16.11.2014 Views

CREDITS

CREDITS

CREDITS

SHOW MORE
SHOW LESS

You also want an ePaper? Increase the reach of your titles

YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.

Contes<br />

de<br />

Fées<br />

&5(',76<br />

$87(856<br />

$QWRLQH 'URXDUW 7KRPDV /DERUH\ 7KRPDV<br />

/DPSHUW<br />

,//8675$7(856<br />

'DYLG 1DPERND $XEUH\ %HDUGVOH\ ,YDQ %LOL<br />

ELQH :DOWHU &UDQH *XVWDYH 'RUp .DWVXVKLWDND<br />

+RNXVDL(GPRQG'XODF-DFRE0DWKDP*XLOOHEHUW<br />

GH 0HWV .D\ 1LHOVHQ $UWKXU 5DFNKDP &DUORV<br />

6FKZDEH -HVVLH :LOOFR[ 6PLWK -RKQ :DWHUKRXVH<br />

7DLVR


&RQWHVGH)pHV ,OpWDLWXQHIRLV«<br />

,/(7$,781()2,6«<br />

« &RQWHV GH )pHV XQ MHX GH U{OH HW<br />

G·LPDJLQDLUH TXL YRXV SURSRVH G·LQFDUQHU GHV<br />

FUpDWXUHVLVVXHVGHVFRQWHVHWOpJHQGHVGHWRXWHVOHV<br />

FXOWXUHV DLQVL TXH GH YRWUH LPDJLQDWLRQ $X WUDYHUV<br />

GH FHV SHUVRQQDJHV YRXV YLYUH] GHV DYHQWXUHV<br />

H[WUDRUGLQDLUHV GDQV OH PRQGHGH)pHULHOHPRQGH<br />

PDJLTXHGHVrWUHVIpHV<br />

.REROG %DNHPRQR %DQVKHH 2JUHVVH<br />

'UDJRQ HW 'RPRYRw HW ELHQ G·DXWUHV HQFRUH TXL<br />

Q·RQW WURXYp GH QRP TXH OH WHPSV G·XQH WHUUHXU<br />

HQIDQWLQH RX G·XQ UrYH GLVWUDLW WRXV KDELWHQW OH<br />

PRQGH GH )pHULH 7RXV VRQW GHV rWUHV VXUSUHQDQWV<br />

HW IDEXOHX[ j O·DOOXUH LQFUR\DEOH HW DX[ SRXYRLUV<br />

VXUQDWXUHOV ,OV QH VRQW SDV VRXPLV DX[ kJHV TXL<br />

SDVVHQW RX j OD PRUW TXL VpSDUH PDLV LOV YLYHQW DX<br />

JUp GH OHXUV HQYLHV GH OHXUV UDQF±XUV HW GH OHXUV<br />

VHUPHQWV ,OV SDVVHQW O·pWHUQLWp SDLVLEOHPHQW FKH]<br />

HX[RXSDUFRXUHQW)pHULHjODUHFKHUFKHG·DYHQWXUH<br />

HW GH JORLUH HW SDUIRLV VH UHQGHQW GDQV OH UR\DXPH<br />

WHUUHVWUH DX JUDQG GDP GHV KXPDLQV SRXU<br />

SRXUTXRL SDV IDLUH SDUWLH GHV OpJHQGHV TXL VH<br />

WUDQVPHWWURQWGHJpQpUDWLRQHQJpQpUDWLRQ<br />

9RXV GpFRXYULUH] HQ )pHULH XQ XQLYHUV ELHQ<br />

,YDQ%LOLELQHGpWDLO<br />

GLIIpUHQW GH FHOXL GHV KXPDLQV R OH WHPSV HW<br />

O·HVSDFHQ·RQWSOXVOHPrPHVHQVROHVUqJOHVVRQW<br />

GLIIpUHQWHV &·HVW XQ PRQGH R OD UpDOLWp Q·HVW TXH<br />

$UWKXU5DFNKDP<br />

OH UHIOHW GHV GpVLUV VRXYHQW IXJLWLIV HW IDQWDVTXHV GH VHV KDELWDQWV R OH<br />

GpSD\VHPHQW HW OD VXUSULVH YRXV DWWHQGHQW j FKDTXH WRXUQDQW DX PLOLHXGHSD\VDJHVPHUYHLOOHX[RXWHUUL<br />

ILDQWV<br />

/H V\VWqPH GH FUpDWLRQ GH SHUVRQQDJH H[WUrPHPHQW VRXSOH GH &RQWHV GH )pHV YRXV SHUPHWWUD GH<br />

FUpHUOH)pHULTXHTXHYRXVGpVLUH]6HVPpFDQLVPHVRULJLQDX[RQWpWpWRXWVSpFLDOHPHQWDGDSWpVjODQDWXUH<br />

GHV rWUHVIpHV HW j OHXU PRQGH PHUYHLOOHX[ VL GLIIpUHQW GX PRQGH WHUUHVWUH &H PRQGH GRQW OHVKDELWDQWV<br />

QHSHXYHQWHQDXFXQFDVGLVSDUDvWUHTXHOTXHWRXUPHQWTX·LOVHQGXUHQWRO·HVSDFHHVWXQHQRWLRQUHODWLYH<br />

ROHWHPSVQHV·pFRXOHSDVRUHQLHUVDSDUROHHVWXQHDXWRPXWLODWLRQRODUpDOLWpVHPRGLILHHQUpSRQVH<br />

DX[ GpVLUV FRPPH OD JODLVH DX[ PDLQV GX SRWLHU (Q FRXUV GH MHX OH V\VWqPH WUqV LQWXLWLI ODLVVH OH FKDPS<br />

OLEUHjO·LPDJLQDWLRQGHVMRXHXUV,OOHXUSHUPHWG·XWLOLVHUOHVFDSDFLWpVGHOHXUSHUVRQQDJHFRPPHERQOHXU<br />

VHPEOHHWG·HQYDULHUOHVHIIHWVjO·LQILQL<br />

%LHQYHQXHGDQVOH5R\DXPHGH)pHULH


&RQWHVGH)pHV 7DEOHGHVPDWLqUHV<br />

<br />

<strong>CREDITS</strong>..............................................................................................................................................1<br />

IL ETAIT UNE FOIS…...........................................................................................................................2<br />

DEDICACES DES AUTEURS..................................................................................................................7<br />

35,1&,3$/(6127,216'8-(8 <br />

&5($7,21'83(56211$*( <br />

LA MANIFESTATION .........................................................................................................................12<br />

8QFRQFHSWIpHULTXH <br />

/D7DLOOH <br />

/H&KDUPH <br />

/H1RP <br />

LE GLAMOUR....................................................................................................................................16<br />

9DOHXUGX*ODPRXU <br />

/HV7UDLWV <br />

Exemples de Traits...................................................................................................................17<br />

ASPECTS ...........................................................................................................................................19<br />

'HVFULSWLRQGHV$VSHFWV <br />

6LJQLILFDWLRQGHV$VSHFWV <br />

6FRUHVLQLWLDX[ <br />

ESSENCE...........................................................................................................................................20<br />

LES ATTRIBUTS ................................................................................................................................21<br />

/HV6LJQHV <br />

Signes, Manifestation et capacités des personnages................................................................22<br />

$IILQLWpV <br />

Définition .................................................................................................................................23<br />

Valeur en Glamour des Affinités .............................................................................................24<br />

Les Emanations........................................................................................................................25<br />

3RXYRLUVIpHULTXHV <br />

Exemples..................................................................................................................................37<br />

7DOHQWVPDJLTXHV <br />

Pratique de la magie.................................................................................................................43<br />

Les Talents...............................................................................................................................44<br />

&RQVHLOGHVFRQFHSWHXUV <br />

AIDE-MEMOIRE DE LA CREATION DE PERSONNAGE..........................................................................47<br />

EXEMPLES DE PERSONNAGES...........................................................................................................48<br />

/XPHUROOH&KDVVHXUGpWRLOHVILODQWHV <br />

*DUWLP2JUHGH%DUEDULH <br />

,VKR3{/XQJ <br />

/RFKD <br />

%ULVHODPHV <br />

/H*RJURFK <br />

/LDPQDODVRLJH


&RQWHVGH)pHV 7DEOHGHVPDWLqUHV<br />

Les dés .....................................................................................................................................70<br />

Echec ou réussite ?...................................................................................................................70<br />

Pas de jet de dés .......................................................................................................................71<br />

Qualité de la réussite................................................................................................................71<br />

8WLOLVDWLRQGHV$VSHFWV <br />

Communication........................................................................................................................72<br />

Perception ................................................................................................................................72<br />

Déplacements...........................................................................................................................73<br />

Levage......................................................................................................................................75<br />

5pVROXWLRQpWHQGXH <br />

LE COMBAT ......................................................................................................................................77<br />

/HVJUDQGHXUVHQMHX <br />

/HVWDFWLTXHV <br />

Quelques exemples de tactiques ..............................................................................................79<br />

/HGpURXOHPHQWGXQFRPEDW <br />

Les activités .............................................................................................................................81<br />

La séquence d’une Action........................................................................................................81<br />

Options de combat ...................................................................................................................82<br />

'LYHUVHVVLWXDWLRQVGHFRPEDW <br />

Surprise ....................................................................................................................................85<br />

Adversaires multiples...............................................................................................................86<br />

Déplacement en combat...........................................................................................................87<br />

Couverture................................................................................................................................87<br />

Eclairement ..............................................................................................................................88<br />

Attaques à distance ..................................................................................................................88<br />

Armes et Armures ....................................................................................................................89<br />

Frapper des objets inanimés.....................................................................................................89<br />

Le Combat Monte ....................................................................................................................90<br />

/HVFRXSVVSpFLDX[ <br />

Exemples de coups spéciaux....................................................................................................91<br />

UTILISATION DE L’ESSENCE .............................................................................................................92<br />

Pouvoirs, sortilèges et Influence..............................................................................................92<br />

Jets de dés ................................................................................................................................92<br />

Blessures ..................................................................................................................................93<br />

(IIHWVGHVSHUWHVG(VVHQFH <br />

UpFXSpUHUGHO(VVHQFH <br />

récupération..............................................................................................................................93<br />

Essence récupérée ....................................................................................................................94<br />

Interprétation............................................................................................................................95<br />

WRPEHUHQSDQQHG(VVHQFH <br />

A la suite d'un « accident » ......................................................................................................96<br />

A la suite d’une dépense volontaire.........................................................................................96<br />

A la suite d’une agression........................................................................................................97<br />

A la suite d’un duel..................................................................................................................99<br />

Gesa........................................................................................................................................101<br />

Dépouillement........................................................................................................................103<br />

LE NOM ..........................................................................................................................................104<br />

,GHQWLWpGXQ)pHULTXH <br />

3HUWHGLGHQWLWp <br />

5pFXSpUDWLRQGLGHQWLWp <br />

SCISSION.........................................................................................................................................107<br />

EFFETS MAGIQUES DES ATTRIBUTS................................................................................................109<br />

3RUWpHGHVHIIHWVPDJLTXHV <br />

'XUpHGHVHIIHWVPDJLTXHV


&RQWHVGH)pHV 7DEOHGHVPDWLqUHV<br />

Conditions..............................................................................................................................110<br />

'pWHFWHUODPDJLH <br />

&RQWUHUODPDJLH <br />

Compenser un effet ................................................................................................................111<br />

Dissiper un sortilège ..............................................................................................................111<br />

Restaurer une Emanation .......................................................................................................111<br />

UTILISATION DES AFFINITES...........................................................................................................113<br />

/LHQHPSDWKLTXH <br />

%RQXVDX[DFWLYLWpV <br />

Quelques cas ..........................................................................................................................113<br />

,QIOXHQFHSDUOHV$IILQLWpV <br />

Effets de l’Influence...............................................................................................................118<br />

Utilisation de l’Influence .......................................................................................................118<br />

UTILISATION DES POUVOIRS FEERIQUES ET DES TALENTS MAGIQUES...........................................122<br />

3RXYRLUVIpHULTXHV <br />

7DOHQWVPDJLTXHV <br />

Lancer un Sortilège................................................................................................................122<br />

Effets incontrôlés ...................................................................................................................123<br />

Estimer la difficulté d’un sortilège ........................................................................................124<br />

LA PROGRESSION DES PERSONNAGES.............................................................................................135<br />

'LVWULEXWLRQGHVSRLQWVGH*ODPRXU <br />

5pSDUWLWLRQGHVSRLQWVJDJQpV <br />

Affinités .................................................................................................................................135<br />

Pouvoir féeriques ...................................................................................................................136<br />

Talents magiques ...................................................................................................................137<br />

7LWXODWXUH <br />

81,9(56'(-(8 <br />

LES MONDES...................................................................................................................................139<br />

/HVGHX[PRQGHV <br />

FEERIE ............................................................................................................................................140<br />

*ODPRXUHW(VVHQFH <br />

$WPRVSKqUH <br />

/HVSD\VDJHV <br />

Pays sous-marins....................................................................................................................141<br />

Eaux douces (lacs, rivières...) ................................................................................................144<br />

Iles, atolls et archipels............................................................................................................145<br />

Contrées souterraines.............................................................................................................148<br />

Les forêts................................................................................................................................150<br />

Les marais ..............................................................................................................................153<br />

Les cités de Féerie..................................................................................................................155<br />

Le pays des nuées...................................................................................................................155<br />

/HWHPSVHWOHVSDFHGDQV)pHULH <br />

Le temps dans Féerie .............................................................................................................161<br />

L’espace dans Féerie..............................................................................................................162<br />

« Distance » entre deux points ...............................................................................................163<br />

/HVKDELWDQWV <br />

Estimation rapide d’un personnage........................................................................................166<br />

Qui ai-je en face de moi ? ......................................................................................................167<br />

Les Terrestres en Féerie.........................................................................................................169<br />

Psychophysiologie féerique ...................................................................................................170<br />

Société féerique......................................................................................................................171<br />

La justice................................................................................................................................174<br />

%LHQVPDWpULHOVHQ)pHULH


&RQWHVGH)pHV 7DEOHGHVPDWLqUHV<br />

Les éléments du décor............................................................................................................177<br />

Les Emanations Accessoires..................................................................................................178<br />

Les objets du monde terrestre ................................................................................................179<br />

Les effets personnels..............................................................................................................179<br />

Les échanges ..........................................................................................................................179<br />

6FLHQFHHWWHFKQRORJLH <br />

LE ROYAUME TERRESTRE...............................................................................................................183<br />

/$JHG$UJHQW <br />

&RQWH[WHVGHOD7HUUH <br />

/HV7HUUHVWUHV <br />

La santé ..................................................................................................................................186<br />

Interactions avec les Féeriques ..............................................................................................187<br />

Objets terrestres .....................................................................................................................191<br />

/HV)pHULTXHVVXU7HUUH <br />

/DPDJLHWHUUHVWUH <br />

/HV&UR\DQFHVHWO,PDJLQDLUH <br />

Les Croyances........................................................................................................................196<br />

L’Imaginaire...........................................................................................................................201<br />

/HV3RLQWVGH&RQWDFW <br />

,/6)85(17+(85(8;(7-28(5(17%($8&283'(6&(1$5,26« <br />

*/266$,5( <br />

,163,5$7,216


&RQWHVGH)pHV 'pGLFDFHV<br />

'(',&$&(6'(6$87(856<br />

$QWRLQH'URXDUW<br />

(QYUDFDXPRQVWUHGXSODFDUGHWjFHOXLGHGHVVRXVOHOLWDX[EXOOHVGHVDYRQJpDQWHVDX[JOXRQVj5RODQG6DED<br />

WLHUDX[IRXVTXLUHSHLJQHQWOHXUSODIRQGDX[PRQVWUHVJHQWLOVjFHX[TXLVLJQRUHQWj-RKQ7\QHVj2]\PDQGLDV<br />

5RL GHV 5RLV j FH IpYULHU TXH MH QDXUDLV UDWp SRXU ULHQ DX PRQGH DX ;,;qPH VLqFOH j FHX[ GDYDQW HW j FHX[<br />

GDSUqV j O+RPPH 1RLU j OD QpEXOHXVH GX FUDEH j O$LJOH GRU j 7RWR OH KpURV j 1RDP j 3pWUXV %DUE\JqUH j<br />

&DUROLQH DX[ /pJRVDX[DUDLJQpHVJURVVHVFRPPHoDj-HDQ*LRQRDX[KHUPDSKURGLWHVP\VWLTXHVDX[EHOJHVTXL<br />

RQW DUUrWp OD FKDVVH DX FDQDUG HW j FHX[ TXL SHUVpYqUHQW j FHX[ TXL VH UHFRQQDvWURQW j OD PpFDQLTXH TXDQWLTXH j<br />

IQRUGj/RUG'XQVDQ\DX[PRQGHVGH6WHYH-DFNVRQDXSRWHQWLHOGHSRODULVDWLRQjPDILOOH<br />

7KRPDV/DPSHUW :<br />

A l’Y Ddraig Goch du Pays de Galles, au rocher des singes du Zoo de Vincennes et au squelette du Jardin des<br />

Plantes, à mon pingouin Nestor, à Bob Tokaya : des Joshua Trees du désert du Mojave à Zabriskie Point, au<br />

vivarium du Jardin des Plantes, aux clochards hippies de Santa Cruz, aux Atlantes de l’Elysée Montmartre, aux<br />

lutins imaginaires de la forêt de Brocéliande, à l’étrange machine à faire des glaces du Prisunic, au 83, au calumet<br />

des Green Mountains, à ma cauchemardesque sorcière des marées, à l’Hermannsdenkmal sorti des Brumes et<br />

au tombeau de Napoléon, aux graffitis de la corniche Leclerc, aux films de Gillian et de Jarmusch, au Petit Corbillard<br />

Illustré, à la machine à faire des œufs carrés de Pif Gadget, aux châteaux forts du pont Mirabeau, au Baron<br />

de Crack, aux verres de Guillaume Apollinaire, aux dés à 10 faces, au marché de Camden, aux Ecossais bourrés<br />

de Gunga Din et à Hrundi R. Bashki, au collectionneur de Bandes-Dessinées, au très stylé Prince Vaillant, à<br />

la Fée électricité du pont de Bir-Hakeim, aux nouilles du 12 de la rue Lafontaine, à mes mères-grands, aux Spinozistes<br />

chaussés de bottes de lézard mauve, à ma nièce Marie et à son petit frère, aux tourniquets de la station<br />

Motte-Picquet Grenelle et à l’armée de virus de la station Pasteur, au 20 naturel, aux Tags d’André, à l’île de<br />

Keragan et à son fort bloqué, aux oubliettes du château de Meung, au Métal Hurlant, à l’éboueur de Pigalle, au<br />

Rock’n Roll Circus, aux si-fu-mi du Ziggy Show, à Mr Hulot, au Président Firefly, à la grenouille de Love is All,<br />

à la piscine Molitor, à la Créature du Lac Noir en trois dimensions, aux Enfants du Rock, à Yves Adrien, Greil<br />

Marcus et tous les autres, à « Faut Rigoler » …<br />

7KRPDV/DERUH\ :<br />

Aux Coumées et aux autres, à Lala, Abodida et Zirounin, à mon frère Quil qui est le frère de Quoc, à Flip et<br />

Twing, à Domédy et Cheval-de-rechange, au Lone Ranger et à Tonto, aux PlayMobils, à Big Jim ;<br />

Au Muséum d'histoire naturelle, à l'Ecole des petits jasmins, à Posterdéchan, au Pont Mystérieux et au Pont Migratieux,<br />

à l'usine de paraffine du Pré Catelan, au Jardin d'Acclimatation ;<br />

A Pirlouit, au magicien de la Grande Ourse, au Caporal Blutch, à Laureline et au goumoun, au colonel Clifton, à<br />

la famille Longway, à Peter et Mary-Jane Parker, à Jean Grey, Logan et Magnus Lehnsherr, à Tyndall et Velanna,<br />

à Skywise et Rayek, à Rorschach qui même face à l’Armageddon n’a pas cédé là-dessus, à Bob Moon et Titania<br />

et le Docteur Poche, à Naphtalène et Marconi, à l'oncle Hermès, à Libellule et Croûton, à Rachid Huild’ah, à<br />

Chlorophylle et Minimum, au Trombone Illustré, au Marsupilami et à l’Elaoin Sdretu ;<br />

A Star Wars, à James Bond, à Leontinka, à Ann et Andy, à Bastien et Atreyu, à Jen et Kira, à Kirikou et Karaba,<br />

à Ray Harryhausen, à Wallace et Gromit ;<br />

A Actarus prince d'Euphor, à l'IMF, à Satanas et Diabolo, au n° 6, aux Power Puffs, à Ernest et Bart et Kermit et<br />

Groover et Macaron ;<br />

A Fred, à Teresa, Eglantine et toutes les autres, à Pifrouille et à sa maman pour toujours et un jour ;<br />

A Sweet dreams, à Message in a bottle, à Tell me why, à Master & Servant, à Sade Adu, à Graeme Allwright, aux<br />

Beatles ;<br />

A Randolph Carter, à Tùrin Mormegil Gorthol Turambar et à Smeagol Gollum qui mourut et sauva un univers, à<br />

Imago Sekoya, à Chris Cool, à Paul Sernine, à JCT Jennings, à Jérôme et Angelo, aux Moomins, à Alain Fernal,<br />

au capitaine Trèfle, à MacMiffic, à Bustos Domecq, au Petit Nicolas, à Alice Liddell et au révérend Dodgson, à<br />

Harlin Quist, à Mowgli, à Peter Pan ;<br />

A Robin des Bois et Merlin l’enchanteur, à Sien Wou Kong, au Baron de Münchausen, à Gilgamesh qui échoua<br />

dans sa quête, à Ulysse et à Sindbad, à Red Cloud qui, lui, a vraiment existé ;<br />

A Chaosium, à l'Homme de la Montagne d'Argent, à Teelo Estara puisse-t-elle briller éternellement, au Tinkle<br />

Bavard, au Veneur, à Artighel et Eidé, au jeu de rôle ;A tous les vertébrés supérieurs, à tous ceux qui savent jouer<br />

comme un enfant, à la rébellion et à la prudence, à l'imagination humaine.


&RQWHVGH)pHV 3ULQFLSDOHVQRWLRQVGXMHX<br />

35,1&,3$/(6127,216'8-(8<br />

1RWH WRXV OHV WHUPHV WHFKQLTXHV GX MHX FRPPHQFHQW SDU XQH PDMXVFXOH 6L FHVPrPHVWHUPHVVRQW<br />

pFULWVDYHFXQHPLQXVFXOHLOVVRQWjSUHQGUHGDQVOHXUVHQVFRXUDQWHWQRQGDQVOHVHQVVSpFLILTXHGXMHX<br />

<br />

YRORQWp SHUPHW GH PRGHOHU OH *ODPRXU FHVW j<br />

GLUHHQ)pHULHODUpDOLWpjVDFRQYHQDQFH<br />

,O VH WURXYH TXH FH PRQGH HVW KDELWp 'DQV<br />

XQ XQLYHUV GRQW OD VXEVWDQFH PrPH HVW VHQVLEOH<br />

FH TXL FDUDFWpULVH OHV KDELWDQWV HVW OHXU FRQV<br />

FLHQFHLQGLYLGXHOOH/HV)pHULTXHVRXrWUHVIpHV<br />

VRQW GRQF OHV SDUFHOOHV GH )pHULH TXL RQW XQH<br />

SHUVRQQDOLWpSURSUH,OVDJLWGHVFUpDWXUHVLPDJL<br />

QDLUHV TXL SHXSOHQW OHV OpJHQGHV WUDGLWLRQQHOOHV<br />

GH WRXWHV OHV FXOWXUHV GX PRQGH &H VRQW FHV<br />

rWUHVTXHOHVMRXHXUVYRQWLQFDUQHUGDQVOHMHX<br />

1DWXUHOOHPHQW OHV )pHULTXHV VRQW HX[<br />

PrPHV FRQVWLWXpV GH *ODPRXU 'H FH IDLW FKD<br />

FXQGHQWUHHX[DSSDUDvWFRPPHXQH0DQLIHVWD<br />

WLRQ SHUFHSWLEOH SDU OHV VHQV HW TXL UHIOqWH OHV<br />

FRQFHSWV TXL VWUXFWXUHQW VD SHUVRQQDOLWp &HV<br />

FRQFHSWV GpILQLVVHQW OD 0DQLIHVWDWLRQ GX )pHUL<br />

TXH SXLVTXH OH *ODPRXU VH SOLH DX[ LGpHV HW QR<br />

WLRQVTXLOYpKLFXOH<br />

&HV FRQFHSWV VRQW OHV $WWULEXWV GX )pHUL<br />

TXH 2Q HQ GLVWLQJXH WURLV W\SHV OHV $IILQLWpV<br />

OHV3RXYRLUVIpHULTXHVHWOHV7DOHQWVPDJLTXHV<br />

/HV $IILQLWpV VRQW OHV HQYLURQQHPHQWV OHV<br />

W\SHV GH FUpDWXUHV OHV DFWLYLWpV OHV IRUPHV GRE<br />

MHWV DYHF OHVTXHOV OH )pHULTXH HVW HQ UpVRQDQFH<br />

+RNXVDL<br />

<br />

$LQVL XQ )pHULTXH TXL D XQH $IILQLWp DYHF OHV<br />

DUEUHV VHUD FDSDEOH GLGHQWLILHU DX SUHPLHU FRXS<br />

G·±LOjTXHOOHHVSqFHGDUEUHLODDIIDLUHGHMDXJHU<br />

VRQ pWDW GH VDQWp G\ JULPSHU DYHF XQH DLVDQFH<br />

&H MHX YRXV SURSRVH GH GpFRXYULU OHPRQGH<br />

GH )pHULH ,O VDJLW GXQ XQLYHUV GLIIpUHQW GH OD<br />

7HUUH IRUPp SDU OHV P\WKHV OHV HVSRLUV HW OHV<br />

SHXUV GH OKXPDQLWp HW j VRQ WRXU VRXUFH GH<br />

WRXWH LQVSLUDWLRQ GH WRXWH FUpDWLYLWp GH WRXW<br />

LPDJLQDLUHKXPDLQ<br />

/D SULQFLSDOH GLIIpUHQFH HQWUH OD 7HUUH HW<br />

)pHULHHVWTXHWDQGLVTXHOD7HUUHHVWFRQVWLWXpH<br />

GH PDWLqUH )pHULH HVW FRQVWLWXpH GH *ODPRXU<br />

/H *ODPRXU PRW j PRW HQFKDQWHPHQW pPHU<br />

YHLOOHPHQWHQVRUFHOOHPHQWHVWODVXEVWDQFHGHOD<br />

UpDOLWp GH )pHULH 6D SULQFLSDOHFDUDFWpULVWLTXHHVW<br />

VRQ H[WUrPH PDOOpDELOLWp 6SRQWDQpPHQW OH<br />

*ODPRXU PRGLILH VRQ DSSDUHQFH HQ UpSRQVH j<br />

ODPELDQFH GRPLQDQWH DXWRXU GH OXL SOXV RX<br />

PRLQV WULVWH RX JDLH YLROHQWH RX SDLVLEOH WRUWX<br />

UpHRXVHUHLQH$IRUWLRULXQHIIRUWFRQVFLHQWGH<br />

GpFRQFHUWDQWHFRPPHVLODUEUHO\DLGDLW<br />

(Q RXWUH SDU XQ HIIRUW FRQVFLHQW GH YRORQ<br />

Wp XQ )pHULTXH SHXW LPSRVHU VHV $IILQLWpV jVRQ<br />

HQYLURQQHPHQW LPPpGLDW FHVW OH SKpQRPqQH<br />

G,QIOXHQFH /H )pHULTXH GH QRWUH H[HPSOH VHUD<br />

DLQVL FDSDEOH GH IDLUH VH FRXYULU GH IUXLWV OHV<br />

EUDQFKHVGHVDUEUHVTXLOHQWRXUHQW<br />

,OH[LVWHXQHFDWpJRULHSDUWLFXOLqUHG$IILQLWpV<br />

OHV (PDQDWLRQV ,O VDJLW GREMHWV OHV $FFHV<br />

VRLUHV GH FUpDWXUHV OHV &RPSDJQRQV RX GH<br />

OLHX[ OHV 'RPDLQHV VSpFLILTXHV HW QRQ SOXV<br />

GHV FDWpJRULHV DYHF OHVTXHOV OH )pHULTXH D XQH<br />

$IILQLWp &HV (PDQDWLRQV DFFRPSDJQHQW HQ<br />

SHUPDQHQFH VD 0DQLIHVWDWLRQ HW VRQW KDELWpHV<br />

SDU VD FRQVFLHQFH 2 TXHOOHV VH VLWXHQW XQH<br />

SDUWGHOXLHVWHQHOOHV


&RQWHVGH)pHV 3ULQFLSDOHVQRWLRQVGXMHX<br />

/HV 3RXYRLUV IpHULTXHV VRQW OHV FDSDFLWpV<br />

QDWXUHOOHVGX)pHULTXHjSURGXLUHGHVHIIHWVGRQW<br />

XQ KXPDLQ QH VHUDLW SDV FDSDEOH YROHU UHVSLUHU<br />

VRXV O·HDX YRLUH VXUQDWXUHOV FUDFKHU OH IHX<br />

FKDQJHUGHWDLOOH<br />

/HV 7DOHQWVPDJLTXHVUHSUpVHQWHQWODLVDQFH<br />

TXD XQ )pHULTXH j PRGXOHU GHV HIIHWV VXUQDWX<br />

UHOVDXWRXUGXQHWKpPDWLTXHGRQQpHFRPPHOHV<br />

PpWDPRUSKRVHV RX OD FUpDWLRQ GREMHWV HQFKDQ<br />

WpV &XOWXUHOOHPHQW OD PDJLH UHSUpVHQWH SRXU OHV<br />

)pHULTXHV FH TXH ODUW UHSUpVHQWH SRXU OHV KX<br />

PDLQVODPDQLqUHGLPSRVHUDXUpHOXQHFHUWDLQH<br />

LGpHGHO·LGpDOGROHQRPGH7DOHQW<br />

LQVWDQW OD OLEpUHU FH TXL OXL SHUPHW GH FRPPHQ<br />

FHUjODUpFXSpUHUPDLVPHWILQLQVWDQWDQpPHQWj<br />

OHIIHW VXUQDWXUHO 'H OD VRUWH LO Q·\ D SDV OLHX HQ<br />

)pHULH GH GLVWLQJXHU OD UpDOLWp GH O·LOOXVLRQ OHV<br />

)pHULTXHV QH VXSHUSRVHQW MDPDLV XQH IDQWDVPD<br />

JRULH DX UpHO LOV LPSRVHQW WHPSRUDLUHPHQW OHXUV<br />

FRQFHSWLRQV j OD UpDOLWp TXL V·DGDSWH HQ FRQVp<br />

TXHQFH<br />

/HV )pHULTXHV VRQW FDSDEOHV GH VRXPHWWUH<br />

ODUUrW GHV HIIHWV PDJLTXHV TXLOV FDXVHQW j GHV<br />

&RQGLWLRQV'DQVFHFDVFHQHVWSOXVOHXUOLEUH<br />

FKRL[ TXL FRQGLWLRQQH OD ILQ GH OHIIHW HW GRQF OH<br />

GpVHQJDJHPHQWGHOHXU(VVHQFHPDLVODVDWLVIDF<br />

WLRQ GH OD &RQGLWLRQ VHXO OH EDLVHU GXQH SULQ<br />

FHVVHUHQGUDVDIRUPHSUHPLqUHDXSULQFHFKDQJp<br />

HQ FUDSDXG OH FKDPSLRQ MRXLUD GXQH YDLOODQFH<br />

VXUQDWXUHOOH WDQW TXLO QH FRPEDWWUD TXH SRXU<br />

IDLUHWULRPSKHUODMXVWLFH<br />

(Q FRQWUHSDUWLH O(VVHQFH QpFHVVDLUH HVW UpGXLWH<br />

GDQV GHV SURSRUWLRQV GDXWDQW SOXV LPSRUWDQWHV<br />

TXH OHV&RQGLWLRQVVRQWGLIILFLOHVjUpXQLU$LQVL<br />

PRLQV O(VVHQFH D GH FKDQFHV GrWUH UDSLGHPHQW<br />

GpVHQJDJpHSOXVOpFRQRPLHHVWIRUWH<br />

GHV'vZV,QGH;9,,qPHVLqFOH<br />

<br />

0DLV WRXW WUDXPDWLVPH SK\VLTXH RX PHQWDO<br />

LQIOLJp j XQ )pHULTXH GLVSHUVH pJDOHPHQW XQH<br />

SDUW GH VRQ (VVHQFH /RUVTXH O(VVHQFH GXQ<br />

)pHULTXH HVW pSXLVpH j OD VXLWH GH WUDXPDWLVPHV<br />

RX GH GpSHQVHV YRORQWDLUHV VRQ *ODPRXU QHVW<br />

&KDTXH $WWULEXW $IILQLWp 3RXYRLU RX 7D<br />

OHQW VH WUDGXLW GDQV OD 0DQLIHVWDWLRQ GX )pHUL<br />

TXHGDQVVRQFRPSRUWHPHQWRXPrPHGDQVGHV<br />

DOWpUDWLRQV PLQHXUHV GH VRQ HQYLURQQHPHQW SDU<br />

XQ6LJQH&HVWOH*ODPRXUTXLUpDJLWDX[VROOLFL<br />

WDWLRQV LQFRQVFLHQWHV GH OD SHUVRQQDOLWp GX )pH<br />

ULTXH &HV 6LJQHV pWDQW HQ TXHOTXH VRUWH OD PDU<br />

TXH GH IDEULTXH GX )pHULTXH LOV QH SHXYHQW rWUH<br />

GLVVLPXOpV TXHOOHV TXH VRLHQW OHV WUDQVIRUPD<br />

WLRQVTXHVXELWVD0DQLIHVWDWLRQ<br />

3DU DLOOHXUV OD 0DQLIHVWDWLRQ GXQ )pHULTXH<br />

HVWLPSUpJQpHGXQHVXEVWDQFHTXLHVWHQTXHOTXH<br />

VRUWH XQH IRUPH VXEOLPpH GH *ODPRXU O(V<br />

VHQFH &HVW HOOH TXL DVVXUH OD FRKpVLRQ GXQH<br />

VWUXFWXUHGH*ODPRXUDXVVLFRPSOH[HFRQVWLWXpH<br />

GHSOXVLHXUV$WWULEXWVGLVSDUDWHV0DLVFHVWDXVVL<br />

OH YpKLFXOH GH OD YRORQWp GX )pHULTXH OH PR\HQ<br />

SDU OHTXHO LO PRGqOH GpOLEpUpPHQW OH *ODPRXU<br />

DPELDQW 7RXW HIIHW G,QIOXHQFH GXQ 3RXYRLU<br />

IpHULTXHRXGXQ7DOHQWPDJLTXHQpFHVVLWHTXHOH<br />

)pHULTXH SURMHWWH XQH SDUFHOOH GH VRQ (VVHQFH<br />

GDQV OH *ODPRXU HQYLURQQDQW SRXU OXL LQVXIIOHU<br />

VHVFRQFHSWVHWHQIDLUHOHMRXHWGHVDYRORQWp<br />

7DQW TXH O(VVHQFH HVW DLQVL HQJDJpH OHIIHW<br />

VXUQDWXUHO HVW PDLQWHQX PDLV HOOH HVW PRELOLVpH<br />

HW LQGLVSRQLEOH SRXU OH )pHULTXH ,O SHXW j WRXW<br />

SOXV FLPHQWp HW VHV $WWULEXWV FRPPHQFHQW j VH<br />

GpWDFKHU OHV XQV GHV DXWUHV 6RLW OH )pHULTXH<br />

ODLVVH FHUWDLQV GH VHV $WWULEXWV OXL pFKDSSHU FH<br />

TXL VLPSOLILH VD VWUXFWXUH HW OXL SHUPHW GH FRQWL<br />

QXHU j H[LVWHU VRLW LO DSSOLTXH XQH ©UXVWLQHª<br />

FRQFHSWXHOOH TXL OXL SHUPHW GH UpWDEOLU OD FRKp<br />

VLRQ GH VHV $WWULEXWV XQ *HLV PRW j PRW OLHQ<br />

WDERX<br />

8Q *HLV SOXULHO GHV *HVD HVW XQH UHVWULFWLRQ<br />

FRPSRUWHPHQWDOH XQ UHFDGUDJH FRQFHSWXHO TXL<br />

UpWDEOLW OKDUPRQLH HQWUH $WWULEXWV,OFRQVLVWHHQ<br />

OREOLJDWLRQ GH QH SOXV MDPDLV IDLUH RX DX<br />

FRQWUDLUH GH IDLUH GpVRUPDLV V\VWpPDWLTXHPHQW<br />

WHOOHRXWHOOHFKRVHSDUOHUHQYHUVPDQJHUGHOD<br />

YLDQGH HQWUHU j UHFXORQV GDQV XQH PDLVRQ<br />

5RPSUH XQ *HLV SURYRTXH DXVVLW{W XQH SHUWH<br />

G$WWULEXWV SXLVTXRQ IDLW DLQVL VDXWHU OH EULFR<br />

ODJH TXL SHUPHWWDLW GHPSrFKHU OH *ODPRXU GH<br />

YROHUHQpFODWV&HVWHQVHFRQVDFUDQWjVHV$IIL<br />

QLWpV j OH[FOXVLRQ GH WRXWH DXWUH DFWLYLWp TXXQ<br />

)pHULTXH UHFRQVWLWXH SHWLW j SHWLW VRQ FDSLWDO<br />

G(VVHQFH<br />

/RUVTXHOH)pHULTXHHVWjFRXUWG(VVHQFHGH<br />

VRQ SURSUH FKHI j OD VXLWH GH PDODGUHVVHV RX<br />

GHQJDJHPHQWV G(VVHQFH LQFRQVLGpUpV OHV *HVD<br />

TXLOVDXWRLQIOLJHVRQWDSSHOpVGHV7UDLWV


&RQWHVGH)pHV 3ULQFLSDOHVQRWLRQVGXMHX<br />

(Q UHYDQFKH ORUVTXH OD SHUWH<br />

G(VVHQFH UpVXOWH GXQH DJUHVVLRQ<br />

H[WpULHXUH OH VRUW GX YDLQFX HVW HQWUH OHV<br />

PDLQV GX YDLQTXHXU &HOXLFL SHXW j VRQ<br />

FKRL[ FKRLVLU GLQIOLJHU XQ *HLV j VD YLF<br />

WLPH6LHOOHOHURPSWOHV$WWULEXWVSHUGXV<br />

UHYLHQGURQW DX YDLQTXHXU SXLVTXLO D<br />

SURXYp OD VXSpULRULWp GH VHV FRQFHSWV VXU<br />

FHX[GXYDLQFX0DLVXQYDLQTXHXUPRLQV<br />

FRPSDWLVVDQW SHXW pJDOHPHQW FKRLVLU GH<br />

VHPSDUHU LPPpGLDWHPHQW GXQH SDUWLH<br />

GHV $WWULEXWV GX YDLQFX VDQV PrPH SDV<br />

VHU SDU OpWDSHGX*HLVRQSDUOHDORUVGH<br />

'pSRXLOOHPHQW<br />

/HV )pHULTXHV pWDQW GHV rWUHV<br />

LPDJLQDLUHV HW QRQ SDV ELRORJLTXHV LOV<br />

QRQW DXFXQ EHVRLQ GH UHVSLUHU GH VH<br />

QRXUULURXGHGRUPLU,OVVRQWDEVROXPHQW<br />

LPPRUWHOVLOVQHQDLVVHQWQLQHPHXUHQW<br />

,OV QH VRQW MDPDLV PDODGHV QH YLHLOOLVVHQW<br />

'DYLG1DPERND<br />

<br />

SDVHWQHVHUHSURGXLVHQWSDV<br />

/D PHLOOHXUH FKRVH TXL SXLVVH OHXU DUULYHU HVW<br />

GHQULFKLU OHXU *ODPRXU SDU GH QRXYHDX[ $WWUL<br />

EXWV j IRUFH GH SURPRXYRLU OHV FRQFHSWV TXL OHV<br />

DQLPHQW /D SLUH FKRVH HVW GH SHUGUH GX *OD<br />

PRXUSDU'pSRXLOOHPHQWRXUXSWXUHGH*HLV<br />

/DVHXOHIDoRQGRQWXQ)pHULTXHSHXWGLVSDUDvWUH<br />

FHVW HQ SHUGDQW OD WRWDOLWp GH VHV $WWULEXWV j<br />

IRUFH GH 'pSRXLOOHPHQWV RX GH *HVD URPSXV <br />

VHV FRQFHSWV IRQGDPHQWDX[ OXL D\DQW pWp GpUR<br />

EpV SOXV ULHQ QDQLPH VD 0DQLIHVWDWLRQ TXL VH<br />

GLVVRXW<br />

0DLV OHV )pHULTXHV RQW OD FDSDFLWp GH 6FLQ<br />

GHU OHXU *ODPRXU HQ VDUUDFKDQW GpOLEpUpPHQW<br />

XQHSDUWLHGHOHXUV$WWULEXWV,OVSHXYHQWHQIDLUH<br />

GRQ j XQ DXWUH )pHULTXH FH TXL HVW ODFWH OH SOXV<br />

GpVLQWpUHVVpTXLOHXUVRLWSRVVLEOHHWXQHDXWKHQ<br />

WLTXHSUHXYHGDIIHFWLRQLQGpIHFWLEOH<br />

,OV SHXYHQW DXVVL HQ IDLUH OD SUHPLqUH SLHUUH<br />

GXQ QRXYHDX )pHULTXH &HVW DLQVL TXLOV VLQJHQW<br />

ODUHSURGXFWLRQXQRXSOXVLHXUV)pHULTXHV6FLQ<br />

GHQW OHXU *ODPRXU HW DJUqJHQW OHV $WWULEXWV UH<br />

FXHLOOLV SRXU FUpHU XQ QRXYHO rWUHIpH RX UHFUpHU<br />

XQDPLGLVSDUX<br />

7RXWHIRLVOD6FLVVLRQVH[HUFHVXUXQHVWUXF<br />

WXUH VWDEOH GH *ODPRXU SXLVTXLO Q\ D SDV DVVq<br />

FKHPHQW SUpDODEOH GH O(VVHQFH (OOH QHVW GRQF<br />

SDV XQ SKpQRPqQH VSRQWDQp HW j FH WLWUH HVW<br />

VRXPLVHjGHVGpSHUGLWLRQV/HV$WWULEXWVWUDQV<br />

IpUpV j XQ DXWUH )pHULTXH RX FRQVWLWXWLIV GXQ<br />

QRXYHO rWUHIpH VRQW PRLQV LQWHQVHV TXH FHX[<br />

GRQW VHVW GpIDLW OH SUHPLHU )pHULTXH 8QH SDUWLH<br />

7RXWH O·LGHQWLWp G·XQ )pHULTXH HVW FRQWHQXH<br />

GDQVVRQ1RP,OHVWSRVVLEOHGHV·HQHPSDUHUj<br />

OD VXLWH G·XQH YLFWRLUH HW LO SHXW rWUH OLEUHPHQW<br />

UHPLV j TXHOTX·XQ HQ JDJH GH JUDWLWXGH DEVROXH<br />

8Q)pHULTXHTXLVHGpIDLWGHVRQ1RPQ·HVWSOXV<br />

DORUVTXHOHMRXHWGHODYRORQWpGX'pWHQWHXUGH<br />

VRQ 1RP ,O Q·D SOXV DXFXQH LQLWLDWLYH DXWUH TXH<br />

FHOOH GX 'pWHQWHXU TXL DFTXLHUW OH SULYLOqJH<br />

G·DOWpUHUXQHIRLVSRXUWRXWHVOD0DQLIHVWDWLRQGH<br />

FHOXL GRQW LO 'pWLHQW OH 1RP /HV $WWULEXWV HW<br />

OHXUV 6LJQHV VRQW QDWXUHOOHPHQW LQFKDQJpV PDLV<br />

O·DSSDUHQFH FKDQJH SRXU UHIOpWHU OD VXEVWLWXWLRQ<br />

UDGLFDOH G·XQH SHUVRQQDOLWp DUWLILFLHOOH DX FDUDF<br />

WqUHSURSUHGX)pHULTXH<br />

/H )pHULTXH TXL D SHUGX VRQ 1RP FRQVHUYH<br />

VHV VRXYHQLUV PDLV LOV QH VRQW SOXV SRXU OXL TXH<br />

GHV LQIRUPDWLRQV EUXWHV VDQV FRQWHQX pPRWLRQ<br />

QHO (Q OHV OXL UHPpPRUDQW GDQV GHV FLUFRQVWDQ<br />

FHVDSSURSULpHVRQSHXWGpFOHQFKHUXQFKRFTXL<br />

OXLUHVWLWXHODSOHLQHSURSULpWpGHVRQLGHQWLWp(W<br />

ELHQ V€U OH 'pWHQWHXU GH VRQ 1RP SHXW OH OXL<br />

UpWURFpGHUjWRXWPRPHQWV·LOQ·DSOXVEHVRLQGH<br />

VHV VHUYLFHV RX HVWLPH TXH VD SpQLWHQFH D DVVH]<br />

GXUp<br />

/HWHPSVQHVpFRXOHSDVHQ)pHULH%LHQV€U<br />

GHV pYpQHPHQWV V\ SURGXLVHQW PDLV LOV VRQW<br />

WRXMRXUVOHUpVXOWDWGHODYRORQWpFRQVFLHQWHGXQ<br />

)pHULTXH 6L OH VROHLO VH OqYH FH QHVW SDV GX IDLW<br />

GXQF\FOHQDWXUHOPDLVSDUFHTXXQ)pHULTXHTXL<br />

D XQH $IILQLWp DYHF OH MRXU YLHQW GXVHU GH VRQ<br />

,QIOXHQFH ,O SHXW QHLJHU LFL PDLV RQ HVW SHXW<br />

rWUHHQSOHLQpWpSDVVpHODSURFKDLQHFROOLQH<br />

GX *ODPRXU TXLO VDUUDFKH VH GLVVLSH HQ HIIHW<br />

GDQVODQDWXUHORUVGHOD6FLVVLRQ


&RQWHVGH)pHV 3ULQFLSDOHVQRWLRQVGXMHX<br />

'HPrPHOHVSDFHHVWXQHQRWLRQWRXWHUHOD<br />

WLYH HQ )pHULH 7RXW OLHX GH )pHULH HVW OH 'R<br />

PDLQH GH TXHOTXXQ VLQRQ LO QDXUDLW SDV GH<br />

IRUPH IDXWH GH FRQFHSWV SRXU OH FDUDFWpULVHU<br />

&HV FRQFHSWV TXL FDUDFWpULVHQW XQ OLHX VRQW VHV<br />

&RUUHVSRQGDQFHV JpQpUDOHPHQW LQVSLUpHV SDU<br />

OHV $IILQLWpV GH VRQ SURSULpWDLUH 9X GH OLQWp<br />

ULHXU XQ 'RPDLQH HVW GXQH WDLOOH TXL UHIOqWH OHV<br />

GpVLUV GH VRQ SURSULpWDLUH 9X GH OH[WpULHXU OH<br />

SDODLVJLJDQWHVTXHSHXWrWUHXQWHUULHUGHODSLQ<br />

3RXU VH UHQGUH GXQ 'RPDLQH j XQ DXWUH LO IDXW<br />

GRQF LPSRVHU GHV &RUUHVSRQGDQFHV j VRQ HQYL<br />

URQQHPHQW/H*ODPRXU\UpDJLWHQGHYHQDQWXQ<br />

'RPDLQH FRPSRUWDQW OHV &RUUHVSRQGDQFHV pYR<br />

TXpHVFHOXLTXHOH)pHULTXHFKHUFKDLWjUHMRLQGUH<br />

RX XQ DXWUH 2Q SHXW SUHVTXH GLUH TXH OH GpSOD<br />

FHPHQW QH[LVWH HQ )pHULH TXDX VHLQ GXQ 'R<br />

PDLQH SRXU SDVVHU GH OXQ j ODXWUH RQ UHVWH<br />

LPPRELOH PDLV RQ FKDQJH OH GpFRU &HWWH QR<br />

WLRQ GH FRKpUHQFH HQWUH OD JpRJUDSKLH HW OHV<br />

FRQFHSWV VRXVMDFHQWV YD MXVTX·j FH TXH WRXW<br />

pOpPHQW GX GpFRU SUpOHYp VXU XQ 'RPDLQH<br />

GLVSDUDLVVH GqV TX·LO VH UHWURXYH KRUVFRQWH[WH<br />

GDQV XQ HQYLURQQHPHQW SDU WURS GLIIpUHQW XQ<br />

FRTXLOODJHDXPLOLHXGXGpVHUWSDUH[HPSOH<br />

&HUWDLQV'RPDLQHVVHUHJURXSHQWHQ5R\DXPHV<br />

SRXUPLHX[DVVXUHUOHXUSURWHFWLRQHWOHQVHPEOH<br />

GH )pHULH SHXW pOLUH HQ FDV GH EHVRLQ XQ +DXW<br />

5RLTXLGpWLHQWODXWRULWpDEVROXHVXU)pHULH<br />

(QILQ GDQV XQ XQLYHUV R OD UpDOLWp HVW<br />

IOXLGHOHVpFKDQJHVVRQWUpJLVSDUODVHXOHERQQH<br />

IRL GHV SDUWLHV SUHQDQWHV /XQLWp GH YDORULVDWLRQ<br />

GHV pFKDQJHV HVW OH 6HUYLFH 8Q 6HUYLFH HVW XQH<br />

DFWLYLWp TXH ORQ DFFHSWH GDFFRPSOLU DX EpQpILFH<br />

GXQ WLHUV HQ pFKDQJH GXQH IDYHXU GLPSRUWDQFH<br />

FRQVLGpUpH FRPPH pTXLYDOHQWH &HVW XQH VRUWH<br />

GH *HLV OLEUHPHQW FRQVHQWL GH WUqV IDLEOH DP<br />

SOHXUHWTXLQHVDSSOLTXHTXHOHWHPSVQpFHVVDLUH<br />

jVRQH[pFXWLRQ<br />

'DQV OH FDV R OHV IDYHXUV j pFKDQJHU VRQW<br />

SOXV LPSRUWDQWHV QRWDPPHQW ORUVTXHOOHV SHX<br />

YHQW HQWUDvQHU XQH SHUWH G(VVHQFH SRXU OXQH<br />

GHV SDUWLHV OHV )pHULTXHV RQW UHFRXUV DX[ 3DF<br />

WHV 8Q 3DFWH HVW XQ FRQWUDW FRQFOX HQWUH )pHUL<br />

TXHV TXL OHV FRQWUDLQW j HQWUHSUHQGUH OHV XQV<br />

SRXU OHV DXWUHV FHUWDLQHV DFWLRQV FRQYHQXHV j<br />

ODYDQFH (Q FDV GHGpGLWODSDUWLHGpIDLOODQWHHVW<br />

FRQVLGpUpH FRPPH D\DQW URPSX XQ *HLV HQYHUV<br />

OHV DXWUHV SDUWLHV HW VH YRLW 'pSRXLOOpH j OHXU<br />

SURILW GXQH SDUWLH GH VHV $WWULEXWV DYHF WRXWH<br />

,O DUULYH TXH OHV )pHULTXHV VH UHQGHQW VXU<br />

7HUUH RX TXH GHV 7HUUHVWUHV OHV KDELWDQWV GHOD<br />

7HUUH VH UHQGHQW HQ )pHULH /HV )pHULTXHV GLV<br />

WLQJXHQW VXU 7HUUH QRQ SDV GHVOLHX[HWGHVpSR<br />

TXHV PDLV GHV &RQWH[WHV TXL FRUUHVSRQGHQW j<br />

XQH UpJLRQ JpRJUDSKLTXH GRQQpH ORUV GXQH Sp<br />

ULRGH KLVWRULTXH GRQQpH OD *UqFH DQWLTXH OD<br />

&KLQH LPSpULDOH O$PD]RQLH DFWXHOOH O$XVWUDOLH<br />

SUpKLVWRULTXH<br />

&HV&RQWH[WHVVHFDUDFWpULVHQWSDUOHXUGHJUp<br />

G,PDJLQDLUHTXLPHVXUHjTXHOSRLQWODFXOWXUH<br />

ORFDOHHVWFUpDWLYHGpVLQWpUHVVpHVSRQWDQpHHWGH<br />

FH IDLW IDYRUDEOH j O·pSDQRXLVVHPHQW GHV )pHUL<br />

TXHV $X FRQWUDLUH SOXV OD FXOWXUH HVW F\QLTXH<br />

DUWLILFLHOOH HW VFOpURVpH SOXV O,PDJLQDLUH HVW EDV<br />

HW SOXV OHQYLURQQHPHQW HVW GpIDYRUDEOH DX[<br />

)pHULTXHV $X VHLQ GXQ &RQWH[WH GRQQp O,PD<br />

JLQDLUH IOXFWXH GXQ OLHX j ODXWUH HW DX ILO GX<br />

WHPSV /RUVTXH OH QLYHDX G,PDJLQDLUH GHYLHQW<br />

FRPPH HQ )pHULH DEVROX OHV GHX[ PRQGHV<br />

FRH[LVWHQWSRQFWXHOOHPHQWLOVHIRUPHXQ3RLQW<br />

GH &RQWDFW TXL SHUPHW GH YR\DJHU GXQ PRQGH<br />

jODXWUH<br />

(Q RXWUH FKDTXH &RQWH[WH UHFqOH XQ IRQG<br />

GH &UR\DQFHV UHIOHWV GHV VXSHUVWLWLRQV FROOHFWL<br />

YHV RX GH OD IRL LQGLYLGXHOOH GHV 7HUUHVWUHV GX<br />

&RQWH[WH /HV )pHULTXHV FUpDWXUHV GH OLQFRQV<br />

FLHQWVRQWVRXPLVDX[&UR\DQFHVTXLOHVFRQFHU<br />

QHQW OHV FLUFRQVWDQFHV TXH OD FXOWXUH ORFDOH<br />

FRQVLGqUH FRPPH VLJQLILDQWHV IDYRUDEOHV RX<br />

GpIDYRUDEOHV j OpJDUG GX SHWLW SHXSOH RX OD IRL<br />

VLQFqUH GXQLQGLYLGXHQGHVIRUFHVTXLOHVDIIHF<br />

WHQWFRQVWLWXHQWSRXUOHV)pHULTXHVGHVUqJOHVGX<br />

MHX TXLOV QH SHXYHQW WUDQVJUHVVHU GDQV XQ<br />

&RQWH[WHWHUUHVWUH<br />

&RQVHLO GHV FRQFHSWHXUVLOHVWXWLOHTXHOH<br />

PHQHXU GH MHX SUpVHQWH FHV GLIIpUHQWV<br />

FRQFHSWV DX[ QRXYHDX[ MRXHXUV 7RXWHV OHV<br />

FUpDWXUHV IpHULTXHV VRQW HQ SULQFLSH DX FRX<br />

UDQW GH FHV pOpPHQWV LO HVW GRQF QDWXUHO TXH<br />

OHV MRXHXUV OH VRLHQW (JDOHPHQW FHUWDLQV<br />

FRQFHSWV VRQW DVVH] GLIIpUHQWV GH FH TXH O·RQ<br />

WURXYHGDQVOHPRQGHGHVKXPDLQVPDLVDXV<br />

VL GDQV OHV MHX[ GH U{OH KDELWXHOV HW PpULWHQW<br />

G·rWUHH[SOLFLWpV<br />

&H MHX VH GpFRPSRVH HQ WURLV SDUWLHV OHV<br />

SHUVRQQDJHV GX MHX OHV )pHULTXHV OHV UqJOHV GH<br />

VLPXODWLRQ OD GHVFULSWLRQ GH O·XQLYHUV GX MHX OH<br />

UR\DXPHGH)pHULHHWOHPRQGHWHUUHVWUH<br />

IRLVGHVGpSHUGLWLRQVFRPPHORUVG·XQH6FLVVLRQ


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

&5($7,21'83(56211$*(<br />

<br />

8Q rWUH IpHULTXH HVW DYDQW WRXW XQH FRQV<br />

FLHQFH TXL V·LQFDUQH j WUDYHUV OH *ODPRXU 6D<br />

SUpVHQFH SK\VLTXH Q·HVW TX·XQH FRQVpTXHQFH GH<br />

FHWWH LQFDUQDWLRQ (OOH VH WUDGXLW SDU XQH 0DQL<br />

IHVWDWLRQ WUDQVFULWH HQ WHUPHV GH MHX SDU XQH<br />

GHVFULSWLRQ SK\VLTXH DLQVL TXH SDU OHV VFRUHV GH<br />

7DLOOHHWGH&KDUPH(QWHUPHVGHMHXXQ)pHUL<br />

TXHLQWHUDJLWDYHFOHPRQGHTXLOHQWRXUHSDUVHV<br />

TXDWUH $VSHFWV OD 3XLVVDQFH OD 9LJLODQFH<br />

O·+DELOHWp HW OD 5pVLVWDQFH 9LHQW HQVXLWH WRXW FH<br />

TXL KDELOOH FHWWH FRQVFLHQFH PDQLIHVWpH OHV $W<br />

WULEXWV /HV $WWULEXWV GXQ )pHULTXH VRQW VHV<br />

$IILQLWpV VHV 3RXYRLUV IpHULTXHV HW VHV 7DOHQWV<br />

PDJLTXHV<br />

/$0$1,)(67$7,21<br />

81&21&(37)((5,48(<br />

/DSUHPLqUHpWDSHGHODFRQFHSWLRQGXQSHU<br />

VRQQDJH HVW GH GpFULUH VD 0DQLIHVWDWLRQ ,O VDJLW<br />

GH ODSSDUHQFH SK\VLTXH GH OrWUHIpH \ FRPSULV<br />

VRQ FDUDFWqUH VRQ FRPSRUWHPHQW VRQ pYHQWXHO<br />

KDELOOHPHQW PDLV DXVVL OH VRQ GH VD YRL[RXVRQ<br />

RGHXU FRUSRUHOOH /HV )pHULTXHV pWDQW GHV<br />

SDUFHOOHV GH *ODPRXU GRWpHV GH FRQVFLHQFH OHXU<br />

DSSDUHQFH SHXW rWUH H[WUrPHPHQW GpURXWDQWH<br />

2XWUH OHV FODVVLTXHV SHWLWV ERQVKRPPHV<br />

FRQWUHIDLWV FRLIIpV GH ERQQHWV HW IHPPHV IDWDOHV<br />

GRWpHV GDLOHV GH SDSLOORQ LO IDXW pJDOHPHQW<br />

HQYLVDJHU GHV DSSDUHQFHV QRQ KXPDLQHV VDXOHV<br />

QRXHX[ PHQKLUV JUDYpV ELMRX[ RXYUDJpV<br />

EODQFKHVELFKHVRLVHDX[EOHXVSRLVVRQVGRUHW<br />

GUDJRQV 2Q SHXW PrPH HQYLVDJHU XQ )pHULTXH<br />

TXLVHPDQLIHVWHXQLTXHPHQWSDUXQHRGHXUXQH<br />

PpORGLH RX XQH FRORUDWLRQ GH OD OXPLqUH 2Q<br />

SHXWDXVVLLPDJLQHUXQrWUHTXLVRLWFRQVWLWXpSDU<br />

XQH FRORQLH GH OHPPLQJVXQQXDJHRXXQFRXUV<br />

GHDX 7RXWHIRLV QRXV FRQVHLOORQV GH UpVHUYHU<br />

FHV FRQFHSWV SDU WURS RULJLQDX[ j GHV MRXHXUV<br />

H[WUDRUGLQDLUHPHQW KDELOHV RX PLHX[ HQFRUH DX<br />

VHXOPHQHXUGHMHXOHXUFDSDFLWpjVLQWpJUHUVDQV<br />

KHXUWVGDQVGHVVFpQDULRVYDULpVQpWDQWSDVDVVX<br />

UpH<br />

/HSULQFLSHjJDUGHUSUpVHQWjOHVSULWORUVGH<br />

OpODERUDWLRQ GX SHUVRQQDJH HVW VRQ FDUDFWqUH<br />

IpHULTXH,OGRLWVDJLUGXQrWUHTXLDXUDLWVDSODFH<br />

GDQV XQ FRQWH WUDGLWLRQQHO UHODWp j OD YHLOOpH GH<br />

SXLV GHV VLqFOHV SDV GXQ SHUVRQQDJH GH GHVVLQ<br />

DQLPp RX GH MHX YLGpR 1RXV FRQVHLOORQV GRQF<br />

GH SDUWLU GXQH FUpDWXUH TXL ILJXUH UpHOOHPHQW<br />

GDQV GHV OpJHQGHV HW GHQ GRQQHU YRWUH SURSUH<br />

LQWHUSUpWDWLRQ DX WUDYHUV GHV UqJOHV TXH QRXV<br />

DOORQVH[SRVHUGDQVOHVSDUDJUDSKHVTXLVXLYHQW<br />

9RXV SRXYH] pJDOHPHQWLPDJLQHUYRWUHSUR<br />

SUH FUpDWXUH PDLV YHLOOH] DORUV j FH TXHOOH VRLW<br />

FRQIRUPH j OHVSULW GHV OpJHQGHV IpHULTXHV /D<br />

GpPDUFKH j ODTXHOOH YRXV GHYH] YRXV OLYUHU<br />

FRQVLVWH j GRQQHU YRWUH SURSUH LQWHUSUpWDWLRQ<br />

GHV WKqPHV OpJHQGDLUHV WUDGLWLRQQHOV HQ HQ UHV<br />

SHFWDQW OHVSULW PDLV DYHF OH UHFXO TXH YRXV RF<br />

WURLHOHIDLWGHQHSDV\FURLUH<br />

7RXV OHV rWUHV LPDJLQDLUHV QH VRQW SDV VXV<br />

FHSWLEOHV GH GRQQHU OLHX j XQ FRQFHSW GH SHU<br />

VRQQDJH$LQVLVHXOVVRQWpOLJLEOHVFHX[TXLVRQW<br />

LVVXV GHV WUDGLWLRQV DQFHVWUDOHV GXQH FXOWXUH<br />

TXLO VDJLVVH GHV 3XN:RRJLHV DPpULQGLHQV GHV<br />

'RPRYRw UXVVHV GHV +VLDR FKLQRLV GHV .DOOL<br />

NDQW]DUDL JUHFV GHV &FRD LQFD GHV 1XWRQV EHO<br />

JHV GHV %DNHPRQR MDSRQDLV GHV 7UROOV VFDQGL<br />

QDYHV GHV .XEHUD LQGLHQV GHV &OXULFDXQHV LU<br />

ODQGDLV GHV 0LPLV DXVWUDOLHQV GHV /DPLQD EDV<br />

TXHV GHV .RUULJDQV EUHWRQV GHV )DXQHV UR<br />

PDLQV HW DXWUHV /XWLQV HW )DUIDGHWV PDLV DXVVL<br />

GHV *ULIIRQV 2JUHV *pDQWV 9RXLYUHV %DVLOLFV<br />

HW/LFRUQHVGHVOpJHQGHVRXHQFRUHGHFUpDWXUHV<br />

LQGLYLGXHOOHV FRPPH 0pOXVLQH ,DQQLJ DQ 2G OD<br />

%HIDQD0RXULRFKHRXOD/RUHOHw<br />

(QUHYDQFKHVLLQWpUHVVDQWHVVRLHQWHOOHVOHV<br />

FUpDWXUHV FDQXODUHVTXHV DX[TXHOOHV SHUVRQQH QD<br />

MDPDLV UpHOOHPHQW FUX FRPPH OH 'DKX GHV $O<br />

SHV RX OHV FUpDWLRQV OLWWpUDLUHV FRQWHPSRUDLQHV<br />

FRPPH OHV +REELWV GH 7RONLHQ QH VRQW SDV<br />

XWLOLVDEOHV LO VDJLW GpMj GXQH LQWHUSUpWDWLRQ GHV<br />

WUDGLWLRQVSDUXQHVSULWTXLOHVDSSUpFLHPDLVQHQ


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

HVW SDV GXSH < DSSOLTXHU OD GpPDUFKH GpFULWH<br />

SOXVKDXWUHYLHQGUDLWjLQWHUSUpWHUXQHLQWHUSUpWD<br />

WLRQ FH TXL GLVWHQGUDLW WURS OD UHODWLRQ DYHF OHV<br />

OpJHQGHV<br />

7RXWHIRLV ULHQ QH YRXV HPSrFKH GH SDUWLU<br />

GHV PrPHV WKqPHV HW GDERXWLU j GHV SHUVRQQD<br />

JHV VLPLODLUHV j FHX[ GXQ DXWHXU YRXV SRXYH]<br />

FRQFHYRLU YRWUH SURSUH OXWLQ TXL KDELWH GDQV XQ<br />

WURXERLWGXWKpHWIXPHODSLSH0DLVFHQHVHUD<br />

SDV XQ +REELW FH VHUD XQH FUpDWLRQ RULJLQDOH GH<br />

YRWUH SDUW DYHF GHV WUDLWV FRPPXQV PDLV DXVVL<br />

GHVGLIIpUHQFHVDYHFOHV+REELWVGH7RONLHQSDU<br />

H[HPSOHULHQQLPSRVHTXLODLWOHVSLHGVYHOXV<br />

3XLVTXHVHXOHVOHVFUpDWXUHVSURSUHPHQWIpH<br />

ULTXHV VRQW HQYLVDJHDEOHV SOXVLHXUV W\SHV GH<br />

FUpDWXUHVLPDJLQDLUHVVRQWH[FOXVGHIDLW<br />

• OHV FUpDWXUHV LVVXHV GX IDQWDVWLTXH PRGHUQH<br />

HWQRWDPPHQWGHODVFLHQFHILFWLRQVRLWSDUFH<br />

TXHOOHV SURYLHQQHQW Oj HQFRUH GH OLPDJLQD<br />

WLRQ GXQ DXWHXU HW QRQ GH OD VSRQWDQpLWp<br />

GXQH FXOWXUH (ZRNV GH 6WDU :DUV FUpDWXUH<br />

GH )UDQNHQVWHLQ VRLW SDUFH TXHOOHV SURYLHQ<br />

QHQW GH VXSHUVWLWLRQV SRVWPRGHUQHV TXL QH<br />

VRQWSDVGXERQUHJLVWUH©SHWLWVJULVªHWDX<br />

WUHVOpJHQGHVXUEDLQHV<br />

• OHVFUpDWXUHVGRQWOHFRQFHSWQHVWTXXQrWUH<br />

KXPDLQ GRWp GH FDSDFLWpV VXUQDWXUHOOHV PD<br />

JLFLHQVORXSVJDURXV&HVrWUHVQHVRQWSDV<br />

IpHULTXHV PDLV WHUUHVWUHV GDQV OHXU SULQFLSH <br />

LOVVRQWELRORJLTXHVLOVVRQWQpVXQEHDXMRXU<br />

LOV RQW DFTXLV XQ EHDX MRXU GHV SRXYRLUV RX<br />

RQW UHoX XQ HQVHLJQHPHQW RFFXOWH HW LOV<br />

PRXUURQW XQ EHDX MRXU FRPPH YRXV HW PRL<br />

1DWXUHOOHPHQW WRXV OHV )pHULTXHV VRQW<br />

VXVFHSWLEOHV GDYRLU GHV 7DOHQWV PDJLTXHV HW<br />

pYHQWXHOOHPHQW XQH 0DQLIHVWDWLRQ TXL UHV<br />

VHPEOH j XQ YLHX[ PDJLFLHQ RX XQ 3RXYRLU<br />

OHXU SHUPHWWDQW GH SUHQGUH ODSSDUHQFH GXQH<br />

ErWH PDLV LO VDJLW SRXU DXWDQW ELHQ GH )pHUL<br />

TXHV HW QRQ GLQLWLpV pVRWpULTXHV RX GH YLFWL<br />

PHVGXQHPDOpGLFWLRQ<br />

• OHV FUpDWXUHV VXUQDWXUHOOHV TXL UpVXOWHQW GXQ<br />

SURFHVVXV DUWLILFLHO JROHPV FDEDOLVWLTXHV<br />

KRPRQFXOHV DOFKLPLTXHV ,O OHXU PDQTXH<br />

ODXWRQRPLH OLQGLYLGXDOLWp FDUDFWpULVWLTXH GHV<br />

)pHULTXHV 2Q SHXW WRXWHIRLV HQ FURLVHU HQ<br />

)pHULH PDLV LO VDJLW G(PDQDWLRQV RX GHV<br />

SURGXLWVGX7DOHQWPDJLTXHG(QFKDQWHPHQW<br />

SDVGH)pHULTXHVjSDUWHQWLqUH<br />

• OHV VLPSOHV YHVWLJHV GKXPDLQV GpFpGpV TXLO<br />

VDJLVVH GHVSULWV GpVLQFDUQpV IDQW{PHV RX<br />

GH FDGDYUHV DQLPpV ]RPELHV YDPSLUHV ,O<br />

VDJLW GrWUHV ELRORJLTXHV TXL VRQW GHYHQXV<br />

VXUQDWXUHOV DX PRPHQW GH OHXU PRUW /HV<br />

)pHULTXHV QRQW MDPDLV pWp RUJDQLTXHV VRQW<br />

LPPRUWHOV HW RQW WRXMRXUV pWp VXUQDWXUHOV ,O<br />

HVWWRXWHIRLVYUDLTXHFHUWDLQV)pHULTXHVQHVH<br />

SULYHQW SDV GXQH LPDJHULH PRUELGH OHV &UR<br />

TXHPLWDLQHV GXQH DSSDUHQFH VSHFWUDOH OHV<br />

%DQVKHH pFRVVDLVHV RX GDSSpWLWV VDQJXLQDL<br />

UHV OHV 0DUL0RUJDQ GH %UHWDJQH 0DLV LO<br />

VDJLW GH SDUWLV SULV GH 0DQLIHVWDWLRQ RX HQ<br />

FRUH GH 6LJQHV RX GH 7UDLWV SDV GH OHXU QD<br />

WXUH SURIRQGH (QILQ OHV VXSHUVWLWLRQV KX<br />

PDLQHV TXL DWWULEXHQW DX[ )pHULTXHV XQH RUL<br />

JLQH SDUPL OHV GpIXQWV OHV )HX[ )ROOHWV VH<br />

UDLHQW OHV kPHV GHV HQIDQWV QRQ EDSWLVpV<br />

QHQJDJHQWTXHFHX[TXL\FURLHQW<br />

• HQILQ WRXV OHV rWUHV TXL DSSDUWLHQQHQW DX<br />

FDQRQGXQHUHOLJLRQDFWXHOOHRXpWHLQWHVRQWj<br />

pYLWHU WDQW SRXU GHV UDLVRQV GH UHVSHFW GHV<br />

FUR\DQFHV PrPH GH FHOOHV GHV FLYLOLVDWLRQV<br />

GLVSDUXHV TXH SRXU GHV UDLVRQV FRQFHSWXHO<br />

OHV (Q HIIHW GDQV OD SOXSDUW GHV FXOWXUHV OHV<br />

)pHULTXHV MRXHQW OH U{OH GrWUHV GH VWDWXW LQ<br />

WHUPpGLDLUHHQWUHOHWHUUHVWUHHWOHGLYLQ7RXW<br />

rWUH TXL IDLW OREMHW GXQ FXOWH LQVWLWXp QHVW<br />

GRQF SDV XQ )pHULTXH HW SDU H[WHQVLRQ OHV<br />

rWUHVGLUHFWHPHQWDXVHUYLFHGHVGLYLQLWpVDQ<br />

JHV HW OHXUV DQWDJRQLVWHV GpPRQV QH VRQW<br />

SDVXWLOLVDEOHVQRQSOXV<br />

&HGHUQLHUSRLQWHVWDVVH]GpOLFDWjDSSOLTXHU<br />

HQ SUDWLTXH SDUFH TXH OHV OpJHQGHV IpHULTXHV<br />

WLUHQW JpQpUDOHPHQW OHXU RULJLQH GH VXUYLYDQFHV<br />

GDQFLHQQHV UHOLJLRQV VXSSODQWpHV SDU GHV FXOWHV<br />

SOXVUpFHQWV$LQVLLOHVWORLVLEOHGHVLQVSLUHUGHV<br />

7XDWKDGH'DQDQQG,UODQGHTXLVRQWFRQVLGpUpV<br />

FRPPH IpHULTXHV SDU OHV ,UODQGDLV PDLV SDV GHV<br />

DQFLHQVGLHX[JDpOLTXHVGRQWOHVP\WKHVRQWHX[<br />

PrPHV LQVSLUp OHV OpJHQGHV UHODWLYHV DX[ 7XD<br />

WKD 'H PrPH OHV 'MLQQV GH O,VODP RQW XQ<br />

VWDWXW SUHVTXH DQDORJXH j FHOXL GHV DQJHV SRXU<br />

WDQW OD WUDGLWLRQ RFFLGHQWDOH \ YRLW JpQpUDOHPHQW<br />

GHV )pHULTXHV (QILQ OHV UHOLJLRQV DQLPLVWHV RQW<br />

SRXU REMHWV GH OHXU YpQpUDWLRQ GHV HVSULWV GH<br />

W\SHpYHQWXHOOHPHQWIpHULTXH'HSOXVODSOXSDUW<br />

GHVUHOLJLRQVGRPLQDQWHVRQWDWWULEXpXQHQDWXUH<br />

GpPRQLDTXHDX3HWLW3HXSOHIpHULTXH<br />

/DOLJQHGLUHFWULFHjJDUGHUjOHVSULWSRXUDU<br />

ELWUHU HQ OD PDWLqUH HVW GH QH SDV FKRLVLU XQ<br />

FRQFHSWTXLFRQGXLWjHQWUHUGDQVGHVSUREOpPD<br />

WLTXHV WKpRORJLTXHV PRUDOLVWHV RX GHV FRQVLGp<br />

UDWLRQV VXU OD YLH DSUqV OD PRUW RX OH VHQV GH<br />

OXQLYHUV TXL VRQW WUqV pORLJQpHV GHV WKpPDWLTXHV<br />

IpHULTXHV<br />

&RQVHLO GHV FRQFHSWHXUV &RQWHV GH )pHV<br />

HVW XQ MHX GH U{OH R OD FUpDWLRQ GHV SHUVRQ


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

QDJHVHVWH[WUrPHPHQWOLEUH(OOHQHSURSRVH<br />

SDV GH FODVVHV RX GH JXLGHV UHVWULFWLIV $SUqV<br />

WRXW YRXV LQFDUQH] XQH FUpDWXUH IpHULTXH LV<br />

VXH GH YRWUH LPDJLQDWLRQ ,O HVW GRQF LQGLV<br />

SHQVDEOHTXHOHMRXHXUDLWHQWrWHO·DSSDUHQFH<br />

GH VRQ SHUVRQQDJH HW VHV FDSDFLWpV SULQFLSD<br />

OHV DYDQW G·HQWDPHU OD SDUWLH WHFKQLTXH GH OD<br />

FUpDWLRQ 8QH IRLV VRQ LGpH SUpFLVpH OD FUpD<br />

WLRQWHFKQLTXHHQGpFRXOHUDG·HOOHPrPH<br />

'HX[ JUDQGHXUV FKLIIUpHV YLHQQHQW SUpFLVHU<br />

OHVHIIHWVHQWHUPHVGHMHXGHOD0DQLIHVWDWLRQOD<br />

7DLOOH HW OH &KDUPH /HXU YDOHXU QXPpULTXH HVW<br />

ODLVVpH DX OLEUH FKRL[ GX MRXHXU SRXU ©FROOHUª j<br />

VRQFRQFHSWGHSHUVRQQDJH<br />

/$7$,//(<br />

&·HVW OD SODFH SK\VLTXHPHQW RFFXSpH SDU OH<br />

)pHULTXH (OOH V·pWDOH HQWUH HW XQ rWUH KX<br />

PDLQ QRUPDO D\DQW XQH 7DLOOH GH (OOH SHXW<br />

pYHQWXHOOHPHQW FKDQJHU VHORQ OHV FLUFRQVWDQFHV<br />

3RXYRLUV QLYHDX[ G·,PDJLQDLUH GHV &RQWH[WHV<br />

WHUUHVWUHV<br />

Jp j FRQVLGpUHU WRXWHV OHV FRQVpTXHQFHV QDWXUHO<br />

OHV GHV 7DLOOHV XQ JpDQW Q·DXUD SDV GH PDO j<br />

UHJDUGHU SDU OD IHQrWUH GX SUHPLHU pWDJH G·XQH<br />

PDLVRQ G·KXPDLQV PDLV LO DXUD SDU FRQWUH ELHQ<br />

SOXV GH PDO j \ SpQpWUHU /HV MRXHXUV VRQW LQYL<br />

WpVjPpGLWHUVXUFHVSRLQWVDYDQWGHFKRLVLUXQH<br />

7DLOOHH[WUrPH<br />

LQVHFWH EDOHLQH<br />

PRLQHDX GLSORGRFXV<br />

FKDW pOpSKDQW<br />

HQIDQW WDXUHDX<br />

SHWLWKXPDLQ JUDQGKXPDLQ<br />

/D 7DLOOH HVW XQ SDUDPqWUH TXL DJLW VXU OHV<br />

$VSHFWVSK\VLTXHVGXSHUVRQQDJH(OOHV·DMRXWHj<br />

WRXWHV OHV DFWLYLWpV TXL PHWWHQW HQ MHX OD IRUFH<br />

PXVFXODLUH GX SHUVRQQDJH RX VD PDVVH OHYDJH<br />

GRPPDJHVHQFRPEDW(OOHVHVRXVWUDLWjWRXWHV<br />

OHV DFWLYLWpV R XQH SHWLWH WDLOOH HVW XQ DYDQWDJH<br />

FRPPHSDUH[HPSOHO·HVTXLYHHWODGLVFUpWLRQ/H<br />

MRXHXU FKRLVLW OD 7DLOOH GH VRQ SHUVRQQDJH VDQV<br />

UHVWULFWLRQHQWUHHW<br />

/HVPRGLILFDWHXUVQ·RQWTXHSHXGHFKRVHVj<br />

YRLUDYHFOHVHIIHWV©UpHOVªGHWHOOHVWDLOOHV&HVW<br />

GpOLEpUp /D 7DLOOH GXQ )pHULTXH HVW XQH H[SUHV<br />

VLRQ GH VRQ FRQFHSW SDV XQH UpVXOWDQWH GH OD<br />

SK\VLTXH 3DU FRQWUH OH PHQHXU GH MHX HVW HQJD<br />

$UWKXU5DFNKDP<br />

<br />

/(&+$50(<br />

/H&KDUPHG·XQrWUHIpHGpWHUPLQHOLPSUHV<br />

VLRQ TX·LO LQVSLUH DX[ DXWUHV ORUV GH OD SUHPLqUH<br />

UHQFRQWUHHWTXLFRORUHUDGpVRUPDLVVHVUHODWLRQV<br />

DYHF HX[ &·HVW EHDXFRXS SOXV TXH O·DSSDUHQFH<br />

SK\VLTXH DLQVL OD )pH 0RUJDQH HVWHOOH SK\VL<br />

TXHPHQWVpGXLVDQWHPDLVGHVRQrWUHpPDQHXQH<br />

PDOLJQLWp TXL QH WURPSH SHUVRQQH $ OLQYHUVH<br />

XQH FUpDWXUH ODLGH SHXW LQVSLUHU GH OD V\PSDWKLH<br />

&·HVW SOXW{W OHIIHW SURGXLW SDU VD IDoRQ VSRQWD<br />

QpH GH VH SUpVHQWHU TXHOOHV TXH VRLHQW SDU DLO<br />

OHXUV VHV LQWHQWLRQV UpHOOHV 8Q rWUHIpH TXL D XQ<br />

&KDUPH SRVLWLI LQVSLUH OD FRQILDQFH HW OD V\PSD<br />

WKLH $ O·LQYHUVH XQ &KDUPH QpJDWLI HVW FDUDFWp<br />

ULVWLTXHG·XQrWUHTXLLQVWLOOHODSHXURXOHGpJR€W<br />

8Q rWUHIpH GRQW OD QDWXUH SURIRQGH HVW HQ<br />

GpVDFFRUGDYHFVRQ&KDUPHDSSDUHQWHVWLQWpUHV<br />

VDQWLOHVWSULVHQSHUPDQHQFHSRXUFHTXLOQHVW<br />

SDV$FKDUJHSRXUOHMRXHXUGLQWHUSUpWHUODPEL<br />

JXwWp GH VRQ SHUVRQQDJH TXL D XQH DLVDQFH QDWX<br />

UHOOH DYHF XQ FHUWDLQ PRGH UHODWLRQQHO TXL HVW<br />

FRQWUDLUH j VD SHUVRQQDOLWp FI OH YLODLQ SHWLW<br />

FDQDUG GRQW OD GRXFHXU IRQGDPHQWDOH HVW PDV<br />

TXpH SDU VRQ DVSHFW H[WpULHXU LO OXL VHUDLW SOXV<br />

IDFLOH GrWUH LQTXLpWDQW PDLV FH QHVW SDV VD QD


¤©¥¤!"#¡¤£$¡¥<br />

¢¡¤£¦¥¨§©¥¦¤¥¥¥¢<br />

¥©£&¥''¢$(¨¥¢*)¥+*¥'¢$¢¨£¦+,$'¡- ¤©#./¡+<br />

%<br />

$¡¥¨£¥'¡0$¤©¡¤£#132546$7#¥8¥+¤£9)¥<br />

&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

WXUH &HX[ TXL OH FRQQDLVVHQW ELHQ ILQLURQW SDU<br />

DSSUHQGUH j QH SDV VH ILHU j OHXU SUHPLqUH LP<br />

SUHVVLRQ PDLV FHOOHFL VXEVLVWH HW VH UDSSHOOHUD j<br />

OHXUERQVRXYHQLUGqVTXHOHXUDPLVHFRPSRUWH<br />

UDSRXUXQHIRLVVHORQVRQDSSDUHQFH©MHYRXV<br />

ODYDLVELHQGLWª<br />

/HV 6LJQHV GHV GLIIpUHQWV $WWULEXWV GX SHU<br />

VRQQDJH VRQW j GpFULUH HQ JDUGDQW j OHVSULW VRQ<br />

&KDUPH JOREDO XQ PrPH $WWULEXW SHXW GRQQHU<br />

OLHX j GHV 6LJQHV LQTXLpWDQWV RX DWWHQGULVVDQWV<br />

VHORQ OH &KDUPH GX )pHULTXH GpWHQWHXU GH O$W<br />

WULEXW<br />

/H &KDUPH HVW GRQQp SDU UpIpUHQFH DX[<br />

FRQYHQWLRQV KXPDLQHV SRXU SOXV GH VLPSOLFLWp<br />

,OYDULHGHLQGLFLEOHDWURFHPRQVWUXHX[«j<br />

PHUYHLOOHXVHPHQW EHDX FKDUPHXU V\PSD<br />

WKLTXH ,O V·DMRXWH j WRXWH WHQWDWLYH GH VpGXF<br />

WLRQRXGHGLVFXVVLRQRO·LQFLWDWHXUGRLWDSSDUDv<br />

WUH FRPPH V\PSDWKLTXH $X FRQWUDLUH LO VH UH<br />

WUDQFKH <br />

HVW XQ ERQXV V·LO HVW QpJDWLI HW LQYHU<br />

VHPHQW VL OH )pHULTXH YHXW IDLUH SHXU RX LQWLPL<br />

GHU<br />

(GPRQG'XODF<br />

<br />

,O HVW j QRWHU TXH SXLVTXH OH MHX GH U{OH UH<br />

SRVH DYDQW WRXW VXU OLQWHUDFWLRQ HQWUH OHV<br />

MRXHXUV OHV LQWHUDFWLRQV HQWUH SHUVRQQDJHV VH<br />

UpVRXGURQW JpQpUDOHPHQW GDYDQWDJH SDU OLQWHU<br />

SUpWDWLRQ GHV SHUVRQQDJHV TXH SDU GHV MHWV GH<br />

GpV VDXI LQWHUYHQWLRQ GpOpPHQWV VXUQDWXUHOV<br />

GLIILFLOHV j PHWWUH HQVFqQHSDUOHVMRXHXUV/H<br />

&KDUPH LQGLTXH GRQF OD SUpGLVSRVLWLRQ QDWXUHOOH<br />

GXSHUVRQQDJHjJpUHUVRQUHODWLRQQHOGHWHOOHRX<br />

WHOOH IDoRQ TXH FHWWH SUpGLVSRVLWLRQ VRLW<br />

FRQIRUPHRXQRQjVRQpWKLTXHFIFLGHVVXV<br />

&RQVHLOGHVFRQFHSWHXUVFRPPHODYDOHXU<br />

HVWOLEUHLOHVWGRQFFRQVHLOOpGDYRLUOKXPLOL<br />

Wp GH QDIIHFWHU j VHV SHUVRQQDJHV TXH GHV<br />

$UWKXU5DFNKDP<br />

<br />

VFRUHV TXH ORQ VHUD FDSDEOH GLQWHUSUpWHU GH<br />

IDoRQLQWpUHVVDQWHLQXWLOHGHVHPHWWUHVL<br />

RQQHVDLWSDVUpHOOHPHQWpPRXYRLUOHVDXWUHV<br />

!:§;¡0¥+¤£)¤8


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

VHV VRXYHQLUV j VRQ LGHQWLWp 6HXO OH UpWDEOLVVH<br />

VpSHXWGqVORUVOXLUHVWLWXHUVRQ1RP<br />

PHQWGHFHOLHQHQWUHVDSHUVRQQDOLWpHWVRQSDV<br />

/(*/$0285<br />

/H *ODPRXU GpQRWH OD SXLVVDQFH JOREDOH GH O·rWUHIpH<br />

<br />

8Q rWUHIpH Q·H[LVWH UpHOOHPHQW TXH SDU VHV FRQWDFWV DYHF<br />

O·HQYLURQQHPHQWDYHFOHVDXWUHV)pHULTXHVHWDYHFOHV7HUUHV<br />

WUHV 3OXV O·rWUHIpH D GHV FRQWDFWV DYHF O·H[WpULHXU SOXV LO VH<br />

PDQLIHVWH SOXV VRQ *ODPRXU HVW pOHYp /H *ODPRXU HVW FD<br />

UDFWpULVWLTXH GH O·LPSRUWDQFH GX SHUVRQQDJH GDQV OH PRQGH<br />

GH )pHULH &·HVW XQH PDUTXH GH VRQ H[SpULHQFH GH VRQ UH<br />

QRPHWGHVDSUpVHQFHGDQVOHPRQGH8QSHUVRQQDJHTXLD<br />

XQ*ODPRXUWUqVpOHYpHVWXQHOpJHQGHGDQVWRXVOHVVHQVGX<br />

WHUPH /H *ODPRXU SHXW DXJPHQWHU RX GLPLQXHU DYHF OH<br />

WHPSV ,O DXJPHQWH TXDQG OH SHUVRQQDJH IDLW GHV GpFRXYHU<br />

WHV GH QRXYHOOHV FRQQDLVVDQFHV HW G·XQH IDoRQ RX G·XQH<br />

DXWUH ODLVVH VRQ HPSUHLQWH TXHOTXH SDUW YRLU SOXV EDV DX<br />

FKDSLWUH VXU OH[SpULHQFH 7RXV OHV DFWHV TXL FRQFUpWLVHQW OH<br />

SHUVRQQDJH DXJPHQWHQW VRQ *ODPRXU &HOD LQFOXW HQ WRXW<br />

SUHPLHU OLHX OD IDoRQ GH OH MRXHU 3OXV OH SHUVRQQDJH SDU<br />

O·LQWHUPpGLDLUH GX MRXHXU DXUD XQ FDUDFWqUH FRKpUHQW ULFKH<br />

SOXV VRQ *ODPRXU VHUD pOHYp $ OLQYHUVH LO GLPLQXH ORUVTXH<br />

OH SHUVRQQDJH HVW YLFWLPH GXQ 'pSRXLOOHPHQW QRWDPPHQW<br />

ORUVTXLOURPSWXQ*HLVRXXQ7UDLWRXVHGpUREHDX[REOLJD<br />

WLRQVG·XQ3DFWHHWORUVTXLO6FLQGHVRQ*ODPRXU<br />

$UWKXU5DFNKDP<br />

<br />

9$/(85'8*/$0285<br />

/H *ODPRXU HVW LQLWLDOHPHQW pJDO j SRXU<br />

WRXV OHV SHUVRQQDJHV &HVW DXVVL OH QRPEUH GH<br />

SRLQWV j UpSDUWLU XQH SUHPLqUH IRLV HQWUH VHV<br />

$VSHFWV HW XQH VHFRQGH IRLV HQWUH VHV $WWULEXWV<br />

WRXWHV FDWpJRULHV FRQIRQGXHV ,O IOXFWXH HQVXLWH<br />

DX FRXUV GHV DYHQWXUHV HW DYHF OHV SDUWLFLSDWLRQV<br />

GX MRXHXU ,O \ D HQ SHUPDQHQFH pJDOLWp HQWUH OH<br />

VFRUH GH *ODPRXU OD VRPPH GHV $VSHFWV HW OH<br />

WRWDO GHV$WWULEXWV&HVIOXFWXDWLRQVGH*ODPRXU<br />

VHWUDGXLVHQWGRQFLPPpGLDWHPHQWSDUGHVPRGL<br />

ILFDWLRQV GHV VFRUHV G$VSHFW HW GHV YDOHXUV GHV<br />

$WWULEXWV 'H SOXV OH VFRUH GH *ODPRXU HVW<br />

FRUUpOp DX VFRUH PD[LPDO G(VVHQFH FI SOXV<br />

EDV<br />

/(675$,76<br />

3DUIRLV OHV )pHULTXHV V·LQIOLJHQW HX[PrPHV<br />

DFFLGHQWHOOHPHQW GHV *HVD YRLU OH FKDSLWUH<br />

FRUUHVSRQGDQW /HV *HVD GH FH W\SH VRQW DSSH<br />

OpV GHV 7UDLWV ,OV DSSDUDLVVHQW FRPPH GHV WUDLWV<br />

GHFDUDFWqUHG·ROHQRPIRUWHPHQWPDUTXpV<br />

/HV 7UDLWV VRQW VRXYHQW OHUpVXOWDWGHODPD<br />

ODGUHVVHGX)pHULTXH$XPLHX[FHVRQWOHVFLFD<br />

WULFHV UpVXOWDQW GH GLIILFXOWpV SDVVpHV 'X SRLQW<br />

GH YXH GX MHX OHV 7UDLWV GRLYHQW rWUH FRQWUDL<br />

JQDQWV SRXU OH MRXHXU ,OV OXL LPSRVHQW GHV REOL<br />

JDWLRQVGDQVODFRPSRVLWLRQGHVRQU{OH<br />

/RUV GH OD FUpDWLRQ GH VRQ SHUVRQQDJH OH<br />

MRXHXU SHXW FKRLVLU GH SUHQGUH GHV 7UDLWV LQL<br />

WLDX[(QHIIHWOHV)pHULTXHVpWDQWpWHUQHOVLOHVW<br />

VWDWLVWLTXHPHQW SUREDEOH TXLOV DLHQW HX ORFFD<br />

VLRQ GDFTXpULU GpMj GHV 7UDLWV $ILQ GH QH SDV<br />

FRPSOLTXHUODYLHGHVSHUVRQQDJHVGpEXWDQWVRQ<br />

HVWLPH HQ UHYDQFKH TXLOV RQW DSXUp DYDQW OH<br />

GpEXWGXMHXWRXVOHXUVHQJDJHPHQWVYLVjYLVGH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

WLHUV *HVD 3DFWHV 6HUYLFHV &HV 7UDLWV VRQW<br />

UpSXWpV OHXU DYRLU pYLWp GH SHUGUH GX *ODPRXU<br />

FH TXL OHXU SHUPHW GH GpPDUUHU OH MHX DYHF GD<br />

YDQWDJH GH *ODPRXU PDLV j OD FRQGLWLRQ GHUHV<br />

SHFWHU OHXUV 7UDLWV VRXV SHLQH GH YRLU FHW H[Fp<br />

GHQWGH*ODPRXUVpYDQRXLU<br />

&RQVHLO GHV FRQFHSWHXUV DWWHQWLRQ 1DO<br />

OH] SDV HQ GpGXLUH TXH OH IDLW GDFTXpULU XQ<br />

7UDLW HQ FRXUV GH MHX UDSSRUWH GX *ODPRXU <br />

&H Q·HVW TX·XQH DVWXFH WHFKQLTXH TXL Q·HVW<br />

YDODEOH TX·j OD FUpDWLRQ GX SHUVRQQDJH /HV<br />

7UDLWV VRQW WRXW FRPPH OHV *HVD XQDUWLILFH<br />

TXLSHUPHWGHGLIIpUHUXQHSHUWHGH*ODPRXU<br />

HQ DFFHSWDQW XQH UHVWULFWLRQ GH FRPSRUWH<br />

PHQWLOVQHVRQWSDVGXWRXWXQDYDQWDJH<br />

/HV 7UDLWV OHXU UDSSRUWHQW OHV SRLQWV GH<br />

*ODPRXUFRUUHVSRQGDQWVMXVTX·jFRQFXUUHQFHGH<br />

SRLQWV /HV 7UDLWV SV\FKRORJLTXHV VRQW DXWDQW<br />

GH JXLGHV TXH OH MRXHXU GRLW VXLYUH ORUVTX·LOMRXH<br />

VRQ )pHULTXH &HV 7UDLWV VH FRPSRUWHQW FRPPH<br />

OHV *HVD DFTXLV SDU OD VXLWH VL OH MRXHXU QH OHV<br />

UHVSHFWH SDVLOVVRQWFRQVLGpUpVFRPPHURPSXV<br />

HWOHVSRLQWVGH*ODPRXUTXLOHXUVRQWOLpVGLVSD<br />

UDLVVHQW/DSHUWHGH*ODPRXUHWG$WWULEXWVHVW<br />

DMXVWpH VHORQ OHV FLUFRQVWDQFHV GH UXSWXUH GX<br />

7UDLW FRPPH SRXU WRXW *HLV FI SOXV EDV FH<br />

TXL SHXW FRQGXLUH j XQH PRGLILFDWLRQ GHVVFRUHV<br />

GLIIpUHQWHGHFHOOHREWHQXHjODFUpDWLRQ<br />

/LQWHUSUpWDWLRQ GHV 7UDLWV GRLW rWUH FRKp<br />

UHQWH DYHF OH &KDUPH GX SHUVRQQDJH 8Q )pHUL<br />

TXH TXL D OH 7UDLW ©JRXUPDQGª HW XQ &KDUPH<br />

SRVLWLIVHUDXQERQYLYDQWV\PSDWKLTXH$YHFXQ<br />

&KDUPH QpJDWLI FH VHUD XQ JRLQIUH JURVVLHU<br />

YRLUHFDQQLEDOH<br />

*ODPRXU<br />

YDOHXUGHV7UDLWVLQLWLDX[PD[LPXP<br />

(;(03/(6'(75$,76<br />

9RLFLTXHOTXHVH[HPSOHVGH7UDLWVWHOVTX·LOV<br />

SHXYHQW rWUH FKRLVLV j OD FUpDWLRQ RX DFTXLV DX<br />

FRXUVGXMHXjODVXLWHG·XQ©DXWRJHLVª<br />

/H FDOFXO UHSRVH VXU GHX[ SDUDPqWUHV OD<br />

IUpTXHQFH G·LQWHUYHQWLRQ GX 7UDLW GDQV OD YLH GX<br />

SHUVRQQDJH HW O·LPSRUWDQFH GX KDQGLFDS TX·LO<br />

WDEOHV VXLYDQWHV GRQQHQW GHV LQGLFDWLRQV GH IUp<br />

TXHQFH HW GH JUDYLWp DLQVL TXH GHV H[HPSOHV<br />

FRUUHVSRQGDQWV/·LQWHQVLWpWRWDOHHVWREWHQXHHQ<br />

DMRXWDQW O·LQWHQVLWp GH OD IUpTXHQFH j FHOOH GH OD<br />

JUDYLWp 1·RXEOLH] SDV TX·j OD FUpDWLRQ G·XQ SHU<br />

VRQQDJH O·LQWHQVLWp WRWDOH GH VHV 7UDLWV QH SHXW<br />

GpSDVVHUSRLQWV<br />

LQIOLJH j FKDTXH IRLV TX·LO HQWUH HQ MHX /HV GHX[<br />

'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

*UDYLWpGXKDQGLFDSLPSRVp ,QWHQVLWp ([HPSOHV<br />

)DLEOHOH)pHULTXHFqGHjVRQ<br />

7UDLWVLFHOXLFLQ·LPSOLTXH<br />

DXFXQULVTXHSHUVRQQHO<br />

0RGpUpHOHSHUVRQQDJHPR<br />

GLILHVLJQLILFDWLYHPHQWVHV<br />

DFWHVSRXUVRQ7UDLWVDXIVL<br />

FHODOHPHWHQJUDYHGDQJHU<br />

)RUWHOHSHUVRQQDJHIDLWWRXW<br />

SRXUVDWLVIDLUHVRQ7UDLW<br />

TXLWWHjSUHQGUHGHVULVTXHVHW<br />

UpDJLWIRUWHPHQWGDQVGHV<br />

VLWXDWLRQVTXLUDSSHOOHQWOH<br />

7UDLW<br />

([FHSWLRQQHOOHODYLHGX<br />

)pHULTXHWRXUQHDXWRXUGHVRQ<br />

7UDLWHWLOOXLGpGLHFKDFXQHGH<br />

VHVDFWLYLWpV<br />

<br />

<br />

<br />

<br />

8Q)DXQHDFFRVWHOHVEHDX[SDVWHXUVPDLVQ·LQVLVWHSDV<br />

RXWUHPHVXUHVLFHX[FLUHIXVHQW<br />

'qVTXHOH)pHULTXHHQWHQGXQHFORFKHLOSUHVVHOHSDVHW<br />

HVVD\HGHV·HQpORLJQHUGqVTXHSRVVLEOH<br />

8Q7RPWHVDOXHOHVJHQVTXLOXLDGUHVVHQWODSDUROH<br />

/H)DXQHGUDJXHRXWUDJHXVHPHQWWRXVOHVSDVWHXUVTX·LOV<br />

UHQFRQWUHQWHWQHFqGHTXHGHYDQWXQUHIXVFODLUHWUpSpWp<br />

/H)pHULTXHDSHXUGHWRXWVRQGHFORFKHHWUHIXVHGH<br />

V·DSSURFKHUGHVDVRXUFH<br />

/H7RPWHIDLWXQHSURIRQGHUpYpUHQFHjFKDTXHSHUVRQQH<br />

TXLOXLSDUOH<br />

/H)DXQHDVVDLOOHOHSUHPLHUEHUJHUYHQXHWVHVDWLVIDLW<br />

TXLWWHjHQYHQLUDX[«PDLQV<br />

/H)pHULTXHSUHQGVHVMDPEHVjVRQFRXGqVTX·LOHQHQ<br />

WHQGXQWLQWHPHQW,OpYLWHOHVFORFKHVHWOHVFORFKHWWHV<br />

/H7RPWHV·DJHQRXLOOHHWEDLVHOHVSDVGHWRXWHSHUVRQQH<br />

TXLOXLGLWXQPRW<br />

/HIDXQHYLROHVDXYDJHPHQWOHVMHXQHVSkWUHVTX·LOUHQ<br />

FRQWUHHWHQUHFKHUFKHDFWLYHPHQWOHUHVWHGXWHPSV<br />

/H)pHULTXHHVWWHUULILpjO·LGpHGHSRXYRLUHQWHQGUHXQH<br />

FORFKHRXXQHFORFKHWWH,OVHWLHQWjPLOOHOLHXHVGHWRXW<br />

HQGURLWRLOSRXUUDLWHQWURXYHUXQH6LSDUPDOKHXULOHQ<br />

HQWHQGXQHLOV·HQIXLWHQKXUODQWRXHVWSpWULILpSDU<br />

O·KRUUHXU/HPXJXHWOXLGRQQHODQDXVpHHWO·HIIUDLH<br />

/H7RPWHVHFRQIRQGHQVDOXWDWLRQVHWUDPSHGHYDQWXQH<br />

SHUVRQQHTXLOXLDSDUOpSXLVODSRXUVXLWHQO·LQRQGDQWGH<br />

IODWWHULHV<br />

<br />

)UpTXHQFHG·LQWHUYHQWLRQ ,QWHQVLWp ([HPSOHV<br />

5DUHSDVjWRXWHVOHVVHVVLRQV (QYLHGHJkWHDX[DXFKRFRODWHWDX[QRL[<br />

3HXUGHVFKHYDOLHUVHQDUPXUHUXWLODQWH<br />

0DQLHGHGpIDLUHOHVODFHWVGHVFRUVHWVGHVQRXUULFHV<br />

2FFDVLRQQHOXQHIRLVSDU<br />

VHVVLRQHQPR\HQQH<br />

)UpTXHQWSOXVLHXUVIRLVSDU<br />

VHVVLRQ<br />

&RPPXQSUHVTXHWRXWOH<br />

WHPSV<br />

&RQVWDQWVWUXFWXUHODYLHGX<br />

SHUVRQQDJH<br />

<br />

<br />

<br />

<br />

(QYLHGHJkWHDX[DXFKRFRODW<br />

3HXUGHVSHUVRQQHVHQDUPXUH<br />

0DQLHGHGpIDLUHOHVODFHWVGHVFRUVHWV<br />

(QYLHGHSkWLVVHULHV<br />

3HXUGHVJHQVG·DUPHVHWGHVJXHUULHUV<br />

0DQLHGHGpIDLUHOHVODFHWVGHVKDELWV<br />

(QYLHGHQRXUULWXUHVXFUpH<br />

3HXUGHVJHQVDUPpV<br />

0DQLHGHGpIDLUHOHVODFHWVGHVHIIHWVSHUVRQQHOVYrWH<br />

PHQWVERXUVHEULGH«<br />

(QYLHGHQRXUULWXUH<br />

3HXUGHVJHQV<br />

0DQLHGHGpIDLUHWRXVOHVQ±XGV<br />

3RXUOHVH[HPSOHVGXSUHPLHUWDEOHDXOHV©EHDX[SDVWHXUVªVRQWXQWUDLW©UDUHªOHVFORFKHVXQWUDLW<br />

©RFFDVLRQQHOªHWOHV©JHQVTXLYRXVSDUOHQWªVRQWXQWUDLW©FRPPXQª


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

$63(&76<br />

'(6&5,37,21'(6$63(&76<br />

JpQpUDOHPHQW DFFRUGHU XQ ERQXV j OHXU XWLOLVD<br />

WLRQ<br />

/HV DVSHFWV WUDGXLVHQW OD SOXV RX PRLQV<br />

JUDQGH SUpGLVSRVLWLRQ GX SHUVRQQDJH j UpDJLU<br />

DX[VLWXDWLRQVVHORQPRGHVFRPSOpPHQWDLUHV<br />

• /REVHUYDWLRQ ODQDO\VH HW ODGDSWDWLRQ UDSL<br />

GHV$VSHFWGH9LJLODQFH<br />

• /D SDVVLYLWp OD WpQDFLWp HW OLQHUWLH REVWLQpHV<br />

$VSHFWGH5pVLVWDQFH<br />

• /HIIRUW ORSSRVLWLRQ OD GpWHUPLQDWLRQ<br />

LQH[RUDEOHV$VSHFWGH3XLVVDQFH<br />

• /D VRXSOHVVH OD VXEWLOLWp OH FRQWRXUQHPHQW<br />

pYDVLIV$VSHFWG+DELOHWp<br />

$LQVLTXHOOHTXHVRLWODVLWXDWLRQjODTXHOOHOH<br />

SHUVRQQDJH HVW FRQIURQWp LO DXUD OD SRVVLELOLWp<br />

G\ UpDJLU VRLW HQ VHIIRUoDQW GH OD FRPSUHQGUH<br />

VRLW HQ ODLVVDQW SDVVHU ORUDJH VRLW HQ OLQIOpFKLV<br />

VDQW SDU OD IRUFH VRLW HQILQ HQ OD GpWRXUQDQW<br />

6HORQ VRQ FKRL[ LO XWLOLVHUD OXQ RX ODXWUH GHV<br />

$VSHFWV $ SULRUL LO GHYUDLW FKRLVLU V\VWpPDWLTXH<br />

/H6vPXUJK,UDQ;9,qPHVLqFOH<br />

<br />

PHQW OH SOXV pOHYp PDLV HQ SUDWLTXH FHUWDLQHV<br />

VLWXDWLRQV VH SUrWHQW GDYDQWDJH j OXVDJH GXQ<br />

$VSHFW SUpFLV TXj XQ DXWUH 7RXWH O·DVWXFH GHV<br />

/HV $VSHFWV VRQW OHV VFRUHV FKLIIUpV GH EDVH<br />

GXSHUVRQQDJH,OVVRQWXWLOLVpVFRPPHUpIpUHQFH<br />

SRXUWRXWHVOHVDFWLYLWpVGXSHUVRQQDJHORUVGHOD<br />

)pHULTXHV WLHQW VRXYHQW GDQV OD PDQLqUH TX·LOV<br />

RQW GH WUDLWHU XQ SUREOqPH GH OD IDoRQ TXL OHXU<br />

HVWODSOXVIDYRUDEOH<br />

UpVROXWLRQ GHV VLWXDWLRQV QRQ VXUQDWXUHOOHV ,OV<br />

VHUYHQW DXVVL GH VFRUH GH EDVH SRXU OXWLOLVDWLRQ<br />

GHV 3RXYRLUV IpHULTXHV PDLV SDV GH O,QIOXHQFH<br />

RXGHV7DOHQWVPDJLTXHV'HV$IILQLWpVYLHQQHQW<br />

6,*1,),&$7,21'(6$63(&76<br />

8Q $VSHFW GRQQH XQ QLYHDX GH FDUDFWpULVWLTXH<br />

SK\VLTXHHWSV\FKLTXHGXSHUVRQQDJH/DGLVWLQF<br />

WLRQ HQWUH OH SK\VLTXH HW OH PHQWDO Q·H[LVWH SDV<br />

FKH]OHV)pHULTXHV8QrWUHIpHULTXHHVWDXVVLIRUW<br />

SK\VLTXHPHQW TX·LO O·HVW PHQWDOHPHQW RX VSLUL<br />

WXHOOHPHQWFDUVDIRUFHSK\VLTXHYLHQWMXVWHPHQW<br />

GHODIRUFHGHVRQHVSULW<br />

<br />

$VSHFW<br />

9LJLODQFH<br />

5pVLVWDQFH<br />

3XLVVDQFH<br />

+DELOHWp<br />

6LJQLILFDWLRQ<br />

LQWXLWLRQSHUFHSWLRQUDSLGLWp<br />

GDQDO\VHGHVLWXDWLRQ<br />

UpVLVWDQFHVWDELOLWpPHQWDOHYRORQ<br />

WpHQGXUDQFH<br />

SXLVVDQFHIRUFHPXVFXODLUHFKD<br />

ULVPHDXUDpQHUJLH<br />

DJLOLWpDVWXFHGH[WpULWpFDSDFLWpGH<br />

UpIOH[LRQ


+¥¤¢¥ ¨$¤¡¨$¥ )¥ Q !£"© # $%§<br />

&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

6&25(6,1,7,$8;<br />

/D VRPPH GHV TXDWUH $VSHFWV GXQ SHUVRQ<br />

QDJH HVW WRXMRXUV pJDOH j VRQ *ODPRXU 'HV<br />

SHUVRQQDJHV GpEXWDQWV GLVSRVHQW GRQF GH <br />

SRLQWV j UpSDUWLU GDQV OHXUV $VSHFWV pYHQWXHOOH<br />

PHQW MXVTX·jHQFDVGH7UDLWV,OHVWSRVVLEOH<br />

GHOHXUDWWULEXHUMXVTX·jXQVFRUHGHjODFUpD<br />

WLRQ ,O HVW GpFRQVHLOOp GH GHVFHQGUH HQ GHVVRXV<br />

GHjODFUpDWLRQVDXIVLFHWWHIDLEOHVVHMRXHXQ<br />

U{OHFHQWUDOGDQVOHSHUVRQQDJH(QFRXUVGHMHX<br />

VL OH SHUVRQQDJH SHUG RX JDJQH GX *ODPRXU LO<br />

GRLW PRGLILHU OHV VFRUHV GH VHV $VSHFWV HQ<br />

FRQVpTXHQFH&HVWWRXMRXUVOHMRXHXUTXLFKRLVLW<br />

OD IDoRQ GRQW VH UpSDUWLVVHQW OHV JDLQV RX SHUWHV<br />

GHSRLQWVHQWUHVHV$VSHFWV<br />

&RQVHLOGHVFRQFHSWHXUVOHV\VWqPHGHUp<br />

VROXWLRQ UHSRVDQW HVVHQWLHOOHPHQW VXU OD<br />

FRPSDUDLVRQ GX VFRUH GX SHUVRQQDJH DYHF<br />

XQH GLIILFXOWp LO HVW WHQWDQW GH PD[LPLVHU XQ<br />

$VSHFW DX[ GpSHQV GHV DXWUHV 3RXU DXWDQW<br />

YXOHSHWLWQRPEUHHWODIRUWHFRPSOpPHQWDUL<br />

Wp GHV $VSHFWV DLQVL TXH OHXU XWLOLVDWLRQ SHU<br />

PDQHQWHDXFRXUVGHVSDUWLHVLOHVWGpFRQVHLO<br />

Op GLQWURGXLUHGHVpFDUWVGpPHVXUpVHQWUHOHV<br />

$VSHFWV GH VRQ SHUVRQQDJH VRXV SHLQH<br />

GDERXWLU j XQ SHUVRQQDJH GpVpTXLOLEUp 8Q<br />

pFDUW VXSpULHXU j SRLQWV HQWUH OH PHLOOHXU<br />

HWOHPRLQVERQ$VSHFWLQGLTXHGHV]RQHVGH<br />

IDLEOHVVHTXLOIDXGUDJpUHUHQFRXUVGHMHX<br />

(66(1&(<br />

6L OH *ODPRXU HVW OD VXEVWDQFH GH )pHULH<br />

O·(VVHQFH HVW VRQ VRXIIOH GH YLH &·HVW O·pQHUJLH<br />

PDJLTXH DPELDQWH DLQVL TXH O·pQHUJLH YLWDOH GHV<br />

rWUHVIpHV(OOHOHXUSHUPHWGRQFGHPDQLSXOHUOH<br />

*ODPRXU TXL FRQVWLWXH OD UpDOLWp HQYLURQQDQWH<br />

PDLV DXVVL GH FRQVHUYHU OHXU LQWpJULWp SHUVRQ<br />

QHOOH (OOH GpWHUPLQH DLQVL OHXU YLWDOLWp SK\VLTXH<br />

HW PRUDOH (OOH HVW pJDOH j XQ WLHUV GX *ODPRXU<br />

WRWDO GX SHUVRQQDJH DUURQGL DX SOXV SURFKH<br />

VRLWjODFUpDWLRQHWSOXVHQFDVGH7UDLWV8Q<br />

)pHULTXH SHUG WHPSRUDLUHPHQW GH O·(VVHQFH<br />

ORUVTX·LO XWLOLVH O,QIOXHQFH GH VHV $IILQLWpV VHV<br />

3RXYRLUV IpHULTXHV RX VHV 7DOHQWV PDJLTXHV<br />

PDLVLOHQSHUGDXVVLV·LOHVWEOHVVpSK\VLTXHPHQW<br />

RXSV\FKLTXHPHQWORUVG·XQFRQIOLW,OSHXWHQILQ<br />

LQYHVWLUGpOLEpUpPHQWVRQ(VVHQFHGDQVOHVXFFqV<br />

G·XQH DFWLYLWp /RUVTX·XQ )pHULTXH HVW j ]pUR HQ<br />

(VVHQFHLOHVWLQFDSDEOHGHIDLUHTXRLTXHFHVRLW<br />

HW HVW j OD PHUFL G·XQ 7UDLW G·XQ *HLV RX SLUH<br />

G·XQ'pSRXLOOHPHQW<br />

<br />

(VVHQFH<br />

*ODPRXU<br />

<br />

/RUVTXHOH*ODPRXUGXQ)pHULTXHHVWPRGL<br />

¥¦¤¥¥©¢¡


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/(6$775,%876<br />

/HV $WWULEXWV VRQW OHV pOpPHQWV TXL VWUXFWX<br />

UHQW HW GpILQLVVHQW XQ )pHULTXH /HV )pHULTXHV<br />

RQW WURLV W\SHV G·$WWULEXWV OHV $IILQLWpV TXL<br />

UHSUpVHQWHQW OHV FRQFHSWV DYHF OHVTXHOV OH )pHUL<br />

TXH HVW OLp OHV 3RXYRLUV IpHULTXHV TXL VRQW OHV<br />

FDSDFLWpV VXUQDWXUHOOHV LQQpHV GHV )pHULTXHV HW<br />

HQILQ OHV 7DOHQWV PDJLTXHV TXL UHSUpVHQWHQW<br />

ODSWLWXGHGHV)pHULTXHVjPDQLSXOHUOHUpHOSDUOD<br />

PDJLH<br />

&KDTXH $WWULEXW G·XQ )pHULTXH VH PDQLIHVWH<br />

DX WUDYHUV G·XQ 6LJQH 8Q 6LJQH HVW XQH PDUTXH<br />

GDQV O·DSSDUHQFH RX OH FRPSRUWHPHQW GX )pHUL<br />

TXHTXLWUDGXLWO·H[LVWHQFHGHVRQ$WWULEXW<br />

8Q)pHULTXHGLVSRVHGXQQRPEUHGHSRLQWV<br />

pJDOjVRQ*ODPRXUjUpSDUWLUHQWUHVHV$WWULEXWV<br />

(Q FDV GH JDLQ GH[SpULHQFH OH *ODPRXU JDJQp<br />

YLHQW DFFURvWUH OHV $WWULEXWV FI FKDSLWUH VXU<br />

OH[SpULHQFH'DQVWRXVOHVDXWUHVFDVGHPRGLIL<br />

FDWLRQ6FLVVLRQ'pSRXLOOHPHQWUXSWXUHGH7UDLW<br />

RXGH*HLVGpGLWGH3DFWHFHVRQWOHV$WWULEXWV<br />

SHUGXVRXDFTXLVTXLGpWHUPLQHQWOHFKDQJHPHQW<br />

GH*ODPRXU<br />

/(66,*1(6<br />

*XVWDYH'RUp<br />

<br />

/HV 6LJQHV VRQW GHV GpWDLOV SHUFHSWLEOHV TXL<br />

SDUWLFXODULVHQW OHV $WWULEXWV GH FKDTXHrWUHIpHUL<br />

TXH ,OV SHXYHQW rWUH DXVVL ELHQ SK\VLTXHV TXH<br />

FRPSRUWHPHQWDX[DXVVLELHQGHVYHUWXVTXHGHV<br />

GpIDXWV ,O SHXW V·DJLU G·XQ GpWDLO YHVWLPHQWDLUH<br />

G·XQH pOpPHQW GH O·pTXLSHPHQW GX )pHULTXH<br />

G·XQH GH VHV SRVVHVVLRQV G·XQ WLF GH FRPSRUWH<br />

PHQW G·XQH SDUWLFXODULWp SK\VLTXH &KDTXH<br />

$WWULEXW GX SHUVRQQDJH GRQF FKDTXH $IILQLWp<br />

TXH HVW OLp j XQ 6LJQH &H 6LJQH GRLW rWUH HQ<br />

UDSSRUWDYHFODQDWXUHGHO·$WWULEXWHWSHXWpYHQ<br />

WXHOOHPHQW GRQQHU GHV UHQVHLJQHPHQWV VXU OXL<br />

/HV(PDQDWLRQVVRQWOHXUSURSUH6LJQH3RXUOHV<br />

7DOHQWVPDJLTXHVOH6LJQHSHXWSUHQGUHODIRUPH<br />

G·XQ HIIHW VHFRQGDLUH FDUDFWpULVWLTXH GH WRXV OHV<br />

VRUWLOqJHV ODQFpV DYHF FH 7DOHQW PDJLTXH RX<br />

GXQH SUDWLTXH DVVRFLpH DX ODQFHPHQW GH FHV<br />

VRUWLOqJHV<br />

FKDTXH 3RXYRLU IpHULTXH HW FKDTXH 7DOHQW PDJL


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

8Q6LJQHHVWSHUPDQHQWLOQHSHXWHQDXFXQ<br />

FDVrWUHGLVVLPXOpPrPHSDUXQHWUDQVIRUPDWLRQ<br />

PDJLTXH RX XQ TXHOFRQTXH DUWLILFH'DQVODSOX<br />

SDUWGHVFDVFHODQHYLHQWPrPHSDVjOHVSULWGX<br />

)pHULTXHFHVHUDLWUHQLHUVRQrWUHSURIRQG7RXW<br />

DX SOXV HVWLO OpJqUHPHQW WUDQVIRUPp SRXU<br />

V·DFFRUGHU DYHF OD QRXYHOOH IRUPH GX )pHULTXH<br />

8Q 6LJQH HVW OLp SRXU WRXMRXUV j XQ $WWULEXW VL<br />

XQ $WWULEXW YLHQW j FKDQJHU GH )pHULTXH j OD<br />

VXLWH G·XQ 'pSRXLOOHPHQW SDU H[HPSOH OH QRX<br />

YHDXSURSULpWDLUHKpULWHSDUODPrPHRFFDVLRQGX<br />

6LJQH TXL OXL FRUUHVSRQG OHTXHO HVW WRXMRXUV<br />

LGHQWLILDEOH SDU FHX[ TXL RQW FRQQX VRQ DQFLHQ<br />

SURSULpWDLUHDWWHQWLRQDX[YHQJHDQFHV<br />

,OQH[LVWHDXFXQHOLVWHH[KDXVWLYHGHV6LJQHV<br />

XQH $IILQLWp DYHF OHV IOHXUV HW OH 3RXYRLU GHQ<br />

IDLUH SRXVVHU QH SHXYHQW VH WUDGXLUH WRXV GHX[<br />

SDU XQH FRXURQQH GH IOHXUHWWHV /XQ GHV GHX[<br />

$WWULEXWVGHYUDVHWUDGXLUHDXWUHPHQWXQSDUIXP<br />

GH IOHXUV GHV FKDPSV RX XQ SHUSpWXHO ERXUGRQ<br />

QHPHQWGDEHLOOHVSDUH[HPSOH<br />

/HV 6LJQHV QH SUpVHQWHQW JpQpUDOHPHQW HQ<br />

HX[PrPHV DXFXQH FRQQRWDWLRQ SRVLWLYH RX<br />

QpJDWLYH &HVW OH &KDUPH GX )pHULTXH TXL OHV<br />

FRORUH 5DSSHORQV WRXWHIRLV TXH OHV 6LJQHV VRQW<br />

LPPXDEOHV PrPH ORUVTXH O·$WWULEXW DXTXHO LOV<br />

VRQW OLpV FKDQJH GH )pHULTXH j OD VXLWH G·XQ 'p<br />

SRXLOOHPHQW RX G·XQH 6FLVVLRQ HW SHXYHQW GRQF<br />

V·DFFRUGHU IRUW PDO DYHF OD 0DQLIHVWDWLRQ HW OH<br />

&KDUPHGXQRXYHDXSURSULpWDLUH«<br />

'HV )pHULTXHV D\DQW GHV $WWULEXWV VLPLODLUHV<br />

SRXUURQW DYRLU GHV 6LJQHV UDGLFDOHPHQW GLIIp<br />

¢¡¤£¦¥¨§ © ¥¦¤¥¥*¥¡ =©¥©¦ ) ©<br />

©¥=''¡¡¤£¦


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

VpSDUHU GpILQLWLYHPHQW GH VRQ FKDSHDX ,O<br />

SHXW OH SUrWHU LO SHXW HQ FKDQJHU SDU ,Q<br />

IOXHQFH RX VRUWLOqJH 7UDQVPXWDWLRQ V·LO FLEOH<br />

VWULFWHPHQWOHFKDSHDX0pWDPRUSKRVHV·LOFL<br />

EOH OH )pHULTXH HQWLHU YrWHPHQWV FRPSULV<br />

PDLV ORUVTXHO·HIIHWVHGLVVLSHOHFKDSHDXYHUW<br />

UHYLHQWjVDSODFHGHPrPHTXHYRXVSRXYH]<br />

FRXSHU FRLIIHU HW WHLQGUH YRV FKHYHX[ PDLV<br />

TX·LOV UHSRXVVHQW LQpOXFWDEOHPHQW GDQV OHXU<br />

FRXOHXULQLWLDOH<br />

HVW FUpp HQ FDV GH 6FLVVLRQ SDUWLHOOH OH YROHU<br />

TXHSDU'pSRXLOOHPHQWOHVXSSULPHUTXHSDU<br />

XQH 0pWDPRUSKRVH TXL DQQXOH WRWDOHPHQW<br />

O·$IILQLWpFHTXLHVWXQVRUWLOqJHH[WUrPHPHQW<br />

GLIILFLOH GRQF H[WUrPHPHQW FR€WHX[ HQ (V<br />

VHQFH (Q EUHI XQ 6LJQH HVW LQGLVVRFLDEOH GH<br />

VRQ $WWULEXW HW YLFHYHUVD 6L XQ SHUVRQQDJH<br />

Q·DSDVOH6LJQHTXLFRUUHVSRQGjXQ$WWULEXW<br />

F·HVWTXHG·XQHPDQLqUHRXG·XQHDXWUHLOQ·D<br />

SDVWHPSRUDLUHPHQWRXQRQFHW$WWULEXW<br />

• (QILQXQSHUVRQQDJHTXLSUHQGXQFKDSHDX<br />

YHUWFRPPH6LJQHG·XQH$IILQLWpDYHFODFRX<br />

OHXUYHUWHSRVVqGHXQFKDSHDXHQFRUHSOXVUp<br />

WLI j WRXWH PRGLILFDWLRQ SXLVTX·LO VH FRQVHUYH<br />

HQ WRXWHV FLUFRQVWDQFHV ,O SHXW WRXMRXUV<br />

MRXHU VRQ U{OH GH FKDSHDX LO Q·HVW SDV YLVVp<br />

VXU OH FUkQH GH VRQ SRUWHXU SDU H[HPSOH HQ<br />

FDVGHVDOXWPDLVRQQHSHXWOHFpGHUTXHSDU<br />

6FLVVLRQGHODWRWDOLWpGHO·$IILQLWpXQGRXEOH<br />

/HV6LJQHVSV\FKRORJLTXHVRXFRPSRUWHPHQ<br />

WDX[ TXDQW j HX[ VH GLVWLQJXHQW GHV 7UDLWV<br />

SDU OH IDLW TXH SXLVTX·LOV UHIOqWHQW OD QDWXUH<br />

SURIRQGHGX)pHULTXHODFRPSRVLWLRQGHVRQ<br />

*ODPRXU HW GH FH IDLW FRQGLWLRQQHQW VD 0D<br />

QLIHVWDWLRQ LO Q·HVW SDV SRVVLEOH GH V·\ VRXV<br />

WUDLUH DORUV TX·RQ SHXW WRXMRXUV URPSUH XQ<br />

7UDLW RX XQ *HLV PDLV HQ VXELVVDQW OH 'p<br />

SRXLOOHPHQWFRUUpODWLI<br />

$)),1,7(6<br />

'(),1,7,21<br />

OHVSHUVRQQHVHQIDLWjSHXSUqVQ·LPSRUWHTXRL<br />

DYHF OHVTXHOV O·rWUHIpHHVWSDUWLFXOLqUHPHQWOLp,O<br />

VH VHQW SDUWLFXOLqUHPHQW j ODLVH GDQV FHV GRPDL<br />

QHV HW VD FRQQDLVVDQFH HQ HVW DSSURIRQGLH 7RX<br />

WHV VHV DFWLYLWpV \ VRQW IDYRULVpHVHWVDSXLVVDQFH<br />

PDJLTXH \ HVW DPSOLILpH 8QH $IILQLWp WUDGXLW<br />

SOXV TX·XQH VLPSOH FRQQDLVVDQFH RX XQH KDEL<br />

WXGH GH FRPSRUWHPHQW XQ )pHULTXH j XQH<br />

FRQQDLVVDQFH LQWLPH GHV GRPDLQHV FRXYHUWV SDU<br />

VHV $IILQLWpV TXL YD EHDXFRXS SOXV ORLQ TXH OHV<br />

&RPSpWHQFHV GHV 7HUUHVWUHV &·HVW XQ YpULWDEOH<br />

OLHQHPSDWKLTXHHWVXUQDWXUHOHQWUHOH)pHULTXHHW<br />

OH FKDPS FRXYHUW SDU O·$IILQLWp &H OLHQ HVW XQ<br />

OLHQ DPLFDO HW LQVWLQFWLYHPHQW OH )pHULTXH YD<br />

SURWpJHU HW IDYRULVHU OHV REMHWV GH VHV $IILQLWpV<br />

$ O·LQYHUVH LO HVW WUqV PDO j O·DLVH VL FHX[FL VRQW<br />

PLVHQGDQJHUGHYDQWOXL<br />

-DFRE0DWKDP<br />

<br />

8QH $IILQLWp SHXW SRUWHU VXU j SHX SUqV<br />

Q·LPSRUWH TXRL 8Q )pHULTXH SHXW DYRLU XQH<br />

$IILQLWp DYHF XQ HQYLURQQHPHQW OHV JURWWHV OHV<br />

PDLVRQV XQ VDXOH SOHXUHXU XQ SKpQRPqQH<br />

OHV DUFVHQFLHO OH IHX« RX DYHF XQ W\SH<br />

G·REMHWGHFUpDWXUHRXGHSHUVRQQHOHVSLSHVHQ<br />

ERLV OHV DUDLJQpHV OHV HQIDQWV /HV $IILQLWpV<br />

SHXYHQWDXVVLFRXYULUXQW\SHG·DFWLYLWpRXGpWDW<br />

OD IRUJH OH VRPPHLO OD PXVLTXH OD EHXYHULH<br />

/DVHXOHFRQGLWLRQjUHVSHFWHUHVWTXHOHV$IILQL<br />

WpV SRUWHQW VXU GHV FKRVHV TXL H[LVWHQW REMHFWL<br />

/HV $IILQLWpV GpILQLVVHQW OHV FRQFHSWV OHV<br />

REMHWVOHVSKpQRPqQHVQDWXUHOVOHVpYpQHPHQWV<br />

YHPHQWLQGpSHQGDPPHQWGHVDFWLYLWpVGX)pHUL<br />

TXH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

SHQVpH LO HVW LQGLVSHQVDEOH GLQYHVWLU PrPH<br />

¢¡¤£¦¥¨§ © ¥¦¤¥¥M© ¡


¤¢$ +¡¤£¦¡ Q<br />

¢¡¤£¦¥¨§©C¥¦¤¥¥<br />

=''¡¡¤£¦< $ % ¥ ¥+ ¢¡¥+ ¤©¡<br />

©¥<br />

¤©¥SQ£¦©£¦¥+S¥+9¢¡¥+¨§P¥¢¡¤¡<br />

+J."$"¡¢<br />

&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

$IILQLWpV<br />

$IILQLWpV<br />

$IILQLWpV<br />

([HPSOHVGH6LJQHV<br />

JpQpUDOHV<br />

SDUWLFXOLqUHV<br />

VSpFLDOLVpHV<br />

)RUrWV<br />

DUEUHVSODQWHVFODLULq<br />

FKrQHVIOHXUVVRX<br />

0HPEUHVGHERLVVqPHGHVIHXLOOHV<br />

UHV<br />

FKHV<br />

GHUULqUHOXL«<br />

-RXU OXPLqUHVROHLO DXEHPLGL &KHYHX[GRUpVpFODLUpHQSHUPD<br />

QHQFHpPDQDWLRQGHFKDOHXU<br />

(DX<br />

PHUVODFVULYLqUHV<br />

XQHFKXWHG·HDX<br />

3HDXVTXDPHXVHPHPEUDQHSURWHF<br />

SRLVVRQV<br />

WULFHVXUOHV\HX[PDLQVSDOPpHV<br />

EUDQFKLHVFRTXLOODJHVGDQVOHVFKH<br />

YHX[<br />

1XLW<br />

OXQHVRPPHLOREVFXUL<br />

SOHLQHOXQHXQHpWRLOH<br />

5REHQRLUHFKHYHOXUHFRQVWHOOpH<br />

WpUrYHV<br />

HQSDUWLFXOLHU<br />

G·pWRLOHVREVFXUFLW<br />

O·HQYLURQQHPHQW«<br />

&RQGLWLRQV<br />

SULQWHPSVSOXLH<br />

URVpHGXPDWLQDUF<br />

7RXMRXUVKXPLGHEUXLQHTXLWRPEH<br />

PpWpR<br />

HQFLHO<br />

\HX[DUFVHQFLHO«<br />

$LU YHQWYROEURXLOODUG YHQWGDQVOHVDUEUHV<br />

FRXUDQWG·DLU<br />

$LOHVGHSDSLOORQYHQWGDQVOHVFKH<br />

YHX[HQSHUPDQHQFHEDUEHGH<br />

QXDJHVWUDQVOXFLGHFDUDFWqUHIDFp<br />

WLHX[<br />

)HX<br />

IRUJHIRXGUHIODP<br />

IHXGHFDPSERXJLHV<br />


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

O·rWUHIpH HVW FDVDQLHU DWWDFKp j VHV UDFLQHV SOXV<br />

VRQ $IILQLWp VHUD LPSRUWDQWH $XFRQWUDLUHSRXU<br />

OHVSOXVYR\DJHXUVHOOHHVWWUqVUpGXLWH/HQLYHDX<br />

GHO·$IILQLWp'RPDLQHGpWHUPLQHODULFKHVVHHWOD<br />

SXLVVDQFHGX'RPDLQH<br />

,PSRUWDQFHG·XQ'RPDLQH<br />

SOXV XQ 'RPDLQH SHXW SRVVpGHU XQ FHUWDLQ<br />

QRPEUHGHSURSULpWpVSDUWLFXOLqUHV<br />

/D ULFKHVVH G·XQ 'RPDLQH IpHULTXH GpSHQG<br />

GX QLYHDX GH O·$IILQLWp TXH OH )pHULTXH D GpYH<br />

ORSSpH DYHF FH 'RPDLQH 8Q 'RPDLQH FRP<br />

SOH[H SHXW VH VXEGLYLVHU HQ HQYLURQQHPHQWV<br />

SOXVVLPSOHVPDLVWRXVGRLYHQWrWUHGHVELRWRSHV<br />

/D ULFKHVVH G·XQ 'RPDLQH QH VHPHVXUHSDV<br />

HQ WDLOOH PDLV SOXW{W HQ YDULpWp GX SD\VDJH 'H<br />

QDWXUHOOHPHQW DGMDFHQWV 6L XQ )pHULTXH YHXW XQ<br />

GpVHUW HW XQH EDQTXLVH LO IHUD PLHX[ GDFKHWHU<br />

GHX['RPDLQHV<br />

<br />

1LYHDXG·$IILQLWp<br />

<br />

9DULpWpGX'RPDLQH<br />

XQHQYLURQQHPHQWOLPLWp<br />

([XQHFDVHXQHPDUH<br />

<br />

XQHQYLURQQHPHQWpODERUp<br />

([XQHPDLVRQXQpWDQJHWVHVULYHV<br />

<br />

XQHQYLURQQHPHQWFRPSOH[H<br />

([XQKDPHDXXQODFDYHFVHVSURIRQGHXUV<br />

<br />

XQFRQWLQXXPGHQYLURQQHPHQWVVLPSOHVRXXQHQYLURQQHPHQWWUqVYDULp<br />

([XQHSHWLWHYLOOHXQODFDYHFOHVERLVHQYLURQQDQWVHWXQPDUDLVDGMDFHQW<br />

<br />

WRXWHXQHJDPPHGHSD\VDJHVFRQQH[HV<br />

([XQILHIDYHFFKkWHDXYLOODJHERLVVHLJQHXULDX[XQHPHULQWpULHXUH<br />

YDULDEOH DORUV QRWpH Q /HV GHVFULSWLRQV TXL<br />

VXLYHQW VRQW SXUHPHQW WHFKQLTXHV &·HVW DX)pH<br />

ULTXH GH GpFLGHU HQ IRQFWLRQ GH VHV JR€WV TXHOOH<br />

HVW O·DSSDUHQFH TXH SUHQG OD SURSULpWp H[ OHV<br />

KDELWDQWVSHXYHQWrWUHGHVVHUYLWHXUVGXFKkWHDX<br />

GHV SRLVVRQV PXOWLFRORUHV GDQV XQ ODF 6L OH<br />

)pHULTXH OH GpVLUH LO SHXW IDLUH SRUWHU FHV SUR<br />

SULpWpVVXUXQHVHXOHSDUWLHGX'RPDLQHVLFHOXL<br />

FL FRPSRUWH SOXVLHXUV HQYLURQQHPHQWV FH TXL<br />

UpGXLWODYDOHXUHQSURSRUWLRQ<br />

¢¡¤£¦¥¨§8©E¥¦¤¥¥9©¡


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

1RPEUHGHSRLQWVGHSURSULpWpVGX'RPDLQH$IILQLWp[YDOHXUGHVUHVWULFWLRQV<br />

0D[LPXPGHVUHVWULFWLRQV$IILQLWp'RPDLQH<br />

9DOHXUG·XQHSURSULpWpYDOHXUGHEDVH[QRPEUHG·HQYLURQQHPHQWVFRQFHUQpVQRPEUH<br />

WRWDOG·HQYLURQQHPHQWVGX'RPDLQH<br />

<br />

'DQV OH FDV R SOXVLHXUV MRXHXUV VRXKDLWHQW<br />

TXH OHXUV SHUVRQQDJHV SDUWDJHQW OH PrPH 'R<br />

PDLQH FHX[FL SHXYHQW FXPXOHU OHXUV QLYHDX[<br />

HQYLURQQHPHQWV DLQVL TXH OHV SURSULpWpV HW OHV<br />

UHVWULFWLRQVGX'RPDLQH<br />

<br />

G·$IILQLWpV SRXU GpWHUPLQHU OD FRPSOH[LWp GHV<br />

([HPSOHVGHSURSULpWpV<br />

$ODUPH9DOHXUQRXQ<br />

&KDTXH IRLV TXH VH SURGXLW XQ FHUWDLQ pYp<br />

QHPHQW GpILQL j OD FUpDWLRQ GX 'RPDLQH XWLOLVD<br />

WLRQGHWHO7DOHQWSDUROHDGUHVVpHjWHOOH(PDQD<br />

WLRQ« OH 'RPDLQH ODQFH XQ VRUWLOqJH GH &ODLU<br />

YR\DQFH GH SRWHQWLHO Q SRXU OH SHUFHYRLU<br />

PrPH GLIILFXOWp TXH SRXU GpFHOHU XQH LQWUXVLRQ<br />

GDQV OH 'RPDLQH HW HQ FDV GH VXFFqV OH SUR<br />

SULpWDLUHHQHVWDYHUWL<br />

(Q SULQFLSH FHOXL TXL GpFOHQFKH O·DODUPH<br />

Q·HQ D SDV FRQVFLHQFH PDLV LO SHXW GpWHFWHU OH<br />

VRUWLOqJH GH OD PDQLqUH QRUPDOH SDU XQ MHW GH<br />

9LJLODQFH2QSHXWWRXWHIRLVPHWWUHHQSODFHXQH<br />

DODUPH GLVVXDVLYH GRQW OH GpFOHQFKHPHQW SUR<br />

GXLWHQVXVGHVHIIHWVG·,QIOXHQFHDOpDWRLUHVPDLV<br />

FRQIRUPHV DX[ &RUUHVSRQGDQFHV GX OLHX<br />

G·LQWHQVLWp Q DXWRXU GX FRQWUHYHQDQW TXL VH<br />

YRLW HQ RXWUH ©PDUTXpª LO VXELW XQ PDOXV GH Q<br />

SRXU VH GLVVLPXOHU DX[ KDELWDQWV SLqJHV JDU<br />

GLHQV« GX 'RPDLQH 8QH WHOOH DODUPH D XQH<br />

YDOHXUPDMRUpHGH<br />

$XWRPDWLVPH9DOHXUQ<br />

/H 'RPDLQH HVW SURJUDPPp SRXU UpDJLU<br />

G·XQH FHUWDLQH IDoRQ j XQ VLJQDO LQGLTXp SDU VRQ<br />

SURSULpWDLUH $LQVL RQ SHXW OXL GHPDQGHU TXH<br />

FKDTXHLQFHQGLHVRLWV\VWpPDWLTXHPHQWpWHLQWSDU<br />

XQHDYHUVH<br />

/HV HIIHWV GpFOHQFKpV VRQW OHV HIIHWV<br />

G·,QIOXHQFH TXH OH SURSULpWDLUH SRXUUDLW SURYR<br />

TXHU HQ GpSHQVDQW Q SRLQWV G·(VVHQFH OHXU LQ<br />

WHQVLWpPD[LPDOHHVWGRQFVRQ$IILQLWp'RPDLQH<br />

OHV$IILQLWpVSHUWLQHQWHVQ&HFLQHQpFHV<br />

VLWH DXFXQ MHW OD PDUJH HVW FRQVLGpUpH FRPPH<br />

QXOOH DXFXQH GpSHQVH G·(VVHQFH HW DXFXQH<br />

FRQFHQWUDWLRQQLPrPHYRORQWpFRQVFLHQWH<br />

2Q SHXW FXPXOHU FHWWH SURSULpWp DYHF<br />

DODUPHGHIDoRQjXWLOLVHUO·HIIHWGH&ODLUYR\DQFH<br />

GH O·DODUPH SRXU LQWHUYHQLU VRLPrPH DX FDV R<br />

OHV HIIHWV GH O·DXWRPDWLVPH QH VHUDLHQW SDV DVVH]<br />

SXLVVDQWV<br />

%DEHO9DOHXUQRXQ<br />

/H ODQJDJH HQ YLJXHXU DX VHLQ GX 'RPDLQH<br />

HVW GLIIpUHQW GH FHOXL SUDWLTXp GDQV OH UHVWH GH<br />

)pHULH7RXWpWUDQJHUTXLVRXKDLWHFRPPXQLTXHU<br />

GRLW UpXVVLU XQ MHW G·+DELOHWp SRXU H[SULPHU XQH<br />

LGpH HW GH 9LJLODQFH SRXU HQ FRPSUHQGUH XQH<br />

DYHF XQ ERQXV pJDO DX[ $IILQLWpV GRQW LO HVW<br />

TXHVWLRQ GDQV OD FRQYHUVDWLRQ $LQVL VL RQ OXL<br />

SDUOH G·XQ DUEUH VRQ $IILQLWp DYHF OHV DUEUHV<br />

MRXHUD FRPPH ERQXV &HV GLIILFXOWpV GH FRP<br />

PXQLFDWLRQV·DSSOLTXHQWpJDOHPHQWDX[pWUDQJHUV<br />

HQWUH HX[ PrPH V·LOV VH FRPSUHQDLHQW SDUIDLWH<br />

PHQW DYDQW GH SpQpWUHU GDQV OH 'RPDLQH /D<br />

GLIILFXOWpGHVMHWVHVWGHQ<br />

6L OD ODQJXH ORFDOH SHXW V·DSSUHQGUH DX<br />

U\WKPH G·XQH EDLVVH GH GLIILFXOWp GH SDU MHW<br />

UpXVVLODYDOHXUGHODSURSULpWpGLPLQXHGH<br />

&KHPLQVFRXUEpV9DOHXUQ<br />

4XHO TXH VRLW OH FKHPLQ HPSUXQWp j<br />

O·LQWpULHXU GX 'RPDLQH RQ WRPEH WRXMRXUV VXU<br />

XQFHUWDLQOLHXFHOXLRVHWURXYHOHSURSULpWDLUH<br />

V·LO HVW Oj O·HPSODFHPHQW G·XQ SLqJH OH GpERX<br />

FKp G·XQ 3RLQW GH &RQWDFW XQ HQYLURQQHPHQW<br />

YHUURXLOOp« j PRLQV G·XQ VDXIFRQGXLW GpOLYUp<br />

SDU OH SURSULpWDLUH 2Q SHXW UHGUHVVHU OHV FKH<br />

PLQV PR\HQQDQW XQH ,QIOXHQFH RX XQ VRUWLOqJH<br />

GH9R\DJHVGHGLIILFXOWpQ<br />

'LYLVHXUGHGRPPDJHVFROODWpUDX[9DOHXUQ<br />

QRPEUHSDLU<br />

&KDTXH IRLV TXXQ pOpPHQW GH GpFRU GX<br />

'RPDLQH HVW GpWUXLW RX XQ KDELWDQW WXp GHV<br />

GRPPDJHV VRQW LQIOLJpV DX SURSULpWDLUH GX 'R<br />

PDLQH VRXV IRUPH GH SHUWHV G(VVHQFH $YHF<br />

FHWWH SURSULpWp OHV SHUWHV VXELHV SDU OH SURSULp<br />

WDLUH VRQW GLYLVpHV SDU OD PRLWLp GH Q ,O HVW<br />

IRUWHPHQW FRQVHLOOp GH GpSHQVHU TXHOTXHV SRLQWV<br />

GDQVFHWDYDQWDJH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

(JDUHPHQW9DOHXUQ<br />

7URXYHU VRQ FKHPLQ DX VHLQ GX 'RPDLQH<br />

QpFHVVLWH XQ MHW GH 9LJLODQFH GH GLIILFXOWp Q j<br />

FKDTXHIRLVTX·RQVHGpSODFHWRXWVHUHVVHPEOH<br />

OHVVHQWLHUVIRUPHQWXQODE\ULQWKH«<br />

(OXVLI9DOHXUQ<br />

,OHVWGLIILFLOHGHSDUYHQLUMXVTX·DX'RPDLQH<br />

SDUFH TXH OHV &RUUHVSRQGDQFHV TXH O·RQ pYRTXH<br />

VHPRGLILHQWVSRQWDQpPHQW7RXWHDFWLYLWpYLVDQW<br />

j ORFDOLVHU RX DWWHLQGUH OH 'RPDLQH YRLW VD GLIIL<br />

FXOWp DXJPHQWHU GH Q \ FRPSULV OH QRPEUH GH<br />

&RUUHVSRQGDQFHVjpYRTXHU<br />

)XVLRQ9DOHXU<br />

/HSURSULpWDLUHSHXWVHIRQGUHSK\VLTXHPHQW<br />

GDQV VRQ 'RPDLQH 6D 0DQLIHVWDWLRQ VH GpFRP<br />

SRVH HQ pOpPHQWV TXL VH SHUGHQW GDQV OH GpFRU<br />

OHV 6LJQHV UHMRLJQDQW OHV &RUUHVSRQGDQFHV /H<br />

SURSULpWDLUH QH SHXW SOXV rWUH UHQFRQWUp GLUHFWH<br />

PHQWPDLVLOHVWFRXYHUWSDUXQpYHQWXHOGLYLVHXU<br />

GH GRPPDJHV HW WRXW OH 'RPDLQH KDELWDQWV<br />

FRPSULVSDUWDJHDYHFOXLVHVSHUFHSWLRQV<br />

*DUGLHQV9DOHXUQ<br />

/H 'RPDLQH FRPSUHQG GHV (PDQDWLRQV<br />

VXVFHSWLEOHV GLQWHUDJLU GH IDoRQ FRPSOH[H DYHF<br />

OHV YLVLWHXUV QRWDPPHQW HQ VH EDWWDQW /HXU<br />

QRPEUH HVW IL[p XQH IRLV SRXU WRXWHV j OD FUpD<br />

WLRQGX'RPDLQHVLOH'RPDLQHVHQULFKLWSDUOD<br />

VXLWHRQSRXUUDDMRXWHUGHVJDUGLHQVRXDXJPHQ<br />

WHU XQ RX SOXVLHXUV GHV JDUGLHQV H[LVWDQWV /H<br />

SURSULpWDLUH GX 'RPDLQH GLVSRVH GH Q SRLQWV j<br />

UpSDUWLUHQWUHOHV$WWULEXWVGHVHVJDUGLHQVGRQF<br />

SOXVLOVVRQWQRPEUHX[PRLQVLOVVRQWLQGLYLGXHO<br />

OHPHQW SXLVVDQWV ,OV QH SHXYHQW SRVVpGHU<br />

G·(PDQDWLRQV$IILQLWpVPDvWULVHVGH3RXYRLUVHW<br />

VFRUHVGH7DOHQWVVRQWOLPLWpVjQ,OVQHSHXYHQW<br />

SRVVpGHU OH 7DOHQW (QFKDQWHPHQW &KDFXQ SRV<br />

VqGH HQ RXWUH IRLV VHV SRLQWV G$WWULEXWV j Up<br />

SDUWLUGDQVVHV$VSHFWV7DLOOHHW&KDUPHVRQWDX<br />

FKRL[ GX SURSULpWDLUH ,OV QRQW SDV G(VVHQFH <br />

WRXW SRLQW GH 'RPPDJHV HQ H[FqV GH OHXU (Q<br />

FDLVVHPHQW VH UHSRUWH VXU OH SURSULpWDLUH HW OHV<br />

GLVVLSH HW OHXUV HIIHWV PDJLTXHV VRQW DOLPHQWpV<br />

SDU O(VVHQFH GX SURSULpWDLUH OXLPrPH ,OV QH<br />

SHXYHQW TXLWWHU OH 'RPDLQH HW VH GLVVLSHQW GqV<br />

TXHOHV&RUUHVSRQGDQFHVVRQWWURSGLIIpUHQWHV<br />

JQRQV RX j OD ULJXHXU GHV JDUGLHQV ,O HQ H[LVWH<br />

XQH TXDQWLWp LQGpILQLH $X FDV R HOOHV RQW EH<br />

VRLQ GLQWHUDJLU DYHF XQ SHUVRQQDJH FKDVVH<br />

VpGXFWLRQ QH YRXVHPEDUUDVVH]SDVG$VSHFWV<br />

HW G$WWULEXWV GpWDLOOpV HW FRQVLGpUH] TXH OHXUV<br />

MHWVGHGpVVHIRQWVXUXQQLYHDXGHFRPSpWHQFH<br />

pJDO j Q VDXI OHXU (QFDLVVHPHQW HQ FRPEDW HW<br />

TXHOOHV GLVSRVHQW GH WRXV OHV 3RXYRLUV VDQV<br />

(VVHQFHQpFHVVDLUHVSRXUVLPXOHUOHXUVFDSDFLWpV<br />

QDWXUHOOHVYRO7DLOOHHW&KDUPHVRQWDXFKRL[<br />

GX SURSULpWDLUH GX 'RPDLQH &RPPH WRXW pOp<br />

PHQW GX 'RPDLQH OHXU (QFDLVVHPHQW HVW FHOXL<br />

GX SURSULpWDLUH VRQ $IILQLWp 'RPDLQH HW WRXW<br />

GpJkW HQ H[FqV OHV WXH LPPpGLDWHPHQW DYHF UH<br />

SRUW VXU OH SURSULpWDLUH ,OV QH SHXYHQW TXLWWHU OH<br />

'RPDLQH HW VH GLVVLSHQW GqV TXH OHV &RUUHVSRQ<br />

GDQFHVVRQWWURSGLIIpUHQWHV<br />

+DQGLFDSDQW9DOHXUQQRXQ<br />

/H'RPDLQHRFWURLHjFHUWDLQHVDFWLYLWpVGHV<br />

PDOXVTXLIRQFWLRQQHQWFRPPHGHV$IILQLWpV<br />

PDLVjO·HQYHUV$LQVLXQPDOXVVSpFLDOLVpYDXW<br />

XQSRLQWGHQSDUSRLQWGHPDOXVRFWUR\pXQ<br />

SDUWLFXOLHUSRLQWVHWXQJpQpUDOSRLQWV3DU<br />

H[HPSOHXQ'RPDLQHTXLKDQGLFDSHOHIHXj<br />

FR€WGHGRQQHUDXQPDOXVGHjXQVRUWL<br />

OqJHG·(YRFDWLRQG·XQHIODPPH<br />

,G\OOLTXHLQIHUQDO9DOHXU<br />

/H 'RPDLQH GHYDQFH OHV DWWHQWHV GH<br />

Q·LPSRUWH TXL VDQV DYRLU j DEXVHU G·HIIHWV<br />

G·,QIOXHQFH &DSDEOH GH SUHQGUH GHV LQLWLDWLYHV<br />

SURSUHV OH 'RPDLQH UHVVHQW OHV GpVLUV HW VL O·RQ<br />

UrYHG·XQHERQQHYLDQGHELHQFXLWHRQV·DSHUoRLW<br />

SDUH[HPSOHTX·XQFRFKRQELHQGRGXJULOOHGDQV<br />

ODFKHPLQpH$YHFFHWWHSURSULpWpSDVEHVRLQGH<br />

MRXHUjO·DSSUHQWLVRUFLHUSRXUIDLUHOHPpQDJH<br />

8QH DXWUH IRUPH GH 'RPDLQH PDWpULDOLVH DX<br />

FRQWUDLUHOHVFDXFKHPDUVGHFHX[TXL\SDVVHQW<br />

/HV HIIHWV GpFOHQFKpV VRQW OHV HIIHWV<br />

G·,QIOXHQFH TXH OH SURSULpWDLUH SRXUUDLW SURYR<br />

TXHU HQ QH GpSHQVDQW TX·XQ SRLQW G·(VVHQFH<br />

OHXU LQWHQVLWp PD[LPDOH HVW GRQF VRQ $IILQLWp<br />

'RPDLQH OHV $IILQLWpV SHUWLQHQWHV &HFL QH<br />

QpFHVVLWH DXFXQ MHW OD PDUJH HVW FRQVLGpUpH<br />

FRPPH QXOOH DXFXQH GpSHQVH G·(VVHQFH HW<br />

DXFXQH FRQFHQWUDWLRQ QL PrPH YRORQWp FRQV<br />

FLHQWH<br />

+DELWDQWV9DOHXUQ<br />

,PPXQLWp9DOHXUQ<br />

8Q FHUWDLQ QRPEUH G(PDQDWLRQV SHXSOHQW<br />

OH 'RPDLQH (OOHV Q·RQW DXFXQH LQLWLDWLYH HW QH<br />

IRQW TXH GHV WkFKHV VDQV LPSRUWDQFH VHUYLWHXUV<br />

DQLPDX[IDPLOLHUVIDXQHQDWXUHOOH/HVU{OHVTXL<br />

FRPSWHQW VRQW SOXW{W WHQXV SDU GHV &RPSD<br />

/H 'RPDLQH EpQpILFLH G·XQ ERQXV j<br />

O·(QFDLVVHPHQW GH VRQ SURSULpWDLUH FRQWUH XQ<br />

W\SHG·DJUHVVLRQDXTXHOLOHVWSDUQDWXUHYXOQpUD<br />

EOH /H ERQXV HVW GH Q VL O·DWWDTXH GRQW LO SUR<br />

WqJH HVW VSpFLILTXH OH IHX SRXU XQH IRUrW OD Vp


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

FKHUHVVH SRXU XQ PDUDLV« HW GH Q VL HOOH HVW<br />

JpQpUDOHO·HQYLURQQHPHQWODYLROHQFH«<br />

0LOLHXKRVWLOH9DOHXUQ<br />

/H 'RPDLQH FRPSRUWH FHUWDLQHV FRQGLWLRQV<br />

WHPSpUDWXUH SUHVVLRQDWPRVSKpULTXHFRPSRVL<br />

WLRQ FKLPLTXH TXL QH VRQW SDV VHXOHPHQW Gp<br />

FRUDWLYHV HW TXL DIIHFWHQW OHV YLVLWHXUV TXL QH<br />

SRVVqGHQW SDV G$WWULEXWV OHXU SHUPHWWDQW G\<br />

IDLUHIDFH,OSHXWVDJLUGXQGpVHUWWRUULGHTXDQG<br />

RQ QH UpVLVWH SDV DX[ KDXWHV WHPSpUDWXUHV GXQ<br />

RFpDQTXLQpFHVVLWHGHVDYRLUUHVSLUHUVRXVOHDX<br />

$ FKDTXH $FWLRQ OHV YLVLWHXUV DIIHFWpV VXELVVHQW<br />

GHV'RPPDJHVpJDX[jQXQMHWGHGpVUpVLV<br />

WpVSDUO(QFDLVVHPHQW<br />

2EVWDFOHV9DOHXUQ<br />

/H 'RPDLQH FRQWLHQW GHV REMHWV TXL<br />

V·RSSRVHQW j XQH SURJUHVVLRQ QRUPDOH IRXUUpV<br />

pERXOLV FRXUDQWV FRQWUDLUHV SRXU OHV PLOLHX[<br />

IOXLGHV«/DYLWHVVHGHEDVHGHGpSODFHPHQWHVW<br />

UpGXLWHGHQ<br />

2SDFLWp9DOHXUQ<br />

FKHV QDWXUHOOHV VDEOHV PRXYDQWV FUHYDVVHV<br />

7RXW LQWUXV VXELW XQH DWWDTXH DYHF OHV VFRUHV GH<br />

FRPEDWGXSURSULpWDLUH<br />

3RLQWGH&RQWDFW9DOHXURX<br />

/H 'RPDLQH FRPSRUWH OH GpERXFKp GXQ<br />

3RLQW GH &RQWDFW DYHF OD 7HUUH SHUPDQHQW RX<br />

UpFXUUHQW 6LO HVW j VHQV XQLTXH OD YDOHXU HVW<br />

GLIIpUHQWH GLYLVpH SDU GHX[ VLO QH IRQFWLRQQH<br />

TXH GDQV OH VHQV 7HUUH YHUV )pHULH HW GRXEOpH<br />

GDQVOHVHQVFRQWUDLUH<br />

9HUURX9DOHXUQ<br />

&HUWDLQHV SDUWLHV GX 'RPDLQH FRIIUHIRUW<br />

FDELQHW VHFUHW QH VRQW SDV DFFHVVLEOHV DX[<br />

pWUDQJHUVRXSHUPHWWHQWGHOHV\HQIHUPHU3RXU<br />

\ DFFpGHU RX HQ VRUWLU LO IDXW UHFRXULU DX 7DOHQW<br />

9R\DJHV j O,QIOXHQFH GXQH $IILQLWp LQWUXVLRQ<br />

SDU H[HPSOH RX j XQ 3RXYRLU LPPDWpULDOLWp<br />

SRXU SDVVHU RXWUH FH TXL HVW XQH PDQLSXODWLRQ<br />

PDJLTXH GX 'RPDLQH TXH OH SURSULpWDLUH SHXW<br />

UHVVHQWLU HW j ODTXHOOH LO SHXW VRSSRVHU /D GLIIL<br />

FXOWpHVWGHQ<br />

/H'RPDLQHHVWPDVTXpSDUGHVOLPEHVPDJL<br />

TXHV/DGLIILFXOWpGHWRXWHDFWLYLWpYLVDQWj<br />

O·pSLHUVRUWLOqJHGH&ODLUYR\DQFH3RXYRLUVMHWV<br />

GH9LJLODQFHHVWDXJPHQWpHGHQ<br />

3LqJHV9DOHXUSDUSLqJH<br />

/H 'RPDLQH HVW SDUVHPp GH SLqJHV ,O SHXW<br />

VDJLU GH FKDXVVHWUDSSHV DUWLILFLHOOHV RX GHPE€<br />

([HPSOHVGHUHVWULFWLRQV<br />

$LPDQW9DOHXUQ<br />

/H 'RPDLQH HVW SDUWLFXOLqUHPHQW IULDQG GH<br />

YLVLWHXUV HW SRXU SHX TXH O·RQ FKHUFKH TXHOTXH<br />

FKRVH \ UHVVHPEODQW GH SUqV RX GH ORLQ RQ D GH<br />

JUDQGHVFKDQFHVGHWRPEHUVXUFHOXLTXLSRVVqGH<br />

XQH WHOOH UHVWULFWLRQ 6L HOOH IDLW OH ERQKHXU GHV<br />

SODFHV GH PDUFKp GH )pHULH HOOH SHXW VH UpYpOHU<br />

ELHQ GDQJHUHXVH Q·LPSRUWH TXL SRXYDQW HQWUHU<br />

FKH] YRXV SDU KDVDUG 7RXWH DFWLYLWp YLVDQW j<br />

DWWHLQGUH RX ORFDOLVHU FH 'RPDLQH YRLW VD GLIIL<br />

FXOWp EDLVVHU GH Q \ FRPSULV OHQRPEUHGH&RU<br />

UHVSRQGDQFHVjpYRTXHU<br />

&LYLOVLQQRFHQWV9DOHXU<br />

8QH SURSULpWp GLYLVHXU GH GRPPDJHV RSD<br />

FLWp«QHSURWqJHSDVOHVKDELWDQWVGX'RPDLQH<br />

)OXLGH9DOHXU<br />

/DJpRJUDSKLHRXOHFOLPDWGX'RPDLQHIOXF<br />

WXHQW WRXV VHXOV VDQV DYHUWLVVHPHQW FRPPH V·LOV<br />

H[WpULHXUHOHVUrYHVOHVMHX[RXO·DUWG·XQ7HUUHV<br />

WUH"<br />

)UDJLOLWp9DOHXUQQRPEUHSDLU<br />

/H 'RPDLQH HVW SDUWLFXOLqUHPHQW VHQVLEOH<br />

DX[ PRLQGUHV DWWDTXHV $YHF FHWWH UHVWULFWLRQ<br />

FKDTXH pOpPHQW GX GpFRU VXELVVDQW GHV GRPPD<br />

JHV WUDQVIqUH VHV GpJkWVPXOWLSOLpVSDUPRLWLp<br />

GHQDXSURSULpWDLUH<br />

+RUULSLODQW9DOHXU<br />

8QGpIDXWPLQHXUPDLVLQVROXEOHYLHQWJrQHU<br />

OH SURSULpWDLUH TXHO TXH VRLW OH QRPEUH GH<br />

FRQYLYHV LO PDQTXH WRXMRXUV XQH FKDLVH j WDEOH<br />

O·HDX D XQ JR€W GpSODLVDQW LO SOHXW GqV TX·RQ<br />

VRUW«<br />

,QVRXPLVVLRQ9DOHXU<br />

/HVKDELWDQWVQ·REpLVVHQWSDVjODYRORQWpGX<br />

SURSULpWDLUH<br />

pWDLHQW VRXPLV DX[ ,QIOXHQFHV G·XQH LQWHOOLJHQFH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

,QWHUPLWWHQW9DOHXURX<br />

8QH SURSULpWp QH IRQFWLRQQH TXH ORUVTXH<br />

FHUWDLQHV FRQGLWLRQV VRQW UpXQLHV 3RXU SRLQW<br />

LO V·DJLW GH FRQGLWLRQV DQHFGRWLTXHV DLVpPHQW<br />

UHPSOLHVVRXVODSOXLH«3RXUSRLQWVODSUR<br />

SULpWp HVW QHXWUDOLVpH HQYLURQ ODPRLWLpGXWHPSV<br />

TXDQG OH SURSULpWDLUH HVW GDQV OH 'RPDLQH«<br />

3RXU SRLQWV HOOH Q·HVW GLVSRQLEOH TXH WUqV UD<br />

UHPHQW GDQV GHV FRQGLWLRQV WUqV SUpFLVHV ORUV<br />

TXH SHUVRQQHV G·DIILOpH TXL RQW XQH $IILQLWp<br />

DYHFO·HDXSpQqWUHQWSRXUODSUHPLqUHIRLVGDQVOH<br />

'RPDLQH«<br />

3DUULFLGH9DOHXU<br />

/H SURSULpWDLUH Q·HVW SDV LPPXQLVp DX[ SUR<br />

SULpWpV GH VRQ 'RPDLQH pJDUHPHQW KDQGLFD<br />

SDQW LQIHUQDO PLOLHX KRVWLOH REVWDFOHV RSDFLWp<br />

SLqJHVYHUURX«<br />

3RLQWIDLEOH9DOHXURX<br />

8Q pOpPHQW GX 'RPDLQH HVW SDUWLFXOLqUH<br />

PHQW YXOQpUDEOH 2XWUH TX·LO Q·HVW SDV FRXYHUW<br />

SDU XQ pYHQWXHO GLYLVHXU GH 'RPPDJHV<br />

O·(QFDLVVHPHQW GX SURSULpWDLUH HVW UpGXLW GH<br />

PRLWLp SRXU WRXW FRXS SRUWp j FHW pOpPHQW HW<br />

XQHpYHQWXHOOHIUDJLOLWpV·DSSOLTXH6·LOV·DJLWG·XQ<br />

pOpPHQW SHWLWHWGLVFUHWWHOOHWDXSLQLqUHWHOEXLV<br />

VRQ«ODUHVWULFWLRQYDXWSRLQWHOOHHQYDXW<br />

VL O·REMHW HVW pWHQGX RX RVWHQWDWRLUH VWDWXH DX<br />

PLOLHX G·XQ SDUF WRXV OHV FKDPSLJQRQV OH VDQ<br />

JOLHU VDFUp« HW V·LO HVW j OD IRLV pWHQGX HW RV<br />

WHQWDWRLUHOHFLHOWRXWHODYpJpWDWLRQ«<br />

6DELU9DOHXUQ<br />

/HV KDELWDQWV HW OH SURSULpWDLUH GX 'RPDLQH<br />

SDUOHQW XQ SDWRLV LVROp GLIIpUHQW GH OD ODQJXH<br />

SDUOpH GDQV OH UHVWH GH )pHULH 6·LOV VRXKDLWHQW<br />

FRPPXQLTXHUDYHFXQpWUDQJHULOVGRLYHQWUpXV<br />

VLU XQ MHW G·+DELOHWp SRXU H[SULPHU XQH LGpH HW<br />

GH 9LJLODQFH SRXU HQ FRPSUHQGUH XQH DYHF XQ<br />

ERQXV pJDO DX[ $IILQLWpV GRQW LO HVW TXHVWLRQ<br />

GDQVODFRQYHUVDWLRQ$LQVLVLRQOHXUSDUOHG·XQ<br />

DUEUHXQH$IILQLWpDYHFOHVDUEUHVMRXHUDFRPPH<br />

ERQXV 'qV TX·LO VRUW GX 'RPDLQH OH SURSULp<br />

WDLUHUHWURXYHODIDFXOWpGHFRPSUHQGUHVHVLQWHU<br />

ORFXWHXUVPDLVFRQVHUYHVRXYHQWXQDFFHQWSUR<br />

QRQFp/DGLIILFXOWpGHVMHWVHVWGHQ<br />

6DXYDJH9DOHXUQ<br />

/H 'RPDLQH UpDJLW DXWRPDWLTXHPHQW HW GH<br />

IDoRQKRVWLOHjFHUWDLQVpYpQHPHQWV$LQVLLOSHXW<br />

GpFOHQFKHUXQGpOXJHjFKDTXHIRLVTX·RQDOOXPH<br />

XQHIODPPqFKH<br />

/HV HIIHWV GpFOHQFKpV VRQW OHV HIIHWV<br />

G·,QIOXHQFH TXH OH SURSULpWDLUH SRXUUDLW SURYR<br />

TXHU HQ GpSHQVDQW Q SRLQWV G·(VVHQFH OHXU LQ<br />

WHQVLWpPD[LPDOHHVWGRQFVRQ$IILQLWp'RPDLQH<br />

OHV $IILQLWpV SHUWLQHQWHV Q &HFL QH Qp<br />

FHVVLWHDXFXQMHWODPDUJHHVWFRQVLGpUpHFRPPH<br />

QXOOHHWDXFXQHGpSHQVHG·(VVHQFH<br />

7UDQVOXFLGH9DOHXUQ<br />

/H *ODPRXU GH FH 'RPDLQH EULOOH GH PLOOH<br />

IHX[ GDQV )pHULH HW OH UHQG WUqV IDFLOH j pSLHU<br />

&HWWH UHVWULFWLRQ IRQFWLRQQH FRPPH 2SDFLWp<br />

VDXI TX·HOOH EDLVVH OD GLIILFXOWp GH WRXWH DFWLYLWp<br />

YLVDQW j pSLHU XQ WHO 'RPDLQH GH Q DX OLHX GH<br />

O·DXJPHQWHU<br />

9HUPLQH9DOHXUQ<br />

8Q FHUWDLQ QRPEUH G(PDQDWLRQV SHXSOHQW<br />

OH'RPDLQH(OOHVQ·RQWDXFXQHLQLWLDWLYHHWQHVH<br />

OLYUHQWTX·jGHVDFWLYLWpVQXLVLEOHVJULJQRWDJHGHV<br />

SURYLVLRQV DFFXPXODWLRQ GH JXDQR« ,O HQ<br />

H[LVWHXQHTXDQWLWpLQGpILQLH$XFDVRHOOHVRQW<br />

EHVRLQ GLQWHUDJLU DYHF XQ SHUVRQQDJH FKDVVH<br />

VpGXFWLRQ QH YRXVHPEDUUDVVH]SDVG$VSHFWV<br />

HW G$WWULEXWV GpWDLOOpV HW FRQVLGpUH] TXH OHXUV<br />

MHWVGHGpVVHIRQWVXUXQQLYHDXGHFRPSpWHQFH<br />

pJDO j Q VDXI OHXU (QFDLVVHPHQW HQ FRPEDW HW<br />

TXHOOHV GLVSRVHQW GH WRXV OHV 3RXYRLUV VDQV<br />

(VVHQFHQpFHVVDLUHVSRXUVLPXOHUOHXUVFDSDFLWpV<br />

QDWXUHOOHVYRO7DLOOHHW&KDUPHVRQWDXFKRL[<br />

GX SURSULpWDLUH GX 'RPDLQH &RPPH WRXW pOp<br />

PHQW GX 'RPDLQH OHXU (QFDLVVHPHQW HVW FHOXL<br />

GX SURSULpWDLUH VRQ $IILQLWp 'RPDLQH HW WRXW<br />

GpJkW HQ H[FqV OHV WXH LPPpGLDWHPHQW VDQV<br />

UHSRUW VXU OHSURSULpWDLUH,OVQHSHXYHQWTXLWWHU<br />

OH 'RPDLQH HW VH GLVVLSHQW GqV TXH OHV &RUUHV<br />

SRQGDQFHVVRQWWURSGLIIpUHQWHV<br />

9XOQpUDELOLWp9DOHXURX<br />

/H'RPDLQHSHXWrWUHDIIHFWpSDUXQHIRUPH<br />

G·DWWDTXH j ODTXHOOH LO GHYUDLW HQ SULQFLSH rWUH<br />

LQVHQVLEOH ODF LQIODPPDEOH EkWLPHQW VROXEOH<br />

GDQV O·HDX« &HWWH IRUPH GH YXOQpUDELOLWp YDXW <br />

SRLQWV 2Q SHXW DXVVL GpFLGHU TXH OH 'RPDLQH<br />

VXELW GHV 'RPPDJHV GH TXHOTXH FKRVH TXL QH<br />

FRQVWLWXHHQULHQXQHDWWDTXHORUVTXHTXHOTX·XQ<br />

\GDQVHSDUH[HPSOH&HWWHIRUPHGHYXOQpUDELOL<br />

Wp YDXW SRLQWV HW O·DFWH HQ TXHVWLRQ VH WUDLWH<br />

FRPPHXQFRPEDW


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

&RUUHVSRQGDQFHV<br />

/D GHUQLqUH SKDVH GH OD FRQFHSWLRQ GXQ<br />

'RPDLQH FRQVLVWH j GpFULUH FRPPH OD 0DQLIHV<br />

WDWLRQG·XQ)pHULTXHOHV&RUUHVSRQGDQFHVTXLOH<br />

FDUDFWpULVHQW ,O IDXW pJDOHPHQW GpWHUPLQHU FHU<br />

WDLQHV FDUDFWpULVWLTXHV TXL FRPSRUWHQW j OD IRLV<br />

GHVDYDQWDJHVHWGHVLQFRQYpQLHQWVOH'RPDLQH<br />

HVWLO SDUWDJp DYHF GDXWUHV )pHULTXHV " /H 'R<br />

PDLQHIDLWLOSDUWLHGXQ5R\DXPHHWTXHOOHHVWOD<br />

SHUVRQQDOLWp GX 5RL " 4XHOV VRQW OHV 'RPDLQHV<br />

YRLVLQVHWOHVUHODWLRQVDYHFOHXUVSURSULpWDLUHV"<br />

&RQVHLOGHVFRQFHSWHXUVOHIDLWGrWUHGDQV<br />

VRQ 'RPDLQH RFWURLH GHV DYDQWDJHV H[WUr<br />

PHPHQW VLJQLILFDWLIV SDU UDSSRUW DX[ DXWUHV<br />

SHUVRQQDJHV %LHQ V€U OHV SHUVRQQDJHV GHV<br />

MRXHXUV DXURQW YRFDWLRQ j YR\DJHU HW j Gp<br />

FRXYULUGHVOLHX[LQFRQQXVHWSRWHQWLHOOHPHQW<br />

KRVWLOHV PDLV LO HVW IRUW SUDWLTXH GH GLVSRVHU<br />

GXQH SRVLWLRQ GH UHSOL V€UH (Q RXWUH GHV<br />

VFpQDULRV HQWLHUV SHXYHQW VH GpURXOHU GDQV OH<br />

'RPDLQH GX SHUVRQQDJH GH OXQ GHV MRXHXUV<br />

,OVSHXYHQWPrPHOHSDUWDJHU<br />

1H SHUGH] SDV GH YXH TXH OH 'RPDLQH HVW<br />

SDUWLH LQWpJUDQWHGXSHUVRQQDJHDXPrPHWL<br />

WUHTXHVHVPDLQVRXVRQLPDJLQDWLRQHWTXLO<br />

HQGLWORQJVXUVDSHUVRQQDOLWp5pIOpFKLUjXQ<br />

'RPDLQH HVW GRQF pJDOHPHQW XQH ERQQH ID<br />

oRQGHGpYHORSSHUVDYLVLRQGXQSHUVRQQDJH<br />

6DQV rWUH LQGLVSHQVDEOH HW j PRLQV TXH OH<br />

FRQFHSW GX SHUVRQQDJH QH VDUWLFXOH DXWRXU<br />

GXQRPDGLVPHLOHVWGRQFIRUWHPHQWFRQVHLO<br />

OpGLQYHVWLUGDQVXQ'RPDLQHGqVODFUpDWLRQ<br />

GXSHUVRQQDJH<br />

$&&(662,5(6<br />

/HV $FFHVVRLUHV VRQW GHV $IILQLWpV TXL<br />

V·DSSOLTXHQWjXQREMHWHQSDUWLFXOLHUHWQRQSDV<br />

j XQ W\SH G·REMHW &HW REMHW HVW WRXMRXUV H[FHS<br />

WLRQQHO ,ODXQQRPHWXQHKLVWRLUHPDLVSDVGH<br />

FRQVFLHQFHFHVWODSDQDJHGHV&RPSDJQRQV/H<br />

SHUVRQQDJH D GH SOXV XQ OLHQ HPSDWKLTXH WUqV<br />

IRUWDYHFOXL,OSHXWVDYRLUjFKDTXHLQVWDQWRVH<br />

VLWXHFHWREMHW8QREMHWQHSHXWrWUHO$FFHVVRLUH<br />

TXHG·XQVHXO)pHULTXH<br />

/HQLYHDXG·$IILQLWp$FFHVVRLUHPXOWLSOLpSDU<br />

HVW DXVVL XQ FDSLWDO GH SRLQWV DYHF OHTXHO OH<br />

)pHULTXH SHXW DFKHWHU GHV SURSULpWpV SDUWLFXOLq<br />

WpV G·$FFHVVRLUHV HW OHXU YDOHXU SDUIRLV YDULDEOH<br />

DORUV QRWpH Q ,O HVW HQ RXWUH SRVVLEOH GH GRWHU<br />

XQ $FFHVVRLUH GH UHVWULFWLRQV ,O VDJLW GH SUR<br />

SULpWpV GpVDYDQWDJHXVHV SRXU OH SURSULpWDLUH GH<br />

O·$FFHVVRLUH /HXU YDOHXU VDMRXWH DX[ SRLQWV j<br />

UpSDUWLU HQWUH OHV SURSULpWpV GH O·$FFHVVRLUH /D<br />

YDOHXU WRWDOH GHV UHVWULFWLRQV QH SHXW H[FpGHU OD<br />

YDOHXUGHO$IILQLWp$FFHVVRLUHGX)pHULTXH9RXV<br />

WURXYHUH] GHV H[HPSOHV GH UHVWULFWLRQV GDQV OD<br />

WDEOHFLGHVVRXV/·,QIOXHQFHSHUPHWGHPRGLILHU<br />

WHPSRUDLUHPHQW HW PR\HQQDQW XQ HQJDJHPHQW<br />

G·(VVHQFH VLJQLILFDWLI OHV SURSULpWpV HW UHVWULF<br />

WLRQVG·XQ$FFHVVRLUH<br />

UHV DSSOLFDEOHV j FHW $FFHVVRLUH /D WDEOH VXL<br />

YDQWHGRQQHXQHOLVWHQRQH[KDXVWLYHGHSURSULp<br />

1RPEUHGHSRLQWVGHSURSULpWpVGHO·$FFHVVRLUH$IILQLWp[YDOHXUGHVUHVWULFWLRQV<br />

0D[LPXPGHVUHVWULFWLRQV$IILQLWp$FFHVVRLUH<br />

<br />

([HPSOHVGHSURSULpWpV<br />

$QWLYRO9DOHXUQ<br />

&KDQJHPHQWGHWDLOOH9DOHXURX<br />

/·$FFHVVRLUHQHSHXWrWUHXWLOLVpSDUGHVWLHUV<br />

VDQV O·DFFRUG GH VRQ SURSULpWDLUH 3RXU SRXYRLU<br />

QRQ VHXOHPHQW IDLUH DSSHO j VHV SURSULpWpV PDLV<br />

HQFRUH V·HQ VHUYLU QRUPDOHPHQW UpXVVLU j EUDQ<br />

GLU XQH DUPH RX j WLUHU GHV VRQV G·XQ LQVWUX<br />

PHQW LO IDXW HIIHFWXHU XQ MHW GH 3XLVVDQFH GH<br />

GLIILFXOWp Q 'HV VRUWLOqJHV GH 7UDQVPXWDWLRQ<br />

/·$FFHVVRLUH SHXW FKDQJHUGHWDLOOHLQGpSHQ<br />

GDPPHQW GH OD 7DLOOH GH VRQ SURSULpWDLUH GHYH<br />

QLU DVVH] SHWLW SRXU rWUH FDFKp GHUULqUH VRQ<br />

RUHLOOH RX DVVH] JUDQG SRXU pWD\HU OH FLHO $YHF<br />

XQH YDOHXU GH LO SHXW JUDQGLU RX UDSHWLVVHU<br />

PDLV SDV OHV GHX[ $YHF XQH YDOHXU GH OH<br />

FKDQJHPHQWSHXWVHIDLUHGDQVOHVGHX[VHQV<br />

SRXU DQQXOHU OD SURSULpWp RX GHV ,QIOXHQFHV<br />

G·XQH $IILQLWp DYHF O·DFFDSDUHPHQW VRQW pJDOH<br />

PHQWHQYLVDJHDEOHV


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

'LYLVHXUGHGRPPDJHV9DOHXUQQRPEUH<br />

SDLU<br />

/RUVTXH O·$FFHVVRLUH HVW GpWUXLW GHV SHUWHV<br />

G·(VVHQFH VRQW LQIOLJpHV DX SURSULpWDLUH GH<br />

O·$FFHVVRLUH $YHF FHWWH SURSULpWp OHV SHUWHV<br />

VXELHV SDU OH SURSULpWDLUH VRQWGLYLVpHVSDUOD<br />

PRLWLpGHQ<br />

(IIHWVSpFLDO9DOHXUQ<br />

/H SURSULpWDLUH SHXW GpFOHQFKHU XQH ,Q<br />

IOXHQFH SUpSURJUDPPpH OLpH j OD QDWXUH j OD<br />

V\PEROLTXH HW j OD GHVWLQDWLRQ GH O·$FFHVVRLUH<br />

IUDSSHU RX SDUHU SRXU XQH DUPH GLYHUWLU SRXU<br />

XQ LQVWUXPHQW GH PXVLTXH SURWpJHU HW RUQHU<br />

SRXU XQ YrWHPHQW RXYULU RX IHUPHU SRXU XQH<br />

FOp«ODPDUPLWHGRQQHERQJR€WDX[DOLPHQWV<br />

TXL\VRQWSODFpVOHYLRORQpPHWGHVQRWHVFROR<br />

UpHV TXL pFODWHQW FRPPH GHV EXOOHV GH VDYRQ OH<br />

IDXWHXLO SHXW VH GpSODFHU DYHF VRQ SDVVDJHU OD<br />

ODPHV·HQIODPPHRXSHXWWUDQFKHUOHIHXOHYHQW<br />

HW O·HDX $WWHQWLRQ VL O·HIIHW VSpFLDO UHYLHQW j<br />

FRQIpUHU LQGLUHFWHPHQW XQ 3RXYRLU DX SURSULp<br />

WDLUH EDJXH TXL UHQG LQYLVLEOH PXVLTXH TXL IDV<br />

FLQH ELMRX TXL pFODLUH EkWRQ TXL ODQFH GHV IODP<br />

PHVLOV·DJLWG·XQIRFXVGH3RXYRLUHWQRQG·XQ<br />

HIIHWVSpFLDO/·LQWHQVLWpGHVHIIHWVHVWFHOOHTXHOH<br />

SURSULpWDLUH SRXUUDLW GpFOHQFKHU HQ GpSHQVDQW Q<br />

SRLQWV G·(VVHQFH GRQF DX PD[LPXP $IILQLWp<br />

$FFHVVRLUH $IILQLWpV SHUWLQHQWHV GX SURSULp<br />

WDLUH Q VDQV GpSHQVH G·(VVHQFH PDLV LO HVW<br />

SRVVLEOH G·HQ GpSHQVHU SRXU DXJPHQWHU<br />

O·LQWHQVLWp j UDLVRQ G·XQ SRLQW SRXU XQ SRLQW<br />

/·HIIHW VH GpFOHQFKH HQ DFFRPSDJQHPHQW GH<br />

O·XWLOLVDWLRQQRUPDOHGHO·$FFHVVRLUH<br />

)RFXVGH3RXYRLU9DOHXUGXSRXYRLU<br />

/·$FFHVVRLUH FRQIqUH XQ 3RXYRLU j VRQ SUR<br />

SULpWDLUH DYHF XQH PDvWULVH pJDOH j ]pUR<br />

/·(VVHQFH GpSHQVpH VDXI VL OH 3RXYRLU HVW VDQV<br />

(VVHQFH HVW FHOOH GX SURSULpWDLUH ,O SHXW V·DJLU<br />

G·XQ 3RXYRLU TXL DIIHFWH OH SURSULpWDLUH YRO<br />

WpOpSRUWDWLRQ WUDQVIRUPDWLRQ GXSOLFDWLRQ SUHV<br />

VHQWLPHQW FDSDFLWp VXUKXPDLQH FKDQJHPHQW GH<br />

WDLOOH« RX O·HQYLURQQHPHQW FUDFKHU OH IHX<br />

SDUDO\VLH WHUUHXU VDQFWXDLUH PDOpGLFWLRQ« ,O<br />

IDXWXWLOLVHUO·$FFHVVRLUHEUDQGLUXQHDUPHMRXHU<br />

G·XQLQVWUXPHQW«SRXUDFWLYHUOH3RXYRLUHWVL<br />

VHV HIIHWV DFFRPSDJQHQW KDUPRQLHXVHPHQW<br />

O·XWLOLVDWLRQ QRUPDOH GH O·$FFHVVRLUH OH SURSULp<br />

WDLUH GLVSRVH QRUPDOHPHQW GH VRQ ERQXV<br />

G·$FFHVVRLUH DLQVL SRXU XQ PDUWHDX IRFXV GX<br />

3RXYRLU VHFRXVVH VLVPLTXH PDLV SDV SRXU XQ<br />

DQQHDX IRFXV GX 3RXYRLU G·LQYLVLELOLWp /H 3RX<br />

O·$FFHVVRLUH FRPPH XQ 6LJQH OHV VDQGDOHV TXL<br />

SHUPHWWHQW GH YROHU RQW GHV DLOHV« 6L XQ SHU<br />

VRQQDJH XWLOLVH XQ $FFHVVRLUH TXL OXL FRQIqUH XQ<br />

3RXYRLU TX·LO D GpMj SDU DLOOHXUV VHXO OH SOXV IRUW<br />

GHVGHX[V·DSSOLTXH<br />

,PPXQLWp9DOHXUQ<br />

/·$FFHVVRLUH EpQpILFLH G·XQ ERQXV j<br />

O·(QFDLVVHPHQW GH VRQ SURSULpWDLUH FRQWUH XQ<br />

W\SHG·DJUHVVLRQDXTXHOLOHVWSDUQDWXUHYXOQpUD<br />

EOH /H ERQXV HVW GH Q VL O·DWWDTXH GRQW LO SUR<br />

WqJHHVWVSpFLILTXHOHIHXSRXUXQREMHWHQERLV<br />

O·DFLGLWp SRXU XQ RVVHPHQW« HW GH Q VL HOOH HVW<br />

JpQpUDOHO·HQYLURQQHPHQWODYLROHQFH«<br />

0RELOH9DOHXURX<br />

/·$FFHVVRLUH SHXWVHGpSODFHUHQpWDQWPHQ<br />

WDOHPHQW SLORWp SDU VRQ SURSULpWDLUH FH TXL HVW<br />

WUDLWp FRPPH XQH ,QIOXHQFH GH O·$IILQLWp $FFHV<br />

VRLUH 3RXU SRLQWV LO YROH V·LO HVW GDQV VRQ<br />

FKDPS GH YLVLRQ LQWHQVLWp pJDOH j FHOOH G·XQ<br />

VRUWLOqJH GH .LQpVLH SURGXLVDQW OHV PrPHV HI<br />

IHWV 3RXU SRLQWV LO VH WpOpSRUWH V·LO HVW GDQV<br />

VRQ FKDPS GH YLVLRQ LQWHQVLWp GLIILFXOWp G·XQH<br />

DWWDTXH j GLVWDQFH j OD SRUWpH FRUUHVSRQGDQWH<br />

3RXUSRLQWVLOVHGpSODFHHQWUHOHV'RPDLQHV<br />

GLIILFXOWppJDOHjIRLVOHQRPEUHGH&RUUHVSRQ<br />

GDQFHV G·pFDUW $XFXQ $FFHVVRLUH QH SHXW VH<br />

GpSODFHUVSRQWDQpPHQWHQWUHOD7HUUHHW)pHULH<br />

3LpJp9DOHXU<br />

/·$FFHVVRLUH HVW SLpJp 7RXWH WHQWDWLYH<br />

G·XWLOLVDWLRQ VDQV O·DFFRUG GX SURSULpWDLUH H[SRVH<br />

jXQHDWWDTXHGpFKDUJHpOHFWULTXHHPEUDVHPHQW<br />

pUXSWLRQ GH ODPHV DWWDTXH SDU O·$FFHVVRLUH OXL<br />

PrPH« DYHF OHV VFRUHV GH FRPEDW GXSURSULp<br />

WDLUH &HWWH SURSULpWp DFFRPSDJQH KDUPRQLHX<br />

VHPHQWXQDQWLYRO<br />

3RO\PRUSKH9DOHXURX<br />

/·$FFHVVRLUHSHXWFKDQJHUGHIRUPH3RXU<br />

SRLQWV LO SHXW SUHQGUH OD IRUPH G·XQ REMHW GH<br />

PrPH FDWpJRULH LH UDWWDFKp j OD PrPH $IILQLWp<br />

SDUWLFXOLqUH OHV DUPHV OHV RXWLOV OHV QDYLUHV«<br />

3RXU SRLQWV LO SHXW SUHQGUH OD IRUPH GH<br />

Q·LPSRUWHTXHOREMHW<br />

7pOpFRPPDQGH9DOHXU<br />

/HV SURSULpWpV GH O·$FFHVVRLUH VDXI IRFL GH<br />

3RXYRLUVTXLQ·DIIHFWHQWTXHOHSRUWHXUSHXYHQW<br />

rWUH GpFOHQFKpHV j GLVWDQFH GX PRPHQW TXH<br />

O·$FFHVVRLUH HVW GDQV OH FKDPS GH YLVLRQ GH VRQ<br />

SURSULpWDLUH<br />

YRLU GRLW UHVVRUWLU GDQV OD GHVFULSWLRQ GH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

([HPSOHVGHUHVWULFWLRQV<br />

)UDJLOLWp9DOHXUQ<br />

/·$FFHVVRLUHHVWSDUWLFXOLqUHPHQWVHQVLEOH<br />

DX[PRLQGUHVDWWDTXHV$YHFFHWWHUHVWULFWLRQOD<br />

GHVWUXFWLRQGHO·$FFHVVRLUHWUDQVIqUHGHVSHUWHV<br />

G·(VVHQFHPXOWLSOLpHVSDUPRLWLpGHQDX<br />

SURSULpWDLUH<br />

QRPEUHSDLU<br />

UHPSOLHVVRXVODSOXLH«3RXUSRLQWVODSUR<br />

SULpWpHVWQHXWUDOLVpHHQYLURQODPRLWLpGXWHPSV<br />

TXDQGO·$FFHVVRLUHHVWGDQVOH'RPDLQHGX<br />

SURSULpWDLUH«3RXUSRLQWVHOOHQ·HVWGLVSRQL<br />

EOHTXHWUqVUDUHPHQWGDQVGHVFRQGLWLRQVWUqV<br />

SUpFLVHVORUVTXHO·$FFHVVRLUHYLHQWG·rWUHWHQX<br />

SDUSHUVRQQHVTXLRQWXQH$IILQLWpDYHFOH<br />

IHX«<br />

+RUULSLODQW9DOHXU<br />

8QGpIDXWPLQHXUPDLVLQVROXEOHYLHQWJrQHU<br />

OHSURSULpWDLUHOHWHPSVVHFRXYUHGqVTX·RQ<br />

MRXHGHO·LQVWUXPHQWODODPHYLEUHHQSUpVHQFH<br />

G·XQDGYHUVDLUHGpFODUpJrQDQWHQFDV<br />

G·HPEXVFDGH«<br />

,QWHUPLWWHQW9DOHXURX<br />

8QHSURSULpWpQHIRQFWLRQQHTXHORUVTXH<br />

FHUWDLQHVFRQGLWLRQVVRQWUpXQLHV3RXUSRLQW<br />

9XOQpUDELOLWp9DOHXURX<br />

/·$FFHVVRLUHSHXWrWUHDIIHFWpSDUXQHIRUPH<br />

G·DWWDTXHjODTXHOOHLOGHYUDLWHQSULQFLSHrWUH<br />

LQVHQVLEOHPpWDOLQIODPPDEOHSLHUUHVROXEOH<br />

GDQVO·HDX«&HWWHIRUPHGHYXOQpUDELOLWpYDXW<br />

SRLQWV2QSHXWDXVVLGpFLGHUTXHO·$FFHVVRLUH<br />

VXELWGHV'RPPDJHVGHTXHOTXHFKRVHTXLQH<br />

FRQVWLWXHHQULHQXQHDWWDTXHORUVTX·RQMRXHGH<br />

ODPXVLTXHSDUH[HPSOH&HWWHIRUPHGHYXOQp<br />

UDELOLWpYDXWSRLQWV<br />

LOV·DJLWGHFRQGLWLRQVDQHFGRWLTXHVDLVpPHQW<br />

<br />

&RQVHLO GHV FRQFHSWHXUV FRPPHQW V·\ UH<br />

WURXYHU HQWUH OHV HIIHWV VSpFLDX[ IRFL GH<br />

3RXYRLU HW SURSULpWpV GLUHFWHV GH<br />

O·$FFHVVRLUH" 6RXOLJQRQV TXHOTXHV SULQFLSHV<br />

VLPSOHV<br />

• VL O·$FFHVVRLUH FRQIqUH j VRQ<br />

SURSULpWDLUH XQ 3RXYRLU TX·LO<br />

SRXUUDLW WRXW DXVVL ELHQ GpWHQLU<br />

HQ GLUHFW SHX LPSRUWH TXH OXL<br />

PrPH RX VRQ FKDSHDX VRLW OX<br />

PLQHX[ TXH OXLPrPH RX VD<br />

ODQFH FUDFKH GHV IODPPHV TXH<br />

VDEDJXHRXVDYRORQWpOHUHQGH<br />

LQYLVLEOH TXH VD FDSH RX VHV DL<br />

OHV OXL SHUPHWWH GH YROHU F·HVW<br />

XQIRFXVGH3RXYRLU<br />

• VL O·$FFHVVRLUH D XQH SURSULpWp<br />

TXL UDSSHOOH XQ 3RXYRLU PDLV<br />

GRQW OHV HIIHWV VRQW IRQGDPHQ<br />

VRQ SRUWHXU TXL SRVVqGH OH<br />

3RXYRLULOV·DJLWG·XQHSURSULp<br />

Wp GH O·$FFHVVRLUH WHOOH TXH<br />

FKDQJHPHQW GH WDLOOH RX SRO\<br />

PRUSKLH GLVSRVHU G·XQ REMHW<br />

SRO\PRUSKHQ·DULHQjYRLUDYHF<br />

OH IDLW GH GLVSRVHU G·XQ REMHW<br />

TXL FRQIqUH OD SRO\PRUSKLH j<br />

VRQSRUWHXU<br />

• ORUVTX·LO V·DJLW G·XQH IDFXOWp TXL<br />

Q·D GH VHQV TXH SRXU OH W\SH<br />

G·REMHW HQ TXHVWLRQ HW TXL HVW<br />

XQHH[WHQVLRQGHVRQXWLOLVDWLRQ<br />

QRUPDOH SUpSDUHU GH OD QRXUUL<br />

WXUH SRXU XQ XVWHQVLOH GH FXL<br />

VLQH MRXHU GH OD PXVLTXH SRXU<br />

XQ LQVWUXPHQW IDoRQQHU GHV<br />

FKRVHV SRXU XQ RXWLO HPEHOOLU<br />

SRXU XQ ELMRX F·HVW XQ HIIHW<br />

VSpFLDO<br />

WDOHPHQW GLIIpUHQWV HQ SUDWLTXH<br />

SXLVTXH F·HVW XQ REMHW HW QRQ<br />

&203$*1216<br />

/HV (PDQDWLRQV &RPSDJQRQV VRQW GHV $I<br />

ILQLWpV TXL FRQFHUQHQW XQ rWUH YLYDQW VSpFLILTXH<br />

HWQRQSDVXQHFDWpJRULH&HWWH(PDQDWLRQSHXW<br />

rWUHXQDQLPDOIDPLOLHUXQrWUHIpHRXQ·LPSRUWH<br />

TXHOOHDXWUHFUpDWXUH,OHVWjQRWHUTXHVRQDSSD<br />

UHQFH QHVW SDV QpFHVVDLUHPHQW FHOOH GXQ rWUH<br />

YLYDQW XQH pSpH TXL SDUOH HVW XQ &RPSDJQRQ<br />

SDV XQ $FFHVVRLUH &HWWH (PDQDWLRQ HVW OH SOXV<br />

ILGqOH DOOLp GX SHUVRQQDJH (OOH MRXH IUpTXHP<br />

PHQW XQ U{OH GDQV ODGPLQLVWUDWLRQ GX 'RPDLQH<br />

SRUWLHU LQWHQGDQW JDUGHFKDVVH FDSLWDLQH GH OD<br />

JDUGH 6L HOOH D O·DSSDUHQFH GH OD YLH HOOH HVW<br />

DYDQW WRXW XQH H[SUHVVLRQ GX )pHULTXH VRQ<br />

VHUYLWHXU VRQ PHQWRU VRQ DPRXU VD PDVFRWWH


© ¥¦¤¥¥ ©<br />

¢¡¤£¦¥¨§<br />

¤©¥$0©04¢@$DF<


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

VHQFH ULHQ TXHQ VDFKDUQDQW VXU VHV &RPSD<br />

JQRQV j PRLQV TXH OH )pHULTXH QH VRLW GpMj WUqV<br />

¤©¡O$ $¨£ B:$+ ¡¨£¦+ QO< @$=£¦¡¢<br />

D9<br />

¥£¦+9¢#¥S¥¨£¥S+¥+.I££¡¤!<br />

¥¨£¥9+¥+.=+<br />

DIIDLEOL(VVHQFHLQIpULHXUHRXpJDOHjOD0DWpULD<br />

OLWpGHVRQ&RPSDJQRQ<br />

> ©£¦+?¥¤£A©¥ GI$=£¦


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

YRLU RX HQ OXL GRQQDQW GHV HIIHWV VHFRQGDLUHV<br />

JrQDQWV 'DQV FH WUDYDLO GH FUpDWLRQ GH SHUVRQ<br />

QDJH OH SOXV LPSRUWDQW HVW GHJDUGHUjO·HVSULWOH<br />

PRW ©IpHULTXHª &HUWDLQV 3RXYRLUV FRQYLHQ<br />

GURQW j GHV XQLYHUV GH VFLHQFHILFWLRQ RX GH<br />

VXSHUKpURV PDLV VHURQW LQDGDSWpV j O·HVSULW GH<br />

)pHULH &HOD SHXW rWUH WUqV GRPPDJHDEOH j<br />

O·DWPRVSKqUH GX MHX /H PHQHXU GRLW WRXMRXUV<br />

DYRLUXQGURLWGHUHJDUGVXUOHVSHUVRQQDJHVORUV<br />

GHOHXUFUpDWLRQDILQTX·LOVUHVSHFWHQWOHWRQTX·LO<br />

VRXKDLWHGRQQHUDX[SDUWLHV<br />

/DYDOHXUGHFHV3RXYRLUVHVWGpWHUPLQpHSDU<br />

OHXUIUpTXHQFHG·XWLOLVDWLRQHQFRXUVGHMHXOHXU<br />

HIILFDFLWp TXL GpWHUPLQH OH FR€W HQ (VVHQFH GH<br />

OHXU XWLOLVDWLRQ OHXU YHUVDWLOLWp FHVJUDQGHXUV<br />

VRQWQRWpHVVXUXQHpFKHOOHGHjHWOHXUPDv<br />

WULVH ,O HVW j QRWHU TXXQ 3RXYRLU YDXW WRXMRXUV<br />

DX PRLQV XQ SRLQW 6L VD YDOHXU HVW GH ]pUR HOOH<br />

HVWUDPHQpHjXQ<br />

<br />

<br />

9DOHXUHQ*ODPRXU <br />

)UpTXHQFH 5DUH &RPPXQ &RXUDQW 7RXMRXUV<br />

(IILFDFLWp<br />

)DLEOH<br />

1RUPDO<br />

3XLVVDQW<br />

7UqVSXLVVDQW<br />

&R€WGXWLOLVDWLRQ<br />

(VVHQFH<br />

(VVHQFH<br />

(VVHQFH<br />

(VVHQFH<br />

9HUVDWLOLWp 6SpFLILTXH 3HXDGDSWDEOH $GDSWDEOH 7UqVDGDSWDEOH<br />

<br />

/DIUpTXHQFHLQGLTXHVLOH3RXYRLUWURXYHj<br />

VDSSOLTXHU GH IDoRQ XWLOH HQ DYHQWXUH GDQV GHV<br />

VLWXDWLRQV WUqV GLYHUVHV RX DX FRQWUDLUH GDQV GHV<br />

FLUFRQVWDQFHVWUqVVSpFLILTXHV8Q3RXYRLUOLpDX<br />

FRPEDW HVW FRQVLGpUp DX PRLQVFRPPHFRXUDQW<br />

8QHIUpTXHQFHGHWRXMRXUVQHYHXWSDVGLUHTXHOH<br />

3RXYRLU IRQFWLRQQH HQ SHUPDQHQFH FI SDUDJUD<br />

SKH VXLYDQW PDLV TXH VRQ XWLOLVDWHXU SRXUUD<br />

WURXYHU OLHX G\ UHFRXULU TXHOOHV TXH VRLHQW OHV<br />

FLUFRQVWDQFHV<br />

/·HIILFDFLWp LQGLTXH ODYDQWDJH TXH SURFXUH<br />

OH 3RXYRLU GDQV GHV VLWXDWLRQV GDYHQWXUH 6H<br />

WUDQVIRUPHU HQ DLJOH JpDQW HVW XQ 3RXYRLU SXLV<br />

VDQW DORUV TXH IDLUH SRXVVHU GHV IOHXUV HVW XQ<br />

3RXYRLUIDLEOH<br />

/·HIILFDFLWp GRQQH pJDOHPHQW OH FR€W HQ (V<br />

VHQFH j FKDTXH XWLOLVDWLRQ GX 3RXYRLU 6L XQ<br />

MRXHXU OH VRXKDLWH LO SHXW SUHQGUH O·RSWLRQ VDQV<br />

(VVHQFH /H 3RXYRLU QH FRQVRPPH DORUV SDV<br />

G·(VVHQFH j O·XWLOLVDWLRQ TXHOOH TXH VRLWVRQHIIL<br />

FDFLWp &HWWH RSWLRQ DMRXWH WURLV SRLQWV j OD<br />

YDOHXU GX 3RXYRLU &HWWH RSWLRQ QHVW SRVVLEOH<br />

TXH SRXU GHV 3RXYRLUV TXL DIIHFWHQW OH )pHULTXH<br />

OXLPrPH WRXW 3RXYRLU TXL DIIHFWH OHQYLURQQH<br />

PHQWRXGHVWLHUVQpFHVVLWHXQHQJDJHPHQWG(V<br />

VHQFHSRXUDOOHULQILOWUHUOHXU*ODPRXUpWUDQJHU<br />

8Q 3RXYRLU VDQV (VVHQFH IRQFWLRQQH HQ SHU<br />

PDQHQFH VDQV TXH VRQ XWLOLVDWHXU SXLVVH OH<br />

GpVDFWLYHU 3RXU DXWDQW VL VRQ XWLOLVDWLRQ QD GH<br />

VHQVTXHGDQVFHUWDLQHVFLUFRQVWDQFHVSUpFLVHVVD<br />

IUpTXHQFH QHVW SDV QpFHVVDLUHPHQW WRXMRXUV 5p<br />

FLSURTXHPHQW WRXV OHV 3RXYRLUV SHUPDQHQWV<br />

GRLYHQWrWUHSULVDYHFFHWWHRSWLRQ<br />

/D YHUVDWLOLWp LQGLTXH VL OH 3RXYRLU HVW IDFL<br />

OHPHQWPRGXODEOHVLVHVHIIHWVVRQWYDULpVRXDX<br />

FRQWUDLUH WUqV VSpFLILTXHV V·LO SHXW V·DGDSWHU j<br />

GHV FRQGLWLRQV HW GHV XWLOLVDWLRQV GLIIpUHQWHV 6L<br />

YRXV MXJH] TX·XQ 3RXYRLU HVW SOXV TXH WUqV DGDS<br />

WDEOH LO HQWUH SUREDEOHPHQW GDQVODFDWpJRULHGHV<br />

7DOHQWVPDJLTXHV<br />

/D PDvWULVH LQGLTXH OD IDFLOLWp GX SHUVRQ<br />

QDJH j XWLOLVHU FH SRXYRLU (Q WHUPHV GH MHX OD<br />

PDvWULVH GRQQH XQ ERQXV j O·$VSHFW PLV HQ MHX<br />

ORUV GH O·XWLOLVDWLRQ GX SRXYRLU 8Q SRLQW GH<br />

PDvWULVH YDXW XQ SRLQW GH *ODPRXU MXVTX·j XQ<br />

PD[LPXPGHSRLQWVjODFUpDWLRQ3RXUSOXVGH<br />

GpWDLOVXUO·HPSORLGHODPDvWULVHHQFRXUVGHMHX<br />

YRLU OH FKDSLWUH 8WLOLVDWLRQ GHV SRXYRLUV (QILQ<br />

GHV$IILQLWpVSHXYHQWFRPPHWRXMRXUVRFWUR\HU<br />

XQERQXVVXSSOpPHQWDLUH<br />

$ORUV TXH OD PDvWULVH HW ORSWLRQ VDQV (VVHQFH<br />

VRQW ODLVVpHV DX FKRL[ GX MRXHXU OD IUpTXHQFH<br />

OHIILFDFLWp HW OD YHUVDWLOLWp GXQ 3RXYRLU VRQW<br />

HQWLqUHPHQW GpWHUPLQpHV SDU OD GHVFULSWLRQ GX<br />

3RXYRLU 6HXOH XQH PRGLILFDWLRQ GH OD QDWXUH<br />

SURIRQGHGX3RXYRLUSDUH[HPSOHUHPSODFHUOH<br />

3RXYRLU GH FUDFKHU OH IHX SDU FHOXL GHQYHORSSHU<br />

VRQ FRUSV GDQV XQH FKDSH GH IODPPHV SHXW<br />

FRQGXLUHjXQHUHGpILQLWLRQGHFHVJUDQGHXUVLFL<br />

ODYHUVDWLOLWpSDVVHUDLWGHSHXDGDSWDEOHjDGDSWDEOH<br />

$LQVL LO QH[LVWH SDV SOXVLHXUV YHUVLRQV SOXV RX<br />

PRLQV IUpTXHQWHV HIILFDFHV RX YHUVDWLOHV GHV<br />

3RXYRLUV OH IDLW GH YROHU HVW LQWULQVqTXHPHQW<br />

FRXUDQW QRUPDO HW SHX DGDSWDEOH ,O QHVW SDV<br />

SRVVLEOHGHMRXHUVXUODYDOHXUHQDOOpJXDQWTXRQ<br />

YROHPRLQVYLWHTXHODPR\HQQHHWTXHOHIILFDFLWp<br />

HVWIDLEOHSDUH[HPSOH<br />

(Q UHYDQFKH LO HVW SRVVLEOH GLQWURGXLUH GHV<br />

FRQGLWLRQV VXSSOpPHQWDLUHV SDU H[HPSOH QH<br />

SRXYRLU YROHU TXH OD QXLW TXL DIIHFWHQW UpHOOH<br />

PHQW OD YDOHXU GXQ 3RXYRLU LFL OD IUpTXHQFH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

GHYLHQGUDLW FRPPXQH 2Q SHXW pJDOHPHQW EDVHU<br />

XQ SRXYRLU VXU XQ DXWUH PDLV DYHF XQH PRGLIL<br />

FDWLRQ VXEVWDQWLHOOH GH VD GpILQLWLRQ OH 3RXYRLU<br />

UDQWV DpULHQV HW QRQ SDV DXWRSURSXOVp FRUUHV<br />

SRQG HIIHFWLYHPHQW j XQH YHUVLRQ GHIILFDFLWp<br />

IDLEOHGX3RXYRLUGHYRO<br />

GH SODQHU FHVW j GLUH GrWUH GpSHQGDQW GHV FRX<br />

(;(03/(6<br />

$OOHUJqQH<br />

&DPpOpRQ<br />

/DVHXOHSUpVHQFHGX)pHULTXHSURYRTXHXQH<br />

UpDFWLRQDOOHUJLTXHFKH]WRXVFHX[TXLQHUpXVVLV<br />

VHQWSDVXQMHWGH5pVLVWDQFHFRQWUHVD3XLVVDQFH<br />

PDvWULVH GX 3RXYRLU &HWWH DOOHUJLH VH WUDGXLW<br />

SDUGHVURXJHXUVHQIOXUHVpWHUQXHPHQWV«HWXQ<br />

PDOXV pJDO j OD PRLWLp GH OD PDUJH GH UpXVVLWH j<br />

WRXWHVOHVDFWLYLWpV<br />

/H )pHULTXH SHXW VH IRQGUH GDQV XQ W\SH<br />

G·HQYLURQQHPHQW GRQQp TXL FRUUHVSRQGUDLW j<br />

XQH$IILQLWpSDUWLFXOLqUH7RXWHWHQWDWLYHSRXUOH<br />

ORFDOLVHU GDQV FHW HQYLURQQHPHQW VXELWXQPDOXV<br />

GH PDvWULVH /H 3RXYRLU HVW FRXUDQW V·LO IRQF<br />

WLRQQHGDQVXQW\SHG·HQYLURQQHPHQWSOXVYDJXH<br />

pTXLYDOHQWG·XQH$IILQLWpJpQpUDOHHWWRXMRXUVV·LO<br />

>FRXUDQWSXLVVDQWSHXDGDSWDEOH<br />

SWV@<br />

IRQFWLRQQHSDUWRXW<br />

6LJQHVDGDSWpVRGHXUSDUWLFXOLqUHGpJDJH<br />

GHVSDUWLFXOHVGDQVO·DLUIRXUUXUHGXYHWHXVH<br />

>FRPPXQQRUPDOSHXDGDSWDEOH<br />

RXHQYHUVLRQPRGLILpH@<br />

SWV<br />

FKDSHDXHQSHDXGHFKDWSOXPHDXFRPSRUWH<br />

PHQWLUULWDQW«<br />

6LJQHVDGDSWpVFRQWRXUVIORXVFRXOHXUV<br />

WHUQHVRXFKDQJHDQWHVVRFLDEOH«<br />

$UPXUHDGDSWDWLYH<br />

&KDQJHPHQWGHWDLOOH<br />

&KDTXH IRLV TXH OH )pHULTXH HVW EOHVVp LO<br />

JDJQHXQQRPEUHGHSRLQWVG·(QFDLVVHPHQWpJDO<br />

DX QRPEUH GH SRLQWV G·(VVHQFH SHUGXV j<br />

FRQFXUUHQFH GH OD PDvWULVH &HV SRLQWV H[Fp<br />

GHQWDLUHV VH FRQVHUYHQW SHQGDQW WRXWH OD 6FqQH<br />

GX FRPEDW HW GLVSDUDLVVHQW j OD ILQ GH OD 6FqQH<br />

VXLYDQWH<br />

>FRXUDQWSXLVVDQWSHXDGDSWDEOHVDQV(V<br />

VHQFH SWV@<br />

6LJQHVDGDSWpVSODTXHVG·DUPXUHPpWDOOLTXH<br />

TXLUHFRXYUHQWXQH]RQHGHSOXVHQSOXVpWHQGXH<br />

SODTXHVFRUQpHVVXUOHFRUSVTXLVHUHQIRUFHQWj<br />

PHVXUHFRXFKHGHODUGTXLV·pSDLVVLWSRLOVTXL<br />

SRXVVHQW«<br />

%URXLOODUG<br />

/H )pHULTXH SHXW FUpHU GDQV VRQ HQYLURQ<br />

QHPHQW SURFKH j YXH XQH ]RQH GH EURXLOODUG<br />

WUqV GHQVH ,O IDLW XQ MHW G·+DELOHWp PDvWULVH<br />

FRQWUH XQH GLIILFXOWp OLpH j O·HQYLURQQHPHQW <br />

GDQVXQPDUDLVIDFLOHGDQVXQHIRUrWW\SLTXH<br />

GDQV XQ GpVHUW j PLGL TXDVLLPSRVVLEOH<br />

/D PRLWLp GH OD PDUJH GH UpXVVLWH GRQQH OH<br />

PDOXV LPSRVp j WRXV OHV MHWV GH YLVLRQ GDQV OD<br />

]RQHFRQFHUQpH<br />

>FRPPXQQRUPDOSHXDGDSWDEOH SWV@<br />

6LJQHVDGDSWpVHQWRXUpG·XQKDORIDLWGHOD<br />

EXpHTXDQGLOSDUOHDSSDUHQFHpYDQHVFHQWH<br />

pORFXWLRQQpEXOHXVHIXPHODSLSH«<br />

/H SHUVRQQDJH SHXW VRLW GLPLQXHU VRLW DXJ<br />

PHQWHU GH WDLOOH PDLV VDQV FKDQJHU GH PDVVH<br />

GRQF GH 7DLOOH FHVW VD GHQVLWp TXL VDGDSWH FH<br />

TXL QD GRQF TXH GHV HIIHWV FRVPpWLTXHV VH GLV<br />

VLPXOHU RX DX FRQWUDLUH LPSUHVVLRQQHU 6HV $V<br />

SHFWV UHVWHQW LQFKDQJpV &KDTXH SRLQW GH PDv<br />

WULVH SHUPHW WRXWHIRLV GH PRGLILHU G SRLQW OD<br />

7DLOOHVDPDVVHFKDQJH©SRXUGHYUDLª4XDQG<br />

OH SRXYRLU V·DUUrWH OH SHUVRQQDJH UHSUHQG VD<br />

WDLOOH QRUPDOH 6L OH SHUVRQQDJH SHXW VHXOHPHQW<br />

JUDQGLU RX UDSHWLVVHU OH SRXYRLU SDVVH GH WUqV<br />

SXLVVDQWjSXLVVDQW<br />

>FRXUDQWWUqVSXLVVDQWSHXDGDSWDEOH <br />

SWVHQYHUVLRQPRGLILpH@<br />

6LJQHVDGDSWpVSUHQGVDUHVSLUDWLRQHWVH<br />

JRQIOHSRXUJUDQGLUSXLVVHGpJRQIOHSRXUUDSH<br />

WLVVHUWDSHWURLVIRLVGXSLHGDYDQWGHFKDQJHUGH<br />

WDLOOHPpGDLOOHGHFKDPSLRQGHVEXYHXUVGH<br />

VRXSHYrWHPHQWVWURSJUDQGVRXWURSSHWLWV«<br />

&UDFKHUOHIHX<br />

/H SHUVRQQDJH SHX FUDFKHU XQ MHW GH IODP<br />

PHVGpYDVWDWHXU,OHVWJpUpFRPPHXQHDWWDTXHj<br />

GLVWDQFH FODVVLTXH QLYHDX G·$WWDTXH 9LJLODQFH<br />

PDvWULVH 'RPPDJHV 3XLVVDQFH PDvWULVH <br />

7RXW REMHW WRXFKp SDU OH MHW GH IODPPH HVW<br />

VXVFHSWLEOH GH V·HQIODPPHU MHW GH 3XLVVDQFH <br />

PDvWULVH FRQWUH 5pVLVWDQFH VLO HVW UpXVVL OHV<br />

GpJkWV GRLYHQW rWUH GpWHUPLQpV j FKDTXH $FWLRQ<br />

SDU XQ MHW GH 3XLVVDQFH PDvWULVH FRQWUH (Q


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

FDLVVHPHQW SHQGDQW XQ QRPEUH G$FWLRQV pJDO j<br />

ODPDUJHGHVXFFqVGXMHWGLQIODPPDWLRQ<br />

2Q SHXW FRQFHYRLU VXU OH PrPH PRGqOH WRXWHV<br />

DXWUHV IRUPHV G·DWWDTXH j GLVWDQFH GRQW O·HIIHW<br />

GXUH GDQV OH WHPSV DWWDTXHV VRQLTXHV TXL GRQ<br />

QHQW XQ PDOXV j O·RXwH SDU H[HPSOH 8QH DWWD<br />

TXHDX[HIIHWVLQVWDQWDQpVODQFHUGHSLTXDQWV«<br />

VHUDVSpFLILTXH<br />

(QFDLVVHPHQW GH O·DYDOp &HUWDLQHV SHUVRQQHV<br />

WURSUpVLVWDQWHVVRQWWRXWERQQHPHQWLQGLJHVWHV<br />

/D YLFWLPH SHXW UpXVVLU j VRUWLU GH O·HVWRPDF VL<br />

HOOH UpXVVLW XQ MHW GH 3XLVVDQFH FRQWUH 3XLVVDQFH<br />

j ² (OOH SHXW pYHQWXHOOHPHQW DWWDTXHU O·DYDOHXU<br />

GH O·LQWpULHXU PDLV WRXMRXUV j ² FRPSWH WHQX<br />

GH OD VLWXDWLRQ RQ FRQVLGqUH TXH OD GpIHQVH GH<br />

O·DYDOHXUQ·HVWSDVPRGLILpH<br />

>FRXUDQWSXLVVDQWSHXDGDSWDEOH<br />

SWV<br />

>FRXUDQWSXLVVDQWWUqVDGDSWDEOH<br />

SWV@<br />

HQYHUVLRQPRGLILpH@<br />

6LJQHVDGDSWpVGHVIODPPqFKHVDFFRPSD<br />

JQHQWOHVpWHUQXHPHQWVGHVIXPHUROOHVVRUWHQW<br />

GXQH]PDQJHGXFKDUERQYrWXHQUDPRQHXU<br />

ERXJLHDOOXPpHFKDOHXUHX[«<br />

&XLUpSDLV<br />

7RXWH SHUWH G(VVHQFH FRQVpFXWLYH j GHV<br />

'RPPDJHV HQ H[FqV GH O(QFDLVVHPHQW HVW GLYL<br />

VpH SDU &KDTXH SRLQW GH PDvWULVH SUpVHUYH XQ<br />

SRLQWG(VVHQFHVXSSOpPHQWDLUH<br />

>FRXUDQWSXLVVDQWSHXDGDSWDEOHVDQV(V<br />

VHQFH SWV@<br />

6LJQHVDGDSWpVSHDXVTXDPHXVHFDUDSDFH<br />

GHWRUWXHDUPXUHFKLWLQHWpJXPHQWFRXFKHGH<br />

JUDLVVHEDYHIRXUUXUH«<br />

'XSOLFDWLRQ<br />

/H SHUVRQQDJH SHXW FUpHU PDvWULVH <br />

6LJQHVDGDSWpVODUJHVRXULUHMDERWPk<br />

FKRLUHTXLVHGpFURFKHPkFKRXLOOHHQSHUPD<br />

QHQFHDQRUH[LTXHRXERXOLPLTXH«<br />

)DLUHOHPRUW<br />

'qV TXH OH )pHULTXH HVW EOHVVp SRXU DX<br />

PRLQV XQ SRLQW G·(VVHQFH LO SHXW WRPEHU HQ<br />

FDWDOHSVLH FRPPH V·LO pWDLW YDLQFX (Q RXWUH<br />

O·LQWHQVLWp GHV *HVD LQIOLJpV HVW UpGXLWH G·XQ<br />

SRLQW SDU SRLQW GH PDvWULVH GX 3RXYRLU LO HVW<br />

GRQF SRVVLEOH TX·HQ SUDWLTXH DXFXQ*HLVQHVRLW<br />

LQIOLJp PrPH VL OH YDLQTXHXU HVW SHUVXDGp GX<br />

FRQWUDLUH 8QH UXSWXUH PrPH YRORQWDLUH G·XQ<br />

WHO *HLV HVW DORUV VDQV FRQVpTXHQFH (QILQ OH<br />

'pSRXLOOHPHQW G·XQ )pHULTXH TXL IDLW OH PRUW<br />

Q·HVW SDV SRVVLEOH VDXI ELHQ V€U V·LO HVW UpHOOH<br />

PHQW YDLQFX VDQV UHFRXULU j FH3RXYRLUOH'p<br />

SRXLOOHXU VH UHQG FRPSWH TXH TXHOTXH FKRVH<br />

Q·HVW SDV QRUPDO /H )pHULTXH QH SHXW DJLU j<br />

QRXYHDX DYDQW G·DYRLU UpJpQpUp DX PRLQV XQ<br />

GRXEOHV<br />

LGHQWLTXHV GH OXLPrPH PrPHV $V<br />

SRLQWG·(VVHQFH<br />

SHFWV $WWULEXWV 7UDLWV 7DLOOH HW &KDUPH j VHV<br />

F{WpV/·(VVHQFHHVWLQGLYLVHHQWUHOH)pHULTXHHW<br />

OHV FRSLHV OH VFRUH GX )pHULTXH LQLWLDO HVW GLPL<br />

QXpGHWRXWHVOHVSHUWHVHWGHWRXWHVOHVGpSHQVHV<br />

LVVXHVGHOXLPrPHHWGHVFRSLHVHWLOVSDUWDJHQW<br />

HQ RXWUH WRXV OHXUV VHQV &·HVW XQ PrPH HVSULW<br />

TXLDQLPHO·HQVHPEOHGHV0DQLIHVWDWLRQV<br />

>FRXUDQWWUqVSXLVVDQWVSpFLILTXHVDQV(V<br />

VHQFH SWV@<br />

6LJQHVDGDSWpVDSSDUHQFHPDODGLYHTXHXH<br />

G·RSRVVXPPDUTXHVTXLVHPXOWLSOLHQWjFKDTXH<br />

UHFRXUVDX3RXYRLUWHPSpUDPHQWPRUELGHORRN<br />

QpRJRWKLTXHFRVWXPHGHFURTXHPRUW«<br />

SWV@<br />

>WRXMRXUVWUqVSXLVVDQWWUqVDGDSWDEOH<br />

<br />

)DVFLQDWLRQ<br />

/H )pHULTXH SHXW SORQJHU VHV LQWHUORFXWHXUV<br />

6LJQHVDGDSWpVSDUOHDYHFGHVYRL[PrOpHV<br />

\HX[jSOXVLHXUVSXSLOOHVFRPSRUWHPHQWVFKL]R<br />

SKUqQH«<br />

(QJORXWLU<br />

GDQVXQpWDWGHWUDQVHGDQVOHTXHOLOVVRQWUpFHS<br />

WLIVjVHVVXJJHVWLRQVHWOHVDFFHSWHQWIDFLOHPHQW<br />

,O EpQpILFLH G·XQ ERQXV GH PDvWULVH j VHV<br />

WHQWDWLYHVGHSHUVXDVLRQ<br />

&H SRXYRLU SHUPHW G·DYDOHU G·XQ FRXS XQ<br />

>FRXUDQWQRUPDODGDSWDEOH<br />

SWV@<br />

REMHW G·XQH 7DLOOH pJDOH j OD PDvWULVH HW OH Up<br />

JXUJLWHU SDU OD VXLWH 3RXU DYDOHU XQH SHUVRQQH<br />

TXL VH GpIHQG XQ MHW G·$WWDTXH PDvWULVH j ²<br />

GRLWrWUHUpXVVL/DSHUVRQQHDYDOpHVXELWHQVXLWH<br />

XQ PDOXV GH ² j WRXWHV VHV DFWLYLWpV YRLUH SOXV<br />

VL HOOHV QpFHVVLWHQW XQ FHUWDLQ HVSDFH OLEUH (OOH<br />

HVW DXVVL YLFWLPH GX SURFHVVXV GH GLJHVWLRQ HW<br />

VXELW j FKDTXH $FWLRQXQHSHUWHG·(VVHQFHpJDOH<br />

j XQ MHW GH 'RPPDJHV PDvWULVH GH O·DYDOHXU ²<br />

6LJQHVDGDSWpVSXSLOOHVYHUWLFDOHVYRL[<br />

GRXFHUHXVHSDVVHVK\SQRWLTXHVPpJDORPDQH<br />

V·H[SULPHHQFKDQWDQW«<br />

)pHGXORJLV<br />

6XU XQ VLPSOH FODTXHPHQW GH GRLJWV O·rWUH<br />

IpHQHWWRLHXQHSLqFHHQWLqUHTXLGHYLHQWEULOODQWH<br />

HWSURSUHFRPPHDXSUHPLHUMRXU/DSLqFHVHUH<br />

VDOLUDQDWXUHOOHPHQWSOXVRXPRLQVYLWHHQIRQF


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

WLRQ GX FDUDFWqUH GH VRQ SURSULpWDLUH VL F·HVW XQ<br />

'RPDLQHIpHULTXH<br />

>UDUHIDLEOHVSpFLILTXH UDPHQpjSW@<br />

6LJQHVDGDSWpVSRVVqGHXQSOXPHDXIURWWH<br />

FHTXLHVWVDOHODSRXVVLqUHGLVSDUDvWVXUVRQ<br />

SDVVDJHPpWLFXOHX[FRVWXPHGHPDMRUGRPH«<br />

)RUFHVXUQDWXUHOOH<br />

/H SHUVRQQDJH SRVVqGH XQH IRUFH SK\VLTXH<br />

H[WUDRUGLQDLUH ,O SHXW XWLOLVHU VD IRUFHSRXUSUR<br />

GXLUH GHV HIIHWV VSpFLDX[ FRPPH VRXOHYHU XQH<br />

PDLVRQ GXQH VHXOH PDLQ VDQV TXHOOH VpFURXOH<br />

VRXV VRQ SURSUH SRLGV &H 3RXYRLU SHXW rWUH<br />

SHUPDQHQW VDQV (VVHQFH RX SDU SRXVVpHV DF<br />

FqV GH IXUHXU FRQFHQWUDWLRQ H[WUrPH /H QL<br />

YHDXGHPDvWULVHGRQQHOHERQXVjSUHQGUHHQ<br />

FRPSWH SRXU WRXV OHV DFWHV GH IRUFH OD EDVH<br />

pWDQW OD 3XLVVDQFH GX )pHULTXH LO HVW GRQF<br />

FRQVHLOOp GH O·DXJPHQWHU GH IDoRQ j SRXYRLU<br />

UpDOLVHU HIIHFWLYHPHQW GHV H[SORLWV LPSUHVVLRQ<br />

QDQWV &H SRXYRLU SHXW VH GpFOLQHUSRXUGDXWUHV<br />

,PPXQLWp<br />

/HSHUVRQQDJHHVWjO·pSUHXYHG·XQHFHUWDLQH<br />

IRUPH GH WUDXPDWLVPH FKDOHXU IURLG QR\DGH<br />

LQWHPSpULHV« 6RQ (QFDLVVHPHQW HVW PDMRUp GH<br />

PDvWULVH FRQWUH FH W\SH G·DWWDTXH 6·LO V·DJLW<br />

G·XQ W\SH JpQpULTXH G·DWWDTXH<br />

©O·HQYLURQQHPHQWªOH3RXYRLUGHYLHQWFRXUDQW<br />

>FRPPXQSXLVVDQWVSpFLILTXHVDQV(VVHQFH<br />

SWVHQYHUVLRQPRGLILpH@<br />

6LJQHVDGDSWpVVHORQLPPXQLWpIRXUUXUH<br />

pFDLOOHVSHDXPpWDOOLTXHEUDQFKLHV«<br />

/LTXpIDFWLRQ<br />

/H 3RXYRLU SHUPHW GH VH FKDQJHU HQ HDX<br />

DYHF WRXWHV OHV SURSULpWpV GX OLTXLGH /D YLWHVVH<br />

G·pFRXOHPHQW UHVWH OD YLWHVVH QRUPDOH GH GpSOD<br />

FHPHQW /D PDvWULVH MRXH FRPPH ERQXV DX[<br />

DFWLRQV SK\VLTXHV VSpFLILTXHV DX QRXYHO pWDW<br />

LQILOWUDWLRQ GDQV OH VRO UpVLVWDQFH j<br />

O·pYDSRUDWLRQ«<br />

FDSDFLWpVYLVLRQRXwH<br />

>WRXMRXUVSXLVVDQWSHXDGDSWDEOH<br />

SWV<br />

>FRXUDQWQRUPDODGDSWDEOH<br />

VDQV(VVHQFH@<br />

SWVSWVVL<br />

SWVVLVDQV(VVHQFH@<br />

6LJQHVDGDSWpVPRXLOOHOHVREMHWVTX·LOWRX<br />

6LJQHVDGDSWpVPXVFOHVSURpPLQHQWVIDLW<br />

MRXHUVHVPXVFOHVUpJXOLqUHPHQWGHYLHQWYHUW<br />

ORUVTXHVRQSRXYRLUHVWDFWLI«<br />

FKHUHJDUGHPEXpYRL[JDUJRXLOODQWHJHVWXHOOH<br />

IOXLGH«<br />

/XPLqUH<br />

*LJXHIUpQpWLTXH<br />

(Q FKDQWDQW GDQVDQW RX MRXDQW GH OD PXVL<br />

TXH OH SHUVRQQDJH SURYRTXH XQ GpVLU LQFRQWU{<br />

ODEOH GH GDQVHU FKH] WRXV FHX[ TXL O·HQWHQGHQW<br />

/D PRLWLp GH OD PDUJH GH UpXVVLWH G·XQ MHW<br />

G·+DELOHWp PDvWULVH $IILQLWpV pYHQWXHOOHV<br />

FRQWUH 5pVLVWDQFH GRQQH OH PDOXV j WRXWHV OHV<br />

/H SHUVRQQDJH SHXW GHYHQLU OXPLQHX[ j YR<br />

ORQWp 6D SXLVVDQFH G·pFODLUHPHQW GpSHQG GH VD<br />

WDLOOH DYHF OD OXPLQRVLWp G·XQH IODPPH HW GH OD<br />

PDvWULVH GX 3RXYRLU ,O Q·HVW SDV FKDXG 6LO SHXW<br />

PRGXOHUVRQLQWHQVLWpHWVDFRORUDWLRQOXPLQHXVH<br />

SRXU pEORXLU pPHWWUH GHV VLJQDX[ OH SRXYRLU<br />

GHYLHQWDGDSWDEOH<br />

DFWLYLWpVGHVGDQVHXUV/HVrWUHVLQLQWHOOLJHQWVRQW<br />

XQ ERQXV GH SRXU UpVLVWHU HW OHV REMHWV LQDQL<br />

>FRPPXQQRUPDOVSpFLILTXH<br />

YHUVLRQPRGLILpH@<br />

SWVHQ<br />

PpV XQ ERQXV GH /D GDQVH FHVVH GqV TXH OH<br />

VWLPXOXVPXVLTXHFKDQWGDQVH«FHVVH<br />

/HV 7HUUHVWUHV V·pSXLVHQW j GDQVHU DLQVL j FKD<br />

TXH$FWLRQLOVGRLYHQWUpXVVLUXQMHWGH&RQVWLWX<br />

WLRQ FRQWUH OH PDOXV VRXV SHLQH GH VXELU XQH<br />

EOHVVXUH OpJqUH SRXYDQW HQWUDvQHU O·LQFRQVFLHQFH<br />

PDLV SDV OD PRUW $SUqV OD ILQ GH OD GDQVH FHV<br />

EOHVVXUHV GLVSDUDLVVHQW DX U\WKPH G·XQH SDU $F<br />

WLRQVLOH7HUUHVWUHVHUHSRVHGHVMHWVGH&RQVWL<br />

WXWLRQ VHURQW QpFHVVDLUHV V·LO FRQWLQXH j VH Gp<br />

SHQVHU<br />

>FRXUDQWSXLVVDQWSHXDGDSWDEOH SWV@<br />

6LJQHVDGDSWpVLQVWUXPHQWGHPXVLTXH<br />

GpPDUFKHGDQVDQWHPX]DNG·DPELDQFH«<br />

6LJQHVDGDSWpVOXLWOpJqUHPHQWSRVVqGHGHV<br />

ERXJLHVIODPPqFKHDXERXWGXFKDSHDXWHPSp<br />

UDPHQWLOOXPLQpDOOXPHWWHV«<br />

0DOpGLFWLRQ<br />

/·rWUHIpHSHXWPDXGLUHXQHSHUVRQQHHWDWWL<br />

UHU VXU HOOH OD PDOFKDQFH /D SHUVRQQH HQ TXHV<br />

WLRQGRLWDXSDUDYDQWOXLDYRLUSRUWpWRUWVLQRQOD<br />

PDOFKDQFH VH UHWRXUQHUD FRQWUHOXL/DSHUVRQQH<br />

PDXGLWH VHUD YLFWLPH j O·LQVWDQW SURSLFH LH DX<br />

FKRL[ GX PHQHXU G·XQ LQFLGHQW TXL VDQVPHWWUH<br />

VDYLHGLUHFWHPHQWHQGDQJHUSRXUUDOXLDSSRUWHU<br />

SDVPDOG·HQQXLV/H3RXYRLUVHUpVRXWSDUXQMHW<br />

GH 3XLVVDQFH PDvWULVH FRQWUH OD 5pVLVWDQFH GH<br />

OD YLFWLPH /(VVHQFH GpSHQVpH SDU ODXWHXU GH OD<br />

PDOpGLFWLRQUHVWHHQJDJpHMXVTXjFHTXHODPDOp


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

GLFWLRQVHUpVROYHRXTXHVRQDXWHXUGpFLGHGHOD<br />

OHYHUFHTXLFRQVWLWXHXQ6HUYLFH6HXOXQVRUWL<br />

OqJH GH *XpULVRQ SHXW OHYHU XQH PDOpGLFWLRQ<br />

FRQWUHOHJUpGHVRQDXWHXU<br />

>FRPPXQQRUPDOSHXDGDSWDEOH SWV@<br />

6LJQHVDGDSWpVPDXYDLV±LOSURIqUHGHV<br />

PDOpGLFWLRQVHPSKDWLTXHVEUDQGLWXQHSRXSpH<br />

YDXGRX«<br />

0HPEUHVPXOWLSOHV<br />

/H)pHULTXHDGHVPHPEUHVSUpKHQVLOHVVXS<br />

SOpPHQWDLUHVHQSOXVGHVGHX[TXLFRQVWLWXHQWOD<br />

UpIpUHQFH FRPPXQH GRQW LO SHXW VH VHUYLU VDQV<br />

DXFXQH JrQH &KDTXH PHPEUH HQ SOXV SHUPHW<br />

G·DFFRPSOLU XQH DFWLYLWp VXSSOpPHQWDLUH DX<br />

PrPH UDQJ G·,QLWLDWLYH TX·XQH DXWUH DFWLYLWp Gp<br />

FODUpH ORUV G·XQH $FWLRQ VDQV PDOXV GH UDQJ QL<br />

PDOXV GH QRPEUH G·DFWLYLWpV j FRQGLWLRQ TXH<br />

FKDTXH DFWLYLWp SXLVVH VH PHQHU LQGpSHQGDP<br />

PHQW GHV DXWUHV DYHF XQ PHPEUH (Q UHYDQFKH<br />

OH PDOXV pYHQWXHO GH FKDQJHPHQW G·DFWLYLWp<br />

V·DSSOLTXH SOHLQHPHQW VL OHV DFWLYLWpV HIIHFWXpHV<br />

SDU OHV PHPEUHV VXSSOpPHQWDLUHV QH FRUUHV<br />

SRQGHQW SDV j OD GpFODUDWLRQ LQLWLDOH HW FKDTXH<br />

PHPEUH Q·RFWURLH G·DFWLYLWp VXSSOpPHQWDLUH JUD<br />

WXLWHTX·XQHIRLVSDU$FWLRQ'qVTX·XQPHPEUH<br />

D DJL XQH IRLV ORUV G·XQH $FWLRQ V·HQ UHVVHUYLU<br />

DX[ UDQJV XOWpULHXUV VH IDLW DYHF OHV PDOXV XVXHOV<br />

G·DFWLYLWpVPXOWLSOHV<br />

,OHVWSRVVLEOHG·XWLOLVHUOHVPHPEUHVVXSSOpPHQ<br />

WDLUHV SRXU SDUHU OHV FRXSVSOXW{WTXHSRXUDWWD<br />

TXHUFHTXLDFFRUGHXQERQXVGHHQ'pIHQVH<br />

6LJQHVDGDSWpVOHV&RPSDJQRQVVRQWLQGp<br />

QRPEUDEOHV<br />

1XpH<br />

/H)pHULTXHHVWFRQVWLWXpG·XQHPXOWLWXGHGH<br />

SHWLWHV FUpDWXUHV TXL DJLVVHQW GH FRQFHUW H[<br />

QXpH GH OXFLROHV KRUGH GH VRXULV« (OOHV VRQW<br />

SDUIDLWHPHQW FRRUGRQQpHV HQWUH HOOHV OHV OXFLR<br />

OHV SHXYHQW IRUPHU XQ PRWLI GDQV O·DLU PDLV<br />

FKDFXQH QH MRXLW TXH G·XQH DXWRQRPLH WUqV OLPL<br />

WpH TXHOTXHV VRXULVQHSHXYHQWSDVSDUWLUVHXOHV<br />

HQ UHFRQQDLVVDQFH (OOHV GRLYHQW UHVWHU j SUR[L<br />

PLWp OHV XQHV GHV DXWUHV DX PRLQV j YXH HW OHV<br />

SDUWLHV WURS pORLJQpHV GX JURV GH OD WURXSH SHU<br />

GHQW WRXWH LQWHOOLJHQFH HW LQLWLDWLYH /H SUHPLHU<br />

FRXS SRUWp OHV GLVVLSH HW LQIOLJH pYHQWXHOOHPHQW<br />

XQH SHUWH G·(VVHQFH DX )pHULTXH VL OHV 'RPPD<br />

JHVLQIOLJpVH[FqGHQWVRQ(QFDLVVHPHQW<br />

/HV FUpDWXUHV FRQVWLWXWLYHV GH OD QXpH SHXYHQW<br />

PHQHU HQ SDUDOOqOH GHV DFWLYLWpV WUqV VLPSOHV RX<br />

WUDYDLOOHU HQVHPEOH VXU XQH PrPH DFWLYLWp OHV<br />

VRXULV GpYRUHQW GX JUDLQ /H PHQHXU GH MHX<br />

DXWRULVHUD FHUWDLQHV DFWLYLWpV RX GRQQHUD GHV<br />

ERQXVTXLQ·H[FpGHURQWSDVVDPDvWULVHDX)pH<br />

ULTXH GX IDLW GH VD QDWXUH H[ OHV OXFLROHV SHX<br />

YHQW SDVVHU SDU XQ WURX GH VHUUXUHPDLVSRXUUD<br />

HQ LQWHUGLUH G·DXWUHV RX GRQQHU GHV PDOXV OHV<br />

VRXULV DXURQW GX PDO j RXYULU XQH SRUWH 3RXU<br />

GHV DFWLYLWpV SOXV FRPSOH[HV RX LQGpSHQGDQWHV<br />

FRPPHPHQHUGHVDWWDTXHVVXUSOXVLHXUVLQGLYL<br />

GXVSDUH[HPSOHOHPDOXVOLpDX[DFWLYLWpVPXO<br />

WLSOHVHVWDSSOLTXpPDLVLOHVWQHXWUDOLVpjKDXWHXU<br />

GH OD PDvWULVH GX SRXYRLU XQ )pHULTXH TXL DF<br />

j OD SODFH G·XQH DFWLYLWp VXSSOpPHQWDLUH &KDTXH<br />

FRPSOLW<br />

XQH DFWLYLWp VXSSOpPHQWDLUH VXELW XQ<br />

WUDQFKH GH SRLQWV GH PDvWULVH DMRXWH XQ PHP<br />

EUHVRLWDXWRWDOPHPEUHVGHjPHP<br />

EUHV GH j « &H SRXYRLU SHXW rWUH SULV<br />

VDQV (VVHQFH /HV PHPEUHV VRQW DORUV SUpVHQWV<br />

HQSHUPDQHQFH<br />

PDOXV GH ² GLPLQXp GH VD PDvWULVH GX 3RXYRLU<br />

QXpH 6L VD PDvWULVH HVW GH LO QH VXELW TX·XQ<br />

PDOXV GH ² VL HOOH HVW GH LO QH VXELW DXFXQ<br />

PDOXV HW QH UHoRLW ELHQ HQWHQGX DXFXQ ERQXV VL<br />

HOOH HVW GH /HV PDOXV G·DQWLFLSDWLRQ RX GH<br />

>WRXMRXUVSXLVVDQWDGDSWDEOH<br />

VDQV(VVHQFH@<br />

SWVSWV<br />

FKDQJHPHQWG·DFWLYLWpQHVRQWSDVDIIHFWpV<br />

/H PHQHXU GH MHX SHXW GpFLGHU TXH OH )pHULTXH<br />

HVW PRLQV VHQVLEOH j FHUWDLQHV DWWDTXHV IOqFKHV<br />

6LJQHVDGDSWpVSOXVLHXUVPHPEUHVFKHYHX[<br />

SUpKHQVLOHVODQJXHGpPHVXUpHLQWHVWLQVUDP<br />

SDQWV«<br />

1RPEUHLQGpILQL<br />

&H 3RXYRLU UpVHUYp DX[ &RPSDJQRQV SHU<br />

PHW DX SURSULpWDLUH GH GLVSRVHU G·XQ JURXSH<br />

G·(PDQDWLRQV TXL FRPSRUWH XQ QRPEUH LOOLPLWp<br />

GDQV OHV OXFLROHV HW GRQQHU XQ ERQXV j OD 'p<br />

IHQVH Q·H[FpGDQW SDV OD PDvWULVH GX 3RXYRLU<br />

,QYHUVHPHQW LO SHXW GRQQHU XQ PDOXV j OD 'p<br />

IHQVHj²GDQVOHFDVG·DWWDTXHVGH]RQHTXH<br />

OH )pHULTXH D SOXV GH PDO j pYLWHU H[ ERXUUDV<br />

TXH GH YHQW GDQV OHV OXFLROHV /D 7DLOOH GX )pH<br />

ULTXH FRUUHVSRQG j O·HVSDFH RFFXSp SDU<br />

O·HQVHPEOHGHVFUpDWXUHV<br />

G·LQGLYLGXVPDLVFHX[FLQRQWSDVGH0DWpULDOLWp<br />

7RXWSRLQWGH'RPPDJHVLQIOLJpDXGHOjGHOHXU<br />

(QFDLVVHPHQW PDvWULVH OHV IDLW GLVSDUDvWUH HW<br />

>WRXMRXUVWUqVSXLVVDQWWUqVDGDSWDEOH<br />

SWVSWVVDQV(VVHQFH@<br />

<br />

VLPSXWHVXUO(VVHQFHGHOHXUPDvWUH<br />

>WRXMRXUVWUqVSXLVVDQWWUqVDGDSWDEOHVDQV<br />

6LJQHVDGDSWpVrWUHFRPSRVpG·XQHPXOWL<br />

WXGHGHSHWLWHVFUpDWXUHV<br />

(VVHQFH<br />

SWV@


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

3DQWLQGHERLV<br />

&H 3RXYRLU SHUPHW DX )pHULTXH GH VH WUDQV<br />

IRUPHU HQ VLPSOH SDQWLQ GH ERLV ,O UHVVHPEOH<br />

DORUVjXQVLPSOHMRXHWHWVHXOXQMHWGH9LJLODQFH<br />

DXPRLQVLPSUHVVLRQQDQWPDvWULVHGXSRXYRLU<br />

SHUPHW GH UHFRQQDvWUH HQ OXL XQ rWUH IpHULTXH HW<br />

QRQ XQ VLPSOH pOpPHQW GX GpFRU 'DQV FHW pWDW<br />

OH)pHULTXHQHSHXWSOXVERXJHU6DSHUFHSWLRQVH<br />

OLPLWHDXWRXFKHUHWDX[YLEUDWLRQVSURFKHVLOQH<br />

YRLW QL Q·HQWHQG GLVWLQFWHPHQW ,O HVW DVVLPLOp j<br />

XQ REMHW LQDQLPp GX SRLQW GH YXH GHV 'RPPD<br />

JHVTXHO·RQSHXWOXLLQIOLJHUFISOXVEDV<br />

>WRXMRXUVSXLVVDQWDGDSWDEOHVDQV(VVHQFH<br />

SWV@6SpFLDOODYDOHXUGHFHSRXYRLUHVW<br />

GLYLVpHSDUOHQRPEUHGHWrWHVVLFKDTXHWrWHHVW<br />

MRXpHSDUXQMRXHXUGLIIpUHQW<br />

6LJQHVDGDSWpVSOXVLHXUVWrWHVVFKL]R<br />

SKUqQHPDULRQQHWWHGHYHQWULORTXH«<br />

3UHVVHQWLPHQW<br />

/H SHUVRQQDJH UHVVHQW XQH LPSUHVVLRQ EL<br />

]DUUH ORUVTX·XQ GDQJHU OH PHQDFH V·LO UpXVVLW XQ<br />

MHW GH 9LJLODQFH PDvWULVH GH GLIILFXOWp <br />

SDU $FWLRQ TXL OH VpSDUH GH OD FRQFUpWLVDWLRQ GX<br />

>FRPPXQQRUPDOSHXDGDSWDEOH<br />

SWV@<br />

GDQJHU HQ FODLU LO HVW SOXV GLIILFLOH G·rWUH SUpYH<br />

QXSOXVHQDYDQFH<br />

6LJQHVDGDSWpVDSSDUHQFHGHSDQWLQSHDX<br />

GHERLVYrWHPHQWVGHSRXSpHSHUVRQQDOLWpIDFLOH<br />

jPDQLSXOHUFRSHDX[GHERLVFLVHDXjERLV«<br />

3DUDO\VLH<br />

7RXWH FLEOH WRXFKpH SDU OH )pHULTXH GRLW Up<br />

XVVLU XQ MHW GH 5pVLVWDQFH FRQWUH OD 3XLVVDQFH <br />

PDvWULVH GX 3RXYRLU RX UHVWHU ILJp GDQV VRQ<br />

PRXYHPHQW SHQGDQW OH UHVWH GH O·$FWLRQ HQ<br />

FRXUV3DUODVXLWHLOSHXWWHQWHUSpULRGLTXHPHQW<br />

XQ MHW GH 3XLVVDQFH FRQWUH OD 3XLVVDQFH PDv<br />

WULVH GX 3RXYRLU GX )pHULTXH SRXU UHWURXYHU VD<br />

PRELOLWp/HGpODLHQWUHGHX[WHQWDWLYHVGHOLEpUD<br />

WLRQHVWG·XQH$FWLRQSDUWUDQFKHGHSRLQWVGH<br />

PDvWULVH j XQH $FWLRQ j $F<br />

WLRQV HWF 6L OD SDUDO\VLH SHXW rWUH LQIOLJpH j<br />

GLVWDQFHODIUpTXHQFHGHYLHQWWRXMRXUV<br />

>WRXMRXUVQRUPDOSHXDGDSWDEOHVDQV(V<br />

VHQFH SWV@<br />

6LJQHVDGDSWpVDQWHQQHVSRLOVTXLVHKpULV<br />

VHQWRUHLOOHVTXLVHGUHVVHQWWURLVLqPH±LOHQ<br />

WHQGGHVYRL[«<br />

3XVWXOHQDVDOH<br />

&H SRXYRLU SHUPHW DX SHUVRQQDJH GH IDLUH<br />

SRXVVHU XQH SXVWXOH GLVJUDFLHXVH VXU OH QH] G·XQ<br />

LQGLYLGX FH TXL DEDLVVH VRQ &KDUPH G SRLQW<br />

/H 3RXYRLU VH UpVRXW SDU XQ MHW GH 3XLVVDQFH<br />

SOXV PDvWULVH GX 3RXYRLU HW DXWUHV $IILQLWpV<br />

pYHQWXHOOHV FRQWUH OD 5pVLVWDQFH GH OD YLFWLPH<br />

&RPPH SRXU WRXV OHV 3RXYRLUV IpHULTXHV O(V<br />

VHQFH GpSHQVpH UHVWH HQJDJpH MXVTXj FH TXH<br />

ODXWHXU GX 3RXYRLU GpFLGH G\ PHWWUH ILQ ,O HVW<br />

>FRXUDQWSXLVVDQWSHXDGDSWDEOH<br />

HQYHUVLRQPRGLILpH@<br />

SWV<br />

SRVVLEOHGHKkWHUFHWWHpFKpDQFHHQUHFRXUDQWDX<br />

7DOHQWPDJLTXHGH*XpULVRQ<br />

6LJQHVDGDSWpVPDLQVJODFpHVUHJDUGQRLU<br />

>FRPPXQQRUPDOVSpFLILTXH<br />

SWV@<br />

FDUDFWqUHPRQROLWKLTXHVHULQJXH«<br />

3OXVLHXUVWrWHV<br />

/H SHUVRQQDJH SRVVqGH SOXVLHXUV WrWHV LQGp<br />

SHQGDQWHV TXL GLULJHQW FKDFXQH XQH IUDFWLRQ GX<br />

FRUSV /HV WrWHV SHXYHQW GLVFXWHU pFKDQJHU GHV<br />

LGpHV V·RFFXSHU GH FKRVHV GLIIpUHQWHV /H SHU<br />

VRQQDJHSHXWDQQXOHUMXVTX·jXQPDOXVGHSDU<br />

WrWH VXSSOpPHQWDLUH VL FH PDOXV HVW OLp DX IDLW<br />

6LJQHVDGDSWpVJHVWHGHPDOpGLFWLRQSXV<br />

WXOHVXUOHQH]<br />

6DQFWXDLUH<br />

&H SRXYRLU FUpH XQH ]RQH GDQV ODTXHOOH OHV<br />

DFWLRQV YLROHQWHV RX SDVVLRQQpHV RQW XQ PDOXV<br />

GH PDvWULVH /D ]RQH VH OLPLWH j XQ OLHX WKp<br />

PDWLTXH SUpFLV O·LQWpULHXU G·XQHPDLVRQODSODFH<br />

G·XQYLOODJHXQHFODLULqUH«<br />

TX·LOUpDOLVHSOXVLHXUVDFWLYLWpVGLIIpUHQWHV7RXWH<br />

IRLV FHV DFWLYLWpV GRLYHQW rWUH LQGpSHQGDQWHV<br />

>FRPPXQSXLVVDQWSHXDGDSWDEOH<br />

SWV@<br />

LHrWUHWUDLWpHVSDUFKDTXHWrWHVpSDUpPHQWHW<br />

QH QpFHVVLWHU O·XWLOLVDWLRQ TXH G·XQH IUDFWLRQ GX<br />

FRUSV'HSOXVOHSHUVRQQDJHSRVVqGHXQERQXV<br />

GH SDU WrWH j WRXV VHV MHWV GH SHUFHSWLRQ OHV<br />

WrWHV SHXYHQW UHJDUGHU GDQV GHV GLUHFWLRQV GLIIp<br />

UHQWHV &KDTXH WUDQFKH GH SRLQWV GH PDvWULVH<br />

DMRXWHXQHWrWHVRLWDXWRWDOWrWHVGHj<br />

WrWHVGHj«<br />

6LJQHVDGDSWpVYRL[OpQLILDQWHYROGHFR<br />

ORPEHVDXGHVVXVGHODWrWHRGHXUG·HQFHQVRX<br />

DXWUHVIXPpHVDSDLVDQWHV«<br />

6DXWGHJUHQRXLOOH<br />

/H SHUVRQQDJH SHXW IDLUH GHV ERQGV SURGL<br />

JLHX[HQKDXWHXUHWHQORQJXHXU,OSHXWVHUpFHS<br />

WLRQQHUORUVGHFKXWHV,OUHoRLWXQERQXVGH<br />

PDvWULVHjWRXVVHVMHWVGHVDXW


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

>FRPPXQQRUPDOSHXDGDSWDEOH<br />

SWV@<br />

>WRXMRXUVSXLVVDQWDGDSWDEOH<br />

SWVHQ<br />

6LJQHVDGDSWpVMDPEHVGHJUHQRXLOOHFRDV<br />

VHPHQWVVDXWLOOHVDQVFHVVHVDXWHVG·KXPHXU«<br />

6HFRXVVHVLVPLTXH<br />

(QKHXUWDQWIRUWHPHQWOHVRODYHFVHVSRLQJV<br />

RX VHV SLHGV OH SHUVRQQDJH FUpH XQ SHWLW WUHP<br />

EOHPHQW GH WHUUH /HV VHFRXVVHV SHXYHQW HQ<br />

GRPPDJHU XQ EkWLPHQW RX pYHQWXHOOHPHQW IDLUH<br />

FKXWHU GHV SHUVRQQHV HQ SRVLWLRQ LQVWDEOH /HV<br />

'RPPDJHV LQIOLJpV DX[ VWUXFWXUHV GX 'RPDLQH<br />

TXLHQHVWODFLEOHVRQWOHV'RPPDJHVjGLVWDQFH<br />

3XLVVDQFH 7DLOOH ² GX SHUVRQQDJH DXJPHQ<br />

YHUVLRQPRGLILpH@<br />

6LJQHVDGDSWpVQXDJHGHIXPpHEUXLWDJHOD<br />

0DQLIHVWDWLRQ©VDXWHªFRPPHXQHLPDJHPDO<br />

UpJOpHEDJXHWWHPDJLTXHSDQWRXIOHVGHUXELV«<br />

7HUUHXU<br />

&H3RXYRLUSHUPHWVXUXQMHWGH3XLVVDQFH<br />

&KDUPHFRQWUH5pVLVWDQFHGHGRQQHUXQPDOXVj<br />

WRXWHVOHVDFWLYLWpVpJDOjODPRLWLpGHODPDUJHGH<br />

VXFFqV j WRXWHV OHV FLEOHV SRXYDQW SHUFHYRLU OH<br />

6LJQHGX3RXYRLUGX)pHULTXHHQWHQGUHVRQFUL<br />

FURLVHUVRQUHJDUG<br />

WpV GH OD PDvWULVH GX 3RXYRLU /HV rWUHV YLYDQWV<br />

QH VXELVVHQW SDV GH 'RPPDJHV PDLV GRLYHQW<br />

>WRXMRXUVSXLVVDQWSHXDGDSWDEOH<br />

SWV@<br />

UpXVVLU XQ MHW G+DELOHWp FRQWUH OHV 'RPPDJHV<br />

SRXUFRQVHUYHUOHXUpTXLOLEUH<br />

6LJQHVDGDSWpVKXUOHPHQWWHUULILDQWUHJDUG<br />

QRLUJULPDFHKRUULEOH«<br />

>FRXUDQWSXLVVDQWSHXDGDSWDEOH<br />

SWV@<br />

7UDQVIRUPDWLRQHQ$QLPDO<br />

6LJQHVDGDSWpVIDLWOpJqUHPHQWWUHPEOHUOH<br />

VROTXDQGLOFRXUWLQYRTXHOHVSXLVVDQFHVFKWKR<br />

QLHQQHVDYDQWG·XWLOLVHUVRQSRXYRLUYRL[URFDLO<br />

OHXVHHWIRUWHFROpULTXHSLRFKH«<br />

6RXIIOHGHWHPSrWH<br />

&H 3RXYRLU SHUPHW GH GpFOHQFKHU XQ YHQW<br />

TXLUHSRXVVHFKRVHVHWrWUHVDYHFOD3XLVVDQFHGH<br />

OXWLOLVDWHXU FRQWUH OD 5pVLVWDQFH 7DLOOH GHV<br />

YLFWLPHV<br />

/H SHUVRQQDJH SHXW VH WUDQVIRUPHU HQ XQ<br />

DQLPDO DLJOH ORXS JLUDIH HW XQ VHXO /H 3RX<br />

YRLU GHYLHQW DGDSWDEOH VLO SHXW SUHQGUH OD IRUPH<br />

GH WRXV OHV DQLPDX[ GXQH IDPLOOH TXL FRUUHV<br />

SRQGUDLW j XQH $IILQLWp SDUWLFXOLqUH HW WUqV DGDS<br />

WDEOH VLO SHXW SUHQGUH QLPSRUWH TXHOOH IRUPH<br />

DQLPDOH DXGHOj RQ WRPEH GDQV OH GRPDLQH GX<br />

7DOHQW 0pWDPRUSKRVH 6RXV IRUPH DQLPDOH LO<br />

JDUGH VHV $VSHFWV PDLV DFTXLHUW OD 7DLOOH HW OH<br />

&KDUPHGHODQLPDO,OSRVVqGHWRXWHVOHVFDSDFL<br />

>FRPPXQSXLVVDQWDGDSWDEOH<br />

SWV@<br />

WpV QDWXUHOOHV GH ODQLPDO FKRLVL WUDLWpHV FRPPH<br />

GHV3RXYRLUVVDQV(VVHQFHJUDWXLWVSDUH[HPSOH<br />

6LJQHVDGDSWpVYRL[WRQQDQWHFKHYHX[HW<br />

FDSHTXLYROHQWDXYHQWPrPHHQO·DEVHQFHGH<br />

YHQWGDQVHWHPSHVWDLUHIDLPGHJUDQGPp<br />

FKDQWORXS«<br />

SRXUXQDLJOHYRODYHFXQHPDvWULVHpJDOHjFHOOH<br />

GX 3RXYRLU PDLV SHUG OHV VLHQQHV VL HOOHV VRQW<br />

OLpHVjVRQSK\VLTXHLOHVWGLIILFLOHGHMRXHUGHOD<br />

PXVLTXHVRXVIRUPHGHORXS<br />

7pOpSRUWDWLRQ<br />

/H SHUVRQQDJH SHXW VH UHQGUH LQVWDQWDQp<br />

>FRXUDQWSXLVVDQWSHXDGDSWDEOH<br />

RXHQYHUVLRQPRGLILpH@<br />

SWV<br />

PHQW HQ Q·LPSRUWH TXHO SRLQW GH VRQ FKDPS GH<br />

YLVLRQ PR\HQQDQW XQ MHW G·+DELOHWp PDvWULVH<br />

GRQW OD GLIILFXOWp HVW FHOOH G·XQH DWWDTXH j GLV<br />

WDQFH j OD SRUWpH FRUUHVSRQGDQWH ,O SHXW pJDOH<br />

PHQW HPPHQHU GHV WLHUV \ FRPSULV OHXUV (PD<br />

QDWLRQV RX GHV (QFKDQWHPHQWV UpDOLVpV SDU GHV<br />

WLHUVPDLVODGLIILFXOWpHVWDXJPHQWpHGXWLHUVGX<br />

*ODPRXU GHV LQGLYLGXV HW (QFKDQWHPHQWV HP<br />

PHQpV 6HV &RPSDJQRQV HW OHV (QFKDQWHPHQWV<br />

GRQWLOHVWSURSULpWDLUHIRQWSDUWLHGHOXLPrPHHW<br />

6LJQHVDGDSWpVWUDLWVSK\VLTXHVFULRX<br />

FRPSRUWHPHQWGHO·DQLPDORXGHVDQLPDX[HQ<br />

TXHVWLRQFRVWXPHGHGRPSWHXU«<br />

7UDTXHLQIDLOOLEOH<br />

&H 3RXYRLU SHUPHW GH UHWURXYHU XQ IXJLWLI<br />

PrPH VLO QH ODLVVH SDV GH WUDFHV HQ YRO j WUD<br />

YHUV XQ 3RLQW GH &RQWDFW« TXHOOHV TXH VRLHQW<br />

OHV &RUUHVSRQGDQFHV TXL OHV VpSDUHQW /D PDv<br />

WULVHMRXHFRPPHERQXVjOD9LJLODQFH<br />

SHXYHQW VH WpOpSRUWHU DYHF OXL VLOV VRQW HQ<br />

FRQWDFW SK\VLTXH VDQV DXJPHQWDWLRQ GH GLIIL<br />

FXOWp 6L OH )pHULTXH SHXW VH WpOpSRUWHU GDQV GHV<br />

>UDUHQRUPDOVSpFLILTXH<br />

(VVHQFH@<br />

SWSWVVLVDQV<br />

OLHX[ TX·LO FRQQDvW PDLV TX·LO QH YRLW SDV DX PR<br />

PHQW GX WpOpWUDQVSRUW OH 3RXYRLU GHYLHQW WUqV<br />

6LJQHVDGDSWpVUHQLIOHHQSHUPDQHQFHSHQ<br />

GXOHRXEDJXHWWHGHFRXGULHUORXSH«<br />

SXLVVDQW HW OD 'LIILFXOWp HVW GH SDU &RUUHVSRQ<br />

GDQFHGHGLIIpUHQFH


% ¡ £$¢¨£¦¥+@111 ¢7¥5$¤©£¥E¢$¢¤¢¥E+¥+E+¢=!<br />

¥<br />

¥¢D¥¢$¢¨£R¥©¦;¢¡ > ¥O)¥ ©!<br />

£¦¡¤£D¥+9¥9$+<br />

¨$D¡¢ ¤©¥¨§ ©+¢=£)¥ +¢$ > ¥+¢$¢¥ ©¥<br />

)¥<br />

&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

9HQLQ<br />

9RO<br />

8QPRGHG·DWWDTXHDXFRUSVjFRUSVGXSHU<br />

VRQQDJH PRUVXUH JULIIXUH SLT€UH« SHXW LQR<br />

FXOHU j OD YLFWLPH XQH VXEVWDQFH TXL DWWDTXH VRQ<br />

LQWpJULWp SK\VLTXH/·DWWDTXDQWHIIHFWXHXQMHWGH<br />

3XLVVDQFH PDvWULVH FRQWUH 5pVLVWDQFH VLO HVW<br />

UpXVVL OD YLFWLPHSHUGjFKDTXH$FWLRQXQQRP<br />

EUH GH SRLQWV G·(VVHQFH GpWHUPLQp SDU XQ MHWGH<br />

/H SHUVRQQDJH SHXW YROHU SDU OD VHXOH IRUFH<br />

GH VRQ (VVHQFH 6HV SHUIRUPDQFHV HQ YRO VRQW<br />

VRXPLVHV j GHV MHWV G$VSHFWV PDvWULVH <br />

pYHQWXHOOHPHQW $IILQLWpV +DELOHWp SRXU OD YL<br />

WHVVH SXUH HW OHV DFUREDWLHV DpULHQQHV 3XLVVDQFH<br />

SRXU WUDQVSRUWHU GHV FKDUJHV 2Q SHXW DXVVL<br />

GpFLGHUTXLODGHVDLOHVVDQV(VVHQFH<br />

3XLVVDQFH PDvWULVH FRQWUH (QFDLVVHPHQW SHQ<br />

GDQW XQ QRPEUH G$FWLRQV pJDO j OD PDUJH GH<br />

VXFFqVGXMHWG·HPSRLVRQQHPHQW<br />

>FRXUDQWQRUPDOSHXDGDSWDEOH<br />

SWVVLVDQV(VVHQFH@<br />

SWV<br />

>FRPPXQSXLVVDQWSHXDGDSWDEOH<br />

SWV@<br />

6LJQHVDGDSWpVDLOHVTXLVHGpSORLHQWGDQVOH<br />

GRVSODQHjFPGXVROSOXPHVVXUOHFRUSV<br />

6LJQHVDGDSWpVGDUGGHVFRUSLRQVDOLYH<br />

YRODJHFDVTXHDLOpGLULJHDEOHLQGLYLGXHO«<br />

FRUURVLYHFRPPHQWDLUHVYHQLPHX[«<br />

7$/(1760$*,48(6<br />

/HVWHFKQLTXHVTXLSHUPHWWHQWDX[)pHULTXHV<br />

GH PRGHOHU OH *ODPRXU VRQW RUJDQLVpHV HQ 7D<br />

OHQWV PDJLTXHV TXH OHV rWUHVIpHV DSSUHQQHQW<br />

WRXW FRPPH OHV rWUHV KXPDLQV DSSUHQQHQW OHV<br />

WDOHQWV DUWLVWLTXHV /D SUDWLTXH GH OD PDJLH VXLW<br />

OHV PrPH UqJOHV HOOH QpFHVVLWH GHV FRQQDLVVDQ<br />

FHV WHFKQLTXHV PDLV VXUWRXW GH O·LQVSLUDWLRQ<br />

&KDTXH7DOHQWPDJLTXHV·DSSDUHQWHjODSUDWLTXH<br />

G·XQ LQVWUXPHQW GH PXVLTXH 8Q PDJLFLHQ TXL<br />

PDvWULVH XQ 7DOHQW SHXW ODQFHU XQH FHUWDLQH<br />

JDPPH GH VRUWLOqJHV WRXW FRPPH XQ PXVLFLHQ<br />

PHQW7RXWHIRLVOHVVRQVpPLVSDUXQHIO€WHVRQW<br />

GLIIpUHQWV GH FHX[ pPLV SDU XQH JXLWDUH HW GHX[<br />

7DOHQWV GLIIpUHQWV SHUPHWWHQW GH IDLUH GHV HIIHWV<br />

GLIIpUHQWV &RPPH GHX[ LQVWUXPHQWV SHXYHQW<br />

MRXHU GHV PRUFHDX[ LGHQWLTXHV LO HVW SDUIRLV<br />

SRVVLEOH G·DUULYHU DX[ PrPHV HIIHWV PDJLTXHV<br />

DYHF GHX[ 7DOHQWV GLIIpUHQWV 8Q PDJLFLHQ TXL<br />

PDvWULVH SOXVLHXUV 7DOHQWV PDJLTXHV SHXW j<br />

O·LQVWDU G·XQ KRPPH RUFKHVWUH PDQLSXOHU OH<br />

*ODPRXU SRXU REWHQLU XQH JUDQGH YDULpWp<br />

G·HIIHWV<br />

SHXW VRUWLU XQH YDULpWp GH VRQV GH VRQ LQVWUX<br />

35$7,48('(/$0$*,(<br />

4XDQGXQPDJLFLHQYHXWODQFHUXQVRUWLOqJH<br />

LO GRLW YLVXDOLVHU FODLUHPHQW O·HIIHW TX·LO YHXW RE<br />

WHQLU (QVXLWH LO XWLOLVH VRQ (VVHQFH SRXU PDQL<br />

'¡¥)¥ ¤£¦¡8)¨£9¡ > ¡¤£9©9)¥Q<br />

SXOHU OH *ODPRXU TXL O·HQYLURQQH HW VH UDSSUR<br />

FKHU GH O·HIIHW VRXKDLWp &KDTXH PDJLFLHQ D VHV<br />

SURSUHV WHFKQLTXHV SRXU SUDWLTXHU OD 0DJLH<br />

&HWWHSHUVRQQDOLVDWLRQGHODSUDWLTXHPDJLTXHHVW<br />

WUDGXLWH SDU OHV 6LJQHV DVVRFLpV j FKDTXH 7DOHQW<br />

PDJLTXH 'DQV OH FDV SDUWLFXOLHU GHV 7DOHQWV<br />

PDJLTXHVXQ6LJQHHVWJpQpUDOHPHQWXQpOpPHQW<br />

UpFXUUHQW GDQV OH FRPSRUWHPHQW GX PDJLFLHQ<br />

ORUVTX·LO ODQFH XQ VRUWLOqJH RX GDQV OHV HIIHWV<br />

PDJLTXHV GH FH 7DOHQW SOXW{W TXXQ GpWDLO YHVWL<br />

PHQWDLUHRXSK\VLTXH<br />

¡¢¥3¥R¢¨£¦¥=©I111<br />

><br />

3RXU PDQLIHVWHU XQ HIIHWPDJLTXHXQ)pHUL<br />

TXH Q·D GDQV O·DEVROX EHVRLQ GH ULHQ G·DXWUH TXH<br />

VRQ LPDJLQDWLRQ ,O XWLOLVH VD SURSUH IRUFH YLYH<br />

VRQ (VVHQFH SRXU PDQLSXOHU OH *ODPRXU DP<br />

ELDQW HW OH WUDQVIRUPHU VHORQ VHV GpVLUV 0DLV OD<br />

PDJLH HVW EHDXFRXS SOXV DLVpH VL HOOH HVW HQ KDU<br />

PRQLH DYHF OH PDJLFLHQ HW VRQ HQYLURQQHPHQW<br />

8Q )pHULTXH SHXW XWLOLVHU VHV $IILQLWpV SRXU<br />

DXJPHQWHUODSXLVVDQFHGHVDPDJLH<br />

7HFKQLTXHPHQW VL OD PLVH HQ ±XYUH GH FH<br />

VRUWLOqJH RX OHVHIIHWVPDJLTXHVHX[PrPHVVRQW<br />

HQUDSSRUWDYHFXQH$IILQLWpGXPDJLFLHQDORUVLO<br />

% ¡¤£¦¥¨§©C¥¦¤¥¥ ©¨$D¡¢¡¥E+¤!<br />

+¤£¢)¥0¥<br />

¢$¥¨£3GJ


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

¢¡¤£¦¥¨§0© ¥¦¤¥¥ ¢¢¡$¤©¥E+©76$¡¤£¦¥<br />

¡$¤©¥ ++¤£¢)¥ $¤©++¡ ¥+ =''¡¡¤£¦ ¡¢ ¤©¥ ©¥¡ (¢I6¤¥ )¥ +¢$<br />

J©+¡¢ ¤©¥£¢9©¥ R' ¡ £¦¥O)¥ ¤¢$¢ ¢¨§P¡ ¥©£<br />

% ¡ £¦¥#¥¨£ )¨£ ¥ 2¡D¥ ¥+¤£<br />

©/J©+J1S2J./¡5$ % $¡¤£F¥+¢¢¥


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

WXUH LO SHXW OH IDLUH DYHF 7UDQVPXWDWLRQ j SDUWLU<br />

GXQ REMHW H[LVWDQW RX DYHF 0pWDPRUSKRVH j<br />

SDUWLUGXQHFUpDWXUHH[LVWDQWHRXHQFRUHXVHUGH<br />

VRQ ,QIOXHQFH 0DLV GDQV WRXV OHV FDV FH TXL HVW<br />

DSSDUDvW QD ULHQ GLOOXVRLUH WDQW TXH VRQ (V<br />

VHQFH UHVWH HQJDJpH DSUqV TXRL WRXW GLVSDUDvW<br />

FRPPHXQUrYH0DLVFHQpWDLWSDVSRXUDXWDQW<br />

XQH LOOXVLRQ WDQW TXH oD H[LVWDLW /j HVW WRXWH<br />

ODPELJXwWpHWODVXEWLOLWpGHODPDJLHIpHULTXH<br />

'HPrPHOLQYLVLELOLWpHVWXQ3RXYRLUFRQIp<br />

Up YLD OXQ GHV GHX[ 7DOHQWV 7UDQVPXWDWLRQ RX<br />

0pWDPRUSKRVH VHORQ TXHOOH VDSSOLTXH j XQ<br />

REMHW RX XQ rWUH DQLPp SDV XQH LOOXVLRQ GRSWL<br />

TXH<br />

2QQRWHUDpJDOHPHQWTXHVLOQH[LVWHXQ7D<br />

OHQW SHUPHWWDQW GH GpFOHQFKHU GHV SKpQRPqQHV<br />

LO QHQ H[LVWH DXFXQ SHUPHWWDQW GH VXVFLWHU GHV<br />

REMHWV RX GHV FUpDWXUHV &HOD YLHQW GX IDLW TXH<br />

WRXWH PDJLH IpHULTXH UHSRVH VXU OD PDQLSXODWLRQ<br />

GX *ODPRXU 6LO HVW DLVp GH IDLUH QDvWUH XQH<br />

IODPPH XQH RQGpH RX XQ FRXUDQW GDLU j SDUWLU<br />

GX *ODPRXU TXL FRQVWLWXH ODWPRVSKqUH GH )pH<br />

ULH FUpHU XQH VWUXFWXUH SOXV FRPSOH[H REMHW<br />

PDVVLI RX rWUHV DQLPpV QpFHVVLWH XQ VXSSRUW<br />

SOXV FRQVLVWDQW /HV )pHULTXHV RQW GRQF EHVRLQ<br />

%LHQ V€U SOXV OH PDJLFLHQ HVW SXLVVDQW SOXV LO<br />

SHXW DLVpPHQW IDoRQQHU FH TXLO YHXW j SDUWLU GX<br />

PDWpULDX OH SOXV LQVLJQLILDQW (Q RXWUH GDQV OH<br />

FDGUH pWURLW GH OHXUV $IILQLWpV OHV )pHULTXHV RQW<br />

OD SRVVLELOLWp YLD O,QIOXHQFH GH VXVFLWHU WRXV<br />

REMHWV FUpDWXUHV HW SKpQRPqQHV DSSURSULpV<br />

PrPH VDQV VXSSRUW SDUWLFXOLHU 0DLV O(VVHQFH<br />

QpFHVVDLUH j FH SURFHVVXV LPSURYLVp HVW VDQV<br />

FRPPXQH PHVXUH DYHF FH TXH SHUPHW OXWLOLVD<br />

WLRQSOXVUDIILQpHGHV7DOHQWVPDJLTXHV<br />

6\PpWULTXHPHQW LO HVW LPSRVVLEOH G·DQpDQWLU<br />

XQREMHWRXXQrWUHHQ)pHULH2QSHXWOHIUDFDV<br />

VHU OH FRQVXPHU O·pURGHU OH GLVVRXGUH RX« OH<br />

WpOpSRUWHU DLOOHXUV PDLV SDV OH GpVLQWpJUHU SXUH<br />

PHQWHWVLPSOHPHQW<br />

(QILQ )pHULH pWDQW XQ XQLYHUV LQWHPSRUHO<br />

DXFXQ 7DOHQW QH SHUPHW GH PDQLSXOHU OH WHPSV<br />

QL PrPH GH FRQQDvWUH OH SDVVp RX OH IXWXU 6XU<br />

7HUUH GHV HIIHWV GH &ODLUYR\DQFH SHUPHWWHQW<br />

WRXWHIRLV GH YLVXDOLVHU GHV pYpQHPHQWV PrPH j<br />

XQ PRPHQW R LOV QH VRQW SDV HQ WUDLQ GH VH<br />

SURGXLUH WDQGLV TXH GHV HIIHWV G(PSDWKLH SHU<br />

PHWWHQW GH UHFXHLOOLU OHV WpPRLJQDJHV YLVXHOV GHV<br />

SODQWHV HQ SRW GHV SRLVVRQV URXJHV HQ ERFDO HW<br />

GHVELEHORWVVXUODFKHPLQpH<br />

GH GLVSRVHU GXQH FLWURXLOOH SRXU HQ IDLUH XQ<br />

FDUURVVHRXGHVRXULVSRXUHQIDLUHGHVFKHYDX[<br />

&216(,/'(6&21&(37(856<br />

/HVrWUHVIpHVPDQLIHVWHQWOHXUPDJLHGHWURLV<br />

IDoRQV ,OV ,QIOXHQFHQW OHQYLURQQHPHQW SDU<br />

OHXUV $IILQLWpVSRVVqGHQWGHV3RXYRLUVIpHUL<br />

TXHV HW H[HUFHQW OHV 7DOHQWV PDJLTXHV 9RLFL<br />

TXHOTXHV pOpPHQWV SRXU YRXV SHUPHWWUH GH<br />

FKRLVLU OHV $WWULEXWV TXL FRUUHVSRQGHQW OH<br />

PLHX[DX[FDSDFLWpVTXHYRXVVRXKDLWH]SRXU<br />

YRWUHSHUVRQQDJH<br />

/,QIOXHQFH SHUPHW GLPSRVHU WHPSRUDLUH<br />

PHQWOHVFRQFHSWVGXSHUVRQQDJHjVRQHQYL<br />

URQQHPHQW LPPpGLDW 6HV HIIHWV TXDVLPHQW<br />

DXWRPDWLTXHV TXDQG LOV VRQW FRVPpWLTXHV<br />

VRQWWUqVFRQVRPPDWHXUVG(VVHQFHGqVTXLOV<br />

LQGXLVHQW GHV FKDQJHPHQWV UDGLFDX[ &HVW<br />

XQH IRUPH GH PDJLH DGDSWpH j OD SURGXFWLRQ<br />

GH YDVWHV HIIHWV GDPELDQFH DXWRXU GXQH<br />

WKpPDWLTXH SUpFLVH PDLV FHOD SHUPHW SHX GH<br />

GpYLDWLRQSDUUDSSRUWjFHWWHWKpPDWLTXH<br />

/HV 3RXYRLUV IpHULTXHV VRQW GHV FDSDFLWpV<br />

SK\VLTXHV RX QRQ GRQW OHV HIIHWV VRQW UHODWL<br />

YHPHQW VWDQGDUGLVpV ,O SHXW \ DYRLU DYHF<br />

FHUWDLQV MRXHXUV LO \ D VRXYHQW GHV VXUSUL<br />

EOHV /D UpXVVLWH GH FHV 3RXYRLUV UHSRVH VXU<br />

OH VXFFqV GXQ MHW G$VSHFW /HXUV HIIHWV Gp<br />

SHQGHQW DVVH] SHX VDXI SDUIRLV HQ LQWHQVLWp<br />

GXQLYHDXGHUpXVVLWH/HV3RXYRLUVIpHULTXHV<br />

SHXYHQW QH SDV HQJDJHU G·(VVHQFH VDXI<br />

TXDQG LOV DIIHFWHQW OH PRQGH H[WpULHXU &HVW<br />

XQH IRUPH GH PDJLH TXL SHUPHW GH SURGXLUH<br />

j SHX GH IUDLV GHV HIIHWV pYHQWXHOOHPHQW LP<br />

SRUWDQWVPDLVWUqVFLEOpV<br />

/HV 7DOHQWV PDJLTXHV VRQW EHDXFRXS SOXV<br />

YHUVDWLOHV /HXUV HIIHWV VXLYHQW XQ WKqPH<br />

FRPPXQ H[ OD PpWDPRUSKRVH PDLV LOV<br />

SHXYHQW rWUH DSSOLTXpV GHELHQGHVPDQLqUHV<br />

/D QDWXUH HW OD SXLVVDQFH GH FHV HIIHWV SOXV<br />

RX PRLQV PDvWULVpHV SDU OH ODQFHXU FKDQJHQW<br />

DYHF OH QLYHDX GH UpXVVLWH j FKDTXH XWLOLVD<br />

WLRQ /HV 7DOHQWV PDJLTXHV HQJDJHQW QpFHV<br />

VDLUHPHQW GH O(VVHQFH j FKDTXH XWLOLVDWLRQ<br />

&HVW XQH IRUPH GH PDJLH TXL SHUPHW GH<br />

SURGXLUHjSHXSUqVQLPSRUWHTXHOHIIHWLPD<br />

JLQDEOH PDLV j XQ FR€W HW XQH GLIILFXOWpVRX<br />

YHQW EHDXFRXS SOXV pOHYpV TXH OH 3RXYRLU<br />

FRUUHVSRQGDQW<br />

VHVHWGHVHIIHWVVSpFLDX[LQDWWHQGXVPDLVFHV<br />

3RXYRLUV QH VRQW SDV H[WUrPHPHQW PRGXOD


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

(QUpVXPpRQSHXWGLUHTXHOHV7DOHQWVVRQW<br />

GHODKDXWHFRXWXUHFR€WHXVHPDLVDXWRULVDQW<br />

XQH FUpDWLYLWp GpEULGpH HW OHV 3RXYRLUV GX<br />

SUrWjSRUWHU LPPpGLDWHPHQW XWLOLVDEOH PDLV<br />

VWDQGDUGLVp /,QIOXHQFH SRXU VD SDUW HVW LQ<br />

WHUPpGLDLUH HOOH SHUPHW GDYDQWDJH GLPSUR<br />

YLVDWLRQTXHOHV3RXYRLUVPDLVOHVHIIHWVSRV<br />

VLEOHV VRQW UHVWUHLQWV DX[ $IILQLWpV PLVHV HQ<br />

MHX HW VRQFR€WFURvWH[SRQHQWLHOOHPHQWDYHF<br />

ODFRPSOH[LWpGHVHIIHWVUHFKHUFKpV<br />

5DSSHORQV HQILQ TXH WRXWHV OHV FDWpJRULHV<br />

G$WWULEXWV VRQW RSWLRQQHOOHV PrPH VL ODE<br />

VHQFH G$IILQLWpV VHPEOH VXLFLGDLUH ULHQ<br />

QREOLJH j DYRLU GHV3RXYRLUVRXGHV7DOHQWV<br />

7RXWHIRLV OD OLPLWDWLRQ YRORQWDLUH GHV VFRUHV<br />

GH GpSDUW GHV $WWULEXWV GH OD PDvWULVH SRXU<br />

OHV 3RXYRLUV LQFLWH j XQH GLYHUVLILFDWLRQ TXL<br />

YD GDQV OH VHQV GXQH SOXV JUDQGH ULFKHVVH<br />

GHV SHUVRQQDJHV SRXUYX TXLOV FRQVHUYHQW<br />

SDU DLOOHXUV XQH FRKpUHQFH VXIILVDQWH 8Q<br />

SHUVRQQDJH DXUD WRXMRXUV LQWpUrW j GpYHORS<br />

SHU XQH SDOHWWH G$WWULEXWV GLYHUVLILpV PDLV<br />

FRPSOpPHQWDLUHV SRXU GLVSRVHU GXQH FHU<br />

WDLQHYHUVDWLOLWpWRXWHQEpQpILFLDQWGHIIHWVGH<br />

FXPXO TXL DVVXUHURQW VRQ VXFFqV GDQV VHV<br />

GRPDLQHVGHSUpGLOHFWLRQ<br />

'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

$,'(0(02,5('(/$&5($7,21<br />

'(3(56211$*(<br />

9RLFLXQHV\QWKqVHGHVpWDSHVGHODFUpDWLRQGXQSHUVRQQDJHGH&RQWHVGH)pHV<br />

• 'pILQLWLRQGXFRQFHSWGDQVOHVOLPLWHVGHSHUVRQQDJHVSURSUHPHQWIpHULTXHV<br />

• GHVFULSWLRQGHOD0DQLIHVWDWLRQHQDFFRUGDYHFOHFRQFHSW<br />

• FKRL[GHVVFRUHVGH7DLOOHHWGH&KDUPHHQWUHHWHQDFFRUGDYHFOHFRQFHSW<br />

• FKRL[G·XQ1RPHQDFFRUGDYHFOHFRQFHSW<br />

• FKRL[GHV7UDLWVLQLWLDX[MXVTXjSRLQWVHQDFFRUGDYHFOHFRQFHSW<br />

• QRWHUOHVFRUHGH*ODPRXUYDOHXUGHV7UDLWV<br />

• QRWHUOHVFRUHPD[LPDOG(VVHQFH*ODPRXUDUURQGLDXSOXVSURFKH<br />

• GpWHUPLQDWLRQ GHV VFRUHV G$VSHFW HQ UpSDUWLVVDQW XQ QRPEUH GH SRLQWV pJDO DX *ODPRXU HQWUH 9LJL<br />

ODQFH+DELOHWp3XLVVDQFHHW5pVLVWDQFHPD[LPXPSDU$VSHFW<br />

• GpWHUPLQDWLRQ GHV $WWULEXWV DYHF OHXUV 6LJQHV HQ DFFRUG DYHF OH FRQFHSW HQ UpSDUWLVVDQW XQ QRPEUH<br />

GHSRLQWVpJDODX*ODPRXUHQWUH<br />

¾$IILQLWpV REOLJDWRLUHV VFRUH PD[LPXP YDOHXUSRLQWVSDUQLYHDXSRXUXQHJpQpUDOH<br />

SRXUXQHSDUWLFXOLqUHSRXUXQHVSpFLILTXH<br />

ƒ 'RPDLQHVVRQWGHV$IILQLWpVVSpFLILTXHVjSUHQGUHSRXUDYRLUXQKDYUHGHSDL[RORQ<br />

HVW IDYRULVp SDU UDSSRUW DX[ DXWUHV FH TXL HVW WUqV XWLOH 'HVFULSWLRQ GHV &RUUHVSRQGDQ<br />

FHV GH OD VLWXDWLRQ SROLWLTXH HW GHV HQYLURQQHPHQWV &KRL[ GHV UHVWULFWLRQV PD[LPXP<br />

pJDO DX QLYHDX G$IILQLWp [ QLYHDXG$IILQLWpUHVWULFWLRQVjUpSDUWLUHQWUHOHVSURSULp<br />

WpV<br />

ƒ $FFHVVRLUHVVRQWGHV$IILQLWpVVSpFLILTXHVjSUHQGUHVLRQYHXWDYRLUXQREMHWXWLOLWDLUH<br />

SHUPDQHQW j SRUWpH GH PDLQ SOXW{W TXH GDYRLU j OH FUpHU SDU ,QIOXHQFH j FKDTXH FDV GH<br />

EHVRLQFHTXLHVWSUDWLTXHPDLVSDVLQGLVSHQVDEOH&KRL[GHVUHVWULFWLRQVPD[LPXPpJDO<br />

DXQLYHDXG$IILQLWp[QLYHDXG$IILQLWpUHVWULFWLRQVjUpSDUWLUHQWUHOHVSURSULpWpV<br />

ƒ &RPSDJQRQV VRQW GHV $IILQLWpV VSpFLILTXHV j SUHQGUH VL RQ YHXW GHV SHUVRQQDJHV<br />

VXSSOpPHQWDLUHVDOOLpVDXSUHPLHUFHTXLSHXWrWUHFRPSOH[HjJpUHU'pILQLWLRQGHOD0D<br />

QLIHVWDWLRQ 7DLOOH HW &KDUPH DX FKRL[ &KRL[ GHV UHVWULFWLRQV PD[LPXP pJDO DX QLYHDX<br />

G$IILQLWp 0DWpULDOLWp<br />

[ QLYHDX G$IILQLWp UHVWULFWLRQV [ QLYHDX G$I<br />

ILQLWpUHVWULFWLRQVjUpSDUWLUHQWUHOHV$VSHFWV[QLYHDXG$IILQLWpUHVWULFWLRQVj<br />

UpSDUWLUHQWUHOHV$WWULEXWVVDXI(PDQDWLRQVDLQVLTXHOH7DOHQW(QFKDQWHPHQW$IILQLWpV<br />

HW PDvWULVHGHV3RXYRLUVPD[LPXPpJDOHVDXQLYHDXG$IILQLWp7DOHQWVPD[LPXPVGH[<br />

QLYHDXG$IILQLWp<br />

¾3RXYRLUVRSWLRQQHOVjSUHQGUHVLRQYHXWGHVHIIHWVSUpFLVUpSpWDEOHVHWSHXFR€WHX[PDLV<br />

SHXYHUVDWLOHVGpILQLUOHVHIIHWVH[DFWVHWHQGpGXLUHODIUpTXHQFHOHIILFDFLWpHWODYHUVDWLOLWpHW<br />

GRQFODYDOHXU6LOH3RXYRLUQDIIHFWHTXHVRQSRVVHVVHXUGpFLGHUVLOFRQVRPPHGHO(VVHQFH<br />

YDOHXUSRLQWVVLOQHQFRQVRPPHSDV&KRLVLUOHQLYHDXGHPDvWULVHpYHQWXHOPD[LPXP<br />

VDMRXWHjODYDOHXU<br />

¾7DOHQWV RSWLRQQHOV jSUHQGUHVLRQYHXWGHVHIIHWVWUqVYDULpVFR€WHX[HWDOpDWRLUHVYDOHXU<br />

XQSRLQWSDUQLYHDXPD[LPXP


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

&RQVHLOGHVFRQFHSWHXUVYRXVWURXYHUH]VXUODIHXLOOHGHSHUVRQQDJHXQHUXEULTXH©VFRUHVIUpTXHPPHQW<br />

XWLOLVpVªTXLSHUPHWDX[MRXHXUVGHQRWHUOHVVFRUHVGHVDFWLYLWpVTX·LOHQWUHSUHQGOHSOXVVRXYHQWSDUH[HP<br />

SOH©IDLUHGHVJkWHDX[DXFKRFRODWªRX©VHWUDQVIRUPHUHQFRUEHDXªVDQVDYRLUjUHIDLUHOHFDOFXOGXWRWDOj<br />

FKDTXHIRLVHQDGGLWLRQQDQWOHV$VSHFWV$IILQLWpV7DLOOH&KDUPHHWPDvWULVHpYHQWXHOV<br />

(;(03/(6'(3(56211$*(6<br />

&HVH[HPSOHVQHVRQWHQDXFXQFDVGHVDUFKpW\SHVULJLGHVHWFDULFDWXUDX[VXUOHVTXHOVFDOTXHUYRVSUR<br />

SUHV SHUVRQQDJHV ,OV VRQW VLPSOHPHQW GHVWLQpV j PRQWUHU DX[ MRXHXUV TXHO JHQUH GH SHUVRQQDJH LOV SHX<br />

YHQWLQFDUQHUGDQV&RQWHVGH)pHV&KDFXQG·HQWUHHX[HVWEkWLVHORQOHVUqJOHVFLGHVVXVFHTXLHQIDLWXQ<br />

SHUVRQQDJHGpEXWDQWSRVVLEOHSRXUXQMRXHXUSUHVVp3RXUFKDFXQQRXVSUpFLVRQVODVRXUFHG·LQVSLUDWLRQ<br />

GXSHUVRQQDJH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/80(52//(&+$66(85'·(72,/(6),/$17(6<br />

/XPHUROOHpWDLWXQ)HX)ROOHWFRPPHOHVDX<br />

WUHV ,O YLYDLW GDQV OHV PDUDLV R LO MRXDLW GHV<br />

WRXUV DX[ KRQQrWHV YR\DJHXUV HW Q·DYDLW G·DXWUHV<br />

GpVLUVTXHGHJDJQHUOHVFRXUVHVTX·LOIDLVDLWDYHF<br />

VHV DPLV SDUPL OHV IRQGULqUHV ,O pWDLW G·DLOOHXUV<br />

XQGHVSOXVUDSLGHV)HX[)ROOHWVHWpWDLWWUqVILHU<br />

GH VD YLWHVVH 7RXWHIRLV XQH QXLW LO YLW SDVVHU<br />

DXGHVVXV G·XQ YLHX[ VDXOH JURJQRQ XQH pWRLOH<br />

ILODQWH /XPHUROOH WHQWD GH OD VXLYUH PDLV LO IXW<br />

ODLVVpVXUSODFHSDUVDUDSLGLWpIRXGUR\DQWH)UXV<br />

WUp LO GpFLGD TXH FR€WH TXH FR€WH LO EDWWUDLW XQH<br />

pWRLOH ILODQWH j OD FRXUVH 3OXVLHXUV IRLV LO HQ<br />

DSHUoXW HW WHQWD GH OHV EDWWUH GH YLWHVVH &KDTXH<br />

IRLV LO pFKRXD HW VD IUXVWUDWLRQ LQLWLDOH VH WUDQV<br />

IRUPD HQ UDQF±XU 3HX j SHX /XPHUROOH VH<br />

WUDQVIRUPD HQ FKDVVHXU G·pWRLOHV ILODQWHV WDQW LO<br />

VRXKDLWDLWOHXUSURXYHUVDVXSpULRULWp<br />

/XPHUROOH HVW XQ JHQWLO )HX )ROOHW PDLV VRQ<br />

REVHVVLRQ SRXU OHV pWRLOHV ILODQWHV WHQG j OH UHQ<br />

GUH SDUIRLV WUqV DJDoDQW ,O YR\DJH GDQV WRXW OH<br />

UR\DXPH GH )pHULH SRXU HQ GpEXVTXHU HW OHXU<br />

PRQWUHU TXL HVW OH PDvWUH 6RQ DUF OXL VHUW XQL<br />

TXHPHQW SRXU VH GpIHQGUH HW LO FKDVVH SULQFLSD<br />

OHPHQWDYHFVRQODVVRPDJLTXH7RXWHIRLVTXDQG<br />

LO Q·HVW SDV HQ FKDVVH LO IDLW XQ WUqV ERQ FRPSD<br />

JQRQSUrWjUHQGUHVHUYLFH,OVHSODvWjVHSUpVHQ<br />

WHU FRPPH XQJUDQGFKDVVHXUHWDXQSHXKRQWH<br />

GH VRQ RULJLQH PDUpFDJHXVH PDLV LO HVW PDOKHX<br />

UHXVHPHQWSDUIRLVWUDKLSDUVRQRGHXU<br />

VRXUFH YDULDWLRQ SHUVRQQHOOH VXU OH WKqPH<br />

GX)HX)ROOHW<br />

<br />

<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH */$0285 <br />

9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

'RPDLQH (PDQDWLRQ OD7RXUELqUH(WRLOpH<br />

0DUDLV SDUWLFXOLqUH XQHOpJqUHRGHXUGHYDVH<br />

/XPLqUH JpQpUDOH OHVVRXUFHVOXPLQHXVHVVRQW<br />

SOXVLQWHQVHVHQVDSUpVHQFH<br />

&KDVVH SDUWLFXOLqUH XQHJLEHFLqUHYLGH<br />

$FFHVVRLUH (PDQDWLRQ O·$UFDX[7UDLWVGH/XPLqUH<br />

$FFHVVRLUH (PDQDWLRQ OH/DVVRG·2U<br />

3RXYRLUVIpHULTXHV<br />

IUpTXHQFHHIILFDFLWpYHUVDWLOLWp<br />

&R€WHQ<br />

(VVHQFH<br />

0DvWULVH <br />

)RUPHOXPLQHXVH VDQV XQFRUSVOXPLQHX[<br />

9RO VDQV WRXMRXUVHQYRO<br />

<br />

5DSLGLWpVXUQDWXUHOOHFI<br />

SDUOHWUqVYLWH<br />

IRUFHVXUQDWXUHOOH<br />

7RWDO <br />

75$,76 <br />

MDORX[GHVpWRLOHVILODQWHVHVVD\HGpVHVSpUpPHQWGHFKDVVHUOHVpWRLOHVILODQWHV<br />

QHWLHQWSDVHQSODFHjODVXLWHG·XQHFRXUVHSHUGXH<br />

DKRUUHXUGHVHPRXLOOHUjODVXLWHGXQHFKXWHPDOHQFRQWUHXVHGDQVODERXH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/·$5&$8;75$,76'(/80,(5(<br />

9DOHXU<br />

35235,(7(6<br />

0RELOH 3HXWVHWpOpSRUWHU<br />

$QWLYRO 'LIILFXOWpSRXUV·HQVHUYLU<br />

(IIHWVSpFLDO /·$UFQ·DSDVEHVRLQGHPXQLWLRQVLOFUpHVHXOVHVIOqFKHVTXLVRQWGHVUDLVGHOXPLqUH<br />

LQWHQVLWp<br />

5(675,&7,216<br />

,QWHUPLWWHQW 3RXUVHGpIHQGUHXQLTXHPHQW<br />

/(/$662'·25<br />

9DOHXU<br />

35235,(7(6<br />

)RFXVGH3RXYRLU 3DUDO\VLHOHODVVRHVWGRUp&R€WSWV<br />

G·(VVHQFH<br />

3LpJp /H/DVVRSDUDO\VHFHX[TXLWHQWHQWGHV·HQVHUYLU<br />

'LYLVHXUGHGRPPDJHV 3HUWHVG·(VVHQFHGLYLVpHVSDU<br />

,PPXQLWpDX[DUPHVWUDQFKDQWHV (QFDLVVHPHQW<br />

<br />

/D 7RXUELqUH (WRLOpH HVW XQH pWHQGXH<br />

ERXHXVH SODQWpH GH URVHDX[ VRXV OD OXHXU GHV<br />

pWRLOHV LO Q·\ D SDV GH OXQH &D HW Oj XQ VDXOH<br />

SOHXUHXU VH PLUH GDQV XQH PDUH /·DPELDQFH HVW<br />

SOXV RQLULTXH HW SDLVLEOH TXH IpWLGH HW RSSUHV<br />

VDQWH PrPH VL O·RGHXU GH YDVH HVW SDUIRLV SUH<br />

QDQWH ,O IDLW VRPEUH PDLV OD YLVLELOLWp UHVWH DF<br />

FHSWDEOHGXIDLWGHVP\ULDGHVGHSRLQWVOXPLQHX[<br />

GX ILUPDPHQW /HV WHLQWHV GRPLQDQWHV VRQW OH<br />

EUXQHWXQYHUWVDOHOHWRXWVRXOLJQpG·DUJHQWSDU<br />

OHVpWRLOHV/DWHPSpUDWXUHHVWDJUpDEOHPDLVO·DLU<br />

HVW WURS KXPLGH 'HV YROV HQWLHUV G·pWRLOHV ILODQ<br />

WHVSDUFRXUHQWOH'RPDLQHSDUIRLVDXUDVGXVRO<br />

&H VRQW GH VLPSOHV SRLQWV OXPLQHX[ PLQXVFXOHV<br />

FRPPHGHVOXFLROHVTXLQHGpJDJHQWSDVGHFKD<br />

OHXUHWTXLEDELOOHQWHQWUHHX[FRPPHGHVEpEpV<br />

/H FRDVVHPHQW GHV JUHQRXLOOHV IDLW FRPPH XQH<br />

PXVLTXH G·DPELDQFH /D UpJLRQ HVW WUqV JL<br />

ER\HXVH JUqEHV UDWV PXVTXpV FDVWRUV OLEHOOX<br />

OHV PDUWLQVSrFKHXUV pFUHYLVVHV EUqPHV DUJ\<br />

URQHWWHV KpURQV« GHSXLV TXH /XPHUROOH QH<br />

FKDVVHSOXVTXHOHVpWRLOHVILODQWHV<br />

<br />

/$7285%,(5((72,/((<br />

9DOHXU<br />

35235,(7(6<br />

+DELWDQWV (WRLOHVILODQWHVYLWHVVHGHGpSODFHPHQWJLELHU<br />

G·HDX<br />

5(675,&7,216<br />

+RUULSLODQW 2GHXUGHYDVH<br />

,QVRXPLVVLRQ /HVpWRLOHVILODQWHVQ·REpLVVHQWSDVj/XPHUROOH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/XPHUROOHSDU'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

*$57,02*5('(%$5%$5,(<br />

*DUWLP HVW XQ SHUVRQQDJH V\PSDWKLTXH DX<br />

SUHPLHU DERUG 6D VWDWXUH LPSRVDQWH HVW Up<br />

FRQIRUWDQWH HW VRQ YLVDJH HQFDGUpSDUXQHEDUEH<br />

WRXIIXH HVW WRXMRXUV VRXULDQW FRLIIp SDU XQ FKD<br />

SHDX YHUW j ODUJHV ERUGV TXL DUERUH XQH ORQJXH<br />

SOXPH GH IDLVDQ 6RQ DSSDUHQFH HVW FHOOH G·XQ<br />

VDOWLPEDQTXH LO SRUWH XQ JLOHW URXJH VXU XQH<br />

JUDQGH FKHPLVH ERXIIDQWH HW XQ SDQWDORQ YHUW<br />

pJDOHPHQW ERXIIDQW 6HV VROLGHVERWWHVPRQWUHQW<br />

TXH F·HVW XQ YR\DJHXU ,O HVW WRXMRXUV DFFRPSD<br />

JQpSDUXQRUJXHjFODYLHUHWPDQLYHOOHHWHQVRUW<br />

GHV DLUV VL HQWUDvQDQWV TXH SHX GH FHX[ TXL OHV<br />

HQWHQGHQW SHXYHQW UpVLVWHU j O·HQYLH G·HVTXLVVHU<br />

XQ SDV GH GDQVH 6RQ SHWLW VLQJH .LULNL VH SUR<br />

PqQH VXU VHV pSDXOHV pJD\H OHV VSHFWDWHXUV SDU<br />

VHVSLWUHULHVHWIDLWODTXrWHjODILQGXPRUFHDX<br />

3RXU FHOXL TXL OH FRQQDvW ELHQ *DUWLP Q·D<br />

TX·XQ GpIDXW LO DLPH WURS OHV HQIDQWV ELHQ FXLWV<br />

GH SUpIpUHQFH ,O IDLW SDVVHU j OD FDVVHUROH OHV<br />

HQIDQWV GpVREpLVVDQWV HW j OD SRrOH OHV HQIDQWV<br />

VDJHV /RUVTX·LO D IDLP VRQ VRXULUH VH IHQG HQ<br />

XQH ODUJH JXHXOH KpULVVpH GH GHQWV SRLQWXHV ,O<br />

HVW FDSDEOH G·HQJORXWLU XQ PDUPRW HQ XQH IRLV<br />

DX JUDQG GDP GH .LULNL TXL DLPH ELHQ JULJQRWHU<br />

OHV GRLJWV 6RQ VHXO SUREOqPH HVW TX·LO D KRUUHXU<br />

GHV HQIDQWV TXL SOHXUHQW FH TXL QH PDQTXH SDV<br />

G·DUULYHU GqV TX·LO VH PRQWUH PHQDoDQW ,O IDLW<br />

DORUV WRXW VRQ SRVVLEOH SRXU OHV FRQVROHU« (W<br />

PrPH V·LO Q·D SDV VRQ PHWV SUpIpUp LO DLPH SUp<br />

SDUHU GH JUDQGV EDQTXHWV DSUqV XQ VSHFWDFOH<br />

UpXVVL<br />

VRXUFHMHXGHPRWVXU©RJUHGH%DUEDULHª<br />

<br />

<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH */$0285 <br />

9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

'RPDLQH (PDQDWLRQ OD&DEDQHDX)RQGGHV%RLV<br />

0XVLTXH JpQpUDOH IUHGRQQHVRXYHQW<br />

'DQVH SDUWLFXOLqUH GpPDUFKHGDQVDQWH<br />

$FFHVVRLUH (PDQDWLRQ O·2UJXH$QQLFN<br />

&RPSDJQRQ (PDQDWLRQ .LULNLXQSHWLWVLQJHVDYDQW<br />

(QIDQWV SDUWLFXOLqUH VRXULWDX[HQIDQWV<br />

&XLVLQHU SDUWLFXOLqUH WUDQVSRUWHXQHJURVVHPDUPLWH<br />

3RXYRLUVIpHULTXHV<br />

IUpTXHQFHHIILFDFLWpYHUVDWLOLWp<br />

&R€WHQ<br />

(VVHQFH<br />

0DvWULVH <br />

(QJORXWLU VRXULUHMXVTX·DX[RUHLOOHV<br />

*LJXHIUpQpWLTXH WDSHGXSLHGHQFDGHQFH<br />

7DOHQWVPDJLTXHV 1LYHDX <br />

9R\DJHV ERWWHVGHVHSWOLHXHV<br />

7RWDO <br />

75$,76 <br />

$LPHUDLWELHQGpYRUHUOHVHQIDQWV<br />

GRLWFRQVROHUOHVHQIDQWVTXLSOHXUHQW


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

.,5,.,/(6,1*(6$9$17&203$*121'(*$57,0<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH 3RLQWVGHFUpDWLRQ <br />

9LJLODQFH 5pVLVWDQFH &KDUPH 0DWpULDOLWp <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

3LWUHULHV SDUWLFXOLqUH IDLWGHVJULPDFHV<br />

'DQVH SDUWLFXOLqUH IDLWGHVSDVGHVDOVD<br />

$FUREDWLHV SDUWLFXOLqUH XQHTXHXHVHPLSUpKHQVLOH<br />

3RXYRLUVIpHULTXHV<br />

IUpTXHQFHHIILFDFLWpYHUVDWLOLWp<br />

&R€WHQ<br />

(VVHQFH<br />

0DvWULVH <br />

6DXW VDXWLOOHVXUSODFHHQSLDLOODQW<br />

7DOHQWVPDJLTXHV 1LYHDX <br />

.LQpVLH IUDSSHGDQVGHSHWLWHV<br />

F\PEDOHV<br />

7RWDO <br />

/·25*8($11,&.<br />

9DOHXU<br />

35235,(7(6<br />

(IIHWVSpFLDO /DPXVLTXHGRQQHIDLPLQWHQVLWp<br />

(IIHWVSpFLDO 4XDQGLOMRXHXQH©RXYHUWXUHªO·2UJXHSHXWFUpHUXQ3RLQWGH&RQWDFWLQ<br />

WHQVLWp<br />

,PPXQLWpDX<br />

IHX<br />

<br />

(QFDLVVHPHQW<br />

7pOpFRPPDQGH 3HXWMRXHUVHXO<br />

*DUWLPSDU'DYLG1DPERND<br />

<br />

/D &DEDQH DX )RQG GHV %RLV HVW XQH JURV<br />

VLqUH FDKXWH GH URQGLQV DX WRLW GH EUDQFKDJHV<br />

DGRVVpHjXQFKrQHPRUWFRXYHUWGHPRXVVH3DU<br />

EHDX WHPSV LO \ D GHV pFXUHXLOV VXU OH VHXLO 'H<br />

YDQW HOOH SDVVH XQ VHQWLHU TXL VH SHUG VRXV XQH<br />

IXWDLH REVFXUH /D IRUrW HOOHPrPH V·pWHQG j<br />

SHUWH GH YXH HW MXVWHPHQW OD YXH VH SHUG YLWH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

SDUPL OHV WURQFV VDQV kJH HW OHV EUDQFKHV HQWUH<br />

PrOpHV ORLQ DXGHVVXV GX VRO TXL QH ODLVVHQW<br />

ILOWUHU TX·XQH FKLFKH OXPLqUH ,O QH IDLW SDV QXLW<br />

PDLV OD YLVLELOLWp HVW PDXYDLVH HW OHV VRQV pWRXI<br />

IpV 3OXV LQTXLpWDQW SDV XQ FUL G·RLVHDX RX XQ<br />

ERXUGRQQHPHQW G·LQVHFWH GH YLHQW WURXEOHU OH<br />

VLOHQFH /D IRUrW UHWLHQW VRQ VRXIIOH /·RGHXU<br />

G·KXPXV HVW SUHVTXH HQWLqUHPHQW FRXYHUWH SDU<br />

OHV HIIOXYHV DSSpWLVVDQWV TX·pPHW OD FKHPLQpH GH<br />

OD FDEDQH 8QH YLWUH SRXVVLpUHXVH HPSrFKH GH<br />

GLVWLQJXHU FODLUHPHQW O·LQWpULHXU PDLV OD SRUWH<br />

Q·HVWSDVYHUURXLOOpH<br />

/·LQWpULHXU FRQWUDVWH GH PDQLqUH IUDSSDQWH<br />

DYHF FHV DERUGV SHX DYHQDQWV /D FDEDQH HVW<br />

EHDXFRXS SOXV YDVWH TX·LO Q·\SDUDvWHQGpVRUGUH<br />

PDLVSDVVDOHWRXWHUHPERXUUpHGHYHORXUVURXJH<br />

HW YHUW DX[ PXUV HQ WHQWXUHV HQ WDSLV« /H KDOO<br />

G·HQWUpH HVW UHPSOL GH MRXHWV HQ ERLV GH VROGDWV<br />

GH SORPE HW G·DQLPDX[ HQ SHOXFKH HW XQH ODUJH<br />

SRUWH GRQQH GDQV XQH FXLVLQH GpPHVXUpH UHP<br />

SOLH GH IRXUV GH FXLVLQLqUHV GH FRFRWWHV G·XQ<br />

kWUH DVVH] JUDQG SRXU \ HQWUHU GHERXW OH WRXW<br />

GpERUGDQW GH SODWV ILQV HQ WUDLQ GH PLMRWHU GR<br />

UHU U{WLU RX UHYHQLU 'H YDVWHV WUpWHDX[ FURXOHQW<br />

VRXV OH SRLGV GH YLFWXDLOOHV VDQV QRPEUH FKDU<br />

FXWHULHPLFKHVGHSDLQFRQILVHULHVSRWVGHPLHO<br />

IURPDJHVJkWHDX[GpJRXOLQDQWVGHFUqPHDUEUHV<br />

IUXLWLHUV HQWLHUV HW VXUWRXW JLELHU« (W SDUWRXW<br />

XQH PXVLTXH G·RUJXH VL HQWUDvQDQWH TX·LO HVW GLI<br />

ILFLOHG·\UpVLVWHU<br />

/$&$%$1($8)21''(6%2,6<br />

9DOHXU<br />

35235,(7(6<br />

2SDFLWp 'LIILFLOHG·REVHUYHUO·LQWpULHXUGX'RPDLQHFDEDQHHWIRUrW<br />

3RLQWGH<br />

&RQWDFW<br />

<br />

7HUUHYHUV)pHULHVHXOHPHQWOHVHQWLHUGHYDQWOD&DEDQH<br />

,G\OOLTXH &KDFXQ\WURXYHVHVMRXHWVVHVDLUVHWVHVSODWVIDYRULVLQWHQVLWpSRXUOD<br />

PXVLTXHSRXUOHVMRXHWVHWOHVSODWV<br />

5(675,&7,216<br />

$LPDQW /HVHQIDQWVWURXYHQWIDFLOHPHQWOHFKHPLQGHOD&DEDQH<br />

/D&DEDQHDX)RQGGHV%RLVSDU'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

,6+23Ñ/81*<br />

&H ILHU HW SXLVVDQW *pQpUDO &pOHVWHpWDLWO·XQ<br />

GHVSOXVILGqOHV6XMHWVGHO·$XJXVWH(PSHUHXUGH<br />

-DGH FKDUJp GH GpIHQGUH O·(PSLUH GHV 'L[0LOOH<br />

)OHXYHV HW GHV 7UHQWH 0LOOH &ROOLQHV FRQWUH OHV<br />

GLIIpUHQWHV %rWHV )DQW{PHV TXL SRXYDLHQW ODV<br />

VLI HW TXL O·D 'pSRXLOOp GH VRQ 'RPDLQH LO QH<br />

UHYLHQGUD DXSUqV GH VRQ HPSHUHXU TXH ORUVTXLO<br />

DXUDYDLQFXOHPRQVWUHHWUHFRXYUpVRQILHI<br />

VRXUFHFRPSLODWLRQGHFOLFKpVGHODP\WKR<br />

ORJLHFKLQRLVH<br />

VDLOOLU3DUWLGHSXLVELHQORQJWHPSVjODUHFKHUFKH<br />

GXQ )DXYH 'pPRQLDTXH SDUWLFXOLqUHPHQW DJUHV<br />

<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH */$0285 <br />

9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

6W\OHG·DUWVPDUWLDX[GHOD*UXH<br />

SDUWLFXOLqUH 9LVDJHJULPDoDQW<br />

&HQGUpHGX6XG<br />

&XLVLQH JpQpUDOH 2GHXUGHQLRNPDP<br />

$FFHVVRLUH (PDQDWLRQ )HXLOOHGH5RVHDXpSpHFKL<br />

QRLVH<br />

3RXYRLUVIpHULTXHV<br />

IUpTXHQFHHIILFDFLWpYHUVDWLOLWp<br />

&R€WHQ<br />

(VVHQFH<br />

0DvWULVH <br />

$UPXUHDGDSWDWLYH 6DQV 8QHFXLUDVVHHQERLVODTXp<br />

UHKDXVVpHGHGUDJRQVHWSKp<br />

QL[G·RUTXLJUDQGLVVHQWjPH<br />

VXUHGHVFRXSVUHoXV<br />

&KDULRWGHQXDJHVFIYRO 8QQXDJHYRODQWVRXVVHV<br />

SLHGV<br />

%RXFKHjIHXFIFUDFKHU<br />

OHIHXPDLVUHVVHPEOHGDYDQWDJHj<br />

&DQRQjPDLQHQIRQWHHP<br />

PDQFKpGHERLV<br />

GHVIHX[G·DUWLILFH<br />

7DOHQWVPDJLTXHV 1LYHDX <br />

(YRFDWLRQ %UDQGLWGHVPRUFHDX[GHSD<br />

SLHUFRXYHUWVG·LGpRJUDPPHV<br />

7UDQVPXWDWLRQ 0HWOHVREMHWVGDQVVRQ3RrOH<br />

DOFKLPLTXHGHV7ULJUDPPHV<br />

jFRQWHQDQFHLOOLPLWpH<br />

7RWDO <br />

75$,76 <br />

&RGHG·KRQQHXUQHMDPDLVODLVVHUHQSDL[XQDGYHUVDLUHGpFODUpDYDQWGHO·DYRLUYDLQFX<br />

)(8,//('(526($8<br />

9DOHXU<br />

35235,(7(6<br />

0RELOH 9ROH<br />

&KDQJHPHQWGHWDLOOH 3HXWVHUpGXLUH<br />

)RFXVGH3RXYRLU )RUFHVXUQDWXUHOOHJUDYpHGHEXIIOHV&R€WHQ(VVHQFH<br />

<br />

5(675,&7,216<br />

+RUULSLODQW )DLWGXEUXLWTXDQGRQODPDQLH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

,VKR3R/XQJSDU'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/2&+$<br />

/RFKD HVW XQ FKDW 8Q PDWRX XQ JUHIILHU<br />

8QH GH FHV ErWHV H[WUDRUGLQDLUHV GH GRXFHXU HW<br />

GH SHUYHUVLWp TXL YROHQW OH VRXIIOH GHV EpEpV<br />

UDLVVHQWXQEHDXPDWLQSRXUDOOHUOjRXQHOXELH<br />

OHVSRXVVH«<br />

VRXUFHFUR\DQFHVjSURSRVGHVFKDWV<br />

HQGRUPLV HW TXL MRXHQW DYHF OHV VRXULV DYDQW<br />

G·RIIULU OHXU FDGDYUH j OHXU PDvWUH (W TXL GLVSD<br />

<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH */$0285 <br />

9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

5RQJHXUV SDUWLFXOLqUH (QWRXUpGHSHWLWVURQJHXUV<br />

'LVFUpWLRQ SDUWLFXOLqUH 6LOHQFLHX[<br />

&RQIRUW SDUWLFXOLqUH %HGRQQDQW<br />

3RXYRLUVIpHULTXHV<br />

IUpTXHQFHHIILFDFLWpYHUVDWLOLWp<br />

&R€WHQ<br />

(VVHQFH<br />

0DvWULVH <br />

5HWRPEHUVXUVHVSDWWHV<br />

VDQV 'pPDUFKHVDXWLOODQWH<br />

FIVDXWGHJUHQRXLOOH<br />

9ROHUOHVRXIIOHFIDOOHU<br />

/DLVVHGHVSRLOVGXYHWHX[SDUWRXW<br />

JqQH<br />

*XLJQHFIPDOpGLFWLRQ 3HODJHQRLU<br />

YLHVFIIDLUHOHPRUW VDQV 7DFKHEODQFKHVXUODJRUJHTXLJURV<br />

VLWSHQGDQWO·XWLOLVDWLRQGX3RXYRLU<br />

SXLVUHSUHQGVDWDLOOH<br />

7DOHQWVPDJLTXHV 1LYHDX <br />

9R\DJHV %RWWHVGHOLHXHV<br />

7RWDO <br />

75$,76 <br />

+DLQHGHVFKLHQV<br />

3HXUGHO·HDX<br />

/RFKDSDU'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

%5,6(/$0(6<br />

&HWWHORXUGHDUPXUHUHQDLVVDQFHjODYRL[DX<br />

WRULWDLUH HW IpPLQLQH FRXYUH OD WRWDOLWp GX FRUSV<br />

(Q UHYDQFKH DXFXQ rWUH Q·KDELWH FHWWH FDUDSDFH<br />

GHIHUUDLOOHTXLVHPEOHSDUWLFXOLqUHPHQWKRVWLOHVL<br />

O·RQ HQ MXJH SDU OHV SRLQWHV HW OHV ODPHV TXL UH<br />

FRXYUHQW VHV PHPEUHV 7RXWHIRLV VRQ 3RXYRLU<br />

GH FKDQJHPHQW GH WDLOOH SHUPHW j XQH JUDQGH<br />

YDULpWpG·rWUHVIpHVGHODUHYrWLU<br />

VRXUFH pOXFXEUDWLRQ SHUVRQQHOOH GHYDQW<br />

FHUWDLQVGHVVLQVFRQWHPSRUDLQVG·DUPXUHV<br />

<br />

<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH */$0285 <br />

9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

9LROHQFH JpQpUDOH &RXYHUWHGHSRLQWHVHWGHODPHV<br />

)RUJH SDUWLFXOLqUH %UXLWVPpWDOOLTXHVjFKDTXHPRXYHPHQW<br />

'RPDLQH (PDQDWLRQ /D)RUJHGHV$PHV<br />

+pUDOGLTXH VSpFLDOLVpH %ODVRQJXLYUHG·RUUHJDUGDQWVXUFKDPSGH<br />

VDEOH<br />

0XVLTXH JpQpUDOH 7KqPHJRWKLTXHHQEUXLWGHIRQG<br />

3RXYRLUVIpHULTXHV<br />

IUpTXHQFHHIILFDFLWp<br />

YHUVDWLOLWp<br />

&R€WHQ<br />

(VVHQFH<br />

0DvWULVH <br />

0HPEUHVPXOWLSOHV<br />

VDQV /DQJXHG·DFLHUEDUEHOpTXLMDLOOLWGXKHDXPH<br />

<br />

&KDQJHPHQWGH<br />

VDQV 'XMHXHQWUHOHVSLqFHVG·DUPXUH<br />

WDLOOH<br />

7DOHQWVPDJLTXHV 1LYHDX <br />

.LQpVLH (FODLUVEOHXWpVTXLFRXUHQWOHORQJGHVMRLQWXUHV<br />

7RWDO <br />

75$,76 <br />

6DGRPDVRFKLVWH<br />

<br />

<br />

/D)RUJHGHV$PHVHVWXQHRXEOLHWWHVRXWHU<br />

UDLQH HW WRUULGH XQ HQWUHODFHPHQW GH FRXORLUV<br />

WRUWXHX[ WDLOOpV j PrPH OD SLHUUH DYHF OHV JULOOHV<br />

GH FHOOXOHV pWURLWHV TXL DSSDUDLVVHQW DOpDWRLUH<br />

PHQWDX[PXUVDXVRORXDXSODIRQGHWTXLWRXV<br />

UDPqQHQW LQpOXFWDEOHPHQW j OD VDOOH FHQWUDOH<br />

&HOOHFL HVW XQ YDVWH G{PH YDJXHPHQW FLUFXODLUH<br />

DYHF DX FHQWUH XQH JXHXOH G·HQIHU YRPLVVDQW<br />

VSRUDGLTXHPHQW IODPPHV HW IXPpHV /HV PXUV<br />

VRQW WHQGXV G·RULIODPPHV IUDSSpHV GH V\PEROHV<br />

LPSLHV RX EDUERXLOOpV GH IUHVTXHV GpSHLJQDQW<br />

GHV VFqQHV G·DWURFLWpV 'HV FKDvQHV SHQGHQW GX<br />

SODIRQG SDUWRXW GHV FDJHV GH WRXWHV WDLOOHV VRQW<br />

VXVSHQGXHV HW GHV DSSDUHLOV GH WRUWXUH HQFRP<br />

EUHQWOHVPRLQGUHVUHFRLQV(WWRXVVRQWRFFXSpV<br />

SDU GHV YLFWLPHV JpPLVVDQWHV GRQW OHV SODLQWHV<br />

IRUPHQW FRPPH XQH PpORSpH KDUPRQLHXVH«<br />

7RXWEDLJQHGDQVODOXHXUVDQJODQWHGXIHX/·DLU<br />

HVW kFUH HW EU€ODQW FKDUJp G·RGHXUV GH PpWDO<br />

FKDXIIp j EODQF GH VXHXU HW GH FKDLU EU€OpH HW<br />

O·RQFKHUFKHVRQVRXIIOHDYHFSHLQHWDQGLVTXHOD<br />

FKDOHXU DFFDEODQWH XVH j OD ORQJXH OHV SOXV UpVLV<br />

WDQWV/HVIODPPHVIRQWQDvWUHSDUWRXWGHIDQWDV<br />

WLTXHV RPEUHV GDQVDQWHV &HUWDLQV WURXYHQW FH<br />

OLHX WURXEODQW RX IDVFLQDQW /D SOXSDUW OH WURX<br />

YHQWFDXFKHPDUGHVTXHHWPDOVDLQ


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/$)25*('(6$0(6<br />

9DOHXU<br />

35235,(7(6<br />

0LOLHXKRVWLOH &KDOHXUWRUULGHDLUYLFLpHWDPELDQFHDWURFH'RPPDJHV<br />

,QIHUQDO 3URPHXWOHGpVHVSRLUHWODVRXPLVVLRQLQWHQVLWp<br />

&KHPLQVFRXU<br />

EpV<br />

<br />

'LIILFXOWpSRXUV·pFDUWHUGHODVDOOHFHQWUDOH<br />

+DELWDQWV 6XSSOLFLpVYDOHXU<br />

5(675,&7,216<br />

6DXYDJH (UXSWLRQVLPSUpYLVLEOHVGHODYHGHSXLVOHSXLWVFHQWUDOLQWHQVLWp


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/(*2*52&+<br />

/H*RJURFKHVWXQHFUpDWXUHGHODWDLOOHG·XQ<br />

HQIDQW HW FRXYHUWH G·XQH IRXUUXUH URXVVH WUqV<br />

GHQVH VRXYHQW HQ GpVRUGUH RX PrPH VDOH ,O D<br />

O·DSSDUHQFH G·XQ YLHLO KRPPH WRXW ULGp PDLV HVW<br />

G·XQH IRUFH HW G·XQH YLWDOLWp FRORVVDOHV ,O PqQH<br />

XQH H[LVWHQFH IUXVWH GDQV GHV DPDV GH JURV UR<br />

FKHUV TX·LO FRQVWUXLW OXLPrPH 9LYDQW GDQV FHV<br />

,OVDLWWUDYDLOOHUGXUSRXUFHX[TXLOXLWpPRLJQHQW<br />

GX UHVSHFW HW TXL VDYHQW DXVVL VH PHWWUH j<br />

O·RXYUDJHLODKRUUHXUGHVSDUHVVHX[,OHVWSDUWL<br />

FXOLqUHPHQW GRXp SRXU WRXV OHV DUWLVDQDWV HW OHV<br />

WUDYDX[ GRPHVWLTXHV 6RQ VHXO SODLVLU HVW GH IX<br />

PHUODSLSHOHVRLUDYDQWG·DOOHUGRUPLU<br />

VRXUFHOpJHQGHGHO·vOHGH0DQ<br />

UXGHV FRQGLWLRQV LO Q·D SDV SHXU GX YHQW GX<br />

IURLGRXGHODSOXLH,OHVWHQJpQpUDOELHQYHLOODQW<br />

<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH */$0285 <br />

9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

'RPDLQH (PDQDWLRQ *DULRWWHGHURFKHUV<br />

$UWLVDQDW *pQpUDOH 0DLQVFDOOHXVHV<br />

7UDYDX[GHVFKDPSV *pQpUDOH 3LHGVJODLVHX[<br />

3RXYRLUVIpHULTXHV<br />

IUpTXHQFHHIILFDFLWpYHUVDWLOLWp<br />

&R€WHQ<br />

(VVHQFH<br />

0DvWULVH <br />

)RUFHVXUQDWXUHOOH VDQV 0XVFXODWXUHSXLVVDQWH<br />

,PPXQLWpDX[LQWHPSpULHV<br />

VDQV )RXUUXUH<br />

<br />

)pHGXORJLV 2GHXUG·HQFDXVWLTXH<br />

7DOHQWVPDJLTXHV 1LYHDX <br />

(PSDWKLH 5HJDUGFDQGLGH<br />

7RWDO <br />

75$,76 <br />

1DwI<br />

0pWLFXOHX[<br />

<br />

/D*DULRWWHGX*RJURFKHVWXQDPDVGHURFV<br />

GHIRUPHYDJXHPHQWDUFKLWHFWXUpHDXERUGG·XQH<br />

IDODLVH TXL WRPEH j SLF GDQV XQH PHU pFXPDQWH<br />

8Q SRWDJHU DGPLUDEOHPHQW ELHQ WHQX V·pWHQG<br />

GHYDQW OD *DULRWWH SXLV VH FKDQJH HQ YHUJHU HW<br />

HQILQ HQ FKDPSV GH FpUpDOHV MXVTX·DX SLHG GHV<br />

FROOLQHV TXL REVWUXHQW O·KRUL]RQ PDLV GRQW OHV<br />

IODQFV VRQW SODQWpV GH YLJQH 4XHOTXHV UXFKHV<br />

ERXUGRQQHQW G·DEHLOOHV TXL EXWLQHQW DOOqJUHPHQW<br />

OHV SDUWHUUHV GHIOHXUVF{WpPHU3DUWRXWVHWURX<br />

YHQW GHV pSRXYDQWDLOV GH SLHUUH DGURLWHPHQW<br />

WDLOOpH HW SHLQWH YrWXV GH SDLOOH HW GH ODPEHDX[<br />

G·pWRIIH /·DLU HVW YLI SDUIRLV WURS /HV HPEUXQV<br />

IRXHWWHQW OH YLVDJH HW OHV WHPSrWHV VRQW PRQQDLH<br />

$ O·LQWpULHXU RQ GpFRXYUH XQH SLqFH XQLTXH<br />

VHPEODEOH j XQH JUDQJH DX VRO GH WHUUH EDWWXH<br />

8QIHXEU€OHDXPLOLHXGRQWODIXPpHV·pFKDSSH<br />

SDUXQLQWHUVWLFHKDELOHPHQWSODFpHQWUHOHVEORFV<br />

GH URFKH 'H UDYLVVDQWV REMHWV XWLOLWDLUHV WRXV<br />

GLIIpUHQWV WRXV LQVSLUpV GpFRUHQW OH OLHX TX·LOV<br />

VRLHQW HQ ERLV HQ SLHUUH HQ WHUUH FXLWH RX HQ<br />

IHXLOOHV SDWLHPPHQW WUHVVpHV 0DOJUp O·DSSDUHQFH<br />

GpSHQDLOOpH GX SURSULpWDLUH OD VDOOH HVW SURSUH<br />

FRPPHXQVRXQHXI4XHOTXHVIUXLWVHWOpJXPHV<br />

XQHJDOHWWHGHSDLQXQEROG·K\GURPHOHWXQSRW<br />

GH WDEDF FRXSp ILQ VRQW SRVpHV VXU XQH WDEOH<br />

8QHSDLOODVVHGRQWO·RUHLOOHUHVWXQHFRXURQQHGH<br />

IOHXUVVHWURXYHGDQVXQFRLQ<br />

FRXUDQWH /H EUXLW GX UHVVDF IDLW FRQWUHSRLQW j<br />

FHOXLGXYHQW


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/$*$5,277(<br />

9DOHXU<br />

35235,(7(6<br />

'LYLVHXUGHGRPPDJHV 3HUWHVG·(VVHQFHGLYLVpHVSDU<br />

$XWRPDWLVPH /H'RPDLQHDXWRUpSDUHOHVGpJkWVTX·LOVXELWLQWHQVLWp<br />

$XWRPDWLVPH /H'RPDLQHUpSDUHOHV$FFHVVRLUHVHWHIIHWVSHUVRQQHOVGHVYLVLWHXUVLQ<br />

WHQVLWp<br />

+DQGLFDSDQWSDUHVVH 0DOXVGHjWRXWFHTXLSURPHXWO·LQDFWLYLWp<br />

$ODUPH 6LGHVGpJkWVVRQWFDXVpVDX'RPDLQH&ODLUYR\DQFH<br />

5(675,&7,216<br />

7UDQVOXFLGH /H'RPDLQHQ·DULHQjFDFKHU<br />

&OLPDWSRXUULVDXYDJH 'HVWHPSrWHVWUqVYLROHQWHVVHGpFOHQFKHQWVDQVSUpYHQLULQWHQVLWp<br />

<br />

/H*RJURFKSDU'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/,$01$/$62,*(


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/(9,(8;&,0(7,(5(<br />

9DOHXU<br />

35235,(7(6<br />

3LqJHV IRQGULqUHV$WW'RP<br />

9HUURX 'LIILFXOWpSRXUVRUWLUGX'RPDLQH<br />

(JDUHPHQW 'LIILFXOWpSRXUWURXYHUVRQFKHPLQ<br />

,QIHUQDO 7RXWFHTXLGpYHORSSHOHVHQWLPHQWG·DEDQGRQLQWHQVLWp<br />

5(675,&7,216<br />

)UDJLOLWp 3HUWHVG·(VVHQFHPXOWLSOLpHVSDU<br />

9HUPLQH /DPRXVVHTXLHQYDKLWWRXWVFRUH<br />

<br />

/LDP1D/DVRLJHSDU'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

0$5$8'(/$5(,1(528*(<br />

0DUDXGH HVW XQH VRUFLqUH 0DLV SDV GX W\SH<br />

GHFHOOHVTXLRQWGHVEDODLVHWGHVFKDSHDX[SRLQ<br />

WXV(OOHHVWSOXW{WDWWDFKDQWHGDQVVDSHWLWHUREH<br />

SRXUSUHPDLVjVDJUDQGHGpFHSWLRQRQODUpGXLW<br />

DX VWULFW U{OH GH ILOOH PLJQRQQH HW VDQV FHUYHOOH<br />

GHSXLV TX·HOOH D OLEpUp XQH SULQFHVVH GH WHUULEOHV<br />

PDOpGLFWLRQV JUkFH j VHV WDOHQWV GH *XpULVVHXVH<br />

(QILQ F·HVW OH FDV MXVTX·j FH TX·HOOH PRQWUH GH<br />

TXRL HOOH HVW FDSDEOH &DU VRXV VRQ DSSDUHQFH<br />

LQRIIHQVLYHVHFDFKHXQHS\URPDQHTXLXVHGHVD<br />

IROLH SRXU IDLUH FRPSUHQGUH j FHX[ TXL GRXWHQW<br />

JHQWH TXL ORUVTX·HOOH SDUYLHQW j PDvWULVHU OD Gp<br />

PHQFHTXLO·DFFDEOHSHXWVHUpYpOHUXQHDOOLpHGH<br />

FKRL[FDUF·HVWXQH*XpULVVHXVHDYDQWWRXWHWTXL<br />

VDLW VH IDLUH SD\HU SRXU VHV 6HUYLFHV 2Q SHXW OD<br />

UpVXPHU HQ XQH IRUPXOH HOOH HQIODPPH OHV<br />

F±XUVPDLVVRQEDLVHUQ·HVWTX·XQEUDVLHU<br />

VRXUFH (OXFXEUDWLRQ SHUVRQQHOOH j SDUWLU GH<br />

©%XUQª GH 'HHS 3XUSOH GH ©)LUHª GX &UD]\<br />

:RUOG RI $UWKXU %URZQ GH ©)LUHª GH -LPL<br />

+HQGUL[ HW GH ©0RQWK\ 3\WKRQ DQG WKH +RO\<br />

*UDLOª<br />

G·HOOHTXLHOOHHVWUpHOOHPHQWXQHIHPPHLQWHOOL<br />

<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH */$0285 <br />

9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

)HX JpQpUDOH 9RLOHVHPSRXUSUpV<br />

'RPDLQH (PDQDWLRQ /H%UDVLHU<br />

6HQWLPHQWVDUGHQWV SDUWLFXOLqUH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/(%5$6,(5<br />

9DOHXU<br />

35235,(7(6<br />

+DELWDQWV /HVSD\VDQVHWOHXUEpWDLOIDPpOLTXHVFRUH<br />

'LYLVHXUGHGRPPDJHV 3HUWHVG·(VVHQFHGLYLVpHVSDU<br />

5(675,&7,216<br />

,QWHUPLWWHQW 0DUDXGHHWOHVKDELWDQWVQHSHXYHQWFRKDELWHU<br />

0DUDXGHSDU'DYLG1DPERND


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

&


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

$48$/81*<br />

&·HVWXQYLHX[FORFKDUGTXLDLPH<br />

VH SURPHQHU SDUPL OHV 7HUUHVWUHV ,O<br />

WUDvQH VD FDUFDVVH SRXLOOHXVH GDQV<br />

WRXVOHV'RPDLQHVGH)pHULHKLVWRLUH<br />

G·DSSRUWHU XQ SHX GH PXVLTXH HW GH<br />

VH GpOHFWHU GH OD YLVLRQ GHV MHXQHV<br />

HQIDQWV GX FRLQ %LHQ VRXYHQW LO V·HQ<br />

HQWRXUH OHXU MRXDQW TXHOTXHV QRWHV<br />

VXUVDIO€WHG·DUJHQW0DLVOHVSDUHQWV<br />

V·HQ PpILHQW HW LOV RQW ELHQ UDLVRQ<br />

FDU V·LO OH YRXODLW LO SRXUUDLW OHV OHXU<br />

UDYLU SRXU WRXV OHV HPSULVRQQHU DX<br />

F±XU GH VD FROOLQH VHFUqWH (W ELHQ<br />

HQWHQGX TXDQG LO UHQG VHUYLFH LO<br />

Q·DLPH SDV TX·RQ VH MRXH GH OXL HW<br />

Q·KpVLWH SDV j SUHQGUH XQ G€ pTXLYD<br />

OHQWIDXWHGHPLHX[<br />

VRXUFH /LEUHPHQW LQVSLUp<br />

G·©$TXDOXQJª GH -HWKUR 7XOO GHV<br />

$YHQWXUHVGX%DURQGH0XQFKDXVHQ<br />

GH 0 OH 0DXGLW GH )ULW] /DQJ HW GX<br />

-RXHXUGH)O€WHGH+DPHOLQ<br />

<br />

$TXDOXQJSDU'DYLG1DPERND<br />

<br />

$63(&76 <br />

3XLVVDQFH +DELOHWp 7DLOOH */$0285 <br />

9LJLODQFH 5pVLVWDQFH &KDUPH (VVHQFH <br />

$775,%876 YDOHXU 6LJQH<br />

$IILQLWpV %RQXV W\SH <br />

$FFHVVRLUH (PDQDWLRQ OD)O€WHG·$UJHQWWUDYHUVLqUH<br />

'RPDLQH (PDQDWLRQ &ROOLQHDX[(QIDQWV<br />

0DODGLH JpQpUDOH 0DLQVSRLVVHXVHV<br />

)URLG JpQpUDOH 'XJLYUHUHFRXYUHVDEDUEH<br />

(QIDQWV SDUWLFXOLqUH 6LIIORWH3HHU*\QWTXDQGLOYRLW<br />

GHVHQIDQWV<br />

3RXYRLUVIpHULTXHV<br />

IUpTXHQFHHIILFDFLWpYHUVDWLOLWp<br />

&R€WHQ<br />

(VVHQFH<br />

0DvWULVH <br />

6RXIIOHVXUQDWXUHO 5HVSLUDWLRQUDXTXH<br />

$QDpURELHFILPPXQLWp VDQV &UDFKHGHVJODLUHV<br />

7DOHQWVPDJLTXHV 1LYHDX <br />

9R\DJHV 6DXWHjFORFKHSLHG<br />

(QYR€WHPHQW -RXHGHVDIO€WH<br />

7RWDO <br />

75$,76 <br />

3HXUGHO·HDXGHSXLVTX·LOV·HVWQR\pVXU7HUUH'HSXLVRQUDFRQWHTX·LOSRVVqGHGHVSRXPRQVG·DFLHU<br />

HWWRXVOHV6LJQHVGHV$WWULEXWVTX·LOGpYHORSSHVRQWOHVV\PSW{PHVG·XQHSQHXPRQLH


&RQWHVGH)pHV &UpDWLRQGHSHUVRQQDJH<br />

/$)/87('·$5*(17<br />

9DOHXU<br />

35235,(7(6<br />

)RFXVGH3RXYRLU )DVFLQDWLRQVRQRULWpRULHQWDOH&R€WHQ(VVHQFHSWV<br />

)RFXVGH3RXYRLU -HWGHJLYUHFRXYHUWHGHJODFH&R€WHQ(VVHQFHSWV/D<br />

FLEOHV·HQUKXPHPDOXV<br />

PRLWLpGHODPDUJHGHVXFFqVGH<br />

O·DWWDTXHVLHOOHUDWHXQMHWGH5pVLVWDQFHFRQWUH3XLVVDQFH<br />

$FFHVVRLUH$IILQLWpPDODGLH<br />

5(675,&7,216<br />

9XOQpUDELOLWp 6ROXEOHGDQVO·HDX<br />

<br />

3RXU HQWUHU GDQV OD &ROOLQH DX[ (QIDQWV LO<br />

IDXW VH JXLGHU DX VRQ GH OD PXVLTXH HQWUDvQDQWH<br />

HW GHV ULUHV FULVWDOOLQV TXL LQGLTXHQW O·RUpH GX<br />

VHQWLHU HQWRXUp G·KHUEHV KDXWHV SDUFRXUDQW<br />

O·HQGURLW3OXVRQDSSURFKHGHODFROOLQHSOXVOHV<br />

IOHXUVHWIHXLOOHVSRXVVHQWSRXUpFORUHDXU\WKPH<br />

GH OD PXVLTXH /H FKHPLQ FRQGXLWGURLWGDQVOHV<br />

HQWUDLOOHV GX PDPHORQ $ O·LQWpULHXU OH IURLG HVW<br />

VHF HW VDLVLVVDQW HW SRXUWDQW OH VROHLO EULOOH GH<br />

FRPPH GX PHUFXUH 6XU OD ULYH FRPPH SRXU VH<br />

UpFKDXIIHU GHV PLOOLHUV G·HQIDQWV GDQVHQW DYHF<br />

MRLH GDQV XQH JLJXH IROOH DX VRQ WLQWDPDUGHVTXH<br />

GH PXVLTXHV FKDQWpHV SDUGHVEULVHVHQFKDQWpHV<br />

$XPLOLHXG·HX[RQWURXYHVRXYHQWXQHWDEOHVXU<br />

ODTXHOOHIXPHXQHYLHLOOHWKpLqUHHWTXDQGOHSUR<br />

SULpWDLUH HVW SUpVHQW LO \ MRXH GH VRQ LQVWUXPHQW<br />

j FORFKHSLHG WDQGLV TX·pFORVHQW GHV IOHXUV SULQ<br />

WDQLqUHV<br />

PLOOH IHX[ HW VXUSORPEH XQ LPPHQVH ODF OLVVH<br />

/$&2//,1($8;(1)$176<br />

9DOHXU<br />

35235,(7(6<br />

9HUURX 'LIILFXOWpSRXUVRUWLUGX'RPDLQHGXIDLWGHODGHQVLWpGHV<br />

YpJpWDX[HWGHO·pSDLVVHXUGHVIRXUUpV<br />

+DELWDQWV /HVHQIDQWVVFRUH<br />

3RLQWGH&RQWDFW /HVHQWLHU<br />

0LOLHXKRVWLOH )URLGVDLVLVVDQW'RPPDJHV<br />

5(675,&7,216<br />

,QWHUPLWWHQW /HIURLGFHVVHVL$TXDOXQJMRXHGHODPXVLTXH<br />

$LPDQW /DPXVLTXHJXLGHYHUVOH'RPDLQH<br />

/D&ROOLQHDX[(QIDQWVSDU'DYLG1DPERND

Hooray! Your file is uploaded and ready to be published.

Saved successfully!

Ooh no, something went wrong!