iv
VHLOOHU j FRXSHU O¶DOLPHQWDWLRQ pOHFWULTXH HW YpUL¿HU TXH OD PDFKLQH HVW FRPSOqWHPHQW DUUrWpH DYDQW G¶HQ-
OHYHU OH FRXYUH-FRXUURLH HW OD FRXUURLH HQ V D¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU OH GpPDUUDJH VRXGDLQ GH
OD PDFKLQH RX GX PRWHXU
SL XQ VHUYRPRWHXU HVW XWLOLVp DYHF OD PDFKLQH OH PRWHXU
QH IDLW SDV GH EUXLW ORUVTXH OD PDFKLQH HVW DU-
UrWpH VHLOOHU j QH SDV RXEOLHU GH FRXSHU O¶DOLPHQWDWLRQ pOHFWULTXH D¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU OH
GpPDUUDJH VRXGDLQ GX PRWHXU
NH MDPDLV XWLOLVHU OD PDFKLQH VL O¶RUL¿FH GH UHIURLGLVVHPHQW GX JpQpUDWHXU GX PRWHXU HVW REVWUXp D¿Q
G¶pYLWHU WRXW LQFHQGLH
FDXVp SDU XQH VXUFKDXIIH
/XEUL¿FDWLRQ
VHLOOHU j XWLOLVHU XQH KXLOH RX XQH JUDLVVH GH PDUTXH -U.I VXU OHV SDUWLHV j OXEUL¿HU
SL GH O¶KXLOH VH FROOH VXU OHV \HX[ RX OH FRUSV YHLOOHU j OD QHWWR\HU LPPpGLDWHPHQW SRXU pYLWHU WRXWH LQ-
ÀDPPDWLRQ RX LUULWDWLRQ
SL GH O¶KXLOH HVW DYDOpH SDU LQDGYHUWDQFH
YHLOOHU j FRQVXOWHU LPPpGLDWHPHQW XQ PpGHFLQ D¿Q G¶pYLWHU XQH
GLDUUKpH RX GHV YRPLVVHPHQWV
MDLQWHQDQFH
A¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU XQH FRQQDLVVDQFH LQVXI¿VDQWH GH OD PDFKLQH OHV UpSDUDWLRQV HW
UpJODJHV GRLYHQW rWUH H[pFXWpV SDU XQ WHFKQLFLHQ GH VHUYLFH DSUqV-YHQWH TXL FRQQDvW SDUIDLWHPHQW OD
PDFKLQH VXLYDQW O¶pWHQGXH Gp¿QLH GDQV OH PRGH G¶HPSORL VHLOOHU j XWLOLVHU GHV SLqFHV GH PDUTXH -U.I
SRXU UHPSODFHU
WRXWH SLqFH GH OD PDFKLQH -U.I GpFOLQH WRXWH UHVSRQVDELOLWp HQ FDV G¶DFFLGHQW G j XQH
UpSDUDWLRQ RX XQ UpJODJH LQDSSURSULpV RX O¶XWLOLVDWLRQ GH WRXWH SLqFH DXWUH TX¶XQH SLqFH GH PDUTXH -U.I
A¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU XQH FRQQDLVVDQFH LQVXI¿VDQWH GH OD PDFKLQH RX GHV GpFKDUJHV
pOHFWULTXHV
YHLOOHU j IDLUH DSSHO j XQ pOHFWULFLHQ GH YRWUH VRFLpWp GH -U.I RX GH VRQ FRQFHVVLRQQDLUH
ORFDO SRXU OHV UpSDUDWLRQV HW OD PDLQWHQDQFH (\ FRPSULV OH FkEODJH) GHV FRPSRVDQWV pOHFWULTXHV
/RUV GH WUDYDX[ GH UpSDUDWLRQ RX GH PDLQWHQDQFH VXU OD PDFKLQH DX PR\HQ GH SLqFHV SQHXPDWLTXHV WHO TXH
OH F\OLQGUH SQHXPDWLTXH YHLOOHU DX SUpDODEOH j HQOHYHU OH WX\DX G¶DOLPHQWDWLRQ G¶DLU SRXU H[SXOVHU O¶DLU UHV-
WDQW GDQV OD PDFKLQH D¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU OH GpPDUUDJH VRXGDLQ G¶XQH SLqFH
SQHXPDWLTXH
VHLOOHU j YpUL¿HU TXH OHV YLV HW pFURXV VRQW ELHQ UHVVHUUpV DSUqV XQH UpSDUDWLRQ XQ UpJODJH RX OH UHPSOD-
FHPHQW G¶XQH SLqFH
VHLOOHU j QHWWR\HU OD PDFKLQH UpJXOLqUHPHQW SHQGDQW VD GXUpH G¶XWLOLVDWLRQ VHLOOHU j FRXSHU O¶DOLPHQWDWLRQ
pOHFWULTXH HW j YpUL¿HU TXH OD PDFKLQH HW OH PRWHXU VRQW FRPSOqWHPHQW
DUUrWpV DYDQW GH QHWWR\HU OD PD-
FKLQH D¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU OH GpPDUUDJH VRXGDLQ GH OD PDFKLQH RX GX PRWHXU
VHLOOHU j FRXSHU O¶DOLPHQWDWLRQ HW j YpUL¿HU TXH OD PDFKLQH HW OH PRWHXU VRQW FRPSOqWHPHQW DUUrWpV DYDQW
G¶H[pFXWHU GHV WUDYDX[ GH PDLQWHQDQFH XQH LQVSHFWLRQ RX XQH UpSDUDWLRQ GH
OD PDFKLQH (DDQV OH FDV G¶XQ
PRWHXU j HPEUD\DJH OH PRWHXU FRQWLQXH GH WRXUQHU SHQGDQW XQ PRPHQW SDU LQHUWLH PrPH DSUqV TXH
O¶DOLPHQWDWLRQ D pWp FRXSpH IO IDXW GRQF rWUH SUXGHQW)
SL OD PDFKLQH QH IRQFWLRQQH SDV QRUPDOHPHQW DSUqV XQH UpSDUDWLRQ RX XQ UpJODJH DUUrWHU LPPpGLDWH-
PHQW GH O¶XWLOLVHU
HW FRQWDFWHU -U.I RX VRQ FRQFHVVLRQQDLUH ORFDO SRXU XQH UpSDUDWLRQ D¿Q G¶pYLWHU WRXW
DFFLGHQW VXVFHSWLEOH GH FDXVHU GHV EOHVVXUHV FRUSRUHOOHV RX OD PRUW
SL XQ IXVLEOH HVW JULOOp YHLOOHU j FRXSHU O¶DOLPHQWDWLRQ pOHFWULTXH HW j UHPpGLHU j VD FDXVH SXLV OH UHPSOD-
FHU SDU XQ QHXI D¿Q G¶pYLWHU
WRXW DFFLGHQW VXVFHSWLEOH GH FDXVHU GHV EOHVVXUHV FRUSRUHOOHV RX OD PRUW
VHLOOHU j QHWWR\HU SpULRGLTXHPHQW OD ERXFKH G¶DLU GX YHQWLODWHXU HW j LQVSHFWHU OD SpULSKpULH GX FkEODJH
D¿Q G¶pYLWHU WRXW DFFLGHQW G DX PRWHXU
EQYLURQQHPHQW G¶RSpUDWLRQ
VHLOOHU j XWLOLVHU OD PDFKLQH GDQV XQ HQYLURQQHPHQW TXL QH VRLW SDV H[SRVp j XQH VRXUFH LPSRUWDQWH GH
EUXLW (RQGHV pOHFWURPDJQpWLTXHV) WHOOHV TX¶XQH VRXGHXVH KDXWH IUpTXHQFH D¿Q G¶pYLWHU WRXW DFFLGHQW
FDXVp SDU XQ G\VIRQFWLRQQHPHQW GH OD PDFKLQH
NH MDPDLV XWLOLVHU OD PDFKLQH GDQV XQ OLHX R OD WHQVLRQ
YDULH GDQV XQH SODJH VXSpULHXUH j GH OD
WHQVLRQ SUHVFULWH D¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU XQ G\VIRQFWLRQQHPHQW GH OD PDFKLQH
VHLOOHU j YpUL¿HU TX¶XQ GLVSRVLWLI SQHXPDWLTXH WHO TX¶XQ F\OLQGUH SQHXPDWLTXH IRQFWLRQQH j OD SUHVVLRQ G¶DLU
SUHVFULWH DYDQW GH O¶XWLOLVHU D¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU XQ G\VIRQFWLRQQHPHQW GH OD PDFKLQH
PRXU XWLOLVHU OD PDFKLQH HQ WRXWH VpFXULWp YHLOOHU j FH TXH O¶HQYLURQQHPHQW G¶XWLOLVDWLRQ UpSRQGH DX[
FRQGLWLRQV VXLYDQWHV:
THPSpUDWXUH DPELDQWH HQ IRQFWLRQQHPHQW j C
HXPLGLWp UHODWLYH HQ IRQFWLRQQHPHQW j
DH OD FRQGHQVDWLRQ SHXW VH IRUPHU VL OD PDFKLQH SDVVH VRXGDLQHPHQW G¶XQ HQYLURQQHPHQW IURLG j
XQ
HQYLURQQHPHQW FKDXG AWWHQGUH GRQF XQ FHUWDLQ WHPSV MXVTX¶j FH TX¶LO Q¶\ DLW SOXV GH JRXWWHOHWWHV G¶HDX
DYDQW GH PHWWUH OD PDFKLQH VRXV WHQVLRQ D¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU XQH SDQQH RX XQ G\VIRQF-
WLRQQHPHQW G¶XQ FRPSRVDQW pOHFWULTXH
PDU VRXFL GH VpFXULWp YHLOOHU j DUUrWHU G¶XWLOLVHU OD PDFKLQH HQ FDV G¶RUDJH HW j OD GpEUDQFKHU GH OD SULVH VHF-
WHXU D¿Q G¶pYLWHU WRXW DFFLGHQW FDXVp SDU XQH SDQQH RX XQ G\VIRQFWLRQQHPHQW G¶XQ FRPSRVDQW pOHFWULTXH
SHORQ OHV FRQGLWLRQV GX VLJQDO GH IUpTXHQFH UDGLR OD PDFKLQH SHXW JpQpUHU GX EUXLW GDQV OH WpOpYLVHXU
RX OH SRVWH GH UDGLR DDQV FH FDV XWLOLVHU OH WpOpYLVHXU RX OH SRVWH GH UDGLR j XQH GLVWDQFH pORLJQpH GH OD
PDFKLQH
IO HVW YLYHPHQW UHFRPPDQGp GH VXLYUH OHV ORLV
HW UpJOHPHQWDWLRQV ORFDOHV GX SD\V R OD PDFKLQH j
FRXGUH HVW LQVWDOOpH SRXU JDUDQWLU XQ HQYLURQQHPHQW GH WUDYDLO VU
PRXU OXWWHU FRQWUH OH EUXLW XQ VHUUH-WrWH DQWLEUXLW RX G¶DXWUHV pTXLSHPHQWV GH SURWHFWLRQ GRLYHQW rWUH
XWLOLVpV FRQIRUPpPHQW DX[ ORLV HW UpJOHPHQWDWLRQV HQ YLJXHXU
/D PLVH DX UHEXW GHV SURGXLWV HW
HPEDOODJHV DLQVL TXH OH WUDLWHPHQW GH O¶KXLOH OXEUL¿DQWH XVDJpH GRLYHQW
rWUH UpDOLVpV FRUUHFWHPHQW FRQIRUPpPHQW DX[ ORLV HQ YLJXHXU GDQV OH SD\V GDQV OHTXHO OD PDFKLQH j
FRXGUH HVW XWLOLVpH