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Ederiy Eggamaedmy Gad`dme
@]]E]]ADI ZNE AO\@MZ CG AGM] MNAD@
UZAFAZQ-H@]EJ EDEXIQ EGGAMAEDMQ GAD@DME \XCIX@O
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Zne Ycrfj H`dk Ircup
YCXKADI GCX @ YCXFJ GXEE CG \CWEXZQ
Zne YcrfjH`dk Ircup mcdsasts cg gave adstatutacdstne
Adterd`tacd`f H`dk gcr Xemcdstrumtacd dj Jevefcpoedt
(AHXJ), tne Adterd`tacd`f Gad`dme Mcrpcr`tacd (AGM), tne Adter-
d`tacd`f Jevefcpoedt @sscma`tacd (AJ@), tne Ouftaf`ter`f
AdvestoedtIu`r`dtee @iedmy (OAI@), `dj tne Adterd`tacd`f
Medtre gcr tne ]ettfeoedt cg AdvestoedtJasputes (AM]AJ).
Ats oassacd as tc gaint pcverty gcr f`stadi resufts dj tc nefp
pecpfe nefp tneosefves dj tnear edvarcdoedt hy prcvaj-
adi rescurmes, sn`radi kdcwfejie, huafjadi m`p`maty, dj
gcriadi p`rtdersnaps ad tne puhfam dj prav`te semtcrs.
Zne Adjepedjedt Ev`fu`tacd Ircup
EDN@DMADI JEWEFC\OEDZ
EGGEMZAWEDE]] ZNXCUIN E^MEFFEDME
@DJ ADJE\EDJEDME AD EW@FU@ZACD
Zne Adjepedjedt Ev`fu`tacd Ircup (AEI) as `d adjeped-
jedt, tnree-p`rt udat watnad tne Ycrfj H`dk Ircup.
AEI-Ycrfj H`dk as mn`riej watn ev`fu`tadi tne mtavataes
cg tne AHXJ (Zne Ycrfj H`dk) `dj AJ@, AEI-AGM gcmuses cd
`ssessoedt cg AGMs wcrk tcw`rj prav`te semtcr jevefcp-
oedt, dj AEI-OAI@ ev`fu`tes tne mcdtrahutacds cg OAI@
iu`r`dtee prcbemts `dj servames. AEI repcrts jaremtfy tc tne
H`dks Hc`rj cg Jaremtcrs tnrcuin tne Jaremtcr-Ieder`f,
Ev`fu`tacd.
Zne ic`fs cg ev`fu`tacd re tc fe`rd grco experaedme, tc
rcvaje `d chbemtave h`sas gcr `ssessadi tne resufts cg tne
H`dk Ircups wcrk, dj tc prcvaje mmcudt`hafaty ad tne
`mnaeveoedt cg ats chbemtaves. At `fsc aoprcves H`dk Ircup
wcrk hy ajedtagyadi dj jasseoad`tadi tne fesscds fe`rdej
grco experaedme dj hy gr`oadi remcooedj`tacds jr`wd
grco ev`fu`tacd gadjadis.
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@ssessadi tne Aop`mt cg AGMs Mnad` Utafaty-H`sejEderiy Eggamaedmy Gad`dme \rcir`o
E d e r i y E g g a m a e d m y G a d ` d m e
8
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Mcpyraint 80> N ]treet, D.Y.
Y`snaditcd, J.M. 8
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Z`hfe cg Mcdtedts |
Z`hfe cg Mcdtedts
@hhreva`tacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . va
@mkdcwfejioedts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vaa
Gcrewcrj . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . vaaa
Exemutave ]uoo`ry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ax
Mn`aro`ds ]uoo`ry2 ]uhmcooattee cd Jevefcpoedt
Eggemtavedess (MCJE) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .xaaa
0. Mfao`te Mn`die dj Gad`dmadi Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . 0
Mfao`te Mn`die `dj Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
AGM Edi`ieoedt ad Gad`dmadi Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =
8. Zne Mnad` Utafaty-H`sej Ederiy Eggamaedmy Gad`dme \rcir`o . . . . . . . . . . . . . . 9
Ederiy Eggamaedmy Mn`ffedies ad Mnad` . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . >
Jesaid cg tne \rcir`o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Aopfeoedt`tacd cg MNUEE. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0:
MNUEEs Edj Users . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 09
Ederiy Eggamaedmy \ergcro`dme cg \rcbemts ]uppcrtej hy tne Iu`r`dtees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 01
O`d`ieoedt `dj Cri`daz`tacd`f @spemts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80
]uoo`ry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 88
=. MNUEEs Aop`mts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8=
Ev`fu`tave Puestacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8:
Mcop`rascds hetweed \rcir`o Hedegama`raes `dj Dcdhedegama`raes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8>
Icverdoedt \cfamy `dj Ederiy Eggamaedmy Advestoedts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =0
Udaque Mcdtrahutacds cg tne \rcir`o . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =8
Pu`dtagyadi Cver`ff Aop`mts `dj tne \rcir`os Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =7
Assues `dj Mn`ffedies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =>
]uoo`ry cg MNUEEs Aop`mt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . =1
:. Fesscds `dj Xemcooedj`tacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :0
Fesscds grco MNUEE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :8
Xemcooedj`tacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . :=
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av | Ederiy Eggamaedmy Gad`dme
@ppedjaxes
@ Mnadese Icverdoedt \cfamy tc ]uppcrt Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . . . . . . .:5
H MNUEE Gudjadi ]curmes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:9
M ]uoo`ry cg ]urveys Mcdjumtej gcr tne Ev`fu`tacd . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:>
J H`dk ]urvey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:1E Ederiy O`d`ieoedt Mcop`dy ]urvey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .59
G Meoedt Mcop`dy ]urvey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .51
I MNUEE Mcst Hedegat @d`fysas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .75
N O`bcr Mfao te Mn`die \rcbemts ad Mnad` . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .7>
Edjdctes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98
Hahfacir`pny . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9:
Hcxes
0.0 Xask-]n`radi G`mafaty dj Garst Fcss Iu`r`dtees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:0.8 Fesscds grco \`st Cper`tacds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .:
8.0 Emcdcoams cg AGM Iu`r`dtees ad Gad`dmadi Ederiy Eggamaedmy . . . . . . . . . . . . . . . . . . . .00
8.8 Yny tne Utafaty-H`sej Ocjef G`afej tc O`tera`faze. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0:
Gaiures
8.0 \rcir`o Jesaid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .08
8.8 Muouf`tave Jashurseoedt @ocudt cg Fc`ds ]uppcrtej hy MNUEE
Iu`r`dtees . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .0>
8.= Muouf`tave Fc`ds udjer Iu`r`dtees `i`adst tne Craiad`f Z riet . . . . . . . . . . . . . . . .0>
8.: Muouf`tave Advestoedt ]uppcrtej hy Iu`r`dtees `i`adst tne Craiad`f Z riet . . .0>
8.5 ]emtcr Jastrahutacd cg Iu`r`dteej Fc`ds, hy @ocudt . . . . . . . . . . . . . . . . . . . . . . . . . . .01
8.7 Use cg NEEM\ Iu`r`dtee G`mafataes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..80
8.9 X]EG Mcooatoedt @ocudt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .80
8.> Ycrfj H`dk EM\ AA Fc`ds grco E]MC Fc`d Iu`r`dtee Mcopcdedt, @mtu`f . . . . . . .80
=.0 Zct`f Ederiy Eggamaedmy Fc`ds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .81
=.8 Duoher cg Mcop`daes tn`t N`ve Xemeavej Ederiy Eggamaedmy Fc`ds . . . . . . . . . . . . .= | Ederiy Eggamaedmy Gad`dme
Zne Mnad` Utafaty-H`sej
Ederiy Eggamaedmy Gad`dme \rcir`o
Zne Mnad` Utafaty-H`sej Ederiy Eggamaedmy Gad`dme \rcir`o (MNUEE) w`s f`udmnej ad8
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Zne Mnad` Utafaty-H`sej Ederiy Eggamaedmy Gad`dme \rcir`o |
pcadt gcr icverdoedt suppcrt gcr ederiy mcdserv`tacd. At
stapuf`tes tn`t tne mcudtrys ederiy mcdsuoptacd per udatcg ircss jcoestam prcjumt d`tacdwaje he rejumej hy 8.7 oaffacd
tcds (h`se m`se vcfuoe dj jeg`ufts). Zne semcdj iu`r`dtee
g`mafatys t`riet w`s ` rejumtacd cg 5 oaffacd tcds cg MC8per
ye`r jaremtfy grco prcbemts suppcrtej hy tne X]G (hetweed
8). Ederiy eggamaedmy prcbemts ad tne
mneoam`f adjustraes admfuje scoe w`ste ne`t remcvery gcr
]curme2 AEI, h`sej cd MNUEE prcir`o j`t`h`se.
Ctners80%
Meoedt0>%
Mckadi
:%
Mneoam`fs
8
Haci`s 5
@ar mcdjatacdadi 5
N`z`rjcus w`ste 8
Xedew`hfe ederiy (scf`r, nyjrcpcwer) 8
]curme2AEI, h`sej cd MNUEE j`t`h`se.
Dcte2]coe prcbemts n`ve ouftapfe `mtavataes.
Z@HFE 8.7 ]uoo`ry cg Fc`ds Xef`tej tc EOMs
AH HCH Zct`f
Hy duoher cg fc`ds 9/5< (0:%) 9/> (>>%) 0:/5> (8:%)
Hy tct`f \rcbemt $0>.5 oaffacd (9% cg tct`f)
Fc`d $1 oaffacd (9% cg tct`f)
\rcbemt $80 oaffacd (10% cg tct`f)
Fc`d $08 oaffacd (90% cg tct`f)
\rcbemt $=1.5 oaffacd (0:% cg tct`f)
Fc`d $80 oaffacd (0:% cg tct`f)
@ver ie $= oaffacd prcbemt, fc`d $0.> oaffacd $= oaffacd prcbemt $0.>oaffacd fc`d $= oaffacd prcbemt $0.> oaffacd fc`d
(dcd-EOM ver`ie) $01 oaffacd
prcbemt $1 oaffacd fc`d
]curme2AEI, h`sej cd MNUEE j`t`.
Dcte2Cdfy gcr tne garst iu`r`dtee g`mafaty (51 fc`ds). HCH ? H`dk cg Heabadi; EOM ? ederiy o`d`ieoedt mcop`dy ; AH ? Adjustra`f H`dk.
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8< | Ederiy Eggamaedmy Gad`dme
ste`o ieder`tacd `s weff `s pcwer s`vadis grco geroedt-
adi t`dk `iat`tcr aoprcveoedts, haci`s prcjumtacd grco
`maj w`ste w`ter tre`toedt gcr pcwer ieder`tacd, prcmess
cptaoaz`tacd, `dj datrcus cxaje eoassacd mcdtrcf. Ocst
cg tne ederiy eggamaedmy prcbemts ad steef adjustraes `re
hf`st gurd`me i`s pcwer ieder`tacd. Zne mfe`d jevefcp-
oedt oemn`daso prcbemt advcfves mc`f oade oetn`de
jevefcpoedt.
At as aopcrt`dt tc pcadt cut tn`t ctner tn`d MNUEE,
dcde cg AGMs p`st ederiy eggamaedmy prcir`os oet tnear
craiad`f t`riet vcfuoes cg eoassacds rejumtacd. Znas as
p`rtfy hem`use cg tne udeved upt`ke cg prcir`os hy o`rket
p`rtamap`dts, `s weff `s snagts ad eopn`sas cd adtervedtacd
t`riets (gcr ex`opfe, grco adjustraes tc resajedta`f) juradi
tne aopfeoedt tacd.
Cdfy ` n`djguf cg h`dks ad prevacus AGM ederiy egga-
maedmy prcir`os extedsavefy usej tne iu`r`dtee g`mafa-
taes.]coe h`dks n`j ` gew adata`f je`fs `dj est`hfasnejedcuin mcdgajedme tc mcdjumt tne husadess tneosefves
`dj stcppej usadi tne iu`r`dtee g`mafaty. Ad Xussa`, AGM
gcudj tn`t tnere w`s dc jeo`dj
gcr iu`r`dtees `ocdi tne t`rietej
h`dks `dj restrumturej tne p`mk`ie
tc prcvaje faquajaty (` mrejat fade)
`s weff `s temndam`f `ssast`dme. Ad
ctner o`rkets ad E`sterd Eurcpe,
wnere tnere w`s suhst`dta`f adter-
est ad redew`hfe ederiy r`tner tn`d
ederiy eggamaedmy, tne iu`r`dtee
adstruoedt w`s dct suat`hfe, `s tne
h`dks were fcckadi gcr spcdscrs
equaty r`tner tn`d iu`r`dtees. Uta-
faz`tacd tedjej tc he sfcwer tn`d
`dtamap`tej. At tcck seved ye`rs gcr NEEM\ tc see sai-
dagam`dt us`ie cg AGM iu`r`dtees (gaiure 8.7). Zne Xussa`
]ust`ad`hfe Ederiy Gad`dme prcir`o tcck ocre tn`d twc
ye`rs tc re`mn n`fg cg tne pf`ddej fc`d mcooatoedt vcf-
uoe (gaiure 8.9).
Ad Mnad`, jespate tne r`paj ircwtn ad ederiy eggamaedmy
gad`dme, dct `ff `mtcrs `dj adata`taves `re experaedmadi
` surie cg jeo`dj. Zne Ycrfj H`dk/IEG Ederiy Mcd-
serv`tacd \rcbemt (EM\) AA, wnamn n`s ` iu`r`dtee smneoe
t`rietej tc fc`ds tc E]MCs, n`s dct heed utafazej oumn
(gaiure 8.>). Zne smcpe cg tne EM\ AA mcvers cdfy EOMs cr
E]MCs tn`t `re aopfeoedtadi E\M prcbemts. Xei`rjadi tne
fcw utafaz`tacd cg iu`r`dtees, ref`tavefy o`ture E]MCs `re
cgted `hfe tc `rr`die gad`dmadi grco p`rtders cr gad`dma`f
adstatutacds watncut deejadi tc p`y gcr tne prcir`os fc`d
iu`r`dtees2 o`dy E]MCs cht`adej tnear garst mcooerma`f
fc`d gad`dmadi tnrcuin tne Mnad` D`tacd`f Advestoedt &
Iu`r`dtee Mc. prcir`o, dj tned, `s tney o`turej, utafazej
tne iu`r`dtee prcir`o ocre sefemtavefy wnafe cht`adadioumn cg tne requarej gad`dme tnrcuin ctner mn`ddefs (Z`y-
fcr `dj ctners 8 INI Eoassacd Xejumtacd hy Adjustry
Adjustry type
Garst iu`r`dtee g`mafaty ]emcdj iu`r`dtee g`mafaty Zct`f
Eoassacd
rejumtacd \ermedt
Dc. cg
prcbemts
Eoassacd
rejumtacd \ermedt
Dc. cg
prcbemts
Eoassacd
rejumtacd \ermedt
Dc. cg
prcbemts
Mneoam`f =08,>08 1 7 5,=>1,9>> 50 > 5,9
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Zne Mnad` Utafaty-H`sej Ederiy Eggamaedmy Gad dme \rcir`o | 8
O`d`ieoedt `dj Cri`daz`tacd`f @spemts
MNUEE n`s heed cper`tej hy tne jesaid`tej prcbemt
te`o watnad tne AGMs Heabadi cggame `dj n`s heed mco`d-
`iej hy tne reiacd`f gad`dma`f o`rkets dj edvarcdoedt je-p`rtoedts. O`d`iera`f mcdtrcfs `dj cversaint were we`k,
`dj tne X]G w`s o`adfy n`djfej hy tne prcir`o te`o, watn
fattfe advcfveoedt cg advestoedt cggamers grco tne gad`dma`f
o`rket jep`rtoedt. AGMs `jvascry servames te`o cdfy
pf`yej ` oadcr rcfe ad tne prcir`o jesaid.
Znas f`mk cg cversaint `dj `mmcudt`hafaty gr`oewcrk mcd-
trahutej tc scoe arreiuf`r prcmessadi ad prcbemt `pprcv`f
`dj servame prcvasacdadi. Gcr ex`opfe, AGM w`s suppcsej
tc mcdjumt temndam`f revaew cg cdfy tne garst gave prcbemts
`dj tned n`dj cver tne respcdsahafaty gcr temndam`f revaew
tc tne mfaedt h`dks. Znas n`djcver jaj dct t`ke pf`me, `s
AH requestej ocre revaews hy tne prcir`o te`o, `dj tne
fei`f `ireeoedt w`s dct mfe`r `hcut tne `rr`dieoedt.
Ocrecver, tne p`rtder h`dk jaj dct stramtfy `jnere tc
expcsure faoats. Zne o`xaouo fc`d faoat `ocudts werespemagaej ad tne `ireeoedt `s ` fc`d faoat, hut dct per ch-
fai`tcr. Znas mcdtrahutej tc saidagam`dt expcsure tc cde cg
tne hcrrcwadi mcop`daes `i`adst tne craiad`f adtedtacd cg
` javersagaej pcrtgcfac.
Znere w`s dc mrejat jep`rtoedt advcfveoedt ad dy revaew
cr adterpret`tacd cg tne mcdjatacds. Gurtnerocre, AGMs mcd-
vedtacd`f mrejat `dj prcbemt ocdatcradi systeos h`refy m`p-
turej tne prcir`o-ref`tej expcsures. Zne iu`r`dtee w`s
dct prcperfy `mmcudtej `s AGMs expcsure udtaf Bude 8
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88 | Ederiy Eggamaedmy Gad`dme
Gurtnerocre, tne ocdatcradi dj ev`fu`tacd gr`oewcrk
cg tne prcir`o n`s heed admcdsastedt. Xemcrjs were gafej
udjer ouftapfe prcbemts. Zne mcrpcr`te prcbemt j`t`h`se
remcrjs tnree sep`r`te edtraes gcr tne prcir`o advestoedts
(tne iu`r`dtee g`mafaty), `dj tnere `re sep`r`te edtraes gcr
`jvascry servame cper`tacds. Znese `re dct ref`tej tc tne
v`racus pcrtgcfac supervasacd adgcro`tacd gafej gcr e`mn
p`rtder h`dk, `s remcrjs `dj pergcro`dme adjam`tcrs gcr
mcdvedtacd`f, dcd-MNUEE advestoedt prcbemts re tr`mkej
sep`r`tefy. Ad e`mn edtry systeo, tnere `re jaggeredt ocda-
tcr`hfe adjam`tcrs, `dj dct `ff `re demess`rafy mcdsastedtfy
tr`mkej. Ocrecver, st`gg turdcver ad tne prcir`o prcbemt
o`d`ieoedt udat dj ocdi tne Heabadi-h`sej advestoedt
cggamers n`s oe`dt tn`t e`mn dew cggamer st`rtej adputtadi
j`t` ad ` o`dder admcdsastedt watn tne p`st edtraes. Cdfy
ad f`te 8
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MNUEEs Aop`mts | 8
Mn`pter=
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8: | Ederiy Eggamaedmy Gad`dme
Xemedtfy, tne ederiy eggamaedmy o`rket ad Mnad` expera-
edmej saidagam`dt ircwtn, `dj tne advestoedt suppcrtej hy
tne prcir`os iu`r`dtees oaint n`ve heed re`fazej eved ad
tne `hsedme cg tne prcir`o. Devertnefess, mcudtadi cdfy
gcr ` so`ff pcrtacd cg edj users tn`t wcufj dct n`ve ao-
pfeoedtej tnear prcbemts watncut tne prcir`o, tne r`te cg
returd (eoassacd rejumtacd `dj ederiy s`vadis mcop`rejwatn prcbemt `dj prcir`o mcsts) as estao`tej `t => permedt.
Zne prcir`o est`hfasnej `d adstatutacd`f set-up gcr ederiy
eggamaedmy fedjadi ad tne p`rtamap`dt h`dks. At fsc aoprcvej
`mmess tc gad`dmadi gcr ederiy eggamaedmy prcbemts `dj gcr
tne key o`rket pf`yersE]MCstnrcuin temndam`f `ssas-
t`dme gcr m`p`maty huafjadi `dj hy hrckeradi dew ref`tacd-
snaps watn h`dks.
Zc edn`dme ats aop`mt, MNUEE deejs tc edn`dme tne sus-
t`ad`hafaty cg tne prcbemt hedegats, `s p`rtamap`dt h`dks staff
refy ne`vafy cd tne prcir`os temndam`f `ssessoedt. ]aoa-
f`rfy, tnere as dc `ssur`dme tn`t tne h`dks waff mcdtaducusfy
fedj watncut suhst`dta`f mcrpcr`te mcff`ter`f ad tne `hsedme
cg MNUEE iu`r`dtees. Zne prcir`os hedegama`raes n`ve
heed o`adfy f`rie mcop`daes, mcdtr`ry tc tne craiad`f eo-
pn`sas cd so`ff dj oejauo mcop`daes s tne t`riet. Ocv-
adi jcwd o`rket tc so`ff mcop`daes as deejej, s tney g`me
mn`ffedies ad `mmess tc gad`dmadi. Gad`ffy, tnere `re o`dy
pctedta`f ederiy s`vadi cppcrtudataes tn`t tne Mnadese
h`dks jc dct yet `jequ`tefy `jjress, sumn `s ederiy s`vadi
huafjadis.
Ev`fu`tave PuestacdsZnas ev`fu`tacd gcmuses cd tne jaggeredme o`je hy tne
AGM adtervedtacd tc ederiy eggamaedmy advestoedts ad
Mnad`. @ftncuin tne uftao`te aop`mt as cd `mtu`f INI
eoassacd rejumtacd, tne ev`fu`tacd fccks `t eggemts `fcdi
tne mn`ad cg adtervedtacds, gcmusadi cd tnree fevefs2 (a) tne
fevef cg gad`dma`f adstatutacds tn`t `jcpt `dj sust`ad ederiy
eggamaedmy gad`dmadi cd ` mcooerma`f h`sas; (aa) tne fevef cg
o`rket pf`yers, sumn s prcvajers cg ederiy eggamaedmy equap-
oedt `dj servames; `dj (aaa) tne fevef cg edterprases tn`t `re
aopfeoedtadi prcbemts watn h`dk gad`dmadi tc rejume INI
eoassacds. At as aopcrt`dt tc stress tn`t tne revaew as p`rta`f
`dj st`tam, `s at gcmuses cd eoassacd rejumtacd cg suppcrtej
eoatters, hut dct cd scoe cg tne jyd`oam eggemts tn`t tne
prcir`o m`d hradi ad. Gcr ex`opfe, `s oedtacdej e`rfaer,
tne eggamaedmy i`ads hy ederiy users mcufj he cggset hy tne
sm`fe cg mc`f use, fe`jadi tc ire`ter `hscfute mc`f mcdsuop-tacd. Zneregcre, tnas `d`fysas jces dct m`pture tne mcopfete
scma`f mcsts grco tne sm`fe cg mc`f ederiy headi pcssahfy
exp`djej hy tne suhsajaes, sumn `s tncse eohejjej ad tne
iu`r`dtees `dj temndam`f `ssast`dme. Gcr ` mcopfete `ssess-
oedt cg tne prcir`o, at as aopcrt`dt tc fcck `t dct cdfy tne
eggamaedmy eggemts hut `fsc `t tne sm`fe eggemts, wned pcfamy
mcdmfusacds `re jr`wd ad ` jyd`oam settadi.
Ev`fu`tacd oetncjcfciy
Ad tnas ev`fu`tacd, watn ` vaew tc nainfaint wnetner tne
prcir`o o`je ` jaggeredme, tne Adjepedjedt Ev`fu`tacd
Ircup (AEI) sefemtej mcop`rascd ircups tn`t mfcsefyreseohfe watncut smed`racs cg tne adtervedtacd ad ed-
eriy gad`dme.Znas w`s suppfeoedtej hy hegcre-`dj- gter
mcop`rascd cg tne p`rtamap`tadi h`dks `dj tnear hcrrcw-
ers gcr ederiy eggamaedmy prcbemts. Znas ev`fu`tacd eopfcys
hctn qu`dtat`tave `dj qu`fat`tave j`t` mcffemtacd `dj `d`fy-
sas oetncjs. Pu`dtat`tave j`t`, sumn `s h`dk ederiy egga-
maedmy fedjadi `mtavataes, ederiy o`d`ieoedt mcop`daes
`mmess tc gad`dmadi, `dj edj users ederiy eggamaedmy advest-
oedts, re i`tnerej hy strumturej surveys mcveradi repre-
sedt`tave s`opfe cg tne pcpuf`tacd.
Z`hfe =.0 sncws tne spemagam mcop`rascd ircups, watn tne`pprc`mn t`ked gcr e`mn ircup `t tne jaggeredt fevefs `dj
tne oetncjcfciy gcr j`t` i`tneradi.
Faoat`tacd cg oetncjcfciy
Znas ev`fu`tacd g`mej scoe faoat`tacds ad `ppfyadi tne
strcdiest oetncj ad `ssessadi tne aop`mts. ]trcdi mcd-
mfusacds `hcut tne `ssessoedt cg tne aop`mt, cr jaggeredmes
o`je cd gad`f cutmcoes, m`d he jeravej grco stramt mco-
p`rascds hetweed wn`t `mtu`ffy n`ppedej `dj wn`t wcufj
n`ve n`ppedej ad tne `hsedme cg adtervedtacd (tne mcud-
MNUEEs Aop`mts
Zne cver`rmnadi questacd gcr tnas ev fu`tacd as wnetner MNUEE n`s o`je ` jaggeredme
ad m`t`fyzadi ederiy eggamaedmy gad`dme gcr INI eoassacd rejumtacds. Zne ssessoedt cg
aop`mt as h`sej cd mcop`rascds cg ederiy eggamaedmy `mtavataes `dj `mmess tc gad`dmadi
hetweed ircups tn`t mmessej tne prcir`o dj mcdtrcf ircups, t tnree jastadmtave fevefs2
h`dks, o`rket pf`yers, `dj edj users.
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MNUEEs Aop`mts | 8
terg`mtu`f). Znas ev`fu`tacd `tteopts tc sefemt mcop`rascd
ircups tn`t `re fake tne tre`toedt ircups ad every w`y, ex-
mept tn`t tney were dct suhbemt tc tne adtervedtacd. Ncwever,
sever`f pr`mtam`f faoat`tacds adnahat stramt ajedtagam`tacd cg
mcudterg`mtu`fs2 f`mk cg h`sefade j`t`, sefemtacd ha`s, `dj
mcdt`oad`tacds.
F`mk cg h`sefade j`t`
Znere were dc refev`dt h`sefade j`t` mcffemtej `t tne
heiaddadi cg tne prcir`o. Znere were dc adjustrywajest`tastams cd ederiy eggamaedmy gad`dme ad Mnad` cr cd tne
`mtavataes hy tne edj users. ]coe adjustry revaews were m`r-
raej cut `t tne prcir`o `ppr`as`f st`ie; ncwever, hem`use
cg tne mn`dies ad prcir`o jesaid, tnese hem`oe arrefev`dt,
`s tnese adjustraes were dc fcdier tne o`ad t`riet cg tne
adtervedtacd.
]efemtacd ha`s
]efemtacd w`s `d aopcrt`dt ge`ture cg tne prcir`o.
MNUEE jaj dct cper`te ad tne h`sas cg r`djco `ffcm`tacd
cg rescurmes. \`rtamap`dt h`dks, EOMs, `dj edj users were
mncsed hy scoe smreedadi `dj o`rket tests. Zneregcre, tnasev`fu`tacd m`ddct refy cd aop`mt ev`fu`tacd oetncjcfc-
iaes sumn s r`djco ssaidoedt cg tre`toedt. Zne prcir`o
mcdt`ads twc types cg sefemtavaty2 cde as sefemtacd grco AGM,
`dj tne ctner as sefg-sefemtacd. Ad ajedtagyadi h`dkadi p`rt-
ders, AGM adata`ffy sefemtej pcssahfe m`djaj`tes h`sej cd
mert`ad mratera`, sumn `s tnear o`tmn watn tne utafaty mco-
p`dy cr AGM mfaedt ref`tacdsnap, `s weff `s mrejat cd rask
mratera`. MNUEE `fsc o`je mcdsmacus `dj udmcdsmacus
sefemtacds ad o`rketadi ats servame tc EOMs. Zne edj us-
ers were sefemtej hy tne h`dkadi p`rtders h`sej cd, `ocdi
ctner tnadis, mrejat `ssessoedt `dj fakefanccj cg summess ad
aopfeoedtadi prcbemts.
]efg-sefemtacd as `dctner scurme cg ha`s ad `ssessadi tnas
prcir`o.H`dks sncufj he waffadi tc p`rtamap`te, `dj tney
`re admre`sadify `skej tc mcdtrahute gees gcr tne prcir`os
servames. Zne EOMs tn`t `re bcadadi tne prcir`os det-
wcrk o`y n`ve nainer `spar`tacds rei`rjadi tnear husadess
ircwtn tn`d tncse tn`t jaj dct hctner tc `ppfy ad tne garst
pf`me. Edj users t`kadi fc`ds sefg sefemtej tc aopfeoedt tne
ederiy eggamaedmy prcbemts. @s AGM `pprc`mnes refy cd o`r-
kets, mfaedts hafaty dj waffadidess tc p`y as fsc scurme cgsefg-sefemtacd ha`s.
Z@HFE =.0 ]uoo`ry cg Znree Fevefs cg Aop`mt Ev`fu`tacd
Fevefs Zre`toedt ircups Mcop`rascd ircups J`t` scurmes dj oetncjcfciy
Gad`dma`f adstatutacds \rcir`o p`rtamap`dt h`dks (AH,
HCH)
Dcdp`rtamap`dt h`dks watn
saoaf`r mn`r`mterastams tc
p`rtamap`dt h`dks
AH mcop`r`tcr2 Bcadt stcmk h`dk
watn d`tacdwaje cper`tacds,
watn saoaf`r `sset saze `dj mfaedt
h`se `t tne edj cg 8
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87 | Ederiy Eggamaedmy Gad`dme
Mcdt`oad`tacd
Mcdt`oad`tacd m`d mcoe grco tne adtervedtacd at-
sefg, `s ` resuft cg spaffcver eggemts, `dj grco ctner
adtervedtacds saoaf`r tc MNUEE. Cde cg tne chbem-
taves cg tne prcir`o as tc jeocdstr`te ats `mnaeveoedt,
sc tn`t tne spaffcver eggemts `re p`rt cg tne jesaid. Ocrecver,
`s adjam`tej ad `ppedjax N, tnere `re saz`hfe cutsaje
adtervedtacds ad mfao`te mn`die ad Mnad`, `dj scoe cg
tneo `re very saoaf`r tc tne prcir`o. Zne mcdt`oad`tacd
eggemts rejume tne mcop`r`hafaty cg mcop`rascd ircups `s `
dcdtre`toedt smed`rac.
Je`fadi watn tnese faoat`tacds
Zne ev`fu`tacd traej tc oadaoaze tne prchfeos. Zne
surveys mcffemtej j`t` cd adtervedtacds ad tne mcop`rascd
ircups tc ajedtagy scurmes `dj adtedsaty cg mcdt`oad`tacd.
Gurtnerocre, ad tne m`se cg EOMs, tne mcop`rascds were
jcde watnad tncse EOMs `ggemtej hy tne f`rie-sm`fe Ycrfj
H`dk prcir`o, wnamn st`rtej e`rfaer tn`d MNUEE. @ so`ff
duoher cg h`dks o`kes at aopcssahfe tc use st`tastam`f `p-
prc`mnes tc estao`te aop`mts `t tne fevef cg tne h`dks. @t-
teopts were o`je tc mcdtrcf sefemtacd ha`s hy tryadi tc
o`tmn chserv`hfes hetweed tne tre`toedt `dj mcop`rascd
ircup `s oumn `s pcssahfe. Ad p`rtamuf`r, prcpedsaty smcre
o`tmnadi oetncjs (hy estao`tadi ` st`tastam`f ocjef cg tne
prch`hafaty cg p`rtamap`tadi usadi ` reiressacd ocje watn
p`rtamap`tacd `s tne zerc-cde jepedjedt v`ra`hfes, `dj `
set cg chserv`hfe mn`r`mterastams, wnamn oust he ud`ggemtej
hy tne adtervedtacd, `s tne expf`d`tcry v`ra`hfes) `re usej
wnere `ppfam`hfe. Gcr EOMs `dj meoedt mcop`daes, `
f`mk cg h`sefade j`t` o`je tne ocjef fess rchust. Hem`use
cg tne j`t` faoat`tacd, tnas ev`fu`tacd o`y dct oeet o`dy
requareoedts gcr stramt aop`mt ev`fu`tacd h`sej cd qu`sa-
experaoedt`f jesaid, hut tne ev`fu`tacd o`je hest eggcrts
tc o`tmn tne twc ircups `dj usej suppfeoedt`f adgcro`-
tacd tc jerave tne gadjadis.
Oetncjcfciy `dj j`t` gcr h`dks
AGM sefemtej p`rtamap`dt h`dks tc o`tmn ats str`teiam ch-
bemtaves.Zne craiad`f prcir`o jesaid w`s medterej `rcudj
tne utafaty mcop`dy, sc AGM traej tc gadj o`tmnadi h`dks. AGM
`fsc gcmusej cd exastadi h`dkadi mfaedts. Ncwever, tne prc-
ir`o `dj h`dks adterests n`j tc he `faidej, `dj cde h`dk
(Oadsnedi) jemajej dct tc p`rtamap`te hem`use cg mn`dies
ad ats mcrpcr`te str`teiy. F`ter, AGM `pprc`mnej HCH, `dj
HCH w`s sefemtej hem`use cg ats nain use cg Mnad` D`tacd`f
Advestoedt & Iu`r`dtee Mc. iu`r`dtees cg fc`ds tc EOMs.
Zne twc p`rtamap`dt h`dks, AH `dj HCH, n`j jaggeredt
mn`r`mterastams ad iecir`pnam mcver`ie, mfaedt h`se, `dj
saze(see `ppedjax J gcr ` suoo`ry). AH as ` oejauo-saze
bcadt stcmk mcooerma`f h`dk watn d`tacdwaje cper`tacds.
Ats o`ad husadess as mcrpcr`te h`dkadi, p`rtamuf`rfy adjus-
tra`f mfaedts. HCH as ` so`ffer, maty-fevef bcadt stcmk mco-oerma`f h`dk est`hfasnej tnrcuin tne mcdscfaj`tacd cg tne
1< urh`d mrejat mccper`taves ad tne Heabadi oudamap`faty.
HCH as exp`djadi heycdj Heabadi, hut ats o`ad mfaedt h`se
as ad tne Heabadi m`pat`f `re`. Ats o`ad mfaedts `re fcm`f mcr-
pcr`tacds, suppfeoedtej hy ret`af mcop`daes.
Eaint h`dks `ftcietner were ajedtagaej `s mcop`r`tcrs
gcr tne p`rtamap`dt h`dks, sefemtej grco =8 surveyej
h`dks hy t`kadi adtc `mmcudt sumn g`mtcrs `s cwdersnap/
icverd`dme strumture, iecir`pnam`f mcver`ie, h`dk type,
saze `s oe`surej hy tct`f `ssets, `dj t`riet o`rket/mfaedt
h`se. Ad ieder`f, AH as mcop`rej `i`adst tne ctner o`bcr,d`tacd`f bcadt stcmk mcooerma`f h`dks watn ` mfaedt h`se cg
adjustra`f garos. HCH as mcop`rej `i`adst ctner maty mco-
oerma`f h`dks ad o`bcr urh`d medters. Dc h`sefade j`t` gcr
tne h`dks were mcffemtej `t tne heiaddadi cg tne prcir`o
(8
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J`t` re i`tnerej hy revaew cg prcbemt gafes; adtervaews watn
prcir`o te`o oeohers, AGM advestoedt o`d`ieoedt dj
st`gg, `dj mfaedts h`dks; advestoedt prcbemt j`t` gcr AGM ad-
vestee mfaedt h`dks ad Mnad` tn`t `re dct ad tne prcir`o;
adtervaews watn tne Mnad` H`dkadi Xeiuf`tcry Mcooas-
sacd (MHXM) `dj ctner gad`dma`f o`rket `mtcrs ad Mnad`;
`dj adtervaews watn dcd-AGM mfaedt h`dks ad Mnad`. @ key
scurme cg adgcro`tacd as tne survey cg gad`dma`f adstatutacds
mcdjumtej ad mcff`hcr`tacd watn MHXM (see t`hfe =.0; see
`fsc `ppedjaxes MG) gcr tne purpcse cg tnas ev`fu`tacd.
Zne survey mcverej =8 h`dks, wnamn mcffemtavefy represedt
`hcut >< permedt cg Mnad`s h`dkadi semtcr `ssets.
Oetncjcfciy `dj j`t` gcr EOMs
Zne ev`fu`tacd gcmuses cd EOMs mmess tc gad`dmadi.He-
m`use dc h`sefade j`t` were mcffemtej hy tne prcir`o, tne
aop`mt ev`fu`tacd oetncjcfciy as restramtej tc pcstaopfe-
oedt`tacd prcbemt dj mcop`rascd ircups.
MNUEE est`hfasnej `d EOM detwcrk, `dj oeohers
were `mmeptej gcffcwadi ` saopfe `ppfam`tacd prcmess.@s
cg O`rmn 8
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8> | Ederiy Eggamaedmy Gad`dme
meoedt mcop`daes cr tnear `ggafa`tes n`ve prcbemts watn tne
prcir`o, dj cg tne tcp 5< meoedt mcop`daes ad Mnad`, tne
prcir`o serves 0>. MNUEEs fedjadi ad tne meoedt semtcr
n`s heed gcffcwadi tne t`riet ajedtagaej hy tne semtcr stujy2
tne prcbemts remcver w`ste ne`t grco `d D]\ meoedt prc-
jumtacd fade watn tne prcjumtacd m`p`maty cg 8,5:.7 permedt
ircwtn grco 8
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MNUEEs Aop`mts | 8
At prcvajej ` tct`f cg 8.5 haffacd yu`d fc`ds ad 8
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=< | Ederiy Eggamaedmy Gad`dme
Edj ederiy users n`ve jevefcpej `d adterest ad ed-
eriy eggamaedmy advestoedts, `dj o`dy ederiyeggamaedmy prcbemts `re headi aopfeoedtej cutsaje
tne prcir`o. @ocdi tne mcop`daes tn`t n`ve remeavej
fc`ds iu`r`dteej hy MNUEE, ocre tn`d n`fg (51 permedt)
respcdjej tn`t tney n`ve aopfeoedtej cr were mcdsajer-
adi ederiy eggamaedmy prcbemts ctner tn`d tncse gad`dmej hy
tne prcir`o. De`rfy ` qu`rter cg users adjam`tej tn`t tney
wcufj aopfeoedt tne s`oe prcbemt eved ag tney jaj dct re-
meave tne fc`ds iu`r`dteej hy tne prcir`o (t`hfe =.9). Zne
o`bcraty cg tneo wcufj n`ve n`j prcbemts watn faoatej
smcpe cr fcdier aopfeoedt`tacd taoes. Ncwever, 1 permedt
cg edj users jaj dct advest ad `d ederiy eggamaedmy prcbemt
ag tney jaj dct remeave ` fc`d suppcrtej hy tne prcir`o.Znese mcop`daes were ref`tavefy so`ffer ad `sset saze, `dj
tnear prcbemt sazes were `fsc ref`tavefy so`ff mcop`rej watn
tne o`bcraty cg tne edj users.
Znere as ` mcdsajer`hfe upt`ke cd ederiy eggamaedmy ad-
vestoedts watnad tne meoedt adjustr y. @ff mcop`daes
surveyej adjam`tej tn`t tney n`j eatner advestej cr were
pf`ddadi tc advest ad ` w`ste ne`t remcvery systeo cd `t
fe`st cde prcjumtacd fade. Zne meoedt mcop`daes `re guffy
`w`re cg tne hedegats cg ederiy eggamaedmy prcbemts, `dj
ocst cg tneo n`ve edcuin temndam`f m`p`hafaty tc aopfe-
oedt tneo, cr m`d cht`ad `jequ`te nefp grco p`rtaes sumn
`s adjustry `sscma`tacds `dj icverdoedt `iedmaes. ]coe
mcop`daes respcdjej tn`t tne w`ste ne`t remcvery temn-
dcfciy w`s o`ture `dj tnere w`s edcuin adgcro`tacd
`v`af`hfe, admfujadi ex`opfes grco ctner mcudtraes. Ocre-cver, `s suiiestej hy tne nain admajedme cg sefg-gad`dmadi
prcbemts, tnese mcop`daes `re waffadi tc spedj ocdey gcr
tnese prcbemts.
Ctner tn`d w`ste ne`t remcvery, wnamn `ff mcop`daes n`j
heed advcfvej ad, 7> permedt were advestadi ad ederiy mcd-
serv`tacd regat cg ` octcr-jraved systeo, :8 permedt were
advestadi ad tne `ppfam`tacd cg nain-eggamaedmy iradjadi
equapoedt `dj temndcfciaes, `dj 0< permedt were redcv`t-
adi cfj D]\ prcjumtacd fades. Znese prcbemts were gad`dmej
GAIUXE =.= Duoher cg EOM@ Oeohers ad Mnad`
]curmes2Mnad` Ederiy O`d`ieoedt Mcop`dy @sscma`tacd, D`tacd`fJevefcpoedt `dj Xegcro Mcooassacd, `dj Ycrfj H`dk.
Dcte2 EOM ? ederiy o`d`ieoedt mcop`dy; EOM@ederiy o`d-`ieoedt mcop`dy `sscma`tacd.
8
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MNUEEs Aop`mts | =
hy tne mcop`dys cwd rescurmes, h`dk fc`ds, `djscoe-
taoesicverdoedt suhsajaes. @hcut =< permedt cg w`ste
ne`t remcvery prcbemts were guffy gudjej hy mcop`daes
adterd`f rescurmes (see t`hfe =.>), `dj 55 permedt cg prcb-
emts advcfvej fc`d gad`dmadi. Cdfy 9 permedt cg prcbemts
cht`adej scoe icverdoedt suhsajaes. Yatn rei`rj tc h`dk
fc`ds, 7= permedt cg tne mcop`daes `ppfaej gcr ` fc`d, `dj
>= permedt cg tneo were summessguf. Znus, `hcut 5< permedt
cg tne mcop`daes `mtu`ffy cht`adej fc`ds gcr ederiy egga-
maedmy prcbemts.
]o`ff meoedt mcop`daes cutsaje tne prcir`o n`j fcwer
aopfeoedt`tacd cg ederiy eggamaedmy prcbemts `dj fess `m-
mess tc gad`dmadi gcr tne prcbemts.@ftncuin o`dy mcop`-
daes cutsaje cg tne prcir`o n`ve heed advestadi ad ederiy
eggamaedmy prcbemts, ocst cg tne re`fazej advestoedts were
grco ref`tavefy f`rier mcop`daes. De`rfy `ff f`rie meoedt
mcop`daes (>7 permedt) n`ve `fre`jy mcopfetej tne w`ste
ne`t remcvery prcbemts, hut fess tn`d n`fg cg so`ff mcop`-
daes n`j mcopfetej sumn advestoedts (t`hfe =.1). ]umn i`ps
`ocdi so`ff mcop`daes `re `fsc evajedt ad `mmess tc h`dk
fc`ds. @ o`bcraty cg tne f`rie mcop`daes cht`adej fc`ds gcr
ederiy eggamaedmy prcbemts, wnere`s cdfy `hcut cde-tnarj cg
so`ff mcop`daes cht`adej fc`ds gcr tnear prcbemts.
Icverdoedt \cfamy `dj Ederiy Eggamaedmy
Advestoedts
Zne icverdoedt n`s heed `mtave ad prcoctadi ederiy
eggamaedmy ad Mnad`. Zne Mnadese icverdoedt dcw remci-
dazes ats ederiy use `s ` rask tc tne mcudtrys sust`adej emc-
dcoam ircwtn, `dj at n`s mcooattej tc mcdserve ats ederiy
`dj i`s eoassacds, espema`ffy tnrcuin tne ed`mtoedt cg tne
00tn Gave-Qe`r \f`d `dj Xedew`hfe Ederiy F`w. Znas w`s
`mmcop`daej hy ` f`rie-sm`fe puhfam m`op`aid cd ederiy
mcdserv`tacd. Cde cg tne oe`sures admfujej jaremt fc`ds
grco st`te-cwdej h`dks tc f`rie st`te-cwdej edterprases
gcr ederiy eggamaedmy advestoedts. Gurtnerocre, tne icv-
erdoedt h`ddej fc`ds tc steef dj meoedt adjustraes udfess
tne fc`ds were gcr ederiy eggamaedmy cr pcffutacd rejumtacd.
At `fsc adtrcjumej ` oe`sure tc retare cfj `dj adeggamaedt
pf`dts ad o`dy ne`vy adjustraes. Hem`use cg tnese `mtacds,
fedjadi tc ederiy eggamaedmy prcbemts hy puhfam semtcr h`dks
sc`rej ad 8
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=8 | Ederiy Eggamaedmy Gad`dme
eggamaedmy fc`ds, `dj 10 permedt cg tne h`dks (8< cg 88)
s`aj o`rket cppcrtudataes gcr ederiy eggamaedmy fedjadi
were d aopcrt`dt re`scd. Gad`dma`f admedtaves prcvajej hy
tne icverdoedt were tnarj ad tne r`dkadi cg re`scds, matej
`s `d aopcrt`dt g`mtcr hy `hcut 51 permedt cg tne h`dks.
]uppcrt grco adterd`tacd`f cri`daz`tacds w`s r`tej `s ao-
pcrt`dt hy =8 permedt cg tne h`dks `dj r`dks gcurtn.
Zne meoedt adjustry n`s heed cde cg tne key semtcrs ad
wnamn tne icverdoedt n`s `jjressej ederiy eggamaedmy
oe`sures.Ad e`rfy 8
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MNUEEs Aop`mts | =
tr`st, ff hut cde mcop`r`tcr h`dk prcmess ederiy eggamaedmy
fc`ds ad ne`jqu`rters cdfy.
Fc`d prcjumts ocre suat`hfe gcr ederiy
eggamaedmy advestoedt
Mnadese h`dk fedjadi as o`adfy h`sej cd mcff`ter`f `s-
sets. Zne Mnadese h`dkadi pr`mtame cg o`kadi mrejat jema-
sacds h`sej cd mcff`ter`f `ssets cg tne mcop`dy cr prcbemt
spcdscr as cde cg tne haiiest mcdstr`adts tc gad`dme gcr
o`dy mcop`daes, espema`ffy ]OEs.5@ Ycrfj H`dk repcrtreve`fej tn`t ad Mnad`, `hcut 71 permedt cg so`ff mcop`-
daes tn`t n`j heed rebemtej gcr ` fc`d st`tej at w`s hem`use
tney f`mkej `mmept`hfe mcff`ter`f, `dj de`rfy ` qu`rter cg
]OEs jaj dct `ppfy gcr ` fc`d hem`use cg tne stramt requare-
oedts cd mcff`ter`f (Ycrfj H`dk 8
\`rtamap`dt h`dks `jcptej dew fedjadi pr`mtames
watn fcwer mcff`ter`f requareoedt. Zne twc p`rtamap`t-
adi h`dks, gcr ex`opfe, st`tej tn`t tney n`j dct n`j tnas
prcbemt gad`dme-h`sej fedjadi pr`mtame hegcre `dj n`j
`jcptej at watn nefp grco MNUEE. Hegcre MNUEE, ` je-
p`rtoedt ad HCH o`je fc`ds tc E]MCs h`sej cd Ycrfj
H`dksuppcrtej iu`r`dtees, hut tncse fc`ds were dct
prcbemt gad`dme h`sej, tncuin scoe cg tneo were h`sej cd
pfejies cg `mmcudt remeav`hfes. Cdfy : cg tne 5< fc`ds o`je
hy AH dj cde cg tne 1 fc`ds hy HCH udjer tne garst iu`r`dtee
g`mafaty advcfvej p`rta`f use cg gaxej ssets mcff`ter`f; tne fc`ds
were suppfeoedtej hy `jjatacd`f perscd`f iu`r`dtees `djmcrpcr`te iu`r`dtees. @s o`dy `s =8 cg tne 5< AH fc`ds `dj
: cg tne HCH fc`ds were h`sej cd ocrti`ies cd equapoedt
headi usej ad tne prcbemt headi gad`dmej.
Zne v`fue cg tne ocrti`iej equapoedt as cgted saidagam`dtfy
fcwer tn`d tn`t cg tr`jatacd`f mcrpcr`te gaxej ssets mcff`ter`f.
Gcr ex`opfe, tne v`fue cg ocrti`iej equapoedt udjer fc`ds
hy HCH n`s heed `s fcw `s 57 permedt `dj dc ocre tn`d 0
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=: | Ederiy Eggamaedmy Gad`dme
fc`ds, hut at adjam`tej tn`t tne resufts were fess tn`d sum-
messguf `dj jaj dct see saidagam`dt pctedta`f gcr admre`sadi
ats ederiy eggamaedmy fedjadi.
Znas ocve `w`y grco mcrpcr`te gaxej `sset mcff`ter`f re-
quareoedts aoprcvej `mmess tc gad`dmadi hy mcop`daes
watn ` we`k m`p`maty tc prcvaje mcff`ter`f. Gcr ex`opfe,
twc mfaedt meoedt mcop`daes vasatej hy AEI, cde ad Ba`disu`dj `dctner ad Guba`d, s`aj tn`t tney wcufj n`ve tc pcst-
pcde tnear advestoedts ad w`ste ne`t remcvery (` very eg-
gemtave ederiy eggamaedmy advestoedt) watncut tne prcir`o
fc`ds hem`use tney usej up tnear mcff`ter`f m`p`maty `dj
tnus mcufj dct iet fc`ds grco ctner scurmes. @dctner mfaedt
meoedt mcop`dy ad Za`dbad s`aj tn`t watncut tne AH fc`d, at
wcufj n`ve tc rescrt tc sncrt-tero fc`ds. Ncwever, sncrt-
tero fc`ds `re ieder`ffy dct ` iccj mncame gcr ederiy eg-
gamaedmy prcbemts, wnamn typam`ffy n`ve ` p`yh`mk peracj cg
ocre tn`d tnree ye`rs.
@d ]OE fcm`tej ad ]nedzned Maty cg Iu`dijcdi \rcv-adme, wnamn hcrrcwej 0< oaffacd yu`d grco AH udjer tne
prcir`o ad 8
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MNUEEs Aop`mts | =
`ffy mcdsajerej cde cg tne rask oatai`dts ad tne mrejat revaew
prcmess. Ad g`mt, iu`r`dtees were mcudtej s ` suhstatute gcr
tne hcrrcwers mcff`ter`f requareoedts.
Iu`r`dtees nefpej prcocte tne ederiy eggamaedmy fade cg
husadess watnad tne h`dks. Hctn AH `dj HCH n`j strcdi
tcp o`d`ieoedt mcooatoedt tcw`rj sust`ad`hfe ireed
husadesses. Ncwever, sumn mcooatoedt jces dct `fw`ys
iu`r`dtee cper`tacd`f pergcro`dme. @s e`mn fc`d cggamer
`dj cper`tadi hr`dmn g`mes vcfuoe `dj prcgat t`riets, tnereas ` strcdi jasadmedtave tc tryadi dew, udtestej cper`tacds.
Ad g`mt, adtervaews watn h`dks reve`fej tn`t h`dk st`gg `fsc
edmcudter adterd`f resast`dme tc dew husadess. Zne iu`r`dtee
ed`hfej h`dks tc huafj up tne pcrtgcfac very quamkfy, wnamn
o`je tne ederiy eggamaedmy fedjadi te`o ocre vasahfe. Znear
f`rie vcfuoe `dj dc-jeg`uft pergcro`dme nefpej tne husa-
dess he remcidazej `s `d aopcrt`dt p`rt cg dcro`f h`dkadi
cper`tacds. Devertnefess, hctn h`dks adjam`tej tn`t tnere
w`s strcdi deej tc prcocte tne husadess watnad tne h`dk,
watn ocre tr`adadi tc fc`d cggamers `dj mrejat/jemasacd
o`kers.
MNUEEs jeocdstr`tacd eggemts
cd ctner h`dks
Zne prcir`o experaedme as g`arfy weff kdcwd `ocdi
Mnad`s gad`dma`f adstatutacds.@ tct`f cg 9< permedt cg sur-
veyej h`dks s`aj tney were `w`re cg AGMs suppcrt tc AH dj
HCH. @dj 0
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=7 | Ederiy Eggamaedmy Gad`dme
oeohers remeavej ` fc`d, mcop`rej watn bust 09 permedt cg
dcdoeohers (t`hfe =.0:).
Headi ` detwcrk oeoher waff admre`se tne mn`dme cg
remeavadi fc`ds.@ test cg prch`hafaty cg `mmess tc gad`dme
w`s mcdjumtej, watn EOM mn`r`mterastams `s adjepedjedt
v`ra`hfes (`sset saze, duoher cg eopfcyees, ye`rs cg es-t`hfasnoedt); ctner v`ra`hfes admfujej remeavadi temnda-
m`f `ssast`dme grco `dy scurme, experaedme ad `rr`diadi cr
o`rketadi fc`ds, `dj headi p`rt cg `d AGM detwcrk.0=Zne
resufts sncwej tn`t tne wncfe ocjef as st`tastam`ffy saidaga-
m`dt (fakefanccj r`tac Mna squ`re 85.09 [p
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MNUEEs Aop`mts | =
Zne re`f r`te cg returd cg tne prcir`o sc g`r as estao`tej
`t => permedt.Znas as h`sej cd `d `ssuoptacd tn`t 1 per-
medt cg prcbemts i`ad `jjatacd`f aop`mt grco tne prcir`o.
Zne mcst hedegat `d`fysas t`kes 1 permedt cg tct`f hedegats
ad ederiy s`vadis `dj eoassacd rejumtacds, mcrrespcdj-
adi prcbemt mcsts `s weff `s edtare prcir`o mcst, admfujadi
mcsts cg temndam`f `ssast`dme. Znas as ` nain r`te iaved tne
seeoadify ocjest r`te cg `jjatacd`faty `t tne fevef cg tne
edj users.
Zne resuft as adjam`tave cg tne wad-wad d`ture cg ederiy eg-gamaedmy advestoedts, wnamn m`d ieder`te hctn saidagam`dt
scma`f `dj prav`te hedegats. Eved so`ff `jjatacd`faty m`d
he suggamaedt tc bustagy tne suhsajaes advcfvej. Zne upper-
hcudj r`te cg returd cg tne prcir`o i`adej hy t`kadi
97 permedt cg tne prcir`os cutmcoes (tn`t as, exmfujadi
tne mfe`r m`ses cg prcbemts tn`t wcufj t`ke pf`me watncut tne
prcir`o) as :5 permedt.
]cma`f hedegats exmeej hedegats tc prav`te cri`daz`tacds hy
waje o`riad2 tne prav`te hedegats ad tne gcro cg ederiy s`v-
adis grco tnas prcir`o `re 8< permedt, h`sej cd tct`f prcb-
emt mcsts `dj ederiy s`vadis oe`surej hy tne adterd`tacd`fprame cg mc`f (hut dct regfemtadi eoassacd rejumtacds). Ncw-
ever, tnas prav`te hedegat as extreoefy sedsatave tc tne ederiy
prame. Znas prav`te returd m`d he mcop`rej tc ctner ederiy
s`vadis estao`tes. @d `ver`ie adterd`f r`te cg returd cg ed-
eriy eggamaedmy prcbemt as `d estao`tej 09 permedt (G`rreff
`dj Xeoes 8
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=> | Ederiy Eggamaedmy Gad`dme
jevefcpej ad Mnad`). Ocrecver, tne ocjef `ssuoej IEG
ir`dts suppcrtej iu`r`dtees `s expedsejtne dc-jeg`ufts
udjer tne iu`r`dtee prcir`o wcufj rejume tne ex pcst mcst
cg ruddadi tne prcir`o dj tnus rejume mcsts dj aoprcve
r`tes cg returd.
Assues `dj Mn`ffedies
Zne prcir`o as d`rrcwfy h`sej cd cde jcoad`dt h`dk.
Dadety-eaint permedt cg tne fc`ds mcverej hy tne prcir`osiu`r`dtee were grco AH (gaiure =.5). Zne saze cg tne fc`d `s
weff w`s adgfuedmej hy tne g`mt tn`t AHs mfaedt h`se as f`rier
adjustra`f mcop`daes. Ad st`rk mcdtr`st watn AH, HCH w`s
sfcw ad ircwadi ats ederiy eggamaedmy fc`d pcrtgcfac udjer
tne prcir`o. @s cg @uiust 8
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MNUEEs Aop`mts | =
GAIUXE =.7 Jastrahutacd cg X]G-]uppcrtej Fc`ds hy Duoher cg \rcbemts (permedt cg tct f)
]curme2 AEI, h`sej cd MNUEE j`t`.
Dcte2 Fc`d saze m`teicraes were h`sej cd tne `ppr`as`f repcrt (Ycrfj H`dk 8
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:< | Ederiy Eggamaedmy Gad`dme
GAIUXE =.9 @ X`dkadi cg ]emtcrs hy Duoher cg Ederiy Eggamaedmy \rcbemts (d87)
]curme2 AEI/MHXM survey.
Dcte2 ]coe h`dks `re cper`tadi ad ouftapfe semtcrs. E]MC ? ederiy servame mcop`dy.
87
8:
88
8
07
0:
08
0
7
:
8
8 07> 0,7>: | Ederiy Eggamaedmy Gad`dme
Zype cg survey ]urvey t`riets (s`opfes)
]urvey joadastr`tcr dj
respcdse r`te \cpuf`tacd
Gad`dma`f adstatutacds =9 gad`dma`f adstatutacds2
Gcur hai st`te-cwdej h`dks
`dj tnree pcfamy h`dks
09 bcadt-stcmk mcooerma`f
h`dks
Ctner o`bcr h dks ad eaint
o`bcr mataes
Gave fe`sadi mcop`daes
Mnad` H`dkadi Xeiuf`tcry Mco-
oassacd (]t`tastams Jept.)
Xespcdse r`te cg 10 permedt2
81 cg =8 h`dks
]`opfe mcvers >7 cg 0
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@ppedjax J2 H`dk ]urvey | :
Zne ]urvey
Grco O`y tc @uiust 8
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5< | Ederiy Eggamaedmy Gad`dme
Ocst h`dks st`rtej ederiy eggamaedmy fedjadi juradi twc taoe
peracjs ad tne p`st 0< ye`rs50< ye`rs `ic `dj 0= ye`rs
`ic (t`hfe J.8). @hcut :5 permedt cg h`dks (0< cg 88) st`rtej
ederiy eggamaedmy fedjadi juradi tne f`st gave ye`rs. Znas as
mcdsastedt watn tne icverdoedts jr`o`tam`ffy streditn-
edej eopn`sas cd ederiy mcdserv`tacd ad tne p`st tnree
ye`rs cr sc.
Z`hfe J.= sncws tn`t ff h`dks tn`t st`rtej ederiy eggamaedmy
fedjadi 0= ye`rs `ic `re mcooerma`f h`dks, `dj ocst cg
tneo `re bcadt-stcmk h`dks (sax cg eaint). Ad mcdtr`st, `ff
tne f`rie, st`te-cwdej h`dks edterej adtc ederiy eggamaedmy
fedjadi ocre tn`d gave ye`rs `ic.
Zype cg prcbemts suppcrtej hy ederiy
eggamaedmy gad`dme
Zne f`riest sn`re cg ederiy eggamaedmy fc`ds wedt tc re-
strumturadi prcbemts tn`t cgted n`ve ` strcdi gcmus cd m`-p`maty exp`dsacd, sumn `s tnero`f pcwer f`rie repf`madi
so`ff prcbemts, ieder`f purpcse temndam`f redcv`tacd,
`dj mfe`d ederiy `dj w`ste tre`toedt prcbemts (admfujej
ad tne ctner m`teicry). Ad mcdtr`st, tne sn`re cg ederiy
eggamaedmy fc`ds o`je tc st`dj`rj ederiy eggamaedmy prcbemts
sumn `s w`ste ne`t remcvery `dj mcieder`tacd w`s oumn
so`ffer. \`rtamuf`rfy, tne sn`re cg ederiy eggamaedmy fc`ds tc
tne ncusadi semtcr w`s `ocdi tne fcwest (gaiure J.0).
Xe`scds gcr ederiy eggamaedmy fedjadi
husadess
Zne tcp twc jravers gcr h`dks tc edi`ie ad ederiy eggamaedmy
fedjadi were icverdoedt pcfamaes `dj o`rket cppcrtuda-
taes. Dadety-gave permedt cg h`dks tn`t n`j st`rtej ederiyeggamaedmy fedjadi (80 cg 88) matej tn`t edn`dmej icverd-
oedt pcfamaes were `d aopcrt`dt re`scd gcr tneo tc jemaje
tc o`ke ederiy eggamaedmy fc`ds (t`hfe J.:), `dj 10 permedt
cg tne h`dks (8< cg 88) s`aj o`rket cppcrtudataes gcr ed-
eriy eggamaedmy fedjadi were d aopcrt`dt re`scd. Gad`dma`f
admedtaves prcvajej hy tne icverdoedt were tnarj ad tne
r`dkadi, matej s d aopcrt`dt g`mtcr hy hcut 51 permedt cg
tne h`dks, hut tne permedt`ie as jr`o`tam`ffy fcwer tn`d gcr
tne tcp twc jravers. ]uppcrt grco adterd`tacd`f cri`daz`-
tacds w`s r`tej s aopcrt`dt hy =8 permedt cg tne h`dks dj
r`dks `s tne gcurtn ocst aopcrt`dt g`mtcr.
]ervames hy ederiy servame mcop`daes (E]MCs) `dj peer
jeocdstr`tacd eggemts r`dk tne fcwest2 tney were fe`st mco-
ocdfy matej `s `d aopcrt`dt g`mtcr hy tne h`dks. Zne s`oe
as ieder`ffy true gcr e`mn cg tne tnree types cg h`dks, exmept
tn`t bcadt-stcmk h`dks matej suppcrt grco adterd`tacd`f cr-
i`daz`tacds `dj servames hy E]MCs oumn ocre `s `d ao-
pcrt`dt g`mtcr tn`d ctner h`dks.
Ircwtn pctedta`f gcr ederiy eggamaedmy
fedjadi husadess
Ocst h`dks s`w saidagam`dt guture ircwtn pctedta`f gcr ed-
eriy eggamaedmy gad`dme (t`hfe J.5). De`rfy >< permedt (8
=5 ye`rs `ic 0
50< ye`rs `ic >
0
=5 ye`rs `ic < 0 < 0
50< ye`rs 8 5 0 >
0
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@ppedjax J2 H`dk ]urvey | 5
@ver`ie ]n`res cg Fc`ds O`je tc W`racus Zypes cg Ederiy Eggamaedmy \rcbemts GAIUXE J.0
]curme2AEI/MHXM survey cd ederiy eggamaedmy gad`dme ad Mnad`.
Dcte2Ex`opfes cg ref`tavefy f`rie ederiy eggamaedmy prcbemts admfujej ad tne ctner m`teicry re mfe`d ederiy dj w`ste tre`toedt.
0>07.=
00.500.500.= (5/7) 5< (=/7) 09 (0/7) < (
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58 | Ederiy Eggamaedmy Gad`dme
jevefcpej spema`f iuajefades/o`du`fs gcr prcmessadi cg
ederiy eggamaedmy fc`ds (t`hfe J.7).
@ssast`dme remeavej gcr ederiy eggamaedmy
fedjadi gcr h`dks prcvajadi ederiyeggamaedmy fc`ds
@hcut :5 permedt cg h`dks (0< cg 88) remeavej v`racus types
cg suppcrt grco jaggeredt scurmes (t`hfe J.9). Zne ocst
mcoocdfy remeavej suppcrt as temndam`f `ssast`dmedade
cg tne ted h`dks remeavej temndam`f `ssast`dme. Ctner types
cg suppcrt were evedfy spre`j `ocdi ir`dts, iu`r`dtees,
`dj suhsajazej mrejat. Zne tcp twc scurmes cg suppcrt were
adterd`tacd`f jevefcpoedt `iedmaes `dj adterd`tacd`f ga-
d`dma`f adstatutacds. E`mn cg tnese twc mn`ddefs prcvajej
suppcrt tc dade h`dks. Jcoestam prcvajers mcoprasej
tnree ircups2 icverdoedt, Mnadese gad`dma`f cri`daz`tacds,
`dj ctner Mnadese adstatutacds. Hut cver`ff tnear `mtavataesseeoej g`arfy spcr`jam.
Zypes cg temndam`f ssast`dme remeavej
gcr `ff h`dks
@ocdi `ff h`dks iavadi ederiy eggamaedmy fc`ds, tne
o`bcraty (05 cg 87) remeavej v`racus types cg temndam`f
`ssast`dme, admfujadi tr`adadi cd ederiy eggamaedmy temn-
dcfciaes, strumturadi `dj o`rketadi ederiy eggamaedmy
fc`ds, mrejat udjerwratadi `dj rask `ssessoedt, pcrtgc-
fac o`d`ieoedt `dj repcrtadi pr`mtames, `dj o`rketadi
rese`rmn `dj ajedtagam`tacd cg t`riet semtcrs. Gcurteed cgtneo n`ve remeavej ocre tn`d cde cg tne `hcve types cg
tr`adadi. Znere `re dc saidagam`dt jaggeredmes `ocdi tne
duohers cg h`dks tn`t n`ve remeavej jaggeredt types cg
tr`adadi (gaiure J.8).
Znas temndam`f `ssast`dme w`s ieder`ffy v`fuej hy remapaedt
h`dks. Cdfy twc h`dks `dswerej tn`t tne temndam`f `ssas-
t`dme w`s dct d aopcrt`dt g`mtcr gcr tnear ederiy eggamaedmy
gad`dme husadess. Cde h`dk `dswerej tn`t tne temndam`f `s-
sast`dme w`s aopcrt`dt `t tne heiaddadi, `dj 0= `dswerej
tn`t temndam`f `ssast`dme w`s aopcrt`dt tc edteradi tneo`rket `dj mcdtaduadi. Zn`t s`aj, ncwever, tney `fsc he-
faeve tn`t temndam`f `ssast`dme as dct essedta`f gcr sust`adadi
`dj exp`djadi tnear ederiy eggamaedmy gad`dmadi. ]evedty-
cde permedt cg h`dks tn`t `dswerej tne questacd s`aj tney
m`d sust`ad dj exp`dj ederiy eggamaedmy gad`dmadi watncut
tne temndam`f `ssast`dme.
Ircwtn \ctedta`f gcr Ederiy Eggamaedmy Fedjadi
Jc ycu see saidagam`dt pctedta`f gcr
admre`sadi ycur gad`dme gcr ederiy
eggamaedmy prcbemts3
Bcadt stcmk, maty cr rur f mcooerma f h`dks ]t te-cwdej cr pcfamy h`dks
Qes ? 07 (>:%)/Dc ? = (07%)/Dc dswer ? < Qes ? : (0
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@ppedjax J2 H`dk ]urvey | 5
AGM `dj MNUEE
]evedty permedt cg `ff 8= respcdjadi h`dks (exmfujadi tne
tnree MNUEE h`dks) s`aj tney were `w`re cg MNUEE
suppcrt tc AH, HCH `dj ]\JH cd ederiy eggamaedmy fedj-
adi (t`hfe J.>). Mcop`r`tavefy spe`kadi, bcadt-stcmk h`dks
n`ve tne nainest `w`redess, gcffcwej mfcsefy hy pcfamy `dj
st`te-cwdej h`dks, watn maty `dj rur`f mcooerma`f h`dks
mcoadi `s ` jast`dt tnarj. Znas as mcdsastedt watn tne g`mt
tn`t MNUEE h`dks re ff bcadt-stcmk h`dks, tncuin HCH as
` maty mcooerma`f h`dk turdej bcadt-stcmk h`dk.
Assues ad adterpretadi tne j`t`
@ m`ve`t tc keep ad oadj as tn`t dct `ff tne fc`ds repcrtej
hy respcdjedt h`dks `s ederiy eggamaedmy fc`ds `re ad g`mt
st`dj`rj ederiy eggamaedmy fc`ds `s typam`ffy jegadej ad tne
fater`ture (Z`yfcr `dj ctners 8
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5: | Ederiy Eggamaedmy Gad`dme
r`tacd`fe gcr mcdsajeradi tnese g`mtcrs as tn`t tney `re very
fakefy mcrref`tej watn tne cutmcoes cg MNUEE suppcrt tc
h`dks. Zne prcmess cg ajedtagyadi tne mcop`rascd h`dks
w`s str`aintgcrw`rj hem`use tne jrcppej h`dks were eatner
saidagam`dtfy tcc so`ff cr tcc oumn f`rier tn`d cr dct tne
s`oe type `s AH cr HCH.
Zne p`rtamap`tadi h`dks were sefemtej h`sej cd ` mcoha-
d`tacd cg AGMs smreedadi `dj sefg-sefemtacd cg pctedta`f
p`rtamap`dt h`dks tneosefves. Znere w`s dc papefade cg
m`djaj`te p`rtamap`tadi h`dks, sc tne papefade oetncj as
dct usej ad tne ajedtagam`tacd cg tne mcop`rascd ircups.
Zne prcpedsaty smcre o`tmnadi oetncj as dct usej hem`use
tnere w`s cdfy cde tre`toedt h`dktn`t as, eatner AH cr
HCH`dj tnere were dc ocre tn`d 0< fccsefy mcop`r`hfe
h`dks tc eatner AH cr HCH, h`sej cd scoe cg tne ocst chva-
cusfy refev`dt v`ra`hfes, sumn `s h`dk saze `dj cwdersnap/
icverd`dme strumture.
@focst `ff tnese mcop`rascd h`dks n`ve n`j scoe expe-
raedme ad o`kadi fc`ds tc/va` ederiy o`d`ieoedt mco-
p`daes (EOMs) iu`r`dteej hy Mnad` Advestoedt `dj
Iu`r`dtee @iedmy watn suppcrt grco tne Ycrfj H`dk. Ad
`jjatacd, twc cg tne mcop`rascd h`dks n`ve n`j jaremt mc-
cper`tacd watn `aj `iedmaes ad ederiy eggamaedmy gad`dmadi,
o`adfy ad tne gcro cg cd-fedjadi fc`ds grco `aj `iedmaes
tc edj fc`d remapaedts gcr ederiy eggamaedmy advestoedts.
Cde remeavej ssast`dme grco haf`ter`f aj iedmy ad 8
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@ppedjax J2 H`dk ]urvey | 5
revaew peracj (t`hfe J.0
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57 | Ederiy Eggamaedmy Gad`dme
H`dk cg Heabadi `dj Mcop`r`hfe H`dks
H`dk (h`dk d`oe
cr survey duoher)
Zct`f `ssets ad
8
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@ppedjax E2 Ederiy O`d`ieoedt Mcop`dy ]urvey | 5
Zne ]urvey
Znere were 0=5 E]MCs/ederiy o`d`ieoedt mcop`daes
(EOMs) cd tne fast cg tne MNUEE detwcrk. Zne tre`toedt
s`opfe w`s restramtej tc :0 Mnad`-h`sej E]MCs/EOMs
tn`t were o`adfy ad tne husadess cg ederiy eggamaedmy ser-
vames prcvasacd `dj tn`t were oeohers cg tne Mnad` Ed-
eriy O`d`ieoedt Mcop`dy @sscma`tacd (EOM@), he-
m`use cg tne key rcfe tnese E]MCs were expemtej tc pf`y
ad nefpadi rejume o`rket h`rraers tc ederiy eggamaedmy ad-
vestoedt ad Mnad` ref`tej tc tne f`mk cg mn`ddefs gcr `m-
mess tc refa`hfe ederiy eggamaedmy servames. Zne exmfujej
E]MCs were eatner gcreaid h`sej cr tncse h`sej ad NcdiKcdi ]@X, Mnad`, `dj n`j ref`tavefy strcdi gad`dma`f `dj
temndam`f m`p`mataes, cr tney were equapoedt suppfaers. Zne
udtre`tej mcop`rascd s`opfe mcdsasts cg 51 E]MCs/EOMs
r`djcofy sefemtej grco tne reo`adadi 091 EOM oeo-
hers cg EOM@ tn`t were o`adfy ederiy eggamaedmy servames
prcvajers. Zne tct`f saze cg tne s`opfe w`s 07 permedt respcdse r`te).
Zne MNUEE tre`toedt cd E]MCs/EOMs gcmusej cd prc-
vajadi ` detwcrk cg adgcro`tacd `dj kdcwfejie sn`radi tc
edn`dme pcssahfe p`rtdersnaps `dj m`rry cut mert`ad tr`ad-adi gcr detwcrk E]MCs/EOMs. Zne tre`toedt as ref`tavefy
saopfe `dj ncociedecus `dj tnus `ffcws gcr `pprcpra`te
use cg juooy `dj oe`d mcop`rascd `pprc`mnes.
]urvey Xespcdses
@mmess tc temndam`f `ssast`dme
MNUEE detwcrk oeohers `re `sscma`tej watn remeavadi
eggemtave temndam`f `ssast`dme grco v`racus scurmes admfuj-
adi MNUEE (t`hfe E.0). Ocre tn`d n`fg cg tne detwcrk
oeohers (70 permedt) remeavej temndam`f `ssast`dme grco
`dy scurmes (sumn `s MNUEE `dj EOM@), mcop`rej watndcdoeohers (cdfy qu`rter remeavej temndam`f `ssast`dme).
@mmess tc gad`dme
H`sej cd tne survey, ` f`rier duoher cg MNUEEs EOM det-
wcrk oeohers `ppfaej gcr ` fc`d tn`d dcdoeoher EOMs.
Ocre tn`d n`fg (78 permedt) cg MNUEE detwcrk oeohers
`ppfaej gcr ` fc`d, mcop`rej watn cdfy ` qu`rter cg dcd-
oeohers (t`hfe E.8). Ocrecver, MNUEE oeohers were
ocre summessguf ad iettadi fc`ds2 9> permedt cg `ppfam`dts
cht`adej ` fc`d, mcop`rej watn bust n`fg cg dcd-MNUEE
@\\EDJA^ E
Ederiy O`d`ieoedt Mcop`dy ]urvey
oeohers. Cver`ff, de`rfy n`fg cg MNUEE oeohers remeavej
` fc`d, mcop`rej watn bust 0= permedt cg dcdoeohers.
Zeros dj mcdjatacds cg tne fc`d
Yned EOMs n`ve scoe mmess tc fc`ds, tne saze cg tne fc`ds
as ref`tavefy so`ff2 7< permedt cg EOMs `re iettadi fc`ds gcr
fess tn`d 5 oaffacd yu`d ($< permedt cg
tne EOMs watncut temndam`f `ssast`dme remeavej cdfy
sncrt-tero fc`ds (fess tn`d ` ye`r), `dj 5= permedt cg
temndam`f `ssast`dme remapaedts n`j fcdi-tero fc`ds (o`tu-
raty cg ` ye`r cr ocre). @hcut >< permedt cg MNUEE temnda-
m`f ssast`dme remapaedts dj 98 permedt cg EOM@ temndam`f
`ssast`dme remapaedts n`j fcdi-tero fc`ds.
EOMs Xemeavadi Zemndam`f @ssast`dme
N`ve ycu remeavej temndam`f ssast`dme3
MNUEEdetwcrk (%)
Dcd-MNUEEdetwcrk (%)
Zemndam`f `ssast`dme remeavej
(grco dy scurme)
70 8:
Zemndam`f `ssast`dme dct remeavej =1 97
]curme2AEI/EOM@ survey j`t`.
Dcte2EOMederiy o`d`ieoedt mcop`dy.
Z@HFE E.0
@mmess tc Gad`dme ocdi EOMs
MNUEE det-wcrk oeoher
EOMs (%)
Dcd-MNUEE
detwcrkoeoher
EOMs (%) Cver`ff (%)
@ppfaej tc fc`d 78 85 :0
Cg wnamn,
cht`adej ` fc`d
9> 5< 7=
Cver`ff mmess tc
gad`dme
:1 0= 8>
]curme2AEI/EOM@ survey j`t`.
Dcte2EOMederiy o`d`ieoedt mcop`dy.
Z@HFE E.8
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5> | Ederiy Eggamaedmy Gad`dme
]aze cg Fc`ds Cht`adej hy EOMs
@ocudt EOMs cht`adej fc`ds (%)
Fess tn`d 0 oaffacd yu`d 09
05 oaffacd yu`d :=
50< oaffacd yu`d 1
0
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Zne ]urvey
Zne survey cg ederiy edj users o`adfy mcdsasts cg ` s`opfe
cg udtre`tej meoedt mcop`daes ad Ned`d, ]n`djcdi, `dj
Rneba`di \rcvadmes `dj tre`tej cdes ad ` duoher cg prcv-
admes. Zne meoedt adjustry w`s sefemtej hem`use at as cde
cg tne key semtcrs tn`t MNUEE n`s heed prcvajadi suppcrt
tc `dj at as re`scd`hfy e`sy tc ajedtagy udtre`tej mcop`ra-
scd mcop`daes ad tne adjustry. Zne tnree prcvadmes were
sefemtej hem`use tney were `ocdi tne f`riest meoedt prc-
jumadi prcvadmes ad Mnad` `dj n`j mcop`r tavefy tne fe`st
expcsure tc MNUEE adtervedtacd dj tnus were udfakefy tcn`ve saidagam`dt mcdt`oad`tacd eggemts. Gcr ex`opfe, tnere
were dc MNUEE-suppcrtej meoedt mcop`daes ad Ned`d
\rcvadme, `dj tnere were cdfy cde `dj tnree ad ]n`djcdi
`dj Rneba`di \rcvadmes, respemtavefy (t`hfe G.0). Zne tnree
prcvadmes were `fsc sefemtej hem`use tney `re fcm`tej ad tne
s`oe reiacd `s MNUEE mfaedts2 tne mc`st`f `dj medtr`f p`rt
cg Mnad`.
Zne s`opfe cg udtre`tej meoedt mcop`daes mcdsasts cg
0= mcop`daes ad e`mn cg Ned`d `dj ]n`djcdi \rcvadmes
`dj 0: ad Rneba`di \rcvadme. Gcr e`mn cg tne tnree prcv-
admes, tne s`opfe mcop`daes were r`djcofy sefemtej gcradmfusacd ad tne survey grco ` pcpuf`tacd cg udtre`tej
mcop`daes tn`t ad turd were ajedtagaej grco Mnad` Meoedt
@sscma`tacds fast cg meoedt mcop`daes tn`t n`j `t fe`st cde
dew suspedsacd prem`fmad`tacd (D]\) meoedt prcjumtacd
fade cg 8,5
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7< | Ederiy Eggamaedmy Gad`dme
saze, `s oe`surej hy s`fes, cutput, `dj D]\ prcjumtacd
m`p`maty; wnetner tne mcop`dy as ` oeoher cg ` ircup
mcop`dy (mcdifcoer`tes); `dj fevef cg adjehtejdess `s
regfemtej hy tne r`tac cg cutst`djadi fc`ds tc tct`f `ssets.
Ad ieder`f, f`rie mcop`daes cr tncse tn`t re oeoher cg
ircup mcop`dy tn`t n`ve heed ad tne o`rket gcr ref`tavefy
fcdi peracj tedj tc he ocre mrejatwcrtny `dj n`ve ocre
`mmess tc gad`dme, n`ve ` strcdier temndam`f `dj o`d`ie-
oedt m`p`maty, edbcy ocre suppcrt grco icverdoedt pcfa-
maes, `dj `re suhbemt tc ocre pressures grco tne icverd-
oedt cd ederiy eggamaedmy advestoedt. Znus tney `re ocre
fakefy tc m`rry cut ederiy eggamaedmy advestoedt dj mnaeve
iccj resufts.
Ad mcdtr`st, ad ieder`f ` mcop`dy watn fess adjehtejdess
tedjs tc he ocre mrejatwcrtny dj n`ve hetter mmess tc h`dk
fc`ds. Zne tre`tej `dj tne udtre`tej s`opfe mcop`daes
o`tmn re`scd`hfy weff cd tnese mn`r`mterastams (t`hfe G.=).
@joattejfy, tnere `re mert`ad jaggeredmes hetweed tne
twc ircups2 tre`tej mcop`daes `re f`rier ad ieder`f `dj
ref`tavefy ocre est`hfasnej ad tne o`rket, hut ` nainer per-
medt`ie cg udtre`tej mcop`daes `re ` oeoher cg ` ircup
mcop`dy. Znas waff resuft ad pcssahfe estao`tacd ha`s, hut
tne ha`s as dct expemtej tc he very f`rie.
@dy pcssahfe mcdt`oad`tacd eggemt cd tne udtre`tej s`opfegrco tne tre`tej mcop`daes sncufj dct he f`rie. Hesajes
Xeiacd`f Jastrahutacd cg Zre`tej vs. Udtre`tej Meoedt Mcop`daes tn`t @dswerej tne ]urvey
Xeiacd
MNUEE meoedt mcop`daes Dcd-MNUEE meoedt mcop`daes
\rcvadme
Duoher cg
respcdses
Xeiacd`f
jastrahutacd \rcvadme
Duoher cg
respcdses
Xeiacd`f
jastrahutacd
Medtr`f prcvadmes Mncdiqadi 0 Ned`d 08
Nehea 0
Nuhea 8
Nud`d 0
]uhtct`f 5 ==% 08 =8%
Mc`st`f prcvadmes Ba`disu = ]n`djcdi 0=
]n`djcdi 0 Rneba`di 0=
Za`dbad 0
Rneba`di 8
Guba`d =
]uhtct`f 0< 79% 87 7>%
Zct`f 05 0
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@ppedjax G2 Meoedt Mcop`dy ]urvey | 7
tne g`mt tn`t tne udtre`tej meoedt mcop`daes ad tne s`opfe
prcvadmes n`j ref`tavefy fess expcsure tc MNUEE gad`dmadi,
`s jasmussej `hcve, tne MNUEE ederiy eggamaedmy prcbemt
gad`dmeh`sej fedjadi ocjef w`s udaque ad Mnad` `dj
tnere were dc mcop`r`hfe fterd`taves ad tne o`rket. Ad j-
jatacd, w`ste ne`t remcvery prcbemts were fastej `s cde cg
tne 0< key remcooedjej ederiy eggamaedmy prcbemts hy tne
icverdoedt ad 8
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78 | Ederiy Eggamaedmy Gad`dme
Y`ste Ne`t Xemcvery \rcbemts ad tne Meoedt Adjustry ad Mnad` (Gehru`ry 8
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@ppedjax G2 Meoedt Mcop`dy ]urvey | 7
ne`t prcbemt) prcbemts `ocdi mcop`daes dct p`rtamap`tadi
ad tne prcir`o.
Xcfe cg o`rketadi `mtcrs ocre mratam`f
gcr MNUEE meoedt mcop`daes
Zne rcfe cg adterd`f st`gg `dj equapoedt suppfaers w`s
de`rfy tne s`oe gcr MNUEE mfaedts `dj dcdmfaedts; tne
ocst aopcrt`dt jaggeredmes `re ` strcdi refa`dme cd o`r-
ketadi p`rtders `ocdi MNUEE mfaedts, sumn `s EOMs
`dj temndam`f mcdsuft`dts (>= permedt `dj 09% >=%
Equapoedt suppfaers 5=% 5=%
Xef`tacdsnap mcop`daes (mfaedts, suppfaers) ==% 0=%
EOMs :
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@ppedjax I2 MNUEE Mcst Hedegat @d`fysas | 7
Zne m`fmuf`tacd mcvers ederiy eggamaedmy prcbemts suppcrt-
ej hy tne prcir`os iu`r`dtee `dj gad`dmej hy tne p`rtder
h`dks (AH `dj HCH). Zne pcrtgcfac admfujes prcbemts udjer
tne iu`r`dtee g`mafaty, `dj prcir`o expedjatures `dj gee
admcoes udtaf tne edj cg gasm`f 8
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77 | Ederiy Eggamaedmy Gad`dme
Mcst Hedegat @d`fysas Ycrksneet
Qe`r 85 7:,095,8:>.0< 857,:>:,709.07
1% hedegats smed`rac =>:,>.55 01:,18>,=
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@ppedjax I2 MNUEE Mcst Hedegat @d`fysas | 7
8=
0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8 0:,055,::1.:8
01.8: 01.8: 01.8: 01.8: 01.8: 01.8: 01.8:
898,=5:7.>: 898,=5:7.>: 898,=5:7.>: 898,=5:7.>: 898,=5:7.>: 898,=5:7.>: 898,=5:7.>:
=,=07,00:.9.>1 >9.>1 >9.>1 >9.>1
=50,187,
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98 | Ederiy Eggamaedmy Gad`dme
Edjdctes
Exemutave ]uoo`ry
0. Ad 8
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Edjdctes | 9
7. Zne prcbemt gad`dme-h`sej fedjadi jasmussej nere as jag-
geredt grco tr`jatacd`f prcbemt gad`dme, espema`ffy ad tn`t at
as dct h`sej cd ` dcdremcurse fc`d strumture, `s tr`jatacd`f
prcbemt gad`dme ocjefs `re. Yned o`kadi mrejat rask jema-
sacds `dj udjerwratadi fc`ds, prcbemt gad`dme-h`sej fedj-
adi o`y tc ` mert`ad extedt staff mcdsajer tne ieder`f `ssets
cr mrejatwcrtnadess cg tne prcbemt spcdscrs, tncuin at puts
ocre eopn`sas cd prcbemt m`sn gfcw `dj prcbemt `ssets.
9. Znas pr`mtame hy atsefg as prch`hfy dct edtarefy dew ad
Mnad`. AH s`aj ad tne survey tn`t at gcffcwej tnas pr`mtame
hegcre MNUEE, tncuin HCH s`aj tn`t tnas as `d addcv`tacd
hrcuint hy MNUEE.
>. H`sej cd gaefj adtervaews watn edj users `dj h`dks, sumn
oaj- tc fcdi-tero fc`ds watn `ocrtaz`tacd rep`yoedts
`fcde `re `mtu`ffy dct edtarefy f`mkadi ad Mnad`s gad`dma`f
o`rket. Ncwever, espema`ffy gcr so`ffer mcop`daes cr mco-
p`daes watn permeavej nain mrejat rask, sumn fc`ds `re ad
sncrt suppfy.Zne ocrtaz`tacd smnejufe tedjs tc he hy ye`r
r`tner tn`d hy qu`rter, `s as tne m`se udjer MNUEE. @fsc
see `ppedjax J gcr gurtner st`tastams grco tne survey.
1. Znese fc`ds `re ad ieder`f dct prcbemt gad`dme h`sej, he-m`use (a) tne iu`r`dtees were typam`ffy h`sej cd mcudter
iu`r`dtees ad tne gcro cg gaxej `sset mcff`ter`f grco fc`d
remapaedts, dj tnese mcff`ter`f requareoedts re typam`ffy s
stramt s tncse cg mcooerma`f h`dks; (aa) mmcudt remeav`hfes
`re ocstfy `sscma`tej watn `fre`jy aopfeoedtej prcbemts,
dct watn tne prcbemt headi gad`dmej; cr (aaa) ad mert`ad m`ses,
sumn `s gcr scoe mfe`d jevefcpoedt oemn`daso prcbemts,
tne fc`d w`s gcr regad`dmadi. Znas w`s cgted tne m`se ad
wnamn tne `mmcudt remeav`hfes cg tne prcbemt n`j hemcoe
st`hfe `gter at n`j heed ad cper`tacd gcr scoe taoe (AGM
8
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9: | Ederiy Eggamaedmy Gad`dme
H`oherier, Oamn`ef. 8
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Hahfacir`pny | 9
. 8
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AEI \uhfam`tacds
@ddu`f Xevaew cg Jevefcpoedt Eemtavedess 8
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