45077 esovePAmKÁúeTÞsk_sþIBI GPi)alkic© GaCIvkmµRKYsar esovePAmKÁúeTÞsk_sþIBIGPi)alkic© GaCIvkmµRKYsarrbs; IFC karbdiesF esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC ¬esovePAmKÁúeTÞsk_¦ enH plit​eday​ buKÁlikrbs;saCIvkmµhirBaØvtßúGnþrCati - International Finance Corporation (IFC). karvinic½äy nigesckþIsnñidæanenAkñúgesovePAmKÁúeTÞsk_enH minCarbs; nigminqøúHbBa©aMg​ ​ sSn³​ GMBIT rbs; IFC RkumFnaKarBiPBelak RkumRbwkSaPi)alrbs;FnaKarBiPBelak b¤​RbeTs​nana Edlkar​ iy vinc½ä nigesckþs i aæ nTaMgenHbgðajenaHeLIy. ÉksarenA​kg I nñd úñ ​esovePA​mKÁeú TÞsk_enH erobcM​eLIg​​ edaysucrit sRmab;CakarENnaMTUeTA b:uEnþ IFC nig​Rkum​FnaKar​BiPBelak minFanacMeBaH​PaB​ RtwmRtUv​rbs;vaeLIy ehIyk¾minTTYlxusRtUvcMeBaH​plvi)ak​NamYyBIkareRbIR)as;vaEdr. ÉksarEdlmanenAkñúgsñaédenH RtUvkarBaredaysiT§icmøg. karcmøg nig¼b¤pSayEpñkxøH b¤sñaéd enHTaMgmUlGacCakarrMelaPc,ab;CaFrman. IFC elIkTwkcitþcMeBaHkarpSBVpSayGtßbT​​e)aHBum<​ pSayenH ehtudUecñH IFC pþl;karGnuBaØatdl;GñkeRbIR)as;sñaédenH edIm,IcmøgEpñkxøHén​sñaéd​enH sRmab;eRbIR)as;pÞal;xøÜn kareRbIR)as;minEmnCalkçN³BaNiC¢kmµedayKµansiT§i​lk;bnþ Eckcay​ bnþ b¤écñRbDitsñaédEbbEkøgkøayBIsñaédenHeLIy. karcmøg b¤kar​e​RbI​R)as;s​ ñaéd​​enH RtUvman​ karGnuBaØatCalaylkçN_GkSrc,as;las;BIi IFC. esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC 4 GarmÖkfa eKalbMNgrbs;esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC KWedIm,ICYydl;buKÁlik​ xagesvakmµvinieyaK nigpþl;eyabl;rbs; IFC kMNt;rk nigedaHRsaybBaðananaEdlTak;Tgnwg​ GPi)al​kic©GaCIvkmµRKYsarCamUldæan CamYyGtifiCnEdlRbkbGaCIvkmµRKYsarnana. esovePA​ ​ Hk¾Ca]bkrN_ENnaMmYysRmab;GtifiCnrbs; IFC EdlkMBugmanbMNgBRgwgkarGnuvtþ mKÁáúeTÞsk_en GPi)alkic©GaCIvkmµRKYsarrbs;BYkeK. esovePAmKÁáúeTÞsk_enHbMeBjbEnßmBIelI]bkrN_viFIsa®sþ GPi)alkic©saCIvkmµrbs; IFC sRmab;Rkumh‘unEdlRKb;RKgedayRKYsar Edlbc©úb,nñRtUv)an eRbI​R)as;enAkñúg IFC edIm,IvaytémøelIGPi)alkic©GtifiCnEdlCaGaCIvkmµRKYsar. esovePAmKÁáúeTÞsk_enH minmaneKalbMNgedIm,IeRbIR)as;CaÉksareyagRKb;RCugeRCaymYyeTA​elI​ GPi)alkic©GaCIvkmµRKYsarenaHeLIy. ehIyk¾minEmnCaÉksarCMnYs[dMbUnµanCabuKÁl Edl​Gac​ pþl;[edayGñkBieRKaHeyabl;GaCIvkmµRKYsarEdlmanKuNsm,tþi nigGñkCMnajEpñkc,ab; nig KNenyüenaHeT. pÞy ú eTAvij eyIgmanbMNg[esovePAmKÁeú TÞsk_enH køayCakarBN’na​c,as;​las; nigCak;EsþgGMBIEpñkepSg²énGPi)alkic©Rkumh‘unGaCIvkmµRKYsar rYmCamYynwg​GPiRkm​Edl​KYr​ eRbI​R)as;cMeBaHeTVreRKaHénGPi)alkic©RKYsarEdlEtgEtekItmanCajwkjab;. esckþIlm¥it​bEnßm​​ GMBI​RbFanbTTaMgenH EdlniyayenAkñúgesovePAmKÁúeTÞsk_enH Gacrk)anenAkñúg​Éksar TUlM​TUlayEdlTak;TgnwgRbFanbTenH dUcmanpþl;CUnenAkñúgelxeyagcugTMB½r nigÉksar​ eyag​enAcug​esovePA​mKÁúeTÞsk_enH. esovePAmKÁúeTÞsk_enH eroberogeday Sanaa Abouzaid Cam®nþIGPi)alkic©sarCIvkmµ enAEpñk​ ​ MBI​ vinieyaKin nigrebobGnuvtþrbs;Rkumh‘unénsaCIvkmµhirBaØvtßúGnþrCati. sMNYr nigeyabl;;G xøwmsar​​énesovePAmKÁúeTÞsk_enH sUmepJIeTAkan;³ Sanaa Abouzaid Investor & Corporate Practice Corporate Governance & Capital Markets Advisory Department International Finance Corporation 2121 Pennsylvania Avenue, N.W. Washington, D.C. 20433 U.S.A Telephone: 202-458-1614 Email: sabouzaid@ifc.org 5 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC 6 esckþIEføgGMNrKuN U sEmþgnUvkarekatsresIrdl;bK GñkniBn§sm Á TaMgGs; Edl)ancUlrYmeroberogesovePAmKÁeú TÞsk_ ul enHeLIg. kñúgcMeNamGñkEdl)anrYmcMENkcMeBaHesovePAmKÁúeTÞsk_enH rYmman ³ Natalya Arabova mkBIRkumh‘un First Freight Company ¬RbeTsrusSúI¦ Ayman Eltarabishy, mkBIskl​ viTüal½y George Washington ¬shrdæGaemrik¦ Leo Goldschmidt mkBI Bank Degroof ¬RbeTsEblhSúIk¦ Darrin Hartzler, Davit Karpetyan, Sebastian Molineus, nig Celcilia Rabassa, IFC/FnaKarBiPBelak, Herbert Steinberg, Mesa Corporate Governance ¬RbeTseRbhSúIl¦ nig John Ward, salaRKb;RKg Kellog ¬shrdæGaemrik¦. GñkTaMgenH mñak;²suT§Et)anpþl;FatubBa©Úlya:gmantémøminGackat;éfø)ankñúgkareroberog nigBinitüxøwmsar​ énesovePA​mKÁúeTÞsk_enH. GñkniBn§k¾sUmEføgGMNrKuNpgEdr cMeBaHelak Joe Achkar, SABIS ¬RbeTseL)aNug¦ nig Alfredo Carvajal Sinisterra, Rkumh‘un Carvajal ¬enARbeTskULMb‘ͦ cMeBaHkarEckrMElk​ ]TahrN_x ​ øH²GMBIrebobGPi)alkic©RKYsarrbs;xøÜn enAkñúgesovePAmKÁúeTÞsk_enH. sUmEføgGMNrKuNCaBiesscMeBaH elak Andres Bernal GñkBieRKaHeyabl;EpñkGPi)alkic© ¬enA​RbeTskULMb‘ͦ Sandra Guerra EpñkGPi)alkic©kan;EtRbesIr ¬enAeRbsuIl¦ Kiril Nejkov, Fabio Isay Saad, Enrique Sanchez-Armass ni g Anderson Caputo Silva, IFC/ FnaKarBiPBelak sRmab;karBinitürbs;BYkeKeTAelIc,ab;bkERbénesovePAmKÁúeTÞsk_enH. eyIg´sUmekatsresIrpgEdr cMeBaH Jewel Caguiat nig Maya Polishchuk, IFC Edl​)an​ eFVICa​meFüa)aykñúgkarRKb;RKgkarrcna kare)aHBum< nigEckcayesovePAmKÁúeTÞsk_enH. U EføgGMNrKuNCaBiess cMeBaHelak Mike Lubrano mkBI Cartica Capital cugbBa©b; GñkniBn§sm ¬shrdæGaemrik¦ Edl)anbMeBjtYnaTIy:agsMxan; kñúgkartRmg;Tis nigBinitüdMeNIrkar​erob​erog​ esovePAmKÁúeTÞsk_enH. 7 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC 8 taragmatika esckþIepþIm>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 11 1> niymn½y nigcritlkçN³énGaCIvkmµRKYsar - cMNucxøaMg nig cMNucexSay>>>>>>>>>>>12 2> dMNak;kallUtlas;enAkñúgGaCIvkmµRKYsar>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 14 2>1> dMNak;kalTI1³ sßabnik ¬m©as;RKb;RKg¦>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 15 2>2> dMNak;kalTI2 ³ PaBCaédKUrvagbgb¥ÚnbegáIt>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 15 2>3> dMNak;kalTI3³ sm<½n§PaBrvagbgb¥ÚnCIdUnmYy ¬smaKmbgb¥ÚnCIdUnmYy b¤vgSRtkUlRKYsar¦>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 15 EpñkTI I tYnaTIrbs;smaCikRKYsarenAkñúgGPi)alkic©​GaCIvkmµRKYsar>>>>>>>>>> 17 1> m©as;kmµsiT§i ¬m©as;PaKh‘un¦>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>17 2> GñkRKb;RKg ¬fñak;RKb;RKgCan;x>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 18 3> nayk ¬RkumRbwkSaPi)al¦>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 18 4> smaCikRKYsar ¬RKYsar nigsßab½nrbs;xøÜn¦>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>19 EpñkTI II GPi)alkic©RKYsar>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 21 1> lkçnþik³RKYsar >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>22 1>1 eKalneya)aysþIBIkargarrbs;smaCikRKYsar >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>23 1>2 eKalneya)aysþIBIkarcUlPaKh‘unrbs;smaCikRKYsar>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>29 2> sßab½nGPi)alkic©RKYsar>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>29 2>1 snñi)atRKYsar>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>30 2>2 RkumRbwkSaRKYsar>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>31 2>3 kariyal½yRKYsar>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>34 2>4 sßab½nRKYsardéTeTot>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>34 EpñkTI III RkumRbwkSaPi)alenAkñúgGaCIvkmµRKYsar>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>40 1> RkumRbwkSaBieRKaHeyabl;>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 41 1>1 niymn½y nigtYnaTIrbs;RkumRbwkSaBieRKaHeyabl;>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 41 1>2 smasPaBrbs;RkumRbwkSaBieRKaHeyabl; >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>42 1>3 KuNsm,tþi nigKuNvibtþirbs;RkumRbwkSaBieRKaHeyabl; >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>42 9 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC 2> RkumRbwkSaPi)al >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>43 2>1> tYnaTIrbs;RkumRbwkSaPi)al >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>43 2>2 smasPaBRkumRbwkSaPi)al >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>44 2>3 krNIykic©rbs;nayk >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>45 3> naykÉkraCü >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>46 3>1 sar³sMxan;énnaykÉkraCü >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>46 3>2 niymn½yénPaBÉkraCürbs;nayk >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>47 EpñkTI IV fñak;RKb;RKgCan;x>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 49 1> GñkRKb;RKgCasmaCikRKYsar eFobnwgGñkRKb;RKgminEmnCasmaCikRKYsar >>>>>>>>>49 2> karsñgtMENgGKÁnayk nigtMENgRKb;RKgCan;x>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>52 2>1 sar³sMxan;énEpnkarsñgtMENgRKb;RKgCan;x>>>>>>>>>>>>>>>>>>>>>>>>53 2>2> CMhanénEpnkarsñgtMENgGKÁnaykpøÚvkar >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>54 EpñkTI V GaCIvkmµRKYsarkñúgevTikasaFarN³>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>56 1> ehtuGVIRtUvkøayxøÜnCasaFarN³? ehtuGVIminRtUv?>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>56 1>1 KuNsm,tþiénkarkøayxøÜnCasaFarN³sRmab;GaCIvkmµRKYsar>>>>>>>>>>>>>>>>>>>>>>>56 1>2 KuNvibtþiénkarkøayxøÜnCasaFarN³sRmab;GaCIvkmµRKYsar>>>>>>>>>>>>>>>>>>>>>>>>> 57 2> kareRtomxøn ñ euM )aHpSaylk;ml Ü sRmab;karesIs U bRtCasaFarN³elIkdMbg U (IPO)>>>>>>>58 esckþIsnñidæan>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 60 Éksareyag>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>> 61 10 esckþIepþIm GaCIvkmµRKYsar KWCaTRmg;GaCIvkmµd¾cas;CageK nigmanelIslb;bMputénGgÁPaBGaCIvkmµkñúg​ BiPBelak. enARbeTsCaeRcIn GaCIvkmµRKYsar tMNag[Cag70PaKryénGaCIvkmµsrub ehIy​ bMeBj​​​tYnaTIy:agsMxan;enAkñúgkMeNInesdækic© nigkarpþl;kargardl;kmøaMgBlkmµ. ]TahrN_ enA​ R​beTseGs,:aj RbEhlCa75PaKryénGaCIvkmµ KWmanRKYsarCam©as; ehIyrYmcMENkdl; 65​ PaKryénplitplkñúgRsuksrub (GNP) KitCamFüm1. RsedogKñaenHEdr GaCIvkmµRKYsar rYmcMENkRbEhlCa60PaKryén GNP srub enAGaemrikLaTIn2. GaCIvkmµRKYsar ERbRbYlBIRkumh‘unxñattUc nigxñatmFüm eTAdl;mhasaCIvkmµ EdleFVIRbtibtþikar​ enAkñúgBhu]sSahkmµ nigenACaeRcInRbeTs. GaCIvkmµRKYsarEdll,Il,ajmYycMnYn rYmman ³ Salvatore Ferragamo, Benetton, nig Fiat Group enARbeTsGuItalI L’Oreal, Carrefour Group, LVMH nig Michelin enARbeTs)araMg Samsung, Hyundai Motor, nig LG Group enAkUer:xagt,Úg BMW nig Siemens enAGaløWm:g; Kikkoman nig Ito-Yokado enACb:un nigcugeRkay bMput Ford Motors Co nig Wal-Mart Stores enAshrdæGaemrik. CakarBitpgEdrfa GaCIvkmµRKYsarPaKeRcInbMput manGayukalxøINas; eRkayBIdMNak;kal sßabnik​rbs;xøÜn ehIyRbmaNCa95PaKryénGaCIvkmµRKYsar minmanCIvitbnþ dl;CMnan;TIbIén kmµsiT§ie​LIy3. CaerOy² enHCaplvi)akénkgVHxatkareRtomlkçN³rbs;CMnan;bnþbnÞab; edIm,I​ RKb;​RKgtRmUvkarrbs;GaCIvkmµEdlecHEtlUtlas; nigRKYsarEdlrIkkan;EtFMCagmuny:ageRcIn. GaCIvkmµRKYsarGacEklm¥PaBcEmøkénPaBrs;ranmanCIvitrbs;xøÜn edaybegáItCarcnasm<½n§ GPi)al​kic© [)anRtwmRtUvCaeRsc nigedaycab;epþImdMeNIrkarGb;rMCMnan;bnþbnÞab; GMBIkargarenH [)anqab;bMput tamEdlGaceFVIeTA)an. esovePAmKÁúeTÞsk_enH nwgepþateTAelIbBaðaRbQmkñúgGPi)alkic©Rkumh‘unEdlmanlkçN³xus​Ebøk​ BIeK EdlGaCIvkmµRKYsarRtUvRbQmmux nigpþl;Carcnasm<½n§ nigrebobGnuvtþEdl​Gac​sRmal​bBaða​ RbQmTaMgenH RBmTaMgFanalT§PaBTTYleCaKC½yrbs;GaCIvkmµ. esovePAmKÁúeTÞsk_enH pþl;Ca​ TsSn³CaGnþrCati edaysarvaepþateTAelIcritlkçN³rbs;GaCIvkmµRKYsar EdleKGac​segát​ eXIj​BIRbeTsepSg². rcnasm<½n§GPi)alkic©Edl)anelIkeLIgenAkñúgesovePAmKÁúeTÞsk_enH nwg​ RtUv​​eFVIkarEksRmÜleTAtamtRmUvkar nigbTb,BaØtþimUldæan Tak;TgnwgGaCIvkmµRKYsar mun​nwg​ Gnuvtþ​enAkñúgRbeTsNamYy. 1 bNþajGaCIvkmµRKYsar www.fbn-i.org/fbn/main.nsf/doclu/facts. 2 bNþajGaCIvkmµRKYsar www.fbn-i.org/fbn/main.nsf/doclu/facts. 3 bNþajGaCIvkmµRKYsar www.fbn-i.org/fbn/main.nsf/doclu/facts. 11 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC 1> niymn½y nigcritlkçN³énGaCIvkmµRKYsar - cMNucxøaMg nigcMNucexSay niymn½y³ enAkñúgesovePAmKÁúeTÞsk_enH GaCIvkmµRKYsarsMedAeTAelIRkumh‘unmYyEdlPaKeRcInén siT§ie)aHeqñatKWsßitenAkñúgédrbs;RKYsarEdlRKb;RKgGaCIvkmµenaH rYmTaMgsßabnik ¬mñak; b¤eRcIn​ nak;¦ EdlmanbMNgepÞrGaCIvkmµenaHeTA[sac;jatirbs;eK. Baküfa {GaCIvkmµRKYsar} {Rkumh‘n u ​​​​​​ RKYsar{ {GaCIvkmµEdlmanRKYsarCam©as;{ {Rkumh‘unEdlmanRKYsarCam©as;} nig {Rkumh‘unE​ ​dl​​ RKb;RKgedayRKYsar} nwgRtUv)aneRbICMnYs[KñaeTAvijeTAmkenAkñúgesovePAmKÁúeTÞsk_enH edIm,I​ sMedAeTAelIGaCIvkmµRKYsarnana. cMNc M ³ karsikSaCaeRcIn)anbgðajfa{Rkumh‘n u xøag u EdlmanRKYsarCam©as;} dMeNIrkareTAl¥RbesIrCag​ Rkumh‘unEdlminmanRKYsarCam©as; Tak;TgeTAnwgkarlk;kéRm nigviFankarlUtlas;déTeTot4. karsikSahirBaØvtßúfmsan;mYysRmab;TsSnavdþIRbcaMs)þah_ )aneRbóbeFobRkumh‘unRKYsareTAnwg édKURbECgenAelIsUcnakrFMR)aMmYykñúgTVIbGWru:b nig)anbgðajfa Rkumh‘unRKYsarmandMeNIrkar eTAl¥CagédKURbECgrbs;eKenAelIRKb;sUcnakrTaMgGs;enH cab;taMgBI FTSE kñúgTIRkugLúgd_ rhUtdl; IBEX kñúgTIRkúgm:aRDId. fmsan; )anbegáItCasUcnakrEtmYyKt;sRmab;​TaMg​ Rkumh‘unRKYsar nigminEmnRKYsarenAkñúgRbeTsnImYy² nig)antamdanemIlry³eBl 10qñaM rhUt​​ dl;ExFñÚ qñaM2003. enAkñúgRbeTsGaløWm:g; libiRkmRKYsar)anekIneLIg 206PaKry cMENkÉ​PaKh‘unminEmnRKYsar)anekIneLIgEt 47PaKrybu:eNÑaH. enAkñúgRbeTs)araMg libiRkm RKYsar)anekIneLIg 203PaKry cMENkÉédKURbECgrbs;eK)anekIneLIgEt 76PaKrybu:eNÑaH. GaCIvkmµRKYsark¾mandMeNIrkareTAl¥RbesIrCagédKURbECgrbs;eKpgEdrenAkñg I eGs,:aj ú RbeTssVs Gg;eKøs nig GuItalI . 5 lT§plBIkarGnuvtþGaCIvkmµd¾x dMNak;kallUtlas;enAkñúgGaCIvkmµRKYsar manKMrUCaeRcIn RtUv)anerobcMeLIg edIm,IBN’na nigviPaKdMNak;kalepSg² EdlGaCIvkmµRKYsar​RtUv​ e​FVIdMeNIrqøgkat;enAGMLúgeBlGtßiPaBrbs;xøÜn. enAkñúgesovePAmKÁúeTÞsk_enH eyIgnwgeRbI​R)as;​​ KMrUbIdMNak;kalCamUldæan EdlsegçbGMBIvdþCIvitrbs;GaCIvkmµRKYsar rYmman³ (i) dMNak;kal​ sßabnik (Founder(s) Stage) (ii) dMNak;kalPaBCaédKUrvagbgb¥ÚnbegáIt (Sibling Partnership Stage) nig (iii) dMNak;kalsm<½n§bgb¥ÚnCIdUnmYy (Cousin Confederation Stage) . eTaHbICa 8 KMrUenHpþl;»kas[mankarviPaKy:agl¥ nUvdMNak;kalvivDÆn_CamUldæanrbs;GaCIvkmµRKYsar​k¾eday vaminEmnkMNt;fa Rkumh‘unEdlRKYsarCam©as;TaMgGs; caM)ac;RtUvEtqøgkat;dMNak;kal​GPivDÆn_ TaMgbIenHeLIy. ]TahrN_ Rkumh‘unmYycMnYnnwgRtUv)at;xøÜnenAGMLúgdMNak;kaldMbUg²​én​vdþCIvit​ rbs;xøÜn edaysarkS½yFn b¤RtUvRkumh‘unepSgeTotTijyk. karvivDÆn_énPaBCakmµsiT§i nigkarRKb;RKgenAkñúgGaCIvkmµRKYsarPaKeRcIn qøgkat;dMNak;kaldUc​ xageRkamenH ³ 8 karbegáItRkúmRbwkSaPi)alRbkbedayRbsiT§PaBsRmab;shRKasÉkCn eday John Ward ¬e)aHBum1> dMNak;kalTI1³ sßabnik ¬m©as;RKb;RKg¦ enHCaCMhandMbUgénkarekIteLIgénGaCIvkmµRKYsar. GaCIvkmµCakmµsiT§i nigRKb;RKgTaMgRsug​ eday​sßabnik ¬mñak; b¤eRcInnak;¦. sßabnikPaKeRcIn GacEsVgrkdMbUnµanBITIRbwkSaxageRkA nig¼b¤ shkarIGaCIvkmµmYycMnYntUc b:uEnþBYkeKCaGñkeFVIkarseRmccitþsMxan;²PaKeRcInedayxøÜnÉg. CaFmµta dMNak;kalenHRtUvkt;smÁal;edaykarebþCJacitþy:agmutmaMrbs;sßanik ¬mñak;b¤eRcInnak;¦ cMeBaHeCaKC½yénRkumh‘unrbs;xøÜn RBmTaMgmanrcnasm<½n§GPi)alkic©y:agsamBaØ. CarYm dMNak;kalenHmanbBaðaGPi)alkic©Rkumh‘unbnþibnþÜc eRbóbeFobeTAnwgdMNak;kalBIrbnÞab;eTot​ edaysarkarRKb;RKg nigkmµsiT§ielIRkumh‘un sßitenAkñúgédrbs;mnusSdEdl³ eBalKWsßabnik ¬mñak; b¤eRcInnak;¦. bBaðasMxan;bp Mt ú vdþCv u EdlRtUvedaHRsayenAGMLg i énsßabnikenaH RbEhlCa​ It Epnkar​sñgGaCIvkmµ. edIm,I[GaCIvkmµRKYsarbnþCIvitdl;dMNak;kalbnÞab;rbs;xøÜnenaH sßabnik​ RtUv​xitxM​RbwgERbgCacaM)ac;edIm,IerobcMEpnkarsñgGaCIvkmµrbs;xøÜn nigcab;epþImsm¥itsm¥agGñk​ dwknaMbnÞab;rbs;Rkumh‘un. 2>2> dMNak;kalTI2 ³ PaBCaédKUrvagbgb¥ÚnbegáIt enHCadMNak;kalEdlkarRKb;RKg nigkmµsiT§i RtUv)anepÞreTA[buRtFItarbs;sßabnik. edaysar​ dMNak;kalenH mansmaCikRKYsarkan;EteRcIneLIgcUlRbLÚkkñúgRkumh‘unenaH bBaðaGPi)alkic© hak;dcU Cakan;EtmanPaBsµKú sµajCagbBaðaEdl)ansegáteXIjenAdMNak;kaldMbg U énkarekIteLIg​ rbs;GaCIvkmµ. bBaðaRbQmmYycMnYnEdlEtgEtekItmanCajwkjab;enAkñúgdMNak;kalPaBCa​édKU​ rvagbgb¥n I KW³ karrkSaPaBsuxdumrbs;bgb¥n Ú begát I edIm,IerobcMdeM NIrkar nignItv Ú begát iG iF I aCIvkm​​µ​ [manlkçN³pøÚvkar karbegáItbNþajR)aRs½yTak;Tg[manRbsiT§iPaBrvagsmaCik​RKYsar nig​ kar​Fana[manEpnkarsñgtMENgRKb;RKgGaCIvkmµsMxan;². 2>3> dMNak;kalTI3³ sm<½n§PaBrvagbgb¥ÚnCIdUnmYy ¬smaKmbgb¥ÚnCIdUnmYy b¤ vgSRtkUlRKYsar¦ enAdMNak;kalenH GPi)alkic©GaCIvkmµkan;EtmanlkçN³sµúKsµaj edaysarsmaCikRKYsar​ kan;Et​eRcIncUlRbLÚkedaypÞal; b¤edayRbeyalenAkñúgGaCIvkmµ rYmmankUn²rbs;bgb¥ÚnbegáIt bgb¥ÚnC ​ Yy nigsac;éføCaedIm. edaysarsmaCikRKYsarTaMgenHCaeRcIn mkBICMnan;xus²Kña ​ IdUnm nig​EmkFag​RKYsarepSg²KñaenaH BYkeKGacmanKMnt i cRmuHKñaGMBrI ebobEdlRtUvdMeNIrkarRkumh‘n u nig​ GMBIrebobEdlRtUvkMNt;yuT§sa®sþ. CagenHeTAeTot TMnas;EdlekItmankñúgc ​ MeNam​bg​b¥Ún​begáIt nadMNak;kalmun GacnwgRtUvbnþdl;CMnan;bgb¥ÚnCIdUnmYyeTotpg. Caplvi)ak dMNak;kal​​​​enH​ Bak;B½n§nwgbBaðaGPi)alkic©RKYsareRcInbMput. bBaðamYycMnYnEdlekItmaneLIgjwkjab;bMput Edl 15 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC GaCIvkmµRKYsarRtUvRbQmmuxenAdMNak;kalenH KWkarpþl;kargar[smaCikRKYsar​siT§iRKb;RKg​ PaKTun​rbs;RKYsar karCRmHPaKTun eKalneya)ayPaKlaP tYnaTIrbs;smaCik​RKYsarenA​kñúg​ GaCIvkmµ karedaHRsayTMnas;RKYsar nigckçúvis½y nigebskkmµrbs;RKYsar. taragxageRkamenH segçbGMBb I BaðaGPi)alkic©RKYsarsMxan;² EdlRbQmmuxedayGaCIvkmµR​ KYsar​ enAGMLúgvdþGPivDÆn_rbs;va ³ 9 dMNak;kalkmµsiT§i bBaðam©as;PaKh‘unFM² dMNak;kalTI1 ³ sßabnik karepÞrkardwknaM karsñgtMENg Epnkarsñgmrtk dMNak;kalTI2 ³ karrkSakargarCaRkum nigPaBsuxdum PaBCaédKUrvagbgb¥ÚnCIdUnmYy karrkSakmµsiT§iRKYsar karsñgtMENg dMNak;kalTI3 ³ karEbgEckmUlFnRkumh‘un PaKlaP sm<½n§PaBbgb¥ÚnCIdUnmYy bMNul nigR)ak;cMeNj karCRmHPaKTun karedaHRsayTMnas;RKYsar karcUlrYm nigtYnaTIrbs;RKYsar ckçúvis½y nigebskkmµRKYsar TMnak;TMngRKYsarCamYyGaCIvkmµ dMNak;kalnImYy² bgðaj[eXIjnUvbBaðaRbQm nigbBaðaxus²Kña EdlRbsinebIRtUv)an​RKb;RKg​ [)anRtwmRtUvenaH GacFana[mannirnþrPaBrbs;GaCIvkmµRKYsar. Rkumh‘unEdlRKYsarCam©as;​ PaKh‘uneRcInbMput TTYl)aneCaKC½yenAdMNak;kaleTIbkekItdMbUg edaysarkic©xitxMRbwgERbg​ y:agxøaMgedaysßabnik BIeRBaHBYkeKBak;B½n§RKb;EpñkTaMgGs;énGaCIvkmµ. eTaHCay:agNak¾eday enAkñúgGMLúgeBlyUrGEgVg CakarcaM)ac; RtUvbegáItrcnasm<½n§ nigynþkarGPi)alkic©[)anRtwmRtUv Edlnwgpþl;lT§PaB[manbNþajR)aRs½yTak;TgRbkbedayRbsiT§PaB nigkarkMNt;)an c,as;las;nUvtYnaTI nigkarrMBwgTukcMeBaHmnusSTaMgGs; EdlcUlRbLÚkkñúgGaCIvkmµRKYsar. 9 karbegáItRkúmRbwkSaPi)alRbkbedayRbsiT§PaBsRmab;shRKasÉkCn eday John Ward ¬e)aHBum m©as;kmµsiT§i ¬m©as;PaKh‘un¦ m©as;kmµsiT§ienAkñúgGaCIvkmµRKYsarmYy mantYnaTI nigkarCMrujTwkcitþCaeRcIn EdlCYnkalnaM[ manKMniteyabl;pÞúyKña. ]TahrN_³ karseRmccitþedIm,IvinieyaKCabnþnUvR)ak;cMeNjeTA​kñúg​​ Rkumh‘un CMnYs[karEbgEckCaPaKlaP GacRtUv)anyl;eXIjxus²Kña edaym©as;kmµsiT§i​ epSg² GaRs½yeTAtamtYnaTIrbs;xøÜnenAkñúgGaCIvkmµ. m©as;kmµsiT§imñak; EdleFVIkarenAkñúg​ GaCIvkmµRKYsar RbEhlCaminCMTas;cMeBaHkarseRmccitþEbbenH)aneT edaysarxøÜnkMBugEt​ TTYlR​ )ak;ExBIRkumh‘un. mü:agvijeTot sßanPaBEbbenH GacmanlkçN³xusEbøktam​TsSn³​ rbs;m©as;kmµsiT§iEdlmineFVIkarenAkñúgGaCIvkmµenaH ehIyBwgEp¥kelIPaKlaPCaRbPBcMNUl​ Cacm,gmYy. m©as;kmµsiT§irUbenH tamBitGaccab;GarmµN_cMeBaHkarTTYlPaKlaP​kan;Etx GñkRKb;RKg ¬fñak;RKb;RKgCan;x nayk ¬RkumRbwkSaPi)al¦ ebIniyayGMBIsmaCikPaBénRkumRbwkSaPi)al GaCIvkmµRKYsarPaKeRcInbMputrkSasiT§ienHsRmab;​ smaCik​RKYsar ehIymankrNImYycMnYntUc siT§ienHRtUvpþl;eTA[GñkRKb;RKgminEmnCasmaCik​ RKYsarmYycMnYn EdlTTYl)ankarTukcitþxøaMg. CaTUeTAeKeRbIR)as;rebobGnuvtþenH CameFüa)ay​ mYYy​edIm,IrkSakarRKb;RKgrbs;RKYsareTAelIkartRmg;TisGaCIvkmµrbs;xøÜn. tamBiteTA CaFmµta karseRmccitþPaKeRcInbMput RtUveFVIeLIgedaynaykCasmaCikRKYsar. enAkñúg]TahrN_knøgeTA GMBIkarEbgEckPaKlaP naykCasmaCikRKYsarEdlCaGñkRKb;RKgpgEdrenAkñúgGaCIvkmµenaH CaFmµta nwgelIkTwkcitþ[mankarvinieyaKR)ak;cMeNjCabnþeTAkñúgRkumh‘un edIm,IbegáInskþanuBl kMeNInrbs;xøÜn. pÞúyeTAvij naykCasmaCikRKYsarEdlmineFVIkarenAkñúgGaCIvkmµenaH nwgeFVIkar​ seRmccitþEbgEckR)ak;cMeNjCaPaKlaPeTA[m©as;PaKh‘unCaRKYsar. TsSn³pÞúyKñaTaMgenH Gac​​naM[manTMnas;FMeFg enAkñúgRkumRbwkSaPi)al nigmanplb:HBal;GviC¢mancMeBaHdMeNIrkar 18 GaCIvkmµ. tYnaTIrbs;smaCikRKYsarenAkñúgGPi)alkic©GaCIvkmµRKYsar 4> smaCikRKYsar ¬RKYsar nigsßab½nrbs;xøÜn¦ dUcEdl)aneBalrYcmkehIy smaCikRKYsarGacmanTMnYlxusRtUv siT§i nigkarrMBwgTukxus²KñacMeBaH​ GaCIvkmµrbs;xøÜn. ​ sßanPaBEbbenH CYnkalGacnaMeTArkTMnas; nigbBaðaepSg² EdlGaceFVI[​ I TMnas;kg man​​​​eRKaHfñak;dl;nri nþrPaBrbs;GaCIvkmµRKYsar. bBaðamYyEdlGacbegán úñ cMeNam​smaCik​​​ RKYsarenaH KWkRmiténlT§PaBTTYl)anB½t’manGMBIRkumh‘un nigskmµPaBrbs;Rkumh‘un. cMNucenH​ GacCabBaða BIeRBaHsmaCikRKYsarEdleFVIkarkñúgGaCIvkmµ CaFmµta manlT§PaBTTYlB½t’manEbb​ enHTan;eBlevla cMENkÉGñkEdlenAeRkAGaCIvkmµminGacmanlT§PaBdUcKñaenHeT11. GaCIvkmµ​ RKYsarKYrbegáItbNþajR)aRs½yTak;TgB½t’man nigsßab½nEdlcaM)ac; edIm,IrkSa[smaCikRKYsar​ TaMgGs;​)anTTYlB½t’manGMBIGaCIvkmµ yuT§sa®sþ bNþajB½t’man nigTisedArYm EdlRkumh‘unkMBug​ EteFVIdMeNIrsMedAeTArk. niymn½yGPi)alkic©Rkumh‘un {GPi)alkic©Rkumh‘unsMedAeTArkrcnasm<½n§ nigdMeNIrkarepSg² sRmab;tRmg;Tis nig​ RKb;RKgRkumh‘un. GPi)alkic©Rkumh‘unTak;TgnwgTMnak;TMngkñúgcMeNamfñak;RKb;RKg Rkum​​RbwkSa​Pi)al m©as;PaKh‘unRKb;RKgGaCIvkmµ nigGñkdéTeTotEdlcab;GarmµN_​ CamYyRkumh‘un. GPi)alkic©l¥ rYmcMENkdl;karGPivDÆesdækic©RbkbedaynirnþrPaB eday​BRgwg​lT§plkargarrbs;Rkumh‘un nigbegáInlT§PaBrbs;Rkumh‘un[TTYl)an​ mUlFn​​​​​xag​eRkA} 12. niymn½yenH epþateTAelIGgÁFatusMxan;² cMnYnbI ³ kartRmg;Tis (Direction) sMedAeTArkkarsRmccitþTaMgLayEdlTak;Tgnwg karkMNt;TisedAyuT§sa®sþrbs;Rkumh‘undUcCa ³ (i) karseRmccitþCa​yuT§sa®sþ​ yUrGEgVg (ii) karseRmccitþvinieyaKxñatFM (iii) karRc)ac;bBa©ÚlKña niglT§kmµ ¬Tijyk¦ nig (iv) karerobcMEpnkarsñgtMENg nigkarEtgtaMgGñkRKb;RKg​ Can;x lkçnþik³RKYsar niymn½y³ lkçnþik³RKYsar k¾GacehAfaCa {eKalCMenORKYsar} {BiFIsarRKYsar} eKalkarN_ RKYsar} {viFan nigKuNtémøRKYsar} {viFan nigbBaØtþikmµRKYsar} nig {EpnkaryuT§sa®sþRKYsar}. lkçnþik³​RKYsar KWCaesckþIEføgkarN_éneKalkarN_ EdlbBa¢ak;GMBIkarebþCJacitþrbs;RKYsarcMeBaH​ KuNtémøCamUldæan ckçúvis½y nigebskkmµrbs;GaCIvkmµ13. lkçnþik³enH k¾kMNt;pgEdrnUvtYnaTI smasPaB nigGMNacrbs;GgÁGPi)alkic©sMxan;²rbs;GaCIvkmµ³ smaCikRKYsar¼m©as;PaKh‘un karRKb;RKg nigRkumRbwkSaPi)al. CagenHeTAeTot lkçnþik³RKYsarkMNt;GMBITMnak;TMng kñúgcMeNam​ GgÁGPi)alkic© nigrebobEdlsmaCikRKYsarGaccUlrYmRbkbedayGtßn½y enAkñúgGPi)alkic© GaCIvkmµrbs;xøÜn14. lkçnþik³RKYsar KWCaÉksarrs; EdlvivDÆ xN³eBlEdlRKYsar nigGaCIvkmµbnþvivDÆeTAmux. ehtudUecñH CacaM)ac; RtUveFVIbc©úb,nñPaBlkçnþik³[)aneTogTat;edIm,IqøúHbBa©aMgGMBIkarpøas;bþÚr TaMgLayEdlekItmanenAkñúgRKYsar nig¼b¤GaCIvkmµ. smasPaB³ TRmg; nigxøwmsarénlkçnþik³RKYsar manlkçN³xusKñaBIGaCIvkmµRKYsarmYy eTA​ GaCIvkmµRKYsarmYyeTot GaRs½yeTAtamTMhMRKYsar dMNak;kalénkarGPivDÆrbs;GaCIvkmµ nig​ kRmit​énkarcUlrYmrbs;smaCikRKYsarenAkñúgGaCIvkmµ. eTaHCay:agNak¾eday lkçnþik³RKYsar​ CatYy:ag RtUvRKbdNþb;cMNucdUcteTAenH ³ KuNtémø ebskkmµ nigckçúvis½yRKYsar sßab½nRKYsar rYmmansPaRKYsar RkumRbwkSaRKYsar KN³kmµkarGb;rM nigkariyal½y RKYsar .l. RkumRbwkSaPi)al ¬nigRkumRbwkSaGñkpþl;eyabl; RbsinebIman¦ fñak;RKb;RKgCan;x1 eKalneya)aysþIBIkareRCIserIsbuKÁliksmaCikRKYsar cMNucd¾sMxan;mYyrbs;lkçnþik³RKYsar KWkarkMNt;GMBIeKalneya)ayeRCIserIsbuKÁlik​smaCik​ RKYsar. GaCIvkmµRKYsarCaeRcIn Edlmin)ankMNt;[c,as;GMBIeKalneya)aysþIBIkareRCIserIs​ buKÁliks ​ maCik​RKYsarsRmab;smaCikrbs;xøÜn enATIbMputmancMnYnnieyaCitRKYsareRcInCagGVIEdl Rkumh‘unRtUvkar. nieyaCitTaMgenH​mYycMnYn GacminmanlkçN³smRsbsRmab;kargarEdl BYk​eK)anTTYlenAkñg ú GaCIvkmµeTotpg. GaRkk;CagenHeTAeTotenaH GaCIvkmµRKYsarmYycMnnY Rbkan;​ ykGaCIvkmµEdlKµanTMnak;TMng​CamYyGaCIvkmµedImrbs;xøÜn b¤rkSaTukbNþajGaCIvkmµxøH²Edl​ minpþl;R)ak;cMeNj edIm,IFana[​mnusSRKb;Kña​enAkñúgRKYsarmankargareFVIenAkñúgRkumh‘un. enAeBlsßitenAkñúgdMNak;kalPaBCaédKUrvagbgb¥ÚnbegáIt RKYsarEdlmanGaCIvkmµ KYrerobcMe​Kal​​​ neya)aysþIBIkargarrbs;smaCikRKYsar[ehIyCaeRsc. kargarenHGactRmUv[mankar​kMNt;​ viFanc,as;las;GMBIGaNtþi niglkçxNÐkargarCalkçN³RKYsarenAkñúgRkumh‘un. viFanxøH²kñúg​ cMeNamviFanTaMgenH KYrEcg[c,as;GMBIlkçxNÐcUlenA nigcakecjBIGaCIvkmµ. eKal​neya)ay​ enH KYrRKbdNþb;pgEdrGMBIRbRBwtþkmµcMeBaHnieyaCitCasmaCikRKYsar eFobnwg​nieyaCit​min​Emn​ CasmaCikRKYsar. xøwmsarrbs;eKalneya)aysþIBIkargarCalkçN³RKYsar manlkçN³xusEbøkKñaBIGaCIvkmµRKYsar mYyeTAGaCIvkmµRKYsarmYyeTot. BuMmanviFanCak;lak;EdlGaCIvkmµRKYsarTaMgGs;RtUvGnuvtþ​ tameTenAkñúgcMNucenH. ]TahrN_ RKYsarmYycMnYn hamdac;xatmin[​smaCikNamñak;rbs;xøÜn​ eFVIkar​enAkñúgGaCIvkmµRKYsareLIy. RKYsarxøHeTot GnuBaØat[smaCikRKYsarrbs;xøÜneFVIkarenA​ kñúgGaCIvkmµ b:uEnþdak;lkçxNÐeTAelIBYkeK dUcCakRmitGb,brmaénkarGb;rMEdlRtUvkarCacaM)ac; bTBiesaFn_kargarknøgeTA nigkRmitGayuCaedIm. enAkñúgkarerobcMeKalneya)aykargarCa​ 23 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC lkçN³​RKYsarrbs;xn i an lkçxNÐ nigdMeNIrkarEdlGnuBaØat[xøn Üø RKYsarKYrepþateTAelIvF Ü Tak;Taj nigCMrujTwkcitþ[mansmtßPaBl¥RbesIrbMputEdlGacrk)an ¬GacmkBIkñúgcMeNam​RKYsar b¤mk​BI​ eRkARKYsar¦. CakarsMxan;pgEdr RtUvkMNt;lkçxNÐkargarEdlminerIseGIg b¤​lem¥ógcMeBaH​ smaCikRKYsar. eFVIdUecñH CYybegáIt[manbriyakasRKYsar nigkarCMrujTwkcitþcMeBaH​nieyaCit​ TaMgGs;rbs;GaCIvkmµRKYsar. TIbMput enAeBlEdlRKYsar)anerobcM nigÉkPaBehIy eKKYrpþl;CUndl;smaCikRKYsarTaMgGs;nUv​ eKalneya)aykargarCalaylkçN_GkSr. eFVIdUecñHnwgCYykMNt;karrMBwgTukRtwmRtUvGMBIk ​ argar​ CalkçN³RKYsar kñúgcMeNamsmaCikRKYsarTaMgGs;. krNIsikSaTI1 Rkumh‘un SABIS – eKalneya)aykargarCalkçN³RKYsar SABIS CaRbB½n§Gb;rMeRtomcUlmhaviTüal½yGnþrCati EdlmanedImkMeNItenAstvtSn_ TI19. salaeronenAkñg ú bNþajsikSa SABIS pþlk; arGb;reM RtomcUlmhaviTüal½yman​ lkçN³​​hµt;ct;xusEbøkBIeK dl;sisS Pre-K nig K-12. RbB½n§Gb;rMmanlkçN³xusEbøk​ BIeKrbs; SABIS bc©úb,nñenH kMBugEtRtUv)anGnuvtþy:ageCaKC½yenAtamsalaeroncMnYn​ 50 enAkñúg​RbeTs​​cMnYn14 mansisScMnYn 40>000nak; enACuMvijBiPBelak. SABIS nig​ RkumGñk​CMnaj​RbkbedaybTBiesaFn_rbs;xøÜn ebþCJacitþpþl;plitpl nigesvaEpñk​ RKb;​RKg​kargar​Gb;rMdl;bNþajsmaCikénsalaeronÉkCn nigsaFarN³. salaeronTImYyenAkñúgbNþajsalaeron SABIS RtUv)anbegáIteLIgenAqñaM1886 enA​ Cay​​Rkug​​ebrUt RbeTseL)aNn;. eQµaH SABIS tamBitecjmkBItYGkSrdMbUg²énnam​ RtkUlrbs;sßabnik³ RKYsar Saad nig Bistany. Kitmkdl;RtwmExsIha qñaM2007 mansmaCikRKYsarcMnYn 25nak; kñúgenaHman10nak;kMBugeFVIkarenA SABIS. karvinieyaKrbs; IFC enAkñúg SABIS enAqñaM2005 Tak;TgnwgsalaGnþrCati SABIS fµImYy enARkúg Adma RbeTseL)aNn;. SIS-Adma KWCasalaeronbzmsikSa nig​ mFümsikSaenAelIvalébtgmYy EdlRtUv)anrcnaeLIgedIm,ITTYlsisScMnYn 1>700​ nak;. IFC )anvinieyaKcMnYn 8landuløareTAelIbrikçarfµI Edl)ankøayCasalad¾elceFøa ú kic©xt nigCaTIsañ k;karkNþalrbs; SABIS. IFC k¾)anpþlR; bwkSadl; SABIS kñg i xMRbwgERbg​​ rbs;xøÜnedIm,Iksagrcnasm<½n§ GPi)alkic©GaCIvkmµRKYsard¾l¥RbesIrmYy. 24 GPi)alkic©RKYsar eKalneya)aykargarCalkçN³RKYsarrbs;​ SABIS15 k> TsSn³viC¢akargar ktþaCMrujenABIeRkaykarseRmccitþrbs;eyIgKW]tþmRbeyaCn_rbs;GgÁPaB minEmn]tþm​ RbeyaCn_rbs;smaCikRKYsarmñak;²eLIy. 1> eyIgcg;Tak;TajmnusSEdlmanKuNsm,tþil¥RbesIrbMput TaMgsmaCikRKYsar TaMg​GñkminEmnCasmaCikRKYsar [mkeFVIkarCamYy SABIS. 2> kargarenA SABIS minEmnsiTB I eM NIt b¤CakatBVkc i§ k © Rmab;smaCikRKYsareT. is 3> enAeBlRtUv)anCYl[beRmIkargar smaCikRKYsarnwgTTYl)anRbRBwtþkmµ​dUc​ nieyaCitdéTEdlminEmnCasmaCikRKYsarEdr. 4> KµankarFanafa nieyaCitCasmaCikRKYsarnwgRtUv)andMeLIg[kan;muxtMENg​ RKb;RKgkMBUl edayRKan;EtGñkTaMgenaHCasmaCikRKYsareLIy. 5> nieyaCitCasmaCikRKYsar RtUveFVICaKMrUenAkñúgkarebþCJacitþ karGnuvtþkargar nig​karRbRBwtþi. 6> eyIgminGacyiteyagbuKÁlEdlminrYmcMENkeBjeljeLIy eTaHbICaGñk​ enaH​​Ca​smaCikRKYsar b¤minEmnCasmaCikRKYsark¾eday. x> muxtMENgTMenr SABIS RtUvmanmuxtMENgEdlenATMenr sRmab;[smaCikRKYsarEdlmansmtßPaBdak; BaküsuMkargar. SABIS nwgminbegáItmuxtMENgNamYysRmab;smaCikRKYsareLIy elIk​ElgEtedaysarehtuplmankMeNInGaCIvkmµ EdlRtUvseRmcedayRkumRbwkSaPi)al. ​ AeTot nieyaCitminEmnCasmaCikRKYsarnwgminRtUvbeNþjBIkargaredIm,Ipl CagenH​eT ; kas​ þ » dl;smaCikRKYsareLIy. K> lkçN³sm,tþiEdlRtUvmanCamun 1> lkçxNÐtRmUvénkarGb;rM ³ RtUvmansBaØab½RtsaklviTüal½y ¬briBaØab½Rt b¤x bTBiesaFn_kargarxageRkA ³ KYrEtmanbTBiesaFn_kargareCaKC½y ¬ry³eBlBI 3 eTA5qñaM¦ enAeRkA SABIS eTaHbICaminCakartRmUvCanic©kalk¾eday. karseRmccitþcugeRkay RtUv​eFVIeLIge​dayRkumRbwkSaPi)al Ep¥ktamkarvaytémø nigGnusasn_rbs;​ RkumGnuRbFanénGgÁkarGPivDÆn_ (VP-OD) nigRbFan¼CEO. nieyaCitminEmnCasmaCikRKYsar EdlcUlrYmRkumh‘unedayKµanbTBiesaFn_ kargarxageRkA RtUvqøgkat; {karbNþúHbNþaldMbUg} RbEhlry³eBl BI 6 eTA 12Ex kñúgeKalbMNgdUcxageRkamenH ³ k> ENnaM nig[BYkeKdwgB¤GMBI SABIS x> CYyBYkeK[beBa©j b¤eFVIsuBlkmµcMNab;GarmµN_viC¢aCIv³rbs;xøÜn K> CYy[Rkumh‘unvaytémøBYkeK. 3> kRmitGayu³ GnuelamtamTsSn³viC¢akargarrbs;eyIg Rkumh‘unminRtUvcat;TukCa{TICRmk} rbs;smaCikRKYsarEdlEsVgrkkargareLIy. tamry³enH kñúgkrNIman​ smaCikRKYsarNamñak;EsVgrk​kargarCamYy SABIS eRkayBIGayu40qñaM Rkum​ RbwkSa​Pi)al RtUvBinitüemIldMeNIrmuxGaCIB nigehtuplEdlBYkeKmin) ​ an​​​​​ cUlrYm​​​CamYyRkumh‘untaMgBImunmk munnwgeFVIkarseRmccitþcMeBaHkaresñIsuM​ kargar​​rbs;​BYkeK. X> cMNucCak;lak;cMeBaHkargarCalkçN³RKYsar 1> smaCikRKYsarEdlmanbMNgcUlrYmCamYy SABIS RtUvCRmabRbFan¼CEO GMBI​​bMNgcUlrYmrbs;xøÜn. bnÞab;mk BYkeKnwgRtUvesñIsuM[bMeBjTRmg;Ebb​bT​ esñIsuMkargarsþg;dar. 2> rYcehIysmaCikRKYsarRtUvqøgkat;dMeNIrkarsmÖasn_ vaytémø nigeRCIserIs​ Ca​sþg;dar. 3> karseRmccitþCacugeRkayGMBIkarCYl b¤bdiesFebkçCnCasmaCikRKYsar sßit​elIRkumRbwkSaPi)al. 4> enAeBlsmaCikRKYsarmñak;køayCanieyaCit smaCikRKYsarenaHnwgTTYl)an RbRBwtk U KñanwgnieyaCitminEmnCasmaCikRKYsarEdr. nieyaCit​​Ca​smaCik​ þ mµdc 26 GPi)alkic©RKYsar RKYsarnwgRtUvTTYlkarbNþúHbNþal karRKb;RKg karvaytémø nigkar​dMeLIg​ zan³ dUcnieyaCitdéTeTotEdr. 5> nieyaCitCasmaCikRKYsar nwgmankarvaytémøkarGnuvtþkargarCaeTogTat; ¬tamry³bNþajsþgd ; ar¦ ehIynwgTTYl)anmtiEkm¥r GMBrI ebobEdlxøn ​B Ük u ​​ Mg EtbMeBjkargar nigkarENnaMGMBIrebobEklm¥karGnuvtþkargarrbs;xøÜn. CagenHeTAeTot RkumGnuRbFanénGgÁkarGPivDÆn_ (VP-OD) nwgvay​témø​ karGnuvtþkargarrbs;BYkeKpgEdr edIm,IGacpþl;karENnaM b¤cat;viFankar​Tak; TgnwgEpnkarkargarenAeBlGnaKtrbs;BYkeKenAkñúgRkumh‘un. Y cMENkdl;karGPivDÆ nigkarbegán 6> edIm,Irm I smtßPaBrbs;smaCikRKYsar {Epnkar​ GPivDÆ} mYynwgRtUverobcMeLIgsRmab;RKb;smaCikRKYsarTaMgGs; ​Edl​eFV​kI ar​ enA SABIS. EpnkarenHrYmman karbNþúHbNþal karGb;rMbnþ kar​bgVwk kar​ ENnaM KeRmagBiess RBmTaMgkic©karpþÚrkargareTAvijeTAmk .l. 7> CaEpñkmYyénkarRKb;RKgkarGnuvtþkargar nigkarGPivDÆxøÜnÉg nieyaCit​Ca​ smaCikRKYsarnwgRtUvesñIsuM[pþl;karvaytémøxøÜnÉgRbcaMqñaM rab;bBa©ÚlTaMg​​ eKal​bMNgGPivDÆpÞal;xøÜnsRmab;qñaMbnÞab;pgEdr. 8> cMeBaHkargardMeLIgzan³ nigkarbegánI smtßPaBrbs;nei yaCitCasmaCikRKYsar nwgmanGnusasn_mYyeFVIeLIgedayGñkRKb;RKgrbs;xøÜn b¤fñak;RKb;RKg​rbs;​ Rkumh‘un edaykarseRmccitþcugeRkayRtUveFVIeLIgedayRkumRbwkSaPi)al. 9> mUldæansRmab;karbeNþjsmaCikRKYsarmñak;ecjBIkargar rYmmankarGnuvtþ​ kargarmin)anl¥CabnþbnÞab; \riyabfpÞal;xøÜnminGacTTYlyk)an nig​mUldæan​ déTeTotsRma​b;beNþjnieyaCitminEmnCasmaCikRKYsarecjBIkargar. 10> RbsinebIsmaCikRKYsarmñak;; RtUvbeNþjecjBIkargaredayRkumh‘un smaCik​ RKYsarenaHminRtUv)anBicarNapþl;kargarsarCafµIeLIy. 11> RbsinebIsmaCikRKYsarmñak; )ancakecjBI SABIS edaysµ½RKcitþ eKGacvil​ RtLb;​mkeFVIkarenA SABIS vij)an GaRs½yelIkarGnum½tyl;RBmedayRkum- RbwkSaPi)alRbsinebImanmuxtMENgsmRsbenATMenr. cMNucenH CaTUeTA​ man​​kMNt;EtmYydgb:ueNÑaH. g> sMNg Y xus- sMNg nigGtßRbeyaCn_rbs;nei yaCitCasmaCikRKYsarRtUvEp¥ktammuxtMENg TMnl ​ RtUv KuNsm,tþi nigkarGnuvtþkargarrbs;BYkeK nigmanlkçN³Rbhak;RbEhleTAnwg​ 27 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC nieyaCitminEmnCasmaCikRKYsarEdlsßitenAkñúgmuxtMENgdUcKña nigmanKuNsm,tþi​ RsedogKña. BYkeKnwg)anTTYlsMNg nigGtßRbeyaCn_Ep¥ktammuxgarCanieyaCit minEmntamPaKTunEdlBYkeKmaneLIy. kñúgnamCam©as; BYkeKnwg)anTTYlsMNgtam​ ry³plcMeNjénPaKTunrbs;xøÜn. c> eKalneya)aykargarCalkçN³RKYsardéTeTot 1> kargarrbs;sac;éfø bþIRbBn§rbs;smaCikRKYsar EdlmanbMNgcUlrYmkargarCamYy SABIS nwgRtUv​ qøg​kat;dMeNIrkarsmÖasn_ vaytémø nigeRCIserIsCasþg;dar. karseRmccitþ​ cug​eRkayGMBIkarCYl b¤ bdiesFbþIRbBn§rbs;smaCikRKYsar GaRs½yelIRkum​ RbwkSa​Pi)al EdlRtUvCYbRbCuMedayKµansmaCikRKYsarEdlBak;B½n§ nigeFVIkar​ e)aHeqñatCasm¶at;. 2> karRKb;RKg nigTMnak;TMngr)aykarN_ RbsinebImanlT§PaB smaCikRKYsar minRtUvsßiteRkamkarRKb;RKgrbs;​ smaCik​RKYsarepSgeToteLIy. krNIenH CYnkalminGacecosvag)aneLIy CaBiesskñúgkrNItYnaTIdwknaMCan;x kmµsikSary³eBlxøI nigkargarenArdUvekþA ³ smaCikRKYsarekµg² EdlbgðajbMNgcg;eFVIkarenA SABIS nwgRtUvelIkTwkcitþ​ [​qøgkat;kmµsikSary³eBlxøICamYyGgÁPaB ¬CaTUeTA manry³eBlBI BIrbI​ s)þah_ ​eTABIrbIEx¦. kmµsikSadUceBalenHminRtUvCMnYs[ {karbNþúH​bNþal​ dMbUg} CacaM)ac; EdlBYkeKGacRtUvTTYlkñúgkrNIcUlrYmCamYyRkumh‘unenA​ dMNak;kaleRkayeLIy. 4> karGb;rMbnþ ³ eKalneya)ayRkumh‘un Casþg;dar nwgRtUvGnuvtþTaMgcMeBaHkarGb;rMbnþ ¬edIm,I​ TTYl​)ansBaØab½Rt¦ TaMgkarGPivDÆviC¢aCIv³ ¬]TahrN_³ karbNþúHbNþal 28 GPi)alkic©RKYsar sikça​sala nigsnñisIT CaedIm¦. kñúgkrNITak;TgnwgkarGb;rMbnþ Rbsin​​ebI​ nieyaCitCasmaCikRKYsarcg;)anviPaKTanhirBaØvtßCú abEnßmBIRkumR​ bwkSa​RKYsar​​ rbs; SABIS elIsBIGVIEdlRkumh‘unGacpþl;CUn nieyaCitRtUvdak;sMeNI​eTAkan;​ RkumRbwkSaRKYsartamry³RbFan¼CEO. bnÞab;mk RkumRbwkSa​​​RKYsarniwg​​​ sikSa​sMeNIenaH nigeFVIkarseRmccitþeTAtamenaH. 1>2 eKalneya)aysþIBIkarcUlPaKh‘unrbs;smaCikRKYsar cMeBaHRKYsarmYycMnYn CakarcaM)ac; RtUvbBa¢ak;[)anc,as;las;nUveKalneya)aykan;kab;PaKh‘un taMgBIdMNak;kaldMbUgbMputénGtßiPaBRKYsar. CaFmµta eFVIdUecñHCYykMNt;nUvkarMBwgTukRtwmRtUv​ kñúg​cMeNamsmaCikRKYsarTak;TgnwgkmµsiT§ielIPaKh‘un ]TahrN_ krNIfaetIsac;éfø nigsmaCik RKYsarsm<½n§jatidéTeTot RtUv)anGnuBaØat[mankmµsiT§ielIPaKh‘un b¤Gt;. eKalneya)aysþIBI​ karkan;kab;PaKh‘unEdll¥ k¾nwgkMNt;pgEdrnUvynþkarEdlGnuBaØat[smaCikRKYsarlk;PaKh‘un​ rbs;​xøÜn RbsinebIBYkeKcg;)ansac;R)ak;CMnYsvij. tamBiteTA enAeBlEdlTMhMm©as;PaKh‘unkan;​ EtFMeLIg m©as;PaKh‘unÉeTotPaKeRcIn muxEtTTYl)anPaKTunrbs;Rkumh‘unkñúgPaKrykan;EttUc​ eTA² EdlnwgpþlP ; aKlaPkan;EtTabeTA² ¬RbsinebIRkumh‘n u RtUvbg;PaKlaP¦. sßanPaBEbbenH GacbegáIt[mankarFujRTan;kñúgcMeNamm©as;PaKh‘unPaKeRcInÉeTot ehIyGacnaM[manTMnas; CamYysmaCikRKYsarEdlTTYl)anR)ak;ExeTotpg. karpþl;CeRmIs[m©as;PaKh‘unrMlayPaKTunrbs;xøÜnGacCYybeBa©ósTMnas;CaeRcIn RBmTaMgbegáIn »kasrs;ransRmab;GaCIvkmµpgEdr. GaCIvkmµRKYsarxøHbegáIt[manCamUlniFirMelaHPaKTun edIm,I​ TijykPaKh‘n M ay. CaFmµta mUlniFei nHTTYl)anhirBaØb,Taneday​ u EdlsmaCikRKYsarcg;rl kar​rYmviPaKTanR)ak;cMeNjCaPaKrytUcmYyCaerogral;qñaM. 2> sßab½nGPi)alkic©RKYsar sßab½nGPi)alkic©RKYsar CYyBRgwgPaBsuxdum nigTMnak;TMngRKYsarCamYyGaCIvkmµrbs;xøÜn. tamry³karGnuBaØat[smaCikRKYsarrYbrYmKñaeRkamrcnasm<½n§EtmYYynigkan;Etmanreboberobry​ I ExSry³R)aRs½yTak;TgrvagRKYsar nigGaCIvkmµrbs;xn enaH sßab½nRKYsarbegán ​; kas​ Üø RBmTaMgpþl» sRmab;[smaCikRKYsarTMnak;TMngkargarKña nigBiPakSaelITidæPaBepSg²EdlGacBak;B½n§eTAnwg​ GaCIvkmµ b¤RKYsar. skmµPaBmanreboberobryenH CYybegán I kareyaKyl; nigksagkarÉkPaB​ Kña​​kñúgcMeNamsmaCikRKYsar. 29 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC smaCikRKYsarKYrTTYl)anB½t’manc,as;las;GMBIeKalbMNg nigskmµPaBrbs;sßab½nGPi)alkic©​ RKYsarEdl)ankMNt;eLIg. CakarsMxan;pgEdrEdlRtUvFana[smaCikRKYsarEjk[dac;BIKñarvag tYnaTIrbs;sßab½nTaMgenH nigGgÁGPi)alkic©rbs;GaCIvkmµ dUcCaRkumRbwkSaPi)al nigfñak;RKb;​RKg​ Can;xs ; aedIm. kargarenHGacseRmc)an edaykarerobcMnt < C Iv iF iC I alaylkçNG _ kSrsRmab;s​ aß b½n​​ T​aMgenH nigkarEckrMElknItiviFITaMgenHdl;smaCikRKYsarTaMgGs;. xageRkamenH KWCakarBN’naGMBIsßab½nGPi)alkic©RKYsarmYycMnYn EdlGaCIvkmµRKYsarGacman. tamBit minEmnRKb;GaCIvkmµRKYsarTaMgGs;suT§EtRtUvkar nigRtUvEtbegáItsßab½nTaMgenHeLIgeT. karseRmccitþGMBIRbePTsßab½nEdlRtUvbegáIteLIgGaRs½yeTAtamTMhMGaCIvkmµ dMNak;kal​ GPivDÆ​rbs;RKYsar cMnYnsmaCikRKYsarEdlmanRsab; nigkRmiténkarcUlrYmrbs;smaCikRKYsar​ enAkñúgGaCIvkmµ. 2>1 snñi)atRKYsar niymn½y³ GacehAmü:ageTotfa {evTikaRKYsar}. snñ) Ú kar sRmab;​ i atRKYsarKWCaevTikaBiPakSapøv smaCikRKYsarGMBb ú dMNak;kalsßabnikGaCIvkmµ snñ) I BaðaGaCIvkmµ nigRKYsar. enAGMLg i atRKYsar RtUvCMnYseday {karRbCuMRKYsar}Cajwkjab; nigmanlkçN³eRkApøÚvkar. karRbCuMeRkApøÚvkarTaMgenH GnuBaØat[sßabnikpSBVpSayGMBIKuNtémøRKYsar begáItKMnitGaCIvkmµfµI² nigeRtomlkçN³sRmab; GñkdwknaMGaCIvkmµRKYsarCMnan;eRkay. xN³eBlEdlRKYsar nigGaCIvkmµkan;Etman​lkçN³​ sµúKsµajeLIg ¬dMNak;kalbgb¥ÚnbegáIt nigbgb¥ÚnCIdUnmYy¦ CakarcaM)ac;RtUvbegáIt[man​​snñi)at RKYsarmanlkçN³pøÚvkarmYyeLIg. eKalbMNg³ edIm,InaMsmaCikRKYsar[CYbCuMKña edIm,IqøúHbBa©aMgGMBIplRbeyaCn_rYm ¬bBaðaRKYsar nigGaCIvkmµ¦. snñi)atRKYsarGnuBaØat[smaCikRKYsarTaMgGs;)anRCabGMBIbBaðaGaCIvkmµ nigpþl;​ »kas[BYkeKbeBa©jeyabl;GMBIvDÆn³PaBrbs;GaCIvkmµ nigbBaðaRKYsardéTeTot. snñi)at​ TaMgenHCYybeBa©ósTMnas;EdlGacekItmaneLIgkñgú cMeNamsmaCikRKYsar edaysarBum M an​lT§PaB​​​ TTYlB½t’man nigFnFandéTeTotesµIKña. snñi)atRKYsar CaFmµtaerobcMeLIgmþg b¤BIrdgkñúgmYyqñaM edIm,IBiPakSa nigRKb;RKgbBaðaplRbeyaCn_cMeBaHRKYsar. bBaðaxøHEdlRtUvedaHRsay​enA​GMLúg​ eBl​snñi)atRKYsar rYmman ³ karGnum½tkarpøas;bþÚrKuNtémø nigckçúvis½yRKYsar. karGb;rMsmaCikRKYsarGMBIsiT§i nigTMnYlxusRtUvrbs;xøÜn. karGnum½tyl;RBmcMeBaHkargarCalkçN³RKYsar nigeKalneya)aysþIBIsMNg. 30 GPi)alkic©RKYsar kare)aHeqñateRCIserIssmaCikRkumRbwkSaRKYsar ¬RbsinebImanRkumRbwkSadUceBalenH¦. kare)aHeqñateRCIserIssmaCikKN³kmµkarRKÜsadéTeTot. bBaðaRKYsarsMxan;²epSgeTot. smaCikPaB³ CaviFanTUeTA snñi)atRKYsar ebIkcMhsRmab;smaCikRKYsarTaMgGs;. eTaHCa​y:ag​ Nak¾eday RKYsarxøHcg;kMNt;karkRmitsmaCikPaBxøH dUcCakRmitGayuGb,brma karcUlrYm​rbs;​ sac;éfø nigsiT§ie)aHeqñatenAGMLúgeBlsnñi)atCaedIm. karkMNt;kalviPaK nigRbFan​snñi)at​ RKYsar RtUvcat;EcgedayRBwT§acarüRKYsar b¤tYGgÁkñúgRKYsardéTeTotEdlmankareKarB. CaFmµta enAkñúgRKYsarFM² Parkic©enHRtUvpþl;eTARkumRbwkSaRKYsar. 2>2 RkumRbwkSaRKYsar niymn½y³ GacehAmü:ageTotfa {KN³RKb;RKgRKYsar{ {RkumRbwkSaépÞkñúg} nig {KN³​kmµkar​ RbtibtþiRKYsar} RkumRbwkSaRKYsar KWCaGgÁGPi)alkic©EdlmandMeNIrkarmYyEdlRtUv)ane)aHeqñat​ edaysnñi)atRKYsarkñúgcMeNamsmaCikrbs;xøÜn edIm,IBieRKaHBiPakSaGMBIbBaðaGaCIvkmµRKYsar. Ca​ Fmµta RkumRbwkSaRKYsarRtUv)anerobcMeLIgenAeBlRKYsarQandl;TMhMd¾FMmYy ]TahrN_ man​ smaCikelIsBI30nak;. kñúgsßanPaBEbbenH vaCakarlM)aksRmab;[snñi)atRKYsarmankar​ BiPakSa​R​bkbedayGtßny ½ nigeFVk þ aø m² nigmanKuNPaB)anNas;. RkumRbwkSaRKYsar I arseRmccitP RtUv)anbegáIteLIgenARtg;dMNak;kalenH TukCaGgÁGPi)alkic©tMNagmYy sRmab;snñi)atRKYsar kñúgkarsRmbsRmYlplRbeyaCn_rbs;smaCikRKYsarenAkñúgGaCIvkmµrbs;xøÜn. eKalbMNg³ smasPaB rcnasm<½n§ nigkarRbRBwtþieTArbs;RkumRbwkSaRKYsar manlkçN³xusEbøk KñaBIGaCIvkmµRKYsarmYyeTAGaCIvkmµRKYsarmYyeTot. eTaHCay:agNak¾eday krNIykic©rbs;​ RkumRbwkSaCatYy:agmYy rYmmandUcteTAenH16 ³ CabNþajtP¢ab;d¾sMxan;rvagRKYsar RkumRbwkSaPi)al nigfñak;RKb;RKgCan;x3 kariyal½yRKYsar niymn½y³ kariyal½yRKYsar CamCÄmNÐlvinieyaK nigrdæ)almYy EdlerobcMeLIg nigsßiteRkam​ karemIlxusRtUvrbs;RkumRbwkSaRKYsar. CaFmµta kariyal½yRKYsar KWCaerOgd¾samBaØenAkñúg​ RKYsar​F² M nigmanFnFanEdleFVG I aCIvkmµ EdlsmaCikrbs;xn I RmUvkarsRmab;TTYl) Üø sEmþgGMBt ​​ an dMbUnµan​​EpñkhirBaØvtßú FnaKar KNenyüpÞal;xøÜn nigdMbUnµandéTeTot. eKalbMNg³ edIm,Ipþl;dMbUnµanGMBIEpnkarvinieyaKpÞal;xøÜn GMBIBn§ visalPaBRKbdNþb;énkarFana r:ab;rg EpnkarGclnRTBü karRbwkSaeyabl;GMBImuxGaCIB nigRbFanbTCacMNab;GarmµN_déT​ eTot cMeBaHsmaCikRKYsarnImYy². smaCikPaB³ kariyal½yRKYsar CaRbtibtþikardac;edayELkBIGaCIvkmµ eTaHCay:agNak¾eday smaCikRKYsarmYycMnYntUc GaceFVIkarenAkñúgGaCIvkmµpgEdr. CaFmµta kariyal½yenHmanGñk​ RKb;RKgRbkbedayviC¢aCIv³ EdlRtÜtBinitüvinieyaK karGnuvtþkarbg;Bn§ karFanar:ab;rg Epnkar​ hirBaØvtßú cmøgkarkñúgcMeNamRKYsar dUcCaGMeNayPaKh‘un nigEpnkarGclnRTBüCaedIm17. 2>4 sßab½nRKYsardéTeTot RKYsarEdleFVIGaCIvkmµ GacemIleXIjBIsar³RbeyaCn_kñúgkarerobcMsßab½nRbePTdéTeTot Edl​ RKb​dNþb;cMNucCacMNab;GarmµN_edayELkcMeBaHxøÜn. sßab½nmYycMnYnkñúgcMeNamsßab½n​TaMgenH 17​ CMnan;eRkay³ karseRmc)ankþIsubinrbs;RKÜsarEdleFVIGaCIvkmµ eday Ivan Lansberg, ¬e)aHBum eKalbMNgénBiFIkarRKYsar 1> bUrNPaBrbs;Rkumh‘un Carvajal Group 2> ÉkPaBrbs;RKYsar Carvajal x> sßab½nRKYsar 1> snñi)atRKYsar 19​ sRmYl nigsegçbecjBIkMENqñaM2002 énBiFIsarRKÜsarrbs;Rkúmh‘un The Carvajal Group 36 GPi)alkic©RKYsar k> eKalbMNgénsnñi)atRKYsar x> muxgarrbs;snñi)atRKYsar 2> RkumRbwkSaRKYsar k> eKalbMNgénRkumRbwkSaRKYsar x> smasPaBrbs;RkumRbwkSaRKYsar K> muxgarrbs;RkumRbwkSaRKYsar X> karseRmccitþrbs;RkumRbwkSaRKYsar g> PaBjwkjab;énkarRbCuMrbs;RkumRbwkSaRKYsar. 3> RkumRbwkSaGPivDÆn_smaCikRKYsarEdleFVIkarenAkñúgRkumh‘un k> eKalbMNgénRkumRbwkSaGPivDÆn_ x> smasPaBrbs;RkumRbwkSaGPivDÆn_ K> muxgarrbs;RkumRbwkSaGPivDÆn_. K> mUlniFiRKYsar Carvajal ¬sßab½nsb,úrsFm’¦ 1> eKalbMNgénmUlniFiRKYsar 2> RkumRbwkSamUlniFiRKYsar 3> RbFanmUlniFiRKYsar X> sßab½nRkumh‘un 1> kic©RbCuMm©as;PaKh‘un k> eKalbMNgénkic©RbCuMm©as;PaKh‘un x> karseRmccitþrbs;kic©RbCMum©as;PaKh‘un 2> RkumRbwkSaPi)al k> eKalbMNgrbs;RkumRbwkSaPi)al x> smasPaBrbs;RkumRbwkSaPi)al K> RbFanRkumRbwkSaPi)al g> fñak;RKb;RKgRkumh‘un 1> GKÁnaykrbs;Rkumh‘un k> karEtgtaMgGKÁnaykrbs;Rkumh‘un 37 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC c> eKalneya)aykan;kab;PaKh‘un 1> karlk;PaKh‘un k> siT§iCMTas;dMbUg x> lkçxNÐénkarlk; 2> siT§irwbGUsPaKh‘un 3> karecjPaKh‘un 4> mUlniFibRmug k> eKalbMNgénmUlniFibRmug x> RkumRbwkSaPi)almUlniFibRmug 5> TMnas;plRbeyaCn_ k> karvinieyaKenAkñúgRkumh‘undéTeTot x> RbtibtiþkarCamYyRkumh‘un K> skmµPaBepSg² q> karpþl;kargardl;smaCikRKYsar 1> karcUleFVIkargar 2> TMnYlxusRtUv 3> R)ak;bMNac; 4> karvaytémøsRmab;karGPivDÆn_ 5> karcUlnivtþn_ C> PaKlaPsgÁm ¬R)ak;TMnukbRmúgRmab;smaCikRKYsar¦ 1> eKalbMNgénPaKlaPsgÁm 2> smasPaKénPaKlaPsgÁm 3> bTb,BaØtþiénPaKlaPsgÁm Q> skmµPaBRKYsar 1> kic©RbCuMsgÁm 2> kic©RbCuMpþl;B½t’man 3> karR)aRs½yTak;Tg 4> Rbvtþirbs;Rkumh‘un 38 GPi)alkic©RKYsar j> TMnak;TMngCamYysaFarNCn d> GñkRtYtBinitüBiFIkar 1> eKalbMNgrbs;GñkRtYtBinitü 2> karEtgtaMgGñkRtYtBinitü 3> muxgarrbs;GñkRtYtBinitü f> elxaFikarRkumRbwkSaRKYsar 1> eKalbMNgrbs;elxaFikarRkumRbwkSaRKYsar 2> karEtgtaMgelxaFikarRkumRbwkSaRKYsar 3> muxgarrbs;elxaFikarRkumRbwkSaRKYsar D> karedaHRsayTMnas; F> kareFVIbc©úb,nñPaBBiFIkarRKYsar N> niymn½y 39 EpñkTI III RkumRbwkSaPi)alenAkñúgGaCIvkmµRKYsar RkumRbwkSaPi)alKWCasßab½nkNþalenAkñúgGPi)alkic©Rkumh‘unPaKeRcInbMput rYmTaMgRkumh‘un​ ½ § nigsmasPaBrbs;RkumRbwkSaPi)al ERbRbYl​ Edl​manRKYsarCam©as;pgEdr. tYnaTI rcnasm RkumRbwkSaBieRKaHeyabl; 1>1 niymn½y nigtYnaTIrbs;RkumRbwkSaBieRKaHeyabl; RkumRbwkSaBieRKaHeyabl; KWCaRkumbuKÁlEdlmanbTBiesaFn_ nigkareKarB EdlGaCIvkmµRKYsar​ CaeRcInbegáIteLIg enAeBlRkumRbwkSaPi)alrbs;xøÜnmansmasPaBeTAedaysmaCikRKYsar nig GñkRKb;RKgCan;x2 smasPaBrbs;RkumRbwkSaBieRKaHeyabl; TMhEM dlmanlkçN³GnuvtþCak;EsþgbMpt u sRmab;RkumRbwkSaBieRKaHeyabl; KWmansmaCikBI 3 eTA 7​ nak;. karrkSaTMhMRkumRbwkSaenH[enAtUcnwgCYyrkSaRbsiT§iPaBrbs;va nigpþl;lT§PaB[smaCik rbs;RkumRbwkSaGacR)aRs½yTak;TgKMnt i rbs;xn Üø )anc,as;las;eTAdl;RkumRbwkSadéTenA​Rkumh‘nu. CaFmµta smaCikRkumRbwkSaBieRKaHeyabl; KWCaGñkÉkeTskñúg]sSahkmµGaCIvkmµRKYsar nig TIpSar b¤enAkñúgvis½ydéTeTotdUcCa hirBaØvtßú TIpSar nigTIpSarGnþrCati CaedIm. GñkTaMgenH​k¾pþl;​ pg​EdrnUvÉkeTs nigbTBiesaFn_ enAeBlGaCIvkmµRKYsar QancUlkñúgskmµPaB b¤RbeTsfµI. tamFmµta RkumRbwkSaBieRKaHeyabl;Cb M añ BI 3 eTA 4dg kñg Y RbCuK ú mYyqñaM GaRs½yeTAtamTMhM nigPaB​ sµúKsµajénRbtibtþikarrbs;GaCIvkmµ. GKÁnayk (CEO) nigGñkRKb;RKgCan;x3 KuNsm,tþi nigKuNvibtþirbs;RkumRbwkSaBieRKaHeyabl; taragxageRkamenH segçbKuNsm,tþi nigKuNvibtþisMxan;²mYycMnYnrbs;RkumRbwkSaBieRKaH​ eyabl;³ 22 21 {rebobbegáItGPi)alkic©RbkbedayRbsiT§iPaB enAkñúgshRKasRKb;RKgedayRKÜsar} eday Richard Narva nig Beth e)aHBum RkumRbwkSaPi)al 2>1> tYnaTIrbs;RkumRbwkSaPi)al tYnaTIsñÚlrbs;RkumRbwkSaPi)alEdlbMeBjkargar)anl¥KW kMNt;yuT§sa®sþrYmrbs;Rkumh‘un RtÜtBinitü​lT§plGnuvtþkargarrbs;fñak;RKb;RKg nigFana[manrcnasm<½n§GPi)alkic©Rkumh‘un 43 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC smRsb rYmbBa©ÚlTaMgbriyakasRKb;RKgd¾rwgmaM kRmitebIkcMhRKb;RKan; nigynþkarkarBarm©as;​ PaKh‘unPaKeRcInRKb;RKan;. brimaNeBlevla nigkic©xitxMRbwgERbgEdl)anEbgEckeday​ RkumR​ bwkSaPi)alcMeBaHEpñkTaMgenHGaRs½yeTAelITMhM nigPaBsµúKsµajrbs;GaCIvkmµRKYsar. ]TahrN_³ Rkumh‘unEdlmanm©as;PaKh‘unBIrbInak; dMeNIrkarGaCIvkmµsamBaز karRKb;RKg​ úñ ​RbkbedayRbsiTP épÞkg ; acnwgRtUvkar[RkumRbwkSaPi)al​ i§ aB nigkarcUlrYmrbs;ma© s;mankRmitx2 smasPaBRkumRbwkSaPi)al smasPaB nigTMhMrbs;RkumRbwkSaPi)al GaRs½yeTAtamTMhM nigPaBsµúKsµajénRbtibtþikar​ rbs;Rkumh‘un. eTaHbICaKµanrUbmnþsamBaØNamYysRmab;kMNt;cMnYnRtwmRtUvénRkumRbwkSaPi)al sRmab;GaCIvkmµRKYsarTaMgLayk¾eday k¾karGnuvtþl¥bMputpþl;Gnusasn_fa RkumRbwkSaPi)al​ KYrmanTMhEM dlGacRKb;RKg)an ]TahrN_ smaCikBI 5 eTA 9nak;. KuNsm,tþé i nRkumRbwkSaPi)al​ EdlmanTMhMtUcrYmman³ begáInRbsiT§iPaB edaysarnayknanaman»kaskan;EtRbesIrsRmab; R)aRs½yTak;Tg sþab;KñaeTAvijeTAmk nigrkSakarBiPakSa. CagenHeTAeTot vamanPaB​ gayRsYlCagkñg u: sRmab;RkumtUc ú karerobcMRbCuRM kumRbwkSaPi)al ehIykarQaneTAseRmc)ankUrm manPaBgayRsYlCagRkumFM. 23 GaCIvkmµRKÜsar³ GPi)alkic©GaCIvkmµRKÜsaredIm,InirnþrPaB eday Fred Neubauer nig Alden G. Lank ¬e)aHBum<​ pSayedaysarB½t’man Routldge New York qñaM1998 ¦. 44 RkumRbwkSaPi)alenAkñúgGaCIvkmµRKYsar kñúgkareRCIserIsRkumRbwkSaPi)alTaMgLayrbs;xøÜn Rkumh‘unEdlmanRKYsarCam©as; KYrepþatelI buKÁlEdlnwgbEnßmKuNtémødl;GaCIvkmµ RBmTaMgpþl;CMnajEdlcaM)ac;kñúgEpnyuT§sa®sþ nig¼​ b¤karRKb;RKg nigkarBinitüemIlRbtibtþikar. elIsBIenH kareRCIserIsedayeCaKC½ynUvRkum​ RbwkSa​Pi)alTaMgLay epþateTAelIviPaKTanEdlGñkTaMgenaHGacpþl;[Rkumh‘un CaCagKitEtGMBI​ krNIEdlfaGñkenaHCasmaCikRKYsar b¤minEmnCasmaCikRKYsar. eTaHCay:agNak¾eday kñúg​ krNICak;Esþg GaCIvkmµRKYsarhak;manTMenarcg;)anRkumRbwkSaPi)al EdlRKbdNþb;eday​ smaCikRKYsaresÞIrEtTaMgRsug. plRbeyaCn_énkarmanRkumRbwkSaPi)al EdleFVIskmµPaB​ eday​ÉkraCüBIfñak;RKb;RKg nigm©as;PaKh‘unRKb;RKgRkumh‘un nwgmanBiPakSaenAkñúgEpñkTI III-3 xageRkamenHeTot. taragxageRkamenH segçbGMBIlkçN³vinicä½ymYycMnYnEdlRkumRbwkSaPi)all¥ KYrman ³ lkçN³pÞal;xøÜn KuNsm,tþiviC¢aCIv³ manesckþs I cu rit nigKNenyüPaB​​ bTBiesaFn_EpñkGaCIvkmµenH pÞal;xn Üø mankarvinicä½yGMBIGaCIvkmµRtwmRtUv smtßPaBeFVk I argarCaRkum manÉkeTs nigCMnaj kñúgEpñkEdl​​​ manCMnajR)aRs½yTak;Tgl¥ ½ § ¬RtUvkMNt;edayRkumh‘n Bak;Bn u¦ CMnajdwknaM ÉkeTs nigCMnajTaMgenH rYmman ³ CMnajviPaKl¥ yuT§sa®sþ TIpSar c,ab; hirBaØvtßú nig​ køahan Tukcitx þnÜø Ég nigsmtßPaBtTl;​ KNenyü kar​RKb​;RKghaniP½y nig CamYynaykdéTeTot smaCikRKYsar karRKb;RKgépÞkñúg FnFanmnusS nig​ nig​​​GñkRKb;RKg​Can;xs < ; GPi)alkic©Rkumh‘un mancMNgTak;Tg nigbNþajkargar​man​ RbeyaCn_ 2>3 krNIykic©rbs;nayk naykTaMgLay e)aHeqñateRCIserIsedaym©as;PaKh‘unRkumh‘un ehIyRtUvbMeBjkic©karedIm,I]tþm​ RbeyaCn_rbs;Rkumh‘un nigykcitþTukdak;kñúgkarbMeBjkic©karenH. xageRkamenH KWCakrNIykic© sMxan;rbs;nayk³ 24 24 {RkúmRbwkSaPi)alenAkñúgGaCIvkmµEdlmanRKÜsarCam©as;} eday NACD e)aHBum naykÉkraCü 3>1 sar³sMxan;énnaykÉkraCü karbegát þQ I RkumRbwkSaPi)alEdlrwgmaM nigÉkraCü KWCakarseRmccitd I aCIvkmµ​​ ¾ aø sév EdlRKYsareFV​G PaKeRcInbMputeFVIeLIg enAeBlRbtibtþikarRkumh‘unrbs;xøÜnQandl;TMhMFMmYy nigmanPaB​ sµúKsµaj. karsikSamYyeFVIeLIgenAshrdæGaemrik eTAelIRkumh‘unEdlmanRKYsarCam©as;Cag 80 EdldMeNIrkaredayGñkCMnan;TIbI b¤CMnan;eRkay²mkeTot )anbgðaj[eXIjfa karmanRkum​ RbwkSa​Pi)alEdlskmµ nigmanGñkxageRkACasmaCik ¬minRKb;RKgedayRKYsar¦ KWCaGgÁFatu​ d¾sMxan;​mYy sRmab;PaBrs;ranmanCIvit nigeCaKC½yrbs;Rkumh‘unTaMgenaH. 25 25 karbegáItRkúmRbwkSaPi)alRbkbedayRbsiT§iPaBsRmab;shRKasÉkCn eday John Ward ¬e)aHBum2 niymn½yénPaBÉkraCürbs;nayk niymn½yénPaBÉkraCürbs;nayk manlkçN³xusEbøkKñaBITIpSarmYyeTATIpSarmYyeTot eTaHCa​ y:ag​Nak¾eday smasPaKCacm,grbs;vaenAEtdUcKña. CaeKalkarN_TUeTAKWfa nayk​ ÉkraCü KYrEtKµanBak;B½n§eTAnwgfñak;RKb;RKg GñkRKb;RKg ¬eBalKWRKYsar¦ nigGñkÉeTotEdl​ Gacman​\T§iBl​​eTAkarvinicä½yrbs;xøÜn. xageRkamenH KWCaniymn½yrbs; IFC Tak;Tgnwg​nayk​ ÉkraCü ³ 26 GaCIvkmµRKÜsar³ GPi)alkic©GaCIvkmµRKÜsaredIm,InirnþrPaB eday Fred Neubauer nig Alden G. Lank ¬e)aHBum<​pSay​ edaysarB½t’man Routldge New York qñaM1998 ¦. 47 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC niymn½yénnaykÉkraCüCasUcnakr 27 {naykÉkraCü} mann½yfa CanaykEdl³ 1> minEmnCanieyaCitrbs;Rkumh‘un b¤CaPaKIBak;B½n§rbs;Rkumh‘un kñúgry³eBl5qñaM​ knøgeTA 2> minEmn nigminBak;Bn ½C§ amYyRkumh‘n u mYyEdlCaTIRbwkSa b¤Bei RKaHeyabl;c ​ eM BaH​​​ R​kumh‘un b¤PaKIBak;B½n§rbs;Rkumh‘un 3> minBak;B½n§CamYyGtifiCn b¤GñkpÁt;pÁg;sMxan;rbs;Rkumh‘un nigPaKIBak;B½n§rbs;​ Rkumh‘un 4> minmankic©snüapþl;esvapÞal;xøÜnCamYyRkumh‘un PaKIBak;B½n§rbs;Rkumh‘un nig​ fñak;RKb​;RKgCan;x minBak;B½n§CamYyGgÁkarminrkkéRm EdlTTYlmUlniFiFMBIRkumh‘un b¤PaKIBak;B½n§​ r​​​bs;​​Rkumh‘un 6> minEmnCabuKÁlikRbtibtþirbs;Rkumh‘unmYyepSgeTot EdlbuKÁlikRbtibtþirbs;​ Rkumh‘unenaH CaRkumRbwkSaPi)alrbs;Rkumh‘unenH 7> minEmnCasmaCikRKYsarpÞal;rbs;buKÁlikNamYy b¤Føab;CabuKÁlikrbs;Rkumh‘un kñúgry³eBl5qñaMknøgeTA b¤PaKIBak;B½n§rbs;Rkumh‘un kñúgnamCam®nþIRbtibtþi 8> minEmnCa b¤kñúgry³eBl5qñaMknøgeTA minBak;B½n§ b¤minEmnCanieyaCitrbs;​ svnkrbc©úb,nñ b¤GtItsvnkrrbs;Rkumh‘un b¤PaKIBak;B½n§NamYy b¤ 9> minEmnCabuKÁlRKb;RKgelIRkumh‘un ¬b¤CasmaCikRkumbuKÁl nig¼b¤GgÁPaB​ EdlrYmKñaeRbIR)as;karRKb;RKgelIRkumh‘un¦ b¤minEmnCabgb¥ÚnRbus bgb¥ÚnRsI «Bukmþay CIdUnCIta kUn bgb¥ÚnCIdUnmYy mþaymIg «Bukma kµÜyRbus b¤kµÜyRsI b¤bþIRbBn§ Gñkemm:ay sac;éfø TayaT GñkTTYlGc©½yTan nigGñksñg​tMENg​ rbs;GñkCMnan;mun ¬b¤karerobcMedayTMnukcitþ b¤RsedogenH EdlbuKÁlenaH b¤​ Gñk​TaMgenaH CaGñkTTYlplTaMgRsug¦ b¤CaRbtibtþikr Gñkrdæ)al b¤tMNagpÞal;​ xøÜnrbs;buKÁlNamñak; Edl)anBN’naenAkñúgGnukfaxNÐenH Edl)ansøab; b¤​ GsmtßPaBtampøÚvc,ab; . ehIycMeBaHniymn½yenH buKl Á EdlRtUvcat;Tk ½ }§ CamYyPaKImy u fa {Bak;Bn Y RbsinebIb ​K Á ​​ ul enaH ³ (i) manplRbeyaCn_CakmµsT i ​ei§ daypÞal; b¤edayRbeyalenAkñg ú b¤ (ii) Ca​nei yaCit​ rbs;PaKIenaH cMeBaHRkumh‘un {PaKIBak;B½n§} mann½yfa buKÁlNamñak; b¤GgÁPaB​NamYy​ EdlRKb;RKg RtUv)an​RKb;RKgedayRkumh‘un b¤sßiteRkamkarRKb;RKgrYmCamYyR​ kumh‘un. ú nþrCati, http://www.ifc.org/ifcext/corporategovernance.nsf/Content/CGTools-FamilyFounderUnlisted. 27 saCIvkmµhri BaØvtßG 48 EpñkTI IV fñak;RKb;RKgCan;x GñkRKb;RKgCasmaCikRKYsar eFobnwgGñkRKb;RKgminEmnCa smaCikRKYsar enAGMLúgqñaMdMbUg²énvtþmanrbs;xøÜn GaCIvkmµRKYsarTaMgLayEtgEtdwknaM nigRKb;RKgeday​ sßabnik ¬mñak; b¤eRcInnak;¦. rcnasm<½n§RKb;RKgrbs;eK GacsßitenACalkçN³eRkApøÚvkarenA​ eLIy cMENkÉGMNacénkarseRmccitþ enApþúMkñúgédrbs;sßanik nigsac;jatiCitsñiT§mYycMnYn​ tUc​b:ueNÑaH. CaFmµta rcnasm<½n§RKb;RKgenHmandMeNIrkarl¥enAGMLúgdMNak;kaldMbUgénkar​ vivDÆrbs;Rkumh‘un. sßabnikEdlmankarCMrujTwkcitþ nigxitxMeFVIkargarCaFmµta KWCaehtupl cm,gsRmab;eCaKC½yrbs;GaCIvkmµRKYsarenAdMNak;kalenH. enAeBlEdlRkumh‘unecHEtrIkFMeLIg ehIyRbtibtþikarGaCIvkmµrbs;xøÜnkan;EtmanlkçN³​ sµúKsµaj enaHcaM)ac;RtUvmandMeNIrkareFVIkarseRmccitþEbbvimCÄkar nigGgÁRKb;RKgRbkb​ edayKuNsm,tþimYy edIm,IedaHRsayPaBsµúKsµajrbs;GaCIvkmµ nigRbtibtþikarRbcaMéf¶ Edl​ kan;​Et​mankarlM)ak. CaGkusl manGaCIvkmµRKYsarCaeRcIn RBegIykenþIycMeBaHPaBcaM)ac;​ ;​ Rmab;​​ edIm,I​eFVI[GaCIvkmµrbs;xøÜnmanlkçN³viC¢aCIv³ ehIyrkSaTukmuxtMENgRKb;RKgCan;x karsñgtMENgGKÁnayk nigtMENgRKb;RKgCan;x1 sar³sMxan;énEpnkarsñgtMENgRKb;RKgCan;x2> CMhanénEpnkarsñgtMENgGKÁnaykpøÚvkar tamFmµta dMeNIrkarerobcMEpnkarsñgtMENgGKÁnayk manlkçN³xusKñaBIGaCIvkmµRKYsarmYy eTA​GaCIvkmµRKYsarmYyeTot GaRs½yeTAtamPaBsµúKsµajrbs;GaCIvkmµ kRmiténkarcUlrYm​ smaCik RKYsarenAkñúgGaCIvkmµ nigGtßiPaBénebkçCnGKÁnaykEdlmansmtßPaB ecjBIcMeNam​ RKYsar. xageRkamenH KWCadMeNIrkarmYyCMhanmþg² EdlGacCYyGaCIvkmµRKYsareRtomlkçN³ kan;Et​RbesIrsRmab;karsñgtMENgGKÁnayk³ 31 cab;epþIm[)anqab;³ TIRbwkSaGaCIvkmµRKYsarCaeRcIn esñI[cab;epþImdMeNIrkareRCIserIsGKÁnayk​ bnÞab;[)anqab;bMput enAeBlEdlGKÁnaykbc©úb,nñRtUv)anEtgtaMg. eFVIdUecñHnwgFananirnþrPaB rbs;GaCIvkmµ nigpþl;dl;Rkumh‘unGKÁnaykfµImñak; EdlRtUv)aneRCIserIsedayRby½tñRbEyg nig​ man​kar​eRtomlkçN³y:agl¥ edIm,IsñgtMENgGKÁnaykbc©úb,nñ. karcab;epþImdMeNIrkareRCIserIs GKÁnayktaMgBIedImdMbUg mansar³sMxan;Nas; RbsinebIRtUveRCIserIsGKÁnaykbnÞab;BIcMeNam​ RKYsar. kñúgkrNIenH dMeNIrkareRCIserIs nigsm¥itsm¥agGKÁnaykbnÞab;BICMnan;eRkaynwgRtUv​ kar​eBlevlaEvgCag RbsinebIGKÁnaykenaHRtUveRCIserIsBIxageRkARKYsar. kñúgGaCIvkmµRKYsarPaKeRcInbMput GKÁnaykbc©úb,nñCaGñkpþÜcepþImdMeNIrkarerobcMEpnkar​sñg​ tMENg. RkumRbwkSaPi)alEdlskmµ k¾GacbMeBjtYnaTIy:agsMxan;edayTTUc[mankarerobcM​ Epn​karsñgtMENg kñúgkrNIGKÁnaykbc©úb,nñmincab;epþImdMeNIrkarenH[qab;RKb;RKan;. karbegáItRbB½n§GPivDÆGaCIB³ EpnkarsñgtMENgEdlTTYleCaKC½y KWCaEpnkarEdleRCIserIs​ ebkçCnd¾l¥bMputtamEdlGaceFVIeTA)ansRmab;kargarenaH edayminKitfa ebkçCnenaHCab;​sac;​ jatin ​ wgRKYsar b¤minCab;eLIy. RbsinebIGKÁnaykbnÞab;RtUveRCIserIsBIkñúgcMeNamRKYsar b¤​ nieyaCit​bc©úb,nñr​ bs;xøÜn eKKYrerobcMRbB½n§GPivDÆmuxGaCIBhµt;ct;mYyeLIg edIm,IerobcMGñk​Edl​ GackøayCa​​GKÁnayk. RbB½n§mYyEbbenH nwgbegáInsmtßPaBrbs;ebkçCnGKÁnayktamry³kar​ pþl;​dl;BYke​ KnUvkarGb;rM karbNþúHbNþalEdlcaM)ac; nigpþl;mtiRtLb;CaeTogTat;GMBIlT§pl​ Gnuvtþ​kargar​rbs;BYkeKenAkñúgRkumh‘un. GaCIvkmµRKYsarxøHseRmccitC Y GKÁnaykBIxageRkA RbsinebIKaµ nebkçCnGKÁnaykl¥Bk þl úñ c Ig ​ eM Nam​​ RKYsar b¤nieyaCitrbs;xøÜn. kñúgkrNIenH KYrmanKN³kmµkarmYyrbs;RkumRbwkSaPi)al ¬]Ta- hrN_³ KN³kmµkar]eTÞsnam¦ dwknaMEpnkarsñgtMENgGKÁnayk. KN³kmµkarenH​Gac​cab;epþm I edaykarkMNt;lkçN³vinc iy½ä sRmab;GKÁnaykbnÞab; munnwgEsVgrkebkçCnEdl​​smRsb. CagenH​ 31 GaCIvkmµRKÜsar³ GPi)alkic©GaCIvkmµRKÜsaredIm,InirnþrPaB eday Fred Neubauer nig Alden G. Lank ¬e)aHBum<​pSay​ eday​sarB½t’man Routldge New York qñaM1998 ¦. 54 fñak;RKb;RKgCan;x ehtuGVIRtUvkøayxøÜnCasaCIvkmµ? ehtuGVIminRtUv? GaCIvkmµRKYsarCaeRcIn seRmccitþkøayxøÜnCasaCIvkmµ enAtamxN³NamYyénvdþCIvit GaCIvkmµrbs;xøÜn edIm,ImanlT§PaBEsVgrkFnFanhirBaØvtßúsRmab;BRgIkGaCIvkmµrbs;xøÜn b¤​ edIm,Ip​​ þl;dl;m©as;PaKh‘unrbs;xøÜnnUvmeFüa)aylk;PaKh‘unrbs;BYkeK kñúgkrNIm©as;PaKh‘un TaMgenaHcg;brÚþ PaKh‘nu ykCasac;R)ak;vj ​ ar​ i . karERbkøayBIGaCIvkmµ[eTACasaCIvkmµ KWCadMeNIrk d¾sKúµ sµajmYy EdltRmUv[mankarBicarNaedayRbugRby½tG ñB I eRmIsepSg² kareRtomlkçN³​​ MC y:ageRcInBIRkumRbwkSaPi)al nigfñak;RKb;RKg RBmTaMgdMbUnµanCaeRcInBIGñkÉkeTsxageRkA. karERbkøayBIGaCIvkmµ[eTACasaCIvkmµ k¾CakarseRmccitþmYy Edlpþl;KuNsm,tþi nig​ KuN​vibtþiCaeRcIndl;GaCIvkmµRKYsar. 1>1 KuNsm,tþiénkarkøayxøÜnCasaCIvkmµsRmab;GaCIvkmµRKYsar 32 ;N karERbkøayGaCIvkmµ[eTACasaCIvkmµ GacpþlK iy u sm,tþm Y dl;GaCIvkmµRKYsar nigm©as;​ Y cMnn PaKh‘unrbs;GaCIvkmµ rYmman ³ I lT§PaBkñg begán ú karTijlk;PaKh‘n u ³ karN_enHpþll ; T§PaB[m©as;PaKh‘n u​ u RKYsarlk;PaKh‘n rbs;xn úñ témøPaKh‘n Üø ​kg Ml u TUlTU ayenAkñg ú TIpSaresrI. vak¾bgá[manPaBgayRsYl​​​​sRmab;​ [m©as;PaKh‘n u eRbIR)as;PaKh‘n u rbs;xn ú Ba©as Üø Cavtßb M Rmab;TTYl)anR)ak;km©p I gEdr. CalT§pl kMeNInlT§PaBTIpSarrbs;PaKh‘unRkumh‘un CYykat;bnßybBaðaRKYsar edaysarva​edaH​Rsay​ tRmUv​karCRmHPaKh‘n u rbs;m©as;PaKh‘n u Edlcg;rkSaRTBüsm,tþri bs;xn Üø CaRTBüskmµ CaCag​ kareFVIGaCIvkmµenAkñúgRkumh‘un. karEklm¥sßanPaBhirBaØvtßúrbs;Rkumh‘un³ enHCalT§plpÞal;)anmkBIkarlk;PaKh‘unrbs;​ Rkumh‘uneTA[saFarNCn. sßanPaBhirBaØvtßúkan;EtrwgmaM eFVI[manPaBkan;EtgayRsÜl​ sRmab;Rkumh‘unedIm,IEsVgrkkm©I nigcrcalkçxNÐkm©ITaMgenH. 32 {TsSn³GMBIkarbgðajxøÜnCasaFarN³} eday Monica Wagen, e)aHBum2 KuNvibtþiénkarkøayxøÜnCaRkumh‘unsaCIvkmµsRmab;GaCIvkmµRKYsar 33 karkøayBIGaCIvkmµRKYsareTACasaCIvkmµ k¾GacbgáKuNvibtþiEdlGacekItmandl;GaCIvkmµRKYsar pgEdr dUcCa³ kar)at;bg;PaBÉkCn³ enHRbEhlCalT§plEdleKmincg;)anCaTIbMputBIkarkøayxøÜnCasaCIvkmµ sRmab;GaCIvkmµRKYsar. tamBiteTA enAeBlkøayxøÜnCaRkumh‘unsaCIvkmµ GaCIvkmµRKYsarRtUv​ bgðaj​B½t’maneRcInCagmun rYmmandUcCa³ r)aykarN_hirBaØvtßúlm¥it nigviFankarRKb;RKglT§pl GnuvtþkargarepSg² nigGtßRbeyaCn_ Edlpþl;eTA[smaCikRKYsarCaedIm. kar)at;bg;sy ½V PaB³ enHCaplvi)akénkarmkdl;nv u fµ² U m©as;PaKh‘n I eRkayBIGaCIvkmµRKYsarkøay​ Ü CasaCIvkmµ. sUm,IEtkñg xøn ú krNIRKYsarenAEtCam©as;PaKh‘n u EdlRKb;RKgRkumh‘nu k¾eday k¾ma© s;​​ PaKh‘unPaKticmansiT§i EdlnwgeFVI[mankarlM)akcMeBaHsmaCikRKYsaredIm edIm,IeFVI​Rbtibtþikar eday​​​KµankarraraMgEdr. karTTYlxusRtUvekIneLIg³ Rkumh‘unsaCIvkmµ manbMNuleRcInCagédKUrbs;xøÜn. ]TahrN_³ ​ aFarN³RtUvFanafa RKb;B½t’manTaMgGs; EdleKpþl;eTA[m©as;PaKh‘unrbs;xøÜn nig​ Rkumh‘uns TIpSarRtUvEtmanPaBRtwmRtUv. 33 GaCIvkmµRKÜsar³ GPi)alkic©GaCIvkmµRKÜsaredIm,InirnþrPaB eday Fred Neubauer nig Alden G. Lank ¬e)aHBum<​pSay​ eday​sarB½t’man Routldge New York qñaM1998 ¦. 57 esovePAmKÁúeTÞsk_sþIBIGPi)alkic©GaCIvkmµRKYsarrbs; IFC lT§PaBEdlGacRtUveKkan;kab;³ RbsinebIPaKh‘unEdl)anlk;ecjeTA[GñkeRkAenAeBlkøayCa Rkumh‘unsaCIvkmµmancMnYneRcInRKb;RKan;enaH KURbkYtRbECg b¤vinieyaKindéTeTot Gacekþabkþab;​ elIGaCIvkmµRKYsarenaH)an. cMNaybEnßm³ cMNaydMbUgsRmab;karERbkøayGaCIvkmµ[eTACaRkumh‘unsaCIvkmµ GacFMduMKYrsm​ Edr. PaKxøHéncMNay EdlGacekItmanenHKW³ kéRmeCIgsarsRmab;FanaP½y éføsvnkmµ éføesva​c,ab; nigéføcuHbBa¢ICaedIm. CagenHeTAeTot enAeBlkøayxøÜnCaRkumh‘unsaCIvkmµ ​ wgRtUvcMNaybEnßmeTotdUcCa éføsvnkmµ cMNayRbkasB½t’manhirBaØvtßú nig​éføQñÜl​ Rkumh‘unn Edl​RtUvGnuvtþtamdéTeTot sRmab;Rkumh‘unsaFarN³. 2> kareRtomxøÜnsRmab;karesñIsMue)aHpSaylk;mUlbRtCasaFarN³elIkdMbUg (IPO) karERbkøayGaCIvkmµ[eTACaRkumh‘unsaCIvkmµ KWCadMeNIrkaryUrGEgVg nigsµúKsµaj EdlminGac eFVIe​ LIgkñúgry³eBlxøIeLIy. GaCIvkmµRKYsarEdlmanEpnkarkøayCaRkumh‘unsaCIvkmµ RtUv EsVgrkdMbUnµanviC¢aCIv³ nigCMnYykñúgEpñkc,ab; bec©keTs hirBaØvtßú nigTIpSar. CagenHeTAeTot bc©úb,nñenH vinieyaKinCaeRcInkMBugEttRmUv[Rkumh‘unnana EdlkøayCaRkumh‘unsaCIvkmµbgðaj GMBIkMNt;Rta EdlmankartamdanCayUrmkehIyGMBIGPi)alkic©l¥Rkumh‘unrbs;xøÜn munnwg esñIsMue)aHpSaylk;mUlb½RtCasaFarN³elIkdMbUg (IPO) Cak;Esþg. CaBiess vinieyaKin nigTIpSar[témøx