LA SEMENCE DU SERPENT

Transcription

/D3DUROHSDUOpH
/$6(0(1&('86(53(17
7KH6HUSHQWV6HHG
6RLU
-())(56219,//(,186$
ǁǁǁ͘ďƌĂŶŚĂŵ͘ƌƵ
:LOOLDP0DUULRQ%UDQKDP
/$6(0(1&('86(53(17
6RLU
-())(56219,//(,186$77
'LHXOHJUDQGHWSXLVVDQW'LHX4XLDIRUPpWRXWHVFKRVHVSDUOD
SXLVVDQFHGH6RQ(VSULWHWDUDPHQp-pVXV&KULVW6RQ)LOVXQLTXH4XL
HVWPRUWOLEUHPHQWSRXUQRXVSpFKHXUVOH-XVWHSRXUOHVLQMXVWHVDILQGH
QRXV UpFRQFLOLHU QRXV UDPHQHU GDQV FHWWH PHUYHLOOHXVH FRPPXQLRQ TXH
QRXVDYRQVGHQRXYHDXDYHF'LHX&RPPHLOQRXVHVWHQVHLJQpGDQVOD
3DUROHEpQLHTXHQRXVpWLRQVHQFRPPXQLRQDYHF/XLDYDQWODIRQGDWLRQ
GXPRQGH³$ORUVTXHOHVpWRLOHVGXPDWLQFKDQWDLHQWHQVHPEOHHWTXHOHV
ILOVGH'LHXSRXVVDLHQWGHVFULVGHMRLHLO\DWUqVORQJWHPSVGqVDYDQWOD
IRQGDWLRQGXPRQGH´4X
HVWFHTXLQRXVGLWTXHFHQ
HVWSDVSUpFLVpPHQW
jFHPRPHQWOjTXHO
$JQHDXDpWpLPPROpTXDQG'LHXGDQV6DJUDQGH
SHQVpH QRXV D YXV SRXVVHU GHV FULV HW QRXV UpMRXLU GH QRWUH VDOXW HQ
-pVXV
(W FH VRLU FH TXH QRXV DYRQV F
HVW VHXOHPHQW XQ DYDQWJRW GH
FHWWH JUDQGH JORLUH 'LYLQH TXL VHUD UpYpOpH j 6D VHFRQGH 9HQXH 7RXWH
PDODGLH HW WRXW FKDJULQ DXURQW GLVSDUX ¬ FH PRPHQWOj QRXV DXURQV XQ
FRUSVVHPEODEOHDXFRUSVGH6DJORLUHSDUFHTXHQRXV/HYHUURQVWHOTX
,O
HVW ,FL DORUVTXH QRXVYR\RQV QRV PDLQVTXL VH ULGHQW QRV FKHYHX[ TXL
JULVRQQHQWHWQRVpSDXOHVTXLV
DIIDLVVHQWQRXVVRPPHVFRQVFLHQWVGHFH
TXHQRXVVRPPHVGHVPRUWHOVHWGHFHTXHQRXVQRXVGLULJHRQVYHUVOD
SRXVVLqUHG
RQRVWrWHVVRQWLQFOLQpHVHQFHPRPHQWHWGRQWQRXVDYRQV
pWpWLUpV0DLV6HLJQHXU'LHXDXVVLVUTXH7XHV'LHX7XDVSURPLVTXH
QRXVVHULRQVUHVVXVFLWpVGDQVOHVGHUQLHUVMRXUVHWQRXVOHFUR\RQV
6ROHQQHOOHPHQWQRXVQRXVSUpVHQWRQVDYHFQRWUHIRLFHVRLUGDQV
7D3UpVHQFHQRXVYHQRQVDYHFDVVXUDQFHSDUFHTXH-pVXVQRXVDGLWGH
OHIDLUH1RQSDVjFDXVHGHTXHOTXHERQQHFKRVHTXHQRXVDXULRQVIDLWH
FDU QRXV Q
DYRQV ULHQ IDLW GH ERQ PDLV QRXV YHQRQV KXPEOHPHQW HQ
FRQIHVVDQWTXHQRXVSRVVpGRQVFHWUpVRUjFDXVHGH6DJUkFHTXLQRXVD
pWp GRQQpH HQ SDUWDJH 3DU FRQVpTXHQW QRXV YHQRQV 7H GHPDQGHU GH
QRXV EpQLU FH VRLU DORUV TXH QRXV DSSRUWHURQV OD 3DUROH &DU LO HVW pFULW
TXH ³O
KRPPH QH YLYUD SDV GH SDLQ VHXOHPHQW PDLV GH WRXWH 3DUROH TXL
VRUWGHODERXFKHGH'LHX´$XVVLTXHODERXFKHGH'LHXVRLWSURQRQFpH
FH VRLU4XH OHVPRWV VRUWHQW HWTXH &HOD SXLVVH SpQpWUHU SURIRQGpPHQW
GDQVQRVF°XUVjQRXVOHVDXGLWHXUVHWrWUHUHPSOLVGH7RQ(VSULWHWGH
7D3UpVHQFH&DUQRXVOHGHPDQGRQVDX1RPGH-pVXV$PHQ
Ϯ>^DEh^ZWEd
$X DXMRXUG
KXL HW KLHU RX SOXW{W KLHU VRLU HW DXMRXUG
KXL QRXV
DYRQV SDUOp GX VXMHW G
DERUG SRXU HQ GRQQHU OH WLWUH 3RXUTXRL QRXV QH
VRPPHV SDV XQH GpQRPLQDWLRQ (W QRXV DYRQV H[SULPp DVVH]
pQHUJLTXHPHQW SRXUTXRL QRXV QH VRPPHV SDV XQH GpQRPLQDWLRQ HW
SRXUTXRL QRXV QH FUR\RQV SDV GDQV OHV GpQRPLQDWLRQV &
HVW SDUFH TXH
QRXV OH YR\RQV GDQV OD %LEOH TXH OHV GpQRPLQDWLRQV Q
RQW MDPDLV pWp
pWDEOLHVSDU'LHXHOOHVRQWpWppWDEOLHVSDUOHGLDEOHHWRQO
DSURXYpSDUOD
%LEOH (W TXH SDU OHV GpQRPLQDWLRQV F
HVW SDU Oj TX
RQ D O
HUUHXU
0DLQWHQDQW VL QRXV GLVRQV oD F
HVW SRXU FRUULJHU HW SRXU DPHQHU FH
7DEHUQDFOH GDQV XQH FRPPXQLRQ DXWRXU GH OD 3DUROH GH 'LHX EpQLH (Q
HIIHWQRVHVSpUDQFHVQHVHIRQGHQWSDVVXUFHTXHGLWODGpQRPLQDWLRQRX
VXU FH TXH GLW Q
LPSRUWH TXHO KRPPH HOOHV VH IRQGHQW VXU FH TXH OH
6HLJQHXU 'LHX D GLW (W F
HVW OH VHXO PR\HQ SRXU QRXV G
rWUH FRUULJpV
FRPPHLOIDXW
(WFHPDWLQM
DLpQRQFpFLQTMHFURLVDUWLFOHVGLIIpUHQWVTXLRQWpWp
LQWURGXLWV j FDXVH GHV GpQRPLQDWLRQV GRQW LO Q
HVW DEVROXPHQW SDV SDUOp
GDQVOD%LEOHDX[TXHOVOHVpJOLVHVSURWHVWDQWHVVHVRXPHWWHQWHWTX
HOOHV
HQVHLJQHQWFRPPHGRFWULQHODPrPHFKRVHTXHODYLHLOOHPqUHSURVWLWXpH
O
pJOLVHFDWKROLTXHSUrFKHHWTXLVHUHWURXYHGDQVO
pJOLVHSURWHVWDQWH(W
RQVHVRXPHWjFHWWHPrPHFKRVHTXLHVWFRQWUDLUHjWRXWFHTX
RQWURXYH
GDQVOD3DUROHGH'LHX
/D SUHPLqUH pJOLVH GpQRPLQDWLRQQHOOH RQ D IDLW XQH UHFKHUFKH Oj
GHVVXV FHW DSUqVPLGL GDQV O
KLVWRLUH GHV 3qUHV QLFpHQV GH O
pJOLVH GH
1LFpH $SUqV OD PRUW GHV DS{WUHV Oj FH VRQW OHV 3qUHV QLFpHQV TXL VRQW
DSSDUXV HW LOV RQW FRQWLQXp SHQGDQW SOXVLHXUV DQQpHV $X ERXW GH WURLV
FHQWYLQJWFLQTDQVLOVVHVRQWILQDOHPHQWUHWURXYpVjj1LFpHHQ)UDQFH
RLOVRQWWHQXOHOHJUDQGFRQFLOHGH1LFpH(WF
HVWOjTX
LOVRQWIRUPpFHV
GRJPHVTXHO
pJOLVHFDWKROLTXHDPDLQWHQDQWHWTXLRQWDXVVLpWpWUDQVPLV
DX[SURWHVWDQWV
(W FRPPH MH OH GLVDLV GDQVGDQV O
HQVHLJQHPHQW GH FH PDWLQ
FKDFXQGHVkJHVGHO
eJOLVHHWoDMXVTX
jFHWMXVTX
jFHWkJHGHO
eJOLVH
GH7KHVVDORQLTXHOHVTXLQ]HFHQWVDQVGHO
kJHGHVWpQqEUHVLOQ
\DSDV
XQHVHXOHIRLVR,OQ
DSDVGLW³7XDVHQFRUH0RQ1RP´
(WLFLGHO
DXWUHF{WpLOVQ
pWDLHQWSOXVHQ&KULVWLOVDYDLHQWSULVXQ
QRPGpQRPLQDWLRQQHO³FDWKROLTXH/XWKHU:HVOH\EDSWLVWHSUHVE\WpULHQ
SHQWHF{WLVPH´HWDLQVLGHVXLWHFRPPHoD
0DLV MXVWH DYDQW OD ILQ GH O
kJH ,O D GLW ³-H PHWV GHYDQW WRL XQH
SRUWHRXYHUWH´9R\H]"(WF
HVWGDQVFHWkJHTXHQRXVFUR\RQVrWUHHQFH
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϯ
PRPHQWO
kJHGHODSRUWHRXYHUWHGDQVFHWLQWHUYDOOHGXGHUQLHUGpSDUWGH
O
pJOLVHGH/DRGLFpH
(WLO\DHXH[DFWHPHQWWURLVFHQWYLQJWFLQTDQVMXVTX
DXFRQFLOHGH
/DRGLFpH(WF
HVWOjTX
LOVRQWDGRSWpFHVIRUPHVFRPPHG
DVSHUJHUGH
YHUVHU HW OHV IDX[ EDSWrPHV OH IDX[ HVSULW VDLQW HW WRXWHV FHV DXWUHV
FKRVHV,OVRQWDGRSWpoD
(W HQVXLWH TXDQG /XWKHU TXL pWDLW XQ SUrWUH HVW VRUWL GH O
pJOLVH
FDWKROLTXH F
HVW FRPPH oD TXH FHV FKRVHV RQW VXLYL (W GH Oj HVW VRUWL
=ZLQJOLGH=ZLQJOLHVWVRUWL&DOYLQGH&DOYLQHVWVRUWL:HVOH\RKHWDLQVL
GHVXLWHFRPPHoD(WLOVQ
DUUrWHQWSDVGHVHWUDQVPHWWUHFHVGRJPHVGH
O
XQ j O
DXWUH (W FRPPHQW HVWFH TXH 'LHX SHXW FRQGXLUH 6RQ eJOLVH
TXDQGLOVVXLYHQWGHVFKHPLQVTX
,OQ
DPrPHMDPDLVGRQQpVSRXUTX
LOV\
VRLHQWFRQGXLWV"
(W VRXYHQH]YRXV GDQV $SRFDO\SVH QRXV DYRQV YX ³OD
IHPPH´ 0DLQWHQDQW FHV PRWV VRQW FODLUV ,OV VRQW pFULWV GDQV OD %LEOH
DORUVMHSHQVHTXHMHSHX[OHVGLUH,OHVWGLWTXHFHWWHIHPPHF
pWDLWXQH
³SURVWLWXpH´dDYHXWGLUHTX
HOOHpWDLWXQHIHPPHGHPDXYDLVHUpSXWDWLRQ
TX
HOOH pWDLW FHQVpH rWUH PDULpH DYHF XQ PDUL PDLV TX
HOOH FRPPHWWDLW
IRUQLFDWLRQ DYHF OH PRQGH (W HOOH DYDLW (OOH pWDLW XQH ³0Ê5( '(6
35267,78e(6
GRQF HOOH DYDLW GHV ILOOHV (W QRXV DYRQV GHVVLQp oD
JpRJUDSKLTXHPHQWTXHF
pWDLWOj&RPPHMHOHYRLVPRLPrPHTXHMHOH
YRLV GDQV O
eFULWXUH TXH MH YRLV VHV GRFWULQHV HW WRXW MH FURLV TXH OH
6HLJQHXUO
DGpPRQWUpSDUIDLWHPHQWoDQHSHXWSDVrWUHDXWUHFKRVHTXH
O
pJOLVHFDWKROLTXHdDQHSHXWSDVrWUHDXWUHPHQW(WjTXRLHVWFHTX
HOOH
D GRQQp QDLVVDQFH" $X[ pJOLVHV SURWHVWDQWHV ([DFWHPHQW F
HVW FH
TX
HOOHDIDLW
(WHOOHWHQDLWGDQVVDPDLQXQHFRXSHGXYLQGHVHVIRUQLFDWLRQVHW
HOOHODGRQQDLWDX[URLVGHODWHUUH(WHOOHpWDLWjODWrWHGHWRXWHODWHUUH
VSLULWXHOOHPHQWSDUODQW(WF
HVWH[DFWHPHQWoD,OQ
\DSDVG
DXWUH
5HJDUGH]UHWRXUQRQVRQSRXUUDLWUHWRXUQHUGDQV'DQLHOHWSUHQGUH
OD VWDWXH 5HJDUGH] OD VWDWXH OD WrWH G
RU OH UR\DXPH GH %DE\ORQH
O
DLUDLQRXO
DUJHQWOHV0qGHVHWOHV3HUVHVO
DLUDLQ$OH[DQGUHOH*UDQG
HW DLQVL GH VXLWH OH UR\DXPH GHV *UHFV HQVXLWH OHV HPSLUHV URPDLQV OD
5RPHRULHQWDOHHWOD5RPHRFFLGHQWDOHOHVGHX[SLHGV
(W UHPDUTXH] GDQV FHV GL[ UR\DXPHV TXL FRUUHVSRQGHQW
H[DFWHPHQW DX[ GL[ FRUQHV GRQW QRXV SDUOLRQV FH PDWLQ GDQV FKDFXQ GH
FHV GL[ UR\DXPHV TXL GHYDLHQW V
pOHYHU LO \ DYDLW GX IHU PrOp DYHF GH
ϰ>^DEh^ZWEd
O
DUJLOH (W OH IHU YHQDLW GHV MDPEHV oD F
pWDLW 5RPH (W GDQV WRXWHV OHV
QDWLRQVTX
LO\DVRXV OH &LHOLO\DXQILOHWGHURPDQLVPHTXL\HVWPrOp
SDUO
HQWUHPLVHGHO
pJOLVHFDWKROLTXH&
HVWH[DFWHPHQWoD(WLOVQ
DOODLHQW
SDVV
DOOLHUQXOOHSDUW
(WLOVVHPDULHUDLHQWOHVXQVDYHFOHVDXWUHV/D%LEOHDGLWTX
LOVOH
IHUDLHQW (W UHJDUGH]OHV DXMRXUG
KXL 9RWUH JDUoRQ VRUW DYHF XQH ILOOH
FDWKROLTXH TXDQG LOV GpFLGHQW GH VH PDULHU LO IDXW TX
LOV SURPHWWHQW
G
pOHYHU OHXUV HQIDQWV GDQV OD IRL FDWKROLTXH YRXV YR\H] HW YLFH YHUVD
9RXVYR\H]F
HVWSRXUGpWUXLUHODSXLVVDQFHGHO
DXWUH
0DLVTX
HVWFHTXHF
HVW"/D%LEOHGpFODUHTXHF
HVWWRXWHODFKRVH
TXL HVW XQH SURVWLWXpH 0DLQWHQDQW TX
HVWFH TXH YRXV DOOH] IDLUH" &
HVW
YUDL (W TXH OHV SpFKpV GHV JHQV VHUDLHQW SXQLV VXU 2Q HVW UHWRXUQpV
GDQV'HXWpURQRPHSRXUPRQWUHUTX
XQHQIDQWLOOpJLWLPHXQHQIDQWEkWDUG
QH SRXYDLW PrPH SDV HQWUHU GDQV O
DVVHPEOpH GX 6HLJQHXU SHQGDQW
TXDWRU]H JpQpUDWLRQV dD F
pWDLW VRXV OD ORL (W &KULVW HVW YHQX SRXU
DPSOLILHUODORL$ORUVFRPELHQSOXVPDLQWHQDQW"
4X
HVWFH TXL OHXU DUULYH j FHV TX
HVWFH TX
HOOHV RQW FHV SHWLWHV
GpYHUJRQGpHV TX
RQ YRLW GDQV OD UXH DXMRXUG
KXL FHV IHPPHV DYHF OD
FLJDUHWWH DX EHF FHV GpYHUJRQGpHV TXL SRUWHQW GHV VKRUWV HW TXL RQW OHV
FKHYHX[FRXSpVFRXUWVHWWRXW"4X
HVWFHTX
LO\D"&
HVWSDUFHTXHOHXU
PDPDQIDLVDLW SDUHLO /
LQLTXLWp HVW SXQLH G
XQHJpQpUDWLRQ j O
DXWUH 9RLOj
FHTX
LO\D(WRHVWFHTX
RQHQHVW"2QHQHVWDXSRLQWRFHQ
HVWULHQ
G
DXWUHTX
XQDPRQFHOOHPHQWGHSpFKpFUDVVHX[
&
HVWSRXUFHWWHUDLVRQOjTXH'LHXDVXVFLWpOD5XVVLHOjEDVDYHF
XQHERPEHDWRPLTXHSRXUO
pOLPLQHUFRPPHGDQVOHGpOXJHDQWpGLOXYLHQ
TXDQG,ODVXVFLWpOHVQXDJHV&HUWDLQHPHQWTX
,OO
DIDLW(WOD%LEOHOHGLW
/D 5XVVLH OH SD\V DWKpLVWHTX
LOV VRQW DWKpH F
HVW XQ RXWLO SXU HW VLPSOH
HQWUHOHVPDLQVGX'LHX7RXW3XLVVDQW7RXWFRPPHOHURL1HEXFDGQHWVDU
GHYDLW GpWUXLUH ,VUDsO SDUFH TX
LOV Q
DYDLHQW SDV PDUFKp DYHF 'LHX OD
5XVVLH HVW HQ WUDLQ GH V
pOHYHU SRXU ³YHQJHU OHV VDLQWV´ GH O
pJOLVH
FDWKROLTXH GX VDQJ GHV VDLQWV TX
HOOH D YHUVp /D %LEOH O
D GLW (OOH YD
HPSRUWHUWRXWHODFKRVH
$ORUVUHJDUGH]ELHQVLOHXUPqUHpWDLWXQHGDQVHXVHGHPXVLFKDOO
HW OHXU JUDQGPqUH HW TXH VD PqUH pWDLW XQH GpYHUJRQGpH TX
HVWFH
TX
HOOH HVW DXMRXUG
KXL" 8Q VWULSWHDVH GH URFN DQG UROO 6HV HQIDQWV
TX
HVWFHTX
LOVYRQWrWUH"
(WYRXVGLWHV³(VWFHTXHF
HVW'LHXTXLIDLWoD"´2XLPRQVLHXU
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϱϯ
TX
LO \ D GHV YrWHPHQWV GHUULqUH 1'e@ 'HV YrWHPHQWV GH EDSWrPH
'RFWRXWGHVXLWH7UqVELHQ
&KDQWRQVGRQFXQGHFHVERQVYLHX[>)UqUH%UDQKDPIDLWFKDQWHU
TXHOTXHV FKDQWV j O
DVVHPEOpH SHQGDQW TXH )UqUH 1HYLOOH EDSWLVH OD
V°XU1'e@>HVSDFHQRQHQUHJLVWUpVXUODEDQGH1'e@
(WDYDQWGHIDLUHoDHQUHSDUWDQWQRXVGHYRQVIDLUHTXRL"
1RXVUHYrWLUGX1RPGH-pVXV
¬6HVSLHGVQRXVSURVWHUQHU
5RLGHVURLVDX&LHOQRXV/HFRXURQQHURQV
1RWUHYR\DJHWHUPLQp
7UqVELHQOHYRQVQRXV
5HYrWVWRLGX1RPGH-pVXV
ÐWRLHQIDQWGHWULVWHVVH
,OYDWHSURFXUHUODMRLH
-H YDLV YRXV GLUH FH TX
RQ YD IDLUH 5HWRXUQH]YRXV HW VHUUH] OD
PDLQ j TXHOTX
XQ Oj HW GLWHV ³%RQMRXU IUqUH -H VXLV YUDLPHQW FRQWHQW
TX
RQDLWXQOLHQGHSDUHQWp´
3UpFLHX[1RP1RPVLGRX[
(VSRLUGHODWHUUHMRLHGX&LHO
3UpFLHX[1RPSUpFLHX[1RP1RP
/$6(0(1&('86(53(17
7KH6HUSHQWV6HHG
&HWH[WHHVWXQHYHUVLRQIUDQoDLVHGX0HVVDJHRUDO©7KH6HUSHQWV6HHGª
SUrFKp SDU OH 3URSKqWH GH 'LHX :LOOLDP 0DUULRQ %UDQKDP OH VRLU j
-())(56219,//(,186$
/DYHUVLRQRULJLQHOOHGHFHWWHSUpGLFDWLRQDXQHGXUpHGHKHXUHPLQXWHV
9HXLOOH]WURXYHUOHVDXWUHVSUpGLFDWLRQVGX3URSKqWH:LOOLDP0DUULRP%UDQKDPHQ
IUDQoDLVDQJODLVHWHQUXVVHGDQVOHVLWH
ZZZEUDQKDPUX
ϱϮ>^DEh^ZWEd
$ORUVYRXVYR\H]LOUHVWHHQFRUHEHDXFRXSGHFKRVHVjHQVHLJQHU
TXHQRXVYHUURQVSOXVWDUG4XHOH6HLJQHXUYRXVEpQLVVH
0DLQWHQDQWFKDQWRQVFHERQ YLHX[FKDQWSHQGDQWTXHQRWUHV°XU
YDDOOHUOj-HFURLVTXHFHWWHGDPHOjGRLW
5RVHOODHVWFHTXHF
HVWWDPqUH">6°XU5RVHOOD*ULIILQGLW³2XL´
1'e@ (K ELHQ F
HVW PHUYHLOOHX[ oD &RQWHQW GH YRXV YRLU IDLUH oD
V°XU&
HVWWUqVELHQ
5RVHOOD *ULIILQ XQH GH QRV SOXV FKDUPDQWHV MHXQHV DPLHV &
HVW
XQHMHXQHIHPPHTXLpWDLWDOFRROLTXHLOVHSHXWTXHFHUWDLQVG
HQWUHYRXV
LFL QH OD FRQQDLVVHQW SDV 5RVHOOD oD QH OD GpUDQJH SDVTXHMH GLVH oD
4XDQGHOOHHVWYHQXHVXUO
HVWUDGHOjEDVjjRLFLHQ,QGLDQD6LYRXV
DYH]GpMjYXXQHORTXHF
HQpWDLWELHQXQHXQHDOFRROLTXHjO¶°LOYLWUHX[
$ORUVTXHTXDWUHPpGHFLQVUHQRPPpVGH&KLFDJRDYDLHQWGLWTX
HOOH/HV
$OFRROLTXHV $QRQ\PHV HW WRXW OH UHVWH O
DYDLHQW DEDQGRQQpH 0DLV XQ
VRLUHOOHHVWYHQXHjODUpXQLRQOH6DLQW(VSULWDGpPrOpO
pFKHYHDXGHVD
YLHHW,OOXLDGLWVDQVGpWRXUV&
pWDLWUpJOp
5HJDUGH]OD PDLQWHQDQW HOOH GRLW DYRLU WUHQWH DQV HW TXHOTXHV RQ
OXLHQGRQQHUDLWGL[KXLWXQHEHOOHMHXQHIHPPHFKDUPDQWH(OOHQ
DSOXV
MDPDLVJRWpDXZKLVN\GHSXLVSOXVDXFXQGpVLUGHoD(OOHYLWSRXU&KULVW
HOOH SDUFRXUW OHV UXHV SDUWRXW WpPRLJQDQW SRXU OD JORLUH GH 'LHX DX[
SpFKHXUVHWDX[DOFRROLTXHVGDQVWRXVOHVTXDUWLHUVPDOIDPpVHWWRXWOH
UHVWH G
XQ ERXW j O
DXWUH GH &KLFDJR HOOH IDLW TXHOTXH FKRVH SRXU OH
6HLJQHXU
(OOHDpWpEDSWLVpHDX1RPGX6HLJQHXU-pVXVHWFHVRLUVDPqUH
YLHQW IDLUH OD PrPH FKRVH VL XQ 'LHX D SX OD JXpULU VL -pVXV D SX OD
JXpULU ³4XRL TXH YRXV IDVVLH] HQ SDUROH RX HQ RHXYUH IDLWHV WRXW DX
1RP GH´ >/
DVVHPEOpH ³-pVXV&KULVW´@ &
HVW FH TXH OD %LEOH GLW
&
HVWYUDL
7UqV ELHQ PDLQWHQDQW QRXV DOORQV DYRLU OH VHUYLFH GH EDSWrPH
1RXV DOORQV pWHLQGUH OHV OXPLqUHV SRXU TXHOTXHV PLQXWHV SHQGDQW TXH
QRXV QRXV SUpSDURQV SRXU OH VHUYLFH SRXU OH EDSWrPH HWHW DSUqV QRXV
QRXVDWWHQGRQVjSDVVHUXQPRPHQWPHUYHLOOHX[GDQVOH6HLJQHXU
(VWFH TXH YRXV DOOH] YRXV RFFXSHU GX VHUYLFH GH EDSWrPH FH
VRLU"7UqVELHQYRXVIDLWHVPLHX[YRXVIDLWHVPLHX[GHYRXVSUpSDUHU(W
MHYDLVFRPPHQFHUMHYDLVFRQGXLUHOHVFKDQWVHWWRXWSHQGDQWTXHQRXV
QRXVRFFXSRQVGHoDDORUV3HQGDQWTX
LOVVH>)UqUH1HYLOOHGLW³(VWFH
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϱ
'LHX SXQLW O
LQLTXLWp GHV HQIDQWV OD JpQpUDWLRQ HW PrPH VXU
TXDWRU]H JpQpUDWLRQV (W VL &KULVW HVW YHQX SRXU DPSOLILHU oD RQ SRXUUDLW
GLUH³&HQWJpQpUDWLRQVRXFLQTFHQWVJpQpUDWLRQV´7HQH],ODGLW³/HV
DQFLHQVYRXVDYH]HQWHQGXTX
LOOHXUDpWpGLWDX[DQFLHQVµ7XQHWXHUDV
SRLQW¶0RL-HYRXVGLV TXHTXLFRQTXHVHPHWHQFROqUHFRQWUHVRQIUqUH
VDQVUDLVRQDGpMjWXp9RXVDYH]HQWHQGXTX
LODpWpGLWDX[DQFLHQVµ7X
QH FRPPHWWUDV SRLQW G
DGXOWqUH¶ 0DLV 0RL -H YRXV DL GLW TXH FHOXL TXL
UHJDUGH XQH IHPPH SRXU OD FRQYRLWHU D GpMj FRPPLV XQ DGXOWqUH´ ,O D
UHQGXoD$PSOLILHUF
HVWTXRL"&
HVWUHQGUHoDELHQGHVIRLVSOXVJURV
(W VL VRXV OD ORL F
pWDLW TXDWRU]H JpQpUDWLRQV FRPELHQ GH WHPSV HVWFH
TXHoDYDSUHQGUHSRXUODPrPHFKRVHDXMRXUG
KXL"
(W OHV MHXQHV KRPPHV HW OHV KRPPHV G
kJH PU HW OHV KRPPHV
PDULpV LOV Q
RQW SOXV DXFXQ UHVSHFW SRXU OHXUV Y°X[ GH PDULDJH 2K LOV
SUHQQHQWVLPSOHPHQWGHVIHPPHVHWLOVYLYHQWDYHFHOOHVQ
LPSRUWHRHW
FRPPHGHYXOJDLUHVFKLHQV8QFKLHQDSOXVGHUHVSHFWHWSOXVGHPRUDOLWp
TXH FHUWDLQHV SHUVRQQHV Q
HQ RQW -H VDLV TXH F
HVW WUqV GLUHFW oD PDLV
F
HVWYUDL
3RXUTXRL"(WOHVpJOLVHVHOOHVVRQWG
DFFRUGHOOHVQHGLVHQWSDVXQ
PRWOjGHVVXV3RXUTXRL"(OOHVDJLVVHQWH[DFWHPHQWFRPPHOHXUPDPDQ
/HVpJOLVHVKpULWHQWGHoD3XLVTXHO
pJOLVHHWFHWWHpJOLVHSURWHVWDQWHHVW
VRUWLH GH O
pJOLVH FDWKROLTXH OHV SpFKpV GH O
pJOLVH FDWKROLTXH VRQW SXQLV
VXU OHV SURWHVWDQWV &HUWDLQHPHQW TX
LOV OH VRQW DORUV OD PDUPLWH QH SHXW
SDVGLUHDXFKDXGURQTX
LOHVWVDOH&
HVWWRXWjIDLWYUDL
0DLQWHQDQWQRXVYR\RQVHWGDQVO
eFULWXUHQRXVDYRQVYX(WMH
Q
DLSDVWURXYpXQHVHXOHQRWHLFLVXUODWDEOHFHVRLU-
DLGLW³0RQWUH]PRL
XQ VHXO HQGURLW R 'LHX DLW MDPDLV pWDEOL XQH GpQRPLQDWLRQ 0RQWUH]PRL
XQVHXOHQGURLWR'LHXDLWMDPDLVpWDEOLXQHIHPPHSUpGLFDWHXU0RQWUH]
PRL XQ VHXO HQGURLW R 'LHX DLW MDPDLV pWDEOL TX
RQ GRLYH DVSHUJHU
0RQWUH]PRLXQVHXOHQGURLWR'LHXDLWMDPDLVpWDEOLTX
RQGRLYHYHUVHUGH
O
HDX 0RQWUH]PRL XQ VHXO HQGURLW R 'LHX DLW MDPDLV IDLW EDSWLVHU
TXHOTX
XQDXQRPGXµ3qUH)LOV6DLQW(VSULW¶´7URXYH]PRLFHVFKRVHV
Oj (W SRXUWDQW RQ Q
DUUrWH SDV GH OHVIDLUH &
HVW LPSUpJQp GDQV O
pJOLVH
%RQHWM
DLGLWTXHYRXV
/DUDLVRQSRXUODTXHOOHQRXVQHSRXUULRQVSDVrWUHEDSWLVWHVF
HVW
TXH QRXV FUR\RQV TX
LO IDXW rWUH EDSWLVpV DX 1RP GX 6HLJQHXU -pVXV
&KULVW ,O Q
\ D SHUVRQQH GDQV OD %LEOH TXL DLW MDPDLV pWp EDSWLVp
DXWUHPHQW 6L YRXV PH PRQWUH] XQ VHXO HQGURLW R XQH SHUVRQQH D pWp
EDSWLVpH DX QRP GX ³3qUH )LOV 6DLQW(VSULW´ MH OqYHUDL OHV PDLQV HW MH
GLUDLTXHMHVXLVXQIDX[SURSKqWH
ϲ>^DEh^ZWEd
(WVLOD%LEOHGLWTXHYRXVGHYH]rWUH³EDSWLVpVDX1RPGH-pVXV
&KULVWóDYHXWGLUHTXHYRXVGHYH]OHIDLUHGHFHWWHPDQLqUHOj3DXOOHXU
D RUGRQQp GH VH IDLUH UHEDSWLVHU 3HX LPSRUWH FRPPHQW LOV V
pWDLHQW IDLW
EDSWLVHU LO D IDOOX TX
LOV YLHQQHQW VH IDLUH UHEDSWLVHU ,OV V
pWDLHQW IDLW
EDSWLVHUSDUO
KRPPHPrPHTXLDYDLWEDSWLVp-pVXV&KULVW-HDQ%DSWLVWH
,ODGLW³dDQHIRQFWLRQQHUDSOXV,OIDXWYHQLUYRXVIDLUHUHEDSWLVHU´(WLOD
IDOOX TX
LOV OH IDVVHQW DYDQW GH SRXYRLU UHFHYRLU OH 6DLQW(VSULW &
pWDLW OH
SODQGH'LHX
-H SRXUUDLV DOOHU HQFRUH XQ SHX SOXV SURIRQG FH VRLU 3RXUTXRL"
-pVXV WLHQW 6D 3DUROH (VWFH TXH YRXV FUR\H] oD" %RQ YRXV pWLH]
SUHVTXHWRXVOjFHPDWLQPDLVMHYHX[LQVLVWHUXQSHXSOXVOjGHVVXV
3RXUTXRL3DXODXUDLWLOGRQQpODFRPPLVVLRQGRQQpO
RUGUHGHIDLUH
oDXQHIRLVTXHoDDYDLWpWpIDLW"3DXODGLW³0rPHVLXQ$QJHGX&LHO
YHQDLWSUrFKHUDXWUHFKRVHTX
LOVRLWDQDWKqPH´
0DLQWHQDQW YRXV GLWHV ³1RXV DYRQV XQH /XPLqUH QRXYHOOH Oj
GHVVXV´ 1RQ YRXV Q
HQ DYH] SDV &
HVW DYHF oD TXH OH GLDEOH V
HVW
SUpVHQWpjÊYHDYHFGHOD/XPLqUHQRXYHOOH9RXVQ
DYH]SDVEHVRLQGH
/XPLqUHQRXYHOOH9RXVDYH]EHVRLQGHPDUFKHUGDQVOD/XPLqUHTXH'LHX
DGpMjPLVHLFLF
HVWWRXW
0DLQWHQDQW UHJDUGH] ELHQ FRPPH F
HVW VLPSOH 4XDQG LOV VRQW
GHVFHQGXV GH OD PRQWDJQH GH OD 7UDQVILJXUDWLRQ -pVXV D GLW j 6HV
GLVFLSOHV³4XLGLWRQTXH-HVXLV0RLOH)LOVGHO
KRPPH"´
³/
XQGLWTXH7XHVµ0RwVHRXeOLHRXXQGHVSURSKqWHV¶´
,ODGLW³9RXVTXLGLWHVYRXV"´
,ODGLW3LHUUHDGLW³7XHV&KULVWOH)LOVGX'LHXYLYDQW´
,ODGLW³7XHVKHXUHX[6LPRQILOVGH-RQDVFDUFHQHVRQWSDVOD
FKDLUHWOHVDQJTXLW
RQWUpYpOpFHOD´9RXVYR\H]oDQHYLHQWSDVSDUOHV
VpPLQDLUHV dD QH YLHQW SDV SDU OHV GpQRPLQDWLRQV ³&H QH VRQW SDV OD
FKDLUHWOHVDQJTXLW
RQWUpYpOpFHOD7XQHO
DVSDVDSSULVGDQVXQHpFROH
GH WKpRORJLH 0DLV F
HVW 0RQ 3qUH TXL HVW GDQV OHV &LHX[ TXL W
D UpYpOp
FHOD(WVXUFHWWHSLHUUH-HEkWLUDL0RQeJOLVHHWOHVSRUWHVGXVpMRXUGHV
PRUWV QH SHXYHQW SDV SUpYDORLU FRQWUH HOOH´ XQH UpYpODWLRQ VSLULWXHOOH GH
4XL,OHVW
5HPDUTXH]³(W0RL-HWHGLVTXHWXHV3LHUUH(W-HWHGRQQHUDL
OHVFOpVGXUR\DXPH(WWRXWFHTXHWXOLHUDVVXUODWHUUH-HOHOLHUDLGDQV
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϱϭ
0DLVSHUVRQQHGDQVO
eFULWXUHQ
DMDPDLVpWpEDSWLVpG
DXFXQHDXWUH
PDQLqUHTX
DX 1RP GX ³6HLJQHXU -pVXV&KULVW´ (W FHX[TXL DYDLHQW pWp
EDSWLVpV LO OHXU D pWp RUGRQQp SDU VDLQW 3DXOTXL D GLW TXH ³PrPH VL XQ
$QJH SUrFKDLW TXRL TXH FH VRLW G
DXWUH TX
LO VRLW DQDWKqPH´ ,O OHXU D
RUGRQQp GH YHQLU VH IDLUH UHEDSWLVHU GH QRXYHDX DX 1RP GX ³6HLJQHXU
-pVXV&KULVW´&
HVWYUDL(WLOO
DIDLW(WFHTX
LODIDLWLOQRXVDGRQQpOD
FRPPLVVLRQGHOHIDLUHHWF
HVWFHTXHQRXVIHURQV'LHXYRXODQW
1RXVFUR\RQVDXODYDJHGHVSLHGV1RXVFUR\RQVjODFRPPXQLRQ
1RXV FUR\RQV j OD VHFRQGH 9HQXH GH &KULVW OHV YLVLEOHV OH FRUSV
SK\VLTXH GX 6HLJQHXU SDV (VSULW PDLV OH FRUSV SK\VLTXH GX 6HLJQHXU
-pVXVTXLUHYLHQWHQJORLUH
1RXVFUR\RQVjODUpVXUUHFWLRQSK\VLTXHGHVPRUWVDILQGHUHFHYRLU
XQ FRUSV SDV YLHX[ HW ULGp FRPPHTXDQG RQ YD GDQV OD WRPEHPDLV XQ
QRXYHDX FRUSV GDQV OH ERQKHXU VXSUrPH GH OD MHXQHVVH DILQ GH YLYUH
SRXUWRXMRXUV
1RXV FUR\RQV j O
LPPRUWDOLWp GH O
kPH DEVROXPHQW 1RXV FUR\RQV
TX
LO Q
\ D TX
XQH VHXOH IRUPH GH 9LH eWHUQHOOH HW F
HVW FHWWH 9LHOj TXH
YRXVUHFHYH]GH-pVXV&KULVW&
HVWWRXWjIDLWYUDL
3DUFRQVpTXHQWQRXVQHFUR\RQVSDVjXQFKkWLPHQWeWHUQHO1RXV
FUR\RQVjXQHQIHUEUODQWGHIHXHWGHVRXIUHPDLVQRXVQHFUR\RQVSDV
TX
LOEUOHSRXUWRXMRXUVGDQVFHFDVYRXVDXULH]OD9LHeWHUQHOOH,OQ
\D
TX
XQH 9LH eWHUQHOOH (OOH YLHQW GH 'LHX &
HVW YUDL 9RXV EUOHUH] SHXW
rWUH SHQGDQW XQ PLOOLRQ G
DQQpHV GL[ PLOOLRQV G
DQQpHV MH QH VDLV SDV
PDLV YRXV QH SRXYH] SDV DYRLU OD 9LH eWHUQHOOH 9RXV QH SRXYH] SDV
EUOHU SRXU WRXMRXUV 9RXV SRXYH] EUOHU SRXU WRXMRXUV PDLV SDV
eWHUQHOOHPHQW 9RXV YR\H] LO \ D XQH GLIIpUHQFH HQWUH eWHUQHOOHPHQW HW
SRXUWRXMRXUV3RXUWRXMRXUVF
HVWSHQGDQWGHVVLqFOHVHWGHVVLqFOHVXQH
FRQMRQFWLRQ TXL YHXW GLUH XQH ³SpULRGH GH WHPSV´ 0DLV eWHUQHO YRXV
Q
DYH]SDVXQFKkWLPHQWeWHUQHO
9RXV DYH] OD 9LH eWHUQHOOH SDUFH TX
LO Q
\ D TX
XQH IRUPH GH 9LH
eWHUQHOOH (W FHOXLTXL DOD 9LH eWHUQHOOH LO YLW HWLO HVW EpQL SDU 'LHX SRXU
WRXMRXUV
³0DLVO
kPHTXLSqFKHF
HVWO
kPHTXL´4XRL">/
DVVHPEOpHGLW
³PRXUUD´ 1'e@ &
HVW oD 'RQF HOOH Q
D SDV OD 9LH eWHUQHOOH
&HUWDLQHPHQW(OOHDHOOHDVRQFKkWLPHQWPDLVSDVOD9LHeWHUQHOOH
ϱϬ>^DEh^ZWEd
-HFURLVTX
LFLF
HVWODV°XUHWOHIUqUHOjTXLVRQWDOOpVSULHUSRXUOD
MHXQH ILOOH FHWWH IRLVOj MXVWH LFL XQ PpGHFLQ DVVLV GH FH F{WpFL 4XH OH
6HLJQHXUYRXVEpQLVVHGRFWHXU
0DLQWHQDQWMHYRXVHQSULHQHYRXVRIIHQVH]SDVjFDXVHGHPRL
YRXVOHVSUpGLFDWHXUVHWOHVIUqUHVjFDXVHGHODPDQLqUHGLUHFWHTXHM
DL
GHIDLUHSpQpWUHUoDGHWRXWHVPHVIRUFHV,FLF
HVWQRWUH7DEHUQDFOH&
HVW
dDQRWUHSRVLWLRQHWQRXVYRXORQV/
DSSX\HUVXUOD3DUROHHWTXHdDOHV
VHFRXH &RPPH oD VL MDPDLV YRXV GpYLH] QRXV UHYLHQGURQV YRXV GLUH
³9RXVOHVDYLH]SRXUWDQW&
HVWLFLVXUODEDQGH´9R\H]"9RLOj³&
HVWLFL
VXUEDQGH´
1RXV HQ DYRQV HQFRUH EHDXFRXS SOXV TX
RQ GHYUDLW PHWWUH Oj
GHVVXV /HR 0DLV PDLV QRXV 9RXV DYH] GpMj oD 5HVWH]< ILGqOHV HW
QRXVYHUURQVOH5HVWHXQSHXSOXVWDUG&
HVWFRPPHFHWKRPPHOjTXL
PDQJHDLW GX PHORQ G
HDX LO GLVDLW ³&
pWDLW YUDLPHQW ERQ PDLV LO \ HQ D
HQFRUH´$ORUVQRXV(QDYRQVHQFRUHELHQSOXVTXLUHVWHjYHQLU
4XH OH 6HLJQHXU YRXV EpQLVVH EHDXFRXS Oj $ORUV TXH QRXV
1RXV DOORQV DYRLU QRWUH VHUYLFH GH EDSWrPH WRXW GH VXLWH &
HVW ELHQ oD
)UqUH1HYLOOH">)UqUH1HYLOOHGLW³2XLMHFURLVTXHF
HVWoD´1'e@(VW
FHTX
LO\DTXHOTX
XQLFLTXLYDVHIDLUHEDSWLVHUWRXWGHVXLWH"4XLYRXV
rWHV oD QRXV HVW pJDO QRXV VRPPHVQRXV VRPPHV LFL SRXU EDSWLVHU
&HX[TXLGHYDLHQWVHIDLUHEDSWLVHUOHYH]ODPDLQ4XHOTX
XQMHFURLVTXH
F
pWDLWXQH9RLFLXQHGDPHLFL(WHVWFHTX
LO\DYDLWTXHOTX
XQG
DXWUH"
0DLQWHQDQW QRXV DYRQV GHV YrWHPHQWV LFL SRXUOHV GHX[ OHV KRPPHV HW
OHVIHPPHV
1RXV QH GLVRQV SDV Oj ³4XLWWH] O
pJOLVH EDSWLVWH 4XLWWH] O
pJOLVH
PpWKRGLVWH´1RXVQHGLVRQVSDV$OOH]\UHWRXUQH]jYRWUHpJOLVH0DLVVL
YRXV Q
DYH] SDV pWp EDSWLVp FRQIRUPpPHQW j O
eFULWXUH DX 1RP GX
6HLJQHXU -pVXV 3DV DX 1RP GH ³-pVXV´ VHXOHPHQW Oj $X 1RP GX
³6HLJQHXU-pVXV&KULVW´F
HVWoDO
eFULWXUH9RWUHEDSWrPHHVWIDX[
-H QH YHX[ SDV G
HQQXLV TXDQG M
DUULYHUDL DX IOHXYH -H YHX[ IDLUH
WRXWFHTXHMHSHX[SRXUTXHODYRLHVRLWOLEUHTXDQGM
DXUDLPRQELOOHWjOD
PDLQYRXVYR\H]SDUFHTXHMHYHX[PRQWHUjERUGHQFHWWHKHXUHOj-H
YRXVFRQVHLOOHGHIDLUHODPrPHFKRVH
5HWRXUQH]jYRWUHpJOLVHdDYRXVUHJDUGHF
HVWHQWUHYRXVHW'LHX
&
HVWWRXWFHTXHMHSHX[YRXVGLUH
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϳ
OHV &LHX[ WRXW FH TXH WX GpOLHUDV VXU OD WHUUH -H OH GpOLHUDL GDQV OHV
&LHX[´2U,OVHGHYDLWGHWHQLU6D3DUROHVLQRQ,OQ
pWDLWSDV'LHX%RQHW
TXDQG ,O D IDLW oD TXHOTXHV MRXUV SOXV WDUG ,O D pWp FUXFLILp ,O HVW
UHVVXVFLWp,OHVWPRQWpDX&LHOHW3LHUUHDGpYRLOpO
eYDQJLOHOHMRXUGHOD
3HQWHF{WH (VWFH TX
LO O
D IDLW" ,O ELHQ VU TX
LO O
D IDLW 0DLQWHQDQW
UHJDUGH]TXDQGLO
,OVVHPRTXDLHQWWRXVG
HX[SDUFHTX
LOVpWDLHQWUHPSOLVGHO
(VSULW
,OVVHIDLVDLHQWWUDLWHUG¶³KpUpWLTXHV´G¶³H[DOWpV´RXGHTXHOTXHQRPGX
JHQUH(WPrPHLOVULDLHQWHWGLVDLHQW³,OVVRQWSOHLQVGHYLQGRX[´
$ORUV3LHUUHV
HVWOHYpDXPLOLHXG
HX[LODpOHYpODYRL[HWLODGLW
³+RPPHV IUqUHV pFRXWH] PD YRL[ 3UrWH] O
RUHLOOH j PHV SDUROHV HW
pFRXWH]PRL &HX[FL QH VRQW SDV LYUHV FRPPH YRXV OH VXSSRVH] F
HVW
VHXOHPHQWODWURLVLqPHKHXUHGXMRXU0DLVF
HVWLFLFHTXLDpWpGLWSDUOH
SURSKqWH-RsOµ(WLODUULYHUDGDQVOHVGHUQLHUVMRXUVTXH-HUpSDQGUDLGH
0RQ(VSULW¶HWFHTX
,OIHUDLWj6HVILOVHWj6HVILOOHVHWj6HVVHUYDQWHVHW
WRXWHQFHMRXUOj´
(WTXDQGLOVVHVRQWPLVjpFRXWHUoDLOVRQWHXOHF°XUYLYHPHQW
WRXFKp (Q HIIHW PDOJUp TX
LOV HQWHQGDLHQW SDUOHU XQ KRPPH TXL QH
FRQQDLVVDLWSDVVRQDOSKDEHWLOVRQWpWpIRUFpVGHSUrWHUDWWHQWLRQjOXLGH
YRLUTX
LODYDLWTXHOTXHFKRVHjO
LQWpULHXUGHOXLTXLO
HQIODPPDLWOH6DLQW
(VSULW /
DUUrWHU" 0DLV FH VHUDLW FRPPH HVVD\HU G
pWHLQGUH XQ LQFHQGLH
GDQVXQEkWLPHQWVHFXQMRXUGHJUDQGYHQW9RXVQHSRXUULH]SDV,OpWDLW
UHPSOLGX6DLQW(VSULW(WOjTX
HVWFHTX
LODIDLW"
,OV RQW GLW ³(K ELHQ KRPPHVIUqUHVTXH SRXYRQVQRXVIDLUH SRXU
rWUHVDXYpV"´
$WWHQWLRQOj3LHUUHF
HVWWRLTXLDVOHVFOpVGXUR\DXPH9R\H]"
0DLQWHQDQWTXDQG -pVXV HVW UHVVXVFLWp OH WURLVLqPH MRXU ,O Q
DYDLW
SDVOHVFOpVGXUR\DXPHGHV&LHX[6DYLH]YRXVoD",ODGLW³-
DLOHVFOpV
GH OD PRUW HW GX VpMRXU GHV PRUWV´ PDLV SDV FHOOHV GX UR\DXPH SDUFH
TX
HOOHVDYDLHQWpWpGRQQpHVj3LHUUH
(W,ODGLW³3LHUUHWRXWFHTXHWXGpOLHUDVVXUODWHUUH-HOHGpOLHUDL
GDQVOHV&LHX[&HTXHWXOLHUDVVXUODWHUUH-HOHOLHUDLGDQVOHV&LHX[´
'RQFLOVHWLHQWOjDYHFOHVFOpVSRXURXYULUDXPRQGHFHWWHFKRVH
EpQLH (W LO HVW Oj DYHF OHV FOpV GDQV VD PDLQ (W LOV GHPDQGHQW ³4XH
SRXYRQVQRXVIDLUHSRXUrWUHVDXYpV"´0DLQWHQDQWTXRLTXHO
DS{WUHOHXU
ϴ>^DEh^ZWEd
GLVHGHIDLUH'LHXHVWIRUFpGHOHUHFRQQDvWUHGDQVOH&LHOV
,OOXLDGRQQp
FHWWHDXWRULWpOj
$ORUV 3LHUUH D GLW ³5HSHQWH]YRXV FKDFXQ G
HQWUH YRXV HW VR\H]
EDSWLVpV DX 1RP GH -pVXV&KULVW SRXU OD UpPLVVLRQ GH YRV SpFKpV HW
YRXV UHFHYUH] OH GRQ GX 6DLQW(VSULW´ 3DV YUDL" (W YRLOj OD UDLVRQ SRXU
ODTXHOOH GDQV OH &LHO OHV FOpV Q
RQW WRXUQp j DXFXQ DXWUH QRP DXFXQH
DXWUHPDQLqUHDXFXQHDXWUHDXFXQHDXWUHIRUPH(OOHDWRXUQpVXUODWHUUH
HWHOOHDWRXUQpGDQVOH&LHORXDORUV-pVXVQ
DSDVWHQX6D3DUROHHQYHUV
3LHUUH(WSDUWRXWGDQVOD%LEOHTXDQGLOVRQWpWpEDSWLVpVDSUqVoDLOVRQW
pWp EDSWLVpV DX 1RP GH -pVXV&KULVW (W FHX[ TXL V
pWDLHQW IDLW EDSWLVHU
DYDQW LOV RQW pWp REOLJpV GH YHQLU VH IDLUH UHEDSWLVHU DX 1RP GH -pVXV
&KULVW SRXU UHFHYRLU OH 6DLQW(VSULW &
HVW FHOXLOj TXL HVW OH ERQ (W F
HVW
HQFRUHSDUHLO
$ORUV VL QRXV HQVHLJQRQV OH EDSWrPH DX QRP GH ³3qUH )LOV HW
6DLQW(VSULW´ F
HVW GH OD IDXVVH SURSKpWLH 0DLQWHQDQW MH QH YHX[ SDV
YRXV EOHVVHU PDLV LO IDXW TXH M
pWDEOLVVH oD FODLUHPHQW SRXU TXH FHWWH
pJOLVHVDFKHFHTX
LOHQHVW1RXVQHVRPPHVSDVLFLFRPPHXQHEDQGH
GH WLPEUpV LOOHWWUpV QRXV FRQQDLVVRQV QRWUH SRVLWLRQ GDQV OD 3DUROH GH
'LHX9RXVYR\H]QRXVVDYRQV-HGpILHQ
LPSRUWHTXLGHPHPRQWUHUXQ
VHXO HQGURLW R TXL TXH FH VRLW DLW MDPDLV pWp EDSWLVp DX 1RP GH ³3qUH
)LOV 6DLQW(VSULW´ 0DLQWHQDQW HVWFHTXH YRXV DOOH] pFRXWHU XQH IDXVVH
SURSKpWLH RX ELHQ OD 9pULWp" 6RQGH] OHV eFULWXUHV &
HVW j YRXV GH
GpFLGHU
0RQWUH]PRLRXQHVHXOHSHUVRQQHGDQVOD%LEOHRXQHpJOLVHD
GpMjpWppWDEOLHFRPPHGpQRPLQDWLRQGDQVODGDQVOD%LEOH0RQWUH]PRL
GDQVOD%LEOHRLOVRQW GpMjpWDEOLXQHIHPPHSUpGLFDWHXU0RQWUH]PRL
GDQV OD %LEOH R WRXWHV FHV FKRVHV GRQW QRXV DYRQV SDUOp RQW GpMj pWp
pWDEOLHV GDQV OD %LEOH (OOHV Q
\ VRQW SDV 1RPPH]PRL XQ VHXO HQGURLW
$OOH]YRLUXQHGpQRPLQDWLRQ
(K ELHQ TXDQG OHV PpWKRGLVWHV VRQW DSSDUXV LOV SUrFKDLHQW OD
VDQFWLILFDWLRQ &
HVW ERQ 0DLV TXDQG LOV O
RQW IDLW LOV RQW IRUPp XQH
GpQRPLQDWLRQ HW F
pWDLW UpJOp 9RLOj OD UDLVRQ SRXU ODTXHOOH OD %LEOH D GLW
³7XDVXQQRP´
9RXVGLWHV³-HVXLVFKUpWLHQ´
³(KELHQjTXHOOHGpQRPLQDWLRQHVWFHTXHYRXVDSSDUWHQH]"´
9RXVGLWHV³0pWKRGLVWH´HKELHQYRXVrWHVXQHSURVWLWXpHDORUV
³-H VXLV EDSWLVWH´ SURVWLWXpH ³3HQWHF{WLVWH´ YRXV rWHV XQH SURVWLWXpH
9RXVDSSDUWHQH]jFHWWHpJOLVHOj
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϰϵ
QRXV IHURQV XQ SODLVLU GH YRXV YRLU 6L YRXV DYH] GHV ELHQDLPpV TXL
DUULYHQWTXLGRLYHQWUHSDUWLUHQYLWHVVHSHQGDQWTXHOHUpYHLOVHGpURXOH
0DLQWHQDQW j SDUWLU GH FH VRLU MH YDLV SDUWLU SRXU rWUH VHXO HW MH VHUDL
DEVHQWSRXUGHX[MRXUVOjWRXWVHXO
-
HQWUH VLPSOHPHQW Oj HW MH PH PHWV j pWXGLHU FRPPH oD
³6HLJQHXU7XHVSUqVGHPRL-HVDLVTXH7XHVLFL7D3DUROHDGLWTXH
7XW
DSSURFKHUDLVGHFHX[TXLV
DSSURFKHQWGH7RL´-HFRQWLQXHjSULHUHW
jYHLOOHUMXVTX
jFHTXHMHYRLHFHWWH&RORQQHGH)HXVHPHWWUHjERXJHU
$ORUV MH VDLV TXH F
HVW SUrW (QVXLWH MH P
DYDQFH VXU O
HVWUDGH SRXU OH
VHUYLFH GH JXpULVRQ SRXU SULHU HW SRXU IDLUH FH TXH MH SHX[ SRXU DLGHU
FHX[TXLVRQWPDODGHVHWDIIOLJpV
1RXV DSSUpFLRQV YUDLPHQW WRXWHV YRV ERQWpV (W TXDQG YRXV
YLHQGUH] YHQH] DYHF IRL HW QRXV QRXV DWWHQGRQV j DYRLU XQH UpXQLRQ
JORULHXVH-HYHX[GLUHTXH
)UqUH-HIIHULHVHVWFHTX
LOHVWLFLFHVRLU"1RXVYRXORQVWpPRLJQHU
GH OD UHFRQQDLVVDQFH SRXU )UqUH -HIIHULHV HW VRQ WUDYDLO -H SHQVHTX
LOD
GUHWRXUQHUGDQVOHVvOHVHWWRXW
&RQWHQWGHYRLU)UqUHHW6°XU:ULJKWHWEHDXFRXSG
HQWUHYRXVLFL
(W M
DL YX O
DYRFDW 5REHUWVRQ LFL WRXW j O
KHXUH LO HVW HQWUp WRXW j
O
KHXUH -H YRXODLV OH IpOLFLWHU GH VRQGH VRQ PHVVDJH GH O
DXWUH MRXU
3HUVRQQH Q
DYDLW PHQWLRQQp TXL F
pWDLW M
DL HX KRQWH ,O D DSSRUWp XQ WUqV
ERQ PHVVDJH VXU OD SURSKpWLH TXHOTXH FKRVH FRPPH FH TXH M
DL SUrFKp
FHVRLU
(W SXLV LO \ DYDLW DXVVL XQ DXWUH SUpGLFDWHXU LFL FH PDWLQ RX KLHU
VRLU)UqUH6PLWKGHO
pJOLVHPpWKRGLVWHRXGHO
pJOLVHGH'LHXSDVORLQ
G
LFL-HQHVDLVSDVV
LOHVWLFLRXSDVFHVRLU6LMDPDLVYRXVYRXVWHQH]
GHUULqUH FHWWH FKDLUH HW TXH YRXV UHJDUGH] YHUV OH IRQG FRPPH oD F
HVW
GLIILFLOHGHGLVWLQJXHUF
HVWSODWYRXVYR\H]DORUVRQQHGLVWLQJXHSDV6L
YRXVrWHVLFL)UqUH6PLWKQRXVYRXVDSSUpFLRQV
(W DVVLV MXVWH LFL HVWFH TXH FH Q
HVW SDV FH EUDYH IUqUH GH OD
*pRUJLH DVVLV LFL GHUULqUH SUqV GH )UqUH &ROOLQV" >)UqUH 1HYLOOH GLW
³2XL´1'e@&RQWHQWGHYRXVYRLUHQFRUHLFLFHVRLUIUqUH
(WWRXVOHVDXWUHVYRXVWRXVYRXVVDYH]FKDFXQTXLYRXVrWHV
ϰϴ>^DEh^ZWEd
(W,OHVWYHQXLFLVXUWHUUHHW,ODGLW³-HYLHQVGX3qUHHW-HYDLV
-HYLHQVGH'LHXHW-HUHWRXUQHj'LHX´
4XDQG ,O HVW PRUW TX
,O D pWp HQVHYHOL TX
,O HVW UHVVXVFLWp HW TXH
3DXO VXU OH FKHPLQ GH 'DPDV /
D UHQFRQWUp j QRXYHDX TX
HVWFH TX
,O
pWDLW" >4XHOTX
XQ GLW ³8QH &RORQQH GH )HX´ 1'e@ 7RXMRXUV XQH
&RORQQHGH)HX2XLPRQVLHXU
4X
HVWFHTX
,ODIDLWTXDQG,OpWDLWLFLVXUWHUUH"4X
HVWFHTX
,ODIDLW
TXDQG,ODUHQFRQWUp3DXO"&RPPHQWO
DW,OHQYR\p",OO
DHQYR\pYHUVXQ
SURSKqWHTXLOXLDGLWFRPPHQWrWUHEDSWLVpTXLOXLDGLWTXRLIDLUHLOOXLD
LPSRVpOHVPDLQVHWO
DJXpULLOOXLDGLWTX
LODYDLWHXXQHYLVLRQ
&H PrPH -pVXV HVW LFL DXMRXUG
KXL HQ WUDLQ GH IDLUH OHV PrPHV
FKRVHV HW WRXMRXUV OD PrPH &RORQQH GH )HX TXL HQVHLJQH OD PrPH
FKRVHHWTXLOHFRQILUPHSDU6D3DUROHHWSDUGHVVLJQHVHWGHVSURGLJHV
-HVXLVVLFRQWHQWG
rWUHFKUpWLHQMHQHVDLVSDVTXRLIDLUH-HVXLVFRQWHQW
TXHYRXVVR\H]FKUpWLHQV
(W YRXV OH 7DEHUQDFOH LFL MH YRXV O
DL GLW QRXV DOORQV FKDQJHU FH
QRPOj&HQ
HVWSDVELHQTXHFHVRLWOH%UDQKDP7DEHUQDFOHdDFHQ
HVW
TX
XQ KRPPH YRXV YR\H] 1RXV DOORQV FKDQJHU VRQ QRP OXL GRQQHU XQ
DXWUHQRP1RXVDOORQVQRXVRFFXSHUGHoDGDQVTXHOTXHWHPSV-HYHX[
TXH FH VRLW VHXOHPHQW XQHXQH pJOLVH GX 'LHX YLYDQW -H QH OD YHX[ SDV
PpWKRGLVWHEDSWLVWHSUHVE\WpULHQQHSHQWHF{WLVWH-H
7RXVFHVJHQVOjMHOHVDLPHGHWRXWPRQF°XU-HQHVDLVSDVTXL
HVWTXRL-HQHSHX[SDVYRXVOHGLUH-HGRLVVHXOHPHQWSUrFKHUOD3DUROH
-HMHWWHOHILOHWHWMHOHUDPqQH,O\DGHVJUHQRXLOOHVHWLO\DGHVDUDLJQpHV
G
HDXHWLO\DGHVVHUSHQWVHWLO\DGHVSRLVVRQVDXVVL&
HVWj'LHXGH
GpFLGHUGHoD-HUDPqQHVHXOHPHQWOHILOHWMHSUrFKHVHXOHPHQWOD3DUROH
HWMHOHUDPqQHHQGLVDQW³/HVYRLOj6HLJQHXUWRXWDXWRXUGHO
DXWHO7X
FRQQDLVOHV7LHQV7XOHVFRQQDLVGHSXLVODIRQGDWLRQ-HQHVDLVSDVTXL
HVW TXRL 7RL RXL DORUV F
HVW 7RQ DIIDLUH 6HLJQHXU &
HVW OH PLHX[ TXH MH
SHX[IDLUH-HYDLVDOOHUSDULFLHWSrFKHUjODVHQQHDLOOHXUVjSUpVHQWHW
HQIDLUHHQWUHUXQDXWUHJURXSH&
HVWWRXWFHTXHMHSHX[IDLUH´%LHQ
2KMHVXLVHQURXWHYHUVPDPDLVRQ
-HVXLVHQURXWHYHUVPDPDLVRQ
(OOHHVWEHOOHHOOHHVWSOHLQHGHOXPLqUH
(WMHVXLVHQURXWHYHUVPDPDLVRQ
0DLQWHQDQW VRXYHQH]YRXV WRXV FHX[TXL YHXOHQW XQUHQGH]YRXV
YRXV Q
DYH] TX
j DSSHOHU 0 0HUFLHU LFL RX ELHQ OH %8WOHU 1RXV
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϵ
&
HVW j &KULVW TXH YRXV GHYH] DSSDUWHQLU 9RXV Q
DYH] SDV j GLUH
³PpWKRGLVWH´ ³EDSWLVWH´ 6L YRXV rWHV FKUpWLHQ YRXV rWHV FKUpWLHQ GH
F°XU
&KDFXQH GH FHV GpQRPLQDWLRQV SHXW SURGXLUH GHV HQIDQWV GHV
HQIDQWVGH'LHXF
HVWYUDL0DLVVLYRXVSHQVH]TXHYRXVLUH]DX&LHOMXVWH
SDUFHTXHYRXVrWHVPpWKRGLVWHRXEDSWLVWHYRXVDYH]WRUW(WF
HVWSRXU
FHWWHUDLVRQOjTXHQRXVUHVWRQVHQGHKRUVGHFHWWHFKRVH
3RXUTXRLHVWFHTXHOHVEDSWLVWHVQHSHXYHQWSDVYRLU"
-
DLGHPDQGpjXQPpWKRGLVWHLFLTXLpWDLWHQWUDLQGHUpGLJHUXQH
WKqVH TXHOTXH FKRVH TXL D pWp pFULW LO \ D ORQJWHPSV ,O D GLW ³/D VHXOH
FKRVH TXH QRXV DYRQV FRQWUH YRXV F
HVW TXH YRXV F{WR\H] OHV
SHQWHF{WLVWHV´
-
DLGLW³&
HVWTXLµQRXV¶"´
³1RXVOHVPpWKRGLVWHV´
-
DLGLW³(KELHQMHYDLVYRXVGLUHFHTXHMHYDLVIDLUH-HYDLVYHQLU
GDQVYRWUHYLOOHHWYRXVIDLWHVSDUUDLQHUoDSDUOHVPpWKRGLVWHV´
³2K´LODGLW³ELHQHQWHQGXQRXVQHSRXUULRQVSDVIDLUHoD´
-
DL GLW ³&
HVWF
HVW FH TXH MH SHQVDLV -H UHVWH DYHF OHV
SHQWHF{WLVWHV SDUFH TXH OHV SHQWHF{WLVWHV OH FURLHQW &
HVW YUDL ,OV OH
VRXWLHQQHQW(WFHVRQWHX[TXLHQUHWLUHQWOHVDYDQWDJHV´
&RPELHQRQWOXFHWDUWLFOHGDQVOHPDJD]LQH/LIHWRXWUpFHPPHQW
VXU O
pJOLVH SHQWHF{WLVWH" &
HVW O
XQ GHV SOXV JUDQGV SKpQRPqQHV GH FHW
kJH ,OV RQW HX SOXV GH FRQYHUWLV HQ XQ DQ TXH WRXWHV OHV DXWUHV pJOLVHV
HQVHPEOH 3RXUTXRL" 0DOJUp OHXUV HUUHXUV 'LHX FRQWLQXH j OHV IDLUH
DYDQFHUSDUFHTX
LOVRQWFUXOD9pULWpHWTX
LOVFRQWLQXHQWjPDUFKHUDYHF
&
HVWOD9pULWp
0DLV TX
HVWFH TXH QRXV IDLVRQV PDLQWHQDQW" 9R\H]" &
HVW SRXU
oDTX
RQQ
HVWSDVXQHGpQRPLQDWLRQ(WDXVVLVUTXHOHVSHQWHF{WLVWHVVH
IRUPHQWHQGpQRPLQDWLRQ
(W TXDQG OjEDV j O
pSRTXH TXDQG OH 6DLQW(VSULW D pWp GpYHUVp
SRXUODSUHPLqUHIRLVVXUO
pJOLVHSHQWHF{WLVWHLO\DTXDUDQWHDQVHWTX
LOV
VH VRQW PLV j SDUOHU HQ ODQJXHV XQ GHV GRQV« &
HVW OH SOXV SHWLW GHV
GRQV&
HVWOHPRLQGUHGHVGRQVVHORQVDLQW3DXOOHSDUOHUHQODQJXHV(W
DXVVLW{WTX
LO HVW WRPEp³2K´ LOV RQW GLW ³QRXV /
DYRQV PDLQWHQDQW´ HW
LOV RQW IRUPp XQH GpQRPLQDWLRQ OH &RQVHLO *pQpUDO TXL HVW GHYHQX OHV
ϭϬ>^DEh^ZWEd
$VVHPEOpHV GH 'LHX ³2K SHUVRQQH QH /
D j PRLQV GH SDUOHU HQ
ODQJXHV´ HW 'LHX V
HVW WRXW GH VXLWH pORLJQp G
HX[ HW OHV D ODLVVpV Oj
&HUWDLQHPHQW2XLPRQVLHXU
$ORUV OHV XQLWDLUHV VRQWDUULYpV HW LOV RQW GpFRXYHUW OH EDSWrPH DX
1RP GH -pVXV ,OV RQW GLW ³2K QRXV /
DYRQV´ LOV VH VRQW RUJDQLVpV
4X
HVWFHTX
LOVRQWIDLW"'LHXHVWWRXWGHVXLWHVRUWLHWOHVDODLVVpVOj
&
HVWSRXU³FHOXLTXLYHXWTX
LOYLHQQH´
9RXV YR\H] OHV XQLWDLUHV QH SHXYHQW SDV DOOHU FKH] OHV
$VVHPEOpHV/HV$VVHPEOpHVQHSHXYHQWSDVDOOHUFKH]OHVXQLWDLUHV-
DL
SDUOpjFHUWDLQVGHVPHLOOHXUVKRPPHVTX
LOVRQW0*RVVHWOH'U3RSH
HW j EHDXFRXS /HV KRPPHV TXL VRQW GH JUDQGV KRPPHV GDQV -H PH
VXLV DVVLV DYHF HX[ -
DL GLW ³&RPPHQW SRXYH]YRXV HQVHLJQHU oD OH
VLJQHLQLWLDOYRXVXQpUXGLW"´
³(K ELHQ´ LOV RQW GLW ³)UqUH %UDQKDP´ XQ GHX[ RX WURLV G
HQWUH
HX[ RQW pWp WUqV KRQQrWHV LOV RQW GLW ³QRXV VDYRQV TXH F
HVW IDX[ PDLV
TX
HVWFHTX
RQSHXWIDLUH"6LQRXVHQSDUORQVPDLQWHQDQWYR\RQVoDYD
GpUDQJHUWRXWOHSURJUDPPH´&
HVWVUHWYRXVQHVHUH]SOXVO
pYrTXHOH
VXUYHLOODQWJpQpUDO9RLOjFHTX
LO\D
)UqUH M
DLPHUDLV PLHX[ DYRLU XQH SHWLWH PLVVLRQ VXU OH FRLQ RX
SUrFKHU VRXV XQ SLQ HW DYRLU OD 9pULWp FHUWDLQHPHQW HW VDYRLU TXH YRXV
GLWHVOD9pULWp/
KRPPHYHXWDYRLUOD9pULWp(WHQWDQWTXHFKUpWLHQYRXV
YRXVGHYH]GHSURGXLUHOHWpPRLJQDJHGHOD9pULWp'LHXYRXVHQWLHQGUD
SRXUUHVSRQVDEOH
$ORUVTXDQWjFHVFKRVHVVLYRXVQ
DYH]SDVpWpEDSWLVpDX1RP
GH -pVXV&KULVW HW TXH YRXV Q
DYH] SDV IDLW FHV FKRVHV HW TXH YRXV
Q
DYH]SDVUHoXOH6DLQW(VSULW
9RXV GLWHV ³2K M
DL SDUOp HQ ODQJXHV´ dD QH YHXW SDV GLUH TXH
YRXVDYH]OH6DLQW(VSULW
-
DL YX GHV VRUFLqUHV GHV VRUFLHUV GHV GpPRQV HW WRXW OH UHVWH
SDUOHU HQ ODQJXHV &HUWDLQHPHQW ,OV Q
RQW SDV OH 6DLQW(VSULW HW YRXV OH
VDYH] ,OV ERLYHQW GX VDQJ GDQV XQ FUkQH KXPDLQ HW LOV GDQVHQW HW LOV
LQYRTXHQWOHGLDEOHHWLOVSDUOHQWHQODQJXHV&HUWDLQHPHQW,OVQ
RQWSDVOH
6DLQW(VSULW
$ORUV SDUFH TXH YRXV DYH] SDUOp HQ ODQJXHV oD QH YHXW SDV GLUH
TXHYRXV/
DYH]/DVHXOHPDQLqUHSRXUYRXVGHVDYRLUTXHYRXV/
DYH]
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϰϳ
P
pWDLVFRQWHQWpGHP
DYDQFHUSRXUVHUUHUODPDLQGXSUpGLFDWHXUHWPHWWUH
PRQ QRP GDQV OH UHJLVWUH HW TXH M
DLH HQFRUH GH OD KDLQH HW GH OD
PpFKDQFHWpGDQVPRQF°XUHWTXHM
DLHHQFRUHGHODMDORXVLHHWXQHVSULW
GHGLVSXWHHWTXHM
DLHHQFRUHGHVGRXWHVVXU-pVXV&KULVWFRPPHJUDQG
JXpULVVHXU HW DLQVL GH VXLWH FRPPH oD M
LUDLV PH PHWWUH HQ UqJOH DYHF
'LHX WRXW GH VXLWH -H FURLV YUDLPHQW TXH MH OH IHUDLV -HMH VHUDLV DXVVL
KRQQrWH TXH oD j FH VXMHW -
LUDLV PH PHWWUH HQ UqJOH DYHF 'LHX 6L MH
P
DFFURFKDLV VHXOHPHQW SDUFH TXH MH VXLV EDSWLVWH RX PpWKRGLVWH M
LUDLV
IDLUHHQWUHUOHFKULVWLDQLVPHGDQVPRQF°XU-HOHIHUDLV2XLPRQVLHXU
0DLQWHQDQWVRXYHQH]YRXVGXUpYHLOTXLYLHQWHWTXLFRPPHQFHUD
VLOH6HLJQHXUOHYHXWPHUFUHGLVRLUSURFKDLQ,,VHIRQGHVXUFHVSULQFLSHV
eFRXWH]PHVDPLVLO\DXQ'LHXYLYDQWHWYUDL&
HVWMXVWH-pVXV
&KULVWHVWOH)LOVGH'LHX/H6DLQW(VSULWHVWGDQVO
eJOLVHDXMRXUG
KXL
/jVLF
pWDLWVHXOHPHQWTXHOTX
XQTXLP
DYDLWGLWoDM
DXUDLVOHGURLW
G
HQGRXWHU0DLVpFRXWH]8QMRXUOjEDVTXDQGM
pWDLVXQSHWLWJDUoRQ
M
pWDLVGHERXWVRXVXQDUEUHHWMH/
DLYX-H/
DLHQWHQGX,OP
DGLW,ODGLW
³1H W
DSSURFKH SDV GH FHV IHPPHV SHUILGHV 1H W
DSSURFKH SDV GH OD
FLJDUHWWH $EVWLHQVWRL GH EODVSKpPHU GH ERLUH HW GH WRXWHV FHV FKRVHV
-
DL XQH RHXYUH SRXU WRL TXDQG WX VHUDV SOXV YLHX[´ -H VDLV TX
,O HVW XQ
'LHXYLYDQWYUDLTXLV
RFFXSHGH6D3DUROH
4XDQG M
DL pWp XQ SHX SOXV YLHX[ FRPPH ,O HVW YHQX YHUV PRL
FRPPH ,O P
D SDUOp &RPPH MH /
DL YX OjEDV VHPEODEOH DX EXLVVRQ
DUGHQW GDQV FH )HX TXL WRXUQR\DLW OjEDV &RPPH MH /
DL YX SDUOHU HW
DQQRQFHU WUqV H[DFWHPHQW FH TXL DOODLW DUULYHU HW FKDTXH IRLV oD VH
SURGXLWSDUIDLWHPHQWDXVVLSDUIDLWHPHQWTXHSRVVLEOHFRPPHoD
/H 0rPH 4XL GLW FHV FKRVHV SDUIDLWHV FRPPH oD F
HVW OH 0rPH
4XL P
LQVSLUH j HQVHLJQHU FHWWH %LEOH H[DFWHPHQW GH OD IDoRQ GRQW MH
/
HQVHLJQH &
HVW YUDL $ORUV &HOD YLHQW GH 'LHX 3RXU PRL F
HVW OH 'LHX
7RXW3XLVVDQWHW,OHVWOHPrPHKLHUDXMRXUG
KXLHWSRXUWRXMRXUV
-pVXVDGLW³-HYLHQVGX3qUHHW-HYDLVDX3qUH´4XDQG,OpWDLW
YHQX
4XDQG,OpWDLW'LHXGDQVOHGpVHUW,OpWDLWXQH/XPLqUHTXLEUODLW(W
FRPELHQVDYHQWoD">/
DVVHPEOpH³$PHQ´1'e@,OpWDLWXQH/XPLqUH
TXLEUODLWXQH&RORQQHGH)HX
ϰϲ>^DEh^ZWEd
O
eFULWXUHLODWRUW3HXP
LPSRUWHGHTXHOOHGpQRPLQDWLRQLOHVWFRPELHQLO
HVWERQFRPELHQLOHVWLQWHOOLJHQWFRPELHQLOHVWLQVWUXLWLODWRUW
(W WRXW KRPPH TXDQG LO YRXV SDUOH GH FHV FKRVHVOj TXH QRXV
DYRQV HQVHLJQpHV LFL j O
pJOLVH Oj HW TX
LO YRXV GLW TXH ³VL YRXV rWHV
DVSHUJpF
HVWWUqVELHQ´LOYRXVDGLWXQPHQVRQJHdDQHFOLJQRWHUDSDV
VXU O
8ULP 7KXPPLP 4XDQG LO YRXV GLW TXH ³YHUVHU GH O
HDX F
HVW WUqV
ELHQ´ LO YRXV D GLW XQ PHQVRQJH ,O YRXV GLW ³'
rWUH EDSWLVp DX QRP GH
µ3qUH )LOV 6DLQW(VSULW¶ F
HVW WUqV ELHQ´ LO YRXV D GLW XQ PHQVRQJH 6
LO
YRXVGLW³/HVMRXUVGHVPLUDFOHVVRQWSDVVpV´LOYRXVDGLWXQPHQVRQJH
6
LOYRXVGLW³&
HVWWUqVELHQSRXUOHVIHPPHVGHSUrFKHU´LOYRXVDGLWXQ
PHQVRQJH 6
LO YRXV GLW ³&
HVW WUqV ELHQ SRXU YRXV GH FRQWLQXHU j YRXV
DFFURFKHU j YRWUH GpQRPLQDWLRQ´ LO YRXV D GLW XQ PHQVRQJH dD QH
FOLJQRWHUD SDV VXU O
8ULP 7KXPPLP (W GHV GRX]DLQHV GH FKRVHV TXL RQW
pWp LQWURGXLWHV GDQV FHWWH YLHLOOH ³0Ê5( 35267,78e(
HW TXL RQW pWp
WUDQVPLVHVOjHWYRLOjSRXUTXRLQRXVQRXVWHQRQVORLQGHVGpQRPLQDWLRQV
1RXV DLPRQV QRV IUqUHV HW V°XUV TXL VRQW OjEDV GDQV FHV
GpQRPLQDWLRQV0DLVFHQ
HVWSDVHQDOODQWGLUH³-HVXLVPpWKRGLVWH´TXH
oD IDLW GH YRXV XQ FKUpWLHQ j PRQ DYLV 9RXV rWHV FKUpWLHQ SDUFH TXH
YRXV rWHV Qp GH O
(VSULW GH 'LHX 9RXV Q
DYH] SDV EHVRLQ G
rWUH QL
PpWKRGLVWH QL EDSWLVWH 9R\H]" 9RXV Q
DYH] SDV EHVRLQ G
rWUH QL O
XQ QL
O
DXWUH 9RXV DYH] VHXOHPHQW EHVRLQ G
rWUH Qp GH O
(VSULW GH 'LHX (VWFH
TXHYRXVOHFUR\H]">/
DVVHPEOpHGLW³$PHQ´1'e@
(Q VH IRQGDQW VXU FHV SULQFLSHV V
LO \ D TXHOTX
XQ LFL TXL YHXW
FROODERUHU HW HQWUHU GDQV OD FRPPXQLRQ GH FHWWH DGRUDWLRQ HW TXL YHXW
rWUHTXL YHXW rWUH LPPHUJp EDSWLVp DX 1RP GH -pVXV&KULVW YRLFL OH
EDVVLQ,OVYRQWEDSWLVHUGDQVXQSHWLWLQVWDQW
6
LO \ HQ D EHDXFRXS LFL TXHOTX
XQ TXL YHXW YHQLU GH Q
LPSRUWH
TXHOOHDXWUHPDQLqUH"1RXVVRPPHVLFL&
HVWYUDL
0DLQWHQDQW QRXVQRXV Q
DYRQV SDV GH FDUWHV GH PHPEUHV YRXV
YHQH]LFLjO
pJOLVHVLPSOHPHQW1RXVFUR\RQVTXH&KULVWHVWGDQVO
pJOLVH
PpWKRGLVWH O
pJOLVH EDSWLVWH O
pJOLVH SUHVE\WpULHQQH ,O D GHV PHPEUHV
GDQV FKDFXQH G
HQWUH HOOHV (W OH PDQTXH TX
LO \ D DXMRXUG
KXL F
HVW OD
IDXVVHSURSKpWLHTXLIDLWDSSDUDvWUHFHVFKRVHVOjO
HQVHLJQHPHQWGHFHV
pJOLVHVOHTXHOHVWDEVROXPHQWFRQWUDLUHjOD%LEOH
0DLQWHQDQW VL TXHOTX
XQ PH PRQWUDLW dD DXVVL FODLUHPHQW j PRL
FHUWDLQHPHQWTXH M
LUDLV PH -H FURLVTX
LO \ D DVVH] G
(VSULW GH 'LHX HQ
PRL SRXU TXH MH VRQGH FHWWH %LEOH HW TXH MH YLHQQH UHFWLILHU oD 6L MH
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϭϭ
F
HVWTXDQGYRWUHHVSULWUHQGWpPRLJQDJHj6RQ(VSULWHWTXHOHVIUXLWVGH
O
(VSULWYRXVDFFRPSDJQHQWO
DPRXUODIRLODMRLHODSDL[ODSDWLHQFHOD
ERQWpODGRXFHXUODELHQYHLOODQFH&
HVWOjTXHYRXVVDYH]TXHYRXVDYH]
OH6DLQW(VSULW,OUHQGWpPRLJQDJHGH/XLPrPH
0DLQWHQDQW TXDQG YRXV HVVD\H] GH YRXV UHSRVHU VXU OH IDLW TXH
YRXVDSSDUWHQH]DX[$VVHPEOpHVRXDX[EDSWLVWHVRXDX[SUHVE\WpULHQV
YRXV YR\H] FH TXH YRXV IDLWHV" 9RXV SUHQH] OH QRP G
XQH SURVWLWXpH
&
HVW WRXW j IDLW YUDL 6RUWH] GH FHWWH FKRVH eORLJQH]YRXV GH Oj -H QH
YHX[SDVGLUHGHVRUWLUGHYRWUHpJOLVHQLULHQIDLWHVFHTXHYRXVYRXOH]j
FH VXMHWOj 0DLV DUUrWH] GH YRXV UHSRVHU VXU ³2K MH VXLV SUHVE\WpULHQ
1RXVRQQHFURLWSDVDX[MRXUVGHVPLUDFOHV´3RXUTXRLHVWFHTXHYRXV
Q
\FUR\H]SDV"/D%LEOHO
HQVHLJQH³2KM
DSSDUWLHQVjO
pJOLVHGH&KULVW
,OV GLVHQW TXH OHV MRXUV GHV PLUDFOHV VRQW SDVVpV´ ,OV VRQW GHV IDX[
SURSKqWHV
-H SHX[ YRXV PRQWUHU R -pVXV&KULVW D GRQQp OD 3XLVVDQFH j
O
eJOLVH SRXU JXpULU OHV PDODGHV HW UHVVXVFLWHU OHV PRUWV HW FKDVVHU OHV
GpPRQV -H GpILH Q
LPSRUWH TXHO KRPPH GH PH PRQWUHU XQ SDVVDJH GH
O
eFULWXUHGDQVOD%LEOHR,OO
DUHWLUpHGHO
eJOLVH4X
HVWFHTXLO
DUHWLUpH"
9RWUH SURSUH GRJPH H[DFW SDV OD 3DUROH GH 'LHX /H 6DLQW(VSULW
DFFRPSOLWHQFRUHOHWUDYDLO,OFRQWLQXHHQFRUHGHWRXWHIDoRQHW,OOHIHUD
SRXUWRXMRXUV
9RLOj OD UDLVRQ SRXU ODTXHOOH QRXV QH VRPPHV SDV XQH
GpQRPLQDWLRQ³$\DQWO
DSSDUHQFHGHODSLpWpPDLVUHQLDQWFHTXLHQIDLWOD
)RUFH pORLJQHWRL GH FHV JHQVOj´ 1RXV QH FUR\RQV SDV j FH JHQUH GH
FKRVHVOj
0DLQWHQDQW FRPPHQW HVWFH TXH oD D ELHQ SX FRPPHQFHU" ,O YD
IDOORLU TX
RQ VH GpSrFKH PDLQWHQDQW SRXU DERUGHU oD DXVVL YLWH TXH
SRVVLEOHFRPPHQWoDDELHQSXFRPPHQFHU0DLQWHQDQWQRXVDYRQVWRXW
SOHLQGHSDVVDJHVGHO
eFULWXUHGHQRWpVLFLVXUOH6DLQW(VSULW
(WDXWUHFKRVHQRXVDYRQVODQFpXQGpILKLHUVRLUDXVXMHWGH³OD
SHUVpYpUDQFH GHV VDLQWV´ QRQ SDV GH OD PDQLqUH GRQW OHV EDSWLVWHV OH
FURLHQW 1RQ PRQVLHXU -H QH VXLV FHUWDLQHPHQW SDV G
DFFRUG DYHF OHV
EDSWLVWHVHWOHXULGpHOHXUWKpRULHGXFDOYLQLVPH-HVXLVFHUWDLQHPHQWHQ
GpVDFFRUG DYHF OHV SUHVE\WpULHQV -H VXLV HQ GpVDFFRUG DYHF OHV
PpWKRGLVWHV VXU OHXU PDQLqUH GH YRLU OD GRFWULQH DUPLQLHQQH 2XL
PRQVLHXU0DLVLOVRQWWRXVOHVGHX[XQHYpULWpVHXOHPHQWYRXVGHYH]OD
UDPHQHU ,FL R F
HVW YUDLPHQW OD 9pULWp 4XDQG YRXV SDUWH] SDUOj HQ
FRXUDQWYRXVDOOH]WRXWGHWUDYHUVDYHFoD&
HVWVU
ϭϮ>^DEh^ZWEd
/HV EDSWLVWHV DUULYHQW LOV HQ EDSWLVHQW TXHOTXHVXQV Oj SDU
LPPHUVLRQ OH SUpGLFDWHXU OHV EDSWLVH QHXI VXU GL[ G
HQWUH HX[ IXPHQW OD
FLJDUHWWH LOV UHVVRUWHQW HW LOV VRQW Oj j MRXHU DX[ FDUWHV DX ORWR WRXWH OD
QXLW LOV VRUWHQW HW LOV IRQW GHV WUDQVDFWLRQV PDOKRQQrWHV HW WRXWHV OHV
IHPPHV SRUWHQW GHV VKRUWV Oj HW HOOHV FRXUHQW OHV UXHV HW HOOHV VH
FRXSHQW OHV FKHYHX[ HWHW oD IXPH HW oD EDYDUGH HW oD IDLW GHV SHWLWHV
UpXQLRQVGHFRXWXUHHWoDUDFRQWHGHVKLVWRLUHVVDOHV(WYRXVDSSHOH]oD
OH FKULVWLDQLVPH" (W YRXV SHQVH] TXH YRXV DYH] OD VpFXULWp eWHUQHOOH"
9RXVDOOH]HQHQIHUFRPPHoD9RXVQHYRXVSODLULH]SDVDX&LHOGHWRXWH
PDQLqUH&HUWDLQHPHQWSDV&HQ
HVWSDVoDODVpFXULWpeWHUQHOOH
0DLVTXDQGXQKRPPHHVWQpGHQRXYHDXGX6DLQW(VSULW
(WYRXVOHVSHQWHF{WLVWHVSDUFHTXHYRXVDYH]VDXWpHQO
DLUTXH
YRXVDYH]SDUOpHQODQJXHVHWTXHYRXVDYH]FRXUXGDQVO
DOOpHFHQWUDOH
oD QH YHXW SDV GLUH TXH YRXV DYH] OD VpFXULWp eWHUQHOOH 1H YRXV PHWWH]
MDPDLVoDGDQVODWrWH1RQPRQVLHXUdDQHYHXWDEVROXPHQWSDVGLUHoD
(Q HIIHW YRXV VDYH] TXH YRWUH SURSUHYRWUH SURSUH YLH YRXV OH FRQILUPH
HOOHUHQGWpPRLJQDJHTXHYRXVQ
rWHVSDVHQUqJOHDYHF'LHX&
HVWYUDL
9RXVQ
rWHVSDVHQUqJOH&HQ
HVWSDVHQFRUHoDODVpFXULWpeWHUQHOOH
0DLVMHYHX[YRXVGHPDQGHUTXHOTXHFKRVH(VWFHTX
LOH[LVWHXQH
VpFXULWpeWHUQHOOH"/D%LEOHOHGLW/D%LEOHDGLWTXHQRVQRPVRQWpWpPLV
GDQVOH/LYUHGH9LHGHO
$JQHDXGqVDYDQWOHFRPPHQFHPHQWGXPRQGH
-HO
DLGLWFHPDWLQHWMHOHUpSqWH/
KRPPHTXLDpFULWOHFKDQW³8Q
QRXYHDXQRPDpWppFULWGDQVOD*ORLUHFHVRLUHWF
HVWOHPLHQ´VRQLGpH
pWDLWERQQHVHXOHPHQWLODYDLWWRUWVHORQOHVeFULWXUHV9RWUHQRPQ
DSDV
pWpPLVOHVRLURYRXVDYH]pWpVDXYp
9RWUH QRP VHORQ OD %LEOH VHORQ $SRFDO\SVH HW DLQVL GH
VXLWH ³D pWp PLV Oj GqV DYDQW OH FRPPHQFHPHQW GX PRQGH HW -pVXV
&KULVWDpWpLPPROpDYDQWODIRQGDWLRQGXPRQGH´
&RPPHQW HVWFH TXH 'LHX 4XL HVW LQILQL FRPPHQW HVWFH TX
XQ
'LHXLQILQL4XLFRQQDvWODILQGqVOHFRPPHQFHPHQWSRXUTXRLHVWFHTX
,O
DXUDLW SHUPLV TXH OH SpFKp YLHQQH VXU OD WHUUH VL FH Q
pWDLW SDV GDQV XQ
EXW"
0DLQWHQDQW MXVWH SRXU DSSX\HU FHUWDLQHV FKRVHV TXH QRXV DYRQV
GLWHV /HTXHO pWDLW Oj HQ SUHPLHU OH 6DXYHXU RX XQ SpFKHXU" >4XHOTX
XQ
GDQV O
DVVHPEOpH GLW ³/H 6DXYHXU´ 1'e@ /H 6DXYHXU F
HVW VU
/HTXHOHVWSOXVSXLVVDQWXQ6DXYHXURXXQSpFKHXU"6LXQ6DXYHXUSHXW
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϰϱ
FRQQDvWUHjOXLGDQVGHVVRQJHVHW-HOXLSDUOHUDLGDQVGHVYLVLRQV´&
HVW
YUDL'RQFF
pWDLWXQSURSKpWLVHXU
%RQVLXQKRPPHVHSUpVHQWDLWOjTX
LOGLVDLW³2KDOOpOXLDMHO
DL
-H SURSKpWLVH PDLQWHQDQW DX 1RP GX 6HLJQHXU -
DL OD UpYpODWLRQ´ ,OV QH
ODLVVDLHQW SDV SDVVHU oD FRPPH oD FRPPH YRXV DXWUHV YRXV IDLWHV ,OV
H[DPLQDLHQWoDSDUOH'LHXG
DERUG
0DLQWHQDQW VXU OH SHFWRUDO G
$DURQ LO \ DYDLW FH TX
LOV DSSHODLHQW
O
8ULP 7KXPPLP &RPELHQ RQW GpMj HQWHQGX FH PRWOj" 4X
HVWFH TXH
F
pWDLW" &
pWDLHQW OHV GRX]H SLHUUHV VL[ GH FKDTXH F{Wp GHV GRX]H
SDWULDUFKHVOHMDVSH-XGDHWDLQVLGHVXLWHFRPPHoDOHVGRX]HSLHUUHV
(WGRQFLOVIDLVDLHQWYHQLUFHSURSKqWHRXFHVRQJHXULOVDFFURFKDLHQWOH
SHFWRUDO HW LOV OH IDLVDLHQW VH WHQLU GHYDQW (W LOV GLVDLHQW ³0DLQWHQDQW
SURSKpWLVHHWGRQQHWDSURSKpWLH´
³/
eWHUQHOP
DSDUOpHW,OP
DGLWWHOOHHWWHOOHFKRVHV´
3HX LPSRUWH j TXHO SRLQW oD VHPEODLW YUDL oD SRXYDLW DYRLU O
DLU
G
rWUH SDUIDLWHPHQW OD YpULWp PDLV VL OHV OXPLqUHV Oj QH VH UpXQLVVDLHQW
SDV SRXU IRUPHU XQH FRXOHXU G
DUFHQFLHO SDUWRXW Oj O
8ULP 7KXPPLP
FHV OXPLqUHV TXL VH UDPDVVDLHQW HQVHPEOH OH VXUQDWXUHO j O¶°XYUH SRXU
FRQILUPHU9RXVYR\H]'LHXDWRXMRXUVFRQILUPp6D3DUROH9R\H]"(WVL
FHV OXPLqUHV VXUQDWXUHOOHV QH FOLJQRWDLHQW SDV OjGHVVXV DORUV SHX
P
LPSRUWHjTXHOSRLQWoDVHPEODLWYUDLF
pWDLWIDX[
6L XQ VRQJHXU GLVDLW ³-
DL IDLW XQ VRQJH HW FH VRQJH GLVDLW TX¶µLO
IDXGUDLWTX
,VUDsOVHGpSODFHSRXUDOOHUjXQFHUWDLQHQGURLWSDUFHTXHOHV
6\ULHQV YRQW HQWUHU GH FH F{WpFL SRXU O
DVVLpJHU¶´ ,OV DPHQDLHQW FH
VRQJHXU OjEDV LOUDFRQWDLW VRQ VRQJH 6L OHV OXPLqUHV Oj QH FOLJQRWDLHQW
SDV SDUWRXW Oj LO DYDLW WRUW SHX LPSRUWH FRPELHQ 0rPH VL OHV 6\ULHQV
pWDLHQWGpMjOjEDVHQRUGUHGHFRPEDWOjEDVLODYDLWWRUW1RQPRQVLHXU
,OVLOIDOODLWDEVROXPHQWTXHFHVRLWSURXYpSDUO
8ULP7KXPPLP
0DLQWHQDQWWRXWOHPRQGHVDLWTXHO
DQFLHQVDFHUGRFHDGLVSDUXLO
DpWpDEROLHWO
8ULP7KXPPLPDGLVSDUXDYHF1RXVVDYRQVoDQ
HVWFH
SDV">/
(W OH QRXYHDX VDFHUGRFH D pWp LQWURGXLW (W TX
HVWFH TXH HVWFH
TXHQRXVDYRQVXQ8ULP7KXPPLPDXMRXUG
KXL"2XLPRQVLHXU/D3DUROH
GH 'LHX 2XL PRQVLHXU &
HVW &HFL >)UqUH %UDQKDP PRQWUH VD %LEOH 1'e@ 7RXW KRPPH V
LO D XQH UpYpODWLRQ GH TXHOTXH VRUWH RX TX
LO GLW
TXRLTXHFHVRLWRXXQHGRFWULQHTXHOFRQTXHTXLQHV
DFFRUGHSDVHWQH
V
RF HW QH V
RFFXSH SDV GH FHWWH %LEOH G
XQ ERXW j O
DXWUH GH WRXWH
ϰϰ>^DEh^ZWEd
³1XOQHSHXWYHQLUj0RLVL0RQ3qUHQHO
DWWLUH(WWRXVFHX[TXL
YLHQGURQWj0RL-HOHVUHVVXVFLWHUDLDXGHUQLHUMRXU5LHQQHVHSHUGUD-H
O
DL-HOHJDUGHUDL1XOQHSHXW\DUULYHUVDQVoD´
7RXWUHSRVHHQ/XL9RXVQHSRXYH]SDVGLUH³-
DLIDLWXQHFKRVH´
&
HVWODJUkFHGH'LHXTXLDWRXWIDLW$ORUVFHQ
HVWULHQTXHM
DLHIDLW-H
Q
DL SDV HX OD PRLQGUH FKRVH j IDLUH YRXV QRQ SOXV 9RXV Q
DYH] SDV
PpULWpODPRLQGUHFKRVH'LHXDWRXWIDLWDXFRPSOHW9RXVQ
DYH]MDPDLV
OHYp OH SHWLW GRLJW SRXU ULHQ GH WRXW oD 9RXV Q
DYH] SDV GLW ³(K ELHQ MH
YLHQV G
XQH ERQQH IDPLOOH -
DL IDLW FHFL´ dD Q
D SDV OD PRLQGUH FKRVH j
YRLU&HOXL4XLO
DIDLWF
HVW'LHXODPLVpULFRUGHGH'LHX
-HVXLVGpVROpOjLOQ
HVWSDVHQFRUHWRXWjIDLWRQ]HKHXUHVPDLV
MHYDLVWHUPLQHUTXDQGPrPH9R\H]"
&RPELHQ FRPSUHQQHQW TXH OD %LEOH SDUOH GH FHV FKRVHV FRPPH
pWDQW OD 9pULWp YRXV OHV JHQV GX %UDQKDP 7DEHUQDFOH HQ SDUWLFXOLHU"
>/
DVVHPEOpHGLW³$PHQ´1'e@/jFHQ
HVWTX
HQYLURQOHVHL]LqPHGH
FHTXHQRXVHQVHLJQRQVHWFUR\RQV0DLVVRXYHQH]YRXVMHSRXUUDLVGLUH
FHFL SRXU YRXV OHV VSHFWDWHXUV YRXV TXL QH YHQH] SDV LFL FRPPH
PHPEUHV/DIDoRQGRQWQRXVOHFUR\RQVF
HVWTXH&HFLF
HVWOD%LEOHHW
OD%LEOHHVWOD9pULWpGH'LHX
(W QRXV FUR\RQV TXH GDQV O
$QFLHQ 7HVWDPHQW Oj LOV DYDLHQW XQ
PR\HQGHVDYRLUFHTXLpWDLWODYpULWpHWFHTXLQ
pWDLWSDVODYpULWp
0DLQWHQDQW QRXV VDYRQV WRXV TX
LOV DYDLHQW OD ORL pFULWH &RPELHQ
VDYHQW oD" /D ORL OHVOHV FRPPDQGHPHQWV pWDLHQW GDQV O
DUFKH HW DLQVL
GH VXLWH ELHQ HW OD ORL TXL V
DSSOLTXDLW DX[ FRPPDQGHPHQWV ,O pWDLW GLW
³7X QH FRPPHWWUDV SRLQW G
DGXOWqUH 4XLFRQTXH FRPPHWWUD XQ DGXOWqUH
VHUD ODSLGp´ 9R\H]" dD F
pWDLW OHOH FRPPDQGHPHQW HW OD ORL TXL
V
DSSOLTXDLWDXFRPPDQGHPHQW0DLQWHQDQWO
DUFKHpWDLWLQVWDOOpHFRPPH
FHFL OHV FRPPDQGHPHQWV pWDLHQW j O
LQWpULHXU Oj HW OHV ORLV GHV
FRPPDQGHPHQWV pWDLHQW GDQV OHV SRFKHWWHV VXU OH F{Wp GH O
DUFKH 6L XQ
KRPPH VH SUpVHQWDLW Oj TX
LO DYDLW FRPPLV XQ DGXOWqUH LOV PHWWDLHQW OD
PDLQ GHGDQV SRXU YRLU FH TXH OD ORL GLVDLW ³ODSLGH]OH´ ,OV O
HPPHQDLHQW
WRXWGHVXLWHjO
H[WpULHXUHWLOVOHODSLGDLHQW&
pWDLWOjODORLTXLV
DSSOLTXDLW
DXFRPPDQGHPHQW
%RQHWLOVDYDLHQWGHX[DXWUHVPR\HQVGHVDYRLU,O\HQDWRXMRXUV
WURLVFRPPHFRQILUPDWLRQ,OVDYDLHQWXQDXWUHPR\HQGHVDYRLUHWF
pWDLW
VRLWSDUXQSURSKqWHRXSDUXQVRQJHXU&RPELHQVDYHQWoD"³6
LO\HQD
XQ SDUPL YRXV TXL VRLW VSLULWXHO RX SURSKqWH 0RL O
eWHUQHO -H 0H IHUDL
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϭϯ
{WHU OH SpFKp ,O HVW SOXV SXLVVDQW (K ELHQ DORUV SRXUTXRL HVWFH TX
,O D
SHUPLVTX
LO \ DLW OH SpFKp SRXU FRPPHQFHU" 3RXU PRQWUHUTX
,O pWDLW XQ
6DXYHXU/HTXHOHVWOHSOXVSXLVVDQWXQJXpULVVHXURXXQHPDODGLH">³8Q
JXpULVVHXU´@ 8Q JXpULVVHXU $ORUV SRXUTXRL HVWFH TX
,O D SHUPLV OD
PDODGLH"3RXUPRQWUHUTX
,OpWDLWXQJXpULVVHXU-HPHVHQVUHOLJLHX[HQ
FHPRPHQW2XLPRQVLHXU2KODOD&HVRQW6HVDWWULEXWV
&
HVWSRXUoDTX
,OSHUPHWOHVSUREOqPHV&
HVWSRXUoDTX
,OSHUPHW
OHFKDJULQSRXUPRQWUHUTX
,OHVWODMRLH%LHQVUTXHF
HVWSRXUoD&
HVW
SRXUoDTX
RQDODQXLWSRXUSURXYHUTX
LO\DOHMRXU&
HVWSRXUoDTX
RQD
ODFROqUHSRXUPRQWUHUTX
LO\DODSDL[%LHQVUF
HVWOHSRXUHWOHFRQWUH
2K,OHVWPHUYHLOOHX[
0DLQWHQDQWFRPPHQWHVWFHTXHoDDFRPPHQFp"2QYDDERUGHU
oDWRXWGHVXLWHDXVVLYLWHTXHSRVVLEOHSRXUTXHMHQHYRXVUHWLHQQHSDV
WRXWH OD QXLW 0DLQWHQDQW LO IDXW TX
LO \ DLW XQ FRPPHQFHPHQW GH WRXWHV
FKRVHV
(WMHYHX[YRXVGHPDQGHUTXHOTXHFKRVH0DLQWHQDQWFHFLSHXW
9RXV SRXYH] VLPSOHPHQW JOLVVHU oD GDQV YRWUH SRFKH GH YHVWH 9RXV
Q
rWHVSDVREOLJpVGHO
DMRXWHUjFHTX
LO\DDXPHQX0DLVpFRXWH]FHFL
6LYRXVrWHVXQHFUpDWXUHeWHUQHOOHDORUVYRXVQ
DYH]MDPDLVHXGH
FRPPHQFHPHQWHWYRXVQHSRXUUH]MDPDLVDYRLUGHILQ(QHIIHWeWHUQHO
oDYLHQWGXPRW³TXLQ
DQLFRPPHQFHPHQWQLILQ´
9RXV YRXV HQ VRXYHQH] Q
HVWFH SDV" -
DL SDUOp FH PDWLQ GH
0HOFKLVpGHN TXDQG ,O HVW DOOp DXGHYDQW G
$EUDKDP TXL UHYHQDLW GH OD
GpIDLWH GHV URLV /D %LEOH GLW GDQV +pEUHX[ TXHTXH ³/pYL D SD\p OD
GvPHj0HOFKLVpGHNTXDQGLOpWDLWGDQVOHVUHLQVGHVRQSqUH$EUDKDP´
$EUDKDP D HQJHQGUp ,VDDF ,VDDF D HQJHQGUp -DFRE -DFRE D HQJHQGUp
/pYL&
HVWjGLUHSqUHJUDQGSqUHHWDUULqUHJUDQGSqUH(WSHQGDQWTXH
/pYLpWDLWGDQVOHVUHLQVGHVRQDUULqUHJUDQGSqUHOD%LEOHOXLUHFRQQDvWOH
PpULWH G
DYRLU SD\p OD GvPH j 0HOFKLVpGHN 9RXV SDUOH] G
eWHUQHO 2K OD
OD,OQ
DSDVGLW³,OO
DIDLWHQRPEUHLOO
DIDLWSRWHQWLHOOHPHQW´/D%LEOHD
GLW³,ODSD\pODGvPH´$PHQ
$ORUVVLQRXVYHQRQVGHODERQQHVHPHQFHTXDQG3DXODSUrFKp
O
eYDQJLOH M
pWDLV Oj HW YRXV pWLH] Oj 2Q YD VH SORQJHU OjGHGDQV GDQV
XQHPLQXWHMXVTX
DXFRX5HPDUTXH]F
HVWFHTXHO
eFULWXUHQRXVGpFODUH
HOOHHVWPrPHDOOpHWUqVORLQHQDUULqUH
ϭϰ>^DEh^ZWEd
3HQVH] XQ SHX /pYL HQVXLWH -DFRE VRQ SqUH HQVXLWH ,VDDF VRQ
SqUHHQVXLWH$EUDKDPVRQSqUHVRQDUULqUHJUDQGSqUH4XDQG/pYLpWDLW
GDQVOHVUHLQVGHVRQDUULqUHJUDQGSqUHLODSD\pODGvPHj0HOFKLVpGHN
-HYHX[YRXVGHPDQGHU'HTXLHVWLOTXHVWLRQ-RETXDQG
,ODGLW³2pWDLVWXTXDQG-
DLIRQGpODWHUUH"4XDQGOHVpWRLOHVGXPDWLQ
FKDQWDLHQWHQVHPEOHHWTXHOHVILOVGH'LHXSRXVVDLHQWGHVFULVGHMRLH"´
4XLpWDLHQWFHVILOVGH'LHXTXLSRXVVDLHQWGHVFULVGHMRLH"-pVXVOHXUD
GLW³-HPHUpMRXLVVDLVDYHFYRXVDYDQWODIRQGDWLRQGXPRQGH´1RXVQH
VRPPHV SDV GHV FUpDWXUHV GX WHPSV 1RXV VRPPHV GHV FUpDWXUHV GH
O
eWHUQLWp
³1XOQHSHXWYHQLUj0RLVL0RQ3qUHQHO
DWWLUH(WWRXVFHX[TXL
YLHQGURQW j 0RL -H OHXU GRQQHUDL OD 9LH eWHUQHOOH HW -H OH UHVVXVFLWHUDL
DX[ GHUQLHUV MRXUV 3HUVRQQH QH SHXW OHV UDYLU GH OD PDLQ GH 0RQ 3qUH
4XL0HOHVDGRQQpV´&RPPHQWSRXYH]YRXVSHUGUH"
9RXVYR\H]YRXVDYH] SHXU9RXVrWHVHIIUD\p9RXVFRXUH]G
XQ
F{WpHWGHO
DXWUH(WoDF
HVWXQHGHVPHLOOHXUHVSUHXYHVDXPRQGHTXH
YRXV Q
rWHV HQFRUH DOOp QXOOH SDUW &
HVW YUDL 3RXUTXRL HVWFH TXH 'LHX
YRXVVDXYHUDLWXQMRXUV
,O
&RPELHQ GDQV FHWWH pJOLVH SHXYHQW OHYHU OD PDLQ TXL FURLHQW TXH
'LHX HVW LQILQL" 9RXV VDYH] FH TXH OH PRW LQILQL YHXW GLUH" &
HVW
VLPSOHPHQWSDUIDLW,QILQLYRXVQHSRXYH]YRXVQHSRXYH]SDVH[SOLTXHUOH
PRWLQILQL
(VWFH TXH YRXV DYH] GpMj UpJOp YRWUH DSSDUHLO SKRWR VXU O
LQILQL"
(K ELHQ oD YHXW GLUH WRXW FH TXL V
HQVXLW j SDUWLU GH Oj %RQ ,O Q
\ D SDV
PR\HQGHIDLUHXQHPLVHDXSRLQWSOXVORLQTXHoD
(KELHQF
HVWFHTXH'LHXHVW,OHVWLQILQL(WV
,OHVWLQILQLLOQ
\D
SDVXQHFRFFLQHOOHSDVXQHPRXFKHSDVXQHSXFHSDVXQSRXSDVXQH
FKLTXH QL ULHQ TXL DLW MDPDLV H[LVWp VXU OD WHUUH RX TXL H[LVWHUD MDPDLV
VDQV TXH 'LHX O
DLW VX DYDQW PrPH TXH OH PRQGH DLW pWp IRUPp 9RLOj XQ
SHXXQHFRQFHSWLRQGHO
LQILQL
(K ELHQ DORUV XQ 'LHX LQILQL 4XL YRXV VDXYH PDLQWHQDQW HQ
VDFKDQW TX
,O YD YRXV SHUGUH OD VHPDLQH SURFKDLQH RX OH PRLV SURFKDLQ
RXO
DQQpHSURFKDLQHYR\RQV,OLUDLWjO
HQFRQWUHGXEXWPrPH,OQHSHXW
SDV YRXV SHUGUH ³&HOXL TXL pFRXWH 0HV 3DUROHV HW TXL FURLW j &HOXL TXL
0
DHQYR\pDOD9LHeWHUQHOOHHWQHYLHQGUDMDPDLVHQ-XJHPHQWPDLVLO
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϰϯ
0DLVFH6DLQW(VSULWHQYRXV,OGLW³DPHQ´j6D3DUROH³/
KRPPH
QHYLYUDSDVGHSDLQVHXOHPHQWPDLVGHOD3DUROHTXLVRUWGHODERXFKHGH
'LHX´9RLOj
-HYHX[TXHYRXVPHPRQWULH]XQVHXOSDVVDJHGHO
eFULWXUHRLOD
GpMjpWpGLWTXHF
HVWXQHSRPPHTXLDpWpOHGpEXWGHWRXWoDYR\RQV-H
YHX[ TXH YRXV PH PRQWULH] TX
LOV RQW PDQJp GHV SRPPHV -H YRXV DL
PRQWUpTXH&DwQOjLOSHQVDLWODPrPHFKRVHHWTXHVDVHPHQFHSHQVH
HQFRUHODPrPHFKRVH
0DLV OD UpYpODWLRQ VSLULWXHOOH GH 'LHX GpPRQWUH SDU OD %LEOH TXH
F
pWDLW OD UHODWLRQ VH[XHOOH HQWUH O
KRPPH HW OD IHPPH LOOpJDOHPHQW &
HVW
GH Oj TXH YRV JpDQWV VRQW YHQXV &
HVW GH Oj TXH YRWUH SpFKp HVW YHQX
&
HVWGHOjTXHYRWUHFRUUXSWLRQHVWYHQXH&
HVWjoDTXHF
HVWG
0DLQWHQDQWUHPDUTXH]GDQVWRXWFHFLFHFLUHJDUGH]OHOHVHUSHQW
pWDLW GHX[ IRLV SOXV LQWHOOLJHQW 6D VHPHQFH D WRXMRXUV pWp GHX[ IRLV SOXV
LQWHOOLJHQWH(WM
DLPHUDLVJULPSHUVXUFHWWHFKDLUHSUHQGUHFHPLFURSKRQH
GDQV PD PDLQ >)UqUH %UDQKDP GpSODFH OH PLFURSKRQH 1'e@ PH
SODQWHU GHERXW VXU OD FKDLUH HW GLUH FHFL (W DXMRXUG
KXL R VRQW YRV
JUDQGV LQWHOOHFWXHOV" 9RWUH SDVWHXU TXL HVW DOOp FKHUFKHU EHDXFRXS GH
FRQQDLVVDQFH LQWHOOHFWXHOOH HW LO HVW Oj GHERXW F
HVW OH SDVWHXU GHV SOXV
JUDQGHVpJOLVHVGXSD\VHWWRXWoD2VHWURXYHODVHPHQFHGXVHUSHQW"
'DQV OHV KDXWV OLHX[ GH O
pOpJDQFH HW GH O
LQWHOOLJHQFH FRPPH oD OHV
pUXGLWVLQWHOOLJHQWVDVWXFLHX[9RLOjRLOHVW9RLOjRLOVHWURXYH
³&H Q
HVW QL SDU OD IRUFH QL SDU OD SXLVVDQFH PDLV F
HVW SDU 0RQ
(VSULWGLWO
eWHUQHO´9R\H]"&
HVWOjTXHYRXV
(WSXLVSUHQH]XQEUDYHIUqUHTXLVHWLHQWOjDXFRLQHQSOHXUDQWj
FKDXGHV ODUPHV HW SHXWrWUH TX
LO HVW Oj HQ WUDLQ GH JUDWWHU XQH YLHLOOH
JXLWDUH HQ GLVDQW ³)UqUH YLHQV WURXYHU OH 6HLJQHXU´ >)UqUH %UDQKDP
GRQQHXQFRXSVXUODFKDLUH1'e@
/H SDVWHXU SDVVH SDU Oj LO GLW ³$K -H QH SHUPHWWUDLV SDV j PRQ
DVVHPEOpH2KMHQHIUpTXHQWHUDLVSDVMHQHYRXGUDLVSDVTXHPHVMH
QHYRXGUDLVSDVTXH/LGG\HW-RKQQ\HWOHVDXWUHVPHYRLHQWjXQHQGURLW
FRPPH FHOXLFL´ $OOH]\ VHPHQFH GX GLDEOH YRXV rWHV HQ URXWH YHUV
YRWUH GHVWLQDWLRQ eWHUQHOOH GH WRXWH IDoRQ &
HVW YUDL -
DXUDLV SX GLUH XQ
DXWUHPRWOjHWGLUH³HQIDQWVEkWDUGV´HWF
HVWjSHXSUqVoD&DUYRXV
YR\H]YRXV
ϰϮ>^DEh^ZWEd
IDLUH FRPSUHQGUH HW DSUqV oD RQ YD FRPPHQFHU OH UpYHLO j OD SURFKDLQH
UpXQLRQ&
HQHVWjXQHIRUPH(WMHYRXVHQSULHMHQHGLVSDVoDG
XQH
PDQLqUHVDFULOqJH-HQHOHGLVSDVSRXUrWUHPpFKDQW&
HQHVWjXQSRLQW
R F
HVW XQ JUDQG UDPDVVLV UHOLJLHX[ G
HQIDQWV EkWDUGV LOOpJLWLPHV 9RLOj
PHV GHUQLqUHV UHPDUTXHV &
HVW H[DFWHPHQW j oD TX
RQ HQ HVW DUULYpV
9RXV VDYH] TXH F
HVW OD YpULWp &
HQ HVW DUULYp DX SRLQW TX
RQ VH MRLQW j
O
pJOLVH TX
RQ VH IDLW PHPEUHV G
pJOLVH ³D\DQW O
DSSDUHQFH GH OD SLpWp
UHQLDQW FH TXL HQ IDLW OD )RUFH´ DX SRLQW TXH F
HVW GHYHQX XQ UDPDVVLV
G
HQIDQWVEkWDUGVUHOLJLHX[&
HVWH[DFWHPHQWFHTXHF
HVW
4X
HVWFH TXL UHVWH j YHQLU" ,O \ D XQH IXVpH VXVSHQGXH OjEDV
SOXVLHXUV G
HQWUH HOOHV GHV ERPEHV DX FREDOW HW WRXW OH UHVWH (OOHV
DWWHQGHQW VHXOHPHQW TXH FHWWH SXLVVDQFH DUULYH (W LO \ DXUD XQH
GHVWUXFWLRQSDUOHIHXFRPPHLO\HQDHXXQHSDUO
HDX
(W PHV DPLV TXRL TXH YRXV IDVVLH] VL YRXV rWHV FKUpWLHQ HW TXH
YRXVDYH]'LHXGDQVYRWUHF°XUHWTXHYRXVVDYH]TXHYRXVrWHVSDVVp
GH OD PRUW j OD 9LH YRXV GHYULH] rWUH OD SHUVRQQH OD SOXV KHXUHXVH GX
PRQGH4XDQGOH6DLQW(VSULWHQYRXV
4XDQGOD%LEOHGLW³-pVXV&KULVWHVWOHPrPHKLHUDXMRXUG
KXLHW
SRXUWRXMRXUV´
/HV GpQRPLQDWLRQV GLVHQW ³0DLV QRXV FUR\RQV TXH OHV PLUDFOHV
VRQWSDVVpV´
/H 6DLQW(VSULW GLW ³$PHQ -pVXV&KULVW HVW OH PrPH KLHU
DXMRXUG
KXLHWSRXUWRXMRXUV$LQVLVRLWLO´
6LOD%LEOHGLW³5HSHQWH]YRXVHWTXHFKDFXQGHYRXVVRLWEDSWLVp
DX1RPGH-pVXV&KULVWSRXUODUpPLVVLRQGHVSpFKpVYRXVUHFHYUH]OH
6DLQW(VSULW&DUODSURPHVVHHVWSRXUYRXVHWSRXUYRVHQIDQWVSRXUOHV
QDWLRQV WRXV FHX[ TXL VRQW DX ORLQ HQ DXVVL JUDQG QRPEUH TXH OH
6HLJQHXUQRWUH'LHXHQDXVVLJUDQGQRPEUHTXHOH6HLJQHXUQRWUH'LHX
OHV DSSHOOHUD´ 9R\H]" 3DV ³(Q DXVVL JUDQG QRPEUH TXH OHV
PpWKRGLVWHVOHVDSSHOOHURQWTXHOHVEDSWLVWHVOHVDSSHOOHURQW´0DLV³(Q
DXVVLJUDQGQRPEUHTXHOH6HLJQHXUQRWUH'LHXOHVDSSHOOHUDLOVUHFHYURQW
OH 6DLQW(VSULW HW LOV VHURQW EDSWLVpV DX 1RP GH -pVXV&KULVW´ &
HVW FH
TXHOD%LEOHDGLW
4XDQGoDYRXVWRXFKHYRXVGLWHV³$PHQ´
/
pJOLVHGLVDLW³2KoDQHFKDQJHULHQ´
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϭϱ
HVW GpMj SDVVp GH OD PRUW j OD 9LH´ ,PSRVVLEOH 9RXV QH SRXUULH] SDV
SOXV
³&HOXLTXLHVWQpGH'LHXQHSUDWLTXHSDVOHSpFKpFDUODVHPHQFH
GH 'LHX GHPHXUH HQ OXL HW LO QH SHXW SDV SpFKHU´ &RPPHQW HVWFHTX
LO
SHXWSpFKHUDORUVTX
LO\DXQHRIIUDQGHSRXUOHSpFKpTXLHVWOjSRXUOXL"
&RPPHQW HVWFH TXH MH SHX[ rWUH PDODGH DORUV TXH MH VXLV HQ
SDUIDLWH VDQWp" &RPPHQW HVWFH TXH MH SHX[ rWUH DYHXJOH DORUV TXH MH
YRLV"2KODOD&RPPHQWHVWFHTXHMHSHX[rWUHGDQVOHEkWLPHQWHWHQ
GHKRUV GX EkWLPHQW HQ PrPH WHPSV" &RPPHQW HVWFHTXH MH SHX[ rWUH
LYUHHWjMHXQHQPrPHWHPSV"9RXVQHSRXYH]SDV
$ORUV TXDQG YRXV rWHV VDXYp YRXV rWHV VRXV O
([SLDWLRQ HW YRV
SpFKpV QH YRXV VRQW SDV FRPSWpV 'DYLG Q
DWLO SDV GLW ³+HXUHX[
O
KRPPHjTXL'LHXQHFRPSWHSDVOHSpFKpHWQ
LPSXWHSDVOHSpFKp´"
'LHX QH UHWLHQW SDV OH SpFKp FRQWUH 6D FUpDWXUH &
HVW IRUW oD &H Q
HVW
SDVGXODLWpFUpPp0DLVF
HVWOD%LEOH'LHXQHFRPSWHUDSDVOHSpFKpDX
MXVWH
³'LHX´ GDQV 6D JUkFH SDU OD SUpGHVWLQDWLRQ ³QH YRXODQW SDV
TX
DXFXQ SpULVVH PDLV TXH WRXV DUULYHQW j OD UHSHQWDQFH´ 6HXOHPHQW
FRPPH,OHVWLQILQLHWTX
,OVDYDLWTXLYLHQGUDLWHWTXLQHYLHQGUDLWSDV,ODSX
SUpGHVWLQHU WRXWHV FKRVHV SRXU OHV IDLUH FRQFRXULU j 6D YRORQWp 6LQRQ
SRXUTXRLHVWFHTX
,ODSHUPLVOHSpFKpSRXUFRPPHQFHU"$ORUVTX
,OpWDLW
XQ6DXYHXU6
LOQ
\DYDLWMDPDLVHXGHSpFKHXU,,Q
DXUDLWMDPDLVpWpXQ
6DXYHXUO
DWWULEXWFHTXLpWDLWHQ/XLQ
DXUDLWSDVSXrWUHPDQLIHVWp
&RPPHQW GRQF HVWFH TX
,O HVW GHYHQX XQ JXpULVVHXU" &RPPHQW
GRQFHVWFHTX
,OHVWGHYHQXXQJXpULVVHXU"&
HVWSDUFHTX
,ODSHUPLVjOD
PDODGLHGHYHQLUSRXUSRXYRLUPRQWUHUTX
,OpWDLWXQJXpULVVHXU,OpWDLWXQ
JXpULVVHXU&RPPHQWHVWFHTXHYRXVDXULH]MDPDLVSX&RPPHQWHVWFH
TX
,ODXUDLWMDPDLVSX6HIDLUHFRQQDvWUH"&RPPHQWHVWFHTXH6RQDWWULEXW
DXUDLWMDPDLVSXHQWUHUHQIRQFWLRQ"&RPPHQWHVWFHTX
,ODXUDLWMDPDLVSX
rWUH XQ JXpULVVHXU V
LO Q
\ DYDLW MDPDLV HX GH PDODGLH" ,O IDOODLW TX
,O
SHUPHWWHODPDODGLH
3DV pWRQQDQW TXH 3DXO DLW GLW GDQV 5RPDLQV ³Ð KRPPH
LQVHQVpTXLSHXWGLUHDXDXSRWLHUFHTX
LOGRLWIDLUHTXLTXDQGO
DUJLOHVH
OqYHSRXUGLUHµ3RXUTXRLPHIDLUHWRLDLQVL"¶1
DW,OSDVVXVFLWp3KDUDRQ
GDQVFHPrPHGHVVHLQSRXUTX
,OSXLVVHPRQWUHU6DJORLUHHQeJ\SWH",O
HQGXUFLWTXL,O YHXW HW ,O MXVWLILHTXL ,O YHXW &H Q
HVW SDVFHOXL TXL YHXW QL
FHOXLTXLFRXUWPDLVF
HVW'LHXTXLIDLWPLVpULFRUGH´
ϭϲ>^DEh^ZWEd
$ORUV YRXV Q
DYH] ULHQ HX j YRLU OjGHGDQV 9RXV Q
DYH] SDV XQH
VHXOHFKRVHjIDLUH6LF
HVWSDUJUkFHVLF
HVWXQGRQJUDWXLWLOQ
\DSDV
XQHVHXOHFKRVHTXHYRXVSXLVVLH]IDLUHSRXUoD'LHXYRXVDIDLWFHGRQ
HW F
HVW OD YRORQWp GH 'LHX 9RLOj OD FKRVH TXH 'LHX D SUpGHVWLQpH SRXU
YRXV
/D %LEOH GLW TXH QRXV DYRQV pWp ³SUpGHVWLQpV j rWUH GHV ILOV
G
DGRSWLRQ GHVILOV GH 'LHX DYDQW OD IRQGDWLRQ GX PRQGH´ $ORUVTXDQG
'LHX D LPPROp O
$JQHDX GDQV 6D 3URSUH SHQVpH DYDQW OD IRQGDWLRQ GX
PRQGHSRXUGpPRQWUHU6HVDWWULEXWVFHTX
,OpWDLW4XDQGO
$JQHDXDpWp
LPPROpQRXVDYRQVpWpLPPROpVDYHF/XL4XDQGOH6DQJGHO
$JQHDXD
pWp SULV GDQV 6D 3URSUH SHQVpH GqV DYDQW ODIRQGDWLRQ GXPRQGH PRQ
QRPHWOHY{WUHRQWpWppFULWVGDQVOH/LYUHjFHPRPHQWOjWRXWoDGDQV
6DJUDQGHSHQVpH
,OHVWLQILQL6LFHQ
HVWSDVoDTX
,ODIDLWDORUVSRXUTXRLDW,OSHUPLV
oD" /HTXHO HVW OH SOXV IRUW FRPPH MH OH GLVDLV XQ 6DXYHXU RX XQ
SpFKHXU" /HTXHO D OH SOXV GH IRUFH" $ORUV LO D IDOOX TXH OH SOXV IRUW
SHUPHWWHOHPRLQVIRUWHW,OOHIDLWVHXOHPHQWSRXU6DJORLUH4XDQG,ODIDLW
/XFLIHU ,O VDYDLW TX
LO VHUDLW OH GLDEOH ,O IDOODLW TX
,O ODLVVH IDLUH oD SRXU
PRQWUHU TX
,O pWDLW OH 6DXYHXU OH &KULVW ,O IDOODLW TX
,O ODLVVH OHV FKRVHV
DUULYHUFRPPHoD
0DLQWHQDQWOD%LEOHQHGLWHOOHSDVTXH³WRXWHVFKRVHVFRQFRXUHQW
DX ELHQ GH FHX[ TXL DLPHQW 'LHX´" >/
DVVHPEOpH ³$PHQ´ 1'e@
$ORUVGHTXRLDYH]YRXVSHXU"
6R\RQVDFWLIVWRXMRXUVjO¶°XYUH
/HF°XUYDLOODQWSUrWVjOXWWHU
3DVFRPPHOHEpWDLOTX
LOIDXWSRXVVHU
)DLUH DYDQFHU GH FHX[ TX
LO IDXW WRXMRXUV
FRQYDLQFUHHWVXSSOLHU
(WVR\H]XQKpURV
-
DLPH oD 7HQH]YRXV GHERXW 8Q SHWLW SRqPH TXL P
DLGDLW
WHOOHPHQWTXDQGM
pWDLVHQIDQWYRLFLHQJURVFHTX
LOGLW
8QMRXUXQQREOH5RPDLQ
¬O
pSRTXHGHO
(PSLUH
(QWHQGLWXQVRPEUHGpIDLWLVWH
'HYDQWOHFKkWHDXGLUH
³2KORLQGXGDQJHUPHVXLVGDQVFHVDSLQ
FDFKp
1XOQHVDXUDWURXYHUPR\HQGHO
pEUDQOHU´
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϰϭ
VRUWH]HQSRUWDQWGHVVKRUWVHWFHJHQUHGHFKRVHVOj$ORUVTXHOHEUDYH
-RKQ 6PLWK O
XQ GHV DQFLHQV GH O
pJOLVH PpWKRGLVWH DYDQW GH PRXULU j
TXDWUHYLQJWFLQT DQV LO D SUrFKp XQH FRXUWH SUpGLFDWLRQ GH TXDWUH DQ
TXDWUHKHXUHV,OVRQWGOHSRUWHUSRXUOHSODFHUGHUULqUHODFKDLUH(WYRLFL
VHV GHUQLHUV PRWV ,O D GLW ³&RPPH MH VXLV FKRTXp SDU OD FRQGXLWH GH
O
pJOLVH PpWKRGLVWH´ ,O D GLW ³-XVTX
DX[ ILOOHV GH O
pJOLVH PpWKRGLVWH TXL
SRUWHQW GHV EDJXHV HQ RU DX[ GRLJWV´ 4X
HVWFH TX
LO GLUDLW PDLQWHQDQW
TXDQGHOOHVSRUWHQWGHVVKRUWVDORUVTX
HOOHVFKDQWHQWGDQVODFKRUDOH"
9RXV FRXULH] ELHQ 4X
HVWLO DUULYp" 9RXV DJLVVH] FRPPH YRWUH
PDPDQ&
HVWH[DFWHPHQWoD
&
HVW SRXU FHWWH UDLVRQ TXH QRXV QH YRXORQV ULHQ GH FHV
GpQRPLQDWLRQVDFFURFKpDXWRXUGHFHFLRXDYHFXQHpWLTXHWWHLFL³1RXV
VRPPHVPpWKRGLVWHV1RXVVRPPHVEDSWLVWHV´1RXVVRPPHVGH&KULVW
F
HVWWRXW/DLVVH]oDFRPPHoDHWVR\H]OLEUHV
/jYRXVYR\H]ODVHPHQFHGXVHUSHQW"4X
HVWFHTXHoDFRWHUDLW
j XQH IHPPH FRPPH FHOOHOj PDLQWHQDQW" 4X
HVWFH TXH oD IHUDLW"
4XRL" (OOHV RQW FRQWLQXp OHV XQHV DSUqV OHV DXWUHV (OOHV RQW UHSRXVVp
OHV EDSWLVWHV UHSRXVVp OHV PpWKRGLVWHV UHSRXVVp OHV SUHVE\WpULHQV
4X
HVWFHTX
HOOHVRQWIDLW"(OOHVVRQWWRXWHVUHWRXUQpHVSRXUIDLUHFRPPH
OHXU PDPDQ OD YLHLOOH SURVWLWXpH /HV YRLOj WRXWHV j IDLUH OD PrPH
SURVWLWXWLRQ³(KELHQoDQHFKDQJHULHQ,OVRQWpWpLPPHUJpV,OVRQWpWp
DVSHUJpV,OVLOVVRQWYHQXVIDLUHOHXUFRQIHVVLRQ,OVVHVRQWVRXPLVjOD
SURKLELWLRQSHQGDQWVL[PRLVLOVQ
RQWSDVEXEHDXFRXSSHQGDQWFHWHPSV
HWWRXW&HVRQWGHVERQVPHPEUHV,OVSDLHQWELHQ´2KODODdDQ
DULHQ
jYRLUDYHFOHVIUXLWVGHO
(VSULW
/HV IUXLWV GH O
(VSULW F
HVW ³OD IRL´ FURLUH TXH -pVXV&KULVW HVW OH
PrPH KLHU DXMRXUG
KXL HW SRXU WRXMRXUV ³O
DPRXU´ SRXU OHV IUqUHV ³OD
MRLH OD SDL[ OD ORQJDQLPLWp OD ERQWp OD ELHQYHLOODQFH OD SDWLHQFH OD
GRXFHXUODWHPSpUDQFH´9RLOjOHVFKRVHVOHVIUXLWVGHO
(VSULW
(WSUHQRQVXQKRPPH³(KELHQLOLOPqQHXQHERQQHYLHGDQVOH
YRLVLQDJHéVDDXVVL
eVD Q
D MDPDLV IDLW GH PDO j SHUVRQQH HW eVD pWDLW GX GLDEOH
PDLV -DFRE TXL YHQDLW GX PrPH VHLQ LO pWDLW GH 'LHX /D VHPHQFH GX
GLDEOHOD6HPHQFHGHODIHPPHOD6HPHQFHGH'LHXDSHUFp
/j YRXV YR\H] F
HVW j FHFL TXH WRXW oD D DERXWL HW TX
HVWFH TXL
UHVWHGDQVOHPRQGHDXMRXUG
KXL"-HYDLVOHGLUHDVVH]GXUHPHQWELHQPH
ϰϬ>^DEh^ZWEd
-
DLSULVPDYRLWXUHHWM
\VXLVDOOpHQYLWHVVH&RPPHMHPRQWDLVM
DL
UHQFRQWUp FHWWH LQILUPLqUH kJpH Oj TXL KDELWH +RZDUG 3DUN HQFRUH
DXMRXUG
KXL(OOHDGLW³3DVWHXUYRXVQ
DYH]SDVEHVRLQGHYHQLU´,OGRLW\
DYRLUXQHYLQJWDLQHG
DQQpHVGHoDSHXWrWUHXQSHXSOXV(OOHDGLW³(OOH
HVW PRUWH´ (OOH D GLW ³,O \ D GpMj j SHX SUqV WURLV PLQXWHV TX
HOOH HVW
PRUWH´ (OOH D GLW ³(OOH YRXV D DSSHOp HQ FULDQW GH WRXWHV VHV IRUFHV´
(OOHDGLW³-
DLXQPHVVDJHSRXUYRXV´
-
DLGLW³4XRL"´
(OOHDGLW³&HSUpGLFDWHXUGHTXLM
DLGLWoDGLVOXLµ3DUGRQQH]PRL
MHYRXVHQSULH¶´
-H VXLV DOOp OD UHJDUGHU 8QH EHOOH IHPPH HW HOOH DYDLW WHOOHPHQW
VRXIIHUW(OOHDYDLWGHVSHWLWHVWDFKHVGHURXVVHXUDXWRXUGXQH]XQHMROLH
IHPPH (W OHV WDFKHV GH URXVVHXU RQ DXUDLW GLW TX
HOOHV UHVVRUWDLHQW (W
HOOH DYDLW OHV \HX[ FRPSOqWHPHQW H[RUELWpV HW j PRLWLp UHQYHUVpV
eYLGHPPHQW VHV LQWHVWLQV HW VHV UHLQV DYDLHQW WUDYDLOOp HW O
pPDQDWLRQ
V
pOHYDLWSDUWRXWVXUOHOLWFRPPHoD
(WVRQPDULP
DUHJDUGpLODGLW³)UqUH%UDQKDPIDLWHVXQHSULqUH
SDUFHTX
HOOHYRXODLWYRXVYRLU´
-
DL GLW ³8QH SULqUH SRXU HOOH HQ FH PRPHQW oD QH IHUDLW DXFXQ
ELHQ´
³/
DUEUHWRPEHGXF{WpRLOSHQFKH´9R\H]"³1HYRXV\WURPSH]
SDV RQ QH VH PRTXH SDV GH 'LHX &H TX
XQ KRPPH DXUD VHPp LO OH
PRLVVRQQHUD´
9RXV YR\H] R F
HQ HVW" 0DLQWHQDQW TX
HVWFH TXL V
HVW SDVVp"
5HJDUGH] OD IHPPH TXL IHUDLW oD 5HJDUGH] OHV IHPPHV TXL RQW YpFX
DXWUHIRLV OD GDQVHXVH GH PXVLFKDOO VD ILOOH F
pWDLW TXRL" 8QH
GpYHUJRQGpH /D GpYHUJRQGpH VD ILOOH F
HVW TXRL" 8QH MHXQH URFN DQG
UROO(WVDILOOHTX
HVWFHTX
HOOHYDrWUH"$K4X
HVWFHTXHF
HVW
9RXVYR\H]ODVHPHQFHGXMXVWH"
5HJDUGH]YRXVOHVEDSWLVWHV5HWRXUQH]XQSHXHQDUULqUHGDQVOH
WHPSV5HWRXUQH]j-RKQ6PLWKYRWUHIRQGDWHXUYRXVOHVEDSWLVWHV$ORUV
TX
LOSULDLWWDQWSRXUO
LQLTXLWpGHVJHQVTXHLOSOHXUDLWHWLOSULDLWWDQWSRXU
OHV JHQV TXH VHV \HX[ VH IHUPDLHQW WHOOHPHQW LOV pWDLHQW HQIOpV HW F
HVW
VRQpSRXVHTXLGHYDLWOXLIDLUHPDQJHUVRQSHWLWGpMHXQHUjODWDEOH
(W YRXV OHV PpWKRGLVWHV LFL DYHF GHV ELMRX[ GDQV OH QH] HW DX[
RUHLOOHVHWYRXVDYH]O
DLUGHSODQWHVJREHPRXFKHVSRXUOHGLDEOHHWYRXV
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϭϳ
³2KQRQOHKpURVGHV
pFULHU
0R\HQOHWURXYHUDLVLQRQOHIRXUQLUDL´
9RLOj &
HVW oD 6L FHWWH %LEOH HQVHLJQH TXH -pVXV&KULVW HVW OH
PrPH KLHU DXMRXUG
KXL HW SRXU WRXMRXUV dD Q
D SDV pWp FKRVH IDFLOH
TXDQGMHVXLVVRUWLGX7DEHUQDFOHFHMRXUOjHWTXHWRXWOHPRQGHPHGLVDLW
TX
LO DUULYHUDLW FHFL HWTX
LO DUULYHUDLW FHOD ³9RXV SRXUULH] SDVVHU SRXUXQ
IDQDWLTXH rWUH MHWp HQ SULVRQ HW WRXWH O
DVVRFLDWLRQ PpGLFDOH SRXUUDLW VH
OLJXHU FRQWUH YRXV´ 0DLV 'LHX P
DYDLW GLW GH OH IDLUH /D %LEOH D GLW TX
,O
O
pWDLW (W PDLQWHQDQW XQ IHX GH UpYHLO EUOH GDQV FKDTXH QDWLRQ TX
LO \ D
VRXVOH&LHO3RXUTXRL"1HYRXVODLVVH]SDVGpPRQWHU
&RPPHQW DWWDTXH]YRXV YRWUH WkFKH
TXRWLGLHQQH"
5HGRXWH]YRXVOHWUDYDLOTXLYRXVDWWHQG"
$YH]YRXVGXF°XUjO
RXYUDJH"
9RWUH WrWH HVWHOOH IDWLJXpH HW YLGH" -H
GpWHVWHFHJHQUHGHFKRVHVOj
$YH]YRXVGXF°XUjO
RXYUDJH
2XrWHVYRXVWRXMRXUVUHPSOLGHSHXU"
(K ELHQ DORUV DWWDTXH]YRXV j OD WkFKH
VXLYDQWH
(QFUR\DQWTXHYRXV\DUULYHUH]
7HQH] ERQ &HUWDLQHPHQW 3UHQH] XQH GpFLVLRQ IHUPH GDQV YRWUH
F°XUFRPPH'DQLHO5HVWH]DYHF'LHX
³2 HVWFH TXH WRXW FHOD V
HVW SDVVp" &RPPHQW HVWFH TXH F
HVW
DUULYp" 4X
HVWFH TXL IDLW TXH OHV JHQV VRQW DLQVL" 3RXUTXRL HVWFH TXH
QRXV VRPPHV SUHVTXH VXU OH SRLQW G
rWUH GpWUXLWV" )UqUH %UDQKDP
H[SOLTXH]PRL 4X
HVWFH TXL YRXV IDLW FURLUH TXH WRXW oD LFL oD GRLW rWUH
GpWUXLW"´(OOHDGpMjpWpGpWUXLWHXQHIRLVSDVYUDL"GDQVODGHVWUXFWLRQ
DQWpGLOXYLHQQH /j RQ HQWUH GDQV GHV FKRVHV SURIRQGHV (W RQ YD VH
SUpSDUHUjOLUH
0DLQWHQDQWM
DLPHUDLVTXHYRXVSUHQLH]DYHFPRLOjOH/LYUHGHOD
*HQqVH DX FKDSLWUH 6L YRXV YRXOH] VDYRLU TXRL TXH FH VRLW MH SHX[
YRXVPRQWUHULFLGDQVOH/LYUHGHOD*HQqVHTXHWRXWHVOHVVHFWHVHWWRXV
OHVLVPHVHWWRXWFHTXHQRXVDYRQVDXMRXUG
KXLPrPHoDDFRPPHQFp
GDQV OD *HQqVH &RPELHQ VDYHQW TXH *HQqVH oD YHXW GLUH ³OH
FRPPHQFHPHQW´"&HUWDLQHPHQW
1RXV WURXYRQV O
pJOLVH FDWKROLTXH DX FRPPHQFHPHQW %DE\ORQH
1LPURG VRQ IRQGDWHXU QRXV OD WURXYRQV DX PLOLHX GH OD %LEOH QRXV OD
ϭϴ>^DEh^ZWEd
WURXYRQVjODILQGHOD%LEOHQRXVYR\RQVTX
LOVRQWHVVD\pG
LQWURGXLUHOHV
IHPPHV SUpGLFDWHXUV DX FRPPHQFHPHQW GH OD %LEOH HQ DGRUDQW GHV
SHWLWHVVWDWXHVIDLWHVGHUDFLQHV&RPELHQRQWGpMjOXOHV'HX[%DE\ORQHV
G
+LVORS OH UpFLW KLVWRULTXH" %LHQ $OOH] YpULILHU oD GDQV FHV GHX[ UpFLWV
KLVWRULTXHV ,OV RQW HX XQH IHPPH (W SXLV YRXV YRXV VRXYHQH] PrPH
-DFREDYROpOHVGLHX[GHVRQSqUHHWVDILOOHOHVDFDFKpVVXUHOOHHWOHVD
HPSRUWpVDYHFHOOHGDQVOHGpVHUWFHTXLDVRXLOOpOHFDPSSOXVWDUG%LHQ
0DLQWHQDQWOLVRQVLFLGDQVOD*HQqVH
/HVHUSHQWpWDLWOHSOXVUXVpGHWRXVOHVDQLPDX[GHV
FKDPSV TXH O
eWHUQHO 'LHX DYDLW IDLWV ,O GLW j OD
IHPPH 'LHX DWLO UpHOOHPHQW GLW 9RXV QH PDQJHUH]
SDVGHWRXVOHVDUEUHVGXMDUGLQ"
/D IHPPH UpSRQGLW DX VHUSHQW 1RXV PDQJHRQV GX
IUXLWGHVDUEUHVGXMDUGLQ
0DLVTXDQWDXIUXLWGHO
DUEUHDXPLOLHXGXMDUGLQ
'LHX D GLW 9RXV Q
HQ PDQJHUH] SRLQW HW YRXV Q
\
WRXFKHUH]SRLQWGHSHXUTXHYRXVQHPRXULH]
$ORUV OH VHUSHQW GLW j OD IHPPH 9RXV QH PRXUUH]
SRLQW
0DLV'LHXVDLWTXHOHMRXURYRXVHQPDQJHUH]YRV
\HX[ V
RXYULURQW YRXV YR\H] HQ TXrWH G
XQH /XPLqUH
QRXYHOOH HW TXH YRXV VHUH] FRPPH GHV GLHX[
FRQQDLVVDQWOHELHQHWOHPDO
9RXVYR\H]FRPPHQWLOVVRQWFHVJDUVOjDXMRXUG
KXLFRPPHQWLOV
HVVDLHQW GH UHWUDQFKHU GH OD %LEOH" ³9R\RQV Q
HVWFH SDV WRXW DXVVL
VLPSOH GH YHUVHU RX G
DVSHUJHU RX FRPPH FHFL RX FRPPH FHOD" 1RQ
PRQVLHXU'LHXDpWDEOLXQSODQHWF
HVWOXLTX
RQGRLWVXLYUH&HFL>)UqUH
%UDQKDPPRQWUHOD%LEOH1'e@
/D IHPPH YLW TXH O
DUEUH pWDLW ERQ j PDQJHU HW
DJUpDEOHjODYXHHWTX
LORXYUDLWpWDLWSUpFLHX[SRXU
RXYULU O
LQWHOOLJHQFH HOOH SULW GH VHV IUXLWV HW HQ
PDQJHD HOOH HQ GRQQD DXVVL j VRQ PDUL TXL pWDLW
DXSUqVG
HOOHHWLOHQPDQJHD
/HXUV \HX[ GH O
XQ HW GH O
DXWUH V
RXYULUHQW LOV
FRQQXUHQWTX
LOVpWDLHQWQXVHWD\DQWFRXVXGHVIHXLOOHV
GHILJXLHULOVV
HQILUHQWGHVFHLQWXUHV
-
DLPHUDLV P
DUUrWHU LFL XQ LQVWDQW 0DLQWHQDQW LO IDXW TX
LO \ DLW XQ
FRPPHQFHPHQW j WRXW 9RXV DYH] HX XQ FRPPHQFHPHQW 0DLQWHQDQW
QRXV &
HVW OjGHVVXV TXH MH YHX[ PDLQWHQDQW EDVHU WRXW FH GRQW QRXV
DYRQVSDUOpGHSXLVOHVGHX[GHUQLqUHVUpXQLRQVMXVTX
LFL
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϯϵ
FKRVHTXDQGM
HQWHQGUDLVFHWWH%LEOHVLOD%LEOH6LM
DYDLVpWpEDSWLVpDX
QRP GH ³3qUH )LOV HW 6DLQW(VSULW´ HW TXH MH OLVH FHWWH %LEOH HW TX
XQ
SUpGLFDWHXU PH GLVH TXH SHUVRQQH GDQV OD %LEOH Q
D MDPDLV pWp EDSWLVp
DXWUHPHQWTX
DX1RPGH-pVXV&KULVWHWTXHMHOHOLVHHWTXHMHYRLHTXH
F
HVWOD9pULWpM
LUDLVjO
HDXDXVVLYLWHTXHMHSHX[2XLPRQVLHXU
6L TXHOTX
XQ PH GLVDLW TXHTXH -pVXV&KULVW pWDLW XQ JUDQG
JXpULVVHXU HW TXH PRQ pJOLVH PH GLVH TXH ³OHV MRXUV GHV PLUDFOHV VRQW
SDVVpV´HWTXHM
DLHEHVRLQGHJXpULVRQMHFRXUUDLVDXVVLYLWHTXHMHSHX[
jO
DXWHOSRXUrWUHJXpUL&HUWDLQHPHQW
6L M
pWDLV SUpGLFDWHXU HW TXH M
DLH XQHXQH IHPPH SUpGLFDWHXU
GHUULqUH PD FKDLUH HW TXH MH OLVH GDQV FHWWH %LEOH HW TXH MH YRLH TX
XQH
IHPPHQHGRLWSDVSUrFKHUMHO
{WHUDLVGHOjTXLWWHj\ODLVVHUPDSHDX
(W YRXV YRXV VRXYHQH] DVVLVH Oj DX IRQG Oj R VH WURXYH 6°XU
:ULJKW XQ VRLU XQH IHPPH YRXODLW PH PHWWUH j OD SRUWH SRXU DYRLU IDLW
TXHOTXH FKRVH FRPPH oD 2XL PRQVLHXU -
DL GLW ³9RXV Q
HQWUHUH] SDV
GDQV PRQ pJOLVH DYHF YRV HVSqFHV GH´ &
HVW TXDQG HOOHV SRUWDLHQW
TX
HOOHVDYDLHQWGHFHVUREHVWUqVGpFROOHWpHVFRPPHoDDYHFFHGU{OHGH
WLVVX HW OHXU FRUSV j PRLWLp GpFRXYHUW -
DL GLW ³6L MDPDLV HOOHV HQWUHQW
GDQVPRQpJOLVHMHYDLVOHVPHWWUHGHKRUVF
HVWVU´(WXQHHVSqFHGH
SHWLWHGpJRXUGLHSDVORLQG
LFLHOOHHVWPRUWHSDVORQJWHPSVDSUqVHWHOOH
P
D IDLW GHPDQGHU PRXUDQWH &
pWDLW XQH ILOOH FDWKROLTXH HOOH V
HVW
DYDQFpHOjHWHOOHV
HVWDVVLVHDUUDQJpHFRPPHoDOj-HUHJDUGDLVYHUVOH
IRQGHWMHO
pWXGLDLVSHQGDQWTXHM
pWDLVDVVLVLFLHWTX
LOVFKDQWDLHQW-
DL
{Wp PRQ YHVWRQ MH VXLV DOOp Oj YHUV OH IRQG HW MH O
DL PLV DXWRXU GH VHV
pSDXOHV-
DLGLW³0DGDPHVLYRXVYRXOH]P
pFRXWHUSUrFKHUDXULH]YRXV
O
REOLJHDQFH GH SRUWHU FH YHVWRQ SHQGDQW TXH YRXV rWHV GDQV O
pJOLVH GH
'LHX"´9R\H]"&HUWDLQHPHQW
(OOHHVWVRUWLHHQWDSDQWGXSLHGHOOHDSLQFpVHVSHWLWHVOqYUHV(OOH
HVW VRUWLH GX EkWLPHQW (OOH D GLW ³6L F
HVW GH OD UHOLJLRQ TX
LO D MH QH
ODLVVHUDLVSDVPDYDFKHDYRLUFHWWHVRUWHGHUHOLJLRQOj´
-
DLGLW³1HYRXVHQIDLWHVSDVHOOHQHO
DXUDSDV´
(QVXLWH QRXV DYRQV HX OD WHQWH HW LOV P
RQW IDLW YHQLU TXDQG HOOH
pWDLW PRXUDQWH (OOH DYDLW IDLW XQH FULVH FDUGLDTXH HW HOOH pWDLW PRXUDQWH
6RQ PDUL HVW YHQX ,O D GLW ³9HQH] YLWH´ (W M
pWDLV HQ SOHLQ PLOLHX GH OD
UpXQLRQ&
pWDLWXQJURVHWJUDQGJDUVGHERXWjODSRUWHLOP
DWWHQGDLW(W
M
DLDFFRXUX
ϯϴ>^DEh^ZWEd
,ODGLW³0DLVMHYHX[TXHYRXVPHGLVLH]OD9pULWp´
-
DLGLW³/DSOXVKDXWHIRUPHGHVSLULWLVPHTXHMHFRQQDLVVH´
,ODGLW³&RPPHQWHVWFHTXHYRXVHQDUULYH]Oj"´
-
DLGLW³7RXWFHTXLLQWHUFqGHDXSUqVGHVPRUWVF
HVWXQVSLULWH´
-
DL GLW ³6L OH VDLQW UpSRQG F
HVWTX
LO HQ HVW HQIHU (Q HIIHW GH FHX[ TXL
RQW WUDYHUVp OH VHQWLHU PDPD %LEOH GLW TX
LO QH SHXW SDV UHYHQLU´ &
HVW
YUDL (W M
DL GLW ³6
LO HQ HVW XQ V
LO pWDLW XQ VDLQW F
HVW DORUV OH GLDEOH TXL
SDUOHFRPPHXQVDLQWHWFHQ
HVWSDVOHVDLQWDSUqVWRXW´
(W LO D GLW ³0DLV DWWHQGH] XQH PLQXWH Oj´ ,O D GLW ³9RXV DXVVL
YRXVLQWHUFpGH]DXSUqVGHVPRUWV´
-
DLGLW³2"´
,ODGLW³-pVXV&KULVWHVWPRUW´
-
DL GLW ³0DLV ,O HVW UHVVXVFLWp ,O Q
HVW SDV PRUW 0DLV ,O YLW SRXU
LQWHUFpGHUOHVHXOPpGLDWHXUHQWUH'LHXHWO
KRPPH´
³-HVXLV&HOXLTXLpWDLWPRUWHWTXLHVWGHQRXYHDXYLYDQWHWTXLHVW
YLYDQW DX[ VLqFOHV GHV VLqFOHV -
DL OHV FOpV GH OD PRUW HW GX VpMRXU GHV
PRUWV´ ³4XH FHOXL TXL YHXW YLHQQH HW TX
LO ERLYH GHV HDX[ GH OD 9LH
JUDWXLWHPHQW´2KODOD9RLOjQRWUH'LHX9RLOjQRWUH'LHX
(W OD VHPHQFH GX MXVWH HVW SUHVTXH pSXLVpH 3DUOH] DX[ JHQV GH
FHV FKRVHV 3DUOH] DX[ JHQV GH UHYHQLU j OD PDQLqUH GH OD %LEOH 3DUOH]
DX[JHQVGHVPLUDFOHV3DUOH]GHoDDX[JHQV/HXU³pJOLVHQ
<FURLWSDV´
DORUVFHVRQWGHVHQIDQWVEkWDUGVSRXU'LHX/D%LEOHGLWTXHVLQRXVQH
SRXYRQV SDV VXSSRUWHU OHV SHUVpFXWLRQV HW OHV pSUHXYHV OHV PRTXHULHV
HW G
rWUH WUDLWpV G¶³H[DOWpV´ HW DLQVL GH VXLWH FRPPH oD VL YRXV QH
SRXYH]SDVOHVXSSRUWHUYRXVrWHVGHVHQIDQWVEkWDUGVHWSDVOHVHQIDQWV
GH'LHX/D%LEOHOHGLW
7UDLWH]PRL G¶³H[DOWp´ VL YRXV YRXOH] 7UDLWH]PRL GH WRXW FH TXH
YRXV YRXOH] 7DQW TXH PRQ F°XU HVW GURLW GHYDQW 'LHX HW TXH PRQ
H[SpULHQFH V
DFFRUGH DYHF OD %LEOH GH 'LHX MH YDLV FRQWLQXHU j DYDQFHU
GDQV FHWWH PrPH GLUHFWLRQ 2XL PRQVLHXU 9RLOj FH TXH QRXV FUR\RQV
9RLOj O
eJOLVH GX 'LHX YLYDQW FH TXL QH YLHQW SDV SDU OD WKpRORJLH dD QH
YLHQW SDV SDU XQH FRQFHSWLRQ LQWHOOHFWXHOOH IDLWH GH PDLQ G
KRPPH dD
YLHQW SDU OD 9pULWp UpYpOpH GH FH TXH -pVXV&KULVW HVW OH )LOV GH 'LHX
DEVROXPHQW
6L WRXW FH TXH M
DYDLV F
pWDLW XQH FRQFHSWLRQ LQWHOOHFWXHOOH SDUFH
TXHO
pJOLVHEDSWLVWHRXO
pJOLVHPpWKRGLVWHP
DDSSULVTXHF
HVWWHOOHHWWHOOH
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϭϵ
0DLQWHQDQW FH PDWLQ RQ HVW UHWRXUQpV HQ DUULqUH SRXU VH
UHSUpVHQWHUXQSHXODVFqQHGHOD%LEOHTXDQG'LHXDIDLWODWHUUHTX
,OD
IRUPpOHVJD]HWTX
HQVXLWHFHVJD]VHVRQWWUDQVIRUPpVHQFDOFLXPHWHQ
SRWDVVHHWHWHQGLIIpUHQWHVFKRVHV,OpWDLWHQWUDLQGHIDLUHYRWUHFRUSV,O
pWDLW HQ WUDLQ GH SUpSDUHU O
pGLILFH FRPPH XQ JUDQG HQWUHSUHQHXU HQ
EkWLPHQWFRPPHXQHQWUHSUHQHXUTXLGpSRVHWRXVVHVPDWpULDX[OjSRXU
FRQVWUXLUHXQHQVHPEOHLPPRELOLHU,OpWDLWHQWUDLQGHIDLUHYRWUHFRUSVHW,O
O
DYDLW GpSRVp Oj ,O VDYDLW WUqV H[DFWHPHQW GDQV 6D SHQVpH FH TXL DOODLW
rWUHIDLW
&HWWHPDLQ'LHXDIDLWFHWWHPDLQDYDQWTX
,OSHQGDQWTX
,OIDLVDLW
OHPRQGHSDUFRQWUHPRQHVSULW,OO
DIDLWDYDQWTX
LO\DLWXQPRQGH%RQ
PDLV FHWWHPDLQ HW FH FRUSV,O OHV DIDLWVTXDQG ,O DIDLW OHPRQGH SDUFH
TXHFHFRUSVHVWVRUWLGHODWHUUHHWLOYDUHWRXUQHUjODWHUUH'LHXDIDLWoD
,ODSUpSDUpWRXWoDGDQV6RQJUDQGSURMHWHWGDQV6RQSODQ
0DLQWHQDQW TXDQG ,O V
HVW PLV j IDLUH OD WHUUH ,O D IDLW O
KRPPH HW
O
KRPPHRQDXUDLWGLWTX
LO\DYDLWTXHOTXHFKRVHTXLQ
DOODLWSDVFKH]OXL
2Q HQ D SDUOp FH PDWLQ RQ V
HVW UHSUpVHQWp OD VFqQH OHOH 3qUH TXL HVW
GHVFHQGXHWTXLDUHJDUGp6RQILOVIDLWj6RQLPDJHHWDLQVLGHVXLWH(W
DORUV,OOXLDIDLWXQHpSRXVHXQHDLGH
0DLQWHQDQW VRXYHQH]YRXV TXH WRXWHV OHV FUpDWXUHV GH OD WHUUH
$GDPOHXUDYDLWGRQQpGHVQRPV
,ODYDLWIDLWOHOHEpWDLOHWOHVErWHVHWWRXW(WDXMRXUG
KXLRQ/HV
FKURQRORJLVWHV HWHW SOXVLHXUV GHV JUDQGV FHUYHDX[ GH OD VFLHQFH
HVVDLHQW GHSXLV VL[ PLOOH DQV GH WURXYHU OH FKDvQRQ PDQTXDQW OD UDLVRQ
SRXUODTXHOOHOHVDQLPDX[/
KRPPHIDLWSDUWLHGHODYLHDQLPDOH1RXVOH
VDYRQVoDTXHQRXVVRPPHVIDLWV
(W OD IHPPH HVW VLPSOHPHQW XQH SDUWLH GH O
KRPPH XQ SURGXLW
GpULYp/DIHPPHQ
pWDLWSDVGDQVODFUpDWLRQRULJLQDOHdDIDLVDLWGpMjGHV
DQQpHV HW GHV DQQpHV HW GHV DQQpHV TXH 'LHX DYDLW DUUrWp GH FUpHU
TXDQG ,O D IRUPp OD IHPPH j SDUWLU G
XQH F{WH SULVH GH VRQ F{Wp $GDP
DYDLWGpMjGRQQpGHVQRPVjWRXWHODFUpDWLRQjWRXWOHUHVWHPDLVSRXU
OXLPrPHLOQ
\DYDLWULHQ$ORUV,OOXLDIDLWXQHDLGH,ODSULVXQHF{WHGH
VRQF{Wp,ODUHIHUPpODFRXSXUHHW,OOXLDIDLWXQHDLGH(WO
KRPPHGDQV
VRQHVSULWLOpWDLWjODIRLVKRPPHHWIHPPH
ϮϬ>^DEh^ZWEd
(W OD IHPPH HVW VLPSOHPHQW XQH SDUWLH GH O
KRPPH (W TXDQG XQ
KRPPHSUHQGXQHpSRXVHHWVLHOOHHVWYUDLPHQWVRQpSRXVHXQHpSRXVH
GRQQpHSDU'LHXDORUVHOOHVHUDSRXUOXLWRXWFRPPHXQHSDUWLHGHOXL
9RLOj OD UDLVRQ SRXU ODTXHOOH LO \ D WDQW GH SUREOqPHV GDQV OHV
PDULDJHVF
HVWSDUFHTXHYRXVUHQFRQWUH]XQHILOOHDYHFGHVEHDX[\HX[
EUXQV RX GHV EHDX[ \HX[ EOHXV RX TXHOTXH FKRVH FRPPH oD XQ EHDX
SK\VLTXH HW YRXV YRXV \ ODLVVH] SUHQGUH 'qV O
LQVWDQW TX
HOOH D VRQ
SUHPLHUEpEpTX
HOOHSHUGVHVGHQWVHWTX
HOOHGHYLHQWULGpHHWSUHQGGH
O
kJH DORUV YRXV YRXOH] OD PHWWUH j OD SRUWH (W YRXV OHV IHPPHV
FHUWDLQHV YRQW UHQFRQWUHU XQ MHXQH JDUV DX[ FKHYHX[ WRXW OLVVpV DYHF OD
PRLWLpGHODERvWHGHVDLQGRX[GHVDPDPDQYLGpHGHVVXVHWWRXWIULVpV
0DLV LOV YRQW WRXV WRPEHU MH VDLV oD SDU H[SpULHQFH $ORUV TX
HVWFH TXL
DUULYH"4X
HVWFHTX
LO\D"9RXVYRXVODLVVH]SUHQGUHSDUoD
9RXV GHYULH] G
DERUG SULHU SDUFHTXH ODIHPPH HOOH IDLW SDUWLH GH
YRXV(WVLYRXVDYH]VHUUpXQHIHPPHFRQWUHYRWUHSRLWULQHHWTXHYRXV
O
DYH] SULVH SRXU pSRXVH HW TXH YRXV (OOH ODLVVH XQH HPSUHLQWH VXU
YRXV1RXVDOORQVOHGLUHFRPPHoDSRXUTXHYRXVFRPSUHQLH](WWRXWH
DXWUHIHPPH FRQWUH FHWWH SRLWULQH QH V
DMXVWHUDSDV j FHWWH HPSUHLQWH(W
'LHXYRXVHQWLHQGUDSRXUUHVSRQVDEOH$ORUVVRXYHQH]YRXVHQ
9RXV TXL VRUWH] DYHF OD IHPPH G
XQ DXWUH HW $XMRXUG
KXL M
DL
HQWHQGX SDUOp G
XQH MHXQH ILOOH GH OD YLOOH LFL OD SDXYUH SHWLWH -H OD
FRQQDLV 8QH HVSqFH GH MRXHXU OXL DFKHWDLW SOHLQ GH EHDX[ YrWHPHQWV HW
WRXWSRXUHVVD\HUGHODJDJQHUDYHFoD8QUDWFHOXLTXLIHUDLWXQHFKRVH
SDUHLOOHQHSHXWPrPHSDVrWUHFRQVLGpUpFRPPHXQrWUHKXPDLQ
9RXV VDYH] XQ FKLHQ Q
HVW SDV DXVVL EDV TXH oD PDLV SRXUWDQW
YRXV DSSHOH] XQH PDPDQ FKLHQ XQH ³FKLHQQH´ (OOH D SOXV GH PRUDOLWp
TXH OD PRLWLp GHV IHPPHV GH -HIIHUVRQYLOOH (W YRXV DSSHOH] XQH EUDYH
PDPDQ FRFKRQ XQH ³WUXLH´ HW HOOH Q
HVW SDV (OOH D EHDXFRXS SOXV GH
PRUDOLWpTXHOHVIHPPHVGHVeWDWV8QLVEHDXFRXSG
HQWUHHOOHV&
HVWWRXW
jIDLWYUDL-HVDLVTXHF
HVWGLUHFWoD-HYRXVO
DYDLVGLWTXHM
DOODLVPHWWUH
OHVSRLQWVVXUOHVLMHYHX[TXHYRXVVDFKLH]FHVFKRVHV(WF
HVWYUDL/HV
IHPPHV G
DXMRXUG
KXL QH VDYHQW PrPH SDV FH TXH F
HVW TXH OD PRUDOLWp
(OOHVGLVHQW³dDQHEOHVVHSDVPDFRQVFLHQFH´(KELHQYRXVQ
HQDYH]
SDV5HPDUTXH]2XLPRQVLHXU$ORUVTXHYRXVVDYH]FHTXLHVWELHQHWFH
TXLHVWPDO
0DLQWHQDQW UHPDUTXH] &HW KRPPH TXDQG LO D pWp FUpp 'LHX D
VpSDUpVRQHVSULW(W,ODHQOHYpXQPRUFHDXGHO
KRPPHVRQF{WpHW,OHQ
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϯϳ
FDOOHX[HOOHSOHXUHHWHOOHVHWLHQWOHVPDLQV(WOHSqUHTXLHVWOjHQWUDLQ
GHPDUFKHUDYHFGHX[SHWLWVHQIDQWVHQODUPHVGDQVVHVEUDVODPqUHTXL
VRXIIUH WHOOHPHQW SDUFH TX
XQH FHUWDLQH IHPPH TX
LOV DSSHOOHQW XQH
VDLQWH HVW PRUWH ,OV DYDLHQW PLV VD VWDWXH OjKDXW VXU OD FROOLQH 8Q
DPRXUHX[ O
DYDLW WXpH (W GqV TX
HOOH V
HVW IDLW WXHU FRPPH oD ELHQ VU
HOOH HVW GHYHQXH VDLQWH HOOH pWDLW FDWKROLTXH $ORUV HOOH DOODLW IDLUH
SpQLWHQFH HW HOOH GHYDLW VH WUDvQHU VXU GHX[ PLOOHV VXU GHV SDYpV URQGV
SRXUIDLUHSpQLWHQFH
)UqUHV
LO\DXQHVHXOHFKRVHTXHMHGRLVIDLUHDORUV-pVXV&KULVW
HVWPRUWHQYDLQ3DUJUkFHMHVXLVVDXYpHWQRQSDUSDUPRLPrPHPDLV
SDUODYRORQWpGH'LHXHWSDUODERQWpGH'LHX
/HV UHSRUWHUV Oj P
RQW GHPDQGp LOV RQW GLW ³0RQVLHXU
%UDQKDP´ /HOH SHWLW EpEp PRUW TXL DYDLW pWp UDPHQp j OD YLH HW
TXHOTXHV DXWUHV FKRVHV DXVVL 7UHQWH PLOOH FDWKROLTXHV 1RQ MH YRXV
GHPDQGHSDUGRQ&
pWDLWYLQJWPLOOH7UHQWHPLOOHF
pWDLWHQ$IULTXH9LQJW
PLOOH FDWKROLTXHV RQW UHoX &KULVW FRPPH OHXU 6DXYHXU SHUVRQQHO HQ XQH
VHXOHIRLVTXDQGoDF
HVWDUULYpTXDQGM
pWDLVj0H[LFR(WOHVSUrWUHVOj
LOVQHSRXYDLHQWULHQGLUHLO\DYDLWWURSGHPRQGHoDDXUDLWGpFOHQFKpXQH
pPHXWH ,O \ HQ DYDLW WURS G
XQ F{Wp 'RQF LO D GLW ³0RQVLHXU %UDQKDP
FUR\H]YRXV TXH QRV VDLQWV SXLVVHQW IDLUH OD PrPH FKRVH TXH YRXV
IDLWHV"´
&RPPH MH FRQQDLVVDLV OHXU GRFWULQH M
DL GLW ³%LHQ VU V
LOV VRQW
YLYDQWV´9R\H]"$ORUVYRXVQHSRXYH]SDVrWUHXQVDLQWFDWKROLTXHWDQW
TXHYRXVQ
rWHVSDVPRUWYRXVVDYH]
$ORUV LO D GLW ³2K YRXV QH SRXYH] SDV rWUH XQ VDLQW DYDQW GH
PRXULU´
-
DL GLW ³2 HVWFH TXH YRXV OLVH] oD" 3DXO D GLW µ$X[ VDLQWV TXL
VRQWjeSKqVH¶HWjFHX[TXLVRQWDSSHOpVGH'LHXµ$X[VDLQWVTXLVRQWj
eSKqVH¶ LO OLVDLW VD OHWWUH HW OHV VDLQWV TXL VRQW j G
DXWUHV HQGURLWV HQ
*DODWLHHWHWµOHVVDLQWVGH5RPH¶HWDLQVLGHVXLWH/HVVDLQWVµFHX[TXL
VRQWVDQFWLILpV¶4X
HVWFHTXHYRXVGLWHVGHoD"´
,ODGLW³%LHQVUOjQRXVQHGHYRQVSDVGLVFXWHUOD%LEOH(QHIIHW
QRXV VRPPHV O
pJOLVH HW F
HVW FH TXH O
pJOLVH GLW &H TXH OD %LEOH GLW oD
QRXVHVWpJDO&
HVWFHTXHO
pJOLVHDGLW´,ODGLW³'DQVFHFDVTXHOOHHVW
YRWUHRSLQLRQGHO
pJOLVHFDWKROLTXH"´
-
DL GLW ³-
DXUDLV SUpIpUp TXH YRXV QH PH GHPDQGLH] SDV oD
3XLVTXHYRXVPHO
DYH]GHPDQGpDORUVMHYDLVYRXVGLUHOD9pULWp´
ϯϲ>^DEh^ZWEd
4X
HVWFHTXHYRXVSHQVH]GH&ODUD%RZTXLHVWVRUWLHODSUHPLqUH
HW D SDUOp GHV ³FRXUEHV GDQJHUHXVHV´ DYHF OH VWULSWHDVH TXL D HQYR\p
GHVPLOOLHUVG
kPHVHQHQIHU"2SHQVH]YRXVTX
HOOHHVWFHVRLU",O\D
ORQJWHPSVTX
HOOHHVWPRUWH2HVWHOOHDYHFFHFRUSVTX
HOOHDYDLW",OHVW
OjEDVURQJpGDQVODSRXVVLqUHHWLOV
HVWIDLWPDQJHUSDUOHVYHUVHWOHV
DVWLFRWV(WVRQkPHHVWOjEDVGHYDQWXQ'LHXMXVWH
2HVWO
KRPPHTXLDSULVFHWWHIHPPHHWTXLDIDLWFHVVDOHWpVGH
YrWHPHQWVTX
HOOHVSRUWHQWTXLIRQWGpSDVVHUOHXUVIRUPHVG
XQF{WpHWGH
O
DXWUH HW F
HVW PDO DMXVWp" 0DLV SRXUTXRL HVWFH TX
HOOHV IRQW oD"
3RXUTXRLHVWFHTX
HOOHVSRUWHQWFHJHQUHGHFKRVHVOj"&
HVWSDUFHTXH
YRXVYRXOH]TXHOHVKRPPHVYRXVUHJDUGHQWHWLOQ
\DSDVG
DXWUHPR\HQ
GH OH SURXYHU >)UqUH %UDQKDP D GRQQp SOXVLHXUV FRXSV VXU OD FKDLUH 1'e@
(W VDYH]YRXV TXH TXDQG YRXV IDLWHV oD HW TX
XQH HVSqFH GH
SpFKHXUYRXVUHJDUGHVDYH]YRXVFHTXLV
HVWSDVVpOj"$X7ULEXQDOGX
-XJHPHQW9RXVGLWHV³)UqUH%UDQKDPMHVXLVDXVVLILGqOHTXHSRVVLEOH
jPRQPDUL´9RXVVHUH]UHFRQQXHFRXSDEOHG
DYRLUFRPPLVXQDGXOWqUH
-pVXV D GLW ³4XLFRQTXH UHJDUGH XQH IHPPH SRXU OD FRQYRLWHU D GpMj
FRPPLVXQDGXOWqUHDYHFHOOHGDQVVRQF°XU´4XDQGFHWKRPPHDXUDj
UpSRQGUHG
DYRLUFRPPLVXQDGXOWqUHTXLHQDXUDpWpODFDXVH"/DIDoRQ
GRQWYRXVYRXVrWHVKDELOOpHHWGRQWYRXVYRXVrWHVPRQWUpH
0DLQWHQDQW MH QH YHX[ SDV GLUH TXH YRXV GHYH] YRXV KDELOOHU
FRPPHXQHHVSqFHG
DQWLTXLWp6HXOHPHQWYRXVSRXYH]UHVVHPEOHUSOXV
jXQHGDPH
(WGHVRUWLUFRPPHoDHWGpVKDELOOpHDYHFXQSHWLWVKRUWWUqVFRXUW
HW DYHF XQ SHWLW UXEDQ DWWDFKp DXWRXU FRPPH oD HW YRWUH EpEp DYHF OHV
\HX[FRPPHXQFHQGULHUHWYRXVODFLJDUHWWHDXEHFYRXVPDUFKH]GDQV
ODUXH9RXVQHIDLWHVSDVoDSRXUXQERQPRWLI,OVHSHXWTXHYRXVVR\H]
LQQRFHQWH GH O
DFWH PDLV OH GLDEOH VH VHUW GH YRXV FRPPH G
XQ RXWLO
H[DFWHPHQWFRPPHLOO
DIDLWDYHFÊYH
3RXUTXRL HVWFH XQH QDWLRQ GH OD IHPPH" 3DUFH TXH oD PqQH
GLUHFWHPHQW j OD GRPLQDWLRQ GX FDWKROLFLVPH 4X
HVWFH TX
LO \ D
DXMRXUG
KXL" 9RXV QH OHV HQWHQGH] MDPDLV PHQWLRQQHU -pVXV ³-H YRXV
VDOXH 0DULH 0DULH PqUH GH 'LHX 6DLQWH &pFLOH´ 7RXWHV VRUWHV GH
VDLQWHVGHVDLQWHVPRUWHV,FLLOQ
\DSDVORQJWHPSVDX
-
pWDLV DX 0H[LTXH O
DQ SDVVp 9RLFL XQH SDXYUH IHPPHTXL DUULYH
HQ VH WUDvQDQW 6HV JHQRX[ WRXW DUUDFKpV j IRUFH GH VH WUDvQHU WRXW
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^Ϯϭ
DIDLWXQHIHPPH(QVXLWH,ODSULVO
HVSULWIpPLQLQGpOLFDWGHO
KRPPHHW,,
DIDLWXQHIHPPHDYHF(WO
KRPPH,OO
DIDLWPDVFXOLQFRVWDXG
$ORUV TXDQG YRXV YR\H] XQXQXQ KRPPH TXL HVW XQ SHX YRXV
VDYH] TXL VH PDQXFXUH RX FRPPHQW YRXV DSSHOH] oD OHV RQJOHV HW
YRXV VDYH] TXDWUH G
XQ F{Wp HW FLQT GH O
DXWUH HWHW LO V
DUUDQJH OHV
FKHYHX[WRXWOLVVpVHWLOVHWLHQWODERXFKHRXYHUWHFRPPHoDHWWRXWHV
VRUWHVGHFKRVHVVHPEODEOHVXQGHFHVMROLVMHXQHVKRPPHV6RXYLHQV
WRL ELHQ V°XU LO \ D TXHOTXH FKRVH TXL FORFKH FKH] FHW RLVHDXOj ,O \ D
TXHOTXHFKRVHTXLFORFKH7XIDLVPLHX[GHO
DYRLUjO¶°LOFHOXLOj
(WTXDQGYRXVYR\H]XQHIHPPHDYHFXQHFLJDUHWWHDXFRLQGHOD
ERXFKH TXL SRUWH XQH VDORSHWWH HW TXL GLW ³0RQ JDUV MH YDLV WH OH GLUH
PRLFHTX
LO\D´)UqUHVXUYHLOOH]PRLFHWWHILOOHOj,O\DTXHOTXHFKRVH
TXLFORFKHFKH]HOOH
8QH IHPPH HVW FHQVpH rWUH XQH IHPPH HW HOOH HVW FHQVpH
V
KDELOOHU FRPPH XQH IHPPH 4XDQG 'LHX D IDLW O
KRPPH ,O O
D IDLW G
XQH
PDQLqUHHWODIHPPH,OO
DIDLWHG
XQHDXWUHPDQLqUH(WTXDQG'LHXKDELOOH
XQKRPPH,OO
KDELOOHG
XQHPDQLqUHHWODIHPPHG
XQHDXWUHPDQLqUH(W
OD %LEOH GLW ³&
HVW XQH DERPLQDWLRQ SRXU XQH IHPPH GH PHWWUH XQ
YrWHPHQWG
KRPPH´
(W YRXV OHV IHPPHV TXL PHWWH] FHV HVSqFHV GH SDQWDORQV Oj HW
WRXWHWTXLOHVSRUWH]GHKRUVFHVHVSqFHVGH&RPPHQWYRXVDSSHOH]oD
GpMj GHV NQLFNHUERFNHUV" &RPPHQW LOV DSSHOOHQW oD">4XHOTX
XQ GLW
³&H VRQW GHV VKRUWV´1'e@ 1RQ QRQ SDV GHV VKRUWV &
HVWFHX[ TXL
RQW GHV ORQJXHV MDPEHV Oj >³'HV SDQWDORQV FRUVDLUH´@ 'HV SDQWDORQV
FRUVDLUHHWGHVVDORSHWWHVGHVEOHXVGHWUDYDLO
2QHQWUHOjHWLOVGLVHQW³&
HVWSRXUGDPHV´
-
DL GLW ³1RQ YRXV IDLWHV HUUHXU /HV GDPHV QH SRUWHQW SDV FHV
FKRVHVOj/HVIHPPHVSHXWrWUHPDLVSDVOHVGDPHV´&
HVWYUDL
/D %LEOH D GLW ³&
HVW XQH DERPLQDWLRQ SRXU XQHIHPPH GHPHWWUH
XQYrWHPHQWHWSRXUXQKRPPHGHPHWWUHXQYrWHPHQWGHIHPPH´
(W OHV KRPPHV GHYLHQQHQW FKDTXH MRXU SOXV HIIpPLQpV HW OHV
IHPPHV GHYLHQQHQW SOXV PDVFXOLQHV 4X
HVWFH TXL VH SDVVH" 1RXV
DOORQV OH YRLU GDQV TXHOTXHV PLQXWHV SDU OD %LEOH /HV IHPPHV QH VRQW
SOXVGHVIHPPHV-HQHSDUOHSDVGHYRXVOHVFKUpWLHQQHV-HSDUOHGHOD
WHQGDQFH JpQpUDOH (OOHV YHXOHQW DJLU FRPPH OHV KRPPHV HOOHV YHXOHQW
VH FRXSHU OHV FKHYHX[ FRPPH OHV KRPPHV VH PHWWUH OD PDLQ VXU OH
ϮϮ>^DEh^ZWEd
FRPSWRLU G
XQ EDU FRPPH oD HW FKDQWHU *RG %OHVV $PHULFD DYHF XQH
FLJDUHWWHDXFRLQGHODERXFKH
(OOHVGHVFHQGHQWODUXHHWHOOHVVRUWHQWHQPDUFKHDUULqUHFRPPH
oDHQSOHLQVXUODJUDQGHURXWH2QDFRPSWp-HYHX[YRXVGLUHTXHOTXH
FKRVH(WYRXVOHVIHPPHVDXYRODQWpFRXWH]%LOO\3DXOHWPRLSHQGDQW
PDGHUQLqUHFDPSDJQHRRQDSDVVpVL[PRLVjSDUFRXULUOHSD\VM
DLIDLW
OH GpFRPSWH GH WRXWHV OHV IDXWHV GH FRQGXLWH VXU OD URXWH (W VXU WURLV
FHQWV DFFLGHQWV GH OD URXWH GHYLQH] FRPELHQ pWDLHQW FDXVpV SDU GHV
IHPPHV DX YRODQW" ,O Q
HQ PDQTXDLW TXH ,O \ HQ DYDLW GL[QHXI SDU GHV
KRPPHV (W GHX[ FHQW TXDWUHYLQJWV RX MH FURLV TXH oD IDLW GHX[ FHQW
TXDWUHYLQJWXQ SDU GHV IHPPHV DX YRODQW 'HV IHPPHV DX YRODQW
0DLQWHQDQWMHQHGLVSDVTXHGHVIHPPHVTXLFRQGXLVHQWELHQoDQ
H[LVWH
SDV0DLVHOOHYDWRXUQHUGHQ
LPSRUWHTXHOF{Wp
(WHVVD\H]GRQFGHSUHQGUHGHVPHVXUHVFRQWUHHOOH6LHOOHHVWXQ
WDQW VRLW SHX MROLH HQ WUDLQ G
DUUDQJHU VD FRLIIXUH TXDQG OH SROLFLHU
V
DYDQFH³0DLV´LOGLUD³F
HVWVUF
HVWYRXVTXLrWHVGDQVOHWRUW´/D
ORLRQQ
HQDSDV
,OVO
RQWSURXYpO
DXWUHMRXUGDQVFHSURFqVFHWWHDIIDLUHG
LPS{WTXH
MHYLHQVGHSDVVHU2QQ
DSDVGHORLV6
LO\D
&HQ
HVWSDVpWRQQDQWTXHFHVQREOHVORUGVGHO
$QJOHWHUUHDLHQWGLW
TXH ³OD GpPRFUDWLH F
pWDLW WRXWHV YRLOHV PDLV VDQV DQFUH´ (W F
HVW YUDL
LOVVRQWOjVXUGHVFDLVVHVjVDYRQjIDLUHGHODSURSDJDQGHpOHFWRUDOH/D
GpPRFUDWLHHVWSRXUULHHWOHVGLFWDWHXUVDXVVLHWWRXWOHUHVWHDYHF7RXW
oD F
HVW SRXUUL 3RXU 'LHX LO QH UHVWH TX
XQH FKRVH j IDLUH F
HVW GH
GpWUXLUH WRXW oD FRPPH ,O D GLW TX
,O OH IHUDLW HWGH UHFRPPHQFHU j QHXI
0DLQWHQDQWUHJDUGH]FRPELHQQRXVVRPPHVSUqVGH6D9HQXH
%RQ TXDQG FHWWH IHPPH ,O OXL D IDLW XQH DLGH HW HOOH GHYDLW rWUH
XQHDLGHSRXUOXL(WDORUV
0DLQWHQDQWOjGHVVXVMHQ
DLSDVHQFRUHWURXYpXQVHXOSUpGLFDWHXU
TXLVRLWG
DFFRUGDYHFPRLMXVTX
jPDLQWHQDQW,OVHVVDLHQWGHGLUHTXHoD
V
HVW SDVVp DXWUHPHQW PDLV Q
HPSrFKH TXH SRXU PRL oD QH WLHQW SDV
GHERXW,OVHVVDLHQWGHGLUHTX
$GDPHWÊYHDXUDLHQWPDQJpGHVSRPPHV
)UqUH VL -H QH GLV SDV oD SRXU SODLVDQWHU Oj PDLV MH YHX[ OH GLUH (Q
HIIHWVLGHPDQJHUGHVSRPPHVoDIDLWSUHQGUHFRQVFLHQFHDX[IHPPHV
TX
HOOHVVRQWQXHVRQIHUDLWPLHX[GHSDVVHUOHVSRPPHVGHQRXYHDX(W
YRXVVDYH]TXHF
HVWYUDL
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϯϱ
,OV SUHQQHQW GH FHV DQFLHQQHV YHGHWWHV GH FLQpPD HW HOOHV VH
PRQWUHQW Oj HOOHV RQW pWp PDULpHV TXDWUH RX FLQT IRLV HOOHV YLYHQW DYHF
WURLV RX TXDWUH PDULV GLIIpUHQWV HQ PrPH WHPSV HW FHUWDLQV GH FHV
PDJD]LQHV TXL pWDOHQW oD HW TXL HQ SDUOHQW HW TXL SUHQQHQW OHXU SKRWR
DORUVTX
HOOHVVRQWQXHVOj(WYRXVOHVMHXQHVILOOHVTXLOHVSUHQH]SRXU
H[HPSOHSRXUTXRL"jFDXVHGHYRWUHPDPDQDYDQWYRXVSHXWrWUHRX
GH YRWUH JUDQGPDPDQ DYDQW YRXV 9RXV YR\H] R FHWWH VHPHQFH GX
VHUSHQWIDLWVRQRHXYUH"&HUWDLQHPHQWTXHF
HVWoD
(W TX
HVWFH TXH oD D IDLW" 6L O
LQLTXLWp pWDLW SXQLH VXU TXDWRU]H
JpQpUDWLRQV VRXV OD ORL TX
HQ VHUDWLO GH O
LQLTXLWp VL HOOH HVW SXQLH
DXMRXUG
KXLDORUVTXHODVHPHQFHGXMXVWHHVWSUHVTXHpSXLVpH"(W'LHX
D GLW TX
LO YLHQGUDLW XQ WHPSV V
,O Q
DEUpJHDLW SDV O¶°XYUH TX
LO Q
HQ
UHVWHUDLW SOXV GX WRXW 1RXV VRPPHV DX WHPSV GH OD ILQ 3DUWH] j OD
UHFKHUFKHGHVMXVWHVFHVRLUSDUFRXUH]OHVYLOOHV
2K YRXV DOOH] WURXYHU GHV PHPEUHV G
pJOLVH DXVVL ILGqOHV DX[
EDSWLVWHVHWDX[SUHVE\WpULHQVHWWRXWTX
RQSHXWO
rWUH0DLVLOVQ
RQWSDV
SOXVjIDLUHDYHF'LHXTX
XQODSLQQ
HQDjPHWWUHGHVUDTXHWWHV,OVQ
(Q
FRQQDLVVHQW ULHQ 7RXW FH TX
LOV FRQQDLVVHQW ÇWHVYRXV FKUpWLHQ" ³-H
VXLV FDWKROLTXH´ ÇWHVYRXV FKUpWLHQ" ³-H VXLV EDSWLVWH´ ÇWHVYRXV
FKUpWLHQ" ³-H VXLV SUHVE\WpULHQ´ ÇWHVYRXV FKUpWLHQ" ³-H VXLV
SHQWHF{WLVWH´dDQ
DULHQjYRLUDYHFdD
9RXVrWHVFKUpWLHQSDUFHTXH'LHXSDU6DJUkFHYRXVDVDXYp(W
YRXV (Q VDYH] TXHOTXH FKRVH (W TXHOTXH FKRVH D WUDQVIRUPp YRWUH YLH
GHVRUWHTXHYRXVYLYH]GLIIpUHPPHQW(WYRXVrWHVXQHQRXYHOOHSHUVRQQH
HWXQHQRXYHOOHFUpDWXUHHQ-pVXV&KULVW&HUWDLQHPHQW
0DLVYRXV YR\H]RHVWODVHPHQFHGXVHUSHQW"/DVHPHQFHGX
VHUSHQW F
pWDLW TXRL" /
DGXOWqUH 9RXV PH VXLYH]" /
DGXOWqUH DYHF ÊYH
4X
HVWFHTXH F
HVW GHYHQX"4X
HVWFHTXL D SURGXLW oD" 4X
HQ HVWLO FH
VRLU"
5HJDUGH] j O
pSRTXH LO \ D TXHOTXHV DQQpHV TXDQG OD SUHPLqUH
FKDQVRQHVWVRUWLH9RXVOHVSOXVkJpVTXDQGOD$XWUHIRLVOHVFKDQVRQV
pWDLHQW FHQVXUpHV DYDQW GH SRXYRLU SDVVHU j ODUDGLR (W OD SUHPLqUHTXL
HVWVRUWLHF
pWDLW³7RXUQH]OHVILOOHVWRXUQH]YRVEHDX[JHQRX[LOIDXWOHV
PRQWUHU´HWWRXWoD³0RTXH]YRXVGHPDPDQHWSDSDGRQQH]OHXUGRQF
GX µKDKDKD¶´ &
HVW OD SUHPLqUH TX
LOV RQW ODLVVpH SDVVHU 2 SHQVH]
YRXVTX
LOHVWFHVRLUOHW\SHTXLDpFULWFHWWHFKDQVRQOj",OHVWPRUW
ϯϰ>^DEh^ZWEd
JUDQGHVpJOLVHVPpWKRGLVWHVHWEDSWLVWHV&
HVWXQHGRFWULQHGXGLDEOHHW
FHVRQWGHVIDX[SURSKqWHVTXLO
HQVHLJQHQW
(W M
HVSqUH TXH MH QH YRXV EOHVVH SDV PDLV MH YDLV ELHQ IDLUH
FRPSUHQGUH oD DX 7DEHUQDFOH LFL 9RXV GX 7DEHUQDFOH LFL DEVWHQH]
YRXVGHFHVFKRVHVOj7RXWFHTXLFURLWjODFRPPXQLRQGHVVDLQWVF
HVW
GX VSLULWLVPH ³,O \ D XQ VHXO PpGLDWHXU HQWUH 'LHX HW O
KRPPH HW F
HVW
O
+RPPH -pVXV&KULVW ³ >)UqUH %UDQKDP GRQQH TXDWUH FRXSV VXU OD
FKDLUH1'e@3HXP
LPSRUWHFRPELHQGH0DULHLOSHXW\DYRLU
9RXV YR\H] FH TX
HOOH D IDLW OD VHPHQFH GH OD IHPPH OjEDV"
9RXVYR\H]FRPPHQWODVHPHQFHGHODIHPPHDpWpWUDQVSRUWpHGHO
DXWUH
F{Wp"
5HJDUGH]DXMRXUG
KXLHQ$PpULTXH/
$PpULTXHHVWODVHPHQFHGX
GLDEOH4X
HVWFHTXHF
HVW"(OOHHVWXQHQDWLRQGHODIHPPH9RXVDYH]
GpMjHQWHQGX³&
HVWXQPRQGHGHODIHPPH´&
HVWYUDL&
HVWXQHQDWLRQ
GHODIHPPH&HVRQWHOOHVTXLGRQQHQWOHWRQ
-HVXLVDOOpLOQ
\DSDVORQJWHPSVOjEDVHQ6XLVVH/HVIHPPHV
GLVDLHQW 8QH SHWLWH IHPPH TXL DYDLW OH 6DLQW(VSULW HOOH GLVDLW ³9RXV
VDYH] VL MH YDLV HQ $PpULTXH RQ GLW TXH OjEDV OHV IHPPHV RQW GH OD
OLEHUWp´
-
DLGLW³-HYDLVYRXVGLUHjTXRLoDPqQH´(WM
DLFRPPHQFpjOXL
HQSDUOHU
(OOHDGLW³2KPLVpULFRUGHMHQHYHX[SDVGHoD´
-
DLGLW³&
HVWjoDTXHoDPqQH´
9RXVVDYH]OjEDVLOVQHIRQWSDVOHVFKRVHVFRPPHLOVOHVIRQWLFL
4X
HVWFHTXHF
HVW"-HYDLVYRXVPRQWUHUTXHO
$PpULTXHHVWXQH
IHPPH 6XU QRWUH PRQQDLH RQ D OH SRUWUDLW G
XQH IHPPH 'DQV WRXW FH
TX
RQDLFLLO\DXQHIHPPH
'LWHVPRL LO Q
\ D SDV DVVH] GH GpELWV G
DOFRRO GDQV OH SD\V LO \
DXUDLW 9RXV SRXYH] PHWWUH TXDUDQWH GpELWV G
DOFRRO GDQV FHWWH YLOOH HW
PHWWUH WURLV SURVWLWXpHV GHV EHOOHV IHPPHV TXL VH WRUWLOOHQW HQ VH
SURPHQDQW GDQV OD UXH HOOHV YRQW HQYR\HU SOXV G
kPHV HQ HQIHU j OHV
FRQYRLWHUTXHWRXVOHVGpELWVG
DOFRROTXHYRXVSRXUULH]PHWWUHGDQVFHWWH
YLOOH&
HVWWRXWjIDLWYUDL
4XLHVWFHDORUV"&
HVWODIHPPH4X
HVWFHTX
HOOHHVW"(OOHHVWOH
GLHXGHO
$PpULTXH
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^Ϯϯ
9RXVVDYH]ELHQTXHPDQJHUXQHSRPPHFHQ
HVWSDVoDTX
LOVRQW
IDLWTXLOHXUDIDLWSUHQGUHFRQVFLHQFHGHOHXUQXGLWp&HUWDLQHPHQWSDV,O
D IDOOX TXH FH VRLW VH[XHO )RUFpPHQW SDUFH TXH F
HVW Oj TX
LOV VH VRQW
UHQGXFRPSWHTX
LOVpWDLHQWQXVTXDQGLOVRQWSULVGHFHIUXLWGpIHQGX/D
IHPPH Q
HVWHOOH SDV XQ DUEUH IUXLWLHU" 1
rWHVYRXV SDV OH IUXLW GH YRWUH
PqUH"&
pWDLWoDOHIUXLWTX
LOpWDLWGpIHQGXGHSUHQGUH
0DLQWHQDQWYRLFLXQHJUDQGHFKRVH0DLQWHQDQWFHTXHODVFLHQFH
DMDPDLVWURXYpGHSOXVSURFKHGHFHTXHO
rWUHKXPDLQpWDLW,OVGpWHUUHQW
GHV YLHX[ RVVHPHQWV LOV SUHQQHQW GHVIRVVLOHVHW LOV SUHQQHQW GHVWrWHV
HWLOVSUHQQHQWGHVFUkQHVHWGHVEUDVHWGHVRVHWLOVHVVDLHQWG
HQIDLUH
TXHOTXHFKRVHTXLUHVVHPEOHjXQrWUHKXPDLQ(WLOVVDYHQWTXHMXVTX
LFL
FH TX
LOV RQW WURXYp GH SOXV SURFKH GH O
rWUH KXPDLQ j F{Wp F
HVW OH
FKLPSDQ]p&
HVWO
HVSqFHODSOXVSURFKHGHO
rWUHKXPDLQPDLVSRXUWDQWLO
Q
HVWULHQHQFRPSDUDLVRQGHO
rWUHKXPDLQOHSOXVpYROXp
/D IRUPH GH YLH OD PRLQV pYROXpH TXL H[LVWH F
HVW OD JUHQRXLOOH OD
IRUPHODSOXVpYROXpHF
HVWO
rWUHKXPDLQ'LHXDFRPPHQFpHQEDVHW,O
HVWDOOpHQPRQWDQWMXVTX
jFHTX
,OHQDUULYHWRXWHQKDXWj6RQLPDJH,O
HVWSDVVpGHVRLVHDX[HWGHVErWHVHQPRQWDQWMXVTX
jFHTX
,ODUULYHj
O
LPDJHGH'LHX,ODFUppO
KRPPHjFHWWHLPDJHOj&
HVWODIRUPHODSOXV
pYROXpH /D IRUPH OD PRLQV pYROXpH F
HVW XQ VLPSOH WrWDUG TXL V
HVW
WUDQVIRUPpHQJUHQRXLOOHHWDLQVLGHVXLWH
0DLV FH FKDvQRQ PDQTXDQW TX
LOV Q
DUULYHQW SDV j WURXYHU
2EVHUYH]O
eFULWXUHPDLQWHQDQW9RXVYRXVQHVHUH]SDVG
DFFRUGDYHFoD
EHDXFRXS G
HQWUH YRXV PDLV MH YHX[MH YHX[ VLPSOHPHQW TXH YRXV \
UpIOpFKLVVLH](WQ
D\H]SDVGHSDUWLSULVFRQWUHeFRXWH]
-HVDLVTXHEHDXFRXSG
HQWUHYRXVRQWpFRXWpSDUOHUOH'U'H+DDQ
&HUWDLQHPHQWTXHMH8QKRPPHGHVRQFDOLEUHXQEUDYHIUqUHEDSWLVWH
FHUWDLQHPHQWTXHMHO
DSSUpFLH,ODSOXVG
LQWHOOLJHQFHHWGHPDWLqUHJULVH
HWHW LO D RXEOLp SOXV GH FKRVHV TXH PRL M
HQ FRQQDvWUDL MDPDLV HQ HIIHW
F
HVWXQGRFWHXUHQHQWKpRORJLHHWF
HVWXQGRFWHXUHQPpGHFLQHHWF
HVW
XQ GRFWHXU HQ VFLHQFHV &
HVW XQ KRPPH LQWHOOLJHQW 0DLV OXL LO GLW TXH
FHV 4XDQG OHV ILOV GH 'LHX RQW YX TXH OHV ILOOHV GHV KRPPHV pWDLHQW
EHOOHVLOVRXWLHQWOHPrPHSRLQWGHYXHTXH-RVqSKHHWLOGLW³TX
LOVTX
LOV
VRQW HQWUpV GDQV GHV FKDLUV KXPDLQHV´ HW TX
LOV RQW SULV GHV IHPPHV
SDUPLHOOHV(WLO\DYDLWGHVJpDQWVGDQVOHSD\VGH1RG³(WLOVHQRQWSULV
SRXU IHPPHV HW RQW YpFX DYHF HOOHV TXDQG OHV ILOV GH 'LHX GHV $QJHV
GpFKXV RQW SULV RQW YX OHV ILOOHV GHV KRPPHV HW OH GpVLU VH[XHO F
pWDLW
TXHOTXH FKRVH GH WHOOHPHQW IRUW HW FRPPH LOV pWDLHQW HQ pWDW GH SpFKp
Ϯϰ>^DEh^ZWEd
SDUFH TX
LOV pWDLHQW WRPEpV DORUV LOV VRQW HQWUpV GDQV GHV FKDLUV
KXPDLQHV´
6
LOV IDLVDLHQW oD LOV GpWUXLUDLHQW OD JXpULVRQ 'LYLQH LOV GpWUXLUDLHQW
WRXWOHUHVWH6LOHGLDEOHSHXWFUpHULOHVWpJDOj'LHX/HGLDEOHQHSHXW
SDVFUpHU-HYHX[TXHYRXVPHPRQWULH]XQHVHXOHIRLVROHGLDEOHDLWSX
FUpHU,OQHSHXWSDVFUpHU7RXWFHTX
LOIDLWF
HVWGHSHUYHUWLUFHTXLDpWp
FUpp,OQ
HVWSDVXQFUpDWHXU,OHVWVHXOHPHQWXQSHUYHUWLVVHXU
(KELHQDORUVTX
HVWFHTXLV
HVWSDVVp"5HJDUGH]ELHQ9RLFLPD
YHUVLRQ9RLFLOHFKDvQRQPDQTXDQW
'RQF LOV RQW OH FKLPSDQ]p PDLV YRXV QH SRXYH] SDV FURLVHU XQ
FKLPSDQ]p DYHF XQH IHPPH HW PHWWUH DX PRQGH XQ HQIDQW 9RXV QH
SRXYH]SDVFURLVHUXQrWUHKXPDLQDYHFDXFXQDQLPDOdDQHVHPpODQJH
SDV9RXVQHSRXYH]SDVYRXVIDLUHWUDQVIXVHUOHVDQJG
DXFXQDQLPDO
4XDQGM
pWDLVHQ$IULTXHGHYRLUFRPPHQWLOVWUDLWDLHQWFHVSDXYUHV
JHQVGHFRXOHXUTXHOTX
XQP
DGLWDGLW³,OVQHVRQWTXHGHVDQLPDX[´
-
DLGLW³-HYRXVGHPDQGHELHQSDUGRQ,OVVRQWWRXWDXVVLKXPDLQV
TXHYRXVSHXWrWUHXQSHXSOXV´-HYDLVYRXVGLUHTXDQGYRXVDYH]XQH
DWWLWXGHFRPPHFHOOHOjYRXVFRPPHQFH]jUHVVHPEOHUjXQDQLPDO-
DL
GLW³&HWKRPPHTX
LOVRLWDXVVLQRLUTXHO
DVGHSLTXHRXTX
LOVRLWDXVVL
MDXQHTX
XQHFLWURXLOOHRXTX
LOVRLWDXVVLEOHXTXHO
LQGLJRLOSRXUUDLWYRXV
VDXYHU OD YLH HQ YRXV GRQQDQW XQH WUDQVIXVLRQ VDQJXLQH 0DLV Q
DOOH]
MDPDLV PHWWUH GX VDQJ G
DQLPDO HQ YRXV´ &HUWDLQHPHQW F
HVW XQ rWUH
KXPDLQ
6LPSOHPHQW SDUFH TX
XQH SHDX HVW QRLUH HW O
DXWUH EUXQH HW XQH
DXWUHMDXQHHWO
DXWUHEODQFKHoDQ
DULHQjYRLU/D%LEOHDGLW³'LHXG
XQ
VHXOVDQJDIDLWWRXVOHVKRPPHV´(WF
HVWWRXWjIDLWH[DFW/HVHQGURLWV
RQRXVDYRQVYpFXTXLRQWFKDQJpQRWUHFRXOHXUQ
RQWULHQj\YRLU'LHX
DIDLWG
XQG
XQVHXOKRPPHWRXWHVOHVQDWLRQVG
XQVHXOVDQJWRXWHVOHV
QDWLRQVSDUHLOOHV
/HV&KLQRLVO
KRPPHGHFRXOHXUQHSHXWSDVGLUHOjO
KRPPHQRLU
QH SHXW SDV GLUH TXH ³&H &KLQRLV LOLO HVW MDXQH MH Q
DXUDL ULHQ j YRLU
DYHFOXL´,OHVWYRWUHIUqUH>)UqUH%UDQKDPGRQQHSOXVLHXUVFRXSVVXUOD
FKDLUH 1'e@ (W YRXV KRPPH EODQF YRXV QH SRXYH] SDV GLUH j
O
KRPPHMDXQHRXjO
KRPPHQRLUQLO
XQQLO
DXWUH³-HQ
DLULHQjYRLUDYHF
WRL´,OHVWYRWUHIUqUH7RXWjIDLWYUDL
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϯϯ
&HX[ TXL OH IRQW PRQWUHQW SDU Oj TX
LOV VRQW GH IDX[ GRFWHXUV GH
IDX[SURSKqWHV/D%LEOHDGLWTX
LOVOHVHUDLHQW³4X
LOVVpGXLUDLHQWPrPH
OHVpOXVV
LOpWDLWSRVVLEOH´9RLOj
0DLQWHQDQWUHPDUTXH]oD(WjSDUWLUGHOjHQVXLWHLO\DHX&KDP
&KDPDYHFVRQpSRXVHHWOHVDXWUHV,ODpWpPDXGLW'H&KDPHVWVRUWL
1LPURGTXLDEkWL%DE\ORQH'H%DE\ORQHHVWVRUWLHO
pJOLVHFDWKROLTXHOH
FRPPHQFHPHQW GH O
pJOLVH FDWKROLTXH (QVXLWH F
HVW SDVVp j $FKDE
(QVXLWHF
HVWSDVVpG
$FKDEj-XGDV,VFDULRWO
DERXWLVVHPHQWO
DQWL&KULVW
(WGDQVFHVGHUQLHUVMRXUVLO\DO
HVSULWGHO¶DQWL&KULVWHWO
(VSULWGX
&KULVW /
HVSULW GH O
DQWL&KULVW TXL GLW ³/HV MRXUV GHV PLUDFOHV VRQW
SDVVpV´ /
(VSULW GH &KULVW TXL GLW ³,O HVW OH PrPH KLHU DXMRXUG
KXL HW
SRXUWRXMRXUV´/
HVSULWGHO
DQWL&KULVWGLW³dDQHFKDQJHULHQTX
RQYRXV
DLW EDSWLVp GDQV OH µ3qUH )LOV 6DLQW(VSULW¶ TX
RQ DLW YHUVp GH O
HDX VXU
YRXV TX
RQ YRXV DLW DVSHUJp RX TXRL HQFRUH oD UHYLHQW DX PrPH´ /D
%LEOH GLW TXH 'LHX HVW LQIDLOOLEOH HW TX
,O QH SHXW SDV FKDQJHU 4XL DOOH]
YRXVVHUYLU"&
HVWjYRXVGHGpFLGHU
%RQYRXVGLWHV³(VWFHTX
LOVSHXYHQWGHPHXUHUHQVHPEOH"9RXV
DYH] GLW TXH Oj GDQV O
DUFKH )UqUH %UDQKDP TX
LO \ DYDLW Oj OHV GHX[
&KDPHW6HWK´&
HVWoDF
HVWH[DFWHPHQWoD&KDPpWDLWPDXYDLV6HWK
pWDLWUHOLJLHX[HWMXVWH%LHQ
6XLYRQV&KDP%RQOjLO \D&KDPHW6HWKGDQVODPrPHDUFKH
O
XQMXVWHO
DXWUHLQMXVWH,O\DYDLWOHFRUEHDXHWODFRORPEHGDQVODPrPH
DUFKH,O\DYDLW-XGDVHW-pVXVGDQVODPrPHpJOLVH,O\DYDLWO¶DQWL&KULVW
HWOH6DLQW(VSULWGDQVODPrPHpJOLVH
(W DXMRXUG
KXL OHV PrPHV HVSULWV VRQW j O¶°XYUH ³$\DQW
O
DSSDUHQFHGHODSLpWpWUqVUHOLJLHX[PDLVD\DQWO
DSSDUHQFHGHODSLpWp
HWUHQLDQWFHTXLHQIDLWOD)RUFHpORLJQHWRLGHFHVJHQVOj´$ORUVTXHOH
6DLQW(VSULW GpFODUH TXH ³-pVXV&KULVW HVW OH PrPH KLHU DXMRXUG
KXL HW
SRXUWRXMRXUV´4XHOF{WpDOOH]YRXVFKRLVLU"
/
DQWL&KULVW GLW TXH &HFL FH Q
HVW TX
XQ OLYUH GH FUHGR >)UqUH
%UDQKDP PRQWUH OD %LEOH 1'e@ ³1RXV DOORQV UpFLWHU OH &UHGR GHV
$S{WUHV´ -H PHWV Q
LPSRUWH TXHO SUpGLFDWHXU DX GpIL GH PH GLUH R RQ
WURXYH OH &UHGR GHV $S{WUHV GDQV OD %LEOH ³-H FURLV HQ 'LHX OH 3qUH
7RXW3XLVVDQW&UpDWHXUGXFLHOHWGHODWHUUHHQ-pVXV&KULVW6RQ)LOV-H
FURLV j OD VDLQWH pJOLVH FDWKROLTXH URPDLQH j OD FRPPXQLRQ GHV VDLQWV´
2WURXYH]YRXVoDGDQVOD%LEOH"(WSRXUWDQWYRXVUpFLWH]oDGDQVYRV
ϯϮ>^DEh^ZWEd
&
pWDLHQW GHV JHQV LQWHOOLJHQWV KDELOHV LQVWUXLWV 3DV YUDL"
&
pWDLHQWGHVEkWLVVHXUVGHVLQYHQWHXUVGHVVDYDQWVSDVSDUODVHPHQFH
GXMXVWHPDLVSDUODVHPHQFHGH6DWDQOHVHUSHQW&
pWDLHQWGHVKRPPHV
WHOV TXHWHOV TXH GHV VDYDQWV HW GHV EkWLVVHXUV HW GH JUDQGV KRPPHV
GHV pGXFDWHXUV /
eFULWXUH OH GLW ,OV WUDYDLOODLHQW O
DLUDLQ ,OV WUDYDLOODLHQW OH
IHU ,OV WUDYDLOODLHQW OHV PpWDX[ ,OV LQYHQWDLHQW GHV FKRVHV ,OV WUHPSDLHQW
GLIIpUHQWV PpWDX[ HW LOV EkWLVVDLHQW GHV PDLVRQV HW DLQVL GH VXLWH
/
eFULWXUHOHGLW(WLOVVHPRTXDLHQWGHOD6HPHQFHGHODIHPPH1RpOH
MXVWH3DVYUDL">/
6XLYRQVOHV XQ SHX SOXV ORLQ (QVXLWH RQ OHV D MXVTX
j O
DUFKH R
WRXWDpWpGpWUXLW&
pWDLWGHYHQXXQWHODPRQFHOOHPHQWGHSpFKpHWLOVRQW
SULVOHSRXYRLUHWOHVSOXVKDELOHVHWOHVLQWHOOLJHQWV$XSRLQWTXHTXDQG
'LHX D UHJDUGp G
HQKDXW LO Q
HQ UHVWDLW SOXV EHDXFRXS DORUV ,O D
VLPSOHPHQW IDLW HQWUHU 1Rp HW VD IDPLOOH GDQV O
DUFKH ,O D IDLW WRPEHU OD
SOXLHHW,ODWRXWGpWUXLW$YDQW,ODYDLWHQOHYpeQRFK3DVYUDL>/
DVVHPEOpH
GLW ³$PHQ´ 1'e@ ,O \ DYDLW Oj WRXWH OD VHPHQFH SUHVTXH WRXWH OD
VHPHQFHPDLV6RQGHVVHLQGHYDLWHQFRUHV
DFFRPSOLU
%RQ GRQF 1Rp HW VHV ILOV TXL VRQW VRUWLV &KDP 6HP HW -DSKHW
VRQWVRUWLVGDQVODOLJQpHGXMXVWH
&RPPHQW HVWFH TXH OD VHPHQFH HVW SDVVpH GH O
DXWUH F{Wp" /D
VHPHQFHHVWWUDYHUVpHGDQVO
DUFKHH[DFWHPHQWFRPPHHOOHO
DYDLWIDLWDX
FRPPHQFHPHQWSDUODIHPPHSDUOHXUVpSRXVHV(OOHVRQWWUDQVSRUWpOD
VHPHQFHGH6DWDQGDQVO
DUFKHWRXWFRPPHÊYHDYDLWSRUWpODVHPHQFH
GH6DWDQSRXUGRQQHUQDLVVDQFHj&DwQFKH]ODIHPPH
(WYRXVSODFH]FHVIHPPHVFRPPHSUpGLFDWHXUVVXUYRVHVWUDGHV"
$ORUV TXH OD %LEOH FRQGDPQH oD 3DXO D GLW ³6L TXHOTX
XQ FURLW rWUH
SURSKqWHRXPrPHVSLULWXHOTX
LOUHFRQQDLVVHTXHFHTXHM
pFULVFHVRQW
OHV FRPPDQGHPHQWV GX 6HLJQHXU PDLV V
LO HVW LJQRUDQW DORUV TX
LO VRLW
LJQRUDQW´
&
HVWSRXUoDTXHM
DLTXLWWpO
pJOLVHEDSWLVWHLFL)UqUH)OHHPDQpWDLW
LFLWRXWjO
KHXUHMHSHQVHTX
LOpWDLWOjFHVRLUOj/H'U'DYLVDGLW³9RXV
DOOH]PRQWHULFLHWRUGRQQHUFHVIHPPHVFRPPHSUpGLFDWHXUV´
-
DLGLW³-HQHOHIHUDLSDV$EVROXPHQWSDV´
,ODGLW³(KELHQDORUVMHYDLVYRXVPHWWUHjODSRUWH´
-
DLGLW³2QP
DGpMjPLVjODSRUWHG
HQGURLWVPLHX[TX
LFL´-
DLGLW
³&HFLF
HVWOD3DUROHGH'LHXHW(OOHFRQGDPQHFHWWHFKRVHOj(WMHQH
SHX[SDVVRXWHQLUFHTXH'LHXFRQGDPQH´1RQPRQVLHXU
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^Ϯϱ
0DLQWHQDQWUHPDUTXH]YRLFLFHTXLV
HVWSDVVp-HFURLVHWMHSHX[
SUHQGUHOD%LEOHjO
DSSXLTXHF
HVWOHVHUSHQWTXLO
DIDLW/DSHUVRQQHTXL
PDQTXHHQWUHOHFKLPSDQ]pHWO
KRPPHF
HVWOHVHUSHQW(QHIIHWpFRXWH]
UHPDUTXH]ELHQFHFLOHVHUSHQWQ
pWDLWSDVXQUHSWLOH,OpWDLWOHSOXV³UXVp´
GHWRXVOHVDQLPDX[GHVFKDPSV
0DLQWHQDQW MH VXLV DOOp FKHUFKHU GDQV GHV GLFWLRQQDLUHV XQ SHX
SDUWRXWDXMRXUG
KXLSRXUYpULILHUFHPRWYRLUFHTXHOHPRWUXVpYHXWGLUH
dDYHXWGLUH³rWUHLQWHOOLJHQWrWUHDVWXFLHX[´HWODPHLOOHXUHLQWHUSUpWDWLRQ
GHGH O
KpEUHX GH PDKDK PDKDK oD YHXW GLUH ³TXL SRVVqGH XQH
YpULWDEOHFRQQDLVVDQFHGHVSULQFLSHVGHODYLH´
0DLQWHQDQWREVHUYRQVGRQFoDSHQGDQWXQLQVWDQW,OHVWLQWHOOLJHQW
DVWXFLHX[ HW SRXUWDQW LO VH QRPPH OH ³VHUSHQW´ 0DLV VRXYHQH]YRXV LO
pWDLWFHTX
LO\DYDLWGHSOXVLQWHOOLJHQWHWLOUHVVHPEODLWSOXVjO
rWUHKXPDLQ
TXHWRXWFHTX
LO\DYDLWGDQVOHVFKDPSVOHSOXVSURFKHGHO
rWUHKXPDLQ
,O Q
pWDLW SDV XQ UHSWLOH &
HVW OD PDOpGLFWLRQ TXL D IDLW GH OXL XQ UHSWLOH ,O
pWDLWOH/D%LEOHGLWTX
LOpWDLWOHSOXVEHDXGHWRXV
(WODPDOpGLFWLRQQHOXLDPrPHSDVHQOHYpWRXWHVDEHDXWpPDOJUp
WRXW OHV FRXOHXUV PDJQLILTXHV GX VHUSHQW F
HVW VSOHQGLGH HW VDJUkFHHW
VD ILQHVVH 0rPH OD PDOpGLFWLRQ QH O
HQ D SDV GpSRXLOOp 6HXOHPHQW
VRXYHQH]YRXV 'LHX OXL D GLW TX
LO SHUGUDLW VHVMDPEHV HWTX
LO PDUFKHUDLW
VXU VRQ YHQWUH (W RQ QH SHXW SDV WURXYHU XQ VHXO RV GX VHUSHQW TXL
UHVVHPEOHjXQrWUHKXPDLQF
HVWSRXUFHWWHUDLVRQTXHODVFLHQFHQHV
\
UHWURXYHSOXV0DLVOHYRLOj
'LHX D FDFKp oD DX[ \HX[ GHV VDJHV HW GHV LQWHOOLJHQWV HW ,O D
SURPLVGHOHUpYpOHUDX[ILOVGH'LHXGDQVOHVGHUQLHUVMRXUVTXDQGOHVILOV
GH'LHXVHUDLHQWPDQLIHVWpVTXDQG³OHVILOVGH'LHXTXLVHUpMRXLVVDLHQW
GqV DYDQW OD IRQGDWLRQ GX PRQGH´ 4XDQG OD JORULHXVH UpYpODWLRQ GH OD
'LYLQLWpHWWRXWVHUDLWGRQQpHGDQVOHVGHUQLHUVMRXUV,OPDQLIHVWHUDLWFHV
FKRVHV j WUDYHUV OHV ILOV GH 'LHX 9RXV VDYH] TXH F
HVW FH TXH O
eFULWXUH
HQVHLJQH (W QRXV \ YRLOj &
HVW SRXU FHWWH UDLVRQ TXH 'LHX QRXV GpYRLOH
FHV FKRVHV 'LHX HVW HQ WUDLQ GH PDQLIHVWHU 6HV ILOV ,O YD DXGHOj GHV
OLPLWHVGHWRXWHFRQQDLVVDQFHKXPDLQHSURIRQGpPHQWGDQVOHVUpYpODWLRQV
VSLULWXHOOHV SRXU QRXV FRPPXQLTXHU &HOD (VWFH TXH QRXV Q
DYRQV SDV
HQVHLJQpGDQVFHWWH%LEOH³4XHFHOXLTXLDGHODVDJHVVH´"1RQSDVFH
TX
LODDSSULVGDQVXQVpPLQDLUHPDLVFHTX
LODDSSULVVXUVHVJHQRX[HQ
V
DSSURFKDQWGH'LHXHWFHTXH'LHXDMXJpERQGHOXLGRQQHU'HVILOVGH
'LHXPDQLIHVWpV
Ϯϲ>^DEh^ZWEd
9RLFL OH VHUSHQW PDLQWHQDQW YRLFL FH TXH OH VHUSHQW pWDLW MH YDLV
YRXVHQIDLUHPDGHVFULSWLRQ
2QDODRQHVWSDVVpVGHODJUHQRXLOOHjODTXHOOHDERXWLWOHWrWDUG
HWOHUHVWHHWOHUHVWHHWWHOOHHWWHOOHFKRVHMXVTX
jFHTXHILQDOHPHQWRQ
DERXWLVVHDXVLQJHDXFKLPSDQ]p(WjSDUWLUGXFKLPSDQ]pOjRQVDXWH
GXFKLPSDQ]pjO
rWUHKXPDLQHWRQVHGHPDQGHSRXUTXRL
³(K ELHQ´ OD VFLHQFH GLW ³DWWHQGH] Oj 1RXV SRXYRQV FURLVHU OD
IHPPHDYHFOHVLQJHHWDYHFOHFKLPSDQ]pHWYLFHYHUVDFURLVHUO
KRPPH
DYHFOHFKLPSDQ]p´dDQHPDUFKHUDSDV&URLVH]OHDYHFQ
LPSRUWHTXHO
DXWUHDQLPDOoDQHPDUFKHUDSDV/HXUVDQJQ
HVWSDVFRPSDWLEOHSUHQH]
GHYRWUHVDQJF
HVWXQVDQJFRPSOqWHPHQWGLIIpUHQWFRPSOqWHPHQW
,O \ D GX VDQJ HQWUH OHV GHX[ Oj HW LOV Q
DUULYHQW SDV j WURXYHU
O
DQLPDO 2K DOOpOXLD MH FRPPHQFH j PH VHQWLU UHOLJLHX[ WRXW j FRXS
5HPDUTXH] 3RXUTXRL" 'LHX OH OHXU D FDFKp ,O Q
\ D SDV XQ VHXO RV GX
VHUSHQWTXLUHVVHPEOHjXQRVKXPDLQ,ODPLVODFKRVHWHOOHPHQWKRUVGH
SRUWpHTXHoDQHSRXYDLWSDVrWUHGpFRXYHUWSDUO
KRPPHLQWHOOLJHQW
(W MH YDLV YRXV PRQWUHU G
R LO YLHQW FHW KRPPH LQWHOOLJHQW RR
HVWFHTX
LOHQHVWGHWRXWHIDoRQ9RXVYR\H]LOQHSHXWSDVYHQLUSDUOj
,OIDXWTXHoDYLHQQHSDUUpYpODWLRQ³7XHVOH&KULVWOH)LOVGX´
³6XUFHWWHSLHUUH-HEkWLUDL0RQeJOLVHHWOHVSRUWHVGXVpMRXUGHVPRUWV
QHSHXYHQWSDVSUpYDORLUFRQWUHHOOH´XQHUpYpODWLRQVSLULWXHOOH&RPPHQW
HVWFH TXHFRPPHQW HVWFH TX
$EHO D VX TX
LO IDOODLW RIIULU XQ DJQHDX DX
OLHXG
RIIULUFRPPH&DwQOHVIUXLWVGHVFKDPSV",HQDUHoXODUpYpODWLRQ
VSLULWXHOOH 9RXV QH OD UHFHYH] SDV GDQV OHV VpPLQDLUHV 9RXV QH OD
UHFHYH]SDVSDUOHVGpQRPLQDWLRQV9RXVODUHFHYH]GX&LHO
0DLQWHQDQW UHJDUGH] ELHQ FH VHUSHQW FH VHUSHQW GX GpEXW 1RXV
DOORQVIDLUHVRQSRUWUDLWPDLQWHQDQW&
HVWXQJUDQGJDLOODUG,OHVWHQWUHOH
FKLPSDQ]p HW O
KRPPH (W OH VHUSHQW OH GLDEOH /XFLIHU VDYDLW TXH FH
VDQJOjpWDLWOHVHXOTXLpWDLWFRPSDWLEOHDYHFOHVDQJKXPDLQTXHF
pWDLWOD
VHXOHSHUVRQQHDYHFODTXHOOHLOSRXYDLWWUDLWHU,OQHSRXYDLWSDVWUDLWHUDYHF
OH FKLPSDQ]p FH VDQJOj Q
pWDLW SDV FRPSDWLEOH ,O QH SRXYDLW SDV WUDLWHU
DYHF SOXVLHXUV FKRVHV ,O QH SRXYDLW SDV WUDLWHU DYHF OH PRXWRQ ,O QH
SRXYDLWSDVWUDLWHUDYHFXQFKHYDO,OQHSRXYDLWWUDLWHUDYHFDXFXQDQLPDO
LOGHYDLWWUDLWHUDYHFFHVHUSHQW
&RQVLGpURQVOH PDLQWHQDQW HW YR\RQV GH TXRL LO D O
DLU &
HVW XQ
JUDQGJDLOODUGXQJpDQWSUpKLVWRULTXH&
HVWoDTXLIDLWTX
LOVUHWURXYHQWFHV
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^ϯϭ
1'e@ ³&H Q
HVW QL SDU OD IRUFH QL SDU OD SXLVVDQFH PDLV F
HVW SDU 0RQ
(VSULWGLWO
eWHUQHO´
5HJDUGH] FRPPH F
HVW SDVVp GH O
XQ j O
DXWUH MXVTX
j FHWWH
SHUIHFWLRQ&HW(VSULWDRHXYUpMXVTX
jODSHUIHFWLRQHQ&KULVW,OHVWSDVVp
SDU FKDFXQ GHV SDWULDUFKHV SRXU HQ DUULYHU Oj 3HX LPSRUWH FH TX
LOV RQW
IDLWFHTX
LOVRQWGLWFHTX
LOVRQWIDLWLOVpWDLHQWDEVROXPHQWODVHPHQFHGX
MXVWH
(W Oj TXDQG $EUDKDP OH MXVWH *ORLUH 2K MH PH VHQV YUDLPHQW
ELHQ4XDQG$EUDKDPOHMXVWHDUHQFRQWUp0HOFKLVpGHN4XLpWDLW'LHX/XL
PrPH
4XL pWDLW 0HOFKLVpGHN" ³/H 5RL GH 6DOHP F
HVWjGLUH 5RL GH
-pUXVDOHP5RLGHSDL[,OQ
DYDLWSDVGHSqUH,OQ
DYDLWSDVGHPqUH,OQ
D
MDPDLVHXQLFRPPHQFHPHQWGHMRXUVQLGHILQGHYLH´4XLTX
,OVRLW,OHVW
WRXMRXUVYLYDQW³,OQ
DMDPDLVHXGHQDLVVDQFH,OQHPRXUUDMDPDLV,OQ
D
MDPDLVHXQLSqUHQLPqUH,OQ
DMDPDLVHXQLFRPPHQFHPHQWGHMRXUVQLILQ
GH YLH´ 'LWHVPRL 4XL F
pWDLW /H 'LHX eWHUQHO GDQV FH TX
RQ DSSHOOH
XQH
2K OH QRP P
pFKDSSH HQ FH PRPHQW 8QH WKpRSKDQLH YRLOj FH
TXH F
HVW &
HVW FRPPH GDQV 3DV XQ P\WKH VHXOHPHQW F
HVW TXHOTXH
FKRVHTXLHVWPDQLIHVWp&RPPH,OHVWYHQXj$EUDKDPGDQVODWHQWHOj
EDVVRXVIRUPHG
XQDQJHHW,ODSURSKpWLVpHW,ODGLWj6DUDTX
HOOHDYDLW
ULGHUULqUH/XLHWWRXW/DFKRVHODPrPHFKRVH
(W GRQF ,O pWDLW Oj ,O D UHQFRQWUp 0HOFKLVpGHN (W OH JUDQG
O
DUULqUHJUDQGSqUH $EUDKDP HQ OD VHPHQFH GX MXVWH D SD\p OD GvPH j
0HOFKLVpGHNHWoDDpWpFRPSWpjVRQDUULqUHDUULqUHSHWLWILOVSOXVORLQOD
VHPHQFHGXMXVWH
0DLQWHQDQW YRLOj OD VHPHQFH GXGX VHUSHQW 0DLQWHQDQW
VRXYHQH]YRXVLO\DXUDGHO
LQLPLWLpGHODJXHUUHHQWUHHX[
/D VHPHQFH GX VHUSHQW DUULYH HW TX
HVWFH TX
HOOH SURGXLW"
0DLQWHQDQWSUHQRQVOHVSUHPLqUHVDQQpHV0DLQWHQDQWUHJDUGH]ELHQFH
TXLYDVHSDVVHUOj1RXVDOORQVOHOLUHGLUHFWHPHQWSDUFHTXHMHYLHQVGH
OH YpULILHU /D VHPHQFH GX VHUSHQW D SURGXLW &DwQ &DwQ HVW DOOp GDQV OH
SD\VGH1RGFHTXLDSURGXLWGHVJpDQWVHWHQVXLWHLOVVRQWDOOpVGDQVOH
SD\VGH1Rp
ϯϬ>^DEh^ZWEd
,OHVWDOOpGDQVOHSD\VGH1RGHWLODSULVHWLODSULVVRQpSRXVH(W
TXDQG LO V
HVW PDULp DYHF HOOH OjEDV F
HVW GH Oj TXH VRQW DSSDUXV FHV
JUDQGVJpDQWVTXLpWDLHQWGHVILOVGH'LHXGpFKXVTXLVRQWYHQXVGHOHXU
SDSDOHGLDEOHGH&DwQ/HYRLOjYRWUHFKDvQRQPDQTXDQW
(W UHJDUGH] ELHQ OD VHPHQFH GX VHUSHQW 0DLQWHQDQW UHJDUGH]
ELHQ 6RXYHQH]YRXV OD VHPHQFH GX VHUSHQW HVW UHOLJLHXVH 5HJDUGH]OD
FRPPHQFHUjDJLUOjSHQGDQWTXHOTXHVLQVWDQWV9RLOjTX
HOOHSUHQGVRQ
GpSDUW OD VHPHQFH GX VHUSHQW 4X
HVWFH TX
LOV VRQW GHYHQXV" -H YDLV
YRXVOLUHTXHOTXHFKRVHOjTXHM
DLQRWpFHWDSUqVPLGL
4X
HVWFHTXLHVWVRUWLGHODOLJQpHG
$EHO"eFRXWH]FHFL7UqVELHQ
$EHOHVWYHQX$SUqV$EHOLO\DHX6HWK$SUqV6HWKLO\DHX1Rp$SUqV
1RpLO\DHX6HP$SUqV6HPLO\DHX$EUDKDP$SUqV$EUDKDPLO\D
HX,VDDF$SUqV,VDDFLO\DHX-DFRE$SUqV-DFRELO\DHX-XGD$SUqV
-XGDLO\DHX'DYLG$SUqV'DYLGLO\DHX&KULVWODSHUIHFWLRQ
5HPDUTXH] j O
pSRTXH FRPPH O
(VSULW GH 'LHX D YpFX HQ $EHO
5HJDUGH]FRPPH,ODYpFXHQ6HWK5HJDUGH]FRPPH,ODYpFXHQ-XGD
5HJDUGH] FRPPH ,O D YpFX HQ 'DYLG 5HJDUGH] FH PrPH (VSULW TXL
DSSHODLWjWUDYHUVODVHPHQFHGXMXVWHG
XQERXWjO
DXWUH3HXLPSRUWHFH
TX
LOVRQWIDLWLOVpWDLHQWSUpGHVWLQpV
5HJDUGH] -DFRE XQ YLODLQ -H QH GLV SDV oD G
XQH PDQLqUH
VDFULOqJH0DLV-DFREXQSHWLWILORXWRXWOHWHPSVDFFURFKpDX[MXSRQVGH
VDPqUHLOVHIDXILODLWXQSHWLWHIIpPLQp,OV
HVWPLVGHVFKRVHVVXUOHGRV
HW LO HVW DOOp WURPSHU VRQ SqUH SRXU UHFHYRLU OD EpQpGLFWLRQ PDLV HOOH OXL
DYDLWpWpGRQQpHDYDQWODIRQGDWLRQGXPRQGH&HUWDLQHPHQW
,OHVWDOOpOjHWLODPHQWLjVRQEHDXSqUHHWLODSULVGHVEUDQFKHV
WDFKHWpHV GHV EUDQFKHV GH SHXSOLHU HW OHV D PLVHV GDQV O
HDX SRXU
HIIDURXFKHU OHV ErWHV DORUV TX
HOOHV SRUWDLHQW OHXUV SHWLWV SRXU TX
HOOHV
GRQQHQW QDLVVDQFH j GHV ErWHV WDFKHWpHV SRXU TX
LO SXLVVH WULFKHU HW
REWHQLUFHVErWHV'LHXO
DEpQLOjGHGDQV&
HVWYUDL
0DOKHXUjFHOXLTXLGLUDTXRLTXHFHVRLWVXU-DFRE9RXVVDYH]FH
TXHYRXVVDYH]FHTXHOHIDX[SURSKqWHDGLW2XLOSURSKpWLVDLWODYpULWp
%DODDPLODGLW³4XLFRQTXHOHEpQLUDVHUDEpQLHWTXLFRQTXHOHPDXGLUD
VHUDPDXGLW´
³-H W
DL SULV -DFRE -H O
DL WURXYp FRPPH XQH FRPPH GDQV XQH
FRQWUpHpWUDQJqUH(WFRPPHO
DLJOHpYHLOOHVDFRXYpH-HO
DLpYHLOOpHW-H
O
DL IDLW VRUWLU´ $OOpOXLD >)UqUH %UDQKDP WDSH WURLV IRLV GDQV VHV PDLQV Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^Ϯϳ
JURV RVVHPHQWV HW MH YDLV YRXV OH PRQWUHU GDQV OD %LEOH 0DLQWHQDQW
VR\H]ELHQDWWHQWLIV%RQ&HJUDQGJDLOODUGGLVRQVTX
LOTX
LOPHVXUDLWGL[
SLHGV HW TX
LO pWDLW WUqV ODUJH G
pSDXOHV LO UHVVHPEODLW YUDLPHQW j XQ
KRPPH (W VRQ VDQJ DSUqV DYRLU DFFRXSOp OHVDQLPDX[ O
XQ DYHF O
DXWUH
RQHVWDUULYpVDXERXW2QSHXWIDLUHGHVFURLVHPHQWVHQWUHOHVDQLPDX[
(WoDDGRQQpXQHTXDOLWpGHVDQJGHSOXVHQSOXVpOHYpHXQHIRUPHGH
YLHGHSOXVHQSOXVpYROXpHXQHIRUPHSOXVpYROXpHMXVTX
jFHTX
RQHQ
DUULYH HQ KDXW DX QLYHDX GH O
KRPPH 0DLV OD GHUQLqUH FRQQH[LRQ LFL
HQWUHOHVGHX[HOOHDpWpFRXSpH&RPELHQVDYHQWTXHODVFLHQFHQ
DUULYH
SDV j WURXYHU OH FKDvQRQ PDQTXDQW" 9RXV OH VDYH] WRXV 3RXUTXRL" /H
YRLFLOHVHUSHQW,OpWDLWOjXQJUDQGJDLOODUG
(WOHGLDEOHGHVFHQGOjLOGLW³-HSHX[LQVSLUHU´
0DLQWHQDQW TXDQG YRXV YRXV PHWWH] j UHJDUGHU OHV IHPPHV HW j
DYRLUGHVFRPSRUWHPHQWVDYHFOHVIHPPHVVRXYHQH]YRXVYRXVrWHVRLQW
GXGLDEOHFHQ
HVWSDVYRWUHpSRXVHHOOH
5HPDUTXH]PDLQWHQDQWOHGLDEOHHVWGHVFHQGXHWLOHVWHQWUpGDQV
OHVHUSHQW(WLODWURXYpÊYHGDQVOHMDUGLQG
(GHQQXHHWLODSDUOpGXIUXLW
TXL pWDLW DX PLOLHX /H PLOLHX oD YHXW GLUH DX ³FHQWUH´ HW WRXW YRXV PH
FRPSUHQH] RQ HVW GDQV XQH DVVHPEOpH PL[WH (W LO D GLW ³0DLV F
HVW
DJUpDEOH &
HVW ERQ j UHJDUGHU´ (W TX
HVWFH TX
LO D IDLW" ,O V
HVW PLV j
IDLUHO
DPRXUjÊYHHWLODYpFXDYHFHOOHPDULWDOHPHQW
(W HOOH D YX TXH F
pWDLW DJUpDEOH DORUV HOOH HVW DOOpH OH GLUH j VRQ
PDULPDLVHOOHpWDLWGpMjHQFHLQWHGH6DWDQ
(WHOOHDPLVDXPRQGHVRQSUHPLHUILOVGRQWOHQRPpWDLW&DwQOH
ILOVGH6DWDQ
³0DLVÝRXVGLWHV³F
HVWIDX[oD´
7UqV ELHQ DORUV RQ YD YRLU VL F
HVW IDX[ RX SDV ³(W -H PHWWUDL
LQLPLWLpHQWUHWD6HPHQFHHWODVHPHQFHGXVHUSHQW´4XRL"/DVHPHQFH
GX VHUSHQW (OOH DYDLW XQH 6HPHQFH HW OXL DYDLW XQH VHPHQFH ³(W ,O WH
PHXUWULUDODWrWHHWWX/XLPHXUWULUDVOHWDORQ´(WPHXUWULUOjoDYHXWGLUH
³IDLUHXQH([SLDWLRQ´$ORUVODYRLOjYRWUH³VHPHQFH´GXVHUSHQW
0DLQWHQDQWUHPDUTXH]YRLFLOHVGHX[KRPPHVTXLDUULYHQWOj
(W OH VHUSHQWTXDQG LO V
HVW WHQX Oj FHWWH HVSqFH GH JUDQGJpDQW
OjLOpWDLWFRXSDEOHG
DYRLUFRPPLVXQDGXOWqUHDYHFODIHPPHG
$GDP2
HVWFH TX
LO HVW OH SpFKp DXMRXUG
KXL" 4X
HVWFH TXL IDLW TXH OHV FKRVHV
YRQW FRPPH HOOHV YRQW DXMRXUG
KXL" 0DLQWHQDQW MHMH 6UHPHQW TXH
YRXVSRXYH]FRPSUHQGUHGHTXRLMHSDUOH$ORUVYRLOjFHTX
LO\DHX
Ϯϴ>^DEh^ZWEd
(WTXDQGLODIDLWoD'LHXDGLW,OV
HVWPLVjDSSHOHUÊYHHW$GDP
(WLODGLW³-HVXLVQX´
(W,ODGLW³4XLW
DGLWTXHWXpWDLVQX"´
(W Oj LOV VH VRQW PLV j IDLUH FRPPH j O
DUPpH j IDLUH UHWRPEHU OD
IDXWHVXUFHOXLTXLHVWHQGHVVRXV,ODGLW³(KELHQF
HVWODIHPPHTXH7X
P
DVGRQQpHTXLDIDLWoD&
HVWHOOHTXLP
DSHUVXDGp´
(W HOOH D GLW ³/H VHUSHQW P
D GRQQp XQH SRPPH´" $OORQV
SUpGLFDWHXUUHSUHQGVWHVVHQV
(OOH D GLW ³/H VHUSHQW P
D VpGXLWH´ 6DYH]YRXV FH TXH VpGXLUH
YHXWGLUH"dDYHXWGLUH³VRXLOOpH´(WHOOHO
DpWp/HGLDEOHQHOXLDSDVGX
WRXWGRQQpXQHSRPPH³/HVHUSHQWP
DVpGXLWH´
(WHQVXLWHODPDOpGLFWLRQHVWYHQXH
,ODGLW³3DUFHTXHWXDVpFRXWpOHVHUSHQWDXOLHXGHWRQPDULWXDV
UHWLUp OD 9LH GX PRQGH $ORUV WXWX PXOWLSOLHUDV WHV GRXOHXUV HW WD
FRQFHSWLRQVHSRUWHUDYHUVWRQPDUL´HWDLQVLGHVXLWH
³(WSDUFHTXHWXDVpFRXWpWDIHPPHDXOLHXGH0
pFRXWHU-HW
DL
SULV GH OD SRXVVLqUH O
HVSqFH OD SOXV pYROXpH YRLOj WX UHWRXUQHUDV j OD
SRXVVLqUH´
³(WWRLOHVHUSHQWSDUFHTXHWXDVIDLWoDYRLOjWXQ
DXUDVSOXVGH
MDPEHV7XPDUFKHUDVVXUWRQYHQWUHWRXVOHVMRXUVGHWDYLH(WWXVHUDV
KDw (W WX DXUDV OD SRXVVLqUH SRXU QRXUULWXUH´ 9RLOj ,O HVW Oj OH FKDvQRQ
PDQTXDQW
0DLQWHQDQWYRLFL&DwQTXLDUULYH2EVHUYRQVOHVQDWXUHV9RLFL&DwQ
TXLDUULYH4X
HVWFHTX
LOHVW",OHVWXQKRPPHG
DIIDLUHVKDELOH,OODERXUH
OHV FKDPSV $VWXFLHX[ LQWHOOLJHQW UHOLJLHX[ WUqV UHOLJLHX[ UHJDUGH] ELHQ
VHVUHJDUGH] ELHQ VHV DWWULEXWV 6XLYH]PRL MXVWH SRXU TXHOTXHV PLQXWHV
HQFRUH
/HYRLFLTXLDUULYH,OVDLWTX
LODXQVHQVPRUDO,OYHXWDOOHUjO
pJOLVH
,O VH FRQVWUXLW XQH pJOLVH LO SUpSDUH XQH RIIUDQGH ,O DSSRUWH XQ DXWHO HW
WRXW ,O D EkWL XQ DXWHO HW LO D GpSRVp VHV IOHXUV GHVVXV ,O D GpSRVp OH
FKDPSOHVIUXLWVGHVRQFKDPSLOOHVDRIIHUWVj'LHX,ODGLW³9RLOjSRXU
7RL6HLJQHXU-HVDLVTXHQRXVDYRQVPDQJpGHVSRPPHVF
HVWFHTXLD
FDXVp WRXW oD´ &HUWDLQV GH VHV UHMHWRQV RQW OH PrPH JHQUH G
LGpH 2Q
SHXWYRLUG
RF
HVWYHQX,ODDSSRUWpVHVSRPPHVOHVDUHQWUpHVGHVRQ
FKDPSLOOHVDGpSRVpHVOjHWLODGLW³dDYDVHUYLUG
H[SLDWLRQ´
Ϯϴ͘Ϭϵ͘ϭϵϱϴ:&&Z^KEs/>>͕/E͕h^Ϯϵ
'LHXDGLW³&HQ
pWDLWSDVGHVSRPPHV´
0DLVSDUXQHUpYpODWLRQVSLULWXHOOH$EHOVDYDLWTXHF
pWDLWGXVDQJ
$ORUVLODDSSRUWpXQDJQHDXLOOXLDPDUWHOpODJRUJHHWFHOXLFLHVWPRUW
'LHXDGLW³&
HVWoD&
HVWjFDXVHGHoD&
pWDLWGXVDQJ´9RXV
VDYH]GHTXHOVDQJMHSDUOH%LHQ³&
HVWjFDXVHGXVDQJ´
0DLQWHQDQW UHJDUGH] ELHQ (W DORUV TXDQG &DwQ D YX TXH VRQ
H[DOWpGHIUqUHDYDLWpWpDFFHSWpGHYDQW'LHXHWTX
LO\DYDLWGHVVLJQHVHW
GHV SURGLJHV TXL V
DFFRPSOLVVDLHQW OjEDV LO D pWp MDORX[ GH OXL ,O D GLW
³2QYDPHWWUHXQIUHLQjoDWRXWGHVXLWH´5HJDUGH]VHVIUqUHVUHJDUGH]
VHV HQIDQWV HQFRUH DXMRXUG
KXL ³0DLV MH VXLV SOXV LQWHOOLJHQW TXH OXL
PRL´ DORUV LO V
HVW PLV HQ FROqUH '
R HVWFH TXH OD FROqUH HVW YHQXH"
3RXYH]YRXVGLUHTXHODFROqUH,ODWXpVRQIUqUH&
pWDLWXQPHXUWULHU
3RXYH]YRXV DSSHOHU 'LHX XQ PHXUWULHU" (W $GDP pWDLW OH ILOV GH
'LHX/D%LEOHGLWTX´
$GDPpWDLWOHILOVGH'LHXÓHFRPPHQFHPHQWSXU
OjEDV$GDPpWDLWOHILOVGH'LHX(WFHWWHMDORXVLHHWFHWWHHQYLHHWWRXW
oDQ
DSDVSXVRUWLUGHFHWWHVRXUFHSXUH
,O DIDOOXTXH oD YLHQQH G
DLOOHXUV (WF
HVW YHQX GH 6DWDQTXL pWDLW
XQPHXUWULHUGqVOHFRPPHQFHPHQW/D%LEOHDGLWTX´
LODpWpPHQWHXUHW
PHXUWULHUGqVOHFRPPHQFHPHQW´(WYRLOj(WLODWXpVRQIUqUH
(W F
pWDLW Oj XQ W\SH GH OD PRUW GH &KULVW (QVXLWH j SDUWLU GH Oj
QDWXUHOOHPHQW ,O D VXVFLWp 6HWK SRXU OH UHPSODFHU /D PRUW
O
HQVHYHOLVVHPHQWHWODUpVXUUHFWLRQGH&KULVW
(W UHJDUGH] ELHQ DSUqV oD OHV YRLOj YRV JpDQWV ¬SUqV oD &DwQ
HVW DOOp GDQV OH SD\V GH 1RG 6L VRQ SDSD F
pWDLW XQH HVSqFH GH JUDQG
JpDQW &DwQ OXL j TXRL HVWFHTX
LO YD UHVVHPEOHU" $ VRQ SDSD (W LO HVW
DOOpGDQVOHSD\VGH1RGHWLODHPPHQpXQHGHVHVV°XUVDYHFOXL
,O Q
D SDV SX IDLUH DXWUHPHQW /HV DXWUHV IHPPHV LO IDOODLW
LQpYLWDEOHPHQW TX
HOOHV YLHQQHQW WRXWHV G
ÊYH 2Q SUpWHQG TX
LOV RQW HX
VRL[DQWHGL[ ILOV HW ILOOHV 6LV
LO Q
\ DYDLW SDV HX GH IHPPH /D %LEOH QH
UDSSRUWHSDVOHVQDLVVDQFHVGHVIHPPHVVHXOHPHQWFHOOHVGHVKRPPHV
(WTXDQGV
LOQ
\DYDLWSDVHXG
DXWUHIHPPHTX
ÊYHTXDQGHOOHHVWPRUWH
ODUDFHKXPDLQHDXUDLWFHVVpG
H[LVWHU,ODIDOOXTX
HOOHDLWGHVILOOHV(WLOD
IDOOXTX
LOpSRXVHVDSURSUHV°XU

LA SEMENCE DU SERPENT

Transcription

Documents pareils

LE RESPECT

Le mythe d™Osiris - Le site d`Eric Ranguin

la stature d`un homme parfait

DES VISIONS DE WILLIAM BRANHAM

les cinq identifications précises de la vraie église du dieu vivant

brochures

LOI OU GRÂCE