Vous êtes sur la page 1sur 10



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

$FKLHYLQJ6XFFHVVIXO6WUDWHJLF
7UDQVIRUPDWLRQ
0DJD]LQH6SULQJ ~ 5HVHDUFK)HDWXUH ~ 0DUFK ~ 5HDGLQJ7LPHPLQ
*HUU\-RKQVRQ*HRUJH6<LSDQG0DQXHO+HQVPDQV

)HZFRPSDQLHVGHFLGHWRDGRSWQHZVWUDWHJLHVZLWKRXWEHLQJ
IRUFHGWRE\ILQDQFLDOWUDXPD:KDWFDQZHOHDUQIURPWKRVHUDUH
FRPSDQLHVWKDWDFKLHYHERWKVXFFHVVIXOPDMRUFKDQJHDQGVXSHULRU
ORQJWHUPILQDQFLDOSHUIRUPDQFH"
2SHQDFFHVVFRPSOLPHQWVRI6WUDWHJLF7KLQNLQJ,QVWLWXWH

&RPSDQLHVWKDWDUHDEOHWRUDGLFDOO\FKDQJHWKHLUHQWUHQFKHGZD\VRI

DGYHUWLVHPHQW

GRLQJWKLQJVDQGWKHQUHFODLPOHDGLQJSRVLWLRQVLQWKHLULQGXVWULHVDUHWKH
H[FHSWLRQUDWKHUWKDQWKHUXOH(YHQOHVVFRPPRQDUHFRPSDQLHVDEOHWR
DQWLFLSDWHDQHZVHWRIUHTXLUHPHQWVDQGPRELOL]HWKHLQWHUQDODQG
H[WHUQDOUHVRXUFHVQHFHVVDU\WRPHHWWKHP,QVWHDGWKHPRPHQWXPRI
DQGFRPPLWPHQWWRWKHSUHYDLOLQJVWUDWHJ\XVXDOO\SUHYHQWVFRPSDQLHV
IURPVSRWWLQJFKDQJHVVXFKDVDVKLIWLQHLWKHUWKHPDUNHWRUWKH
WHFKQRORJ\DQGOHDGVWRDILQDQFLDOGRZQWXUQRIWHQDFULVLVWKDWLQ
WXUQUHYHDOVWKHQHHGIRUFKDQJH)HZFRPSDQLHVPDNHWKH
WUDQVIRUPDWLRQIURPWKHLUROGPRGHOWRDQHZRQH
ZLOOLQJO\7\SLFDOO\WKH\EHJLQWRVHDUFKIRUDQHZZD\
IRUZDUGRQO\ZKHQWKH\DUHSXVKHG
7KLVUDLVHVWZRLPSRUWDQWTXHVWLRQVIRUFRUSRUDWH
PDQDJHUV)LUVWLVGHFOLQHLQHYLWDEOH"$QGVHFRQGGR
FRPSDQLHVUHDOO\QHHGDILQDQFLDOGRZQWXUQWRJDOYDQL]H

&DGEXU\VOHDGHUVKDGORQJVRXJKWWR
IRVWHUDFRUSRUDWHFXOWXUH
FKDUDFWHUL]HGE\FDQGRU
,PDJHFRXUWHV\RI)OLFNUXVHU$XQWLH3


FKDQJHRUFDQWKH\DGRSWQHZZD\VRIGRLQJWKLQJV
ZKHQQRWXQGHUSUHVVXUH"0DQDJHPHQWWKHRULVWVKDYH
REVHUYHGWKDWGHFOLQHZKLOHSHUKDSVQRWLQHYLWDEOHLVDW
OHDVWYHU\OLNHO\DIWHUDSHULRGRIWLPH  )RUWKLVUHDVRQ
VRPHVD\LWVFULWLFDOIRURUJDQL]DWLRQVWRGHYHORSQHZG\QDPLFFDSDELOLWLHVGHOLEHUDWHO\UDWKHUWKDQUHO\LQJ

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

HQWLUHO\RQWKHLUKLVWRULFFDSDELOLWLHV 
,QRUGHUWRXQGHUVWDQGKRZVRPHFRPSDQLHVFRQWLQXHWRSHUIRUPDWKLJKOHYHOVHYHQDVWKH\PRGLI\WKHLU
VWUDWHJLHVRYHUWLPHZHVWXGLHGRIWKH8QLWHG.LQJGRPVODUJHVWSXEOLFFRPSDQLHV:HPHDVXUHG
SHUIRUPDQFHE\DPRQJRWKHUWKLQJVSURILWVDQGUHWXUQVRQVKDUHKROGHUIXQGVDQGRQWRWDODVVHWVRYHUWKH
\HDUSHULRGIURPWR6RPHRIWKHFRQVLVWHQWKLJKSHUIRUPHUVRSHUDWHGLQUHODWLYHO\VDIHDQGVWDEOH
PDUNHWVVXFKFRPSDQLHVZHUHWKHUHIRUHPRVWO\DEOHWRPDLQWDLQKLJKOHYHOVRISHUIRUPDQFHZLWKRXWPDNLQJ
PDMRUVWUDWHJLFFKDQJHV2XUJRDOKRZHYHUZDVWRGUDZLQVLJKWVIURPWKHVPDOOVXEVHWRIKLJKSHUIRUPHUVWKDW
VXFFHVVIXOO\WUDQVIRUPHGWKHPVHOYHV$PRQJRWKHUWKLQJVZHZDQWHGWRXQGHUVWDQGWKHUROHRIKLVWRU\IRU
H[DPSOHZKLFKPDQDJHPHQWSURFHVVHVDQGFDSDELOLWLHVGRFRPSDQLHVQHHGWRGHYHORSRYHUWLPH

$ERXWWKH5HVHDUFK
,QRXUVHDUFKIRUH[FHSWLRQDOFRPSDQLHVZHVWXGLHGRIWKHODUJHVW%ULWLVKSXEOLFFRPSDQLHVRYHUWKH
SHULRGWRVWDUWLQJDURXQGWKHWLPHRIWKH7KDWFKHUJRYHUQPHQWVUHIRUPVDQGFRQWLQXLQJ
WKURXJKWKHVWRFNPDUNHWPHOWGRZQRIDQGWKH,QWHUQHWEXEEOH7KHUHVHDUFKSHULRGHQGHGEHIRUHWKH
HFRQRPLFGRZQWXUQDQGWKHUHFHVVLRQ:HVWDUWHGZLWKWKHSUHPLVHWKDWFRPSDQLHVWKDWFRXOG
VXVWDLQORQJSHULRGVRIILQDQFLDOVXFFHVVDQGDOVRPDNHPDMRUWUDQVIRUPDWLRQVZRXOGEHWKHH[FHSWLRQLI
VXFKFRPSDQLHVH[LVWHGWKHUHFRXOGEHSRWHQWLDOO\YDOXDEOHOHVVRQVLQXQGHUVWDQGLQJKRZWKH\GLGLW:H
FRPSDUHGWKHILQDQFLDOSHUIRUPDQFHRIHDFKFRPSDQ\ZLWKLWVGRPHVWLFDQGLQWHUQDWLRQDOLQGXVWU\SHHUV$V
RXUPDLQVFUHHQZHXVHGILYHPHDVXUHVRISHUIRUPDQFHSURILWPDUJLQUHWXUQRQVKDUHKROGHUVIXQGV
UHWXUQRQWRWDODVVHWVUHWXUQRQFDSLWDOHPSOR\HGDQGFDVKIORZWRRSHUDWLQJUHYHQXHVFRPSDQLHVSDVVHG
RXUORQJWHUPSHUIRUPDQFHWHVW:HWKHQVWXGLHGZKLFKRIWKHVHFRPSDQLHVKDGDOVRPDGHPDMRUVWUDWHJLF
WUDQVIRUPDWLRQVFRQVWUXFWLQJ\HDUWLPHOLQHHYHQWKLVWRULHVIRUHDFK0RVWRIWKHFRPSDQLHVKDGQRW
QHHGHGWRPDNHPDMRUVWUDWHJLFFKDQJHV2QO\IRXUFRPSDQLHVVXVWDLQHGVXSHULRUSHUIRUPDQFHFRQVLVWHQWO\
RYHU\HDUVDQGVWUDWHJLFDOO\WUDQVIRUPHGWKHPVHOYHV:HSDLUHGHDFKRIWKHPZLWKDFRPSDQ\IURPD
VLPLODULQGXVWU\ RQHZLWKFRPSDUDEOHSHUIRUPDQFHWKDWKDGQRWPDGHDVH[WHQVLYHVWUDWHJLFFKDQJHV :H
ZHUHDEOHWRREWDLQKLJKOHYHODFFHVVWRWKHPDQDJHPHQWRIWKHWKUHHVXFFHVVIXOWUDQVIRUPHUVGLVFXVVHGKHUH
)RURXULQGHSWKDQDO\VLVZHFKRVHWRFRQFHQWUDWHRQWKHVHWKUHHFRPSDQLHVDQGWKHLUFRXQWHUSDUWV:H
FRQGXFWHGLQWHUYLHZVZLWKIRUPHUDQGFXUUHQWFKDLUPHQFKLHIH[HFXWLYHVERDUGOHYHOH[HFXWLYHVDQG
VHQLRUPDQDJHUVFRYHULQJXSWR\HDUVRIKLVWRU\7KLVUHVHDUFKZDVIXQGHGSULPDULO\E\WKH$GYDQFHG
,QVWLWXWHRI0DQDJHPHQW5HVHDUFKDQLQLWLDWLYHHVWDEOLVKHGE\WKH8QLWHG.LQJGRPJRYHUQPHQWWRLPSURYH
PDQDJHPHQWUHVHDUFKDQGSUDFWLFH

DGYHUWLVHPHQW

$VDUHVXOWZHGHFLGHGWRIRFXVRQWKUHHFRPSDQLHVWKDWKDGPDGHVXFFHVVIXOVWUDWHJLF
WUDQVIRUPDWLRQVDQGFRPSDUHWKHPZLWKWKUHHFRPSDQLHVIURPVLPLODULQGXVWULHVWKDWZHUHDOVR
VXFFHVVIXOEXWKDGQ{WEHHQUHTXLUHGWRPDNHDGUDPDWLFVKLIW7KHILUVWSDLU&DGEXU\6FKZHSSHV
DQG8QLOHYHUZHUHORQJWLPHLQWHUQDWLRQDOOHDGHUVLQSDFNDJHGJRRGVERWKZLWKURRWVH[WHQGLQJ
EDFNWRWKHWKFHQWXU\  7KHVHFRQGSDLU7HVFRDQG-6DLQVEXU\ZHUHPDMRUSOD\HUVLQWKH
8QLWHG.LQJGRP{VVXSHUPDUNHWLQGXVWU\DQGDUHDPRQJWKHODUJHVWJURFHU\UHWDLOHUVLQWKHZRUOG
7KHWKLUGSDLU6PLWK 1HSKHZDQG66/,QWHUQDWLRQDORSHUDWHGJOREDOO\LQWKHPDUNHWIRU

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

PHGLFDOGHYLFHVDQGUHODWHGSURGXFWV 

+RZGLGWKHVHFRPSDQLHVSHUIRUPUHODWLYHWRHDFKRWKHU"&DGEXU\
6FKZHSSHVZDVFOHDUO\GRPLQDQWRYHU8QLOHYHULWRXWSHUIRUPHG8QLOHYHU
HYHU\\HDUH[FHSWZKHQLWVSHUIRUPDQFHZDVRQO\PDUJLQDOO\ZHDNHU
,QWKHVHFRQGPDWFKXS7HVFRVOLJKWO\XQGHUSHUIRUPHG6DLQVEXU\GXULQJ
WKHILUVW\HDUVRIWKHVWXG\EHIRUHFDWFKLQJXSLQWKHPLGGOH\HDUVDQG
WKHQSXOOLQJDKHDG6DLQVEXU\KDGEHHQWKHLQGXVWU\OHDGHUZLWK
FRQVLVWHQWO\KLJKSHUIRUPDQFHEXWE\WKHHQGRIWKHVLWV
SHUIRUPDQFHGHFOLQHG$OWKRXJKLWVZHDNSHUIRUPDQFHVSXUUHG6DLQVEXU\V
PDQDJHPHQWWRWDNHDFWLRQ7HVFRFRQWLQXHGWRRXWSHUIRUP6DLQVEXU\
DIWHU)LQDOO\6PLWK 1HSKHZHDVLO\RXWSHUIRUPHG66/
,QWHUQDWLRQDOHYHU\\HDUH[FHSWZKHQLWZDVPDUJLQDOO\ZHDNHU

$9,578286&<&/()25675$7(*,&75$16)250$7,21

$OOVL[RIWKHVHFRPSDQLHVH[KLELWHGVXFFHVVIDFWRUVRIZHOOPDQDJHGFRPSDQLHV1HYHUWKHOHVV&DGEXU\
6FKZHSSHV7HVFRDQG6PLWK 1HSKHZDOOGLVSOD\HGWKHUDUHFRPELQDWLRQRIPDNLQJVWUDWHJLFWUDQVIRUPDWLRQV
DQGDWWKHVDPHWLPHDFKLHYLQJVWURQJSHUIRUPDQFH\HDUDIWHU\HDUIRU\HDUVUHODWLYHWRLQGXVWU\SHHUV
DURXQGWKHZRUOG7KLVSURPSWHGXVWRFKRRVHWKHPWRH[DPLQHLQGHSWK7KHVHFRPSDQLHVZHIRXQGKDGWKUHH
IXQGDPHQWDODGYDQWDJHVRYHUWKHLUSHHUV7KH\ZHUHDEOHWREXLOGDOWHUQDWLYHFRDOLWLRQVZLWKPDQDJHPHQW

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

FUHDWHDWUDGLWLRQRIFRQVWUXFWLYHO\FKDOOHQJLQJEXVLQHVVDVXVXDODQGH[SORLWKDSS\DFFLGHQWVWRPDNH
VWUDWHJLFFKDQJHV7RJHWKHUWKHVHDGYDQWDJHVKHOSHGWKHPHVWDEOLVKWKHYLUWXRXVF\FOHRIVWUDWHJLF
WUDQVIRUPDWLRQWKDWWKHLUFRXQWHUSDUWVFRXOGQRW 6HH$9LUWXRXV&\FOHIRU6WUDWHJLF7UDQVIRUPDWLRQ

$7UDGLWLRQRI&UHDWLQJ$OWHUQDWLYH&RDOLWLRQV
$OWKRXJKPDQ\H[HFXWLYHVUHFRJQL]HWKHQHHGWRH[SORLWFXUUHQWFDSDELOLWLHVZKLOHGHYHORSLQJQHZRQHVIHZDUH
YHU\HIIHFWLYHDWPDQDJLQJWKLVFRQIOLFWLQJVHWRIDFWLYLWLHV0RUHRYHUPRVWRIWKHDGYLFHHPDQDWLQJIURP
VFKRODUVZKRZULWHDERXWRUJDQL]DWLRQDODPELGH[WHULW\ODFNVDKLVWRULFDOGLPHQVLRQ  7KHFRPSDQLHVZH
VWXGLHGWKDWWUDQVIRUPHGWKHPVHOYHVKDGDQXQXVXDODELOLW\WRPDLQWDLQVWHDG\SHUIRUPDQFHZKLOHSXUVXLQJ
VWUDWHJLFFKDQJH7KH\GLGWKLVE\FUHDWLQJSDUDOOHOFRDOLWLRQVRIVHQLRUH[HFXWLYHV7KHILUVWJURXSW\SLFDOO\WKH
PRUHVHQLRURQHIRFXVHGRQUHLQIRUFLQJFXUUHQWFDSDELOLWLHVVWUHQJWKVDQGVXFFHVVHV7KHVHFRQGJURXS
XVXDOO\\RXQJHUEXWVWLOOVHQLRUDFWLYHO\ORRNHGWRGHYHORSQHZVWUDWHJLHVDQGFDSDELOLWLHV7KLVSDUDOOHOV\VWHP
FDPHWREHDQDFFHSWHGSDUWRIKRZWKHFRPSDQ\RSHUDWHG,WZDVHQFRXUDJHGDQGHYHQWXDOO\LQVWLWXWLRQDOL]HG
,QSDUWLFXODUWKHVHFRQGJURXSRIWHQDQWLFLSDWHGVWUDWHJLFGULIWWKDWZRXOGOHDYHWKHFRPSDQ\LQFUHDVLQJO\
PLVDOLJQHGZLWKDFKDQJLQJHQYLURQPHQW
)RULQVWDQFHWKHRULJLQDO7HVFRPRGHOZDVWRSLOHLW>WKHPHUFKDQGLVH@KLJKVHOOLWFKHDS)RXQGHU-DFN
&RKHQLQVWLJDWHGWKLVDQGSHUSHWXDWHGLWWKURXJKDSHUVRQDOFRPPDQGDQGFRQWUROPDQDJHPHQWVW\OH
1RQHWKHOHVVLQWKHVDQDOWHUQDWLYHFRDOLWLRQZDVFUHDWHGWRSXUVXHPRUHPRGHUQORJLVWLFDODQGRSHUDWLRQV
SUDFWLFHV7KHQHZIRUFHVLQWURGXFHG7HVFRWRDFRUSRUDWHPRGHORIPDQDJHPHQWFRQWURO'XULQJWKHVWKH
DOWHUQDWLYHFRDOLWLRQDFTXLUHGPRUHDQGPRUHQRQIDPLO\PHPEHUVZKRUHFHLYHFUHGLWIRUPRGHUQL]LQJ7HVFRLQ
WKHVDQGV,DQ0DF/DXULQDQGKLVWHDPRIRSHUDWLRQVRULHQWHGPDQDJHUVGHYHORSHGWKHLULGHDVRYHU
PDQ\\HDUVDQGWKH\ZHUHUHDG\WRWDNHFKDUJHRQFHWKHOLPLWDWLRQVRI&RKHQVDSSURDFKEHFRPHHYLGHQW7KH\
GLGDZD\ZLWKWKHROGEXVLQHVVPRGHOIHDWXULQJUHZDUGVWDPSVZKHQ&RKHQDQGKLVDVVRFLDWHVVWHSSHGGRZQDW
WKHHQGRIWKHV
,QFRQWUDVW6DLQVEXU\VZDVXQDEOHWRILQGDZD\WRJREH\RQGWKHIRUPXODWKDWKDGPDGHLWVXFFHVVIXOLQWKH
VVWRUHFRQILJXUDWLRQVWKDWKHOSHGPD[LPL]HVDOHVSHUVTXDUHIRRWDQHPSKDVLVRQIUHVKSURGXFH\HDUO\
JURZWKRIIDPLO\FRQWURODQGKHDY\UHOLDQFHRQD&(2ZKRZDVZLGHO\DFNQRZOHGJHGDVDQLQWXLWLYH
UHWDLOHU:KLOHWKLVUHFLSHKDGVHUYHGWKHFRPSDQ\ZHOOWKHGHHSO\HQWUHQFKHGEXVLQHVVPRGHODQG
PDQDJHPHQWVW\OHZHUHGLIILFXOWWRFKDQJH
2IWKHWKUHHFRPSDQLHVWKDWPDGHVXFFHVVIXOWUDQVIRUPDWLRQVQRQHKDGWRUHDFKRXWVLGHWKHRUJDQL]DWLRQIRU
WRSOHDGHUVKLS,QDVHQVHWKH\JUHZWKHLURZQRXWVLGHUVE\HQFRXUDJLQJLQWUDSUHQHXULDOWDOHQWDQGJLYLQJ
LQGLYLGXDOVVSDFHWRFRPSO\ZLWKWKHLUIRUPDOMREGXWLHVZKLOHWKH\H[SHULPHQWHGZLWKDQGUHILQHGWKHLU
NQRZOHGJHRIDOWHUQDWLYHDSSURDFKHVWREXVLQHVV
DGYHUWLVHPHQW

$7UDGLWLRQRI&RQVWUXFWLYHO\&KDOOHQJLQJ
%XVLQHVVDV8VXDO

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

0RVWFRPSDQLHVVD\WKH\HQFRXUDJHFKDOOHQJHVWREXVLQHVVDVXVXDORU
HYHQWRWKHFRUHWHQHWVRIWKHEXVLQHVVPRGHO:KDWLVOHVVFOHDULVZKHWKHU
DQGKRZWKH\DFWXDOO\GRLW$WFRPSDQLHVWKDWDFKLHYHGPDMRU
WUDQVIRUPDWLRQVWKHGHYHORSPHQWRIDOWHUQDWLYHFRDOLWLRQVIUHTXHQWO\
RFFXUUHGLQWKHFRQWH[WRIIXQGDPHQWDOFRQIOLFW$WERWK7HVFRDQG6PLWK
1HSKHZWKHFRQIOLFWVZHUHRSHQ7HVFRH[SHULHQFHGERDUGURRPEDWWOHV
EHWZHHQIDPLO\PHPEHUVDQGODWHUEHWZHHQWKHWZRFRDOLWLRQVRI
PDQDJHUV6PLWK 1HSKHZHQGXUHGDPDMRUVKRZGRZQEHWZHHQWKH
WH[WLOHWUDGLWLRQDOLVWVDQGWKRVHZKRZDQWHGWRGHYHORSQHZEXVLQHVV
LGHDV$WERWKFRPSDQLHVRYHUWLPHWKHFRQIOLFWVEHFDPHOHVVLQWHQVHDQG
PRUHUHVSHFWIXO
&RQVWUXFWLYHFKDOOHQJLQJDW&DGEXU\6FKZHSSHVKDGDPXFKORQJHUOHJDF\&DGEXU\ZDVIRXQGHGLQWKHHDUO\
VE\4XDNHUVDQGLWVOHDGHUVKDGORQJVRXJKWWRIRVWHUDFRUSRUDWHFXOWXUHLQZKLFKFDQGRUIUHHGRPRI
VSHHFKDVSLULWRIWROHUDWLRQDQGOLEHUW\ ZHUH WKHGRPLQDQWQRWHV  7KLVFXOWXUDOWUDGLWLRQZDVVWURQJ
DQGWKHPHUJHULQZLWK7KH6FKZHSSHV&RUHLQIRUFHGLW7KHWZRFRUSRUDWHFXOWXUHVFODVKHG$VIRUPHU
H[HFXWLYHVUHSRUWHGWRXVLQRXULQWHUYLHZV6FKZHSSHVSHRSOHGHVFULEHG&DGEXU\H[HFXWLYHVDVHQWHUSULVLQJ
FKRLUER\VDQGWHHWRWDO4XDNHUVZKLOHWKH&DGEXU\VLGHUHIHUUHGWRWKH6FKZHSSHVH[HFXWLYHVDVJLQDQG
WRQLFGULQNLQJ/RQGRQHUVDQGSHRSOHZLWKDVKRUWWHUPRUFRZER\DSSURDFK
$W8QLOHYHULQFRQWUDVWWKHLQWHUQDOVWUXJJOHWKDWPLJKWKDYHRFFXUUHGLQZKHQ0DUJDULQH8QLHPHUJHG
ZLWK/HYHU%URWKHUVZDVVXSSUHVVHGWKURXJKWKHGHYHORSPHQWRIDUDQJHRIEDODQFLQJPHDVXUHVWKDWZHUH
ZRUNHGRXWEHWZHHQWKH'XWFKDQG%ULWLVKKROGLQJFRPSDQLHV$V&OLYH%XWOHUDIRUPHU8QLOHYHUGLUHFWRU
QRWHG)URPWKHPHUJHULQRXUVWUDWHJ\KDVVXIIHUHGIURPWKHQHHGWRFRQWUROWKHEDODQFHEHWZHHQWKH
'XWFKDQG%ULWLVKVLGHVRIWKHEXVLQHVV7KHDELOLW\WRFROODERUDWHDQGLQQRYDWHLQWHUQDOO\DFURVVFRUSRUDWHDQG
EXVLQHVVOHYHOVZDVKDPSHUHGE\HTXDOL]DWLRQDJUHHPHQWVDQGVLORFUHDWLQJUHVRXUFHDOORFDWLRQGHFLVLRQV
PRVWQRWDEO\DERXWSURGXFWDQGJHRJUDSKLFDOUHVSRQVLELOLWLHV$WWKHVDPHWLPHWKHFRPSDQ\VOHJDF\RI
HQJDJLQJLQDZLGHYDULHW\RIEXVLQHVVHVDOORYHUWKHZRUOGIRVWHUHGDJURZLQJGLVFRQQHFWEHWZHHQDQ\FRUSRUDWH
VWUDWHJ\DQGZKDWWKHEXVLQHVVXQLWVGLG$VDUHVXOW8QLOHYHUXQLWVSXUVXHGDOONLQGVRIEXVLQHVVHVDQG
VWUDWHJLHVWKDWGLGQRWWRJHWKHUPDNHXSDFRKHUHQWFRPSDQ\ZLGHDSSURDFK)RUH[DPSOHWKHFRPSDQ\KDG
OLWHUDOO\WKRXVDQGVRIEUDQGVDSSOLHGLQFRQVLVWHQWO\WRSURGXFWVDFURVVFRXQWULHV+HQFHWKHUHZDVDZLGHVSUHDG
YLHZWKDW8QLOHYHUZDVDIOHHWRIVKLSVGRLQJDOONLQGVRIGLIIHUHQWWKLQJVDOORYHUWKHSODFH  $OWKRXJKWKH
QHHGIRU%ULWLVK'XWFKEDODQFLQJRSHUDWLRQVGZLQGOHGZLWKWKHLQWHUQDWLRQDOL]DWLRQRIWKHFRUSRUDWHH[HFXWLYH
DQGQRQH[HFXWLYHWHDPVWKHWHQGHQF\WRFLUFXPYHQWFRQIOLFWUHPDLQHG
$WWKHFRPSDQLHVWKDWWUDQVIRUPHGWKHPVHOYHVVXFFHVVIXOO\DWUDGLWLRQRIRSHQFRQIOLFWKDGDZD\RIHYROYLQJ
LQWRFRQVWUXFWLYHFKDOOHQJLQJ2YHUWLPHWKHY\LQJIRUGRPLQDQFHEHFDPHLQVWLWXWLRQDOL]HG7KLVZDVQRWMXVWD
PDWWHURIVHQLRUH[HFXWLYHVDGYRFDWLQJGLIIHUHQWSRLQWVRIYLHZLWDOVRLQYROYHGPDQDJHPHQWV\VWHPVWKDW
HPEHGGHGVXFKSURFHVVHVDFURVVWKHRUJDQL]DWLRQ,QFRQWUDVWWKHFRPSDUDWRUFRPSDQLHVZHVWXGLHGQHYHU
HVWDEOLVKHGDWUDGLWLRQRIFRQVWUXFWLYHFKDOOHQJLQJ

$7UDGLWLRQRI([SORLWLQJ+DSS\$FFLGHQWV

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

1RWRQO\GLGQHZLGHDVDQGDOWHUQDWLYHLGHDVFRQWLQXDOO\VXUIDFHLQWKHFRPSDQLHVWKDWPDGHVXFFHVVIXO
VWUDWHJLFWUDQVIRUPDWLRQVEXWWKH\ZHUHDJJUHVVLYHO\SXUVXHG7KXVWKHFRPSDQLHVZHUHZHOOSRVLWLRQHGWR
WXUQSUREOHPVLQWRRSSRUWXQLWLHV6LJQLILFDQWO\ZHIRXQGWKDWDOWHUQDWLYHOHDGHUVZHUHDEOHWRDFFHOHUDWHWKH
SDFHRIWUDQVIRUPDWLRQQRWE\IRUFLQJWKHLVVXHEXWE\OHYHUDJLQJZKDWZHFDOOKDSS\DFFLGHQWVWRJDLQDEURDG
SODWIRUPRIVXSSRUW+DSS\DFFLGHQWVDUHXQDQWLFLSDWHGFLUFXPVWDQFHVRUHYHQWVWKDWXOWLPDWHO\VXSSRUW
WUDQVIRUPDWLRQLQWKHGLUHFWLRQIDYRUHGE\WKHOHDGHUVLQZDLWLQJ)RULQVWDQFHDW6PLWK 1HSKHZ&KULV
2'RQQHOOSUHVVHGKDUGIRUWKHDUWLFXODWLRQRIDFOHDUHUVWUDWHJLFIUDPHZRUNZKHQKHWRRNRYHUDV&(2LQ
,WVOLNHO\WKDWUHVLVWDQFHWRFKDQJHZRXOGKDYHZRQWKHGD\LIQRWIRUDKDSS\DFFLGHQW2'RQQHOOVSUHGHFHVVRU
KDGLQYHVWHGKHDYLO\LQWKHIDVWJURZLQJ$VLDQHFRQRPLHVWRSODFDWHGLVJUXQWOHGVKDUHKROGHUV7KHFRPSDQ\
VWDUWHGZLWKDQHZGLYLVLRQLQ-DSDQLQDQGDOVRLQYHVWHGLQPDQXIDFWXULQJSODQWVLQ0DOD\VLDDQGRIILFHV
LQ&KLQD-XVWDV2'RQQHOOWRRNRYHUWKH(DVW$VLDQFXUUHQF\FULVLVKLWZLSLQJRXWRIWKHFRPSDQ\V
SURILWVLQPRQWKV2'RQQHOOUHDFWHGE\LQLWLDWLQJFRPSUHKHQVLYHUHYLHZVRIVWUDWHJ\DQGPDQXIDFWXULQJ
ZKLFKOHGWRGHFLVLRQVWRH[LWVPDOOHUEXVLQHVVHVDQGIRFXVUHVRXUFHVRQJOREDOPHGLFDOVHFWRUV,QWKHIDFHRI
WKHHFRQRPLFWXUPRLOPRVWRIWKHFULWLFVZKRKDGUHVLVWHG2'RQQHOOVDJHQGDFDPHDURXQGPDNLQJSRVVLEOH
WKHFRPSDQ\VVXFFHVVIXOWUDQVIRUPDWLRQLQVXEVHTXHQW\HDUV
$W&DGEXU\6FKZHSSHVWKHSRRUSHUIRUPDQFHRIWKH86FRQIHFWLRQHU\EXVLQHVVWULJJHUHGDKRVWLOHWDNHRYHUELG
E\*HQHUDO&LQHPDLQ8OWLPDWHO\WKHHSLVRGHWXUQHGRXWWREHDKDSS\DFFLGHQW,WUHVXOWHGLQDQLQFUHDVH
LQWKHVKDUHSULFHZKLFKJHQHUDWHGPRQH\IRUDFTXLVLWLRQVDQGIXQFWLRQHGDVDSRLVRQSLOOWKDWDOORZHGWKH
&DGEXU\VWRUHILQHWKHLUORQJWHUPIRFXV,WDOVRVSXUUHG'RPLQLF&DGEXU\WRDFFHOHUDWHWKHSDFHRI
WUDQVIRUPDWLRQQRWMXVWE\GLYHVWLQJWKHIRRGDQGK\JLHQHEXVLQHVVHVEXWDOVRE\JLYLQJDOWHUQDWLYHOHDGHUV
ZLWKLQ&DGEXU\6FKZHSSHVWKHRSSRUWXQLW\WRLQLWLDWHH[FLWLQJQHZGHYHORSPHQWV7KHVHLQFOXGHGWKH&RFD
&ROD6FKZHSSHV%HYHUDJHVMRLQWYHQWXUHWKHUHORFDWLRQRIWKHEHYHUDJHVKHDGTXDUWHUVIURP/RQGRQWR
6WDPIRUG&RQQHFWLFXWDQGWKHUHIRFXVLQJRIWKHFRQIHFWLRQHU\GLYLVLRQ
$VLPLODUVLWXDWLRQRFFXUUHGDW7HVFR,Q-XQH
PDQDJHPHQWODXQFKHG2SHUDWLRQ&KHFNRXWDFURVV
WKHERDUGSULFHFXWVLQWHQGHGWRJHQHUDWHYROXPHDQG
JDLQPDUNHWVKDUH7KHFDPSDLJQZDVULGLFXOHGLQWKH
SUHVVIRUKDYLQJQDUURZRSHUDWLRQDOREMHFWLYHVDQGLW

*URFHU\UHWDLOHU7HVFR
HVWDEOLVKHGDQGLQWHJUDWHG
QHZZD\VRIZRUNLQJWKDW
EHFDPHDFDWDO\VWIRU
FRQWLQXRXVWUDQVIRUPDWLRQ

SURYHGVRKDUGWRPDQDJHWKDWLWDOPRVWGHVWUR\HGWKH
FRPSDQ\,WWXUQHGRXWWREHDEOHVVLQJLQGLVJXLVH
KRZHYHUEHFDXVHLWIRUFHGWKHROGJXDUGWRDFFHSWWKHQHHGWRFKDQJHORJLVWLFDOGLVWULEXWLRQDODQGSURSHUW\
LQYHVWPHQWSURFHVVHV7HVFRVERDUGKDGDSSURYHG2SHUDWLRQ&KHFNRXWZKLFKZDVOHGE\,DQ0DF/DXULQXQGHU
DQDUURZRSHUDWLRQDOPDQGDWH:KHQWKHFDPSDLJQWXUQHGRXWWRKDYHYHU\VWUDWHJLFFRQVHTXHQFHVWKHROG
JXDUGFRXOGQRWFRSHDQ\PRUHDQGWXUQHGWKHVWUDWHJLFFRPPDQGRYHUWR0DF/DXULQDQG'DYLG0DOSDV7KH\
DQGRWKHUDOWHUQDWLYHOHDGHUVE\IRUFHPDMHXUHZHUHJUDQWHGWKHSRZHUWRFRPSOHWHWKHDPELWLRXVVWUDWHJLF
WUDQVIRUPDWLRQSODQVWKH\KDGHQYLVLRQHG\HDUVEHIRUH)DPLO\UHVLVWDQFHWRWKHQHZWHDPVSODQVFUXPEOHG
DQGDGHFLVLYHVKLIWIURPIDPLO\FRQWUROWRDSURFHVVRIGLVWULEXWHGPDQDJHULDOHQJDJHPHQWDQGFKDQJHEHJDQ
6XFFHVVLYHDOWHUQDWLYHFRDOLWLRQVDW&DGEXU\6FKZHSSHV7HVFRDQG6PLWK 1HSKHZDOLNHHDFKWRRNDGYDQWDJH
RIIRXUPDMRU GLIIHUHQW KDSS\DFFLGHQWVGXULQJWKHODVWIRXUGHFDGHV7KHLUFRXQWHUSDUWV8QLOHYHU6DLQVEXU\
DQG66/,QWHUQDWLRQDOODFNLQJDWUDGLWLRQRIDQWLFLSDWLRQZHUHXQDEOHWRFRQYHUWSUREOHPVDQGFULVHVLQWR
KDSS\DFFLGHQWV7KH\GHDOWQDUURZO\ZLWKSUREOHPVRQWKHLURZQUDWKHUWKDQXVLQJWKHPDVWULJJHUVIRUEURDGHU

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

FKDQJHV)RUH[DPSOH6DLQVEXU\VWHDGLO\VWUXJJOHGZLWKLWVLQFUHDVLQJORVVRIPDUNHWVKDUHWR7HVFREXWGLGQRW
FKDQJHLWVEXVLQHVVPRGHORUPDQDJHPHQWDSSURDFK6LPLODUO\8QLOHYHUJUDGXDOO\ORVWPDUNHWSRVLWLRQWR
3URFWHU *DPEOHEXWIDLOHGWRGHYHORSDPRUHDJJUHVVLYHVWUDWHJ\DQGVW\OH

7KH5HZDUGVRI7UDGLWLRQ
:HKDYHDOUHDG\QRWHGKRZWKHFRPSDQLHVWKDWVXFFHVVIXOO\WUDQVIRUPHGWKHPVHOYHVUHDSHGILQDQFLDOEHQHILWV
EXWZKDWDERXWWKHLUVWUDWHJLFVXFFHVV"%\WKHODWHVDOOWKUHHFRPSDQLHVZHUHLQVXSHUEVWUDWHJLFDQG
FRPSHWLWLYHSRVLWLRQVZLWKZHOOGHILQHGPDQDJHPHQWSURFHVVHV&DGEXU\6FKZHSSHVKDGJURZQIURPD
PRGHVWVL]HGQDWLRQDOFRPSHWLWRULQWRDJOREDOOHDGHULQWZRRIWKHPRVWFRPSHWLWLYHLQGXVWULHVLQWKHZRUOG
DQGLWHYHQWXDOO\EHFDPHDNHHQO\VRXJKWDFTXLVLWLRQWDUJHW7HVFRPHDQZKLOHHVWDEOLVKHGDQGLQWHJUDWHGQHZ
ZD\VRIZRUNLQJWKDWEHFDPHDFDWDO\VWIRUFRQWLQXRXVWUDQVIRUPDWLRQ,WODXQFKHGPXOWLSOHUHWDLOIRUPDWV
VLJQLILFDQWO\UHGXFHGWKHVL]HRILWVKHDGTXDUWHUVVWDIIVWUHDPOLQHGPDQDJHPHQWOD\HUVDQGEHJDQDQ
LQWHUQDWLRQDOH[SDQVLRQEHFRPLQJRQHRIWKHPRVWVXFFHVVIXOPXOWLQDWLRQDOUHWDLOHUV7HVFRLVZLGHO\UHJDUGHG
DVRQHRIWKHEHVWPDQDJHGFRPSDQLHVLQWKH8QLWHG.LQJGRP
6PLWK 1HSKHZIRULWVSDUWKDVUHSHDWHGO\PDGHFKDQJHVDQGH[SODLQHGWKHPWRLQYHVWRUVLQZD\VWKDWUHWDLQ
WKHLUFRQILGHQFH,WVWUDGLWLRQRIWUDQVIRUPDWLRQKDVKHOSHGWKHFRPSDQ\VWD\DVWHSDKHDGRIFKDQJHVLQWKH
FRPSHWLWLYHHQYLURQPHQWDQGHQJDJHLQDVHOISDFHGUDWKHUWKDQIRUFHGWUDQVIRUPDWLRQDOSURFHVV7KLVKDV
UHVXOWHGLQPRUHWKDQ\HDUVRIDERYHDYHUDJHJURZWKDQGSURYLGHGDEXIIHUDJDLQVWWKHUDSLGFKDQJHVLQ
WHFKQRORJ\DQGWKHPDUNHWWKDWDUHLQKHUHQWLQWKHPHGLFDOGHYLFHVLQGXVWU\

'HYHORSLQJ7UDGLWLRQVIRU7UDQVIRUPDWLRQ
,IFRPSDQLHVDUHWRVXVWDLQKLJKSHUIRUPDQFHDQGWUDQVIRUPWKHLUVWUDWHJLHVWKH\QHHGWRIRVWHUDOWHUQDWLYH
PDQDJHPHQWFRDOLWLRQVDQGYDOXHFRQVWUXFWLYHWHQVLRQDQGFKDOOHQJHVWRWKHVWDWXVTXR:HKDYHGHYHORSHG
HLJKWUHFRPPHQGDWLRQVIRUDFFHOHUDWLQJWKHVHFKDQJHV
%XLOGRQKLVWRU\7KHILUVWWKLQJWRUHFRJQL]HLVWKHLPSRUWDQFHRIYDOXLQJKLVWRU\DQGEXLOGLQJRQLW,QWKH
FDVHVRI7HVFRDQG6PLWK 1HSKHZWKHFRQWHVWDWLRQZHVDZZDVEXLOWRQFRQIOLFWHYHQHPRWLRQDOFRQIOLFW
GHFDGHVDJR2YHUWLPHFRQVFLRXVO\RUQRWWKHVNLUPLVKLQJHYROYHGLQWRDPRUHUHVSHFWIXOWXJRIZDU,QWKH
FDVHRI&DGEXU\DWUDGLWLRQURRWHGLQWKHFRPSDQ\V4XDNHUSDVWZDVUHLQIRUFHGE\DFODVKRIFXOWXUHVWKDW
IROORZHGWKHPHUJHUZLWK6FKZHSSHV%XLOGLQJRQKLVWRU\UHTXLUHVPDQDJHUVWRUHIOHFWRQWKHHYROXWLRQRIWKHLU
RUJDQL]DWLRQDQGWKHOHJDF\WKH\FDQGUDZRQ:KLFKWUDGLWLRQVDUHSUHVHQWDWOHDVWLQHPEU\RQLFIRUPDQG
ZKLFKRQHVDUHDEVHQW",QWKHOLJKWRIWKHDQVZHUZKDWQHZVWHSVFRXOGEHWDNHQ"
6HOHFWDQGGHYHORSDQHZJHQHUDWLRQRIOHDGHUV$OOJRRGFRPSDQLHVFDUU\RXWVXFFHVVLRQDQGWDOHQW
SODQQLQJ%XWWRRRIWHQWKH\IRFXVWRRPXFKRQPDLQWDLQLQJWKHFXUUHQWPROG,QDFRPSDQ\WKDWVVHULRXV
DERXWWUDQVIRUPDWLRQVXFFHVVLRQSODQQLQJUHTXLUHVEXLOGLQJGLIIHUHQWFDSDELOLWLHV1HZJHQHUDWLRQVRIOHDGHUV
QHHGWREHJURRPHGDQGHQFRXUDJHGWRGHYHORSDOWHUQDWLYHFRDOLWLRQVDQGEXVLQHVVPRGHOV2IFRXUVHWKLVLV
HDVLHUVDLGWKDQGRQH7RPDNHLWKDSSHQFXUUHQWOHDGHUVPXVWQXUWXUHUHSODFHPHQWVZKRZLOOTXHVWLRQPRGLI\
RUHYHQEHZLOOLQJWRUHMHFWWKHFRPSDQ\VKHULWDJH,QWKHODWHV7HVFR&(2,DQ0DF/DXULQDQGPDQDJLQJ
GLUHFWRU'DYLG0DOSDVUHFRJQL]HGWKLVTXDOLW\LQ7HUU\/HDK\D\RXQJPDQDJHUZKRZRXOGEHFRPHDPDMRU
FKDQJHDJHQW0DOSDVH[SODLQHGWRXVKLVDSSURDFKWRPDQDJHPHQWWDOHQWVSRWWLQJ,XVHGWRFDWHJRUL]H

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

\RXQJVWHUVLQWZR>JURXSV@WKRVHZKREHOLHYHGWKHFRUSRUDWLRQZDVDFRUSRUDWLRQDQGWKH\ZRUNHGIRULWDQG
WKRVHZKREHOLHYHGLWZDVWKHLUEXVLQHVV$VPXFKDVKHYDOXHGWKHIRUPHUJURXSLWZDVWKHODWWHUJURXSWKDW
KHORRNHGWRIRUWKHQH[WJHQHUDWLRQRIOHDGHUV
$FFHSWDQGHQFRXUDJHFRQVWUXFWLYHPRELOLW\,QDVLPLODUYHLQLWVLPSRUWDQWWRDFFHSWDQGHQFRXUDJH
FRQVWUXFWLYHPRELOLW\LQPDQDJHPHQW7KLVGRHVQRWQHFHVVDULO\PHDQEULQJLQJLQRXWVLGHUVWRUXQWKHEXVLQHVV
2QWKHZKROHWKHVXFFHVVIXOWUDQVIRUPHUVGHYHORSHGWKHLURZQPDQDJHUVDQGOHDGHUVLQWHUQDOO\+RZHYHU
UDWKHUWKDQDSSRLQWLQJWKHPRVWSUHGLFWDEOHVXFFHVVRUVFRPSDQLHVQHHGWRDGRSWDGHOLEHUDWHSROLF\RI
FXOWLYDWLQJLQWHUQDOWDOHQW,QRWKHUZRUGVLQDGGLWLRQWRIRVWHULQJDOWHUQDWLYHFRDOLWLRQVZHOFRPLQJFKDOOHQJH
DQGHQFRXUDJLQJGLYHUJHQWSHUVSHFWLYHVRQWKHIXWXUHRIWKHEXVLQHVVPDQDJHUVVKRXOGLGHQWLI\OHDGHUVZKR
ZKLOHUHVSHFWLQJWKHSDVWKDYHDGLVWLQFWLYHO\GLIIHUHQWYLHZRIWKHIXWXUH
(QVXUHWKDWGHFLVLRQPDNLQJDOORZVIRUGLVVHQW7KHUHVDIXQGDPHQWDOGLIIHUHQFHEHWZHHQDQ
RUJDQL]DWLRQEXLOWWRPDLQWDLQFRQVHQVXVDURXQGDGRPLQDQWORJLFDQGRQHZKHUHPDQDJHUVQDWXUDOO\FKDOOHQJH
LW%XWOHUWKHIRUPHU8QLOHYHUGLUHFWRUUHFRJQL]HGWKDW8QLOHYHUKDGPDQ\OD\HUVRISHRSOHWKDWZHUHFOHYHU
HQRXJKWRWKLQNRIPDQ\UHDVRQVZK\DQHZLGHDZRXOGQWZRUN7HVFRV0DOSDVRQWKHRWKHUKDQGGHVFULEHG
7HVFRDVDQRUJDQL]DWLRQZKHUHQHZLGHDVWRRNRQPRPHQWXPDFURVVGLIIHUHQWOHYHOVRIPDQDJHUV<RXKDYH
EULJKWSHRSOHZKRKDYHLGHDVDQGZDQWWRPROGWKHEXVLQHVVWKHLUZD\VRDQLQLWLDWLYHJHWVWRWKHERVVDWWKH
QH[WOHYHOZKRHPEUDFHVLWDQGLWEHFRPHVKLVVFKHPHLWJHWVWRWKHQH[WOHYHODQGKHHPEUDFHVLWDQGLW
EHFRPHVKLVVFKHPH+RZWKHKHOOGR\RXVWRSLW"$GHFLVLRQPDNLQJSURFHVVWKDWDOORZVIRUGLVVHQWDQG
FKDOOHQJHZRUNVRQO\DPRQJSHRSOHZKRFDQOLYHZLWKDQGLQGHHGZHOFRPHFKDOOHQJH
&UHDWHHQDEOLQJVWUXFWXUHVWKDWHQFRXUDJHWHQVLRQ&UHDWLYHWHQVLRQEHWZHHQRSSRVLQJYLHZVFDQDOVR
EHIRVWHUHGVWUXFWXUDOO\:KHQ6PLWK 1HSKHZERXJKWDQ5 'IDFLOLW\IURPDQRWKHUFRPSDQ\DQGZKHQ
7HVFRJDYHUHVSRQVLELOLW\IRUGHPRJUDSKLFSURILOLQJWRWKHPDUNHWLQJGHSDUWPHQWUDWKHUWKDQWKHUHDOHVWDWH
GHSDUWPHQWWKHFRPSDQLHVHQVXUHGWKDWWKHUHZRXOGEHQHZDQGGLIIHUHQWSHUVSHFWLYHV6XFKFKDQJHVDORQH
ZLOOQRWJXDUDQWHHWKDWDOWHUQDWLYHYLHZVZLOOEHKHDUGDQGWDNHQVHULRXVO\WKDWZLOOGHSHQGRQWKHUHOHYDQFH
RIWKHYLHZVDQGZKRLQWKHRUJDQL]DWLRQSURPRWHVWKHP%XWFKDQJLQJWKHVWUXFWXUHFDQPDNHDGLIIHUHQFHLQ
KRZSHRSOHVHHLGHDVLQWHUQDOO\
([SHFWHYHU\RQHWRJHWEHKLQGGHFLVLRQVRQFHWKH\DUHPDGH(VVHQWLDOWKRXJKFRQVWUXFWLYH
FRQIURQWDWLRQFRQWHVWDWLRQDQGH[SHULPHQWDWLRQDUHWKHUHQHHGVWREHDSRLQWZKHQOHDGHUVKLSPDNHV
GHFLVLRQVDQGWKHGLIIHUHQWSDUWLHVIDOOLQOLQH7KLVUHTXLUHVZKDWZHFDOOFRUSRUDWHPDWXULW\KDYLQJWKH
FRQILGHQFHWRVHHWKHYDOXHRIGLVVHQWZKLOHDFFHSWLQJWKHQHHGWRPRYHIRUZDUGIRUWKHZLGHUJRRG7DNLQJWKLV
SRVLWLRQLVQRWDQDUJXPHQWIRUVXSSUHVVLQJGLVVHQW5DWKHULWVDQDUJXPHQWIRUDSSUHFLDWLQJWKHYDOXHRI
GLYHUVLW\DQGUHFRJQL]LQJWKDWWKHUHDUHWLPHVZKHQWRSPDQDJHPHQWQHHGVWRWDNHFKDUJH,QRXUUHVHDUFKZH
IRXQGWKDWIDLOXUHVRFFXUUHGQRWVRPXFKZKHQWRSPDQDJHPHQWDYRLGHGPDNLQJGHFLVLRQVEXWZKHQ
PDQDJHPHQWPLVKDQGOHGWKHLQWHUQDOGHEDWHE\VWLIOLQJLWFXWWLQJLWVKRUWRUIDLOLQJWREXLOGPDQDJHPHQW
WHDPVZLWKHQRXJKFRQILGHQFHWRRYHUFRPHGRXEWV
'HYHORSDQRYHUDUFKLQJUDWLRQDOH$OWKRXJKWKHH[HFXWLYHVZLWKZKRPZHGLVFXVVHGRXUILQGLQJVZHUH
ZDU\RIDWWHPSWLQJWRFUHDWHFXOWXUHVWKH\DJUHHGWKDWPDQDJHUVQHHGHGWRGHYHORSFOHDUSRVLWLRQVFRQFHUQLQJ
ZKDWZHDUHDERXW$W7HVFRLQWKHVIRUH[DPSOHPDQDJHUVHQJDJHGLQVSLULWHGGLVFXVVLRQVDERXWKRZWR
EDODQFHWKHQHHGVRIFXVWRPHUVZLWKWKRVHRIVKDUHKROGHUVDQGHPSOR\HHV7KH\FRQFOXGHGWKDWVXFFHVV

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

UHTXLUHGIRFXVLQJRQFXVWRPHUV'RPLQLF&DGEXU\QRWHGWKDWWKHVWDUWLQJSRLQWLVWKHFRPSDQ\VYDOXHV7KHVH
GRQRWKDSSHQE\FKDQFHDQGWKH\FDQWGULIWHLWKHU7KHUHKDVWREHVRPHPDQDJHPHQWWKHUH$QGYDOXHVQHHG
WREHPRUHWKDQZRUGVWKH\VKRXOGEHEHOLHYDEOHDQGHYLGHQWLQWRSPDQDJHUVEHKDYLRU
7KHHPSKDVLVRQDFOHDUUDWLRQDOHVXSSRUWHGE\VWURQJYDOXHVPXVWDOORZIRUWKHQHFHVVDU\GLYHUVLW\RIYLHZV
DQGLGHDV6DLQVEXU\KDGLQSODFHDYHU\FOHDUUDWLRQDOHDQGVHWRIYDOXHV8QIRUWXQDWHO\RQHRIWKRVHYDOXHVZDV
WKDWGLVVHQWLVGDQJHURXV7KLVRIIHUVDOHVVRQIURPFRPSOH[LW\WKHRU\2UJDQL]DWLRQVQHHGRUGHUJHQHUDWLQJ
RUVLPSOHUXOHV



WKDWDUHIHZLQQXPEHUEXWVXIILFLHQWO\FOHDUWRSURYLGHRYHUDOOGLUHFWLRQZKLOHDWWKHVDPH

WLPHDOORZLQJIRUGLIIHUHQFHVRIYLHZVDQGLGHDV
%HZDUHRIPDUNHWVL]HDQGGRPLQDQFH(DFKRIWKHVXFFHVVIXOVWUDWHJLFWUDQVIRUPHUVZHVWXGLHG
GHYHORSHGVRPHRIWKHFKDUDFWHULVWLFVWKDWKHOSHGWKHPVXFFHHGZKLOHFRPSHWLQJDJDLQVWGRPLQDQWSOD\HUVLQ
WKHLULQGXVWULHV,QGHHG&DGEXU\6FKZHSSHV6PLWK 1HSKHZDQG7HVFRVDZWKHPVHOYHVDVVHULRXVO\
WKUHDWHQHG7KLVZDVQRWWKHFDVHIRU8QLOHYHURU6DLQVEXU\ERWKRIZKLFKZHUHPDMRUIRUFHVLQWKHLUPDUNHWV
$V'RPLQLF&DGEXU\WKHUHWLUHGFKDLUPDQRI&DGEXU\6FKZHSSHVSXWLW8QLOHYHUZDVVXFKDGLIIHUHQWVL]H
WKDWLWZRXOGEHLQILQLWHO\PRUHGLIILFXOWWRJDOYDQL]H>WKHFRPSDQ\@WRWKLQNRILWVHOIDVDQHQGDQJHUHG
VSHFLHV%XWOHUFRQFHGHG8QLOHYHUKDVKDGWRJURZVPDOOHUWREHOLNHWKDW7KLVUDLVHVDQLPSRUWDQWTXHVWLRQ
$VRQFHWKUHDWHQHGFRPSDQLHVVXFKDV7HVFREHFRPHLQGXVWU\OHDGHUVZLOOPDQDJHPHQWORVHVLJKWRIWKHYHU\
TXDOLWLHVWKDWKHOSHGFUHDWHWKHLUVXFFHVV"
%XWOHUVFRPPHQWDERXWWKHFKDOOHQJHRIPRELOL]LQJDQRUJDQL]DWLRQUDLVHVLVVXHVDERXWERWKFRPSOH[LW\DQG
VL]H7HVFRZDVDOZD\VDUHWDLOEXVLQHVV&DGEXU\ZKLOHRSHUDWLQJLQDQXPEHURIGLIIHUHQWEXVLQHVVHVZDV
PXFKOHVVGLYHUVHWKDQ8QLOHYHU6PLWK 1HSKHZZDVOHVVGLYHUVLILHGWKDQ66/,QWHUQDWLRQDO&RPSOH[
GLYHUVLILHGRUJDQL]DWLRQVVXFKDV8QLOHYHURIWHQWU\WRUHGXFHWKHLUFRPSOH[LW\WRUHDOL]HDFRUSRUDWHVWUDWHJ\RI
KDYLQJWKHULJKWPL[RIEXVLQHVVHV:HEHOLHYHWKDWWKHUHLVDGLIIHUHQWUHDVRQIRUUHGXFLQJFRPSOH[LW\2QJRLQJ
VWUDWHJLFWUDQVIRUPDWLRQUHTXLUHVUHODWLYHO\IRFXVHGEXVLQHVVHV
,QVWLWXWLRQDOL]LQJWUDGLWLRQVGRHVQRWWDNHSODFHRYHUQLJKW7KHUHIRUHRXUSURSRVDOVDUHWKHDQWLWKHVLVRIVKRUW
WHUPPDQDJHPHQW7KHFDSDELOLWLHVWRDYRLGVWUDWHJLFGULIWPXVWEHQXUWXUHGRYHUWKHORQJWHUP+RZHYHU
WRGD\VRUJDQL]DWLRQVKDYHRQHLPSRUWDQWDGYDQWDJH7KHH[FHSWLRQDORUJDQL]DWLRQVZHVWXGLHGGHYHORSHGWKHLU
VNLOOVDQGWUDGLWLRQVRYHUPDQ\\HDUVDQGZLWKRXWWKHEHQHILWRIWKHOHVVRQVZHKDYHGUDZQIURPWKHP1RZ
WKDWZHKDYHLGHQWLILHGKRZWUDGLWLRQVRIWUDQVIRUPDWLRQDUHGHYHORSHGWRGD\VPDQDJHUVKDYHWKHRSSRUWXQLW\
WREXLOGRQWKLVH[SHULHQFHWRHVWDEOLVKWKHLURZQWUDGLWLRQVPRUHUDSLGO\DQGDOVRPRUHGHOLEHUDWHO\

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KLQ 



$FKLHYLQJ6XFFHVVIXO6WUDWHJLF7UDQVIRUPDWLRQ_0,76ORDQ0DQDJHPHQW5HYLHZ

5()(5(1&(6 


)RUH[DPSOHVHH'0LOOHU7KH,FDUXV3DUDGR[ 1HZ<RUN+DUSHU&ROOLQV *-RKQVRQ5HWKLQNLQJ,QFUHPHQWDOLVP6WUDWHJLF0DQDJHPHQW-RXUQDOQR

-DQXDU\)HEUXDU\ DQG(5RPDQHOOLDQG077XVKPDQ2UJDQL]DWLRQDO7UDQVIRUPDWLRQDV3XQFWXDWHG(TXLOLEULXP$Q(PSLULFDO7HVW$FDGHP\RI
0DQDJHPHQW-RXUQDOQR 2FWREHU 


'DYLG7HHFHZURWHDERXWG\QDPLFFDSDELOLWLHVRULJLQDOO\LQ'-7HHFH*3LVDQRDQG$6KXHQ'\QDPLF&DSDELOLWLHVDQG6WUDWHJLF0DQDJHPHQW6WUDWHJLF

0DQDJHPHQW-RXUQDOQR $XJXVW +HKDVH[SDQGHGKLVH[SODQDWLRQLQ'-7HHFH([SOLFDWLQJ'\QDPLF&DSDELOLWLHV7KH1DWXUHDQG


0LFURIRXQGDWLRQVRI 6XVWDLQDEOH (QWHUSULVH3HUIRUPDQFH6WUDWHJLF0DQDJHPHQW-RXUQDOQR 'HFHPEHU 


$IWHURXUVWXG\SHULRG&DGEXU\6FKZHSSHVVSOLWLWV&DGEXU\DQG6FKZHSSHVEXVLQHVVHVLQDQGWKH&DGEXU\SDUWZDVDFTXLUHGE\.UDIW)RRG,QFLQHDUO\

IRUDSUHPLXPRYHU&DGEXU\VSUHELGYDOXH


6LQFH1RYHPEHU66/,QWHUQDWLRQDOKDVEHHQDSDUWRI5HFNLWW%HQFNLVHUDJOREDOFRQVXPHUJRRGVFRPSDQ\KHDGTXDUWHUHGLQ6ORXJK8QLWHG.LQJGRP



65DLVFKDQG-%LUNLQVKDZ2UJDQL]DWLRQDO$PELGH[WHULW\$QWHFHGHQWV2XWFRPHVDQG0RGHUDWRUV-RXUQDORI0DQDJHPHQWQR -XQH DQG

0/7XVKPDQDQG&$25HLOO\,,,$PELGH[WURXV2UJDQL]DWLRQV0DQDJLQJ(YROXWLRQDU\DQG5HYROXWLRQDU\&KDQJH&DOLIRUQLD0DQDJHPHQW5HYLHZQR VXPPHU
 


:73HDUFHHG)U\V:RUNV0DJD]LQH%L&HQWHQDU\1XPEHU %ULVWRO8.3DUWULGJH /RYH 



8QLOHYHU/WGFKDLUPDQ*HRUJH&ROH LQWHUYLHZLQWKH2EVHUYHU-DQS8QLOHYHUDUFKLYDOUHIHUHQFH 



6HH6/%URZQDQG.0(LVHQKDUGW7KH$UWRI&RQWLQXRXV&KDQJH/LQNLQJ&RPSOH[LW\7KHRU\DQG7LPH3DFHG(YROXWLRQLQ5HOHQWOHVVO\6KLIWLQJ2UJDQL]DWLRQV

$GPLQLVWUDWLYH6FLHQFH4XDUWHUO\QR 0DUFK 




$%2877+($87+256
*HUU\-RKQVRQLVDQHPHULWXVSURIHVVRURIVWUDWHJLFPDQDJHPHQWDW/DQFDVWHU8QLYHUVLW\0DQDJHPHQW6FKRROLQWKH8QLWHG.LQJGRP*HRUJH6<LSLVDSURIHVVRURI
PDQDJHPHQWDW&KLQD(XURSH,QWHUQDWLRQDO%XVLQHVV6FKRROLQ6KDQJKDL0DQXHO+HQVPDQVLVDSURIHVVRURIVWUDWHJLFPDQDJHPHQWDW6ROYD\%UXVVHOV6FKRRORI
(FRQRPLFVDQG0DQDJHPHQWDW8QLYHUVLWp/LEUHGH%UX[HOOHVLQ%HOJLXP7KH\DUHWKHDXWKRUVRIDIRUWKFRPLQJERRNRQVWUDWHJLFWUDQVIRUPDWLRQ

5(35,17

&RS\ULJKW0DVVDFKXVHWWV,QVWLWXWHRI7HFKQRORJ\$OOULJKWVUHVHUYHG
3HUPLVVLRQLVUHTXLUHGWRFRS\RUGLVWULEXWH0,76ORDQ0DQDJHPHQW5HYLHZDUWLFOHV
%X\SHUPLVVLRQVKHUH
KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ

)5202853$571(56

$'9(57,6(0(17

$'9(57,6(0(17

$'9(57,6(0(17

KWWSVORDQUHYLHZPLWHGXDUWLFOHDFKLHYLQJVXFFHVVIXOVWUDWHJLFWUDQVIRUPDWLRQ"XWPBVRXUFH PLWVPU XWPBPHGLXP VLWH XWPBFDPSDLJQ 6WUDWHJLF7KL



Vous aimerez peut-être aussi