'pJLYUDJHGDQVOHFRPSDUWLPHQWGH
VWRFNDJHGHVDOLPHQWVFRQJHOpV
/HGpJLYUDJHGDQVODFKDPEUHGH
FRQJpODWLRQVHIIHFWXHPDQXHOOHPHQW
$YDQWGHGpFRQJHOHUUHWLUH]OHVDOLPHQWV
6RUWH]OHEDFjJODoRQVHWOHVDOLPHQWV
GDQVOHVWLURLUVRXSODFH]OHV
WHPSRUDLUHPHQWGDQVOHFRPSDUWLPHQWGHV
DOLPHQWVIUDLV
5pJOH]OHERXWRQGXUpJXODWHXUGH
WHPSpUDWXUHVXUODSRVLWLRQ©ªOjROH
FRPSUHVVHXUV¶DUUrWHUDGHIRQFWLRQQHUHW
ODLVVH]ODSRUWHGXUpIULJpUDWHXURXYHUWH
MXVTXjFHTXHODJODFHHWOHJLYUHVH
GLVVROYHQWFRPSOqWHPHQWHWVDFFXPXOHQW
DXIRQGGHODFKDPEUHIURLGH(VVX\H]
OHDXDYHFXQFKLIIRQGRX[
3RXUDFFpOpUHUOHSURFHVVXVGH
GpFRQJpODWLRQYRXVSRXYH]PHWWUHXQERO
G¶HDXFKDXGHjHQYLURQ℃GDQVOD
FKDPEUHGHFRQJpODWLRQHWUDFOHUODJODFH
HWOHJLYUHDYHFXQHVSDWXOHGH
GpFRQJpODWLRQ$SUqVDYRLUIDLWFHOD
DVVXUH]YRXVGHUpJOHUOHERXWRQGX
UpJXODWHXUGHWHPSpUDWXUHVXUODSRVLWLRQ
GRULJLQH
,OQHVWSDVUHFRPPDQGpGHFKDXIIHUOD
FKDPEUHGHFRQJpODWLRQGLUHFWHPHQWDYHF
GHOHDXFKDXGHRXXQVqFKHFKHYHX[
SHQGDQWOHGpJLYUDJHSRXUpYLWHUOD
GpIRUPDWLRQGHOLQWpULHXUGXERvWLHU
,OHVWpJDOHPHQWGpFRQVHLOOpGHJUDWWHUOD
JODFHHWOHJLYUHRXGHVpSDUHUOHV
DOLPHQWVGHVUpFLSLHQWVTXLRQWpWp
FRQJHOpVDYHFOHVDOLPHQWVjODLGHGRXWLOV
WUDQFKDQWVRXGHEDUUHVGHERLVDILQGH
QHSDVHQGRPPDJHUOHQYHORSSH
LQWpULHXUHRXODVXUIDFHGHOpYDSRUDWHXU
$YHUWLVVHPHQWeWHLQGUHO¶DSSDUHLODYDQW
OHGpJLYUDJHUqJOHOHUpJXODWHXUGH
WHPSpUDWXUHHQSRVLWLRQ©ª
,PSRUWDQW/HUpIULJpUDWHXUGHYUDLWrWUH
GpJLYUpDXPRLQVXQHIRLVSDUPRLV/RUV
GHOXWLOLVDWLRQVLODSRUWHDpWpRXYHUWH
IUpTXHPPHQWRXVLODSSDUHLOHVWXWLOLVp
GDQVGHVFRQGLWLRQVGKXPLGLWpH[WUrPH
QRXVFRQVHLOORQVjOXWLOLVDWHXUGHGpJLYUHU
WRXWHVOHVGHX[VHPDLQHV/HUpIULJpUDWHXU
GHYUDLWrWUHGpJLYUpDXPRLQVXQHIRLVSDU
PRLV/RUVGHOXWLOLVDWLRQVLODSRUWHDpWp
RXYHUWHIUpTXHPPHQWRXVLODSSDUHLOHVW
XWLOLVpGDQVGHVFRQGLWLRQVGKXPLGLWp
H[WUrPHQRXVFRQVHLOORQVjOXWLOLVDWHXUGH
GpJLYUHUWRXWHVOHVGHX[VHPDLQHV
1RQXWLOLVDWLRQGHODSSDUHLOSHQGDQW
XQHORQJXHSpULRGH
5HWLUH]WRXVOHVHPEDOODJHVUpIULJpUpV
eWHLQGUHO¶DSSDUHLOHQUpJODQWOHUpJXODWHXU
GHWHPSpUDWXUHHQSRVLWLRQ©ª
'pEUDQFKH]ODILFKHSULQFLSDOHRXFRXSH]
RXGpEUDQFKH]ODOLPHQWDWLRQpOHFWULTXH
1HWWR\HUHQWLqUHPHQWYRLUVHFWLRQ
1HWWR\DJHHWHQWUHWLHQ
/DLVVH]ODSRUWHRXYHUWHSRXUpYLWHU
ODFFXPXODWLRQGRGHXUV
5HPDUTXH6LO¶DSSDUHLOFRQWLHQWXQ
FRPSDUWLPHQWGHFRQJpODWLRQ