Le dossier assises de l`auto et des garages sept 2012

Transcription

VHSWHPEUH
$VVLVHV
GHVVHUYLFHVGHO·DXWRPRELOH
HWGHVJDUDJHV
/HGRVVLHU
GpFHPEUH
39, Avenue d’Iéna - 75202 Paris cedex 16 - fax : 01 40 69 41 00 - Tél. : 01 40 69 40 40
Introduction
Introduction
6FpDQFHSUpVLGpHSDU(ULF0RXOLQQHXI$GPLQLVWUDWHXU$36&$
3DVFDO/H%ULqUHDGPLQLVWUDWHXU,56$&0
-DFTXHV%KXJRQ$GPLQLVWUDWHXU$1)$
7DwHE$\DUL*LIDHW'HQLV/HEODQF55*DQLPDWHXUVGHODEUDQFKH
7DwHE$<$5,DQLPDWHXUGHODEUDQFKH
&¶HVWDYHFXQJUDQGSODLVLUTX¶DXQRP
GHOD)pGpUDWLRQGHV7UDYDLOOHXUVGHOD
0pWDOOXUJLH &*7 MH YRXV VRXKDLWH OD
ELHQYHQXHjFHV$VVLVHVGHV6HUYLFHV
GHO¶$XWRPRELOHHWGHV*DUDJHV
&HUWDLQV G¶HQWUH YRXV YLHQQHQW SHXW
rWUHSRXUODSUHPLqUHIRLVGDQVODPDL
VRQ&*7HWMHYRXVLQYLWHjSUHQGUHOH
WHPSVSRXUYLVLWHUOHVOLHX[
-H VRXKDLWH XQ ERQMRXU WUqV IUDWHUQHO
HW FKDOHXUHX[ DX[ GpOpJDWLRQV &*7
GHOD5pXQLRQHWGH0D\RWWHTXLQRXV
IRQWO¶KRQQHXUG¶rWUHUHSUpVHQWpHVHQ
JUDQGQRPEUH
'HSXLV GH QRPEUHXVHV DQQpH PDLQ
WHQDQW WRXV OHV DQV OHV PLOLWDQWV
OHV V\QGLTXpV OHV pOXV HW PDQGDWpV
OHVDGPLQLVWUDWHXUVYHQDQWGHWRXWHOD
)UDQFH ©PpWURSROHª HW GHV 'RP VH
UpXQLVVHQW LFL j OD &*7 GXUDQW GHX[
MRXUV D¿Q G¶pFKDQJHU GH GpEDWWUH
GH O¶DFWXDOLWp UHYHQGLFDWLYH GDQV XQH
SpULRGH PDUTXpH SDU XQH VLWXDWLRQ
pFRQRPLTXH GpJUDGpH DXVVL ELHQ HQ
)UDQFHTX¶HQ(XURSH
&HVDVVLVHVGRLYHQWGRQQHUO¶pODQUH
YHQGLFDWLIQpFHVVDLUHSRXUJDJQHUGHV
DYDQFpHVVRFLDOHVSRXUWRXVOHVVDOD
ULpV GH OD EUDQFKH &¶HVW pJDOHPHQW
XQLQVWDQWGHFRQYLYLDOLWpSRXUFRQVROL
GHUQRWUHVROLGDULWp
1RXV GHYRQV pJDOHPHQW SUHQGUH OH
WHPSV G¶DQDO\VHU HW GH PHVXUHU OH
FKHPLQ SDUFRXUX HW OH WUDYDLO UpDOLVp
GHSXLVQRVGHUQLqUHVDVVLVHVGH
&RPPH YRXV OH VDYH] QRWUH SURIHV
VLRQ UHJURXSH XQH PXOWLWXGH GH Pp
WLHUVHWGH¿OLqUHVTXLRQWHQFRPPXQ
XQHFRQYHQWLRQFROOHFWLYHQDWLRQDOH
-H QH SHX FRPPHQFHU O¶LQWURGXFWLRQ
VDQVYRXVSDUOHUGHO¶DFWXDOLWpVRFLDOH
GX PRPHQW /D UpDOLWp GH OD UHQWUpH
IDLW WUqV YLWH RXEOLHU OHV YDFDQFHV HQ
FHWWHDQQpHHWQRVDVVLVHVSUHQ
QHQWXQUHOLHIWRXWSDUWLFXOLHUGDQVXQ
FRQWH[WHpFRQRPLTXHHWVRFLDOQRWDP
PHQW DYHF WRXWHV OHV DWWDTXHV IDLWHV
FRQWUHOHPRQGHGXWUDYDLO
&HW pWp F¶HVW XQ IUDQoDLV VXU GHX[
TXLQ¶HVWSDVSDUWLHQYDFDQFHVDYHF
FRPPH SUHPLHU PRWLI pYRTXp OHV
IUHLQV ¿QDQFLHUV 'HSXLV XQH GL]DLQH
G¶DQQpHV OH QRPEUH GH )UDQoDLV
TXLQHSDUWHQWSDVGHO¶DQQpHHVWHQ
IRUWHFURLVVDQFHjFDXVHG¶XQSRXYRLU
G¶DFKDWTXLQHIDLWTXHVHGpJUDGHU
/HVGpSHQVHVGHFRQVRPPDWLRQGHV
PpQDJHV VRQW HQ UHFXO DX GHX[LqPH
WULPHVWUH HW O¶,16(( DQWLFLSH XQH
EDLVVH GX SRXYRLU G¶DFKDW GH FHWWH DQQpH FH TXL VHUDLW XQH SUH
PLqUHGHSXLV/HPDVVDFUHGHV
HPSORLVGHFHVGHUQLHUVPRLVQHIDLW
TX¶DFFURvWUHODSHXUGXOHQGHPDLQ
/H FRQWH[WH LQWHUQDWLRQDO LPSOLTXH XQ
V\QGLFDOLVPH RIIHQVLI SDUWRXW FDU FHOD
IDLWIURLGGDQVOHGRVORUVTX¶RQYRLWFH
TXLV¶HVWSDVVpHQ$IULTXHGX6XGR
FRPPH GDQV OHV DQQpHV GH O¶DSDU
WKHLG OD SROLFH VXGDIULFDLQH D DEDWWX
PLQHXUV TXL YRXODLHQW VLPSOHPHQW
EpQp¿FLHUGXIUXLWGXWUDYDLOTX¶LOVUpD
OLVHQW HW SDUWDJHU pTXLWDEOHPHQW OHV
SUR¿WV DORUV TXH FHV VDODULpV YLYHQW
GDQVGHVEDUDTXHPHQWVVDQVHDXQL
pOHFWULFLWp PLQHXUV VXG DIULFDLQV
YLHQQHQW G¶rWUH LQFXOSpV GH PHXUWUHV
HQYHUWXG¶XQHORLQDJXqUHXWLOLVpHSDU
OH SRXYRLU FRQWUH OHV PLOLWDQWV DQWL
DSDUWKHLG 0DOJUp FH PDVVDFUH SROL
FLHULOVVRQWHQFRUHGHVPLOOLHUVGHVD
ODULpVGHODPLQHjSRXUVXLYUHODJUqYH
SRXU REWHQLU GH PHLOOHXUV VDODLUHV HW
XQH DPpOLRUDWLRQ GH OHXUV FRQGLWLRQV
GHYLHHWGHWUDYDLO
'HV HQMHX[ H[WUrPHPHQW ORXUGV Sq
VHQW GRQF VXU O¶DYHQLU GH OD SODQqWH
/HVSD\VGX3URFKHHW0R\HQ2ULHQW
VRQWHQpEXOOLWLRQFHTXLVHWUDPHHQ
6\ULHHQ,UDQHWPDLQWHQDQWDX/LEDQ
Q¶HVW SDV GH QDWXUH j UDVVXUHU O¶RSL
QLRQSXEOLTXH6XUWRXVFHVVXMHWVLO\
DEHVRLQG¶H[SUHVVLRQV&*7
'HSXLVPRLVODSRSXODWLRQ6\ULHQQH
VHVRXOqYHFRQWUHOHUpJLPHGH%DFKDU
$O$VVDGSRXUODOLEHUWpODMXVWLFHHWOD
GpPRFUDWLH FRQÀLW TXL D GpMj IDLW SOXV
GHPRUWVHWGHVGL]DLQHVGHPLO
OLHUVGHUpIXJLpV
/HFRQWH[WHVRFLDOHWpFRQRPLTXHVH
GpJUDGH j OD YLWHVVH ©JUDQG 9ª WDQW
HQ(XURSHTXHVXUOHSODQ)UDQoDLV
/HV $OOHPDQGV DSUqV DYRLU MRXp OHV
©PDWDGRUVª HQ PLVDQW VXU OH WRXW
H[SRUW YRLHQW OHV SHUVSHFWLYHV VH
ERXFKHU HW RQW GpMj FRPSULV DSUqV
GHV DQQpHV GH SHWLWV ERXORWV GH
FRQWUDWVjWHPSVSDUWLHOGHFRXSVGH
IUHLQVXUOHVVDODLUHVTX¶LOIDOODLWSHXW
rWUHUHODQFHUOHPDUFKpLQWpULHXU
1RWUH SD\V D FRQQX FHW pWp XQH
QRXYHOOH GpJUDGDWLRQ GH O¶HPSORL OH
FK{PDJH D DXJPHQWp HQ MXLQ MXLOOHW
DRWSRXUDWWHLQGUHOHVPLOOLRQVGH
FK{PHXUVVRLWGHODSRSXODWLRQ
DFWLYH 'DQV OH PrPH WHPSV DX VH
FRQG WULPHVWUH O¶pFRQRPLH IUDQoDLVH
D GpWUXLW SOXV G¶HPSORLV TX¶HOOH Q¶HQ
D FUpHV GDQV OH VHFWHXU PDUFKDQG
/HSUL[GHO¶HVVHQFHjODSRPSHDXJ
PHQWHHWFHQ¶HVWSDVOHVFHQWLPHV
GHEDLVVHTXLUHODQFHURQWODFRQVRP
PDWLRQGHVPpQDJHV
/¶DUULYpH GH )UDQoRLV +2//$1'( ©OH
SUpVLGHQW QRUPDOª D VXVFLWp EHDXFRXS
G¶HVSRLUSRXUXQHPDMRULWpGH)UDQoDLV
QRWDPPHQW GDQV QRV PpWLHUV GH O¶LQ
GXVWULHHQSURPHWWDQWXQHORLLQWHUGLVDQW
OHV OLFHQFLHPHQWV ERXUVLHUV PDLV OHV
GHUQLHUVVRQGDJHVG¶RSLQLRQVPRQWUHQW
XQHFHUWDLQHLPSDWLHQFHFDUOHFKDQJH
PHQWF¶HVWPDLQWHQDQWHWSDVGDQVDQV
FDUHQRVHURQWLOVWRXVOHVVDOD
ULpVOLFHQFLpVGXUDQWFHWHPSVOj"
$ PRLQV G¶rWUH XQ GRX[ UrYHXU QRXV
VDYLRQVTXHVHXOHO¶DFWLRQGHVVDODULpV
SqVHUDLWGDQVODEDODQFHSRXULPSRVHU
G¶DXWUHV FKRL[ WDQW DX SDWURQDW TX¶DX
JRXYHUQHPHQW
3RXU DXWDQW OH GRXWH V¶LQVWDOOH VXU OD
FDSDFLWpGHFHJRXYHUQHPHQWjFKDQ
JHUOHVFKRVHVHQSURIRQGHXUjPHWWUH
HQ°XYUHGHVGpFLVLRQVUDGLFDOHPHQW
RSSRVpHVjFHOOHVGHODGURLWH
7RXW GH PrPH VXU OHV UHWUDLWHV OH SUp
VLGHQW D WHQX XQH GH VHV SURPHVVHV
GH FDPSDJQH PrPH VL SRXU QRXV LO QH
YDSDVDVVH]ORLQjQRV\HX[OHGpFUHW
SHUPHWWDQWSRXUFHUWDLQVGHUHWURXYHUOD
UHWUDLWHjDQVDpWpDFFXHLOOLDYHFMRLH
HWVRXODJHPHQWSDUQRPEUHGHVDODULpV
\FRPSULVGHFDPDUDGHV
(Q FH VHQV QRXV SRXYRQV FRQVLGpUHU
TXHQRVGHUQLqUHVPRELOLVDWLRQVFRQWUHOD
UpIRUPHGHVUHWUDLWHVHQRQWSHVp
0LPDL QRV FDPDUDGHV TXL VH VRQW
UHQGXV DX FRQJUqV GH OD FUpDWLRQ GX
6\QGLFDW GH O¶,QGXVWULH (XURSpHQQH
RQW LQVLVWp DYHF OHV SD\V GX 6XG
SRXUTX¶XQWHPSVIRUWVHGpURXOHjOD
UHQWUpHVXUO¶LQGXVWULHVRQGpYHORSSH
PHQWO¶HPSORLLQGXVWULHOHWVRQFRQWH
QX VRFLDO /D SpULRGH FLEOpH HVW GX DXRFWREUHDYHFSRXUOD)UDQFHXQH
MRXUQpHG¶DFWLRQVOHRFWREUHGXUDQW
OHPRQGLDOGHO¶DXWRPRELOHRGHVLQL
WLDWLYHVVRQWSUpYXHV
'DQV OD &*7 WRXWHV OHV IpGpUDWLRQV
VHQWHQWODQpFHVVLWpGHFRQVWUXLUHO¶DF
WLRQSRXUTXHOHJRXYHUQHPHQWQHUp
SRQGHSDVH[FOXVLYHPHQWDX[VLUqQHV
GX 0('() HW OH RFWREUH WRPEH j
SRLQWQRPPp0DLVQRXVGHYRQVrWUH
YLJLODQWVDYHFOHVVWUXFWXUHVSRXUTXH
O¶LQGXVWULH VRLW ELHQ VXU OH GHYDQW GH
OD VFqQH GHV FRUWqJHV TXL VH GpURX
OHURQWHQ)UDQFH-HP¶HQDUUrWHUDLOj
FRQFHUQDQWO¶DFWXDOLWpVDFKDQWTXHMH
QHSHX[DERUGHUWRXVOHVVXMHWV
/HVDVVLVHVGHVVHUYLFHVGHO¶DXWRPR
ELOH TXH QRXV QH SRXYRQV RUJDQLVHU
TXHWRXVOHVGHX[DQVQRXVSHUPHW
WHQWGHIDLUHOHSRLQWVXUQRWUHDFWLYLWp
HWGRLYHQWGpJDJHUGHVSLVWHVHWSODQV
GHWUDYDLOSRXUSHVHUGDQVODEUDQFKH
SURIHVVLRQQHOOH /D TXHVWLRQ GH OD
V\QGLFDOLVDWLRQ GX UHQIRUFHPHQW GH
OD &*7 HW GH VRQ LPSODQWDWLRQ GDQV
OHVHQWUHSULVHVQpFHVVLWHG¶DXJPHQWHU
GHVSODQVGHSDUUDLQDJHHWGHV\QGL
FDOLVDWLRQ
1RXVUHFHQVRQVHQYLURQV\QGL
TXpVSULQFLSDOHPHQWGDQVOHVJURXSHV
SOXV LPSRUWDQWV 1RXV SHQVRQV rWUH
SOXV QRPEUHX[ FDU DX WUDYHUV GH
QRVGLIIpUHQWVGpSODFHPHQWVGDQVOHV
XQLRQV GpSDUWHPHQWDOHV HW ORFDOHV
QRXVQRXVVRPPHVDSHUoXVTXHFHU
WDLQV V\QGLTXpV VRXYHQW LVROpV QH
FRQQDLVVDLHQW SDV QRWUH DFWLYLWp V\Q
GLFDOHFDULOVQHVRQWSDVDI¿OLpVjOD
IpGpUDWLRQGHODPpWDOOXUJLH
5DVVHPEOHUHWPRELOLVHUVRQWQRVDP
ELWLRQVHQFHWWHUHQWUpHVRFLDOHG¶DX
WDQWTXHODFDPSDJQHVXUOHVpOHFWLRQV
GDQVOHV73(WUqVSHWLWHVHQWUHSULVHV
TXLPHVXUHUDODUHSUpVHQWDWLYLWpV\QGL
FDOH GDQV OH SD\V YD HQWUHU GDQV VD
SpULRGH OD SOXV DFWLYH HQ WHUPHV GH
GpSORLHPHQWVXUOHWHUUDLQPDLVM¶\UH
YLHQGUDLXQSHXSOXVWDUG
WL¿HUOHVOXWWHVHWDFWLRQVGHQRVEDVHV
RUJDQLVpHV FRPPH SDU H[HPSOH
3526(&$ $9,6 3(8*(27 1LFH
(8523&$5 55* OH JURXSH
6,*+25 +HUW] VWDWLRQV VHUYLFHV $U
JHGLV *URXSH %HUQDUG HW SRXU OD
qUHIRLVOHVSDUNLQJV()),$TXLVHVRQW
PLVHQJUqYHOHIpYULHUGHUQLHUVXUOD
TXHVWLRQGHVVDODLUHVHWGXWHPSVGH
WUDYDLO$872%(//$ GRQW GHV
VDODULpV QRQ FDGUHV VH VRQW PRELOL
VpVGDQVO¶XQLWpHWRQWYXOHXUSRXYRLU
G¶DFKDWDXJPHQWHUG¶HQYLURQ
-H QH GpYHORSSHUDL SDV GDYDQWDJH VXU
OHVOXWWHVMHODLVVHOHVRLQDX[FDPDUDGHV
SUpVHQWVGHQRXVOHVIDLUHSDUWDJHU
&¶HVWjSDUWLUGHODGLYHUVLWpGHVHQWUH
SULVHV TXL FRPSRVHQW QRWUH EUDQFKH
TXHOHVV\QGLFDWVV¶RUJDQLVHQWQRWDP
PHQW SRXU PLHX[ FRPPXQLTXHU HQWUH
OHV VLWHV 3DU H[HPSOH FKH] (852
0$67(5 &H VRQW DJHQFHV HQ
)UDQFHVDODULpVSRXUV\QGL
TXpV/RUVGHVGHUQLqUHVpOHFWLRQVOD
&*7REWLHQWGHVVXIIUDJHVHWORUV
GH OHXU FRQJUqV LOV RQW GpFLGp G¶XQ
'DQV OD EUDQFKH SURIHVVLRQQHOOH OHV SODQGHV\QGLFDOLVDWLRQVXUDQVDYHF
pWDEOLVVHPHQWV QHGpSDVVHQW TXH UD SRXUREMHFWLIV\QGLTXpV
UHPHQWOHQRPEUHGHVDODULpV
VRQW GHV HQWUHSULVHV GH PRLQV GH 6XU OD QpJRFLDWLRQ ©3pQLELOLWpª GDQV
VDODULpVUHSUpVHQWDQWGHVHI QRWUHEUDQFKHORUVGHVQpJRFLDWLRQVSD
IHFWLIVGHODEUDQFKHSRXUXQWRWDOGH ULWDLUHVOHSDWURQDWDYRXHTX¶LODXQSUR
VDODULpV
EOqPHDXVHLQPrPHGHVHVDGKpUHQWV
'DQV GLIIpUHQWHV UpJLRQV RX GpSDUWH 3RXUOD&*7OHGRFXPHQWGHWUDYDLOGX
PHQWVGH)UDQFHQRVVWUXFWXUHV&*7 &13$FRQFHUQDQWODSpQLELOLWpWHOTX¶LO
8/8'HW8670RQWIDLWGHVSODQVGH HVW SURSRVp HVW H[FOXVLYHPHQW SRUWp
SDUUDLQDJH HQ GLUHFWLRQ GHV JDUDJHV VXUODSUpYHQWLRQHWSRXUQRWUHRUJDQL
FRPPHj7RXORXVH*UHQREOHGDQV VDWLRQV\QGLFDOHOHWULSW\TXH
OHV 9RVJHV 8670 &*7 8670
&*78670&*7HWF
3pQLELOLWp3UpYHQWLRQ5pSDUDWLRQ
HVWLQGLVVRFLDEOHSRXUSHUPHWWUHGH
'HSOXVHQSOXVQRXVDUULYRQVjLGHQ WURXYHUXQDFFRUG
&KDTXHDQQpHGHQRPEUHXVHVHQWUH
SULVHVVRQWHQ1pJRFLDWLRQV$QQXHOOHV
2EOLJDWRLUHV HW QpJRFLHQW pJDOHPHQW
VXUODSpQLELOLWp/HVSUHPLqUHVUHPRQ
WpHVQHVRQWSDVWHUULEOHVFDUF¶HVWXQ
DOLJQHPHQWVXUOHVJULOOHVGHVPLQLPD
HW VHXO XQ SDUNLQJ LQFOXV XQH IRUPH
GH UpSDUDWLRQ GDQV OH FDGUH GH VRQ
DFFRUGSpQLELOLWp1RXVGHYRQVFRQWL
QXHUjIDLUHYLYUHODSpWLWLRQSpQLEL
OLWpGDQVQRWUHEUDQFKH
,O H[LVWH PXOWLWXGHV GH SUREOqPHV
GDQV QRV HQWUHSULVHV VDODLUHV FODV
VL¿FDWLRQV FRQGLWLRQV GH WUDYDLO TXL
VH GpJUDGHQW /H PDOrWUH GHV VD
ODULpV HVW OH PrPH SDUWRXW 'qV ORUV
j QRXV GH SRUWHU XQH UHYHQGLFDWLRQ
FRPPXQHFDUQRXVpFKRXHURQVjDJLU
GHPDQLqUHLVROpH/HUpVXOWDWGHFHWWH
PpWKRGHHVWGpMjOjFDUODGHUQLqUHQp
JRFLDWLRQVXUOHVPLQLPDHVWVDQVDS
SHO SXLVTX¶DX QLYHDX GH OD EUDQFKH
OH &13$ SURSRVH XQH YDORULVDWLRQ GH
O¶pFKHORQj¼GRQFDXVPLFHW
O¶pFKHORQj¼
3RXU OH &13$ OH FKDQJHPHQW FH
Q·HVW SDV SRXU PDLQWHQDQW 'RLWRQ
V¶HQ FRQWHQWHU RX PDQLIHVWHU QRWUH
PpFRQWHQWHPHQW"
6XUODTXHVWLRQGXVDODLUHOHVDXJPHQ
WDWLRQVVRQWOHVSOXVLPSRUWDQWHVOjR
OD&*7HVWSUpVHQWHHWRODGpPRFUD
WLHVRFLDOHHWV\QGLFDOHV¶DSSOLTXH
1¶DYRQVQRXV SDV LQWpUrW j IpGpUHU
WRXV HQVHPEOH OD SURSRVLWLRQ G¶XQH
JULOOHGHVDODLUHVSRXUWRXVOHVVDODULpV
GH OD EUDQFKH DYHF XQ GpURXOHPHQW
GHFDUULqUHHWXQHUHFRQQDLVVDQFHGHV
TXDOL¿FDWLRQVDXWUDYHUVGHVGLSO{PHV
HWGHO¶H[SpULHQFHDFTXLVH"
7RXVOHVDQVOD&*7UHPHWDX&13$
VHV SURSRVLWLRQV GH QpJRFLDWLRQV j
GpEDWWUH HW DFWHU GDQV OHV RUGUHV GX
MRXUGHVFRPPLVVLRQVSDULWDLUHV3RXU
FHWWHDQQpHSURSRVLWLRQVpWDEOLHV
HWDXFXQHUHWHQXHSDUOH&13$
8Q FRPSWH UHQGX HVW IDLW j FKDTXH
UHQFRQWUH DYHF QRWUH DSSUpFLDWLRQ
QRVUHPDUTXHVHWOHFDVpFKpDQWXQH
FRQVXOWDWLRQ HVW GHPDQGpH j WRXWHV
QRV EDVHV SRXU VLJQHU RX SDV WHO RX
WHODFFRUG
-H YRXV UDSSHOOH TXH QRXV VRPPHV
ODVHXOHRUJDQLVDWLRQV\QGLFDOHTXLLQ
IRUPHHWFRQVXOWHQRVEDVHVjFKDTXH
DYHQDQW LPSRUWDQW /HV DXWUHV RUJD
QLVDWLRQV RQW WRXMRXUV PDQGDW SRXU
VLJQHUXQDFFRUGVDQVPrPHLQIRUPD
WLRQHWFRQVXOWDWLRQ
&H Q¶HVW SDV QRWUH GpPDUFKH j QRXV
OD &*7 F¶HVW SRXUTXRL QRXV GHPDQ
GRQV XQ HIIRUW WRXW SDUWLFXOLHU D¿Q
TXHFKDTXHV\QGLFDWSXLVVHUpSRQGUH
j QRV FRQVXOWDWLRQV FDU FHUWDLQHV
G¶HQWUH HOOHV RQW WUqV SHX GH UHWRXU
QRWDPPHQW OD GHUQLqUH HQ GDWH SRU
WDQW VXU OD FODXVH GH PLJUDWLRQ GHV
FRQWUDWVG¶DVVXUDQFHjO¶,36$SRXUOD
JHVWLRQ GHV JDUDQWLHV REOLJDWRLUHV GH
SUpYR\DQFHYLVpHVjO¶$UWLFOHDGH
ODFRQYHQWLRQFROOHFWLYHQDWLRQDOH
&HW DYHQDQW D SRXU EXW O¶REOLJDWLRQ
SRXUWRXWHVOHVHQWUHSULVHVDGKpUHQWHV
jODFRQYHQWLRQFROOHFWLYHQDWLRQDOHGH
FRWLVHUjODEUDQFKHGHO¶,36$6HORQ
OH SDWURQDW FHWWH PLJUDWLRQ Q¶DXUDLW
DXFXQLPSDFWQpJDWLIVXUO¶pTXLOLEUHGH
OD SUpYR\DQFH RX VXU OH UpJLPH GHV
UHQWHV G¶LQYDOLGLWp RX VXU OH UpJLPH
GHVFDSLWDX[GH¿QGHFDUULqUH&)&
/D&*7VHSHUPHWG¶HQGRXWHUDXUH
JDUGGHODQpJRFLDWLRQVXUODSpQLELOLWp
TXL VHORQ OH &13$ SRXUUH] UHPHWWUH
HQ FDXVH OH YHUVHPHQW LQWpJUDO GX
&)&
/¶DUULYpH GH VDODULpV VXU
UHSUpVHQWHXQHDXJPHQWDWLRQ
GH GHV HIIHFWLIV TXL LQWpJUHURQW OD
EUDQFKH SUpYR\DQFH GH O¶,36$ &HV
VDODULpV VH WURXYHQW HVVHQWLHOOHPHQW
GDQVOHVDXWRpFROHVOHVSDUNLQJVRX
FKH]OHVORXHXUVGHYpKLFXOHV
3RXU OH PRPHQW j OD &*7 QRXV
Q¶DYRQVSDVODFRQQDLVVDQFHGHVDF
TXLVVRFLDX[H[LVWDQWVGDQVFHUWDLQHV
SHWLWHVHQWUHSULVHVTXLSRXUODSOXSDUW
YRWHURQV GDQV OH FDGUH GHV pOHFWLRQV
73(
/HV73(pWDQWDOLJQpVVXUOHFRGHGX
WUDYDLO RQ SHXW LPDJLQHU TXH OHV VD
ODULpV GH FHV HQWUHSULVHV SRXUUDLHQW
\ rWUH JDJQDQWV 3DU FRQWUH VH SRVH
OD TXHVWLRQ GDQV FHUWDLQV JURXSHV
TXL GHYURQW QpJRFLHU GH QRXYHDX[
DFFRUGV G¶HQWUHSULVHV GDQV OH EXW GH
FRQVHUYHUOHVDFTXLVOHVDFFRUGVH[LV
WDQWVFRPPHFKH]9LQFL3DUN
3RXUOD&*7O¶HQMHXGHFHWWHFRQVXOWD
WLRQUpVLGHGDQVOHSDUDJUDSKHSUpFp
GHQWFDUOHQRPEUHGHVDODULpVD\DQW
GHV DFFRUGV SOXV DYDQWDJHX[ j FHOXL
GH O¶,36$ 3UpYR\DQFH VRQW FHX[ TXL
RQWGHVUHSUpVHQWDQWVGXSHUVRQQHOHW
TXLSHXYHQWV¶RUJDQLVHUV\QGLFDOHPHQW
GDQVOHVHQWUHSULVHV
1RXV YRXORQV FRQQDLWUH O¶DYLV G¶XQ
PD[LPXP GH V\QGLFDWV FDU FHWWH Gp
PDUFKHV¶LQWqJUHGDQVOHVUqJOHVGHYLH
V\QGLFDOHTXHQRXVDYRQVGp¿QLHORUV
GHQRVGHUQLqUHVDVVLVHV
3RXU FHOD OD &*7 SURSRVH XQ Gp
PDUUDJH GHV JULOOHV j HX
URV EUXWV TXL V¶DSSOLTXHUDLW j FHX[
Q¶D\DQW DXFXQ GLSO{PH DX PRPHQW
GH O¶HPEDXFKH DYHF XQ FKDQJHPHQW
G¶pFKHORQDXPD[LPXPWRXVOHVDQV
OHUpWDEOLVVHPHQWGHODSULPHG¶DQFLHQ
QHWp HW XQH DXJPHQWDWLRQ LPPpGLDWH
GHSRXUWRXV
$XGHOj FRPPHQW UHODQFHU OH GpEDW
VXUODPLVHHQSODFHGHJULOOHVGHVD
ODLUHVGDQVWRXWHVOHVHQWUHSULVHV"
1RXV GHYRQV IDLUH FH WUDYDLO SRXU
pSDXOHUOHVQpJRFLDWHXUV&*7TXLSDU
WLFLSHQWjFHVUpXQLRQV
$X YX GH FHUWDLQV UHWRXUV XQH TXHV
WLRQVHSRVHjQRXVOHVFRPSWHVUHQ
GXVOHVGpFODUDWLRQVVRQWLOVGLVFXWpV
HWGpEDWWXVGDQVOHVV\QGLFDWV "
$FKDTXHIRLVTXHFHODHVWQpFHVVDLUH
HWVXLYDQWO¶RUGUHGXMRXUODGpOpJDWLRQ
&*7IDLWXQHGpFODUDWLRQ
'H QRPEUHX[ FDPDUDGHV LFL SUpVHQW
RQWRXVRQWGDQVODGpOpJDWLRQ&*7MH
YRXV LQYLWH j IDLUH SDUWDJHU YRWUH H[
SpULHQFH
$XMRXUG¶KXL OH WUDYDLO XVH SUpPDWXUp
PHQW OHV VDODULpV LO IDXW XQH UHFRQ
QDLVVDQFHSRXUSUpVHUYHUOHXUVDQWp,O
HVWWHPSVGHSUHQGUHjEUDVOHFRUSVOD
TXHVWLRQGXVRFLDOGDQVQRWUHSURIHV
VLRQ 6L OD FRXYHUWXUH SUpYR\DQFH GH
QRWUHSURIHVVLRQSHXWSDUDvWUHDPpOLR
UpH SDU UDSSRUW j G¶DXWUHV LO HVW IDX[
GHFURLUHTXHOHSDWURQDWYDEDLVVHUOHV
EUDV
VDWLRQGHVHPSOR\HXUVFHODOHVDPq
QHUDLW j YHUVHU HXURV VXSSOpPHQ
WDLUHV SDU PRLV HW SDU VDODULp 1RXV
DYRQV LQWpUrW j PLHX[ IDLUH FRQQDvWUH
FHWWH LQVWLWXWLRQ $3$6&$ DXSUqV GHV
VDODULpVPDLVDXVVLjSRUWHUHQVHPEOH
FHWWHUHYHQGLFDWLRQ
-H YRXV UDSSHOOH TXH O¶$3$6&$ Q¶HVW
FRQQX TXH SDU GHV VDODULpV GH
OD EUDQFKH /HV pOHFWLRQV GHV 73(
GRLYHQWrWUHODWUDQVPLVVLRQSRXUIDLUH
FRQQDvWUHFHWWHLQVWLWXWLRQ
3RXUTXRL PHWWRQVQRXV HQ SDUDOOqOH
QRWUHFRQYHQWLRQFROOHFWLYHHWOHVLQV
WLWXWLRQVGHQRWUHEUDQFKHSURIHVVLRQ
QHOOH"
1RXV OH IDLVRQV SDUFH TXH OH &13$
HVWHQWUDLQGHUHSUHQGUHHQPDLQVOH
JURXSH,53$XWRGDQVXQHYLVLRQOLEp
UDOHGHO¶pFRQRPLHGXVRFLDOHWGHOD
VLWXDWLRQGHVVDODULpV
1RXV DYLRQV HVWLPp TX¶LO Q¶pWDLW SDV
QRUPDO GH ODLVVHU QRWUH GpOpJDWLRQ
&*7VDQVXQFHUWDLQUDSSRUWGHIRUFHV
0rPH DYHF XQH DUJXPHQWDWLRQ SOXV
SRXVVpH OHV GLVFXVVLRQV SUHQQHQW
G¶DXWUHV WRXUQXUHV PDLV LO Q¶HQ UHVWH
SDV PRLQV YUDL TXH OH &13$ LPSRVH
VDYLVLRQHWVHVFKRL[jO¶HQVHPEOHGHV
VDODULpVGHODEUDQFKH
$ PDLQWHV UHSULVHV LO
WHQWH GH UHPHWWUH HQ
FDXVHOHVDYDQWDJHVGHV
VDODULpV 1RXV GHYRQV
rWUH j O¶RIIHQVLYH VXU
FHV TXHVWLRQV FRPPH
ODJDUDQWLHJOREDOHGHOD
UpPXQpUDWLRQ HQ FDV GH
PDODGLH SRXU WRXWHV OHV
FDWpJRULHV ([LJHRQV OD
VXEURJDWLRQ SDUWRXW HW
VR\RQV YLJLODQWV FDU OH
&13$HQYLVDJHXQWRLOHW
WDJHGHQRWUHFRQYHQWLRQ
FROOHFWLYHHQJpQpUDO
/RUV GX GpSDUW G¶XQ VD
ODULp QRXV GHYRQV UH
7RXVOHVPRLVQRXVHVVD\RQVGHFRP YHQGLTXHUOHPDLQWLHQGXFDSLWDOGH¿Q
SRVHU OD GpOpJDWLRQ &*7 SDU GHV FD GH FDUULqUH HW H[LJHU VRQ YHUVHPHQW
PDUDGHVGHWRXWHVOHV¿OLqUHVD¿QGH DXSURUDWDGXWHPSVGHWUDYDLOGDQVOD
WUDLWHUOHVVXMHWVHQUDSSRUWDYHFOHXUV SURIHVVLRQ
7RXWHVOHVQpJRFLDWLRQVVHIRQWVXUOD
DFWLYLWpVG¶HQWUHSULVHV
EDVHG¶XQRUGUHGXMRXUpWDEOLXQLODWp
'DQVXQSUHPLHUWHPSVDXUHJDUGGH /DTXHVWLRQGHO¶$3$6&$HWVHV°XYUHV UDOHPHQW SDU OH SDWURQDW ,O Q¶HVW SDV
O¶DXJPHQWDWLRQ GX FRW GH OD YLH HW VRFLDOHV VRQW XQ DXWUH SRLQW VHQVLEOH QRUPDOTXHQRXVQ¶DUULYLRQVSDVjLP
SRXU UpSRQGUH DX[ EHVRLQV XUJHQWV /¶$3$6&$ D pWp LPSRVpH SDU OHV V\Q SRVHU HW j GpIHQGUH XQ RUGUH GX MRXU
GHVVDODULpVHWGHOHXUVIDPLOOHVLOHVW GLFDWVQRWDPPHQWOD&*7HWOD&)'7 WHQDQWFRPSWHGHVUHYHQGLFDWLRQVGHV
QpFHVVDLUHG¶DXJPHQWHUOHVVDODLUHVHW GDQV O¶LGpH GH IDLUH SUR¿WHU G¶°XYUHV VDODULpV
OHVSHQVLRQVGHUHWUDLWH
VRFLDOHV XQ PD[LPXP GH VDODULpV GH
&HWWHVLWXDWLRQDSDUDLOOHXUVGHVUp SHWLWHV HQWUHSULVHV ELHQ VRXYHQW Gp 2EVHUYH]FHTXLVHSDVVHGDQVWRXWHV
SHUFXVVLRQV VXU QRV SURSUHV FDLVVHV SRXUYXHVGH&(
OHVHQWUHSULVHVTXLRXYUHQWGHVGLVFXV
FRPSOpPHQWDLUHV SURIHVVLRQQHOOHV 6LO¶$3$6&$HVWFRQQXHGDQVODSUR VLRQVOHVRFOHGHGpSDUWGHVGLVFXV
WHOOHV TXH O¶,36$ O¶,5&5$ HW O¶,5 IHVVLRQSRXUSURSRVHUGHVVpMRXUVGH VLRQV HVW OD FRQYHQWLRQ FROOHFWLYH ,O
6$&0 &HOD SDVVH DXVVL SDU O¶DUUrW YDFDQFHV j PRLQGUH FRW GHV DLGHV VHUDLWWHPSVG¶LPSRVHUQRVFKRL[
GHV H[RQpUDWLRQV GH FRWLVDWLRQV VXU DX[ pWXGHV RX DX[ ORLVLUV FHW RUJD 1RXV YRXV SURSRVRQV j SDUWLU GHV
O¶LQWpUHVVHPHQW OD SDUWLFLSDWLRQ DX[ QLVPH HVW VRXYHQW LQWHUSHOOp SDU GHV UHYHQGLFDWLRQV GH OD &*7 TXH QRXV
EpQp¿FHV
VDODULpVHQVLWXDWLRQSUpFDLUH
GLVFXWHURQV DXMRXUG¶KXL G¶DYRLU GHV
LQLWLDWLYHVFRPPXQHVDXQLYHDXGHOD
&HVH[RQpUDWLRQVVRQWXQVFDQGDOHHW /HVGLI¿FXOWpVV¶DFFHQWXDQWLO\DQp EUDQFKH
PpSULVDQWHV SRXU OHV VDODULpV 0RLQV FHVVLWp HW XUJHQFH j DXJPHQWHU OD 1RXV YRXV SURSRVRQV DXVVL HQ OLHQ
GHFRWLVDWLRQVFHVRQWPRLQVGHUHV FRWLVDWLRQ TXL HVW H[FOXVLYHPHQW j OD DYHFOHVVDODULpVGHPHWWUHHQSODFH
VRXUFHVSRXUOHVGLIIpUHQWHVFDLVVHV FKDUJH GH O¶HPSOR\HXU HW TXL GRLW OH XQHFRQVXOWDWLRQQDWLRQDOHVXUOHVVD
1RXV GHYRQV WRXV GpIHQGUH XQ VRFOH UHVWHUFDUFHODIDLWYLQJWDQVTXHO¶HP ODLUHV D¿Q GH SUpSDUHU DX PLHX[ OHV
FRPPXQ TXL HVW OH GURLW SRXU WRXV j SOR\HXUSDLHODPrPHVRPPHSDUVD IXWXUV 1$2 DX QLYHDX GH OD EUDQFKH
ODUHWUDLWHjDQVPDLVDXVVLjIDLUH ODULpGDQVXQHEUDQFKHTXLQHFHVVH PDLV DXVVL DX QLYHDX GH YRV HQWUH
UHFRQQDvWUHOHGURLWGHSDUWLUHQUHWUDLWH G¶pYROXHUHQQRPEUHHWHQGHPDQGHV SULVHV
DQWLFLSpHGDQVOHFDGUHGHODSpQLELOLWp ,O \ D XUJHQFH SRXU OD SpUHQQLWp GH
GHQRWUHWUDYDLOHWFHGDQVWRXWHVOHV FHWWH LQVWLWXWLRQ /D &*7 GHPDQGH 1RXV DYRQV HQFRUH EHVRLQ GH PLHX[
¿OLqUHVGHODSURIHVVLRQ
O¶DXJPHQWDWLRQGHGXWDX[GHFRWL FRQQDLWUHQRVEDVHVGDQVOHVUpJLRQV
GpSDUWHPHQWV HW ORFDOLWpV FDU EHDX
FRXS GH VWUXFWXUHV SHQVHQW TXH QRV
PpWLHUV IRQW SDUWLH GX FRPPHUFH HW
QHVDYHQWSDVTXHQRXVVRPPHVGHV
PpWDOORVDYHFXQHFRQYHQWLRQFROOHF
WLYHQDWLRQDOH
&HWWH FRQQDLVVDQFH GHV V\QGLTXpV
HVW QpFHVVDLUH SRXU SRXYRLU OHXU
WUDQVPHWWUH GHV GRFXPHQWV FRPPH
FHX[GLVFXWpVPHQVXHOOHPHQWORUVGHV
UpXQLRQVGHODFRPPLVVLRQSDULWDLUH
'¶DXWUH SDUW FHOD SHXW EULVHU OH VHQ
WLPHQW G¶LVROHPHQW 1RXV SRXUULRQV
pJDOHPHQW HQYLVDJHU OH UHJURXSH
PHQWGHSOXVLHXUVSHWLWVV\QGLFDWVRX
V\QGLTXpV LVROpV SRXU QH IDLUH TX¶XQ
V\QGLFDWGHV6HUYLFHVGHO¶DXWRPRELOH
HWGHVJDUDJHVG¶XQHORFDOLWpRXG¶XQ
GpSDUWHPHQW
/HHFRQJUqVGHOD&*7DPHQpXQH
UpÀH[LRQVXUOHVXMHW,OQRXVIDXWFUHX
VHU OD TXHVWLRQ QRWDPPHQW GDQV OHV
YLOODJHVRXFLWpVGHO¶DXWRTXLYRLHQWOH
MRXU GDQV WRXWHV OHV DJJORPpUDWLRQV
PrPHGHWDLOOHPR\HQQH
,O HVW YUDLPHQW LPSRUWDQW GH IDLUH UH
PRQWHU OHV LQIRUPDWLRQV j OD )pGpUD
WLRQ GH WRXV OHV UpVXOWDWV pOHFWRUDX[
SDU OHV V\QGLFDWV GHSXLV OH DRW
SRXU PHVXUHU QRWUH UHSUpVHQ
WDWLYLWp GDQV OD EUDQFKH PDLV pJDOH
PHQWWRXWHVOHVOXWWHVTXHOOHVTX¶HOOHV
VRLHQW D¿Q GH OHV IDLUH SDUWDJHU DX
SOXVJUDQGQRPEUHGHVDODULpVDXWUD
YHUVGHQRWUH&RXUULHU)pGpUDOH3HQ
VH]pJDOHPHQWjSUHQGUHGHVSKRWRV
WLRQ HQ JpQpUDO (Q OD V\QGL
FDOLVDWLRQ D SURJUHVVp GDQV WRXWHV
OHVFDWpJRULHVPrPHFKH]OHVFDGUHV
TXL V¶LPSOLTXHQW GDQV OD YLH &*7 HW
TXLQ¶KpVLWHQWSDVjVHSUpVHQWHUDX[
pOHFWLRQVSURIHVVLRQQHOOHVFHTXLHVW
QRXYHDXGDQVODEUDQFKH
/D TXHVWLRQ GH O¶pFKDQJH FROOHFWLI
HQWUHQRVV\QGLFDWVQHSHXWVHOLPLWHU
j GHV DVVLVHV WRXV OHV DQV ,O IDXW
PDLQWHQLUOHVUHQFRQWUHVGDQVOHVUp
JLRQVFDUVXUFHSRLQWQRXVVRPPHV
HQ UHFXO ,O IDXW SRXUVXLYUH OH WUDYDLO
SDU¿OLqUHHWLPSODQWHUXQHYLHV\QGL
FDOHGDQVOHVJURXSHV/HFRQVWDWHVW
TXHO¶HQWUHSULVHIDPLOLDOHHQJpQpUDO
D GLVSDUX DX[ SUR¿WV G¶LQYHVWLVVHXUV
TXL UHJURXSHQW SOXVLHXUV pWDEOLVVH
PHQWV
/D TXHVWLRQ GH OD UpSUHVVLRQ V\QGL
FDOH HVW GHYHQX PRQQDLH FRXUDQWH
GDQV QRWUH EUDQFKH /H SDWURQDW HVW
UHYDQFKDUG HW SOXVLHXUV PLOLWDQWV RQW
FRQQX FHV GHUQLqUHV DQQpHV GHV
SURFpGXUHVGHOLFHQFLHPHQWV
-H QH OLVWHUDL SDV WRXWHV OHV SURFp
GXUHV PDLV OHV PRELOLVDWLRQV HW OHV
HQYRLVPDVVLIVGHID[DXGLULJHDQWGH
VHVVRFLpWpVFRQFHUQpHVRQWSHVpVXU
O¶DEDQGRQ GHV PHVXUHV GH OLFHQFLH
PHQW 5HVWRQV YLJLODQWV HW VROLGDLUHV
FDU RQ QH PHVXUH SDV WRXMRXUV O¶LP
SDFW GH O¶HQYRL GHV ID[ TXL SRXUWDQW
LQÀXHVXUOHVGpFLVLRQVQRXVO¶DYRQV
FRQVWDWp j SOXVLHXUV UHSULVHV PRL OH
HU«1HULHQOkFKHUVXUOHVOLEHUWpV
V\QGLFDOHV
3RXUIDLUHJUDQGLUOHUDSSRUWGHIRUFHV
OHSRLQWPDMHXUF¶HVWG¶rWUHSOXVQRP
EUHX[ SRXU IDLUH IDFH DX SDWURQDW HW
JDJQHUGHQRXYHDX[GURLWV
/H GpYHORSSHPHQW GH OD V\QGLFDOLVD
WLRQHVWXQDWRXWPDMHXU2XWUHODQp
FHVVLWpGHUHQIRUFHUOD&*7GDQVQRV
HQWUHSULVHVHQSUHQDQWjEUDVOHFRUSV
OHV TXHVWLRQV GH OD MHXQHVVH GRQW
QRXVDXURQVXQGpEDWGHPDLQPDWLQ
HWODWUDQVPLVVLRQGHQRVH[SpULHQFHV
V\QGLFDOHV LO IDXW QRXV WRXUQHU YHUV
GHVDFWLRQVGHSDUUDLQDJHV&HWUDYDLO
QRXVQHSRXYRQVOHPHQHUVHXO
/H H &RQJUqV GH OD )pGpUDWLRQ GH
OD 0pWDOOXUJLH VH WLHQGUD HQ ,O
V¶DJLWSRXUQRWUHEUDQFKHGHSUHQGUH
WRXWHVDSODFHDXVHLQGHOD)pGpUD
WLRQGHOD0pWDOOXUJLH
/¶LQVWDQWG¶XQ&RQJUqVF¶HVWXQHSDJH
G¶DYHQLU GH OD )pGpUDWLRQ TXL V¶pFULW
GDQV XQ HVSDFH GpPRFUDWLTXH R
FKDFXQ SHXW V¶H[SULPHU HW IDLUH GHV
SURSRVLWLRQV j SDUWLU GHV UpÀH[LRQV
GHVV\QGLTXpVUHQFRQWUpVSDUOHVUH
SUpVHQWDQWVPDQGDWpV
/HV ¿OLqUHV FRXUWHV F¶HVW j GLUH
ORXHXUV SDUNLQJV VHUYLFHV UDSLGHV
VWDWLRQVVHUYLFHIRQWXQWUDYDLOVXUOD
V\QGLFDOLVDWLRQ HW OH FRQVWDW VHPEOH
rWUHTXHGDQVOHVJDUDJHVHWFHUWDLQV
JURXSHV LO \ D XQH FHUWDLQH VWDJQD
1RWUH )pGpUDWLRQ TXL UHJURXSH SOX
VLHXUV¿OLqUHVHWGHVFKDPSVFRQYHQ
WLRQQHOVYDULpVHVWXQRXWLODXVHUYLFH
GHQRVV\QGLFDWV1RWUHEUDQFKHSUR
IHVVLRQQHOOH HVW WRWDOHPHQW LQWpJUpH
GDQVOHWUDYDLOGHOD)pGpUDWLRQHWYD
SUHQGUH GHPDLQ SOXV GH SODFH GDQV
ODIXWXUHGLUHFWLRQIpGpUDOHHWGDQVOHV
FROOHFWLIVIpGpUDX[
/D )pGpUDWLRQ D ELHQ SULV HQ FRPSWH
QRVSURIHVVLRQVGpVRUPDLV
VDODULpVGpSHQGHQWGHVGURLWVLQVFULWV
GDQVODFRQYHQWLRQFROOHFWLYHGHVVHU
YLFHVGHO¶DXWRPRELOHHWFHODFRQVWLWXH
XQSRWHQWLHOSRXUOHGpSORLHPHQWGHOD
&*7PDLVDXVVLXQHSURIHVVLRQROHV
DWWHQWHVVRFLDOHVVRQWIRUWHVPrPHVL
HOOHV V¶H[SULPHQW GLI¿FLOHPHQW GX IDLW
G¶XQHUpSUHVVLRQSDWURQDOHLQWHQVH
&HTXLVHFRQVWUXLWjOD)pGpUDWLRQGRLW
rWUHUHOD\pGDQVOHVGpSDUWHPHQWV,O
QH IDXW SOXV TXH QRV V\QGLFDWV VH
GpWDFKHQW GH QRV VWUXFWXUHV GpSDU
WHPHQWDOHV HW ORFDOHV TXH VRQW OHV
8670 OHV 8/ RX &&0 &RPLWp GH
&RRUGLQDWLRQ0pWDOOXUJLTXH6RXYHQW
QRXV HQWHQGRQV GLUH TXH OHV 8670
QHSDUOHQWSDVDVVH]GHQRWUHSURIHV
VLRQ 3RXU TXH O¶RQ SDUOH GH QRXV LO
IDXWG¶DERUGTXHQRXVSDUWLFLSLRQVDX[
UpXQLRQVSRXUH[SOLTXHUOHVGLI¿FXOWpV
TXHQRXVUHQFRQWURQVGDQVQRVV\Q
GLFDWV HW GDQV QRWUH EUDQFKH SURIHV
VLRQQHOOH
(JDOHPHQW SUHQGUH SOXV GH SODFH
GDQV OD )pGpUDWLRQ VXSSRVH TXH O¶RQ
\ PHWWH GHV PR\HQV KXPDLQV SRXU
O¶DQLPDWLRQ$FHWWH¿Q'HQLV/HEODQF
HWPRLPrPHDYRQVXQPLWHPSVDX
VHLQGHOD)pGpUDWLRQ
'¶DXWUHVFDPDUDGHVQRXVGRQQHQWXQ
VRXWLHQSRXUO¶DQLPDWLRQGHODEUDQFKH
DXVHLQGHOD)pGpUDWLRQHQSUHQDQW
TXHOTXHV KHXUHV GH OHXU PDQGDW -H
FLWHUDL LFL %DWH 6HOH .DPDQJR 6p
EDVWLHQ+RKPDQQ
(Q¿QOD)pGpUDWLRQYLHQWG¶REWHQLUXQ
GpWDFKHPHQW SRXU 0LFKHO +HXUWHO
D¿Q G¶DQLPHU O¶,OH GH )UDQFH $LQVL
QRXVSRXUURQVSUHQGUHDSSXLGHPD
QLqUH SOXV LPSRUWDQWH VXU FHX[ TXL
SRVVqGHQW GHV PDQGDWV QDWLRQDX[
OHV 'pOpJXpV 6\QGLFDX[ &HQWUDX[
,OVGRLYHQWGHYHQLUO¶pSLQHGRUVDOHGH
QRWUH DFWLYLWp V\QGLFDOH FHX[ TXL LP
SXOVHQW HW UHODLHQW OH WUDYDLO IpGpUDO
1RXV DOORQV XWLOLVHU WRXV OHV PR\HQV
SRVVLEOHV SRXU IDLUH DYDQFHU OH V\Q
GLFDOLVPHHWQRVUHYHQGLFDWLRQVGDQV
QRV EUDQFKHV 6L YRXV GLVSRVH] GH
TXHOTXHV KHXUHV Q¶KpVLWH] SDV j
QRXVOHIDLUHVDYRLU«
1RXVVRXKDLWRQVTXHWRXVOHVJURXSHV
RUJDQLVHQW XQH DVVHPEOpH JpQpUDOH
GHV PLOLWDQWV DX PRLQV XQH IRLV SDU
DQ1RXVDOORQVpYROXHUYHUVSOXVGH
FRPPXQLFDWLRQSOXVGHSURSDJDQGH
SOXV G¶DFWLRQ PDLV DXVVL WUDYDLOOHU j
UHQIRUFHU QRV FROOHFWLIV UpJLRQDX[ HW
HQFUpHUOjRLOQ¶\HQDSDV
1RXVGHYRQVDOOHUjODUHQFRQWUHGHV
V\QGLFDWV GDQV OHV UpJLRQV SRXU DS
SURIRQGLU QRV pFKDQJHV H[SOLTXHU
SDUWRXWQRWUHGpPDUFKHDYHFGHVRE
MHFWLIV¿[pVSDUDYDQFHHWSDUWDJpVSDU
WRXV3DVFDO*XLQHWDWUDYDLOOpD¿QGH
FRRUGRQQHUQRVDGPLQLVWUDWHXUV&*7
HQWUHHX[HWFRQWLQXHjFUpHUGHVOLHQV
DYHFOHV\QGLFDW&*7GXJURXSH,53
$XWRD¿QGHJDJQHUHQFRKpUHQFHUH
YHQGLFDWLYH
9RLFL OHV TXHOTXHV pYROXWLRQV GH
O¶DQLPDWLRQ V\QGLFDOH DX QLYHDX GH
QRWUH SURIHVVLRQ ,O QRXV SDUDLVVDLW
LPSRUWDQWHWORJLTXHGHYRXVHQIDLUH
SDUW FDU OH V\QGLFDOLVPH QH SHXW VH
FRQVWUXLUH TXH GDQV OD FODUWp OD SOXV
WRWDOH1RWUHVHXOREMHFWLIHVWG¶DVVHRLU
XQ V\QGLFDOLVPH GH SUR[LPLWp TXL Up
SRQGHDX[DWWHQWHVGHVVDODULpV
1RXV SRXYRQV PHVXUHU OH FKHPLQ
SDUFRXUX GHSXLV QRV GHUQLqUHV DV
VLVHV1RXVDYRQVSURJUHVVpPDLVR
HQVRPPHVQRXV"2YRXORQVQRXV
DOOHU"
1RXV SHQVRQV TXH OH WUDYDLO UpDOLVp
FHV GHX[ DQQpHV D SHUPLV G¶DPp
OLRUHU OD FRQQDLVVDQFH GH QRV V\QGL
FDWV GHV FDPDUDGHV HX[PrPHV j
OD )pGpUDWLRQ PDLV DXVVL GDQV OHXUV
SURSUHV JURXSHV RX V\QGLFDWV 1RXV
DYRQV HVVD\p G¶DYDQFHU SOXV UDSL
GHPHQW GDQV OD FRKpUHQFH HW DYHF
XQH PHLOOHXUH FRRUGLQDWLRQ GDQV OHV
JURXSHVRXOHV¿OLqUHV
1RXV VRXKDLWRQV TXH WRXV FHX[ TXL
RQW YpFX FHV GHUQLHUV PRLV R FHV
GHUQLqUHV VHPDLQHV XQH H[SpULHQFH
SRVLWLYHDXVHLQGHOHXUHQWUHSULVHDS
SRUWHQWOHXUWpPRLJQDJHSRXUTXHFHOD
DLGHWRXWOHPRQGHjDOOHUSOXVORLQHW
j GpFURFKHU GHV DYDQFpHV SRXU OHV
VDODULpV
&DUF¶HVWELHQFHODTXHQRXVUHFKHU
FKRQVWRXVUDVVHPEOHUXQPD[LPXP
GHVDODULpVGDQVO¶DFWLRQSRXUJDJQHU
VXUGHVUHYHQGLFDWLRQVFRPPXQHVDX
PRQGH GX WUDYDLO HQ PrPH WHPSV
TX¶REWHQLUGHVDYDQFpHVVRFLDOHVSRXU
O¶HQVHPEOHGHODSURIHVVLRQHQPpWUR
SROHFRPPHGDQVOHV'20720
3RXU FHOD LO YD QRXV IDOORLU VXUPRQ
WHU QRWUH IDLEOHVVH SUHQGUH SOXV GH
WHPSV j FRQVWUXLUH OD &*7 DYHF QRV
V\QGLTXpV &RQVWUXLUH OD &*7 F¶HVW
DYDQW WRXW IDLUH SDUWDJHU QRV LGpHV
GDQV QRV pWDEOLVVHPHQWV GDQV QRV
JURXSHVPDLVDXVVLGDQVQRVGpSDU
WHPHQWVRXQRVUpJLRQV
&RPELHQ GH VDODULpV DWWHQGHQW TXH OD
&*7 YLHQQH V¶H[SULPHU VH WRXUQH YHUV
HX[ SRXU OHXU GRQQHU GHV SHUVSHFWLYHV
VRFLDOHV FRQFUqWHV HW OHV LQYLWHU j UH
MRLQGUH QRWUH RUJDQLVDWLRQ V\QGLFDOH "
6DQV pYLQFHU OHV SUREOqPHV TXH FHOD
SHXW VXVFLWHU Q¶HVWFH SDV OH FKHPLQ j
SUHQGUHSRXUERXOHYHUVHUXQSDWURQDWTXL
YHXW VDQV FHVVH LPSRVHU GHV UHFXOV HW
UHPHWWUHHQFDXVHOHVDFTXLVVRFLDX["
0DLVIDXWLOHQYRXORLUDXSDWURQDW
VLQRXVPrPHVOHODLVVRQVIDLUH"
1¶DYRQVQRXV SDV WHQGDQFH j QRXV
UHSOLHU VXU QRXVPrPHV FURLUH RX
SHQVHUTX¶LOQ¶\DULHQjIDLUH"
-HYRXVFRQ¿UPHTXHOHVUpVXOWDWVDX[
GHUQLqUHVpOHFWLRQVGHODFDLVVHGHUH
WUDLWHFRPSOpPHQWDLUHGHO¶,5&5$RQW
IDLWPDODXSDWURQDWG¶DXWDQWTXHFHOD
FRQFHUQDLW OHV DJHQWV GH PDvWULVH HW
OHVFDGUHVOD&*7DIDLWXQHSURJUHV
VLRQGHSOXVGHDWWHLJQDQWOHV
JDJQDQWDLQVLXQVLqJHGHSOXVDX
&$DXOLHXGHHWVLqJHVGHSOXV
jO¶$VVHPEOp*pQpUDOH
$YDQWWRXWFHUpVXOWDWHVWOHIUXLWG¶XQ
WUDYDLO FRPPXQ GH SDUUDLQDJH OH
VLPSOH IDLW G¶DOOHU V¶H[SULPHU GHYDQW
OHVHQWUHSULVHVGHGRQQHUGHVDYLVHW
GHIDLUHFRQQDvWUHOHVSURSRVLWLRQVGH
OD&*7DVXVFLWpXQLQWpUrWSRXUQRWUH
RUJDQLVDWLRQ V\QGLFDOH $OOHU DXGH
YDQWGHVVDODULpVDpWpXQHOXWWHTXLD
pWpSD\DQWH
%HDXFRXS VH GHPDQGHQW V¶LO \ D HX
GHVVXLWHVRXGHVFRQWDFWVSULVVXLWHj
FHWWH FDPSDJQH GH SDUUDLQDJHV 1RXV
SHQVRQVTXHOHWUDYDLOV\QGLFDOGpSOR\p
jO¶RFFDVLRQGHFHVpOHFWLRQVSHXWrWUH
SURORQJpSRXUDOOHUjODV\QGLFDOLVDWLRQ
j OD FUpDWLRQ GH EDVHV QRXYHOOHV QRXV
SHUPHWWDQWGHFUpHUOHUDSSRUWGHIRUFHV
GRQWQRXVDYRQVEHVRLQ
1RXV GHYRQV SUHQGUH OH WHPSV GH
GpEDWWUHDYHFOHVVDODULpVHWOHVV\Q
GLTXpV VXU O¶HQMHX TXH FRQVWLWXH OH
V\QGLFDOLVPHGDQVQRWUHSD\V-HUDS
SHOOHTXHOH&RQVHLO1DWLRQDOGHQRWUH
)pGpUDWLRQ D GHPDQGp TXH FKDTXH
PLOLWDQWFRQVDFUHGHVHVKHXUHV
GH GpOpJDWLRQ SRXU PLOLWHU &*7 GDQV
VRQHQWUHSULVH6LFHWWHGLUHFWLYHV¶DS
SOLTXHVXUOHWHUUDLQGHVUpVXOWDWVVL
JQL¿FDWLIVDSSDUDvWURQW
,O IDXW PHWWUH HQ H[HUJXH OH U{OH GX
V\QGLFDW TXL GRLW rWUH DX SOXV SUqV
GHV UHYHQGLFDWLRQV GHV VDODULpV TXL
GRLW rWUH SOXV DFWLI DYHF XQ WUDYDLO
G¶DFFXHLO YLVjYLV GHV QRXYHDX[ DG
KpUHQWV
/¶RFFDVLRQYDQRXVrWUHGRQQpHDYHF
OHV pOHFWLRQV 73( ¿Q GH FRQWL
QXHU FH WUDYDLO GH SDUUDLQDJH HOOHV
YRQWGHPDQGHUXQHPRELOLVDWLRQJpQp
UDOHGHQRVIRUFHVHWGHWRXWHOD&*7
&HV pOHFWLRQV VRQW XQ HQMHX PDMHXU
SRXUQRWUHRUJDQLVDWLRQV\QGLFDOHIDFH
j XQ SDWURQDW GHYHQX YUDLPHQW WUqV
DUURJDQWYLVjYLVGHQRVPLOLWDQWVQRV
pOXVHWPDQGDWpV&*7
&HV pOHFWLRQV VRQW HQ WUHPSOLQ SRXU
DOOHU j OD UHQFRQWUH GHV VDODULpV WUD
3RXU ¿QLU MH YRXGUDLV YRXV SDUOHU GX
JURXSH,53$XWRFDUQRXVFRQVWDWRQV
XQH PpFRQQDLVVDQFH GH FHWWH LQVWLWX
WLRQ SDU OHV VDODULpV PDLV pJDOHPHQW
SDUQRVpOXVHWPDQGDWpV&*7
/H*URXSH,53$XWRHVWXQJURXSHGH
SURWHFWLRQVRFLDOHFUppSDUODEUDQFKH
GHV VHUYLFHV GH O¶DXWRPRELOH TXL
FRPSWHHQWUHSULVHVDGKpUHQWHV
VDODULpVDFWLIVHWUH
WUDLWpV $X WRWDO OH JURXSH ,53 $XWR
V¶DGUHVVH j XQ PLOOLRQ GH SHUVRQQHV
FHTXLIDLWGHOXLOHRQ]LqPHJURXSHGH
SURWHFWLRQVRFLDOHHQ)UDQFH
YDLOODQWGDQVGHVHQWUHSULVHVGHPRLQV
GHVDODULpV
VDODULpV GH QRWUH EUDQFKH
SURIHVVLRQQHOOH VRQW FRQFHUQpV SDU
FHYRWHTXLDXUDOLHXGXQRYHPEUH
DXGpFHPEUH9RWHH[FOXVLYH
PHQWVXUVLJOHHWSDUFRUUHVSRQGDQFH
/HV VDODULpV FRQFHUQpV YLHQQHQW WRXW
MXVWH GH UHFHYRLU XQ FRXUULHU OHXU DQ
QRQoDQW FHV pOHFWLRQV&HV VDODULpV
GHV 73( FRQQDLVVHQWLOV QRWUH
FRQYHQWLRQFROOHFWLYH"(VWHOOHDS
SOLTXpHGDQVO·HQWUHSULVH"&RQQDLV
VHQWLOVQRWUHJUDQG&("
1RWUH DPELWLRQ HVW GH QRXV DGUHVVHU
j XQ PD[LPXP GH VDODULpV GHV 7UqV
3HWLWHV (QWUHSULVHV FDU FHV VDODULpV
Q¶RQWSDVRXSHXGHFRQWDFWDYHFOHV
V\QGLFDWV 1RWUH HQMHX UHYHQGLFDWLI
Q¶HVWLO SDV GH FRQTXpULU OHV PrPHV
GURLWV SRXU WRXV OHV VDODULpV SHWLWHV
RXJUDQGHVHQWUHSULVHV"
(QOLHQDYHFOHFROOHFWLIYLHV\QGLFDOH
GH QRWUH )pGpUDWLRQ XQH TXLQ]DLQH
GH GpSORLHPHQW HW GH V\QGLFDOLVDWLRQ
YD rWUH RUJDQLVpH GXUDQW FHV YRWHV
1RXV DYRQV UpDOLVp GLIIpUHQWV GRFX
PHQWV WUDFWV PRGXOHV VLWH LQWHUQHW
GpGLpDI¿FKHVOLVWLQJGHVHQWUHSULVHV
FRQFHUQpHVHWF1¶KpVLWH]SDVjP¶LQ
WHUSHOOHUjFHVXMHW&HVpOHFWLRQVVRQW
XQIRUPLGDEOHWUHPSOLQSRXUDOOHUjOD
UHQFRQWUHGHFHVVDODULpVHWOHXUVIDLUH
FRQQDvWUH OHXUV GURLWV 5DSSURFKH]
YRXVpJDOHPHQWGHYRV8/HW8'LOV
RQWGXPDWpULHODI¿FKHVWUDFWVHWFHW
GHVSODQGXWUDYDLOVRQWHQFRXUV«
/·DFWLRQVRFLDOHHWFXOWXUHOOH
/HVSDUWHQDLUHVVRFLDX[RQWYRXOXDO
OHUDXGHOjG¶XQHVLPSOHYLWULQH3RXU
FHODLOVRQWFUppO¶$3$6&$LO\DSOXV
GH YLQJW FLQT DQV /¶$3$6&$ IRQF
WLRQQHFRPPHXQJUDQGFRPLWpG¶HQ
WUHSULVHTXLFRQFHUQHWRXVOHVVDODULpV
GH OD EUDQFKH SURIHVVLRQQHOOH GRQW
EHDXFRXSDSSDUWLHQQHQWjGHWUqVSH
WLWHVHQWUHSULVHV2XWUHOHVSUHVWDWLRQV
VRFLDOHV HW FXOWXUHOOHV ¿QDQFpHV j
SDUWLUG¶XQH©FRWLVDWLRQREOLJDWRLUHHP
SOR\HXUª O¶$3$6&$ JqUH GHV IRQGV
VRFLDX[jGHVWLQDWLRQGHVVDODULpVDF
WLIVDLGHVSRQFWXHOOHVDFFRPSDJQH
PHQWSRXUOHUHWRXUjO¶HPSORL
,36$VRXVIRUPHGHPXWXDOLVDWLRQGHV
ULVTXHV,ORIIUHpJDOHPHQWGHVJDUDQ
WLHV VXSSOpPHQWDLUHV GH SUpYR\DQFH
*63SRXUOHVHQWUHSULVHVTXLVRXKDL
WHQW DPpOLRUHU OD FRXYHUWXUH GH OHXUV
VDODULpV,OIDXWQRWHUO¶H[LVWHQFHG¶XQH
RIIUH GpGLpH DX[ HQWUHSULVHV TXL VRQW
SURFKHV GX PRQGH GH O¶DXWRPRELOH
VDQV DSSOLTXHU OD FRQYHQWLRQ FROOHF
WLYHGHVVHUYLFHVGHO¶DXWRPRELOH
-H YRXV UDSSHOOH TXH OD EUDQFKH
YLHQW GH FUpHU XQ SRUWDLO GH EUDQFKH
GHV VHUYLFHV GH O¶DXWRPRELOH 9LWULQH
LQVWLWXWLRQQHOOH FH SRUWDLO UDSSHOOH
OHV DFWLYLWpV FOpV GX VHFWHXU HW
PHW HQ DYDQW OHV SRLQWV VXLYDQWV
OD &RQYHQWLRQ FROOHFWLYH QDWLRQDOH
FRQVXOWDEOH HW WpOpFKDUJHDEOH HQ
OLJQHOHVFKLIIUHVGXVHFWHXUHWUDS
SRUW G·DFWLYLWpV OHV VLWHV :HE GHV
DFWHXUVGHODEUDQFKHRUJDQLVDWLRQV
V\QGLFDOHVVDODULDOHVHWSDWURQDOHV
&RQVFLHQWSRXUFHUWDLQG¶DYRLUpWpXQ
SHXORQJHWGHQHSDVDYRLUWRXWDERU
GpGDQVFHUDSSRUWMHYRXVUHPHUFLH
GH YRWUH DWWHQWLRQ HW MH YRXV ODLVVH
OHVRLQORUVGHYRVLQWHUYHQWLRQVGH
FRPSOpWHUFHWWHLQWURGXFWLRQ
/DFRPSOpPHQWDLUHVDQWp
,53 $XWR SURSRVH XQH FRPSOpPHQ
WDLUH VDQWp OD 03$ 0XWXHOOH GHV
3URIHVVLRQQHOV GH O¶$XWRPRELOH (OOH
DQRWDPPHQWFUppXQSURGXLWSRXUOHV
MHXQHVHQIRUPDWLRQ
/DUHWUDLWHFRPSOpPHQWDLUH
/H JURXSH ,53 $XWR FRPSUHQG GHX[
LQVWLWXWLRQVGHUHWUDLWHO¶XQHGHVWLQpH
DX[VDODULpVFDGUHVO¶,5&5$O¶DXWUH
GHVWLQpH DX[ VDODULpV QRQFDGUHV
O¶,5&6$0 (OOHV IRQW JDUDQWLH GH
FRPSOpPHQWDLUHVDQWp
/·pSDUJQHVDODULDOH
,53$XWRDpODERUpOHSURGXLW,QWHU$XWR
jO¶DWWHQWLRQGHO¶HQVHPEOHGHVVDODULpV
/DSUpYR\DQFH
,53$XWRJqUHOHVUpJLPHVREOLJDWRLUHV
HW VXSSOpPHQWDLUHV GH SUpYR\DQFH
SRXU O¶HQVHPEOH GHV VDODULpV GH OD
SURIHVVLRQ ,O SURSRVH GDQV FH FDGUH
GHX[ GLVSRVLWLIV /H 532 5pJLPH
3URIHVVLRQQHO 2EOLJDWRLUH RIIUH XQH
ODUJH FRXYHUWXUH j O¶HQVHPEOH GHV
VDODULpVGHODEUDQFKHSURIHVVLRQQHOOH
6pEDVWLHQ+2+0$11
'6&5HQDXOW5HWDLO*URXS
-H VRXKDLWHUDLV pYRTXHU OD UHFRQ
QDLVVDQFH GH OD SpQLELOLWp TXL HVW XQ
YpULWDEOH © VHUSHQW GH PHU ª GDQV OD
0pWDOOXUJLHHWVXUODTXHOOHOHSDWURQDW
VHPEOH ELHQ GpFLGp j QH SDV QpJR
FLHU$LQVLGDQVQRWUHHQWUHSULVHORUV
G¶XQH UpFHQWH UpXQLRQ GH OD FRPPLV
VLRQ VpFXULWp HW FRQGLWLRQV GH WUDYDLO
QRWUH GLUHFWLRQ JpQpUDOH D HQWHUUp
WRXWHSRVVLELOLWpGHGpEDWVXUODSpQL
ELOLWp HQ VH FDPSDQW VXU OHV FULWqUHV
RI¿FLHOV TXL Gp¿QLVVHQW OHV PpWLHUV
SpQLEOHVjVDYRLUPDQLSXOHUDXPRLQV
NLORVjODPLQXWHHWGRX]HWRQQHVHQ
XQHMRXUQpHHWHQHVWLPDQWTXHVHXOV
GHVVDODULpVSRXUUDLHQWpYHQWXHO
OHPHQWrWUHFRQFHUQpVVDFKDQWTX¶XQ
HPSOR\HXU Q¶D REOLJDWLRQ G¶HQJDJHU
GHVQpJRFLDWLRQV±RXGHSUHQGUHGHV
PHVXUHVSUpYHQWLYHV±TXHORUVTXHFH
WDX[DWWHLQW/DTXHVWLRQHVWGRQF
GHVDYRLUVLQRXVGHYRQVFRQWLQXHUj
EDVHU QRWUH UHYHQGLFDWLRQ VXU OHV FUL
WqUHVRI¿FLHOVGHUHFRQQDLVVDQFHGHOD
SpQLELOLWpRXVXUODVRXIIUDQFHUHVVHQ
WLHSDUFKDTXHVDODULp
'DYLG)872/
&RWUDQV$XWRPRELOHV
6DLQWH&ORWLOGH/D5pXQLRQ
-H YRXGUDLV VDYRLU V¶LO \ D EHDXFRXS
G¶RIIUHVG¶HPSORLGDQVYRVHQWUHSULVHV
(ULF028/,11(8)
5HQDXOW5HWDLO*URXS)UHQHV
,O V¶DJLW G¶XQH TXHVWLRQ LQWpUHVVDQWH
TXHQRXVQRXVSRVRQVDXVVLFKH]5H
QDXOW 5HWDLO *URXS 1RWUH HQWUHSULVH
DHQHIIHWWHOOHPHQWGpJUDLVVpGHSXLV
TXHOTXHVDQQpHVTX¶LOQ¶\DSUDWLTXH
PHQWSOXVSHUVRQQHGDQVOHVDWHOLHUV
'HSXLVMXLOOHWQRWUHDFWLYLWpDUHSULVHW
QRWUHGLUHFWLRQDSURFpGpjTXHOTXHV
HPEDXFKHV PDLV VXUWRXW HQ &'' HW
FHVFRQWUDWVQHVHURQWSDVUHQRXYHOpV
VL FHWWH UHSULVH QH VH FRQ¿UPH SDV
(OOHQRXVDDXVVLSURSRVpGHWUDYDLOOHU
KHXUHVSDUVHPDLQHMXVTX¶jOD¿Q
GH O¶DQQpH SRXU SDOOLHU OH PDQTXH
G¶HPEDXFKHV ,O VHUDLW GRQF LQWpUHV
VDQWG¶DYRLUXQHYLVLRQGHO¶DFWLYLWpGHV
DXWUHVFRQFHVVLRQQDLUHV
3DVFDO/(%5,(5(
3HXJHRW$XUD\9DQQHV
'HSXLVOHQRPEUHGHVDODULpVGDQV
OHV VXFFXUVDOHV 3HXJHRW GH 9DQQHV HW
$XUD\HVWSDVVpGHjPDOJUpXQH
IRUWH DFWLYLWp 2Q \ REVHUYH pJDOHPHQW
XQIRUWWXUQRYHUFKH]OHVYHQGHXUVOHV
FDGUHVHWOHVVDODULpVDGPLQLVWUDWLIVFH
TXL PH VHPEOH DVVH] LQTXLpWDQW 3DU
DLOOHXUV 2XHVW )UDQFH D IDLW pWDW G¶XQH
SpQXULHG¶DSSUHQWLVHQFDUURVVHULHHWHQ
PpFDQLTXHGDQVOHV&)$GHODUpJLRQFH
TXLPRQWUHELHQTXHO¶HPSORLYDPDOGDQV
OHVFRQFHVVLRQV
7DwHE$<$5,'6&*,)$$UJHQWDQ
(QWUH HW QRWUH EUDQFKH
SURIHVVLRQQHOOHDSHUGXGHVHV
HIIHFWLIV'DQVPRQHQWUHSULVHDXFXQ
GpSDUWQ¶HVWUHPSODFp9XOHVVDODLUHV
TXLOHXUVRQWSURSRVpVOHVMHXQHVQ¶\
UHVWHQWTX¶XQDQRXGHX[DYDQWG¶DOOHU
FKHUFKHUPLHX[DLOOHXUV
)DELHQQH'(%($89$,6
UHWUDLWpH6&$6LDQ3HXJHRW
'XU\OqV$PLHQV
-HUDSSHOOHTXHO¶HPSOR\HXUHVWVRXPLVj
GHVREOLJDWLRQVHQPDWLqUHGHSUpYHQWLRQ
GHVULVTXHV/HV¿FKHVGHSRVWHVGRLYHQW
SDUH[HPSOHrWUHGLVFXWpHVDYHFOHVpOXV
GH &+6&7 GH &( HW OHV GpOpJXpV GX
SHUVRQQHO/HVpOXVHWGpOpJXpVGRLYHQW
DXVVL HQFRXUDJHU OHV pWXGHV GH SRVWHV
SDUGHVPpGHFLQVGXWUDYDLOOHVGpSDUWV
HQUHWUDLWHDQWLFLSpHODUHFRQQDLVVDQFH
GHVPDODGLHVSURIHVVLRQQHOOHVHWF²LO
H[LVWHGHVWH[WHVHQODPDWLqUHHWLOIDXW
OHVIDLUHDSSOLTXHU
-HYRXVLQYLWHGRQFWRXVjSDUWLFLSHUDX[
VWDJHV&+6&7RUJDQLVpVSDUOHV8/HW
OHV8'
-DFTXHV%+8*21
VHFpUDLUHJpQpUDO&*75$XWR0RWR
9RXVWURXYHUH]GDQVOHVGRVVLHUVTXL
YRXVRQWpWpUHPLVjO¶HQWUpHGHFHWWH
VDOOHXQHFRSLHGHODOHWWUHTXHQRXV
DYRQVDGUHVVpHDX[UHVSRQVDEOHVSR
OLWLTXHVVXUODFRQYHQWLRQFROOHFWLYHj
OD 5pXQLRQ$XMRXUG¶KXL OHV QpJRFLD
WLRQVVXUO¶H[WHQVLRQGHFHWWHFRQYHQ
WLRQFROOHFWLYHVRQWEORTXpHV2UQRXV
VRPPHVUpJLVSDUOHPrPH&RGHGX
WUDYDLO TXH OHV DXWUHV VDODULpV IUDQ
oDLV,OQ¶\DGRQFSDVGHUDLVRQTXH
ODFRQYHQWLRQFROOHFWLYHQHV¶DSSOLTXH
SDVjQRXVHWQRXVIHURQVWRXWQRWUH
SRVVLEOHSRXU\SDUYHQLU
-¶DMRXWHTXHVXUFRQYHQWLRQVFRO
OHFWLYHV QDWLRQDOHV HQ YLJXHXU QH VRQW SDV DGDSWDEOHV j O¶vOH GH OD
5pXQLRQ1RXVDYRQVDXVVLGpFRXYHUW
TXHOD&)'7DVLJQpXQDFFRUGFDGUH
TXL EORTXH DXMRXUG¶KXL O¶H[WHQVLRQ GH
WRXWH FRQYHQWLRQ FROOHFWLYH j OD 5pX
QLRQ
%DWp6pOp.$0$1*2
3URVHFD1DQWHUUH
1RXV GHYRQV QRXV RUJDQLVHU SRXU
IDLUH IDFH j OD VLWXDWLRQ GLI¿FLOH TXH
QRXV WUDYHUVRQV DFWXHOOHPHQW 1RXV
GHYRQV FRQVWUXLUH XQ UDSSRUW GH
IRUFHVHQQRXVRUJDQLVDQWSDU¿OLqUH
FRPPH QRXV O¶DYRQV IDLW GDQV OHV
VWDWLRQVVHUYLFHVROHVVDODULpVFRP
PHQFHQWjVHSUHQGUHHQFKDUJHHWj
RUJDQLVHU GHV PRPHQWV GH UHYHQGL
FDWLRQ/HWUDYDLOSDU¿OLqUHSRUWHVHV
IUXLWV $LQVL GDQV OHV SDUNLQJV R
QRXVVRPPHVRUJDQLVpVQRXVDYRQV
PHQpGHVPRXYHPHQWVHWREWHQXGHV
DYDQFpHV VRFLDOHV ,O IDXW GRQF IDLUH
FRQ¿DQFH DX[ VDODULpV QH SDV YRLU
VHXOHPHQW OD GLI¿FXOWp GH OD VLWXDWLRQ
HW SUpSDUHU OD OXWWH SRXU DFTXpULU GH
QRXYHDX[GURLWV
(ULF&2(/+25HQDXOW(WRLOH
'HSXLV SHX GHV IHPPHV WUDYDLOOHQW
GDQV QRV DWHOLHUV HW MH VRXKDLWHUDLV
VDYRLUVLFHODHVWpJDOHPHQWYUDLGDQV
G¶DXWUHVHQWUHSULVHV
-HDQ7KLHUU\3217,$&
5HS%DPDWH[3QHXPDWLTXH
/H3RUW/D5pXQLRQ
$ OD 5pXQLRQ QRWUH SULQFLSDO FRPEDW
SRUWHVXUO¶DSSOLFDWLRQGHODFRQYHQWLRQ
FROOHFWLYH$XVHLQGXJURXSH*%+TXL
GpWLHQWSUqVGHVGHX[WLHUVGHVHQWUH
SULVHV UpXQLRQQDLVHV OH UDSSRUW GH
IRUFHHQWUHOHVV\QGLFDWVHWODGLUHFWLRQ
GHYLHQW GH SOXV HQ SOXV GLI¿FLOH G¶R
O¶XUJHQFHGHPHWWUHHQSODFHXQFRPL
WpGHJURXSH1RXVSHQVLRQVG¶DLOOHXUV
WURXYHULFLGHVFDPDUDGHVGHOD0DUWL
QLTXHD¿QG¶LQVWDXUHUDYHFHX[XQUDS
SRUWGHIRUFHVG¶XQHDXWUHHQYHUJXUH
PDLVFHVHUDSRXUXQHSURFKDLQHIRLV
-RKQ'80287,(5
(IÀD6WDWLRQQHPHQW3pULJXHX[
(I¿D6WDWLRQQHPHQWHVWXQHHQWUHSULVH
TXLPRQWHHQSXLVVDQFHHWTXLYLHQWGH
SUHQGUHODGHX[LqPHSODFHVXUOHPDU
FKpIUDQoDLV1pDQPRLQVODVLWXDWLRQ
GH O¶HPSORL VH GpJUDGH SXLVTX¶LO \ D
GH PRLQV HQ PRLQV GH FRQWUDWV j KHXUHVHWGHSOXVHQSOXVGHFRQWUDWV
j WHPSV SDUWLHO 'HSXLV GHX[ DQV
QRXV DYRQV PRQWp XQH VHFWLRQ &*7
HW REWHQX OD SUHPLqUH SODFH DX VHLQ
GX FROOqJH GHV HPSOR\pV ORUV GHV
GHUQLqUHV pOHFWLRQV 1RXV DYRQV DLQ
VL SX SUHQGUH OH FRQWU{OH GX &+6&7
HW QpJRFLp XQ DFFRUG VXU OD SpQLEL
OLWpTXLUHVWHFHSHQGDQWLQVDWLVIDLVDQW
SXLVTX¶LOQHSUpYRLWDXFXQHPHVXUHGH
UpSDUDWLRQ1RXVDYRQVDXVVLHVVD\p
GHPHQHUXQPRXYHPHQWGHV\QGLFD
OLVDWLRQ SOXV LQWHQVH PDLV FHOXLFL VH
KHXUWH j O¶pFODWHPHQW JpRJUDSKLTXH
GHQRVVLWHV6XLWHjXQSUHPLHUPRX
YHPHQW GH JUqYH HQ IpYULHU GHUQLHU
QRXV DYRQV TXDQG PrPH UpXVVL j
REWHQLU XQ WUHL]LqPH PRLV GH VDODLUH
FH TXL pWDLW LQHVSpUp HW PRQWUH TXH
PrPHVLODV\QGLFDOLVDWLRQHVWGLI¿FLOH
LOIDXWWRXMRXUVVHEDWWUHHWQHMDPDLV
EDLVVHUOHVEUDV
/DXUHQW3(55$8'
5HQDXOW5HWDLO*URXS1DQF\
3RXU UpSRQGUH j OD TXHVWLRQ SRVpH
SDU(ULF&RHOKRMHSUpFLVHTXHQRXV
DYRQV QRXV DXVVL GDQV QRWUH DWHOLHU
XQHIHPPHSHLQWUH
6DwG&KHLN'-$0$/,
6LYDP7R\RWD3DULV
&KH] QRXV QRXV DYRQV GHX[ IHPPHV
VXUQRWUHVLWHGH9pQLVVLHX[O¶XQHjO¶DWH
OLHUO¶DXWUHjODSUpSDUDWLRQ4XDQWDX[
HPEDXFKHVDXVHLQGHQRWUHJURXSHLO
IDXGUDLW SOXW{W SDUOHU GH ©GpEDXFKHVª
-HWLHQVSDUDLOOHXUVjUHPHUFLHUOHVFD
PDUDGHVGHO¶8670GH/\RQGHO¶8/GH
6DLQW(WLHQQHGH5HQDXOW5HWDLO*URXS
$QQHF\HWGHOD)70JUkFHDX[TXHOVOD
OLVWH&*7DUHPSRUWpKDXWODPDLQQRV
pOHFWLRQV SURIHVVLRQQHOOHV GH MXLQ GHU
QLHU 1¶KpVLWH] GRQF SDV VL YRXV rWHV
GDQVXQHSHWLWHVWUXFWXUHjVROOLFLWHUOHV
8/HWOHV8670
(Q DRW ORUV GH QRV 1$2 QRWUH
SUpVLGHQW DYDLW DQQRQFp XQH SHUWH GH
PLOOLRQVG¶¼(QRFWREUHLODDQ
QRQFpDX&(O¶DFKDWG¶XQJDUDJHj3D
ULVSXLVHQDYULOj'HXLOOD%DUUH
GRQWOHVVDODULpVIRQWDFWXHOOHPHQWO¶REMHW
G¶XQ SODQ GH OLFHQFLHPHQW pFRQRPLTXH
DQQRQFp HQ DRW SHQGDQW OHV FRQJpV
GHV GpOpJXpV &*7 -H PH GHPDQGH
GRQFFRPPHQWQRWUHSDWURQDSXWURXYHU
GHO¶DUJHQWSRXUUDFKHWHUGHX[JDUDJHV
DORUVTX¶LOpWDLWFHQVpDYRLUSHUGXPLO
OLRQVG¶¼1RXVQ¶DOORQVSDVFURLVHUOHV
EUDVPDLVGpQRQFHUFHVVSpFXODWLRQV
-HDQ(ULF/$)$%/(
5HPLUH[/RFDWLRQ
6DLQWH0DULH/D5pXQLRQ
-HVXLVPHPEUHWLWXODLUHGX&(HWGpOp
JXpGXSHUVRQQHOGHO¶HQWUHSULVHGHOR
FDWLRQGHYRLWXUHV5HPLUH[TXLFRPSWH
VDODULpVGRQWV\QGLTXpVjOD&*7
/HVV\QGLFDWV&*7VRQWODUJHPHQWPD
MRULWDLUHVFKH]OHVORXHXUVGHYRLWXUHGH
O¶vOH GH OD 5pXQLRQ HW OHXUV SULQFLSDOHV
UHYHQGLFDWLRQV SRUWHQW VXU O¶HPSORL OHV
VDODLUHV OD FRQYHQWLRQ FROOHFWLYH OHV
FRQGLWLRQVGHWUDYDLOHWO¶pJDOLWpVDODULDOH
0RKDPHG0$28/,'$
60&,0DPRXG]RX0D\RWWH
1RWUH HQWUHSULVH D FRQQX KXLW OLFHQ
FLHPHQWV HQ HW QHXI DXWUHV HQ
/D VLWXDWLRQ GX JURXSH 3HX
JHRW&LWURsQQRXVLQTXLqWHHWQRXVQH
VDYRQVSDVTXRLGLUHDX[VDODULpVTXL
VHSRVHQWGHVTXHVWLRQVWRXVOHVMRXUV
VXUOHXUHPSORL-¶HVSqUHGRQFTXHMH
SRXUUDLVWURXYHULFLXQHDLGHSRXUOHXU
UpSRQGUH
:LVVDP+$56$17
&LWURsQ6&&1DQWHUUH
-HVRXKDLWHUDLVWpPRLJQHULFLGHPRQ
VRXWLHQ j QRV GHX[ FDPDUDGHV GH
&LWURsQ1DQWHUUHTXLVRQWSULYpVG¶DF
WLYLWp GHSXLV XQ DQ PDLV VRQW TXDQG
PrPH WHQXV GH IDLUH DFWH GH SUp
VHQFH 6XU QRWUH VLWH O¶REMHFWLI GH OD
GLUHFWLRQHVWFODLUIDLUHGLVSDUDvWUHOD
&*73RXU\SDUYHQLUHOOHIDLWDOOLDQFH
DYHF OHV DXWUHV V\QGLFDWV SULYH QRV
PLOLWDQWV G¶DFWLYLWp HWF 0DOJUp FHWWH
VLWXDWLRQQRXVVRPPHVGpFLGpVjQH
SDV QRXV ODLVVHU IDLUH HW QRXV FRQWL
QXHURQV j YHQLU FKDTXH MRXU VXU OH
VLWHPrPHVLF¶HVWSRXUQHULHQ\IDLUH
-H PH GHPDQGH SDU DLOOHXUV FH TXH
IDLWOHVHUYLFHMXULGLTXHGHOD&*7SRXU
GpIHQGUHO¶H[LVWDQWFDUVLQRXVQHQRXV
GpIHQGRQV SDV QRXV ULVTXRQV GH
SHUGUH QRWUH FUpGLELOLWp 1H IDXGUDLWLO
SDVOHUHQIRUFHU"
$ODLQ'266$1726
5HQDXOW5HWDLO*URXS3DULV
'DQV QRWUH HQWUHSULVH OD GLUHFWLRQ
UHFKLJQH WRXMRXUV j IDLUH GHV WUDYDX[
ORUVTXH OH &+6&7 OH OXL GHPDQGH
HW M¶DLPHUDLV VDYRLU FRPPHQW OHV
FKRVHV VH SDVVHQW GDQV OHV DXWUHV
HQWUHSULVHV 3DU DLOOHXUV QRPEUH GH
VDODULpVUHFRQQXVKDQGLFDSpVQHEp
WUqVJUDQGSULYLOqJHGHIDLUHSDUWLHGH
OD&RQIpGpUDWLRQJpQpUDOHGXWUDYDLO
Qp¿FLHQWSDVG¶XQSRVWHDGDSWpjOHXU
KDQGLFDSHWMHPHGHPDQGHFRPPHQW
IDLUHSRXU\OHXUHQREWHQLUXQ
2PDU%(1$/$<$7
$XWREHOOD9LQFHQQHV
*UkFHjO¶LPSOLFDWLRQGHO¶8/GH5RLV
V\QRXVDYRQVUpXVVLjRUJDQLVHUGHV
pOHFWLRQV GDQV QRWUH HQWUHSULVH PDO
JUp XQH SURFpGXUH GH UHGUHVVHPHQW
MXGLFLDLUH1RXVDYRQVDXVVLPHQpHQ
PDUVGHUQLHUXQHJUqYHGHGHX[MRXUV
TXLQRXVDSHUPLVG¶REWHQLUXQHDXJ
PHQWDWLRQ GH VDODLUH GH 1RXV
VRPPHV DFWXHOOHPHQW HQ SpULRGH GH
1$2 HW QRV QpJRFLDWLRQV RQW ELHQ
DYDQFp/HVHXOVRXFLF¶HVWTXHQRWUH
SDWURQYHXWQRXVLPSRVHUXQHDQQXD
OLVDWLRQ GX WHPSV GH WUDYDLO HW QRXV
DYRQV HX GX PDO j WURXYHU DX VHLQ
GH OD &*7 XQ VHUYLFH VXVFHSWLEOH GH
QRXVDLGHU-HUHMRLQVGRQFOHVSUpRF
FXSDWLRQVGH:LVVDP+DUVDQWTXDQWj
O¶DFWLRQMXULGLTXHGHOD&*7
3DXO$QGUp&(57$7
6XG$XWRPRELOHV
6DLQW3LHUUH/D5pXQLRQ
-H VXLV GpOpJXp V\QGLFDO &*7 HW MH
P¶pPHUYHLOOH FKDTXH MRXU GH OD IRUFH
HWGHODSRUWpHGHQRVUHYHQGLFDWLRQV
0rPHVLQRXVVRPPHVpSDUSLOOpVVXU
O¶HQVHPEOHGXWHUULWRLUHIUDQoDLVQRXV
QRXV EDWWRQV WRXV SRXU OH PrPH RE
MHFWLI O¶pJDOLWp GHV GURLWV GDQV QRWUH
VHFWHXU G¶DFWLYLWp HW F¶HVW SRXUTXRL
OHVV\QGLFDWVGHOD5pXQLRQVHEDWWHQW
SRXUO¶DSSOLFDWLRQGHODFRQYHQWLRQFRO
OHFWLYH QDWLRQDOH &¶HVW SRXU PRL XQ
'HQLV/(%/$1&55*
/H FDV GH &LWURsQ HVW XQ H[HPSOH
W\SHGHKDUFqOHPHQWSDWURQDOYLVDQWj
GLVVXDGHU OHV VDODULpV G¶DGKpUHU j OD
&*7 &H W\SH GH SUHVVLRQV SV\FKR
ORJLTXHV H[LVWH SDUWRXW PDLV GH SDU
QRWUHRSLQLkWUHWpHWQRWUHIRUFHV\QGL
FDOH QRXV DUULYRQV GDQV EHDXFRXS
G¶HQGURLWVjPHWWUHHQpFKHFODVWUD
WpJLH SDWURQDOH HW j QRXV UHQIRUFHU
'DQV GHV JURXSHV VRXYHQW UpSDUWLV
VXUO¶HQVHPEOHGXWHUULWRLUHIUDQoDLVLO
IDXWXWLOLVHUOHVVWUXFWXUHVGHOD&*7HW
F¶HVWSRXUFHODTXHQRXVGHYRQVUpÀp
FKLUDX[PR\HQVG¶LQVWDXUHUGHVVROL
GDULWpVHQWUHV\QGLFDWVHWOHXUGRQQHU
GHVRXWLOV©FOpVHQPDLQªFDUQRXV
QHUpJOHURQVSDVWRXWSDUOHELDLVMXUL
GLTXH1RXVGHYRQVpJDOHPHQWPHQHU
XQHUpÀH[LRQVXUOHSDUUDLQDJHFDUVL
QRXVVRPPHVSDVVpVHQGHX[DQVGH
jV\QGLTXpVF¶HVWGDQV
OHV SHWLWHV HQWUHSULVHV TXH FHWWH SUR
JUHVVLRQDpWpODSOXVQRWDEOH
&RQFHUQDQW OHV FRQGLWLRQV GH WUDYDLO
QRXV DOORQV GHYRLU UpÀpFKLU j GLIIp
UHQWV VXMHWV HQ SDUWLFXOLHU FHOXL GHV
SDUWLFXOHV GLHVHO GRQW OD QRFLYLWp HVW
DXMRXUG¶KXL SURXYpH HW DX[TXHOOHV
WRXV OHV VDODULpV GH QRWUH ¿OLqUH VRQW
H[SRVpV &H VXMHW ULVTXH GH SUHQGUH
DXWDQW G¶LPSRUWDQFH TXH OH GRVVLHU
GH O¶DPLDQWH 1RXV GHYRQV OH IDLUH
DYDQFHUHWM¶LQYLWHWRXVOHVFDPDUDGHV
FRQFHUQpVjSUHQGUHSDUWDX[GpEDWV
GHFHVMRXUQpHV
1RXV GHYRQV pJDOHPHQW UpÀpFKLU
DYHF QRV V\QGLTXpV j OD VXLWH TXH
QRXV GRQQHURQV j OD MRXUQpH G¶DF
WLRQHXURSpHQQHSRXUO¶LQGXVWULHGX
RFWREUH 1RWUH ¿OLqUH HVW HQ HIIHW XQ
PDLOORQGHO¶LQGXVWULHDXWRPRELOHHWj
FHWLWUHQRXVDYRQVWRXWHQRWUHSODFH
SRXUSDUOHUGHVRQDYHQLUHQ)UDQFH
,O IDXW HQ¿Q JDUGHU j O¶HVSULW TXH
PrPHV¶LOVO¶XWLOLVHQWFRPPHDUJXPHQW
SRXU QH SDV DFFRUGHU G¶DXJPHQWD
WLRQ GH VDODLUH QRV SDWURQV HX[ QH
FRQQDLVVHQW SDV OD FULVH (Q PDWLqUH
GH SRXYRLU G¶DFKDW O¶pFDUW QH FHVVH
GHVHFUHXVHUHQWUHOHKDXWHWOHEDV
GHODS\UDPLGHVRFLDOH8QHSUHPLqUH
MRXUQpHG¶DFWLRQVHUDGRQFRUJDQLVpH
OHRFWREUHPDLVODPRELOLVDWLRQUHV
WHUDG¶DFWXDOLWpDSUqVFHWWHGDWH&HWWH
PRELOLVDWLRQ QRXV YRXV SURSRVRQV
GHODFRQVWUXLUHHQVHPEOHLOQHQRXV
UHVWHSOXVPDLQWHQDQWTX¶jFRQYDLQFUH
OHVVDODULpVGHVRQXWLOLWp
3DWULFN67$*1(772
&LWURsQ3DULV,WDOLH
-HYRXGUDLVGHPDQGHUj'HQLV/HEODQF
SRXUTXRL QRWUH GpOpJXp V\QGLFDO FHQ
WUDOV¶HVWYXUHWLUHUVRQWLWUHGHGpOpJXp
*pUDUG0(&+(7.RORUV$XWR
0RQ HQWUHSULVH DSSDUWLHQW DX JURXSH
&DLOOpTXLFRPSWHVDODULpVHWHVW
SUpVHQWGDQVGHX[VHFWHXUVG¶DFWLYLWp
OD JUDQGH GLVWULEXWLRQ HW O¶DXWRPRELOH
$SUqVDYRLUpWpSODFpHQSURFpGXUHGH
VDXYHJDUGHHQOHJURXSH&DLOOp
D pWp REOLJp GH YHQGUH OD FDUWH 2SHO
TXLUHSUpVHQWDLWjGHO¶DFWL
YLWpGHPRQHQWUHSULVH
$XMRXUG¶KXL QRWUH GLUHFWLRQ GHPDQGH
DX[ VDODULpV GH GpYHORSSHU OHXU SR
O\YDOHQFH IDLW DSSHO j GHV VRXVWUDL
WDQWVSRXUFHUWDLQHVDFWLYLWpVIRUFHOHV
VDODULpVjFRPSHQVHUOHVDEVHQFHVGH
OHXUV FROOqJXHV HWF (OOH D DXVVL HQ
WUHSULVGHFHQWUDOLVHUOHVVHUYLFHVDG
PLQLVWUDWLIV GH VHV WURLV FRQFHVVLRQV
G¶R GH QRXYHOOHV UpGXFWLRQV G¶HI
IHFWLIV$XWUH GLI¿FXOWp QRXV Q¶DYRQV
SDVGHFRPLWpGHJURXSHHWFHODQRXV
SRVH SUREOqPH FDU FKDTXH V\QGLFDW
JqUHVHVGRVVLHUVGHVRQF{Wp
3DUWLFLSHU j FHV DVVLVHV HVW SRXU
QRXV XQ SXLVVDQW HQFRXUDJHPHQW DX
PRPHQW R OHV WUDYDLOOHXUV GH QRWUH
EUDQFKHSURIHVVLRQQHOOHVXELVVHQWGH
SOHLQ IRXHW GHV PHVXUHV GH UHVWUXF
WXUDWLRQ HW XQH GpJUDGDWLRQ GH OHXUV
FRQGLWLRQV GH WUDYDLO -H VRXKDLWH
TX¶HOOHV UHQIRUFHQW QRWUH FRRSpUDWLRQ
HWFUpHQWGHVFRQGLWLRQVQRXYHOOHVGH
VROLGDULWpTXLQRXVSHUPHWWURQWG¶RUJD
QLVHUODOXWWHSRXUJDJQHUODEDWDLOOHUH
YHQGLFDWLYHHWO¶pJDOLWpGHVGURLWVSRXU
OHVVDODULpVGHOD¿OLqUHDXWRPRELOHGH
OD5pXQLRQ
*UpJRU\/(%21
(IÀD6WDWLRQQHPHQW9HUQRQ
'HSXLV XQ DQ D pWp FUpp XQ FROOHFWLI
SDUNLQJTXLQRXVSHUPHWHQGLVFXWDQW
HQWUH VDODULpV GHV GLIIpUHQWHV HQWUH
SULVHV GH VHFWHXU GH UHQIRUFHU QRWUH
VROLGDULWpHWG¶RUJDQLVHUQRVFRPEDWV
-H SHQVH TXH OHV VDODULpV GHV JD
UDJHV HW GHV HQWUHSULVHV GH ORFDWLRQ
SRXUUDLHQWHX[DXVVLV¶RUJDQLVHUG¶XQH
PDQLqUHVLPLODLUH
-HDQ&ODXGH)2851,(5
61&*HVPLQ&HUJ\3RQWRLVH
1RWUH VLWXDWLRQ pYROXH *UkFH j OD
WpQDFLWp GHV pOXV &*7 QRXV DYRQV
PDLQWHQDQWXQGLDORJXHDYHFQRWUHGL
UHFWLRQHWEHDXFRXSGHFKRVHVV¶DPp
OLRUHQW
9RLFL TXHOTXHV DQQpHV D pWp PRQWp
XQ FROOHFWLI GHV VWDWLRQVVHUYLFHV $
O¶pSRTXH QRXV QRXV SODLJQLRQV GX
IDLW TXH OHV VWDWLRQV VHUYLFH pWDLHQW
OHVSDUHQWVSDXYUHVGHODFRQYHQWLRQ
FROOHFWLYH /HXUV VDODULpV SRXUWDQW
QRPEUHX[ pWDLHQW LVROpV HW QH VH
FRQQDLVVDLHQWSDV2UjFHMRXUQRXV
QHVRPPHVSOXVTXHVL[jQRXVUpX
QLU XQH IRLV WRXV OHV WULPHVWUHV SRXU
GpIHQGUHODFRQYHQWLRQFROOHFWLYHGHV
VWDWLRQVVHUYLFHV,OHVWELHQGRPPDJH
TXHGHVHQWUHSULVHVWHOOHVTXH$UJHGLV
RX3URVHFDDLQVLTXHGHVSHUVRQQHV
D\DQWGHVUHVSRQVDELOLWpVV\QGLFDOHV
DLHQWDEDQGRQQpFHWWHFRQYHQWLRQFRO
OHFWLYH
(Q¿Q GDQV OD SHUVSHFWLYH GX SUR
FKDLQUHQRXYHOOHPHQWGHEDLOGHVVWD
WLRQV VHUYLFHV GX UpVHDX QDWLRQDO MH
GHPDQGH ORUVTX¶XQH VWDWLRQVHUYLFH
SDVVHG¶XQJURXSHjXQDXWUHTXHOD
OLVWHGHVV\QGLTXpV&*7VRLWFRPPX
QLTXpHDXGpOpJXpV\QGLFDOGHO¶HQWUH
SULVHUHSUHQHXVH
0RNUDQH&+(0(85
&LWURsQ6&&1DQWHUUH
/H JURXSH 36$ IHUPH SURJUHVVLYH
PHQW WRXV VHV VLWHV HQ )UDQFH SRXU
SURGXLUHjO¶pWUDQJHU4XDQGM¶DLFRP
PHQFpjWUDYDLOOHUOHVLWHGH1DQWHUUH
FRPSWDLW VDODULpV DXMRXUG¶KXL
QRXVQHVRPPHVSOXVTXH
36$ HW &LWURsQ QH YHXOHQW SDV GH OD
&*7FDULOVRQWGHSXLVORQJWHPSVXQ
V\QGLFDW PDLVRQ DYHF OHTXHO LOV SDV
VHQW OHXUV SURSUHV DUUDQJHPHQWV ,OV
IRQW WRXW SRXU GLVVXDGHU OHV VDODULpV
G¶DGKpUHU j OD &*7 ² SRXU SUHQGUH
PRQ FDVSHUVRQQHOMHVXLVSD\pGH
SXLVjQHULHQIDLUH
'HUQLqUHPHQW QRXV DYRQV FRQWHVWp
HQ MXVWLFH OHV UpVXOWDWV GHV pOHFWLRQV
HW PDOJUp QRWUH GHPDQGH G¶DLGH DX
SUqVGHVLQVWLWXWLRQVGHOD&*7QRXV
QRXVVRPPHVUHWURXYpVVHXOVGHYDQW
OH WULEXQDO -H PH GHPDQGH GRQF FH
TXHIDLWOHVHUYLFHMXULGLTXHGHOD&*7
1RXV VRPPHV GDQV XQH VLWXDWLRQ
DVVH] JUDYH HW QRXV QH VDYRQV SDV
R QRXV DOORQV &RPPHQW IDLUH SRXU
WUDYDLOOHU FRUUHFWHPHQW HQ JDJQDQW
GHO¶DUJHQWQRQVHXOHPHQWSRXUQRWUH
HQWUHSULVHPDLVDXVVLSRXUIDLUHYLYUH
QRWUHIDPLOOH"
6pEDVWLHQ)$&211,(5
&05&)$20RWRUV&LWURsQ
&H Q¶HVW SDV VDQV pPRWLRQ TXH MH
VXLVSUpVHQWLFLDXMRXUG¶KXL*UkFHD
O¶H[SpULHQFHGHFKDFXQM¶HVSqUHDS
SUHQGUHEHDXFRXSGHFKRVHVGXUDQW
FHVDVVLVHVFDULOIDXWSHQVHUGqVDX
MRXUG¶KXL j OD UHOqYH GHV V\QGLTXpV
OHVSOXVDQFLHQV
0RQHQWUHSULVHTXLDpWpFpGpHYRLFL
GL[KXLWPRLVSDUOHJURXSH)RXFTXH
DXJURXSH&)$2FRPSWHDXMRXUG¶KXL
VDODULpV /HV HVSRLUV TXH QRXV
DYLRQVORUVGHQRWUHUHSULVHRQWpWp
GpoXV FDU QRXV QRXV VRPPHV UHQ
GXVFRPSWHTXH&)$2QHV¶LQWpUHV
VDLWTX¶DXEXVLQHVV$LQVL PrPH VL
QRXV DYRQV HQFRUH DXMRXUG¶KXL GHV
SRVWHV VSpFL¿TXHV QRXV ULVTXRQV
VLQRXVQHSUHQRQVSDVOHVGHYDQWV
G¶rWUH FRQGDPQpV GDQV OHV SUR
FKDLQHVjODSRO\YDOHQFH
-¶HVSqUHGRQFTXHYRWUHH[SpULHQFH
P¶DLGHUD j FRPEDWWUH FHV SDWURQV
TXLQHSHQVHQWTX¶jIDLUHGHVSUR¿WV
VXUQRWUHGRVHWQHQRXVHQODLV
VHQWTXHGHVPLHWWHV
&ORWDLUH3,&$5'
'6&3HXJHRW6&$$]XU1LFH
-H WHQDLV WRXW G¶DERUG j UHQGUH
KRPPDJH j 6DwG 1DELOL TXL
QRXVDTXLWWpVFHWpWpHWTXLDYDLW
EHDXFRXSIDLWSRXUSURPRXYRLUOD
&*7GDQVODUpJLRQ
'DQV QRWUH HQWUHSULVH QRXV
DYRQV FHUWHV REWHQX GHV DYDQ
FpHV FRPPH GHV WLFNHWVUHV
WDXUDQWV SRXU WRXV OHV VDODULpV
GH3HXJHRW6&$PDLVQRWUHGL
UHFWLRQFRQWLQXHjGpJUDLVVHUHQ
QH UHPSODoDQW SDV OHV GpSDUWV
HQ UHWUDLWH QL OHV GpPLVVLRQ QL
OHV ¿QV GH FRQWUDW GH IRUPDWLRQ
RXGHSURIHVVLRQQDOLVDWLRQ3RXU
SUHQGUHO¶H[HPSOHGHODVXFFXUVDOHGH
1LFHVHVHIIHFWLIVVRQWSDVVpVGH
j VDODULpV HQ GHX[ DQV HW GHPL
3HXJHRWDJHOpWRXWHVOHVHPEDXFKHV
HWOHUpVHDXGHGLVWULEXWLRQHVWFRQFHU
QpSDUOHVVXSSUHVVLRQVG¶HP
SORLDQQRQFpHVSDUOHJURXSH36$
3DUDLOOHXUVOHVUpVHDX[GH3HXJHRWHW
&LWURsQRQWPDLQWHQDQWXQH'5+FRP
PXQH,OIDXGUDLWGRQFTXHOHVV\QGL
FDWVGHVGHX[UpVHDX[DSSUHQQHQWj
WUDYDLOOHU HQVHPEOH ,O UHVWH DXVVL GX
WUDYDLOjIDLUHSRXUTXHOHVV\PSDWKL
VDQWV GH OD &*7 GHYLHQQHQW GHV PL
OLWDQWVHWSRXUTXHQRXVFRQVWUXLVLRQV
HQVHPEOHXQUDSSRUWGHIRUFHTXLIHUD
SOLHUOHVSDWURQVFDUGHSXLVTXHOTXHV
DQQpHVQRXVVRPPHVSOXVVXUODGp
IHQVLYHTXHVXUO¶RIIHQVLYH
$EGHONpELU(/$$%28',
43DUN7KRQRQOHV%DLQV
'DQV QRWUH HQWUHSULVH OHV QpJRFLD
WLRQVDQQXHOOHVVHVRQWWUqVPDOSDV
VpHVHWQ¶RQWSDVDERXWLjXQDFFRUG
1RXV DYRQV GRQF RUJDQLVp XQ PRX
YHPHQW GH JUqYH GH TXDWUH MRXUV HW
HQ UpSRQVH QRWUH GLUHFWLRQ QRXV D
UHPSODFpVSDUGHVVDODULpVG¶XQDXWUH
SDUNLQJ 1RWUH SDUNLQJ HVW RXYHUW KHXUHV VXU HW RQ QRXV GHPDQGH
WRXMRXUVSOXVGHWUDYDLO²QRXVQRXV
RFFXSRQV GHV ERUQHV HVFDPRWDEOHV
GH OD YLOOH QRXV ORXRQV GHV YpORV
GHVYRLWXUHVpOHFWULTXHVHWF²VDQV
UpPXQpUDWLRQ FRPSOpPHQWDLUH 1RXV
DYRQV UpXVVL j PRELOLVHU TXHOTXHV
MHXQHV TXL VH EDWWHQW DYHF QRXV HW
QRXVHQVRPPHV¿HUV
)UpGpULF$5$&.6,1*
&RWUDQV$XWRPRELOH
&RPPH PHV DXWUHV FDPDUDGHV GH
O¶vOHGHOD5pXQLRQMHVXLVWUqVFRQWHQW
G¶rWUH LFL &RPPH O¶RQW VRXOLJQp OHV
SUpFpGHQWV LQWHUYHQDQWV j OD 5pX
QLRQ QRWUH SULQFLSDOH SUpRFFXSDWLRQ
SRUWHVXUO¶DSSOLFDWLRQGHODFRQYHQWLRQ
FROOHFWLYH ,OIDXWDXVVLVDYRLUTXH
GHVDQVGHO¶vOHVRQWDXFK{
PDJHHWTXHOHQRPEUHGHVDODULpVGH
OD EUDQFKH DXWRPRELOH HVW HQ EDLVVH
FRQVWDQWHFHTXLYHXWGLUHTXHQRXV
GHYRQVDGDSWHUQRWUHV\VWqPHGHUH
YHQGLFDWLRQDX[FRQGLWLRQVVRFLDOHVHW
pFRQRPLTXHVGH/D5pXQLRQ
&RWUDQV $XWRPRELOH IDLW SDUWLH GX
JURXSHGH0RQVLHXU+D\RWGRQWODIRU
WXQHHVWHVWLPpHjPLOOLRQVG¶HX
URV+D\RWHVWXQJURXSHFRORQLDOLVWH
RULJLQDLUH GH OD 0DUWLQLTXH JRXYHUQp
SDUXQHQRXYHOOHUDFHGHSDWURQVTXL
Q¶DLPHQWSDVOD&*751RXVGHYRQV
GRQF OXWWHU FRQWUH OD GLVFULPLQDWLRQ
GRQW IRQW O¶REMHW OHV GpOpJXpV GH OD
&*75 &RQFHUQDQW HQ¿Q OD FRQYHQ
WLRQ FROOHFWLYH RQ YRLW EHDXFRXS GH
V\QGLFDWV©jF{WpGHODSODTXHªHQ
SDUWLFXOLHU OD &)'7 TXL PDJRXLOOH
DYHF OH SDWURQDW /HV FRPLWpV G¶HQ
WUHSULVHVSHXYHQWKHXUHXVHPHQWIDLUH
DSSHO j GHV H[SHUWV FRPSWDEOHV HW
GHV FRQVHLOOHUV MXULGLTXHV ,O QH IDXW
GRQF SDV KpVLWHU j OHV VROOLFLWHU FDU
F¶HVWFRPPHFHODTXHQRXVSRXUURQV
GpMRXHU OHV SURMHWV GH FDVVH VRFLDOH
GXSDWURQDW
3DWULFN/(%5,6
5HQDXOW&RQFDUQHDX
(QGpEXWG¶DQQpHQRWUH&3IRQFWLRQ
QDLW WUqV ELHQ SXLVTXH QRXV DYLRQV
HQUHJLVWUp GHV EpQp¿FHV DORUV TXH
FHUWDLQHV FRQFHVVLRQV GX JURXSH
6FKXOOHU pWDLHQW HQ Gp¿FLW $SUqV XQ
UHPDQLHPHQW GX SHUVRQQHO GHVWLQp j
UppTXLOLEUHU OHV HIIHFWLIV GHV FRQFHV
VLRQV QRXV VRPPHV SDVVpV GH j VDODULpV 2U QRXV YHQRQV G¶DS
SUHQGUH TXH QRWUH VRFLpWp DOODLW rWUH
YHQGXH j %RGHPHU j SDUWLU GX HU
RFWREUH SURFKDLQ HW QRXV DYRQV GH
PDQGp XQH H[SHUWLVH FRPSWDEOH VXU
FHWWHRSpUDWLRQ
&RQFHUQDQW OD UHFRQQDLVVDQFH GH OD
SpQLELOLWpQRWUHGLUHFWLRQDpWDEOLGHV
¿FKHV SDU OHVTXHOOHV HOOH LQIRUPH OHV
VDODULpVGHVSURWHFWLRQVjSUHQGUHHQ
IRQFWLRQ FKDTXH WkFKH PDLV FHOD QH
SURWqJHHQULHQOHVDXWUHVVDODULpVTXL
VH WURXYHQW GDQV OHXU HQYLURQQHPHQW
LPPpGLDW
3KLOLSSH7$,//$1'
5HQDXOW5HWDLO*URXS/H0DQV
4XH QRV V\QGLFDWV VRLHQW IDLEOHV RX
SXLVVDQWVOD&*7HVWWRXMRXUVODFLEOH
GHVSDWURQV1RXVGHYRQVGRQFPDv
WULVHUOHGRPDLQHMXULGLTXHFHTXLQ¶HVW
SDVWRXMRXUVVLPSOHHWVLOD)pGpUDWLRQ
IDLWWRXWVRQSRVVLEOHHOOHQHSHXWSDV
QRQSOXVrWUHSDUWRXW,OQHIDXWGRQF
SDV DWWHQGUH TXH WRXW YLHQQH © G¶HQ
KDXWª(QYR\HUVDQVUHOkFKHGHVID[
RX GHV HPDLOV DX[ SDWURQV TXL V¶HQ
SUHQQHQW DX[ GpOpJXpV &*7 HVW XQ
ERQH[HPSOHGHFHTXHQRXVSRXYRQV
IDFLOHPHQW IDLUH HQVHPEOH 1¶KpVLWH]
GRQFSDVHQFDVGHSUREOqPHjFRP
PXQLTXHUODUJHPHQWOHQXPpURGHID[
RXO¶DGUHVVHHPDLOGHYRWUHSDWURQ
/DXUHQW/(*2'(&$QFDY77)70
'DQV VRQ LQWURGXFWLRQ 7DwHE$\DUL D
VRXOLJQpODQpFHVVLWpGHGp¿QLUGHVUH
YHQGLFDWLRQVFRPPXQHVjO¶HQVHPEOH
GHV VDODULpV GH OD ¿OLqUH DXWRPRELOH
-HUDSSHOOHUDLTX¶jSHLQHG¶HQWUH
HX[ RQW FRQQDLVVDQFH GH O¶H[LVWHQFH
GH O¶$SDVFD HW TXH OHV GHPDQGHV
SRXUUDLHQW rWUH EHDXFRXS SOXV QRP
EUHXVHV FH TXL VXSSRVHUDLW G¶DYRLU
GHV IRQGV SOXV LPSRUWDQWV 1RXV GH
YRQV GRQF UpFODPHU XQH DXJPHQWD
WLRQ GH OD FRWLVDWLRQ GHV HPSOR\HXUV
VL QRXV YRXORQV IDLUH HQ VRUWH TXH
OHV VDODULpV GH FHWWH EUDQFKH SXLV
VHQW SDUWLU HQ YDFDQFHV DYRLU DFFqV
jODFXOWXUHEpQp¿FLHUG¶XQHDLGHjOD
VFRODULVDWLRQ SRXU OHXUV HQIDQWV HWF
,O PH VHPEOH TXH FHWWH UHYHQGLFD
WLRQSRXUUDLWIpGpUHUO¶HQVHPEOHGHOD
EUDQFKH SURIHVVLRQQHOOH HW TXH QRXV
GHYULRQVQRXV¿[HUGHVREMHFWLIVDP
ELWLHX[GDQVFHGRPDLQH1RXVSRXU
ULRQV DXVVL UpDFWLYHU OD UHYHQGLFDWLRQ
SRXU XQ GpSDUW HQ UHWUDLWH DQWLFLSp
GHVVDODULpVH[SRVpVDX[VXEVWDQFHV
WR[LTXHVHQSDUWLFXOLHUDX[SDUWLFXOHV
GHGLHVHOGRQWODWR[LFLWpIDLWGHPRLQV
HQPRLQVGHGRXWH
3DVFDO*8,1(7
5HQDXOW5HWDLO*URXS
0DQWHVOD-ROLH
&HV $VVLVHV UpXQLVVHQW SOXV GH
MHXQHV HW SOXV GH V\QGLFDWV TXH OHV
SUpFpGHQWHV(OOHVPRQWUHQWDXVVLXQ
UppTXLOLEUDJHHQWUHOHVJDUDJHVHWOHV
DXWUHV¿OLqUHVFHTXLPHVHPEOHWUqV
HQFRXUDJHDQW&HODQRXVGRQQHXQH
ERQQHYLVLRQGHODIRUFHV\QGLFDOHTXL
HVWODQ{WUHGDQVQRWUHSURIHVVLRQ
$XMRXUG¶KXL OD )pGpUDWLRQ P¶D GH
PDQGp GH VXLYUH OHV QpJRFLDWLRQV
DXQLYHDXGHOD%UDQFKH2UMHVXLV
UHWRXUQpDXWUDYDLOYRLFLXQDQHWMH
Q¶DL DXFXQH KHXUH GH GpOpJDWLRQ
&HOD PRQWUH TX¶LO Q¶\ D SDV EHVRLQ
G¶DYRLU GHV PR\HQV V\QGLFDX[ H[
WUDRUGLQDLUHV SRXU FRQWULEXHU j IDLUH
JUDQGLUOD&*7
$X VHLQ GH OD FRPPLVVLRQ SDULWDLUH
QDWLRQDOH GH OD %UDQFKH QRXV IDL
VRQVIDFHFKDTXHPRLVDX[SDWURQV
GHV SULQFLSDX[ JURXSHV UHJURXSpV
DX VHLQ GX &13$ HW TXL VH UpXQLV
VHQW UpJXOLqUHPHQW SDU ¿OLqUH SRXU
DGRSWHUGHVRULHQWDWLRQVFRPPXQHV
MH WLHQV G¶DLOOHXUV j VDOXHU OHV WURLV
VDODULpV GX &13$ DGKpUHQWV GH OD
&*7 TXL VRQW SUpVHQWV SDUPL QRXV
DXMRXUG¶KXL 1RXV GHYRQV GRQF Up
ÀpFKLU DX[ PR\HQV GH PLHX[ QRXV
IpGpUHU SDU ¿OLqUH SRXU TXH OD &*7
VRLWHOOHDXVVLSOXVIRUWH
&HV GHUQLHUV WHPSV QRXV DYRQV
UpXVVLjIDLUHDYDQFHUFHUWDLQVGRV
VLHUVPDLVOHVQpJRFLDWLRQVGHIRQG
VHVRQWKHXUWpHVjXQEORFDJHGHOD
SDUWGHVSDWURQVTXLFKHUFKHQWjGp
IHQGUHOHXUVLQWpUrWV
&H TXL QRXV LQWpUHVVH SOXV SDUWLFX
OLqUHPHQW F¶HVW GH VDYRLU FRPPHQW
IDLUHPRQWHUHQSXLVVDQFHQRWUHRU
JDQLVDWLRQ V\QGLFDOH DX VHLQ GH OD
EUDQFKH$XWRPRELOH4XHOOHTXHVRLW
OHXU HQWUHSULVH WRXV OHV VDODULpV GH
OD %UDQFKH RQW XQH FKRVH HQ FRP
PXQODFRQYHQWLRQFROOHFWLYH
1RXV DYRQV GRQF WRXW LQWpUrW j WUD
YDLOOHU HQ FRPPXQ HQ VDFKDQW TXH
V¶LO H[LVWH GDQV FKDTXH ¿OLqUH XQ
V\QGLFDW GH JURXSH SOXV LPSRUWDQW
TXHOHVDXWUHVFHVHUDLWXQHHUUHXU
GH FURLUH TXH FHOXLFL SHXW UpXVVLU
VHXO1RXVGHYRQVFRQWLQXHUjQRXV
EDWWUH SRXU TXH OD VWUXFWXUDWLRQ SDU
¿OLqUHVHSRXUVXLYHHWSRXUDPpOLRUHU
QRWUH FRRUGLQDWLRQ FH TXL VXSSRVH
GHUHQIRUFHUODVROLGDULWpDXVHLQGH
QRWUH %UDQFKH 6L QRXV DUULYLRQV j
FRRUGRQQHU GHV MRXUQpHV G¶DFWLRQ
VXU GHV SODWHIRUPHV FRPPXQHV
GDQV WRXWHV OHV ¿OLqUHV QRXV DYDQ
FHULRQV HQ HIIHW EHDXFRXS SOXV YLWH
TX¶DXMRXUG¶KXL
2OLYLHU&2/,1
'6&+HUW]0RQWSHOOLHU
-H VRXKDLWHUDLV YRXV SDUOHU GH OD ¿
OLqUH GH OD ORFDWLRQ GH FRXUWH GXUpH
TXL HPSORLH VDODULpV UpSDUWLV
GDQV SOXV GH HQWUHSULVHV &H
PDUFKpUHSUpVHQWHPLOOLDUGVG¶¼SDU
DQ HQ )UDQFH 2Q \ WURXYH QRPEUH
GH SHWLWHV HQWUHSULVHV PDLV DXVVL GHV
LQGpSHQGDQWV ORFDX[ HW UpJLRQDX[ HW
VXUWRXW GHV HQVHLJQHV QDWLRQDOHV HW
LQWHUQDWLRQDOHV TXL RQW SLJQRQ VXU UXH
6L[W %XGJHW $GD 5HQWDFDU HWF
HW VH SDUWDJHQW O¶HVVHQWLHO GX JkWHDX
OHVSOXVLPSRUWDQWHVUHVWDQWOHV¿OLDOHV
IUDQoDLVHV GH JURXSHV DPpULFDLQV
+HUW]$YLVHWHXURSpHQV(XURSFDU
&¶HVW XQ PDUFKp DVVH] YRODWLO HW TXL
RIIUHSHXGHYLVLELOLWp2QSHXWFHSHQ
GDQW QRWHU TXH O¶DFWLYLWp WHQG j VH Up
WUDFWHUGDQVOHFRQWH[WHDFWXHOGHFULVH
&¶HVWXQVHFWHXUWUqVFRQFXU
UHQWLHO DYHF GHV SROLWLTXHV
FRPPHUFLDOHVDJUHVVLYHVHW
XQH JXHUUH GHV SUL[ UpHOOH
PrPHVLO¶RQSHXWQRWHUTXH
VHVWURLVDFWHXUVPDMHXUVRQW
GpMj pWp FRQGDPQpV SRXU
HQWHQWHLOOLFLWH
&HVSRLGVORXUGVPRQGLDX[
LPSODQWpV SULQFLSDOHPHQW
GDQV OHV DpURSRUWV HW OHV
JUDQGHV YLOOHV UHSUpVHQWHQW
SOXV GH GHV HIIHFWLIV
HQ )UDQFH HW FDSWHQW GX PDUFKp &HV UpVHDX[
LPSODQWpV VXU WRXW OH WHUUL
WRLUH VRQW FRPSOpWpV SDU
GHVIUDQFKLVHVGRQWOHVSUR
SULpWDLUHVVRQWVRXYHQWLVVXV
GXPRQGHGHODFRQFHVVLRQ
DXWRPRELOH 1RXV VRPPHV DXVVL OLpV
DX[ VWDWLRQVVHUYLFH SDU GHV DFFRUGV
GHFRUUHVSRQGDQFH3DUDLOOHXUVQRXV
UHFRXURQVDX[HPSORLVVDLVRQQLHUVj
O¶LQWpULPHWjODVRXVWUDLWDQFH
/HVJUDQGVPpWLHUVGHQRWUH¿OLqUHVRQW
FHX[ GX FRPSWRLU GH OD SUpSDUDWLRQ
GHVYRLWXUHVGHVVHUYLFHVDGPLQLVWUD
WLIV HW GH OD PDLQWHQDQFH PpFDQLTXH
/H QRPEUH GH V\QGLTXpV &*7 UHVWH
DVVH] IDLEOH GDQV FHWWH ¿OLqUH PrPH
VL QRXV VRPPHV OHV SUHPLHUV SDU OH
QRPEUHG¶DGKpVLRQV
1RXV DYRQV WUqV SHX GH EDVHV 2Q
SHXWQRWHUXQHPEU\RQGHEDVHFKH]
5HQWDFDU RX XQH EDVH UpFHQWH j
5RLVV\FKH]$XWREHOOD/HVVWUXFWXUHV
V\QGLFDOHV OHV SOXV IRXUQLHV VH WURX
YHQW FKH] +HUW] V\QGLTXpV SRXU
VDODULpV HW (XURSFDU V\Q
GLTXpV SRXU VDODULpV &RPPH
EHDXFRXS G¶HQWUH YRXV QRV VRFLpWpV
VRQWUpSDUWLHVVXUO¶HQVHPEOHGXWHUUL
WRLUHIUDQoDLV
6LODGLUHFWLRQG¶(XURSFDUSDUDvWPRLQV
PpSULVDQWHTXHFHOOHGH+HUW]RX$YLV
VXU FHUWDLQV VXMHWV SDUWLFLSDWLRQ DX[
EpQp¿FHVDSSOLFDWLRQGHO¶DYHQDQW
VXU OD FODVVL¿FDWLRQ OHV HQWUHSULVHV
GH FHWWH ¿OLqUH PqQHQW XQH SROLWLTXH
GH GpFRQVLGpUDWLRQ GHV VDODULpV TXL
DEXVH GX PDUFKp GX WUDYDLO GpJUDGp
8QHJUDQGHSDUWLHGHQRVVDODULpVVRQW
H[SRVpVDX[KRUDLUHVGpFDOpVDXWUD
YDLOHQURXOHPHQWMRXUVGDQVO¶DQ
QpH j GHV FODVVL¿FDWLRQV PLQRUpHV
,O Q¶\ D SDV GH SULVH HQ FRPSWH GHV
H[HPSWLRQVGHWkFKHQLFULWqUHVGHPD
MRUDWLRQ/HVSD\HVVRQWWURSSURFKHV
GHV PLQLPXPV FRQYHQWLRQQHOV TXL
VRQW HX[PrPHV LQVXI¿VDQWV /HV
FRQGLWLRQVGHWUDYDLOVRQWGLI¿FLOHVOHV
ORFDX[SDUIRLVLQVDOXEUHVOHVHIIHFWLIV
LQVXI¿VDQWVHWOHVFDGHQFHVLQWHQVHV
2QREVHUYHDXVVLGHVGpULYHVHQPD
WLqUH GH VRXVWUDLWDQFH$LQVL j 5RLV
V\ OD &*7 D GpPRQWUp O¶RUJDQLVDWLRQ
G¶XQHVRXVWUDLWDQFHHQFDVFDGHDYHF
GHV VDODULpV VDQVSDSLHU DX PpSULV
GHV UqJOHV pOpPHQWDLUHV GX GURLW GX
WUDYDLO $ 1LFH QRXV DYRQV DXVVL YX
UpFHPPHQWDUULYHUGHVVDODULpVJUHFV
j FRQWUDWV DOOHPDQGV LQVWDXUDQW XQH
FRQFXUUHQFH GpOR\DOH DYHF OHV GH
PDQGHXUVG¶HPSORLVORFDX[2XWUHOHV
GpULYHVOLpHVjODVRXVWUDLWDQFHQRWUH
¿OLqUH IDLW XQ UHFRXUV DEXVLI DX[ VWD
JLDLUHV
2Q DVVLVWH pJDOHPHQW DX GpYHORS
SHPHQW G¶HQWLWpV ORZ FRVW FRPPH
$GYDQWDJH FKH] +HUW] &RPPH OHV
VDODULpVG¶$XWREHOODQRXVDYRQVQRXV
DXVVLGIDLUHIDFHjXQHYRORQWpG¶DQ
QXDOLVHU QRWUH WHPSV GH WUDYDLO +HX
UHXVHPHQW QRXV DYRQV UpXVVL DYHF
OHVDXWUHVV\QGLFDWVjQHSDVHQWUHU
GDQVFHMHXHWDYRQVPLVHQpFKHFOH
SURMHW
2XWUHOHVRXVHIIHFWLIHWOHVFRQGLWLRQV
GHWUDYDLOGLI¿FLOHVQRXVDYRQVDXVVL
XQPDQDJHPHQWGLVFXWDEOHTXLGpULYH
SDUIRLVYHUVOHKDUFqOHPHQWDYHFXQH
IRUWHSUHVVLRQVXUOHVYHQWHVRXVXUOD
FDGHQFH
0rPH VL XQH JUDQGH SDUWLH GX VRXV
HIIHFWLI FRQFHUQH GHV SRVWHV DGPL
QLVWUDWLIV GH VXSSRUW RX GH VHUYLFH
FOLHQWqOH+HUW]HVWSDVVpGHj
VDODULpV HQ PRLQV GH GL[ DQV
DYHFGHVGpORFDOLVDWLRQVGHODVRXV
WUDLWDQFHGHVOLFHQFLHPHQWVHWPRLQV
GHUHFUXWHPHQWVTXHGHGpSDUWV
&HWDEOHDXDVVH]QRLUGHQRWUH¿OLqUH
H[SOLTXHOHWDX[GHURWDWLRQTXL\HVW
REVHUYpHWVXUOHTXHOQRVSDWURQVSUp
IqUHQWSHXWrWUHV¶DSSX\HUSRXUOLPLWHU
1RXV GHYRQV PLHX[ FRPPXQLTXHU
SUHQGUH OH WHPSV GH OD FRQVXOWDWLRQ
HWXQL¿HUQRWUHGLVFRXUV&¶HVWOjTXH
O¶LPSOLFDWLRQ GH FKDFXQ HVW QpFHV
VDLUHSRXUSUHQGUHOHWHPSVGHFRP
SUHQGUHOHVGLUHFWLYHV¿[pHV
O¶pYROXWLRQGHODPDVVHVDODULDOH0DLV
OHVVDODULpVQHVRQWSDVWRXVUpVLJQpV
HWPrPHVLFHODQ¶HVWSDVWRXMRXUVID
FLOHQRXVDYRQVTXDQGPrPHFRQQX
GHV pSLVRGHV GH PRELOLVDWLRQ SOXV
RX PRLQV RUJDQLVpV SDUIRLV pSLGHU
PLTXHVHWVSRQWDQpV
0rPHVLQRXVQ¶DYRQVSDVGHSRXYRLU
GpFLVLRQQDLUH QRXV H[LVWRQV HW OHV
VDODULpVOHVDYHQWFRPPHOHPRQWUHQW
OHV VFRUHV REWHQXV SDU OD &*7 GDQV
OHVXUQHVSOXVSDUWLFXOLqUHPHQWGDQV
OH SUHPLHU FROOqJH$YHF OH UHQRXYHO
OHPHQW GH QRV pOXV QRXV VRPPHV
HQ DSSUHQWLVVDJH SHUPDQHQW GHV
FRQWUHSRXYRLUV UpHOV PDLV SDUIRLV
OLPLWpV TXH QRXV GRQQH OH GURLW HQ
WDQWTXHVDODULpVpOXV'3&(&+67
RXV\QGLFDWV,OHVWFHSHQGDQWWURSW{W
DXMRXUG¶KXLSRXUSDUOHUG¶LQYHUVLRQGX
UDSSRUWGHIRUFH
1RXV GHYRQV GRQF QRXV DWWDFKHU j
SURJUHVVHUHWDPpOLRUHUQRWUHSRWHQWLHO
SRXUVXVFLWHUSOXVTXHGHODV\PSDWKLH
FKH]OHVVDODULpVHWOHVYRLUV¶LPSOLTXHU
DYHFQRXVSRXUUpDOLVHUO¶XQLRQHWSH
VHUGDYDQWDJH
&HWWHWkFKHDUGXHHVWO¶DIIDLUHGHWRXV
&KDFXQ G¶HQWUH QRXV GRLW V¶LQYHVWLU
SRXUSHUVXDGHUOHSOXVGHVDODULpVHQ
YpKLFXODQWPLHX[QRVFRPPXQLFDWLRQV
HWHQpWDQWjOHXUpFRXWH,O\DXUDELHQ
VU GHV pFXHLOV j pYLWHU HW GHV DPp
OLRUDWLRQV DWWHQGXHV GH FKDFXQ SRXU
DPpOLRUHUOHIRQFWLRQQHPHQWGHQRWUH
V\QGLFDW
3RXU DPpOLRUHU QRWUH HI¿FDFLWp
FKDTXHpOXFKDTXHPDQGDWpV\QGLFDO
GRLWV¶DSSURSULHUOHVGURLWVjIRUPDWLRQ
H[LVWDQWVSRXUVHKLVVHUjODKDXWHXU
GHVH[LJHQFHVGHQRVPDQGDWVGHFH
TX¶HQ DWWHQGHQW VHV FROOqJXHV ,O QH
IDXWSDVVHFRQWHQWHUGHVHEDVHUVXU
VRQ H[SpULHQFH RX VXU OHV FRQQDLV
VDQFH GHV DXWUHV &KDFXQ GRLW V¶DS
SURSULHU VRQ PDQGDW DX PLHX[ DYRLU
FRQVFLHQFHGHVHVH[LJHQFHVGHVHV
GURLWV GH VHV GHYRLUV HW GH VHV UHV
SRQVDELOLWpV
3RXU QRWUH SDUW OD ¿OLqUH GH OD ORFD
WLRQHVWWUqVPDVFXOLQHHWVDQVGRXWH
WURS RULHQWpH VXU TXHOTXHV PpWLHUV
HQ SDUWLFXOLHU FHX[ GH OD SUpSDUDWLRQ
GHVYRLWXUHVPDLVLOQHIDXWSDVDYRLU
SHXU GH VH WRXUQHU YHUV OHV VDODULpV
GHV DXWUHV PpWLHUV TXL VRQW SDUIRLV
PRLQV VHQVLEOHV j QRWUH GLVFRXUV HW
RQWSHXWrWUHGHVFRQGLWLRQVGHWUDYDLO
PRLQV UXGHV PDLV TXL FRXUHQW HX[
DXVVL GHV ULVTXHV QRWDPPHQW SV\
FKRVRFLDX[1RXVGHYRQVQRWDPPHQW
QRXVIpPLQLVHUGDYDQWDJHODEUDQFKH
GHODORFDWLRQFRPSWHjGH
VDODULpHV
1RXV GHYRQV SRXUVXLYUH QRV PLV
VLRQVQRXVSHUIHFWLRQQHUHWFRQWLQXHU
QRWUHWUDYDLOG¶pOXV(WPrPHVLQRXV
GHYRQVDPpOLRUHUQRWUHWUDYDLODXVHLQ
GH FKDTXH HQVHLJQH QRXV GHYRQV
DXVVL UHQIRUFHU QRV OLHQV HQWUH HQ
VHLJQHV 1RXV GHYRQV YRLU GDQV QRV
FRQIUqUHV GHV FDPDUDGHV DYDQW G¶\
YRLUGHVFRQFXUUHQWV'DQVFHFDGUH
QRXV GHYRQV QRXV DWWDFKHU j UHQ
IRUFHU OD FRRUGLQDWLRQ GH QRWUH ¿OLqUH
HW QRXV WRXUQHU YHUV OHV VRFLpWpV R
Q¶H[LVWH DXFXQH VWUXFWXUH V\QGLFDOH
2QSHXWFRPSWHUGDQVODPHVXUHGH
OHXUVPR\HQVVXUOHVXQLRQVORFDOHV
OHV8670OD)pGpUDWLRQRXODFRRUGL
QDWLRQGHVJDUDJHVHWGHVVHUYLFHVGH
O¶$XWRPRELOH
0DLV LO HVW YUDL TX¶LO Q¶HVW SDV IDFLOH
GH WUDYDLOOHU HQ ¿OLqUH FDU EHDXFRXS
G¶HQWUH QRXV WUDYDLOOHQW HQ KRUDLUHV
GpFDOpV ,O IDXW GRQF TXH GDYDQWDJH
GHPRQGHV¶LPSOLTXHHWTXHQRXVDUUL
YLRQVjPLHX[SDUWDJHUOHVWkFKHVSRXU
HQFOHQFKHUXQFHUFOHYHUWXHX[TXLGp
YHORSSHUDLW QRV EDVHV V\QGLFDOHV HW
DPpOLRUHUDLWOHUDSSRUWGHIRUFH1RXV
GHYRQV DXVVL QRXV GpYHORSSHU GDQV
OHV HQWUHSULVHV R QRXV QH VRPPHV
SDV HQFRUH SUpVHQWV 1RXV GHYRQV
HQ¿QODQFHUXQHG\QDPLTXHTXLQRXV
SHUPHWWUD G¶DWWLUHU GHV MHXQHV HW GH
SUpSDUHUO¶DYHQLU
(ULF'259$/
&05&)$20RWRUV&LWURsQ
-H PH GHPDQGH VL OD SURSRVLWLRQ GH
JULOOHGHVDODLUHTXLVHWURXYHGDQVOD
SRFKHWWHTXLQRXVDpWpUHPLVHjO¶HQ
WUpHHVWDGDSWDEOHjWRXWHVOHVUpJLRQV
GH)UDQFH(QHIIHWGDQVQRWUHHQWUH
SULVH OHV MHXQHV PpFDQRV WLWXODLUHV
G¶XQ %76 WRXFKHQW HXURV QHWV
SDU PRLV DORUV TXH OD JULOOH SURSRVH
XQVDODLUHGHHXURV&HFRPEDW
HVWLOUpDOLVWH"
-¶DMRXWHTXHVLQRXVGHPDQGRQVO¶DS
SOLFDWLRQ GH OD FRQYHQWLRQ FROOHFWLYH
QDWLRQDOHLOIDXWDXVVLWHQLUFRPSWHGH
VSpFL¿FLWpVORFDOHVFDUQRXVVRPPHV
OHVVHXOVjVDYRLUFHGRQWOHVVDODULpV
GH /D 5pXQLRQRQWEHVRLQ1RXVGH
YRQVpJDOHPHQWUpÀpFKLUDX[PR\HQV
G¶H[SORLWHUSOHLQHPHQWQRWUHIRUFHV\Q
GLFDOH VRXYHQW SOXV LPSRUWDQWH TXH
GDQVOHVHQWUHSULVHVGHOD0pWURSROH
HQUHQIRUoDQWQRWUHFRKpVLRQ
/DURXVVL*$1$
9LQFL3DUN1DQWHUUH
/DFUpDWLRQGHFROOHFWLIVV\QGLFDX[HVW
XQHYRLHG¶DYHQLUSRXUO¶HQVHPEOHGHV
VDODULpV GH OD EUDQFKH $XWRPRELOH
'DQVOD¿OLqUHGHVSDUNLQJVQRVFRO
OqJXHVG¶(I¿DRQWODQFpXQHLQLWLDWLYH
GDQVFHVHQVHWMHSHQVHTX¶LOIDXWOD
GpYHORSSHUFDUHOOHQRXVSHUPHWWUDGH
ODQFHU GHV DFWLRQV HW GHV UHYHQGLFD
WLRQV FROOHFWLYHV-H VRXKDLWHUDLV SDU
DLOOHXUVpYRTXHU,53$XWR'DQVQRWUH
HQWUHSULVH QRXV DYRQV XQ DVVXUHXU
SULYp*HQHUDOL2U,53$XWRQHQRXV
RIIUHSDVOHVPrPHVJDUDQWLHV1RXV
YRXORQV GRQF ELHQ DGKpUHU j ,53
PDLVjFRQGLWLRQTX¶HOOHQRXVRIIUHOHV
PrPHVJDUDQWLHVTXH*HQHUDOL
3DUDLOOHXUVQRXVDYRQVQpJRFLpDYHF
QRWUHHPSOR\HXUXQDFFRUGVXUOHGURLW
V\QGLFDO 1RXV DYRQV DLQVL REWHQX
XQHYLQJWDLQHG¶KHXUHVGHGpOpJDWLRQ
VXSSOpPHQWDLUHSRXUOH6HFUpWDLUHGH
QRWUH&(XQVLWH,QWHUQHWSRXUFKDTXH
V\QGLFDWODSULVHHQFKDUJHG¶XQPRLV
GHFRPPXQLFDWLRQWpOpSKRQLTXHSRXU
FKDTXHpOXHWPrPHXQHVXEYHQWLRQ
-HSHQVHGRQFTX¶LOIDXWGpYHORSSHUFH
JHQUHGHUHYHQGLFDWLRQV
1RXV DYRQV pJDOHPHQW REWHQX OH
PDLQWLHQ GH O¶DFFRUG FRQWUH OD © YLH
FKqUH ª SRXU QRV VDODULpV GH 0DUWL
QLTXH
(Q¿QQRXVDYRQVXQDFFRUGG¶HQWUH
SULVHTXLSUpYRLWGHVGLVSRVLWLRQVSOXV
IDYRUDEOHVTXHFHOOHVGHODFRQYHQWLRQ
FROOHFWLYHGHO¶$XWRPRELOHQRWDPPHQW
SRXUOHVLQGHPQLWpVGH¿QGHFDUULqUH
0LFKHO+(857(/
5HQDXOW5HWDLO*URXS$UJHQWHXLO
DQLPDWHXU,OHGH)UDQFHGHVJDUDJHV
&RQFHUQDQW OD JULOOH GHV VDODLUHV
SURSRVpH SDU OD )pGpUDWLRQ F¶HVW j
FKDTXHV\QGLFDWGHODIDLUHYLYUHGH
GHPDQGHU DX[ VDODULpV
VL HOOH OHXU FRQYLHQW HW
G¶pYDOXHU GH FRPELHQ LOV
RQWEHVRLQ6LFHWWHJULOOH
SHXW SDUDvWUH XWRSLTXH
MH VXLV VU TX¶j IRUFH GH
UpDOLVHU GHV HQTXrWHV
GH VDODLUHV OHV VDODULpV
¿QLURQWSDUODWURXYHUUpD
OLVWH
&RQFHUQDQW OH SDUUDL
QDJH LO QH UHSUpVHQWH
SDVVLPSOHPHQWGXWUDYDLO
VXSSOpPHQWDLUH SRXU OHV
pOXV HW GpOpJXpV GH OD
&*7 ,O D DXVVL SRXU EXW
GHIDLUHHQVRUWHTXHWRXVOHVVDODULpV
WLHQQHQW OH PrPH ODQJDJH HW REWLHQ
QHQWODPrPHFKRVHGDQVWRXWHVOHV
HQWUHSULVHV GH OD %UDQFKH /HV SD
WURQVSRXVVHQWHQHIIHWjODFUpDWLRQ
GHJURXSHVGDQVO¶REMHFWLITXHOHVVD
ODULpVGHYLHQQHQWGHVLQWpULPDLUHVGH
OHXUSURSUHHQWUHSULVHHWSXLVVHQWrWUH
GpSODFpV G¶XQ SRVWH j XQ DXWUH DX
VHLQGHOHXUJURXSH6LOD&*7Q¶HVW
SDVSUpVHQWHOHVVDODULpVGHFHUWDLQV
JDUDJHV ULVTXHQW YUDLPHQW G¶rWUH HQ
GLI¿FXOWp
6pEDVWLHQ+2+0$11
'6&5HQDXOW5HWDLO*URXS&RXUEHYRLH
'DQV QRWUH JURXSH QRXV DYRQV XQH
IRUFH GH IUDSSH V\QGLFDOH DVVH] LP
SRUWDQWH SXLVTXH QRXV EpQp¿FLRQV
G¶XQ DFFRUG GH GURLW V\QGLFDO DVVH]
LQWpUHVVDQW 3DUDGR[DOHPHQW QRXV
DYRQV pQRUPpPHQW GH PDO j IDLUH
DGPHWWUH O¶LQWpUrW GX SDUUDLQDJH DX[
PLOLWDQWV GH QRWUH UpVHDX TXL VRQW
VRXYHQW SOXV VHQVLEOHV DX[ DFFRUGV
G¶HQWUHSULVHTX¶jODFRQYHQWLRQFROOHF
WLYH OHV SUHPLHUV pWDQW VXU ELHQ GHV
SRLQWVVXSpULHXUVjODVHFRQGH,OVH
UDLWGRQFLQWpUHVVDQWORUVTXHOD)pGp
UDWLRQ FRQVXOWH OHV V\QGLFDWV G¶DYRLU
XQUHWRXUVXUOHQRPEUHGHUpSRQVHV
GHODSDUWGHVV\QGLFDWVTXLDSSDUWLHQ
QHQWjGHVJURXSHVGLVSRVDQWGHOHXUV
SURSUHVDFFRUGVG¶HQWUHSULVH
3DU DLOOHXUV XQH VROLGDULWp ¿QDQFLqUH
DpWpGHPDQGpHGDQVOHFDGUHGHFHV
DVVLVHV 1RXV DYLRQV DFWp TXH OHV
V\QGLFDWV GH SURYLQFH GRQQHUDLHQW
FHQWHXURVHWFHX[GHODUpJLRQSDUL
VLHQQHGHX[FHQWVHXURV2UWUqVSHX
HX[ G¶HQWUH HX[ RQW UpSRQGX &HOD
P¶LQTXLqWH GDQV OD SHUVSHFWLYH GHV
pOHFWLRQV GDQV OHV 73( FDU MH FUDLQV
TXHWUqVSHXGHV\QGLFDWVQHV¶\LP
SOLTXHQW/HVGpOpJXpVV\QGLFDX[FHQ
WUDX[GHVJUDQGVJURXSHVGRLYHQWHQ
IDLUH XQ VXMHW FHQWUDO GH WRXWHV OHXUV
DVVHPEOpHV0DLVLOHVWYUDLTXHFHOD
HVW SDUIRLV GLI¿FLOH VXUWRXW GDQV OHV
HQWUHSULVHV RX OHV DFFRUGV VRQW SOXV
IDYRUDEOHV TXH OD FRQYHQWLRQ FROOHF
WLYH
)UDQoRLVH)$%%5,&13$
/HVVDODULpVGX&13$VRQWGHVVDOD
ULpV j SDUW /D VHXOH SRVVLELOLWp TXH
QRXVD\RQVSRXUREWHQLUXQHDXJPHQ
WDWLRQ RX XQ FKDQJHPHQW G¶pFKHORQ
F¶HVW GH IDLUH DSSHO DX WULEXQDO GHV
SUXG¶KRPPHV &HOD SDVVH UDUHPHQW
SDU OD QpJRFLDWLRQ VDXI SRXU OHV VD
ODULpVTXLVRQWHQWUpVDX&13$SDUOH
ELDLVGHJUDQGVJURXSHVWHOVTXH7R
WDORX36$7UDYDLOOHUDX&13$Q¶HVW
GRQFSDVFKRVHIDFLOHHWVLYRXVQ¶rWHV
SDVVRXWHQXSDUOHSDWURQRXOH'5+
G¶XQJUDQGJURXSHYRXVrWHVDVVXUp
GH¿QLUGDQVXQSODFDUG/DVHXOHVR
OXWLRQSRXUIDLUHDSSOLTXHUODFRQYHQ
WLRQ FROOHFWLYH VHUDLW TXH OH &13$ VH
GpWDFKH GHV FRQVWUXFWHXUV DXWRPR
ELOHVHWUHGHYLHQQHDXWRQRPHFRPPH
DXWUHIRLV 0DQLIHVWHU SHXW pJDOHPHQW
rWUH HI¿FDFH FRPPH O¶RQW PRQWUp
OHV GHX[ PDQLIHVWDWLRQV TXL RQW HX
OLHXYRLFLGHX[RXWURLVDQVHWTXLRQW
FRQGXLWOHVGLULJHDQWVGX&13$jFp
GHU VXU GHV SRLQWV TX¶LOV EORTXDLHQW
GHSXLVGHVDQQpHV
,VDEHOOH9,9,(5
UHQDXOW5HWDLO*URXS3DQWLQ
(Q SUpDPEXOH j PRQ LQWHUYHQWLRQ MH
VRXKDLWHUDLV VDYRLU SRXUTXRL LO Q¶\ D
SDV GH IHPPHV j OD WULEXQH -H UH
PDUTXH SDU DLOOHXUV TXH EHDXFRXS
G¶pOXV SUpVHQWV LFL VRQW LVROpV 3RXU
TXRLQHSDVQRXVUHJURXSHUGDQVGHV
FROOHFWLIV GpGLpV DX[ JDUDJHV DX[
SDUNLQJVDX[DXWRpFROHVHWFGDQV
O¶LGpHGHSDUWDJHUQRWUHH[SpULHQFHHW
GHQRXVVRXWHQLUPXWXHOOHPHQW"
,O PH VHPEOH pJDOHPHQW LPSRUWDQW
GHGLVFXWHUDYHFOHVVDODULpVHWSOXV
JOREDOHPHQWGHFRPPXQLTXHU,OIDXW
DXVVL V¶DSSX\HU VXU OHV VWUXFWXUHV
H[LVWDQW GDQV FHUWDLQHV UpJLRQV GH
PDQGHU R O¶RQ SHXW V¶DGUHVVHU HWF
'DQV FHWWH SHUVSHFWLYH SRXUTXRL QH
SDV FUpHU XQ UpSHUWRLUH GH WRXV OHV
V\QGLTXpVDFWLIVRXUHWUDLWpV"
(Q¿Q VL YRXV DYH] EHVRLQ GH IRU
PDWLRQV LO QH IDXW SDV KpVLWHU j HQ
GHPDQGHU ,QWHUQHW SHUPHW DXVVL GH
IDLUH GHV UHFKHUFKHV GH WURXYHU FHU
WDLQHV ORLV VXU OH VLWH OpJLIUDQFH SDU
H[HPSOH GH OHV IDLUH FRQQDvWUH DX[
SDWURQV SXLV GH OHV IDLUH DSSOLTXHU
²OHFDVpFKpDQWHQD\DQWUHFRXUVj
O¶,QVSHFWLRQGXWUDYDLORXDX7ULEXQDO
2Q WURXYH DXVVL VXU ,QWHUQHW GHV LQ
IRUPDWLRQVV\QGLFDOHVVXUVRQHQWUH
SULVH HWF (Q DOODQW DX FRQWDFW DYHF
OHV VDODULpV RQ GpFRXYUH G¶DLOOHXUV
VRXYHQW TXH VRQ HQWUHSULVH HVW SOXV
YLYDQWHTX¶RQQHOHSHQVHHWTX¶LO\D
GHVFKRVHVjFRQVWUXLUHDYHFHX[
7KLHUU\ 3(5,7$ 5HS %DPDWH[
3QHXPDWLTXH/H3RUW/D5pXQLRQ
-HWHQDLVjVRXOLJQHUOHVSUDWLTXHVHV
FODYDJLVWHVGXJURXSH*%+j/D5pX
QLRQHQ$IULTXHGX1RUGHQ
3RO\QpVLH GDQV OHV $QWLOOHV
HW OHV &DUDwEHV $LQVL PRQ
HQWUHSULVHVDODULpVGLVWUL
EXHFKDTXHDQQpHPLOOLRQV
G¶HXURVQHWVGHGLYLGHQGHVj
VRQDFWLRQQDLUHSULQFLSDO1RV
1$2GHMXLQGHUQLHURQWDERX
WLjXQHJUqYHGHGL[MRXUVMH
VXLV ¿HU GH O¶DYRLU PHQpH HW
G¶DYRLU PRQWUp j OD GLUHFWLRQ
HW j OD &)'7 FH TX¶pWDLW XQ
GpOpJXp &*75 $X ¿QDO OD
GLUHFWLRQ QRXV D LPSRVp FH
TX¶HOOHYRXODLWQRXVGRQQHUGHSXLVOH
GpEXW j VDYRLU HXURV EUXWV -¶DL
VLJQp XQ SURWRFROH GH ¿Q GH FRQÀLW
GRQWMHQHVXLVSDVWUqV¿HUPDLVDX
PRLQVQRXVOHVDYRQVELHQIDLW©FKLHU
ª'HPDLQOHVFKRVHVULVTXHQWG¶rWUH
SOXV GXUHV SRXU OHV GpOpJXpV &*75
GH5HSFDUQRXVVHURQVRSSRVpVQRQ
VHXOHPHQWjODGLUHFWLRQPDLVDXVVLj
OD&)'7/DOXWWHGRLWGRQFFRQWLQXHU
-HDQ3LHUUH0(5&,(5UHWUDLWp
3OXW{WTXHGHV¶DGUHVVHUjO¶,QVSHFWLRQ
GX WUDYDLO TXL Q¶D SDV GH SRXYRLU HW
QHSHXWTXHFRQVWDWHUOHVLUUpJXODULWpV
FRPPLVHVGDQVOHVHQWUHSULVHVM¶LQYLWH
)UDQoRLVH)DEEULjYHQLUQRXVYRLUFDU
QRXV DYRQV XQ VHUYLFH MXULGLTXH WUqV
UHQRPPpHQ ,OHGH)UDQFH /H&13$
QHQRXVIDLWSDVSHXUHWYRXVWURXYHUH]
FKH]QRXV(VSDFH1HOVRQ0DQGHODj
$UJHQWHXLOGHVJHQVjYRWUHpFRXWH
3DUDLOOHXUVMHFURLVTX¶LOIDXWELHQGLV
WLQJXHUGDQVFKDTXHHQWUHSULVHFHTXL
SHXWrWUHUpFODPpHWFHTXLSHXWrWUH
REWHQXVRXVSHLQHG¶DOOHUGDQVOHPXU
,OQHIDXWSDVUpFODPHUGHVFKRVHVTXL
QHSHXYHQWSDVrWUHREWHQXHVFHTXL
VXSSRVHGHELHQVHUHQVHLJQHUDXSD
UDYDQW
(ULF'8)$8
5HQDXOW5HWDLO*URXS&RXUEHYRLH
'DQV QRWUH HQWUHSULVH XQ DFFRUG
¿[H OH WHPSV GH WUDYDLO KHEGRPD
GDLUH HQWUH HW KHXUHV VXLYDQW
O¶DFWLYLWp 2U QRWUH GLUHFWLRQ QRXV D
SURSRVp GH WUDYDLOOHU KHXUHV SDU
VHPDLQH FH TXL HVW XQH DEHUUDWLRQ
j O¶KHXUH R QRWUH SD\V FRPSWH WURLV
PLOOLRQVGHFK{PHXUV/DGLUHFWLRQGH
5HQDXOWDHQHIIHWGpFLGpGHQHSOXV
HPSOR\HU DXFXQ LQWpULPDLUH j SDUWLU
GH VHSWHPEUH WDQW GDQV VHV XVLQHV
TX¶DXVHLQGHVRQUpVHDX,OIDXWGRQF
FUpHU XQ UDSSRUW GH IRUFH HW QH SDV
KpVLWHU j RUJDQLVHU XQH ERQQH JUqYH
GHWHPSVHQWHPSV(QUpVXPpLOIDXW
SDUIRLVVDYRLUSHUGUHGHO¶DUJHQWSRXU
HQJDJQHU
3KLOLSSH0$57,1(=
VHFUpWDLUHJpQpUDOGHOD)70
-H WLHQV j VDOXHU FHWWH LQLWLDWLYH TXH
VRQW OHV $VVLVHV GH O¶$XWRPRELOH
1RXVDYRQVSULVODERQQHKDELWXGHGH
QRXVYRLUWRXVOHVGHX[DQVVDQVWRP
EHUGDQVODURXWLQHFRPPHOHPRQWUH
OD SUpVHQFH GH QRPEUHX[ QRXYHDX[
SDUWLFLSDQWV 1RXV DYRQV ELHQ SULV OD
GLPHQVLRQ GH FH TXH UHSUpVHQWH OD
FRQYHQWLRQQDWLRQDOHGHVVHUYLFHVGH
O¶DXWRPRELOH TXL UHFRXYUH GHV SUR
IHVVLRQV WUqV GLYHUVHV ² G¶DLOOHXUV
FRPPH YRXV DYH] SX OH FRQVWDWHU
QRXVDYRQVPrPHGHVV\QGLTXpVDX
VHLQGX&13$1RXVFRQWLQXRQVDXVVL
jWUDYDLOOHUDYHFQRVFDPDUDGHVGHOD
5pXQLRQHWQRXVGHYRQVOHIDLUHVDYRLU
DX VHLQ GHV HQWUHSULVHV GH OD 0pWUR
SROH9RXVDYH]WRXVSXFRQVWDWHUTXH
OD VLWXDWLRQ VRFLDOH pWDLW DVVH] FRP
SOH[HHQFHWWHUHQWUpH)DFHjOD
PXOWLWXGHGHVSODQVVRFLDX[HWGHVUHV
WUXFWXUDWLRQV DX[TXHOV QRXV VRPPHV
FRQIURQWpV QRXV DYRQV EHVRLQ G¶\
YRLUFODLU(QHIIHWLO\DHQFRUHSDUPL
QRVPLOLWDQWVWURSG¶LQWHUURJDWLRQVVXU
OH IDLW GH VDYRLU V¶LO HVW SRVVLEOH G¶LQ
YHUVHU OD WHQGDQFH DFWXHOOH $LQVL
GDQV O¶DXWRPRELOH FHUWDLQV FDPD
UDGHVFRQVLGqUHQWTXHHQUDLVRQGHV
VXUFDSDFLWpV GH SURGXFWLRQ HW GH OD
EDLVVHGHVYHQWHVLOQ¶\DXUDLWSOXVGH
WUDYDLO SRXU WRXW OH PRQGH 1RXV GH
YRQVGRQFQRXVH[SOLTXHUFDUQRXVQH
SRXUURQVSDVJDJQHUODEDWDLOOHVLWRXV
OHVFRPEDWWDQWVQHVRQWSDVFRQYDLQ
FXVGHSRXYRLUODJDJQHU&HWH[HPSOH
HVWUHSUpVHQWDWLIGHWRXWHVOHVEDWDLOOHV
TXHQRXVPHQRQVDFWXHOOHPHQW0DLV
OHYUDLSUREOqPHDXTXHOHVWFRQIURQWpH
O¶LQGXVWULH F¶HVW TXH O¶RQ QH SHXW SDV
FRQVRPPHU TXDQG RQ QH JDJQH SDV
DVVH] G¶DUJHQW 2U FH TXH QRXV SUR
SRVHQW OHV SDWURQV F¶HVW G¶DYRLU SOXV
GHFK{PHXUVHWGHQRXVSD\HUPRLQV
$XWUHPHQW GLW OHXU VROXWLRQ QH IHUDLW
TX¶DJJUDYHUOHSUREOqPH
,O IDXW GRQF GLVFXWHU GHV PR\HQV GH
IDLUH DXWUHPHQW HW OHV VDODULpV RQW GH
QRPEUHX[ DUJXPHQWV j IDLUH YDORLU j
FRPPHQFHU SDU OH PRQWDQW GHV GLYL
GHQGHV WRXFKpV SDU OHV DFWLRQQDLUHV
SDUH[HPSOHFHX[GH3HXJHRW,OIDXW
VRUWLU GX GLVFRXUV GH FXOSDELOLVDWLRQ
GHV VDODULpV 1RXV HQ DYRQV DVVH]
G¶HQWHQGUH OHV SDWURQV QRXV GLUH TXH
QRXV FRWRQV WURS FKHUV ,O IDXW DX
FRQWUDLUH TXH QRXV WRXFKLRQV SOXV
G¶R OD QpFHVVLWp GH FRQWLQXHU OD ED
WDLOOH²HVVHQWLHOOH²VXUOHVVDODLUHV
HWODFODVVL¿FDWLRQ&¶HVWODGLPHQVLRQ
TXHQRXVYRXORQVGRQQHUjODMRXUQpH
GXRFWREUHSURFKDLQSRXUODGpIHQVH
GH O¶LQGXVWULH GRQW OHV VHUYLFHV DXWR
PRELOHV VRQW XQ DFWHXU LPSRUWDQW -H
VXLV G¶DLOOHXUV FRQYDLQFX TXH YRXV
SDUWLFLSHUH]WRXVDX[PDQLIHVWDWLRQVHW
DUUrWVGHWUDYDLOGXRFWREUHSRXUHQ
IDLUHXQHMRXUQpHUHWHQWLVVDQWH
&RQFHUQDQW OHV VHUYLFHV GH O¶DXWR
PRELOH M¶DL HQWHQGX GHV FDPDUDGHV
V¶LQWHUURJHU VXU OD QpFHVVLWp G¶XQ WUD
YDLO VSpFL¿TXH SDU ¿OLqUH ORXHXUV
VWDWLRQVVHUYLFHVSDUNLQJV-HSHQVH
SRXUPDSDUWTXHQRXVDYRQVEHVRLQ
GHUHQIRUFHUWRXWFHTXLDpWpIDLWFHV
GHUQLqUHVDQQpHVDXWRXUGHVFROOHFWLIV
GH¿OLqUHSDUFHTXHOHVSUREOpPDWLTXHV
QHVRQWSDVOHVPrPHVG¶XQH¿OLqUHj
XQH DXWUH HQ YHLOODQW FHSHQGDQW j
UHVWHU FRKpUHQWV VXU
OD FRQYHQWLRQ FRO
OHFWLYH QDWLRQDOH FDU
F¶HVW XQH FKDQFH
G¶HQ DYRLU XQH SRXU
UDSSHO LO Q¶\ HQ D
SDV GDQV OD 0pWDO
OXUJLH 3RXU FH TXL
OD FRQFHUQH OD )p
GpUDWLRQ V¶HIIRUFH
GH PHWWUH HQ °XYUH
WRXV OHV PR\HQV Qp
FHVVDLUHV SRXU TXH
OH WUDYDLO HQJDJp
GHSXLV
TXHOTXHV
DQQpHV DERXWLVVH j
GHV UpVXOWDWV HQFRUH
SOXVVDWLVIDLVDQWV1RXVDYRQVEHVRLQ
PDLQWHQDQW GH WUDYDLOOHU DX UHQIRUFH
PHQWGHODV\QGLFDOLVDWLRQGDQVYRWUH
SURIHVVLRQ FH TXL VXSSRVH TXH OHV
FDPDUDGHV GHV JUDQGV JURXSHV GH
OD 0pWDOOXUJLH YLHQQHQW YRXV GRQQHU
XQFRXSGHPDLQGDQVOHVHQWUHSULVHV
VDQVV\QGLFDW
(Q¿QYRXVWUDYDLOOH]GDQVXQVHFWHXU
TXLHPSORLHEHDXFRXSGHMHXQHV2UMH
WURXYHTXHQRXVQHIDLVRQVSDVDVVH]
G¶HIIRUWV YLVjYLV GH FHWWH FDWpJRULH
&HWWH EDWDLOOH SRXU OD MHXQHVVH YRXV
SRXUUH] OD PHQHU DYHF OH FROOHFWLI
-HXQHVGHOD)pGpUDWLRQ
)DELHQQH'(%($89$,6UHWUDLWp
6&$6LDQ3HXJHRW6XU\OHV$PLHQV
$XWUHIRLV OHV 1$2 Q¶H[LVWDLHQW SDV OD OXWWH VH PHQDLW DX TXRWLGLHQ 1RXV
VRPPHVOHVYpULWDEOHVSDWURQVGHQRV
HQWUHSULVHV FDU F¶HVW QRXV TXL OHXU
IDLVRQV JDJQHU GH O¶DUJHQW 1H QRXV
ODLVVRQVGRQFSDVEHUQHUSDUOHV1$2
6XUOHVVDODLUHVOHVFRQGLWLRQVGHWUD
YDLOHWFQRXVGHYRQVPHQHUO¶DFWLRQ
WRXVOHVMRXUVFDUOHV1$2QHVRQWOj
TXHSRXU¿QDOLVHUFHTXLVHQpJRFLHDX
TXRWLGLHQVXUOHWHUUDLQ$JLVVRQVVDQV
UHOkFKHHWYRXVYHUUH]TXHOHVDXWUHV
RUJDQLVDWLRQV V\QGLFDOHV HQWUHURQW
HOOHVDXVVLGDQVODFRQWHVWDWLRQ
'HQLV/(%/$1&
5HQDXO5HWDLO*URXS
3RXUTXRLQ¶\DWLOSDVGHIHPPHjOD
WULEXQH"&¶HVWSDUFHTXHQRXVDYRQV
YRXOX TX¶\ VLqJHQW GHV DGPLQLVWUD
WHXUV GH OD EUDQFKH SURIHVVLRQQHOOH
HW PDOKHXUHXVHPHQW SDUFH TXH QRV
FDPDUDGHV DGPLQLVWUDWULFHV Q¶RQW SDV
SX rWUH SUpVHQWHV DXMRXUG¶KXL ,O IDXW
FHSHQGDQW rWUH FRQVFLHQW GH OD IDLEOH
SODFH TX¶RFFXSHQW OHV IHPPHV GDQV
QRVV\QGLFDWVFHTXLWLHQWVDQVGRXWH
jQRWUHGLI¿FXOWpjQRXV\WRXUQHUYHUV
OHV VDODULpV GX H FROOqJH HQ SDUWLFX
OLHU GDQV OHV JDUDJHV FHOD HVW PRLQV
YUDL FKH] OHV ORXHXUV HW OHV VWDWLRQV
VHUYLFHREHDXFRXSGHFHVVDODULpHV
WUDYDLOOHQWjWHPSVSDUWLHO1RXVDYRQV
GRQF EHVRLQ GH UHQIRUFHU OD V\QGLFD
OLVDWLRQGHVIHPPHV²HWGHWRXVOHV
DXWUHVVDODULpV²GDQVOHVJDUDJHV
&RQFHUQDQWOHV1$2LOV¶DJLWHIIHFWLYH
PHQWG¶XQPRPHQWSULYLOpJLpSRXUWUDL
WHU GH OD TXHVWLRQ GHV VDODLUHV 1RXV
VDYRQVTXHODEDWDLOOHSRXUOHVVDODLUHV
GRLWrWUHPHQpHWRXVOHVMRXUVHWGDQV
ODGXUpHHQFRQVWUXLVDQWDXTXRWLGLHQ
OHVUHYHQGLFDWLRQVTXLSHUPHWWURQWHQ
VXLWHO¶RUJDQLVDWLRQGHWHPSVIRUWV
/RUV GHV$VVLVHV G¶LO \ D TXDWUH DQV
QRXVDYLRQVSURSRVpXQHJULOOHGHVD
ODLUHV TXL SDUDLVVDLW GLVSURSRUWLRQQpH
j FHUWDLQV 1RXV O¶DYLRQV GRQF UHWUD
YDLOOpHHQUHYHQGLTXDQWXQVDODLUHEUXW
PLQLPDOGHHXURVHWXQpFKHORQ
VXSSOpPHQWDLUH WRXV OHV TXDWUH DQV
SHUPHWWDQW DLQVL DX[ V\QGLFDWV G¶HQ
GLVFXWHUHWG¶HQJDJHUGHVOXWWHVVXUOHV
VDODLUHV SDU H[HPSOH FKH]$XWREHOOD
1RXV GHYRQV PDLQWHQDQW SRXUVXLYUH
FHWWHOXWWHDXQLYHDXGHO¶HQVHPEOHGH
QRWUH)pGpUDWLRQ
1RXV DYRQV pJDOHPHQW EHVRLQ GH
UHFRQVWUXLUH FHUWDLQV FROOHFWLIV HQ
SDUWLFXOLHU FHOXL GHV VWDWLRQVVHUYLFHV
TXL D UpDOLVp XQ WUDYDLO H[WUDRUGLQDLUH
VXU OD UHFRQQDLVVDQFH GHV PpWLHUV HW
VDQVOHTXHOQRXVQ¶DXULRQVMDPDLVpWp
pFRXWpVSDUOHSDWURQDW'HVFROOHFWLIV
VLPLODLUHV SRXUUDLHQW rWUH FRQVWLWXpV
SRXU OHV VRFLpWpV GH ORFDWLRQ RX OHV
SDUNLQJV1RXVDYRQVHQHIIHWEHVRLQ
GHFHVFROOHFWLIVSRXUQRXVQRXUULUGH
O¶H[SpULHQFH GHV XQV HW GHV DXWUHV
DLQVL TXH G¶DVVHPEOpHV JpQpUDOHV GH
JURXSHSRXU\Gp¿QLUGHVD[HVUHYHQ
GLFDWLIV VSpFL¿TXHV j FKDFXQ G¶HQWUH
HX[
(Q PDWLqUH GH YLH V\QGLFDOH QRXV
DYRQV ELHQ YX TXH QRV FDPDUDGHV
DYDLHQWSULVHQFRPSWHOHVGLIIpUHQWHV
FRQVXOWDWLRQVRUJDQLVpHVGHSXLVQRWUH
GHUQLqUHDVVHPEOpH8QHWUHQWDLQHGH
V\QGLFDWV \ UpSRQGHQW UpJXOLqUHPHQW
PDLV FHOD UHVWH LQVXI¿VDQW FDU F¶HVW
j SDUWLU GH OHXUV UpSRQVHV TXH QRXV
SRXUURQVSUHQGUHSRVLWLRQVXUODVLJQD
WXUHG¶XQDFFRUG'¶DLOOHXUVVLQRXVQH
QRXVVRPPHVSDVHQFRUHSRVLWLRQQpV
VXU O¶DYHQDQW TXL YLVH j LQVWDXUHU
XQV\VWqPHGHSUpYR\DQFHGDQVO¶HQ
VHPEOHGHOD%UDQFKHF¶HVWSDUFHTXH
QRXV Q¶DYRQV UHoX EHDXFRXS GH Up
SRQVHVVXUFHVXMHW
&RQFHUQDQW OHV pOHFWLRQV GDQV OHV
73(QRXVDYRQVEHVRLQSDUOHSDUUDL
QDJHGHVRUWLUGHQRVHQWUHSULVHVSRXU
QRXV DGUHVVHU j GHV VDODULpV TXL QH
YRLHQWMDPDLVXQV\QGLFDOLVWH
6LO¶HVVHQWLHOGHQRVV\QGLTXpVWUDYDLOOH
SRXUGHJURVVHVHQWUHSULVHVLOQHIDXW
SDVRXEOLHUTXHGHVHQWUHSULVHV
GXVHFWHXUFRPSWHQWPRLQVGHGL[VD
ODULpV 8QH PXOWLWXGH GH VDODULpV TXL
GpSHQGHQWGHQRWUHFRQYHQWLRQFROOHF
WLYHQHFRQQDLVVHQWSDUOHXUVGURLWVQL
OHVPR\HQVGHVHGpIHQGUHIDFHjOHXU
SDWURQ
/¶HQMHXGHFHVpOHFWLRQVHVWGRQFQRQ
VHXOHPHQWGHPHVXUHUQRWUHUHSUpVHQ
WDWLYLWp V\QGLFDOH PDLV pJDOHPHQW GH
V¶DGUHVVHU j FHV VDODULpV HW OD )pGp
UDWLRQ D SXEOLp GX PDWpULHO VSpFL¿TXH
GDQVFHVHQV
3RXUFRQFOXUHMHUHYLHQGUDLEULqYHPHQW
VXUO¶HQMHXGHODMRXUQpHRFWREUH&H
VHUDXQPRPHQWSULPRUGLDOSRXULQWHU
SHOHU OH JRXYHUQHPHQW VXU OHV TXHV
WLRQV G¶HPSORL HW GH SRXYRLU G¶DFKDW
,OIDXWGRQFTXHQRXVSUpSDULRQVFHWWH
MRXUQpHVXUOHWHUUDLQDYHFOHVVDODULpV
HQ GLIIXVDQW ODUJHPHQW OHV GRFXPHQWV
HWDI¿FKHVSXEOLpVSDUOD)pGpUDWLRQ
La place des jeunes dans le syndicat
3UpVLGpHSDU
*UpJRU\/HERQ$EGHOD]L]%RXDEGHOODKHW-pU{PH/HWWU\GXFROOHFWLI-HXQHVIpGpUDO
7DwHE$\DULHW2OLYLHU&ROLQ
,QWURGXFWLRQSUpVHQWpHSDU-pU{PH/HWWU\
QRXV DYRQV DXVVL SULV FRQVFLHQFH GH
ODQpFHVVLWpG¶HQWUHWHQLUOHVOLHQVDYHF
OHVDXWUHVVWUXFWXUHVGHOD)pGpUDWLRQ
&¶HVW SRXUTXRL QRXV UHPHUFLRQV HQ
FRUHXQHIRLVOH&ROOHFWLIGHV6HUYLFHV
GHO¶$XWRPRELOHGHQRXVDYRLUSHUPLV
G¶rWUHLFLDYHFYRXVDXMRXUG¶KXL
7RXWG¶DERUGQRXVOH&ROOHFWLI-HXQHV
0pWDOORV WHQRQV j UHPHUFLHU QRV FD
PDUDGHV GX &ROOHFWLI GHV 0pWLHUV GH
O¶$XWRPRELOH SRXU DYRLU RUJDQLVp FH
GpEDWRULHQWpYHUVODMHXQHVVH
/¶DGRSWLRQ GH OD UpVROXWLRQ Q GX
qPH &RQJUqV &RQIpGpUDO GH OD &*7
HQ GpFHPEUH D pWp O¶LPSXOVLRQ
TXLDSHUPLVGHUHGpPDUUHUQRWUH&RO
OHFWLI-HXQHVDYHFXQHQRXYHOOHpTXLSH
GqVOHPRLVGHIpYULHU
3HQGDQWSOXVLHXUVPRLVQRWUH&ROOHFWLI
DWUDYDLOOpXQSODQGHWUDYDLOHWFUppGX
PDWpULHO V\QGLFDO SURSUH DX[ MHXQHV
EUHI j V¶RUJDQLVHU ¬ SDUWLU G¶RFWREUH
OHWUDYDLOGHWHUUDLQDFRPPHQFp
DYHF OH 7RXU GH )UDQFH GHV -HXQHV
0pWDOORVTXLQRXVDSHUPLVGHUHQFRQ
WUHU GHV MHXQHV PLOLWDQWV GDQV WRXWHV
OHVUpJLRQV&HVUHQFRQWUHVRQWDXVVL
GRQQp O¶pODQ QpFHVVDLUH j OD UpXVVLWH
GHV©$VVLVHVGHV-HXQHV0pWDOORVª
IpYULHUTXLRQWUpXQLMHXQHV
YHQDQWGHV\QGLFDWVGLIIpUHQWV
GpSDUWHPHQWVHWUpJLRQVVDQVRX
EOLHUODSUpVHQFHGH3KLOLSSH0DUWLQH]
HW%HUQDUG7KLEDXOW0DLVFHQ¶HVWSDV
¿QLFHV$VVLVHVQRXVRQWDXVVLGRQQp
OHVpOpPHQWVQpFHVVDLUHVjO¶RUJDQLVD
WLRQG¶XQHWDEOHURQGHVXUODMHXQHVVH
DQLPpHSDU'HQLV/HEODQFORUVGXH
FRQJUqV IpGpUDO HQ SUpVHQFH GH %HU
QDUG7KLEDXOW
'HSXLVOHGHUQLHUFRQJUqVOH&ROOHFWLI
DFRQWLQXpVRQWUDYDLOGHUHQIRUFHPHQW
HQ GpFHQWUDOLVDQW GHV UpXQLRQV GDQV
OHVGpSDUWHPHQWVSRXUVRXWHQLUODFUpD
WLRQGH&ROOHFWLIV-HXQHV/RFDX[0DLV
3RXUTXRLXQ&ROOHFWLI-HXQHV"&RQWUDL
UHPHQWDX[LGpHVUHoXHVQRQOH&RO
OHFWLI-HXQHVQ¶HVWSDV©ODFUqFKHªGH
OD&*7RPHWWUHGHVPLOLWDQWV©WURS
MHXQHV ª SRXU rWUH UHVSRQVDEOHV OH
&ROOHFWLI-HXQHVQ¶HVWSDVXQHIDoDGH
SRXUIDLUHFURLUHTXHO¶RQV¶RFFXSHGH
QRXV 1RWUH &ROOHFWLI HVW XQ RXWLO
YLYDQW SRXU OHV MHXQHV PDLV DXVVL
SRXUQRWUH)pGpUDWLRQHWLOQHWLHQW
TX·jQRXVGHQRXVHQHPSDUHU
'HSXLV WRXMRXUV OD MHXQHVVH V¶HVW GLI
IpUHQFLpH SDU VD IRXJXH VRQ G\QD
PLVPH HW VRQ LQFRQVFLHQFH SDUIRLV
PDLVVXUWRXWODMHXQHVVHHVWHWVHUD
WRXMRXUV OH PRWHXU GHV pYROXWLRQV GH
QRWUH V\QGLFDW HW GH QRWUH VRFLpWp 6L
QRXVYRXORQVTXHQRWUHV\QGLFDWFRQWL
QXHGHV¶DGDSWHUDX[pYROXWLRQVGHOD
VRFLpWpLOHVWLPSpUDWLITXHQRXVQRXV
UHQIRUFLRQV SDU OD V\QGLFDOLVDWLRQ GH
MHXQHVPLOLWDQWV
%LHQTXHG¶XQHPDQLqUHJpQpUDOHOHV
UHYHQGLFDWLRQVGHVMHXQHVVRLHQWVHQ
VLEOHPHQW OHV PrPHV TXH FHOOHV GH
OHXUVDvQpVFHUWDLQHVUHVWHQWWRXWGH
PrPHSURSUHVjFHWWHFDWpJRULH
/HVMHXQHVSDUH[HPSOHVRQWOHVSOXV
WRXFKpV SDU OD SUpFDULWp HW OHV EDV
VDODLUHV YRLUH O¶DEVHQFH GH VDODLUH
ORUVTXHOHVHQWUHSULVHVRQWUHFRXUVDX[
VWDJHVEpQpYROHVGHPDQLqUHDEXVLYH
QRWDPPHQWFKH]OHVMHXQHV,&7,QJp
QLHXUV&DGUHVHW7HFKQLFLHQV
1RXV pWLRQV KLHU SDUPL YRXV QRXV
SDUWDJHRQV YRV LQTXLpWXGHV IDFH j OD
GpJUDGDWLRQGHVFRQGLWLRQVGHWUDYDLO
IDFHDX[SHUWHVG¶HPSORLHWOHPDQTXH
GH SHUVSHFWLYHV G¶DYHQLU SRXU OHV
MHXQHV
&HV pOpPHQWV QRXV SRXVVHQW j QRXV
RUJDQLVHUQRXVPRELOLVHUHWSDUWLFLSHU
SOHLQHPHQWSRXUXQDYHQLULQGXVWULHO
/H2FWREUHHVWXQHSUHPLqUHpWDSH
LPSRUWDQWH j UpXVVLU 1RXV GHYRQV
DXVVL UpÀpFKLU j OD SRXUVXLWH GH QRV
WUDYDX[ G¶DXMRXUG¶KXL 1RXV SHQVRQV
TXH GDQV O¶DYHQLU QRXV GHYURQV
FRQVWUXLUH GDQV OHV JDUDJHV OHV
SDVVHUHOOHV G¶pFKDQJHV SURSUHV DX[
MHXQHV&RPPHSDUH[HPSOHHQFUpDQW
XQ &ROOHFWLI -HXQHV GHV VHUYLFHV GHV
JDUDJHVTXLSRXUUDLWSDUWLFLSHUDX[WUD
YDX[GX&ROOHFWLI-HXQHV)pGpUDO
$X VHLQ GH QRWUH RUJDQLVDWLRQ OHV
MHXQHV DWWHQGHQW EHDXFRXS GHV Jp
QpUDWLRQV SUpFpGHQWHV HQ PDWLqUH
G¶pFKDQJHV G¶H[SpULHQFHV GH FXOWXUH
V\QGLFDOHHWELHQSOXVHQFRUH«&¶HVW
SRXUTXRL QRXV VRPPHV KHXUHX[ GH
SDUWLFLSHUjXQHWDEOHURQGHVXUODMHX
QHVVHORUVGXFRQJUqVGHO¶8QLRQ)p
GpUDOHGHV5HWUDLWpVOHPRLVSURFKDLQ
/HVpFKDQJHVTXLRQWHXOLHXORUVGHV
UpXQLRQVGHSUpSDUDWLRQGHFHWWHSDU
WLHGXFRQJUqVQRXVRQWGpMjDSSRUWp
EHDXFRXS HW RQ DWWHQG DYHF LPSD
WLHQFHTXHFHWpYpQHPHQWDLWOLHXFDU
OD FRQWLQXLWp V\QGLFDOH HVW DXVVL XQH
GHQRVSUpRFFXSDWLRQV
-H QH YDLV SDV P¶pWHQGUH SOXV TXH
FHOD QRXV DOORQV PDLQWHQDQW YRXV
GLIIXVHUXQHYLGpRDYHFMHSHQVHGHV
WpPRLJQDJHVTXLYDOHQWEHDXFRXSSOXV
TX¶XQ JUDQG GLVFRXUV 3RXU FRQFOXUH
MHYDLVUHSUHQGUHOHVSDUROHVGHQRWUH
6HFUpWDLUH*pQpUDO%HUQDUG7KLEDXOW
TXL GDQV OD YLGpR j VXLYUH QRXV GLW
TXHOHVMHXQHVHWOHVSOXVDQFLHQVQH
GRLYHQWSDVrWUHHQFRQFXUUHQFHPDLV
F¶HVW OD FRQMXJDLVRQ GH FHV JpQpUD
WLRQVTXLIHUDDYDQFHUOD&*7
-H YRXV UHPHUFLH SRXU YRWUH pFRXWH
ERQQHYLGpRHWERQGpEDW
3URMHFWLRQG¶XQHYLGpRGH
WpPRLJQDJHVGHMHXQHV
VDODULpV
'HQLV/(%/$1&55*
3RXU SDUOHU GH PRQ H[SpULHQFH SHU
VRQQHOOH MH PH VXLV V\QGLTXp DSUqV
XQH OXWWH D¿Q GH GpIHQGUH XQ FDPD
UDGHTXHPDGLUHFWLRQYRXODLWOLFHQFLHU
0DLV HQ PH V\QGLTXDQW MH YRXODLV
DXVVLrWUHDFWHXUDXVHLQGXV\QGLFDW
HW OHV DQFLHQV DYDLHQW SDUIRLV GX PDO
j ODLVVHU GH OD SODFH DX[ QRXYHDX[
DGKpUHQWV -¶DL GRQF G SRXVVHU
TXHOTXHV SRUWHV SXLV QRXV DYRQV HX
O¶RSSRUWXQLWpG¶DYRLUXQFHUWDLQQRPEUH
GHSRVWHVGHGpOpJXpVFHTXLP¶DSHU
PLVG¶HQWUHUGDQVODYLHGXV\QGLFDW
$XMRXUG¶KXL MH UHJDUGH FRPPHQW OHV
MHXQHV SHXYHQW DLGHU QRV FDPDUDGHV
jDERUGHUFHVTXHVWLRQV/DPR\HQQH
G¶kJH GHV VDODULpV GH QRWUH EUDQFKH
SURIHVVLRQQHOOH HVW HQ HIIHW GH RX
DQVFHTXLHVWUHODWLYHPHQWMHXQH
TXDQG FHOOH GH QRV V\QGLTXpV HVW GH
SOXVHQSOXVpOHYpH(WDORUVTXHQRXV
DYLRQV WRXMRXUV UpXVVL j IDLUH HQWUHU
GHV MHXQHV GDQV QRV V\QGLFDWV FHOD
V¶DYqUHEHDXFRXSSOXVFRPSOLTXpDX
MRXUG¶KXL/DTXHVWLRQHVWGRQFGHVD
YRLUGHTXHOVRXWLOVQRXVGRWHUSRXU\
SDUYHQLU
-¶LQYLWH PDLQWHQDQW OHV MHXQHV V\QGL
TXpVSUpVHQWVLFLjQRXVIDLUHSDUWGH
OHXUH[SpULHQFH
HVWSpQLEOHHWPDOSD\pOHVSHUVSHF
WLYHV G¶pYROXWLRQ PLQLPHV OHV TXDOL¿
FDWLRQVHWO¶DQFLHQQHWpSDVUHFRQQXHV
OHV HPSORLV SUpFDLUHV HW OHV IHPPHV
YLFWLPHV GH GLVFULPLQDWLRQ 'DQV XQ
WHO FRQWH[WH LO HVW GLI¿FLOH GH IDLUH GH
QRXYHDX[V\QGLTXpVSDUPLOHVMHXQHV
PDLVQRXVQHEDLVVHURQVSDVOHVEUDV
HWQRXVFRQWLQXHURQVjDOOHUYHUVHX[
-¶HVSqUH DXVVL TXH OHV DQFLHQV VDX
URQWQRXVWUDQVPHWWUHOHXUVDYRLUSRXU
TXHQRXVSXLVVLRQVFRQWLQXHUjDYDQ
FHUGDQVOHVPHLOOHXUHVFRQGLWLRQV
GHYRQVGRQFOHXUGRQQHUOHPD[LPXP
G¶LQIRUPDWLRQV HW OHXU PRQWUHU TX¶LOV
GRLYHQWVHEDWWUH
&KHULI*+$/0,9LQFL3DUN
/RUV GH PHV SUHPLHUV SDV j OD &*7
MHQHFRQQDLVVDLVSUHVTXHULHQGHFH
V\QGLFDWHWSOXVHQFRUHTXHODIRUPD
WLRQ V\QGLFDOH FH VRQW PHV FRQWDFWV
DYHFOHVDQFLHQVTXLP¶RQWHQULFKLQR
WDPPHQWORUVGHUpXQLRQVjO¶8670,OV
P¶RQWSURGLJXpGHVFRQVHLOVTXLQRXV
RQW SHUPLV GH UHVWHU WRXMRXUV PDMRUL
WDLUHVFKH]9LQFL3DUNGHSXLVODFUpD
WLRQGHFHWWHHQWUHSULVH
'LGLHU&+20,/,(55HQDXOW(VSDFH
DXWR$XYHUJQH&OHUPRQW)HUUDQG
/RUV GHV pOHFWLRQV GH O¶DQQpH GHU
QLqUH QRXV DYRQV HX JUkFH j QRV
MHXQHV V\QGLTXpV GHX[ pOXV GDQV OH
GHX[LqPH FROOqJH 1RXV DYRQV DXVVL
UHQFRQWUp GHV SUREOqPHV SRXU IDLUH
UHFRQQDvWUHODIRUPDWLRQG¶XQMHXQHGL
SO{Pp G¶XQ %76 TXL DYDLW pWp UHFUXWp
j O¶pFKHORQ DX OLHX GH O¶pFKHORQ -¶DMRXWHTXHO¶XQGHQRVMHXQHVV\QGL
TXpVHVWVHFUpWDLUHGX&+6&7
-XOLHQ3+,/20(1(
6RJpFRU6DLQWH&ORWLOGH/D5pXQLRQ
$/D5pXQLRQQRXVDYRQVHVVD\pGH
PRQWHU XQ FROOHFWLI MHXQHV /H FK{
PDJHHVWHQHIIHWGHSOXVHQSOXVpOHYp
FKH]OHVMHXQHV5pXQLRQQDLVHWLO\D
GHPRLQVHQPRLQVGHSRVWXODQWVGDQV
ODEUDQFKH$XWRPRELOHFDUOHWUDYDLO\
-HDQ3LHUUH%(5721(5HQDXOW5RQFT
'DQV QRWUH HQWUHSULVH OH SDWURQ QH
ODLVVH SDV UHVSLUHU OHV MHXQHV ,O OHV
SD\H DX PLQLPXP OHXU GHPDQGH GH
WUDYDLOOHU GHV KHXUHV HW GHV KHXUHV
SDUIRLV PrPH OH VDPHGL PDWLQ GRQ
QDQW O¶LPSUHVVLRQ TX¶LO QH YHXW SDV
OHXUODLVVHUOHWHPSVGHUpÀpFKLU1RXV
*pUDUG0(&+(7
.RORUV$XWRV
&¶HVWHQTXDQGQRWUHHQWUHSULVH
D IDLW O¶REMHW G¶XQ SODQ GH UHVWUXFWX
UDWLRQ TXH QRXV DYRQV PLV HQ SODFH
XQH VHFWLRQ V\QGLFDOH HW TXH M¶DL pWp
QRPPp GpOpJXp (Q QRWUH HQ
WUHSULVHDpWpFpGpHDXJURXSH&DLOOp
HW M¶DL FRQWLQXp PRQ WUDYDLO V\QGLFDO
$XMRXUG¶KXLVXUWUHQWHFLQTV\QGLTXpV
GL[ VRQW GHV MHXQHV VDODULpV ,OV VRQW
UHVWpV V\QGLTXpV PrPH ORUVTXH OH WUHSULVHV LO IDXGUDLW FRPPHQFHU SDU
JURXSH&DLOOpV¶HVWSODFpHQSURFpGXUH OHV V\QGLTXHU FDU GH FHX[ TXL
GHVDXYHJDUGH
VH V\QGLTXHQW YLHQQHQW G¶HX[PrPHV
YHUV OH V\QGLFDW VDQV TX¶RQ OHXU DLW
6pEDVWLHQ+2+0$11
MDPDLVSURSRVpG¶DGKpUHU,OIDXWDXVVL
5HQDXOW5HWDLO*URXS3DQWLQ
OHVIpGpUHUOHXUWHQLUXQGLVFRXUVGDQV
2QHQWHQGVRXYHQWGLUHTXHOHVDQFLHQV OHTXHOLOVVHUHWURXYHQWHWUpÀpFKLUDYHF
QH ODLVVHQW SDV GH SODFH DX[ MHXQHV HX[ j O¶DYHQLU GHV V\QGLFDWV &HWWH
0DLVLOIDXWTX¶LO\DLWXQHFRQIURQWDWLRQ TXHVWLRQ PH VHPEOH SDUWLFXOLqUHPHQW
YRLUHGHVIULFWLRQVHQWUHMHXQHVHWDQ FUXFLDOH GDQV OH VHFWHXU GHV JDUDJHV
FLHQVPLOLWDQWVFDUF¶HVWG¶HOOHTXHQDvW RWUDYDLOOHQWEHDXFRXSGHMHXQHVHW
O¶H[SpULHQFH3RXUPRLODTXHVWLRQHVW F¶HVW SRXU FHWWH UDLVRQ TX¶LO PH VHP
VXUWRXW GH VDYRLU FRPPHQW RQ SHXW EOHUDLWLPSRUWDQWGHFUpHUSRXUFHWWH¿
IDLUHXQHSDVVHUHOOHHQWUHO¶H[SpULHQFH OLqUHXQFROOHFWLIMHXQHVTXLWUDYDLOOHUDLW
GHVDQFLHQVHWO¶LQH[SpULHQFHGHVQRX DYHFOHFROOHFWLIIpGpUDO
YHDX[VDQVOHVRSSRVHU
,O IDXW pJDOHPHQW ELHQ YRLU TXH OHV )UpGpULF$5$&.6,1*
MHXQHVHPEDXFKpVQ¶RQWSDVOHPrPH &RWUDQV$XWRPRELOHV
FRPSRUWHPHQW TXH OHV DQFLHQV 6DLQWH&ORWLOGH/D5pXQLRQ
/RUVTX¶LOV UHQFRQWUHQW XQ SUREOqPH $ OD 5pXQLRQ FRPPH HQ 0pWURSROH
LOVOHUqJOHQWVRXYHQWHQTXLWWDQWO¶HQ EHDXFRXS GH JHQV RQW XQH PHQWDOLWp
WUHSULVH PrPH VL QRXV IDLVRQV WRXW LQGLYLGXDOLVWHHWOHVHQWUHSULVHVRQWELHQ
SRXUOHVUHWHQLUHQOHXUUDSSHODQWO¶LQ FRPSULV TX¶HOOHV DYDLHQW WRXW LQWpUrW j
WpUrW G¶DYRLU XQ V\QGLFDW XQ &( GHV GLYLVHUMHXQHVHWDQFLHQV,OHVWGRQFGLI
°XYUHVVRFLDOHVHWF$YDQWGHSHQVHU ¿FLOHG¶DPHQHUOHVMHXQHVjIDLUHJUqYH
jV\QGLTXHUOHVMHXQHVODTXHVWLRQHVW &RQFHUQDQWODFRQYHQWLRQUpJLRQDOHTXH
GRQF GH VDYRLU FRPPHQW OHV JDUGHU QRXV YRXORQV QpJRFLHU VL QRXV DYRQV
GDQVQRVHQWUHSULVHV
VLJQpODFRQYHQWLRQFROOHFWLYHQDWLRQDOH
j/D5pXQLRQOHSDWURQDWYHXWVXSSUL
7DwHE$<$5,&ROOHW
PHUO¶DQFLHQQHWpSRXUOHVMHXQHVDORUV
&KDTXHHQWUHSULVHHVWGLIIpUHQWH&HU TX¶HOOHUHSUpVHQWHGHOHXUVDODLUH
WDLQHVQ¶RQWQLRUJDQLVDWLRQV\QGLFDOH HWYXOHWDX[GHFK{PDJHGHVMHXQHVj
QL&(&¶pWDLWOHFDVGHPRQHQWUHSULVH
HW VL M¶DL IDLW OH FKRL[ G¶DGKpUHU j OD
&*7SDUFRQYLFWLRQM¶DLDXVVLGIDLUH
PHVDUPHVPRLPrPH$XWUHPHQWGLW
LOIDXWIDLUHFRQ¿DQFHDX[MHXQHVSRXU
REVHUYHUO¶DFWLRQGHVDXWUHVV\QGLFDWV
HWO¶DGDSWHUjOHXUHQWUHSULVH
&RPPHQW LQWHUSHOHU OHV MHXQHV GDQV
XQHVRFLpWpGHFRQVRPPDWLRQRWRXW
YDWUqVYLWH"/HVMHXQHVRQWGHQRX
YHDX[PRGHVGHFRPPXQLFDWLRQjOD
VRUWLH GH O¶XVLQH LOV QH VH UHWURXYHQW
SOXVDXFDIpPDLVUHQWUHQWGLUHFWHPHQW
FKH]HX[1RXVGHYRQVGRQFQRXVVHU
YLUGHVQRXYHDX[PR\HQVGHFRPPX
QLFDWLRQ WHOV TX¶,QWHUQHW RX IDFHERRN
SRXUOHVLQIRUPHUHWOHVLQWHUSHOOHU
-HUDSSHOOHHQ¿QTXHGHVHQWUH
SULVHV FRPSWHQW PRLQV GH RQ]H VDOD
ULpV /D TXHVWLRQ HVW GRQF GH VDYRLU
FRPPHQWQRXV\IDLUHFRQQDvWUHHWDW
WLUHUOHVMHXQHVTXLVHV\QGLTXHQWSOXV
VRXYHQWSDULQWpUrWTXHSDUFRQYLFWLRQ
/D5pXQLRQFKH]OHVDQV
QRXV FUDLJQRQV TXH EHDXFRXS G¶HQWUH
HX[DFFHSWHQW/DTXHVWLRQHVWGRQFGH
VDYRLUFRPPHQWDUJXPHQWHUSRXUTX¶LOV
QHFqGHQWSDVjFHWWHSUHVVLRQ
-H SHQVH HQ¿Q TXH OHV DQFLHQV GH
YUDLHQW FRPPHQFHU j SDVVHU OD PDLQ
DX[ MHXQHV V\QGLTXpV j SDUWLU GH DQV
(ULF'8)$8
5HQDXOW5HWDLO*URXS&RXUEHYRLH
1RWUHV\QGLFDWDpWpFUppHQ-¶\
DL DGKpUp HQ SDU FRQYLFWLRQ HW
QRQSDUFHTXHMHUHQFRQWUDLVGHVSUR
EOqPHV$O¶pSRTXHOHVMHXQHVDYDLHQW
GXPDOjV¶\LPSRVHUIDFHjGHVDQ
FLHQVTXLpWDLHQWHQSODFHGHSXLVSOXV
GH YLQJW DQV 4XLQ]H DQV DSUqV OH
GpOpJXp V\QGLFDO HW OH VHFUpWDLUH GH
&( RQW pWp UHPSODFpV PDLV M¶HQ WLUH
OD FRQFOXVLRQ TXH FHX[ TXL RFFXSHQW
FHVIRQFWLRQVQHGHYUDLHQWSDVDVVXUHU
SOXVGHGHX[PDQGDWV1RXVQHPDQ
TXRQVSDVGHMHXQHVFDPDUDGHVSUrWV
jV¶LQYHVWLULOIDXWOHXUODLVVHUODSODFH
*X\3279$,11RUDXWR/HVTXLQ
(Q FLQT DQV O¶HIIHFWLI GH QRWUH HQWUH
SULVHHVWSDVVpGHjSHUVRQQHV
'HSXLV DXFXQH HPEDXFKH Q¶D
pWp UpDOLVpH SRXU FRPSHQVHU OHV Gp
$EGHOD]L]%28$%'(//$+
$OSDFL,PEVKHLP%RX[ZLOOHU
3RXU JDUGHU OHV MHXQHV GDQV OHV HQ
SDUWV HQ UHWUDLWH RX OHV GpPLVVLRQV
QRWUHGLUHFWLRQSUpIpUDQWUHFRXULUjGHV
LQWpULPDLUHV /HV MHXQHV VH UHQGHQW
ELHQ FRPSWH TXH OHXUV FDSDFLWpV QH
VRQWSDVUHFRQQXHVLOIDXWGRQFDOOHU
YHUVHX[OHXUGLUHTX¶LOVRQWGHVFDSD
FLWpVHWTX¶LOVSRXUUDLHQWOHVPHWWUHDX
VHUYLFHGXV\QGLFDW
6DPLU%(==$28,$
(XURSFDU5RLVV\&KDUOHVGH*DXOOH
-¶DLLQWpJUp(XURSFDUHQHQWDQW
TXH FKDUJp GH FOLHQWqOH -¶DL HQVXLWH
JUDYLOHVpFKHORQVGHYHQDQWDJHQWGH
PDvWULVH SXLV GLUHFWHXU G¶DJHQFH HQ
-¶DLDGKpUpjOD&*7HQ
FHTXHPDGLUHFWLRQDUHVVHQWLFRPPH
XQHWUDKLVRQ3XLVM¶DLpWpOLFHQFLpSRXU
IDXWHORXUGHjODVXLWHG¶XQFRQÀLW&H
FRQÀLWDFRPPHQFpj5RLVV\RQRXV
VRPPHVVXUOHSRLQWGHFRQVWLWXHUXQ
V\QGLFDW TXL UDVVHPEOHUDLW OHV DGKp
UHQWVGHWRXWHVOHVHQWUHSULVHVGHOR
FDWLRQDXWRPRELOHHQYLURQGDQV
O¶REMHFWLIGHIDLUHFRQYHUJHUQRVIRUFHV
6pEDVWLHQ+2+0$11
5HQDXOW5HWDLO*URXS3DQWLQ
-H QH VXLV SDV G¶DFFRUG DYHF O¶LGpH
VHORQ ODTXHOOH LO IDXGUDLW OLPLWHU OH
QRPEUHGHPDQGDWV/DSDVVLRQV\Q
GLFDOHQ¶DHQHIIHWSDVGHOLPLWHG¶kJH
'¶DLOOHXUVTXDQGM¶DLpWpGpVLJQpGpOp
JXpV\QGLFDOV¶LOQ¶\DYDLWSDVHXOHV
DQFLHQVSRXUPHFRQVHLOOHUHWP¶HQFD
GUHU MH Q¶DXUDLV MDPDLV SX EpQp¿FLHU
GHOHXUH[SpULHQFH,OIDXWDXVVLVDYRLU
TXHGHQRPEUHX[pOXVQHGHPDQGHQW
TXH OD UHOqYH PDLV RQW GX PDO j OD
WURXYHU$pFRXWHUFHUWDLQVUHPSODFHU
OHVDQFLHQVSDUGHVMHXQHVSHUPHWWUD
GHUpJOHUWRXVOHVSUREOqPHV&HTXH
MHFURLVF¶HVWTXHQRXVDYRQVVXUWRXW
EHVRLQGHFRKDELWHUHWGHFURLVHUQRV
H[SpULHQFHV
$KPHG+,00,
$/'$XWRPRELOH6FKLOWLJKHLP
0DSUHPLqUHH[SpULHQFHGHVGLI¿FXOWpV
TXHO¶RQSHXWUHQFRQWUHUVXUOHPDUFKp
GX WUDYDLO UHPRQWH j PHV DQV -H
IDLVDLVXQ©SHWLWERXORWªSRXU¿QDQFHU
PHVpWXGHVHWGXMRXUDXOHQGHPDLQ
PRQ SDWURQ P¶D GLW TX¶LO Q¶DYDLW SOXV
EHVRLQGHPRL$YHFG¶DXWUHVpWXGLDQWV
TXLQ¶DYDLHQWHX[QRQSOXVMDPDLVWRX
FKp OHXU VROGH GH WRXW FRPSWH QRXV
DYRQVFRQWDFWpGHVV\QGLFDWVTXLQRXV
RQWDLGpjO¶DWWDTXHUDX[SUXG¶KRPPHV
HWQRXVDYRQVREWHQXJDLQGHFDXVH
3RXU IDLUH DGKpUHU OHV MHXQHV LO IDXW
GRQF FRPPHQFHU SDU OHXU IDLUH FRP
SUHQGUHO¶XWLOLWpGXV\QGLFDWSXLVDVVX
UHUOHUHODLVHQWUHOHVDQFLHQVHWHX[
WUDYDLO 9RXV \ UHWURXYHUH] FHUWDLQH
PHQW YRWUH HQWUHSULVH (Q WDQW TX¶DG
PLQLVWUDWHXUGHO¶816$MHYRXVLQYLWH
jQRXVFRQWDFWHUVLYRXVDYH]EHVRLQ
GHUHQVHLJQHPHQWV1RXVVRPPHVOj
SRXUUpSRQGUHjYRVTXHVWLRQV
9RXV WURXYHUH] pJDOHPHQW GDQV OHV
SRFKHWWHVTXLYRXVRQWpWpUHPLVHVj
O¶HQWUpHGHFHWWHVDOOHGHX[WUDFWVTXL
RQWpWpUpGLJpVSDUOHFROOHFWLI3URWHF
WLRQVRFLDOHG¶,53$XWRHWTXHMHYRXV
LQYLWHjGLVWULEXHUODUJHPHQWGDQVYRV
JDUDJHV,OH[LVWHDXVVLXQVLWH,QWHUQHW
ZZZ LUSDXWRFRP VXU OHTXHO YRXV
SRXUUH]WURXYHUGHQRPEUHXVHVLQIRU
PDWLRQV HW YRXV UHQVHLJQHU VXU YRV
GURLWVjODUHWUDLWH
(Q¿QQRXVDYRQVGpFLGpGHFUpHUXQ
FROOHFWLIGHVJDUDJHVGDQVODUpJLRQ$O
.DPDO$+$0$'$
VDFH1RXVYRXVUHQGURQVFRPSWHGH
%RVFK9pQLVVLHX[
VHVDYDQFpHVGDQVGHX[DQVjO¶RFFD
-H QH YRXGUDLV SDV TX¶RQ UpGXLVH OH VLRQGHQRVSURFKDLQHV$VVLVHV
GpEDWjXQSVHXGRDIIURQWHPHQWHQWUH
MHXQHVHWDQFLHQVOHVGHX[FDWpJRULHV /DXUHQW3(5528;
pWDQW FRPSOpPHQWDLUHV $YRQVQRXV 5HQDXOW5HWDLO*URXS1DQF\
EHVRLQGHPHQHUXQHDFWLRQVSpFL¿TXH ,OQ¶\DSOXVGHMHXQHVGDQVQRWUHDWH
jGHVWLQDWLRQGHVMHXQHV"'DQVQRWUH OLHU,OVUHVWHQWFKH]QRXVSHQGDQWXQ
V\QGLFDW QRXV SHQVRQV TXH RXL FDU RX GHX[ DQV KLVWRLUH G¶DFTXpULU GH
OHVMHXQHVVRQWOHVSUHPLqUHVYLFWLPHV O¶H[SpULHQFH SXLV YRQW WUDYDLOOHU DX
GHODFULVHHWGHODSUpFDULVDWLRQGXWUD /X[HPERXUJ R LOV WRXFKHQW YDLO/HXUVFRQWUDWVGHWUDYDLOVRQWELHQ HXURVEUXWVGqVOHXUHPEDXFKH,OHVW
SOXV FRPSOH[HV TX¶DXWUHIRLV HW MXVWL GRQF GH SOXV HQ SOXV GLI¿FLOH G¶DYRLU
¿HQWjHX[VHXOVXQHDFWLRQVSpFL¿TXH GHVMHXQHVV\QGLTXpVHWGHPHQHUGHV
/H UHQRXYHOOHPHQW HVW pJDOHPHQW FRPEDWVV\QGLFDX[FRKpUHQWV
QpFHVVDLUH HW LO IDXW OH SUpSDUHU DYHF
OHV MHXQHV 'DQV FHUWDLQV HQGURLWV :LVVDP+$56$17
OD WUDQVLWLRQ VH SDVVH ELHQ PDLV FHOD &LWURsQ66&1DQWHUUH
Q¶HVWSDVOHFDVSDUWRXW&HUWDLQVIRQW -H QH FURLV SDV j XQH FRQIURQWD
©FDUULqUHªGDQVOHV\QGLFDOLVPHHWLO WLRQ HQWUH MHXQHV HW DQFLHQV QRXV
OHXUIDLUHFRPSUHQGUHODQpFHVVLWpGX VRPPHVDYDQWWRXWGHVPLOLWDQWV3HU
UHQRXYHOOHPHQW HQ OHV LQFLWDQW j VH VRQQHOOHPHQW MH VHUDLV WRXMRXUV PLOL
GHPDQGHUFRPPHQWFKDFXQGHQRXV WDQWHWORUVTXHMHSRUWHOHGUDSHDXGH
WRXVFHTX¶LOVDSSRUWHQWUpHOOHPHQWj OD&*7MHVXLVWRXMRXUVMHXQH
OHXUV\QGLFDW
&HOD IDLW TXLQ]H DQV TXH MH VXLV HQ
)UDQFH HW GRX]H DQV j OD &*7 3OXV
&KULVWRSKH/(66,
TXH 0DU[ RX $GDP 6PLWK F¶HVW XQ
$OOLDQFH$XWRPRELOHV$OVDFH
ODYHXUGHFDUUHDX[TXLP¶DPRQWUpFH
'DQV QRWUH HQWUHSULVH QRXV DYRQV TXH GHYDLW rWUH XQ PLOLWDQW V\QGLFD
PLV HQ SODFH XQ EDF TXL SHUPHW GH OLVWH &¶HVW JUkFH j VRQ H[HPSOH TXH
UpFXSpUHU OHV SRXVVLqUHV UpVXOWDQW M¶DLDGKpUpHWTXHMHUHVWHUDLjOD&*7
GX QHWWR\DJH GHV IUHLQV 1RXV DYRQV HWMHFURLVTXHO¶H[HPSODULWpHVWOHVHXO
DXVVL IDLW LQVWDOOHU HQ SODFH XQ OqYH PR\HQ GH IDLUH DGKpUHU OHV MHXQHV j
URXH SRXU OHV VDODULpV VRXIIUDQW GX OD&*7
GRV 1RXV HVVD\RQV PDLQWHQDQW GH
GpYHORSSHU OH SRUW GH FDVTXHV HW GH *LRYDQQ\%285,&(
ERXFKRQVG¶RUHLOOHVSRXUOHVPpFDQRV $XWRPRELOHV5pXQLRQ5HQDXOW
-H YRXV FRQVHLOOH SDU DLOOHXUV GH UH 6DLQWH&ORWLOGH/D5pXQLRQ
JDUGHU VXU <RXWXEH OHV WURLV ¿OPV UH 'DQV QRWUH HQWUHSULVH LO IDXW IDLUH OH
JURXSpVVXUOHWLWUH/DPLVHjPRUWGX SOXVG¶pFODWVSRVVLEOHVSRXUDYRLUGHV
G¶H[HUFHU OHXU VDYRLUIDLUH FDU QRWUH
GLUHFWLRQ VRXKDLWH DFFURvWUH HQFRUH
VD UHQWDELOLWp 'HYURQWLOV UHWRXUQHU j
O¶pFROH"(WTXHGLUHGHVVDODULpVYLF
WLPHV G¶DFFLGHQWV GX WUDYDLO HW TXL VH
UHWURXYHQWDXMRXUG¶KXLjODUXH"3HU
VRQQHOOHPHQWMHFRQWLQXHUDLVWRXMRXUV
j OXWWHU DYHF OD &*7 FRQWUH GH WHOV
SKpQRPqQHV
DGKpUHQWV,OIDXWDOOHUGDQVOHEXUHDX
GXSDWURQWDSHUGXSRLQJVXUODWDEOH
HWF&¶HVWFRPPHFHODTXHOHVFKRVHV
IRQFWLRQQHQWFKH]QRXV
j FKDQJHU G¶HQWUHSULVH SRXU DOOHU JD
JQHU SOXV DLOOHXUV &¶HVW SRXUTXRL MH
SHQVH TXH QRXV DXULRQV EHVRLQ G¶XQ
FROOHFWLIMHXQHVGDQVQRWUH%UDQFKH
6DwG&KHLN'-$0$/,
6LYDP7R\RWD3DULV
0RQH[SpULHQFHPHPRQWUHTX¶LOQ¶\D
SDV GH FRQIURQWDWLRQ HQWUH MHXQHV HW
DQFLHQV -HXQHV HW DQFLHQV GRLYHQW
FRKDELWHU6LXQDQFLHQUHVWHFRPEDW
WLI SRXUTXRL OXL UHWLUHU VRQ PDQGDW "
&¶HVWDX[VHXOVVDODULpVG¶HQGpFLGHU
4XDQG RQ HVW MHXQH RQ HQ DSSUHQG
WRXV OHV MRXUV HW F¶HVW JUkFH DX[ DQ
FLHQV TXH O¶RQ SHXW IRUJHU VRQ H[Sp
ULHQFH
0LFKHO+(857(/,OHGH)UDQFH
&¶HVWVXUWRXWGDQVOHVSDUUDLQDJHVTXH
VHIDLWUHVVHQWLUOHQRXYHDXVRXIÀHDS
SRUWpSDUOHVMHXQHV'DQVOHVJDUDJHV
R LO Q¶\ D SDV GH V\QGLFDW FH VRQW
OHVMHXQHVTXLGHPDQGHQWjFUpHUXQ
V\QGLFDWHWWRXWGHVXLWH&HODVHPEOH
ORJLTXH YX OH WDX[ GH FK{PDJH HW OD
SUpFDULWpDFWXHOOH/HPRXYHPHQWV\Q
GLFDO FKDQJH GRQF DX ¿O GX WHPSV HW
VLOHVDQFLHQVSRXUURQWOHXUGRQQHUXQ
FRXSGHPDLQFHVRQWOHVMHXQHVTXL
SRXUURQWREWHQLUGHVFKRVHVGHPDLQ
/HV MHXQHV VRQW DXVVL WUqV GHPDQ
GHXUVGHIRUPDWLRQ,OVQHFRQQDLVVHQW
JpQpUDOHPHQWSDVO¶KLVWRLUHGHOD&*7
+HXUHXVHPHQW DYHF ,QWHUQHW OD MHX
QHVVHDUpDSSULVjOLUH
0DLV OHV FKHIV G¶HQWUHSULVH VRQW PD
OLQV'qVTX¶LOVYRLHQWXQMHXQHpOXUH
PXDQWLOVPXOWLSOLHQWOHVUpXQLRQVSRXU
pYLWHUTXHFHOXLFLSDVVHWURSGHWHPSV
VXU OH WHUUDLQ /HV DQFLHQV GRLYHQW
GRQFOHXUUDSSHOHUTXHOHXUDFWLYLWpQH
GRLW SDV rWUH © SROOXpH ª SDU WURS GH
UpXQLRQV
3DVFDO*8,1(7
5HQDXOW5HWDLO*URXS0DQWHVOD-ROLH
(QQRWUH%UDQFKHFRPSWDLW
KRPPHVGRQWDYDLHQWHQWUH
HWDQVHWIHPPHVGRQW
DYDLHQWHQWUHHWDQV,O\
D GRQF GHV MHXQHV GDQV QRV PpWLHUV
HWMHFURLVTX¶LOH[LVWHHIIHFWLYHPHQWXQ
IRVVp JpQpUDWLRQQHO HQWUH HX[ HW OHV
DQFLHQV'HWRXVOHVDFFRUGVVHQLRUV
VLJQpVGDQVOHVHQWUHSULVHVMHQHUH
WLHQGUDLTX¶XQHFKRVHLOIDXWIDLUHGX
WXWRUDWDYHFOHVMHXQHVOHVDFFRPSD
JQHUGDQVODSULVHGHUHVSRQVDELOLWpV
'¶DLOOHXUV QRWUH IpGpUDWLRQ D WRXMRXUV
HX FHWWH SROLWLTXH GH UHQRXYHOOH
PHQW FDU DX ERXW G¶XQ PRPHQW RQ
HQWUHGDQVXQHURXWLQHDORUVTXHOHV
MHXQHVRQWHQYLHGH©PRUGUHª0DLV
LO IDXW DXVVL ELHQ YRLU TXH OHV MHXQHV
G¶DXMRXUG¶KXL QH VRQW SDV OHV PrPHV
TX¶KLHULOVRQWG¶DXWUHVDWWHQWHVVRQW
PRLQVVWDEOHVTX¶DYDQWQ¶KpVLWHQWSDV
)DELHQQH'(%($89$,6
-HYRXVDLUHPLVWRXWjO¶KHXUHXQS
LQWLWXOp &KDQJHRQV OH WUDYDLO TXL
SUpFLVHOHVUHYHQGLFDWLRQVGHOD&*7
HQ PDWLqUH GH SURWHFWLRQ VRFLDOH j
YRXVGHOHVXWLOLVHU9RXV\WURXYHUH]
pJDOHPHQWGHVGRFXPHQWVVXUODUHV
SRQVDELOLWp GH O¶HPSOR\HXU DLQVL TXH
OHGpFUHWVXUODUHWUDLWHDQWLFLSpHSRXU
OHVVDODULpVKDQGLFDSpVj9RXV
GHYUH]OHVDI¿FKHUD¿QG¶LQIRUPHUOHV
VDODULpVFRQFHUQpVGHOHXUVGURLWV
-H UDSSHOOH SDU DLOOHXUV TXH O¶RQ QH
SHXWSDVrWUHLQWpULPDLUHjYLHHWTXH
G¶DSUqV OD FRQYHQWLRQ FROOHFWLYH XQ
LQWpULPDLUH GRLW VH YRLU SURSRVHU XQ
FRQWUDWDSUqVKHXUHV±RXPRLV
FRQVpFXWLIV±GHWUDYDLOGDQVODPrPH
HQWUHSULVH ,O IDXW GRQF Oj HQFRUH OHV
LQIRUPHU GH FH GURLW HW OHXU UDSSHOHU
O¶H[LVWHQFHG¶XQV\QGLFDW&*7GHVWUD
YDLOOHXUVLQWpULPDLUHV
(Q¿Q MH YRXV DL UHPLV XQ GRFXPHQW
0DGL/(5$
60&,0DPRXG]RX0D\RWWH
1RWUH FRQYHUVDWLRQ G¶DXMRXUG¶KXL P¶D
SHUPLV G¶HPPDJDVLQHU EHDXFRXS
G¶H[SpULHQFH(QWUHHWOHV
HIIHFWLIV GH PRQ HQWUHSULVH VRQW SDV
VpV GH j VDODULpV /HV MHXQHV
SRXU TXL M¶DYDLV REWHQX OH GURLW GH
VXLYUHXQHIRUPDWLRQ VRQW HPSrFKpV
LQWLWXOp3RXUTXRLVHV\QGLTXHU",OIDXW
\DMRXWHUTXHOD&*7HVWXQHJUDQGH
0DLVRQJUkFHjODTXHOOHRQSHXWIUDS
SHU j WRXWHV OHV SRUWHV FDLVVHV GH
UHWUDLWHHWGHSUpYR\DQFH&$)«/D
&*7 HVW SUpVHQWH SDUWRXW 6DFKRQV
GRQF IDLUH FRQQDvWUH FHWWH JUDQGH
0DLVRQTXLVHUDODPHLOOHXUHJDUDQWLH
G¶DYHQLUSRXUWRXVOHVVDODULpV
0DUF/$'$1
3HXJHRW6&$6,$15RXEDL[
-¶DVVXPH DFWXHOOHPHQW PRQ SUHPLHU
PDQGDWGHGpOpJXpV\QGLFDOHWMHSHX[
YRXV GLUH TXH FHOD Q¶HVW SDV pYLGHQW
FDU QRWUH SDWURQ VDLW SOXV RX PRLQV
QRXVPDQLSXOHU,OIDXWGRQFDLGHUOHV
MHXQHV V\QGLTXpV FDU PrPH VL QRXV
QH FRQQDLVVRQV SDV WRXWH O¶KLVWRLUH
GXPRXYHPHQWV\QGLFDOQRXVVDYRQV
TXH QRXV SRXYRQV IDLUH ERXJHU OHV
FKRVHVHQVHPEOH
)UpGpULF6$1&+(=
VHFUpWDLUHJpQpUDODGMRLQW)70&*7
-H FURLV TXH QRXV QH SRXYRQV TXH
QRXV IpOLFLWHU GX WUDYDLO DFFRPSOL SDU
OD)pGpUDWLRQQRWDPPHQWSDUOHELDLV
GHVRQFROOHFWLIMHXQHVSRXUHQDUULYHU
jFHWWHUpXQLRQG¶DXMRXUG¶KXL/DFUpD
WLRQ G¶XQ QRXYHDX FROOHFWLI VSpFL¿TXH
DX[JDUDJHVPHVHPEOHrWUHXQHLGpH
jYDORULVHUG¶DXWDQWSOXVTX¶HOOHV¶LQV
FULW GDQV OD GURLWH OLJQH GH QRWUH GHU
QLHUFRQJUqVIpGpUDO
,OIDXWSDUDLOOHXUVYHLOOHUjQHSDVRSSR
VHUMHXQHVHWDQFLHQV/DTXHVWLRQHVW
GH VDYRLU TXHOV PR\HQV GRQQHU DX[
MHXQHV SRXU TX¶LOV WURXYHQW WRXWH OHXU
SODFH²HWOHXUDXWRQRPLH²GDQVOHV
V\QGLFDWVOHV8670OHV8'HWDXWUHV
VWUXFWXUHVGHOD&*7FDULOVQHGRLYHQW
SDVrWUHFDQWRQQpVDX[PrPHVVFKp
PDVTXHGDQVOHVHQWUHSULVHV
/D MHXQHVVH HVW OD SUHPLqUH YLFWLPH
GHVFKRL[IDLWVSDUOHVJRXYHUQHPHQWV
HQ SODFH 6L QRXV QH FUpRQV SDV OHV
FRQGLWLRQVSRXUUpSRQGUHjODVLWXDWLRQ
G¶XUJHQFHVRFLDOHGHODMHXQHVVHQRXV
SDVVHURQV j F{Wp GH TXHOTXH FKRVH
G¶LPSRUWDQW ,O IDXW GRQF IDLUH DGKp
UHUGHVMHXQHVjOD&*7DXWRXUG¶XQ
FRQWHQXUHYHQGLFDWLIHWG¶XQSURMHW²
SDU H[HPSOH FHOXL G¶XQH FRQYHQWLRQ
FROOHFWLYH QDWLRQDOH SRXU O¶HQVHPEOH
GHVVDODULpVGHOD0pWDOOXUJLH/¶8670
GH O¶,VqUH D FUpp VRQ SURSUH FROOHFWLI
MHXQHV HW O¶RQ YRLW DXMRXUG¶KXL TXHOV
HQ VRQW OHV UpVXOWDWV F¶HVW GDQV FH
GpSDUWHPHQWTX¶LO\DOHSOXVG¶DFWLRQV
UHYHQGLFDWLYHVHWOHQRPEUHGHMHXQHV
TXL DGKqUHQW j OD &*7 \ HVW HQ DXJ
PHQWDWLRQ ,O \ D GRQF OLHX GH PHQHU
XQWUDYDLOVSpFL¿TXHjGHVWLQDWLRQGHV
MHXQHV\FRPSULVDXQLYHDXLQWHUSUR
IHVVLRQQHO&HUWDLQHV8'RQWHQHIIHW
PLVHQSODFHGHVFROOHFWLIVMHXQHVDX
VHLQ GHVTXHOV OHV MHXQHV PpWDOOXU
JLVWHV RQW WRXWH OHXU SODFH &H VHUD
jPRQDYLVO¶XQGHVSRLQWVTXLGHYUD
rWUH DERUGp ORUV GH QRWUH SURFKDLQ
FRQJUqVFRQIpGpUDO
8Q GHUQLHU PRW VXU OHV GpSDUWV WUDQ
VDFWLRQQHOVGDQVOHGpSDUWHPHQWGH
OD /RLUH QRXV HQ DYRQV HQUHJLVWUp GDQVOHVHXOVHFWHXUGHOD0pWDO
OXUJLH GRQW VDODULpV GH PRLQV
GHDQVVXUOHVTXHOVSRLQWHQW
DXMRXUG¶KXLjO¶$13(6XUFHWWHTXHV
WLRQDXVVLOD&*7DXQU{OHLPSRUWDQW
jMRXHUDXSUqVGHODMHXQHVV
Conclusions
7DwHE$<$5,
DQLPDWHXUGHODEUDQFKH
(QYLURQ FDPDUDGHV RQW SDUWLFLSp j
QRV WUDYDX[ ,O \ D HX LQWHUYHQWLRQV
KLHU HW DXMRXUG¶KXL 1RWUH GpEDW IXW
ULFKHHQLQWHUYHQWLRQVHWYDULpGDQVVRQ
FRQWHQX 9RLFL OHV GLIIpUHQWV SRLQWV TXH
QRXVSRXUULRQVSUHQGUHFRPPHUHSqUHV
SRXUQRVSURFKDLQHV$VVLVHVGDQVGHX[
DQVHQOLHQDYHFOHHFRQJUqVGHQRWUH
IpGpUDWLRQ
/HV FRQGLWLRQV GH WUDYDLO HW GH YLH Sp
QLELOLWp UHWUDLWH DQWLFLSpH« VRQW UHYH
QXHV j SOXVLHXUV UHSULVHV GDQV YRV LQ
WHUYHQWLRQV 6XU FH VXMHW OD SXEOLFDWLRQ
UpFHQWH G¶XQ UDSSRUW VXU OD WR[LFLWp GHV
SDUWLFXOHVGLHVHOQRXVDLQWHUSHOpV1RXV
WUDYDLOOHURQVGRQFjXQDUJXPHQWDLUHD¿Q
G¶LQIRUPHU XQ PD[LPXP GH VDODULpV HW
GHIDLUHUHFRQQDvWUHOHVPDODGLHVSURIHV
VLRQQHOOHV TXL \ VRQW OLpHV 1RXV FRQWL
QXHURQV pJDOHPHQW j QRXV EDWWUH SRXU
IDLUH UHFRQQDvWUH OHV PDODGLHV GXHV j
O¶DPLDQWHGDQVQRWUHSURIHVVLRQ
)DELHQQH 'HEHDXYDLV YRXV D UDSSHOp
KLHU O¶LPSRUWDQFH GHV VWDJHV GH IRUPD
WLRQ HQ SDUWLFXOLHU FHX[ GHVWLQpV DX[
pOXV GH &+6&7 $ FH WLWUH QRXV YRXV
HQYHUURQV FRPPH FKDTXH DQQpH OH
FDOHQGULHUGHVIRUPDWLRQVRUJDQLVpHVSDU
OD)70-HYRXVHQFRXUDJHYLYHPHQWj
\SDUWLFLSHU
-HYRXVSURSRVHpJDOHPHQWG¶DVVXUHUXQ
VXLYLWUqVSDUWLFXOLHUGHVGLIIpUHQWVFROOHF
WLIVGHJURXSHHWGH¿OLqUHHWGHUHODQFHU
OHVFROOHFWLIVUpJLRQDX[
1RXVQHOkFKHURQVULHQQRQSOXVVXUOD
UpSUHVVLRQV\QGLFDOHHWQRXVGHPDQGRQV
XQ HIIRUW VXSSOpPHQWDLUH DX[ V\QGLFDWV
ORUVTX¶XQ PLOLWDQW VXELW GHV SUHVVLRQV
YRLUHHVWOLFHQFLpGXIDLWGHVRQDSSDUWH
QDQFHjOD&*7-HUDSSHOOHTXHORUVTX¶RQ
V¶DWWDTXHjXQPLOLWDQWGHOD&*7F¶HVWj
WRXWHOD&*7TXHO¶RQV¶DWWDTXH
1RXVGHYRQVDXVVLFRQWLQXHUQRWUHWUDYDLO
GHV\QGLFDOLVDWLRQHWOHVSURFKDLQHVpOHF
WLRQVGDQVOHV73(FRQVWLWXHURQWXQWUHP
SOLQ SRXU OHV V\QGLFDWV GHV VHUYLFHV GH
O¶DXWR1RXVGHYRQVQRXVIDLUHFRQQDvWUH
QRQ VHXOHPHQW GHV VDODULpV FRQFHUQpV
PDLVDXVVLGDQVWRXWHOHVVWUXFWXUHVGHOD
&*79RXVWURXYHUH]GDQVYRVSRFKHWWHV
GHX[GRFXPHQWVO¶XQFRQVDFUpDX[73(
O¶DXWUHjO¶$SDVFDLOVSHXYHQWHWGRLYHQW
VHUYLUjODV\QGLFDOLVDWLRQ-HYRXVLQYLWH
j OHV IDLUH FRQQDvWUH ODUJHPHQW DX VHLQ
GHVVWUXFWXUHVWHUULWRULDOHVGHOD&*7D¿Q
G¶pODERUHUGHVSODQVGHWUDYDLO
1¶RXEOLH]SDVQRQSOXVO¶DFWLRQGXRF
WREUHVXUO¶HPSORLLQGXVWULHO/HVVDODULpV
GHV JDUDJHV HW GHV VHUYLFHV GH O¶DXWR
PRELOH RQW WRXWH OHXU SODFH GDQV FHWWH
EDWDLOOH DYHF GHV UHYHQGLFDWLRQV VXU
OHVVDODLUHVOHVFRQGLWLRQVGHWUDYDLOOHV
TXDOL¿FDWLRQV
1RXV FRQWLQXHURQV pJDOHPHQW OHV
FRQVXOWDWLRQV QDWLRQDOHV FDU LO HVW YUDL
PHQW LPSRUWDQW SRXU QRXV G¶DYRLU YRWUH
DYLV VXU OHV QpJRFLDWLRQV HQ FRXUV VXU
OD FRQYHQWLRQ FROOHFWLYH HQ SDUWLFXOLHU
OHGHUQLHUDYHQDQWSRUWDQWVXUODFODXVH
GHPLJUDWLRQGHVFRQWUDWVG¶DVVXUDQFHj
O¶,63$ VXU OHTXHO QRXV GHYURQV GRQQHU
XQHUpSRQVHORUVGHODSURFKDLQH&31
6XU QRWUH SURSRVLWLRQ GH JULOOH GHV VD
ODLUHV LO HVW LPSRUWDQW TXH YRXV YRXV
HQ LPSUpJQLH] 1RXV DOORQV WUDYDLOOHU j
XQDUJXPHQWDLUHD¿QTXHYRXVSXLVVLH]
HQ LQIRUPHU OH PD[LPXP GH VDODULpV
-¶DMRXWHTXHIDLUHFRPPHQFHUFHWWHJULOOH
j ¼ QH PH VHPEOH SDV XWRSLTXH
SXLVTXHFHODQHUHSUpVHQWHTX¶XQVDODLUH
KRUDLUHGH¼,OUHVWHPDLQWHQDQWj
O¶H[SOLTXHUDX[VDODULpVHQFRPSDUDQWFH
FKLIIUHjFHOXLGHVSUR¿WVUpDOLVpVSDUQRV
HQWUHSULVHV
1RXV DOORQV pJDOHPHQW HVVD\HU GH
FRQVWUXLUH XQH DFWLRQ GDQV O¶HQVHPEOH
GHQRWUHEUDQFKH-HFURLVTXHQRXVSRX
YRQV\DUULYHUVLQRXVVDYRQVQRXVFRRU
GRQQHU /HV GHX[ DFWLRQV SUpFpGHQWHV
TXHQRXVDYRQVPHQpHVGHYDQWOH&13$
RQWSHVpORUVGHV1$2GH/DSHXU
GRLWPDLQWHQDQWFKDQJHUGHFDPS
1RXVpSURXYRQVSDUDLOOHXUVGHVGLI¿FXO
WpVjVDYRLUFHTXLVHSDVVHUpHOOHPHQW
GDQVOHVVHUYLFHVGHO¶DXWR,OQ¶\DSRXU
WDQWSDVGHSHWLWHOXWWH1RXVGHYRQVrWUH
DXFRXUDQWGHODPRLQGUHKHXUHGHJUqYH
SRXU IDLUH FRQQDvWUH JUkFH DX &RXUULHU
IpGpUDOWRXWHVOHVDFWLRQVPHQpHVGDQV
OHVJDUDJHVHWOHVVHUYLFHVGHO¶DXWRPR
ELOH3HQVH]DXVVLjQRXVFRPPXQLTXHU
OHV UpVXOWDWV GHV pOHFWLRQV HW GHV 1$2
FDUF¶HVWJUkFHjQRVpFKDQJHVTXHQRXV
DUULYHURQVjQRV¿QV
(Q¿Q QRXV HVVD\HURQV GH FRQVWLWXHU
DYHFO¶DLGHGXFROOHFWLIIpGpUDOHWDXWRXU
GH *UpJRU\ /HERQ XQ FROOHFWLI MHXQHV
VSpFL¿TXH DX[ JDUDJHV HW DX[ VHUYLFHV
GH O¶DXWRPRELOH HW GH IDLUH FRQQDvWUH
QRWUHFRQYHQWLRQFROOHFWLYHDXSOXVJUDQG
QRPEUH
0HUFLjWRXVHWUHQGH]YRXVGDQVGHX[
DQV
ASSURER 60
BRANCHES
DE MÉTIERS,
C’EST UN
MÉTIER
AG2R LA MONDIALE est un groupe de protection
sociale, acteur complet de l’assurance de
personnes, pionnier et leader des accords de
branche en santé et prévoyance.
AG2R LA MONDIALE dispose d’une véritable capacité à prendre en compte des
problématiques professionnelles diverses et évolutives dans tous les secteurs
d’activité : industrie, service ou commerce. Chaque assuré bénéﬁcie des mêmes
niveaux de garanties et de services, qu’il travaille dans une petite ou une grande
entreprise. Pour plus d’informations, contactez Joël BIENASSIS Direction des
Accords Collectifs - Tél. : 01 76 60 85 32 - [email protected]
PRÉVOYANCE
SANTÉ
ÉPARGNE
RETRAITE

Le dossier assises de l`auto et des garages sept 2012

Transcription

Documents pareils

KIT ASSAINISSEMENT : FILTRE À SABLE NON DRAINÉ