5REHUW,GHP
WKUHDWHQLQJ PDQ¶V QDWXUDO HQYLURQPHQW > S @ %\
FRPSDULVRQ ± $ %DUDQRZVNL DIWHU 00 %RQHQEHUJ
WDNHVDOHVVDQWKURSRFHQWULFVWDQG>«@DVRSSRVHGWRWKH
WUDGLWLRQDO YLHZSRLQW WKDW PRUDO REOLJDWLRQ LV DOZD\V
DGXW\WRZDUGVDSHUVRQRUDJURXSRISHRSOHWKHIXQGD
PHQWDO WKHVLV RI HQYLURQPHQWDO HWKLFV LV WKDW WKHUH H[LVW
LPSHUVRQDOHQWLWLHVVXEMHFWWRPRUDOLW\>S@
$V LW FDQ EH VHHQ WKH GLIIHUHQFHV ZLWKLQ YDULRXV
HFRSKLORVRSKLFDOFRQFHSWVDUHYHU\VLJQLILFDQW$OWKRXJK
WKH\UDUHO\UHIHUWRWKHGHVLJQGLUHFWO\KRZHYHUWKHH[LVW
LQJ FRQIOLFW FDQ UHYHDO LWVHOI YHU\ FOHDUO\
$ VDPSOH RI
WKLV FRXOG EH VHHQ GXULQJ SURWHVWV DJDLQVW WKH SODQQHG
ORFDWLRQRI$XJXVWyZULQJURDGZKLFKZDVWRUXQDFURVV
'ROLQD 5RVSXG\ 5RVSXGa 9DOOH\ 6XFK GLIIHUHQFHV LQ
RSLQLRQVDUHTXLWHQDWXUDO±ZKDWVKRXOGEHUDWKHUQRWHGLV
XQLW\LQYDULHW\
,WVHHPVWKDWLQVWHDGRIFXOWLYDWLQJWKHR
UHWLFDODUJXPHQWVZHVKRXOGIRFXVRQFRPPRQDQGFRQ
VWUXFWLYH HOHPHQWV UHVXOWLQJ IURP HQYLURQPHQWDO HWKLFV
$V:7\EXUVNLREVHUYHV±WKHEDVLFWDVNRIHQYLURQPHQ
WDOHWKLFVLVWRFUHDWHDFDWDORJXHRIYDOXHVDQGUXOHVZKLFK
GHVFULEHWKHSUDFWLFDOVKDSHRIUHODWLRQVKLSVEHWZHHQPDQ
DQGKLVQDWXUDOVXUURXQGLQJ+HPDLQO\SRLQWVRXWWRWKH
WKUHHYDOXHVZKLFKFUHDWHIDYRXUDEOHFRQGLWLRQVIRUQDWX
UDO HQYLURQPHQW SURWHFWLRQ UHVSRQVLELOLW\ PRGHUDWLRQ
VHOIUHVWUDLQW DQG FRPPRQQHVV VROLGDULW\ 5HVSRQ
VLELOLW\ DFFRPSDQLHV WKH DFFRPSOLVKPHQW DV ZHOO DV
REVHUYDWLRQRUQHJDWLRQRIRWKHUYDOXHV,WLVSHUFHLYHGDV
D SHUVRQDO VRFLDO RU LQWHUJHQHUDWLRQDO YDOXH :KHQ WKH
SULQFLSOHRIPRGHUDWLRQDQGVHOIUHVWUDLQWLVUHIHUUHGWRLW
XQGHUOLQHV WKH IDFW WKDW QDWXUDO HQYLURQPHQW SURWHFWLRQ
FDQQRWEHSXWHIILFLHQWO\LQWRSUDFWLVHZLWKRXWGHOLEHUDWHO\
LPSRVHG OLPLWDWLRQV RQ JRRGV FRQVXPSWLRQ :H DOUHDG\
VHH WKH QHHG IRU D FKDQJH LQ WKH ZD\ ZH SHUFHLYH HFR
QRPLFJURZWKTXDOLW\RIOLIHRULHQWDWLRQLQVWHDGRITXDQ
WLW\ H[SDQVLRQ ,W SRVWXODWHV D FKDQJH RI WKH OLIHVW\OH
UHVWUDLQHG FRQVXPSWLRQLVP UDWLRQDOL]DWLRQ RI QHHGV DQG
VWDQGLQJ XS DJDLQVW ZDVWDJH ,Q WKH KLHUDUFK\ RI YDOXHV
SURSDJDWHGE\HQYLURQPHQWDOHWKLFVWKHLGHDRIFRPPRQ
QHVVVROLGDULW\RFFXSLHV DKLJK SRVLWLRQ,W UHIOHFWV WKH
$ VWUDLJKWIRUZDUG H[DPSOH RI UHODWLQJ HFRSKLORVRSK\ WR WKH DUW RI
GHVLJQDUH*DLDDUFKLWHFWXUDOJURXSVHJ*DLDJURXSLQ1RUZD\RIIHUVEXLOG
LQJVEDVHGVROHO\RQHFRORJLFDOSULQFLSOHV$V$%DUDQRZVNLQRWLFHVWKLV
JURXSKDVGHVLJQHGDQHFRF\FOHKRXVHWXQHGWRELRORJLFDOQHHGVXWLOLVLQJ
ORFDOORZWHFKWHFKQRORJLHV,QDQHFRKRXVHWKHK\JURVFRSLFPDWHULDOVVXFK
DV ZRRG FOD\ SODVWHU DQG SODQW ILEUHV KHOS WR UHJXODWH KXPLGLW\ 7KH
µG\QDPLFLQVXODWLRQ¶RIWKHFRQVWUXFWLRQVKHOOXVHVWKHVDPHSRURVLW\SURSHU
WLHV WR SURYLGH FRQWUROOHG YHQWLODWLRQ WKURXJK SHUPHDEOH VWUXFWXUH DQG WR
HOLPLQDWHFRQGHQVDWLRQ+HDWLQJDQGFRROLQJDUHEDVHGRQVHOIUHJXODWLQJ
WKHUPRG\QDPLFSKHQRPHQDUHGXFLQJWRWKHPLQLPXPWKHQXPEHURIFRPSOL
FDWHGWHFKQLFDOGHYLFHV%LRORJLFDOSURFHVVHVLQSODQWVDUHXVHGWRUHIUHVKWKH
DLULQVLGHDQGWRSXULI\DQGUHF\FOHJUH\ZDWHU>«@7KHKRXVHLVDSDUWRI
D ODUJHU V\VWHP RI SHUPFXOWXUH LQWHJUDWLQJ UHF\FOLQJ DQG UHFODPDWLRQ RI
ZDVWHZDWHUDQGVHZDJH,Q3RODQGVLQFHVWKHLGHDVRI*DLDJURXSLQ
HQYLURQPHQWDOVKDSLQJKDYHEHHQLPSOHPHQWHGE\-DQXV].RUELHODQGKLV
6WXGLRIRU$OO&UHDWXUHVLQ%LHOVNR%LDáD>S@
,WKDVWR EH DGGHG WKDW DSDUW IURP HFRSKLORVRSK\ WKHUH DUHSHU
VRQDOV\VWHPVRI YDOXHV DVXEMHFWLYHHFRORJLFDOZLVGRP FDOOHGHFRVR
SK\$1DHVVPDNHVDGLVWLQFWLRQEHWZHHQHFRVRSK\IURPHFRSKLORVR
SK\ HFRORJLFDO SKLORVRSK\ DQG HQFRXUDJHV HYHU\RQH WR ZRUN RQ WKH
IRUPHURQH+HKLPVHOIFUHDWHGKLVRZQ(FRVRSK\7IURP7YHUJDVWHLQ
±WKHSODFHKHZDVHPRWLRQDOO\DWWDFKHGWR>@
VHQVHRIWRJHWKHUQHVVEHWZHHQWKHZRUOGRIPDQDQGWKH
ZRUOGRIQDWXUH
6LPLODUO\WR WKHDERYH PHQWLRQHG YDO
XHVWKHLGHDRIWRJHWKHUQHVVDQGXQLW\ZLWKWKHVXUURXQG
LQJQDWXUHKDVDSUHVFULSWLYHDQGSHUVXDVLYHFKDUDFWHUWKH
SXUSRVH RI ZKLFK LV WR FKDQJH RXU DWWLWXGH WRZDUGV WKH
ZRUOGZHOLYHLQ%XW±DQGLWVKRXOGEHHPSKDVLVHG±LW
DOVR VHWV WKH IRXQGDWLRQV IRU WKH GHYHORSPHQW FRQFHSW
>«@WKDWLQFRUSRUDWHVERWKKXPDQDQGQRQKXPDQLQWHU
HVWV WUHDWLQJ WKHP DV PXWXDOO\ UHODWHG 7KHUHIRUH ZH
PXVW DJUHH ZLWK WKH RSLQLRQ PRUH DQG PRUH IUHTXHQWO\
H[SUHVVHG WKDW DQ\ UHDVRQDEOH FRQFHSW RI FLYLOLVDWLRQ
GHYHORSPHQW PXVW WDNH LQWR FRQVLGHUDWLRQ WKH D[LRP RI
PDQ¶VUHODWLRQVKLSZLWKQDWXUH>@
0RUDO GXWLHV DQG VWDQGDUGV RI FRQGXFW UHVXOWLQJ IURP
HQYLURQPHQWDOHWKLFVDUHIRUPXODWHGZLWKWKHLUDSSOLFDWLRQ
LQPLQG+6NROLPRZVNLFRQVLGHUVDVWKH PRVWSULQFLSDO
VXFKYDOXHVDVUHVSHFWIRUOLIHUHVSRQVLELOLW\PRGHUDWLRQ
PRGHVW\RIQHHGVGLYHUVLW\FRPSDVVLRQDQGHTXDOULJKWV
IRUDOO2QWKHEDVLVRIHFRHWKLFVKHWULHVWRVKDSHDJHQ
HUDOOLIHDWWLWXGHEHLQJWKHIRXQGDWLRQRIHFRSUD[LVIRUPX
ODWLQJWKHUXOHVRILQGLYLGXDOFRQGXFWDQGGHFLVLRQPDNLQJ
LQFRQIOLFWVLWXDWLRQV>S@,QGHVLJQLQJLWFDQEHXVHG
WRHYDOXDWHDWHFKQRORJLFDOSURFHVVIURPWKHSRLQWRIYLHZ
RILWVHFRORJLFDOFRQVHTXHQFHV>S@
$QRWKHU VSHFLILF DVSHFW RI HFRORJLFDO GHVLJQ KDYLQJ
QXPHURXV HWKLFDO LPSOLFDWLRQV LV LWV SXEOLF UHFRJQLWLRQ
$FFRUGLQJ WR $ %DUDQRZVNL LQ EDODQFHG DUFKLWHFWXUDO
GHVLJQWKLVLVVXHDVVXPHVWKHSURSRUWLRQVRIIXQGDPHQWDO
PRGHRIRSHUDWLQJ,WVWHPVIURPWKHYHU\HVVHQFHRIWKH
VXVWDLQDEOHGHYHORSPHQWSDUDGLJPLWLVTXLWHFRPPRQO\
DVVXPHGWKDWWKHVLQH
TXDQRQ
FRQGLWLRQIRULWVVXFFHVVIXO
UHDOL]DWLRQ LV SXEOLF DFFHSWDQFHDQG SDUWLFLSDWLRQ LQ LWV
DFFRPSOLVKPHQW LQFOXGLQJ SUHOLPLQDU\ VWHSV WKURXJK
VWUDWHJ\SODQQLQJXQWLOWKHGHVLJQLQJVWDJH>S@
3XEOLFLVLQJ WKH SURFHVV RI GHVLJQLQJ UHTXLUHV DERYH
DOO VRFLDO SDUWLFLSDWLRQ ,WV PHWKRGRORJLFDO RULJLQV DUH
HDUOLHUWKDQWKHFRQFHSWRIVXVWDLQDEOHGHYHORSPHQW,WKDV
LWVVRXUFH LQWKHFULWLFLVPRIWKHVRFDOOHG
VW
JHQHUDWLRQ
GHVLJQ PHWKRGV GHYHORSHG LQ WKH V ± XWLOLVLQJ HOH
PHQWV RIWKH V\VWHPV WKHRU\DQG FRQFHQWUDWLQJRQDOJR
ULWKPLVDWLRQRI WKHGHVLJQLQJSURFHVV>S @,WZDV
QRWHGDWWKHWLPHWKDWGHVLJQLQJLVQRWDSXUHO\VHTXHQWLDO
SURFHVV DQG WKH DUFKLWHFWXUDO SUREOHPV DUHLOORJLFDODQG
1RWGLVUHJDUGLQJWKHREYLRXVGLIIHUHQFHVEHWZHHQXVDQGRWKHUVSH
FLHV>«@ZHVKRXOGSHUFHLYHRXUVHOYHVLQXQLW\ZLWKWKHPWREHFRPHFRQ
VFLRXV >«@ RI D VHQVH RI WRJHWKHUQHVV QRW WR VHH RQHVHOI DQG RWKHUV DV
EHORQJLQJWRWZRGLIIHUHQWZRUOGV>«@7KHSUREOHPRIPDQ¶VLGHQWLW\KLV
XQLW\ZLWKWKHZRUOGDQGWKHLGHDRIFRPSDVVLRQDUHVWURQJO\DFFHQWXDWHGLQ
%XGGKLVPDQG7DRLVP0DQLVQRWHVWUDQJHGIURPQDWXUHKHLVLWVLQWHJUDO
DQGPRVWLPSRUWDQWHOHPHQW>«@)URPWKHYDOXHVRIEURWKHUKRRGNLQVKLS
DQGFRPPXQLW\RILQWHUHVWVDGHPDQGKDVHPHUJHGWRUHVSHFWDQGSURWHFW
HYHU\WKLQJWKDWH[LVWVPDQDQLPDOVSODQWVDQGDOOWKHUHPDLQLQJSDUWRI
QDWXUDOZRUOG7KHLGHDRIPDQ¶VVROLGDULW\ZLWKQDWXUHZDVSURSDJDWHGE\
6DLQW)UDQFLVRI$VVLVLZKRXQGHUVWRRGWKHERQGVEHWZHHQKXPDQEHLQJV
DQGRWKHUHOHPHQWVRIQDWXUHLQWHUPVRIEURWKHUKRRGDQGVLVWHUKRRG>@
$FFRUGLQJ WR$ /HRSROG WKH REMHFWRI PRUDOREOLJDWLRQ LVWKH
HFRV\VWHPDVDZKROHEHFDXVHPDQLVDSDUWRIWKHELRWLFFRPPXQLW\+H
VD\V7KHREMHFWLVJRRGULJKWLILWVWULYHVDIWHULQWHJULW\VWDELOLW\DQG
WKH EHDXW\ RIOLIH LQ XQLW\LW LV EDG ZURQJ LI LW JRHV LQWKH RSSRVLWH
GLUHFWLRQ>S@