creating corporate boards that create value
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8/2/2019 Creating Corporate Boards That Create Value
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Ohwungzmwonh
Mujcwohd ch jffjmwovj encug nf goujmwnu} oh wngcy} jhvounh`jhw o} hnw zhboajezobgohd c mlc`onh}lo ec}jecbb wjc ( Nhj `z}w mnh}ogju wlj cuwomzbcuhjjg} nf wlj mn`chy" wlj goffjujhw ju}nhcbowoj} ohvnbvjg" wlj vcuonz} bjdcbujszouj`jhw} chg wlj gyhc`om} tloml tobb nmmzu towloh wlj encugunn`( Wljej}w encug nh cju o} hn dzcuchwjj wlcw wlj encug oh fcmw tobb ej jffjmwovj" chy`nuj wlch ezyohd wlj `n}w j|jh}ovj bcyju} dzcuchwjj} c tnubgmlc`onh}lo(
Kz}w c} wljuj o} hn nhj ujmoj fnu mujcwohd c }zmmj}}fzb wjc`" wljuj o} hn nhj}wuzmwzuj tloml dzcuchwjj} wlcw c encug tobb ej jffjmwovj( Wlz}" nh `chy nfwngcy} `n}w mnhwunvju}ocb dnvjuhchmj o}}zj} ohmbzgohd }jcucwonh nf wljn}owonh} nf mlcou ch chg mlojf j|jmzwovj nffomju ,MJN/" gjfohowonh nf chohgjjhgjhw goujmwnu chg jvjh unju mn`jh}cwonh nf goujmwnu} hn nhj}nbzwonh o} uodlw fnu jvjuy mn`chy( Ucwlju" wlj zhoszj moumz`}wchmj} chg}jmocb hjjg} nf jcml ohgovogzcb mn`chy `z}w ej mnh}ogjujg }n wlcw ch
jffjmwovj encug mch ej mujcwjg
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Mnunucwj Dnvjuhchmj Ycdj 3
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ju}nhcbowoj}" j|juojhmj chg mcceobowy nf encug `j`eju} chg mlojfj|jmzwovj(
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Mnunucwj Dnvjuhchmj Ycdj 5
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@chy nudcho{cwonh} lcvj mn`bj| dnvjuhchmj }wuzmwzuj}" ujfbjmwohd wljgoffjujhw hjjg} chg j|jmwcwonh} nf vcuonz} }wcajlnbgju dunz}( Wlj}j}wuzmwzuj} nfwjh fcob wn djb chg cmmnzhwceobowoj} ejmn`j mnhfz}jg( Wlj}wuzmwzuj} mch ej lo}wnuom oh hcwzuj chg nnuby n}owonhjg wn uj}nhg wn cmlchdohd jhvounh`jhw(
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Mnunucwj Dnvjuhchmj Ycdj 7
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j|jmzwovj fun` gnohd wljou kne( Nzw}wchgohd nudcho{cwonhcb jufnu`chmjgj`chg} c mn`bj`jhwcuy chg ecbchmjg cuwhju}lo ejwtjjh wlj encug chgmlojf j|jmzwovj towl enwl cuwoj} jufnu`ohd wn wljou ej}w(
Encug j|yjmwcwonh.`chcdj`jhw uj}nzumj o`ecbchmj
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Ohcgjszcwj yuj}muoywonh}
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Mnunucwj Dnvjuhchmj Ycdj 6
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gjfohohd" towloh wlj nudcho{cwonh} bjdcb chg mnh}wowzwonhcb fuc`jtnua" wljnudcho{cwonh} zun}j" goujmwonh chg uonuowoj}" jh}zuohd wlcw wlj}j cuj vcbzjgchg tnuwltlobj(
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Dnvjuhchmj }wuzmwzuj} chg wlj bjdcb chg cmmnzhwceobowy fuc`jtnua
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Mbjcu cmmnzhwceobowy
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C encug }lnzbg mnh}ogju tljwlju ow to}lj} wn lnbg wlj mlojf j|jmzwovjcmmnzhwcebj fnu wlj nudcho{cwonh} jufnu`chmj nu tljwlju ow o} ujcujg wn}bow wlo} cmmnzhwceobowy ejwtjjh }jvjucb n}owonh} ,j(d( MlojfJ|jmzwovj.Goujmwnu Njucwonh}.Goujmwnu Fohchmj. Goujmwnu Cg`oh/(
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8/2/2019 Creating Corporate Boards That Create Value
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Boceobowoj}
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encug o} uj}nh}oebj fnu;
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Mnunucwj Dnvjuhchmj Ycdj ?
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8/2/2019 Creating Corporate Boards That Create Value
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Hnu o} wlj mlcou wlj mlojf j|jmzwovj} en}}( Chy mbn}j tnuaohd ujbcwonh}loejwtjjh wlj mlcou chg wlj mlojf j|jmzwovj }lnzbg hnw z}zu wlj encug}mnbbjmwovj uj}nh}oeobowy c} wlj mlojf j|jmzwovj} j`bnyju(
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Mnunucwj Dnvjuhchmj Ycdj 39
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E( Wlj }wchgcug uzbj} dnvjuhohd `jjwohd `chcdj`jhw
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Mnunucwj Dnvjuhchmj Ycdj 33
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Ynbom bjcgju}loy
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Mnunucwj Dnvjuhchmj Ycdj 35
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Nudcho{cwonh} }n`jwo`j} ujkjmw dnvjuhchmj-bjvjb nbomy bjcgju}lo nzw nf wlj`o}wcajh hnwonh wlcw dnvjuhchmj nbomy tnzbg ej ch ohcunuocwj uj}wuomwonhnh tlcw wlj encug `odlw ej cebj wn gn(
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]yjcaohd towl nhj vnomj
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Mnunucwj Dnvjuhchmj Ycdj 37
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Wlj}j gjfohj wlj hcwzuj nf wlj encug-mlojf j|jmzwovj ujbcwonh}lo" }jmofyohdwlj gjwcob} chg j|wjhw nf wlj encug} gjbjdcwonh wn wlj mlojf j|jmzwovj chg wlj`jwlng} wn ej cbojg oh gjwju`ohohd wljou jffjmwovjhj}}( Wlj wnom} }zml cnbomy mcwjdnuy `odlw mnvju ohmbzgj;
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Mnunucwj Dnvjuhchmj Ycdj 34
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Wlj }wuzmwzuj chg }jszjhmj nf owj`} towloh c `jjwohd o} o`nuwchw( @chyencug} lcvj ejhjfowjg fun` ch cdjhgc wlcw wcmabj} `nuj gj`chgohd }wucwjdomo}}zj} jcuby oh wlj `jjwohd( ]zml encug} bjcvj `nhownuohd chg nwljumn`bochmj-wyj wnom} zhwob bcwju oh wljou `jjwohd( Cw wlcw }wcdj" ow `cwwju}bj}} of wlj encug o} wouohd nu }n`j `j`eju} lcvj wn bjcvj ejfnuj wlj cdjhgc o}mn`bjwjg(
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Mnunucwj Dnvjuhchmj Ycdj 59
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Mnunucwj Dnvjuhchmj Ycdj 53
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Mnunucwj Dnvjuhchmj Ycdj 55
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Wlj vjuwomcb c|o} nf wlj gj`chg-mcceobowy cwuo| ujuj}jhw} gj`chg fnu wljnudcho{cwonh} nffjuohd}( Wlj lnuo{nhwcb c|o} ujuj}jhw} ow} mcyceobowwn uj}nhgwn gj`chg( ]jvjucb muowjuoc fnu mcceobowy mch ej z}jg" ohmbzgohd uj}nzumjmcceobowy" cbodh`jhw wn `o}}onh chg vcbzj}" jwm( Jcml unduc``j nu }juvomj o}fou}w bcmjg nh wlj vjuwomcb c|o}" `cuaohd wlj nohw nh wlj c|o} tljuj wljuj o}
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goffjujhw fzwzuj( Ow o} z}jfzb wn gj}muoej c wloug }mjhcuon ujuj}jhwohd c }wucodlw-bohj unkjmwonh nf lnt wlohd} cuj hnt(
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Wlj Encug} Jffjmwovjhj}} oh @nhownuohd & Jvcbzcwonh
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Mnunucwj Dnvjuhchmj Ycdj 54
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Encug} Mnhfbomw @chcdj`jhw
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M5( ow oh}zbcwj} wlj encug nf goujmwnu} fun` goujmwby ejcuohd wlj mnh}jszjhmj}nf wljou cmwonh} ,towl wlj j|mjwonh nf cmwonh} mnh}wuzcebj c} vonbcwohd fogzmocuyuj}nh}oeobowy wn wlj }lcujlnbgju}/1
M=( ow oh}zbcwj} wn `chcdju} fun` wlj mnh}jszjhmj} nf wljou cmwonh} wn wlj}lcujlnbgju}" of wljou mn`jh}cwonh cmacdj} cuj hnw uj}nh}ovj wn wlj uomj nfwlj mn`chy} jszowy
M7( ow oh}zbcwj} j`bnyjj} fun` wlj mnh}jszjhmj} nf wljou cmwonh} wn wlj}lcujlnbgju}" unvogjg wlcw wljou mn`jh}cwonh cmacdj} cuj hnw uj}nh}ovj wnmlchdj} oh wlj vcbzj nf wlj }lcujlnbgju} jszowy
Mnunucwj Dnvjuhchmj Ycdj =3
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Cdjhmy wljnuo}w} }zddj}w wlujj goffjujhw uohmobj} fnu ujguj}}ohd ohjffomojhmoj}o`n}jg nh wlj `ngjuh mnunucwonh ey wlj wuobj vjob;
c( Cbodh gjmo}onh uodlw} towl }jmofom ahntbjgdj z}jfzb oh nugju wn mn`jwjhwbyj|jumo}j wln}j uodlw} ,ejmcz}j djhjucb ahntbjgdj o} jc}oby wuch}fjucebj" ow o}hnw hjmj}}cuoby ujszoujg wlcw gjmo}onh uodlw} chg djhjucb ahntbjgdj ej mn-bnmcwjg/( Wlo} uohmobj }zddj}w} wlcw gjmo}onh uodlw} ej z}ljg gnthtcug ohwlj nudcho{cwonhcb lojucumly wn wlj bjvjb} cw tloml wljy uj}ogj oh wlj }c`jjnbj ,`chcdju} nu j`bnyjj}/ wlcw lcvj wlj }jmofom ahntbjgdj wnmn`jwjhwby z}j wln}j uodlw}/
e( Cbodh ohmjhwovj} towl gjmo}onh uodlw}( Wlo} uohmobj }zddj}w} wlcw wljohmjhwovj cmacdj} dovjh wn encug `j`eju}" `chcdju} chg j`bnyjj} `cwmlwlj gjmo}onh uodlw} dovjh wlj}j jnbj
m( Gj}odh jffomojhw `nhownuohd `jmlcho}`} ec}jg nh ne}juvcebj jufnu`chmj`jc}zuj} nh tloml ec}o} mc}l enhz}j}" }wnma nwonh} chg }wnma tcuuchw} cujctcugjg(
Mnunucwj Dnvjuhchmj Ycdj =5
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Encug mn`yn}owonh chg Jffjmwovj ]zmmj}}onh Ybchhohd
Djwwohd wlj uodlw yjnybj nh encug
@chy encug} cmahntbjgdj wlj duntohd j|jmwcwonh} nh wlj` chg wlcw wljy cuj
tnuaohd wn cmlojvj lodlju }wchgcug} nf dnvjuhchmj jffjmwovjhj}}( C ajy c}jmwnf wlo} o} fo hgohd jnbj tln zhgju}wchg chg mch mnhwuoezwj jffjmwovjby wn wljdnvjuhchmj unbj(
Yujvonz} }zmmj}} oh nwlju fojbg} nu oh nwlju nudcho{cwonhcb unbj} o} hn dzcuchwjjnf dnvjuhchmj jffjmwovjhj}}(
Ogjcbby" jvjuy nudcho{cwonh tobb lcvj c unmj}} fnu jh}zuohd ow} encug lc}ujbjvchw }aobb} chg j|juojhmj( Ejmcz}j dnvjuhchmj mlcbbjhdj} cuj hnw cbtcy}tjbb zhgju}wnng" `n}w encug} hjjgwn uncmwovjby mn``zhomcwj wlj}j mlcbbjhdj} wn wln}j tln ohfbzjhmj encug}jbjmwonh( Nwljuto}j" c encug n}owonh `cy ntj `nuj wn ju}nhcb nzbcuowy
chg unfobj wlch wn ch ceobowy wn mnhwuoezwj jffjmwovjby wn wlj encug} tnua(
Wljuj cuj vcuonz} }wuzmwzucb chg unmjgzucb o}}zj} wn ej mnh}ogjujg ljuj( Cmn``nh wlj`j o} wlj hjjg wn wcaj c gjboejucwj chg }wuzmwzujg cuncml wnjh}zuj c encug lc} wlj jnbj ow hjjg}(
Ohgjyjhgjhw goujmwnu}
Mnunucwj Dnvjuhchmj Ycdj ==
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@chy nudcho{cwonh} cuj `nvohd wntcug lcvohd c hz`eju nf ohgjjhgjhwgoujmwnu}( Wlo} o} mnh}o}wjhw towl dnng mn``jumocb ucmwomj( C}ogj fun` wlj}aobb} wljy nfwjh euohd wn wlj wcebj wljy tobb euohd ch ohvcbzcebj j|wjuhcbju}jmwovj nh wlj nudcho{cwonh( Wnn nfwjh" nudcho{cwonh} }wuzddbj wn cmwnekjmwovjby c} `j`eju} c}}onh chg mn``ow`jhw wcaj nvju( OhgjjhgjhwGoujmwnu o} }zn}jg wn unvogj c tcy wn mljma chg ecbchmj wlj Encug}
dnvjuhchmj towl wlj j|jmwcwonh} nf ow} nthju} chg.nu nwlju }wcajlnbgju}
]zmmj}}onh ybchhohd
C ecbchmj o} hjjgjg ejwtjjh `j`eju} towl njucwonhcb j|juojhmj chg wln}jtowl wlj ceobowy wn njucwj cw c mnhmjwzcb bjvjb( Nudcho{cwonh} hcwzucbby cwwucmwc}}onhcwj jnbj gjjby }mlnnbjg oh wlj nudcho{cwonh} cmwovowoj}( Wljuj o} cb}nc muowomcb hjjg wn cwwucmw encug `j`eju} tln mch }wchg ecma fun` wljnudcho{cwonh chg j|jumo}j c gjdujj nf gjwcml`jhw chg nekjmwovowy(
Jcml encug }lnzbg gjvjbn c }zmmj}}onh bch fnu wlj }jbjmwonh chg ujbcmj`jhwnf jbjmwjg chg cnohwjg encug `j`eju}" chg fnu nffomj lnbgju} }zml c} wlj
mlcou( Wlo} gnj} hnw `jch ogjhwofyohd ohgovogzcb} nu bohohd z ujbcmj`jhw} c}wlo} `cy ej mnhwucuy wn wlj nudcho{cwonh} vcbzj} chg gj`nmucwom unmj}}j}( ,Ow`cy jvjh mujcwj go}wuz}w of wljuj tc} c }jh}j wlj encug tc} ejohd bncgjg towlmunhoj} chg mnhfogchw}(/ Hjvjuwljbj}}" wljuj cuj cgvchwcdj} of wln}j cnohwohdnu jbjmwohd hjt encug `j`eju} cuj cgvo}jg nf wlj encug} }wujhdwl} chgtjcahj}}j}" wlj mlcbbjhdj} ow o} fcmohd" chg wlj encug} vojt nh wlj }aobb} chgj|juojhmj ow ujszouj}(
]n`j nudcho{cwonh} lcvj fnzhg tcy} wn jhdcdj tjbb szcbofojg jnbj oh wljdnvjuhchmj unmj}} tln cuj zhcvcobcebj fnu encug }jbjmwonh( C Mlcou} Dunznu cgvo}nuy mnzhmob `cy ej mnhvjhjg nhmj nu wtomj c yjcu wn euohd wndjwljunwjhwocb fzwzuj bjcgju} nf wlj nudcho{cwonh( Wlj ogjc o} wn lcvj wlj}j jnbj
mnhwuoezwj wn wlj dnvjuhchmj eucoh} wuz}w tlobj dovohd wlj` c wc}wj nf wljdnvjuhchmj unbj( Wljuj cuj }jvjucb vcuocwonh} nh wlo} wlj`j" }n`j nf tlomllcvj wlj cggjg ejhjfow nf mujcwohd c wucohohd dunzhg fnu nwjhwocb encug`j`eju}(
Cyynohw wlj uodlw Mlojf J|jmzwovj
Wn fohg wlj uodlw mlojf j|jmzwovj" encug} }lnzbg;
mn`j wn c }lcujg gjfohowonh nf bjcgju}lo1
uj}nbvj }wucwjdom chg nbowomcb mnhfbomw}1
cmwovjby `jc}zuj wlj }nfwszcbowoj} oh mlojf j|jmzwovj mchgogcwj}1
ejtcuj nf mchgogcwj} tln cmw boaj mlojf j|jmzwovj}1
ujmndho}j wlcw ujcb bjcgju} cuj wlujcwjhohd1
ahnt wlcw oh}ogju ljou} z}zcbby cujhw ccujhw1 chg
Mnunucwj Dnvjuhchmj Ycdj =7
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hnw uz}l wn kzgdj`jhw(
@n}w louohd gjmo}onh} cuj `cgj uo`cuoby nh wlj ec}o} nf jc}oby ogjhwofocebj nuujmndho{cebj mlcucmwjuo}wom}( ]ze}jszjhw fouohd gjmo}onh} cuj cb`n}w cbtcy}`cgj nh wlj ec}o} nf cwwowzgj} chg cwowzgj}(
Gjvjbn ch cdujjg gj}muowonh nf wlj szcbowoj} nf wlj ujfjuujg mchgogcwj(Wljuj cuj fnzu o`nuwchw }nzumj} nf wlo} ohfnu`cwonh; }wcff" vnbzhwjju}" encug`j`eju} chg j|wjuhcb }wcajlnbgju}(
]jcumlohd chg }lnuw-bo}wohd; Of n}}oebj" ch j|wjuhcb ujmuzow`jhw cdjhmy }lnzbgej z}jg( Ohwjuvojt} chg wj}wohd cdcoh}w cdujjg muowjuoc tobb ungzmj c }lnuw-bo}wfnu mnh}ogjucwonh ey c encug }ze-mn``owwjj(Fzbb encug mnh}ogjucwonh;Wlj fzbb encug jjw} wlj bjcgohd mchgogcwj} chg`caj} wlj fohcb gjmo}onh(Ohgzmwonh;Wlj hjt mlojf j|jmzwovj }lnzbg ej tjbb-euojfjg chg ujcujg voc cfnu`cb ohgzmwonh unmj}}(
Encug} nth yjufnu`chmj jvcbzcwonh
Wlj encug }lnzbg }jw }wchgcug} fnu ow} nth yjufnu`chmj
Jvjuy encug }lnzbg mnhgzmw ujdzbcu }jbf-c}}j}}`jhw cdcoh}w jufnu`chmj}wchgcug}( ]jbf-c}}j}}`jhw ljb};
wn ogjhwofy encug-togj jufnu`chmj o`unvj`jhw}1
cog }zmmj}}onh bchhohd1
wn ljb ohgovogzcb goujmwnu}1
wn ogjhwofy cujc} tljuj wljou ju}nhcb mnhwuoezwonh mnzbg ej jhlchmjg1 chg
c} ch j|uj}}onh nf cmmnzhwceobowy wn }wcajlnbgju}(
Wyomcb ujc}nh} fnu uj}o}wchmj wn encug jvcbzcwonh
Wlj mnhmjw nf }jbf-c}}j}}`jhw" nu wlcw encug} chg ohgovogzcb encug j`eju}}lnzbg ej ljbg cmmnzhwcebj fnu wlj jffjmwovjhj}} nf wljou mnhwuoezwonh" o} hjt wn`chy nudcho{cwonh}( Tlobj }n`j encug} zhgjuwcaj }jbf-c}}j}}`jhw" nwlju}
cmwovjby ujkjmw ow( Wljuj cuj `chy ujc}nh} nu j|mz}j} fnu wlo} uj}o}wchmj(
Tj cuj }zekjmw wn uj-jbjmwonh
Oh nwlju tnug}" `j`eju} tobb gjwju`ohj tljwlju c encug o} gnohd c dnng kne( Ohc euncg }jh}j wlo} o} wuzj" lntjvju" `j`eju} cuj hnw oh}ogj wlj encugunn`chg mchhnw wyomcbby unvogj wlj jufnu`chmj fjjgecma c }jbf-c}}j}}`jhwtnzbg djhjucwj(
Mnunucwj Dnvjuhchmj Ycdj =:
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Tj lcvj nzu lchg} fzbb kz}w }zuvovohd
Encug} nf }wuzddbohd nudcho{cwonh} nfwjh fohg wlj`}jbvj} mnhwohzcbby zhgjuuj}}zuj ejmcz}j nf ohjffjmwovj dnvjuhchmj chg bjcgju}lo( C ujvojt unmj}}tnzbg cbbnt wlj` wn }wj ecma chg ujfbjmw(
Ow tobb zhgju`ohj wjc`tnua
C}aohd goujmwnu} wn ujvojt wljou jufnu`chmj ohwungzmj} ch jbj`jhw nfmn`jwowonh wlcw mnzbg zhgju`ohj jffnuw} wn ezobg mnnjucwonh chg mnbbcenucwonhc`nhd goujmwnu}( ]o`obcuby" wlj unmj}} tobb ohvowj muowomcb mn``jhw} wlcw tobbmujcwj wjh}onh( C} chy }nuw} wjc` ahnt}" lntjvju" odhnuohd jufnu`chmj}lnuwmn`ohd} o} fcu `nuj govo}ovj(
Yjufnu`chmj jvcbzcwonh o} hnw cyyunyuocwj fnu j`ohjhw goujmwnu}
C encug mn`uo}ohd j`ohjhw }nuw}" unfj}}onhcb chg ez}ohj}} jnbj }lnzbg
hnw ej }zekjmw wn ujvojt ejmcz}j ow o`boj} wljy mnzbg ej gnohd c ejwwju kne(Wlj `juj }zddj}wonh nf c ujvojt o} }n`jtlcw oh}zbwohd chg go}uj}jmwfzb(
J`ohjhmj oh nwlju fojbg} o} hn dzcuchwjj nf dnvjuhchmj jffjmwovjhj}}(
Wlj ejhjfow} nf ch jffjmwovj ujvojt unmj}} }lnzbg zw chy mnhmjuh} ohwnju}jmwovj(
Cfwju cbb" wljy jvcbzcwj wljou mlojf j|jmzwovj} jufnu`chmj ,nu }lnzbg/ chg tobbcb`n}w mjuwcohby j|jmw wlj mlojf j|jmzwovj wn jvcbzcwj }wcff( ]n tly }lnzbghwwljy ujfbjmw juongomcbby nh wljou nth jffjmwovjhj}}> Wlj ch}tju" nf mnzu}j" o}wlcw wljy }lnzbg(
]jbf-ujvojt
@n}w mzuujhw encug jvcbzcwonh unmj}}j} cuj ec}jg nh c unmj}} nf }jbf-c}}j}}`jhw( Mn``nhby" goujmwnu} tobb mn`bjwj c encug ujvojt szj}wonhhcouj(
Wlj uj}zbw} nf wlo} cuj mnbbcwjg" chcby{jg" mn`objg chg z}jg c} wlj ec}o} fnu cmnbbjmwovj go}mz}}onh(
Ogjcbby" wlj chhzcb jvcbzcwonh unmj}} }lnzbg ej mnhgzmwjg nh ejlcbf nf wljencug ey ch ohgjjhgjhw chg j|wjuhcb wloug cuwy( Wljy tnzbg mnbbcwj wljohfnu`cwonh chg fjjg ow ecma wn wlj encug" fcmobowcwohd c go}mz}}onh nf wljencug} }wujhdwl} chg tjcahj}}j} chg ljbohd wlj encug gjvjbn cunduc``j fnu o`unvohd ow} jffjmwovjhj}}(
Ch ohmujc}ohd hz`eju nf encug} cb}n jh}zuj wljuj o} ch ohgovogzcb goujmwnuujvojt mn`nhjhw( Wn cmlojvj wlo}" jcml goujmwnu c}}j}}j} wljou nthjffjmwovjhj}} chg wlcw nf wljou fjbbnt encug `j`eju} cdcoh}w cdujjgjufnu`chmj muowjuoc(
Hnw nhb }lnzbg wlj encug cgg vcbzj wn wlj nudcho{cwonh ezw ohgovogzcb
Mnunucwj Dnvjuhchmj Ycdj =6
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goujmwnu} }lnzbg yzbb wljou tjodlw" chg ej vcbzjg `j`eju} nf wlj encug(
Ch ohgjjhgjhw ujvojt o} jvjh `nuj o`nuwchw tljuj jvcbzcwonh j|wjhg} wnohgovogzcb `j`eju}(
Encug gjvjbny`jhw
Yunfj}}onhcb gjvjbn`jhw fnu encug} chg goujmwnu} o} mbn}jby bohajg wn encugjvcbzcwonh( Ow o} ohmujc}ohdby mn``nh fnu encug `j`eju} wn ujmjovj wucohohdfnmz}ohd nh }jmofom c}jmw} nf wljou kne(
Ow o} ujmn``jhgjg wlcw wlj encug j}wcebo}l chg `chcdj ow} nth wucohohdezgdjw chg wlcw ow gjvjbn chg ujvojt c Mn}w nf Dnvjuhchmj nbomy co`jg cwgj}odhohd" mn}wohd chg mcuuyohd nzw wlj encug} chhzcb tnua chg unfj}}onhcbgjvjbn`jhw unduc``j(
Mnhmbz}onh
Wlj dnvjuhchmj nf jszowy mnunucwonh} lc} hjvju ejjh j|j`bcuy( @chy ujmjhwjvjhw} lcvj j|n}jg wlj fjmabj}}hj}} nf encug} nf goujmwnu}" wljouzhgjugjvjbnjg `jwlng}" wljou ohceobowy wn mnhwunb `chcdj`jhw cunuocwjby"chg wlj fzwobowy nf ojmj`jcb }nbzwonh} wn gjfjmwovj encug bjcgju}lo( Ohvj}wnumnhfogjhmj lc} bz``jwjg1 }n`j encugunn`} lcvj ejmn`j ezhaju}( Wljujlcvj ejjh ohwjh}ofojg mcbb} fnu dujcwju ohgjjhgjhmj" }jcucwonh nf MJN chgmlcou unbj}" uodnunz} czgow mn``owwjj}" chg cmmnzhwcebj cmmnzhwohd( Cb`n}wtowlnzw j|mjwonh" cbb }zddj}wonh} ohvnbvj jhlchmohd wlo} nu wlcw fjcwzuj nfencug} c} tj ahnt wlj`( Wlj}j tjbb-ohwjhgjg jffnuw} obbz}wucwj wlcw $wlj `nujwlohd} mlchdj" wlj `nuj wljy }wcy wlj }c`j(
Mnunucwj dnvjuhchmj lc} cgvchmjg c} `jgomohj tnzbg lcvj" of wljuj lcgejjh hn eonmlj`o}wuy" dju` wljnuy" chg nwlju mnhmjwzcb `ngjb} wn zw }ohdbjo}}zj} oh ju}jmwovj( Cgvchmj} tnzbg lcvj ejjh bo`owjg wn wuyohd wlo} ljue"ebjjgohd towl ejwwju bjjmlj}" chg j|numo}ohd c fjt gj`nh}( Dnvjuhchmj lc}ejjh lchgomcjg ejmcz}j ow lc} hn }nzhg ec}o} oh wljnuy( O`unvj`jhw o} c`cwwju nf nhj %ej}w ucmwomj% fnbbntohd chnwlju(
Ezw ojmj} nf to}gn` hjvju }zu j|mjbbjhmj boaj ezobgohd fun` c mnljujhw`ngjb nu cucgod`( Ce}jhw }zml c fnzhgcwonh" encug} }jj wljou tnua c} chztcug j|wjh}onh nf `chcdj`jhw" c dunz fnu` nf wlj `chcdohd unmj}}( Wlcwju}jmwovj euohd} mnhfz}onh nf unbj}" mnhfbomw ejwtjjh }wunhd encug chg }wunhd
`chcdj`jhw" chg nfwjh wlj uj-j`wohd nf encug czwlnuowy ey `chcdju}( Ceo{cuuj ohvju}onh nmmzu} oh wlj mlcoh nf mn``chg; Oh `n}w mnunucwonh}"`chcdj`jhw dnvjuh} dnvjuhchmj oh}wjcg nf dnvjuhchmj dnvjuhohd`chcdj`jhw( Yunju dnvjuhchmj o} hnw `chcdj`jhw nhj }wj z cw cbb" ezwnthju}loy nhj }wjy gnth(
Towl ch zh}najh chg wljujfnuj zhj|c`ohjg nohw nf gjcuwzuj" mnhvjhwonhcbo`unvj`jhw} mch nhby ho chg wzma cunzhg wlj jgdj} nf ch zhtnuacebj}mjhcuon-cudzohd lnt `chy oh}ogj goujmwnu} cuj wnn `chy" tljwlju wlj MJN
Mnunucwj Dnvjuhchmj Ycdj =4
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}lnzbg ej mlcou" }aouwohd wlj jgdj nf ejbojvceobowy cenzw tlcw mnh}wowzwj}ohgjjhgjhmj" chg }n nh(
Wlo} cju lc} }jw fnuwl c fjt dzogjbohj} tloml `cy cby wn ezobgohd chjffjmwovj encug wlcw mch mujcwj vcbzj ey o`bj`jhwohd ujc}nhceby cbb wlcw tjhnt ahnt cenzw Mnunucwj Dnvjuhchmj oh wljnuy( _jw julc} wlj `n}w
o`nuwchw uohmobj wn wcaj ctcy o} wlcw wljuj o} hn nhj }nbzwonh fnu ezobgohd chjffjmwovj encug( Ucwlju" oh wngcy} jhvounh`jhw wlo} o} c wjc` j|jumo}j tlomlujszouj} wlj cuwomocwonh nf `chcdj`jhw" mnzh}jb chg nwlju cgvo}ju}" c} tjbbc} wlj goujmwnu}( Ow o} tnuwl wlj jffnuw" lntjvju" c} c encug tloml o} mln}jh towlwlj hjjg} chg ez}ohj}} nf wlj mn`chy oh `ohg" tloml zw} oh wlj hjmj}}cuylnzu}" lc} jffomojhw `jjwohd} chg zhgju}wchg} ow} nebodcwonh} wn }lcujlnbgju}chg wlj mn`chy} nwlju mnh}wowzjhmoj}" o} c mbjcu tohhju(
EoebonducylC( Knlh Mcuvju( Encug} Wlcw Bjcg" ]ch Fuchmo}mn; Kn}}jy-Ec}}( 3??9(E( Ene Dcuucww( Wlj Fo}l Unw} Fun` Wlj Ljcg" 3??:(
M( Knlh Mcuvju chg @ouoc` @cyljt Mcuvju( Ujohvjhwohd _nzu Encug( ]ch Fuchmo}mn; Kn}}jy-Ec}}( 3??4(
G( Knlh Mcuvju towl Mcunbohj Nbovju" Mnuynucwj Encug} Wlcw Mujcwj Vcbzj; DnvjuhohdNudcho}cwonh Yjufnu`chmj fun` wlj Encugunn`( ]ch Fuchmo}mn; Kn}}jy-Ec}}( 5995(
J( Fujgjuoma D Lob`ju( ]wuomwb Encugunn`; O`yunvohd Dnvjuhchmj wn Jhlchmj Mn`ychYjufnu`chmj(
@jbenzuhj; Wlj Ez}ohj}} Boeucuy( 3??=(
F( Tlcw o} wlj Encug} Unbj oh ]wucwjdom Ybchhohd Chytcy>( Dnng Dnvjuhchmj
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M( ttt(encugtnua}ohwjuhcwonhcb(mn`
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J( ttt(mcuvjudnvjuhchmj(mn`
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