hr
7UDŀHQMH NYDUD
.YDU
0RJXÉL X]URN
3RSUDYDN
$ODW QH UDGL
$NXPXODWRUVNL SDNHW QLMH GR
NUDMD XPHWQXW LOL MH LVSUDŀQMHQ
$NXPXODWRUVNL SDNHW PRUD
XVNRÏLWL V ÏXMQLP GYRVWUXNLP
NOLNRP RGQ PRUD ELWL QDSXQMHQ
(OHNWULÏQL NYDU
$NXPXODWRUVNL SDNHW L]YDGLWH L]
XUHÓDMD L REUDWLWH VH +LOWL VHU
YLVX
$ODW QH IXQNFLRQLUD D
/(' WUHSHUL
$NXPXODWRUVNL SDNHW MH LVSUD
ŀQMHQ
=DPLMHQLWH DNXPXODWRUVNL SD
NHW D SUD]DQ DNXPXODWRUVNL
SDNHW QDSXQLWH
$NXPXODWRUVNL SDNHW SUHYUXÉ LOL
SUHKODGDQ
$NXPXODWRUVNL SDNHW GRYHGLWH
GR SUHSRUXÏHQH UDGQH WHPSH
UDWXUH
8NOMXÏQRLVNOMXÏQD VNORSND
VH QH PRŀH SULWLVQXWL WM
]DJODYOMHQD MH
3UHNORSQLN ]D RNUHWDQMH QD GH
VQROLMHYR X VUHGQMHP SRORŀDMX
SRORŀDM ]D WUDQVSRUW
3UHNORSQLN ]D RNUHWDQMH QD GH
VQROLMHYR SULWLVQLWH X OLMHYR LOL X
GHVQR
$NXPXODWRUVNL SDNHW VH
SUD]QL EUŀH QHJR ģWR MH
XRELÏDMHQR
6WDQMH DNXPXODWRUD QLMH RSWL
PDOQR
'LMDJQR]D NRG VLOWL LOL
]DPMHQD DNXPXODWRUVNRJ SD
NHWD
$NXPXODWRUVNL SDNHW QHÉH
XVNRÏLWL QD PMHVWR V ÏXMQLP
ಱGYRVWUXNLPNOLNRPಯ
8VNRÏQLFL QD DNXPXODWRUVNRP
SDNHWX VX ]DPD]DQL
2ÏLVWLWH XVNRÏQLNH L XWDNQLWH
DNXPXODWRUVNL SDNHW 8NROLNR
VH SRWHģNRÉH QDVWDYH REUDWLWH
VH +LOWL VHUYLVX
/(' WUHSHUL
$NXPXODWRUVNL SDNHW MH SUD]DQ
1DSXQLWH DNXPXODWRUVNL SDNHW
$ODW MH SUHRSWHUHÉHQ SUHNRUD
ÏHQMH JUDQLFH SULPMHQH
,]DEHULWH DODW SULPMHUHQ ]D GR
WLÏQX VYUKX
=EULQMDYDQMH RWSDGD
235(=
.RG QHVWUXÏQRJ ]EULQMDYDQMD RSUHPH PRŀH GRÉL GR VOMHGHÉLK GRJDÓDMD .RG VSDOMLYDQMD SODVWLÏQLK
GLMHORYD QDVWDMX RWURYQL SOLQRYL NRML X]URNXMX REROMHQMD RVRED $NR VH EDWHULMH RģWHWH LOL MDNR
]DJULMX PRJX HNVSORGLUDWL L SULWRP X]URNRYDWL WURYDQMD RSHNOLQH NRUR]LMX LOL RQHÏLģÉHQMH RNROLģD
1HSURPLģOMHQR ]EULQMDYDQMH RPRJXÉXMH QHRYODģWHQLP RVREDPD QHSURSLVQX XSRUDEX RSUHPH 3UL
WRPH PRJX WHģNR R]OLMHGLWL VHEH L WUHÉH RVREH NDR L RQHÏLVWLWL RNROLģ
235(=
2GPDK ]EULQLWH SRNYDUHQH DNXPXODWRUVNH SDNHWH 'UŀLWH LK GDOMH RG GMHFH $NXPXODWRUVNH SDNHWH
QH UDVWDYOMDMWH QLWL LK QH VSDOMXMWH
235(=
$NXPXODWRUVNH SDNHWH ]EULQLWH SUHPD QDFLRQDOQLP SURSLVLPD LOL LVWURģHQH DNXPXODWRUVNH SDNHWH
YUDWLWH QDWUDJ LOWL
$ODWL LOWL VX YHÉLP GLMHORP L]UDÓHQL RG PDWHULMDOD NRML VH PRJX SRQRYQR SUHUDGLWL 3UHWSRVWDYND
]D WR MH QMLKRYR VWUXÏQR UD]YUVWDYDQMH LOWL MH X PQRJLP GUŀDYDPD VSUHPQD ]D SUHX]LPDQMH
VYRMLK VWDULK DODWD QD UHFLNOLUDQMH 2 WRPH SLWDMWH VHUYLVQX VOXŀEX +LOWL LOL 9DģHJ SURGDMQRJ VDYMHWQLND
6DPR ]D (8 GUŀDYH
(OHNWULÏQH DODWH QH RGODŀLWH X NXÉQH RWSDWNH
3UHPD (XURSVNRM GLUHNWLYL (= R VWDULP HOHNWULÏQLP L HOHNWURQLÏNLP VWURMHYLPD L
SUHX]LPDQMX X QDFLRQDOQR SUDYR PRUDMX VH LVWURģHQL HOHNWULÏQL DODWL VDNXSOMDWL RGYRMHQR
L RGYHVWL X SRJRQ ]D UHFLNODŀX
-DPVWYR SURL]YRÓDÏD ]D DODWH
+LOWL MDPÏL GD LVSRUXÏHQL DODW QHPD JUHģDND X
PDWHULMDOX L SURL]YRGQML 2YR MDPVWYR YULMHGL X]
SUHWSRVWDYNX GD VH DODW SUDYLOQR UDEL NRULVWL
QMHJXMH L ÏLVWL X VNODGX V +LOWLMHYRP XSXWRP R
XSRUDEL L GD VH RGUŀDYD WHKQLÏND FMHOLQD WM GD
VH V DODWRP XSRWUHEOMDYDMX VDPR RULJLOWL
MHY SRWURģQL PDWHULMDO SULERU L ]DPMHQVNL GLMHORYL
2YR MDPVWYR REXKYDÉD EHVSODWQL SRSUDYDN LOL
EHVSODWQX ]DPMHQX SRNYDUHQLK GLMHORYD WLMHNRP
FMHORNXSQRJ ŀLYRWQRJ YLMHND DODWD 'LMHORYL
SRGORŀQL QRUPDOQRP WURģHQMX QLVX REXKYDÉHQL
RYLP MDPVWYRP
2VWDOL ]DKWMHYL VX LVNOMXÏHQL XNROLNR QH SRGOL
MHŀX REYH]XMXÉLP QDFLRQDOQLP SURLOWL
SRVHELFH QH RGJRYDUD ]D QHSRVUHGQX LOL SR
VUHGQX ģWHWX ]ERJ QHGRVWDWDND LOL SRVOMHGLÏQX
ģWHWX ]ERJ QHGRVWDWDND JXELWNH LOL WURģNRYH
SRYH]DQH V XSRUDERP LOL QHPRJXÉQRVWL XSR
UDEH DODWD X ELOR NRMX VYUKX ,]ULÏLWR VX LVNOMX
ÏHQD SUHģXWQD MDPVWYD ]D SULNODGQRVW XSRUDEH
X QHNX RGUHÓHQX VYUKX
=D SRSUDYDN LOL ]DPMHQX YDOMD DODW LOL GRWLÏQH
GLMHORYH RGPDK QDNRQ XWYUÓLYDQMD QHGRVWDWND
SRVODWL QDGOHŀQRM +LOWLMHYRM WUJRYDÏNRM RUJDQL]D
FLML
2YR MDPVWYR REXKYDÉD VYH MDPVWYHQH REYH]H
VD LOWLMD L ]DPMHQMXMH VYH SULMDģQMH LOL
LVWRGREQH L]MDYH SLVPHQH LOL XVPHQH GRJRYRUH
X VYH]L V MDPVWYRP
(=L]MDYD R VXJODVMX
2]QDND
=DYUWDÏEXģLOLFD QD
DNXPXODWRUVNL SRJRQ
7LSVND R]QDND
6)& ತ$
*RGLQD NRQVWUXNFLMH
3RG
YODVWLWRP
RGJRYRUQRģÉX
L]MDYOMXMHPR
GD MH RYDM SURL]YRG VXJODVDQ VD VOMHGHÉLP
VPMHUQLFDPD
L
QRUPDPD
(=
(=
(=
(1
ತ
(1 ತತ (1 ತತ (1 ತ
(1 ತ
+LOWL &RUSRUDWLRQ
'LHWPDU 6DUWRU
5RPDQ +DHQJJL
+HDG RI %$ 4XDOLW\ DQG 3URFHVV
0DQDJHPHQW
6HQLRU 9LFH 3UHVLGHQW
%XVLQHVV $UHD (OHFWULF 7RROV
$FFHVVRULHV
%XVLQHVV 8QLW
&RUGOHVV DQG &XWWLQJ
265
266
SFC22_A_SFC14_A_P1A_01_12_2010.qxd 2.12.2010 16:20 Uhr Se