You are on page 1of 16

&KDSWHU

/RRNLQJDWULJKWV

7KHVHGD\VLWLVXVXDOO\QRWORQJEHIRUHDSUREOHPLVH[SUHVVHGDVDKXPDQULJKWVLVVXH7KLV
ERRNORRNVDWZKHUHWKHFRQFHSWRIKXPDQULJKWVFDPHIURPDQGKRZWKHKXPDQULJKWV
PRYHPHQWKDVGHYHORSHGDVHWRIREOLJDWLRQVWKDWDSSO\ZRUOGZLGH:HZLOOFRQVLGHUWKH
WUDMHFWRU\RIWKHLGHDRIKXPDQULJKWVDQGWKHUROHWKDWKXPDQULJKWVSOD\ DQGPLJKWFRPHWR
SOD\ LQRXUZRUOG

'LIIHUHQWSHRSOHFXUUHQWO\VHHKXPDQULJKWVLQGLIIHUHQWZD\V)RUVRPHLQYRNLQJKXPDQULJKWV
LVDKHDUWIHOWPRUDOO\MXVWLILHGGHPDQGWRUHFWLI\DOOVRUWVRILQMXVWLFHIRURWKHUVLWLVQRPRUH
WKDQDVORJDQWREHWUHDWHGZLWKVXVSLFLRQRUHYHQKRVWLOLW\/DZ\HUVVRPHWLPHVFRQVLGHUWKDW
KXPDQULJKWVUHSUHVHQWDOPRVWDWHUPRIDUWUHSUHVHQWLQJRQO\WKRVHFODLPVWKDWKDYHEHHQRUFDQ
EHXSKHOGDVOHJDOULJKWVE\DQDWLRQDORULQWHUQDWLRQDOFRXUW<HWWKHDSSOLFDWLRQRIKXPDQULJKWV
ODZLQFRXUWLVDOPRVWDOZD\VFRQWHVWHGZLWKERWKSDUWLHVWRDGLVSXWHGHPDQGLQJWKDWKXPDQ
ULJKWVODZEHDSSOLHGLQWKHLUIDYRXU+XPDQULJKWVODZLVVSHFLDODQGSRSXODUDVLWRIWHQVXJJHVWV
WKDWRWKHUODZLVLQDGHTXDWHRUDSSOLHGLQDQXQIDLUZD\7KHODQJXDJHRIKXPDQULJKWVLV
GHSOR\HGWRFULWLFL]HGHIHQGDQGUHIRUPDOOVRUWVRIEHKDYLRXU+XPDQULJKWVKDYHDSHGLJUHHRI
DGLVWLQJXLVKHGVWUXJJOHDJDLQVWRSSUHVVLRQDQGWKHSURPLVHRIDIDLUHUIXWXUH3OD\LQJWKHߝKXPDQ
ULJKWVFDUGߞFDQEHSHUVXDVLYHVRPHWLPHVHYHQFRQFOXVLYHLQFRQWHPSRUDU\GHFLVLRQPDNLQJ
WKLVLVRQHDVSHFWRIZKDWPDNHVWKHPRUDOIRUFHRIKXPDQULJKWVVRDWWUDFWLYHߚKXPDQULJKWV
KHOS\RXWRZLQDUJXPHQWVDQGVRPHWLPHVWRFKDQJHWKHZD\WKLQJVDUHGRQH

7KHFRQFHSWRIDߝKXPDQULJKWVFXOWXUHߞDOVRPHDQVGLIIHUHQWWKLQJVWRGLIIHUHQWSHRSOH7RVRPH
LWPHDQVHQVXULQJWKDWHYHU\RQHLVWUHDWHGZLWKUHVSHFWIRUWKHLULQKHUHQWGLJQLW\DQGKXPDQ
ZRUWK7RRWKHUVLWPHDQVWKDWMXGJHVWKHSROLFHDQGLPPLJUDWLRQRIILFLDOVDUHUHTXLUHGWR
SURWHFWWKHLQWHUHVWVRIWHUURULVWVFULPLQDOVDQGPLJUDQWVDWWKHH[SHQVHRIWKHVHFXULW\RIWKH
SRSXODWLRQ VHH)LJXUH 7KLVWHQVLRQKDVFRPHWRDKHDGLQVRPHFRXQWULHVLQFOXGLQJWKH
8QLWHG.LQJGRPZLWKSRSXODUQHZVSDSHUVULGLFXOLQJWKHDSSOLFDWLRQRIKXPDQULJKWVOHJLVODWLRQ
VHH%R[ DQGFDPSDLJQLQJDJDLQVWWKHUROHRIߝIRUHLJQMXGJHVߞ

$WWLPHVKXPDQULJKWVSURWHFWLRQVPD\LQGHHGVHHPWREHDQWLPDMRULWDULDQZK\VKRXOGMXGJHV
RULQWHUQDWLRQDOERGLHVGHWHUPLQHZKDWLVEHVWIRUDQ\VRFLHW\HVSHFLDOO\ZKHQGHPRFUDWLFDOO\
HOHFWHGUHSUHVHQWDWLYHVKDYHFKRVHQDSDUWLFXODUSDWK"%XWWKHSRLQWLVWKDWKXPDQULJKWVPD\
VHUYHWRSURWHFWSHRSOHIURPWKHߝW\UDQQ\RIWKHPDMRULW\ߞ+XPDQULJKWVODZKRZHYHUVKRXOG
QRWEHVHHQDVDVLPSOHGHYLFHWRWKZDUWWKHZLVKHVRIWKHPDMRULW\DVZLWKWKHH[FHSWLRQRIWKH
DEVROXWHEDQRQWRUWXUHLWGRHVLQIDFWDOORZIRUVHFXULW\QHHGVDQGWKHULJKWVRIRWKHUVWREH
WDNHQLQWRFRQVLGHUDWLRQLQDGHPRFUDWLFVRFLHW\7KHUHLVQRHDV\DQVZHUWRWKLVFRQXQGUXPWKDW
DVNVZK\MXGJHVVKRXOGEHHQWLWOHGWRXSKROGKXPDQULJKWVLQWKHIDFHRIGHPRFUDWLFGHFLVLRQV
'LIIHUHQWVRFLHWLHVZLOOFKRRVHGLIIHUHQWDUUDQJHPHQWVVRPHZLOOSODFHPRUHSRZHULQWKHKDQGV
RIMXGJHVWKDQRWKHUV7KHVHDUUDQJHPHQWVPD\FKDQJHRYHUWLPHߚWKHUHLVQRSHUIHFWEDODQFH
WKHUHLVQRSHUIHFWMXGJH6RPHWLPHVMXGJHVPD\EHVHHQE\VRPHDVDEOHWRUHLQLQDJRYHUQPHQW
WKDWXQMXVWLILDEO\WUDPSOHVKXPDQULJKWVEXWWKDWVDPHMXGJPHQWPD\EHVHHQE\RWKHUVDV
XSKROGLQJWKHULJKWVRISURSHUW\RZQHUVRUHPSOR\HUVDWWKHH[SHQVHRIDSRSXODUOHJLVODWXUH
PDQGDWHGWRSURWHFWYXOQHUDEOHZRUNHUVRUUDFLDOJURXSV$UJXLQJDERXWULJKWVLVDZD\WRDUJXH
DERXWZKDWVRUWRIVRFLHW\ZHZDQW5LJKWVWRIUHHGRPRIH[SUHVVLRQDQGLQIRUPDWLRQFDQEH
XVHIXOLQHQVXULQJWKDWZHKDYHIXOOGHPRFUDWLFGHFLVLRQPDNLQJDQGWKHVDPHKXPDQULJKWVFDQ
DOVREHXVHGWRFKDOOHQJHWKHUHVXOWLQJOHJLVODWLRQ:KHWKHUWKRVHFODLPLQJULJKWVDUHDFWXDOO\
ULJKWLVVRPHWKLQJZKLFKZHFDQRQO\NQRZLQFRQWH[W6ROHWXVWU\WREHDELWPRUHFRQFUHWH

+HDGOLQHIURP7KH6XQGD\7HOHJUDSK0D\EUDQGLQJWKH+XPDQ5LJKWV$FW
ߝWKHUHIXJHRIWHUURULVWVDQGVFRXQGUHOVߞ

%R[+XPDQULJKWVDQGWKH%ULWLVKEDFNODVK
&KULV*UD\OLQJ03LQWKH'DLO\0DLO  ߝ:HPXVWVHL]HSRZHUIURP(XURMXGJHVDQG
UHWXUQWKHSKUDVH+XPDQ5LJKWVWRZKDWLWUHDOO\VKRXOGEHߚDV\PERORIWKHILJKWDJDLQVW
RSSUHVVLRQDQGEUXWDOLW\ߞ
ߝ3ULVRQHUVEHLQJDOORZHGDUWLILFLDOLQVHPLQDWLRQWUHDWPHQWLQRUGHUWRSURWHFWWKHLUIDPLO\
ULJKWVYRWHVIRUSULVRQHUVLQRXUMDLOVQRZKROHOLIHVHQWHQFHVIRUWKHPRVWEUXWDOPXUGHUHUV
QRGHSRUWDWLRQIRUWHUURULVWVߚVRPHRIWKHGHFLVLRQVWKDWWKH(XURSHDQ&RXUWRI+XPDQ
5LJKWVKDVWDNHQLQUHFHQW\HDUVߚDQGZHFDPHZLWKLQRQHYRWHIURPRQHMXGJHRIEHLQJ
UHTXLUHGWRSHUPLW86VW\OHSROLWLFDO79DGYHUWLVLQJ
7KHVHDUHQRWJUHDWSULQFLSOHVRIKXPDQULJKWV7KH\DUHGHFLVLRQVWDNHQE\D&RXUWPDGH
XSRISHRSOHZKRDUHQRWE\DQ\PHDQVDOOOHJDOO\TXDOLILHGWKDWVHHVWKHRULJLQDO(XURSHDQ
&RQYHQWLRQDVDߡOLYLQJLQVWUXPHQWߢWREHUHZULWWHQDVWKH\HDUVJRE\$OORIWKHPVKRXOG
EHPDWWHUVIRURXU3DUOLDPHQWDQGQRWIRUWKH&RXUWVWRGHFLGH%XWULJKWQRZWKH\DUHQߞW
4XLWHVLPSO\WKDWLVQRWZKDWZHVLJQHGXSWR6RWKHQH[W&RQVHUYDWLYH*RYHUQPHQWZLOO
VRUWWKLVRXWRQFHDQGIRUDOO
:HZRQߞWZDONDZD\IURPWKHSULQFLSOHVRIKXPDQULJKWV%XWZHZLOOVD\YHU\FOHDUO\WKDW
ZHDUHDVRYHUHLJQQDWLRQZKLFKXSKROGVWKHEHVWRIKXPDQULJKWVDQGWKDWGHFLVLRQVDERXW
RXUQDWLRQVKRXOGEHWDNHQE\RXU3DUOLDPHQWߞ
6XVDQ0DUNV  %DFNODVK7KH8QGHFODUHG:DUDJDLQVW+XPDQ5LJKWV
ߝ7KHUHLVWKHVDPHNLQGRIUHDFWLYHDVVDXOWWKDW)DOXGLGHVFULEHGLQKHUDFFRXQWRIWKH
EDFNODVKDJDLQVWZRPHQߞVULJKWVLQ$PHULFD,WLVWKH OLNHZLVHOLPLWHG JDLQVRIWKHKXPDQ
ULJKWVPRYHPHQWWKDWDUHQRZWREHUROOHGEDFN7KHUHLVWKHVDPHSDWWHUQZKHUHE\LQRXU
FDVHKXPDQULJKWVDUHEODPHGIRUSURGXFLQJWKHYHU\FRQGLWLRQWKH\SXUSRUWWRUHPHG\WKDW
LVWRVD\VXEMHFWLRQLQVHFXULW\XQIUHHGRP7KHUHLVWKHVDPHVHQVHRIߡXQGHFODUHGߢRU
FRYHUWߡZDUߢ$VWKH\WHOOLWWKHVHFULWLFVDUHQRWRXWWRGHVWUR\KXPDQULJKWVRQWKH
FRQWUDU\WKH\DUHWKHUHDOGHIHQGHUVRIKXPDQULJKWVDQGIXQGDPHQWDOIUHHGRPVLQWKHIDFH
RIWKHGHSUHGDWLRQVRIDKXPDQULJKWVPRYHPHQWEHQWRQFRQFHSWXDOLQIODWLRQDQG
LQVWLWXWLRQDORYHUUHDFKߞ

:HILUVWQHHGWRXQGHUVWDQGWKDWKXPDQULJKWVDUHDVSHFLDOQDUURZFDWHJRU\RIULJKWV:LOOLDP
(GPXQGVRQߞVLQWURGXFWRU\ERRNRQULJKWVGLVWLQJXLVKHVKXPDQULJKWVIURPRWKHUULJKWVE\
VXJJHVWLQJWKDWߝ+XPDQULJKWVUHFRJQL]HH[WUDRUGLQDULO\VSHFLDOEDVLFLQWHUHVWVDQGWKLVVHWV
WKHPDSDUWIURPULJKWVHYHQPRUDOULJKWVJHQHUDOO\ߞ5LFKDUG)DONVXJJHVWVWKDWKXPDQULJKWV
DUHDߝQHZW\SHRIULJKWVߞDFKLHYLQJSURPLQHQFHDVDUHVXOWRIWKHDGRSWLRQRIWKH8QLYHUVDO
'HFODUDWLRQRI+XPDQ5LJKWVE\WKH8QLWHG1DWLRQVLQ7KLVSRLQWLVZRUWKUHPHPEHULQJ
WKURXJKRXWWKHERRNZHDUHQRWWDONLQJDERXWDOOWKHULJKWVWKDWKXPDQEHLQJVPD\KDYHߚZHDUH
FRQVLGHULQJDUDWKHUVSHFLDOFDWHJRU\RIULJKWV7KHHOHYDWLRQRIKXPDQULJKWVWRWKHLQWHUQDWLRQDO
OHYHODIWHUWKH6HFRQG:RUOG:DUKDVPHDQWWKDWEHKDYLRXUFDQEHMXGJHGQRWRQO\DJDLQVWZKDW
QDWLRQDOODZUHTXLUHVEXWDOVRDJDLQVWDVWDQGDUGZKLFKVLWVRXWVLGHDQDWLRQDOV\VWHP(YHU\
QDWLRQVWDWHLVQRZVXEMHFWWRWKLVVFUXWLQ\IURPRXWVLGH

0DQ\ZKRDSSURDFKWKHVXEMHFWRIKXPDQULJKWVWXUQWRHDUO\UHOLJLRXVDQGSKLORVRSKLFDO
ZULWLQJV,QWKHLUYLVLRQRIKXPDQULJKWVKXPDQEHLQJVDUHHQGRZHGE\UHDVRQRIWKHLU
KXPDQLW\ZLWKFHUWDLQIXQGDPHQWDODQGLQDOLHQDEOHULJKWV7KLVFRQFOXVLRQKDVH[LVWHGLQYDULRXV
IRUPVLQYDULRXVVRFLHWLHV7KHKLVWRULFGHYHORSPHQWRIWKHFRQFHSWRIKXPDQULJKWVLVRIWHQDOVR
DVVRFLDWHGZLWKWKHHYROXWLRQRI:HVWHUQSKLORVRSKLFDODQGSROLWLFDOSULQFLSOHV\HWDGLIIHUHQW
SHUVSHFWLYHFRXOGILQGUHIHUHQFHWRVLPLODUSULQFLSOHVFRQFHUQLQJPDVVHGXFDWLRQVHOIIXOILOPHQW
UHVSHFWIRURWKHUVDQGWKHTXHVWWRFRQWULEXWHWRRWKHUVߞZHOOEHLQJLQ&RQIXFLDQ+LQGXRU
%XGGKLVWWUDGLWLRQV5HOLJLRXVWH[WVVXFKDVWKH%LEOHDQGWKH.RUDQFDQEHUHDGDVFUHDWLQJQRW
RQO\GXWLHVEXWDOVRULJKWV5HFRJQLWLRQRIWKHQHHGWRSURWHFWKXPDQIUHHGRPDQGKXPDQGLJQLW\
LVDOOXGHGWRLQVRPHRIWKHHDUOLHVWFRGHVIURP+DPPXUDELߞV&RGHLQDQFLHQW%DE\ORQ DURXQG
%&( ULJKWWKURXJKWRWKHQDWXUDOODZWUDGLWLRQVRIWKH:HVWZKLFKEXLOWRQWKH*UHHN
6WRLFVDQGWKH5RPDQODZQRWLRQRIMXVJHQWLXP ODZIRUDOOSHRSOHV &RPPRQWRHDFKRIWKHVH
FRGHVLVWKHUHFRJQLWLRQRIFHUWDLQXQLYHUVDOO\YDOLGSULQFLSOHVDQGVWDQGDUGVRIEHKDYLRXU7KHVH
EHKDYLRXUDOVWDQGDUGVDUJXDEO\LQVSLUHKXPDQULJKWVWKLQNLQJDQGPD\EHVHHQDVSUHFXUVRUVWR
RUGLIIHUHQWH[SUHVVLRQVRIWKHLGHDRIKXPDQULJKWVߚEXWWKHOLQHDJHLVQRWDVREYLRXVDVLV
VRPHWLPHVVXJJHVWHG/HWXVQRZORRNDWVRPHHDUO\KLVWRULFDOLQYRFDWLRQVRIWKHDFWXDOFRQFHSW
RIULJKWV DVRSSRVHGWRGHFHQWEHKDYLRXU DQGWKHVFHSWLFDOUHVSRQVHVWKH\HYRNHG

7KHULJKWVRIPDQDQGWKHLUGLVFRQWHQWV
7KHVWDQGDUG:HVWHUQDFFRXQWRIWKHWUDGLWLRQRIKXPDQULJKWVLVVRPHZKDWSUREOHPDWLF(DUO\
OHJDOGHYHORSPHQWVLQWKHDUHDRIKXPDQULJKWVDUHVDLGWRKDYHHPHUJHGIURPWKH0DJQD&DUWD
RIDFRQWUDFWEHWZHHQWKH(QJOLVK.LQJ-RKQDQGWKH%DURQVZKRZHUHGLVVDWLVILHGZLWKWKH
WD[HVEHLQJOHYLHGE\WKHPRQDUFK%XWDOWKRXJKWKLVDJUHHPHQWJXDUDQWHHGULJKWVIRUDIUHHPDQ
QRWWREHߝDUUHVWHGRUGHWDLQHGLQSULVRQRUGHSULYHGRIKLVIUHHKROGRURXWODZHGRUEDQLVKHGRU
LQDQ\ZD\PROHVWHGߨXQOHVVE\ODZIXOMXGJPHQWRIKLVSHHUVDQGWKHODZRIWKHODQGߞWKLV
JXDUDQWHHZDVVLPSO\DULJKWWRWULDOE\MXU\JUDQWHGH[FOXVLYHO\WRSURSHUW\RZQLQJPHQ7KH
ULJKWVFRQWDLQHGLQWKH0DJQD&DUWDZHUHSDUWRIDSROLWLFDOVHWWOHPHQWWRHQWUHQFKOLEHUWLHVRIWKH
JRYHUQHGDQGOLPLWWKHSRZHUVRIWKHJRYHUQPHQW+XPDQULJKWVDVWKDWWHUPLVXQGHUVWRRG
WRGD\EHORQJWRDOOKXPDQEHLQJVDQGWKHUHIRUHFDQQRWEHUHVWULFWHGWRDVHOHFWJURXSRI
SULYLOHJHGPHQ)URPDFRQWHPSRUDU\SHUVSHFWLYHWKH0DJQD&DUWDFDQQRWUHDOO\EHVHHQDVDQ
H[HPSODU\KXPDQULJKWVGHFODUDWLRQ6XIILFHLWWRFLWHRQHVHQWHQFHFODXVHRIWKH0DJQD
&DUWDUHDGVߝ1RRQHVKDOOEHDUUHVWHGRULPSULVRQHGRQWKHDSSHDORIDZRPDQIRUWKHGHDWKRI
DQ\SHUVRQH[FHSWKHUKXVEDQGߞ

7KH(QJOLVK%LOORI5LJKWVRILVVLPLODUO\VRPHWLPHVFRQVLGHUHGDVWHSSLQJVWRQHWRWRGD\ߞV
WH[WV,WGHFODUHGWKDWߝH[FHVVLYHEDLORXJKWQRWWREHUHTXLUHGQRUH[FHVVLYHILQHVLPSRVHGQRU
FUXHODQGXQXVXDOSXQLVKPHQWVLQIOLFWHGߞ,WDOVRGHFODUHGKRZHYHUߝ7KDWWKHVXEMHFWVZKLFKDUH
3URWHVWDQWVPD\KDYHDUPVIRUWKHLUGHIHQFHVXLWDEOHWRWKHLUFRQGLWLRQVDQGDVDOORZHGE\ODZߞ
7KH%LOORI5LJKWVZDVGHYHORSHGE\3DUOLDPHQWDVD'HFODUDWLRQRI5LJKWVLQUHVSRQVHWRWKH
LGHDVDQGSROLFLHVRI.LQJ-DPHV,, ZKRZDVSHUFHLYHGWREHDOWHULQJWKHQDWXUHRIWKHVWDWHDQG
LQWURGXFLQJWRRPXFKWROHUDQFHIRU&DWKROLFLVP DQGSUHVHQWHGWRWKHLQFRPLQJ-RLQW6RYHUHLJQV
:LOOLDPDQG0DU\DVDFRQGLWLRQIRUWKHLUDFFHVVLRQWRWKHWKURQHLQRUGHUWRYLQGLFDWHߝDQFLHQW
ULJKWVDQGOLEHUWLHVߞSURWHFWIUHHGRPRIVSHHFKDQGOLPLWLQWHUIHUHQFHE\WKH6RYHUHLJQLQ
3DUOLDPHQWDQGHOHFWLRQV

$WWKHVDPHWLPHWKHZRUNRIDQXPEHURISKLORVRSKHUVKDGDYHU\FRQFUHWHLQIOXHQFHRQWKH
DUWLFXODWLRQRIGHPDQGVLQWKHIRUPRIߝQDWXUDOULJKWVߞRUWKHߝULJKWVRIPDQߞ-RKQ/RFNHߞV
6HFRQG7UHDWLVHRI*RYHUQPHQWSXEOLVKHGLQFRQVLGHUHGPHQLQDߝVWDWHRIQDWXUHߞZKHUH
WKH\HQMR\HGߝDVWDWHRIOLEHUW\ߞ\HWLWZDVQRWߝDVWDWHRIOLFHQFHߞ/RFNHUHDVRQHGWKDWHYHU\RQH
ߝLVERXQGWRSUHVHUYHKLPVHOIߞVRZKHQKLVRZQSUHVHUYDWLRQLVQRWWKUHDWHQHGHYHU\RQHVKRXOG
ߝDVPXFKDVKHFDQߨSUHVHUYHWKHUHVWRIPDQNLQGߞDQGQRRQHPD\ߝWDNHDZD\RULPSDLUWKH
OLIHRUZKDWWHQGVWRWKHSUHVHUYDWLRQRIWKHOLIHWKHOLEHUW\KHDOWKOLPERUJRRGVRIDQRWKHUߞ,Q
WKLVZD\ߝPHQPD\EHUHVWUDLQHGIURPLQYDGLQJRWKHUVߞULJKWVDQGIURPGRLQJKXUWWRRQH
DQRWKHUߞ/RFNHVDZFLYLOJRYHUQPHQWDVWKHUHPHG\IRUPHQDFWLQJDVWKHLURZQMXGJHVWR
HQIRUFHWKHODZRIQDWXUH+HFRQVLGHUHGWKDWWKLVVRFLDOFRQWUDFWIUHHO\HQWHUHGLQWRHQWLWOHGWKH
JRYHUQPHQWWRHQIRUFHODZVIRUDVORQJDVWKHJRYHUQPHQWUHVSHFWHGWKHWUXVWSODFHGLQLW6KRXOG
WKHSHRSOHEHVXEMHFWWRWKHH[HUFLVHE\WKHJRYHUQPHQWRIDUELWUDU\RUDEVROXWHSRZHURYHUWKHLU
ߝOLYHVOLEHUWLHVDQGHVWDWHVߞWKHQDFFRUGLQJWR/RFNHJRYHUQPHQWDOSRZHUZRXOGEHIRUIHLWHG
DQGGHYROYHEDFNWRWKHSHRSOH

7KH6RFLDO&RQWUDFWRI-HDQ-DFTXHV5RXVVHDXGHYHORSHGWKHLGHDWKDWDQLQGLYLGXDOPD\KDYHD
SULYDWHZLOO YRORQW©SDUWLFXOL¨UH DQGWKDWKLVSULYDWHLQWHUHVW LQW©UªWSDUWLFXOLHU ߝPD\GLFWDWHWR
KLPYHU\GLIIHUHQWO\IURPWKHFRPPRQLQWHUHVWߞ5RXVVHDXFRQVLGHUHGWKDWߝZKRHYHUUHIXVHVWR
REH\WKHJHQHUDOZLOOVKDOOEHFRPSHOOHGWRLWE\WKHZKROHERG\WKLVLQIDFWRQO\IRUFHVKLPWR
EHIUHHߞ)RU5RXVVHDXߝ0DQORVHVE\WKHVRFLDOFRQWUDFWKLVQDWXUDOOLEHUW\DQGDQXQOLPLWHG
ULJKWWRDOOZKLFKWHPSWVKLPDQGZKLFKKHFDQREWDLQLQUHWXUQKHDFTXLUHVFLYLOOLEHUW\DQG
SURSULHWRUVKLSRIDOOKHSRVVHVVߞ3XEOLVKHGLQ7KH6RFLDO&RQWUDFWZDVDSUHFXUVRUWRWKH
)UHQFK5HYROXWLRQRIDQGWKHLGHDVLWH[SUHVVHGKDYHKDGFRQVLGHUDEOHLQIOXHQFHDURXQGWKH
ZRUOGDVSHRSOHKDYHVRXJKWWRDUWLFXODWHWKHULJKWVRIWKHJRYHUQRUVDQGWKHJRYHUQHG

7KRPDV3DLQHZDVDUDGLFDO(QJOLVKZULWHUZKRSDUWLFLSDWHGLQWKHUHYROXWLRQDU\FKDQJHV
DIIHFWLQJ$PHULFD+HHPLJUDWHGWR$PHULFDLQDQGLQSURGXFHGDZLGHO\UHDG
SDPSKOHWFDOOHG&RPPRQ6HQVHZKLFKDWWDFNHGWKHLGHDRIUXOHE\PRQDUFK\DQGFDOOHGIRU
UHSXEOLFDQJRYHUQPHQWDQGHTXDOULJKWVDPRQJFLWL]HQV+HDOVRZRUNHGRQWKH
&RQVWLWXWLRQRI3HQQV\OYDQLDDQGIRUWKHVXEVHTXHQWDEROLWLRQRIVODYHU\LQWKDWVWDWH3DLQHߞV
SXEOLFDWLRQHQWLWOHG5LJKWVRI0DQDSSHDUHGLQDVDGHIHQFHRIWKH)UHQFK5HYROXWLRQLQ
UHVSRQVHWR(GPXQG%XUNHߞV5HIOHFWLRQVRQWKH5HYROXWLRQLQ)UDQFH3DLQHZDVSRSXODUZLWK
WKHSHRSOH RQHHVWLPDWHVXJJHVWVWKDWYDULRXVYHUVLRQVRI5LJKWVRI0DQVROGFRSLHVLQ
WZR\HDUV +HZDVXQSRSXODUZLWKWKHJRYHUQPHQWDQGZDVFRQYLFWHGLQKLVDEVHQFHRIVHGLWLRXV
OLEHODWWKH*XLOGKDOOLQ/RQGRQ7KHFURZGVIORFNHGWRVXSSRUWKLVGHIHQFHFRXQVHOSURWHVWLQJ
WKHWUDPSOLQJRIWKHߝOLEHUW\RIWKHSUHVVߞ3DLQHKDGE\WKHQDOUHDG\HVFDSHGWR)UDQFHDQGZDV
UHZDUGHGZLWKHOHFWLRQWRWKH1DWLRQDO&RQYHQWLRQIRUKLVGHIHQFHRIWKH5HYROXWLRQ+HZDV
KRZHYHUODWHULPSULVRQHGKDYLQJDQJHUHGWKH-DFRELQVIRURSSRVLQJWKHH[HFXWLRQRIWKH.LQJ
+HKLPVHOIHVFDSHGWKHGHDWKSHQDOW\ DFFRUGLQJWRVRPHDFFRXQWVWKHFKDONPDUNZDVSXWRQ
WKHZURQJVLGHRIWKHGRRU DQGODWHUOHIWIRU$PHULFDZKHUHKHGLHGXQIªWHGLQ+LV
ZULWLQJVVWLOOUHVRQDWHDQGRQHGRHVQRWKDYHWRORRNIDUWRILQGEXPSHUVWLFNHUVDQGEDGJHVZLWK
3DLQHߞVDSKRULVPIURPKLV5LJKWVRI0DQߝP\FRXQWU\LVWKHZRUOGDQGP\UHOLJLRQLVWRGR
JRRGߞ

5HDGLQJ3DLQHUHYHDOVZKDWLWLVWKDWPDNHVKXPDQULJKWVVXFKDQHQGXULQJFRQFHSW3DLQHLV
VHQWLPHQWDODERXWRWKHUSHRSOHߞVVXIIHULQJ

:KHQ,FRQWHPSODWHWKHQDWXUDOGLJQLW\RIPDQZKHQ,IHHO IRUQDWXUHKDVQRWEHHQNLQGHQRXJKWRPHWR
EOXQWP\IHHOLQJV IRUWKHKRQRXUDQGKDSSLQHVVRILWVFKDUDFWHU,EHFRPHLUULWDWHGDWWKHDWWHPSWWRJRYHUQ
PDQNLQGE\IRUFHDQGIUDXGDVLIWKH\ZHUHDOONQDYHVDQGIRROVDQGFDQVFDUFHO\DYRLGWKHGLVJXVWDW
WKRVHZKRDUHLPSRVHGXSRQ

3DLQHUDLOHGDJDLQVW%XUNHIRUIDLOLQJWRIHHODQ\FRPSDVVLRQIRUWKRVHZKRKDGVXIIHUHGLQWKH
%DVWLOOHSULVRQDQGIRUEHLQJXQDIIHFWHGE\WKHߝUHDOLW\RIGLVWUHVVߞ:HFDQVHHKHUH,ZRXOG
VXJJHVWWKHUHDOVHHGVRIWKHKXPDQULJKWVPRYHPHQWDIHHOLQJRIV\PSDWK\IRUWKHGLVWUHVVRI
RWKHUVFRXSOHGZLWKDVHQVHRILQMXVWLFHZKHQJRYHUQPHQWVUHVRUWWRPHDVXUHVZKLFKLQYDGHWKH
SHUFHLYHGQDWXUDOULJKWVRIWKHLQGLYLGXDO

7KHPRGHUQFRQFHSWRIKXPDQULJKWVLVWKXVWUDGLWLRQDOO\HDVLO\WUDFHGWRWKHVHLGHDVDQGWH[WV
DGRSWHGDWWKHHQGRIWKHWKFHQWXU\,WLVZHOONQRZQWKDWWKH$PHULFDQ'HFODUDWLRQRI
,QGHSHQGHQFHVWDWHGߝ:HKROGWKHVHWUXWKVWREHVHOIHYLGHQWWKDWDOOPHQDUHFUHDWHGHTXDOWKDW
WKH\DUHHQGRZHGE\WKHLU&UHDWRUZLWKFHUWDLQXQDOLHQDEOHULJKWVWKDWDPRQJWKHVHDUHOLIH
OLEHUW\DQGWKHSXUVXLWRIKDSSLQHVVߞ7KH)UHQFK'HFODUDWLRQRIWKH5LJKWVRI0DQDQGRIWKH
&LWL]HQIROORZHGLQDQGLWVIDPLOLDUILUVWWZRDUWLFOHVUHFRJQL]HGDQGSURFODLPHGWKDWߝ0HQ
DUHERUQDQGUHPDLQIUHHDQGHTXDOLQULJKWVߞDQGWKDWߝ7KHDLPRIHYHU\SROLWLFDODVVRFLDWLRQLV
WKHSUHVHUYDWLRQRIWKHQDWXUDODQGLQDOLHQDEOHULJKWVRIPDQWKHVHULJKWVDUHOLEHUW\SURSHUW\
VHFXULW\DQGUHVLVWDQFHWRRSSUHVVLRQߞ6WLOOWKHULJKWVWKH\UHIHUUHGWRZHUHPRVWO\UHOHYDQWRQO\
WRWKRVHVWDWHVLQUHODWLRQWRWKHLUFLWL]HQVDQGRQO\VSHFLILFJURXSVFRXOGEHQHILWIURPWKHLU
SURWHFWLRQ7KHVHUHYROXWLRQDU\'HFODUDWLRQVUHSUHVHQWDWWHPSWVWRHQVKULQHKXPDQULJKWVDV
JXLGLQJSULQFLSOHVLQWKHFRQVWLWXWLRQVRIQHZVWDWHVRUSROLWLHV7KH'HFODUDWLRQVZHUHLQVSLUHG
E\DOLEHUDOFRQFHSWLRQRIVRFLHW\DQGDEHOLHILQQDWXUDOODZKXPDQUHDVRQDQGXQLYHUVDORUGHU
5LJKWVZHUHEHOLHYHG E\PHQ WREHWKHH[FOXVLYHSURSHUW\RIWKRVHSRVVHVVLQJWKHFDSDFLW\WR
H[HUFLVHUDWLRQDOFKRLFH DJURXSWKDWH[FOXGHGZRPHQ $WWHPSWVE\2O\PSHGH*RXJHWR
SURPRWH E\DSSHDOLQJWR4XHHQ0DULH$QWRLQHWWH D'HFODUDWLRQRIWKH5LJKWVRI:RPHQDQGD
ߝ6RFLDO&RQWUDFW%HWZHHQ0DQDQG:RPDQߞUHJXODWLQJSURSHUW\DQGLQKHULWDQFHULJKWVIHOORQ
GHDIHDUV,Q(QJODQG0DU\:ROOVWRQHFUDIWߞV9LQGLFDWLRQRIWKH5LJKWVRI:RPDQDSSHDOHGIRUD
UHYLVLRQRIWKH)UHQFK&RQVWLWXWLRQWRUHVSHFWWKHULJKWVRIZRPHQDUJXLQJWKDWPHQFRXOGQRW
GHFLGHIRUWKHPVHOYHVZKDWWKH\MXGJHGZRXOGEHEHVWIRUZRPHQ VHH)LJXUH 7KHGHQLDORI
ZRPHQߞVULJKWVFRQGHPQHGZRPHQWRWKHVSKHUHRIWKHLUIDPLOLHVDQGOHIWWKHPߝJURSLQJLQWKH
GDUNߞ VHH%R[ 

%R[0DU\:ROOVWRQHFUDIWߞVGHGLFDWLRQWR0RQVLHXU7DOOH\UDQG
3©ULJRUGLQ$9LQGLFDWLRQRIWKH5LJKWVRI:RPHQ 
&RQVLGHUߚ,DGGUHVV\RXDVDOHJLVODWRUߚZKHWKHUZKHQPHQFRQWHQGIRUWKHLUIUHHGRPDQG
WREHDOORZHGWRMXGJHIRUWKHPVHOYHVUHVSHFWLQJWKHLURZQKDSSLQHVVLWEHQRWLQFRQVLVWHQW
DQGXQMXVWWRVXEMXJDWHZRPHQHYHQWKRXJK\RXILUPO\EHOLHYHWKDW\RXDUHDFWLQJLQWKH
PDQQHUEHVWFDOFXODWHGWRSURPRWHWKHLUKDSSLQHVV":KRPDGHPDQWKHH[FOXVLYHMXGJHLI
ZRPHQSDUWDNHZLWKKLPWKHJLIWRIUHDVRQ",QWKLVVW\OHDUJXHW\UDQWVRIHYHU\
GHQRPLQDWLRQIURPWKHZHDNNLQJWRWKHZHDNIDWKHURIDIDPLO\WKH\DUHDOOHDJHUWRFUXVK
UHDVRQ\HWDOZD\VDVVHUWWKDWWKH\XVXUSLWVWKURQHRQO\WREHXVHIXO'R\RXQRWDFWD
VLPLODUSDUWZKHQ\RXIRUFHDOOZRPHQE\GHQ\LQJWKHPFLYLODQGSROLWLFDOULJKWVWRUHPDLQ
LPPXUHGLQWKHLUIDPLOLHVJURSLQJLQWKHGDUN")RUVXUHO\VLU\RXZLOOQRWDVVHUWWKDWDGXW\
FDQEHELQGLQJZKLFKLVQRWIRXQGHGRQUHDVRQ"
0DU\:ROOVWRQHFUDIW

.DUO0DU[UHVSRQGHGWRWKHSURFODPDWLRQRIULJKWVLQWKH&RQVWLWXWLRQVRI3HQQV\OYDQLDDQG1HZ
+DPSVKLUHDQGLQWKH)UHQFK'HFODUDWLRQE\GHULGLQJWKHLGHDWKDWULJKWVFRXOGEHXVHIXOLQ
FUHDWLQJDQHZSROLWLFDOFRPPXQLW\)RU0DU[WKHVHULJKWVVWUHVVHGWKHLQGLYLGXDOߞVHJRLVWLF
SUHRFFXSDWLRQVUDWKHUWKDQSURYLGLQJKXPDQHPDQFLSDWLRQIURPUHOLJLRQSURSHUW\DQGODZ
0DU[KDGDYLVLRQRIDIXWXUHFRPPXQLW\LQZKLFKDOOQHHGVZRXOGEHVDWLVILHGDQGLQZKLFK
WKHUHZRXOGEHQRFRQIOLFWVRILQWHUHVWVDQGWKHUHIRUHQRUROHIRUULJKWVRUWKHLUHQIRUFHPHQW
0DU[DOVRKLJKOLJKWHGWKHSX]]OHWKDWLIULJKWVFDQEHOLPLWHGIRUWKHSXEOLFJRRGWKHQWKH
SURFODPDWLRQWKDWWKHDLPRISROLWLFDOOLIHLVWKHSURWHFWLRQRIULJKWVEHFRPHVFRQYROXWHG VHH%R[

%R[.DUO0DU[2QWKH-HZLVK4XHVWLRQ 
,WLVSX]]OLQJHQRXJKWKDWDSHRSOHZKLFKLVMXVWEHJLQQLQJWROLEHUDWHLWVHOIWRWHDUGRZQDOO
WKHEDUULHUVEHWZHHQLWVYDULRXVVHFWLRQVDQGWRHVWDEOLVKDSROLWLFDOFRPPXQLW\WKDWVXFKD
SHRSOHVROHPQO\SURFODLPV 'HFODUDWLRQRI WKHULJKWVRIHJRLVWLFPDQVHSDUDWHGIURP
KLVIHOORZPHQDQGIURPWKHFRPPXQLW\DQGWKDWLQGHHGLWUHSHDWVWKLVSURFODPDWLRQDWD
PRPHQWZKHQRQO\WKHPRVWKHURLFGHYRWLRQFDQVDYHWKHQDWLRQDQGLVWKHUHIRUH
LPSHUDWLYHO\FDOOHGIRUDWDPRPHQWZKHQWKHVDFULILFHRIDOOWKHLQWHUHVWVRIFLYLOVRFLHW\
PXVWEHWKHRUGHURIWKHGD\DQGHJRLVPPXVWEHSXQLVKHGDVDFULPH 'HFODUDWLRQRIWKH
5LJKWVRI0DQHWFRI 7KLVIDFWEHFRPHVVWLOOPRUHSX]]OLQJZKHQZHVHHWKDWWKH
SROLWLFDOHPDQFLSDWRUVJRVRIDUDVWRUHGXFHFLWL]HQVKLSDQGWKHSROLWLFDOFRPPXQLW\WRD
PHUHPHDQVIRUPDLQWDLQLQJWKHVHVRFDOOHGULJKWVRIPDQWKDWWKHUHIRUHWKHFLWR\HQLV
GHFODUHGWREHWKHVHUYDQWRIHJRLVWLFKRPPHWKDWWKHVSKHUHLQZKLFKPDQDFWVDVD
FRPPXQDOEHLQJLVGHJUDGHGWRDOHYHOEHORZWKHVSKHUHLQZKLFKKHDFWVDVDSDUWLDOEHLQJ
DQGWKDWILQDOO\LWLVQRWPDQDVFLWR\HQEXWPDQDVERXUJHRLVZKRLVFRQVLGHUHGWREHWKH
HVVHQWLDODQGWUXHPDQ

,QWKHWKFHQWXU\QDWXUDOULJKWVRUWKHߝULJKWVRIPDQߞEHFDPHOHVVUHOHYDQWWRSROLWLFDO
FKDQJHDQGWKLQNHUVVXFKDV-HUHP\%HQWKDPULGLFXOHGWKHLGHDWKDWߝ$OOPHQDUHERUQIUHHߞDV
ߝ$EVXUGDQGPLVHUDEOHQRQVHQVHߞ%HQWKDPIDPRXVO\GLVPLVVHGQDWXUDODQGLPSUHVFULSWDEOH
ULJKWVDVߝQRQVHQVHXSRQVWLOWVߞGHFODULQJWKDWZDQWLQJVRPHWKLQJLVQRWWKHVDPHDVKDYLQJLW,Q
%HQWKDPߞVWHUPVߝKXQJHULVQRWEUHDGߞ)RU%HQWKDPUHDOULJKWVZHUHOHJDOULJKWVDQGLWZDVWKH
UROHRIODZPDNHUVDQGQRWQDWXUDOULJKWVDGYRFDWHVWRJHQHUDWHULJKWVDQGGHWHUPLQHWKHLUOLPLWV
%HQWKDPFRQVLGHUHGWKDWRQHZDVDVNLQJIRUWURXEOHLQYLWLQJDQDUFK\HYHQWRVXJJHVWWKDW
JRYHUQPHQWZDVFRQVWUDLQHGE\QDWXUDOULJKWV

7KHFRQWHPSRUDU\VFKRODU$PDUW\D6HQKDVUHFDOOHG%HQWKDPߞVLQIOXHQFHDQGKLJKOLJKWHGD
ߝOHJLWLPDF\FULWLTXHߞZKHUHE\VRPHVHHKXPDQULJKWVDVߝSUHOHJDOPRUDOFODLPVߞWKDWߝFDQKDUGO\
EHVHHQDVJLYLQJMXVWLFLDEOHULJKWVLQFRXUWVDQGRWKHULQVWLWXWLRQVRIHQIRUFHPHQWߞ6HQFDXWLRQV
DJDLQVWFRQIXVLQJKXPDQULJKWVZLWKߝOHJLVODWHGOHJDOULJKWVߞ+HDOVRSRLQWVWRDIXUWKHUUHDFWLRQ
WRKXPDQULJKWVGLVFRXUVHLWKDVEHHQFODLPHGE\VRPHWKDWKXPDQULJKWVDUHDOLHQWRVRPH
FXOWXUHVZKLFKPD\SUHIHUWRSULRULWL]HRWKHUSULQFLSOHVVXFKDVUHVSHFWIRUDXWKRULW\6HQFDOOV
WKLVWKHߝFXOWXUDOFULWLTXHߞ7KLVODVWFULWLFLVPLVDFRPPRQSUHRFFXSDWLRQRIFRPPHQWDWRUV
ZKHQHYHUWKHWRSLFRIKXPDQULJKWVLVUDLVHG,QGHHG7KH9HU\6KRUW,QWURGXFWLRQWR(PSLUH
VXJJHVWVWKDWIRUVRPHREVHUYHUVWKH,QWHUQDWLRQDO&ULPLQDO7ULEXQDOIRUWKHIRUPHU<XJRVODYLD
ZHOONQRZQIRUWKHDERUWHGWULDORI6ORERGDQ0LORġRYLÇ LVDQLPSHULDOLVWFUHDWLRQDQGWKDWIRU
ߝVXFKFULWLFVWKHZKROHLGHDRIߡXQLYHUVDOߢKXPDQULJKWVLVDFWXDOO\DJLJDQWLFIUDXGZKHUH
:HVWHUQLPSHULDOLVWRUH[FRORQLDOSRZHUVWU\WRSDVVRIIWKHLURZQYHU\VSHFLILFDQGORFDOL]HG
LGHDRIZKDWߡULJKWVߢVKRXOGEHDVXQLYHUVDOWUDPSOLQJURXJKO\RYHUHYHU\RQHHOVHߞVEHOLHIVDQG
WUDGLWLRQVߞ

:HFDQUHVSRQGWRVXFKFULWLFLVPDVIROORZV)LUVWZKLOH%HQWKDPZDVULJKWWKDWQDWXUDOULJKWV
KDGQRDJUHHGFRQWHQWRUOHJDOOHJLWLPDF\DWWKDWWLPHWRGD\VXFKULJKWVKDYHEHHQJLYHQFRQWHQW
DQGDJUHHGWRE\OHJLVODWXUHVDQGJRYHUQPHQWV7KHUHLVQRVWDWHLQWKHZRUOGWKDWKDVQRWDJUHHG
WRDELGHE\DWOHDVWRQHKXPDQULJKWVWUHDW\6HFRQGO\WKHW\SHRIULJKWVEHLQJSURPRWHGDEURDG
LVQRWDVDOLHQDVLVVRPHWLPHVFODLPHG7RGD\DOWKRXJKVRPHOHDGHUVPLJKWVHHNWREUXVKRII
KXPDQULJKWVFULWLFLVPDVDOLHQRU:HVWHUQLWLVPRUHOLNHO\WKDWULJKWVZLOOEHFODLPHGIURPWKH
ERWWRPXSDVSDUWRIDFDPSDLJQWRSURWHVWDJDLQVWRSSUHVVLRQWKDQKXPDQULJKWVZLOOEHUDLVHG
LQDKHFWRULQJZD\LQDVXPPLWEHWZHHQOHDGHUV$OOWKLVGRHVQRWPHDQWKDWWKHUHLVQRURRPIRU
GLIIHUHQWFXOWXUHVWRFKRRVHGLIIHUHQWRXWFRPHVZKHQULJKWVFROOLGH$VZHVKDOOVHHWKHPRGHUQ
FDWDORJXHRIKXPDQULJKWVDOORZVIRUPRVWULJKWVWREHOLPLWHGLQRUGHUWRWDNHLQWRDFFRXQWWKH
ULJKWVRIRWKHUV

6RPHZLOOVD\ZHKDYHVWLOOQRWUHDOO\SURYHQWKDWWKHVHULJKWVH[LVWEH\RQGODZVDQGWUHDWLHVDV
DTXHVWLRQRIPRUDOORJLFIRUHYHU\RQHUDWKHUWKDQDVDYHKLFOHRIFRQYHQLHQFHIRUWKRVHLQYRNLQJ
WKHP,WKLQNWKDWLQRUGHUWRVKRZWKDWKXPDQULJKWVDUHPRUHWKDQMXVWFRPSHWLQJFODLPVDQG
WKDWWKH\UHIOHFWDVHQVHWKDWKXPDQEHLQJVKDYHVSHFLDOZRUWKZHVKRXOGWXUQWRWKHLQFUHDVLQJO\
LQIOXHQWLDOLGHDWKDWKXPDQULJKWVDUHUHDOO\DERXWSURWHFWLQJKXPDQGLJQLW\ VHH%R[ 

'LJQLW\
0RGHUQULJKWVWKHRULVWVKDYHVRXJKWWRMXVWLI\WKHH[LVWHQFHDQGLPSRUWDQFHRIULJKWVE\UHIHUHQFH
WRVRPHRYHUULGLQJYDOXHVXFKDVIUHHGRPIDLUQHVVDXWRQRP\HTXDOLW\SHUVRQKRRGRUGLJQLW\
)ROORZLQJWKH*HUPDQSKLORVRSKHU,PPDQXHO.DQWVRPHKDYHVRXJKWWRGHULYHWKHORJLFRI
KXPDQULJKWVIURPDEVROXWHPRUDOSULQFLSOHVZKLFKFDQEHJHQHUDWHGIURPWKHIROORZLQJ
LPSHUDWLYHVILUVWWKDWHDFKRIXVKDVWRDFWDFFRUGLQJWRWKHSULQFLSOHVWKDWZHZLVKRWKHUUDWLRQDO
EHLQJVWRDFWRQDQGVHFRQGWKDWDSHUVRQVKRXOGQHYHUEHWUHDWHGDVDPHDQVWRDQHQGEXW
UDWKHUDVDQHQGLQWKHPVHOYHV,QWKHZRUGVRIWKHPRGHUQSKLORVRSKHU$ODQ*HUZLWKߝDJHQWV
DQGLQVWLWXWLRQVDUHDEVROXWHO\SURKLELWHGIURPGHJUDGLQJSHUVRQVWUHDWLQJWKHPDVLIWKH\KDGQR
ULJKWVRUGLJQLW\ߞ7KLVLVRIWHQWKHVWDUWLQJSRLQWIRUULJKWVWKHRULHVWKDWHPSKDVL]HWKH
LPSRUWDQFHRILQGLYLGXDODXWRQRP\DQGDJHQF\DVSULPRUGLDOYDOXHVWREHSURWHFWHG

%R[)U©G©ULF0©JUHWHWDO+XPDQ'LJQLW\$6SHFLDO)RFXVRQ
9XOQHUDEOH*URXSV
7KHLGHDRIGLJQLW\WKHQPLJKWEHVRPHWKLQJOLNHGRQRWPDNHPHSDUWRIDSURFHVVWKDWLV
QRWUHDOO\DERXWPHGRQRWPDNHPHDFROODWHUDOYLFWLPRIVRPHODUJHUJRDO,WLVDQDSSHDO
LQRWKHUZRUGVWRQRWVXEPLWLQGLYLGXDOVWRVRFLDODUUDQJHPHQWVEXWRUJDQL]HVRFLDO
DUUDQJHPHQWVDFFRUGLQJWRLQGLYLGXDOVߞGLJQLW\7KHGLJQLW\DSSURDFKLVSHUKDSVLQWKLV
UHVSHFWPRUHVDWLVI\LQJWKDQGHOLQHDWLQJDQXPEHURIߝFRUHULJKWVߞVRPHWKLQJZKLFK
LQHYLWDEO\LQYROYHVDZNZDUGDQGVLPSOLVWLFFKRLFHVLQWKDWDPRQJRWKHUWKLQJVGLIIHUHQW
ULJKWVPDWWHUGLIIHUHQWO\WRGLIIHUHQWSHRSOHLQGLIIHUHQWWLPHV
$OOULJKWVPDWWHUHTXDOO\DQGLWLVUDWKHUHDFKULJKWWKDWKDVDFRUHDQGDSHQXPEUDZKHUH
WKHFRUHLVSUHFLVHO\WKDWDUHDLQZKLFKGLJQLW\LVDWVWDNH
7KHPRGHUQSKLORVRSKHU-¼UJHQ+DEHUPDVVWUHVVHVWKHZD\LQZKLFKKXPDQGLJQLW\LVWKHURXWH
WRHJDOLWDULDQDQGXQLYHUVDOLVWLFODZVDQGKRZKXPDQULJKWVDUHERXQGXSZLWKWKHFUHDWLRQRI
GHPRFUDWLFLQVWLWXWLRQVWKDWDOORZIRUDIUHHIORZRILGHDVDQGSDUWLFLSDWLRQ)RUKLPߝ7KHLGHDRI
KXPDQGLJQLW\LVWKHFRQFHSWXDOKLQJHZKLFKFRQQHFWVWKHPRUDOLW\RIHTXDOUHVSHFWIRUHYHU\RQH
ZLWKSRVLWLYHODZDQGGHPRFUDWLFODZPDNLQJLQVXFKDZD\WKDWWKHLULQWHUSOD\FRXOGJLYHULVHWR
DSROLWLFDORUGHUIRXQGHGRQKXPDQULJKWVJLYHQVXLWDEOHKLVWRULFDOFRQGLWLRQVߞ,QWXUQKXPDQ
ULJKWVߝDQFKRUWKHLGHDORIDMXVWVRFLHW\LQWKHLQVWLWXWLRQVRIFRQVWLWXWLRQDOVWDWHVWKHPVHOYHVߞ

6XFKSKLORVRSKLFDOH[FXUVLRQVDUHKHOSIXOEHFDXVHWKH\WHOOXVZK\ZHPLJKWZDQWWRSURWHFW
KXPDQULJKWV:HFDQVHHWKDWULJKWVFDQEHLQVWUXPHQWDOWREXLOGLQJDVRFLHW\WKDWDOORZVSHRSOH
WKHIUHHGRPWRGHYHORSDVDXWRQRPRXVLQGLYLGXDOVZKLOHDOORZLQJSDUWLFLSDWLRQEDVHGRQ
HTXDOLW\LQWKHFRPPXQLW\ߞVGHFLVLRQPDNLQJSURFHVV,QRWKHUZRUGVZHFDQVWDUWWRDGPLWWKDW
SROLWLFDODUUDQJHPHQWVDUHXVHIXOIRUSURWHFWLQJKXPDQULJKWVQRWEHFDXVHHYHU\FRPPXQLW\PXVW
EHDERXWSURWHFWLQJ*RGJLYHQULJKWVRUHYHQUHVSHFWLQJGXWLHVGHPDQGHGE\*RGRUߝQDWXUDO
UHDVRQߞEXWUDWKHUEHFDXVHKXPDQULJKWVVHHPWRSURYHDXVHIXOZD\WRSURWHFWRWKHUYDOXHVVXFK
DVGLJQLW\

2IFRXUVHRQHFRXOGDVNDWWKLVSRLQWZKHWKHUWKHFRQFHSWRIGLJQLW\GHVHUYHVSURWHFWLRQDQ\
PRUHWKDQKXPDQULJKWVDQGZKDWLIDQ\WKLQJGRHVWKHSURWHFWLRQRIGLJQLW\HQWDLO":KLOHZH
FDQILQGDOOVRUWVRIFODLPVEHLQJSUHPLVHGRQDSSHDOVWRGLJQLW\RIWHQRQRSSRVLQJVLGHVRIWKH
DUJXPHQWZHPLJKWDOVRVXJJHVWWKDWFRQWHPSRUDU\FRQFHUQIRUGLJQLW\DVHYLGHQFHGE\MXGLFLDO
UHDVRQLQJFDQEHVHHQLQDWOHDVWIRXUJXLVHV)LUVWWKHSURKLELWLRQRIDOOW\SHVRILQKXPDQ
WUHDWPHQWKXPLOLDWLRQRUGHJUDGDWLRQE\RQHSHUVRQRYHUDQRWKHUVHFRQGWKHDVVXUDQFHRIWKH
SRVVLELOLW\IRULQGLYLGXDOFKRLFHDQGWKHFRQGLWLRQVIRUHDFKLQGLYLGXDOߞVVHOIIXOILOPHQW
DXWRQRP\RUVHOIUHDOL]DWLRQWKLUGWKHUHFRJQLWLRQWKDWWKHSURWHFWLRQRIJURXSLGHQWLW\DQG
FXOWXUHPD\EHHVVHQWLDOIRUWKHSURWHFWLRQRISHUVRQDOGLJQLW\DQGIRXUWKWKHFUHDWLRQRIWKH
QHFHVVDU\FRQGLWLRQVIRUHDFKLQGLYLGXDOWRKDYHWKHLUHVVHQWLDOQHHGVVDWLVILHG

&KULVWRSKHU0F&UXGGHQKDVWUDFHGWKHLQFUHDVLQJMXGLFLDOSRSXODULW\RIGLJQLW\DVWKHJURXQGV
IRUGHFLVLRQPDNLQJLQKXPDQULJKWVFDVHVQRWRQO\XQGHUFDVHVGHFLGHGDWWKHLQWHUQDWLRQDOOHYHO
E\WKH(XURSHDQDQG$PHULFDQ&RXUWVRI+XPDQ5LJKWVEXWDOVRIURPMXULVGLFWLRQVVXFKDV
6RXWK$IULFD+XQJDU\,QGLD,VUDHO*HUPDQ\&DQDGD)UDQFHWKH8QLWHG6WDWHVDQGWKH
8QLWHG.LQJGRP+LVVWXG\VKRZVWKDWHYHQLIZHDUHVWLOOZDLWLQJIRUWKHWHUPGLJQLW\WREH
JLYHQVXEVWDQWLYHPHDQLQJWKHWHUPSURYLGHVߝDODQJXDJHLQZKLFKMXGJHVFDQDSSHDUWRMXVWLI\
KRZWKH\GHDOZLWKLVVXHVVXFKDVWKHZHLJKWRIULJKWVߞ

'LJQLW\LVSHUKDSVDQH[SODQDWRU\WHUPWKDWKHOSVXVWRVHHZK\VRPHFDXVHVDUHSUHIHUUHGRYHU
RWKHUVLWGRHVQRWQHFHVVDULO\RQLWVRZQMXVWLI\DSDUWLFXODUUHVXOW)UHHGRPRIH[SUHVVLRQLVD
PDWWHURIKXPDQGLJQLW\EXWVRDUHWKHUHVWULFWLRQVGHVLJQHGWRSURWHFWWKHSULYDWHOLYHVRIRWKHUV
WRSUHYHQWKDWHVSHHFKRUWRHOLPLQDWHFKLOGSRUQRJUDSK\%RWKVLGHVRIWKHGHEDWHVRYHUDERUWLRQ
RUDVVLVWHGVXLFLGHZLOODSSHDOWRKXPDQGLJQLW\DVWKHJXLGLQJSULQFLSOHWRGHWHUPLQHZKRLV
ULJKW$VZHZLOOVHHZKHQZHFRQVLGHUWKHEDODQFLQJRIULJKWVLQ&KDSWHUVDQGUHDVRQDEOH
SHRSOHFDQGLVDJUHHDERXWZKRVHGLJQLW\VKRXOGEHSULRULWL]HG%XWORRNLQJDWLWWKLVZD\ZHFDQ
VHHWKDWKXPDQULJKWVFDVHVDUHDERXWPRUHWKDQLQWHUSUHWLQJWKHLQWHQWLRQRIWKHODZPDNHUVWKH\
RIWHQLQYROYHFKRLFHVDERXWZKDWVRUWRIVRFLHW\ZHZDQW

5HFHQWH[DPSOHVRIMXGJHVMXVWLI\LQJWKHLUKXPDQULJKWVILQGLQJE\H[SODLQLQJWKDWWKHUHVXOW
VWHPVIURPWKHQHHGWRXSKROGWKHGLJQLW\RIKXPDQEHLQJVDUHWREHIRXQGLQGHFLVLRQVUHODWLQJ
WROLIHLPSULVRQPHQW,Q*HUPDQ\ DQGODWHUDWWKH(XURSHDQ&RXUWRI+XPDQ5LJKWV LWZDV
IRXQGWKDWOLIHLPSULVRQPHQWZLWKRXWUHYLHZFRXOGEHLQFRPSDWLEOHZLWKKXPDQULJKWVDV
UHKDELOLWDWLRQZDVUHTXLUHGLQߝDQ\FRPPXQLW\WKDWHVWDEOLVKHGKXPDQGLJQLW\DVLWVFHQWUHSLHFHߞ

7KHWXUQDZD\IURPWKHRU\
6RPHSKLORVRSKHUVKDYHVXJJHVWHGWKDWZHDEDQGRQWKHTXHVWIRUDFRQYLQFLQJPRUDOWKHRU\RI
ZK\ZHKDYHKXPDQULJKWV)RU5LFKDUG5RUW\LWLVDIDFWWKDWߝWKHHPHUJHQFHRIWKHKXPDQ
ULJKWVFXOWXUHVHHPVWRRZHQRWKLQJWRLQFUHDVHGPRUDONQRZOHGJHDQGHYHU\WKLQJWRKHDULQJVDG
DQGVHQWLPHQWDOVWRULHVߞDQGWKDWZHVKRXOGSXWIRXQGDWLRQDOLVWPRUDOWKHRULHVFRQFHUQHGZLWK
KXPDQULJKWVEHKLQGXVVRWKDWZHFDQEHWWHUߝFRQFHQWUDWHRXUHQHUJLHVRQPDQLSXODWLQJ
VHQWLPHQWVRQVHQWLPHQWDOHGXFDWLRQߞ2WKHUVVWUHVVWKDWKXPDQULJKWVDUHFODLPVDERXWKRZWKH
ZRUOGVKRXOGFKDQJHDQGVXFKFODLPVDUHUHDOO\DERXWKRZWKLQJVVKRXOGEH VHH%R[ 

%R[0LFKDHO*RRGKDUWߝ+XPDQ5LJKWVDQGWKH3ROLWLFVRI
&RQWHVWDWLRQߞ
+XPDQULJKWVFODLPVDUHSROLWLFDOGHPDQGVLQWKHEURDGHVWVHQVH7KH\DUHQRUPDWLYHFODLPV
ߚFODLPVDERXWKRZWKLQJVVKRXOGEHߚEXWWKDWLVQRWWKHVDPHDVVD\LQJWKDWWKH\DUH
FODLPVDERXWPRUDOWUXWK7KH\UHIOHFWWKHFRQYLFWLRQWKDWDOOSHRSOHVKRXOGEHWUHDWHGDV
PRUDOHTXDOVHQWLWOHGWRFHUWDLQHVVHQWLDOIUHHGRPV7RLQYRNHKXPDQULJKWVLVWRFKDOOHQJH
WKHRUGHURIWKLQJVWRFRQIURQWVWUXFWXUHVRISRZHUDQGSULYLOHJHߝQDWXUDOߞRUDUELWUDU\
KLHUDUFK\ZLWKWKHXQVKDNDEOHEHOLHILQIUHHGRPDQGHTXDOLW\IRUDOO,QWKLVZD\KXPDQ
ULJKWVDUHSDUWLVDQRULGHRORJLFDO7KH\WDNHDSDUWLFXODUVLGHDQGUHIOHFWDSDUWLFXODU
SHUVSHFWLYHߚWKDWRIWKHZHDNWKHDEXVHGWKHPDUJLQDOL]HGWKHGRZQWURGGHQ

/LYHO\GLVFXVVLRQFRQWLQXHVDERXWWKHXWLOLW\RIKXPDQULJKWVIRUSURJUHVVLYHFKDQJH0DQ\
FRQFHUQHGZLWKVRFLDOMXVWLFHTXHVWLRQZKHWKHUDGRSWLQJDULJKWVVWUDWHJ\PLJKWQRWUHVXOWLQ
HQWUHQFKLQJH[LVWLQJSURSHUW\LQWHUHVWV)HPLQLVWVFRQWLQXHWRKLJKOLJKWWKHIDLOXUHRIKXPDQ
ULJKWVWRDGGUHVVVWUXFWXUDOLQHTXDOLW\EHWZHHQWKHVH[HVLVVXHVRISULYDWHYLROHQFHDJDLQVW
ZRPHQDQGWKHQHHGIRUJUHDWHULQFOXVLRQRIZRPHQLQGHFLVLRQPDNLQJ(YHQUHRULHQWLQJ
KXPDQULJKWVWRDGGUHVVWKHVHLVVXHVFRXOGEHFRQVLGHUHGVLPSO\DPHDVXUHWRUHLQIRUFH
VWHUHRW\SHVRIZRPHQDVYLFWLPVRIYLROHQFHDQGLQQHHGRISURWHFWLRQ$WDQRWKHUOHYHODV
UHIHUHQFHVWRKXPDQULJKWVIHDWXUHLQFUHDVLQJO\LQWKHGLVFRXUVHRI:HVWHUQOHDGHUVVRPHIHDU
WKDWKXPDQULJKWVDUHEHFRPLQJLQVWUXPHQWDOL]HGGHSOR\HGDVH[FXVHVIRULQWHUYHQWLRQE\
SRZHUIXOFRXQWULHVLQWKHSROLWLFDOHFRQRPLFDQGFXOWXUDOOLIHRIZHDNHUFRXQWULHVIURPWKH
6RXWK/DVWO\FULWLFVVXFKDV'DYLG.HQQHG\ZDUQWKDWWKHXVHRIߝKXPDQULJKWVYRFDEXODU\PD\
KDYHIXOO\XQLQWHQGHGQHJDWLYHFRQVHTXHQFHVIRURWKHUHPDQLFLSDWRU\SURMHFWVLQFOXGLQJWKRVH
UHO\LQJRQPRUHUHOLJLRXVQDWLRQDORUORFDOHQHUJLHVߞ6XFKFULWLFLVPGRHVQRWVHHNWRGHQ\WKDW
KXPDQULJKWVH[LVW,QGHHGKXPDQULJKWVDUHVRPHWLPHVXQGHUDWWDFNWRGD\QRWEHFDXVHRI
GRXEWVDERXWWKHLUH[LVWHQFHEXWUDWKHUGXHWRWKHLURPQLSUHVHQFH

.XQGHUDRQKXPDQULJKWV
7KHODQJXDJHRILQWHUQDWLRQDOKXPDQULJKWVKDVEHFRPHDVVRFLDWHGZLWKDOOVRUWVRIFODLPVDQG
GLVSXWHV$OPRVWHYHU\RQHQRZHPSKDVL]HVWKHLUSRLQWRIYLHZLQWHUPVRIDQDVVHUWLRQRUGHQLDO
RIULJKWV,QGHHGIRUVRPHLQWKH:HVWLWVHHPVZHKDYHDOUHDG\HQWHUHGDQHUDZKHQULJKWVWDON
LVEHFRPLQJEDQDO/HWXVLOOXVWUDWHWKLVZLWKDQH[FHUSWIURP0LODQ.XQGHUDߞVVWRU\ߝ7KHJHVWXUH
RISURWHVWDJDLQVWDYLRODWLRQRIKXPDQULJKWVߞ7KHVWRU\FHQWUHVRQ%ULJLWWHZKRIROORZLQJDQ
DUJXPHQWZLWKKHU*HUPDQWHDFKHU RYHUWKHDEVHQFHRIORJLFLQ*HUPDQJUDPPDU GULYHV
WKURXJK3DULVWREX\DERWWOHRIZLQHIURP)DXFKRQ

6KHZDQWHGWRSDUNEXWIRXQGLWLPSRVVLEOHURZVRIFDUVSDUNHGEXPSHUWREXPSHUOLQHGWKHSDYHPHQWVIRU
DUDGLXVRIKDOIDPLOHDIWHUFLUFOLQJURXQGDQGURXQGIRUILIWHHQPLQXWHVVKHZDVRYHUFRPHZLWKLQGLJQDQW
DVWRQLVKPHQWDWWKHWRWDOODFNRIVSDFHVKHGURYHWKHFDURQWRWKHSDYHPHQWJRWRXWDQGVHWRXWIRUWKH
VWRUH

$VVKHDSSURDFKHGWKHVWRUHVKHQRWLFHGVRPHWKLQJVWUDQJH)DXFKRQLVDYHU\H[SHQVLYHVWRUH
EXWRQWKLVRFFDVLRQLWZDVRYHUUXQE\DERXWXQHPSOR\HGSHRSOHDOOߝSRRUO\GUHVVHGߞ,Q
.XQGHUDߞVZRUGV

,WZDVDVWUDQJHSURWHVWWKHXQHPSOR\HGGLGQRWFRPHWREUHDNDQ\WKLQJRUWRWKUHDWHQDQ\RQHRUWRVKRXW
VORJDQVWKH\MXVWZDQWHGWRHPEDUUDVVWKHULFKDQGE\WKHLUPHUHSUHVHQFHWRVSRLOWKHLUDSSHWLWHIRUZLQH
DQGFDYLDU

%ULJLWWHVXFFHHGHGLQJHWWLQJKHUERWWOHRIZLQHDQGUHWXUQHGWRKHUFDUWRILQGWZRSROLFHPHQ
DVNLQJKHUWRSD\DSDUNLQJILQH%ULJLWWHVWDUWHGWRDEXVHWKHSROLFHPHQDQGZKHQWKH\SRLQWHGWR
WKHIDFWWKDWWKHFDUZDVLOOHJDOO\SDUNHGDQGEORFNLQJWKHSDYHPHQW%ULJLWWHSRLQWHGWRDOOWKH
URZVRIFDUVSDUNHGRQHEHKLQGWKHRWKHU

ߝ&DQ\RXWHOOPHZKHUH,ZDVVXSSRVHGWRSDUN",ISHRSOHDUHSHUPLWWHGWREX\FDUVWKH\VKRXOGDOVREH
JXDUDQWHHGDSODFHWRSXWWKHPULJKW"<RXPXVWEHORJLFDOߞVKHVKRXWHGDWWKHP

.XQGHUDWHOOVWKHVWRU\WRIRFXVRQWKHIROORZLQJGHWDLO

DWWKHPRPHQWZKHQVKHZDVVKRXWLQJDWWKHSROLFHPHQ%ULJLWWHUHFDOOHGWKHXQHPSOR\HGGHPRQVWUDWRUVLQ
)DXFKRQߞVDQGIHOWDVWURQJVHQVHRIV\PSDWK\IRUWKHPVKHIHOWXQLWHGZLWKWKHPLQDFRPPRQILJKW7KDW
JDYHKHUFRXUDJHDQGVKHUDLVHGKHUYRLFHWKHSROLFHPDQ KHVLWDQWMXVWOLNHWKHZRPHQLQIXUFRDWVXQGHU
WKHJD]HRIWKHXQHPSOR\HG NHSWUHSHDWLQJLQDQXQFRQYLQFLQJDQGIRROLVKPDQQHUZRUGVVXFKDV
IRUELGGHQSURKLELWHGGLVFLSOLQHRUGHUDQGLQWKHHQGOHWKHURIIZLWKRXWDILQH

.XQGHUDWHOOVXVWKDWGXULQJWKHGLVSXWH%ULJLWWHNHSWUDSLGO\VKDNLQJKHUKHDGIURPOHIWWRULJKW
DQGDWWKHVDPHWLPHOLIWLQJKHUVKRXOGHUVDQGH\HEURZV6KHDJDLQVKDNHVKHUKHDGIURPOHIWWR
ULJKWZKHQVKHWHOOVWKHVWRU\WRKHUIDWKHU.XQGHUDZULWHV

:HKDYHHQFRXQWHUHGWKLVPRYHPHQWEHIRUHLWH[SUHVVHVLQGLJQDQWDVWRQLVKPHQWDWWKHIDFWWKDWVRPHRQH
ZDQWVWRGHQ\XVRXUPRVWVHOIHYLGHQWULJKWV/HWXVWKHUHIRUHFDOOWKLVWKHJHVWXUHRISURWHVWDJDLQVWD
YLRODWLRQRIKXPDQULJKWV

)RU.XQGHUDLWLVWKHFRQWUDGLFWLRQEHWZHHQWKH)UHQFKUHYROXWLRQDU\SURFODPDWLRQVRIULJKWVDQG
WKHH[LVWHQFHRIFRQFHQWUDWLRQFDPSVLQ5XVVLDWKDWWULJJHUHGWKHUHODWLYHO\UHFHQW:HVWHUQ
HQWKXVLDVPIRUKXPDQULJKWV

7KHFRQFHSWRIKXPDQULJKWVJRHVEDFNVRPHWZRKXQGUHG\HDUVEXWLWUHDFKHGLWVJUHDWHVWJORU\LQWKH
VHFRQGKDOIRIWKHV$OH[DQGHU6RO]KHQLWV\QKDGMXVWEHHQH[LOHGIURPKLVFRXQWU\DQGKLVVWULNLQJ
ILJXUHDGRUQHGZLWKEHDUGDQGKDQGFXIIVK\SQRWL]HG:HVWHUQLQWHOOHFWXDOVVLFNZLWKDORQJLQJIRUWKH
JUHDWGHVWLQ\ZKLFKKDGEHHQGHQLHGWKHP,WZDVRQO\WKDQNVWRKLPWKDWWKH\VWDUWHGWREHOLHYHDIWHUD
ILIW\\HDUGHOD\WKDWLQFRPPXQLVW5XVVLDWKHUHZHUHFRQFHQWUDWLRQFDPSVHYHQSURJUHVVLYHSHRSOHZHUH
QRZUHDG\WRDGPLWWKDWLPSULVRQLQJVRPHRQHIRUKLVRSLQLRQVZDVQRWMXVW$QGWKH\IRXQGDQH[FHOOHQW
MXVWLILFDWLRQIRUWKHLUQHZDWWLWXGH5XVVLDQFRPPXQLVWVYLRODWHGKXPDQULJKWVLQVSLWHRIWKHIDFWWKDWWKHVH
ULJKWVKDGEHHQJORULRXVO\SURFODLPHGE\WKH)UHQFK5HYROXWLRQLWVHOI

$QGVRWKDQNVWR6RO]KHQLWV\QKXPDQULJKWVRQFHDJDLQIRXQGWKHLUSODFHLQWKHYRFDEXODU\RIRXUWLPHV,
GRQߞWNQRZDVLQJOHSROLWLFLDQZKRGRHVQߞWPHQWLRQWLPHVDGD\ߝWKHILJKWIRUKXPDQULJKWVߞRU
ߝYLRODWLRQVRIKXPDQULJKWVߞ%XWEHFDXVHSHRSOHLQWKH:HVWDUHQRWWKUHDWHQHGE\FRQFHQWUDWLRQFDPSV
DQGDUHIUHHWRVD\DQGZULWHZKDWWKH\ZDQWWKHPRUHWKHILJKWIRUKXPDQULJKWVJDLQVLQSRSXODULW\WKH
PRUHLWORVHVDQ\FRQFUHWHFRQWHQWEHFRPLQJDNLQGRIXQLYHUVDOVWDQFHRIHYHU\RQHWRZDUGVHYHU\WKLQJD
NLQGRIHQHUJ\WKDWWXUQVDOOKXPDQGHVLUHVLQWRULJKWV7KHZRUOGKDVEHFRPHPDQߞVULJKWDQGHYHU\WKLQJ
LQLWKDVEHFRPHDULJKWWKHGHVLUHIRUORYHWKHULJKWWRORYHWKHGHVLUHIRUUHVWWKHULJKWWRUHVWWKHGHVLUH
IRUIULHQGVKLSWKHULJKWWRIULHQGVKLSWKHGHVLUHWRH[FHHGWKHVSHHGOLPLWWKHULJKWWRH[FHHGWKHVSHHG
OLPLWWKHGHVLUHIRUKDSSLQHVVWKHULJKWWRKDSSLQHVVWKHGHVLUHWRSXEOLVKDERRNWKHULJKWWRSXEOLVKD
ERRNWKHGHVLUHWRVKRXWLQWKHVWUHHWLQWKHPLGGOHRIWKHQLJKWWKHULJKWWRVKRXWLQWKHVWUHHW7KH
XQHPSOR\HGKDYHWKHULJKWWRRFFXS\DQH[SHQVLYHIRRGVWRUHWKHZRPHQLQIXUFRDWVKDYHWKHULJKWWREX\
FDYLDU%ULJLWWHKDVWKHULJKWWRSDUNRQWKHSDYHPHQWDQGHYHU\ERG\WKHXQHPSOR\HGWKHZRPHQLQIXU
FRDWVDVZHOODV%ULJLWWHEHORQJVWRWKHVDPHDUP\RIILJKWHUVIRUKXPDQULJKWV

.XQGHUDߞVHVVD\PDNHVDIHZSRLQWVDERXWWKHFKDQJLQJZRUOGRIKXPDQULJKWV)LUVWIRUVRPH
SHRSOHWRGD\KXPDQULJKWVDUHREYLRXVVHOIHYLGHQWDQGVLPSO\ORJLFDO7KHUHLVRIWHQQR
FKDOOHQJHUHJDUGLQJWKHVRXUFHRIWKHVHULJKWVRUHYHQWKHWKHRUHWLFDOIRXQGDWLRQVRIDULJKWV
FODLP7KHIRXQGDWLRQVRIWKHULJKWVUHJLPHVHHPWRXVVRVROLGWKDWWKHDFWRILQYRNLQJULJKWVLQ
LWVHOIVHHPVWRPDNH\RXULJKW

6HFRQGKXPDQULJKWVDUHFODLPVWKDWDXWRPDWLFDOO\RFFXUWRRQHRQFHRQHIHHOVKDUGGRQHE\$
VHQVHRILQMXVWLFHFDQEUHHGDIHHOLQJWKDWRQHKDVEHHQGHQLHGRQHߞVULJKWV$SSHDOVWRULJKWVDV
GHULYHGWKURXJKLUUHIXWDEOHORJLFDQGHQWLWOHPHQWDUHWRGD\VRPHKRZPRUHLPPHGLDWHO\
FRQYLQFLQJWKDQFRQFHSWVVXFKDVߝVRFLDOFRQWUDFWߞߝWKHODZRIQDWXUHߞRUߝULJKWUHDVRQߞ%ULJLWWH
FRQYLQFHVWKHSROLFHWKURXJKDQDSSHDOWRDORJLFDOHQWLWOHPHQWWRDULJKWWRSDUNRQWKH
SDYHPHQW$QDSSHDOIRUJHQHURVLW\IRUJLYHQHVVKXPDQLW\RUFKDULW\ZRXOGKDYHLQYROYHGD
GLIIHUHQWJHVWXUH

7KLUGDVKDUHGVHQVHRIJULHYDQFHSURYLGHVSRZHUIXOVXFFRXUIRUWKRVHFODLPLQJWKHLUߝULJKWVߞ
:KHQWKRVHRIXVZKRIHHODJJULHYHGVWDQGWRJHWKHULQSURWHVWZHILQGVWUHQJWKWKURXJK
VROLGDULW\7KHODZLWVHOIPD\EHWKHWDUJHWRIWKHSURWHVW2XWUDJHDWODZFDQVRPHKRZ
GHOHJLWLPL]HVXFKODZVHYHQLQWKHH\HVRIODZHQIRUFHUV2EHGLHQFHWRWKHODZLVDKDELWRIWHQ
UHODWHGWRWKHODZߞVUHDVRQDEOHQHVV,QYRNLQJRXUKXPDQULJKWVKDVEHFRPHDZD\WRFKDOOHQJH
ODZVWKDWZHIHHODUHXQMXVW HYHQZKHQWKHODZKDVEHHQDGRSWHGDFFRUGLQJWRWKHFRUUHFW
SURFHGXUHV ,QIDFWKXPDQULJKWVODZKDVQRZGHYHORSHGVRWKDWLQDOPRVWDOOVWDWHVQDWLRQDO
ODZFDQEHFKDOOHQJHGIRULWVODFNRIFRQIRUPLW\ZLWKKXPDQULJKWV$VODZVDUHUHSHDOHGDQG
VWUXFNGRZQWKHUHLVDYDOLGSHUFHSWLRQWKDWWKHOHJLWLPDF\RUHYHQOHJDOLW\RIDOOODZKDVWREH
MXGJHGDJDLQVWKXPDQULJKWVODZ7KHKLHUDUFK\EHWZHHQKXPDQ RUFRQVWLWXWLRQDO ULJKWVODZDQG
QRUPDOQDWLRQDOODZLVQRZPLUURUHGDWWKHLQWHUQDWLRQDOOHYHOLQWKHKLHUDUFK\EHWZHHQJHQHUDO
LQWHUQDWLRQDOODZDQGFHUWDLQߝVXSHULRUߞLQWHUQDWLRQDOODZSURKLELWLRQV NQRZQDVߝSHUHPSWRU\ߞRU
ߝMXVFRJHQVߞQRUPV +XPDQULJKWVRSHUDWHIURPDKLJKHUSODQHDQGDUHXVHGWRFULWLFL]HQRUPDO
ODZV

)RXUWKDSSHDOLQJWRULJKWVDQGHQVXULQJUHVSHFWIRUULJKWVLVDZD\RIQRWRQO\DFKLHYLQJDIL[HG
JRDOEXWFKDQJLQJWKHV\VWHPZHOLYHLQ+XPDQULJKWVDUHLPSRUWDQWDVLQVWUXPHQWVIRUFKDQJH
LQWKHZRUOG+XPDQULJKWVKDYHPRYHGRQIURPWKHLGHDRIFLWL]HQVߞLQGLYLGXDOHQWLWOHPHQWVLQD
QDWLRQDOUHYROXWLRQDU\SURFODPDWLRQ VXFKDVWKH)UHQFK'HFODUDWLRQRIRUWKHSROLWLFDO
VHWWOHPHQWVFRQWDLQHGLQWKH0DJQD&DUWDRI 7RGD\QRWRQO\DUHKXPDQULJKWVFODLPV
LQVWUXPHQWDOLQFKDQJLQJQDWLRQDOODZEXWKXPDQULJKWVSULQFLSOHVDUHFRQVLGHUHGUHOHYDQWIRU
LQWHUQDWLRQDOGHYHORSPHQWDVVLVWDQFHSURMHFWVIDFLOLWDWLQJWUDQVLWLRQDOMXVWLFHGXULQJUHJLPH
FKDQJHGHDOLQJZLWKSRVWFRQIOLFWUHFRQVWUXFWLRQDVZHOODVWDFNOLQJSRYHUW\DQGWKHHIIHFWVRI
FOLPDWHFKDQJH

)LIWKIRUVRPHWKHUHLVDQKLVWRULFDODVVRFLDWLRQEHWZHHQKXPDQULJKWVDQG:HVWHUQ
SUHRFFXSDWLRQVDQGLWKDVWKHUHIRUHEHHQWHPSWLQJWRGLVPLVVWKRVHZKRUDLVHWKHLVVXHRIKXPDQ
ULJKWVDVGLYRUFHGIURPWKHDFWXDOGHSULYDWLRQVWKH\DUHWDONLQJDERXW7KHH[DPSOHRIDULFKJLUO
FRPSODLQLQJDERXWODFNRISDUNLQJVSDFHLVRIFRXUVHGHOLEHUDWHO\DEVXUGDQGLURQLF%XW
.XQGHUDߞVVWRU\LOOXVWUDWHVKRZKXPDQULJKWVRXWUDJHFDQTXLFNO\EHPDGHWRVHHPULGLFXORXV
HYHQK\SRFULWLFDODVFHUWDLQ:HVWHUQJRYHUQPHQWVVHOHFWLYHO\VDQFWLRQDQGVXSSRUWKXPDQULJKWV
YLRODWLRQV,WZRXOGKRZHYHUEHDPLVWDNHWRRYHUHPSKDVL]HWKHDVVRFLDWLRQRIKXPDQULJKWV
ZLWK:HVWHUQK\SRFULV\,QIDFWWKHPRGHUQKXPDQULJKWVPRYHPHQWDQGWKHFRPSOH[QRUPDWLYH
LQWHUQDWLRQDOIUDPHZRUNKDYHJURZQRXWRIDQXPEHURIWUDQVQDWLRQDODQGZLGHVSUHDG
PRYHPHQWV+XPDQULJKWVZHUHDQGDUHLQFUHDVLQJO\LQYRNHGDQGFODLPHGLQWKHFRQWH[WVRIDQWL
LPSHULDOLVPDQWLDSDUWKHLGDQWLUDFLVPDQWL6HPLWLVPDQWLKRPRSKRELDDQWLLVODPRSKRELDDQG
IHPLQLVWDQGLQGLJHQRXVVWUXJJOHVHYHU\ZKHUH:HVWHUQJRYHUQPHQWVPD\UHFHQWO\KDYH
GRPLQDWHGWKHGLVFRXUVHDWWKHKLJKHVWLQWHUQDWLRQDOOHYHOVEXWWKHFKDQWLQJRQWKHJURXQGGLGQRW
QHFHVVDULO\WDNHLWVFXHIURPWKHPQRUGLGLWVLQJWRWKH:HVWߞVWXQH

6L[WKWKHVHQVHRIVROLGDULW\DPRQJVWWKRVHZKREHOLHYHWKH\DUHWKHYLFWLPVRIDKXPDQULJKWV
YLRODWLRQFDQWUDQVFHQGFODVVJHQGHUDQGRWKHUGLVWLQFWLRQV7KLVVHQVHRIFRQQHFWHGQHVVLV
FULWLFDOWRXQGHUVWDQGLQJWKHFKDQJLQJZRUOGRIKXPDQULJKWV7KHKXPDQULJKWVPRYHPHQW
LQYROYHV:HVWHUQEDVHGPHJDRUJDQL]DWLRQVDQGWLQ\ORFDOIDFWILQGLQJDQGDGYRFDF\JURXSV
WRLOLQJWRUHYHDOVRPHRIWKHZRUVWDEXVHV0RURHYHUSDUWRIWKHMXVWLILFDWLRQIRUWKHSULPDF\RI
FHUWDLQKXPDQULJKWVQRUPVLQSXEOLFLQWHUQDWLRQDOODZLVWKDWFHUWDLQDFWVVRRIIHQGWKH
FRQVFLHQFHRIKXPDQLW\WKDWWKH\VKRXOGEHSURVHFXWHGDVFULPHVDJDLQVWKXPDQLW\,WLVWKHVHQVH
RIFRPPRQKXPDQLW\DQGVKDUHGVXIIHULQJWKDWNHHSVWKHZRUOGRIKXPDQULJKWVPRYLQJDQG
H[SODLQVWKHJHVWXUHRISURWHVWDJDLQVWDYLRODWLRQRIKXPDQULJKWV

/DVWO\WKURXJKWKHH\HVRI.XQGHUDDQG%ULJLWWHZHREVHUYHVHYHUDOGLIIHUHQWORJLFVRIKXPDQ
ULJKWVGHSHQGLQJRQFXOWXUHWLPHSODFHDQGNQRZOHGJH7KLVLVD(XURSHDQVWRU\VHWLQWKH
FDSLWDODQGFDSWXULQJWKHPRRGMXVWDWWKHHQGRIWKH&ROG:DU7KHUHDUHFRQWHPSRUDU\$IULFDQ
$VLDQRU$PHULFDQVWRULHVZKLFKZRXOGEHYHU\GLIIHUHQW%XWZHVXJJHVWWKDW.XQGHUDKHOSVXV
KHUHEHFDXVHKHLGHQWLILHVWKLVVSHFLDOFRQWHPSRUDU\JHVWXUHDVDQLQWHUQDOKXPDQIHHOLQJZKLFK
GULYHVWKHGLVFRXUVH7KHYRFDEXODU\RIKXPDQULJKWVLVQRWDVLPSOHUHYHODWLRQRIDGHHS
XQLYHUVDOVWUXFWXUHZKLFKZHDOOLQQDWHO\XQGHUVWDQG1RULVLWDODQJXDJHWREHOHDUQHGDVDQ
DGXOW,WLVWKHVWRU\RIVWUXJJOHVFRQFHUQLQJLQMXVWLFHLQKXPDQLW\DQGEHWWHUJRYHUQPHQW$QGDW
WKHVDPHWLPHVWDWHVPD\LQYRNHKXPDQULJKWVWRIXUWKHUWKHLURZQIRUHLJQSROLF\JRDOV8QOHVV
ZHXQGHUVWDQGVRPHRIWKHGULYLQJIRUFHVEHKLQGKXPDQULJKWVZHULVNPLVVLQJWKHFXUUHQWV
ZKLFKZLOOGHWHUPLQHLWVIXWXUHGLUHFWLRQ.XQGHUDߞVVFHSWLFLVPPD\MDUߚEXWLWDOVRVWULNHVD
FKRUG7KHFRQWUDGLFWLRQEHWZHHQRXUFRPPLWPHQWWRWKHߝREYLRXVߞPRUDOORJLFRIKXPDQULJKWV
DQGRXUF\QLFLVPWRZDUGVFHUWDLQULJKWVFODLPVKDVWREHDGGUHVVHGKHDGRQLIZHZDQWWR
XQGHUVWDQGWKHZRUOGRIKXPDQULJKWVWRGD\

)RUDFRQWHPSRUDU\KHDUWIHOWDSSHDOWRKXPDQULJKWVZHQHHGORRNQRIXUWKHUWKDQDUHFHQW
FRPSODLQWFRQFHUQLQJGHWHQWLRQLQ*XDQW¡QDPR%D\ VHH%R[ 

%R[([WUDFWIURPDFRPSODLQWVXEPLWWHGE\5HSULHYHFRQFHUQLQJ
DFRQWUDFWEHWZHHQWKHVHFXULW\FRPSDQ\*6DQGWKH86
DXWKRULWLHVUHVSRQVLEOHIRUGHWHQWLRQLQ*XDQW¡QDPR%D\
(PDG+DVVDQLVD<HPHQLQDWLRQDOZKRZDVVHL]HGZKLOHVWXG\LQJLQ3DNLVWDQ'XULQJ
LQWHUURJDWLRQKHZDVDVNHGLIKHNQHZ$O4DHGDDQGUHSOLHG\HV+HZDVKRZHYHUUHIHUULQJ
WRDVPDOOYLOODJHQDPHG$O4DߞLGDKQHDUKLVKRPHLQ<HPHQDQGQRWWRWKHJOREDOWHUURULVW
QHWZRUN7KLVJURVVPLVXQGHUVWDQGLQJKDVIRUPHGWKHEDVLVRI0U+DVVDQߞVGHWHQWLRQ
ZLWKRXWFKDUJHRUWULDODW*XDQW¡QDPR%D\IRUQHDUO\WZHOYH\HDUV
0U+DVVDQWUDYHOOHGIURP<HPHQWR3DNLVWDQWRVWXG\SRHWU\EXWKLVVWXGLHVHQGHGZKHQ
3DNLVWDQLIRUFHVGHWDLQHGKLPLQDUDLGRQKLVVWXGHQWKRXVLQJ0U+DVVDQZDVVROGWR
$PHULFDQIRUFHVIRUDERXQW\DQGWDNHQWR*XDQW¡QDPR%D\,Q0U+DVVDQ
ZDVFOHDUHGIRUUHOHDVHE\DQLQWHUDJHQF\WDVNIRUFHFRPSULVHGRIVL[GLIIHUHQWERGLHVRIWKH
86JRYHUQPHQWLQFOXGLQJWKH)%,DQG&,$'HVSLWHEHLQJFOHDUHGIRUUHOHDVH0U+DVVDQ
UHPDLQVLQLQGHILQLWHGHWHQWLRQ
0U+DVVDQKDVXQGHUWDNHQWKHORQJHVWKXQJHUVWULNHLQ*XDQW¡QDPR)RUWKHODVWVHYHQ
\HDUVKHKDVUHIXVHGWRHDWDQGKDVKDGWRHQGXUHEUXWDOIRUFHIHHGLQJWZLFHDGD\0U
+DVVDQKDVEHHQDEXVLYHO\IRUFHIHGPRUHWKDQILYHWKRXVDQGWLPHVVLQFHDVSDUWRIWKH
PLOLWDU\ߞVHIIRUWVWREUHDNKLVVSLULW+HVXIIHUVIURPVHULRXVLQWHUQDOLQMXULHVDVDUHVXOW
'XHWRWKHIRUFHIHHGLQJ0U+DVVDQFRQWUDFWHGVHYHUHSDQFUHDWLWLVDQGRQHRIKLVQDVDO
SDVVDJHVKDVFRPSOHWHO\FORVHGXS
0U+DVVDQKDVVDLGߝ6RPHWLPHV,VLWLQWKHFKDLUDQGYRPLW1RERG\VD\VDQ\WKLQJ(YHQLI
WKH\WXUQHGWKHLUEDFNV,ZRXOGXQGHUVWDQG,ߞPORRNLQJIRUKXPDQV$OO,DVNIRULVEDVLF
KXPDQULJKWVߞ

You might also like