7/31/2019 Deloitte Review: A Delicate Balance:

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Dkjuq Ao`jiqqo

Ao`jiqqo {oo{s qj jno j{ fj{o j Ao`jiqqo Qjuclo Qjlfdqsu @ifiqoa, d _H w{irdqo cjfwdny `ifiqoa ky mud{dnqoo, dna iqs noq}j{h j fofko{ b{fs, odcl j }licl is d `omd``ysowd{dqo dna inaowonaonq onqiqy. W`odso soo }}}.ao`jiqqo.cjf*dkjuq j{ d aoqdi`oa aosc{iwqijn j qlo `omd` sq{ucqu{o j Ao`jiqqo Qjuclo Qjlfdqsu @ifiqoa dna iqs fofko{ b{fs.

W`odso soo }}}.ao`jiqqo.cjf*us*dkjuq j{ d aoqdi`oa aosc{iwqijn j qlo `omd` sq{ucqu{o j Ao`jiqqo @@W dna iqs suksiaid{ios. Co{qdin so{ricos fdy njq ko drdi`dk`o qj dqqosq c`ionqsunao{ qlo {u`os dna {omu`dqijns j wuk`ic dccjunqinm.

Qlis wuk`icdqijn cjnqdins mono{d` inj{fdqijn jn`y, dna njno j Ao`jiqqo Qjuclo Qjlfdqsu @ifiqoa, iqs fofko{ b{fs, j{ iqs dna qloi{ db`idqos d{o, ky fodns j qlis wuk`icdqijn,{onao{inm dccjunqinm, kusinoss, bndncid`, inrosqfonq, `omd`, qd|, j{ jqlo{ w{jossijnd` darico j{ so{ricos. Qlis wuk`icdqijn is njq d suksqiquqo j{ sucl w{jossijnd` darico j{ so{&

ricos, nj{ slju`a iq ko usoa ds d kdsis j{ dny aocisijn j{ dcqijn qldq fdy docq yju{ bndncos j{ yju{ kusinoss. Koj{o fdhinm dny aocisijn j{ qdhinm dny dcqijn qldq fdy docqyju{ bndncos j{ yju{ kusinoss, yju slju`a cjnsu`q d tud`iboa w{jossijnd` dariso{.

Njno j Ao`jiqqo Qjuclo Qjlfdqsu @ifiqoa, iqs fofko{ b{fs, j{ iqs dna qloi{ {oswocqiro db`idqos sld`` ko {oswjnsik`o j{ dny `jss }ldqsjoro{ susqdinoa ky dny wo{sjn }lj {o`iosjn qlis wuk`icdqijn.

Cjwy{imlq ;74; Ao`jiqqo Aoro`jwfonq @@C. D`` {imlqs {oso{roa.

Fofko{ j Ao`jiqqo Qjuclo Qjlfdqsu @ifiqoa

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7/31/2019 Deloitte Review: A Delicate Balance:

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?D ao`icDqo KD`Dnco

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ky Edfos Muscd dna Ejln @ucho{

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Qlo fjsq aibcu`q sukeocqs cdn ko o|w`dinoa qj qlo fjsq s`j}&}iqqoafdn i lo lds njq j{foa dny iaod j qlof d`{oday8 kuq qlo sifw`osq

qlinm cdnnjq ko fdao c`od{ qj qlo fjsq inqo``imonq fdn i lo is b{f`y

wo{sudaoa qldq lo hnj}s d`{oday, }iqljuq d sldaj} j ajukq, }ldq is

`dia koj{o lif. @oj Qj`sqjy

B_Q_[O W[OSONQ

Jro{ d luna{oa yod{s dmj L. M. ]o``s sqdqoa qldq

sqdqisqicd` qlinhinm }ju`a jno ady ko ds nocossd{y j{

ocionq ciqionsliw ds qlo dki`iqy qj {oda dna }{iqo.4

]o``s w{oscionq cjffonq is otud``y q{uo j fdndmofonq dna

j{mdnidqijnd` koldrij{ in qlo dmo j kim adqd dna kusinoss

dnd`yqics. In ajfdins ds rd{ioa ds w{jossijnd` swj{qs foaicino

cjnsufo{ kusinoss ndncid` so{ricos dna mjro{nfonq jwo{dqijns

d cjnsonsus lds {dwia`y aoro`jwoa dkjuq qlo wj}o{ j sqdqisqicd`

qlinhinm qj lo`w o|wo{qs fdho koqqo{ aocisijns dna kusinossos

ifw{jro qloi{ jwo{dqijns. Dna d sq{odf j kosq&so``inm kjjhs

fjrios dna wjacdsqs jn qlo qjwic lds wituoa sjcioqd` d}d{onoss j

dnd`yqics ds d cdqd`ysq j{ {osl qlinhinm dna cldnmo.;

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2 D ao`icDqo KD`Dnco

Lj}oro{ in ju{ fdny yod{s ds cjnsu`qdnqs }o ldro juna qldq qlo {od`ioa

konoqs j kusinoss dnd`yqics d{o unoron`y aisq{ikuqoa dc{jss ajfdins dna oron

dfjnm aio{onq j{mdnidqijns }iqlin qlo sdfo ajfdins. Jno fimlq cld`h qlis

uw qj qlo dcq qldq inqo``imonq`y }j{hinm }iql adqd dna ajinm sqdqisqicd` dnd`ysis is

ld{a }j{h inrj`rinm swocid`isq shi``s. Bdi{ onjuml. Kuq qlis qu{ns juq qj ko jn`y

wd{q j qlo w{jk`of.

Mono{d``y swodhinm adqd dnd`ysis is jn`y wd{q j dn dnd`yqics w{jeocq8 dna

i{jnicd``y iq jqon isnq qlo ld{aosq wd{q. Iq is njq uncjffjn j{ sjwlisqicdqoa qocl&

nicd` }j{h qj ona uw jn qlo cuqqinm {jjf bjj{{osu`qinm in un{od`ioa rd`uoj{

{odsjns ldrinm fj{o qj aj }iql lufdn dna j{mdnidqijnd` koldrij{ qldn qlo no{wjinqs j adqd tud`iqy j{ sqdqisqicd` foqljaj`jmy.

In w{orijus d{qic`os }o ldro aiscussoa qlo }dys in }licl kusinoss dnd`yqics is

fj{o qldn d sqj{y dkjuq d{cdno sqdqisqicd` d`mj{iqlfs kim adqd fdndmofonq dna

inj{fdqijn qoclnj`jmy.3 Co{qdin`y qlo no}juna w{jfinonco j kusinoss dnd`yq&

ics j}os fucl qj Fjj{os @d} dna iqs cj{j``d{ios. Kuq kusinoss dnd`yqics is njq

u`qifdqo`y dkjuq qoclnj`jmy dna qoclnituo dny fj{o qldn d{cliqocqu{o is dkjuq

k`uow{inqs dna a{dqinm qjj`s. ]o``&cjncoiroa dnd`yqics w{jeocqs d{o ai{ocqoa dq qlo

conq{d` w{jk`ofs dna w{jcossos in qlo ajfdin dq ldna. Bj{ o|dfw`o in foaicino

qlis fimlq fodn fdhinm fj{o {o`idk`o aidmnjsos dna q{idmo aocisijns. In insu{&

dnco qlis fimlq fodn fdhinm koqqo{ unao{}{iqinm w{icinm j{ c`dif soqq`ofonq

aocisijns. In d lufdn {osju{cos cjnqo|q qlis fimlq fodn fdhinm koqqo{ li{inm dna

qd`onq fdndmofonq aocisijns.

D cjffjn cld``onmo in sucl dww`icdqijns is dcliorinm d {od`isqic cjfw{jfiso

koq}oon d cu{{onq&sqdqo kusinoss j{ aocisijn w{jcoss dna dn onrisijnoa iaod` qldq

cju`a in qloj{y ko dclioroa }iql wo{ocq adqd dna qlo kosq drdi`dk`o dnd`yqics. ]oldro oncjunqo{oa fdny j{mdnidqijns qldq jqon juq j d cjfkindqijn j ino{qid

cjfwoqinm w{ij{iqios dna cu`qu{o j showqicisf dkjuq qlo oocqironoss j kusinoss

dnd`yqics swona yod{s ao`iko{dqinm koj{o qdhinm qlo {sq sqow qj}d{a ofk{dcinm

dnd`yqicd` foqljas. Jqlo{s odmo{`y ofk{dco qlo njqijn j dnd`yqics kuq q{odq iq ds

dn d``&j{&njqlinm w{jwjsiqijn {otui{inm adqd j{ d`mj{iqlfic wo{ocqijn koj{o dc&

qijns cdn ko qdhon. Sjfo j{mdnidqijns s}inm {jf jno o|q{ofo qj qlo jqlo{.

J cju{so qlo w{oo{{oa wjinq is sjfo}lo{o koq}oon qloso o|q{ofos5 in fdny

kusinoss soqqinms dnd`yqics is kosq rio}oa ds dn iqo{dqiro w{jcoss j cjnqinuoa if&

w{jrofonqs dna adqd&a{iron {onofonqs j cj{o kusinoss jwo{dqijns. In sucl soq&

qinms oiqlo{ o|q{ofo showqicisf `odainm qj indcqijn j{ o|q{ofo dswi{dqijn `odainm

qj dnd`ysis wd{d`ysis is sukjwqifd`. Sucl o|q{ofo dqqiquaos dna dww{jdclos d{o jqon

kj{no kjql j shoqcly njqijns j lj} dnd`yqics }j{hs dna wjj{ cjffunicdqijn

koq}oon qlo qoclnicd` wojw`o }lj dnd`yo adqd dna qlo aocisijn&fdho{s j{ }ljf

qlo {uiqs j qloi{ oj{qs d{o inqonaoa.

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=D Ao`icDqo KD`Dnco

Qlo `omonad{y sqdqisqicidn Ejln Quhoy fofj{dk`y cld{dcqo{ioa `d{mo&scd`o

adqd dnd`ysis ds qlo cj``isijn koq}oon sqdqisqics dna cjfwuqinm. Sifi`d{`y i njq

w{jwo{`y w`dnnoa dna fdndmoa kusinoss dnd`yqics w{jeocqs cdn oo` `iho d cj`&

`isijn koq}oon adqd dnd`ysis dna kusinoss aocisijn fdhinm. I qloy d{o qj onejy

qlo konoqs j dnd`yqicd` foqljas j{mdnidqijns slju`a sq{iro qj drjia cj``isijns

dna w{jfjqo orj`uqijns synqlosos dna cj``dkj{dqijns dfjnm wojw`o }iql aio{inm

shi``s dna wo{swocqiros.

Qj qldq ona }o lufk`y jo{ d qd|jnjfykdsoa jn ju{ jkso{rdqijns in qlo

o`aj }ldq cdn mj }{jnm. D cjnnocqinm qlofo j ju{ jkso{rdqijns is qldq dnd&`yqics w{jeocqs d{o jqon sqyfioa kocduso j di`u{os qj dww{ocidqo qldq kjql adqd&

a{iron dnd`yqics dna o|wo{q aocisijn fdhinm ldro sq{onmqls ds }o`` ds `ifiqdqijns

dna qldq qlo sq{onmqls dna `ifiqdqijns j odcl fusq ko cjunqo{kd`dncoa }iql

qljso j qlo jqlo{. Qlo ifdmo j adqd fininm slju`a miro }dy qj qlo ifdmo j

adqd aid`jmuos.

D FIAA@O WDQL

Dn inq{imuinm dswocq j kusinoss dnd`yqics is iqs nod{&uniro{sd` dww`icdki`iqyyoq qlis d`sj dccjunqs j{ }ly iq cdn ko sucl d s`iwwo{y qjwic qj aiscuss. Dnd&`yqics w{jeocqs qdho jn rdsq`y aio{onq dswocqs in aio{onq cjnqo|qs. Bj{ o|dfw`o

qlo duqlj{s ldro kui`q c{oaiq&scj{inm fjao`s usinm qons j fi``ijns j adqd wjinqs

ds }o`` ds dnd`yoa lufdn {osju{cos adqdkdsos cjnqdininm fo{o luna{oas j adqd

wjinqs. Sio fdqqo{s kuq iqs njq aocisiro. Sifi`d{ cjffonqs cdn ko fdao dkjuq

adqd tud`iqy dna cjfw`oqonoss qlo {o`dqiro dww{jw{idqonoss j suwo{risoa ro{sus

unsuwo{risoa `od{ninm qoclnituos qlo {o`dqiro dww{jw{idqonoss j o|wo{ifonqd`

ro{sus jkso{rdqijnd` adqd dww{jw{idqo rd`iadqijn foqljaj`jmios dna sj jn.1 Sucl

cjnsiao{dqijns d{o cjnqo|q&aowonaonq dna cdn rd{y in ro{dciqy dna kusinoss sim&

nicdnco in {od`&}j{`a soqqinms. Qj k{inm j{ao{ qj qlo hd`oiajscjwicdna oro{

o|wdnainmrd{ioqy j dww`icdqijns dna foqljaj`jmios d c`dssicdqijn sclofo

fimlq ko lo`wu`.

Jno }dy qj c`dssiy dnd`yqics w{jeocqs is ky qlo aom{oo qj }licl aocisijn fdhinm

cdn ko juqsju{coa qj cjfwuqo{ d`mj{iqlfs. Sjfo j qlo fj{o w{jfinonq o|dfw`osj kusinoss dnd`yqics linmo jn cjfwuqo{ d`mj{iqlfs qldq so{ro ds aocisijn&fdhinm

{jkjqs }ljso ady&qj&ady uncqijninm inrj`ros d finifuf j lufdn inqo{ron&

qijn. Qlinh j Noqbi| usinm cj``dkj{dqiro `qo{inm d`mj{iqlfs qj summosq no} qiq`os

kdsoa jn d cusqjfo{s rio}inm lisqj{y.? In odcl cdso dn d`mj{iqlfic adqd&a{iron

dww{jdcl kjql {onos dna scd`os uw d q{daiqijnd` fjao j ajinm kusinoss5 Sdrry

kjjhso``o{s dna riaoj sqj{o c`o{hs cdn ko ro{y daowq dq {ocjffonainm kjjhs dna

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< D Ao`icDqo KD`Dnco

fjrios qj qloi{ `jyd` cusqjfo{s. Kuq oron Tuonqin Qd{dnqinj in lis riaoj sqj{o

loyady cju`a njq fdho fjrio {ocjffonadqijns jn qlo scd`o j Noqbi|s {ocjf&

fonadqijn onminos.

Dq qlo jqlo{ o|q{ofo cjnsiao{ dn o|ocuqiro dq d m`jkd` {oinsu{dnco cjfwdny

{ocjffonainm lj} fucl cdwiqd` qj soq dsiao in {oso{ros ds d cuslijn j{ daro{so

oronqs. Dny sucl fdndmo{ }j{ql lo{ sd`q }i`` fdho qlo aocisijn in qlo `imlq j

liml`y sjwlisqicdqoa dnd`ysos j wdsq `jss q{onas cj{{o`dqijns dfjnm qlo {ishs in

d wj{qj`ij dna sqjclds&

qic sifu`dqijns j uqu{o

ocjnjfic cjnaiqijns dnajqlo{ fdc{j dcqj{s. Kuq

qlo aocisijn {ofdins sj`&

ia`y }iql qlo o|ocuqiro

dna is un`iho`y qj ko `oq

uw qj qlo inaicdqijns j

d wu{o`y duqjfdqoa d`mj&

{iqlf.

Qlo qo{f kusi&

noss dnd`yqics is k{jda

onjuml qj dww`y otud``y

}o`` qj odcl j qloso

o|q{ofo insqdncos. In

odcl cdso adqd dnd`ysis

is usoa qj muiao d kusi&

noss aocisijn dna qlo

{osu`q is aocisijns qldq

d{ojn dro{dmo dna in

qlo `jnm {un ,qlinh qlo @d} j @d{mo Nufko{s)koqqo{ qldn qljso qldq }ju`a

{osu`q {jf undiaoa euamfonq. In qlo kjjh dna fjrio o|dfw`os qlo fdclino

`od{ninm d`mj{iqlfs dna inaucqijn {u`os sifw`y {ow`dco lufdn aocisijn&fdho{s

D cjnnocq inm qlofo

jb ju{ jkso{rdq ijns

is qldq dnd`yq ics

w{jeocqs d{o jbqon

sqyfioa kocduso jb

bdi `u{os qj dww{oci&

dqo qldq kjql adqd&a{ iron dnd`yq ics

dna o|wo{q aocis ijn fdhinm ldro

sq{onmqls ds }o` ` ds ` ifiqdq ijns dna

qldq qlo sq{onmqls dna ` ifiqdq ijns

jb odcl fusq ko cjunqo{kd`dncoa

}iql qljso jb qlo jqlo{.

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9D ao`icDqo KD`Dnco

,qlo sqj{o c`o{hs)8 in qlo {oinsu{dnco o|dfw`o qlo dnd`yqicd` {osu`qs so{ro ds inwuqs

qj d aocisijn qldq {ofdins u``y unao{ qlo wu{rio} j d lufdn aocisijn&fdho{.

Ju{ jcus in qlis d{qic`o is qlo k{jda s}dql j dnd`yqics dww`icdqijns d``inm

dq rd{ijus wjinqs jn qlo swocq{uf kjunaoa ky qloso q}j o|q{ofos. Iq is in qlis

fiaa`o {od`f qldq qlo succoss j kusinoss dnd`yqics cdn ko fjsq su{w{isinm dna

sjfoqifos aj}n{imlq cjunqo{inquiqiro.2 Foaicd` aocisijn fdhinm jo{s d mjja

wd{daimf o|dfw`o. Lo{o liml`y q{dinoa w{jossijnd`sfoaicd` ajcqj{s{omu&

`d{`y fdho aocisijns unao{ unco{qdinqy. ]licl j q}j wdqionqs d{{irinm in u``

c{isis dq qlo ofo{moncy {jjf cjfw`dininm j closq wdins slju`a ko dafiqqoa {sq:

Miron d wjsiqiro juqcjfo j dn ifwo{ocq qosq slju`a d wdqionq ko q{odqoa j{ d{d{o aisodso: Slju`a d {ishy jwo{dqijn ko {ocjffonaoa qj d wdqionq: Iq is ld{a qj

ifdmino sucl aocisijns koinm qu{noa jro{ qj d wu{o`y d`mj{iqlfic w{jcoss sifi`d{

qj qlo jnos usoa qj {ocjffona fjrios j{ fdho qd{moqoa fd{hoqinm aocisijns. Qlo

sqdhos d{o qjj liml dna qlo oriaonco qjj sukq`o dna cjfw`o| qj qu{n jro{ qj d wu{o`y

duqjfdqoa aocisijn w{jcoss.

Yoq jno cju`a d`sj d{muo qldq w{ociso`y kocduso qlo sqdhos d{o sj liml dna qlo

oriaonco sj sukq`o dna cjfw`o| qlo jwwjsiqo sq{dqomy j onq{usqinm foaicd` aoci&

sijn fdhinm qj qlo unclochoa w{jossijnd` euamfonq j ajcqj{s is sifi`d{`y sukjw&

qifd`. In K`inh Fd`cj`f M`da}o`` w{jriaos d fofj{dk`o o|dfw`o qldq i``usq{dqos

qlo wjinq.= M`da}o``s dnocajqo komins in qlo `dqo 4997s dq qlo {osju{co&sq{dwwoa

Cjjh Cjunqy Ljswiqd` ofo{moncy {jjf. ,Ds iq ldwwons qlis }ds qlo ro{y ofo{mon&

cy {jjf qldq inswi{oa qlo qo`orisijn slj} O.[.) K{onadn [oi``y qlo cldi{fdn j qlo

ljswiqd`s Aowd{qfonq j Foaicino dcoa ;?7777 wdqionqs risiqinm qlo Ofo{moncy

Aowd{qfonq ,OA) odcl yod{. Dn dro{dmo j 37 d{{irinm wdqionqs wo{ ady cjfw`dinoa

j closq wdins dna }j{{ioa qloy }o{o ldrinm lod{q dqqdchs. Qlis w{osonqoa OA wly&

sicidns }iql qlo j{fiadk`o w{jk`of j {dwia`y aociainm }licl wdqionqs qj sona qj

inqonsiro cd{o }licl qj sona qj inqo{foaidqo cd{o dna }licl qj sona ljfo. In d

cjnq{j``oa o|wo{ifonq [oi``y juna qldq d cjfwuqo{&a{iron aocisijn&{u`o w{jqjcj`

}ds fd{hoa`y fj{o dccu{dqo qldn qlo undiaoa euamfonq j wlysicidns. In dEDFD

d{qic`o suffd{iinm lis }j{h [oi``y {owj{qoa qldq

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47 D ao`icDqo KD`Dnco

ejinoa qlo clj{us j foaicd` wj`iqicd` dna kusinoss `odao{s }lj w{osc{iko d adqd&

a{iron oriaonco&kdsoa dww{jdcl qj foaicd` cd{o dnd`jmjus qj qlo oriaonco&kdsoa

foqljas lo dfjus`y usoa qj k{inm qlo Jdh`dna Ds uw in qlo {dnhs.4; 43

Jkrijus`y njno j qlis }j{h summosqs qldq wlysicidns cju`a j{ slju`a ko {o&

w`dcoa }iql wu{o`y duqjfdqoa aocisijn w{jqjcj`s. ]ldq iq ajos summosq is qldq

wu{o`y c`inicd` aocisijn fdhinmjno o|q{ofo ona j ju{ swocq{ufis `iho`y d

suk&jwqifd` fjao` j{ fucl foaicd` aocisijn fdhinm. In fdny siqudqijns wlysi&

cidns fdho koqqo{ aocisijns d{foa }iql adqd&a{iron w{oaicqiro fjao`s aocisijn&

{u`o soqs dna cloch`isqs qldn qloy aj {o`yinm jn undiaoa w{jossijnd` euamfonq.

]ldq cdn ko dww`ioa qj foaicd` aocisijn fdhinm cdn d`sj ko dww`ioa qj aocisijnw{jk`ofs in ajfdins ds airo{so ds lufdn {osju{cos dna qd`onq fdndmofonq ,Fjn&

oykd``lds kocjfo d c`dssic o|dfw`o) {ish fdndmofonq insu{dnco dna `jdn unao{&

}{iqinm {dua aoqocqijn cdso}j{ho{ aow`jyfonq {oqdi` w{icinm dna unao{sqdnainm

qlo j{mdnidqijnd` a{iro{s j ofw`jyoo {osimndqijns. In odcl j qloso ajfdinsdna

fdny jqlo{soriaonco&kdsoa foqljas ldro koon slj}n qj juqwo{j{f qlo undia&

oa euamfonq j q{dinoa w{jossijnd`s.41 ]o ko`ioro qldq ds }iql foaicd` aocisijn

fdhinm qlo {iso j adqd&a{iron aocisijn fdhinm ajos njq w{osdmo qlo ona j w{jos&

sijnd` euamfonq in dny j qloso o`as. Qlo{o }i`` d`}dys ko d nooa j{ L[ fdndm&

o{s dna qd`onq scjuqs qj fdho li{inm aocisijns8 {ish dna insu{dnco w{jossijnd`s qj

fdho {ish fdndmofonq unao{}{iqinm dna inrosqfonq aocisijns8 dna cdso}j{ho{s

in mjro{nfonq kusinoss dna oaucdqijn qj fdho rd{ijus aocisijns so{rinm ciqions

cusqjfo{s ofw`jyoos dna squaonqs.

]li`o qlo fd{cl j kusinoss dnd`yqics }i`` njq {ow`dco w{jossijnd` euamfonq

iq cdn cjnqinud``y q{dnsj{f onldnco dna {ojcus w{jossijnd` euamfonq. Qlis is d

fdej{ {odsjn iq }ju`a ko d fisqdho qj rio} kusinoss dnd`yqics ds d qoclnicd` ajfdin

kominninm }iql adqd dnd`ysis dna onainm }iql cjfwuqo{ d`mj{iqlf ifw`ofonqd&

qijn. W{jossijnd` euamfonq onqo{s qlis w{jcoss dq q}j c{ucid` wjinqs. Bi{sq w{jos&

sijnd` euamfonq dna ajfdin hnj}`oamo slju`a ko usoa qj {dfo w{ij{iqio dna

inj{f swocic sqows in qlo w{jcoss j dnd`yinm adqd qj kui`a w{oaicqiro fjao`s j{

c{dq {u`o soqs dna cloch`isqs. Socjna nj w{oaicqiro fjao` j{ aocisijn {u`o is cjf&

w`oqo j{ ind``ik`o5 Lufdn euamfonq is nooaoa qj aociao }lon qj uso qofwo{ j{

sifw`y imnj{o fjao` inaicdqijns. Qlo{o is nj sifw`o {ociwo j{ ajinm qlis. Qlo w{j&

coss is qywicd``y d w{dmfdqic k`ona j d{q scionco dna cdso&swocic kusinoss sq{dqomy.

In slj{q kjql dnd`yqicd` foqljas dna qlo q{daiqijnd` aocisijn w{jcossos qloy d{o

inqonaoa qj ifw{jro ldro sq{onmqls dna }odhnossos qldq slju`a ko w{dmfdqicd``y

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BScjqq Biqmo{d`a dfjus`y }{jqo qldq qlo qosq j d {sq&{dqo inqo``imonco is

qlo dki`iqy qj lj`a q}j jwwjsinm iaods in fina dq qlo sdfo qifo dna {oqdin

qlo dki`iqy qj uncqijn. D sifi`d{ cjffonq dww`ios qj dn j{mdnidqijns dki`iqy qj

o|ocuqo jn dnd`yqics. D w{o{otuisiqo j{ dcliorinm j{mdnidqijnd` kuy&in j dnd`yq&

ics is unao{sqdnainm j{finm d sq{dqomy d{juna dna cjffunicdqinm qlo {otui{oa

inqo{w`dy koq}oon dnd`yqicd` foqljas dna qlo kosq drdi`dk`o ajfdin hnj}`oamo

dna euamfonq.

Qlo kimmosq cld``onmos j o|ocuqinm jn dnd`yqics d{o jqon juna }lo{o d`mj&

{iqlfic inaicdqijns slju`a ko inqom{dqoa }iql lufdn w{jossijnd` euamfonq. Ko&

cduso j qlo {dnmo j wo{sjnno` inrj`roa qlis is dn inlo{onq`y j{mdnidqijnd` issuo.

_nsu{w{isinm`y cld``onmos jqon d{iso {jf sucl sju{cos ds jco wj`iqics ino{qid

w{inciwd`*dmonq issuos dna j{mdnidqijnd` ayndfics. Sucl mono{ic w{jeocq ifw`o&

fonqdqijn issuos jqon qdho jn daaoa j{co kocduso kusinoss dnd`yqics fdy jqon

ko wjj{`y j{ incjnsisqonq`y unao{sqjja ky qlo rd{ijus sqdholj`ao{s }iqlin qlo j{&

mdnidqijn.

Ds d {osu`q jno jqon oncjunqo{s o|q{ofo j{ jro{`y sifw`isqic dqqiquaos dkjuq

w{oaicqiro dnd`yqics. Dq jno ona j qlo cjnqinuuf is qlo sj{q j o|q{ofo showqicisf

dna ljsqi`iqy qj dnd`yqicd` foqljas a{dfdqioa in sucl kjjhs ds Fjnoykd``dna

Suwo{ C{unclo{s.42 Dq qlo jqlo{ fjao`s d{o qdciq`y {omd{aoa ds {owjsiqj{ios j q{uql

{dqlo{ qldn w{jrisijnd` ifwo{ocq aocisijn dias qldq slju`a ko cjnqinud``y fjni&

qj{oa dna sukeocqoa qj c{iqicd` qlinhinm. Fjao`s d{o oiqlo{ aofjns j{ dnmo`s. ]o

ko`ioro qldq sucl o|q{ofo cjncowqijns d{o dq qlo {jjq j fdny j qlo j{mdnidqijnd`

kidsos qldq }o ldro jkso{roa jro{ qlo yod{s.

WJINQ5 OT_DQIJNS Q[_FW O\WO[QS

]o qo`` ju{so`ros sqj{ios in j{ao{ qj `iro. Ejdn Aiaijn

Kusinoss dnd`yqics is qywicd``y rio}oa ds d qocly j{ moohy sukeocq kocdusoj iqs sqdqisqics dna fdclino `od{ninm sukeocq fdqqo{ ds }o`` ds qlo nooa j{sucl IQ&lodry cjnq{ikuqijns ds adqd }d{oljusinm sysqofs ifw`ofonqdqijn dna

adslkjd{a {owj{qinm. ]o qona qj {omd{a kusinoss dnd`yqics in qlo cjnqo|q j }ldq

ocjnjfisqs cd`` lufdn cdwiqd`. Dqo{ d`` aocisijn fdhinm dna aocisijn fdho{s

d.h.d. wojw`od{o conq{d` qj d`` onqo{w{isos dna aocdaos j dcdaofic {osod{cl dna

kusinoss o|wo{ionco summosq qldq adqd&a{iron foqljas cdn lo`w oron liml`y q{dinoa

ajfdin o|wo{qs fdho koqqo{ aocisijns.4= 4

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{owj{qinm*;77=*4;*47*7=4;47dZdcqZmd}dnao> j{ Qlo Cloch`isq Fdniosqj ky Dqu` Md}dnao ,;744 Wicdaj{).

4;. Soo Lj} qj Qdho Dfo{icdn Lod`ql Cd{o B{jf ]j{sq qj Bi{sq Ki``y Kodno No}q Minm{icl dna Ejln Ho{{y Qlo No}

Yj{h Qifos Jcqjko{ ;1 ;77< 0lqqw5**}}}.nyqifos.cjf*;77

43. Ficldo` @o}isFjnoykd``5 qlo D{q j ]inninm dn _ndi{ Mdfo ,]. ]. Nj{qjn " Cjfwdny ;773).

41. Qlo cjncowq j oriaonco&kdsoa fdndmofonq is ky nj fodns j{imind` }iql us. D mjja {osju{co is Ld{a Bdcqs, Ld`&Q{uqls,

dna Qjqd` Njnsonso5 W{jbqinm {jf Oriaonco&Kdsoa Fdndmofonqky qlo Sqdnj{a w{jossj{s Eo{oy Woo{ dna [jko{q I. Suq&

qjn ,LKS W{oss ;772). D`sj d mjja sju{co is Woo{s dna Suqqjns }oksiqo 0lqqw5**}}}.oriaonco&kdsoafdndmofonq.

cjf>

4?. In lis kjjhSuwo{ C{unclo{s Idn Dy{os o`omdnq`y cdwqu{os qlis qljumlq5 Qlo {iso j sqdqisqicd` qlinhinm ajos njq fodn qlo

ona j inquiqijn j{ o|wo{qiso. [dqlo{ XiqV unao{scj{os lj} inquiqijn }i`` ko {oinronqoa qj cjo|isq }iql sqdqisqicd` qlinhinm.

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inquiqijns }i`` muiao qlof qj dsh no} tuosqijns j qlo adqd qldq njninquiqiro nufko{ c{unclo{s }ju`a fiss. Dna adqd&

kdsos }i`` inc{odsinm`y d``j} aocisijn fdho{s qj qosq qloi{ inquiqijnsnjq eusq jnco kuq jn dn jnmjinm kdsis }li`o

qlo{o is nj} m{odq cjnbicq koq}oon ayoa&in&qlo&}jj` inquiqirisqs dna qlo no} k{ooa j nufko{ c{unclo{s qlo uqu{o is

`iho`y qj slj} qldq qloso qjj`s d{o cjfw`ofonqs {dqlo{ qldn suksqiquqos. Odcl j{f j aocisijn fdhinm cdn w{dmfdqicd``y

cjunqo{kd`dnco qlo m{odqosq }odhnossos j qlo jqlo{. ,wdmo 49?)

42. Adnio` Hdlnofd` d`sj aiscussos qlis issuo in qlo cldwqo{ Qlo Ljsqi`iqy qj D`mj{iqlfs in Qlinhinm, Bdsq dna S`j}.

4=. InDafinisq{dqiro Koldrij{5 D Squay j Aocisijn&Fdhinm Koldrij{ in Dafinisq{dqiro J{mdnidqijns ,1ql oa) wdmo |i qlo

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dafinisq{dqijn.

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;7. In d {oconq oamo.j{m fdsqo{ c`dss Hdlnofdn {ofiniscoa qldq lis sofind` {osod{cl in cjmniqiro lou{isqics dna kidsos }ds in

wd{q fjqirdqoa ky lis o|wo{ionco qodclinm d sqdqisqics c`dss. Lo juna qlo fdqo{id` lo }ds qodclinm ro{y uninquiqiro dna

komdn qj }jnao{ }loqlo{ qlis }ds auo qj d dcq j lufdn wsyclj`jmy qldq lufdns d{o njq mjja inquiqiro sqdqisqicidns.

Soo Qlo Fd{ro`s dna B`d}s j Inquiqiro Qlinhinm ky Adnio` Hdlnofdn dq 0oamo.j{m5 lqqw5**oamo.j{m*cjnro{sdqijn*qlo&

fd{ro`s&dna&bd}s&j&inquiqiro&qlinhinm>

;4. Cjnsisqonq }iql qlis lywjqlosis is qlo }j{h j qlo _niro{siqy j Wonnsy`rdnid wsyclj`jmisq Wli`iw O. Qoq`jch. In lis kjjh

O|wo{q Wj`iqicd` Euamfonq5 Lj} Mjja is iq: Qoq`jch aiscussoa d squay j fdny qljusdnas j w{oaicqijns fdao ky o|wo{qs in

d rd{ioqy j o`as. Qoq`jch juna qldq qlo o|wo{qs wo{j{foa `iqq`o koqqo{ qldn {dnajf cldnco dna }j{so qldn sqdqisqicd`

d`mj{iqlfs. Bu{qlo{fj{o qlo fj{o w{jfinonq o|wo{qs d{oa }j{so qldn qloi{ `oss co`ok{dqoa cjunqo{wd{qs. Iq is `iho`y qldq

sjfo j qlo liml&w{j`o o|wo{qs succoss is auo qj qloi{ jro{cjnaonco ds }o`` ds qlo nd{{dqiro dwwod` j qloi{ j{ocdsqs

{dqlo{ qldn qj qlo dccu{dcy j qloi{ w{oaicqijns. Qoq`jch }{jqo qldq qlo{o is nj {odsjn j{ suwwjsinm qldq cjnq{ikuqj{s qj

qjw eju{nd`saisqinmuisloa wj`iqicd` scionqisqs d{od squay swocid`isqs ocjnjfisqs dna sj jnd{o dny koqqo{ qldn eju{&

nd`isqs j{ dqqonqiro {odao{s j qloNo} Yj{h Qifos in {odainm ofo{minm siqudqijns. Bj{ dn inj{fdqiro {orio} j Qoq`jchs

kjjh soo Oro{ykjays dn O|wo{q ky @juis Fondna in qlo Aocofko{ ? ;77?No} Yj{ho{.

0lqqw5**}}}.no}yj{ho{.cjf*d{cliro*;77?*4;*7?*7?4;7?c{kjZkjjhs4>

;;. Qlis is dn o|dfw`o j d wlonjfonjn qldq Qifu{ Hu{dn dna Cdss Sunsqoin cd`` qlo drdi`dki`iqy cdscdao5 d cj``ocqiro ko`ioro

j{fdqijn w{jcoss in }licl d wo{cowqijn j{ dqqiquao kocjfos sqodai`y fj{o w`dusik`o ds iq kocjfos fj{o w{jfinonq in

d m{juws aiscju{so. Hu{dn Qifu{ dna Sunsqoin Cdss [. Drdi`dki`iqy Cdscdaos dna [ish [omu`dqijn Sqdnj{a @d}

[orio} ?4 ,Dw{i` 4999)5 2