HAL Id: tel-01346792
https://tel.archives-ouvertes.fr/tel-01346792
Submitted on 19 Jul 2016
HAL is a multi-disciplinary open access archive for the deposit and dissemination of sci- entific research documents, whether they are pub- lished or not. The documents may come from teaching and research institutions in France or abroad, or from public or private research centers.
L’archive ouverte pluridisciplinaire HAL, est destinée au dépôt et à la diffusion de documents scientifiques de niveau recherche, publiés ou non, émanant des établissements d’enseignement et de recherche français ou étrangers, des laboratoires publics ou privés.
La compétence internationale pénale à la lumière du précédent Pinochet
Clara Stella Neira Pinzon
To cite this version:
Clara Stella Neira Pinzon. La compétence internationale pénale à la lumière du précédent Pinochet.
Droit. Université de Strasbourg, 2015. Français. �NNT : 2015STRAA024�. �tel-01346792�
81,9(56,7e'(675$6%285*
e&2/('2&725$/('URLW6FLHQFHSROLWLTXHHWKLVWRLUH
&HQWUHG¶(WXGHVLQWHUQDWLRQDOHVHWHXURSpHQQHV
7+Ê6( SUpVHQWpHSDU
&ODUD6WHOOD1(,5$3,1=21
6RXWHQXHOH6(37(0%5(
3RXUREWHQLUOHJUDGHGH
'RFWHXUGHO¶XQLYHUVLWpGH6WUDVERXUJ
'LVFLSOLQH6SpFLDOLWp
'URLWLQWHUQDWLRQDO
/$&203e7(1&(,17(51$7,21$/(
3e1$/(¬/$/80,Ê5('8 35e&e'(173,12&+(7
7+Ê6(GLULJpHSDU
00(675(&KULVWLDQ 3URIHVVHXUXQLYHUVLWpGH6WUDVERXUJ 'R\HQGHOD)DFXOWpGHGURLW 5$33257(856
0+(/$/,0RKDPHG 3URIHVVHXUXQLYHUVLWpGH/RUUDLQH 0PH7285$5'+pOqQH 3URIHVVHXUXQLYHUVLWpGH%RXUJRJQH
$875(60(0%5(6'8-85<
0PH./(%(63(/,66,(5$QQH 3URIHVVHXUXQLYHUVLWpGH6WUDVERXUJ
/$&203e7(1&(,17(51$7,21$/(3e1$/(
¬/$/80,Ê5('835e&e'(173,12&+(7
$PDV°XU0LUH\DGH/RV$QJHOHVIHPPHG¶DPRXUHWGHIRL
5(0(5&,(0(176
-HWLHQVjUHPHUFLHUWRXWSDUWLFXOLqUHPHQWOH3URIHVVHXU&KULVWLDQ0(675(GHP¶DYRLU VRXWHQXHHWFRQVHLOOpHWRXWDXORQJGHODUpDOLVDWLRQGHFHWUDYDLOGHUHFKHUFKH
0HVUHPHUFLHPHQWVYRQWDXVVL jO¶H[0DJLVWUDW%DOWDVDU*$5=21
j0DvWUHHW3URIHVVHXU0DQXHO2//(6(6(
j0DvWUH&DUORV6/23(<
j0DvWUH6RSKLH7+2121 j0DvWUH:LOOLDP%285'21
SRXUOHVUpSRQVHVTX¶LOVRQWDSSRUWpHVjPHVTXHVWLRQVDLQVLTXHSRXUOHVQRXYHOOHVSLVWHVGH UHFKHUFKHDSSDUXHVORUVGHQRVHQWUHWLHQV
8QLPPHQVHPHUFLpJDOHPHQWj0-HDQ3LHUUH'(=$,5(0-HDQ3LHUUH9(5',(50PH
&ODLUH$66(1$70PH%pDWULFH,61(5HW0PH(OLVDEHWK,61(5&21&,SRXUOHXU LQGpIHFWLEOHFROODERUDWLRQHWO¶DSSXLLQFRQGLWLRQQHOTX¶LOVP¶RQWRIIHUWVDILQTXHMHSXLVVH UpDOLVHUHWILQDOLVHUFHUrYHDFDGpPLTXH
0HUFLjPDIDPLOOHTXLPDOJUpVRQDEVHQFHP¶DGRQQpMRXUDSUqVMRXUO¶DPRXUODIRUFHHW O¶HVSRLUQpFHVVDLUHSRXUDOOHUMXVTX¶DXERXWGHFHWWHDYHQWXUH
(WPHUFLj'LHXTXLP¶DWRXMRXUVLQGLTXpODYRLHjVXLYUHPDOJUpOHVGLIILFXOWpVILQDQFLqUHV OLpHVjXQWUDYDLOGHORQJXHKDOHLQHUpDOLVpVDQVOHPRLQGUHVRXWLHQILQDQFLHUSXEOLF
6200$,5(
,1752'8&7,21*e1e5$/(
35(0,(5(3$57,(/(6)21'(0(176'(/$&203(7(1&(
,17(51$7,21$/(3(1$/('$16/¶$))$,5(3,12&+(7
&KDSLWUH,/$&203e7(1&(,17(51$7,21$/(3e1$/((7/('52,7,17(51('(
/¶(63$*1(
&KDSLWUH/$&203e7(1&(,17(51$7,21$/(3e1$/('(/¶(63$*1((7/('52,7 ,17(51$7,21$/
&21&/86,21'(/$35(0,Ê5(3$57,(
'(8;,(0(3$57,(/$0,6((1¯895('(/$&203(7(1&(
,17(51$7,21$/(3(1$/('$16/¶$))$,5(3,12&+(7
&KDSLWUH/$&203e7(1&(,17(51$7,21$/(3e1$/('(/(63$*1(¬/e*$5' '(6&5,0(6,17(51$7,21$8;$8&+,/,
&KDSLWUH/(6&216(48(1&(6'(/¶$))$,5(3,12&+(7(7/$/877(&2175(
/¶,0381,7(
&21&/86,21'(/$'(8;,Ê0(3$57,(
752,6,(0(3$57,(©/¶,1)/8(1&('(/$-85,6358'(1&(5(/$7,9(¬
/¶$))$,5(3,12&+(7ª
&KDSLWUH/$/2,'¶$01,67,('8&+,/,'(&5(7/2,'()$&($
/,0381,7(
&KDSLWUH/$33257'835(&('(173,12&+(7
&21&/86,21'(/$752,6,Ê0(3$57,(
&21&/86,21*e1e5$/(
$11(;(6
%,%/,2*5$3+,(
22
$XFRXUVGHO¶KLVWRLUHORUVGHJXHUUHVGHGLFWDWXUHVG¶DIIURQWHPHQWVDUPpVVHVRQWSURGXLWV GHVFULPHVFRQWUHO¶KXPDQLWpGHVJpQRFLGHVDXFRXUVGHVTXHOVRQWpWpPDVVLYHPHQWYLROpVOHV GURLWVGHODSRSXODWLRQFLYLOHVRXVGLYHUVHVIRUPHVWHOOHVTX¶DVVDVVLQDWVGLVSDULWLRQVIRUFpHV VpTXHVWUDWLRQVWRUWXUHVHWSHUVpFXWLRQVSRXUGHVUDLVRQVLGpRORJLTXHVSROLWLTXHVUDFLDOHVRX UHOLJLHXVHV'DQVODPDMRULWpGHVFDVFHVVLWXDWLRQVVHFDUDFWpULVHQWSDUXQHLPSXQLWpWRWDOHHW XQGpVLQWpUrWSRXUODVLWXDWLRQGHVYLFWLPHVVDQVWHQLUFRPSWHGXGURLWLQWHUQDWLRQDO
/H SUREOqPH GH O¶LPSXQLWp SRXVVD O¶DSSDULWLRQ GH O¶LQVWUXPHQW TX¶HVW OD FRPSpWHQFH XQLYHUVHOOH (Q UpDOLWp OH GURLW LQWHUQDWLRQDO GpSHQG SUpFLVpPHQW GH FHWWH SRXUVXLWH HW GH FH FKkWLPHQW&RPPHO¶DELHQGLW%(&&$5,$©ODPHLOOHXUHIDoRQGHSUpYHQLUOHGpOLWHVWOD SHUVXDVLRQTXHO¶RQQHWURXYHUDSDVGHOLHXVXUODWHUUHROHFULPHSRXUUDLWUHVWHULPSXQLª 'DQVGHQRPEUHXVHVRFFDVLRQVOHVeWDWVGLUHFWHPHQWDIIHFWpVSDUOHFULPHRQWQLODYRORQWpQL ODFDSDFLWpGHSURWpJHUOHVELHQVMXULGLTXHVDIIHFWpVRXGHSRXUVXLYUHOHVLQIUDFWLRQVFRPPLVHV /HSULQFLSHGHODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHFRPPHEDVHMXULGLTXHGXSULQFLSHGHOD FRPSpWHQFHXQLYHUVHOOH GRLWrWUHDSSOLTXpDILQG¶DVVXUHUODUpSUHVVLRQHIIHFWLYH HWFRPSOqWH GHVFULPHVOHVSOXVJUDYHVTXLSUpRFFXSHQWODFRPPXQDXWpLQWHUQDWLRQDOH
/HVFULPHVFRQWUHO¶KXPDQLWpDSSHOpVpJDOHPHQWFULPHVGHOqVHKXPDQLWpWLUHQWOHXUVRULJLQHVRXGXPRLQVOHXU LQVSLUDWLRQFRQYHQWLRQQHOOHGHOD3UHPLqUHHW4XDWULqPH&RQYHQWLRQGHOD+D\HFRQFHUQDQWOHV/RLVHW&RXWXPHV GHOD*XHUUH7HUUHVWUHGHHWUHVSHFWLYHPHQW,OHVWjQRWHUTXHOHWH[WHHQHVSDJQROGHODFRQYHQWLRQ VXU O¶LPSUHVFULSWLELOLWp 5pVROXWLRQ GH O¶$VVHPEOpH *pQpUDOH GHV 1DWLRQV 8QLHV GX GpFHPEUH DQQRQFHGDQVVRQWLWUHHWVRQSUpDPEXOH©FULPHQHVGHOHVDKXPDQLGDGªDORUVTXHOHWH[WHHQIUDQoDLVDIILFKH
©FULPHV FRQWUH O¶KXPDQLWpª ´ 9RLU LQIUD ©/HV FULPHV FRQWUH O¶KXPDQLWpª VHFWLRQ FKDSLWUH SUHPLqUH SDUWLH
-RVp5LFDUGRGH3UDGD©0DUFRFRQVWLWXFLRQDOH,QWHUQDFLRQDOGHOD-XVWLFLD8QLYHUVDOªLQ/D-XVWLFLD8QLYHUVDO HQHO'HUHFKR,QWHUQDFLRQDO0HVD5HGRQGDGH([SHUWRV$VRFLDFLyQ3UR'HUHFKRV+XPDQRVGH(VSDxD±DSGKH 5HYLVWD HOHFWUyQLFD GH (VWXGLRV LQWHUQDFLRQDOHV 1R S 'RFXPHQW GLVSRQLEOH VXU KWWSZZZDSGKHRUJ'HUQLqUHFRQVXOWDWLRQPDUV
9RLULQIUDFKDSLWUHGHODWURLVLqPHSDUWLH
%(&&$5,$³'HORVGHOLWRV\GHODVSHQDV´(GLFLRQHVMXUtGLFDV%XHQRV$LUHVS
/HFDUDFWqUHLQWHUQDWLRQDOGHVLQWpUrWVSURWpJpVDMRXWpjFHWWHIRQFWLRQGHYHUURXSRXUpYLWHU GHV©SRFKHVG¶LPSXQLWpLQYRORQWDLUHVªSURFXUHDXSULQFLSHGHFRPSpWHQFHXQLYHUVHOOHXQH VRXUFHSDUWLFXOLqUHGHOpJLWLPDWLRQHWGHUHFRQQDLVVDQFHLQWHUpWDWLTXH
/¶LPSXQLWp VH SHUSpWXH ORUVTXH OH VXMHW DFWLI G¶XQ FULPH LQWHUQDWLRQDO GHPHXUH SDUWLH LQWpJUDQWH GX SRXYRLU GH O¶eWDW GH MXUH RX GH IDFWR VRLW SDUFH TX¶LO H[HUFH OH SRXYRLU VRLW SDUFHTX¶LOGpWLHQWODFDSDFLWpG¶DQQXOHURXGHFRQWUHFDUUHUWRXWHDFWLRQMXGLFLDLUH'HSOXVDX PRPHQW G¶HQWDPHU RX GH SRXUVXLYUH OHV SURFpGXUHV FRQFHUQDQW O¶DIIDLUH OD GLIILFXOWp VH WUDQVPHWjWRXVOHVSRXYRLUVGHO¶eWDW'¶XQF{WpO¶H[pFXWLISURPXOJXHUDWRXWHVOHVPHVXUHV QpFHVVDLUHV SDU H[HPSOH GHV JUkFHV HW G¶XQ DXWUH WUDQVPHWWUD DX OpJLVODWLI OD QpFHVVLWp G¶DGRSWHUGHVORLVDVVXUDQWO¶LPSXQLWpDX[DXWHXUVGHVFULPHVFRPPHFHIXWOHFDVDX&KLOLHW HQ$UJHQWLQH
'DQVOHVFDVRFHVORLVRQWpWpSURPXOJXpHVOHXUVSDUWLVDQVMXVWLILDLHQWOHXUDGRSWLRQSRXUGHV UDLVRQV GH SROLWLTXH FULPLQHOOH RX OD QpFHVVLWp G¶DUULYHU j OD SDL[ VRFLDOH FRPPH LQWpUrWV j SUpVHUYHUIDFHjODUpSUHVVLRQSpQDOHGHVGHVWLQDWDLUHVHWEpQpILFLDLUHVGHODORL'HSOXVFHWWH MXVWLILFDWLRQ D pWp VRXYHQW UHQIRUFpH G¶DUJXPHQWV WHOV TXH OD QpFHVVLWp GH UpFRQFLOLDWLRQ QDWLRQDOHRXODFRQVROLGDWLRQGHVUpJLPHVGpPRFUDWLTXHVDYHFOHSUpWH[WHG¶DWWHLQGUHjXQH VRFLpWpMXVWH
&HSHQGDQW GHV FLUFRQVWDQFHV WHOV TXH OH PDLQWLHQ DX SRXYRLU GHV UHVSRQVDEOHV GHV IDLWV O¶LPSRVVLELOLWpOpJDOHGHOHVSRXUVXLYUHHQUDLVRQGHODSURPXOJDWLRQRXO¶DXWRSURPXOJDWLRQGH ORLVTXLO¶LQWHUGLVHQWODIDLEOHTXDQWLWpHWODVpOHFWLYLWpGHVSURFqVSpQDX[O¶H[LOGHVDXWHXUVGH FULPHV RX OHXU GpFqV VDQV MXJHPHQW GX IDLW GHV UHWDUGV GDQV O¶LQVWUXFWLRQ HW OD PLVH HQ MXJHPHQW QH GRLYHQW SDV FRQVWLWXHU GHV PRWLIV TXL MXVWLILHQW O¶LPSXQLWp GH FHV FULPHV LQWHUQDWLRQDX[
$XVVL O¶DEVHQFH G¶DFWLRQ SpQDOH GDQV OHV MXULGLFWLRQV QDWLRQDOHV GX OLHX G¶H[pFXWLRQ GHV FULPHV MRLQWH j OD QpFHVVDLUH H[LJHQFH GH UHVSRQVDELOLWp SpQDOH LQGLYLGXHOOH GHV DXWHXUV GH FULPHV D\DQW YLROp GHV ELHQV MXULGLTXHV VXSUDQDWLRQDX[ PDLV DXVVL QDWLRQDX[ REOLJH j $QD3(5(=&(3('$³3ULQFLSLRGH-XVWLFLDSHQDOXQLYHUVDOYVSULQFLSLRGH-XULVGLFFLyQSHQDOLQWHUQDFLRQDO´
LQ³(OSULQFLSLRGH-XVWLFLD8QLYHUVDO)XQGDPHQWRV\OtPLWHV9DOHQFLD7LUDQWOR%ODQFKS
0HUFHGHV6RULDQR5RGUtJXH]©(OSULQFLSLRGHMXULVGLFFLyQ8QLYHUVDO\ODUHIRUPDGHODUW/23-¢8QSDVR DWUiV HQ OD OXFKD FRQWUD OD LPSXQLGDG" 5HYXH 'LJLWDOH GLDOQHW IDFXOWp GH 'URLW ,661 H 1R ([HPSODU*DUFtD*R\HQD;,,(GLWLRQ0DGULGS
'DQVO¶DIIDLUH3LQRFKHWQRXVWURXYRQVODORLG¶DPQLVWLH±'pFUHWGH'DQVO¶DIIDLUHDUJHQWLQHLO\HXW OHVORLVGH3RLQW)LQDOHWG¶2EpLVVDQFHGXH
O¶LQWHUYHQWLRQ GX GURLW LQWHUQDWLRQDO SpQDO GHSXLV OHV WULEXQDX[ QDWLRQDX[ GDQV O¶H[HUFLFH H[WUDWHUULWRULDOXQLYHUVHOGHOHXUVFRPSpWHQFHV
(QYHUWXGXSULQFLSHGHFRPSpWHQFHXQLYHUVHOOHO¶eWDWVHUpVHUYHODFRPSpWHQFHGHSRXUVXLYUH GHVIDLWVFRPPLVSDUGHVQDWLRQDX[RXGHVpWUDQJHUVKRUVGXWHUULWRLUHQDWLRQDOORUVTXHFHX[FL SRUWHQWDWWHLQWHjGHVELHQVMXULGLTXHVUHFRQQXVSDUWRXWHODFRPPXQDXWpLQWHUQDWLRQDOHHWjOD SURWHFWLRQGHVTXHOVLOVVRQWLQWpUHVVpV'HFHSRLQWGHYXHODUHFRQQDLVVDQFHGHFHSULQFLSH SDU OHV eWDWV VXSSRVH QRQ VHXOHPHQW G¶DVVXPHU GHV FRPSpWHQFHV PDLV pJDOHPHQW XQ HQJDJHPHQW GDQV OD SRXUVXLWH GH IDLWV GRPPDJHDEOHV SRXU GHV LQWpUrWV GH FDUDFWqUH VXSUDQDWLRQDOHWIUpTXHPPHQWOpVpVSDUGHVIRUPHVGHGpOLQTXDQFHLQWHUQDWLRQDOH,OV¶DJLWSDU FRQVpTXHQW G¶XQ LQVWUXPHQW TXL UHQG SRVVLEOH FHWWH SRXUVXLWH SDU Q¶LPSRUWH TXHOeWDW TXL O¶DVVXPHGHIDLWVFRPPLVKRUVGHVHVIURQWLqUHVPDLVGRQWODUpSUHVVLRQO¶LQWpUHVVHFRPPH PHPEUHGHODFRPPXQDXWpLQWHUQDWLRQDOH
,O V¶HVW DLQVL FRQVWLWXp XQ EORF GH YDOHXUV RX G¶LQWpUrWV TXH OHV eWDWV RQW UHFRQQXV HW SRXU OHVTXHOVLOVVHVRQWHQJDJpVjOXWWHUGDQVOHFDGUHGHODUHVSRQVDELOLWpLQGLYLGXHOOHGHFHX[TXL RQWSRUWpDWWHLQWHjFHVYDOHXUVWRXWFHODFRQGXLWjODPLVHHQSODFHG¶LQVWUXPHQWVMXULGLTXHV GHSRXUVXLWHHWGHPLVHHQMXJHPHQW
(Q FRQVpTXHQFH SRXU TXH OHV FULPHV FRQWUH O¶KXPDQLWp QH UHVWHQW SDV LPSXQLV LO HVW QpFHVVDLUH GH PHWWUH OD FRPSpWHQFH XQLYHUVHOOH HQ PDUFKH 3RXU FHOD OHV eWDWV GLVWLQFWV GH FHX[ TXL RQW FRQFpGp O¶LPSXQLWp j GH WHOV FULPHV VRQW FHX[ TXL GRLYHQW LQWHUYHQLU SDU O¶LQWHUPpGLDLUH GH OHXUV MXULGLFWLRQV UHVSHFWLYHV &¶HVW FH TXH ILW O¶$XGLHQFLD 1DFLRQDO HVSDJQROHjSDUWLUGHO¶DIIDLUH3LQRFKHWFHFLDOODQWGDQVXQVHQVSRVLWLISRXUODUDLVRQTXHFHOD DOODLW GDQV XQ VHQV SRVLWLI G¶pYROXWLRQ GX GURLW LQWHUQDWLRQDO SOXV SUpFLVpPHQW GX GURLW LQWHUQDWLRQDO SpQDO $SUqV OD ILQ GH OD JXHUUH IURLGH OH SULQFLSH GH FRPSpWHQFH XQLYHUVHOOH V¶pWDLWGpYHORSSpHWV¶DSSURIRQGLWVDQVSRXUDXWDQWIDLUHREVWDFOHjODVRXYHUDLQHWpGHVeWDWV
&HTXLSUpFqGHHQWUDvQHO¶DSSOLFDWLRQGXGURLWLQWHUQDWLRQDOSpQDOSDUOHVWULEXQDX[QDWLRQDX[
VHORQOHSULQFLSHGHODFRPSpWHQFHXQLYHUVHOOH
$48,17$125,32//e6©7UDWDGRGHGHUHFKRSHQDOLQWHUQDFLRQDOHLQWHUQDFLRQDOSHQDOª7,,,QVW)GH 9LWRULD0DGULGS
, 3UpFLVLRQV7HUPLQRORJLTXHV
/¶DQDO\VHGHODVXSUpPDWLHGXGURLWLQWHUQDWLRQDOVXUOHGURLWLQWHUQHORUVTX¶LOHVWTXHVWLRQGH FRPSpWHQFHXQLYHUVHOOHQRXVFRQGXLWjIDLUHOHVSUpFLVLRQVVXLYDQWHVTXDQWjODWHUPLQRORJLH XWLOLVpH GDQV FHWWH UHFKHUFKH $ HQVXLWH QRXV SDVVHURQV j OD GpILQLWLRQ GH OD FRPSpWHQFH LQWHUQDWLRQDOHSpQDOH%SXLVjODGpILQLWLRQGHODFRPSpWHQFHXQLYHUVHOOH&
$7HUPLQRORJLHXWLOLVpH
/¶LQFLGHQFHGXGURLWLQWHUQDWLRQDOVXUOHGURLWLQWHUQHV¶DJLVVDQWGHFRPSpWHQFHXQLYHUVHOOH QRXV SRXYRQV OD MXVWLILHU j SDUWLU GH UqJOHV SDUPL OHVTXHOOHV RQ SHXW GLVWLQJXHU OH GURLW FRXWXPLHUHWOHGURLWFRQYHQWLRQQHO
(Q PDWLqUH GH GURLW FRXWXPLHU LO H[LVWH DSUqV OH ;9,,,qPH VLqFOH XQH UqJOH GH GURLW LQWHUQDWLRQDOHQYHUWXGHODTXHOOHOHVeWDWVRQWXQHFRPSpWHQFHXQLYHUVHOOHGDQVOHGRPDLQHGH ODSLUDWHULH6XUODEDVHGHFHWWHUqJOHOHGURLWFRXWXPLHUDXWRULVDLWWRXVOHVeWDWVjDUUrWHUHW SXQLU WRXV OHV SLUDWHV TXHOOH TXH VRLW OHXU QDWLRQDOLWp RX FHOOH GHV YLFWLPHV RX OH OLHX GH FRPPLVVLRQGXFULPHGHSLUDWHULH
$FHWWHSUHPLqUHUqJOHGHFRPSpWHQFHV¶DMRXWHpJDOHPHQWFHOOHGpGXLWHGXFDV/RWXVSODLGp GHYDQWODFRXUSHUPDQHQWHGHMXVWLFHLQWHUQDWLRQDOHHQSULQFLSHpQRQFpDLQVL©WRXWFH TXLQ¶HVWSDVLQWHUGLWHVWSHUPLVª
/HGURLWFRQYHQWLRQQHOHVWFRQVWLWXpSDUOHVWUDLWpVLQWHUQDWLRQDX[TXLpQRQFHQWOHVUqJOHVGH FRPSpWHQFHVFRPPHODFRQYHQWLRQSRXUODSUpYHQWLRQHWODUpSUHVVLRQGXFULPHGHJpQRFLGH GH OHV FRQYHQWLRQV GH *HQqYH GH OHV FRQYHQWLRQV VXU OH WHUURULVPH HW OD FRQYHQWLRQGHFRQWUHODWRUWXUH
/H GURLW FRQYHQWLRQQHO D OD IDFXOWp GH GpWHUPLQHU TXHOV VRQW OHV FULPHV LQWHUQDWLRQDX[ TXL REOLJHQWjXQHUpSUHVVLRQGHODSDUWGHVeWDWV,OFRQYLHQWLFLGHVRXOLJQHUOHFRQFHSWGHFULPHV LQWHUQDWLRQDX[
$QWRQLR&DVVHVH³/¶LQFLGHQFHGXGURLWLQWHUQDWLRQDOVXUOHGURLWLQWHUQH´LQ³-XULGLFWLRQV1DWLRQDOHVHW&ULPHV ,QWHUQDWLRQDX[´6RXVODGLUHFWLRQGH$QWRQLR&DVVHVHHW0LUHLOOH'HOPDV0DUW\3UHVVHV8QLYHUVLWDLUHVGH )UDQFH3DULV±38)S
&RXU3HUPDQHQWHGH-XVWLFH,QWHUQDWLRQDOHDIIDLUH66/RWXV)UDQFHFRQWUH7XUTXLH
3RXU FHOD QRXV XWLOLVRQV XQ H[WUDLW GHV GpILQLWLRQV HW GHV FODVVLILFDWLRQV IDLWHV SDU &KHULI
%$66,281, HQ SUHQDQW HQ FRPSWH OHXU VHQV HQ GURLW SpQDO LQWHUQDWLRQDO GH OD IDoRQ VXLYDQWH
©/HV FULPHV LQWHUQDWLRQDX[ VRQW FHX[ TXL DIIHFWHQW OD SDL[ HW OD VpFXULWp GH O¶KXPDQLWp pYHQWXHOOHPHQW FRPPH UpVXOWDW G¶XQH SROLWLTXH GeWDW WHO TXH OH FULPH GDJUHVVLRQ GH JpQRFLGHGHJXHUUHHWOHVFULPHVFRQWUHOKXPDQLWp
/HVGpOLWVLQWHUQDWLRQDX[VRQWFHX[TXLDIIHFWHQWGHVLQWpUrWVSURWpJpVDXQLYHDXLQWHUQDWLRQDO GDQVOHVTXHOVSHXYHQWrWUHFRPSURPLVSOXVG¶XQeWDWRXGRQWOHVYLFWLPHVSHXYHQWrWUHGHV QDWLRQDX[ GH SOXVLHXUV eWDWV 3DUPL FHX[FL RQ WURXYH OD SLUDWHULH OH ILQDQFHPHQW GX WHUURULVPHODSULVHGRWDJHV
/HV LQIUDFWLRQV LQWHUQDWLRQDOHV VRQW GHV YLRODWLRQV GX GURLW SpQDO LQWHUQDWLRQDO VLWXpHV HQ GHKRUV GHV FULPHV HW GHV GpOLWV LQWHUQDWLRQDX[ &HOD SHXW rWUH OH WUDILF LQWHUQDWLRQDO GH PDWpULDX[REVFqQHVODUXSWXUHGHFkEOHVVRXVPDULQVODFRUUXSWLRQGHVIRQFWLRQQDLUHVSXEOLFV pWUDQJHUVª
3DU DLOOHXUV OH SURIHVVHXU 2//( 6(6( SURSRVH GHX[ W\SHV GH ©FULPHV LQWHUQDWLRQDX[ª
&HX[ GH SUHPLHU GHJUp VH EDVHQW VXU OH GURLW LQWHUQDWLRQDO FRQYHQWLRQQHO HW FRXWXPLHU HW pWDEOLVVHQW OD UHVSRQVDELOLWp SpQDOH LQGLYLGXHOOH LQWHUQDWLRQDOH GH OHXUV DXWHXUV SXLVTX¶LOV VXSSRVHQW XQH YLRODWLRQ JUDYH GHV GURLWV GH O¶KRPPH WDQGLV TXH FHX[ GH VHFRQG GHJUp V¶DSSXLHQW VXU OH GURLW LQWHUQH RX OH GURLW LQWHUQDWLRQDO HQWUDvQHQW OD UHVSRQVDELOLWp SpQDOH LQGLYLGXHOOHLQWHUQDWLRQDOHLQGLUHFWHjWUDYHUVOHGURLWLQWHUQHHWOqVHQWOHVLQWpUrWVFRPPXQV LQWHUQDWLRQDX[RXG¶LPSRUWDQFHLQWHUQDWLRQDOHRO¶LQWHUYHQWLRQLQWHUpWDWLTXHHVWQpFHVVDLUH 6HORQ FHW DXWHXU OD FRPSpWHQFH XQLYHUVHOOH GHYUDLW rWUH REOLJDWRLUH SRXU OHV FULPHV LQWHUQDWLRQDX[GHSUHPLHUGHJUpHWIDFXOWDWLYHSRXUFHX[GHVHFRQGGHJUp
&RPSpWHQFHHWMXULGLFWLRQ
&RPSWH WHQX GH FH TXH OD SUHPLqUH SDUWLH GX VXMHW GH FHWWH WKqVH WUDLWH GH OD FRPSpWHQFH LQWHUQDWLRQDOHSpQDOHLOHVWQpFHVVDLUHGHGpILQLUFHTXHVRQWODFRPSpWHQFHHWODMXULGLFWLRQ
&KHULI%$66,281,©,QWURGXFWLRQDX'URLW3pQDO,QWHUQDWLRQDOª%UX\ODQW%UX[HOOHVSS
0DQXHO2//e6(6e³-XVWLFLD8QLYHUVDOSDUD&UtPHQHV,QWHUQDFLRQDOHV/D/(<XQLYHUVLGDGGH/HEULMDS
/DFRPSpWHQFHVHGpILQLWGHFHWWHIDoRQ©³8QMXJHQHSHXWrWUHVDLVLG¶XQHDIIDLUHTXHGDQV ODPHVXUHROHVGLVSRVLWLRQVVXUO¶RUJDQLVDWLRQMXGLFLDLUHHWFHOOHVTXLIL[HQWOHVUqJOHVGH SURFpGXUHOXLGRQQHQWOHSRXYRLUGHODMXJHU&HSRXYRLUF¶HVWOD³FRPSpWHQFH´ª
3 0(<(5 GpFODUH©VL OD FRPSpWHQFH HVW XQH TXDOLWp UHFRQQXH j XQH SHUVRQQH SOXV SUpFLVpPHQW j XQH DXWRULWp RX j XQ RUJDQH RQ GLW TX¶XQWULEXQDO TX¶XQ PLQLVWUH VRQW FRPSpWHQWVRXLQFRPSpWHQWV«/DFRPSpWHQFHGpILQLWDXVVLFHTXHSHXWIDLUHO¶DXWRULWp RXO¶RUJDQHWHOOHDFWLYLWpHVWGHVDFRPSpWHQFHFHODVLJQLILHTX¶LOSHXW±pYHQWXHOOHPHQWTX¶LO GRLW±O¶DFFRPSOLUª
/D FRPSpWHQFH HVW XQ FRQFHSW FRQFUHW DORUV TXH OD MXULGLFWLRQ HVW XQ FRQFHSW DEVWUDLW DFFRUGpHjXQRUJDQHTXLGRLWWUDQFKHUGDQVGHQRPEUHXVHVPDWLqUHVHWPHWWDQWHQFDXVHXQ FHUWDLQW\SHGHSHUVRQQHV
(Q FRPSDUDQW OD FRPSpWHQFH HW OD MXULGLFWLRQ GH QRPEUHX[ DXWHXUV VRQW DUULYpV j OD FRQFOXVLRQTXHODSUHPLqUHHVWXQHUHODWLRQHQWUHOHMXJHHWO¶DIIDLUHTX¶LOGRLWWUDLWHUDORUVTXH ODVHFRQGHHVWHQOLHQDYHFOHSRXYRLUGXWULEXQDO
%'XFRQFHSWGHODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOH
/DEDVHMXULGLTXHGHODFRPSpWHQFHXQLYHUVHOOHHVW PLVHHQIRUPHSDUOHGURLWLQWHUQDWLRQDO SpQDOUDLVRQSRXUODTXHOOHFHWWHpWXGHHVWGpQRPPpH©ODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHª SXLVTX¶LO V¶DJLW GH GpPRQWUHU DX FRXUV GH FHWWH WKqVH OD SUpYDOHQFH GH FH GURLW ORUVTXH OH SULQFLSHGHFRPSpWHQFHXQLYHUVHOOHV¶DSSOLTXH
'DQVFHWWHWKqVHQRXVSDUOHURQVLQGLVWLQFWHPHQWGHFRPSpWHQFHXQLYHUVHOOHRXGHFRPSpWHQFH LQWHUQDWLRQDOHSpQDOHGXIDLWTXHQRXVSDUORQVGHFRQFHSWVTXLQHVRQWSDVGLIIpUHQWV(Q HIIHW FRPPH QRXV O¶DYRQV H[SOLTXp SOXV KDXW QRXV SDUORQV GH FRPSpWHQFH LQWHUQDWLRQDOH SpQDOHHQWDQWTXHIRQGHPHQWMXULGLTXHGHODFRPSpWHQFHXQLYHUVHOOHIDoRQQpHSDUOHGURLW KWWSZZZGLFWLRQQDLUHMXULGLTXHFRPGHILQLWLRQFRPSHWHQFHSKS
30$<(5'URLWLQWHUQDWLRQDOSULYpHWGURLWLQWHUQDWLRQDOSXEOLFVRXVO¶DQJOHGHODQRWLRQGHODFRPSpWHQFH 5&',3SS
),7=0$85,&(*7KH/DZDQG3URFHGXUHRIWKH,QWHUQDWLRQDO&RXUWRI-XVWLFH4XHVWLRQVRI-XULVGLFWLRQ
&RPSHWHQFHDQG3URFHGXUHLQ%<,/92/
&216$5'0³/DVRXPLVVLRQGHVeWDWVDX[WULEXQDX[LQWHUQHV3pGRQH3DULVSVV
0XKDPPDG$%8(/+(,-$³/DFRPSpWHQFH8QLYHUVHOOHXQPpFDQLVPHSRXUOXWWHUFRQWUHO¶LPSXQLWp´7KqVH GHGRFWRUDWHQGURLW8QLYHUVLWp3DXO&p]DQQH$L[0DUVHLOOH,,,S
LQWHUQDWLRQDO SpQDO 1RXV pYRTXHURQV GRQF OD FRPSpWHQFH XQLYHUVHOOH ORUVTXH FH VHUD QpFHVVDLUH
/H GURLW LQWHUQDWLRQDO SpQDO HW OH GURLW SpQDO LQWHUQDWLRQDO IRQW SDUWLH GH O¶H[HUFLFH GH OD FRPSpWHQFH XQLYHUVHOOH HQ WHQDQW FRPSWH GH OD SUpYDOHQFH GX SUHPLHU VXU OH VHFRQG /D FRPSpWHQFHXQLYHUVHOOHGpFRXOHHQSUHPLHUOLHXG¶XQHREOLJDWLRQLQWHUQDWLRQDOHpWDEOLHGDQV XQH FRQYHQWLRQ DILQ TXH OHV eWDWV SDUWLHV SUHQDQWHV GH FHW LQVWUXPHQW LQWHUQDWLRQDO O¶LQWURGXLVHQWGDQVOHXURUGRQQDQFHPHQWLQWHUQHHWDILQGHSRXUDLQVLO¶DSSOLTXHUSDUODVXLWH FRPPH PpFDQLVPH GH OXWWH FRQWUH O¶LPSXQLWp 1RXV SRXUULRQV DORUV SDUOHU GH FRPSpWHQFH SpQDOH LQWHUQDWLRQDOH SDUFH TX¶LO V¶DJLUDLW GH QRUPHV G¶RUGUH QDWLRQDO HQ O¶HVSqFH GH GURLW SpQDOPDLVTXLDXURQWGHVFRQVpTXHQFHVG¶RUGUHLQWHUQDWLRQDO
&HWWHFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHUHSUpVHQWHGRQFODEDVHMXULGLTXHGHOD FRPSpWHQFH XQLYHUVHOOHEDVHTXHOXLRIIUHQWOHGURLWFRQYHQWLRQQHOHWOHGURLWFRXWXPLHU
/D FRPSpWHQFH LQWHUQDWLRQDOH SpQDOH GpFRXOH GLUHFWHPHQW GX GURLW LQWHUQDWLRQDO SpQDO ORUVTX¶HOOH HVW LQFRUSRUpH j O¶RUGUHMXULGLTXH G¶XQeWDW FHOD VH IDLW VXLYDQW XQH GHPDQGH SURYHQDQWGXGURLWFRQYHQWLRQQHOFHWWHGHPDQGHVXUJLVVDQWG¶XQHREOLJDWLRQIRUPXOpHGDQVOH FDGUH G¶XQH FRQYHQWLRQ LQWHUQDWLRQDOH FRPPH OD &RQYHQWLRQ FRQWUH OH JpQRFLGH RX OD FRQYHQWLRQ FRQWUH OD WRUWXUH 6L O¶eWDWQ¶HVW SDV SDUWLH SUHQDQWH GH FHV FRQYHQWLRQV RX V¶LO O¶HVW PDLV QH OHV D SDV UDWLILpHV QRXV QH SRXYRQV SDV SDUOHU GH PLVH HQ °XYUH GH OD FRPSpWHQFHXQLYHUVHOOHSDUFHWeWDW
0DLVORUVTXHO¶eWDWH[HUFHVDFRPSpWHQFHH[WUDWHUULWRULDOHTXLjVRQWRXUOXLSHUPHWG¶H[HUFHU ODFRPSpWHQFHXQLYHUVHOOHLQFRUSRUpHjVRQRUGUHMXULGLTXHSDUXQHORLRUJDQLTXHFRPPHFH IXWOHFDVGHO¶(VSDJQH LOUHPSOLWXQHREOLJDWLRQLQWHUQDWLRQDOHHQFHVHQVFHWH[HUFLFHHVW KDELOLWp SDU OH GURLW SpQDO LQWHUQDWLRQDO SXLVTXH VRQ H[HUFLFH SURFqGH G¶XQ GURLW QDWLRQDO F¶HVWjGLUHGXGURLWSpQDOTXLHQWUDvQHGHVFRQVpTXHQFHVG¶RUGUHLQWHUQDWLRQDODLQVLFHVRQW OHV eWDWV TXL GRLYHQW SUpYRLU GDQV OHXU OpJLVODWLRQ O¶H[HUFLFH GH OD FRPSpWHQFH HQ TXHVWLRQ SXLVTXHF¶HVWH[FOXVLYHPHQWXQHTXHVWLRQGHVRXYHUDLQHWpQDWLRQDOH
,VDEHOOH)28&+$5'GpFODUH©/HFDUDFWqUHXQLYHUVHOGHODYDOHXUSURWpJpHHVWODFDXVHGHODFUpDWLRQGX FULPHLQWHUQDWLRQDOHWDSRXUFRQVpTXHQFHO¶RUJDQLVDWLRQGXUpJLPHUpSUHVVLIjXQGRXEOpQLYHDXSDUOHV MXULGLFWLRQVSpQDOHVQDWLRQDOHV\FRPSULVVXUODEDVHGHODFRPSpWHQFHXQLYHUVHOOHHQYHUWXGXGURLW
LQWHUQDWLRQDOFRXWXPLHU´,VDEHOOH)RXFKDUG³&ULPHV,QWHUQDWLRQDX[HQWUHLQWHUQDWLRQDOLVDWLRQGXGURLWSpQDOHW SpQDOLVDWLRQGXGURLWLQWHUQDWLRQDO´%UX\ODQW%UX[HOOHVS
(Q G¶DXWUHV WHUPHV OH GURLW SpQDO LQWHUQDWLRQDO HVW FRPSpWHQFH WHUULWRULDOH HW FRPSpWHQFH H[WUDWHUULWRULDOHjO¶H[FHSWLRQGHODFRPSpWHQFHXQLYHUVHOOHFDUSRXUH[HUFHUODFRPSpWHQFH XQLYHUVHOOHO¶eWDWGRLWG¶DERUGIDLUHSDUWLHG¶XQHFRQYHQWLRQTXLO¶DXWRULVHjO¶H[HUFHUWHOTXH ODFRQYHQWLRQFRQWUHOHJpQRFLGHRXODFRQYHQWLRQFRQWUHODWRUWXUH
3RXU DXWDQW GDQV OH FDGUH GX GURLW LQWHUQDWLRQDO FRPPH LO D pWp LQGLTXp FLGHVVXV OH IDLW TX¶XQWUDLWpLQWHUQDWLRQDOGpFODUHXQDJLVVHPHQWFRPPHXQGpOLWLQWHUQDWLRQDOQ¶LPSOLTXHSDV DXWRPDWLTXHPHQWXQHSRXUVXLWHXQLYHUVHOOHUDLVRQSRXUODTXHOOHLOIDXWFRQQDvWUHOHFRQWHQX GXWUDLWpHQFHTXLFRQFHUQHOHVIRUVFRQFUHWVGHFRPSpWHQFHpWDEOLV(QSUHQDQWHQFRPSWHXQH LQWHUSUpWDWLRQOLWWpUDOHGHVWUDLWpVLQWHUQDWLRQDX[TXLWHQWHQWGHSRXUVXLYUHjWRXWSUL[FHUWDLQHV FRQGXLWHVFRQVLGpUpHVFRPPHJUDYHVSDUXQHJUDQGHSDUWLHGHODFRPPXQDXWpLQWHUQDWLRQDOH HW G¶pYLWHU HQ GpILQLWLYH O¶LPSXQLWp LO IDXW LQWHUSUpWHU TXH OD IRUPDOLVDWLRQ SDU FHV FRQYHQWLRQV GH GpOLWV LQWHUQDWLRQDX[ HQWUDvQH O¶DWWULEXWLRQ GH OD FRPSpWHQFH XQLYHUVHOOH DX PRLQVGHIDoRQIDFXOWDWLYH
/RUVTXHGHVWUDLWpVFRPPHFHOXLGHODWRUWXUHRXFHOXLGXJpQRFLGHLQVWDXUHQWFHUWDLQVFULWqUHV TXL DWWULEXHQW OD FRPSpWHQFH j FHUWDLQV eWDWV LOV Q¶H[FOXHQW SDV OD FRPSpWHQFH GHV DXWUHV eWDWV PDLV LPSRVHQW GHV MXULGLFWLRQV REOLJDWRLUHV RX SUpIpUHQWLHOOHV HW GH SOXV GLUHFWHPHQW DSSOLFDEOHVSDUOHVeWDWVPHPEUHVVDQVH[FOXVLYLWp&HODVHFRQILUPHSDUOHVGLVSRVLWLRQVGH QRPEUHX[WUDLWpVUpJXODQWFHVDJLVVHPHQWVTXLDIIHFWHQWGHVELHQVG¶LQWpUrWXQLYHUVHODILQGH Q¶H[FOXUHDXFXQHMXULGLFWLRQH[HUFpHFRQIRUPpPHQWjGHVORLVQDWLRQDOHV/HSUREOqPHH[LVWH ORUVTXH OH 7UDLWp V¶HQ UHPHW DX[ ORLV QDWLRQDOHV SRXU O¶pYHQWXHOOH DSSOLFDWLRQ GH OD MXVWLFH XQLYHUVHOOHHWORUVTXHFHOOHVFLXVDQWGHFHWWHIDFXOWpQHODSUpYRLHQWSDV
/HSULQFLSHGHFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHDSSDUDvWUDDORUVFRPPHO¶LQVWUXPHQWTXLGDQV ODVROLGDULWpLQWHUQDWLRQDOHUHQGSRVVLEOHODSRXUVXLWHHWODPLVHHQDFFXVDWLRQGHVFULPHVOHV SOXVJUDYHVHWOHVSOXVLQWROpUDEOHVTXLRIIHQVHQWODFRPPXQDXWpLQWHUQDWLRQDOH
%*$5&,$6$1&+(=³(OSULQFLSLRGHMXVWLFLDXQLYHUVDOHQHORUGHQDPLHQWRLQWHUQRHLQWHUQDFLRQDO´LQ
³5HYLVWDGH'HUHFKR3HQDO\FULPLQRORJtD´8QLYHUVLGDG1DFLRQDOGH(GXFDFLyQD'LVWDQFLD(VSDxDIDFXOWDG GHGHUHFKRpSRFDQH[WUDSHWVV
(QFHTXLFRQFHUQHO¶(VSDJQHO¶DUWLFOHDOLQpDVDHWEGHOD/RL2UJDQLTXHVXUOH3RXYRLU-XGLFLDLUH DXWRULVHODSRXUVXLWHGHVGpOLWVGHJpQRFLGHHWGHFULPHVFRQWUHO¶KXPDQLWpDLQVLTXHOHWHUURULVPHHWRQSRXUUDLW LQWHUSUpWHUO¶DOLQpDJFRPPHDXWRULVDQWODSRXUVXLWHGHQ¶LPSRUWHTXHOOHFRQGXLWHGRQWODPLVHHQDFFXVDWLRQVRLW FRQIRUPHDX[QRUPHVLQWHUQDWLRQDOHVGRQWODWRUWXUHHWOHVYLRODWLRQVGXGURLWLQWHUQDWLRQDOKXPDQLWDLUH
$6$1&+(=/(*,'2-XULVGLFFLyQXQLYHUVDOSHQDO\GHUHFKRLQWHUQDFLRQDO7LUDQWOR%ODQFKSS /D&',ORUVGHVHVWUDYDX[VXUOH3URMHWGH&ULPHVFRQWUHOH3DL[HWOD6pFXULWpGpFLGDjO¶XQDQLPLWp TXHOHFRGHQ¶DERUGHUDLWTXHOHVFULPHVGXGURLWLQWHUQDWLRQDOOHVSOXVJUDYH
/-,0(1(='($6Ò$\-$17Ï121(&$'HUHFKR3HQDOFRQIRUPHDO&yGLJRGH0DGULG5HXV
³FRQFHSWLRQJpQpUHXVHIRQGpHVXUODVROLGDULWpGHVQDWLRQVHWODIUDWHUQLWpGHVKRPPHV´
&RPSWHWHQXGHFHTXLSUpFqGHODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHFRPPHEDVHMXULGLTXHGH ODFRPSpWHQFHXQLYHUVHOOHUHSUpVHQWHOHSRXYRLUTXHGpWLHQWXQMXJHQDWLRQDOG¶LQVWUXLUHHWGH MXJHUGHVFULPHVLQWHUQDWLRQDX[TXHOTXHVRLWOHOLHXROHVIDLWVRQWpWpFRPPLVODQDWLRQDOLWp GH OD YLFWLPH RX GH O¶DXWHXU SUpVXPp HQ UHPSOLVVDQW XQH REOLJDWLRQ GH GURLW LQWHUQDWLRQDO GpFRXODQW G¶XQ WUDLWp RX G¶XQH FRQYHQWLRQ HW TXL HQWUDvQH GHV HIIHWV GH GURLW SpQDO OH FDV pFKpDQWHQVDQFWLRQQDQWOHFRXSDEOHHWHQGRQQDQWUpSDUDWLRQjODYLFWLPH
,O HVW LPSRUWDQW GH GpILQLU HQVXLWH FH TX¶HVW OH GURLW LQWHUQDWLRQDO SpQDO HW OH GURLW SpQDO LQWHUQDWLRQDOSRXUHQVXLWHpWDEOLUOHXUVGLIIpUHQFHVHWQRXVLQWpUHVVHUjOHXUVVRXUFHV 6HORQ 5REHUW .2/% OH WHUPH GH GURLW SpQDO LQWHUQDWLRQDO HVW SOXV ODUJH TXH OH GURLW LQWHUQDWLRQDOSpQDO&HGHUQLHUHVWXQHSDUWLHGXGURLWSpQDOLQWHUQDWLRQDOFRPPHXQHSURYLQFH IDLWSDUWLHG¶XQeWDW
/HGURLWSpQDOLQWHUQDWLRQDOGpVLJQHRXWUDLWHOHVDVSHFWVRXSDUWLHVGXGURLWSpQDOPDWpULHOHW GHSURFpGXUHVGDQVOHVTXHOVLO\DXQHUHODWLRQDYHFO¶pWUDQJHU
/HGURLWSpQDOLQWHUQDWLRQDODFRPPHEDVHOHGURLWSpQDODORUVTXHODWRWDOLWpGXGURLWSpQDOHQ pWXGLH OHV DVSHFWV LQWHUQDWLRQDX[ GH FHOXLFL 7DQGLV TXH OH GURLW LQWHUQDWLRQDO SpQDO D SRXU EDVHO¶HQVHPEOHGXGURLWLQWHUQDWLRQDOGDQVOHFDGUHGXTXHOVRQWpWXGLpVOHVDVSHFWVSpQDX[GX GURLWLQWHUQDWLRQDOSpQDO
,VDEHO )28&+$5' HVW G¶DYLV TXH OH GURLW LQWHUQDWLRQDO SpQDO HVW FRQVWLWXp SDU OHV DVSHFWV SpQDX[ GX GURLW LQWHUQDWLRQDO WDQGLV TXH OH GURLW SpQDO LQWHUQDWLRQDO WUDLWH GHV DVSHFWV LQWHUQDWLRQDX[GXGURLWSpQDOHWIDLWODFODVVLILFDWLRQVXLYDQWH
'X SRLQW GH YXH GHV FULPHV GDQV OH GURLW LQWHUQDWLRQDO SpQDO LO V¶DJLW GHV FULPHV VXSUDQDWLRQDX[EDVpVVXUXQHQRUPHGHGURLWLQWHUQDWLRQDOGRQWODYLRODWLRQSDUFRQVpTXHQW HQJDJHODUHVSRQVDELOLWpSpQDOHGHVLQGLYLGXVHQYHUWXGXGURLWLQWHUQDWLRQDOFRPPHOHFULPH G¶DJUHVVLRQGHJpQRFLGHOHFULPHFRQWUHO¶KXPDQLWpOHVFULPHVGHJXHUUH
$ORUVTX¶HQGURLWSpQDOLQWHUQDWLRQDOLOV¶DJLWGHFULPHVWUDQVQDWLRQDX[TXLVRQWGHVFULPHVGH GURLWLQWHUQHTXLRQWXQHLQFLGHQFHLQWHUQDWLRQDOHSDUFHTX¶LOVSURYLHQQHQWG¶XQHFRQYHQWLRQ HQWUHDXWUHVODSULVHG¶RWDJHVODFRUUXSWLRQOHEODQFKLPHQWG¶DUJHQW
5REHUW.2/%³'URLWLQWHUQDWLRQDOSpQDO´3UpFLV+HOELQJ/LFKWHQKDKQ%kOH%UX\ODQW%UX[HOOHVS
6HORQOHFRQWHQXHQGURLWLQWHUQDWLRQDOSpQDOLOV¶DJLWG¶LQFULPLQDWLRQVSpQDOHVHVVHQWLHOOHV GLUHFWHPHQW IRQGpHV VXU OH GURLW LQWHUQDWLRQDO HQ SULQFLSH FRXWXPLHU SRXU OH GURLW SpQDO LQWHUQDWLRQDOLOV¶DJLWGHUqJOHVG¶H[WHQVLRQGHVFRPSpWHQFHVSpQDOHV
'XSRLQWGHYXHGHVVRXUFHVHQGURLWLQWHUQDWLRQDOSpQDOF¶HVWOHGURLWLQWHUQDWLRQDODORUV TX¶HQGURLWSpQDOLQWHUQDWLRQDOFHVRQWOHVGURLWVLQWHUQHV
$LQVLLOUHVVRUWTXHOHGURLWLQWHUQDWLRQDOSpQDOHVWXQHEUDQFKHGXGURLWLQWHUQDWLRQDOSXEOLF DORUV TXH OH GURLW SpQDO LQWHUQDWLRQDO HVW XQH EUDQFKH GX GURLW SpQDO ORUVTX¶LO H[LVWH XQH UHODWLRQDYHFO¶pWUDQJHU&¶HVWSRXUTXRLFHVGHX[GURLWVSHXYHQWV¶HQWUDLGHUSDUH[HPSOHOH GURLWLQWHUQDWLRQDOV¶DSSXLHGXGURLWSpQDOLQWHUQDWLRQDOORUVTX¶LOHVW TXHVWLRQG¶DSSOLTXHUOD FRRSpUDWLRQMXGLFLDLUH
3RXU 0DUF +(1=(/,1©VL OHV VRXUFHV GX GURLW SpQDO SURYLHQQHQW GH O¶RUGUH MXULGLTXH QDWLRQDORQSDUOHGHGURLWSpQDOLQWHUQDWLRQDO³VWULFWRVHQVX´DORUVTXHSRXU6*/$6(5
³VLOHVVRXUFHVGXGURLWSpQDOVRQWLQWHUQDWLRQDOHVLOV¶DJLUDLWGHGURLWLQWHUQDWLRQDOSpQDO´
0DLV FHV VRXUFHV SHXYHQW pJDOHPHQW rWUH FODVVpHV HQ VRXUFHV SULQFLSDOHV HW VRXUFHV DX[LOLDLUHV
©/HVVRXUFHVSULQFLSDOHVUHSUpVHQWHQWOHVWUDLWpVODFRXWXPHHWOHVUqJOHVJpQpUDOHVGXGURLW /HV VRXUFHV DX[LOLDLUHV TXDQW j HOOHV FRPSUHQQHQW /HV SUpFpGHQWV MXGLFLDLUHV FRPPH O¶DIIDLUH (LFKPDQQ ±WULEXQDO LVUDpOLHQ HW O¶DIIDLUH 7DGLF 73,<± /HV 5pVROXWLRQVGHO¶$VVHPEOpH*pQpUDOHRXGX&RQVHLOGH6pFXULWpGHV1DWLRQV8QLHVWHOOHVTXH O¶DGRSWLRQGHOD5pVROXWLRQ,GHO¶$VVHPEOpH*pQpUDOHGHV1DWLRQV8QLHVOHGpFHPEUH /HVSURMHWVGX&',QRWDPPHQWHQPDWLqUHGH&RGHGHFULPHVFRQWUHODSDL[HWOD VpFXULWp GH O¶KXPDQLWp GqV /HV SURMHWV G¶DVVRFLDWLRQV VFLHQWLILTXHV SULYpHV FRPPH O¶,QWHUQDWLRQDO /DZ $VVRFLDWLRQ RX O¶,QVWLWXW GH GURLW LQWHUQDWLRQDO /D GRFWULQH GHV ,VDEHOOH)28&+$5'³&ULPHV,QWHUQDWLRQDX[HQWUH,QWHUQDWLRQDOLVDWLRQGXGURLWSpQDOHWSpQDOLVDWLRQGXGURLW LQWHUQDWLRQDO´RSFLWS9RLUGDQVOHPrPHVHQV6*/$6(5³'URLWLQWHUQDWLRQDOSpQDOFRQYHQWLRQQHO´
%UX[HOOHV%UX\ODQW7,S
5REHUW.2/%³'URLWLQWHUQDWLRQDOSpQDO´RSFLWS
0DUF+(1=(/,1³/H3ULQFLSHGH/¶8QLYHUVDOLWpHQ'URLW3pQDO,QWHUQDWLRQDO'URLWHWREOLJDWLRQSRXUOHV eWDWVGHSRXUVXLYUHHWMXJHUVHORQOHSULQFLSHGHO¶XQLYHUVDOLWp´+HOELQJ /LQFKWHQKDKQ%kOH*HQqYH0XQLFK )DFXOWpGH'URLWGH*HQqYH%UX\ODQW%UX[HOOHVS
6*/$6(5³'URLWLQWHUQDWLRQDOSpQDOFRQYHQWLRQQHO´RSFLW7,S
5REHUW.2/%³'URLWLQWHUQDWLRQDOSpQDO´RSFLWSS
/D&',DGRSWDOHV³3ULQFLSHVGXGURLWLQWHUQDWLRQDOFRQVDFUpVSDUOH6WDWXWGX7ULEXQDOGH1XUHPEHUJHWGDQV OHMXJHPHQWGHFH7ULEXQDO´9RLUVHFWLRQFKDSLWUHSUHPLqUHSDUWLH
SXEOLFLVWHVOHVSOXVTXDOLILpV/HV0DQXHOVPLOLWDLUHVFRPPHH[SUHVVLRQGHO¶RSLQLRMXULVHW GHODSUDWLTXHGHVeWDWVª
&'XFRQFHSWGHFRPSpWHQFHXQLYHUVHOOH
0DUF+HQ]HOLQGHFODUH³6HORQOHSUtQFLSHGHO¶XQLYHUVDOLWpXQeWDWDIILUPHVDFRPSpWHQFH VDQVTX¶LODLWDXFXQFULWqUHGHUDWWDFKHPHQWGLUHFWDYHFO¶LQIUDFWLRQVLFHQ¶HVWpYHQWXHOOHPHQW ODSUpVHQVHGHO¶DXWHXUVXUVRQWHUULWRLUH´
6HORQ *pUDXG GH OD 35$'(//(©OD FRPSpWHQFH SpQDOH GXQH MXULGLFWLRQ QDWLRQDOH HVW XQLYHUVHOOHTXDQGHOOHV¶pWHQGHQSULQFLSHjGHVIDLWVFRPPLVQLPSRUWHRGDQVOHPRQGHHW SDUQLPSRUWHTXLORUVTXHSDUFRQVpTXHQWXQWULEXQDOTXHQHGpVLJQH DXFXQGHV FULWqUHV RUGLQDLUHPHQW UHWHQXV QL OD QDWLRQDOLWp G¶XQH YLFWLPH RX G¶XQ DXWHXU SUpVXPp QL OD ORFDOLVDWLRQ G¶XQ pOpPHQW FRQVWLWXWLI GLQIUDFWLRQ QL ODWWHLQWH SRUWpH DX[ LQWpUrWV IRQGDPHQWDX[GHOeWDWSHXWFHSHQGDQWFRQQDvWUHGHVDFWHVDFFRPSOLVSDUGHVpWUDQJHUVj OpWUDQJHURXGDQVXQHVSDFHpFKDSSDQWjWRXWHVRXYHUDLQHWpª
%DOWD]DU *$5=21 GpILQLW OD FRPSpWHQFH XQLYHUVHOOH FRPPH XQ SULQFLSH GpULYp GX GURLW LQWHUQDWLRQDO©$X VHQV SURSUH F¶HVW FH SULQFLSH TXL KDELOLWH GHV WULEXQDX[ LQWHUQHV j LQVWUXLUHHWMXJHUGHVIDLWVSUpVXPpVGpOLFWXHX[HQYHUWXGHODQDWXUHPrPHGXFULPHFRPPLV HWQRQHQUDLVRQG¶XQTXHOFRQTXHOLHQGHUHODWLRQHQWUHOHVIDLWVHWO¶eWDWDXVVLGHYUDLHQWrWUH VDQV LPSRUWDQFH ELHQ TX¶LO Q¶HQ VRLW SDV DLQVL OH OLHX R VH VRQW SURGXLWV OHV IDLWV OD QDWLRQDOLWpGXVXVSHFWRXGHVYLFWLPHVTXLRQWGHWRXWHIDoRQOHFDUDFWqUHG¶XQLYHUVHOOHVOD SUpVHQFH GX VXVSHFW VXU OH WHUULWRLUH QDWLRQDO OHV LQWpUrWV QDWLRQDX[ RX Q¶LPSRUWH TXHOOH UHODWLRQDYHFO¶eWDWTXLH[HUFHFHWWHFRPSpWHQFH&¶HVWFHWWHQDWXUHGHVFULPHVGHJpQRFLGH FRQWUH O¶KXPDQLWp GH FHX[ GH JXHUUH j FKDFXQH GH OHXUV PDQLIHVWDWLRQV HW G¶DXWUHV SRXU GLYHUVHV UDLVRQV TXL DWWHQWH GH PDQLqUHWUDQVYHUVDOH j OD GLJQLWp GH O¶KXPDQLWp GDQV VRQ
0DUF+(1=(/,1©/HSUtQFLSHGHO¶XQLYHUVDOLWpHQGURLWSpQDOLQWHUQDWLRQDO'URLWHWREOLJDWLRQSRXUOHVeWDWV GHSRXUVXLYUHHWMXJDUVHORQOHSUtQFLSHGHO¶XQLYHUVDOLWp´RSFLWS
*pUDXGGH/$35$'(//(©/DFRPSpWHQFHXQLYHUVHOOHªLQ+HUYp$6&(1&,2(PPDQXHO'(&$8;HW
$ODLQ3(//(7©'URLW,QWHUQDWLRQDO3pQDOª3HGRQH3DULVS
/HWHUPHFRPSpWHQFHXQLYHUVHOOHFRUUHVSRQGGDQVFHUWDLQVSD\VjFHOXLGHMXULGLFWLRQXQLYHUVHOOHFRPPHHQ (VSDJQHHQ&RORPELHDX[eWDWV8QLV
HQVHPEOHGpSDVVDQWOHVOLPLWHVWHUULWRULDOHVHWQDWLRQDOHVG¶XQeWDWTXLOHVIDLWGHYHQLUGHV DFWHVSDVVLEOHVGHSRXUVXLWHSDUODFRPPXQDXWpLQWHUQDWLRQDOHGDQVVRQHQVHPEOHª
(QWHQDQWFRPSWHGHFHWWHGpILQLWLRQOHSULQFLSHGHFRPSpWHQFHXQLYHUVHOOHVHFDUDFWpULVHSDU ODSUpVHQFHGHFHUWDLQVpOpPHQWVTXLFRUUHVSRQGHQWjVRQDSSOLFDWLRQpWHQGXH
/HV MXJHV QDWLRQDX[ DXURQW FRPSpWHQFH SRXU MXJHU OHV UHVSRQVDEOHV GH FULPHV JUDYHV GH GURLWLQWHUQDWLRQDOVDQV OLPLWHVWHUULWRULDOHVF¶HVWjGLUHTX¶LOVFRQQDvWURQWWRXV OHVFULPHV JUDYHVFRPPLVKRUVGHOHXUWHUULWRLUH
/HV MXJHV QDWLRQDX[ DXURQW FRPSpWHQFH SRXU MXJHU OHV UHVSRQVDEOHV GH FULPHV JUDYHV GH GURLWLQWHUQDWLRQDOTXHO¶DXWHXUVRLWRXQRQVRXPLVjOHXURUGUHMXULGLTXH
/HV MXJHV QDWLRQDX[ DXURQW FRPSpWHQFH SRXU MXJHU OHV UHVSRQVDEOHV GH FULPHV JUDYHV GH GURLWLQWHUQDWLRQDOTXHODYLFWLPHVRLWUHVVRUWLVVDQWHRXUpVLGHQWHGHO¶eWDWTXLYDH[HUFHUVD FRPSpWHQFHMXULGLFWLRQQHOOHFRQWUHOHSUpVXPpUHVSRQVDEOH
/H SULQFLSH GH FRPSpWHQFH XQLYHUVHOOH VXSSRVH GRQF TXH OHV WULEXQDX[ SpQDX[ GH O¶eWDW SXLVVHQW O¶H[HUFHU HQ UHSUpVHQWDQW OD FRPPXQDXWp LQWHUQDWLRQDOH SRXU OHV FULPHV JUDYHV GH GURLWLQWHUQDWLRQDOFRPPHXQHDFWLRSRSXODULV FRQWUHGHVSHUVRQQHVTXLVRQWKRVWHVKXPDQL JHQHULV
/HGURLWLQWHUQDWLRQDOFRQYHQWLRQQHOHWOHGURLWLQWHUQDWLRQDOFRXWXPLHUVLPSRVHQWDXVXMHWGH FHUWDLQV FULPHV F¶HVW SRXUTXRL LO HVW LPSRUWDQW G¶H[DPLQHU VL OD UHODWLRQ HQWUH FRPSpWHQFH XQLYHUVHOOHHWOHVFULPHVLQWHUQDWLRQDX[MXVFRJHQVWURXYHVRQRULJLQHGDQVXQHVRXUFHGXGURLW LQWHUQDWLRQDO SpQDO 2Q DUULYH DLQVL j OD FRQFOXVLRQ TXH GLYHUVHV FRQYHQWLRQV GH GURLW
%DOWDVDU*DU]yQ©/DFRQVROLGDFLyQGHOSULQFLSLRGHMXULVGLFFLyQXQLYHUVDOORVFDVRV$UJHQWLQD\&KLOHHQ (VSDxDLQ7LHPSRGH3D]³5HFRUWHVHQODMXVWLFLDXQLYHUVDO´5HYXH1R3ULPDYHUD0RYLPLHQWRSRU OD3D]HO'HVDUPH\OD/LEHUWDG0DGULGS
0HUFHGHV6RULDQR5RGUtJXH]©(OSULQFLSLRGHMXULVGLFFLyQ8QLYHUVDO\ODUHIRUPDGHODUW/23-¢8Q SDVRDWUiVHQODOXFKDFRQWUDODLPSXQLGDG"5HYLVWD'LJLWDORSFLWS
6HORQ3(5(=&(3('$OHVFULPHVOHVSOXVJUDYHVSURWqJHQWODSDL[ODVpFXULWpHWOHELHQrWUHGHO¶KXPDQLWp,O V¶DJLWGRQFGHWRXWHFRQGXLWHTXLSRUWHDWWHLQWHGHIDoRQGLUHFWHRXLQGLUHFWHjFHVELHQVDIIHFWDQWOHVLQWpUrWVGH WRXWHODFRPPXQDXWpLQWHUQDWLRQDOHGDQVVRQHQVHPEOH$QD,VDEHO3(5(=&(3('$³3ULQFLSLRGH-XVWLFLDSHQDO XQLYHUVDOYHUVXVSULQFLSLRGH-XULVGLFFLyQSHQDOLQWHUQDFLRQDO´LQ³(OSULQFLSLRGH-XVWLFLD8QLYHUVDO
)XQGDPHQWRV\OtPLWHV´GLUHFWRUDODPLVPDDXWRUDWLUDQWOREOOODQFK9DOHQFLDS
/DVHQWHQFHGX73,SRXUO¶H[<RXJXVODYLHIIDLUH)XUXQG]LMDGXGpFHPEUHGpFODUDFLWDQWO¶DIIDLUH GHYDQWOHVWULEXQDX[GHVeWDWV8QLV)LODUWLJDY3HxD,UDODTXHOHVUHVSRQVDEOHVGHGpOLWVGHWRUWXUHVFRPPHOHV SLUDWHVRXFHX[TXLIRQWFRPPHUFHG¶HVFODYHVVRQWFRQVLGpUpVKRVWHVKXPDQLJHQHULV$IIDLUH)XUXQG]LMD1R,7 7GpFHPEUH&KDPEUHGHSUHPLqUHLQVWDQFH
LQWHUQDWLRQDOSpQDOTXLV¶DSSOLTXHQWjGHVFULPHVFDWDORJXpVFRPPHMXVFRJHQVFRQWLHQQHQW XQHGLVSRVLWLRQDXVXMHWGHODFRPSpWHQFHXQLYHUVHOOH
/RUVTXH OHV PR\HQV MXULGLFWLRQQHOV GLVSRQLEOHV QH VRQW SDV HIILFDFHV OD FRPSpWHQFH XQLYHUVHOOHGHYUDLWrWUHDSSOLTXpH/HSRLGVDFFXPXOpGHVVRXUFHVGHGURLWLQWHUQDWLRQDOSpQDO GH OD OpJLVODWLRQ QDWLRQDOH HW GHV SUDWLTXHV MXGLFLDLUHV SHXW rWUH FRQVLGpUp VXIILVDQW SRXU FRQFOXUHjOH[LVWHQFHGHODFRPSpWHQFHXQLYHUVHOOHFRQFHUQDQWOHVFULPHVMXVFRJHQV
/DFRPSpWHQFHXQLYHUVHOOHSUpVHQWHGHX[REMHFWLRQVPDMHXUHVjVRQDSSOLFDWLRQOHSULQFLSH GH QRQLQWHUYHQWLRQ GDQV OHV DIIDLUHV LQWHUQHV G¶XQ SD\V D HW O¶LPPXQLWp GHV RUJDQHV pWDWLTXHVE
D /¶$XGLHQFLD 1DFLRQDOG¶(VSDJQH UHMHWWH OH SULQFLSH GH QRQLQWHUYHQWLRQ GpFODUDQW TXH©VLO¶eWDWWHUULWRULDOQHVDQFWLRQQHSDVO¶DXWHXUG¶XQFULPHWHOTXHOHJpQRFLGHHW OD WRUWXUH LO IDXW TX¶XQ WULEXQDO QDWLRQDO VH SUpVHQWH FRPPH JDUGLHQ GHV YDOHXUV IRQGDPHQWDOHVª
E (Q FH TXL FRQFHUQH O¶LPPXQLWp GH 3LQRFKHW OD &KDPEUH GHV /RUGV FRQILUPH TX¶HQ DFFRUGDYHFOHVORLVGX5R\DXPH8QLOHVH[FKHIVG¶eWDWQHMRXLVVHQWSDVG¶LPPXQLWp UHODWLYHDXGpOLWGHODWRUWXUH
,,'HO¶pYROXWLRQGHODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHjO¶DIIDLUH3LQRFKHW
&+%$66,281,³8QLYHUVDO-XULVGLFWLRQIRU,QWHUQDWLRQDO&ULPHV+LVWRULFDO3HUVSHFWLYHVDQG&RQWHPSRUDU\
SUDFWLFH´9-,/SHWVV
9RLUDQQH[H,,³OHVSULQFLSHVGH3ULQFHWRQ´3ULQFLSHDUWLFOH
'pFLVLRQMXGLFLDLUH$XWRSURQRQFpHSDUO¶$XGLHQFLD1DFLRQDOHQGDWHGXGHQRYHPEUH)XQGDPHQWR GHGHUHFKR1RYHQR5ROORGH$SHODFLyQ6HFFLyQ3ULPHUDVXPDULRMX]JDGRGHLQVWUXFFLyQQ~PHUR 9RLULQIUD³/HVREMHFWLRQVjODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOGHVMXJHVQDWLRQDX[´VHFWLRQFKDSLWUH SUHPLqUHSDUWLH
$QWRQLR&DVVHVH³/¶LQFLGHQFHGXGURLWLQWHUQDWLRQDOVXUOHGURLWLQWHUQH´LQ³-XULGLFWLRQV1DWLRQDOHVHW&ULPHV ,QWHUQDWLRQDX[´RSFLWS
9RLULQIUD³/HVREMHFWLRQVjODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOGHVMXJHVQDWLRQDX[´VHFWLRQFKDSLWUH SUHPLqUHSDUWLHGDQVOHPrPHVHQVYRLULQIUD³/¶LPPXQLWpGH3LQRFKHWXQHFRQGLWLRQSRXUODMXVWLFH LQWHUQDWLRQDO´VHFWLRQFKDSLWUHGHX[LqPHSDUWLH
/D OXWWH FRQWUH O¶LPSXQLWp j WUDYHUV OH GpYHORSSHPHQW HW O¶H[HUFLFH GH OD FRPSpWHQFH XQLYHUVHOOHDpWpXQHpYROXWLRQWRXWDXORQJGX;;qPHVLqFOHV¶DFFHQWXDQWGDQVODGHUQLqUH GpFHQQLHHWMXVTX¶jQRVMRXUV&HSURJUqVV¶HVWDSSX\pVXUO¶DFWLRQGHODMXVWLFHGDQVGLIIpUHQWV SD\VODGpFLVLRQGHFHVSD\VTXLUHFXHLOOLUHQWFHSULQFLSHGDQVOHXUOpJLVODWLRQGpPRQWUDOD YRORQWpLQLWLDOHGHOXWWHUFRQWUHOHVFULPHVOHVSOXVDERPLQDEOHVSHUSpWUpVVDQVOLHQVDSSDUHQWV DYHF O¶eWDW OpJLVODWHXU WRXW FHOD JUkFH j GHV IRQFWLRQQDLUHV MXGLFLDLUHV TXL j SDUWLU GH OHXU LQGpSHQGDQFHHWGHOHXUDWWDFKHPHQWjODOpJDOLWpRQWVXPDLQWHQLUO¶DSSOLFDWLRQGXSULQFLSHHQ TXHVWLRQ SDUGHVVXV OHV LQWpUrWV GLSORPDWLTXHV SROLWLTXHV HW pFRQRPLTXHV GHV eWDWV HX[
PrPHV
$/HVpYpQHPHQWVKLVWRULTXHVGHODFRPSpWHQFHXQLYHUVHOOH
$X;9,,,qPHVLqFOHODFRPSpWHQFHXQLYHUVHOOHV¶DSSOLTXHSRXUODSUHPLqUHIRLVDXFULPHGH SLUDWHULH
/DFRQYHQWLRQ,9GHOD+D\HGHUpYLVpHHQGDQVODTXHOOHOHWHUPHFULPHFRQWUH O¶KXPDQLWpQ¶pWDLWSDVHQFRUHDSSDUXpWDEOLWTXHOHVeWDWVGRLYHQWUHVSHFWHUOHVREOLJDWLRQV DVVXPpHVHWHQFDVGHYLRODWLRQGHVUqJOHVEDVpHVVXUOHVORLVGHO¶KXPDQLWpO¶eWDW VHUDLW UHVSRQVDEOH$LQVLDSSDUDvWODFODXVH0DUWHQV
(QODVHQWHQFHGHOD&RXU3HUPDQHQWHGH-XVWLFH,QWHUQDWLRQDOHHVWSURQRQFpHORUVTX¶HVW PLVHQGRXWHOHSULQFLSHMXVTXHOjVDFUpGHWHUULWRULDOLWpGHODMXULGLFWLRQ'DQVFHWWHDIIDLUH TXLRSSRVDOD)UDQFHHWOD7XUTXLHOD&RXUWUDQFKDHQIDYHXUGHFHWWHGHUQLqUHFRQVLGpUDQW TX¶LOQ¶H[LVWDLWSDVGHUqJOHGDQVOHGURLWLQWHUQDWLRQDOTXLFRQWUDLQGUDLWOHVeWDWVjUHVWUHLQGUH OHXU MXULGLFWLRQ j GHV OLPLWHV SXUHPHQW WHUULWRULDOHV ©/RLQ GH GpIHQGUH GXQH PDQLqUH %DOWD]DU*$5=21©/DFRQVROLGDFLyQGHOSULQFLSLRGHMXULVGLFFLyQXQLYHUVDOORVFDVRV$UJHQWLQD\&KLOHHQ (VSDxDLQ©7LHPSRGH3D]5HFRUWHVHQODMXVWLFLDXQLYHUVDOªRSFLWS
©'H1XUHPEHUJjOD+D\H-XJHUOHFULPHFRQWUHO¶KXPDQLWp´$FWHVGXFROORTXH/H*UDQG2ULHQWGH)UDQFH HWPDLS
9RLULQIUDVHFWLRQFKDSLWUHGHX[LqPHSDUWLH
9RLULQIUDSVHFWLRQFKDSLWUHSUHPLqUHSDUWLH
JpQpUDOHDX[eWDWVGpWHQGUHOHXUVORLVHWOHXUMXULGLFWLRQjGHVSHUVRQQHVGHVELHQVHWGHV DFWHVKRUVGXWHUULWRLUHLOOHXUODLVVHjFHWpJDUGXQHODUJHOLEHUWpTXLQHVWOLPLWpHTXHGDQV TXHOTXHV FDV SDU GHV UqJOHV SURKLELWLYHV SRXU OHV DXWUHV FDV FKDTXH eWDW UHVWH OLEUH GDGRSWHUOHVSULQFLSHVTXLOMXJHOHVPHLOOHXUVHWOHVSOXVFRQYHQDEOHVª
3RXU OHXU SDUW OHV SURFqV GH 1XUHPEHUJ HW 7RN\R IXUHQW GpFLVLIV GDQV O¶DSSURIRQGLVVHPHQW GH OD GpILQLWLRQ HW OD GpOLPLWDWLRQ GHV FULPHV G¶DJUHVVLRQ GH JXHUUH HW FRQWUH O¶KXPDQLWp UHQGDQW SOXV WDQJLEOH O¶DSSHOODWLRQMXV FRJHQV &HFL VXSSRVD G¶DYDQFHU G¶XQSDVYHUVODFRGLILFDWLRQGHVFULPHVTXLSDUODVXLWHVHUDLHQWFRPSULVFRPPHIDLVDQWSDUWLH GXQR\DXGXUGRQWODQDWXUHOpJLWLPHGHMXJHUVXUODEDVHGHODFRPSpWHQFHXQLYHUVHOOH
6¶LOHVWYUDLTXHOHVIDLWVDQWpULHXUVDYDLHQWRXYHUWOHVSRUWHVDX[eWDWVSRXUVRUWLUGHVOLPLWHV WHUULWRULDOHV FODVVLTXHV GH OHXU MXULGLFWLRQ HW j FRQQDvWUH OHV GpOLWV TXL DWWHQWDLHQW j WRXWH O¶KXPDQLWpLOQ¶\DYDLWSDVHQFRUHHXGHFDVFRQFUHWRXQeWDWO¶HWPLVHQSUDWLTXH'¶XQH FHUWDLQH IDoRQ F¶HVW OH SURFqV SDU OHTXHO RQ MXJHD (LFKPDQQ TXL LQDXJXUD O¶XVDJH GH OD FRPSpWHQFH LQWHUQDWLRQDOH SpQDOH HQ $GROI (LFKPDQQ IXW MXJp SDU OHV WULEXQDX[
LVUDpOLHQVVDQVTX¶LOVRLW,VUDpOLHQHWVDQVTXHOHSULQFLSHGHWHUULWRULDOLWpVRLWDSSOLFDEOH
%/DUpDFWLYDWLRQGHODFRPSpWHQFHXQLYHUVHOOH
6DQVDXWUHVDQWpFpGHQWVG¶DSSOLFDWLRQGHODFRPSpWHQFHXQLYHUVHOOHFHQ¶HVWTX¶HQTXH OHSURFHVVXVGHVDFRQVROLGDWLRQHQGURLWLQWHUQDWLRQDOHVWUpDFWLYpHWFRPPHQFH&HWWHDQQpH OjGHVMXJHVHVSDJQROVRXYULUHQWGHVSURFpGXUHVSRXUFULPHVGHJpQRFLGHWHUURULVPHWRUWXUHV HW GLVSDULWLRQ IRUFpH GH SHUVRQQHV HQ WDQW TXH FULPHV FRQWUH O¶KXPDQLWp FRPPLV GXUDQW OHV &RXU3HUPDQHQWHGH-XVWLFH,QWHUQDWLRQDOHDIIDLUH66/RWXV)UDQFHY7XUTXLH1R3DUDJUDSKH
$FHVXMHWO¶DXWHXUGHWUDLWpV6,00$GpFODUH©,OQHIDLWDXFXQGRXWHTXHOHVGURLWVKXPDLQVIRQGDPHQWDX[
IRQWSDUWLHGXFRUSXVGHMXVFRJHQVLQWHUQDWLRQDOGRQWSDUPLGHFHVGURLWVOHVSOXVIRQGDPHQWDX[OHGURLWjODYLH HW j QH SDV rWUH WRUWXUp SXLVTXH VDQV OHXUV UHFRQQDLVVDQFH LO VHUDLW YDLQ GH SDUOHU GHO¶HQVHPEOH GHV DXWUHV GURLWVª % 6,00$ ³,QWHUQDWLRQDO KXPDQ ULJKWV DQG JHQHUDO LQWHUQDWLRQDO ODZ D FRPSDUDWLYH DQDO\VLV´ LQ 5HFXHLOGHV&RXUVGHO¶$FDGpPLHGH'URLW(XURSpHQGH)ORUHQFHYRO,9S/HVDUWLFOHVHWGH OD &RQYHQWLRQGH 9LHQQH VXU OH GURLW GHV WUDLWpV UDWLILp SDU O¶(VSDJQH %2( FRQVDFUHQW OD VXSpULRULWpG¶XQGURLWLQWHUQDWLRQDOJpQpUDOpJDOHPHQWGpQRPPpHMXVFRJHQVVXUOHVWUDLWpVTXLHQWUHQWHQFRQIOLW DYHFFHOOHFL(QO¶pWDWDFWXHOGX'URLW,QWHUQDWLRQDOFHUWDLQVGURLWVVRQWUHFRQQXVFRPPHIDLVDQWSDUWLHGXMXV FRJHQVHWFRwQFLGHQWDYHFOHIRQGFRPPXQGHVGURLWVLQDOLpQDEOHVpPDQDQWGHVSULQFLSDX[WUDLWpVGHSURWHFWLRQ GHV GURLWV GH O¶KRPPH GURLW j OD YLH O¶LQWHUGLFWLRQ GH OD WRUWXUH GHV SHLQHV HW WUDLWHPHQWV LQKXPDLQV HW GpJUDGDQWVODSURKLELWLRQGHO¶HVFODYDJHHWGHVWUDYDX[IRUFpVHWODQRQUpWURDFWLYLWpGHVVDQFWLRQVSpQDOHV
'LVWULFW&RXUWRI-HUXVDOHP&DVHRI$GROI(LFKPDQ'HFHPEHU&ULPLQDOFDVH1R
GLFWDWXUHVDUJHQWLQHHWFKLOLHQQHGXUDQWOHVDQQpHVHWVDQVWHQLUFRPSWHGHODQDWLRQDOLWp GHFHOXLTXLOHVDYDLHQWSHUSpWUpVRXGHVYLFWLPHVQLGXOLHXRLOVDYDLHQWpWpFRPPLV&¶HVWj GLUHHQDSSOLFDWLRQGXSULQFLSHGHFRPSpWHQFHXQLYHUVHOOHTXLDYDLWpWpLQFRUSRUpGDQVOHXU /RL2UJDQLTXHVXUOH3RXYRLU-XGLFLDLUHGH
/H PDUV OH 7ULEXQDO FHQWUDO G¶LQVWUXFWLRQ QXPpUR GH O¶$XGLHQFLD 1DFLRQDO HVSDJQROHSURPXOJXDLWXQPDQGDWG¶DUUrWLQWHUQDWLRQDOFRPPHDXWHXUSUpVXPpGHFHVFULPHV O¶$UJHQWLQ$GROIR6FLOLQJR
/H RFWREUH FH PrPH WULEXQDO G¶LQVWUXFWLRQ GpFUpWD OD GpWHQWLRQ SUpYHQWLYH LQFRQGLWLRQQHOOH G¶$XJXVWR 3LQRFKHW 8UJDWH TXL VH WURXYDLW HQ *UDQGH %UHWDJQH SRXU OHV GpOLWVGHJpQRFLGHWHUURULVPHWRUWXUHHWGLVSDULWLRQIRUFpHGHSHUVRQQHVFRPPHFULPHVFRQWUH O¶KXPDQLWp UHPHWWDQW DX[ DXWRULWpV EULWDQQLTXHV XQ PDQGDW G¶DUUrW LQWHUQDWLRQDO HQ YXH G¶H[WUDGLWLRQ
/D&KDPEUHGHV/RUGVDXWRULVDOHGpEXWGXSURFHVVXVG¶H[WUDGLWLRQGXGLFWDWHXUSRXUOHGpOLW GH WRUWXUHV HW OH MXJH 5RQDOG %DUWOH OD FRQFpGD SRXU WRXV OHV FDV GH GLVSDULWLRQ IRUFpH HW WRUWXUHVSRXUOHVTXHOVOHMXJHHVSDJQROOHUpFODPDLWHQGpSLWGXUpVXOWDWILQDOGHODSURFpGXUH ORUVTXH 3LQRFKHW UHYLQW DX &KLOL LO IXW SULYp GH VHV SULYLOqJHV PLV HQ DUUrW GRPLFLOLDLUH SRXUVXLYL HW VHXOH VD PRUW OH GpFHPEUH pYLWD TX¶LO VRLW ILQDOHPHQW MXJp HW FRQGDPQp
&HWWHDIIDLUHHVWHPEOpPDWLTXHpWDQWGRQQpTXHO¶LPSXQLWpTXLDYDLWH[LVWpDX&KLOLSRXUFHV FULPHVLQWHUQDWLRQDX[FRPPHQFHjrWUHWUDLWpHDXVVLELHQSDUOHVWULEXQDX[GX&KLOLTXHSDU GHVWULEXQDX[G¶DXWUHVSD\VFRPPHFHIXWOHFDVGHOD&RXUG¶$VVLVHVGH3DULV
&¶HVW DLQVL TX¶DX &KLOL ELHQ TXH OH 'pFUHWORL VRLW WRXMRXUV HQ YLJXHXU O¶LQVWUXFWLRQ HW OD FRQGDPQDWLRQGHVUHVSRQVDEOHVGHFULPHVGHGURLWLQWHUQDWLRQDOFRPPLVGXUDQWODGLFWDWXUHD SURJUHVVpDSUqVOHSURFqVRXYHUWHQ(VSDJQHFRQWUH$XJXVWR3LQRFKHW
/D FRXU VXSUrPH GX &KLOL HQ D pWp O¶DFWHXU GH OD SUHPLqUH UHFRQQDLVVDQFH GH OD VpTXHVWUDWLRQ FRPPH GpOLW SHUPDQHQW G¶R LO GpFRXODLW OD QRQ DSSOLFDWLRQ GX 'pFUHWORL 'LOLJHQFLDV3UHYLDV*-X]JDGR&HQWUDOGH,QVWUXFFLyQ1R9RLUGDQVOHPrPHVHQVSUHPLqUHVHFWLRQ FKDSLWUHWURLVLqPHSDUWLH
-X]JDGRFHQWUDOGH,QVWUXFFLyQ1R3URFHGLPLHQWR6XPDULR-$XWRGHGLHFLVpLVGH2FWXEUHGHPLO QRYHFLHQWRVQRYHQWD\RFKR$UFKLYRVGHOD$XGLHQFLD1DFLRQDO
%DOWD]DU*$5=Ï1³/DFRQVROLGDFLyQGHOSULQFLSLRGHMXULVGLFFLyQXQLYHUVDOORVFDVRV$UJHQWLQD\&KLOHHQ (VSDxD´RSFLWS
G¶DPQLVWLHV¶LOQHSRXYDLWrWUHGpPRQWUpTXHODYLFWLPHpWDLWGpFpGpHDYDQWOHPDUV (Q VH EDVDQW VXU FHWWH GRFWULQH OD &RXU 6XSUrPH FRQILUPD j O¶XQDQLPLWp O¶LQFXOSDWLRQ SURQRQFpHSDUOHMXJH-XDQ*X]PDQ7DSLDGHRIILFLHUVGHO¶DUPpHUHWUDLWpVGDQVO¶DIIDLUH
©&DUDYDQH GH OD PRUWª &DUDYDQD GH OD PXHUWH SRXU OD VpTXHVWUDWLRQ HQ GH SHUVRQQHV
(Q GpFHPEUH OD &RXU 6XSUrPH ILW XQ SDV GH SOXV GDQV O¶DSSOLFDWLRQ GX GURLW LQWHUQDWLRQDOjVHVGpFLVLRQVGpFODUDQWTXHOHVH[pFXWLRQVH[WUDMXGLFLDLUHVpWDLHQWGHVFULPHV FRQWUHO¶KXPDQLWpTXLQHSRXYDLHQWEpQpILFLHUG¶XQHORLG¶DPQLVWLH/DPrPHMXULVSUXGHQFH IXWDSSOLTXpHGDQVOHVFDV-RVp0DWLDVfDQFRHW0DQXHO7RPDV5RMDVHQPDL
3DUDLOOHXUVOD&RXUG¶$VVLVHVGH3DULVPLWHQ°XYUHXQSURFqVSDUGpIDXWHQWUHOHHWOH GpFHPEUHGDQVOHTXHOIXWSURQRQFpXQYHUGLFWKLVWRULTXHFRQWUHOHVGLULJHDQWVPLOLWDLUHV GXUpJLPH3LQRFKHW
0DOJUp FH TXL SUpFqGH OD ORL G¶DPQLVWLH UHVWH HQ YLJXHXU DX &KLOL HW HQ UDLVRQ GH FHWWH DWWLWXGHOD&RXU,QWHUDPpULFDLQHGHV'URLWVGHO¶+RPPHDpWDEOLXQHMXULVSUXGHQFHLPSRUWDQWH VXUOHVORLVG¶DPQLVWLHVHEDVDQWSULQFLSDOHPHQWVXUOHFDV$OPRQDFLG$UHOODQRHQVHSWHPEUH GDQV OH FDGUH GXTXHO HOOH SURQRQFH XQ MXJHPHQW FRQWUH O¶eWDW GX &KLOL HW H[LJH TXH FHOXLFLODLVVHOHGpFUHWORLGHVDQVHIIHW0DLVMXVTX¶jSUpVHQWFHWWHH[LJHQFHREOLJDWRLUH FRQIRUPpPHQWDXGURLWLQWHUQDWLRQDOQ¶DSDVpWpUHPSOLH
'DQVFHWWHDYDQFpHGHODMXULVSUXGHQFHOHVDIIDLUHV6FLOLQJR&DYDOORHW3LQRFKHWRQWVXSSRVp ODSUHPLqUHDSSOLFDWLRQHQ(VSDJQHGXSULQFLSHLQVFULWGDQVVDOpJLVODWLRQGHSXLVGHOD FRPSpWHQFH XQLYHUVHOOH j FH W\SH GH GpOLW FRQWUH OD FRPPXQDXWp LQWHUQDWLRQDOH G¶DXWUHV SURFqVVXLYLUHQWFRQWUHOHVUHVSRQVDEOHVGHJUDYHVYLRODWLRQVGHVGURLWVGHO¶KRPPHDX&KLOLHW GDQVG¶DXWUHVeWDWVRGHPXOWLSOHVDXWHXUVGHYpULWDEOHVDWURFLWpVDIIURQWHQWODMXVWLFHVXUOD EDVHGHFHSULQFLSHTXLUHSUpVHQWHO¶XOWLPHUpGXLWFRQWUHO¶LPSXQLWpHWXQHSRVVLEOHMXVWLFH (Q FH VHQV OD VHQWHQFH GX 7ULEXQDO &RQVWLWXWLRQQHO GX VHSWHPEUH HQ UpVROYDQW O¶H[LVWHQFHGHFRPSpWHQFHXQLYHUVHOOHGHVWULEXQDX[HVSDJQROVSRXULQVWUXLUHOHJpQRFLGHGH
6HEDVWLiQ%UHWW©(OHIHFWR3LQRFKHW$GLH]DxRVGH/RQGUHV´&DWK&ROOLQV5DSSRUWG¶XQHFRQIpUHQFH GRQQpHjO¶8QLYHUVLWp'LHJR3RUWDOHV6DQWLDJR&KLOH±2FWREUH
,ELGHP
9RLULQIUDVHFWLRQFKDSLWUHGHX[LqPHSDUWLH©3LQRFKHWGHYDQWOD&RXUG¶$VVLVHVGH3DULVª
O¶HWKQLH PD\D DX *XDWpPDOD VXLYLH GH FHOOH GX RFWREUH DIIDLUH )DOXQJ *RQJ FRQILUPDFHSULQFLSHGDQVWRXWHVRQpWHQGXHHQIDYHXUGHVYLFWLPHVDX[TXHOOHVLODFFRUGDOH FDUDFWqUH G¶XQLYHUVHOOH 0LV j SDUW FHV DIIDLUHV G¶DXWUHV FDV WUqV LPSRUWDQWV IXUHQW DXVVL LQVWUXLWV WHOV TXH &RXVR OHV 9ROV GH OD &,$ 6DKDUD &KLQH 5ZDQGD HW OH 6DOYDGRU HQWUH DXWUHV GDQV OHVTXHOV O¶HIILFDFLWp GH O¶DSSOLFDWLRQ GX SULQFLSH GH UpSUHVVLRQ XQLYHUVHOOH IXW GpPRQWUpH '¶DXWUHV GRVVLHUV WHOV OHV FDV 3pURX 9pQp]XpOD &XED 0DURF *XtQpH RX
&RORPELHQHIXUHQWSDVGpFODUpVUHFHYDEOHV
)DFHjFHGpYHORSSHPHQWSURJUHVVLIGHODOXWWHFRQWUHO¶LPSXQLWpUpDOLVpVHORQOHSULQFLSHGH ODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHHWTXLVHGpFKDvQHjSDUWLUGHO¶DIIDLUH3LQRFKHWVHWURXYH OLPLWpjXQPRPHQWGRQQpGDQVVRQH[HUFLFHSXLVTX¶HQQRYHPEUHODUpYLVLRQGHO¶DUWLFOH GH OD /23- H[LJH OD SUpVHQFH GH OLHQV GH UHODWLRQ SRXU TXH FH SULQFLSH SXLVVH rWUH DSSOLTXpFHSHQGDQWFHWWHUpIRUPHHVWFRQVLGpUpHFRQWUDLUHDXGURLWLQWHUQDWLRQDOSpQDO
/HVSRLQWVPRGLILpVSDUODUpYLVLRQVRQWOHVVXLYDQWV /HVUHVSRQVDEOHVVHWURXYHQWHQ(VSDJQH
,O\DGHVYLFWLPHVHVSDJQROHV ,OH[LVWHXQHUHODWLRQDYHFO¶(VSDJQH
67&GXVHSWHPEUHqPH)-©TXHO¶DUWLFOHFRQIqUHHQSULQFLSHXQHSRUWpHWUqVODUJH DXSULQFLSHGHMXVWLFHXQLYHUVHOOHSXLVTXHO¶XQLTXHOLPLWDWLRQH[SUHVVHTX¶LOLQWURGXLWjVRQVXMHWHVWFHOXLGHOD FKRVHMXJpHF¶HVWjGLUHTXH OHGpOLQTXDQW Q¶DLWSDVpWpDEVRXW JUDFLpRXFRQGDPQpjO¶pWUDQJHU(QG¶DXWUHV PRWVHQLQWHUSUpWDQWHQV¶DWWDFKDQWDXVHQVOLWWpUDOGXSUpFHSWHFRPPHGHSXLV OD YROXQWDVOHJLVODWRULVRQHVW REOLJpGHFRQFOXUHTXHOD/RL2UJDQLTXHVXUOH3RXYRLU-XGLFLDLUHLQVWDXUHXQSULQFLSHGHMXULGLFWLRQXQLYHUVHO DEVROX F¶HVW j GLUH QRQ VRXPLVH j GHV FULWqUHV UHVWULFWLIV GH ELHQ IRQGp RX GHSUpUHTXLV HW VDQV DXFXQ RUGUH KLpUDUFKLTXH TXDQW DX[ DXWUHV UqJOHV G¶DWWULEXWLRQ GH FRPSpWHQFH SXLVTX¶j OD GLIIpUHQFH GX UHVWH GHV FULWqUHV FHOXL GH OD MXVWLFH XQLYHUVHOOH VH GpWHUPLQH j SDUWLU GH OD QDWXUH SDUWLFXOLqUH GHV GpOLWV REMHWV GH SRXUVXLWHªWUDGXFWLRQOLEUH9RLULQIUDGDQVOHPrPHVHQVVHFWLRQFKDSLWUHWURLVLqPHSDUWLH
67&GXRFWREUHqPH)-FHWULEXQDOSRXUOHVUDLVRQVWUDQVFULWHVFLGHVVRXVjGpFODUpTXH O¶H[LJHQFH GH OLHQV RX G¶pOpPHQWV GH FRQQH[LRQ SRXU O¶HQWUpH HQ MHX GH ODUqJOH MXULGLFWLRQQHOOH GH O¶DUW /23-H[SULPpHGDQVODGpFLVLRQGHODFKDPEUHSpQDOHGX7ULEXQDO6XSUrPHGXIpYULHUHVWFRQWUDLUHDX GURLWjODWXWHOOHHIIHFWLYHGDQVVRQDVSHFWGURLWG¶DFFpGHUDXSURFqVDUW&(WUDGXFWLRQOLEUH
(QXQJURXSHGHSHUVRQQHVSRUWDSODLQWHFRQWUHOHVDFWLYLWpVGHVJURXSHVSDUDPLOLWDLUHVFRORPELHQVVXUOD SUpVRPSWLRQGHFULPHVFRQWUHO¶KXPDQLWpWHUURULVPRWRUWXUHVHWRXJpQRFLGH8QHIRLVDFKHYpHVOHVSURFpGXUHV SUHOLPLQDLUHVODSODLQWHIXWGpFODUpHLUUHFHYDEOHSDUOH-&SDUO¶DUUrWGXGpFHPEUHHVWLPDQW TXHOHVJDUDQWLHVVXIILVDQWHVGiFWLRQGHSRXUVXLWHMXGLFLDLUHGHVIDLWHVH[LVWDLHQWHQ&RORPELH
2QLQVWDXUHOHSULQFLSHGHVXEVLGLDULWpSDUUDSSRUWjFHOXLGHFRQFXUUHQFH
&HTXLSUpFqGHUHYLHQWjGLUHTXHODFRPSpWHQFHLQWHUQDWLRQDOHHQ(VSDJQHG¶XQHFRPSpWHQFH SXUH RX DEVROXH WHOOH TX¶DSSOLTXpH GDQV O¶DIIDLUH 3LQRFKHW GHYLHQW XQH FRPSpWHQFH FRQGLWLRQQpH
&HWWHUpYLVLRQHVWWRXWHIRLVFRQWUDLUHDXGURLWLQWHUQDWLRQDOSRXUOHVUDLVRQVVXLYDQWHV
'DQVOHFDGUHGHFHWWHPRGLILFDWLRQVHSURGXLVLWXQHFRQIXVLRQVXUOHSULQFLSHXQLYHUVHOGX SRLQWGHYXHGXGURLWLQWHUQHDORUVTXHO¶DSSURFKHDXUDLWQpFHVVDLUHPHQWGVHIDLUHGXSRLQW GHYXHGXGURLWLQWHUQDWLRQDO
7RXWG¶DERUGOHOpJLVODWHXUDFRQIRQGXXQHIRLVGHSOXVODQDWXUHGLIIpUHQWHGHVGpOLWVTX¶LO LQFOXWVRXVOHSULQFLSHXQLYHUVHO6HWURXYHQWGDQVOHGURLWLQWHUQDWLRQDOSpQDODLQVLTX¶LODpWp YXOHVFULPHVFRPPHOHJpQRFLGHFULPHFRQWUHO¶KXPDQLWpRXFULPHGHJXHUUHTXLVHIRQGHQW VXU OH GURLW LQWHUQDWLRQDO FRQYHQWLRQQHO RX FRXWXPLHU SRUWHQW DWWHLQWH DX[ ELHQV MXULGLTXHV VXSUDQDWLRQDX[ OHV SOXV LPSRUWDQWV SRXU OD FRPPXQDXWp LQWHUQDWLRQDOH HW VXSSRVHQW XQH YLRODWLRQJUDYHGHVGURLWVGHO¶KRPPHTXLSDUFRQVpTXHQWDVVXPHQWXQVWDWXWRXXQFDUDFWqUH GH MXV FRJHQV HW GH FH IDLW JpQqUHQW GHV REOLJDWLRQV LPSpUDWLYHV HUJD RPQHV WHOOHV TXH OH O¶HQJDJHPHQWHWOHGHYRLUGHSRXUVXLYUHLQWHUQDWLRQDOHPHQWHWSpQDOHPHQWOHVUHVSRQVDEOHV
$ORUVTXHOHVFULPHVSDUH[HPSOHOHWUDILFGHGURJXHVODSULVHG¶RWDJHVDXFRQWUDLUHVRQWGH FDUDFWqUH WUDQVQDWLRQDO SDUFH TX¶LOV VH IRQGHQW VXU OH GURLW LQWHUQH HW OqVHQW GHV LQWpUrWV FRPPXQVLQWHUQDWLRQDX[HWFRUUHVSRQGHQWGRQFDXGURLWSpQDOLQWHUQDWLRQDO
&HWWHFRQIXVLRQHQWUHOHVGHX[W\SHVGHFULPHV FRQGXLWjLJQRUHU DXVVLELHQOHVREOLJDWLRQV GLIIpUHQWHVTXHJpQqUHFKDTXHFDWpJRULHGHGpOLWVTXHOHVSUpUHTXLVH[LJpVHQYXHGHOHXU SRXUVXLWHSpQDOHLQWHUQDWLRQDOHHQOHXUDWWULEXDQWjWRUWOHPrPHWUDLWHPHQWMXULGLFWLRQQHO/H UpJLPHMXULGLTXHQ¶HVWSDVGpWHUPLQpSDUOHSULQFLSHGHMXVWLFHXQLYHUVHOOHPDLVSDUODQDWXUH VSpFLILTXHGHFKDTXHGpOLW
6HORQ%$66,281,FHVFULPHVV¶DSSHOOHQWGpOLWVHWVHORQ2OOp6HVpFULPHVGHVHFRQGGHJUpYRLUVXSUDS
-RVp5LFDUGRGH35$'$62/$(6$³/D-XVWLFLDXQLYHUVDOSDVDGRSUHVHQWH\IXWXUR´³/DOLPLWDFLyQGHOD MXVWLFLDXQLYHUVDOHQOD/H\2UJiQLFD´LQ©7LHPSRGH3D]´³5HFRUWHVHQODMXVWLFLDXQLYHUVDO´RSFLW S&DUPHQ /$0$5&$ ³/D 5HIRUPDDFWXDOGHOD-XVWLFLD8QLYHUVDO´LQ ³/D-XVWLFLD8QLYHUVDOHQHO'HUHFKR ,QWHUQDFLRQDO 0HVD 5HGRQGD GH ([SHUWRV $VRFLDFLyQ 3UR 'HUHFKRV +XPDQRV GH (VSDxD±DSGKH 5HYLVWD HOHFWUyQLFDGH(VWXGLRVLQWHUQDFLRQDOHV1RS 'RFXPHQWGLVSRQLEOHVXUKWWSZZZDSGKHRUJ 'HUQLqUHFRQVXOWDWLRQPDUV
(QVXLWH OD PRGLILFDWLRQ SUpWHQGDLW DQQLKLOHU OH FDUDFWqUH DEVROX RX SXU GH OD FRPSpWHQFH XQLYHUVHOOH6RQH[HUFLFHVHUDLWDLQVLVXERUGRQQpjO¶H[LVWHQFHGHO¶XQHGHVWURLVSRVVLELOLWpV GHFRQQH[LRQDYHFO¶(VSDJQH3UpVHQFHHQ(VSDJQHGHVUHVSRQVDEOHVSUpVXPpVH[LVWHQFHGH YLFWLPHV HVSDJQROHV RX DXWUH UHODWLRQ VLJQLILFDWLYH DYHF O¶(VSDJQH 'H FHWWH PDQLqUH O¶DPHQGHPHQW IDLVDLW VLHQQHOD WKqVH PDMRULWDLUH GH OD GpFLVLRQ GX 7ULEXQDO VXSUrPH 676 ± DIIDLUH *XDWpPDOD FRQWUH OD VHQWHQFH GX 7ULEXQDO &RQVWLWXWLRQQHO 67&
TXL DQQXODLW OD GpFLVLRQ DQWpULHXUH GX 7ULEXQDO 6XSUrPH/D GRFWULQH GH FHWWH GHUQLqUHVHQWHQFHGX7ULEXQDO6XSUrPHUHFRQQDLVVDQWOHSULQFLSHGHFRPSpWHQFHXQLYHUVHOOH SXUHHWFRQFXUUHQWHIXWUpLWpUpHSDUODVXLWHGDQVOD67&DIIDLUH)DOXQJ*RQJ (QFHTXLFRQFHUQHOHGURLWLQWHUQDWLRQDOFRQYHQWLRQQHOHWFRXWXPLHUHWVDQVSUpMXGLFHGHOD SROpPLTXH GRFWULQDOH j FH VXMHW VHORQ OHV PRWV GH OD '7& FLWpH ©LO UpVXOWH GLVFXWDEOHTXHO¶H[LVWHQFHG¶XQHWHOOHUHODWLRQVRLWODUqJOHGDQVODFRXWXPHLQWHUQDWLRQDOHª (QHIIHWGHQRPEUHX[WUDLWpVSDUPLFHX[TXLRQWWUDLWDX[FULPHVLQFOXVGDQVO¶DUWLFOHGH OD/23-RXWUHG¶LPSRVHUO¶H[HUFLFHXQLYHUVHOOHVFRQYHQWLRQVGH*HQqYHSDUH[HPSOHHQ DFFRUGDYHFO¶H[WUrPHJUDYLWpGHFHVFULPHVQ¶H[LJHQWDXFXQHFRQQH[LRQDYHFOHOLHXGHPLVH HQ DFFXVDWLRQ (Q FRQVpTXHQFH OHV OpJLVODWLRQV LQWHUQHV QH SHXYHQW H[LJHU FHV UHODWLRQV QDWLRQDOHVjO¶HQFRQWUHGXGURLWLQWHUQDWLRQDOSpQDO
&HSHQGDQW GDQV OD SUDWLTXH GHV eWDWV FHUWDLQV GHPDQGHQW SRXU O¶H[HUFLFH XQLYHUVHO OD SUpVHQFHGXSUpVXPpUHVSRQVDEOHVXUOHXUWHUULWRLUH%UpVLO3D\V%DV&DQDGD)UDQFH&RVWD 5LFDSRXUQ¶HQFLWHUTXHTXHOTXHVXQVDORUVTXHG¶DXWUHVQ¶H[LJHQWDXFXQOLHQQDWLRQDOSRXU OHVFDVGHFULPHVLQWHUQDWLRQDX[FRQFUHWVFRPPHO¶$OOHPDJQHOH'DQHPDUNO¶$XVWUDOLHRXOD
%XOJDULHELHQTX¶LOVSXLVVHQWDMRXWHUG¶DXWUHVH[LJHQFHVSURFpGXUDOHV
/D ORL FRQFOXDLW HQ RUGRQQDQW DX[ MXJHV HVSDJQROV GH VXUVHRLU SURYLVRLUHPHQW DX MXJHPHQW ORUVTXH©LO HVW SURXYp TX¶XQ DXWUH SURFqV VXU OHV IDLWV GpQRQFpV HVW HQ FRXUVª GHYDQW XQ WULEXQDO FRPSpWHQW RX LQWHUQDWLRQDO 'DQV FH FDV OD PRGLILFDWLRQ GH OD ORL SDV QRQ SOXV MXGLFLHXVH SXLVTXH OD SULRULWp GXORFXV GHOLFWL QH SHXW rWUH FRPSULVH HQ WHUPHV DEVROXV HQ SUHQDQW FRPPH FULWqUH GLUHFWHXU OH SULQFLSHSUR DFWLRQH 6L GHV DFWLRQV MXGLFLDLUHV pWDLHQW HQWUHSULVHVGDQVO¶eWDWWHUULWRULDOGHFRPPLVVLRQGHVIDLWVSRVWpULHXUHPHQWjO¶RXYHUWXUHG¶XQH SURFpGXUHHQ(VSDJQHSDUH[HPSOHLOVHUDLWFRQWUDLUHDXVVLELHQDX[GURLWVGHO¶LQFXOSpTX¶j FHX[ GHV YLFWLPHV WXWHOOH MXGLFLDLUH HIIHFWLYH HW SURFqV MXVWH VDQV GpODL LQMXVWLILp 9RLULQIUDVHFWLRQFKDSLWUHWURLVLqPHSDUWLH
,ELGHP
02//e6(6e³-XVWLFLD8QLYHUVDOSDUDFUtPHQHVLQWHUQDFLRQDOHVRSFLWSS
TX¶LQWHUYLHQQH XQ QRQOLHX HQ (VSDJQH R O¶LQVWUXFWLRQ HVW DFKHYpH ORUVTXH GpEXWH OD SURFpGXUHGDQVOHSD\VG¶H[pFXWLRQGHVIDLWV
0DOJUpO¶pWXGHTX¶DJpQpUpHFHWWHPRGLILFDWLRQHQPDWLqUHGHGURLWLQWHUQDWLRQDOSpQDORQ SRXUUDLW GLUH TXH FHWWH UpIRUPH UHVVHPEOH j XQH WHQWDWLYH GH UpVRXGUH OD SUREOpPDWLTXH TXL DIIHFWDLW OHV UHODWLRQV LQWHUQDWLRQDOHV HQWUDvQDQW GHV FRQIOLWV GLSORPDWLTXHV $ FH VXMHW LO FRQYLHQW GH VLJQDOHU TXH OHV SUREOqPHV RQW VXUJL ORUVTXH OHV WULEXQDX[ FRPPHQFqUHQW j DSSOLTXHUOHSULQFLSHGHFRPSpWHQFHXQLYHUVHOOHjGHVFULPHVFRQFHUQDQW,VUDsOOHVeWDWV8QLV OD &KLQH RX OH 0DURF FRPPH SDU H[HPSOH GDQV O¶DIIDLUH TXL LPSOLTXDLW OH PLQLVWUH GH OD GpIHQVHLVUDpOLHQHWGLYHUVPLOLWDLUHVGDQVXQHHQTXrWHVXU*D]D'HIDLWRQSHXWUDSSRUWHU TXH OH MRXU GH O¶DGRSWLRQ GH O¶DPHQGHPHQW OH SUpVLGHQW G¶,VUDsO 6KLPRQ 3HUHV ILW SDUW SXEOLTXHPHQWGHVHV©UHPHUFLHPHQWVSRXUOHVSRVLWLRQVDGRSWpHVFHVGHUQLqUHVVHPDLQHVDILQ GHQHSDVWUDGXLUHGHYDQWGHVWULEXQDX[GHVOHDGHUVFLYLOVHWPLOLWDLUHVLVUDpOLHQVTXLQ¶RQW ULHQ IDLW G¶DXWUH TXH GHGpIHQGUH OD YLH GH OHXU SHXSOHª 8QH DXWUH WKqVH SRLQWH³OH OLHQ SRVVLEOHDYHFOHSURFHVVXVGHVDFWLRQVMXGLFLDLUHVHQWUHSULVHVHQ(VSDJQHHQUHODWLRQDYHFOHV FULPHVFRPPLVGXUDQWOD*XHUUH&LYLOH(VSDJQROHHWOHUpJLPHIUDQTXLVWH´
(Q PDUV O¶H[HUFLFH GH OD FRPSpWHQFH LQWHUQDWLRQDOH SpQDOH HVW j QRXYHDX PRGLILp OLPLWDQW DX PD[LPXP OD SRVVLELOLWp GHV MXJHV HVSDJQROV G¶LQVWUXLUH FH W\SH GH FDXVHV HW OLPLWDQWpJDOHPHQWOHGURLWGHVYLFWLPHV
,,, (QMHX[HWLQWpUrWVGXVXMHW
$SUqV DYRLUFRQVLGpUp HWDQDO\VpODYDOLGLWpGHODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHFRPPH LQVWUXPHQW GH OXWWH FRQWUH O¶LPSXQLWp DLQVL TXH OH SUpFpGHQW LPSRUWDQW ODLVVp SDU VRQ DSSOLFDWLRQGDQVO¶DIIDLUH3LQRFKHWODTXHVWLRQVXLYDQWHVHUDH[DPLQpH
02//e6(6e³/DOLPLWDFLyQGHODMXVWLFLDXQLYHUVDOHQOD/H\2UJiQLFD´LQ5HYXH©7LHPSRGH 3D]´³5HFRUWHVHQODMXVWLFLDXQLYHUVDO´RSFLWS
9RLULQIUD³/DUHIRUPHFRQWUDLUHDXGURLWLQWHUQDWLRQDOHSpQDOH´6HFWLRQFKDSLWUHSUHPLqUHSDUWLH
0HUFHGHV6RULDQR5RGUtJXH]©(OSULQFLSLRGHMXULVGLFFLyQ8QLYHUVDO\ODUHIRUPDGHODUW/23-RSFLW S- &+,1&+21 È/9$5(= ³3pUHV DJUDGHFH D =DSDWHUR TXH KD\D LPSHGLGR ORV MXLFLRV HQ (VSDxD FRQWUD PLOLWDUHVLVUDHOtHV´HQ'LDULR³(/3DtV´GHRFWXEUHGH
-RVp 5LFDUGR GH 3UDGD ©0DUFR FRQVWLWXFLRQDO H ,QWHUQDFLRQDO GH OD -XVWLFLD 8QLYHUVDOª LQ ³/D -XVWLFLD 8QLYHUVDOHQHO'HUHFKR,QWHUQDFLRQDO0HVD5HGRQGDGH([SHUWRVRSFLWS
-XVTX¶jTXHOSRLQWOHVPRGLILFDWLRQVDSSRUWpHVDXSULQFLSHGHODFRPSpWHQFHXQLYHUVHOOHTXL YRQWFRQWUHOHGURLWLQWHUQDWLRQDOGpWpULRUHQWVDQDWXUHHWVRQREMHFWLISULQFLSDOGHOXWWHFRQWUH O¶LPSXQLWpGHIDoRQpWHQGXHHWDEVROXH"
&HSUREOqPHG¶DEVHQFHGHGURLWLQWHUQDWLRQDOIDFHjFHVPRGLILFDWLRQVODLVVHODSRVVLELOLWpGH WURXYHU GHV VROXWLRQV G¶RUGUH MXULGLTXH LQWHUQDWLRQDO SXLVTX¶RQ QH SHXW QLHU TXH OD FRPPXQDXWp LQWHUQDWLRQDOH WURXYH GDQV O¶H[pFXWLRQ GH FULPHV LQWHUQDWLRQDX[ XQ DOLEL j VHV DFWLRQVPLQLPDOHVGHIDLUHMXVWLFHDX[LQMXVWLFHVVXELHVGDQVVHVSURSUHVeWDWV
&¶HVWSRXUTXRLLOHVWQpFHVVDLUHGHSRVHUG¶HQWUpHTXHOHVeWDWVSOXVJXLGpVHWSUpRFFXSpVSDU OHXUV HQJDJHPHQWV SROLWLTXHV HW GLSORPDWLTXHV TXH SDU OHXUV HQJDJHPHQWV HW REOLJDWLRQV GpFRXODQW GX GURLW LQWHUQDWLRQDO HW SOXV SUpFLVpPHQW GX GURLW LQWHUQDWLRQDO SpQDO OLPLWHQW O¶H[HUFLFHGHODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHTXLjSDUWLUGHO¶DIIDLUH3LQRFKHWVHPEODLW UHSUpVHQWHUXQHFRQWULEXWLRQLPSRUWDQWHEpQpILFLDQWjGHQRPEUHXVHVYLFWLPHVGXIOpDXGH O¶LPSXQLWp
)DFHjFHVPRGLILFDWLRQVTXLOLPLWHQWODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOHHWTXLILQDOHPHQW VRQWFRQWUDLUHVDXGURLWLQWHUQDWLRQDOODFRPPXQDXWpLQWHUQDWLRQDOHV¶HVWHQJDJpHjSRXUVXLYUH OHV FULPHV OHV SOXV RGLHX[ TXL SRUWHQW DWWHLQWH DX[ GURLWV KXPDLQV 3RXUTXRL GH QRPEUHX[
eWDWV QH MXJHQWLOV SDV OHXUV JUDQGV FULPLQHOV RX QH VLJQHQWLOV SDV RX Q¶DFFHSWHQW SDV OD FRPSpWHQFHGHOD&RXU3pQDOH,QWHUQDWLRQDOH"
)DFHjFHSDQRUDPDMXGLFLDLUHOHSULQFLSHGHFRPSpWHQFHLQWHUQDWLRQDOHSXUHHWDEVROXHSRXU OHV FULPHV LQWHUQDWLRQDX[ HVW O¶XQLTXH LQVWUXPHQW YDOLGH SRXU FRPEDWWUH FHWWH LPSXQLWp LQWROpUDEOH 3XLVTXH OD YRORQWp SROLWLTXH GH UHVWUHLQGUH O¶DSSOLFDWLRQ GX SULQFLSH GH FRPSpWHQFHXQLYHUVHOOHQ¶DSXV¶REWHQLUSDUODYRLHMXGLFLDLUHRQSUpWHQGLWO¶DWWHLQGUHSDUOD YRLHOpJLVODWLYHDYHFOHVUpIRUPHVGHHWHQFRQVpTXHQFHODTXHVWLRQUHVWHRXYHUWH MXVTX¶R OHV FRQGLWLRQV SROLWLTXHV HW GLSORPDWLTXHV IRQW HQ TXHOTXH VRUWH SOLHU XQ SULQFLSH XQLYHUVHOTXLSURWqJHODFRPPXQDXWpLQWHUQDWLRQDOHGHO¶LPSXQLWpSHUPDQHQWHIDFHDX[FULPHV LQWHUQDWLRQDX["
9LVjYLVGHFHWWHVLWXDWLRQLOQHUHVWHUDLWTXHODYRLHGHODFRRSpUDWLRQHQWUHOHVeWDWVGDQVOD UHFKHUFKH HW OH MXJHPHQW GHV FULPHV LQWHUQDWLRQDX[ GDQV OD PHVXUH R ELHQ TXH UHVWDQW HQ YLJXHXUGDQVFHUWDLQVSD\VFRPPHO¶(VSDJQHOHSULQFLSHGHFRPSpWHQFHLQWHUQDWLRQDOHSpQDOH QHSXLVVHSOXVDFWXHOOHPHQWrWUHXWLOLVpGHIDoRQDEVROXHFRPPHFHIXWOHFDVGDQVO¶DIIDLUH 3LQRFKHW (Q HIIHW DYHF OD MXULVSUXGHQFH GpYHORSSpH GDQV FH FDV FHWWH DIIDLUH FUpD XQ
SUpFpGHQWLPSRUWDQWGDQVOHGRPDLQHMXULGLTXHLQWHUQDWLRQDOVLELHQTXHO¶RQSHXWSDUOHUG¶XQ DYDQWHWG¶XQDSUqVHQPDWLqUHGHOXWWHFRQWUHO¶LPSXQLWp
)LQDOHPHQWO¶REMHWGHFHWWHpWXGHHVWGDQVXQSUHPLHUWHPSVGHGpPRQWUHUODSUpYDOHQFHG¶XQ GURLW LQWHUQDWLRQDO SpQDO VXU XQ GURLW SpQDO LQWHUQDWLRQDO ORUVTX¶LO V¶DJLW G¶DSSOLTXHU OD FRPSpWHQFHLQWHUQDWLRQDOHSpQDOHFRPPHEDVHMXULGLTXHGHODFRPSpWHQFHXQLYHUVHOOH1RXV QRXVEDVHURQVSRXUFHODVXUOHPRGqOHGHO¶DIIDLUH3LQRFKHW
'DQV XQ GHX[LqPH WHPSV QRXV pWXGLHURQV O¶pWDW DFWXHO GH OD TXHVWLRQ GH OD FRPSpWHQFH LQWHUQDWLRQDOHSpQDOHHQVRXOLJQDQWOHVFRQTXrWHVHWOHVDYDQFpHVTXLVHVRQWSURGXLWHVGDQV OHVGLIIpUHQWHVSURFpGXUHVMXGLFLDLUHVDLQVLTXHOHVOLPLWHVGHVRQDSSOLFDWLRQ
'DQV XQH WURLVLqPH HW GHUQLqUH SDUWLH QRXV VRXPHWWURQV OHV QRXYHOOHV SURSRVLWLRQV j OD OXPLqUHGXGURLWLQWHUQDWLRQDOSpQDOHQUpSRQVHDX[TXHVWLRQVIRUPXOpHV
1RXVQRXVEDVHURQVGRQFVXUOpWXGHGHODVRXYHUDLQHWpGHVeWDWVTXLSHUPHWOH[HUFLFHGXQH FRPSpWHQFHH[WUDWHUULWRULDOHGRQWGpULYHODFRPSpWHQFHXQLYHUVHOOH&HWWHFRPSpWHQFHWURXYH VRQIRQGHPHQWSULQFLSDOGDQVOHVREOLJDWLRQVpWDEOLHVSDUOHGURLWLQWHUQDWLRQDOSpQDOIDFHj OH[pFXWLRQGHVFULPHVLQWHUQDWLRQDX[&HWWHpWXGHFRQVWLWXHOHIRQGHPHQWGHODFRPSpWHQFH LQWHUQDWLRQDOHSpQDOHGDQVODIIDLUH3LQRFKHWSUHPLqUHSDUWLH
&HV IRQGHPHQWV VH FRQFUpWLVHQW ORUVTX¶LOV VRQW DSSOLTXpV GDQV OH FDGUH GHV FULPHV LQWHUQDWLRQDX[FRPPLVDX&KLOLUpVXOWDQWG¶XQHVpULHG¶pYpQHPHQWVG¶RUGUHMXULGLTXHFRPPH HQWUHDXWUHVOHPDQGDWG¶DUUrWFRQWUH3LQRFKHWSURIpUpSDUO¶$XGLHQFLD1DFLRQDOG¶(VSDJQHOD GpFLVLRQ GH OD &KDPEUH GHV /RUGV UHFRQQDLVVDQW VRQ DEVHQFH G¶LPPXQLWp FRPPH XQH FRQGLWLRQ UHTXLVH SRXU OD MXVWLFH LQWHUQDWLRQDOH GH PrPH TXH VRQ SURFqV GHYDQW OD &RXU G¶$VVLVHVGH3DULV&HVIDLWVGRQQHQWOLHXjODPLVHHQ°XYUHGHODFRPSpWHQFHLQWHUQDWLRQDOH SpQDOHGDQVO¶DIIDLUH3LQRFKHWGHX[LqPHSDUWLH
'H FHWWH PLVH HQ °XYUH GpFRXOH XQH FRQVLGpUDEOH MXULVSUXGHQFH TXL SHUPHW G¶DQDO\VHU OHV SRVLWLRQV MXULGLTXHV GHV +DXWHV &RXUV ,QWHUQDWLRQDOHV FRPPH OD &RXU ,QWHUDPpULFDLQH GHV 'URLWVGHO¶+RPPHGDQVODPHVXUHRHOOHVHUpIqUHjODORLG¶DPQLVWLHGX&KLOLGpFUHW GH FRPPH PR\HQ G¶LPSXQLWp 'H PrPH QRXV DQDO\VHURQV OD SRVLWLRQ GHV WULEXQDX[
HVSDJQROV IDFH DX[ IDLWV VXUYHQXV HQ $UJHQWLQH HW DX *XDWHPDOD j O¶pSRTXH GHV GLFWDWXUHV PLOLWDLUHVHWHQUHODWLRQGLUHFWHDYHFO¶DIIDLUH3LQRFKHWGDQVODPHVXUHRFHODFRUUHVSRQGDX
IRQGHPHQW MXULGLTXH GX SULQFLSH GH FRPSpWHQFH LQWHUQDWLRQDOH SpQDOH 7RXWH FHWWH pWXGH MXULVSUXGHQWLHOOHUHSUpVHQWHXQDSSRUWLPSRUWDQWGDQVODIIDLUH3LQRFKHWWURLVLqPHSDUWLH
ǯ
/HIRQGHPHQWTXLOpJLWLPHO¶H[HUFLFHGHODFRPSpWHQFHXQLYHUVHOOHV¶DQDO\VHGDQVO¶DIIDLUH 3LQRFKHWjSDUWLUGXGURLWLQWHUQHGHVeWDWV(QHIIHWO¶H[HUFLFHFRQFUHWGHFHWWHFRPSpWHQFH XQLYHUVHOOHUHSRVHVXUOHXURUGUHMXULGLTXH&HVRQWGRQFOHVMXJHVQDWLRQDX[TXLGpWLHQQHQWOH SRXYRLU GH OD PHWWUH HQ SUDWLTXH GDQV XQ FDV GpWHUPLQp &KDSLWUH 0DLV FHWWH VLWXDWLRQ GpFRXOHGHO¶H[LVWHQFHG¶REOLJDWLRQVLQWHUQDWLRQDOHVOLpHVDXGURLWLQWHUQDWLRQDOFRQYHQWLRQQHO RX FRXWXPLHU /HV eWDWV GRLYHQW GRQF V¶\ VRXPHWWUH TXDQG LO HVW EHVRLQ G¶H[HUFHU XQH FRPSpWHQFHXQLYHUVHOOHSRXUOXWWHUFRQWUHO¶LPSXQLWpGHFULPHVLQWHUQDWLRQDX[
/HVFULPHVLQWHUQDWLRQDX[OqVHQWOHVLQWpUrWVYLWDX[GHODFRPPXQDXWpLQWHUQDWLRQDOHLQWpUrWV TXL IRQW SDUWLH GHV UqJOHV GH MXV FRJHQV QRUPHV LPSpUDWLYHV GX GURLW LQWHUQDWLRQDO TXL SURWqJHQWOHVYDOHXUVIRQGDPHQWDOHVGHO¶LQGLYLGXHWTXHFHVeWDWVVRQWGRQFWHQXVGHUHVSHFWHU
&KDSLWUH
/D FRPSpWHQFH LQWHUQDWLRQDOH SpQDOH QH VH IRQGH SDV XQLTXHPHQW VXU OD QDWXUH GHV FULPHV LQWHUQDWLRQDX[ PDLV DXVVL VXU OD IDFXOWp j SRXUVXLYUH HW j FKkWLHU OHV DXWHXUV GH FHV IDLWV GpOLFWXHX[FRQIRUPpPHQWDXGURLWLQWHUQDWLRQDO$YDQWWRXWFHWWHFRPSpWHQFHYLVHjH[FOXUH WRXW ULVTXH GLPSXQLWp SXLVTXH OH MXJH pWUDQJHU UHPSODFH OH MXJH WHUULWRULDO $ FHW pJDUG O¶H[MXJHHVSDJQRO*DU]RQV¶HVW SURQRQFpSDUXQHGpFLVLRQMXGLFLDLUHGHHQGpFODUDQW TXHFHWWHFRPSpWHQFHSRXUUDLWVHUpYpOHUSOXVHIILFDFHTXHOHVV\VWqPHVDFWXHOVGHFRRSpUDWLRQ SROLFLqUHRXMXGLFLDLUHLQWHUQDWLRQDOH
$QWRQLR &$66(6( HW 0LUHLOOH '(/0$60$57< ©&UtPHQHV LQWHUQDFLRQDOHV \ MXULVGLFFLRQHV LQWHUQDFLRQDOHVª %RJRWi 1RUPD 6$ S WUDGXLW HQ HVSDJQRO SDU +RUDFLR 3216 7LWUH RULJLQDO
©&ULPHVLQWHUQDWLRQDX[HWMXULGLFWLRQVLQWHUQDWLRQDOHVª3DULV3UHVVHV8QLYHUVLWDLUHVGH)UDQFH
/¶DXWHXUH D PHQWLRQQp © YRLU SDU H[HPSOH O¶DEVHQFH GH FRRSpUDWLRQ GH O¶$UJHQWLQH HW GX &KLOL SRXU DLGHU O¶(VSDJQHjLQVWUXLUH«ª©/HPDQGDWGXMDQYLHUGXMXJH*$5=21GDQVOHTXHOIDFHDXUHIXVGX PLQLVWUHGHVUHODWLRQVH[WpULHXUHVG$UJHQWLQHGDSSRUWHUXQHDVVLVWDQFHMXGLFLDLUHSRXUGHVIDLWVFRPPLVGDQVFH SD\V LO DIILUPDLW TXH OH FDUDFWqUH XQLYHUVHO GH ODFWLRQ SpQDOH GHYDLW UHVWUHLQGUH OD SRVVLELOLWp SRXU XQ eWDW GH UHIXVHUGHVHFRQIRUPHUjXQHFRPPLVVLRQURJDWRLUHLQWHUQDWLRQDOHª$QWRQLR&DVVHVHHW0LUHLOOH'HOPDV0DUW\
©-XULGLFWLRQV1DWLRQDOHVHW&ULPHV,QWHUQDWLRQDX[ª'URLW(VSDJQRO3DULV3UHVVHV8QLYHUVLWDLUHVGH)UDQFHS HW
(QGpILQLWLYHOHGURLWLQWHUQHG¶XQeWDWSHUPHWG¶pWDEOLUODFRPSpWHQFHLQWHUQDWLRQDOHSpQDOH FRPPH EDVH GH OD FRPSpWHQFH XQLYHUVHOOH GpULYpH G¶XQH REOLJDWLRQ LQWHUQDWLRQDOH TXH OHV MXJHVQDWLRQDX[VRQWHQFKDUJHG¶DSSOLTXHU&HWpWDWGHIDLWUHSRVHMXULGLTXHPHQWVXUOHGURLW LQWHUQDWLRQDOWDQWFRQYHQWLRQQHOTXHFRXWXPLHU
ŚĂƉŝƚƌĞ/͘
>KDWdE/EdZEd/KE>WE>d>ZK/d/EdZE
>͛^W'E
$XVHLQGXGURLWLQWHUQDWLRQDOODVRXYHUDLQHWpHVWFRQVLGpUpHFRPPHXQFRQFHSWIRQGDPHQWDO GDQV OD PHVXUH R HOOH HVW GLUHFWHPHQW OLpH DX[ UHODWLRQV HQWUH OHV eWDWV /H FRQFHSW GH VRXYHUDLQHWpDFRQQXXQHpYROXWLRQDYHFODPRQGLDOLVDWLRQHWOD FRRSpUDWLRQLQWHUQDWLRQDOH
&HFLDGRQQpFRPPHUpVXOWDWTXHOHVMXJHVQDWLRQDX[VHWURXYHQWHQFDSDFLWpG¶H[HUFHUXQH FRPSpWHQFH LQWHUQDWLRQDOH SpQDOH FRPPH EDVH MXULGLTXH GH OD FRPSpWHQFH XQLYHUVHOOH VHFWLRQ 3RXU UHQGUH HIIHFWLI FHW H[HUFLFH GH OD SDUW GHV MXJHV QDWLRQDX[ O¶eWDW GRLW LQWURGXLUH D VRQ RUGUH MXULGLTXH LQWHUQH OHV PDQGDWV GRQQpV SDU OH GURLW LQWHUQDWLRQDO SpQDO VHFWLRQ
ͳ
/RV eWDWV HQJDJpV GDQV OD MXVWLFH LQWHUQDWLRQDOH DGRSWHQW GHV ORLV GH FRPSpWHQFH LQWHUQDWLRQDOH SpQDOH SRXU OHXUV MXULGLFWLRQV QDWLRQDOHV DYHF GLYHUV GRPDLQHV G¶DSSOLFDWLRQ GLULJpHV HQYHUV OHV UHVSRQVDEOHV GH FULPHV FRQWUH O¶KXPDQLWp &HV GRPDLQHV G¶DSSOLFDWLRQ WURXYHQWOHXUIRQGHPHQWSULPDLUHGDQVOHFRQFHSWGHVRXYHUDLQHWpGHVeWDWVHWVRQpYROXWLRQ
6RXYHUDLQHWpHWMXULGLFWLRQVRQWGHX[FRQFHSWVOLpVHQWUHHX[/HVeWDWVVRQWVRXYHUDLQVTXDQW jODSURGXFWLRQQRUPDWLYHHWF¶HVWjOHXUVWULEXQDX[TX¶LOUHYLHQWGHMXJHUHWGHIDLUHUHVSHFWHU OHMXJHPHQWGDQVO¶DFWLRQMXGLFLDLUH
/DSOXUDOLWpGeWDWVVRXYHUDLQVHWOH[LJHQFHGXQHMXVWLFHLQWHUQDWLRQDOHLQFLWHQWjUHQIRUFHUOD FRPSpWHQFHGHVMXJHVQDWLRQDX[,OIDXGUDLWG¶DLOOHXUVpODUJLUFHWWHMXULGLFWLRQSpQDOHHQ OpWHQGDQWjWRXWFULPHLQWHUQDWLRQDOTXHOTXHVRLWOHWHUULWRLUHVXUOHTXHOLODpWpFRPPLV HW TXHOOHTXHVRLWODQDWLRQDOLWpGHODXWHXUSUpVXPpRXGHODYLFWLPH
Αϭ͘>^KhsZ/Ed^dd^d>:h^d//EdZEd/KE>
/D VRXYHUDLQHWp D WUDLW DX SRXYRLU DEVROX HW SHUPDQHQW GHV eWDWV &¶HVW HQ pWDEOLVVDQW OHV SULQFLSHVUpJXODWHXUVGHODVRFLpWpTX¶HOOHMXVWLILHVDUDLVRQG¶rWUH&HFRQFHSWFDUDFWpULVpSDU XQ SRXYRLU DEVROX HW LOOLPLWp HVW Qp DX ;9,H VLqFOH VRXV O¶pJLGH GH O¶eWDW GLW PRGHUQH FHQWUDOLVp HW EXUHDXFUDWLTXH HW GRQW OHV RULJLQHV SXLVHQW GDQV OHV OXWWHV FRQVWDQWHV GH OD PRQDUFKLHIUDQoDLVHFRQWUHO¶(PSLUHO¶pJOLVHHWOHVVHLJQHXUVIpRGDX[jODILQGX0R\HQ$JH
$QWRQLR&$66(6(HW0LUHLOOH'(/0$60$57<©&UtPHQHVLQWHUQDFLRQDOHV\MXULVGLFFLRQHV LQWHUQDFLRQDOHVªRSFLWS