You are on page 1of 9

5(&8(,/'()$7:$6'(6$9$176

&21&(51$17/$&(/(%5$7,21'(
/·$11,9(56$,5('83523+(7(28
0$:/,'$11$%$:Í

)$7:$'(6+$<.+,%1%Ç=
7UDGXLWHSDUOH&6&,/
5HYXHHWFRUULJpHSDU$E€/XTPkQ
5pYLVpHSDU$EX7DOKD

/RXDQJHj$OODKSDL[HWSULqUHVVXUVRQHQYR\pVXUVDIDPLOOHVHVFRPSDJQRQVHWFHX[TXLO·RQW
SULVFRPPHJXLGH

/DTXHVWLRQFRQFHUQDQWOHVWDWXWGHODFpOpEUDWLRQGHODQDLVVDQFHGX3URSKqWH 3DL[HW3ULqUHVVXU
OXL GHODYHLOOpHFHWWHQXLWOjGHVVDOXWVTXLOXLVRQWDGUHVVpVHWGHWRXWFHTXLSHXWVHIDLUHG·DXWUH
jFHWWHRFFDVLRQDGpMjpWpSRVpjSOXVLHXUVUHSULVHV

/DUpSRQVHHVWTX·LOQ·HVWSDVSHUPLVGHIrWHUODQDLVVDQFHGX3URSKqWH 3DL[HW3ULqUHVVXUOXL RX


GHWRXWHDXWUHSHUVRQQHFDUFHFLIDLWSDUWLHGHVLQQRYDWLRQVGDQVODUHOLJLRQ

(QHIIHWOH3URSKqWH 3DL[HW3ULqUHVVXUOXL QHO·DMDPDLVIDLWQLVHVFDOLIHVELHQJXLGpVQLDXFXQ


DXWUH FRPSDJQRQ TX·$OODK OHV DJUpH WRXV  QL FHX[ TXL OHV RQW FRQYHQDEOHPHQW VXLYL ORUV GHV
VLqFOHVPpULWRLUHVDORUVTXHFHVRQWHX[OHVPLHX[LQIRUPpVHQPDWLqUHGH 6XQQDK 'H SOXV LOV
VRQW OHV SOXV DWWDFKpV DX 3URSKqWH 3DL[ HW 3ULqUHV VXU OXL  HW j VD ORL TXH FHX[ TXL OHXU RQW
VXFFpGp

,OHVWUDSSRUWpDXWKHQWLTXHPHQWTXHOH3URSKqWH 3DL[HW3ULqUHVVXUOXL DGLW © 4XLFRQTXHDSSRUWH


GDQVQRWUHUHOLJLRQXQHLQQRYDWLRQTXLOXLHVWpWUDQJqUHVDSUDWLTXHHVWjUHMHWHU ª

'DQVXQDXWUHKDGLWKOH3URSKqWH 3DL[HW3ULqUHVVXUOXL DGLW  © 6XLYH]PD6XQQDKHWFHOOHGHVFDOLIHV


ELHQJXLGpVDSUqVPRL$FFURFKH]YRXV\HWPRUGH]\GHWRXWHYRVIRUFHV3UHQH]JDUGHDX[LQQRYDWLRQVFDUWRXWH
LQQRYDWLRQHVWXQpJDUHPHQWHWWRXWpJDUHPHQWHVWGDQVOHIHX ª

'DQV FHV GHX[ KDGLWKV LO \ D XQH PLVH HQ JDUGH VpYqUH FRQWUH OH IDLW G·rWUH j O·LQLWLDWLYH GHV
LQQRYDWLRQV

$OODK ² ORXp VRLW,O ²  D GLW GDQV 6RQ /LYUH H[SOLFLWH  © 3UHQH] FH TXH OH 0HVVDJHU YRXV
GRQQH TXDQWjFHTX·LOYRXVLQWHUGLWDEVWHQH]YRXVHQ ª 6Y

(WOH7RXW3XLVVDQWDGLW  © 4XHFHX[GRQFTXLV·RSSRVHjVRQFRPPDQGHPHQWSUHQQHQW
JDUGHTX·XQHpSUHXYHQHOHVDWWHLJQHRXTXHQHOHVDWWHLJQHXQFKkWLPHQWGRXORXUHX[ ª
6Y
,O GLW pJDOHPHQW  © (Q HIIHW YRXV DYH] GDQV OH 0HVVDJHU G·$OODK XQ H[FHOOHQW PRGqOH j
VXLYUH  SRXU TXLFRQTXH HVSqUH HQ $OODK HW DX -RXU GHUQLHU HW LQYRTXH $OODK
IUpTXHPPHQW ª 6Y

,OGLWDXVVL  © /HVWRXWSUHPLHUV FUR\DQWV SDUPLOHV(PLJUpVHWOHV$X[LOLDLUHVHWFHX[TXL


OHV RQW FRQYHQDEOHPHQW VXLYLV GDQV XQ EHDX FRPSRUWHPHQW $OODK OHV DJUpH HW LOV
O·DJUpHQW ,O D SUpSDUp SRXU HX[ GHV -DUGLQV VRXV OHVTXHOV FRXOHQW OHV UXLVVHDX[ HW LOV \
GHPHXUHURQWpWHUQHOOHPHQW9RLOjO·pQRUPHVXFFqV  ª 6Y

(W/H7UqV+DXWDGLW  © $XMRXUG·KXL-·DLSDUDFKHYpSRXUYRXVYRWUHUHOLJLRQHWDFFRPSOL
VXUYRXV0RQELHQIDLW(W-·DJUpHO·,VODPFRPPHUHOLJLRQSRXUYRXV ª 6Y

(WOHVYHUVHWVTXLYRQWGDQVFHVHQVVRQWQRPEUHX['·DXWUHSDUWOHIDLWG·LQQRYHUFHJHQUHGH
FpOpEUDWLRQSDUH[HPSOHUHYLHQGUDLWjGLUHTX·$OODK([DOWpVRLW,OQ·DSDVSDUDFKHYpODUHOLJLRQ
SRXUFHWWHFRPPXQDXWp&HODUHYLHQGUDLWDXVVLjGLUHTXHOH3URSKqWH 3DL[HW3ULqUHVVXUOXL Q·D
SDVWUDQVPLVjODFRPPXQDXWpFHTX·HOOHGHYDLWPHWWUHHQSUDWLTXHMXVTX·jFHTXHYLHQQHQWFHV
FRQWHPSRUDLQVHWTX·LOVLQQRYHQWGDQVODORLG·$OODKVDQV6DSHUPLVVLRQHQSUpWHQGDQWTXHFHOD
OHV UDSSURFKHUDLHQW GH /XL ,O Q·\ D SDV GH GRXWH TX·LO \ D HQ FHOD XQ GDQJHU pQRUPH HW XQH
RSSRVLWLRQ HQYHUV $OODK ORXp VRLW,O HW HQYHUV 6RQ 0HVVDJHU &HUWHV $OODK ([DOWp VRLW,O D
SDUDFKHYp6DUHOLJLRQSRXU6HVVHUYLWHXUVHWOHVDFRPEOpVGH6HVELHQIDLWV

/H3URSKqWH 3DL[HW3ULqUHVVXUOXL DWUDQVPLVFODLUHPHQWOHPHVVDJHHWLOQ·DSDVODLVVpGHFKHPLQ


TXLPqQHDX3DUDGLVHWTXLpORLJQHGHO·HQIHU VDQV O·LQGLTXHU j ODFRPPXQDXWpFRPPH FHOD HVW
PHQWLRQQpGDQVOHKDGLWKDXWKHQWLTXHVXLYDQW 

6HORQ ¶$EGDOODK LEQ ¶$PU TX·$OODK O·DJUpH  OH 3URSKqWH 3DL[ HW %pQpGLFWLRQ VXU OXL  D GLW  © ,O
LQFRPEHjFKDTXH3URSKqWHTX·$OODKHQYRLHG·LQGLTXHUjVDFRPPXQDXWpFHTX·LOVDLWOHXUrWUHOHSOXVEpQpILTXHHW
GHO·DYHUWLUGHFHTX·LOVDLWOHXUrWUHOHSOXVQpIDVWH ª 5DSSRUWpSDU0XVOLPGDQVVRQUHFXHLODXWKHQWLTXH

,OHVWELHQFRQQXTXHQRWUH3URSKqWH 3DL[HW3ULqUHVVXUOXL UHSUpVHQWHOHPHLOOHXUHWOHVFHDXGHV


3URSKqWHVHWLOHVWpJDOHPHQWFHOXLTXLDWUDQVPLVOHPHVVDJHGHODIDoRQODSOXVFRPSOqWHHWOD
SOXVFRQVFLHQFLHXVHTX·LOVRLW$LQVLGRQFVLFpOpEUHUOHVDQQLYHUVDLUHVIDLVDLWSDUWLHGHODUHOLJLRQ
TX·$OODK H[DOWp VRLW,O DJUpH OH 0HVVDJHU G·$OODK 3DL[ HW 3ULqUHV VXU OXL  O·DXUDLW LQGLTXp j OD
FRPPXQDXWpRXO·DXUDLWIDLWOXLPrPHYRLUHVHVFRPSDJQRQV TX·$OODKOHVDJUpH 

3XLVTXHULHQGHFHODQHV·HVWSURGXLWRQHQ GpGXLW TXH FHOD QH IDLW QXOOHPHQW SDUWLH GH O·,VODP
0DLVTXHF·HVWDXFRQWUDLUHXQHLQQRYDWLRQFRQWUHODTXHOOHOH3URSKqWH 3DL[HW3ULqUHVVXUOXL D
PLVHQJDUGHVDFRPPXQDXWpFRPPHFHODHVWPHQWLRQQpGDQVOHVGHX[KDGLWKVSUpFpGHQWV

'·DXWUHVWUDGLWLRQVYRQWGDQVFHVHQVWHOOHODSDUROHGX3URSKqWH 3DL[HW3ULqUHVVXUOXL GDQVVRQ


VHUPRQGXYHQGUHGL  © $VVXUpPHQWOHVPHLOOHXUHVSDUROHVVRQWFHOOHVG·$OODKOHPHLOOHXUGHVHQVHLJQHPHQWVHVW
FHOXLGX3URSKqWH0XKDPPDG/DSLUHGHVFKRVHVHVWO·LQQRYDWLRQHWWRXWpJDUHPHQWHVWHQHQIHU ª 5DSSRUWpSDU
O·LPDP0XVOLPGDQVVRQUHFXHLODXWKHQWLTXH 

/HVYHUVHWVHWOHVKDGLWKVUHODWLIVjFHVXMHWVRQWQRPEUHX[

8QHSDUWLHGHVVDYDQWVDFODLUHPHQWGpVDSSURXYpOHVIrWHVG·DQQLYHUVDLUHHWPLVHQJDUGHFRQWUH
FHODFRQIRUPpPHQWDXJHQUHGHSUHXYHVFLWpHVSOXVKDXW&HSHQGDQWFHUWDLQVFRQWHPSRUDLQVOHV
RQW FRQWUHGLWV HW RQW DXWRULVp FHV IrWHV VL HOOHV QH FRPSRUWHQW ULHQ GH EOkPDEOH WHO TXH
O·H[DJpUDWLRQ DX VXMHW GX 0HVVDJHU G·$OODK 3DL[ HW 3ULqUHV VXU OXL  OD PL[LWp O·XWLOLVDWLRQ
G·LQVWUXPHQWV GH PXVLTXH RX GH WRXW DXWUH FKRVH TXH Q·DSSURXYH SDV OD ORL LVODPLTXH SXULILpH
3DUFHTXHFHVIrWHVVRQWSRXUHX[GHERQQHVLQQRYDWLRQV

1pDQPRLQVG·DSUqVODUqJOHUHOLJLHXVHWRXWGLIIpUHQGGRLWrWUHH[SRVpjODOXPLqUHGXOLYUHG·$OODK
HW GH OD 6XQQDK GH VRQ 0HVVDJHU 0XKDPPDG 3DL[ HW  3ULqUHV VXU OXL  FRPPH $OODK OH 7RXW
3XLVVDQW O·D GLW  © 2 OHV FUR\DQWV  2EpLVVH] j $OODK HW REpLVVH] DX 0HVVDJHU HW j FHX[
G·HQWUHYRXVTXLGpWLHQQHQWOHFRPPDQGHPHQW3XLVVLYRXVYRXVGLVSXWH]HQTXRLTXH
FHVRLWUHQYR\H]OHj$OODKHWDX0HVVDJHUVLYRXVFUR\H]HQ$OODKHWDXMRXUGHUQLHU&H
VHUDELHQPLHX[HWGHPHLOOHXUHLQWHUSUpWDWLRQ HWDERXWLVVHPHQW ª 6Y

(WOH7UqV+DXWDGLW © 6XUWRXWHVYRVGLYHUJHQFHVOHMXJHPHQWDSSDUWLHQWj$OODK ª 6


Y

1RXV DYRQV FRQIURQWp FHWWH TXHVWLRQ GH OD FpOpEUDWLRQ GH OD QDLVVDQFH GX 3URSKqWH DX OLYUH
G·$OODKJORULILpVRLW,OHWQRXV\DYRQVWURXYpTX·,OQRXVRUGRQQHGHVXLYUHOH0HVVDJHU 3DL[HW
3ULqUHVVXUOXL GDQVFHTXLOXLDpWpUpYpOpHWTX·,OQRXVPHWHQJDUGHFRQWUHFHTX·LODLQWHUGLW
$OODKQRXVLQIRUPHpJDOHPHQWTX·,ODSDUDFKHYp6DUHOLJLRQSRXUFHWWHFRPPXQDXWp

/DFpOpEUDWLRQGHVDQQLYHUVDLUHVQHIDLWSDVSDUWLHGHVHQVHLJQHPHQWVGX3URSKqWH 3DL[HW3ULqUHV
VXUOXL HOOHQHIDLWGRQFSDVSDUWLHGHODUHOLJLRQTX·$OODKDFRPSOpWpHSRXUQRXVHWGDQVODTXHOOH
,OQRXVRUGRQQHGHVXLYUHOH0HVVDJHU

1RXV DYRQV pJDOHPHQW H[SRVp FHWWH TXHVWLRQ j OD 6XQQDK GX 0HVVDJHU G·$OODK 3DL[ HW 3ULqUHV
VXUOXL HWLOQ·\HVWQXOOHPHQWPHQWLRQQpTXHOH3URSKqWH 3DL[HW3ULqUHVVXUOXL DFpOpEUpVRQ
DQQLYHUVDLUHQLTX·LOO·DRUGRQQpQLTXHVHVFRPSDJQRQV TX·$OODKOHVDJUpH O·RQWIDLW2QSHXW
GRQFHQFRQFOXUHTXHFHODQHIDLWSDVSDUWLHGHODUHOLJLRQHWTXHF·HVWDXFRQWUDLUHXQHLQQRYDWLRQ
XQHLPLWDWLRQGHVJHQVGX/LYUH OHVMXLIVHWOHVFKUpWLHQV GDQVOHXUVIrWHV

,OHVWGRQFpYLGHQWSRXUFHOXLTXLSRVVqGHXQPLQLPXPGHFODLUYR\DQFHTXLGpVLUHODYpULWpHWTXL
HVWKRQQrWHDYHFOXLPrPHTXHODFpOpEUDWLRQGHVDQQLYHUVDLUHVQHIDLWSDVSDUWLHGHO·,VODPPDLV
TX·HOOHHVWXQHLQQRYDWLRQFRQWUHODTXHOOH$OODKJORULILpVRLW,OHWVRQ0HVVDJHU 3DL[HW3ULqUHVVXU
OXL RQWPLVHQJDUGH

,OQHFRQYLHQWSDVjODSHUVRQQHVHQVpHGHVHODLVVHUWURPSHUSDUOHIDLWTX·XQHJUDQGHPDMRULWpGH
JHQVHWFHGDQVGHQRPEUHX[SD\VFpOqEUHQWOHVDQQLYHUVDLUHV&DUODYpULWpQHVHUHFRQQDvWSDV
DXYXGXJUDQGQRPEUHPDLVSDUOHVSUHXYHVUHOLJLHXVHVTXLVRQWDSSRUWpHVFRPPHOHGLWOH7UqV
+DXWjSURSRVGHVMXLIVHWGHVFKUpWLHQV © (WLOVRQWGLW © 1XOQ·HQWUHUDDX3DUDGLVTXH-XLIV
RX &KUpWLHQV ª 9RLOj OHXUV FKLPqUHV 'LV  © 'RQQH] YRWUH SUHXYH VL YRXV rWHV
YpULGLTXHV ª ª 6Y

(W,OGLWDXVVL © (WVLWXREpLVjODPDMRULWpGHFHX[TXLVRQWVXUODWHUUHLOVW·pJDUHURQWGX


VHQWLHUG·$OODK ª 6Y

'·DXWUHSDUWFHVIrWHV G·DQQLYHUVDLUH HQ SOXV GX IDLW TX·HOOHV VRQW GHV LQQRYDWLRQV FRPSRUWHQW
G·DXWUHV DFWHV WRXW DXVVL EOkPDEOHV FRPPH  OD PL[LWp OHV FKDQWV O·XWLOLVDWLRQ G·LQVWUXPHQWV GH
PXVLTXHODFRQVRPPDWLRQG·DOFRROHWGHGURJXHVRXGHWRXWDXWUHVPpIDLWV

,OVHSHXWpJDOHPHQWTXHFHVIrWHVFRPSRUWHQWXQPDOELHQSOXVJUDYHjVDYRLUO·DVVRFLDWLRQQLVPH
PDMHXU
$LQVLHVWFRQVLGpUpFRPPHGHODJUDQGHDVVRFLDWLRQOHIDLWGHVXUHQFKpULUjSURSRVGX3URSKqWH
RXG·DXWUHVVDLQWVHQOHVLQYRTXDQWHQLPSORUDQWOHXUVHFRXUVHWOHXUDLGHHQFUR\DQWTX·LOVRQW
DFFqVjODVFLHQFHGHO·LQFRQQXHWWRXVFHVDFWHVGHPpFUpDQFHTXHEHDXFRXSGHJHQVFRPPHWWHQW
ORUVTX·LOVFpOqEUHQWODQDLVVDQFHGX3URSKqWH 3DL[HW3ULqUHVVXUOXL RXGHWRXWDXWUHSHUVRQQH
TX·LOVFRQVLGqUHQWFRPPHVDLQWV

2U LO HVW DXWKHQWLTXHPHQW UDSSRUWp TXH OH 0HVVDJHU G·$OODK 3DL[ HW  3ULqUHV VXU OXL  D GLW 
© 3UHQH]JDUGHjO·H[DJpUDWLRQGDQVODUHOLJLRQFDUOHVJHQVRQWDXWUHIRLVSpULjFDXVHGHFHOD ª(WLO 3DL[HW
3ULqUHVVXUOXL DGLWDXVVL © 1HPHPHFRXYUH]SDVH[DJpUpPHQWG·pORJHVFRPPHO·RQWIDLW
OHVFKUpWLHQVDYHFOHILOVGH0DU\DP&DUMHQHVXLVTX·XQHVFODYH'LWHV O·HVFODYHG·$OODK
HW VRQ 0HVVDJHU ª 5DSSRUWp SDU %RXNKDUL GDQV VRQ UHFXHLO DXWKHQWLTXH G·DSUqV OH KDGLWK GH
¶8PDU TX·$OODKO·DJUpH

0DLV FRPELHQ LO HVW pWRQQDQW TXH OD JUDQGH PDMRULWp GHV JHQV V·HIIRUFHQW GH SDUWLFLSHU j FHV
FpOpEUDWLRQVLQQRYpHVHWGHSUHQGUHOHXUGpIHQVHDORUVTX·LOVQHVHVRXFLHQWSDVGHPDQTXHUXQ
VHUPRQ GX YHQGUHGL RX OHV SULqUHV HQ JURXSH TXL VRQW GHV FRPPDQGHPHQWV G·$OODK 6DQV
FRQVLGpUHU TX·LOV FRPPHWWHQW XQ JUDYH SpFKp &HFL SURYLHQW G·XQH IRL IDLEOH G·XQ PDQTXH GH
FODLUYR\DQFHHWGHODPXOWLWXGHGHSpFKpVTXLREVFXUFLWOHVF±XUV1RXVGHPDQGRQVj$OODKGH
QRXVpSDUJQHUDLQVLTXHOHUHVWHGHVPXVXOPDQV

,OHVWpJDOHPHQWjGpSORUHUTXHFHUWDLQHVSHUVRQQHVSHQVHQWTXHOH0HVVDJHU 3DL[HW3ULqUHVVXU
OXL DVVLVWHjFHVFpOpEUDWLRQVHWGHFHIDLWOXLUpVHUYHQWXQDFFXHLOGHVSOXVFKDOHXUHX[

2UFHFLHVWXQPHQVRQJHHWUHOqYHG·XQHWRWDOHLJQRUDQFH

(Q HIIHW OH 3URSKqWH 3DL[ HW  3ULqUHV VXU OXL  QH SHXW VRUWLU GH VD WRPEH DYDQW OH -RXU GH OD
5pVXUUHFWLRQ,OQHSHXWFRPPXQLTXHUDYHFTXLFRQTXHHWQHSHXWDVVLVWHUjOHXUVUDVVHPEOHPHQWV
$XFRQWUDLUHLO 3DL[HW3ULqUHVVXUOXL GHPHXUHUDGDQVVDWRPEHMXVTX·DX-RXUGX-XJHPHQWHW
VRQkPHHVWDXSOXVKDXWFKH]VRQ6HLJQHXUGDQVODGHPHXUHGHODGLJQLWpFRPPH$OODKOH7UqV
+DXWOHGLW © (W SXLV DSUqV FHOD YRXV PRXUUH] (W SXLV DX -RXU GH OD 5pVXUUHFWLRQ YRXV
VHUH]UHVVXVFLWpV ª 6YHW

(W OH 3URSKqWH  3DL[ HW 3ULqUH VXU OXL  D GLW  © -H VHUDL OH SUHPLHU GRQW OD WRPEH VH IHQGUD OH -RXU GX
-XJHPHQWHWMHVHUDLOHSUHPLHULQWHUFHVVHXUHWOHSUHPLHUGRQWO·LQWHUFHVVLRQVHUDDFFRUGpH ª 6XUOXLOHVPHLOOHXUHV
VDOXWDWLRQVHWSULqUHVGHODSDUWGHVRQ6HLJQHXU

&HVDLQWYHUVHWHWFHQREOHKDGLWKPDLVDXVVLWRXVOHVDXWUHVYHUVHWVHWKDGLWKVTXLYRQWGDQVFH
VHQVDSSRUWHQWODSUHXYHTXHOH3URSKqWH 3DL[HW3ULqUHVVXUOXL HWOHV PRUWV QH VRUWLURQW GH
OHXUV WRPEHV TXH OH -RXU GH OD 5pVXUUHFWLRQ HW SDV DYDQW &HFL HVW SDUWDJp SDU O·HQVHPEOH GHV
VDYDQWVPXVXOPDQVVDQVDXFXQHGLYHUJHQFH

,OFRQYLHQWGRQFjFKDTXHPXVXOPDQG·rWUHYLJLODQWFRQFHUQDQWFHJHQUHGHTXHVWLRQVHWG·rWUH
PpILDQWjO·pJDUGGHVLQQRYDWLRQVHWGXFKDUODWDQLVPHTXLVRQWOHIDLWGHVLJQRUDQWVHWDVVLPLOpV

$XSUqVG·$OODKQRXVUHFKHUFKRQVO·DLGHHWF·HVWHQ/XLTXHO·RQGRLWDYRLUFRQILDQFH,OQ·\DGH
SXLVVDQFHQLGHIRUFHTX·HQ/XL

4XDQWjODSULqUHHWOHVDOXWVXUOH0HVVDJHUG·$OODK 3DL[HW3ULqUHVVXUOXL FHODIDLWSDUWLHGHV


PHLOOHXUVDFWHVTXLQRXVUDSSURFKHQWG·$OODKHWGHVERQQHV±XYUHVFRPPHOHUDSSHOOHOH7UqV
+DXW © &HUWHV$OODKHW6HV$QJHVSULHQWVXUOH3URSKqWH {YRXVTXLFUR\H]SULH]VXUOXL
HWDGUHVVH] OXL YRVVDOXWDWLRQV ª 6Y

/H3URSKqWH 3DL[HW3ULqUHVVXUOXL DGLW © &HOXLTXLSULHVXUPRLXQHIRLV$OODKSULHVXUOXLGL[IRLV ª


&HWWHSULqUHHVWORXDEOHjWRXWHKHXUH(OOHHVWUHFRPPDQGpHjODILQGHFKDTXHSULqUHHWPrPH
REOLJDWRLUH ORUV GX GHUQLHU 7DVKDKKXG &·HVW DXVVL XQH 6XQQDK IRUWHPHQW UHFRPPDQGpH GDQV GH
QRPEUHXVHV VLWXDWLRQV  DSUqV O·$GKkQ DSUqV O·pYRFDWLRQ GX QRP GX 3URSKqWH OH MRXU GX
YHQGUHGLHWODYHLOOHGXYHQGUHGLFRPPHOHPRQWUHQWPDLQWVKDGLWKV

4X·$OODK QRXV IDFLOLWHDLQVL TX·j WRXV OHV PXVXOPDQV OD FRPSUpKHQVLRQ GH 6D UHOLJLRQ HW QRXV
SHUPHWWHG·\rWUHDVVLGX4X·,OQRXVDFFRUGHjWRXVODIDYHXUG·DGKpUHUjOD6XQQDKHWGHSUHQGUH
JDUGH DX[ LQQRYDWLRQV $OODK HVW H[WUrPHPHQW JpQpUHX[ HW 0LVpULFRUGLHX[ 4XH OD SDL[ HW OHV
SULqUHVG·$OODKVRLHQWVXUQRWUH3URSKqWH0XKDPPDGOHVVLHQVHWVXUVHVFRPSDJQRQV

 &KHLNK,EQ%k]0DGMP€·$O)DWkZk YROSS
$875()$7:$'(6+$<.+,%1%Ç=
7UDGXLWHSDU$EX7DOKD

4XHVWLRQ  (VWLO SHUPLV DX[ PXVXOPDQV G·RUJDQLVHU XQ IrWH GDQV OD PRVTXpH DILQ GH VH
UDSSHOHU GH OD ELRJUDSKLH SURSKpWLTXH OD QXLW GX  5DEL· (O $ZZDO j O·RFFDVLRQ GH OD QREOH
QDLVVDQFHGX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL VDQVSRXUDXWDQWUHQGUHIpULpHVD
MRXUQpHFRPPHORUVGX $wG "(WQRXVDYRQVGLYHUJpjFHVXMHW&HUWDLQVG·HQWUHQRXVRQWGLW F·HVW
XQHERQQHLQQRYDWLRQ'·DXWUHVRQWGLW F·HVWXQHPDXYDLVHLQQRYDWLRQ

5pSRQVH GX6KD\NK,EQ%k]
/HVPXVXOPDQVQ·RQWSDVjRUJDQLVHUXQHIrWHjO·RFFDVLRQGHO·DQQLYHUVDLUHGX3URSKqWH 3DL[HW
%pQpGLFWLRQVG·$OODKVXUOXL TXHFHVRLWODQXLWGX5DEv·$O$ZZDO RXXQHDXWUHQXLW
'H OD PrPH IDoRQ LOV Q·RQW SDV j IrWHU O·DQQLYHUVDLUH GH WRXWH DXWUH SHUVRQQH SDUFH TXH OD
FpOpEUDWLRQGHVDQQLYHUVDLUHVIDLWSDUWLHGHVLQQRYDWLRQVLQYHQWpHVGDQVODUHOLJLRQ0DLVDXVVLHQ
UDLVRQ GX IDLW TXH OH 3URSKqWH 3DL[ HW %pQpGLFWLRQV G·$OODK VXU OXL  Q·D MDPDLV FpOpEUp VRQ
DQQLYHUVDLUH GXUDQW VD YLH  DORUV TX·LO HVW OH WUDQVPHWWHXU GH OD UHOLJLRQ HW OH OpJLVODWHXU GHV ORLV
LVVXHVGHVRQ6HLJQHXU([DOWpVRLW,O2ULOQ·\DDXFXQRUGUHjFHVXMHW
'HPrPHDXFXQGHVHVFDOLIHVELHQJXLGpVQHO·DIDLWQLDXFXQFRPSDJQRQQLDXFXQGHFHX[TXL
OHVRQWVXLYLV 7kEL·LQ DYHFSHUIHFWLRQSDUPLOHVJpQpUDWLRQVSUpIpUpHVG·$OODK1RXVHQGpGXLVRQV
GRQF TXH F·HVW XQH LQQRYDWLRQ 2U OH 3URSKqWH 3DL[ HW %pQpGLFWLRQV G·$OODK VXU OXL  D GLW 
© 4XLFRQTXHLQQRYHGDQVQRWUHDIIDLUH ODUHOLJLRQ XQHFKRVHTXLQ·HQIDLWSDVSDUWLHFHWWHFKRVHVHUDUHMHWpH ª (W
GDQV OD YHUVLRQ GH 0XVOLP TXH %XNKkUv D FLWp VDQV FKDvQH GH WUDQVPLVVLRQ 0X·DOODT  PDLV GH
IDoRQFDWpJRULTXH 'Mk]LPDQHELKL © 4XLFRQTXHFRPPHWXQDFWHSRXUOHTXHOXQRUGUHGHQRWUHSDUWQ·DSDV
pWpGRQQpYHUUDVRQDFWHUHMHWp ª

(QRXWUHODFpOpEUDWLRQGHVDQQLYHUVDLUHVHVWXQDFWHSRXUOHTXHODXFXQRUGUHQ·DpWpGRQQpGHOD
SDUWGX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL &HODIDLWSOXW{WSDUWLHGHFHTXHOHVJHQV
RQW LQYHQWp GDQV VD UHOLJLRQ GXUDQW OHV VLqFOHV GHUQLHUV &·HVW GRQF XQH FKRVH j UHMHWHU (W OH
3URSKqWH 3DL[ HW %pQpGLFWLRQV G·$OODK VXU OXL  DYDLW O·KDELWXGH GH GLUH GXUDQW OH SUrFKH GX
9HQGUHGL  © (Q RXWUH  OD PHLOOHXUH GHV SDUROHV HVW OH OLYUH G·$OODK HW OD PHLOOHXUH GHV YRLHV HVW OD YRLH GH
0XKDPPDG 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL HWOHVSLUHVFKRVHVVRQWFHOOHVQRXYHOOHPHQWLQYHQWpHVHWWRXWH
LQQRYDWLRQ HVW XQ pJDUHPHQW ª $Q1DVVk
v D UDMRXWp VHORQ XQH FKDvQH GH WUDQVPLVVLRQ MXJpH ERQQH
'MD\LG © (WWRXWpJDUHPHQWHVWGDQVOH)HX ª

'·DLOOHXUVRQSHXWVHSDVVHUGHODFpOpEUDWLRQGHO·DQQLYHUVDLUHGX3URSKqWH 3DL[HW%pQpGLFWLRQV
G·$OODKVXUOXL HQHQVHLJQDQWOHVUpFLWVGHVDQDLVVDQFHORUVGHVFRXUVFRQFHUQDQWVDELRJUDSKLH
3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL 2QSHXWDXVVLHQVHLJQHUO·KLVWRLUHGHVDYLHGXUDQWODSpULRGH
DQWpLVODPLTXH 'MkKLOL\DK HWLVODPLTXHGDQVOHVpFROHVOHVPRVTXpHVHWDXWUHVVDQVDYRLUEHVRLQ
G·LQYHQWHUXQHFpOpEUDWLRQTXHQL$OODKQL6RQ3URSKqWHQ·RQWLQVWLWXpHHWjSURSRVGHODTXHOOH
DXFXQHSUHXYHUHOLJLHXVHQ·H[LVWH«HWF·HVWG·$OODKTXHQRXVGHPDQGRQVO·DLGH

 5DSSRUWpSDU%XNKkUv&KDSLWUH(V6XOKQƒHW0XVOLP&KDSLWUH(O(TG\DK Qƒ
 5DSSRUWpSDU%XNKkULDYHFXQHFKDvQHGHWUDQVPLVVLRQFRXSpHjODEDVH 0X·DOODT  &KDSLWUHV(O%X\€·HW (O,·WLVVkP
5DSSRUWpDXVVLSDU0XVOLPDYHFODFKDvQHGHWUDQVPLVVLRQLQWpJUDOH&KDSLWUH(O(TG\DK Qƒ
 5DSSRUWpSDU0XVOLP&KDSLWUH(O'MXPX·DKQƒ
 5DSSRUWpSDU$Q1DVVk·v&KDSLWUH(O¶,GD\QYQƒ
1RXVLQYRTXRQV$OODKSRXUTX·,OJXLGHWRXVOHVPXVXOPDQVOHVDLGHjVHOLPLWHUjOD6XQQDKKHWj
IDLUHDWWHQWLRQDX[LQQRYDWLRQV

 &KHLNK,EQ%k].LWkEXW7DKGKvUPLQHOELGD·SS
)$7:$'(6+$<.+,%1¶87+$<0Í1

7UDGXLWHSDU$EX7DOKD

4XHVWLRQ  4X·HQHVWLOGHODFpOpEUDWLRQGHODQDLVVDQFHGX3URSKqWH "


5pSRQVH GH6KD\NK$O¶8WKD\PvQ
3UHPLqUHPHQW  ODQXLWGHODQDLVVDQFHGX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL Q·HVWSDV
FRQQXH GH IDoRQ FHUWDLQH '·DLOOHXUV FHUWDLQV FKHUFKHXUV FRQWHPSRUDLQV HQ VRQW DUULYpV j OD
FRQFOXVLRQTX·LOV·DJLVVDLWGHODQXLWGX5DEv·$O$ZZDO HWQRQGX$LQVLFpOpEUHUODQDLVVDQFH
GX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL ODQXLWGXQ·DSDVGHVRXUFHGXSRLQWGHYXH
KLVWRULTXH

'HX[LqPHPHQW  GXSRLQWGHYXHUHOLJLHX[FHWWHFpOpEUDWLRQQ·DSRLQWGHVRXUFHQRQSOXVFDUVL
FHODIDLVDLWSDUWLHGHODORLGLYLQHOH3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL O·DXUDLWIDLWRX
O·DXUDLWHQVHLJQpjVDFRPPXQDXWp(WVLHIIHFWLYHPHQWLOO·DYDLWIDLWRXHQVHLJQpFHWWHLQIRUPDWLRQ
DXUDLW QpFHVVDLUHPHQW pWp FRQVHUYpH FDU $OODK OH 7UqV +DXW GLW  © (Q YpULWp F
HVW 1RXV TXL
DYRQV IDLW GHVFHQGUH OH &RUDQ HW F
HVW 1RXV TXL HQ VRPPHV JDUGLHQ ª (W pWDQW GRQQp
TXHULHQGHWRXWFHODQ·HVWDUULYpQRXVHQGpGXLVRQVGRQFTXHFHODQHIDLWSDVSDUWLHGHODUHOLJLRQ
G·$OODK
3DUWDQWGHFHODLOQ·HVWSDVSHUPLVG·DGRUHU$OODK([DOWpVRLW,ORXGHVHUDSSURFKHUGH/XLSDUFH
PR\HQ(WVDFKDQWTX·$OODKOH7UqV+DXWDPLVHQSODFHSRXUQRXVXQHYRLHSDUWLFXOLqUHTXLHVWFH
DYHFTXRLOH3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL HVWYHQXSRXUO·DWWHLQGUHFRPPHQW
SRXYRQVQRXVQRXVSHUPHWWUHDORUVTXHQRXVQHVRPPHVTXHGHVVHUYLWHXUV>G·$OODK@GHPHWWUH
HQSODFHSDUQRXVPrPHXQHYRLHQRXVSHUPHWWDQWGHO·DWWHLQGUH "2UF·HVWXQFULPHjO·pJDUGGX
GURLWG·$OODK([DOWpVRLW,OTXHGHOpJLIpUHUGDQVVDUHOLJLRQFHTXLQ·HQIDLWSDVSDUWLH
'H PrPH FHOD LPSOLTXH TXH O·RQ WUDLWH GH PHQVRQJH OD SDUROH G·$OODK([DOWp VRLW,O
© $XMRXUG
KXL -
DL SDUDFKHYp SRXU YRXV YRWUH UHOLJLRQ HW DFFRPSOL VXU YRXV 0RQ
ELHQIDLW ª

1RXV GLVRQV GRQF  VL FHWWH FpOpEUDWLRQ IDLW SDUWLH GX SDUDFKqYHPHQW GH OD UHOLJLRQ LO HVW
QpFHVVDLUHTX·HOOHH[LVWkWDYDQWODPRUWGX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL 6LHOOH
Q·HQ IDLW SDV SDUWLH HOOH QH SHXW GRQF IDLUH SDUWLH GH OD UHOLJLRQ FDU $OODK OH 7UqV +DXW GLW 
© $XMRXUG·KXL M·DL SDUDFKHYp SRXU YRXV YRWUH UHOLJLRQ ª (W TXLFRQTXH SUpWHQG TXH FHWWH
FpOpEUDWLRQIDLWSDUWLHGXSDUDFKqYHPHQWGHODUHOLJLRQHW TX·HOOH HVW DSSDUXH DSUqV OH 3URSKqWH
3DL[ HW %pQpGLFWLRQV G·$OODK VXU OXL  DIILUPH SDU Oj TXH OH QREOH YHUVHW SUpFpGHQW HVW XQ
PHQVRQJH
(Q RXWUH LO Q·\ D DXFXQ GRXWH TXH FHX[ TXL FpOqEUHQW OD QDLVVDQFH GX 3URSKqWH 3DL[ HW
%pQpGLFWLRQV G·$OODK VXU OXL  RQW SRXU LQWHQWLRQ G·KRQRUHU OH 3URSKqWH 3DL[ HW %pQpGLFWLRQV
G·$OODKVXUOXL GHPDQLIHVWHUOHXUDPRXUSRXUOXLGHUDYLYHUOHVVHQWLPHQWVjVRQpJDUGORUVGH
FHVIHVWLYLWpV«HWWRXWFHFLIDLWSDUWLHGHVDGRUDWLRQV&DUO·DPRXUGX3URSKqWHHVWXQHDGRUDWLRQ
DX SRLQW R OD IRL G·XQH SHUVRQQH Q·DWWHLQW VD SHUIHFWLRQ TXH ORUVTXH OH 3URSKqWH 3DL[ HW
%pQpGLFWLRQVG·$OODKVXUOXL GHYLHQWSOXVFKHUjVHV\HX[TXHVDSURSUHkPHVHVHQIDQWVVRQSqUH
HWWRXWHO·KXPDQLWp'HPrPHODYpQpUDWLRQGX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL HVW
XQH DGRUDWLRQ (W WRXV OHV VHQWLPHQWV j VRQ pJDUG IRQW DXVVL SDUWLH GH OD UHOLJLRQ FDU FHX[FL
LQFLWHQW OD SHUVRQQH j PHWWUH HQ SUDWLTXH OD OpJLVODWLRQ SURSKpWLTXH $LQVL OD FpOpEUDWLRQ GH OD

 $O+LMUY
 /D7DEOH6HUYLHY
QDLVVDQFH GX 3URSKqWH 3DL[ HW %pQpGLFWLRQV G·$OODK VXU OXL  IDLW SDUWLH GHV SOXV pPLQHQWV
UDSSURFKHPHQWV G·$OODK HW OD YpQpUDWLRQ GX 3URSKqWH 3DL[ HW %pQpGLFWLRQV G·$OODK VXU OXL  HVW
XQH DGRUDWLRQ 0DLV DORUV VDFKDQW TXH F·HVW XQH DGRUDWLRQ LO Q·HVW GRQF DXFXQHPHQW SHUPLV
G·LQYHQWHU GDQV OD UHOLJLRQ FH TXL Q·HQ IDLW SDV SDUWLH $LQVL OD FpOpEUDWLRQ GH OD QDLVVDQFH GX
3URSKqWHHVWXQHLQQRYDWLRQTXLHVWGRQFLQWHUGLWH

(QRXWUHQRXVDYRQVRXwGLUHTXHVHSURGXLVDLHQWGDQVFHVFpOpEUDWLRQVGHJUDQGHVWUDQVJUHVVLRQV
TXH QL OD ORL GLYLQH QL O·LQVWLQFW HW OD UDLVRQ KXPDLQH QH WROqUHQW $LQVL OHV JHQV FKDQWHQW GHV
SRqPHVFRPSRUWDQWGHO·H[DJpUDWLRQDXVXMHWGX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL 
DX SRLQW GH OH UHQGUH SOXV JUDQG HQFRUH TX·$OODK OXLPrPH TX·$OODK QRXV HQ SURWqJH  1RXV
DYRQVDXVVLHQWHQGXSDUOpGHODVRWWLVHGHFHUWDLQVG·HQWUHHX[TXLORUVTXHOHFRQWHXUQDUUHODYLH
GX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODKVXUOXL SXLVDWWHLQWODSKUDVH© OH3URSKqWHHVWQp ªVH
OqYHQWWRXVFRPPHXQVHXOKRPPHHQGLVDQW © /·kPHGX3URSKqWH 3DL[HW%pQpGLFWLRQVG·$OODK
VXUOXL HVWSUpVHQWHQRXVQRXVOHYRQVGRQFSDUGpIpUHQFHSRXUHOOH ª0DLVFHFLQ·HVWTXHVRWWLVH
2XWUH FHOD LO QH IDLW SDV SDUWLH GHV ERQQHV P±XUV GH VH OHYHU FDU OH 3URSKqWH 3DL[ HW
%pQpGLFWLRQVG·$OODKVXUOXL GpWHVWDLWTXHO·RQVHOqYHSRXUOXL$LQVLVHV&RPSDJQRQVTXLVRQW
OHVrWUHVTXLO·DLPHQWOHSOXVHWOHYpQqUHQWELHQSOXVTXHQRXVHQFRUHQHVHOHYDLHQWSDVSRXUOXL
FDULOVVDYDLHQWTX·LOGpWHVWDLWFHODGHVRQYLYDQW«TXHGLUHGRQFGHFHVGLYDJDWLRQV "

 &KHLNK,EQ¶8WKD\PvQ0DGMDOODWXO0XGMkKLG Qƒ

You might also like