Handel ludźmi jako zagrożenie dla bezpieczeństwa społecznego. Perspektywa statystyczna

0DUW\QD=GURGRZVND

25&,'

1LHSDęVWZRZD:\İV]D6]NRãD3HGDJRJLF]QD

+$1'(//8'ĭ0,-$.2=$*52į(1,(

'/$%(=3,(&=(Ę67:$632â(&=1(*2

3(563(.7<:$67$7<67<&=1$

6WUHV]F]HQLH

+DQGHOF]ãRZLHNLHPMDNRWRZDUHPZ\ZRG]LVLč]F]DVyZVWDURİ\WQ\FK

2EHFQLH SRPLPR FLĈJãHM ZDONL ] W\P ]MDZLVNLHP KDQGHO OXGĮPL SRWUDÀ

SU]\MPRZDþGUDVW\F]QĈIRUPčZNWyUHMWRZDUHPVWDMHVLčG]LHFNROXERUJD

Q\SR]\VNLZDQHGRWUDQVSODQWDFML3U]HVWčSVWZRKDQGOXOXGĮPLMHVWGRPH

QĈ]RUJDQL]RZDQ\FKJUXSSU]HVWčSF]\FK-DNRQHJDW\ZQHOXG]NLH]DFKR

ZDQLHMHVW]DOLF]DQHGRJãyZQ\FK]DJURİHęEH]SLHF]HęVWZDVSRãHF]QHJR

6ãRZD NOXF]RZH KDQGHO OXGĮPL ‡ SU]HVWčSF]RĤþ ]RUJDQL]RZDQD ‡

EH]SLHF]HęVWZRVSRãHF]QH‡]DJURİHQLDEH]SLHF]HęVWZD

75$)),&.,1*$6$7+5($7)2562&,$/6(&85,7<

67$7,67,&$/3(563(&7,9(

$EVWUDFW

7KHKXPDQWUDGHDVDFRPPRGLW\GDWHVEDFNWRDQFLHQWWLPHV&XU

UHQWO\GHVSLWHWKHFRQVWDQWVWUXJJOHZLWKWKLVSKHQRPHQRQKXPDQWUDI

ÀFNLQJ FDQ WDNH D GUDVWLF IRUP LQ ZKLFK WKH JRRGV EHFRPH D FKLOG RU

RUJDQVREWDLQHGIRUWUDQVSODQWDWLRQ7KHFULPHRIWUDIÀFNLQJLQKXPDQ

EHLQJVLVWKHGRPDLQRIRUJDQL]HGFULPHJURXSV$VQHJDWLYHKXPDQEH

KDYLRULWLVFODVVLÀHGDVRQHRIWKHPDLQWKUHDWVWRVRFLDOVHFXULW\

.H\ZRUGV7UDIÀFNLQJLQ+XPDQ%HLQJV‡2UJDQL]HG&ULPH‡6RFLDO

6HFXULW\‡6HFXULW\7KUHDWV

+DQGHOOXGĮPL

+DQGHOF]ãRZLHNLHPMDNRWRZDUHPZ\ZRG]LVLč]F]DVyZVWD

URİ\WQ\FK Z NWyU\FK QLHZROQLFWZR E\ãR HOHPHQWHP NXOWXU\ QLH

NWyU\FKJUXSHWQLF]Q\FK=SUDZQHJRSXQNWXZLG]HQLDQLHZROQLN

Z VWDURİ\WQRĤFL E\ã MHGQRVWNĈ FDãNRZLFLH ]DOHİQĈ RG ZãDĤFLFLHOD

%\ãSR]EDZLRQ\MDNLFKNROZLHNZROQRĤFLLSUDZ:SUDZLHVWDURİ\W

QHJR5]\PXQLHZROQLNLHPE\ãRVREQLNSRGSRU]ĈGNRZDQ\ZãDG]\

GUXJLHJRF]ãRZLHND:VWDURİ\WQHM*UHFMLZV]\VF\OXG]LHQLHEč

GĈF\RE\ZDWHODPLSROLVVWDZDOLVLčMHGQRVWNDPLNWyU\FKZROQRĤþ

]HZ]JOčGXQDEUDNSUDZE\ãDRJUDQLF]RQD^1DSU]HãRPLH;,;L;;

ZLHNXEDGDF]HVWDUDOLVLčXVWDOLþSRF]ĈWNLQLHZROQLFWZDRUD]SU]\

F]\Q\MHJRSRZVWDQLD%DGDQLDNRęFD;,;ZLHNXSURZDG]RQHQD

SU\PLW\ZQLHUR]ZLQLčW\FKWHUHQDFK$]ML$PHU\NL3yãQRFQHML3RãX

GQLRZHMRUD]$IU\NLGRZLRGã\Lİ]QDPLRQDQLHZROQLFWZDVĈĤFLĤOH

]ZLĈ]DQH]UR]ZRMHPSLHUZRWQ\FKVSRãHF]HęVWZSU]H]FRQLHPD

PRİOLZRĤFLJUXQWRZQHJRGRWDUFLDGRLFKSRF]ĈWNyZ

2FHQLDVLčİHQLHZROQLFWZRQLHZ\VWčSRZDãRZ\ãĈF]QLHXSOH

PLRQSURZDG]ĈF\FKNRF]RZQLF]\WU\Eİ\FLDDSLHUZV]\PLQLHZRO

QLNDPL E\OL MHęF\ ]GRE\ZDQL Z VWDUFLDFK ] LQQ\PL SOHPLRQDPL². :ĤUHGQLRZLHF]XQLHZROQLFWZRLVWQLDãRZ(XURSLHRUD]QD:VFKR

G]LH NUDMyZ PX]XãPDęVNLFK³ D QLHZROQLF\ E\OL WRZDUHP KDQGOX

GDOHNRVLčİQHJRPDMĈFRJURPQ\ZNãDGZSURGXNFMčU]HPLHĤOQLF]Ĉ

LUROQĈ3RGVWDZRZ\PĮUyGãHPSR]\VNLZDQLDQLHZROQLNyZQDSR

WU]HE\]DFKRGQLFKLSRãXGQLRZ\FKWHUHQyZ(XURS\E\ã\NUDMHVãR

ZLDęVNLH^&]DV\QRZRİ\WQHZLĈ]Dã\VLč]G\QDPLF]Q\PUR]ZRMHP

DKDQGHOOXGĮPLVWDãVLč]DZLã\PLQLH]Z\NOHNRV]WRZQ\PMHGQDN

XUHJXORZDQ\P SUDZQLH G]LDãDQLHP⁵ 3URFHGHU QLHZROQLFWZD VWDã

VLčHOHPHQWHPQHJDW\ZQHJRRGELRUXZ;9,,ZLHNXNLHG\]DF]čWR

X]QDZDþQLHZROQLFWZR]DQLHZãDĤFLZHLVSU]HF]QH]ÅQDWXUDOQ\P

 ,%LHİXęVND0DãRZLVW00DãRZLVW1LHZROQLFWZR:DUV]DZDV²

2 ,%LHİXęVND0DãRZLVW00DãRZLVW1LHZROQLFWZRRSFLWV²

3 ,ELGHPV

 % 1RZDN:VSyãF]HVQ\KDQGHOOXGĮPLDQRZRİ\WQ\KDQGHOQLHZROQLNDPL

>Z@=/DVRFNLUHG+DQGHOOXGĮPL=DSRELHJDQLHLĤFLJDQLH:DUV]DZDV

5 ,ELGHPV

SUDZHP F]ãRZLHND GR ZROQRĤFLµ 2EHFQLH SRPLPR FLĈJãHM ZDONL

]W\P]MDZLVNLHPRFHQLDVLčİHQLHPDPRİOLZRĤFL]XSHãQHMHOLPL

QDFMLSUREOHPXDZHGãXJVWDW\VW\NQDPLHV]NDęFyZ=LHPL

SU]\SDGDQLHZROQLND^3RPLPRZLHNyZLVWQLHQLDKDQGOXOXGĮ

PLLGRVWU]HJDQLDRGSRF]ĈWNX;;ZLHNXSUREOHPyZ]QLP]ZLĈ]D

Q\FKGRSLHURZURNX]GHÀQLRZDQRWR]MDZLVNR^.

']LDãDOQRĤþ ZVSyãF]HVQ\FK JUXS SU]HVWčSF]\FK ]DMPXMĈF\FK

VLč KDQGOHP OXGĮPL MHVW X]DOHİQLRQD RG SRS\WX NWyU\ QLHNLHG\

SU]\MPXMH GUDVW\F]QĈ IRUPč KDQGOX G]LHþPL LFK Z\NRU]\VW\ZD

QLDVHNVXDOQHJRGRSURVW\WXFMLG]LHFLčFHMZSURGXNFMLPDWHULDãyZ

SRUQRJUDÀF]Q\FK^GRSUDFSU]\PXVRZ\FKZW\PİHEUDFWZD5yZ

QLHF]čVW\PLRÀDUDPLVĈNRELHW\NWyUHZHGãXJSRZV]HFKQHMRSLQLL

VĈXZDİDQH]DLVWRW\VãDEHLEH]UDGQH3RGNRQLHF;;ZZNUDMDFK

]DFKRGXZSU]HP\ĤOHSRUQRJUDÀF]Q\PLSURVW\WXFML]ZLčNV]\ãVLč

SRS\WQDNRELHW\SRFKRG]ĈFH](XURS\:VFKRGQLHMLģURGNRZHMFR

E\ãRWHİ]ZLĈ]DQH]H]PLDQDPLSROLW\F]QRVSRãHF]Q\PLZNUDMDFK

SRVWNRPXQLVW\F]Q\FK *UXS\ SU]HVWčSF]H V]\ENR UR]ZLQčã\ KDQ

GHOOXGĮPL2SUyF]SURVW\WXFMLLSRUQRJUDÀL]QDF]QDF]čĤþNRELHW

 3 )XGDOHM =DJURİHQLH KDQGOHP OXGĮPL Z NRQWHNĤFLH ZVSyãSUDF\ QD OL- QLL :VFKyG ² =DFKyG 'RĤZLDGF]HQLH D Z\]ZDQLD QD SU]\V]ãRĤþ >Z@ 0 0LãHN

*:LON-DNXERZVNL5%U]R]DUHG:VFKyGL=DFKyGZZ\PLDU]HJOREDOQ\P

'RĤZLDGF]HQLD]SU]HV]ãRĤFLDSHUVSHNW\ZDQDSU]\V]ãRĤþ.LHOFHV

 3U]\MčW\SU]H]2UJDQL]DFMč1DURGyZ=MHGQRF]RQ\FKSURWRNyã]3DOHUPR

OLVWRSDGDUGHÀQLXMHKDQGHOOXGĮPLMDNRÅZHUERZDQLHWUDQVSRUWSU]HND]\- ZDQLHSU]HFKRZ\ZDQLHOXESU]\MPRZDQLHRVyE]]DVWRVRZDQLHPJUyĮEOXE]Xİ\- FLHP VLã\ OXE WHİ ] Z\NRU]\VWDQLHP LQQHM IRUP\ SU]\PXVX XSURZDG]HQLD RV]X- VWZD ZSURZDG]HQLD Z EãĈG QDGXİ\ZDQLD ZãDG]\ OXE Z\NRU]\VWDQLD VãDERĤFL

ZUčF]HQLDOXESU]\MčFLDSãDWQRĤFLOXENRU]\ĤFLGODX]\VNDQLD]JRG\RVRE\PDMĈFHM

NRQWUROčQDGLQQĈRVREĈZFHOXZ\NRU]\VWDQLD:\NRU]\VWDQLHREHMPXMHMDNRPL- QLPXPZ\NRU]\VWDQLHSURVW\WXFMLLQQ\FKRVyEOXELQQHIRUP\Z\NRU]\VWDQLDVHN- VXDOQHJRSUDFčOXEXVãXJLRFKDUDNWHU]HSU]\PXVRZ\PQLHZROQLFWZROXESUDNW\NL

SRGREQHGRQLHZROQLFWZD]QLHZROHQLHOXEXVXQLčFLHRUJDQyZ=JRGDRÀDU\KDQGOX

OXGĮPLQD]DPLHU]RQHZ\NRU]\VWDQLHQLHPD]QDF]HQLDMHİHOLSRVãXİRQRVLčNWyUĈ- NROZLHN]Z\PLHQLRQ\FKPHWRGUDEXQNX:HUERZDQLHWUDQVSRUWSU]HND]\ZDQLH

SU]HFKRZ\ZDQLHG]LHFNDRVREDNWyUDQLHXNRęF]\ãDURNXİ\FLDMHVWX]QDZDQH

]DKDQGHOOXGĮPLQDZHWJG\QLH]DVWRVRZDQRİDGQHM]PHWRGUDEXQNXµ

 3âDEX],0DOLQRZVND00LFKDOVNL76DIMDęVNL+DQGHOOXGĮPL3U]H- VWU]HęSUDZQRNDUQDLNU\PLQDOLVW\F]QRNU\PLQRORJLF]QD:DUV]DZDV

 ..DUV]QLFNL+DQGHONRELHWDPLZĤZLHWOHVSUDZNDUQ\FKÅ3URNXUDWXUD

LSUDZRµV

]KDQGOXOXGĮPLE\ãDLMHVWZ\NRU]\VW\ZDQDGRQLHOHJDOQ\FKDGRS

FMLLFKG]LHFLSR]\VNLZDQLDQDU]ĈGyZVSU]HGDİ\NRELHW\QDİRQč

RUD]SU]\PXVRZHMSUDF\

'UXJDSRãRZD;;ZLHNXWRWDNİHF]DVUR]NZLWXWUDQVSODQWR

ORJLLZNWyU\PSU]HV]F]HS\NRPyUHNWNDQHNLQDU]ĈGyZOXG]NLFK

VWDã\VLčUHDOQHLRVLĈJDOQH=ELHJLHPODWG]LčNLUR]ZRMRZLLZ]UR

VWRZLMDNRĤFLRSLHNLSRWUDQVSODQWDF\MQHMSU]Hİ\FLHMDNLGDOV]Hİ\

FLH SDFMHQWyZ VWDã\ VLč QLH W\ONR GãXİV]H DOH UyZQLHİ OHSV]H MD

NRĤFLRZR 'ODWHJR WHİ ]DELHJL WUDQVSODQWDF\MQH VWDã\ VLč X]QDQĈ

ZĤZLHFLHPHG\F\Q\VNXWHF]QĈPHWRGĈOHF]HQLDVFK\ãNRZHMQLHZ\

GROQRĤFLRUJDQyZOXG]NLFK^=MDZLVNRKDQGOXOXG]NLPLRUJDQDPL

MHVW]ZLĈ]DQH]Z\VRNLP]DSRWU]HERZDQLHPNWyUHZ]JOčGHP]E\W

QLVNLHMGRVWčSQRĤFLQDU]ĈGyZQDU\QNXSRZRGXMHSRWU]HEčSR]\

VNLZDQLDRUJDQyZGRSU]HV]F]HSX]QLHOHJDOQ\FKĮUyGHã'RGDWNR

ZR]E\WQLVNDZLHG]DVSRãHF]HęVWZDQDWHPDWSU]HV]F]HSyZRUD]

ELHGDPDMĈZSã\ZQDUR]ZyMKDQGOXOXG]NLPLRUJDQDPL^.

%H]SLHF]HęVWZRVSRãHF]QH

=DSHZQLHQLHEH]SLHF]HęVWZDMDNRIRUP\SRPRF\VSRãHF]QHMWR

QDMVWDUV]\REV]DUSROLW\NLVNXSLDMĈFHMVLčQDZVSRPDJDQLXXERJLHM

F]čĤFLOXGQRĤFLVLčJDMĈF\F]DVyZSLHUZV]\FKFKU]HĤFLMDQ:HSR

FHIHXGDOL]PXZãDGF\XVWDQDZLDOLSUDZDLSRGDWNLNWyUHPLDã\]D

]DGDQLH ZVSLHUDþ QDMELHGQLHMV]\FK ]DĤ Z HSRFH ĤUHGQLRZLHF]QHM

SRZVWDZDã\ GRP\ SRPRF\ VSRãHF]QHM ĤZLDGF]ĈFH SRPRF RVRERP

VWDUV]\PXSRĤOHG]RQ\PLQLHSHãQRVSUDZQ\P=SRF]ĈWNX;,;ZLH

NXZZLHOXNUDMDFKHXURSHMVNLFKSROLW\NDVSRãHF]QDPLDãDĤFLVã\

]ZLĈ]HN ]H ZVSyãF]HVQĈ SUREOHPDW\NĈ URERWQLF]Ĉ 3UREOHPDW\ND

SROVNLHMSROLW\NLVSRãHF]QHMRGURNXE\ãDHOHPHQWHPUR]ZD

İDęQDWHPDWVRFMDOQHJRSRãRİHQLDOXG]L=SRZRGXEUDNXZãDVQHM

 + 1RJDO ( :LĤQLHZVND ( $QWRV =DU\V KLVWRU\F]Q\ G\QDPLNL UR]- ZRMX WUDQVSODQWRORJLL NOLQLF]QHM V  KWWSZZZSU]HJODGDPSHGXSO

XSORDGVBBBSGI>GRVWčS@

 KWWSVRSRNDRUJSOELEOLRWHND336DUHRSDJBRUJDQ\KWPO [do

VWčS@

SUDNW\NLVSRãHF]QHMSRURNXZãDG]HSDęVWZRZHUR]SRF]čã\

SUDFHQDGXVWDQRZLHQLHPVWUXNWXUVRFMDOQ\FKZSLVXMĈFURNSyĮ

QLHM3ROVNčGR0LčG]\QDURGRZHM2UJDQL]DFML3UDF\^.

1DSU]HVWU]HQLZLHOXZLHNyZEH]SLHF]HęVWZRVSRãHF]QHPLDãR

]DZV]HEH]SRĤUHGQL]ZLĈ]HN]EH]SLHF]HęVWZHPVRFMDOQ\PEčGĈF

W\P VDP\P VNãDGRZĈ EH]SLHF]HęVWZD QDURGRZHJR NWyUH ZVSyã

F]HĤQLH MHVW ĮUyGãHP ]DLQWHUHVRZDQLD ZLHOX VSHFMDOLVWyZ L EDGD

czy^:DUW.RQVW\WXFML5]HF]\SRVSROLWHM3ROVNLHMEH]SLHF]Hę

VWZR VSRãHF]QH MHVW RNUHĤODQH MDNR ]DEH]SLHF]HQLH VSRãHF]QH Å

2E\ZDWHO PD SUDZR GR ]DEH]SLHF]HQLD VSRãHF]QHJR Z UD]LH QLH- ]GROQRĤFLGRSUDF\]HZ]JOčGXQDFKRUREčOXELQZDOLG]WZRRUD]SR

RVLĈJQLčFLXZLHNXHPHU\WDOQHJR>@2E\ZDWHOSR]RVWDMĈF\EH]

SUDF\QLH]ZãDVQHMZROLLQLHPDMĈF\LQQ\FKĤURGNyZXWU]\PDQLD

PDSUDZRGR]DEH]SLHF]HQLDVSRãHF]QHJR>@µ^.

: OLWHUDWXU]H SU]HGPLRWX WUXGQR R MHGQR]QDF]QĈ GHÀQL

FMč EH]SLHF]HęVWZD VSRãHF]QHJR -HVW WR JãyZQLH ]ZLĈ]DQH ] Uyİ

QRURGQRĤFLĈ UR]XPLHQLD L RGELHUDQLD WHJR EH]SLHF]HęVWZD SU]H]

MHGQRVWNL-HGQ\P]QDMEDUG]LHMFKDUDNWHU\VW\F]Q\FKZRGELRU]H

EH]SLHF]HęVWZD VSRãHF]QHJR MHVW LGHQW\ÀNRZDQLH JR MDNR EH]SLH

F]HęVWZD VRFMDOQHJR D SU]\ W\P SHZQHJR URG]DMX JZDUDQFML ]D

SHZQLHQLD EH]SLHF]HęVWZD Z UyİQHM SRVWDFL QS EH]SLHF]HęVWZD

RVRELVWHJR HNRQRPLF]QHJR SROLW\F]QHJR L HNRORJLF]QHJR : W\P

XMčFLX EH]SLHF]HęVWZR VSRãHF]QH ZLĈİH VLč ] ]DJZDUDQWRZDQLHP

RFKURQ\ MHGQRVWHN Z\QLNDMĈFHM ] QLHEH]SLHF]HęVWZ ]ZLĈ]DQ\FK

PLQ]XEyVWZHPFKRUREDPLLQZDOLG]WZHPPDFLHU]\ęVWZHPF]\

bezrobociem^ %H]SLHF]HęVWZR VRFMDOQH WR SU]HGH ZV]\VWNLP ]D

SHZQLHQLHVSRãHF]HęVWZXRGSRZLHGQLFKZDUXQNyZGRİ\FLDSU]H

WUZDQLDUR]ZRMXLSRF]XFLDRFKURQ\ZDVSHNFLHVRFMDOQ\PG]LčNL

ZVSDUFLXLQVW\WXFMLSDęVWZRZ\FK

 =:LWDV]HN%H]SLHF]HęVWZRVSRãHF]QH>Z@$8UEDQHNUHG:\EUDQH

SUREOHP\EH]SLHF]HęVWZDG]LHG]LQ\EH]SLHF]HęVWZD6ãXSVNV²

 $8UEDQHN:VSyãF]HVQ\F]ãRZLHNZSU]HVWU]HQLEH]SLHF]HęVWZD6ãXSVN

V

 .RQVW\WXFMD5]HF]\SRVSROLWHM3ROVNLHM]GQLDNZLHWQLDU']8

QUSR]

 $8UEDQHN30DMHU%H]SLHF]HęVWZRVSRãHF]QH(ZROXFMDLQVW\WXFMH]D- JURİHQLD:DUV]DZDV²

2 SR]LRPLH EH]SLHF]HęVWZD VSRãHF]QHJR GHF\GXMH Z\VWčSRZD

QLH]DJURİHęVSRãHF]Q\FK^:VSyãF]HĤQLH]DJURİHQLHPVSRãHF]Q\P

RNUHĤODVLčZV]HONLHJRURG]DMXF]\QQLNLPDMĈFHQHJDW\ZQ\ZSã\ZQD

İ\FLHL]GURZLHF]ãRZLHNDWRİVDPRĤþQDURGRZĈDWDNİHQDEH]SLH

F]HęVWZRVRFMDOQHLSXEOLF]QH^'RJãyZQ\FK]DJURİHęVSRãHF]Q\FK

]DOLF]DVLčQLHEH]SLHF]HęVWZDZ\QLNDMĈFH]QHJDW\ZQ\FK]DFKRZDę

OXG]NLFKZW\PWDNİHSRGPLRWyZSDęVWZRZ\FKPDMĈF\FKQDFHOX

]DFKZLDQLHUyZQRZDJLLãDGXVSRãHF]QHJR6ĈWR]DWHP



 QLHUHVSHNWRZDQLHSRGVWDZRZ\FKSUDZLZROQRĤFLF]ãRZLHND



 UR]ZyMSDWRORJLLVSRãHF]Q\FKZW\PSU]HVWčSF]RĤFL



 NRQÁLNW\PLOLWDUQH



 QLHWROHUDQFMD



 _PLJUDFMH



 EH]URERFLH



 G\VNU\PLQDFMDVSRãHF]QDPQLHMV]RĤFL]HZ]JOčGXQDPLQ

SRJOĈG\QDURGRZRĤþUHOLJLč^.

3RGVWDZĈQDXNRZ\FKLSROLW\F]Q\FKSU]HP\ĤOHęQDWHPDWEH]

SLHF]HęVWZDMHGQRVWNLMHVW]DãRİHQLHİHEH]SLHF]HęVWZRF]ãRZLHND

PRİH E\þ RVLĈJQLčWH QD GZD VSRVRE\ ZROQRĤFL RG VWUDFKX IUHH- GRPIURPIHDULZROQRĤFLRGQLHGROLIUHHGRPIURPZDQW^=DZRO

QRĤþ Z DVSHNFLH İ\FLD VSRãHF]QHJR X]QDMH VLč SU]HGH ZV]\VWNLP

İ\FLH SR]D ]DPNQLčFLHPZLč]LHQLHP PRİOLZRĤþ SRGHMPRZDQLD

GHF\]MLZ]JRG]LH]VDP\PVREĈRUD]SUDZDRE\ZDWHODZ\]QDF]R

QHSU]H]GREURSRZV]HFKQHLSRU]ĈGHNSUDZQ\^&]\QQLNLNWyUH

PDMĈZSã\ZQDWDNĈZROQRĤþ]DOHİĈSU]HGHZV]\VWNLPRGF]ãRZLH

NDLSRZVWDMĈMDNR

 =DJURİHQLDVSRãHF]QHWRSURFHV\]MDZLVNDV\WXDFMHSUREOHP\OXEG]LD

ãDQLDNWyUHXWUXGQLDMĈ]UyZQRZDİRQ\UR]ZyMGĈİHQLHGRGREURE\WXLZ\VRNLHMMD

NRĤFLİ\FLDSRV]F]HJyOQ\FKF]ãRQNyZLFDãHJRVSRãHF]HęVWZD$8UEDQHN30DMHU

%H]SLHF]HęVWZRVSRãHF]QH(ZROXFMDRSFLWV

 =:LWDV]HN%H]SLHF]HęVWZRVSRãHF]QHRSFLWV

 ,ELGHPV

 $8UEDQHN&]ãRZLHNMDNRSRGPLRWEH]SLHF]HęVWZD²PHWRGRORJLF]QHSRG- VWDZ\EDGDę>Z@$8UEDQHNUHG%H]SLHF]HęVWZROXGQRĤFLZRMHZyG]WZDSRGOD- VNLHJR6WXGLXP]]DNUHVXEH]SLHF]HęVWZDZHZQčWU]QHJR%LDã\VWRNV

 KWWSVVMSSZQSOVORZQLNLZROQR&%&KWPO >GRVWčS

@



 UHODFMHPLčG]\OXGĮPL^



 ]GDU]HQLD]DOHİQHRGF]ãRZLHNDDOHPRJĈFHE\þ]DVNRF]H

QLHPGODLQQ\FKOXG]LLLFKSODQyZİ\FLRZ\FK²²



 GREURZROQLHSU]\MčWHRERZLĈ]NLLSRZLQQRĤFLZW\PRER

ZLĈ]NL Z]JOčGHP ZDUWRĤFL GUXJLHJR F]ãRZLHND NWyU\FK

NV]WDãWRZDQLH ZLĈİH VLč ] XV]DQRZDQLHP MHJR JRGQRĤFL

ZROQRĤFLLSUDZ²³.

: ]ZLĈ]NX ] URVQĈF\P ]DJURİHQLHP EH]SLHF]HęVWZD ]ZLĈ]D

Q\P ] G]LDãDOQRĤFLĈ ]RUJDQL]RZDQ\FK JUXS SU]HVWčSF]\FK SDę

VWZR PXVL SRGHMPRZDþ F]\QQRĤFL SU]HFLZG]LDãDMĈFH JHQHUDOQLH

]MDZLVNXSU]HVWčSF]RĤFL^3U]HMDZHPG]LDãDOQRĤFLSDęVWZDZNZH

VWLL ]DSHZQLHQLD EH]SLHF]HęVWZD VSRãHF]QHJR MHVW SU]HGH ZV]\VW

NLPWZRU]HQLHVWUXNWXU]ZDOF]DMĈF\FKSU]HVWčSF]RĤþ²⁵:UDPDFK

W\FKVWUXNWXUSRZVWDMĈRGSRZLHGQLRZ\NZDOLÀNRZDQHRUJDQ\LLQ

VW\WXFMHRGSRZLHG]LDOQH]DLGHQW\ÀNDFMčLZDONč]SU]HVWčSF]RĤFLĈ

3U]HVWčSVWZD GRW\F]ĈFH ]MDZLVND KDQGOX OXGĮPL DUW D^

..RUD]SU]HVWčSVWZD]ZLĈ]DQH]KDQGOHPOXGĮPLWRJUXSDF]\

QyZGRNWyU\FK]DOLF]DVLč



 QLHOHJDOQĈDGRSFMčDUWDNN^



 SXEOLF]QHSUH]HQWRZDQLHWUHĤFLSRUQRJUDÀF]Q\FKDUW

§NN

 =)UĈF]HN*UDQLFHZROQRĤFLZSURFHVDFKZ\FKRZDZF]\FK>Z@$0GH

7FKRU]HZVNL:ROQRĤþMDNRZDUWRĤþLSUREOHPHGXNDF\MQ\%\GJRV]F]V

22 0*RãDV]HZVND1DWHPDWHQVSHUVH>Z@-3DZOLF\UHG$XWRNUHDFMD

F]ãRZLHND²PLčG]\ZROQRĤFLĈD]QLHZROHQLHP0DWHULDã\9,-DJLHOORęVNLHJR6\P- SR]MXP(W\F]QHJR.UDNyZV

23 =)UĈF]HN*UDQLFHZROQRĤFLZSURFHVDFKZ\FKRZDZF]\FK RSFLWV

 $0+HUQDFND5ROD&HQWUDOQHJR%LXUDģOHGF]HJR3ROLFMLZZDOFH]SU]H- VWčSF]RĤFLĈ ]RUJDQL]RZDQĈ =DU\V SUREOHPDW\NL IXQNFMRQRZDQLD VãXİE\ V 

KWWSGRLSU]HGXSOSOSGIHLQK>GRVWčS@

25 0 0RVNDO =DJURİHQLD GOD EH]SLHF]HęVWZD ZHZQčWU]QHJR ]ZLĈ]DQH

] SU]HVWčSF]RĤFLĈ ]RUJDQL]RZDQĈ Z 3ROVFH QD SRF]ĈWNX ;;, ZLHNX V  KW

WSVGRFSOD\HUSO=DJUR]HQLDGODEH]SLHF]HQVWZDZHZQHWU]QHJR

]ZLD]DQH]SU]HVWHSF]RVFLD]RUJDQL]RZDQDZSROVFHQDSRF]DWNX[[LZLHNX

KWPO>GRVWčS@

 $UWD..IXQNFMRQXMHRGVW\F]QLDUMHJRSRSU]HGQLNLHPE\ã

DUW†..

 $UWD..IXQNFMRQXMHRGVW\F]QLDUMHJRSRSU]HGQLNLHPE\ã

DUW†..



 ]PXV]DQLHGRXSUDZLDQLDSURVW\WXFMLDUWNN



 VWUčF]\FLHOVWZRVXWHQHUVWZRLNXSOHUVWZRDUW†L

NN



 XSURZDG]HQLH Z FHOX XSUDZLDQLD SURVW\WXFML ]D JUDQLFĈ

DUW†NN

+DQGHO OXGĮPL VWDQRZL SRZDİQH ]DJURİHQLH GOD ]DFKZLDQLD

VWUXNWXUEH]SLHF]HęVWZDVSRãHF]QHJRNWyUHPDMĈQDFHOXRFKUR

QčMHGQRVWHNSU]HGXWUDWĈZãDVQHMWRİVDPRĤFLRUD]]DEH]SLHF]DQLD

VSRãHF]HęVWZDSU]HGUyİQHJRURG]DMXIRUPDPLSDWRORJLLZVSyOQHJR

İ\FLDMHGQRVWHN^ZW\P]DJURİHęZ\QLNDMĈF\FK]SU]HVWčSF]RĤFL

%DGDQLDZãDVQH

%DGDQLDNRQFHQWUXMĈVLčQDUR]ZLĈ]DQLXSUREOHPX&]\KDQ- GHO OXGĮPL VWDQRZL ]DJURİHQLH GOD EH]SLHF]HęVWZD VSRãHF]QHJR

Z3ROVFH"+LSRWH]DJãyZQDSU]\XZ]JOčGQLHQLXGDQ\FKOLF]ERZ\FK

]DZDUW\FKZVWDW\VW\NDFKNU\PLQDOQ\FKRKDQGOXOXGĮPLL]ZLĈ

]DQ\FK]QLPLQQ\FKF]\QDFKNDUDOQ\FKSU]HVWčSVWZRWRVWDQRZL

]DJURİHQLHGODEH]SLHF]HęVWZDVSRãHF]QHJRZ3ROVFH

5R]ZLĈ]DQLH SUREOHPX EDGDZF]HJR SRGMčWR PHWRGĈ VWDW\

VW\F]QĈGRNRQXMĈFREOLF]HęG\QDPLNLSU]HVWčSVWZKDQGOXOXGĮPL

L]ZLĈ]DQ\FK]QLP'\QDPLNčREOLF]DQRZHGãXJZ]RUX

'\QDPLNDE\ãDREOLF]DQDZVWRVXQNXURF]Q\PF]\OLEDGDQR

Z]URVWLVSDGHNOLF]E\SU]HVWčSVWZDKDQGOXOXGĮPLLSU]HVWčSVWZ

 $8UEDQHN&]ãRZLHNMDNRSRGPLRWEH]SLHF]HęVWZD²PHWRGRORJLF]QHSRG- VWDZ\EDGDę>Z@$8UEDQHNUHG%H]SLHF]HęVWZROXGQRĤFLRSFLWV

100 100

% ¸

¹

¨ ·

©§ ˜ z x y

/LWHU\R]QDF]DMĈ

\²OLF]EDSU]HVWčSVWZVWZLHUG]RQ\FK]URNXQDVWčSQHJRQS

]²OLF]EDSU]HVWčSVWZVWZLHUG]RQ\FK]URNXSRSU]HGQLHJRQS

]ZLĈ]DQ\FK ] URNX QD URN RUD] Z VWRVXQNX URNX NRęFRZHJR GR

URNXSRF]ĈWNRZHJREDGDQHJRRNUHVX

7DEHOD+DQGHOOXGĮPLG\QDPLNDSU]HVWčSVWZVWZLHUG]RQ\FKLZ\

NU\W\FKZ3ROVFHZODWDFK²

/S 5RN

+DQGHOOXGĮPLDUW†

3U]HVWčSVWZDVWZLHUG]RQH 3U]HVWčSVWZDZ\NU\WH /LF]ED '\QDPLND

URF]QDZ /LF]ED '\QDPLND

URF]QDZ

     

2  22   

3     

  23   

5     

  52   

     

     

     

     

     

     

     

     

     

  25  23 

$NWXDOQLHDUWD†NNDZODWDFK²DUW†RUD]

DUW†NN

ĭUyGãRRSUDFRZDQLHZãDVQHQDSRGVWDZLHGDQ\FKOLF]ERZ\FK>Z@KWWSZZZ

VWDW\VW\NDSROLFMDSOVWZ\EUDQHVWDW\VW\NLKDQGHOOXG]PLLSU]HVW+DQ

GHOOXG]PLLSU]HVWHSVWZDRNRORSURVW\WXF\MQHKWPO>@

:\NUHV  +DQGHO OXGĮPL G\QDPLND SU]HVWčSVWZ VWZLHUG]RQ\FK

LZ\NU\W\FKZ3ROVFHZODWDFK²

/LF]EDSU]HVWčSVWZVWZLHUG]RQ\FKKDQGOXOXGĮPLZEDGDQ\FK

ODWDFKNV]WDãWXMHVLčURF]QLHRGSRZLHGQLRQDSR]LRPLH



 PLčG]\D UD]\



 PLčG]\D UD]\



 RUD]UD]Z\QRVLLUD]

=DWHPOLF]EDSU]HVWčSVWZVWZLHUG]RQ\FKJHQHUDOQLHZ\QRVLNLO

NDG]LHVLĈWF]\QyZURF]QLH-HG\QLHGZDODWDZ\ND]XMĈRGVWčSVWZR

²URNZ]URVWGRSU]HVWčSVWZLURNJG\]DUHMHVWUR

ZDQRF]\QyZKDQGOXOXGĮPL

/LF]EDSU]HVWčSVWZZ\NU\W\FKMHVW]UHJXã\QLH]QDF]QLHPQLHM

V]DQLİOLF]EDSU]HVWčSVWZVWZLHUG]RQ\FKDZGZyFKSU]\SDGNDFK

MHVWWDNDVDPDODWDL

'\QDPLNDSU]HVWčSVWZVWZLHUG]RQ\FKKDQGOXOXGĮPLWRNU]\ZD

ãDPDQDZJUDQLFDFKRG²GR0DNVLPDGRGDW

QLHZ\VWčSXMĈZGZXODWDFK²L'\QDPLNDMHVWZWHG\QD

SR]LRPLHSUDZLHW\VLĈFDULUSURFHQW/LF]ERZR

MHVWWRZ]URVW]GRSU]HVWčSVWZL]GR'\QDPLNDSU]H

VWčSVWZZ\NU\W\FKNV]WDãWXMHVLčSRGREQLH7DEHOD:\NUHV

ĭUyGãRRSUDFRZDQLHZãDVQHQDSRGVWDZLH7DEHOL

.U]\ZHG\QDPLNLSU]HVWčSVWZDKDQGOXOXGĮPLWDNZ]DNUHVLH

SU]HVWčSVWZVWZLHUG]RQ\FKMDNLZ\NU\W\FKRSUyF]GZyFK]QDF]

Q\FKSLNyZZ]URVWXPDMĈSU]HELHJGRĤþUyZQRPLHUQ\

7DEHOD=PXV]DQLHGRSURVW\WXFMLG\QDPLNDSU]HVWčSVWZVWZLHU

G]RQ\FKLZ\NU\W\FKZ3ROVFHZODWDFK²

/S 5RN

=PXV]DQLHGRSURVW\WXFMLDUWNN

3U]HVWčSVWZD

VWZLHUG]RQH 3U]HVWčSVWZD

Z\NU\WH /LF]ED '\QDPLND

URF]QDZ /LF]ED '\QDPLND

URF]QDZ

     

2  35  32 

3     

  55   

5  35   

  33  32 

    25 

     

     

     

     

  22  22 

  25   

     

  25   

     

ĭUyGãRRSUDFRZDQLHZãDVQHQDSRGVWDZLHGDQ\FKOLF]ERZ\FK>Z@KWWSZZZ

VWDW\VW\NDSROLFMDSOVWZ\EUDQHVWDW\VW\NLKDQGHOOXG]PLLSU]HVW+DQ

GHOOXG]PLLSU]HVWHSVWZDRNRORSURVW\WXF\MQHKWPO>@

/LF]ED VWZLHUG]RQ\FK SU]HVWčSVWZ ]PXV]DQLD GR SURVW\WXFML

RVF\OXMHRGGRDZ\NU\W\FK²RGGRZODWDFK

GR-HVW]DWHPQDSR]LRPLHNLONXG]LHVLčFLX'\QDPLNDWHJR

SU]HVWčSVWZD]DUyZQRVWZLHUG]RQHJRMDNLZ\NU\WHJRQLHSU]HNUD

F]DPLPRRVLĈJQLčFLD]QDF]QHJRZ]URVWXZURNXRG

SRZLHGQLRVWZLHUG]RQHLZ\NU\WH3R]DW\PSU]\M

PXMH ZDUWRĤFL GRGDWQLH OXE XMHPQH MHGQDN QLH SU]HNUDF]DMĈFH

7DEHOD:\NUHV

:\NUHV=PXV]DQLHGRSURVW\WXFMLG\QDPLNDSU]HVWčSVWZVWZLHU

G]RQ\FKLZ\NU\W\FKZ3ROVFHZODWDFK²

3U]HVWčSVWZDVWUčF]\FLHOVWZRVXWHQHUVWZRNXSOHUVWZRZW\P

UyZQLHİZVWRVXQNXGRRVyEPDãROHWQLFK]RVWDã\XMčWHZMHGQ\P

DUW\NXOHSROVNLHJRNN6WĈGZVWDW\VW\FHNU\PLQDOQHMVĈSRGDZD

QH]ELRUF]R,FKOLF]EDNV]WDãWXMHVLčQDSR]LRPLHNLONXVHWURF]QLH

]QDMZLčNV]\PLZDUWRĤFLDPLZURNXZURNX

LZURNX:W\FKVDP\FKODWDFKVWDW\VW\NDSRGDMHQDM

ZLčFHMSU]HVWčSVWZZ\NU\W\FK:EDGDQ\PRNUHVLHQDMPQLHMSU]H

VWčSVWZ VWZLHUG]RQ\FK  SU]\SDGD QD URN  '\QDPLND

ĭUyGãRRSUDFRZDQLHZãDVQHQDSRGVWDZLH7DEHOL

]ELRUF]HMZDUWRĤFLW\FKSU]HVWčSVWZPDZ\MĈWNRZRGXİĈDPSOLWXGč

ZDKDę :DUWRĤFL G\QDPLNL SRND]XMĈ İH VLOQH Z]URVW\ OXE VSDG

NL OLF]E\ SU]HVWčSVWZ VWZLHUG]RQ\FK L WDNİH Z\NU\W\FK Z\VWčSX

MĈZRGVWčSDFKURF]Q\FKOXEGZXOHWQLFK1DOHİ\WHİ]DXZDİ\þİH

ZSU]\SDGNXW\FKSU]HVWčSVWZRNRãRSURVW\WXF\MQ\FKNU]\ZHG\QD

PLNLSU]HVWčSVWZVWZLHUG]RQ\FKLG\QDPLNLSU]HVWčSVWZZ\NU\W\FK

Z\ND]XMĈQDG]Z\F]DMQHSRGRELHęVWZRELHJQĈFSUDZLHUyZQROHJOH

ZQLHZLHONLHMRGOHJãRĤFLRGVLHELH7DEHOD:\NUHV

7DEHOD6WUčF]\FLHOVWZRVXWHQHUVWZRNXSOHUVWZRZW\PUyZQLHİ

ZVWRVXQNXGRRVyEPDãROHWQLFKG\QDPLNDSU]HVWčSVWZVWZLHUG]RQ\FK

LZ\NU\W\FKZ3ROVFHZODWDFK²

/S 5RN

6WUčF]\FLHOVWZRVXWHQHUVWZRNXSOHUVWZR

ZW\PUyZQLHİZVWRVXQNXGRRVyEPDãROHWQLFK

DUW†NN

3U]HVWčSVWZD

VWZLHUG]RQH 3U]HVWčSVWZDZ\NU\WH /LF]ED '\QDPLND

URF]QDZ /LF]ED '\QDPLND

URF]QDZ

     

2     

3     

     

5  235   

     

     

     

     

     

     

     

     

/S 5RN

6WUčF]\FLHOVWZRVXWHQHUVWZRNXSOHUVWZR

ZW\PUyZQLHİZVWRVXQNXGRRVyEPDãROHWQLFK

DUW†NN

3U]HVWčSVWZD

VWZLHUG]RQH 3U]HVWčSVWZDZ\NU\WH /LF]ED '\QDPLND

URF]QDZ /LF]ED '\QDPLND

URF]QDZ

     

     

     

ĭUyGãRRSUDFRZDQLHZãDVQHQDSRGVWDZLHGDQ\FKOLF]ERZ\FK>Z@KWWSZZZ

VWDW\VW\NDSROLFMDSOVWZ\EUDQHVWDW\VW\NLKDQGHOOXG]PLLSU]HVW+DQ

GHOOXG]PLLSU]HVWHSVWZDRNRORSURVW\WXF\MQHKWPO>@

:\NUHV6WUčF]\FLHOVWZRVXWHQHUVWZRNXSOHUVWZRZW\PUyZQLHİ

ZVWRVXQNXGRRVyEPDãROHWQLFKG\QDPLNDSU]HVWčSVWZVWZLHUG]RQ\FK

LZ\NU\W\FKZ3ROVFHZODWDFK²

3U]HVWčSVWZD]8VWDZ\RSRELHUDQLXLSU]HV]F]HSLDQLXNRPy

UHN WNDQHN L QDU]ĈGyZ ] SRZRGX PDãHM OLF]E\ Z ODWDFK  ²

DQDOL]RZDQRSRGNĈWHPZ\NU\ZDOQRĤFL

3U]HVWčSVWZD ] 8VWDZ\ ] GQLD  OLSFD  U R SRELHUDQLX

SU]HFKRZ\ZDQLXLSU]HV]F]HSLDQLXNRPyUHNWNDQHNLQDU]ĈGyZ]D

ĭUyGãRRSUDFRZDQLHZãDVQHQDSRGVWDZLH7DEHOL

F]čã\E\þ]DXZDİDOQHZVWDW\VW\FHSROLF\MQHMGRSLHURZURNX

JG\ LFK SR]LRP OLF]ERZ\ QDJOH RVLĈJQĈã  SU]\SDGNyZ :F]H

ĤQLHMZEDGDQ\FKODWDFKSRMDZLDã\VLčVSRUDG\F]QLH²URF]QLH

:\NU\ZDOQRĤþW\FKSU]HVWčSVWZNV]WDãWRZDãDVLčQDSR]LRPLH

DMHĤOLE\ãDPQLHMV]DWRSU]\F]\QDFKQDSU]\NãDGSR]RVWD

ZDãQLHZ\NU\W\'\VNXV\MQHMHVWF]\WRÅW\ONRMHGHQµF]\ÅDİMHGHQµ

1LHPQLHMWHJRW\SXF]\QyZVWZLHUG]DQREDUG]RPDãR

7DEHOD:\NU\ZDOQRĤþSU]HVWčSVWZ]DUW8VWDZ\]GQLDSDĮ

G]LHUQLNDURSRELHUDQLXLSU]HV]F]HSLDQLXNRPyUHNWNDQHNLQD

U]ĈGyZLDUW8VWDZ\]GQLDOLSFDURSRELHUDQLXSU]HFKR

Z\ZDQLXLSU]HV]F]HSLDQLXNRPyUHNWNDQHNLQDU]ĈGyZ]SyĮQ]P^

/S 5RN 3U]HVWčSVWZD

VWZLHUG]RQH 3U]HVWčSVWZD

Z\NU\WH :\NU\ZDOQRĤþ Z

    

2    

3    

    

5    

   5 

  5  

  3 2 

    

    

    

    

 8VWDZD]GQLDOLSFDURNXRSRELHUDQLXSU]HFKRZ\ZDQLXLSU]HV]

F]HSLDQLXNRPyUHNWNDQHNLQDU]ĈGyZ]SyĮQ]P]RVWDãD]PLHQLRQD8VWDZĈ

]GQLDPDUFDURNXZ]DNUHVLHGRVWRVRZDQLDGRG\UHNW\Z8QLL(XURSHM

VNLHM3U]HSLV\NDUQHQLHXOHJã\]PLDQLH

/S 5RN 3U]HVWčSVWZD

VWZLHUG]RQH 3U]HVWčSVWZD

Z\NU\WH :\NU\ZDOQRĤþ Z

    

   55 

    

    

ĭUyGãR RSUDFRZDQLH ZãDVQH QD SRGVWDZLH GDQ\FK OLF]ERZ\FK >Z@ KWWS

ZZZVWDW\VW\NDSROLFMDSOVWZ\EUDQHVWDW\VW\NLZ\EUDQHXVWDZ\V]F]H

JROXVWDZDRSRELHUDQLXSU]8VWDZDRSRELHUDQLXSU]HFKRZ\ZDQLXL

SU]HV]F]HSLDQLXNRPRUHNWNDQHNLQDU]DGRZKWPO>@

:\NUHV:\NU\ZDOQRĤþSU]HVWčSVWZ]DUW8VWDZ\]GQLDSDĮ

G]LHUQLNDURSRELHUDQLXLSU]HV]F]HSLDQLXNRPyUHNWNDQHNLQDU]Ĉ

GyZ^LDUW8VWDZ\]GQLDOLSFDURSRELHUDQLXSU]HFKRZ\

ZDQLXLSU]HV]F]HSLDQLXNRPyUHNWNDQHNLQDU]ĈGyZ]SyĮQ]P^

 8VWDZDXFK\ORQD8VWDZĈ]GQLDOLSFDURSRELHUDQLXSU]HFKRZ\

ZDQLXLSU]HV]F]HSLDQLXNRPyUHNWNDQHNLQDU]ĈGyZDUW

 $UW.WRUR]SRZV]HFKQLDRJãRV]HQLHRRGSãDWQ\P]E\FLXQDE\FLXOXE

RSRĤUHGQLF]HQLXZRGSãDWQ\P]E\FLXOXEQDE\FLXNRPyUNLWNDQNLOXEQDU]ĈGX

SRGOHJDJU]\ZQLHRJUDQLF]HQLXZROQRĤFLDOERSR]EDZLHQLDZROQRĤFLGRURNX

ĭUyGãRRSUDFRZDQLHZãDVQHQDSRGVWDZLH7DEHOL

2G  URNX V\WXDFMD ]PLHQLãD VLč GRĤþ UDG\NDOQLH 3U]H

VWčSVWZD ] RPDZLDQHM 8VWDZ\ ZHV]ã\ QD SR]LRP NLONXG]LHVLčFLX

URF]QLH:\MĈWNRZRPDãRERW\ONR]DUHMHVWURZDQRZRVWDWQLP

EDGDQ\PURNX²5yZQRF]HĤQLH]H]ZLčNV]HQLHPVLčOLF]E\

SU]HVWčSVWZ]8VWDZ\]PDODãDLFKZ\NU\ZDOQRĤþ-HV]F]HZ

URNXRVLĈJQčãDDOHMXİQDVWčSQHODWDGDMĈW\ONRLNLO

NDSURFHQW7DEHOD:\NUHV

3RGVXPRZDQLH

$QDOL]D GDQ\FK OLF]ERZ\FK R SU]HVWčSVWZDFK VWZLHUG]RQ\FK

L Z\NU\W\FK KDQGOX OXGĮPL L WDN ]ZDQ\FK RNRãRSURVW\WXF\MQ\FK

LLFKG\QDPLNLSR]ZROLãDRVLĈJQĈþQDVWčSXMĈFHZQLRVNL



 ZDUWRĤFL OLF]ERZH GOD SU]HVWčSVWZ KDQGOX OXGĮPL L ]PX

V]DQLD GR SURVW\WXFML URF]QLH NV]WDãWXMĈ VLč QD SR]LRPLH

NLONXG]LHVLčFLXZ]DVDG]LHKDQGHOOXGĮPLQLHSU]HNUDF]D

D]PXV]DQLHGRSURVW\WXFML²URF]QLH



 SU]HVWčSVWZD VXWHQHUVWZD NXSOHUVWZD L VWUčF]\FLHOVWZD

RVLĈJDMĈSR]LRPNLONXVHWPDNV\PDOQLHGRURF]QLH



 OLF]EDSU]HVWčSVWZ]8VWDZ\GRW\F]ĈFHMSRELHUDQLDNRPy

UHNWNDQHNLQDU]ĈGyZZSLHUZV]HMSRãRZLHEDGDQHJRRNUH

VXRGGRE\ãDEDUG]RPDãDRGGRURF]QLH

DOHRGURNXZHV]ãDQDSR]LRPNLONXG]LHVLčFLXQDZHW

SRQDGZODWDFKL



 G\QDPLNDSU]HVWčSVWZKDQGOXOXGĮPL]PXV]DQLDGRSUR

VW\WXFML RUD] VXWHQHUVWZD NXSOHUVWZD L VWUčF]\FLHOVWZD

]DUyZQR VWZLHUG]RQ\FK MDN L Z\NU\W\FK SU]HELHJD VLQX

VRLGDOQLH D ZLčF SUDZLH NDİGHJR URNX ]PLHQLD NLHUXQHN

]GRGDWQLHJRQDXMHPQ\LSU]HFLZQLHZLHORNURWQLHWHİSU]H

NUDF]DMĈFOLQLč]HURZĈ



 G\QDPLNLSU]HVWčSVWZVWZLHUG]RQ\FKLZ\NU\W\FKKDQGOX

OXGĮPL ]PXV]DQLD GR SURVW\WXFML RUD] VXWHQHUVWZD NX

SOHUVWZD L VWUčF]\FLHOVWZD ELHJQĈ SUDZLH UyZQROHJOH QLH

ZLHOHRGGDODMĈFVLčRGVLHELH



 G\QDPLND URF]QD QDMZLčNV]Ĉ DPSOLWXGč Z\ND]XMH SU]\

SU]HVWčSVWZLH KDQGOX OXGĮPL GRFKRG]ĈF GR ZDUWRĤFL

ZLZ



 Z SU]\SDGNX SU]HVWčSVWZ ]PXV]DQLD GR SURVW\WXFML RUD]

RNRãRSURVW\WXF\MQ\FKDPSOLWXGDG\QDPLNLPLHĤFLVLčZ]D

NUHVLHRG²GR



 Z\NU\ZDOQRĤþSU]HVWčSVWZ]8VWDZ\RSRELHUDQLXLSU]HV]

F]HSLDQLXNRPyUHNWNDQHNLQDU]ĈGyZMHVWGXİDMHGQDN

RGURNXQLHRVLĈJDMXİMDNSU]HGVWDZLDãDVLč

ZSRSU]HGQLFKODWDFK²NU]\ZDPDWHİSU]H

ELHJVLQXVRLGDOQ\DOHMHVW]QDF]QLHVSãDV]F]RQDZRVWDW

QLFK ODWDFK RG  URNX SRND]XMĈF XWU]\P\ZDQLH VLč

Z\NU\ZDOQRĤFLQDSR]LRPLH²

:DUWRĤFLOLF]ERZHSRND]XMĈFHUR]PLDU\EDGDQ\FKSU]HVWčSVWZ

RUD] LFK G\QDPLND QLH SU]HELHJDMĈ OLQLRZR L WUXGQR RNUHĤOLþ LFK

Z\UDĮQĈWHQGHQFMč-HGQDNREOLF]HQLHG\QDPLNLEDGDQHJRRNUHVX

F]\OLGRZVND]XMHQDZ\UDĮQ\L]QDF]Q\VSDGHNEDGD

Q\FKSU]HVWčSVWZ

7DEHOD'\QDPLNDEDGDQHJRRNUHVX²SU]HVWčSVWZKDQ

GOX OXGĮPL ]PXV]DQLD GR SURVW\WXFML VWUčF]\FLHOVWZD NXSOHUVWZD VX

WHQHUVWZD L ] 8VWDZ\ R SRELHUDQLX SU]HFKRZ\ZDQLX L SU]HV]F]HSLDQLX

NRPyUHNWNDQHNLQDU]ĈGyZ

5RN +DQGHO

OXGĮPL

=PXV]DQLH SURVW\WXFMLGR

6WUčF]\FLHOVWZR

NXSOHUVWZR

VXWHQHUVWZR

3U]HVWčSVWZD ]8VWDZ\

    U

 25   

Dynamika

Z    

3UDFHEDGDZF]HQDG]MDZLVNLHPKDQGOXOXGĮPLVĈQLH]Z\NOH

WUXGQH:GRVWčSQ\FKVWDW\VW\NDFKLĮUyGãDFKQLHPD]E\WZLHOX

LQIRUPDFMLQDWHPDWRÀDUNWyU\PXGDãRVLčXFLHF]UĈNRSUDZFyZ

%UDNWDNİHVWDW\VW\NDNWyZVDPREyMF]\FKRVyEX]QDQ\FK]D]D

JLQLRQH OXE ]PXV]DQ\FK GR XSUDZLDQLD SURVW\WXFML MDNR Z\QLNX

KDQGOX OXGĮPL 3RQDGWR QD EUDNL Z GDQ\FK OLF]ERZ\FK ZSã\ZD

FLHPQDOLF]EDSU]HVWčSVWZF]\OLW\FKF]\QyZNWyUHQLJG\QLH]R

VWDã\]JãRV]RQHRUJDQRPĤFLJDQLDOXE]JãRV]RQHQLH]RVWDã\]DUHMH

VWURZDQH

3RPLPR VWDW\VW\F]QHJR VSDGNX SU]HVWčSVWZ KDQGOX OXGĮPL

LSU]HVWčSVWZ]QLP]ZLĈ]DQ\FKKDQGHOOXGĮPLQDGDOMHVWLJRG]L

ZSRGVWDZRZHSUDZDLZROQRĤFLF]ãRZLHND+DQGHOOXGĮPLVWDQR

ZL]DWHPRERMčWQLHQDMDNLPSR]LRPLHVWDW\VW\F]Q\PSRWHQFMDOQH

ĮUyGãR]DJURİHQLDGODEH]SLHF]HęVWZDVSRãHF]QHJR

%LEOLRJUDÀD

 %LHİXęVND0DãRZLVW,0DãRZLVW01LHZROQLFWZR:DUV]DZD

,6%1

2. )XGDOHM3=DJURİHQLHKDQGOHPOXGĮPLZNRQWHNĤFLHZVSyãSUDF\QD

OLQLL:VFKyG²=DFKyG'RĤZLDGF]HQLHDZ\]ZDQLDQDSU]\V]ãRĤþ>Z@

0LãHN 0 :LON-DNXERZVNL * %U]R]D 5 UHG :VFKyG L =DFKyG

ZZ\PLDU]HJOREDOQ\P'RĤZLDGF]HQLD]SU]HV]ãRĤFLDSHUVSHNW\Z\

QDSU]\V]ãRĤþ.LHOFH,6%1

3. )UĈF]HN=*UDQLFHZROQRĤFLZSURFHVDFKZ\FKRZDZF]\FK>Z@$0

GH 7FKRU]HZVNL UHG :ROQRĤþMDNRZDUWRĤþLSUREOHPHGXNDF\MQ\

%\GJRV]F],6%1

 *RãDV]HZVND01DWHPDWHQVSHUVH>Z@3DZOLFD-UHG$XWRNUH- DFMDF]ãRZLHND²PLčG]\ZROQRĤFLĈD]QLHZROHQLHP0DWHULDã\9,-D

JLHOORęVNLHJR6\PSR]MXP(W\F]QHJR.UDNyZ

5. .DUV]QLFNL.+DQGHONRELHWDPLZĤZLHWOHVSUDZNDUQ\FKÅ3URNXUD

WXUDLSUDZRµ,661

 âDEX]30DOLQRZVND,0LFKDOVNL06DIMDęVNL7+DQGHOOXGĮPL

3U]HVWU]Hę SUDZQRNDUQD L NU\PLQDOLVW\F]QRNU\PLQRORJLF]QD :DU

V]DZD,6%1

 1RZDN%:VSyãF]HVQ\KDQGHOOXGĮPLDQRZRİ\WQ\KDQGHOQLHZRO- QLNDPL>Z@/DVRFLN=UHG+DQGHOOXGĮPL=DSRELHJDQLHLĤFLJDQLH

:DUV]DZD,6%1

 8UEDQHN$0HMHU3%H]SLHF]HęVWZRVSRãHF]QH(ZROXFMDLQVW\WX- FMH]DJURİHQLD:DUV]DZD,6%1

 8UEDQHN $ :VSyãF]HVQ\ F]ãRZLHN Z SU]HVWU]HQL EH]SLHF]HęVWZD

6ãXSVN,6%1

 8UEDQHN$&]ãRZLHNMDNRSRGPLRWEH]SLHF]HęVWZD²PHWRGRORJLF]- QHSRGVWDZ\EDGDę>Z@$8UEDQHNUHG%H]SLHF]HęVWZROXGQRĤFL

ZRMHZyG]WZD SRGODVNLHJR 6WXGLXP ] ]DNUHVX EH]SLHF]HęVWZD ZH- ZQčWU]QHJR%LDã\VWRN,6%1

 :LWDV]HN = %H]SLHF]HęVWZR VSRãHF]QH >Z@ 8UEDQHN $ UHG :\- EUDQH SUREOHP\ EH]SLHF]HęVWZD G]LHG]LQ\ EH]SLHF]HęVWZD 6ãXSVN

,6%1

$NW\SUDZQH

1. .RQVW\WXFMD 5]HF]\SRVSROLWHM 3ROVNLHM ] GQLD  NZLHWQLD  U

']81USR]

2. 3URWRNyãR]DSRELHJDQLX]ZDOF]DQLXRUD]NDUDQLX]DKDQGHOOXGĮPL

ZV]F]HJyOQRĤFLNRELHWDPLLG]LHþPLX]XSHãQLDMĈF\.RQZHQFMč1DUR

GyZ=MHGQRF]RQ\FKSU]HFLZNRPLčG]\QDURGRZHMSU]HVWčSF]RĤFL]RU

JDQL]RZDQHM SU]\MčW\ SU]H] =JURPDG]HQLH 1DURGyZ =MHGQRF]RQ\FK

]GQLDOLVWRSDGDU']8]U1USR] 3. 8VWDZD]GQLDOLSFDURSRELHUDQLXSU]HFKRZ\ZDQLXLSU]HV]

F]HSLDQLXNRPyUHNWNDQHNLQDU]ĈGyZ']8]1USR]

4. 8VWDZD]GQLDSDĮG]LHUQLNDURSRELHUDQLXLSU]HV]F]HSLD

QLXNRPyUHNWNDQHNLQDU]ĈGyZ']8]1USR]

5. 8VWDZD]GQLDF]HUZFDU.RGHNV.DUQ\']8]1U

SR] 1HWRJUDÀD

1. KWWSVVMSSZQSOVORZQLNLZROQR&%&KWPO >GRVWčS

@

2. KWWSVRSRNDRUJSOELEOLRWHND336DUHRSDJBRUJDQ\KWPO

>GRVWčS@

3. +HUQDFND $ 0 5ROD &HQWUDOQHJR %LXUD ģOHGF]HJR 3ROLFML Z ZDOFH

]SU]HVWčSF]RĤFLĈ]RUJDQL]RZDQĈ=DU\VSUREOHPDW\NLIXQNFMRQRZD- QLD VãXİE\ V  KWWSGRLSU]HGXSOSOSGIHLQK >GRVWčS

@

4. 1RJDO+:LĤQLHZVND($QWRV(=DU\VKLVWRU\F]Q\G\QDPLNLUR]- ZRMX WUDQVSODQWRORJLL NOLQLF]QHM V  KWWSZZZSU]HJODGDPS

HGXSOXSORDGVBBBSGI>GRVWčS@

5. 0RVNDO0=DJURİHQLDGODEH]SLHF]HęVWZDZHZQčWU]QHJR]ZLĈ]DQH

] SU]HVWčSF]RĤFLĈ ]RUJDQL]RZDQĈ Z 3ROVFH QD SRF]ĈWNX ;;, ZLHNX

V  KWWSVGRFSOD\HUSO=DJUR]HQLDGODEH]SLHF]HQ

VWZDZHZQHWU]QHJR]ZLD]DQH]SU]HVWHSF]RVFLD]RUJDQL]RZDQDZ

SROVFHQDSRF]DWNX[[LZLHNXKWPO>GRVWčS@