWU]HE L SUDZ : ]JRG]LH ] NRQVW\WXFMĊ
RGPyZLý OHJDOL]DFML ]ZLĊ]NyZ SDUWQHUVNLFK PRůQD E\âRE\ MHG\QLH X]QDMĊF ůH KRPRVHN
VXDOL]P MHVW ]DJURůHQLHP GOD EH]SLHF]HľVWZD SDľVWZD SRU]ĊGNX PRUDOQRœFL F]\ ]GURZLD
SXEOLF]QHJR DOER SUDZ L ZROQRœFL LQQ\FK RVyE .RQVW\WXFMD W\ONR ] WDNLFK Z]JOęGyZ
SR]ZDODRJUDQLF]Dý]DZDUWHZQLHMSUDZDLZROQRœFLµ
3HUVSHNW\ZDPLēG]\QDURGRZD
$QDOL]RZDQLH SR]\FML SUDZQHM URG]LQ\ Z SUDZLH SROVNLP QLH PRůH RGE\ZDý VLę
ZRGHUZDQLXRGVWDQGDUGyZRFKURQ\SUDZF]âRZLHNDZ\QLNDMĊF\FK]FRQDMPQLHMGZyFK
SRU]ĊGNyZ SUDZQ\FK .RQLHF]QRœý XZ]JOęGQLHQLD W\FK V\VWHPyZ Z\QLND ] SU]\MęFLD
]DâRůHQLD R PXOWLFHQWU\F]QRœFL SRU]ĊGNX SUDZQHJR Z 3ROVFH : GDOV]HM F]ęœFL QLQLHM
V]HJRRSUDFRZDQLD]RVWDQĊXZ]JOęGQLRQHVWDQGDUG\Z\QLNDMĊFH]HXURSHMVNLHM.RQZHQFML
R2FKURQLH3UDZ&]âRZLHNDL3RGVWDZRZ\FK:ROQRœFLGDOHMMDNR(.3&OXE.RQZHQ
FMDRUD]SUDZRGDZVWZD8QLL(XURSHMVNLHM:\EyUW\FKV\VWHPyZMHVWSRG\NWRZDQ\W\P
ůHWHGZDSRU]ĊGNLSUDZQHZ\ZLHUDMĊQDMZLęNV]\ZSâ\ZQDNV]WDâWRZDQLHVLęVWDQGDUGyZ
SUDZF]âRZLHNDZ3ROVFH
3HUVSHNW\ZD(XURSHMVNLHM.RQZHQFML3UDZ&]ãRZLHND
:SLHUZV]\P]W\FKSRU]ĊGNyZů\FLXURG]LQQHPX]RVWDâ\SRœZLęFRQHGZDDUW\NXâ\
.RQZHQFML3LHUZV]\DUW(.3&]DW\WXâRZDQ\Å>S@UDZRGRSRV]DQRZDQLDů\FLDSU\ZDW
QHJRLURG]LQQHJRµVWDQRZLĊF\ZXVWęSLHSLHUZV]\PůHÅ>N@DůG\PDSUDZRGRSRV]DQR
ZDQLD VZRMHJR ů\FLD SU\ZDWQHJR L URG]LQQHJR VZRMHJR PLHV]NDQLD L VZRMHM NRUHVSRQ
,ELGHP
0:\U]\NRZVNLZZ\ZLDG]LH](6LHGOHFNĊ=ZLĊ]NLSDUWQHUVNLHRERZLĊ]NRZH*:]GQLD
6]HU]HM ( áęWRZVND 0XOWLFHQWU\F]QRœý ZVSyâF]HVQHJR V\VWHPX SUDZD L MHM NRQVHNZHQFMH 3L3
LSROHPLNL : /DQJ :RNyâ ÅPXOWLFHQWU\F]QRœFL V\VWHPX SUDZDµ 3L3 $ .XVWUD 3ROHPLND :RNyâ
PXOWLFHQWU\F]QRœFLV\VWHPXSUDZD3L3
']8]U1USR]]H]P
8VWęS GUXJL ]DZLHUD NODX]XOę LPLWDF\MQĊ VWDQRZLĊFĊ ůH Å>Q@LHGRSXV]F]DOQD MHVW LQJHUHQFMD ZâDG]\
SXEOLF]QHM Z NRU]\VWDQLH ] WHJR SUDZD ] Z\MĊWNLHP SU]\SDGNyZ SU]HZLG]LDQ\FK SU]H] XVWDZę
LNRQLHF]Q\FKZGHPRNUDW\F]Q\PVSRâHF]HľVWZLH]XZDJLQDEH]SLHF]HľVWZRSDľVWZRZHXEH]SLHF]Hľ
VWZR SXEOLF]QH OXE GREURE\W JRVSRGDUF]\ NUDMX RFKURQę SRU]ĊGNX L ]DSRELHJDQLH SU]HVWęSVWZRP
RFKURQę]GURZLDLPRUDOQRœFLOXERFKURQęSUDZLZROQRœFLRVyEµ
35=(*/ĉ'35$:1,&=<
GHQFMLµ RUD] GUXJL ² DUW ]DW\WXâRZDQ\ Å>S@UDZR GR ]DZDUFLD PDâůHľVWZDµ (.3&
VWDQRZLĊF\ ůH Å0ęůF]\ŭQL L NRELHW\ Z ZLHNX PDâůHľVNLP PDMĊ SUDZR GR ]DZDUFLD
PDâůHľVWZDL]DâRůHQLDURG]LQ\]JRGQLH]XVWDZDPLNUDMRZ\PLUHJXOXMĊF\PLNRU]\VWDQLH
]WHJRSUDZDµ
3HZQ\P WUXL]PHP NWyU\ QDOHů\ MHGQDNůH Z W\P PLHMVFX SRGQLHœý MHVW IDNW ůH
VWUDVEXUVNLV\VWHPRFKURQ\SUDZF]âRZLHNDMHVW]EXGRZDQ\ZRSDUFLXRIXQGDPHQWDOQĊ
GOD PLęG]\QDURGRZHM RFKURQ\ SUDZ F]âRZLHND ]DVDGę VXEV\GLDUQRœFL WRWHů LQJHUHQFMD
RUJDQyZ VWRVXMĊF\FK .RQZHQFMę QD SU]HVWU]HQL ODW PLDâD PLHMVFH GRSLHUR ZWHG\ JG\
NUDMRZHœURGNLGRFKRG]HQLDQDUXV]RQ\FKSUDZLZROQRœFLRND]\ZDâ\VLęQLHVNXWHF]QH
3RZ\ůV]D XZDJD ]QDMGXMH VZRMH RG]ZLHUFLHGOHQLH Z Z\URNX Z VSUDZLH )UDVLN
SU]HFLZNR3ROVFH:Z\URNXW\P7U\EXQDâVWZLHUG]LâůHÅ>D@UW\NXâ.RQZHQFML]DSHZQLD
SRGVWDZRZH SUDZR PęůF]\]Q\ L NRELHW\ GR ]DZDUFLD PDâůHľVWZD L ]DâRůHQLD URG]LQ\
:\NRQDQLH SUDZD GR ]DZDUFLD PDâůHľVWZD URG]L VNXWNL Z Z\PLDU]H VSRâHF]Q\P
RVRELVW\PRUD]SUDZQ\P=DUyZQRZ]DNUHVLHSURFHGXUDOQ\PMDNLZRGQLHVLHQLXGRMHJR
WUHœFLSUDZRWRMHVWSU]HGPLRWHPUHJXODFMLSUDZDNUDMRZHJR8NâDGDMĊF\FKVLę3DľVWZOHF]
RJUDQLF]HQLD QD WHM SRGVWDZLH ZSURZDG]RQH QLH PRJĊ RJUDQLF]Dý OXE XPQLHMV]Dý WHJR
SUDZD Z WDNL VSRVyE OXEZ WDNLP]DNUHVLH Lů VDPD LVWRWD WHJR SUDZD MHVW XSRœOHG]RQD
:NRQVHNZHQFML NZHVWLD ZDUXQNyZ ]DZDUFLD PDâůHľVWZD Z SUDZLH NUDMRZ\P QLH MHVW
]XSHâQLHSR]RVWDZLRQDZ]DNUHVLHPDUJLQHVXX]QDQLD8NâDGDMĊF\FKVLę3DľVWZ6SURZD
G]DâRE\VLęWRGRVWZLHUG]HQLDLůZDFKODU]PRůOLZRœFLSR]RVWDZLRQ\FK8NâDGDMĊFHPXVLę
3DľVWZX REHMPXMH VNXWHF]QH RJUDQLF]HQLD NDůGHJR Z\NRQ\ZDQLD SUDZD GR ]DZDUFLD
PDâůHľVWZD:VND]DQ\PDUJLQHVX]QDQLDQLHPRůHUR]FLĊJDýVLęWDNGDOHNRµ
1D]DVDGQLF]HS\WDQLHMDN]GHILQLRZDýSRMęFLHů\FLDURG]LQQHJR7U\EXQDâSU]H]ZLHOH
ODWRGSRZLDGDâZQDVWęSXMĊF\VSRVyEGHF\GXMĊFF]\GDQ\]ZLĊ]HNPRůQD]DNZDOLILNRZDý
MDNRÅů\FLHURG]LQQHµQDOHů\XZ]JOęGQLýZLHOHF]\QQLNyZZW\PF]\GDQDSUDFDPLHV]ND
UD]HP MDND MHVW GâXJRœý LFK ]ZLĊ]NX RUD] F]\ ]H ]ZLĊ]NX SRFKRG]Ċ ZVSyOQH G]LHFL
7DNLH UR]XPLHQLH ů\FLD URG]LQQHJR NWyUH HOLPLQXMH ] MHJR ]DNUHVX QLHKHWHURVHNVXDOQH
]ZLĊ]NL ]GDMH VLę SR]RVWDZDý Z ]JRG]LH ] RPyZLRQ\P Z\ůHM VWDQRZLVNLHP 7U\EXQDâX
.RQVW\WXF\MQHJR
,QWHUSUHWDFMD(.3&GRNRQ\ZDQDSU]H](XURSHMVNL7U\EXQDâ3UDZ&]âRZLHNDQLHMHVW
QLH]PLHQQDL]F]DVHPPRůQDGRVWU]HF]PLDQęF]ęVWRGRœý]DVDGQLF]ĊZSRGHMœFLXGRGDQHM
SUREOHPDW\NLF]HJRSU]\NâDGHPE\âDSUDZDRVyEWUDQVVHNVXDOQ\FK3HZQHV\PSWRP\RZHM
HZROXFML Z LQWHUHVXMĊF\P ] SXQNWX ZLG]HQLD QLQLHMV]HJR RSUDFRZDQLD ]DNUHVLH GRVWU]HJD
1DWHPDWVWUDVEXUVNLHJRSRMPRZDQLDURG]LQ\ F]\WDM7-DVXGRZLF]3UDZDURG]LQ\²SUDZDZURG]LQLH
ZœZLHWOH VWDQGDUGyZ PLęG]\QDURGRZ\FK 2U]HF]QLFWZR VWUDVEXUVNLH 7RUXľ 7 -DVXGRZLF] 3UDZD RMFyZ Z
RU]HF]QLFWZLHVWUDVEXUVNLP7RUXľ
/LF]EDPQRJDZ\QLND]IDNWXůHGRF]DVXUHIRUP\PHFKDQL]PXNRQWUROQHJR.RQZHQFMLGRNRQDQHM
ZGURG]H SURWRNRâX QU NWyUD ZHV]âD Z ů\FLH OLVWRSDGD U RUJDQHP RU]HNDMĊF\P RERN
(XURSHMVNLHJR 7U\EXQDâX 3UDZ &]âRZLHND E\âD WDNůH (XURSHMVND .RPLVMD 3UDZ &]âRZLHND .RPLVMD
]DNRľF]\âDVZRMĊG]LDâDOQRœý]GQLHPU
6NDUJDQUZ\URN]GQLDVW\F]QLDURNX
6]HU]HMQDWHPDWNRQFHSFMLPDUJLQHVXX]QDQLDZ$:LœQLHZVNL.RQFHSFMDPDUJLQHVXRFHQ\ZRU]HF]QLFWZLH
(XURSHMVNLHJR7U\EXQDâX3UDZ&]âRZLHND*GDľVN
7âXPDF]HQLHZ\URNX]DED]ĊSUDZQĊ/(;20(*$
3DUDJUDIZ\URNX]GQLDOLVWRSDGDZVSUDZLHúHULIH<LøLWSU]HFLZNR7XUFMLVNDUJDQU
6]HU]HM . 2VDMGD 2U]HF]QLFWZR (XURSHMVNLHJR 7U\EXQDâX 3UDZ &]âRZLHND GRW\F]ĊFH WUDQVVHNVXDOL]PX >Z@
$ŒOHG]LľVND6LPRQUHG3UDZDRVyEWUDQVVHNVXDOQ\FK5R]ZLĊ]DQLDPRGHORZHDV\WXDFMDZ3ROVFH:DUV]DZD
ÅŮ<&,(52'=,11(µ:35$:,(32/6.,0&=<0-(67$&=<01,(-(67"
:%U]R]RZVNL Z JORVLH GR Z\URNX (73& Z VSUDZLH 6FKDON L .RSI SU]HFLZNR $XVWUL
:VNDUG]HGR(73&GZyFKPęůF]\]Q]DU]XFLâRPLQQDUXV]HQLHDUW.RQZHQFMLSRSU]H]
XQLHPRůOLZLHQLHLP]DZDUFLDPDâůHľVWZDRUD]EUDNXUHJXODFMLSUDZQHMZVSyOQHJRSRů\FLD
LQQHM QLů PDâůHľVWZR 7U\EXQDâ QLH GRSDWU]\â VLę QDUXV]HQLD .RQZHQFML : %U]R]RZVNL
]QDF]HQLDWHJRZ\URNXGRSDWUXMHVLęZF]ęœFLMHJRX]DVDGQLHQLDNWyUDPyZLR(XURSHMVNLHM
.RQZHQFML 3UDZ &]âRZLHND MDNR ů\Z\P QDU]ęG]LX DQJ OLYLQJ LQVWUXPHQW Å-DN ]DXZDůD
(73& IDNWHP MHVW ůH VSRœUyG SDľVWZ ² VWURQ (.3& MXů SU]\]QDMH SDURP
MHGQRSâFLRZ\PSUDZRGR]DZDUFLD]ZLĊ]NXPDâůHľVNLHJROXESDUWQHUVNLHJRDZNROHMQ\FK
GZyFK WRF]Ċ VLę ]PLHU]DMĊFH GR WHJR SUDFH OHJLVODF\MQH « =GDQLHP (73& VNRUR
GRVWU]HJDOQDMHVWWHQGHQFMDGRDNFHSWRZDQLDSU]H]VSRâHF]HľVWZDHXURSHMVNLHIDNW\F]QHJR
SRů\FLDSDURVyEWHMVDPHMSâFLWRV]WXF]QHE\âRE\SRGWU]\P\ZDQLHSRJOĊGXůHSDU\WDNLH
QLH NRU]\VWDMĊ ] SUDZD GR SRV]DQRZDQLD ů\FLD URG]LQQHJR 6Ċ RQH WDN VDPR ]GROQH GR
XWZRU]HQLDVWDELOQHJR]ZLĊ]NXRSDUWHJRQDZ]DMHPQ\PRGGDQLXMDNSDU\KHWHURVHNVXDOQH
DZNRQVHNZHQFMLVĊZSRGREQHMV\WXDFMLJG\FKRG]LRSRWU]HEęX]QDZDQLDLRFKURQ\LFK
]ZLĊ]NXSU]H]SUDZRµ:VSUDZLHWHMMDN]D]QDF]RQRZ\ůHMQLHVWZLHUG]RQRQDUXV]HQLD
.RQZHQFML MHGQDNůH ]DSUH]HQWRZDQD DUJXPHQWDFMD PRůH SURZDG]Lý Z SU]\V]âRœFL GR
VWZLHUG]HQLD ůH Z SU]\SDGNX EUDNX UHJXODFML WUZDâHJR ]ZLĊ]NX RSDUWHJR QD Z]DMHPQ\P
RGGDQLXGRFKRG]LGRQDUXV]HQLDSUDZDGRRFKURQ\ů\FLDURG]LQQHJR
:RFHQLHDXWRUDQLQLHMV]HJRRSUDFRZDQLDQLHVSRVyESU]HZLG]LHýF]\ZVSRPQLDQH
RU]HF]HQLHQDOHů\X]QDý]D]DSRZLHGŭ]PLDQ\OLQLLRU]HF]QLF]HM=ZâDV]F]DůHZ\URNWHQ
]RVWDâZ\GDQ\ZUDPDFKMHGQHM]L]EWU\EXQDâXQLH]DœZLHONLHML]E\1DGWRUHJXODFMD
ů\FLD URG]LQQHJR PLHœFL VLę Z UDPDFK NRQFHSFML PDUJLQHVX X]QDQLD L QLH VSRVyE
SU]HZLG]LHýF]\MHGHQ]HOHPHQWyZWHMNRQFHSFMLMDNLPMHVWZVND]DQ\Z\ůHMGRPLQXMĊF\
WUHQGZœUyGSDľVWZF]âRQNRZVNLFKSU]HZDů\QDGLQQ\PLHOHPHQWDPL=ZâDV]F]DůHÅ«
>W@U\EXQDâ QLH VWZRU]\â GRWĊG L QLH ]DPLHU]D WHů WHJR F]\QLý Z SU]\V]âRœFL JHQHUDOQHM
WHRULLªPDUJLQHVXVZRERG\©µ
:\URN (XURSHMVNLHJR 7U\EXQDâX 3UDZ &]âRZLHND ] GQLD U Z VSUDZLH 6FKDON L .RSI
SU]HFLZNR$XVWULLVNDUJDQU
6]HU]HMWDWHPDWVSHF\ILF]Q\FKPHWRGZ\NâDGQL(.3&Z0$1RZLFNL:SURZDG]HQLHGRLQWHUSUHWDFML
(.3&]>Z@(36$:LœQLHZVNL8ZDJLRWHRULLLQWHUSUHWDFML(XURSHMVNLHM.RQZHQFML3UDZ&]âRZLHND
>Z@.*DâND&0LNUHG0LęG]\Z\NâDGQLĊDWZRU]HQLHPSUDZD7RUXľV
:%U]R]RZVNL0DâůHľVWZRů\FLHURG]LQQH]ZLĊ]NLRVyEWHMVDPHMSâFL²JORVDGRZ\URNX(73&]]
UZVSUDZLH6FKDONL.RSIY$XVWULD(36V
:]ZLĊ]NX]W\PQDV]F]HJyOQĊXZDJę]DVâXJXMHVSUDZDZQLHVLRQDZHZU]HœQLXEUSU]H]+HOVLľVNĊ
)XQGDFMę 3UDZ &]âRZLHND GR (XURSHMVNLHJR 7U\EXQDâX 3UDZ &]âRZLHND +)3& Z\VWęSXMH Z LPLHQLX
GZyFKVNDUůĊF\FKNWyUHRGRœPLXODWWZRU]ĊVWDELOQ\]ZLĊ]HNSDUWQHUVNLZ\VWĊSLâ\GR(73&]HVNDUJĊ
SU]HFLZNR 3ROVFH : VNDUG]H WHM GRPDJDMĊ VLę X]QDQLD ůH ] (XURSHMVNLHM .RQZHQFML 3UDZ &]âRZLHND
Z\QLNDSUDZR]ZLĊ]NyZMHGQRSâFLRZ\FKGRX]\VNDQLDRFKURQ\SUDZQHM:\URNZWHMVSUDZLH]DSDGQLH
SUDZGRSRGREQLH ]D RNRâR WU]\ ² F]WHU\ ODWD QLHPQLHM EęG]LH WR SLHUZV]D WHJR W\SX VSUDZD Z NWyUHM
7U\EXQDâ EęG]LH PLDâ RND]Mę RFHQLý ]JRGQRœý ] .RQZHQFMĊ EUDNX UHJXODFML ]ZLĊ]NyZ SDUWQHUVNLFK
Z3ROVFH6]HU]HMKWWSZZZKIKUSOVSUDZDGRWRFKURQ\SUDZSDUMHGQRSOFLRZ\FKSU]HGHWSF]GDWD
SREUDQLDU
3U]\NâDGHP MDN EDUG]R PRJĊ UyůQLý VLę Z\URNL Z\GDQH SU]H] ,]Eę L :LHONĊ ,]Eę 7U\EXQDâX MHVW
VSUDZD/DXWVLSU]HFLZNR:âRFKRPVNDUJDQU:Z\URNXZ\GDQ\PSU]H],]EęGQLDOLVWRSDGD
U 7U\EXQDâ VWZLHUG]Lâ QDUXV]HQLH DUW SURWRNRâX QU GR (.3& Z ]ZLĊ]NX ] DUW (.3&
.RQZHQFMLSRSU]H]REHFQRœýNUXF\ILNVXQDœFLDQLHZNODVLHV]NRâ\::\URNXZ\GDQ\PSU]H]:LHONĊ
,]EęPDUFDU7U\EXQDâVWZLHUG]Lâ]HGRQDUXV]HQLDZVSRPQLDQ\FKSU]HSLVyZQLHGRV]âR
/ *DUOLFNL :DUWRœFL ORNDOQH D RU]HF]QLFWZR SRQDGQDURGRZH ² ÅNXOWXURZ\ PDUJLQHV RFHQ\µ Z RU]HF]QLFWZLH
VWUDVEXUVNLP"V(36
35=(*/ĉ'35$:1,&=<
1LHPQLHM ] XZDJL QD SRZ\ůV]H RU]HF]HQLH DNWXDOQLH SRMęFLH ů\FLD URG]LQQHJR QD
JUXQFLH(XURSHMVNLHM.RQZHQFML3UDZ&]âRZLHNDMHVWSRMęFLHPV]HUV]\PQLůNRQVW\WXF\MQH
SRMęFLHů\FLDURG]LQQHJR
8QLD(XURSHMVND
3RGVWDZRZĊUHJXODFMĊQRUPDW\ZQĊ]SXQNWXZLG]HQLDQLQLHMV]HMSUDF\MHVW.DUWD3UDZ
3RGVWDZRZ\FK 8QLL (XURSHMVNLHM : DUW\NXOH ]DW\WXâRZDQ\P Å3UDZR GR ]DZDUFLD
PDâůHľVWZDLSUDZRGR]DâRůHQLDURG]LQ\µVWDQRZLRQDůHÅ3UDZRGR]DZDUFLDPDâůHľVWZD
LSUDZRGR]DâRůHQLDURG]LQ\VĊJZDUDQWRZDQH]JRGQLH]XVWDZDPLNUDMRZ\PLUHJXOXMĊF\PL
NRU]\VWDQLH]W\FKSUDZµ3U]HSLVWHQMXůZFKZLOLRJâRV]HQLDZ]EXG]LâNRQWURZHUVMH
:ĊWSOLZRœFL W\FK QLH UR]VWU]\JQęâ\ WDNůH RILFMDOQH Z\MDœQLHQLD GR .33 8(
:GRNXPHQFLH W\P VWZLHUG]RQR Å>S@RGVWDZĊ WHJR DUW\NXâX MHVW DUW\NXâ (.3& Z
EU]PLHQLXª0ęůF]\ŭQLLNRELHW\ZZLHNXPDâůHľVNLPPDMĊSUDZRGR]DZDUFLDPDâůHľVWZD
L]DâRůHQLD URG]LQ\ ]JRGQLH ] XVWDZDPL NUDMRZ\PL UHJXOXMĊF\PL NRU]\VWDQLH ] WHJR SUDZD©
%U]PLHQLHDUW\NXâX]RVWDâR]DNWXDOL]RZDQHDE\REMĊýSU]\SDGNLZNWyU\FKXVWDZRGDZVWZR
NUDMRZHX]QDMHLQQHPRůOLZRœFLXWZRU]HQLDURG]LQ\QLů]DZDUFLHPDâůHľVWZD$UW\NXâWHQQLH
VWDQRZLRQDGDQLXVWDWXVX]ZLĊ]NXPDâůHľVNLHJR]ZLĊ]NRPRVyEWHMVDPHMSâFLDQLWHJRQLH
]DND]XMH3UDZRWRMHVWZLęFSRGREQHGRSUDZDSU]HZLG]LDQHJRSU]H]HXURSHMVNĊ.RQZHQFMę
R RFKURQLH SUDZ F]âRZLHND L SRGVWDZRZ\FK ZROQRœFL MHGQDN MHJR ]DNUHV PRůH E\ý
UR]V]HU]RQ\MHůHOLXVWDZRGDZVWZRNUDMRZHWDNSU]HZLGXMH
3U]HSLVWHQRGMHJRXFKZDOHQLDEXG]Lâ]DVDGQLF]HNRQWURZHUVMHZGRNWU\QLH:ĊWSOLZRœFL
SRGQRV]RQH SU]H] GRNWU\Qę ZLĊ]Dâ\ VLę ] W\P ůH ÅZ RJyOH QLH ZVSRPLQD >RQ@ « RSRGPLRWDFK XSUDZQLRQ\FK œZLDGRPLH XQLNDMĊF ]ZURWX ªPęůF]\ŭQL L NRELHW\ Z ZLHNX
PDâůHľVNLP© 3R SLHUZV]H UH]\JQDFMD ] XPRFRZDQLD NU\WHULXP ZLHNX PDâůHľVNLHJR PRůH
]DQDGWRSRV]HU]DýG\VNUHFMRQDOQĊNRPSHWHQFMęSDľVWZDLPRůHQSE\ýZ\NRU]\VW\ZDQDSU]H]
Z\]QDZFyZLVODPXZ(XURSLHGRQDFLVNXQDXVXQLęFLHWHJRNU\WHULXPEĊGŭREQLůHQLHZLHNX
PDâůHľVNLHJR3RGUXJLHXů\FLH]ZURWXªW\FKSUDZ©]DPLDVW²MDNWRMHVWZDUW(.3&²
ªWHJRSUDZD©GRNRQXMHQLHVâXV]QHJRUR]ELFLDQDGZDSUDZDWHJRFRPDE\ýMHGQRœFLĊL]F]\P
(73&ZLĊůHNRQFHSFMęURG]LQ\RSDUWHMQDPDâůHľVWZLH3RWU]HFLH²LWRMHVWQDMLVWRWQLHMV]H²
RSXV]F]HQLH]ZURWXªPęůF]\ŭQLLNRELHW\©VâXů\RGHMœFLXRGPRGHOXPDâůHľVWZDMDNR]ZLĊ]NX
ªGZRMJD RVyE SU]HFLZVWDZQHM SâFL ELRORJLF]QHM© L ZVSDUFLX ² PRLP ]GDQLHP QLHGREU\FK
DQDVLODMĊF\FKVLęZ(XURSLH²WHQGHQFMLNUDMRZ\FKGROHJDOL]DFMLQDZHWF]DVHPMDNRPDâůHľVWZ
ªPDâůHľVWZ©]ZLĊ]NyZKRPRVHNVXDOQ\FKµ
2EDZLDMĊFVLęÅQDU]XFHQLDµ]ZLĊ]NyZSDUWQHUVNLFKSU]H]8QLę(XURSHMVNĊSU]\Xů\FLX
LQVWUXPHQWX MDNLP MHVW .DUWD 3UDZ 3RGVWDZRZ\FK 8( 3ROVND SU]\VWĊSLâD GR 3URWRNRâX
QU GR 7UDNWDWX /L]ERľVNLHJR Z VSUDZLH VWRVRZDQLD .DUW\ 3UDZ 3RGVWDZRZ\FK 8QLL
(XURSHMVNLHMGR3ROVNLL=MHGQRF]RQHJR.UyOHVWZD]ZDQHJR]Z\F]DMRZRW]ZSURWRNRâHP
SROVNREU\W\MVNLP &HOHP ZVSRPLQDQHJR SURWRNRâX PLDâR E\ý RJUDQLF]HQLH VWRVRZDQLD
']8U]8(]U&
']8U]8(]U&
7 -DVXGRZLF] =DJDGQLHQLH HXURSHMVNLHM NRQVW\WXFMRQDOL]DFML SUDZ F]âRZLHND >Z@ % *URQRZVND
7-DVXGRZLF]LLQQL3UDZD&]âRZLHNDLLFKRFKURQD7RUXľV
:DUWRSU]\W\P]DXZDů\ýůHSU]\VWĊSLHQLHSU]H]3ROVNęGRSU]HGPLRWRZHJRSURWRNRâXQDOHů\X]QDý]D
Z\MœFLH SR]D XVWDORQ\ SU]H] 6HMP PDQGDW SDUODPHQWDUQ\ XG]LHORQ\ 5]ĊGRZL 53 Z GURG]H XFK ZDâ\ 6HMPX
]U0DQGDWWHQQLH]DZLHUDâůDGQHMZVND]yZNLGRW\F]ĊFHM.DUW\1DGWRMDNZ\QLND]MHJRWUHœFL
]RERZLĊ]\ZDâ RQ QHJRFMDWRUyZ GR GEDQLD R UHDOL]DFMę SROVNLHM UDFML VWDQX 5HNRQVWUXNFMę UDFML VWDQX QDOHů\
ÅŮ<&,(52'=,11(µ:35$:,(32/6.,0&=<0-(67$&=<01,(-(67"
.DUW\ Z VWRVXQNX GR ZVSRPQLDQ\FK GZyFK SDľVWZ = XZDJL QD GRGDQLH SU]H] U]ĊG53
GZyFKGHNODUDFMLGR7UDNWDWX/L]ERľVNLHJRGHNODUDFMDQULLQWHUSUHWDFMDVNXWNyZMDNLH
Z\ZLHUDZVSRPQLDQDUHJXODFMDVWDâDVLęXWUXGQLRQD
:LQWHUHVXMĊF\P]SXQNWXZLG]HQLDQLQLHMV]HMSUDF\]DNUHVLH]DVDGQLF]H]QDF]HQLHPD
GHNODUDFMD QU NWyUD WR RGGDMH LVWRWę SURWRNRâX 6WDQRZL RQD ůH .33 8( Z ůDGHQ
VSRVyEQLHQDUXV]DSUDZDSDľVWZF]âRQNRZVNLFKGRVWDQRZLHQLDSUDZDZ]DNUHVLHPRUDO
QRœFLSXEOLF]QHMSUDZDURG]LQQHJRDWDNůHRFKURQ\JRGQRœFLOXG]NLHMRUD]SRV]DQRZDQLD
IL]\F]QHMLPRUDOQHMLQWHJUDOQRœFLF]âRZLHND
0DMĊF QD XZDG]H SRVWDQRZLHQLD SURWRNRâX MDN L ZVSRPQLDQHM GHNODUDFML QDOHů\
X]QDý ůH RE\ZDWHOH 5]HF]SRVSROLWHM 3ROVNLHM PRJĊ NRU]\VWDý ] LQVWUXPHQWX MDNLP MHVW
.338(QDW\FKVDP\FK]DVDGDFKFRRE\ZDWHOHLQQ\FKSDľVWZF]âRQNRZVNLFK8(
$EVWUDKXMĊFRGV\WXDFMLRE\ZDWHOLSROVNLFKDNWXDOQLHQLHLVWQLHMHXQLMQ\QDND]UHJXODFML
LQQ\FKPRůOLZRœFLXWZRU]HQLDURG]LQ\ZVSRVyELQQ\QLůSRSU]H]]DZDUFLHPDâůHľVWZD-DN
]RVWDâD Z]PLDQNRZDQH Z\ůHM JâyZQĊ GRPHQĊ 8QLL (XURSHMVNLHM Z NWyUHM SRZLHU]RQR MHM
NRPSHWHQFMHMHVWSUDZRJRVSRGDUF]H&RV]F]HJyOQLHLQWHUHVXMĊFH7U\EXQDâ6SUDZLHGOLZRœFL
8QLL(XURSHMVNLHMGDOHM768(RU]HNDMĊFZWHMG]LHG]LQLHX]QDâůHÅQLHUyZQHWUDNWRZDQLH
RVyESR]RVWDMĊF\FKZ]ZLĊ]NDFKWHMVDPHMSâFLZSRUyZQDQLXGRPDâůHľVWZPRůHVWDQRZLý
SRœUHGQLĊ G\VNU\PLQDFMę ]HZ]JOęGX QD RULHQWDFMę VHNVXDOQĊµ 'R WHJR ZQLRVNX 76 8(
GRV]HGâDQDOL]XMĊFVSUDZęSR]RVWDMĊFHJRZ]DUHMHVWURZDQ\P]ZLĊ]NXSDUWQHUVNLPRE\ZDWHOD
1LHPLHFNWyU\SRœPLHUFLVZRMHJRSDUWQHUDQLHPyJâX]\VNDý]DVLâNXUHQW\ZGRZLHMSR
]PDUâ\P SDUWQHU]H 3RGVWDZĊ SUDZQĊ GOD Z\URNX VWDQRZLâD G\UHNW\ZD :(
RGQRV]ĊFDVLęGR]DND]XG\VNU\PLQDFMLZVIHU]H]DWUXGQLHQLDLSUDF\PLQ]HZ]JOęGXQD
RULHQWDFMę VHNVXDOQĊ 7U\EXQDâ PDMĊF QD XZDG]H ůH Z 1LHPF]HFK ZSURZDG]RQH ]RVWDâR
XVWDZRGDZVWZRUHJXOXMĊFH]ZLĊ]NLSDUWQHUVNLH]DXZDů\â]HXSUDZQLHQLHGRUHQW\ZGRZLHM
PRFĊXVWDZ\]PLHQLDMĊFHMXVWDZęRXEH]SLHF]HQLDFKVSRâHF]Q\FK]RVWDâRSU]\]QDQHWDNůH
RVRERPKRPRVHNVXDOQ\PSR]RVWDMĊF\PZ]ZLĊ]NDFKSDUWQHUVNLFK:WHQVSRVyE7U\EXQDâ
6SUDZLHGOLZRœFLX]QDâůHGRV]âRGRG\VNU\PLQDFML
=D RWZDUWH QDOHů\ X]QDý S\WDQLH MDNLH MHVW ]QDF]HQLH QLQLHMV]HM VSUDZ\ GOD SROVNLHJR
SRU]ĊGNX SUDZQHJR 2EHFQLH ² ]QDF]HQLH WHM VSUDZ\ MHVW QLHZLHONLH Å0RůH RQR MHG\QLH
SRœUHGQLRSRPyFZVWDUDQLDFKZNLHUXQNXSU]\MęFLDZ3ROVFHXVWDZRGDZVWZD]PLHU]DMĊFHJR
GRXUHJXORZDQLD]ZLĊ]NyZRVyEKRPRVHNVXDOQ\FK3R]DW\PLQWHUSUHWDFMDSRGDQDSU]H](76
>REHFQLH768(²SU]\S$3@RGQRV]ĊFDVLęGRUR]XPLHQLDG\UHNW\Z\:(PRůH
SURZDG]Lý GR X]QDZDQLD SUDZ ]ZLĊ]DQ\FK ]H VIHUĊ SUDFRZQLF]Ċ RVyE NWyUH SR]RVWDMĊ
ZQLHIRUPDOQ\FK]ZLĊ]NDFKSDUWQHUVNLFK&RZLęFHMMDN]RVWDâRZVND]DQHZ\ůHMZVSRPQLDQD
GRNRQDý SU]HGH ZV]\VWNLP QD SRGVWDZLH .RQVW\WXFML 53 Z V]F]HJyOQRœFL ]Dœ Z RSDUFLX R UR]EXGRZDQ\
UR]G]LDâ,,GRW\F]ĊF\SUDZLZROQRœFLF]âRZLHNDLRE\ZDWHOD7\PVDP\PPRůQDRFHQLýůHG]LDâDQLH5]ĊGX53
SROHJDMĊFH QD SU]\VWĊSLHQLX GR SURWRNRâX F]HJR NRQVHNZHQFMĊ MHVW RJUDQLF]HQLH ZROQRœFL L SUDZ RE\ZDWHOD
SROVNLHJR Z VWRVXQNX GR RE\ZDWHOL SDľVWZ F]âRQNRZVNLFK LQQ\FK NUDMyZ 8( MHVW VSU]HF]QH ] WDN
]UHNRQVWUXRZDQĊSROVNĊUDFMĊVWDQX6]HU]HMQDWHQWHPDW0:\U]\NRZVNL:LHOH+DâDVXRQLF"5DFMRQDOL]RZDQLH
LUUDFMRQDOQHJR QD SU]\NâDG]LH SURWRNRâX 3ROVNR %U\W\MVNLHJR GR .DUW\ 3UDZ 3RGVWDZRZ\FK 8( >Z@ ,QVW\WXFMH SUDZD
NRQVW\WXF\MQHJRZGRELHLQWHJUDFMLHXURSHMVNLHM.VLęJDMXELOHXV]RZDGHG\NRZDQD3URI0DULL.UXN-DURV]:DUV]DZD
0 :\U]\NRZVNL :SURZDG]HQLH JUDQLFH ZâDG]\ L JUDQLFH LQWHUSUHWDFML >Z@ - %DUF] UHG 2FKURQD 3UDZ
3RGVWDZRZ\FKZ8QLL(XURSHMVNLHM:DUV]DZDUV
:\URN7U\EXQDâX6SUDZLHGOLZRœFL8QLL(XURSHMVNLHM]GQLDUZVSUDZLH&7DGDR
0DUXNRSU]HFLZNR9HUVRUJXQJVDQVWDOWGHUGHXWVFKH%XHKQHQ
$%RGQDU=DND]G\VNU\PLQDFMLRVyEKRPRVHNVXDOQ\FKSR]RVWDMĊF\FKZ]ZLĊ]NDFKSDUWQHUVNLFK²JORVDGRZ\URNX
(76]UZVSUDZLH&7DGDR0DUXNRSU]HFLZNR9HUVRUJXQJVDQVWDOWGHUGHXWVFKH%XHKQHQ(36
V
35=(*/ĉ'35$:1,&=<
LQWHUSUHWDFMDQLH]RVWDâDXF]\QLRQDQDSRGVWDZLH.DUW\3UDZ3RGVWDZRZ\FKNWyUHMVWRVRZDQLH
ZW\P]DNUHVLHZVWRVXQNXGRRE\ZDWHOLSROVNLFK]RVWDâRZ\âĊF]RQHDOHQDSRGVWDZLHLQQHJR
DNWXSUDZD8(
']LHFNRDURG]LQD
: GRW\FKF]DVRZ\FK UR]ZDůDQLDFK QLHMDNR QD PDUJLQHVLH ]DLVWQLDâD NZHVWLD ZSâ\ZX
G]LHFNDQDGHILQLRZDQLHURG]LQ\:V]F]HJyOQRœFLQLHXG]LHORQRRGSRZLHG]LQDS\WDQLHF]\
G]LHFNRMHVWVXEVWDQFMDOQ\PHOHPHQWHPURG]LQ\ů\FLDURG]LQQHJRF]\WHůMHVWRQRÅF]\Pœµ
GRGDWNRZ\P 1D WR S\WDQLH QLH VSRVyE XG]LHOLý MHGQR]QDF]QHM Z\SRZLHG]L Z ]ZLĊ]NX ]
ZVND]DQ\PMXůZ\ůHMEUDNLHPOHJDOQHMGHILQLFMLURG]LQ\-HGQR]QDF]QHMGHILQLFMLQLHXG]LHOD
WDNůH MXG\NDWXUD : F\WRZDQ\P MXů Z\ůHM Z\URNX Z VSUDZLH 6. 7U\EXQDâ
.RQVW\WXF\MQ\ Z MHGQ\P PLHMVFX URG]LQę XWRůVDPLD ] FR QDMPQLHM MHGQ\P GRURVâ\P
LG]LHFNLHPZLQQ\P]H]ZLĊ]NLHPNRELHW\LPęůF]\]Q\%UDNWHJRVWRVXQNRZRZDůNLHJR
UR]VWU]\JQLęFLDZSROVNLPSRU]ĊGNXSUDZQ\PURG]LVWDQQLHSHZQRœFLFRGRVWDWXVXG]LHFND
Z URG]LQLH 2ZH UyůQLFH Z GHILQLRZDQLX URG]LQ\ Z\QLNDMĊ ]GDQLHP $XWRUD QLQLHMV]HJR
RSUDFRZDQLD]FKęFLXZ]JOęGQLDQLDNRQVW\WXF\MQHMZDUWRœFLMDNĊMHVWGREURG]LHFND
3UREOHP ]DU\VRZDQ\ SRZ\ůHM MHVW V]F]HJyOQLH LVWRWQ\ Z V\WXDFML JG\ FK RG]L
SU]\VSRVRELHQLHG]LHFND=JRGQLHNRGHNVHPURG]LQQ\PSU]\VSRVRELýZVSyOQLHPRJĊW\ONR
PDâůRQNRZLH 3U]\VSRVRELý PRůH WDNůH RVRED QLHSR]RVWDMĊFD Z ]ZLĊ]NX PDâůHľVNLP
RF]\PVWDQRZLDUWNRGHNVXURG]LQQHJRLRSLHNXľF]HJRNWyU\RGWDNLHMRVRE\Z\PDJD
MHG\QLH SHâQHM ]GROQRœý GR F]\QQRœFL SUDZQ\FK NZDOLILNDFML RVRELVW\FK X]DVDGQLDMĊF\FK
SU]HNRQDQLH ůH EęG]LH QDOHů\FLH Z\ZLĊ]\ZDâD VLę ] RERZLĊ]NyZ SU]\VSRVDELDMĊFHJR RUD]
SRVLDGDQLDRSLQLLNZDOLILNDF\MQHMLœZLDGHFWZDXNRľF]HQLDV]NROHQLDRUJDQL]RZDQHJRSU]H]
RœURGHNDGRSF\MQ\:]ZLĊ]NX]SURZDG]RQ\PLZ\ůHMUR]ZDůDQLDPLQDOHů\]DXZDů\ýůH
PRůOLZH MHVW SU]\VSRVRELHQLH SU]H] RVREę SR]RVWDMĊFĊ Z QLHIRUPDOQ\P ]ZLĊ]NX
SDUWQHUVNLP-DNWDNDV\WXDFMDPDVLęGRGREUDG]LHFND"
7U\EXQDâ.RQVW\WXF\MQ\ZZ\URNXZVSUDZLH.]DXZDů\âůHÅ>]@DVDGDGREUD
G]LHFND Z\UDůDMĊFD SU\PDW ZLę]L RSDUW\FK QD U]HF]\ZLVW\P SRFKRG]HQLX ELRORJLF]Q\P
Z\UDůD ZLęF MHG\QLH GRPLQXMĊFĊ WHQGHQFMę FR QLH Z\NOXF]D ůH Z SHZQ\FK ZDUXQNDFK
LRNROLF]QRœFLDFKGREURG]LHFNDQLHEęG]LHZ\PDJDâRRGZRâDQLDVLęGRLQQ\FKSU]HVâDQHN
NV]WDâWRZDQLDUHODFMLURG]LQQ\FKZUDPDFKNWyU\FKWRZâDœQLHLQWHUHVG]LHFNDSU]HZDů\QDG
LQWHUHVHP URG]LFyZ ELRORJLF]Q\FK L EęG]LH Z\PDJDâ RFKURQ\ VWRVXQNyZ URG]LQQ\FK
RSDUW\FK QD LVWQLHQLX LQQHJR W\SX ZLę]L QLů ZLęŭ ELRORJLF]QD SU]\VSRVRELHQLH URG]LQD
]DVWęSF]D DOH WDNůH XVWDELOL]RZDQH UHODFMH URG]LQQH XVWDORQH QLH]JRGQLH ] SUDZGĊ
ELRORJLF]QĊNWyUHQLHPRJĊE\ýMXůSUDZQLHSRGZDůRQH:\QLNDWR]WDNLHJRSRMPRZDQLD
GREUDG]LHFNDNWyUHDNFHQWXMHSU]HGHZV]\VWNLPLQWHUHVPDâROHWQLHJR]ZLĊ]DQ\]]DSHZQLH
QLHP RGSRZLHGQLFK ZDUXQNyZ Z\FKRZDQLD L UR]ZRMX %H]Z]JOęGQH GĊůHQLH GR SU\PDWX
URG]LQ\QDWXUDOQHMPRJâRE\QLHNLHG\RGE\ZDýVLęNRV]WHPGREUDG]LHFNDµ
Å:œZLHWOHSU]HSLVyZNRQVW\WXF\MQ\FK]DÅURG]LQęµQDOHů\]DWHPX]QDýNDůG\WUZDâ\]ZLĊ]HNGZyFK
OXE ZLęFHM RVyE VNâDGDMĊF\ VLę ] FR QDMPQLHM MHGQHM RVRE\ GRURVâHM L G]LHFND RSDUW\ QD ZLę]DFK
HPRFMRQDOQ\FKSUDZQ\FKDSU]HZDůQLHWDNůHLQDZLę]DFKNUZLµ
Å«RFKURQDURG]LQ\UHDOL]RZDQDSU]H]ZâDG]HSXEOLF]QHPXVLXZ]JOęGQLDýSU]\MęWĊZ.RQVW\WXFML
ZL]Mę URG]LQ\ MDNR WUZDâHJR ]ZLĊ]NX PęůF]\]Q\ L NRELHW\ QDNLHURZDQHJR QD PDFLHU]\ľVWZR
LRGSRZLHG]LDOQHURG]LFLHOVWZRµ
:\URN7U\EXQDâX.RQVW\WXF\MQHJR]GQLDU.27.=8=8QU$SR]
ÅŮ<&,(52'=,11(µ:35$:,(32/6.,0&=<0-(67$&=<01,(-(67"
7\PVDP\PPRůQD]DU\]\NRZDýWH]ęůH]XZDJLQDQLHNZHVWLRQRZDQHÅGREURµMDNLP
MHVW ]DSHZQLHQLH G]LHFNX PRůOLZRœFL UR]ZRMX Z URG]LQLH 7U\EXQDâ GRSXV]F]D ² FKRý QLH
ZSURVW ² DE\ G]LHFNR E\âR SU]\VSRVRELRQH SU]H] RVRE\ IXQNFMRQXMĊFH ZQLHIRUPDOQ\FK
]ZLĊ]NDFK SDUWQHUVNLFK 1DOHů\ SU]\ W\P ]DXZDů\ý ůH Å>D@GRSFMD G]LHFL SU]H] RVRE\
KRPRVHNVXDOQH MHVW NRQWURZHUV\MQD ]H Z]JOęGX QD EUDN ZLDU\JRGQ\FK GDQ\FK GRW\F]ĊF\FK
ZSâ\ZXZ\FKRZDQLDZQLHW\SRZHMURG]LQLHQDUR]ZyMLSV\FKLNęG]LHFND:Sâ\ZWHQPRůH
E\ý UyZQLHů SRFKRGQĊ EUDNX WROHUDQFML VSRâHF]QHM GOD RGPLHQQRœFL Z]DNUHVLH RULHQWDFML
VHNVXDOQHM]HVWURQ\UyZLHœQLNyZ]URG]LQKHWHURVHNVXDOQ\FKRUD]RWRF]HQLDW\FKG]LHFLµ
3HUVSHNW\ZDHXURSHMVND
3UREOHPDW\NDDGRSFMLG]LHFNDE\âDZLHORNURWQLHSU]HGPLRWHPRU]HF]QLFWZD(XURSHM
VNLHJR7U\EXQDâX3UDZ&]âRZLHND7U\EXQDâNRQVHNZHQWQLHRGRU]HF]HQLDZVSUDZLH)UHWHp
SU]HFLZNR)UDQFMLGRW\F]ĊFHJRDGRSFMLG]LHFLSU]H]RVRE\KRPRVHNVXDOQHVWRLQDVWDQRZLVNXůH
ÅDGRSFMDR]QDF]DGDQLHURG]LQ\G]LHFNXDQLHG]LHFNDURG]LQLHµ0DMĊFQDXZDG]HSRZ\ůV]H
VIRUPXâRZDQLH]DXSUDZQLRQ\QDOHů\X]QDýZQLRVHNZVWUDVEXUVNLPV\VWHPLHRFKURQ\SUDZ
F]âRZLHNDG]LHFNRQLHMHVWXZDůDQH]HVXEVWDQFMDOQ\HOHPHQWURG]LQ\
:W\PVDP\PRU]HF]HQLX(73&SRGREQLHMDN7U\EXQDâ.RQVW\WXF\MQ\]ZUyFLâXZDJę
ůHQDGHF\]MęRGHF\]MĊRSU]\]QDQLXSUDZDGRDGRSFMLV]F]HJyOQ\ZSâ\ZÅ«SRZLQLHQPLHý
QDMOHSV]\LQWHUHVG]LHFND6SHFMDOLœFLRGVSUDZG]LHFLSV\FKLDWU]\LSV\FKRORJRZLHPDMĊUyůQH
SRJOĊG\QDWHPDWHZHQWXDOQ\FKVNXWNyZRSLHNLURG]LFyZKRPRVHNVXDOQ\FK'RWHJRQDOHů\
GRGDýJâęERNLHUyůQLFHRSLQLLSXEOLF]QHMZSRV]F]HJyOQ\FKNUDMDFK3UREOHPHPMHVWUyZQLHů
QLHZ\VWDUF]DMĊFDOLF]EDG]LHFLGRDGRSFML:W\FKZDUXQNDFKZâDG]HNUDMRZHPRJĊX]QDýůH
RJUDQLF]HQLHSUDZDGRDGRSFMLOHů\ZLQWHUHVLHG]LHFLQLH]DOHůQLHRGXSUDZQLRQ\FKDVSLUDFML
KRPRVHNVXDOLVW\ FKFĊFHJR MH DGRSWRZDýµ :VSRPQLDQD ]JRGQRœý 7U\EXQDâyZ œZLDGF]\
RGDOHNR SRVXQLęW\P NRQVHQVLH Z HXURSHMVNLHM SU]HVWU]HQL SUDZQHM FR GR SR]\FML G]LHFND
ZURG]LQLH-HVW]DUD]HPSU]HMDZHPGREU]HIXQNFMRQXMĊFHJRGLDORJXPLęG]\VĊGDPLNUDMRZ\PL
DPLęG]\QDURGRZ\PL
$ŒOHG]LľVND6LPRQ$GRSFMDG]LHFLSU]H]RVRE\KRPRVHNVXDOQH>Z@5:LHUXV]HZVNLL0:\U]\NRZVNL
UHG2ULHQWDFMDVHNVXDOQDLWRůVDPRœýSâFLRZD²DVSHNW\SUDZQHLVSRâHF]QH:DUV]DZD
:\URN(XURSHMVNLHJR7U\EXQDâX3UDZ&]âRZLHNDGQLD ZVSUDZLH)UHWWpY)UDQFHVNDUJD
QU
-DN ]RVWDâR ZVSRPQLDQH Z\ůHM VWDQRZLVNR (73& HZROXXMH 3HZQĊ ]DSRZLHG]LĊ HZROXFML ZH
ZVSRPQLDQHMPDWHULLPRůHE\ýRU]HF]HQLHZVSUDZLH(%SU]HFLZNR)UDQFML:\URN:LHONLHM,]E\(73&
]GQLD VW\F]QLD U VNDUJD QU : Z\URNX W\P VWZLHUG]RQR Å7U\EXQDâ QLH MHVW « SRZRâDQ\ GR UR]VWU]\JDQLD F]\ SUDZR GR DGRSFML SU]H] Z]JOĊG QD LQWHU DOLD UR]ZyM XVWDZRGDZVWZD
HXURSHMVNLHJR RUD] IDNW ůH .RQZHQFMD MHVW ů\Z\P LQVWUXPHQWHP NWyU\ PXVL E\ý LQWHUSUHWRZDQ\
ZœZLHWOHZDUXQNyZWRF]ĊFHJRVLęREHFQLHů\FLD]REDF]ZV]F]HJyOQRœFL-RKQVWRQLLQQLS,UODQGLLZ\URN
] GQLD JUXGQLD U 6HULD $ QU VWURQ\ ² SRZLQQR OXE QLH SRZLQQR E\ý REMęWH
]DNUHVHPVDPHJRDUW.RQZHQFMLµ7\PVDP\PSRGREQLHMDNZRPDZLDQHMZ\ůHMVSUDZLH6FKDOSNL.RSI
SU]HFLZNR $XVWULL ² 7U\EXQDâ ZVND]Dâ QD ]DFKRG]ĊFH Z VSRâHF]HľVWZDFK (XURS\ ]PLDQ\ Z WHM PDWHULL
:\URNWHQPRůHZSU]\V]âRœFLVWDýVLęSRGVWDZĊGR]PLDQ\VWDQRZLVND(73&]LX]QDQLDůHSUDZRGR
DGRSFMLG]LHFNDSU]H]RVRE\KRPRVHNVXDOQHMHVWREMęWH]DNUHVHPDUW(.3&µ
0$1RZLFNL:RNyâ.RQZHQFML(XURSHMVNLHM.RPHQWDU]GR(XURSHMVNLHM.RQZHQFML3UDZ&]âRZLHNDZ\G
:DUV]DZD
6]HU]HMQDWHQWHPDW/*DUOLFNL'LDORJPLęG]\VęG]LDPLSRPLęG]\:DUV]DZĊ6WUDVEXUJLHPD/XNVHPEXUJLHP
>Z@ / *DUGRFNL - *RG\ľ 0 +XG]LN /. 3DSU]\FNL UHG 'LDORJ PLęG]\ 6ĊGDPL L 7U\EXQDâDPL
:\GDZQLFWZR6ĊGX1DMZ\ůV]HJR:DUV]DZD=%URGHFNLUHG(XURSDVęG]LyZ:DUV]DZD
35=(*/ĉ'35$:1,&=<
:XQLMQ\PV\VWHPLHRFKURQ\SUDZF]âRZLHNDWUXGQ\PMHVWVNRQVWUXRZDQLHVWDQGDUGX
Z ]DNUHVLH RFKURQ\ ů\FLD URG]LQQHJR 3RF]\QLRQD Z\ůHM XZDJĊ ůH UHJXODFMD ů\FLD
URG]LQQHJR QDOHů\ GR Z\âĊF]QHM NRPSHWHQFML SDľVWZ F]âRQNRZVNLFK WâXPDF]\ GODF]HJR
GRW\FKF]DV 7U\EXQDâ 6SUDZLHGOLZRœFL 8( QLH SU]HGVWDZLâ VZRMHJR SXQNWX ZLG]HQLD QD
SUREOHPDW\NęG]LHFNDZURG]LQLH
3RGVXPRZDQLH
3URZDG]RQHUR]ZDůDQLDSR]ZDODMĊQDVIRUPXâRZDQLHQDVWęSXMĊF\FKZQLRVNyZ1D
JUXQFLHSUDZDSROVNLHJREUDNMHVWGHILQLFMLSRMęFLDů\FLDURG]LQQHJRLURG]LQ\6DPEUDN
GHILQLFMLQLHNRQLHF]QLHPXVL]RVWDýX]QDQ\]DZDGę=DWDNĊZDGęQDOHů\X]QDýMHGQDNůH
]DFKRG]ĊFH SRZDůQH UR]ELHůQRœFL LQWHUSUHWDF\MQH FR ] SXQNWX ZLG]HQLD SRVWXODWX
SHZQRœFLSUDZDVWDQRZL]DJURůHQLH
3RGVXPRZXMĊF SURZDG]RQH UR]ZDůDQLD ]D XSUDZQLRQ\ QDOHů\ X]QDý ZQLRVHN ůH
NDůG\ ]ZLĊ]HN GZRMJD RVyE GRURVâ\FK FHFKXMĊF\ VLę WUZDâRœFLĊ SRů\FLD L ZLĊůĊF\ VLę
]SURZDG]HQLHPZVSyOQHJRJRVSRGDUVWZDQDOHů\X]QDý]DÅů\FLHURG]LQQHµ']LHFNRQLH
MHVW SU]\ W\P ÅHOHPHQWHPµ NRQVW\WXF\MQ\P RZĊ URG]LQę 3RMęFLHP ů\FLD URG]LQQHJR
REMęWDMHVWWDNůHGRURVâDRVREDZ\FKRZXMĊFDG]LHFNR7\PVDP\PQLHMHVWMDVQ\VWDWXV
G]LHFNDZURG]LQLHJG\ůZMHGQ\PPLHMVFXF]\MHVWRQRX]QDZDQH]DFRQGLWLRVLQHTXDQRQ
URG]LQ\]DœZLQQ\PQLH
= WHJR SXQNWX ZLG]HQLD GH OHJH IHUHQGD ZDUWR UR]ZDů\ý XUHJXORZDQLH ]ZLĊ]NyZ
SDUWQHUVNLFKLUR]VWU]\JQLęFLHF]\RVRE\SR]RVWDMĊFHZWDNLP]ZLĊ]NXPRJĊSU]\VSRVRELý
G]LHFNR3RJOĊGUHSUH]HQWRZDQ\SU]H]7U\EXQDâ.RQVW\WXF\MQ\PRůQDX]QDý]DVZRLVWĊ
KLSRNU\]Mę SUDZQĊ ERZLHP RVRED ]DUyZQR KRPRVHNVXDOQD L MDN KHWHURVHNVXDOQD SR]RVWDMĊFD Z QLHIRUPDOQ\P ]ZLĊ]NX SDUWQHUVNLP NWyUD SU]\VSRVREL G]LHFNR WZRU]\
URG]LQęZœZLHWOHRU]HF]QLFWZD7.]DœZRGQLHVLHQLXGRUHODFML]SDUWQHUHPWDNLHMURG]LQ\
²ZUR]XPLHQLXRU]HF]QLFWZD7.²MXůQLHWZRU]\
´)DPLO\/LIHµLQ3ROLVK/DZ
:KDW,V,WDQG:KDW,V,W1RW"
6XPPDU\
7KLVDUWLFOHFRQFHUQVWKHXQGHUVWDQGLQJRIWKHWHUP´IDPLO\OLIHµRQJURXQGRI3ROLVKODZ
$QDWWHPSWWRDQVZHUWKHTXHVWLRQDERYHLVPDGHXQGHUWKHSURYLVLRQVRI3ROLVKODZPDLQO\
WKH 3ROLVK &RQVWLWXWLRQ DQG LQWHUQDWLRQDO VWDQGDUGV ELQGLQJ IRU 3RODQG HVSHFLDOO\ WKH
(XURSHDQ&RQYHQWLRQRQ+XPDQ5LJKWVDQGWKH3ROLVKPHPEHUVKLSLQWKH(XURSHDQ8QLRQ
7KHUHDUHVHYHUDOSURYLVLRQVLQWKH3ROLVK&RQVWLWXWLRQEXWWKHPRVWFRQWURYHUVLDOLV$UW
ZKLFKSURYLGHVWKDW´0DUULDJHEHLQJDXQLRQRIDPDQDQGDZRPDQDVZHOODVWKHIDPLO\
PRWKHUKRRGDQGSDUHQWKRRGVKDOOEHSODFHGXQGHUWKHSURWHFWLRQDQGFDUHRIWKH5HSXEOLFRI
3RODQGµ7KHUHDUHDORWRILQWHUSUHWDWLRQVZKDWIDPLO\OLIHUHDOO\PHDQV/DWHVW&RQVWLWXWLRQDO
LQWHUSUHWDWLRQV SURYLGH WKDW ´&RQVWLWXWLRQDOO\ SUHIHUUHG YLVLRQ RI WKH IDPLO\ LV VWDEOH XQLRQ
EHWZHHQDZRPDQDQGDPDQWDUJHWHGWRPRWKHUKRRGDQGUHVSRQVLEOHSDUHQWKRRGµ7KHUHDUH
VWURQJFRQWURYHUVLHVRQTXDOLILFDWLRQRIFLYLOSDUWQHUVKLSDVD´IDPLO\OLIHµ)URPRQHVLGH7KH
6XSUHPH &RXUW DVVXPHV WKDW $UW RI WKH &RQVWLWXWLRQ H[FOXGHV SRWHQWLDO UHJXODWLRQ RI
ÅŮ<&,(52'=,11(µ:35$:,(32/6.,0&=<0-(67$&=<01,(-(67"
KRPRVH[XDO RU KHWHURVH[XDO FLYLO SDUWQHUVKLS 2Q WKH RWKHU KDQG WKH &RPPLWWHH RI /HJDO
6FLHQFHVRIWKH3ROLVK$FDGHP\RI6FLHQFHVSURYLGHVWKDWWKHUHDUHVWDWHREOLJDWLRQVWRUHJXODWH
FLYLO SDUWQHUVKLS DV D SDUW RI IDPLO\ OLIH 7KH VHFRQG VWDWHPHQW KDV LWV UHIOHFWLRQ RQ (&+5
VWDQGDUGV HVSHFLDOO\ IURP WKH MXGJPHQW LQ WKH FDVH 6FKDON DQG .RSI Y $XVWULD DQG LQ WK H
MXULVSUXGHQFHRIWKH&RXUWRI-XVWLFHRIWKH(XURSHDQ8QLRQ
,Q WKH ODVW SDUW RI WKH DUWLFOH WKHUH ZDV DQ LVVXH FRQFHUQLQJ WKH LQIOXHQFH RI FKLOG IRU
IDPLO\LVH[DPLQHG&KLOGLQ&RQVWLWXWLRQDODQG(&+5YLHZLVQRWQHFHVVDU\WRHVWDEOLVKIDPLO\
OLIH